Annual Report (Form 10-K), fiscal year 1993

ITEM 1. Business.
The trust fund relating to Pooling and Servicing Agreement dated as of December 1, 1992 (the "Pooling and Servicing Agreement") among First Boston Mortgage Securities Corp., as depositor (the "Depositor"), and Bankers Trust Company of California, N.A. as trustee (the "Trustee").
The Conduit Mortgage Pass-Through Certificates, Series 1992-5 will be comprised of two Classes of Certificates, designated as the Class 1-A Certificates and the Class 2-A Certificates (collectively, the "Certificates"). The Class 1-A Certificates and Class 2-A Certificates each evidence beneficial ownership interests in a separate trust fund (each, a "Trust Fund") to be created by First Boston Mortgage Securities Corp. (the "Depositor"), which will contain a pool of adjustable rate, conventional mortgage loans (together the "Mortgage Loans") secured by deeds of trust on residential properties held in trust for the benefit of the Certificateholders. The Mortgage Loans were originated by or acquired by, and will be serviced by, Countrywide Funding Corporation ("Countywide") and will be purchased by the Depositor from First Boston Mortgage Capital Corp., an affiliate of the Depositor, and transferred by the Depositor to the Trust Funds pursuant to a Pooling and Servicing Agreement, dated as of December 1, 1992, in exchange for the Certificates. Each Trust Fund will include a separate group of Mortgage Loans: Loan Group 1 and Loan Group 2 (each, a "Loan Group"). Distributions of principal and interest on the Class 1-A Certificates will be based on payments received on the Mortgage Loans in Loan Group 1. Distributions of principal and interest on the Class 2-A Certificates will be based on payments received on the Mortgage Loans in Loan Group 2. The Mortgage Loans are more fully described in the Prospectus Supplement dated July 17, 1992.
Information with respect to the business of the Trust would not be meaningful because the only "business" of the Trust is the collection on the Mortgage Loans and distribution of payments on the Certificates to Certificateholders. This information is accurately summarized in the Monthly Reports to Certificateholders, which are filed on Form 8-K. There is no additional relevant information to report in response to Item 101 of Regulation S-K.
ITEM 2.



ITEM 2. Properties.
The Depositor owns no property. The First Boston Mortgage Securities Corp., Conduit Mortgage Pass-Through Certificates, Series 1992-5, in the aggregate, represent the beneficial ownership in a Trust consisting primarily of the Mortgage Loans. The Trust will acquire title to real estate only upon default of the mortgagors under the Mortgage Loan. Therefore, this item is inapplicable.
ITEM 3.

ITEM 3. Legal Proceedings.
None.
ITEM 4.

ITEM 4. Submission of Matters to a Vote of Security Holders.
No matters were submitted to a vote of Certificateholders during the fiscal year covered by this report.
PART II
ITEM 5.

ITEM 5. Market for Depositor's Common Equity and Related Stockholder Matters.
The First Boston Mortgage Securities Corp., Conduit Mortgage Pass-Through Certificates, Series 1992-5 represent, in the aggregate, the beneficial ownership in a trust fund consisting primarily of the Mortgage Loans. The Certificates are owned by Certificateholders as trust beneficiaries. Strictly speaking, Depositor has no "common equity," but for purposes of this Item only, Depositor's Conduit Mortgage Pass-Through Certificates are treated as "common equity."
(a) Market Information. There is no established public trading market for Depositor's Notes. Depositor believes the Notes are traded primarily in intra-dealer markets and non-centralized inter-dealer markets.
(b) Holders. The number of registered holders of all classes of Certificates on (for dates see ITEM 12(a)) was 5.
(c) Dividends. Not applicable. The information regarding dividend 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 Certificateholders is provided in the Monthly Reports to Certificateholders for each month of the fiscal year in which a distribution to Certificateholders was made.
ITEM 6.

ITEM 6. Selected Financial Data.
Not Applicable. Because of the limited activities of the Trust, the Selected Financial Data required by Item 301 of Regulation S-K does not add relevant information to that provided by the Monthly Reports to Certificateholders, which are filed on a monthly basis on Form 8-K.
ITEM 7.

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 Certificateholders. The information provided by the Monthly Reports to Certificateholders, which are filed on a monthly basis on Form 8-K, does provide the relevant financial information regarding the financial status of the Trust.
ITEM 8.


ITEM 8. Financial Statements and Supplementary Data.
Monthly Remittance Statement to the Certificateholders as to distributions made on January 25, 1993, and filed with the Securities and Exchange Commission on Form 8-K on February 10, 1999.
Monthly Remittance Statement to the Certificateholders as to distributions made on February 25, 1993, and filed with the Securities and Exchange Commission on Form 8-K on February 10, 1999.
Monthly Remittance Statement to the Certificateholders as to distributions made on March 25, 1993, and filed with the Securities and Exchange Commission on Form 8-K on February 10, 1999.
Monthly Remittance Statement to the Certificateholders as to distributions made on April 26, 1993, and filed with the Securities and Exchange Commission on Form 8-K on February 10, 1999.
Monthly Remittance Statement to the Certificateholders as to distributions made on May 25, 1993, and filed with the Securities and Exchange Commission on Form 8-K on February 10, 1999.
Monthly Remittance Statement to the Certificateholders as to distributions made on June 25, 1993, and filed with the Securities and Exchange Commission on Form 8-K on February 10, 1999.
Monthly Remittance Statement to the Certificateholders as to distributions made on July 26, 1993, and filed with the Securities and Exchange Commission on Form 8-K on February 10, 1999.
Monthly Remittance Statement to the Certificateholders as to distributions made on August 25, 1993, and filed with the Securities and Exchange Commission on Form 8-K on February 10, 1999.
Monthly Remittance Statement to the Certificateholders as to distributions made on August 25, 1993, and filed with the Securities and Exchange Commission on Form 8-K on February 10, 1999.
Monthly Remittance Statement to the Certificateholders as to distributions made on September 27, 1993, and filed with the Securities and Exchange Commission on Form 8-K on February 10, 1999.
Monthly Remittance Statement to the Certificateholders as to distributions made on October 25, 1993, and filed with the Securities and Exchange Commission on Form 8-K on February 10, 1999.
Monthly Remittance Statement to the Certificateholders as to distributions made on November 26, 1993, and filed with the Securities and Exchange Commission on Form 8-K on February 10, 1999.
Monthly Remittance Statement to the Certificateholders as to distributions made on December 27, 1993, and filed with the Securities and Exchange Commission on Form 8-K on February 10, 1999.
Annual Statement of Compliance by the Master Servicer is not currently available and will be subsequently filed on Form 8.
Independent Accountant's Report on Servicer's will be subsequently filed on Form 8.
ITEM 9.

ITEM 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure.
None.
PART III
ITEM 10.



ITEM 10. Directors and Executive Officers of Depositor.
Not Applicable. The Trust does not have officers or directors. Therefore, the information required by items 401 and 405 of Regulation S-K are inapplicable.
ITEM 11.

ITEM 11. Executive Compensation.
Not Applicable. The Trust does not have officers or directors to whom compensation needs to be paid. Therefore, the information required by item 402 of regulation S-K is inapplicable.
ITEM 12.

ITEM 12. Security Ownership of Certain Beneficial Owners and Management.
(a) Security ownership of certain beneficial owners. Under the Pooling and Servicing Agreement governing the Trust, the holders of the Certificates generally do not have the right to vote and are prohibited from taking part in management of the Trust. For purposes of this Item and Item 13

ITEM 13. Certain Relationships and Related Transactions.
(a) Transactions with management and others. Depositor knows of no transaction or series of transactions during the fiscal year ended December 31, 1993, or any currently proposed transaction or series of transactions, in an amount exceeding $60,000 involving the Depositor in which the Certificateholders identified in Item 12(a) had or will have a direct or indirect material interest. There are no persons of the types described in Item 404(a)(1),(2) and (4) of Regulation S-K, however, the information required by Item 404(a)(3) of Regulation S-K is hereby incorporated by reference in Item 12 herein.
(b) Certain business relationships. None.
(c) Indebtedness of management. Not Applicable. The Trust does not have management consisting of any officers or directors. Therefore, the information required by item 404 of Regulation S-K is inapplicable.
(d) Transactions with promoters. Not Applicable. The Trust does not use promoters. Therefore, the information required by item 404 of Regulation S-K is inapplicable.
PART IV
ITEM 14.

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
Monthly Remittance Statement to the Certificateholders as to distributions made on January 25, 1993, and filed with the Securities and Exchange Commission on Form 8-K on February 10, 1999.
Monthly Remittance Statement to the Certificateholders as to distributions made on February 25, 1993, and filed with the Securities and Exchange Commission on Form 8-K on February 10, 1999.
Monthly Remittance Statement to the Certificateholders as to distributions made on March 25, 1993, and filed with the Securities and Exchange Commission on Form 8-K on February 10, 1999.
Monthly Remittance Statement to the Certificateholders as to distributions made on April 26, 1993, and filed with the Securities and Exchange Commission on Form 8-K on February 10, 1999.
Monthly Remittance Statement to the Certificateholders as to distributions made on May 25, 1993, and filed with the Securities and Exchange Commission on Form 8-K on February 10, 1999.
Monthly Remittance Statement to the Certificateholders as to distributions made on June 25, 1993, and filed with the Securities and Exchange Commission on Form 8-K on February 10, 1999.
Monthly Remittance Statement to the Certificateholders as to distributions made on July 26, 1993, and filed with the Securities and Exchange Commission on Form 8-K on February 10, 1999.
Monthly Remittance Statement to the Certificateholders as to distributions made on August 25, 1993, and filed with the Securities and Exchange Commission on Form 8-K on February 10, 1999.
Monthly Remittance Statement to the Certificateholders as to distributions made on August 25, 1993, and filed with the Securities and Exchange Commission on Form 8-K on February 10, 1999.
Monthly Remittance Statement to the Certificateholders as to distributions made on September 27, 1993, and filed with the Securities and Exchange Commission on Form 8-K on February 10, 1999.
Monthly Remittance Statement to the Certificateholders as to distributions made on October 25, 1993, and filed with the Securities and Exchange Commission on Form 8-K on February 10, 1999.
Monthly Remittance Statement to the Certificateholders as to distributions made on November 26, 1993, and filed with the Securities and Exchange Commission on Form 8-K on February 10, 1999.
Monthly Remittance Statement to the Certificateholders as to distributions made on December 27, 1993, and filed with the Securities and Exchange Commission on Form 8-K on February 10, 1999.
(c) The exhibits required to be filed by Depositor 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.
Supplemental information to be furnished with reports filed pursuant to Section 15(d) by Depositors 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 Certificateholders, and the Depositor 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, the Depositor has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
By: Bankers Trust Company of California, N.A. not in its individual capacity but solely as a duly authorized agent of the Registrant pursuant to the Pooling and Servicing Agreement, dated as of December 1, 1992.
By: /s/Judy L. Gomez Judy L. Gomez Assistant Vice President
Date: March 3, 1999
EXHIBIT INDEX
Exhibit Document
1.1 Monthly Remittance Statement to the Certificateholders as to distributions made on January 25, 1993, and filed with the Securities and Exchange Commission on Form 8-K on February 10, 1999.
1.2 Monthly Remittance Statement to the Certificateholders as to distributions made on February 25, 1993, and filed with the Securities and Exchange Commission on Form 8-K on February 10, 1999.
1.3 Monthly Remittance Statement to the Certificateholders as to distributions made on March 25, 1993, and filed with the Securities and Exchange Commission on Form 8-K on February 10, 1999.
1.4 Monthly Remittance Statement to the Certificateholders as to distributions made on April 26, 1993, and filed with the Securities and Exchange Commission on Form 8-K on February 10, 1999.
1.5 Monthly Remittance Statement to the Certificateholders as to distributions made on May 25, 1993, and filed with the Securities and Exchange Commission on Form 8-K on February 10, 1999.
1.6 Monthly Remittance Statement to the Certificateholders as to distributions made on June 25, 1993, and filed with the Securities and Exchange Commission on Form 8-K on February 10, 1999.
1.7 Monthly Remittance Statement to the Certificateholders as to distributions made on July 26, 1993, and filed with the Securities and Exchange Commission on Form 8-K on February 10, 1999.
1.8 Monthly Remittance Statement to the Certificateholders as to distributions made on August 25, 1993, and filed with the Securities and Exchange Commission on Form 8-K on February 10, 1999.
1.9 Monthly Remittance Statement to the Certificateholders as to distributions made on September 27, 1993, and filed with the Securities and Exchange Commission on Form 8-K on February 10, 1999.
1.10 Monthly Remittance Statement to the Certificateholders as to distributions made on October 25, 1993, and filed with the Securities and Exchange Commission on Form 8-K on February 10, 1999.
1.11 Monthly Remittance Statement to the Certificateholders as to distributions made on November 26, 1993, and filed with the Securities and Exchange Commission on Form 8-K on February 10, 1999.
1.12 Monthly Remittance Statement to the Certificateholders as to distributions made on December 27, 1993, and filed with the Securities and Exchange Commission on Form 8-K on February 10, 1999.
1.13 The Pooling and Servicing Agreement of the Registrant dated as of December 1, 1992 (hereby incorporated herein by reference and filed as part of the Registrant's Current Report on Form 8-K filed with Securities and Exchange Commission on February 10, 1999.