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Previous: ASSOCIATED MANUFACTURED HOUSING PAS THRO CERT SERIES 1996-1, 15-15D, 1999-07-28 |
Next: ASSOCIATED MANUFACTURED HOUSING PAS THRO CERT SERIES 1996-1, 10-K405, 1999-07-28 |
<PAGE>
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 30, 1996
CS FIRST BOSTON MORTGAGE SECURITIES CORP. (as depositor under a Pooling and
Servicing Agreement dated as of September 1, 1996 providing for, inter alia, the
issuance of Associates Manufactured Housing Pass-Through Certificates, Series
1996-1)
Credit Suisse First Boston Mortgage Securities Corp.
- --------------------------------------------------------------------------------
(EXACT NAME OF REGISTRANT AS SPECIFIED IN ITS CHARTER)
<TABLE>
<S> <C> <C>
DELAWARE 333-53115 13-3320910
- ----------------------------- -------------- -------------------
(STATE OR OTHER JURISDICTION (COMMISSION (I.R.S. EMPLOYER
OF INCORPORATION) FILE NUMBER) IDENTIFICATION NO.)
11 Madison Avenue, New York, New York 10010
- -------------------------------------------------- --------------------
(ADDRESS OF PRINCIPAL EXECUTIVE OFFICES) (ZIP CODE)
</TABLE>
(212) 325-2000
- --------------------------------------------------------------------------------
REGISTRANT'S TELEPHONE NUMBER, INCLUDING AREA CODE
Not Applicable
- --------------------------------------------------------------------------------
(FORMER NAME OR FORMER ADDRESS, IF CHANGED SINCE LAST REPORT)
Exhibit Index Located on Page 2
<PAGE>
Items 1 through 6 and Item 8 are not included because they are not applicable.
Item 7. Financial Statements, Pro Forma Financial Information and Exhibits.
(a) Not applicable
(b) Not applicable
(c) Exhibits:
20.1 CS First Boston Mortgage Securities Corp., Associates
Manufactured Housing Pass-Through Certificates, Series
1996-1, Statement to Certificateholders dated September 1996
20.2 CS First Boston Mortgage Securities Corp., Associates
Manufactured Housing Pass-Through Certificates, Series
1996-1, Statement to Certificateholders dated October 1996
20.3 CS First Boston Mortgage Securities Corp., Associates
Manufactured Housing Pass-Through Certificates, Series
1996-1, Statement to Certificateholders dated November 1996
20.4 CS First Boston Mortgage Securities Corp., Associates
Manufactured Housing Pass-Through Certificates, Series
1996-1, Statement to Certificateholders dated December 1996
2
<PAGE>
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.
CS FIRST BOSTON MORTGAGE SECURITIES CORP.,
Registrant
By: /s/ William S. Pitofsky
-----------------------------------
Name: William S. Pitofsky
Title: Attorney-in-fact
Date: June 17, 1999
3
<PAGE>
20.1 CS First Boston Mortgage Securities Corp., Associates Manufactured Housing
Pass-Through Certificates, Series 1996-1, Statement to Certificateholders
dated September 1996
<PAGE>
Associates Manufactured Housing Contract Pass Through Certificates
Series 1996-1
Servicer Certificate
<TABLE>
<CAPTION>
Period Ending: 9/30/96
Determination Date 10/11/96 Pass Through
Remittance Date: 10/15/96 Rate Balance Pool Factor
------------- ------------------ ----------------
<S> <C> <C> <C> <C>
Class A-1 Certificate 6.20% $215,000,000.00 0.9680953
Class A-2 Certificate 6.70% $147,000,000.00 1.0000000
Class A-3 Certificate 7.00% $137,000,000.00 1.0000000
Class A-4 Certificate 7.30% $72,000,000.00 1.0000000
Class A-5 Certificate 7.60% $183,573,000.00 1.0000000
Class M Certificate 7.90% $64,414,000.00 1.0000000
Class B-1 Certificate 8.00% $69,015,000.00 1.0000000
Class B-2 Certificate 9.00% $32,209,764.00 1.0000000
</TABLE>
I. RECAP OF POOL
<TABLE>
<CAPTION>
Loan
Count Class A-1 Class A-2 Class A-3 Class A-4
--------------- --------------- -------------------------------- ---------------
<S> <C> <C> <C> <C> <C>
Beginning Certificate Balance 32,582 $215,000,000.00 $147,000,000.00 $137,000,000.00 $72,000,000.00
Principal Collected 0 $1,796,916.10 0.00 0.00 0.00
Principal Payments in Full 155 $4,709,569.74 0.00 0.00 0.00
Liquidation Proceeds 0 $233,206.82 0.00 0.00 0.00
Contract Repurchases 0 $0.00 0.00 0.00 0.00
Defaulted Contracts 14 $119,812.40 0.00 0.00 0.00
--------------- --------------- --------------- ---------------- ---------------
Ending Certificate Balance 32,413 $208,140,494.94 $147,000,000.00 $137,000,000.00 $72,000,000.00
=============== =============== =============== ================ ===============
<CAPTION>
Class A-5 Class M Class B-1 Class B-2 Total
--------------- --------------- --------------- --------------- ----------------
<S> <C> <C> <C> <C> <C>
Beginning Certificate Balance $183,573,000.00 $64,414,000.00 $69,015,000.00 $32,209,764.40 $920,211,764.40
Principal Collected 0.00 0.00 0.00 0.00 $1,796,916.10
Principal Payments in Full 0.00 0.00 0.00 0.00 $4,709,569.74
Liquidation Proceeds 0.00 0.00 0.00 0.00 $233,206.82
Contract Repurchase 0.00 0.00 0.00 0.00 $0.00
Defaulted Contracts 0.00 0.00 0.00 0.00 $119,812.40
---------------- ---------------- --------------- ---------------- ----------------
Ending Certificate Balance $183,573,000.00 $64,414,000.00 $69,015,000.00 $32,209,764.40 $913,352,259.34
================ ================ =============== ================ ================
POOL FACTOR 0.9925457
</TABLE>
Page 1
<PAGE>
II. DISTRIBUTIONS
<TABLE>
<CAPTION>
Class A-1 Class A-2 Class A-3 Class A-4
---------------- --------------- ---------------- ----------------
<S> <C> <C> <C> <C> <C> <C>
Principal Distribution Amount $/$1,000 31.904675 $6,859,505.06 $0.00 $0.00 $0.00
Interest Distribution Amount $/$1,000 3.100000 666,500.00 492,450.00 479,500.00 262,800.00
Unpaid Interest Shortfall 0.00 0.00 0.00 0.00
---------------- --------------- ---------------- ----------------
Total Distribution $7,526,005.06 $492,450.00 $479,500.00 $262,800.00
================ =============== ================ ================
$/$1,000 3.350000 3.500000 3.650000
<CAPTION>
Class A-5 Class M Class B-1 Class B-2 TOTAL
---------------- -------------- -------------- -------------- ----------------
<S> <C> <C> <C> <C> <C> <C>
Principal Distribution Amount $0.00 $0.00 $0.00 $0.00 $6,859,505.06
Interest Distribution Amount 697,577.40 254,435.30 276,060.00 144,943.94 3,274,266.64
Unpaid Interest Shortfall 0.00 0.00 0.00 0.00 0.00
---------------- ---------------- ---------------- -------------- ----------------
Unpaid Interest Shortfall $697,577.40 $254,435.30 $276,060.00 $144,943.94 $10,133,771.70
================ ================ ================ ============== ================
Total Distribution $/$1,000 3.800000 3.950000 4.000000 4.500000
III. SERVICING FEES $766,843.13
LATE FEES $32,886.19
EXTENSION FEES $27,683.12
</TABLE>
IV. DELINQUENCY INFORMATION
<TABLE>
<CAPTION>
Days Delinquent Number Actual Balance Delinq. Percentage
-------------------- ---------- ---------------- ------------------
<S> <C> <C> <C> <C>
31-59 323 $8,122,346.12 0.88929%
60-89 93 $2,442,991.86 0.26748%
90 or more 3 $99,072.85 0.01085%
---------- ---------------- -----------------
Total Delinquent 419 $10,664,410.83 1.16761%
========== ================ =================
Memo Incl. Repo Inventory 432 $11,126,260.53 1.21818%
</TABLE>
Page 2
<PAGE>
V. REPOSSESSION INFORMATION
<TABLE>
<CAPTION>
Number Actual Balance
--------------- ----------------
<S> <C> <C>
(A) BOB Repossessions 0 $0.00
(B) Plus Repossessions In Month 27 $814,213.80
(C) Less Liquidations 14 $352,364.70
--------------- ----------------
=============== ================
(D) EOP Repossessions 13 $461,849.10
=============== ================
VI. REPURCHASES
Number Actual Balance
--------------- ----------------
(A) Contracts Repurchased or Replaced 0 $0.00
(B) Eligible Substitute Contracts 0 $0.00
(C) Difference Paid by Servicer 0 $0.00
--------------- ----------------
=============== ================
0 $0.00
=============== ================
VII. RECONCILIATION OF RESERVE FUND
(A) Beginning Reserve Fund Balance $4,601,059.00
(B) Reserve Fund Draw For Distributions $0.00
(C) Excess Interest Deposit to Reserve Fund $6,310,971.06
(D) Reserve Fund Balance Prior to Release $10,912,030.06
(E) Specified Reserve Fund Balance $9,202,117.64
(F) Reserve Fund Release $1,709,912.42
(G) Ending Reserve Fund Balance $9,202,117.64
VIII. RECONCILIATION OF CLASS M RESERVE ACCOUNT
(A) Beginning Reserve Account Balance $0.00
(B) Reserve Account Draw for Monthly & Interest Shortfall $0.00
(C) Reserve Account Draw for Liquidation Loss Interest & Interest Shortfall $0.00
(D) Excess Interest Deposit to Reserve Account $1,709,912.42
(E) Reserve Account Balance Prior to Release $1,709,912.42
(F) Specified Reserve Account Balance $1,272,176.50
(G) Reserve Account Release $437,735.92
(H) Ending Reserve Account Balance $1,272,176.50
IX. RECONCILIATION OF CLASS B-1 RESERVE ACCOUNT
(A) Beginning Reserve Account Balance $0.00
(B) Reserve Account Draw for Monthly & Interest Shortfall $0.00
</TABLE>
Page 3
<PAGE>
<TABLE>
<S> <C>
(C) Reserve Account Draw for Liquidation Loss Interest & Interest Shortfall $0.00
(D) Excess Interest Deposit to Reserve Account $437,735.92
(E) Reserve Account Balance Prior to Release $437,735.92
(F) Specified Reserve Account Balance $1,380,300.00
(G) Reserve Account Release ($119,812.40)
(H) Ending Reserve Account Balance $557,548.32
X. RECONCILIATION OF CLASS B-2 RESERVE ACCOUNT
(A) Beginning Reserve Account Balance $0.00
(B) Reserve Account Draw for Monthly Interest & Interest Shortfall $0.00
(C) Reserve Account Draw for Liquidation Loss Interest & Interest Shortfall $0.00
(D) Excess Interest Deposit to Reserve Account ($119,812.40)
(E) Reserve Account Balance Prior to Release ($119,812.40)
(F) Specified Reserve Account Balance $724,719.69
(G) Reserve Account Release ($119,812.40)
(H) Ending Reserve Account Balance $0.00
XI. MONTHLY ADVANCE INTEREST
(A) Monthly Advance Amount $2,288,048.60
(B) Outstanding Amount Advanced $2,288,048.60
</TABLE>
Page 4
<PAGE>
<TABLE>
<S> <C> <C>
XII. DELINQUENCY RATIOS
(A) Average 30-Day Delinquency Ratio NA
(B) Average 60-Day Delinquency Ratio NA
(C) Cumulative Realized Loss Ratio 0.01302%
(D) Current Realized Loss Ratio
XIII. RESIDUAL INTEREST DISTRIBUTION AMOUNT ($119,812.40)
</TABLE>
Page 5
<PAGE>
ASSOCIATES MH PASS-THROUGH CERTIFICATES, SERIES 1996-1
TRUSTEE PAYMENT RECONCILIATION
SEPTEMBER 30, 1996
<TABLE>
<CAPTION>
AVAILABLE FUNDS PAYMENTS BY THE TRUSTEE
<S> <C> <C> <C>
Principal Received $6,739,692.66 Class A-1 Principal $6,859,505.06
Defaulted Principal $119,812.40 Class A-1 Interest $666,500.00
Collected Interest $8,173,779.81 Class A-2 Interest $492,450.00
Advanced Interest $2,288,048.60 Class A-3 Interest $479,500.00
Extension Fees $27,683.12 Class A-4 Interest $262,800.00
Late Charges $32,886.19 Class A-5 Interest $697,577.40
-------------- Class M Interest $254,435.30
Subtotal FCFC $17,381,902.78 Class B-1 Interest $276,060.00
Class B-2 Interest $144,943.94
Investment Income Total Interest $3,274,266.64
Reserve Fund $10,064.82 --------------
-------------- Certificate Payments $10,133,771.70
Total Available Funds $17,391,967.60
==============
Investments
Reserve Fund $4,601,058.64
Class M Reserve Account $1,272,176.50
Class B-1 Reserve Account $557,548.32
Class B-2 Reserve Account $0.00
--------------
Total Investments $6,430,783.46
Less: Reserve Fund Income $10,064.82
--------------
Net Payment to Trustee $16,554,490.34
==============
Memo: Reconciliation
Plus: Defaulted Principle $119,812.40
Plus: Class R Dist ($119,812.40)
Plus: Servicer Fee $766,843.13
Plus: Late/Extension Fees $60,569.31
Plus: Reserve Fund Income $10,064.82
--------------
Total Available Funds $17,391,967.60
==============
</TABLE>
Page 1
<PAGE>
20.2 CS First Boston Mortgage Securities Corp., Associates Manufactured Housing
Pass-Through Certificates, Series 1996-1, Statement to Certificateholders
dated October 1996
5
<PAGE>
Associates Manufactured Housing Contract Pass Through Certificates
Series 1996-1
Servicer Certificate
<TABLE>
<CAPTION>
Period Ending: 10/31/96
Determination Date 11/11/96 Pass Through Original
Remittance Date: 11/15/96 Rate Balance
-------------- ----------------
<S> <C> <C> <C>
Class A-1 Certificate 6.20% $215,000,000.00
Class A-2 Certificate 6.70% $147,000,000.00
Class A-3 Certificate 7.00% $137,000,000.00
Class A-4 Certificate 7.30% $72,000,000.00
Class A-5 Certificate 7.60% $183,573,000.00
Class M Certificate 7.90% $64,414,000.00
Class B-1 Certificate 8.00% $69,015,000.00
Class B-2 Certificate 9.00% $32,209,764.00
---------------
$920,211,764.00
</TABLE>
I. RECAP OF POOL
<TABLE>
<CAPTION>
Loan
Count Class A-1 Class A-2 Class A-3 Class A-4
------------ --------------- --------------- --------------- -------------
<S> <C> <C> <C> <C> <C>
Beginning Certificate Balance 32,413 $208,140,494.94 $147,000,000.00 $137,000,000.00 $72,000,000.00
Principal Collected 0 $1,791,205.62 0.00 0.00 0.00
Principal Payments in Full 245 $6,290,614.55 0.00 0.00 0.00
Liquidation Proceeds 0 $608,685.32 0.00 0.00 0.00
Contract Repurchases 0 $0.00 0.00 0.00 0.00
Defaulted Contracts 38 $246,907.82 0.00 0.00 0.00
------------ --------------- --------------- --------------- --------------
Ending Certificate Balance 32,130 $199,203,081.63 $147,000,000.00 $137,000,000.00 $72,000,000.00
============ =============== =============== =============== ==============
Pool Factor 0.9265260 1.0000000 1.0000000 1.0000000
<CAPTION>
Class A-5 Class M Class B-1 Class B-2 Total
--------------- -------------- --------------- -------------- ---------------
<S> <C> <C> <C> <C> <C>
Beginning Certificate Balance $183,573,000.00 $64,414,000.00 $69,015,000.00 $32,209,764.40 $913,352,259.34
Principal Collected 0.00 0.00 0.00 0.00 $1,791,205.62
Principal Payments in Full 0.00 0.00 0.00 0.00 $6,290,614.55
Liquidation Proceeds 0.00 0.00 0.00 0.00 $608,685.32
Contract Repurchase 0.00 0.00 0.00 0.00 $0.00
Defaulted Contracts 0.00 0.00 0.00 0.00 $246,907.82
--------------- -------------- -------------- -------------- ---------------
Ending Certificate Balance $183,573,000.00 $64,414,000.00 $69,015,000.00 $32,209,764.40 $904,414,846.03
=============== ============== ============== ============== ===============
Pool Factor 1.0000000 1.0000000 1.0000000 1.0000000 0.9828334
</TABLE>
Page 1
<PAGE>
Associates Manufactured Housing Contract Pass Through Certificates
Series 1996-1
Servicer Certificate
II. DISTRIBUTIONS
<TABLE>
<CAPTION>
666500
Class A-1 Class A-2 Class A-3 Class A-4
-------------- ------------- -------------- ---------------
<S> <C> <C> <C> <C> <C> <C>
Principal Distribution Amount $/$1,000 41.569364 $8,937,413.31 $0.00 $0.00 $0.00
Interest Distribution Amount $/$1,000 5.001826 1,075,392.56 820,750.00 799,166.67 438,000.00
Unpaid Interest Shortfall 0.00 0.00 0.00 0.00
-------------- -------------- -------------- ---------------
Total Distribution $10,012,805.87 $820,750.00 $799,166.67 $438,000.00
============== ============== ============== ===============
$/$1,000 5.583333 5.833333 6.083333
<CAPTION>
Class A-5 Class M Class B-1 Class B-2 TOTAL
------------- -------------- -------------- -------------- ---------------
<S> <C> <C> <C> <C> <C> <C>
Principal Distribution Amount $0.00 $0.00 $0.00 $0.00 $8,937,413.31
Interest Distribution Amount 1,162,629.00 424,058.83 460,100.00 241,573.23 5,421,670.29
Unpaid Interest Shortfall 0.00 0.00 0.00 0.00 0.00
------------- -------------- -------------- -------------- ---------------
Unpaid Interest Shortfall $1,162,629.00 $424,058.83 $460,100.00 $241,573.23 $14,359,083.60
============= ============== ============== ============== ===============
Total Distribution $/$1,000 6.333333 6.583333 6.666667 7.500000
III. SERVICING FEES $761,126.88
LATE FEES $34,320.54
EXTENSION FEES $24,886.52
<CAPTION>
IV. DELINQUENCY INFORMATION
Days Delinquent Number Actual Balance Delinq. Percentage
--------------- ----------- --------------- -----------------
31-59 355 $8,872,480.90 0.98102%
60-89 118 $3,356,391.84 0.37111%
90 or more 63 $1,624,992.90 0.17967%
=========== =============== =================
Total Delinquent 536 $13,853,865.64 1.53180%
=========== =============== =================
Memo Incl. Repo Inventory 577 $15,226,337.46 1.68356%
</TABLE>
Page 2
<PAGE>
Associates Manufactured Housing Contract Pass Through Certificates
Series 1996-1
Servicer Certificate
<TABLE>
<CAPTION>
V. REPOSSESSION INFORMATION
Number Actual Balance
--------------- ---------------
<S> <C> <C>
(A) BOP Repossessions 13 $461,849.10
(B) Plus Repossessions In Month 64 $1,766,215.86
(C) Less Liquidations 36 $855,593.14
--------------- ---------------
=============== ===============
(D) EOP Repossessions 41 $1,372,471.82
=============== ===============
VI. REPURCHASES
Number Actual Balance
--------------- ---------------
(A) Contracts Repurchased or Replaced 0 $0.00
(B) Eligible Substitute Contracts 0 $0.00
(C) Difference Paid by Servicer 0 $0.00
--------------- ---------------
0 $0.00
=============== ===============
VII. RECONCILIATION OF RESERVE FUND
(A) Beginning Reserve Fund Balance $9,202,117.64
(B) Reserve Fund Draw For Distributions $0.00
(C) Excess Interest Deposit to Reserve Fund $1,970,538.39
(D) Reserve Fund Balance Prior to Release $11,172,656.03
(E) Specified Reserve Fund Balance $9,202,117.64
(F) Reserve Fund Release $1,970,538.39
(G) Ending Reserve Fund Balance $9,202,117.64
VIII. RECONCILIATION OF CLASS M RESERVE ACCOUNT
(A) Beginning Reserve Account Balance $1,272,176.50
(B) Reserve Account Draw for Monthly & Interest Shortfall $0.00
(C) Reserve Account Draw for Liquidation Loss Interest & Interest Shortfall $0.00
(D) Excess Interest Deposit to Reserve Account $1,970,538.39
(E) Reserve Account Balance Prior to Release $3,242,714.89
(F) Specified Reserve Account Balance $1,272,176.50
(G) Reserve Account Release $1,970,538.39
(H) Ending Reserve Account Balance $1,272,176.50
</TABLE>
Page 3
<PAGE>
Associates Manufactured Housing Contract Pass Through Certificates
Series 1996-1
Servicer Certificate
IX. RECONCILIATION OF CLASS B-1 RESERVE ACCOUNT
<TABLE>
<S> <C>
(A) Beginning Reserve Account Balance $557,548.32
(B) Reserve Account Draw for Monthly & Interest Shortfall $0.00
(C) Reserve Account Draw for Liquidation Loss Interest & Interest Shortfall $0.00
(D) Excess Interest Deposit to Reserve Account $1,970,538.39
(E) Reserve Account Balance Prior to Release $2,528,086.71
(F) Specified Reserve Account Balance $1,380,300.00
(G) Reserve Account Release $1,147,786.71
(H) Ending Reserve Account Balance $1,380,300.00
X. RECONCILIATION OF CLASS B-2 RESERVE ACCOUNT
(A) Beginning Reserve Account Balance $0.00
(B) Reserve Account Draw for Monthly Interest & Interest Shortfall $0.00
(C) Reserve Account Draw for Liquidation Loss Interest & Interest Shortfall $0.00
(D) Excess Interest Deposit to Reserve Account $1,147,786.71
(E) Reserve Account Balance Prior to Release $1,147,786.71
(F) Specified Reserve Account Balance $724,719.69
(G) Reserve Account Release $423,067.02
(H) Ending Reserve Account Balance $724,719.69
XI. MONTHLY ADVANCE INTEREST
(A) Beginning Monthly Advance Amount $2,288,048.60
(B) Monthly Amount Advanced $116,955.54
---------------
(C) Ending Monthly Advance Amount $2,405,004.14
</TABLE>
Page 4
<PAGE>
Associates Manufactured Housing Contract Pass Through Certificates
Series 1996-1
Servicer Certificate
XII. DELINQUENCY RATIOS
<TABLE>
<S> <C> <C>
(A) Average 30-Day Delinquency Ratio N/A
(B) Average 60-Day Delinquency Ratio N/A
(C) Cumulative Realized Loss Ratio 0.04% $366,720.22
(D) Current Realized Loss Ratio N/A
XIII. RESIDUAL INTEREST DISTRIBUTION AMOUNT $423,067.02
</TABLE>
Page 5
<PAGE>
Associates MH Pass-Through Certificates, Series 1996-1
Trustee Payment Reconciliation
October 31, 1996
<TABLE>
<CAPTION>
AVAILABLE FUNDS PAYMENTS BY THE TRUSTEE
<S> <C> <C> <C>
Principal Received $8,690,505.49 Class A-1 Principal $8,937,413.31
Defaulted Principal $246,907.82
Collected Interest $8,283,287.84 Class A-1 Interest 1,075,392.56
Advanced Interest (Net) $116,955.54 Class A-2 Interest 820,750.00
Extension Fees $24,886.52 Class A-3 Interest 799,166.67
Late Charges $34,320.54 Class A-4 Interest 438,000.00
-------------- Class A-5 Interest 1,162,629.00
Subtotal FCFC $17,396,863.75 Class M Interest 424,058.83
Class B-1 Interest 460,100.00
Investment Income Class B-2 Interest 241,573.23
---------------
Reserve Fund $45,077.21 Total Interest $5,421,670.29
----------------
Class M Reserve Fund $6,231.81
Class B-1 Reserve Fund $2,731.19 Certificate Payments $14,359,083.60
Class B-2 Reserve Fund $0.00
--------------
Total Reserve Income $54,040.21
--------------
Investments
Total Available Funds $17,450,903.96 Reserve Fund $0.00
============== Class M Reserve Account $0.00
Class B-1 Reserve Account $822,751.68
Class B-2 Reserve Account $724,719.69
---------------
Total Investments $1,547,471.37
Less: Class B-2 Interest 241,573.23
Less: Reserve Fund Income $54,040.21
---------------
Net Payment to Trustee $15,610,941.53
===============
Memo: Reconciliation
Plus: Defaulted Principal $246,907.82
Plus: Class B-2 Interest 241,573.23
Plus: Class R Dist $477,107.23
Plus: Servicer Fee $761,126.88
Plus: Late/Extension Fees $59,207.06
Plus: Reserve Fund Income $54,040.21
---------------
Total Available Funds $17,450,903.96
===============
</TABLE>
**Corrected for "Memo Reconciliation" presentation
including Reserve Income incorrectly.
Page 1
<PAGE>
20.3 CS First Boston Mortgage Securities Corp., Associates Manufactured Housing
Pass-Through Certificates, Series 1996-1, Statement to Certificateholders
dated November 1996
<PAGE>
Associates Manufactured Housing Contract Pass Through Certificates
Series 1996-1
Servicer Certificate
<TABLE>
<CAPTION>
Period Ending: 11/30/96
Determination Date 12/12/96 Pass Through
Distribution Date: 12/16/96 Rate Balance Pool Factor
------------- ---------------- -------------
<S> <C> <C> <C> <C>
Class A-1 Certificate 6.20% $215,000,000.00 0.8866161
Class A-2 Certificate 6.70% $147,000,000.00 1.0000000
Class A-3 Certificate 7.00% $137,000,000.00 1.0000000
Class A-4 Certificate 7.30% $72,000,000.00 1.0000000
Class A-5 Certificate 7.60% $183,573,000.00 1.0000000
Class M Certificate 7.90% $64,414,000.00 1.0000000
Class B-1 Certificate 8.00% $69,015,000.00 1.0000000
Class B-2 Certificate 9.00% $32,209,764.00 1.0000000
$920,211,764.00
</TABLE>
I. RECAP OF POOL
<TABLE>
<CAPTION>
Loan
Count Class A-1 Class A-2 Class A-3 Class A-4
--------------- ---------------- -------------------------------- ----------------
<S> <C> <C> <C> <C> <C>
Beginning Certificate Balance 32,130 $ 199,203,081.63 $147,000,000.00 $137,000,000.00 $72,000,000.00
Principal Collected 0 $1,765,795.15 0.00 0.00 0.00
Principal Payments in Full 190 $5,405,333.84 0.00 0.00 0.00
Liquidation Proceeds 0 $995,073.16 0.00 0.00 0.00
Contract Repurchases 0 $0.00 0.00 0.00 0.00
Defaulted Contracts 55 $414,422.42 0.00 0.00 0.00
--------------- ---------------- --------------- --------------- ----------------
Ending Certificate Balance 31,885 $190,622,457.06 $147,000,000.00 $137,000,000.00 $72,000,000.00
=============== ================ =============== =============== ================
Class A-5 Class M Class B-1 Class B-2 Total
--------------- ---------------- -------------------------------- ----------------
Beginning Certificate Balance $183,573,000.00 $64,414,000.00 $69,015,000.00 $32,209,764.40 $904,414,846.03
Principal Collected 0.00 0.00 0.00 0.00 $1,765,795.15
Principal Payments in Full 0.00 0.00 0.00 0.00 $5,405,333.84
Liquidation Proceeds 0.00 0.00 0.00 0.00 $995,073.16
Contract Repurchase 0.00 0.00 0.00 0.00 $0.00
Defaulted Contracts 0.00 0.00 0.00 0.00 $414,422.42
--------------- ---------------- --------------- --------------- ----------------
Ending Certificate Balance $183,573,000.00 $64,414,000.00 $69,015,000.00 $32,209,764.40 $895,834,221.46
=============== ================ =============== =============== ================
POOL FACTOR 0.9735088
</TABLE>
Page 1
<PAGE>
Associates Manufactured Housing Contract Pass Through Certificates
Series 1996-1
Servicer Certificate
<TABLE>
<CAPTION>
II. DISTRIBUTIONS
666500
Class A-1 Class A-2 Class A-3 Class A-4
---------------- -------------- -------------- ----------------
<S> <C> <C> <C> <C> <C> <C>
Principal Distribution Amount $/$1,000 39.909882 $8,580,624.57 $0.00 $0.00 $0.00
Interest Distribution Amount $/$1,000 4.787051 1,029,215.92 820,750.00 799,166.67 438,000.00
Unpaid Interest Shortfall 0.00 0.00 0.00 0.00
---------------- -------------- -------------- ----------------
Total Distribution $9,609,840.49 $820,750.00 $799,166.67 $438,000.00
================ ============== ============== ================
$/$1,000 5.583333 5.833333 6.083333
Class A-5 Class M Class B-1 Class B-2 TOTAL
-------------- ---------------- -------------- -------------- ----------------
Principal Distribution Amount $0.00 $0.00 $0.00 $0.00 $8,580,624.57
Interest Distribution Amount 1,162,629.00 424,058.83 460,100.00 241,573.23 5,375,493.65
Unpaid Interest Shortfall 0.00 0.00 0.00 0.00 0.00
-------------- ---------------- -------------- - ------------- ----------------
Unpaid Interest Shortfall $1,162,629.00 $424,058.83 $460,100.00 $241,573.23 $13,956,118.22
============== ================ ============== ============== ================
Total Distribution $/$1,000 6.333333 6.583333 6.666667 7.500000
III. SERVICING FEES $753,679.04
LATE FEES $32,484.81
EXTENSION FEES $35,735.22
IV. DELINQUENCY INFORMATION
Days Delinquent Number Actual Balance Delinq. Percentage
--------------- ------------- --------------- -----------------
31-59 380 $9,528,712.82 1.06367%
60-89 118 $3,075,192.21 0.34328%
90 or more 113 $3,150,171.85 0.35165%
------------- --------------- ----------------
Total Delinquent 611 $15,754,076.88 1.75859%
============= =============== ================
Memo:Incl. Repo Inventory 679 $18,039,678.58 2.01373%
</TABLE>
Page 2
<PAGE>
Associates Manufactured Housing Contract Pass Through Certificates
Series 1996-1
Servicer Certificate
<TABLE>
<CAPTION>
V. REPOSSESSION INFORMATION
Number Actual Balance
----------------- -----------------
<S> <C> <C>
(A) BOP Repossessions 41 $1,372,471.82
(B) Plus Repossessions In Month 82 $2,322,625.46
(C) Less Liquidations 55 $1,409,495.58
----------------- -----------------
================= =================
(D) EOP Repossessions 68 $2,285,601.70
================= =================
VI. REPURCHASES
Number Actual Balance
----------------- -----------------
(A) Contracts Repurchased or Replaced 0 $0.00
(B) Eligible Substitute Contracts 0 $0.00
(C) Difference Paid by Servicer 0 $0.00
----------------- -----------------
0 $0.00
================= =================
VII. RECONCILIATION OF RESERVE FUND
(A) Beginning Reserve Fund Balance $9,202,117.64
(B) Reserve Fund Investment Income $38,361.33
(C) Reserve Fund Draw For Distributions $0.00
(D) Excess Interest Deposit to Reserve Fund $1,704,467.63
(E) Reserve Fund Balance Prior to Release $10,944,946.60
(F) Specified Reserve Fund Balance $9,202,117.64
(G) Reserve Fund Release $1,742,828.96
(H) Ending Reserve Fund Balance $9,202,117.64
VIII. RECONCILIATION OF CLASS M RESERVE ACCOUNT
(A) Beginning Reserve Account Balance $1,272,176.50
(B) Reserve Fund Investment Income $5,303.39
(C) Reserve Account Draw for Monthly & Interest Shortfall $0.00
(D) Reserve Account Draw for Liquidation Loss Interest & Interest Shortfall $0.00
(E) Excess Interest Deposit to Reserve Account $1,742,828.96
(F) Reserve Account Balance Prior to Release $3,020,308.85
(G) Specified Reserve Account Balance $1,272,176.50
(H) Reserve Account Release $1,748,132.35
(I) Ending Reserve Account Balance $1,272,176.50
</TABLE>
Page 3
<PAGE>
Associates Manufactured Housing Contract Pass Through Certificates
Series 1996-1
Servicer Certificate
<TABLE>
<S> <C>
IX. RECONCILIATION OF CLASS B-1 RESERVE ACCOUNT
(A) Beginning Reserve Account Balance $1,380,300.00
(B) Reserve Fund Investment Income $5,754.13
(C) Reserve Account Draw for Monthly & Interest Shortfall $0.00
(D) Reserve Account Draw for Liquidation Loss Interest & Interest Shortfall $0.00
(E) Excess Interest Deposit to Reserve Account $1,748,132.35
(F) Reserve Account Balance Prior to Release $3,134,186.48
(G) Specified Reserve Account Balance $1,380,300.00
(H) Reserve Account Release $1,753,886.48
(I) Ending Reserve Account Balance $1,380,300.00
X. RECONCILIATION OF CLASS B-2 RESERVE ACCOUNT
(A) Beginning Reserve Account Balance $724,719.69
(B) Reserve Fund Investment Income $3,021.18
(C) Reserve Account Draw for Monthly Interest & Interest Shortfall $0.00
(D) Reserve Account Draw for Liquidation Loss Interest & Interest Shortfall $0.00
(E) Excess Interest Deposit to Reserve Account $1,753,886.48
(F) Reserve Account Balance Prior to Release $2,481,627.35
(G) Specified Reserve Account Balance $724,719.69
(H) Reserve Account Release $1,756,907.66
(I) Ending Reserve Account Balance $724,719.69
XI. MONTHLY ADVANCE INTEREST
(A) Beginning Monthly Advance Amount $2,405,004.14
(B) Monthly Amount Advanced $218,626.57
---------------
(C) Ending Monthly Advance Amount $2,623,630.71
</TABLE>
Page 4
<PAGE>
Associates Manufactured Housing Contract Pass Through Certificates
Series 1996-1
Servicer Certificate
<TABLE>
<S> <C> <C> <C> <C> <C>
XII. DELINQUENCY RATIOS
Current Loss Ratio September October November December
Realized Losses $119,812.40 $246,907.82 $414,422.42 NA
Cumulative Losses $119,812.40 $366,720.22 $781,142.64 NA
Ending Pool Balance $913,352,259.34 $904,414,846.03 $895,834,221.46 NA
Average
(A) Average 30-Day Delinquency Ratio 0.889% 0.981% 1.064% 0.978%
(B) Average 60-Day Delinquency Ratio 0.267% 0.371% 0.343% 0.327%
(C) Cumulative Realized Loss Ratio 0.013% 0.041% 0.087%
(D) Current Realized Loss Ratio N/A N/A N/A
XIII. RESIDUAL INTEREST DISTRIBUTION AMOUNT $1,756,907.66
</TABLE>
Page 5
<PAGE>
Associates MH Pass-Through Certificates, Series 1996-1
Trustee Payment Reconciliation
November 30, 1996
<TABLE>
<CAPTION>
AVAILABLE FUNDS PAYMENTS BY THE TRUSTEE
<S> <C> <C> <C>
Principal Received $8,166,202.15 Class A-1 Principal $8,580,624.57
Defaulted Principal $414,422.42
Collected Interest $8,029,436.17 Class A-1 Interest 1,029,215.92
Advanced Interest $218,626.57 Class A-2 Interest 820,750.00
Extension Fees $35,735.22 Class A-3 Interest 799,166.67
Late Charges $32,484.81 Class A-4 Interest 438,000.00
-------------- Class A-5 Interest 1,162,629.00
Subtotal FCFC $16,896,907.34 Class M Interest 424,058.83
Class B-1 Interest 460,100.00
Investment Income Class B-2 Interest 241,573.23
----------------
Reserve Fund $38,361.33 Total Interest $5,375,493.65
----------------
Class M Reserve Fund $5,303.39
Class B-1 Reserve Fund $5,754.13 Certificate Payments $13,956,118.22
Class B-2 Reserve Fund $3,021.18
--------------
Total Reserve Income $52,440.03
--------------
Investments
Total Available Funds $16,949,347.37 Reserve Fund $0.00
============== Class M Reserve Account $0.00
Class B-1 Reserve Account $0.00
Class B-2 Reserve Account $0.00
----------------
Total Investments $0.00
Less: Reserve Fund Income $52,440.03
----------------
Net Payment to Trustee $13,903,678.19
================
Memo: Reconciliation
Plus: Defaulted Principal $ 414,422.42
Plus: Class R Dist 1,756,907.66
Plus: Servicer Fee 753,679.04
Plus: Reserve Income 52,440.03
Plus: Late/Extension Fees 68,220.03
----------------
Total Available Funds $16,949,347.37
================
</TABLE>
**Corrected for "Memo Reconciliation" presentation
including Reserve Income incorrectly.
Page 6
<PAGE>
20.4 CS First Boston Mortgage Securities Corp., Associates Manufactured Housing
Pass-Through Certificates, Series 1996-1, Statement to Certificateholders
dated December 1996
<PAGE>
Associates Manufactured Housing Contract Pass Through Certificates
Series 1996-1
Servicer Certificate
<TABLE>
<CAPTION>
Period Ending: 12/31/96
Determination Date 1/13/97 Pass Through
Distribution Date: 1/15/97 Rate Balance Pool Factor
------------ --------------- -------------
<S> <C> <C> <C> <C>
Class A-1 Certificate 6.20% $215,000,000.00 0.8481019
Class A-2 Certificate 6.70% $147,000,000.00 1.0000000
Class A-3 Certificate 7.00% $137,000,000.00 1.0000000
Class A-4 Certificate 7.30% $72,000,000.00 1.0000000
Class A-5 Certificate 7.60% $183,573,000.00 1.0000000
Class M Certificate 7.90% $64,414,000.00 1.0000000
Class B-1 Certificate 8.00% $69,015,000.00 1.0000000
Class B-2 Certificate 9.00% $32,209,764.00 1.0000000
----------------
$920,211,764.00
</TABLE>
I. RECAP OF POOL
<TABLE>
<CAPTION>
Loan
Count Class A-1 Class A-2 Class A-3 Class A-4
--------------- ---------------- --------------- --------------- ---------------
<S> <C> <C> <C> <C> <C>
Beginning Certificate Balance 31,885 $190,622,457.06 $147,000,000.00 $137,000,000.00 $72,000,000.00
Principal Collected 0 $1,842,002.57 0.00 0.00 0.00
Principal Payments in Full 170 $4,552,639.29 0.00 0.00 0.00
Liquidation Proceeds 0 $1,352,325.62 0.00 0.00 0.00
Contract Repurchases 0 $0.00 0.00 0.00 0.00
Defaulted Contracts 71 $533,589.41 0.00 0.00 0.00
--------------- ---------------- --------------- --------------- ---------------
Ending Certificate Balance 31,644 $182,341,900.17 $147,000,000.00 $137,000,000.00 $72,000,000.00
=============== ================ =============== =============== ===============
Class A-5 Class M Class B-1 Class B-2 Total
--------------- ---------------- -------------------------------- ---------------
Beginning Certificate Balance $183,573,000.00 $64,414,000.00 $69,015,000.00 $32,209,764.40 $895,834,221.46
Principal Collected 0.00 0.00 0.00 0.00 $1,842,002.57
Principal Payments in Full 0.00 0.00 0.00 0.00 $4,552,639.29
Liquidation Proceeds 0.00 0.00 0.00 0.00 $1,352,325.62
Contract Repurchase 0.00 0.00 0.00 0.00 $0.00
Defaulted Contracts 0.00 0.00 0.00 0.00 $533,589.41
--------------- ---------------- --------------- --------------- ---------------
Ending Certificate Balance $183,573,000.00 $64,414,000.00 $69,015,000.00 $32,209,764.40 $887,553,664.57
=============== ================ =============== =============== ===============
POOL FACTOR 0.9645102
</TABLE>
Page 1
<PAGE>
Associates Manufactured Housing Contract Pass Through Certificates
Series 1996-1
Servicer Certificate
II. DISTRIBUTIONS
<TABLE>
<CAPTION>
Class A-1 Class A-2 Class A-3 Class A-4
------------- ------------- --------------- ---------------
<S> <C> <C> <C> <C> <C> <C>
Principal Distribution Amount $/$1,000 38.514218 $8,280,556.89 $0.00 $0.00 $0.00
Interest Distribution Amount $/$1,000 4.580850 984,882.69 820,750.00 799,166.67 438,000.00
Unpaid Interest Shortfall 0.00 0.00 0.00 0.00
-------------- ------------- --------------- ---------------
Total Distribution $9,265,439.58 $820,750.00 $799,166.67 $438,000.00
============== ============= =============== ===============
$/$1,000 5.583333 5.833333 6.083333
Class A-5 Class M Class B-1 Class B-2 TOTAL
-------------- --------------- ------------- --------------- ---------------
Principal Distribution Amount $0.00 $0.00 $0.00 $0.00 $8,280,556.89
Interest Distribution Amount 1,162,629.00 424,058.83 460,100.00 241,573.23 5,331,160.43
Unpaid Interest Shortfall 0.00 0.00 0.00 0.00 0.00
-------------- --------------- ------------- --------------- ---------------
Unpaid Interest Shortfall $1,162,629.00 $424,058.83 $460,100.00 $241,573.23 $13,611,717.32
============= =============== ============= =============== ===============
Total Distribution $/$1,000 6.333333 6.583333 6.666667 7.500000
III. SERVICING FEES $746,528.52
LATE FEES $35,171.56
EXTENSION FEES $27,774.61
IV. DELINQUENCY INFORMATION
Days Delinquent Number Actual Balance Delinq. Percentage
--------------- ------------ --------------- -----------------
31-59 436 $10,974,907.99 1.23653%
60-89 131 $3,446,639.11 0.38833%
90 or more 152 $4,165,673.67 0.46934%
------------ --------------- -----------------
Total Delinquent 719 $18,587,220.77 2.09421%
============ =============== =================
Memo:Incl. Repo Inventory 797 $21,132,501.70 2.38098%
</TABLE>
Page 2
<PAGE>
Associates Manufactured Housing Contract Pass Through Certificates
Series 1996-1
Servicer Certificate
V. REPOSSESSION INFORMATION
<TABLE>
<CAPTION>
Number Actual Balance
---------------- -----------------
<S> <C> <C>
(A) BOP Repossessions 68 $2,285,601.70
(B) Plus Repossessions In Month 81 $2,215,392.21
(C) Less Liquidations 71 $1,955,712.98
---------------- -----------------
(D) EOP Repossessions 78 $2,545,280.93
================ =================
VI. REPURCHASES
Number Actual Balance
---------------- -----------------
(A) Contracts Repurchased or Replaced 0 $0.00
(B) Eligible Substitute Contracts 0 $0.00
(C) Difference Paid by Servicer 0 $0.00
---------------- -----------------
0 $0.00
================ =================
VII. RECONCILIATION OF RESERVE FUND
(A) Beginning Reserve Fund Balance $9,202,117.64
(B) Reserve Fund Investment Income $44,310.77
(C) Reserve Fund Draw For Distributions $0.00
(D) Excess Interest Deposit to Reserve Fund $1,500,761.50
(E) Reserve Fund Balance Prior to Release $10,747,189.91
(F) Specified Reserve Fund Balance $9,202,117.64
(G) Reserve Fund Release $1,545,072.27
(H) Ending Reserve Fund Balance $9,202,117.64
VIII. RECONCILIATION OF CLASS M RESERVE ACCOUNT
(A) Beginning Reserve Account Balance $1,272,176.50
(B) Reserve Fund Investment Income $6,125.89
(C) Reserve Account Draw for Monthly & Interest Shortfall $0.00
(D) Reserve Account Draw for Liquidation Loss Interest & Interest Shortfall $0.00
(E) Excess Interest Deposit to Reserve Account $1,545,072.27
(F) Reserve Account Balance Prior to Release $2,823,374.66
(G) Specified Reserve Account Balance $1,272,176.50
(H) Reserve Account Release $1,551,198.16
(I) Ending Reserve Account Balance $1,272,176.50
</TABLE>
Page 3
<PAGE>
Associates Manufactured Housing Contract Pass Through Certificates
Series 1996-1
Servicer Certificate
<TABLE>
<S> <C>
IX. RECONCILIATION OF CLASS B-1 RESERVE ACCOUNT
(A) Beginning Reserve Account Balance $1,380,300.00
(B) Reserve Fund Investment Income $6,646.53
(C) Reserve Account Draw for Monthly & Interest Shortfall $0.00
(D) Reserve Account Draw for Liquidation Loss Interest & Interest Shortfall $0.00
(E) Excess Interest Deposit to Reserve Account $1,551,198.16
(F) Reserve Account Balance Prior to Release $2,938,144.69
(G) Specified Reserve Account Balance $1,380,300.00
(H) Reserve Account Release $1,557,844.69
(I) Ending Reserve Account Balance $1,380,300.00
X. RECONCILIATION OF CLASS B-2 RESERVE ACCOUNT
(A) Beginning Reserve Account Balance $724,719.69
(B) Reserve Fund Investment Income $3,489.73
(C) Reserve Account Draw for Monthly Interest & Interest Shortfall $0.00
(D) Reserve Account Draw for Liquidation Loss Interest & Interest Shortfall $0.00
(E) Excess Interest Deposit to Reserve Account $1,557,844.69
(F) Reserve Account Balance Prior to Release $2,286,054.11
(G) Specified Reserve Account Balance $724,719.69
(H) Reserve Account Release $1,561,334.42
(I) Ending Reserve Account Balance $724,719.69
XI. MONTHLY ADVANCE INTEREST
(A) Beginning Monthly Advance Amount $2,623,630.71
(B) Monthly Amount Advanced $271,594.68
---------------
(C) Ending Monthly Advance Amount $2,895,225.39
</TABLE>
Page 4
<PAGE>
Associates Manufactured Housing Contract Pass Through Certificates
Series 1996-1
Servicer Certificate
XII. DELINQUENCY RATIOS
<TABLE>
<S> <C> <C> <C> <C> <C>
Current Loss Ratio September October November December
Realized Losses $119,812.40 $246,907.82 $414,422.42 $533,589.41
Cumulative Realized Losses $119,812.40 $366,720.22 $781,142.64 $1,314,732.05
Ending Pool Balance $913,352,259.34 $904,414,846.03 $895,834,221.46 $887,553,664.57
Average
(A) Average 30-Day Delinquency Ratio 0.889% 0.981% 1.064% 1.094% 1.237%
(B) Average 60-Day Delinquency Ratio 0.267% 0.371% 0.343% 0.368% 0.388%
(C) Cumulative Realized Loss Ratio 0.013% 0.041% 0.087% 0.148%
(D) Current Realized Loss Ratio N/A N/A N/A 0.531%
XIII. RESIDUAL INTEREST DISTRIBUTION AMOUNT $1,561,334.42
</TABLE>
Page 5
<PAGE>
Associates MH Pass-Through Certificates, Series 1996-1
Trustee Payment Reconciliation
December 31, 1996
<TABLE>
<CAPTION>
AVAILABLE FUNDS PAYMENTS BY THE TRUSTEE
<S> <C> <C> <C>
Principal Received $7,746,967.48 Class A-1 Principal $8,280,556.89
Defaulted Principal $533,589.41
Collected Interest $7,840,445.17 Class A-1 Interest 984,882.69
Advanced Interest $271,594.68 Class A-2 Interest 820,750.00
Extension Fees $27,774.61 Class A-3 Interest 799,166.67
Late Charges $35,171.56 Class A-4 Interest 438,000.00
-------------- Class A-5 Interest 1,162,629.00
Subtotal FCFC $16,455,542.91 Class M Interest 424,058.83
Class B-1 Interest 460,100.00
Investment Income Class B-2 Interest 241,573.23
--------------
Reserve Fund $44,310.77 Total Interest $5,331,160.42
Class M Reserve Fund $6,125.89 --------------
Class B-1 Reserve Fund $6,646.53 Certificate Payments $13,611,717.31
Class B-2 Reserve Fund $3,489.73
--------------
Total Reserve Income $60,572.92
--------------
Investments
Total Available Funds $16,516,115.83 Reserve Fund $0.00
============== Class M Reserve Account $0.00
Class B-1 Reserve Account $0.00
Class B-2 Reserve Account $0.00
--------------
Total Investments $0.00
Less: Class B-2 Interest 241,573.23
Less: Reserve Fund Income $60,572.92
--------------
Net Payment to Trustee $13,309,571.16
==============
Memo: Reconciliation
Plus: Defaulted Principal $ 533,589.41
Plus: Class R Dist 1,561,334.42
Plus: Servicer Fee 746,528.52
Plus: Class B-2 Interest 241,573.23
Plus: Reserve Income 60,572.92
Plus: Late/Extension Fees 62,946.17
--------------
Total Available Funds $16,516,115.83
==============
</TABLE>
**Corrected for "Memo Reconciliation" presentation
including Reserve Income incorrectly.
Page 1
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