<PAGE> 1
- --------------------------------------------------------------------------------
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) September 8, 1998
Advanta Mortgage Loan Trust 1998-3
-----------------------------------------------------
(Exact name of registrant as specified in its charter)
---------------------------- ----------- ----------------
New York Application Pending
(State or Other Jurisdiction (Commission (I.R.S. Employer
of Incorporation) File Number) Identification No.)
c/o Advanta Mortgage Conduit 92127
Services, Inc. (Zip Code)
Attention: Milton Riseman
16875 West Bernardo Drive
San Diego, California
(Address of Principal
Executive Offices)
Registrant's telephone number, including area code (619) 674-1800
----------------------
- --------------------------------------------------------------------------------
(Former name or former address, if changed since last report)
- --------------------------------------------------------------------------------
<PAGE> 2
Item 5. Other Events
In connection with the offering of Advanta Mortgage Loan Trust
1998-3 Mortgage Loan Asset-Backed Certificates, Series 1998-3, described in a
Prospectus Supplement dated as of September 10, 1998, certain "Computational
Materials" within the meanings of the May 20, 1994 Kidder, Peabody No-Action
Letter and the February 17, 1995 Public Securities Association No-Action Letter
were furnished to certain prospective investors (the "Related Computational
Materials").
Item 7. Financial Statements, Pro Forma Financial Information and
Exhibits.
(a) Not applicable
(b) Not applicable
(c) Exhibit 99.1. Related Computational Materials (as defined in
Item 5 above).
<PAGE> 3
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.
ADVANTA MORTGAGE LOAN TRUST 1998-3
By: Advanta Mortgage Conduit Services,
Inc., as Sponsor
By: /s/ Mark T. Dunsheath
---------------------------
Name: Mark T. Dunsheath
Title: Vice President
Dated: September 17, 1998
<PAGE> 4
EXHIBIT INDEX
-------------
EXHIBIT NO. DESCRIPTION PAGE NO.
- ----------- ----------- --------
99.1 Related Computational Materials (as 5
defined in Item 5 above).
<PAGE> 1
$500,000,000
(APPROXIMATE)
ADVANTA MORTGAGE LOAN TRUST 1998-3
$500,000,000 Adjustable Rate Class A-2 Group II Certificates
MORTGAGE LOAN ASSET BACKED CERTIFICATES, SERIES 1998-3
ADVANTA MORTGAGE CONDUIT SERVICES, INC. ("ADVANTA CONDUIT")
DEPOSITOR
ADVANTA MORTGAGE CORP. USA ("ADVANTA")
SPONSOR AND MASTER SERVICER
COMPUTATIONAL MATERIALS
Neither the Issuer of the Certificates nor any of its affiliates make any
representation as to the accuracy or completeness of the information herein. The
information herein is preliminary, and will be superseded by the applicable
Prospectus Supplement and by any other information subsequently filed with the
Securities and Exchange Commission. The information addresses only certain
aspects of the applicable security's characteristics and thus does not provide a
complete assessment. As such, the information may not reflect the impact of all
structural characteristics of the security. The assumptions underlying the
information, including structure and collateral, may be modified from time to
time to reflect changed circumstances. The attached term sheet is not intended
to be a Prospectus and any investment decision with respect to the Certificates
should be made by you based solely upon all of the information contained in the
final Prospectus. Under no circumstances shall the information presented
constitute an offer to sell or the solicitation of an offer to buy nor shall
there be any sale of the securities in any jurisdiction in which such offer,
solicitation or sale would be unlawful prior to registration or qualification
under the securities laws of such jurisdiction. The securities may not be sold
nor may an offer to buy be accepted prior to the delivery of a final Prospectus
relating to the securities. All information described herein is preliminary,
limited in nature and subject to completion or amendment. No representation is
made that the above referenced securities will actually perform as described in
any scenario presented. The Depositor has not prepared, reviewed or participated
in the preparation hereof, is not responsible for the accuracy hereof and has
not authorized its dissemination. A final Prospectus and Prospectus supplement
may be obtained by contacting Salomon Smith Barney Syndicate Desk at (212)
783-3727.
<PAGE> 2
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CERTIFICATES
APPROXIMATE SIZE: $500,000,000
- --------------------------------------------------------------------------------
TITLE OF SECURITIES: Advanta Mortgage Loan Trust 1998-3, Class
A-2 Group II Floating Rate Certificates
DESCRIPTION OF COLLATERAL: This MBIA-wrapped transaction is
supported by a pool of fixed rate, first
and second lien Mortgages ("ARMs"). The
aggregate Cut-off Date principal balance
of the loans is expected to be
approximately $500,000,000.
PREPAYMENT ASSUMPTION: 120% PPM (120% OF 3% CPR building to 20%
CPR over 12 months Actual prepayments may
vary
AVG. LIFE TO CALL (APP.): 3.25 years
AVG. LIFE TO MATURITY (APP.): 3.50 years
EXPECTED MATURITY (TO CALL): October 2006
EXPECTED MATURITY
(TO MATURITY): December 2014
COUPON: 1m LIBOR + [ ]
COUPON DAY COUNT: Actual/360
STEP UP COUPON: If the 10% clean up call is not exercised
the Certificates spread to LIBOR steps
up to 2 times its initial spread.
* Subject to the lesser of: 1) 1 M LIBOR + [ ] bps; and 2) Available Funds Cap
(calculated using the weighted average of the loan rates net of servicing fees,
other ongoing fees of the trust and surety carveout of 75 bps after 6 months).
This page must be accompanied by the disclaimer included on the cover of these
materials. If you did not receive such a disclaimer please contact your Salomon
Smith Barney Financial Advisor immediately.
2
<PAGE> 3
LEGAL FINAL: [September 2028]
PRICING DATE: September 15/16
SETTLEMENT DATE: September 23, 1998
CLEAN-UP CALL: The Master Servicer will have the right to
purchase from the trust all collateral,
within certain limitations on any remittance
date after the outstanding aggregate mortgage
balances of the mortgage loans in the trust
has declined to 10% or less of the original
mortgage balance of the trust.
FORM OF CERTIFICATES: Book entry form, same day funds (through DTC,
CEDEL or Euroclear).
MASTER SERVICER: Advanta Mortgage Corp. USA ("Advanta")
SERVICING FEE: 50 basis points per annum.
TRUSTEE: Bankers Trust Company of California
PAYMENT DATE: The 25th day of each month or, if such day
is not a business day, the next succeeding
business day, beginning in October, 1998.
PAYMENT DELAY: No payment delay.
INTEREST ACCRUAL PERIOD: Interest will accrue from the 25th day of the
preceding month until the 24th day of the
current month based on an actual/360 day
count. For the first payment date, October,
1998, the Certificates will accrue interest
from the settlement date, to October 25,
1998.
CERTIFICATE RATINGS: The Certificates will be rated AAA/Aaa by
Standard & Poor's and Moody's, respectively.
CERTIFICATE INSURER: MBIA. MBIA's claims-paying ability is rated
AAA/Aaa by Standard and Poor's and Moody's.
CERTIFICATE: Timely interest and ultimate principal
payments on the Certificates will be 100%
guaranteed by MBIA.
ERISA CONSIDERATIONS: All of the Certificates will be ERISA
eligible. However, investors should consult
with their counsel with respect to the
consequences under ERISA and the Internal
Revenue Code of the Plan's acquisition and
ownership of such Certificates.
TRUST TAX STATUS: REMIC Trust.
LEGAL INVESTMENT: The Certificates will not be SMMEA eligible.
INTEREST CARRY FORWARD NA
This page must be accompanied by the disclaimer included on the cover of these
materials. If you did not receive such a disclaimer please contact your Salomon
Smith Barney Financial Advisor immediately.
3
<PAGE> 4
CREDIT ENHANCEMENT: 1) Ongoing excess spread
2) Overcollateralization, if applicable (1)
3) Cross collateralization, if applicable (1)
4) 100% wrap from MBIA guarantees timely payment of
interest and ultimate payment of principal;
(1) As required in the Pooling and Servicing
Agreement
PROSPECTUS: The Certificates are being offered pursuant to a
Prospectus supplemented by a Prospectus Supplement
(together, the "Prospectus"). Complete information
with respect to the Certificates and the Collateral
is contained in the Prospectus. The foregoing is
qualified in its entirety by the information
appearing in the Prospectus. To the extent that the
foregoing is inconsistent with the Prospectus, the
Prospectus shall govern in all respects. Sales of
the Certificates may not be consummated unless the
purchaser has received the Prospectus.
This page must be accompanied by the disclaimer included on the cover of these
materials. If you did not receive such a disclaimer please contact your Salomon
Smith Barney Financial Advisor immediately.
4
<PAGE> 5
WEIGHTED AVERAGE LIFE SENSITIVITY TABLE
<TABLE>
- --------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
PREPAYMENT - CPR 0% 50% 100% 120% 150% 200% 250%
TO CALL (10%)
- ------------------------------------
Weighted average life 14.65 6.48 3.83 3.25 2.64 1.99 1.59
Paydown window 325 178 115 97 78 57 44
Expected final Oct-25 Jul-13 Apr-08 Oct-06 Mar-05 Jun-03 May-02
TO MATURITY
- ------------------------------------
Weighted average life 14.78 6.86 4.10 3.50 2.84 2.14 1.70
Paydown window 358 330 226 195 167 123 94
Expected final Jul-28 Mar-26 Jul-17 Dec-14 Aug-12 Dec-08 Jul-06
- --------------------------------------------------------------------------------------------------------------
</TABLE>
This page must be accompanied by the disclaimer included on the cover of these
materials. If you did not receive such a disclaimer please contact your Salomon
Smith Barney Financial Advisor immediately.
5
<PAGE> 6
THE INITIAL FIX CONTRACT POOL
Principal Amount $488,515,321.07
(statistical calculation date)
Average Loan Balance $66,984.14
Max Loan Size $629,532.44
Lien Status 97.35% 1st / 2.65% 2nd
Loan Type Non-Balloon Contracts 82.64%
Balloon Contracts 17.36%
Property Type 88.04% Single Family
Occupancy 93.85% Owner Occupied
Weighted Avg. CLTV 76.66%
Coupon Range 6.33% - 19.10%
Weighted Average Coupon 9.89%
Wtd. Ave. Rem. Mat. 259.97 months
Weighted Ave. Seasoning 1.45 months
Top State Concentrations 9.23% CA, 8.59% MI, 5.41% OH, 5.36%
FL, 4.92% PA
- ------------------------------------ ---------------------------------------
This page must be accompanied by the disclaimer included on the cover of these
materials. If you did not receive such a disclaimer please contact your Salomon
Smith Barney Financial Advisor immediately.
6
<PAGE> 7
FIX POOL GEOGRAPHIC DISTRIBUTION
<TABLE>
<CAPTION>
NUMBER OF MORTGAGE AGGREGATE PRINCIPAL BALANCE % OF AGGREGATE
STATE LOANS PRINCIPAL
BALANCE
- ------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
Alabama 33 $ 1,677,484.81 0.34%
Alaska 2 306,102.27 0.06
Arizona 183 12,040,017.51 2.46
Arkansas 70 3,061,989.49 0.63
California 366 45,089,742.04 9.23
Colorado 130 11,740,044.60 2.40
Connecticut 36 2,595,017.47 0.53
Delaware 40 2,800,691.01 0.57
District of Columbia 14 1,164,840.94 0.24
Florida 401 26,163,597.12 5.36
Georgia 189 12,720,720.75 2.60
Hawaii 12 2,024,406.28 0.41
Idaho 40 2,748,631.29 0.56
Illinois 257 18,468,370.25 3.78
Indiana 269 14,676,560.84 3.00
Iowa 74 3,889,514.82 0.80
Kansas 126 7,590,663.14 1.55
Kentucky 117 6,675,295.65 1.37
Louisiana 122 6,462,628.16 1.32
Maine 33 1,880,016.40 0.38
Maryland 193 14,742,941.62 3.02
Massachusetts 82 8,211,023.28 1.68
Michigan 778 41,953,193.52 8.59
Minnesota 78 5,164,886.57 1.06
Mississippi 62 2,755,850.34 0.56
Missouri 267 14,740,293.41 3.02
Montana 12 821,871.33 0.17
Nebraska 58 3,480,232.78 0.71
Nevada 86 8,428,081.15 1.73
New Hampshire 9 815,693.44 0.17
New Jersey 191 18,151,584.69 3.72
New Mexico 62 3,854,255.59 0.79
New York 213 16,614,009.38 3.40
North Carolina 224 13,734,877.21 2.81
North Dakota 12 409,105.77 0.08
Ohio 411 26,435,595.16 5.41
Oklahoma 116 5,346,693.83 1.09
Oregon 127 12,709,889.86 2.60
Pennsylvania 454 24,020,351.29 4.92
Rhode Island 35 2,100,970.58 0.43
South Carolina 106 6,148,406.82 1.26
South Dakota 11 522,493.92 0.11
Tennessee 202 13,255,269.96 2.71
Texas 320 15,051,302.71 3.08
Utah 60 4,550,657.30 0.93
Vermont 32 1,968,739.32 0.40
Virginia 255 17,427,854.27 3.57
Washington 146 11,799,035.06 2.42
West Virginia 96 5,057,665.93 1.04
Wisconsin 68 3,666,829.03 0.75
Wyoming 13 799,331.11 0.16
- ---------------------------------------------------------------------------------------------
Total 7,293 $488,515,321.07 100.00% (1)
</TABLE>
(1) Values may not equal 100 due to rounding.
This page must be accompanied by the disclaimer included on the cover of these
materials. If you did not receive such a disclaimer please contact your Salomon
Smith Barney Financial Advisor immediately.
7
<PAGE> 8
FIX POOL
DISTRIBUTION OF PRINCIPAL BALANCES
<TABLE>
<CAPTION>
RANGE ON PRINCIPAL BALANCES NUMBER OF MORTGAGE BALANCE % OF AGGREGATE
LOANS PRINCIPAL BALANCE
--------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
106 - 5,000 2 $ 2,692.41 0.00%
5,001 - 10,000 23 196,421.41 0.04
10,001 - 15,000 156 2,130,795.02 0.44
15,001 - 20,000 325 5,929,309.49 1.21
20,001 - 25,000 362 8,344,804.30 1.71
25,001 - 30,000 452 12,591,953.07 2.58
30,001 - 35,000 469 15,394,576.80 3.15
35,001 - 40,000 528 20,018,537.10 4.10
40,001 - 45,000 456 19,587,121.43 4.01
45,001 - 50,000 471 22,515,582.63 4.61
50,001 - 55,000 457 24,003,600.20 4.91
55,001 - 60,000 477 27,524,357.91 5.63
60,001 - 65,000 383 24,074,761.29 4.93
65,001 - 70,000 343 23,211,648.19 4.75
70,001 - 75,000 303 21,999,739.46 4.50
75,001 - 80,000 251 19,490,688.64 3.99
80,001 - 85,000 199 16,480,496.10 3.37
85,001 - 90,000 190 16,667,524.41 3.41
90,001 - 95,000 128 11,891,988.13 2.43
95,001 - 100,000 162 15,815,897.17 3.24
100,001 - 150,000 716 85,645,984.64 17.53
150,001 - 200,000 258 44,190,793.37 9.05
200,001 - 250,000 91 20,202,963.47 4.14
250,001 - 300,000 39 10,642,970.20 2.18
300,001 - 350,000 26 8,561,002.09 1.75
350,001 - 400,000 12 4,536,440.82 0.93
400,001 - 450,000 4 1,695,779.31 0.35
450,001 - 500,000 5 2,395,550.42 0.49
500,001 - 550,000 3 1,580,673.05 0.32
550,001 - 600,000 1 561,136.10 0.11
600,001 - 629,532 1 629,532.44 0.13
--------------------------------------------------------------------------------------------------------
Totals 7,293 $488,515,321.07 100.00% (1)
</TABLE>
(1) Values may not equal 100 due to rounding.
Minimum: $106.63
Maximum: $629,532.44
Weighted Average by Current Balance: $66,984.14
This page must be accompanied by the disclaimer included on the cover of these
materials. If you did not receive such a disclaimer please contact your Salomon
Smith Barney Financial Advisor immediately.
8
<PAGE> 9
FIX POOL
DISTRIBUTION OF COUPON RATES
<TABLE>
<CAPTION>
NUMBER OF AGGREGATE PRINCIPAL % OF AGGREGATE
RANGE OF COUPON RATES MORTGAGE LOANS BALANCE PRINCIPAL BALANCE
- ---------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
6.325 - 7.000 16 $ 1,772,354.61 0.36%
7.001 - 8.000 359 29,948,670.75 6.13
8.001 - 9.000 1,463 122,822,468.09 25.14
9.001 - 10.000 2,086 154,638,004.82 31.65
10.001 - 11.000 1,383 88,571,547.86 18.13
11.001 - 12.000 922 47,882,460.77 9.80
12.001 - 13.000 678 28,629,741.73 5.86
13.001 - 14.000 244 9,645,236.61 1.97
14.001 - 15.000 88 2,946,627.04 0.60
15.001 - 16.000 44 1,375,765.51 0.28
16.001 - 17.000 9 220,207.12 0.05
18.001 - 19.100 1 62,236.16 0.01
- ---------------------------------------------------------------------------------------------------------
Total 7,293 $488,515,321.07 100.00% (1)
</TABLE>
(1) Values may not equal 100 due to rounding.
Minimum: 6.33%
Maximum: 19.10%
Weighted Average by Current Balance: 9.89%
This page must be accompanied by the disclaimer included on the cover of these
materials. If you did not receive such a disclaimer please contact your Salomon
Smith Barney Financial Advisor immediately.
9
<PAGE> 10
FIX POOL
DISTRIBUTION OF CLTV
<TABLE>
<CAPTION>
NUMBER OF MORTGAGE AGGREGATE PRINCIPAL % OF AGGREGATE PRINCIPAL
RANGE OF CLTV RATIOS LOANS BALANCE BALANCE
- ---------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
7.50 - 50.00 614 $ 22,697,671.58 4.65%
50.01 - 55.00 177 8,665,162.54 1.77
55.01 - 60.00 299 14,258,633.83 2.92
60.01 - 65.00 413 23,384,303.86 4.79
65.01 - 70.00 592 33,937,552.46 6.95
70.01 - 75.00 961 65,257,112.46 13.36
75.01 - 80.00 1,562 115,299,944.06 23.60
80.01 - 85.00 2,100 159,943,778.14 32.74
85.01 - 90.00 559 44,200,177.84 9.05
90.01 - 95.00 16 870,984.30 0.18
- ----------------------------------------------------------------------------------------------------------
Total 7,293 $488,515,321.07 100.00% (1)
</TABLE>
(1) Values may not equal 100 due to rounding.
Minimum: 7.50%
Maximum: 95.00%
Weighted Average by Current Balance: 76.66%
FIX POOL
DISTRIBUTION OF LTV
<TABLE>
<CAPTION>
NUMBER OF MORTGAGE AGGREGATE PRINCIPAL % OF AGGREGATE PRINCIPAL
RANGE OF LTV RATIOS LOANS BALANCE BALANCE
- ---------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
3.82 - 50.00 974 $ 33,884,945.69 6.94%
50.01 - 55.00 174 8,623,034.11 1.77
55.01 - 60.00 288 14,004,379.20 2.87
60.01 - 65.00 403 23,709,497.99 4.85
65.01 - 70.00 571 33,438,773.66 6.84
70.01 - 75.00 931 63,988,651.61 13.10
75.01 - 80.00 1,509 113,622,937.80 23.26
80.01 - 85.00 1,926 154,283,326.55 31.58
85.01 - 90.00 506 42,284,857.04 8.66
90.01 - 95.00 11 674,917.42 0.14
- ----------------------------------------------------------------------------------------------------------
Total 7,293 $488,515,321.07 100.00% (1)
</TABLE>
(1) Values may not equal 100 due to rounding.
Minimum: 3.82%
Maximum: 95.00%
Weighted Average by Current Balance: 75.28%
This page must be accompanied by the disclaimer included on the cover of these
materials. If you did not receive such a disclaimer please contact your Salomon
Smith Barney Financial Advisor immediately.
10
<PAGE> 11
FIX POOL
REMAINING TERM TO MATURITY DISTRIBUTION
<TABLE>
<CAPTION>
RANGE TERM NUMBER OF MORTGAGE AGGREGATE PRINCIPAL % OF AGGREGATE
TO MATURITY LOANS BALANCE PRINCIPAL BALANCE
- ---------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
1 - 12 2 $ 2,692.41 0.00%
25 - 36 2 20,764.80 0.00
37 - 48 4 47,484.78 0.01
49 - 60 51 1,247,586.11 0.26
61 - 72 19 422,736.56 0.09
73 - 84 59 1,425,234.30 0.29
85 - 96 46 1,570,685.97 0.32
97 - 108 17 773,582.20 0.16
109 - 120 355 13,487,228.15 2.76
121 - 132 8 357,592.79 0.07
133 - 144 66 2,883,086.46 0.59
145 - 156 12 603,554.99 0.12
157 - 168 29 1,178,416.83 0.24
169 - 180 2,707 161,309,872.99 33.02
181 - 192 10 755,857.40 0.15
193 - 204 16 1,323,860.60 0.27
205 - 216 13 772,208.53 0.16
217 - 228 76 4,053,224.36 0.83
229 - 240 1,547 101,015,508.06 20.68
253 - 264 1 90,000.00 0.02
265 - 276 2 84,800.00 0.02
277 - 288 2 156,057.59 0.03
289 - 300 55 4,231,460.25 0.87
313 - 324 1 82,000.00 0.02
325 - 336 4 161,276.82 0.03
337 - 348 10 1,240,986.88 0.25
349 - 360 2,179 189,217,561.24 38.73
--------------------------------------------------------------------------------------------------
Total 7,293 $488,515,321.07 100.00% (1)
</TABLE>
(1) Values may not equal 100 due to rounding.
Minimum: 1.00
Maximum: 360.00
Weighted Average by Current Balance: 259.97
This page must be accompanied by the disclaimer included on the cover of these
materials. If you did not receive such a disclaimer please contact your Salomon
Smith Barney Financial Advisor immediately.
11
<PAGE> 12
FIX POOL
DISTRIBUTION OF SEASONING
<TABLE>
<CAPTION>
NUMBER OF MORTGAGE AGGREGATE PRINCIPAL % OF AGGREGATE PRINCIPAL
RANGE OF SEASONING LOANS BALANCE BALANCE
- ---------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
0 - 6 7,155 $481,605,694.58 98.59%
7 - 12 63 4,465,332.50 0.91
13 - 18 6 750,814.31 0.15
19 - 24 2 89,779.45 0.02
25 - 30 1 95,972.66 0.02
31 - 36 1 30,157.28 0.01
79 - 84 3 39,580.27 0.01
85 - 90 16 502,840.66 0.10
91 - 96 4 96,084.12 0.02
97 - 102 13 354,703.05 0.07
103 - 108 13 215,990.05 0.04
109 - 114 5 103,382.38 0.02
115 - 120 4 63,457.60 0.01
121 - 126 3 54,473.84 0.01
127 - 132 1 5,779.44 0.00
133 - 138 3 41,278.88 0.01
- ----------------------------------------------------------------------------------------------------------
Total 7,293 $488,515,321.07 100.00% (1)
</TABLE>
(1) Values may not equal 100 due to rounding.
Minimum: 0.00
Maximum: 138.00
Weighted Average by Current Balance: 1.45
This page must be accompanied by the disclaimer included on the cover of these
materials. If you did not receive such a disclaimer please contact your Salomon
Smith Barney Financial Advisor immediately.
12
<PAGE> 13
FIX POOL
PROPERTY TYPE DISTRIBUTION
<TABLE>
<CAPTION>
PROPERTY TYPE NUMBER OF AGGREGATE PRINCIPAL % OF AGGREGATE PRINCIPAL
MORTGAGE LOANS BALANCE BALANCE
- -----------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
2 Unit 190 $ 12,684,317.20 2.60%
3-4 Unit 73 5,285,441.02 1.08
Blanket Mortgages (less than 3) 14 1,703,544.70 0.35
Blanket Mortgages (3+) 1 164,773.95 0.03
Condo 95 7,013,836.02 1.44
Manufactured 364 20,449,826.20 4.19
Other 1 485,653.67 0.10
SFR 6,321 430,074,825.47 88.04
Townhouse 234 10,653,102.84 2.18
--------------------------------------------------------------------------------------------
Total 7,293 $488,515,321.07 100.00% (1)
</TABLE>
(1) Values may not equal 100 due to rounding.
This page must be accompanied by the disclaimer included on the cover of these
materials. If you did not receive such a disclaimer please contact your Salomon
Smith Barney Financial Advisor immediately.
13
