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		       SECURITIES AND EXCHANGE COMMISSION
			    Washington, D.C.  20549



				  FORM 8-K


			       CURRENT REPORT


		 Pursuant to Section 13 or 15(d) of the
		    Securities Exchange Act of 1934


	   Date of Report (Date of earliest event reported)
			    March 30, 1996


	RURAL ELECTRIC COOPERATIVE GRANTOR TRUST (SOYLAND) 1987 A-4
	  (Exact name of registrant as specified in its charter)



       New York                     33-14490             36-6854524    
(State or other jurisdic-       (Commission File        (IRS Employer 
 tion of incorporation)            Number)             Identification No.)
  
  National Rural Utilities Cooperative  
  Finance Corporation
  Woodland Park
  2201 Cooperative Way, Herndon, VA                          22071-3025
  (Address of principal executive offices)                   (ZIP Code)
  
  Registrant's telephone number, including area code:   (703) 709-6700







				 Not Applicable
	(Former name or former address, if changed since last report) 

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Item 5. Other Events            

	In accordance with Section 5.01 of the Trust Agreement, a semi-annual
	report dated March 30, 1996 was sent to certificateholders.  A copy of
	the report appears as an exhibit to this filing.

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Item 7. Financial Statement, Pro Forma Financial Information and Exhibits

       (c)   Exhibits                        
       
	     The following exhibit is filed herewith:

	     21.1    Semi-annual Report to Certificateholders dated 
		     March 30, 1996.

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				      SIGNATURES


Pursuant to the requirements of the Securities Exchange Act of 1934, the 
registrant has duly caused this report to be signed on its behalf by the 
undersigned hereunto duly authorized.


				      NATIONAL RURAL UTILITIES COOPERATIVE
					 FINANCE CORPORATION



				      /s/ Steven L. Lilly
				     Steven L. Lilly, Chief Financial Officer
				       


March 30, 1996


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			    Exhibit Index


(21.1)  Semi-annual Report to Certificateholders dated March 30, 1996.


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To the holders of:

RURAL ELECTRIC COOPERATIVE GRANTOR TRUST (SOYLAND) 1987A-4
CUSIP:  781681 AB 5

The following information has been furnished to us, as your Trustee, by 
National Rural Utilities Cooperative Finance Corporation (the "Servicer"), 
pursuant to Section 5.1 of the Trust Agreement dated March 19, 1987, and 
amended as of July 10, 1987.


		Certificate Payment Date:         March 30, 1996

		Distribution Allocable to
		   Principal:                   $           0.00

		Distribution Allocable to
		   Interest:                    $   2,382,500.00

		Distribution Allocable to
		Premium:                        $           0.00

		Fees Distributed to Servicer    $      20,000.00

		Principal Balance of Certifi-
			cates Outstanding:      $  50,000,000.00


No delinquency in payment under either the Note or the Guarantee has occurred 
and no Event of Servicing Termination, or, to the best of the Servicer's 
knowledge, event that with notice or lapse of time or both would become an 
Event of Servicing Termination, has occurred and is continuing.

I, the undersigned, do hereby certify that I am a Responsible Officer of 
National Rural Utilities Cooperative Finance Corporation, and as such officer,
I further certify that to the best of my knowledge and belief, the Semiannual
Report is complete and accurate.

					     NATIONAL RURAL UTILITIES COOPERATIVE    
						    FINANCE CORPORATION

					     \s\ Steven L. Lilly

						Sr. Vice President &
						Chief Financial Officer


March 30, 1996