UNITED STATES
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): May 25, 1999
SALOMON BROTHERS MORTGAGE SECURITIES VII, INC.
Floating Rate Mortgage Pass-Through Certificates
Series 1999-AQ1
New York (governing law of 333-72647 52-2164457
Pooling and Servicing Agreement) (Commission 52-2164458
(State or other File Number) 52-2164459
jurisdiction IRS EIN
c/o Norwest Bank Minnesota, N.A.
11000 Broken Land Parkway 21044
Columbia, Maryland (Zip Code)
(Address of principal executive offices)
Registrant's telephone number, including area code: (410) 884-2000
(Former name or former address, if changed since last report)
ITEM 5. Other Events
On May 25, 1999 a distribution was made to holders of SALOMON BROTHERS
MORTGAGE SECURITIES VII, INC., Floating Rate Mortgage Pass-Through
Certificates, Series 1999-AQ1 Trust.
ITEM 7. Financial Statements and Exhibits
(c) Exhibits furnished in accordance with Item 601(a) of
Regulation S-K
Exhibit Number Description
Monthly report distributed to holders
EX-99.1 of Floating Rate Mortgage Pass-Through
Certificates, Series 1999-AQ1, relating
to the May 25, 1999 distribution.
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.
SALOMON BROTHERS MORTGAGE SECURITIES VII, INC.
Floating Rate Mortgage Pass-Through Certificates
Series 1999-AQ1
By: Norwest Bank Minnesota, N.A., as Trustee
By: /s/ Sherri J. Sharps, Vice President
By: Sherri J. Sharps, Vice President
Date: 05/28/1999
INDEX TO EXHIBITS
Exhibit Number Description
EX-99.1 Monthly report distributed to holders of Floating Rate
Mortgage Pass-Through Certificates, Series 1999-AQ1,
relating to the May 25, 1999 distribution.
<TABLE>
<CAPTION>
Salomon Brothers Mortgage Securities VII, Inc.
Mortgage Pass-Through Certificates
Record Date: 04/30/1999
Distribution Date: 05/25/1999
SBMSVII Series: 1999-AQ1
Contact: Customer Service - Columbia, MD
Norwest Bank Minnesota, N.A.
Securities Administration Services
11000 Broken Land Parkway
Columbia, MD 21044
Telephone: (301) 815-6600
Fax: (410) 884-2369
Certificateholder Distribution Summary
Certificate Certificate Beginning
Class Pass-Through Certificate Interest Principal
Class CUSIP Description Rate Balance Distribution Distribution
<S> <C> <C> <C> <C> <C> <C>
A 79548KL30 SEN 5.23250% 889,102,844.03 3,747,630.23 8,533,569.75
M-1 79548KL48 MEZ 5.61250% 65,234,000.00 294,934.69 0.00
M-2 79548KL55 MEZ 6.06250% 36,531,000.00 178,405.73 0.00
M-3 79548KL63 MEZ 7.91250% 28,703,000.00 182,951.73 0.00
CE 7956199J6 SUB 0.00000% 18,266,007.45 3,519,617.57 0.00
P 7956199K3 SEN 0.00000% 100.00 115,572.94 0.00
R-I 79548XXXX SEN 0.00000% 0.00 0.00 0.00
R-II 79548XXXX SEN 0.00000% 0.00 0.00 0.00
R-III 79548XXXX SEN 0.00000% 0.00 0.00 0.00
Totals 1,037,836,951.48 8,039,112.89 8,533,569.75
</TABLE>
<TABLE>
<CAPTION>
Certificateholder Distribution Summary (continued)
Current Ending Cumulative
Realized Certificate Total Realized
Class Loss Balance Distribution Losses
<S> <C> <C> <C> <C>
A 0.00 880,569,274.28 12,281,199.98 0.00
M-1 0.00 65,234,000.00 294,934.69 0.00
M-2 0.00 36,531,000.00 178,405.73 0.00
M-3 0.00 28,703,000.00 182,951.73 0.00
CE 0.00 18,266,007.45 3,519,617.57 0.00
P 0.00 100.00 115,572.94 0.00
R-I 0.00 0.00 0.00 0.00
R-II 0.00 0.00 0.00 0.00
R-III 0.00 0.00 0.00 0.00
Totals 0.00 1,029,303,381.73 16,572,682.64 0.00
<FN>
All distributions required by the Pooling and Servicing Agreement have been calculated by the
Certificate Administrator on behalf of the Trustee.
Edward M. Frere, Jr.
Vice President, Norwest Bank Minnesota, N.A.
</FN>
</TABLE>
<TABLE>
<CAPTION>
Principal Distribution Statement
Original Beginning Scheduled Unscheduled
Face Certificate Principal Principal Realized
Class Amount Balance Distribution Distribution Accretion Loss (1)
<S> <C> <C> <C> <C> <C> <C>
A 895,008,000.00 889,102,844.03 650,764.76 7,882,804.99 0.00 0.00
M-1 65,234,000.00 65,234,000.00 0.00 0.00 0.00 0.00
M-2 36,531,000.00 36,531,000.00 0.00 0.00 0.00 0.00
M-3 28,703,000.00 28,703,000.00 0.00 0.00 0.00 0.00
CE 18,266,007.45 18,266,007.45 0.00 0.00 0.00 0.00
P 100.00 100.00 0.00 0.00 0.00 0.00
R-I 0.00 0.00 0.00 0.00 0.00 0.00
R-II 0.00 0.00 0.00 0.00 0.00 0.00
R-III 0.00 0.00 0.00 0.00 0.00 0.00
Total 1,043,742,107.45 1,037,836,951.48 650,764.76 7,882,804.99 0.00 0.00
<FN>
(1) Amount Does Not Include Excess Special Hazard, Bankruptcy, or Fraud Losses Unless Otherwise Disclosed.
Please Refer to the Prospectus Supplement for a Full Description.
</FN>
</TABLE>
<TABLE>
<CAPTION>
Principal Distribution Statement (continued)
Total Ending Ending Total
Principal Certificate Certificate Principal
Class Reduction Balance Percentage Distribution
<S> <C> <C> <C> <C>
A 8,533,569.75 880,569,274.28 0.98386749 8,533,569.75
M-1 0.00 65,234,000.00 1.00000000 0.00
M-2 0.00 36,531,000.00 1.00000000 0.00
M-3 0.00 28,703,000.00 1.00000000 0.00
CE 0.00 18,266,007.45 1.00000000 0.00
P 0.00 100.00 1.00000000 0.00
R-I 0.00 0.00 0.00000000 0.00
R-II 0.00 0.00 0.00000000 0.00
R-III 0.00 0.00 0.00000000 0.00
Totals 8,533,569.75 1,029,303,381.73 0.98616639 8,533,569.75
</TABLE>
<TABLE>
<CAPTION>
Principal Distribution Factors Statement
Original Beginning Scheduled Unscheduled
Face Certificate Principal Principal
Class (2) Amount Balance Distribution Distribution Accretion
<S> <C> <C> <C> <C> <C>
A 895,008,000.00 993.40211934 0.72710496 8.80752461 0.00000000
M-1 65,234,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
M-2 36,531,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
M-3 28,703,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
CE 18,266,007.45 1000.00000000 0.00000000 0.00000000 0.00000000
P 100.00 1000.00000000 0.00000000 0.00000000 0.00000000
R-I 0.00 10000.00000000 0.00000000 0.00000000 0.00000000
R-II 0.00 10000.00000000 0.00000000 0.00000000 0.00000000
R-III 0.00 10000.00000000 0.00000000 0.00000000 0.00000000
<FN>
All Denominations are per $1000
</FN>
</TABLE>
<TABLE>
<CAPTION>
Principal Distribution Factors Statement (continued)
Total Ending Ending Total
Realized Principal Certificate Certificate Principal
Class Loss (3) Reduction Balance Percentage Distribution
<S> <C> <C> <C> <C> <C>
A 0.00000000 9.53462958 983.86748977 0.98386749 9.53462958
M-1 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000
M-2 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000
M-3 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000
CE 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000
P 0.00000000 0.00000000 1,000.00000000 1.00000000 0.00000000
R-I 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
R-II 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
R-III 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
<FN>
(3) Amount Does Not Include Excess Special Hazard, Bankrupcy, or Fraud Losses
Unless Otherwise Disclosed.
Please Refer to the Prospectus Supplement for a Full Description.
</FN>
</TABLE>
<TABLE>
<CAPTION>
Interest Distribution Statement
Beginning Payment of
Original Current Certificate/ Current Unpaid Current
Face Certificate Notional Accrued Interest Interest
Class Amount Rate Balance Interest Shortfall Shortfall
<S> <C> <C> <C> <C> <C> <C>
A 895,008,000.00 5.23250% 889,102,844.03 3,747,630.23 0.00 0.00
M-1 65,234,000.00 5.61250% 65,234,000.00 294,934.69 0.00 0.00
M-2 36,531,000.00 6.06250% 36,531,000.00 178,405.73 0.00 0.00
M-3 28,703,000.00 7.91250% 28,703,000.00 182,951.73 0.00 0.00
CE 18,266,007.45 0.00000% 18,266,007.45 0.00 0.00 0.00
P 100.00 0.00000% 100.00 0.00 0.00 0.00
R-I 0.00 0.00000% 0.00 0.00 0.00 0.00
R-II 0.00 0.00000% 0.00 0.00 0.00 0.00
R-III 0.00 0.00000% 0.00 0.00 0.00 0.00
Totals 1,043,742,107.45 4,403,922.38 0.00 0.00
</TABLE>
<TABLE>
<CAPTION>
Interest Distribution Statement (continued)
Remaining Ending
Non-Supported Total Unpaid Certificate/
Interest Realized Interest Interest Notional
Class Shortfall Losses (4) Distribution Shortfall Balance
<S> <C> <C> <C> <C> <C>
A 0.00 0.00 3,747,630.23 0.00 880,569,274.28
M-1 0.00 0.00 294,934.69 0.00 65,234,000.00
M-2 0.00 0.00 178,405.73 0.00 36,531,000.00
M-3 0.00 0.00 182,951.73 0.00 28,703,000.00
CE 0.00 0.00 3,519,617.57 0.00 18,266,007.45
P 0.00 0.00 115,572.94 0.00 100.00
R-I 0.00 0.00 0.00 0.00 0.00
R-II 0.00 0.00 0.00 0.00 0.00
R-III 0.00 0.00 0.00 0.00 0.00
Totals 0.00 0.00 8,039,112.89 0.00
<FN>
(4) Amount Does Not Include Excess Special Hazard, Bankrupcy, or Fraud Losses Unless Otherwise Disclosed.
Please Refer to the Prospectus Supplement for a Full Description.
</FN>
</TABLE>
<TABLE>
<CAPTION>
Interest Distribution Factors Statement
Beginning Payment of
Original Current Certificate/ Current Unpaid Current
Face Certificate Notional Accrued Interest Interest
Class (5) Amount Rate Balance Interest Shortfall Shortfall
<S> <C> <C> <C> <C> <C> <C>
A 895,008,000.00 5.23250% 993.40211934 4.18725892 0.00000000 0.00000000
M-1 65,234,000.00 5.61250% 1000.00000000 4.52118052 0.00000000 0.00000000
M-2 36,531,000.00 6.06250% 1000.00000000 4.88368044 0.00000000 0.00000000
M-3 28,703,000.00 7.91250% 1000.00000000 6.37395847 0.00000000 0.00000000
CE 18,266,007.45 0.00000% 1000.00000000 0.00000000 0.00000000 0.00000000
P 100.00 0.00000% 1000.00000000 0.00000000 0.00000000 0.00000000
R-I 0.00 0.00000% 10000.00000000 0.00000000 0.00000000 0.00000000
R-II 0.00 0.00000% 10000.00000000 0.00000000 0.00000000 0.00000000
R-III 0.00 0.00000% 10000.00000000 0.00000000 0.00000000 0.00000000
<FN>
All Denominations are per $1000
</FN>
</TABLE>
<TABLE>
<CAPTION>
Interest Distribution Factors Statement (continued)
Remaining Ending
Non-Supported Total Unpaid Certificate/
Interest Realized Interest Interest Notional
Class Shortfall Losses (6) Distribution Shortfall Balance
<S> <C> <C> <C> <C> <C>
A 0.00000000 0.00000000 4.18725892 0.00000000 983.86748977
M-1 0.00000000 0.00000000 4.52118052 0.00000000 1000.00000000
M-2 0.00000000 0.00000000 4.88368044 0.00000000 1000.00000000
M-3 0.00000000 0.00000000 6.37395847 0.00000000 1000.00000000
CE 0.00000000 0.00000000 192.68674775 0.00000000 1000.00000000
P 0.00000000 0.00000000 1155729.40000000 0.00000000 1000.00000000
R-I 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
R-II 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
R-III 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
<FN>
(6) Amount Does Not Include Excess Special Hazard, Bankrupcy,or Fraud Losses Unless
Otherwise Disclosed. Please Refer to the Prospectus Supplement for a Full Description.
</FN>
</TABLE>
<TABLE>
<CAPTION>
CERTIFICATE ACCOUNT
<S> <C>
Beginning Balance 0.00
Deposits
Payments of Interest and Principal 16,649,304.41
Liquidations, Insurance Proceeds, Reserve Funds 0.00
Proceeds from Repurchased Loans 0.00
Other Amounts (Servicer Advances) 358,836.47
Realized Losses 0.00
Total Deposits 17,008,140.88
Withdrawals
Reimbursement for Servicer Advances 0.00
Payment of Service Fee 435,458.24
Payment of Interest and Principal 16,572,682.64
Total Withdrawals (Pool Distribution Amount) 17,008,140.88
Ending Balance 0.00
</TABLE>
<TABLE>
<CAPTION>
PREPAYMENT/CURTAILMENT INTEREST SHORTFALL
<S> <C>
Total Prepayment/Curtailment Interest Shortfall 0.00
Servicing Fee Support 0.00
Non-Supported Prepayment/Curtailment Interest Shortfall 0.00
</TABLE>
<TABLE>
<CAPTION>
SERVICING FEES
<S> <C>
Gross Servicing Fee 432,432.16
Certificate Administration Fee 0.00
Trustee Fee 3,026.08
Master Servicing Fee 0.00
Supported Prepayment/Curtailment Interest Shortfall 0.00
Net Servicing Fee 435,458.24
</TABLE>
<TABLE>
<CAPTION>
DELINQUENCY STATUS
Percentage Delinquent
Based On
Current Unpaid
Number Principal Number Unpaid
Of Loans Balance Of Loans Balance
<S> <C> <C> <C> <C>
30 Days 99 7,702,181.12 0.851174% 0.748291%
60 Days 22 2,117,794.05 0.189150% 0.205750%
90+ Days 3 615,791.72 0.025793% 0.059826%
Foreclosure 15 1,979,989.54 0.128966% 0.192362%
REO 0 0.00 0.000000% 0.000000%
Totals 139 12,415,756.43 1.195082% 1.206229%
</TABLE>
<TABLE>
<CAPTION>
OTHER INFORMATION
<S> <C>
Current Period Realized Loss - Includes Interest Shortfall 0.00
Cumulative Realized Losses - Includes Interest Shortfall 0.00
Principal Balance of Contaminated Properties 0.00
Periodic Advance 358,836.47
</TABLE>
<TABLE>
<CAPTION>
COLLATERAL STATEMENT
<S> <C>
Collateral Description 6 Month LIBOR ARM
Weighted Average Gross Coupon 9.665100%
Weighted Average Net Coupon 9.165527%
Weighted Average Pass-Through Rate 9.161600%
Weighted Average Maturity(Stepdown Calculation ) 0
Begin Scheduled Collateral Loan Count 11,699
Number Of Loans Paid In Full 68
End Scheduled Collateral Loan Count 11,631
Begining Scheduled Collateral Balance 1,037,836,951.48
Ending Scheduled Collateral Balance 1,029,303,381.73
Ending Actual Collateral Balance at 30-Apr-1999 1,029,303,381.73
Monthly P &I Constant 9,010,132.15
Ending Scheduled Balance for Premium Loans 1,029,303,381.73
Required Overcollateralization Amount 0.00
Overcollateralization Increase Amount 0.00
Overcollateralization reduction Amount 0.00
Specified O/C Amount 18,266,007.45
Overcollateralized Amount 18,266,007.45
Overcollateralized Deficiency Amount 0.00
Base Overcollateralized Amount 18,266,007.45
Extra principal distribution Amount 0.00
Excess Cash Amount 3,519,616.73
</TABLE>
