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, 2013– November 30, 2014

ITEM 1. REPORT TO STOCKHOLDERS

College and University Facility Loan Trust Two

Financial Statements

As of and for the Year Ended

November 30, 2014

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
Statements of Changes in Net Assets	6
Statement of Cash Flows	7
Financial Highlights	8
Notes to Financial Statements	9-18
Schedule of Investments	19-21

2

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To U.S. Bank National Association, as Owner Trustee, The Bank of New York Mellon Trust Company, N.A., as 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, 2014, 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, 2014, 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, net of any allowance for loan losses. Accounting principles generally accepted in the United States of America require the Trust to account for its investments in accordance with, and provide the disclosures required by, 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 $2,918,000 in the amount reported for investments as of November 30, 2014 in the statement of assets and liabilities, and would result in a decrease in the reported net assets resulting from operations of approximately $(1,166,000) and $(1,889,000) for the years ended November 30, 2014 and November 30, 2013, respectively, and would also impact the financial highlights presented.

In our opinion, except for the effect on the 2014 and 2013 financial statements and financial highlights of accounting for investments under the amortized cost method of accounting, as discussed in the preceding paragraph, such 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, 2014, 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

January 21, 2015

3

College and University Facility Loan Trust Two

Statement of Assets and Liabilities

November 30,	2014
Assets:
Investments, at amortized cost, net of allowance for loan losses of $98,000 (Notes 2, 6, 7, and 8)	$	14,326,694
Cash		50,000
Interest Receivable		115,091
Deferred Bond Issuance Costs (Note 2)		11,221
Total Assets		14,503,006
Liabilities:
Bonds Payable, net of unamortized discount (Notes 3 and 8)		7,615,858
Bonds Interest Payable (Note 3)		170,539
Accrued Expenses and Other Liabilities		229,423
Distributions Payable to Class B Certificateholders (Note 5)		959,747
Total Liabilities		8,975,567
Net Assets:
Class B Certificates, par value $1; authorized, issued and outstanding – 1,763,800 certificates		1,763,800
Additional Paid-In Capital		3,608,396
Undistributed Net Investment Income		155,243
Net Assets	$	5,527,439
Net Asset Value per Class B Certificate (based on 1,763,800 certificates outstanding)	$	3.13

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,	2014
Investment Income:
Interest income (Note 2)	$	1,792,520
Expenses:
Interest expense (Note 3)		947,508
Professional fees		404,394
Trustee fees (Note 4)		31,626
Servicer fees (Note 4)		14,014
Other trust and bond administration expenses		9,566
Total Expenses		1,407,108
Net Investment Income		385,412
Decrease in Allowance for Loan Losses (Note 6)		38,000
Net Increase in Net Assets Resulting From Operations	$	423,412

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

5

College and University Facility Loan Trust Two

Statements of Changes in Net Assets

Year ended November 30,	2014			2013
Increase From Operations:
Net investment income	$	385,412		$	370,866
Decrease in allowance for loan losses		38,000			64,000
Net increase in net assets resulting from operations		423,412			434,866
Distributions to Class B Certificateholders From:
Tax return of capital (Note 2)		(1,086,201	)		(1,430,001	)
Net Decrease in Net Assets		(662,789	)		(995,135	)
Net Assets:
Beginning of year		6,190,228			7,185,363
End of year	$	5,527,439		$	6,190,228
Undistributed Net Investment Income	$	155,243		$	187,029

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

6

College and University Facility Loan Trust Two

Statement of Cash Flows

Year ended November 30,	2014
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	$	423,412
Decrease in allowance for loan losses		(38,000	)
Accretion of purchase discount on Loans		(1,151,459	)
Amortization of original issue discount on Bonds		574,443
Amortization of deferred bond issuance costs		7,458
Receipts of payments on loan principal balance		4,975,340
Increase in investment agreements, net		(170,387	)
Decrease in interest receivable		42,396
Decrease in bonds interest payable		(74,292	)
Decrease in accrued expenses and other liabilities		(1,564	)
Net cash provided by operating activities		4,587,347
Cash Flows From Financing Activities:
Principal payments on Bonds		(3,714,640	)
Distribution payments to Class B certificateholders		(872,707	)
Net cash used in financing activities		(4,587,347	)
Net Change in Cash		—
Cash, beginning of year		50,000
Cash, end of year	$	50,000
Supplemental Cash Flow Information:
Cash paid for interest on Bonds	$	439,899

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

7

College and University Facility Loan Trust Two

Financial Highlights

Per Certificate Operating Performance Information:

Years ended November 30,	2014			2013			2012			2011			2010
Net asset value, beginning of year	$	3.51		$	4.07		$	4.33		$	5.14		$	4.70
Income from investment operations:
Net investment income		.22			.21			.49			.39			.53
Decrease in allowance for loan losses		.02			.04			.09			.02			.16
Net increase from operations		.24			.25			.58			.41			.69
Distributions to Class B certificateholders from tax return of capital		(.62	)		(.81	)		(.84	)		(1.22	)		(.25	)
Net asset value, end of year(a)	$	3.13		$	3.51		$	4.07		$	4.33		$	5.14
Total investment return(b)		N/A			N/A			N/A			N/A			N/A
Net assets applicable to Class B Certificates, end of year	$	5,527,439		$	6,190,228		$	7,185,363		$	7,642,792		$	9,070,470
Ratios and Supplemental Data:
Ratio of operating expenses to average net assets applicable to Class B Certificates		24.02	%(c)		26.60	%(c)		29.22	%(c)		31.42	%(c)		36.25	%(c)
Ratio of net investment income to average net assets applicable to Class B Certificates		6.58	%		5.55	%		11.59	%		8.37	%		10.96	%
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 is prohibited, by the terms of its Indenture, from issuing new, or redeeming existing, Certificates. As such, market value is not presented, as discussed in Note 2.

(b) 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.

(c) Excluding interest expense, the ratio of operating expenses to average net assets was 7.84%, 8.44%, 6.82%, 5.30% and 5.07% in 2014, 2013, 2012, 2011 and 2010, respectively.

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, (the 1940 Act) as a diversified, closed-end, management investment company.

The Trust was formed for the sole purpose of raising funds through the issuance and sale of bonds (the Bonds). The Trust commenced operations on May 12, 1988 (the Closing Date) and issued Bonds in four tranches in the aggregate principal amount (at maturity) of $450,922,000. The Bonds constitute full recourse obligations of the Trust. The collateral securing the Bonds consists primarily of a pool of loans made to college and university facilities (the Loans) and certain other funds held under the Indenture and the investment agreements. The Loans were originated by, or previously assigned to, the United States Department of Education 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 Loans and 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. In accordance with the Indenture, on each bond payment date, the 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, as defined in the Indenture, after which any residual amounts are paid to the certificateholders, as discussed in Note 5. See Note 8 for balances in the Revenue and Liquidity Funds.

Berkadia Commercial Mortgage LLC (“Servicer” or “Berkadia”), formerly Capmark Finance, Inc., is the administrator for the Loan portfolio. Berkadia serves as the Master Servicer and Special Servicer under the 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, i.e. “purchase discount”.

As a 1940 Act investment company, the Trust is required, to report the investment portfolio of Loans at fair value under Accounting Standard Codification (“ASC”) Topic 946, Financial Services—Investment Companies, (“ASC 946”). 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 (the amortized cost) 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 purchase discount and par value of each Loan is accreted to par value, assuming no prepayments of principal, and included in the Trust’s interest 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, any remaining unamortized purchase discount is recognized as interest income. The remaining balance of the unamortized purchase discount on the Loans as of November 30, 2014 was approximately $2,215,000. For the year ended November 30, 2014, the Trust recognized approximately $1,152,000 of interest income from the accretion of purchase discount. As a result of prepayments of Loans during the year ended November 30, 2014, approximately $326,000 of unamortized purchase discount related to such Loans at the time of prepayment was recognized and is included in the $1,152,000 of accretion for the year ended November 30, 2014.

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, 2014, no loans were considered doubtful by the Trust.

As the credit quality for an individual Loan borrower changes, the Loan is 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. The Trust 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 not been material.

10

College and University Facility Loan Trust Two

Notes to Financial Statements

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 such differences could be material.

(b) Interest Income

The Trust accrues interest, including accretion of purchase discount, on the Loans as earned. The Loans generally require interest payments on a semi-annual basis with rates of interest ranging from 3% to 4%. The Trust recognizes the accretion of Loan purchase discount as interest income using the effective interest method.

The Trust views all amounts over 30 days past due as delinquent. It is the Trust’s policy 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 Trust will continue to accrue interest or accrete purchase discount if the Trust believes interest and principal amounts to be collectible. When a Loan is placed on nonaccrual status, all previously accrued, but uncollected interest is reversed against the current period’s interest income. Subsequently, any interest income received from a Loan that is on nonaccrual status is recognized when received and such payments are generally applied to interest first, with the balance, if any, applied to principal. At November 30, 2014, no Loans have been placed on nonaccrual status. At November 30, 2014, there are no past due amounts.

(c) Other Investments

Other investments, which are included in investments in the accompanying Statement of Assets and Liabilities, consist of two investment agreements issued by JP Morgan Chase Bank bearing fixed rates of interest of 7.05% and 7.75%. These investments are carried at cost, whereas they should be reported at fair value under ASC 946. However, management believes that the 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 these investment agreements prior to the date they terminate, which is the earlier of June 1, 2018, or the date on which the Bonds are paid-in-full. See Note 8 for discussion of fair value measurement of these investments.

(d) Deferred Bond Issuance Costs

Deferred bond issuance costs are amortized using the effective interest rate method over the estimated life of the Bonds, which are based on the scheduled payments of the Loans, and are included as a component of interest expense. Loan prepayments have the effect of accelerating Bond payments. As these accelerated Bond payments occur, an additional portion of the deferred issuance costs is expensed in the year the prepayment occurs.

11

College and University Facility Loan Trust Two

Notes to Financial Statements

(e) 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 provision for federal income, state income, or excise tax is necessary.

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, 2014, 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 files a U.S. federal and Massachusetts state income tax return annually after its fiscal year-end, which is subject to examination for a period of three years from the date of filing.

Capital distributions are presented and disclosed in accordance with ASC 946, which 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 Trust’s distributable earnings (components of net assets) on a basis that approximates the amounts that are available for future distributions on a tax basis. Distributions of $0.07 and $0.55 per certificate were declared on May 30, 2014 and November 26, 2014 and paid to certificateholders of record on June 2, 2014 and December 2, 2014, respectively. The distributions of $1,086,201 and $1,430,001 for the years ended November 30, 2014 and 2013, respectively, represent returns of capital for tax purposes.

The Trust’s primary permanent differences between accounting principles generally accepted in the United States of America (“GAAP”) and tax basis relate to:

(a) The accretion of the Loan purchase discounts under GAAP. For the years ended November 30, 2014 and 2013, the Trust recorded $1,151,459 and $1,321,867, respectively of interest income related to the accretion of purchase discounts. At November 30, 2014, the Trust had recognized accumulated accretion of the purchase discounts of $216,484,636.

(b) Net operating losses for tax purposes of $696,261 for the year ended November 30, 2014.

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 increased additional paid-in capital and reduced undistributed net investment income by $455,198 as of November 30, 2014. This reclassification has no impact on the net assets or net assets per certificate value of the Trust.

The primary reasons for the book-to-tax temporary differences relate to allowance for loan losses and the difference in original issuance discount on the Bonds.

12

College and University Facility Loan Trust Two

Notes to Financial Statements

(f) Use of Estimates

The preparation of the financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of income and expense during the reporting period. Actual results could differ from these estimates.

(g) 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 at the bank and does not include any short-term investments.

(h) Risk Factors

The Trust’s investments are subject to the following:

Credit Risk

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

The Trust’s investment agreements are held in escrow by the Bond Trustee. The Bond Trustee has custody of the Trust’s investment agreements. 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 the Servicer. The Trust is subject to counterparty risk to the extent that the borrowers and the Servicer may be unable to fulfill their obligations to the Trust.

Prepayment Risk

Most of the Loans held by the Trust allow for prepayment of principal without penalty. As such, the Trust is subject to prepayment risk, which could negatively impact future earnings.

(i) 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.

13

College and University Facility Loan Trust Two

Notes to Financial Statements

3. Bonds

The Bonds outstanding at November 30, 2014 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	$	8,527	$	(911	)	$	7,616

Interest on the Bonds is payable semi-annually. On December 1, 2014, the Trust made a principal payment of $2,035,683 on the Bonds. The average amount of bond principal outstanding for the year ended November 30, 2014 was approximately $9,140,180.

Pursuant to the terms of the Indenture, principal payments on the Bonds are made prior to the stated maturity 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.

The estimated remaining aggregate principal payments on the Bonds at November 30, 2014, after taking into consideration actual Loan prepayments and the Maximum Principal Distribution Amount, are as follows:

Fiscal Year	Amount (000’s)
2015	$	2,886
2016		2,012
2017		1,928
2018		1,701
Total	$	8,527

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, the Liquidity Fund was established and is being maintained such that, on or before such bond 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 life of the Bonds, which are based on the scheduled payments of the Loans. Accordingly, Loan prepayments have the effect of accelerating Bond payments. When Bond payments occur sooner than estimated, a portion of the original issue discount is expensed in the year of prepayment. Amortization of original issue discount is included as a component of interest expense. Remaining unamortized discount as of November 30, 2014 was $911,074.

14

College and University Facility Loan Trust Two

Notes to Financial Statements

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, 2014, this fee totaled $12,286. Additionally, per the servicing agreement, the Servicer is reimbursed for certain expenditures incurred related to inspection of mortgaged property. For the year ended November 30, 2014, the Servicer was reimbursed $1,728. As of November 30, 2014, $2,610 in fees are due to the Servicer.

(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:

Under the Declaration of Trust agreement, 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 2015, 2016, 2017, 2018 and 2019, and will total $114,000 thereafter. For the year ended November 30, 2014, the Owner Trustee incurred no 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 year ended November 30, 2014, total Bond Trustee fees and related expenses amounted to $3,126.

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 certificateholders of the Class B Certificates are entitled to one vote per certificate. Distributions payable of $959,747 at November 30, 2014, were paid on December 2, 2014.

15

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, 2014 is summarized as follows:

Balance, beginning of year	$	136,000
Decrease in allowance for loan losses		(38,000	)
Charge-offs		—
Recoveries		—
Balance, end of year	$	98,000

Loan classification by credit risk profile as of November 30, 2014 is as follows:

	Amortized Cost (000’s)		Reserve Amount (000’s)			Total (000’s)
General	$	9,770	$	(98	)	$	9,672
Substandard		—		—			—
Doubtful		—		—			—
Total	$	9,770	$	(98	)	$	9,672

7. Loans

Scheduled principal and interest payments on the Loans as of November 30, 2014 are as follows:

Fiscal Year	Principal Payments (000’s)		Interest Payments (000’s)		Total (000’s)
2015	$	2,318	$	373	$	2,691
2016		2,269		301		2,570
2017		1,917		231		2,148
2018		1,721		170		1,891
2019		1,672		114		1,786
Thereafter		2,088		111		2,199
Total	$	11,985	$	1,300	$	13,285

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. Principal prepayments made during the year ended November 30, 2014 totaled $1,698,868.

The ability of a borrower to meet future 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

16

College and University Facility Loan Trust Two

Notes to Financial Statements

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.

There are no outstanding principal balances that are due as of November 30, 2014.

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 purpose, nature and location of such collateral.

8. Fair Value of Financial Instruments

ASC Topic 825, Financial Instruments, requires entities to disclose the estimated fair value of financial instruments. 

ASC Topic 820, Fair Value Measurement, establishes fair valuation principles, a three-tier 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 valuing 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 valuing 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.

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 (including the Trust’s own assumptions in determining fair value).

Current market prices are not available for most of the Trust’s financial instruments since an active market generally does not exist for such instruments. In accordance with the terms of the Indenture, the Trust is required to hold all of the Loans to maturity and to use the cash flows therefrom to retire the Bonds. Accordingly, the Trust has estimated the fair values of its Loans and Bonds using a discounted cash flow methodology. This methodology is similar to the approach used at the formation of the Trust to determine the carrying amounts of these instruments for financial reporting purposes. In applying the methodology, the calculations have been adjusted for the change in the relevant market rates of interest, the estimated duration of the instruments and an internally developed credit risk rating of the instruments. All calculations are based on the scheduled principal and interest payments on the Loans and Bonds, excluding any potential prepayments as it is not possible to estimate such prepayments.

17

College and University Facility Loan Trust Two

Notes to Financial Statements

The fair values of the fixed-maturity investment agreements 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, 2014, is based upon bonds with similar characteristics and maturity dates of the investment agreements.

The following table summarizes the estimated fair value and carrying value of the Trust’s assets and liabilities that represent financial instruments, which all are deemed to be Level 2 fair value measurements as of November 30, 2014:

	Carrying Value (000’s)			Fair Value (000’s)
Loans	$	9,672	*	$	12,394
Investment Agreements:
Revenue Fund		4,139			4,249
Liquidity Fund		516			602
Total Investment Agreements		4,655			4,851
Total Investments	$	14,327		$	17,245
Bonds Payable	$	7,616		$	9,031

*  Net of allowance for loan losses of $98,000.

There were no transfers between levels during the year ended November 30, 2014. The Trust’s policy is to recognize transfers in and transfers out as of the beginning of the year.

9. Subsequent Events

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

The remainder of this page intentionally left blank.

18

COLLEGE AND UNIVERSITY FACILITY LOAN TRUST TWO

SCHEDULE OF INVESTMENTS

November 30, 2014

(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 (177%)
		ALABAMA (10%)
$	665	Auburn University		3.000		12/01/2018		9.16	%	$	568
											568
		CALIFORNIA (18%)
	17	Azusa Pacific University		3.750		04/01/2015		10.88			16
	793	California State University		3.000		11/01/2019		8.99			670
	154	Lassen Junior College District		3.000		04/01/2020		10.27			126
	200	University Student Co-Operative Association		3.000		04/01/2019		10.70			162
											974
		DISTRICT OF COLUMBIA (53%)
	985	Georgetown University		3.000		11/01/2020		10.36			778
	2,641	Georgetown University		4.000		11/01/2020		10.52			2,150
											2,928
		GEORGIA (2%)
	134	Paine College		3.000		10/01/2016		10.45			120
											120
		INDIANA (24%)
	1,730	Vincennes University		3.000		06/01/2023		9.02			1,309
											1,309
		IOWA (1%)
	46	Simpson College		3.000		07/01/2016		10.58			41
											41

The accompanying notes are an integral part of this schedule.

19

COLLEGE AND UNIVERSITY FACILITY LOAN TRUST TWO

SCHEDULE OF INVESTMENTS

November 30, 2014

(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)
		MISSISSIPPI (12%)
$	224	Millsaps College		3.000		11/01/2021		10.34	%	$	172
	610	Mississippi State University		3.000		12/01/2020		9.64			487
											659
		NEW JERSEY (7%)
	340	Fairleigh Dickinson University		3.000		11/01/2017		10.39			295
	87	Rider College		3.000		05/01/2017		10.70			78
											373
		NEW Mexico (2%)
	139	College of Santa Fe		3.000		10/01/2018		10.43			118
											118
		NEW YORK (2%)
	90	Daemen College		3.000		04/01/2016		10.77			83
											83
		NORTH CAROLINA (3%)
	75	Elizabeth City State University		3.000		10/01/2017		10.02			66
	142	Saint Mary’s College		3.000		06/01/2020		10.14			114
											180
		OHIO (2%)
	60	Wittenberg University		3.000		05/01/2015		10.76			58
	48	Wittenberg University		3.000		11/01/2017		10.39			42
											100
		OREGON (3%)
	192	George Fox College		3.000		07/01/2018		10.64			166
											166
		PENNSYLVANIA (19%)
	25	Lycoming College		3.750		05/01/2015		10.62			24
	986	Philadelphia College of Art		3.000		01/01/2022		10.62			743
	360	Villanova University		3.000		04/01/2019		10.70			301
											1,068

The accompanying notes are an integral part of this schedule.

20

COLLEGE AND UNIVERSITY FACILITY LOAN TRUST TWO

SCHEDULE OF INVESTMENTS

November 30, 2014

(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)
		PUERTO RICO (6%)
$	359	Inter American University of Puerto Rico		3.000		01/01/2017			10.94	%	$	323
												323
		TEXAS (7%)
	480	University of Saint Thomas		3.000		10/01/2019			10.41			400
												400
		VIRGINIA (4%)
	18	Lynchburg College		3.750		05/01/2015			10.64			17
	155	Lynchburg College		3.000		05/01/2018			10.68			135
	90	Marymount University		3.000		05/01/2016			10.52			84
												236
		WEST VIRGINIA (1%)
	60	Bethany College		3.000		11/01/2017			10.40			52
												52
		WISCONSIN (1%)
	80	Marian College		3.000		10/01/2016			10.45			72
												72
		TOTAL COLLEGE & UNIVERSITY LOANS (177%)										9,770
		Allowance for Loan Losses (-2%)										(98	)
		Net Loans of the Trust (175%)										9,672
		INVESTMENT AGREEMENTS (84%)
	516	JPMorgan Chase Bank - Liquidity Fund		7.750		06/01/2018	(C)		7.750			516
	4,139	JPMorgan Chase Bank - Revenue Fund		7.050		06/01/2018	(C)		7.050			4,139
		TOTAL INVESTMENT AGREEMENTS										4,655
		TOTAL INVESTMENTS (259%)							(B	)	$	14,327
		OTHER ASSETS, LESS LIABILITIES (-159%)										(8,800	)
		NET ASSETS (100.0%)									$	5,527

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

(B) The tax basis of all investments is approximately $16,640.

(C) Terminates at the earlier of June 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.

21

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 2014 - $190, 015

Fiscal year ended 2013 - $223,050

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

Fiscal year ended 2014 - $0

Fiscal year ended 2013 - $0

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

Fiscal year ended 2014 - $0

Fiscal year ended 2013 - $0

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

Fiscal year ended 2014 - $62,985

-$45,755 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.

-$13,230 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 2013 - $60,176

-$43,576 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.

-$12,600 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 January 21, 2015

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 January 21, 2015

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: January 21, 2015

/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, 2014 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: January 21, 2015
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-99.5

Annual Statement as to Compliance

For the Year Ended December 31, 2013

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. As an officer signing this certificate I have reviewed the activities and performance of Berkadia Commercial Mortgage as Master Servicer during the preceding fiscal year under the Servicing Agreement and, to the best of such officer’s knowledge, the Servicer has fulfilled all of the duties, responsibilities under this servicing agreement throughout such year.

ii. I confirm that Berkadia Commercial Mortgage as Master Servicer is in compliance with the requirements of Section 202.

Berkadia Commercial Mortgage

Mark E. McCool

Executive Vice President

February 20, 2014

Inv. 3 Lib. G

Management’s Assertion Concerning Compliance

with Minimum Master Servicing Standards

February 28, 2014

As of and for the year ended December 31, 2013, 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, 2013, the Company is covered by insurance policies providing for $100 million of fidelity bond insurance and $100 million of errors and omission insurance.

Mark E. McCool

Executive Vice President

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 to 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.

Annual Statement as to Compliance

For the Year Ended December 31, 2013

United States Department of Education

College and University Facility Loan Trust Two

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

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

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

Berkadia Commercial Mortgage

Mark E. McCool

Executive Vice President

February 20, 2014

Inv. 003 Lib. G

Management’s Assertion Concerning Compliance

with Minimum Special Servicing Standards

February 28, 2014

As of and for the year ended December 31, 2013, 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, 2013, the Company is covered by insurance policies providing for $100 million of fidelity bond insurance and $100 million of errors and omission insurance.

Mark E. McCool

Executive Vice President

Head of Servicing

Berkadia Commercial Mortgage LLC

Exhibit I

Berkadia Commercial Mortgage LLC

Special Servicing Policy

I. RECORDKEEPING

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

II. INSURANCE

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

Berkadia Commercial Mortgage

College and University Loan Trust II

Collection Account Activity Report

For the Period of December 01, 2013 through December 31, 2013

Collections:
Principal Payments	425,912.43
Interest Payments	99,829.75
Total Principal and Interest Collections	525,742.18
Payments and Reversals Posted to Suspense	—
Total Collections	525,742.18
Less: Servicing Fees (not withheld from remittances)	(1,816.35	)
Net Collections	523,925.83

Berkadia Commercial Mortgage

College & Trust Facility Loan Trust II

Service Fees Schedule

For the Period of December 01, 2013 through December 31, 2013

Date Due	Loan Number		Borrower Name	Principal Due		Interest Due		Total Due		Principal Balance		Service Fees
12012013		30101601	AUBURN UNIVER		125,000.00		11,850.00		136,850.00		790,000.00		296.25
12012013		30117002	LONG ISLAND U		—		815.63		815.63		45,000.00		16.88
12012013		30119903	MISSISSIPPI S		80,000.00		10,350.00		90,350.00		690,000.00		258.75
12012013		30121501	NORFOLK STATE		67,682.76		19,494.02		87,176.78		1,299,601.17		487.35
12012013		30127402	ST MARY’S COL		11,000.00		2,460.00		13,460.00		164,000.00		61.50
12012013		30137901	VINCENNES UNI		—		28,500.00		28,500.00		1,900,000.00		712.50
													—
													—
													—
													—
													—
													—
													—
													—
													—
													—
													—
													—
													—
													—
													—
													—
													—
			TOTALS:		283,682.76		73,469.65		357,152.41		4,888,601.17		1,833.23
12012013		30117002	LONG ISLAND U		0.00		815.63		815.63		45,000.00		(16.88	)	unpaid
													1,816.35		Service Fees due
S/F still due for below loans

Page 1 of 1

Berkadia Commercial Mortgage

College and University Loan Trust II

Loans Paid in Full

For the Period of December 01, 2013 through December 31, 2013

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, 2013 through December 31, 2013

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, 2013

Loan Number	Borrower Name	Interest Rate		Current UPB		Maturity Date
30101601	AUBURN UNIVERSITY		3		665,000.00		12012018
30101701	AZUSA PACIFIC UNIVERSITY		3.75		33,000.00		4012015
30106904	COLLEGE OF SANTA FE		3		175,000.00		10012018
30109604	DRURY COLLEGE		3		27,000.00		4012015
30112002	GEORGE FOX COLLEGE		3		240,239.92		7012018
30112902	HAMPSHIRE COLLEGE		3		58,200.12		2012014
30114802	INTER-AMERICAN UNIV. OF PUERTO RICO		3		445,070.28		1012017
30117402	LYCOMING COLLEGE		3.625		20,000.00		5012014
30117403	LYCOMING COLLEGE		3.75		49,999.99		5012015
30117501	LYNCHBURG COLLEGE		3.75		58,000.00		5012015
30117502	LYNCHBURG COLLEGE		3		195,000.00		5012018
30119801	MILLSAPS COLLEGE		3		252,000.00		11012021
30119903	MISSISSIPPI STATE UNIVERSITY		3		610,000.00		12012020
30120601	MORGAN STATE UNIVERSTIY		3		181,396.57		11012014
30121201	NEWARK BETH ISRAEL MEDICAL CENTER		3.625		55,000.00		1012014
30121501	NORFOLK STATE UNIVERSITY		3		1,231,918.41		12012021
30123401	PAINE COLLEGE		3		199,343.99		10012016
30123701	UNIVERSITY OF THE ARTS		3		1,044,415.90		1012022
30127402	ST MARY’S SCHOOL		3		153,000.00		6012020
30134402	UNIVERSITY OF FLORIDA/REV. CERTS.,84		3		180,000.00		7012014
30136801	UNIVERSITY OF ST THOMAS		3		235,000.00		10012019
30137802	VILLANOVA UNIVERSITY		3		425,000.00		4012019
30137901	VINCENNES UNIVERSITY		3		1,900,000.00		6012023
30140502	WITTENBERG UNIVERSITY		3		120,000.00		5012015
30140503	WITTENBERG UNIVERSITY		3		63,000.00		11012017
30102803	BETHANY COLLEGE - HALL BOND 1967		3		80,000.00		11012017
30104201	TRUST SERVICES DIVISION		3		938,000.00		11012019
30108202	DAEMEN COLLEGE(ROSARY HILL COLLEGE)		3		135,000.00		4012016
30109502	DREXEL UNIVERSITY		3.5		70,000.00		5012014
30112301	GEORGETOWN UNIVERSITY		3		1,133,000.00		11012020
30112302	GEORGETOWN UNIVERSITY		4		3,030,000.00		11012020
30114001	HOOD COLLEGE		3.625		15,000.00		11012014
30116201	LASSEN JUNIOR COLLEGE		3		179,000.00		4012020
30119202	MERCER UNIV. ACCOUNTING OFFICE		3		19,989.38		5012014
30129101	SIMPSON COLLEGE - BOND 1966		3		68,000.00		7012016
30133201	UNIV STUDENT COOP HOUSING		3		570,000.00		4012019
30117801	MARIAN COLLEGE OF FOND DU LAC		3		115,000.00		10012016
30118401	MARYMOUNT UNIVERSITY		3		135,000.00		5012016
30100103	ALABAMA AGRICULTURAL		3		565,000.00		5012018
30110101	ELIZABETH CITY STATE UNIVERSITY		3		100,000.00		10012017
30110802	FAIRLEIGH DICKINSON UNIV		3		450,000.00		11012017
30113702	HIWASSEE COLLEGE		3		63,643.94		9152018
30117002	LONG ISLAND UNIVERSITY		3.625		71,789.48		6012014
30121101	NEW ENGLAND COLLEGE		3		34,000.00		4012016
30125506	RIDER COLLEGE		3		117,000.00		5012017
30128802	SETON HILL COLLEGE		3.625		28,000.00		11012014
	TOTALS:				16,534,007.98

Page 1 of 1

Berkadia Commercial Mortgage

College and University Loan Trust II

Delinquency Report (60+ Days)

As of December 31, 2013

Loan Number	Borrower Name	Next Payment Due		P and I Due		Current UPB
30117002	LONG ISLAND UNIVERSITY		06/01/13		26,789.48		71,789.48
30123401	PAINE COLLEGE		10/01/13		1,344.00		199,343.99
TOTAL:					28,133.48		271,133.47

Berkadia Commercial Mortgage

College and University Loan Trust II

Liquidation Report

As of December 31, 2013

None to report for this period

Berkadia Commercial Mortgage

College and University Loan Trust II

Collection Account Activity Report

For the Period of January 01, 2014 through January 31, 2014

Collections:
Principal Payments	125,827.75
Interest Payments	4,661.38
Total Principal and Interest Collections	130,489.13
Payments and Reversals Posted to Suspense	—
Total Collections	130,489.13
Less: Servicing Fees (not withheld from remittances)	(815.61	)
Net Collections	129,673.52

Berkadia Commercial Mortgage

College & Trust Facility Loan Trust II

Service Fees Schedule

For the Period of January 01, 2014 through January 31, 2014

Date Due	Loan Number		Borrower Name	Principal Due		Interest Due		Total Due		Principal Balance		Service Fees
1012014		30112002	GEORGE FOX CO		11,812.00		1,801.80		13,613.80		240,239.92		90.09
1012014		30121201	NEWARK BETH I		55,000.00		996.87		55,996.87		55,000.00		20.63
1012014		30129101	SIMPSON COLLE		—		1,020.00		1,020.00		68,000.00		25.50
1012014		30114802	INTER AMERICA		84,848.42		7,948.78		92,797.20		529,918.70		198.72
1012014		30123701	PHILADELPHIA		57,381.25		16,526.95		73,908.20		1,101,797.15		413.17
1012014		30134402	UNIVERSITY OF		—		2,700.00		2,700.00		180,000.00		67.50
													—
													—
													—
													—
													—
													—
													—
													—
													—
													—
													—
													—
													—
													—
													—
													—
			TOTALS:		209,041.67		30,994.40		240,036.07		2,174,955.77		815.61
													815.61	Service Fees due
S/F still due for below loans

Page 1 of 1

Berkadia Commercial Mortgage

College and University Loan Trust II

Loans Paid in Full

For the Period of January 01, 2014 through January 31, 2014

Loan Number	Payoff Date		Total Amount Paid		Principal Amount		Interest Amount		Other Fees		Maturity Date
30112902		1/30/2014		59,082.82		58,200.12		882.70				2012014
30121201		1/15/2014		55,000.00		55,000.00		—				1012014
TOTALS:				114,082.82		113,200.12		882.70		—

Berkadia Commercial Mortgage

College and University Loan Trust II

Summary of Partial Prepayments

For the Period of January 01, 2014 through January 31, 2014

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, 2014

Loan Number		Borrower Name	Interest Rate		Current UPB		Maturity Date
	30101601	AUBURN UNIVERSITY		3		665,000.00		12012018
	30101701	AZUSA PACIFIC UNIVERSITY		3.75		33,000.00		4012015
	30106904	COLLEGE OF SANTA FE		3		175,000.00		10012018
	30109604	DRURY COLLEGE		3		27,000.00		4012015
	30112002	GEORGE FOX COLLEGE		3		228,427.90		7012018
	30114802	INTER-AMERICAN UNIV. OF PUERTO RICO		3		445,070.30		1012017
	30117402	LYCOMING COLLEGE		3.625		20,000.00		5012014
	30117403	LYCOMING COLLEGE		3.75		49,999.99		5012015
	30117501	LYNCHBURG COLLEGE		3.75		58,000.00		5012015
	30117502	LYNCHBURG COLLEGE		3		195,000.00		5012018
	30119801	MILLSAPS COLLEGE		3		252,000.00		11012021
	30119903	MISSISSIPPI STATE UNIVERSITY		3		610,000.00		12012020
	30120601	MORGAN STATE UNIVERSTIY		3		181,396.60		11012014
	30121501	NORFOLK STATE UNIVERSITY		3		1,231,918.00		12012021
	30123401	PAINE COLLEGE		3		199,344.00		10012016
	30123701	UNIVERSITY OF THE ARTS		3		1,044,416.00		1012022
	30127402	ST MARY’S SCHOOL		3		153,000.00		6012020
	30134402	UNIVERSITY OF FLORIDA/REV. CERTS.,84		3		180,000.00		7012014
	30136801	UNIVERSITY OF ST THOMAS		3		235,000.00		10012019
	30137802	VILLANOVA UNIVERSITY		3		425,000.00		4012019
	30137901	VINCENNES UNIVERSITY		3		1,900,000.00		6012023
	30140502	WITTENBERG UNIVERSITY		3		120,000.00		5012015
	30140503	WITTENBERG UNIVERSITY		3		63,000.00		11012017
	30102803	BETHANY COLLEGE - HALL BOND 1967		3		80,000.00		11012017
	30104201	TRUST SERVICES DIVISION		3		938,000.00		11012019
	30108202	DAEMEN COLLEGE(ROSARY HILL COLLEGE)		3		135,000.00		4012016
	30109502	DREXEL UNIVERSITY		3.5		70,000.00		5012014
	30112301	GEORGETOWN UNIVERSITY		3		1,133,000.00		11012020
	30112302	GEORGETOWN UNIVERSITY		4		3,030,000.00		11012020
	30114001	HOOD COLLEGE		3.625		15,000.00		11012014
	30116201	LASSEN JUNIOR COLLEGE		3		179,000.00		4012020
	30119202	MERCER UNIV. ACCOUNTING OFFICE		3		19,989.38		5012014
	30129101	SIMPSON COLLEGE - BOND 1966		3		68,000.00		7012016
	30133201	UNIV STUDENT COOP HOUSING		3		570,000.00		4012019
	30117801	MARIAN COLLEGE OF FOND DU LAC		3		115,000.00		10012016
	30118401	MARYMOUNT UNIVERSITY		3		135,000.00		5012016
	30100103	ALABAMA AGRICULTURAL		3		565,000.00		5012018
	30110101	ELIZABETH CITY STATE UNIVERSITY		3		100,000.00		10012017
	30110802	FAIRLEIGH DICKINSON UNIV		3		450,000.00		11012017
	30113702	HIWASSEE COLLEGE		3		63,643.94		9152018
	30117002	LONG ISLAND UNIVERSITY		3.625		70,973.85		6012014
	30121101	NEW ENGLAND COLLEGE		3		34,000.00		4012016
	30125506	RIDER COLLEGE		3		117,000.00		5012017
	30128802	SETON HILL COLLEGE		3.625		28,000.00		11012014
		TOTALS:				16,408,179.96

Page 1 of 1

Berkadia Commercial Mortgage

College and University Loan Trust II

Delinquency Report (60+ Days)

As of January 31, 2014

Loan Number		Borrower Name	Next Payment Due		P and I Due		Current UPB
	30117002	LONG ISLAND UNIVERSITY		06/01/13		26,789.48		70,973.85
	30123401	PAINE COLLEGE		10/01/13		1,344.00		199,343.99
	TOTAL:					28,133.48		270,317.84

Berkadia Commercial Mortgage

College and University Loan Trust II

Liquidation Report

As of January 31, 2014

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, 2014 through February 28, 2014

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)	—
Net Collections	—

Berkadia Commercial Mortgage

College & Trust Facility Loan Trust II

Service Fees Schedule

For the Period of February 01, 2014 through February 28, 2014

Date Due

Loan Number

Borrower Name

Principal Due

Interest Due

Total Due

Principal Balance

Service Fees

—

no service fees due for this period

—

—

—

—

—

—

—

—

—

—

—

—

—

—

—

—

—

—

—

—

—

TOTALS:

—

—

—

—

—

—

Service Fees due

S/F still due for below loans

Page 1 of 1

Berkadia Commercial Mortgage

College and University Loan Trust II

Loans Paid in Full

For the Period of February 01, 2014 through February 28, 2014

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, 2014 through February 28, 2014

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 28, 2014

Loan Number		Borrower Name	Interest Rate		Current UPB		Maturity Date
	30101601	AUBURN UNIVERSITY		3		665,000.00		12012018
	30101701	AZUSA PACIFIC UNIVERSITY		3.75		33,000.00		4012015
	30106904	COLLEGE OF SANTA FE		3		175,000.00		10012018
	30109604	DRURY COLLEGE		3		27,000.00		4012015
	30112002	GEORGE FOX COLLEGE		3		228,427.90		7012018
	30114802	INTER-AMERICAN UNIV. OF PUERTO RICO		3		445,070.30		1012017
	30117402	LYCOMING COLLEGE		3.625		20,000.00		5012014
	30117403	LYCOMING COLLEGE		3.75		49,999.99		5012015
	30117501	LYNCHBURG COLLEGE		3.75		58,000.00		5012015
	30117502	LYNCHBURG COLLEGE		3		195,000.00		5012018
	30119801	MILLSAPS COLLEGE		3		252,000.00		11012021
	30119903	MISSISSIPPI STATE UNIVERSITY		3		610,000.00		12012020
	30120601	MORGAN STATE UNIVERSTIY		3		181,396.60		11012014
	30121501	NORFOLK STATE UNIVERSITY		3		1,231,918.00		12012021
	30123401	PAINE COLLEGE		3		199,344.00		10012016
	30123701	UNIVERSITY OF THE ARTS		3		1,044,416.00		1012022
	30127402	ST MARY’S SCHOOL		3		153,000.00		6012020
	30134402	UNIVERSITY OF FLORIDA/REV. CERTS.,84		3		180,000.00		7012014
	30136801	UNIVERSITY OF ST THOMAS		3		235,000.00		10012019
	30137802	VILLANOVA UNIVERSITY		3		425,000.00		4012019
	30137901	VINCENNES UNIVERSITY		3		1,900,000.00		6012023
	30140502	WITTENBERG UNIVERSITY		3		120,000.00		5012015
	30140503	WITTENBERG UNIVERSITY		3		63,000.00		11012017
	30102803	BETHANY COLLEGE - HALL BOND 1967		3		80,000.00		11012017
	30104201	TRUST SERVICES DIVISION		3		938,000.00		11012019
	30108202	DAEMEN COLLEGE(ROSARY HILL COLLEGE)		3		135,000.00		4012016
	30109502	DREXEL UNIVERSITY		3.5		70,000.00		5012014
	30112301	GEORGETOWN UNIVERSITY		3		1,133,000.00		11012020
	30112302	GEORGETOWN UNIVERSITY		4		3,030,000.00		11012020
	30114001	HOOD COLLEGE		3.625		15,000.00		11012014
	30116201	LASSEN JUNIOR COLLEGE		3		179,000.00		4012020
	30119202	MERCER UNIV. ACCOUNTING OFFICE		3		19,989.38		5012014
	30129101	SIMPSON COLLEGE - BOND 1966		3		68,000.00		7012016
	30133201	UNIV STUDENT COOP HOUSING		3		570,000.00		4012019
	30117801	MARIAN COLLEGE OF FOND DU LAC		3		115,000.00		10012016
	30118401	MARYMOUNT UNIVERSITY		3		135,000.00		5012016
	30100103	ALABAMA AGRICULTURAL		3		565,000.00		5012018
	30110101	ELIZABETH CITY STATE UNIVERSITY		3		100,000.00		10012017
	30110802	FAIRLEIGH DICKINSON UNIV		3		450,000.00		11012017
	30113702	HIWASSEE COLLEGE		3		63,643.94		9152018
	30117002	LONG ISLAND UNIVERSITY		3.625		70,973.85		6012014
	30121101	NEW ENGLAND COLLEGE		3		34,000.00		4012016
	30125506	RIDER COLLEGE		3		117,000.00		5012017
	30128802	SETON HILL COLLEGE		3.625		28,000.00		11012014
		TOTALS:				16,408,179.96

Page 1 of 1

Berkadia Commercial Mortgage

College and University Loan Trust II

Delinquency Report (60+ Days)

As of February 28, 2014

Loan Number		Borrower Name	Next Payment Due		P and I Due		Current UPB
	30117002	LONG ISLAND UNIVERSITY		06/01/13		26,789.48		70,973.85
	30123401	PAINE COLLEGE		10/01/13		1,344.00		199,343.99
	TOTAL:					28,133.48		270,317.84

Berkadia Commercial Mortgage

College and University Loan Trust II

Liquidation Report

As of February 28, 2014

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, 2014 through March 31, 2014

Collections:
Principal Payments	5,953.34
Interest Payments	954.66
Total Principal and Interest Collections	6,908.00
Payments and Reversals Posted to Suspense	—
Total Collections	6,908.00
Less: Servicing Fees (not withheld from remittances)	(23.87	)
Net Collections	6,884.13

Berkadia Commercial Mortgage

College & Trust Facility Loan Trust II

Service Fees Schedule

For the Period of March 01, 2014 through March 31, 2014

Date Due	Loan Number		Borrower Name	Principal Due		Interest Due		Total Due		Principal Balance		Service Fees
													—
3152014		30113702	HIWASSEE COLL		5,953.34		954.66		6,908.00		63,643.94		23.87
													—
													—
													—
													—
													—
													—
													—
													—
													—
													—
													—
													—
													—
													—
													—
													—
													—
													—
													—
													—
			TOTALS:		5,953.34		954.66		6,908.00		63,643.94		23.87
													23.87	Service Fees due
S/F still due for below loans

Page 1 of 1

Berkadia Commercial Mortgage

College and University Loan Trust II

Loans Paid in Full

For the Period of March 01, 2014 through March 31, 2014

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, 2014 through March 31, 2014

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, 2014

Loan Number		Borrower Name	Interest Rate		Current UPB		Maturity Date
	30101601	AUBURN UNIVERSITY		3		665,000.00		12012018
	30101701	AZUSA PACIFIC UNIVERSITY		3.75		33,000.00		4012015
	30106904	COLLEGE OF SANTA FE		3		175,000.00		10012018
	30109604	DRURY COLLEGE		3		27,000.00		4012015
	30112002	GEORGE FOX COLLEGE		3		228,427.90		7012018
	30114802	INTER-AMERICAN UNIV. OF PUERTO RICO		3		445,070.30		1012017
	30117402	LYCOMING COLLEGE		3.625		20,000.00		5012014
	30117403	LYCOMING COLLEGE		3.75		49,999.99		5012015
	30117501	LYNCHBURG COLLEGE		3.75		58,000.00		5012015
	30117502	LYNCHBURG COLLEGE		3		195,000.00		5012018
	30119801	MILLSAPS COLLEGE		3		252,000.00		11012021
	30119903	MISSISSIPPI STATE UNIVERSITY		3		610,000.00		12012020
	30120601	MORGAN STATE UNIVERSTIY		3		181,396.60		11012014
	30121501	NORFOLK STATE UNIVERSITY		3		1,231,918.00		12012021
	30123401	PAINE COLLEGE		3		199,344.00		10012016
	30123701	UNIVERSITY OF THE ARTS		3		1,044,416.00		1012022
	30127402	ST MARY’S SCHOOL		3		153,000.00		6012020
	30134402	UNIVERSITY OF FLORIDA/REV. CERTS.,84		3		180,000.00		7012014
	30136801	UNIVERSITY OF ST THOMAS		3		235,000.00		10012019
	30137802	VILLANOVA UNIVERSITY		3		425,000.00		4012019
	30137901	VINCENNES UNIVERSITY		3		1,900,000.00		6012023
	30140502	WITTENBERG UNIVERSITY		3		120,000.00		5012015
	30140503	WITTENBERG UNIVERSITY		3		63,000.00		11012017
	30102803	BETHANY COLLEGE - HALL BOND 1967		3		80,000.00		11012017
	30104201	TRUST SERVICES DIVISION		3		938,000.00		11012019
	30108202	DAEMEN COLLEGE(ROSARY HILL COLLEGE)		3		135,000.00		4012016
	30109502	DREXEL UNIVERSITY		3.5		70,000.00		5012014
	30112301	GEORGETOWN UNIVERSITY		3		1,133,000.00		11012020
	30112302	GEORGETOWN UNIVERSITY		4		3,030,000.00		11012020
	30114001	HOOD COLLEGE		3.625		15,000.00		11012014
	30116201	LASSEN JUNIOR COLLEGE		3		179,000.00		4012020
	30119202	MERCER UNIV. ACCOUNTING OFFICE		3		19,989.38		5012014
	30129101	SIMPSON COLLEGE - BOND 1966		3		68,000.00		7012016
	30133201	UNIV STUDENT COOP HOUSING		3		570,000.00		4012019
	30117801	MARIAN COLLEGE OF FOND DU LAC		3		115,000.00		10012016
	30118401	MARYMOUNT UNIVERSITY		3		135,000.00		5012016
	30100103	ALABAMA AGRICULTURAL		3		565,000.00		5012018
	30110101	ELIZABETH CITY STATE UNIVERSITY		3		100,000.00		10012017
	30110802	FAIRLEIGH DICKINSON UNIV		3		450,000.00		11012017
	30113702	HIWASSEE COLLEGE		3		63,643.94		9152018
	30117002	LONG ISLAND UNIVERSITY		3.625		70,973.85		6012014
	30121101	NEW ENGLAND COLLEGE		3		34,000.00		4012016
	30125506	RIDER COLLEGE		3		117,000.00		5012017
	30128802	SETON HILL COLLEGE		3.625		28,000.00		11012014
		TOTALS:				16,408,179.96

Page 1 of 1

Berkadia Commercial Mortgage

College and University Loan Trust II

Delinquency Report (60+ Days)

As of March 31, 2014

Loan Number	Borrower Name	Next Payment Due		P and I Due		Current UPB
30117002	LONG ISLAND UNIVERSITY		06/01/13		26,789.48		70,973.85
30123401	PAINE COLLEGE		10/01/13		1,344.00		199,343.99
TOTAL:					28,133.48		270,317.84

Berkadia Commercial Mortgage

College and University Loan Trust II

Liquidation Report

As of March 31, 2014

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, 2014 through April 30, 2014

Collections:
Principal Payments	341,218.44
Interest Payments	34,970.47
Total Principal and Interest Collections	376,188.91
Payments and Reversals Posted to Suspense	1,061.56
Total Collections	377,250.47
Less: Servicing Fees (not withheld from remittances)	(920.45	)
Net Collections	376,330.02

Berkadia Commercial Mortgage

College & Trust Facility Loan Trust II

Service Fees Schedule

For the Period of April 01, 2014 through April 30, 2014

Date Due	Loan Number		Borrower Name	Principal Due		Interest Due		Total Due		Principal Balance		Service Fees
4012014		30101701	AZUSA PACIFIC		16,000.00		618.75		16,618.75		33,000.00		12.38
4012014		30106904	COLLEGE OF SA		—		2,625.00		2,625.00		175,000.00		65.63
4012014		30108202	DAEMEN COLLEG		45,000.00		2,025.00		47,025.00		135,000.00		50.63
4012014		30109604	DRURY COLLEGE		11,000.00		405.00		11,405.00		27,000.00		10.13
4012014		30110101	ELIZABETH CIT		—		1,500.00		1,500.00		100,000.00		37.50
4012014		30112002	GEORGE FOX CO		11,900.59		1,713.21		13,613.80		228,427.92		85.66
4012014		30116201	LASSEN JUNIOR		25,000.00		2,685.00		27,685.00		179,000.00		67.13
4012014		30117801	MARIAN COLLEG		—		1,725.00		1,725.00		115,000.00		43.13
4012014		30121101	NEW ENGLAND C		11,000.00		510.00		11,510.00		34,000.00		12.75
4012014		30123401	PAINE COLLEGE		—		2,970.00		2,970.00		197,999.99		74.25
4012014		30133201	UNIV STU COOP		90,000.00		8,550.00		98,550.00		570,000.00		213.75
4012014		30136801	UNIVERSITY OF		—		3,525.00		3,525.00		235,000.00		88.13
4012014		30137802	VILLANOVA UNI		65,000.00		6,375.00		71,375.00		425,000.00		159.38
													—
													—
													—
													—
													—
													—
													—
													—
													—
			TOTALS:		274,900.59		35,226.96		310,127.55		2,454,427.91		920.45
													920.45	Service Fees due
S/F still due for below loans

Page 1 of 1

Berkadia Commercial Mortgage

College and University Loan Trust II

Loans Paid in Full

For the Period of April 01, 2014 through April 30, 2014

Loan Number	Payoff Date		Total Amount Paid		Principal Amount		Interest Amount		Other Fees		Maturity Date
30109604		4/1/2014		27,405.00		27,000.00		405.00				4012015
30121101		4/1/2014		34,510.00		34,000.00		510.00				4012016
TOTALS:				61,915.00		61,000.00		915.00		—

Berkadia Commercial Mortgage

College and University Loan Trust II

Summary of Partial Prepayments

For the Period of April 01, 2014 through April 30, 2014

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, 2014

Loan Number	Borrower Name	Interest Rate		Current UPB		Maturity Date
30100103	ALABAMA AGRICULTURAL		3		565,000.00		5012018
30101601	AUBURN UNIVERSITY		3		665,000.00		12012018
30101701	AZUSA PACIFIC UNIVERSITY		3.75		17,000.00		4012015
30102803	BETHANY COLLEGE - HALL BOND 1967		3		80,000.00		11012017
30104201	TRUST SERVICES DIVISION		3		938,000.00		11012019
30106904	COLLEGE OF SANTA FE		3		175,000.00		10012018
30108202	DAEMEN COLLEGE(ROSARY HILL COLLEGE)		3		90,000.00		4012016
30109502	DREXEL UNIVERSITY		3.5		70,000.00		5012014
30110101	ELIZABETH CITY STATE UNIVERSITY		3		100,000.00		10012017
30110802	FAIRLEIGH DICKINSON UNIV		3		450,000.00		11012017
30112002	GEORGE FOX COLLEGE		3		216,527.30		7012018
30112301	GEORGETOWN UNIVERSITY		3		1,133,000.00		11012020
30112302	GEORGETOWN UNIVERSITY		4		3,030,000.00		11012020
30113702	HIWASSEE COLLEGE		3		57,690.60		9152018
30114001	HOOD COLLEGE		3.625		15,000.00		11012014
30114802	INTER-AMERICAN UNIV. OF PUERTO RICO		3		445,070.30		1012017
30116201	LASSEN JUNIOR COLLEGE		3		154,000.00		4012020
30117002	LONG ISLAND UNIVERSITY		3.625		45,000.00		6012014
30117402	LYCOMING COLLEGE		3.625		20,000.00		5012014
30117403	LYCOMING COLLEGE		3.75		49,999.99		5012015
30117501	LYNCHBURG COLLEGE		3.75		58,000.00		5012015
30117502	LYNCHBURG COLLEGE		3		195,000.00		5012018
30117801	MARIAN COLLEGE OF FOND DU LAC		3		115,000.00		10012016
30118401	MARYMOUNT UNIVERSITY		3		135,000.00		5012016
30119202	MERCER UNIV. ACCOUNTING OFFICE		3		19,989.38		5012014
30119801	MILLSAPS COLLEGE		3		252,000.00		11012021
30119903	MISSISSIPPI STATE UNIVERSITY		3		610,000.00		12012020
30120601	MORGAN STATE UNIVERSTIY		3		181,396.60		11012014
30121501	NORFOLK STATE UNIVERSITY		3		1,231,918.00		12012021
30123401	PAINE COLLEGE		3		198,000.00		10012016
30123701	UNIVERSITY OF THE ARTS		3		1,044,416.00		1012022
30125506	RIDER COLLEGE		3		117,000.00		5012017
30127402	ST MARY’S SCHOOL		3		153,000.00		6012020
30128802	SETON HILL COLLEGE		3.625		28,000.00		11012014
30129101	SIMPSON COLLEGE - BOND 1966		3		68,000.00		7012016
30133201	UNIV STUDENT COOP HOUSING		3		480,000.00		4012019
30134402	UNIVERSITY OF FLORIDA/REV. CERTS.,84		3		180,000.00		7012014
30136801	UNIVERSITY OF ST THOMAS		3		235,000.00		10012019
30137802	VILLANOVA UNIVERSITY		3		360,000.00		4012019
30137901	VINCENNES UNIVERSITY		3		1,900,000.00		6012023
30140502	WITTENBERG UNIVERSITY		3		120,000.00		5012015
30140503	WITTENBERG UNIVERSITY		3		63,000.00		11012017
	TOTALS:				16,061,008.17

Page 1 of 1

Berkadia Commercial Mortgage

College and University Loan Trust II

Delinquency Report (60+ Days)

As of April 30, 2014

Loan Number	Borrower Name	Next Payment Due	P and I Due		Current UPB
30123401	PAINE COLLEGE	04/01/14		1,344.00		197,999.99
TOTAL:				1,344.00		197,999.99

Berkadia Commercial Mortgage

College and University Loan Trust II

Liquidation Report

As of April 30, 2014

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, 2014 through May 31, 2014

Collections:
Principal Payments	560,012.59
Interest Payments	128,460.77
Total Principal and Interest Collections	688,473.36
Payments and Reversals Posted to Suspense	—
Total Collections	688,473.36
Less: Servicing Fees (not withheld from remittances)	(2,820.18	)
Net Collections	685,653.18

Berkadia Commercial Mortgage

College & Trust Facility Loan Trust II

Service Fees Schedule

For the Period of May 01, 2014 through May 31, 2014

Date Due	Loan Number		Borrower Name	Principal Due		Interest Due		Total Due		Principal Balance		Service Fees
5012014		30100103	ALABAMA AGRIC		120,000.00		8,475.00		128,475.00		565,000.00		211.88
5012014		30102803	BETHANY COLLE		—		1,200.00		1,200.00		80,000.00		30.00
5012014		30104201	CALIFORNIA ST		—		14,070.00		14,070.00		938,000.00		351.75
5012014		30109502	DREXEL UNIVER		70,000.00		1,225.00		71,225.00		70,000.00		26.25
5012014		30110802	FAIRLEIGH DIC		—		6,750.00		6,750.00		450,000.00		168.75
5012014		30112301	GEORGETOWN UN		—		16,995.00		16,995.00		1,133,000.00		424.88
5012014		30112302	GEORGETOWN UN		—		60,600.00		60,600.00		3,030,000.00		1,136.25
5012014		30114001	HOOD COLLEGE		—		271.88		271.88		15,000.00		5.63
5012014		30117402	LYCOMING COLL		20,000.00		362.50		20,362.50		20,000.00		7.50
5012014		30117403	LYCOMING COLL		25,000.00		937.50		25,937.50		49,999.99		18.75
5012014		30117501	LYNCHBURG COL		40,000.00		1,087.50		41,087.50		58,000.00		21.75
5012014		30117502	LYNCHBURG COL		40,000.00		2,925.00		42,925.00		195,000.00		73.13
5012014		30118401	MARYMOUNT UNI		45,000.00		2,025.00		47,025.00		135,000.00		50.63
5012014		30119202	MERCER UNIVER		19,989.38		299.85		20,289.23		19,989.38		7.50
5012014		30119801	MILLSAPS COLL		—		3,780.00		3,780.00		252,000.00		94.50
5012014		30120601	MORGAN STATE		90,023.21		2,720.95		92,744.16		181,396.57		68.02
5012014		30125506	RIDER COLLEGE		30,000.00		1,755.00		31,755.00		117,000.00		43.88
5012014		30128802	SETON HILL CO		—		507.50		507.50		28,000.00		10.50
5012014		30140502	WITTENBERG UN		60,000.00		1,800.00		61,800.00		120,000.00		45.00
5012014		30140503	WITTENBERG UN		—		945.00		945.00		63,000.00		23.63
													—
													—
			TOTALS:		560,012.59		128,732.68		688,745.27		7,520,385.94		2,820.18
													2,820.18	Service Fees due
S/F still due for below loans

Page 1 of 1

Berkadia Commercial Mortgage

College and University Loan Trust II

Loans Paid in Full

For the Period of May 01, 2014 through May 31, 2014

Loan Number	Payoff Date		Total Amount Paid		Principal Amount		Interest Amount		Other Fees		Maturity Date
30109502		5/1/2014		71,225.00		70,000.00		1,225.00				5012014
30117402		5/5/2014		20,362.49		20,000.00		362.49				5012014
30119202		5/12/2014		19,989.38		19,989.38		—				5012014
TOTALS:				111,576.87		109,989.38		1,587.49		—

Berkadia Commercial Mortgage

College and University Loan Trust II

Summary of Partial Prepayments

For the Period of May 01, 2014 through May 31, 2014

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, 2014

Loan Number	Borrower Name	Interest Rate		Current UPB		Maturity Date
30100103	ALABAMA AGRICULTURAL		3		445,000.00		5012018
30101601	AUBURN UNIVERSITY		3		665,000.00		12012018
30101701	AZUSA PACIFIC UNIVERSITY		3.75		17,000.00		4012015
30102803	BETHANY COLLEGE - HALL BOND 1967		3		80,000.00		11012017
30104201	TRUST SERVICES DIVISION		3		938,000.00		11012019
30106904	COLLEGE OF SANTA FE		3		175,000.00		10012018
30108202	DAEMEN COLLEGE(ROSARY HILL COLLEGE)		3		90,000.00		4012016
30110101	ELIZABETH CITY STATE UNIVERSITY		3		100,000.00		10012017
30110802	FAIRLEIGH DICKINSON UNIV		3		450,000.00		11012017
30112002	GEORGE FOX COLLEGE		3		216,527.30		7012018
30112301	GEORGETOWN UNIVERSITY		3		1,133,000.00		11012020
30112302	GEORGETOWN UNIVERSITY		4		3,030,000.00		11012020
30113702	HIWASSEE COLLEGE		3		57,690.60		9152018
30114001	HOOD COLLEGE		3.625		15,000.00		11012014
30114802	INTER-AMERICAN UNIV. OF PUERTO RICO		3		445,070.30		1012017
30116201	LASSEN JUNIOR COLLEGE		3		154,000.00		4012020
30117002	LONG ISLAND UNIVERSITY		3.625		45,000.00		6012014
30117403	LYCOMING COLLEGE		3.75		24,999.99		5012015
30117501	LYNCHBURG COLLEGE		3.75		18,000.00		5012015
30117502	LYNCHBURG COLLEGE		3		155,000.00		5012018
30117801	MARIAN COLLEGE OF FOND DU LAC		3		115,000.00		10012016
30118401	MARYMOUNT UNIVERSITY		3		90,000.00		5012016
30119801	MILLSAPS COLLEGE		3		252,000.00		11012021
30119903	MISSISSIPPI STATE UNIVERSITY		3		610,000.00		12012020
30120601	MORGAN STATE UNIVERSTIY		3		91,373.36		11012014
30121501	NORFOLK STATE UNIVERSITY		3		1,231,918.00		12012021
30123401	PAINE COLLEGE		3		198,000.00		10012016
30123701	UNIVERSITY OF THE ARTS		3		1,044,416.00		1012022
30125506	RIDER COLLEGE		3		87,000.00		5012017
30127402	ST MARY’S SCHOOL		3		153,000.00		6012020
30128802	SETON HILL COLLEGE		3.625		28,000.00		11012014
30129101	SIMPSON COLLEGE - BOND 1966		3		68,000.00		7012016
30133201	UNIV STUDENT COOP HOUSING		3		480,000.00		4012019
30134402	UNIVERSITY OF FLORIDA/REV. CERTS.,84		3		180,000.00		7012014
30136801	UNIVERSITY OF ST THOMAS		3		235,000.00		10012019
30137802	VILLANOVA UNIVERSITY		3		360,000.00		4012019
30137901	VINCENNES UNIVERSITY		3		1,900,000.00		6012023
30140502	WITTENBERG UNIVERSITY		3		60,000.00		5012015
30140503	WITTENBERG UNIVERSITY		3		63,000.00		11012017
	TOTALS:				15,500,995.55

Page 1 of 1

Berkadia Commercial Mortgage

College and University Loan Trust II

Delinquency Report (60+ Days)

As of May 31, 2014

Loan Number	Borrower Name	Next Payment Due		P and I Due		Current UPB
30123401	PAINE COLLEGE		04/01/14		1,344.00		197,999.99
TOTAL:					1,344.00		197,999.99

Berkadia Commercial Mortgage

College and University Loan Trust II

Liquidation Report

As of May 31, 2014

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, 2014 through June 30, 2014

Collections:
Principal Payments	474,698.00
Interest Payments	71,914.40
Total Principal and Interest Collections	546,612.40
Payments and Reversals Posted to Suspense	—
Total Collections	546,612.40
Less: Servicing Fees (not withheld from remittances)	(1,726.86	)
Net Collections	544,885.54

Berkadia Commercial Mortgage

College & Trust Facility Loan Trust II

Service Fees Schedule

For the Period of June 01, 2014 through June 30, 2014

Date Due	Loan Number		Borrower Name	Principal Due		Interest Due		Total Due		Principal Balance		Service Fees
6012014		30101601	AUBURN UNIVER		—		9,975.00		9,975.00		665,000.00		249.38
6012014		30117002	LONG ISLAND U		45,000.00		815.63		45,815.63		45,000.00		16.88
6012014		30119903	MISSISSIPPI S		—		9,150.00		9,150.00		610,000.00		228.75
6012014		30121501	NORFOLK STATE		68,698.00		18,478.78		87,176.78		1,231,918.41		461.97
6012014		30127402	ST MARY’S COL		11,000.00		2,295.00		13,295.00		153,000.00		57.38
6012014		30137901	VINCENNES UNI		170,000.00		28,500.00		198,500.00		1,900,000.00		712.50
													—
													—
			TOTALS:		294,698.00		69,214.41		363,912.41		4,604,918.41		1,726.86
													1,726.86	Service Fees due

Page 1 of 1

Berkadia Commercial Mortgage

College and University Loan Trust II

Loans Paid in Full

For the Period of June 01, 2014 through June 30, 2014

Loan Number	Payoff Date		Total Amount Paid		Principal Amount		Interest Amount		Other Fees		Maturity Date
30117002		6/12/2014		45,815.63		45,000.00		815.63				6012014
30134402		6/30/2014		182,700.00		180,000.00		2,700.00				7012014
TOTALS:				228,515.63		225,000.00		3,515.63		—

Berkadia Commercial Mortgage

College and University Loan Trust II

Summary of Partial Prepayments

For the Period of June 01, 2014 through June 30, 2014

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, 2014

Loan Number	Borrower Name	Interest Rate		Current UPB		Maturity Date
30100103	ALABAMA AGRICULTURAL		3		445,000.00		5012018
30101601	AUBURN UNIVERSITY		3		665,000.00		12012018
30101701	AZUSA PACIFIC UNIVERSITY		3.75		17,000.00		4012015
30102803	BETHANY COLLEGE - HALL BOND 1967		3		80,000.00		11012017
30104201	TRUST SERVICES DIVISION		3		938,000.00		11012019
30106904	COLLEGE OF SANTA FE		3		175,000.00		10012018
30108202	DAEMEN COLLEGE(ROSARY HILL COLLEGE)		3		90,000.00		4012016
30110101	ELIZABETH CITY STATE UNIVERSITY		3		100,000.00		10012017
30110802	FAIRLEIGH DICKINSON UNIV		3		450,000.00		11012017
30112002	GEORGE FOX COLLEGE		3		216,527.30		7012018
30112301	GEORGETOWN UNIVERSITY		3		1,133,000.00		11012020
30112302	GEORGETOWN UNIVERSITY		4		3,030,000.00		11012020
30113702	HIWASSEE COLLEGE		3		57,690.60		9152018
30114001	HOOD COLLEGE		3.625		15,000.00		11012014
30114802	INTER-AMERICAN UNIV. OF PUERTO RICO		3		445,070.30		1012017
30116201	LASSEN JUNIOR COLLEGE		3		154,000.00		4012020
30117403	LYCOMING COLLEGE		3.75		24,999.99		5012015
30117501	LYNCHBURG COLLEGE		3.75		18,000.00		5012015
30117502	LYNCHBURG COLLEGE		3		155,000.00		5012018
30117801	MARIAN COLLEGE OF FOND DU LAC		3		115,000.00		10012016
30118401	MARYMOUNT UNIVERSITY		3		90,000.00		5012016
30119801	MILLSAPS COLLEGE		3		252,000.00		11012021
30119903	MISSISSIPPI STATE UNIVERSITY		3		610,000.00		12012020
30120601	MORGAN STATE UNIVERSTIY		3		91,373.36		11012014
30121501	NORFOLK STATE UNIVERSITY		3		1,163,220.00		12012021
30123401	PAINE COLLEGE		3		198,000.00		10012016
30123701	UNIVERSITY OF THE ARTS		3		1,044,416.00		1012022
30125506	RIDER COLLEGE		3		87,000.00		5012017
30127402	ST MARY’S SCHOOL		3		142,000.00		6012020
30128802	SETON HILL COLLEGE		3.625		28,000.00		11012014
30129101	SIMPSON COLLEGE - BOND 1966		3		68,000.00		7012016
30133201	UNIV STUDENT COOP HOUSING		3		480,000.00		4012019
30136801	UNIVERSITY OF ST THOMAS		3		235,000.00		10012019
30137802	VILLANOVA UNIVERSITY		3		360,000.00		4012019
30137901	VINCENNES UNIVERSITY		3		1,730,000.00		6012023
30140502	WITTENBERG UNIVERSITY		3		60,000.00		5012015
30140503	WITTENBERG UNIVERSITY		3		63,000.00		11012017
	TOTALS:				15,026,297.55

Page 1 of 1

Berkadia Commercial Mortgage

College and University Loan Trust II

Delinquency Report (60+ Days)

As of June 30, 2014

Loan Number	Borrower Name	Next Payment Due		P and I Due		Current UPB
30123401	PAINE COLLEGE		04/01/14		1,344.00		197,999.99
TOTAL:					1,344.00		197,999.99

Berkadia Commercial Mortgage

College and University Loan Trust II

Liquidation Report

As of June 30, 2014

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, 2014 through July 31, 2014

Collections:
Principal Payments	1,341,573.37
Interest Payments	27,894.29
Total Principal and Interest Collections	1,369,467.66
Payments and Reversals Posted to Suspense	—
Total Collections	1,369,467.66
Less: Servicing Fees (not withheld from remittances)	(732.76	)
Net Collections	1,368,734.90

Berkadia Commercial Mortgage

College & Trust Facility Loan Trust II

Service Fees Schedule

For the Period of July 01, 2014 through July 31, 2014

Date Due	Loan Number		Borrower Name	Principal Due		Interest Due		Total Due		Principal Balance		Service Fees
7012014		30112002	GEORGE FOX CO		11,989.85		1,623.95		13,613.80		216,527.33		81.20
7012014		30114802	INTER AMERICA		86,121.15		6,676.05		92,797.20		445,070.28		166.90
7012014		30123701	PHILADELPHIA		58,241.96		15,666.24		73,908.20		1,044,415.90		391.66
7012014		30129101	SIMPSON COLLE		22,000.00		1,020.00		23,020.00		68,000.00		25.50
7012014		30134402	UNIVERSITY OF		180,000.00		2,700.00		182,700.00		180,000.00		67.50
													—
													—
			TOTALS:		358,352.96		27,686.24		386,039.20		1,954,013.51		732.76
													732.76	Service Fees due

Page 1 of 1

Berkadia Commercial Mortgage

College and University Loan Trust II

Loans Paid in Full

For the Period of July 01, 2014 through July 31, 2014

Loan Number	Payoff Date		Total Amount Paid		Principal Amount		Interest Amount		Other Fees		Maturity Date
30121501		7/1/2014		1,166,128.46		1,163,220.41		2,908.05				12012021
TOTALS:				1,166,128.46		1,163,220.41		2,908.05		—

Berkadia Commercial Mortgage

College and University Loan Trust II

Summary of Partial Prepayments

For the Period of July 01, 2014 through July 31, 2014

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, 2014

Loan Number	Borrower Name	Interest Rate		Current UPB		Maturity Date
30100103	ALABAMA AGRICULTURAL		3		445,000.00		5012018
30101601	AUBURN UNIVERSITY		3		665,000.00		12012018
30101701	AZUSA PACIFIC UNIVERSITY		3.75		17,000.00		4012015
30102803	BETHANY COLLEGE - HALL BOND 1967		3		80,000.00		11012017
30104201	TRUST SERVICES DIVISION		3		938,000.00		11012019
30106904	COLLEGE OF SANTA FE		3		175,000.00		10012018
30108202	DAEMEN COLLEGE (ROSARY HILL COLLEGE)		3		90,000.00		4012016
30110101	ELIZABETH CITY STATE UNIVERSITY		3		100,000.00		10012017
30110802	FAIRLEIGH DICKINSON UNIV		3		450,000.00		11012017
30112002	GEORGE FOX COLLEGE		3		204,537.48		7012018
30112301	GEORGETOWN UNIVERSITY		3		1,133,000.00		11012020
30112302	GEORGETOWN UNIVERSITY		4		3,030,000.00		11012020
30113702	HIWASSEE COLLEGE		3		57,690.60		9152018
30114001	HOOD COLLEGE		3.625		15,000.00		11012014
30114802	INTER-AMERICAN UNIV. OF PUERTO RICO		3		358,949.13		1012017
30116201	LASSEN JUNIOR COLLEGE		3		154,000.00		4012020
30117403	LYCOMING COLLEGE		3.75		24,999.99		5012015
30117501	LYNCHBURG COLLEGE		3.75		18,000.00		5012015
30117502	LYNCHBURG COLLEGE		3		155,000.00		5012018
30117801	MARIAN COLLEGE OF FOND DU LAC		3		115,000.00		10012016
30118401	MARYMOUNT UNIVERSITY		3		90,000.00		5012016
30119801	MILLSAPS COLLEGE		3		252,000.00		11012021
30119903	MISSISSIPPI STATE UNIVERSITY		3		610,000.00		12012020
30120601	MORGAN STATE UNIVERSTIY		3		91,373.36		11012014
30123401	PAINE COLLEGE		3		197,999.99		10012016
30123701	UNIVERSITY OF THE ARTS		3		986,173.94		1012022
30125506	RIDER COLLEGE		3		87,000.00		5012017
30127402	ST MARY’S SCHOOL		3		142,000.00		6012020
30128802	SETON HILL COLLEGE		3.625		28,000.00		11012014
30129101	SIMPSON COLLEGE - BOND 1966		3		46,000.00		7012016
30133201	UNIV STUDENT COOP HOUSING		3		480,000.00		4012019
30136801	UNIVERSITY OF ST THOMAS		3		235,000.00		10012019
30137802	VILLANOVA UNIVERSITY		3		360,000.00		4012019
30137901	VINCENNES UNIVERSITY		3		1,730,000.00		6012023
30140502	WITTENBERG UNIVERSITY		3		60,000.00		5012015
30140503	WITTENBERG UNIVERSITY		3		63,000.00		11012017
	TOTALS:				13,684,724.49

Page 1 of 1

Berkadia Commercial Mortgage

College and University Loan Trust II

Delinquency Report (60+ Days)

As of July 31, 2014

Loan Number	Borrower Name	Next Payment Due		P and I Due		Current UPB
30123401	PAINE COLLEGE		04/01/14		1,344.00		197,999.99
TOTAL:					1,344.00		197,999.99

Berkadia Commercial Mortgage

College and University Loan Trust II

Liquidation Report

As of July 31, 2014

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, 2014 through August 31, 2014

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)	—
Net Collections	—

Berkadia Commercial Mortgage

College & Trust Facility Loan Trust II

Service Fees Schedule

For the Period of August 01, 2014 through August 31, 2014

Date Due

Loan Number

Borrower Name

Principal Due

Interest Due

Total Due

Principal Balance

Service Fees

—

—

TOTALS:

—

—

—

—

—

—

Service Fees due

Page 1 of 1

Berkadia Commercial Mortgage

College and University Loan Trust II

Loans Paid in Full

For the Period of August 01, 2014 through August 31, 2014

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, 2014 through August 31, 2014

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, 2014

Loan Number	Borrower Name	Interest Rate		Current UPB		Maturity Date
30100103	ALABAMA AGRICULTURAL		3		445,000.00		5012018
30101601	AUBURN UNIVERSITY		3		665,000.00		12012018
30101701	AZUSA PACIFIC UNIVERSITY		3.75		17,000.00		4012015
30102803	BETHANY COLLEGE - HALL BOND 1967		3		80,000.00		11012017
30104201	TRUST SERVICES DIVISION		3		938,000.00		11012019
30106904	COLLEGE OF SANTA FE		3		175,000.00		10012018
30108202	DAEMEN COLLEGE (ROSARY HILL COLLEGE)		3		90,000.00		4012016
30110101	ELIZABETH CITY STATE UNIVERSITY		3		100,000.00		10012017
30110802	FAIRLEIGH DICKINSON UNIV		3		450,000.00		11012017
30112002	GEORGE FOX COLLEGE		3		204,537.48		7012018
30112301	GEORGETOWN UNIVERSITY		3		1,133,000.00		11012020
30112302	GEORGETOWN UNIVERSITY		4		3,030,000.00		11012020
30113702	HIWASSEE COLLEGE		3		57,690.60		9152018
30114001	HOOD COLLEGE		3.625		15,000.00		11012014
30114802	INTER-AMERICAN UNIV. OF PUERTO RICO		3		358,949.13		1012017
30116201	LASSEN JUNIOR COLLEGE		3		154,000.00		4012020
30117403	LYCOMING COLLEGE		3.75		24,999.99		5012015
30117501	LYNCHBURG COLLEGE		3.75		18,000.00		5012015
30117502	LYNCHBURG COLLEGE		3		155,000.00		5012018
30117801	MARIAN COLLEGE OF FOND DU LAC		3		115,000.00		10012016
30118401	MARYMOUNT UNIVERSITY		3		90,000.00		5012016
30119801	MILLSAPS COLLEGE		3		252,000.00		11012021
30119903	MISSISSIPPI STATE UNIVERSITY		3		610,000.00		12012020
30120601	MORGAN STATE UNIVERSTIY		3		91,373.36		11012014
30123401	PAINE COLLEGE		3		197,999.99		10012016
30123701	UNIVERSITY OF THE ARTS		3		986,173.94		1012022
30125506	RIDER COLLEGE		3		87,000.00		5012017
30127402	ST MARY’S SCHOOL		3		142,000.00		6012020
30128802	SETON HILL COLLEGE		3.625		28,000.00		11012014
30129101	SIMPSON COLLEGE - BOND 1966		3		46,000.00		7012016
30133201	UNIV STUDENT COOP HOUSING		3		480,000.00		4012019
30136801	UNIVERSITY OF ST THOMAS		3		235,000.00		10012019
30137802	VILLANOVA UNIVERSITY		3		360,000.00		4012019
30137901	VINCENNES UNIVERSITY		3		1,730,000.00		6012023
30140502	WITTENBERG UNIVERSITY		3		60,000.00		5012015
30140503	WITTENBERG UNIVERSITY		3		63,000.00		11012017
	TOTALS:				13,684,724.49

Page 1 of 1

Berkadia Commercial Mortgage

College and University Loan Trust II

Delinquency Report (60+ Days)

As of August 31, 2014

Loan Number	Borrower Name	Next Payment Due		P and I Due		Current UPB
30123401	PAINE COLLEGE		04/01/14		1,344.00		197,999.99
TOTAL:					1,344.00		197,999.99

Berkadia Commercial Mortgage

College and University Loan Trust II

Liquidation Report

As of August 31, 2014

None to report for this period

Berkadia Commercial Mortgage

College and University Loan Trust II

Remittance Report for December 2013

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
20131202		12012013		30101601	AUBURN UNIVERSITY		125,000.00		11,850.00		136,850.00		790,000.00		125,000.00		11,850.00		—			136,850.00
20131202		12012013		30121501	NORFOLK STATE UNIVERSITY		67,682.76		19,494.02		87,176.78		1,299,601.17		67,682.76		19,494.01		—			87,176.77
20131202		0		30121501	NORFOLK STATE UNIVERSITY										—		—		0.01			0.01
20131202		12012013		30137901	VINCENNES UNIVERSITY		—		28,500.00		28,500.00		1,900,000.00		—		28,500.00		—			28,500.00
System Credits 12/2																									252,526.78
System Debits 12/2																									—
Bank Credit 12/2
Bank Debit 12/2
Bank Debit 12/2 (funds movement adj)
Trustee Wire 12/2
20131204		12012013		30119903	MISSISSIPPI STATE UNIVERSITY		80,000.00		10,350.00		90,350.00		690,000.00		80,000.00		10,350.00		—			90,350.00
System Credits 12/4																									90,350.00
System Debits 12/4																									—
Bank Credit 12/3																												505,053.55
Bank Debit 12/3
Bank Debit 12/3 (funds movement adj)																																252,526.77
Trustee Wire 12/3																														252,526.78
20131205		6012014		30121501	NORFOLK STATE UNIVERSITY										—		0.01		—			0.01
20131205		0		30121501	NORFOLK STATE UNIVERSITY										—		—		(0.01	)		(0.01	)
20131205		0		30121501	NORFOLK STATE UNIVERSITY										—		—		—			—
System Credits 12/5																									0.01
System Debits 12/5																									(0.01	)
Bank Credit 12/5																												180,700.00
Bank Debit 12/5
Bank Debit 12/5 (funds movement adj)																																90,350.00
Trustee Wire 12/5																														90,350.00
20131210		12012013		30127402	ST MARY’S SCHOOL		11,000.00		2,460.00		13,460.00		164,000.00		11,000.00		2,460.00		—			13,460.00
																						—
System Credits 12/10																									13,460.00
System Debits 12/10																									—
Bank Credit 12/6																												0.02
Bank Debit 12/6 (payment reversal)																																0.01
Bank Debit 12/6 (funds movement adj)																																0.01
Trustee Wire 12/6
20131220		1012014		30123701	UNIVERSITY OF THE ARTS										57,381.25		16,526.95		—			73,908.20
																						—
System Credits 12/20																									73,908.20
System Debits 12/20																									—
Bank Credit 12/11																												26,920.00
Bank Debit 12/11
Bank Debit 12/11 (funds movement adj)																																13,460.00
Trustee Wire 12/11																														13,460.00
20131231		1012014		30114802	INTER-AMERICAN UNIV. OF PUERTO RICO										84,848.42		7,948.78		—			92,797.20
20131231		1012014		30134402	UNIVERSITY OF FLORIDA/REV. CERTS.,84										—		2,700.00		—			2,700.00
																						—
System Credits 12/31																									95,497.20
System Debits 12/31																									—
Bank Credit 12/23																												147,816.40
Bank Debit 12/23
Bank Debit 12/23 (funds movement adj)																																73,908.20
Trustee Wire 12/23																														73,908.20
					TOTALS:		283,682.76		72,654.02		356,336.78		4,843,601.17		425,912.43		99,829.75		—			525,742.18			525,742.18			860,489.97		430,244.98		430,244.99
Loans Due in Current Period and Paid in Prior Period:
					TOTALS:		—		—		—		—
Loans Due in Current Period Not Yet Paid:
		12012013		30117002	LONG ISLAND U		—		815.63		815.63		45,000.00
					TOTALS:		—		815.63		815.63		45,000.00
					GRAND TOTAL:		283,682.76		73,469.65		357,152.41		4,888,601.17

Berkadia Commercial Mortgage

College and University Loan Trust II

Remittance Report Reconciliation

December-13

Total System Credits @ 12/31		525,742.18
Total Bank Credits @ 12/31		860,489.97
	in transit
12/3/2013	funds movement adjustment	(252,526.77	)
12/5/2013	funds movement adjustment	(90,350.00	)
12/6/2013	payment reversal	(0.01	)
12/6/2013	funds movement adjustment	(0.01	)
12/11/2013	funds movement adjustment	(13,460.00	)
12/23/2014	funds movement adjustment	(73,908.20	)
	funds movement adjustment
	payment reversal
	funds movement adjustment
	funds movement adjustment
	Direct to Lender payments
	overdraft funding
12/31/2013	in transit	95,497.20
		525,742.18
Adjusted Bank Credits:		—

Berkadia Commercial Mortgage

College and University Loan Trust II

Remittance Report Reconciliation

December-13

Total Bank Credits @ 12/31		860,489.97
Total Debits to Trustee @ 12/31		430,244.98
	Service Fees
	Inspection Fees
12/3/2013	funds movement adjustment	252,526.77
12/5/2013	funds movement adjustment	90,350.00
12/6/2013	payment reversal	0.01
12/6/2013	funds movement adjustment	0.01
12/11/2013	funds movement adjustment	13,460.00
12/23/2014	funds movement adjustment	73,908.20
	payment reversal
	funds movement adjustment
	overdraft funding repay
	funds movement adjustment
	payment reversal
	funds movement adjustment
	overdraft funding repay
Adjusted Debits to Trustee		860,489.97
		—

Berkadia Commercial Mortgage

College and University Loan Trust II

Remittance Report for January 2014

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
20140102		1012014		30129101	SIMPSON COLLEGE - BOND 1966		—		1,020.00		1,020.00		68,000.00		—		1,020.00		—			1,020.00
																						—
																						—
																						—
System Credits 1/2																									1,020.00
System Debits 1/2																									—
Bank Credit 1/2																												190,994.40
Bank Debit 1/2
Bank Debit 1/2 (funds movement adj)																																95,497.20
Trustee Wire 1/2																														95,497.20
20140106		1012014		30112002	GEORGE FOX COLLEGE		11,812.00		1,801.80		13,613.80		240,239.92		11,812.00		1,801.80		—			13,613.80
System Credits 1/6																									13,613.80
System Debits 1/6																									—
Bank Credit 1/3																												2,040.00
Bank Debit 1/3
Bank Debit 1/3 (funds movement adj)																																1,020.00
Trustee Wire 1/3																														1,020.00
20140115		1012014		30121201	NEWARK BETH ISRAEL MEDICAL CENTER		55,000.00		996.87		55,996.87		55,000.00		55,000.00		—		—			55,000.00
20140115		1012014		30121201	NEWARK BETH ISRAEL MEDICAL CENTER										—		956.88		—			956.88
																						—
System Credits 1/15																									55,956.88
System Debits 1/15																									—
Bank Credit 1/7																												27,227.60
Bank Debit 1/7
Bank Debit 1/7 (funds movement adj)																																13,613.80
Trustee Wire 1/7																														13,613.80
20140129		6012013		30117002	LONG ISLAND UNIVERSITY										815.63		—		—			815.63
System Credits 1/29																									815.63
System Debits 1/29																									—
Bank Credit 1/16																												111,913.76
Bank Debit 1/17 (service fee)																																5,408.06
Bank Debit 1/16 (funds movement adj)																																55,956.88
Trustee Wire 1/16																														50,548.82
20140130		0		30112902	HAMPSHIRE COLLEGE										—		—		59,382.82			59,382.82
20140130		0		30112902	HAMPSHIRE COLLEGE										—		—		—			—
20140130		0		30112902	HAMPSHIRE COLLEGE										—		—		(59,382.82	)		(59,382.82	)
20140130		1302014		30112902	HAMPSHIRE COLLEGE										—		—		—			—
20140130		0		30112902	HAMPSHIRE COLLEGE										58,200.12		882.70		—			59,082.82
																						—
System Credits 1/30																									118,465.64
System Debits 1/30																									(59,382.82	)
Bank Credit 1/30
Bank Debit 1/30
Bank Debit 1/30 (funds movement adj)
Trustee Wire 1/30
																						—
																						—
																						—
System Credits 1/31																									—
System Debits 1/31																									—
Bank Credit 1/31																												177,548.46
Bank Debit 1/31 (payment reversal)																																59,082.82
Bank Debit 1/31 (funds movement adj)																																59,382.82
Trustee Wire 1/31																														59,082.82
					TOTALS:		66,812.00		3,818.67		70,630.67		363,239.92		125,827.75		4,661.38		—			130,489.13			130,489.13			509,724.22		219,762.64		289,961.58
Loans Due in Current Period and Paid in Prior Period:
		1012014		30114802	INTER AMERICA		84,848.42		7,948.78		92,797.20		529,918.70
		1012014		30123701	PHILADELPHIA		57,381.25		16,526.95		73,908.20		1,101,797.15
		1012014		30134402	UNIVERSITY OF		—		2,700.00		2,700.00		180,000.00
					TOTALS:		142,229.67		27,175.73		169,405.40		1,811,715.85
Loans Due in Current Period Not Yet Paid:
					TOTALS:		—		—		—		—
					GRAND TOTAL:		209,041.67		30,994.40		240,036.07		2,174,955.77

Berkadia Commercial Mortgage

College and University Loan Trust II

Remittance Report Reconciliation

January-14

Total System Credits @ 1/31		130,489.13
Total Bank Credits @ 1/31		509,724.22
12/31/2013	in transit wire	95,497.20
1/2/2014	in transit credit	(190,994.40	)
1/2/2014	funds movement adjustment	(95,497.20	)
1/3/2014	funds movement adjustment	(1,020.00	)
1/7/2014	funds movement adjustment	(13,613.80	)
1/16/2014	funds movement adjustment	(55,956.88	)
1/31/2014	payment reversal	(59,082.82	)
1/31/2014	funds movement adjustment	(59,382.82	)
	funds movement adjustment
	payment reversal
	funds movement adjustment
	funds movement adjustment
1/29/2014	Direct to Lender payments	815.63
	overdraft funding
	in transit
		130,489.13
Adjusted Bank Credits:		0.00

Berkadia Commercial Mortgage

College and University Loan Trust II

Remittance Report Reconciliation

January-14

Total Bank Credits @ 1/31		509,724.22
Total Debits to Trustee @ 1/31		219,762.64
1/17/2014	Service Fees	5,408.06
	Inspection Fees
1/2/2014	funds movement adjustment	95,497.20
1/3/2014	funds movement adjustment	1,020.00
1/7/2014	funds movement adjustment	13,613.80
1/16/2014	funds movement adjustment	55,956.88
1/31/2014	payment reversal	59,082.82
1/31/2014	funds movement adjustment	59,382.82
	payment reversal
	funds movement adjustment
	overdraft funding repay
	funds movement adjustment
	payment reversal
	funds movement adjustment
	overdraft funding repay
Adjusted Debits to Trustee		509,724.22
		—

Berkadia Commercial Mortgage

College and University Loan Trust II

Remittance Report for February 2014

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 data

—

—

—

—

System Credits 2/3

—

System Debits 2/3

—

Bank Credit 2/3

Bank Debit 2/3

Bank Debit 2/3 (funds movement adj)

Trustee Wire 2/3

—

System Credits 2/4

—

System Debits 2/4

—

Bank Credit 2/4

Bank Debit 2/4

Bank Debit 2/4 (funds movement adj)

Trustee Wire 2/4

TOTALS:

—

—

—

—

—

—

—

—

—

—

—

—

Loans Due in Current Period and Paid in Prior Period:

TOTALS:

—

—

—

—

Loans Due in Current Period Not Yet Paid:

TOTALS:

—

—

—

—

GRAND TOTAL:

—

—

—

—

Berkadia Commercial Mortgage

College and University Loan Trust II

Remittance Report Reconciliation

February-14

Total System Credits @ 2/28		—
Total Bank Credits @ 2/28		—
	in transit wire
	in transit credit
	funds movement adjustment
	funds movement adjustment
	funds movement adjustment
	funds movement adjustment
	payment reversal
	funds movement adjustment
	funds movement adjustment
	payment reversal
	funds movement adjustment
	funds movement adjustment
	Direct to Lender payments
	overdraft funding
	in transit
		—
Adjusted Bank Credits:		—

Berkadia Commercial Mortgage

College and University Loan Trust II

Remittance Report Reconciliation

February-14

Total Bank Credits @ 2/28		—
Total Debits to Trustee @ 2/28		—
	Service Fees
	Inspection Fees
	funds movement adjustment
	funds movement adjustment
	funds movement adjustment
	funds movement adjustment
	payment reversal
	funds movement adjustment
	payment reversal
	funds movement adjustment
	overdraft funding repay
	funds movement adjustment
	payment reversal
	funds movement adjustment
	overdraft funding repay
Adjusted Debits to Trustee		—
		—

Berkadia Commercial Mortgage

College and University Loan Trust II

Remittance Report for March 2014

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
20140325		3152014		30113702	HIWASSEE COLLEGE		5,953.34		954.66		6,908.00		63,643.94		5,953.34		954.66		—		6,908.00
																					—
																					—
																					—
System Credits 3/25																							6,908.00
System Debits 3/25																							—
Bank Credit 3/25
Bank Debit 3/3
Bank Debit 3/3 (funds movement adj)
Trustee Wire 3/3
																					—
System Credits 3/26																							—
System Debits 3/26																							—
Bank Credit 3/26																									13,816.00
Bank Debit 3/26 (Trust Expense + Service Fee + Inspection Fees)																													2,543.11
Bank Debit 3/26 (funds movement adj)																													6,908.00
Trustee Wire 3/26																											4,364.89
					TOTALS:		5,953.34		954.66		6,908.00		63,643.94		5,953.34		954.66		—		6,908.00		6,908.00		13,816.00		4,364.89		9,451.11
Loans Due in Current Period and Paid in Prior Period:
					TOTALS:		—		—		—		—
Loans Due in Current Period Not Yet Paid:
					TOTALS:		—		—		—		—
					GRAND TOTAL:		5,953.34		954.66		6,908.00		63,643.94

Berkadia Commercial Mortgage

College and University Loan Trust II

Remittance Report Reconciliation

March-14

Total System Credits @ 3/31		6,908.00
Total Bank Credits @ 3/31		13,816.00
	in transit wire
	in transit credit
3/26/2014	funds movement adjustment	(6,908.00	)
	funds movement adjustment
	funds movement adjustment
	funds movement adjustment
	payment reversal
	funds movement adjustment
	funds movement adjustment
	payment reversal
	funds movement adjustment
	funds movement adjustment
	Direct to Lender payments
	overdraft funding
	in transit
		6,908.00
Adjusted Bank Credits:		—

Berkadia Commercial Mortgage

College and University Loan Trust II

Remittance Report Reconciliation

March-14

Total Bank Credits @ 3/31		13,816.00
Total Debits to Trustee @ 3/31		4,364.89
3/26/2014	Service Fees	815.61
3/26/2014	Inspection Fees	270.00
3/26/2014	Trust Expense - loan 030129101	1,457.50
3/26/2014	funds movement adjustment	6,908.00
	funds movement adjustment
	funds movement adjustment
	funds movement adjustment
	payment reversal
	funds movement adjustment
	payment reversal
	funds movement adjustment
	overdraft funding repay
	funds movement adjustment
	payment reversal
	funds movement adjustment
	overdraft funding repay
Adjusted Debits to Trustee		13,816.00
		—

Berkadia Commercial Mortgage

College and University Loan Trust II

Remittance Report for April 2014

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
20140401		4012014		30101701	AZUSA PACIFIC UNIVERSITY		16,000.00		618.75		16,618.75		33,000.00		16,000.00		618.75		—			16,618.75
20140401		4012014		30106904	COLLEGE OF SANTA FE		—		2,625.00		2,625.00		175,000.00		—		2,625.00		—			2,625.00
20140401		0		30109604	DRURY COLLEGE		11,000.00		405.00		11,405.00		27,000.00		27,000.00		405.00		—			27,405.00
20140401		4012014		30110101	ELIZABETH CITY STATE UNIVERSITY		—		1,500.00		1,500.00		100,000.00		—		1,500.00		—			1,500.00
20140401		4012014		30117801	MARIAN COLLEGE OF FOND DU LAC		—		1,725.00		1,725.00		115,000.00		—		1,725.00		—			1,725.00
20140401		0		30121101	NEW ENGLAND COLLEGE										—		—		34,510.00			34,510.00
20140401		0		30121101	NEW ENGLAND COLLEGE										—		—		—			—
20140401		0		30121101	NEW ENGLAND COLLEGE										—		—		(34,510.00	)		(34,510.00	)
20140401		0		30121101	NEW ENGLAND COLLEGE		11,000.00		510.00		11,510.00		34,000.00		34,000.00		510.00		—			34,510.00
20140401		0		30123401	PAINE COLLEGE										—		—		2,970.00			2,970.00
20140401		4012014		30133201	UNIV STUDENT COOP HOUSING		90,000.00		8,550.00		98,550.00		570,000.00		90,000.00		8,550.00		—			98,550.00
20140401		4012014		30136801	UNIVERSITY OF ST THOMAS		—		3,525.00		3,525.00		235,000.00		—		3,525.00		—			3,525.00
System Credits 4/1																									223,938.75
System Debits 4/1																									(34,510.00	)
Bank Credit 4/1
Bank Debit 4/1
Bank Debit 4/1 (funds movement adj)
Trustee Wire 4/1
20140402		0		30123401	PAINE COLLEGE										—		—		(2,970.00	)		(2,970.00	)
20140402		10012013		30123401	PAINE COLLEGE										1,344.00		—		—			1,344.00
20140402		4012014		30123401	PAINE COLLEGE		—		2,970.00		2,970.00		197,999.99		—		1,626.00		—			1,626.00
System Credits 4/2																									2,970.00
System Debits 4/2																									(2,970.00	)
Bank Credit 4/2																												410,397.50
Bank Debit 4/2 (payment reversal)																																34,510.00
Bank Debit 4/2 (funds movement adj)																																186,458.75
Trustee Wire 4/2																														189,428.75
20140403		4012014		30108202	DAEMEN COLLEGE(ROSARY HILL COLLEGE)		45,000.00		2,025.00		47,025.00		135,000.00		45,000.00		2,025.00		—			47,025.00
20140403		4012014		30112002	GEORGE FOX COLLEGE		11,900.59		1,713.21		13,613.80		228,427.92		11,900.59		1,713.21		—			13,613.80
20140403		4012014		30116201	LASSEN JUNIOR COLLEGE		25,000.00		2,685.00		27,685.00		179,000.00		25,000.00		2,685.00		—			27,685.00
System Credits 4/3																									88,323.80
System Debits 4/3																									—
Bank Credit 4/3																												5,940.00
Bank Debit 4/3 (payment reversal)																																2,970.00
Bank Debit 4/3 (funds movement adj)																																2,970.00
Trustee Wire 4/3
20140408		6012013		30117002	LONG ISLAND UNIVERSITY										25,973.85		—		—			25,973.85
20140408		12012013		30117002	LONG ISLAND UNIVERSITY										—		815.63		—			815.63
20140408		0		30117002	LONG ISLAND UNIVERSITY										—		—		1,061.56			1,061.56
System Credits 4/8																									27,851.04
System Debits 4/8																									—
Bank Credit 4/4																												176,647.60
Bank Debit 4/4 (service fee)																																23.87
Bank Debit 4/4 (funds movement adj)																																88,323.80
Trustee Wire 4/4																														88,299.93
20140416		4012014		30137802	VILLANOVA UNIVERSITY		65,000.00		6,375.00		71,375.00		425,000.00		65,000.00		6,375.00		—			71,375.00
																						—
																						—
System Credits 4/16																									71,375.00
System Debits 4/16																									—
Bank Credit 4/9																												54,640.52
Bank Debit 4/9
Bank Debit 4/9 (funds movement adj)																																26,789.48
Trustee Wire 4/9																														27,851.04
20140417		5012014		30114001	HOOD COLLEGE										—		271.88		—			271.88
																						—
																						—
System Credits 4/17																									271.88
System Debits 4/17																									—
Bank Credit 4/17																												142,750.00
Bank Debit 4/17
Bank Debit 4/17 (funds movement adj)																																71,375.00
Trustee Wire 4/17																														71,375.00
																						—
																						—
																						—
																						—
System Credits 4/21																									—
System Debits 4/21																									—
Bank Credit 4/21																												543.76
Bank Debit 4/21 (service fees)
Bank Debit 4/21 (funds movement adj)																																271.88
Trustee Wire 4/21																														271.88
					TOTALS:		274,900.59		35,226.96		310,127.55		2,454,427.91		341,218.44		34,970.47		1,061.56			377,250.47			377,250.47			790,919.38		377,226.60		413,692.78
Loans Due in Current Period and Paid in Prior Period:
					TOTALS:		—		—		—		—
Loans Due in Current Period Not Yet Paid:
					TOTALS:		—		—		—		—
					GRAND TOTAL:		274,900.59		35,226.96		310,127.55		2,454,427.91

Berkadia Commercial Mortgage

College and University Loan Trust II

Remittance Report Reconciliation

April-14

Total System Credits @ 4/30		377,250.47
Total Bank Credits @ 4/30		790,919.38
	in transit wire
	in transit credit
4/2/2014	payment reversal	(34,510.00	)
4/2/2014	funds movement adjustment	(186,458.75	)
4/3/2014	payment reversal	(2,970.00	)
4/3/2014	funds movement adjustment	(2,970.00	)
4/4/2014	funds movement adjustment	(88,323.80	)
4/9/2014	funds movement adjustment	(26,789.48	)
4/17/2014	funds movement adjustment	(71,375.00	)
4/21/2014	funds movement adjustment	(271.88	)
	funds movement adjustment
	funds movement adjustment
	Direct to Lender payments
	overdraft funding
	in transit
		377,250.47
Adjusted Bank Credits:		—

Berkadia Commercial Mortgage

College and University Loan Trust II

Remittance Report Reconciliation

April-14

Total Bank Credits @ 4/30		790,919.38
Total Debits to Trustee @ 4/30		377,226.60
4/4/2014	Service Fees	23.87
	Inspection Fees
	Trust Expense
4/2/2014	payment reversal	34,510.00
4/2/2014	funds movement adjustment	186,458.75
4/3/2014	payment reversal	2,970.00
4/3/2014	funds movement adjustment	2,970.00
4/4/2014	funds movement adjustment	88,323.80
4/9/2014	funds movement adjustment	26,789.48
4/17/2014	funds movement adjustment	71,375.00
4/21/2014	funds movement adjustment	271.88
	overdraft funding repay
	funds movement adjustment
	payment reversal
	funds movement adjustment
	overdraft funding repay
Adjusted Debits to Trustee		790,919.38
		—

Berkadia Commercial Mortgage

College and University Loan Trust II

Remittance Report for May 2014

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
20140501		5012014		30100103	ALABAMA AGRICULTURAL		120,000.00		8,475.00		128,475.00		565,000.00		120,000.00		8,475.00		—			128,475.00
20140501		5012014		30104201	TRUST SERVICES DIVISION		—		14,070.00		14,070.00		938,000.00		—		14,070.00		—			14,070.00
20140501		5012014		30109502	DREXEL UNIVERSITY		70,000.00		1,225.00		71,225.00		70,000.00		70,000.00		1,225.00		—			71,225.00
20140501		5012014		30110802	FAIRLEIGH DICKINSON UNIV		—		6,750.00		6,750.00		450,000.00		—		6,750.00		—			6,750.00
20140501		5012014		30112301	GEORGETOWN UNIVERSITY		—		16,995.00		16,995.00		1,133,000.00		—		16,995.00		—			16,995.00
20140501		5012014		30112302	GEORGETOWN UNIVERSITY		—		60,600.00		60,600.00		3,030,000.00		—		60,600.00		—			60,600.00
20140501		0		30117402	LYCOMING COLLEGE										—		—		362.50			362.50
20140501		5012014		30117403	LYCOMING COLLEGE		25,000.00		937.50		25,937.50		49,999.99		25,000.00		937.50		—			25,937.50
20140501		5012014		30117501	LYNCHBURG COLLEGE		40,000.00		1,087.50		41,087.50		58,000.00		40,000.00		1,087.50		—			41,087.50
20140501		5012014		30117502	LYNCHBURG COLLEGE		40,000.00		2,925.00		42,925.00		195,000.00		40,000.00		2,925.00		—			42,925.00
20140501		5012014		30118401	MARYMOUNT UNIVERSITY		45,000.00		2,025.00		47,025.00		135,000.00		45,000.00		2,025.00		—			47,025.00
20140501		0		30119202	MERCER UNIV. ACCOUNTING OFFICE										—		—		299.84			299.84
20140501		5012014		30119801	MILLSAPS COLLEGE		—		3,780.00		3,780.00		252,000.00		—		3,780.00		—			3,780.00
20140501		5012014		30120601	MORGAN STATE UNIVERSTIY		90,023.21		2,720.95		92,744.16		181,396.57		90,023.21		2,720.95		—			92,744.16
20140501		0		30125506	RIDER COLLEGE										—		—		405.00			405.00
20140501		5012014		30140502	WITTENBERG UNIVERSITY		60,000.00		1,800.00		61,800.00		120,000.00		60,000.00		1,800.00		—			61,800.00
20140501		5012014		30140503	WITTENBERG UNIVERSITY		—		945.00		945.00		63,000.00		—		945.00		—			945.00
System Credits 5/1																									615,426.50
System Debits 5/1																									—
Bank Credit 5/1
Bank Debit 5/1
Bank Debit 5/1 (funds movement adj)
Trustee Wire 5/1
20140505		5012014		30102803	BETHANY COLLEGE - HALL BOND 1967		—		1,200.00		1,200.00		80,000.00		—		1,200.00		—			1,200.00
20140505		0		30117402	LYCOMING COLLEGE										—		—		20,000.00			20,000.00
20140505		5012014		30117402	LYCOMING COLLEGE		20,000.00		362.50		20,362.50		20,000.00		20,000.00		362.49		—			20,362.49
20140505		0		30117402	LYCOMING COLLEGE										—		—		(20,362.49	)		(20,362.49	)
20140505		0		30117402	LYCOMING COLLEGE										—		—		—			—
20140505		0		30117402	LYCOMING COLLEGE										—		—		(0.01	)		(0.01	)
System Credits 5/5																									21,200.00
System Debits 5/5																									(0.01	)
Bank Credit 5/2																												615,426.50
Bank Debit 5/2 (payment reversal)
Bank Debit 5/2
Trustee Wire 5/2																														615,426.50
20140506		0		30125506	RIDER COLLEGE										—		—		450.00			450.00
20140506		0		30125506	RIDER COLLEGE										—		—		450.00			450.00
20140506		0		30125506	RIDER COLLEGE										—		—		450.00			450.00
System Credits 5/6																									1,350.00
System Debits 5/6																									—
Bank Credit 5/6																												41,562.49
Bank Debit 5/6 (payment reversal)																																20,362.50
Bank Debit 5/6
Trustee Wire 5/6																														21,199.99
20140507		0		30125506	RIDER COLLEGE										—		—		30,000.00			30,000.00
																						—
																						—
System Credits 5/7																									30,000.00
System Debits 5/7																									—
Bank Credit 5/7																												1,350.00
Bank Debit 5/7
Bank Debit 5/7
Trustee Wire 5/7																														1,350.00
20140508		0		30119202	MERCER UNIV. ACCOUNTING OFFICE										—		—		19,989.37			19,989.37
20140508		0		30125506	RIDER COLLEGE										—		—		—			—
20140508		0		30125506	RIDER COLLEGE										—		—		(31,755.00	)		(31,755.00	)
20140508		5012014		30125506	RIDER COLLEGE		30,000.00		1,755.00		31,755.00		117,000.00		30,000.00		1,755.00		—			31,755.00
System Credits 5/8																									51,744.37
System Debits 5/8																									(31,755.00	)
Bank Credit 5/8																												30,000.00
Bank Debit 5/8
Bank Debit 5/8
Trustee Wire 5/8																														30,000.00
20140509		5012014		30128802	SETON HILL COLLEGE		—		507.50		507.50		28,000.00		—		507.48		—			507.48
20140509		0		30128802	SETON HILL COLLEGE										—		—		0.02			0.02
																						—
System Credits 5/9																									507.50
System Debits 5/9																									—
Bank Credit 5/9																												51,744.37
Bank Debit 5/9
Bank Debit 5/9 (payment reversal)																																31,755.00
Trustee Wire 5/9																														19,989.37
20140512		0		30119202	MERCER UNIV. ACCOUNTING OFFICE										—		—		(19,989.37	)		(19,989.37	)
20140512		0		30119202	MERCER UNIV. ACCOUNTING OFFICE										—		—		(299.84	)		(299.84	)
20140512		5012014		30119202	MERCER UNIV. ACCOUNTING OFFICE		19,989.38		299.85		20,289.23		19,989.38		19,989.38		—		—			19,989.38
20140512		5012014		30119202	MERCER UNIV. ACCOUNTING OFFICE										—		299.83		—			299.83
System Credits 5/12																									20,289.21
System Debits 5/12																									(20,289.21	)
Bank Credit 5/12																												507.50
Bank Debit 5/12 (service fees)																																507.50
Bank Debit 5/12
Trustee Wire 5/12
20140513		0		30128802	SETON HILL COLLEGE										—		—		(0.02	)		(0.02	)
20140513		11012014		30128802	SETON HILL COLLEGE										—		0.02		—			0.02
																						—
System Credits 5/13																									0.02
System Debits 5/13																									(0.02	)
Bank Credit 5/13
Bank Credit5/13																												20,289.21
Bank Debit 5/13 (payment reversal)																																20,289.21
Bank Debit 5/13
Trustee Wire 5/13
																						—
																						—
																						—
																						—
System Credits 5/14																									—
System Debits 5/14																									—
Bank Credit 5/14																												0.02
Bank Debit 5/14 (payment reversal)																																0.02
Bank Debit 5/141 (funds movement adj)
Trustee Wire 5/14
					TOTALS:		560,012.59		128,460.80		688,473.39		7,505,385.94		560,012.59		128,460.77		(0.00	)		688,473.36			688,473.36			760,880.09		687,965.86		72,914.23
Loans Due in Current Period and Paid in Prior Period:
		5012014		30114001	HOOD COLLEGE		—		271.88		271.88		15,000.00
					TOTALS:		—		271.88		271.88		15,000.00
Loans Due in Current Period Not Yet Paid:
					TOTALS:		—		—		—		—
					GRAND TOTAL:		560,012.59		128,732.68		688,745.27		7,520,385.94

Berkadia Commercial Mortgage

College and University Loan Trust II

Remittance Report Reconciliation

May-14

Total System Credits @ 5/31		688,473.36
Total Bank Credits @ 5/31		760,880.09
	in transit wire
	in transit credit
5/6/2014	payment reversal	(20,362.50	)
5/9/2014	payment reversal	(31,755.00	)
5/13/2014	payment reversal	(20,289.21	)
5/14/2014	payment reversal	(0.02	)
	funds movement adjustment
	funds movement adjustment
	funds movement adjustment
	funds movement adjustment
	funds movement adjustment
	funds movement adjustment
	Direct to Lender payments
	overdraft funding
	in transit
		688,473.36
Adjusted Bank Credits:		—

Berkadia Commercial Mortgage

College and University Loan Trust II

Remittance Report Reconciliation

May-14

Total Bank Credits @ 5/31		760,880.09
Total Debits to Trustee @ 5/31		687,965.86
	Service Fees	507.50
	Inspection Fees
	Trust Expense
5/6/2014	payment reversal	20,362.50
5/9/2014	payment reversal	31,755.00
5/13/2014	payment reversal	20,289.21
5/14/2014	payment reversal	0.02
	payment reversal
	payment reversal
	payment reversal
	payment reversal
	overdraft funding repay
	funds movement adjustment
	payment reversal
	funds movement adjustment
	overdraft funding repay
Adjusted Debits to Trustee		760,880.09
		—

Berkadia Commercial Mortgage

College and University Loan Trust II

Remittance Report for June 2014

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
20140602		6012014		30101601	AUBURN UNIVERSITY		—		9,975.00		9,975.00		665,000.00		—		9,975.00		—		9,975.00
20140602		6012014		30119903	MISSISSIPPI STATE UNIVERSITY		—		9,150.00		9,150.00		610,000.00		—		9,150.00		—		9,150.00
20140602		6012014		30121501	NORFOLK STATE UNIVERSITY		68,698.00		18,478.78		87,176.78		1,231,918.41		68,698.00		18,478.77		—		87,176.77
20140602		6012014		30137901	VINCENNES UNIVERSITY		170,000.00		28,500.00		198,500.00		1,900,000.00		170,000.00		28,500.00		—		198,500.00
System Credits 6/2																							304,801.77
System Debits 6/2																							—
Bank Credit 6/2
Bank Debit 6/2
Bank Debit 6/2 (funds movement adj)
Trustee Wire 6/2
20140606		6012014		30127402	ST MARY’S SCHOOL		11,000.00		2,295.00		13,295.00		153,000.00		11,000.00		2,295.00		—		13,295.00
																					—
System Credits 6/6																							13,295.00
System Debits 6/6																							—
Bank Credit 6/3																									304,801.77
Bank Debit 6/3
Bank Debit 6/3 (service fees)																													412.95
Trustee Wire 6/3																											304,388.82
20140612		6012014		30117002	LONG ISLAND UNIVERSITY		45,000.00		815.63		45,815.63		45,000.00		45,000.00		815.63		—		45,815.63
																					—
																					—
System Credits 6/12																							45,815.63
System Debits 6/12																							—
Bank Credit 6/9																									13,295.00
Bank Debit 6/9
Bank Debit 6/9
Trustee Wire 6/9																											13,295.00
20140630		7012014		30134402	UNIVERSITY OF FLORIDA/REV. CERTS.,84										180,000.00		2,700.00		—		182,700.00
																					—
																					—
System Credits 6/30																							182,700.00
System Debits 6/30																							—
Bank Credit 6/13
Bank Debit 6/13
Bank Debit 6/13
Trustee Wire 6/13
					TOTALS:		294,698.00		69,214.41		363,912.41		4,604,918.41		474,698.00		71,914.40		—		546,612.40		546,612.40		318,096.77		317,683.82		412.95
Loans Due in Current Period and Paid in Prior Period:
					TOTALS:		—		—		—		—
Loans Due in Current Period Not Yet Paid:
					TOTALS:		—		—		—		—
					GRAND TOTAL:		294,698.00		69,214.41		363,912.41		4,604,918.41

Berkadia Commercial Mortgage

College and University Loan Trust II

Remittance Report Reconciliation

June-14

Total System Credits @ 6/30		546,612.40
Total Bank Credits @ 6/30		318,096.77
	in transit wire
	in transit credit
	payment reversal
	payment reversal
	payment reversal
	payment reversal
	funds movement adjustment
	funds movement adjustment
	funds movement adjustment
	funds movement adjustment
	funds movement adjustment
	funds movement adjustment
6/12/2014	Direct to Lender payments	45,815.63
	overdraft funding
	in transit	182,700.00
		546,612.40
Adjusted Bank Credits:		—

Berkadia Commercial Mortgage

College and University Loan Trust II

Remittance Report Reconciliation

June-14

Total Bank Credits @ 6/30		318,096.77
Total Debits to Trustee @ 6/30		317,683.82
6/3/2014	Service Fees	412.95
	Inspection Fees
	Trust Expense
	payment reversal
	payment reversal
	payment reversal
	payment reversal
	payment reversal
	payment reversal
	payment reversal
	payment reversal
	overdraft funding repay
	funds movement adjustment
	payment reversal
	funds movement adjustment
	overdraft funding repay
Adjusted Debits to Trustee		318,096.77
		—

Berkadia Commercial Mortgage

College and University Loan Trust II

Remittance Report for July 2014

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
20140701		7012014		30114802	INTER-AMERICAN UNIV. OF PUERTO RICO		86,121.15		6,676.05		92,797.20		445,070.28		86,121.15		6,676.05		—			92,797.20
20140701		0		30121501	NORFOLK STATE UNIVERSITY										—		—		1,166,138.46			1,166,138.46
20140701		0		30121501	NORFOLK STATE UNIVERSITY										—		—		—			—
20140701		0		30121501	NORFOLK STATE UNIVERSITY										—		—		(1,166,138.46	)		(1,166,138.46	)
20140701		7012014		30121501	NORFOLK STATE UNIVERSITY										—		—		—			—
20140701		0		30121501	NORFOLK STATE UNIVERSITY										1,163,220.41		2,908.05		—			1,166,128.46
20140701		7012014		30123701	UNIVERSITY OF THE ARTS		58,241.96		15,666.24		73,908.20		1,044,415.90		58,241.96		15,666.24		—			73,908.20
20140701		7012014		30129101	SIMPSON COLLEGE - BOND 1966		22,000.00		1,020.00		23,020.00		68,000.00		22,000.00		1,020.00		—			23,020.00
System Credits 7/1																									2,521,992.32
System Debits 7/1																									(1,166,138.46	)
Bank Credit 7/1																												182,700.00
Bank Debit 7/1
Bank Debit 7/1 (funds movement adj)
Trustee Wire 7/1																														182,700.00
20140707		7012014		30112002	GEORGE FOX COLLEGE		11,989.85		1,623.95		13,613.80		216,527.33		11,989.85		1,623.95		—			13,613.80
																						—
System Credits 7/7																									13,613.80
System Debits 7/7																									—
Bank Credit 7/2																												2,521,992.32
Bank Debit 7/2 (payment reversal)																																1,166,138.46
Bank Debit 7/2
Trustee Wire 7/2																														1,355,853.86
																						—
																						—
																						—
System Credits 7/8																									—
System Debits 7/8																									—
Bank Credit 7/8																												13,613.80
Bank Debit 7/8
Bank Debit 7/8
Trustee Wire 7/8																														13,613.80
					TOTALS:		178,352.96		24,986.24		203,339.20		1,774,013.51		1,341,573.37		27,894.29		—			1,369,467.66			1,369,467.66			2,718,306.12		1,552,167.66		1,166,138.46
Loans Due in Current Period and Paid in Prior Period:
		7012014		30134402	UNIVERSITY OF		180,000.00		2,700.00		182,700.00		180,000.00
					TOTALS:		180,000.00		2,700.00		182,700.00		180,000.00
Loans Due in Current Period Not Yet Paid:
					TOTALS:		—		—		—		—
					GRAND TOTAL:		358,352.96		27,686.24		386,039.20		1,954,013.51

Berkadia Commercial Mortgage

College and University Loan Trust II

Remittance Report Reconciliation

July-14

Total System Credits @ 7/31		1,369,467.66
Total Bank Credits @ 7/31		2,718,306.12
6/30/2014	in transit wire	(182,700.00	)
	in transit credit
7/2/2014	payment reversal	(1,166,138.46	)
	payment reversal
	payment reversal
	payment reversal
	funds movement adjustment
	funds movement adjustment
	funds movement adjustment
	funds movement adjustment
	funds movement adjustment
	funds movement adjustment
	Direct to Lender payments
	overdraft funding
	in transit
		1,369,467.66
Adjusted Bank Credits:		—

Berkadia Commercial Mortgage

College and University Loan Trust II

Remittance Report Reconciliation

July-14

Total Bank Credits @ 7/31		2,718,306.12
Total Debits to Trustee @ 7/31		1,552,167.66
	Service Fees
	Inspection Fees
	Trust Expense
7/2/2014	payment reversal	1,166,138.46
	payment reversal
	payment reversal
	payment reversal
	payment reversal
	payment reversal
	payment reversal
	payment reversal
	overdraft funding repay
	funds movement adjustment
	payment reversal
	funds movement adjustment
	overdraft funding repay
Adjusted Debits to Trustee		2,718,306.12
		—

Berkadia Commercial Mortgage

College and University Loan Trust II

Remittance Report for August 2014

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 data

—

—

—

—

—

—

—

—

System Credits 8/1

—

System Debits 8/1

—

Bank Credit 8/1

Bank Debit 8/1

Bank Debit 8/1

Trustee Wire 8/1

TOTALS:

—

—

—

—

—

—

—

—

—

—

—

—

Loans Due in Current Period and Paid in Prior Period:

none to report

TOTALS:

—

—

—

—

Loans Due in Current Period Not Yet Paid:

none to report

TOTALS:

—

—

—

—

GRAND TOTAL:

—

—

—

—

Berkadia Commercial Mortgage

College and University Loan Trust II

Remittance Report Reconciliation

August-14

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

Berkadia Commercial Mortgage

College and University Loan Trust II

Remittance Report Reconciliation

August-14

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

Berkadia Commercial Mortgage

College and University Loan Trust II

Collection Account Activity Report

For the Period of September 01, 2014 through September 30, 2014

Collections:
Principal Payments	6,042.64
Interest Payments	13,465.36
Total Principal and Interest Collections	19,508.00
Payments and Reversals Posted to Suspense	—
Total Collections	19,508.00
Less: Servicing Fees (not withheld from remittances)	(21.63	)
Net Collections	19,486.37

Berkadia Commercial Mortgage

College & Trust Facility Loan Trust II

Service Fees Schedule

For the Period of September 01, 2014 through September 30, 2014

Date Due	Loan Number		Borrower Name	Principal Due		Interest Due		Total Due		Principal Balance		Service Fees
09152014		30113702	HIWASSEE COLL		6,042.64		865.36		6,908.00		57,690.60		21.63
													—
													—
													—
													—
													—
													—
													—
			TOTALS:		6,042.64		865.36		6,908.00		57,690.60		21.63
													21.63	Service Fees due

S/F still due for below loans

Page 2 of 10

Berkadia Commercial Mortgage

College and University Loan Trust II

Loans Paid in Full

For the Period of September 01, 2014 through September 30, 2014

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

Page 3 of 10

Berkadia Commercial Mortgage

College and University Loan Trust II

Summary of Partial Prepayments

For the Period of September 01, 2014 through September 30, 2014

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

Page 4 of 10

Berkadia Commercial Mortgage

College and University Loan Trust II

Trial Balance

As of September 30, 2014

Loan Number	Borrower Name	Interest Rate		Current UPB		Maturity Date
30100103	ALABAMA AGRICULTURAL		3		445,000.00		5012018
30101601	AUBURN UNIVERSITY		3		665,000.00		12012018
30101701	AZUSA PACIFIC UNIVERSITY		3.75		17,000.00		4012015
30102803	BETHANY COLLEGE - HALL BOND 1967		3		80,000.00		11012017
30104201	TRUST SERVICES DIVISION		3		938,000.00		11012019
30106904	COLLEGE OF SANTA FE		3		175,000.00		10012018
30108202	DAEMEN COLLEGE(ROSARY HILL COLLEGE)		3		90,000.00		4012016
30110101	ELIZABETH CITY STATE UNIVERSITY		3		100,000.00		10012017
30110802	FAIRLEIGH DICKINSON UNIV		3		450,000.00		11012017
30112002	GEORGE FOX COLLEGE		3		204,537.48		7012018
30112301	GEORGETOWN UNIVERSITY		3		1,133,000.00		11012020
30112302	GEORGETOWN UNIVERSITY		4		3,030,000.00		11012020
30113702	HIWASSEE COLLEGE		3		51,647.96		9152018
30114001	HOOD COLLEGE		3.625		15,000.00		11012014
30114802	INTER-AMERICAN UNIV. OF PUERTO RICO		3		358,949.13		1012017
30116201	LASSEN JUNIOR COLLEGE		3		154,000.00		4012020
30117403	LYCOMING COLLEGE		3.75		24,999.99		5012015
30117501	LYNCHBURG COLLEGE		3.75		18,000.00		5012015
30117502	LYNCHBURG COLLEGE		3		155,000.00		5012018
30117801	MARIAN COLLEGE OF FOND DU LAC		3		115,000.00		10012016
30118401	MARYMOUNT UNIVERSITY		3		90,000.00		5012016
30119801	MILLSAPS COLLEGE		3		252,000.00		11012021
30119903	MISSISSIPPI STATE UNIVERSITY		3		610,000.00		12012020
30120601	MORGAN STATE UNIVERSTIY		3		91,373.36		11012014
30123401	PAINE COLLEGE		3		197,999.99		10012016
30123701	UNIVERSITY OF THE ARTS		3		986,173.94		1012022
30125506	RIDER COLLEGE		3		87,000.00		5012017
30127402	ST MARY’S SCHOOL		3		142,000.00		6012020
30128802	SETON HILL COLLEGE		3.625		28,000.00		11012014
30129101	SIMPSON COLLEGE - BOND 1966		3		46,000.00		7012016
30133201	UNIV STUDENT COOP HOUSING		3		480,000.00		4012019
30136801	UNIVERSITY OF ST THOMAS		3		235,000.00		10012019
30137802	VILLANOVA UNIVERSITY		3		360,000.00		4012019
30137901	VINCENNES UNIVERSITY		3		1,730,000.00		6012023
30140502	WITTENBERG UNIVERSITY		3		60,000.00		5012015
30140503	WITTENBERG UNIVERSITY		3		63,000.00		11012017
	TOTALS:				13,678,681.85

Page 5 of 10

Berkadia Commercial Mortgage

College and University Loan Trust II

Delinquency Report (60+ Days)

As of September 30, 2014

Loan Number	Borrower Name	Next Payment Due		P and I Due		Current UPB
30123401	PAINE COLLEGE		04/01/14		1,344.00		197,999.99
TOTAL:					1,344.00		197,999.99

Page 6 of 10

Berkadia Commercial Mortgage

College and University Loan Trust II

Liquidation Report

As of September 30, 2014

None to report for this period

Page 7 of 10

Berkadia Commercial Mortgage

College and University Loan Trust II

Remittance Report for September 2014

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
20140922		9152014		30113702	HIWASSEE COLLEGE		6,042.64		865.36		6,908.00		57,690.60		6,042.64		865.36		—		6,908.00
																					—
																					—
System Credits 9/22																							6,908.00
System Debits 9/22																							—
Bank Credit 9/2
Bank Debit 9/2
Bank Debit 9/2
Trustee Wire 9/2
20140925		10012014		30137802	VILLANOVA UNIVERSITY										—		5,400.00		—		5,400.00
																					—
System Credits 9/25																							5,400.00
System Debits 9/25																							—
Bank Credit 9/23																									6,908.00
Bank Debit 9/23
Bank Debit 9/23 (service fees)																													5,279.80
Trustee Wire 9/23																											1,628.20
20140929		10012014		30133201	UNIV STUDENT COOP HOUSING										—		7,200.00		—		7,200.00
																					—
																					—
System Credits 9/29																							7,200.00
System Debits 9/29																							—
Bank Credit 9/26																									5,400.00
Bank Debit 9/26
Bank Debit 9/26
Trustee Wire 9/26																											5,400.00
																					—
																					—
																					—
System Credits 9/30																							—
System Debits 9/30																							—
Bank Credit 9/30																									7,200.00
Bank Debit 9/30
Bank Debit 9/30
Trustee Wire 9/30																											7,200.00
					TOTALS:		6,042.64		865.36		6,908.00		57,690.60		6,042.64		13,465.36		—		19,508.00		19,508.00		19,508.00		14,228.20		5,279.80
Loans Due in Current Period and Paid in Prior Period:
		none to report
					TOTALS:		—		—		—		—
Loans Due in Current Period Not Yet Paid:
		none to report
					TOTALS:		—		—		—		—
					GRAND TOTAL:		6,042.64		865.36		6,908.00		57,690.60

Page 8 of 10

Berkadia Commercial Mortgage

College and University Loan Trust II

Remittance Report Reconciliation

September-14

Total System Credits @ 9/30	19,508.00
Total Bank Credits @ 9/30	19,508.00
in transit wire
in transit credit
payment reversal
payment reversal
payment reversal
payment reversal
funds movement adjustment
funds movement adjustment
funds movement adjustment
funds movement adjustment
funds movement adjustment
funds movement adjustment
Direct to Lender payments
overdraft funding
in transit
	19,508.00
Adjusted Bank Credits:	—

Page 9 of 10

Berkadia Commercial Mortgage

College and University Loan Trust II

Remittance Report Reconciliation

September-14

Total Bank Credits @ 9/30		19,508.00
Total Debits to Trustee @ 9/30		14,228.20
9/23/2014	Service Fees	5,279.80
	Inspection Fees
	Trust Expense
	payment reversal
	payment reversal
	payment reversal
	payment reversal
	payment reversal
	payment reversal
	payment reversal
	payment reversal
	overdraft funding repay
	funds movement adjustment
	payment reversal
	funds movement adjustment
	overdraft funding repay
Adjusted Debits to Trustee		19,508.00
		—

Page 10 of 10

Berkadia Commercial Mortgage

College and University Loan Trust II

Collection Account Activity Report

For the Period of October 01, 2014 through October 31, 2014

Collections:
Principal Payments	222,079.77
Interest Payments	19,473.66
Total Principal and Interest Collections	241,553.43
Payments and Reversals Posted to Suspense	7,216.60
Total Collections	248,770.03
Less: Servicing Fees (not withheld from remittances)	(798.22	)
Net Collections	247,971.81

Berkadia Commercial Mortgage

College & Trust Facility Loan Trust II

Service Fees Schedule

For the Period of October 01, 2014 through October 31, 2014

Date Due	Loan Number		Borrower Name	Principal Due		Interest Due		Total Due		Principal Balance		Service Fees
10012014		30101701	AZUSA PACIFIC		—		318.75		318.75		17,000.00		6.38
10012014		30106904	COLLEGE OF SA		36,000.00		2,625.00		38,625.00		175,000.00		65.63
10012014		30108202	DAEMEN COLLEG		—		1,350.00		1,350.00		90,000.00		33.75
10012014		30110101	ELIZABETH CIT		25,000.00		1,500.00		26,500.00		100,000.00		37.50
10012014		30112002	GEORGE FOX CO		12,079.77		1,534.03		13,613.80		204,537.48		76.70
10012014		30116201	LASSEN JUNIOR		—		2,310.00		2,310.00		154,000.00		57.75
10012014		30117801	MARIAN COLLEG		35,000.00		1,725.00		36,725.00		115,000.00		43.13
10012014		30123401	PAINE COLLEGE		64,000.00		2,970.00		66,970.00		197,999.99		74.25
10012014		30133201	UNIV STU COOP		—		7,200.00		7,200.00		480,000.00		180.00
10012014		30136801	UNIVERSITY OF		35,000.00		3,525.00		38,525.00		235,000.00		88.13
10012014		30137802	VILLANOVA UNI		—		5,400.00		5,400.00		360,000.00		135.00
													—
													—
													—
													—
													—
			TOTALS:		207,079.77		30,457.78		237,537.55		2,128,537.47		798.22
													798.22	Service Fees due

S/F still due for below loans

Page 2 of 10

Berkadia Commercial Mortgage

College and University Loan Trust II

Loans Paid in Full

For the Period of October 01, 2014 through October 31, 2014

Loan Number	Payoff Date	Total Amount Paid	Principal Amount	Interest Amount	Other Fees	Maturity Date
30114001	10/23/2014	15,271.88	15,000.00	271.88		11012014
TOTALS:		15,271.88	15,000.00	271.88	—

Page 3 of 10

Berkadia Commercial Mortgage

College and University Loan Trust II

Summary of Partial Prepayments

For the Period of October 01, 2014 through October 31, 2014

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

Page 4 of 10

Berkadia Commercial Mortgage

College and University Loan Trust II

Trial Balance

As of October 31, 2014

Loan Number	Borrower Name	Interest Rate		Current UPB		Maturity Date
30100103	ALABAMA AGRICULTURAL		3		445,000.00		5012018
30101601	AUBURN UNIVERSITY		3		665,000.00		12012018
30101701	AZUSA PACIFIC UNIVERSITY		3.75		17,000.00		4012015
30102803	BETHANY COLLEGE - HALL BOND 1967		3		80,000.00		11012017
30104201	TRUST SERVICES DIVISION		3		938,000.00		11012019
30106904	COLLEGE OF SANTA FE		3		139,000.00		10012018
30108202	DAEMEN COLLEGE(ROSARY HILL COLLEGE)		3		90,000.00		4012016
30110101	ELIZABETH CITY STATE UNIVERSITY		3		75,000.00		10012017
30110802	FAIRLEIGH DICKINSON UNIV		3		450,000.00		11012017
30112002	GEORGE FOX COLLEGE		3		192,457.70		7012018
30112301	GEORGETOWN UNIVERSITY		3		1,133,000.00		11012020
30112302	GEORGETOWN UNIVERSITY		4		3,030,000.00		11012020
30113702	HIWASSEE COLLEGE		3		51,647.96		9152018
30114802	INTER-AMERICAN UNIV. OF PUERTO RICO		3		358,949.10		1012017
30116201	LASSEN JUNIOR COLLEGE		3		154,000.00		4012020
30117403	LYCOMING COLLEGE		3.75		24,999.99		5012015
30117501	LYNCHBURG COLLEGE		3.75		18,000.00		5012015
30117502	LYNCHBURG COLLEGE		3		155,000.00		5012018
30117801	MARIAN COLLEGE OF FOND DU LAC		3		80,000.00		10012016
30118401	MARYMOUNT UNIVERSITY		3		90,000.00		5012016
30119801	MILLSAPS COLLEGE		3		252,000.00		11012021
30119903	MISSISSIPPI STATE UNIVERSITY		3		610,000.00		12012020
30120601	MORGAN STATE UNIVERSTIY		3		91,373.36		11012014
30123401	PAINE COLLEGE		3		134,000.00		10012016
30123701	UNIVERSITY OF THE ARTS		3		986,173.90		1012022
30125506	RIDER COLLEGE		3		87,000.00		5012017
30127402	ST MARY’S SCHOOL		3		142,000.00		6012020
30128802	SETON HILL COLLEGE		3.625		28,000.00		11012014
30129101	SIMPSON COLLEGE - BOND 1966		3		46,000.00		7012016
30133201	UNIV STUDENT COOP HOUSING		3		480,000.00		4012019
30136801	UNIVERSITY OF ST THOMAS		3		200,000.00		10012019
30137802	VILLANOVA UNIVERSITY		3		360,000.00		4012019
30137901	VINCENNES UNIVERSITY		3		1,730,000.00		6012023
30140502	WITTENBERG UNIVERSITY		3		60,000.00		5012015
30140503	WITTENBERG UNIVERSITY		3		63,000.00		11012017
	TOTALS:				13,456,602.01

Page 5 of 10

Berkadia Commercial Mortgage

College and University Loan Trust II

Delinquency Report (60+ Days)

As of October 31, 2014

Loan Number	Borrower Name	Next Payment Due	P and I Due		Current UPB
no delinquencies as of 10/31/14
TOTAL:				—		—

Page 6 of 10

Berkadia Commercial Mortgage

College and University Loan Trust II

Liquidation Report

As of October 31, 2014

None to report for this period

Page 7 of 10

Berkadia Commercial Mortgage

College and University Loan Trust II

Remittance Report for October 2014

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
20141001		10012014		30101701	AZUSA PACIFIC UNIVERSITY		—		318.75		318.75		17,000.00		—		318.75		—			318.75
20141001		10012014		30106904	COLLEGE OF SANTA FE		36,000.00		2,625.00		38,625.00		175,000.00		36,000.00		2,625.00		—			38,625.00
20141001		10012014		30108202	DAEMEN COLLEGE(ROSARY HILL COLLEGE)		—		1,350.00		1,350.00		90,000.00		—		1,350.00		—			1,350.00
20141001		10012014		30110101	ELIZABETH CITY STATE UNIVERSITY		25,000.00		1,500.00		26,500.00		100,000.00		25,000.00		1,500.00		—			26,500.00
20141001		0		30123401	PAINE COLLEGE										—		—		66,970.00			66,970.00
20141001		0		30133201	UNIV STUDENT COOP HOUSING		—		7,200.00		7,200.00		480,000.00		—		—		7,200.00			7,200.00
20141001		10012014		30136801	UNIVERSITY OF ST THOMAS		35,000.00		3,525.00		38,525.00		235,000.00		35,000.00		3,525.00		—			38,525.00
System Credits 10/1																									179,488.75
System Debits 10/1																									—
Bank Credit 10/1
Bank Debit 10/1
Bank Debit 10/1
Trustee Wire 10/1
20141002		10012014		30116201	LASSEN JUNIOR COLLEGE		—		2,310.00		2,310.00		154,000.00		—		2,310.00		—			2,310.00
20141002		10012014		30117801	MARIAN COLLEGE OF FOND DU LAC		35,000.00		1,725.00		36,725.00		115,000.00		35,000.00		1,725.00		—			36,725.00
System Credits 10/2																									39,035.00
System Debits 10/2																									—
Bank Credit 10/2																												179,488.75
Bank Debit 10/2
Bank Debit 10/2
Trustee Wire 10/2																														179,488.75
20141006		10012014		30112002	GEORGE FOX COLLEGE		12,079.77		1,534.03		13,613.80		204,537.48		12,079.77		1,534.03		—			13,613.80
20141006		0		30123401	PAINE COLLEGE										—		—		(66,970.00	)		(66,970.00	)
20141006		4012014		30123401	PAINE COLLEGE										—		1,344.00		—			1,344.00
20141006		10012014		30123401	PAINE COLLEGE		64,000.00		2,970.00		66,970.00		197,999.99		—		2,970.00		—			2,970.00
20141006		10012014		30123401	PAINE COLLEGE										62,656.00		—		—			62,656.00
System Credits 10/6																									80,583.80
System Debits 10/6																									(66,970.00	)
Bank Credit 10/3																												39,035.00
Bank Debit 10/3
Bank Debit 10/3
Trustee Wire 10/3																														39,035.00
20141014		0		30123401	PAINE COLLEGE										—		—		1,360.60			1,360.60
																						—
																						—
System Credits 10/14																									1,360.60
System Debits 10/14																									—
Bank Credit 10/7																												80,583.80
Bank Debit 10/7
Bank Debit 10/7 (payment reversal)																																66,970.00
Trustee Wire 10/7																														13,613.80
20141016		0		30123401	PAINE COLLEGE										—		—		—			—
20141016		0		30123401	PAINE COLLEGE										—		—		(1,344.00	)		(1,344.00	)
20141016		10012014		30123401	PAINE COLLEGE										1,344.00		—		—			1,344.00
																						—
System Credits 10/16																									1,344.00
System Debits 10/16																									(1,344.00	)
Bank Credit 10/15																												1,360.60
Bank Credit 10/16 (overdraft funding)																												43.26
Bank Debit 10/15
Bank Debit 10/15 (service fee)																																21.63
Trustee Wire 10/15																														1,382.23
20141023		11012014		30114001	HOOD COLLEGE										15,000.00		271.88		—			15,271.88
																						—
																						—
System Credits 10/23																									15,271.88
System Debits 10/23																									—
Bank Credit 10/17																												1,344.00
Bank Debit 10/17
Bank Debit 10/17 (payment reversal)																																1,344.00
Trustee Wire 10/17
																						—
																						—
																						—
																						—
System Credits 10/24																									—
System Debits 10/24																									—
Bank Credit 10/24																												15,271.88
Bank Debit 10/27 (overdraft funding recovery)																																43.26
Bank Debit 10/24
Trustee Wire 10/24																														15,228.62
					TOTALS:		207,079.77		25,057.78		232,137.55		1,768,537.47		222,079.77		19,473.66		7,216.60			248,770.03			248,770.03			317,127.29		248,748.40		68,378.89
Loans Due in Current Period and Paid in Prior Period:
		10012014		30137802	VILLANOVA UNI		—		5,400.00		5,400.00		360,000.00
					TOTALS:		—		5,400.00		5,400.00		360,000.00
Loans Due in Current Period Not Yet Paid:
					TOTALS:		—		—		—		—
					GRAND TOTAL:		207,079.77		30,457.78		237,537.55		2,128,537.47

Page 8 of 10

Berkadia Commercial Mortgage

College and University Loan Trust II

Remittance Report Reconciliation

October-14

Total System Credits @ 10/31		248,770.03
Total Bank Credits @ 10/31		317,127.29
	in transit wire
	in transit credit
10/7/2014	payment reversal	(66,970.00	)
10/17/2014	payment reversal	(1,344.00	)
	payment reversal
	payment reversal
	funds movement adjustment
	funds movement adjustment
	funds movement adjustment
	funds movement adjustment
	funds movement adjustment
	funds movement adjustment
	Direct to Lender payments
10/16/2014	overdraft funding	(43.26	)
	in transit
		248,770.03
Adjusted Bank Credits:		—

Page 9 of 10

Berkadia Commercial Mortgage

College and University Loan Trust II

Remittance Report Reconciliation

October-14

Total Bank Credits @ 10/31		317,127.29
Total Debits to Trustee @ 10/31		248,748.40
	Service Fees	21.63
10/15/2014	Inspection Fees
	Trust Expense
10/7/2014	payment reversal	66,970.00
10/17/2014	payment reversal	1,344.00
	payment reversal
	payment reversal
	payment reversal
	payment reversal
	payment reversal
	payment reversal
10/27/2014	overdraft funding repay	43.26
	funds movement adjustment
	payment reversal
	funds movement adjustment
	overdraft funding repay
Adjusted Debits to Trustee		317,127.29
		—

Page 10 of 10

Berkadia Commercial Mortgage

College and University Loan Trust II

Collection Account Activity Report

For the Period of November 01, 2014 through November 30, 2014

Collections:
Principal Payments	1,472,021.32
Interest Payments	124,506.46
Total Principal and Interest Collections	1,596,527.78
Payments and Reversals Posted to Suspense	(16.60	)
Total Collections	1,596,511.18
Less: Servicing Fees (not withheld from remittances)	(2,610.17	)
Net Collections	1,593,901.01

Berkadia Commercial Mortgage

College & Trust Facility Loan Trust II

Service Fees Schedule

For the Period of November 01, 2014 through November 30, 2014

Date Due	Loan Number		Borrower Name	Principal Due		Interest Due		Total Due		Principal Balance		Service Fees
11012014		30100103	ALABAMA AGRIC		—		6,675.00		6,675.00		445,000.00		166.88
11012014		30102803	BETHANY COLLE		20,000.00		1,200.00		21,200.00		80,000.00		30.00
11012014		30104201	CALIFORNIA ST		145,000.00		14,070.00		159,070.00		938,000.00		351.75
11012014		30110802	FAIRLEIGH DIC		110,000.00		6,750.00		116,750.00		450,000.00		168.75
11012014		30112301	GEORGETOWN UN		148,000.00		16,995.00		164,995.00		1,133,000.00		424.88
11012014		30112302	GEORGETOWN UN		390,000.00		60,600.00		450,600.00		3,030,000.00		1,136.25
11012014		30114001	HOOD COLLEGE		15,000.00		271.88		15,271.88		15,000.00		5.63
11012014		30117403	LYCOMING COLL		—		468.75		468.75		24,999.99		9.37
11012014		30117501	LYNCHBURG COL		—		337.50		337.50		18,000.00		6.75
11012014		30117502	LYNCHBURG COL		—		2,325.00		2,325.00		155,000.00		58.13
11012014		30118401	MARYMOUNT UNI		—		1,350.00		1,350.00		90,000.00		33.75
11012014		30119801	MILLSAPS COLL		28,000.00		3,780.00		31,780.00		252,000.00		94.50
11012014		30120601	MORGAN STATE		91,373.36		1,370.60		92,743.96		91,373.36		34.27
11012014		30125506	RIDER COLLEGE		—		1,305.00		1,305.00		87,000.00		32.63
11012014		30128802	SETON HILL CO		28,000.00		507.50		28,507.50		28,000.00		10.50
11012014		30140502	WITTENBERG UN		—		900.00		900.00		60,000.00		22.50
11012014		30140503	WITTENBERG UN		15,000.00		945.00		15,945.00		63,000.00		23.63
													—
													—
													—
													—
													—
			TOTALS:		990,373.36		119,851.23		1,110,224.59		6,960,373.35		2,610.17
													2,610.17	Service Fees due
S/F still due for below loans

Page 2 of 11

Berkadia Commercial Mortgage

College and University Loan Trust II

Loans Paid in Full

For the Period of November 01, 2014 through November 30, 2014

Loan Number	Payoff Date		Total Amount Paid		Principal Amount		Interest Amount		Other Fees		Maturity Date
30100103		11/24/2014		451,675.00		445,000.00		6,675.00				5012020
30113702		11/14/2014		52,108.49		51,647.96		460.53				9152018
30120601		11/5/2014		92,743.96		91,373.36		1,370.60				11012014
30128802		11/14/2014		28,507.48		28,000.00		507.48				11012014
TOTALS:				625,034.93		616,021.32		9,013.61		—

Page 3 of 11

Berkadia Commercial Mortgage

College and University Loan Trust II

Summary of Partial Prepayments

For the Period of November 01, 2014 through November 30, 2014

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

Page 4 of 11

Berkadia Commercial Mortgage

College and University Loan Trust II

Trial Balance

As of November 30, 2014

Loan Number	Borrower Name	Interest Rate		Current UPB		Maturity Date
30101601	AUBURN UNIVERSITY		3		665,000.00		12012018
30101701	AZUSA PACIFIC UNIVERSITY		3.75		17,000.00		4012015
30102803	BETHANY COLLEGE - HALL BOND 1967		3		60,000.00		11012017
30104201	TRUST SERVICES DIVISION		3		793,000.00		11012019
30106904	COLLEGE OF SANTA FE		3		139,000.00		10012018
30108202	DAEMEN COLLEGE(ROSARY HILL COLLEGE)		3		90,000.00		4012016
30110101	ELIZABETH CITY STATE UNIVERSITY		3		75,000.00		10012017
30110802	FAIRLEIGH DICKINSON UNIV		3		340,000.00		11012017
30112002	GEORGE FOX COLLEGE		3		192,457.70		7012018
30112301	GEORGETOWN UNIVERSITY		3		985,000.00		11012020
30112302	GEORGETOWN UNIVERSITY		4		2,640,000.00		11012020
30114802	INTER-AMERICAN UNIV. OF PUERTO RICO		3		358,949.10		1012017
30116201	LASSEN JUNIOR COLLEGE		3		154,000.00		4012020
30117403	LYCOMING COLLEGE		3.75		24,999.99		5012015
30117501	LYNCHBURG COLLEGE		3.75		18,000.00		5012015
30117502	LYNCHBURG COLLEGE		3		155,000.00		5012018
30117801	MARIAN COLLEGE OF FOND DU LAC		3		80,000.00		10012016
30118401	MARYMOUNT UNIVERSITY		3		90,000.00		5012016
30119801	MILLSAPS COLLEGE		3		224,000.00		11012021
30119903	MISSISSIPPI STATE UNIVERSITY		3		610,000.00		12012020
30123401	PAINE COLLEGE		3		134,000.00		10012016
30123701	UNIVERSITY OF THE ARTS		3		986,173.90		1012022
30125506	RIDER COLLEGE		3		87,000.00		5012017
30127402	ST MARY’S SCHOOL		3		142,000.00		6012020
30129101	SIMPSON COLLEGE—BOND 1966		3		46,000.00		7012016
30133201	UNIV STUDENT COOP HOUSING		3		480,000.00		4012019
30136801	UNIVERSITY OF ST THOMAS		3		200,000.00		10012019
30137802	VILLANOVA UNIVERSITY		3		360,000.00		4012019
30137901	VINCENNES UNIVERSITY		3		1,730,000.00		6012023
30140502	WITTENBERG UNIVERSITY		3		60,000.00		5012015
30140503	WITTENBERG UNIVERSITY		3		48,000.00		11012017
	TOTALS:				11,984,580.69

Page 5 of 11

Berkadia Commercial Mortgage

College and University Loan Trust II

Delinquency Report (60+ Days)

As of November 30, 2014

Loan Number	Borrower Name	Next Payment Due	P and I Due		Current UPB
no delinquencies as of 11/30/14
TOTAL:				—		—

Page 6 of 11

Berkadia Commercial Mortgage

College and University Loan Trust II

Liquidation Report

As of November 30, 2014

None to report for this period

Page 7 of 11

Berkadia Commercial Mortgage

College and University Loan Trust II

Remittance Report for November 2014

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
20141103		11012014		30110802	FAIRLEIGH DICKINSON UNIV		110,000.00		6,750.00		116,750.00		450,000.00		110,000.00		6,750.00					116,750.00
20141103		11012014		30112301	GEORGETOWN UNIVERSITY		148,000.00		16,995.00		164,995.00		1,133,000.00		148,000.00		16,995.00					164,995.00
20141103		11012014		30112302	GEORGETOWN UNIVERSITY		390,000.00		60,600.00		450,600.00		3,030,000.00		390,000.00		60,600.00					450,600.00
20141103		11012014		30117403	LYCOMING COLLEGE		—		468.75		468.75		24,999.99		—		468.75					468.75
20141103		11012014		30117501	LYNCHBURG COLLEGE		—		337.50		337.50		18,000.00		—		337.50					337.50
20141103		11012014		30117502	LYNCHBURG COLLEGE		—		2,325.00		2,325.00		155,000.00		—		2,325.00					2,325.00
20141103		11012014		30118401	MARYMOUNT UNIVERSITY		—		1,350.00		1,350.00		90,000.00		—		1,350.00					1,350.00
20141103		11012014		30119801	MILLSAPS COLLEGE		28,000.00		3,780.00		31,780.00		252,000.00		28,000.00		3,780.00					31,780.00
20141103		0		30120601	MORGAN STATE UNIVERSTIY										—		—		1,370.60			1,370.60
20141103		0		30125506	RIDER COLLEGE										—		—		405.00			405.00
20141103		0		30128802	SETON HILL COLLEGE										—		—		507.50			507.50
20141103		11012014		30140502	WITTENBERG UNIVERSITY		—		900.00		900.00		60,000.00		—		900.00					900.00
20141103		11012014		30140503	WITTENBERG UNIVERSITY		15,000.00		945.00		15,945.00		63,000.00		15,000.00		945.00					15,945.00
System Credits 11/3																									787,734.35
System Debits 11/3																									—
Bank Credit 11/3
Bank Debit 11/3
Bank Debit 11/3
Trustee Wire 11/3
20141104		0		30100103	ALABAMA AGRICULTURAL										—		—		456,125.00			456,125.00
20141104		11012014		30104201	TRUST SERVICES DIVISION		145,000.00		14,070.00		159,070.00		938,000.00		145,000.00		14,070.00		—			159,070.00
20141104		0		30120601	MORGAN STATE UNIVERSTIY										—		—		91,373.47			91,373.47
System Credits 11/4																									706,568.47
System Debits 11/4																									—
Bank Credit 11/4																												787,734.35
Bank Debit 11/4
Bank Debit 11/4
Trustee Wire 11/4																														787,734.35
20141105		0		30120601	MORGAN STATE UNIVERSTIY										—		—		—			—
20141105		0		30120601	MORGAN STATE UNIVERSTIY										—		—		(92,743.96	)		(92,743.96	)
20141105		11012014		30120601	MORGAN STATE UNIVERSTIY		91,373.36		1,370.60		92,743.96		91,373.36		91,373.36		1,370.60		—			92,743.96
																						—
																						—
System Credits 11/5																									92,743.96
System Debits 11/5																									(92,743.96	)
Bank Credit 11/5																												706,568.47
Bank Debit 11/5
Bank Debit 11/5
Trustee Wire 11/5																														706,568.47
20141106		11012014		30102803	BETHANY COLLEGE — HALL BOND 1967		20,000.00		1,200.00		21,200.00		80,000.00		20,000.00		1,200.00		—			21,200.00
																						—
																						—
System Credits 11/6																									21,200.00
System Debits 11/6																									—
Bank Credit 11/6																												92,743.96
Bank Debit 11/6
Bank Debit 11/6 (payment reversal)																																92,743.96
Trustee Wire 11/6
20141107		0		30120601	MORGAN STATE UNIVERSTIY										—		—		—			—
20141107		0		30120601	MORGAN STATE UNIVERSTIY										—		—		(0.11	)		(0.11	)
																						—
																						—
System Credits 11/7																									—
System Debits 11/7																									(0.11	)
Bank Credit 11/7																												21,200.00
Bank Credit 11/7
Bank Debit 11/7
Bank Debit 11/7 (service fee)
Trustee Wire 11/7																														21,200.00
20141110		0		30125506	RIDER COLLEGE										—		—		450.00			450.00
20141110		0		30125506	RIDER COLLEGE										—		—		450.00			450.00
																						—
System Credits 11/10																									900.00
System Debits 11/10																									—
Bank Credit 11/10 (overdraft funding)																												0.11
Bank Debit 11/10
Bank Debit 11/10 (payment reversal)																																0.11
Trustee Wire 11/10
20141112		0		30125506	RIDER COLLEGE										—		—		(450.00	)		(450.00	)
20141112		0		30125506	RIDER COLLEGE										—		—		(450.00	)		(450.00	)
20141112		0		30125506	RIDER COLLEGE										—		—		(405.00	)		(405.00	)
20141112		11012014		30125506	RIDER COLLEGE		—		1,305.00		1,305.00		87,000.00		—		1,305.00		—			1,305.00
System Credits 11/12																									1,305.00
System Debits 11/12																									(1,305.00	)
Bank Credit 11/12																												900.00
Bank Debit 11/13 (overdraft funding repay)																																0.11
Bank Debit 11/12 (service fees)																																798.22
Trustee Wire 11/12																														101.67
20141113		0		30113702	HIWASSEE COLLEGE										—		—		52,408.49			52,408.49
																						—
																						—
System Credits 11/13																									52,408.49
System Debits 11/13																									—
Bank Credit 11/13																												1,305.00
Bank Credit 11/13
Bank Debit 11/13 (payment reversal)																																1,305.00
Bank Debit 11/13
Trustee Wire 11/13
20141114		0		30113702	HIWASSEE COLLEGE										—		—		(52,408.49	)		(52,408.49	)
20141114		11142014		30113702	HIWASSEE COLLEGE										—		—		—			—
20141114		0		30113702	HIWASSEE COLLEGE										51,647.96		460.53		—			52,108.49
20141114		0		30128802	SETON HILL COLLEGE										—		—		28,000.00			28,000.00
20141114		0		30128802	SETON HILL COLLEGE										—		—		—			—
20141114		0		30128802	SETON HILL COLLEGE										—		—		(28,507.48	)		(28,507.48	)
20141114		11012014		30128802	SETON HILL COLLEGE		28,000.00		507.50		28,507.50		28,000.00		28,000.00		507.48		—			28,507.48
System Credits 11/14																									108,615.97
System Debits 11/14																									(80,915.97	)
Bank Credit 11/14																												52,408.49
Bank Debit 11/14 (payment reversal)
Bank Debit 11/141 (funds movement adj)
Trustee Wire 11/14																														52,408.49
20141117		0		30123401	PAINE COLLEGE										—		—		—			—
20141117		0		30123401	PAINE COLLEGE										—		—		(16.60	)		(16.60	)
20141117		4012015		30123401	PAINE COLLEGE										—		16.60		—			16.60
20141117		0		30128802	SETON HILL COLLEGE										—		—		—			—
20141117		0		30128802	SETON HILL COLLEGE										—		—		(0.02	)		(0.02	)

Page 8 of 11

System Credits 11/17														16.60
System Debits 11/17														(16.62	)
Bank Credit 11/17																108,615.97
Bank Credit 11/17
Bank Debit 11/17 (payment reversal)																		80,915.97
Bank Debit 11/17
Trustee Wire 11/17																	27,700.00
20141124	0	30100103	ALABAMA AGRICULTURAL					—	—	(456,125.00	)	(456,125.00	)
20141124	0	30100103	ALABAMA AGRICULTURAL					—	4,450.00	—		4,450.00
20141124	0	30100103	ALABAMA AGRICULTURAL					445,000.00	6,675.00	—		451,675.00
System Credits 11/24														456,125.00
System Debits 11/24														(456,125.00	)
Bank Credit 11/18																16.60
Bank Credit 11/18 (overdraft funding)																0.02
Bank Debit 11/18 (payment reversal)																		16.62
Bank Debit 11/18 (funds movement adj)
Trustee Wire 11/18
												—
												—
												—
												—
												—
												—
System Credits 11/25														—
System Debits 11/25														—
Bank Credit 11/25																456,125.00
Bank Debit 11/25
Bank Debit 11/25 (payment reversal)																		456,125.00
Trustee Wire 11/25
			TOTALS:	975,373.36	112,904.35	1,088,277.71	6,500,373.35	1,472,021.32	124,506.46	(16.60	)	1,596,511.18		1,596,511.18		2,227,617.97	1,595,712.98	631,904.99
Loans Due in Current Period and Paid in Prior Period:
	11012014	30100103	ALABAMA AGRIC	—	6,675.00	6,675.00	445,000.00
	11012014	30114001	HOOD COLLEGE	15,000.00	271.88	15,271.88	15,000.00
			TOTALS:	15,000.00	6,946.88	21,946.88	460,000.00
Loans Due in Current Period Not Yet Paid:
			TOTALS:	—	—	—	—
			GRAND TOTAL:	990,373.36	119,851.23	1,110,224.59	6,960,373.35

Page 9 of 11

Berkadia Commercial Mortgage

College and University Loan Trust II

Remittance Report Reconciliation

November-14

Total System Credits @ 11/30		1,596,511.18
Total Bank Credits @ 11/30		2,227,617.97
	in transit wire
	in transit credit
11/6/2014	payment reversal	(92,743.96	)
11/10/2014	payment reversal	(0.11	)
11/13/2014	payment reversal	(1,305.00	)
11/17/2014	payment reversal	(80,915.97	)
11/18/2014	payment reversal	(16.62	)
11/25/2014	payment reversal	(456,125.00	)
	funds movement adjustment
	funds movement adjustment
	funds movement adjustment
	funds movement adjustment
	Direct to Lender payments
11/10/2014	overdraft funding	(0.11	)
11/18/2014	overdraft funding	(0.02	)
	in transit
		1,596,511.18
Adjusted Bank Credits:		—

Page 10 of 11

Berkadia Commercial Mortgage

College and University Loan Trust II

Remittance Report Reconciliation

November-14

Total Bank Credits @ 11/30		2,227,617.97
Total Debits to Trustee @ 11/30		1,595,712.98
11/12/2014	Service Fees	798.22
	Inspection Fees
	Trust Expense
11/6/2014	payment reversal	92,743.96
11/10/2014	payment reversal	0.11
11/13/2014	payment reversal	1,305.00
11/17/2014	payment reversal	80,915.97
11/18/2014	payment reversal	16.62
11/25/2014	payment reversal	456,125.00
	payment reversal
	payment reversal
	overdraft funding repay
	funds movement adjustment
	payment reversal
	funds movement adjustment
11/13/2014	overdraft funding repay	0.11
Adjusted Debits to Trustee		2,227,617.97
		—

Page 11 of 11