<Page>
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number: 811-05291
College and University Facility Loan Trust One
------------------------------------------------
(Exact name of registrant as specified in charter)
c/o U.S. Bank One Federal Street Boston, MA 02110
-------------------------------------------------
(Address of principal executive offices) (Zip code)
Diana J. Kenneally
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) 603-6406
Date of fiscal year end: November 30
Date of reporting period: December 1, 2004 - May 31, 2005
ITEM 1. REPORT TO STOCKHOLDERS.
<Page>
COLLEGE AND UNIVERSITY
FACILITY LOAN TRUST ONE
FINANCIAL STATEMENTS
SIX MONTHS ENDED MAY 31, 2005
<Page>
ACCOUNTANTS' COMPILATION REPORT
To the Owner Trustee of
College and University Facility
Loan Trust One
We have compiled the accompanying statement of assets and liabilities of College
and University Facility Loan Trust One (the "Trust"), including the schedule of
investments, as of May 31, 2005, and the related statements of operations, cash
flows, changes in net assets and financial highlights for the six months then
ended, in accordance with Statements on Standards for Accounting and Review
Services issued by the American Institute of Certified Public Accountants. The
financial information for the years ended November 30, 2004, 2003, 2002, 2001
and 2000, presented herein for comparative purposes, was audited by other
auditors, whose report thereon dated January 28, 2005 expressed an unqualified
opinion, except for the effect on the 2004 and 2003 financial statements of
accounting for investments under the amortized cost method of accounting as
described in Note 2 to the financial statements.
A compilation is limited to presenting in the form of financial statements
information that has been obtained from the books and records of the Trust. We
have not audited or reviewed the accompanying financial statements or
supplemental material and, accordingly, do not express an opinion or any other
form of assurance on them. However, we did become aware of a departure from
accounting principals generally accepted in the United States of America that is
described in the following paragraph.
As disclosed in Note 2 to the financial statements, the Trust is accounting for
its investments under the amortized cost method of accounting, adjusted by an
allowance for loan losses. Accounting principles generally accepted in the
United States of America require that the investments be accounted for under the
fair value method of accounting. Accounting for the investments under the fair
value method of accounting, based on the Trust's estimate of fair value as
described in Note 8, would result in an increase of approximately $10,132,000 in
the recorded value of the investments and an increase in unrealized appreciation
of investments of approximately $10,132,000 as of May 31, 2005.
We are not independent with respect to College and University Facility Loan
Trust One.
/s/ BDO Seidman, LLP
Boston, Massachusetts
July 22, 2005
<Page>
COLLEGE AND UNIVERSITY
FACILITY LOAN TRUST ONE
STATEMENT OF ASSETS AND LIABILITIES
<Table>
<Caption>
MAY 31, 2005
- --------------------------------------------------------------------------------------------------
ASSETS:
INVESTMENTS, at amortized cost, net of allowance for loan losses
of $760,000 (Notes 1, 2, 6, 7, 8 and 9, and Schedule of Investments) $ 39,057,208
CASH 40,811
PREPAID EXPENSES 15,633
INTEREST RECEIVABLE 606,657
DEFERRED BOND ISSUANCE COSTS (Note 2) 259,356
- --------------------------------------------------------------------------------------------------
Total assets 39,979,665
- --------------------------------------------------------------------------------------------------
LIABILITIES:
BONDS PAYABLE (Notes 3 and 8) 26,404,147
INTEREST PAYABLE (Note 3) 1,392,819
ACCRUED EXPENSES AND OTHER LIABILITIES 255,697
DISTRIBUTIONS PAYABLE TO CLASS B CERTIFICATEHOLDERS (Note 5) 1,664,184
- --------------------------------------------------------------------------------------------------
Total liabilities 29,716,847
- --------------------------------------------------------------------------------------------------
NET ASSETS:
CLASS B CERTIFICATES, par value $1 - authorized, issued
and outstanding - 1,001,643 certificates (Note 5) 1,001,643
ACCUMULATED DEFICIT (Notes 2 and 5) (1,499,553)
ADDITIONAL PAID-IN CAPITAL (Note 2) 10,760,728
- --------------------------------------------------------------------------------------------------
Total net assets $ 10,262,818
==================================================================================================
Net asset value per Class B certificate
(based on 1,001,643 certificates outstanding) $ 10.25
==================================================================================================
</Table>
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS.
3
<Page>
STATEMENT OF OPERATIONS
<Table>
<Caption>
SIX MONTHS ENDED MAY 31, 2005
- --------------------------------------------------------------------------------------------------
INVESTMENT INCOME:
Interest income (Note 2) $ 2,654,979
- --------------------------------------------------------------------------------------------------
EXPENSES:
Interest expense (Notes 2 and 3) 1,420,444
Servicer fees (Note 4) 11,451
Trustee fees (Note 4) 20,754
Other trust and bond administration expenses 277,699
- --------------------------------------------------------------------------------------------------
Total expenses 1,730,348
- --------------------------------------------------------------------------------------------------
Net investment income 924,631
REDUCTION IN RESERVE FOR LOAN LOSSES (Note 6) 100,000
- --------------------------------------------------------------------------------------------------
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS $ 1,024,631
==================================================================================================
</Table>
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS.
4
<Page>
STATEMENT OF CASH FLOWS
<Table>
<Caption>
SIX MONTHS ENDED MAY 31, 2005
- --------------------------------------------------------------------------------------------------
CASH FLOWS FROM OPERATING ACTIVITIES:
Interest received $ 1,050,648
Interest paid (1,515,641)
Operating expenses paid (287,137)
- --------------------------------------------------------------------------------------------------
Net cash used in operating activities (752,130)
- --------------------------------------------------------------------------------------------------
CASH FLOWS FROM INVESTING ACTIVITIES:
Net decrease in funds held under investment agreements (53,065)
Principal payments on Loans 4,151,753
- --------------------------------------------------------------------------------------------------
Net cash provided by investing activities 4,098,688
- --------------------------------------------------------------------------------------------------
CASH FLOWS FROM FINANCING ACTIVITIES:
Principal repayments on Bonds (2,328,383)
Distributions to Class B certificateholders (890,465)
Advanced funds repaid to Servicer (95,442)
- --------------------------------------------------------------------------------------------------
Net cash used in financing activities (3,314,290)
- --------------------------------------------------------------------------------------------------
NET DECREASE IN CASH 32,268
CASH, beginning of period 8,543
- --------------------------------------------------------------------------------------------------
CASH, end of period $ 40,811
==================================================================================================
RECONCILIATION OF NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS TO NET
CASH USED FOR OPERATING ACTIVITIES:
Net increase in net assets resulting from operations $ 1,024,631
Reduction in reserve for loan losses (100,000)
Decrease in interest receivable 37,003
Increase in prepaid expense (15,633)
Increase in accrued expenses and other liabilities 38,400
Decrease in Bond interest payable (122,822)
Amortization of deferred Bond issuance costs 27,625
Amortization of purchase discount on Loans (1,641,334)
- --------------------------------------------------------------------------------------------------
Net cash used in operating activities $ (752,130)
==================================================================================================
</Table>
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS.
5
<Page>
STATEMENT OF CHANGES IN NET ASSETS
(NOTE 2(f))
<Table>
<Caption>
FOR THE
SIX MONTHS
ENDED YEAR ENDED
MAY 31, NOVEMBER 30,
2005 2004
- ---------------------------------------------------------------------------------------------------------
(UNAUDITED) (AUDITED)
FROM OPERATIONS:
Net investment income $ 924,631 $ 2,084,808
Reduction in reserve for loan losses 100,000 100,000
- ---------------------------------------------------------------------------------------------------------
Net increase in net assets applicable to Class B
certificateholders resulting from operations 1,024,631 2,184,808
CAPITAL CERTIFICATE TRANSACTIONS:
Distributions to Class B certificateholders (Note 5) (1,664,184) (2,184,832)
- ---------------------------------------------------------------------------------------------------------
NET DECREASE IN NET ASSETS (639,553) (24)
NET ASSETS:
Beginning of period 10,902,371 10,902,395
- ---------------------------------------------------------------------------------------------------------
End of period $ 10,262,818 $ 10,902,371
=========================================================================================================
</Table>
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS.
6
<Page>
COLLEGE AND UNIVERSITY
FACILITY LOAN TRUST ONE
FINANCIAL HIGHLIGHTS
(NOTES 1 AND 5)
<Table>
<Caption>
FOR THE
SIX MONTHS
ENDED YEARS ENDED NOVEMBER 30,
MAY 31, --------------------------------------------------------------------------------
2005 2004 2003 2002 2001 2000
- --------------------------------------------------------------------------------------------------------------------------------
(UNAUDITED) (AUDITED)
--------------------------------------------------------------------------------
NET ASSET VALUE, beginning
of period $ 10.88 $ 10.88 $ 10.86 $ 11.11 $ 11.36 $ 11.17
- --------------------------------------------------------------------------------------------------------------------------------
NET INVESTMENT INCOME .93 2.08 1.29 .78 .96 1.09
REDUCTION OF RESERVE FOR
LOAN LOSSES .10 .10 - - .16 -
DIVIDENDS TO CLASS A
PREFERRED
CERTIFICATEHOLDERS:
From net investment
income - - - - - .04
As tax return of
capital - - - - - (.06)
DISTRIBUTIONS TO CLASS B
CERTIFICATEHOLDERS (1.66) (2.18) (1.27) (1.03) (1.37) (.88)
- --------------------------------------------------------------------------------------------------------------------------------
NET ASSET VALUE, end of
period $ 10.25 $ 10.88 $ 10.88 $ 10.86 $ 11.11 $ 11.36
================================================================================================================================
TOTAL INVESTMENT RETURN (a) N/A N/A N/A N/A N/A N/A
NET ASSETS APPLICABLE TO
CLASS A PREFERRED
CERTIFICATES, end of
period $ - $ - $ - $ - $ - $ -
================================================================================================================================
NET ASSETS APPLICABLE TO
CLASS B CERTIFICATES, end
of period $ 10,262,818 $ 10,902,371 $ 10,902,395 $ 10,878,852 $ 11,132,814 $ 11,379,460
================================================================================================================================
RATIOS AND SUPPLEMENTAL
DATA:
Ratio of operating
expenses to average
net assets applicable
to Class B
certificates 32.70%(b)(c) 33.79%(b) 37.84%(b) 41.40%(b) 45.48%(b) 50.42%(b)
Ratio of net investment
income to average net
assets applicable to
Class B certificates 17.47%(c) 19.12% 11.93% 7.11% 8.57% 9.71%
Number of Class B
certificates
outstanding, end of
period 1,001,643 1,001,643 1,001,643 1,001,643 1,001,643 1,001,643
</Table>
(a) The Trust's investments are recorded at amortized cost as discussed in Note
2. Accordingly, the financial statements do not reflect the market value of
such investments. For this reason, management believes that no meaningful
information can be provided regarding "Total Investment Return" and has not
included information under that heading. In addition, as the Trust's
investments are not traded, management believes that no meaningful
information can be provided regarding portfolio turnover.
(b) Excluding interest expense, the ratio of operating expenses to average net
assets applicable to Class B Certificates was 5.86%(c), 4.51%, 4.22%,
3.64%, 3.63% and 3.44% in 2005, 2004, 2003, 2002, 2001 and 2000,
respectively.
(c) Annualized.
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS.
7
<Page>
COLLEGE AND UNIVERSITY
FACILITY LOAN TRUST ONE
NOTES TO FINANCIAL STATEMENTS
1. ORGANIZATION AND BUSINESS
College and University Facility Loan Trust One (the Trust) was formed on
September 17, 1987 as a business trust under the laws of the Commonwealth of
Massachusetts by a declaration of trust by the Bank of Boston (the Owner
Trustee), succeeded by State Street Bank and Trust Company, succeeded by US Bank
(successor Owner Trustee), not in its individual capacity but solely as Owner
Trustee. The Trust is registered under the Investment Company Act of 1940 (as
amended) as a diversified, closed-end, management investment company.
The Trust was formed for the sole purpose of raising funds through the issuance
and sale of bonds (the Bonds). The Trust commenced operations on September 29,
1987 (the Closing Date) and issued Bonds in five tranches in the aggregate
principal amount of $126,995,000. The Bonds constitute full recourse obligations
of the Trust. The collateral securing the Bonds consists primarily of a pool of
college and university facility loans (the Loans) to various postsecondary
educational institutions and funds held under the indenture (the Indenture) and
the investment agreements. The Loans were originated by, or previously assigned
to, the United States Department of Education (ED) under the College Housing
Loan Program or the Academic Facilities Loan Program. The Loans, which have been
assigned to J.P. Morgan Trust Company, National Association, as successor in
interest to Bank One Trust Company, NA, formerly The First National Bank of
Chicago (the Bond Trustee), are secured by various types of collateral,
including mortgages on real estate, general recourse obligations of the
borrowers, pledges of securities and pledges of revenues. As of the Closing
Date, the Loans had a weighted average stated interest rate of approximately
3.16% and a weighted average remaining term to maturity of approximately 19.4
years. Payments on the Loans are managed by the Bond Trustee in various fund
accounts and are invested under investment agreements (see Note 2) as specified
in the Indenture.
8
<Page>
All payments on the Loans and earnings under the investment agreements and any
required transfers from the Expense, Reserve and Liquidity Funds are deposited
to the credit of the Revenue Fund held by the Bond Trustee, as defined within,
and in accordance with the Indenture. On each bond payment date, amounts on
deposit in the Revenue Fund are applied in the following order of priority: to
pay amounts due on the Bonds, to pay administrative expenses not previously paid
from the Expense Fund, to fund the Expense Fund to the Expense Fund Requirement,
to fund the Reserve Fund to the Maximum Reserve Requirement and to fund the
Liquidity Fund to the Liquidity Fund Requirement. Any funds remaining in the
Revenue Fund on such payment date are paid to the Class B certificateholders, as
discussed in Note 5.
On the Closing Date, certificates were issued by the Trust to ED as partial
payments for the Loans. In December 1989, ED sold, through a private placement,
all of its ownership interest in the Trust.
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
(a) COLLEGE AND UNIVERSITY FACILITY LOANS
The Loans were purchased and recorded at a discount below par. Pursuant to a
"no-action letter" that the Trust received from the Securities and Exchange
Commission, the Loans, included in investments in the accompanying statement of
assets and liabilities, are being accounted for under the amortized cost method
of accounting. Under this method, the difference between the cost of each Loan
to the Trust and the scheduled principal and interest payments is amortized,
assuming no prepayments of principal, and included in the Trust's income by
applying the Loan's effective interest rate to the amortized cost of that Loan.
When a Loan prepays, the remaining discount is recognized as interest income.
The remaining balance of the purchase discount on the Loans as of May 31, 2005
was approximately $13,435,000. As a result of prepayments of Loans in the six
months ended May 31, 2005, additional interest income of approximately $623,000
was recognized.
9
<Page>
The Trust's policy is to 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. When a Loan is placed on nonaccrual status, all previously accrued but
uncollected interest is reversed against the current period's interest income.
Subsequently, interest income is generally recognized when received. Payments
are generally applied to interest first, with the balance, if any, applied to
principal. At May 31, 2005, no loans have been placed on non-accrual status;
however, as discussed in Note 6 and 9, one loan was removed from non-accrual
status. Previously, interest payments received on this loan were recorded as a
reduction of the investment's amortized cost basis given the unlikelihood of
collection. Currently, the Trust recognizes interest income on this loan.
Accounting principles generally accepted in the United States of America (GAAP),
requires that the Loans be accounted for under the fair value method of
accounting. However, management believes that the amortized cost method of
accounting best serves the informational needs of the users of the Trust's
financial statements.
(b) OTHER INVESTMENTS
Other investments, which are included in investments in the accompanying
statement of assets and liabilities, consist of two unsecured investment
agreements issued by the Federal National Mortgage Association bearing fixed
rates of interest of 5% and 8%. These investments are carried at amortized cost.
These investment agreements terminate on the earlier of December 1, 2014 or the
date on which the Bonds are paid-in-full.
GAAP requires that the investments be accounted for under the fair value method
of accounting. However, management believes that the amortized cost method of
accounting best serves the informational needs of the users of the Trust's
financial statements.
10
<Page>
(c) FEDERAL INCOME TAXES
It is the Trust's policy to comply with the requirements applicable to a
regulated investment company under Subchapter M of the Internal Revenue Code of
1986, as amended, and to distribute substantially all of its investment company
taxable income to its certificateholders each year. Accordingly, no federal or
state income tax provision is required.
For tax purposes, the Loans were transferred to the Trust at their face values.
Accordingly, the accretion of the purchase discount creates a permanent book-tax
difference.
(d) DEFERRED BOND ISSUANCE COSTS
Deferred bond issuance costs are being amortized using the effective
interest-rate method, assuming that all mandatory semiannual payments will be
made on the term bonds as discussed in Note 3.
(e) ACCOUNTING FOR IMPAIRMENT OF A LOAN AND ALLOWANCE FOR LOAN LOSSES
The allowance for loan losses is based on the Trust's evaluation of the level of
the allowance required to reflect the risks in the loan portfolio, based on
circumstances and conditions known or anticipated at each reporting date.
The methodology for assessing the appropriateness of the allowance consists of a
review of the following three key elements:
(1) a valuation allowance for loans identified as impaired,
(2) a formula-based general allowance for the various loan portfolio
classifications, and
(3) an unallocated allowance.
A loan is impaired 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 identified as impaired are
further evaluated to determine the estimated extent of impairment.
11
<Page>
The formula-based general allowance is derived primarily from a risk-rating
model that grades loans based on general characteristics of credit quality and
relative risk. As credit quality for individual loans deteriorates, the risk
rating and the allowance allocation percentage increases. The sum of these
allocations comprise the Trust's formula-based general allowance.
In addition to the valuation and formula-based general allowance, there is an
unallocated allowance. This element recognizes the estimation risks associated
with the valuation and formula-based models. It is further adjusted for
qualitative factors including, among others, general economic and business
conditions, credit quality trends, and specific industry conditions.
There are inherent uncertainties with respect to the final outcome of loans and
as such, actual losses may differ from the amounts reflected in the financial
statements.
(f) PRESENTATION OF CAPITAL DISTRIBUTIONS
Capital distributions are accounted for in accordance with the American
Institute of Certified Public Accountants Statement of Position (SOP) 93-2,
"DETERMINATION, DISCLOSURE AND FINANCIAL STATEMENT PRESENTATION OF INCOME,
CAPITAL GAIN AND RETURN OF CAPITAL DISTRIBUTIONS BY INVESTMENT COMPANIES." SOP
93-2 requires the Trust to report distributions that are in excess of tax-basis
earnings and profits as a tax return of capital and to present the capital
accounts on a basis that approximates the amounts that are available for future
distributions on a tax basis.
12
<Page>
As of November 30, 2004, all tax earnings and profits have been distributed.
Accordingly, all accumulated undistributed net investment income has been
reclassified to additional paid-in capital. This reclassification results from
permanent book and tax differences such as the receipt of tax-exempt interest
income on certain Loans, the related interest expense on the Bonds, and the
accretion of purchase discount on the Loans. Amounts deducted for the loan loss
reserve are not currently deductible for tax purposes and have been reclassified
as an accumulated deficit. These reclassifications had no impact on the net
investment income or net assets of the Trust.
The Trust expects to have a tax return of capital for the fiscal year ending
November 30, 2005; however, the amount cannot be reasonably estimated at May 31,
2005.
(g) USE OF ESTIMATES
The preparation of financial statements in conformity with accounting principles
generally accepted in the United States requires us to make estimates, judgments
and assumptions that affect the reported amounts of assets, liabilities,
revenues and expenses, and related disclosure of contingent assets and
liabilities at the date of the financial statements and for the period then
ended. On an on-going basis, the Trust evaluates the estimates used, including
those related to the allowance for loan losses. The Trust bases its estimates on
historical experience, current conditions and various other assumptions that the
Trust believes to be reasonable under the circumstances. These estimates form
the basis for making judgments about the carrying values of assets and
liabilities and are not readily apparent from other sources. These estimates are
used to assist the Trust in the identification and assessment of the accounting
treatment necessary with respect to commitments and contingencies. Actual
results may differ from these estimates under different assumptions or
conditions.
13
<Page>
The allowance for loan losses is a critical accounting policy that requires
estimates and assumptions to be made in the preparation of the Trust's financial
statements. The allowance for loan losses is based on the Trust's evaluation of
the level of the allowance required in relation to the estimated loss exposure
in the loan portfolio. The allowance for loan losses is a significant estimate
and is therefore regularly evaluated for adequacy by taking into consideration
factors such as prior loan loss experience, the character and size of the loan
portfolio, business and economic conditions and the Trust's estimation of future
losses. The use of different estimates or assumptions could produce different
provisions for loan losses. See Note 2(e) for a detailed description of the
Trust's estimation process and methodology related to the allowance for loan
losses.
3. BONDS
The Bonds outstanding at May 31, 2005 consist of the following:
<Table>
<Caption>
PRINCIPAL
INTEREST STATED AMOUNT
TYPE RATE MATURITY (000'S)
- -----------------------------------------------------------------------------------
Term 10.55% December 1, 2014 $ 26,404
</Table>
The Bonds are being redeemed, in part, on a pro rata basis by application of
mandatory semiannual payments. The redemption price is equal to 100% of the
principal amount to be redeemed plus interest accrued to the redemption date.
Interest on the Bonds is payable semiannually.
On June 1, 2005, the Trust made the mandatory redemption of $1,762,964 on the
Bonds.
14
<Page>
The aggregate scheduled maturities of the Bonds, including the scheduled
mandatory redemptions at May 31, 2005, are as follows:
<Table>
<Caption>
AMOUNT
FISCAL YEAR (000'S)
- ----------------------------------------------------------------------------
2005 $ 1,763
2006 3,457
2007 3,217
2008 2,785
2009 2,794
Thereafter 12,388
- ----------------------------------------------------------------------------
Total $ 26,404
============================================================================
</Table>
The Bonds are not subject to optional redemption by either the Trust or the
bondholders.
In the event the Trust realizes negative cash flows, various reserve funds have
been established and maintained such that, on or before such bond payment date,
such funds may be used by the Bond Trustee to make any required payments on the
Bonds and to pay operating expenses of the Trust.
As required by the Indenture, the scheduled future cash flows for Loans in
Default are excluded from the calculation of the Reserve Fund requirement. There
are currently no loans in default. The cash flows from the June 1, 2005 Bond
Payment Date were sufficient to satisfy the maximum reserve fund requirement of
$7,029,564, as required by the Indenture.
15
<Page>
4. ADMINISTRATIVE AGREEMENTS
(a) SERVICER
As compensation for the services provided under the servicing agreement, GMAC
Commercial Mortgage receives a servicing fee. This fee is earned on each date of
payment for each Loan and is equal to 0.055 of 1% of the outstanding principal
balance of such Loan divided by the number of payments of principal and interest
in a calendar year. For the six months ended May 31, 2005, this fee totaled
$11,276. GMAC Commercial Mortgage is reimbursed by the Trust for out-of-pocket
expenses incurred in connection with the inspection of buildings and property
used as collateral for the loans. For the six months ended May 31, 2005,
out-of-pocket expenses totaled $175.
(b) TRUSTEES
As compensation for services provided, the Owner and Bond Trustees are entitled
under the Declaration of Trust and the Indenture to receive the following fees:
- - The Owner Trustee, in its capacities as manager of the Trust and as Owner
Trustee, earned fees of $8,228 and $7,405, respectively, for the six months
ended May 31, 2005.
- - The Bond Trustee is entitled to an annual fee equal to 0.025 of 1% of the
aggregate outstanding principal of the Bonds on the bond payment date
immediately preceding the date of payment of such fee. The Bond Trustee is
also reimbursed for out-of-pocket expenses in an amount not to exceed 4% of
the applicable annual fee. In addition, the Bond Trustee is reimbursed for
other agreed-upon related expenses. For the six months ended May 31, 2005,
total Bond Trustee fees and out-of-pocket expenses amounted to $5,121.
16
<Page>
5. CERTIFICATES
Holders of each of the Class B certificates receive amounts paid to the Owner
Trustee pursuant to the Declaration of Trust on a pro rata basis. On June 2,
2005, a distribution of $890,465 was made to the Class B certificateholders.
This payment is reflected as a liability in the accompanying statement of assets
and liabilities.
While the Bonds are outstanding, distributions to the Class B certificateholders
are made on the second business day in each June and December (the Distribution
Date) and, after the Bonds are paid in full, on the first business day of each
month. The certificateholders shall each be entitled to one vote per
certificate.
6. ALLOWANCE FOR LOAN LOSSES
An analysis of the allowance for loan losses for the six months ended May 31,
2005 is summarized as follows:
<Table>
Balance, beginning of year $ 860,000
Reduction in reserve for loan losses 100,000
Charge-offs -
- ------------------------------------------------------------------------------
Balance, end of year $ 760,000
==============================================================================
</Table>
At May 31, 2005, there were no recorded investments in loans that are considered
to be impaired.
Previously, the Trust had deemed one loan to be in default, as defined in the
Trust's indenture. This loan was also considered to be impaired, as based on
information available at the time, it seemed probable that the Trust would not
collect all amounts due in accordance with the contractual terms of the loan.
Recently, the Trust agreed to a loan modification, more fully discussed in Note
9, which cured the default. As a result of the loan modification and the related
payment information currently available, the Trust no longer considers this loan
to be impaired; however the loan continues to be included in the Trust's general
allowance for loan losses. See note 2(e) for a discussion of the Trust's
impaired loan and loan loss accounting policies.
17
<Page>
7. LOANS
Scheduled principal and interest payments on the Loans as of May 31, 2005,
excluding payments for Loans in Default, as defined in the Indenture, are as
follows:
<Table>
<Caption>
PRINCIPAL INTEREST
PAYMENTS PAYMENTS TOTAL
FISCAL YEAR (000'S) (000'S) (000'S)
- -----------------------------------------------------------------------
2005 $ 2,364 $ 564 $ 2,928
2006 3,746 1,042 4,788
2007 3,411 926 4,337
2008 3,302 822 4,124
2009 3,286 719 4,005
Thereafter 20,845 2,789 23,634
- -----------------------------------------------------------------------
Total $ 36,954 $ 6,862 $ 43,816
=======================================================================
</Table>
Expected payments may differ from contractual payments because borrowers may
prepay or default on their obligations. Accordingly, actual principal and
interest payments on the Loans may vary significantly from the scheduled
payments.
The following analysis summarizes the stratification of the Loan portfolio by
type of collateral and institution as of May 31, 2005:
<Table>
<Caption>
AMORTIZED
NUMBER COST
TYPE OF COLLATERAL OF LOANS (000'S) %
- -----------------------------------------------------------------------
Loans secured by a
first mortgage 53 $ 13,377 56.9%
Loans not secured by
a first mortgage 32 10,142 43.1
- -----------------------------------------------------------------------
Total Loans 85 $ 23,519 100.0%
=======================================================================
</Table>
18
<Page>
<Table>
<Caption>
AMORTIZED
NUMBER COST
TYPE OF INSTITUTION OF LOANS (000'S) %
- -----------------------------------------------------------------------
Private 54 $ 12,342 52.5%
Public 31 11,177 47.5
- -----------------------------------------------------------------------
Total Loans 85 $ 23,519 100.0%
=======================================================================
</Table>
The ability of a borrower to meet future debt service payments on a Loan will
depend on a number of factors relevant to the financial condition of such
borrower, including, among others, the size and diversity of the borrower's
sources of revenues; enrollment trends; reputation; management expertise; the
availability and restrictions on the use of endowments and other funds; the
quality and maintenance costs of the borrower's facilities and, in the case of
some Loans to public institutions which are obligations of a state, the
financial condition of the relevant state or other governmental entity and its
policies with respect to education. The ability of a borrower to maintain
enrollment levels will depend on such factors as tuition costs, geographical
location, geographic diversity, quality of the student body, quality of the
faculty and diversity of program offerings.
The collateral for Loans that are secured by a mortgage on real estate generally
consists of special purpose facilities, such as dormitories, dining halls and
gymnasiums, which are integral components of the overall educational setting. As
a result, in the event of borrower default on a Loan, the Trust's ability to
realize the outstanding balance of the Loan through the sale of the underlying
collateral may be negatively impacted by the special purpose nature and location
of such collateral.
19
<Page>
8. FAIR VALUE OF FINANCIAL INSTRUMENTS
Statement of Financial Accounting Standards No. 107, "DISCLOSURES ABOUT FAIR
VALUE OF FINANCIAL INSTRUMENTS," allows for the use of a wide range of valuation
techniques; therefore, it may be difficult to compare the Trust's fair value
information to public market information or to other fair value information.
Accordingly, the fair value information presented below does not purport to
represent, and should not be construed to represent, the underlying market value
of the Trust's net assets or the amounts that would result from the sale or
settlement of the related financial instruments. Further, as the assumptions
inherent in fair value estimates change, the fair value estimates will change.
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 financial instruments 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 because the prepayment rate on these Loans is not subject
to estimate.
20
<Page>
The estimated fair value of each category of the Trust's financial instruments
and the related book value presented in the accompanying statement of assets and
liabilities as of May 31, 2005 are as follows:
<Table>
<Caption>
AMORTIZED
COST FAIR VALUE
(000'S) (000'S)
- -----------------------------------------------------------------
Loans $ 22,759* $ 31,224
Investment Agreements:
Revenue Fund 13,594 14,311
Liquidity Fund 2,704 3,654
- -----------------------------------------------------------------
$ 39,057 $ 49,189
=================================================================
Bonds $ 26,404 $ 32,629
=================================================================
</Table>
*Net of allowance for loan losses of $760,000.
9. LOAN MODIFICATION AGREEMENT
Previously, the Trust entered into a loan restructuring agreement with a single
post secondary educational institution (the "School"), the terms of which
require interest only payments and suspension of the principal and reserve
payment obligations under the School's original loan agreement. The
restructuring agreement, dated December 27, 1994, granted the School temporary
relief from debt service requirements for a five-year period. Subsequently, the
School petitioned for and was granted a three-year extension to the
restructuring agreement, which expired in February 2002.
21
<Page>
As a result of past due principal payments, the Trust deemed the School's loan
to be in default and placed the loan on non-accrual status, as discussed in Note
2 (a). Furthermore, the Trust considered the loan to be impaired, as discussed
in Note 2 (e), and a percentage of the recorded investment of the loan was
included in the Trust's general allowance for loan loss, as discussed in Note 6.
During the period of the restructuring agreement, the Trust did not recognize
income on interest received from this loan.
Recently, the Trust entered into a loan modification/extension agreement with
the School. As a result of the modification, the future principal and interest
payments on this loan have been rescheduled. The loan has been removed from
non-accrual status and interest income will be recognized on the loan over its
remaining life. For the six months ended May 31, 2005, the Trust recognized
approximately $131,000 of interest income related to this loan.
22
<Page>
COLLEGE AND UNIVERSITY FACILITY LOAN TRUST ONE
SCHEDULE OF INVESTMENTS
NOVEMBER 30, 2004
(Dollar Amounts in Thousands)
<Table>
<Caption>
INTERNAL
OUTSTANDING STATED RATE OF AMORTIZED
PRINCIPAL INTEREST MATURITY RETURN %(A) COST (NOTES
BALANCE DESCRIPTION RATE % DATE (UNAUDITED) 1 AND 2)
- ------------- --------------------------------------------- ---------- ---------- ------------ ------------
COLLEGE AND UNIVERSITY LOANS (58.3%)
---------- ALABAMA --------
$ 48 Birmingham-Southern College 3.00 10/01/2006 12.48 $ 45
236 Birmingham-Southern College 3.00 10/01/2010 12.47 183
6 Stillman College 3.00 02/01/2007 13.24 5
1416 University of Alabama 3.00 05/01/2021 12.27 769
199 University of Montevallo 3.00 05/01/2023 12.3 101
---------- CALIFORNIA --------
563 Azusa Pacific University 3.00 04/01/2017 12.96 329
1320 California State University 3.00 11/01/2012 10.57 1006
40 Foothill College 3.00 10/01/2006 11.76 37
230 Monterey Peninsula College 3.00 10/01/2018 11.95 139
320 San Diego State University 3.00 11/01/2021 11.93 176
670 San Francisco State University 3.00 11/01/2021 11.93 370
28 Scripps College 3.00 10/01/2005 12.51 27
---------- FLORIDA --------
90 Florida Atlantic University 3.00 07/01/2006 11.85 82
8 Florida Institute of Technology 3.00 02/01/2006 13.17 7
---------- HAWAII --------
270 University of Hawaii at Manoa 3.00 10/01/2006 11.76 247
---------- ILLINOIS --------
380 Concordia College 3.00 05/01/2011 12.64 287
---------- INDIANA --------
125 Anderson College 3.00 03/01/2010 13.02 95
340 Taylor University 3.00 10/01/2010 12.45 263
1270 University of Notre Dame 3.00 04/01/2018 12.95 719
---------- IOWA --------
690 Drake University 3.00 10/01/2012 12.71 491
---------- KANSAS --------
170 Emporia State University 3.00 04/01/2009 12.33 138
21 Kansas Newman College 3.00 04/01/2006 13.1 19
---------- LOUISIANA --------
175 Grambling State University 3.00-3.75 10/01/2005 11.7 167
420 Xavier University 3.00 10/01/2017 12.54 249
---------- MARYLAND --------
980 Western Maryland College 3.00 11/01/2016 12.44 612
---------- MASSACHUSETTS --------
169 Atlantic Union College 3.00 05/01/2023 12.68 85
723 Boston University 3.00 12/31/2022 11.87 382
51 Hampshire College 3.00 11/01/2006 12.43 48
91 Springfield College 3.00 05/01/2011 12.59 68
</Table>
SEE ACCOMPANYING ACCOUNTANTS' COMPILATION REPORT AND NOTES TO FINANCIAL
STATEMENTS.
23
<Page>
<Table>
<Caption>
INTERNAL
OUTSTANDING STATED RATE OF AMORTIZED
PRINCIPAL INTEREST MATURITY RETURN %(A) COST (NOTES
BALANCE DESCRIPTION RATE % DATE (UNAUDITED) 1 AND 2)
- ------------- --------------------------------------------- ---------- ---------- ------------ ------------
---------- MICHIGAN --------
$ 950 Albion College 3.00 10/01/2015 12.51 $ 609
245 Alma College 3.00 04/01/2010 11.87 192
2358 Finlandia University 3.00 08/01/2014 12.7 506
565 Michigan State University 3.00 05/01/2020 10.96 342
---------- MINNESOTA --------
950 Augsburg College 3.00 04/01/2016 12.95 575
415 College of St. Thomas 3.00 04/01/2017 12.95 243
---------- MISSISSIPPI --------
100 Jackson State University 3.00 01/01/2007 12.5 86
40 Mississippi Valley State 3.00 07/01/2008 11.89 34
103 Tougaloo College 3.00 06/01/2021 12.44 55
---------- MISSOURI --------
223 Missouri Southern State College 3.00 12/01/2008 10.56 185
133 Missouri Western State College 3.00 10/01/2008 11.77 113
---------- NEBRASKA --------
88 University of Nebraska 3.00 07/01/2013 10.59 65
---------- NEW HAMPSHIRE --------
245 Daniel Webster College 3.00 04/01/2019 12.99 134
258 New England College 3.625 10/01/2013 12.37 185
750 New England College 3.00 04/01/2019 12.96 412
423 Rivier College 3.625 04/01/2014 12.78 287
---------- NEW JERSEY --------
89 Fairleigh Dickinson University 3.00 11/01/2020 12.09 50
180 Montclair State College 3.00 07/01/2008 11.32 152
---------- NEW YORK --------
135 Alfred University 3.00 11/01/2007 12.41 118
454 Long Island University 3.00 06/01/2016 12.34 284
103 Long Island University 3.75 10/01/2005 12.42 98
891 Sarah Lawrence College 3.00 11/01/2021 12.64 479
---------- NORTH CAROLINA --------
82 Montreat-Anderson College 3.00 12/01/2019 12.19 46
275 North Carolina State University 3.00 09/01/2006 8.02 260
1010 University of North Carolina 3.00 01/01/2018 11.49 616
---------- OHIO --------
1335 Case Western Reserve University 3.00 04/01/2016 10.54 903
520 Kent State University 3.00 12/01/2008 10.55 431
81 Riverside Hospital 3.00 04/01/2007 13.09 75
166 University of Steubenville 3.375 04/01/2012 12.88 118
234 University of Steubenville 3.00 04/01/2017 12.96 137
</Table>
SEE ACCOMPANYING ACCOUNTANTS' COMPILATION REPORT AND NOTES TO FINANCIAL
STATEMENTS.
24
<Page>
<Table>
<Caption>
INTERNAL
OUTSTANDING STATED RATE OF AMORTIZED
PRINCIPAL INTEREST MATURITY RETURN %(A) COST (NOTES
BALANCE DESCRIPTION RATE % DATE (UNAUDITED) 1 AND 2)
- ------------- --------------------------------------------- ---------- ---------- ------------ ------------
---------- PENNSYLVANIA --------
$ 442 Carnegie - Mellon University 3.00 11/01/2017 10.45 $ 294
500 Harcum Junior College 3.00 11/01/2015 12.44 323
40 Susquehanna University 3.00 11/01/2006 12.44 37
285 Susquehanna University 3.625 11/01/2014 12.32 197
90 Swarthmore College 3.00 11/01/2013 12.3 62
328 Temple University 3.375 11/01/2014 11.99 231
---------- RHODE ISLAND --------
286 Community College of Rhode Island 3.00 04/01/2018 12.1 174
---------- SOUTH CAROLINA --------
23 Benedict College 3.00 11/01/2006 12.42 21
715 College of Charleston 3.00 07/01/2016 12.02 456
624 Morris College 3.00 11/01/2013 12.42 431
---------- SOUTH DAKOTA --------
14 Black Hills State College 3.00 10/01/2005 11.76 13
34 Black Hills State College 3.00 10/01/2007 11.77 30
---------- TENNESSEE --------
95 Bryan College 3.00 02/01/2010 12.68 74
154 Vanderbilt University 3.00 08/01/2005 10.69 147
334 Vanderbilt University 3.00 06/30/2009 10.39 278
---------- TEXAS --------
413 Jarvis Christian College 3.00 04/01/2019 12.96 228
123 Laredo Junior College 3.00 08/01/2009 11.82 100
123 St. Edward's University 3.625 04/01/2013 12.8 86
70 Texas College 3.00 04/01/2007 13.09 60
428 Texas Tech University 3.625 03/01/2013 10.8 319
2795 Texas Tech University 3.375-3.50 03/01/2012 10.83 2139
---------- VERMONT --------
930 Middlebury College 3.00 04/01/2018 12.87 572
55 St. Michael's College 3.00 04/01/2008 13.06 47
2153 University of Vermont 3.00 10/01/2019 12.19 1235
---------- VIRGINIA --------
1390 Old Dominion University 3.00 06/01/2013 11.7 976
---------- WASHINGTON --------
60 Western Washington University 3.00 10/01/2007 11.16 53
- ------------- ------------
36,954 Total College and University Loans 23,519
- -------------
Allowance for Loan Losses 760
------------
Net Loans of the Trust 22,759
------------
</Table>
SEE ACCOMPANYING ACCOUNTANTS' COMPILATION REPORT AND NOTES TO FINANCIAL
STATEMENTS.
25
<Page>
<Table>
<Caption>
INTERNAL
OUTSTANDING STATED RATE OF AMORTIZED
PRINCIPAL INTEREST MATURITY RETURN %(A) COST (NOTES
BALANCE DESCRIPTION RATE % DATE (UNAUDITED) 1 AND 2)
- ------------- --------------------------------------------- ---------- ---------- ------------ ------------
INVESTMENT AGREEMENTS (41.7%)
$ 2,704 FNMA #787 Liquidity Fund 8.00 12/01/2014 8.00 $ 2,704
13,594 FNMA #786 Revenue Fund 5.00 12/01/2014 5.00 13,594
- ------------- ------------
16,298 Total Investment Agreements 16,298
- ------------- ------------
$ 53,252 Total Investments (100.0%) $ 39,057
============= ============
</Table>
(A) Represents the rate of return based on the contributed cost and the
amortization to maturity.
SEE ACCOMPANYING ACCOUNTANTS' COMPILATION REPORT AND NOTES TO FINANCIAL
STATEMENTS.
26
<Page>
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
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.
<Page>
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, GMAC Commercial Mortgage
Corporation, is attached.
(4) Attestation Report of Independent Accountants, PricewaterhouseCoopers,
LLP, is attached.
(5) GMAC 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.
<Page>
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, the registrant has duly caused this report to be
signed on its behalf by the undersigned, thereunto duly authorized.
(Registrant) College and University Facility Loan Trust One
-------------------------------------------------------------------
By (Signature and Title) /s/ Diana J. Kenneally Assistant Vice President
-----------------------------------------------------
Date August 8, 2005
------------------------
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/ Diana J. Kenneally Assistant Vice President
-----------------------------------------------------
Date August 8, 2005
------------------------