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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-K
Annual Report Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934
For the fiscal year 33-68724
ended December 31, 1996 Commission File Number
Chase Funding, Inc. (formerly known as "Chemical Mortgage Securities, Inc.")
(Issuer in respect of Multi-Class Mortgage Pass-Through
Certificates, Series 1996-1)
(Exact name of registrant as specified in its charter)
New York 13-3436103
(State or other jurisdiction of (I.R.S. Employer Identification No.)
incorporation or organization)
270 Park Avenue
New York, New York 10017
Telephone: (212) 834-5316
(Address of principal executive offices)
(Registrant's telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act: None.
Securities registered pursuant to Section 12(g) of the Act: None
Indicate by a 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:
All of the Registrant's voting stock is held by The Chase Manhattan Corporation.
None of the Registrant's voting stock is held by non-affiliates.
Registrant has not been involved in bankruptcy proceedings during the preceding
five years.
This Annual Report on Form 10-K is filed in accordance with a
letter dated May 24, 1988 issued by the Office of Chief Counsel, Division of
Corporation Finance of the Securities and Exchange Commission (the "Division")
stating that the Division will raise no objection if Chase Funding, Inc.
(formerly known as "Chemical Mortgage Securities, Inc. (the "Registrant")
files reports pursuant to Section 15(d), 13 and 16 of the Securities Exchange
Act of 1934, as amended (the "Exchange Act"), in the manner described in a
letter dated April 7, 1988, submitted to the Office of Chief Counsel on behalf
of the Registrant. Accordingly, responses to certain Items have been omitted
from or modified in this Annual Report on Form 10-K.
The Registrant's Multi-Class Mortgage Pass-Through Certificates,
Series 1996-1 (the "Certificates"), represent the entire beneficial ownership
interest in a trust fund (the "Trust Fund") consisting, among other things, of a
segregated pool of conventional one- to four-family fixed rate first-lien
mortgage loans (the "Mortgage Loans").
PART I
Item 1. Business.
Omitted.
Item 2. Properties.
Information regarding the mortgaged properties is included in
the Annual Statement of Compliance filed under Item 14 hereof. The Issuer will
file the report of its independent public accountants with respect to the
servicing of the Certificates on Form 8-K when received.
Item 3. Legal Proceedings.
The registrant knows of no material pending legal proceedings
with respect to the Trust Fund, involving the Trust Fund, The First National
Bank of Chicago (the "Trustee"), Chemical Residential Mortgage Corporation
(the "Master Servicer").
Item 4. Submission of Matters to a Vote of Security Holders.
No matter was submitted to a vote of Certificateholders during
the fiscal year covered by this report.
PART II
Item 5. Market for Registrant's Common Equity and Related Stockholder Matters.
To the knowledge of the registrant, the Certificates are traded
in the over-the-counter market to a limited extent.
The records of the Trust indicate that as of December 31, 1996,
there were six Certificateholders of record.
Item 6. Selected Financial Data.
Omitted.
Item 7. Management's Discussion and Analysis of
Financial Condition and Results of Operations.
Omitted.
Item 8. Financial Statements and Supplementary Data.
Omitted.
Item 9. Changes in and Disagreements with Accountants on
Accounting and Financial Disclosure.
None.
PART III
Item 10. Directors and Executive Officers of the Registrant.
Omitted.
Item 11. Executive Compensation.
Omitted.
Item 12. Security Ownership of Certain Beneficial Owners and
Management.
As of December 31, 1996, the numbers of Certificateholders of
record holding more than 5% of each class of the Series 1996-1 Certificates were
as follows:
class number of 5% holders
----- --------------------
A-1 1
A-2 2
A-3 1
A-4 1
A-5 1
A-6 1
A-7 3
A-8 1
A-9 1
A-R 1
A-RL 1
B-1 1
B-3 1
B-4 1
B-5 1
B-6 1
Item 13. Certain Relationships and Related Transactions.
Omitted.
PART IV
Item 14. Exhibits, Financial Statement Schedules, and
Reports of Form 8-K.
(a) The following documents are filed as part of this Annual
Report on Form 10-K: NONE.
(b), (c), (d) Omitted.
SIGNATURES
Pursuant to the requirements of Section 13 or 15(d) of the Securities
Exchange Act of 1934, the registrant has duly caused this report to be signed
on its behalf by the undersigned, thereunto duly authorized.
Date: March 31, 1997
CHASE FUNDING, INC.
By: /s/ Luke S. Hayden
Name: Luke S. Hayden
Title: Chief Executive Officer
Pursuant to the requirements of the Securities Exchange Act of
1934, this report has been signed below by the following persons on behalf of
the registrant and in the capacities and on the dates indicated.
Date: March 31, 1997 By: /s/ Luke S. Hayden
Name: Luke S. Hayden
Title: (Chairman), Director
(Chief Executive Officer)
Date: March 31, 1997 By: /s/ Samuel H. Cooper
Name: Samuel H. Cooper
Title: Director (President and Chief
Operating Officer)
Date: March 31, 1997 By: /s/ Douglas A. Potolsky
Name: Douglas A. Potolsky
Title: Director
Date: March 31, 1997 By: /s/ Stephen Fortunato
Name: Stephen Fortunato
Title: Treasurer (Chief Financial Officer)
SUPPLEMENTAL INFORMATION TO BE FURNISHED WITH REPORTS FILED PURSUANT TO SECTION
15(D) OF THE ACT BY REGISTRANTS WHICH HAVE NOT REGISTERED SECURITIES PURSUANT TO
SECTION 12 OF THE ACT.
No annual report, proxy statement, form of proxy or other proxy soliciting
material has been sent to Certificateholders during the period covered by this
Annual Report on Form 10-K and the registrant does not intend to furnish such
materials to Certificateholders subsequent to the filing of this report.