Item 1. Business Concord EFS, Inc. and its subsidiaries (the Company) provide electronic transaction processing, authorization and settlement services and ATM processing and ATM driving services to retailers, grocery stores, financial institutions and trucking companies nationwide. The related electronic terminal equipment used in transaction processing is sold and/or maintained by the Company .
On February 20, 1992, Concord Computing Corporation changed its name to Concord EFS,Inc.(the Parent) and became a holding company.Subsequently, Concord Computing Corporation (Concord) incorporated as a Delaware corporation and acquired the operational assets and liabilities of the Parent. Concord is a wholly owned subsidiary of the Parent. The Parent was originally incorporated as a Massachusetts company on January 23, 1970 and has operated continuously since that time. During 1990, the Parent reincorporated in Delaware. The Parent became a one- bank holding company on December 1, 1992, in connection with the formation of EFS National Bank (EFSNB) described below.
The Parent acquired a 100% interest in EFS, Inc. (EFS), a Delaware corporation, on March 15, 1985. EFS National Bank (formerly EFS, Inc.) (EFSNB), sells credit, debit, and electronic benefits transfer (EBT) card authorization, data capture and settlement services to retailers and grocery stores. It also sells cash card and cash forwarding services to trucking companies through agreements with a network of truck stops. On December 1, 1992, EFSNB was formed. Simultaneous to its formation, the Bank issued 1,000,000 outstanding shares of common stock to the Parent in exchange for all of the outstanding shares of common stock of EFS, Inc., a wholly owned subsidiary of the Parent. EFS, Inc. was subsequently dissolved.
EFSNB's formation occurred so the Company could provide a full spectrum of electronic transaction processing and settlement services to its customers. Previously, EFS had to contract settlement services and sponsorship into bankcard associations with unrelated financial institutions. As a bank, EFSNB can provide its existing services in a more efficient and cost effective manner as well as new services such as debit card processing to retailers, convenience stores and supermarkets and banking services to trucking companies and truck drivers.
The services of EFSNB do not consist of material amounts of traditional banking activities (i.e., consumer and commercial loans, demand and time deposits, real estate, etc.). Therefore, the Company did not change to the reporting format and related disclosures normally required for bank holding companies.
Concord Computing Corporation's (Concord) primary activity is check authorization and POS terminal driving, servicing and maintenance for grocery store chains. It also owns and operates cash dispensing machines (ATMs) at truck stops and grocery stores nationwide. Additionally, Concord provides certain processing services for its affiliated companies.
The Parent acquired a majority interest in Network EFT, Inc.(NEFTI ), a Delaware corporation located in Chicago, Illinois, on June 14, 1981. NEFTI sells electronic funds transfer services to financial institutions in grocery stores. Depositors of financial institutions may make deposits and withdrawals and perform electronic banking
transactions at these terminals. The Parent sold a 37% interest in NEFTI to a customer in April of 1983. The Parent currently retains a 57% interest in NEFTI.
The Parent incorporated a wholly-owned Tennessee subsidiary, Concord Equipment Sales, Inc. (formerly VMT, Inc.) on September 5, 1991. Concord Equipment Sales, Inc. purchases from manufacturers point-of- sale (POS) terminal products and communications equipment for use by the Company's customers in connection with the Company's transaction processing services.
Concord Computing Corporation incorporated a wholly-owned Delaware subsidiary, Concord Retail Services, Inc. (CRS). CRS provides POS terminal driving, servicing and maintenance to the Company's customers in the northeast United States.
Description of Business The Company operates exclusively in the payment services industry. The primary components of the services are:
Bank Card Services consist of credit, debit, and EBT card authorization, data capture and settlement services provided to retail and grocery store merchants.
Trucking Services consist of cash card, cash forwarding services, ATM operations and banking services for trucking companies and truck drivers.
Check Services consist of check authorization services sold to retail and grocery store merchants.
In addition, the Company provides Electronic Funds Transfer (EFT) services and sells electronic terminal equipment to customers who are users of the services.
All of these services are sold directly to the end-user on a nationwide basis.
The following table is a listing of revenues by service type for the three years ended December 31: 1995 1994 1993 -------- ------- ------- (in thousands) Bank Card Services $ 92,223 $66,959 $47,482 Trucking Services 16,687 12,853 12,022 Check Services 12,168 9,954 9,279 EFT and Terminal Services 6,684 6,447 6,660 -------- ------- ------- $127,762 $96,213 $75,443 ======== ======= =======
As transaction service revenues are similar in nature, total operating expenses are not directly attributable to any individual revenue type.
Data Processing and Field Service Support The Company maintains a data processing facility in Elk Grove,Illinois, primarily for the Company's Check Services and EFT Services, and a data processing facility in Memphis, Tennessee for Trucking Services and Bank Card Services. These facilities utilize fully redundant computers
which provide the high levels of availability and the transaction speed necessary for processing large numbers of financial transactions. Backup power is available to provide service in the event of power failure at a computer center. The Company maintains dedicated telephone networks, packet switching networks and In-Watts networks connecting data processing centers to retail stores where transaction and electronic funds transfer terminals are located.
The Company also provides field support and repair services for POS terminal installations. The Company maintains field support and repair facilities in Elk Grove, Illinois, Aurora, Colorado and West Chester, Pennsylvania.
Marketing and Customers The Company markets its services and products on a nationwide basis directly to retail merchant companies, electronic funds transfer networks, financial institutions and trucking companies through sales offices located in suburbs of Chicago and Memphis. The Company's executive officers participate in the Company's marketing efforts.
The Company's principal services are designed and programed by the Company, and, in general, utilize commonly available system hardware and components and are not dependent upon scarce materials, patents or trademarks for continued viability.
Competition The Company competes with a large number of suppliers of services and products, many of which are large companies with substantially greater financial and marketing resources than those of the Company. The Company's competition includes other providers of data processing and switching services including several banks and/or bank holding companies, electronic funds transfer networks and equipment vendors. The markets for the services and products which are offered by the Company are highly fragmented, and no supplier has a dominant share of the market for Check Services, EFT Services, Terminal Products or Bank Card Services. One supplier, ComData Network, a wholly-owned sub- sidiary of Ceridian Corporation, has a dominant share of the Trucking Services market. Another competitor, First Data Corporation, has a large share of the Bank Card Services market.
The Company competes in its markets in terms of price, quality, speed and flexibility in customizing systems to meet the particular needs of customers. The Company believes that it is one of the few integrated suppliers of both services and hardware for use in transaction services at retail locations.
Supervision and Regulation Concord EFS, Inc. and its subsidiaries are subject to a number of federal and state laws. As a bank holding company, the Parent is subject to regulation under the Bank Holding Company Act of 1956, as amended (the "Act") which is administered by the Federal Reserve Board (the "Board"). Under the Act, the Company is generally prohibited from directly engaging in any activities other than banking, managing or controlling banks, and bank-related activities. Also, the Act prohibits a bank holding company, with certain exceptions, from acquiring, directly or indirectly, ownership or control of 5% or more of the voting shares of any company which is not a bank or bank holding company. The primary exception to this prohibition involves activities which the Board determines are closely related to banking. A bank is
also generally prohibited from engaging in certain tie-in arrangements with its bank holding company or affiliates with respect to the lease or sale of property, furnishing of services, or the extension of credit. The Act contains certain restrictions concerning future mergers with other bank holding companies and banks. The Financial Institutions Reform, Recovery and Enforcement Act of 1989 (FIRREA) contains certain merger restrictions with Savings and Loan Associations.
Under the Act, a bank holding company is required to file with the Board an annual report and such additional information which the Board may require. The Board may examine the Company's and each of its subsidiaries' records, including a review of capital adequacy in relation to guidelines issued by the Board. If the level of capital is deemed to be inadequate, the board may restrict the future expansion and operations of the Company. The Board possesses cease and desist powers over a bank holding company if its actions or actions of any of its subsidiaries represent unsafe or unsound practices or violations of law.
Federal law also regulates transactions among the Company and its affiliates, including the amount of a banking affiliate's loan to, or investments in non-bank affiliates and the amount of advances to third parties collateralized by securities of an affiliate. In addition, various requirements and restrictions under federal and state laws regulate the operations of the Company's banking affiliates, requiring the maintenance of reserves against deposits, limiting the nature of loans and the interest that may be charged thereon, restricting investments and other activities. The Company's bank affiliates are also limited in the amount of dividends that they may declare. Prior regulatory approval must be obtained before declaring any dividends if the amount of capital, surplus and retained earnings is below certain statutory limits.
As a national bank, EFSNB operates under the rules and regulations of the Comptroller of the Currency and is also a member of the Federal Reserve System, subject to provisions of the Federal Reserve Act. The FDIC insures the domestic deposits of all the Banks. Periodic audits and regularly scheduled reports of financial information are required by all regulatory agencies. Federal laws also regulate certain transactions among EFSNB and its affiliates, including Concord EFS,Inc.
The Company's EFT Services sold to financial institutions are regulated by certain State and Federal banking laws. Material changes in federal or state regulation could increase the cost to the Company of providing EFT Services, change the competitive environment or otherwise adversely affect the Company. The Company is not aware of any such change which is pending.
Employees As of December 31, 1995, the Company employed 474 full and part-time personnel, including 51 data processing and technical employees, 257 in operations, and 166 in sales and administration. Many of the Company's employees are highly skilled, and the Company believes its future success will depend in a large part on its ability to attract and retain such employees. The Company does not have employment contracts with any of its personnel. None of the Company's employees are represented by a labor union and the Company has experienced no work stoppages. The Company considers its employee relations to be
excellent.
Item 2.

Item 2. PROPERTIES The following table sets forth certain information concerning the principal facilities of the Company, all of which are leased: APPROXIMATE AREA IN LEASE LOCATION SQUARE FEET PRIMARY USES EXPIRATION . Memphis, TN 34,125 Corporate Offices July 31, 1997 & EFSNB Operations
Elk Grove, IL 18,300 Data Processing, May 31, 1996 Field Service, NEFTI and Concord Operations
Aurora, Co 2,800 Field Service month to month
West Chester, Pennsylvania 1,300 Field Service month to month The Company believes all facilities are adequate.
Item 3.

Item 3. LEGAL PROCEEDINGS The Company is a party to various routine lawsuits arising out of the conduct of its business, none of which are expected to have a material adverse effect upon the Company.
Item 4.

Item 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS There were no matters submitted to a vote of stockholders in the fourth quarter of fiscal 1995. PART II
Item 5.

Item 5. MARKET FOR REGISTRANT'S COMMON EQUITY AND RELATED STOCKHOLDER MATTERS This information is included under the caption "Market Value For the Registrant's Common Stock and Related Stockholders Matters" on page 5 of the Company's Annual Report (the "Annual Report"), and is herein incorporated by reference.
Item 6.

Item 6. SELECTED FINANCIAL DATA This information is included under the caption "Selected Consolidated Financial Data" on page 1 of the Annual Report and is herein incorporated by reference.
Item 7.

Item 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS This information is included under the captions "Management's Discus- sion and Analysis of Financial Condition and Results of Operations" on pages 3, 4 and 5 of the Annual Report and is herein incorporated by reference.
Item 8.

Item 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA The report of independent auditors and consolidated financial state- ments set forth below are included on pages 6 - 16 of the Annual Report, and are incorporated herein by reference.
Report of Independent Auditors.
Consolidated Balance Sheets as of December 31, 1995 and 1994.
Consolidated Statements of Income for the years ended December 31, 1995, 1994 and 1993.
Consolidated Statements of Stockholders' Equity for the years ended December 31, 1995, 1994, and 1993.
Consolidated Statements of Cash Flows for the years ended December 31, 1995, 1994, and 1993.
Notes to Consolidated Financial Statements as of December 31, 1995.
Quarterly results of operations for the years ended December 31, 1995 and 1994 on page 5 of the Annual Report are incorporated herein by reference.
Schedule II, Valuation and Qualifying Accounts, is listed below. All schedules for which provision is made in the applicable accounting regulations of the Securities & Exchange Commission are not required under the related instructions and, therefore, have been omitted.
SCHEDULE II - VALUATION AND QUALIFYING ACCOUNT
CONCORD EFS, INC.
Balance Charged to Balance Beginning Costs and * End of Period Expenses Deductions of Period --------- ---------- ---------- --------- Year ended December 31, 1995 Allowance for uncollectible accounts $750,206 $500,000 $490,771 $759,435 ======== ======== ======== ========
Year ended December 31, 1994 Allowance for uncollectible accounts $605,247 $480,000 $355,041 $750,206 ======== ======== ======== ========
Year ended December 31, 1993 Allowance for uncollectible accounts $891,210 $525,000 $810,963 $605,247 ======== ======== ======== ========
* Uncollectible accounts written off, net of recoveries.
Item 9.

Item 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURES None. PART III
Item 10.

Item 10. DIRECTORS AND EXECUTIVE OFFICERS OF THE REGISTRANT See Item 13 below.
Item 11.

Item 11. EXECUTIVE COMPENSATION See Item 13 below.
Item 12.

Item 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT See Item 13

Item 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS Information with respect to Items 10, 11, 12, and 13 is included in the Company's Proxy Statement for the Annual Meeting of Shareholders to be held on May 2, 1996 under the captions "Election of Directors", "Executive Compensation", "Stock Options", Beneficial Ownership of Common Stock", and "Certain Transactions" and is herein incorporated by reference. PART IV
Item 14.

Item 14. EXHIBITS, FINANCIAL STATEMENTS SCHEDULES AND REPORTS ON FORM 8-K (a) (1) and (2) -- The response to this portion of Item 14 is submitted as a separate section of this report.
(3) Listing of Exhibits Exhibit Numbers 2 Agreement and Plan of Merger dated January 12, 1990 by and between Concord Computing Corporation, a Massachusetts corporation , and Concord Computing Corporation, a Delaware corporation *
3(A) Certificate of Incorporation of Concord Computing Corporation, a Delaware corporation *
3(B) Bylaws of Concord Computing Corporation, a Delaware corporation *
3(C) Certificate of Merger of Concord Computing Corporation, a Massachusetts corporation, with and into Concord Computing Corporation, a Delaware corporation, filed with the Secretary of State of Delaware March 22, 1990 *
3(D) Articles of Merger of Concord Computing Corporation, a Massachusetts corporation, with and into Concord Computing Corporation, a Delaware corporation, filed with the Secretary of State of Massachusetts March 22, 1990 *
10 1993 Incentive Stock Option Plan (incorporated by reference from exhibit to the Registrant's Proxy Statement for the Annual Meeting of Shareholders held on May 12, 1993.)
11 Statement Re: Computation of Per-share Earnings.
22 List of Subsidiaries Jurisdiction of Company Organization Ownership Concord Computing Corp. Delaware 100% EFS National Bank National Bank Charter 100% Network EFT, Inc. Delaware 57% Concord Equipment Sales Tennessee 100%
23 Consent of Independent Auditors
* Incorporated by reference from exhibits to the Registrant's Amendment No. 1 to Form 10-Q for quarter ended March 31, 1990.
(b) Reports on Form 8-K -- No reports on Form 8-K were filed during the quarter ended December 31, 1995.
(c) Exhibits -- The response to this portion of Item 14 is submitted as a separate section of this report. (d) Financial Statement Schedules -- The response to this portion of Item 14 is submitted as a separate section of this report. ************************************************************************* For the purposes of complying with the amendments to the rules governing the Form S-8 (effective July 13, 1990) under the Securities Act of 1933, the undersigned registrant hereby undertakes as follows, which undertaking shall be incorporated by reference into registrant's Registration Statements on Form S-8 No's. 33-60871.
SIGNATURES
Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has fully caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Concord EFS, Inc.
By:/s/ Dan M. Palmer Dan M. Palmer Chief Executive Officer Date: March 29, 1996
/s/ Thomas J. Dowling Thomas J. Dowling Vice President and Controller
Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
Signature Title Date - ---------------------------------------------------------------------- /s/ Dan M. Palmer Chairman of the Board and CEO March 29, 1996 Dan M. Palmer of the Company and EFS National Bank
/s/ Edward A. Labry President of the Company and March 29, 1996 Edward A. Labry III EFS National Bank
/s/ Richard M. Harter Director and Secretary of March 29, 1996 Richard M. Harter the Company
/s/ David C. Anderson Director of the Company March 29, 1996 David C. Anderson
/s/J. Richard Buchignani Director of the Company and March 29, 1996 J. Richard Buchignani EFS National Bank
/s/ Joyce Kelso Director of the Company and March 29, 1996 Joyce Kelso EFS National Bank
/s/ Jerry D. Mooney Director of the Company March 29, 1996 Jerry D. Mooney
/s/Paul L. Whittington Director of the Company March 29, 1996 Paul L. Whittington


Item 1. BUSINESS (a) General Development of Business. Columbia Futures Fund (the "Partnership") is a New York limited partnership formed on December 24, 1981, to engage in the speculative trading of commodity futures contracts and other commodity interests. The Partnership commenced trading on July 15, 1983. The Partnership's net asset value per unit, as of December 31, 1995, was $1,938.89, representing an increase of 28.21 percent from the net asset value per unit of $1,512.26 at December 31, 1994. (b) Financial Information about Industry Segments. The Partnership's business comprises only one segment for financial reporting purposes, speculative trading of commodity futures contracts and other commodity interests. The relevant financial information is presented in Items 6 and 8. (c) Narrative Description of Business. The Partnership was formed to engage in speculative trading of futures contracts on domestic exchanges (including futures contracts in foreign currencies and financial instruments). (d) Financial Information About Foreign and Domestic Operations and Export Sales. The Partnership has not engaged in any operations in foreign countries; however, the Partnership (through the commodity broker) enters into forward contract transactions where foreign banks are the contracting party and futures contracts on foreign exchanges. Item 2.

Item 2. PROPERTIES The executive and administrative offices are located within the offices of Dean Witter Reynolds Inc. ("DWR"). The DWR offices utilized by the Partnership are located at Two World Trade Center, 62nd Floor, New York, NY 10048.
Item 3.

Item 3. LEGAL PROCEEDINGS The general partner, Demeter Management Corporation ("Demeter"), is not aware of any material pending legal proceedings to which the Partnership is a party or to which any of its assets are subject. Item 4.

Item 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS None.
PART II
Item 5.

Item 5. MARKET FOR THE REGISTRANT'S PARTNERSHIP UNITS AND RELATED SECURITY HOLDER MATTERS
There is no established public trading market for the Units of Limited Partnership Interest in the Partnership. The number of holders of Units at December 31, 1995 was approximately 778. No distributions have been made by the Partnership since it commenced trading operations on July 15, 1983. Demeter has sole discretion to decide what distributions, if any, shall be made to investors in the Partnership. No determination has yet been made as to future distributions.
Item 7.

Item 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
Liquidity. The Partnership's assets are deposited in separate commodity trading accounts with DWR, the commodity broker, and are used by the Partnership as margin to engage in commodity futures contract trading. DWR holds such assets in either designated depositories or in securities approved by the Commodity Futures Trading Commission ("CFTC") for investment of customer funds. The Partnership's assets held by DWR may be used as margin solely for the Partnership's trading. Since the Partnership's sole purpose is to trade in commodity futures contracts and other commodity interests, it is expected that the Partnership will continue to own such liquid assets for margin purposes. The Partnership's investment in commodity futures contracts and other commodity interests may be illiquid. If the price for a futures contract for a particular commodity has increased or decreased by an amount equal to the "daily limit", positions in the commodity can neither be taken nor liquidated unless traders are willing to effect trades at or within the limit. Commodity futures prices have occasionally moved the daily limit for several consecutive days with little or no trading. Such market conditions could prevent the Partnership from promptly liquidating its commodity futures positions. There is no limitation on daily price moves in trading forward contracts on foreign currencies. The markets for some world currencies have low trading volume and are illiquid, which may prevent the Partnership from trading in potentially profitable markets or prevent the Partnership from promptly liquidating unfavorable positions in such markets and subjecting it to substantial losses. Either of these market conditions could result in restrictions on redemptions.
Market Risk. The Partnership trades futures, options and forward contracts in interest rates, stock indices, commodities and currencies. In entering into these contracts there exists a risk to the Partnership (market risk) that such contracts may be significantly influenced by market conditions, such as interest rate volatility, resulting in such contracts being less valuable. If the markets should move against all of the commodity interest positions held by the Partnership at the same time, and if the Trading Advisor was unable to offset commodity interest positions of the Partnership, the Partnership could lose all of its assets. The Partnership has established Trading Policies for liquidity and leverage which help control market risk. Both the Trading Advisor and Demeter monitor the Partnership's trading activities on a daily basis to ensure compliance with the Trading Policies. Demeter may (under terms of the Management Agreement) override the trading instructions of the Trading Advisor to the extent necessary to comply with the Partnership's Trading Policies. Credit Risk. In addition to market risk, the Partnership is subject to credit risk in that a counterparty may not be able to meet its obligations to the Partnership. The counterparty of the Partnership for futures contracts traded in the United States and most foreign exchanges on which the Partnership trades is the clearinghouse associated with such exchange. In general, clearinghouses are backed by the membership of the exchange and will act in the event of non-performance by one of its members or one of its members' customers, and as such, should significantly reduce this credit risk. In cases where the Partnership trades on exchanges where the clearinghouse is not backed by the membership or when the Partnership enters into off-exchange contracts with a counterparty, the sole recourse of the Partnership will be the
clearinghouse or the counterparty as the case may be. With respect to futures contracts, DWR, in its business as an international commodity broker, constantly monitors the credit-worthiness of the exchanges and clearing members of the foreign exchanges with which it does business for clients, including the Partnership. If DWR believes that there was a problem with the credit-worthiness of an exchange on which the Partnership deals, it would so advise Demeter. With respect to forward contract trading, the Partnership trades with only those counterparties which Demeter, together with DWR, have determined to be creditworthy. As set forth in the Partnership's Trading Policies, in determining credit- worthiness, Demeter and DWR consult with the Corporate Credit Department of DWR. Currently, the Partnership deals solely with DWR as its counterparty on forward contracts. While DWR and Demeter monitor credit- worthiness and risk involved in dealing on the various exchanges and with counterparties, there can be no assurance that an exchange or counterparty will be able to meet its obligations to the Partnership. Capital Resources. The Partnership does not have, nor does it expect to have, any capital assets. Redemptions of additional Units in the future will impact the amount of funds available for investments in commodity futures, forward contracts on foreign currencies and other commodity interests in subsequent periods. As redemptions are at the discretion of Limited Partners, it is not possible to estimate the amount and therefore, the impact of future redemptions. Results of Operations. As of December 31, 1995, the Partnership's total capital was $7,687,670, an increase of $1,107,723 from the Partnership's total capital of $6,579,947 at December 31, 1994. For the year ended December 31, 1995, the Partnership generated net income of $1,815,259 and total redemptions aggregated $707,536.
For the year ended December 31, 1995, the Partnership's total trading revenues including interest income were $2,756,685. The Partnership's total expenses for the year were $941,426, resulting in net income of $1,815,259. The value of an individual unit in the Partnership increased from $1,512.26 at December 31, 1994 to $1,938.89 at December 31, 1995. As of December 31, 1994, the Partnership's total capital was $6,579,947, a decrease of $1,218,600 from the Partnership's total capital of $7,798,547 at December 31, 1993. For the year ended December 31, 1994, the Partnership generated a net loss of $404,752 and total redemptions aggregated $813,848. For the year ended December 31, 1994, the Partnership's total trading revenues including interest income were $482,814. The Partnership's total expenses for the year were $887,566, resulting in a net loss of $404,752. The value of an individual unit in the Partnership decreased from $1,604.44 at December 31, 1993 to $1,512.26 at December 31, 1994.
As of December 31, 1993, the Partnership's total capital was $7,798,547, an increase of $331,648 from the Partnership's total capital of $7,466,899 at December 31, 1992. For the year ended December 31, 1993, the Partnership generated net income of $1,024,820 and total redemptions aggregated $693,172. For the year ended December 31, 1993, the Partnership's total trading revenues including interest income were $1,994,437. The Partnership's total expenses for the period were $969,617, resulting in net income of $1,024,820. The value of an individual unit in the Partnership increased from $1,403.01 at December 31, 1992 to $1,604.44 at December 31, 1993.
The Partnership's overall performance record represents varied results of trading in different commodity markets. For a further description of trading results, refer to the letter to the Limited Partners in the accompanying 1995 Annual Report to Partners, incorporated by reference in this Form 10-K. The Partnership's gains and losses are allocated among its Limited Partners for income tax purposes.
Item 8.

Item 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA The information required by this Item appears in the attached 1995 Annual Report to Partners and is incorporated by reference in this Annual Report on Form 10-K. Item 9.

Item 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE
None.
PART III
Item 10.

Item 10. DIRECTORS, EXECUTIVE OFFICERS, PROMOTERS AND CONTROL PERSONS OF THE REGISTRANT
General Partner Demeter, a Delaware corporation, was formed on August 18, 1977 to act as a commodity pool operator and is registered with the CFTC as a commodity pool operator and currently is a member of the National Futures Association ("NFA") in such capacity. Demeter is wholly-owned by Dean Witter, Discover & Co. ("DWD") and is an affiliate of DWR. DWD, DWR and Demeter may each be deemed to be "promoters" and/or a "parent" of the Partnership within the meaning of the federal securities laws. Dean Witter Reynolds Inc. DWR is a financial services company which provides to its individual, corporate and institutional clients services as a broker in securities and commodity interest contracts, a dealer in corporate, municipal and government securities, an investment banker, an investment adviser and an agent in the sale of life insurance and various other products and services. DWR is a member firm of the New York Stock Exchange, the American Stock Exchange, the Chicago Board Options Exchange, and other major securities exchanges, and is a clearing member of the Chicago Board of Trade, the Chicago Mercantile Exchange, the Commodity Exchange Inc., and other major commodities exchanges. DWR is registered with the CFTC as a futures commission merchant and is a member of the NFA in such capacity. DWR is currently servicing its clients through a network of 350 branch offices with approximately 8,500 account executives servicing individual and institutional client accounts.
Directors and Officers of the General Partner The directors and officers of Demeter as of December 31, 1995 are as follows: Richard M. DeMartini, age 43, is the Chairman of the Board and a Director of Demeter. Mr. DeMartini is also the Chairman of the Board and a Director of Dean Witter Futures & Currency Management Inc. ("DWFCM"), a registered commodity trading advisor. Mr. DeMartini has served as President and Chief Operating Officer of Dean Witter Capital, a division of DWR since January 1989. From January 1988 until January 1989, Mr. DeMartini served as President and Chief Operating Officer of the Consumer Banking Division of DWD, and from May 1985 until January 1988 was President and Chief Executive Officer of the Consumer Markets Division of DWD. Mr. DeMartini currently serves as a Director of DWD and DWR, and has served as an officer of DWR for the past five years. Mr. DeMartini has been with DWD and its affiliates for 18 years. While Mr. DeMartini has extensive experience in the securities industry, he has no experience in commodity interests trading. Mark J. Hawley, age 52, is President and a Director of Demeter. Mr. Hawley joined DWR in February 1989 as Senior Vice President and Director of DWR's Managed Futures and Precious Metals Department. Mr. Hawley also serves as President of DWFCM. From 1978 to 1989, Mr. Hawley was a member of the senior management team at Heinold Asset Management, Inc., a commodity pool operator, and was responsible for a variety of projects in public futures funds. From 1972 to 1978, Mr. Hawley was a Vice President in charge of institutional block trading for the Mid-West at Kuhn Loeb & Co. Lawrence Volpe, age 48, is a Director of Demeter and DWFCM. Mr. Volpe joined DWR as a Senior Vice President and Controller in September
1983, and currently holds those positions. From July 1979 to September 1983, he was associated with E.F. Hutton & Company Inc. and prior to his departure, held the positions of First Vice President and Assistant Controller. From 1970 to July 1979, he was associated with Arthur Anderson & Co. and prior to his departure he served as audit manager in the financial services division. Joseph G. Siniscalchi, age 50, is a Director of Demeter. Mr. Siniscalchi joined DWR in July 1984 as a First Vice President, Director of General Accounting. He is currently Senior Vice President and Controller of the Financial Markets Division of DWR. From February 1980 to July 1984, Mr. Siniscalchi was Director of Internal Audit at Lehman Brothers Kuhn Loeb, Inc. Laurence E. Mollner, age 54, is a Director of Demeter. Mr. Mollner joined DWR in May 1979 as Vice President and Director of Commercial Sales. He is currently Executive Vice President and Deputy Director of the Futures Markets Division of DWR. Edward C. Oelsner III, age 53, is a Director of Demeter. Mr. Oelsner joined DWR in March 1981 as a Managing Director in the Corporate Finance Department. He currently manages DWR's Retail Products Group within the Corporate Finance Department. While Mr. Oelsner has extensive experience in the securities industry, he has no experience in commodity interests trading. Robert E. Murray, age 35, is a Director of Demeter. Mr. Murray is currently a First Vice President of the DWR Managed Futures Division and is a Director and the Senior Administrative Officer of DWFCM. Mr. Murray graduated from Geneseo State University in May 1983 with a B.A. degree in Finance. Mr. Murray began at DWR in 1984 and is currently the Director of Product Development for the Managed Futures Division and is responsible
for the development and maintenance of the proprietary Fund Management System utilized by Demeter and DWFCM for organizing information and producing reports for monitoring investors' accounts. Patti L. Behnke, age 35, is Vice President and Chief Financial Officer of Demeter. Ms. Behnke joined DWR in 1991 as Assistant Vice President of Financial Reporting and is currently First Vice President and Director of Financial Reporting and Managed Futures Accounting in the Capital Markets division of DWR. From August 1988 to September 1990, Ms. Behnke was Assistant Controller of L.F. Rothschild & Co. and from September 1986 to August 1988, she was associated with Carteret Savings Bank as Assistant Vice President - Financial Analysis. From April 1982 to September 1986, Ms. Behnke was an auditor at Arthur Andersen & Co. Item 11.

Item 11. EXECUTIVE COMPENSATION The Partnership has no directors and executive officers. As a limited partnership, the business of the Partnership is managed by Demeter which is responsible for the administration of the business affairs of the Partnership but receives no compensation for such services. Item 12.

Item 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT (a) Security Ownership of Certain Beneficial Owners - As of December 31, 1995 there were no persons as beneficial owners of more than 5 percent of the Units of Limited Partnership Interest in the Partnership. (b) Security Ownership of Management - At December 31, 1995, Demeter owned 100 Units of General Partnership Interest in the Partnership representing a 2.52 percent interest in the Partnership. (c) Changes in Control - None
Item 13.

Item 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS Refer to Note 2 - "Related Party Transactions" of "Notes to Financial Statements", in the accompanying 1995 Annual Report to Partners, incorporated by reference in this Form 10-K. In its capacity as the Partnership's retail commodity broker, DWR received commodity brokerage commissions (paid and accrued by the Partnership) of $361,179 for the year
ended December 31, 1995.
PART IV Item 14.

Item 14. EXHIBITS, FINANCIAL STATEMENT SCHEDULES, AND REPORT ON FORM 8-K (a) 1. Listing of Financial Statements The following financial statements and reports of independent accountants, all appearing in the accompanying 1995 Annual Report to Partners, are incorporated by reference in this Form 10-K: - Report of Deloitte & Touche LLP, independent auditors, for the years ended December 31, 1995, 1994 and 1993.
- Statements of Financial Condition as of December 31, 1995 and 1994.
- Statements of Operations, Changes in Partners' Capital, and Cash Flows for the years ended December 31, 1995, 1994 and 1993.
- Notes to Financial Statements. With exception of the aforementioned information and the information incorporated in Items 7, 8, and 13, the 1995 Annual Report to Partners is not deemed to be filed with this report. 2. Listing of Financial Statement Schedules No financial statement schedules are required to be filed with this report. (b) Reports on Form 8-K No reports on Form 8-K have been filed by the Partnership during the last quarter of the period covered by this report. (c) Exhibits Refer to Exhibit Index on Page E-1.
SIGNATURES
Pursuant to the requirement of Sections 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
COLUMBIA FUTURES FUND (Registrant)
BY: Demeter Management Corporation, General Partner
March 21, 1996 BY: /s/ Mark J. Hawley Mark J. Hawley, Director and President
Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
Demeter Management Corporation.
BY: /s/ Mark J. Hawley March 21, 1996 Mark J. Hawley, Director and President
/s/ Richard M. DeMartini March 21, 1996 Richard M. DeMartini, Director and Chairman of the Board
/s/ Lawrence Volpe March 21, 1996 Lawrence Volpe, Director
/s/ Laurence E. Mollner March 21, 1996 Laurence E. Mollner, Director
/s/ Joseph G. Siniscalchi March 21, 1996 Joseph G. Siniscalchi, Director
/s/ Edward C. Oelsner III March 21, 1996 Edward C. Oelsner III, Director
/s/ Robert E. Murray March 21, 1996 Robert E. Murray, Director
/s/ Patti L. Behnke March 21, 1996 Patti L. Behnke, Chief Financial Officer
EXHIBIT INDEX
Item METHOD OF FILING
- - 3. Amendment to Limited Partnership (1) Agreement of Columbia Futures Fund, dated as of February 14, 1985.
- -10. Advisory Agreement among the Partnership, (2) Demeter Management Corporation, and John W. Henry & Co., Inc. dated as of January 20, 1987.
- -10. December 31, 1995 Annual Report to Limited Partners. (3)
(1) Incorporated by reference to Exhibit 3.01 of the Partnership's Annual Report on Form 10-K for the fiscal year ended December 31, 1985.
(2) Incorporated by reference to Exhibit 10.03 of the Partnership's Annual Report on Form 10-K for the fiscal year ended December 31, 1986.
(3) Filed herewith.
E-1
Columbia Futures Fund
December 31, 1995 Annual Report
[LOGO] DEAN WITTER
DEAN WITTER Two World Trade Center 62nd Floor New York, NY 10048 Telephone (212) 392-8899
COLUMBIA FUTURES FUND ANNUAL REPORT
Dear Limited Partner:
This marks the thirteenth annual report for the Columbia Futures Fund (the "Fund"). This is the eleventh report filed by Demeter Management Corporation, the Fund's General Partner since February 1985. The Fund began the year trading at a Net Asset Value per Unit of $1,512.26 and finished 1995 at a Net Asset Value per Unit of $1,938.89, an increase of 28.2%. Since its inception in 1983, the Fund has increased by 98.2% (a compound annualized return of 5.6%).
The Fund recorded gains during the first quarter as a result of a strong upward trend in the value of the Japanese yen relative to the U.S. dollar during February and March. Additionally, trading in the financial futures and energy markets during February and March resulted in profit from the Fund's long positions in U.S. interest rate futures, as well as in long positions in crude oil futures. Smaller trading gains were recorded in soft commodities from cotton futures trading. Trading losses recorded during January as a result of trend reversals in the currency markets, coupled with erratic price movement in a majority of the other markets traded, offset a small portion of the overall Fund gains recorded during the first quarter.
The second quarter began with trading gains in April as a result of a continued upward move in the value of the Japanese yen relative to the U.S. dollar. Continued strengthening in global bond futures also contributed to gains recorded in April. The value of the U.S. dollar, which had been declining versus the Japanese yen and other
world currencies, moved higher causing losses for the Fund's previously established Japanese yen and European currency positions during May. Small trading losses were recorded in June as losses experienced in the financial futures markets, coupled with losses in the currency, agricultural and metals markets, more than offset trading gains in the energy and soft commodities markets.
The Fund's only negative performance quarter during 1995 was the result of trendless and volatile price movement in a majority of the markets traded by the Fund. The majority of the losses in July were recorded in global stock index futures and U.S. interest rate futures. Trading losses in the soft commodities and base metals markets during August resulted in losses for the Fund. A portion of these losses was offset by gains in the currency markets as the value of the Japanese yen decreased relative to the U.S. dollar. During September, losses were the result of a dramatic downward move in crude oil prices late in the month after moving higher during the first half of the month, and a sharp and extremely significant reversal in the upward trend of the U.S. dollar relative to major European currencies on September 20 and 21.
Upward price trends in the financial futures and agricultural markets resulted in profits for the Fund's long positions in U.S. Treasury bond and Treasury note futures as well as in corn and soybean futures. Additional gains were recorded in the energy markets during the final quarter as a result of trading crude oil, unleaded gas and gas oil futures. Trading losses in the currency and metals markets offset a portion of the overall gains recorded during the fourth quarter.
The diversification of multiple John W. Henry & Co., Inc. trading portfolios and significant price trends in a number of the markets traded resulted in an overall strong
year for the Columbia Futures Fund. This diversity has benefited the Fund since John W. Henry & Co., Inc. took over as the Fund's sole Trading Advisor in 1988 and we believe it will continue to do so, given the opportunity of trending market conditions.
Should you have any questions concerning this report, please feel free to contact Demeter Management Corporation at Two World Trade Center, 62nd Floor, New York, NY 10048, or your Dean Witter Account Executive.
I hereby affirm, that to the best of my knowledge and belief, the information contained in this report is accurate and complete. Past performance is not a guarantee of future results.
Sincerely,
/s/ Mark J. Hawley
Mark J. Hawley President Demeter Management Corporation General Partner
COLUMBIA FUTURES FUND INDEPENDENT AUDITORS' REPORT
The Limited Partners and the General Partner:
We have audited the accompanying statements of financial condition of Columbia Futures Fund (the "Partnership") as of December 31, 1995 and 1994 and the related statements of operations, changes in partners' capital, and cash flows for each of the three years in the period ended December 31, 1995. These financial statements are the responsibility of the Partnership's management. Our responsibility is to express an opinion on these financial statements based on our audits.
We conducted our audits in accordance with generally accepted auditing standards. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.
In our opinion, such financial statements present fairly, in all material respects, the financial position of Columbia Futures Fund as of December 31, 1995 and 1994 and the results of its operations and its cash flows for each of the three years in the period ended December 31, 1995 in conformity with generally accepted accounting principles.
/s/ Deloitte & Touche LLP
February 21, 1996 New York, New York
COLUMBIA FUTURES FUND STATEMENTS OF FINANCIAL CONDITION
The accompanying notes are an integral part of these financial statements.
COLUMBIA FUTURES FUND STATEMENTS OF OPERATIONS
STATEMENT OF CHANGES IN PARTNERS' CAPITAL FOR THE YEARS ENDED DECEMBER 31, 1995, 1994 AND 1993
The accompanying notes are an integral part of these financial statements.
COLUMBIA FUTURES FUND STATEMENTS OF CASH FLOWS
The accompanying notes are an integral part of these financial statements.
COLUMBIA FUTURES FUND NOTES TO FINANCIAL STATEMENTS
1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
ORGANIZATION--Columbia Futures Fund (the "Partnership") is a limited partnership organized to engage in the speculative trading of commodity futures contracts and forward contracts on foreign currencies. The general partner for the Partnership is Demeter Management Corporation (the "General Partner"). The commodity broker is Dean Witter Reynolds Inc. ("DWR"). Both DWR and the General Partner are wholly-owned subsidiaries of Dean Witter, Discover & Co.
The General Partner is required to maintain a 1% minimum interest in the equity of the Partnership and income (losses) are shared by the General and Limited Partners based upon their proportional ownership interests.
BASIS OF ACCOUNTING--The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts in the financial statements.
REVENUE RECOGNITION--Commodity futures contracts and forward contracts on foreign currencies are open commitments until settlement date. They are valued at market and the resulting unrealized gains and losses are reflected in income. Monthly, DWR pays the Partnership interest income based upon 80% of the average equity at a rate equal to the average yield on 13-Week U.S. Treasury Bills issued during such month.
NET INCOME (LOSS) PER UNIT--Net income (loss) per Unit is computed using the weighted average number of units outstanding during the period.
EQUITY IN COMMODITY FUTURES TRADING ACCOUNTS--The Partnership's asset "Equity in Commodity futures trading accounts" consists of cash on deposit at DWR to be used as margin for trading and the net asset or liability related to unrealized gains or losses on open contracts. The asset or liability related to the unrealized gains or losses on forward contracts is presented as a net amount because the Partnership has a master netting agreement with DWR.
BROKERAGE COMMISSIONS AND RELATED TRANSACTION FEES AND COSTS--Brokerage commissions are accrued at 80% of DWR's published non-member rates on a half- turn basis.
Through March 31, 1995, brokerage commissions were capped at 1% per month of the adjusted Net Assets allocated to each trading program employed by the Trading Manager.
Effective April 1, 1995, the cap was reduced to 3/4 of 1%.
COLUMBIA FUTURES FUND NOTES TO FINANCIAL STATEMENTS--(CONTINUED)
Transaction fees and costs are accrued on a half-turn basis.
OPERATING EXPENSES--The Partnership bears all operating expenses related to its trading activities. These include filing fees, clerical, administrative, auditing, accounting, mailing, printing, and other incidental operating expenses as permitted by the Limited Partnership Agreement. In addition, the Partnership incurs a monthly management fee and may incur an incentive fee. The General Partner bears all other operating expenses.
INCOME TAXES--No provision for income taxes has been made in the accompanying financial statements, as partners are individually responsible for reporting income or loss based upon their respective share of the Partnership's revenues and expenses for income tax purposes.
DISTRIBUTIONS--Distributions, other than on redemptions of Units, are made on a pro-rata basis at the sole discretion of the General Partner. No distributions have been made to date.
REDEMPTIONS--Limited Partners may redeem their Units as of the end of any calendar month upon ten days advance notice by redemption form to the General Partner.
DISSOLUTION OF THE PARTNERSHIP--The Partnership will terminate on December 31, 2002 regardless of its financial condition at such time, unless the term is extended in accordance with the Limited Partnership Agreement, upon a decline in Net Assets to less than $250,000, a decline in the Net Asset Value Per Unit to less than $343.22, or under certain other circumstances as defined in the Limited Partnership Agreement.
2. RELATED PARTY TRANSACTIONS
The Partnership pays brokerage commissions to DWR on trades executed on its behalf as described in Note 1. The Partnership's cash is on deposit with DWR in commodity trading accounts to meet margin requirements as needed. DWR pays interest on these funds as described in Note 1. For general administrative services performed for the Partnership, the General Partner receives a monthly administration fee which equals $1.50 per limited partner outstanding. For the years ended December 31, 1995, 1994 and 1993 the General Partner received $14,483, $15,888 and $17,288, respectively for such administrative services.
3. TRADING MANAGER
The General Partner, on behalf of the Partnership, retains a commodity trading manager to make all
COLUMBIA FUTURES FUND NOTES TO FINANCIAL STATEMENTS--(CONTINUED)
trading decisions for the Partnership. Since January 22, 1988, John W. Henry & Co., Inc. has served as the sole trading manager.
Compensation to the trading manager consists of a management fee and an incentive fee as follows:
MANAGEMENT FEE--The management fee is accrued daily at the rate of 1/3 of 1% per month of the Partnership's managed Net Assets at each month-end.
INCENTIVE FEE--At the end of each quarter or upon redemption of a Partnership Unit, an incentive fee is assessed each Unit equal to 15 percent of the excess of the Unit value, excluding interest earned during the period, over the Unit value at the time immediately following the last incentive payment. Such incentive fee is accrued in each month in which new appreciation occurs. In those months in which new appreciation is negative, previous accruals, if any, during each fiscal quarter will be reduced.
4. FINANCIAL INSTRUMENTS
The Partnership trades futures and forward contracts in interest rates, stock indices, commodities, currencies, petroleum, and precious metals. Futures and forwards represent contracts for delayed delivery of an instrument at a specified date and price. Risk arises from changes in the value of these contracts and the potential inability of counterparties to perform under the terms of the contracts. There are numerous factors which may significantly influence the market value of these contracts, including interest rate volatility. At December 31, 1995 and 1994 open contracts were:
COLUMBIA FUTURES FUND NOTES TO FINANCIAL STATEMENTS--(CONTINUED)
A portion of the amounts indicated as off-balance-sheet risk in forward foreign currency contracts is due to offsetting forward commitments to purchase and to sell the same currency on the same date in the future. These commitments are economically offsetting, but are not offset in the forward market until the settlement date.
The unrealized gains on open contracts are reported as a component of "Equity in Commodity futures trading accounts" on the Statements of Financial Condition and totaled $836,228 and $1,033,911 at December 31, 1995 and 1994, respectively.
Of the $836,228 net unrealized gain on open contracts at December 31, 1995, $858,691 related to exchange-traded futures contracts and $(22,463) related to off-exchange-traded forward currency contracts. Of the $1,033,911 net unrealized gain on open contracts at December 31, 1994, $1,018,465 related to exchange-traded futures contracts and $15,446 related to off-exchange-traded forward currency contracts.
Exchange-traded futures contracts held by the Partnership at December 31, 1995 and 1994 mature through December 1996 and September 1995, respectively. Off- exchange-traded forward currency contracts held by the Partnership at December 31, 1995 and 1994 mature through January 1996 and March 1995, respectively. The contract amounts in the above table represent the Partnership's extent of involvement in the particular class of financial instrument, but not the credit risk associated with counterparty nonperformance. The credit risk associated with these instruments is limited to the amounts reflected in the Partnership's Statements of Financial Condition.
The Partnership also has credit risk because the sole counterparty, with respect to most of the Partnership's assets, is DWR. Exchange-traded futures contracts are marked to market on a daily basis, with variations in value settled on a daily basis. DWR, as the futures commission merchant for all of the Partnership's exchange-traded futures contracts, is required pursuant to regulations of the Commodity Futures Trading Commission to segregate from its own assets, and for the sole benefit of its commodity customers, all funds held by DWR with respect to exchange-traded futures contracts including an amount equal to the net unrealized gain on all open futures contracts, which funds totaled $7,887,165 and $6,652,308 at December 31, 1995 and 1994, respectively. With respect to the Partnership's off-exchange-traded forward currency contracts, there are no daily settlements of variations in value nor is there any requirement that an amount equal to the net unrealized gain on open
COLUMBIA FUTURES FUND NOTES TO FINANCIAL STATEMENTS--(CONCLUDED)
forward contracts be segregated. With respect to those off-exchange-traded forward currency contracts, the Partnership is at risk to the ability of DWR, the counterparty on all of such contracts, to perform.
For the year ended December 31, 1995, the average fair value of financial instruments held for trading purposes was as follows:
DEAN WITTER REYNOLDS INC. Two World Trade Center 62nd Floor New York, NY 10048
FIRST-CLASS MAIL ZIP + 4 PRESORT U.S. POSTAGE PAID BROOKLYN, NY PERMIT NO. 148


Item 2.		Properties
	The Issuer has no physical properties. The Equicon Mortgage Loan Trust, Series 1995-2 securities represent in the aggregate the entire beneficial ownership interest in a trust consisting primarily of a pool of fixed rate, amortizing mortgage loans and adjustable rate, amortizing mortgage loans which are secured by first or second liens on residential properties. We will furnish an Annual Statement of Compliance delivered by the Mortgage Servicer to the Trustee with respect to each Mortgage Servicer in t
Annual Statement of Compliance............................................ .............Not available currently. 						Will be subsequently filed on Form 10K/A.
Item 3.

Item 3.		Legal Proceedings
	NONE.
Item 4.

Item 4.		Submission of Matters to a Vote of Security Holders
	No matters were submitted to a vote of holders of equity interest during the period covered by this report through the solicitation of proxies or otherwise.
PART II
Item 5.

Item 5.		Market for the Registrant's Common Equity and Related Stockholder Matters.
	The Issuer does not issue stock. Presently, there is no established trading market for the Trust's securities. The holders of the Equicon Mortgage Loan Trust, Series 1995-2 will be subquently filed on Form 10K/A.
Item 8.

Item 8.		Financial Statements and Supplementary Data.
Annual Statement of Compliance............................................. ...........Not available currently. 						Will be subsequently filed on Form 10K/A.
Independent Accountant's Report on Servicer's 	Servicing Activities..................................................... ...........Not available currently. 						Will be subsequently filed on Form 10K/A.
Item 9.

Item 9.	 	Changes In and Disagreement with Accountants on Accounting and Financial 				Disclosure.
		NONE
PART III
Item 12.

Item 12.	Security Ownership of Certain Beneficial Owners and Management.
Security Ownership of Certain Beneficial Owners............................ ............... Will be filed 								 subsequently on Form 10K/A.
PART IV
Item 14.

Item 14.	Exhibits, Financial Statement Schedules and Reports on Form 8K
	(a) (1)	Financial Statements...............Annual Statement of Compliance and Independent 						Accountant's Report on Servicer's Servicing Activities are						not currrently available. Will be filed subsequently on 						Form 10K/A.
	(a) (2)	Financial Statement Schedules
		NOT APPLICABLE
	(a) (3)	Exhibits 	 		*	Filed with the SEC on the indicated dates.