<PAGE>
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of Report: August 25, 1999
CHASE FUNDING, INC.
(formerly known as "Chemical Mortgage Securities, Inc.")
-------------------------------------------------------------------------------
(Exact Name of Registrant)
<TABLE>
<CAPTION>
<S> <C> <C>
New York 333-64131 13-3840732
- ------------------------------ ------------------------------- --------------------------------
(State or other jurisdiction (Commission File Number) (IRS Employer
of incorporation) Identification No.)
</TABLE>
343 Thornall Street, Edison, NJ 08837
---------------------------------------- -------------
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (732) 205-0600
<PAGE>
Item 5. Other Events:
On or about 8/25/99, Chase Funding, Inc. (the "Depositor") made the
distributions to holders of its Mortgage Loan Asset-Backed Certificates, Series
1999-1 and Series 1999-2 contemplated by the applicable Pooling and Servicing
Agreement for such Series (collectively, the "Pooling and Servicing Agreement").
Copies of the Certificateholders' Report with respect to such
distributions delivered pursuant to Section 6.02 of the Pooling and Servicing
Agreement are being filed as exhibits to this Current Report on Form 8-K.
Item 7(c). Exhibits
Exhibits Description
---------- ---------------
20.1 Monthly Report with respect to the
August 25, 1999 distribution
<PAGE>
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
Dated: September 1, 1999
THE CHASE MANHATTAN BANK,
As Paying Agent, on behalf of
Chase Funding, Inc.
By: /s/ Andrew M. Cooper
----------------------------------
Name: Andrew M.Cooper
Title: Trust Officer
<PAGE>
INDEX TO EXHIBITS
------------------------
Exhibit No. Description
- --------------- -----------------
20.1 Monthly Report with respect to the
distribution to certificateholders on
August 25, 1999.
<PAGE>
Chase Funding Mortgage Loan Asset-Backed Certificates, Series 1999-1
Statement to Certificateholders
August 25, 1999
DISTRIBUTION IN DOLLARS
<TABLE>
<CAPTION>
ORIGINAL PRIOR CURRENT
FACE PRINCIPAL REALIZED DEFERRED PRINCIPAL
CLASS VALUE BALANCE PRINCIPAL INTEREST TOTAL LOSSES INTEREST BALANCE
<S> <C> <C> <C> <C> <C> <C> <C> <C>
IA1 56,600,000.00 52,369,184.40 1,349,345.41 260,623.97 1,609,969.38 0.00 0.00 51,019,838.99
IA2 23,800,000.00 23,800,000.00 0.00 119,991.67 119,991.67 0.00 0.00 23,800,000.00
IA3 12,900,000.00 12,900,000.00 0.00 68,316.25 68,316.25 0.00 0.00 12,900,000.00
IA4 12,000,000.00 12,000,000.00 0.00 67,800.00 67,800.00 0.00 0.00 12,000,000.00
IA5 13,000,000.00 13,000,000.00 0.00 68,358.33 68,358.33 0.00 0.00 13,000,000.00
IM1 6,987,000.00 6,987,000.00 0.00 39,534.78 39,534.78 0.00 0.00 6,987,000.00
IM2 2,275,000.00 2,275,000.00 0.00 13,716.35 13,716.35 0.00 0.00 2,275,000.00
IB 2,438,000.00 2,438,000.00 0.00 16,994.89 16,994.89 0.00 0.00 2,438,000.00
IIA1 138,650,000.00 124,810,506.52 6,242,229.37 27,042.28 6,269,271.65 0.00 0.00 118,568,277.15
IIA2 58,750,000.00 58,750,000.00 0.00 291,155.21 291,155.21 0.00 0.00 58,750,000.00
IIM1 17,625,000.00 17,625,000.00 0.00 8,518.75 8,518.75 0.00 0.00 17,625,000.00
IIM2 11,750,000.00 11,750,000.00 0.00 10,770.83 10,770.83 0.00 0.00 11,750,000.00
IIB 8,225,000.00 8,225,000.00 0.00 18,848.96 18,848.96 0.00 0.00 8,225,000.00
R 0.00 0.00 0.00 273,024.72 273,024.72 0.00 0.00 0.00
TOTALS 365,000,000.00 346,929,690.92 7,591,574.78 1,284,696.99 8,876,271.77 0.00 0.00 339,338,116.14
</TABLE>
<TABLE>
<CAPTION>
PASS-THROUGH RATES
FACTOR INFORMATION PER $1000 OF ORIGINAL FACE
PRIOR CURRENT CURRENT
PRINCIPAL PRINCIPAL CLASS PASS-THRU
CLASS FACTOR PRINCIPAL INTEREST TOTAL FACTOR RATE
<S> <C> <C> <C> <C> <C> <C> <C>
IA1 925.25060777 23.84002491 4.60466378 28.44468869 901.41058286 IA1 5.972000 %
IA2 1,000.00000000 0.00000000 5.04166681 5.04166681 1,000.00000000 IA2 6.050000 %
IA3 1,000.00000000 0.00000000 5.29583333 5.29583333 1,000.00000000 IA3 6.355000 %
IA4 1,000.00000000 0.00000000 5.65000000 5.65000000 1,000.00000000 IA4 6.780000 %
IA5 1,000.00000000 0.00000000 5.25833308 5.25833308 1,000.00000000 IA5 6.310000 %
IM1 1,000.00000000 0.00000000 5.65833405 5.65833405 1,000.00000000 IM1 6.790000 %
IM2 1,000.00000000 0.00000000 6.02916484 6.02916484 1,000.00000000 IM2 7.235000 %
IB 1,000.00000000 0.00000000 6.97083265 6.97083265 1,000.00000000 IB 8.365000 %
IIA1 900.18396336 45.02148842 0.19503988 45.21652831 855.16247494 IIA1 0.260000 %
IIA2 1,000.00000000 0.00000000 4.95583336 4.95583336 1,000.00000000 IIA2 5.947000 %
IIM1 1,000.00000000 0.00000000 0.48333333 0.48333333 1,000.00000000 IIM1 0.580000 %
IIM2 1,000.00000000 0.00000000 0.91666638 0.91666638 1,000.00000000 IIM2 1.100000 %
IIB 1,000.00000000 0.00000000 2.29166687 2.29166687 1,000.00000000 IIB 2.750000 %
TOTALS 950.49230389 20.79883501 3.51971778 24.31855279 929.69346888
</TABLE>
/X/ (C) COPYRIGHT 1999, CHASE MANHATTAN CORPORATION
<PAGE>
Chase Funding Mortgage Loan Asset-Backed Certificates, Series 1999-1
August 25, 1999
Sec. 4.05(a)(i)(A) Group 1 Principal Prepayment Amount 1,238,986.52
Group 2 Principal Prepayment Amount 4,674,362.62
Total Principal Prepayment Amount 5,913,349.14
Sec. 4.05(a)(i)(B) Group 1 Scheduled Principal Amount 110,358.89
Group 2 Scheduled Principal Amount 112,656.91
Total Scheduled Principal Amount 223,015.80
Sec. 4.05(a)(i)(C) Group 1 Extra Principal Distribution Amount 0.00
Group 2 Extra Principal Distribution Amount 1,455,209.84
Total Extra Principal Distribution Amount 1,455,209.84
Sec. 4.05(a)(iii) Class IA-1 Interest Carryforward Amount 0.00
Class IA-2 Interest Carryforward Amount 0.00
Class IA-3 Interest Carryforward Amount 0.00
Class IA-4 Interest Carryforward Amount 0.00
Class IA-5 Interest Carryforward Amount 0.00
Class IM-1 Interest Carryforward Amount 0.00
Class IM-2 Interest Carryforward Amount 0.00
Class IB Interest Carryforward Amount 0.00
Class IIA-1 Interest Carryforward Amount 0.00
Class IIA-2 Interest Carryforward Amount 0.00
Class IIM-1 Interest Carryforward Amount 0.00
Class IIM-2 Interest Carryforward Amount 0.00
Class IIB Interest Carryforward Amount 0.00
<TABLE>
<CAPTION>
<S> <C> <C>
Sec. 4.05(a)(v) Group 1 Beginning Pool Stated Principal Balance 126,614,184.40
Group 2 Beginning Pool Stated Principal Balance 224,405,296.68
Group 1 Ending Pool Stated Principal Balance 125,264,838.99
Group 2 Ending Pool Stated Principal Balance 219,618,277.15
</TABLE>
Sec. 4.05(a)(vi) Group 1 Subservicer Fee 52,755.91
Group 2 Subservicer Fee 93,502.21
Total Subservicer Fee 146,258.12
Sec. 4.05(a)(vii) Group 1 Master Servicer Fee 960.16
Group 2 Master Servicer Fee 1,701.74
Total Master Servicer Fee 2,661.90
Sec. 4.05(a)(ix) Group 1 Net Mortgage Rate 9.47499957 %
Group 2 Net Mortgage Rate 9.30556850 %
Sec. 4.05(a)(x) Group 1 Amount of Advances 0.00
Group 2 Amount of Advances 0.00
Total Amount of Advances 0.00
Sec. 4.05(a)(xi) Group 1 Cumulative Applied Realized Loss 0.00
Group 2 Cumulative Applied Realized Loss 0.00
Total Cumulative Applied Realized Loss 0.00
/X/ (C) COPYRIGHT 1999, CHASE MANHATTAN CORPORATION
<PAGE>
Chase Funding Mortgage Loan Asset-Backed Certificates, Series 1999-1
August 25, 1999
Sec.
4.05(a)(xii)(A) Number and Aggregate Principal Amounts of Mortgage Loans
in Delinquency
Group 1
Category Number Principal Balance Percentage
1 Month 27 1,552,039.00 1.24 %
2 Months 8 416,311.00 0.33 %
3+Months 1 83,135.00 0.07 %
Total 36 2,051,485.00 1.64 %
Group 2
Category Number Principal Balance Percentage
1 Month 28 3,099,488.00 1.41 %
2 Months 15 2,188,534.00 1.00 %
3+Months 3 392,230.00 0.18 %
Total 46 5,680,252.00 2.59 %
Group Totals
Category Number Principal Balance Percentage
1 Month 55 4,651,527.00 1.35 %
2 Months 23 2,604,845.00 0.76 %
3+ Months 4 475,365.00 0.14 %
Total 82 7,731,737.00 2.25 %
Sec. 4.05(a)(xii)(B) Number and Aggregate Principal Amounts of Mortgage
Loans in Foreclosure
Group 1
Number Principal Balance Percentage
4 218,890.00 0.17 %
Group 2
Number Principal Balance Percentage
23 2,240,886.00 1.02 %
Group Totals
Number Principal Balance Percentage
27 2,459,776.00 0.71 %
Sec. 4.05(a)(xiv) Number and Aggregate Principal Amounts of REO Loans
Group 1
Number Principal Balance Percentage
0 0.00 0.00 %
Group 2
Number Principal Balance Percentage
0 0.00 0.00 %
Group Totals
Number Principal Balance Percentage
0 0.00 0.00 %
<TABLE>
<CAPTION>
<S> <C> <C>
Sec. 4.05(a)(xv) Group 1 Aggregate Principal Balance of Liquidated Loans 0.00
Group 2 Aggregate Principal Balance of Liquidated Loans 0.00
Total Aggregate Principal Balance of Liquidated Loans 0.00
</TABLE>
/X/ (C) COPYRIGHT 1999, CHASE MANHATTAN CORPORATION
<PAGE>
Chase Funding Mortgage Loan Asset-Backed Certificates, Series 1999-1
August 25, 1999
Sec. 4.05(a)(xvii) Group 1 Trigger Event NO
Group 2 Trigger Event NO
Sec. 4.05(a)(viii) Class IIA-1 Interest Carryover Amount 0.00
Class IIM-1 Interest Carryover Amount 0.00
Class IIM-2 Interest Carryover Amount 0.00
Class IIB Interest Carryover Amount 0.00
/X/ (C) COPYRIGHT 1999, CHASE MANHATTAN CORPORATION
<PAGE>
Chase Funding Mortgage Loan Asset-Backed Certificates, Series 1999-2
Statement to Certificateholders
August 25, 1999
DISTRIBUTION IN DOLLARS
<TABLE>
<CAPTION>
ORIGINAL PRIOR CURRENT
FACE PRINCIPAL REALIZED DEFERRED PRINCIPAL
CLASS VALUE BALANCE PRINCIPAL INTEREST TOTAL LOSSES INTEREST BALANCE
<S> <C> <C> <C> <C> <C> <C> <C> <C>
IA1 76,619,000.00 75,743,821.52 1,465,691.18 332,878.32 1,798,569.50 0.00 0.00 74,278,130.34
IA2 52,940,000.00 52,940,000.00 0.00 302,640.33 302,640.33 0.00 0.00 52,940,000.00
IA3 5,000,000.00 5,000,000.00 0.00 30,366.67 30,366.67 0.00 0.00 5,000,000.00
IA4 19,441,000.00 19,441,000.00 0.00 122,559.30 122,559.30 0.00 0.00 19,441,000.00
IA5 24,000,000.00 24,000,000.00 0.00 146,660.00 146,660.00 0.00 0.00 24,000,000.00
IM1 9,000,000.00 9,000,000.00 0.00 56,797.50 56,797.50 0.00 0.00 9,000,000.00
IM2 7,500,000.00 7,500,000.00 0.00 49,181.25 49,181.25 0.00 0.00 7,500,000.00
IB 5,500,000.00 5,500,000.00 0.00 40,104.17 40,104.17 0.00 0.00 5,500,000.00
IIA1 323,950,000.00 321,387,782.34 4,800,587.69 1,449,927.59 6,250,515.28 0.00 0.00 316,587,194.65
IIM1 22,800,000.00 22,800,000.00 0.00 106,851.25 106,851.25 0.00 0.00 22,800,000.00
IIM2 18,050,000.00 18,050,000.00 0.00 91,208.91 91,208.91 0.00 0.00 18,050,000.00
IIB 15,200,000.00 15,200,000.00 0.00 98,974.17 98,974.17 0.00 0.00 15,200,000.00
R 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
TOTALS 580,000,000.00 576,562,603.86 6,266,278.87 2,828,149.46 9,094,428.33 0.00 0.00 570,296,324.99
</TABLE>
<TABLE>
<CAPTION>
FACTOR INFORMATION PER $1000 OF ORIGINAL FACE PASS-THROUGH RATES
PRIOR CURRENT CURRENT
PRINCIPAL PRINCIPAL CLASS PASS-THRU
CLASS CUSIP FACTOR PRINCIPAL INTEREST TOTAL FACTOR RATE
<S> <C> <C> <C> <C> <C> <C> <C> <C>
IA1 161551AP1 988.57752672 19.12960467 4.34459233 23.47419700 969.44792206 IA1 5.273750 %
IA2 161551AQ9 1,000.00000000 0.00000000 5.71666660 5.71666660 1,000.00000000 IA2 6.860000 %
IA3 161551AR7 1,000.00000000 0.00000000 6.07333400 6.07333400 1,000.00000000 IA3 7.288000 %
IA4 161551AS5 1,000.00000000 0.00000000 6.30416645 6.30416645 1,000.00000000 IA4 7.565000 %
IA5 161551AT3 1,000.00000000 0.00000000 6.11083333 6.11083333 1,000.00000000 IA5 7.333000 %
IM1 161551AU0 1,000.00000000 0.00000000 6.31083333 6.31083333 1,000.00000000 IM1 7.573000 %
IM2 161551AV8 1,000.00000000 0.00000000 6.55750000 6.55750000 1,000.00000000 IM2 7.869000 %
IB 161551AW6 1,000.00000000 0.00000000 7.29166727 7.29166727 1,000.00000000 IB 8.750000 %
IIA1 161551AX4 992.09070023 14.81891554 4.47577586 19.29469140 977.27178469 IIA1 5.413750 %
IIM1 161551AY2 1,000.00000000 0.00000000 4.68645833 4.68645833 1,000.00000000 IIM1 5.623750 %
IIM2 161551AZ9 1,000.00000000 0.00000000 5.05312521 5.05312521 1,000.00000000 IIM2 6.063750 %
IIB 161551BA3 1,000.00000000 0.00000000 6.51145855 6.51145855 1,000.00000000 IIB 7.813750 %
TOTALS 994.07345493 10.80392909 4.87611976 15.68004884 983.26952584
</TABLE>
/X/ (C) COPYRIGHT 1999, CHASE MANHATTAN CORPORATION
<PAGE>
Chase Funding Mortgage Loan Asset-Backed Certificates, Series 1999-2
August 25, 1999
Sec. 4.05(a)(i)(A) Group 1 Principal Prepayment Amount 970,193.32
Group 2 Principal Prepayment Amount 3,788,971.74
Total Principal Prepayment Amount 4,759,165.06
Sec. 4.05(a)(i)(B) Group 1 Scheduled Principal Amount 131,438.02
Group 2 Scheduled Principal Amount 138,012.29
Total Scheduled Principal Amount 269,450.31
Sec. 4.05(a)(i)(C) Group 1 Extra Principal Distribution Amount 364,059.84
Group 2 Extra Principal Distribution Amount 873,603.66
Total Extra Principal Distribution Amount 1,237,663.50
Sec. 4.05(a)(iii) Class IA-1 Interest Carryforward Amount 0.00
Class IA-2 Interest Carryforward Amount 0.00
Class IA-3 Interest Carryforward Amount 0.00
Class IA-4 Interest Carryforward Amount 0.00
Class IA-5 Interest Carryforward Amount 0.00
Class IM-1 Interest Carryforward Amount 0.00
Class IM-2 Interest Carryforward Amount 0.00
Class IB Interest Carryforward Amount 0.00
Class IIA-1 Interest Carryforward Amount 0.00
Class IIM-1 Interest Carryforward Amount 0.00
Class IIM-2 Interest Carryforward Amount 0.00
Class IIB Interest Carryforward Amount 0.00
Sec. 4.05(a)(v) Group 1 Beginning Pool Stated Principal
Balance 149,271,181.58
Group 2 Beginning Pool Stated Principal
Balance 282,991,468.79
Group 1 Ending Pool Stated Principal
Balance 198,159,920.11
Group 2 Ending Pool Stated Principal
Balance 374,061,719.89
Sec. 4.05(a)(vi) Group 1 Subservicer Fee 62,196.33
Group 2 Subservicer Fee 117,913.11
Total Subservicer Fee 180,109.44
Sec. 4.05(a)(vii) Group 1 Master Servicer Fee 908.07
Group 2 Master Servicer Fee 1,721.53
Total Master Servicer Fee 2,629.60
Sec. 4.05(a)(ix) Group 1 Net Mortgage Rate 9.43392303 %
Group 2 Net Mortgage Rate 9.24534668 %
Sec. 4.05(a)(x) Group 1 Amount of Advances 1,044,429.47
Group 2 Amount of Advances 1,843,668.83
Total Amount of Advances 2,888,098.30
Sec. 4.05(a)(xi) Group 1 Cumulative Applied Realized Loss 0.00
Group 2 Cumulative Applied Realized Loss 0.00
Total Cumulative Applied Realized Loss 0.00
/X/ (C) COPYRIGHT 1999, CHASE MANHATTAN CORPORATION
<PAGE>
Chase Funding Mortgage Loan Asset-Backed Certificates, Series 1999-2
August 25, 1999
Sec. 4.05(a)(xii)(A) Number and Aggregate Principal Amounts of Mortgage Loans
in Delinquency
Group 1
Category Number Principal Balance Percentage
1 Month 23 1,776,242.00 1.20 %
2 Months 3 208,395.00 0.14 %
3+Months 0 0.00 0.00 %
Total 26 1,983,637.00 1.34 %
Group 2
Category Number Principal Balance Percentage
1 Month 10 1,020,303.00 0.37 %
2 Months 0 0.00 0.00 %
3+Months 0 0.00 0.00 %
Total 10 1,020,303.00 0.37 %
Group Totals
Category Number Principal Balance Percentage
1 Month 33 2,795,545.00 0.65 %
2 Months 3 208,395.00 0.05 %
3+ Months 0 0.00 0.00 %
Total 36 3,003,940.00 0.70 %
Sec. 4.05(a)(xii)(B) Number and Aggregate Principal Amounts of Mortgage Loans
in Foreclosure
Group 1
Number Principal Balance Percentage
1 81,750.00 0.06 %
Group 2
Number Principal Balance Percentage
2 621,325.00 0.22 %
Group Totals
Number Principal Balance Percentage
3 703,075.00 0.16 %
Sec. 4.05(a)(xiv) Number and Aggregate Principal Amounts of REO Loans
Group 1
Number Principal Balance Percentage
0 0.00 0.00 %
Group 2
Number Principal Balance Percentage
0 0.00 0.00 %
Group Totals
Number Principal Balance Percentage
0 0.00 0.00 %
<TABLE>
<CAPTION>
<S> <C> <C>
Sec. 4.05(a)(xv) Group 1 Aggregate Principal Balance of Liquidated Loans 0.00
Group 2 Aggregate Principal Balance of Liquidated Loans 0.00
Total Aggregate Principal Balance of Liquidated Loans 0.00
</TABLE>
/X/ (C) COPYRIGHT 1999, CHASE MANHATTAN CORPORATION
<PAGE>
Chase Funding Mortgage Loan Asset-Backed Certificates, Series 1999-2
August 25, 1999
Sec. 4.05(a)(xvii) Group 1 Trigger Event NO
Group 2 Trigger Event NO
Sec. 4.05(a)(viii) Class IIA-1 Interest Carryover Amount 0.00
Class IIM-1 Interest Carryover Amount 0.00
Class IIM-2 Interest Carryover Amount 0.00
Class IIB Interest Carryover Amount 0.00
Prefunding Account & Capitalized Interest Account Information 0.00
Group 1 Prefunding Account Balance 0.00
Group 2 Prefunding Account Balance 0.00
Group 1 Capitalized Interest Account
Withdrawal 271,736.69
Group 2 Capitalized Interest Account
Withdawal 440,270.37
/X/ (C) COPYRIGHT 1999, CHASE MANHATTAN CORPORATION
