Item 4 Submission Of Matters To A Vote Of Security Holders
None
Part II
Item 5

Item 5 Market For Registrant's Common Equity And Related Stockholder Matters
Each of the Certificates, representing investors' interests in the Trust, are represented by a single certificate registered in the name of Cede & Co., the nominee of The Depository Trust Company.
To the best knowledge of the Registrant, there is no established public trading market for the Certificates.
Item 6

Item 6 Selected Financial Data
Not Applicable
Item 7

Item 7 Management's Discussion and Analysis of Financial Condition and Results of Operations
Not Applicable
Item 8

Item 8 Financial Statements and Supplementary Data
Not Applicable
Item 9

Item 9 Changes In And Disagreements With Accountants On Accounting and Financial Disclosure
None
Part III
Item 10

Item 10 Directors and Executive Officers of the Registrant
Not Applicable
Item 11

Item 11 Executive Compensation
Not Applicable
Item 12

Item 12 Security Ownership Of Certain Beneficial Owners and Management
Each of the Certificates, representing investor's interests in the Trust, are represented by a single certificate registered in the name of Cede & Co., the nominee of the Depository Trust Company("DTC"), and an investor holding an interest in the Trust is not entitled to receive a Certificate representing such interest except in certain limited circumstances. Accordingly, Cede & Co. is the sole holder of record of the Certificates, which it held on behalf of approximately 83 brokers, dealers, banks and other direct participants in the DTC system at December 31, 1996. Such direct participants may hold Certificates for their own accounts or for the accounts of their customers. The following table sets forth, with respect to each of the Certificates, the identity of each direct DTC participant that holds positions in such Certificate in excess of 5% of the outstanding principal amount thereof at December 31, 1996.
$170,000,000 1994-1 Class A Certificates Aggregate Amount of Percent of Name Certificates Held Class First National Bank of Chicago $63,500,000 37.4% Chase Manhattan Bank $39,000,000 22.9% Chase Manhattan Bank/Chemical $25,000,000 14.7% Swiss Bank Corporation, NY Branch $20,000,000 11.8% Bank of New York $10,000,000 5.9%
$30,000,000 1994-1 Class B Certificates Aggregate Amount of Percent of Name Certificates Held Class Chase Manhattan Bank, N.A. $15,000,000 50.0% Barclay's Bank PLC $15,000,000 50.0%
$274,500,000 1994-2 Class A Certificates Aggregate Amount of Percent of Name Certificates Held Class Bank of New York $20,000,000 7.3% Bankers Trust Company $25,000,000 9.1% Chase Manhattan Bank, N.A. $83,500,000 30.4% Citibank, N.A. $15,750,000 5.7% SSB-Custodian $68,250,000 24.9% Republic National Bank of New York $48,000,000 17.5%
$25,500,000 1994-2 Class B Certificates Aggregate Amount of Percent of Name Certificates Held Class CS First Boston Corporation $9,250,000 36.3% Nations Bank of Texas, NA $9,250,000 36.3% Boston Safe Deposit & Trust Co. $5,000,000 19.6% Chase Manhattan Bank, N.A. $1,960,000 7.7%
$457,500,000 1994-3 Class A Certificates Aggregate Amount of Percent of Name Certificates Held Class Chase Manhattan Bank, N.A. $120,000,000 26.2% Bankers Trust Company $90,810,000 19.8% Northern Trust Co. - Trust $50,000,000 10.9% SSB-Custodian $133,200,000 29.1%
$42,500,000 1994-3 Class B Certificates Aggregate Amount of Percent of Name Certificates Held Class Nations Bank of Texas, NA $21,400,000 50.4% Chase Mahattan Bank, N.A. $11,850,000 27.9% Bank of New York $5,000,000 11.8% Morgan Guaranty Trust Co. of New York $4,250,000 10.0%
$320,250,000 1994-4 Class A Certificates Aggregate Amount of Percent of Name Certificates Held Class Chase Manhattan Bank, N.A. $62,500,000 19.5% Morgan Guaranty Trust Co. of New York $60,000,000 18.7% Bankers Trust Company $40,000,000 12.5% Republic National Bank of New York $32,000,000 10.0% SSB-Custodian $41,000,000 12.8% French American Banking Corporation $30,000,000 9.4% Bank of New York $20,000,000 6.2% Goldman, Sachs & Co. $20,000,000 6.2%
$29,750,000 1994-4 Class B Certificates Aggregate Amount of Percent of Name Certificates Held Class Chase Manhattan Bank $29,750,000 100.0%
$322,000,000 1994-5 Class A Certificates Aggregate Amount of Percent of Name Certificates Held Class Morgan Guaranty Trust Co. of New York $96,600,000 30.0% SSB-Custodian $40,550,000 12.6% Republic National Bank of New York $21,900,000 6.8% Bear Sterns Securities Corp. $45,000,000 14.0% Chase Mahattan Bank, N.A. $51,000,000 15.8% Provident Bank $45,950,000 14.3%
$28,000,000 1994-5 Class B Certificates Aggregate Amount of Percent of Name Certificates Held Class Bank of New York/Barclays $17,000,000 60.7% Morgan Stanley & Co., Incorporated $11,000,000 39.3%
$319,375,000 1995-1 Class A Certificates Aggregate Amount of Percent of Name Certificates Held Class Morgan Guaranty Trust Co. of New York $95,700,000 30.0% Republic National Bank of New York $45,000,000 14.1% Bankers Trust Company $38,000,000 11.9% Chase Manhattan Bank, N.A. $35,875,000 11.2% Fuji Bank & Trust Company $20,000,000 6.3% French American Banking Corporation $26,750,000 8.4%
$30,625,000 1995-1 Class B Certificates Aggregate Amount of Percent of Name Certificates Held Class Citibank, N.A. $10,625,000 34.7% CS First Boston Corporation $10,000,000 32.7% Fuji Bank & Trust Company $10,000,000 32.7%
The address of each of the above participants is:
C/O The Depository Trust Company 7 Hanover Square, 22nd Floor New York, NY 10004
Item 13

Item 13 Certain Relationships and Related Transactions
None
Part IV
Item 14

Item 14 Exhibits, Financial Statement Schedules and Reports On Form 10-K
(a) The following documents are filed as part of this Report:
i) Summary of annual distributions on the Certificates to Certificateholders for the year ended December 31, 1996
ii) Annual Accountant's Report dated December 20, 1996 and related Report of Management dated December 20, 1996 relating to sufficiency of accounting controls
No proxy soliciting material has been distributed by the Trust.
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.
Chevy Chase Master Credit Card Trust By: Chevy Chase Bank, F.S.B. As Seller and Servicer
Joel A. Friedman Date: 03/28/97 By: ____________________________________________ Joel A. Friedman Senior Vice President and Controller