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: 811-05506

College and University Facility Loan Trust Two

(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 Two

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

College and University
Facility Loan Trust Two

Statement of Assets and Liabilities

May 31,	2011
Assets:
Investments, at amortized cost, net of allowance for loan losses of $394,000 (Notes 1, 2, 6, 7 and 8)	$	31,733,975
Cash		287,082
Interest receivable		505,006
Deferred bond issuance costs (Note 2)		47,071
Prepaid expenses		13,750
Total assets		32,586,884
Liabilities:
Bonds payable, net of unamortized discount (Notes 3 and 8)		22,705,981
Bond interest payable (Note 3)		522,910
Accrued expenses and other liabilities		212,207
Total liabilities		23,441,098
Net Assets:
Class B certificates, par value $1 — authorized, issued and outstanding — 1,763,800 certificates (Note 5)		1,763,800
Distributions in excess of tax earnings (Note 2)		(364,761	)
Additional paid-in capital		7,746,747
Net assets	$	9,145,786
Net asset value per Class B certificate (based on 1,763,800 certificates outstanding)	$	5.19

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

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College and University
Facility Loan Trust Two

Statement of Operations

Six months ended May 31,	2011
Investment income:
Interest income	$	1,610,446
Expenses:
Interest expense (Note 3)		1,061,883
Servicer fees (Note 4)		19,637
Trustee fees (Note 4)		33,295
Other trust and bond administration expenses		171,203
Total expenses		1,286,018
Net investment income		324,428
Decrease in provision for loan losses (Note 6)		—
Net increase in net assets resulting from operations	$	324,428

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

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College and University
Facility Loan Trust Two

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	$	324,428
Decrease in loan principal balance		3,051,549
Decrease in interest receivable		27,681
Increase in prepaid expenses		(13,750	)
Decrease in Bond interest payable		(83,101	)
Decrease in investment contracts		1,442,354
Decrease in payable to Trustees		15,879
Decrease in accrued expenses and other liabilities		12,504
Amortization of original issue discount on Bonds		531,333
Amortization of purchase discount on Loans		(955,042	)
Amortization of deferred bond issuance costs		7,640
Net cash provided by operating activities	$	4,361,475
Cash flows from financing activities:
Principal repayments on Bonds		(4,155,065	)
Net cash used in financing activities		(4,155,065	)
Net Increase in cash		206,410
Cash, beginning of year		80,672
Cash, end of year	$	287,082
Supplemental cash flow information cash paid for interest on bonds	$	606,011

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

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College and University
Facility Loan Trust Two

Statements of Changes in Net Assets

	Six Months
	Ended		Year Ended
	May 31,		November 30,
	2011		2010
From operations:
Net investment income	$	324,428	$	861,358
Decrease in provision for loan losses		—		281,000
Net increase in net assets applicable to Class B certificateholders resulting from operations		324,428		1,142,358
Distributions to Class B certificateholders from:
Tax return of capital (Note 5)		—		(443,297	)
Net increase in net assets		324,428		699,061
Net assets:
Beginning of year		8,821,358		8,122,297
End of year	$	9,145,786	$	8,821,358

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

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College and University
Facility Loan Trust Two

Financial Highlights

	Six Months
	Ended
	May 31,			Years Ended November 30,
	2011			2010			2009			2008			2007			2006
	(Unaudited)
Net asset value, beginning of period	$	5.00		$	4.60		$	4.74		$	4.95		$	5.23		$	6.23
Net investment income		.18			.49			.39			.49			.61			.75
Decrease in provision for loan loss		—			.16			.09			—			.05			.28
Distribution to Class B certificateholders from tax return of capital		—			(.25	)		(.62	)		(.70	)		(.94	)		(2.03	)
Net asset value, end of period	$	5.19		$	5.00		$	4.60		$	4.74		$	4.95		$	5.23
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	$	9,145,786		$	8,821,358		$	8,122,297		$	8,352,567		$	8,733,563		$	9,217,465
Ratios and Supplemental Data:
Ratio of operating expenses to average net assets applicable to Class B certificates		29.79%	(c)		38.18	%(b)		43.62	% (b)		45.87	% (b)		49.51	% (b)		52.81	% (b)
Ratio of net investment income to average net assets applicable to Class B certificates		3.76	%		10.17	%		8.36	%		9.98	%		11.94	%		13.09	%
Number of Class B certificates outstanding, end of year		1,763,800			1,763,800			1,763,800			1,763,800			1,763,800			1,763,800

(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 5.19%(c), 5.20%, 5.86%, 4.44% and 4.07% in 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 Two

Notes to Financial Statements
Period Ended May 31, 2011

1. Organization and Business

College and University Facility Loan Trust Two (the “Trust”) was formed on March 11, 1988 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 May 12, 1988 (the “Closing Date”) and issued Bonds in four tranches in the aggregate principal amount (at maturity) of $450,922,000. 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 3.18% and a weighted average remaining term to maturity of approximately 18.8 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 Two

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 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 and to fund the Liquidity Fund to the Liquidity Fund Requirement. Any funds remaining in the Revenue Fund on such payment date will be used to further pay down the Bonds to the extent of the maximum principal distribution amount, after which any residual amounts are paid to the 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 $7,688,000. For the six months ended May 31, 2011 the trust recognized approximately $1,431,000 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 $95,000 was recognized in the statement of operations.

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College and University
Facility Loan Trust Two

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 Disclosure (“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 Two

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 3.75%. 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 Two

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 investment agreements issued by JP Morgan Chase Bank bearing fixed rates of interest of 7.05% and 7.75%. These investments may take the form of repurchase agreements (the underlying collateral of which shall be as to form and substance acceptable to each nationally recognized statistical rating agency that rates the Bonds), time deposits or other lawful investments at JP Morgan Chase Bank’s option. These investment agreements are carried at amortized cost. These investment agreements terminate on the earlier of June 1, 2018 or the date on which the Bonds are paid-in-full. 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 Two

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 over the estimated lives of the Bonds, which are based on the scheduled payments of the Loans. When Loan prepayments occur, an additional portion of the deferred issuance costs is expensed in the year the prepayment occurred, so that the future effective interest rate remains unchanged.

(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 Two

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 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 Two

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 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 Two

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:

		Outstanding	Unamortized	Carrying
Interest	Stated	Principal	Discount	Amount
Rate	Maturity	(000’s)	(000’s)	(000’s)
4.00%	June 1, 2018	$26,145	$3,439	$22,706

Interest on the Bonds is payable semiannually. On June 1, 2011, the Trust made a principal payment of $2,094,077 on the Bonds. The average amount of bond principal outstanding for the period ended May 31, 2011 was approximately $29,719,206.

Principal payments on the Bonds will be made prior to the respective stated maturities on each bond payment date in an amount equal to the lesser of either (1) amounts available in the Revenue Fund after certain required payments of interest and principal (at the stated maturity of the Bonds) and administrative expenses after required transfers to the Expense Fund and the Liquidity Fund (such that the amounts on deposit are equal to the Expense Fund Requirement and the Liquidity Fund Requirement, respectively), or (2) the Maximum Principal Distribution Amount, as defined within the Indenture. These principal payments will be applied to

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College and University
Facility Loan Trust Two

Notes to Financial Statements
Period Ended May 31, 2011

3. Bonds (Continued)

each class of Bonds in the order of their stated maturities, so that no payment of principal will be made on the Bonds of any class until all Bonds having an earlier stated maturity have been paid in full.

The estimated aggregate principal payments on the Bonds at May 31, 2011 after taking into consideration actual Loan prepayments and the Maximum Principal Distribution Amount, as defined in the Indenture, are as follows:

	Amount
Fiscal Year	(000’s)
2011	$	2,094
2012		4,959
2013		4,264
2014		3,840
2015		3,232
Thereafter		7,756
Total	$	26,145

Actual Bond principal payments may differ from estimated payments because borrowers may prepay or default on their obligations. The Bonds are not subject to optional redemption by either the Trust or the bondholders.

In the event the Trust realizes negative cash flows, a Liquidity Fund has been established and maintained such that, on or before such payment date, the Liquidity Fund 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 balance in the Liquidity Fund. The original issue discount is being amortized using the effective interest rate method over the estimated lives of the Bonds, which are based on the scheduled payments of the Loans. Accordingly, Loan prepayments have the effect of accelerating bond payments. When Bond payments occur sooner than estimated payments, a portion of the original issue discount is expensed in the year of prepayment, so that the future effective interest rate on the Bonds remains unchanged.

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College and University
Facility Loan Trust Two

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. The fee is earned each date of payments for each Loan and is equal to 0.075 of 1% on of the outstanding principal balance of such Loans 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 $13,497. 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 $6,140.

(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 is entitled to annual fees of $15,000 and $12,500, respectively, under the Declaration of Trust agreement. In addition the Owner Trustee is paid an annual registration fee of $1,000. The expected future minimum payments to the Owner Trustee under such agreement will be $28,500 in fiscal years 2011, 2012, 2013, 2014, 2015 and will total $228,000 thereafter.

• The Bond Trustee is entitled to an annual fee equal to 0.015 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 $3,491.

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College and University
Facility Loan Trust Two

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, there were no funds available for such distribution.

6. Allowance For Loan Losses

An analysis of the allowance for loan losses for the year ended May 31, 2011 is summarized as follows:

Balance, beginning of year	$	394,000
Decrease in provision for loan losses		—
Charge-offs		—
Balance, end of year	$	394,000

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College and University
Facility Loan Trust Two

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	$	4,600	$	792	$	5,392
2012		5,287		943		6,230
2013		4,718		780		5,498
2014		4,106		634		4,740
2015		3,379		510		3,889
Thereafter		13,378		1,232		14,610
Total	$	35,468	$	4,891	$	40,359

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		62	$	19,338		69.6	%
Loans not secured by a first mortgage		19		8,442		30.4
Total Loans		81	$	27,780		100.0	%

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College and University
Facility Loan Trust Two

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		18	$	9,520		34.3	%
Private		63		18,260		65.7
Total Loans		81	$	27,780		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.

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College and University
Facility Loan Trust Two

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 at May 31, 2011, is based upon bonds with similar characteristics and maturity dates of the investment agreements.

22

College and University
Facility Loan Trust Two

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	$	27,780	*	$	35,243
Investment Agreements:
Liquidity Fund		626			767
Revenue Fund		3,722			3,972
	$	32,128		$	39,982
Bonds payable	$	26,145		$	26,922

* Net of allowance for loan losses of $394,000.

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 distribution disclosed in Note 3, 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 TWO

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 (299%)
		ALABAMA
$	790	Alabama Agricultural and Mechanical University		3.000	%		05/01/2018		10.27	%	$	616
	1,135	Auburn University		3.000			12/01/2018		9.16			900
		CALIFORNIA
	65	Azusa Pacific University		3.750			04/01/2015		10.88			55
	300	California State University		3.000			11/01/2013		8.93			275
	1,348	California State University		3.000			11/01/2019		8.99			1,057
	229	Lassen Junior College District		3.000			04/01/2020		10.27			167
	158	Occidental College		3.000			10/01/2019		10.41			121
	740	University Student Co-Operative Association		3.000			04/01/2019		10.70			543
		DELAWARE
	43	Wesley College		3.375			05/01/2013		10.88			41
		FLORIDA
	690	University of Florida		3.000			07/01/2014		10.15			597
		GEORGIA
	55	Emmanuel College		3.000			11/01/2013		10.45			51
	152	Mercer University		3.000			05/01/2014		10.58			138
	378	Paine College		3.000			10/01/2016		10.45			307
		INDIANA
	261	Taylor University		3.000			10/01/2013		10.49			241
	2,370	Vincennes University		3.000			06/01/2023		9.02			1,677
		IOWA
	130	Simpson College		3.000			07/01/2016		10.58			104
		MARYLAND
	84	Hood College		3.625			11/01/2014		10.54			74
	612	Morgan State University		3.000			11/01/2014		10.56			530
		MASSACHUSETTS
	81	Hampshire College		3.000			07/01/2013		10.75			72
	337	Hampshire College		3.000			02/01/2014		10.70			294
	14	Brandeis University		3.000			11/01/2011		10.64			13
	215	College of the Holy Cross		3.625			10/01/2013		10.60			197
	1,345	Northeastern University		3.000			05/01/2018		10.53			1,041
	53	Springfield College		3.500			05/01/2013		10.67			49
	1,336	Tufts University		3.000			10/01/2021		10.39			938
		MISSISSIPPI
	209	Hinds Junior College		3.000			04/01/2013		10.42			192
	360	Millsaps College		3.000			11/01/2021		10.34			262
	830	Mississippi State University		3.000			12/01/2020		9.64			595
		MISSOURI
	81	Drury College		3.000			04/01/2015		10.63			69
		MONTANA
	112	Carroll College		3.750			06/01/2014		10.46			97
	77	Carroll College		3.000			06/01/2018		10.15			59
		NEW HAMPSHIRE
	65	New England College		3.000			04/01/2016		10.77			54
		NEW JERSEY
	750	Fairleigh Dickinson University		3.000			11/01/2017		10.39			593
	160	Newark Beth Israel Hospital		3.625			01/01/2014		11.06			137
	595	Rider College		3.625			11/01/2013		10.42			552
	172	Rider College		3.000			05/01/2017		10.70			135

The accompanying notes are an integral part of this schedule.

24

COLLEGE AND UNIVERSITY FACILITY LOAN TRUST TWO

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)
		NEW MEXICO
$	279	College of Santa Fe		3.000	%		10/01/2018		10.43	%	$	216
		NEW YORK
	255	Daemen College		3.000			04/01/2016		10.77			213
	525	D’Youville College		3.000			04/01/2018		10.90			410
	201	Long Island University		3.625			06/01/2014		10.49			177
	59	Memorial Hospital for Cancer and Allied Diseases		3.375			04/01/2012		10.68			55
		NORTH CAROLINA
	170	Elizabeth City State University		3.000			10/01/2017		10.02			136
	208	Saint Mary’s College		3.000			06/01/2020		10.14			148
		OHIO
	230	Wittenberg University		3.000			05/01/2015		10.76			192
	106	Wittenberg University		3.000			11/01/2017		10.39			84
		OREGON
	354	George Fox College		3.000			07/01/2018		10.64			271
		PENNSYLVANIA
	420	Carnegie-Mellon University		3.000			11/01/2017		10.51			331
	270	Drexel University		3.500			05/01/2014		10.53			238
	135	Gannon University		3.000			11/01/2011		10.49			132
	77	Lycoming College		3.625			05/01/2014		10.64			70
	125	Lycoming College		3.750			05/01/2015		10.62			110
	40	Moravian College		3.375			11/01/2012		10.52			37
	1,376	Philadelphia College of Art		3.000			01/01/2022		10.62			936
	110	Saint Vincent College		3.500			05/01/2013		10.86			99
	106	Seton Hill College		3.625			11/01/2014		10.53			93
	550	Villanova University		3.000			04/01/2019		10.70			403
		SOUTH CAROLINA
	992	Benedict College		3.000			11/01/2020		10.36			719
		TENNESSEE
	148	Cumberland University		3.000			08/01/2017		10.52			116
	92	Hiwassee College		3.000			09/15/2018		10.58			70
		TEXAS
	845	Southwest Texas State University		3.000			10/01/2015		9.51			723
	342	Stephen F. Austin State University		3.375-3.500			10/01/2012		9.57			320
	130	Texas Southern University		3.500			04/01/2013		10.45			121
	340	University of Saint Thomas		3.000			10/01/2019		10.41			253
		VERMONT
	38	Champlain College		3.000			12/01/2013		10.19			34
	494	Saint Michael’s College		3.000			05/01/2013		10.60			465
	79	Vermont State College		3.000			07/01/2014		9.30			69
		VIRGINIA
	173	Lynchburg College		3.750			05/01/2015		10.64			154
	310	Lynchburg College		3.000			05/01/2018		10.68			246
	63	Mary Baldwin College		3.375			05/01/2012		10.68			61
	220	Marymount University		3.000			05/01/2016		10.52			179
	1,623	Norfolk State University		3.000			12/01/2021		9.77			1,145
	134	Saint Paul’s College		3.000			11/01/2014		10.56			116
	252	Virginia Commonwealth University		3.000			06/01/2011		10.01			240

The accompanying notes are an integral part of this schedule.

25

COLLEGE AND UNIVERSITY FACILITY LOAN TRUST TWO

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)
			WEST VIRGINIA
$	41		Bethany College		3.375	%		11/01/2012			10.54	%	$	39
	125		Bethany College		3.000			11/01/2017			10.40			98
	73		Bethany College		3.000			11/01/2012			10.40			67
			WISCONSIN
	255		Marian College		3.000			10/01/2016			10.45			214
			DISTRICT OF COLUMBIA
	1,552		Georgetown University		3.000			11/01/2020			10.36			1,126
	4,114		Georgetown University		4.000			11/01/2020			10.52			3,106
			PUERTO RICO
	936		Inter American University of Puerto Rico		3.000			01/01/2017			10.94			744
	169		University of Puerto Rico, Rio Piedras Campus		3.000			06/01/2011			9.39			161
	35,468	(B)	Total College and University Loans											27,780
			Allowance for Loan Losses											(394	)
			Net Loans of the Trust											27,386
			INVESTMENT AGREEMENTS (48%)
	626		JPMorgan Chase Bank — Liquidity Fund		7.750			06/01/2018	(C)		7.750			626
	3,722		JPMorgan Chase Bank — Revenue Fund		7.050			06/01/2018	(C)		7.050			3,722
	4,348		Total Investment Agreements											4,348
$	39,816		Total Investments (100.0%)											31,734
			OTHER ASSETS, LESS LIABILITIES (-247%)											(22,588	)
			NET ASSETS (100.0%)										$	9,146

(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 $35,468
(C)	Terminate at the earlier of December 1, 2018 or the date on which the Bonds are paid-in-full (Note 2)

The accompanying notes are an integral part of this schedule.

26

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 — $155,500

Fiscal year ended 2009 — $176,000

(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 — $71,000

-$55,000 in connection with Accountants’ Report on Applying Agreed-Upon Procedures
to comply with the requirements of section 4.7 (c) of the Trust’s Indenture.

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

-$4,000 out of pocket expenses.

Fiscal year ended 2009- $73,400

-$55,000 in connection with Accountants’ Report on Applying Agreed-Upon Procedures
to comply with the requirements of section 4.7 (c) of the Trust’s Indenture.

-$12,000 in connection with Accountants’ Report on Applying Agreed-Upon Procedures
to 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 Statements 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 Two

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 Two (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 Two (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

Exhibit 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 Two

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 my 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

	118 Welsh Road
Berkadia Commercial Mortgage	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 Two

Pursuant to Section 206 of the Servicing Agreement governing the referenced transaction, I thereby 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, Bcrkadia 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

	118 Welsh Road
Berkadia Commercial Mortgage	Horsham, Pa 19044

EX-99.4

Exhibit 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 1) 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 arid 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.

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 flanker’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 P. 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.

EX-99.5

Exhibit 99.5

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

Collections:
Principal Payments	1,545,587.51
Interest Payments	237,124.07
Total Principal and Interest Collections	1,782,711.58
Payments and Reversals Posted to Suspense	8,246.88
Total Collections	1,790,958.46
Less: Servicing Fees (not withheld from remittances)	(5,408.12	)
Net Collections	1,785,550.34

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

Date Due	Loan Number		Borrower Name	Principal Due		Interest Due		Total Due		Principal Balance		Service Fees
5012011		30100103	ALABAMA AGRIC		105,000.00		13,425.00		118,425.00		895,000.00		335.63
5012011		30102604	BENEDICT COLL		—		14,880.00		14,880.00		992,000.00		372.00
5012011		30102802	BETHANY COLLE		—		691.88		691.88		41,000.00		15.38
5012011		30102803	BETHANY COLLE		—		1,875.00		1,875.00		125,000.00		46.88
5012011		30102804	BETHANY COLLE		22,500.00		1,425.00		23,925.00		95,000.00		35.63
5012011		30103302	BRANDEIS UNIV		13,672.58		413.26		14,085.84		27,550.44		10.33
5012011		30104102	CALIFORNIA ST		—		4,500.00		4,500.00		300,000.00		112.50
5012011		30104201	CALIFORNIA ST		—		20,220.00		20,220.00		1,348,000.00		505.50
5012011		30109502	DREXEL UNIVER		100,000.00		6,475.00		106,475.00		370,000.00		138.75
5012011		30110802	FAIRLEIGH DIC		—		11,250.00		11,250.00		750,000.00		281.25
5012011		30117602	MACALESTER CO		11,213.12		3,538.54		14,751.66		235,902.68		88.46
5012011		30118401	MARYMOUNT UNI		40,000.00		3,825.00		43,825.00		260,025.00		97.51
5012011		30120402	MORAVIAN COLL		—		675.00		675.00		40,000.00		15.00
5012011		30120601	MORGAN STATE		82,330.03		10,414.13		92,744.16		694,275.66		260.35
5012011		30122302	NORTHEASTERN		85,743.75		21,455.82		107,199.57		1,430,387.98		536.40
5012011		30125506	RIDER COLLEGE		25,000.00		2,955.00		27,955.00		197,000.00		73.88
5012011		30127801	ST PAULS COLL		17,986.88		2,275.21		20,262.09		151,680.69		56.88
5012011		30128001	ST VINCENT CO		55,000.00		2,887.50		57,887.50		165,000.00		61.88
5012011		30128802	SETON HILL CO		—		1,921.25		1,921.25		106,000.00		39.75
5012011		30130703	SPRINGFIELD C		40,000.00		1,627.50		41,627.50		93,000.00		34.88
5012011		30140502	WITTENBERG UN		55,000.00		4,275.00		59,275.00		285,000.00		106.88
5012011		30140503	WITTENBERG UN		—		1,590.00		1,590.00		106,000.00		39.75
5012011		30104605	CARNEGIE-MELL		30,000.00		6,750.00		36,750.00		450,000.00		168.75
5012011		30114001	HOOD COLLEGE		—		1,522.50		1,522.50		84,000.00		31.50
5012011		30110401	EMMANUEL COLL		—		630.00		630.00		42,000.00		15.75
5012011		30111802	GANNON UNIVER		—		1,050.00		1,050.00		69,999.98		26.25
5012011		30112301	GEORGETOWN UN		—		23,295.00		23,295.00		1,553,000.00		582.38
5012011		30112302	GEORGETOWN UN		—		82,300.00		82,300.00		4,115,000.00		1,543.13
5012011		30117402	LYCOMING COLL		18,000.00		1,395.62		19,395.62		77,000.00		28.88
5012011		30117403	LYCOMING COLL		25,000.00		2,343.75		27,343.75		124,999.99		46.87
5012011		30117501	LYNCHBURG COL		35,000.00		3,243.75		38,243.75		173,000.00		64.88
5012011		30117502	LYNCHBURG COL		35,000.00		4,650.00		39,650.00		310,000.00		116.25
5012011		30118302	MARY BALDWIN		40,000.00		1,063.13		41,063.13		63,000.00		23.63
5012011		30119202	MERCER UNIVER		18,281.26		2,008.09		20,289.35		133,873.37		50.20
5012011		30119801	MILLSAPS COLL		—		5,040.00		5,040.00		336,000.00		126.00
5012011		30125504	RIDER COLLEGE		—		8,246.87		8,246.87		455,000.00		170.63
5012011		30127602	ST MICHAELS C		80,636.52		6,223.48		86,860.00		414,898.77		155.59
5012011		30138702	WESLEY COLLEG		20,000.00		725.63		20,725.63		43,000.00		16.13
			TOTALS:		955,364.14		283,082.91		1,238,447.05		17,152,594.56		6,432.29

Page 2 of 10

Berkadia Commercial Mortgage
College and University Loan Trust II
Loans Paid in Full
For the Period of May 01, 2011 through May 31, 2011

	Payoff		Total Amount				Interest
Loan Number	Date		Paid		Principal Amount		Amount		Other Fees		Maturity Date
30104801		5/12/2011		165,037.50		162,000.00		3,037.50				3012015
30117602		5/31/2011		240,030.98		235,902.68		4,128.30				5012020
30134002		5/18/2011		3,000.00		3,000.00		—				4012005
TOTALS:				408,068.48		400,902.68		7,165.80		—

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

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

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

Loan		Interest				Maturity
Number	Borrower Name	Rate		Current UPB		Date
30100103	ALABAMA AGRICULTURAL		3		790,000.00		5012018
30101601	AUBURN UNIVERSITY		3		1,135,000.00		12012018
30101701	AZUSA PACIFIC UNIVERSITY		3.75		80,000.00		4012015
30102604	BENEDICT COLLEGE		3		992,000.00		11012020
30102802	BETHANY COLLEGE - DORM BOND 1965		3.375		41,000.00		11012012
30102803	BETHANY COLLEGE - HALL BOND 1967		3		125,000.00		11012017
30102804	BETHANY COLLEGE - NOTE OF 1973		3		72,500.00		11012012
30103302	BRANDEIS UNIVERSITY		3		13,877.86		11012011
30104102	CALIFORNIA STATE UNIVERSITY,		3		300,000.00		11012013
30104201	TRUST SERVICES DIVISION		3		1,348,000.00		11012019
30104605	CARNEGIE MELLON		3		420,000.00		11012017
30104702	CARROLL COLLEGE 50560040		3.75		112,000.00		6012014
30104703	CARROLL COLLEGE 50560040		3		76,629.65		6012018
30105701	CHAMPLAIN COLLEGE, INC.		3		38,461.54		12012013
30106904	COLLEGE OF SANTA FE		3		279,000.00		10012018
30107002	COLLEGE OF THE HOLY CROSS		3.625		215,000.00		10012013
30108101	CUMBERLAND COLLEGE		3		148,000.00		8012017
30108202	DAEMEN COLLEGE(ROSARY HILL COLLEGE)		3		255,000.00		4012016
30109502	DREXEL UNIVERSITY		3.5		270,000.00		5012014
30109604	DRURY COLLEGE		3		81,000.00		4012015
30109801	DYOURVILLE COLLEGE		3		524,535.00		4012018
30110101	ELIZABETH CITY STATE UNIVERSITY		3		170,000.00		10012017
30110401	EMMANUEL COLLEGE		3		55,000.00		11012013
30110802	FAIRLEIGH DICKINSON UNIV		3		750,000.00		11012017
30111802	GANNON UNIV. - DORM BOND 1969, SER A		3		134,999.98		11012011
30112002	GEORGE FOX COLLEGE		3		353,630.16		7012018
30112301	GEORGETOWN UNIVERSITY		3		1,553,000.00		11012020
30112302	GEORGETOWN UNIVERSITY		4		4,115,000.00		11012020
30112901	HAMPSHIRE COLLEGE		3		80,903.13		7012013
30112902	HAMPSHIRE COLLEGE		3		336,552.06		2012014
30113601	HINDS JUNIOR COLLEGE		3		209,000.00		4012013
30113702	HIWASSEE COLLEGE		3		92,116.65		9152018
30114001	HOOD COLLEGE		3.625		84,000.00		11012014
30114802	INTER-AMERICAN UNIV. OF PUERTO RICO		3		935,718.57		1012017
30116201	LASSEN JUNIOR COLLEGE		3		229,000.00		4012020
30117002	LONG ISLAND UNIVERSITY		3.625		200,876.35		6012014
30117402	LYCOMING COLLEGE		3.625		77,000.00		5012014
30117403	LYCOMING COLLEGE		3.75		124,999.99		5012015
30117501	LYNCHBURG COLLEGE		3.75		173,000.00		5012015
30117502	LYNCHBURG COLLEGE		3		310,000.00		5012018
30117801	MARIAN COLLEGE OF FOND DU LAC		3		255,000.00		10012016
30118302	MARY BALDWIN COLLEGE		3.375		63,000.00		5012012
30118401	MARYMOUNT UNIVERSITY		3		220,025.00		5012016
30119001	SLOAN-MEMORIAL KETTERING CANCER CENTER		3.375		59,000.00		4012012
30119202	MERCER UNIV. ACCOUNTING OFFICE		3		151,884.45		5012014
30119801	MILLSAPS COLLEGE		3		360,000.00		11012021
30119903	MISSISSIPPI STATE UNIVERSITY		3		830,000.00		12012020
30120402	MORAVIAN COLLEGE		3.375		40,000.00		11012012
30120601	MORGAN STATE UNIVERSTIY		3		611,945.63		11012014

Page 7 of 10

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

Loan		Interest				Maturity
Number	Borrower Name	Rate		Current UPB		Date
30121101	NEW ENGLAND COLLEGE		3		65,000.00		4012016
30121201	NEWARK BETH ISREAL MEDICAL CENTER		3.625		160,000.00		1012014
30121501	NORFOLK STATE UNIVERSITY		3		1,623,303.79		12012021
30122302	NORTHEASTERN UNIVERSITY		3		1,344,644.23		5012018
30122802	OCCIDENTAL COLLEGE		3		158,000.00		10012019
30123401	PAINE COLLEGE		3		377,999.99		10012016
30123701	UNIVERSITY OF THE ARTS		3		1,376,231.26		1012022
30125504	RIDER COLLEGE		3.625		595,000.00		11012013
30125506	RIDER COLLEGE		3		172,000.00		5012017
30127402	ST MARY’S SCHOOL		3		208,000.00		6012020
30127602	SAINT MICHAELS COLLEGE		3		494,343.62		5012013
30127801	SAINT PAULS COLLEGE		3		133,693.81		11012014
30128001	SAINT VINCENT COLLEGE		3.5		110,000.00		5012013
30128802	SETON HILL COLLEGE		3.625		106,000.00		11012014
30129101	SIMPSON COLLEGE - BOND 1966		3		130,000.00		7012016
30130301	SOUTHWEST TEXAS STATE UNIVERSITY		3		845,000.00		10012015
30130703	SPRINGFIELD COLLEGE		3.5		53,000.00		5012013
30130903	STEPHEN F AUSTIN STATE UNIVERSITY		3.375		342,000.00		10012012
30132003	TAYLOR UNIVERSITY		3		261,000.00		10012013
30132402	TEXAS SOUTHERN UNIVERSITY		3.5		130,000.00		4012013
30132904	TUFTS UNIVERSITY		3		1,336,000.00		10012021
30133201	UNIV STUDENT COOP HOUSING		3		740,000.00		4012019
30134402	UNIVERSITY OF FLORIDA / REV. CERTS.,84		3		690,000.00		7012014
30136002	UNIVERSITY OF PUERTO RICO		3		169,000.00		6012011
30136801	UNIVERSITY OF ST THOMAS		3		340,000.00		10012019
30137702	VERMONT STATE COLLEGE		3		79,000.00		7012014
30137802	VILLANOVA UNIVERSITY		3		550,000.00		4012019
30137901	VINCENNES UNIVERSITY		3		2,370,000.00		6012023
30138001	VIRGINIA COMMONWEALTH		3		251,999.99		6012011
30138702	WESLEY COLLEGE		3.375		43,000.00		5012013
30140502	WITTENBERG UNIVERSITY		3		230,000.00		5012015
30140503	WITTENBERG UNIVERSITY		3		106,000.00		11012017
	TOTALS:				35,482,872.71

Page 8 of 10

Berkadia Commercial Mortgage
College and University Loan Trust II
Delinquency Report (60+ Days)
As of May 31, 2011

		Next
Loan		Payment
Number	Borrower Name	Due	P and I Due
30117002	LONG ISLAND UNIVERSITY	06/01/10		29,048.23
30108202	DAEMEN COLLEGE(ROSARY HILL COLLEGE)	10/01/10		47,650.00
30109801	DYOUVILLE COLLEGE	10/01/10		75,736.06
30117801	MARIAN COLLEGE OF FOND DU LAC	10/01/10		42,125.00
30122802	OCCIDENTAL COLLEGE	10/01/10		18,530.00
30132003	TAYLOR UNIVERSITY	10/01/10		71,855.00
30132402	TEXAS SOUTHERN UNIVERSITY	10/01/10		44,550.00
30110401	EMMANUEL COLLEGE	11/01/10		14,455.00
30111802	GANNON UNIV. - DORM BOND 1969, SER A	11/01/10		68,075.00
30119202	MERCER UNIV.ACCOUNTING OFFICE	11/01/10		40,578.70
30119801	MILLSAPS COLLEGE	11/01/10		34,440.00
30125504	RIDER COLLEGE	11/01/10		148,521.85
30127602	SAINT MICHAELS COLLEGE	11/01/10		173,720.00
30101601	AUBURN UNIVERSITY	12/01/10		127,025.00
30129101	SIMPSON COLLEGE	01/01/11		1,950.00
30101701	AZUSA PACIFIC	04/01/11		16,500.00
30121101	NEW ENGLAND COLLEGE	04/01/11		10,975.00
30132904	TUFTS UNIVERSITY	04/01/11		20,040.00
TOTAL:				985,774.84

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

None to report for this period

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

Collections:
Principal Payments	618,274.48
Interest Payments	193,647.17
Total Principal and Interest Collections	811,921.65
Payments and Reversals Posted to Suspense	(275.00	)
Total Collections	811,646.65
Less: Servicing Fees (not withheld from remittances)	(4,169.98	)
Net Collections	807,476.67

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

	Loan
Date Due	Number		Borrower Name	Principal Due		Interest Due		Total Due		Principal Balance		Service Fees
12012010		30101601	AUBURN UNIVER		110,000.00		17,025.00		127,025.00		1,135,000.00		425.63
12012010		30104702	CARROLL COLLE		—		2,100.00		2,100.00		112,000.00		42.00
12012010		30104703	CARROLL COLLE		4,525.66		1,217.33		5,742.99		81,180.31		30.44
12012010		30105701	CHAMPLAIN COL		6,082.77		668.16		6,750.93		44,544.31		16.70
12012010		30117002	LONG ISLAND U		—		3,171.88		3,171.88		175,000.00		65.63
12012010		30119903	MISSISSIPPI S		70,000.00		13,500.00		83,500.00		900,000.00		337.50
12012010		30121501	NORFOLK STATE		61,898.75		25,278.03		87,176.78		1,685,202.61		631.95
12012010		30127402	ST MARY’S COL		10,000.00		3,420.00		13,420.00		228,000.00		85.50
12012010		30134305	UNIVERSITY OF		20,000.00		5,235.00		25,235.00		349,000.00		130.88
12012010		30136002	UNIVERSITY OF		—		2,535.00		2,535.00		169,000.00		63.38
12012010		30137901	VINCENNES UNI		—		35,550.00		35,550.00		2,370,000.00		888.75
12012010		30138001	VIRGINIA COMM		—		3,780.00		3,780.00		251,999.99		94.50
			TOTALS:		282,507.18		113,480.40		395,987.58		7,500,927.22		2,812.86

Page 2 of 12

Berkadia Commercial Mortgage
College and University Loan Trust II
Loans Paid in Full
For the Period of December 01, 2010 through December 31, 2010

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

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

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

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

Loan Number		Borrower Name	Interest Rate		Current UPB		Maturity Date
	30100103	ALABAMA AGRICULTURAL		3		895,000.00		5012018
	30101601	AUBURN UNIVERSITY		3		1,135,000.00		12012018
	30101701	AZUSA PACIFIC UNIVERSITY		3.75		80,000.00		4012015
	30102604	BENEDICT COLLEGE		3		992,050.00		11012020
	30102802	BETHANY COLLEGE — DORM BOND 1965		3.375		41,000.00		11012012
	30102803	BETHANY COLLEGE — HALL BOND 1967		3		125,000.00		11012017
	30102804	BETHANY COLLEGE — NOTE OF 1973		3		95,000.00		11012012
	30103302	BRANDEIS UNIVERSITY		3		41,020.97		11012011
	30104102	CALIFORNIA STATE UNIVERSITY,		3		300,000.00		11012013
	30104201	TRUST SERVICES DIVISION		3		1,348,000.00		11012019
	30104605	CARNEGIE MELLON		3		450,000.00		11012017
	30104702	CARROLL COLLEGE 50560040		3.75		112,000.00		6012014
	30104703	CARROLL COLLEGE 50560040		3		76,654.65		6012018
	30104801	CARROLL COLLEGE — DORM BOND 1965		3.75		162,000.00		3012015
	30105701	CHAMPLAIN COLLEGE, INC.		3		38,461.54		12012013
	30106904	COLLEGE OF SANTA FE		3		279,000.00		10012018
	30107002	COLLEGE OF THE HOLY CROSS		3.625		215,025.00		10012013
	30108101	CUMBERLAND COLLEGE		3		148,000.00		8012017
	30108202	DAEMEN COLLEGE(ROSARY HILL COLLEGE)		3		255,000.00		4012016
	30109502	DREXEL UNIVERSITY		3.5		370,000.00		5012014
	30109604	DRURY COLLEGE		3		90,000.00		4012015
	30109801	DYOURVILLE COLLEGE		3		524,535.00		4012018
	30110101	ELIZABETH CITY STATE UNIVERSITY		3		170,050.00		10012017
	30110401	EMMANUEL COLLEGE		3		55,000.00		11012013
	30110802	FAIRLEIGH DICKINSON UNIV		3		750,050.00		11012017
	30111802	GANNON UNIV. — DORM BOND 1969, SER A		3		134,999.98		11012011
	30112002	GEORGE FOX COLLEGE		3		375,309.11		7012018
	30112301	GEORGETOWN UNIVERSITY		3		1,553,050.00		11012020
	30112302	GEORGETOWN UNIVERSITY		4		4,115,050.00		11012020
	30112901	HAMPSHIRE COLLEGE		3		96,373.61		7012013
	30112902	HAMPSHIRE COLLEGE		3		389,778.80		2012014
	30113601	HINDS JUNIOR COLLEGE		3		379,000.00		4012013
	30113702	HIWASSEE COLLEGE		3		97,561.23		9152018
	30114001	HOOD COLLEGE		3.625		84,000.00		11012014
	30114802	INTER-AMERICAN UNIV. OF PUERTO RICO		3		1,013,316.03		1012017
	30116201	LASSEN JUNIOR COLLEGE		3		254,000.00		4012020
	30117002	LONG ISLAND UNIVERSITY		3.625		200,876.35		6012014
	30117204	LA. STATE UNIV. 1965 BOND SER B		3		38,000.00		7012005
	30117205	LA. STATE UNIV. 1966 BOND SER C		3		15,000.00		7012006
	30117402	LYCOMING COLLEGE		3.625		77,000.00		5012014
	30117403	LYCOMING COLLEGE		3.75		124,999.99		5012015
	30117501	LYNCHBURG COLLEGE		3.75		173,000.00		5012015
	30117502	LYNCHBURG COLLEGE		3		310,000.00		5012018
	30117602	MACALESTER COLLEGE		3		235,902.68		5012020
	30117801	MARIAN COLLEGE OF FOND DU LAC		3		255,000.00		10012016
	30118302	MARY BALDWIN COLLEGE		3.375		63,000.00		5012012
	30118401	MARYMOUNT UNIVERSITY		3		335,000.00		5012016
	30119001	SLOAN-MEMORIAL KETTERING CANCER CENTER		3.375		154,000.00		4012012
	30119202	MERCER UNIV. ACCOUNTING OFFICE		3		151,884.45		5012014

Page 7 of 12

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

Loan Number		Borrower Name	Interest Rate		Current UPB		Maturity Date
	30119801	MILLSAPS COLLEGE		3		360,000.00		11012021
	30119903	MISSISSIPPI STATE UNIVERSITY		3		900,000.00		12012020
	30120402	MORAVIAN COLLEGE		3.375		40,000.00		11012012
	30120601	MORGAN STATE UNIVERSTIY		3		694,275.66		11012014
	30121101	NEW ENGLAND COLLEGE		3		65,000.00		4012016
	30121201	NEWARK BETH ISREAL MEDICAL CENTER		3.625		210,000.00		1012014
	30121501	NORFOLK STATE UNIVERSITY		3		1,623,303.79		12012021
	30122302	NORTHEASTERN UNIVERSITY		3		1,514,864.57		5012018
	30122802	OCCIDENTAL COLLEGE		3		158,000.00		10012019
	30123401	PAINE COLLEGE		3		434,999.99		10012016
	30123701	UNIVERSITY OF THE ARTS		3		1,428,708.83		1012022
	30125504	RIDER COLLEGE		3.625		595,000.00		11012013
	30125506	RIDER COLLEGE		3		197,000.00		5012017
	30127402	ST MARY’S SCHOOL		3		218,000.00		6012020
	30127602	SAINT MICHAELS COLLEGE		3		494,343.62		5012013
	30127801	SAINT PAULS COLLEGE		3		151,680.69		11012014
	30128001	SAINT VINCENT COLLEGE		3.5		165,000.00		5012013
	30128802	SETON HILL COLLEGE		3.625		130,000.00		11012014
	30129101	SIMPSON COLLEGE — BOND 1966		3		130,000.00		7012016
	30130301	SOUTHWEST TEXAS STATE UNIVERSITY		3		845,000.00		10012015
	30130703	SPRINGFIELD COLLEGE		3.5		93,000.00		5012013
	30130903	STEPHEN F AUSTIN STATE UNIVERSITY		3.375		342,000.00		10012012
	30132003	TAYLOR UNIVERSITY		3		261,000.00		10012013
	30132402	TEXAS SOUTHERN UNIVERSITY		3.5		130,000.00		4012013
	30132601	TRANSYLVANIA UNIVERSITY		3		47,000.00		11012010
	30132904	TUFTS UNIVERSITY		3		1,437,000.00		10012021
	30133201	UNIV STUDENT COOP HOUSING		3		820,000.00		4012019
	30134002	ARKANSAS STATE TEACHERS COLLEGE		3		78,000.00		4012005
	30134402	UNIVERSITY OF FLORIDA / REV. CERTS.,84		3		690,000.00		7012014
	30136002	UNIVERSITY OF PUERTO RICO		3		169,000.00		6012011
	30136801	UNIVERSITY OF ST THOMAS		3		340,000.00		10012019
	30137702	VERMONT STATE COLLEGE		3		79,000.00		7012014
	30137802	VILLANOVA UNIVERSITY		3		610,000.00		4012019
	30137901	VINCENNES UNIVERSITY		3		2,370,000.00		6012023
	30138001	VIRGINIA COMMONWEALTH		3		251,999.99		6012011
	30138102	VIRGINA ST WESELEYAN COLLEGE		3		20,000.00		11012010
	30138702	WESLEY COLLEGE		3.375		43,000.00		5012013
	30140502	WITTENBERG UNIVERSITY		3		285,000.00		5012015
	30140503	WITTENBERG UNIVERSITY		3		106,050.00		11012017
		TOTALS:				37,901,176.53

Page 8 of 12

Berkadia Commercial Mortgage
College and University Loan Trust II
Delinquency Report (60+ Days)
As of December 31, 2010

Loan Number		Borrower Name	Next Payment Due		P and I Due
	30134002	UNIV CENTR AR		10/01/04		92,505.00
	30117204	LOUISIANA STA		01/01/06		5,700.00
	30117205	LA. STATE UNIV.1966 BOND SER C		01/01/07		1,800.00
	30118401	MARYMOUNT UNI		11/01/08		102,725.00
	30117002	LONG ISLAND U		06/01/10		29,048.23
	30107002	COLLEGE OF THE HOLY CROSS		10/01/10		25.00
	30108202	DAEMEN COLLEGE		10/01/10		3,825.00
	30109801	DYOUVILLE COLLEGE		10/01/10		7,868.03
	30110101	ELIZABETH CITY STATE UNIVERSITY		10/01/10		50.00
	30117801	MARIAN COLLEGE		10/01/10		38,825.00
	30119001	MEMORIAL SLOANE KETTERING		10/01/10		50.00
	30121101	NEW ENGLAND COLLEGE		10/01/10		25.00
	30122802	OCCIDENTAL COLLEGE		10/01/10		16,370.00
	30123401	PAINE COLLEGE		10/01/10		63,525.00
	30132003	TAYLOR UNIVERSITY		10/01/10		68,915.00
	30132402	TEXAS SOUTHERN UNIVERSITY		10/01/10		2,275.00
	30132904	TUFTS UNIVERSITY		10/01/10		122,555.00
	30102604	BENEDICT COLLEGE		11/01/10		50.00
	30103302	BRANDEIS UNIVERSITY		11/01/10		14,085.84
	30109502	DREXEL UNIVERSITY		11/01/10		6,475.00
	30110401	EMMANUAL COLLEGE		11/01/10		13,825.00
	30110802	FARLEIGH DICKINSON		11/01/10		50.00
	30111802	GANNON UNIVERSITY		11/01/10		67,025.00
	30112301	GEORGETOWN UNIVERSITY		11/01/10		50.00
	30112302	GEORGETOWN UNIVERSITY		11/01/10		50.00
	30117402	LYCOMING COLLEGE		11/01/10		24.97
	30117403	LYCOMING COLLEGE		11/01/10		25.00
	30117501	LYNCHBURG COLLEGE		11/01/10		25.00
	30117502	LYNCHBURG COLLEGE		11/01/10		25.00
	30118302	MARY BALDWIN		11/01/10		1,063.13
	30119202	MERCER UNIVERSITY		11/01/10		20,289.35
	30119801	MILLSAPS COLLEGE		11/01/10		29,400.00
	30119801	MORGAN STATE		11/01/10		50.00
	30122302	NORTHEASTERN		11/01/10		107,199.56
	30125504	RIDER COLLEGE		11/01/10		140,274.98
	30127602	ST MICHAELS COLLEGE		11/01/10		86,860.00
	30128001	ST VINCENT COLLEGE		11/01/10		25.00
	30128802	SETON HILL CO		11/01/10		26,356.25
	30130703	SPRINGFIELD COLLEGE		11/01/10		25.00

Loan Number		Borrower Name	Next Payment Due		P and I Due
	30132601	TRANSYLVANIA UNIVERSITY		11/01/10		47,705.00
	30138102	VIRGINA ST WESELEYAN COLLEGE		11/01/10		20,025.00
	30138702	WESLEY COLLEGE		11/01/10		25.00
	30140502	WITTENBERG UNIVERSITY		11/01/10		25.00
	30140503	WITTENBERG UNIVERSITY		11/01/10		50.00
TOTAL:						1,137,170.34

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

None to report for this period

Berkadia Commercial Mortgage
College and University Loan Trust II
Collection Account Activity Report

For the Quarter Ended December 31, 2010

Collections:

	October			November			December
Principal Payments		649,716.00			663,267.16			618,274.48
Interest Payments		48,007.59			149,755.66			193,647.17
Total Principal and Interest Collections		697,723.59			813,022.82			811,921.65
Payments and Reversals Posted to Suspense		—			275.00			(275.00	)
Total Collections		697,723.59			813,297.82			811,646.65
Less: Servicing Fees (not withheld from remittances)		(1,465.18	)		(3,875.08	)		(4,169.98	)
Net Collections		696,258.41			809,422.74			807,476.67

Berkadia Commercial Mortgage
College & Trust Facility Loan Trust II
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	30101701	AZUSA PACIFIC		—		1,500.00		1,500.00		80,000.00		30.00
10012010	30106904	COLLEGE OF SA		32,000.00		4,665.00		36,665.00		311,000.00		116.63
10012010	30107002	COLLEGE OF TH		85,000.00		5,437.50		90,437.50		300,000.00		112.50
10012010	30108202	DAEMEN COLLEG		—		3,825.00		3,825.00		255,000.00		95.63
10012010	30109604	DRURY COLLEGE		10,000.00		1,500.00		11,500.00		100,000.00		37.50
10012010	30109605	DRURY COLLEGE		25,000.00		375.00		25,375.00		25,000.00		9.38
10012010	30109801	DYOUVILLE COL		—		7,868.03		7,868.03		524,535.00		196.70
10012010	30110101	ELIZABETH CIT		20,000.00		2,850.00		22,850.00		190,050.00		71.27
10012010	30112002	GEORGE FOX CO		10,718.59		2,895.21		13,613.80		386,027.70		144.76
10012010	30113601	HINDS JUNIOR		—		5,685.00		5,685.00		379,000.00		142.13
10012010	30116201	LASSEN JUNIOR		—		3,810.00		3,810.00		254,000.00		95.25
10012010	30117801	MARIAN COLLEG		35,000.00		3,825.00		38,825.00		255,000.00		95.63
10012010	30119001	MEMORIAL SLOA		—		2,598.75		2,598.75		154,000.00		57.75
10012010	30121101	NEW ENGLAND C		—		975.00		975.00		65,000.00		24.38
10012010	30122802	OCCIDENTAL CO		14,000.00		2,370.00		16,370.00		158,000.00		59.25
10012010	30123401	PAINE COLLEGE		57,000.00		6,525.00		63,525.00		434,999.99		163.12
10012010	30130301	SOUTHWEST TEX		155,000.00		15,000.00		170,000.00		1,000,000.00		375.00
10012010	30130903	STEPHEN F AUS		165,000.00		8,555.63		173,555.63		507,000.00		190.13
10012010	30132003	TAYLOR UNIVER		65,000.00		3,915.00		68,915.00		261,000.00		97.88
10012010	30132402	TEXAS SOUTHER		—		2,275.00		2,275.00		130,000.00		48.75
10012010	30132904	TUFTS UNIVERS		101,000.00		21,555.00		122,555.00		1,437,000.00		538.88
10012010	30133201	UNIV STU COOP		—		12,300.00		12,300.00		820,000.00		307.50
10012010	30136801	UNIVERSITY OF		32,000.00		5,580.00		37,580.00		372,000.00		139.50
10012010	30137802	VILLANOVA UNI		—		9,150.00		9,150.00		610,000.00		228.75
		TOTALS:		806,718.59		135,035.12		941,753.71		9,008,612.69		3,378.27
10012010	30107002	COLLEGE OF TH		85,000.00		5,437.50		90,437.50		300,000.00		(112.50	)
10012010	30108202	DAEMEN COLLEG		—		3,825.00		3,825.00		255,000.00		(95.63	)
10012010	30109801	DYOUVILLE COL		—		7,868.03		7,868.03		524,535.00		(196.70	)
10012010	30117801	MARIAN COLLEG		35,000.00		3,825.00		38,825.00		255,000.00		(95.63	)
10012010	30119001	MEMORIAL SLOA		—		2,598.75		2,598.75		154,000.00		(57.75	)
10012010	30122802	OCCIDENTAL CO		14,000.00		2,370.00		16,370.00		158,000.00		(59.25	)
10012010	30123401	PAINE COLLEGE		57,000.00		6,525.00		63,525.00		434,999.99		(163.12	)
10012010	30132003	TAYLOR UNIVER		65,000.00		3,915.00		68,915.00		261,000.00		(97.88	)
10012010	30132402	TEXAS SOUTHER		—		2,275.00		2,275.00		130,000.00		(48.75	)
10012010	30132904	TUFTS UNIVERS		101,000.00		21,555.00		122,555.00		1,437,000.00		(538.88	)
10012010	30133201	UNIV STU COOP		—		12,300.00		12,300.00		820,000.00		(307.50	)
10012010	30136801	UNIVERSITY OF		32,000.00		5,580.00		37,580.00		372,000.00		(139.50	)
												1,465.18
November
11012010	30100103	ALABAMA AGRIC		—		13,425.00		13,425.00		895,000.00		335.63
11012010	30100301	ALBRIGHT COLL		35,000.00		3,120.00		38,120.00		208,000.00		78.00
11012010	30102604	BENEDICT COLL		84,000.00		16,140.00		100,140.00		1,076,050.00		403.52
11012010	30102802	BETHANY COLLE		25,000.00		1,113.75		26,113.75		66,000.00		24.75
11012010	30102803	BETHANY COLLE		15,000.00		2,100.00		17,100.00		140,000.00		52.50
11012010	30102804	BETHANY COLLE		22,500.00		1,762.50		24,262.50		117,500.00		44.06
11012010	30103302	BRANDEIS UNIV		13,470.53		615.31		14,085.84		41,020.97		15.38

Berkadia Commercial Mortgage
College & Trust Facility Loan Trust II
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
11012010	30104102	CALIFORNIA ST		95,000.00		5,925.00		100,925.00		395,000.00		148.13
11012010	30104201	CALIFORNIA ST		130,000.00		22,170.00		152,170.00		1,478,000.00		554.25
11012010	30104605	CARNEGIE-MELL		27,000.00		7,155.00		34,155.00		477,000.00		178.88
11012010	30107701	CONCORDIA COL		—		5,775.00		5,775.00		385,000.00		144.38
11012010	30109502	DREXEL UNIVER		—		6,475.00		6,475.00		370,000.00		138.75
11012010	30110401	EMMANUEL COLL		13,000.00		825.00		13,825.00		55,000.00		20.63
11012010	30110802	FAIRLEIGH DIC		90,000.00		12,600.00		102,600.00		840,050.00		315.02
11012010	30111802	GANNON UNIVER		65,000.00		2,025.00		67,025.00		134,999.98		50.62
11012010	30112301	GEORGETOWN UN		132,000.00		25,275.00		157,275.00		1,685,000.00		631.88
11012010	30112302	GEORGETOWN UN		335,000.00		89,000.00		424,000.00		4,450,000.00		1,668.75
11012010	30114001	HOOD COLLEGE		22,000.00		1,921.25		23,921.25		106,000.00		39.75
11012010	30117402	LYCOMING COLL		—		1,395.62		1,395.62		77,000.00		28.88
11012010	30117403	LYCOMING COLL		—		2,343.75		2,343.75		124,999.99		46.87
11012010	30117501	LYNCHBURG COL		—		3,243.75		3,243.75		173,000.00		64.88
11012010	30117502	LYNCHBURG COL		—		4,650.00		4,650.00		310,000.00		116.25
11012010	30117602	MACALESTER CO		11,047.41		3,704.25		14,751.66		246,950.09		92.61
11012010	30118302	MARY BALDWIN		—		1,063.13		1,063.13		63,000.00		23.63
11012010	30118401	MARYMOUNT UNI		—		3,825.00		3,825.00		255,000.00		95.63
11012010	30119202	MERCER UNIVER		18,011.08		2,278.27		20,289.35		151,884.45		56.96
11012010	30119801	MILLSAPS COLL		24,000.00		5,400.00		29,400.00		360,000.00		135.00
11012010	30120402	MORAVIAN COLL		19,000.00		995.63		19,995.63		59,000.00		22.13
11012010	30120601	MORGAN STATE		81,113.33		11,630.83		92,744.16		775,388.99		290.77
11012010	30122302	NORTHEASTERN		84,476.60		22,722.97		107,199.57		1,599,341.17		599.75
11012010	30125504	RIDER COLLEGE		140,000.00		10,784.37		150,784.37		735,000.00		275.63
11012010	30125506	RIDER COLLEGE		—		2,955.00		2,955.00		197,000.00		73.88
11012010	30127602	ST MICHAELS C		79,444.85		7,415.15		86,860.00		494,343.62		185.38
11012010	30127801	ST PAULS COLL		17,721.06		2,541.03		20,262.09		169,401.75		63.53
11012010	30128001	ST VINCENT CO		—		2,887.50		2,887.50		165,000.00		61.88
11012010	30128401	SANGAMON STAT		35,000.00		8,925.00		43,925.00		595,000.00		223.13
11012010	30128802	SETON HILL CO		24,000.00		2,356.25		26,356.25		130,000.00		48.75
11012010	30130703	SPRINGFIELD C		—		1,627.50		1,627.50		93,000.00		34.88
11012010	30132601	TRANSYLVANIA		47,000.00		705.00		47,705.00		47,000.00		17.63
11012010	30138102	VIRGINIA WESL		20,000.00		300.00		20,300.00		20,000.00		7.50
11012010	30138702	WESLEY COLLEG		—		725.63		725.63		43,000.00		16.13
11012010	30140502	WITTENBERG UN		—		4,275.00		4,275.00		285,000.00		106.88
11012010	30140503	WITTENBERG UN		14,000.00		1,800.00		15,800.00		120,050.00		45.02
		TOTALS:		1,718,784.86		327,973.44		2,046,758.30		20,208,981.01		7,578.46
10012010	30133201	UNIV STU COOP		—		12,300.00		12,300.00		820,000.00		307.50
10012010	30136801	UNIVERSITY OF		32,000.00		5,580.00		37,580.00		372,000.00		139.50
11012010	30100301	ALBRIGHT COLL		35,000.00		3,120.00		38,120.00		208,000.00		(78.00	)
11012010	30103302	BRANDEIS UNIV		13,470.53		615.31		14,085.84		41,020.97		(15.38	)
11012010	30107701	CONCORDIA COL		—		5,775.00		5,775.00		385,000.00		(144.38	)
11012010	30109502	DREXEL UNIVER		—		6,475.00		6,475.00		370,000.00		(138.75	)
11012010	30110401	EMMANUEL COLL		13,000.00		825.00		13,825.00		55,000.00		(20.63	)
11012010	30111802	GANNON UNIVER		65,000.00		2,025.00		67,025.00		134,999.98		(50.62	)
11012010	30112301	GEORGETOWN UN		132,000.00		25,275.00		157,275.00		1,685,000.00		(631.88	)
11012010	30112302	GEORGETOWN UN		335,000.00		89,000.00		424,000.00		4,450,000.00		(1,668.75	)
11012010	30118302	MARY BALDWIN		—		1,063.13		1,063.13		63,000.00		(23.63	)
11012010	30118401	MARYMOUNT UNI		—		3,825.00		3,825.00		255,000.00		(95.63	)
11012010	30119202	MERCER UNIVER		18,011.08		2,278.27		20,289.35		151,884.45		(56.96	)
11012010	30119801	MILLSAPS COLL		24,000.00		5,400.00		29,400.00		360,000.00		(135.00	)
11012010	30122302	NORTHEASTERN		84,476.60		22,722.97		107,199.57		1,599,341.17		(599.75	)
11012010	30127602	ST MICHAELS C		79,444.85		7,415.15		86,860.00		494,343.62		(185.38	)

Berkadia Commercial Mortgage
College & Trust Facility Loan Trust II
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
11012010	30128401	SANGAMON STAT		35,000.00		8,925.00		43,925.00		595,000.00		(223.13	)
11012010	30128802	SETON HILL CO		24,000.00		2,356.25		26,356.25		130,000.00		(48.75	)
11012010	30132601	TRANSYLVANIA		47,000.00		705.00		47,705.00		47,000.00		(17.63	)
11012010	30138702	WESLEY COLLEG		—		725.63		725.63		43,000.00		(16.13	)
												3,875.08
December
12012010	30101601	AUBURN UNIVER		110,000.00		17,025.00		127,025.00		1,135,000.00		425.63
12012010	30104702	CARROLL COLLE		—		2,100.00		2,100.00		112,000.00		42.00
12012010	30104703	CARROLL COLLE		4,525.66		1,217.33		5,742.99		81,180.31		30.44
12012010	30105701	CHAMPLAIN COL		6,082.77		668.16		6,750.93		44,544.31		16.70
12012010	30117002	LONG ISLAND U		—		3,171.88		3,171.88		175,000.00		65.63
12012010	30119903	MISSISSIPPI S		70,000.00		13,500.00		83,500.00		900,000.00		337.50
12012010	30121501	NORFOLK STATE		61,898.75		25,278.03		87,176.78		1,685,202.61		631.95
12012010	30127402	ST MARY’S COL		10,000.00		3,420.00		13,420.00		228,000.00		85.50
12012010	30134305	UNIVERSITY OF		20,000.00		5,235.00		25,235.00		349,000.00		130.88
12012010	30136002	UNIVERSITY OF		—		2,535.00		2,535.00		169,000.00		63.38
12012010	30137901	VINCENNES UNI		—		35,550.00		35,550.00		2,370,000.00		888.75
12012010	30138001	VIRGINIA COMM		—		3,780.00		3,780.00		251,999.99		94.50
		TOTALS:		282,507.18		113,480.40		395,987.58		7,500,927.22		2,812.86
11012010	30112301	GEORGETOWN UN		132,000.00		25,275.00		157,275.00		1,685,000.00		631.88
11012010	30112302	GEORGETOWN UN		335,000.00		89,000.00		424,000.00		4,450,000.00		1,668.75
11012010	30138702	WESLEY COLLEG		—		725.63		725.63		43,000.00		16.13
12012010	30101601	AUBURN UNIVER		110,000.00		17,025.00		127,025.00		1,135,000.00		(425.63	)
12012010	30117002	LONG ISLAND U		—		3,171.88		3,171.88		175,000.00		(65.63	)
12012010	30119903	MISSISSIPPI S		70,000.00		13,500.00		83,500.00		900,000.00		(337.50	)
12012010	30134305	UNIVERSITY OF		20,000.00		5,235.00		25,235.00		349,000.00		(130.88	)
												4,169.98
TOTALS FOR QTR				2,808,010.63		576,488.96		3,384,499.59		36,718,520.92		9,510.24

Berkadia Commercial Mortgage
College and University Loan Trust II
Paid In Full Loan Schedule
For the Quarter Ended December 31, 2010

					Principal						Maturity
Loan Number		Payoff Date		Total Amount Paid	Amount		Interest Amount		Other Fees		Date
	30109605		10/5/2010	25,000.00		25,000.00		—				10012010
	30134305		10/27/2010	353,362.50		349,000.00		4,362.50				12012018
TOTALS				378,362.50		374,000.00		4,362.50		—

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

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

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

			Interest				Maturity
Loan Number		Borrower Name	Rate		Current UPB		Date
October
	30100103	ALABAMA AGRICULTURAL		3.00		895,000.00		5-01-2018
	30101601	AUBURN UNIVERSITY		3.00		1,135,000.00		12-01-2018
	30101701	AZUSA PACIFIC UNIVERSITY		3.75		80,000.00		4-01-2015
	30102604	BENEDICT COLLEGE		3.00		1,076,000.00		11-01-2020
	30102802	BETHANY COLLEGE — DORM BOND 1965		3.38		66,000.00		11-01-2012
	30102803	BETHANY COLLEGE — HALL BOND 1967		3.00		140,000.00		11-01-2017
	30102804	BETHANY COLLEGE — NOTE OF 1973		3.00		117,500.00		11-01-2012
	30103302	BRANDEIS UNIVERSITY		3.00		41,020.97		11-01-2011
	30104102	CALIFORNIA STATE UNIVERSITY,		3.00		395,000.00		11-01-2013
	30104201	TRUST SERVICES DIVISION		3.00		1,478,000.00		11-01-2019
	30104605	CARNEGIE MELLON		3.00		450,000.00		11-01-2017
	30104702	CARROLL COLLEGE		3.75		112,000.00		6-01-2014
	30104703	CARROLL COLLEGE		3.00		81,155.31		6-01-2018
	30104801	CARROLL COLLEGE — DORM BOND 1965		3.75		162,000.00		3-01-2015
	30105701	CHAMPLAIN COLLEGE, INC.		3.00		44,544.31		12-01-2013
	30106904	COLLEGE OF SANTA FE		3.00		279,000.00		10-01-2018
	30107002	COLLEGE OF THE HOLY CROSS		3.63		300,000.00		10-01-2013
	30108101	CUMBERLAND COLLEGE		3.00		148,000.00		8-01-2017
	30108202	DAEMEN COLLEGE(ROSARY HILL COLLEGE)		3.00		255,000.00		4-01-2016
	30109502	DREXEL UNIVERSITY		3.50		370,000.00		5-01-2014
	30109604	DRURY COLLEGE		3.00		90,000.00		4-01-2015
	30109801	DYOURVILLE COLLEGE		3.00		524,535.00		4-01-2018
	30110101	ELIZABETH CITY STATE UNIVERSITY		3.00		170,050.00		10-01-2017
	30110401	EMMANUEL COLLEGE		3.00		55,000.00		11-01-2013
	30110802	FAIRLEIGH DICKINSON UNIV		3.00		840,000.00		11-01-2017
	30111802	GANNON UNIV. — DORM BOND 1969, SER A		3.00		134,999.98		11-01-2011
	30112002	GEORGE FOX COLLEGE		3.00		375,309.11		7-01-2018
	30112301	GEORGETOWN UNIVERSITY		3.00		1,685,000.00		11-01-2020
	30112302	GEORGETOWN UNIVERSITY		4.00		4,450,000.00		11-01-2020
	30112901	HAMPSHIRE COLLEGE		3.00		96,373.61		7-01-2013
	30112902	HAMPSHIRE COLLEGE		3.00		389,778.80		2-01-2014
	30113601	HINDS JUNIOR COLLEGE		3.00		379,000.00		4-01-2013
	30113702	HIWASSEE COLLEGE		3.00		97,561.23		9-15-2018
	30114001	HOOD COLLEGE		3.63		106,000.00		11-01-2014
	30114802	INTER-AMERICAN UNIV. OF PUERTO RICO		3.00		1,013,316.03		1-01-2017
	30116201	LASSEN JUNIOR COLLEGE		3.00		254,000.00		4-01-2020
	30117002	LONG ISLAND UNIVERSITY		3.63		200,876.35		6-01-2014
	30117204	LA. STATE UNIV. 1965 BOND SER B		3.00		38,000.00		7-01-2005
	30117205	LA. STATE UNIV. 1966 BOND SER C		3.00		15,000.00		7-01-2006
	30117402	LYCOMING COLLEGE		3.63		77,000.00		5-01-2014
	30117403	LYCOMING COLLEGE		3.75		124,999.99		5-01-2015
	30117501	LYNCHBURG COLLEGE		3.75		173,000.00		5-01-2015
	30117502	LYNCHBURG COLLEGE		3.00		310,000.00		5-01-2018
	30117602	MACALESTER COLLEGE		3.00		235,902.68		5-01-2020
	30117801	MARIAN COLLEGE OF FOND DU LAC		3.00		255,000.00		10-01-2016
	30118302	MARY BALDWIN COLLEGE		3.38		63,000.00		5-01-2012
	30118401	MARYMOUNT UNIVERSITY		3.00		335,000.00		5-01-2016
	30119001	SLOAN-MEMORIAL KETTERING CANCER CENTER		3.38		154,000.00		4-01-2012
	30119202	MERCER UNIV. ACCOUNTING OFFICE		3.00		151,884.45		5-01-2014
	30119801	MILLSAPS COLLEGE		3.00		360,000.00		11-01-2021
	30119903	MISSISSIPPI STATE UNIVERSITY		3.00		900,000.00		12-01-2020
	30120402	MORAVIAN COLLEGE		3.38		59,000.00		11-01-2012

Page 8 of 15

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

			Interest				Maturity
Loan Number		Borrower Name	Rate		Current UPB		Date
	30120601	MORGAN STATE UNIVERSTIY		3.00		775,388.99		11-01-2014
	30121101	NEW ENGLAND COLLEGE		3.00		65,000.00		4-01-2016
	30121201	NEWARK BETH ISREAL MEDICAL CENTER		3.63		210,000.00		1-01-2014
	30121501	NORFOLK STATE UNIVERSITY		3.00		1,685,202.61		12-01-2021
	30122302	NORTHEASTERN UNIVERSITY		3.00		1,514,864.57		5-01-2018
	30122802	OCCIDENTAL COLLEGE		3.00		158,000.00		10-01-2019
	30123401	PAINE COLLEGE		3.00		434,999.99		10-01-2016
	30123701	UNIVERSITY OF THE ARTS		3.00		1,428,708.83		1-01-2022
	30125504	RIDER COLLEGE		3.63		595,000.00		11-01-2013
	30125506	RIDER COLLEGE		3.00		197,000.00		5-01-2017
	30127402	ST MARY’S SCHOOL		3.00		228,000.00		6-01-2020
	30127602	SAINT MICHAELS COLLEGE		3.00		494,343.62		5-01-2013
	30127801	SAINT PAULS COLLEGE		3.00		169,401.75		11-01-2014
	30128001	SAINT VINCENT COLLEGE		3.50		165,000.00		5-01-2013
	30128802	SETON HILL COLLEGE		3.63		130,000.00		11-01-2014
	30129101	SIMPSON COLLEGE — BOND 1966		3.00		130,000.00		7-01-2016
	30130301	SOUTHWEST TEXAS STATE UNIVERSITY		3.00		845,000.00		10-01-2015
	30130703	SPRINGFIELD COLLEGE		3.50		93,000.00		5-01-2013
	30130903	STEPHEN F AUSTIN STATE UNIVERSITY		3.38		342,000.00		10-01-2012
	30132003	TAYLOR UNIVERSITY		3.00		261,000.00		10-01-2013
	30132402	TEXAS SOUTHERN UNIVERSITY		3.50		130,000.00		4-01-2013
	30132601	TRANSYLVANIA UNIVERSITY		3.00		47,000.00		11-01-2010
	30132904	TUFTS UNIVERSITY		3.00		1,437,000.00		10-01-2021
	30133201	UNIV STUDENT COOP HOUSING		3.00		820,000.00		4-01-2019
	30134002	ARKANSAS STATE TEACHERS COLLEGE		3.00		78,000.00		4-01-2005
	30134402	UNIVERSITY OF FLORIDA / REV. CERTS.,84		3.00		690,000.00		7-01-2014
	30136002	UNIVERSITY OF PUERTO RICO		3.00		169,000.00		6-01-2011
	30136801	UNIVERSITY OF ST THOMAS		3.00		372,000.00		10-01-2019
	30137702	VERMONT STATE COLLEGE		3.00		79,000.00		7-01-2014
	30137802	VILLANOVA UNIVERSITY		3.00		610,000.00		4-01-2019
	30137901	VINCENNES UNIVERSITY		3.00		2,370,000.00		6-01-2023
	30138001	VIRGINIA COMMONWEALTH		3.00		251,999.99		6-01-2011
	30138102	VIRGINA ST WESELEYAN COLLEGE		3.00		20,000.00		11-01-2010
	30138702	WESLEY COLLEGE		3.38		43,000.00		5-01-2013
	30140502	WITTENBERG UNIVERSITY		3.00		285,000.00		5-01-2015
	30140503	WITTENBERG UNIVERSITY		3.00		120,000.00		11-01-2017
		TOTALS:				39,182,718.17
November
	30100103	ALABAMA AGRICULTURAL		3.00		895,000.00		5-01-2018
	30101601	AUBURN UNIVERSITY		3.00		1,135,000.00		12-01-2018
	30101701	AZUSA PACIFIC UNIVERSITY		3.75		80,000.00		4-01-2015
	30102604	BENEDICT COLLEGE		3.00		992,050.00		11-01-2020
	30102802	BETHANY COLLEGE — DORM BOND 1965		3.38		41,000.00		11-01-2012
	30102803	BETHANY COLLEGE — HALL BOND 1967		3.00		125,000.00		11-01-2017
	30102804	BETHANY COLLEGE — NOTE OF 1973		3.00		95,000.00		11-01-2012
	30103302	BRANDEIS UNIVERSITY		3.00		41,020.97		11-01-2011
	30104102	CALIFORNIA STATE UNIVERSITY,		3.00		300,000.00		11-01-2013
	30104201	TRUST SERVICES DIVISION		3.00		1,348,000.00		11-01-2019
	30104605	CARNEGIE MELLON		3.00		450,000.00		11-01-2017
	30104702	CARROLL COLLEGE		3.75		112,000.00		6-01-2014

Page 9 of 15

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

			Interest				Maturity
Loan Number		Borrower Name	Rate		Current UPB		Date
	30104703	CARROLL COLLEGE		3.00		81,155.31		6-01-2018
	30104801	CARROLL COLLEGE — DORM BOND 1965		3.75		162,000.00		3-01-2015
	30105701	CHAMPLAIN COLLEGE, INC.		3.00		38,461.54		12-01-2013
	30106904	COLLEGE OF SANTA FE		3.00		279,000.00		10-01-2018
	30107002	COLLEGE OF THE HOLY CROSS		3.63		300,000.00		10-01-2013
	30108101	CUMBERLAND COLLEGE		3.00		148,000.00		8-01-2017
	30108202	DAEMEN COLLEGE(ROSARY HILL COLLEGE)		3.00		255,000.00		4-01-2016
	30109502	DREXEL UNIVERSITY		3.50		370,000.00		5-01-2014
	30109604	DRURY COLLEGE		3.00		90,000.00		4-01-2015
	30109801	DYOURVILLE COLLEGE		3.00		524,535.00		4-01-2018
	30110101	ELIZABETH CITY STATE UNIVERSITY		3.00		170,050.00		10-01-2017
	30110401	EMMANUEL COLLEGE		3.00		55,000.00		11-01-2013
	30110802	FAIRLEIGH DICKINSON UNIV		3.00		750,050.00		11-01-2017
	30111802	GANNON UNIV. — DORM BOND 1969, SER A		3.00		134,999.98		11-01-2011
	30112002	GEORGE FOX COLLEGE		3.00		375,309.11		7-01-2018
	30112301	GEORGETOWN UNIVERSITY		3.00		1,685,000.00		11-01-2020
	30112302	GEORGETOWN UNIVERSITY		4.00		4,450,000.00		11-01-2020
	30112901	HAMPSHIRE COLLEGE		3.00		96,373.61		7-01-2013
	30112902	HAMPSHIRE COLLEGE		3.00		389,778.80		2-01-2014
	30113601	HINDS JUNIOR COLLEGE		3.00		379,000.00		4-01-2013
	30113702	HIWASSEE COLLEGE		3.00		97,561.23		9-15-2018
	30114001	HOOD COLLEGE		3.63		84,000.00		11-01-2014
	30114802	INTER-AMERICAN UNIV. OF PUERTO RICO		3.00		1,013,316.03		1-01-2017
	30116201	LASSEN JUNIOR COLLEGE		3.00		254,000.00		4-01-2020
	30117002	LONG ISLAND UNIVERSITY		3.63		200,876.35		6-01-2014
	30117204	LA. STATE UNIV. 1965 BOND SER B		3.00		38,000.00		7-01-2005
	30117205	LA. STATE UNIV. 1966 BOND SER C		3.00		15,000.00		7-01-2006
	30117402	LYCOMING COLLEGE		3.63		77,000.00		5-01-2014
	30117403	LYCOMING COLLEGE		3.75		124,999.99		5-01-2015
	30117501	LYNCHBURG COLLEGE		3.75		173,000.00		5-01-2015
	30117502	LYNCHBURG COLLEGE		3.00		310,000.00		5-01-2018
	30117602	MACALESTER COLLEGE		3.00		235,902.68		5-01-2020
	30117801	MARIAN COLLEGE OF FOND DU LAC		3.00		255,000.00		10-01-2016
	30118302	MARY BALDWIN COLLEGE		3.38		63,000.00		5-01-2012
	30118401	MARYMOUNT UNIVERSITY		3.00		335,000.00		5-01-2016
	30119001	SLOAN-MEMORIAL KETTERING CANCER CENTER		3.38		154,000.00		4-01-2012
	30119202	MERCER UNIV. ACCOUNTING OFFICE		3.00		151,884.45		5-01-2014
	30119801	MILLSAPS COLLEGE		3.00		360,000.00		11-01-2021
	30119903	MISSISSIPPI STATE UNIVERSITY		3.00		900,000.00		12-01-2020
	30120402	MORAVIAN COLLEGE		3.38		40,000.00		11-01-2012
	30120601	MORGAN STATE UNIVERSTIY		3.00		694,275.66		11-01-2014
	30121101	NEW ENGLAND COLLEGE		3.00		65,000.00		4-01-2016
	30121201	NEWARK BETH ISREAL MEDICAL CENTER		3.63		210,000.00		1-01-2014
	30121501	NORFOLK STATE UNIVERSITY		3.00		1,685,202.61		12-01-2021
	30122302	NORTHEASTERN UNIVERSITY		3.00		1,514,864.57		5-01-2018
	30122802	OCCIDENTAL COLLEGE		3.00		158,000.00		10-01-2019
	30123401	PAINE COLLEGE		3.00		434,999.99		10-01-2016
	30123701	UNIVERSITY OF THE ARTS		3.00		1,428,708.83		1-01-2022
	30125504	RIDER COLLEGE		3.63		595,000.00		11-01-2013
	30125506	RIDER COLLEGE		3.00		197,000.00		5-01-2017
	30127402	ST MARY’S SCHOOL		3.00		218,000.00		6-01-2020
	30127602	SAINT MICHAELS COLLEGE		3.00		494,343.62		5-01-2013
	30127801	SAINT PAULS COLLEGE		3.00		151,680.69		11-01-2014
	30128001	SAINT VINCENT COLLEGE		3.50		165,000.00		5-01-2013

Page 10 of 15

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

			Interest				Maturity
Loan Number		Borrower Name	Rate		Current UPB		Date
	30128802	SETON HILL COLLEGE		3.63		130,000.00		11-01-2014
	30129101	SIMPSON COLLEGE — BOND 1966		3.00		130,000.00		7-01-2016
	30130301	SOUTHWEST TEXAS STATE UNIVERSITY		3.00		845,000.00		10-01-2015
	30130703	SPRINGFIELD COLLEGE		3.50		93,000.00		5-01-2013
	30130903	STEPHEN F AUSTIN STATE UNIVERSITY		3.38		342,000.00		10-01-2012
	30132003	TAYLOR UNIVERSITY		3.00		261,000.00		10-01-2013
	30132402	TEXAS SOUTHERN UNIVERSITY		3.50		130,000.00		4-01-2013
	30132601	TRANSYLVANIA UNIVERSITY		3.00		47,000.00		11-01-2010
	30132904	TUFTS UNIVERSITY		3.00		1,437,000.00		10-01-2021
	30133201	UNIV STUDENT COOP HOUSING		3.00		820,000.00		4-01-2019
	30134002	ARKANSAS STATE TEACHERS COLLEGE		3.00		78,000.00		4-01-2005
	30134402	UNIVERSITY OF FLORIDA / REV. CERTS.,84		3.00		690,000.00		7-01-2014
	30136002	UNIVERSITY OF PUERTO RICO		3.00		169,000.00		6-01-2011
	30136801	UNIVERSITY OF ST THOMAS		3.00		340,000.00		10-01-2019
	30137702	VERMONT STATE COLLEGE		3.00		79,000.00		7-01-2014
	30137802	VILLANOVA UNIVERSITY		3.00		610,000.00		4-01-2019
	30137901	VINCENNES UNIVERSITY		3.00		2,370,000.00		6-01-2023
	30138001	VIRGINIA COMMONWEALTH		3.00		251,999.99		6-01-2011
	30138102	VIRGINA ST WESELEYAN COLLEGE		3.00		20,000.00		11-01-2010
	30138702	WESLEY COLLEGE		3.38		43,000.00		5-01-2013
	30140502	WITTENBERG UNIVERSITY		3.00		285,000.00		5-01-2015
	30140503	WITTENBERG UNIVERSITY		3.00		106,050.00		11-01-2017
		TOTALS:				38,519,451.01
December
	30100103	ALABAMA AGRICULTURAL		3.00		895,000.00		5-01-2018
	30101601	AUBURN UNIVERSITY		3.00		1,135,000.00		12-01-2018
	30101701	AZUSA PACIFIC UNIVERSITY		3.75		80,000.00		4-01-2015
	30102604	BENEDICT COLLEGE		3.00		992,050.00		11-01-2020
	30102802	BETHANY COLLEGE — DORM BOND 1965		3.38		41,000.00		11-01-2012
	30102803	BETHANY COLLEGE — HALL BOND 1967		3.00		125,000.00		11-01-2017
	30102804	BETHANY COLLEGE — NOTE OF 1973		3.00		95,000.00		11-01-2012
	30103302	BRANDEIS UNIVERSITY		3.00		41,020.97		11-01-2011
	30104102	CALIFORNIA STATE UNIVERSITY,		3.00		300,000.00		11-01-2013
	30104201	TRUST SERVICES DIVISION		3.00		1,348,000.00		11-01-2019
	30104605	CARNEGIE MELLON		3.00		450,000.00		11-01-2017
	30104702	CARROLL COLLEGE 50560040		3.75		112,000.00		6-01-2014
	30104703	CARROLL COLLEGE 50560040		3.00		76,654.65		6-01-2018
	30104801	CARROLL COLLEGE — DORM BOND 1965		3.75		162,000.00		3-01-2015
	30105701	CHAMPLAIN COLLEGE, INC.		3.00		38,461.54		12-01-2013
	30106904	COLLEGE OF SANTA FE		3.00		279,000.00		10-01-2018
	30107002	COLLEGE OF THE HOLY CROSS		3.63		215,025.00		10-01-2013
	30108101	CUMBERLAND COLLEGE		3.00		148,000.00		8-01-2017
	30108202	DAEMEN COLLEGE(ROSARY HILL COLLEGE)		3.00		255,000.00		4-01-2016
	30109502	DREXEL UNIVERSITY		3.50		370,000.00		5-01-2014
	30109604	DRURY COLLEGE		3.00		90,000.00		4-01-2015
	30109801	DYOURVILLE COLLEGE		3.00		524,535.00		4-01-2018
	30110101	ELIZABETH CITY STATE UNIVERSITY		3.00		170,050.00		10-01-2017
	30110401	EMMANUEL COLLEGE		3.00		55,000.00		11-01-2013
	30110802	FAIRLEIGH DICKINSON UNIV		3.00		750,050.00		11-01-2017
	30111802	GANNON UNIV. — DORM BOND 1969, SER A		3.00		134,999.98		11-01-2011
	30112002	GEORGE FOX COLLEGE		3.00		375,309.11		7-01-2018

Page 11 of 15

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

			Interest				Maturity
Loan Number		Borrower Name	Rate		Current UPB		Date
	30112301	GEORGETOWN UNIVERSITY		3.00		1,553,050.00		11-01-2020
	30112302	GEORGETOWN UNIVERSITY		4.00		4,115,050.00		11-01-2020
	30112901	HAMPSHIRE COLLEGE		3.00		96,373.61		7-01-2013
	30112902	HAMPSHIRE COLLEGE		3.00		389,778.80		2-01-2014
	30113601	HINDS JUNIOR COLLEGE		3.00		379,000.00		4-01-2013
	30113702	HIWASSEE COLLEGE		3.00		97,561.23		9-15-2018
	30114001	HOOD COLLEGE		3.63		84,000.00		11-01-2014
	30114802	INTER-AMERICAN UNIV. OF PUERTO RICO		3.00		1,013,316.03		1-01-2017
	30116201	LASSEN JUNIOR COLLEGE		3.00		254,000.00		4-01-2020
	30117002	LONG ISLAND UNIVERSITY		3.63		200,876.35		6-01-2014
	30117204	LA. STATE UNIV. 1965 BOND SER B		3.00		38,000.00		7-01-2005
	30117205	LA. STATE UNIV. 1966 BOND SER C		3.00		15,000.00		7-01-2006
	30117402	LYCOMING COLLEGE		3.63		77,000.00		5-01-2014
	30117403	LYCOMING COLLEGE		3.75		124,999.99		5-01-2015
	30117501	LYNCHBURG COLLEGE		3.75		173,000.00		5-01-2015
	30117502	LYNCHBURG COLLEGE		3.00		310,000.00		5-01-2018
	30117602	MACALESTER COLLEGE		3.00		235,902.68		5-01-2020
	30117801	MARIAN COLLEGE OF FOND DU LAC		3.00		255,000.00		10-01-2016
	30118302	MARY BALDWIN COLLEGE		3.38		63,000.00		5-01-2012
	30118401	MARYMOUNT UNIVERSITY		3.00		335,000.00		5-01-2016
	30119001	SLOAN-MEMORIAL KETTERING CANCER CENTER		3.38		154,000.00		4-01-2012
	30119202	MERCER UNIV. ACCOUNTING OFFICE		3.00		151,884.45		5-01-2014
	30119801	MILLSAPS COLLEGE		3.00		360,000.00		11-01-2021
	30119903	MISSISSIPPI STATE UNIVERSITY		3.00		900,000.00		12-01-2020
	30120402	MORAVIAN COLLEGE		3.38		40,000.00		11-01-2012
	30120601	MORGAN STATE UNIVERSTIY		3.00		694,275.66		11-01-2014
	30121101	NEW ENGLAND COLLEGE		3.00		65,000.00		4-01-2016
	30121201	NEWARK BETH ISREAL MEDICAL CENTER		3.63		210,000.00		1-01-2014
	30121501	NORFOLK STATE UNIVERSITY		3.00		1,623,303.79		12-01-2021
	30122302	NORTHEASTERN UNIVERSITY		3.00		1,514,864.57		5-01-2018
	30122802	OCCIDENTAL COLLEGE		3.00		158,000.00		10-01-2019
	30123401	PAINE COLLEGE		3.00		434,999.99		10-01-2016
	30123701	UNIVERSITY OF THE ARTS		3.00		1,428,708.83		1-01-2022
	30125504	RIDER COLLEGE		3.63		595,000.00		11-01-2013
	30125506	RIDER COLLEGE		3.00		197,000.00		5-01-2017
	30127402	ST MARY’S SCHOOL		3.00		218,000.00		6-01-2020
	30127602	SAINT MICHAELS COLLEGE		3.00		494,343.62		5-01-2013
	30127801	SAINT PAULS COLLEGE		3.00		151,680.69		11-01-2014
	30128001	SAINT VINCENT COLLEGE		3.50		165,000.00		5-01-2013
	30128802	SETON HILL COLLEGE		3.63		130,000.00		11-01-2014
	30129101	SIMPSON COLLEGE — BOND 1966		3.00		130,000.00		7-01-2016
	30130301	SOUTHWEST TEXAS STATE UNIVERSITY		3.00		845,000.00		10-01-2015
	30130703	SPRINGFIELD COLLEGE		3.50		93,000.00		5-01-2013
	30130903	STEPHEN F AUSTIN STATE UNIVERSITY		3.38		342,000.00		10-01-2012
	30132003	TAYLOR UNIVERSITY		3.00		261,000.00		10-01-2013
	30132402	TEXAS SOUTHERN UNIVERSITY		3.50		130,000.00		4-01-2013
	30132601	TRANSYLVANIA UNIVERSITY		3.00		47,000.00		11-01-2010
	30132904	TUFTS UNIVERSITY		3.00		1,437,000.00		10-01-2021
	30133201	UNIV STUDENT COOP HOUSING		3.00		820,000.00		4-01-2019
	30134002	ARKANSAS STATE TEACHERS COLLEGE		3.00		78,000.00		4-01-2005
	30134402	UNIVERSITY OF FLORIDA / REV. CERTS.,84		3.00		690,000.00		7-01-2014
	30136002	UNIVERSITY OF PUERTO RICO		3.00		169,000.00		6-01-2011
	30136801	UNIVERSITY OF ST THOMAS		3.00		340,000.00		10-01-2019
	30137702	VERMONT STATE COLLEGE		3.00		79,000.00		7-01-2014

Page 12 of 15

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

			Interest				Maturity
Loan Number		Borrower Name	Rate		Current UPB		Date
	30137802	VILLANOVA UNIVERSITY		3.00		610,000.00		4-01-2019
	30137901	VINCENNES UNIVERSITY		3.00		2,370,000.00		6-01-2023
	30138001	VIRGINIA COMMONWEALTH		3.00		251,999.99		6-01-2011
	30138102	VIRGINA ST WESELEYAN COLLEGE		3.00		20,000.00		11-01-2010
	30138702	WESLEY COLLEGE		3.38		43,000.00		5-01-2013
	30140502	WITTENBERG UNIVERSITY		3.00		285,000.00		5-01-2015
	30140503	WITTENBERG UNIVERSITY		3.00		106,050.00		11-01-2017
		TOTALS:				37,901,176.53

Page 13 of 15

Berkadia Commercial Mortgage
College and University Loan Trust II
Delinquency Report (60+ Days)
For the Quarter Ended December 31, 2010

Loan Number		Borrower Name	Next Payment Due		P and I Due		Current UPB
	30134002	UNIV CENTR AR		10/01/04		92,505.00		78,000.00
	30117204	LOUISIANA STA		01/01/06		5,700.00		38,000.00
	30117205	LA. STATE UNIV.1966 BOND SER C		01/01/07		1,800.00		15,000.00
	30118401	MARYMOUNT UNI		11/01/08		102,725.00		335,000.00
	30117002	LONG ISLAND U		06/01/10		29,048.23		200,876.35
	30107002	COLLEGE OF THE HOLY CROSS		10/01/10		25.00		215,025.00
	30108202	DAEMEN COLLEGE		10/01/10		3,825.00		255,000.00
	30109801	DYOUVILLE COLLEGE		10/01/10		7,868.03		524,535.00
	30110101	ELIZABETH CITY STATE UNIVERSITY		10/01/10		50.00		170,050.00
	30117801	MARIAN COLLEGE		10/01/10		38,825.00		255,000.00
	30119001	MEMORIAL SLOANE KETTERING		10/01/10		50.00		154,000.00
	30121101	NEW ENGLAND COLLEGE		10/01/10		25.00		65,000.00
	30122802	OCCIDENTAL COLLEGE		10/01/10		16,370.00		158,000.00
	30123401	PAINE COLLEGE		10/01/10		63,525.00		434,999.99
	30132003	TAYLOR UNIVERSITY		10/01/10		68,915.00		261,000.00
	30132402	TEXAS SOUTHERN UNIVERSITY		10/01/10		2,275.00		130,000.00
	30132904	TUFTS UNIVERSITY		10/01/10		122,555.00		1,437,000.00
	30102604	BENEDICT COLLEGE		11/01/10		50.00		992,050.00
	30103302	BRANDEIS UNIVERSITY		11/01/10		14,085.84		41,020.97
	30109502	DREXEL UNIVERSITY		11/01/10		6,475.00		370,000.00
	30110401	EMMANUAL COLLEGE		11/01/10		13,825.00		55,000.00
	30110802	FARLEIGH DICKINSON		11/01/10		50.00		750,050.00
	30111802	GANNON UNIVERSITY		11/01/10		67,025.00		134,999.98
	30112301	GEORGETOWN UNIVERSITY		11/01/10		50.00		1,553,050.00
	30112302	GEORGETOWN UNIVERSITY		11/01/10		50.00		4,115,050.00
	30117402	LYCOMING COLLEGE		11/01/10		24.97		77,000.00
	30117403	LYCOMING COLLEGE		11/01/10		25.00		124,999.99
	30117501	LYNCHBURG COLLEGE		11/01/10		25.00		173,000.00
	30117502	LYNCHBURG COLLEGE		11/01/10		25.00		310,000.00
	30118302	MARY BALDWIN		11/01/10		1,063.13		63,000.00
	30119202	MERCER UNIVERSITY		11/01/10		20,289.35		151,884.45
	30119801	MILLSAPS COLLEGE		11/01/10		29,400.00		360,000.00
	30119801	MORGAN STATE		11/01/10		50.00		694,275.66
	30122302	NORTHEASTERN		11/01/10		107,199.56		1,514,864.57
	30125504	RIDER COLLEGE		11/01/10		140,274.98		595,000.00
	30127602	ST MICHAELS COLLEGE		11/01/10		86,860.00		494,343.62
	30128001	ST VINCENT COLLEGE		11/01/10		25.00		165,000.00
	30128802	SETON HILL CO		11/01/10		26,356.25		130,000.00
	30130703	SPRINGFIELD COLLEGE		11/01/10		25.00		93,000.00
	30132601	TRANSYLVANIA UNIVERSITY		11/01/10		47,705.00		47,000.00
	30138102	VIRGINA ST WESELEYAN COLLEGE		11/01/10		20,025.00		20,000.00
	30138702	WESLEY COLLEGE		11/01/10		25.00		43,000.00
	30140502	WITTENBERG UNIVERSITY		11/01/10		25.00		285,000.00
	30140503	WITTENBERG UNIVERSITY		11/01/10		50.00		106,050.00
TOTAL:						1,137,170.34		18,185,125.58

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

None to report for this period

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

Collections:

	January			February			March
Principal Payments		341,741.76			20,000.00			231,094.58
Interest Payments		62,937.17			2,195.00			35,704.57
Total Principal and Interest Collections		404,678.93			22,195.00			266,799.15
Payments and Reversals Posted to Suspense		—			—			—
Total Collections		404,678.93			22,195.00			266,799.15
Less: Servicing Fees (not withheld from remittances)		(1,486.41	)		(332.55	)		(641.84	)
Net Collections		403,192.52			21,862.45			266,157.31

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

Date Due		Loan Number	Borrower Name	Principal Due		Interest Due		Total Due		Principal Balance		Service Fees
January
	01012011	30112002	GEORGE FOX CO		10,798.98		2,814.82		13,613.80		375,309.11		140.74
	01012011	30112901	HAMPSHIRE COL		15,470.48		1,445.60		16,916.08		96,373.61		36.14
	01012011	30114802	INTER AMERICA		77,597.46		15,199.74		92,797.20		1,013,316.03		379.99
	01012011	30117204	LOUISIANA STA		—		570.00		570.00		3,800.00		1.43
	01012011	30117205	LOUISIANA STA		—		225.00		225.00		1,500.00		0.56
	01012011	30121201	NEWARK BETH I		50,000.00		3,806.25		53,806.25		260,000.00		97.50
	01012011	30123701	PHILADELPHIA		52,477.57		21,430.63		73,908.20		1,428,708.83		535.77
	01012011	30129101	SIMPSON COLLE		—		1,950.00		1,950.00		130,000.00		48.75
	01012011	30134402	UNIVERSITY OF		—		10,350.00		10,350.00		690,000.00		258.75
	01012011	30137702	VERMONT STATE		—		1,185.00		1,185.00		79,000.00		29.63
			TOTALS:		206,344.49		58,977.04		265,321.53		4,078,007.58		1,529.26
	11012010	30118302	MARY BALDWIN		—		1,063.13		1,063.13		63,000.00		23.63
	11012010	30128802	SETON HILL CO		24,000.00		2,356.25		26,356.25		130,000.00		48.75
	11012010	30103302	BRANDEIS UNIV		13,470.53		615.31		14,085.84		41,020.97		15.38
	11012010	30132601	TRANSYLVANIA		47,000.00		705.00		47,705.00		47,000.00		17.63
	01012011	30117204	LOUISIANA STA		—		570.00		570.00		3,800.00		(1.43	)
	01012011	30117205	LOUISIANA STA		—		225.00		225.00		1,500.00		(0.56	)
	01012011	30121201	NEWARK BETH I		50,000.00		3,806.25		53,806.25		260,000.00		(97.50	)
	01012011	30129101	SIMPSON COLLE		—		1,950.00		1,950.00		130,000.00		(48.75	)
													1,486.41
February
	02012011	30108101	CUMBERLAND CO		—		2,220.00		2,220.00		148,000.00		55.50
	02012011	30112902	HAMPSHIRE COL		53,226.74		5,846.68		59,073.42		389,778.80		146.17
			TOTALS:		53,226.74		8,066.68		61,293.42		537,778.80		201.67
	12012010	30134305	UNIVERSITY OF		20,000.00		5,235.00		25,235.00		349,000.00		130.88
													332.55
March
	03012011	30104801	CARROLL COLLE		30,000.00		3,037.50		33,037.50		162,000.00		60.75
	03152011	30113702	HIWASSEE COLL		5,444.58		1,463.42		6,908.00		97,561.23		36.59
			TOTALS:		35,444.58		4,500.92		39,945.50		259,561.23		97.34
	03012011	30104801	CARROLL COLLE		30,000.00		3,037.50		33,037.50		162,000.00		(60.75	)
	10012010	30107002	COLLEGE OF TH		85,000.00		5,437.50		90,437.50		300,000.00		112.50
	10012010	30119001	MEMORIAL SLOA		—		2,598.75		2,598.75		154,000.00		57.75
	12012010	30119903	MISSISSIPPI S		70,000.00		13,500.00		83,500.00		900,000.00		337.50
	01012011	30121201	NEWARK BETH I		50,000.00		3,806.25		53,806.25		260,000.00		97.50

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

Date Due	Loan Number	Borrower Name	Principal Due		Interest Due		Total Due		Principal Balance		Service Fees
												641.84
	TOTALS FOR QTR			295,015.81		71,544.64		366,560.45		4,875,347.61		2,460.80

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

Loan Number	Payoff Date		Total Amount Paid		Principal Amount		Interest Amount		Other Fees		Maturity Date
30132601		1/5/2011		47,000.00		47,000.00		—				11012010
30138102		2/23/2011		20,000.00		20,000.00		—				11012010
30117204		3/9/2011		3,800.00		3,800.00		—				7012005
30117205		3/24/2011		1,500.00		1,500.00		—				7012006
TOTALS				72,300.00		72,300.00		—		—

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

Loan Number	Payoff Date		Total Amount Paid		Principal Amount		Interest Amount
30134002		3-29-11		75,000.00		75,000.00		—
	TOTAL:			75,000.00		75,000.00		—

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

Loan Number		Borrower Name	Interest Rate		Current UPB		Maturity Date
	30100103	ALABAMA AGRICULTURAL		3		895,000.00		5012018
	30101601	AUBURN UNIVERSITY		3		1,135,000.00		12012018
	30101701	AZUSA PACIFIC UNIVERSITY		3.75		80,000.00		4012015
	30102604	BENEDICT COLLEGE		3		992,000.00		11012020
	30102802	BETHANY COLLEGE — DORM BOND 1965		3.375		41,000.00		11012012
	30102803	BETHANY COLLEGE — HALL BOND 1967		3		125,000.00		11012017
	30102804	BETHANY COLLEGE — NOTE OF 1973		3		95,000.00		11012012
	30103302	BRANDEIS UNIVERSITY		3		27,550.44		11012011
	30104102	CALIFORNIA STATE UNIVERSITY,		3		300,000.00		11012013
	30104201	TRUST SERVICES DIVISION		3		1,348,000.00		11012019
	30104605	CARNEGIE MELLON		3		450,000.00		11012017
	30104702	CARROLL COLLEGE 50560040		3.75		112,000.00		6012014
	30104703	CARROLL COLLEGE 50560040		3		76,629.65		6012018
	30104801	CARROLL COLLEGE — DORM BOND 1965		3.75		162,000.00		3012015
	30105701	CHAMPLAIN COLLEGE, INC.		3		38,461.54		12012013
	30106904	COLLEGE OF SANTA FE		3		279,000.00		10012018
	30107002	COLLEGE OF THE HOLY CROSS		3.625		215,000.00		10012013
	30108101	CUMBERLAND COLLEGE		3		148,000.00		8012017
	30108202	DAEMEN COLLEGE(ROSARY HILL COLLEGE)		3		255,000.00		4012016
	30109502	DREXEL UNIVERSITY		3.5		370,000.00		5012014
	30109604	DRURY COLLEGE		3		90,000.00		4012015
	30109801	DYOURVILLE COLLEGE		3		524,535.00		4012018
	30110101	ELIZABETH CITY STATE UNIVERSITY		3		170,000.00		10012017
	30110401	EMMANUEL COLLEGE		3		55,000.00		11012013
	30110802	FAIRLEIGH DICKINSON UNIV		3		750,000.00		11012017
	30111802	GANNON UNIV. — DORM BOND 1969, SER A		3		134,999.98		11012011
	30112002	GEORGE FOX COLLEGE		3		364,510.13		7012018
	30112301	GEORGETOWN UNIVERSITY		3		1,553,000.00		11012020
	30112302	GEORGETOWN UNIVERSITY		4		4,115,000.00		11012020
	30112901	HAMPSHIRE COLLEGE		3		80,903.13		7012013
	30112902	HAMPSHIRE COLLEGE		3		336,552.06		2012014
	30113601	HINDS JUNIOR COLLEGE		3		379,000.00		4012013
	30113702	HIWASSEE COLLEGE		3		92,116.65		9152018
	30114001	HOOD COLLEGE		3.625		84,000.00		11012014
	30114802	INTER-AMERICAN UNIV. OF PUERTO RICO		3		935,718.57		1012017
	30116201	LASSEN JUNIOR COLLEGE		3		229,000.00		4012020
	30117002	LONG ISLAND UNIVERSITY		3.625		200,876.35		6012014
	30117402	LYCOMING COLLEGE		3.625		77,000.00		5012014
	30117403	LYCOMING COLLEGE		3.75		124,999.99		5012015
	30117501	LYNCHBURG COLLEGE		3.75		173,000.00		5012015
	30117502	LYNCHBURG COLLEGE		3		310,000.00		5012018
	30117602	MACALESTER COLLEGE		3		235,902.68		5012020
	30117801	MARIAN COLLEGE OF FOND DU LAC		3		255,000.00		10012016
	30118302	MARY BALDWIN COLLEGE		3.375		63,000.00		5012012
	30118401	MARYMOUNT UNIVERSITY		3		335,000.00		5012016
	30119001	SLOAN-MEMORIAL KETTERING CANCER CENTER		3.375		154,000.00		4012012
	30119202	MERCER UNIV. ACCOUNTING OFFICE		3		151,884.45		5012014
	30119801	MILLSAPS COLLEGE		3		360,000.00		11012021
	30119903	MISSISSIPPI STATE UNIVERSITY		3		830,000.00		12012020
	30120402	MORAVIAN COLLEGE		3.375		40,000.00		11012012

Page 7 of 10

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

Loan Number		Borrower Name	Interest Rate		Current UPB		Maturity Date
	30120601	MORGAN STATE UNIVERSTIY		3		694,275.66		11012014
	30121101	NEW ENGLAND COLLEGE		3		65,000.00		4012016
	30121201	NEWARK BETH ISREAL MEDICAL CENTER		3.625		160,000.00		1012014
	30121501	NORFOLK STATE UNIVERSITY		3		1,623,303.79		12012021
	30122302	NORTHEASTERN UNIVERSITY		3		1,514,864.57		5012018
	30122802	OCCIDENTAL COLLEGE		3		158,000.00		10012019
	30123401	PAINE COLLEGE		3		434,999.99		10012016
	30123701	UNIVERSITY OF THE ARTS		3		1,376,231.26		1012022
	30125504	RIDER COLLEGE		3.625		595,000.00		11012013
	30125506	RIDER COLLEGE		3		197,000.00		5012017
	30127402	ST MARY’S SCHOOL		3		218,000.00		6012020
	30127602	SAINT MICHAELS COLLEGE		3		494,343.62		5012013
	30127801	SAINT PAULS COLLEGE		3		151,680.69		11012014
	30128001	SAINT VINCENT COLLEGE		3.5		165,000.00		5012013
	30128802	SETON HILL COLLEGE		3.625		106,000.00		11012014
	30129101	SIMPSON COLLEGE — BOND 1966		3		130,000.00		7012016
	30130301	SOUTHWEST TEXAS STATE UNIVERSITY		3		845,000.00		10012015
	30130703	SPRINGFIELD COLLEGE		3.5		93,000.00		5012013
	30130903	STEPHEN F AUSTIN STATE UNIVERSITY		3.375		342,000.00		10012012
	30132003	TAYLOR UNIVERSITY		3		261,000.00		10012013
	30132402	TEXAS SOUTHERN UNIVERSITY		3.5		130,000.00		4012013
	30132904	TUFTS UNIVERSITY		3		1,437,000.00		10012021
	30133201	UNIV STUDENT COOP HOUSING		3		820,000.00		4012019
	30134002	ARKANSAS STATE TEACHERS COLLEGE		3		3,000.00		4012005
	30134402	UNIVERSITY OF FLORIDA / REV. CERTS.,84		3		690,000.00		7012014
	30136002	UNIVERSITY OF PUERTO RICO		3		169,000.00		6012011
	30136801	UNIVERSITY OF ST THOMAS		3		340,000.00		10012019
	30137702	VERMONT STATE COLLEGE		3		79,000.00		7012014
	30137802	VILLANOVA UNIVERSITY		3		610,000.00		4012019
	30137901	VINCENNES UNIVERSITY		3		2,370,000.00		6012023
	30138001	VIRGINIA COMMONWEALTH		3		251,999.99		6012011
	30138702	WESLEY COLLEGE		3.375		43,000.00		5012013
	30140502	WITTENBERG UNIVERSITY		3		285,000.00		5012015
	30140503	WITTENBERG UNIVERSITY		3		106,000.00		11012017
		TOTALS:				37,308,340.19

Page 8 of 10

Berkadia Commercial Mortgage
College and University Loan Trust II
Delinquency Report (60+ Days)
As of March 31, 2011

Loan Number		Borrower Name	Next Payment Due		P and I Due
	30134002	ARKANSAS STATE TEACHERS COLLEGE		10/01/04		92,505.00
	30118401	MARYMOUNT UNIVERSITY		11/01/08		102,725.00
	30117002	LONG ISLAND UNIVERSITY		06/01/10		29,048.23
	30108202	DAEMEN COLLEGE(ROSARY HILL COLLEGE)		10/01/10		3,825.00
	30109801	DYOUVILLE COLLEGE		10/01/10		7,868.03
	30117801	MARIAN COLLEGE OF FOND DU LAC		10/01/10		38,825.00
	30122802	OCCIDENTAL COLLEGE		10/01/10		16,370.00
	30123401	PAINE COLLEGE		10/01/10		63,525.00
	30132003	TAYLOR UNIVERSITY		10/01/10		68,915.00
	30132402	TEXAS SOUTHERN UNIVERSITY		10/01/10		2,275.00
	30132904	TUFTS UNIVERSITY		10/01/10		122,555.00
	30109502	DREXEL UNIVERSITY		11/01/10		6,475.00
	30110401	EMMANUEL COLLEGE		11/01/10		13,825.00
	30111802	GANNON UNIV. — DORM BOND 1969, SER A		11/01/10		67,025.00
	30119202	MERCER UNIV.ACCOUNTING OFFICE		11/01/10		20,289.35
	30119801	MILLSAPS COLLEGE		11/01/10		29,400.00
	30120601	MORGAN STATE UNIVERSTIY		11/01/10		50.00
	30122302	NORTHEASTERN UNIVERSITY		11/01/10		107,199.56
	30125504	RIDER COLLEGE		11/01/10		140,274.98
	30127602	SAINT MICHAELS COLLEGE		11/01/10		86,860.00
	30101601	AUBURN UNIVERSITY		12/01/10		127,025.00
	30129101	SIMPSON COLLEGE		01/01/11		1,950.00
TOTAL:						1,148,810.15

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

None to report for this period

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

												Principal		Principal		Interest								Net System			Total Bank				ACH Debits and
Date Received	Date Due		Loan Number		Borrower Name	Principal Due		Interest Due		Total Due		Balance		Paid		Paid		Suspense			Total Paid			Credits			Credits		Wires		Other Wires
20110103		1012011		30112002	GEORGE FOX COLLEGE		10,798.98		2,814.82		13,613.80		375,309.11		10,798.98		2,814.82		—			13,613.80
20110103		1012011		30112901	HAMPSHIRE COLLEGE		15,470.48		1,445.60		16,916.08		96,373.61		15,470.48		1,445.60		—			16,916.08
20110103		11012010		30128802	SETON HILL COLLEGE										24,000.00		2,356.25		—			26,356.25
20110103		1012011		30134402	UNIVERSITY OF FLORIDA / REV. CERTS.,84		—		10,350.00		10,350.00		690,000.00		0		10,350.00		—			10,350.00
20110103		1012011		30137702	VERMONT STATE COLLEGE		—		1,185.00		1,185.00		79,000.00		0		1,185.00		—			1,185.00
System Credits 1/3																									68,421.13
System Debits 1/3																									—
Bank Credit 1/3
Bank Debit 1/3 (funds movement adj)
Trustee Wire 1/3
20110104		0		30103302	BRANDEIS UNIVERSITY										—		—		14,060.85			14,060.85
20110104		0		30132601	TRANSYLVANIA UNIVERSITY										—		—		47,680.00			47,680.00
System Credits 1/4																									61,740.85
System Debits 1/4
Bank Credit 1/4																												136,842.26
Bank Debit 1/4 (service fees)
Bank Debit 1/4 (funds movement adj)																																(68,421.13	)
Trustee Wire 1/4																														68,421.13
20110105		0		30103302	BRANDEIS UNIVERSITY										—		—		(14,060.85	)		(14,060.85	)
20110105		11012010		30103302	BRANDEIS UNIVERSITY										13,470.53		—		—			13,470.53
20110105		11012010		30103302	BRANDEIS UNIVERSITY										—		590.32		—			590.32
20110105		1012011		30123701	UNIVERSITY OF THE ARTS		52,477.57		21,430.63		73,908.20		1,428,708.83		52,477.57		21,430.63		—			73,908.20
20110105		0		30132601	TRANSYLVANIA UNIVERSITY										—		—		(47,680.00	)		(47,680.00	)
20110105		11012010		30132601	TRANSYLVANIA UNIVERSITY										47,000.00		—		—			47,000.00
20110105		11012010		30132601	TRANSYLVANIA UNIVERSITY										—		680.00		—			680.00
System Credits 1/5																									135,649.05
System Debits 1/5																									(61,740.85	)
Bank Credit 1/5																												61,740.85
Bank Debit 1/5 (pmt reversal)
Bank Debit 1/5 (funds movement adj)
Trustee Wire 1/5																														61,740.85
20110106		1012011		30114802	INTER-AMERICAN UNIV. OF PUERTO RICO		77,597.46		15,199.74		92,797.20		1,013,316.03		77,597.46		15,199.74		—			92,797.20
System Credits 1/6																									92,797.20
System Debits 1/6
Bank Credit 1/6																												271,298.10
Bank Debit 1/6 (funds movement adj)																																(197,389.90	)
Trustee Wire 1/6																														73,908.20
20110120		7012005		30117204	LA. STATE UNIV. 1965 BOND SER B										34,200.00		—		—			34,200.00
20110120		7012006		30117205	LA. STATE UNIV. 1966 BOND SER C										13,500.00		—		—			13,500.00
System Credits 1/7																									47,700.00
System Debits 1/7																									—
Bank Credit 1/7																												185,594.40
Bank Debit 1/10 (service fees)																																(4,169.98	)
Bank Debit 1/7 (funds movement adj)																																(92,797.20	)
Trustee Wire 1/7																														88,627.22
20110121		11012010		30118302	MARY BALDWIN COLLEGE												1,038.13					1,038.13
System Credits 1/21																									1,038.13
System Debits 1/21																									—
Bank Credit 1/21																												95,400.00
Bank Debit 1/21 (funds movement adj)																																(47,700.00	)
Trustee Wire 1/21																														47,700.00
20110131		2012011		30112902	HAMPSHIRE COLLEGE										53,226.74		5,846.68					59,073.42
System Credits 1/21																									59,073.42
System Debits 1/21																									—
Bank Credit 1/21
Bank Debit 1/21 (funds movement adj)
Trustee Wire 1/21
System Credits 2/1																									—
System Debits 2/1																									—
Bank Credit 2/1																												118,146.84
Bank Debit 2/1 (funds movement adj)																																(59,073.42	)
Trustee Wire 2/1																														59,073.42
					TOTALS:		156,344.49		52,425.79		208,770.28		3,682,707.58		341,741.76		62,937.17		—			404,678.93			404,678.93			869,022.45		399,470.82		(469,551.63	)
Loans Due in Current Period and Paid in Prior Period:
					TOTALS:		—		—		—		—
Loans Due in Current Period Not Yet Paid:
		01012011		30117204	LOUISIANA STA		—		570.00		570.00		—
		01012011		30117205	LOUISIANA STA		—		225.00		225.00		—
		01012011		30121201	NEWARK BETH I		50,000.00		3,806.25		53,806.25		260,000.00
		01012011		30129101	SIMPSON COLLE		—		1,950.00		1,950.00		130,000.00
					TOTALS:		50,000.00		6,551.25		56,551.25		390,000.00
					GRAND TOTAL:		206,344.49		58,977.04		265,321.53		4,072,707.58

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

Total System Credits @ 1/31		404,678.93
Total Bank Credits @ 1/31		869,022.45
12/31/2011	in transit
1/21/2011	Direct to Lender payment	1,038.13
1/4/2011	funds movement adjustment	(68,421.13	)
1/6/2011	funds movement adjustment	(197,389.90	)
1/7/2011	funds movement adjustment	(92,797.20	)
1/21/2011	funds movement adjustment	(47,700.00	)
2/1/2011	funds movement adjustment	(59,073.42	)
	payment reversal
	payment reversal
	payment reversal
	funds movement adjustment
		404,678.93
Adjusted Bank Credits:		—

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

Total Bank Credits @ 1/31		869,022.45
Total Debits to Trustee @ 1/31		399,470.82
12/2/2010	Service Fee	4,169.98
1/4/2011	funds movement adjustment	68,421.13
1/6/2011	funds movement adjustment	197,389.90
1/7/2011	funds movement adjustment	92,797.20
1/21/2011	funds movement adjustment	47,700.00
2/1/2011	funds movement adjustment	59,073.42
	funds movement adjustment
	payment reversal
	funds movement adjustment
	funds movement adjustment
	funds movement adjustment
	payment reversal
	funds movement adjustment
Adjusted Debits to Trustee		869,022.45
		—

Berkadia Commercial Mortgage
College and University Loan Trust II

Remittance Report for December 2010 DTL                            

																															ACH Debits
Date						Principal		Interest		Total		Principal		Principal		Interest					Total			Net System			Total Bank				and
Received	Date Due		Loan Number		Borrower Name	Due		Due		Due		Balance		Paid		Paid		Suspense			Paid			Credits			Credits		Wires		Other Wires
20101201		12012010		30121501	NORFOLK STATE UNIVERSITY		61,898.75		25,278.03		87,176.78		1,685,202.61		61,898.75		25,277.96		—			87,176.71
20101201		0		30121501	NORFOLK STATE UNIVERSITY										—		—		0.07			0.07
20101201		12012010		30137901	VINCENNES UNIVERSITY		—		35,550.00		35,550.00		2,370,000.00		—		35,550.00		—			35,550.00
20101201		12012010		30138001	VIRGINIA COMMONWEALTH		—		3,780.00		3,780.00		251,999.99		—		3,780.00		—			3,780.00
System Credits 12/1																									126,506.78
System Debits 12/1																									—
Bank Credit 12/1																												61,344.36
Bank Debit 12/1 (funds movement adj)																																30,672.18
Trustee Wire 12/1																														30,672.18
20101202		0		30121501	NORFOLK STATE UNIVERSITY										—		—		(0.07	)		(0.07	)
20101202		6012011		30121501	NORFOLK STATE UNIVERSITY										0.07		—		—			0.07
System Credits 12/2																									0.07
System Debits 12/2																									(0.07	)
Bank Credit 12/2																												253,013.49
Bank Debit 12/2 (service fees)																																3,875.08
Bank Debit 12/2 (funds movement adj)																																126,506.71
Trustee Wire 12/2																														122,631.70
20101203		12012010		30104702	CARROLL COLLEGE 50560040		—		2,100.00		2,100.00		112,000.00		—		2,075.00		—			2,075.00
20101203		0		30104703	CARROLL COLLEGE 50560040										—		—		5,717.99			5,717.99
System Credits 12/3																									7,792.99
System Debits 12/3																									—
Bank Credit 12/3																												0.14
Bank Debit 12/3 (pmt reversal)																																0.07
Bank Debit 12/3 (funds movement adj)																																0.07
Trustee Wire 12/3
20101206		0		30104703	CARROLL COLLEGE 50560040										—		—		(5,717.99	)		(5,717.99	)
20101206		12012010		30104703	CARROLL COLLEGE 50560040		4,525.66		1,217.33		5,742.99		81,180.31		4,500.66		—		—			4,500.66
20101206		12012010		30104703	CARROLL COLLEGE 50560040										—		1,217.33		—			1,217.33
System Credits 12/6																									5,717.99
System Debits 12/6																									(5,717.99	)
Bank Credit 12/6																												9,867.99
Bank Debit 12/6 (funds movement adj)																																2,075.00
Trustee Wire 12/6																														7,792.99
20101207		10012010		30119001	SLOAN-MEMORIAL KETTERING CANCER CENTER										—		2,548.75		—			2,548.75
System Credits 12/7																									2,548.75
System Debits 12/7																									—
Bank Credit 12/7																												11,435.98
Bank Debit 12/7 (pmt reversal)																																5,717.99
Bank Debit 12/7 (funds movement adj)																																5,717.99
Trustee Wire 12/7
20101209		11012010		30112301	GEORGETOWN UNIVERSITY										131,950.00		25,275.00		—			157,225.00
20101209		11012010		30112302	GEORGETOWN UNIVERSITY										334,950.00		89,000.00		—			423,950.00
20101209		11012010		30138702	WESLEY COLLEGE										—		700.63		—			700.63
System Credits 12/9																									581,875.63
System Debits 12/9																									—
Bank Credit 12/8																												5,097.50
Bank Debit 12/8 (funds movement adj)																																2,548.75
Trustee Wire 12/8																														2,548.75
20101215		10012010		30107002	COLLEGE OF THE HOLY CROSS										84,975.00		5,437.50		—			90,412.50
System Credits 12/15																									90,412.50
System Debits 12/15																									—
Bank Credit 12/10
Bank Debit 12/10 (funds movement adj)
Trustee Wire 12/10
20101220		0		30138102	VIRGINA ST WESELEYAN COLLEGE										—		—		(275.00	)		(275.00	)
20101220		11012010		30138102	VIRGINA ST WESELEYAN COLLEGE										—		275.00		—			275.00
System Credits 12/20																									275.00
System Debits 12/20																									(275.00	)
Bank Credit 12/16																												180,825.00
Bank Debit 12/16 (funds movement adj)																																90,412.50
Trustee Wire 12/16																														90,412.50
20101229		12012010		30136002	UNIVERSITY OF PUERTO RICO		—		2,535.00		2,535.00		169,000.00		—		2,510.00		—			2,510.00
System Credits 12/29																									2,510.00
System Debits 12/29																									—
Bank Credit 12/21																												550.00
Bank Debit 12/21 (pmt reversal)																																275.00
Bank Debit 12/21 (funds movement adj)																																275.00
Trustee Wire 12/21
System Credits 12/30																									—
System Debits 12/30																									—
Bank Credit 12/30																												5,020.00
Bank Debit 12/30 (funds movement adj)																																2,510.00
Trustee Wire 12/30																														2,510.00
					TOTALS:		66,424.41		70,460.36		136,884.77		4,669,382.91		618,274.48		193,647.17		(275.00	)		811,646.65			811,646.65			527,154.46		256,568.12		270,586.34
Loans Due in Current Period and Paid in Prior Period:
		12012010		30105701	CHAMPLAIN COL		6,082.77		668.16		6,750.93		44,544.31
		12012010		30127402	ST MARY’S COL		10,000.00		3,420.00		13,420.00		228,000.00
					TOTALS:		16,082.77		4,088.16		20,170.93		272,544.31
Loans Due in Current Period Not Yet Paid:
		12012010		30101601	AUBURN UNIVER		110,000.00		17,025.00		127,025.00		1,135,000.00
		12012010		30117002	LONG ISLAND U		—		3,171.88		3,171.88		175,000.00
		12012010		30119903	MISSISSIPPI S		70,000.00		13,500.00		83,500.00		900,000.00
		12012010		30134305	UNIVERSITY OF		20,000.00		5,235.00		25,235.00		349,000.00
					TOTALS:		200,000.00		38,931.88		238,931.88		2,559,000.00
					GRAND TOTAL:		282,507.18		113,480.40		395,987.58		7,500,927.22

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

Total System Credits @ 12/31			811,646.65
Total Bank Credits @ 12/31			527,154.46
	11/30/2010	in transit	(30,672.18	)
	12/9/2010	Direct to Lender payment	581,875.63
	12/1/2010	funds movement adjustment	(30,672.18	)
	12/2/2010	funds movement adjustment	(126,506.71	)
	12/3/2010	funds movement adjustment	(0.07	)
	12/3/2010	payment reversal	(0.07	)
	12/6/2010	funds movement adjustment	(2,075.00	)
	12/7/2010	funds movement adjustment	(5,717.99	)
	12/7/2010	payment reversal	(5,717.99	)
	12/8/2010	funds movement adjustment	(2,548.75	)
	12/16/2010	funds movement adjustment	(90,412.50	)
	12/21/2010	funds movement adjustment	(275.00	)
	12/21/2010	payment reversal	(275.00	)
	12/30/2010	funds movement adjustment	(2,510.00	)
			811,646.65
Adjusted Bank Credits:			—

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

Total Bank Credits @ 12/31			527,154.46
Total Debits to Trustee @ 12/31			256,568.12
	12/2/2010	Service Fee	3,875.08
	12/1/2010	funds movement adjustment	30,672.18
	12/2/2010	funds movement adjustment	126,506.71
	12/3/2010	funds movement adjustment	0.07
	12/3/2010	payment reversal	0.07
	12/6/2010	funds movement adjustment	2,075.00
	12/7/2010	funds movement adjustment	5,717.99
	12/7/2010	payment reversal	5,717.99
	12/8/2010	funds movement adjustment	2,548.75
	12/16/2010	funds movement adjustment	90,412.50
	12/21/2010	funds movement adjustment	275.00
	12/21/2010	payment reversal	275.00
	12/30/2010	funds movement adjustment	2,510.00
Adjusted Debits to Trustee			527,154.46
			—

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

Date Received	Date Due		Loan Number		Borrower Name	Principal Due		Interest Due		Total Due		Principal Balance		Principal Paid		Interest Paid		Suspense			Total Paid			Net System Credits			Total Bank Credits		Wires		ACH Debits and Other Wires
20110208		2012011		30108101	CUMBERLAND COLLEGE		—		2,220.00		2,220.00		148,000.00		—		2,195.00		—			2,195.00
System Credits 2/8																									2,195.00
System Debits 2/8																									—
Bank Credit 2/8
Bank Debit 2/8 (funds movement adj)
Trustee Wire 2/8
20110222		0		30138102	VIRGINA ST WESELEYAN COLLEGE										—		—		20,000.00			20,000.00
System Credits 2/22																									20,000.00
System Debits 2/22
Bank Credit 2/9																												4,390.00
Bank Debit 2/10 (service fees)																																1,486.41		1,746.77	total ACH debit for 2/10
Bank Debit 2/9 (funds movement adj)																																2,195.00		(1,486.41)	service fees
Trustee Wire 2/9																														708.59			260.36		account analysis fee reversed by WF bank
20110223		5012010		30138102	VIRGINA ST WESELEYAN COLLEGE										20,000.00		—		—			20,000.00
20110223		0		30138102	VIRGINA ST WESELEYAN COLLEGE										—		—		(20,000.00	)		(20,000.00	)
20110223		0		30138102	VIRGINA ST WESELEYAN COLLEGE										—		—		—			—
System Credits 2/23																									20,000.00
System Debits 2/23																									(20,000.00	)
Bank Credit 2/23																												20,000.00
Bank Debit 2/23 (trust expense)																																3,800.00
Bank Debit 2/23 (funds movement adj)
Trustee Wire 2/24																														16,200.00
System Credits 2/24																									—
System Debits 2/24
Bank Credit 2/24																												40,000.00
Bank Debit 2/24 (pmt reversal)																																20,000.00
Bank Debit 2/24 (funds movement adj)																																20,000.00
Trustee Wire 2/25
					TOTALS:		—		2,220.00		2,220.00		148,000.00		20,000.00		2,195.00		—			22,195.00			22,195.00			64,390.00		16,908.59		47,481.41
Loans Due in Current Period and Paid in Prior Period:
		02012011		30112902	HAMPSHIRE COL		53,226.74		5,846.68		59,073.42		389,778.80
					TOTALS:		53,226.74		5,846.68		59,073.42		389,778.80
Loans Due in Current Period Not Yet Paid:
					TOTALS:		—		—		—		—
					GRAND TOTAL:		53,226.74		8,066.68		61,293.42		537,778.80

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

Total System Credits @ 2/28			22,195.00
Total Bank Credits @ 2/28			64,390.00
		in transit
		Direct to Lender payment
	2/9/2011	funds movement adjustment	(2,195.00	)
	2/24/2011	funds movement adjustment	(20,000.00	)
		funds movement adjustment
		funds movement adjustment
		funds movement adjustment
	2/24/2011	payment reversal	(20,000.00	)
		payment reversal
		payment reversal
			22,195.00
Adjusted Bank Credits:			—

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

Total Bank Credits @ 2/28			64,390.00
Total Debits to Trustee @ 2/28			16,908.59
	2/10/2011	Service Fee	1,486.41
	2/23/2011	trust expense	3,800.00
	2/9/2011	funds movement adjustment	2,195.00
	2/24/2011	funds movement adjustment	20,000.00
	2/24/2011	payment reversal	20,000.00
Adjusted Debits to Trustee			64,390.00
			—

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

Date Received	Date Due		Loan Number		Borrower Name	Principal Due		Interest Due		Total Due		Principal Balance		Principal Paid		Interest Paid		Suspense			Total Paid			Net System Credits			Total Bank Credits		Wires		ACH Debits and Other Wires
20110301		12012010		30119903	MISSISSIPPI STATE UNIVERSITY									70,000.00		13,500.00		—				83,500.00
System Credits 3/1																									83,500.00
System Debits 3/1																									—
Bank Credit 3/1
Bank Debit 3/1 (funds movement adj)
Trustee Wire 3/1
20110302		0		30117204	LA. STATE UNIV. 1965 BOND SER B										—		—		3,800.00			3,800.00
System Credits 3/2																									3,800.00
System Debits 3/2																									—
Bank Credit 3/2
Bank Debit 3/2 (funds movement adj)
Trustee Wire 3/2
20110309		7012005		30117204	LA. STATE UNIV. 1965 BOND SER B										3,800.00		—		—			3,800.00
20110309		0		30117204	LA. STATE UNIV. 1965 BOND SER B										—		—		(3,800.00	)		(3,800.00	)
20110309		0		30117204	LA. STATE UNIV. 1965 BOND SER B										—		—		—			—
System Credits 3/9																									3,800.00
System Debits 3/9																									(3,800.00	)
Bank Credit 3/3																												3,800.00
Bank Debit 3/3 (Inspection Fees)																																840.00
Bank Debit 3/3
Trustee Wire 3/3																														2,960.00
20110315		3152011		30113702	HIWASSEE COLLEGE		5,444.58		1,463.42		6,908.00		97,561.23		5,444.58		1,463.42		—			6,908.00
20110315		0		30121201	NEWARK BETH ISREAL MEDICAL CENTER										—		—		53,756.25			53,756.25
System Credits 3/15																									60,664.25
System Debits 3/15																									—
Bank Credit 3/10																												7,600.00
Bank Debit 3/10 (pmt reversal)																																3,800.00
Bank Debit 3/10 (funds movement adj)																																3,800.00
Trustee Wire 3/10
20110317		0		30121201	NEWARK BETH ISREAL MEDICAL CENTER										—		—		(53,756.25	)		(53,756.25	)
20110317		1012011		30121201	NEWARK BETH ISREAL MEDICAL CENTER										49,950.06		3,806.19		—			53,756.25
System Credits 3/17																									53,756.25
System Debits 3/17																									(53,756.25	)
Bank Credit 3/16																												67,572.25
Bank Debit 3/16 (inspection & service fees)																																1,832.55
Bank Debit 3/16 (funds movement adj)																																6,908.00
Trustee Wire 3/16																														58,831.70
20110323		0		30117205	LA. STATE UNIV. 1966 BOND SER C										—		—		1,500.00			1,500.00
System Credits 3/23																									1,500.00
System Debits 3/23																									—
Bank Credit 3/18																												107,512.50
Bank Debit 3/18 (pmt reversal)																																53,756.25
Bank Debit 3/18 (funds movement adj)																																53,756.25
Trustee Wire 3/18
20110324		7012006		30117205	LA. STATE UNIV. 1966 BOND SER C										1,500.00		—		—			1,500.00
20110324		0		30117205	LA. STATE UNIV. 1966 BOND SER C										—		—		(1,500.00	)		(1,500.00	)
20110324		0		30117205	LA. STATE UNIV. 1966 BOND SER C										—		—		—			—
System Credits 3/24																									1,500.00
System Debits 3/24																									(1,500.00	)
Bank Credit 3/24																												1,500.00
Bank Debit 3/24
Trustee Wire 3/24																														1,500.00
20110328		0		30134002	ARKANSAS STATE TEACHERS COLLEGE										—		—		75,000.00			75,000.00
System Credits 3/28																									75,000.00
System Debits 3/28																									—
Bank Credit 3/25																												3,000.00
Bank Debit 3/25 (pmt reversal)																																1,500.00
Bank Debit 3/25 (funds movement adj)																																1,500.00
Trustee Wire 3/25
20110329		11012010		30102604	BENEDICT COLLEGE										50.00		—		—			50.00
20110329		11012010		30103302	BRANDEIS UNIVERSITY										—		24.99		—			24.99
20110329		12012010		30104702	CARROLL COLLEGE 50560040										—		25.00		—			25.00
20110329		12012010		30104703	CARROLL COLLEGE 50560040										25.00		—		—			25.00
20110329		10012010		30107002	COLLEGE OF THE HOLY CROSS										25.00		—		—			25.00
20110329		2012011		30108101	CUMBERLAND COLLEGE										—		25.00		—			25.00
20110329		10012010		30110101	ELIZABETH CITY STATE UNIVERSITY										50.00		—		—			50.00
20110329		11012010		30110802	FAIRLEIGH DICKINSON UNIV										50.00		—		—			50.00
20110329		11012010		30112301	GEORGETOWN UNIVERSITY										50.00		—		—			50.00
20110329		11012010		30112302	GEORGETOWN UNIVERSITY										50.00		—		—			50.00
20110329		4012011		30116201	LASSEN JUNIOR COLLEGE										25,000.00		3,810.00		—			28,810.00
20110329		11012010		30117402	LYCOMING COLLEGE										—		24.97		—			24.97
20110329		11012010		30117403	LYCOMING COLLEGE										—		25.00		—			25.00
20110329		11012010		30117501	LYNCHBURG COLLEGE										—		25.00		—			25.00
20110329		11012010		30117502	LYNCHBURG COLLEGE										—		25.00		—			25.00
20110329		11012010		30118302	MARY BALDWIN COLLEGE										—		25.00		—			25.00
20110329		10012010		30119001	SLOAN-MEMORIAL KETTERING CANCER CENTER										—		50.00		—			50.00
20110329		11012010		30120601	MORGAN STATE UNIVERSTIY										—		50.00		—			50.00
20110329		10012010		30121101	NEW ENGLAND COLLEGE										—		25.00		—			25.00
20110329		1012011		30121201	NEWARK BETH ISREAL MEDICAL CENTER										49.94		—		—			49.94
20110329		11012010		30128001	SAINT VINCENT COLLEGE										—		25.00		—			25.00
20110329		11012010		30130703	SPRINGFIELD COLLEGE										—		25.00		—			25.00
20110329		4012004		30134002	ARKANSAS STATE TEACHERS COLLEGE										75,000.00		—		—			75,000.00
20110329		0		30134002	ARKANSAS STATE TEACHERS COLLEGE										—		—		(75,000.00	)		(75,000.00	)
20110329		0		30134002	ARKANSAS STATE TEACHERS COLLEGE										—		—		—			—
20110329		12012010		30136002	UNIVERSITY OF PUERTO RICO										—		25.00		—			25.00
20110329		11012010		30138702	WESLEY COLLEGE										—		25.00		—			25.00
20110329		11012010		30140502	WITTENBERG UNIVERSITY										—		25.00		—			25.00
20110329		11012010		30140503	WITTENBERG UNIVERSITY										50.00		—		—			50.00
System Credits 3/29																									104,659.90
System Debits 3/29																									(75,000.00	)
Bank Credit 3/29																												75,000.00
Bank Debit 3/29 (funds movement adj)
Trustee Wire 3/29																														75,000.00
20110330		4012011		30130301	SOUTHWEST TEXAS STATE UNIVERSITY										—		12,675.00		—			12,675.00
System Credits 03/30																									12,675.00
System Debits 03/30																									—
Bank Credit 3/30																												209,319.80
Bank Debit 3/30 (pmt reversal)																																75,000.00
Bank Debit 3/30 (funds movement adj)																																104,659.90
Trustee Wire 3/30																														29,659.90
System Credits 3/31																									—
System Debits 3/31																									—
Bank Credit 3/31																												25,350.00
Bank Debit 3/31 (funds movement adj)																																12,675.00
Trustee Wire 3/31																														12,675.00
					TOTALS:		5,444.58		1,463.42		6,908.00		97,561.23		231,094.58		35,704.57		—			266,799.15			266,799.15			500,654.55		180,626.60		320,027.95
Loans Due in Current Period and Paid in Prior Period:
					TOTALS:		—		—		—		—
Loans Due in Current Period Not Yet Paid:
		03012011		30104801	CARROLL COLLE		30,000.00		3,037.50		33,037.50		162,000.00
					TOTALS:		30,000.00		3,037.50		33,037.50		162,000.00
					GRAND TOTAL:		35,444.58		4,500.92		39,945.50		259,561.23

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

Total System Credits @ 3/31			266,799.15
Total Bank Credits @ 3/31			500,654.55
		in transit
	3/1/2011	Direct to Lender payment	83,500.00
	3/16/2011	funds movement adjustment	(3,800.00	)
	3/16/2011	payment reversal	(3,800.00	)
	3/16/2011	funds movement adjustment	(6,908.00	)
	3/18/2011	funds movement adjustment	(53,756.25	)
	3/18/2011	payment reversal	(53,756.25	)
	3/25/2011	payment reversal	(1,500.00	)
	3/25/2011	payment reversal	(1,500.00	)
	3/30/2011	funds movement adjustment	(75,000.00	)
	3/30/2011	payment reversal	(104,659.90	)
	3/31/2011	funds movement adjustment	(12,675.00	)
			266,799.15
Adjusted Bank Credits:			—

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

Total Bank Credits @ 3/31			500,654.55
Total Debits to Trustee @ 3/31			180,626.60
	3/16/2011	Service Fee	332.55
	3/3/2011	inspection fees	840.00
	3/16/2011	inspection fees	1,500.00
	3/16/2011	funds movement adjustment	3,800.00
	3/16/2011	payment reversal	3,800.00
	3/16/2011	funds movement adjustment	6,908.00
	3/18/2011	funds movement adjustment	53,756.25
	3/18/2011	payment reversal	53,756.25
	3/25/2011	payment reversal	1,500.00
	3/25/2011	payment reversal	1,500.00
	3/30/2011	funds movement adjustment	75,000.00
	3/30/2011	payment reversal	104,659.90
	3/31/2011	funds movement adjustment	12,675.00
Adjusted Debits to Trustee			500,654.55
			—

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

																												ACH Debits and
Date Received	Date Due		Loan Number		Borrower Name	Principal Due		Interest Due		Total Due		Principal Balance		Principal Paid		Interest Paid		Suspense		Total Paid		Net System Credits		Total Bank Credits		Wires		Other Wires
20110401		4012011		30106904	COLLEGE OF SANTA FE		—		4,185.00		4,185.00		279,000.00		—		4,185.00		—		4,185.00
20110401		4012011		30113601	HINDS JUNIOR COLLEGE		170,000.00		5,685.00		175,685.00		379,000.00		170,000.00		5,685.00		—		175,685.00
20110401		4012011		30137802	VILLANOVA UNIVERSITY		60,000.00		9,150.00		69,150.00		610,000.00		60,000.00		9,150.00		—		69,150.00
System Credits 4/1																							249,020.00
System Debits 4/1																							—
Bank Credit 4/1
Bank Debit 4/1 (funds movement adj)
Trustee Wire 4/1
20110404		4012011		30109604	DRURY COLLEGE		9,000.00		1,350.00		10,350.00		90,000.00		9,000.00		1,350.00		—		10,350.00
System Credits 4/4																							10,350.00
System Debits 4/4																							—
Bank Credit 4/4																									498,040.00
Bank Debit 4/4 (funds movement adj)																													249,020.00
Trustee Wire 4/4																											249,020.00
20110405		4012011		30112002	GEORGE FOX COLLEGE		10,879.97		2,733.83		13,613.80		364,510.13		10,879.97		2,733.83		—		13,613.80
20110405		4012011		30130903	STEPHEN F AUSTIN STATE UNIVERSITY		—		5,771.25		5,771.25		342,000.00		—		5,771.25		—		5,771.25
System Credits 4/5																							19,385.05
System Debits 4/5																							—
Bank Credit 4/5																									20,700.00
Bank Debit 4/5 (Inspection Fees)
Bank Debit 4/5 (funds movement adj)																													10,350.00
Trustee Wire 4/5																											10,350.00
20110411		4012011		30107002	COLLEGE OF THE HOLY CROSS		—		3,896.88		3,896.88		215,000.00		—		3,866.88		—		3,866.88
System Credits 4/11																							3,866.88
System Debits 4/11																							—
Bank Credit 4/6																									38,770.10
Bank Debit 4/6
Bank Debit 4/6 (funds movement adj)																													19,385.05
Trustee Wire 4/6																											19,385.05
20110415		5012011		30104605	CARNEGIE MELLON										30,000.00		6,750.00		—		36,750.00
System Credits 4/15																							36,750.00
System Debits 4/15																							—
Bank Credit 4/12																									7,733.76
Bank Debit 4/13 (service fees)																													641.84
Bank Debit 4/12 (funds movement adj)																													3,866.88
Trustee Wire 4/12																											3,225.04
20110418		4012011		30136801	UNIVERSITY OF ST THOMAS		—		5,100.00		5,100.00		340,000.00		—		5,100.00		—		5,100.00
System Credits 4/18																							5,100.00
System Debits 4/18																							—
Bank Credit 4/18																									73,500.00
Bank Debit 4/18
Bank Debit 4/18 (funds movement adj)																													36,750.00
Trustee Wire 4/18																											36,750.00
20110426		4012011		30110101	ELIZABETH CITY STATE UNIVERSITY		—		2,550.00		2,550.00		170,000.00		—		2,520.00		—		2,520.00
System Credits 4/26																							2,520.00
System Debits 4/26																							—
Bank Credit 3/24
Bank Debit 3/24
Trustee Wire 3/24
20110428		5012011		30114001	HOOD COLLEGE										—		1,522.50		—		1,522.50
System Credits 4/28																							1,522.50
System Debits 4/28																							—
Bank Credit 4/27																									5,040.00
Bank Debit 4/27
Bank Debit 4/27 (funds movement adj)																													2,520.00
Trustee Wire 4/27																											2,520.00
System Credits 4/29																							—
System Debits 4/29																							—
Bank Credit 4/29																									3,045.00
Bank Debit 4/29 (funds movement adj)																													1,522.50
Trustee Wire 4/29																											1,522.50
					TOTALS:		249,879.97		40,421.96		290,301.93		2,789,510.13		279,879.97		48,634.46		—		328,514.43		328,514.43		646,828.86		322,772.59		324,056.27
Loans Due in Current Period and Paid in Prior Period:
		04012011		30116201	LASSEN JUNIOR		25,000.00		3,810.00		28,810.00		254,000.00
		04012011		30130301	SOUTHWEST TEX		—		12,675.00		12,675.00		845,000.00
					TOTALS:		25,000.00		16,485.00		41,485.00		1,099,000.00
Loans Due in Current Period Not Yet Paid:
		04012011		30101701	AZUSA PACIFIC		15,000.00		1,500.00		16,500.00		80,000.00
		04012011		30108202	DAEMEN COLLEG		40,000.00		3,825.00		43,825.00		255,000.00
		04012011		30109801	DYOUVILLE COL		60,000.00		7,868.03		67,868.03		524,535.00
		04012011		30117801	MARIAN COLLEG		—		3,300.00		3,300.00		220,000.00
		04012011		30119001	MEMORIAL SLOA		95,000.00		2,598.75		97,598.75		154,000.00
		04012011		30121101	NEW ENGLAND C		10,000.00		975.00		10,975.00		65,000.00
		04012011		30122802	OCCIDENTAL CO		—		2,160.00		2,160.00		144,000.00
		04012011		30123401	PAINE COLLEGE		—		5,670.00		5,670.00		377,999.99
		04012011		30132003	TAYLOR UNIVER		—		2,940.00		2,940.00		196,000.00
		04012011		30132402	TEXAS SOUTHER		40,000.00		2,275.00		42,275.00		130,000.00
		04012011		30132904	TUFTS UNIVERS		—		20,040.00		20,040.00		1,336,000.00
		04012011		30133201	UNIV STU COOP		80,000.00		12,300.00		92,300.00		820,000.00
		04012011		30134002	UNIV CENTR AR		—		1,170.00		1,170.00		—
					TOTALS:		340,000.00		66,621.78		406,621.78		4,302,534.99
					GRAND TOTAL:		614,879.97		123,528.74		738,408.71		8,191,045.12

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

Total System Credits @ 4/30			328,514.43
Total Bank Credits @ 4/30			646,828.86
		in transit
	4/18/2011	Direct to Lender payment	5,100.00
	4/4/2011	funds movement adjustment	(249,020.00	)
	4/5/2011	funds movement adjustment	(10,350.00	)
	4/6/2011	funds movement adjustment	(19,385.05	)
	4/12/2011	funds movement adjustment	(3,866.88	)
	4/18/2011	funds movement adjustment	(36,750.00	)
	4/27/2011	funds movement adjustment	(2,520.00	)
	4/29/2011	funds movement adjustment	(1,522.50	)
			328,514.43
Adjusted Bank Credits:			—

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

Total Bank Credits @ 4/30			646,828.86
Total Debits to Trustee @ 4/30			322,772.59
	4/13/2011	Service Fee	641.84
		inspection fees
	4/4/2011	funds movement adjustment	249,020.00
	4/5/2011	funds movement adjustment	10,350.00
	4/6/2011	funds movement adjustment	19,385.05
	4/12/2011	funds movement adjustment	3,866.88
	4/18/2011	funds movement adjustment	36,750.00
	4/27/2011	funds movement adjustment	2,520.00
	4/29/2011	funds movement adjustment	1,522.50
Adjusted Debits to Trustee			646,828.86
			—

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

Date Received	Date Due	Loan Number	Borrower Name	Principal Due		Interest Due		Total Due		Principal Balance		Principal Paid		Interest Paid			Suspense			Total Paid			Net System Credits			Total Bank Credits		Wires		ACH Debits and Other Wires
20110502	5012011	30100103	ALABAMA AGRICULTURAL		105,000.00		13,425.00		118,425.00		895,000.00		105,000.00		13,425.00			—			118,425.00
20110502	5012011	30104102	CALIFORNIA STATE UNIVERSITY,		—		4,500.00		4,500.00		300,000.00		—		4,500.00			—			4,500.00
20110502	5012011	30104201	TRUST SERVICES DIVISION		—		20,220.00		20,220.00		1,348,000.00		—		20,220.00			—			20,220.00
20110502	0	30123401	PAINE COLLEGE										—		—			5,640.00			5,640.00
System Credits 5/2																								148,785.00
System Debits 5/2																								—
Bank Credit 5/2
Bank Debit 5/2 (funds movement adj)
Trustee Wire 5/2
20110504	5012011	30102604	BENEDICT COLLEGE		—		14,880.00		14,880.00		992,000.00		—		14,880.00			—			14,880.00
20110504	5012011	30102802	BETHANY COLLEGE — DORM BOND 1965		—		691.88		691.88		41,000.00		—		691.88			—			691.88
20110504	5012011	30102803	BETHANY COLLEGE — HALL BOND 1967		—		1,875.00		1,875.00		125,000.00		—		1,875.00			—			1,875.00
20110504	5012011	30102804	BETHANY COLLEGE — NOTE OF 1973		22,500.00		1,425.00		23,925.00		95,000.00		22,500.00		1,425.00			—			23,925.00
20110504	5012011	30110802	FAIRLEIGH DICKINSON UNIV		—		11,250.00		11,250.00		750,000.00		—		11,250.00			—			11,250.00
20110504	5012011	30120601	MORGAN STATE UNIVERSTIY		82,330.03		10,414.13		92,744.16		694,275.66		82,330.03		10,414.13			—			92,744.16
20110504	0	30125504	RIDER COLLEGE										—		—			11,201.88			11,201.88
20110504	5012011	30140502	WITTENBERG UNIVERSITY		55,000.00		4,275.00		59,275.00		285,000.00		55,000.00		4,275.00			—			59,275.00
20110504	5012011	30140503	WITTENBERG UNIVERSITY		—		1,590.00		1,590.00		106,000.00		—		1,590.00			—			1,590.00
System Credits 5/4																								217,432.92
System Debits 5/4																								—
Bank Credit 5/3																											291,930.00
Bank Debit 5/3 (funds movement adj)																															143,145.00
Trustee Wire 5/3																													148,785.00
20110505	5012011	30120402	MORAVIAN COLLEGE		—		675.00		675.00		40,000.00		—		675.00			—			675.00
20110505	5012011	30128802	SETON HILL COLLEGE		—		1,921.25		1,921.25		106,000.00		—		1,921.25			—			1,921.25
System Credits 5/5																								2,596.25
System Debits 5/5																								—
Bank Credit 5/5																											423,663.96
Bank Debit 5/5 (Service Fees)																															1,458.21
Bank Debit 5/5 (funds movement adj)																															206,231.04
Trustee Wire 5/5																													215,974.71
20110506	0	30125504	RIDER COLLEGE										—		—			25,000.00			25,000.00
System Credits 5/6																								25,000.00
System Debits 5/6																								—
Bank Credit 5/6																											5,192.50
Bank Debit 5/6
Bank Debit 5/6 (funds movement adj)																															2,596.25
Trustee Wire 5/6																													2,596.25
20110512	0	30104801	CARROLL COLLEGE — DORM BOND 1965										162,000.00		3,037.50			—			165,037.50
20110512	11012008	30118401	MARYMOUNT UNIVERSITY										—		5,025.00			—			5,025.00
20110512	5012009	30118401	MARYMOUNT UNIVERSITY										40,000.00		—			—			40,000.00
20110512	5012009	30118401	MARYMOUNT UNIVERSITY										—		5,025.00			—			5,025.00
20110512	11012009	30118401	MARYMOUNT UNIVERSITY										—		4,425.00			—			4,425.00
20110512	5012010	30118401	MARYMOUNT UNIVERSITY										40,000.00		—			—			40,000.00
20110512	5012010	30118401	MARYMOUNT UNIVERSITY										—		4,425.00			—			4,425.00
20110512	11012010	30118401	MARYMOUNT UNIVERSITY										—		3,825.00			—			3,825.00
20110512	5012011	30118401	MARYMOUNT UNIVERSITY		40,000.00		3,825.00		43,825.00		260,025.00		34,975.00		3,825.00			—			38,800.00
20110512	0	30125504	RIDER COLLEGE										—		—			(25,000.00	)		(25,000.00	)
20110512	0	30125504	RIDER COLLEGE										—		—			(11,201.88	)		(11,201.88	)
20110512	0	30125504	RIDER COLLEGE										—		—			8,246.88			8,246.88
20110512	5012011	30125506	RIDER COLLEGE		25,000.00		2,955.00		27,955.00		197,000.00		25,000.00		2,955.00			—			27,955.00
System Credits 5/12																								342,764.38
System Debits 5/12																								(36,201.88	)
Bank Credit 5/9																											25,000.00
Bank Debit 5/9
Bank Debit 5/9 (funds movement adj)
Trustee Wire 5/9																													25,000.00
20110513	5012011	30128001	SAINT VINCENT COLLEGE		55,000.00		2,887.50		57,887.50		165,000.00		55,000.00		2,887.50			—			57,887.50
System Credits 5/13																								57,887.50
System Debits 5/13																								—
Bank Credit 5/13																											677,281.88
Bank Debit 5/13 (pmt reversal)																															36,201.88
Bank Debit 5/13 (funds movement adj)																															334,517.50
Trustee Wire 5/13																													306,562.50
20110516	4012011	30107002	COLLEGE OF THE HOLY CROSS										—		30.00			—			30.00
20110516	11012010	30109502	DREXEL UNIVERSITY										—		6,475.00			—			6,475.00
20110516	5012011	30109502	DREXEL UNIVERSITY		100,000.00		6,475.00		106,475.00		370,000.00		93,525.00		6,475.00			—			100,000.00
20110516	5012011	30109502	DREXEL UNIVERSITY										6,475.00		—			—			6,475.00
20110516	4012011	30110101	ELIZABETH CITY STATE UNIVERSITY										—		30.00			—			30.00
System Credits 5/16																								113,010.00
System Debits 5/16																								—
Bank Credit 5/16
Bank Debit 5/16
Bank Debit 5/16 (funds movement adj)
Trustee Wire 5/16
20110517	0	30119001	SLOAN-MEMORIAL KETTERING CANCER CENTER										—		—			97,568.75			97,568.75
20110517	0	30119001	SLOAN-MEMORIAL KETTERING CANCER CENTER										—		—			—			—
20110517	0	30119001	SLOAN-MEMORIAL KETTERING CANCER CENTER										—		—			(97,568.75	)		(97,568.75	)
20110517	4012011	30119001	SLOAN-MEMORIAL KETTERING CANCER CENTER										95,000.00		2,598.75			—			97,598.75
20110517	0	30122302	NORTHEASTERN UNIVERSITY										—		—			214,374.16			214,374.16
20110517	0	30122302	NORTHEASTERN UNIVERSITY										—		—			—			—
20110517	0	30122302	NORTHEASTERN UNIVERSITY										—		—			(214,374.16	)		(214,374.16	)
20110517	11012010	30122302	NORTHEASTERN UNIVERSITY										84,476.59		—			—			84,476.59
20110517	11012010	30122302	NORTHEASTERN UNIVERSITY										—		22,722.97			—			22,722.97
20110517	5012011	30122302	NORTHEASTERN UNIVERSITY		85,743.75		21,455.82		107,199.57		1,430,387.98		85,743.75		21,455.82			—			107,199.57
20110517	0	30132904	TUFTS UNIVERSITY										—		—			122,555.00			122,555.00
20110517	0	30132904	TUFTS UNIVERSITY										—		—			—			—
20110517	0	30132904	TUFTS UNIVERSITY										—		—			(122,555.00	)		(122,555.00	)
20110517	10012010	30132904	TUFTS UNIVERSITY										101,000.00		—			—			101,000.00
20110517	10012010	30132904	TUFTS UNIVERSITY										—		21,555.00			—			21,555.00
System Credits 5/17																								869,050.79
System Debits 5/17																								(434,497.91	)
Bank Credit 5/17																											226,020.00
Bank Debit 5/17 (funds movement adj)																															113,010.00
Trustee Wire 5/17																													113,010.00
20110518	0	30134002	ARKANSAS STATE TEACHERS COLLEGE										3,000.00		—			—			3,000.00
20110518	0	30134002	ARKANSAS STATE TEACHERS COLLEGE										—		(3,000.00	)		-			(3,000.00	)
System Credits 5/18																								3,000.00
System Debits 5/18																								(3,000.00	)
Bank Credit 5/18																											1,303,603.67
Bank Debit 5/18 (pmt reversal)																															434,497.91
Bank Debit 5/18 (funds movement adj)																															434,552.88
Trustee Wire 5/18																													434,552.88
20110520	10012010	30123401	PAINE COLLEGE										57,000.00		—			—			57,000.00
20110520	10012010	30123401	PAINE COLLEGE										—		6,525.00			—			6,525.00
20110520	5012011	30127801	SAINT PAULS COLLEGE		17,986.88		2,275.21		20,262.09		151,680.69		17,986.88		2,275.21			—			20,262.09
System Credits 5/20																								83,787.09
System Debits 5/20																								—
Bank Credit 5/19
Bank Debit 5/19 (funds movement adj)
Trustee Wire 5/19
20110523	6012011	30127402	ST MARY’S SCHOOL										10,000.00		3,270.00			—			13,270.00
20110523	5012011	30130703	SPRINGFIELD COLLEGE		40,000.00		1,627.50		41,627.50		93,000.00		39,970.00		1,627.50			—			41,597.50
20110523	0	30130703	SPRINGFIELD COLLEGE										—		—			3,008.50			3,008.50
System Credits 5/23																								57,876.00
System Debits 5/23																								—
Bank Credit 5/23																											167,574.18
Bank Debit 5/23 (pmt reversal)
Bank Debit 5/23 (funds movement adj)																															83,787.09
Trustee Wire 5/23																													83,787.09
20110524	0	30123401	PAINE COLLEGE										—		—			(5,640.00	)		(5,640.00	)
20110524	4012011	30123401	PAINE COLLEGE										—		5,670.00			—			5,670.00
20110524	5012011	30130703	SPRINGFIELD COLLEGE										30.00		—			—			30.00
20110524	0	30130703	SPRINGFIELD COLLEGE										—		—			14,025.84			14,025.84
20110524	0	30133201	UNIV STUDENT COOP HOUSING										—		—			92,240.00			92,240.00
20110524	0	30133201	UNIV STUDENT COOP HOUSING										—		—			—			—
20110524	0	30133201	UNIV STUDENT COOP HOUSING										—		—			(92,240.00	)		(92,240.00	)
20110524	4012011	30133201	UNIV STUDENT COOP HOUSING										80,000.00		12,300.00			—			92,300.00
System Credits 5/24																								204,265.84
System Debits 5/24																								(97,880.00	)
Bank Credit 5/24																											112,743.50
Bank Debit 5/24 (funds movement adj)																															54,867.50
Trustee Wire 5/24																													57,876.00
20110531	5012011	30103302	BRANDEIS UNIVERSITY		13,672.58		413.26		14,085.84		27,550.44		13,672.58		413.26			—			14,085.84
20110531	5272011	30117602	MACALESTER COLLEGE		11,213.12		3,538.54		14,751.66		235,902.68		—		—			—			—
20110531	0	30117602	MACALESTER COLLEGE										235,902.68		4,128.30			—			240,030.98
20110531	0	30130703	SPRINGFIELD COLLEGE										—		—			(14,025.84	)		(14,025.84	)
20110531	0	30130703	SPRINGFIELD COLLEGE										—		—			(3,008.50	)		(3,008.50	)
System Credits 5/31																								254,116.82
System Debits 5/31																								(17,034.34	)
Bank Credit 5/25																											302,265.84
Bank Debit 5/25 (pmt reversal)																															97,880.00
Bank Debit 5/25 (funds movement adj)																															98,000.00
Trustee Wire 5/25																													106,385.84
			TOTALS:		653,446.36		132,595.09		786,041.45		8,707,822.45		1,545,587.51		237,124.07			8,246.88			1,790,958.46			1,790,958.46			3,535,275.53		1,494,530.27		2,040,745.26
Loans Due in Current Period and Paid in Prior Period:
	05012011	30104605	CARNEGIE-MELL		30,000.00		6,750.00		36,750.00		450,000.00
	05012011	30114001	HOOD COLLEGE		—		1,522.50		1,522.50		84,000.00
			TOTALS:		30,000.00		8,272.50		38,272.50		534,000.00
Loans Due in Current Period Not Yet Paid:
	05012011	30110401	EMMANUEL COLL		—		630.00		630.00		42,000.00
	05012011	30111802	GANNON UNIVER		—		1,050.00		1,050.00		69,999.98
	05012011	30112301	GEORGETOWN UN		—		23,295.00		23,295.00		1,553,000.00
	05012011	30112302	GEORGETOWN UN		—		82,300.00		82,300.00		4,115,000.00
	05012011	30117402	LYCOMING COLL		18,000.00		1,395.62		19,395.62		77,000.00
	05012011	30117403	LYCOMING COLL		25,000.00		2,343.75		27,343.75		124,999.99
	05012011	30117501	LYNCHBURG COL		35,000.00		3,243.75		38,243.75		173,000.00
	05012011	30117502	LYNCHBURG COL		35,000.00		4,650.00		39,650.00		310,000.00
	05012011	30118302	MARY BALDWIN		40,000.00		1,063.13		41,063.13		63,000.00
	05012011	30119202	MERCER UNIVER		18,281.26		2,008.09		20,289.35		133,873.37
	05012011	30119801	MILLSAPS COLL		—		5,040.00		5,040.00		336,000.00
	05012011	30125504	RIDER COLLEGE		—		8,246.87		8,246.87		455,000.00
	05012011	30127602	ST MICHAELS C		80,636.52		6,223.48		86,860.00		414,898.77
	05012011	30138702	WESLEY COLLEG		20,000.00		725.63		20,725.63		43,000.00
			TOTALS:		271,917.78		142,215.32		414,133.10		7,910,772.11
			GRAND TOTAL:		955,364.14		283,082.91		1,238,447.05		17,152,594.56

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

Total System Credits @ 5/31			1,790,958.46
Total Bank Credits @ 5/31			3,535,275.53
	5/13/2011	Direct to Lender payment	57,887.50
	5/3/2011	funds movement adjustment	(143,145.00	)
	5/5/2011	funds movement adjustment	(206,231.04	)
	5/6/2011	funds movement adjustment	(2,596.25	)
	5/13/2011	payment reversal	(36,201.88	)
	5/13/2011	funds movement adjustment	(334,517.50	)
	5/17/2011	funds movement adjustment	(113,010.00	)
	5/18/2011	payment reversal	(434,497.91	)
	5/18/2011	funds movement adjustment	(434,552.88	)
	5/23/2011	funds movement adjustment	(83,787.09	)
	5/24/2011	funds movement adjustment	(54,867.50	)
	5/25/2011	payment reversal	(97,880.00	)
	5/25/2011	funds movement adjustment	(98,000.00	)
	6/1/2011	in transit credit	508,233.64
	6/1/2011	in transit debit	(254,116.82	)
	6/1/2011	in transit debit	(17,034.34	)
			1,790,958.46
Adjusted Bank Credits:			—

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

Total Bank Credits @ 5/31			3,535,275.53
Total Debits to Trustee @ 5/31			1,494,530.27
	5/5/2011	Service Fee	1,458.21
		inspection fees
	5/3/2011	funds movement adjustment	143,145.00
	5/5/2011	funds movement adjustment	206,231.04
	5/6/2011	funds movement adjustment	2,596.25
	5/13/2011	payment reversal	36,201.88
	5/13/2011	funds movement adjustment	334,517.50
	5/17/2011	funds movement adjustment	113,010.00
	5/18/2011	payment reversal	434,497.91
	5/18/2011	funds movement adjustment	434,552.88
	5/23/2011	funds movement adjustment	83,787.09
	5/24/2011	funds movement adjustment	54,867.50
	5/25/2011	payment reversal	97,880.00
	5/25/2011	funds movement adjustment	98,000.00
Adjusted Debits to Trustee			3,535,275.53
			—

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

Collections:
Principal Payments	341,741.76
Interest Payments	62,937.17
Total Principal and Interest Collections	404,678.93
Payments and Reversals Posted to Suspense
Total Collections	404,678.93
Less: Servicing Fees (not withheld from remittances)	(1,486.41	)
Net Collections	403,192.52

Berkadia Commercial Mortgage
College & Trust Facility Loan Trust II
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		30112002	GEORGE FOX CO		10798.98		2814.82		13613.8		375309.11		140.74
01012011		30112901	HAMPSHIRE COL		15470.48		1445.6		16916.08		96373.61		36.14
01012011		30114802	INTER AMERICA		77597.46		15199.74		92797.2		1013316.03		379.99
01012011		30117204	LOUISIANA STA		0		570		570		3800		1.43
01012011		30117205	LOUISIANA STA		0		225		225		1500		0.56
01012011		30121201	NEWARK BETH I		50000		3806.25		53806.25		260000		97.50
01012011		30123701	PHILADELPHIA		52477.57		21430.63		73908.2		1428708.83		535.77
01012011		30129101	SIMPSON COLLE		0		1950		1950		130000		48.75
01012011		30134402	UNIVERSITY OF		0		10350		10350		690000		258.75
01012011		30137702	VERMONT STATE		0		1185		1185		79000		29.63
			TOTALS:		206,344.49		58,977.04		265,321.53		4,078,007.58		1,529.26

Page 2 of 12

Berkadia Commercial Mortgage
College and University Loan Trust II
Loans Paid in Full
For the Period of January 01, 2011 through January 31, 2011

Loan Number	Payoff Date		Total Amount Paid		Principal Amount		Interest Amount		Other Fees		Maturity Date
30132601		1/5/2011		47,000.00		47,000.00		—				11012010
TOTALS:				47,000.00		47,000.00		—		—

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

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

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

Loan			Interest				Maturity
Number	Borrower Name		Rate		Current UPB		Date
30100103		ALABAMA AGRICULTURAL		3		895,000.00		5012018
30101601		AUBURN UNIVERSITY		3		1,135,000.00		12012018
30101701		AZUSA PACIFIC UNIVERSITY		3.75		80,000.00		4012015
30102604		BENEDICT COLLEGE		3		992,050.00		11012020
30102802		BETHANY COLLEGE — DORM BOND 1965		3.375		41,000.00		11012012
30102803		BETHANY COLLEGE — HALL BOND 1967		3		125,000.00		11012017
30102804		BETHANY COLLEGE — NOTE OF 1973		3		95,000.00		11012012
30103302		BRANDEIS UNIVERSITY		3		27,550.44		11012011
30104102		CALIFORNIA STATE UNIVERSITY,		3		300,000.00		11012013
30104201		TRUST SERVICES DIVISION		3		1,348,000.00		11012019
30104605		CARNEGIE MELLON		3		450,000.00		11012017
30104702		CARROLL COLLEGE 50560040		3.75		112,000.00		6012014
30104703		CARROLL COLLEGE 50560040		3		76,654.65		6012018
30104801		CARROLL COLLEGE — DORM BOND 1965		3.75		162,000.00		3012015
30105701		CHAMPLAIN COLLEGE, INC.		3		38,461.54		12012013
30106904		COLLEGE OF SANTA FE		3		279,000.00		10012018
30107002		COLLEGE OF THE HOLY CROSS		3.625		215,025.00		10012013
30108101		CUMBERLAND COLLEGE		3		148,000.00		8012017
30108202		DAEMEN COLLEGE(ROSARY HILL COLLEGE)		3		255,000.00		4012016
30109502		DREXEL UNIVERSITY		3.5		370,000.00		5012014
30109604		DRURY COLLEGE		3		90,000.00		4012015
30109801		DYOURVILLE COLLEGE		3		524,535.00		4012018
30110101		ELIZABETH CITY STATE UNIVERSITY		3		170,050.00		10012017
30110401		EMMANUEL COLLEGE		3		55,000.00		11012013
30110802		FAIRLEIGH DICKINSON UNIV		3		750,050.00		11012017
30111802		GANNON UNIV. — DORM BOND 1969, SER A		3		134,999.98		11012011
30112002		GEORGE FOX COLLEGE		3		364,510.13		7012018
30112301		GEORGETOWN UNIVERSITY		3		1,553,050.00		11012020
30112302		GEORGETOWN UNIVERSITY		4		4,115,050.00		11012020
30112901		HAMPSHIRE COLLEGE		3		80,903.13		7012013
30112902		HAMPSHIRE COLLEGE		3		336,552.06		2012014
30113601		HINDS JUNIOR COLLEGE		3		379,000.00		4012013
30113702		HIWASSEE COLLEGE		3		97,561.23		9152018
30114001		HOOD COLLEGE		3.625		84,000.00		11012014
30114802		INTER-AMERICAN UNIV. OF PUERTO RICO		3		935,718.57		1012017
30116201		LASSEN JUNIOR COLLEGE		3		254,000.00		4012020
30117002		LONG ISLAND UNIVERSITY		3.625		200,876.35		6012014
30117204		LA. STATE UNIV. 1965 BOND SER B		3		3,800.00		7012005
30117205		LA. STATE UNIV. 1966 BOND SER C		3		1,500.00		7012006
30117402		LYCOMING COLLEGE		3.625		77,000.00		5012014
30117403		LYCOMING COLLEGE		3.75		124,999.99		5012015
30117501		LYNCHBURG COLLEGE		3.75		173,000.00		5012015
30117502		LYNCHBURG COLLEGE		3		310,000.00		5012018
30117602		MACALESTER COLLEGE		3		235,902.68		5012020
30117801		MARIAN COLLEGE OF FOND DU LAC		3		255,000.00		10012016
30118302		MARY BALDWIN COLLEGE		3.375		63,000.00		5012012
30118401		MARYMOUNT UNIVERSITY		3		335,000.00		5012016
30119001		SLOAN-MEMORIAL KETTERING CANCER CENTER		3.375		154,000.00		4012012
30119202		MERCER UNIV. ACCOUNTING OFFICE		3		151,884.45		5012014
30119801		MILLSAPS COLLEGE		3		360,000.00		11012021

Page 7 of 12 

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

Loan			Interest				Maturity
Number	Borrower Name		Rate		Current UPB		Date
30119903		MISSISSIPPI STATE UNIVERSITY		3		900,000.00		12012020
30120402		MORAVIAN COLLEGE		3.375		40,000.00		11012012
30120601		MORGAN STATE UNIVERSTIY		3		694,275.66		11012014
30121101		NEW ENGLAND COLLEGE		3		65,000.00		4012016
30121201		NEWARK BETH ISREAL MEDICAL CENTER		3.625		210,000.00		1012014
30121501		NORFOLK STATE UNIVERSITY		3		1,623,303.79		12012021
30122302		NORTHEASTERN UNIVERSITY		3		1,514,864.57		5012018
30122802		OCCIDENTAL COLLEGE		3		158,000.00		10012019
30123401		PAINE COLLEGE		3		434,999.99		10012016
30123701		UNIVERSITY OF THE ARTS		3		1,376,231.26		1012022
30125504		RIDER COLLEGE		3.625		595,000.00		11012013
30125506		RIDER COLLEGE		3		197,000.00		5012017
30127402		ST MARY’S SCHOOL		3		218,000.00		6012020
30127602		SAINT MICHAELS COLLEGE		3		494,343.62		5012013
30127801		SAINT PAULS COLLEGE		3		151,680.69		11012014
30128001		SAINT VINCENT COLLEGE		3.5		165,000.00		5012013
30128802		SETON HILL COLLEGE		3.625		106,000.00		11012014
30129101		SIMPSON COLLEGE — BOND 1966		3		130,000.00		7012016
30130301		SOUTHWEST TEXAS STATE UNIVERSITY		3		845,000.00		10012015
30130703		SPRINGFIELD COLLEGE		3.5		93,000.00		5012013
30130903		STEPHEN F AUSTIN STATE UNIVERSITY		3.375		342,000.00		10012012
30132003		TAYLOR UNIVERSITY		3		261,000.00		10012013
30132402		TEXAS SOUTHERN UNIVERSITY		3.5		130,000.00		4012013
30132904		TUFTS UNIVERSITY		3		1,437,000.00		10012021
30133201		UNIV STUDENT COOP HOUSING		3		820,000.00		4012019
30134002		ARKANSAS STATE TEACHERS COLLEGE		3		78,000.00		4012005
30134402		UNIVERSITY OF FLORIDA / REV. CERTS.,84		3		690,000.00		7012014
30136002		UNIVERSITY OF PUERTO RICO		3		169,000.00		6012011
30136801		UNIVERSITY OF ST THOMAS		3		340,000.00		10012019
30137702		VERMONT STATE COLLEGE		3		79,000.00		7012014
30137802		VILLANOVA UNIVERSITY		3		610,000.00		4012019
30137901		VINCENNES UNIVERSITY		3		2,370,000.00		6012023
30138001		VIRGINIA COMMONWEALTH		3		251,999.99		6012011
30138102		VIRGINA ST WESELEYAN COLLEGE		3		20,000.00		11012010
30138702		WESLEY COLLEGE		3.375		43,000.00		5012013
30140502		WITTENBERG UNIVERSITY		3		285,000.00		5012015
30140503		WITTENBERG UNIVERSITY		3		106,050.00		11012017
		TOTALS:				37,559,434.77

Page 8 of 12  

Berkadia Commercial Mortgage
College and University Loan Trust II
Delinquency Report (60+ Days)

As of January 31, 2011

		Next
Loan		Payment
Number	Borrower Name	Due	P and I Due
30134002	ARKANSAS STATE TEACHERS COLLEGE	10/01/04		92,505.00
30117204	LA. STATE UNIV.1965 BOND SER B	01/01/06		9,500.00
30117205	LA. STATE UNIV.1966 BOND SER C	01/01/07		3,300.00
30118401	MARYMOUNT UNIVERSITY	11/01/08		102,725.00
30117002	LONG ISLAND UNIVERSITY	06/01/10		29,048.23
30107002	COLLEGE OF THE HOLY CROSS	10/01/10		25.00
30108202	DAEMEN COLLEGE(ROSARY HILL COLLEGE)	10/01/10		3,825.00
30109801	DYOURVILLE COLLEGE	10/01/10		7,868.03
30110101	ELIZABETH CITY STATE UNIVERSITY	10/01/10		50.00
30117801	MARIAN COLLEGE OF FOND DU LAC	10/01/10		38,825.00
30119001	SLOAN-MEMORIAL KETTERING CANCER CENTER	10/01/10		50.00
30121101	NEW ENGLAND COLLEGE	10/01/10		25.00
30122802	OCCIDENTAL COLLEGE	10/01/10		16,370.00
30123401	PAINE COLLEGE	10/01/10		63,525.00
30132003	TAYLOR UNIVERSITY	10/01/10		68,915.00
30132402	TEXAS SOUTHERN UNIVERSITY	10/01/10		2,275.00
30132904	TUFTS UNIVERSITY	10/01/10		122,555.00
30102604	BENEDICT COLLEGE	11/01/10		50.00
30103302	BRANDEIS UNIVERSITY	11/01/10		24.99
30109502	DREXEL UNIVERSITY	11/01/10		6,475.00
30110401	EMMANUEL COLLEGE	11/01/10		13,825.00
30110802	FAIRLEIGH DICKINSON UNIV	11/01/10		50.00
30111802	GANNON UNIV. — DORM BOND 1969, SER A	11/01/10		67,025.00
30112301	GEORGETOWN UNIVERSITY	11/01/10		50.00
30112302	GEORGETOWN UNIVERSITY	11/01/10		50.00
30117402	LYCOMING COLLEGE	11/01/10		24.97
30117403	LYCOMING COLLEGE	11/01/10		25.00
30117501	LYNCHBURG COLLEGE	11/01/10		25.00
30117502	LYNCHBURG COLLEGE	11/01/10		25.00
30118302	MARY BALDWIN COLLEGE	11/01/10		25.00
30119202	MERCER UNIV.ACCOUNTING OFFICE	11/01/10		20,289.35
30119801	MILLSAPS COLLEGE	11/01/10		29,400.00
30120601	MORGAN STATE UNIVERSTIY	11/01/10		50.00
30122302	NORTHEASTERN UNIVERSITY	11/01/10		107,199.56
30125504	RIDER COLLEGE	11/01/10		140,274.98
30127602	SAINT MICHAELS COLLEGE	11/01/10		86,860.00
30128001	SAINT VINCENT COLLEGE	11/01/10		25.00
30130703	SPRINGFIELD COLLEGE	11/01/10		25.00
30138102	VIRGINA ST WESELEYAN COLLEGE	11/01/10		20,025.00

		Next
Loan		Payment
Number	Borrower Name	Due	P and I Due
30138702	WESLEY COLLEGE	11/01/10		25.00
30140502	WITTENBERG UNIVERSITY	11/01/10		25.00
30140503	WITTENBERG UNIVERSITY	11/01/10		50.00
30101601	AUBURN UNIVERSITY	12/01/10		127,025.00
30104702	CARROLL COLLEGE 50560040	12/01/10		25.00
30104703	CARROLL COLLEGE 50560040	12/01/10		25.00
30119903	MISSISSIPPI STATE UNIVERSITY	12/01/10		83,500.00
30136002	UNIVERSITY OF PUERTO RICO	12/01/10		25.00
TOTAL:				1,263,910.11

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

None to report for this period

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

Collections:
Principal Payments	20,000.00
Interest Payments	2,195.00
Total Principal and Interest Collections	22,195.00
Payments and Reversals Posted to Suspense	—
Total Collections	22,195.00
Less: Servicing Fees (not withheld from remittances)	(332.55	)
Net Collections	21,862.45

Page 2 of 12

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

Date Due		Loan Number	Borrower Name	Principal Due		Interest Due		Total Due		Principal Balance		Service Fees
	02012011	30108101	CUMBERLAND CO		—		2,220.00		2,220.00		148,000.00		55.50
	02012011	30112902	HAMPSHIRE COL		53,226.74		5,846.68		59,073.42		389,778.80		146.17
													—
													—
													—
													—
			TOTALS:		53,226.74		8,066.68		61,293.42		537,778.80		201.67

Berkadia Commercial Mortgage
College and University Loan Trust II
Loans Paid in Full
For the Period of February 01, 2011 through February 28, 2011

	Payoff		Total Amount				Interest
Loan Number	Date		Paid		Principal Amount		Amount		Other Fees		Maturity Date
30138102		2/23/2011		20,000.00		20,000.00		—				11012010
TOTALS:				20,000.00		20,000.00		—		—

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

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

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

Loan			Interest				Maturity
Number		Borrower Name	Rate		Current UPB		Date
	30100103	ALABAMA AGRICULTURAL		3		895,000.00		5012018
	30101601	AUBURN UNIVERSITY		3		1,135,000.00		12012018
	30101701	AZUSA PACIFIC UNIVERSITY		3.75		80,000.00		4012015
	30102604	BENEDICT COLLEGE		3		992,050.00		11012020
	30102802	BETHANY COLLEGE — DORM BOND 1965		3.375		41,000.00		11012012
	30102803	BETHANY COLLEGE — HALL BOND 1967		3		125,000.00		11012017
	30102804	BETHANY COLLEGE — NOTE OF 1973		3		95,000.00		11012012
	30103302	BRANDEIS UNIVERSITY		3		27,550.44		11012011
	30104102	CALIFORNIA STATE UNIVERSITY,		3		300,000.00		11012013
	30104201	TRUST SERVICES DIVISION		3		1,348,000.00		11012019
	30104605	CARNEGIE MELLON		3		450,000.00		11012017
	30104702	CARROLL COLLEGE 50560040		3.75		112,000.00		6012014
	30104703	CARROLL COLLEGE 50560040		3		76,654.65		6012018
	30104801	CARROLL COLLEGE — DORM BOND 1965		3.75		162,000.00		3012015
	30105701	CHAMPLAIN COLLEGE, INC.		3		38,461.54		12012013
	30106904	COLLEGE OF SANTA FE		3		279,000.00		10012018
	30107002	COLLEGE OF THE HOLY CROSS		3.625		215,025.00		10012013
	30108101	CUMBERLAND COLLEGE		3		148,000.00		8012017
	30108202	DAEMEN COLLEGE(ROSARY HILL COLLEGE)		3		255,000.00		4012016
	30109502	DREXEL UNIVERSITY		3.5		370,000.00		5012014
	30109604	DRURY COLLEGE		3		90,000.00		4012015
	30109801	DYOURVILLE COLLEGE		3		524,535.00		4012018
	30110101	ELIZABETH CITY STATE UNIVERSITY		3		170,050.00		10012017
	30110401	EMMANUEL COLLEGE		3		55,000.00		11012013
	30110802	FAIRLEIGH DICKINSON UNIV		3		750,050.00		11012017
	30111802	GANNON UNIV. — DORM BOND 1969, SER A		3		134,999.98		11012011
	30112002	GEORGE FOX COLLEGE		3		364,510.13		7012018
	30112301	GEORGETOWN UNIVERSITY		3		1,553,050.00		11012020
	30112302	GEORGETOWN UNIVERSITY		4		4,115,050.00		11012020
	30112901	HAMPSHIRE COLLEGE		3		80,903.13		7012013
	30112902	HAMPSHIRE COLLEGE		3		336,552.06		2012014
	30113601	HINDS JUNIOR COLLEGE		3		379,000.00		4012013
	30113702	HIWASSEE COLLEGE		3		97,561.23		9152018
	30114001	HOOD COLLEGE		3.625		84,000.00		11012014
	30114802	INTER-AMERICAN UNIV. OF PUERTO RICO		3		935,718.57		1012017
	30116201	LASSEN JUNIOR COLLEGE		3		254,000.00		4012020
	30117002	LONG ISLAND UNIVERSITY		3.625		200,876.35		6012014
	30117204	LA. STATE UNIV. 1965 BOND SER B		3		3,800.00		7012005
	30117205	LA. STATE UNIV. 1966 BOND SER C		3		1,500.00		7012006
	30117402	LYCOMING COLLEGE		3.625		77,000.00		5012014
	30117403	LYCOMING COLLEGE		3.75		124,999.99		5012015
	30117501	LYNCHBURG COLLEGE		3.75		173,000.00		5012015
	30117502	LYNCHBURG COLLEGE		3		310,000.00		5012018
	30117602	MACALESTER COLLEGE		3		235,902.68		5012020
	30117801	MARIAN COLLEGE OF FOND DU LAC		3		255,000.00		10012016
	30118302	MARY BALDWIN COLLEGE		3.375		63,000.00		5012012
	30118401	MARYMOUNT UNIVERSITY		3		335,000.00		5012016
	30119001	SLOAN-MEMORIAL KETTERING CANCER CENTER		3.375		154,000.00		4012012
	30119202	MERCER UNIV. ACCOUNTING OFFICE		3		151,884.45		5012014
	30119801	MILLSAPS COLLEGE		3		360,000.00		11012021

Page 7 of 12

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

Loan			Interest				Maturity
Number		Borrower Name	Rate		Current UPB		Date
	30119903	MISSISSIPPI STATE UNIVERSITY		3		900,000.00		12012020
	30120402	MORAVIAN COLLEGE		3.375		40,000.00		11012012
	30120601	MORGAN STATE UNIVERSTIY		3		694,275.66		11012014
	30121101	NEW ENGLAND COLLEGE		3		65,000.00		4012016
	30121201	NEWARK BETH ISREAL MEDICAL CENTER		3.625		210,000.00		1012014
	30121501	NORFOLK STATE UNIVERSITY		3		1,623,303.79		12012021
	30122302	NORTHEASTERN UNIVERSITY		3		1,514,864.57		5012018
	30122802	OCCIDENTAL COLLEGE		3		158,000.00		10012019
	30123401	PAINE COLLEGE		3		434,999.99		10012016
	30123701	UNIVERSITY OF THE ARTS		3		1,376,231.26		1012022
	30125504	RIDER COLLEGE		3.625		595,000.00		11012013
	30125506	RIDER COLLEGE		3		197,000.00		5012017
	30127402	ST MARY’S SCHOOL		3		218,000.00		6012020
	30127602	SAINT MICHAELS COLLEGE		3		494,343.62		5012013
	30127801	SAINT PAULS COLLEGE		3		151,680.69		11012014
	30128001	SAINT VINCENT COLLEGE		3.5		165,000.00		5012013
	30128802	SETON HILL COLLEGE		3.625		106,000.00		11012014
	30129101	SIMPSON COLLEGE — BOND 1966		3		130,000.00		7012016
	30130301	SOUTHWEST TEXAS STATE UNIVERSITY		3		845,000.00		10012015
	30130703	SPRINGFIELD COLLEGE		3.5		93,000.00		5012013
	30130903	STEPHEN F AUSTIN STATE UNIVERSITY		3.375		342,000.00		10012012
	30132003	TAYLOR UNIVERSITY		3		261,000.00		10012013
	30132402	TEXAS SOUTHERN UNIVERSITY		3.5		130,000.00		4012013
	30132904	TUFTS UNIVERSITY		3		1,437,000.00		10012021
	30133201	UNIV STUDENT COOP HOUSING		3		820,000.00		4012019
	30134002	ARKANSAS STATE TEACHERS COLLEGE		3		78,000.00		4012005
	30134402	UNIVERSITY OF FLORIDA / REV. CERTS.,84		3		690,000.00		7012014
	30136002	UNIVERSITY OF PUERTO RICO		3		169,000.00		6012011
	30136801	UNIVERSITY OF ST THOMAS		3		340,000.00		10012019
	30137702	VERMONT STATE COLLEGE		3		79,000.00		7012014
	30137802	VILLANOVA UNIVERSITY		3		610,000.00		4012019
	30137901	VINCENNES UNIVERSITY		3		2,370,000.00		6012023
	30138001	VIRGINIA COMMONWEALTH		3		251,999.99		6012011
	30138702	WESLEY COLLEGE		3.375		43,000.00		5012013
	30140502	WITTENBERG UNIVERSITY		3		285,000.00		5012015
	30140503	WITTENBERG UNIVERSITY		3		106,050.00		11012017
		TOTALS:				37,539,434.77

Berkadia Commercial Mortgage
College and University Loan Trust II
Delinquency Report (60+ Days)
As of February 28, 2011

			Next
Loan			Payment
Number		Borrower Name	Next Due		P and I Due
	30134002	ARKANSAS STATE TEACHERS COLLEGE		10/01/04		92,505.00
	30117204	LA. STATE UNIV.1965 BOND SER B		01/01/06		6,270.00
	30117205	LA. STATE UNIV.1966 BOND SER C		01/01/07		2,025.00
	30118401	MARYMOUNT UNIVERSITY		11/01/08		102,725.00
	30117002	LONG ISLAND UNIVERSITY		06/01/10		29,048.23
	30107002	COLLEGE OF THE HOLY CROSS		10/01/10		25.00
	30108202	DAEMEN COLLEGE(ROSARY HILL COLLEGE)		10/01/10		3,825.00
	30109801	DYOUVILLE COLLEGE		10/01/10		7,868.03
	30110101	ELIZABETH CITY STATE UNIVERSITY		10/01/10		50.00
	30117801	MARIAN COLLEGE OF FOND DU LAC		10/01/10		38,825.00
	30119001	SLOAN-MEMORIAL KETTERING CANCER CENTER		10/01/10		50.00
	30121101	NEW ENGLAND COLLEGE		10/01/10		25.00
	30122802	OCCIDENTAL COLLEGE		10/01/10		16,370.00
	30123401	PAINE COLLEGE		10/01/10		63,525.00
	30132003	TAYLOR UNIVERSITY		10/01/10		68,915.00
	30132402	TEXAS SOUTHERN UNIVERSITY		10/01/10		2,275.00
	30132904	TUFTS UNIVERSITY		10/01/10		122,555.00
	30102604	BENEDICT COLLEGE		11/01/10		50.00
	30103302	BRANDEIS UNIVERSITY		11/01/10		24.99
	30109502	DREXEL UNIVERSITY		11/01/10		6,475.00
	30110401	EMMANUEL COLLEGE		11/01/10		13,825.00
	30110802	FAIRLEIGH DICKINSON UNIV		11/01/10		50.00
	30111802	GANNON UNIV. — DORM BOND 1969, SER A		11/01/10		67,025.00
	30112301	GEORGETOWN UNIVERSITY		11/01/10		50.00
	30112302	GEORGETOWN UNIVERSITY		11/01/10		50.00
	30117402	LYCOMING COLLEGE		11/01/10		24.97
	30117403	LYCOMING COLLEGE		11/01/10		25.00
	30117501	LYNCHBURG COLLEGE		11/01/10		25.00
	30117502	LYNCHBURG COLLEGE		11/01/10		25.00
	30118302	MARY BALDWIN COLLEGE		11/01/10		25.00
	30119202	MERCER UNIV.ACCOUNTING OFFICE		11/01/10		20,289.35
	30119801	MILLSAPS COLLEGE		11/01/10		29,400.00
	30120601	MORGAN STATE UNIVERSTIY		11/01/10		50.00
	30122302	NORTHEASTERN UNIVERSITY		11/01/10		107,199.56
	30125504	RIDER COLLEGE		11/01/10		140,274.98
	30127602	SAINT MICHAELS COLLEGE		11/01/10		86,860.00
	30128001	SAINT VINCENT COLLEGE		11/01/10		25.00
	30130703	SPRINGFIELD COLLEGE		11/01/10		25.00
	30138702	WESLEY COLLEGE		11/01/10		25.00
	30140502	WITTENBERG UNIVERSITY		11/01/10		25.00
	30140503	WITTENBERG UNIVERSITY		11/01/10		50.00
	30101601	AUBURN UNIVERSITY		12/01/10		127,025.00
	30104702	CARROLL COLLEGE 50560040		12/01/10		25.00

			Next
Loan			Payment
Number		Borrower Name	Next Due		P and I Due
	30104703	CARROLL COLLEGE 50560040		12/01/10		25.00
	30119903	MISSISSIPPI STATE UNIVERSITY		12/01/10		83,500.00
	30136002	UNIVERSITY OF PUERTO RICO		12/01/10		25.00
	30121201	NEWARK BETH ISRAEL MEDICAL CTR		01/01/11		53,806.19
	30129101	SIMPSON COLLEGE		01/01/11		1,950.00
TOTAL:						1,295,136.30

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

None to report for this period

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

Collections:
Principal Payments	231,094.58
Interest Payments	35,704.57
Total Principal and Interest Collections	266,799.15
Payments and Reversals Posted to Suspense	—
Total Collections	266,799.15
Less: Servicing Fees (not withheld from remittances)	(641.84	)
Net Collections	266,157.31

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

		Loan
Date Due		Number	Borrower Name	Principal Due		Interest Due		Total Due		Principal Balance		Service Fees
	03012011	30104801	CARROLL COLLE		30,000.00		3,037.50		33,037.50		162,000.00		60.75
	03152011	30113702	HIWASSEE COLL		5,444.58		1,463.42		6,908.00		97,561.23		36.59
													—
													—
													—
													—
			TOTALS:		35,444.58		4,500.92		39,945.50		259,561.23		97.34

Page 2 of 10

Berkadia Commercial Mortgage
College and University Loan Trust II
Loans Paid in Full
For the Period of March 01, 2011 through March 31, 2011

	Payoff		Total Amount				Interest
Loan Number	Date		Paid		Principal Amount		Amount		Other Fees		Maturity Date
30117204		3/9/2011		3,800.00		3,800.00		—				7012005
30117205		3/24/2011		1,500.00		1,500.00		—				7012006
TOTALS:				5,300.00		5,300.00		—		—

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

			Total
Loan			Amount		Principal		Interest
Number	Date		Paid		Amount		Amount
30134002		3-29-11		75,000.00		75,000.00		—
TOTAL:				75,000.00		75,000.00		—

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

			Interest				Maturity
Loan Number		Borrower Name	Rate		Current UPB		Date
January
	30100103	ALABAMA AGRICULTURAL		3.00		895,000.00		5-01-2018
	30101601	AUBURN UNIVERSITY		3.00		1,135,000.00		12-01-2018
	30101701	AZUSA PACIFIC UNIVERSITY		3.75		80,000.00		4-01-2015
	30102604	BENEDICT COLLEGE		3.00		992,050.00		11-01-2020
	30102802	BETHANY COLLEGE — DORM BOND 1965		3.38		41,000.00		11-01-2012
	30102803	BETHANY COLLEGE — HALL BOND 1967		3.00		125,000.00		11-01-2017
	30102804	BETHANY COLLEGE — NOTE OF 1973		3.00		95,000.00		11-01-2012
	30103302	BRANDEIS UNIVERSITY		3.00		27,550.44		11-01-2011
	30104102	CALIFORNIA STATE UNIVERSITY,		3.00		300,000.00		11-01-2013
	30104201	TRUST SERVICES DIVISION		3.00		1,348,000.00		11-01-2019
	30104605	CARNEGIE MELLON		3.00		450,000.00		11-01-2017
	30104702	CARROLL COLLEGE 50560040		3.75		112,000.00		6-01-2014
	30104703	CARROLL COLLEGE 50560040		3.00		76,654.65		6-01-2018
	30104801	CARROLL COLLEGE — DORM BOND 1965		3.75		162,000.00		3-01-2015
	30105701	CHAMPLAIN COLLEGE, INC.		3.00		38,461.54		12-01-2013
	30106904	COLLEGE OF SANTA FE		3.00		279,000.00		10-01-2018
	30107002	COLLEGE OF THE HOLY CROSS		3.63		215,025.00		10-01-2013
	30108101	CUMBERLAND COLLEGE		3.00		148,000.00		8-01-2017
	30108202	DAEMEN COLLEGE(ROSARY HILL COLLEGE)		3.00		255,000.00		4-01-2016
	30109502	DREXEL UNIVERSITY		3.50		370,000.00		5-01-2014
	30109604	DRURY COLLEGE		3.00		90,000.00		4-01-2015
	30109801	DYOURVILLE COLLEGE		3.00		524,535.00		4-01-2018
	30110101	ELIZABETH CITY STATE UNIVERSITY		3.00		170,050.00		10-01-2017
	30110401	EMMANUEL COLLEGE		3.00		55,000.00		11-01-2013
	30110802	FAIRLEIGH DICKINSON UNIV		3.00		750,050.00		11-01-2017
	30111802	GANNON UNIV. — DORM BOND 1969, SER A		3.00		134,999.98		11-01-2011
	30112002	GEORGE FOX COLLEGE		3.00		364,510.13		7-01-2018
	30112301	GEORGETOWN UNIVERSITY		3.00		1,553,050.00		11-01-2020
	30112302	GEORGETOWN UNIVERSITY		4.00		4,115,050.00		11-01-2020
	30112901	HAMPSHIRE COLLEGE		3.00		80,903.13		7-01-2013
	30112902	HAMPSHIRE COLLEGE		3.00		336,552.06		2-01-2014
	30113601	HINDS JUNIOR COLLEGE		3.00		379,000.00		4-01-2013
	30113702	HIWASSEE COLLEGE		3.00		97,561.23		9-15-2018
	30114001	HOOD COLLEGE		3.63		84,000.00		11-01-2014
	30114802	INTER-AMERICAN UNIV. OF PUERTO RICO		3.00		935,718.57		1-01-2017
	30116201	LASSEN JUNIOR COLLEGE		3.00		254,000.00		4-01-2020
	30117002	LONG ISLAND UNIVERSITY		3.63		200,876.35		6-01-2014
	30117204	LA. STATE UNIV. 1965 BOND SER B		3.00		3,800.00		7-01-2005
	30117205	LA. STATE UNIV. 1966 BOND SER C		3.00		1,500.00		7-01-2006
	30117402	LYCOMING COLLEGE		3.63		77,000.00		5-01-2014
	30117403	LYCOMING COLLEGE		3.75		124,999.99		5-01-2015
	30117501	LYNCHBURG COLLEGE		3.75		173,000.00		5-01-2015
	30117502	LYNCHBURG COLLEGE		3.00		310,000.00		5-01-2018
	30117602	MACALESTER COLLEGE		3.00		235,902.68		5-01-2020
	30117801	MARIAN COLLEGE OF FOND DU LAC		3.00		255,000.00		10-01-2016
	30118302	MARY BALDWIN COLLEGE		3.38		63,000.00		5-01-2012
	30118401	MARYMOUNT UNIVERSITY		3.00		335,000.00		5-01-2016
	30119001	SLOAN-MEMORIAL KETTERING CANCER CENTER		3.38		154,000.00		4-01-2012
	30119202	MERCER UNIV. ACCOUNTING OFFICE		3.00		151,884.45		5-01-2014
	30119801	MILLSAPS COLLEGE		3.00		360,000.00		11-01-2021
	30119903	MISSISSIPPI STATE UNIVERSITY		3.00		900,000.00		12-01-2020
	30120402	MORAVIAN COLLEGE		3.38		40,000.00		11-01-2012

Page 7 of 14

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

			Interest				Maturity
Loan Number		Borrower Name	Rate		Current UPB		Date
	30120601	MORGAN STATE UNIVERSTIY		3.00		694,275.66		11-01-2014
	30121101	NEW ENGLAND COLLEGE		3.00		65,000.00		4-01-2016
	30121201	NEWARK BETH ISREAL MEDICAL CENTER		3.63		210,000.00		1-01-2014
	30121501	NORFOLK STATE UNIVERSITY		3.00		1,623,303.79		12-01-2021
	30122302	NORTHEASTERN UNIVERSITY		3.00		1,514,864.57		5-01-2018
	30122802	OCCIDENTAL COLLEGE		3.00		158,000.00		10-01-2019
	30123401	PAINE COLLEGE		3.00		434,999.99		10-01-2016
	30123701	UNIVERSITY OF THE ARTS		3.00		1,376,231.26		1-01-2022
	30125504	RIDER COLLEGE		3.63		595,000.00		11-01-2013
	30125506	RIDER COLLEGE		3.00		197,000.00		5-01-2017
	30127402	ST MARY’S SCHOOL		3.00		218,000.00		6-01-2020
	30127602	SAINT MICHAELS COLLEGE		3.00		494,343.62		5-01-2013
	30127801	SAINT PAULS COLLEGE		3.00		151,680.69		11-01-2014
	30128001	SAINT VINCENT COLLEGE		3.50		165,000.00		5-01-2013
	30128802	SETON HILL COLLEGE		3.63		106,000.00		11-01-2014
	30129101	SIMPSON COLLEGE — BOND 1966		3.00		130,000.00		7-01-2016
	30130301	SOUTHWEST TEXAS STATE UNIVERSITY		3.00		845,000.00		10-01-2015
	30130703	SPRINGFIELD COLLEGE		3.50		93,000.00		5-01-2013
	30130903	STEPHEN F AUSTIN STATE UNIVERSITY		3.38		342,000.00		10-01-2012
	30132003	TAYLOR UNIVERSITY		3.00		261,000.00		10-01-2013
	30132402	TEXAS SOUTHERN UNIVERSITY		3.50		130,000.00		4-01-2013
	30132904	TUFTS UNIVERSITY		3.00		1,437,000.00		10-01-2021
	30133201	UNIV STUDENT COOP HOUSING		3.00		820,000.00		4-01-2019
	30134002	ARKANSAS STATE TEACHERS COLLEGE		3.00		78,000.00		4-01-2005
	30134402	UNIVERSITY OF FLORIDA / REV. CERTS.,84		3.00		690,000.00		7-01-2014
	30136002	UNIVERSITY OF PUERTO RICO		3.00		169,000.00		6-01-2011
	30136801	UNIVERSITY OF ST THOMAS		3.00		340,000.00		10-01-2019
	30137702	VERMONT STATE COLLEGE		3.00		79,000.00		7-01-2014
	30137802	VILLANOVA UNIVERSITY		3.00		610,000.00		4-01-2019
	30137901	VINCENNES UNIVERSITY		3.00		2,370,000.00		6-01-2023
	30138001	VIRGINIA COMMONWEALTH		3.00		251,999.99		6-01-2011
	30138102	VIRGINA ST WESELEYAN COLLEGE		3.00		20,000.00		11-01-2010
	30138702	WESLEY COLLEGE		3.38		43,000.00		5-01-2013
	30140502	WITTENBERG UNIVERSITY		3.00		285,000.00		5-01-2015
	30140503	WITTENBERG UNIVERSITY		3.00		106,050.00		11-01-2017
		TOTALS:				37,559,434.77
February
	30100103	ALABAMA AGRICULTURAL		3.00		895,000.00		5-01-2018
	30101601	AUBURN UNIVERSITY		3.00		1,135,000.00		12-01-2018
	30101701	AZUSA PACIFIC UNIVERSITY		3.75		80,000.00		4-01-2015
	30102604	BENEDICT COLLEGE		3.00		992,050.00		11-01-2020
	30102802	BETHANY COLLEGE — DORM BOND 1965		3.38		41,000.00		11-01-2012
	30102803	BETHANY COLLEGE — HALL BOND 1967		3.00		125,000.00		11-01-2017
	30102804	BETHANY COLLEGE — NOTE OF 1973		3.00		95,000.00		11-01-2012
	30103302	BRANDEIS UNIVERSITY		3.00		27,550.44		11-01-2011
	30104102	CALIFORNIA STATE UNIVERSITY,		3.00		300,000.00		11-01-2013
	30104201	TRUST SERVICES DIVISION		3.00		1,348,000.00		11-01-2019
	30104605	CARNEGIE MELLON		3.00		450,000.00		11-01-2017
	30104702	CARROLL COLLEGE 50560040		3.75		112,000.00		6-01-2014
	30104703	CARROLL COLLEGE 50560040		3.00		76,654.65		6-01-2018
	30104801	CARROLL COLLEGE — DORM BOND 1965		3.75		162,000.00		3-01-2015

Page 8 of 14

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

			Interest				Maturity
Loan Number		Borrower Name	Rate		Current UPB		Date
	30105701	CHAMPLAIN COLLEGE, INC.		3.00		38,461.54		12-01-2013
	30106904	COLLEGE OF SANTA FE		3.00		279,000.00		10-01-2018
	30107002	COLLEGE OF THE HOLY CROSS		3.63		215,025.00		10-01-2013
	30108101	CUMBERLAND COLLEGE		3.00		148,000.00		8-01-2017
	30108202	DAEMEN COLLEGE(ROSARY HILL COLLEGE)		3.00		255,000.00		4-01-2016
	30109502	DREXEL UNIVERSITY		3.50		370,000.00		5-01-2014
	30109604	DRURY COLLEGE		3.00		90,000.00		4-01-2015
	30109801	DYOURVILLE COLLEGE		3.00		524,535.00		4-01-2018
	30110101	ELIZABETH CITY STATE UNIVERSITY		3.00		170,050.00		10-01-2017
	30110401	EMMANUEL COLLEGE		3.00		55,000.00		11-01-2013
	30110802	FAIRLEIGH DICKINSON UNIV		3.00		750,050.00		11-01-2017
	30111802	GANNON UNIV. — DORM BOND 1969, SER A		3.00		134,999.98		11-01-2011
	30112002	GEORGE FOX COLLEGE		3.00		364,510.13		7-01-2018
	30112301	GEORGETOWN UNIVERSITY		3.00		1,553,050.00		11-01-2020
	30112302	GEORGETOWN UNIVERSITY		4.00		4,115,050.00		11-01-2020
	30112901	HAMPSHIRE COLLEGE		3.00		80,903.13		7-01-2013
	30112902	HAMPSHIRE COLLEGE		3.00		336,552.06		2-01-2014
	30113601	HINDS JUNIOR COLLEGE		3.00		379,000.00		4-01-2013
	30113702	HIWASSEE COLLEGE		3.00		97,561.23		9-15-2018
	30114001	HOOD COLLEGE		3.63		84,000.00		11-01-2014
	30114802	INTER-AMERICAN UNIV. OF PUERTO RICO		3.00		935,718.57		1-01-2017
	30116201	LASSEN JUNIOR COLLEGE		3.00		254,000.00		4-01-2020
	30117002	LONG ISLAND UNIVERSITY		3.63		200,876.35		6-01-2014
	30117204	LA. STATE UNIV. 1965 BOND SER B		3.00		3,800.00		7-01-2005
	30117205	LA. STATE UNIV. 1966 BOND SER C		3.00		1,500.00		7-01-2006
	30117402	LYCOMING COLLEGE		3.63		77,000.00		5-01-2014
	30117403	LYCOMING COLLEGE		3.75		124,999.99		5-01-2015
	30117501	LYNCHBURG COLLEGE		3.75		173,000.00		5-01-2015
	30117502	LYNCHBURG COLLEGE		3.00		310,000.00		5-01-2018
	30117602	MACALESTER COLLEGE		3.00		235,902.68		5-01-2020
	30117801	MARIAN COLLEGE OF FOND DU LAC		3.00		255,000.00		10-01-2016
	30118302	MARY BALDWIN COLLEGE		3.38		63,000.00		5-01-2012
	30118401	MARYMOUNT UNIVERSITY		3.00		335,000.00		5-01-2016
	30119001	SLOAN-MEMORIAL KETTERING CANCER CENTER		3.38		154,000.00		4-01-2012
	30119202	MERCER UNIV. ACCOUNTING OFFICE		3.00		151,884.45		5-01-2014
	30119801	MILLSAPS COLLEGE		3.00		360,000.00		11-01-2021
	30119903	MISSISSIPPI STATE UNIVERSITY		3.00		900,000.00		12-01-2020
	30120402	MORAVIAN COLLEGE		3.38		40,000.00		11-01-2012
	30120601	MORGAN STATE UNIVERSTIY		3.00		694,275.66		11-01-2014
	30121101	NEW ENGLAND COLLEGE		3.00		65,000.00		4-01-2016
	30121201	NEWARK BETH ISREAL MEDICAL CENTER		3.63		210,000.00		1-01-2014
	30121501	NORFOLK STATE UNIVERSITY		3.00		1,623,303.79		12-01-2021
	30122302	NORTHEASTERN UNIVERSITY		3.00		1,514,864.57		5-01-2018
	30122802	OCCIDENTAL COLLEGE		3.00		158,000.00		10-01-2019
	30123401	PAINE COLLEGE		3.00		434,999.99		10-01-2016
	30123701	UNIVERSITY OF            THE ARTS		3.00		1,376,231.26		1-01-2022
	30125504	RIDER COLLEGE		3.63		595,000.00		11-01-2013
	30125506	RIDER COLLEGE		3.00		197,000.00		5-01-2017
	30127402	ST MARY’S SCHOOL		3.00		218,000.00		6-01-2020
	30127602	SAINT MICHAELS COLLEGE		3.00		494,343.62		5-01-2013
	30127801	SAINT PAULS COLLEGE		3.00		151,680.69		11-01-2014
	30128001	SAINT VINCENT COLLEGE		3.50		165,000.00		5-01-2013
	30128802	SETON HILL COLLEGE		3.63		106,000.00		11-01-2014
	30129101	SIMPSON COLLEGE — BOND 1966		3.00		130,000.00		7-01-2016

Page 9 of 14

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

			Interest				Maturity
Loan Number		Borrower Name	Rate		Current UPB		Date
	30130301	SOUTHWEST TEXAS STATE UNIVERSITY		3.00		845,000.00		10-01-2015
	30130703	SPRINGFIELD COLLEGE		3.50		93,000.00		5-01-2013
	30130903	STEPHEN F AUSTIN STATE UNIVERSITY		3.38		342,000.00		10-01-2012
	30132003	TAYLOR UNIVERSITY		3.00		261,000.00		10-01-2013
	30132402	TEXAS SOUTHERN UNIVERSITY		3.50		130,000.00		4-01-2013
	30132904	TUFTS UNIVERSITY		3.00		1,437,000.00		10-01-2021
	30133201	UNIV STUDENT COOP HOUSING		3.00		820,000.00		4-01-2019
	30134002	ARKANSAS STATE TEACHERS COLLEGE		3.00		78,000.00		4-01-2005
	30134402	UNIVERSITY OF FLORIDA / REV. CERTS.,84		3.00		690,000.00		7-01-2014
	30136002	UNIVERSITY OF PUERTO RICO		3.00		169,000.00		6-01-2011
	30136801	UNIVERSITY OF ST THOMAS		3.00		340,000.00		10-01-2019
	30137702	VERMONT STATE COLLEGE		3.00		79,000.00		7-01-2014
	30137802	VILLANOVA UNIVERSITY		3.00		610,000.00		4-01-2019
	30137901	VINCENNES UNIVERSITY		3.00		2,370,000.00		6-01-2023
	30138001	VIRGINIA COMMONWEALTH		3.00		251,999.99		6-01-2011
	30138702	WESLEY COLLEGE		3.38		43,000.00		5-01-2013
	30140502	WITTENBERG UNIVERSITY		3.00		285,000.00		5-01-2015
	30140503	WITTENBERG UNIVERSITY		3.00		106,050.00		11-01-2017
		TOTALS:				37,539,434.77
March
	30100103	ALABAMA AGRICULTURAL		3.00		895,000.00		5-01-2018
	30101601	AUBURN UNIVERSITY		3.00		1,135,000.00		12-01-2018
	30101701	AZUSA PACIFIC UNIVERSITY		3.75		80,000.00		4-01-2015
	30102604	BENEDICT COLLEGE		3.00		992,000.00		11-01-2020
	30102802	BETHANY COLLEGE — DORM BOND 1965		3.38		41,000.00		11-01-2012
	30102803	BETHANY COLLEGE — HALL BOND 1967		3.00		125,000.00		11-01-2017
	30102804	BETHANY COLLEGE — NOTE OF 1973		3.00		95,000.00		11-01-2012
	30103302	BRANDEIS UNIVERSITY		3.00		27,550.44		11-01-2011
	30104102	CALIFORNIA STATE UNIVERSITY,		3.00		300,000.00		11-01-2013
	30104201	TRUST SERVICES DIVISION		3.00		1,348,000.00		11-01-2019
	30104605	CARNEGIE MELLON		3.00		450,000.00		11-01-2017
	30104702	CARROLL COLLEGE 50560040		3.75		112,000.00		6-01-2014
	30104703	CARROLL COLLEGE 50560040		3.00		76,629.65		6-01-2018
	30104801	CARROLL COLLEGE — DORM BOND 1965		3.75		162,000.00		3-01-2015
	30105701	CHAMPLAIN COLLEGE, INC.		3.00		38,461.54		12-01-2013
	30106904	COLLEGE OF SANTA FE		3.00		279,000.00		10-01-2018
	30107002	COLLEGE OF THE HOLY CROSS		3.63		215,000.00		10-01-2013
	30108101	CUMBERLAND COLLEGE		3.00		148,000.00		8-01-2017
	30108202	DAEMEN COLLEGE(ROSARY HILL COLLEGE)		3.00		255,000.00		4-01-2016
	30109502	DREXEL UNIVERSITY		3.50		370,000.00		5-01-2014
	30109604	DRURY COLLEGE		3.00		90,000.00		4-01-2015
	30109801	DYOURVILLE COLLEGE		3.00		524,535.00		4-01-2018
	30110101	ELIZABETH CITY STATE UNIVERSITY		3.00		170,000.00		10-01-2017
	30110401	EMMANUEL COLLEGE		3.00		55,000.00		11-01-2013
	30110802	FAIRLEIGH DICKINSON UNIV		3.00		750,000.00		11-01-2017
	30111802	GANNON UNIV. — DORM BOND 1969, SER A		3.00		134,999.98		11-01-2011
	30112002	GEORGE FOX COLLEGE		3.00		364,510.13		7-01-2018
	30112301	GEORGETOWN UNIVERSITY		3.00		1,553,000.00		11-01-2020
	30112302	GEORGETOWN UNIVERSITY		4.00		4,115,000.00		11-01-2020
	30112901	HAMPSHIRE COLLEGE		3.00		80,903.13		7-01-2013
	30112902	HAMPSHIRE COLLEGE		3.00		336,552.06		2-01-2014

Page 10 of 14

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

			Interest				Maturity
Loan Number		Borrower Name	Rate		Current UPB		Date
	30113601	HINDS JUNIOR COLLEGE		3.00		379,000.00		4-01-2013
	30113702	HIWASSEE COLLEGE		3.00		92,116.65		9-15-2018
	30114001	HOOD COLLEGE		3.63		84,000.00		11-01-2014
	30114802	INTER-AMERICAN UNIV. OF PUERTO RICO		3.00		935,718.57		1-01-2017
	30116201	LASSEN JUNIOR COLLEGE		3.00		229,000.00		4-01-2020
	30117002	LONG ISLAND UNIVERSITY		3.63		200,876.35		6-01-2014
	30117402	LYCOMING COLLEGE		3.63		77,000.00		5-01-2014
	30117403	LYCOMING COLLEGE		3.75		124,999.99		5-01-2015
	30117501	LYNCHBURG COLLEGE		3.75		173,000.00		5-01-2015
	30117502	LYNCHBURG COLLEGE		3.00		310,000.00		5-01-2018
	30117602	MACALESTER COLLEGE		3.00		235,902.68		5-01-2020
	30117801	MARIAN COLLEGE OF FOND DU LAC		3.00		255,000.00		10-01-2016
	30118302	MARY BALDWIN COLLEGE		3.38		63,000.00		5-01-2012
	30118401	MARYMOUNT UNIVERSITY		3.00		335,000.00		5-01-2016
	30119001	SLOAN-MEMORIAL KETTERING CANCER CENTER		3.38		154,000.00		4-01-2012
	30119202	MERCER UNIV. ACCOUNTING OFFICE		3.00		151,884.45		5-01-2014
	30119801	MILLSAPS COLLEGE		3.00		360,000.00		11-01-2021
	30119903	MISSISSIPPI STATE UNIVERSITY		3.00		830,000.00		12-01-2020
	30120402	MORAVIAN COLLEGE		3.38		40,000.00		11-01-2012
	30120601	MORGAN STATE UNIVERSTIY		3.00		694,275.66		11-01-2014
	30121101	NEW ENGLAND COLLEGE		3.00		65,000.00		4-01-2016
	30121201	NEWARK BETH ISREAL MEDICAL CENTER		3.63		160,000.00		1-01-2014
	30121501	NORFOLK STATE UNIVERSITY		3.00		1,623,303.79		12-01-2021
	30122302	NORTHEASTERN UNIVERSITY		3.00		1,514,864.57		5-01-2018
	30122802	OCCIDENTAL COLLEGE		3.00		158,000.00		10-01-2019
	30123401	PAINE COLLEGE		3.00		434,999.99		10-01-2016
	30123701	UNIVERSITY OF            THE ARTS		3.00		1,376,231.26		1-01-2022
	30125504	RIDER COLLEGE		3.63		595,000.00		11-01-2013
	30125506	RIDER COLLEGE		3.00		197,000.00		5-01-2017
	30127402	ST MARY’S SCHOOL		3.00		218,000.00		6-01-2020
	30127602	SAINT MICHAELS COLLEGE		3.00		494,343.62		5-01-2013
	30127801	SAINT PAULS COLLEGE		3.00		151,680.69		11-01-2014
	30128001	SAINT VINCENT COLLEGE		3.50		165,000.00		5-01-2013
	30128802	SETON HILL COLLEGE		3.63		106,000.00		11-01-2014
	30129101	SIMPSON COLLEGE — BOND 1966		3.00		130,000.00		7-01-2016
	30130301	SOUTHWEST TEXAS STATE UNIVERSITY		3.00		845,000.00		10-01-2015
	30130703	SPRINGFIELD COLLEGE		3.50		93,000.00		5-01-2013
	30130903	STEPHEN F AUSTIN STATE UNIVERSITY		3.38		342,000.00		10-01-2012
	30132003	TAYLOR UNIVERSITY		3.00		261,000.00		10-01-2013
	30132402	TEXAS SOUTHERN UNIVERSITY		3.50		130,000.00		4-01-2013
	30132904	TUFTS UNIVERSITY		3.00		1,437,000.00		10-01-2021
	30133201	UNIV STUDENT COOP HOUSING		3.00		820,000.00		4-01-2019
	30134002	ARKANSAS STATE TEACHERS COLLEGE		3.00		3,000.00		4-01-2005
	30134402	UNIVERSITY OF FLORIDA / REV. CERTS.,84		3.00		690,000.00		7-01-2014
	30136002	UNIVERSITY OF PUERTO RICO		3.00		169,000.00		6-01-2011
	30136801	UNIVERSITY OF ST THOMAS		3.00		340,000.00		10-01-2019
	30137702	VERMONT STATE COLLEGE		3.00		79,000.00		7-01-2014
	30137802	VILLANOVA UNIVERSITY		3.00		610,000.00		4-01-2019
	30137901	VINCENNES UNIVERSITY		3.00		2,370,000.00		6-01-2023
	30138001	VIRGINIA COMMONWEALTH		3.00		251,999.99		6-01-2011
	30138702	WESLEY COLLEGE		3.38		43,000.00		5-01-2013
	30140502	WITTENBERG UNIVERSITY		3.00		285,000.00		5-01-2015
	30140503	WITTENBERG UNIVERSITY		3.00		106,000.00		11-01-2017
		TOTALS:				37,308,340.19

Page 11 of 14

Berkadia Commercial Mortgage
College and University Loan Trust II
Delinquency Report (60+ Days)
For the Quarter Ended March 31, 2011

			Next
			Payment
Loan Number		Borrower Name	Due		P and I Due		Current UPB
	30134002	ARKANSAS STATE TEACHERS COLLEGE		10/01/04		92,505.00		3,000.00
	30118401	MARYMOUNT UNIVERSITY		11/01/08		102,725.00		335,000.00
	30117002	LONG ISLAND UNIVERSITY		06/01/10		29,048.23		200,876.35
	30108202	DAEMEN COLLEGE(ROSARY HILL COLLEGE)		10/01/10		3,825.00		255,000.00
	30109801	DYOUVILLE COLLEGE		10/01/10		7,868.03		524,535.00
	30117801	MARIAN COLLEGE OF FOND DU LAC		10/01/10		38,825.00		255,000.00
	30122802	OCCIDENTAL COLLEGE		10/01/10		16,370.00		158,000.00
	30123401	PAINE COLLEGE		10/01/10		63,525.00		434,999.99
	30132003	TAYLOR UNIVERSITY		10/01/10		68,915.00		261,000.00
	30132402	TEXAS SOUTHERN UNIVERSITY		10/01/10		2,275.00		130,000.00
	30132904	TUFTS UNIVERSITY		10/01/10		122,555.00		1,437,000.00
	30109502	DREXEL UNIVERSITY		11/01/10		6,475.00		370,000.00
	30110401	EMMANUEL COLLEGE		11/01/10		13,825.00		55,000.00
	30111802	GANNON UNIV. — DORM BOND 1969, SER A		11/01/10		67,025.00		134,999.98
	30119202	MERCER UNIV.ACCOUNTING OFFICE		11/01/10		20,289.35		151,884.45
	30119801	MILLSAPS COLLEGE		11/01/10		29,400.00		360,000.00
	30120601	MORGAN STATE UNIVERSTIY		11/01/10		50.00		694,275.66
	30122302	NORTHEASTERN UNIVERSITY		11/01/10		107,199.56		1,514,864.57
	30125504	RIDER COLLEGE		11/01/10		140,274.98		595,000.00
	30127602	SAINT MICHAELS COLLEGE		11/01/10		86,860.00		494,343.62
	30101601	AUBURN UNIVERSITY		12/01/10		127,025.00		1,135,000.00
	30129101	SIMPSON COLLEGE		01/01/11		1,950.00		130,000.00
TOTAL:						1,148,810.15		9,629,779.62

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

None to report for this period

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

Collections:
Principal Payments	279,879.97
Interest Payments	48,634.46
Total Principal and Interest Collections	328,514.43
Payments and Reversals Posted to Suspense	—
Total Collections	328,514.43
Less: Servicing Fees (not withheld from remittances)	(1,458.21	)
Net Collections	327,056.22

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

Date Due	Loan Number		Borrower Name	Principal Due		Interest Due		Total Due		Principal Balance		Service Fees
04012011		30106904	COLLEGE OF SA		—		4,185.00		4,185.00		279,000.00		104.63
04012011		30107002	COLLEGE OF TH		—		3,896.88		3,896.88		215,000.00		80.63
04012011		30109604	DRURY COLLEGE		9,000.00		1,350.00		10,350.00		90,000.00		33.75
04012011		30110101	ELIZABETH CIT		0		2550		2550		170000		63.75
04012011		30112002	GEORGE FOX CO		10879.97		2733.83		13613.8		364510.13		136.69
04012011		30113601	HINDS JUNIOR		170000		5685		175685		379000		142.13
04012011		30130903	STEPHEN F AUS		0		5771.25		5771.25		342000		128.25
04012011		30136801	UNIVERSITY OF		0		5100		5100		340000		127.50
04012011		30137802	VILLANOVA UNI		60000		9150		69150		610000		228.75
04012011		30116201	LASSEN JUNIOR		25000		3810		28810		254000		95.25
04012011		30130301	SOUTHWEST TEX		0		12675		12675		845000		316.88
04012011		30101701	AZUSA PACIFIC		15000		1500		16500		80000		30.00
04012011		30108202	DAEMEN COLLEG		40000		3825		43825		255000		95.63
04012011		30109801	DYOUVILLE COL		60000		7868.03		67868.03		524535		196.70
04012011		30117801	MARIAN COLLEG		0		3300		3300		220000		82.50
04012011		30119001	MEMORIAL SLOA		95000		2598.75		97598.75		154000		57.75
04012011		30121101	NEW ENGLAND C		10000		975		10975		65000		24.38
04012011		30122802	OCCIDENTAL CO		0		2160		2160		144000		54.00
04012011		30123401	PAINE COLLEGE		0		5670		5670		377999.99		141.75
04012011		30132003	TAYLOR UNIVER		0		2940		2940		196000		73.50
04012011		30132402	TEXAS SOUTHER		40000		2275		42275		130000		48.75
04012011		30132904	TUFTS UNIVERS		0		20040		20040		1336000		501.00
04012011		30133201	UNIV STU COOP		80000		12300		92300		820000		307.50
04012011		30134002	UNIV CENTR AR		0		1170		1170		0		—
			TOTALS:		614,879.97		123,528.74		738,408.71		8,191,045.12		3,071.67

Page 2 of 10

Berkadia Commercial Mortgage
College and University Loan Trust II
Loans Paid in Full
For the Period of April 01, 2011 through April 30, 2011

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

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

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

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

Loan Number	Borrower Name	Interest Rate		Current UPB		Maturity Date
30100103	ALABAMA AGRICULTURAL		3		895,000.00		5012018
30101601	AUBURN UNIVERSITY		3		1,135,000.00		12012018
30101701	AZUSA PACIFIC UNIVERSITY		3.75		80,000.00		4012015
30102604	BENEDICT COLLEGE		3		992,000.00		11012020
30102802	BETHANY COLLEGE - DORM BOND 1965		3.375		41,000.00		11012012
30102803	BETHANY COLLEGE - HALL BOND 1967		3		125,000.00		11012017
30102804	BETHANY COLLEGE - NOTE OF 1973		3		95,000.00		11012012
30103302	BRANDEIS UNIVERSITY		3		27,550.44		11012011
30104102	CALIFORNIA STATE UNIVERSITY,		3		300,000.00		11012013
30104201	TRUST SERVICES DIVISION		3		1,348,000.00		11012019
30104605	CARNEGIE MELLON		3		420,000.00		11012017
30104702	CARROLL COLLEGE 50560040		3.75		112,000.00		6012014
30104703	CARROLL COLLEGE 50560040		3		76,629.65		6012018
30104801	CARROLL COLLEGE - DORM BOND 1965		3.75		162,000.00		3012015
30105701	CHAMPLAIN COLLEGE, INC.		3		38,461.54		12012013
30106904	COLLEGE OF SANTA FE		3		279,000.00		10012018
30107002	COLLEGE OF THE HOLY CROSS		3.625		215,000.00		10012013
30108101	CUMBERLAND COLLEGE		3		148,000.00		8012017
30108202	DAEMEN COLLEGE(ROSARY HILL COLLEGE)		3		255,000.00		4012016
30109502	DREXEL UNIVERSITY		3.5		370,000.00		5012014
30109604	DRURY COLLEGE		3		81,000.00		4012015
30109801	DYOURVILLE COLLEGE		3		524,535.00		4012018
30110101	ELIZABETH CITY STATE UNIVERSITY		3		170,000.00		10012017
30110401	EMMANUEL COLLEGE		3		55,000.00		11012013
30110802	FAIRLEIGH DICKINSON UNIV		3		750,000.00		11012017
30111802	GANNON UNIV. - DORM BOND 1969, SER A		3		134,999.98		11012011
30112002	GEORGE FOX COLLEGE		3		353,630.16		7012018
30112301	GEORGETOWN UNIVERSITY		3		1,553,000.00		11012020
30112302	GEORGETOWN UNIVERSITY		4		4,115,000.00		11012020
30112901	HAMPSHIRE COLLEGE		3		80,903.13		7012013
30112902	HAMPSHIRE COLLEGE		3		336,552.06		2012014
30113601	HINDS JUNIOR COLLEGE		3		209,000.00		4012013
30113702	HIWASSEE COLLEGE		3		92,116.65		9152018
30114001	HOOD COLLEGE		3.625		84,000.00		11012014
30114802	INTER-AMERICAN UNIV. OF PUERTO RICO		3		935,718.57		1012017
30116201	LASSEN JUNIOR COLLEGE		3		229,000.00		4012020
30117002	LONG ISLAND UNIVERSITY		3.625		200,876.35		6012014
30117402	LYCOMING COLLEGE		3.625		77,000.00		5012014
30117403	LYCOMING COLLEGE		3.75		124,999.99		5012015
30117501	LYNCHBURG COLLEGE		3.75		173,000.00		5012015
30117502	LYNCHBURG COLLEGE		3		310,000.00		5012018
30117602	MACALESTER COLLEGE		3		235,902.68		5012020
30117801	MARIAN COLLEGE OF FOND DU LAC		3		255,000.00		10012016
30118302	MARY BALDWIN COLLEGE		3.375		63,000.00		5012012
30118401	MARYMOUNT UNIVERSITY		3		335,000.00		5012016
30119001	SLOAN-MEMORIAL KETTERING CANCER CENTER		3.375		154,000.00		4012012
30119202	MERCER UNIV. ACCOUNTING OFFICE		3		151,884.45		5012014
30119801	MILLSAPS COLLEGE		3		360,000.00		11012021
30119903	MISSISSIPPI STATE UNIVERSITY		3		830,000.00		12012020
30120402	MORAVIAN COLLEGE		3.375		40,000.00		11012012

Page 7 of 10

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

Loan Number	Borrower Name	Interest Rate		Current UPB		Maturity Date
30120601	MORGAN STATE UNIVERSTIY		3		694,275.66		11012014
30121101	NEW ENGLAND COLLEGE		3		65,000.00		4012016
30121201	NEWARK BETH ISREAL MEDICAL CENTER		3.625		160,000.00		1012014
30121501	NORFOLK STATE UNIVERSITY		3		1,623,303.79		12012021
30122302	NORTHEASTERN UNIVERSITY		3		1,514,864.57		5012018
30122802	OCCIDENTAL COLLEGE		3		158,000.00		10012019
30123401	PAINE COLLEGE		3		434,999.99		10012016
30123701	UNIVERSITY OF THE ARTS		3		1,376,231.26		1012022
30125504	RIDER COLLEGE		3.625		595,000.00		11012013
30125506	RIDER COLLEGE		3		197,000.00		5012017
30127402	ST MARY’S SCHOOL		3		218,000.00		6012020
30127602	SAINT MICHAELS COLLEGE		3		494,343.62		5012013
30127801	SAINT PAULS COLLEGE		3		151,680.69		11012014
30128001	SAINT VINCENT COLLEGE		3.5		165,000.00		5012013
30128802	SETON HILL COLLEGE		3.625		106,000.00		11012014
30129101	SIMPSON COLLEGE - BOND 1966		3		130,000.00		7012016
30130301	SOUTHWEST TEXAS STATE UNIVERSITY		3		845,000.00		10012015
30130703	SPRINGFIELD COLLEGE		3.5		93,000.00		5012013
30130903	STEPHEN F AUSTIN STATE UNIVERSITY		3.375		342,000.00		10012012
30132003	TAYLOR UNIVERSITY		3		261,000.00		10012013
30132402	TEXAS SOUTHERN UNIVERSITY		3.5		130,000.00		4012013
30132904	TUFTS UNIVERSITY		3		1,437,000.00		10012021
30133201	UNIV STUDENT COOP HOUSING		3		820,000.00		4012019
30134002	ARKANSAS STATE TEACHERS COLLEGE		3		3,000.00		4012005
30134402	UNIVERSITY OF FLORIDA / REV. CERTS.,84		3		690,000.00		7012014
30136002	UNIVERSITY OF PUERTO RICO		3		169,000.00		6012011
30136801	UNIVERSITY OF ST THOMAS		3		340,000.00		10012019
30137702	VERMONT STATE COLLEGE		3		79,000.00		7012014
30137802	VILLANOVA UNIVERSITY		3		550,000.00		4012019
30137901	VINCENNES UNIVERSITY		3		2,370,000.00		6012023
30138001	VIRGINIA COMMONWEALTH		3		251,999.99		6012011
30138702	WESLEY COLLEGE		3.375		43,000.00		5012013
30140502	WITTENBERG UNIVERSITY		3		285,000.00		5012015
30140503	WITTENBERG UNIVERSITY		3		106,000.00		11012017
	TOTALS:				37,028,460.22

Page 8 of 10

Berkadia Commercial Mortgage
College and University Loan Trust II
Delinquency Report (60+ Days)
As of April 30, 2011

Loan Number	Borrower Name	Next Payment Due		P and I Due
30134002	ARKANSAS STATE TEACHERS COLLEGE		10/01/04		93,675.00
30118401	MARYMOUNT UNIVERSITY		11/01/08		102,725.00
30117002	LONG ISLAND UNIVERSITY		06/01/10		29,048.23
30108202	DAEMEN COLLEGE(ROSARY HILL COLLEGE)		10/01/10		47,650.00
30109801	DYOUVILLE COLLEGE		10/01/10		75,736.06
30117801	MARIAN COLLEGE OF FOND DU LAC		10/01/10		42,125.00
30122802	OCCIDENTAL COLLEGE		10/01/10		18,530.00
30123401	PAINE COLLEGE		10/01/10		69,195.00
30132003	TAYLOR UNIVERSITY		10/01/10		71,855.00
30132402	TEXAS SOUTHERN UNIVERSITY		10/01/10		44,550.00
30132904	TUFTS UNIVERSITY		10/01/10		142,595.00
30109502	DREXEL UNIVERSITY		11/01/10		6,475.00
30110401	EMMANUEL COLLEGE		11/01/10		13,825.00
30111802	GANNON UNIV. - DORM BOND 1969, SER A		11/01/10		67,025.00
30119202	MERCER UNIV.ACCOUNTING OFFICE		11/01/10		20,289.35
30119801	MILLSAPS COLLEGE		11/01/10		29,400.00
30122302	NORTHEASTERN UNIVERSITY		11/01/10		107,199.56
30125504	RIDER COLLEGE		11/01/10		140,274.98
30127602	SAINT MICHAELS COLLEGE		11/01/10		86,860.00
30101601	AUBURN UNIVERSITY		12/01/10		127,025.00
30129101	SIMPSON COLLEGE		01/01/11		1,950.00
30104801	CAROLL COLLEGE		03/01/11		33,037.00
TOTAL:					1,371,045.18

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

None to report for this period