SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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FORM 10-K
FOR ANNUAL AND TRANSITION REPORTS
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
(Mark One)
|X| ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
FOR THE FISCAL YEAR ENDED: DECEMBER 31, 2004
or
|_| TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
Commission file number:
333-106428
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CHASE FUNDING, INC.
(Issuer in respect of Chase Funding Mortgage Loan Asset-Backed
Certificates, Series 2004-1) (the "Certificates")
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(Exact name of Registrant as specified in its charter)
New York 13-3840732
- ---------------------------------------------- ------------------------
(State or other jurisdiction of incorporation) (I.R.S. Employer
Identification No.)
300 Tice Boulevard, Woodcliff Lake, NJ 07675
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (201) 782-9084
Securities registered pursuant to Section 12(b) of the Act: None.
Securities registered pursuant to Section 12(g) of the Act: None.
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 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.
Not Applicable.
Indicate by check mark whether the registrant is an accelerated filer (as
defined in Rule 12b-2 of the Act): Yes |_| No |X|
State the aggregate market value of the voting stock held by
non-affiliates of the Registrant. The aggregate market value shall be computed
by reference to the price at which the stock was sold, or the average bid and
asked priced of such stock, as of a specified date within 60 days prior to the
date of filing.
Not Applicable.
Introductory Note
This Annual Report on Form 10-K is filed pursuant to Sections 13 and 15(d)
of the Securities Exchange Act of 1934, as amended, in the manner described in a
"no-action" letter issued by the Office of the Chief Counsel to Chase Funding,
Inc. (formerly known as Chemical Mortgage Securities, Inc.) dated May 24, 1988
(the "Exemption Order"). Accordingly, responses to certain items have been
omitted from or modified in this Annual Report.
The Mortgage Loan Asset-Backed Certificates, Series 2004-1 ("Series"),
represents the entire beneficial ownership interest in a trust fund (the "Trust
Fund") consisting, among other things, of a segregated pool of subprime one- to
four-family first-lien or second lien mortgage loans (the "Mortgage Loans").
PART I
Item 1. Business.
Omitted.
Item 2. Properties.
Information regarding the mortgaged properties is included in the
Accountant's Report and the Annual Statement of Compliance filed under Item 15.
Item 3. Legal Proceedings.
The registrant knows of no material pending legal proceedings with respect
to the Trust Fund for any Series, involving the registrant, the Trust Fund, the
related trustee) and Chase Manhattan Mortgage Corporation (the "Seller" and
"Servicer"), other than ordinary routine litigation incidental to duties of the
registrant, Trustee, Seller or the Servicer under the Pooling and Servicing
Agreement among Chase Funding, Inc., Chase Manhattan Mortgage Corporation and
Wachovia Bank, N.A., dated as of February 1, 2004, for Chase Funding Mortgage
Loan Asset-Backed Certificates, Series 2004-1.
Item 4. Submission of Matters to a Vote of Security Holders.
No matter was submitted to a vote of Certificateholders for any Series
during the fiscal year covered by this report.
PART II
Item 5. Market for Registrant's Common Equity and Related Stockholders Matters
and Issuer Purchases of Equity Securities.
(a) (1) To the knowledge of the Registrant, there is no established
public market for the Certificates of any Series.
(2) To the knowledge of the Registrant, there are no reported high
and low bid quotations for any of the Certificates.
(b) The records of The Depository Trust Company ("DTC") indicate that as
of December 31, 2004, Series 2004-1 had 143 holders of record.
Item 6. Selected Financial Data.
Omitted.
Item 7. Management's Discussion and Analysis of Financial Condition and Results
of Operations.
Omitted.
Item 7A. Quantitative and Qualitative Disclosures About Market Risk
Not applicable.
Item 8. Financial Statements and Supplementary Data.
Omitted.
Item 9. Changes in and Disagreements with Accountants on Accounting and
Financial Disclosure
None.
Item 9A. Controls and Procedures
None.
Item 9B. Other Information
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.
The records of DTC indicate that as of December 31, 2004, there were the
following holders of record with more than 5% of each class of Certificates:
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Class Name & Address of Participant Original Certificate % of Class
Principal Balance
==============================================================================================================================
- ------------------------------------------------------------------------------------------------------------------------------
IA1 00000901 The Bank of New York $ 16,260,000.00 15.25%
One Wall Street
New York, NY 10286
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00000954 Mellon Trust of New England, NA $ 6,035,000.00 5.66%
525 William Penn Place, Suite 3418
Pittsburgh, PA 15259
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00000997 State Street Bank and Trust Company $ 13,280,000.00 12.46%
1776 Heritage Drive
Global Corporate Action Unit JAB 5NW
North Quincy, MA 02171
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00002517 JPM/Pruden $ 53,600,000.00 50.28%
[No contact information listed]
- ------------------------------------------------------------------------------------------------------------------------------
00002669 The Northern Trust Company $ 5,330,000.00 5.00%
PROCESSORAL C-IN
Chicago, IL 60607
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IA2 00000141 FRST CLEAR $ 1,886,000.00 5.65%
901 E. Byrd Street
Richmond, VA 23219
- ------------------------------------------------------------------------------------------------------------------------------
00000418 CITIGROUP $ 2,023,000.00 6.06%
333 W. 34th Street
New York, NY 10001
- ------------------------------------------------------------------------------------------------------------------------------
00000902 JPMorgan Chase Bank, National $ 9,788,000.00 29.31%
Association
Proxy/Class Actions/Bankruptcy
14201 Dallas Parkway 12th Floor
Dallas, TX 75254
- ------------------------------------------------------------------------------------------------------------------------------
00000997 State Street Bank and Trust Company $ 8,251,000.00 24.70%
1776 Heritage Drive
Global Corporate Action Unit JAB 5NW
North Quincy, MA 02171
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==============================================================================================================================
Class Name & Address of Participant Original Certificate % of Class
Principal Balance
==============================================================================================================================
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00002212 Investors Bank & Trust Company $ 2,656,000.00 7.95%
200 Clarendon Street 9th Floor
Corporate Actions Unit/TOP57
Boston, MA 02116
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00002767 BGI/IBT CO $ 2,000,000.00 5.99%
980 9th Street, 6th Floor
Sacramento, CA 95814
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IA3 00000901 The Bank of New York $ 10,650,000.00 15.97%
One Wall Street
New York, NY 10286
- ------------------------------------------------------------------------------------------------------------------------------
00000902 JPMorgan Chase Bank, National $ 10,500,000.00 15.74%
Association
Proxy/Class Actions/Bankruptcy
14201 Dallas Parkway 12th Floor
Dallas, TX 75254
- ------------------------------------------------------------------------------------------------------------------------------
00000997 State Street Bank and Trust Company $ 15,750,000.00 23.61%
1776 Heritage Drive
Global Corporate Action Unit JAB 5NW
North Quincy, MA 02171
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00002145 Union Bank of California, N.A. $ 8,500,000.00 12.74%
530 B Street, Suite 242
San Diego, CA 92101
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00002767 BGI/IBT CO $ 4,375,000.00 6.56%
980 9th Street, 6th Floor
Sacramento, CA 95814
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IA4 00000636 LHMNGV/LBI $ 2,900,000.00 6.05%
70 Hudson Street
Jersey City, NJ 07302
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00000901 The Bank of New York $ 6,080,000.00 12.69%
One Wall Street
New York, NY 10286
- ------------------------------------------------------------------------------------------------------------------------------
00000997 State Street Bank and Trust Company $ 29,770,000.00 62.15%
1776 Heritage Drive
Global Corporate Action Unit JAB 5NW
North Quincy, MA 02171
- ------------------------------------------------------------------------------------------------------------------------------
00002669 The Northern Trust Company $ 3,750,000.00 7.83%
PROCESSORAL C-IN
Chicago, IL 60607
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IA5 00000908 Citibank, N.A. $ 28,275,000.00 58.57%
3800 Citibank Center B3-15
Tampa, FL 33610
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00000954 Mellon Trust of New England, NA $ 20,000,000.00 41.43%
525 William Penn Place, Suite 3418
Pittsburgh, PA 15259
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IA6 00000901 The Bank of New York $ 10,810,000.00 32.12%
One Wall Street
New York, NY 10286
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==============================================================================================================================
Class Name & Address of Participant Original Certificate % of Class
Principal Balance
==============================================================================================================================
- ------------------------------------------------------------------------------------------------------------------------------
00000902 JPMorgan Chase Bank, National $ 10,000,000.00 29.72%
Association
Proxy/Class Actions/Bankruptcy
14201 Dallas Parkway 12th Floor
Dallas, TX 75254
- ------------------------------------------------------------------------------------------------------------------------------
00000954 Mellon Trust of New England, NA $ 6,700,000.00 19.91%
525 William Penn Place, Suite 3418
Pittsburgh, PA 15259
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00002108 Comercia Bank $ 2,400,000.00 7.13%
411 West Lafayette
Mail Code 3404
Detroit, MI 48226
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IA7 00002100 BNY/SUNTRS $ 75,000,000.00 100.00%
One Wall Street
New York, NY 10286
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IB 00000908 Citibank, N.A. $ 4,200,000.00 58.33%
3800 Citibank Center B3-15
Tampa, FL 33610
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00000997 State Street Bank and Trust Company $ 2,500,000.00 34.72%
1776 Heritage Drive
Global Corporate Action Unit JAB 5NW
North Quincy, MA 02171
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00002027 Wells Fargo Bank Minnesota, N.A. $ 500,000.00 6.94%
733 Marquette Avenue
Minneapolis, MN 55479
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IM1 00000901 The Bank of New York $ 5,350,000.00 36.03%
One Wall Street
New York, NY 10286
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00000954 Mellon Trust of New England, NA $ 7,000,000.00 47.14%
525 William Penn Place, Suite 3418
Pittsburgh, PA 15259
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00000997 State Street Bank and Trust Company $ 2,500,000.00 16.84%
1776 Heritage Drive
Global Corporate Action Unit JAB 5NW
North Quincy, MA 02171
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IM2 00000901 The Bank of New York $ 3,000,000.00 26.67%
One Wall Street
New York, NY 10286
- ------------------------------------------------------------------------------------------------------------------------------
00000954 Mellon Trust of New England, NA $ 3,000,000.00 26.67%
525 William Penn Place, Suite 3418
Pittsburgh, PA 15259
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IIA1 00000902 JPMorgan Chase Bank, National $ 22,860,000.00 10.06%
Association
Proxy/Class Actions/Bankruptcy
14201 Dallas Parkway 12th Floor
Dallas, TX 75254
- ------------------------------------------------------------------------------------------------------------------------------
00000908 Citibank, N.A. $ 37,650,000.00 16.56%
3800 Citibank Center B3-15
Tampa, FL 33610
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==============================================================================================================================
Class Name & Address of Participant Original Certificate % of Class
Principal Balance
==============================================================================================================================
- ------------------------------------------------------------------------------------------------------------------------------
00000997 State Street Bank and Trust Company $ 54,865,000.00 24.14%
1776 Heritage Drive
Global Corporate Action Unit JAB 5NW
North Quincy, MA 02171
- ------------------------------------------------------------------------------------------------------------------------------
00002517 JPM/Pruden $ 41,300,000.00 18.17%
[No contact information listed]
- ------------------------------------------------------------------------------------------------------------------------------
00002767 BGI/IBT CO $ 50,000,000.00 22.00%
980 9th Street, 6th Floor
Sacramento, CA 95814
- ------------------------------------------------------------------------------------------------------------------------------
IIA2 00000954 Mellon Trust of New England, NA $ 122,693,000.00 35.93%
525 William Penn Place, Suite 3418
Pittsburgh, PA 15259
- ------------------------------------------------------------------------------------------------------------------------------
00000979 UBS AG $ 85,000,000.00 24.89%
677 Washington Blvd
Stamford, CT 06901
- ------------------------------------------------------------------------------------------------------------------------------
00000997 State Street Bank and Trust Company $ 40,205,000.00 11.77%
1776 Heritage Drive
Global Corporate Action Unit JAB 5NW
North Quincy, MA 02171
- ------------------------------------------------------------------------------------------------------------------------------
00002669 The Northern Trust Company $ 21,141,000.00 6.19%
PROCESSORAL C-IN
Chicago, IL 60607
- ------------------------------------------------------------------------------------------------------------------------------
IIB 00000902 JPMorgan Chase Bank, National $ 9,750,000.00 60.00%
Association
Proxy/Class Actions/Bankruptcy
14201 Dallas Parkway 12th Floor
Dallas, TX 75254
- ------------------------------------------------------------------------------------------------------------------------------
00000997 State Street Bank and Trust Company $ 1,500,000.00 9.23%
1776 Heritage Drive
Global Corporate Action Unit JAB 5NW
North Quincy, MA 02171
- ------------------------------------------------------------------------------------------------------------------------------
00002251 LaSalle Bank National Association $ 5,000,000.00 30.77%
135 South Lasalle Street
Chicago, IL 60603
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IIM1 00000901 The Bank of New York $ 19,600,000.00 56.36%
One Wall Street
New York, NY 10286
- ------------------------------------------------------------------------------------------------------------------------------
00000902 JPMorgan Chase Bank, National $ 5,000,000.00 14.38%
Association
Proxy/Class Actions/Bankruptcy
14201 Dallas Parkway 12th Floor
Dallas, TX 75254
- ------------------------------------------------------------------------------------------------------------------------------
00000908 Citibank, N.A. $ 10,135,000.00 29.14%
3800 Citibank Center B3-15
Tampa, FL 33610
- ------------------------------------------------------------------------------------------------------------------------------
==============================================================================================================================
Class Name & Address of Participant Original Certificate % of Class
Principal Balance
==============================================================================================================================
- ------------------------------------------------------------------------------------------------------------------------------
IIM2 00000636 LHMNGV/LBI $ 6,000,000.00 24.62%
70 Hudson Street
Jersey City, NJ 07302
- ------------------------------------------------------------------------------------------------------------------------------
00000901 The Bank of New York $ 10,375,000.00 42.56%
One Wall Street
New York, NY 10286
- ------------------------------------------------------------------------------------------------------------------------------
00000902 JPMorgan Chase Bank, National $ 6,100,000.00 25.03%
Association
Proxy/Class Actions/Bankruptcy
14201 Dallas Parkway 12th Floor
Dallas, TX 75254
- ------------------------------------------------------------------------------------------------------------------------------
00000997 State Street Bank and Trust Company $ 1,900,000.00 7.79%
1776 Heritage Drive
Global Corporate Action Unit JAB 5NW
North Quincy, MA 02171
- ------------------------------------------------------------------------------------------------------------------------------
Item 13. Certain Relationships and Related Transactions
Omitted.
Item 14. Principal Accounting Fees and Services
Omitted.
Part IV
Item 15. Exhibits, Financial Statement Schedules
(a) The following documents are filed as part of this Annual Report on
Form 10-K.
(3) Exhibit Number Description
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31.1 Certification pursuant to Section 302 of the
Sarbanes-Oxley Act of 2002.
99.1 Servicer's Annual Statement of Compliance.
99.2 Report prepared by the Servicer's certified
independent accountants concerning the Servicer's
activities for the year-end December 31, 2004.
(b) See item 15(a)(3) above.
(c) Not Applicable.
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.
CHASE FUNDING, INC.,
depositor
By: /s/ Thomas L. Wind
---------------------------------
Name: Thomas L. Wind
Title: Co-Chief Executive Officer
Date: March 30, 2005
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.
INDEX TO EXHIBITS
Exhibit Number Description
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31.1 Certification pursuant to Section 302 of the
Sarbanes-Oxley Act of 2002.
99.1 Servicer's Annual Statement of Compliance.
99.2 Report prepared by the Servicer's certified
independent accountants concerning the Servicer's
activities for the year-end December 31, 2004.