<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-2
(Exact name of Registrant as specified
in its governing instrument)
State or other jurisdiction of incorporation:
New York
Commission File Number:
0-18979
IRS Employer Identification No.:
13-6963454
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 :
8% Current Coupon Certificates, Class G-2
(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
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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 8% Current Coupon
Certificates, Class G-2 on December 31, 1997 was 1.
(c) Dividends .
$26,931,920.00 distributed to holders for 8% Current
Coupon Certificates, Class G-2 on May 15, 1997.
$23,341,920.00 distributed to holders for 8% Current
Coupon Certificates, Class G-2 on November 17, 1997.
Item 6. Selected Financial Data
Not Applicable.
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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. $12,380,000 100%
Certificates, P.O. Box 20
Class G-2 Bowling Green Station
New York, NY 10004
_____________________________________________________________________________
(b) Security ownership of management
Not Applicable.
(c) Changes in control.
Not Applicable.
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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
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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
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Exhibit A
HELLENIC REPUBLIC OF GREECE
GOVERNMENT TRUST G-2
U. S. Government Securities
Maturity Par Amount Coupon
May 15, 1998 1,288,000 0.0000
The Hellenic Republic of Greece G-2 Note
Principal Amount Rate of
Outstanding Interest Due Date
$12,380,000.00 8.005% May 15, 1998
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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-2 8.00% 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
$26,931,920.00. The portions thereof allocable to principal and interest
payments on the Related Note(s) was $24,237,920.00 and to payments
from the Related Securities Trust was $2,694,000.00.
ii. The aggregate Initial Amount of the Certificates issued by such Trust and
remaining outstanding after such distribution is $ 34,348,000.00.
iii. The unpaid principal amount of the Related Note(s) following such
distribution is $ 34,348,000.00.
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 $660.77.
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. 13-6963454)
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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-2 8.00% 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
$23,341,920.00. The portions thereof allocable to principal and interest
payments on the Related Note(s) was $21,007,920.00 and to payments from
the Related Securities Trust was $2,334,000.00.
ii. The aggregate Initial Amount of the Certificates issued by such Trust
and remaining outstanding after such distribution is $12,380,000.00.
iii. The unpaid principal amount of the Related Note(s) following such
distribution is $12,380,000.00.
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
Date plus the payment received by the Trustee from the related Securities
Trust in respect of such Certificate Payment Date by $278.17.
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. 13-6963454)
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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-2 8.00% Current Coupon Certificates, Class G-2
(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, $50,273,840.00 aggregate
amount was distributed to the holders of the 8.00% 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 distributions is $12,380,000.00.
iii. The unpaid principal amount of the Hellenic Republic of Greece
Promissory Notes following the May 15, 1997 and November 17, 1997
distributions is $12,380,000.00.
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 Dates plus the payment received by the Trustee from the Related
Securities Trust in respect of such Certificate Payment Dates by $938.94.
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. 13-6963454
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REPORT OF INDEPENDENT PUBLIC ACCOUNTANTS
To The Chase Manhattan Bank, as Trustee of
Government Trust G-2:
We have audited the accompanying Distribution Report of Government Trust
G-2 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 Current Coupon Certificate
holders, the aggregate amount of Current Coupon Certificates outstanding,
the unpaid principal amount of the Promissory Note and funds in excess
of amounts distributed of Government Trust G-2 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
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GOVERNMENT TRUST G-2
DECEMBER 31, 1997 DISTRIBUTION REPORT
I. During the year ended December 31, 1997, $50,273,840 was distributed
to the holders of the Current 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 Current Coupon Certificates issued by the Trust
and outstanding on December 31, 1997 was $12,380,000.
III.The unpaid principal amount of the Hellenic Republic of Greece's
Promissory Note on December 31, 1997 was $12,380,000.
IV. The amount distributed to the holders of the Current 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.
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GOVERNMENT TRUST G-2
NOTES TO DISTRIBUTION REPORT
NOTE A - ORGANIZATION AND OPERATION
Government Trust G-2 (the "Trust") was formed in January, 1991 by The Chase
Manhattan Bank, as Trustee, to issue Current 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 Current 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-2 ZERO COUPON CERTIFICATES
The Trust's 8.005% Current Coupon Certificates (the "Current Coupon
Certificates") represents an undivided fractional interest in the Trust.
Holders of the Current Coupon Certificates are entitled to semi-annual
distributions on May 15 and November 15. The Trust is required to distribute
to Current 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 Current Coupon Certificate Payment Date, with
funds equal to at least 10% of the principal and interest due on the Note
on that Current Coupon Certificate Payment Date.
Amortization of the outstanding Current Coupon Certificate principal of
$12,380,000 at December 31, 1997 is scheduled as follows:
Payment Date Amount
___________ _______
May 15, 1998 12,380,000
__________
__________
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NOTE C - PROMISSORY NOTE
Interest at 8.005% and principal is payable by the Borrower on its Promissory
Note semi-annually on each Note Payment Date, which is the tenth business
day before a Current Coupon Certificate Payment Date (see Note B).
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 Current Coupon Certificate Payment, the
excess is to be returned to the Borrower.
