SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-K
[X] ANNUAL REPORT PURSUANT TO SECTION 13 or 15(d) of
THE SECURITIES EXCHANGE ACT OF 1934 [FEE REQUIRED]
For the fiscal year ended December 31, 1997
OR
[ ] TRANSITION REPORT PURSUANT TO SECTION 13 or 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934 [NO FEE REQUIRED]
For the transition period from________________to_______________.
Commission file number 33-99510
ADVANTA Home Equity Loan Trust 1996-4
New York 33-0736892
(State of other jurisdictio (IRS Employer
incorporation or organizat Identification No.)
c/o Bankers Trust Company
4 Albany Street
New York, NY 10015
Registrant's telephone number, including area code: (212) 250-2500
Securities registered pursuant to Section 12(b) of the Act.
Title of each class Name of each exchange on
which registered:
None None
Securities registered pursuant to Section 12(g) of the Act:
None
(Title of class)
Indicated by check mark whether the registrant (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities Exchange Act
of 1934 during the preceding 12 months (or for such shorter period that the
registrant was required to file such reports), and (2) has been subject to
such filing requirements for the past 90 days.
Yes X No
Indicate by check mark if disclosure of delinquent filers pursuant to Item 405
of Regulation S-K ($ 229.405 of this chapter) is not contained herein, and will
not be contained, to the best of registrant's knowledge, in definitive proxy or
information statements incorporated by reference in Part III of this Form 10-K
or any amendment to this Form 10-K. [X]
State the aggregate market value of the voting stock held by non-affiliates
of registrant. The aggregate market value shall be computed by reference to
the price at which the stock was sold, or the average bid and asked prices
of such stock, as of specified date within 60 days prior to the date of filing:
$222,464,602.78
Documents Incorporated by Reference: Not Applicable
PART 1
ITEM 1 - BUSINESS
The ADVANTA Home Equity Loan Trust 1996-4, (the "Trust" or "Issuer") is
a New York common law trust established as of December 1, 1996,
pursuant to a Pooling and Servicing Agreement (the "Pooling and Servicing
Agreement") between ADVANTA Mortgage Conduit Services, Inc. as sponsors
(the "Sponsor") and ADVANTA Mortgage Corp. USA as Master Servicer
(the "Master Servicer") (together, the "Companies") and Bankers Trust
Company, acting thereunder not in its individual capacity but solely as
trustee (the "Trustee"). The Issuer's only purpose is the issuance of
$330,000,000.00 principal amount of ADVANTA Home Equity Loan Pass-
Through Certificates, Series 1996-4, Class A-1, and Class A-2 (the "Cert-
ificates") and the subordinated residual certificates pursuant to the Pooling
and Servicing Agreement. On December 19, 1996, the Sponsor sold
$330,000,000.00 aggregate principal amount of mortgage loans (the "Mort-
gage Loans"), to the Issuer in exchange for the Certificates, and sold the
Certificates pursuant to a public offering, the underwriting of which was
co-managed by Morgan Stanley & Co., Inc., Prudential Securities Incorporated,
and Salomon Brothers, Inc. The Mortgage Loans and the distributions thereon,
along with certain insurance proceeds, certain proceeds obtained on foreclosure
and any investment income earned thereon, are the only significant assets of
the Issuer. The Certificates represent obligations solely of the Issuer. The
Certificates were registered under a Registration Statement (file no. 33-99510)
on Form S-3 declared effective on September 6, 1996.
ITEM 2 - PROPERTIES
The Issuer neither owns nor leases any physical properties.
ITEM 3 - LEGAL PROCEEDINGS
The Master Servicer is not aware of any material pending legal proceedings
involving either the Issuer, the Trustee, the Sponsor or the Master Servicer
with respect to the Certificates or the Issuer's property.
ITEM 4 - SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS
No matter has been submitted to a vote of the holders of beneficial interests
in the Issuer through the solicitation of proxies or otherwise.
PART II
ITEM 5 - MARKET FOR REGISTRANT'S COMMON STOCK AND RELATED STOCK-
HOLDER MATTERS
The Trust is not an issuer of common stock in a corporation, although the
Certificates represent equity interest that has voting rights. The equity of
the Trust consists of the beneficial or ownership interest therein for which,
to the best knowledge of the Master Servicer, there is no established
public trading market.
As of March 4, 1998, there were approximately 6 holders of the Class A-1
Certificates, and 7 holders of the Class A-2 Certificates. The number of
holders includes individual participants in security position listings. As of
December 26, 1997, 12 monthly distributions had been made to the holders
of the Certificates.
ITEM 6 - SELECTED FINANCIAL DATA
Not applicable.
ITEM 7 - MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS
RESULTS OF OPERATION
On December 19, 1996, the Issuer issued $210,000,000.00 aggregate
principal amount of Class A-1 Certificates having a variable monthly rate,
and $120,000,000.00 aggregate principal amount of Class A-2 Certificates
having a variable monthly rate, which are collateralized by Mortgage Loans.
The sale of the Mortgage Loans to the Issuer, the issuance of the Certificates
and the simultaneous delivery of the Certificates to the Companies for sale
pursuant to a public offering, the underwriting of which was co-managed by
Morgan Stanley & Co., Inc., Prudential Securities Incorporated, and Salomon
Brothers, Inc. has been accounted for as a sale of the Certificates. The value
of the Certificates issued by the Issuer equaled the value of the Mortgage Loans
conveyed to the Issuer by the Companies, plus funds held in the Prefunding
Account (if any) and subsequently used to acquire additional mortgage loans.
Accordingly, there was no income, expense, gain or loss resulting from
the aforementioned transaction.
CAPITAL RESOURCES AND LIQUIDITY
The Issuer's primary sources of funds with respect to the Certificates will be
receipts of interest on and principal of the Mortgage Loans, along with certain
insurance proceeds, certain proceeds obtained on foreclosure and any
investment income earned thereon. The respective management's of the
Companies believe that the Issuer will have sufficient liquidity and capital
resources to pay all amounts on the Certificates as they become due and
all other anticipated expenses of the Issuer. The Issuer does not have, nor
will it have in the future, any significant source of capital for payment of the
Certificates and its operating expenses other than the receipt of interest on
and principal of the mortgage loans, certain insurance proceeds and certain
proceeds obtained on foreclosure and any payments made by the Certificate
Insurer. The Issuer is a limited purpose trust. The Certificates represent
obligations solely of the Issuer.
ITEM 8 - FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA
Not applicable.
ITEM 9 - CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON
ACCOUNTING AND FINANCIAL DISCLOSURE
There were no changes of accountants or disagreements on accounting or
financial disclosures between the Issuer and its accountants.
PART III
ITEM 10 - DIRECTORS AND EXECUTIVE OFFICERS OF THE REGISTRANT
The Issuer does not have any directors or officers.
ITEM 11 - EXECUTIVE COMPENSATION
Not applicable.See "Item 10-Directors and Executive Officers of the Registrant".
ITEM 12 - SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND
MANAGEMENT
The following table sets forth (i) the name and address of each entity owning
more than 5% of the outstanding principal amount of the ADVANTA Home
Equity Loan Certificates, Series 1996-4, Class A-1 ("Class A-1 Certificates"),
the name and address of each entity owning more than 5% of the outstanding
principal amount of the ADVANTA Home Equity Loan Certificates, Series
1996-4, Class A-2 ("Class A-2 Certificates").;(ii) the principal amount of the
Class A-1 Certificates or Class A-2 Certificates and (iii) the percent that the
principal amount of Class A-1 Certificates or Class A-2 Certificates owned
represents of the outstanding principal amount of the Class A-1 Certificates
or Class A-2 Certificates, respectively. The information set forth in the table
is based upon information obtained by the Issuer from Depository Trust Company.
The Master Servicer is not aware of any Schedules 13D or 13G filed with the
Securities and Exchange Commission in respect of the Certificates.
Amount Owned
(All Dollar Amounts are in Thousands)
Name and Address Principal Percent
Class A-1 Certificates
BNY/ITC - Dealers Clearance Special
c/o N.A. Schapiro & Co. Inc.
One Chase Manhattan Plaza, 58th Floor
New York, NY 10005 29.05%
Boston Safe Deposit and Trust Company
c/o Mellon Bank N.A.
Three Mellon Bank Center, Room 153-3015
Pittsburgh, PA 15259 10.05%
Citibank N.A.
P. O. Box 30576
Tampa, FL 33630-3576 28.57%
Custodial Trust Company
101 Carnegie Center
Princeton, NJ 08540 11.43%
Swiss American Securitites Inc.
100 Wall Street
New York, NY 10015 19.05%
Class A-2 Certificates
Bankers Trust Compnay
c/o BT Services Tennessee Inc.
648 Grassmere Park Drive
Nashville, TN 37211 18.33%
BNY/ITC - Dealers Clearance Special
c/o N.A. Schapiro & Co. Inc.
One Chase Manhattan Plaza, 58th Floor
New York, NY 10005 8.33%
Brown Brothers Harriman & Co.
63 Wall Street, 8th Floor
New York, NY 10005 6.67%
Chase Manhattan Bank
4 New York Plaza 13th Floor
New York, NY 10004 28.33%
Chase Manhattan Bank / Chemical
4 New York Plaza
Proxy Department 13th Floor
New York, NY 10004 12.50%
French American Banking Corporation
200 Liberty Street, 20th Floor
New York, NY 10281 9.17%
Republic National Bank of New York
Investment Accout
One Hanson Place, Lower Level
Brooklyn, NY 11243 16.67%
ITEM 13 - CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS
None
PART IV
ITEM 14 - EXHIBITS, FINANCIAL STATEMENT SCHEDULES AND REPORTS
ON FORM 8-K
(a) The following documents are filed as part of this report:
1. Financial Statements: Not applicable.
2. Financial Statement Schedules: Not applicable.
3. Exhibits: As the Issuer was established as of December 1,
1996, the Master Servicer was obligated to prepare an Annual Statement to
Certificateholders as to Compliance for the year ended December 31, 1997,
and mail such statement to the Certificateholders on or before the last day
of March, 1998 and Independent Certified Public Accountants were required
to prepare an annual report pertaining to the compliance of the Master Servicer
with its servicing obligations pursuant to the Pooling and Servicing Agreement
on or before the last day of March, 1998. The Annual Statement to Certificate-
holders as to Compliance is included herewith as Exhibit 28.1 and the Annual
Independent Certified Public Accountants' Report is included herewith as
Exhibit 28.2. The Statement to Certificateholders on December 26, 1997, is
included herewith as Exhibit 28.3.
Exhibit No. Description
*3.1 Certificates of Incorporation of the
Companies
*3.2 By-laws of the Companies
*4 Pooling and Servicing Agreement
28.1 Annual Statement to Certificateholders
as to Compliance for the year ended
December 31, 1997.
28.2 Annual Independent Certified Public
Accountants' Report.
28.3 Statement to Certificateholders on
December 26, 1997.
* Incorporated by reference to the Exhibit of the same designation filed with
the Issuer's Form S-3 registration statement declared effective September
6, 1996.
(b) Reports on Form 8-K.
12 reports on Form 8-K have been filed by the Issuer during the
period covered by this report.
Items Reported/Financial
Date of Reports on Form 8-K Statements Filed
January 27, 1997Monthly Report for the December 1996 Monthly
Period relating to the ADVANTA Home Equity
Loan Pass-through Certificates 1996-4, Class
A-1, and Class A-2 issued by the ADVANTA
Home Equity Loan Trust 1996-4.
February 26, 199Monthly Report for the January 1997 Monthly
Period relating to the ADVANTA Home Equity
Loan Pass-through Certificates 1996-4, Class
A-1, and Class A-2 issued by the ADVANTA
Home Equity Loan Trust 1996-4.
March 28, 1997 Monthly Report for the February 1997 Monthly
Period relating to the ADVANTA Home Equity
Loan Pass-through Certificates 1996-4, Class
A-1, and Class A-2 issued by the ADVANTA
Home Equity Loan Trust 1996-4.
April 30, 1997 Monthly Report for the March 1997 Monthly
Period relating to the ADVANTA Home Equity
Loan Pass-through Certificates 1996-4, Class
A-1, and Class A-2 issued by the ADVANTA
Home Equity Loan Trust 1996-4.
June 2, 1997 Monthly Report for the April 1997 Monthly
Period relating to the ADVANTA Home Equity
Loan Pass-through Certificates 1996-4, Class
A-1, and Class A-2 issued by the ADVANTA
Home Equity Loan Trust 1996-4.
June 26, 1997 Monthly Report for the May 1997 Monthly
Period relating to the ADVANTA Home Equity
Loan Pass-through Certificates 1996-4, Class
A-1, and Class A-2 issued by the ADVANTA
Home Equity Loan Trust 1996-4.
July 31, 1997 Monthly Report for the June 1997 Monthly
Period relating to the ADVANTA Home Equity
Loan Pass-through Certificates 1996-4, Class
A-1, and Class A-2 issued by the ADVANTA
Home Equity Loan Trust 1996-4.
August 29, 1997 Monthly Report for the July 1997 Monthly
Period relating to the ADVANTA Home Equity
Loan Pass-through Certificates 1996-4, Class
A-1, and Class A-2 issued by the ADVANTA
Home Equity Loan Trust 1996-4.
October 1, 1997 Monthly Report for the August 1997 Monthly
Period relating to the ADVANTA Home Equity
Loan Pass-through Certificates 1996-4, Class
A-1, and Class A-2 issued by the ADVANTA
Home Equity Loan Trust 1996-4.
October 30, 1997Monthly Report for the September 1997 Monthly
Period relating to the ADVANTA Home Equity
Loan Pass-through Certificates 1996-4, Class
A-1, and Class A-2 issued by the ADVANTA
Home Equity Loan Trust 1996-4.
December 1, 1997Monthly Report for the October 1997 Monthly
Period relating to the ADVANTA Home Equity
Loan Pass-through Certificates 1996-4, Class
A-1, and Class A-2 issued by the ADVANTA
Home Equity Loan Trust 1996-4.
December 29, 199Monthly Report for the November 1997 Monthly
Period relating to the ADVANTA Home Equity
Loan Pass-through Certificates 1996-4, Class
A-1, and Class A-2 issued by the ADVANTA
Home Equity Loan Trust 1996-4.
(c) See "Item 14(a) (3)-Exhibits".
(d) Not applicable.
SIGNATURES
Pursuant to the requirements of Section 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.
ADVANTA Mortgage Corp., USA,
as Master Servicer and on behalf of
ADVANTA Home Equity Loan Trust 1996-4
Registrant
BY; /s/ William P. Garland
William P. Garland
Senior Vice President
Loan Service Administration
March 31, 1998
INDEX TO EXHIBITS (Item 14(c))
Exhibit # Description
*3.1 Certificates of Incorporation of the Companies
*3.2 By-laws of the Companies.
*4 Pooling and Servicing Agreement
28.1 Annual Statement to Certificateholders as to
Compliance for the year ended December 31,
1997.
28.2 Annual Independent Certified Public Account-
ants' Report.
28.3 Statement to Certificateholders on December 26,
1997.
* Incorporated by reference to the Exhibit of the same designation filed with
the Issuer's Form S-3 registration statement declared effective September 6,
1996
<TABLE>
EXHIBIT 28.1
<S>
March 31, 1998
Bankers Trust Company(293)
Attention: Erin Deegan
3 Park Plaza -- 16th Floor
Irvine, CA 92714
RE: Annual Statement as to Compliance
Pursuant to that certain Loan Servicing Agreement ("Agreement") dated as of
December 1, 1996, relating to ADVANTA Home Equity Loan Trust 1996-4, I,
William P. Garland, hereby certify that (I) a review of the activities of the Servicer
during the preceding year and the performance under this Agreement has
been made under my supervision, and (II) to the best of my knowledge, based
on such review, the Servicer has fulfilled all its obligations under this Agreement
for such year.
Sincerely,
BY; /s/ William P. Garland
William P. Garland
Senior Vice President
Loan Service Administration
WPG/cg
cc: Mr. James L. Shreero
Annette Aguirre, Esq.
Mr. Mark Casale
<S>
</TABLE>
<TABLE>
EXHIBIT 28.2
<S>
REPORT OF INDEPENDENT PUBLIC ACCOUNTANTS
To ADVANTA Mortgage Corp. USA:
We have examined management's assertion about Advanta Mortgage Corp. USA's compliance
with the minimum servicing standards identified in the Mortgage Bankers Association of
America's Uniform Single Attestation Program for Mortgage Bankers (USAP) and that
Advanta Mortgage Corp. USA had in effect fidelity bond coverage in the amount of $15 million
and mortgage contingent liability protection coverage in the amount of $2 million as of and for
the year ended December 31, 1997 included in the accompanying management assertion.
Management is responsible for Advanta Mortgage Corp. USA's compliance with those
minimum servicing standards and for maintaining fidelity bond and mortgage contingent
liability protection coverage policies. Our responsibility is to express an opinion on
management's assertion about the entity's compliance with the minimum servicing standards
and maintenance of fidelity bond and mortgage contingent liability protection coverage policies
based on our examination.
Our examination was made in accordance with standards established by the American Institute
of Certified Public Accountants and, accordingly, included examining, on a test basis, evidence
about Advanta Mortgage Corp. USA's compliance with the minimum servicing standards and
performing such other procedures as we considered necessary in the circumstances. We
believe that our examination provides a reasonable basis for our opinion. Our examination
does not provide a legal determination on Advanta Mortgage Corp. USA's compliance with the
minimum servicing standards.
In our opinion, management's assertion that Advanta Mortgage Corp. USA complied with the
aforementioned minimum servicing standards and that Advanta Mortgage Corp. USA had in
effect fidelity bond coverage in the amount of $15 million and mortgage contingent liability
protection coverage in the amount of $2 million as of and for the year ended December 31, 1997
is fairly stated, in all material respects.
BY; /s/ Arthur Andersen LLP
Philadelphia, PA
March 20, 1998
<S>
</TABLE>
<TABLE>
EXHIBIT 28.3
ADVANTA Mortgage Loan Trust 1996-4
Statement to Certificateholders
<CAPTION>
Original Prior
Face Principal
Class Value Balance Interest Principal Total
<S> <C> <C> <C> <C> <C>
A-1 210,000,000. 164,252,007. 855,0 4,326,872 5,181,872.23
A-2 120,000,000. 87,189,256 448,2 4,001,864 4,450,090.28
RS 1,011,31 1,011,310.07
Totals 330,000,000. 251,441,263. 2,314,53 8,328,736 10,643,272.58
</TABLE>
<TABLE>
<CAPTION>
Current Pass-Through
Realized Deferred Principal Rates
Class Losses Interest Balance Current Next
<S> <C> <C> <C> <C> <C>
A-1 159,925,135. 6.045000% 6.420000%
A-2 83,187,391 5.970000% 6.345000%
RS 0.000000% 0.000000%
Totals 243,112,526.67
</TABLE>
<TABLE>
<CAPTION>
Prior Current
Principal Principal
Class CUSIP Balance Interest Principal Total Balance
<S> <C> <C> <C> <C> <C> <C>
A-1 00755WCP9 782.152416 4.071429 20.604153 24.675582 761.548263
A-2 00755WCQ7 726.577136 3.735212 33.348874 37.084086 693.228262
RS 0 3.064576 0 3.064576 0
</TABLE>
<TABLE>
<CAPTION>
<S> <C> <C> <C>
Delinquency Advances made: 842,842.96
Accrued Servicing Fee for the Current Period: 111,804.70
Plus additional Servicing Fees: -
Less permitted reductions to Servicing Fees: -
Total Servicing Fees due Master Servicer: 111,804.70
Actual collected Servicing Fees for current period: 73,908.50
</TABLE>
<TABLE>
Delinquent and Foreclosure Loan Information:
<CAPTION>
90+ Days Loans Loans
30-59 60-89 excldg f/c,REO in in
Days Days & Bkrptcy REO Foreclosure
<S> <C> <C> <C> <C> <C>
Group 1 Principal Balanc 5,723,02 1,666,87 877,58 765,6 4,772,156
% of Pool Balanc 3.3622% 0.9793% 0.5156% 0.4498% 2.8036%
Number of Loans 103 32 21 9 95
% of Loans 3.2533% 1.0107% 0.6633% 0.2843% 3.0006%
Group 2 Principal Balanc 2,882,36 1,454,22 656,40 368,0 4,043,051
% of Pool Balanc 3.2102% 1.6196% 0.7311% 0.4099% 4.5029%
Number of Loans 27 13 5 4 38
% of Loans 2.9573% 1.4239% 0.5476% 0.4381% 4.1621%
</TABLE>
<TABLE>
<CAPTION>
<S> <S> <C>
Loans in Bankruptcy: Group 1 3,342,202.06
Group 2 1,315,299.42
Total 4,657,501.48
Book Value of REO Property: 968,998.00
Scheduled Prin Bal of Loans as of the Prior Dist Date: Group 1 174,542,007.35
Group 2 93,789,256.26
Total 268,331,263.61
Scheduled Prin Bal of Loans as of the Current Dist Date: Group 1 170,215,135.26
Group 2 89,787,391.41
Total 260,002,526.67
Substitution Amount: -
Master Servicing Fee: -
Insured Payments: -
Certificate Insurer Premium Payment: Group 1 13,993.45
Group 2 7,278.89
Total 21,272.34
Number of Loans as of the Current Distribution Date: Group 1 3249
Group 2 943
Total 4192
Number of Loans as of the Next Distribution Date: Group 1 3166
Group 2 913
Total 4079
Weighted Average Coupon as of the Current Distribution Date: Group 1 11.209931%
Group 2 11.072350%
Both Groups 11.161842%
Weighted Average Coupon as of the Next Distribution Date: Group 1 11.200264%
Group 2 11.084504%
Both Groups 11.160288%
Weighted Average Net Coupon as of the Current Dist Date: Group 1 10.709931%
Group 2 10.572350%
Both Groups 10.661842%
Curtailments included in Current Distribution: Group 1 -
Group 2 -
Total -
Prepayments in Full/Unscheduled recoveries of Principal
included in Current Distribution: Group 1 4,008,874.72
Group 2 3,778,131.51
Total 7,787,006.23
</TABLE>
<TABLE>
SUBORDINATION TRACKING:
<CAPTION>
Prior Subordination Current Specified
Subordinated Increase Realized Subordinated Subordinated
Amount Amount Losses Amount Amount
<S> <C> <C> <C> <C> <C>
Group 1 10,290,000 14,1 14,1 10,290,000. 10,290,000.00
Group 2 6,600,00 17,4 17,4 6,600,000 6,600,000.00
Total 16,890,000 31,6 31,6 16,890,000. 16,890,000.00
</TABLE>
<TABLE>
REALIZED LOSSES TRACKING:
<CAPTION>
Recovered Recovered
Realized Delinquency Servicing
Losses Advances Advances Total
<S> <S> <C> <C> <C> <C>
Group 1 Prior 22,3 9, 31,401.28
Current 14,1 8, 22,991.89
Cumulative 36,5 17,8 54,393.17
Group 2 Prior 2, 3,123.73
Current 17,4 14,8 32,295.93
Cumulative 17,7 17,6 35,419.66
</TABLE>
<TABLE>
TOTAL AVAILABLE FUNDS:
<CAPTION>
<S> <S> <C> <C> <C>
Current Interest Collected: 1,615,153.57
Principal Collected: 8,060,016.29
Insurance Proceeds Received: -
Net Liquidation Proceeds: 237,098.03
Delinquency Advances on Mortgage Interest: 842,842.96
Purchase Proceeds: -
Substitution Amounts: -
Trust Termination Proceeds: -
Investment Earnings on Certificate Account: 9,243.87
Capitalized Interest Requirement: -
Pre-Funding Account: N/A
Sum of the Above Amounts: 10,764,354.72
LESS:
Servicing Fees (including PPIS): 73,908.50
Dealer Reserve: -
Trustee Fees: 2,236.10
Insurance Premiums: 21,272.35
Reimbursement of Delinquency Advances: 23,665.20
Reimbursements of Servicing Advances: -
Total Reductions to Available Funds Amount: 121,082.15
Total Available Funds: 10,643,272.
</TABLE>
