ITEM 1. BUSINESS
Bank of America National Trust and Savings Association, and Bank of America, FSB, (the "Registrants") are filing this Annual Report on Form 10-K in its capacity as Seller of certain Manufactured Housing Contracts (the "Contracts") conveyed to a trust (the "Series 1998-1 Trust"). The Series 1998-1 Trust issued the 6.47% BankAmerica Manufactured Housing Contract Senior/Subordinate Pass-Through Certificates, Series 1998-1, Class A-1, (the "Class A Certificates") 6.94% BankAmerica Manufactured Housing Contract Senior/Subordinate Pass-Through Certificates, Series 1998-1 Class M 7.81% BankAmerica Manufactured Housing Contract Senior/Subordinate Pass-Through Certificates, Series 1998-1 Class B-1 (collectively, the "Subordinate Certificates") pursuant to a Pooling and Servicing Agreement dated as of March 1, 1998 (the "Series 1998-1 Agreement"), between the Registrant, as Seller, BankAmerica Housing Services, A Division of Bank of America, FSB, as Servicer, and The First National Bank of Chicago, as Trustee (the "Trustee"). The Certificates evidence undivided beneficial interests in the Trust Fund established by the 1998-1 Agreement.
In filing this Annual Report on Form 10-K, the Registrant is using a reduced disclosure format pursuant to a "no action" letter and exemptive order granted by the Securities and Exchange Commission on February 27, 1992 (the "Order").
ITEM 2.
ITEM 2. PROPERTIES
Pursuant to the terms of the Order, reference is hereby made to the Annual Statement as to Compliance delivered to the Trustee with respect to the Series 1998-1 Trust (the "Annual Statement as to Compliance"), filed as Exhibit 99.1 and Exhibit 99.2 to this Annual Report on Form 10-K.
ITEM 3.
ITEM 3. LEGAL PROCEEDINGS
The Registrant was a party to no material pending legal proceedings during the period covered by this Annual Report and during such period knew of no other material pending legal proceedings involving the Series 1998-1 Trust, the manufactured housing contracts contained in such Trust (the "Contract Pool"), or with respect to the Contract Pool, the Trustee or the Servicer other than ordinary routine litigation incidental to the Trustee's or the Servicer's duties under the Series 1998-1 Agreement.
ITEM 4.
ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS
The Registrant knows of no vote or consent of holders of any Certificate that was solicited for any purpose during the calendar year covered by this Annual Report on Form 10-K.
PART II
ITEM 5.
ITEM 5. MARKET FOR REGISTRANT'S COMMON EQUITY AND RELATED STOCKHOLDER MATTERS
(a) There is no established public trading market for the Class A Certificates.
(b) As of December 31, 1998, the Class A Certificates were held of record by 1 Depository Trust Company Participants.
SIGNATURES
Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the Registrant has duly caused this Annual Report on Form 10-K to be signed on its behalf by the undersigned, thereunto duly authorized.
BANK OF AMERICA NATIONAL TRUST AND SAVINGS ASSOCIATION
BANK OF AMERICA, FSB
BY: /s/ Suzanne W. Castleberry ----------------------------------------- Suzanne W. Castleberry* Dated: March 29, 1999
Pursuant to the requirements of the Securities Exchange Act of 1934, this Annual Report on Form 10-K has been signed below by the following person on behalf of the Registrant and in the capacity and on the date indicated.
BANK OF AMERICA NATIONAL TRUST AND SAVINGS ASSOCIATION
BANK OF AMERICA, FSB
BY: /s/ Suzanne W. Castleberry ---------------------------------------- Suzanne W. Castleberry* Dated: March 29, 1999
EXHIBIT INDEX
Exhibit No. Description - ----------- -----------
99.1 Annual Statement as to Compliance for the Series1998-1 Trust for the nine-month period ending September 30, 1998.
99.2 Annual Statement as to Compliance for the Series 1998-1 Trust for the three-month period ending December 31, 1998.
99.3 Annual Servicing Report for the Series 1998-1 Trust for the nine-month period ending September 30, 1998.
99.4 Annual Servicing Report for the Series 1998-1 Trust For the three- month period ending December 31, 1998.
99.5 Aggregate Payment Amounts for Calendar Year 1998