<PAGE> 1
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-K/A
ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
FOR THE FISCAL YEAR ENDED COMMISSION FILE
DECEMBER 31, 1998 NUMBER 1-5805
THE CHASE MANHATTAN CORPORATION
(EXACT NAME OF REGISTRANT AS SPECIFIED IN ITS CHARTER)
DELAWARE 13-2624428
(STATE OR OTHER JURISDICTION OF (I.R.S. EMPLOYER
INCORPORATION OR ORGANIZATION) IDENTIFICATION NO.)
270 PARK AVENUE, NEW YORK, N.Y. 10017
(ADDRESS OF PRINCIPAL EXECUTIVE OFFICE) (ZIP CODE)
REGISTRANT'S TELEPHONE NUMBER, INCLUDING AREA CODE: (212) 270-6000
The undersigned registrant hereby amends the following items, financial
statements, exhibits or other portions of its Annual Report on Form 10-K for the
fiscal year ended December 31, 1998, as set forth in the pages attached hereto:
Exhibit 22.1-Annual Report on Form 11-K of the 401(k) Savings
Plan of The Chase Manhattan Bank and Certain Affiliated
Companies for the fiscal year ended December 31, 1998.
PAGE 1 OF 47
EXHIBIT INDEX ON PAGE 45
<PAGE> 2
================================================================================
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 11-K
ANNUAL REPORT
PURSUANT TO SECTION 15 (d) OF THE
SECURITIES EXCHANGE ACT OF 1934
(MARK ONE)
|X| ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF
1934
FOR THE FISCAL YEAR ENDED DECEMBER 31, 1998
OR
|_| TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT
OF 1934
FOR THE TRANSITION PERIOD FROM TO
----------------------- ----------------
COMMISSION FILE NUMBER 1-5805
401(k) SAVINGS PLAN OF THE CHASE MANHATTAN
AND CERTAIN AFFILIATED COMPANIES
------------------------------------------
(Full title of the plan)
THE CHASE MANHATTAN CORPORATION
--------------------------------------------------
(Name of issuer of securities pursuant to the plan)
270 PARK AVENUE
NEW YORK, NEW YORK 10017
--------------------------------------
(Address of principal executive office)
Pursuant to the requirements of the Securities Exchange Act of 1934, the
trustees (or other persons who administer the employee benefit plan) have duly
caused this annual report to be signed on its behalf by the undersigned,
thereunto duly authorized.
401(k) SAVINGS PLAN OF THE CHASE MANHATTAN BANK
AND CERTAIN AFFILIATED COMPANIES
BY: /s/ Joseph L. Sclafani
----------------------
JOSEPH L. SCLAFANI
THE CHASE MANHATTAN CORPORATION
CONTROLLER
(PRINCIPAL ACCOUNTING OFFICER)
Date: June 25, 1999
================================================================================
<PAGE> 3
401(k) SAVINGS PLAN OF THE CHASE MANHATTAN BANK
AND CERTAIN AFFILIATED COMPANIES
FINANCIAL STATEMENTS AND EXHIBITS
INDEX
<TABLE>
<CAPTION>
Page
Number(s)
---------
<S> <C>
Financial Statements and Schedules:
Independent Auditors' Report......................................................... 4
Statement of Net Assets Available for Benefits, with Fund Information at
December 31, 1998 and 1997..................................................... 5-6
Statement of Changes in Net Assets Available for Benefits, with Fund Information
for the Years Ended December 31, 1998 and 1997................................. 7-9
Notes to Financial Statements........................................................ 10-22
Schedule of Assets Held for Investment Purposes at December 31, 1998................. 23-36
Schedule of Assets Held for Investment Purposes That Were Both Acquired and
Disposed of Within the Plan Year for the Year Ended December 31, 1998......... 37-43
Schedule of Five Percent Reportable Transactions for the Year Ended
December 31, 1998.............................................................. 44
Exhibit Index........................................................................ 45
Signature of Principal Accounting Officer............................................ 46
Consent of Independent Auditors...................................................... 47
</TABLE>
Schedules not required under line 27 of IRS Form 5500 which are not applicable
have not been included.
3
<PAGE> 4
INDEPENDENT AUDITORS' REPORT
To the Participants and Plan Administrator of the
401(k) Savings Plan of The Chase Manhattan Bank and
Certain Affiliated Companies:
We have audited the accompanying statements of net assets available for
benefits of the 401(k) Savings Plan of The Chase Manhattan Bank and Certain
Affiliated Companies (the Plan) as of December 31, 1998 and 1997, and the
related statements of changes in net assets available for benefits for the years
then ended. These financial statements are the responsibility of the Plan's
management. Our responsibility is to express an opinion on these financial
statements based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free of material
misstatement. An audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made by
management, as well as evaluating the overall financial statement presentation.
We believe that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present
fairly, in all material respects, the net assets available for benefits of the
Plan as of December 31, 1998 and 1997, and the changes in net assets available
for benefits for the years then ended, in conformity with generally accepted
accounting principles.
Our 1998 audit was performed for the purpose of forming an opinion on
the basic financial statements taken as a whole. The supplementary schedules of
assets held for investment purposes at December 31, 1998, assets held for
investment purposes that were both acquired and disposed of within the plan year
for the year ended December 31, 1998 and five percent reportable transactions
for the year ended December 31, 1998 are presented for purposes of additional
analysis and are not a required part of the basic financial statements but are
supplementary information required by the Department of Labor's Rules and
Regulations for Reporting and Disclosure under the Employee Retirement Income
Security Act of 1974 (ERISA). These supplemental schedules are the
responsibility of the Plan's management. The Fund Information in the statement
of net assets available for benefits and the statement of changes in net assets
available for benefits is presented for purposes of additional analysis rather
than to present the net assets available for benefits and changes in net assets
available for benefits of each fund. The supplemental schedules and Fund
Information have been subjected to the auditing procedures applied in the audit
of the basic financial statements and, in our opinion, are fairly stated in all
material respects in relation to the basic financial statements taken as a
whole.
KPMG LLP
New York, New York
June 18, 1999
4
<PAGE> 5
401(k) SAVINGS PLAN OF THE CHASE MANHATTAN BANK
AND CERTAIN AFFILIATED COMPANIES
STATEMENTS OF NET ASSETS AVAILABLE FOR BENEFITS, WITH FUND INFORMATION
DECEMBER 31, 1998
<TABLE>
<CAPTION>
FUND INFORMATION
----------------------------------------------------------------------
SHORT-TERM STABLE INTERMEDIATE S & P
TOTAL FIXED INCOME VALUE BOND 500 INDEX
----- ------------ ------ ------------ ---------
<S> <C> <C> <C> <C> <C>
Assets:
The Chase Manhattan Corporation Common Stock $2,017,700,081 $ -- $ -- $ -- $ --
Registered Investment Companies 865,388,507 -- -- -- --
Collective Trust Funds 715,267,135 -- -- -- 715,267,135
Guaranteed Investment Contracts 645,347,257 -- 626,362,763 -- --
United States Government and
Government Agency Obligations 143,420,418 33,689,222 -- 109,731,196 --
Loans to Participants 167,909,912 -- -- -- --
Certificate of Deposits 28,496,519 28,496,519 -- -- --
Corporate Debt Instruments 237,877,102 179,169,422 -- 58,707,680 --
Foreign Common Stocks 156,111,695 -- -- -- --
Interest Bearing & Money Market Funds 7,543,890 692,645 285,686 635 78,934
Other Investments 73,896,907 22,901,581 -- 51,778,929 --
-------------- ------------ ------------ ------------ ------------
Total Investments at Value (See Note 3) 5,058,959,423 264,949,389 626,648,449 220,218,440 715,346,069
Cash 9,501,397 3,259 -- -- 2,897
Dividends and Interest Receivable 3,867,872 1,893,438 -- 1,436,849 --
Receivable for Securities Sold 13,303,798 -- -- 12,816,369 --
Interfund Transfer Receivables (Payables), Net -- 938,483 27,189,201 1,662,375 1,931,295
-------------- ------------ ------------ ------------ ------------
Total Assets 5,085,632,490 267,784,569 653,837,650 236,134,033 717,280,261
-------------- ------------ ------------ ------------ ------------
Liabilities:
Payable for Securities Purchased 65,167,828 -- -- 65,167,828 --
Other 483,938 -- 41,777 129,149 23,845
-------------- ------------ ------------ ------------ ------------
Total Liabilities 65,651,766 -- 41,777 65,296,977 23,845
-------------- ------------ ------------ ------------ ------------
Net Assets Available for Benefits $5,019,980,724 $267,784,569 $653,795,873 $170,837,056 $717,256,416
============== ============ ============ ============ ============
</TABLE>
<TABLE>
<CAPTION>
FUND INFORMATION
--------------------------------------------------------------------------
GROWTH & SMALL CAP INTERNATIONAL CHASE
INCOME EQUITY EQUITY COMMON STOCK LOAN
-------- --------- ------------- ------------ ----
<S> <C> <C> <C> <C> <C>
Assets:
The Chase Manhattan Corporation Common Stock $ -- $ -- $ -- $2,017,700,081 $ --
Registered Investment Companies 568,699,030 296,689,477 -- -- --
Collective Trust Funds -- -- -- -- --
Guaranteed Investment Contracts -- -- -- -- --
United States Government and
Government Agency Obligations -- -- -- -- --
Loans to Participants -- -- -- -- 167,909,912
Certificate of Deposits -- -- -- -- --
Corporate Debt Instruments -- -- -- -- --
Foreign Common Stocks -- -- 156,111,695 -- --
Interest Bearing & Money Market Funds 103,718 82,454 -- -- 6,287,565
Other Investments -- -- (783,603) -- --
------------ ------------ ------------ -------------- ------------
Total Investments at Value (See Note 3) 568,802,748 296,771,931 155,328,092 2,017,700,081 174,197,477
Cash 4,955 2,841 9,487,212 -- 195
Dividends and Interest Receivable -- -- 537,585 -- --
Receivable for Securities Sold -- -- 122,449 364,980 --
Interfund Transfer Receivables (Payables), Net (1,726,829) (289,866) (170,744) (7,391,438) (5,225,772)
------------ ------------ ------------ -------------- ------------
Total Assets 567,080,874 296,484,906 165,304,594 2,010,673,623 168,971,900
------------ ------------ ------------ -------------- ------------
Liabilities:
Payable for Securities Purchased -- -- -- -- --
Other -- -- 65,327 222,574 --
------------ ------------ ------------ -------------- ------------
Total Liabilities -- -- 65,327 222,574 --
------------ ------------ ------------ -------------- ------------
Net Assets Available for Benefits $567,080,874 $296,484,906 $165,239,267 $2,010,451,049 $168,971,900
============ ============ ============ ============== ============
</TABLE>
<TABLE>
<CAPTION>
FUND
INFORMATION
------------
FROZEN
FIXED INCOME
------------
<S> <C>
Assets:
The Chase Manhattan Corporation Common Stock $ --
Registered Investment Companies --
Collective Trust Funds --
Guaranteed Investment Contracts 18,984,494
United States Government and
Government Agency Obligations --
Loans to Participants --
Certificate of Deposits --
Corporate Debt Instruments --
Foreign Common Stocks --
Interest Bearing & Money Market Funds 12,253
Other Investments --
------------
Total Investments at Value (See Note 3) 18,996,747
Cash 38
Dividends and Interest Receivable --
Receivable for Securities Sold --
Interfund Transfer Receivables (Payables), Net (16,916,705)
------------
Total Assets 2,080,080
------------
Liabilities:
Payable for Securities Purchased --
Other 1.266
------------
Total Liabilities 1,266
------------
Net Assets Available for Benefits $ 2,078,814
============
</TABLE>
THE NOTES TO FINANCIAL STATEMENTS ARE AN INTEGRAL PART OF THESE STATEMENTS.
5
<PAGE> 6
401(k) SAVINGS PLAN OF THE CHASE MANHATTAN BANK
AND CERTAIN AFFILIATED COMPANIES
STATEMENTS OF NET ASSETS AVAILABLE FOR BENEFITS, WITH FUND INFORMATION
DECEMBER 31, 1997
<TABLE>
<CAPTION>
FUND INFORMATION
-------------------------------------------------------------------------------
SHORT-TERM STABLE INTERMEDIATE S & P
TOTAL FIXED INCOME VALUE BOND 500 INDEX
----- ------------ ------ ------------ ---------
<S> <C> <C> <C> <C> <C>
Assets:
The Chase Manhattan Corporation Common Stock $1,443,838,968 $ -- $ -- $ -- $ --
Registered Investment Companies 834,978,719 -- -- -- --
Collective Trust Funds 560,048,934 -- -- -- 560,048,934
Guaranteed Investment Contracts 630,567,518 -- 585,812,361 -- --
United States Government Obligations 107,980,088 29,000,290 -- 78,979,798 --
Loans to Participants 152,583,764 -- -- -- --
Certificate of Deposits 39,000,368 39,000,368 -- -- --
Corporate Debt Instruments 241,760,038 185,824,640 -- 55,935,398 --
Foreign Common Stocks 144,018,333 -- -- -- --
Interest Bearing & Money Market Funds 32,875,533 26,878,150 42,425 162 142,694
Other Investments 49,436,269 21,000,000 -- 28,436,268 --
-------------- -------------- -------------- -------------- --------------
Total Investments at Value (See Note 3) 4,237,088,532 301,703,448 585,854,786 163,351,626 560,191,628
Cash 5,472,246 -- -- -- 10,526
Dividends and Interest Receivable 3,751,173 1,760,221 -- 1,487,270 --
Receivable for Securities Transactions 23,379,405 39,132 -- 8,437,227 --
Interfund Transfer Receivables (Payables), Net -- (400,785) 6,720,058 2,864,512 2,804,073
-------------- -------------- -------------- -------------- --------------
Total Assets 4,269,691,356 303,102,016 592,574,844 176,140,635 563,006,227
-------------- -------------- -------------- -------------- --------------
Liabilities:
Payable for Securities Transactions 86,863,467 42,014,848 123,566 30,781,515 18,673
-------------- -------------- -------------- -------------- --------------
Total Liabilities 86,863,467 42,014,848 123,566 30,781,515 18,673
-------------- -------------- -------------- -------------- --------------
Net Assets Available for Benefits $4,182,827,889 $ 261,087,168 $ 592,451,278 $ 145,359,120 $ 562,987,554
============== ============== ============== ============== ==============
</TABLE>
<TABLE>
<CAPTION>
FUND INFORMATION
--------------------------------------------------------------------------------
GROWTH & SMALL CAP INTERNATIONAL CHASE
INCOME EQUITY EQUITY COMMON STOCK LOAN
-------- --------- ------------- ------------ ----
<S> <C> <C> <C> <C> <C>
Assets:
The Chase Manhattan Corporation Common Stock $ -- $ -- $ -- $1,443,838,968 $ --
Registered Investment Companies 526,407,579 308,571,140 -- -- --
Collective Trust Funds -- -- -- -- --
Guaranteed Investment Contracts -- -- -- -- --
United States Government Obligations -- -- -- -- --
Loans to Participants -- -- -- -- 152,583,764
Certificate of Deposits -- -- -- -- --
Corporate Debt Instruments -- -- -- -- --
Foreign Common Stocks -- -- 144,018,333 -- --
Interest Bearing & Money Market Funds 44,156 102,439 -- 106,771 5,548,527
Other Investments -- -- -- 1 --
-------------- -------------- -------------- -------------- --------------
Total Investments at Value (See Note 3) 526,451,735 308,673,579 144,018,333 1,443,945,740 158,132,291
Cash 216,698 1 5,218,693 185 26,091
Dividends and Interest Receivable -- -- 503,682 -- --
Receivable for Securities Transactions -- -- 14,903,046 -- --
Interfund Transfer Receivables (Payables), Net 590,526 (2,454,931) (1,548,744) 5,092,140 (5,446,789)
-------------- -------------- -------------- -------------- --------------
Total Assets 527,258,959 306,218,649 163,095,010 1,449,038,065 152,711,593
-------------- -------------- -------------- -------------- --------------
Liabilities:
Payable for Securities Transactions -- -- 13,921,881 -- --
-------------- -------------- -------------- -------------- --------------
Total Liabilities -- -- 13,921,881 -- --
-------------- -------------- -------------- -------------- --------------
Net Assets Available for Benefits $ 527,258,959 $ 306,218,649 $ 149,173,129 $1,449,038,065 $ 152,711,593
============== ============== ============== ============== ==============
</TABLE>
<TABLE>
<CAPTION>
FUND
INFORMATION
--------------
FROZEN
FIXED INCOME
------------
<S> <C>
Assets:
The Chase Manhattan Corporation Common Stock $ --
Registered Investment Companies --
Collective Trust Funds --
Guaranteed Investment Contracts 44,755,157
United States Government Obligations --
Loans to Participants --
Certificate of Deposits --
Corporate Debt Instruments --
Foreign Common Stocks --
Interest Bearing & Money Market Funds 10,209
Other Investments --
--------------
Total Investments at Value (See Note 3) 44,765,366
Cash 52
Dividends and Interest Receivable --
Receivable for Securities Transactions --
Interfund Transfer Receivables (Payables), Net (8,220,060)
--------------
Total Assets 36,545,358
--------------
Liabilities:
Payable for Securities Transactions 2,984
--------------
Total Liabilities 2,984
--------------
Net Assets Available for Benefits $ 36,542,374
==============
</TABLE>
THE NOTES TO FINANCIAL STATEMENTS ARE AN INTEGRAL PART OF THESE STATEMENTS.
6
<PAGE> 7
401(K) SAVINGS PLAN OF THE CHASE MANHATTAN BANK
AND CERTAIN AFFILIATED COMPANIES
STATEMENTS OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS, WITH FUND
INFORMATION
FOR THE YEAR ENDED DECEMBER 31, 1998
<TABLE>
<CAPTION>
FUND INFORMATION
-------------------------------------------------------------------------
SHORT-TERM STABLE INTERMEDIATE
TOTAL FIXED INCOME VALUE BOND
----- ------------ ------ ------------
<S> <C> <C> <C> <C>
Contributions:
Contributing Employers'
Contributions $ 104,756,620 $ 4,522,451 $ 6,248,359 $ 2,777,323
Reallocation of Net Participants'
Forfeitures (Note 7) -- (5,735) (48,146) (8,305)
---------------- ---------------- ---------------- ----------------
Total Contributing Employers'
Contributions 104,756,620 4,516,716 6,200,213 2,769,018
Participants' Contributions 173,634,567 10,240,443 14,680,237 7,671,298
---------------- ---------------- ---------------- ----------------
Total Contributions 278,391,187 14,757,159 20,880,450 10,440,316
---------------- ---------------- ---------------- ----------------
Investment Activities:
Investment Income:
Dividends from The Chase Manhattan
Corporation
Common Stock 37,399,725 -- -- --
Interest 85,006,379 14,829,837 38,222,412 9,715,349
Other Dividends 3,839,273 -- -- --
---------------- ---------------- ---------------- ----------------
Total Investment Income 126,245,377 14,829,837 38,222,412 9,715,349
---------------- ---------------- ---------------- ----------------
Unrealized Net Appreciation (Depreciation)
on Investments:
Beginning of the Year 456,872,183 34,302 -- 3,187,053
End of the Year 1,069,446,731 (57,705) -- 1,011,095
---------------- ---------------- ---------------- ----------------
Change in Unrealized Appreciation
(Depreciation) 612,574,548 (92,007) -- (2,175,958)
---------------- ---------------- ---------------- ----------------
Realized Net Gain (Loss):
Proceeds from Sales and Redemptions 16,622,675,406 5,446,309,341 239,093,873 9,332,181,159
Cost of Investments Sold and Redeemed 16,523,296,745 5,446,389,200 239,093,873 9,327,491,779
---------------- ---------------- ---------------- ----------------
Realized Net Gain (Loss) from Sales
and Redemptions 99,378,661 (79,859) -- 4,689,380
---------------- ---------------- ---------------- ----------------
Increase in Net Assets Available for
Benefits Derived from Investment
Activities 838,198,586 14,657,971 38,222,412 12,228,771
Participants' Withdrawals (278,342,087) (23,579,002) (47,815,336) (10,372,316)
Expenses (1,020,360) 79,297 (294,693) (341,508)
Transfer To Other Plans, Net (Note 15) (74,491) -- (485) --
---------------- ---------------- ---------------- ----------------
Net Change During the Year Before Interfund
Transfers 837,152,835 5,915,425 10,992,348 11,955,263
Interfund Transfers, Net -- 781,976 50,352,247 13,522,673
---------------- ---------------- ---------------- ----------------
Increase (Decrease) in Net Assets Available
for Benefits 837,152,835 6,697,401 61,344,595 25,477,936
Net Assets Available for Benefits at
Beginning of Year 4,182,827,889 261,087,168 592,451,278 145,359,120
---------------- ---------------- ---------------- ----------------
Net Assets Available for Benefits at End of Year $ 5,019,980,724 $ 267,784,569 $ 653,795,873 $ 170,837,056
================ ================ ================ ================
</TABLE>
<TABLE>
<CAPTION>
FUND INFORMATION
--------------------------------------------------------------------------
S & P GROWTH & SMALL CAP INTERNATIONAL
500 INDEX INCOME EQUITY EQUITY
--------- -------- --------- -------------
<S> <C> <C> <C> <C>
Contributions:
Contributing Employers'
Contributions $ 11,667,130 $ 10,555,427 $ 7,938,607 $ 4,142,900
Reallocation of Net Participants'
Forfeitures (Note 7) (47,334) (31,575) (29,013) (17,364)
---------------- ---------------- ---------------- ----------------
Total Contributing Employers'
Contributions 11,619,796 10,523,852 7,909,594 4,125,536
Participants' Contributions 32,571,659 28,980,570 22,817,420 11,665,861
---------------- ---------------- ---------------- ----------------
Total Contributions 44,191,455 39,504,422 30,727,014 15,791,397
---------------- ---------------- ---------------- ----------------
Investment Activities:
Investment Income:
Dividends from The Chase Manhattan
Corporation
Common Stock -- -- -- --
Interest 74,097 5,670,622 41,820 362,925
Other Dividends -- -- -- 3,839,273
---------------- ---------------- ---------------- ----------------
Total Investment Income 74,097 5,670,622 41,820 4,202,198
---------------- ---------------- ---------------- ----------------
Unrealized Net Appreciation (Depreciation)
on Investments:
Beginning of the Year 133,215,788 45,808,154 35,835,267 (12,302,012)
End of the Year 281,574,901 66,848,039 39,887,718 (2,923,977)
---------------- ---------------- ---------------- ----------------
Change in Unrealized Appreciation
(Depreciation) 148,359,113 21,039,885 4,052,451 9,378,035
---------------- ---------------- ---------------- ----------------
Realized Net Gain (Loss):
Proceeds from Sales and Redemptions 107,307,282 640,228,589 85,943,883 175,290,776
Cost of Investments Sold and Redeemed 96,748,190 593,096,074 81,077,997 164,837,781
---------------- ---------------- ---------------- ----------------
Realized Net Gain (Loss) from Sales
and Redemptions 10,559,092 47,132,515 4,865,886 10,452,995
---------------- ---------------- ---------------- ----------------
Increase in Net Assets Available for
Benefits Derived from Investment
Activities 158,992,302 73,843,022 8,960,157 24,033,228
Participants' Withdrawals (33,751,184) (28,774,630) (16,608,573) (10,327,854)
Expenses (85,791) 139,690 69,527 (802,702)
Transfer To Other Plans, Net (Note 15) (905) (44,503) (7,049) (1,142)
---------------- ---------------- ---------------- ----------------
Net Change During the Year Before Interfund
Transfers 169,345,877 84,668,001 23,141,076 28,692,927
Interfund Transfers, Net (15,077,015) (44,846,086) (32,874,819) (12,626,789)
---------------- ---------------- ---------------- ----------------
Increase (Decrease) in Net Assets Available
for Benefits 154,268,862 39,821,915 (9,733,743) 16,066,138
Net Assets Available for Benefits at
Beginning of Year 562,987,554 527,258,959 306,218,649 149,173,129
---------------- ---------------- ---------------- ----------------
Net Assets Available for Benefits at End of Year $ 717,256,416 $ 567,080,874 $ 296,484,906 $ 165,239,267
================ ================ ================ ================
</TABLE>
<TABLE>
<CAPTION>
FUND INFORMATION
----------------------------------------------------
CHASE FROZEN
COMMON STOCK LOAN FIXED INCOME
------------ ---- ------------
<S> <C> <C> <C>
Contributions:
Contributing Employers'
Contributions $ 56,904,423 $ -- $ --
Reallocation of Net Participants'
Forfeitures (Note 7) 187,472 -- --
---------------- ---------------- ----------------
Total Contributing Employers'
Contributions 57,091,895 -- --
Participants' Contributions 45,007,079 -- --
---------------- ---------------- ----------------
Total Contributions 102,098,974 -- --
---------------- ---------------- ----------------
Investment Activities:
Investment Income:
Dividends from The Chase Manhattan
Corporation
Common Stock 37,399,725 -- --
Interest 234,841 12,871,974 2,982,502
Other Dividends -- -- --
---------------- ---------------- ----------------
Total Investment Income 37,634,566 12,871,974 2,982,502
---------------- ---------------- ----------------
Unrealized Net Appreciation (Depreciation)
on Investments:
Beginning of the Year 251,093,631 -- --
End of the Year 683,106,660 -- --
---------------- ---------------- ----------------
Change in Unrealized Appreciation
(Depreciation) 432,013,029 -- --
---------------- ---------------- ----------------
Realized Net Gain (Loss):
Proceeds from Sales and Redemptions 320,196,633 247,062,691 29,061,179
Cost of Investments Sold and Redeemed 298,437,981 247,062,691 29,061,179
---------------- ---------------- ----------------
Realized Net Gain (Loss) from Sales
and Redemptions 21,758,652 -- --
---------------- ---------------- ----------------
Increase in Net Assets Available for
Benefits Derived from Investment
Activities 491,406,247 12,871,974 2,982,502
Participants' Withdrawals (93,169,395) (11,556,425) (2,387,372)
Expenses 443,383 (210,579) (16,984)
Transfer To Other Plans, Net (Note 15) (9,947) (10,460) --
---------------- ---------------- ----------------
Net Change During the Year Before Interfund
Transfers 500,769,262 1,094,510 578,146
Interfund Transfers, Net 60,643,722 15,165,797 (35,041,706)
---------------- ---------------- ----------------
Increase (Decrease) in Net Assets Available
for Benefits 561,412,984 16,260,307 (34,463,560)
Net Assets Available for Benefits at
Beginning of Year 1,449,038,065 152,711,593 36,542,374
---------------- ---------------- ----------------
Net Assets Available for Benefits at End of Year $ 2,010,451,049 $ 168,971,900 $ 2,078,814
================ ================ ================
</TABLE>
THE NOTES TO FINANCIAL STATEMENTS ARE AN INTEGRAL PART OF THESE STATEMENTS.
7
<PAGE> 8
401(k) SAVINGS PLAN OF THE CHASE MANHATTAN BANK
AND CERTAIN AFFILIATED COMPANIES
Statements of Changes in Net Assets Available for Benefits, with Fund
Information
FOR THE YEAR ENDED DECEMBER 31, 1997
<TABLE>
<CAPTION>
FUND INFORMATION
-------------------------------------------------------------------------
SHORT-TERM STABLE INTERMEDIATE
TOTAL FIXED INCOME VALUE BOND
----- ------------ ------ ------------
<S> <C> <C> <C> <C>
Contributions:
Contributing Employers' Contributions $ 101,590,145 $ 4,932,408 $ 6,498,575 $ 2,651,032
Reallocation of Net Participants'
Forfeitures (Note 7) -- (296) (22,343) (327)
---------------- ---------------- ---------------- ----------------
Total Contributing Employers'
Contributions 101,590,145 4,932,112 6,476,232 2,650,705
Participants' Contributions 168,113,127 11,315,318 14,810,963 6,909,663
---------------- ---------------- ---------------- ----------------
Total Contributions 269,703,272 16,247,430 21,287,195 9,560,368
---------------- ---------------- ---------------- ----------------
Investment Activities:
Investment Income:
Dividends from The Chase Manhattan
Corporation Common Stock 31,463,083 -- -- --
Interest 41,736,108 15,007,430 2,200,142 8,253,787
Other Dividends 58,962,346 -- 36,084,734 --
---------------- ---------------- ---------------- ----------------
Total Investment Income 132,161,537 15,007,430 38,284,876 8,253,787
---------------- ---------------- ---------------- ----------------
Unrealized Net Appreciation (Depreciation)
on Investments:
Beginning of the Year 754,384,739 -- -- --
End of the Year 456,872,183 34,302 -- 3,187,053
---------------- ---------------- ---------------- ----------------
Change in Unrealized Appreciation
(Depreciation) (297,512,556) 34,302 -- 3,187,053
Realized Net Gain (Loss):
Proceeds from Sales and Redemptions 16,586,352,919 4,624,844,735 370,607,466 5,491,111,251
Cost of Investments Sold and Redeemed 15,739,547,835 4,625,145,398 370,607,466 5,488,292,636
---------------- ---------------- ---------------- ----------------
Realized Net Gain (Loss) from Sales and
Redemptions 846,805,084 (300,663) -- 2,818,615
---------------- ---------------- ---------------- ----------------
Increase in Net Assets Available for Benefits
Derived
from Investment Activities 681,454,065 14,741,069 38,284,876 14,259,455
Participants' Withdrawals (270,798,978) (21,746,892) (48,832,625) (7,303,377)
Expenses (1,909,742) 1,447 (466,312) (348,721)
Transfer To Other Plans, Net (Note 16) (1,484,657) (608,267) (54,897) (25,186)
---------------- ---------------- ---------------- ----------------
Net Change During the Year Before Interfund
Transfers 676,963,960 8,634,787 10,218,237 16,142,539
Interfund Transfers, Net -- 252,452,381 582,233,041 129,216,581
---------------- ---------------- ---------------- ----------------
Increase (Decrease) in Net Assets Available
for Benefits 676,963,960 261,087,168 592,451,278 145,359,120
Net Assets Available for Benefits at Beginning
of Year 3,505,863,929 -- -- --
---------------- ---------------- ---------------- ----------------
Net Assets Available for Benefits at End of Year $ 4,182,827,889 $ 261,087,168 $ 592,451,278 $ 145,359,120
================ ================ ================ ================
</TABLE>
<TABLE>
<CAPTION>
FUND INFORMATION
-------------------------------------------------------------------------
S & P GROWTH & SMALL CAP INTERNATIONAL
500 INDEX INCOME EQUITY EQUITY
--------- -------- --------- -------------
<S> <C> <C> <C> <C>
Contributions:
Contributing Employers' Contributions $ 11,036,807 $ 10,411,226 $ 8,152,248 $ 4,449,851
Reallocation of Net Participants'
Forfeitures (Note 7) (3,313) (3,470) -- (432)
---------------- ---------------- ---------------- ----------------
Total Contributing Employers'
Contributions 11,033,494 10,407,756 8,152,248 4,449,419
Participants' Contributions 29,965,837 28,166,987 22,934,967 12,731,760
---------------- ---------------- ---------------- ----------------
Total Contributions 40,999,331 38,574,743 31,087,215 17,181,179
---------------- ---------------- ---------------- ----------------
Investment Activities:
Investment Income:
Dividends from The Chase Manhattan
Corporation Common Stock -- -- -- --
Interest 102,853 108,664 111,561 684,555
Other Dividends 21,344 18,531,942 -- 4,329,751
---------------- ---------------- ---------------- ----------------
Total Investment Income 124,197 18,640,606 111,561 5,014,306
---------------- ---------------- ---------------- ----------------
Unrealized Net Appreciation (Depreciation)
on Investments:
Beginning of the Year -- -- -- --
End of the Year 133,215,788 45,808,154 35,835,267 (12,302,012)
---------------- ---------------- ---------------- ----------------
Change in Unrealized Appreciation
(Depreciation) 133,215,788 45,808,154 35,835,267 (12,302,012)
Realized Net Gain (Loss):
Proceeds from Sales and Redemptions 218,926,402 319,933,959 261,700,849 214,837,902
Cost of Investments Sold and Redeemed 214,875,709 263,187,274 252,583,199 205,409,948
---------------- ---------------- ---------------- ----------------
Realized Net Gain (Loss) from Sales and
Redemptions 4,050,693 56,746,685 9,117,650 9,427,954
---------------- ---------------- ---------------- ----------------
Increase in Net Assets Available for Benefits
Derived
from Investment Activities 137,390,678 121,195,445 45,064,478 2,140,248
Participants' Withdrawals (24,117,972) (25,415,158) (12,510,713) (8,315,749)
Expenses (196,500) 2,328 1,424 (872,214)
Transfer To Other Plans, Net (Note 16) (133,700) (97,822) (83,464) (49,068)
---------------- ---------------- ---------------- ----------------
Net Change During the Year Before Interfund
Transfers 153,941,837 134,259,536 63,558,940 10,084,396
Interfund Transfers, Net 409,045,717 392,999,423 242,659,709 139,088,733
---------------- ---------------- ---------------- ----------------
Increase (Decrease) in Net Assets Available
for Benefits 562,987,554 527,258,959 306,218,649 149,173,129
Net Assets Available for Benefits at Beginning
of Year -- -- -- --
---------------- ---------------- ---------------- ----------------
Net Assets Available for Benefits at End of Year $ 562,987,554 $ 527,258,959 $ 306,218,649 $ 149,173,129
================ ================ ================ ================
</TABLE>
<TABLE>
<CAPTION>
FUND
INFORMATION
----------------
CHASE
COMMON STOCK
------------
<S> <C>
Contributions:
Contributing Employers' Contributions $ 53,953,678
Reallocation of Net Participants'
Forfeitures (Note 7) 30,181
----------------
Total Contributing Employers'
Contributions 53,983,859
Participants' Contributions 40,697,577
----------------
Total Contributions 94,681,436
----------------
Investment Activities:
Investment Income:
Dividends from The Chase Manhattan
Corporation Common Stock 31,463,083
Interest 229,701
Other Dividends --
----------------
Total Investment Income 31,692,784
----------------
Unrealized Net Appreciation (Depreciation)
on Investments:
Beginning of the Year --
End of the Year 251,093,631
----------------
Change in Unrealized Appreciation
(Depreciation) 251,093,631
Realized Net Gain (Loss):
Proceeds from Sales and Redemptions 1,328,114,272
Cost of Investments Sold and Redeemed 1,317,564,976
----------------
Realized Net Gain (Loss) from Sales and
Redemptions 10,549,296
----------------
Increase in Net Assets Available for Benefits
Derived
from Investment Activities 293,335,711
Participants' Withdrawals (76,406,472)
Expenses 6,656
Transfer To Other Plans, Net (Note 16) (419,598)
----------------
Net Change During the Year Before Interfund
Transfers 311,197,733
Interfund Transfers, Net 1,137,840,332
----------------
Increase (Decrease) in Net Assets Available
for Benefits 1,449,038,065
Net Assets Available for Benefits at Beginning
of Year --
----------------
Net Assets Available for Benefits at End of Year $ 1,449,038,065
================
</TABLE>
<TABLE>
<CAPTION>
FUND INFORMATION
---------------------------------------------------------------------
FROZEN
LOAN FIXED INCOME FUND A FUND B
---- ------------ ------ ------
<S> <C> <C> <C> <C>
Contributions:
Contributing Employers' Contributions $ -- $ -- $ -- $ (5,736)
Reallocation of Net Participants' Forfeitures (Note 7) -- -- -- --
--------------- --------------- --------------- ---------------
Total Contributing Employers' Contributions -- -- -- (5,736)
Participants' Contributions -- -- 1,335 36,658
--------------- --------------- --------------- ---------------
Total Contributions -- -- 1,335 30,922
--------------- --------------- --------------- ---------------
Investment Activities:
Investment Income:
Dividends from The Chase Manhattan Corporation
Common Stock -- -- -- --
Interest 10,796,427 3,973,295 2,461 (40,371)
Other Dividends -- -- -- --
--------------- --------------- --------------- ---------------
Total Investment Income 10,796,427 3,973,295 2,461 (40,371)
--------------- --------------- --------------- ---------------
Unrealized Net Appreciation (Depreciation)
on Investments:
Beginning of the Year -- -- 440,156 --
End of the Year -- -- -- --
--------------- --------------- --------------- ---------------
Change in Unrealized Appreciation (Depreciation) -- -- (440,156) --
Realized Net Gain (Loss):
Proceeds from Sales and Redemptions 259,703,772 36,875,467 102,101,125 384,628,903
Cost of Investments Sold and Redeemed 259,728,201 36,875,467 101,660,969 384,628,903
--------------- --------------- --------------- ---------------
Realized Net Gain (Loss) from Sales and Redemptions (24,429) -- 440,156 --
--------------- --------------- --------------- ---------------
Increase in Net Assets Available for Benefits Derived
from Investment Activities 10,771,998 3,973,295 2,461 (40,371)
Participants' Withdrawals (7,929,619) (2,701,916) (1,046,176) (6,095,443)
Expenses -- (37,850) -- --
Transfer To Other Plans, Net (Note 16) -- (128) (380) (380)
--------------- --------------- --------------- ---------------
Net Change During the Year Before Interfund Transfers 2,842,379 1,233,401 (1,042,760) (6,105,272)
Interfund Transfers, Net 22,416,212 (36,467,647) (102,908,759) (384,446,524)
--------------- --------------- --------------- ---------------
Increase (Decrease) in Net Assets Available for Benefits 25,258,591 (35,234,246) (103,951,519) (390,551,796)
Net Assets Available for Benefits at Beginning of Year 127,453,002 71,776,620 103,951,519 390,551,796
--------------- --------------- --------------- ---------------
Net Assets Available for Benefits at End of Year $ 152,711,593 $ 36,542,374 $ -- $ --
=============== =============== =============== ===============
</TABLE>
<TABLE>
<CAPTION>
FUND INFORMATION
---------------------------------
FUND C FUND D
------ ------
<S> <C> <C>
Contributions:
Contributing Employers' Contributions $ -- $ (8,322)
Reallocation of Net Participants' Forfeitures (Note 7) -- --
--------------- ---------------
Total Contributing Employers' Contributions -- (8,322)
Participants' Contributions 39,516 9,991
--------------- ---------------
Total Contributions 39,516 1,669
--------------- ---------------
Investment Activities:
Investment Income:
Dividends from The Chase Manhattan Corporation
Common Stock -- --
Interest 27,638 38,571
Other Dividends -- --
--------------- ---------------
Total Investment Income 27,638 38,571
--------------- ---------------
Unrealized Net Appreciation (Depreciation)
on Investments:
Beginning of the Year (2,373,778) 423,373,564
End of the Year -- --
--------------- ---------------
Change in Unrealized Appreciation (Depreciation) 2,373,778 (423,373,564)
Realized Net Gain (Loss):
Proceeds from Sales and Redemptions 301,797,101 1,028,366,295
Cost of Investments Sold and Redeemed 304,188,281 604,816,228
--------------- ---------------
Realized Net Gain (Loss) from Sales and Redemptions (2,391,180) 423,550,067
--------------- ---------------
Increase in Net Assets Available for Benefits Derived
from Investment Activities 10,236 215,074
Participants' Withdrawals (2,892,580) (10,163,998)
Expenses -- --
Transfer To Other Plans, Net (Note 16) (413) (11,354)
--------------- ---------------
Net Change During the Year Before Interfund Transfers (2,843,241) (9,958,609)
Interfund Transfers, Net (298,196,496) (856,745,407)
--------------- ---------------
Increase (Decrease) in Net Assets Available for Benefits (301,039,737) (866,704,016)
Net Assets Available for Benefits at Beginning of Year 301,039,737 866,704,016
--------------- ---------------
Net Assets Available for Benefits at End of Year $ -- $ --
=============== ===============
</TABLE>
THE NOTES TO FINANCIAL STATEMENTS ARE AN INTEGRAL PART OF THESE STATEMENTS.
8
<PAGE> 9
401(k) SAVINGS PLAN OF THE CHASE MANHATTAN BANK
AND CERTAIN AFFILIATED COMPANIES
Statements of Changes in Net Assets Available for Benefits, with Fund
Information
FOR THE YEAR ENDED DECEMBER 31, 1997
<TABLE>
<CAPTION>
FUND INFORMATION
-----------------------------------------------------------------------------
FUND E FUND F FUND M FUND N FUND X
------ ------ ------ ------ ------
<S> <C> <C> <C> <C> <C>
Contributions:
Contributing Employers' Contributions $ -- $ -- $ -- $ -- $ --
Reallocation of Net Participants'
Forfeitures (Note 7) -- -- -- -- --
------------- ------------- ------------- ------------- -------------
Total Contributing Employers'
Contributions -- -- -- -- --
Participants' Contributions 14,257 -- -- -- --
------------- ------------- ------------- ------------- -------------
Total Contributions 14,257 -- -- -- --
------------- ------------- ------------- ------------- -------------
Investment Activities:
Investment Income:
Dividends from The Chase Manhattan
Corporation Common Stock -- -- -- -- --
Interest 285 230 945 223 1,630
Other Dividends -- -- -- -- --
------------- ------------- ------------- ------------- -------------
Total Investment Income 285 230 945 223 1,630
------------- ------------- ------------- ------------- -------------
Unrealized Net Appreciation (Depreciation)
on Investments:
Beginning of the Year 8,232,961 -- -- -- 1,655,014
End of the Year -- -- -- -- --
------------- ------------- ------------- ------------- -------------
Change in Unrealized Appreciation
(Depreciation) (8,232,961) -- -- -- (1,655,014)
Realized Net Gain (Loss):
Proceeds from Sales and Redemptions 55,380,081 25,773,314 4,363,830 101,326 6,124,317
Cost of Investments Sold and Redeemed 47,147,120 25,773,314 4,367,678 101,326 4,469,303
------------- ------------- ------------- ------------- -------------
Realized Net Gain (Loss) from Sales
and Redemptions 8,232,961 -- (3,848) -- 1,655,014
------------- ------------- ------------- ------------- -------------
Increase in Net Assets Available for
Benefits Derived
from Investment Activities 285 230 (2,903) 223 1,630
Participants' Withdrawals (517,514) (479,849) (121,270) (64,338) (58,663)
Expenses -- -- -- -- --
Transfer To Other Plans, Net (Note 16) -- -- -- -- --
------------- ------------- ------------- ------------- -------------
Net Change During the Year Before Interfund
Transfers (502,972) (479,619) (124,173) (64,115) (57,033)
Interfund Transfers, Net (56,984,410) (25,258,314) (4,003,916) (1,166,912) (6,740,747)
------------- ------------- ------------- ------------- -------------
Increase (Decrease) in Net Assets Available
for Benefits (57,487,382) (25,737,933) (4,128,089) (1,231,027) (6,797,780)
Net Assets Available for Benefits at Beginning
of Year 57,487,382 25,737,933 4,128,089 1,231,027 6,797,780
------------- ------------- ------------- ------------- -------------
Net Assets Available for Benefits at End of Year $ -- $ -- $ -- $ -- $ --
============= ============= ============= ============= =============
</TABLE>
<TABLE>
<CAPTION>
FUND INFORMATION
------------------------------------------------------------------------------
FUND Y FUND Z FUND 10 FUND 20 FUND 30
------ ------ ------- ------- -------
<S> <C> <C> <C> <C> <C>
Contributions:
Contributing Employers' Contributions $ -- $ -- $ (97,645) $ (28,123) $ (52,303)
Reallocation of Net Participants'
Forfeitures (Note 7) -- -- -- -- --
------------- ------------- ------------- ------------- -------------
Total Contributing Employers'
Contributions -- -- (97,645) (28,123) (52,303)
Participants' Contributions -- -- 33,803 873 904
------------- ------------- ------------- ------------- -------------
Total Contributions -- -- (63,842) (27,250) (51,399)
------------- ------------- ------------- ------------- -------------
Investment Activities:
Investment Income:
Dividends from The Chase Manhattan
Corporation Common Stock -- -- -- -- --
Interest 41,843 10,961 80,886 5,813 32,058
Other Dividends -- -- -- -- --
------------- ------------- ------------- ------------- -------------
Total Investment Income 41,843 10,961 80,886 5,813 32,058
------------- ------------- ------------- ------------- -------------
Unrealized Net Appreciation (Depreciation)
on Investments:
Beginning of the Year 96,778,666 -- -- (635,742) (374,180)
End of the Year -- -- -- -- --
------------- ------------- ------------- ------------- -------------
Change in Unrealized Appreciation
(Depreciation) (96,778,666) -- -- 635,742 374,180
Realized Net Gain (Loss):
Proceeds from Sales and Redemptions 236,256,729 15,365,356 247,001,634 56,148,750 57,125,283
Cost of Investments Sold and Redeemed 139,478,063 15,364,756 247,001,634 56,850,117 57,538,088
------------- ------------- ------------- ------------- -------------
Realized Net Gain (Loss) from Sales
and Redemptions 96,778,666 600 -- (701,367) (412,805)
------------- ------------- ------------- ------------- -------------
Increase in Net Assets Available for
Benefits Derived
from Investment Activities 41,843 11,561 80,886 (59,812) (6,567)
Participants' Withdrawals (2,110,761) (235,511) (3,486,711) (858,317) (1,316,360)
Expenses -- -- -- -- --
Transfer To Other Plans, Net (Note 16) -- -- -- -- --
------------- ------------- ------------- ------------- -------------
Net Change During the Year Before Interfund
Transfers (2,068,918) (223,950) (3,469,667) (945,379) (1,374,326)
Interfund Transfers, Net (303,799,488) (13,906,727) (227,133,893) (55,870,776) (95,946,266)
------------- ------------- ------------- ------------- -------------
Increase (Decrease) in Net Assets Available
for Benefits (305,868,406) (14,130,677) (230,603,560) (56,816,155) (97,320,592)
Net Assets Available for Benefits at Beginning
of Year 305,868,406 14,130,677 230,603,560 56,816,155 97,320,592
------------- ------------- ------------- ------------- -------------
Net Assets Available for Benefits at End of Year $ -- $ -- $ -- $ -- $ --
============= ============= ============= ============= =============
</TABLE>
<TABLE>
<CAPTION>
FUND INFORMATION
-------------------------------------------------------------
FUND 40 FUND 50 FUND 60 FUND 70
------- ------- ------- -------
<S> <C> <C> <C> <C>
Contributions:
Contributing Employers' Contributions $ (38,940) $ (124,470) $ (52,696) $ (87,445)
Reallocation of Net Participants'
Forfeitures (Note 7) -- -- -- --
------------- ------------- ------------- -------------
Total Contributing Employers'
Contributions (38,940) (124,470) (52,696) (87,445)
Participants' Contributions 90,610 60,439 20,330 271,339
------------- ------------- ------------- -------------
Total Contributions 51,670 (64,031) (32,366) 183,894
------------- ------------- ------------- -------------
Investment Activities:
Investment Income:
Dividends from The Chase Manhattan
Corporation Common Stock -- -- -- --
Interest 6,386 3,893 27,610 26,631
Other Dividends -- -- (5,425) --
------------- ------------- ------------- -------------
Total Investment Income 6,386 3,893 22,185 26,631
------------- ------------- ------------- -------------
Unrealized Net Appreciation (Depreciation)
on Investments:
Beginning of the Year -- 37,796,126 10,929 189,481,023
End of the Year -- -- -- --
------------- ------------- ------------- -------------
Change in Unrealized Appreciation
(Depreciation) -- (37,796,126) (10,929) (189,481,023)
Realized Net Gain (Loss):
Proceeds from Sales and Redemptions 145,077,535 243,775,993 82,728,011 467,581,261
Cost of Investments Sold and Redeemed 145,077,535 205,979,867 82,734,141 278,100,238
------------- ------------- ------------- -------------
Realized Net Gain (Loss) from Sales
and Redemptions -- 37,796,126 (6,130) 189,481,023
------------- ------------- ------------- -------------
Increase in Net Assets Available for
Benefits Derived
from Investment Activities 6,386 3,893 5,126 26,631
Participants' Withdrawals (1,141,887) (2,267,882) (733,739) (1,927,486)
Expenses -- -- -- --
Transfer To Other Plans, Net (Note 16) -- -- -- --
------------- ------------- ------------- -------------
Net Change During the Year Before Interfund
Transfers (1,083,831) (2,328,020) (760,979) (1,716,961)
Interfund Transfers, Net (143,365,722) (246,966,040) (76,086,747) (371,957,338)
------------- ------------- ------------- -------------
Increase (Decrease) in Net Assets Available
for Benefits (144,449,553) (249,294,060) (76,847,726) (373,674,299)
Net Assets Available for Benefits at Beginning
of Year 144,449,553 249,294,060 76,847,726 373,674,299
------------- ------------- ------------- -------------
Net Assets Available for Benefits at End of Year $ -- $ -- $ -- $ --
============= ============= ============= =============
</TABLE>
THE NOTES TO FINANCIAL STATEMENTS ARE AN INTEGRAL PART OF THESE STATEMENTS.
9
<PAGE> 10
401(k) SAVINGS PLAN OF THE CHASE MANHATTAN BANK
AND CERTAIN AFFILIATED COMPANIES
NOTES TO FINANCIAL STATEMENTS
DECEMBER 31, 1998 AND 1997
1. DESCRIPTION OF THE PLAN
The 401(k) Savings Plan of The Chase Manhattan Bank and Certain
Affiliated Companies (the "Plan") resulted from the merger of The
Thrift-Incentive Plan of The Chase Manhattan Bank, N.A. (the "Old Chase Thrift
Plan") into the Savings Incentive Plan of Chemical Bank and Certain Affiliated
Companies (the "Chemical Plan"). The Chemical Plan was amended and renamed the
401(k) Savings Plan of The Chase Manhattan Bank and Certain Affiliated Companies
effective January 1, 1997. All of the participants of the Chemical Plan and the
Old Chase Thrift Plan had to make elections to transfer their account balances
into new investment funds effective January 1, 1997. The following is brief
description of the salient features of the Plan. Participants should refer to
the plan document for a more complete description.
The Plan enables eligible employees of The Chase Manhattan Bank (the
"Bank") and certain affiliated companies thereof to accumulate a fund, the value
of which is to be applied for their benefit upon retirement or earlier
separation from service. Under the Plan, a participant may elect to have his or
her eligible salary reduced on a pre-and/or post-tax basis by a specified
percentage; the amount of such reduction is thereupon contributed on his or her
behalf by the participant's contributing employer ("Contributing Employer") and
allocated to such participant's account under the Plan. The Contributing
Employer will make a matching contribution of 100% of the participant's pre-tax
election up to 5% of the participant's eligible salary. Amounts contributed to a
participant's account under the Plan by the participant and by his or her
Contributing Employer are held in a Trust Fund (the "Trust Fund").
Generally, each employee of a Contributing Employer is eligible to
become a participant ("Participant") in the Plan upon completing one year of
service. Generally, any employee who is employed on an hourly, occasional,
casual, temporary, seasonal or retainer basis, or an individual who is on a
foreign currency payroll, or any individual who would be deemed to be an
employee of a Contributing Employer under the employee leasing provisions of
Section 414(n) of the Internal Revenue Code of 1986, as amended (the "Code"), is
not eligible to participate in the Plan.
The Plan, a defined contribution plan, complies with the Employee
Retirement Income Security Act of 1974, as amended ("ERISA"). The Plan is
designed to comply with Section 404(c) of ERISA and the regulations issued
thereunder. As a result, the Plan's fiduciaries may be relieved of liability for
losses that result from the Participants' investment decisions.
2. INVESTMENT PROGRAM
The net assets available for benefits of the Plan at December 31, 1998
are held in a Trust Fund administered by the Bank, as trustee (the "Trustee"),
to be invested and distributed in accordance with the Plan and the Trust
Agreement under which the Trust Fund has been established. As of December 31,
1998, the Trust Fund is comprised of ten investment funds which represent the
authorized investments of the Plan. The description of funds' investments is as
follows:
Short-Term Fixed Income Fund - Primarily short-term United States Government and
Federal agency securities, certificates of deposit, commercial paper, bankers
acceptances, short-term corporate bonds, municipal securities, floating rate
securities and repurchase agreements. No security may have a maturity date
greater than thirteen months from date of purchase and the weighted average
maturity of the portfolio will not be more than 90 days.
10
<PAGE> 11
401(k) SAVINGS PLAN OF THE CHASE MANHATTAN BANK
AND CERTAIN AFFILIATED COMPANIES
NOTES TO FINANCIAL STATEMENTS - CONTINUED
2. INVESTMENT PROGRAM (CONTINUED)
Stable Value Fund - Primarily benefits responsive contracts issued by insurance
companies providing for the repayment of principal and the crediting of interest
for a fixed period of time. Assets can also be invested in bonds, debentures,
notes or other evidences of indebtedness, shares of preferred stock and any
other property the rate of return of which is fixed by the instruments
evidencing the investments, including futures and other derivatives and
interests in trust funds consisting of fixed income securities.
Intermediate Bond Fund - Primarily bonds, debentures, notes, asset backed
securities or other evidences of indebtedness, both foreign and domestic, shares
of preferred stock, insurance and bank contracts, repurchase agreements and any
other property the rate of return of which is fixed by the instruments
evidencing the investments, including futures and other derivatives and
interests in trust funds consisting of fixed-income securities.
S&P 500 Index Fund - Primarily a collective trust fund managed by Barclays
Global Investors, N.A. which invests in stocks comprising the Standard & Poor's
500 Stock Index.
Growth and Income Fund - Primarily the Institutional Shares of the Vista Growth
and Income Select Fund, a mutual fund managed by the Bank, which generally
invests at least 80% of its assets in common stocks.
Small Cap Equity Fund - Primarily the institutional shares of the Vista Small
Cap Equity Fund, a mutual fund managed by the Bank, which invests in the common
stocks of smaller companies (generally, those with market capitalizations under
$1 billion at the time of investment).
International Equity Fund - Primarily an equity fund managed by Investment
Advisers, Inc., which invests in securities of companies with market
capitalizations in excess of $500 million located in Europe, Australia and the
Far East. The fund may also invest in foreign currency contracts.
Chase Common Stock Fund - Primarily common stock of The Chase Manhattan
Corporation (the "Corporation"). Shares of the Corporation's Common Stock
acquired for the Plan may be purchased directly from the Corporation from its
authorized but unissued shares of common stock, its treasury stock, on the open
market at prevailing prices or by the exercise of subscription, conversion or
other rights. The Trustee, at its discretion, may invest in certain temporary
investments pending the purchase of the Corporation's Common Stock.
Loan Fund - Under a loan program, loans are granted from the Plan to eligible
Participants as of a valuation date. This fund was established to account for
all loan disbursements and repayments.
Frozen Fixed Income Fund (former Fund G of the Chemical Plan) - Primarily
benefits responsive group annuity contracts, managed by Dwight Asset Management.
Investment in this fund is limited to those individuals who had balances in this
fund as of December 31, 1992. As the annuity contracts mature the funds held are
then transferred to the current Stable Value Fund of the Plan.
In accordance with Plan provisions, Participants may elect to allocate
their account balances and contributions (in one percent multiples) among the
aforementioned investment funds once each month during the Plan year. The
changes become effective as of the first day of the month for the Participants'
elections received on or before the last day of the prior month.
11
<PAGE> 12
401(k) SAVINGS PLAN OF THE CHASE MANHATTAN BANK
AND CERTAIN AFFILIATED COMPANIES
NOTES TO FINANCIAL STATEMENTS - CONTINUED
3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
The accounting policies followed in the preparation of the Plan's
financial statements conform with generally accepted accounting principles. The
following is a summary of the significant policies:
INVESTMENT VALUATION
The Plan values the underlying investments of the Trust Fund as
follows:
United States Government and government agency obligations and
corporate debt instruments are valued at the last reported bid (quoted market)
price. Guaranteed annuity contracts or group annuity contracts with insurance
companies, which are benefits responsive, are carried at contract value (cost
plus accrued income). Investments in mutual, commingled and group trust funds
are valued at the per unit amounts reported by such funds, which approximates
fair value. The Corporation's common stock is valued at the closing price
reported on the composite tape of the New York Stock Exchange. Foreign
securities are valued at the closing price reported of the major market on which
the security is traded. Certificates of deposits, interest bearing & money
market funds and loans to Participants are valued at cost, which approximates
fair value.
The Plan enters into transactions whereby securities are sold under
agreements to repurchase those securities at an agreed upon price. Such
agreements are carried at the purchase price which approximates fair value in
the normal course. The market value of securities to be repurchased is monitored
on a regular basis.
Forward foreign currency contracts are valued at market forward rates
obtained from independent market quotations and unrealized appreciation or
depreciation is recorded. The Plan will realize a gain or loss upon the closing
or settlement of the forward transaction.
Exchange traded futures and options contracts are valued at market
daily based upon the last reported sales price on the principal exchange on
which the contract is traded with the resulting changes in contract value being
recorded as realized net gain/loss.
SECURITIES TRANSACTIONS
Securities transactions are accounted for on a trade-date basis.
Realized gains and losses are computed based on the average cost of securities
sold. Dividend income is recorded on the ex-dividend date. Interest income is
accounted for on the accrual basis. Participants with investments in the
Corporation's common stock may receive distributions of shares. The realized
gain or loss resulting from distributions in kind is based on the difference
between the average cost and the value of the stock distributed on the Valuation
Date of the distribution. Securities, cash and other assets and liabilities
denominated in foreign currencies are translated into U.S. dollars at the
prevailing market rates in effect on the valuation date. Income and expenses are
translated at the exchange rates prevailing at the date of the transaction.
PARTICIPANTS' WITHDRAWALS
Participants' withdrawals are recorded when paid. Participants'
withdrawals requested but not yet paid are not included in the financial
statements.
12
<PAGE> 13
401(k) SAVINGS PLAN OF THE CHASE MANHATTAN BANK
AND CERTAIN AFFILIATED COMPANIES
NOTES TO FINANCIAL STATEMENTS - CONTINUED
3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
USE OF ESTIMATES
The preparation of financial statements in conformity with generally
accepted accounting principles requires management to make estimates and
assumptions that affect the reported amounts of assets, liabilities, changes
therein and the disclosure of contingent assets and liabilities at the date the
financial statements are prepared. Actual results could differ from those
estimates.
DIFFERENCES BETWEEN FINANCIAL STATEMENTS AND FORM 5500
The Plan calculates realized gains and losses and unrealized
appreciation (depreciation) as the difference between current market value and
cost. Internal Revenue Service ("IRS") Form 5500 calculates realized gains and
losses and unrealized appreciation (depreciation) as the difference between
current market value and market value at the prior period year-end.
The Plan does not reflect as liabilities amounts allocated to accounts
of Participants who have elected to withdraw from the Plan but have not yet been
paid. The Department of Labor, however, requires that these amounts be reported
as a liability on Form 5500.
The following is a reconciliation of net assets available for benefits
as disclosed in the financial statements to the Form 5500:
<TABLE>
<CAPTION>
DECEMBER 31,
------------
1998 1997
-------------- --------------
<S> <C> <C>
Net assets available for benefits per the financial statements $5,019,980,724 $4,182,827,889
Amounts allocated to withdrawing Participants 22,356,453 17,006,375
-------------- --------------
Net assets available for benefits per the Form 5500 $4,997,624,271 $4,165,821,514
============== ==============
</TABLE>
The following is a reconciliation of benefits paid to Participants as
disclosed in the financial statements to the Form 5500:
<TABLE>
<CAPTION>
YEAR ENDED DECEMBER 31,
-----------------------
1998 1997
------------ ------------
<S> <C> <C>
Benefits paid to Participants per the financial statements $278,342,087 $270,798,978
Add: Amounts allocated to withdrawing Participants at
end of year 22,356,453 17,006,375
Less: Amounts allocated to withdrawing Participants at
beginning of year 17,006,375 36,482,143
------------ ------------
Benefits paid to Participants per the Form 5500 $283,692,165 $251,323,210
============ ============
</TABLE>
Amounts allocated to withdrawing Participants are recorded on the Form
5500 for benefit claims that have been processed and approved for payment prior
to December 31 but not yet paid as of that date.
13
<PAGE> 14
401(k) SAVINGS PLAN OF THE CHASE MANHATTAN BANK
AND CERTAIN AFFILIATED COMPANIES
NOTES TO FINANCIAL STATEMENTS - CONTINUED
4. INVESTMENTS
Investments by the same issuer that represent five percent or more of
the Plan's net assets available for benefits at December 31, 1998 and 1997 are
as follows:
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT,
NUMBER OF
DESCRIPTION SHARES OR UNITS COST FAIR VALUE
----------- --------------- ---- ----------
<S> <C> <C> <C>
INVESTMENTS AT FAIR VALUE:
AT DECEMBER 31, 1998:
- ---------------------
The Chase Manhattan Corporation Common Stock 28,415,311 $1,334,593,421 $2,017,700,081
Barclays Global Investors Equity Index Fund 18,777,660 433,692,234 715,267,135
Vista Small Cap Equity Fund 12,534,410 256,801,759 296,689,477
Vista Growth and Income Select Fund 11,909,927 501,850,991 568,699,030
AT DECEMBER 31, 1997:
- ---------------------
The Chase Manhattan Corporation Common Stock 13,185,744 $1,192,745,338 $1,443,838,968
Barclays Global Investors Equity Index Fund 18,908,383 426,833,146 560,048,934
Vista Small Cap Equity Fund 13,416,137 272,735,873 308,571,140
Vista Growth and Income Fund 12,533,514 480,599,425 526,407,579
</TABLE>
5. INVESTMENTS IN OPTIONS, FUTURES AND FOREIGN EXCHANGE CONTRACTS
The Plan held investments in options and futures in the Intermediate
Bond Fund and in foreign exchange contracts in the International Equity Fund.
These investments are recorded in the schedule of assets available for plan
benefits.
Certain risks result from investing in foreign securities in the
International Equity Fund that are in addition to the usual risks inherent in
domestic investments. Such risks include future political, economic and currency
exchange developments including investment restrictions and changes in foreign
laws.
FOREIGN CURRENCY CONTRACTS
A foreign currency contract obligates one party to purchase and the
other party to sell a specific currency at a set price on a future date. In
order to hedge against foreign currency exchange rate risks on foreign currency
denominated transactions and holdings or for investment purposes, the Plan may
buy or sell foreign forward currency contracts.
The Plan's risks include giving up the opportunity for profit in a
hedge transaction and unanticipated movements in the value of a foreign currency
relative to the U.S. dollar in transactions entered into for investment
purposes. The Plan is also subject to the credit risk that the other party will
not complete the obligation of the contract.
14
<PAGE> 15
401(k) SAVINGS PLAN OF THE CHASE MANHATTAN BANK
AND CERTAIN AFFILIATED COMPANIES
NOTES TO FINANCIAL STATEMENTS - CONTINUED
5. INVESTMENTS IN OPTIONS, FUTURES AND FOREIGN EXCHANGE CONTRACTS
(CONTINUED)
FOREIGN CURRENCY CONTRACTS (CONTINUED)
The following represents foreign currency contracts at December 31,
1998 and 1997:
<TABLE>
<CAPTION>
NOTIONAL OR
DESCRIPTION CONTRACT VALUE FAIR VALUE
----------- -------------- ----------
<S> <C> <C>
AT DECEMBER 31, 1998:
Japanese Yen Forward Currency Contract
JPY 917,954,391, Ex 3/02/99, Net Payable -- (623,094)
Singapore Dollar Forward Currency Contract
SGD 5,022,771, Ex 3/19/99, Net Payable -- (160,509)
AT DECEMBER 31, 1997:
Australian Dollar Spot Currency Contract
AUD 81,556, Ex 1/02/98, Net Receivable -- 450
British Pound Forward Currency Contract
GBP 3,201,635, Ex 1/09/98, Net Payable -- (92,780)
British Pound Forward Currency Contract
GBP 1,490,291, Ex 1/09/98, Net Receivable -- 23,353
Hong Kong Dollar Spot Currency Contract
HKD 475,476, Ex 1/02/98, Net Payable -- (6)
Hong Kong Dollar Forward Currency Contract
HKD 6,536,000, Ex 10/07/98, Net Payable -- (3,115)
Hong Kong Dollar Forward Currency Contract
HKD 38,416,000, Ex 10/07/98, Net Receivable -- 133,653
Net Foreign Exchange Variation in the Value of
Unsettled Foreign Security Transactions -- (2,689)
</TABLE>
OPTIONS AND FUTURES
By writing options, the Plan receives a premium and becomes obligated
during the term of the option to purchase or sell securities at a set price if
the option is exercised. By purchasing options, the Plan pays a premium to buy
or sell a security at a set price during a future fixed period.
Futures contracts are contracts for delayed delivery of securities or
money market instruments in which the seller agrees to make delivery at a
specified future date of a specified instrument, at a specified price or yield.
Upon entering into an options or futures contract, the Plan is required to
deposit either cash or securities in an amount (initial margin) equal to a
certain percentage of the contract value. Subsequent payments (variation margin)
are made or received by the Plan each day.
The Plan has the risk that the price volatility of the options and
futures contract may not correlate with the prices of the portfolio securities.
The Plan's activities in these contracts are conducted through regulated
exchanges which do not result in counterparty credit risks since the exchanges
assume the risk that a counterparty will not settle and generally require margin
deposits of cash or securities as collateral to minimize potential credit risk.
Liquidity risk may arise if there is insufficient trading activity on the
options and futures exchange.
15
<PAGE> 16
401(k) SAVINGS PLAN OF THE CHASE MANHATTAN BANK
AND CERTAIN AFFILIATED COMPANIES
NOTES TO FINANCIAL STATEMENTS - CONTINUED
INVESTMENTS IN OPTIONS, FUTURES AND FOREIGN EXCHANGE CONTRACTS (CONTINUED)
OPTIONS AND FUTURES (CONTINUED)
A further risk in buying an option is that the Plan pays a premium
whether or not the option is exercised. The risk in writing a call option is
that the Plan gives up the opportunity for profit if the market price of the
security increases and the option is exercised. The risk in writing a put option
is that the Plan may incur a loss if the market price of the security decreases
and the option is exercised. Risks arise from the possible inability of
counterparties to meet the term of the contracts and from movement in securities
values and interest rates. The Plan also has the risk of not being able to enter
into a closing transaction if a liquid secondary market does not exist.
The following represents the contracts held by the Plan as of December 31, 1998
and 1997:
<TABLE>
<CAPTION>
NOTIONAL OR
DESCRIPTION CONTRACT VALUE FAIR VALUE
----------- -------------- ----------
<S> <C> <C>
AT DECEMBER 31, 1998:
Purchase Call Options Jan 99 Eurodollar Ex 1/15/99 38,865 14,350
Purchase Call Options Mar 99 Eurodollar Ex 3/15/99 78,074 130,625
Written Call Option US Treasury Bonds Ex 2/20/99 (51,674) (19,688)
Written Call Option US Treasury Bonds Ex 2/20/99 (18,994) (4,688)
Written Put Option US Treasury Bonds Ex 2/20/99 (50,012) (40,359)
Written Put Option US Treasury Bonds Ex 2/20/99 (16,933) (22,687)
Written Call Option Treasury Notes Ex 2/20/99 (17,302) (7,594)
US Treasury Bond Futures Contracts Long Ex 3/99 287,294 --
US Treasury Bond Futures Contracts Short Ex 3/99 (43,657) --
10 year US Treasury Note Futures Contracts Short Ex 3/99 (107,813) --
5 year US Treasury Note Futures Contracts Long Ex 3/99 127,973 --
5 year US Treasury Note Futures Contracts Short Ex 3/99 (3,533) --
AT DECEMBER 31, 1997:
Purchase Call Options Eurodollar Ex 3/16/98 5,445 6,738
Purchase Call Options Eurodollar Ex 6/15/98 19,015 25,125
Written Put Option US Treasury Bonds Ex 2/20/98 (19,004) (12,187)
Written Put Option US Treasury Bonds Ex 2/20/98 (20,445) (7,500)
US Treasury Bond Futures Long Ex 3/98 59,860 --
US Treasury Bond Futures Short Ex 3/98 122,080 --
10 year US Treasury Note Futures Short Ex 3/98 2,170 --
5 year US Treasury Note Futures Long Ex 3/98 142 --
5 year US Treasury Note Futures Short Ex 3/98 27,341 --
</TABLE>
6. CONTRIBUTIONS
DEFERRED CONTRIBUTIONS AND VOLUNTARY CONTRIBUTIONS
A Participant may elect to defer from 1% to 8% of such individual's
Eligible Salary (as defined below) each pay period (in whole percentages) on a
pre-tax basis and to have that amount contributed to the Plan by the
Contributing Employer ("Deferred Contributions"). The maximum amount deferred
for 1998 and 1997 Plan Years may not exceed the applicable statutory limit for
calendar years 1998 and 1997. A Participant may contribute from 1% to 4% of
Eligible Salary after applicable taxes ("Voluntary Contributions"), through
payroll deductions. Amounts earned through the
16
<PAGE> 17
401(k) SAVINGS PLAN OF THE CHASE MANHATTAN BANK
AND CERTAIN AFFILIATED COMPANIES
NOTES TO FINANCIAL STATEMENTS - CONTINUED
6. CONTRIBUTIONS (CONTINUED)
DEFERRED CONTRIBUTIONS AND VOLUNTARY CONTRIBUTIONS (CONTINUED)
investment of Deferred and Voluntary Contributions will not be taxed until they
are distributed. Eligible Salary, in general, means basic compensation from a
Contributing Employer for services rendered, including, to the extent
applicable, amounts attributable to shift differentials and, for employees of
certain affiliated companies, all or a portion of the amounts attributable to
draw or commissions and overrides.
COMPANY CONTRIBUTIONS
Each Contributing Employer will, on behalf of each Participant in the
Plan, make a matching contribution in an amount equal to 100% of the
Participant's Deferred Contributions for each pay period up to 5% of the
Participant's Eligible Salary ("Matching Contributions"). Of such amounts 50%
will be invested in the Chase Common Stock Fund of the Plan, which will
generally consist of common stock of the Corporation. The remaining Matching
Contributions will be invested in the same manner as such Participants' Deferred
Contributions and Voluntary Contributions. Upon attaining age 45 with 5 or more
years of service, a Participant may direct 100% of the Matching Contributions
made on his or her behalf by a Contributing Employer to be invested in the same
manner as such Participant's Deferred Contributions.
7. VESTING
In general, Participants vest in Matching Contributions after three
years of service. However, in connection with the merger of the Chemical Plan
and the Old Chase Thrift Plan, eligible employees who had one year of service as
of December 31, 1996 and who were employed by a Contributing Employer on January
1, 1997 became 100% vested in the value of Matching Contributions at January 1,
1997.
Forfeited amounts reduce the future contributions with respect to the
Matching Contributions of the Contributing Employer that originally made the
contributions that were forfeited. Forfeitures that arise from contributions of
a Contributing Employer that is no longer a Contributing Employer will reduce
future contributions of the Bank.
8. DISTRIBUTIONS
WITHDRAWAL OF CONTRIBUTIONS
Under the Plan, a Participant may withdraw in cash all or any portion
of such Participant's vested account balance attributable to Voluntary
Contributions or contributions rolled over, or transferred to the Plan from
another qualified plan or an individual retirement account. In general an
individual who was a participant in the Old Chase Thrift Plan may also withdraw
all or any part of his or her nonforfeitable company contributions account
balance under such plan as of December 31, 1996, subject to certain
restrictions.
If a Participant has withdrawn all amounts permissible under the
preceding paragraph, the Participant may request to withdraw up to the remaining
amount of such individual's vested account balance only upon attaining age 59
1/2 or for reasons of financial hardship; provided, however, that earnings
realized after December 31, 1988 on Deferred Contributions and certain other
deferred contributions under the Chemical Plan are not available for hardship
withdrawal.
17
<PAGE> 18
401(k) SAVINGS PLAN OF THE CHASE MANHATTAN BANK
AND CERTAIN AFFILIATED COMPANIES
NOTES TO FINANCIAL STATEMENTS - CONTINUED
8. DISTRIBUTIONS (CONTINUED)
PAYMENT OF VESTED BENEFITS
When a Participant terminates employment with a Contributing Employer
and is not then employed by a non-contributing affiliate of the Bank, the
Participant will receive the vested benefits under the Plan. In the event of the
death of the Participant, these fully vested benefits will be distributed to the
Participant's spouse or, with the spouse's consent, to either a beneficiary, if
the Participant has named one, or to such other beneficiary as may be specified
in the Plan. If a valid beneficiary designation is not on record or if the named
beneficiary predeceases the Participant or dies before distribution is made,
such amounts will be distributed to the Estate. A Participant whose account
balances under the Plan total more than $5,000 may elect to be paid in a
lump-sum, or may defer distribution up to the time the Participant attains age
70 -1/2, or elects to be paid in quarterly or annual installments of at least
$500 over a period not exceeding life expectancy. If no election is made by the
time such individual has attained age 65, a distribution of benefits will be
made in a lump sum distribution in cash as soon as administratively practicable
after attaining age 65. If the Participant's vested account balance does not
exceed $5,000, payment will be made in a lump-sum distribution as soon as
practicable following termination of service, with or without the Participant's
consent. Distributions not deferred will be made to the Participant,
Participant's spouse or beneficiary following the first Valuation Date occurring
on or after the termination or death, in each case, as soon as administratively
practicable. Deferred distributions will be made following the first Valuation
Date occurring on or after the deferred date elected, or as soon as
administratively practicable.
9. LOANS TO PARTICIPANTS (LOAN FUND)
A Participant may borrow a portion of his/her account balance according
to the terms of the Plan. The maximum aggregate amount of all loans to any
Participant under the Plan is the lesser of $50,000 (reduced by the highest loan
balance outstanding during the 12 month period preceding the date of the new
loan) or 50% of the vested value of the Participant's account balance under the
Plan (excluding the amount of any Voluntary Contributions). A Participant is
limited to one loan per month with no more than six loans outstanding at any
given time.
10. NUMBERS OF PARTICIPANTS AND UNIT VALUES
There were 54,483 Participants or former Participants in the Plan at
December 31, 1998 and 51,879 Participants or former Participants in the Plan at
December 31, 1997. Participants may elect more than one investment fund option
for their Deferred Contributions and Voluntary Contributions and also, in
certain circumstances, with respect to Matching Contributions. At December 31,
1998 and 1997, the number of Participants or former Participants in each Fund
and Unit
18
<PAGE> 19
401(k) SAVINGS PLAN OF THE CHASE MANHATTAN BANK
AND CERTAIN AFFILIATED COMPANIES
NOTES TO FINANCIAL STATEMENTS - CONTINUED
10. NUMBERS OF PARTICIPANTS AND UNIT VALUES (CONTINUED)
Values are as follows:
<TABLE>
<CAPTION>
NUMBER OF PARTICIPANTS UNIT VALUES
---------------------- -----------
INVESTMENT FUND 1998 1997 1998 1997
- --------------- ---- ---- ---- ----
<S> <C> <C> <C> <C>
Short-Term Fixed Income 11,370 14,857 $ 5.5983 $ 5.2902
Stable Value 14,015 22,154 5.6944 5.3381
Intermediate Bond 10,551 13,137 5.9994 5.5646
S&P 500 Index 26,119 31,341 8.5934 6.4781
Growth & Income 25,535 32,054 7.5178 6.5372
Small Cap Equity 21,659 27,885 6.1494 5.9226
International Equity 14,415 19,406 5.8806 5.0471
Chase Common Stock 30,574 47,712 18.1254 13.6999
Frozen Fixed Income 1,827 2,048 7.0311 6.4538
Loan Fund 16,772 16,843 1.0000 1.0000
</TABLE>
11. PLAN EXPENSES
Unless paid by the Contributing Employers, the Trustee will pay the
expenses of the Plan. The following expenses could be paid by the Plan: (a)
taxes upon or with respect to the assets in the Trust Fund or income therefrom,
(b) brokerage costs, (c) other expenses in connection with the purchase and sale
of property by the Trustee, (d) fees paid for asset management or record keeping
and (e) certain overhead expenses directly attributable to the administration of
the Plan.
12. TAX STATUS AND FEDERAL INCOME TAXES
The IRS has determined and informed the Bank, by a letter dated
December 28, 1998, that the Plan is qualified and the Trust established under
the Plan, as designed, is in compliance with the applicable requirements of the
Code. Therefore, no provision for income taxes has been included in the Plan's
financial statements. The Plan's administrator is not aware of any course of
action or series of events which have occurred that might adversely affect the
Plan's qualifying status.
Participants are not taxed currently on Contributing Employer
contributions or income earned by the Trust. When a Participant, or his or her
beneficiary or estate, receives a distribution under the Plan such distribution
may be taxable. The tax treatment of the value of such distribution depends on
the event giving rise to the distribution and the method of distribution
selected and the use of the proceeds.
19
<PAGE> 20
401(k) SAVINGS PLAN OF THE CHASE MANHATTAN BANK
AND CERTAIN AFFILIATED COMPANIES
NOTES TO FINANCIAL STATEMENTS - CONTINUED
13. TRUST FUNDS TRANSACTIONS WITH AFFILIATED PARTIES
The following is a summary of transactions with parties affiliated with
the Plan for the years ended December 31, 1998 and 1997:
<TABLE>
<CAPTION>
AGGREGATE PROCEEDS FROM
SALES, REDEMPTIONS AND
AGGREGATE COST DISTRIBUTIONS TO
FOR THE YEAR ENDED DECEMBER 31, 1998 OF PURCHASES PARTICIPANTS
------------------------------------ ------------ ------------
<S> <C> <C>
The Chase Manhattan Bank Domestic Liquidity Fund $757,184,549 $756,122,023
The Chase Manhattan Corporation Common Stock 207,299,493 54,879,874
The Chase Manhattan Bank Enhanced Cash Investment Fund 1,350,634 1,546,663
Vista U.S. Government Money Market Fund 241,185,141 267,370,646
Vista Growth and Income Select Fund 553,126,632 52,600,000
Vista Growth and Income Fund -- 526,407,579
Vista Small Cap Equity Fund 21,005,922 41,805,922
FOR THE YEAR ENDED DECEMBER 31, 1997
------------------------------------
The Chase Manhattan Bank Domestic Liquidity Fund $1,481,146,390 $1,478,081,680
The Chase Manhattan Corporation Common Stock 685,638,594 1,491,615,043
The Chase Manhattan Bank Enhanced Cash Investment Fund 31,865,941 73,547,230
Vista U.S. Government Money Market Fund 267,783,073 240,904,923
Vista Growth and Income Fund 487,020,234 304,832,971
Vista Small Cap Equity Fund 228,471,626 18,861,387
</TABLE>
14. INVESTMENTS IN GROUP ANNUITY CONTRACTS ISSUED BY INSURANCE COMPANIES
Group Annuity Contracts with insurance companies held in the Stable
Value Fund and Frozen Fixed Income are reported at the December 31, 1998 and
1997 contract value of $645,347,257 and $630,567,518 respectively. The projected
fair value at December 31, 1998 and 1997 is $667,195,548 and $635,810,577
respectively, which is equal to the sum of the discounted values of all
contracts. Each contract payment is projected based on the December 31, 1998 and
1997 contract value using the contractually guaranteed rate as well as the
duration of each payment. The projected payments are then discounted using the
December 31, 1998 and 1997 duration-matched swap rate, which approximates the
appropriate discount rate, for each payment.
20
<PAGE> 21
401(k) SAVINGS PLAN OF THE CHASE MANHATTAN BANK
AND CERTAIN AFFILIATED COMPANIES
NOTES TO FINANCIAL STATEMENTS - CONTINUED
14. INVESTMENTS IN GROUP ANNUITY CONTRACTS ISSUED BY INSURANCE COMPANIES
(CONTINUED)
Information with respect to Group Annuity Contracts with insurance
companies is as follows:
<TABLE>
<CAPTION>
STABLE FROZEN FIXED
AT DECEMBER 31, 1998 TOTAL VALUE FUND INCOME FUND
- -------------------- ----- ---------- ------------
<S> <C> <C> <C>
Contract Value $645,347,257 $626,362,763 $18,984,494
============ ============ ===========
Projected Fair Value $667,195,548 $647,535,236 $19,660,312
============ ============ ===========
Crediting interest rate 6.65% 8.56%
Average yield for the year ended
December 31, 1998 6.68% 8.86%
</TABLE>
<TABLE>
<CAPTION>
STABLE VALUE FROZEN FIXED
AT DECEMBER 31, 1997 TOTAL FUND INCOME FUND
- -------------------- ----- ---- ------------
<S> <C> <C> <C>
Contract Value $630,567,518 $585,812,361 $44,755,157
============ ============ ===========
Projected Fair Value $635,810,577 $589,553,294 $46,257,283
============ ============ ===========
Crediting interest rate 6.75% 8.66%
Average yield for the year ended
December 31, 1997 6.76% 8.68%
</TABLE>
The Stable Value Fund of the Plan had an investment of $7,638,978 and
$6,956,166 at December 31, 1998 and 1997, respectively, in an insurance contract
issued by Mutual Benefit Life. Due to the financial difficulties experienced by
Mutual Benefit Life in July 1991, New Jersey State regulators assumed control of
Mutual Benefit Life. The New Jersey courts approved a rehabilitation plan for
Mutual Benefit Life and the Plan's management accepted a restructured contract
which was assumed and reinsured by MBL Life Assurance Corporation on April 29,
1994. The contract was separated into two components; 80% was placed in a
"wrapped" contract issued by a consortium of various insurance carriers, and 20%
was placed in a "covered" contract guaranteed by New York State. Principal and
interest will be paid out under the terms and conditions of the restructured
contracts. The wrapped contract was repaid in June 1999 and the covered contract
will be repaid in one installment on December 31, 1999. During 1998 and 1997,
interest amounts of $682,812 and $485,397 respectively, were credited to the
contracts. The amounts credited during 1998 were at an annual rate of 10.90% and
5.10% for the wrapped and covered contracts, respectively. The corresponding
amounts credited in 1997 for the two contracts were at an annual rate of 9.75%
and 5.10% respectively.
15. ASSETS TRANSFERRED FROM THE PLAN TO OTHER PLANS DURING 1998
During 1998, the Bank sold certain operations and, accordingly, assets
with a total fair value of $74,491 were transferred from the Plan to the
Mechanics Savings Bank 401(k) Plan.
21
<PAGE> 22
401(k) SAVINGS PLAN OF THE CHASE MANHATTAN BANK
AND CERTAIN AFFILIATED COMPANIES
NOTES TO FINANCIAL STATEMENTS - CONTINUED
16. ASSETS TRANSFERRED FROM THE PLAN TO OTHER PLANS DURING 1997
During 1997, the Bank sold certain operations, accordingly, assets with
a total fair value of $1,484,657 were transferred from the Plan to the Education
First Marketing 401(k) Plan ($1,208,449), CIT Group Savings Plan ($156,424),
Army National Bank Savings Plan ($107,256) and the First Data Corporation
Savings Plan ($12,528).
17. PLAN TERMINATION
While there is no intent to do so, the Bank has the right to amend or
terminate the Plan at any time. In the event of termination, the value of
Participants' accounts will be paid in accordance with the provisions of the
Plan and the provisions of ERISA.
22
<PAGE> 23
401(k) SAVINGS PLAN OF THE CHASE MANHATTAN BANK
AND CERTAIN AFFILIATED COMPANIES
SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES AT DECEMBER 31, 1998
(IRS FORM 5500 - LINE 27a)
<TABLE>
<CAPTION>
PRINCIPAL AMOUNT OR
NUMBER OF UNITS COST FAIR VALUE
------------------ ---- ----------
<S> <C> <C> <C>
SHORT-TERM FIXED INCOME FUND
- ----------------------------
CERTIFICATES OF DEPOSIT:
Deutsche Bank AG New York
5.70%, due 04/06/99 1,500,000 $ 1,499,815 $ 1,499,815
First National Bank Chicago Ill
5.75%, due 05/10/99 5,000,000 4,999,157 4,999,157
PNC Bank NA
Floating, due 10/14/99 10,000,000 10,000,000 10,000,000
Rabobank Nederland Institutional Certificate
5.63%, due 03/24/99 10,000,000 9,997,814 9,997,814
Swiss Bank Corporation NY BRH Institutional Certificate
5.75%, due 05/07/99 1,000,000 999,810 999,810
Swiss Bank Corporation
5.64%, due 02/26/99 1,000,000 999,923 999,923
----------- -----------
Total Certificates of Deposit $28,496,519 $28,496,519
----------- -----------
UNITED STATES GOVERNMENT AND GOVERNMENT AGENCY OBLIGATIONS:
Federal Farm Credit Bank Consolidated Systemwide Discounted Note
0.00%, due 3/12/99 11,000,000 $10,880,222 $10,880,222
Federal Home Loan Mortgage Corporation Discounted Note
0.00%, due 1/14/99 11,900,000 11,878,041 11,878,041
Federal National Mortgage Association Discounted Note
0.00%, due 02/16/99 11,000,000 10,930,959 10,930,959
----------- -----------
Total United States Government and Government Agency Obligations $33,689,222 $33,689,222
----------- -----------
CORPORATE DEBT INSTRUMENTS:
American Express Centurion Bank
Floating, due 05/11/99 11,000,000 $11,000,000 $11,001,100
Archer Daniels Midland Company Discounted Note
0.00%, due 3/05/99 5,000,000 4,955,813 4,955,813
Associates First Capital Corporation Puttable
Floating, due 04/05/09 11,000,000 11,000,000 10,997,140
Banco Nacional De Comerce Discounted Note
0.00%, due 4/12/99 10,000,000 9,861,125 9,861,125
Cargill Inc. Discounted Note
0.00%, due 03/05/99 10,000,000 9,911,975 9,911,975
Caterpillar Financial Services Corporation Bond
Quarterly Floating, due 11/02/99 10,000,000 10,000,000 9,991,400
Daimler Benz North America Corporation Discounted Note
0.00%, due 2/25/99 3,000,000 2,975,153 2,975,153
Daimler Benz North America Corporation Discounted Note
0.00%, due 4/27/99 3,000,000 2,954,277 2,954,277
Daimler Benz North America Corporation Discounted Note
0.00%, due 5/03/99 3,000,000 2,949,472 2,949,472
</TABLE>
23
<PAGE> 24
<TABLE>
<CAPTION>
401(k) SAVINGS PLAN OF THE CHASE MANHATTAN BANK
AND CERTAIN AFFILIATED COMPANIES
SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES AT DECEMBER 31, 1998-CONTINUED
(IRS FORM 5500 - LINE 27a)
PRINCIPAL AMOUNT OR
NUMBER OF UNITS COST FAIR VALUE
------------------ ---- ----------
<S> <C> <C> <C>
SHORT-TERM FIXED INCOME FUND (CONTINUED):
- -----------------------------------------
CORPORATE DEBT INSTRUMENTS (CONTINUED):
Deere John Capital Corporation Shelf 11
6.00%, due 02/01/99 $ 5,000,000 $ 5,006,000 $ 5,002,500
Den Danske Corporation Discounted Note
0.00%, due 04/01/99 8,000,000 7,893,583 7,893,583
E.I. Du Pont Nemours & Company, Inc. Discounted Note
0.00%, due 01/12/99 10,000,000 9,983,867 9,983,867
General Electric Capital Corporation Discounted Note
0.00%, due 5/03/99 5,000,000 4,917,650 4,917,650
Goldman Sachs Group LP Medium Term Note
Floating, due 1/12/00 11,000,000 11,000,000 10,997,800
IBM Credit Corporation Medium Term Notes B Entry
5.69%, due 03/09/99 2,000,000 1,999,814 2,001,840
Merrill Lynch & Company Inc. Bond
Floating, due 5/25/99 5,000,000 5,011,700 4,997,200
Merrill Lynch & Company, Inc. Bond
5.565%, due 2/16/99 6,500,000 6,499,919 6,499,350
National Rural Utilities Coop. Financial Bond
Floating, due 11/23/99 5,000,000 5,000,000 5,001,500
Nationwide Building Society Discounted Note
0.00%, due 3/15/99 5,000,000 4,948,794 4,948,794
Norwest Corporation Medium Term Senior Note
Floating, due 10/28/99 3,000,000 3,000,000 2,997,660
Silver Tower US Funding LLC Discounted Note
0.00%, due 2/16/99 6,000,000 5,958,063 5,958,063
Toyota Motor Corporation Discounted Note
0.00%, due 3/12/99 11,500,000 11,392,666 11,392,666
Travelers Property CAS Corporation Series Notes
Semi-Annual, 6.25%, due 10/01/99 5,000,000 5,048,050 5,024,100
Triple-A- One Funding Corporation Discounted Note
0.00%, due 2/18/99 8,087,000 8,030,283 8,030,283
USAA Capital Corporation Discounted Note
0.00%, due 1/22/99 7,000,000 6,978,562 6,978,562
Walt Disney Company Discounted Note
0.00%, due 02/19/99 8,000,000 7,945,229 7,945,229
Walt Disney Company Note
5.50%, due 2/26/99 3,000,000 3,002,370 3,001,320
----------- -----------
Total Corporate Debt Instruments: $179,224,365 $179,169,422
----------- -----------
INTEREST BEARING & MONEY MARKET FUNDS:
Vista U.S. Government Money Market Fund *** 692,645 $692,645 $692,645
----------- -----------
</TABLE>
24
<PAGE> 25
401(k) SAVINGS PLAN OF THE CHASE MANHATTAN BANK
AND CERTAIN AFFILIATED COMPANIES
SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES AT DECEMBER 31, 1998-CONTINUED
(IRS FORM 5500 - LINE 27a)
<TABLE>
<CAPTION>
PRINCIPAL AMOUNT OR
NUMBER OF UNITS COST FAIR VALUE
------------------ ---- ----------
<S> <C> <C> <C>
SHORT-TERM FIXED INCOME FUND (CONTINUED):
- -----------------------------------------
OTHER INVESTMENTS:
Connecticut State Taxable Ref Series B Municipal Bond
5.650%, due 8/02/99 5,000,000 $ 4,998,665 $ 5,025,360
New York City Prerefunded Series C Municipal Bond
9.750%, due 8/15/12 1,800,000 1,905,678 1,876,221
Repurchase Agreement With Greenwich Capital Securities
5.20%, due 1/05/99 16,000,000 16,000,000 16,000,000
----------- -----------
Total Other Investments: $ 22,904,343 $ 22,901,581
------------ ------------
Total Short-Term Fixed Income Fund $265,007,094 $264,949,389
============ ============
STABLE VALUE FUND
- -----------------
GUARANTEED INVESTMENT CONTRACTS:
Allstate Life Insurance Company Group Annuity Contract
#GA-5990, 6.81%, due in one installment on 12/16/02 22,866,226 $ 22,866,226 $ 22,866,226
Allstate Life Insurance Company Group Annuity Contract
#GA-6132, 5.58%, due on 3/31/03 12,055,468 12,055,468 12,055,468
American International Life Insurance Company Group Annuity Contract #18232,
7.09%, due in one installment on 9/20/01,
with annual interest payments beginning 9/20/95 26,497,872 26,497,872 26,497,872
American International Life Insurance Company Group Annuity
Contract #18281, 6.81 %, due 12/16/02
with annual interest payments beginning 12/15/98 25,072,303 25,072,303 25,072,303
American International Life Insurance Company Group Annuity Contract #18252,
5.81%, due in one installment on 6/15/02
with annual interest payments beginning 6/15/97 10,312,693 10,312,693 10,312,693
Canada Life Insurance Company Group Annuity
Contract #P45963, 6.90%, due 6/15/02 28,522,061 28,522,061 28,522,061
Canada Life Insurance Company Group Annuity
Contract #P45964, 6.87%, due in two installments
on 12/15/02 and 6/15/03 22,742,816 22,742,816 22,742,816
Commonwealth Life Insurance Company Group Annuity
Contract #ADA00814FR, 7.00% due 9/30/03 11,334,776 11,334,776 11,334,776
Commonwealth Life Insurance Company Group Annuity
Contract #ADA00823FR, 6.48% due 9/30/03 11,114,421 11,114,421 11,114,421
Hartford Life Insurance Company Group Annuity Contract
#9512-AA,6.68%, due in three installments
on 1/1/99, 1/1/00 and 1/01/01 18,819,794 18,819,794 18,819,794
</TABLE>
25
<PAGE> 26
401(k) SAVINGS PLAN OF THE CHASE MANHATTAN BANK
AND CERTAIN AFFILIATED COMPANIES
SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES AT DECEMBER 31, 1998-CONTINUED
(IRS FORM 5500 - LINE 27a)
<TABLE>
<CAPTION>
PRINCIPAL AMOUNT OR FAIR VALUE OR
NUMBER OF UNITS COST CONTRACT VALUE
------------------- ----------- --------------
<S> <C> <C> <C>
STABLE VALUE FUND (CONTINUED):
- ------------------------------
GUARANTEED INVESTMENT CONTRACTS (CONTINUED):
Hartford Life Insurance Company Group Annuity Contract
#30030, 7.75%, due 1/01/00 10,812,871 $10,812,871 $10,812,871
John Hancock Mutual Life Insurance Company Group Annuity
Contract #7017-10001, 6.60%, due on 9/20/01 9,970,870 9,970,870 9,970,870
John Hancock Mutual Life Insurance Company Group Annuity
Contract #7202-10000, 5.53%, due 6/15/01 23,771,626 23,771,626 23,771,626
John Hancock Mutual Life Insurance Company Group Annuity Contract
#7202-10001, 5.53%, due in two installments, 50% of balance on 12/15/99
and the remainder on 12/15/01 15,448,129 15,448,129 15,448,129
John Hancock Mutual Life Insurance Company Group Annuity
Contract #7355-10000, 6.05%, due in two installments,
50% of balance on 12/15/99
and the remainder on 12/15/00 9,789,577 9,789,577 9,789,577
John Hancock Mutual Life Insurance Company Group Annuity
Contract #7817-10000, 7.30%, due on 6/15/00 12,845,558 12,845,558 12,845,558
John Hancock Mutual Life Insurance Company Group Annuity
Contract #7017-10000, 6.60%, due on 12/15/00 21,871,758 21,871,758 21,871,758
Metropolitan Life Insurance Company Group Annuity Contract
#13523-069, 6.05%, due in two installments, 50% on
12/15/99 and the remainder on 12/15/01 15,272,249 15,272,249 15,272,249
Metropolitan Life Insurance Company Group Annuity Contract
#13428-069, 7.09%, due in one installment on 7/15/99 12,086,625 12,086,625 12,086,625
Metropolitan Life Insurance Company Group Annuity Contract
#13236-169, 7.35%, due on 1/1/99 21,930,142 21,930,142 21,930,142
Metropolitan Life Insurance Company Group Annuity Contract
#13887-069, 7.84%, due in one installment on 6/15/99 16,194,741 16,194,741 16,194,741
Mutual Benefit Life Group Annuity Contract GA-64963
"Wrapped" Contract
9.75%, due in one installments in June 1999 6,267,735 6,267,735 6,267,735
</TABLE>
26
<PAGE> 27
401(k) SAVINGS PLAN OF THE CHASE MANHATTAN BANK
AND CERTAIN AFFILIATED COMPANIES
SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES AT DECEMBER 31, 1998-CONTINUED
(IRS FORM 5500 - LINE 27a)
<TABLE>
<CAPTION>
PRINCIPAL AMOUNT OR FAIR VALUE OR
NUMBER OF UNITS COST CONTRACT VALUE
------------------- ----------- --------------
<S> <C> <C> <C>
STABLE VALUE FUND (CONTINUED):
- ------------------------------
GUARANTEED INVESTMENT CONTRACTS (CONTINUED):
Mutual Benefit Life Group Annuity Contract GA-94963
"Covered" Contract
5.10%, due in one installments on 12/31/99 1,371,243 $ 1,371,243 $ 1,371,243
New York Life Insurance Company Group Annuity Contract
#30660-002, 6.72%, due on 12/15/00 & 6/15/03 40,117,830 40,117,830 40,117,830
New York Life Insurance Company Group Annuity Contract
#30660, 6.79%, due on 12/17/01 30,089,293 30,089,293 30,089,293
Principal Life Insurance Company Group Annuity
Contract #4-34795, 6.01%, due 12/15/03 41,739,601 41,739,601 41,739,601
Principal Mutual Life Insurance Company Group Annuity
Contract #4-11357-01, 5.83%, due in two installments, 50%
of balance on 12/15/99 and the remainder on 12/15/01 39,484,970 39,484,970 39,484,970
Principal Mutual Life Insurance Company Group Annuity
Contract #4-11357-03, 6.00%, due on 12/15/99 & 12/15/00 9,896,391 9,896,391 9,896,391
Principal Mutual Life Insurance Company Group Annuity
Contract #4-11357-04, 8.21%, due on 6/15/00 5,482,035 5,482,035 5,482,035
Principal Mutual Life Insurance Company Group Annuity
Contract #4-11357-05, 6.40%, due on 6/15/00 18,714,726 18,714,726 18,714,726
Principal Mutual Life Insurance Company Group Annuity
Contract #4-11357-07, 6.30%, due on 6/15/02 20,710,601 20,710,601 20,710,601
Prudential Asset Management Company Group Annuity
Contract #6687-212, 9.77%, due 1/1/00 5,281,774 5,281,774 5,281,774
TransAmerica Life Insurance Company Group Annuity
Contract #51495, 6.40%, due 6/30/03 26,824,863 26,824,863 26,824,863
TransAmerica Life Insurance Company Group Annuity
Contract #51495-01, 6.07%, due 12/15/03 21,049,125 21,049,125 21,049,125
------------ ------------
Total Guaranteed Investments Contracts $626,362,763 $626,362,763
------------ ------------
INTEREST BEARING & MONEY MARKET FUNDS:
The Chase Manhattan Bank Domestic Liquidity Fund *** 285,686 $ 285,686 $ 285,686
------------ ------------
Total Stable Value Fund $626,648,449 $626,648,449
============ ============
</TABLE>
Note: All interest rates are net of administrative service fees.
27
<PAGE> 28
401(k) SAVINGS PLAN OF THE CHASE MANHATTAN BANK
AND CERTAIN AFFILIATED COMPANIES
SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES AT DECEMBER 31, 1998-CONTINUED
(IRS FORM 5500 - LINE 27a)
<TABLE>
<CAPTION>
PRINCIPAL AMOUNT OR FAIR VALUE OR
NUMBER OF UNITS COST CONTRACT VALUE
------------------- ----------- --------------
INTERMEDIATE BOND FUND
- ----------------------
<S> <C> <C> <C>
UNITED STATES GOVERNMENT AND GOVERNMENT AGENCY OBLIGATIONS:
Federal Home Loan Mortgage Corporation
PC Group #D09084, 8.00%, due 5/01/17 348,144 $ 358,806 $ 360,862
Federal Home Loan Mortgage Corporation TBA
Gold SF 15 years Jan, 5.50%, due 1/15/49 7,560,000 7,453,977 7,465,500
Federal Home Loan Mortgage Corporation TBA
Gold SF 30 years Jan, 7.50%, due 1/15/49 1,600,000 1,641,500 1,643,248
Federal National Mortgage Assn. Discounted Notes
0.00%, due 2/17/99 900,000 893,962 893,962
Federal National Mortgage Assn. Pass Thru Certificate Pool
#303323, 9.00%, due 11/01/21 322,801 344,490 343,377
Federal National Mortgage Assn. Guaranteed Mortgage
#403305, 7.00%, due 12/01/27 1,533,854 1,537,629 1,564,531
Federal National Mortgage Assn. Pass Thru Certificate Pool
#250430, 6.00%, due 9/01/25 564,198 535,957 557,321
Federal National Mortgage Assn. Pass Thru Certificate Pool
#303641, 6.00%, due 11/01/25 439,745 417,723 434,798
Federal National Mortgage Assn. Pass Thru Certificate Pool
#305210, 6.00%, due 11/01/25 40,036 38,030 39,573
Federal National Mortgage Assn. Pass Thru Certificate Pool
#319233, 6.00%, due 11/01/25 720,301 684,229 711,520
Federal National Mortgage Assn. Pass Thru Certificate Pool
#320079, 6.00%, due 8/01/25 69,520 66,039 68,672
Federal National Mortgage Assn. Pass Thru Certificate Pool
#320543, 6.00%, due 12/01/25 383,742 364,522 379,064
Federal National Mortgage Assn. Pass Thru Certificate Pool
#324668, 6.00%, due 10/01/25 732,297 695,629 723,370
Federal National Mortgage Assn. Pass Thru Certificate Pool
#326130, 6.00%, due 9/01/25 244,571 232,326 241,590
Federal National Mortgage Assn. Pass Thru Certificate Pool
#326864, 6.00%, due 10/01/25 313,193 297,511 309,375
Federal National Mortgage Assn. Pass Thru Certificate Pool
#328607, 6.00%, due 11/01/25 694,440 659,664 685,975
Federal National Mortgage Assn. Pass Thru Certificate Pool
#329948, 6.00%, due 11/01/25 71,523 67,942 70,651
Federal National Mortgage Assn. Pass Thru Certificate Pool
#330005, 6.00%, due 11/01/25 104,921 99,667 103,642
Federal National Mortgage Assn. Pass Thru Certificate Pool
#332173, 6.00%, due 12/01/25 841,457 799,313 831,200
Federal National Mortgage Assn. Pass Thru Certificate Pool
#332911, 6.00%, due 12/01/25 364,596 346,336 360,152
Federal National Mortgage Assn. TBA SF 30 years Jan
6.00%, due 1/15/49 10,800,000 10,654,526 10,659,924
Federal National Mortgage Assn. TBA SF 30 years Jan
6.50%, due 1/15/49 6,100,000 6,154,481 6,140,992
</TABLE>
28
<PAGE> 29
401(k) SAVINGS PLAN OF THE CHASE MANHATTAN BANK
AND CERTAIN AFFILIATED COMPANIES
SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES AT DECEMBER 31, 1998-CONTINUED
(IRS FORM 5500 - LINE 27a)
<TABLE>
<CAPTION>
PRINCIPAL AMOUNT OR FAIR VALUE OR
NUMBER OF UNITS COST CONTRACT VALUE
------------------- ----------- --------------
INTERMEDIATE BOND FUND (CONTINUED):
- -----------------------------------
<S> <C> <C> <C>
UNITED STATES GOVERNMENT AND GOVERNMENT AGENCY OBLIGATIONS (CONTINUED):
Federal National Mortgage Assn. TBA SF 30 years Jan
7.50%, due 1/15/49 2,500,000 $2,570,313 $2,567,975
Government National Mortgage Assn. II Jumbo
Floating, due 7/20/22 1,167,623 1,195,537 1,186,597
Government National Mortgage Assn. II Jumbo
Floating, due 10/20/22 823,743 843,307 835,967
Government National Mortgage Assn. Pool # 446720
6.50%, due 9/15/28 992,145 990,912 1,002,067
Government National Mortgage Assn. Pool # 464834
6.50%, due 9/15/28 988,527 987,297 998,412
Government National Mortgage Assn. Pool # 780601
7.00%, due 7/15/27 3,641,881 3,701,061 3,727,210
Government National Mortgage Assn. Pool # 08076
Floating, due 11/20/22 1,277,483 1,307,823 1,296,249
Government National Mortgage Assn. Pool # 416004
7.00%, due 10/15/25 781,348 797,708 799,655
Government National Mortgage Assn. Pool # 458848
7.00%, due 2/15/28 337,720 343,102 345,528
Government National Mortgage Assn. Pool # 484438
6.50%, due 9/15/28 595,121 594,381 601,072
Government National Mortgage Assn. Pool # 416805
7.00%, due 12/15/25 939,296 958,963 961,304
Government National Mortgage Assn. Pool # 484308
6.50%, due 9/15/28 987,457 986,234 997,332
Government National Mortgage Assn. I SF 30 years Jan
6.00%, due 1/15/49 7,300,000 7,248,594 7,236,125
Government National Mortgage Assn. I SF 30 years Jan
6.50%, due 1/15/49 6,600,000 6,668,031 6,667,056
Government National Mortgage Assn. I SF 30 years Jan
7.00%, due 1/15/28 6,400,000 6,539,938 6,548,032
Government National Mortgage Assn. I SF 30 years Jan
7.50%, due 1/15/49 3,300,000 3,403,125 3,402,102
United States Treasury Bond Stripped Principal
0.00%, due 2/15/23 1,640,000 463,303 440,110
United States Treasury Bond
10.00%, due 5/15/10 660,000 852,225 842,431
United States Treasury Bond
Floating, due 4/15/28 9,120,000 9,089,814 8,976,500
United States Treasury Bond
5.50%, due 8/15/28 2,200,000 2,291,823 2,302,784
United States Treasury Bond
6.125%, due 11/15/27 120,000 135,206 134,324
United States Treasury Bond
6.375%, due 8/15/27 5,276,000 5,977,353 6,064,076
</TABLE>
29
<PAGE> 30
401(k) SAVINGS PLAN OF THE CHASE MANHATTAN BANK
AND CERTAIN AFFILIATED COMPANIES
SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES AT DECEMBER 31, 1998-CONTINUED
(IRS FORM 5500 - LINE 27a)
<TABLE>
<CAPTION>
PRINCIPAL AMOUNT OR FAIR VALUE OR
NUMBER OF UNITS COST CONTRACT VALUE
------------------- ----------- --------------
<S> <C> <C> <C>
INTERMEDIATE BOND FUND (CONTINUED):
- -----------------------------------
UNITED STATES GOVERNMENT AND GOVERNMENT AGENCY OBLIGATIONS (CONTINUED):
United States Treasury Note
Floating, due 1/15/07 10,260,000 $ 10,169,001 $ 10,271,058
United States Treasury Note
Floating, due 1/15/08 4,050,000 4,021,641 4,035,197
United States Treasury Note
5.625%, due 12/31/02 1,600,000 1,656,044 1,653,248
United States Treasury Note
5.75%, due 10/31/02 100,000 99,656 103,594
United States Treasury Note
6.50%, due 5/31/01 1,100,000 1,131,453 1,145,892
------------ ------------
Total United States Government and Government Agency Obligations $109,368,104 $109,731,196
------------ ------------
CORPORATE DEBT INSTRUMENTS:
Advanta Mortgage Loan Trust 1998-1 Class A-1
Floating, due 5/25/12 1,669,096 $ 1,669,096 $ 1,667,677
Asset Securitization Corporation
6.92%, due 2/14/29 1,376,458 1,380,544 1,443,821
Asset Securitization Corporation Commercial Mortgage
7.40%, due 10/13/26 280,000 294,131 304,525
Boeing Company Debenture
6.6250%, due 2/15/38 430,000 428,979 435,973
Brazos Student Financial Corporation Student Loan
Floating, due 6/01/23 1,300,000 1,300,000 1,264,859
British Aerospace Financial Inc. Guaranteed Bond
7.50%, due 7/01/27 1,750,000 1,737,577 1,905,173
Comtel Brasileira Ltd. Secondary Note
10.75%, due 9/26/04 400,000 372,422 314,000
Connecticut Light & Power Company
7.875%, due 10/01/24 1,000,000 1,022,070 1,037,400
Contimortage Home Equity Loan 1997-5
Floating, due 10/15/12 1,479,463 1,479,463 1,475,232
Continental Cablevision Inc. Senior Subordinate
9.00%, due 9/01/28 900,000 1,014,210 1,064,502
Ford Motor Company Del Debenture
6.625%, due 10/01/28 40,000 39,557 41,077
Ford Motor Company Del Debenture
7.40%, due 11/01/46 2,500,000 2,415,582 2,789,125
General Motors Bond
6.75%, due 5/01/28 760,000 751,902 786,091
Green Tree Financial Corporation Series 1994-A
Class A, 6.90%, due 2/15/04 1,854,528 1,863,425 1,840,230
Keystone Owner Trust 1998-PI Asset
Floating, due A45311/25/08 612,472 612,453 611,706
</TABLE>
30
<PAGE> 31
401(k) SAVINGS PLAN OF THE CHASE MANHATTAN BANK
AND CERTAIN AFFILIATED COMPANIES
SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES AT DECEMBER 31, 1998-CONTINUED
(IRS FORM 5500 - LINE 27a)
<TABLE>
<CAPTION>
PRINCIPAL AMOUNT OR FAIR VALUE OR
NUMBER OF UNITS COST CONTRACT VALUE
------------------- ----------- --------------
<S> <C> <C> <C>
INTERMEDIATE BOND FUND (CONTINUED):
- -----------------------------------
CORPORATE DEBT INSTRUMENTS (CONTINUED):
Korea Electric Power Corporation Note
6.375%, due 12/01/03 460,000 $ 405,592 $ 392,049
Lehman Brothers Holdings Inc.
6.50%, due 9/25/03 2,000,000 1,987,323 2,018,580
Loews Corporation Senior Note
7.625%, due 6/01/23 2,200,000 2,115,167 2,219,976
Macerich Scg Funding Corporation Commercial Mortgage
7.081%, due 3/15/06 2,500,000 2,512,012 2,669,531
Master Financial Asset Securitization 1998-2
Floating, due 9/20/09 2,445,784 2,445,784 2,443,491
Master Financial Asset Securitization Trust
6.50%, due 3/20/16 1,900,000 1,899,907 1,922,610
Merrill Lynch Mortgage Investments Inc. Mortgage
6.96%, due 11/21/28 1,400,000 1,418,928 1,488,046
Nationscredit Home Equity Loan 1997-1
6.50%, due 10/15/28 642,135 641,910 645,145
News Amer, Inc., Senior Note
6.75%, due 1/09/38 300,000 297,158 307,023
Niagara Mohawk Power Corporation Senior Note Series D
7.25%, due 10/01/02 700,000 696,502 707,868
Niagara Mohawk Power Corporation Senior Note Series G
7.75%, due 10/01/08 580,000 578,604 633,818
Nomura Asset Securities Corporation Commercial Mortgage
Pass Thru, 7.12%, due 4/13/36 1,900,000 1,904,156 2,049,986
PDVSA Finance Ltd. Note
7.50%, due 11/25/28 1,500,000 1,420,891 1,272,135
Petroleos Mexicanos Global Guaranteed Note
8.85%, due 9/15/07 1,600,000 1,600,100 1,408,000
Petroliam Nasional Berhad Bond
7.125%, due 10/18/06 260,000 241,600 210,720
Petroliam Nasional Berhad Note
7.125%, due 8/15/05 310,000 256,556 241,940
Petroliam Nasional Berhad Note
7.625%, due 10/15/26 810,000 737,745 554,283
RJR Nabisco Inc. Note
8.75%, due 8/15/05 2,100,000 2,108,316 2,173,500
Salmon Brothers Mortgage Securities VII, Inc., Mortgage
Floating, due 3/30/28 2,523,286 2,523,286 2,503,074
Seagram Joseph E. & Sons, Inc., Bond
6.80%, due 12/15/08 500,000 497,728 498,205
Seagram Joseph E. & Sons, Inc., Senior Note
7.50%, due 12/15/18 1,420,000 1,417,536 1,428,392
Seagram Joseph E. & Sons, Inc., Senior Note
6.40%, due 12/15/03 710,000 707,340 701,622
SLM Student Loan Trust Loan Backed Note Series
Floating, due 4/25/06 2,643,418 2,643,418 2,609,962
</TABLE>
31
<PAGE> 32
401(k) SAVINGS PLAN OF THE CHASE MANHATTAN BANK
AND CERTAIN AFFILIATED COMPANIES
SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES AT DECEMBER 31, 1998-CONTINUED
(IRS FORM 5500 - LINE 27a)
<TABLE>
<CAPTION>
PRINCIPAL AMOUNT OR FAIR VALUE OR
NUMBER OF UNITS COST CONTRACT VALUE
------------------- ----------- --------------
<S> <C> <C> <C>
INTERMEDIATE BOND FUND (CONTINUED):
- -----------------------------------
CORPORATE DEBT INSTRUMENTS (CONTINUED):
SLM Student Loan Trust Loan Backed Note Series
Floating, due 10/25/11 700,000 $ 700,219 $ 676,375
Sprint Capital Corporation Bond
6.125%, due 11/15/08 500,000 499,635 510,915
TCI Communication Financial III Bond
9.65%, due 3/31/27 2,260,000 2,260,000 2,790,739
TCI Communication, Inc., Senior Note
8.75%, due 8/01/15 100,000 116,524 124,229
Time Warner Inc. Debenture
9.15%, due 2/01/23 3,000,000 3,296,160 3,963,390
Tokai Bond
9.98%, due 12/29/49 1,040,000 973,444 884,000
Zurich Cap Trust
8.376%, due 6/01/37 1,500,000 1,502,691 1,676,685
------------ -------------
Total Corporate Debt Instruments $ 56,787,643 $ 58,707,680
------------ ------------
INTEREST BEARING & MONEY MARKET FUNDS:
The Chase Manhattan Bank Domestic Liquidity Fund *** 635 $ 635 $ 635
------------ ------------
OTHER INVESTMENTS:
Argentina (Republic of) Government Bond
Floating, due 3/31/05 2,796,500 $ 2,331,876 $ 2,373,529
Federal Republic of Brazil Government Bond
Floating, due 4/15/06 1,334,400 1,128,982 871,964
Federal Republic of Brazil Government Bond
8.00%, due 4/15/14 1,954,849 1,662,286 1,168,022
Federal Republic of Brazil Government Bond
8.00%, due 4/15/14 423,943 270,374 251,822
Manitoba Province of Canada Bond Series EE
9.50%, due 9/15/18 820,000 1,129,107 1,140,620
Mexico (United Mexican States) Government Bond
11.50%, due 5/15/26 1,340,000 1,551,158 1,443,013
Russian Federation Bond
12.75%, due 6/24/28 400,000 394,892 120,000
Repurchase Agreement with Greenwich Capital Securities
5.10%, due 1/04/99 44,360,000 44,360,000 44,360,000
Purchase Call Option Jan 99 Eurodollar Ex 1/15/99 82 38,865 14,350
Purchase Call Option Mar 99 Eurodollar Ex 3/15/99 95 78,074 130,625
Written Call Option US Treasury Bonds Ex 2/20/99 (63) (51,674) (19,688)
Written Call Option US Treasury Bonds Ex 2/20/99 (30) (18,994) (4,688)
Written Put Option US Treasury Bonds Ex 2/20/99 (63) (50,012) (40,359)
Written Put Option US Treasury Bonds Ex 2/20/99 (11) (16,933) (22,687)
</TABLE>
32
<PAGE> 33
401(k) SAVINGS PLAN OF THE CHASE MANHATTAN BANK
AND CERTAIN AFFILIATED COMPANIES
SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES AT DECEMBER 31, 1998-CONTINUED
(IRS FORM 5500 - LINE 27a)
<TABLE>
<CAPTION>
PRINCIPAL AMOUNT OR FAIR VALUE OR
NUMBER OF UNITS COST CONTRACT VALUE
OR SHARES
------------------- ----------- --------------
<S> <C> <C> <C>
INTERMEDIATE BOND FUND (CONTINUED):
- -----------------------------------
OTHER INVESTMENTS (CONTINUED):
Written Call Option US Treasury Notes Ex 2/20/99 (18) ($17,302) ($7,594)
US Treasury Bond Futures Contracts Long Ex 3/99 183 287,294 0
US Treasury Bond Futures Contracts Short Ex 3/99 (29) (43,657) 0
10 year US Treasury Note Futures Contracts Short Ex 3/99 (102) (107,813) 0
5 year US Treasury Note Futures Contracts Long Ex 3/99 145 127,973 0
5 year US Treasury Note Futures Contracts Short Ex 3/99 (4) (3,533) 0
----------- ----------
Total Other Investments $53,050,963 $51,778,929
----------- -----------
Total Intermediate Bond Fund $219,207,345 $220,218,440
============ ============
S&P 500 INDEX FUND
- ------------------
COLLECTIVE TRUST FUNDS:
Barclays Global Investors Equity Index Fund 18,777,660 $433,692,234 $715,267,135
INTEREST BEARING & MONEY MARKET FUNDS:
The Chase Manhattan Bank Domestic Liquidity Fund *** 78,924 78,924 78,924
Barclays Domiciled Money Market Fund 10 10 10
------------ ------------
Total Interest Bearing & Money Market Funds $ 78,934 $ 78,934
------------ ------------
Total S & P 500 Index Fund $433,771,168 $715,346,069
============ ============
GROWTH AND INCOME FUND
- ----------------------
REGISTERED INVESTMENT COMPANIES:
Vista Growth and Income Select Fund *** 11,909,927 $501,850,991 $568,699,030
INTEREST BEARING & MONEY MARKET FUNDS:
The Chase Manhattan Bank Domestic Liquidity Fund *** 103,718 103,718 103,718
------------ ------------
Total Growth and Income Fund $501,954,709 $568,802,748
============ ============
</TABLE>
33
<PAGE> 34
401(k) SAVINGS PLAN OF THE CHASE MANHATTAN BANK
AND CERTAIN AFFILIATED COMPANIES
SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES AT DECEMBER 31, 1998-CONTINUED
(IRS FORM 5500 - LINE 27a)
<TABLE>
<CAPTION>
PRINCIPAL AMOUNT OR
NUMBER OF UNITS FAIR VALUE OR
OR SHARES COST CONTRACT VALUE
------------------- ----------- --------------
<S> <C> <C> <C>
SMALL CAP EQUITY FUND
- ---------------------
REGISTERED INVESTMENT COMPANIES:
Vista Small Cap Equity Fund *** 12,534,410 $256,801,759 $296,689,477
INTEREST BEARING & MONEY MARKET FUNDS:
The Chase Manhattan Bank Domestic Liquidity Fund *** 82,454 82,454 82,454
------------ ------------
Total Small Cap Equity Fund $256,884,213 $296,771,931
============ ============
INTERNATIONAL EQUITY FUND
- -------------------------
FOREIGN COMMON STOCK:
Australia:
Boral 1,006,444 $ 2,514,519 $ 1,432,165
Broken Hill Proprietary Company 548,156 5,502,443 4,040,991
Commonwealth Bank of Australia 245,143 2,386,141 3,482,809
M.I.M. Holding, Ltd. 4,261,014 5,944,738 1,881,746
Belgium:
C. M. B 15,600 1,123,532 697,044
Finland:
Fortum Oyj 99,080 644,360 606,603
Orion-Yhtyma Oyj 65,450 1,638,539 1,582,150
UPM-Kymmene Oyj 174,740 4,535,296 4,900,465
France:
CNP Assurances 102,312 2,989,191 3,109,930
Danone 18,923 3,559,465 5,419,964
Dexia France 34,707 3,230,436 5,349,419
Eridania Beghin-Say 34,633 6,244,257 5,995,190
Suez Lyonnaise Des Eaux 29,321 2,668,485 6,025,694
Germany:
BASF AG 38,770 1,766,925 1,480,415
Bayer AG 87,353 3,498,500 3,647,586
BHF Bank 53,240 1,567,775 2,141,625
Deutsche Bank AG 16,130 1,303,595 949,538
Deutsche Telekom AG 132,390 3,305,248 4,355,784
Veba AG 50,670 2,820,291 3,033,030
Hong Kong:
National Mutual Asia 756,000 531,769 565,998
Italy:
Telecom Italia Spa 1,067,438 5,949,835 6,732,431
Japan:
EISAI Company 337,000 5,854,863 6,572,892
Hitachi, Ltd. 848,000 7,634,178 5,262,570
Mazda Motor Corporation 869,000 3,043,201 3,389,818
Namco Limited 125,600 4,153,916 2,527,665
Nippon Telegraph & Telephone Corporation 872,000 4,838,776 4,878,090
Nippon Yusen KK 1,406,000 6,003,584 4,449,974
Sekisui Chemical Company 894,140 5,207,414 6,024,528
</TABLE>
34
<PAGE> 35
401(k) SAVINGS PLAN OF THE CHASE MANHATTAN BANK
AND CERTAIN AFFILIATED COMPANIES
SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES AT DECEMBER 31,
1998-CONTINUED
(IRS FORM 5500 - LINE 27a)
<TABLE>
<CAPTION>
PRINCIPAL AMOUNT OR
NUMBER OF UNITS FAIR VALUE OR
OR SHARES COST CONTRACT VALUE
------------------- ----------- --------------
<S> <C> <C> <C>
INTERNATIONAL EQUITY FUND (CONTINUED):
- --------------------------------------
FOREIGN COMMON STOCK (CONTINUED):
Netherlands:
K.L.M. (Koninklijke Luchtvaart Mij) 85,960 $ 2,534,233 $ 2,601,670
New Zealand:
Carter Holt Harvey Limited 1,772,520 3,842,411 1,591,792
Portugal:
Banco Pinto & Sottomayor SA 166,626 2,150,083 3,159,162
Brisa (Auto-Estradas De Portugal) 82,004 3,850,354 4,827,113
Singapore:
Singapore Airlines Limited 584,240 3,757,279 4,284,536
United Overseas Bank 282,553 1,130,816 1,815,235
Spain:
Fuerzas Electric De Cataluna SA 194,414 1,832,877 2,243,315
Iberdrola SA 269,432 3,451,605 5,048,458
Switzerland:
Swatch Group 9,020 5,733,396 5,582,163
Swisscom AG 5,761 1,467,492 2,411,808
United Kingdom:
Blue Circle Industries 568,310 3,356,536 2,931,217
Britannic 77,990 1,635,396 1,697,257
BTR 1,781,230 4,220,443 3,674,876
Enterprise Oil 291,080 2,618,071 1,428,681
Greenalls Group 485,392 3,152,109 2,576,228
Rolls Royce 978,162 4,195,410 4,052,389
Tomkins 640,347 2,947,437 3,020,434
United Biscuits (Holdings) 109,196 432,059 429,674
United States:
Jardine Strategic Holdings 1,516,947 5,482,790 2,199,573
------------- -------------
Total Foreign Common Stock $ 158,252,069 $ 156,111,695
------------- -------------
OTHER INVESTMENTS:
Japanese Yen Forward Currency Contracts Payable
JPY 917,954,391 on 11/27/98 @ 121.1725 Ex 3/02/99 $ 0 ($623,094)
Singapore Dollar Forward Currency Contracts Payable
SGD5,022,771 on 9/22/98 @1.7302 Ex 3/19/99 0 (160,509)
------------- -------------
Total Other Investments (Net cost) $ 0 ($783,603)
------------- -------------
Total International Equity Fund $ 158,252,069 $ 155,328,092
============= =============
</TABLE>
35
<PAGE> 36
401(k) SAVINGS PLAN OF THE CHASE MANHATTAN BANK
AND CERTAIN AFFILIATED COMPANIES
SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES AT DECEMBER 31, 1998-CONTINUED
(IRS FORM 5500 - LINE 27a)
<TABLE>
<CAPTION>
PRINCIPAL AMOUNT OR
NUMBER OF UNITS FAIR VALUE OR
OR SHARES COST CONTRACT VALUE
------------------- ----------- --------------
<S> <C> <C> <C>
CHASE COMMON STOCK FUND
- -----------------------
The Chase Manhattan Corporation Common Stock *** 28,415,311 $1,334,593,421 $2,017,700,081
-------------- --------------
Total Chase Common Stock Fund $1,334,593,421 $2,017,700,081
============== ==============
LOAN FUND
- ---------
LOANS TO PLAN PARTICIPANTS:
Loans to Participants 16,772* $167,909,912 $167,909,912
INTEREST BEARING & MONEY MARKET FUNDS:
The Chase Manhattan Bank Domestic Liquidity Fund *** 6,287,565 6,287,565 6,287,565
------------ ------------
Total Loan Fund $174,197,477 $174,197,477
============ ============
FROZEN FIXED INCOME FUND
- ------------------------
GUARANTEED INVESTMENT CONTRACTS:
Hartford Life Insurance Company Group Annuity Contract
#9284, 7.75%**, due in two installments,
40% on 1/1/99 and the remainder on 1/1/00 8,875,312 $8,875,312 $8,875,312
Prudential Asset Management Company Group Annuity
Contract #6687, 9.77%, due 1/1/00 10,109,182 10,109,182 10,109,182
------------ -----------
Total Guaranteed Investment Contracts: $18,984,494 $18,984,494
INTEREST BEARING & MONEY MARKET FUNDS:
The Chase Manhattan Bank Domestic Liquidity Fund *** 12,253 12,253 12,253
-------------- --------------
Total Frozen Fixed Income Fund $18,996,747 $18,996,747
============== ==============
TOTAL INVESTMENTS $3,989,512,692 $5,058,959,423
============== ==============
</TABLE>
* Represents number of Participants with Loans outstanding.
** Interest rate is net of administrative service fees.
*** Party-in-interest investments.
36
<PAGE> 37
401(k) SAVINGS PLAN OF THE CHASE MANHATTAN BANK
AND CERTAIN AFFILIATED COMPANIES
SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES THAT WERE
BOTH ACQUIRED AND DISPOSED OF WITHIN THE PLAN YEAR
FOR THE YEAR ENDED DECEMBER 31, 1998
(IRS FORM 5500 - LINE 27a)
<TABLE>
<CAPTION>
DESCRIPTION OF INVESTMENT, INCLUDING MATURITY DATE,
Identity of Issue, Borrower, Lessor or Similar Party Rate of Interest, Collateral, Par or Maturity Value
- ---------------------------------------------------- ---------------------------------------------------
<S> <C>
SHORT-TERM INVESTMENTS
Banque Nationale De Paris N.Y. 5.46%, 9/24/98, $11,000,000
Ford Credit Europe 0.00%, 6/05/98, $10,000,000
Ford Motor Credit Company Discounted Note 0.00%, 2/05/99, $11,000,000
General Motors Acceptance Corporation Discounted note 0.00%, 7/10/98/ $8,000,000
International Lease Finance Corporation Discounted Note 0.00%, 2/05/99, $11,900,000
Metlife Funding Inc. Discounted Note 0.00%, 1/28/99, $11,900,000
Tri Party Repo W/Greenwich Capital Securities 4.70%, 12/03/98, $32,500,000
Tri Party Repo W/Greenwich Capital Securities 4.53%, 11/25/98, $38,000,000
Tri Party Repo W/Greenwich Capital Securities 4.65%, 12/04/99, $38,000,000
Tri Party Repo W/Greenwich Capital Securities 4.72%, 12/04/99, $12,000,000
Triple-A-One Fund Discounted Note 0.00%, 10/20/98, $11,000,000
CORPORATE DEBT INSTRUMENTS
Boeing Company Debentures 6.625%, 2/15/38, $810,000
Goldman Sachs Group L.P. Medium Notes 11/12/99, $11,000,000
Goldman Sachs Group L.P. 5/11/99, $11,000,000
IBM Corporation 6.5%, 1/15/28, $1,220,000
Sprint Capital Corporation 6.875%, 11/15/28, $ 1,650,000
US West Capital Funding Inc. Debenture 6.5%, 1/15/18, $580.000
Aesop Funding. II LLC 98-1 Rent Car 6.14%, 5/20/06, $2,000,000
Argentina Republic Bond 11.375%, 1/30/17, $590,000
Goldman Sachs Group L.P. Medium Notes 8/13/99, $11,000,000
Goldman Sachs Group L.P. Medium Notes 12/14/99, $11,000,000
Goldman Sachs Group L.P. Medium Notes 9/14/99, $11,000,000
GS Mortgage Securities Corporation II Commercial Mortg Pass 6.562%, 4/13/31, $2,800,000
Korea Development Bank Bond 7.25%, 5/15/06, $ 470,000
</TABLE>
<TABLE>
<CAPTION>
COST OF PROCEEDS OF
Identity of Issue, Borrower, Lessor or Similar Party Acquisitions Dispositions
- ---------------------------------------------------- ------------ ------------
<S> <C> <C>
SHORT-TERM INVESTMENTS
Banque Nationale De Paris N.Y. $11,000,000 $11,000,000
Ford Credit Europe 9,858,175 9,956,989
Ford Motor Credit Company Discounted Note 10,813,290 10,915,789
General Motors Acceptance Corporation Discounted note 7,963,333 7,986,889
International Lease Finance Corporation Discounted Note 11,800,536 11,802,400
Metlife Funding Inc. Discounted Note 11,812,337 11,814,965
Tri Party Repo W/Greenwich Capital Securities 32,500,000 32,500,000
Tri Party Repo W/Greenwich Capital Securities 38,000,000 38,000,000
Tri Party Repo W/Greenwich Capital Securities 38,000,000 38,000,000
Tri Party Repo W/Greenwich Capital Securities 12,000,000 12,006,293
Triple-A-One Fund Discounted Note 10,952,431 10,991,597
CORPORATE DEBT INSTRUMENTS
Boeing Company Debentures 808,056 808,056
Goldman Sachs Group L.P. Medium Notes 11,000,000 11,000,000
Goldman Sachs Group L.P. 11,000,000 11,000,000
IBM Corporation 1,210,777 1,185,200
Sprint Capital Corporation 1,647,294 1,702,998
US West Capital Funding Inc. Debenture 576,671 592,801
Aesop Funding. II LLC 98-1 Rent Car 1,999,125 1,995,234
Argentina Republic Bond 572,300 579,749
Goldman Sachs Group L.P. Medium Notes 11,000,000 11,000,000
Goldman Sachs Group L.P. Medium Notes 11,000,000 11,000,000
Goldman Sachs Group L.P. Medium Notes 11,000,000 11,000,000
GS Mortgage Securities Corporation II Commercial Mortg Pass 2,828,000 2,877,438
Korea Development Bank Bond 386,382 419,503
</TABLE>
37
<PAGE> 38
401(k) SAVINGS PLAN OF THE CHASE MANHATTAN BANK
AND CERTAIN AFFILIATED COMPANIES
SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES THAT WERE
BOTH ACQUIRED AND DISPOSED OF WITHIN THE PLAN YEAR
FOR THE YEAR ENDED DECEMBER 31, 1998
(IRS FORM 5500 - LINE 27a)
<TABLE>
<CAPTION>
DESCRIPTION OF INVESTMENT, INCLUDING MATURITY DATE,
Identity of Issue, Borrower, Lessor or Similar Party Rate of Interest, Collateral, Par or Maturity Value
- ---------------------------------------------------- ---------------------------------------------------
<S> <C>
CORPORATE DEBT INSTRUMENTS (CONTINUED)
News America Inc. Note 144A 6.75%, 1/09/38, $300,000
Niagara Mohawk Power Corporation SR Note Ser B 7.00%, 10/01/20, $650,000
SLM Student Loan Trust Loan Backed Note Ser 97-1 01/25/10, $2,600,000
Vnesheconombank 12/15/15, $560,000
CORPORATE STOCK - COMMON
AEM Italy, 19612
Banca Popolare Di Milano Italy, 23557
Cable and Wireless Optus Australia, 267120
Cookson Group United Kingdom, 375831
Michelin (Cie Gle Des Etabl.) France, 86946
Paribas (Ex Banque Paribas) France, 26010
Rhodia France13604
Sears United Kingdom, 254270
Sedgwick Group United Kingdom, 718330
Selfridges United Kingdom, 254270
Swire Pacific Hong Kong, 842000
Valmet Corporation Finland, 67779
GUARANTEED INVESTMENT CONTRACTS
John Hancock Mutual Life Insurance Company GIC - 5872-10001, 8,777,424
OTHER INVESTMENTS
- -----------------
STATE & MUNICIPAL SECURITIES:
Long Island Power Authority NY Electricity System 5.125%, 12/01/22, 400,000
</TABLE>
<TABLE>
<CAPTION>
COST OF PROCEEDS OF
Identity of Issue, Borrower, Lessor or Similar Party Acquisitions Dispositions
- ---------------------------------------------------- ------------ ------------
<S> <C> <C>
CORPORATE DEBT INSTRUMENTS (CONTINUED)
News America Inc. Note 144A 297,120 297,120
Niagara Mohawk Power Corporation SR Note Ser B 648,837 649,851
SLM Student Loan Trust Loan Backed Note Ser 97-1 2,592,688 2,575,723
Vnesheconombank 397,152 347,755
CORPORATE STOCK - COMMON
AEM 18,580 22,594
Banca Popolare Di Milano 160,571 184,961
Cable and Wireless Optus 367,707 454,826
Cookson Group 1,225,666 994,719
Michelin (Cie Gle Des Etabl.) 5,361,735 3,451,185
Paribas (Ex Banque Paribas) 1,813,521 1,625,100
Rhodia 316,344 376,224
Sears 1,883,186 832,771
Sedgwick Group 1,834,034 2,440,972
Selfridges 1,380,494 865,352
Swire Pacific 5,827,958 2,591,083
Valmet Corporation 930,801 1,166,003
GUARANTEED INVESTMENT CONTRACTS
John Hancock Mutual Life Insurance Company 8,777,424 8,777,424
OTHER INVESTMENTS
- -----------------
STATE & MUNICIPAL SECURITIES:
Long Island Power Authority NY Electricity System 390,452 395,692
</TABLE>
38
<PAGE> 39
; 401(k) SAVINGS PLAN OF THE CHASE MANHATTAN BANK
AND CERTAIN AFFILIATED COMPANIES
SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES THAT WERE
BOTH ACQUIRED AND DISPOSED OF WITHIN THE PLAN YEAR
FOR THE YEAR ENDED DECEMBER 31, 1998
(IRS FORM 5500 - LINE 27a)
<TABLE>
<CAPTION>
DESCRIPTION OF INVESTMENT, INCLUDING MATURITY DATE,
Identity of Issue, Borrower, Lessor or Similar Party Rate of Interest, Collateral, Par or Maturity Value
- ---------------------------------------------------- ---------------------------------------------------
<S> <C>
OTHER INVESTMENTS (CONTINUED)
- ------------------------------
FOREIGN GOVERNMENT AND AGENCY SECURITIES ETC.:
Argentina Republic Bond 5.75%, 3/31/23, 500,000
Argentina Republic Bond 9.75%, 9/19/27, 1,000,000
Brazil (Federative Republic Of) 1/01/01, 2,616,700
Brazil (Federative Republic Of) 10.125%, 5/15/27, 460,000
Korea Republic of 8.875%, 4/15/08, 2,130,000
Rights, Warrants etc.:
Banco Pinto & Sottomayor SA Sub Rights 7/7/98, 163,904
Lafarge New FRF, Sub Rights 8/4/98, 53,566.000
BCO Com Portugal Rights Ex: 4/27/98
PURCHASE OPTIONS:
Purchase Call December 98 Eurodollar Future Ex 12/14/98, 77.000
Purchase Call December 98 Eurodollar Future Ex 12/14/1998, 38.000
Purchase Call December 98 Eurodollar Future Ex 12/14/1998, 59.000
Purchase Call December 98 USA Treasury Notes Ex 11/21/1998, 32.000
Purchase Call December 98 USA Treasury Notes Ex 11/21/1998, 4.000
Purchase Call June 98 Eurodollar Future Ex 6/15/1998, 29.000
Purchase Call June 98 USA Treasury Bonds Ex 6/18/1998, 28.000
Purchase Call June 98 USA Treasury Bonds Ex 5/16/1998, 23.000
Purchase Call Mar 98 Eurodollar Ex 3/16/1998,28.000
Purchase Call Sep 98 USA Treasury Bonds Ex 8/22/1998, 19.000
Purchase Call Sep 98 USA Treasury Bonds Ex 8/22/1998, 63.000
Purchase Call Sep 98 USA Treasury Bonds Ex 8/26/1998, 70.000
Purchase Call Sep 98 Eurodollar Ex 7/10/1998, 49.000
Purchase Call Sep 98 Eurodollar Ex 9/14/1998, 125.000
Purchase Call Sep 98 Eurodollar Ex 9/14/1998, 9.000
</TABLE>
<TABLE>
<CAPTION>
COST OF PROCEEDS OF
Identity of Issue, Borrower, Lessor or Similar Party Acquisitions Dispositions
- ---------------------------------------------------- ------------ ------------
<S> <C> <C>
OTHER INVESTMENTS (CONTINUED)
- ------------------------------
FOREIGN GOVERNMENT AND AGENCY SECURITIES ETC.:
Argentina Republic Bond 373,438 376,250
Argentina Republic Bond 936,100 696,523
Brazil (Federative Republic Of) 2,404,092 2,499,754
Brazil (Federative Republic Of) 452,410 451,030
Korea Republic of 2,043,694 1,993,148
Rights, Warrants etc.:
Banco Pinto & Sottomayor SA - 1
Lafarge - 50,528
BCO Com Portugal - 190,523
PURCHASE OPTIONS:
Purchase Call December 98 Eurodollar Future 28,140 -
Purchase Call December 98 Eurodollar Future 20,235 -
Purchase Call December 98 Eurodollar Future 25,955 -
Purchase Call December 98 USA Treasury Notes 18,740 131,370
Purchase Call December 98 USA Treasury Notes 905 9,095
Purchase Call June 98 Eurodollar Future 7,468 16,095
Purchase Call June 98 USA Treasury Bonds 10,132 408
Purchase Call June 98 USA Treasury Bonds 14,548 16,718
Purchase Call Mar 98 Eurodollar 1,960 -
Purchase Call Sep 98 USA Treasury Bonds 6,080 -
Purchase Call Sep 98 USA Treasury Bonds 60,988 54,028
Purchase Call Sep 98 USA Treasury Bonds 22,838 -
Purchase Call Sep 98 Eurodollar 52,430 -
Purchase Call Sep 98 Eurodollar 33,800 23,490
Purchase Call Sep 98 Eurodollar 405 -
</TABLE>
39
<PAGE> 40
401(k) SAVINGS PLAN OF THE CHASE MANHATTAN BANK
AND CERTAIN AFFILIATED COMPANIES
SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES THAT WERE
BOTH ACQUIRED AND DISPOSED OF WITHIN THE PLAN YEAR
FOR THE YEAR ENDED DECEMBER 31, 1998
(IRS FORM 5500 - LINE 27a)
<TABLE>
<CAPTION>
DESCRIPTION OF INVESTMENT, INCLUDING MATURITY DATE,
Identity of Issue, Borrower, Lessor or Similar Party Rate of Interest, Collateral, Par or Maturity Value
- ---------------------------------------------------- ---------------------------------------------------
<S> <C>
OTHER INVESTMENTS (CONTINUED)
- ------------------------------
PURCHASE OPTIONS (CONTINUED):
Purchase Call Sep 98 Eurodollar Ex 9/14/1998, 44.000
Purchase Put June 98 USA Treasury Bonds Ex 6/20/1998, 21.000
Purchase Put Sep 98 USA Treasury Bonds Ex 8/22/1998, 3.000
Purchase Put Sep 98 USA Treasury Bonds Ex 7/25/1998, 19.000
Purchase Put Sep 98 USA Treasury Notes Ex 8/20/1998, 13.000
FUTURES CONTRACTS:
Eurodollar-CME Futures Long Ex 12/31/1998, 371.000
Eurodollar-CME Futures Short Ex 12/31/1998, 68.000
Treasury Bonds-CBT Futures Long Ex 12/31/1998, 88.000
Treasury Bonds-CBT Futures Short Ex 12/31/1998, 108.000
10 Year US Treasury Notes-CBT Futures Short Ex 12/31/1998, 143.000
5 Year US Treasury Notes-CBT Futures Long Ex 12/31/1998, 349.000
5 Year US Treasury Notes-CBT Futures Short Ex 12/31/1998, 14.000
Eurodollar-CME Futures Long Ex 6/30/1998, 67.000
Muni Bond Index-CBT Futures Contracts Long Ex 6/30/1998, 21.000
Treasury Bonds-CBT Futures Long Ex 6/30/1998, 35.000
Treasury Bonds-CBT Futures Short Ex 6/30/1998, 23.000
10 Year US Treasury Notes-CBT Futures Short Ex 6/30/1998, 62.000
5 Year US Treasury Notes-CBT Futures Long Ex 6/30/1998, 251.000
5 Year US Treasury Notes-CBT Futures Short Ex 6/30/1998, 99.000
Eurodollar-CME Futures Long Ex 3/31/1998, 11.000
10 Year US Treasury Notes-CBT Futures Long Ex 3/31/1998, 12.000
Eurodollar Futures Short Ex 9/30/1998, 85.000
Eurodollar-CME Futures Long Ex 9/30/1998, 158.00.
Treasury Bonds-CBT Futures Short Ex 9/30/1998, 44.000
10 Year US Treasury Notes-CBT Futures Short Ex 9/30/1998, 121.000
</TABLE>
<TABLE>
<CAPTION>
COST OF PROCEEDS OF
Identity of Issue, Borrower, Lessor or Similar Party Acquisitions Dispositions
- ---------------------------------------------------- ------------ ------------
<S> <C> <C>
OTHER INVESTMENTS (CONTINUED)
- ------------------------------
PURCHASE OPTIONS (CONTINUED):
Purchase Call Sep 98 Eurodollar 12,430 -
Purchase Put June 98 USA Treasury Bonds 20,220 -
Purchase Put Sep 98 USA Treasury Bonds 773 -
Purchase Put Sep 98 USA Treasury Bonds 6,674 14,358
Purchase Put Sep 98 USA Treasury Notes 2,941 -
FUTURES CONTRACTS:
Eurodollar-CME Futures Long - 82,057
Eurodollar-CME Futures Short - 42,044
Treasury Bonds-CBT Futures Long - (12,851)
Treasury Bonds-CBT Futures Short - (77,386)
10 Year US Treasury Notes-CBT Futures Short - (276,989)
5 Year US Treasury Notes-CBT Futures Long - 394,930
5 Year US Treasury Notes-CBT Futures Short - (28,835)
Eurodollar-CME Futures Long - 9,966
Muni Bond Index-CBT Futures Contracts Long - 63,718
Treasury Bonds-CBT Futures Long - (49,088)
Treasury Bonds-CBT Futures Short - (37,345)
10 Year US Treasury Notes-CBT Futures Short - (90,024)
5 Year US Treasury Notes-CBT Futures Long - 68,063
5 Year US Treasury Notes-CBT Futures Short - (47,118)
Eurodollar-CME Futures Long - 8,619
10 Year US Treasury Notes-CBT Futures Long - 19,883
Eurodollar Futures Short - 7,331
Eurodollar-CME Futures Long - 76,088
Treasury Bonds-CGT Futures Short - (102,316)
10 Year US Treasury Notes-CBT Futures Short - (416,409)
</TABLE>
40
<PAGE> 41
401(k) SAVINGS PLAN OF THE CHASE MANHATTAN BANK
AND CERTAIN AFFILIATED COMPANIES
SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES THAT WERE
BOTH ACQUIRED AND DISPOSED OF WITHIN THE PLAN YEAR
FOR THE YEAR ENDED DECEMBER 31, 1998
(IRS FORM 5500 - LINE 27a)
<TABLE>
<CAPTION>
DESCRIPTION OF INVESTMENT, INCLUDING MATURITY DATE,
Identity of Issue, Borrower, Lessor or Similar Party Rate of Interest, Collateral, Par or Maturity Value
- ---------------------------------------------------- ---------------------------------------------------
<S> <C>
OTHER INVESTMENTS (CONTINUED)
- ------------------------------
FUTURES CONTRACTS (CONTINUED):
5 Year US Treasury Notes-CBT Futures Long Ex 9/30/1998, 333.000
5 Year US Treasury Notes-CBT Futures Short Ex 9/30/1998, 45.000
WRITTEN OPTIONS:
Argentina FRB Call Options Ex 10/16/98, 500.000
Brazil c Bond Call Options Ex 10/08/98, 720.000
Brazil c Bond Call Options Ex 10/08/98, 940.000
Written Call Eurodollar Futures Options Ex 12/14/1998, 38.000
Written Call USA Treasury Bonds Options Ex 9/19/1998, 22.000
Written Call USA Treasury Bonds Options Ex 11/21/1998, 27.000
Written Call USA Treasury Bonds Options Ex 11/21/1998, 24.000
Written Call USA Treasury Bonds Options Ex 11/21/1998, 19.000
Written Call USA Treasury Bonds Options Ex 11/21/1998, 22.000
Written Call USA Treasury Bonds Options Ex 11/21/1998, 25.000
Written Call USA Treasury Bonds Options Ex 11/21/1998, 24.000
Written Call USA Treasury Notes Options Ex 11/21/1998, 20.000
Written Call USA Treasury Notes Options Ex 11/21/1998, 24.000
Written Call Eurodollar Futures Options Ex 6/15/1998, 55.000
Written Call USA Treasury Bonds Options Ex 5/16/1998, 34.000
Written Call USA Treasury Bonds Options Ex 3/21/1998, 23.000
Written Call USA Treasury Bonds Options Ex 4/18/1998, 44.000
Written Call USA Treasury Bonds Options Ex 5/16/1998, 100.000
Written Call USA Treasury Bonds Options Ex 5/16/1998, 30.000
Written Call USA Treasury Bonds Options Ex 5/16/1998, 1.000
Written Call USA Treasury Bonds Options Ex 5/16/1998, 83.000
Written Call USA Treasury Bonds Options Ex 2/21/1998, 56.000
Written Call USA Treasury Bonds Options Ex 2/21/1998, 53.000
</TABLE>
<TABLE>
<CAPTION>
COST OF PROCEEDS OF
Identity of Issue, Borrower, Lessor or Similar Party Acquisitions Dispositions
- ---------------------------------------------------- ------------ ------------
<S> <C> <C>
OTHER INVESTMENTS (CONTINUED)
- ------------------------------
FUTURES CONTRACTS (CONTINUED):
5 Year US Treasury Notes-CBT Futures Long - 512,122
5 Year US Treasury Notes-CBT Futures Short - (39,128)
WRITTEN OPTIONS:
Argentina FRB Call Options (10,735) -
Brazil c Bond Call Options (19,700) -
Brazil c Bond Call Options (27,705) -
Written Call Eurodollar Futures Options (14,915) -
Written Call USA Treasury Bonds Options (8,429) -
Written Call USA Treasury Bonds Options (11,610) -
Written Call USA Treasury Bonds Options (12,195) (75,727)
Written Call USA Treasury Bonds Options (18,920) (41,408)
Written Call USA Treasury Bonds Options (16,679) (32,415)
Written Call USA Treasury Bonds Options (12,313) (8,391)
Written Call USA Treasury Bonds Options (14,445) (5,055)
Written Call USA Treasury Notes Options (13,288) (5,775)
Written Call USA Treasury Notes Options (6,945) -
Written Call Eurodollar Futures Options (16,338) (1,788)
Written Call USA Treasury Bonds Options (33,386) (18,490)
Written Call USA Treasury Bonds Options (18,374) (8,438)
Written Call USA Treasury Bonds Options (21,670) (9,955)
Written Call USA Treasury Bonds Options (35,188) (5,275)
Written Call USA Treasury Bonds Options (15,713) (1,147)
Written Call USA Treasury Bonds Options (336) (20)
Written Call USA Treasury Bonds Options (61,440) (5,513)
Written Call USA Treasury Bonds Options (34,674) (18,826)
Written Call USA Treasury Bonds Options (32,150) (12,520)
</TABLE>
41
<PAGE> 42
401(k) SAVINGS PLAN OF THE CHASE MANHATTAN BANK
AND CERTAIN AFFILIATED COMPANIES
SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES THAT WERE
BOTH ACQUIRED AND DISPOSED OF WITHIN THE PLAN YEAR
FOR THE YEAR ENDED DECEMBER 31, 1998
(IRS FORM 5500 - LINE 27a)
<TABLE>
<CAPTION>
DESCRIPTION OF INVESTMENT, INCLUDING MATURITY DATE,
Identity of Issue, Borrower, Lessor or Similar Party Rate of Interest, Collateral, Par or Maturity Value
- ---------------------------------------------------- ---------------------------------------------------
<S> <C>
OTHER INVESTMENTS (CONTINUED)
- ------------------------------
WRITTEN OPTIONS (CONTINUED):
Written Call USA Treasury Bonds Options Ex 2/21/1998, 23.000
Written Call USA Treasury Bonds Options Ex 2/21/1998, 16.000
Written Call Eurodollar Futures Options Ex 3/15/1999, 39.000
Written Call USA Treasury Bonds Options Ex 3/25/1999, 44.000
Written Call USA Treasury Bonds Options Ex 2/20/1999, 20.000
Written Call USA Treasury Bonds Options Ex 2/20/1999, 24.000
Written Call USA Treasury Bonds Options Ex 8/22/1998, 59.000
Written Call USA Treasury Bonds Options Ex 8/22/1998, 16.000
Written Call USA Treasury Bonds Options Ex 8/22/1998, 40.000
Written Call USA Treasury Bonds Options Ex 7/25/1998, 13.000
Written Call USA Treasury Bonds Options Ex 8/22/1998, 42.000
Written Call USA Treasury Bonds Options Ex 9/19/1998, 22.000
Written Put USA Treasury Bonds Options Ex 11/21/1998, 19.000
Written Put USA Treasury Bonds Options Ex 11/21/1998, 39.000
Written Put USA Treasury Bonds Options Ex 11/21/1998, 208.000
Written Put USA Treasury Bonds Options Ex 11/21/1998, 66.000
Written Put USA Treasury Bonds Options Ex 11/21/1998, 50.000
Written Put USA Treasury Bonds Options Ex 11/21/1998, 69.000
Written Put USA Treasury Bonds Options Ex 5/16/1998, 24.000
Written Put USA Treasury Bonds Options Ex 4/18/1998, 5.000
Written Put USA Treasury Bonds Options Ex 5/16/1998, 1.000
Written Put USA Treasury Bonds Options Ex 2/21/1998, 25.000
Written Put USA Treasury Bonds Options Ex 1/24/1998, 11.000
Written Put USA Treasury Bonds Options Ex 3/21/1998, 54.000
Written Put USA Treasury Bonds Options Ex 2/20/1999, 88.000
Written Put USA Treasury Bonds Options Ex 3/15/1999, 52.000
Written Put USA Treasury Bonds Options Ex 10/24/1998, 8.000
</TABLE>
<TABLE>
<CAPTION>
COST OF PROCEEDS OF
Identity of Issue, Borrower, Lessor or Similar Party Acquisitions Dispositions
- ---------------------------------------------------- ------------ ------------
<S> <C> <C>
OTHER INVESTMENTS (CONTINUED)
- ------------------------------
WRITTEN OPTIONS (CONTINUED):
Written Call USA Treasury Bonds Options (15,999) (1,969)
Written Call USA Treasury Bonds Options (9,880) (870)
Written Call Eurodollar Futures Options (13,695) (3,705)
Written Call USA Treasury Bonds Options (25,170) (32,449)
Written Call USA Treasury Bonds Options (20,475) (13,900)
Written Call USA Treasury Bonds Options (21,945) (8,055)
Written Call USA Treasury Bonds Options (50,714) (41,115)
Written Call USA Treasury Bonds Options (16,989) -
Written Call USA Treasury Bonds Options (19,075) (20,925)
Written Call USA Treasury Bonds Options (3,965) (910)
Written Call USA Treasury Bonds Options (32,498) (6,221)
Written Call USA Treasury Bonds Options (11,179) (1,884)
Written Put USA Treasury Bonds Options (14,701) (2,518)
Written Put USA Treasury Bonds Options (38,911) (21,058)
Written Put USA Treasury Bonds Options (148,351) (64,716)
Written Put USA Treasury Bonds Options (32,771) (11,620)
Written Put USA Treasury Bonds Options (19,157) -
Written Put USA Treasury Bonds Options (44,764) -
Written Put USA Treasury Bonds Options (3,945) (5,430)
Written Put USA Treasury Bonds Options (2,072) (3,163)
Written Put USA Treasury Bonds Options (274) (226)
Written Put USA Treasury Bonds Options (12,453) -
Written Put USA Treasury Bonds Options (5,589) -
Written Put USA Treasury Bonds Options (35,455) (16,305)
Written Put USA Treasury Bonds Options (55,372) (2,018)
Written Put USA Treasury Bonds Options (58,110) (17,453)
Written Put USA Treasury Bonds Options (3,190) -
</TABLE>
42
<PAGE> 43
401(k) SAVINGS PLAN OF THE CHASE MANHATTAN BANK
AND CERTAIN AFFILIATED COMPANIES
SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES THAT WERE
BOTH ACQUIRED AND DISPOSED OF WITHIN THE PLAN YEAR
FOR THE YEAR ENDED DECEMBER 31, 1998
(IRS FORM 5500 - LINE 27a)
<TABLE>
<CAPTION>
DESCRIPTION OF INVESTMENT, INCLUDING MATURITY DATE,
Identity of Issue, Borrower, Lessor or Similar Party Rate of Interest, Collateral, Par or Maturity Value
- ---------------------------------------------------- ---------------------------------------------------
<S> <C>
OTHER INVESTMENTS (CONTINUED)
- ------------------------------
WRITTEN OPTIONS (CONTINUED):
Written Put USA Treasury Notes Options Ex 10/24/1998, 20.000
Written Put USA Treasury Bonds Options Ex 9/19/1998, 22.000
Written Put USA Treasury Bonds Options Ex 8/20/1998, 13.000
Written Put USA Treasury Bonds Options Ex 7/25/1998, 16.000
Written Put USA Treasury Bonds Options Ex 7/25/1998, 13.000
Written Put USA Treasury Bonds Options Ex 8/22/1998, 19.000
Written Put USA Treasury Bonds Options Ex 7/25/1998, 21.000
Written Put USA Treasury Bonds Options Ex 5/25/1998, 24.000
SECURITIES SOLD SHORT:
Federal National Mortgage Association Pass Thru
Certificate Pool 7.00%, 10/01/29, 200,000.000
Government National Mortgage Association TBA
Single Family 30 years 7.00%, 2/15/28, 4,100,000.000
</TABLE>
<TABLE>
<CAPTION>
COST OF PROCEEDS OF
Identity of Issue, Borrower, Lessor or Similar Party Acquisitions Dispositions
- ---------------------------------------------------- ------------ ------------
<S> <C> <C>
OTHER INVESTMENTS (CONTINUED)
- ------------------------------
WRITTEN OPTIONS (CONTINUED):
Written Put USA Treasury Notes Options (4,850) -
Written Put USA Treasury Bonds Options (8,429) -
Written Put USA Treasury Bonds Options (2,543) -
Written Put USA Treasury Bonds Options (8,130) (1,979)
Written Put USA Treasury Bonds Options (4,168) -
Written Put USA Treasury Bonds Options (6,389) (4,893)
Written Put USA Treasury Bonds Options (10,343) (11,314)
Written Put USA Treasury Bonds Options (11,070) (12,180)
SECURITIES SOLD SHORT:
Federal National Mortgage Association Pass Thru
Certificate Pool (203,859) (203,859)
Government National Mortgage Association TBA
Single Family 30 years (4,169,828) (4,170,789)
</TABLE>
43
<PAGE> 44
401(K) SAVINGS PLAN OF THE CHASE MANHATTAN BANK
AND CERTAIN AFFILIATED COMPANIES
SCHEDULE OF FIVE PERCENT REPORTABLE TRANSACTIONS
FOR THE YEAR ENDED DECEMBER 31, 1998
(IRS FORM 5500 - LINE 27D)
<TABLE>
<CAPTION>
ACQUISITIONS DISPOSITIONS
--------------------- -------------------------------------------------
DESCRIPTION OF ASSETS NUMBER COST NUMBER PROCEEDS COST REALIZED GAIN
--------------------- ------ ---- ------ -------- ---- -------------
<S> <C> <C> <C> <C> <C> <C>
SINGLE TRANSACTIONS UNDER SECTION 2520, 103-6 (c)(1)(i)
- -------------------------------------------------------
Vista Growth and Income Fund 1 $526,407,579 $480,599,425 $45,808,154
Vista Growth and Income Select Fund 1 $526,407,579
SERIES TRANSACTIONS UNDER SECTION 2520, 103-6 (c)(1)(ii)
- --------------------------------------------------------
The Chase Manhattan Corporation Common Stock 49 207,299,493 12 54,879,874 42,016,330 12,863,544
The Chase Bank Domestic Liquidity Fund 723 757,184,549 550 756,122,023 756,122,023 --
Vista Growth and Income Select Fund 22 553,126,632 11 52,600,000 51,275,641 1,324,359
Vista Growth and Income Fund 1 526,407,579 480,599,425 45,808,154
Vista U. S. Government Money Market Fund 151 241,185,141 90 267,370,646 267,370,646 --
</TABLE>
Note the threshold for reporting transactions under Department of Labor
provisions is five percent of the fair value of the Plan's assets at the
beginning of the year of $4,182,827,889. This amount for the year ended December
31, 1998 is $209,141,395.
44
<PAGE> 45
EXHIBIT INDEX
EXHIBIT NO. EXHIBIT PAGE
- ----------- ------- ----
23 Consent of Independent Auditors 47
45
<PAGE> 46
SIGNATURE
Pursuant to the requirements of the Securities Exchange of Act of 1934, the
registrant has duly caused this amendment to be signed on its behalf by the
undersigned, thereunto duly authorized.
THE CHASE MANHATTAN CORPORATION
By: /S/ Joseph L. Sclafani
-------------------------------
Joseph L. Sclafani
The Chase Manhattan Corporation
Controller
(Principal Accounting Officer)
Date: June 25, 1999
46
<PAGE> 1
CONSENT OF INDEPENDENT AUDITORS
To the Participants and Plan Administrator of the
401(k) Savings Plan of The Chase Manhattan Bank
and Certain Affiliated Companies:
We consent to the incorporation by reference in the registration statement (No.
33-01776) on Form S-8 of The Chase Manhattan Corporation of our report dated
June 18, 1999, relating to the statement of net assets available for benefits of
the 401(k) Savings Plan of The Chase Manhattan Bank and Certain Affiliated
Companies as of December 31, 1998 and 1997, and the related statement of changes
in net assets available for benefits for the years then ended, and all related
schedules, which report appears in the December 31, 1998 annual report on Form
11-K of the 401(k) Savings Plan of The Chase Manhattan Bank and Certain
Affiliated Companies.
KPMG LLP
New York, New York
June 25, 1999
47
