<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
---------------
JUNE 17, 1999
(Date of earliest event reported)
STUDENT LOAN FUNDING 1998 - A/B TRUST
(Exact name of registrant as specified in its charter)
Delaware 333-73455 31-1599686
(State or other jurisdiction of (Commission File Number) (I.R.S. Employer
incorporation or organization) Identification No.)
ONE WEST FOURTH STREET, SUITE 210
CINCINNATI, OHIO 45202
(513) 763-4415
(Address, including zip code, and telephone number, including area
code, of registrant's principal executive offices)
NOT APPLICABLE.
(Registrant's former name or former address, if changed since last report)
-1-
<PAGE> 2
Item 5. Other Events.
Pursuant to the First Amended and Restated Indenture of Trust
(the "Indenture"), dated as of March 15, 1999, among Student
Loan Funding 1998 - A/B Trust, as Issuer (the "Issuer"),
Student Loan Funding LLC, as Depositor, and Firstar Bank, N.A.
as Trustee (the "Trustee"), the Trustee delivered to the
noteholders the statement required by the Indenture, which
statement is being filed as Exhibit 99.1 to this Form 8-K, and
based thereon the Trustee is required to make distributions to
the holders of the Issuer's Senior Asset-Backed Notes Series
1998A1-3, Senior Asset-Backed Callable Notes Series 1998A1-4,
Senior Asset-Backed Callable Notes Series 1998A1-5, and
Subordinate Asset-Backed Notes Series 1998B1-3.
Item 7. Financial Statements and Exhibits.
(c) Exhibits
The following exhibit is filed herewith. The exhibit number
corresonds with Item 601(b) of Regulation S-K.
Exhibit No. Description
----------- -----------
99.1 Noteholders' Statement, dated May 31, 1999
-2-
<PAGE> 3
Signature
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.
FIRSTAR BANK, N.A., not in its individual capacity but
solely in its capacity as Co-owner Trustee for
STUDENT LOAN FUNDING 1998 - A/B TRUST
Date: July 2, 1999 By: /s/ Brian J. Gardner
--------------------
Brian J. Gardner
Vice President & Trust Officer
EXHIBIT INDEX
-------------
Exhibit Description of Exhibit
- ------- ----------------------
99.1 Noteholders' Statement, dated May 31, 1999
-3-
<PAGE> 1
Exhibit 99.1
Noteholders' Statement for Student Loan Funding 1998-A/B Trust
(successor to Student Loan Funding LLC)
Student Loan Senior & Subordinate Asset Backed Notes
for Collection Period Ending: May 31, 1999
CUSIP
$400,000,000 Senior Series 1998A1-3 86387QAF1 F/K/A 86387QAA2
$93,300,000 Senior Series 1998A1-4 86387QAG9 F/K/A 86387QAB0
$90,000,000 Senior Series 1998A1-5 86387QAH7 F/K/A 86387QAC8
$90,000,000 Senior Series 1998A1-6 86387QAJ3 F/K/A 86387QAD6
$54,500,000 Subordinate Series 1998B1-3 86387QAK0 F/K/A 86387QAE4
DISTRIBUTION DATE
$400,000,000 Senior Series 1998A1-3 June 30, 1999
$93,300,000 Senior Series 1998A1-4 June 17, 1999
$90,000,000 Senior Series 1998A1-5 June 24, 1999
$54,500,000 Subordinate Series 1998B1-3 June 30, 1999
<TABLE>
<S> <C>
(a) Principal Factor
(i) 1998 A1-3 Notes: 0.8465341
(ii) 1998 B1-3 Notes: 1.0000000
(b) Amount of principal being paid or distributed:
(i) 1998 A1-3 Notes: $12,493,688.81
(ii) 1998 A1-4 Notes: $0.00
(iii) 1998 A1-5 Notes: $0.00
(iv) 1998 A1-6 Notes: $0.00
(v) 1998 B1-3 Notes: $0.00
(c) Amount of interest being paid or distributed based upon the Formula Rate:
(i) 1998 A1-3 Notes: $1,705,394.07
(ii) 1998 A1-4 Notes: $359,205.00
(iii) 1998 A1-5 Notes: $357,000.00
(iv) 1998 A1-6 Notes on 7/1/99: $345,800.00
(v) 1998 B1-3 Notes: $283,854.17
Formula Interest Rates
(i) 1998 A1-3 Notes: 5.29875%
(ii) 1998 A1-4 Notes: 4.95000%
(iii) 1998 A1-5 Notes: 5.10000%
(iv) 1998 A1-6 Notes: 4.94000%
(v) 1998 B1-3 Notes: 6.25000%
Interest Rates if they were based upon the Net Loan Rate
(i) 1998 A1-3 Notes: 7.25%
(ii) 1998 A1-4 Notes: 7.24%
(iii) 1998 A1-5 Notes: 7.24%
(iv) 1998 A1-6 Notes: 7.24%
(v) 1998 B1-3 Notes: 6.25%
</TABLE>
-4-
<PAGE> 2
<TABLE>
<S> <C>
(d) Amount of distribution allocable to any Noteholders' Interest Carryover:
(i) 1998 A1-3 Notes: $0.00
(ii) 1998 A1-4 Notes: $0.00
(iii) 1998 A1-5 Notes: $0.00
(iv) 1998 A1-6 Notes: $0.00
(v) 1998 B1-3 Notes: $0.00
(e) Pool Balance on April 30, 1999: $640,824,620.00
Pool Balance on May 31, 1999: $631,418,993.00
(i) Parity Percentage 97.34%
(ii) Senior Parity Percentage 106.00%
(f) After giving effect to distributions on this Distribution Date:
(i) 1998 A1-3 Notes: $338,613,627.55
(ii) 1998 A1-4 Notes: $ 93,300,000.00
(iii) 1998 A1-5 Notes: $ 90,000,000.00
(iv) 1998 A1-6 Notes: $ 90,000,000.00
(v) 1998 B1-3 Notes: $ 54,500,000.00
Total Series A Notes outstanding: $611,913,627.55
Total Notes outstanding: $666,413,627.55
(g) Amount of Program Operating Expenses
to be allocated for the upcoming Distribution Date: $ 444,780.00
(h) (i) Aggregate amount of Realized Losses (if any) for the Collection Period
immediately preceding the Distribution Date: $ 6,389.00
(ii) Amount received for recoveries of Realized Losses
from a previous Collection Period
(a) interest $ 0.00
(b) principal $ 0.00
(i) (i) Amount of distribution attributable to the Reserve Fund: $ 1,051,339.86
(ii) Amount of distribution attributable to the Acquisition Fund: $ 0.00
(iii) Amount of distribution attributable to other Indenture accounts: $ 13,431,597.18
(iv) Reserve Fund Balance: $ 9,996,204.42
(v) Acquisition Fund Balance: $ 0.00
(vi) Other Indenture Account Balances: $ 5,448,189.42
(vii) Amount of Parity Percentage Payments: $ 2,036,721.95
(j) The aggregate amount paid for Financed Student Loans
purchased by the trust during the immediately preceding
Collection Period: $ 0.00
(k) Amount of Financed Student Loans:
(i) that are 31 through 60 days delinquent: $ 26,511,007.00
(ii) that are 61 through 90 days delinquent: $ 16,370,118.00
(iii) that are 91 through 120 days delinquent: $ 12,738,889.00
(iv) that are more than 120 days delinquent: $ 26,754,129.00
(v) for which claims have been filed with the appropriate Guaranty
Agency, guarantor, or escrow fund and which are awaiting payment: $ 2,679,137.00
</TABLE>