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SIGNATURE JAMES E. SCHULTZ
TITLE ASST. SECRETARY
<PAGE>
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 TWO
By: State Street Bank and Trust
Company, not in its individual
capacity, but solely as Owner Trustee
under a Declaration of Trust dated
March 11, 1988 and amended and
restated on May 12, 1988, 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> 217202
<INVESTMENTS-AT-VALUE> 0
<RECEIVABLES> 2056
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 1223
<TOTAL-ASSETS> 220481
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</TABLE>
