College and University
Facility Loan Trust One
--------------------------------------------------------------------
Compiled Financial Statements
Six Months Ended May 31, 1996
<PAGE>
Accountants' Compilation Report
To the Owner Trustee of
College and University Facility
Loan Trust One:
We have compiled the accompanying balance sheet of College and University
Facility Loan Trust One, including the schedule of investments, as of May 31,
1996, and the related statements of operations, cash flows, changes in net
assets and financial highlights for the six months then ended, in accordance
with standards established by the American Institute of Certified Public
Accountants. The financial information for the years ended November 30, 1995,
1994, 1993, 1992 and 1991, presented herein for comparative purposes, was
audited by other auditors whose report thereon dated December 29, 1995 expressed
an unqualified opinion.
A compilation is limited to presenting in the form of financial statements
information that has been obtained from the books and records of the Trust. We
have not audited or reviewed the accompanying financial statements or
supplemental material and, accordingly, do not express an opinion or any other
form of assurance on them.
We are not independent with respect to College and University Facility Loan
Trust One.
BDO Seidman, LLP
July 12, 1996
<PAGE>
College and University
Facility Loan Trust One
Balance Sheet
================================================================================
Six months ended May 31, 1996
================================================================================
(Unaudited)
Assets
Investments, at amortized cost, net of allowance for
possible loan losses of $625,000 (Notes 1, 2, 6, 7
and 8 and Schedule of Investments) $93 567 081
Cash 134 750
Prepaid expenses 11 353
Interest receivable 1 193 930
Deferred bond issuance costs (Note 2) 1 170 967
- --------------------------------------------------------------------------------
Total assets 96 078 081
- --------------------------------------------------------------------------------
Liabilities
Bonds payable (Notes 3 and 8) 78 460 981
Interest payable (Note 3) 4 067 270
Accrued expenses and other liabilities 162 422
Payable for redemption of Class A Preferred Certificates
(Note 5) 504 313
Dividend payable (Note 5) 356 184
- --------------------------------------------------------------------------------
Total liabilities 83 551 170
- --------------------------------------------------------------------------------
Net Assets
Class A Preferred Certificates, par value $1 - authorized
and outstanding - 4,872,052 certificates (preference as to
annual dividends of 13.25%, mandatory redemption and
liquidation at par value) (Note 5) 4 872 052
- --------------------------------------------------------------------------------
Class B Certificates, par value $1 - authorized, issued
and outstanding - 1,001,643 certificates (Note 5) 1 001 643
Accumulated deficit (Note 2) (151 293)
Paid-in capital (Note 2) 6 804 509
- --------------------------------------------------------------------------------
Total net assets applicable to Class B certificateholders 7 654 859
- --------------------------------------------------------------------------------
Total net assets $12 526 911
================================================================================
Net asset value per Class B certificate
(based on 1,001,643 certificates outstanding) $7.64
================================================================================
See accompanying accountants' compilation report and notes to
financial statements.
3
<PAGE>
College and University
Facility Loan Trust One
Statement of Operations
================================================================================
Six months ended May 31, 1996
================================================================================
(Unaudited)
Investment income:
Interest income (Note 2) $5 183 204
- --------------------------------------------------------------------------------
Expenses:
Interest expense (Note 3) 4 067 269
Amortization of deferred Bond issuance costs (Note 2) 82 687
Servicer fees (Note 4) 64 071
Trustee fees (Note 4) 23 056
Other trust and bond administration expenses 116 230
- --------------------------------------------------------------------------------
Total expenses 4 353 313
- --------------------------------------------------------------------------------
Net investment income 829 891
Provision for possible loan losses (Notes 2 and 6) (100 000)
- --------------------------------------------------------------------------------
Net increase in net assets resulting from operations 729 891
Dividends to Class A Preferred Certificateholders (356 184)
- --------------------------------------------------------------------------------
Net increase in net assets applicable to Class B
certificateholders resulting from operations $ 373 707
================================================================================
See accompanying accountants' compilation report and notes to
financial statements.
4
<PAGE>
College and University
Facility Loan Trust One
Statement of Cash Flows
================================================================================
Six months ended May 31, 1996
================================================================================
(Unaudited)
Cash flows from operating activities:
Interest received $ 2 447 929
Interest paid (4 284 768)
Operating expenses paid (171 600)
- --------------------------------------------------------------------------------
Net cash used for operating activities (2 008 439)
- --------------------------------------------------------------------------------
Cash flows from investing activities:
Net decrease in funds held under investment agreements 1 078 165
Principal payments on Loans 5 765 695
- --------------------------------------------------------------------------------
Net cash provided by investing activities 6 843 860
- --------------------------------------------------------------------------------
Cash flows from financing activities:
Principal repayments on Bonds (4 264 672)
Redemption of Class A Preferred Certificates (204 277)
Dividends to Class A Preferred Certificates (369 718)
- --------------------------------------------------------------------------------
Net cash used for financing activities (4 838 667)
- --------------------------------------------------------------------------------
Net decrease in cash (3 246)
Cash, beginning of period 137 996
- --------------------------------------------------------------------------------
Cash, end of period $ 134 750
================================================================================
Reconciliation of net increase in net assets resulting from
operations to net cash used for operating activities:
Net increase in net assets resulting from operations $ 729 891
Provision for possible loan losses 100 000
Decrease in interest receivable 70 170
Increase in prepaid expenses (11 353)
Increase in accrued expenses and other liabilities 43 110
Decrease in Bond interest payable (217 499)
Amortization of deferred Bond issuance costs 82 687
Amortization of purchase discount on Loans (2 805 445)
- --------------------------------------------------------------------------------
Net cash used for operating activities $(2 008 439)
================================================================================
See accompanying accountants' compilation report and notes to
financial statements.
5
<PAGE>
College and University
Facility Loan Trust One
Statements of Changes in Net Assets
(Note 2 (f))
================================================================================
Six Months
Ended Year Ended
May 31, November 30,
1996 1995
================================================================================
(Unaudited)
From operations:
Net investment income $ 829 891 $ 1 777 232
Provision for possible loan losses (100 000) (400 000)
Dividends to certificateholders:
Class A Preferred certificateholders
($.1325 per certificate annually):
From net investment income (356 184) (639 242)
As tax return of capital -- (77 222)
- --------------------------------------------------------------------------------
Net increase in net assets applicable to Class B
certificateholders resulting from operations 373 707 660 768
- --------------------------------------------------------------------------------
Capital certificate transactions (Note 5):
Redemptions of Class A Preferred certificates,
(504,314 and 204,277 certificates in 1996 and
1995, respectively) (504 314) (204 277)
Issuance of additional 13.25% Class A Preferred
Certificates as paid-in-kind dividend (346,746
certificates in 1995) -- 346 746
- --------------------------------------------------------------------------------
Net increase (decrease) in net assets resulting
from capital certificate transactions (504 314) 142 469
- --------------------------------------------------------------------------------
Net increase (decrease) in net assets (130 607) 803 237
Net assets:
Beginning of period 12 657 518 11 854 281
- --------------------------------------------------------------------------------
End of period $12 526 911 $12 657 518
================================================================================
See accompanying accountants' compilation report and notes to
financial statements.
6
<PAGE>
College and University
Facility Loan Trust One
Selected Financial Highlights for Each
Class B Certificate Outstanding
Throughout the Periods Indicated
(Notes 1 and 5)
================================================================================
<TABLE>
<CAPTION>
For the Six
Months Ended Years Ended November 30,
May 31, ---------------------------------------------------------------
1996 1995 1994 1993 1992 1991
=====================================================================================================================
(Unaudited)
<S> <C> <C> <C> <C> <C> <C>
Net asset value, beginning of year $ 7.27 $ 6.61 $ 4.41 $ 3.84 $ 2.71 $ 2.06
- ---------------------------------------------------------------------------------------------------------------------
Net investment income .83 1.77 3.04 1.44 2.13 1.74
Provision for possible loan losses (.10) (.40) (.12) -- -- --
Dividends to Class A Preferred
Certificateholders:
From net investment income (.36) (.64) (.42) (.87) (1.00) (1.09)
As tax return of capital -- (.07) (.30) -- -- --
- ---------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 7.64 $ 7.27 $ 6.61 $ 4.41 $ 3.84 $ 2.71
=====================================================================================================================
Total investment return (a) N/A N/A N/A N/A N/A N/A
Net assets applicable to
Class A Preferred Certificates,
end of year $4 872 052 $5 376 365 $5 233 897 $5 997 151 $6 781 396 $7 695 826
Net assets applicable to Class B
Certificates, end of period $7 654 859 $7 281 153 $6 620 384 $4 418 852 $3 843 329 $2 715 563
=====================================================================================================================
Ratios and Supplemental Data:
Ratio of expenses to average
net assets applicable to
Class B Certificates 116.59%(b,c) 133.48%(b) 180.25%(b) 274.18%(b) 344.39%(b) 514.76%(b)
Ratio of net investment income
to average net assets applicable
to Class B certificates 22.23%(c) 25.57% 55.24% 35.10% 64.89% 73.17%
Number of Class B Certificates
outstanding, end of period 1 001 643 1 001 643 1 001 643 1 001 643 1 001 643 1 001 643
</TABLE>
(a) The Trust's investments are recorded at amortized cost as discussed in
Note 2. Accordingly, the financial statements do not reflect the market
value of such investments. For this reason, management believes that no
meaningful information can be provided regarding "Total Investment Return"
and has not included information under that heading.
(b) Excluding interest expense, the ratio of expenses to average net assets
applicable to Class B Certificates was 7.66%(c), 7.96%, 11.64%, 13.68%,
16.23% and 24.94% in 1996, 1995, 1994, 1993, 1992 and 1991, respectively.
(c) Annualized.
See accompanying accountants' compilation report and notes to
financial statements.
7
<PAGE>
College and University
Facility Loan Trust One
Notes to Financial Statements
================================================================================
1. Organization College and University Facility Loan Trust One (the
and Business Trust) was formed on September 17, 1987 as a business
trust under the laws of the Commonwealth of
Massachusetts by a declaration of trust by The First
National Bank of Boston (the Owner Trustee), not in its
individual capacity but solely as Owner Trustee. During
1995, State Street Bank and Trust Company replaced The
First National Bank of Boston as Owner Trustee. The
Trust is registered under the Investment Company Act of
1940 (as amended) as a diversified, closed-end,
management investment company.
The Trust was formed for the sole purpose of raising
funds through the issuance and sale of bonds (the
Bonds). The Trust commenced operations on September 29,
1987 (the Closing Date) and issued Bonds in five
tranches in the aggregate principal amount of
$126,995,000. The Bonds constitute full recourse
obligations of the Trust. The collateral securing the
Bonds consists primarily of a pool of college and
university facility loans (the Loans) to various
postsecondary educational institutions and funds held
under the indenture (the Indenture) and the investment
agreements. The Loans were originated by or previously
assigned to the United States Department of Education
(ED) under the College Housing Loan Program or the
Academic Facilities Loan Program. The Loans, which have
been assigned to The First National Bank of Chicago
(the Bond Trustee), are secured by various types of
collateral, including mortgages on real estate, general
recourse obligations of the borrowers, pledges of
securities and pledges of revenues. As of the Closing
Date, the Loans had a weighted average stated interest
rate of approximately 3.16% and a weighted average
remaining term to maturity of approximately 19.4 years.
Payments on the Loans, pending semiannual bond payment
dates, are managed by the Bond Trustee in various fund
accounts and are invested under investment agreements
(see Note 2) as specified in the Indenture.
See accompanying accountants' compilation report.
8
<PAGE>
College and University
Facility Loan Trust One
Notes to Financial Statements
================================================================================
1. Organization and All payments on the Loans and earnings under the
Business (Concluded) investment agreements and any required transfers from
the Expense, Reserve and Liquidity Funds are deposited
to the credit of the Revenue Fund held by the Bond
Trustee as defined within, and in accordance with, the
Indenture. On each bond payment date, amounts on
deposit to the credit of the Revenue Fund are applied
in the following order of priority: to pay amounts due
on the Bonds, to pay administrative expenses not
previously paid from the Expense Fund, to fund the
Expense Fund to the Expense Fund Requirement, to fund
the Reserve Fund to the Maximum Reserve Requirement,
and to fund the Liquidity Fund to the Liquidity Fund
Requirement. Any funds remaining in the Revenue Fund on
such payment date are paid to the certificateholders in
the order of priority discussed in Note 5.
On the Closing Date, certificates were issued by the
Trust to ED as partial payments for the Loans. In
December 1989, ED sold, through a private placement,
all of its ownership interest in the Trust. This
transaction was accounted for using the purchase method
of accounting, resulting in a new measurement of the
Trust's net assets.
2. Summary of (a) College and University Facility Loans
Significant
Accounting The Loans were purchased and recorded at a discount
Policies below par. Pursuant to a "no-action letter" that the
Trust received from the Securities and Exchange
Commission, the Loans (included in investments in the
accompanying balance sheet) are being accounted for
under the amortized cost method of accounting. Under
this method, the difference between the cost of each
Loan to the Trust and the scheduled principal and
interest payments is amortized, assuming no prepayments
of principal, and included in the Trust's income by
applying the Loan's effective interest rate to the
amortized cost of that Loan. The remaining balance of
the purchase discount on the Loans as of May 31, 1996
was approximately $47,989,000. As a result of
prepayments of Loans in the six months ended May 31,
1996, additional interest income of approximately
$200,400 was recognized.
See accompanying accountants' compilation report.
9
<PAGE>
College and University
Facility Loan Trust One
Notes to Financial Statements
================================================================================
2. Summary of (a) College and University Facility Loans (Continued)
Significant
Accounting The Trust's policy is to discontinue the accrual of
Policies interest on Loans for which payment of principal or
(Continued) interest is 180 days or more past due or for such other
Loans as considered necessary by management if
collection of interest and principal is doubtful. When
a Loan is placed on nonaccrual status, all previously
accrued but uncollected interest is reversed against
the current period's interest income. Subsequently,
interest income is recorded when received. Payments are
applied to interest first with the balance, if any,
applied to principal. At May 31, 1996, two loans had
been placed on nonaccrual status, as discussed in
Note 6.
(b) Other Investments
Other investments, which are included in Investments on
the accompanying balance sheet, consist of two
unsecured investment agreements issued by the Federal
National Mortgage Association bearing fixed rates of
interest of 5% and 8%. These investments are carried at
cost. These investment agreements terminate on the
earlier of December 1, 2014 or the date on which the
bonds are paid-in-full.
(c) Federal Income Taxes
It is the Trust's policy to comply with the
requirements applicable to a regulated investment
company under Subchapter M of the Internal Revenue Code
of 1986, as amended, and to distribute substantially
all of its investment company taxable income to its
certificateholders each year. Accordingly, no federal
or state income tax provision is required.
For tax purposes, the Loans were transferred to the
Trust at their face values. Accordingly, the accretion
of the purchase discount creates a permanent book-tax
difference.
See accompanying accountants' compilation report.
10
<PAGE>
College and University
Facility Loan Trust One
Notes to Financial Statements
================================================================================
2. Summary of (d) Deferred Bond Issuance Costs
Significant
Accounting Deferred Bond issuance costs are being amortized using
Policies the effective interest-rate method, assuming that all
(Continued) mandatory semiannual payments will be made on the term
bonds as discussed in Note 3.
(e) Accounting for Impairment of a Loan and Allowance
for Possible Loan Losses
The Trust accounts for credit losses in accordance with
Statement of Financial Accounting Standards (SFAS) No.
114, Accounting by Creditors for Impairment of a Loan,
as amended by SFAS No. 118 (hereafter collectively
referred to as SFAS 114). SFAS 114 requires that
impaired loans, as defined, be measured based on the
present value of the expected future cash flows
discounted at the loan's effective interest rate or the
fair value of the collateral if the loan is collateral
dependent.
Management is responsible for establishing an allowance
for possible loan losses based on its best estimate of
losses that might occur. Ultimate losses may vary from
the current estimate. This estimate is reviewed
periodically, and as a provision to the allowance for
possible loan losses becomes necessary, it is reported
in the period in which it becomes known. Allowances are
established for those loans that, in the opinion of
management, are deemed to be impaired and potentially
uncollectible.
The allowance for possible loan losses is based on
management's evaluation of the level of the allowance
required in relation to the estimated loss exposure in
the loan portfolio. Factors considered in evaluating
the adequacy of the allowance include previous loss
experience, current economic conditions and their
effect on borrowers, the performance of individual
Loans in relation to contract terms, adverse situations
that may affect the borrower's ability to pay, and the
estimated fair values of collateral.
See accompanying accountants' compilation report.
11
<PAGE>
College and University
Facility Loan Trust One
Notes to Financial Statements
================================================================================
2. Summary of The factors discussed above are inherently difficult to
Significant predict. Accordingly, the final outcome of these
Accounting estimates and the ultimate realization of amounts on
Policies certain Loans may vary significantly from the amounts
(Concluded) reflected in the accompanying financial statements.
(f) Presentation of Capital Distributions
On December 1, 1993, the Trust prospectively adopted
the provisions of American Institute of Certified
Public Accountants Statement of Position 93-2,
"Determination, Disclosure and Financial Statement
Presentation of Income, Capital Gain and Return of
Capital Distributions by Investment Companies" (SOP
93-2). SOP 93-2 requires the Trust to report
distributions that are in excess of tax basis earnings
and profits as a tax return of capital and to present
the capital accounts on a basis that approximates the
amounts that are available for future distributions on
a tax basis.
The Trust expects to have a tax return of capital for
the fiscal year ending November 30, 1996 however, the
amount cannot be reasonably estimated at May 31, 1996.
Therefore, the current period net increase in net
assets of $373,707 has been offset against the
accumulated deficit.
(c) Use of Estimates
The preparation of financial statements in conformity
with generally accepted accounting principles requires
management to make estimates and assumptions that
affect the reported amounts of assets and liabilities
at the date of the financial statements and the
reported amounts of revenues and expenses during the
reporting period. Actual results could differ from
those estimates.
See accompanying accountants' compilation report.
12
<PAGE>
College and University
Facility Loan Trust One
Notes to Financial Statements
================================================================================
3. Bonds The Bonds outstanding at May 31, 1996 consist of the
following:
Principal
Interest Amount
Type Rate Stated Maturity (000s)
=======================================================
Term 10.20% June 1, 2002 $40 884
Term 10.55 December 1, 2014 37 577
-------------------------------------------------------
$78 461
=======================================================
The Bonds maturing on June 1, 2002 are being redeemed,
in part, on a pro rata basis by application of
mandatory semiannual payments and, commencing December
1, 2002, the Bonds maturing on December 1, 2014 will
also be redeemed on a pro rata basis. The redemption
price is equal to 100% of the principal amount to be
redeemed plus interest accrued to the redemption date.
Interest on the Bonds is payable semiannually. On June
3, 1996, the Trust made the mandatory redemption of
$2,976,220 on the Bonds maturing on June 1, 2002.
The aggregate scheduled maturities of the Bonds,
including the scheduled mandatory redemptions at May
31, 1996, are as follows:
See accompanying accountants' compilation report.
13
<PAGE>
College and University
Facility Loan Trust One
Notes to Financial Statements
================================================================================
3. Bonds (Concluded)
Amount
Fiscal Year (000s)
=======================================================
1996 $ 2 976
1997 7 232
1998 6 912
1999 6 829
2000 6 169
Thereafter 48 343
-------------------------------------------------------
Total $78 461
=======================================================
The Bonds are not subject to optional redemption by
either the Trust or the bondholders.
In the event the Trust realizes negative cash flows,
various reserve funds have been established and
maintained such that, on or before such bond payment
date, such funds may be used by the Bond Trustee to
make any required payments on the Bonds and to pay
operating expenses of the Trust.
As required by the Indenture, the scheduled future cash
flows for Loans that are in default are excluded from
the calculation of the reserve fund requirement. The
impact of excluding Loans in default from the
calculation increases the reserve fund requirement.
There was sufficient cash to satisfy the maximum
funding requirement of $7,403,319 as of June 3, 1996.
4. Administrative (a) Servicer
Agreements
As compensation for the services provided under the
servicing agreement, General Electric Capital
Corporation (GECC) receives a collection fee. This fee
is paid semiannually with respect to
See accompanying accountants' compilation report.
14
<PAGE>
College and University
Facility Loan Trust One
Notes to Financial Statements
================================================================================
4. Administrative each Loan on each date of payment for such Loan. The
Agreements fee is equal to .055 of 1% of the outstanding principal
(Concluded) balance of such Loan divided by the number of payments
of principal and interest for such Loan in a calendar
year. For the period ended May 31, 1996, this fee
totaled $48,498. GECC was also reimbursed for other
related expenses of $15,573.
(b) Trustees
As compensation for services provided, the Owner and
Bond Trustees are entitled under the Declaration of
Trust and the Indenture to receive the following fees:
o The Owner Trustee, in its capacities as manager of
the Trust and as Owner Trustee, received fees of
$5,378 and $5,975, respectively, for the six months
ended May 31, 1996. In addition, the Owner Trustee
was reimbursed $1,259 for out-of-pocket expenses.
o The Bond Trustee is entitled to an annual fee equal
to .025 of 1% of the aggregate outstanding principal
of the Bonds on the bond payment date immediately
preceding the date of payment of such fee. The fee is
payable semiannually, in advance, on each bond
payment date. The Bond Trustee is also reimbursed for
out-of-pocket expenses in an amount not to exceed 4%
of the applicable annual fee. For the six months
ended May 31, 1996, the fees amounted to $10,252. In
addition, the Bond Trustee was reimbursed $392 for
out-of-pocket expenses.
5. Certificates The certificates comprise two classes, namely 13.25%
Class A Preferred and Class B. The Class A Preferred
certificates have preference over the Class B
certificates with respect to the payment of dividends,
rights of redemption and liquidation payments.
Dividends on the Class A Preferred certificates are
payable in cash on each Distribution Date (defined
below) at the rate of 13.25% per annum from amounts
received by the Owner Trustee pursuant to the
Declaration of Trust. To the extent that such amounts
are not sufficient to pay accrued dividends on any
Class A Preferred certificates on any Distribution
Date, such
See accompanying accountants' compilation report.
15
<PAGE>
College and University
Facility Loan Trust One
Notes to Financial Statements
================================================================================
5. Certificates dividends will be paid in additional certificates of
(Concluded) the Class A Preferred certificates. The Class A
Preferred certificates are required to be redeemed by
the Trust, in whole or in part, on any Distribution
Date to the extent of the amount on deposit to the
credit of the Revenue Fund, as discussed in Note 1, and
after all accrued but unpaid dividends thereon have
been paid in full. No distributions on the Class B
certificates may be made until all Class A Preferred
certificates have been fully redeemed. Following the
redemption in full of the Class A Preferred
certificates, on each Distribution Date, the holders of
the Class B certificates will receive amounts paid to
the Owner Trustee pursuant to the Declaration of Trust,
pro rata, in the same proportion that the par value of
the certificates evidenced by each Class B certificate
bears to the sum of the par value of the certificates
evidenced by all of the Class B certificates.
Dividends and other payments are distributed to the
certificateholders, while the Bonds are outstanding, on
the second business day in each June and December (the
Distribution Date) and, after the Bonds are paid in
full, on the first business day of each month.
On June 4, 1996, the Trust paid $860,497 to the holders
of the Class A Preferred certificates, of which
$356,184 was for payment of dividends and $504,313 was
a redemption of Class A Preferred certificates. These
payments are reflected as liabilities in the
accompanying balance sheet.
The certificateholders shall each be entitled to one
vote per certificate.
6. Allowance for An analysis of the allowance for possible loan losses
Possible Loan for the six months ended May 31, 1996 is summarized as
Losses follows:
Balance, beginning of period $525 000
Provision 100 000
Charge-offs --
-------------------------------------------------------
Balance, end of period $625 000
=======================================================
See accompanying accountants' compilation report.
16
<PAGE>
College and University
Facility Loan Trust One
Notes to Financial Statements
================================================================================
6. Allowance for At May 31, 1996, the recorded investment in loans that
Possible Loan are considered to be impaired under SFAS 114 was
Losses approximately $1,261,000 with a related allowance for
(Continued) possible loan losses of $350,000.
The average recorded investment in impaired loans
during the six months ended May 31, 1996 was
approximately $1,283,000. For the six months ended May
31, 1996, interest income recognized on impaired loans
was approximately $83,000.
The amortized cost of the loans placed on nonaccrual
status is approximately $1,261,000 at May 31, 1996. See
"Allowance for Possible Loan Loss and Accounting for
Impairment of a Loan" for a discussion of the Trust's
impaired loans.
7. Loans Scheduled principal and interest payments on the Loans
as of May 31, 1996, excluding payments for Loans in
Default, as defined in the Indenture, are as follows:
Principal Interest
Payments Payments Total
Fiscal Year (000s) (000s) (000s)
=======================================================
1996 $ 5 894 $ 1 881 $ 7 775
1997 10 794 3 566 14 360
1998 10 734 3 220 13 954
1999 10 107 2 878 12 985
2000 8 904 2 562 11 466
Thereafter 74 728 15 813 90 541
-------------------------------------------------------
Total $121 161 $29 920 $151 081
=======================================================
See accompanying accountants' compilation report.
17
<PAGE>
College and University
Facility Loan Trust One
Notes to Financial Statements
================================================================================
7. Loans Expected payments may differ from contractual payments
(Continued) because borrowers may prepay or default on their
obligations. Accordingly, actual principal and interest
payments on the Loans may vary significantly from the
scheduled payments.
The following analysis summarizes the stratification of
the loan portfolio by type of collateral and
institution as of May 31, 1996:
Amortized
Number Cost
Type of Collateral of Loans (000s) %
=======================================================
Loans secured by a
first mortgage 155 $36 646 48.0%
Loans not secured by
a first mortgage 97 39 573 52.0%
-------------------------------------------------------
Total Loans 252 $76 219 100.0%
=======================================================
Amortized
Number Cost
Type of Institution of Loans (000s) %
=======================================================
Private 161 $36 779 48.3%
Public 91 39 440 51.7
-------------------------------------------------------
Total Loans 252 $76 219 100.0%
=======================================================
The ability of a borrower to meet future debt service
payments on a Loan will depend on a number of factors
relevant to the financial condition of such borrower,
including, among others, the size and diversity of the
borrower's sources of revenues; enrollment trends;
reputation; management expertise; the availability and
restrictions on the use of endowments and other funds;
the quality and maintenance costs
See accompanying accountants' compilation report.
18
<PAGE>
College and University
Facility Loan Trust One
Notes to Financial Statements
================================================================================
7. Loans of the borrower's facilities; and, in the case of some
(Continued) Loans to public institutions which are obligations of a
state, the financial condition of the relevant state or
other governmental entity and its policies with respect
to education. The ability of a borrower to maintain
enrollment levels will depend on such factors as
tuition costs, geographical location, geographic
diversity, quality of the student body, quality of the
faculty and the diversity of program offerings.
The collateral for Loans that are secured by a mortgage
on real estate generally consists of special purpose
facilities, such as dormitories, dining halls and
gymnasiums, which are integral components of the
overall educational setting. As a result, in the event
of borrower default on a Loan, where a restructuring of
debt service payments is not achieved, the Trust's
ability to realize the outstanding balance of the Loan
through the sale of the underlying collateral may be
negatively impacted by the special purpose nature and
location of such collateral.
A number of borrowers are currently experiencing
adverse changes in their financial condition due to
declining enrollment, increasing costs and a decline in
endowments, grants, private gifts, and State and
Federal funding. Many of these potentially troubled
borrowers are developing and implementing strategic
plans to improve their financial position; the plans
generally include taking actions to control costs and
increase revenues through tuition increases,
fundraising campaigns, higher enrollment and a
reduction of faculty.
Due to the special purpose nature of the borrowers'
properties, the ability of such troubled borrowers to
repay their loans may ultimately be dependent on the
future success of the institutions' programs.
8. Fair Value SFAS No. 107, "Disclosures about Fair Value of
of Financial Financial Instruments," allows for the use of a wide
Instruments range of valuation techniques; therefore, it may be
difficult to compare the Trust's fair value information
to public market information or to other fair value
information. Accordingly, the fair value information
presented below does not purport to represent, and
should not be construed to represent, the underlying
"market" value of
See accompanying accountants' compilation report.
19
<PAGE>
College and University
Facility Loan Trust One
Notes to Financial Statements
================================================================================
8. Fair Value the Trust's net assets or the amounts that would result
of Financial from the sale or settlement of the related financial
Instruments instruments. Further, as the assumptions inherent in
(Contents) fair value estimates change, the fair value estimates
will change.
Current market prices are not available for most of the
Trust's financial instruments since an active market
generally does not exist for such instruments. In
accordance with the terms of the Indenture, the Trust
is required to hold all of the Loans to maturity and to
use the cash flows therefrom to retire the Bonds.
Accordingly, the Trust has estimated the fair values of
its financial instruments using a discounted cash flow
methodology. This methodology is similar to the
approach used at the formation of the Trust to
determine the carrying amounts of these instruments for
financial reporting purposes. In applying the
methodology, the calculations have been adjusted for
the change in the relevant market rates of interest,
the estimated duration of the instruments and an
internally developed credit risk rating of the
instruments. All calculations are based on the
scheduled principal and interest payments on the Loans
because the prepayment rate on these loans is not
subject to estimate.
The estimated fair value of each category of the
Trust's financial instruments and the related book
value presented in the accompanying balance sheet as of
May 31, 1996 are as follows:
Book Value Fair Value
(000s) (000s)
=======================================================
Loans * $75 594 $ 99 434
Investment Agreements:
Revenue Fund 15 373 13 324
Liquidity Fund 2 600 2 287
-------------------------------------------------------
$93 567 $115 045
=======================================================
Bonds $78 461 $ 93 272
=======================================================
* Net of Allowance for Possible Loan Losses of
$625,000.
See accompanying accountants' compilation report.
20
<PAGE>
COLLEGE AND UNIVERSITY FACILITY LOAN TRUST ONE
SCHEDULE OF INVESTMENTS
May 31, 1996
(Dollar Amounts in Thousands)
<TABLE>
<CAPTION>
Outstanding Stated Internal Amortized
Principal Interest Maturity Rate of Cost (Notes
Balance Description Rate % Date Return % 1 and 2)
- ----------- ----------- -------- -------- -------- -----------
<S> <C> <C> <C> <C> <C>
COLLEGE AND UNIVERSITY LOANS (80.8%)
---------- A ---------
$1,530 Albion College 3.00 10/01/2015 12.51 $756
198 Albion College 3.00 11/01/1999 12.74 165
180 Albright College 3.50 05/01/2001 11.70 145
470 Alfred University 3.00 11/01/2007 12.41 293
140 Allegheny College 3.00 07/01/1999 12.73 118
122 Allegheny College 3.50 07/01/2001 12.83 95
605 Alma College 3.00 04/01/2010 11.87 352
395 Alverno College 3.375 10/01/2003 12.52 286
194 American Graduate School of
International Management 3.00 11/01/2010 12.59 109
310 Anderson College 3.00 03/01/2010 13.02 171
1,319 Appalachian State University 3.00-3.625 07/01/2004 11.80 940
98 Arizona State University 2.75 10/01/1996 12.02 93
71 Arizona State University 2.875 10/01/1997 11.94 65
552 Arizona State University 3.50 10/01/2003 11.72 416
223 Atlantic Union College 3.00 05/01/2023 12.68 91
1,530 Augsburg College 3.00 04/01/2016 12.95 713
868 Azusa Pacific University 3.00 04/01/2017 12.96 393
---------- B ---------
725 Baptist College at Charleston 3.00 03/01/2014 12.96 354
91 Barnard College 3.125 04/01/1999 12.82 77
68 Beloit College 3.00 11/01/1996 13.12 65
109 Benedict College 3.00 11/01/2006 12.42 70
38 Bethune-Cookman College 3.00 10/01/2000 12.71 30
373 Birmingham-Southern College 3.00 10/01/2006 12.48 247
528 Birmingham-Southern College 3.00 10/01/2010 12.47 300
182 Black Hills State College 3.00 10/01/2005 11.76 126
129 Black Hills State College 3.00 10/01/2007 11.77 83
962 Boston University 3.00 12/31/2022 11.87 418
231 Bryan College 3.00 02/01/2010 12.68 131
66 Buena Vista College 3.625 02/01/2001 13.45 50
237 Buena Vista College 3.00 11/01/2009 12.41 139
---------- C ---------
2,459 California State University 3.00 11/01/2012 10.57 1,468
672 Carnegie - Mellon University 3.00 11/01/2017 10.45 362
2,155 Case Western Reserve University 3.00 04/01/2016 10.54 1,174
67 Centenary College of Louisiana 2.875 10/01/1999 12.82 56
52 Central Missouri State 2.875 07/01/1997 11.89 47
238 Central Missouri State 3.125 07/01/2000 11.83 194
384 Central Missouri State 3.50 07/01/2001 11.80 303
20 Central State College 2.75 12/01/1996 10.66 18
394 Central Washington University 3.50 10/01/1999 10.99 346
899 Central Washington University 3.75 10/01/2004 11.03 681
60 Chaminade College of Honolulu 3.50 10/01/2002 12.55 45
330 Chaminade College of Honolulu 3.00 10/01/2011 12.47 183
104 Champlain College 3.00 10/01/2010 12.66 58
385 Claflin College 3.00 11/01/2002 12.57 289
177 Clark College 3.00 11/01/1999 12.75 148
</TABLE>
<PAGE>
COLLEGE AND UNIVERSITY FACILITY LOAN TRUST ONE
SCHEDULE OF INVESTMENTS
May 31, 1996
(Dollar Amounts in Thousands)
(continued)
<TABLE>
<CAPTION>
Outstanding Stated Internal Amortized
Principal Interest Maturity Rate of Cost (Notes
Balance Description Rate % Date Return % 1 and 2)
- ----------- ----------- -------- -------- -------- -----------
<S> <C> <C> <C> <C> <C>
$1,100 College of Charleston 3.00 07/01/2016 12.02 $ 531
645 College of St. Thomas 3.00 04/01/2017 12.95 293
91 College of the Virgin Islands 3.50 11/01/1996 12.02 87
779 College of the Virgin Islands 3.00 10/01/2004 11.83 550
56 Colorado State University 2.75 04/01/1997 12.63 51
404 Colorado State University 3.50 04/01/2001 12.17 317
1,325 Colorado State University 3.625 04/01/2005 11.98 925
431 Community College of Rhode Island 3.00 04/01/2018 12.10 206
840 Concordia College 3.00 05/01/2011 12.64 465
103 Contra Costa College 3.00 04/01/2009 12.34 60
97 Cornell University 3.00 11/01/1999 10.84 83
420 Curry College 3.00 04/01/2010 12.74 238
---------- D ---------
30 Daemen College 3.00 10/01/1996 13.18 28
43 Dana College 3.50 04/01/2001 13.39 33
355 Daniel Webster College 3.00 04/01/2019 12.99 152
42 David Lipscomb College 3.00 11/01/1996 13.12 40
414 Dean Junior College 3.00 04/01/2016 12.96 196
67 Dillard University 3.375 04/01/2002 13.41 51
135 Dillard University 3.00 11/01/2000 12.68 109
55 Dormitory Authority of New York 3.00 07/01/1998 12.77 45
1,345 Drake University 3.00 10/01/2012 12.71 710
200 Drexel University 3.75 05/01/2000 11.72 170
---------- E ---------
576 Eckerd College 3.50 07/01/2003 12.53 416
65 Eckerd College 3.75 03/01/2005 13.04 43
192 Emory University 3.375 07/01/2002 12.59 147
365 Emory University 3.375 03/01/2003 13.25 258
505 Emporia State University 3.00 04/01/2009 12.33 299
---------- F ---------
394 Fairleigh Dickinson University 3.50 11/01/2003 11.66 295
125 Fairleigh Dickinson University 3.00 11/01/2020 12.09 56
44 Findlay College 3.375 07/01/2002 12.56 33
59 Findlay College 3.00 11/01/1997 12.96 54
445 Florida Atlantic University 3.00 07/01/2006 11.85 292
82 Florida Institute of Technology 3.00 02/01/2006 13.17 51
7 Florida Southern College 3.00 11/01/1996 13.27 7
205 Foothill College 3.00 10/01/2006 11.76 135
87 Fort Hays State University 3.00 10/01/1998 11.88 77
360 Fort Hays State University 3.375 10/01/2002 11.74 276
82 Fort Lewis College 3.125 10/01/1999 11.84 70
---------- G ---------
859 Gordon College 3.50 04/01/2013 12.84 455
1,575 Grambling State University 3.00-3.75 10/01/2005 11.70 1,106
12 Greenville College 2.875 04/01/1997 14.15 11
---------- H ---------
10 Hamline University 2.75 06/01/1996 12.82 9
169 Hampshire College 3.00 11/01/2006 12.43 109
800 Harcum Junior College 3.00 11/01/2015 12.44 396
</TABLE>
<PAGE>
COLLEGE AND UNIVERSITY FACILITY LOAN TRUST ONE
SCHEDULE OF INVESTMENTS
May 31, 1996
(Dollar Amounts in Thousands)
(continued)
<TABLE>
<CAPTION>
Outstanding Stated Internal Amortized
Principal Interest Maturity Rate of Cost (Notes
Balance Description Rate % Date Return % 1 and 2)
- ----------- ----------- -------- -------- -------- -----------
<S> <C> <C> <C> <C> <C>
$ 490 Haverford College 3.625 11/01/2013 12.29 $ 271
58 High Point College 3.375 12/01/2002 11.63 43
200 High Point College 3.00 12/01/2007 11.72 123
2,535 Howard University 3.00 06/01/2013 12.01 1,315
---------- I ---------
1,135 Indiana University 3.50 04/01/2000 11.56 939
284 Inter American University of San Juan 2.75-3.00 12/01/2001 11.63 221
1,325 Iowa State University of Ames 3.00 07/01/2007 10.63 891
---------- J ---------
500 Jackson State University 3.00 01/01/2007 12.50 308
100 Jarvis Christian College 3.50 04/01/2001 13.41 76
602 Jarvis Christian College 3.00 04/01/2019 12.96 261
37 John Carroll University 2.75 01/01/1997 14.22 33
---------- K ---------
66 Kansas Newman College 3.125 04/01/2000 13.71 54
183 Kansas Newman College 3.00 04/01/2006 13.10 114
385 Kansas State University 3.375 04/01/2002 11.79 295
134 Kansas State University 3.50 04/01/2000 11.52 111
363 Kent State University 2.875 12/01/1999 10.01 311
1,570 Kent State University 3.00 12/01/2008 10.55 1,002
200 Kenyon College 3.00 11/01/1999 10.69 173
113 Kirksville College of Kirksville, Missouri 3.125 12/01/2000 11.63 89
216 Knox College 3.00 05/01/2007 12.72 135
---------- L ---------
49 Lambuth College 3.00 05/01/1998 14.06 43
17 Lambuth College 3.00 06/01/1996 12.86 16
303 Laredo Junior College 3.00 08/01/2009 11.82 182
168 Lawrence University 3.375 04/01/2002 13.34 123
31 Lincoln College 3.00 12/01/1998 11.63 26
138 Linfield College 3.125 10/01/1999 12.80 115
685 Long Island University 3.00 06/01/2016 12.34 330
882 Long Island University 3.75 10/01/2005 12.42 608
265 Louisiana State University 3.50 07/01/2002 10.50 215
760 Louisiana State University 3.50 04/01/2002 11.10 596
257 Louisiana Tech University 3.50 04/01/2000 12.72 214
210 Loyola University - Mundelein Branch 3.125 10/01/2000 12.70 168
73 Lynchburg College 3.00 11/01/1998 12.83 63
---------- M ---------
520 McKendree College 3.00 04/01/2007 13.07 313
34 Medical College of Wisconsin 3.00 10/01/1997 13.01 31
223 Medical College of Wisconsin 3.00 10/01/1999 12.79 185
11 Menlo College 2.875 04/01/1997 14.28 10
80 Merrimack College 2.875 04/01/1999 13.83 66
801 Michigan State University 3.00 05/01/2020 10.96 396
1,660 Middlebury College 3.00 04/01/2018 12.87 838
65 Midland Lutheran College 3.50 04/01/2001 13.41 50
56 Midland Lutheran College 2.875 04/01/1999 13.77 46
260 Mississippi State University 2.75 12/01/1997 10.70 229
495 Mississippi State University 3.50 12/01/2001 10.82 396
</TABLE>
<PAGE>
COLLEGE AND UNIVERSITY FACILITY LOAN TRUST ONE
SCHEDULE OF INVESTMENTS
May 31, 1996
(Dollar Amounts in Thousands)
(continued)
<TABLE>
<CAPTION>
Outstanding Stated Internal Amortized
Principal Interest Maturity Rate of Cost (Notes
Balance Description Rate % Date Return % 1 and 2)
- ----------- ----------- -------- -------- -------- -----------
<S> <C> <C> <C> <C> <C>
$ 130 Mississippi Valley State 3.00 07/01/2008 11.89 $ 82
633 Missouri Southern State College 3.00 12/01/2008 10.56 402
386 Missouri Western State College 3.00 10/01/2008 11.77 241
515 Montclair State College 3.00 07/01/2008 11.32 326
325 Monterey Peninsula College 3.00 10/01/2018 11.95 153
125 Montreat-Anderson College 3.00 12/01/2019 12.19 57
415 Moravian College 3.00 11/01/2000 12.67 332
56 Morehouse College 2.875 07/01/1999 10.48 48
161 Morehouse College 3.375 07/01/2001 10.57 131
1,100 Morris College 3.00 11/01/2013 12.42 592
---------- N ---------
458 New England College 3.625 10/01/2013 12.37 255
1,095 New England College 3.00 04/01/2019 12.96 475
21 North Carolina Agriculture
and Technical State University 3.00 07/01/1997 9.35 20
155 North Carolina Agriculture
and Technical State University 3.75 07/01/2004 10.02 119
54 North Carolina Central University 3.00 11/01/1998 11.83 48
1,325 North Carolina State University 3.00 09/01/2006 8.02 1,031
258 North Carolina State University 3.00 09/01/1998 6.63 244
155 Northeastern University 3.00 05/01/1999 13.10 128
183 Northwest Nazarene College 3.00 11/01/2001 12.60 141
---------- O ---------
160 Occidental College 3.50 10/01/2001 12.62 125
244 Ohio Valley Hospital 3.75 10/01/2005 12.43 168
2,455 Old Dominion University 3.00 06/01/2013 11.70 1,326
179 Ouachita Baptist University 3.375 12/01/2002 11.63 133
---------- P ---------
108 Pacific University 3.50 10/01/2001 12.66 86
142 Pacific University 3.00 11/01/1999 12.75 118
75 Pan American University 3.50 10/01/2000 11.00 64
10 Paul Quinn College 3.00 09/01/1998 8.06 9
444 Pittsburg State University 3.75 04/01/2005 12.30 311
550 Point Loma Nazarene College 3.75 04/01/2005 13.05 372
84 Post College 3.00 10/01/1998 12.90 73
125 Providence Hospital 3.375 01/01/2002 11.33 96
84 Purdue University 2.75 07/01/1996 7.17 81
82 Purdue University 2.875 07/01/1996 7.06 79
840 Purdue University 3.50 07/01/2001 10.26 689
---------- R ---------
25 Reed College 2.875 10/01/1997 13.03 23
6 Regis College 3.00 11/01/1996 12.71 6
293 Riverside Hospital 3.00 04/01/2007 13.09 179
743 Rivier College 3.625 04/01/2014 12.78 390
---------- S ---------
435 San Diego State University 3.00 11/01/2021 11.93 194
910 San Francisco State University 3.00 11/01/2021 11.93 409
1,235 Sarah Lawrence College 3.00 11/01/2021 12.64 531
383 Scripps College 3.00 10/01/2005 12.51 257
</TABLE>
<PAGE>
COLLEGE AND UNIVERSITY FACILITY LOAN TRUST ONE
SCHEDULE OF INVESTMENTS
May 31, 1996
(Dollar Amounts in Thousands)
(continued)
<TABLE>
<CAPTION>
Outstanding Stated Internal Amortized
Principal Interest Maturity Rate of Cost (Notes
Balance Description Rate % Date Return % 1 and 2)
- ----------- ----------- -------- -------- -------- -----------
<S> <C> <C> <C> <C> <C>
$ 150 Simpson College 3.375 07/01/2001 12.18 $ 110
211 South Dakota State University 3.125 04/01/2000 12.76 175
1,625 South Dakota State University 3.00 04/01/2016 12.31 793
69 South Plains Junior College District 3.125 10/01/1999 11.85 59
1,495 Southeast Missouri State 3.50 04/01/2005 12.32 1,022
341 Southern Arkansas University 3.75 10/01/2004 11.76 251
365 Southern Methodist University 3.00 10/01/1998 12.87 317
65 Southern Nazarene University 3.125 04/01/2000 13.60 51
112 Spring Arbor College 3.00 11/01/2000 12.67 90
200 Springfield College 3.00 05/01/2011 12.59 111
126 St. Augustine's College 3.00 11/01/2001 12.61 98
227 St. Edward's University 3.625 04/01/2013 12.80 122
385 St. Francis College 3.50 05/01/2001 12.88 298
93 St. Mary's University of San Antonio 3.00 10/01/1997 13.01 84
561 St. Mary's University of San Antonio 3.75 11/01/2002 12.47 428
22 St. Michael's College 2.875 04/01/1997 14.19 20
250 St. Michael's College 3.00 04/01/2008 13.06 150
491 Stanford University 3.125 04/01/2002 9.82 399
305 Stanford University 3.00 05/01/1999 9.61 271
996 Stanford University 3.00 05/01/2024 10.40 474
128 Stetson University 3.50 09/01/2001 12.48 102
42 Stillman College 3.00 02/01/2007 13.24 26
2,877 Suomi College (A) 3.00 08/01/2014 12.70 1,106
205 Susquehanna University 3.00 11/01/2006 12.44 132
465 Susquehanna University 3.625 11/01/2014 12.32 251
159 Swarthmore College 3.00 11/01/2013 12.30 83
---------- T ---------
750 Taylor University 3.00 10/01/2010 12.45 424
563 Temple University 3.375 11/01/2014 11.99 308
345 Temple University 2.875 05/01/1999 13.18 284
140 Texas Christian University 3.00 04/01/1998 13.97 120
358 Texas College 3.00 04/01/2007 13.09 217
778 Texas Tech University 3.625 03/01/2013 10.80 466
5,570 Texas Tech University 3.375-3.50 03/01/2012 10.83 3,364
140 Tougaloo College 3.00 06/01/2021 12.44 60
961 Tufts University 3.625 10/01/2004 12.47 686
---------- U ---------
45 Union College 3.00 10/01/1997 10.23 42
1,976 University of Alabama 3.00 05/01/2021 12.27 866
141 University of Alaska 3.125 04/01/2001 12.63 110
251 University of Arkansas at Monticello 3.625 04/01/2004 12.40 177
39 University of Arkansas at Little Rock 2.875 04/01/1999 12.01 33
10 University of Arkansas at Pine Bluff 3.00 11/01/1996 12.14 10
35 University of Chicago 2.75 01/01/1997 14.22 31
165 University of Chicago 3.00 06/01/1998 12.59 142
51 University of Chicago 3.50 12/01/2001 11.63 39
951 University of Florida 3.00 01/01/1999 12.70 791
1,348 University of Florida 3.00 01/01/2005 12.51 894
1,335 University of Hawaii at Manoa 3.00 10/01/2006 11.76 886
</TABLE>
<PAGE>
COLLEGE AND UNIVERSITY FACILITY LOAN TRUST ONE
SCHEDULE OF INVESTMENTS
May 31, 1996
(Dollar Amounts in Thousands)
(continued)
<TABLE>
<CAPTION>
Outstanding Stated Internal Amortized
Principal Interest Maturity Rate of Cost (Notes
Balance Description Rate % Date Return % 1 and 2)
- ----------- ----------- -------- -------- -------- -----------
<S> <C> <C> <C> <C> <C>
$1,662 University of Missouri at Columbia 3.625 05/01/2004 11.63 $1,218
44 University of Missouri at Rolla 2.875 05/01/1998 12.01 39
114 University of Missouri at Rolla 3.50 05/01/2003 11.68 86
266 University of Montevallo 3.00 05/01/2023 12.30 112
159 University of Nebraska 3.00 07/01/2013 10.59 92
559 University of North Carolina 2.875-3.50 07/01/2002 10.60 449
1,535 University of North Carolina 3.00 01/01/2018 11.49 752
1,900 University of Notre Dame 3.00 04/01/2018 12.95 841
190 University of Pittsburgh 3.00 11/01/1999 9.95 166
326 University of Portland 3.00 04/01/2013 12.95 164
784 University of Rochester 3.375 10/01/2002 10.77 629
1,440 University of Rochester 3.00 10/01/2006 10.92 990
1,033 University of South Dakota 3.625 10/01/2013 11.74 590
2,565 University of South Florida 3.00 07/01/2013 11.97 1,369
329 University of Steubenville 3.375 04/01/2012 12.88 176
363 University of Steubenville 3.00 04/01/2017 12.96 165
3,092 University of Vermont 3.00 10/01/2019 12.19 1,414
74 University of Washington 2.75 08/01/1996 12.01 70
245 University of Washington 3.50 08/01/2000 11.06 204
170 Upsala College (A) 2.75 10/01/1996 12.65 155
910 Utah State University 3.50 04/01/2002 11.76 700
---------- V ---------
1,389 Vanderbilt University 3.00 08/01/2005 10.69 984
881 Vanderbilt University 3.00 06/30/2009 10.39 567
---------- W ---------
425 West Virginia Institute of Technology 3.00 06/01/1999 11.66 357
484 West Virginia Wesleyan College 3.50 05/01/2002 13.43 339
255 Western Carolina University 3.75 11/01/2001 11.67 206
1,520 Western Maryland College 3.00 11/01/2016 12.44 734
220 Western Washington University 3.00 10/01/2007 11.16 145
101 Whittier College 3.50 04/01/2001 13.53 80
---------- X ---------
620 Xavier University 3.00 10/01/2017 12.54 287
- -------- -------
124,208 Total College and University Loans 76,219
- --------
Allowance for Possible Loan Losses 625
-------
Net College and University Loans 75,594
-------
INVESTMENT AGREEMENTS (19.2%)
2,600 FNMA #787 Liquidity Fund 8.00 12/01/2014 8.00 2,600
15,373 FNMA #786 Revenue Fund 5.00 12/01/2014 5.00 15,373
- -------- -------
17,973 Total Investment Agreements 17,973
- -------- -------
$142,181 Total Investments (100.0%) $93,567
======== =======
</TABLE>
(A) This institution has been placed on nonaccrual status as more fully
described in Note 6.
<PAGE>
(Signature Page, to follow Item 79 at Screen Number 40, Page Number 33)
This report is signed on behalf of the registrant in the City of Boston
and the Commonwealth of Massachusetts on the 26th day of July, 1996.
COLLEGE AND UNIVERSITY FACILITY
LOAN TRUST ONE
By: State Street Bank and Trust
Company, not in its individual
capacity, but solely as Owner Trustee
under a Declaration of Trust dated
September 17, 1987 and Amended and
restated on September 29, 1987, and
December 4, 1989.
By: James E. Schultz
Assistant Secretary
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This Schedule contains summary financial information extracted from the
May 31, 1996 financial statements and is qualified in its entirety by reference
to such financial statements.
</LEGEND>
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> NOV-30-1996
<PERIOD-START> DEC-01-1995
<PERIOD-END> MAY-31-1996
<INVESTMENTS-AT-COST> 93567
<INVESTMENTS-AT-VALUE> 0
<RECEIVABLES> 1194
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 1317
<TOTAL-ASSETS> 96078
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 78461
<OTHER-ITEMS-LIABILITIES> 5090
<TOTAL-LIABILITIES> 83551
<SENIOR-EQUITY> 4872
<PAID-IN-CAPITAL-COMMON> 6805
<SHARES-COMMON-STOCK> 1001643
<SHARES-COMMON-PRIOR> 1001643
<ACCUMULATED-NII-CURRENT> (151)
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 12527
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 5183
<OTHER-INCOME> 0
<EXPENSES-NET> 4353
<NET-INVESTMENT-INCOME> 830
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 730
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 356
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 0
<NUMBER-OF-SHARES-REDEEMED> 0
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> (131)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 6805
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 0
<INTEREST-EXPENSE> 4067
<GROSS-EXPENSE> 4353
<AVERAGE-NET-ASSETS> 12592
<PER-SHARE-NAV-BEGIN> 7.27
<PER-SHARE-NII> .83
<PER-SHARE-GAIN-APPREC> 0
<PER-SHARE-DIVIDEND> .36
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 7.64
<EXPENSE-RATIO> .35
<AVG-DEBT-OUTSTANDING> 80593
<AVG-DEBT-PER-SHARE> 80.46
</TABLE>
