OPTION ONE/CTS
                                   ARM TRUST
                                                                
                                                                
                  ANNUAL AGGREGATE SUMMARY FOR: 1996                PAGE # 1
                                                                
<TABLE>
<CAPTION>
                                                                
                                                                
                                                                
        ORIGINAL          BEGINNING                                                      ENDING        SUBORDINATE      ENDING
CLASS   CERTIFICATE      CERTIFICATE     PRINCIPAL       INTEREST        TOTAL         CERTIFICATE      AMOUNT         PRINCIPAL
A-1     BALANCE           BALANCE       DISTRIBUTION    DISTRIBUTION    DISTRIBUTION    BALANCE                         BALANCE
<S>     <C>            <C>             <C>             <C>             <C>           <C>             <C>           <C>    
                                                                
JAN     68,000,000.00   250,329,909.87  7,208,866.09    1,468,602.14    8,677,468.23  243,121,043.78  2,947,352.12  246,068,395.90
FEB     68,000,000.00   243,121,043.78  4,760,305.85    1,179,981.23    5,940,287.08  238,360,737.93  3,452,878.17  241,813,616.10
MARCH   68,000,000.00   238,360,737.92  5,080,601.19    1,108,874.02    6,189,475.21  233,280,136.73  4,240,578.28  237,520,715.01
APRIL   68,000,000.00   68,000,000.00   601,317.75      391,000.00      992,317.75    67,398,682.25   20,167.54     67,418,849.79
MAY     68,000,000.00   67,398,682.25   1,100,210.75    387,542.42      1,487,753.17  66,298,471.50   167,479.03    66,465,950.53
JUNE    68,000,000.00   66,298,471.50   744,045.69      381,216.21      1,125,261.90  65,554,425.81   313,142.42    65,867,568.23
JULY    68,000,000.00   65,554,425.81   1,134,661.17    376,937.95      1,511,599.12  64,419,764.64   458,317.27    64,878,081.91
AUG     68,000,000.00   64,419,764.64   1,522,906.49    370,413.65      1,893,320.14  62,896,858.15   600,998.12    63,497,856.27
SEPT    68,000,000.00   62,896,858.15   912,893.52      361,656.93      1,274,550.45  61,983,964.63   742,189.00    62,726,153.63
OCT     68,000,000.00   61,983,964.63   1,172,523.10    356,407.80      1,528,930.90  60,811,441.53   879,974.98    61,691,416.51
NOV     68,000,000.00   60,811,441.53   1,565,796.11    349,665.79      1,915,461.90  59,245,645.42   976,327.91    60,221,973.33
DEC     68,000,000.00   59,245,645.42   1,987,786.59    340,662.46      2,328,449.05  57,257,858.83   1,087,012.11  58,344,870.94
TOTALS
/END    68,000,000.00   59,245,645.42  27,791,914.30  7,072,960.60     34,864,874.90  57,257,858.83   1,087,012.11  58,344,870.94
                                                                
           ORIGINAL          BEGINNING                                                   ENDING         SUBORDINATE       ENDING
CLASS     CERTIFICATE       CERTIFICATE    PRINCIPAL       INTEREST        TOTAL       CERTIFICATE         AMOUNT        PRINCIPAL
A-2        BALANCE           BALANCE     DISTRIBUTION    DISTRIBUTION    DISTRIBUTION    BALANCE          BALANCE
                                                                
JAN                0.00             0.00          0.00     210,697.88      210,697.88             0.00          0.00            0.00
FEB                0.00             0.00          0.00     205,057.00      205,057.00             0.00          0.00            0.00
MARCH              0.00             0.00          0.00     201,511.35      201,511.35             0.00          0.00            0.00
APRIL    172,000,000.00   172,000,000.00  1,515,863.90   1,163,365.00    2,679,228.90   170,484,136.10      1,806.48  170,485,942.58
MAY      172,000,000.00   170,484,136.10  3,280,197.02     915,783.95    4,195,980.97   167,203,939.08    210,362.04  167,414,301.12
JUNE     172,000,000.00   167,203,939.08  2,897,600.02     753,950.43    3,651,550.45   164,306,339.06    568,957.25  164,875,296.31
JULY     172,000,000.00   164,306,339.06  3,437,643.01     802,362.62    4,240,005.63   160,868,696.05    881,072.93  161,749,768.98
AUG      172,000,000.00   160,868,696.05  4,564,139.02     837,947.16    5,402,086.18   156,304,557.03  1,165,211.14  157,469,768.17
SEPT     172,000,000.00   156,304,557.03  4,188,355.58     755,146.39    4,943,501.97   152,116,201.45  1,526,675.35  153,642,876.80
OCT      172,000,000.00   152,116,201.45  4,167,187.94     750,756.84    4,917,944.78   147,949,013.51  1,877,981.68  149,826,995.19
NOV      172,000,000.00   147,949,013.51  3,944,329.68     738,604.63    4,682,934.31   144,004,683.83  2,219,846.36  146,224,530.19
DEC      172,000,000.00   144,004,683.83  4,990,913.27     718,913.38    5,709,826.65   139,013,770.56  2,555,619.79  141,569,390.35
TOTALS   172,000,000.00   144,004,683.83 32,986,229.44   8,054,096.63   41,040,326.07   139,013,770.56  2,555,619.79  141,569,390.35
</TABLE>

<TABLE>
<CAPTION>
                                                                
                 ORIGINAL     BEGINNING                                                   ENDING        SUBORDINATE       ENDING
                CERTIFICATE  CERTIFICATE    PRINCIPAL      INTEREST         TOTAL       CERTIFICATE       AMOUNT        PRINCIPAL
CLASS R          BALANCE      BALANCE     DISTRIBUTION    DISTRIBUTION   DISTRIBUTION    BALANCE                         BALANCE
<S>          <C>         <C>             <C>            <C>              <C>            <C>             <C>            <C>

JAN                0.00        0.00           0.00           0.00           0.00           0.00           0.00             0.00
FEB                0.00        0.00           0.00           0.00           0.00           0.00           0.00             0.00
MARCH              0.00        0.00           0.00           0.00           0.00           0.00           0.00             0.00
APRIL              N/A         0.00           0.00           0.00           0.00           0.00           0.00             0.00
MAY                N/A         0.00           0.00           0.00           0.00           0.00           0.00             0.00
JUNE               N/A         0.00           0.00           0.00           0.00           0.00           0.00             0.00
JULY               N/A         0.00           0.00           0.00           0.00           0.00           0.00             0.00
AUG                N/A         0.00           0.00           0.00           0.00           0.00           0.00             0.00
SEPT               N/A         0.00           0.00           0.00           0.00           0.00           0.00             0.00
OCT                N/A         0.00           0.00           0.00           0.00           0.00           0.00             0.00
NOV                N/A         0.00           0.00           0.00           0.00           0.00           0.00             0.00
DEC                N/A         0.00           0.00           0.00           0.00           0.00           0.00             0.00
TOTALS N/A                     0.00           0.00           0.00           0.00           0.00           0.00             0.00


CUMULATIVE 240,000,000.00  203,250,329.25  60,778,143.74 15,127,057.23  75,905,200.97 196,271,629.39  3,642,631.90  199,914,261.29

</TABLE>
                                                                
                                                                
                                                                
                                                                
                                                                
                                                                
                                                                
                                                                
                                                                
  IF THERE ARE ANY QUESTIONS OR PROBLEMS WITH THIS STATEMENT, 
  PLEASE CONTACT THE ADMINISTRATOR LISTED BELOW:      
                                                                
                                                                
                                                                
                RUTH McKENNA                                            
                THE CHASE MANHATTAN BANK - STRUCTURED PRODUCTS GROUP
                450 WEST 33RD STREET, 15TH FLOOR                        
                NEW YORK, NEW YORK 10001                                     
                (212) 946-3157