N-CSRS

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number: 811-05291

College and University Facility Loan Trust One

(Exact name of registrant as specified in charter)

c/o U.S. Bank One Federal Street Boston, MA 02110
(Address of principal executive offices) (Zip code)

Laura S Cawley
U.S. Bank Corporate Trust Services
One Federal Street
Boston, MA 02110
(Name and address of agent for service)

Registrant’s telephone number, including area code: (617) 603-6452

Date of fiscal year end: November 30

Date of reporting period: December 1, 2010 — May 31, 2011

ITEM 1. REPORT TO STOCKHOLDERS.

College and University
Facility Loan Trust One

Financial Statements
As of and for the Period Ended May 31, 2011

College and University
Facility Loan Trust One

Statement of Assets and Liabilities

May 31,	2011
Assets:
Investments, at amortized cost, net of allowance for loan losses of $454,000 (Notes 1, 2, 6, 7 and 8)	$	19,064,595
Cash		50,000
Interest receivable		405,254
Deferred bond issuance costs (Note 2)		36,630
Prepaid expenses		17,982
Total assets		19,574,461
Liabilities:
Bonds payable (Notes 3 and 8)		8,409,034
Bond interest payable (Note 3)		443,577
Accrued expenses and other liabilities		166,019
Distributions payable to Class B certificateholders (Note 5)		872,228
Total liabilities		9,890,858
Net Assets:
Class B certificates, par value $1 - authorized, issued and outstanding — 1,001,643 certificates (Note 5)		1,001,643
Distributions in excess of tax earnings (Note 2)		(834,039	)
Additional paid-in capital		9,515,999
Net assets	$	9,683,603
Net asset value per Class B certificate (based on 1,001,643 certificates outstanding)	$	9.67

The accompanying notes are an integral part of these financial statements.

3

College and University
Facility Loan Trust One

Statement of Operations

Six months ended May 31,	2011
Investment income:
Interest income	$	1,134,401
Expenses:
Interest expense (Note 3)		454,612
Servicer fees (Note 4)		4,782
Trustee fees (Note 4)		36,393
Other trust and bond administration expenses		146,425
Total expenses		642,212
Net investment income		492,189
Decrease in provision for loan losses (Note 6)		—
Net increase in net assets resulting from operations	$	492,189

The accompanying notes are an integral part of these financial statements.

4

College and University
Facility Loan Trust One

Statement of Cash Flows

Six months ended May 31,	2011
Cash flows from operating activities:
Reconciliation of net increase in net assets resulting from operations to net cash provided by operating activities:
Net increase in net assets resulting from operations	$	492,189
Decrease in loan principal balance		2,092,621
Amortization of purchase discount on Loans		(657,122	)
Decrease in investment agreements		(3,932	)
Decrease in interest receivable		63,302
Increase in prepaid expenses		(17,982	)
Amortization of deferred bond issuance costs		11,035
Decrease in Bond interest payable		(67,542	)
Increase in payable to Trustees		14,271
Increase in accrued expenses and other liabilities		1,823
Net cash provided by operating activities	$	1,928,663
Cash flows from financing activities:
Principal repayments on Bonds		(1,280,429	)
Distributions to Class B certificateholders		(648,234	)
Net cash used in financing activities		(1,928,663	)
Net decrease in cash		—
Cash, beginning of year		50,000
Cash, end of year	$	50,000
Supplemental cash flow information cash paid for interest on bonds	$	511,119

The accompanying notes are an integral part of these financial statements.

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College and University
Facility Loan Trust One

Statements of Changes in Net Assets

	Six Months
	Ended			Year Ended
	May 31,			November 30,
	2011			2010
From operations:
Net investment income	$	492,189		$	701,303
Decrease in provision for loan losses		—			126,000
Net increase in net assets applicable to Class B certificateholders resulting from operations		492,189			827,303
Distributions to Class B certificateholders from:
Tax return of capital (Note 5)		(872,228	)		(789,468	)
Net increase (decrease) in net assets		(380,039	)		37,835
Net assets:
Beginning of year		10,063,642			10,025,807
End of year	$	9,683,603		$	10,063,642

The accompanying notes are an integral part of these financial statements.

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College and University
Facility Loan Trust One

Financial Highlights

	Six Months
	Ended
	May 31,			Years Ended November 30,
	2011			2010			2009			2008			2007			2006
	(Unaudited)			(Audited)
Net asset value, beginning of period	$	10.05		$	10.01		$	10.34		$	10.45		$	10.52		$	10.86
Net investment income		.49			.70			.70			.50			.84			.66
(Increase) decrease in provision for loan losses		—			.13			(.12	)		—			.10			.10
Distributions to Class B certificateholders from tax return of capital		(.87	)		(.79	)		(.91	)		(.61	)		(1.01	)		(1.10	)
Net asset value, end of period	$	9.67		$	10.05		$	10.01		$	10.34		$	10.45		$	10.52
Total investment return (a)		N/A			N/A			N/A			N/A			N/A			N/A
Net assets applicable to Class B certificates, end of period	$	9,683,603		$	10,063,642		$	10,025,807		$	10,354,920		$	10,470,620		$	10,540,720
Ratios and Supplemental Data:
Ratio of operating expenses to average net assets applicable to Class B certificates		13.01%	(c)		14.82	%(b)		17.35	% (b)		21.08	% (b)		23.47	% (b)		26.24	% (b)
Ratio of net investment income to average net assets applicable to Class B certificates		4.98	%		6.98	%		5.89	%		4.79	%		8.00	%		6.20	%
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

(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. In addition, as the Trust did not purchase or sell investments during the periods presented, “Portfolio turnover” would have been 0% for all periods presented.
(b)	Excluding interest expense, the ratio of operating expenses to average net assets applicable to Class B certificates was 3.80%(c), 3.65%, 3.40%, 4.60%, 4.28% and 4.24% in 2011, 2010, 2009, 2008, 2007 and 2006, respectively.
(c)	Annualized.

The accompanying notes are an integral part of these financial statements.

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College and University
Facility Loan Trust One

Notes to Financial Statements
Period Ended May 31, 2011

1.	Organization and Business
	College and University Facility Loan Trust One (the 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 Bank of Boston (the Owner Trustee), succeeded by State Street Bank and Trust Company, succeeded by US Bank (successor Owner Trustee), not in its individual capacity but solely 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 (at maturity) of $126,995,000. The Bonds constitute full recourse obligations of the Trust. The collateral securing the Bonds consists primarily of a pool of loans made to college and university facilities (the “Loans”) and certain other 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 Bank of New York Mellon, National Association, as successor in interest to J.P. Morgan Trust Company, National Association, as successor in interest to Bank One Trust Company, NA, formerly 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 are managed by the Bond Trustee in various fund accounts and are invested under investment agreements (see Note 2) as specified in the Indenture.

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College and University
Facility Loan Trust One

Notes to Financial Statements
Period Ended May 31, 2011

1.	Organization and Business (Continued)
	All payments on the Loans and earnings under the 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 in 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 Class B certificateholders, as discussed in Note 5.
2.	Summary of Significant Accounting Policies
	(a) College and University Facility Loans
	The Loans were purchased by the Trust at amounts below the par value of the Loans. Pursuant to a “no-action letter” that the Trust received from the Securities and Exchange Commission, the Loans were recorded at the discounted value below par and are being accounted for under the amortized cost method of accounting, net of any allowance for loan losses. 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. Upon a Loan prepayment, the remaining discount is recognized as interest income. The remaining balance of the purchase discount on the Loans as of May 31, 2011 was approximately $3,584,000. For the six months ended May 31, 2011 the trust recognized approximately $622,000 of interest income related to the amortization of the purchase discount. As a result of prepayments of Loans during the six months ended May 31, 2011, additional interest income of approximately $266,000 was recognized in the statement of operations.

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College and University
Facility Loan Trust One

Notes to Financial Statements
Period Ended May 31, 2011

2.	Summary of Significant Accounting Policies (Continued)
	(a) College and University Facility Loans (Continued)
	Accounting Standard Codification (“ASC”) Topic 820 Fair Value Measurements and Disclosures (“ASC 820”), requires that the Loans be accounted for at fair value. However, management believes that the amortized cost method of accounting, net of any allowance for loan losses, best serves the informational needs of the users of the Trust’s financial statements.
	The Trust records an allowance for loan losses based on the Trust’s evaluation of collectability of the Loans within the portfolio. The Loans are classified into three separate pools based on risk and collection performance. The pools are then assigned a reserve percentage based on risk and other factors and a reserve is systematically calculated for the pools:
	(1) General — Loans are performing on a timely basis and where there is no information that leads the Trust to reclassify to a different risk pool.
	(2) Substandard — Loans are generally classified into this category resulting from either historical collection issues or administrative issues with receiving collection that have been on-going. Loans in this pool are not considered uncollectible but due to collection issues, a higher reserve percentage is applied due to the risk profile of this pool.
	(3) Doubtful — A Loan is considered doubtful when, based on current information and events, it is probable that the Trust will be unable to collect all amounts due in accordance with the contractual terms of the Loan agreement. Loans in this category are generally assigned a 100% reserve unless facts and circumstances provide evidence that some level of collectability exists. At May 31, 2011, there were no recorded investments in Loans that are considered to be doubtful.

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College and University
Facility Loan Trust One

Notes to Financial Statements
Period Ended May 31, 2011

2.	Summary of Significant Accounting Policies (Continued)
	(a) College and University Facility Loans (Continued)
	As credit quality for an individual Loan changes, the Loan would be evaluated for reclassification to a different risk pool as described above. Risk ratings to the existing pools may be adjusted based on qualitative factors including, among others, general economic and business conditions, credit quality trends, and specific industry conditions. There are inherent uncertainties with respect to the final outcome of Loans and as such, actual losses may differ from the amounts reflected in the financial statements and could be material.
	(b) Interest Income
	The Trust records interest on the Loans as earned. The Loans generally require interest payments on a semiannual basis with rates of interest ranging from 3% to 3.63%. The Trust recognizes purchase discount as interest income on the effective interest method.
	The Trust’s policy is to generally discontinue the accrual of interest on Loans for which payment of principal or interest is 180 days or more past due or for other such Loans if management believes the collection of interest and principal is doubtful. Due to the nature of the loan investments in the Trust, there are instances where payment of the loans and related interest may not be received by the Trust due to documentation issues that require time for the Trust to resolve. In those circumstances, where the past due loan is greater than 180 days but the Trust has concluded it is not a credit issue, the accrual of interest or the accretion of interest discount may continue to be recorded as the Trust believes these amounts to be collectable. 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 generally recognized when received. Payments are generally applied to interest first, with the balance, if any, applied to principal. At May 31, 2011, no Loans have been placed on nonaccrual status.

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College and University

Facility Loan Trust One

Notes to Financial Statements
Period Ended May 31, 2011

2.	Summary of Significant Accounting Policies (Continued)
	(c) Other Investments
	Other investments, which are included in investments in the accompanying statement of assets and liabilities, 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 amortized cost. These investment agreements terminate on the earlier of December 1, 2014 or the date on which the Bonds are paid-in-full. Please see Note 8 for discussion of fair value measurement of these investments.
	ASC 820 requires that the investments be accounted for under the fair value method of accounting. However, management believes that the amortized cost method of accounting best serves the informational needs of the users of the Trust’s financial statements.
	(d) 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.
	As of May 31, 2011, the Trust had no uncertain tax positions that would require financial statement recognition, de-recognition, or disclosure.
	The Trust’s federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service.

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College and University

Facility Loan Trust One

Notes to Financial Statements
Period Ended May 31, 2011

2.	Summary of Significant Accounting Policies (Continued)
	(e) Deferred Bond Issuance Costs
	Deferred bond issuance costs are being amortized using the effective interest-rate method, assuming that all mandatory semiannual payments will be made on the Bonds as discussed in Note 3.
	(f) Presentation of Capital Distributions
	Capital distributions are accounted for in accordance with FASB ASC Topic 946 Investment Company, (“ASC 946”). ASC 946 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.
	As of November 30, 2010, all tax earnings and profits have been distributed. Accordingly, all accumulated undistributed net investment income has been reclassified to additional paid-in capital. This reclassification results from permanent book and tax differences such as the receipt of tax-exempt interest income on certain Loans, the related interest expense on the Bonds, and the accretion of purchase discount on the Loans. Amounts deducted for the loan loss reserve are not currently deductible for tax purposes and have been reclassified as an accumulated deficit. These reclassifications had no impact on the net investment income or net assets of the Trust.
	The Trust expects to have a tax return of capital for the fiscal year ending November 30, 2011; however, the amount cannot be reasonably estimated at May 31, 2011.

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College and University

Facility Loan Trust One

Notes to Financial Statements
Period Ended May 31, 2011

2.	Summary of Significant Accounting Policies (Continued)
	(g) Use of Estimates
	The preparation of financial statements in conformity with GAAP requires the Trust to make estimates, judgments and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses, and related disclosure of contingent assets and liabilities at the date of the financial statements and for the period then ended. On an on-going basis, the Trust evaluates the estimates used, including those related to the allowance for loan losses. The Trust bases its estimates on historical experience, current conditions and various other assumptions that the Trust believes to be reasonable under the circumstances. These estimates form the basis for making judgments about the carrying values of assets and liabilities and are not readily apparent from other sources. These estimates are used to assist the Trust in the identification and assessment of the accounting treatment necessary with respect to commitments and contingencies. Actual results may differ from these estimates under different assumptions or conditions and differences could be material.
	(h) Statement of Cash Flows
	The cash amount shown in the Statement of Cash Flows of the Trust is the amount included in the Trust’s Statement of Assets and Liabilities and represents the cash on hand and does not include any short-term investments.
	(i) Risk Factors
	The Trust’s investments are subject to the following:
	Market Risk
	Market risk represents the potential loss that can be caused by a change in the fair value of the financial instrument.

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College and University
Facility Loan Trust One

Notes to Financial Statements
Period Ended May 31, 2011

2.	Summary of Significant Accounting Policies (Continued)
	(i) Risk Factors (continued)
	Credit Risk
	The Trust is subject to credit risk if the counterparties failed to perform pursuant to the terms of their agreements with the Trust. The Trust’s investments are held in escrow by The Bank of New York Mellon, National Association, (the “Trustee”). The Trustee has custody of the Trust’s investments. The Trust is subject to counterparty risk to the extent that the Trustee may be unable to fulfill its obligations to the Trust. Loan payments made to the Trust are received and processed by a third party servicer. The Trust is subject to counterparty risk to the extent that the servicer may be unable to fulfill its obligations to the Trust.
	Prepayment Risk
	Most of the Loans held by the Trust allow for prepayment of principal without penalty. As such, the Trust is subject to prepayment risk, which could negatively impact future earnings.
	(j) Indemnification
	Under the Trust’s organizational documents, its Trustees may be indemnified against certain liabilities and expenses arising out of the performance of their duties to the Trust, and certificateholders’ are indemnified against personal liability for the obligations of the Trust. Additionally, in the normal course of business, the Trust may enter into agreements with service providers that may contain indemnification clauses. The Trust’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Trust that have not yet occurred.

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College and University
Facility Loan Trust One

Notes to Financial Statements
Period Ended May 31, 2011

2.	Summary of Significant Accounting Policies (Continued)
	(k) Recent Accounting Pronouncements
	In July 2010, the FASB issued Accounting Standards Update No. 2010-20 which amends Receivables (Topic 310) (“ASU No. 2010-20”). ASU No. 2010-20 is intended to provide additional information to assist financial statement users in assessing an entity’s risk exposures and evaluating the adequacy of its allowance for credit losses. The disclosures as of the end of a reporting period are effective for interim and annual reporting periods ending on or after December 15, 2010. The disclosures about activity that occurs during a reporting period are effective for interim and annual reporting periods beginning on or after December 15, 2010. The adoption of ASU No. 2010-20 did not have a significant impact on the financial statements.
	In May 2011, the FASB issued ASU 2011-04, “Fair Value Measurement (Topic 820): Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and International Financial Reporting Standards (“IFRS”)”. This ASU represents the converged guidance of U.S. GAAP and IFRS on the consistent meaning of the term “fair value” and requirements for fair value measurements and disclosures. The amendments to this ASU are to be applied prospectively, and are effective for annual periods beginning after December 15, 2011.
3.	Bonds The Bonds outstanding at May 31, 2011 consist of the following:

					Principal
	Interest			Stated	Amount
Type	Rate			Maturity	(000’s)
Term		10.55	%	December 1, 2014	$	8,409

The Bonds are being redeemed, in part, on a pro rata basis by application of mandatory semiannual payments. 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 1, 2011, the Trust made the mandatory redemption of $1,381,827 on the Bonds. The average amount of bond principal outstanding for the period ended May 31, 2011 was approximately $9,730,000.

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College and University
Facility Loan Trust One

Notes to Financial Statements
Period Ended May 31, 2011

3. Bonds (Continued)

The aggregate scheduled maturities of the Bonds, including the scheduled mandatory redemptions at May 31, 2011, are as follows:

	Amount
Fiscal Year	(000’s)
|
2011	$	1,382
2012		2,359
2013		2,121
2014		1,767
2015		780
Total	$	8,409

The Bonds are not subject to optional redemption by either the Trust or the bondholders.

In the event the Trust realizes negative cash flows, reserves held in the liquidity and 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. See Note 8 for balances in the respective funds.

The cash flows from the June 1, 2011 bond payment date were sufficient to satisfy the maximum reserve fund requirement of $3,771,167, as required by the Indenture.

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College and University
Facility Loan Trust One

Notes to Financial Statements
Period Ended May 31, 2011

4.	Administrative Agreements
	(a) Servicer
	As compensation for the services provided under the servicing agreement, Berkadia Commercial Mortgage LLC (“Servicer”), formerly Capmark Finance, Inc. receives a servicing fee. This fee is earned on each date of payment for each Loan and is equal to 0.055 of 1% of the outstanding principal balance of such Loan divided by the number of payments of principal and interest in a calendar year. For the six months ended May 31, 2011, this fee totaled $4,782 Additionally, per the servicing agreement, the Servicer shall be reimbursed for certain expenditures incurred related to inspection of mortgaged property. For the six months ended May 31, 2011, the Servicer was reimbursed $0.
	(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:

• The Owner Trustee, in its capacities as manager of the Trust and as Owner Trustee earned fees of $8,518 and $9,464, respectively, in accordance with the Declaration of Trust agreement, for the six months ended May 31, 2011. In addition, the Owner Trustee incurred $16,054 of out-of-pocket expenses.

• The Bond Trustee is entitled to an annual fee equal to 0.025 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 Bond Trustee is also reimbursed for out-of-pocket expenses. In addition, the Bond Trustee is reimbursed for other agreed-upon related expenses such as transaction costs. For the six months ended May 31, 2011, total Bond Trustee fees and related expenses amounted to $2,356.

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College and University

Facility Loan Trust One

Notes to Financial Statements
Period Ended May 31, 2011

5.	Certificates
	The holders of the Class B certificates may receive semi-annual distributions declared in May and November of each year, calculated in accordance with the Trust Indenture, from amounts collected by the Trust, on a pro rata basis. While the Bonds remain outstanding, the distributions are paid on the second business day in each June and December and, after the Bonds are paid in full, on the first business day of each month. The certificate holders of the Class B Certificates are entitled to one vote per certificate. At May 31, 2011, the distributions declared on May 20, 2011, of $872,228, which was paid on June 1, 2011, was recorded as distributions payable.
6.	Allowance for Loan Losses
	An analysis of the allowance for loan losses for the six months ended May 31, 2011 is summarized as follows:

Balance, beginning of year	$	454,000
Decrease in provision for loan losses		—
Charge-offs		—
Balance, end of year	$	454,000

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College and University
Facility Loan Trust One

Notes to Financial Statements
Period Ended May 31, 2011

7. Loans    Scheduled principal and interest payments on the Loans as of May 31, 2011 are as follows:

	Principal		Interest
	Payments		Payments		Total
Fiscal year	(000’s)		(000’s)		(000’s)
2011	$	1,330	$	297	$	1,627
2012		2,139		356		2,495
2013		1,805		294		2,099
2014		2,840		232		3,072
2015		1,348		148		1,496
Thereafter		3,936		298		4,234
Total	$	13,398	$	1,625	$	15,023

Expected payments may differ from contractual payments 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, 2011.

			Amortized		%of
	Number		Cost		Amortized
Type of Collateral	of Loans		(000’s)		Cost
Loans secured by a first mortgage		24	$	6,669		68	%
Loans not secured by a first mortgage		14		3,145		32	%
Total Loans		38	$	9,814		100.0	%

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College and University

Facility Loan Trust One

Notes to Financial Statements
Period Ended May 31, 2011

7. Loans (Continued)

			Amortized		% of
	Number		Cost		Amortized
Type of Institution	of Loans		(000’s)		Cost
Public		13	$	3,743		38.1	%
Private		25		6,071		61.9	%
Total Loans		38	$	9,814		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 of the borrower’s facilities and, in the case of some 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 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, 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.

21

College and University
Facility Loan Trust One

Notes to Financial Statements
Period Ended May 31, 2011

8.	Fair Value of Financial Instruments
	ASC Topic 825, Financial Instruments (“ASC 825”) requires that entities disclose the estimated fair value for financial instruments, where they are accounted for on a basis other than Fair Value. ASC 825 allows for the use of a wide range of valuation techniques; therefore, it may be difficult to compare the Trust’s fair value information to independent markets or to other fair value information.
	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 Loans and Bonds, 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 (excluding any potential prepayments as it is not possible to estimate such prepayments), and scheduled payments on the Bonds.
	The fair values of the long-term fixed-maturity investments are determined by adding a market rate adjustment to the carrying value of the investments. This market rate adjustment is calculated using the net present value of the difference between future interest income to the Trust at the issue rate and the future interest income at the current market rate through the maturity of the investment. The current market rate is based upon Fannie Mae bond rates at May 31, 2011, with similar maturity dates to the investment agreements.

22

College and University
Facility Loan Trust One

Notes to Financial Statements
Period Ended May 31, 2011

8. Fair Value of Financial Instruments (Continued)

The estimated fair value of the Trust’s financial instruments and the related book value presented in the accompanying statement of assets and liabilities as of May 31, 2011 is as follows:

	Amortized
	Cost			Fair Value
	(000’s)			(000’s)
Loans	$	9,360	*	$	13,420
Investment Agreements:
Revenue Fund		7,105			7,450
Liquidity Fund		2,600			3,279
	$	19,605		$	24,149
Bonds payable	$	8,409		$	9,901

* Net of allowance for loan losses of $454,000.

9.	Subsequent Events
	The Trust has evaluated the need for disclosures and/or adjustments resulting from subsequent events through the date of issuance of these financial statements. Except for the subsequent distributions disclosed in Notes 3 and 5, the evaluation did not result in any subsequent events that necessitated disclosures and/or adjustments to these financial statements.

23

COLLEGE AND UNIVERSITY FACILITY LOAN TRUST ONE

SCHEDULE OF INVESTMENTS

May 31, 2011

(Dollar Amounts in Thousands)

(continued)

								Internal
Outstanding			Stated					Rate of			Amortized
Principal			Interest			Maturity		Return % (A)			Cost (Notes
Balance		Description	Rate %			Date		(Unaudited)			1 and 2)
		COLLEGE AND UNIVERSITY LOANS (97%)
		—— ALABAMA —
$	1,036	University of Alabama		3.00	%		05/01/2021		12.27	%	$	706
	154	University of Montevallo		3.00			05/01/2023		12.3			97
		—— CALIFORNIA —
	353	Azusa Pacific University		3.00			04/01/2017		12.96			269
	140	Monterey Peninsula College		3.00			10/01/2018		11.95			101
	230	San Diego State University		3.00			11/01/2021		11.93			153
	470	San Francisco State University		3.00			11/01/2021		11.93			310
		—— INDIANA —
	60	Taylor University		3.00			10/01/2010		12.45			59
		—— MARYLAND —
	530	Western Maryland College		3.00			11/01/2016		12.44			409
		—— MASSACHUSETTS —
	124	Atlantic Union College		3.00			11/01/2023		12.68			74
	523	Boston University		3.00			12/31/2022		11.87			327
		—— MICHIGAN —
	470	Albion College		3.00			10/01/2015		12.51			377
	1,790	Finlandia University		3.50			08/01/2014		12.70			1,154
		—— MINNESOTA —
	560	Augsburg College		3.00			04/01/2016		12.95			447
	260	College of St. Thomas		3.00			04/01/2017		12.95			199
		—— MISSISSIPPI —
	20	Mississippi Valley State		3.00			07/01/2008		11.89			20	(D)
		—— NEBRASKA —
	33	University of Nebraska		3.00			07/01/2013		10.59			30
		—— NEW HAMPSHIRE —
	86	New England College		3.625			10/01/2013		12.37			77
	515	New England College		3.00			04/01/2019		12.96			363
		—— NEW JERSEY —
	59	Fairleigh Dickinson University		3.00			11/01/2020		12.09			40
		—— NEW YORK —
	245	Long Island University		3.00			06/01/2016		12.34			187
	606	Sarah Lawrence College		3.00			11/01/2021		12.64			394
		—— NORTH CAROLINA —
	50	Montreat-Anderson College		3.00			12/01/2019		12.19			33
		—— OHIO —
	665	Case Western Reserve University		3.00			04/01/2016		10.54			539
	27	University of Steubenville		3.375			04/01/2012		12.88			25
	129	University of Steubenville		3.00			04/01/2017		12.96			94

The accompanying notes are an integral part of this schedule.

24

COLLEGE AND UNIVERSITY FACILITY LOAN TRUST ONE

SCHEDULE OF INVESTMENTS

May 31, 2011

(Dollar Amounts in Thousands)

(continued)

										Internal
Outstanding				Stated						Rate of			Amortized
Principal				Interest			Maturity			Return % (A)			Cost (Notes
Balance			Description	Rate %			Date			(Unaudited)			1 and 2)
			—— PENNSYLVANIA —
$	249		Carnegie — Mellon University		3.00	%		11/01/2017			10.45	%	$	197
	245		Harcum Junior College		3.00			11/01/2015			12.44			197
	33		Swarthmore College		3.00			05/01/2014			12.30			28
	128		Temple University		3.375			11/01/2014			11.99			111
			—— RHODE ISLAND —
	166		Community College of Rhode Island		3.00			04/01/2018			12.10			123
			—— SOUTH CAROLINA —
	375		College of Charleston		3.00			07/01/2016			12.02			291
	228		Morris College		3.00			11/01/2013			12.42			199
			—— TEXAS —
	33		St. Edward’s University		3.625			04/01/2013			12.80			29
	123		Texas Tech University		3.625			03/01/2013			10.80			110
	355		Texas Tech University		3.375-3.50			03/01/2012			10.83			328
			—— VERMONT —
	450		Middlebury College		3.00			04/01/2018			12.87			324
	1,373		University of Vermont		3.00			10/01/2019			12.19			953
			—— VIRGINIA —
	505		Old Dominion University		3.00			06/01/2013			11.70			440
	13,398	(B)	TOTAL COLLEGE & UNIVERSITY LOANS											9,814
			Allowance for Loan Losses											(454	)
			Net Loans of the Trust											9,360
			INVESTMENT AGREEMENTS (100%)
	2,600		FNMA #787 Liquidity Fund		8.00			12/01/2014	(C)		8.00			2,600
	7,104		FNMA #786 Revenue Fund		5.00			12/01/2014	(C)		5.00			7,104
	9,704		Total Investment Agreements											9,704
$	23,102		Total Investments (100%)											19,064
			OTHER ASSETS, LESS LIABILITIES (-97%)											(9,380	)
			NET ASSETS (100%)										$	9,684

(A)	Represents the rate of return based on the contributed cost and the amortization to maturity.
(B)	The tax basis in the Loans is approximately $13,398
(C)	Terminate at the earlier of December 1, 2014 or the date on which the Bonds are paid-in-full (Note 2)
(D)	The amortized cost on this loan is equal to the outstanding pricipal as the final loan payment is delinquent (Note 2)

The accompanying notes are an integral part of this schedule.

25

ITEM 2. CODE OF ETHICS

Not applicable to the registrant.

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT

Not applicable to the registrant.

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES

(a) Audit Fees billed to the registrant for the two most recent fiscal years:

Fiscal year ended 2010 — $110,500

Fiscal year ended 2009 — $114,000

(b) Audit-Related Fees billed to the registrant for the two most recent fiscal years:

Fiscal year ended 2010 — $0

Fiscal year ended 2009 — $0

(c) Tax Fees billed to the registrant for the two most recent fiscal years:

Fiscal year ended 2010 — $0

Fiscal year ended 2009 — $0

(d) All Other Fees billed to the registrant for the two most recent fiscal years:

Fiscal year ended 2010 — $60,000

—$44,000 in connection with Accountants’ Report on Applying Agreed-Upon Procedures to comply with the requirements of section 4.8 of the Trust’s Indenture.

—$12,000 in connection with Accountants’ Report on Applying Agreed Upon Procedure relating to the Trust’s Servicing Agreement.

—$4,000 out of pocket expenses.

Fiscal year ended 2009 — $62,400

—$44,000 in connection with Accountants’ Report on Applying Agreed-Upon Procedures to comply with the requirements of section 4.8 of the Trust’s Indenture.

—$12,000 in connection with Accountants’ Report on Applying Agreed Upon Procedure relating to the Trust’s Servicing Agreement.

—$6,400 out of pocket expenses.

(e)

(1) Audit Committee Policies regarding Pre-approval of Services.

Not applicable to the registrant.

(2) Percentage of services identified in items 4(b) through 4(d) that were approved by the registrants audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X:

Not applicable to the registrant.

(f) Not applicable to the registrant.

(g) Not applicable to the registrant.

(h) Not applicable to the registrant.

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS

Not applicable to the registrant.

ITEM 6. SCHEDULE OF INVESTMENTS

Schedule is included as part of the report to shareholders filed under Item 1.

ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES

Not applicable to the registrant.

ITEM 8. PORTFOLIO MANAGER OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES

Not applicable to the registrant.

ITEM 9. PURCHASE OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS

Not applicable to the registrant.

ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS

Not applicable to the registrant.

ITEM 11. CONTROLS AND PROCEDURES

(a) Not applicable to the registrant.

(b) Not applicable to the registrant.

ITEM 12. EXHIBITS

The following exhibits are attached to this Form N-CSR:

(a)

(1) Code of ethics or amendments: not applicable to the registrant.

(2) Certification by the registrant’s Owner Trustee, as required by Rule 30a-2(a) under the Investment Company Act of 1940, is attached.

(3) Annual Compliance Statement of the Servicer, Berkadia Commercial Mortgage is attached.

(4) Report on Compliance with Minimum Master Servicing Standards is attached.

(5) Report on Compliance with Minimum Special Servicing Standards is attached.

(6) Berkadia Commercial Mortgage reports pursuant to section 1301, 1302, 1303, 1304, 1306 and 1307 of the servicer agreement.

(b) Certification by the registrant’s Owner Trustee, as required by Rule 30a-2(b) under the Investment Company Act of 1940, is attached.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant) College and University Facility Loan Trust One

By (Signature and Title) /s/ Laura S Cawley, Vice President

Date August 5, 2011

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By (Signature and Title) /s/ Bryan Calder, Executive Vice President

Date August 5, 2011

EX-99.CERT

Exhibit 99.CERT

Certification

I, Bryan Calder of the owner trustee, certify that:

1. I have reviewed this report on Form N-CSR of College and University Facility Loan Trust One (the “Registrant”);

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in the report, fairly present in all material respects the financial condition, results of operation, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in the report;

4. Based on my knowledge, the distribution or servicing information required to be provided to the trustee by the servicer under the pooling and servicing, or similar, agreement, for inclusion in this report is included in this report;

5. Based on my knowledge and upon the annual compliance statement delivered to the trustee in accordance with the terms of the pooling and servicing, or similar, agreement, and except as disclosed in this report, the servicer has fulfilled its obligations under the servicing agreement; and

6. The report discloses all significant deficiencies relating to the servicer’s compliance with the minimum servicing standards based upon the report provided by an independent public accountant, after conducting a review in compliance with the Uniform Single Attestation Program for Mortgage Bankers or similar procedure, as set forth in the pooling and servicing, or similar, agreement.

In giving the certifications above, I have reasonably relied on information provided to me by the following unaffiliated parties: Berkadia Commercial Mortgage, LLC and The Bank of New York Trust Company National Association.

Date: August 5, 2011

/s/ Bryan Calder  

Bryan Calder 

Executive Vice President 

EX-99.906CERT

EX-99.906

CERTIFICATION PURSUANT TO SECTION 906 OF THE
SARBANES-OXLEY ACT OF 2002

I, Bryan Calder, Executive Vice President of US Bank, the Owner Trustee of College and University Facility Loan Trust One (the “Registrant”), hereby certifies that:

1.	the Registrant’s report on Form N-CSR (the “Report”) for the period ended May 31, 2011 fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
2.	The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

Date: August 5, 2011

By:	/s/ Bryan Calder
	Executive Vice President

A signed original of this written statement required by Section 906, or other document authenticating, acknowledging, or otherwise adopting the signature that appears in typed form within the electronic version of this written statement required by Section 906, has been provided to the Registrant and will be retained by the Registrant and furnished to the Securities and Exchange Commission or its staff upon request.

EX-99.3

Annual Statement as to Compliance
For the Year Ended December 31, 2010

United States Department of Education
College and University Facility Loan Trust One

Pursuant to Section 206 of the Servicing Agreement governing the referenced transaction, I hereby attest that:

i.

A review of the activities and performance of Berkadia Commercial Mortgage as Master Servicer during the period under this Servicing Agreement, has been made under my supervision, and, to the best of my knowledge, based on such review, Berkadia Commercial Mortgage as Master Servicer, has fulfilled in all material respects, all of its duties, responsibilities, or obligations under this Servicing Agreement throughout the period.

ii.

I confirm that Berkadia Commercial Mortgage as Master Servicer is in compliance with the requirements of Section 206.

Berkadia Commercial Mortgage

Mark E. McCool
Executive Vice President
February 20, 2011

Inv. 3 Lib. G

Berkadia Commercial Mortgage	118 Welsh Road
	Horsham, Pa 19044

Annual Statement as to Compliance
For the Year Ended December 31, 2010

United States Department of Education
College and University Facility Loan Trust One

Pursuant to Section 206 of the Servicing Agreement governing the referenced transaction, I hereby attest that:

(i)

A review of the activities and performance of Berkadia Commercial Mortgage as Special Servicer during the period under this Servicing Agreement, has been made under ray supervision, and, to the best of my knowledge, based on such review, Berkadia Commercial Mortgage as Special Servicer, has fulfilled in all material respects, all of its duties, responsibilities, or obligations under this Servicing Agreement throughout the period.

(ii)

I confirm that Berkadia Commercial Mortgage as Special Servicer is in compliance with the requirements of Section 2.02 hereof.

Berkadia Commercial Mortgage

Michael Carp
Executive Vice President
February 20, 2011

Inv. 003 Lib. G

Berkadia Commercial Mortgage	118 Welsh Road
	Horsham, Pa 19044

EX-99.4

Berkadia Commercial Mortgage LLC
Report on Compliance with Minimum
Master Servicing Standards
As of and for the Year Ended December 31, 2010

Management’s Assertion Concerning Compliance
With Minimum Servicing Standards

February 28, 2011

As of and for the year ended December 31, 2010, Berkadia Commercial Mortgage LLC has complied in all material respects, with the minimum master servicing standards set forth in the Company’s Master Servicing Policy (attached in exhibit I) which were derived from the Mortgage Banker’s Association of America’s Uniform Single Attestation Program for Mortgage Bankers.

As of December 31, 2010, the Company was covered by insurance policies providing for $100 million of fidelity bond insurance and $100 million of errors and omission insurance.

Mark E. McCool
Executive Vice President
Servicing Operations & Strategic Initiatives
Berkadia Commercial Mortgage LLC

Richard Joe
Executive Vice President
Servicing Administration
Berkadia Commercial Mortgage LLC

Exhibit I

Berkadia Commercial Mortgage LLC
Minimum Master Servicing Policy

I. CUSTODIAL BANK ACCOUNTS

1. Reconciliations shall be prepared on a monthly basis for all custodial bank accounts and related bank clearing accounts. These reconciliations shall:

• Be mathematically accurate;

• Be prepared within thirty (30) calendar days after the cutoff date;

• Be reviewed and approved by someone other than the person who prepared the reconciliation; and

• Document explanations for reconciling items. These reconciling items shall be resolved within ninety (90) calendar days of identification.

2.	Funds of the servicing entity shall be advanced as specified in the servicing agreement in cases where there is an overdraft in an investor’s or a mortgagor’s account.
3.	All cash for each custodial account shall be maintained at a federally insured depository institution in trust for the applicable investor or in an investment account in accordance with the applicable servicing agreement requirements.
4.	Escrow funds held in trust for a mortgagor shall be returned to the mortgagor within thirty (30) calendar days of payoff of the mortgage loan.

II. MORTGAGE PAYMENTS

1. Mortgage payments which are properly identified with the Company’s account number and which agree to the total amount of the scheduled payment due shall be deposited into the clearing bank accounts and related custodial bank accounts within two business days of receipt. Any mortgage payments which do not meet these parameters will be researched and deposited into the appropriate bank accounts within five business days of receipt.

Exhibit I

2. Mortgage payments made in accordance with the mortgagor’s loan documents shall be posted to the applicable mortgagor records within two business days of receipt.

III. DISBURSEMENTS

1.	Disbursements made via wire transfer on behalf of a mortgagor or investor shall be made only by authorized personnel.
2.	Amounts remitted to investors per the servicer’s investor reports shall agree with cancelled checks, or other form of payment, or custodial bank statements.

IV. INVESTOR ACCOUNTING AND REPORTING

1. The servicing entity’s investor reports shall agree with, or reconcile to, investors records on a monthly basis as to the total unpaid principal balance and number of loans serviced by the servicing entity.

V. INSURANCE POLICIES

1. A fidelity bond and errors and omissions policy shall be in effect on the servicing entity in the amount of coverage represented to investors in management’s assertion.

VI. MONITORING OF SUBSERVICER COMPLIANCE

1. Within 120 days of calendar year end or subservicer’s year end, the subservicer’s management assertions about compliance with minimum servicing standards, which were derived from the Mortgage Banker’s Association of America’s Uniform Single Attestation Program for Mortgage Bankers, and the Independent Auditors Report on management’s assertions shall be reviewed, and if material exceptions are found, appropriate corrective action will be taken.

2. An annual certification from each subservicer stating that the subservicer is in compliance with its subservicing agreement shall be obtained for the previous calendar year.

EX-99.5

Berkadia Commercial Mortgage LLC
Report on Compliance with Minimum
Special Servicing Standards
As of and for the Year Ended December 31, 2010

Management’s Assertion Concerning Compliance
With Minimum Special Servicing Standards

February 28, 2011

As of and for the year ended December 31, 2010, Berkadia Commercial Mortgage LLC has complied in all material respects, with the minimum special servicing standards set forth in the company’s Special Servicing Policy (attached in exhibit I) which were derived from the Mortgage Banker’s Association of America’s Uniform Single Attestation Program for Mortgage Bankers.

As of December 31, 2010, the company was covered by insurance policies providing for $100 million of fidelity bond insurance and $100 million of errors and omission insurance.

Mark E. McCool
Executive Vice President
Servicing Operations & Strategic Initiatives
Berkadia Commercial Mortgage LLC

Michael Carp
Executive Vice President
Asset Management
Berkadia Commercial Mortgage LLC

Exhibit I

Berkadia Commercial Mortgage LLC
Special Servicing Policy

I. Recordkeeping

Records documenting the status of the loan shall be maintained during the period the loan is assigned to the special servicer. Such records shall describe the entity’s activities in monitoring the current status of the loan and are updated to reflect a change in status to be communicated to the investor.

II. Insurance

A fidelity bond and errors and omission policy shall be in effect on the servicing entity in the amount of coverage represented to investors.

Berkadia Commercial Mortgage
College and University Loan Trust I
Collection Account Activity Report
For the Period of January 01, 2011 through January 31, 2011

Collections:
Principal Payments	26,535.64
Interest Payments	19,266.80
Total Principal and Interest Collections	45,802.44
Payments and Reversals Posted to Suspense	—
Total Collections	45,802.44
Less: Servicing Fees (not withheld from remittances)	(321.77	)
Net Collections	45,480.67

Berkadia Commercial Mortgage
College & Trust Facility Loan Trust I
Service Fees Schedule
For the Period of January 01, 2011 through January 31, 2011

Date Due	Loan Number	Borrower Name	Principal Due	Interest Due	Total Due	Principal Balance	Service Fees
01012011	20003901	COLL. OF CHAR	0	5625	5625	375000		103.13
01072011	20018701	SUOMI COLLEGE	8528.82	5546.7	14075.52	1840379.37		84.35
12302010	20002401	BOSTON UNIVER	18006.82	8120.1	26126.92	541340		148.87
		TOTALS:	26,535.64	19,291.80	45,827.44	2,756,719.37		336.35
01012011	20012401	MISSISSIPPI V	0	300	300	19999.99		(5.50	)
01012011	20021401	U OF NEBRASKA	5000	495	5495	33000		(9.08	)
								321.77
SF STILL DUE:
7012008	20012401	MISSISSIPPI V	10,000.00	150.00	10,150.00	10,000.00		2.75
10012009	20022701	UNIV OF VERMO	68,000.00	24,720.00	92,720.00	1,648,000.00		453.20
4012010	20022701	UNIV OF VERMO	68,000.00	23,700.00	91,700.00	1,580,000.00		434.50
10012010	20022701	UNIV OF VERMO	70,000.00	22,680.00	92,680.00	1,512,000.00		415.80
10012010	20001301	AUGSBERG COLL	0.00	8,400.00	8,400.00	560,000.00		(154.00	)
10012010	20001401	AZUSA UNIVERS	0.00	5,295.00	5,295.00	353,000.00		(97.08	)
10012010	20004001	COLL.OF ST. T	0.00	3,900.00	3,900.00	260,000.00		(71.50	)
10012010	20012101	MIDDLEBURY CO	27,000.00	7,575.00	34,575.00	505,000.00		(138.88	)
10012010	20013502	NEW ENGLAND C	0.00	7,725.00	7,725.00	515,000.00		(141.63	)
10012010	20019101	TAYLOR UNIV.	60,000.00	900.00	60,900.00	60,000.00		(16.50	)
11012010	20020001	UNIV. OF ALAB	0.00	15,540.00	15,540.00	1,036,000.00		(284.90	)
11012010	20021301	UNIV OF MONTE	0.00	2,310.00	2,310.00	154,000.00		(42.35	)
12012010	20010801	LONG ISLAND U	0.00	3,675.00	3,675.00	245,000.00		(67.38	)

Page 3 of 13

Berkadia Commercial Mortgage
College & Trust Facility Loan Trust I
Paid-in-Full Loans
For the Period of January 01, 2011 through January 31, 2011

		Total
Loan Number	Payoff Date	Amount Paid		Principal Amount		Interest Amount		Other Fees		Maturity Date
none to report
	TOTAL:		—		—		—		—

Berkadia Commercial Mortgage
College and University Loan Trust I
Summary of Partial Prepayments
For the Period of January 01, 2011 through January 31, 2011

		Total Amount		Principal		Interest
Loan Number	Payoff Date	Paid		Amount		Amount
none to report
	TOTAL:		—		—		—

Berkadia Commercial Mortgage
College and University Loan Trust I
Trial Balance
As of January 31, 2011

Loan		Interest		Current		Maturity
Number	Borrower Name	Rate		UPB		Date
20000101	ALBION COLLEGE		3		470,025.00		10012015
20001201	ATLANTIC UNION COLLEGE		3		128,186.89		5012023
20001301	AUGSBURG COLLEGE ACCT# AUGS466ADSU		3		560,000.00		4012016
20001401	AZUSA PACIFIC UNIVERSITY-1967#95-403850		3		353,000.00		4012017
20002401	BOSTON UNIVERITY		3		523,333.18		12312022
20002801	CARNEGIE MELLON UNIVERSITY		3		267,000.00		11012017
20003001	CASE WESTERN RESERVE UNIVERSIT		3		785,000.00		4012016
20003901	COLLEGE OF CHARLESTON		3		375,000.00		7012016
20004001	COLLEGE OF ST. THOMAS		3		260,000.00		4012017
20004401	R.I. JR. COLLEGE		3		176,025.00		4012018
20006502	FAIRLEIGH DICKINSON UNIVERSITY		3		62,061.73		11012020
20008301	HARCUM COLLEGE		3		245,000.00		11012015
20010801	LONG ISLAND UNIVERSITY		3		245,000.00		6012016
20012101	MIDDLEBURY COLLEGE		3		478,025.00		4012018
20012401	MISSISSIPPI VALLEY ST. COLLEGE		3		19,999.99		7012008
20012901	MONTEREY PENINSULA JR. COLLEGE		3		140,000.00		10012018
20013001	MONTREAT-ANDERSON COLLEGE		3		53,200.00		12012019
20013301	MORRIS COLLEGE - BONDS 1983		3		228,050.00		11012013
20013501	NEW ENGLAND COLLEGE		3.625		86,049.99		10012013
20013502	NEW ENGLAND COLLEGE		3		515,000.00		4012019
20014401	OLD DOMINION UNIVERSITY		3		504,999.99		6012013
20016401	CALIFORNIA STATE UNIVERSITY		3		230,000.00		11012021
20016501	CALIFORNIA STATE UNIVERSITY		3		470,000.00		11012021
20016601	SARAH LAWRENCE COLLEGE		3		631,512.17		11012021
20018001	ST.EDWARDS UNIVERSITY		3.625		49,000.00		4012013
20018701	FINLANDIA UNIVERSITY		3.5		1,831,850.55		8062014
20018901	SWARTHMORE COLLEGE		3		38,044.16		11012013
20019101	TAYLOR UNIVERISTY		3		60,000.00		10012010
20019201	TEMPLE UNIVERSITY		3.375		128,050.00		11012014
20019502	TEXAS TECH. UNIVERSITY		3.625		178,000.00		3012013
20019504	TEXAS TECH. UNIVERSITY		3.375		805,000.00		3012012
20020001	UNIVERSITY OF ALABAMA		3		1,036,000.00		5012021
20021301	UNIVERSITY OF MONTEVALLO		3		154,000.00		5012023
20021401	UNIV.OF NEBRASKA/ AG MENS CLUB		3		33,000.00		1012013
20021701	UNIVERSITY OF NOTRE DAME - BONDS 1968		3		840,000.00		4012018
20022601	UNIVERSITY OF STEUBENVILLE		3.375		52,000.00		4012012
20022602	UNIVERSITY OF STEUBENVILLE		3		148,000.00		4012017
20022701	UNIVERSITY OF VERMONT		3		1,648,000.00		10012019
20023501	McDANIEL COLLEGE		3		530,000.00		11012016
					15,337,413.65

Page 8 of 13

Berkadia Commercial Mortgage
College and University Loan Trust I
Trial Balance
As of January 31, 2011

Loan		Interest		Current		Maturity
Number	Borrower Name	Rate		UPB		Date
20018801	SUSQUEHANNA UNIVERSITY		3.00		20,000.00		11-01-2006
20018802	SUSQUEHANNA UNIVERSITY		3.63		260,000.00		11-01-2014
20018901	SWARTHMORE COLLEGE		3.00		85,955.23		11-01-2013
20019101	TAYLOR UNIVERISTY		3.00		285,000.00		10-01-2010
20019201	TEMPLE UNIVERSITY		3.38		298,000.00		11-01-2014
20019401	TEXAS STATE COLLEGE		3.00		70,000.00		4-01-2007
20019502	TEXAS TECH. UNIVERSITY		3.63		383,000.00		3-01-2013
20019504	TEXAS TECH. UNIVERSITY		3.38		2,420,000.00		3-01-2012
20019601	TOUGALOO COLLEGE/ DORM BONDS 1981		3.00		98,000.00		6-01-2021
20020001	UNIVERSITY OF ALABAMA		3.00		1,416,000.00		5-01-2021
20021001	UNIVERSITY OF HAWAII AT MANOA		3.00		135,000.00		10-01-2006
20021301	UNIVERSITY OF MONTEVALLO		3.00		199,000.00		5-01-2023
20021401	UNIV.OF NEBRASKA/ AG MENS CLUB		3.00		79,000.00		1-01-2013
20021603	UNIVERSITY OF NORTH CAROLINA		3.00		945,000.00		1-01-2018
20021701	UNIVERSITY OF NOTRE DAME — BONDS 1968		3.00		1,270,000.00		4-01-2018
20022601	UNIVERSITY OF STEUBENVILLE		3.38		166,000.00		4-01-2012
20022602	UNIVERSITY OF STEUBENVILLE		3.00		234,000.00		4-01-2017
20022701	UNIVERSITY OF VERMONT		3.00		2,093,000.00		10-01-2019
20023102	VANDERBILT UNIV - 1979 MAYFIELD		3.00		263,557.48		6-30-2009
20023501	WESTERN MARYLAND COLLEGE		3.00		910,000.00		11-01-2016
20023601	WESTERN WASHINGTON STATE COLLEGE		3.00		40,000.00		10-01-2007
20023901	XAVIER UNIVERSITY OF LOUISIANA		3.00		395,000.00		10-01-2017
	Totals:				42,740,340.01

Page 10 of 13

Berkadia Commercial Mortgage
College & Trust Facility Loan Trust I
Delinquency Report (60+Days)
As of January 31, 2011

		Next
Loan		Payment
Number	Borrower Name	Due		P and I Due		Current UPB
20012401	MISSISSIPPI VALLEY ST. COLLEGE		7/1/2007		21,799.99		19,999.99
20022701	UNIV OF VERMONT		4/1/2009		277,145.00		1,648,000.00
20000101	ALBION COLLEGE		10/1/2010		25.00		470,025.00
20001301	AUGSBERG COLLEGE		10/1/2010		8,400.00		560,000.00
20001401	AZUSA UNIVERSITY		10/1/2010		5,295.00		353,000.00
20004001	COLLEGE OF ST.THOMAS		10/1/2010		3,900.00		260,000.00
20004401	R.I. JR. COLLEGE		10/1/2010		25.00		176,025.00
20012101	MIDDLEBURY COLLEGE		10/1/2010		7,600.00		478,025.00
20013501	NEW ENGLAND COLLEGE		10/1/2010		50.00		86,049.99
20013502	NEW ENGLAND COLLEGE		10/1/2010		7,725.00		515,000.00
20019101	TAYLOR UNIVERSITY		10/1/2010		60,900.00		60,000.00
20022602	UNIVERSITY OF STEUBENVILLE		10/1/2010		2,220.00		148,000.00
20013301	MORRIS COLLEGE		11/1/2010		50.00		228,050.00
20019201	TEMPLE UNIV		11/1/2010		50.00		128,050.00
20020001	UNIV OF ALABAMA		11/1/2010		15,540.00		1,036,000.00
20021301	UNIV OF MONTEVALLO		11/1/2010		2,310.00		154,000.00
20010801	LONG ISLAND UNIVERSITY		12/1/2010		3,675.00		245,000.00
	TOTAL				416,709.99		6,565,224.98

Berkadia Commercial Mortgage
College and University Loan Trust I
Liquidation Report
As of January 31, 2011

None to report for this period

Berkadia Commercial Mortgage
College and University Loan Trust I
Collection Account Activity Report
For the Period of February 01, 2011 through February 28, 2011

Collections:
Principal Payments	214,554.53
Interest Payments	76,665.99
Total Principal and Interest Collections	291,220.52
Payments and Reversals Posted to Suspense	—
Total Collections	291,220.52
Less: Servicing Fees (not withheld from remittances)	(1,387.46	)
Net Collections	289,833.06

Berkadia Commercial Mortgage
College & Trust Facility Loan Trust I
Service Fees Schedule
For the Period of February 01, 2011 through February 28, 2011

	Loan	Borrower	Principal			Principal	Service
Date Due	Number	Name	Due	Interest Due	Total Due	Balance	Fees
02072011	20018701	SUOMI COLLEGE	8554.53	5520.99	14075.52	1831850.55		83.96
								—
		TOTALS:	8,554.53	5,520.99	14,075.52	1,831,850.55		83.96
10-01-2009	20022701	UNIV OF VERMO	68,000.00	24,720.00	92,720.00	1,648,000.00		453.20
4-01-2010	20022701	UNIV OF VERMO	68,000.00	23,700.00	91,700.00	1,580,000.00		434.50
10-01-2010	20022701	UNIV OF VERMO	70,000.00	22,680.00	92,680.00	1,512,000.00		415.80
								1,387.46
SF STILL DUE:
7012008	20012401	MISSISSIPPI V	10,000.00	150.00	10,150.00	10,000.00		2.75
10012010	20001301	AUGSBERG COLL	0.00	8,400.00	8,400.00	560,000.00		(154.00	)
10012010	20001401	AZUSA UNIVERS	0.00	5,295.00	5,295.00	353,000.00		(97.08	)
10012010	20004001	COLL.OF ST. T	0.00	3,900.00	3,900.00	260,000.00		(71.50	)
10012010	20012101	MIDDLEBURY CO	27,000.00	7,575.00	34,575.00	505,000.00		(138.88	)
10012010	20013502	NEW ENGLAND C	0.00	7,725.00	7,725.00	515,000.00		(141.63	)
10012010	20019101	TAYLOR UNIV.	60,000.00	900.00	60,900.00	60,000.00		(16.50	)
11012010	20020001	UNIV. OF ALAB	0.00	15,540.00	15,540.00	1,036,000.00		(284.90	)
11012010	20021301	UNIV OF MONTE	0.00	2,310.00	2,310.00	154,000.00		(42.35	)
12012010	20010801	LONG ISLAND U	0.00	3,675.00	3,675.00	245,000.00		(67.38	)

Page 3 of 13

Berkadia Commercial Mortgage
College & Trust Facility Loan Trust I
Paid-in-Full Loans
For the Period of February 01, 2011 through February 28, 2011

		Total
Loan	Payoff	Amount		Principal		Interest
Number	Date	Paid		Amount		Amount		Other Fees		Maturity Date
none to report
	TOTAL:		—		—		—		—

Berkadia Commercial Mortgage
College and University Loan Trust I
Summary of Partial Prepayments
For the Period of February 01, 2011 through February 28, 2011

		Total Amount		Principal		Interest
Loan Number	Payoff Date	Paid		Amount		Amount
none to report
	TOTAL:		—		—		—

Berkadia Commercial Mortgage
College and University Loan Trust I
Liquidation Report
As of February 28, 2011

None to report for this period

Berkadia Commercial Mortgage
College and University Loan Trust I
Trial Balance
As of February 28, 2011

Loan Number	Borrower Name	Interest Rate		Current UPB		Maturity Date
20000101	ALBION COLLEGE		3		470,025.00		10012015
20001201	ATLANTIC UNION COLLEGE		3		128,186.89		5012023
20001301	AUGSBURG COLLEGE ACCT# AUGS466ADSU		3		560,000.00		4012016
20001401	AZUSA PACIFIC UNIVERSITY-1967#95-403850		3		353,000.00		4012017
20002401	BOSTON UNIVERITY		3		523,333.18		12312022
20002801	CARNEGIE MELLON UNIVERSITY		3		267,000.00		11012017
20003001	CASE WESTERN RESERVE UNIVERSIT		3		785,000.00		4012016
20003901	COLLEGE OF CHARLESTON		3		375,000.00		7012016
20004001	COLLEGE OF ST. THOMAS		3		260,000.00		4012017
20004401	R.I. JR. COLLEGE		3		176,025.00		4012018
20006502	FAIRLEIGH DICKINSON UNIVERSITY		3		62,061.73		11012020
20008301	HARCUM COLLEGE		3		245,000.00		11012015
20010801	LONG ISLAND UNIVERSITY		3		245,000.00		6012016
20012101	MIDDLEBURY COLLEGE		3		478,025.00		4012018
20012401	MISSISSIPPI VALLEY ST. COLLEGE		3		19,999.99		7012008
20012901	MONTEREY PENINSULA JR. COLLEGE		3		140,000.00		10012018
20013001	MONTREAT-ANDERSON COLLEGE		3		53,200.00		12012019
20013301	MORRIS COLLEGE — BONDS 1983		3		228,050.00		11012013
20013501	NEW ENGLAND COLLEGE		3.625		86,049.99		10012013
20013502	NEW ENGLAND COLLEGE		3		515,000.00		4012019
20014401	OLD DOMINION UNIVERSITY		3		504,999.99		6012013
20016401	CALIFORNIA STATE UNIVERSITY		3		230,000.00		11012021
20016501	CALIFORNIA STATE UNIVERSITY		3		470,000.00		11012021
20016601	SARAH LAWRENCE COLLEGE		3		631,512.17		11012021
20018001	ST.EDWARDS UNIVERSITY		3.625		49,000.00		4012013
20018701	FINLANDIA UNIVERSITY		3.5		1,823,296.02		8062014
20018901	SWARTHMORE COLLEGE		3		38,044.16		11012013
20019101	TAYLOR UNIVERISTY		3		60,000.00		10012010
20019201	TEMPLE UNIVERSITY		3.375		128,050.00		11012014
20019502	TEXAS TECH. UNIVERSITY		3.625		178,000.00		3012013
20019504	TEXAS TECH. UNIVERSITY		3.375		805,000.00		3012012
20020001	UNIVERSITY OF ALABAMA		3		1,036,000.00		5012021
20021301	UNIVERSITY OF MONTEVALLO		3		154,000.00		5012023
20021401	UNIV.OF NEBRASKA/ AG MENS CLUB		3		33,000.00		1012013
20021701	UNIVERSITY OF NOTRE DAME — BONDS 1968		3		840,000.00		4012018
20022601	UNIVERSITY OF STEUBENVILLE		3.375		52,000.00		4012012
20022602	UNIVERSITY OF STEUBENVILLE		3		148,000.00		4012017
20022701	UNIVERSITY OF VERMONT		3		1,442,000.00		10012019
20023501	McDANIEL COLLEGE		3		530,000.00		11012016
					15,122,859.12

Page 8 of 13

Berkadia Commercial Mortgage
College and University Loan Trust I
Trial Balance
As of February 28, 2011

Loan Number	Borrower Name	Interest Rate		Current UPB		Maturity Date
20018801	SUSQUEHANNA UNIVERSITY		3.00		20,000.00		11-01-2006
20018802	SUSQUEHANNA UNIVERSITY		3.63		260,000.00		11-01-2014
20018901	SWARTHMORE COLLEGE		3.00		85,955.23		11-01-2013
20019101	TAYLOR UNIVERISTY		3.00		285,000.00		10-01-2010
20019201	TEMPLE UNIVERSITY		3.38		298,000.00		11-01-2014
20019401	TEXAS STATE COLLEGE		3.00		70,000.00		4-01-2007
20019502	TEXAS TECH. UNIVERSITY		3.63		383,000.00		3-01-2013
20019504	TEXAS TECH. UNIVERSITY		3.38		2,420,000.00		3-01-2012
20019601	TOUGALOO COLLEGE/ DORM BONDS 1981		3.00		98,000.00		6-01-2021
20020001	UNIVERSITY OF ALABAMA		3.00		1,416,000.00		5-01-2021
20021001	UNIVERSITY OF HAWAII AT MANOA		3.00		135,000.00		10-01-2006
20021301	UNIVERSITY OF MONTEVALLO		3.00		199,000.00		5-01-2023
20021401	UNIV.OF NEBRASKA/ AG MENS CLUB		3.00		79,000.00		1-01-2013
20021603	UNIVERSITY OF NORTH CAROLINA		3.00		945,000.00		1-01-2018
20021701	UNIVERSITY OF NOTRE DAME — BONDS 1968		3.00		1,270,000.00		4-01-2018
20022601	UNIVERSITY OF STEUBENVILLE		3.38		166,000.00		4-01-2012
20022602	UNIVERSITY OF STEUBENVILLE		3.00		234,000.00		4-01-2017
20022701	UNIVERSITY OF VERMONT		3.00		2,093,000.00		10-01-2019
20023102	VANDERBILT UNIV - 1979 MAYFIELD		3.00		263,557.48		6-30-2009
20023501	WESTERN MARYLAND COLLEGE		3.00		910,000.00		11-01-2016
20023601	WESTERN WASHINGTON STATE COLLEGE		3.00		40,000.00		10-01-2007
20023901	XAVIER UNIVERSITY OF LOUISIANA		3.00		395,000.00		10-01-2017
	Totals:				42,311,230.95

Page 10 of 13

Berkadia Commercial Mortgage
College & Trust Facility Loan Trust I
Delinquency Report (60+Days)
As of February 28, 2011

Loan Number	Borrower Name	Next Payment Due		P and I Due		Current UPB
20012401	MISSISSIPPI VALLEY ST. COLLEGE		7/1/2007		21,799.99		19,999.99
20000101	ALBION COLLEGE		10/1/2010		25.00		470,025.00
20001301	AUGSBERG COLLEGE		10/1/2010		8,400.00		560,000.00
20001401	AZUSA UNIVERSITY		10/1/2010		5,295.00		353,000.00
20004001	COLLEGE OF ST.THOMAS		10/1/2010		3,900.00		260,000.00
20004401	R.I. JR. COLLEGE		10/1/2010		25.00		176,025.00
20012101	MIDDLEBURY COLLEGE		10/1/2010		7,600.00		478,025.00
20013501	NEW ENGLAND COLLEGE		10/1/2010		50.00		86,049.99
20013502	NEW ENGLAND COLLEGE		10/1/2010		7,725.00		515,000.00
20019101	TAYLOR UNIVERSITY		10/1/2010		60,900.00		60,000.00
20022602	UNIVERSITY OF STEUBENVILLE		10/1/2010		2,220.00		148,000.00
20013301	MORRIS COLLEGE		11/1/2010		50.00		228,050.00
20019201	TEMPLE UNIV		11/1/2010		50.00		128,050.00
20020001	UNIV OF ALABAMA		11/1/2010		15,540.00		1,036,000.00
20021301	UNIV OF MONTEVALLO		11/1/2010		2,310.00		154,000.00
20010801	LONG ISLAND UNIVERSITY		12/1/2010		3,675.00		245,000.00
20003901	COLLEGE OF CHARLESTON		1/1/2011		25.00		375,000.00
20021401	U OF NEBRASKA		1/1/2011		5,495.00		33,000.00
TOTAL					145,084.99		5,325,224.98

Berkadia Commercial Mortgage
College and University Loan Trust I
Collection Account Activity Report
For the Period of March 01, 2011 through March 31, 2011

Collections:
Principal Payments	514,312.10
Interest Payments	23,899.05
Total Principal and Interest Collections	538,211.15
Payments and Reversals Posted to Suspense	—
Total Collections	538,211.15
Less: Servicing Fees (not withheld from remittances)	(353.90	)
Net Collections	537,857.25

Berkadia Commercial Mortgage
College & Trust Facility Loan Trust I
Service Fees Schedule
For the Period of March 01, 2011 through March 31, 2011

Date Due	Loan Number	Borrower Name	Principal Due	Interest Due	Total Due	Principal Balance	Service Fees
03072011	20018701	SUOMI COLLEGE	9,112.10	4,963.42	14,075.52	1,823,296.02		83.57
03012011	20019502	TEXAS TECH UN	55,000.00	3,226.25	58,226.25	178,000.00		48.95
03012011	20019504	TEXAS TECH UN	450,000.00	13,584.38	463,584.38	805,000.00		221.38
		TOTALS:	514,112.10	21,774.05	535,886.15	2,806,296.02		353.90
								353.90
SF STILL DUE:
7012008	20012401	MISSISSIPPI V	10,000.00	150.00	10,150.00	10,000.00		2.75
10012010	20001301	AUGSBERG COLL	0.00	8,400.00	8,400.00	560,000.00		(154.00	)
10012010	20001401	AZUSA UNIVERS	0.00	5,295.00	5,295.00	353,000.00		(97.08	)
10012010	20004001	COLL.OF ST. T	0.00	3,900.00	3,900.00	260,000.00		(71.50	)
10012010	20012101	MIDDLEBURY CO	27,000.00	7,575.00	34,575.00	505,000.00		(138.88	)
10012010	20013502	NEW ENGLAND C	0.00	7,725.00	7,725.00	515,000.00		(141.63	)
10012010	20019101	TAYLOR UNIV.	60,000.00	900.00	60,900.00	60,000.00		(16.50	)
11012010	20020001	UNIV. OF ALAB	0.00	15,540.00	15,540.00	1,036,000.00		(284.90	)
11012010	20021301	UNIV OF MONTE	0.00	2,310.00	2,310.00	154,000.00		(42.35	)
12012010	20010801	LONG ISLAND U	0.00	3,675.00	3,675.00	245,000.00		(67.38	)

Page 3 of 13

Berkadia Commercial Mortgage
College & Trust Facility Loan Trust I
Paid-in-Full Loans
For the Period of March 01, 2011 through March 31, 2011

Loan Number	Payoff Date	Total Amount Paid		Principal Amount		Interest Amount		Other Fees		Maturity Date
none to report
	TOTAL:		—		—		—		—

Berkadia Commercial Mortgage
College and University Loan Trust I
Summary of Partial Prepayments
For the Period of March 01, 2011 through March 31, 2011

Loan Number	Payoff Date	Total Amount Paid		Principal Amount		Interest Amount
none to report
	TOTAL:		—		—		—

Berkadia Commercial Mortgage
College and University Loan Trust I
Trial Balance
As of March 31, 2011

		Interest
Loan Number	Borrower Name	Rate		Current UPB		Maturity Date
20000101	ALBION COLLEGE		3		470,000.00		10012015
20001201	ATLANTIC UNION COLLEGE		3		128,186.89		5012023
20001301	AUGSBURG COLLEGE ACCT# AUGS466ADSU		3		560,000.00		4012016
20001401	AZUSA PACIFIC UNIVERSITY-1967#95-403850		3		353,000.00		4012017
20002401	BOSTON UNIVERITY		3		523,333.18		12312022
20002801	CARNEGIE MELLON UNIVERSITY		3		267,000.00		11012017
20003001	CASE WESTERN RESERVE UNIVERSIT		3		785,000.00		4012016
20003901	COLLEGE OF CHARLESTON		3		375,000.00		7012016
20004001	COLLEGE OF ST. THOMAS		3		260,000.00		4012017
20004401	R.I. JR. COLLEGE		3		176,000.00		4012018
20006502	FAIRLEIGH DICKINSON UNIVERSITY		3		62,061.73		11012020
20008301	HARCUM COLLEGE		3		245,000.00		11012015
20010801	LONG ISLAND UNIVERSITY		3		245,000.00		6012016
20012101	MIDDLEBURY COLLEGE		3		478,025.00		4012018
20012401	MISSISSIPPI VALLEY ST. COLLEGE		3		19,999.99		7012008
20012901	MONTEREY PENINSULA JR. COLLEGE		3		140,000.00		10012018
20013001	MONTREAT-ANDERSON COLLEGE		3		53,200.00		12012019
20013301	MORRIS COLLEGE — BONDS 1983		3		228,000.00		11012013
20013501	NEW ENGLAND COLLEGE		3.625		85,999.99		10012013
20013502	NEW ENGLAND COLLEGE		3		515,000.00		4012019
20014401	OLD DOMINION UNIVERSITY		3		504,999.99		6012013
20016401	CALIFORNIA STATE UNIVERSITY		3		230,000.00		11012021
20016501	CALIFORNIA STATE UNIVERSITY		3		470,000.00		11012021
20016601	SARAH LAWRENCE COLLEGE		3		631,512.17		11012021
20018001	ST.EDWARDS UNIVERSITY		3.625		49,000.00		4012013
20018701	FINLANDIA UNIVERSITY		3.5		1,814,183.92		8062014
20018901	SWARTHMORE COLLEGE		3		38,044.16		11012013
20019101	TAYLOR UNIVERISTY		3		60,000.00		10012010
20019201	TEMPLE UNIVERSITY		3.375		128,000.00		11012014
20019502	TEXAS TECH. UNIVERSITY		3.625		123,000.00		3012013
20019504	TEXAS TECH. UNIVERSITY		3.375		355,000.00		3012012
20020001	UNIVERSITY OF ALABAMA		3		1,036,000.00		5012021
20021301	UNIVERSITY OF MONTEVALLO		3		154,000.00		5012023
20021401	UNIV.OF NEBRASKA/ AG MENS CLUB		3		33,000.00		1012013
20021701	UNIVERSITY OF NOTRE DAME — BONDS 1968		3		840,000.00		4012018
20022601	UNIVERSITY OF STEUBENVILLE		3.375		52,000.00		4012012
20022602	UNIVERSITY OF STEUBENVILLE		3		148,000.00		4012017
20022701	UNIVERSITY OF VERMONT		3		1,442,000.00		10012019
20023501	McDANIEL COLLEGE		3		530,000.00		11012016
					14,608,547.02

Page 8 of 13

Berkadia Commercial Mortgage
College and University Loan Trust I
Trial Balance
As of March 31, 2011

		Interest
Loan Number	Borrower Name	Rate		Current UPB		Maturity Date
20018801	SUSQUEHANNA UNIVERSITY		3.00		20,000.00		11-01-2006
20018802	SUSQUEHANNA UNIVERSITY		3.63		260,000.00		11-01-2014
20018901	SWARTHMORE COLLEGE		3.00		85,955.23		11-01-2013
20019101	TAYLOR UNIVERISTY		3.00		285,000.00		10-01-2010
20019201	TEMPLE UNIVERSITY		3.38		298,000.00		11-01-2014
20019401	TEXAS STATE COLLEGE		3.00		70,000.00		4-01-2007
20019502	TEXAS TECH. UNIVERSITY		3.63		383,000.00		3-01-2013
20019504	TEXAS TECH. UNIVERSITY		3.38		2,420,000.00		3-01-2012
20019601	TOUGALOO COLLEGE/ DORM BONDS 1981		3.00		98,000.00		6-01-2021
20020001	UNIVERSITY OF ALABAMA		3.00		1,416,000.00		5-01-2021
20021001	UNIVERSITY OF HAWAII AT MANOA		3.00		135,000.00		10-01-2006
20021301	UNIVERSITY OF MONTEVALLO		3.00		199,000.00		5-01-2023
20021401	UNIV.OF NEBRASKA/ AG MENS CLUB		3.00		79,000.00		1-01-2013
20021603	UNIVERSITY OF NORTH CAROLINA		3.00		945,000.00		1-01-2018
20021701	UNIVERSITY OF NOTRE DAME — BONDS 1968		3.00		1,270,000.00		4-01-2018
20022601	UNIVERSITY OF STEUBENVILLE		3.38		166,000.00		4-01-2012
20022602	UNIVERSITY OF STEUBENVILLE		3.00		234,000.00		4-01-2017
20022701	UNIVERSITY OF VERMONT		3.00		2,093,000.00		10-01-2019
20023102	VANDERBILT UNIV - 1979 MAYFIELD		3.00		263,557.48		6-30-2009
20023501	WESTERN MARYLAND COLLEGE		3.00		910,000.00		11-01-2016
20023601	WESTERN WASHINGTON STATE COLLEGE		3.00		40,000.00		10-01-2007
20023901	XAVIER UNIVERSITY OF LOUISIANA		3.00		395,000.00		10-01-2017
	Totals:				41,282,606.75

Page 10 of 13

Berkadia Commercial Mortgage
College & Trust Facility Loan Trust I
Delinquency Report (60+Days)
As of March 31, 2011

		Next Payment
Loan Number	Borrower Name	Due		P and I Due		Current UPB
20012401	MISSISSIPPI VALLEY ST. COLLEGE		7/1/2007		21,799.99		19,999.99
20001301	AUGSBERG COLLEGE		10/1/2010		8,400.00		560,000.00
20001401	AZUSA UNIVERSITY		10/1/2010		5,295.00		353,000.00
20004001	COLLEGE OF ST.THOMAS		10/1/2010		3,900.00		260,000.00
20012101	MIDDLEBURY COLLEGE		10/1/2010		7,600.00		478,025.00
20013502	NEW ENGLAND COLLEGE		10/1/2010		7,725.00		515,000.00
20019101	TAYLOR UNIVERSITY		10/1/2010		60,900.00		60,000.00
20022602	UNIVERSITY OF STEUBENVILLE		10/1/2010		2,220.00		148,000.00
20020001	UNIV OF ALABAMA		11/1/2010		15,540.00		1,036,000.00
20021301	UNIV OF MONTEVALLO		11/1/2010		2,310.00		154,000.00
20010801	LONG ISLAND UNIVERSITY		12/1/2010		3,675.00		245,000.00
20021401	U OF NEBRASKA		1/1/2011		5,495.00		33,000.00
TOTAL					144,859.99		3,862,024.99

Berkadia Commercial Mortgage
College and University Loan Trust I
Liquidation Report
As of March 31, 2011

None to report for this period

Berkadia Commercial Mortgage
College and University Loan Trust I
Collection Account Activity Report
For the Period of April 01, 2011 through April 30, 2011

Collections:
Principal Payments	1,116,147.97
Interest Payments	81,878.41
Total Principal and Interest Collections	1,198,026.38
Payments and Reversals Posted to Suspense	5,640.00
Total Collections	1,203,666.38
Less: Servicing Fees (not withheld from remittances)	(1,325.24	)
Net Collections	1,202,341.14

Berkadia Commercial Mortgage
College & Trust Facility Loan Trust I
Service Fees Schedule
For the Period of April 01, 2011 through April 30, 2011

		Loan	Browser							Principal		Service
Date Due		Number	Name	Principal Due		Interest Due		Total Due		Balance		Fees
	04012011	20003001	CASE WESTERN		120,000.00		11,775.00		131,775.00		785,030.00		215.88
	04012011	20004401	R.I. JR. COLL		10,000.00		2,640.00		12,640.00		176,000.00		48.40
	04012011	20012101	MIDDLEBURY CO		28,000.00		7,170.00		35,170.00		478,430.00		131.57
	04072011	20018701	SUOMI COLLEGE		8,607.77		5,467.75		14,075.52		1,814,183.92		83.15
	04012011	20021701	UNIV. OF NOTR		90,000.00		12,600.00		102,600.00		840,000.00		231.00
	04012011	20022602	UNIV.OF STEUB		19,000.00		2,220.00		21,220.00		150,220.00		41.31
	04012011	20022701	UNIV OF VERMO		70,000.00		21,630.00		91,630.00		1,442,000.00		396.55
	04012011	20012901	MONTEREY JR C		—		2,100.00		2,100.00		140,000.00		38.50
	04012011	20000101	ALBION COLLEG		—		7,050.00		7,050.00		470,000.00		129.25
	04012011	20001301	AUGSBERG COLL		90,000.00		8,400.00		98,400.00		560,000.00		154.00
	04012011	20001401	AZUSA UNIVERS		45,000.00		5,295.00		50,295.00		353,000.00		97.08
	04012011	20004001	COLL.OF ST. T		35,000.00		3,900.00		38,900.00		260,000.00		71.50
	04012011	20013501	NEW ENGLAND C		—		1,558.75		1,558.75		85,999.99		23.65
	04012011	20013502	NEW ENGLAND C		50,000.00		7,725.00		57,725.00		515,000.00		141.63
	04012011	20018001	ST.EDWARDS		16,000.00		888.13		16,888.13		65,000.00		17.88
	04012011	20019101	TAYLOR UNIV.		—		900.00		900.00		—		—
	04012011	20022601	UNIV.OF STEUB		25000		877.5		25877.5		52000		14.30
			TOTALS:		606,607.77		102,197.13		708,804.90		8,186,863.91		1,835.65
	10012010	20012101	MIDDLEBURY CO		27,000.00		7,575.00		34,575.00		505,000.00		138.88
	04012011	20000101	ALBION COLLEG		—		7,050.00		7,050.00		470,000.00		(129.25	)
	04012011	20001301	AUGSBERG COLL		90,000.00		8,400.00		98,400.00		560,000.00		(154.00	)
	04012011	20001401	AZUSA UNIVERS		45,000.00		5,295.00		50,295.00		353,000.00		(97.08	)
	04012011	20004001	COLL.OF ST. T		35,000.00		3,900.00		38,900.00		260,000.00		(71.50	)
	04012011	20013501	NEW ENGLAND C		—		1,558.75		1,558.75		85,999.99		(23.65	)
	04012011	20013502	NEW ENGLAND C		50,000.00		7,725.00		57,725.00		515,000.00		(141.63	)
	04012011	20018001	ST.EDWARDS		16,000.00		888.13		16,888.13		65,000.00		(17.88	)
	04012011	20022601	UNIV.OF STEUB		25000		877.5		25877.5		52000		(14.30	)
													1,325.24
SF STILL DUE:
	7012008	20012401	MISSISSIPPI V		10,000.00		150.00		10,150.00		10,000.00		2.75
	10012010	20001301	AUGSBERG COLL		0.00		8,400.00		8,400.00		560,000.00		(154.00	)
	10012010	20001401	AZUSA UNIVERS		0.00		5,295.00		5,295.00		353,000.00		(97.08	)
	10012010	20004001	COLL.OF ST. T		0.00		3,900.00		3,900.00		260,000.00		(71.50	)
	10012010	20013502	NEW ENGLAND C		0.00		7,725.00		7,725.00		515,000.00		(141.63	)
	10012010	20019101	TAYLOR UNIV.		60,000.00		900.00		60,900.00		60,000.00		(16.50	)
	11012010	20020001	UNIV. OF ALAB		0.00		15,540.00		15,540.00		1,036,000.00		(284.90	)
	11012010	20021301	UNIV OF MONTE		0.00		2,310.00		2,310.00		154,000.00		(42.35	)
	12012010	20010801	LONG ISLAND U		0.00		3,675.00		3,675.00		245,000.00		(67.38	)

Page 3 of 13

Berkadia Commercial Mortgage
College & Trust Facility Loan Trust I
Paid-in-Full Loans
For the Period of April 01, 2011 through April 30, 2011

Loan

Payoff

Total Amount

Principal

Interest

Number

Date

Paid

Amount

Amount

Other Fees

Maturity Date

20021701

4/1/2011

750,000.00

750,000.00

—

4012018

TOTAL:

750,000.00

750,000.00

—

—

Berkadia Commercial Mortgage
College and University Loan Trust I
Summary of Partial Prepayments
For the Period of April 01, 2011 through April 30, 2011

		Total Amount		Principal		Interest
Loan Number	Payoff Date	Paid		Amount		Amount
none to report
	TOTAL:		—		—		—

Berkadia Commercial Mortgage
College and University Loan Trust I
Trial Balance
As of April 30, 2011

Loan		Interest		Current		Maturity
Number	Borrower Name	Rate		UPB		Date
20000101	ALBION COLLEGE		3		470,000.00		10012015
20001201	ATLANTIC UNION COLLEGE		3		128,186.89		5012023
20001301	AUGSBURG COLLEGE ACCT# AUGS466ADSU		3		560,000.00		4012016
20001401	AZUSA PACIFIC UNIVERSITY-1967#95-403850		3		353,000.00		4012017
20002401	BOSTON UNIVERITY		3		523,333.18		12312022
20002801	CARNEGIE MELLON UNIVERSITY		3		249,000.00		11012017
20003001	CASE WESTERN RESERVE UNIVERSIT		3		665,030.00		4012016
20003901	COLLEGE OF CHARLESTON		3		375,000.00		7012016
20004001	COLLEGE OF ST. THOMAS		3		260,000.00		4012017
20004401	R.I. JR. COLLEGE		3		166,000.00		4012018
20006502	FAIRLEIGH DICKINSON UNIVERSITY		3		62,061.73		11012020
20008301	HARCUM COLLEGE		3		245,000.00		11012015
20010801	LONG ISLAND UNIVERSITY		3		245,000.00		6012016
20012101	MIDDLEBURY COLLEGE		3		450,430.00		4012018
20012401	MISSISSIPPI VALLEY ST. COLLEGE		3		19,999.99		7012008
20012901	MONTEREY PENINSULA JR. COLLEGE		3		140,000.00		10012018
20013001	MONTREAT-ANDERSON COLLEGE		3		53,200.00		12012019
20013301	MORRIS COLLEGE — BONDS 1983		3		228,000.00		11012013
20013501	NEW ENGLAND COLLEGE		3.625		85,999.99		10012013
20013502	NEW ENGLAND COLLEGE		3		515,000.00		4012019
20014401	OLD DOMINION UNIVERSITY		3		504,999.99		6012013
20016401	CALIFORNIA STATE UNIVERSITY		3		230,000.00		11012021
20016501	CALIFORNIA STATE UNIVERSITY		3		470,000.00		11012021
20016601	SARAH LAWRENCE COLLEGE		3		631,512.17		11012021
20018001	ST.EDWARDS UNIVERSITY		3.625		49,000.00		4012013
20018701	FINLANDIA UNIVERSITY		3.5		1,805,576.15		8062014
20018901	SWARTHMORE COLLEGE		3		32,848.96		11012013
20019101	TAYLOR UNIVERISTY		3		60,000.00		10012010
20019201	TEMPLE UNIVERSITY		3.375		128,000.00		11012014
20019502	TEXAS TECH. UNIVERSITY		3.625		123,000.00		3012013
20019504	TEXAS TECH. UNIVERSITY		3.375		355,000.00		3012012
20020001	UNIVERSITY OF ALABAMA		3		1,036,000.00		5012021
20021301	UNIVERSITY OF MONTEVALLO		3		154,000.00		5012023
20021401	UNIV.OF NEBRASKA/ AG MENS CLUB		3		33,000.00		1012013
20022601	UNIVERSITY OF STEUBENVILLE		3.375		52,000.00		4012012
20022602	UNIVERSITY OF STEUBENVILLE		3		131,220.00		4012017
20022701	UNIVERSITY OF VERMONT		3		1,372,000.00		10012019
20023501	McDANIEL COLLEGE		3		530,000.00		11012016
					13,492,399.05

Page 8 of 13

Berkadia Commercial Mortgage
College and University Loan Trust I
Trial Balance
As of April 30, 2011

Loan		Interest		Current		Maturity
Number	Borrower Name	Rate		UPB		Date
20018801	SUSQUEHANNA UNIVERSITY		3.00		20,000.00		11-01-2006
20018802	SUSQUEHANNA UNIVERSITY		3.63		260,000.00		11-01-2014
20018901	SWARTHMORE COLLEGE		3.00		85,955.23		11-01-2013
20019101	TAYLOR UNIVERISTY		3.00		285,000.00		10-01-2010
20019201	TEMPLE UNIVERSITY		3.38		298,000.00		11-01-2014
20019401	TEXAS STATE COLLEGE		3.00		70,000.00		4-01-2007
20019502	TEXAS TECH. UNIVERSITY		3.63		383,000.00		3-01-2013
20019504	TEXAS TECH. UNIVERSITY		3.38		2,420,000.00		3-01-2012
20019601	TOUGALOO COLLEGE/ DORM BONDS 1981		3.00		98,000.00		6-01-2021
20020001	UNIVERSITY OF ALABAMA		3.00		1,416,000.00		5-01-2021
20021001	UNIVERSITY OF HAWAII AT MANOA		3.00		135,000.00		10-01-2006
20021301	UNIVERSITY OF MONTEVALLO		3.00		199,000.00		5-01-2023
20021401	UNIV.OF NEBRASKA/ AG MENS CLUB		3.00		79,000.00		1-01-2013
20021603	UNIVERSITY OF NORTH CAROLINA		3.00		945,000.00		1-01-2018
20021701	UNIVERSITY OF NOTRE DAME — BONDS 1968		3.00		1,270,000.00		4-01-2018
20022601	UNIVERSITY OF STEUBENVILLE		3.38		166,000.00		4-01-2012
20022602	UNIVERSITY OF STEUBENVILLE		3.00		234,000.00		4-01-2017
20022701	UNIVERSITY OF VERMONT		3.00		2,093,000.00		10-01-2019
20023102	VANDERBILT UNIV - 1979 MAYFIELD		3.00		263,557.48		6-30-2009
20023501	WESTERN MARYLAND COLLEGE		3.00		910,000.00		11-01-2016
20023601	WESTERN WASHINGTON STATE COLLEGE		3.00		40,000.00		10-01-2007
20023901	XAVIER UNIVERSITY OF LOUISIANA		3.00		395,000.00		10-01-2017
	Totals:				39,050,310.81

Page 10 of 13

Berkadia Commercial Mortgage
College & Trust Facility Loan Trust I
Delinquency Report (60+Days)
As of April 30, 2011

Loan		Next Payment
Number	Borrower Name	Due		P and I Due		Current UPB
20012401	MISSISSIPPI VALLEY ST. COLLEGE		7/1/2007		21,799.99		19,999.99
20001301	AUGSBERG COLLEGE		10/1/2010		106,800.00		560,000.00
20001401	AZUSA UNIVERSITY		10/1/2010		55,590.00		353,000.00
20004001	COLLEGE OF ST.THOMAS		10/1/2010		42,800.00		260,000.00
20013502	NEW ENGLAND COLLEGE		10/1/2010		65,450.00		515,000.00
20019101	TAYLOR UNIVERSITY		10/1/2010		61,800.00		60,000.00
20020001	UNIV OF ALABAMA		11/1/2010		15,540.00		1,036,000.00
20021301	UNIV OF MONTEVALLO		11/1/2010		2,310.00		154,000.00
20010801	LONG ISLAND UNIVERSITY		12/1/2010		3,675.00		245,000.00
20021401	U OF NEBRASKA		1/1/2011		5,495.00		33,000.00
TOTAL					381,259.99		3,235,999.99

Berkadia Commercial Mortgage
College and University Loan Trust I
Liquidation Report
As of April 30, 2011

None to report for this period

Berkadia Commercial Mortgage
College and University Loan Trust I
Collection Account Activity Report
For the Period of May 01, 2011 through May 31, 2011

Collections:
Principal Payments	87,417.85
Interest Payments	56,531.30
Total Principal and Interest Collections	143,949.15
Payments and Reversals Posted to Suspense	(5,640.00	)
Total Collections	138,309.15
Less: Servicing Fees (not withheld from remittances)	(1,154.68	)
Net Collections	137,154.47

Berkadia Commercial Mortgage
College & Trust Facility Loan Trust I
Service Fees Schedule
For the Period of May 01, 2011 through May 31, 2011

										Principal		Service
Date Due	Loan Number		Borrower Name	Principal Due		Interest Due		Total Due		Balance		Fees
5012011		20001201	ATLANTIC UNIO		4,067.64		1,922.80		5,990.44		128,186.89		35.25
5012011		20002801	CARNEGIE-MELL		18,000.00		4,005.00		22,005.00		267,000.00		73.43
5012011		20006502	FAIRLEIGH DIC		2,683.89		930.93		3,614.82		62,061.73		17.07
5012011		20008301	HARCUM JR COL		—		3,675.00		3,675.00		245,000.00		67.38
5012011		20013301	MORRIS COLLEG		—		3,420.00		3,420.00		228,000.00		62.70
5012011		20016401	CALIFORNIA ST		—		3,450.00		3,450.00		230,000.00		63.25
5012011		20016501	CALIFORNIA ST		—		7,050.00		7,050.00		470,000.00		129.25
5012011		20016601	SARAH LAWRENC		25,807.06		9,472.68		35,279.74		631,512.17		173.67
5072011		20018701	SUOMI COLLEGE		8,809.26		5,266.26		14,075.52		1,805,576.15		82.76
5012011		20018901	SWARTHMORE CO		5,195.20		570.66		5,765.86		38,044.16		10.46
5012011		20019201	TEMPLE UNIV.		—		2,160.00		2,160.00		128,000.00		35.20
5012011		20020001	UNIV. OF ALAB		85,000.00		15,540.00		100,540.00		1,036,000.00		284.90
5012011		20021301	UNIV OF MONTE		10,000.00		2,310.00		12,310.00		154,000.00		42.35
5012011		20023501	WSTRN MARYLAN		—		7,950.00		7,950.00		530,000.00		145.75
			TOTALS:		159,563.05		67,723.33		227,286.38		5,953,381.10		1,223.42
4012011		20000101	ALBION COLLEG		—		7,050.00		7,050.00		470,000.00		129.25
10012010		20001401	AZUSA UNIVERS		—		5,295.00		5,295.00		353,000.00		97.08
4012011		20018001	ST.EDWARDS		16,000.00		888.13		16,888.13		65,000.00		17.88
4012011		20022601	UNIV.OF STEUB		25,000.00		877.50		25,877.50		52,000.00		14.30
5012011		20020001	UNIV. OF ALAB		85,000.00		15,540.00		100,540.00		1,036,000.00		(284.90	)
5012011		20021301	UNIV OF MONTE		10,000.00		2,310.00		12,310.00		154,000.00		(42.35	)
													1,154.68
SF STILL DUE:
7012008		20012401	MISSISSIPPI V		10,000.00		150.00		10,150.00		10,000.00		2.75
10012010		20001301	AUGSBERG COLL		—		8,400.00		8,400.00		560,000.00		(154.00	)
4012011		20001301	AUGSBERG COLL		90,000.00		8,400.00		98,400.00		560,000.00		(154.00	)
4012011		20001401	AZUSA UNIVERS		45,000.00		5,295.00		50,295.00		353,000.00		(97.08	)
10012010		20004001	COLL.OF ST. T		—		3,900.00		3,900.00		260,000.00		(71.50	)
4012011		20004001	COLL.OF ST. T		35,000.00		3,900.00		38,900.00		260,000.00		(71.50	)
4012011		20013501	NEW ENGLAND C		—		1,558.75		1,558.75		85,999.99		(23.65	)
10012010		20013502	NEW ENGLAND C		—		7,725.00		7,725.00		515,000.00		(141.63	)
4012011		20013502	NEW ENGLAND C		50,000.00		7,725.00		57,725.00		515,000.00		(141.63	)
10012010		20019101	TAYLOR UNIV.		60,000.00		900.00		60,900.00		60,000.00		(16.50	)
11012010		20020001	UNIV. OF ALAB		—		15,540.00		15,540.00		1,036,000.00		(284.90	)
11012010		20021301	UNIV OF MONTE		—		2,310.00		2,310.00		154,000.00		(42.35	)
12012010		20010801	LONG ISLAND U		—		3,675.00		3,675.00		245,000.00		(67.38	)

Page 3 of 13

Berkadia Commercial Mortgage
College & Trust Facility Loan Trust I
Paid-in-Full Loans
For the Period of May 01, 2011 through May 31, 2011

	Payoff	Total		Principal		Interest
Loan Number	Date	Amount Paid		Amount		Amount		Other Fees		Maturity Date
none to report
	TOTAL:		—		—		—		—

Berkadia Commercial Mortgage
College and University Loan Trust I
Summary of Partial Prepayments
For the Period of May 01, 2011 through May 31, 2011

		Total
		Amount		Principal		Interest
Loan Number	Payoff Date	Paid		Amount		Amount
none to report
	TOTAL:		—		—		—

Berkadia Commercial Mortgage
College and University Loan Trust I
Trial Balance
As of May 31, 2011

Loan Number	Borrower Name	Interest Rate		Current UPB		Maturity Date
20000101	ALBION COLLEGE		3		470,000.00		10012015
20001201	ATLANTIC UNION COLLEGE		3		128,186.89		5012023
20001301	AUGSBURG COLLEGE ACCT# AUGS466ADSU		3		560,000.00		4012016
20001401	AZUSA PACIFIC UNIVERSITY-1967#95-403850		3		353,000.00		4012017
20002401	BOSTON UNIVERITY		3		523,333.18		12312022
20002801	CARNEGIE MELLON UNIVERSITY		3		249,000.00		11012017
20003001	CASE WESTERN RESERVE UNIVERSIT		3		665,030.00		4012016
20003901	COLLEGE OF CHARLESTON		3		375,000.00		7012016
20004001	COLLEGE OF ST. THOMAS		3		260,000.00		4012017
20004401	R.I. JR. COLLEGE		3		166,000.00		4012018
20006502	FAIRLEIGH DICKINSON UNIVERSITY		3		62,061.73		11012020
20008301	HARCUM COLLEGE		3		245,000.00		11012015
20010801	LONG ISLAND UNIVERSITY		3		245,000.00		6012016
20012101	MIDDLEBURY COLLEGE		3		450,430.00		4012018
20012401	MISSISSIPPI VALLEY ST. COLLEGE		3		19,999.99		7012008
20012901	MONTEREY PENINSULA JR. COLLEGE		3		140,000.00		10012018
20013001	MONTREAT-ANDERSON COLLEGE		3		53,200.00		12012019
20013301	MORRIS COLLEGE — BONDS 1983		3		228,000.00		11012013
20013501	NEW ENGLAND COLLEGE		3.625		85,999.99		10012013
20013502	NEW ENGLAND COLLEGE		3		515,000.00		4012019
20014401	OLD DOMINION UNIVERSITY		3		504,999.99		6012013
20016401	CALIFORNIA STATE UNIVERSITY		3		230,000.00		11012021
20016501	CALIFORNIA STATE UNIVERSITY		3		470,000.00		11012021
20016601	SARAH LAWRENCE COLLEGE		3		631,512.17		11012021
20018001	ST.EDWARDS UNIVERSITY		3.625		49,000.00		4012013
20018701	FINLANDIA UNIVERSITY		3.5		1,805,576.15		8062014
20018901	SWARTHMORE COLLEGE		3		32,848.96		11012013
20019101	TAYLOR UNIVERISTY		3		60,000.00		10012010
20019201	TEMPLE UNIVERSITY		3.375		128,000.00		11012014
20019502	TEXAS TECH. UNIVERSITY		3.625		123,000.00		3012013
20019504	TEXAS TECH. UNIVERSITY		3.375		355,000.00		3012012
20020001	UNIVERSITY OF ALABAMA		3		1,036,000.00		5012021
20021301	UNIVERSITY OF MONTEVALLO		3		154,000.00		5012023
20021401	UNIV.OF NEBRASKA/ AG MENS CLUB		3		33,000.00		1012013
20022601	UNIVERSITY OF STEUBENVILLE		3.375		52,000.00		4012012
20022602	UNIVERSITY OF STEUBENVILLE		3		131,220.00		4012017
20022701	UNIVERSITY OF VERMONT		3		1,372,000.00		10012019
20023501	McDANIEL COLLEGE		3		530,000.00		11012016
					13,492,399.05

Page 8 of 13

Berkadia Commercial Mortgage
College and University Loan Trust I
Trial Balance

As of May 31, 2011

Loan Number	Borrower Name	Interest Rate		Current UPB		Maturity Date
20018801	SUSQUEHANNA UNIVERSITY		3.00		20,000.00		11-01-2006
20018802	SUSQUEHANNA UNIVERSITY		3.63		260,000.00		11-01-2014
20018901	SWARTHMORE COLLEGE		3.00		85,955.23		11-01-2013
20019101	TAYLOR UNIVERISTY		3.00		285,000.00		10-01-2010
20019201	TEMPLE UNIVERSITY		3.38		298,000.00		11-01-2014
20019401	TEXAS STATE COLLEGE		3.00		70,000.00		4-01-2007
20019502	TEXAS TECH. UNIVERSITY		3.63		383,000.00		3-01-2013
20019504	TEXAS TECH. UNIVERSITY		3.38		2,420,000.00		3-01-2012
20019601	TOUGALOO COLLEGE/ DORM BONDS 1981		3.00		98,000.00		6-01-2021
20020001	UNIVERSITY OF ALABAMA		3.00		1,416,000.00		5-01-2021
20021001	UNIVERSITY OF HAWAII AT MANOA		3.00		135,000.00		10-01-2006
20021301	UNIVERSITY OF MONTEVALLO		3.00		199,000.00		5-01-2023
20021401	UNIV.OF NEBRASKA/ AG MENS CLUB		3.00		79,000.00		1-01-2013
20021603	UNIVERSITY OF NORTH CAROLINA		3.00		945,000.00		1-01-2018
20021701	UNIVERSITY OF NOTRE DAME — BONDS 1968		3.00		1,270,000.00		4-01-2018
20022601	UNIVERSITY OF STEUBENVILLE		3.38		166,000.00		4-01-2012
20022602	UNIVERSITY OF STEUBENVILLE		3.00		234,000.00		4-01-2017
20022701	UNIVERSITY OF VERMONT		3.00		2,093,000.00		10-01-2019
20023102	VANDERBILT UNIV - 1979 MAYFIELD		3.00		263,557.48		6-30-2009
20023501	WESTERN MARYLAND COLLEGE		3.00		910,000.00		11-01-2016
20023601	WESTERN WASHINGTON STATE COLLEGE		3.00		40,000.00		10-01-2007
20023901	XAVIER UNIVERSITY OF LOUISIANA		3.00		395,000.00		10-01-2017
	Totals:				39,050,310.81

Page 10 of 13

Berkadia Commercial Mortgage
College & Trust Facility Loan Trust I
Delinquency Report (60+Days)
As of May 31, 2011

Loan Number	Borrower Name	Next Payment Due		P and I Due		Current UPB
20012401	MISSISSIPPI VALLEY ST. COLLEGE		7/1/2007		21,799.99		19,999.99
20001301	AUGSBERG COLLEGE		10/1/2010		106,800.00		560,000.00
20004001	COLLEGE OF ST.THOMAS		10/1/2010		42,800.00		260,000.00
20013502	NEW ENGLAND COLLEGE		10/1/2010		65,450.00		515,000.00
20019101	TAYLOR UNIVERSITY		10/1/2010		61,800.00		60,000.00
20020001	UNIV OF ALABAMA		11/1/2010		116,080.00		1,036,000.00
20021301	UNIV OF MONTEVALLO		11/1/2010		14,620.00		154,000.00
20010801	LONG ISLAND UNIVERSITY		12/1/2010		3,675.00		245,000.00
20021401	U OF NEBRASKA		1/1/2011		5,495.00		33,000.00
20001401	AZUSA UNIVERSITY		4/1/2011		50,295.00		353,000.00
20012101	MIDDLEBURY COLLEGE		4/1/2011		7,600.00		450,430.00
20013501	NEW ENGLAND COLLEGE		4/1/2011		1,558.75		85,999.99
TOTAL					497,973.74		3,772,429.98

Berkadia Commercial Mortgage
College and University Loan Trust I
Liquidation Report
As of May 31, 2011

None to report for this period

Berkadia Commercial Mortgage
College and University Loan Trust I
Collection Account Activity Report
For the Period of December 01, 2010 through December 31, 2010

Collections:
Principal Payments	133,607.42
Interest Payments	15,718.73
Total Principal and Interest Collections	149,326.15
Payments and Reversals Posted to Suspense	—
Total Collections	149,326.15
Less: Servicing Fees (not withheld from remittances)	(239.02	)
Net Collections	149,087.13

Berkadia Commercial Mortgage
College & Trust Facility Loan Trust I
Service Fees Schedule
For the Period of December 01, 2010 through December 31, 2010

Date Due	Loan Number		Borrower Name	Principal Due		Interest Due		Total Due		Principal Balance		Service Fees
12302010		20002401	BOSTON UNIVER		18,006.82		8,120.10		26,126.92		541,340.00		148.87
12012010		20010801	LONG ISLAND U		0.00		3,675.00		3,675.00		245,000.00		67.38
12012010		20013001	MONTREAT-ANDE		2,800.00		840.00		3,640.00		56,000.00		15.40
12012010		20014401	DOMNION UNIV.		0.00		7,575.00		7,575.00		504,999.99		138.87
12072010		20018701	SUOMI COLLEGE		8,682.42		5,393.10		14,075.52		1,849,061.79		84.75
			TOTALS:		29,489.24		25,603.20		55,092.44		3,196,401.78		455.27
12302010		20002401	BOSTON UNIVER		18,006.82		8,120.10		26,126.92		541,340.00		(148.87	)
12012010		20010801	LONG ISLAND U		0.00		3,675.00		3,675.00		245,000.00		(67.38	)
													239.02
SF STILL DUE:
7012008		20012401	MISSISSIPPI V		10,000.00		150.00		10,150.00		10,000.00		2.75
10012009		20022701	UNIV OF VERMO		68,000.00		24,720.00		92,720.00		1,648,000.00		453.20
4012010		20022701	UNIV OF VERMO		68,000.00		23,700.00		91,700.00		1,580,000.00		434.50
10012010		20022701	UNIV OF VERMO		70,000.00		22,680.00		92,680.00		1,512,000.00		415.80
10012010		20001301	AUGSBERG COLL		0.00		8,400.00		8,400.00		560,000.00		(154.00	)
10012010		20001401	AZUSA UNIVERS		0.00		5,295.00		5,295.00		353,000.00		(97.08	)
10012010		20004001	COLL.OF ST. T		0.00		3,900.00		3,900.00		260,000.00		(71.50	)
10012010		20012101	MIDDLEBURY CO		27,000.00		7,575.00		34,575.00		505,000.00		(138.88	)
10012010		20013502	NEW ENGLAND C		0.00		7,725.00		7,725.00		515,000.00		(141.63	)
10012010		20019101	TAYLOR UNIV.		60,000.00		900.00		60,900.00		60,000.00		(16.50	)
11012010		20020001	UNIV. OF ALAB		0.00		15,540.00		15,540.00		1,036,000.00		(284.90	)
11012010		20021301	UNIV OF MONTE		0.00		2,310.00		2,310.00		154,000.00		(42.35	)

Page 3 of 13

Berkadia Commercial Mortgage
College & Trust Facility Loan Trust I
Paid-in-Full Loans
For the Period of December 01, 2010 through December 31, 2010

Loan Number	Payoff Date	Total Amount Paid		Principal Amount		Interest Amount		Other Fees		Maturity Date
none to report
	TOTAL:		—		—		—		—

Berkadia Commercial Mortgage
College and University Loan Trust I
Summary of Partial Prepayments
For the Period of December 01, 2010 through December 31, 2010

Loan Number	Payoff Date	Total Amount Paid		Principal Amount		Interest Amount
none to report
	TOTAL:		—		—		—

Berkadia Commercial Mortgage
College and University Loan Trust I
Trial Balance
As of December 31, 2010

Loan Number	Borrower Name	Interest Rate		Current UPB		Maturity Date
20000101	ALBION COLLEGE		3		470,025.00		10012015
20001201	ATLANTIC UNION COLLEGE		3		128,186.89		5012023
20001301	AUGSBURG COLLEGE ACCT# AUGS466ADSU		3		560,000.00		4012016
20001401	AZUSA PACIFIC UNIVERSITY-1967#95-403850		3		353,000.00		4012017
20002401	BOSTON UNIVERITY		3		541,340.00		12312022
20002801	CARNEGIE MELLON UNIVERSITY		3		267,000.00		11012017
20003001	CASE WESTERN RESERVE UNIVERSIT		3		785,000.00		4012016
20003901	COLLEGE OF CHARLESTON		3		375,000.00		7012016
20004001	COLLEGE OF ST. THOMAS		3		260,000.00		4012017
20004401	R.I. JR. COLLEGE		3		176,025.00		4012018
20006502	FAIRLEIGH DICKINSON UNIVERSITY		3		62,061.73		11012020
20008301	HARCUM COLLEGE		3		245,000.00		11012015
20010801	LONG ISLAND UNIVERSITY		3		245,000.00		6012016
20012101	MIDDLEBURY COLLEGE		3		478,025.00		4012018
20012401	MISSISSIPPI VALLEY ST. COLLEGE		3		19,999.99		7012008
20012901	MONTEREY PENINSULA JR. COLLEGE		3		140,000.00		10012018
20013001	MONTREAT-ANDERSON COLLEGE		3		53,200.00		12012019
20013301	MORRIS COLLEGE — BONDS 1983		3		228,050.00		11012013
20013501	NEW ENGLAND COLLEGE		3.625		86,049.99		10012013
20013502	NEW ENGLAND COLLEGE		3		515,000.00		4012019
20014401	OLD DOMINION UNIVERSITY		3		504,999.99		6012013
20016401	CALIFORNIA STATE UNIVERSITY		3		230,000.00		11012021
20016501	CALIFORNIA STATE UNIVERSITY		3		470,000.00		11012021
20016601	SARAH LAWRENCE COLLEGE		3		631,512.17		11012021
20018001	ST.EDWARDS UNIVERSITY		3.625		49,000.00		4012013
20018701	FINLANDIA UNIVERSITY		3.5		1,840,379.37		8062014
20018901	SWARTHMORE COLLEGE		3		38,044.16		11012013
20019101	TAYLOR UNIVERISTY		3		60,000.00		10012010
20019201	TEMPLE UNIVERSITY		3.375		128,050.00		11012014
20019502	TEXAS TECH. UNIVERSITY		3.625		178,000.00		3012013
20019504	TEXAS TECH. UNIVERSITY		3.375		805,000.00		3012012
20020001	UNIVERSITY OF ALABAMA		3		1,036,000.00		5012021
20021301	UNIVERSITY OF MONTEVALLO		3		154,000.00		5012023
20021401	UNIV.OF NEBRASKA/ AG MENS CLUB		3		33,000.00		1012013
20021701	UNIVERSITY OF NOTRE DAME — BONDS 1968		3		840,000.00		4012018
20022601	UNIVERSITY OF STEUBENVILLE		3.375		52,000.00		4012012
20022602	UNIVERSITY OF STEUBENVILLE		3		148,000.00		4012017
20022701	UNIVERSITY OF VERMONT		3		1,648,000.00		10012019
20023501	McDANIEL COLLEGE		3		530,000.00		11012016
					15,363,949.29

Page 8 of 13

Berkadia Commercial Mortgage
College and University Loan Trust I
Trial Balance
As of December 31, 2010

Loan Number	Borrower Name	Interest Rate		Current UPB		Maturity Date
20018801	SUSQUEHANNA UNIVERSITY		3.00		20,000.00		11-01-2006
20018802	SUSQUEHANNA UNIVERSITY		3.63		260,000.00		11-01-2014
20018901	SWARTHMORE COLLEGE		3.00		85,955.23		11-01-2013
20019101	TAYLOR UNIVERISTY		3.00		285,000.00		10-01-2010
20019201	TEMPLE UNIVERSITY		3.38		298,000.00		11-01-2014
20019401	TEXAS STATE COLLEGE		3.00		70,000.00		4-01-2007
20019502	TEXAS TECH. UNIVERSITY		3.63		383,000.00		3-01-2013
20019504	TEXAS TECH. UNIVERSITY		3.38		2,420,000.00		3-01-2012
20019601	TOUGALOO COLLEGE/ DORM BONDS 1981		3.00		98,000.00		6-01-2021
20020001	UNIVERSITY OF ALABAMA		3.00		1,416,000.00		5-01-2021
20021001	UNIVERSITY OF HAWAII AT MANOA		3.00		135,000.00		10-01-2006
20021301	UNIVERSITY OF MONTEVALLO		3.00		199,000.00		5-01-2023
20021401	UNIV.OF NEBRASKA/ AG MENS CLUB		3.00		79,000.00		1-01-2013
20021603	UNIVERSITY OF NORTH CAROLINA		3.00		945,000.00		1-01-2018
20021701	UNIVERSITY OF NOTRE DAME — BONDS 1968		3.00		1,270,000.00		4-01-2018
20022601	UNIVERSITY OF STEUBENVILLE		3.38		166,000.00		4-01-2012
20022602	UNIVERSITY OF STEUBENVILLE		3.00		234,000.00		4-01-2017
20022701	UNIVERSITY OF VERMONT		3.00		2,093,000.00		10-01-2019
20023102	VANDERBILT UNIV - 1979 MAYFIELD		3.00		263,557.48		6-30-2009
20023501	WESTERN MARYLAND COLLEGE		3.00		910,000.00		11-01-2016
20023601	WESTERN WASHINGTON STATE COLLEGE		3.00		40,000.00		10-01-2007
20023901	XAVIER UNIVERSITY OF LOUISIANA		3.00		395,000.00		10-01-2017
	Totals:				42,793,411.29

Page 10 of 13

Berkadia Commercial Mortgage
College & Trust Facility Loan Trust I
Delinquency Report (60+Days)
As of December 31, 2010

Loan Number	Borrower Name	Next Payment Due		P and I Due		Current UPB
20012401	MISSISSIPPI VALLEY ST. COLLEGE		7/1/2007		21,499.99		19,999.99
20022701	UNIV OF VERMONT		4/1/2009		277,145.00		1,648,000.00
20000101	ALBION COLLEGE		10/1/2010		25.00		470,025.00
20001301	AUGSBERG COLLEGE		10/1/2010		8,400.00		560,000.00
20001401	AZUSA UNIVERSITY		10/1/2010		5,295.00		353,000.00
20004001	COLLEGE OF ST.THOMAS		10/1/2010		3,900.00		260,000.00
20004401	R.I. JR. COLLEGE		10/1/2010		25.00		176,025.00
20012101	MIDDLEBURY COLLEGE		10/1/2010		7,600.00		478,025.00
20013501	NEW ENGLAND COLLEGE		10/1/2010		50.00		86,049.99
20013502	NEW ENGLAND COLLEGE		10/1/2010		7,725.00		515,000.00
20019101	TAYLOR UNIVERSITY		10/1/2010		60,900.00		60,000.00
20022602	UNIVERSITY OF STEUBENVILLE		10/1/2010		2,220.00		148,000.00
20013301	MORRIS COLLEGE		11/1/2010		50.00		228,050.00
20019201	TEMPLE UNIV		11/1/2010		50.00		128,050.00
20020001	UNIV OF ALABAMA		11/1/2010		15,540.00		1,036,000.00
20021301	UNIV OF MONTEVALLO		11/1/2010		2,310.00		154,000.00
TOTAL					412,734.99		6,320,224.98

Berkadia Commercial Mortgage
College and University Loan Trust I
Liquidation Report
As of December 31, 2010

None to report for this period

Berkadia Commercial Mortgage
College and University Loan Trust I
Collection Account Activity Report
For the Quarter Ended December 31, 2010

	October			November			December
Collections:
Principal Payments		129,700.94			326,254.52			133,607.42
Interest Payments		50,769.19			73,211.63			15,718.73
Total Principal and Interest Collections		180,470.13			399,466.15			149,326.15
Payments and Reversals Posted to Suspense		—			—			—
Total Collections		180,470.13			399,466.15			149,326.15
Less: Servicing Fees (not withheld from remittances)		(863.25	)		(1,480.25	)		(239.02	)
Net Collections		179,606.88			397,985.90			149,087.13

Berkadia Commercial Mortgage
College & Trust Facility Loan Trust I
Service Fees Schedule
For the Quarter Ended December 31, 2010

		Loan
Date Due		Number	Borrower Name	Principal Due		Interest Due		Total Due		Principal Balance		Service Fees
October
	10012010	20000101	ALBION COLLEG		90,000.00		8,400.00		98,400.00		560,000.00		154.00
	10012010	20001301	AUGSBERG COLL		—		8,400.00		8,400.00		560,000.00		154.00
	10012010	20001401	AZUSA UNIVERS		—		5,295.00		5,295.00		353,000.00		97.08
	10012010	20003001	CASE WESTERN		—		11,775.00		11,775.00		785,000.00		215.88
	10012010	20004001	COLL.OF ST. T		—		3,900.00		3,900.00		260,000.00		71.50
	10012010	20004401	R.I. JR. COLL		10,000.00		2,790.00		12,790.00		186,000.00		51.15
	10012010	20012101	MIDDLEBURY CO		27,000.00		7,575.00		34,575.00		505,000.00		138.88
	10012010	20012901	MONTEREY JR C		15,000.00		2,325.00		17,325.00		155,000.00		42.63
	10012010	20013501	NEW ENGLAND C		32,000.00		2,138.75		34,138.75		118,049.99		32.46
	10012010	20013502	NEW ENGLAND C		—		7,725.00		7,725.00		515,000.00		141.63
	10012010	20018001	ST.EDWARDS		—		888.13		888.13		49,000.00		13.48
	10072010	20018701	SUOMI COLLEGE		8,632.52		5,443.00		14,075.52		1,866,171.41		85.53
	10012010	20019101	TAYLOR UNIV.		60,000.00		900.00		60,900.00		60,000.00		16.50
	10012010	20021701	UNIV. OF NOTR		—		12,600.00		12,600.00		840,000.00		231.00
	10012010	20022601	UNIV.OF STEUB		—		877.50		877.50		52,000.00		14.30
	10012010	20022602	UNIV.OF STEUB		—		2,220.00		2,220.00		148,000.00		40.70
	10012010	20022701	UNIV OF VERMO		70,000.00		22,680.00		92,680.00		1,512,000.00		415.80
			TOTALS:		312,632.52		105,932.38		418,564.90		8,524,221.40		1,916.52
	10012010	20000101	ALBION COLLEG		90,000.00		8,400.00		98,400.00		560,000.00		(154.00	)
	10012010	20001301	AUGSBERG COLL		0.00		8,400.00		8,400.00		560,000.00		(154.00	)
	10012010	20001401	AZUSA UNIVERS		0.00		5,295.00		5,295.00		353,000.00		(97.08	)
	10012010	20003001	CASE WESTERN		0.00		11,775.00		11,775.00		785,000.00		(215.88	)
	10012010	20004001	COLL.OF ST. T		0.00		3,900.00		3,900.00		260,000.00		(71.50	)
	10012010	20004401	R.I. JR. COLL		10,000.00		2,790.00		12,790.00		186,000.00		(51.15	)
	10012010	20012101	MIDDLEBURY CO		27,000.00		7,575.00		34,575.00		505,000.00		(138.88	)
	10012010	20013502	NEW ENGLAND C		0.00		7,725.00		7,725.00		515,000.00		(141.63	)
	10012010	20018001	ST.EDWARDS		0.00		888.13		888.13		49,000.00		(13.48	)
	10012010	20019101	TAYLOR UNIV.		60,000.00		900.00		60,900.00		60,000.00		(16.50	)
	10012010	20022601	UNIV.OF STEUB		0.00		877.50		877.50		52,000.00		(14.30	)
	10012010	20022602	UNIV.OF STEUB		0.00		2,220.00		2,220.00		148,000.00		(40.70	)
	10012010	20022701	UNIV OF VERMO		70,000.00		22,680.00		92,680.00		1,512,000.00		(415.80	)
	4012009	20022701	UNIV OF VERMO		67,000.00		25,725.00		92,725.00		1,715,000.00		471.63
													863.25
November
	11012010	20001201	ATLANTIC UNIO		4,007.52		1,982.92		5,990.44		132,194.41		36.35
	11012010	20002801	CARNEGIE-MELL		17,000.00		4,260.00		21,260.00		284,000.00		78.10
	11012010	20006502	FAIRLEIGH DIC		2,644.23		970.59		3,614.82		64,705.96		17.79
	11012010	20008301	HARCUM JR COL		45,000.00		4,350.00		49,350.00		290,000.00		79.75
	11012010	20013301	MORRIS COLLEG		71,000.00		4,485.00		75,485.00		299,050.00		82.24
	11012010	20016401	CALIFORNIA ST		15,000.00		3,675.00		18,675.00		245,000.00		67.38
	11012010	20016501	CALIFORNIA ST		35,000.00		7,575.00		42,575.00		505,000.00		138.88
	11012010	20016601	SARAH LAWRENC		25,425.67		9,854.07		35,279.74		656,937.84		180.66
	11072010	20018701	SUOMI COLLEGE		8,477.10		5,598.42		14,075.52		1,857,538.89		85.14
	11012010	20018901	SWARTHMORE CO		5,118.42		647.44		5,765.86		43,162.58		11.87
	11012010	20019201	TEMPLE UNIV.		35,000.00		2,750.63		37,750.63		163,000.00		44.83
	11012010	20020001	UNIV. OF ALAB		—		15,540.00		15,540.00		1,036,000.00		284.90
	11012010	20021301	UNIV OF MONTE		—		2,310.00		2,310.00		154,000.00		42.35
	11012010	20023501	WSTRN MARYLAN		80,000.00		9,150.00		89,150.00		610,000.00		167.75
			TOTALS:		343,672.94		73,149.07		416,822.01		6,340,589.68		1,317.99
	10012010	20000101	ALBION COLLEG		90,000.00		8,400.00		98,400.00		560,000.00		154.00
	10012010	20003001	CASE WESTERN		0.00		11,775.00		11,775.00		785,000.00		215.88
	10012010	20004401	R.I. JR. COLL		10,000.00		2,790.00		12,790.00		186,000.00		51.15
	10012010	20018001	ST.EDWARDS		0.00		888.13		888.13		49,000.00		13.48
	10012010	20022601	UNIV.OF STEUB		0.00		877.50		877.50		52,000.00		14.30
	10012010	20022602	UNIV.OF STEUB		0.00		2,220.00		2,220.00		148,000.00		40.70
	11012010	20020001	UNIV. OF ALAB		0.00		15,540.00		15,540.00		1,036,000.00		(284.90	)
	11012010	20021301	UNIV OF MONTE		0.00		2,310.00		2,310.00		154,000.00		(42.35	)
													1,480.25

Berkadia Commercial Mortgage
College & Trust Facility Loan Trust I
Service Fees Schedule
For the Quarter Ended December 31, 2010

		Loan
Date Due		Number	Borrower Name	Principal Due		Interest Due		Total Due		Principal Balance		Service Fees
December
	12302010	20002401	BOSTON UNIVER		18,006.82		8,120.10		26,126.92		541,340.00		148.87
	12012010	20010801	LONG ISLAND U		0.00		3,675.00		3,675.00		245,000.00		67.38
	12012010	20013001	MONTREAT-ANDE		2,800.00		840.00		3,640.00		56,000.00		15.40
	12012010	20014401	DOMNION UNIV.		0.00		7,575.00		7,575.00		504,999.99		138.87
	12072010	20018701	SUOMI COLLEGE		8,682.42		5,393.10		14,075.52		1,849,061.79		84.75
			TOTALS:		29,489.24		25,603.20		55,092.44		3,196,401.78		455.27
	12302010	20002401	BOSTON UNIVER		18,006.82		8,120.10		26,126.92		541,340.00		(148.87	)
	12012010	20010801	LONG ISLAND U		—		3,675.00		3,675.00		245,000.00		(67.38	)
													239.02
			TOTALS FOR QTR		685,794.70		204,684.65		890,479.35		18,061,212.86		2,582.52

Berkadia Commercial Mortgage
College and University Loan Trust I
Paid In Full Loan Schedule

For the Quarter Ended December 31, 2010

				Principal
Loan Number	Payoff Date	Total Amount		Amount		Interest Amount		Other Fees		Maturity Date
None to report for this period
Totals			—		—		—		—

* Please note that service fees have not yet been deducted.

Berkadia Commercial Mortgage
College and University Loan Trust I
Summary of Partial Prepayments
For the Quarter Ended December 31, 2010

		Total Amount
Loan Number	Payoff Date	Paid		Principal Amount		Interest Amount
None to report for this period
							—
	TOTAL:		—		—		—

Berkadia Commercial Mortgage
College and University Loan Trust I
Trial Balance
For the Quarter Ended December 31, 2010

Loan Number	Borrower Name	Interest Rate		Current UPB		Maturity Date
October
20000101	ALBION COLLEGE		3		560,000.00		10012015
20001201	ATLANTIC UNION COLLEGE		3		132,194.41		5012023
20001301	AUGSBURG COLLEGE ACCT# AUGS466ADSU		3		560,000.00		4012016
20001401	AZUSA PACIFIC UNIVERSITY-1967#95-403850		3		353,000.00		4012017
20002401	BOSTON UNIVERITY		3		541,340.00		12312022
20002801	CARNEGIE MELLON UNIVERSITY		3		267,000.00		11012017
20003001	CASE WESTERN RESERVE UNIVERSIT		3		785,000.00		4012016
20003901	COLLEGE OF CHARLESTON		3		375,000.00		7012016
20004001	COLLEGE OF ST. THOMAS		3		260,000.00		4012017
20004401	R.I. JR. COLLEGE		3		186,000.00		4012018
20006502	FAIRLEIGH DICKINSON UNIVERSITY		3		64,705.96		11012020
20008301	HARCUM COLLEGE		3		290,000.00		11012015
20010801	LONG ISLAND UNIVERSITY		3		245,000.00		6012016
20012101	MIDDLEBURY COLLEGE		3		505,000.00		4012018
20012401	MISSISSIPPI VALLEY ST. COLLEGE		3		19,999.99		7012008
20012901	MONTEREY PENINSULA JR. COLLEGE		3		140,000.00		10012018
20013001	MONTREAT-ANDERSON COLLEGE		3		56,000.00		12012019
20013301	MORRIS COLLEGE — BONDS 1983		3		299,000.00		11012013
20013501	NEW ENGLAND COLLEGE		3.625		86,049.99		10012013
20013502	NEW ENGLAND COLLEGE		3		515,000.00		4012019
20014401	OLD DOMINION UNIVERSITY		3		504,999.99		6012013
20016401	CALIFORNIA STATE UNIVERSITY		3		245,000.00		11012021
20016501	CALIFORNIA STATE UNIVERSITY		3		505,000.00		11012021
20016601	SARAH LAWRENCE COLLEGE		3		656,937.84		11012021
20018001	ST.EDWARDS UNIVERSITY		3.625		49,000.00		4012013
20018701	FINLANDIA UNIVERSITY		3.5		1,857,538.89		8062014
20018901	SWARTHMORE COLLEGE		3		38,044.16		11012013
20019101	TAYLOR UNIVERISTY		3		60,000.00		10012010
20019201	TEMPLE UNIVERSITY		3.375		163,000.00		11012014
20019502	TEXAS TECH. UNIVERSITY		3.625		178,000.00		3012013
20019504	TEXAS TECH. UNIVERSITY		3.375		805,000.00		3012012
20020001	UNIVERSITY OF ALABAMA		3		1,036,000.00		5012021
20021301	UNIVERSITY OF MONTEVALLO		3		154,000.00		5012023
20021401	UNIV.OF NEBRASKA/ AG MENS CLUB		3		33,000.00		1012013
20021701	UNIVERSITY OF NOTRE DAME — BONDS 1968		3		840,000.00		4012018
20022601	UNIVERSITY OF STEUBENVILLE		3.375		52,000.00		4012012
20022602	UNIVERSITY OF STEUBENVILLE		3		148,000.00		4012017
20022701	UNIVERSITY OF VERMONT		3		1,648,000.00		10012019
20023501	McDANIEL COLLEGE		3		610,000.00		11012016
	TOTALS:				15,823,811.23
November
20000101	ALBION COLLEGE		3		560,000.00		10012015
20001201	ATLANTIC UNION COLLEGE		3		128,186.89		5012023
20001301	AUGSBURG COLLEGE ACCT# AUGS466ADSU		3		560,000.00		4012016
20001401	AZUSA PACIFIC UNIVERSITY-1967#95-403850		3		353,000.00		4012017
20002401	BOSTON UNIVERITY		3		541,340.00		12312022
20002801	CARNEGIE MELLON UNIVERSITY		3		267,000.00		11012017
20003001	CASE WESTERN RESERVE UNIVERSIT		3		785,000.00		4012016
20003901	COLLEGE OF CHARLESTON		3		375,000.00		7012016
20004001	COLLEGE OF ST. THOMAS		3		260,000.00		4012017

Page 9 of 14

Berkadia Commercial Mortgage
College and University Loan Trust I
Trial Balance
For the Quarter Ended December 31, 2010

Loan Number	Borrower Name	Interest Rate		Current UPB		Maturity Date
20004401	R.I. JR. COLLEGE		3		176,025.00		4012018
20006502	FAIRLEIGH DICKINSON UNIVERSITY		3		62,061.73		11012020
20008301	HARCUM COLLEGE		3		245,000.00		11012015
20010801	LONG ISLAND UNIVERSITY		3		245,000.00		6012016
20012101	MIDDLEBURY COLLEGE		3		478,025.00		4012018
20012401	MISSISSIPPI VALLEY ST. COLLEGE		3		19,999.99		7012008
20012901	MONTEREY PENINSULA JR. COLLEGE		3		140,000.00		10012018
20013001	MONTREAT-ANDERSON COLLEGE		3		53,200.00		12012019
20013301	MORRIS COLLEGE — BONDS 1983		3		228,050.00		11012013
20013501	NEW ENGLAND COLLEGE		3.625		86,049.99		10012013
20013502	NEW ENGLAND COLLEGE		3		515,000.00		4012019
20014401	OLD DOMINION UNIVERSITY		3		504,999.99		6012013
20016401	CALIFORNIA STATE UNIVERSITY		3		230,000.00		11012021
20016501	CALIFORNIA STATE UNIVERSITY		3		470,000.00		11012021
20016601	SARAH LAWRENCE COLLEGE		3		631,512.17		11012021
20018001	ST.EDWARDS UNIVERSITY		3.625		49,000.00		4012013
20018701	FINLANDIA UNIVERSITY		3.5		1,849,061.79		8062014
20018901	SWARTHMORE COLLEGE		3		38,044.16		11012013
20019101	TAYLOR UNIVERISTY		3		60,000.00		10012010
20019201	TEMPLE UNIVERSITY		3.375		163,000.00		11012014
20019502	TEXAS TECH. UNIVERSITY		3.625		178,000.00		3012013
20019504	TEXAS TECH. UNIVERSITY		3.375		805,000.00		3012012
20020001	UNIVERSITY OF ALABAMA		3		1,036,000.00		5012021
20021301	UNIVERSITY OF MONTEVALLO		3		154,000.00		5012023
20021401	UNIV.OF NEBRASKA/ AG MENS CLUB		3		33,000.00		1012013
20021701	UNIVERSITY OF NOTRE DAME — BONDS 1968		3		840,000.00		4012018
20022601	UNIVERSITY OF STEUBENVILLE		3.375		52,000.00		4012012
20022602	UNIVERSITY OF STEUBENVILLE		3		148,000.00		4012017
20022701	UNIVERSITY OF VERMONT		3		1,648,000.00		10012019
20023501	McDANIEL COLLEGE		3		530,000.00		11012016
	TOTALS:				15,497,556.71
December
20000101	ALBION COLLEGE		3		470,025.00		10012015
20001201	ATLANTIC UNION COLLEGE		3		128,186.89		5012023
20001301	AUGSBURG COLLEGE ACCT# AUGS466ADSU		3		560,000.00		4012016
20001401	AZUSA PACIFIC UNIVERSITY-1967#95-403850		3		353,000.00		4012017
20002401	BOSTON UNIVERITY		3		541,340.00		12312022
20002801	CARNEGIE MELLON UNIVERSITY		3		267,000.00		11012017
20003001	CASE WESTERN RESERVE UNIVERSIT		3		785,000.00		4012016
20003901	COLLEGE OF CHARLESTON		3		375,000.00		7012016
20004001	COLLEGE OF ST. THOMAS		3		260,000.00		4012017
20004401	R.I. JR. COLLEGE		3		176,025.00		4012018
20006502	FAIRLEIGH DICKINSON UNIVERSITY		3		62,061.73		11012020
20008301	HARCUM COLLEGE		3		245,000.00		11012015
20010801	LONG ISLAND UNIVERSITY		3		245,000.00		6012016
20012101	MIDDLEBURY COLLEGE		3		478,025.00		4012018
20012401	MISSISSIPPI VALLEY ST. COLLEGE		3		19,999.99		7012008
20012901	MONTEREY PENINSULA JR. COLLEGE		3		140,000.00		10012018
20013001	MONTREAT-ANDERSON COLLEGE		3		53,200.00		12012019
20013301	MORRIS COLLEGE — BONDS 1983		3		228,050.00		11012013
20013501	NEW ENGLAND COLLEGE		3.625		86,049.99		10012013
20013502	NEW ENGLAND COLLEGE		3		515,000.00		4012019

Page 10 of 14

Berkadia Commercial Mortgage
College and University Loan Trust I
Trial Balance
For the Quarter Ended December 31, 2010

Loan Number	Borrower Name	Interest Rate		Current UPB		Maturity Date
20014401	OLD DOMINION UNIVERSITY		3		504,999.99		6012013
20016401	CALIFORNIA STATE UNIVERSITY		3		230,000.00		11012021
20016501	CALIFORNIA STATE UNIVERSITY		3		470,000.00		11012021
20016601	SARAH LAWRENCE COLLEGE		3		631,512.17		11012021
20018001	ST.EDWARDS UNIVERSITY		3.625		49,000.00		4012013
20018701	FINLANDIA UNIVERSITY		3.5		1,840,379.37		8062014
20018901	SWARTHMORE COLLEGE		3		38,044.16		11012013
20019101	TAYLOR UNIVERISTY		3		60,000.00		10012010
20019201	TEMPLE UNIVERSITY		3.375		128,050.00		11012014
20019502	TEXAS TECH. UNIVERSITY		3.625		178,000.00		3012013
20019504	TEXAS TECH. UNIVERSITY		3.375		805,000.00		3012012
20020001	UNIVERSITY OF ALABAMA		3		1,036,000.00		5012021
20021301	UNIVERSITY OF MONTEVALLO		3		154,000.00		5012023
20021401	UNIV.OF NEBRASKA/ AG MENS CLUB		3		33,000.00		1012013
20021701	UNIVERSITY OF NOTRE DAME — BONDS 1968		3		840,000.00		4012018
20022601	UNIVERSITY OF STEUBENVILLE		3.375		52,000.00		4012012
20022602	UNIVERSITY OF STEUBENVILLE		3		148,000.00		4012017
20022701	UNIVERSITY OF VERMONT		3		1,648,000.00		10012019
20023501	McDANIEL COLLEGE		3		530,000.00		11012016
					15,363,949.29

Page 11 of 14

Berkadia Commercial Mortgage
College & Trust Facility Loan Trust I
Delinquency Report (60+Days)
For the Quarter Ended December 31, 2010

			Next
Loan			Payment
Number		Borrower Name	Due		P and I Due		Current UPB
	20012401	MISSISSIPPI VALLEY ST. COLLEGE		39264		21,499.99		19,999.99
	20022701	UNIV OF VERMONT		39904		277,145.00		1,648,000.00
	20000101	ALBION COLLEGE		40452		25.00		470,025.00
	20001301	AUGSBERG COLLEGE		40452		8,400.00		560,000.00
	20001401	AZUSA UNIVERSITY		40452		5,295.00		353,000.00
	20004001	COLLEGE OF ST.THOMAS		40452		3,900.00		260,000.00
	20004401	R.I. JR. COLLEGE		40452		25.00		176,025.00
	20012101	MIDDLEBURY COLLEGE		40452		7,600.00		478,025.00
	20013501	NEW ENGLAND COLLEGE		40452		50.00		86,049.99
	20013502	NEW ENGLAND COLLEGE		40452		7,725.00		515,000.00
	20019101	TAYLOR UNIVERSITY		40452		60,900.00		60,000.00
	20022602	UNIVERSITY OF STEUBENVILLE		40452		2,220.00		148,000.00
	20013301	MORRIS COLLEGE		40483		50.00		228,050.00
	20019201	TEMPLE UNIV		40483		50.00		128,050.00
	20020001	UNIV OF ALABAMA		40483		15,540.00		1,036,000.00
	20021301	UNIV OF MONTEVALLO		40483		2,310.00		154,000.00
TOTAL						412,734.99		6,320,224.98

Berkadia Commercial Mortgage
College and University Loan Trust I
Liquidation Report
For the Quarter Ended December 31, 2010

None to report for this period

Berkadia Commercial Mortgage
College and University Loan Trust I
Collection Account Activity Report
For the Quarter Ended March 31, 2011

	January			February			March
Collections:
Principal Payments		26,535.64			214,554.53			514,312.10
Interest Payments		19,266.80			76,665.99			23,899.05
Total Principal and Interest Collections		45,802.44			291,220.52			538,211.15
Payments and Reversals Posted to Suspense		—			—			—
Total Collections		45,802.44			291,220.52			538,211.15
Less: Servicing Fees (not withheld from remittances)		(321.77	)		(1,387.46	)		(353.90	)
Net Collections		45,480.67			289,833.06			537,857.25

Berkadia Commercial Mortgage
College & Trust Facility Loan Trust I
Service Fees Schedule
For the Quarter Ended March 31, 2011

		Loan
Date Due		Number	Borrower Name	Principal Due		Interest Due		Total Due		Principal Balance		Service Fees
January
	01012011	20003901	COLL. OF CHAR		—		5,625.00		5,625.00		375,000.00		103.13
	01072011	20018701	SUOMI COLLEGE		8,528.82		5,546.70		14,075.52		1,840,379.37		84.35
	12302010	20002401	BOSTON UNIVER		18,006.82		8,120.10		26,126.92		541,340.00		148.87
			TOTALS:		26,535.64		19,291.80		45,827.44		2,756,719.37		336.35
	01012011	20012401	MISSISSIPPI V		0.00		300.00		300.00		19,999.99		(5.50	)
	01012011	20021401	U OF NEBRASKA		5,000.00		495.00		5,495.00		33,000.00		(9.08	)
													321.77
February
	02072011	20018701	SUOMI COLLEGE		8,554.53		5,520.99		14,075.52		1,831,850.55		83.96
			TOTALS:		8,554.53		5,520.99		14,075.52		1,831,850.55		83.96
	10012009	20022701	UNIV OF VERMO		68,000.00		24,720.00		92,720.00		1,648,000.00		453.20
	4012010	20022701	UNIV OF VERMO		68,000.00		23,700.00		91,700.00		1,580,000.00		434.50
	10012010	20022701	UNIV OF VERMO		70,000.00		22,680.00		92,680.00		1,512,000.00		415.80
													1,387.46
March
	03072011	20018701	SUOMI COLLEGE		9,112.10		4,963.42		14,075.52		1,823,296.02		83.57
	03012011	20019502	TEXAS TECH UN		55,000.00		3,226.25		58,226.25		178,000.00		48.95
	03012011	20019504	TEXAS TECH UN		450,000.00		13,584.38		463,584.38		805,000.00		221.38
			TOTALS:		514,112.10		21,774.05		535,886.15		2,806,296.02		353.90
													353.90
		TOTALS FOR QTR			549,202.27		46,586.84		595,789.11		7,394,865.94		2,063.13

Berkadia Commercial Mortgage
College and University Loan Trust I
Paid In Full Loan Schedule
For the Quarter Ended March 31, 2011

				Principal
Loan Number	Payoff Date	Total Amount		Amount		Interest Amount		Other Fees		Maturity Date
None to report for this period
Totals			—		—		—		—

* Please note that service fees have not yet been deducted.

     Berkadia Commercial Mortgage
College and University Loan Trust I
Summary of Partial Prepayments
For the Quarter Ended March 31, 2011

		Total Amount
Loan Number	Payoff Date	Paid		Principal Amount		Interest Amount
None to report for this period
							—
	TOTAL:		—		—		—

Berkadia Commercial Mortgage
College and University Loan Trust I
Trial Balance
For the Quarter Ended March 31, 2011

Loan Number		Borrower Name	Interest Rate		Current UPB		Maturity Date
January
	20000101	ALBION COLLEGE		3		470,025.00		10012015
	20001201	ATLANTIC UNION COLLEGE		3		128,186.89		5012023
	20001301	AUGSBURG COLLEGE ACCT# AUGS466ADSU		3		560,000.00		4012016
	20001401	AZUSA PACIFIC UNIVERSITY-1967#95-403850		3		353,000.00		4012017
	20002401	BOSTON UNIVERITY		3		523,333.18		12312022
	20002801	CARNEGIE MELLON UNIVERSITY		3		267,000.00		11012017
	20003001	CASE WESTERN RESERVE UNIVERSIT		3		785,000.00		4012016
	20003901	COLLEGE OF CHARLESTON		3		375,000.00		7012016
	20004001	COLLEGE OF ST. THOMAS		3		260,000.00		4012017
	20004401	R.I. JR. COLLEGE		3		176,025.00		4012018
	20006502	FAIRLEIGH DICKINSON UNIVERSITY		3		62,061.73		11012020
	20008301	HARCUM COLLEGE		3		245,000.00		11012015
	20010801	LONG ISLAND UNIVERSITY		3		245,000.00		6012016
	20012101	MIDDLEBURY COLLEGE		3		478,025.00		4012018
	20012401	MISSISSIPPI VALLEY ST. COLLEGE		3		19,999.99		7012008
	20012901	MONTEREY PENINSULA JR. COLLEGE		3		140,000.00		10012018
	20013001	MONTREAT-ANDERSON COLLEGE		3		53,200.00		12012019
	20013301	MORRIS COLLEGE — BONDS 1983		3		228,050.00		11012013
	20013501	NEW ENGLAND COLLEGE		3.625		86,049.99		10012013
	20013502	NEW ENGLAND COLLEGE		3		515,000.00		4012019
	20014401	OLD DOMINION UNIVERSITY		3		504,999.99		6012013
	20016401	CALIFORNIA STATE UNIVERSITY		3		230,000.00		11012021
	20016501	CALIFORNIA STATE UNIVERSITY		3		470,000.00		11012021
	20016601	SARAH LAWRENCE COLLEGE		3		631,512.17		11012021
	20018001	ST.EDWARDS UNIVERSITY		3.625		49,000.00		4012013
	20018701	FINLANDIA UNIVERSITY		3.5		1,831,850.55		8062014
	20018901	SWARTHMORE COLLEGE		3		38,044.16		11012013
	20019101	TAYLOR UNIVERISTY		3		60,000.00		10012010
	20019201	TEMPLE UNIVERSITY		3.375		128,050.00		11012014
	20019502	TEXAS TECH. UNIVERSITY		3.625		178,000.00		3012013
	20019504	TEXAS TECH. UNIVERSITY		3.375		805,000.00		3012012
	20020001	UNIVERSITY OF ALABAMA		3		1,036,000.00		5012021
	20021301	UNIVERSITY OF MONTEVALLO		3		154,000.00		5012023
	20021401	UNIV.OF NEBRASKA/ AG MENS CLUB		3		33,000.00		1012013
	20021701	UNIVERSITY OF NOTRE DAME — BONDS 1968		3		840,000.00		4012018
	20022601	UNIVERSITY OF STEUBENVILLE		3.375		52,000.00		4012012
	20022602	UNIVERSITY OF STEUBENVILLE		3		148,000.00		4012017
	20022701	UNIVERSITY OF VERMONT		3		1,648,000.00		10012019
	20023501	McDANIEL COLLEGE		3		530,000.00		11012016
		TOTALS:				15,337,413.65
February
	20000101	ALBION COLLEGE		3		470,025.00		10012015
	20001201	ATLANTIC UNION COLLEGE		3		128,186.89		5012023
	20001301	AUGSBURG COLLEGE ACCT# AUGS466ADSU		3		560,000.00		4012016
	20001401	AZUSA PACIFIC UNIVERSITY-1967#95-403850		3		353,000.00		4012017
	20002401	BOSTON UNIVERITY		3		523,333.18		12312022
	20002801	CARNEGIE MELLON UNIVERSITY		3		267,000.00		11012017
	20003001	CASE WESTERN RESERVE UNIVERSIT		3		785,000.00		4012016
	20003901	COLLEGE OF CHARLESTON		3		375,000.00		7012016
	20004001	COLLEGE OF ST. THOMAS		3		260,000.00		4012017

Page 7 of 12

Berkadia Commercial Mortgage
College and University Loan Trust I
Trial Balance
For the Quarter Ended March 31, 2011

Loan Number		Borrower Name	Interest Rate		Current UPB		Maturity Date
	20004401	R.I. JR. COLLEGE		3		176,025.00		4012018
	20006502	FAIRLEIGH DICKINSON UNIVERSITY		3		62,061.73		11012020
	20008301	HARCUM COLLEGE		3		245,000.00		11012015
	20010801	LONG ISLAND UNIVERSITY		3		245,000.00		6012016
	20012101	MIDDLEBURY COLLEGE		3		478,025.00		4012018
	20012401	MISSISSIPPI VALLEY ST. COLLEGE		3		19,999.99		7012008
	20012901	MONTEREY PENINSULA JR. COLLEGE		3		140,000.00		10012018
	20013001	MONTREAT-ANDERSON COLLEGE		3		53,200.00		12012019
	20013301	MORRIS COLLEGE — BONDS 1983		3		228,050.00		11012013
	20013501	NEW ENGLAND COLLEGE		3.625		86,049.99		10012013
	20013502	NEW ENGLAND COLLEGE		3		515,000.00		4012019
	20014401	OLD DOMINION UNIVERSITY		3		504,999.99		6012013
	20016401	CALIFORNIA STATE UNIVERSITY		3		230,000.00		11012021
	20016501	CALIFORNIA STATE UNIVERSITY		3		470,000.00		11012021
	20016601	SARAH LAWRENCE COLLEGE		3		631,512.17		11012021
	20018001	ST.EDWARDS UNIVERSITY		3.625		49,000.00		4012013
	20018701	FINLANDIA UNIVERSITY		3.5		1,823,296.02		8062014
	20018901	SWARTHMORE COLLEGE		3		38,044.16		11012013
	20019101	TAYLOR UNIVERISTY		3		60,000.00		10012010
	20019201	TEMPLE UNIVERSITY		3.375		128,050.00		11012014
	20019502	TEXAS TECH. UNIVERSITY		3.625		178,000.00		3012013
	20019504	TEXAS TECH. UNIVERSITY		3.375		805,000.00		3012012
	20020001	UNIVERSITY OF ALABAMA		3		1,036,000.00		5012021
	20021301	UNIVERSITY OF MONTEVALLO		3		154,000.00		5012023
	20021401	UNIV.OF NEBRASKA/ AG MENS CLUB		3		33,000.00		1012013
	20021701	UNIVERSITY OF NOTRE DAME — BONDS 1968		3		840,000.00		4012018
	20022601	UNIVERSITY OF STEUBENVILLE		3.375		52,000.00		4012012
	20022602	UNIVERSITY OF STEUBENVILLE		3		148,000.00		4012017
	20022701	UNIVERSITY OF VERMONT		3		1,442,000.00		10012019
	20023501	McDANIEL COLLEGE		3		530,000.00		11012016
		TOTALS:				15,122,859.12
March
	20000101	ALBION COLLEGE		3		470,000.00		10012015
	20001201	ATLANTIC UNION COLLEGE		3		128,186.89		5012023
	20001301	AUGSBURG COLLEGE ACCT# AUGS466ADSU		3		560,000.00		4012016
	20001401	AZUSA PACIFIC UNIVERSITY-1967#95-403850		3		353,000.00		4012017
	20002401	BOSTON UNIVERITY		3		523,333.18		12312022
	20002801	CARNEGIE MELLON UNIVERSITY		3		267,000.00		11012017
	20003001	CASE WESTERN RESERVE UNIVERSIT		3		785,000.00		4012016
	20003901	COLLEGE OF CHARLESTON		3		375,000.00		7012016
	20004001	COLLEGE OF ST. THOMAS		3		260,000.00		4012017
	20004401	R.I. JR. COLLEGE		3		176,000.00		4012018
	20006502	FAIRLEIGH DICKINSON UNIVERSITY		3		62,061.73		11012020
	20008301	HARCUM COLLEGE		3		245,000.00		11012015
	20010801	LONG ISLAND UNIVERSITY		3		245,000.00		6012016
	20012101	MIDDLEBURY COLLEGE		3		478,025.00		4012018
	20012401	MISSISSIPPI VALLEY ST. COLLEGE		3		19,999.99		7012008
	20012901	MONTEREY PENINSULA JR. COLLEGE		3		140,000.00		10012018
	20013001	MONTREAT-ANDERSON COLLEGE		3		53,200.00		12012019
	20013301	MORRIS COLLEGE — BONDS 1983		3		228,000.00		11012013
	20013501	NEW ENGLAND COLLEGE		3.625		85,999.99		10012013
	20013502	NEW ENGLAND COLLEGE		3		515,000.00		4012019

Page 8 of 12

Berkadia Commercial Mortgage
College and University Loan Trust I
Trial Balance
For the Quarter Ended March 31, 2011

Loan Number		Borrower Name	Interest Rate		Current UPB		Maturity Date
	20014401	OLD DOMINION UNIVERSITY		3		504,999.99		6012013
	20016401	CALIFORNIA STATE UNIVERSITY		3		230,000.00		11012021
	20016501	CALIFORNIA STATE UNIVERSITY		3		470,000.00		11012021
	20016601	SARAH LAWRENCE COLLEGE		3		631,512.17		11012021
	20018001	ST. EDWARDS UNIVERSITY		3.625		49,000.00		4012013
	20018701	FINLANDIA UNIVERSITY		3.5		1,814,183.92		8062014
	20018901	SWARTHMORE COLLEGE		3		38,044.16		11012013
	20019101	TAYLOR UNIVERISTY		3		60,000.00		10012010
	20019201	TEMPLE UNIVERSITY		3.375		128,000.00		11012014
	20019502	TEXAS TECH. UNIVERSITY		3.625		123,000.00		3012013
	20019504	TEXAS TECH. UNIVERSITY		3.375		355,000.00		3012012
	20020001	UNIVERSITY OF ALABAMA		3		1,036,000.00		5012021
	20021301	UNIVERSITY OF MONTEVALLO		3		154,000.00		5012023
	20021401	UNIV. OF NEBRASKA/ AG MENS CLUB		3		33,000.00		1012013
	20021701	UNIVERSITY OF NOTRE DAME — BONDS 1968		3		840,000.00		4012018
	20022601	UNIVERSITY OF STEUBENVILLE		3.375		52,000.00		4012012
	20022602	UNIVERSITY OF STEUBENVILLE		3		148,000.00		4012017
	20022701	UNIVERSITY OF VERMONT		3		1,442,000.00		10012019
	20023501	McDANIEL COLLEGE		3		530,000.00		11012016
						14,608,547.02

Page 9 of 12

Berkadia Commercial Mortgage
College & Trust Facility Loan Trust I
Delinquency Report (60+Days)
For the Quarter Ended March 31, 2011

Loan Number		Borrower Name	Next Payment Due		P and I Due		Current UPB
	20012401	MISSISSIPPI VALLEY ST. COLLEGE		7/1/2007		21,799.99		19,999.99
	20001301	AUGSBERG COLLEGE		10/1/2010		8,400.00		560,000.00
	20001401	AZUSA UNIVERSITY		10/1/2010		5,295.00		353,000.00
	20004001	COLLEGE OF ST.THOMAS		10/1/2010		3,900.00		260,000.00
	20012101	MIDDLEBURY COLLEGE		10/1/2010		7,600.00		478,025.00
	20013502	NEW ENGLAND COLLEGE		10/1/2010		7,725.00		515,000.00
	20019101	TAYLOR UNIVERSITY		10/1/2010		60,900.00		60,000.00
	20022602	UNIVERSITY OF STEUBENVILLE		10/1/2010		2,220.00		148,000.00
	20020001	UNIV OF ALABAMA		11/1/2010		15,540.00		1,036,000.00
	20021301	UNIV OF MONTEVALLO		11/1/2010		2,310.00		154,000.00
	20010801	LONG ISLAND UNIVERSITY		12/1/2010		3,675.00		245,000.00
	20021401	U OF NEBRASKA		1/1/2011		5,495.00		33,000.00
TOTAL						144,859.99		3,862,024.99

Berkadia Commercial Mortgage
College and University Loan Trust I
Liquidation Report
For the Quarter Ended March 31, 2011

None to report for this period

Berkadia Commercial Mortgage
College and University Loan Trust I
Remittance Report for January 2011

DTL

																											ACH Debits
		Loan			Principal		Interest				Principal		Principal		Interest				Total		Net System		Total Bank		Trust		and Other
Date Received	Date Due	Number		Borrower Name	Due		Due		Total Due		Balance		Paid		Paid		Suspense		Paid		Credits		Credits		Wires		Wires
20110104	12302010		20002401	BOSTON UNIVERITY										18,006.82		8,120.10		—		26,126.92
System Credits 1/4																						26,126.92
System Debits 1/4																						—
Bank Credit 1/4
Bank Debit 1/4
Trustee Wire 1/5
20110107	1072011		20018701	FINLANDIA UNIVERSITY		8,528.82		5,546.70		14,075.52		1,840,379.37		8,528.82		5,546.70		—		14,075.52
System Credits 1/7																						14,075.52
System Debits 1/7																						—
Bank Credit 1/5																								52,253.84
Bank Debit 1/5 (service fees)																												(250.24	)
Bank Debit 1/5 (funds movement adj)																												(26,126.92	)
Trustee Wire 1/5																										26,126.92
20110113	1012011		20003901	COLLEGE OF CHARLESTON		—		5,625.00		5,625.00		375,000.00				5,600.00		—		5,600.00
System Credits 1/10																						5,600.00
System Debits 1/10																						—
Bank Credit 1/10																								28,151.04
Bank Debit 1/10 (service fees)																												(239.02	)
Bank Debit 1/10 (funds movement adj)																												(14,075.52	)
Trustee Wire 1/10																										13,836.50
																				—
System Credits 1/14																						—
System Debits 1/14																						—
Bank Credit 1/14																								11,200.00
Bank Debit 1/14 (funds movement adj)																												(5,600.00	)
Trustee Wire 1/14																										5,600.00
				TOTALS:		8,528.82		11,171.70		19,700.52		2,215,379.37		26,535.64		19,266.80		—		45,802.44		45,802.44		91,604.88		45,563.42		(46,291.70	)
Loans Due in Current Period and Paid in Prior Period:
				TOTALS:		—		—		—		—
Loans Due in Current Period Not Yet Paid:
	01012011		20012401	MISSISSIPPI V		—		300.00		300.00		19,999.99
	01012011		20021401	U OF NEBRASKA		5,000.00		495.00		5,495.00		33,000.00
				TOTALS:		5,000.00		795.00		5,795.00		52,999.99
				GRAND TOTAL:		13,528.82		11,966.70		25,495.52		2,268,379.36

Berkadia Commercial Mortgage
College and University Loan Trust I
Remittance Report Reconciliation
January-11

Total System Credits @ 1/31		45,802.44
Total Bank Credits @ 1/31		91,604.88
12/09/10	Direct to Lender payments applied
01/05/11	funds movement adjustment	(26,126.92	)
01/10/11	funds movement adjustment	(14,075.52	)
01/18/11	funds movement adjustment	(5,600.00	)
Adjusted Bank Credits:		45,802.44
		—

Berkadia Commercial Mortgage
College and University Loan Trust I
Remittance Report Reconciliation
January-11

Total Bank Credits @ 1/31		91,604.88
Total Debits to Trustee @ 1/31		45,563.42
01/10/11	Service Fee	239.02
01/05/11	funds movement adjustment	26,126.92
01/10/11	funds movement adjustment	14,075.52
01/18/11	funds movement adjustment	5,600.00
Adjusted Debits to Trustee		91,604.88
		(0.00	)

Berkadia Commercial Mortgage
College and University Loan Trust I
Remittance Report for February 2011

DTL

					Principal		Interest				Principal		Principal		Interest				Total		Net System		Total Bank		Trust		ACH Debits
Date Received	Date Due	Loan Number		Borrower Name	Due		Due		Total Due		Balance		Paid		Paid		Suspense		Paid		Credits		Credits		Wires		and Other Wires
20110207	2072011		20018701	FINLANDIA UNIVERSITY		8,554.53		5,520.99		14,075.52		1,831,850.55		8,554.53		5,520.99		—		14,075.52
System Credits 2/7																						14,075.52
System Debits 2/7																						—
Bank Credit 2/7
Bank Debit 2/7
Trustee Wire 2/7
20110223	4012009		20022701	UNIVERSITY OF VERMONT										—		45.00		—		45.00
20110223	10012009		20022701	UNIVERSITY OF VERMONT										68,000.00		—		—		68,000.00
20110223	10012009		20022701	UNIVERSITY OF VERMONT										—		24,720.00		—		24,720.00
20110223	4012010		20022701	UNIVERSITY OF VERMONT										68,000.00		—		—		68,000.00
20110223	4012010		20022701	UNIVERSITY OF VERMONT										—		23,700.00		—		23,700.00
20110223	10012010		20022701	UNIVERSITY OF VERMONT										70,000.00		22,680.00		—		92,680.00
System Credits 2/23																						277,145.00
System Debits 2/23																						—
Bank Credit 2/8																								28,151.04
Bank Debit 2/8 (service fees)																												321.77
Bank Debit 2/9 (funds movement adj)																												14,075.52
Trustee Wire 2/8																										13,753.75
																				—
System Credits 2/24																						—
System Debits 2/24																						—
Bank Credit 2/24																								554,290.00
Bank Debit 2/24 (funds movement adj)																												277,145.00
Trustee Wire 2/24																										277,145.00
				TOTALS:		8,554.53		5,520.99		14,075.52		1,831,850.55		214,554.53		76,665.99		—		291,220.52		291,220.52		582,441.04		290,898.75		291,542.29
Loans Due in Current Period and Paid in Prior Period:
				TOTALS:		—		—		—		—
Loans Due in Current Period Not Yet Paid:
				TOTALS:		—		—		—		—
				GRAND TOTAL:		8,554.53		5,520.99		14,075.52		1,831,850.55

Berkadia Commercial Mortgage
College and University Loan Trust I
Remittance Report Reconciliation
February-11

Total System Credits @ 2/28		291,220.52
Total Bank Credits @ 2/28		582,441.04
	Direct to Lender payments applied
02/09/11	funds movement adjustment	(14,075.52	)
02/24/11	funds movement adjustment	(277,145.00	)
	funds movement adjustment
Adjusted Bank Credits:		291,220.52
		—

Berkadia Commercial Mortgage
College and University Loan Trust I
Remittance Report Reconciliation
February-11

Total Bank Credits @ 2/28		582,441.04
Total Debits to Trustee @ 2/28		290,898.75
02/08/11	Service Fee	321.77
02/09/11	funds movement adjustment	14,075.52
02/24/11	funds movement adjustment	277,145.00
	funds movement adjustment
Adjusted Debits to Trustee		582,441.04
		—

Berkadia Commercial Mortgage
College and University Loan Trust I
Remittance Report for March 2011

DTL

																												ACH Debits
			Loan			Principal		Interest				Principal		Principal		Interest				Total		Net System		Total Bank		Trust		and Other
Date Received		Date Due	Number		Borrower Name	Due		Due		Total Due		Balance		Paid		Paid		Suspense		Paid		Credits		Credits		Wires		Wires
	20110301	3012011		20019502	TEXAS TECH. UNIVERSITY		55,000.00		3,226.25		58,226.25		178,000.00		55,000.00		3,226.25		—		58,226.25
	20110301	3012011		20019504	TEXAS TECH. UNIVERSITY		450,000.00		13,584.38		463,584.38		805,000.00		450,000.00		13,584.38		—		463,584.38
System Credits 3/1																							521,810.63
System Debits 3/1																							—
Bank Credit 3/1
Bank Debit 3/1
Trustee Wire 3/1
	20110307	3072011		20018701	FINLANDIA UNIVERSITY		9,112.10		4,963.42		14,075.52		1,823,296.02		9,112.10		4,963.42		—		14,075.52
System Credits 3/7																							14,075.52
System Debits 3/7																							—
Bank Credit 3/2																									1,043,621.26
Bank Debit 3/2
Bank Debit 3/2																													521,810.63
Trustee Wire 3/2																											521,810.63
	20110322	4012011		20012901	MONTEREY PENINSULA JR. COLLEGE										—		2,100.00		—		2,100.00
System Credits 3/22																							2,100.00
System Debits 3/22																							—
Bank Credit 3/8																									28,151.04
Bank Debit 3/8 (funds movement adj)																													14,075.52
Trustee Wire 3/8																											14,075.52
	20110329	10012010		20000101	ALBION COLLEGE										25.00		—		—		25.00
	20110329	1012011		20003901	COLLEGE OF CHARLESTON										—		25.00		—		25.00
	20110329	10012010		20004401	R.I. JR. COLLEGE										25.00		—		—		25.00
	20110329	11012010		20013301	MORRIS COLLEGE — BONDS 1983										50.00		—		—		50.00
	20110329	10012010		20013501	NEW ENGLAND COLLEGE										50.00		—		—		50.00
	20110329	11012010		20019201	TEMPLE UNIVERSITY										50.00		—		—		50.00
System Credits 3/29																							225.00
System Debits 3/29																							—
Bank Credit 3/23																									4,200.00
Bank Debit 3/23 (funds movement adj)																													2,100.00
Bank Debit 3/23 (service fees)																													1,387.46
Trustee Wire 3/23																											712.54
System Credits 3/30																							—
System Debits 3/30																							—
Bank Credit 3/30																									450.00
Bank Debit 3/30 (funds movement adj)																													225.00
Trustee Wire 3/30																											225.00
					TOTALS:		514,112.10		21,774.05		535,886.15		2,806,296.02		514,312.10		23,899.05		—		538,211.15		538,211.15		1,076,422.30		536,823.69		539,598.61
Loans Due in Current Period and Paid in Prior Period:
					TOTALS:		—		—		—		—
Loans Due in Current Period Not Yet Paid:
					TOTALS:		—		—		—		—
					GRAND TOTAL:		514,112.10		21,774.05		535,886.15		2,806,296.02

Berkadia Commercial Mortgage
College and University Loan Trust I
Remittance Report Reconciliation
March-11

Total System Credits @ 3/31			538,211.15
Total Bank Credits @ 3/31			1,076,422.30
	03/02/11	funds movement adjustment	(521,810.63	)
	03/08/11	funds movement adjustment	(14,075.52	)
	03/23/11	funds movement adjustment	(2,100.00	)
	03/30/11	funds movement adjustment	(225.00	)
Adjusted Bank Credits:			538,211.15
			—

Berkadia Commercial Mortgage
College and University Loan Trust I
Remittance Report Reconciliation
March-11

Total Bank Credits @ 3/31			1,076,422.30
Total Debits to Trustee @ 3/31			536,823.69
	03/23/11	Service Fee	1,387.46
	03/02/11	funds movement adjustment	521,810.63
	03/08/11	funds movement adjustment	14,075.52
	03/23/11	funds movement adjustment	2,100.00
	03/30/11	funds movement adjustment	225.00
Adjusted Debits to Trustee			1,076,422.30
			—

Berkadia Commercial Mortgage
College and University Loan Trust I
Remittance Report for April 2011

DTL

																														ACH Debits
			Loan			Principal	Interest				Principal		Principal		Interest					Total			Net System			Total Bank		Trust		and Other
Date Received		Date Due	Number		Borrower Name	Due	Due		Total Due		Balance		Paid		Paid		Suspense			Paid			Credits			Credits		Wires		Wires
	20110401	4012011		20021701	UNIVERSITY OF NOTRE DAME — BONDS 1968	90,000.00		12,600.00		102,600.00		840,000.00		90,000.00		12,600.00		—			102,600.00
	20110401	10012010		20021701	UNIVERSITY OF NOTRE DAME — BONDS 1968									750,000.00		—		—			750,000.00
	20110401	0		20021701	UNIVERSITY OF NOTRE DAME — BONDS 1968									—		7,500.00		—			7,500.00
System Credits 4/1																								860,100.00
System Debits 4/1																								—
Bank Credit 4/1
Bank Debit 4/1
Trustee Wire 4/1
	20110406	4012011		20004401	R.I. JR. COLLEGE	10,000.00		2,640.00		12,640.00		176,000.00		10,000.00		2,640.00		—			12,640.00
System Credits 4/6																								12,640.00
System Debits 4/6																								—
Bank Credit 4/4																											1,720,200.00
Bank Debit 4/4
Bank Debit 4/4 (funds movement adj)																															860,100.00
Trustee Wire 4/4																													860,100.00
	20110407	4072011		20018701	FINLANDIA UNIVERSITY	8,607.77		5,467.75		14,075.52		1,814,183.92		8,607.77		5,467.75		—			14,075.52
System Credits 4/7																								14,075.52
System Debits 4/7																								—
Bank Credit 4/7																											25,280.00
Bank Debit 4/7 (funds movement adj)																															12,640.00
Trustee Wire 4/7																													12,640.00
	20110408	10012010		20022602	UNIVERSITY OF STEUBENVILLE									—		2,220.00		—			2,220.00
	20110408	4012011		20022602	UNIVERSITY OF STEUBENVILLE	19,000.00		2,220.00		21,220.00		150,220.00		—		2,220.00		—			2,220.00
	20110408	4012011		20022602	UNIVERSITY OF STEUBENVILLE									16,780.00		—		—			16,780.00
System Credits 4/8																								21,220.00
System Debits 4/8																								—
Bank Credit 4/8																											28,151.04
Bank Debit 4/8 (funds movement adj)																															14,075.52
Bank Debit 4/8
Trustee Wire 4/8																													14,075.52
	20110412	0		20018701	FINLANDIA UNIVERSITY									—		—		—			—
	20110412	0		20018701	FINLANDIA UNIVERSITY									—		—		—			—
	20110412	4122011		20018701	FINLANDIA UNIVERSITY									—		—		—			—
	20110412	4012011		20022701	UNIVERSITY OF VERMONT	70,000.00		21,630.00		91,630.00		1,442,000.00		70,000.00		21,630.00		—			91,630.00
System Credits 4/12																								91,630.00
System Debits 4/12																								—
Bank Credit 4/11
Bank Debit 4/11 (funds movement adj)
Bank Debit 4/11
Trustee Wire 4/11
	20110413	0		20012101	MIDDLEBURY COLLEGE									—		—		35,170.00			35,170.00
System Credits 4/13																								35,170.00
System Debits 4/13																								—
Bank Credit 4/13
Bank Debit 4/13 (funds movement adj)
Trustee Wire 4/13
	20110415	5012011		20002801	CARNEGIE MELLON UNIVERSITY									18,000.00		4,005.00		—			22,005.00
System Credits 4/15																								22,005.00
System Debits 4/15																								—
Bank Credit 4/14																											35,170.00
Bank Debit 4/15 (service fees)																															353.90
Bank Debit 4/14 (funds movement adj)
Trustee Wire 4/14																													34,816.10
	20110419	0		20004401	R.I. JR. COLLEGE									—		—		5,640.00			5,640.00
System Credits 4/19																								5,640.00
System Debits 4/19																								—
Bank Credit 4/18																											44,010.00
Bank Debit 4/18 (funds movement adj)																															22,005.00
Trustee Wire 4/18																													22,005.00
	20110420	4012011		20003001	CASE WESTERN RESERVE UNIVERSIT	120,000.00		11,775.00		131,775.00		785,030.00		119,970.00		11,775.00		—			131,745.00
System Credits 4/20																								131,745.00
System Debits 4/20																								—
Bank Credit 4/20																											5,640.00
Bank Debit 4/20
Trustee Wire 4/20																													5,640.00
	20110425	5012011		20018901	SWARTHMORE COLLEGE									5,195.20		570.66		—			5,765.86
System Credits 4/25																								5,765.86
System Debits 4/25																								—
Bank Credit 4/21																											263,490.00
Bank Debit 4/21 (funds movement adj)																															131,745.00
Bank Debit 4/21
Trustee Wire 4/21																													131,745.00
	20110428	10012010		20012101	MIDDLEBURY COLLEGE									25.00		—		—			25.00
	20110428	0		20012101	MIDDLEBURY COLLEGE									—		—		(25.00	)		(25.00	)
	20110428	0		20012101	MIDDLEBURY COLLEGE									—		—		—			—
	20110428	10012010		20012101	MIDDLEBURY COLLEGE									—		7,575.00		—			7,575.00
	20110428	0		20012101	MIDDLEBURY COLLEGE									—		—		(7,575.00	)		(7,575.00	)
	20110428	0		20012101	MIDDLEBURY COLLEGE									—		—		—			—
	20110428	4012011		20012101	MIDDLEBURY COLLEGE	28,000.00		7,170.00		35,170.00		478,430.00		27,570.00		—		—			27,570.00
	20110428	0		20012101	MIDDLEBURY COLLEGE									—		—		(27,570.00	)		(27,570.00	)
	20110428	0		20012101	MIDDLEBURY COLLEGE									—		—		—			—
System Credits 4/28																								35,170.00
System Debits 4/28																								(35,170.00	)
Bank Credit 4/26																											11,531.72
Bank Debit 4/26 (funds movement adj)																															5,765.86
Trustee Wire 4/26																													5,765.86
	20110429	5012011		20008301	HARCUM COLLEGE									—		3,675.00		—			3,675.00
System Credits 4/29																								3,675.00
System Debits 4/29																								—
Bank Credit 4/29																											70,340.00
Bank Debit 4/29 (funds movement adj)																															35,170.00
Bank Debit 4/29 (payment reversal)																															35,170.00
Trustee Wire 4/29
					TOTALS:	345,607.77		63,502.75		409,110.52		5,685,863.92		1,116,147.97		81,878.41		5,640.00			1,203,666.38			1,203,666.38			2,203,812.76		1,086,787.48		1,117,025.28
Loans Due in Current Period and Paid in Prior Period:
		04012011		20012901	MONTEREY JR C	—		2,100.00		2,100.00		140,000.00
					TOTALS:	—		2,100.00		2,100.00		140,000.00
Loans Due in Current Period Not Yet Paid:
		04012011		20000101	ALBION COLLEG	—		7,050.00		7,050.00		470,000.00
		04012011		20001301	AUGSBERG COLL	90,000.00		8,400.00		98,400.00		560,000.00
		04012011		20001401	AZUSA UNIVERS	45,000.00		5,295.00		50,295.00		353,000.00
		04012011		20004001	COLL.OF ST. T	35,000.00		3,900.00		38,900.00		260,000.00
		04012011		20013501	NEW ENGLAND C	—		1,558.75		1,558.75		85,999.99
		04012011		20013502	NEW ENGLAND C	50,000.00		7,725.00		57,725.00		515,000.00
		04012011		20018001	ST.EDWARDS	16,000.00		888.13		16,888.13		65,000.00
		04012011		20019101	TAYLOR UNIV.	—		900.00		900.00		—
		04012011		20022601	UNIV.OF STEUB	25,000.00		877.50		25,877.50		52,000.00
					TOTALS:	261,000.00		36,594.38		297,594.38		2,360,999.99
					GRAND TOTAL:	606,607.77		102,197.13		708,804.90		8,186,863.91

Berkadia Commercial Mortgage
College and University Loan Trust I
Remittance Report Reconciliation
April-11

Total System Credits @ 4/30	1,203,666.38
Total Bank Credits @ 4/30	2,203,812.76
04/04/11                funds movement adjustment	(860,100.00	)
04/07/11                funds movement adjustment	(12,640.00	)
04/08/11                funds movement adjustment	(14,075.52	)
04/08/11                Direct to Lender payment	21,220.00
04/12/11                Direct to Lender payment	91,630.00
04/18/11                funds movement adjustment	(22,005.00	)
04/21/11                funds movement adjustment	(131,745.00	)
04/26/11                funds movement adjustment	(5,765.86	)
04/29/11                funds movement adjustment	(35,170.00	)
04/29/11                payment reversal	(35,170.00	)
04/29/11                in transit credit	7,350.00
04/29/11                in transit funds movement adjustment	(3,675.00	)
Adjusted Bank Credits:	1,203,666.38
	—

Berkadia Commercial Mortgage
College and University Loan Trust I
Remittance Report Reconciliation
April-11

Total Bank Credits @ 4/30	2,203,812.76
Total Debits to Trustee @ 4/30	1,086,787.48
04/15/11                Service Fee	353.90
04/04/11                funds movement adjustment	860,100.00
04/07/11                funds movement adjustment	12,640.00
04/08/11                funds movement adjustment	14,075.52
04/18/11                funds movement adjustment	22,005.00
04/21/11                funds movement adjustment	131,745.00
04/26/11                funds movement adjustment	5,765.86
04/29/11                funds movement adjustment	35,170.00
04/29/11                payment reversal	35,170.00
Adjusted Debits to Trustee	2,203,812.76
	—

Berkadia Commercial Mortgage
College and University Loan Trust I
Remittance Report for May 2011

DTL

																															ACH Debits
												Principal		Principal		Interest								Net System			Total Bank				and Other
Date Received	Date Due		Loan Number		Borrower Name	Principal Due		Interest Due		Total Due		Balance		Paid		Paid		Suspense			Total Paid			Credits			Credits		Trust Wires		Wires
20110502		0		20004401	R.I. JR. COLLEGE										—		—		(5,640.00	)		(5,640.00	)
20110502		5012011		20006502	FAIRLEIGH DICKINSON UNIVERSITY		2,683.89		930.93		3,614.82		62,061.73		2,683.89		930.93		—			3,614.82
20110502		5012011		20016401	CALIFORNIA STATE UNIVERSITY		—		3,450.00		3,450.00		230,000.00		—		3,450.00		—			3,450.00
20110502		5012011		20016501	CALIFORNIA STATE UNIVERSITY		—		7,050.00		7,050.00		470,000.00		—		7,050.00		—			7,050.00
20110502		5012011		20023501	McDANIEL COLLEGE		—		7,950.00		7,950.00		530,000.00		—		7,950.00		—			7,950.00
System Credits 5/2																									22,064.82
System Debits 5/2																									(5,640.00	)
Bank Credit 5/2																												7,350.00
Bank Debit 5/2 (funds movement adj)																																3,675.00
Trustee Wire 5/2																														3,675.00
20110503		5012011		20001201	ATLANTIC UNION COLLEGE		4,067.64		1,922.80		5,990.44		128,186.89		4,067.64		1,922.80		—			5,990.44
System Credits 5/3																									5,990.44
System Debits 5/3																									—
Bank Credit 5/3																												44,129.64
Bank Debit 5/3 (payment reversal)																																5,640.00
Bank Debit 5/3 (funds movement adj)																																22,064.82
Trustee Wire 5/3																														16,424.82
20110504		5012011		20013301	MORRIS COLLEGE — BONDS 1983		—		3,420.00		3,420.00		228,000.00		—		3,420.00		—			3,420.00
System Credits 5/4																									3,420.00
System Debits 5/4																									—
Bank Credit 5/4																												11,980.88
Bank Debit 5/4 (funds movement adj)																																5,990.44
Bank Debit 5/4 (service fees)																																1,325.24
Trustee Wire 5/4																														4,665.20
20110509		5072011		20018701	FINLANDIA UNIVERSITY		8,809.26		5,266.26		14,075.52		1,805,576.15		8,809.26		5,266.26		—			14,075.52
System Credits 5/9																									14,075.52
System Debits 5/9																									—
Bank Credit 5/5																												6,840.00
Bank Debit 5/5 (funds movement adj)																																3,420.00
Bank Debit 5/5
Trustee Wire 5/5																														3,420.00
20110512		4012011		20022602	UNIVERSITY OF STEUBENVILLE										25.00		—		—			25.00
20110512		4012011		20000101	ALBION COLLEGE										—		7,050.00		—			7,050.00
20110512		4012011		20018001	ST.EDWARDS UNIVERSITY										16,000.00		—		—			16,000.00
20110512		4012011		20018001	ST.EDWARDS UNIVERSITY										—		888.09		—			888.09
20110512		10012011		20018001	ST.EDWARDS UNIVERSITY										—		0.04		—			0.04
20110512		4012011		20022601	UNIVERSITY OF STEUBENVILLE										25,000.00		877.50		—			25,877.50
20110512		4012011		20022602	UNIVERSITY OF STEUBENVILLE										2,195.00		—		—			2,195.00
System Credits 5/12																									52,035.63
System Debits 5/12																									—
Bank Credit 5/10																												28,151.04
Bank Debit 5/10 (funds movement adj)																																14,075.52
Bank Debit 5/10
Trustee Wire 5/10																														14,075.52
20110513		5012011		20019201	TEMPLE UNIVERSITY		—		2,160.00		2,160.00		128,000.00		—		2,160.00		—			2,160.00
System Credits 5/13																									2,160.00
System Debits 5/13																									—
Bank Credit 5/13																												50.00
Bank Debit 5/13 (funds movement adj)																																25.00
Trustee Wire 5/13																														25.00
20110516		4012011		20003001	CASE WESTERN RESERVE UNIVERSIT										30.00		—		—			30.00
20110516		5012011		20016601	SARAH LAWRENCE COLLEGE		25,807.06		9,472.68		35,279.74		631,512.17		25,807.06		9,472.68		—			35,279.74
System Credits 5/16																									35,309.74
System Debits 5/16																									—
Bank Credit 5/16
Bank Debit 5/16 (service fees)
Bank Debit 5/16 (funds movement adj)
Trustee Wire 5/16
20110517		0		20001401	AZUSA PACIFIC UNIVERSITY-1967#95-403850										—		—		5,295.00			5,295.00
20110517		0		20001401	AZUSA PACIFIC UNIVERSITY-1967#95-403850										—		—		—			—
20110517		0		20001401	AZUSA PACIFIC UNIVERSITY-1967#95-403850										—		—		(5,295.00	)		(5,295.00	)
20110517		10012010		20001401	AZUSA PACIFIC UNIVERSITY-1967#95-403850										—		5,295.00		—			5,295.00
System Credits 5/17																									10,590.00
System Debits 5/17																									(5,295.00	)
Bank Credit 5/17																												70,619.48
Bank Debit 5/17 (funds movement adj)																																35,309.74
Trustee Wire 5/17																														35,309.74
20110524		6012011		20013001	MONTREAT-ANDERSON COLLEGE										2,800.00		798.00		—			3,598.00
System Credits 5/24																									3,598.00
System Debits 5/24																									—
Bank Credit 5/18																												15,885.00
Bank Debit 5/18 (payment reversal)																																5,295.00
Bank Debit 5/18 (funds movement adj)																																5,295.00
Trustee Wire 5/18																														5,295.00
																						—
System Credits 5/25																									—
System Debits 5/25																									—
Bank Credit 5/25																												7,196.00
Bank Debit 5/25 (funds movement adj)																																3,598.00
Bank Debit 5/25 (funds movement adj)
Trustee Wire 5/25																														3,598.00
					TOTALS:		41,367.85		41,622.67		82,990.52		4,213,336.94		87,417.85		56,531.30		(5,640.00	)		138,309.15			138,309.15			192,202.04		86,488.28		105,713.76
Loans Due in Current Period and Paid in Prior Period:
		05012011		20002801	CARNEGIE-MELL		18,000.00		4,005.00		22,005.00		267,000.00
		05012011		20008301	HARCUM JR COL		—		3,675.00		3,675.00		245,000.00
		05012011		20018901	SWARTHMORE CO		5,195.20		570.66		5,765.86		38,044.16
					TOTALS:		23,195.20		8,250.66		31,445.86		550,044.16
Loans Due in Current Period Not Yet Paid:
		05012011		20020001	UNIV. OF ALAB		85,000.00		15,540.00		100,540.00		1,036,000.00
		05012011		20021301	UNIV OF MONTE		10,000.00		2,310.00		12,310.00		154,000.00
					TOTALS:		95,000.00		17,850.00		112,850.00		1,190,000.00
					GRAND TOTAL:		159,563.05		67,723.33		227,286.38		5,953,381.10

Berkadia Commercial Mortgage
College and University Loan Trust I
Remittance Report Reconciliation
May-11

Total System Credits @ 5/31	138,309.15
Total Bank Credits @ 5/31	192,202.04
04/29/11                in transit credit	(3,675.00	)
04/29/11                in transit funds movement adjustment	(3,675.00	)
05/03/11                funds movement adjustment	(22,064.82	)
05/03/11                payment reversal	(5,640.00	)
05/04/11                funds movement adjustment	(5,990.44	)
05/05/11                funds movement adjustment	(3,420.00	)
05/10/11                funds movement adjustment	(14,075.52	)
05/13/11                funds movement adjustment	(25.00	)
05/12/11                Direct to Lender payment	52,010.63
05/13/11                Direct to Lender payment	2,160.00
05/17/11                funds movement adjustment	(35,309.74	)
05/18/11                payment reversal	(5,295.00	)
05/18/11                funds movement adjustment	(5,295.00	)
05/25/11                funds movement adjustment	(3,598.00	)
Adjusted Bank Credits:	138,309.15
	—

Berkadia Commercial Mortgage
College and University Loan Trust I
Remittance Report Reconciliation
May-11

Total Bank Credits @ 5/31	192,202.04
Total Debits to Trustee @ 5/31	86,488.28
05/04/11                Service Fee	1,325.24
04/29/11                in transit funds movement adjustment	3,675.00
05/03/11                funds movement adjustment	22,064.82
05/03/11                payment reversal	5,640.00
05/04/11                funds movement adjustment	5,990.44
05/05/11                funds movement adjustment	3,420.00
05/10/11                funds movement adjustment	14,075.52
05/13/11                funds movement adjustment	25.00
05/17/11                funds movement adjustment	35,309.74
05/18/11                payment reversal	5,295.00
05/18/11                funds movement adjustment	5,295.00
05/25/11                funds movement adjustment	3,598.00
Adjusted Debits to Trustee	192,202.04
	—

Berkadia Commercial Mortgage
College and University Loan Trust I
Remittance Report for December 2010

DTL

																												ACH Debits
			Loan									Principal		Principal								Net System		Total Bank				and Other
Date Received	Date Due		Number		Borrower Name	Principal Due		Interest Due		Total Due		Balance		Paid		Interest Paid		Suspense		Total Paid		Credits		Credits		Trust Wires		Wires
20101201		12012010		20014401	OLD DOMINION UNIVERSITY		—		7,575.00		7,575.00		504,999.99		—		7,575.00		—		7,575.00
System Credits 12/1																							7,575.00
System Debits 12/1																							—
Bank Credit 12/1
Bank Debit 12/1
Trustee Wire 121/1
20101207		12072010		20018701	FINLANDIA UNIVERSITY		8,682.42		5,393.10		14,075.52		1,849,061.79		8,682.42		5,393.10		—		14,075.52
System Credits 12/7																							14,075.52
System Debits 12/7																							—
Bank Credit 12/2																									15,150.00
Bank Debit 12/2 (service fees)																													1,480.25
Bank Debit 12/2 (funds movement adj)																													7,575.00
Trustee Wire 121/2																											6,094.75
20101209		10012010		20000101	ALBION COLLEGE										89,975.00		—		—		89,975.00
20101209		11012010		20019201	TEMPLE UNIVERSITY										34,950.00		2,750.63		—		37,700.63
System Credits 12/9																							127,675.63
System Debits 12/9																							—
Bank Credit 12/8																									28,151.04
Bank Debit 12/8 (funds movement adj)																													14,075.52
Trustee Wire 12/8																											14,075.52
System Credits 12/10																							—
System Debits 12/10																							—
Bank Credit 12/10
Bank Debit 12/10 (funds movement adj)
Trustee Wire 12/10
					TOTALS:		8,682.42		12,968.10		21,650.52		2,354,061.78		133,607.42		15,718.73		—		149,326.15		149,326.15		43,301.04		20,170.27		23,130.77
Loans Due in Current Period and Paid in Prior Period:
		12012010		20013001	MONTREAT-ANDE		2,800.00		840.00		3,640.00		56,000.00
					TOTALS:		2,800.00		840.00		3,640.00		56,000.00
Loans Due in Current Period Not Yet Paid:
		12302010		20002401	BOSTON UNIVER		18,006.82		8,120.10		26,126.92		541,340.00
		12012010		20010801	LONG ISLAND U		—		3,675.00		3,675.00		245,000.00
					TOTALS:		18,006.82		11,795.10		29,801.92		786,340.00
					GRAND TOTAL:		29,489.24		25,603.20		55,092.44		3,196,401.78

Berkadia Commercial Mortgage
College and University Loan Trust I
Remittance Report Reconciliation
December-10

Total System Credits @ 12/31	149,326.15
Total Bank Credits @ 12/31	43,301.04
12/09/10                Direct to Lender payments applied	127,675.63
12/02/10                funds movement adjustment	(7,575.00	)
12/08/10                funds movement adjustment	(14,075.52	)
Adjusted Bank Credits:	149,326.15
	—

Berkadia Commercial Mortgage
College and University Loan Trust I
Remittance Report Reconciliation
December-10

Total Bank Credits @ 12/31	43,301.04
Total Debits to Trustee @ 12/31	20,170.27
12/02/10                Service Fee	1,480.25
12/02/10                funds movement adjustment	7,575.00
12/08/10                funds movement adjustment	14,075.52
Adjusted Debits to Trustee	43,301.04
	—