N-CSR

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, 2011 – November 30, 2012

ITEM 1. REPORT TO STOCKHOLDERS

College and University Facility Loan Trust Two

Financial Statements

As of and for the Year Ended

November 30, 2012

College and University Facility Loan Trust Two

Contents

Report of Independent Registered Public Accounting Firm	3
Financial Statements:
Statement of assets and liabilities	4
Statement of operations	5
Statement of cash flows	6
Statements of changes in net assets	7
Financial highlights	8
Notes to financial statements	9-20
Schedule of investments	21

2

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To U.S. Bank National Association, Owner Trustee, The Bank of New York Mellon Trust Company, N.A., Bond Trustee, and the Certificateholders of College and University Facility Loan Trust Two:

We have audited the accompanying statement of assets and liabilities of College and University Facility Loan Trust Two (the “Trust”), including the schedule of investments as of November 30, 2012, and the related statements of operations and cash flows for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended. These financial statements and financial highlights are the responsibility of the Trust’s management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. The Trust is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Trust’s internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of November 30, 2012, by correspondence with the custodian. We believe that our audits provide a reasonable basis for our opinion.

As described in Note 2 to the financial statements, the Trust accounts for its investments under the amortized cost method of accounting, with its loan investments adjusted by an allowance for loan loss. In our opinion, accounting principles generally accepted in the United States of America require that the investments be accounted for under the fair value method of accounting and that the financial statements include the disclosures required under Accounting Standards Codification Topic 820, Fair Value Measurements and Disclosures. Accounting for the investments under the fair value method of accounting, based on management’s estimate of fair value as described in Note 8, would result in an increase of approximately $5,973,000 in the recorded value of the investments as of November 30, 2012, and would result in a decrease in the reported net assets resulting from operations of approximately $(982,000) and $(1,127,000) for the years ended November 30, 2012 and November 30, 2011, respectively, and would also impact the financial highlights presented.

In our opinion, except for the effect on the 2012 and 2011 financial statements and financial highlights of accounting for investments under the amortized cost method of accounting, as discussed in the preceding paragraph, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of College and University Facility Loan Trust Two as of November 30, 2012, the results of its operations and its cash flows for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

DELOITTE & TOUCHE LLP

Boston, Massachusetts

February 22, 2013

3

College and University Facility Loan Trust Two

Statement of Assets and Liabilities

November 30,	2012
Assets:
Investments, at amortized cost, net of allowance for loan losses of $200,000	$	24,483,170
Cash		127,485
Interest Receivable		220,752
Deferred Bond Issuance Costs		26,725
Total Assets		24,858,132
Liabilities:
Bonds Payable, net of unamortized discount		15,954,214
Bond Interest Payable		362,413
Accrued Expenses and Other Liabilities		311,398
Distributions Payable to Class B Certificateholders		1,044,744
Total Liabilities		17,672,769
Net Assets:
Class B Certificates, par value $1 - authorized, issued and outstanding - 1,763,800 certificates		1,763,800
Distributions in Excess of Net Investment Income		(200,000	)
Additional Paid-In Capital		5,621,563
Net Assets	$	7,185,363
Net Asset Value per Class B Certificate (based on 1,763,800 certificates outstanding)	$	4.07

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

4

College and University Facility Loan Trust Two

Statement of Operations

Year ended November 30,	2012
Investment Income:
Interest income	$	3,025,709
Expenses:
Interest expense		1,660,906
Professional fees		426,265
Trustee fees		33,998
Servicer fees		24,632
Other trust and bond administration expenses		20,806
Total Expenses		2,166,607
Net Investment Income		859,102
Decrease in Provision for Loan Losses		167,000
Net Increase in Net Assets Resulting From Operations	$	1,026,102

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

5

College and University Facility Loan Trust Two

Statement of Cash Flows

Year ended November 30,	2012
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	$	1,026,102
Decrease in loan principal balance		7,490,976
Amortization of purchase discount on Loans		(1,969,368	)
Decrease in provision for loan losses		(167,000	)
Decrease in investment agreements		1,265,478
Decrease in interest receivable		64,417
Amortization of deferred bond issuance costs		11,355
Decrease in bond interest payable		(118,615	)
Amortization of original issue discount on Bonds		891,349
Increase in accrued expenses and other liabilities		106,560
Net cash provided by operating activities		8,601,254
Cash Flows From Financing Activities:
Principal repayments on Bonds		(5,930,789	)
Distribution to Class B certificateholders		(2,592,980	)
Net cash used in financing activities		(8,523,769	)
Net Increase in Cash		77,485
Cash, beginning of year		50,000
Cash, end of year	$	127,485
Supplemental Cash Flow Information:
Cash paid for interest on bonds	$	876,817

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

6

College and University Facility Loan Trust Two

Statements of Changes in Net Assets

Year ended November 30,	2012			2011
From Operations:
Net investment income	$	859,102		$	699,515
Decrease in provision for loan losses		167,000			27,000
Net increase in net assets applicable to Class B certificateholders resulting from operations		1,026,102			726,515
Distributions to Class B Certificateholders From:
Tax return of capital (Note 5)		(1,483,531	)		(2,154,193	)
Net Decrease in Net Assets		(457,429	)		(1,427,678	)
Net Assets:
Beginning of year		7,642,792			9,070,470
End of year	$	7,185,363		$	7,642,792

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

7

College and University Facility Loan Trust Two

Financial Highlights

Selected Per Certificate Information:
Years ended November 30,	2012			2011 (d)			2010 (d)			2009 (d)			2008 (d)
Net asset value, beginning of year	$	4.33		$	5.14		$	4.70		$	4.88		$	5.17
Income from investment operations:
Net investment income		.49			.39			.53			.34			.41
Decrease in provision for loan losses		.09			.02			.16			.09			—
Net increase from operations		.58			.41			.69			.43			.41
Distributions to Class B certificateholders from tax return of capital		(.84	)		(1.22	)		(.25	)		(.61	)		(.70	)
Net asset value, end of year	$	4.07		$	4.33		$	5.14		$	4.70		$	4.88
Total investment return(a)		N/A			N/A			N/A			N/A			N/A
Net assets applicable to Class B certificates, end of year	$	7,185,363		$	7,642,792		$	9,070,470		$	8,281,770		$	8,599,316
Ratios and Supplemental Data:
Ratio of operating expenses to average net assets applicable to Class B certificates		29.22	%(b)		31.42	%(b)		36.25	%(b)		43.60	%(b)		45.82	%(b)
Ratio of net investment income to average net assets applicable to Class B certificates		11.59	%		8.37	%		10.96	%		7.12	%		8.03	%
Number of Class B certificates outstanding, end of year		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 fair 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. The Trust is prohibited, by the terms of its Indenture, from selling or purchasing any investments. As the Trust did not purchase or sell investments during the periods presented, “portfolio turnover” is 0% for all periods presented.

(b) Excluding interest expense, the ratio of operating expenses to average net assets was 6.82%, 5.30%, 5.07%, 5.72% and 4.28% in 2012, 2011, 2010, 2009 and 2008, respectively.

(c) The Trust is prohibited, by the terms of its Indenture, from issuing new or redeeming existing Certificates. As such, market value is not presented.

(d) See Note 2 (k), regarding the restatement which affected the Financial Highlights amounts and ratios previously presented.

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

8

College and University Facility Loan Trust Two

Notes to Financial Statements

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 U.S. Bank National Association (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) to purchase certain loan portfolios. 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 Trust Company, 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. The Trust is prohibited, by the terms of its Indenture, from selling or purchasing any investments.

All payments on the Loans and earnings under the investment agreements and any required transfers from the Expense Fund and Liquidity Fund 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. See Note 8 for balances in the respective funds.

Berkadia Commercial Mortgage LLC (“Servicer” or “Berkadia”) is the administrator for the loan portfolio. Berkadia serves at the Master Servicer and Special Servicer under Master Servicing and Special Service Agreements. Berkadia handles the custodial bank accounts and performs the loan recordkeeping and monitoring.

9

College and University Facility Loan Trust Two

Notes to Financial Statements

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 “purchase discount”.

Accounting Standard Codification (“ASC”) Topic 820 Fair Value Measurement (“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.

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 the amortized cost 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 over the duration of the 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 November 30, 2012 was approximately $4,688,000. For the years ended November 30, 2012 and November 30, 2011, the Trust recognized approximately $1,969,000 and $1,985,000 of interest income, respectively, related to the amortization of the purchase discount. As a result of prepayments of Loans during the year ended November 30, 2012 and November 30, 2011, additional interest income of approximately $565,000 and $257,000, respectively, was recognized in the Statement of Operations.

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 November 30, 2012, there were no recorded investments in Loans that are considered to be doubtful.

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. Berkadia, as part of their loan portfolio

10

College and University Facility Loan Trust Two

Notes to Financial Statements

administrative responsibilities, monitors credit quality primarily through two trigger points, receipt of financial information that upon review raises credit quality concerns and delinquent payments which then require investigation as to causes of the delinquency. Historically, write-offs have been immaterial and the current macro economic environment for the industry has been robust.

The Trust views all amounts over 30 days past due as delinquent. The Trust is currently accruing interest on all amounts past due.

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, including amortization of discount, on the Loans as earned. The Loans generally require interest payments on a semiannual basis with rates of interest ranging from 3.00% to 4.00%. 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 purchase 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 November 30, 2012, no Loans have been placed on nonaccrual status. The Trust is currently accruing interest on all delinquent loans. The outstanding principal and the principal amount that is currently delinquent on such loans is $1,403,352 and $396,880, respectively. Loans that are past due more than 90 days totaled approximately $112,000 as of November 30, 2012.

(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 investment agreements are carried at amortized cost. Please see Note 8 for discussion of fair value measurement of these investments.

ASC 820 requires that the investments be accounted for under the fair value method of accounting. However, management believes that the amortized cost method of accounting best serves the informational needs of the users of the Trust’s financial statements because the Trust cannot sell or dispose of the investment agreements prior to the earlier of June 1, 2018 or the date on which the Bonds are paid-in-full.

11

College and University Facility Loan Trust Two

Notes to 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 November 30, 2012, the Trust had no uncertain tax positions that would require financial statement recognition, de-recognition, or disclosure. The Trust is additionally not aware of any tax positions for which it is reasonably possible that the total amount of unrecognized tax benefits will change in the next 12 months.

The Trust’s federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service.

(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 and are included as a component of interest expense. 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) Distributable earnings and profits

Capital distributions are presented and disclosed in accordance with 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. Distributions of $438,787 and $1,044,744 per certificate were declared on May 20, 2012 and November 20, 2012 and paid to certificateholders of record on June 1, 2012 and December 3, 2012, respectively. The distributions of $1,483,531 and $2,154,193 for the years ended November 30, 2012 and 2011, respectively, are return of capital for tax purposes.

The trusts primary permanent differences between Generally Accepted Accounting Principles (GAAP) and tax accounting are related to:

(a) The amortization of the loan purchase discounts for under GAAP. For the year ended November 30, 2012 and 2011, the Trust recorded $1,969,368 and $1,985,484, respectively of interest income related to the amortization. At November 30, 2012 the Trust had accumulated amortization of the purchase discounts of $214,011,310.

(b) Non-deductible tax interest expense under the Internal Revenue Code.

As required under ASC 946, the Trust reclassifies the accumulated value of the permanent differences discussed above from distributions in excess of net investment income to paid-in-capital. The total reclassification decreased Additional Paid in Capital $835,524 as of

12

College and University Facility Loan Trust Two

Notes to Financial Statements

November 30, 2012. This reclassification has no impact on the net investment income or net assets of the Trust. The distributions for the years ended November 30, 2012 and 2011 are return of capital for tax purposes.

(g) Use of Estimates

The preparation of financial statements in conformity with GAAP requires the Trust to make estimates, judgments and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses, and related disclosure of contingent assets and liabilities at the date of the financial statements and for the period then ended. On an on-going basis, the Trust evaluates the estimates used, including those related to the allowance for loan losses. The Trust bases its estimates on historical experience, current conditions and various other assumptions that the Trust believes to be reasonable under the circumstances. These estimates form the basis for making judgments about the carrying values of assets and liabilities and are not readily apparent from other sources. These estimates are used to assist the Trust in the identification and assessment of the accounting treatment necessary with respect to commitments and contingencies. Actual results may differ from these estimates under different assumptions or conditions and such 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.

Credit Risk

The Trust is subject to credit risk to its counterparties of any of its investments if the counterparties fail to perform pursuant to the terms of their agreements with the Trust.

The Trust’s investments are held in escrow by the Bond Trustee. The Bond Trustee has custody of the Trust’s investments. The Trust is subject to counterparty risk to the extent that the Bond 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.

13

College and University Facility Loan Trust Two

Notes to Financial Statements

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 Owner Trustee and Bond Trustee 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.

(k) Prior Period Corrections

Subsequent to the issuance of the November 30, 2011 financial statements, management of the Trust determined the net assets of the Trust were understated in prior years as a result of misstatements in the amortization of original issue discount. As a result, the prior year financial statements have been restated to correct for such misstatements, the effects of which are detailed below.

For the years ended November 30,	2011		2010		2009			2008
(Increase) decrease to Interest expense and resulting increase (decrease) to Net investment income, Changes in net assets applicable to Class B certificate holders resulting from operations, and Changes in net assets	$	9,139	$	88,639	$	(87,275	)	$	(140,952	)
Increase (decrease) in Net Assets, End of Year	$	258,251	$	249,112	$	159,473		$	246,729

The understatement of the net assets of the Trust for the matter above was $387,761 for the year ended November 30, 2007. These changes also impact the per Class B certificate holder amounts and ratios for all periods presented. These changes had no effect on the distributions to the bond holders or the Class B certificate holders for the same periods presented.

14

College and University Facility Loan Trust Two

Notes to Financial Statements

3. Bonds

The Bonds outstanding at November 30, 2012 consist of the following:

Interest Rate			Stated Maturity		Outstanding Principal (000’s)		Unamortized Discount (000’s)		Carrying Amount (000’s)
	4.0	%		June 1, 2018	$	18,121	$	2,167	$	15,954

Interest on the Bonds is payable semiannually. On December 3, 2012, the Trust made a principal payment of $4,071,203 on the Bonds. The average amount of bond principal outstanding for the period ended November 30, 2012 was approximately $20,654,000.

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 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 November 30, 2012 after taking into consideration actual Loan prepayments and the Maximum Principal Distribution Amount, as defined in the Indenture, are as follows:

Fiscal Year	Amount (000’s)
2013	$	4,488
2014		3,267
2015		2,744
2016		2,397
2017		2,165
Thereafter		3,060
Total	$	18,121

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

15

College and University Facility Loan Trust Two

Notes to Financial Statements

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. Amortization of original issue discount is included as a component of interest expense.

4. Administrative Agreements

(a) Servicer

As compensation for the services provided under the servicing agreement, Berkadia, receives a servicing fee. The fee is earned on each date of payment for each Loan and is equal to 0.075 of 1% of the outstanding principal balance of such Loans divided by the number of payments of principal and interest in a calendar year. For the year ended November 30, 2012, this fee totaled $21,257. Additionally, per the servicing agreement, the Servicer shall be reimbursed for certain expenditures incurred related to inspection of mortgaged property. For the year ended November 30, 2012, the Servicer was reimbursed $3,375. As of November 30, 2012, the Servicer is due $4,324.

(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. 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 2013, 2014, 2015, 2016, 2017 and will total $171,000 thereafter. For the year ended November 30, 2012, the Owner Trustee incurred no of out-of-pocket expenses.

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 years ended November 30, 2012 and November 30 2011, total Bond Trustee fees and related expenses amounted to $5,498 and $7,725, respectively.

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 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 November 30, 2012, the distributions declared on November 20, 2012, of $1,044,744, which was paid on December 3, 2012, was recorded as distributions payable.

16

College and University Facility Loan Trust Two

Notes to Financial Statements

6. Allowance for Loan Losses

An analysis of the allowance for loan losses for the year ended November 30, 2012 is summarized as follows:

Balance, beginning of year	$	367,000
Decrease in provision for loan losses		(167,000	)
Charge-offs		—
Recoveries		—
Balance, end of year	$	200,000

The reduction in the allowance for loan losses for the year ended November 30, 2012 is primarily from the reduction of delinquent loan amounts that were paid during the year.

Loan classification by credit risk profile as of November 30, 2012 is as follows:

	Amortized Cost (000’s)		Reserve Amount (000’s)		Loan, net of allowance  of loan loss (000’s)
General	$	17,805	$	181	$	17,624
Substandard		128		19		109
Doubtful		—		—		—
Total	$	17,933	$	200	$	17,733

7. Loans

Scheduled principal and interest payments on the Loans as of November 30, 2012 are as follows:

Fiscal Year	Principal Payments (000’s)		Interest Payments (000’s)		Total (000’s)
2013	$	4,339	$	710	$	5,049
2014		3,601		559		4,160
2015		2,953		450		3,403
2016		2,728		359		3,087
2017		2,382		275		2,657
Thereafter		6,619		472		7,091
Total	$	22,622	$	2,825	$	25,447

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. Prepayments made during the year totaled $2,692,717.

17

College and University Facility Loan Trust Two

Notes to Financial Statements

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 Trust’s aging of outstanding principal amounts as of November 30, 2012 is as follows (in thousands):

Current		30-59 Days Delinquent		60-89 Days Delinquent		Greater Than 90 Days Delinquent		Total Delinquent		Total
$	22,225	$	285	$	—	$	112	$	397	$	22,622

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.

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.

ASC 820, Fair Value Measurements and Disclosures (“ASC 820”) establishes a hierarchy for inputs used in measuring fair value that maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that the most observable inputs be used when available. Observable inputs are inputs that market participants would use in pricing the asset or liability based on market data obtained from sources independent of the Trust. Unobservable inputs are inputs that reflect the Trust’s assumptions about the factors market participants would use in pricing the asset or liability based on the best information available in the circumstances. The hierarchy is broken down into three levels based on the reliability of inputs as follows:

Level 1 - Valuations based on quoted prices in active markets for identical assets or liabilities. An active market for the asset or liability is a market in which transactions for the asset or liability occur with sufficient frequency and volume to provide pricing information on an ongoing basis. Valuation adjustments and block discounts are not applied to Level 1 instruments.

18

College and University Facility Loan Trust Two

Notes to Financial Statements

Level 2 - Valuations based on quoted prices in markets that are not active or for which all significant inputs are observable, either directly or indirectly.

Level 3 - Valuations based on inputs that are unobservable and significant to the overall fair value measurement.

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. Therefore, the investments are categorized as Level 3 within the hierarchy. 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. 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 November 30, 2012, is based upon bonds with similar characteristics and maturity dates of the investment agreements. The methodology is consistent with the prior year.

The estimated fair value of the Trust’s financial instruments and the amortized cost presented in the accompanying statement of assets and liabilities as of November 30, 2012 is as follows:

	Amortized Cost (000’s)			Fair Value (000’s)
Loans	$	17,733	*	$	23,224
Investment Agreements:
Reserve Fund		6,234			6,565
Liquidity Fund		516			667
	$	24,483		$	30,456
Bonds Payable	$	15,954		$	19,647

* Net of allowance for loan losses of $200,000.

19

College and University Facility Loan Trust Two

Notes to Financial Statements

9. Subsequent Events

The Trust has evaluated the need for disclosures and/or adjustments resulting from subsequent events through the date of issuance of these financial statements. Except for the subsequent distributions disclosed in Notes 2(f), 3, and 5, the evaluation did not identify any subsequent events that necessitated disclosures and/or adjustments to these financial statements.

The remainder of this page intentionally left blank.

20

COLLEGE AND UNIVERSITY FACILITY LOAN TRUST TWO

SCHEDULE OF INVESTMENTS

November 30, 2012

(Dollar Amounts in Thousands)

Outstanding Principal Balance		Description	Stated Interest Rate %			Maturity Date		Effective Yield to Maturity % (A) (Unaudited)			Amortized Cost (Notes 1 and 2)
		COLLEGE AND UNIVERSITY LOANS (253%)
		— ALABAMA (19%) —
$	680	Alabama Agricultural and Mechanical University		3.000	%		05/01/2018		10.27	%	$	564
	910	Auburn University		3.000			12/01/2018		9.16			739
												1,303
		— CALIFORNIA (24%) —
	49	Azusa Pacific University		3.750			04/01/2015		10.88			44
	105	California State University		3.000			11/01/2013		8.93			99
	1,078	California State University		3.000			11/01/2019		8.99			865
	204	Lassen Junior College District		3.000			04/01/2020		10.27			158
	655	University Student Co-Operative Association		3.000			04/01/2019		10.70			512
												1,678
		— DELAWARE (<1%) —
	2	Wesley College		3.375			05/01/2013		10.88			2
												2
		— DISTRICT OF COLUMBIA (51%) —
	1,277	Georgetown University		3.000			11/01/2020		10.36			950
	3,405	Georgetown University		4.000			11/01/2020		10.52			2,633
												3,583
		— FLORIDA (5%) —
	355	University of Florida		3.000			07/01/2014		10.15			317
												317
		— GEORGIA (4%) —
	14	Emmanuel College		3.000			11/01/2013		10.45			13
	59	Mercer University		3.000			05/01/2014		10.58			55
	260	Paine College		3.000			10/01/2016		10.45			218
												286
		— INDIANA (21%) —
	2,060	Vincennes University		3.000			06/01/2023		9.02			1,488
												1,488
		— IOWA (1%) —
	90	Simpson College		3.000			07/01/2016		10.58			75
												75
		— MARYLAND (7%) —
	62	Hood College		3.625			11/01/2014		10.54			59
	444	Morgan State University		3.000			11/01/2014		10.56			412
												471
		— MASSACHUSETTS (3%) —
	33	Hampshire College		3.000			07/01/2013		10.75			31
	172	Hampshire College		3.000			02/01/2014		10.70			158
	8	Springfield College		3.500			05/01/2013		10.67			8
												197
		— MISSISSIPPI (11%) —
	280	Millsaps College		3.000			11/01/2021		10.34			203
	760	Mississippi State University		3.000			12/01/2020		9.64			574
												777
		— MISSOURI (1%) —
	49	Drury College		3.000			04/01/2015		10.63			44
												44

21

COLLEGE AND UNIVERSITY FACILITY LOAN TRUST TWO

SCHEDULE OF INVESTMENTS

November 30, 2012

(Dollar Amounts in Thousands)

Outstanding Principal Balance		Description	Stated Interest Rate %		Maturity Date		Effective Yield to Maturity % (A) (Unaudited)		Amortized Cost (Notes 1 and 2)
		— NEW HAMPSHIRE (1%) —
	45	New England College		3.000		04/01/2016		10.77		39
										39
		— NEW JERSEY (12%) —
	550	Fairleigh Dickinson University		3.000		11/01/2017		10.39		447
	110	Newark Beth Israel Hospital		3.625		01/01/2014		11.06		101
	160	Rider College		3.625		11/01/2013		10.42		149
	147	Rider College		3.000		05/01/2017		10.70		124
										821
		— NEW MEXICO (2%) —
	211	College of Santa Fe		3.000		10/01/2018		10.43		168
										168
		— NEW YORK (4%) —
	175	Daemen College		3.000		04/01/2016		10.77		151
	117	Long Island University		3.625		06/01/2014		10.49		107
										258
		— NORTH CAROLINA (3%) —
	125	Elizabeth City State University		3.000		10/01/2017		10.02		103
	186	Saint Mary’s College		3.000		06/01/2020		10.14		141
										244
		— OHIO (3%) —
	175	Wittenberg University		3.000		05/01/2015		10.76		156
	78	Wittenberg University		3.000		11/01/2017		10.39		64
										220
		— OREGON (3%) —
	287	George Fox College		3.000		07/01/2018		10.64		231
										231
		— PENNSYLVANIA (27%) —
	330	Carnegie-Mellon University		3.000		11/01/2017		10.51		273
	170	Drexel University		3.500		05/01/2014		10.53		159
	40	Lycoming College		3.625		05/01/2014		10.64		37
	75	Lycoming College		3.750		05/01/2015		10.62		68
	1,214	Philadelphia College of Art		3.000		01/01/2022		10.62		862
	55	Saint Vincent College		3.500		05/01/2013		10.86		53
	81	Seton Hill College		3.625		11/01/2014		10.53		76
	490	Villanova University		3.000		04/01/2019		10.70		383
										1,911
		— PUERTO RICO (8%) —
	696	Inter American University of Puerto Rico		3.000		01/01/2017		10.94		582
										582
		— SOUTH CAROLINA (9%) —
	816	Benedict College		3.000		11/01/2020		10.36		607
										607
		— TENNESSEE (1%) —
	75	Hiwassee College		3.000		09/15/2018		10.58		60
										60

The accompanying notes are an integral part of this schedule.

22

COLLEGE AND UNIVERSITY FACILITY LOAN TRUST TWO

SCHEDULE OF INVESTMENTS

November 30, 2012

(Dollar Amounts in Thousands)

Outstanding Principal Balance		Description	Stated Interest Rate %		Maturity Date			Effective Yield to Maturity % (A) (Unaudited)		Amortized Cost (Notes 1 and 2)
		— TEXAS (11%) —
	520	Southwest Texas State University		3.000		10/01/2015			9.51		458
	130	Texas Southern University		3.500		04/01/2013			10.45		128
	270	University of Saint Thomas		3.000		10/01/2019			10.41		206
											792
		— VERMONT (1%) —
	13	Champlain College		3.000		12/01/2013			10.19		11
	85	Saint Michael’s College		3.000		05/01/2013			10.60		82
											93
		— VIRGINIA (21%) —
	98	Lynchburg College		3.750		05/01/2015			10.64		90
	235	Lynchburg College		3.000		05/01/2018			10.68		192
	175	Marymount University		3.000		05/01/2016			10.52		152
	1,432	Norfolk State University		3.000		12/01/2021			9.77		1,050
											1,484
		— WEST VIRGINIA (1%) —
	95	Bethany College		3.000		11/01/2017			10.40		77
											77
		— WISCONSIN (2%) —
	150	Marian College		3.000		10/01/2016			10.45		125
											125
		TOTAL COLLEGE AND UNIVERSITY LOANS									17,933
		Allowance for Loan Losses									(200	)
		Loans, net of allowance for loan losses									17,733
		INVESTMENT AGREEMENTS (96%)
	516	JPMorgan Chase Bank - Liquidity Fund		7.750		06/01/2018	(C)				516

The accompanying notes are an integral part of this schedule.

23

COLLEGE AND UNIVERSITY FACILITY LOAN TRUST TWO

SCHEDULE OF INVESTMENTS

November 30, 2012

(Dollar Amounts in Thousands)

Outstanding Principal Balance		Description	Stated Interest Rate %		Maturity Date			Effective Yield to Maturity % (A) (Unaudited)		Amortized Cost (Notes 1 and 2)
	6,234	JPMorgan Chase Bank - Revenue Fund		7.050		06/01/2018	(C)				6,234
		TOTAL INVESTMENT AGREEMENTS									6,750
		Total Investments (350%)							(B)	$	24,483
		OTHER ASSETS, LESS LIABILITIES (-250%)									(17,298	)
		NET ASSETS (100%)								$	7,185

(A) Represents the rate of return earned by the Trust based on the purchase discount and the accretion to maturity as of date of purchase.

(B) The tax basis in all investments is approximately $29,372.

(C) Terminates 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.

24

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 2012 - $192,000

Fiscal year ended 2011 - $144,000

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

Fiscal year ended 2012 - $0

Fiscal year ended 2011 - $0

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

Fiscal year ended 2012 - $0

Fiscal year ended 2011 - $0

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

Fiscal year ended 2012 - $57,500

-$41,500 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 2011 - $62,000

-$46,000 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.

(e)

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

Not applicable to the registrant.

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

Not applicable to the registrant.

(f) Not applicable to the registrant.

(g) Not applicable to the registrant.

(h) Not applicable to the registrant.

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS

Not applicable to the registrant.

ITEM 6. SCHEDULE OF INVESTMENTS

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

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

Not applicable to the registrant.

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

Not applicable to the registrant.

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

Not applicable to the registrant.

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

Not applicable to the registrant.

ITEM 11. CONTROLS AND PROCEDURES

(a) Not applicable to the registrant.

(b) Not applicable to the registrant.

ITEM 12. EXHIBITS

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

(a)

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

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

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

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

(5) Berkadia Commercial Mortgage LLC 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 February 22, 2013

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 February 22, 2013

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: February 22, 2013

/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 November 30, 2012 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:	February 22, 2013
By:	/s/ Bryan Calder
	Executive Vice President

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

EX-99.3

Annual Statement as to Compliance

For the Year Ended December 31, 2011

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

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

If you have any questions, please e-mail the RCCSecurity.Requests@berkadia.com.

Berkadia Commercial Mortgage

    

Mark E. McCool

Executive Vice President

February 20, 2012

Inv. 3 Lib. G

Annual Statement as to Compliance

For the Year Ended December 31, 2011

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.

If you have any questions, please e-mail the RCCSecurity.Requests@berkadia.com.

Berkadia Commercial Mortgage

    

Michael Carp

Executive Vice President

February 20, 2012

Inv. 003 Lib. G

EX-99.4

Management’s Assertion Concerning Compliance

with Minimum Special Servicing Standards

February 29, 2012

As of and for the year ended December 31, 2011, Berkadia Commercial Mortgage LLC has complied, in all material respects, with the minimum special servicing standards set forth in the Company’s Special Servicing Policy (attached in Exhibit I) which were derived from the Mortgage Banker’s Association of America’s Uniform Single Attestation Program for Mortgage Bankers.

As of December 31, 2011, the Company is covered by insurance policies providing for $150 million of fidelity bond insurance and $150 million of errors and omission insurance.

Mark E. McCool

Executive Vice President

Head of Servicing

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.

Management’s Assertion Concerning Compliance

with Minimum Master Servicing Standards

February 29, 2012

As of and for the year ended December 31, 2011, Berkadia Commercial Mortgage LLC has complied, in all material respects, with the minimum master servicing standards set forth in the Company’s Master Servicing Policy (attached in Exhibit I) which were derived from the Mortgage Banker’s Association of America’s Uniform Single Attestation Program for Mortgage Bankers.

As of December 31, 2011, the Company is covered by insurance policies providing for $150 million of fidelity bond insurance and $150 million of errors and omission insurance.

Mark E. McCool

Executive Vice President

Head of Servicing

Berkadia Commercial Mortgage LLC

Exhibit I

Berkadia Commercial Mortgage LLC

Master Servicing Policy

I. CUSTODIAL BANK ACCOUNTS

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

• Be mathematically accurate;

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

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

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

2. Funds of the servicing entity shall be advanced as specified in the servicing agreement in cases where there is an overdraft in an investor’s or a mortgagor’s account.

3. All cash for each custodial account shall be maintained at a federally insured depository institution in trust for the applicable investor or in an investment account in accordance with the applicable servicing agreement requirements.

4. Escrow funds held in trust for a mortgagor shall be returned to the mortgagor within thirty (30) calendar days of payoff of the mortgage loan.

II. MORTGAGE PAYMENTS

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

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.

Exhibit I

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 principle 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 in investors in management’s assertion.

VI. MONITORING OF SUBSERVICER COMPLIANCE

1. Within 120 days of the 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 Accountants’ Report on management’s assertions shall be reviewed, and if material exceptions are found, appropriate corrective action will be taken.

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

EX-99.5

Berkadia Commercial Mortgage

College and University Loan Trust II

Collection Account Activity Report

For the Period of January 01, 2012 through January 31, 2012

Collections:
Principal Payments	381,025.83
Interest Payments	33,034.67
Total Principal and Interest Collections	414,060.50
Payments and Reversals Posted to Suspense	(0.08	)
Total Collections	414,060.42
Less: Servicing Fees (not withheld from remittances)	(1,471.79	)
Net Collections	412,588.63

Berkadia Commercial Mortgage

College & Trust Facility Loan Trust II

Service Fees Schedule

For the Period of January 01, 2012 through January 31, 2012

Date Due	Loan Number		Borrower Name	Principal Due		Interest Due		Total Due		Principal Balance		Service Fees
1012012		30112002	GEORGE FOX CO		11,126.61		2,487.19		13,613.80		331,624.80		124.36
1012012		30123701	PHILADELPHIA		54,063.70		19,844.50		73,908.20		1,322,966.53		496.11
1012012		30129101	SIMPSON COLLE		—		1,650.00		1,650.00		110,000.00		41.25
1012012		30137702	VERMONT STATE		—		900.00		900.00		60,000.00		22.50
1012012		30112901	HAMPSHIRE COL		15,938.07		978.01		16,916.08		65,200.60		24.45
1012012		30114802	INTER AMERICA		79,942.85		12,854.35		92,797.20		856,957.15		321.36
1012012		30134402	UNIVERSITY OF		—		7,875.00		7,875.00		525,000.00		196.88
1012012		30121201	NEWARK BETH I		50,000.00		2,900.00		52,900.00		160,000.00		60.00
													—
			TOTALS:		211,071.23		49,489.05		260,560.28		3,431,749.08		1,286.91

Page 1 of 1

Berkadia Commercial Mortgage

College and University Loan Trust II

Loans Paid in Full

For the Period of January 01, 2012 through January 31, 2012

Loan Number	Payoff Date		Total Amount Paid		Principal Amount		Interest Amount		Other Fees		Maturity Date
30132003		1/18/2012		264,915.00		261,000.00		3,915.00				10012013
TOTALS:				264,915.00		261,000.00		3,915.00		—

Berkadia Commercial Mortgage

College and University Loan Trust II

Summary of Partial Prepayments

For the Period of January 01, 2012 through January 31, 2012

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 January 31, 2012

Loan Number	Borrower Name	Interest Rate		Current UPB		Maturity Date
30100103	ALABAMA AGRICULTURAL		3		790,000.00		5012018
30101601	AUBURN UNIVERSITY		3		910,000.00		12012018
30101701	AZUSA PACIFIC UNIVERSITY		3.75		65,000.00		4012015
30102604	BENEDICT COLLEGE		3		905,000.00		11012020
30102802	BETHANY COLLEGE - DORM BOND 1965		3.375		11,000.00		11012012
30102803	BETHANY COLLEGE - HALL BOND 1967		3		110,000.00		11012017
30102804	BETHANY COLLEGE - NOTE OF 1973		3		50,000.00		11012012
30104102	CALIFORNIA STATE UNIVERSITY,		3		205,000.00		11012013
30104201	TRUST SERVICES DIVISION		3		1,218,000.00		11012019
30104605	CARNEGIE MELLON		3		390,000.00		11012017
30105701	CHAMPLAIN COLLEGE, INC.		3		26,020.91		12012013
30106904	COLLEGE OF SANTA FE		3		247,000.00		10012018
30108101	CUMBERLAND COLLEGE		3		128,000.00		8012017
30108202	DAEMEN COLLEGE (ROSARY HILL COLLEGE)		3		215,000.00		4012016
30109502	DREXEL UNIVERSITY		3.5		270,000.00		5012014
30109604	DRURY COLLEGE		3		71,000.00		4012015
30110101	ELIZABETH CITY STATE UNIVERSITY		3		150,000.00		10012017
30110401	EMMANUEL COLLEGE		3		28,000.00		11012013
30110802	FAIRLEIGH DICKINSON UNIV		3		650,000.00		11012017
30112002	GEORGE FOX COLLEGE		3		320,498.19		7012018
30112301	GEORGETOWN UNIVERSITY		3		1,417,000.00		11012020
30112302	GEORGETOWN UNIVERSITY		4		3,765,000.00		11012020
30112901	HAMPSHIRE COLLEGE		3		49,262.53		7012013
30112902	HAMPSHIRE COLLEGE		3		227,691.40		2012014
30113702	HIWASSEE COLLEGE		3		86,590.40		9152018
30114001	HOOD COLLEGE		3.625		62,000.00		11012014
30114802	INTER-AMERICAN UNIV. OF PUERTO RICO		3		777,014.30		1012017
30116201	LASSEN JUNIOR COLLEGE		3		229,000.00		4012020
30117002	LONG ISLAND UNIVERSITY		3.625		161,789.48		6012014
30117402	LYCOMING COLLEGE		3.625		59,000.00		5012014
30117403	LYCOMING COLLEGE		3.75		99,999.99		5012015
30117501	LYNCHBURG COLLEGE		3.75		138,000.00		5012015
30117502	LYNCHBURG COLLEGE		3		275,000.00		5012018
30117801	MARIAN COLLEGE OF FOND DU LAC		3		185,000.00		10012016
30118302	MARY BALDWIN COLLEGE		3.375		23,000.00		5012012
30118401	MARYMOUNT UNIVERSITY		3		215,000.00		5012016
30119001	SLOAN-MEMORIAL KETTERING CANCER CENTER		3.375		59,000.00		4012012
30119202	MERCER UNIV. ACCOUNTING OFFICE		3		97,036.64		5012014
30119801	MILLSAPS COLLEGE		3		308,000.00		11012021
30119903	MISSISSIPPI STATE UNIVERSITY		3		760,000.00		12012020
30120402	MORAVIAN COLLEGE		3.375		20,000.00		11012012
30120601	MORGAN STATE UNIVERSITY		3		528,380.65		11012014
30121101	NEW ENGLAND COLLEGE		3		55,000.00		4012016
30121201	NEWARK BETH ISRAEL MEDICAL CENTER		3.625		160,000.00		1012014
30121501	NORFOLK STATE UNIVERSITY		3		1,496,707.01		12012021
30122302	NORTHEASTERN UNIVERSITY		3		1,257,614.32		5012018
30123401	PAINE COLLEGE		3		319,999.99		10012016
30123701	UNIVERSITY OF THE ARTS		3		1,268,902.83		1012022
30125504	RIDER COLLEGE		3.625		595,000.00		11012013
30125506	RIDER COLLEGE		3		172,000.00		5012017

Page 1 of 2

Berkadia Commercial Mortgage

College and University Loan Trust II

Trial Balance

As of January 31, 2012

Loan Number	Borrower Name	Interest Rate		Current UPB		Maturity Date
30127402	ST MARY’S SCHOOL		3		197,000.00		6012020
30127602	SAINT MICHAELS COLLEGE		3		252,416.18		5012013
30127801	SAINT PAULS COLLEGE		3		115,437.13		11012014
30128001	SAINT VINCENT COLLEGE		3.5		110,000.00		5012013
30128802	SETON HILL COLLEGE		3.625		81,000.00		11012014
30129101	SIMPSON COLLEGE - BOND 1966		3		110,000.00		7012016
30130301	SOUTHWEST TEXAS STATE UNIVERSITY		3		685,000.00		10012015
30130703	SPRINGFIELD COLLEGE		3.5		53,000.00		5012013
30130903	STEPHEN F AUSTIN STATE UNIVERSITY		3.375		177,000.00		10012012
30132402	TEXAS SOUTHERN UNIVERSITY		3.5		130,000.00		4012013
30132904	TUFTS UNIVERSITY		3		1,232,000.00		10012021
30133201	UNIV STUDENT COOP HOUSING		3		740,000.00		4012019
30134402	UNIVERSITY OF FLORIDA / REV. CERTS., 84		3		525,000.00		7012014
30136801	UNIVERSITY OF ST THOMAS		3		305,000.00		10012019
30137702	VERMONT STATE COLLEGE		3		60,000.00		7012014
30137802	VILLANOVA UNIVERSITY		3		550,000.00		4012019
30137901	VINCENNES UNIVERSITY		3		2,220,000.00		6012023
30138702	WESLEY COLLEGE		3.375		23,000.00		5012013
30140502	WITTENBERG UNIVERSITY		3		230,000.00		5012015
30140503	WITTENBERG UNIVERSITY		3		92,000.00		11012017
	TOTALS:				29,515,361.95

Page 2 of 2

Berkadia Commercial Mortgage

College and University Loan Trust II

Delinquency Report (60+ Days)

As of January 31, 2012

Loan Number	Borrower Name	Next Payment Due	P and I Due		Current UPB
30132402	TEXAS SOUTHERN UNIVERSITY	10/01/10		46,125.00		130,000.00
30125504	RIDER COLLEGE	11/01/10		301,768.72		595,000.00
30117002	LONG ISLAND UNIVERSITY	06/01/11		29,236.36		161,789.48
TOTAL:				377,130.08		886,789.48

Berkadia Commercial Mortgage

College and University Loan Trust II

Liquidation Report

As of January 31, 2012

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, 2012 through February 29, 2012

Collections:
Principal Payments	—
Interest Payments	1,920.00
Total Principal and Interest Collections	1,920.00
Payments and Reversals Posted to Suspense	—
Total Collections	1,920.00
Less: Servicing Fees (not withheld from remittances)	(153.95	)
Net Collections	1,766.05

Berkadia Commercial Mortgage

College & Trust Facility Loan Trust II

Service Fees Schedule

For the Period of February 01, 2012 through February 29, 2012

Date Due	Loan Number		Borrower Name	Principal Due		Interest Due		Total Due		Principal Balance		Service Fees
2012012		30108101	CUMBERLAND CO		—		1,920.00		1,920.00		128,000.00		48.00
2012012		30112902	HAMPSHIRE COL		54,835.52		4,237.90		59,073.42		282,526.92		105.95
													—
													—
													—
													—
													—
													—
			TOTALS:		54,835.52		6,157.90		60,993.42		410,526.92		153.95

Page 1 of 1

Berkadia Commercial Mortgage

College and University Loan Trust II

Loans Paid in Full

For the Period of February 01, 2012 through February 29, 2012

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 February 01, 2012 through February 29, 2012

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 February 29, 2012

Loan Number	Borrower Name	Interest Rate		Current UPB		Maturity Date
30100103	ALABAMA AGRICULTURAL		3		790,000.00		5012018
30101601	AUBURN UNIVERSITY		3		910,000.00		12012018
30101701	AZUSA PACIFIC UNIVERSITY		3.75		65,000.00		4012015
30102604	BENEDICT COLLEGE		3		905,000.00		11012020
30102802	BETHANY COLLEGE - DORM BOND 1965		3.375		11,000.00		11012012
30102803	BETHANY COLLEGE - HALL BOND 1967		3		110,000.00		11012017
30102804	BETHANY COLLEGE - NOTE OF 1973		3		50,000.00		11012012
30104102	CALIFORNIA STATE UNIVERSITY,		3		205,000.00		11012013
30104201	TRUST SERVICES DIVISION		3		1,218,000.00		11012019
30104605	CARNEGIE MELLON		3		390,000.00		11012017
30105701	CHAMPLAIN COLLEGE, INC.		3		26,020.91		12012013
30106904	COLLEGE OF SANTA FE		3		247,000.00		10012018
30108101	CUMBERLAND COLLEGE		3		128,000.00		8012017
30108202	DAEMEN COLLEGE (ROSARY HILL COLLEGE)		3		215,000.00		4012016
30109502	DREXEL UNIVERSITY		3.5		270,000.00		5012014
30109604	DRURY COLLEGE		3		71,000.00		4012015
30110101	ELIZABETH CITY STATE UNIVERSITY		3		150,000.00		10012017
30110401	EMMANUEL COLLEGE		3		28,000.00		11012013
30110802	FAIRLEIGH DICKINSON UNIV		3		650,000.00		11012017
30112002	GEORGE FOX COLLEGE		3		320,498.19		7012018
30112301	GEORGETOWN UNIVERSITY		3		1,417,000.00		11012020
30112302	GEORGETOWN UNIVERSITY		4		3,765,000.00		11012020
30112901	HAMPSHIRE COLLEGE		3		49,262.53		7012013
30112902	HAMPSHIRE COLLEGE		3		227,691.40		2012014
30113702	HIWASSEE COLLEGE		3		86,590.40		9152018
30114001	HOOD COLLEGE		3.625		62,000.00		11012014
30114802	INTER-AMERICAN UNIV. OF PUERTO RICO		3		777,014.30		1012017
30116201	LASSEN JUNIOR COLLEGE		3		229,000.00		4012020
30117002	LONG ISLAND UNIVERSITY		3.625		161,789.48		6012014
30117402	LYCOMING COLLEGE		3.625		59,000.00		5012014
30117403	LYCOMING COLLEGE		3.75		99,999.99		5012015
30117501	LYNCHBURG COLLEGE		3.75		138,000.00		5012015
30117502	LYNCHBURG COLLEGE		3		275,000.00		5012018
30117801	MARIAN COLLEGE OF FOND DU LAC		3		185,000.00		10012016
30118302	MARY BALDWIN COLLEGE		3.375		23,000.00		5012012
30118401	MARYMOUNT UNIVERSITY		3		215,000.00		5012016
30119001	SLOAN-MEMORIAL KETTERING CANCER CENTER		3.375		59,000.00		4012012
30119202	MERCER UNIV. ACCOUNTING OFFICE		3		97,036.64		5012014
30119801	MILLSAPS COLLEGE		3		308,000.00		11012021
30119903	MISSISSIPPI STATE UNIVERSITY		3		760,000.00		12012020
30120402	MORAVIAN COLLEGE		3.375		20,000.00		11012012
30120601	MORGAN STATE UNIVERSITY		3		528,380.65		11012014
30121101	NEW ENGLAND COLLEGE		3		55,000.00		4012016
30121201	NEWARK BETH ISRAEL MEDICAL CENTER		3.625		160,000.00		1012014
30121501	NORFOLK STATE UNIVERSITY		3		1,496,707.01		12012021
30122302	NORTHEASTERN UNIVERSITY		3		1,257,614.32		5012018
30123401	PAINE COLLEGE		3		319,999.99		10012016
30123701	UNIVERSITY OF THE ARTS		3		1,268,902.83		1012022
30125504	RIDER COLLEGE		3.625		595,000.00		11012013
30125506	RIDER COLLEGE		3		172,000.00		5012017

Page 1 of 2

Berkadia Commercial Mortgage

College and University Loan Trust II

Trial Balance

As of February 29, 2012

Loan Number	Borrower Name	Interest Rate		Current UPB		Maturity Date
30127402	ST MARY’S SCHOOL		3		197,000.00		6012020
30127602	SAINT MICHAELS COLLEGE		3		252,416.18		5012013
30127801	SAINT PAULS COLLEGE		3		115,437.13		11012014
30128001	SAINT VINCENT COLLEGE		3.5		110,000.00		5012013
30128802	SETON HILL COLLEGE		3.625		81,000.00		11012014
30129101	SIMPSON COLLEGE - BOND 1966		3		110,000.00		7012016
30130301	SOUTHWEST TEXAS STATE UNIVERSITY		3		685,000.00		10012015
30130703	SPRINGFIELD COLLEGE		3.5		53,000.00		5012013
30130903	STEPHEN F AUSTIN STATE UNIVERSITY		3.375		177,000.00		10012012
30132402	TEXAS SOUTHERN UNIVERSITY		3.5		130,000.00		4012013
30132904	TUFTS UNIVERSITY		3		1,232,000.00		10012021
30133201	UNIV STUDENT COOP HOUSING		3		740,000.00		4012019
30134402	UNIVERSITY OF FLORIDA / REV. CERTS., 84		3		525,000.00		7012014
30136801	UNIVERSITY OF ST THOMAS		3		305,000.00		10012019
30137702	VERMONT STATE COLLEGE		3		60,000.00		7012014
30137802	VILLANOVA UNIVERSITY		3		550,000.00		4012019
30137901	VINCENNES UNIVERSITY		3		2,220,000.00		6012023
30138702	WESLEY COLLEGE		3.375		23,000.00		5012013
30140502	WITTENBERG UNIVERSITY		3		230,000.00		5012015
30140503	WITTENBERG UNIVERSITY		3		92,000.00		11012017
	TOTALS:				29,515,361.95

Page 2 of 2

Berkadia Commercial Mortgage

College and University Loan Trust II

Delinquency Report (60+ Days)

As of February 29, 2012

Loan Number	Borrower Name	Next Payment Due	P and I Due		Current UPB
30132402	TEXAS SOUTHERN UNIVERSITY	10/01/10		46,125.00		130,000.00
30125504	RIDER COLLEGE	11/01/10		301,768.72		595,000.00
30117002	LONG ISLAND UNIVERSITY	06/01/11		29,236.36		161,789.48
TOTAL:				377,130.08		886,789.48

Berkadia Commercial Mortgage

College and University Loan Trust II

Liquidation Report

As of February 29, 2012

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, 2012 through March 31, 2012

Collections:
Principal Payments	90,609.14
Interest Payments	23,258.86
Total Principal and Interest Collections	113,868.00
Payments and Reversals Posted to Suspense	—
Total Collections	113,868.00
Less: Servicing Fees (not withheld from remittances)	(32.47	)
Net Collections	113,835.53

Berkadia Commercial Mortgage

College & Trust Facility Loan Trust II

Service Fees Schedule

For the Period of March 01, 2012 through March 31, 2012

Date Due	Loan Number		Borrower Name	Principal Due		Interest Due		Total Due		Principal Balance		Service Fees
3152012		30113702	HIWASSEE COLL		5,609.14		1,298.86		6,908.00		86,590.40		32.47
													—
													—
													—
													—
													—
													—
													—
			TOTALS:		5,609.14		1,298.86		6,908.00		86,590.40		32.47

Page 1 of 1

Berkadia Commercial Mortgage

College and University Loan Trust II

Loans Paid in Full

For the Period of March 01, 2012 through March 31, 2012

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 March 01, 2012 through March 31, 2012

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 March 31, 2012

Loan Number	Borrower Name	Interest Rate		Current UPB		Maturity Date
30100103	ALABAMA AGRICULTURAL		3		790,000.00		5012018
30101601	AUBURN UNIVERSITY		3		910,000.00		12012018
30101701	AZUSA PACIFIC UNIVERSITY		3.75		65,000.00		4012015
30102604	BENEDICT COLLEGE		3		905,000.00		11012020
30102802	BETHANY COLLEGE - DORM BOND		3.375		11,000.00		11012012
30102803	BETHANY COLLEGE - HALL BOND 1967		3		110,000.00		11012017
30102804	BETHANY COLLEGE - NOTE OF 1973		3		50,000.00		11012012
30104102	CALIFORNIA STATE UNIVERSITY,		3		205,000.00		11012013
30104201	TRUST SERVICES DIVISION		3		1,218,000.00		11012019
30104605	CARNEGIE MELLON		3		390,000.00		11012017
30105701	CHAMPLAIN COLLEGE, INC.		3		26,020.91		12012013
30106904	COLLEGE OF SANTA FE		3		247,000.00		10012018
30108101	CUMBERLAND COLLEGE		3		128,000.00		8012017
30108202	DAEMEN COLLEGE (ROSARY HILL COLLEGE)		3		215,000.00		4012016
30109502	DREXEL UNIVERSITY		3.5		270,000.00		5012014
30109604	DRURY COLLEGE		3		71,000.00		4012015
30110101	ELIZABETH CITY STATE UNIVERSITY		3		150,000.00		10012017
30110401	EMMANUEL COLLEGE		3		28,000.00		11012013
30110802	FAIRLEIGH DICKINSON UNIV		3		650,000.00		11012017
30112002	GEORGE FOX COLLEGE		3		320,498.19		7012018
30112301	GEORGETOWN UNIVERSITY		3		1,417,000.00		11012020
30112302	GEORGETOWN UNIVERSITY		4		3,765,000.00		11012020
30112901	HAMPSHIRE COLLEGE		3		49,262.53		7012013
30112902	HAMPSHIRE COLLEGE		3		227,691.40		2012014
30113702	HIWASSEE COLLEGE		3		80,981.26		9152018
30114001	HOOD COLLEGE		3.625		62,000.00		11012014
30114802	INTER-AMERICAN UNIV. OF PUERTO RICO		3		777,014.30		1012017
30116201	LASSEN JUNIOR COLLEGE		3		204,000.00		4012020
30117002	LONG ISLAND UNIVERSITY		3.625		161,789.48		6012014
30117402	LYCOMING COLLEGE		3.625		59,000.00		5012014
30117403	LYCOMING COLLEGE		3.75		99,999.99		5012015
30117501	LYNCHBURG COLLEGE		3.75		138,000.00		5012015
30117502	LYNCHBURG COLLEGE		3		275,000.00		5012018
30117801	MARIAN COLLEGE OF FOND DU LAC		3		185,000.00		10012016
30118302	MARY BALDWIN COLLEGE		3.375		23,000.00		5012012
30118401	MARYMOUNT UNIVERSITY		3		215,000.00		5012016
30119001	SLOAN-MEMORIAL KETTERING CANCER CENTER		3.375		59,000.00		4012012
30119202	MERCER UNIV. ACCOUNTING OFFICE		3		97,036.64		5012014
30119801	MILLSAPS COLLEGE		3		308,000.00		11012021
30119903	MISSISSIPPI STATE UNIVERSITY		3		760,000.00		12012020
30120402	MORAVIAN COLLEGE		3.375		20,000.00		11012012
30120601	MORGAN STATE UNIVERSITY		3		528,380.65		11012014
30121101	NEW ENGLAND COLLEGE		3		55,000.00		4012016
30121201	NEWARK BETH ISRAEL MEDICAL CENTER		3.625		160,000.00		1012014
30121501	NORFOLK STATE UNIVERSITY		3		1,496,707.01		12012021
30122302	NORTHEASTERN UNIVERSITY		3		1,257,614.32		5012018
30123401	PAINE COLLEGE		3		319,999.99		10012016
30123701	UNIVERSITY OF THE ARTS		3		1,268,902.83		1012022
30125504	RIDER COLLEGE		3.625		595,000.00		11012013
30125506	RIDER COLLEGE		3		172,000.00		5012017

Page 1 of 2

Berkadia Commercial Mortgage

College and University Loan Trust II

Trial Balance

As of March 31, 2012

Loan Number	Borrower Name	Interest Rate		Current UPB		Maturity Date
30127402	ST MARY’S SCHOOL		3		197,000.00		6012020
30127602	SAINT MICHAELS COLLEGE		3		252,416.18		5012013
30127801	SAINT PAULS COLLEGE		3		115,437.13		11012014
30128001	SAINT VINCENT COLLEGE		3.5		110,000.00		5012013
30128802	SETON HILL COLLEGE		3.625		81,000.00		11012014
30129101	SIMPSON COLLEGE - BOND 1966		3		110,000.00		7012016
30130301	SOUTHWEST TEXAS STATE UNIVERSITY		3		685,000.00		10012015
30130703	SPRINGFIELD COLLEGE		3.5		53,000.00		5012013
30130903	STEPHEN F AUSTIN STATE UNIVERSITY		3.375		177,000.00		10012012
30132402	TEXAS SOUTHERN UNIVERSITY		3.5		130,000.00		4012013
30132904	TUFTS UNIVERSITY		3		1,232,000.00		10012021
30133201	UNIV STUDENT COOP HOUSING		3		740,000.00		4012019
30134402	UNIVERSITY OF FLORIDA / REV. CERTS., 84		3		525,000.00		7012014
30136801	UNIVERSITY OF ST THOMAS		3		305,000.00		10012019
30137702	VERMONT STATE COLLEGE		3		60,000.00		7012014
30137802	VILLANOVA UNIVERSITY		3		490,000.00		4012019
30137901	VINCENNES UNIVERSITY		3		2,220,000.00		6012023
30138702	WESLEY COLLEGE		3.375		23,000.00		5012013
30140502	WITTENBERG UNIVERSITY		3		230,000.00		5012015
30140503	WITTENBERG UNIVERSITY		3		92,000.00		11012017
	TOTALS:				29,424,752.81

Page 2 of 2

Berkadia Commercial Mortgage

College and University Loan Trust II

Delinquency Report (60+ Days)

As of March 31, 2012

Loan Number	Borrower Name	Next Payment Due	P and I Due		Current UPB
30132402	TEXAS SOUTHERN UNIVERSITY	10/01/10		46,125.00		130,000.00
30125504	RIDER COLLEGE	11/01/10		301,768.72		595,000.00
30117002	LONG ISLAND UNIVERSITY	06/01/11		29,236.36		161,789.48
30121201	NEWARK BETH ISRAEL MEDICAL CENTER	01/01/12		52,900.00		160,000.00
TOTAL:				430,030.08		1,046,789.48

Berkadia Commercial Mortgage

College and University Loan Trust II

Liquidation Report

As of March 31, 2012

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, 2012 through April 30, 2012

Collections:
Principal Payments	312,180.06
Interest Payments	64,692.50
Total Principal and Interest Collections	376,872.56
Payments and Reversals Posted to Suspense	3,456.00
Total Collections	380,328.56
Less: Servicing Fees (not withheld from remittances)	(1,493.11	)
Net Collections	378,835.45

Berkadia Commercial Mortgage

College & Trust Facility Loan Trust II

Service Fees Schedule

For the Period of April 01, 2012 through April 30, 2012

Date Due	Loan Number		Borrower Name	Principal Due		Interest Due		Total Due		Principal Balance		Service Fees
4012012		30106904	COLLEGE OF SA		—		3,705.00		3,705.00		247,000.00		92.63
4012012		30109604	DRURY COLLEGE		11,000.00		1,065.00		12,065.00		71,000.00		26.63
4012012		30110101	ELIZABETH CIT		—		2,250.00		2,250.00		150,000.00		56.25
4012012		30112002	GEORGE FOX CO		11,210.06		2,403.74		13,613.80		320,498.19		120.19
4012012		30117801	MARIAN COLLEG		—		2,775.00		2,775.00		185,000.00		69.38
4012012		30119001	MEMORIAL SLOA		59,000.00		995.63		59,995.63		59,000.00		22.13
4012012		30121101	NEW ENGLAND C		10,000.00		825.00		10,825.00		55,000.00		20.63
4012012		30133201	UNIV STU COOP		85,000.00		11,100.00		96,100.00		740,000.00		277.50
4012012		30136801	UNIVERSITY OF		—		4,575.00		4,575.00		305,000.00		114.38
4012012		30130903	STEPHEN F AUS		—		2,986.88		2,986.88		177,000.00		66.38
4012012		30132904	TUFTS UNIVERS		—		18,480.00		18,480.00		1,232,000.00		462.00
4012012		30101701	AZUSA PACIFIC		16,000.00		1,218.75		17,218.75		65,000.00		24.38
4012012		30108202	DAEMEN COLLEG		40,000.00		3,225.00		43,225.00		215,000.00		80.63
4012012		30109801	DYOUVILLE COL		62,000.00		6,968.03		68,968.03		464,535.00		174.20
4012012		30113601	HINDS JUNIOR		180,000.00		3,135.00		183,135.00		209,000.00		78.38
4012012		30123401	PAINE COLLEGE		—		4,800.00		4,800.00		319,999.99		120.00
4012012		30132003	TAYLOR UNIVER		—		1,965.00		1,965.00		131,000.00		49.13
4012012		30132402	TEXAS SOUTHER		45,000.00		1,575.00		46,575.00		90,000.00		33.75

Page 1 of 1

Berkadia Commercial Mortgage

College and University Loan Trust II

Loans Paid in Full

For the Period of April 01, 2012 through April 30, 2012

Loan Number	Payoff Date		Total Amount Paid		Principal Amount		Interest Amount		Other Fees		Maturity Date
30119001		4/2/2012		59,995.63		59,000.00		995.63				4012012
TOTALS:				59,995.63		59,000.00		995.63		—

Berkadia Commercial Mortgage

College and University Loan Trust II

Summary of Partial Prepayments

For the Period of April 01, 2012 through April 30, 2012

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, 2012

Loan Number	Borrower Name	Interest Rate		Current UPB		Maturity Date
30100103	ALABAMA AGRICULTURAL		3		790,000.00		5012018
30101601	AUBURN UNIVERSITY		3		910,000.00		12012018
30101701	AZUSA PACIFIC UNIVERSITY		3.75		49,000.00		4012015
30102604	BENEDICT COLLEGE		3		905,000.00		11012020
30102802	BETHANY COLLEGE - DORM BOND		3.375		11,000.00		11012012
30102803	BETHANY COLLEGE - HALL BOND 1967		3		110,000.00		11012017
30102804	BETHANY COLLEGE - NOTE OF 1973		3		50,000.00		11012012
30104102	CALIFORNIA STATE UNIVERSITY,		3		205,000.00		11012013
30104201	TRUST SERVICES DIVISION		3		1,218,000.00		11012019
30104605	CARNEGIE MELLON		3		360,000.00		11012017
30105701	CHAMPLAIN COLLEGE, INC.		3		26,020.91		12012013
30106904	COLLEGE OF SANTA FE		3		247,000.00		10012018
30108101	CUMBERLAND COLLEGE		3		128,000.00		8012017
30108202	DAEMEN COLLEGE (ROSARY HILL COLLEGE)		3		175,000.00		4012016
30109502	DREXEL UNIVERSITY		3.5		270,000.00		5012014
30109604	DRURY COLLEGE		3		60,000.00		4012015
30110101	ELIZABETH CITY STATE UNIVERSITY		3		150,000.00		10012017
30110401	EMMANUEL COLLEGE		3		28,000.00		11012013
30110802	FAIRLEIGH DICKINSON UNIV		3		650,000.00		11012017
30112002	GEORGE FOX COLLEGE		3		309,288.13		7012018
30112301	GEORGETOWN UNIVERSITY		3		1,417,000.00		11012020
30112302	GEORGETOWN UNIVERSITY		4		3,765,000.00		11012020
30112901	HAMPSHIRE COLLEGE		3		49,262.53		7012013
30112902	HAMPSHIRE COLLEGE		3		227,691.40		2012014
30113702	HIWASSEE COLLEGE		3		80,981.26		9152018
30114001	HOOD COLLEGE		3.625		62,000.00		11012014
30114802	INTER-AMERICAN UNIV. OF PUERTO RICO		3		777,014.30		1012017
30116201	LASSEN JUNIOR COLLEGE		3		204,000.00		4012020
30117002	LONG ISLAND UNIVERSITY		3.625		161,789.48		6012014
30117402	LYCOMING COLLEGE		3.625		59,000.00		5012014
30117403	LYCOMING COLLEGE		3.75		99,999.99		5012015
30117501	LYNCHBURG COLLEGE		3.75		138,000.00		5012015
30117502	LYNCHBURG COLLEGE		3		275,000.00		5012018
30117801	MARIAN COLLEGE OF FOND DU LAC		3		185,000.00		10012016
30118302	MARY BALDWIN COLLEGE		3.375		23,000.00		5012012
30118401	MARYMOUNT UNIVERSITY		3		215,000.00		5012016
30119202	MERCER UNIV. ACCOUNTING OFFICE		3		97,036.64		5012014
30119801	MILLSAPS COLLEGE		3		308,000.00		11012021
30119903	MISSISSIPPI STATE UNIVERSITY		3		760,000.00		12012020
30120402	MORAVIAN COLLEGE		3.375		20,000.00		11012012
30120601	MORGAN STATE UNIVERSTIY		3		528,380.65		11012014
30121101	NEW ENGLAND COLLEGE		3		45,000.00		4012016
30121201	NEWARK BETH ISRAEL MEDICAL CENTER		3.625		110,030.00		1012014
30121501	NORFOLK STATE UNIVERSITY		3		1,496,707.01		12012021
30122302	NORTHEASTERN UNIVERSITY		3		1,257,614.32		5012018
30123401	PAINE COLLEGE		3		319,999.99		10012016
30123701	UNIVERSITY OF THE ARTS		3		1,268,902.83		1012022
30125504	RIDER COLLEGE		3.625		595,000.00		11012013
30125506	RIDER COLLEGE		3		172,000.00		5012017
30127402	ST MARY’S SCHOOL		3		197,000.00		6012020

Page 1 of 2

Berkadia Commercial Mortgage

College and University Loan Trust II

Trial Balance

As of April 30, 2012

Loan Number	Borrower Name	Interest Rate		Current UPB		Maturity Date
30127602	SAINT MICHAELS COLLEGE		3		252,416.18		5012013
30127801	SAINT PAULS COLLEGE		3		115,437.13		11012014
30128001	SAINT VINCENT COLLEGE		3.5		110,000.00		5012013
30128802	SETON HILL COLLEGE		3.625		81,000.00		11012014
30129101	SIMPSON COLLEGE - BOND 1966		3		110,000.00		7012016
30130301	SOUTHWEST TEXAS STATE UNIVERSITY		3		685,000.00		10012015
30130703	SPRINGFIELD COLLEGE		3.5		53,000.00		5012013
30130903	STEPHEN F AUSTIN STATE UNIVERSITY		3.375		177,000.00		10012012
30132402	TEXAS SOUTHERN UNIVERSITY		3.5		130,000.00		4012013
30132904	TUFTS UNIVERSITY		3		1,232,000.00		10012021
30133201	UNIV STUDENT COOP HOUSING		3		655,000.00		4012019
30134402	UNIVERSITY OF FLORIDA / REV. CERTS., 84		3		525,000.00		7012014
30136801	UNIVERSITY OF ST THOMAS		3		305,000.00		10012019
30137702	VERMONT STATE COLLEGE		3		60,000.00		7012014
30137802	VILLANOVA UNIVERSITY		3		490,000.00		4012019
30137901	VINCENNES UNIVERSITY		3		2,220,000.00		6012023
30138702	WESLEY COLLEGE		3.375		23,000.00		5012013
30140502	WITTENBERG UNIVERSITY		3		230,000.00		5012015
30140503	WITTENBERG UNIVERSITY		3		92,000.00		11012017
	TOTALS:				29,112,572.75

Page 2 of 2

Berkadia Commercial Mortgage

College and University Loan Trust II

Delinquency Report (60+ Days)

As of April 30, 2012

Loan Number	Borrower Name	Next Payment Due	P and I Due		Current UPB
30132402	TEXAS SOUTHERN UNIVERSITY	10/01/10		92,700.00		130,000.00
30125504	RIDER COLLEGE	11/01/10		301,768.72		595,000.00
30117002	LONG ISLAND UNIVERSITY	06/01/11		29,236.36		161,789.48
30121201	NEWARK BETH ISRAEL MEDICAL CENTER	01/01/12		30.00		110,030.00
TOTAL:				423,735.08		996,819.48

Berkadia Commercial Mortgage

College and University Loan Trust II

Liquidation Report

As of April 30, 2012

None to report for this period

Berkadia Commercial Mortgage

College and University Loan Trust II

Collection Account Activity Report

For the Period of May 01, 2012 through May 31, 2012

Collections:
Principal Payments	2,092,231.47
Interest Payments	226,091.93
Total Principal and Interest Collections	2,318,323.40
Payments and Reversals Posted to Suspense	66,530.41
Total Collections	2,384,853.81
Less: Servicing Fees (not withheld from remittances)	(4,745.04	)
Net Collections	2,380,108.77

Berkadia Commercial Mortgage

College & Trust Facility Loan Trust II

Service Fees Schedule

For the Period of May 01, 2012 through May 31, 2012

Date Due	Loan Number		Borrower Name	Principal Due		Interest Due		Total Due		Principal Balance		Service Fees
5012012		30100103	ALABAMA AGRIC		110,000.00		11,850.00		121,850.00		790,000.00		296.25
5012012		30102604	BENEDICT COLL		—		13,575.00		13,575.00		905,000.00		339.38
5012012		30102802	BETHANY COLLE		—		185.63		185.63		11,000.00		4.13
5012012		30102803	BETHANY COLLE		—		1,650.00		1,650.00		110,000.00		41.25
5012012		30102804	BETHANY COLLE		25,000.00		750.00		25,750.00		50,000.00		18.75
5012012		30104102	CALIFORNIA ST		—		3,075.00		3,075.00		205,000.00		76.88
5012012		30104201	CALIFORNIA ST		—		18,270.00		18,270.00		1,218,000.00		456.75
5012012		30109502	DREXEL UNIVER		100,000.00		4,725.00		104,725.00		270,000.00		101.25
5012012		30110401	EMMANUEL COLL		—		420.00		420.00		28,000.00		10.50
5012012		30110802	FAIRLEIGH DIC		—		9,750.00		9,750.00		650,000.00		243.75
5012012		30112301	GEORGETOWN UN		—		21,255.00		21,255.00		1,417,000.00		531.38
5012012		30112302	GEORGETOWN UN		—		75,300.00		75,300.00		3,765,000.00		1,411.88
5012012		30114001	HOOD COLLEGE		—		1,123.75		1,123.75		62,000.00		23.25
5012012		30117402	LYCOMING COLL		19,000.00		1,069.37		20,069.37		59,000.00		22.13
5012012		30117403	LYCOMING COLL		25,000.00		1,875.00		26,875.00		99,999.99		37.50
5012012		30117501	LYNCHBURG COL		40,000.00		2,587.50		42,587.50		138,000.00		51.75
5012012		30117502	LYNCHBURG COL		40,000.00		4,125.00		44,125.00		275,000.00		103.13
5012012		30118302	MARY BALDWIN		23,000.00		388.13		23,388.13		23,000.00		8.63
5012012		30118401	MARYMOUNT UNI		40,000.00		3,225.00		43,225.00		215,000.00		80.63
5012012		30119202	MERCER UNIVER		18,833.80		1,455.55		20,289.35		97,036.64		36.39
5012012		30119801	MILLSAPS COLL		—		4,620.00		4,620.00		308,000.00		115.50
5012012		30120601	MORGAN STATE		84,818.44		7,925.72		92,744.16		528,380.65		198.14
5012012		30125506	RIDER COLLEGE		25,000.00		2,580.00		27,580.00		172,000.00		64.50
5012012		30127602	ST MICHAELS C		83,073.76		3,786.24		86,860.00		252,416.18		94.66
5012012		30127801	ST PAULS COLL		18,530.53		1,731.56		20,262.09		115,437.13		43.29
5012012		30128802	SETON HILL CO		—		1,468.13		1,468.13		81,000.00		30.38
5012012		30130703	SPRINGFIELD C		45,000.00		927.50		45,927.50		53,000.00		19.88
5012012		30138702	WESLEY COLLEG		21,000.00		388.13		21,388.13		23,000.00		8.63
5012012		30140502	WITTENBERG UN		55,000.00		3,450.00		58,450.00		230,000.00		86.25
5012012		30140503	WITTENBERG UN		—		1,380.00		1,380.00		92,000.00		34.50
5012012		30104605	CARNEGIE-MELL		30,000.00		5,850.00		35,850.00		390,000.00		146.25
5012012		30120402	MORAVIAN COLL		—		337.50		337.50		20,000.00		7.50
5012012		30122302	NORTHEASTERN		88,335.36		18,864.21		107,199.57		1,257,614.32		471.61
5012012		30125504	RIDER COLLEGE		—		5,618.75		5,618.75		310,000.00		116.25
5012012		30128001	ST VINCENT CO		55,000.00		1,925.00		56,925.00		110,000.00		41.25

Page 1 of 1

Berkadia Commercial Mortgage

College and University Loan Trust II

Loans Paid in Full

For the Period of May 01, 2012 through May 31, 2012

Loan Number	Payoff Date		Total Amount Paid		Principal Amount		Interest Amount		Other Fees		Maturity Date
30118302		5/1/2012		23,388.13		23,000.00		388.13				5012012
30122302		5/3/2012		1,276,478.71		1,257,614.32		18,864.39				5012018
TOTALS:				1,299,866.84		1,280,614.32		19,252.52		—

Berkadia Commercial Mortgage

College and University Loan Trust II

Summary of Partial Prepayments

For the Period of May 01, 2012 through May 31, 2012

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 May 31, 2012

Loan Number	Borrower Name	Interest Rate		Current UPB		Maturity Date
30100103	ALABAMA AGRICULTURAL		3		680,000.00		5012018
30101601	AUBURN UNIVERSITY		3		910,000.00		12012018
30101701	AZUSA PACIFIC UNIVERSITY		3.75		49,000.00		4012015
30102604	BENEDICT COLLEGE		3		905,000.00		11012020
30102802	BETHANY COLLEGE - DORM BOND		3.375		11,000.00		11012012
30102803	BETHANY COLLEGE - HALL BOND 1967		3		110,000.00		11012017
30102804	BETHANY COLLEGE - NOTE OF 1973		3		25,000.00		11012012
30104102	CALIFORNIA STATE UNIVERSITY,		3		205,000.00		11012013
30104201	TRUST SERVICES DIVISION		3		1,218,000.00		11012019
30104605	CARNEGIE MELLON		3		360,000.00		11012017
30105701	CHAMPLAIN COLLEGE, INC.		3		19,660.29		12012013
30106904	COLLEGE OF SANTA FE		3		247,000.00		10012018
30108101	CUMBERLAND COLLEGE		3		128,000.00		8012017
30108202	DAEMEN COLLEGE (ROSARY HILL COLLEGE)		3		175,000.00		4012016
30109502	DREXEL UNIVERSITY		3.5		170,000.00		5012014
30109604	DRURY COLLEGE		3		60,000.00		4012015
30110101	ELIZABETH CITY STATE UNIVERSITY		3		150,000.00		10012017
30110401	EMMANUEL COLLEGE		3		28,000.00		11012013
30110802	FAIRLEIGH DICKINSON UNIV		3		650,000.00		11012017
30112002	GEORGE FOX COLLEGE		3		309,288.13		7012018
30112301	GEORGETOWN UNIVERSITY		3		1,417,000.00		11012020
30112302	GEORGETOWN UNIVERSITY		4		3,765,000.00		11012020
30112901	HAMPSHIRE COLLEGE		3		49,262.53		7012013
30112902	HAMPSHIRE COLLEGE		3		227,691.40		2012014
30113702	HIWASSEE COLLEGE		3		80,981.26		9152018
30114001	HOOD COLLEGE		3.625		62,000.00		11012014
30114802	INTER-AMERICAN UNIV. OF PUERTO RICO		3		777,014.30		1012017
30116201	LASSEN JUNIOR COLLEGE		3		204,000.00		4012020
30117002	LONG ISLAND UNIVERSITY		3.625		161,789.48		6012014
30117402	LYCOMING COLLEGE		3.625		40,000.00		5012014
30117403	LYCOMING COLLEGE		3.75		74,999.99		5012015
30117501	LYNCHBURG COLLEGE		3.75		98,000.00		5012015
30117502	LYNCHBURG COLLEGE		3		235,000.00		5012018
30117801	MARIAN COLLEGE OF FOND DU LAC		3		185,000.00		10012016
30118401	MARYMOUNT UNIVERSITY		3		175,000.00		5012016
30119202	MERCER UNIV. ACCOUNTING OFFICE		3		78,202.84		5012014
30119801	MILLSAPS COLLEGE		3		308,000.00		11012021
30119903	MISSISSIPPI STATE UNIVERSITY		3		760,000.00		12012020
30120402	MORAVIAN COLLEGE		3.375		20,000.00		11012012
30120601	MORGAN STATE UNIVERSITY		3		443,562.21		11012014
30121101	NEW ENGLAND COLLEGE		3		45,000.00		4012016
30121201	NEWARK BETH ISRAEL MEDICAL CENTER		3.625		110,030.00		1012014
30121501	NORFOLK STATE UNIVERSITY		3		1,496,707.01		12012021
30123401	PAINE COLLEGE		3		319,999.99		10012016
30123701	UNIVERSITY OF THE ARTS		3		1,268,902.83		1012022
30125504	RIDER COLLEGE		3.625		595,000.00		11012013
30125506	RIDER COLLEGE		3		147,000.00		5012017
30127402	ST MARY’S SCHOOL		3		197,000.00		6012020
30127602	SAINT MICHAELS COLLEGE		3		169,342.42		5012013
30127801	SAINT PAULS COLLEGE		3		96,906.60		11012014

Page 1 of 2

Berkadia Commercial Mortgage

College and University Loan Trust II

Trial Balance

As of May 31, 2012

Loan Number	Borrower Name	Interest Rate		Current UPB		Maturity Date
30128001	SAINT VINCENT COLLEGE		3.5		55,000.00		5012013
30128802	SETON HILL COLLEGE		3.625		81,000.00		11012014
30129101	SIMPSON COLLEGE - BOND 1966		3		110,000.00		7012016
30130301	SOUTHWEST TEXAS STATE UNIVERSITY		3		685,000.00		10012015
30130703	SPRINGFIELD COLLEGE		3.5		8,000.00		5012013
30130903	STEPHEN F AUSTIN STATE UNIVERSITY		3.375		177,000.00		10012012
30132402	TEXAS SOUTHERN UNIVERSITY		3.5		130,000.00		4012013
30132904	TUFTS UNIVERSITY		3		1,232,000.00		10012021
30133201	UNIV STUDENT COOP HOUSING		3		655,000.00		4012019
30134402	UNIVERSITY OF FLORIDA / REV. CERTS., 84		3		525,000.00		7012014
30136801	UNIVERSITY OF ST THOMAS		3		305,000.00		10012019
30137702	VERMONT STATE COLLEGE		3		60,000.00		7012014
30137802	VILLANOVA UNIVERSITY		3		490,000.00		4012019
30137901	VINCENNES UNIVERSITY		3		2,220,000.00		6012023
30138702	WESLEY COLLEGE		3.375		2,000.00		5012013
30140502	WITTENBERG UNIVERSITY		3		175,000.00		5012015
30140503	WITTENBERG UNIVERSITY		3		92,000.00		11012017
	TOTALS:				27,020,341.28

Page 2 of 2

Berkadia Commercial Mortgage

College and University Loan Trust II

Delinquency Report (60+ Days)

As of May 31, 2012

Loan Number	Borrower Name	Next Payment Due	P and I Due		Current UPB
30132402	TEXAS SOUTHERN UNIVERSITY	10/01/10		92,700.00		130,000.00
30125504	RIDER COLLEGE	11/01/10		307,387.47		595,000.00
30117002	LONG ISLAND UNIVERSITY	06/01/11		29,236.36		161,789.48
30121201	NEWARK BETH ISRAEL MEDICAL CENTER	01/01/12		30.00		110,030.00
30123401	PAINE COLLEGE	04/01/12		4,800.00		319,999.99
TOTAL:				434,153.83		1,316,819.47

Berkadia Commercial Mortgage

College and University Loan Trust II

Liquidation Report

As of May 31, 2012

None to report for this period

Berkadia Commercial Mortgage

College and University Loan Trust II

Collection Account Activity Report

For the Period of June 01, 2012 through June 30, 2012

Collections:
Principal Payments	476,777.97
Interest Payments	111,403.01
Total Principal and Interest Collections	588,180.98
Payments and Reversals Posted to Suspense	83,936.43
Total Collections	672,117.41
Less: Servicing Fees (not withheld from remittances)	(2,616.52	)
Net Collections	669,500.89

Berkadia Commercial Mortgage

College & Trust Facility Loan Trust II

Service Fees Schedule

For the Period of June 01, 2012 through June 30, 2012

Date Due	Loan Number		Borrower Name	Principal Due		Interest Due		Total Due		Principal Balance		Service Fees
6012012		30101601	AUBURN UNIVER		—		13,650.00		13,650.00		910,000.00		341.25
6012012		30119903	MISSISSIPPI S		—		11,400.00		11,400.00		760,000.00		285.00
6012012		30121501	NORFOLK STATE		64,726.17		22,450.61		87,176.78		1,496,707.01		561.27
6012012		30127402	ST MARY’S COL		11,000.00		2,955.00		13,955.00		197,000.00		73.88
6012012		30137901	VINCENNES UNI		160,000.00		33,300.00		193,300.00		2,220,000.00		832.50
6012012		30105701	CHAMPLAIN COL		6,360.62		390.31		6,750.93		26,020.91		9.76
6012012		30117002	LONG ISLAND U		45,000.00		2,446.88		47,446.88		135,000.00		50.63
													—
													—
													—
			TOTALS:		287,086.79		86,592.80		373,679.59		5,744,727.92		2,154.29

Page 1 of 1

Berkadia Commercial Mortgage

College and University Loan Trust II

Loans Paid in Full

For the Period of June 01, 2012 through June 30, 2012

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 June 01, 2012 through June 30, 2012

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 June 30, 2012

Loan Number	Borrower Name	Interest Rate		Current UPB		Maturity Date
30100103	ALABAMA AGRICULTURAL		3		680,000.00		5012018
30101601	AUBURN UNIVERSITY		3		910,000.00		12012018
30101701	AZUSA PACIFIC UNIVERSITY		3.75		49,000.00		4012015
30102604	BENEDICT COLLEGE		3		905,000.00		11012020
30102802	BETHANY COLLEGE - DORM BOND		3.375		11,000.00		11012012
30102803	BETHANY COLLEGE - HALL BOND 1967		3		110,000.00		11012017
30102804	BETHANY COLLEGE - NOTE OF 1973		3		25,000.00		11012012
30104102	CALIFORNIA STATE UNIVERSITY,		3		205,000.00		11012013
30104201	TRUST SERVICES DIVISION		3		1,218,000.00		11012019
30104605	CARNEGIE MELLON		3		360,000.00		11012017
30105701	CHAMPLAIN COLLEGE, INC.		3		19,660.29		12012013
30106904	COLLEGE OF SANTA FE		3		247,000.00		10012018
30108101	CUMBERLAND COLLEGE		3		128,000.00		8012017
30108202	DAEMEN COLLEGE (ROSARY HILL COLLEGE)		3		175,000.00		4012016
30109502	DREXEL UNIVERSITY		3.5		170,000.00		5012014
30109604	DRURY COLLEGE		3		60,000.00		4012015
30110101	ELIZABETH CITY STATE UNIVERSITY		3		150,000.00		10012017
30110401	EMMANUEL COLLEGE		3		28,000.00		11012013
30110802	FAIRLEIGH DICKINSON UNIV		3		650,000.00		11012017
30112002	GEORGE FOX COLLEGE		3		309,288.13		7012018
30112301	GEORGETOWN UNIVERSITY		3		1,417,000.00		11012020
30112302	GEORGETOWN UNIVERSITY		4		3,765,000.00		11012020
30112901	HAMPSHIRE COLLEGE		3		33,085.39		7012013
30112902	HAMPSHIRE COLLEGE		3		227,691.40		2012014
30113702	HIWASSEE COLLEGE		3		80,981.26		9152018
30114001	HOOD COLLEGE		3.625		62,000.00		11012014
30114802	INTER-AMERICAN UNIV. OF PUERTO RICO		3		777,014.30		1012017
30116201	LASSEN JUNIOR COLLEGE		3		204,000.00		4012020
30117002	LONG ISLAND UNIVERSITY		3.625		161,789.48		6012014
30117402	LYCOMING COLLEGE		3.625		40,000.00		5012014
30117403	LYCOMING COLLEGE		3.75		74,999.99		5012015
30117501	LYNCHBURG COLLEGE		3.75		98,000.00		5012015
30117502	LYNCHBURG COLLEGE		3		235,000.00		5012018
30117801	MARIAN COLLEGE OF FOND DU LAC		3		185,000.00		10012016
30118401	MARYMOUNT UNIVERSITY		3		175,000.00		5012016
30119202	MERCER UNIV. ACCOUNTING OFFICE		3		78,202.84		5012014
30119801	MILLSAPS COLLEGE		3		308,000.00		11012021
30119903	MISSISSIPPI STATE UNIVERSITY		3		760,000.00		12012020
30120402	MORAVIAN COLLEGE		3.375		20,000.00		11012012
30120601	MORGAN STATE UNIVERSTIY		3		443,562.21		11012014
30121101	NEW ENGLAND COLLEGE		3		45,000.00		4012016
30121201	NEWARK BETH ISRAEL MEDICAL CENTER		3.625		110,030.00		1012014
30121501	NORFOLK STATE UNIVERSITY		3		1,431,980.84		12012021
30123401	PAINE COLLEGE		3		319,999.99		10012016
30123701	UNIVERSITY OF THE ARTS		3		1,214,028.17		1012022
30125504	RIDER COLLEGE		3.625		595,000.00		11012013
30125506	RIDER COLLEGE		3		147,000.00		5012017
30127402	ST MARY’S SCHOOL		3		186,000.00		6012020
30127602	SAINT MICHAELS COLLEGE		3		169,342.42		5012013
30127801	SAINT PAULS COLLEGE		3		96,906.60		11012014

Page 1 of 2

Berkadia Commercial Mortgage

College and University Loan Trust II

Trial Balance

As of June 30, 2012

Loan Number	Borrower Name	Interest Rate		Current UPB		Maturity Date
30128001	SAINT VINCENT COLLEGE		3.5		55,000.00		5012013
30128802	SETON HILL COLLEGE		3.625		81,000.00		11012014
30129101	SIMPSON COLLEGE - BOND 1966		3		110,000.00		7012016
30130301	SOUTHWEST TEXAS STATE UNIVERSITY		3		685,000.00		10012015
30130703	SPRINGFIELD COLLEGE		3.5		8,000.00		5012013
30130903	STEPHEN F AUSTIN STATE UNIVERSITY		3.375		177,000.00		10012012
30132402	TEXAS SOUTHERN UNIVERSITY		3.5		130,000.00		4012013
30132904	TUFTS UNIVERSITY		3		1,232,000.00		10012021
30133201	UNIV STUDENT COOP HOUSING		3		655,000.00		4012019
30134402	UNIVERSITY OF FLORIDA / REV. CERTS., 84		3		355,000.00		7012014
30136801	UNIVERSITY OF ST THOMAS		3		305,000.00		10012019
30137702	VERMONT STATE COLLEGE		3		60,000.00		7012014
30137802	VILLANOVA UNIVERSITY		3		490,000.00		4012019
30137901	VINCENNES UNIVERSITY		3		2,060,000.00		6012023
30138702	WESLEY COLLEGE		3.375		2,000.00		5012013
30140502	WITTENBERG UNIVERSITY		3		175,000.00		5012015
30140503	WITTENBERG UNIVERSITY		3		92,000.00		11012017
	TOTALS:				26,543,563.31

Page 2 of 2

Berkadia Commercial Mortgage

College and University Loan Trust II

Delinquency Report (60+ Days)

As of June 30, 2012

Loan Number	Borrower Name	Next Payment Due	P and I Due		Current UPB
30132402	TEXAS SOUTHERN UNIVERSITY	10/01/10		92,700.00		130,000.00
30125504	RIDER COLLEGE	11/01/10		307,387.47		595,000.00
30117002	LONG ISLAND UNIVERSITY	06/01/11		76,683.24		161,789.48
30121201	NEWARK BETH ISRAEL MEDICAL CENTER	01/01/12		30.00		110,030.00
30123401	PAINE COLLEGE	04/01/12		4,800.00		319,999.99
TOTAL:				481,600.71		1,316,819.47

Berkadia Commercial Mortgage

College and University Loan Trust II

Liquidation Report

As of June 30, 2012

None to report for this period

Berkadia Commercial Mortgage

College and University Loan Trust II

Collection Account Activity Report

For the Period of July 01, 2012 through July 31, 2012

Collections:
Principal Payments	453,030.78
Interest Payments	24,313.52
Total Principal and Interest Collections	477,344.30
Payments and Reversals Posted to Suspense	(97,401.13	)
Total Collections	379,943.17
Less: Servicing Fees (not withheld from remittances)	(1,505.26	)
Net Collections	378,437.91

Berkadia Commercial Mortgage

College & Trust Facility Loan Trust II

Service Fees Schedule

For the Period of July 01, 2012 through July 31, 2012

Date Due	Loan Number		Borrower Name	Principal Due		Interest Due		Total Due		Principal Balance		Service Fees
7012012		30112002	GEORGE FOX CO		11,294.14		2,319.66		13,613.80		309,288.13		115.98
7012012		30114802	INTER AMERICA		81,141.99		11,655.21		92,797.20		777,014.30		291.38
7012012		30121201	NEWARK BETH I		—		1,993.75		1,993.75		110,000.00		41.25
7012012		30129101	SIMPSON COLLE		20,000.00		1,650.00		21,650.00		110,000.00		41.25
7012012		30137702	VERMONT STATE		19,000.00		900.00		19,900.00		60,000.00		22.50
7012012		30112901	HAMPSHIRE COL		16,177.14		738.94		16,916.08		49,262.53		18.47
7012012		30123701	PHILADELPHIA		54,874.66		19,033.54		73,908.20		1,268,902.83		475.84
7012012		30134402	UNIVERSITY OF		170,000.00		7,875.00		177,875.00		525,000.00		196.88
													—
													—
			TOTALS:		372,487.93		46,166.10		418,654.03		3,209,467.79		1,203.55

Page 1 of 1

Berkadia Commercial Mortgage

College and University Loan Trust II

Loans Paid in Full

For the Period of July 01, 2012 through July 31, 2012

Loan Number	Payoff Date		Total Amount Paid		Principal Amount		Interest Amount		Other Fees		Maturity Date
30108101		7/23/2012		129,920.00		128,000.00		1,920.00				8012017
30127801		7/13/2012		97,391.13		96,906.60		484.53				11012014
30137702		7/2/2012		60,905.00		60,000.00		905.00				7012014
TOTALS:				288,216.13		284,906.60		3,309.53		—

Berkadia Commercial Mortgage

College and University Loan Trust II

Summary of Partial Prepayments

For the Period of July 01, 2012 through July 31, 2012

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 July 31, 2012

Loan Number	Borrower Name	Interest Rate		Current UPB		Maturity Date
30100103	ALABAMA AGRICULTURAL		3		680,000.00		5012018
30101601	AUBURN UNIVERSITY		3		910,000.00		12012018
30101701	AZUSA PACIFIC UNIVERSITY		3.75		49,000.00		4012015
30102604	BENEDICT COLLEGE		3		905,000.00		11012020
30102802	BETHANY COLLEGE - DORM BOND		3.375		11,000.00		11012012
30102803	BETHANY COLLEGE - HALL BOND 1967		3		110,000.00		11012017
30102804	BETHANY COLLEGE - NOTE OF 1973		3		25,000.00		11012012
30104102	CALIFORNIA STATE UNIVERSITY,		3		205,000.00		11012013
30104201	TRUST SERVICES DIVISION		3		1,218,000.00		11012019
30104605	CARNEGIE MELLON		3		360,000.00		11012017
30105701	CHAMPLAIN COLLEGE, INC.		3		19,660.29		12012013
30106904	COLLEGE OF SANTA FE		3		247,000.00		10012018
30108202	DAEMEN COLLEGE (ROSARY HILL COLLEGE)		3		175,000.00		4012016
30109502	DREXEL UNIVERSITY		3.5		170,000.00		5012014
30109604	DRURY COLLEGE		3		60,000.00		4012015
30110101	ELIZABETH CITY STATE UNIVERSITY		3		150,000.00		10012017
30110401	EMMANUEL COLLEGE		3		28,000.00		11012013
30110802	FAIRLEIGH DICKINSON UNIV		3		650,000.00		11012017
30112002	GEORGE FOX COLLEGE		3		297,993.99		7012018
30112301	GEORGETOWN UNIVERSITY		3		1,417,000.00		11012020
30112302	GEORGETOWN UNIVERSITY		4		3,765,000.00		11012020
30112901	HAMPSHIRE COLLEGE		3		33,085.39		7012013
30112902	HAMPSHIRE COLLEGE		3		172,033.35		2012014
30113702	HIWASSEE COLLEGE		3		80,981.26		9152018
30114001	HOOD COLLEGE		3.625		62,000.00		11012014
30114802	INTER-AMERICAN UNIV. OF PUERTO RICO		3		695,872.31		1012017
30116201	LASSEN JUNIOR COLLEGE		3		204,000.00		4012020
30117002	LONG ISLAND UNIVERSITY		3.625		161,789.48		6012014
30117402	LYCOMING COLLEGE		3.625		40,000.00		5012014
30117403	LYCOMING COLLEGE		3.75		74,999.99		5012015
30117501	LYNCHBURG COLLEGE		3.75		98,000.00		5012015
30117502	LYNCHBURG COLLEGE		3		235,000.00		5012018
30117801	MARIAN COLLEGE OF FOND DU LAC		3		185,000.00		10012016
30118401	MARYMOUNT UNIVERSITY		3		175,000.00		5012016
30119202	MERCER UNIV. ACCOUNTING OFFICE		3		78,202.84		5012014
30119801	MILLSAPS COLLEGE		3		308,000.00		11012021
30119903	MISSISSIPPI STATE UNIVERSITY		3		760,000.00		12012020
30120402	MORAVIAN COLLEGE		3.375		20,000.00		11012012
30120601	MORGAN STATE UNIVERSITY		3		443,562.21		11012014
30121101	NEW ENGLAND COLLEGE		3		45,000.00		4012016
30121201	NEWARK BETH ISRAEL MEDICAL CENTER		3.625		110,000.00		1012014
30121501	NORFOLK STATE UNIVERSITY		3		1,431,980.84		12012021
30123401	PAINE COLLEGE		3		319,999.99		10012016
30123701	UNIVERSITY OF THE ARTS		3		1,214,028.17		1012022
30125504	RIDER COLLEGE		3.625		595,000.00		11012013
30125506	RIDER COLLEGE		3		147,000.00		5012017
30127402	ST MARY’S SCHOOL		3		186,000.00		6012020
30127602	SAINT MICHAELS COLLEGE		3		169,342.42		5012013
30128001	SAINT VINCENT COLLEGE		3.5		55,000.00		5012013
30128802	SETON HILL COLLEGE		3.625		81,000.00		11012014

Page 1 of 2

Berkadia Commercial Mortgage

College and University Loan Trust II

Trial Balance

As of July 31, 2012

Loan Number	Borrower Name	Interest Rate		Current UPB		Maturity Date
30129101	SIMPSON COLLEGE - BOND 1966		3		90,000.00		7012016
30130301	SOUTHWEST TEXAS STATE UNIVERSITY		3		685,000.00		10012015
30130703	SPRINGFIELD COLLEGE		3.5		8,000.00		5012013
30130903	STEPHEN F AUSTIN STATE UNIVERSITY		3.375		177,000.00		10012012
30132402	TEXAS SOUTHERN UNIVERSITY		3.5		130,000.00		4012013
30132904	TUFTS UNIVERSITY		3		1,232,000.00		10012021
30133201	UNIV STUDENT COOP HOUSING		3		655,000.00		4012019
30134402	UNIVERSITY OF FLORIDA / REV. CERTS., 84		3		355,000.00		7012014
30136801	UNIVERSITY OF ST THOMAS		3		305,000.00		10012019
30137802	VILLANOVA UNIVERSITY		3		490,000.00		4012019
30137901	VINCENNES UNIVERSITY		3		2,060,000.00		6012023
30138702	WESLEY COLLEGE		3.375		2,000.00		5012013
30140502	WITTENBERG UNIVERSITY		3		175,000.00		5012015
30140503	WITTENBERG UNIVERSITY		3		92,000.00		11012017
	TOTALS:				26,090,532.53

Page 2 of 2

Berkadia Commercial Mortgage

College and University Loan Trust II

Delinquency Report (60+ Days)

As of July 31, 2012

Loan Number	Borrower Name	Next Payment Due	P and I Due		Current UPB
30132402	TEXAS SOUTHERN UNIVERSITY	10/01/10		92,700.00		130,000.00
30125504	RIDER COLLEGE	11/01/10		307,387.47		595,000.00
30117002	LONG ISLAND UNIVERSITY	06/01/11		76,683.24		161,789.48
30123401	PAINE COLLEGE	04/01/12		4,800.00		319,999.99
TOTAL:				481,570.71		1,206,789.47

Berkadia Commercial Mortgage

College and University Loan Trust II

Liquidation Report

As of July 31, 2012

None to report for this period

Berkadia Commercial Mortgage

College and University Loan Trust II

Collection Account Activity Report

For the Period of August 01, 2012 through August 31, 2012

Collections:
Principal Payments	—
Interest Payments	—
Total Principal and Interest Collections	—
Payments and Reversals Posted to Suspense	—
Total Collections	—
Less: Servicing Fees (not withheld from remittances)	(85.38	)
Net Collections	(85.38	)

Berkadia Commercial Mortgage

College & Trust Facility Loan Trust II

Service Fees Schedule

For the Period of August 01, 2012 through August 31, 2012

Date Due	Loan Number		Borrower Name	Principal Due		Interest Due		Total Due		Principal Balance		Service Fees
													—
8012012		30112902	HAMPSHIRE COL		55,658.05		3,415.37		59,073.42		227,691.40		85.38
													—
													—
													—
													—
													—
													—
													—
													—
			TOTALS:		55,658.05		3,415.37		59,073.42		227,691.40		85.38

Page 1 of 1

Berkadia Commercial Mortgage

College and University Loan Trust II

Loans Paid in Full

For the Period of August 01, 2012 through August 31, 2012

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 August 01, 2012 through August 31, 2012

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 August 31, 2012

Loan Number	Borrower Name	Interest Rate		Current UPB		Maturity Date
30100103	ALABAMA AGRICULTURAL		3		680,000.00		5012018
30101601	AUBURN UNIVERSITY		3		910,000.00		12012018
30101701	AZUSA PACIFIC UNIVERSITY		3.75		49,000.00		4012015
30102604	BENEDICT COLLEGE		3		905,000.00		11012020
30102802	BETHANY COLLEGE - DORM BOND		3.375		11,000.00		11012012
30102803	BETHANY COLLEGE - HALL BOND 1967		3		110,000.00		11012017
30102804	BETHANY COLLEGE - NOTE OF 1973		3		25,000.00		11012012
30104102	CALIFORNIA STATE UNIVERSITY,		3		205,000.00		11012013
30104201	TRUST SERVICES DIVISION		3		1,218,000.00		11012019
30104605	CARNEGIE MELLON		3		360,000.00		11012017
30105701	CHAMPLAIN COLLEGE, INC.		3		19,660.29		12012013
30106904	COLLEGE OF SANTA FE		3		247,000.00		10012018
30108202	DAEMEN COLLEGE (ROSARY HILL COLLEGE)		3		175,000.00		4012016
30109502	DREXEL UNIVERSITY		3.5		170,000.00		5012014
30109604	DRURY COLLEGE		3		60,000.00		4012015
30110101	ELIZABETH CITY STATE UNIVERSITY		3		150,000.00		10012017
30110401	EMMANUEL COLLEGE		3		28,000.00		11012013
30110802	FAIRLEIGH DICKINSON UNIV		3		650,000.00		11012017
30112002	GEORGE FOX COLLEGE		3		297,994.00		7012018
30112301	GEORGETOWN UNIVERSITY		3		1,417,000.00		11012020
30112302	GEORGETOWN UNIVERSITY		4		3,765,000.00		11012020
30112901	HAMPSHIRE COLLEGE		3		33,085.39		7012013
30112902	HAMPSHIRE COLLEGE		3		172,033.40		2012014
30113702	HIWASSEE COLLEGE		3		80,981.26		9152018
30114001	HOOD COLLEGE		3.625		62,000.00		11012014
30114802	INTER-AMERICAN UNIV. OF PUERTO RICO		3		695,872.30		1012017
30116201	LASSEN JUNIOR COLLEGE		3		204,000.00		4012020
30117002	LONG ISLAND UNIVERSITY		3.625		161,789.50		6012014
30117402	LYCOMING COLLEGE		3.625		40,000.00		5012014
30117403	LYCOMING COLLEGE		3.75		74,999.99		5012015
30117501	LYNCHBURG COLLEGE		3.75		98,000.00		5012015
30117502	LYNCHBURG COLLEGE		3		235,000.00		5012018
30117801	MARIAN COLLEGE OF FOND DU LAC		3		185,000.00		10012016
30118401	MARYMOUNT UNIVERSITY		3		175,000.00		5012016
30119202	MERCER UNIV. ACCOUNTING OFFICE		3		78,202.84		5012014
30119801	MILLSAPS COLLEGE		3		308,000.00		11012021
30119903	MISSISSIPPI STATE UNIVERSITY		3		760,000.00		12012020
30120402	MORAVIAN COLLEGE		3.375		20,000.00		11012012
30120601	MORGAN STATE UNIVERSITY		3		443,562.20		11012014
30121101	NEW ENGLAND COLLEGE		3		45,000.00		4012016
30121201	NEWARK BETH ISRAEL MEDICAL CENTER		3.625		110,000.00		1012014
30121501	NORFOLK STATE UNIVERSITY		3		1,431,981.00		12012021
30123401	PAINE COLLEGE		3		320,000.00		10012016
30123701	UNIVERSITY OF THE ARTS		3		1,214,028.00		1012022
30125504	RIDER COLLEGE		3.625		595,000.00		11012013
30125506	RIDER COLLEGE		3		147,000.00		5012017
30127402	ST MARY’S SCHOOL		3		186,000.00		6012020
30127602	SAINT MICHAELS COLLEGE		3		169,342.40		5012013
30128001	SAINT VINCENT COLLEGE		3.5		55,000.00		5012013
30128802	SETON HILL COLLEGE		3.625		81,000.00		11012014

Page 1 of 2

Berkadia Commercial Mortgage

College and University Loan Trust II

Trial Balance

As of August 31, 2012

Loan Number	Borrower Name	Interest Rate		Current UPB		Maturity Date
30129101	SIMPSON COLLEGE - BOND 1966		3		90,000.00		7012016
30130301	SOUTHWEST TEXAS STATE UNIVERSITY		3		685,000.00		10012015
30130703	SPRINGFIELD COLLEGE		3.5		8,000.00		5012013
30130903	STEPHEN F AUSTIN STATE UNIVERSITY		3.375		177,000.00		10012012
30132402	TEXAS SOUTHERN UNIVERSITY		3.5		130,000.00		4012013
30132904	TUFTS UNIVERSITY		3		1,232,000.00		10012021
30133201	UNIV STUDENT COOP HOUSING		3		655,000.00		4012019
30134402	UNIVERSITY OF FLORIDA / REV. CERTS., 84		3		355,000.00		7012014
30136801	UNIVERSITY OF ST THOMAS		3		305,000.00		10012019
30137802	VILLANOVA UNIVERSITY		3		490,000.00		4012019
30137901	VINCENNES UNIVERSITY		3		2,060,000.00		6012023
30138702	WESLEY COLLEGE		3.375		2,000.00		5012013
30140502	WITTENBERG UNIVERSITY		3		175,000.00		5012015
30140503	WITTENBERG UNIVERSITY		3		92,000.00		11012017
	TOTALS:				26,090,532.57

Page 2 of 2

Berkadia Commercial Mortgage

College and University Loan Trust II

Delinquency Report (60+ Days)

As of August 31, 2012

Loan Number	Borrower Name	Next Payment Due	P and I Due		Current UPB
30132402	TEXAS SOUTHERN UNIVERSITY	10/01/10		92,700.00		130,000.00
30125504	RIDER COLLEGE	11/01/10		307,387.47		595,000.00
30117002	LONG ISLAND UNIVERSITY	06/01/11		76,683.24		161,789.48
30123401	PAINE COLLEGE	04/01/12		4,800.00		319,999.99
30121201	NEWARK BETH ISRAEL MEDICAL CENTER	07/01/12		30.00		110,000.00
TOTAL:				481,600.71		1,316,789.47

Berkadia Commercial Mortgage

College and University Loan Trust II

Liquidation Report

As of August 31, 2012

None to report for this period

Berkadia Commercial Mortgage

College and University Loan Trust II

Collection Account Activity Report

For the Period of September 01, 2012 through September 30, 2012

Collections:
Principal Payments	1,397,000.00
Interest Payments	33,005.00
Total Principal and Interest Collections	1,430,005.00
Payments and Reversals Posted to Suspense	—
Total Collections	1,430,005.00
Less: Servicing Fees (not withheld from remittances)	—
Net Collections	1,430,005.00

Berkadia Commercial Mortgage

College & Trust Facility Loan Trust II

Service Fees Schedule

For the Period of September 01, 2012 through September 30, 2012

Date Due	Loan Number		Borrower Name	Principal Due		Interest Due		Total Due		Principal Balance		Service Fees
9152012		30113702	HIWASSEE COLL		5,693.28		1,214.72		6,908.00		80,981.26		30.37
													—
													—
													—
													—
													—
			TOTALS:		5,693.28		1,214.72		6,908.00		80,981.26		30.37

Page 1 of 1

Berkadia Commercial Mortgage

College and University Loan Trust II

Loans Paid in Full

For the Period of September 01, 2012 through September 30, 2012

Loan Number	Payoff Date		Total Amount Paid		Principal Amount		Interest Amount		Other Fees		Maturity Date
30132904		9/28/2012		1,232,000.00		1,232,000.00		—				10012021
TOTALS:				1,232,000.00		1,232,000.00		—		—

Berkadia Commercial Mortgage

College and University Loan Trust II

Summary of Partial Prepayments

For the Period of September 01, 2012 through September 30, 2012

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 September 30, 2012

Loan Number	Borrower Name	Interest Rate		Current UPB		Maturity Date
30100103	ALABAMA AGRICULTURAL		3		680,000.00		5012018
30101601	AUBURN UNIVERSITY		3		910,000.00		12012018
30101701	AZUSA PACIFIC UNIVERSITY		3.75		49,000.00		4012015
30102604	BENEDICT COLLEGE		3		905,000.00		11012020
30102802	BETHANY COLLEGE - DORM BOND		3.375		11,000.00		11012012
30102803	BETHANY COLLEGE - HALL BOND 1967		3		110,000.00		11012017
30102804	BETHANY COLLEGE - NOTE OF 1973		3		25,000.00		11012012
30104102	CALIFORNIA STATE UNIVERSITY,		3		205,000.00		11012013
30104201	TRUST SERVICES DIVISION		3		1,218,000.00		11012019
30104605	CARNEGIE MELLON		3		360,000.00		11012017
30105701	CHAMPLAIN COLLEGE, INC.		3		19,660.29		12012013
30106904	COLLEGE OF SANTA FE		3		247,000.00		10012018
30108202	DAEMEN COLLEGE (ROSARY HILL COLLEGE)		3		175,000.00		4012016
30109502	DREXEL UNIVERSITY		3.5		170,000.00		5012014
30109604	DRURY COLLEGE		3		60,000.00		4012015
30110101	ELIZABETH CITY STATE UNIVERSITY		3		150,000.00		10012017
30110401	EMMANUEL COLLEGE		3		28,000.00		11012013
30110802	FAIRLEIGH DICKINSON UNIV		3		650,000.00		11012017
30112002	GEORGE FOX COLLEGE		3		297,993.99		7012018
30112301	GEORGETOWN UNIVERSITY		3		1,417,000.00		11012020
30112302	GEORGETOWN UNIVERSITY		4		3,765,000.00		11012020
30112901	HAMPSHIRE COLLEGE		3		33,085.39		7012013
30112902	HAMPSHIRE COLLEGE		3		172,033.35		2012014
30113702	HIWASSEE COLLEGE		3		80,981.26		9152018
30114001	HOOD COLLEGE		3.625		62,000.00		11012014
30114802	INTER-AMERICAN UNIV. OF PUERTO RICO		3		695,872.31		1012017
30116201	LASSEN JUNIOR COLLEGE		3		204,000.00		4012020
30117002	LONG ISLAND UNIVERSITY		3.625		161,789.48		6012014
30117402	LYCOMING COLLEGE		3.625		40,000.00		5012014
30117403	LYCOMING COLLEGE		3.75		74,999.99		5012015
30117501	LYNCHBURG COLLEGE		3.75		98,000.00		5012015
30117502	LYNCHBURG COLLEGE		3		235,000.00		5012018
30117801	MARIAN COLLEGE OF FOND DU LAC		3		185,000.00		10012016
30118401	MARYMOUNT UNIVERSITY		3		175,000.00		5012016
30119202	MERCER UNIV. ACCOUNTING OFFICE		3		78,202.84		5012014
30119801	MILLSAPS COLLEGE		3		308,000.00		11012021
30119903	MISSISSIPPI STATE UNIVERSITY		3		760,000.00		12012020
30120402	MORAVIAN COLLEGE		3.375		20,000.00		11012012
30120601	MORGAN STATE UNIVERSITY		3		443,562.21		11012014
30121101	NEW ENGLAND COLLEGE		3		45,000.00		4012016
30121201	NEWARK BETH ISRAEL MEDICAL CENTER		3.625		110,000.00		1012014
30121501	NORFOLK STATE UNIVERSITY		3		1,431,980.84		12012021
30123401	PAINE COLLEGE		3		319,999.99		10012016
30123701	UNIVERSITY OF THE ARTS		3		1,214,028.17		1012022
30125504	RIDER COLLEGE		3.625		595,000.00		11012013
30125506	RIDER COLLEGE		3		147,000.00		5012017
30127402	ST MARY’S SCHOOL		3		186,000.00		6012020
30127602	SAINT MICHAELS COLLEGE		3		169,342.42		5012013
30128001	SAINT VINCENT COLLEGE		3.5		55,000.00		5012013
30128802	SETON HILL COLLEGE		3.625		81,000.00		11012014

Page 1 of 2

Berkadia Commercial Mortgage

College and University Loan Trust II

Trial Balance

As of September 30, 2012

Loan Number	Borrower Name	Interest Rate		Current UPB		Maturity Date
30129101	SIMPSON COLLEGE - BOND 1966		3		90,000.00		7012016
30130301	SOUTHWEST TEXAS STATE UNIVERSITY		3		520,000.00		10012015
30130703	SPRINGFIELD COLLEGE		3.5		8,000.00		5012013
30130903	STEPHEN F AUSTIN STATE UNIVERSITY		3.375		177,000.00		10012012
30132402	TEXAS SOUTHERN UNIVERSITY		3.5		130,000.00		4012013
30133201	UNIV STUDENT COOP HOUSING		3		655,000.00		4012019
30134402	UNIVERSITY OF FLORIDA / REV. CERTS., 84		3		355,000.00		7012014
30136801	UNIVERSITY OF ST THOMAS		3		305,000.00		10012019
30137802	VILLANOVA UNIVERSITY		3		490,000.00		4012019
30137901	VINCENNES UNIVERSITY		3		2,060,000.00		6012023
30138702	WESLEY COLLEGE		3.375		2,000.00		5012013
30140502	WITTENBERG UNIVERSITY		3		175,000.00		5012015
30140503	WITTENBERG UNIVERSITY		3		92,000.00		11012017
	TOTALS:				24,693,532.53

Page 2 of 2

Berkadia Commercial Mortgage

College and University Loan Trust II

Delinquency Report (60+ Days)

As of September 30, 2012

Loan Number	Borrower Name	Next Payment Due	P and I Due		Current UPB
30132402	TEXAS SOUTHERN UNIVERSITY	10/01/10		92,700.00		130,000.00
30125504	RIDER COLLEGE	11/01/10		307,387.47		595,000.00
30117002	LONG ISLAND UNIVERSITY	06/01/11		76,683.24		161,789.48
30123401	PAINE COLLEGE	04/01/12		4,800.00		319,999.99
30121201	NEWARK BETH ISRAEL MEDICAL CENTER	07/01/12		30.00		110,000.00
TOTAL:				481,600.71		1,316,789.47

Berkadia Commercial Mortgage

College and University Loan Trust II

Liquidation Report

As of September 30, 2012

None to report for this period

Berkadia Commercial Mortgage

College and University Loan Trust II

Collection Account Activity Report

For the Period of October 01, 2012 through October 31, 2012

Collections:
Principal Payments	621,416.00
Interest Payments	70,033.78
Total Principal and Interest Collections	691,449.78
Payments and Reversals Posted to Suspense	(220,462.35	)
Total Collections	470,987.43
Less: Servicing Fees (not withheld from remittances)	(2,571.81	)
Net Collections	468,415.62

Berkadia Commercial Mortgage

College & Trust Facility Loan Trust II

Service Fees Schedule

For the Period of October 01, 2012 through October 31, 2012

Date Due	Loan Number		Borrower Name	Principal Due		Interest Due		Total Due		Principal Balance		Service Fees
10012012		30101701	AZUSA PACIFIC		—		918.75		918.75		49,000.00		18.38
10012012		30106904	COLLEGE OF SA		36,000.00		3,705.00		39,705.00		247,000.00		92.63
10012012		30108202	DAEMEN COLLEG		—		2,625.00		2,625.00		175,000.00		65.63
10012012		30109604	DRURY COLLEGE		11,000.00		900.00		11,900.00		60,000.00		22.50
10012012		30110101	ELIZABETH CIT		25,000.00		2,250.00		27,250.00		150,000.00		56.25
10012012		30112002	GEORGE FOX CO		11,378.85		2,234.95		13,613.80		297,993.99		111.75
10012012		30117801	MARIAN COLLEG		35,000.00		2,775.00		37,775.00		185,000.00		69.38
10012012		30121101	NEW ENGLAND C		—		675.00		675.00		45,000.00		16.88
10012012		30123401	PAINE COLLEGE		60,000.00		4,800.00		64,800.00		319,999.99		120.00
10012012		30130903	STEPHEN F AUS		177,000.00		2,986.88		179,986.88		177,000.00		66.38
10012012		30133201	UNIV STU COOP		—		9,825.00		9,825.00		655,000.00		245.63
10012012		30136801	UNIVERSITY OF		35,000.00		4,575.00		39,575.00		305,000.00		114.38
10012012		30116201	LASSEN JUNIOR		—		3,060.00		3,060.00		204,000.00		76.50
10012012		30130301	SOUTHWEST TEX		165,000.00		10,275.00		175,275.00		685,000.00		256.88
10012012		30132904	TUFTS UNIVERS		107,000.00		18,480.00		125,480.00		1,232,000.00		462.00
10012012		30137802	VILLANOVA UNI		—		7,350.00		7,350.00		490,000.00		183.75
10012012		30132402	TEXAS SOUTHER		—		787.50		787.50		45,000.00		16.88
													—
			TOTALS:		662,378.85		78,223.08		740,601.93		5,321,993.98		1,995.80

Page 1 of 1

Berkadia Commercial Mortgage

College and University Loan Trust II

Loans Paid in Full

For the Period of October 01, 2012 through October 31, 2012

Loan Number	Payoff Date		Total Amount Paid		Principal Amount		Interest Amount		Other Fees		Maturity Date
30130903		10/1/2012		179,986.88		177,000.00		2,986.88				10012012
TOTALS:				179,986.88		177,000.00		2,986.88		—

Berkadia Commercial Mortgage

College and University Loan Trust II

Summary of Partial Prepayments

For the Period of October 01, 2012 through October 31, 2012

Loan Number	Date	Total Amount Paid		Principal Amount		Interest Amount
30121501	10-12-12		0.08		0.08		—
TOTAL:			0.08		0.08		—

Berkadia Commercial Mortgage

College and University Loan Trust II

Trial Balance

As of October 31, 2012

Loan Number	Borrower Name	Interest Rate		Current UPB		Maturity Date
30100103	ALABAMA AGRICULTURAL		3		680,000.00		5012018
30101601	AUBURN UNIVERSITY		3		910,000.00		12012018
30101701	AZUSA PACIFIC UNIVERSITY		3.75		49,000.00		4012015
30102604	BENEDICT COLLEGE		3		905,000.00		11012020
30102802	BETHANY COLLEGE - DORM BOND		3.375		11,000.00		11012012
30102803	BETHANY COLLEGE - HALL BOND 1967		3		110,000.00		11012017
30102804	BETHANY COLLEGE - NOTE OF 1973		3		25,000.00		11012012
30104102	CALIFORNIA STATE UNIVERSITY,		3		205,000.00		11012013
30104201	TRUST SERVICES DIVISION		3		1,218,000.00		11012019
30104605	CARNEGIE MELLON		3		330,000.00		11012017
30105701	CHAMPLAIN COLLEGE, INC.		3		19,660.29		12012013
30106904	COLLEGE OF SANTA FE		3		211,000.00		10012018
30108202	DAEMEN COLLEGE (ROSARY HILL COLLEGE)		3		175,000.00		4012016
30109502	DREXEL UNIVERSITY		3.5		170,000.00		5012014
30109604	DRURY COLLEGE		3		49,000.00		4012015
30110101	ELIZABETH CITY STATE UNIVERSITY		3		125,000.00		10012017
30110401	EMMANUEL COLLEGE		3		28,000.00		11012013
30110802	FAIRLEIGH DICKINSON UNIV		3		650,000.00		11012017
30112002	GEORGE FOX COLLEGE		3		286,615.14		7012018
30112301	GEORGETOWN UNIVERSITY		3		1,417,000.00		11012020
30112302	GEORGETOWN UNIVERSITY		4		3,765,000.00		11012020
30112901	HAMPSHIRE COLLEGE		3		33,085.39		7012013
30112902	HAMPSHIRE COLLEGE		3		172,033.35		2012014
30113702	HIWASSEE COLLEGE		3		75,287.98		9152018
30114001	HOOD COLLEGE		3.625		62,000.00		11012014
30114802	INTER-AMERICAN UNIV. OF PUERTO RICO		3		695,872.31		1012017
30116201	LASSEN JUNIOR COLLEGE		3		204,000.00		4012020
30117002	LONG ISLAND UNIVERSITY		3.625		116,789.48		6012014
30117402	LYCOMING COLLEGE		3.625		40,000.00		5012014
30117403	LYCOMING COLLEGE		3.75		74,999.99		5012015
30117501	LYNCHBURG COLLEGE		3.75		98,000.00		5012015
30117502	LYNCHBURG COLLEGE		3		235,000.00		5012018
30117801	MARIAN COLLEGE OF FOND DU LAC		3		150,000.00		10012016
30118401	MARYMOUNT UNIVERSITY		3		175,000.00		5012016
30119202	MERCER UNIV. ACCOUNTING OFFICE		3		78,202.84		5012014
30119801	MILLSAPS COLLEGE		3		308,000.00		11012021
30119903	MISSISSIPPI STATE UNIVERSITY		3		760,000.00		12012020
30120402	MORAVIAN COLLEGE		3.375		20,000.00		11012012
30120601	MORGAN STATE UNIVERSITY		3		443,562.21		11012014
30121101	NEW ENGLAND COLLEGE		3		45,000.00		4012016
30121201	NEWARK BETH ISRAEL MEDICAL CENTER		3.625		110,000.00		1012014
30121501	NORFOLK STATE UNIVERSITY		3		1,431,980.76		12012021
30123401	PAINE COLLEGE		3		259,999.99		10012016
30123701	UNIVERSITY OF THE ARTS		3		1,214,028.17		1012022
30125504	RIDER COLLEGE		3.625		444,656.21		11012013
30125506	RIDER COLLEGE		3		147,000.00		5012017
30127402	ST MARY’S SCHOOL		3		186,000.00		6012020
30127602	SAINT MICHAELS COLLEGE		3		169,342.42		5012013
30128001	SAINT VINCENT COLLEGE		3.5		55,000.00		5012013
30128802	SETON HILL COLLEGE		3.625		81,000.00		11012014

Page 1 of 2

Berkadia Commercial Mortgage

College and University Loan Trust II

Trial Balance

As of October 31, 2012

Loan Number	Borrower Name	Interest Rate		Current UPB		Maturity Date
30129101	SIMPSON COLLEGE - BOND 1966		3		90,000.00		7012016
30130301	SOUTHWEST TEXAS STATE UNIVERSITY		3		520,000.00		10012015
30130703	SPRINGFIELD COLLEGE		3.5		8,000.00		5012013
30132402	TEXAS SOUTHERN UNIVERSITY		3.5		130,000.00		4012013
30133201	UNIV STUDENT COOP HOUSING		3		655,000.00		4012019
30134402	UNIVERSITY OF FLORIDA / REV. CERTS., 84		3		355,000.00		7012014
30136801	UNIVERSITY OF ST THOMAS		3		270,000.00		10012019
30137802	VILLANOVA UNIVERSITY		3		490,000.00		4012019
30137901	VINCENNES UNIVERSITY		3		2,060,000.00		6012023
30138702	WESLEY COLLEGE		3.375		2,000.00		5012013
30140502	WITTENBERG UNIVERSITY		3		175,000.00		5012015
30140503	WITTENBERG UNIVERSITY		3		92,000.00		11012017
	TOTALS:				24,072,116.53

Page 2 of 2

Berkadia Commercial Mortgage

College and University Loan Trust II

Delinquency Report (60+ Days)

As of October 31, 2012

Loan Number	Borrower Name	Next Payment Due	P and I Due		Current UPB
30132402	TEXAS SOUTHERN UNIVERSITY	10/01/10		93,487.50		130,000.00
30125504	RIDER COLLEGE	11/01/11		140,274.96		444,656.21
30117002	LONG ISLAND UNIVERSITY	06/01/12		26,789.48		116,789.48
TOTAL:				260,551.94		691,445.69

Berkadia Commercial Mortgage

College and University Loan Trust II

Liquidation Report

As of October 31, 2012

None to report for this period

Berkadia Commercial Mortgage

College and University Loan Trust II

Collection Account Activity Report

For the Period of November 01, 2012 through November 30, 2012

Collections:
Principal Payments	1,300,548.41
Interest Payments	189,079.95
Total Principal and Interest Collections	1,489,628.36
Payments and Reversals Posted to Suspense	155,343.79
Total Collections	1,644,972.15
Less: Servicing Fees (not withheld from remittances)	(4,324.38	)
Net Collections	1,640,647.77

Berkadia Commercial Mortgage

College & Trust Facility Loan Trust II

Service Fees Schedule

For the Period of November 01, 2012 through November 30, 2012

Date Due	Loan Number		Borrower Name	Principal Due		Interest Due		Total Due		Principal Balance		Service Fees
11012012		30100103	ALABAMA AGRIC		—		10,200.00		10,200.00		680,000.00		255.00
11012012		30102604	BENEDICT COLL		89,000.00		13,575.00		102,575.00		905,000.00		339.38
11012012		30102802	BETHANY COLLE		11,000.00		185.63		11,185.63		11,000.00		4.13
11012012		30102803	BETHANY COLLE		15,000.00		1,650.00		16,650.00		110,000.00		41.25
11012012		30102804	BETHANY COLLE		25,000.00		375.00		25,375.00		25,000.00		9.38
11012012		30104102	CALIFORNIA ST		100,000.00		3,075.00		103,075.00		205,000.00		76.88
11012012		30104201	CALIFORNIA ST		140,000.00		18,270.00		158,270.00		1,218,000.00		456.75
11012012		30109502	DREXEL UNIVER		—		2,975.00		2,975.00		170,000.00		63.75
11012012		30110401	EMMANUEL COLL		14,000.00		420.00		14,420.00		28,000.00		10.50
11012012		30110802	FAIRLEIGH DIC		100,000.00		9,750.00		109,750.00		650,000.00		243.75
11012012		30112301	GEORGETOWN UN		140,000.00		21,255.00		161,255.00		1,417,000.00		531.38
11012012		30112302	GEORGETOWN UN		360,000.00		75,300.00		435,300.00		3,765,000.00		1,411.88
11012012		30117402	LYCOMING COLL		—		725.00		725.00		40,000.00		15.00
11012012		30117403	LYCOMING COLL		—		1,406.25		1,406.25		74,999.99		28.12
11012012		30117501	LYNCHBURG COL		—		1,837.50		1,837.50		98,000.00		36.75
11012012		30117502	LYNCHBURG COL		—		3,525.00		3,525.00		235,000.00		88.13
11012012		30118401	MARYMOUNT UNI		—		2,625.00		2,625.00		175,000.00		65.63
11012012		30119202	MERCER UNIVER		19,116.31		1,173.04		20,289.35		78,202.84		29.33
11012012		30119801	MILLSAPS COLL		28,000.00		4,620.00		32,620.00		308,000.00		115.50
11012012		30120402	MORAVIAN COLL		20,000.00		337.50		20,337.50		20,000.00		7.50
11012012		30125506	RIDER COLLEGE		—		2,205.00		2,205.00		147,000.00		55.13
11012012		30127602	ST MICHAELS C		84,319.86		2,540.14		86,860.00		169,342.42		63.50
11012012		30128001	ST VINCENT CO		—		962.50		962.50		55,000.00		20.63
11012012		30130703	SPRINGFIELD C		—		140.00		140.00		8,000.00		3.00
11012012		30138702	WESLEY COLLEG		—		33.75		33.75		2,000.00		0.75
11012012		30140502	WITTENBERG UN		—		2,625.00		2,625.00		175,000.00		65.63
11012012		30140503	WITTENBERG UN		14,000.00		1,380.00		15,380.00		92,000.00		34.50
11012012		30104605	CARNEGIE-MELL		30,000.00		5,400.00		35,400.00		360,000.00		135.00
11012012		30114001	HOOD COLLEGE		23,000.00		1,123.75		24,123.75		62,000.00		23.25
11012012		30120601	MORGAN STATE		86,090.73		6,653.43		92,744.16		443,562.21		166.34
11012012		30125504	RIDER COLLEGE		150,000.00		5,618.75		155,618.75		310,000.00		116.25
11012012		30128802	SETON HILL CO		26,000.00		1,468.13		27,468.13		81,000.00		30.38
			TOTALS:		1,474,526.90		203,430.37		1,677,957.27		12,118,107.46		4,544.35

Page 1 of 1

Berkadia Commercial Mortgage

College and University Loan Trust II

Loans Paid in Full

For the Period of November 01, 2012 through November 30, 2012

Loan Number	Payoff Date		Total Amount Paid		Principal Amount		Interest Amount		Other Fees		Maturity Date
30102802		11/6/2012		11,185.63		11,000.00		185.63				11012012
30102804		11/6/2012		25,375.00		25,000.00		375.00				11012012
30120402		11/1/2012		20,337.50		20,000.00		337.50				11012012
TOTALS:				56,898.13		56,000.00		898.13		—

Berkadia Commercial Mortgage

College and University Loan Trust II

Summary of Partial Prepayments

For the Period of November 01, 2012 through November 30, 2012

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 November 30, 2012

Loan Number	Borrower Name	Interest Rate		Current UPB		Maturity Date
30100103	ALABAMA AGRICULTURAL		3		680,000.00		5012018
30101601	AUBURN UNIVERSITY		3		910,000.00		12012018
30101701	AZUSA PACIFIC UNIVERSITY		3.75		49,000.00		4012015
30102604	BENEDICT COLLEGE		3		816,000.00		11012020
30102803	BETHANY COLLEGE - HALL BOND 1967		3		95,000.00		11012017
30104102	CALIFORNIA STATE UNIVERSITY,		3		105,000.00		11012013
30104201	TRUST SERVICES DIVISION		3		1,078,000.00		11012019
30104605	CARNEGIE MELLON		3		330,000.00		11012017
30105701	CHAMPLAIN COLLEGE, INC.		3		13,204.26		12012013
30106904	COLLEGE OF SANTA FE		3		211,000.00		10012018
30108202	DAEMEN COLLEGE (ROSARY HILL COLLEGE)		3		175,000.00		4012016
30109502	DREXEL UNIVERSITY		3.5		170,000.00		5012014
30109604	DRURY COLLEGE		3		49,000.00		4012015
30110101	ELIZABETH CITY STATE UNIVERSITY		3		125,000.00		10012017
30110401	EMMANUEL COLLEGE		3		14,000.00		11012013
30110802	FAIRLEIGH DICKINSON UNIV		3		550,000.00		11012017
30112002	GEORGE FOX COLLEGE		3		286,615.14		7012018
30112301	GEORGETOWN UNIVERSITY		3		1,277,000.00		11012020
30112302	GEORGETOWN UNIVERSITY		4		3,405,000.00		11012020
30112901	HAMPSHIRE COLLEGE		3		33,085.39		7012013
30112902	HAMPSHIRE COLLEGE		3		172,033.35		2012014
30113702	HIWASSEE COLLEGE		3		75,287.98		9152018
30114001	HOOD COLLEGE		3.625		62,000.00		11012014
30114802	INTER-AMERICAN UNIV. OF PUERTO RICO		3		695,872.31		1012017
30116201	LASSEN JUNIOR COLLEGE		3		204,000.00		4012020
30117002	LONG ISLAND UNIVERSITY		3.625		116,789.48		6012014
30117402	LYCOMING COLLEGE		3.625		40,000.00		5012014
30117403	LYCOMING COLLEGE		3.75		74,999.99		5012015
30117501	LYNCHBURG COLLEGE		3.75		98,000.00		5012015
30117502	LYNCHBURG COLLEGE		3		235,000.00		5012018
30117801	MARIAN COLLEGE OF FOND DU LAC		3		150,000.00		10012016
30118401	MARYMOUNT UNIVERSITY		3		175,000.00		5012016
30119202	MERCER UNIV. ACCOUNTING OFFICE		3		59,086.53		5012014
30119801	MILLSAPS COLLEGE		3		280,000.00		11012021
30119903	MISSISSIPPI STATE UNIVERSITY		3		760,000.00		12012020
30120601	MORGAN STATE UNIVERSTIY		3		443,562.21		11012014
30121101	NEW ENGLAND COLLEGE		3		45,000.00		4012016
30121201	NEWARK BETH ISRAEL MEDICAL CENTER		3.625		110,000.00		1012014
30121501	NORFOLK STATE UNIVERSITY		3		1,431,980.76		12012021
30123401	PAINE COLLEGE		3		259,999.99		10012016
30123701	UNIVERSITY OF THE ARTS		3		1,214,028.17		1012022
30125504	RIDER COLLEGE		3.625		310,000.00		11012013
30125506	RIDER COLLEGE		3		147,000.00		5012017
30127402	ST MARY’S SCHOOL		3		186,000.00		6012020
30127602	SAINT MICHAELS COLLEGE		3		85,022.56		5012013
30128001	SAINT VINCENT COLLEGE		3.5		55,000.00		5012013
30128802	SETON HILL COLLEGE		3.625		81,000.00		11012014
30129101	SIMPSON COLLEGE - BOND 1966		3		90,000.00		7012016
30130301	SOUTHWEST TEXAS STATE UNIVERSITY		3		520,000.00		10012015
30130703	SPRINGFIELD COLLEGE		3.5		8,000.00		5012013

Page 1 of 2

Berkadia Commercial Mortgage

College and University Loan Trust II

Trial Balance

As of November 30, 2012

Loan Number	Borrower Name	Interest Rate		Current UPB		Maturity Date
30132402	TEXAS SOUTHERN UNIVERSITY		3.5		130,000.00		4012013
30133201	UNIV STUDENT COOP HOUSING		3		655,000.00		4012019
30134402	UNIVERSITY OF FLORIDA / REV. CERTS., 84		3		355,000.00		7012014
30136801	UNIVERSITY OF ST THOMAS		3		270,000.00		10012019
30137802	VILLANOVA UNIVERSITY		3		490,000.00		4012019
30137901	VINCENNES UNIVERSITY		3		2,060,000.00		6012023
30138702	WESLEY COLLEGE		3.375		2,000.00		5012013
30140502	WITTENBERG UNIVERSITY		3		175,000.00		5012015
30140503	WITTENBERG UNIVERSITY		3		78,000.00		11012017
	TOTALS:				22,771,568.12

Page 2 of 2

Berkadia Commercial Mortgage

College and University Loan Trust II

Delinquency Report (60+ Days)

As of November 30, 2012

Loan Number	Borrower Name	Next Payment Due	P and I Due		Current UPB
30132402	TEXAS SOUTHERN UNIVERSITY	10/01/10		93,487.50		130,000.00
30117002	LONG ISLAND UNIVERSITY	06/01/12		26,789.48		116,789.48
30123401	PAINE COLLEGE	10/01/12		1,344.00		259,999.99
TOTAL:				121,620.98		506,789.47

Berkadia Commercial Mortgage

College and University Loan Trust II

Liquidation Report

As of November 30, 2012

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, 2011 through December 31, 2011

Collections:
Principal Payments	377,650.48
Interest Payments	111,951.37
Total Principal and Interest Collections	489,601.85
Payments and Reversals Posted to Suspense	2,446.96
Total Collections	492,048.81
Less: Servicing Fees (not withheld from remittances)	(2,257.05	)
Net Collections	489,791.76

Berkadia Commercial Mortgage

College & Trust Facility Loan Trust II

Service Fees Schedule

For the Period of December 01, 2011 through December 31, 2011

Date Due	Loan Number		Borrower Name	Principal Due		Interest Due		Total Due		Principal Balance		Service Fees
12012011		30101601	AUBURN UNIVER		115,000.00		15,375.00		130,375.00		1,025,000.00		384.38
12012011		30119903	MISSISSIPPI S		70,000.00		12,450.00		82,450.00		830,000.00		311.25
12012011		30121501	NORFOLK STATE		63,769.63		23,407.15		87,176.78		1,560,476.64		585.18
12012011		30127402	ST MARY’S COL		11,000.00		3,120.00		14,120.00		208,000.00		78.00
12012011		30137901	VINCENNES UNI		—		33,300.00		33,300.00		2,220,000.00		832.50
12012011		30105701	CHAMPLAIN COL		6,266.62		484.31		6,750.93		32,287.53		12.11
12012011		30117002	LONG ISLAND U		—		2,446.88		2,446.88		135,000.00		50.63
			TOTALS:		266,036.25		90,583.34		356,619.59		6,010,764.17		2,254.05

Page 1 of 1

Berkadia Commercial Mortgage

College and University Loan Trust II

Loans Paid in Full

For the Period of December 01, 2011 through December 31, 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 December 01, 2011 through December 31, 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 December 31, 2011

Loan Number	Borrower Name	Interest Rate		Current UPB		Maturity Date
30100103	ALABAMA AGRICULTURAL		3		790,000.00		5012018
30101601	AUBURN UNIVERSITY		3		910,000.00		12012018
30101701	AZUSA PACIFIC UNIVERSITY		3.75		65,000.00		4012015
30102604	BENEDICT COLLEGE		3		905,000.00		11012020
30102802	BETHANY COLLEGE - DORM BOND 1965		3.375		11,000.00		11012012
30102803	BETHANY COLLEGE - HALL BOND 1967		3		110,000.00		11012017
30102804	BETHANY COLLEGE - NOTE OF 1973		3		50,000.00		11012012
30104102	CALIFORNIA STATE UNIVERSITY,		3		205,000.00		11012013
30104201	TRUST SERVICES DIVISION		3		1,218,000.00		11012019
30104605	CARNEGIE MELLON		3		390,000.00		11012017
30105701	CHAMPLAIN COLLEGE, INC.		3		26,020.91		12012013
30106904	COLLEGE OF SANTA FE		3		247,000.00		10012018
30108101	CUMBERLAND COLLEGE		3		128,000.00		8012017
30108202	DAEMEN COLLEGE (ROSARY HILL COLLEGE)		3		215,000.00		4012016
30109502	DREXEL UNIVERSITY		3.5		270,000.00		5012014
30109604	DRURY COLLEGE		3		71,000.00		4012015
30110101	ELIZABETH CITY STATE UNIVERSITY		3		150,000.00		10012017
30110401	EMMANUEL COLLEGE		3		28,000.00		11012013
30110802	FAIRLEIGH DICKINSON UNIV		3		650,000.00		11012017
30112002	GEORGE FOX COLLEGE		3		331,624.80		7012018
30112301	GEORGETOWN UNIVERSITY		3		1,417,000.00		11012020
30112302	GEORGETOWN UNIVERSITY		4		3,765,000.00		11012020
30112901	HAMPSHIRE COLLEGE		3		49,262.53		7012013
30112902	HAMPSHIRE COLLEGE		3		282,526.92		2012014
30113702	HIWASSEE COLLEGE		3		86,590.40		9152018
30114001	HOOD COLLEGE		3.625		62,000.00		11012014
30114802	INTER-AMERICAN UNIV. OF PUERTO RICO		3		777,014.30		1012017
30116201	LASSEN JUNIOR COLLEGE		3		229,000.00		4012020
30117002	LONG ISLAND UNIVERSITY		3.625		161,789.48		6012014
30117402	LYCOMING COLLEGE		3.625		59,000.00		5012014
30117403	LYCOMING COLLEGE		3.75		99,999.99		5012015
30117501	LYNCHBURG COLLEGE		3.75		138,000.00		5012015
30117502	LYNCHBURG COLLEGE		3		275,000.00		5012018
30117801	MARIAN COLLEGE OF FOND DU LAC		3		185,000.00		10012016
30118302	MARY BALDWIN COLLEGE		3.375		23,000.00		5012012
30118401	MARYMOUNT UNIVERSITY		3		215,000.00		5012016
30119001	SLOAN-MEMORIAL KETTERING CANCER CENTER		3.375		59,000.00		4012012
30119202	MERCER UNIV. ACCOUNTING OFFICE		3		97,036.64		5012014
30119801	MILLSAPS COLLEGE		3		308,000.00		11012021
30119903	MISSISSIPPI STATE UNIVERSITY		3		760,000.00		12012020
30120402	MORAVIAN COLLEGE		3.375		20,000.00		11012012
30120601	MORGAN STATE UNIVERSITY		3		528,380.65		11012014
30121101	NEW ENGLAND COLLEGE		3		55,000.00		4012016
30121201	NEWARK BETH ISRAEL MEDICAL CENTER		3.625		160,000.00		1012014
30121501	NORFOLK STATE UNIVERSITY		3		1,496,707.01		12012021
30122302	NORTHEASTERN UNIVERSITY		3		1,257,614.32		5012018
30123401	PAINE COLLEGE		3		319,999.99		10012016
30123701	UNIVERSITY OF THE ARTS		3		1,322,966.53		1012022
30125504	RIDER COLLEGE		3.625		595,000.00		11012013
30125506	RIDER COLLEGE		3		172,000.00		5012017

Page 1 of 2

Berkadia Commercial Mortgage

College and University Loan Trust II

Trial Balance

As of December 31, 2011

Loan Number	Borrower Name	Interest Rate		Current UPB		Maturity Date
30127402	ST MARY’S SCHOOL		3		197,000.00		6012020
30127602	SAINT MICHAELS COLLEGE		3		252,416.18		5012013
30127801	SAINT PAULS COLLEGE		3		115,437.13		11012014
30128001	SAINT VINCENT COLLEGE		3.5		110,000.00		5012013
30128802	SETON HILL COLLEGE		3.625		81,000.00		11012014
30129101	SIMPSON COLLEGE - BOND 1966		3		110,000.00		7012016
30130301	SOUTHWEST TEXAS STATE UNIVERSITY		3		685,000.00		10012015
30130703	SPRINGFIELD COLLEGE		3.5		53,000.00		5012013
30130903	STEPHEN F AUSTIN STATE UNIVERSITY		3.375		177,000.00		10012012
30132003	TAYLOR UNIVERSITY		3		261,000.00		10012013
30132402	TEXAS SOUTHERN UNIVERSITY		3.5		130,000.00		4012013
30132904	TUFTS UNIVERSITY		3		1,232,000.00		10012021
30133201	UNIV STUDENT COOP HOUSING		3		740,000.00		4012019
30134402	UNIVERSITY OF FLORIDA / REV. CERTS., 84		3		525,000.00		7012014
30136801	UNIVERSITY OF ST THOMAS		3		305,000.00		10012019
30137702	VERMONT STATE COLLEGE		3		60,000.00		7012014
30137802	VILLANOVA UNIVERSITY		3		550,000.00		4012019
30137901	VINCENNES UNIVERSITY		3		2,220,000.00		6012023
30138702	WESLEY COLLEGE		3.375		23,000.00		5012013
30140502	WITTENBERG UNIVERSITY		3		230,000.00		5012015
30140503	WITTENBERG UNIVERSITY		3		92,000.00		11012017
	TOTALS:				29,896,387.78

Page 2 of 2

Berkadia Commercial Mortgage

College and University Loan Trust II

Delinquency Report (60+ Days)

As of December 31, 2011

Loan Number	Borrower Name	Next Payment Due	P and I Due		Current UPB
30132003	TAYLOR UNIVERSITY	10/01/10		139,795.00		261,000.00
30132402	TEXAS SOUTHERN UNIVERSITY	10/01/10		46,125.00		130,000.00
30125504	RIDER COLLEGE	11/01/10		301,768.72		595,000.00
30117002	LONG ISLAND UNIVERSITY	06/01/11		29,236.36		161,789.48
TOTAL:				516,925.08		1,147,789.48

Berkadia Commercial Mortgage

College and University Loan Trust II

Liquidation Report

As of December 31, 2011

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, 2011

Collections:
	October			November			December
Principal Payments		1,216,923.60			1,357,640.91			377,650.48
Interest Payments		98,844.42			244,791.03			111,951.37
Total Principal and Interest Collections		1,315,768.02			1,602,431.94			489,601.85
Payments and Reversals Posted to Suspense		—			153,246.87			2,446.96
Total Collections		1,315,768.02			1,755,678.81			492,048.81
Less: Servicing Fees (not withheld from remittances)		(2,631.50	)		(5,763.62	)		(2,257.05	)
Net Collections		1,313,136.52			1,749,915.19			489,791.76

Berkadia Commercial Mortgage

College & Trust Facility Loan Trust II

Service Fees Schedule

For the Quarter Ended December 31, 2011

Date Due	Loan Number	Borrower Name	Principal Due		Interest Due		Total Due		Principal Balance		Service Fees
October
10012011	30101701	AZUSA PACIFIC		—		1,218.75		1,218.75		65,000.00		24.38
10012011	30106904	COLLEGE OF SA		32,000.00		4,185.00		36,185.00		279,000.00		104.63
10012011	30108202	DAEMEN COLLEG		—		3,225.00		3,225.00		215,000.00		80.63
10012011	30109604	DRURY COLLEGE		10,000.00		1,215.00		11,215.00		81,000.00		30.38
10012011	30109801	DYOUVILLE COL		—		6,968.03		6,968.03		464,535.00		174.20
10012011	30110101	ELIZABETH CIT		20,000.00		2,550.00		22,550.00		170,000.00		63.75
10012011	30112002	GEORGE FOX CO		11,043.79		2,570.01		13,613.80		342,668.59		128.50
10012011	30113601	HINDS JUNIOR		—		3,135.00		3,135.00		209,000.00		78.38
10012011	30116201	LASSEN JUNIOR		—		3,435.00		3,435.00		229,000.00		85.88
10012011	30117801	MARIAN COLLEG		35,000.00		3,300.00		38,300.00		220,000.00		82.50
10012011	30119001	MEMORIAL SLOA		—		995.63		995.63		59,000.00		22.13
10012011	30121101	NEW ENGLAND C		—		825.00		825.00		55,000.00		20.63
10012011	30123401	PAINE COLLEGE		58,000.00		5,670.00		63,670.00		377,999.99		141.75
10012011	30130903	STEPHEN F AUS		165,000.00		5,771.25		170,771.25		342,000.00		128.25
10012011	30132904	TUFTS UNIVERS		104,000.00		20,040.00		124,040.00		1,336,000.00		501.00
10012011	30133201	UNIV STU COOP		—		11,100.00		11,100.00		740,000.00		277.50
10012011	30136801	UNIVERSITY OF		35,000.00		5,100.00		40,100.00		340,000.00		127.50
10012011	30130301	SOUTHWEST TEX		160,000.00		12,675.00		172,675.00		845,000.00		316.88
10012011	30137802	VILLANOVA UNI		—		8,250.00		8,250.00		550,000.00		206.25
10012011	30132003	TAYLOR UNIVER		65,000.00		2,940.00		67,940.00		196,000.00		73.50
10012011	30132402	TEXAS SOUTHER		—		1,575.00		1,575.00		90,000.00		33.75
		TOTALS:		695,043.79		106,743.67		801,787.46		7,206,203.58		2,702.37
11012010	30110401	EMMANUEL COLL		13,000.00		825.00		13,825.00		55,000.00		20.63
5012011	30110401	EMMANUEL COLL		—		630.00		630.00		42,000.00		15.75
10012011	30132003	TAYLOR UNIVER		65,000.00		2,940.00		67,940.00		196,000.00		(73.50	)
10012011	30132402	TEXAS SOUTHER		—		1,575.00		1,575.00		90,000.00		(33.75	)
												2,631.50
November
11012011	30100103	ALABAMA AGRIC		—		11,850.00		11,850.00		790,000.00		296.25
11012011	30102604	BENEDICT COLL		87,000.00		14,880.00		101,880.00		992,000.00		372.00
11012011	30102802	BETHANY COLLE		30,000.00		691.88		30,691.88		41,000.00		15.38
11012011	30102803	BETHANY COLLE		15,000.00		1,875.00		16,875.00		125,000.00		46.88
11012011	30102804	BETHANY COLLE		22,500.00		1,087.50		23,587.50		72,500.00		27.19
11012011	30103302	BRANDEIS UNIV		13,877.86		208.18		14,086.04		13,877.86		5.20
11012011	30104102	CALIFORNIA ST		95,000.00		4,500.00		99,500.00		300,000.00		112.50
11012011	30104201	CALIFORNIA ST		130,000.00		20,220.00		150,220.00		1,348,000.00		505.50
11012011	30109502	DREXEL UNIVER		—		4,725.00		4,725.00		270,000.00		101.25
11012011	30110401	EMMANUEL COLL		14,000.00		630.00		14,630.00		42,000.00		15.75
11012011	30110802	FAIRLEIGH DIC		100,000.00		11,250.00		111,250.00		750,000.00		281.25
11012011	30112301	GEORGETOWN UN		136,000.00		23,295.00		159,295.00		1,553,000.00		582.38
11012011	30112302	GEORGETOWN UN		350,000.00		82,300.00		432,300.00		4,115,000.00		1,543.13
11012011	30117403	LYCOMING COLL		—		1,875.00		1,875.00		99,999.99		37.50
11012011	30117501	LYNCHBURG COL		—		2,587.50		2,587.50		138,000.00		51.75
11012011	30117502	LYNCHBURG COL		—		4,125.00		4,125.00		275,000.00		103.13
11012011	30118302	MARY BALDWIN		—		388.13		388.13		23,000.00		8.63
11012011	30118401	MARYMOUNT UNI		—		3,225.00		3,225.00		215,000.00		80.63
11012011	30119202	MERCER UNIVER		18,555.47		1,733.88		20,289.35		115,592.11		43.35

Berkadia Commercial Mortgage

College & Trust Facility Loan Trust II

Service Fees Schedule

For the Quarter Ended December 31, 2011

Date Due	Loan Number	Borrower Name	Principal Due		Interest Due		Total Due		Principal Balance		Service Fees
11012011	30119801	MILLSAPS COLL		28,000.00		5,040.00		33,040.00		336,000.00		126.00
11012011	30120402	MORAVIAN COLL		20,000.00		675.00		20,675.00		40,000.00		15.00
11012011	30120601	MORGAN STATE		83,564.98		9,179.18		92,744.16		611,945.63		229.48
11012011	30122302	NORTHEASTERN		87,029.91		20,169.66		107,199.57		1,344,644.23		504.24
11012011	30125506	RIDER COLLEGE		—		2,580.00		2,580.00		172,000.00		64.50
11012011	30127602	ST MICHAELS C		81,846.07		5,013.93		86,860.00		334,262.25		125.35
11012011	30128001	ST VINCENT CO		—		1,925.00		1,925.00		110,000.00		41.25
11012011	30128802	SETON HILL CO		25,000.00		1,921.25		26,921.25		106,000.00		39.75
11012011	30130703	SPRINGFIELD C		—		927.50		927.50		53,000.00		19.88
11012011	30138702	WESLEY COLLEG		—		388.13		388.13		23,000.00		8.63
11012011	30140502	WITTENBERG UN		—		3,450.00		3,450.00		230,000.00		86.25
11012011	30140503	WITTENBERG UN		14,000.00		1,590.00		15,590.00		106,000.00		39.75
11012011	30104605	CARNEGIE-MELL		30,000.00		6,300.00		36,300.00		420,000.00		157.50
11012011	30111802	GANNON UNIVER		69,999.98		1,050.00		71,049.98		69,999.98		26.25
11012011	30127801	ST PAULS COLL		18,256.68		2,005.41		20,262.09		133,693.81		50.14
11012011	30114001	HOOD COLLEGE		22,000.00		1,522.50		23,522.50		84,000.00		31.50
11012011	30117402	LYCOMING COLL		—		1,069.37		1,069.37		59,000.00		22.13
11012011	30125504	RIDER COLLEGE		145,000.00		8,246.87		153,246.87		455,000.00		170.63
		TOTALS:		1,636,630.95		264,500.87		1,901,131.82		15,967,515.86		5,987.88
11012011	30114001	HOOD COLLEGE		22,000.00		1,522.50		23,522.50		84,000.00		(31.50	)
11012011	30117402	LYCOMING COLL		—		1,069.37		1,069.37		59,000.00		(22.13	)
11012011	30125504	RIDER COLLEGE		145,000.00		8,246.87		153,246.87		455,000.00		(170.63	)
												5,763.62
December
12012011	30101601	AUBURN UNIVER		115,000.00		15,375.00		130,375.00		1,025,000.00		384.38
12012011	30119903	MISSISSIPPI S		70,000.00		12,450.00		82,450.00		830,000.00		311.25
12012011	30121501	NORFOLK STATE		63,769.63		23,407.15		87,176.78		1,560,476.64		585.18
12012011	30127402	ST MARY’S COL		11,000.00		3,120.00		14,120.00		208,000.00		78.00
12012011	30137901	VINCENNES UNI		—		33,300.00		33,300.00		2,220,000.00		832.50
12012011	30105701	CHAMPLAIN COL		6,266.62		484.31		6,750.93		32,287.53		12.11
12012011	30117002	LONG ISLAND U		—		2,446.88		2,446.88		135,000.00		50.63
		TOTALS:		266,036.25		90,583.34		356,619.59		6,010,764.17		2,254.05
11012011	30114001	HOOD COLLEGE		22,000.00		1,522.50		23,522.50		84,000.00		31.50
11012011	30117402	LYCOMING COLL		—		1,069.37		1,069.37		59,000.00		22.13
12012011	30117002	LONG ISLAND U		—		2,446.88		2,446.88		135,000.00		(50.63	)
												2,257.05
TOTALS FOR QTR				2,597,710.99		461,827.88		3,059,538.87		29,184,483.61		10,652.17

Berkadia Commercial Mortgage

College and University Loan Trust II

Paid In Full Loan Schedule

For the Quarter Ended December 31, 2011

Loan Number	Payoff Date		Total Amount Paid		Principal Amount		Interest Amount		Other Fees		Maturity Date
30109801		10/7/2011		464,535.00		464,535.00		—				4012018
30113601		10/3/2011		215,270.00		209,000.00		6,270.00				4012013
30103302		11/1/2011		14,086.04		13,877.86		208.18				11012011
TOTALS				693,891.04		687,412.86		6,478.18		—

Berkadia Commercial Mortgage

College and University Loan Trust II

Summary of Partial Prepayments

For the Quarter Ended December 31, 2011

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

Berkadia Commercial Mortgage

College and University Loan Trust II

Trial Balance

For the Quarter Ended December 31, 2011

Loan Number	Borrower Name	Interest Rate		Current UPB		Maturity Date
October
30100103	ALABAMA AGRICULTURAL		3.00		790,000.00		5-01-2018
30101601	AUBURN UNIVERSITY		3.00		1,025,000.00		12-01-2018
30101701	AZUSA PACIFIC UNIVERSITY		3.75		65,000.00		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		72,500.00		11-01-2012
30103302	BRANDEIS UNIVERSITY		3.00		13,877.86		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		390,000.00		11-01-2017
30105701	CHAMPLAIN COLLEGE, INC.		3.00		32,287.53		12-01-2013
30106904	COLLEGE OF SANTA FE		3.00		247,000.00		10-01-2018
30108101	CUMBERLAND COLLEGE		3.00		128,000.00		8-01-2017
30108202	DAEMEN COLLEGE (ROSARY HILL COLLEGE)		3.00		215,000.00		4-01-2016
30109502	DREXEL UNIVERSITY		3.50		270,000.00		5-01-2014
30109604	DRURY COLLEGE		3.00		71,000.00		4-01-2015
30110101	ELIZABETH CITY STATE UNIVERSITY		3.00		150,000.00		10-01-2017
30110401	EMMANUEL COLLEGE		3.00		42,000.00		11-01-2013
30110802	FAIRLEIGH DICKINSON UNIV		3.00		750,000.00		11-01-2017
30112002	GEORGE FOX COLLEGE		3.00		331,624.80		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		65,200.60		7-01-2013
30112902	HAMPSHIRE COLLEGE		3.00		282,526.92		2-01-2014
30113702	HIWASSEE COLLEGE		3.00		86,590.40		9-15-2018
30114001	HOOD COLLEGE		3.63		84,000.00		11-01-2014
30114802	INTER-AMERICAN UNIV. OF PUERTO RICO		3.00		856,957.15		1-01-2017
30116201	LASSEN JUNIOR COLLEGE		3.00		229,000.00		4-01-2020
30117002	LONG ISLAND UNIVERSITY		3.63		161,789.48		6-01-2014
30117402	LYCOMING COLLEGE		3.63		59,000.00		5-01-2014
30117403	LYCOMING COLLEGE		3.75		99,999.99		5-01-2015
30117501	LYNCHBURG COLLEGE		3.75		138,000.00		5-01-2015
30117502	LYNCHBURG COLLEGE		3.00		275,000.00		5-01-2018
30117801	MARIAN COLLEGE OF FOND DU LAC		3.00		185,000.00		10-01-2016
30118302	MARY BALDWIN COLLEGE		3.38		23,000.00		5-01-2012
30118401	MARYMOUNT UNIVERSITY		3.00		215,000.00		5-01-2016
30119001	SLOAN-MEMORIAL KETTERING CANCER CENTER		3.38		59,000.00		4-01-2012
30119202	MERCER UNIV. ACCOUNTING OFFICE		3.00		115,592.11		5-01-2014
30119801	MILLSAPS COLLEGE		3.00		336,000.00		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		611,945.63		11-01-2014
30121101	NEW ENGLAND COLLEGE		3.00		55,000.00		4-01-2016
30121201	NEWARK BETH ISRAEL MEDICAL CENTER		3.63		160,000.00		1-01-2014
30121501	NORFOLK STATE UNIVERSITY		3.00		1,560,476.57		12-01-2021
30122302	NORTHEASTERN UNIVERSITY		3.00		1,344,644.23		5-01-2018
30123401	PAINE COLLEGE		3.00		319,999.99		10-01-2016
30123701	UNIVERSITY OF THE ARTS		3.00		1,322,966.53		1-01-2022
30125504	RIDER COLLEGE		3.63		595,000.00		11-01-2013
30125506	RIDER COLLEGE		3.00		172,000.00		5-01-2017
30127402	ST MARY’S SCHOOL		3.00		208,000.00		6-01-2020
30127602	SAINT MICHAELS COLLEGE		3.00		334,262.25		5-01-2013
30127801	SAINT PAULS COLLEGE		3.00		115,437.13		11-01-2014

Page 1 of 5

Berkadia Commercial Mortgage

College and University Loan Trust II

Trial Balance

For the Quarter Ended December 31, 2011

Loan Number	Borrower Name	Interest Rate		Current UPB		Maturity Date
30128001	SAINT VINCENT COLLEGE		3.50		110,000.00		5-01-2013
30128802	SETON HILL COLLEGE		3.63		106,000.00		11-01-2014
30129101	SIMPSON COLLEGE - BOND 1966		3.00		110,000.00		7-01-2016
30130301	SOUTHWEST TEXAS STATE UNIVERSITY		3.00		685,000.00		10-01-2015
30130703	SPRINGFIELD COLLEGE		3.50		53,000.00		5-01-2013
30130903	STEPHEN F AUSTIN STATE UNIVERSITY		3.38		177,000.00		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		1,232,000.00		10-01-2021
30133201	UNIV STUDENT COOP HOUSING		3.00		740,000.00		4-01-2019
30134402	UNIVERSITY OF FLORIDA / REV. CERTS., 84		3.00		525,000.00		7-01-2014
30136801	UNIVERSITY OF ST THOMAS		3.00		305,000.00		10-01-2019
30137702	VERMONT STATE COLLEGE		3.00		60,000.00		7-01-2014
30137802	VILLANOVA UNIVERSITY		3.00		550,000.00		4-01-2019
30137901	VINCENNES UNIVERSITY		3.00		2,220,000.00		6-01-2023
30138702	WESLEY COLLEGE		3.38		23,000.00		5-01-2013
30140502	WITTENBERG UNIVERSITY		3.00		230,000.00		5-01-2015
30140503	WITTENBERG UNIVERSITY		3.00		106,000.00		11-01-2017
	TOTALS:				31,631,679.17
November
30100103	ALABAMA AGRICULTURAL		3.00		790,000.00		5-01-2018
30101601	AUBURN UNIVERSITY		3.00		1,025,000.00		12-01-2018
30101701	AZUSA PACIFIC UNIVERSITY		3.75		65,000.00		4-01-2015
30102604	BENEDICT COLLEGE		3.00		905,000.00		11-01-2020
30102802	BETHANY COLLEGE - DORM BOND 1965		3.38		11,000.00		11-01-2012
30102803	BETHANY COLLEGE - HALL BOND 1967		3.00		110,000.00		11-01-2017
30102804	BETHANY COLLEGE - NOTE OF 1973		3.00		50,000.00		11-01-2012
30104102	CALIFORNIA STATE UNIVERSITY,		3.00		205,000.00		11-01-2013
30104201	TRUST SERVICES DIVISION		3.00		1,218,000.00		11-01-2019
30104605	CARNEGIE MELLON		3.00		390,000.00		11-01-2017
30105701	CHAMPLAIN COLLEGE, INC.		3.00		26,020.91		12-01-2013
30106904	COLLEGE OF SANTA FE		3.00		247,000.00		10-01-2018
30108101	CUMBERLAND COLLEGE		3.00		128,000.00		8-01-2017
30108202	DAEMEN COLLEGE (ROSARY HILL COLLEGE)		3.00		215,000.00		4-01-2016
30109502	DREXEL UNIVERSITY		3.50		270,000.00		5-01-2014
30109604	DRURY COLLEGE		3.00		71,000.00		4-01-2015
30110101	ELIZABETH CITY STATE UNIVERSITY		3.00		150,000.00		10-01-2017
30110401	EMMANUEL COLLEGE		3.00		28,000.00		11-01-2013
30110802	FAIRLEIGH DICKINSON UNIV		3.00		650,000.00		11-01-2017
30112002	GEORGE FOX COLLEGE		3.00		331,624.80		7-01-2018
30112301	GEORGETOWN UNIVERSITY		3.00		1,417,000.00		11-01-2020
30112302	GEORGETOWN UNIVERSITY		4.00		3,765,000.00		11-01-2020
30112901	HAMPSHIRE COLLEGE		3.00		65,200.60		7-01-2013
30112902	HAMPSHIRE COLLEGE		3.00		282,526.92		2-01-2014
30113702	HIWASSEE COLLEGE		3.00		86,590.40		9-15-2018
30114001	HOOD COLLEGE		3.63		84,000.00		11-01-2014
30114802	INTER-AMERICAN UNIV. OF PUERTO RICO		3.00		856,957.15		1-01-2017
30116201	LASSEN JUNIOR COLLEGE		3.00		229,000.00		4-01-2020
30117002	LONG ISLAND UNIVERSITY		3.63		161,789.48		6-01-2014
30117402	LYCOMING COLLEGE		3.63		59,000.00		5-01-2014
30117403	LYCOMING COLLEGE		3.75		99,999.99		5-01-2015
30117501	LYNCHBURG COLLEGE		3.75		138,000.00		5-01-2015
30117502	LYNCHBURG COLLEGE		3.00		275,000.00		5-01-2018

Page 2 of 5

Berkadia Commercial Mortgage

College and University Loan Trust II

Trial Balance

For the Quarter Ended December 31, 2011

Loan Number	Borrower Name	Interest Rate		Current UPB		Maturity Date
30117801	MARIAN COLLEGE OF FOND DU LAC		3.00		185,000.00		10-01-2016
30118302	MARY BALDWIN COLLEGE		3.38		23,000.00		5-01-2012
30118401	MARYMOUNT UNIVERSITY		3.00		215,000.00		5-01-2016
30119001	SLOAN-MEMORIAL KETTERING CANCER CENTER		3.38		59,000.00		4-01-2012
30119202	MERCER UNIV. ACCOUNTING OFFICE		3.00		97,036.64		5-01-2014
30119801	MILLSAPS COLLEGE		3.00		308,000.00		11-01-2021
30119903	MISSISSIPPI STATE UNIVERSITY		3.00		830,000.00		12-01-2020
30120402	MORAVIAN COLLEGE		3.38		20,000.00		11-01-2012
30120601	MORGAN STATE UNIVERSTIY		3.00		528,380.65		11-01-2014
30121101	NEW ENGLAND COLLEGE		3.00		55,000.00		4-01-2016
30121201	NEWARK BETH ISRAEL MEDICAL CENTER		3.63		160,000.00		1-01-2014
30121501	NORFOLK STATE UNIVERSITY		3.00		1,560,476.57		12-01-2021
30122302	NORTHEASTERN UNIVERSITY		3.00		1,257,614.32		5-01-2018
30123401	PAINE COLLEGE		3.00		319,999.99		10-01-2016
30123701	UNIVERSITY OF THE ARTS		3.00		1,322,966.53		1-01-2022
30125504	RIDER COLLEGE		3.63		595,000.00		11-01-2013
30125506	RIDER COLLEGE		3.00		172,000.00		5-01-2017
30127402	ST MARY’S SCHOOL		3.00		208,000.00		6-01-2020
30127602	SAINT MICHAELS COLLEGE		3.00		252,416.18		5-01-2013
30127801	SAINT PAULS COLLEGE		3.00		115,437.13		11-01-2014
30128001	SAINT VINCENT COLLEGE		3.50		110,000.00		5-01-2013
30128802	SETON HILL COLLEGE		3.63		81,000.00		11-01-2014
30129101	SIMPSON COLLEGE - BOND 1966		3.00		110,000.00		7-01-2016
30130301	SOUTHWEST TEXAS STATE UNIVERSITY		3.00		685,000.00		10-01-2015
30130703	SPRINGFIELD COLLEGE		3.50		53,000.00		5-01-2013
30130903	STEPHEN F AUSTIN STATE UNIVERSITY		3.38		177,000.00		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		1,232,000.00		10-01-2021
30133201	UNIV STUDENT COOP HOUSING		3.00		740,000.00		4-01-2019
30134402	UNIVERSITY OF FLORIDA / REV. CERTS., 84		3.00		525,000.00		7-01-2014
30136801	UNIVERSITY OF ST THOMAS		3.00		305,000.00		10-01-2019
30137702	VERMONT STATE COLLEGE		3.00		60,000.00		7-01-2014
30137802	VILLANOVA UNIVERSITY		3.00		550,000.00		4-01-2019
30137901	VINCENNES UNIVERSITY		3.00		2,220,000.00		6-01-2023
30138702	WESLEY COLLEGE		3.38		23,000.00		5-01-2013
30140502	WITTENBERG UNIVERSITY		3.00		230,000.00		5-01-2015
30140503	WITTENBERG UNIVERSITY		3.00		92,000.00		11-01-2017
	TOTALS:				30,274,038.26
December
30100103	ALABAMA AGRICULTURAL		3.00		790,000.00		5-01-2018
30101601	AUBURN UNIVERSITY		3.00		910,000.00		12-01-2018
30101701	AZUSA PACIFIC UNIVERSITY		3.75		65,000.00		4-01-2015
30102604	BENEDICT COLLEGE		3.00		905,000.00		11-01-2020
30102802	BETHANY COLLEGE - DORM BOND 1965		3.38		11,000.00		11-01-2012
30102803	BETHANY COLLEGE - HALL BOND 1967		3.00		110,000.00		11-01-2017
30102804	BETHANY COLLEGE - NOTE OF 1973		3.00		50,000.00		11-01-2012
30104102	CALIFORNIA STATE UNIVERSITY,		3.00		205,000.00		11-01-2013
30104201	TRUST SERVICES DIVISION		3.00		1,218,000.00		11-01-2019
30104605	CARNEGIE MELLON		3.00		390,000.00		11-01-2017
30105701	CHAMPLAIN COLLEGE, INC.		3.00		26,020.91		12-01-2013
30106904	COLLEGE OF SANTA FE		3.00		247,000.00		10-01-2018
30108101	CUMBERLAND COLLEGE		3.00		128,000.00		8-01-2017

Page 3 of 5

Berkadia Commercial Mortgage

College and University Loan Trust II

Trial Balance

For the Quarter Ended December 31, 2011

Loan Number	Borrower Name	Interest Rate		Current UPB		Maturity Date
30108202	DAEMEN COLLEGE (ROSARY HILL COLLEGE)		3.00		215,000.00		4-01-2016
30109502	DREXEL UNIVERSITY		3.50		270,000.00		5-01-2014
30109604	DRURY COLLEGE		3.00		71,000.00		4-01-2015
30110101	ELIZABETH CITY STATE UNIVERSITY		3.00		150,000.00		10-01-2017
30110401	EMMANUEL COLLEGE		3.00		28,000.00		11-01-2013
30110802	FAIRLEIGH DICKINSON UNIV		3.00		650,000.00		11-01-2017
30112002	GEORGE FOX COLLEGE		3.00		331,624.80		7-01-2018
30112301	GEORGETOWN UNIVERSITY		3.00		1,417,000.00		11-01-2020
30112302	GEORGETOWN UNIVERSITY		4.00		3,765,000.00		11-01-2020
30112901	HAMPSHIRE COLLEGE		3.00		49,262.53		7-01-2013
30112902	HAMPSHIRE COLLEGE		3.00		282,526.92		2-01-2014
30113702	HIWASSEE COLLEGE		3.00		86,590.40		9-15-2018
30114001	HOOD COLLEGE		3.63		62,000.00		11-01-2014
30114802	INTER-AMERICAN UNIV. OF PUERTO RICO		3.00		777,014.30		1-01-2017
30116201	LASSEN JUNIOR COLLEGE		3.00		229,000.00		4-01-2020
30117002	LONG ISLAND UNIVERSITY		3.63		161,789.48		6-01-2014
30117402	LYCOMING COLLEGE		3.63		59,000.00		5-01-2014
30117403	LYCOMING COLLEGE		3.75		99,999.99		5-01-2015
30117501	LYNCHBURG COLLEGE		3.75		138,000.00		5-01-2015
30117502	LYNCHBURG COLLEGE		3.00		275,000.00		5-01-2018
30117801	MARIAN COLLEGE OF FOND DU LAC		3.00		185,000.00		10-01-2016
30118302	MARY BALDWIN COLLEGE		3.38		23,000.00		5-01-2012
30118401	MARYMOUNT UNIVERSITY		3.00		215,000.00		5-01-2016
30119001	SLOAN-MEMORIAL KETTERING CANCER CENTER		3.38		59,000.00		4-01-2012
30119202	MERCER UNIV. ACCOUNTING OFFICE		3.00		97,036.64		5-01-2014
30119801	MILLSAPS COLLEGE		3.00		308,000.00		11-01-2021
30119903	MISSISSIPPI STATE UNIVERSITY		3.00		760,000.00		12-01-2020
30120402	MORAVIAN COLLEGE		3.38		20,000.00		11-01-2012
30120601	MORGAN STATE UNIVERSTIY		3.00		528,380.65		11-01-2014
30121101	NEW ENGLAND COLLEGE		3.00		55,000.00		4-01-2016
30121201	NEWARK BETH ISRAEL MEDICAL CENTER		3.63		160,000.00		1-01-2014
30121501	NORFOLK STATE UNIVERSITY		3.00		1,496,707.01		12-01-2021
30122302	NORTHEASTERN UNIVERSITY		3.00		1,257,614.32		5-01-2018
30123401	PAINE COLLEGE		3.00		319,999.99		10-01-2016
30123701	UNIVERSITY OF THE ARTS		3.00		1,322,966.53		1-01-2022
30125504	RIDER COLLEGE		3.63		595,000.00		11-01-2013
30125506	RIDER COLLEGE		3.00		172,000.00		5-01-2017
30127402	ST MARY’S SCHOOL		3.00		197,000.00		6-01-2020
30127602	SAINT MICHAELS COLLEGE		3.00		252,416.18		5-01-2013
30127801	SAINT PAULS COLLEGE		3.00		115,437.13		11-01-2014
30128001	SAINT VINCENT COLLEGE		3.50		110,000.00		5-01-2013
30128802	SETON HILL COLLEGE		3.63		81,000.00		11-01-2014
30129101	SIMPSON COLLEGE - BOND 1966		3.00		110,000.00		7-01-2016
30130301	SOUTHWEST TEXAS STATE UNIVERSITY		3.00		685,000.00		10-01-2015
30130703	SPRINGFIELD COLLEGE		3.50		53,000.00		5-01-2013
30130903	STEPHEN F AUSTIN STATE UNIVERSITY		3.38		177,000.00		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		1,232,000.00		10-01-2021
30133201	UNIV STUDENT COOP HOUSING		3.00		740,000.00		4-01-2019
30134402	UNIVERSITY OF FLORIDA / REV. CERTS., 84		3.00		525,000.00		7-01-2014
30136801	UNIVERSITY OF ST THOMAS		3.00		305,000.00		10-01-2019
30137702	VERMONT STATE COLLEGE		3.00		60,000.00		7-01-2014
30137802	VILLANOVA UNIVERSITY		3.00		550,000.00		4-01-2019
30137901	VINCENNES UNIVERSITY		3.00		2,220,000.00		6-01-2023
30138702	WESLEY COLLEGE		3.38		23,000.00		5-01-2013

Page 4 of 5

Berkadia Commercial Mortgage

College and University Loan Trust II

Trial Balance

For the Quarter Ended December 31, 2011

Loan Number	Borrower Name	Interest Rate	Current UPB		Maturity Date
30140502	WITTENBERG UNIVERSITY	3.00		230,000.00		5-01-2015
30140503	WITTENBERG UNIVERSITY	3.00		92,000.00		11-01-2017
	TOTALS:			29,896,387.78

Page 5 of 5

Berkadia Commercial Mortgage

College and University Loan Trust II

Delinquency Report (60+ Days)

For the Quarter Ended December 31, 2011

Loan Number	Borrower Name	Next Payment Due	P and I Due		Current UPB
30132003	TAYLOR UNIVERSITY	10/01/10		139,795.00		261,000.00
30132402	TEXAS SOUTHERN UNIVERSITY	10/01/10		46,125.00		130,000.00
30125504	RIDER COLLEGE	11/01/10		301,768.72		595,000.00
30117002	LONG ISLAND UNIVERSITY	06/01/11		29,236.36		161,789.48
TOTAL:				516,925.08		1,147,789.48

Berkadia Commercial Mortgage

College and University Loan Trust II

Liquidation Report

For the Quarter Ended December 31, 2011

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, 2012

Collections:
	January			February			March
Principal Payments		381,025.83			—			90,609.14
Interest Payments		33,034.67			1,920.00			23,258.86
Total Principal and Interest Collections		414,060.50			1,920.00			113,868.00
Payments and Reversals Posted to Suspense		(0.08	)		—			—
Total Collections		414,060.42			1,920.00			113,868.00
Less: Servicing Fees (not withheld from remittances)		(1,471.79	)		(153.95	)		(32.47	)
Net Collections		412,588.63			1,766.05			113,835.53

Berkadia Commercial Mortgage

College & Trust Facility Loan Trust II

Service Fees Schedule

For the Quarter Ended March 31, 2012

Date Due	Loan Number	Borrower Name	Principal Due		Interest Due		Total Due		Principal Balance		Service Fees
January
1012012	30112002	GEORGE FOX CO		11,126.61		2,487.19		13,613.80		331,624.80		124.36
1012012	30123701	PHILADELPHIA		54,063.70		19,844.50		73,908.20		1,322,966.53		496.11
1012012	30129101	SIMPSON COLLE		—		1,650.00		1,650.00		110,000.00		41.25
1012012	30137702	VERMONT STATE		—		900.00		900.00		60,000.00		22.50
1012012	30112901	HAMPSHIRE COL		15,938.07		978.01		16,916.08		65,200.60		24.45
1012012	30114802	INTER AMERICA		79,942.85		12,854.35		92,797.20		856,957.15		321.36
1012012	30134402	UNIVERSITY OF		—		7,875.00		7,875.00		525,000.00		196.88
1012012	30121201	NEWARK BETH I		50,000.00		2,900.00		52,900.00		160,000.00		60.00
		TOTALS:		211,071.23		49,489.05		260,560.28		3,431,749.08		1,286.91
10012010	30132003	TAYLOR UNIVER		65,000.00		3,915.00		68,915.00		261,000.00		97.88
4012011	30132003	TAYLOR UNIVER		—		2,940.00		2,940.00		196,000.00		73.50
10012011	30132003	TAYLOR UNIVER		65,000.00		2,940.00		67,940.00		196,000.00		73.50
1012012	30121201	NEWARK BETH I		50,000.00		2,900.00		52,900.00		160,000.00		(60.00	)
												1,471.79
February
2012012	30108101	CUMBERLAND CO		—		1,920.00		1,920.00		128,000.00		48.00
2012012	30112902	HAMPSHIRE COL		54,835.52		4,237.90		59,073.42		282,526.92		105.95
		TOTALS:		54,835.52		6,157.90		60,993.42		410,526.92		153.95
												153.95
March
3152012	30113702	HIWASSEE COLL		5,609.14		1,298.86		6,908.00		86,590.40		32.47
		TOTALS:		5,609.14		1,298.86		6,908.00		86,590.40		32.47
												32.47
TOTALS FOR QTR				271,515.89		56,945.81		328,461.70		3,928,866.40		1,658.21

Berkadia Commercial Mortgage

College and University Loan Trust II

Paid In Full Loan Schedule

For the Quarter Ended March 31, 2012

Loan Number	Payoff Date		Total Amount Paid		Principal Amount		Interest Amount		Other Fees		Maturity Date
30132003		1/18/2012		264,915.00		261,000.00		3,915.00				10012013
TOTALS				264,915.00		261,000.00		3,915.00		—

Berkadia Commercial Mortgage

College and University Loan Trust II

Summary of Partial Prepayments

For the Quarter Ended March 31, 2012

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

Berkadia Commercial Mortgage

College and University Loan Trust II

Trial Balance

For the Quarter Ended March 31, 2012

Loan Number	Borrower Name	Interest Rate		Current UPB		Maturity Date
January
30100103	ALABAMA AGRICULTURAL		3.00		790,000.00		5-01-2018
30101601	AUBURN UNIVERSITY		3.00		910,000.00		12-01-2018
30101701	AZUSA PACIFIC UNIVERSITY		3.75		65,000.00		4-01-2015
30102604	BENEDICT COLLEGE		3.00		905,000.00		11-01-2020
30102802	BETHANY COLLEGE - DORM BOND 1965		3.38		11,000.00		11-01-2012
30102803	BETHANY COLLEGE - HALL BOND 1967		3.00		110,000.00		11-01-2017
30102804	BETHANY COLLEGE - NOTE OF 1973		3.00		50,000.00		11-01-2012
30104102	CALIFORNIA STATE UNIVERSITY,		3.00		205,000.00		11-01-2013
30104201	TRUST SERVICES DIVISION		3.00		1,218,000.00		11-01-2019
30104605	CARNEGIE MELLON		3.00		390,000.00		11-01-2017
30105701	CHAMPLAIN COLLEGE, INC.		3.00		26,020.91		12-01-2013
30106904	COLLEGE OF SANTA FE		3.00		247,000.00		10-01-2018
30108101	CUMBERLAND COLLEGE		3.00		128,000.00		8-01-2017
30108202	DAEMEN COLLEGE (ROSARY HILL COLLEGE)		3.00		215,000.00		4-01-2016
30109502	DREXEL UNIVERSITY		3.50		270,000.00		5-01-2014
30109604	DRURY COLLEGE		3.00		71,000.00		4-01-2015
30110101	ELIZABETH CITY STATE UNIVERSITY		3.00		150,000.00		10-01-2017
30110401	EMMANUEL COLLEGE		3.00		28,000.00		11-01-2013
30110802	FAIRLEIGH DICKINSON UNIV		3.00		650,000.00		11-01-2017
30112002	GEORGE FOX COLLEGE		3.00		320,498.19		7-01-2018
30112301	GEORGETOWN UNIVERSITY		3.00		1,417,000.00		11-01-2020
30112302	GEORGETOWN UNIVERSITY		4.00		3,765,000.00		11-01-2020
30112901	HAMPSHIRE COLLEGE		3.00		49,262.53		7-01-2013
30112902	HAMPSHIRE COLLEGE		3.00		227,691.40		2-01-2014
30113702	HIWASSEE COLLEGE		3.00		86,590.40		9-15-2018
30114001	HOOD COLLEGE		3.63		62,000.00		11-01-2014
30114802	INTER-AMERICAN UNIV. OF PUERTO RICO		3.00		777,014.30		1-01-2017
30116201	LASSEN JUNIOR COLLEGE		3.00		229,000.00		4-01-2020
30117002	LONG ISLAND UNIVERSITY		3.63		161,789.48		6-01-2014
30117402	LYCOMING COLLEGE		3.63		59,000.00		5-01-2014
30117403	LYCOMING COLLEGE		3.75		99,999.99		5-01-2015
30117501	LYNCHBURG COLLEGE		3.75		138,000.00		5-01-2015
30117502	LYNCHBURG COLLEGE		3.00		275,000.00		5-01-2018
30117801	MARIAN COLLEGE OF FOND DU LAC		3.00		185,000.00		10-01-2016
30118302	MARY BALDWIN COLLEGE		3.38		23,000.00		5-01-2012
30118401	MARYMOUNT UNIVERSITY		3.00		215,000.00		5-01-2016
30119001	SLOAN-MEMORIAL KETTERING CANCER CENTER		3.38		59,000.00		4-01-2012
30119202	MERCER UNIV. ACCOUNTING OFFICE		3.00		97,036.64		5-01-2014
30119801	MILLSAPS COLLEGE		3.00		308,000.00		11-01-2021
30119903	MISSISSIPPI STATE UNIVERSITY		3.00		760,000.00		12-01-2020
30120402	MORAVIAN COLLEGE		3.38		20,000.00		11-01-2012
30120601	MORGAN STATE UNIVERSTIY		3.00		528,380.65		11-01-2014
30121101	NEW ENGLAND COLLEGE		3.00		55,000.00		4-01-2016
30121201	NEWARK BETH ISRAEL MEDICAL CENTER		3.63		160,000.00		1-01-2014
30121501	NORFOLK STATE UNIVERSITY		3.00		1,496,707.01		12-01-2021
30122302	NORTHEASTERN UNIVERSITY		3.00		1,257,614.32		5-01-2018
30123401	PAINE COLLEGE		3.00		319,999.99		10-01-2016
30123701	UNIVERSITY OF THE ARTS		3.00		1,268,902.83		1-01-2022
30125504	RIDER COLLEGE		3.63		595,000.00		11-01-2013
30125506	RIDER COLLEGE		3.00		172,000.00		5-01-2017
30127402	ST MARY’S SCHOOL		3.00		197,000.00		6-01-2020
30127602	SAINT MICHAELS COLLEGE		3.00		252,416.18		5-01-2013
30127801	SAINT PAULS COLLEGE		3.00		115,437.13		11-01-2014
30128001	SAINT VINCENT COLLEGE		3.50		110,000.00		5-01-2013

Page 1 of 4

Berkadia Commercial Mortgage

College and University Loan Trust II

Trial Balance

For the Quarter Ended March 31, 2012

Loan Number	Borrower Name	Interest Rate		Current UPB		Maturity Date
30128802	SETON HILL COLLEGE		3.63		81,000.00		11-01-2014
30129101	SIMPSON COLLEGE - BOND 1966		3.00		110,000.00		7-01-2016
30130301	SOUTHWEST TEXAS STATE UNIVERSITY		3.00		685,000.00		10-01-2015
30130703	SPRINGFIELD COLLEGE		3.50		53,000.00		5-01-2013
30130903	STEPHEN F AUSTIN STATE UNIVERSITY		3.38		177,000.00		10-01-2012
30132402	TEXAS SOUTHERN UNIVERSITY		3.50		130,000.00		4-01-2013
30132904	TUFTS UNIVERSITY		3.00		1,232,000.00		10-01-2021
30133201	UNIV STUDENT COOP HOUSING		3.00		740,000.00		4-01-2019
30134402	UNIVERSITY OF FLORIDA / REV. CERTS., 84		3.00		525,000.00		7-01-2014
30136801	UNIVERSITY OF ST THOMAS		3.00		305,000.00		10-01-2019
30137702	VERMONT STATE COLLEGE		3.00		60,000.00		7-01-2014
30137802	VILLANOVA UNIVERSITY		3.00		550,000.00		4-01-2019
30137901	VINCENNES UNIVERSITY		3.00		2,220,000.00		6-01-2023
30138702	WESLEY COLLEGE		3.38		23,000.00		5-01-2013
30140502	WITTENBERG UNIVERSITY		3.00		230,000.00		5-01-2015
30140503	WITTENBERG UNIVERSITY		3.00		92,000.00		11-01-2017
	TOTALS:				29,515,361.95
February
30100103	ALABAMA AGRICULTURAL		3.00		790,000.00		5-01-2018
30101601	AUBURN UNIVERSITY		3.00		910,000.00		12-01-2018
30101701	AZUSA PACIFIC UNIVERSITY		3.75		65,000.00		4-01-2015
30102604	BENEDICT COLLEGE		3.00		905,000.00		11-01-2020
30102802	BETHANY COLLEGE - DORM BOND 1965		3.38		11,000.00		11-01-2012
30102803	BETHANY COLLEGE - HALL BOND 1967		3.00		110,000.00		11-01-2017
30102804	BETHANY COLLEGE - NOTE OF 1973		3.00		50,000.00		11-01-2012
30104102	CALIFORNIA STATE UNIVERSITY,		3.00		205,000.00		11-01-2013
30104201	TRUST SERVICES DIVISION		3.00		1,218,000.00		11-01-2019
30104605	CARNEGIE MELLON		3.00		390,000.00		11-01-2017
30105701	CHAMPLAIN COLLEGE, INC.		3.00		26,020.91		12-01-2013
30106904	COLLEGE OF SANTA FE		3.00		247,000.00		10-01-2018
30108101	CUMBERLAND COLLEGE		3.00		128,000.00		8-01-2017
30108202	DAEMEN COLLEGE (ROSARY HILL COLLEGE)		3.00		215,000.00		4-01-2016
30109502	DREXEL UNIVERSITY		3.50		270,000.00		5-01-2014
30109604	DRURY COLLEGE		3.00		71,000.00		4-01-2015
30110101	ELIZABETH CITY STATE UNIVERSITY		3.00		150,000.00		10-01-2017
30110401	EMMANUEL COLLEGE		3.00		28,000.00		11-01-2013
30110802	FAIRLEIGH DICKINSON UNIV		3.00		650,000.00		11-01-2017
30112002	GEORGE FOX COLLEGE		3.00		320,498.19		7-01-2018
30112301	GEORGETOWN UNIVERSITY		3.00		1,417,000.00		11-01-2020
30112302	GEORGETOWN UNIVERSITY		4.00		3,765,000.00		11-01-2020
30112901	HAMPSHIRE COLLEGE		3.00		49,262.53		7-01-2013
30112902	HAMPSHIRE COLLEGE		3.00		227,691.40		2-01-2014
30113702	HIWASSEE COLLEGE		3.00		86,590.40		9-15-2018
30114001	HOOD COLLEGE		3.63		62,000.00		11-01-2014
30114802	INTER-AMERICAN UNIV. OF PUERTO RICO		3.00		777,014.30		1-01-2017
30116201	LASSEN JUNIOR COLLEGE		3.00		229,000.00		4-01-2020
30117002	LONG ISLAND UNIVERSITY		3.63		161,789.48		6-01-2014
30117402	LYCOMING COLLEGE		3.63		59,000.00		5-01-2014
30117403	LYCOMING COLLEGE		3.75		99,999.99		5-01-2015
30117501	LYNCHBURG COLLEGE		3.75		138,000.00		5-01-2015
30117502	LYNCHBURG COLLEGE		3.00		275,000.00		5-01-2018
30117801	MARIAN COLLEGE OF FOND DU LAC		3.00		185,000.00		10-01-2016
30118302	MARY BALDWIN COLLEGE		3.38		23,000.00		5-01-2012

Page 2 of 4

Berkadia Commercial Mortgage

College and University Loan Trust II

Trial Balance

For the Quarter Ended March 31, 2012

Loan Number	Borrower Name	Interest Rate		Current UPB		Maturity Date
30118401	MARYMOUNT UNIVERSITY		3.00		215,000.00		5-01-2016
30119001	SLOAN-MEMORIAL KETTERING CANCER CENTER		3.38		59,000.00		4-01-2012
30119202	MERCER UNIV. ACCOUNTING OFFICE		3.00		97,036.64		5-01-2014
30119801	MILLSAPS COLLEGE		3.00		308,000.00		11-01-2021
30119903	MISSISSIPPI STATE UNIVERSITY		3.00		760,000.00		12-01-2020
30120402	MORAVIAN COLLEGE		3.38		20,000.00		11-01-2012
30120601	MORGAN STATE UNIVERSTIY		3.00		528,380.65		11-01-2014
30121101	NEW ENGLAND COLLEGE		3.00		55,000.00		4-01-2016
30121201	NEWARK BETH ISRAEL MEDICAL CENTER		3.63		160,000.00		1-01-2014
30121501	NORFOLK STATE UNIVERSITY		3.00		1,496,707.01		12-01-2021
30122302	NORTHEASTERN UNIVERSITY		3.00		1,257,614.32		5-01-2018
30123401	PAINE COLLEGE		3.00		319,999.99		10-01-2016
30123701	UNIVERSITY OF THE ARTS		3.00		1,268,902.83		1-01-2022
30125504	RIDER COLLEGE		3.63		595,000.00		11-01-2013
30125506	RIDER COLLEGE		3.00		172,000.00		5-01-2017
30127402	ST MARY’S SCHOOL		3.00		197,000.00		6-01-2020
30127602	SAINT MICHAELS COLLEGE		3.00		252,416.18		5-01-2013
30127801	SAINT PAULS COLLEGE		3.00		115,437.13		11-01-2014
30128001	SAINT VINCENT COLLEGE		3.50		110,000.00		5-01-2013
30128802	SETON HILL COLLEGE		3.63		81,000.00		11-01-2014
30129101	SIMPSON COLLEGE - BOND 1966		3.00		110,000.00		7-01-2016
30130301	SOUTHWEST TEXAS STATE UNIVERSITY		3.00		685,000.00		10-01-2015
30130703	SPRINGFIELD COLLEGE		3.50		53,000.00		5-01-2013
30130903	STEPHEN F AUSTIN STATE UNIVERSITY		3.38		177,000.00		10-01-2012
30132402	TEXAS SOUTHERN UNIVERSITY		3.50		130,000.00		4-01-2013
30132904	TUFTS UNIVERSITY		3.00		1,232,000.00		10-01-2021
30133201	UNIV STUDENT COOP HOUSING		3.00		740,000.00		4-01-2019
30134402	UNIVERSITY OF FLORIDA / REV. CERTS., 84		3.00		525,000.00		7-01-2014
30136801	UNIVERSITY OF ST THOMAS		3.00		305,000.00		10-01-2019
30137702	VERMONT STATE COLLEGE		3.00		60,000.00		7-01-2014
30137802	VILLANOVA UNIVERSITY		3.00		550,000.00		4-01-2019
30137901	VINCENNES UNIVERSITY		3.00		2,220,000.00		6-01-2023
30138702	WESLEY COLLEGE		3.38		23,000.00		5-01-2013
30140502	WITTENBERG UNIVERSITY		3.00		230,000.00		5-01-2015
30140503	WITTENBERG UNIVERSITY		3.00		92,000.00		11-01-2017
	TOTALS:				29,515,361.95
March
30100103	ALABAMA AGRICULTURAL		3.00		790,000.00		5-01-2018
30101601	AUBURN UNIVERSITY		3.00		910,000.00		12-01-2018
30101701	AZUSA PACIFIC UNIVERSITY		3.75		65,000.00		4-01-2015
30102604	BENEDICT COLLEGE		3.00		905,000.00		11-01-2020
30102802	BETHANY COLLEGE - DORM BOND		3.38		11,000.00		11-01-2012
30102803	BETHANY COLLEGE - HALL BOND 1967		3.00		110,000.00		11-01-2017
30102804	BETHANY COLLEGE - NOTE OF 1973		3.00		50,000.00		11-01-2012
30104102	CALIFORNIA STATE UNIVERSITY,		3.00		205,000.00		11-01-2013
30104201	TRUST SERVICES DIVISION		3.00		1,218,000.00		11-01-2019
30104605	CARNEGIE MELLON		3.00		390,000.00		11-01-2017
30105701	CHAMPLAIN COLLEGE, INC.		3.00		26,020.91		12-01-2013
30106904	COLLEGE OF SANTA FE		3.00		247,000.00		10-01-2018
30108101	CUMBERLAND COLLEGE		3.00		128,000.00		8-01-2017
30108202	DAEMEN COLLEGE (ROSARY HILL COLLEGE)		3.00		215,000.00		4-01-2016
30109502	DREXEL UNIVERSITY		3.50		270,000.00		5-01-2014
30109604	DRURY COLLEGE		3.00		71,000.00		4-01-2015

Page 3 of 4

Berkadia Commercial Mortgage

College and University Loan Trust II

Trial Balance

For the Quarter Ended March 31, 2012

Loan Number	Borrower Name	Interest Rate		Current UPB		Maturity Date
30110101	ELIZABETH CITY STATE UNIVERSITY		3.00		150,000.00		10-01-2017
30110401	EMMANUEL COLLEGE		3.00		28,000.00		11-01-2013
30110802	FAIRLEIGH DICKINSON UNIV		3.00		650,000.00		11-01-2017
30112002	GEORGE FOX COLLEGE		3.00		320,498.19		7-01-2018
30112301	GEORGETOWN UNIVERSITY		3.00		1,417,000.00		11-01-2020
30112302	GEORGETOWN UNIVERSITY		4.00		3,765,000.00		11-01-2020
30112901	HAMPSHIRE COLLEGE		3.00		49,262.53		7-01-2013
30112902	HAMPSHIRE COLLEGE		3.00		227,691.40		2-01-2014
30113702	HIWASSEE COLLEGE		3.00		80,981.26		9-15-2018
30114001	HOOD COLLEGE		3.63		62,000.00		11-01-2014
30114802	INTER-AMERICAN UNIV. OF PUERTO RICO		3.00		777,014.30		1-01-2017
30116201	LASSEN JUNIOR COLLEGE		3.00		204,000.00		4-01-2020
30117002	LONG ISLAND UNIVERSITY		3.63		161,789.48		6-01-2014
30117402	LYCOMING COLLEGE		3.63		59,000.00		5-01-2014
30117403	LYCOMING COLLEGE		3.75		99,999.99		5-01-2015
30117501	LYNCHBURG COLLEGE		3.75		138,000.00		5-01-2015
30117502	LYNCHBURG COLLEGE		3.00		275,000.00		5-01-2018
30117801	MARIAN COLLEGE OF FOND DU LAC		3.00		185,000.00		10-01-2016
30118302	MARY BALDWIN COLLEGE		3.38		23,000.00		5-01-2012
30118401	MARYMOUNT UNIVERSITY		3.00		215,000.00		5-01-2016
30119001	SLOAN-MEMORIAL KETTERING CANCER CENTER		3.38		59,000.00		4-01-2012
30119202	MERCER UNIV. ACCOUNTING OFFICE		3.00		97,036.64		5-01-2014
30119801	MILLSAPS COLLEGE		3.00		308,000.00		11-01-2021
30119903	MISSISSIPPI STATE UNIVERSITY		3.00		760,000.00		12-01-2020
30120402	MORAVIAN COLLEGE		3.38		20,000.00		11-01-2012
30120601	MORGAN STATE UNIVERSTIY		3.00		528,380.65		11-01-2014
30121101	NEW ENGLAND COLLEGE		3.00		55,000.00		4-01-2016
30121201	NEWARK BETH ISRAEL MEDICAL CENTER		3.63		160,000.00		1-01-2014
30121501	NORFOLK STATE UNIVERSITY		3.00		1,496,707.01		12-01-2021
30122302	NORTHEASTERN UNIVERSITY		3.00		1,257,614.32		5-01-2018
30123401	PAINE COLLEGE		3.00		319,999.99		10-01-2016
30123701	UNIVERSITY OF THE ARTS		3.00		1,268,902.83		1-01-2022
30125504	RIDER COLLEGE		3.63		595,000.00		11-01-2013
30125506	RIDER COLLEGE		3.00		172,000.00		5-01-2017
30127402	ST MARY’S SCHOOL		3.00		197,000.00		6-01-2020
30127602	SAINT MICHAELS COLLEGE		3.00		252,416.18		5-01-2013
30127801	SAINT PAULS COLLEGE		3.00		115,437.13		11-01-2014
30128001	SAINT VINCENT COLLEGE		3.50		110,000.00		5-01-2013
30128802	SETON HILL COLLEGE		3.63		81,000.00		11-01-2014
30129101	SIMPSON COLLEGE - BOND 1966		3.00		110,000.00		7-01-2016
30130301	SOUTHWEST TEXAS STATE UNIVERSITY		3.00		685,000.00		10-01-2015
30130703	SPRINGFIELD COLLEGE		3.50		53,000.00		5-01-2013
30130903	STEPHEN F AUSTIN STATE UNIVERSITY		3.38		177,000.00		10-01-2012
30132402	TEXAS SOUTHERN UNIVERSITY		3.50		130,000.00		4-01-2013
30132904	TUFTS UNIVERSITY		3.00		1,232,000.00		10-01-2021
30133201	UNIV STUDENT COOP HOUSING		3.00		740,000.00		4-01-2019
30134402	UNIVERSITY OF FLORIDA / REV. CERTS., 84		3.00		525,000.00		7-01-2014
30136801	UNIVERSITY OF ST THOMAS		3.00		305,000.00		10-01-2019
30137702	VERMONT STATE COLLEGE		3.00		60,000.00		7-01-2014
30137802	VILLANOVA UNIVERSITY		3.00		490,000.00		4-01-2019
30137901	VINCENNES UNIVERSITY		3.00		2,220,000.00		6-01-2023
30138702	WESLEY COLLEGE		3.38		23,000.00		5-01-2013
30140502	WITTENBERG UNIVERSITY		3.00		230,000.00		5-01-2015
30140503	WITTENBERG UNIVERSITY		3.00		92,000.00		11-01-2017
	TOTALS:				29,424,752.81

Page 4 of 4

Berkadia Commercial Mortgage

College and University Loan Trust II

Delinquency Report (60+ Days)

For the Quarter Ended March 31, 2012

Loan Number	Borrower Name	Next Payment Due	P and I Due		Current UPB
30132402	TEXAS SOUTHERN UNIVERSITY	10/01/10		46,125.00		130,000.00
30125504	RIDER COLLEGE	11/01/10		301,768.72		595,000.00
30117002	LONG ISLAND UNIVERSITY	06/01/11		29,236.36		161,789.48
30121201	NEWARK BETH ISRAEL MEDICAL CENTER	01/01/12		52,900.00		160,000.00
TOTAL:				430,030.08		1,046,789.48

Berkadia Commercial Mortgage

College and University Loan Trust II

Liquidation Report

For the Quarter Ended March 31, 2012

None to report for this period

Berkadia Commercial Mortgage

College and University Loan Trust II

Collection Account Activity Report

For the Quarter Ended June 30, 2012

Collections:
	April			May			June
Principal Payments		312,180.06			2,092,231.47			476,777.97
Interest Payments		64,692.50			226,091.93			111,403.01
Total Principal and Interest Collections		376,872.56			2,318,323.40			588,180.98
Payments and Reversals Posted to Suspense		—			66,530.41			83,936.43
Total Collections		376,872.56			2,384,853.81			672,117.41
Less: Servicing Fees (not withheld from remittances)		(1,493.11	)		(4,745.04	)		(2,616.52	)
Net Collections		375,379.45			2,380,108.77			669,500.89

Berkadia Commercial Mortgage

College & Trust Facility Loan Trust II

Service Fees Schedule

For the Quarter Ended June 30, 2012

Date Due	Loan Number	Borrower Name	Principal Due		Interest Due		Total Due		Principal Balance		Service Fees
April
4012012	30106904	COLLEGE OF SA		—		3,705.00		3,705.00		247,000.00		92.63
4012012	30109604	DRURY COLLEGE		11,000.00		1,065.00		12,065.00		71,000.00		26.63
4012012	30110101	ELIZABETH CIT		—		2,250.00		2,250.00		150,000.00		56.25
4012012	30112002	GEORGE FOX CO		11,210.06		2,403.74		13,613.80		320,498.19		120.19
4012012	30117801	MARIAN COLLEG		—		2,775.00		2,775.00		185,000.00		69.38
4012012	30119001	MEMORIAL SLOA		59,000.00		995.63		59,995.63		59,000.00		22.13
4012012	30121101	NEW ENGLAND C		10,000.00		825.00		10,825.00		55,000.00		20.63
4012012	30133201	UNIV STU COOP		85,000.00		11,100.00		96,100.00		740,000.00		277.50
4012012	30136801	UNIVERSITY OF		—		4,575.00		4,575.00		305,000.00		114.38
4012012	30130903	STEPHEN F AUS		—		2,986.88		2,986.88		177,000.00		66.38
4012012	30132904	TUFTS UNIVERS		—		18,480.00		18,480.00		1,232,000.00		462.00
4012012	30101701	AZUSA PACIFIC		16,000.00		1,218.75		17,218.75		65,000.00		24.38
4012012	30108202	DAEMEN COLLEG		40,000.00		3,225.00		43,225.00		215,000.00		80.63
4012012	30109801	DYOUVILLE COL		62,000.00		6,968.03		68,968.03		464,535.00		174.20
4012012	30113601	HINDS JUNIOR		180,000.00		3,135.00		183,135.00		209,000.00		78.38
4012012	30123401	PAINE COLLEGE		—		4,800.00		4,800.00		319,999.99		120.00
4012012	30132003	TAYLOR UNIVER		—		1,965.00		1,965.00		131,000.00		49.13
4012012	30132402	TEXAS SOUTHER		45,000.00		1,575.00		46,575.00		90,000.00		33.75
		TOTALS:		519,210.06		74,048.03		593,258.09		5,036,033.18		1,888.57
1012012	30121201	NEWARK BETH I		50,000.00		2,900.00		52,900.00		160,000.00		60.00
4012012	30109801	DYOUVILLE COL		62,000.00		6,968.03		68,968.03		464,535.00		(174.20	)
4012012	30113601	HINDS JUNIOR		180,000.00		3,135.00		183,135.00		209,000.00		(78.38	)
4012012	30123401	PAINE COLLEGE		—		4,800.00		4,800.00		319,999.99		(120.00	)
4012012	30132003	TAYLOR UNIVER		—		1,965.00		1,965.00		131,000.00		(49.13	)
4012012	30132402	TEXAS SOUTHER		45,000.00		1,575.00		46,575.00		90,000.00		(33.75	)
												1,493.11
May
5012012	30100103	ALABAMA AGRIC		110,000.00		11,850.00		121,850.00		790,000.00		296.25
5012012	30102604	BENEDICT COLL		—		13,575.00		13,575.00		905,000.00		339.38
5012012	30102802	BETHANY COLLE		—		185.63		185.63		11,000.00		4.13
5012012	30102803	BETHANY COLLE		—		1,650.00		1,650.00		110,000.00		41.25
5012012	30102804	BETHANY COLLE		25,000.00		750.00		25,750.00		50,000.00		18.75
5012012	30104102	CALIFORNIA ST		—		3,075.00		3,075.00		205,000.00		76.88
5012012	30104201	CALIFORNIA ST		—		18,270.00		18,270.00		1,218,000.00		456.75
5012012	30109502	DREXEL UNIVER		100,000.00		4,725.00		104,725.00		270,000.00		101.25
5012012	30110401	EMMANUEL COLL		—		420.00		420.00		28,000.00		10.50
5012012	30110802	FAIRLEIGH DIC		—		9,750.00		9,750.00		650,000.00		243.75
5012012	30112301	GEORGETOWN UN		—		21,255.00		21,255.00		1,417,000.00		531.38
5012012	30112302	GEORGETOWN UN		—		75,300.00		75,300.00		3,765,000.00		1,411.88
5012012	30114001	HOOD COLLEGE		—		1,123.75		1,123.75		62,000.00		23.25
5012012	30117402	LYCOMING COLL		19,000.00		1,069.37		20,069.37		59,000.00		22.13
5012012	30117403	LYCOMING COLL		25,000.00		1,875.00		26,875.00		99,999.99		37.50
5012012	30117501	LYNCHBURG COL		40,000.00		2,587.50		42,587.50		138,000.00		51.75
5012012	30117502	LYNCHBURG COL		40,000.00		4,125.00		44,125.00		275,000.00		103.13
5012012	30118302	MARY BALDWIN		23,000.00		388.13		23,388.13		23,000.00		8.63

Berkadia Commercial Mortgage

College & Trust Facility Loan Trust II

Service Fees Schedule

For the Quarter Ended June 30, 2012

Date Due	Loan Number	Borrower Name	Principal Due		Interest Due		Total Due		Principal Balance		Service Fees
5012012	30118401	MARYMOUNT UNI		40,000.00		3,225.00		43,225.00		215,000.00		80.63
5012012	30119202	MERCER UNIVER		18,833.80		1,455.55		20,289.35		97,036.64		36.39
5012012	30119801	MILLSAPS COLL		—		4,620.00		4,620.00		308,000.00		115.50
5012012	30120601	MORGAN STATE		84,818.44		7,925.72		92,744.16		528,380.65		198.14
5012012	30125506	RIDER COLLEGE		25,000.00		2,580.00		27,580.00		172,000.00		64.50
5012012	30127602	ST MICHAELS C		83,073.76		3,786.24		86,860.00		252,416.18		94.66
5012012	30127801	ST PAULS COLL		18,530.53		1,731.56		20,262.09		115,437.13		43.29
5012012	30128802	SETON HILL CO		—		1,468.13		1,468.13		81,000.00		30.38
5012012	30130703	SPRINGFIELD C		45,000.00		927.50		45,927.50		53,000.00		19.88
5012012	30138702	WESLEY COLLEG		21,000.00		388.13		21,388.13		23,000.00		8.63
5012012	30140502	WITTENBERG UN		55,000.00		3,450.00		58,450.00		230,000.00		86.25
5012012	30140503	WITTENBERG UN		—		1,380.00		1,380.00		92,000.00		34.50
5012012	30104605	CARNEGIE-MELL		30,000.00		5,850.00		35,850.00		390,000.00		146.25
5012012	30120402	MORAVIAN COLL		—		337.50		337.50		20,000.00		7.50
5012012	30122302	NORTHEASTERN		88,335.36		18,864.21		107,199.57		1,257,614.32		471.61
5012012	30125504	RIDER COLLEGE		—		5,618.75		5,618.75		310,000.00		116.25
5012012	30128001	ST VINCENT CO		55,000.00		1,925.00		56,925.00		110,000.00		41.25
		TOTALS:		946,591.89		237,507.67		1,184,099.56		14,330,884.91		5,374.15
5012012	30122302	NORTHEASTERN		88,335.36		18,864.21		107,199.57		1,257,614.32		(471.61	)
5012012	30125504	RIDER COLLEGE		—		5,618.75		5,618.75		310,000.00		(116.25	)
5012012	30128001	ST VINCENT CO		55,000.00		1,925.00		56,925.00		110,000.00		(41.25	)
												4,745.04
June
6-01-2012	30101601	AUBURN UNIVER		—		13,650.00		13,650.00		910,000.00		341.25
6-01-2012	30119903	MISSISSIPPI S		—		11,400.00		11,400.00		760,000.00		285.00
6-01-2012	30121501	NORFOLK STATE		64,726.17		22,450.61		87,176.78		1,496,707.01		561.27
6-01-2012	30127402	ST MARY’S COL		11,000.00		2,955.00		13,955.00		197,000.00		73.88
6-01-2012	30137901	VINCENNES UNI		160,000.00		33,300.00		193,300.00		2,220,000.00		832.50
6012012	30105701	CHAMPLAIN COL		6,360.62		390.31		6,750.93		26,020.91		9.76
6012012	30117002	LONG ISLAND U		45,000.00		2,446.88		47,446.88		135,000.00		50.63
		TOTALS:		287,086.79		86,592.80		373,679.59		5,744,727.92		2,154.29
5-01-2012	30122302	NORTHEASTERN		88,335.36		18,864.21		107,199.57		1,257,614.32		471.61
5-01-2012	30128001	ST VINCENT CO		55,000.00		1,925.00		56,925.00		110,000.00		41.25
6-01-2012	30117002	LONG ISLAND U		45,000.00		2,446.88		47,446.88		135,000.00		(50.63	)
												2,616.52
TOTALS FOR QTR				1,752,888.74		398,148.50		2,151,037.24		25,111,646.01		8,854.67

Berkadia Commercial Mortgage

College and University Loan Trust II

Paid In Full Loan Schedule

For the Quarter Ended June 30, 2012

Loan Number	Payoff Date		Total Amount Paid		Principal Amount		Interest Amount		Other Fees		Maturity Date
30119001		4/2/2012		59,995.63		59,000.00		995.63				4012012
30118302		5/1/2012		23,388.13		23,000.00		388.13				5012012
30122302		5/3/2012		1,276,478.71		1,257,614.32		18,864.39				5012018
TOTALS				1,359,862.47		1,339,614.32		20,248.15		—

Berkadia Commercial Mortgage

College and University Loan Trust II

Summary of Partial Prepayments

For the Quarter Ended June 30, 2012

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

Berkadia Commercial Mortgage

College and University Loan Trust II

Trial Balance

For the Quarter Ended June 30, 2012

Loan Number	Borrower Name	Interest Rate		Current UPB		Maturity Date
April
30100103	ALABAMA AGRICULTURAL		3.00		790,000.00		5-01-2018
30101601	AUBURN UNIVERSITY		3.00		910,000.00		12-01-2018
30101701	AZUSA PACIFIC UNIVERSITY		3.75		49,000.00		4-01-2015
30102604	BENEDICT COLLEGE		3.00		905,000.00		11-01-2020
30102802	BETHANY COLLEGE - DORM BOND		3.38		11,000.00		11-01-2012
30102803	BETHANY COLLEGE - HALL BOND 1967		3.00		110,000.00		11-01-2017
30102804	BETHANY COLLEGE - NOTE OF 1973		3.00		50,000.00		11-01-2012
30104102	CALIFORNIA STATE UNIVERSITY,		3.00		205,000.00		11-01-2013
30104201	TRUST SERVICES DIVISION		3.00		1,218,000.00		11-01-2019
30104605	CARNEGIE MELLON		3.00		360,000.00		11-01-2017
30105701	CHAMPLAIN COLLEGE, INC.		3.00		26,020.91		12-01-2013
30106904	COLLEGE OF SANTA FE		3.00		247,000.00		10-01-2018
30108101	CUMBERLAND COLLEGE		3.00		128,000.00		8-01-2017
30108202	DAEMEN COLLEGE (ROSARY HILL COLLEGE)		3.00		175,000.00		4-01-2016
30109502	DREXEL UNIVERSITY		3.50		270,000.00		5-01-2014
30109604	DRURY COLLEGE		3.00		60,000.00		4-01-2015
30110101	ELIZABETH CITY STATE UNIVERSITY		3.00		150,000.00		10-01-2017
30110401	EMMANUEL COLLEGE		3.00		28,000.00		11-01-2013
30110802	FAIRLEIGH DICKINSON UNIV		3.00		650,000.00		11-01-2017
30112002	GEORGE FOX COLLEGE		3.00		309,288.13		7-01-2018
30112301	GEORGETOWN UNIVERSITY		3.00		1,417,000.00		11-01-2020
30112302	GEORGETOWN UNIVERSITY		4.00		3,765,000.00		11-01-2020
30112901	HAMPSHIRE COLLEGE		3.00		49,262.53		7-01-2013
30112902	HAMPSHIRE COLLEGE		3.00		227,691.40		2-01-2014
30113702	HIWASSEE COLLEGE		3.00		80,981.26		9-15-2018
30114001	HOOD COLLEGE		3.63		62,000.00		11-01-2014
30114802	INTER-AMERICAN UNIV. OF PUERTO RICO		3.00		777,014.30		1-01-2017
30116201	LASSEN JUNIOR COLLEGE		3.00		204,000.00		4-01-2020
30117002	LONG ISLAND UNIVERSITY		3.63		161,789.48		6-01-2014
30117402	LYCOMING COLLEGE		3.63		59,000.00		5-01-2014
30117403	LYCOMING COLLEGE		3.75		99,999.99		5-01-2015
30117501	LYNCHBURG COLLEGE		3.75		138,000.00		5-01-2015
30117502	LYNCHBURG COLLEGE		3.00		275,000.00		5-01-2018
30117801	MARIAN COLLEGE OF FOND DU LAC		3.00		185,000.00		10-01-2016
30118302	MARY BALDWIN COLLEGE		3.38		23,000.00		5-01-2012
30118401	MARYMOUNT UNIVERSITY		3.00		215,000.00		5-01-2016
30119202	MERCER UNIV. ACCOUNTING OFFICE		3.00		97,036.64		5-01-2014
30119801	MILLSAPS COLLEGE		3.00		308,000.00		11-01-2021
30119903	MISSISSIPPI STATE UNIVERSITY		3.00		760,000.00		12-01-2020
30120402	MORAVIAN COLLEGE		3.38		20,000.00		11-01-2012
30120601	MORGAN STATE UNIVERSITY		3.00		528,380.65		11-01-2014
30121101	NEW ENGLAND COLLEGE		3.00		45,000.00		4-01-2016
30121201	NEWARK BETH ISRAEL MEDICAL CENTER		3.63		110,030.00		1-01-2014
30121501	NORFOLK STATE UNIVERSITY		3.00		1,496,707.01		12-01-2021
30122302	NORTHEASTERN UNIVERSITY		3.00		1,257,614.32		5-01-2018
30123401	PAINE COLLEGE		3.00		319,999.99		10-01-2016
30123701	UNIVERSITY OF THE ARTS		3.00		1,268,902.83		1-01-2022
30125504	RIDER COLLEGE		3.63		595,000.00		11-01-2013
30125506	RIDER COLLEGE		3.00		172,000.00		5-01-2017
30127402	ST MARY’S SCHOOL		3.00		197,000.00		6-01-2020
30127602	SAINT MICHAELS COLLEGE		3.00		252,416.18		5-01-2013
30127801	SAINT PAULS COLLEGE		3.00		115,437.13		11-01-2014
30128001	SAINT VINCENT COLLEGE		3.50		110,000.00		5-01-2013
30128802	SETON HILL COLLEGE		3.63		81,000.00		11-01-2014

Page 1 of 4

Berkadia Commercial Mortgage

College and University Loan Trust II

Trial Balance

For the Quarter Ended June 30, 2012

Loan Number	Borrower Name	Interest Rate		Current UPB		Maturity Date
30129101	SIMPSON COLLEGE - BOND 1966		3.00		110,000.00		7-01-2016
30130301	SOUTHWEST TEXAS STATE UNIVERSITY		3.00		685,000.00		10-01-2015
30130703	SPRINGFIELD COLLEGE		3.50		53,000.00		5-01-2013
30130903	STEPHEN F AUSTIN STATE UNIVERSITY		3.38		177,000.00		10-01-2012
30132402	TEXAS SOUTHERN UNIVERSITY		3.50		130,000.00		4-01-2013
30132904	TUFTS UNIVERSITY		3.00		1,232,000.00		10-01-2021
30133201	UNIV STUDENT COOP HOUSING		3.00		655,000.00		4-01-2019
30134402	UNIVERSITY OF FLORIDA / REV. CERTS., 84		3.00		525,000.00		7-01-2014
30136801	UNIVERSITY OF ST THOMAS		3.00		305,000.00		10-01-2019
30137702	VERMONT STATE COLLEGE		3.00		60,000.00		7-01-2014
30137802	VILLANOVA UNIVERSITY		3.00		490,000.00		4-01-2019
30137901	VINCENNES UNIVERSITY		3.00		2,220,000.00		6-01-2023
30138702	WESLEY COLLEGE		3.38		23,000.00		5-01-2013
30140502	WITTENBERG UNIVERSITY		3.00		230,000.00		5-01-2015
30140503	WITTENBERG UNIVERSITY		3.00		92,000.00		11-01-2017
	TOTALS:				29,112,572.75
May
30100103	ALABAMA AGRICULTURAL		3.00		680,000.00		5-01-2018
30101601	AUBURN UNIVERSITY		3.00		910,000.00		12-01-2018
30101701	AZUSA PACIFIC UNIVERSITY		3.75		49,000.00		4-01-2015
30102604	BENEDICT COLLEGE		3.00		905,000.00		11-01-2020
30102802	BETHANY COLLEGE - DORM BOND		3.38		11,000.00		11-01-2012
30102803	BETHANY COLLEGE - HALL BOND 1967		3.00		110,000.00		11-01-2017
30102804	BETHANY COLLEGE - NOTE OF 1973		3.00		25,000.00		11-01-2012
30104102	CALIFORNIA STATE UNIVERSITY,		3.00		205,000.00		11-01-2013
30104201	TRUST SERVICES DIVISION		3.00		1,218,000.00		11-01-2019
30104605	CARNEGIE MELLON		3.00		360,000.00		11-01-2017
30105701	CHAMPLAIN COLLEGE, INC.		3.00		19,660.29		12-01-2013
30106904	COLLEGE OF SANTA FE		3.00		247,000.00		10-01-2018
30108101	CUMBERLAND COLLEGE		3.00		128,000.00		8-01-2017
30108202	DAEMEN COLLEGE (ROSARY HILL COLLEGE)		3.00		175,000.00		4-01-2016
30109502	DREXEL UNIVERSITY		3.50		170,000.00		5-01-2014
30109604	DRURY COLLEGE		3.00		60,000.00		4-01-2015
30110101	ELIZABETH CITY STATE UNIVERSITY		3.00		150,000.00		10-01-2017
30110401	EMMANUEL COLLEGE		3.00		28,000.00		11-01-2013
30110802	FAIRLEIGH DICKINSON UNIV		3.00		650,000.00		11-01-2017
30112002	GEORGE FOX COLLEGE		3.00		309,288.13		7-01-2018
30112301	GEORGETOWN UNIVERSITY		3.00		1,417,000.00		11-01-2020
30112302	GEORGETOWN UNIVERSITY		4.00		3,765,000.00		11-01-2020
30112901	HAMPSHIRE COLLEGE		3.00		49,262.53		7-01-2013
30112902	HAMPSHIRE COLLEGE		3.00		227,691.40		2-01-2014
30113702	HIWASSEE COLLEGE		3.00		80,981.26		9-15-2018
30114001	HOOD COLLEGE		3.63		62,000.00		11-01-2014
30114802	INTER-AMERICAN UNIV. OF PUERTO RICO		3.00		777,014.30		1-01-2017
30116201	LASSEN JUNIOR COLLEGE		3.00		204,000.00		4-01-2020
30117002	LONG ISLAND UNIVERSITY		3.63		161,789.48		6-01-2014
30117402	LYCOMING COLLEGE		3.63		40,000.00		5-01-2014
30117403	LYCOMING COLLEGE		3.75		74,999.99		5-01-2015
30117501	LYNCHBURG COLLEGE		3.75		98,000.00		5-01-2015
30117502	LYNCHBURG COLLEGE		3.00		235,000.00		5-01-2018
30117801	MARIAN COLLEGE OF FOND DU LAC		3.00		185,000.00		10-01-2016
30118401	MARYMOUNT UNIVERSITY		3.00		175,000.00		5-01-2016
30119202	MERCER UNIV. ACCOUNTING OFFICE		3.00		78,202.84		5-01-2014

Page 2 of 4

Berkadia Commercial Mortgage

College and University Loan Trust II

Trial Balance

For the Quarter Ended June 30, 2012

Loan Number	Borrower Name	Interest Rate		Current UPB		Maturity Date
30119801	MILLSAPS COLLEGE		3.00		308,000.00		11-01-2021
30119903	MISSISSIPPI STATE UNIVERSITY		3.00		760,000.00		12-01-2020
30120402	MORAVIAN COLLEGE		3.38		20,000.00		11-01-2012
30120601	MORGAN STATE UNIVERSITY		3.00		443,562.21		11-01-2014
30121101	NEW ENGLAND COLLEGE		3.00		45,000.00		4-01-2016
30121201	NEWARK BETH ISRAEL MEDICAL CENTER		3.63		110,030.00		1-01-2014
30121501	NORFOLK STATE UNIVERSITY		3.00		1,496,707.01		12-01-2021
30123401	PAINE COLLEGE		3.00		319,999.99		10-01-2016
30123701	UNIVERSITY OF THE ARTS		3.00		1,268,902.83		1-01-2022
30125504	RIDER COLLEGE		3.63		595,000.00		11-01-2013
30125506	RIDER COLLEGE		3.00		147,000.00		5-01-2017
30127402	ST MARY’S SCHOOL		3.00		197,000.00		6-01-2020
30127602	SAINT MICHAELS COLLEGE		3.00		169,342.42		5-01-2013
30127801	SAINT PAULS COLLEGE		3.00		96,906.60		11-01-2014
30128001	SAINT VINCENT COLLEGE		3.50		55,000.00		5-01-2013
30128802	SETON HILL COLLEGE		3.63		81,000.00		11-01-2014
30129101	SIMPSON COLLEGE - BOND 1966		3.00		110,000.00		7-01-2016
30130301	SOUTHWEST TEXAS STATE UNIVERSITY		3.00		685,000.00		10-01-2015
30130703	SPRINGFIELD COLLEGE		3.50		8,000.00		5-01-2013
30130903	STEPHEN F AUSTIN STATE UNIVERSITY		3.38		177,000.00		10-01-2012
30132402	TEXAS SOUTHERN UNIVERSITY		3.50		130,000.00		4-01-2013
30132904	TUFTS UNIVERSITY		3.00		1,232,000.00		10-01-2021
30133201	UNIV STUDENT COOP HOUSING		3.00		655,000.00		4-01-2019
30134402	UNIVERSITY OF FLORIDA / REV. CERTS., 84		3.00		525,000.00		7-01-2014
30136801	UNIVERSITY OF ST THOMAS		3.00		305,000.00		10-01-2019
30137702	VERMONT STATE COLLEGE		3.00		60,000.00		7-01-2014
30137802	VILLANOVA UNIVERSITY		3.00		490,000.00		4-01-2019
30137901	VINCENNES UNIVERSITY		3.00		2,220,000.00		6-01-2023
30138702	WESLEY COLLEGE		3.38		2,000.00		5-01-2013
30140502	WITTENBERG UNIVERSITY		3.00		175,000.00		5-01-2015
30140503	WITTENBERG UNIVERSITY		3.00		92,000.00		11-01-2017
	TOTALS:				27,020,341.28
June
30100103	ALABAMA AGRICULTURAL		3.00		680,000.00		5-01-2018
30101601	AUBURN UNIVERSITY		3.00		910,000.00		12-01-2018
30101701	AZUSA PACIFIC UNIVERSITY		3.75		49,000.00		4-01-2015
30102604	BENEDICT COLLEGE		3.00		905,000.00		11-01-2020
30102802	BETHANY COLLEGE - DORM BOND		3.38		11,000.00		11-01-2012
30102803	BETHANY COLLEGE - HALL BOND 1967		3.00		110,000.00		11-01-2017
30102804	BETHANY COLLEGE - NOTE OF 1973		3.00		25,000.00		11-01-2012
30104102	CALIFORNIA STATE UNIVERSITY,		3.00		205,000.00		11-01-2013
30104201	TRUST SERVICES DIVISION		3.00		1,218,000.00		11-01-2019
30104605	CARNEGIE MELLON		3.00		360,000.00		11-01-2017
30105701	CHAMPLAIN COLLEGE, INC.		3.00		19,660.29		12-01-2013
30106904	COLLEGE OF SANTA FE		3.00		247,000.00		10-01-2018
30108101	CUMBERLAND COLLEGE		3.00		128,000.00		8-01-2017
30108202	DAEMEN COLLEGE (ROSARY HILL COLLEGE)		3.00		175,000.00		4-01-2016
30109502	DREXEL UNIVERSITY		3.50		170,000.00		5-01-2014
30109604	DRURY COLLEGE		3.00		60,000.00		4-01-2015
30110101	ELIZABETH CITY STATE UNIVERSITY		3.00		150,000.00		10-01-2017
30110401	EMMANUEL COLLEGE		3.00		28,000.00		11-01-2013
30110802	FAIRLEIGH DICKINSON UNIV		3.00		650,000.00		11-01-2017

Page 3 of 4

Berkadia Commercial Mortgage

College and University Loan Trust II

Trial Balance

For the Quarter Ended June 30, 2012

Loan Number	Borrower Name	Interest Rate		Current UPB		Maturity Date
30112002	GEORGE FOX COLLEGE		3.00		309,288.13		7-01-2018
30112301	GEORGETOWN UNIVERSITY		3.00		1,417,000.00		11-01-2020
30112302	GEORGETOWN UNIVERSITY		4.00		3,765,000.00		11-01-2020
30112901	HAMPSHIRE COLLEGE		3.00		33,085.39		7-01-2013
30112902	HAMPSHIRE COLLEGE		3.00		227,691.40		2-01-2014
30113702	HIWASSEE COLLEGE		3.00		80,981.26		9-15-2018
30114001	HOOD COLLEGE		3.63		62,000.00		11-01-2014
30114802	INTER-AMERICAN UNIV. OF PUERTO RICO		3.00		777,014.30		1-01-2017
30116201	LASSEN JUNIOR COLLEGE		3.00		204,000.00		4-01-2020
30117002	LONG ISLAND UNIVERSITY		3.63		161,789.48		6-01-2014
30117402	LYCOMING COLLEGE		3.63		40,000.00		5-01-2014
30117403	LYCOMING COLLEGE		3.75		74,999.99		5-01-2015
30117501	LYNCHBURG COLLEGE		3.75		98,000.00		5-01-2015
30117502	LYNCHBURG COLLEGE		3.00		235,000.00		5-01-2018
30117801	MARIAN COLLEGE OF FOND DU LAC		3.00		185,000.00		10-01-2016
30118401	MARYMOUNT UNIVERSITY		3.00		175,000.00		5-01-2016
30119202	MERCER UNIV. ACCOUNTING OFFICE		3.00		78,202.84		5-01-2014
30119801	MILLSAPS COLLEGE		3.00		308,000.00		11-01-2021
30119903	MISSISSIPPI STATE UNIVERSITY		3.00		760,000.00		12-01-2020
30120402	MORAVIAN COLLEGE		3.38		20,000.00		11-01-2012
30120601	MORGAN STATE UNIVERSITY		3.00		443,562.21		11-01-2014
30121101	NEW ENGLAND COLLEGE		3.00		45,000.00		4-01-2016
30121201	NEWARK BETH ISRAEL MEDICAL CENTER		3.63		110,030.00		1-01-2014
30121501	NORFOLK STATE UNIVERSITY		3.00		1,431,980.84		12-01-2021
30123401	PAINE COLLEGE		3.00		319,999.99		10-01-2016
30123701	UNIVERSITY OF THE ARTS		3.00		1,214,028.17		1-01-2022
30125504	RIDER COLLEGE		3.63		595,000.00		11-01-2013
30125506	RIDER COLLEGE		3.00		147,000.00		5-01-2017
30127402	ST MARY’S SCHOOL		3.00		186,000.00		6-01-2020
30127602	SAINT MICHAELS COLLEGE		3.00		169,342.42		5-01-2013
30127801	SAINT PAULS COLLEGE		3.00		96,906.60		11-01-2014
30128001	SAINT VINCENT COLLEGE		3.50		55,000.00		5-01-2013
30128802	SETON HILL COLLEGE		3.63		81,000.00		11-01-2014
30129101	SIMPSON COLLEGE - BOND 1966		3.00		110,000.00		7-01-2016
30130301	SOUTHWEST TEXAS STATE UNIVERSITY		3.00		685,000.00		10-01-2015
30130703	SPRINGFIELD COLLEGE		3.50		8,000.00		5-01-2013
30130903	STEPHEN F AUSTIN STATE UNIVERSITY		3.38		177,000.00		10-01-2012
30132402	TEXAS SOUTHERN UNIVERSITY		3.50		130,000.00		4-01-2013
30132904	TUFTS UNIVERSITY		3.00		1,232,000.00		10-01-2021
30133201	UNIV STUDENT COOP HOUSING		3.00		655,000.00		4-01-2019
30134402	UNIVERSITY OF FLORIDA / REV. CERTS., 84		3.00		355,000.00		7-01-2014
30136801	UNIVERSITY OF ST THOMAS		3.00		305,000.00		10-01-2019
30137702	VERMONT STATE COLLEGE		3.00		60,000.00		7-01-2014
30137802	VILLANOVA UNIVERSITY		3.00		490,000.00		4-01-2019
30137901	VINCENNES UNIVERSITY		3.00		2,060,000.00		6-01-2023
30138702	WESLEY COLLEGE		3.38		2,000.00		5-01-2013
30140502	WITTENBERG UNIVERSITY		3.00		175,000.00		5-01-2015
30140503	WITTENBERG UNIVERSITY		3.00		92,000.00		11-01-2017
	TOTALS:				26,543,563.31

Page 4 of 4

Berkadia Commercial Mortgage

College and University Loan Trust II

Delinquency Report (60+ Days)

For the Quarter Ended June 30, 2012

Loan Number	Borrower Name	Next Payment Due	P and I Due		Current UPB
30132402	TEXAS SOUTHERN UNIVERSITY	10/01/10		92,700.00		130,000.00
30125504	RIDER COLLEGE	11/01/10		307,387.47		595,000.00
30117002	LONG ISLAND UNIVERSITY	06/01/11		76,683.24		161,789.48
30121201	NEWARK BETH ISRAEL MEDICAL CENTER	01/01/12		30.00		110,030.00
30123401	PAINE COLLEGE	04/01/12		4,800.00		319,999.99
TOTAL:				481,600.71		1,316,819.47

Berkadia Commercial Mortgage

College and University Loan Trust II

Liquidation Report

For the Quarter Ended June 30, 2012

None to report for this period

Berkadia Commercial Mortgage

College and University Loan Trust II

Collection Account Activity Report

For the Quarter Ended September 30, 2012

Collections:

	July			August			September
Principal Payments		453,030.78			—			1,397,000.00
Interest Payments		24,313.52			—			33,005.00
Total Principal and Interest Collections		477,344.30			—			1,430,005.00
Payments and Reversals Posted to Suspense		(97,401.13	)		—			—
Total Collections		379,943.17			—			1,430,005.00
Less: Servicing Fees (not withheld from remittances)		(1,505.26	)		(85.38	)		—
Net Collections		378,437.91			(85.38	)		1,430,005.00

Berkadia Commercial Mortgage

College & Trust Facility Loan Trust II

Service Fees Schedule

For the Quarter Ended September 30, 2012

Date Due	Loan Number	Borrower Name	Principal Due		Interest Due		Total Due		Principal Balance		Service Fees
July
7012012	30112002	GEORGE FOX CO		11,294.14		2,319.66		13,613.80		309,288.13		115.98
7012012	30114802	INTER AMERICA		81,141.99		11,655.21		92,797.20		777,014.30		291.38
7012012	30121201	NEWARK BETH I		—		1,993.75		1,993.75		110,000.00		41.25
7012012	30129101	SIMPSON COLLE		20,000.00		1,650.00		21,650.00		110,000.00		41.25
7012012	30137702	VERMONT STATE		19,000.00		900.00		19,900.00		60,000.00		22.50
7012012	30112901	HAMPSHIRE COL		16,177.14		738.94		16,916.08		49,262.53		18.47
7012012	30123701	PHILADELPHIA		54,874.66		19,033.54		73,908.20		1,268,902.83		475.84
7012012	30134402	UNIVERSITY OF		170,000.00		7,875.00		177,875.00		525,000.00		196.88
		TOTALS:		372,487.93		46,166.10		418,654.03		3,209,467.79		1,203.55
4012012	30109801	DYOUVILLE COL		62,000.00		6,968.03		68,968.03		464,535.00		174.20
4012012	30113601	HINDS JUNIOR		180,000.00		3,135.00		183,135.00		209,000.00		78.38
4012012	30132003	TAYLOR UNIVER		—		1,965.00		1,965.00		131,000.00		49.13
												1,505.26
August
8012012	30112902	HAMPSHIRE COL		55,658.05		3,415.37		59,073.42		227,691.40		85.38
		TOTALS:		55,658.05		3,415.37		59,073.42		227,691.40		85.38
												85.38
September
9-15-2012	30113702	HIWASSEE COLL		5,693.28		1,214.72		6,908.00		80,981.26		30.37
		TOTALS:		5,693.28		1,214.72		6,908.00		80,981.26		30.37
9-15-2012	30113702	HIWASSEE COLL		5,693.28		1,214.72		6,908.00		80,981.26		(30.37	)
												—

Berkadia Commercial Mortgage

College & Trust Facility Loan Trust II

Service Fees Schedule

For the Quarter Ended September 30, 2012

Date Due

Loan Number

Borrower Name

Principal Due

Interest Due

Total Due

Principal Balance

Service Fees

TOTALS FOR QTR

433,839.26

50,796.19

484,635.45

3,518,140.45

1,590.64

Berkadia Commercial Mortgage

College and University Loan Trust II

Paid In Full Loan Schedule

For the Quarter Ended September 30, 2012

Loan Number	Payoff Date		Total Amount Paid		Principal Amount		Interest Amount		Other Fees		Maturity Date
30108101		7/23/2012		129,920.00		128,000.00		1,920.00				8012017
30127801		7/13/2012		97,391.13		96,906.60		484.53				11012014
30137702		7/2/2012		60,905.00		60,000.00		905.00				7012014
30132904		9/28/2012		1,232,000.00		1,232,000.00		—				10012021
TOTALS				1,520,216.13		1,516,906.60		3,309.53		—

Berkadia Commercial Mortgage

College and University Loan Trust II

Summary of Partial Prepayments

For the Quarter Ended September 30, 2012

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

Berkadia Commercial Mortgage

College and University Loan Trust II

Trial Balance

For the Quarter Ended September 30, 2012

Loan Number	Borrower Name	Interest Rate		Current UPB		Maturity Date
July
30100103	ALABAMA AGRICULTURAL		3.00		680,000.00		5-01-2018
30101601	AUBURN UNIVERSITY		3.00		910,000.00		12-01-2018
30101701	AZUSA PACIFIC UNIVERSITY		3.75		49,000.00		4-01-2015
30102604	BENEDICT COLLEGE		3.00		905,000.00		11-01-2020
30102802	BETHANY COLLEGE - DORM BOND		3.38		11,000.00		11-01-2012
30102803	BETHANY COLLEGE - HALL BOND 1967		3.00		110,000.00		11-01-2017
30102804	BETHANY COLLEGE - NOTE OF 1973		3.00		25,000.00		11-01-2012
30104102	CALIFORNIA STATE UNIVERSITY,		3.00		205,000.00		11-01-2013
30104201	TRUST SERVICES DIVISION		3.00		1,218,000.00		11-01-2019
30104605	CARNEGIE MELLON		3.00		360,000.00		11-01-2017
30105701	CHAMPLAIN COLLEGE, INC.		3.00		19,660.29		12-01-2013
30106904	COLLEGE OF SANTA FE		3.00		247,000.00		10-01-2018
30108202	DAEMEN COLLEGE (ROSARY HILL COLLEGE)		3.00		175,000.00		4-01-2016
30109502	DREXEL UNIVERSITY		3.50		170,000.00		5-01-2014
30109604	DRURY COLLEGE		3.00		60,000.00		4-01-2015
30110101	ELIZABETH CITY STATE UNIVERSITY		3.00		150,000.00		10-01-2017
30110401	EMMANUEL COLLEGE		3.00		28,000.00		11-01-2013
30110802	FAIRLEIGH DICKINSON UNIV		3.00		650,000.00		11-01-2017
30112002	GEORGE FOX COLLEGE		3.00		297,993.99		7-01-2018
30112301	GEORGETOWN UNIVERSITY		3.00		1,417,000.00		11-01-2020
30112302	GEORGETOWN UNIVERSITY		4.00		3,765,000.00		11-01-2020
30112901	HAMPSHIRE COLLEGE		3.00		33,085.39		7-01-2013
30112902	HAMPSHIRE COLLEGE		3.00		172,033.35		2-01-2014
30113702	HIWASSEE COLLEGE		3.00		80,981.26		9-15-2018
30114001	HOOD COLLEGE		3.63		62,000.00		11-01-2014
30114802	INTER-AMERICAN UNIV. OF PUERTO RICO		3.00		695,872.31		1-01-2017
30116201	LASSEN JUNIOR COLLEGE		3.00		204,000.00		4-01-2020
30117002	LONG ISLAND UNIVERSITY		3.63		161,789.48		6-01-2014
30117402	LYCOMING COLLEGE		3.63		40,000.00		5-01-2014
30117403	LYCOMING COLLEGE		3.75		74,999.99		5-01-2015
30117501	LYNCHBURG COLLEGE		3.75		98,000.00		5-01-2015
30117502	LYNCHBURG COLLEGE		3.00		235,000.00		5-01-2018
30117801	MARIAN COLLEGE OF FOND DU LAC		3.00		185,000.00		10-01-2016
30118401	MARYMOUNT UNIVERSITY		3.00		175,000.00		5-01-2016
30119202	MERCER UNIV. ACCOUNTING OFFICE		3.00		78,202.84		5-01-2014
30119801	MILLSAPS COLLEGE		3.00		308,000.00		11-01-2021
30119903	MISSISSIPPI STATE UNIVERSITY		3.00		760,000.00		12-01-2020
30120402	MORAVIAN COLLEGE		3.38		20,000.00		11-01-2012
30120601	MORGAN STATE UNIVERSITY		3.00		443,562.21		11-01-2014
30121101	NEW ENGLAND COLLEGE		3.00		45,000.00		4-01-2016
30121201	NEWARK BETH ISRAEL MEDICAL CENTER		3.63		110,000.00		1-01-2014
30121501	NORFOLK STATE UNIVERSITY		3.00		1,431,980.84		12-01-2021
30123401	PAINE COLLEGE		3.00		319,999.99		10-01-2016
30123701	UNIVERSITY OF THE ARTS		3.00		1,214,028.17		1-01-2022
30125504	RIDER COLLEGE		3.63		595,000.00		11-01-2013
30125506	RIDER COLLEGE		3.00		147,000.00		5-01-2017
30127402	ST MARY’S SCHOOL		3.00		186,000.00		6-01-2020
30127602	SAINT MICHAELS COLLEGE		3.00		169,342.42		5-01-2013
30128001	SAINT VINCENT COLLEGE		3.50		55,000.00		5-01-2013
30128802	SETON HILL COLLEGE		3.63		81,000.00		11-01-2014
30129101	SIMPSON COLLEGE - BOND 1966		3.00		90,000.00		7-01-2016
30130301	SOUTHWEST TEXAS STATE UNIVERSITY		3.00		685,000.00		10-01-2015
30130703	SPRINGFIELD COLLEGE		3.50		8,000.00		5-01-2013
30130903	STEPHEN F AUSTIN STATE UNIVERSITY		3.38		177,000.00		10-01-2012

Page 1 of 4

Berkadia Commercial Mortgage

College and University Loan Trust II

Trial Balance

For the Quarter Ended September 30, 2012

Loan Number	Borrower Name	Interest Rate		Current UPB		Maturity Date
30132402	TEXAS SOUTHERN UNIVERSITY		3.50		130,000.00		4-01-2013
30132904	TUFTS UNIVERSITY		3.00		1,232,000.00		10-01-2021
30133201	UNIV STUDENT COOP HOUSING		3.00		655,000.00		4-01-2019
30134402	UNIVERSITY OF FLORIDA / REV. CERTS., 84		3.00		355,000.00		7-01-2014
30136801	UNIVERSITY OF ST THOMAS		3.00		305,000.00		10-01-2019
30137802	VILLANOVA UNIVERSITY		3.00		490,000.00		4-01-2019
30137901	VINCENNES UNIVERSITY		3.00		2,060,000.00		6-01-2023
30138702	WESLEY COLLEGE		3.38		2,000.00		5-01-2013
30140502	WITTENBERG UNIVERSITY		3.00		175,000.00		5-01-2015
30140503	WITTENBERG UNIVERSITY		3.00		92,000.00		11-01-2017
	TOTALS:				26,090,532.53
August
30100103	ALABAMA AGRICULTURAL		3.00		680,000.00		5-01-2018
30101601	AUBURN UNIVERSITY		3.00		910,000.00		12-01-2018
30101701	AZUSA PACIFIC UNIVERSITY		3.75		49,000.00		4-01-2015
30102604	BENEDICT COLLEGE		3.00		905,000.00		11-01-2020
30102802	BETHANY COLLEGE - DORM BOND		3.38		11,000.00		11-01-2012
30102803	BETHANY COLLEGE - HALL BOND 1967		3.00		110,000.00		11-01-2017
30102804	BETHANY COLLEGE - NOTE OF 1973		3.00		25,000.00		11-01-2012
30104102	CALIFORNIA STATE UNIVERSITY,		3.00		205,000.00		11-01-2013
30104201	TRUST SERVICES DIVISION		3.00		1,218,000.00		11-01-2019
30104605	CARNEGIE MELLON		3.00		360,000.00		11-01-2017
30105701	CHAMPLAIN COLLEGE, INC.		3.00		19,660.29		12-01-2013
30106904	COLLEGE OF SANTA FE		3.00		247,000.00		10-01-2018
30108202	DAEMEN COLLEGE (ROSARY HILL COLLEGE)		3.00		175,000.00		4-01-2016
30109502	DREXEL UNIVERSITY		3.50		170,000.00		5-01-2014
30109604	DRURY COLLEGE		3.00		60,000.00		4-01-2015
30110101	ELIZABETH CITY STATE UNIVERSITY		3.00		150,000.00		10-01-2017
30110401	EMMANUEL COLLEGE		3.00		28,000.00		11-01-2013
30110802	FAIRLEIGH DICKINSON UNIV		3.00		650,000.00		11-01-2017
30112002	GEORGE FOX COLLEGE		3.00		297,994.00		7-01-2018
30112301	GEORGETOWN UNIVERSITY		3.00		1,417,000.00		11-01-2020
30112302	GEORGETOWN UNIVERSITY		4.00		3,765,000.00		11-01-2020
30112901	HAMPSHIRE COLLEGE		3.00		33,085.39		7-01-2013
30112902	HAMPSHIRE COLLEGE		3.00		172,033.40		2-01-2014
30113702	HIWASSEE COLLEGE		3.00		80,981.26		9-15-2018
30114001	HOOD COLLEGE		3.63		62,000.00		11-01-2014
30114802	INTER-AMERICAN UNIV. OF PUERTO RICO		3.00		695,872.30		1-01-2017
30116201	LASSEN JUNIOR COLLEGE		3.00		204,000.00		4-01-2020
30117002	LONG ISLAND UNIVERSITY		3.63		161,789.50		6-01-2014
30117402	LYCOMING COLLEGE		3.63		40,000.00		5-01-2014
30117403	LYCOMING COLLEGE		3.75		74,999.99		5-01-2015
30117501	LYNCHBURG COLLEGE		3.75		98,000.00		5-01-2015
30117502	LYNCHBURG COLLEGE		3.00		235,000.00		5-01-2018
30117801	MARIAN COLLEGE OF FOND DU LAC		3.00		185,000.00		10-01-2016
30118401	MARYMOUNT UNIVERSITY		3.00		175,000.00		5-01-2016
30119202	MERCER UNIV. ACCOUNTING OFFICE		3.00		78,202.84		5-01-2014
30119801	MILLSAPS COLLEGE		3.00		308,000.00		11-01-2021
30119903	MISSISSIPPI STATE UNIVERSITY		3.00		760,000.00		12-01-2020
30120402	MORAVIAN COLLEGE		3.38		20,000.00		11-01-2012
30120601	MORGAN STATE UNIVERSITY		3.00		443,562.20		11-01-2014
30121101	NEW ENGLAND COLLEGE		3.00		45,000.00		4-01-2016

Page 2 of 4

Berkadia Commercial Mortgage

College and University Loan Trust II

Trial Balance

For the Quarter Ended September 30, 2012

Loan Number	Borrower Name	Interest Rate		Current UPB		Maturity Date
30121201	NEWARK BETH ISRAEL MEDICAL CENTER		3.63		110,000.00		1-01-2014
30121501	NORFOLK STATE UNIVERSITY		3.00		1,431,981.00		12-01-2021
30123401	PAINE COLLEGE		3.00		320,000.00		10-01-2016
30123701	UNIVERSITY OF THE ARTS		3.00		1,214,028.00		1-01-2022
30125504	RIDER COLLEGE		3.63		595,000.00		11-01-2013
30125506	RIDER COLLEGE		3.00		147,000.00		5-01-2017
30127402	ST MARY’S SCHOOL		3.00		186,000.00		6-01-2020
30127602	SAINT MICHAELS COLLEGE		3.00		169,342.40		5-01-2013
30128001	SAINT VINCENT COLLEGE		3.50		55,000.00		5-01-2013
30128802	SETON HILL COLLEGE		3.63		81,000.00		11-01-2014
30129101	SIMPSON COLLEGE - BOND 1966		3.00		90,000.00		7-01-2016
30130301	SOUTHWEST TEXAS STATE UNIVERSITY		3.00		685,000.00		10-01-2015
30130703	SPRINGFIELD COLLEGE		3.50		8,000.00		5-01-2013
30130903	STEPHEN F AUSTIN STATE UNIVERSITY		3.38		177,000.00		10-01-2012
30132402	TEXAS SOUTHERN UNIVERSITY		3.50		130,000.00		4-01-2013
30132904	TUFTS UNIVERSITY		3.00		1,232,000.00		10-01-2021
30133201	UNIV STUDENT COOP HOUSING		3.00		655,000.00		4-01-2019
30134402	UNIVERSITY OF FLORIDA / REV. CERTS., 84		3.00		355,000.00		7-01-2014
30136801	UNIVERSITY OF ST THOMAS		3.00		305,000.00		10-01-2019
30137802	VILLANOVA UNIVERSITY		3.00		490,000.00		4-01-2019
30137901	VINCENNES UNIVERSITY		3.00		2,060,000.00		6-01-2023
30138702	WESLEY COLLEGE		3.38		2,000.00		5-01-2013
30140502	WITTENBERG UNIVERSITY		3.00		175,000.00		5-01-2015
30140503	WITTENBERG UNIVERSITY		3.00		92,000.00		11-01-2017
	TOTALS:				26,090,532.57
September
30100103	ALABAMA AGRICULTURAL		3.00		680,000.00		5-01-2018
30101601	AUBURN UNIVERSITY		3.00		910,000.00		12-01-2018
30101701	AZUSA PACIFIC UNIVERSITY		3.75		49,000.00		4-01-2015
30102604	BENEDICT COLLEGE		3.00		905,000.00		11-01-2020
30102802	BETHANY COLLEGE - DORM BOND		3.38		11,000.00		11-01-2012
30102803	BETHANY COLLEGE - HALL BOND 1967		3.00		110,000.00		11-01-2017
30102804	BETHANY COLLEGE - NOTE OF 1973		3.00		25,000.00		11-01-2012
30104102	CALIFORNIA STATE UNIVERSITY,		3.00		205,000.00		11-01-2013
30104201	TRUST SERVICES DIVISION		3.00		1,218,000.00		11-01-2019
30104605	CARNEGIE MELLON		3.00		360,000.00		11-01-2017
30105701	CHAMPLAIN COLLEGE, INC.		3.00		19,660.29		12-01-2013
30106904	COLLEGE OF SANTA FE		3.00		247,000.00		10-01-2018
30108202	DAEMEN COLLEGE (ROSARY HILL COLLEGE)		3.00		175,000.00		4-01-2016
30109502	DREXEL UNIVERSITY		3.50		170,000.00		5-01-2014
30109604	DRURY COLLEGE		3.00		60,000.00		4-01-2015
30110101	ELIZABETH CITY STATE UNIVERSITY		3.00		150,000.00		10-01-2017
30110401	EMMANUEL COLLEGE		3.00		28,000.00		11-01-2013
30110802	FAIRLEIGH DICKINSON UNIV		3.00		650,000.00		11-01-2017
30112002	GEORGE FOX COLLEGE		3.00		297,993.99		7-01-2018
30112301	GEORGETOWN UNIVERSITY		3.00		1,417,000.00		11-01-2020
30112302	GEORGETOWN UNIVERSITY		4.00		3,765,000.00		11-01-2020
30112901	HAMPSHIRE COLLEGE		3.00		33,085.39		7-01-2013
30112902	HAMPSHIRE COLLEGE		3.00		172,033.35		2-01-2014
30113702	HIWASSEE COLLEGE		3.00		80,981.26		9-15-2018
30114001	HOOD COLLEGE		3.63		62,000.00		11-01-2014
30114802	INTER-AMERICAN UNIV. OF PUERTO RICO		3.00		695,872.31		1-01-2017
30116201	LASSEN JUNIOR COLLEGE		3.00		204,000.00		4-01-2020

Page 3 of 4

Berkadia Commercial Mortgage

College and University Loan Trust II

Trial Balance

For the Quarter Ended September 30, 2012

Loan Number	Borrower Name	Interest Rate		Current UPB		Maturity Date
30117002	LONG ISLAND UNIVERSITY		3.63		161,789.48		6-01-2014
30117402	LYCOMING COLLEGE		3.63		40,000.00		5-01-2014
30117403	LYCOMING COLLEGE		3.75		74,999.99		5-01-2015
30117501	LYNCHBURG COLLEGE		3.75		98,000.00		5-01-2015
30117502	LYNCHBURG COLLEGE		3.00		235,000.00		5-01-2018
30117801	MARIAN COLLEGE OF FOND DU LAC		3.00		185,000.00		10-01-2016
30118401	MARYMOUNT UNIVERSITY		3.00		175,000.00		5-01-2016
30119202	MERCER UNIV. ACCOUNTING OFFICE		3.00		78,202.84		5-01-2014
30119801	MILLSAPS COLLEGE		3.00		308,000.00		11-01-2021
30119903	MISSISSIPPI STATE UNIVERSITY		3.00		760,000.00		12-01-2020
30120402	MORAVIAN COLLEGE		3.38		20,000.00		11-01-2012
30120601	MORGAN STATE UNIVERSITY		3.00		443,562.21		11-01-2014
30121101	NEW ENGLAND COLLEGE		3.00		45,000.00		4-01-2016
30121201	NEWARK BETH ISRAEL MEDICAL CENTER		3.63		110,000.00		1-01-2014
30121501	NORFOLK STATE UNIVERSITY		3.00		1,431,980.84		12-01-2021
30123401	PAINE COLLEGE		3.00		319,999.99		10-01-2016
30123701	UNIVERSITY OF THE ARTS		3.00		1,214,028.17		1-01-2022
30125504	RIDER COLLEGE		3.63		595,000.00		11-01-2013
30125506	RIDER COLLEGE		3.00		147,000.00		5-01-2017
30127402	ST MARY’S SCHOOL		3.00		186,000.00		6-01-2020
30127602	SAINT MICHAELS COLLEGE		3.00		169,342.42		5-01-2013
30128001	SAINT VINCENT COLLEGE		3.50		55,000.00		5-01-2013
30128802	SETON HILL COLLEGE		3.63		81,000.00		11-01-2014
30129101	SIMPSON COLLEGE - BOND 1966		3.00		90,000.00		7-01-2016
30130301	SOUTHWEST TEXAS STATE UNIVERSITY		3.00		520,000.00		10-01-2015
30130703	SPRINGFIELD COLLEGE		3.50		8,000.00		5-01-2013
30130903	STEPHEN F AUSTIN STATE UNIVERSITY		3.38		177,000.00		10-01-2012
30132402	TEXAS SOUTHERN UNIVERSITY		3.50		130,000.00		4-01-2013
30133201	UNIV STUDENT COOP HOUSING		3.00		655,000.00		4-01-2019
30134402	UNIVERSITY OF FLORIDA / REV. CERTS., 84		3.00		355,000.00		7-01-2014
30136801	UNIVERSITY OF ST THOMAS		3.00		305,000.00		10-01-2019
30137802	VILLANOVA UNIVERSITY		3.00		490,000.00		4-01-2019
30137901	VINCENNES UNIVERSITY		3.00		2,060,000.00		6-01-2023
30138702	WESLEY COLLEGE		3.38		2,000.00		5-01-2013
30140502	WITTENBERG UNIVERSITY		3.00		175,000.00		5-01-2015
30140503	WITTENBERG UNIVERSITY		3.00		92,000.00		11-01-2017
	TOTALS:				24,693,532.53

Page 4 of 4

Berkadia Commercial Mortgage

College and University Loan Trust II

Delinquency Report (60+ Days)

For the Quarter Ended September 30, 2012

Loan Number	Borrower Name	Next Payment Due	P and I Due		Current UPB
30132402	TEXAS SOUTHERN UNIVERSITY	10/01/10		92,700.00		130,000.00
30125504	RIDER COLLEGE	11/01/10		307,387.47		595,000.00
30117002	LONG ISLAND UNIVERSITY	06/01/11		76,683.24		161,789.48
30123401	PAINE COLLEGE	04/01/12		4,800.00		319,999.99
30121201	NEWARK BETH ISRAEL MEDICAL CENTER	07/01/12		30.00		110,000.00
TOTAL:				481,600.71		1,316,789.47

Berkadia Commercial Mortgage

College and University Loan Trust II

Liquidation Report

For the Quarter Ended September 30, 2012

None to report for this period

Berkadia Commercial Mortgage

College and University Loan Trust II

Remittance Report for January 2012

Date Received	Date Due		Loan Number		Borrower Name	Principal Due		Interest Due		Total Due
20120103		1012012		30123701	UNIVERSITY OF THE ARTS		54,063.70		19,844.50		73,908.20
20120103		1012012		30129101	SIMPSON COLLEGE - BOND 1966		—		1,650.00		1,650.00
20120103		1012012		30137702	VERMONT STATE COLLEGE		—		900.00		900.00
System Credits 1/3
System Debits 1/3
Bank Credit 1/3
Bank Debit 1/3
Bank Debit 1/3 (funds movement adj)
Trustee Wire 1/3
20120105		1012012		30112002	GEORGE FOX COLLEGE		11,126.61		2,487.19		13,613.80
System Credits 1/5
System Debits 1/5
Bank Credit 1/4
Bank Debit 1/4
Bank Debit 1/4 (funds movement adj)
Trustee Wire 1/4
20120111		0		30132003	TAYLOR UNIVERSITY
System Credits 1/11
System Debits 1/11
Bank Credit 1/6
Bank Debit 1/6 (service fees)
Bank Debit 1/6 (funds movement adj)
Trustee Wire 1/6
20120118		0		30132003	TAYLOR UNIVERSITY
20120118		0		30132003	TAYLOR UNIVERSITY
System Credits 1/18
System Debits 1/18
Bank Credit 1/12
Bank Debit 1/12
Bank Debit 1/12 (service fees)
Trustee Wire 1/12
20120119		6012012		30121501	NORFOLK STATE UNIVERSITY
20120119		0		30121501	NORFOLK STATE UNIVERSITY
20120119		0		30121501	NORFOLK STATE UNIVERSITY
System Credits 1/19
System Debits 1/19
Bank Credit 1/19
Bank Debit 1/19 (payment reversal)
Bank Debit 1/19 (funds movement adj)
Bank Debit 1/19 (inspection fees)
Trustee Wire 1/19
20120130		2012012		30112902	HAMPSHIRE COLLEGE

Date Received	Date Due		Loan Number		Borrower Name	Principal Due		Interest Due		Total Due
System Credits 1/30
System Debits 1/30
Bank Credit 1/20
Bank Debit 1/20 (payment reversal)
Bank Debit 1/20 (funds movement adj)
Trustee Wire 1/20
System Credits 1/31
System Debits 1/31
Bank Credit 1/31
Bank Debit 1/31
Bank Debit 1/31 (funds movement adj)
Trustee Wire 1/31
					TOTALS:		65,190.31		24,881.69		90,072.00
Loans Due in Current Period and Paid in Prior Period:
		1012012		30112901	HAMPSHIRE COL		15,938.07		978.01		16,916.08
		1012012		30114802	INTER AMERICA		79,942.85		12,854.35		92,797.20
		1012012		30134402	UNIVERSITY OF		—		7,875.00		7,875.00
					TOTALS:		95,880.92		21,707.36		117,588.28
Loans Due in Current Period Not Yet Paid:
		1012012		30121201	NEWARK BETH I		50,000.00		2,900.00		52,900.00
					TOTALS:		50,000.00		2,900.00		52,900.00
					GRAND TOTAL:		211,071.23		49,489.05		260,560.28

Principal Balance		Principal Paid		Interest Paid		Suspense			Total Paid			Net System Credits			Total Bank Credits		Wires		ACH Debits and Other Wires
	1,322,966.53		54,063.70		19,844.50		—			73,908.20
	110,000.00		—		1,650.00		—			1,650.00
	60,000.00		—		900.00		—			900.00
										—
										—
													76,458.20
													—
																201,344.40
																				100,672.20
																		100,672.20
	331,624.80		11,126.61		2,487.19		—			13,613.80
													13,613.80
													—
																152,916.40
																				76,458.20
																		76,458.20
			—		—		261,000.00			261,000.00
										—
													261,000.00
													—
																27,227.60
																				13,613.80
																		13,613.80
			—		—		(261,000.00	)		(261,000.00	)
			261,000.00		3,915.00		—			264,915.00
													264,915.00
													(261,000.00	)
																261,000.00
																				2,257.05
																		258,742.95
			—		0.08		—			0.08
			—		—		(0.08	)		(0.08	)
			—		—		—			—
													0.08
													(0.08	)
																529,830.00
																				261,000.00
																				264,915.00
																				1,620.00
																		2,295.00
			54,835.52		4,237.90		—			59,073.42
										—
										—

Principal Balance		Principal Paid		Interest Paid		Suspense			Total Paid		Net System Credits		Total Bank Credits		Wires		ACH Debits and Other Wires
												59,073.42
												—
														0.16
																		0.08
																		0.08
										—
										—
										—
												—
												—
														118,146.84
																		59,073.42
																59,073.42
	1,824,591.33		381,025.83		33,034.67		(0.08	)		414,060.42		414,060.42		1,290,465.40		510,855.57		779,609.83
	65,200.60
	856,957.15
	525,000.00
	1,447,157.75
	160,000.00
	160,000.00
	3,431,749.08

Berkadia Commercial Mortgage

College and University Loan Trust II

Remittance Report Reconciliation

January-12

Total System Credits @ 1/31		414,060.42
Total Bank Credits @ 1/31		1,290,465.40
12/30/2011	in transit	(100,672.20	)
1/3/2012	funds movement adjustment	(100,672.20	)
1/4/2012	funds movement adjustment	(76,458.20	)
1/6/2012	funds movement adjustment	(13,613.80	)
1/19/2012	payment reversal	(261,000.00	)
1/19/2012	funds movement adjustment	(264,915.00	)
1/20/2012	payment reversal	(0.08	)
1/20/2012	funds movement adjustment	(0.08	)
1/31/2012	funds movement adjustment	(59,073.42	)
	Direct to Lender posting
	in transit
		414,060.42
Adjusted Bank Credits:		—

Berkadia Commercial Mortgage

College and University Loan Trust II

Remittance Report Reconciliation

January-12

Total Bank Credits @ 1/31		1,290,465.40
Total Debits to Trustee @ 1/31		510,855.57
1/12/2012	Service Fee	2,257.05
1/19/2012	Inspection Fees	1,620.00
1/3/2012	funds movement adjustment	100,672.20
1/4/2012	funds movement adjustment	76,458.20
1/6/2012	funds movement adjustment	13,613.80
1/19/2012	payment reversal	261,000.00
1/19/2012	funds movement adjustment	264,915.00
1/20/2012	payment reversal	0.08
1/20/2012	funds movement adjustment	0.08
1/31/2012	funds movement adjustment	59,073.42
Adjusted Debits to Trustee		1,290,465.40
		—

Berkadia Commercial Mortgage

College and University Loan Trust II

Remittance Report for February 2012

Date Received	Date Due	Loan Number	Borrower Name	Principal Due		Interest Due		Total Due
20120206	2012012	30108101	CUMBERLAND COLLEGE		—		1,920.00		1,920.00
System Credits 2/6
System Debits 2/6
Bank Credit 2/6
Bank Debit 2/6
Bank Debit 2/6 (funds movement adj)
Trustee Wire 2/6
System Credits 2/7
System Debits 2/7
Bank Credit 2/7
Bank Debit 2/7 (service fee)
Bank Debit 2/7 (funds movement adj)
Trustee Wire 2/7
			TOTALS:		—		1,920.00		1,920.00
Loans Due in Current Period and Paid in Prior Period:
	2012012	30112902	HAMPSHIRE COL		54,835.52		4,237.90		59,073.42
			TOTALS:		54,835.52		4,237.90		59,073.42
Loans Due in Current Period Not Yet Paid:
			TOTALS:		—		—		—
			GRAND TOTAL:		54,835.52		6,157.90		60,993.42

Principal Balance		Principal Paid		Interest Paid		Suspense		Total Paid		Net System Credits		Total Bank Credits		Wires		ACH Debits and Other Wires
	128,000.00		—		1,920.00		—		1,920.00
									—
											1,920.00
											—
									—
											—
											—
													3,840.00
																	1,471.79
																	1,920.00
															448.21
	128,000.00		—		1,920.00		—		1,920.00		1,920.00		3,840.00		448.21		3,391.79
	282,526.92
	282,526.92
	—
	410,526.92

Berkadia Commercial Mortgage

College and University Loan Trust II

Remittance Report Reconciliation

February-12

Total System Credits @ 2/29		1,920.00
Total Bank Credits @ 2/29		3,840.00
	in transit
2/7/2012	funds movement adjustment	(1,920.00	)
	funds movement adjustment
	funds movement adjustment
	payment reversal
	funds movement adjustment
	payment reversal
	funds movement adjustment
	funds movement adjustment
	Direct to Lender posting
	in transit
		1,920.00
Adjusted Bank Credits:		—

Berkadia Commercial Mortgage

College and University Loan Trust II

Remittance Report Reconciliation

February-12

Total Bank Credits @ 2/29		3,840.00
Total Debits to Trustee @ 2/29		448.21
2/7/2012	Service Fee	1,471.79
	Inspection Fees
2/7/2012	funds movement adjustment	1,920.00
	funds movement adjustment
	funds movement adjustment
	payment reversal
	funds movement adjustment
	payment reversal
	funds movement adjustment
	funds movement adjustment
Adjusted Debits to Trustee		3,840.00
		—

Berkadia Commercial Mortgage

College and University Loan Trust II

Remittance Report for March 2012

Date Received	Date Due	Loan Number		Borrower Name	Principal Due		Interest Due		Total Due
20120319	3152012		30113702	HIWASSEE COLLEGE		5,609.14		1,298.86		6,908.00
System Credits 3/19
System Debits 3/19
Bank Credit 3/19
Bank Debit 3/19
Bank Debit 3/19 (funds movement adj)
Trustee Wire 3/19
20120326	4012012		30116201	LASSEN JUNIOR COLLEGE
System Credits 3/26
System Debits 3/26
Bank Credit 3/20
Bank Debit 3/21 (service fee)
Bank Debit 3/20 (funds movement adj)
Trustee Wire 3/20
20120329	4012012		30130301	SOUTHWEST TEXAS STATE UNIVERSITY
20120329	4012012		30137802	VILLANOVA UNIVERSITY
System Credits 3/29
System Debits 3/29
Bank Credit 3/27
Bank Debit 3/27
Bank Debit 3/27 (funds movement adj)
Trustee Wire 3/27
System Credits 3/30
System Debits 3/30
Bank Credit 3/30
Bank Debit 3/30
Bank Debit 3/30 (funds movement adj)
Trustee Wire 3/30
				TOTALS:		5,609.14		1,298.86		6,908.00
Loans Due in Current Period and Paid in Prior Period:
				TOTALS:		—		—		—
Loans Due in Current Period Not Yet Paid:
				TOTALS:		—		—		—
				GRAND TOTAL:		5,609.14		1,298.86		6,908.00

Principal Balance		Principal Paid		Interest Paid		Suspense		Total Paid		Net System Credits		Total Bank Credits		Wires		ACH Debits and Other Wires
	86,590.40		5,609.14		1,298.86		—		6,908.00
									—
											6,908.00
											—
			25,000.00		3,435.00		—		28,435.00
											28,435.00
											—
													13,816.00
																	153.95
																	6,908.00
															6,754.05
			—		10,275.00		—		10,275.00
			60,000.00		8,250.00		—		68,250.00
											78,525.00
											—
													56,870.00
																	28,435.00
															28,435.00
									—
									—
											—
											—
													157,050.00
																	78,525.00
															78,525.00
	86,590.40		90,609.14		23,258.86		—		113,868.00		113,868.00		227,736.00		113,714.05		114,021.95
	—
	—
	86,590.40

Berkadia Commercial Mortgage

College and University Loan Trust II

Remittance Report Reconciliation

March-12

Total System Credits @ 3/31		113,868.00
Total Bank Credits @ 3/31		227,736.00
	in transit
3/20/2012	funds movement adjustment	(6,908.00	)
3/27/2012	funds movement adjustment	(28,435.00	)
3/30/2012	funds movement adjustment	(78,525.00	)
	payment reversal
	funds movement adjustment
	payment reversal
	funds movement adjustment
	funds movement adjustment
	Direct to Lender posting
	in transit
		113,868.00
Adjusted Bank Credits:		—

Berkadia Commercial Mortgage

College and University Loan Trust II

Remittance Report Reconciliation

March-12

Total Bank Credits @ 3/31		227,736.00
Total Debits to Trustee @ 3/31		113,714.05
3/21/2012	Service Fee	153.95
	Inspection Fees
3/20/2012	funds movement adjustment	6,908.00
3/27/2012	funds movement adjustment	28,435.00
3/30/2012	funds movement adjustment	78,525.00
	payment reversal
	funds movement adjustment
	payment reversal
	funds movement adjustment
	funds movement adjustment
Adjusted Debits to Trustee		227,736.00
		—

Berkadia Commercial Mortgage

College and University Loan Trust II

Remittance Report for April 2012

Date Received	Date Due	Loan Number	Borrower Name	Principal Due		Interest Due
20120402	0	30101701	AZUSA PACIFIC UNIVERSITY
20120402	4012012	30106904	COLLEGE OF SANTA FE		—		3,705.00
20120402	0	30108202	DAEMEN COLLEGE(ROSARY HILL COLLEGE)
20120402	4012012	30109604	DRURY COLLEGE		11,000.00		1,065.00
20120402	4012012	30110101	ELIZABETH CITY STATE UNIVERSITY		—		2,250.00
20120402	4012012	30112002	GEORGE FOX COLLEGE		11,210.06		2,403.74
20120402	4012012	30117801	MARIAN COLLEGE OF FOND DU LAC		—		2,775.00
20120402	4012012	30119001	SLOAN-MEMORIAL KETTERING CANCER CENTER		59,000.00		995.63
20120402	4012012	30121101	NEW ENGLAND COLLEGE		10,000.00		825.00
20120402	4012012	30133201	UNIV STUDENT COOP HOUSING		85,000.00		11,100.00
20120402	4012012	30136801	UNIVERSITY OF ST THOMAS		—		4,575.00
System Credits 04/01
System Debits 04/01
Bank Credit 04/01
Bank Debit 04/01
Bank Debit 04/01 (funds movement adj)
Trustee Wire 04/01
20120403	4012012	30130903	STEPHEN F AUSTIN STATE UNIVERSITY		—		2,986.88
20120403	4012012	30132904	TUFTS UNIVERSITY		—		18,480.00
System Credits 4/03
System Debits 04/03
Bank Credit 04/03
Bank Debit 04/03 (service fee)
Bank Debit 04/03 (funds movement adj)
Trustee Wire 04/03
20120404	0	30101701	AZUSA PACIFIC UNIVERSITY
20120404	4012012	30101701	AZUSA PACIFIC UNIVERSITY		16,000.00		1,218.75
20120404	0	30108202	DAEMEN COLLEGE(ROSARY HILL COLLEGE)
20120404	4012012	30108202	DAEMEN COLLEGE(ROSARY HILL COLLEGE)		40,000.00		3,225.00
System Credits 04/04
System Debits 04/04
Bank Credit 04/04
Bank Debit 04/04
Bank Debit 04/04 (funds movement adj)
Trustee Wire 04/04
20120409	1012012	30121201	NEWARK BETH ISRAEL MEDICAL CENTER
System Credits 4/09
System Debits 04/09
Bank Credit 04/05
Bank Debit 04/05 (funds movement adj)
Bank Debit 04/05 (payment reversal)
Trustee Wire 04/05

Date Received	Date Due	Loan Number	Borrower Name	Principal Due		Interest Due
20120417	5012012	30120402	MORAVIAN COLLEGE
20120417	0	30123401	PAINE COLLEGE
System Credits 04/17
System Debits 04/17
Bank Credit 04/17
Bank Debit 04/10 (payment reversal)
Bank Debit 04/10 (funds movement adj)
Bank Debit 04/10 (Funds Withheld for payment reversal)
Trustee Wire 04/10
20120423	5012012	30104605	CARNEGIE MELLON
20120423	4012012	30130903	STEPHEN F AUSTIN STATE UNIVERSITY
System Credits 4/23
System Debits 4/23
Bank Credit 4/18
Bank Debit 04/18 (payment reversal)
Bank Debit 4/18 (funds movement adj)
Trustee Wire 04/18
System Credits 04/24
System Debits 04/23
Bank Credit 04/24
Bank Debit 04/24(Service fee)
Bank Debit 04/24 (funds movement adj)
Trustee Wire 04/24
			TOTALS:		232,210.06		55,605.00
Loans Due in Current Period and Paid in Prior Period:
	4012012	30116201	LASSEN JUNIOR		25,000.00		3,435.00
	4012012	30130301	SOUTHWEST TEX		—		10,275.00
	4012012	30137802	VILLANOVA UNI		60,000.00		8,250.00
			TOTALS:		85,000.00		21,960.00
Loans Due in Current Period Not Yet Paid:
	4012012	30109801	DYOUVILLE COL		62,000.00		6,968.03
	4012012	30113601	HINDS JUNIOR		180,000.00		3,135.00
	4012012	30123401	PAINE COLLEGE		—		4,800.00
	4012012	30132003	TAYLOR UNIVER		—		1,965.00
	4012012	30132402	TEXAS SOUTHER		45,000.00		1,575.00
			TOTALS:		287,000.00		18,443.03
			GRAND TOTAL:		604,210.06		96,008.03

Total Due		Principal Balance		Principal Paid		Interest Paid		Suspense			Total Paid			Net System Credits			Total Bank Credits		Wires		ACH Debits and Other Wires
					—		—		49,620.00			49,620.00
	3,705.00		247,000.00		—		3,705.00		—			3,705.00
					—		—		43,225.00			43,225.00
	12,065.00		71,000.00		11,000.00		1,065.00		—			12,065.00
	2,250.00		150,000.00		—		2,250.00		—			2,250.00
	13,613.80		320,498.19		11,210.06		2,403.74		—			13,613.80
	2,775.00		185,000.00		—		2,775.00		—			2,775.00
	59,995.63		59,000.00		59,000.00		995.63		—			59,995.63
	10,825.00		55,000.00		10,000.00		825.00		—			10,825.00
	96,100.00		740,000.00		85,000.00		11,100.00		—			96,100.00
	4,575.00		305,000.00		—		4,575.00		—			4,575.00
									—			—
															298,749.43
															—
	2,986.88		177,000.00		—		2,986.87		—			2,986.87
	18,480.00		1,232,000.00		—		18,480.00		—			18,480.00
									—			—
															21,466.87
															—
																		504,653.86
																						205,904.43
																				298,749.43
					—		—		(49,620.00	)		(49,620.00	)
	17,218.75		65,000.00		16,000.00		1,218.75		—			17,218.75
					—		—		(43,225.00	)		(43,225.00	)
	43,225.00		215,000.00		40,000.00		3,225.00		—			43,225.00
									—			—
															60,443.75
															(92,845.00	)
																		42,933.74
																						21,466.87
																				21,466.87
					49,970.00		2,900.00		—			52,870.00
												—
															52,870.00
															—
																		153,288.75
																						60,443.75
																						92,845.00

Total Due		Principal Balance		Principal Paid		Interest Paid		Suspense		Total Paid		Net System Credits		Total Bank Credits		Wires		ACH Debits and Other Wires
					—		337.50		—		337.50
					—		—		3,456.00		3,456.00
											—
													3,793.50
															105,740.00
																			52,870.00
																			32,401.25
																	20,468.75
					30,000.00		5,850.00		—		35,850.00
					—		0.01		—		0.01
											—
											—
													35,850.01
													—
															4,131.00
																			337.50
																	3,793.50
											—
											—
											—
													—
													—
															71,700.02
																			32.47
																			35,850.01
																	35,817.54
	287,815.06		3,821,498.19		312,180.06		64,692.50		3,456.00		380,328.56		380,328.56		882,447.37		380,296.09		502,151.28
	28,435.00		229,000.00
	10,275.00		685,000.00
	68,250.00		550,000.00
	106,960.00		1,464,000.00
	68,968.03		464,535.00
	183,135.00		209,000.00
	4,800.00		319,999.99
	1,965.00		131,000.00
	46,575.00		90,000.00
	305,443.03		1,214,534.99
	700,218.09		6,500,033.18

Berkadia Commercial Mortgage

College and University Loan Trust II

Remittance Report Reconciliation

April-12

Total System Credits @ 4/30		380,328.56
Total Bank Credits @ 4/30		882,447.37
	in transit
4/3/2012	funds movement adjustment	(205,904.43	)
4/4/2012	funds movement adjustment	(21,466.87	)
4/5/2012	funds movement adjustment	(60,443.75	)
4/5/2012	payment reversal	(92,845.00	)
4/10/2012	funds movement adjustment	(52,870.00	)
4/10/2012	Funds Withheld for payment reversal	(32,401.25	)
4/18/2012	funds movement adjustment	(337.50	)
4/24/2012	funds movement adjustment	(35,850.01	)
	Direct to Lender posting
	in transit
		380,328.56
Adjusted Bank Credits:		—

Berkadia Commercial Mortgage

College and University Loan Trust II

Remittance Report Reconciliation

April-12

Total Bank Credits @4/30		882,447.37
Total Debits to Trustee @ 4/30		380,296.09
3/21/2012	Service Fee	32.47
	Inspection Fees
4/3/2012	funds movement adjustment	205,904.43
4/4/2012	funds movement adjustment	21,466.87
4/5/2012	funds movement adjustment	60,443.75
4/5/2012	payment reversal	92,845.00
4/10/2012	funds movement adjustment	52,870.00
4/10/2012	Funds Withheld as there was a payment reversal	32,401.25
4/18/2012	funds movement adjustment	337.50
4/24/2012	funds movement adjustment	35,850.01
Adjusted Debits to Trustee		882,447.37
		—

Berkadia Commercial Mortgage

College and University Loan Trust II

Remittance Report for May 2012

Date Received	Date Due	Loan Number	Borrower Name	Principal Due		Interest Due
20120501	5012012	30100103	ALABAMA AGRICULTURAL		110,000.00		11,850.00
20120501	5012012	30102604	BENEDICT COLLEGE		—		13,575.00
20120501	5012012	30104102	CALIFORNIA STATE UNIVERSITY,		—		3,075.00
20120501	5012012	30104201	TRUST SERVICES DIVISION		—		18,270.00
20120501	5012012	30109502	DREXEL UNIVERSITY		100,000.00		4,725.00
20120501	5012012	30110401	EMMANUEL COLLEGE		—		420.00
20120501	5012012	30110802	FAIRLEIGH DICKINSON UNIV		—		9,750.00
20120501	5012012	30112301	GEORGETOWN UNIVERSITY		—		21,255.00
20120501	5012012	30112302	GEORGETOWN UNIVERSITY		—		75,300.00
20120501	5012012	30117402	LYCOMING COLLEGE		19,000.00		1,069.37
20120501	0	30117402	LYCOMING COLLEGE
20120501	5012012	30117403	LYCOMING COLLEGE		25,000.00		1,875.00
20120501	5012012	30117501	LYNCHBURG COLLEGE		40,000.00		2,587.50
20120501	5012012	30117502	LYNCHBURG COLLEGE		40,000.00		4,125.00
20120501	5012012	30118302	MARY BALDWIN COLLEGE		—		—
20120501	0	30118302	MARY BALDWIN COLLEGE		23,000.00		388.13
20120501	5012012	30118401	MARYMOUNT UNIVERSITY		40,000.00		3,225.00
20120501	5012012	30119202	MERCER UNIV. ACCOUNTING OFFICE		18,833.80		1,455.55
20120501	0	30119202	MERCER UNIV. ACCOUNTING OFFICE
20120501	5012012	30119801	MILLSAPS COLLEGE		—		4,620.00
20120501	0	30122302	NORTHEASTERN UNIVERSITY
20120501	0	30125506	RIDER COLLEGE
20120501	5012012	30127602	SAINT MICHAELS COLLEGE		83,073.76		3,786.24
20120501	5012012	30128001	SAINT VINCENT COLLEGE		55,000.00		1,925.00
20120501	5012012	30130703	SPRINGFIELD COLLEGE		45,000.00		927.50
20120501	5012012	30138702	WESLEY COLLEGE		21,000.00		388.13
20120501	5012012	30140502	WITTENBERG UNIVERSITY		55,000.00		3,450.00
20120501	5012012	30140503	WITTENBERG UNIVERSITY		—		1,380.00
System Credits 05/01
System Debits 05/01
Bank Credit 05/01
Bank Debit 05/01
Bank Debit 05/01 (funds movement adj)
Trustee Wire 05/01
20120503	0	30122302	NORTHEASTERN UNIVERSITY
20120503	0	30122302	NORTHEASTERN UNIVERSITY
20120503	0	30125506	RIDER COLLEGE
20120503	5012012	30128802	SETON HILL COLLEGE		—		1,468.13
System Credits 05/03
System Debits 05/03
Bank Credit 05/02
Bank Debit 05/02 (Inspection fee)
Bank Debit 05/02 (funds movement adj)
Trustee Wire 05/02
20120504	5012012	30102802	BETHANY COLLEGE - DORM BOND		—		185.63
20120504	5012012	30102803	BETHANY COLLEGE - HALL BOND 1967		—		1,650.00
20120504	5012012	30102804	BETHANY COLLEGE - NOTE OF 1973		25,000.00		750.00
20120504	0	30125506	RIDER COLLEGE
20120504	5012012	30127801	SAINT PAULS COLLEGE		18,530.53		1,731.56
20120504	0	30127801	SAINT PAULS COLLEGE

Date Received	Date Due	Loan Number	Borrower Name	Principal Due		Interest Due
System Credits 05/04
System Debits 05/04
Bank Credit 05/04
Bank Debit 05/04
Bank Debit 05/04 (funds movement adj)
Trustee Wire 05/04
20120507	5012012	30120601	MORGAN STATE UNIVERSTIY		84,818.44		7,925.72
20120507	0	30125504	RIDER COLLEGE
20120507	0	30125506	RIDER COLLEGE
System Credits 5/07
System Debits 05/07
Bank Credit 05/07
Bank Debit 05/07 (funds movement adj)
Bank Debit 05/07 (payment reversal)
Trustee Wire 05/07
20120508	5012012	30118302	MARY BALDWIN COLLEGE		—		—
20120508	0	30125504	RIDER COLLEGE
20120508	0	30125506	RIDER COLLEGE
System Credits 05/08
System Debits 05/08
Bank Credit 05/08
Bank Debit 05/08 (payment reversal)
Bank Debit 05/08 (funds movement adj)
Trustee Wire 05/08
20120510	0	30125506	RIDER COLLEGE
20120510	0	30125506	RIDER COLLEGE
20120510	5012012	30125506	RIDER COLLEGE		25,000.00		2,580.00
System Credits 05/10
System Debits 05/10
Bank Credit 05/09
Bank Debit 05/09 (payment reversal)
Bank Debit 05/09 (funds movement adj)
Trustee Wire 05/09
20120518	11012012	30119202	MERCER UNIV. ACCOUNTING OFFICE
20120518	0	30119202	MERCER UNIV. ACCOUNTING OFFICE
20120518	0	30119202	MERCER UNIV. ACCOUNTING OFFICE
System Credits 05/18
System Debits 05/18
Bank Credit 05/11
Bank Debit 05/11 (payment reversal)
Bank Debit 05/11 (funds movement adj)
Trustee Wire 05/11
20120521	11012012	30117402	LYCOMING COLLEGE
20120521	0	30117402	LYCOMING COLLEGE
20120521	0	30117402	LYCOMING COLLEGE
System Credits 05/21
System Debits 05/21
Bank Credit 05/21
Bank Debit 05/21 (payment reversal)
Bank Debit 05/21 (funds movement adj)
Trustee Wire 05/21
20120523	6012012	30105701	CHAMPLAIN COLLEGE, INC.

Date Received	Date Due	Loan Number	Borrower Name	Principal Due		Interest Due
20120523	6012012	30105701	CHAMPLAIN COLLEGE, INC.
System Credits 05/22
System Debits 05/22
Bank Credit 05/22
Bank Debit 05/22 (payment reversal)
Bank Debit 05/22 (funds movement adj)
Trustee Wire 05/22
20120529	5012012	30114001	HOOD COLLEGE		—		1,123.75
System Credits 05/29
System Debits 05/29
Bank Credit 05/24
Bank Debit 05/24 (service fees)
Bank Debit 05/24 (funds movement adj)
Trustee Wire 05/24
System Credits 05/30
System Debits 05/30
Bank Credit 05/30
Bank Debit 05/30
Bank Debit 05/30 (funds movement adj)
Trustee Wire 05/30
			TOTALS:		828,256.53		206,837.21
Loans Due in Current Period and Paid in Prior Period:
	5012012	30104605	CARNEGIE-MELL		30,000.00		5,850.00
	5012012	30120402	MORAVIAN COLL		—		337.50
			TOTALS:		30,000.00		6,187.50
Loans Due in Current Period Not Yet Paid:
	5012012	30122302	NORTHEASTERN		88,335.36		18,864.21
	5012012	30125504	RIDER COLLEGE		—		5,618.75
	5012012	30128001	ST VINCENT CO		55,000.00		1,925.00
			TOTALS:		143,335.36		26,407.96
			GRAND TOTAL:		1,001,591.89		239,432.67

Total Due		Principal Balance		Principal Paid		Interest Paid		Suspense			Total Paid			Net System Credits
	121,850.00		790,000.00		110,000.00		11,850.00		—			121,850.00
	13,575.00		905,000.00		—		13,575.00		—			13,575.00
	3,075.00		205,000.00		—		3,075.00		—			3,075.00
	18,270.00		1,218,000.00		—		18,270.00		—			18,270.00
	104,725.00		270,000.00		100,000.00		4,725.00		—			104,725.00
	420.00		28,000.00		—		420.00		—			420.00
	9,750.00		650,000.00		—		9,750.00		—			9,750.00
	21,255.00		1,417,000.00		—		21,255.00		—			21,255.00
	75,300.00		3,765,000.00		—		75,300.00		—			75,300.00
	20,069.37		59,000.00		19,000.00		1,069.37		—			20,069.37
					—		—		0.01			0.01
	26,875.00		99,999.99		25,000.00		1,875.00		—			26,875.00
	42,587.50		138,000.00		40,000.00		2,587.50		—			42,587.50
	44,125.00		275,000.00		40,000.00		4,125.00		—			44,125.00
	—		—		—		—		—			—
	23,388.13		23,000.00		23,000.00		388.13		—			23,388.13
	43,225.00		215,000.00		40,000.00		3,225.00		—			43,225.00
	20,289.35		97,036.64		18,833.80		1,455.55		—			20,289.35
					—		—		0.01			0.01
	4,620.00		308,000.00		—		4,620.00		—			4,620.00
					—		—		18,864.22			18,864.22
					—		—		405.00			405.00
	86,860.00		252,416.18		83,073.76		3,786.24		—			86,860.00
	56,925.00		110,000.00		55,000.00		1,925.00		—			56,925.00
	45,927.50		53,000.00		45,000.00		927.50		—			45,927.50
	21,388.13		23,000.00		21,000.00		388.13		—			21,388.13
	58,450.00		230,000.00		55,000.00		3,450.00		—			58,450.00
	1,380.00		92,000.00		—		1,380.00		—			1,380.00
															883,599.22
															—
					—		—		(18,864.22	)		(18,864.22	)
					1,257,614.32		18,864.39		—			1,276,478.71
					—		—		2,900.00			2,900.00
	1,468.13		81,000.00		—		1,468.13		—			1,468.13
									—			—
															1,280,846.84
															(18,864.22	)
	185.63		11,000.00		—		185.63		—			185.63
	1,650.00		110,000.00		—		1,650.00		—			1,650.00
	25,750.00		50,000.00		25,000.00		750.00		—			25,750.00
					—		—		25,000.00			25,000.00
	20,262.09		115,437.13		18,530.53		1,731.56		—			20,262.09
					—		—		60,911.66			60,911.66

Total Due		Principal Balance		Principal Paid		Interest Paid		Suspense			Total Paid			Net System Credits			Total Bank Credits		Wires		ACH Debits and Other Wires
															133,759.38
																		2,558,793.68
																						1,296,811.06
																				1,261,982.62
	92,744.16		528,380.65		84,818.44		7,925.72		—			92,744.16
					—		—		2,900.00			2,900.00
					—		—		(2,900.00	)		(2,900.00	)
												—
															95,644.16
															(2,900.00	)
																		181,607.10
																						47,847.72
																				133,759.38
	—		—		—		—		—			—
					—		—		2,718.75			2,718.75
					—		—		2,175.00			2,175.00
															4,893.75
																		188,388.32
																						2,900.00
																						92,744.16
																				92,744.16
					—		—		—			—
					—		—		(27,580.00	)		(27,580.00	)
	27,580.00		172,000.00		25,000.00		2,580.00		—			27,580.00
												—
															27,580.00
															(27,580.00	)
																		4,893.75
																				4,893.75
					—		0.01		—			0.01
					—		—		(0.01	)		(0.01	)
					—		—		—			—
															0.01
															(0.01	)
																		55,160.00
																						27,580.00
																						27,580.00
					—		0.01		—			0.01
					—		—		(0.01	)		(0.01	)
					—		—		—			—
															0.01
															(0.01	)
																		0.02
																						0.01
																						0.01
					—		—		—			—

Total Due		Principal Balance		Principal Paid		Interest Paid		Suspense		Total Paid		Net System Credits		Total Bank Credits		Wires		ACH Debits and Other Wires
					6,360.62		390.31		—		6,750.93
											—
											—
											—
													6,750.93
													—
															0.02
																			0.01
																			0.01
	1,123.75		62,000.00		—		1,123.75		—		1,123.75
											—
											—
											—
													1,123.75
													—
															13,501.86
																			1,493.11
																			6,750.93
																	5,257.82
											—
													—
													—
															2,247.50
																			1,123.75
																	1,123.75
											—
											—
	1,035,093.74		12,353,270.59		2,092,231.47		226,091.93		66,530.41		2,384,853.81		2,384,853.81		4,752,521.45		2,382,955.70		2,369,565.75
	35,850.00		390,000.00
	337.50		20,000.00
	36,187.50		410,000.00
	107,199.57		1,257,614.32
	5,618.75		310,000.00
	56,925.00		110,000.00
	169,743.32		1,677,614.32
	1,241,024.56		14,440,884.91

Total Bank Credits		Wires		ACH Debits and Other Wires
	1,747,929.20
					405.00
					864,329.98
			883,194.22

Berkadia Commercial Mortgage

College and University Loan Trust II

Remittance Report Reconciliation

May-12

Total System Credits @ 5/31		2,384,853.81
Total Bank Credits @ 5/31		4,752,521.45
	in transit
5/2/2012	funds movement adjustment	(864,329.98	)
5/4/2012	funds movement adjustment	(1,296,811.06	)
5/7/2012	funds movement adjustment	(47,847.72	)
5/8/2012	funds movement adjustment	(92,744.16	)
5/8/2012	payment reversal	(2,900.00	)
5/11/2012	funds movement adjustment	(27,580.00	)
5/11/2012	payment reversal	(27,580.00	)
5/21/2012	funds movement adjustment	(0.01	)
5/21/2012	payment reversal	(0.01	)
5/22/2012	funds movement adjustment	(0.01	)
5/22/2012	payment reversal	(0.01	)
5/24/2012	funds movement adjustment	(6,750.93	)
5/30/2012	funds movement adjustment	(1,123.75	)
	Direct to Lender posting
	in transit
		2,384,853.81
Adjusted Bank Credits:		—

Berkadia Commercial Mortgage

College and University Loan Trust II

Remittance Report Reconciliation

May-12

Total Bank Credits @5/31		4,752,521.45
Total Debits to Trustee @ 5/31		2,382,955.70
5/2/2012	Inspection Fees	405.00
5/24/2012	Service Fee	1,493.11
5/2/2012	funds movement adjustment	864,329.98
5/4/2012	funds movement adjustment	1,296,811.06
5/7/2012	funds movement adjustment	47,847.72
5/8/2012	funds movement adjustment	92,744.16
5/8/2012	payment reversal	2,900.00
5/11/2012	funds movement adjustment	27,580.00
5/11/2012	payment reversal	27,580.00
5/21/2012	funds movement adjustment	0.01
5/21/2012	payment reversal	0.01
5/22/2012	funds movement adjustment	0.01
5/22/2012	payment reversal	0.01
5/24/2012	funds movement adjustment	6,750.93
5/30/2012	funds movement adjustment	1,123.75
Adjusted Debits to Trustee		4,752,521.45
		—

Berkadia Commercial Mortgage

College and University Loan Trust II

Remittance Report for June 2012

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
20120601	6012012	30101601	AUBURN UNIVERSITY		—		13,650.00		13,650.00		910,000.00		—		13,650.00		—		13,650.00
20120601	6012012	30121501	NORFOLK STATE UNIVERSITY		64,726.17		22,450.61		87,176.78		1,496,707.01		64,726.17		22,450.53		—		87,176.70
20120601	0	30121501	NORFOLK STATE UNIVERSITY										—		—		0.08		0.08
20120601	6012012	30137901	VINCENNES UNIVERSITY		160,000.00		33,300.00		193,300.00		2,220,000.00		160,000.00		33,300.00		—		193,300.00
System Credits 6/1																					294,126.78
System Debits 6/1																					—
Bank Credit 6/1
Bank Debit 6/1
Bank Debit 6/1 (funds movement adj)
Trustee Wire 6/1
20120604	6012012	30119903	MISSISSIPPI STATE UNIVERSITY		—		11,400.00		11,400.00		760,000.00		—		11,400.00		—		11,400.00
20120604	0	30127801	SAINT PAULS COLLEGE										—		—		36,489.47		36,489.47
System Credits 6/4																					47,889.47
System Debits 6/4																					—
Bank Credit 6/4																							588,253.48
Bank Debit 6/4
Bank Debit 6/4 (funds movement adj)																											294,126.70
Trustee Wire 6/4																									294,126.78
20120606	0	30117002	LONG ISLAND UNIVERSITY										—		—		47,446.88		47,446.88
																			—
System Credits 6/6																					47,446.88
System Debits 6/6																					—
Bank Credit 6/5																							59,289.47
Bank Debit 6/5
Bank Debit 6/5 (funds movement adj)																											11,400.00
Trustee Wire 6/5																									47,889.47
20120611	6012012	30127402	ST MARY’S SCHOOL		11,000.00		2,955.00		13,955.00		197,000.00		11,000.00		2,955.00		—		13,955.00
																			—
System Credits 6/11																					13,955.00
System Debits 6/11																					—
Bank Credit 6/7																							47,446.88
Bank Debit 6/7
Trustee Wire 6/7																									47,446.88
20120622	7012012	30112901	HAMPSHIRE COLLEGE										16,177.14		738.94		—		16,916.08
																			—
System Credits 6/22																					16,916.08
System Debits 6/22																					—
Bank Credit 6/12																							27,910.00
Bank Debit 6/12
Bank Debit 6/12 (funds movement adj)																											13,955.00
Trustee Wire 6/12																									13,955.00
20120629	7012012	30123701	UNIVERSITY OF THE ARTS										54,874.66		19,033.54		—		73,908.20
20120629	7012012	30134402	UNIVERSITY OF FLORIDA / REV. CERTS.,84										170,000.00		7,875.00		—		177,875.00
System Credits 6/29																					251,783.20
System Debits 6/29																					—
Bank Credit 6/25																							33,832.16
Bank Debit 6/25
Bank Debit 6/25 (funds movement adj)																											16,916.08
Trustee Wire 6/25																									16,916.08
																			—

Berkadia Commercial Mortgage

College and University Loan Trust II

Remittance Report for June 2012

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
			TOTALS:		235,726.17		83,755.61		319,481.78		5,583,707.01		476,777.97		111,403.01		83,936.43		672,117.41		672,117.41		756,731.99		420,334.21		336,397.78
Loans Due in Current Period and Paid in Prior Period:
	6012012	30105701	CHAMPLAIN COL		6,360.62		390.31		6,750.93		26,020.91
			TOTALS:		6,360.62		390.31		6,750.93		26,020.91
Loans Due in Current Period Not Yet Paid:
	6012012	30117002	LONG ISLAND U		45,000.00		2,446.88		47,446.88		135,000.00
			TOTALS:		45,000.00		2,446.88		47,446.88		135,000.00
			GRAND TOTAL:		287,086.79		86,592.80		373,679.59		5,744,727.92

Berkadia Commercial Mortgage

College and University Loan Trust II

Remittance Report Reconciliation

June-12

Total System Credits @ 6/30		672,117.41
Total Bank Credits @ 6/30		756,731.99
	in transit
6/4/2012	funds movement adjustment	(294,126.70	)
6/5/2012	funds movement adjustment	(11,400.00	)
6/12/2012	funds movement adjustment	(13,955.00	)
6/25/2012	funds movement adjustment	(16,916.08	)
	payment reversal
	funds movement adjustment
	payment reversal
	funds movement adjustment
	payment reversal
	funds movement adjustment
	payment reversal
	funds movement adjustment
	funds movement adjustment
	Direct to Lender posting
6/29/2012	in transit	251,783.20
		672,117.41
Adjusted Bank Credits:		—

Berkadia Commercial Mortgage

College and University Loan Trust II

Remittance Report Reconciliation

June-12

Total Bank Credits @ 6/30		756,731.99
Total Debits to Trustee @ 6/30		420,334.21
	Inspection Fees
	Service Fee
6/4/2012	funds movement adjustment	294,126.70
6/5/2012	funds movement adjustment	11,400.00
6/12/2012	funds movement adjustment	13,955.00
6/25/2012	funds movement adjustment	16,916.08
	payment reversal
	funds movement adjustment
	payment reversal
	funds movement adjustment
	payment reversal
	funds movement adjustment
	payment reversal
	funds movement adjustment
	funds movement adjustment
Adjusted Debits to Trustee		756,731.99
		—

Berkadia Commercial Mortgage
College and University Loan Trust II
Remittance Report for July 2012	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
20120702	7012012	30112002	GEORGE FOX COLLEGE		11,294.14		2,319.66		13,613.80		309,288.13		11,294.14		2,319.66		—			13,613.80
20120702	7012012	30114802	INTER-AMERICAN UNIV. OF PUERTO RICO		81,141.99		11,655.21		92,797.20		777,014.30		81,141.99		11,655.21		—			92,797.20
20120702	7012012	30129101	SIMPSON COLLEGE - BOND 1966		20,000.00		1,650.00		21,650.00		110,000.00		20,000.00		1,650.00		—			21,650.00
20120702	0	30137702	VERMONT STATE COLLEGE		19,000.00		900.00		19,900.00		60,000.00		60,000.00		905.00		—			60,905.00
System Credits 7/2																							188,966.00
System Debits 7/2																							—
Bank Credit 7/2																										503,566.40
Bank Debit 7/2
Bank Debit 7/2 (funds movement adj)																														251,783.20
Trustee Wire 7/2																												251,783.20
20120706	0	30108101	CUMBERLAND COLLEGE										—		—		66,741.97			66,741.97
																				—
System Credits 7/6																							66,741.97
System Debits 7/6																							—
Bank Credit 7/3																										377,932.00
Bank Debit 7/3
Bank Debit 7/3 (funds movement adj)																														188,966.00
Trustee Wire 7/3																												188,966.00
20120710	0	30108101	CUMBERLAND COLLEGE										—		—		63,188.03			63,188.03
																				—
System Credits 7/10																							63,188.03
System Debits 7/10																							—
Bank Credit 7/9																										66,741.97
Bank Debit 7/10 (service fees)																														2,616.52
Bank Debit 7/9 (funds movement adj)
Trustee Wire 7/9																												64,125.45
20120713	0	30127801	SAINT PAULS COLLEGE										—		—		—			—
20120713	0	30127801	SAINT PAULS COLLEGE										—		—		(97,401.13	)		(97,401.13	)
20120713	7122012	30127801	SAINT PAULS COLLEGE										—		—		—			—
20120713	0	30127801	SAINT PAULS COLLEGE										96,906.60		484.53		—			97,391.13
System Credits 7/13																							97,391.13
System Debits 7/13																							(97,401.13	)
Bank Credit 7/11																										63,188.03
Bank Debit 7/11 (service fees)																														2,616.52
Bank Debit 7/11 (funds movement adj)
Trustee Wire 7/12																												60,571.51
20120716	1012012	30121201	NEWARK BETH ISRAEL MEDICAL CENTER		—		1,993.75		1,993.75		110,000.00		30.00		—		—			30.00
																				—
System Credits 7/16																							30.00
System Debits 7/16																							—
Bank Credit 7/16 (overdraft funding)																										10.00
Bank Credit 7/16																										194,782.26
Bank Debit 7/16 (payment reversal)																														97,401.13
Bank Debit 7/16 (funds movement adj)																														97,391.13
Trustee Wire 7/16																												—
20120723	0	30108101	CUMBERLAND COLLEGE										—		—		—			—
20120723	0	30108101	CUMBERLAND COLLEGE										—		—		(129,930.00	)		(129,930.00	)
20120723	7232012	30108101	CUMBERLAND COLLEGE										—		—		—			—
20120723	0	30108101	CUMBERLAND COLLEGE										128,000.00		1,920.00		—			129,920.00
20120723	7012012	30121201	NEWARK BETH ISRAEL MEDICAL CENTER										—		1,963.75		—			1,963.75
System Credits 7/23																							131,883.75
System Debits 7/23																							(129,930.00	)
Bank Credit 7/17																										60.00
Bank Debit 7/20 (overdraft funding return)																														10.00

Berkadia Commercial Mortgage
College and University Loan Trust II
Remittance Report for July 2012	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
Bank Debit 7/17 (funds movement adj)																												30.00
Trustee Wire 7/17																										20.00
20120726	8012012	30112902	HAMPSHIRE COLLEGE										55,658.05		3,415.37		—			59,073.42
																				—
																				—
System Credits 7/26																						59,073.42
System Debits 7/26																						—
Bank Credit 7/24																								263,767.50
Bank Debit 7/24 (payment reversal)																												129,930.00
Bank Debit 7/24 (funds movement adj)																												131,883.75
Trustee Wire 7/24																										1,953.75
																				—
																				—
																				—
System Credits 7/27																						—
System Debits 7/27																						—
Bank Credit 7/27																								118,146.84
Bank Debit 7/27
Bank Debit 7/27 (funds movement adj)																												59,073.42
Trustee Wire 7/27																										59,073.42
																				—
																				—
			TOTALS:		131,436.13		18,518.62		149,954.75		1,366,302.43		453,030.78		24,313.52		(97,401.13	)		379,943.17		379,943.17		1,588,195.00		626,493.33		961,701.67
Loans Due in Current Period and Paid in Prior Period:
	7012012	30112901	HAMPSHIRE COL		16,177.14		738.94		16,916.08		49,262.53
	7012012	30123701	PHILADELPHIA		54,874.66		19,033.54		73,908.20		1,268,902.83
	7012012	30134402	UNIVERSITY OF		170,000.00		7,875.00		177,875.00		525,000.00
			TOTALS:		241,051.80		27,647.48		268,699.28		1,843,165.36
Loans Due in Current Period Not Yet Paid:
			TOTALS:		—		—		—		—
			GRAND TOTAL:		372,487.93		46,166.10		418,654.03		3,209,467.79

Berkadia Commercial Mortgage

College and University Loan Trust II

Remittance Report Reconciliation

July-12

Total System Credits @ 7/31		379,943.17
Total Bank Credits @ 7/31		1,588,195.00
6/29/2012	in transit	(251,783.20	)
7/2/2012	funds movement adjustment	(251,783.20	)
7/3/2012	funds movement adjustment	(188,966.00	)
7/16/2012	funds movement adjustment	(97,401.13	)
7/16/2012	payment reversal	(97,391.13	)
7/20/2012	overdraft funding return	(10.00	)
7/17/2012	funds movement adjustment	(30.00	)
7/14/2012	payment reversal	(129,930.00	)
7/24/2012	funds movement adjustment	(131,883.75	)
7/27/2012	funds movement adjustment	(59,073.42	)
	Direct to Lender posting
	in transit
		379,943.17
Adjusted Bank Credits:		—

Berkadia Commercial Mortgage

College and University Loan Trust II

Remittance Report Reconciliation

July-12

Total Bank Credits @ 7/31		1,588,195.00
Total Debits to Trustee @ 7/31		626,493.33
	Inspection Fees
7/10/2012	Service Fee	2,616.52
7/11/2012	Service Fee	2,616.52
7/2/2012	funds movement adjustment	251,783.20
7/3/2012	funds movement adjustment	188,966.00
7/16/2012	funds movement adjustment	97,401.13
7/16/2012	payment reversal	97,391.13
7/20/2012	overdraft funding return	10.00
7/17/2012	funds movement adjustment	30.00
7/14/2012	payment reversal	129,930.00
7/24/2012	funds movement adjustment	131,883.75
7/27/2012	funds movement adjustment	59,073.42
Adjusted Debits to Trustee		1,588,195.00
		—

Berkadia Commercial Mortgage
College and University Loan Trust II
Remittance Report for August 2012	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
																			—
no transactions for August 2012																			—
																			—
																			—
System Credits 8/1																					—
System Debits 8/1																					—
Bank Credit 8/1
Bank Debit 8/1
Bank Debit 8/1 (funds movement adj)
Trustee Wire 8/1
			TOTALS:		—		—		—		—		—		—		—		—		—		—		—		—
Loans Due in Current Period and Paid in Prior Period:
	8012012	30112902	HAMPSHIRE COL		55,658.05		3,415.37		59,073.42		227,691.40
			TOTALS:		55,658.05		3,415.37		59,073.42		227,691.40
Loans Due in Current Period Not Yet Paid:
			TOTALS:		—		—		—		—
			GRAND TOTAL:		55,658.05		3,415.37		59,073.42		227,691.40

Berkadia Commercial Mortgage

College and University Loan Trust II

Remittance Report Reconciliation

August-12

Total System Credits @ 8/31		—
Total Bank Credits @ 8/31		—
	in transit
	funds movement adjustment
	funds movement adjustment
	funds movement adjustment
	payment reversal
	overdraft funding return
	funds movement adjustment
	payment reversal
	funds movement adjustment
	funds movement adjustment
	Direct to Lender posting
	in transit
		—
Adjusted Bank Credits:		—

Berkadia Commercial Mortgage

College and University Loan Trust II

Remittance Report Reconciliation

August-12

Total Bank Credits @ 8/31		—
Total Debits to Trustee @ 8/31		—
	Inspection Fees
	Service Fee
	Service Fee
	funds movement adjustment
	funds movement adjustment
	funds movement adjustment
	payment reversal
	overdraft funding return
	funds movement adjustment
	payment reversal
	funds movement adjustment
	funds movement adjustment
Adjusted Debits to Trustee		—
		—

Berkadia Commercial Mortgage

College and University Loan Trust II

Remittance Report for August 2012

Date Received	Date Due		Loan Number		Borrower Name	Principal Due		Interest Due		Total Due
20120926		10012012		30137802	VILLANOVA UNIVERSITY
System Credits 9/26
System Debits 9/26
Bank Credit 9/4
Bank Debit 9/4
Bank Debit 9/4 (funds movement adj)
Trustee Wire 9/4
20120927		10012012		30116201	LASSEN JUNIOR COLLEGE
20120927		10012012		30130301	SOUTHWEST TEXAS STATE UNIVERSITY
System Credits 9/27
System Debits 9/27
Bank Credit 9/27
Bank Debit 9/27 (service & inspection fees)
Bank Debit 9/27 (funds movement adj)
Trustee Wire 9/27
20120928		0		30132904	TUFTS UNIVERSITY
20120928		0		30132904	TUFTS UNIVERSITY
System Credits 9/28
System Debits 9/28
Bank Credit 9/28
Bank Debit 9/28
Bank Debit 9/28 (funds movement adj)
Trustee Wire 9/28
					TOTALS:		—		—		—
Loans Due in Current Period and Paid in Prior Period:
					TOTALS:		—		—		—
Loans Due in Current Period Not Yet Paid:
		9152012		30113702	HIWASSEE COLL		5,693.28		1,214.72		6,908.00
					TOTALS:		5,693.28		1,214.72		6,908.00
					GRAND TOTAL:		5,693.28		1,214.72		6,908.00

		DTL
Principal Balance		Principal Paid		Interest Paid		Suspense		Total Paid		Net System Credits		Total Bank Credits		Wires		ACH Debits and Other Wires
			—		7,350.00		—		7,350.00
									—
									—
									—
											7,350.00
											—
			—		3,060.00		—		3,060.00
			165,000.00		10,275.00		—		175,275.00
											178,335.00
											—
													14,700.00
																	4,173.78
																	7,350.00
															3,176.22
			—		12,320.00		—		12,320.00
			1,232,000.00		—		—		1,232,000.00
											1,244,320.00
											—
													356,670.00
																	178,335.00
															178,335.00
	—		1,397,000.00		33,005.00		—		1,430,005.00		1,430,005.00		371,370.00		181,511.22		189,858.78
	—
	80,981.26
	80,981.26
	80,981.26

Berkadia Commercial Mortgage

College and University Loan Trust II

Remittance Report Reconciliation

September-12

Total System Credits @ 9/30		1,430,005.00
Total Bank Credits @ 9/30		371,370.00
	in transit
9/27/2012	funds movement adjustment	(7,350.00	)
9/28/2012	funds movement adjustment	(178,335.00	)
	funds movement adjustment
	payment reversal
	overdraft funding return
	funds movement adjustment
	payment reversal
	funds movement adjustment
	funds movement adjustment
	Direct to Lender posting
9/28/2012	in transit	1,244,320.00
		1,430,005.00
Adjusted Bank Credits:		—

Berkadia Commercial Mortgage

College and University Loan Trust II

Remittance Report Reconciliation

September-12

Total Bank Credits @ 9/30		371,370.00
Total Debits to Trustee @ 9/30		181,511.22
9/27/2012	Service Fee	3,633.78
9/27/2012	Inspection Fees	540.00
9/27/2012	funds movement adjustment	7,350.00
9/28/2012	funds movement adjustment	178,335.00
	funds movement adjustment
	payment reversal
	overdraft funding return
	funds movement adjustment
	payment reversal
	funds movement adjustment
	funds movement adjustment
Adjusted Debits to Trustee		371,370.00
		—

Berkadia Commercial Mortgage

College and University Loan Trust II

Remittance Report for October 2012

Date Received	Date Due		Loan Number		Borrower Name	Principal Due
20121001		10012012		30101701	AZUSA PACIFIC UNIVERSITY		—
20121001		10012012		30106904	COLLEGE OF SANTA FE		36,000.00
20121001		10012012		30109604	DRURY COLLEGE		11,000.00
20121001		10012012		30110101	ELIZABETH CITY STATE UNIVERSITY		25,000.00
20121001		10012012		30117801	MARIAN COLLEGE OF FOND DU LAC		35,000.00
20121001		10012012		30121101	NEW ENGLAND COLLEGE		—
20121001		0		30130903	STEPHEN F AUSTIN STATE UNIVERSITY		177,000.00
20121001		10012012		30133201	UNIV STUDENT COOP HOUSING		—
20121001		10012012		30136801	UNIVERSITY OF ST THOMAS		35,000.00
System Credits 10/1
System Debits 10/1
Bank Credit 10/1
Bank Debit 10/1
Bank Debit 10/1 (funds movement adj)
Trustee Wire 10/1
20121002		10012012		30108202	DAEMEN COLLEGE(ROSARY HILL COLLEGE)		—
20121002		10012012		30112002	GEORGE FOX COLLEGE		11,378.85
System Credits 10/2
System Debits 10/2
Bank Credit 10/2
Bank Debit 10/2 (service fees)
Bank Debit 10/2 (funds movement adj)
Trustee Wire 10/2
20121009		9152012		30113702	HIWASSEE COLLEGE
System Credits 10/9
System Debits 10/9
Bank Credit 10/3
Bank Debit 10/3
Bank Debit 10/3 (funds movement adj)
Trustee Wire 10/3
20121010		0		30123401	PAINE COLLEGE
System Credits 10/10
System Debits 10/10
Bank Credit 10/10
Bank Debit 10/10 (service fees)
Bank Debit 10/10 (funds movement adj)
Trustee Wire 10/10
20121012		0		30121501	NORFOLK STATE UNIVERSITY
20121012		0		30121501	NORFOLK STATE UNIVERSITY
20121012		6012012		30121501	NORFOLK STATE UNIVERSITY
System Credits 10/12
System Debits 10/12
Bank Credit 10/11
Bank Debit 10/11

Date Received	Date Due		Loan Number		Borrower Name	Principal Due
Bank Debit 10/11 (funds movement adj)
Trustee Wire 10/11
20121017		0		30123401	PAINE COLLEGE
System Credits 10/17
System Debits 10/17
Bank Credit 10/15
Bank Debit 10/15 (payment reversal)
Bank Debit 10/15 (funds movement adj)
Trustee Wire 10/15
20121018		11012012		30104605	CARNEGIE MELLON
20121018		0		30123401	PAINE COLLEGE
20121018		0		30123401	PAINE COLLEGE
20121018		4012012		30123401	PAINE COLLEGE
20121018		10012012		30123401	PAINE COLLEGE		60,000.00
20121018		10012012		30123401	PAINE COLLEGE
System Credits 10/18
System Debits 10/18
Bank Credit 10/18
Bank Debit 10/18 (payment reversal)
Bank Debit 10/18 (funds movement adj)
Trustee Wire 10/18
20121029		7012012		30121201	NEWARK BETH ISRAEL MEDICAL CENTER
System Credits 10/29
System Debits 10/29
Bank Credit 10/19
Bank Debit 10/19 (payment reversal)
Bank Debit 10/19 (funds movement adj)
Trustee Wire 10/19
20121030		0		30117002	LONG ISLAND UNIVERSITY
20121030		0		30117002	LONG ISLAND UNIVERSITY
20121030		6012011		30117002	LONG ISLAND UNIVERSITY
20121030		12012011		30117002	LONG ISLAND UNIVERSITY
20121030		6012012		30117002	LONG ISLAND UNIVERSITY
20121030		6012012		30117002	LONG ISLAND UNIVERSITY
20121030		0		30125504	RIDER COLLEGE
20121030		0		30125504	RIDER COLLEGE
20121030		11012010		30125504	RIDER COLLEGE
20121030		11012010		30125504	RIDER COLLEGE
20121030		5012011		30125504	RIDER COLLEGE
20121030		11012011		30125504	RIDER COLLEGE
20121030		11012011		30125504	RIDER COLLEGE
System Credits 10/30
System Debits 10/30
Bank Credit 10/30
Bank Debit 10/30
Bank Debit 10/30 (funds movement adj)
Trustee Wire 10/30
System Credits 10/31
System Debits 10/31

Date Received	Date Due		Loan Number		Borrower Name	Principal Due
Bank Credit 10/31
Bank Debit 10/31 (payment reversal)
Bank Debit 10/31 (funds movement adj)
Trustee Wire 10/31
					TOTALS:		390,378.85
Loans Due in Current Period and Paid in Prior Period:
		10012012		30116201	LASSEN JUNIOR		—
		10012012		30130301	SOUTHWEST TEX		165,000.00
		10012012		30132904	TUFTS UNIVERS		107,000.00
		10012012		30137802	VILLANOVA UNI		—
					TOTALS:		272,000.00
Loans Due in Current Period Not Yet Paid:
		10012012		30132402	TEXAS SOUTHER		—
					TOTALS:		—
					GRAND TOTAL:		662,378.85

						DTL
Interest Due		Total Due		Principal Balance		Principal Paid		Interest Paid		Suspense			Total Paid			Net System Credits
	918.75		918.75		49,000.00		—		918.75		—			918.75
	3,705.00		39,705.00		247,000.00		36,000.00		3,705.00		—			39,705.00
	900.00		11,900.00		60,000.00		11,000.00		900.00		—			11,900.00
	2,250.00		27,250.00		150,000.00		25,000.00		2,250.00		—			27,250.00
	2,775.00		37,775.00		185,000.00		35,000.00		2,775.00		—			37,775.00
	675.00		675.00		45,000.00		—		675.00		—			675.00
	2,986.88		179,986.88		177,000.00		177,000.00		2,986.88		—			179,986.88
	9,825.00		9,825.00		655,000.00		—		9,825.00		—			9,825.00
	4,575.00		39,575.00		305,000.00		35,000.00		4,575.00		—			39,575.00
																	347,610.63
																	—
	2,625.00		2,625.00		175,000.00		—		2,625.00		—			2,625.00
	2,234.95		13,613.80		297,993.99		11,378.85		2,234.95		—			13,613.80
																	16,238.80
																	—
							5,693.28		1,214.72		—			6,908.00
														—
																	6,908.00
																	—
							—		—		46,656.00			46,656.00
														—
														—
														—
																	46,656.00
																	—
							—		—		—			—
							—		—		(0.08	)		(0.08	)
							0.08		—		—			0.08
																	0.08
																	(0.08	)

Interest Due		Total Due		Principal Balance		Principal Paid		Interest Paid		Suspense			Total Paid			Net System Credits
							—		—		18,144.00			18,144.00
														—
														—
																	18,144.00
																	—
							30,000.00		5,400.00		—			35,400.00
							—		—		—			—
							—		—		(68,256.00	)		(68,256.00	)
							—		4,800.00		—			4,800.00
	4,800.00		64,800.00		319,999.99		60,000.00		—		—			60,000.00
							—		3,456.00		—			3,456.00
																	103,656.00
																	(68,256.00	)
							—		30.00		—			30.00
														—
														—
																	30.00
																	—
							—		—		—			—
							—		—		(49,893.76	)		(49,893.76	)
							26,789.48		—		—			26,789.48
							—		2,446.88		—			2,446.88
							—		2,446.88		—			2,446.88
							18,210.52		—		—			18,210.52
							—		—		—			—
							—		—		(167,112.51	)		(167,112.51	)
							—		274.98		—			274.98
							140,000.00		—		—			140,000.00
							—		8,246.87		—			8,246.87
							—		8,246.87		—			8,246.87
							10,343.79		—		—			10,343.79
																	217,006.27
																	(217,006.27	)
														—
														—
														—
														—
																	—
																	—

Interest Due		Total Due		Principal Balance		Principal Paid		Interest Paid		Suspense			Total Paid		Net System Credits
	38,270.58		428,649.43		2,665,993.98		621,416.00		70,033.78		(220,462.35	)		470,987.43		470,987.43
	3,060.00		3,060.00		204,000.00
	10,275.00		175,275.00		685,000.00
	18,480.00		125,480.00		1,232,000.00
	7,350.00		7,350.00		490,000.00
	39,165.00		311,165.00		2,611,000.00
	787.50		787.50		45,000.00
	787.50		787.50		45,000.00
	78,223.08		740,601.93		5,321,993.98

Total Bank Credits		Wires		ACH Debits and Other Wires
	2,488,640.00
					1,244,320.00
			1,244,320.00
	695,221.26
					85.38
					347,610.63
			347,525.25
	32,477.60
					16,238.80
			16,238.80
	13,816.00
					6,908.00
			6,908.00
	46,656.00
			46,656.00
	0.16
					0.08
					0.08
	18,144.00
			18,144.00
	207,312.00
					68,256.00
					103,656.00
			35,400.00
	60.00
					30.00
			30.00
	434,012.54
					217,006.27
					217,006.27
	3,936,339.56		1,715,222.05		2,221,117.51

Berkadia Commercial Mortgage

College and University Loan Trust II

Remittance Report Reconciliation

October-12

Total System Credits @ 10/31		470,987.43
Total Bank Credits @ 10/31		3,936,339.56
9/28/2012	in transit	(1,244,320.00	)
10/1/2012	funds movement adjustment	(1,244,320.00	)
10/2/2012	funds movement adjustment	(347,610.63	)
10/3/2012	funds movement adjustment	(16,238.80	)
10/10/2012	payment reversal	(6,908.00	)
10/15/2012	funds movement adjustment	(0.08	)
10/15/2012	payment reversal	(0.08	)
10/19/2012	payment reversal	(68,256.00	)
10/19/2012	funds movement adjustment	(103,656.00	)
10/30/2012	funds movement adjustment	(30.00	)
10/31/2012	payment reversal	(217,006.27	)
10/31/2012	funds movement adjustment	(217,006.27	)
	in transit
		470,987.43
Adjusted Bank Credits:		—

Berkadia Commercial Mortgage

College and University Loan Trust II

Remittance Report Reconciliation

October-12

Total Bank Credits @ 10/31		3,936,339.56
Total Debits to Trustee @ 10/31		1,715,222.05
10/2/2012	Service Fee	85.38
	Inspection Fees
10/1/2012	funds movement adjustment	1,244,320.00
10/2/2012	funds movement adjustment	347,610.63
10/3/2012	funds movement adjustment	16,238.80
10/10/2012	payment reversal	6,908.00
10/15/2012	funds movement adjustment	0.08
10/15/2012	payment reversal	0.08
10/19/2012	payment reversal	68,256.00
10/19/2012	funds movement adjustment	103,656.00
10/30/2012	funds movement adjustment	30.00
10/31/2012	payment reversal	217,006.27
10/31/2012	funds movement adjustment	217,006.27
Adjusted Debits to Trustee		3,936,339.56
		—

Berkadia Commercial Mortgage

College and University Loan Trust II

Remittance Report for November 2012

Date Received	Date Due		Loan Number		Borrower Name	Principal Due		Interest Due
20121101		11012012		30100103	ALABAMA AGRICULTURAL		—		10,200.00
20121101		11012012		30102604	BENEDICT COLLEGE		89,000.00		13,575.00
20121101		11012012		30104102	CALIFORNIA STATE UNIVERSITY,		100,000.00		3,075.00
20121101		11012012		30104201	TRUST SERVICES DIVISION		140,000.00		18,270.00
20121101		11012012		30109502	DREXEL UNIVERSITY		—		2,975.00
20121101		11012012		30110401	EMMANUEL COLLEGE		14,000.00		420.00
20121101		11012012		30110802	FAIRLEIGH DICKINSON UNIV		100,000.00		9,750.00
20121101		11012012		30112301	GEORGETOWN UNIVERSITY		140,000.00		21,255.00
20121101		11012012		30112302	GEORGETOWN UNIVERSITY		360,000.00		75,300.00
20121101		11012012		30117402	LYCOMING COLLEGE		—		725.00
20121101		0		30117402	LYCOMING COLLEGE
20121101		11012012		30117403	LYCOMING COLLEGE		—		1,406.25
20121101		11012012		30117501	LYNCHBURG COLLEGE		—		1,837.50
20121101		11012012		30117502	LYNCHBURG COLLEGE		—		3,525.00
20121101		11012012		30118401	MARYMOUNT UNIVERSITY		—		2,625.00
20121101		11012012		30119202	MERCER UNIV. ACCOUNTING OFFICE		19,116.31		1,173.04
20121101		11012012		30119801	MILLSAPS COLLEGE		28,000.00		4,620.00
20121101		0		30120402	MORAVIAN COLLEGE		20,000.00		337.50
20121101		0		30125504	RIDER COLLEGE
20121101		0		30125506	RIDER COLLEGE
20121101		11012012		30127602	SAINT MICHAELS COLLEGE		84,319.86		2,540.14
20121101		11012012		30128001	SAINT VINCENT COLLEGE		—		962.50
20121101		11012012		30130703	SPRINGFIELD COLLEGE		—		140.00
20121101		11012012		30138702	WESLEY COLLEGE		—		33.75
20121101		11012012		30140502	WITTENBERG UNIVERSITY		—		2,625.00
20121101		11012012		30140503	WITTENBERG UNIVERSITY		14,000.00		1,380.00
System Credits 11/1
System Debits 11/1
Bank Credit 11/1
Bank Debit 11/1
Bank Debit 11/1 (funds movement adj)
Trustee Wire 11/1
20121105		0		30102802	BETHANY COLLEGE - DORM BOND
20121105		0		30102802	BETHANY COLLEGE - DORM BOND
20121105		11012012		30102803	BETHANY COLLEGE - HALL BOND 1967		15,000.00		1,650.00
20121105		0		30102804	BETHANY COLLEGE - NOTE OF 1973
20121105		0		30102804	BETHANY COLLEGE - NOTE OF 1973
System Credits 11/5
System Debits 11/5
Bank Credit 11/2
Bank Debit 11/2
Bank Debit 11/2 (funds movement adj)
Trustee Wire 11/2
20121106		0		30102802	BETHANY COLLEGE - DORM BOND
20121106		0		30102802	BETHANY COLLEGE - DORM BOND
20121106		0		30102802	BETHANY COLLEGE - DORM BOND		11,000.00		185.63
20121106		0		30102804	BETHANY COLLEGE - NOTE OF 1973
20121106		0		30102804	BETHANY COLLEGE - NOTE OF 1973
20121106		0		30102804	BETHANY COLLEGE - NOTE OF 1973		25,000.00		375.00
System Credits 11/6
System Debits 11/6
Bank Credit 11/6

Date Received	Date Due		Loan Number		Borrower Name	Principal Due		Interest Due
Bank Debit 11/6 (service and inspection fees)
Bank Debit 11/6 (funds movement adj)
Trustee Wire 11/6
20121107		5012013		30117402	LYCOMING COLLEGE
20121107		0		30117402	LYCOMING COLLEGE
20121107		0		30117402	LYCOMING COLLEGE
20121107		0		30125506	RIDER COLLEGE
System Credits 11/7
System Debits 11/7
Bank Credit 11/7
Bank Debit 11/7 (payment reversal)
Bank Debit 11/7 (funds movement adj)
Trustee Wire 11/7
20121109		0		30125504	RIDER COLLEGE
20121109		0		30125506	RIDER COLLEGE
20121109		0		30125506	RIDER COLLEGE
20121109		11012012		30125506	RIDER COLLEGE		—		2,205.00
System Credits 11/9
System Debits 11/9
Bank Credit 11/8
Bank Debit 11/8 (payment reversal)
Bank Debit 11/8 (funds movement adj)
Trustee Wire 11/8
20121121		0		30125506	RIDER COLLEGE
System Credits 11/21
System Debits 11/21
Bank Credit 11/13
Bank Debit 11/13 (payment reversal)
Bank Debit 11/13 (funds movement adj)
Trustee Wire 11/13
20121126		12012012		30105701	CHAMPLAIN COLLEGE, INC.
System Credits 11/26
System Debits 11/26
Bank Credit 11/26
Bank Debit 11/26
Bank Debit 11/26 (funds movement adj)
Trustee Wire 11/26
20121127		0		30125504	RIDER COLLEGE
20121127		0		30125506	RIDER COLLEGE
System Credits 11/27
System Debits 11/27
Bank Credit 11/27
Bank Debit 11/27
Bank Debit 11/27 (funds movement adj)
Trustee Wire 11/27
20121128		0		30125504	RIDER COLLEGE
20121128		0		30125504	RIDER COLLEGE
20121128		5012012		30125504	RIDER COLLEGE
20121128		11012011		30125504	RIDER COLLEGE
System Credits 11/28
System Debits 11/28
Bank Credit 11/28

Date Received	Date Due		Loan Number		Borrower Name	Principal Due		Interest Due
Bank Debit 11/28 (payment reversal)
Bank Debit 11/28 (funds movement adj)
Trustee Wire 11/28
System Credits 11/29
System Debits 11/29
Bank Credit 11/29
Bank Debit 11/29 (payment reversal)
Bank Debit 11/29 (funds movement adj)
Trustee Wire 11/29
					TOTALS:		1,159,436.17		183,166.31
Loans Due in Current Period and Paid in Prior Period:
		11012012		30104605	CARNEGIE-MELL		30,000.00		5,400.00
					TOTALS:		30,000.00		5,400.00
Loans Due in Current Period Not Yet Paid:
		11012012		30114001	HOOD COLLEGE		23,000.00		1,123.75
		11012012		30120601	MORGAN STATE		86,090.73		6,653.43
		11012012		30125504	RIDER COLLEGE		150,000.00		5,618.75
		11012012		30128802	SETON HILL CO		26,000.00		1,468.13
					TOTALS:		285,090.73		14,864.06
					GRAND TOTAL:		1,474,526.90		203,430.37

				DTL
Total Due		Principal Balance		Principal Paid		Interest Paid		Suspense			Total Paid			Net System Credits			Total Bank Credits
	10,200.00		680,000.00		—		10,200.00		—			10,200.00
	102,575.00		905,000.00		89,000.00		13,575.00		—			102,575.00
	103,075.00		205,000.00		100,000.00		3,075.00		—			103,075.00
	158,270.00		1,218,000.00		140,000.00		18,270.00		—			158,270.00
	2,975.00		170,000.00		—		2,975.00		—			2,975.00
	14,420.00		28,000.00		14,000.00		420.00		—			14,420.00
	109,750.00		650,000.00		100,000.00		9,750.00		—			109,750.00
	161,255.00		1,417,000.00		140,000.00		21,255.00		—			161,255.00
	435,300.00		3,765,000.00		360,000.00		75,300.00		—			435,300.00
	725.00		40,000.00		—		724.99		—			724.99
					—		—		0.01			0.01
	1,406.25		74,999.99		—		1,406.25		—			1,406.25
	1,837.50		98,000.00		—		1,837.50		—			1,837.50
	3,525.00		235,000.00		—		3,525.00		—			3,525.00
	2,625.00		175,000.00		—		2,625.00		—			2,625.00
	20,289.35		78,202.84		19,116.31		1,173.03		—			20,289.34
	32,620.00		308,000.00		28,000.00		4,620.00		—			32,620.00
	20,337.50		20,000.00		20,000.00		337.50		—			20,337.50
					—		—		2,900.00			2,900.00
					—		—		405.00			405.00
	86,860.00		169,342.40		84,319.86		2,540.14		—			86,860.00
	962.50		55,000.00		—		962.50		—			962.50
	140.00		8,000.00		—		140.00		—			140.00
	33.75		2,000.00		—		33.75		—			33.75
	2,625.00		175,000.00		—		2,625.00		—			2,625.00
	15,380.00		92,000.00		14,000.00		1,380.00		—			15,380.00
															1,290,491.84
															—
					—		—		185.63			185.63
					—		—		11,000.00			11,000.00
	16,650.00		110,000.00		15,000.00		1,650.00		—			16,650.00
					—		—		375.00			375.00
					—		—		25,000.00			25,000.00
															53,210.63
															—
																		2,577,678.67
					—		—		(11,000.00	)		(11,000.00	)
					—		—		(185.63	)		(185.63	)
	11,185.63		11,000.00		11,000.00		185.63		—			11,185.63
					—		—		(25,000.00	)		(25,000.00	)
					—		—		(375.00	)		(375.00	)
	25,375.00		25,000.00		25,000.00		375.00		—			25,375.00
															36,560.63
															(36,560.63	)
																		69,860.63

Total Due		Principal Balance		Principal Paid		Interest Paid		Suspense			Total Paid			Net System Credits			Total Bank Credits
					—		0.01		—			0.01
					—		—		(0.01	)		(0.01	)
					—		—		—			—
					—		—		154,518.75			154,518.75
															154,518.76
															(0.01	)
																		73,121.26
					—		—		152,718.75			152,718.75
					—		—		(154,518.75	)		(154,518.75	)
					—		—		(405.00	)		(405.00	)
	2,205.00		147,000.00		—		2,205.00		—			2,205.00
															154,923.75
															(154,923.75	)
																		154,518.77
					—		—		140,000.00			140,000.00
												—
												—
															140,000.00
															—
																		157,128.75
					6,456.03		294.90		—			6,750.93
															6,750.93
															—
																		140,000.00
					—		—		140,000.00			140,000.00
					—		—		(140,000.00	)		(140,000.00	)
												—
															140,000.00
															(140,000.00	)
																		13,501.86
					—		—		—			—
					—		—		(140,274.96	)		(140,274.96	)
					—		5,618.75		—			5,618.75
					134,656.21		—		—			134,656.21
															140,274.96
															(140,274.96	)
																		140,000.00

Total Due		Principal Balance		Principal Paid		Interest Paid		Suspense		Total Paid		Net System Credits		Total Bank Credits
											—
											—
											—
											—
													—
													—
															280,549.92
	1,342,602.48		10,861,545.23		1,300,548.41		189,079.95		155,343.79		1,644,972.15		1,644,972.15		3,606,359.86
	35,400.00		360,000.00
	35,400.00		360,000.00
	24,123.75		62,000.00
	92,744.16		443,562.20
	155,618.80		310,000.00
	27,468.13		81,000.00
	299,954.84		896,562.20
	1,677,957.32		12,118,107.43

Wires		ACH Debits and Other Wires
			1,287,186.83
	1,289,681.84
			3,381.81
			16,650.00
	50,638.82
			36,560.63
			36,560.63
			0.01
			0.01
	154,518.75
			154,923.75
			2,205.00
	140,000.00
			6,750.93
	6,750.93
			140,000.00
			140,274.96
			140,274.96
	1,641,590.34		1,964,769.52

Berkadia Commercial Mortgage

College and University Loan Trust II

Remittance Report Reconciliation

November-12

Total System Credits @ 11/30		1,644,972.15
Total Bank Credits @ 11/30		3,606,359.86
	in transit
11/2/2012	funds movement adjustment	(1,287,186.83	)
11/6/2012	funds movement adjustment	(16,650.00	)
11/7/2012	payment reversal	(36,560.63	)
11/7/2012	funds movement adjustment	(36,560.63	)
11/8/2012	payment reversal	(0.01	)
11/8/2012	funds movement adjustment	(0.01	)
11/13/2012	payment reversal	(154,923.75	)
11/13/2012	funds movement adjustment	(2,205.00	)
11/27/2012	funds movement adjustment	(6,750.93	)
11/28/2012	payment reversal	(140,000.00	)
11/29/2012	payment reversal	(140,274.96	)
11/29/2012	funds movement adjustment	(140,274.96	)
	in transit
		1,644,972.15
Adjusted Bank Credits:		—

Berkadia Commercial Mortgage

College and University Loan Trust II

Remittance Report Reconciliation

November-12

Total Bank Credits @ 11/30		3,606,359.86
Total Debits to Trustee @ 11/30		1,641,590.34
11/6/2012	Service & Inspection Fees	3,381.81
	Inspection Fees
11/2/2012	funds movement adjustment	1,287,186.83
11/6/2012	funds movement adjustment	16,650.00
11/7/2012	payment reversal	36,560.63
11/7/2012	funds movement adjustment	36,560.63
11/8/2012	payment reversal	0.01
11/8/2012	funds movement adjustment	0.01
11/13/2012	payment reversal	154,923.75
11/13/2012	funds movement adjustment	2,205.00
11/27/2012	funds movement adjustment	6,750.93
11/28/2012	payment reversal	140,000.00
11/29/2012	payment reversal	140,274.96
11/29/2012	funds movement adjustment	140,274.96
Adjusted Debits to Trustee		3,606,359.86
		—

Berkadia Commercial Mortgage

College and University Loan Trust II

Remittance Report for December 2011

Date Received	Date Due		Loan Number		Borrower Name	Principal Due		Interest Due
20111201		12012011		30101601	AUBURN UNIVERSITY		115,000.00		15,375.00
20111201		12012011		30119903	MISSISSIPPI STATE UNIVERSITY		70,000.00		12,450.00
20111201		12012011		30121501	NORFOLK STATE UNIVERSITY		63,769.63		23,407.15
20111201		0		30121501	NORFOLK STATE UNIVERSITY
20111201		12012011		30137901	VINCENNES UNIVERSITY		—		33,300.00
System Credits 12/1
System Debits 12/1
Bank Credit 12/1
Bank Debit 12/1
Bank Debit 12/1 (funds movement adj)
Trustee Wire 12/1
20111205		12012011		30127402	ST MARY’S SCHOOL		11,000.00		3,120.00
System Credits 12/5
System Debits 12/5
Bank Credit 12/2
Bank Debit 12/2
Bank Debit 12/2 (funds movement adj)
Trustee Wire 12/2
20111206		0		30117002	LONG ISLAND UNIVERSITY
20111206		11012011		30117402	LYCOMING COLLEGE
System Credits 12/6
System Debits 12/6
Bank Credit 12/6
Bank Debit 12/6 (service fees)
Bank Debit 12/6 (funds movement adj)
Trustee Wire 12/6
20111222		1012012		30112901	HAMPSHIRE COLLEGE
System Credits 12/22
System Debits 12/22
Bank Credit 12/7
Bank Debit 12/7
Bank Debit 12/7 (funds movement adj)
Trustee Wire 12/7
20111223		11012011		30114001	HOOD COLLEGE
System Credits 12/23
System Debits 12/23
Bank Credit 12/23
Bank Debit 12/23
Bank Debit 12/23 (funds movement adj)
Trustee Wire 12/23
20111230		1012012		30114802	INTER-AMERICAN UNIV. OF PUERTO RICO
20111230		1012012		30134402	UNIVERSITY OF FLORIDA / REV. CERTS.,84

Date Received	Date Due		Loan Number		Borrower Name	Principal Due		Interest Due
System Credits 12/30
System Debits 12/30
Bank Credit 12/27
Bank Debit 12/27
Bank Debit 12/27 (funds movement adj)
Trustee Wire 12/27
					TOTALS:		259,769.63		87,652.15
Loans Due in Current Period and Paid in Prior Period:
		12012011		30105701	CHAMPLAIN COL		6,266.62		484.31
					TOTALS:		6,266.62		484.31
Loans Due in Current Period Not Yet Paid:
		12012011		30117002	LONG ISLAND U		—		2,446.88
					TOTALS:		—		2,446.88
					GRAND TOTAL:		266,036.25		90,583.34

Total Due		Principal Balance		Principal Paid		Interest Paid		Suspense		Total Paid		Net System Credits		Total Bank Credits
	130,375.00		1,025,000.00		115,000.00		15,375.00		—		130,375.00
	82,450.00		830,000.00		70,000.00		12,450.00		—		82,450.00
	87,176.78		1,560,476.64		63,769.56		23,407.15		—		87,176.71
					—		—		0.08		0.08
	33,300.00		2,220,000.00		—		33,300.00		—		33,300.00
													333,301.79
													—
	14,120.00		208,000.00		11,000.00		3,120.00		—		14,120.00
											—
											—
													14,120.00
													—
															666,603.50
					—		—		2,446.88		2,446.88
					—		1,069.36		—		1,069.36
													3,516.24
													—
															28,240.00
					15,938.07		978.01		—		16,916.08
											—
													16,916.08
													—
															2,446.88
					22,000.00		1,522.50		—		23,522.50
											—
											—
													23,522.50
													—
															33,832.16
					79,942.85		12,854.35		—		92,797.20
					—		7,875.00		—		7,875.00
											—

Total Due		Principal Balance		Principal Paid		Interest Paid		Suspense		Total Paid		Net System Credits		Total Bank Credits
													100,672.20
													—
															47,045.00
	347,421.78		5,843,476.64		377,650.48		111,951.37		2,446.96		492,048.81		492,048.81		778,167.54
	6,750.93		32,287.53
	6,750.93		32,287.53
	2,446.88		135,000.00
	2,446.88		135,000.00
	356,619.59		6,010,764.17

Wires		ACH Debits and Other Wires
			333,301.71
	333,301.79
			5,763.62
			14,120.00
	8,356.38
	2,446.88
			16,916.08
	16,916.08
			23,522.50
	23,522.50
	384,543.63		393,623.91

Berkadia Commercial Mortgage

College and University Loan Trust II

Remittance Report Reconciliation

December-11

Total System Credits @ 12/31		492,048.81
Total Bank Credits @ 12/31		778,167.54
	in transit
12/2/2011	funds movement adjustment	(333,301.71	)
12/6/2011	funds movement adjustment	(14,120.00	)
12/23/2012	funds movement adjustment	(16,916.08	)
12/27/2011	funds movement adjustment	(23,522.50	)
12/6/2011	Direct to Lender posting	1,069.36
12/30/2011	in transit	100,672.20
		492,048.81
Adjusted Bank Credits:		—

Berkadia Commercial Mortgage

College and University Loan Trust II

Remittance Report Reconciliation

December-11

Total Bank Credits @ 12/31		778,167.54
Total Debits to Trustee @ 12/31		384,543.63
12/6/2011	Service Fee	5,763.62
12/2/2011	funds movement adjustment	333,301.71
12/6/2011	funds movement adjustment	14,120.00
12/23/2012	funds movement adjustment	16,916.08
12/27/2011	funds movement adjustment	23,522.50
Adjusted Debits to Trustee		778,167.54
		—