<PAGE>
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
______________________
FORM 10-K
Annual report Pursuant to Section 13 or 15(d) of
The Securities Exchange Act of 1934
For the Fiscal year ended December 31, 1997
GOVERNMENT TRUST G-1
(Exact name of Registrant as specified
in its governing instrument)
State or other jurisdiction of incorporation:
New York
Commission File Number:
0-18978
IRS Employer Identification No.:
13-6963453
c/o The Chase Manhattan Bank
Corporate Trustee Administration
450 West 33rd Street
New York, New York 10001
(212) 946-8608
_________________________
(Address, including zip code, and telephone number of principal
executive offices )
Securities Registered Pursuant to Section 12(g) of the Act :
Zero Coupon Certificates, Class G-1
( Title of Class )
Indicate by check mark whether the registrant (1) has filed
all reports required to be filed by Section 13 or 15(d) of the
Securities Exchange Act of 1934 during the preceding 12 months
(or for such shorter period that the registrant was required to
file such reports ) , and (2) has been subject to such filing
requirements for the past 90 days.
Yes X No
<PAGE>
DOCUMENTS INCORPORATED BY REFERENCE
Semiannual Report as of May 15, 1997 Exhibit B
Semiannual Report as of November 17, 1997 Exhibit C
Annual Report as of March 31, 1998 Exhibit D
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Part I
Item 1. Business
Not Applicable .
Item 2. Properties .
See list of assets set forth in Exhibit A.
Item 3. Legal Proceedings.
None
Item 4. Submission of Matters to a Vote of Security Holders.
None
PART II
Item 5. Market for Registrant's Common Equity and Related
Stockholder Matters .
(a) Market Information .
Certificates are not traded on any market or exchange.
(b) Holders .
The number of registered holders for Zero Coupon
Certificates, Class G-1 on December 31, 1997 was 8.
(c) Dividends .
$9,807,000.00 distributed to holders for Zero Coupon
Certificates, Class G-1on May 15, 1997.
$9,803,000.00 distributed to holders for Zero Coupon
Certificates, Class G-1 on November 17, 1997.
Item 6. Selected Financial Data
Not Applicable.
<PAGE>
Item 7. Management's Discussion and Analysis of Financial
Condition and Results of Operations .
Not Applicable.
Item 8. Financial Statements and Supplementary Data.
Not Applicable .
Item 9. Changes in and Disagreements with Accountants on Accounting
and Financial Disclosure.
Not Applicable.
PART III
Item 10. Directors and Executive Officers of the Registrant.
Not Applicable.
Item 11. Executive Compensation .
Not Applicable.
Item 12 . Security Ownership of Certain Beneficial Owners and
Management
(a) Security ownership of certain beneficial owners.
______________________________________________________________________________
(1) Title of (2) Name and (3) Amount and (4) Percent
Class address nature of of class
of benefi- Beneficial
cial owner ownership
______________________________________________________________________________
Current Coupon Cede & Co. $339,692,000 99.85%
Certificates, P.O. Box 20
Class G-1 Bowling Green Station
New York, NY 10004
_______________________________________________________________________________
(b) Security ownership of management
Not Applicable.
(c) Changes in control.
Not Applicable.
<PAGE>
Item 13. Certain Relationships and Related Transactions.
(a) Transactions with management and others.
Not Applicable.
(b) Certain business relationships.
Not Applicable .
(c) Indebtedness of management .
Not Applicable .
(d) Transactions with promoters.
Not Applicable .
PART IV
Item 14. Exhibits, Financial Schedules, Reports on Form 8-K.
(a) The following is a list of documents filed as part
of this report :
Exhibit Document
A List of Assets held
by Trust on
December 31, 1997
B Semiannual Report
as of May 15, 1997
C Semiannual Report as
of November 17, 1997
D Annual Report as of
March 31, 1998
(b) Not applicable
(c) Not applicable
<PAGE>
SIGNATURES
Pursuant to the requirements of Section 13 or 15(d) of the Securities
Exchange Act of 1934, the registrant has duly caused this report to be
signed on its behalf by the undersigned, thereunto duly authorized.
Government Trust G-1
(Registrant)
By : ______Dennis Kildea_______
Assistant Vice President
Date : March 31, 1998
Pursuant to the requirements of Section 13 or 15(d) of the Securities
Exchange Act of 1934, the report has been signed below by the following
persons on behalf of the registrant and in the capacities and on the dates
indicated.
By : ______Marcus Gustafson______
Vice President
Date : March 31, 1998
By : ______Dennis Kildea________
Assistant Vice President
Date : March 31, 1998
<PAGE>
Exhibit A
GOVERNMENT TRUST G-1
U. S. Government Securities
Maturity Par Amount Coupon
May 15, 1998 722,000 0.0000
November 15, 1998 2,082,000 0.0000
May 15, 1999 2,137,000 0.0000
November 15, 1999 1,831,000 0.0000
May 15, 2000 1,776,000 0.0000
November 15, 2000 1,720,000 0.0000
May 15, 2001 1,016,000 0.0000
November 15, 2001 953,000 15.7500
May 15, 2002 1,003,000 0.0000
November 15, 2002 979,000 0.0000
May 15, 2003 953,000 0.0000
November 15, 2003 936,000 0.0000
May 15, 2004 1,285,000 0.0000
November 15, 2004 1,543,000 11.6250
May 15, 2005 1,576,000 12.0000
November 15, 2005 1,615,000 0.0000
May 15, 2006 1,559,000 0.0000
November 15, 2006 1,503,000 0.0000
May 15, 2007 1,311,000 0.0000
November 15, 2007 933,000 0.0000
May 15, 2008 679,000 0.0000
November 15, 2008 654,000 0.0000
May 15, 2009 301,000 0.0000
November 15, 2009 189,000 0.0000
May 15, 2010 182,000 0.0000
November 15, 2010 177,000 0.0000
May 15, 2011 69,000 0.0000
November 15, 2011 402,000 0.0000
May 15, 2012 683,000 0.0000
The Hellenic Republic of Greece G-1 Note
Principal Amount Rate of
Outstanding Interest Due Date
216,687,077.28 9.0572% May 15, 2012
<PAGE>
Exhibit B
THE CHASE MANHATTAN BANK
450 West 33rd Street
New York , New York 10001
Trustee's Semiannual Report
To the Holders of
Government Trust G-1 Zero Coupon Certificates
(Hellenic Republic of Greece FMS Refinancing )
and
Defense Security Assistance Agency
The Pentagon
Washington , DC 20301-2800
Attention of the Comptroller, DSAA
i. On May 15, 1997, the aggregate amount distributed to the Holders was
$9,807,000.00. The portions thereof allocable to principal and interest
payments on the Related Note(s) was $8,825,704.38 and to payments
from the Related Securities Trust was $981,295.62.
ii. The aggregate Initial Amount of the Certificates issued by such Trust and
remaining outstanding after such distribution is $350,016,000.00.
iii. The unpaid principal amount of the Related Note(s) following such
distribution is $ 216,687,077.28.
iv. The sum of the amount referred to in (i) above, plus the amount paid to
the Trustee in respect of the Trustee's fees and expenses was less than the
sum of ninety percent (90%) of the amount required to have been paid by the
Borrower on the Related Note(s) on the immediately preceding Note Payment
Date plus the payment received by the Trustee from the related Securities
Trust in respect of such Certificate Payment Date in the amount of $480.50.
No Payment Default has occurred and is continuing since our previous report.
To the best of my knowledge and belief, this Semiannual Report is complete
and accurate.
By: __________________
Dennis Kildea
Trust Officer
Report dated as of May 15, 1997
(Tax ID No. 13-6963453)
<PAGE>
Exhibit C
THE CHASE MANHATTAN BANK
450 West 33rd Street
New York , New York 10001
Trustee's Semiannual Report
To the Holders of
Government Trust G-1 Zero Coupon Certificates
(Hellenic Republic of Greece FMS Refinancing)
and
Defense Security Assistance Agency
The Pentagon
Washington , DC 20301-2800
Attention of the Comptroller, DSAA
i. On November 17, 1997, the aggregate amount distributed to the Holders was
$9,803,000.00. The portions thereof allocable to principal and interest
payments on the Related Note(s) was $8,821,704.38 and to payments from
the Related Securities Trust was $981,295.62.
ii. The aggregate Initial Amount of the Certificates issued by such Trust
and remaining outstanding after such distribution is $340,213,000.00.
iii. The unpaid principal amount of the Related Note(s) following such
distribution is $216,687,077.28.
iv. The sum of the amount referred to in (i) above, plus the amount paid to
the Trustee in respect of the Trustee's fees and expenses was less than
the sum of ninety percent (90%) of the amount required to have been paid by
the Borrower on the Related Note(s) on the immediately preceding Note
Payment Date plus the payment received by the Trustee from the related
Securities Trust in respect of such Certificate Payment Date by $4,480.50.
No Payment Default has occurred and is continuing since our previous report.
To the best of my knowledge and belief, this Semiannual Report is complete
and accurate.
By: __________________
Dennis Kildea
Trust Officer
Report dated as of November 17, 1997
(Tax ID No. 13-6963453)
<PAGE>
Exhibit D
THE CHASE MANHATTAN BANK
450 West 33rd Street
New York, New York 10001
Trustee's Annual Report
To the holders of:
- - Government Trust G-1 Zero Coupon Certificates, Class G-1
(Hellenic Republic of Greece FMS Refinancing)
- - Defense Security Assistance Agency
The Pentagon
Washington, D.C. 20301-2800
Attention of the Comptroller , DSAA
i. During the year ending December 31, 1997, $19,610,000.00 aggregate
amount was distributed to the holders of the Zero Coupon Certificates
and this amount is allocable as follows:
a. 90% from interest payments made on the Hellenic Republic of Greece
Promissory Note on May 1, 1997 and November 3, 1997.
b. 10% from the proceeds of maturities of United States Treasury Strips
due May 15, 1997 and November 17, 1997.
ii. The aggregate Initial Amount of the Certificates issued by such Trust
and remaining outstanding after such distribution is $340,213,000.00.
iii. The unpaid principal amount of the Hellenic Republic of Greece
Promissory Notes following the May 15, 1996 and November 15, 1996
distributions is $216,687,077.28.
iv. The sum of the amount referred to in (i), above, plus the amount paid
to the Trustee in respect of the Trustee's fees and expenses was not less
than the sum of ninety percent (90%) of the amount required to have been paid
by the Borrower on the Related Note(s) on the immediately preceding Note
Payment Dates plus the payment received by the Trustee from the Related
Securities Trust in respect of such Certificate Payment Dates.
Please be advised that no Payment Default has occurred and is
continuing with respect to the May 15, 1997 and November 17, 1997
Certificate Payment Dates. There have been no payments under the
Guaranty with respect to the May 1, 1997 and November 3, 1997 Note
Payment Dates next preceding the May 15, 1997 and November 17, 1997
Certificate Payment Dates. To the best of my knowledge and belief,
this Annual Report is complete and accurate. All capitalized terms used
herein have the meanings assigned to them in the Declaration of Trust dated
as of January 15, 1991.
By ___________________________
Dennis Kildea
Assistant Vice President
Report dated as of March 31, 1998
Tax I.D. No. 13-6963453
<PAGE>
REPORT OF INDEPENDENT PUBLIC ACCOUNTANTS
To The Chase Manhattan Bank, as Trustee of
Government Trust G-1:
We have audited the accompanying Distribution Report of Government Trust
G-1 as of December 31, 1997 and for the year then ended. The Distribution
Report is the responsibility of the Trustee. Our responsibility is to
express an opinion on the Distribution Report based on our audit.
We conducted our audit in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the Distribution Report is free
of material misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the Distribution Report.
An audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating the overall
Distribution Report presentation. We believe that our audit provides a
reasonable basis for our opinion.
In our opinion, the Distribution Report referred to above presents fairly,
in all material respects, amounts distributed to Zero Coupon Certificate
holders, the aggregate amount of Zero Coupon Certificates outstanding,
the unpaid principal amount of the Promissory Note and funds in excess
of amounts distributed of Government Trust G-1 as of December 31, 1997
and for the year then ended, in conformity with generally accepted
accounting principles.
New York, New York
March 31, 1998
<PAGE>
GOVERNMENT TRUST G-1
DECEMBER 31, 1997 DISTRIBUTION REPORT
I. During the year ended December 31, 1997, $19,610,000 was distributed
to the holders of the Trust's Zero Coupon Certificates. This amount was
attributable to:
a. Approximately 90% from payments made on the Hellenic Republic of
Greece's Promissory Note and
b. Approximately 10% from cash receipts relating to United States
Treasury Securities in the Securities Trust.
II. The aggregate amount of Zero Coupon Certificates issued by the Trust and
outstanding on December 31, 1997 was $340,213,000.
III.The unpaid principal amount of the Hellenic Republic of Greece's
Promissory Note on December 31, 1997 was $216,687,077.
IV. The amount distributed to the holders of the Trust's Zero Coupon
Certificates, as set forth in (I) above, together with the Trustee's
fees and expenses, was equal to the sum of (a) the amounts paid by the
Hellenic Republic of Greece on its Promissory Note during 1997 and
(b) the payments received by the Trustee from the Securities Trust
during 1997. There were no remaining funds in the Trust as of December
31, 1997.
The accompanying notes are an integral part of this report.
<PAGE>
GOVERNMENT TRUST G-1
NOTES TO DISTRIBUTION REPORT
NOTE A - ORGANIZATION AND OPERATION
Government Trust G-1 (the "Trust") was formed in January, 1991 by The Chase
Manhattan Bank, as Trustee, to issue Zero Coupon Certificates (see Note B),
the proceeds of which were used to loan funds to the Hellenic Republic of
Greece (the "Borrower," see Note C) and to purchase a beneficial interest
in a government securities trust (the "Securities Trust"), for which The
Chase Manhattan Bank also acts as Trustee. The Trust was created for the
limited purpose of conducting transactions related to the Zero Coupon
Certificates, the Borrower's Promissory Note and the Securities Trust.
All capitalized terms used in this Distribution Report not defined herein
are used as defined in the Trust's Declaration of Trust dated as of January
15, 1991.
NOTE B - G-1 ZERO COUPON CERTIFICATES
The Trust's Zero Coupon Certificates (the "Zero Coupon Certificates")
represent an undivided fractional interest in the Trust. Holders of the Zero
Coupon Certificates are entitled to semi-annual distributions on May 15 and
November 15. The Trust is required to distribute to the Zero Coupon
Certificate holders from funds held by the Trust, amounts equal to 90% of
the principal and interest required to be paid by the Borrower on its
Promissory Note (see Note C) and payments from the Securities Trust, less
amounts paid to the Trustee for periodic fees and expenses. The government
securities in the Securities Trust held for the benefit of the Trust consist
of U.S. Treasury Securities and are projected to provide the Trust, on or
before each Zero Coupon Certificate Payment Date, with funds equal to at
least 10% of the principal and interest due on the Borrower's Promissory
Note on that Zero Coupon Certificate Payment Date.
(continued on next page)
<PAGE>
NOTE B - G-1 ZERO COUPON CERTIFICATES (continued)
Amortization of the outstanding Zero Coupon Certificate principal of
$340,213,000 at December 31, 1997 is scheduled as follows:
Payment Date Amount
___________ _______
May 15, 1998 9,807,000
November 15, 1998 23,410,000
May 15, 1999 23,954,000
November 15, 1999 20,899,000
May 15, 2000 20,343,000
November 15, 2000 19,776,000
May 15, 2001 12,748,000
November 15, 2001 12,120,000
May 15, 2002 11,874,000
November 15, 2002 11,617,000
May 15, 2003 11,372,000
November 15, 2003 11,183,000
May 15, 2004 14,685,000
November 15, 2004 17,264,000
May 15, 2005 16,711,000
November 15, 2005 16,141,000
May 15, 2006 15,590,000
November 15, 2006 15,019,000
May 15, 2007 13,110,000
November 15, 2007 9,308,000
May 15, 2008 6,792,000
November 15, 2008 6,526,000
May 15, 2009 3,013,000
November 15, 2009 1,866,000
May 15, 2010 1,825,000
November 15, 2010 1,753,000
May 15, 2011 688,000
November 15, 2011 4,006,000
May 15, 2012 6,813,000
________
$340,213,000
<PAGE>
NOTE C - PROMISSORY NOTE
Interest at 9.0572% is payable by the Borrower on its Promissory Note semi-
annually on each Note Payment Date, which is the tenth business day before
a Zero Coupon Certificate Payment Date (see Note B). Principal payments on
the Promissory Note commence on November 11, 1998 and are payable on the
same basis as interest payments.
The United States of America, acting through the Defense Security Assistance
Agency of the Department of Defense, has guaranteed the punctual payment of
90% of the principal and interest due on the Promissory Note.
The Borrower is required to remit to the Trust 100% of the principal and
interest due on its Promissory Note. However, to the extent that the total
of (a) payments from the Borrower on its Promissory Note, (b) any payments
received by the Trust with respect to the Defense Security Assistance
Agency's Guaranty and (c) payments received by the Trust from the Securities
Trust, less (d) amounts paid by the Trust to the Trustee for periodic fees
and expenses, exceed the required Zero Coupon Certificate Payment, the
excess is to be returned to the Borrower.
