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): October 20,
1998
BANC ONE HELOC TRUST 1998-1
(Exact name of registrant as specified in its charter)
OHIO 333-0391101 36-1248602
(State or Other Jurisdiction (Commission File (I.R.S. Employer
of Incorporation) Number) Identification No.)
c/o The First National Bank of Chicago.
Corporate Trust Services Division - 9th floor 1 N. State Street,
Chicago IL 60670-0126 (Address of Principal Executive
Offices)
(Zip Code)
Registrant's telephone number, including area code: 312/407-1902
Item 5. Other Events
On behalf of Banc One HELOC Trust 1998-1, a Trust created
pursuant to the
Pooling Agreement, dated August 31, 1998, the Paying Agent has
caused to
be filed with the Commission, the Monthly Report dated October
20, 1998.
The Monthly Report is filed pursuant to and in accordance with
(1) numerous
no-action letters (2) current Commission policy in the area.
The filing of the
Monthly Report will occur subsequent to each monthly
distribution to the
holders of the Trust's Investor Certificates.
A. Monthly Report Information: Aggregate distribution
information for the current distribution date October 20, 1998.
Principal Interest Ending Balance
Cede & Co. $12,828,674.86 $3,587,413.19 $ 837,171,325.14
B. No delinquency in payment under the Transferor Certificate,
or the MBIA Insurance Policy has occurred.
C. Have any deficiencies occurred? NO. Date: Amount:
D. Were any amounts paid or are any amounts payable under the
MBIA Insurance Policy? NO Amount:
E. Are there any developments with respect to the MBIA Insurance
Policy? NONE.
F. Item 1: Legal Proceedings: NONE
G. Item 2: Changes in Securities: NONE
H. Item 4: Submission of Matters to a Vote of Security Holders:
NONE
I. Item 5: Other Information - Items 1, 2, 4, 5 if applicable:
NOT APPLICABLE
Item 7. Monthly Statements and Exhibits
Exhibit No. 1. Monthly Statement to Certificateholders dated
October 20, 1998
Statement to Certificateholders (Page 1 of 2)
Distribution Date: 10/20/98
INVESTOR CERTIFICATES DISTRIBUTION SUMMARY
(PER $1000 ORIGINAL PRINCIPAL AMOUNT)
A. INTEREST & PRINCIPAL DISTRIBUTIONS TO
INVESTORS
Investor Certificate Interest Distributed 4.220486
Investor Certificate Interest Shortfall Distributed 0.000000
Remaining Unpaid Investor Certificate Interest
Shortfall 0.000000
Managed Amortization Period ? (Yes=1; No=0) 1
Investors Certificate Principal Distributed 15.092559
Principal Distribution Amount 12.164283
Maximum Principal Payment 42.882835
Alternative Principal Payment 12.164283
Principal Collections less Additional Balances 12.164283
Investor Loss Amount Distributed to Investors 0.000000
Accelerated Principal Distribution Amount 2.928276
Credit Enhancement Draw Amount 0.00
Total Amount Distributed to Certificateholders (P &
I) 19.313045
B. INVESTOR CERTIFICATE PRINCIPAL BALANCE
Beginning Investor Certificate Balance "850,000,000.00 "
Ending Investor Certificate Balance "837,171,325.14 "
Beginning Invested Amount "850,000,000.00 "
Ending Invested Amount "839,660,359.64 "
Investor Certificateholder Floating Allocation
Percentage 98.0000%
Pool Factor 0.9849074
Liquidation Loss Amount for Liquidated Loans 0.00
Unreimbursed Liquidation Loss Amount 0.00
C. POOL INFORMATION
Beginning Pool Balance "867,346,931.20 "
Ending Pool Balance "857,007,290.84 "
Servicing Fee "84,325.40 "
D. INVESTOR CERTIFICATE RATE
Investor Certificate Rate 5.843750%
LIBOR Rate 5.593750%
Maximum Rate 9.108688%
E. DELINQUENCY & REO STATUS
Delinquent 30-59 days
No. of Accounts 67
Trust Balances "1,662,329.00 "
Delinquent 60-89 days
No. of Accounts 0
Trust Balances 0.00
Delinquent 90+ days
No. of Accounts 0
Trust Balances 0.00
Delinquent 9+ Months
No. of Accounts 0
Trust Balances 0
REO
No. of Accounts 0
Trust Balances 0.00
Statement to Certificateholders (Page 2 of 2)
Distribution Date: 10/20/98
"IN WITNESS WHEREOF, the undersigned has caused this
Certificate to be duly executed"
"this 15th day of October, 1998"
" Bank One, NA"
as Servicer
_______________________________________
Tracie Klein
Vice President
Distribution List:
Barbara Grosse - First National Bank of Chicago
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 thereunto duly authorized.
BANC ONE HELOC TRUST 1998-1
By _______________________________________ Name: Barbara Grosse
Title: Vice President
Dated: October 31, 1998
