ITEM 1 BUSINESS.
The National Collegiate Trust 1996-S2 (the "Issuer") is a Delaware business trust established for the sole purpose of acquiring, owning, holding and pledging a portfolio of student loans (the "Student Loans") and issuing and selling two classes of bonds collateralized by the Student Loans, designated as 7.30% Class A Collateralized Student Loan Bonds, Series 1996-S2, with an aggregate initial principal amount of $4,500,000 and fixed interest rate per annum of 7.30%, and 8.15% Class B Collateralized Student Loan Bonds, Series 1996-S2, with an aggregate initial principal amount of $2,325,000 and fixed interest rate per annum of 8.15% (as of the date of issuance, November 26, 1996).
ITEM 2
ITEM 2 PROPERTIES.
See Item 14 below.
ITEM 3
ITEM 3 LEGAL PROCEEDINGS.
There were no legal proceedings involving the Student Loans, the Issuer, the Custodian, the Servicer, the Indenture Trustee or the Depositor with respect to the Student Loans.
ITEM 4
ITEM 4 SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.
No matter was submitted to a vote of security holders during the fiscal year ended December 31, 1996.
PART II
ITEM 5
ITEM 5 MARKET FOR ISSUER'S COMMON EQUITY AND RELATED STOCKHOLDER MATTERS.
(a) There is no established trading market for the Bonds.
(b) As of January 13, 1997, there were three holders of record of the Issuer's Bonds: two holders of the Class A Bonds and one holder of the Class B Bonds.
ITEM 6
ITEM 6 SELECTED FINANCIAL DATA.
Not applicable.
ITEM 7
ITEM 7 MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITIONS AND RESULTS OF OPERATIONS.
Not applicable.
ITEM 8
ITEM 8 FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA.
Not applicable.
ITEM 9
ITEM 9 CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE.
Not applicable since there was no change of accountants or disagreements on any matter of accounting principles or practices of financial disclosure.
PART III
ITEM 10
ITEM 10 DIRECTORS AND EXECUTIVE OFFICERS OF THE ISSUER.
Not applicable.
ITEM 11
ITEM 11 EXECUTIVE COMPENSATION.
Not applicable.
ITEM 12
ITEM 12 SECURITY OWNERSHIP OF CERTAIN OWNERS AND MANAGEMENT.
The following table provides information, as of January 13, 1997 with respect to the ownership by each person or group of persons, known by the Issuer to be a record owner of 5% or more of the Class A Bonds or Class B Bonds. This does not reflect the persons who hold their certificates in nominee or "street" name.
Except as set forth in the following table, the Issuer is not aware of any record owner of more than 5% of the Class A Bonds or Class B Bonds as of the close of business on January 13, 1997.
ITEM 13
ITEM 13 CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS. ----------------------------------------------
Not applicable since there were no transactions nor are there any proposed transactions between the Issuer and any Bondholder or between the Issuer and any immediate family member of any Bondholder.
ITEM 14
ITEM 14 EXHIBITS, FINANCIAL STATEMENTS SCHEDULES AND REPORTS ON FORM 8-K.
(a) (1) and (2) Not applicable.
(3) (i) Annual Statement of Compliance of the Servicer for the year ended December 31, 1996.
(ii) Annual Audit Report of the Servicer for the year ended December 31, 1996, as prepared by Ernst & Young LLP.
(iii)Servicer Report of the Servicer for the year ended December 31, 1996.
(b) Reports on Form 8-K.
A Current Report on Form 8-K, was filed on December 9, 1996. That Form 8-K reported under Item 2 thereof the formation of the Issuer, the acquisition of the Student Loans and the issuance of the Bonds.
A Form 8-K was also filed on December 18, 1996, which filed under Item 7 thereof, the Monthly Servicer Report, dated November 30, 1996, prepared by the Servicer.
(c) The response to this portion of Item 14 is submitted as a separate section of this report.
(d) Not applicable.
SUPPLEMENTAL INFORMATION TO BE FURNISHED WITH REPORTS FILED PURSUANT TO SECTION 15(D) BY REGISTRANTS WHICH HAVE NOT REGISTERED SECURITIES PURSUANT TO SECTION 12 OF THE ACT.
No annual report, proxy statement, form of proxy or other soliciting material has been sent to Bondholders, and the Issuer does not contemplate sending any such materials subsequent to the filing of this report.
SIGNATURES
Subject to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the Issuer has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
THE NATIONAL COLLEGIATE TRUST 1996-S2 (Issuer)
By: DELAWARE TRUST CAPITAL MANAGEMENT, INC., not in its individual capacity but as Owner Trustee
By: /s/ Richard N. Smith ------------------------ Name: Richard N. Smith Title: Vice President
Dated: March 26, 1997