SECURITIES AND EXCHANGE COMMISSION
                                Washington, D.C.

                                    FORM 10-K

                  ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d)
                     OF THE SECURITIES EXCHANGE ACT OF 1934

                   For the fiscal year ended December 31, 1996


                       Commission file number 33-82354-01

        TRUST CREATED BY CS FIRST BOSTON MORTGAGE SECURITIES CORPORATION
                  (under a Pooling & Servicing Agreement dated
                     as October 1, 1995, which Trust is the
                   issuer of Commercial Mortgage Pass-Through
                         Certificates, Series 1995-AEW1)
            ------------------------------------------------------
            (Exact name of Registrant as specified in its charter)

New York                                                       13-3320910
State or other jurisdiction                                (I.R.S. Employer of
incorporation or organization                              Identification No.)


                  State Street Bank and Trust Company, Trustee
                             2 International Place
                          Boston, Massachusetts 02110
                Attention: Corporate Trust Department (Zip Code)
                            CS First Boston 1995-AEW1
                    (Address of principal executive office)

       Registrant's telephone number, including area code: (617) 664-5750

Securities registered pursuant to Section 12(b) of the Act: Not applicable.

Securities registered pursuant to Section 12(g) of the Act: Not applicable.


     Indicate by check mark whether the registrant (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 
1934 during the preceding 12 months (or for such shorter  period that the
registrant was required to file such reports), and (2) has been subject to such
filing requirements for the past 90 days. Yes _X_     No ___    

     Indicate by check mark if disclosure of delinquent filers pursuant to Item
405 of Regulation S-K (section 229.405 of this chapter) is not contained herein,
and will not be contained, to the best of registrant's knowledge, in definitive
proxy or information statements incorporated by reference in Part III of this
Form 10-K or any amendment to this Form 10-K. [X]


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     Aggregate market value of the voting stock held by non-affiliates of the
registrant as of December 31, 1996: Not applicable.

     Number of shares of common stock as of December 31, 1996: Not applicable.

                     DOCUMENTS INCORPORATED BY REFERENCE

                                     NONE

                                    PART I

ITEM 1. BUSINESS.

     The Registrant issued Commercial Mortgage Pass-Through Certificates, Series
1995-AEW1 (the "Securities") pursuant to a Pooling and Servicing Agreement dated
as of  October  1, 1995 (the  "Cut-off  Date")  among CS First  Boston  Mortgage
Securities Corporation, as Depositor,  Midland Loan Services, L.P., as Servicer,
LaSalle  National  Bank, as Trustee,  and ABN AMRO Bank N.V., as Fiscal Agent of
the Trustee (the  "Pooling and  Servicing  Agreement").  The assets of the Trust
consist  primarily of a pool of 48 fixed rate and 58  adjustable  rate  mortgage
loans (the  "Mortgage  Loans") having an aggregate  principal  balance as of the
Cut-off Date of approximately $222,815,311.39. The Mortgage Loans are secured by
Multi-family and Commercial Properties (each, a "Mortgaged Property").  Security
Holders receive Monthly Reports regarding distributions.

     Further  information  with  respect  to the  performance  of the  Trust is
summarized in the Monthly Reports to Security  Holders, which are filed on Form
8-K.

ITEM 2.  PROPERTIES.

      Information regarding the Mortgaged Properties securing the Mortgage Loans
is set forth in the Prospectus Supplement and the Monthly Reports to Security
Holders,  which are filed on Form 8-K.  The  Trust will  acquire  title to real
estate only upon default of the mortgagors under the Mortgage Loans.
Therefore, this item is inapplicable.

ITEM 3.  LEGAL PROCEEDINGS.

     There are no material pending legal  proceedings  involving the Trust or,
with respect to the Trust or the Mortgage Loans, the Trustee, any custodian, the
Servicer or the Depositor, other than ordinary routine litigation incidental to
the Trustee's, any custodian's, the Servicer's or the Depositor's duties under
the Pooling and Servicing Agreement.

ITEM 4.  SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.

     No matters were submitted to a vote of Security  Holders during the fiscal
year covered by this report.
<PAGE>
                                   PART II

ITEM 5.  MARKET FOR REGISTRANT'S COMMON EQUITY AND RELATED STOCKHOLDER MATTERS.

     The  Registrant's  Series  1995-AEW1  Securities  represent   non-recourse
obligations of the Trust, such Trust having assets which consist of the Mortgage
Loans. Strictly speaking, Registrant has no "common equity," but for purposes of
this Item only,  Registrant's  Commercial  Mortgage  Pass-Through  Certificates,
Series 1995-AEW1 Securities are treated as "common equity."

(a)   Market  Information.  There is no established  public trading market for
      Registrant's  Securities.  Registrant believes the Securities are traded
      primarily  in  intra-dealer  markets  and  non-centralized  inter-dealer
      markets.

(b)   Holders.  The  approximate  number of registered  holders of all classes
      of Securities as of December 31, 1996 was 11.

(c)   Dividends. Not applicable. The information regarding dividends required by
      sub-paragraph  (c) of Item 201 of Regulation S-K is  inapplicable  because
      the Trust does not pay dividends.  However, information as to distribution
      to Security Holders is provided in the Monthly Reports to Security Holders
      for each  month of the fiscal  year in which a  distribution  to  Security
      Holders was made.

ITEM 6.  SELECTED FINANCIAL DATA.

     Not Applicable. Because of the limited activities of the Trust information
with  respect  to the  performance  of the Trust is  summarized  in the  Monthly
Reports to Security Holders, which are filed on a monthly basis on Form 8-K.

ITEM 7.  MANAGEMENT'S  DISCUSSION  AND ANALYSIS OF  FINANCIAL  CONDITION AND 
         RESULTS OF OPERATIONS.

     Not Applicable.  The information required by Item 303 of Regulation S-K is
inapplicable  because the Trust does not have management per se, but rather the
Trust has a Trustee  who  causes  the preparation  of the  Monthly  Reports  to
Security Holders. Information concerning the Mortgage Loans and distributions to
the Security  Holders is contained in the Monthly  Reports to Security  Holders
which are filed on Form 8-K, and on the Annual Statement of Compliance  and the
Annual Servicing Report filed under Item 14 of Form 10-K.

ITEM 8.  FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA.

     Not  Applicable.  Information  with respect to the Trust is contained in
the Monthly Reports to Security Holders filed on a monthly basis on Form 8-K.

ITEM 9. CHANGES IN AND  DISAGREEMENTS  WITH  ACCOUNTANTS  ON  ACCOUNTING AND 
        FINANCIAL DISCLOSURE.

     None.

                                   PART III

ITEM 10.  DIRECTORS AND EXECUTIVE OFFICERS OF REGISTRANT.

     Not  Applicable.  The  Trust  does  not  have  officers  or  directors.
Therefore,  the  information  requested by items 401 and 405 of Regulation S-K
is inapplicable.

ITEM 11.  EXECUTIVE COMPENSATION.

     Not  Applicable.  The Trust does not have  officers or directors to whom
compensation needs to be paid.  Therefore,  the information  requested by item
402 of regulation S-K is inapplicable.

ITEM 12.  SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT.

     (a)   Security  ownership of certain  beneficial  owners.  Not Applicable.
           Under the Pooling and Servicing  Agreement  governing the Trust, the
           holders of the  Securities  generally  do not have the right to vote
           and are  prohibited  from  taking part in  management  of the Trust.
           Therefore,  the  information  requested by item 403(a) of Regulation
           S-K is inapplicable.
<PAGE>

ITEM 12.  SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT.
          (Continued)

     (b)   Security  ownership  of  management.  Not  Applicable.  The  Trust
           does  not  have  any  officers  or   directors.   Therefore,   the
           information   requested  by  item  403(b)  of  Regulation  S-K  is
           inapplicable.

     (c)   Changes in control.  Not Applicable.  Because  Security Holders do
           not possess, directly or indirectly,  the power to direct or cause
           the direction of the management  and policies of the Trust,  other
           than with respect to certain  required  consents to  amendments to
           the Pooling and Servicing  Agreement and the ability of holders of
           specified  amounts  of the  Securities  to act as a  group  in the
           event of the  occurrence  of certain  events  which if  continuing
           would   constitute   events  of  default  under  the  Pooling  and
           Servicing  Agreement,  the  information  requested with respect to
           item 403(c) of Regulation S-K is inapplicable.

ITEM 13.  CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS.

     Not  Applicable.  The Trust does not have  officers or directors and under
the Pooling and Servicing  Agreement  governing  the Trust,  the holders of the
Securities generally do not have the right to vote.  Therefore, the information
requested by item 404 of Regulation S-K is inapplicable.

                                   PART IV

ITEM 14.  EXHIBITS, FINANCIAL STATEMENT SCHEDULES AND REPORTS ON FORM 8-K.

     (a)   The following is a list of documents filed as part of this report:

           EXHIBITS

 4.1       Pooling and Servicing Agreement dated as of October 1, 
           1995 (hereby  incorporated herein by reference as exhibit to 
           Depositor's  Current Report on Form 8-K filed with 
           the Securities and Exchange Commission on November 4, 1995).

99.1       Servicer's  Annual  Statement as to Compliance  for the year ended
           December 31, 1996 and dated March 10, 1997.

99.2       Independent  Auditor's  Report  on  Compliance  with  the  Uniform
           Single Audit Program for Mortgage Bankers dated February 19, 1997.
________________________________________________________________________________

     (b)  Reports on Form 8-K

          1) Form 8-K dated October 25, 1996, covering Items 5 and 7.

          2) Form 8-K dated November 25, 1996, covering Items 5 and 7.

          3) Form 8-K dated December 26, 1996, covering Items 5 and 7.

     (c)   The exhibits required to be filed by Registrant pursuant to item 601
           of  Regulation  S-K are listed  above and in the Exhibit  Index that
           immediately follows the signature page hereof.

     (d)   Not  Applicable.  The  Trust  does not have  any  subsidiaries  or
           affiliates.  Therefore,  no  financial  statements  are filed with
           respect to subsidiaries or affiliates.
<PAGE>
                    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  Security  Holders,  and the  Registrant  does  not
contemplate sending any such materials subsequent to the filing of this report.

                                    SIGNATURE

Pursuant to the requirements of Section 13 or 15(d) of the Securities  Exchange
Act of 1934, Registrant  has duly caused this report to be signed on its behalf
by the undersigned, thereunto duly authorized.

                             MIDLAND LOAN SERVICES, L.P., not in its individual
                             capacity but solely as a duly authorized  agent of
                             the  Registrant  pursuant  to Section  3.22 of the
                             Pooling  and  Servicing   Agreement  dated  as  of
                             October 1, 1995

                             By:    Midland Data  Systems,  Inc.,  its General
                                    Partner



                                    By:    /s/ Lawrence D. Ashley
                                    Name:  Lawrence D. Ashley
                                    Title: Director of MBS Programs

Date:   March 28, 1997


                                  EXHIBIT INDEX

                                                                SEQUENTIAL
EXHIBIT                         DOCUMENT                        PAGE NUMBER

   4.1                 Pooling and Servicing Agreement 
                       dated as of October 1, 1995 
                       (hereby incorporated herein by reference 
                       as exhibit to Depositor's 
                       Current Report on Form 8-K 
                       filed with the Securities and 
                       Exchange Commission on November 
                       4, 1995).

  99.1                 Servicers Annual Statement                      8
                       as to Compliance for the
                       year ended December 31, 1996
                       and dated March 10, 1997.
 
  99.2                 Independent Auditor's Report                   10
                       on Compliance with the
                       Uniform Single Audit Program
                       for Mortgage Bankers dated 
                       February 19, 1997.



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