SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
-------
FORM 10-K
FOR ANNUAL AND TRANSITION REPORTS
PURSUANT TO SECTIONS 13 OR 15 (d) OF THE
SECURITIES EXCHANGE ACT OF 1934
(Mark One)
|X| ANNUAL REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE
ACT OF 1934 [$250 FEE REQUIRED FOR EACH REPORT FILED]
For the fiscal year ended March 31, 1996
-----------------------
OR
|_| TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES
EXCHANGE ACT OF 1934 [NO FEE REQUIRED]
For the transition period from ___________ to ___________
Commission file number 33-56254
Merrill Lynch Municipal ABS, Inc.
- --------------------------------------------------------------------------------
(Exact Name of registrant as specified in charter)
New York 13-369-8229
- --------------------------------------------------------------------------------
(State or other jurisdiction (IRS Employer Identification No.)
of incorporation or organization)
World Financial Center, North Tower, Ninth Floor, New York, New York 10281
- --------------------------------------------------------------------------------
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (212) 449-0670
-----------------------------
Securities registered pursuant to Section 12 (b) of the Act:
Title of each class Name of each exchange on which registered
Prerefunded Municipal Certificates, New York Stock Exchange
Series 2, due October 1, 2010
Prerefunded Municipal Certificates, New York Stock Exchange
Series 3, due October 1, 2011
Securities registered pursuant to Section 12 (g) of the Act:
________________________________________________________________________________
(Title of class)
________________________________________________________________________________
(Title of class)
[Cover page 1 of 2 pages]
<PAGE>
Indicate by check mark whether the registrant: (1) has filed all reports
required to be filed by Section 13 or 15 (d) of the Securities Exchange Act of
1934 during the preceding 12 months (or for such shorter period that the
registrant was required to file such reports), and (2) has been subject to such
filing requirements for the past 90 days. Yes |X| No |_|
Indicate by check mark if disclosure of delinquent filers pursuant to Item
405 of Regulation S-K is not contained herein and will not be contained, to the
best of registrant's knowledge, in definitive proxy or information statements
incorporated by reference in Part III of the Form 10-K or any amendment to this
Form 10-K. [X]
State the aggregate market value of the voting stock held by non-affiliates
of the registrant. The aggregate market value shall be computed by reference to
the price at which the stock was sold, or the average bid and asked prices of
such stock, as of a specified date within 60 days prior to the date of filing.
(See definition of affiliate in Rule 405).
Note. If a determination as to whether a particular person or entity is an
affiliate cannot be made without involving unreasonable effort and expense,
the aggregate market value of the common stock held by non-affiliates may
be calculated on the basis of assumptions reasonable under the
circumstances, provided that the assumptions are set forth in this form.
All the voting stock is held by affiliates of the registrant.
(APPLICABLE ONLY TO REGISTRANTS INVOLVED IN BANKRUPTCY
PROCEEDINGS DURING THE PRECEDING FIVE YEARS)
Indicate by check mark whether the registrant has filed all documents and
reports required to be filed by Section 12, 13 or 15 (d) of the Securities
Exchange Act of 1934 subsequent to the distribution of securities under a plan
confirmed by a court. Yes |_| No |_|
(APPLICABLE ONLY TO CORPORATE REGISTRANTS)
Indicate the number of shares outstanding of each of the registrant's
classes of common stock, as of the latest practicable date.
As of March 31, 1996, there are 100 shares of common stock.
DOCUMENTS INCORPORATED BY REFERENCE
List hereunder the following documents if incorporated by reference and the
Part of the Form 10-K (e.g., Part I, Part II, etc.) into which the document is
incorporated: (1) any annual report to security-holders; (2) any proxy or
information statement; and (3) any prospectus filed pursuant to Rule 424 (b) or
(c) under the Securities Act of 1933. The listed documents should be clearly
described for identification purposes (e.g., annual report to security-holders
for fiscal year ended December 24, 1980).
[Cover page 2 of 2 pages]
2
<PAGE>
PART I
Item 1. Business.
Exempt per No-Action Letter publicly available May 30, 1996.
Item 2. Properties.
Exempt per No-Action Letter publicly available May 30, 1996.
Item 3. Legal Proceedings.
None.
Item 4. Submission of Matters to a Vote of Security-Holders.
None.
PART II
Item 5. Market for Registrant's Common Equity and Related Stockholders
Matters.
(a) Number of holders of record of each Series of Certificates
as of March 31, 1996: Series 1: 48 holders;
Series 2: 57 holders;
Series 3: 77 holders.
(b) Principal market in which registrant's Certificates are
being traded:
Series 1: Over the Counter
Series 2: Over the Counter
Series 3: Over the Counter
(c) Report of Dividends:
Exempt per No-Action Letter publicly available May 30, 1996.
Item 6. Selected Financial Data.
Exempt per No-Action Letter publicly available May 30, 1996.
Item 7. Management's Discussion and Analysis of Financial Condition
and Results of Operations.
Exempt per No-Action Letter publicly available May 30, 1996.
Item 8. Financial Statements and Supplementary Data.
Exempt per No-Action Letter publicly available May 30, 1996.
Item 9. Changes in and Disagreements with Accountants on Accounting
and Financial Disclosure.
None.
3
<PAGE>
PART III
Item 10. Directors and Executive Officers of the Registrant.
Exempt per No-Action Letter publicly available May 30, 1996.
Item 11. Executive Compensation.
Exempt per No-Action Letter publicly available May 30, 1996.
Item 12. Security Ownership of Certain Beneficial Owners and Management.
Exempt per No-Action Letter publicly available May 30, 1996.
Item 13. Certain Relationships and Related Transactions.
Exempt per No-Action Letter publicly available May 30, 1996.
Item 14. Exhibits, Financial Statement Schedules, and Reports on Form 8-K.
(a) Exhibits
1. Annual Auditors' Report
2. Notice of Substitution of Defeasance Obligations
(b) Financial Statement Schedules
None.
(c) Reports on Form 8-K
Exhibits.
1. Amended statements to holders of Merrill Lynch Municipal ABS, Inc.
Prerefunded Municipal Certificates, Series 1, Series 2, Series 3 relating
to the Distribution Date of October 1, 1995.
Supplemental Information.
(a) Annual Report
None.
(b) Proxy Statement
None.
4
<PAGE>
Signatures
Pursuant to the requirements of the Section 13 or 15 (d) 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.
MERRILL LYNCH MUNICIPAL ABS, INC.
By: /s/ Edward J. Sisk
-----------------------------
Name: Edward J. Sisk
Title: Authorized Signatory
Date: December 12, 1996
5
<PAGE>
EXHIBIT INDEX
Exhibit Page
- ------- ----
1. Annual Auditors' Report 7
2. Notice of Substitution of Defeasance Obligations 10
3. Amended statements to holders of Merrill Lynch Municipal ABS, 11
Inc. Prerefunded Municipal Certificates, Series 1, Series
2, Series 3 relating to the Distribution Date of October 1,
1995, as included in Item 5 to registrant's Form 8-K (No.
33-56254) filed with the Securities and Exchange Commission on
January 31, 1997.
6
[Letterhead of Deloitte & Touche LLP]
Independent Accountants' Report on Applying Agreed-Upon Procedures
December 4, 1996
To the Management of Merrill Lynch Municipal ABS, Inc.
World Financial Center
North Tower, 9th Floor
New York, New York 10281
Dear Sirs:
We have performed the procedures requested by you, as described below, with
respect to the Merrill Lynch Municipal ABS, Inc. ("the Company") annual report
on Form 10-K for the fiscal year ended March 31, 1996 ("Form 10-K"). This
engagement to apply agreed-upon procedures was performed in accordance with
standards established by the American Institute of Certified Public Accountants.
The sufficiency of the procedures is solely the responsibility of management of
the Company. Consequently, we make no representation regarding the sufficiency
of the procedures described below either for the purpose for which this report
has been requested or for any other purpose. The procedures that we performed
and our findings are summarized as follows:
1. We inquired of the Company that the Trustee prepared and delivered the
Amended Statements to Holders of Merrill Lynch Municipal ABS, Inc.
Prerefunded Municipal Certificates, Series 1, Series 2, and Series 3
Relating to the Distribution Date of October 1, 1995, statements (see
Exhibit 3) setting forth, relating to that distribution date, on a class by
class basis the following information:
(i) The amount of interest, principal and premium received in connection
with that distribution date.
(ii) The amount of interest, principal and premium distributed to holders
of each class of certificates.
(iii) The amount of any Trustee's fee payable on that distribution date.
<PAGE>
(iv) If the interest payments received by the Trustee with respect to the
Prefunded Bonds of an issue are insufficient to make the required
interest distributions with respect to the certificates related
thereto, the aggregate amount of all interest shortfalls on the
distribution date and the amount of interest shortfall allocated to
each certificate class.
(v) If any loss is incurred with respect to the Prefunded Bonds, the
aggregate amount of all losses on distribution date and the allocation
of the losses to each certificate class.
(vi) The aggregate amount of accrued interest remaining unpaid, if any, for
each class of certificates and after giving the effect to the
distribution made to each class on the distribution date.
(vii) The aggregate certificate amount of each class of certificates after
giving effect to the distribution made on such distribution date and
to losses allocated on such distribution date.
We found no exceptions as a result of these procedures.
2. We proved the arithmetic accuracy of the collection and distribution of
payments received on the Prefunded Bonds in the related Trust during the
preceding year and found no exceptions.
3. We compared the Amended Statements to Holders of Merrill Lynch Municipal
ABS, Inc. delivered to holders of Certificates during the preceding year to
the requirements in the Agreement between the Company and Certificate
Holders and found no exceptions.
4. We proved the arithmetic accuracy of the dollar amounts, shown in the
Amended Statements to Holders of Merrill Lynch Municipal ABS, Inc. in the
Form 10-K and found no exceptions.
5. We inquired of the Secretary whether there were any other significant
events or actions taken during or subsequent to March 31, 1996 not
reflected in the Form 10-K or the minutes and the agendas of the Company's
Board of Directors and committees thereof. We were informed that no such
events or actions had occurred.
We were not engaged to, and did not, perform an audit, the objective of which
would be the expression of an opinion on the specified amounts included in Form
10-K. Accordingly, we do not express such an opinion. Had we performed
additional procedures, other matters might have come to our attention that would
have been reported to you.
<PAGE>
This report is intended solely for the use of management and should not be used
by those who have not agreed to the procedures and taken responsibility for the
sufficiency of the procedures for their purposes. We are aware that this report
is to be filed with The Securities and Exchange Commission as part of the Form
10-K of Merrill Lynch Municipal ABS, Inc. for the fiscal year ended March 31,
1996 and therefore is a matter of public record.
Yours truly,
/s/ Deloitte & Touche LLP
Exhibit 2
On October 11, 1996, Trust Company Bank (Tel: 404-588-7819), the escrow trustee
for the prerefunded bonds underlying Merrill Lynch Municipal ABS, Inc.
Prerefunded Municipal Certificates, Series 1, Series 2 and Series 3, upon
inquiry by the registrant, reported that no substitution of defeasance
obligations in the escrow for each of the related maturity of bonds has
occurred.
Exhibit 3
Amended Statements to Holders of Merrill Lynch Municipal ABS, Inc.
Prerefunded Municipal Certificates, Series 1, Series 2 and Series 3
relating to the Distribution Date of October 1, 1995
<PAGE>
[Letterhead of Bankers Trust Company]
Kerstin Stanley
Merrill Lynch
Re: Merrill Lynch Municipal ABS, Inc.
Prerefunded Municipal Certificates Series 1, 2, and 3
Kerstin:
For the above referenced issues, the principal and interest information for the
October 1995 payment date is attached. All other relevant information is as
follows:
Premium on Bonds None
Trustee Fees Payable None
Interest Shortfall on Bonds None
Aggregate shortfall on Bonds None
Accrued Interest undistributed to holders None
Accrued Principal undistributed to holders None
Underlying Bonds on issues Attached
Should you have any questions please call me at (212) 250-6378.
Thank You,
/s/ James A. Odorczuk
enc.
<PAGE>
[Letterhead of Bankers Trust Company]
October 2, 1995
Merrill Lynch
World Financial Center
North Towers - 9th Floor
250 Vesey Street
New York, NY 10281-1309
Attn: Robert Sheybani
The Depository Trust Company
7 Hanover Square - 2nd Floor
New York, NY 10004
Attn: Shandon Chakaraburty
Re: Merrill Lynch Municipal ABS, Inc.
Prerefunded Municipal Certificates Series 1, 2, and 3
Gentlemen:
Pursuant to Section 4.03 of the Trust Agreement dated as of March 28, 1995,
Bankers Trust Company as Trustee for the above-referenced bond issues, hereby
notifies you of the debt service payments for each Series due October 1, 1995
(payable on October 2nd). Attached is a payment schedule for each Series.
If you have any questions, please feel free to call Barbara Kaczmar at (212)
250-6378 or myself directly.
Very truly yours,
/s/ Joanne Adamis
Joanne Adamis
Assistant Vice President
Attachment
<PAGE>
SERIES 1 CERTIFICATES
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------------------------------------
Certificate Interest Principal
Class Maturity CUSIP Certificate Certificate Amount Amount
Number Date Number Rate Amount Due Due
- -------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
1 10/1/95 021433DV6 4.35 75,000.00 1,631.25 75,000.00
- -------------------------------------------------------------------------------------------------------------
2 4/1/96 021433DW4 4.65 75,000.00 1,743.75 0.00
- -------------------------------------------------------------------------------------------------------------
3 10/1/96 021433 DX2 4.65 80,000.00 1,860.00 0.00
- -------------------------------------------------------------------------------------------------------------
4 4/1/97 021433 DY0 4.70 80,000.00 1,880.00 0.00
- -------------------------------------------------------------------------------------------------------------
5 10/1/97 021433 DZ7 4.70 85,000.00 1,997.50 0.00
- -------------------------------------------------------------------------------------------------------------
6 4/1/98 O21433 EA1 4.80 85,000.00 2,040.00 0.00
- -------------------------------------------------------------------------------------------------------------
7 10/1/98 021433 EB9 4.80 85,000.00 2,040.00 0.00
- -------------------------------------------------------------------------------------------------------------
8 4/1/99 021433 EC7 4.90 90,000.00 2,205.00 0.00
- -------------------------------------------------------------------------------------------------------------
9 10/1/99 021433 ED5 4.90 90,000.00 2,205.00 0.00
- -------------------------------------------------------------------------------------------------------------
10 4/1/00 021433 EE3 5.00 95,000.00 2,375.00 0.00
- -------------------------------------------------------------------------------------------------------------
11 10/1/00 021433 EF0 5.00 95,000.00 2,375.00 0.00
- -------------------------------------------------------------------------------------------------------------
12 4/1/01 021433 EG8 5.00 100,000.00 2,500.00 0.00
- -------------------------------------------------------------------------------------------------------------
13 10/1/01 021433 EH6 5.00 100,000.00 2,500.00 0.00
- -------------------------------------------------------------------------------------------------------------
14 4/1/02 021433 EJ2 5.10 105,000.00 2,677.50 0.00
- -------------------------------------------------------------------------------------------------------------
15 10/1/02 021433 EK9 5.10 295,000.00 7,522.50 0.00
- -------------------------------------------------------------------------------------------------------------
16 4/1/03 021433 EL7 5.10 100,000.00 2,550.00 0.00
- -------------------------------------------------------------------------------------------------------------
17 10/1/03 021433 EM5 5.10 320,000.00 8,160.00 0.00
- -------------------------------------------------------------------------------------------------------------
18 4/1/04 021433 EN3 5.20 95,000.00 2,470.00 0.00
- -------------------------------------------------------------------------------------------------------------
19 10/1/04 021433 EP8 5.20 340,000.00 8,840.00 0.00
- -------------------------------------------------------------------------------------------------------------
20 4/1/05 021433 EQ6 5.25 95,000.00 2,493.75 0.00
- -------------------------------------------------------------------------------------------------------------
21 10/1/05 021433 ER4 5.25 360,000.00 9,450.00 0.00
- -------------------------------------------------------------------------------------------------------------
22 10/1/08 021433 EX1 5.50 1,495,000.00* 41,112.50 0.00
- -------------------------------------------------------------------------------------------------------------
23 10/1/10 021433 FB8 5.60 1,130,000.00* 31,640.00 0.00
- -------------------------------------------------------------------------------------------------------------
24 10/1/12 021433 FF9 5.70 1,200,000.00* 34,200.00 0.00
- -------------------------------------------------------------------------------------------------------------
RI 10/1/12 021433 FG7 Variable 80,682.00 Residual --> 151.00
- -------------------------------------------------------------------------------------------------------------
TOTAL $6,750,682.00 $178,468.75 $75,151.00
- -------------------------------------------------------------------------------------------------------------
</TABLE>
**** Information as of 9/30/95
**** Underlying Bond-Altamonte Springs FLA Authority
13.125% 10/01/12, $3,910,000
<PAGE>
SERIES 2 CERTIFICATES
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------------------------------------
Certificate Interest Principal
Class Maturity CUSIP Certificate Certificate Amount Amount
Number Date Number Rate Amount Due Due
- --------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
1 10/1/95 70252BAP8 4.35 190,000.00 4,132.50 190,000
- --------------------------------------------------------------------------------------------------------------
2 4/1/96 70252BAQ6 4.65 200,000.00 4,650.00 0.00
- --------------------------------------------------------------------------------------------------------------
3 10/1/96 70252B AR4 4.65 205,000.00 4,766.25 0.00
- --------------------------------------------------------------------------------------------------------------
4 4/1/97 70252B AS2 4.70 210,000.00 4,935.00 0.00
- --------------------------------------------------------------------------------------------------------------
5 10/1/97 70252B AT0 4.70 215,000.00 5,052.50 0.00
- --------------------------------------------------------------------------------------------------------------
6 4/1/98 70252B AU7 4.80 220,000.00 5,280.00 0.00
- --------------------------------------------------------------------------------------------------------------
7 10/1/98 70252B AV5 4.80 225,000.00 5,400.00 0.00
- --------------------------------------------------------------------------------------------------------------
8 4/1/99 70252B AW3 4.90 230,000.00 5,635.00 0.00
- --------------------------------------------------------------------------------------------------------------
9 10/1/99 70252B AX1 4.90 240,000.00 5,880.00 0.00
- --------------------------------------------------------------------------------------------------------------
10 4/1/00 70252B AY9 5.00 245,000.00 6,125.00 0.00
- --------------------------------------------------------------------------------------------------------------
11 10/1/00 70252B AZ6 5.00 250,000.00 6,250.00 0.00
- --------------------------------------------------------------------------------------------------------------
12 4/1/01 70252B BA0 5.00 255,000.00 6,375.00 0.00
- --------------------------------------------------------------------------------------------------------------
13 10/1/01 70252B BB8 5.00 265,000.00 6,625.00 0.00
- --------------------------------------------------------------------------------------------------------------
14 4/1/02 70252B BC6 5.10 270,000.00 6,885.00 0.00
- --------------------------------------------------------------------------------------------------------------
15 10/1/02 70252B BD4 5.10 795,000.00 20,272.50 0.00
- --------------------------------------------------------------------------------------------------------------
16 4/1/03 70252B BE2 5.10 265,000.00 6,757.50 0.00
- --------------------------------------------------------------------------------------------------------------
17 10/1/03 70252B BF9 5.10 860,000.00 21,930.00 0.00
- --------------------------------------------------------------------------------------------------------------
18 4/1/04 70252B BG7 5.20 250,000.00 6,500.00 0.00
- --------------------------------------------------------------------------------------------------------------
19 10/1/04 70252B BH5 5.20 925,000.00 24,050.00 0.00
- --------------------------------------------------------------------------------------------------------------
20 4/1/05 70252B BJ1 5.25 240,000.00 6,300.00 0.00
- --------------------------------------------------------------------------------------------------------------
21 10/1/05 70252B BK8 5.25 1,000,000.00 26,250.00 0.00
- --------------------------------------------------------------------------------------------------------------
22 10/1/08 70252B BP7 5.40 2,255,000.00 60,885.00 0.00
- --------------------------------------------------------------------------------------------------------------
23 10/1/10 70252B BV4 5.60 5,000,000.00 140,000.00 0.00
- --------------------------------------------------------------------------------------------------------------
24 10/1/12 70252B BZ5 5.70 1,915,000.00 54,577.50 0.00
- --------------------------------------------------------------------------------------------------------------
RI 10/1/12 70252B CA9 Variable 107,349.00 Residual --> 3,467.00
- --------------------------------------------------------------------------------------------------------------
TOTAL $16,832,349.00 $445,513.75 $193,467.00
- --------------------------------------------------------------------------------------------------------------
</TABLE>
**** INFORMATION AS OF 9/30/95
**** Pasco County FLA Health Facilities
13.125% 10/01/12, $9,850,000
<PAGE>
SERIES 3 CERTIFICATES
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------------------------------------
Certificate Interest Principal
Class Maturity CUSIP Certificate Certificate Amount Amount
Number Date Number Rate Amount Due Due
- --------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
1 10/1/95 684503TB1 4.35 795,000.00 17,291.25 795,000
- --------------------------------------------------------------------------------------------------------------
2 4/1/96 684503TC9 4.65 845,000.00 19,646.25 0.00
- --------------------------------------------------------------------------------------------------------------
3 10/1/96 684503 TD7 4.65 865,000.00 20,111.25 0.00
- --------------------------------------------------------------------------------------------------------------
4 4/1/97 684503 TE5 4.70 885,000.00 20,797.50 0.00
- --------------------------------------------------------------------------------------------------------------
5 10/1/97 684503 TF2 4.70 905,000.00 21,267.50 0.00
- --------------------------------------------------------------------------------------------------------------
6 4/1/98 684503 TGO 4.80 925,000.00 22,200.00 0.00
- --------------------------------------------------------------------------------------------------------------
7 10/1/98 684503 TH8 4.80 945,000.00 22,680.00 0.00
- --------------------------------------------------------------------------------------------------------------
8 4/1/99 684503TJ4 4.90 970,000.00 23,765.00 0.00
- --------------------------------------------------------------------------------------------------------------
9 10/1/99 684503 TK1 4.90 995,000.00 24,377.50 0.00
- --------------------------------------------------------------------------------------------------------------
10 4/1/00 684503 TL9 5.00 1,020,000.00 25,500.00 0.00
- --------------------------------------------------------------------------------------------------------------
11 10/1/00 684503 TM7 5.00 1,045,000.00 26,125.00 0.00
- --------------------------------------------------------------------------------------------------------------
12 4/1/01 684503 TN5 5.00 1,070,000.00 26,750.00 0.00
- --------------------------------------------------------------------------------------------------------------
13 10/1/01 684503 TP0 5.00 1,095,000.00 27,375.00 0.00
- --------------------------------------------------------------------------------------------------------------
14 4/1/02 684503 TQ8 5.10 1,125,000.00 28,687.50 0.00
- --------------------------------------------------------------------------------------------------------------
15 10/1/02 684503 TR6 5.10 3,190,000.00 81,345.00 0.00
- --------------------------------------------------------------------------------------------------------------
16 4/1/03 684503 TS4 5.10 1,100,000.00 28,050.00 0.00
- --------------------------------------------------------------------------------------------------------------
17 10/1/03 684503 TT2 5.10 3,425,000.00 87,337.50 0.00
- --------------------------------------------------------------------------------------------------------------
18 4/1/04 684503 TU9 5.20 1,065,000.00 27,690.00 0.00
- --------------------------------------------------------------------------------------------------------------
19 10/1/04 684503 TV7 5.20 3,675,000.00 95,550.00 0.00
- --------------------------------------------------------------------------------------------------------------
20 4/1/05 684503 TX3 5.25 4,975,000.00 130,593.75 0.00
- --------------------------------------------------------------------------------------------------------------
21 10/1/06 684503 TZ8 5.30 5,225,000.00 138,462.50 0.00
- --------------------------------------------------------------------------------------------------------------
22 10/1/07 684503 UB9 5.40 5,480,000.00 147,960.00 0.00
- --------------------------------------------------------------------------------------------------------------
23 10/1/08 684503 UD5 5.50 5,785,000.00 159,087.50 0.00
- --------------------------------------------------------------------------------------------------------------
24 10/1/09 684503 UF0 5.60 6,085,000.00 170,380.00 0.00
- --------------------------------------------------------------------------------------------------------------
25 10/1/10 684503 UH6 5.60 6,410,000.00 179,480.00 0.00
- --------------------------------------------------------------------------------------------------------------
26 10/1/11 684503 UK9 5.70 6,750,000.00 192,375.00 0.00
- --------------------------------------------------------------------------------------------------------------
27 10/1/12 684503 UM5 5.70 4,910,000.00 139,935.00 0.00
- --------------------------------------------------------------------------------------------------------------
RI 10/1/12 684503 UN3 Variable 77,137.00 Residual --> 1,714.00
- --------------------------------------------------------------------------------------------------------------
TOTAL $71,637,137.00 $1,904,820.00 $796,714.00
- --------------------------------------------------------------------------------------------------------------
</TABLE>
**** Information as of 9/30/95
**** Underlying Bond-Orange County FLA Health Facilities
13.125%, 10/01/12, $41,650,000
