[front cover]
SELECT EQUITY FUNDS
[logo: Chase Vista Select Funds]
CHASE VISTA SELECT FUNDS(SM)
SEMI-ANNUAL
REPORT
-------------------
Chase Vista(SM). Setting the Global Standard.
CHASE VISTA SELECT BALANCED FUND
CHASE VISTA SELECT EQUITY INCOME FUND
CHASE VISTA SELECT LARGE CAP EQUITY FUND
CHASE VISTA SELECT LARGE CAP GROWTH FUND
CHASE VISTA SELECT NEW GROWTH
OPPORTUNITIES FUND
CHASE VISTA SELECT SMALL CAP VALUE FUND
CHASE VISTA SELECT INTERNATIONAL
EQUITY FUND
April 30, 1998
(Unaudited)
<PAGE>
HIGHLIGHTS
The U.S. stock market reached record levels as the U.S. economy continued to
grow despite Asia's financial crisis.
[bullet] In the U.S. stock market, low interest rates, good corporate earnings
and solid cash flows prevailed.
[bullet] Bonds posted modest gains as interest rates stabilized and inflation
continued to remain under control.
[bullet] In international stock markets, Europe and Latin America showed largely
positive returns while those in Japan and southeast Asia were off
sharply.
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CONTENTS
- --------------------------------------------------------------------------------
Chairman's Letter 3
Chase Vista Select Balanced Fund
Fund Commentary [bullet] Portfolio of Investments 4
Chase Vista Select Equity Income Fund
Fund Commentary [bullet] Portfolio of Investments 16
Chase Vista Select Large Cap Equity Fund
Fund Commentary [bullet] Portfolio of Investments 25
Chase Vista Select Large Cap Growth Fund
Fund Commentary [bullet] Portfolio of Investments 34
Chase Vista Select New Growth Opportunities Fund
Fund Commentary [bullet] Portfolio of Investments 43
Chase Vista Select Small Cap Value Fund
Fund Commentary [bullet] Portfolio of Investments 52
Chase Vista Select International Equity Fund
Fund Commentary [bullet] Portfolio of Investments 61
Financial Statements 74
Notes to Financial Statements 80
Financial Highlights 88
- --------------------------------------------------------------------------------
INVESTMENTS IN THE FUNDS ARE NOT DEPOSITS OF, OR GUARANTEED OR ENDORSED BY, THE
CHASE MANHATTAN BANK, AND THE SHARES ARE NOT INSURED BY THE FDIC, FEDERAL
RESERVE BOARD OR ANY OTHER GOVERNMENT AGENCY. INVESTMENTS IN MUTUAL FUNDS
INVOLVE RISK, INCLUDING POSSIBLE LOSS OF THE PRINCIPAL AMOUNT INVESTED.
- --------------------------------------------------------------------------------
<PAGE>
Chase Vista Select Funds-CHAIRMAN'S LETTER
June 10, 1998
Dear Shareholder:
We are pleased to present this semi-annual report for the following Chase Vista
Select Equity Funds for the six month period ended April 30, 1998:
<TABLE>
<S> <C>
[bullet] Balanced Fund [bullet] Equity Fund
[bullet] Large Cap Equity Fund [bullet] Large Cap Growth Fund
[bullet] New Growth Opportunities Fund [bullet] Small Cap Value Fund
[bullet] International Equity Fund
</TABLE>
Stocks Posted Solid Gains as the Economy Continued to Grow
The stock market recorded strong performance as the economy continued to grow
at a healthy pace and inflation remained under control. Other factors that
contributed to the market's investment results included low interest rates,
good corporate earnings and solid cash flows into equity mutual funds.
Early on, the potential impact of the Asian economic crisis put pressure on U.S.
stocks. However, the U.S. economy continued to grow despite Asia's economic
woes. In January, the stock market stalled again, as investors worried about the
market's future prospects, however, equities bounced back again in February, as
the Dow Jones Industrial Average plowed through 9,000 and finished the period
hovering near an all-time record level.
Bonds Posted Modest Gains as Interest Rates Stabilized
Bonds registered modest investment results in an environment that saw the U.S.
economy strengthen but inflation continue to remain under control.
The period began with worry about the impact of the Asian crisis on global
economic growth. But when the shock of the Asian crisis subsided toward the end
of 1997, investors re-focused their attention on the U.S. economy. Bonds
performed well in January, despite the strongest Employment Cost Index (ECI)
report in five years. In February, several reports that suggested the economy
was overbearing drove bond prices down. However, the market rebounded, and
interest rates stayed in a relatively narrow range, thanks partly to two
opposing forces: deflation concerns ignited by the Asian crisis and higher
inflation concerns due to the U.S. economy's better-than-expected performance.
Although it was another strong period for the U.S. stock market and a
challenging one for many international markets, we wish to remind you of the
important roles both U.S. and international investments play in any diversified
portfolio. That said, we encourage you to maintain your investing discipline in
the months and years ahead.
Sincerely,
/s/ Fergus Reid
Fergus Reid
Chairman
3
<PAGE>
Unaudited
About Your Fund
CHASE VISTA SELECT BALANCED FUND
- --------------------------------------------------------------------------------
FUND FACTS
- --------------------------------------------------------------------------------
<TABLE>
<S> <C>
Objective: Capital growth plus current income
Primary investments: Common stocks, preferred stocks, convertibles,
warrants and investment grade fixed-income securities
Suggested investment
time frame: Mid- to long-term
Market benchmark: S&P 500 Index and Lehman Aggregate Bond Index
Lipper funds category: Balanced Funds Average
Inception date: 1/1/97
Newspaper symbol: Balanced
As of April 30, 1998
Net assets: $185.8 million
</TABLE>
PERFORMANCE
Chase Vista Select Balanced Fund had a total return of 12.86% for
the six-month period ended April 30, 1998, beating the Lipper Balanced Funds
Average which returned 11.46%.
STRATEGY
The Fund performed well because of its sector strategy and underweighting in
stocks during the height of the Asian crisis last year.
The Fund's decision to emphasize defensive stocks in November contributed
favorably to performance as economically sensitive stocks retreated. Fund
management used that pullback to add to existing positions in undervalued
companies whose prices declined during this period. This proved advantageous as
many of these stocks, particularly in the technology sector, recorded strong
performance, in early 1998. Also contributing to the Fund's performance were
financial stocks, which benefited from an increase in merger activity.
As for bonds, the Fund's decision to maintain an overweighting in bonds early
on buoyed performance, as fixed-income securities registered strong gains due
to a sharp decline in interest rates. Specifically, the Fund benefited from its
exposure to Yankee bonds and BBB-rated bonds, both of which recorded good
performance. With interest rates stabilizing in early 1998 and mortgage
prepayment fears waning, the Fund benefited from its exposure to
mortgage-backed securities. A slightly longer-than-average duration throughout
much of the period also contributed to performance.
4
<PAGE>
Unaudited
About Your Fund
CHASE VISTA SELECT BALANCED FUND
At the end of the reporting year, 58% of the Fund's assets was in common stocks,
34.4% was in bonds and 7.6% was in cash and short-term paper.
OUTLOOK
For the remainder of 1998, we expect economic growth to slow, which could help
push long-term interest rates lower and bond prices higher. A slower growth
environment, however, may also put pressure on corporate earnings. Given this
forecast, we expect to maintain our above-average duration in bonds and to
focus less on economically sensitive stocks and more on companies that may
benefit in this environment. Stock selection will be critical in achieving good
investment results in the months ahead.
- --------------------------------- [PIE CHART] ----------------------------------
CHASE VISTA SELECT BALANCED FUND
COMPOSITION OF TOTAL ASSETS AS OF 4/30/98
<TABLE>
<S> <C>
Investments 99.5%
Cash 0.5%
</TABLE>
- --------------------------------------------------------------------------------
- --------------------------------- [PIE CHART] ----------------------------------
CHASE VISTA SELECT BALANCED FUND
COMPOSITION OF MARKET VALUE INVESTMENTS AS OF 4/30/98
<TABLE>
<S> <C>
Basic Industry 6.0%
Capital Goods 8.9%
Consumer Cyclicals 7.5%
Consumer Staples 5.4%
Energy 9.3%
Financial 34.5%
Health Care 10.4%
Technology 7.4%
Transportation 2.8%
Utilities 3.6%
REITs 2.0%
Other 2.2%
</TABLE>
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5
<PAGE>
Unaudited
About Your Fund
CHASE VISTA SELECT BALANCED FUND
- --------------------------------------------------------------------------------
TOP 10 HOLDINGS AS OF 4/30/98
- --------------------------------------------------------------------------------
<TABLE>
<S> <C>
Deutsche Bank AG (Germany*) 7.78%
Pfizer, Inc. 3.07%
Termoemcali Funding Corp.* 2.90%
Bristol-Myers Squibb Corp.* 1.94%
CentraGas (Colombia)* 1.87%
General Electric Co. 1.84%
EMC Corp.* 1.74%
BellSouth Corp. 1.73%
Texas Utilities Electric, Capital V* 1.66%
Merck & Company, Inc. 1.62%
</TABLE>
Top 10 holdings comprised 26.15% of Fund's market value of investments. Fund
holdings are subject to change at any time. *A non-equity security holding.
- --------------------------------------------------------------------------------
AVERAGE ANNUAL TOTAL RETURNS AS OF 4/30/98+
- --------------------------------------------------------------------------------
<TABLE>
<S> <C>
One Year 26.68%
Five Years 12.80%
Ten Years 12.13%
</TABLE>
Source: Lipper Analytical Services, Inc. Past performance is not indicative of
future results. Investment return and principal value will fluctuate with
market conditions. When shares are redeemed, they may be worth more or less
than their original cost.
+ The quoted performance of Chase Vista Select Balanced Fund includes
performance of a predecessor account for the period dating back to 4/30/88 and
prior to the Fund's commencement of operations on 1/1/97. Returns are adjusted
to reflect historical expenses at the levels indicated (absent reimbursements)
in the Expense Summary for the Fund as disclosed in the Prospectus. The account
was not registered with the Securities and Exchange Commission and, therefore,
was not subject to the investment restrictions imposed by law on registered
mutual funds. If the account had been registered, the account's performance may
have been adversely affected. Also, the Fund is currently waiving certain fees.
This voluntary waiver may be modified or terminated at any time, which would
reduce returns.
6
<PAGE>
Unaudited
About Your Fund
CHASE VISTA SELECT BALANCED FUND
- ---------------------------------- [LINE CHART] --------------------------------
GROWTH OF HYPOTHETICAL $10,000 INVESTMENT IN
CHASE VISTA SELECT BALANCED FUND+
AND ITS KEY BENCHMARKS
<TABLE>
<CAPTION>
Chase Vista Lipper
Select Lehman Balanced
Balanced S&P 500 Aggregate Fund
Fund Index Bond Index Average
<S> <C> <C> <C> <C>
4/88 10000 10000 10000 10000
4/89 11625 12288 10794 11401
4/90 12505 13582 11767 12118
4/91 14491 15970 13552 13989
4/92 16182 18205 15043 15845
4/93 17920 19885 17040 17586
4/94 17799 20944 17182 18366
4/95 19764 24592 18441 19945
4/96 23162 32012 20033 23940
4/97 25837 40048 21452 26955
4/30/98 32732 56489 23792 33787
</TABLE>
- --------------------------------------------------------------------------------
Source: Lipper Analytical Services, Inc. Past performance is not indicative of
future results. Investment return and principal value will fluctuate with
market conditions. When shares are redeemed, they may be worth more or less
than their original cost.
This chart illustrates comparative performance for $10,000 invested in shares
of Chase Vista Select Balanced Fund, the Standard & Poor's 500 Index, the
Lehman Aggregate Bond Index and Lipper Balanced Funds Average for the ten years
ended 4/30/98. The performance of the Fund assumes reinvestment of all
dividends and capital gains. The performance of the average and the index does
not include a sales charge and has been adjusted to reflect the reinvestment of
all dividends and capital gains on the securities included in the benchmark.
The Standard and Poor's 500 Index is a broad-based index that is generally
considered representative of the U.S. stock market. The index is unmanaged and
reflects the reinvestment of dividends. An individual cannot invest in an
index.
The Lehman Aggregate Bond Index is composed of the Lehman Government/Corporate
Index and the Mortgage-Backed Securities Index and includes U.S. Treasury and
agency securities and corporate bond and mortgage-backed securities. The
indexes are unmanaged and reflect the reinvestment of dividends. An individual
cannot invest in an index.
The Lipper Balanced Funds Average represents the average performance of a
universe of 405 actively managed balanced funds. Lipper is an independent
mutual fund performance monitor whose results are based on total return and do
not reflect a sales charge.
+ The quoted performance of Chase Vista Select Balanced Fund includes
performance of a predecessor account for the period dating back to 4/30/88 and
prior to the Fund's commencement of operations on 1/1/97. Returns are adjusted
to reflect historical expenses at the levels indicated (absent reimbursements)
in the Expense Summary for the Fund as disclosed in the Prospectus. The account
was not registered with the Securities and Exchange Commission and, therefore,
was not subject to the investment restrictions imposed by law on registered
mutual funds. If the account had been registered, the account's performance may
have been adversely affected. Also, the Fund is currently waiving certain fees.
This voluntary waiver may be modified or terminated at any time, which would
reduce returns.
7
<PAGE>
Chase Vista Select Balanced Fund
Portfolio of Investments April 30, 1998 (Unaudited)
<TABLE>
<CAPTION>
Shares Issuer Value
- ---------------------------------------------------------------------
Long-Term Investments -- 92.1%
- ---------------------------------------------------------------------
<S> <C> <C>
Common Stock -- 57.6%
---------------------
Aerospace -- 0.0%
1,147 Raytheon Co., Class A $ 63,300
-------------
Automotive -- 0.6%
18,000 General Motors 1,212,750
-------------
Banking -- 4.2%
25,463 Banc Once Corp. 1,497,531
24,000 First Union Corp. 1,449,000
30,000 Federal Home Loan Mortgage Corp. 1,389,375
10,000 J. P. Morgan & Company, Inc. 1,312,500
29,687 NationsBank Corp. 2,248,790
-------------
7,897,196
-------------
Chemicals -- 1.7%
15,000 Dow Chemical Co. 1,450,313
24,000 duPont (EI) deNemours 1,747,500
-------------
3,197,813
-------------
Computer Networks -- 0.9%
22,500 Cisco Systems, Inc.* 1,648,125
-------------
Computer Software -- 0.9%
27,000 Computer Associates International 1,581,188
-------------
Computers/Computer Hardware -- 2.2%
70,000 EMC Corp.* 3,228,750
7,000 International Business Machines Corp. 811,125
-------------
4,039,875
-------------
Construction Machinery -- 0.9%
30,000 Caterpillar Tractor, Inc. 1,708,125
-------------
Consumer Products -- 3.2%
20,000 Avon Products, Inc. 1,643,750
60,000 Philip Morris Companies, Inc. 2,238,750
24,000 Procter & Gamble Co. 1,972,500
-------------
5,855,000
-------------
Diversified -- 1.7%
30,000 Corning Inc. 1,200,000
20,000 Minnesota Mining and
Manufacturing Co. 1,887,500
-------------
3,087,500
-------------
</TABLE>
See notes to financial statements.
8
<PAGE>
Chase Vista Select Balanced Fund
Portfolio of Investments April 30, 1998 (Unaudited) (continued)
<TABLE>
<CAPTION>
Shares Issuer Value
- ----------------------------------------------------------------------
Long-Term Investments -- (continued)
- ----------------------------------------------------------------------
<S> <C> <C>
Electronics/Electrical Equipment -- 1.8%
40,000 General Electric Co. $3,405,000
----------
Entertainment/Leisure -- 1.2%
32,000 Carnival Corp., Class A 2,226,000
----------
Food/Beverage Products -- 1.5%
50,000 ConAgra, Inc. 1,459,375
35,000 PepsiCo., Inc. 1,389,063
----------
2,848,438
----------
Health Care/Health Care Services -- 1.8%
35,000 Columbia/HCA Healthcare Corp. 1,152,813
70,000 HEALTHSOUTH Corp.* 2,113,125
----------
3,265,938
----------
Insurance -- 2.1%
20,000 Allstate Corp. 1,925,000
15,000 American International Group 1,973,438
----------
3,898,438
----------
Metals/Mining -- 0.8%
19,000 Aluminum Co. of America (ALCOA) 1,472,500
----------
Office/Business Equipment -- 0.9%
15,000 Xerox Corp. 1,702,500
----------
Oil & Gas -- 7.4%
10,000 Chevron Corp. 826,875
20,000 Coastal Corp. 1,428,750
40,000 Exxon Corp. 2,917,500
32,000 Halliburton Company 1,760,000
34,000 Mobil Corp. 2,686,000
24,000 Royal Dutch Petroleum Co., New
York Registered Shares
(Netherlands) 1,357,500
20,000 Texaco, Inc. 1,230,000
50,000 Williams Companies, Inc. 1,581,250
----------
13,787,875
----------
Paper/Forest Products -- 0.8%
36,000 Willamette Industries, Inc. 1,397,250
----------
</TABLE>
See notes to financial statements.
9
<PAGE>
Chase Vista Select Balanced Fund
Portfolio of Investments April 30, 1998 (Unaudited) (continued)
<TABLE>
<CAPTION>
Shares Issuer Value
- ----------------------------------------------------------------
Long-Term Investments -- (continued)
- ----------------------------------------------------------------
<S> <C> <C>
Pharmaceuticals -- 7.6%
34,000 Bristol-Myers Squibb Co. $3,599,750
727 Crescenco Pharmaceuticals Corp.* 9,088
25,000 Johnson & Johnson 1,784,375
25,000 Merck & Company, Inc. 3,012,500
50,000 Pfizer, Inc. 5,690,625
----------
14,096,338
----------
Photographic Equipment -- 0.6%
15,000 Eastman Kodak Co. 1,082,813
----------
Printing & Publishing -- 1.1%
28,000 New York Times Company, Class A 1,986,250
----------
Real Estate Investment Trust -- 1.7%
23,000 AMB Property Corp. 529,000
57,720 Equity Office Properties Trust 1,641,413
30,000 Public Storage, Inc. 922,500
----------
3,092,913
----------
Restaurants/Food Services -- 0.7%
20,000 McDonald's Corp. 1,237,500
3,500 Tricon Global Restaurants, Inc.* 111,125
----------
1,348,625
----------
Retailing -- 4.4%
30,000 CVS Corp. 2,212,500
30,000 Dayton-Hudson Corp. 2,619,375
50,000 Kroger Co.* 2,093,750
20,000 Sears Roebuck & Co. 1,186,250
----------
8,111,875
----------
Shipping/Transportation -- 0.3%
6,000 Burlington Northern Santa Fe 594,000
----------
Telecommunications -- 5.2%
36,000 Ameritech Corp. 1,532,250
50,000 BellSouth Corp. 3,209,375
25,000 GTE Corp. 1,460,938
40,228 SBC Communications, Inc. 1,666,948
40,000 WorldCom, Inc. 1,711,250
----------
9,580,761
----------
</TABLE>
See notes to financial statements.
10
<PAGE>
Chase Vista Select Balanced Fund
Portfolio of Investments April 30, 1998 (Unaudited) (continued)
<TABLE>
<CAPTION>
Shares Issuer Value
- --------------------------------------------------------------------------
Long-Term Investments -- (continued)
- --------------------------------------------------------------------------
<S> <C> <C>
Utilities -- 1.4%
37,500 OGE Energy Corp. $ 2,060,156
17,500 Sierra Pacific Resources 612,500
-----------
2,672,656
-----------
Total Common Stock 106,861,042
-----------
(Cost $52,480,491)
Convertible Preferred Stock -- 2.2%
-----------------------------------
Construction Machinery -- 0.3%
25,000 Ingersoll-Rand Co. 7% 612,500
-----------
Diversified -- 0.6%
17,000 Corning Delaware LP, 6% 1,073,125
-----------
Telecommunications -- 0.8%
20,000 AirTouch Communications, 4.25% 1,536,250
-----------
Utilities -- 0.5%
12,000 Houston Industries, Inc., 7% 832,500
-----------
Total Convertible Preferred Stock 4,054,375
-----------
(Cost $2,981,201)
Principal
Amount
(USD)
Corporate Notes & Bonds -- 14.7%
--------------------------------
Airlines -- 2.4%
$ 745,839 American Airlines#, 9.71%, 01/30/07 848,846
948,926 Continental Airlines, Inc.,# 10.22%,
07/02/14 1,145,828
2,000,000 Delta Air Lines, 10.06%, 01/02/16 2,502,500
-----------
4,497,174
-----------
Banking -- 1.0%
1,000,000 BankAmerica Corp., 10.00%, 02/01/03 1,147,810
750,000 First Union Corporation, 6.40%,
04/01/08 745,628
-----------
1,893,438
-----------
Construction/Transportation -- 1.1%
2,000,000 Zhuhai Highway Co., Ltd.,
YANKEE, Ser. A# (China), 9.13%,
07/01/06 1,951,800
-----------
Entertainment/Leisure -- 0.4%
750,000 Time Warner Inc., 7.75%, 06/15/05 795,285
-----------
</TABLE>
See notes to financial statements.
11
<PAGE>
Chase Vista Select Balanced Fund
Portfolio of Investments April 30, 1998 (Unaudited) (continued)
<TABLE>
<CAPTION>
Principal
Amount
(USD) Issuer Value
- --------------------------------------------------------------------
Long-Term Investments -- (continued)
- --------------------------------------------------------------------
<S> <C> <C>
Financial Services -- 4.9%
$ 2,000,000 Corp. Andina de Fomento, Yankee
(Venezuela), 7.25%, 03/01/07 $2,034,900
1,600,000 First Citizens Financial Corporation,
Capital Trust Ser. I,# 8.05%,
03/01/28 1,612,000
5,250,000 Termoemcali Funding Corp.,#
10.13%, 12/15/14 5,368,073
----------
9,014,973
----------
Industrial Components -- 0.5%
1,000,000 Raytheon Corp., 5.95%, 03/15/01 996,440
----------
Oil & Gas -- 1.9%
3,378,439 CentraGas, (Columbia)# 10.65%,
12/01/10 3,471,346
----------
Real Estate Investment Trust -- 0.4%
750,000 Simon Debartolo Group, 7.13%,
09/20/07 764,009
----------
Retail -- 0.4%
750,000 Dayton Hudson Co., 5.90%,
06/15/37 760,313
----------
Utilities -- 1.7%
3,000,000 Texas Utilities Electric, Capital V,
8.18%, 01/30/37 3,078,240
----------
Total Corporate Notes & Bonds 27,223,018
----------
(Cost $27,847,404)
Convertible Corporate Notes & Bonds -- 3.3%
-------------------------------------------
Computer Software -- 0.2%
500,000 Tecnomatix Technologies, Ltd.,
(Israel)# 5.25%, 08/15/04 440,000
----------
Computers/Computer Hardware -- 1.4%
300,000 EMC Corp.,# 3.25%, 03/15/02 633,750
500,000 Quantum Corp., 7.00%, 08/01/04 499,375
1,000,000 Solectron Corp.,# 6.00%, 03/01/06 1,450,850
----------
2,583,975
----------
</TABLE>
See notes to financial statements.
12
<PAGE>
Chase Vista Select Balanced Fund
Portfolio of Investments April 30, 1998 (Unaudited) (continued)
<TABLE>
<CAPTION>
Principal
Amount
(USD) Issuer Value
- ---------------------------------------------------------------------
Long-Term Investments -- (continued)
- ---------------------------------------------------------------------
<S> <C> <C>
Health Care/Health Care Services -- 0.3%
$ 500,000 Assisted Living Concepts Inc.,#
5.63%, 05/01/03 $ 478,125
----------
Manufacturing -- 0.2%
350,000 Tower Automotive, Inc.,# 5.00%,
08/01/04 418,250
----------
Pharmaceuticals -- 0.8%
1,000,000 ALZA Corp., 5.00%, 05/01/06 1,383,750
----------
Retailing -- 0.4%
500,000 Federated Department Stores, 5.00%,
10/01/03 746,250
----------
Total Convertible
Corporate Notes & Bonds 6,050,350
----------
(Cost $4,790,684)
U. S. Government Agency Obligations -- 0.8%
-------------------------------------------
1,450,000 Federal Home Loan Mortgage Corp.
5.75%, 02/15/08 1,424,176
----------
(Cost $1,445,141)
U. S. Treasury Securities -- 6.5%
---------------------------------
U.S. Treasury Notes and Bonds,
1,400,000 5.63%, 12/31/99 1,401,092
2,000,000 6.63%, 02/15/27 2,164,680
1,200,000 7.00%, 07/15/06 1,294,872
1,000,000 7.13%, 02/15/23 1,137,810
2,000,000 7.50%, 02/15/05 2,195,620
1,500,000 8.25%, 07/15/98 1,509,375
900,000 8.50%, 11/15/00 960,471
1,250,000 8.75%, 08/15/20 1,661,138
----------
Total U. S. Treasury Securities 12,325,058
----------
(Cost $11,948,368)
</TABLE>
See notes to financial statements.
13
<PAGE>
Chase Vista Select Balanced Fund
Portfolio of Investments April 30, 1998 (Unaudited) (continued)
<TABLE>
<CAPTION>
Principal
Amount
(USD) Issuer Value
- ---------------------------------------------------------------------
Long-Term Investments -- (continued)
- ----------------------------------------------------------------------------
<S> <C> <C>
Mortgage Backed Securities -- 5.4%
----------------------------------
Mortgage Backed Pass Thru Securities -- 4.8%
$ 1,288,036 Federal Home Loan Mortgage Corp.,
Gold, Pool A01717, 12.00%,
06/01/17 $ 1,486,871
2,417,233 Federal National Mortgage
Association, Pool 100156, 12.50%,
06/15/19 2,851,030
1,854,789 Federal National Mortgage
Association, Pool 250375, 6.50%,
09/01/25 1,839,710
2,724,613 Government National Mortgage
Association, Pool 351335, 6.50%,
11/15/23 2,710,990
-----------
8,888,601
-----------
Collateralized Mortgage Obligations -- 0.6%
1,166,276 Federal Home Loan Mortgage Corp.,
Mortgage Cash Flow Obligations,
Ser. A, Class 4, 8.70%, 12/30/08 1,219,851
-----------
Total Mortgage Backed Securities 10,108,452
-----------
(Cost $9,871,382)
Asset Backed Securities -- 1.6%
-------------------------------
1,500,000 Alliance Capital Funding, LLC,#
5.84%, 02/15/10 1,543,125
500,000 Citibank Credit Card Master Trust,
Ser. 1998 -- 2A, 6.05%, 01/15/10 487,497
923,825 Mid-State Trust, Ser. 6, Class A4,
7.79%, 07/01/35 927,283
-----------
Total Asset Backed Securities 2,957,905
-----------
(Cost $2,939,289)
- ------------------------------------------------------------------------
Total Long-Term Investments 171,004,376
(Cost $114,303,960)
- ------------------------------------------------------------------------
</TABLE>
See notes to financial statements.
14
<PAGE>
Chase Vista Select Balanced Fund
Portfolio of Investments April 30, 1998 (Unaudited) (continued)
<TABLE>
<CAPTION>
Principal
Amount
(USD) Issuer Value
- -----------------------------------------------------------
Short-Term Investments
- -----------------------------------------------------------
<S> <C> <C>
Time Deposits -- 7.8%
---------------------
$14,418,000 Deutsche Bank AG (Germany) $ 14,418,000
(Cost $14,418,000)
- -----------------------------------------------------------
Total Investments -- 99.9% $185,422,376
(Cost $128,721,960)
- -----------------------------------------------------------
</TABLE>
See notes to financial statements.
15
<PAGE>
Unaudited
About Your Fund
CHASE VISTA SELECT EQUITY INCOME FUND
- --------------------------------------------------------------------------------
FUND FACTS
- --------------------------------------------------------------------------------
<TABLE>
<S> <C>
Objective: Income
Primary investments: Income producing common stocks, preferred stocks and
convertible securities
Suggested investment
time frame: Long-term
Market benchmark: S&P 500 Index
Lipper funds category: Equity Income Funds Average
Inception date: 1/1/97
Newspaper symbol: Eq Inc
As of April 30, 1998
Net assets: $1,021.8 million
</TABLE>
PERFORMANCE
Chase Vista Select Equity Income Fund had a total return of 13.69% for the
six-month period ended April 30, 1998. This compares to 16.32% for the Lipper
Equity Funds Average.
STRATEGY
An emphasis on defensive stocks early in the period and strong investment
results recorded by financial stocks throughout much of the period contributed
significantly to the Fund's investment results.
The Fund's heavy exposure to real estate investment trusts (REITs) and
utilities in November and December helped performance, as these stocks
performed relatively well during the height of the Asian crisis. During this
period, the Fund also benefited from its investments in cable stocks, most
notably Telecommunications Inc. and Liberty Media. Also contributing to
performance were investments in several financial stocks, which benefited from
the sharp decline in interest rates and the pickup in merger activity.
Early in 1998, however, the Fund's defensive strategy detracted from
performance, as the stock market shrugged off the fears resulting from the
Asian crisis. Realizing that the Asian crisis would be less of a factor over
the short-term, the Fund stepped up its investment in less defensive stocks
such as Zions Bancorp, Ford and several REITs. This strategy helped performance
toward the end of the period.
16
<PAGE>
Unaudited
About Your Fund
CHASE VISTA SELECT EQUITY INCOME FUND
OUTLOOK
With inflation benign and interest rates low, the outlook for the stock market
appears to be good. However, we believe the Asian crisis continues to pose a
threat to global economic growth and, in turn, corporate profitability. Given
this scenario, we believe interest-rate sensitive stocks, such as banks,
financial services, bonds, utilities and REITs offer the best prospects for
continued growth. Additionally, with Europe experiencing strong economic
growth, the Fund expects to maintain its exposure to multinational companies
with meaningful business on the continent.
- --------------------------------- [PIE CHART] ----------------------------------
CHASE VISTA SELECT EQUITY FUND
COMPOSITION OF TOTAL ASSETS AS OF 4/30/98
<TABLE>
<S> <C>
Investments 98.6%
Cash 1.4%
</TABLE>
- --------------------------------------------------------------------------------
- --------------------------------- [PIE CHART] ----------------------------------
CHASE VISTA SELECT BALANCED FUND
COMPOSITION OF MARKET VALUE INVESTMENTS AS OF 4/30/98
<TABLE>
<S> <C>
Basic Industry 9.9%
Capital Goods 5.0%
Consumer Cyclicals 9.2%
Energy 9.9%
Financial 33.1%
Health Care 8.4%
Technology 11.2%
Utilities 2.5%
REITs 10.8%
</TABLE>
- --------------------------------------------------------------------------------
17
<PAGE>
Unaudited
About Your Fund
CHASE VISTA SELECT EQUITY INCOME FUND
- --------------------------------------------------------------------------------
TOP 10 HOLDINGS AS OF 4/30/98
<TABLE>
<S> <C>
Deutsche Bank AG (Germany)* 10.42%
Columbia/HCA Healthcare Corp. 2.23%
Allstate Corp. 2.10%
Zions Bancorporation 1.97%
K-Mart Financing Inc. 1.90%
British Petroleum PLC, ADR (United Kingdom) 1.85%
Equity Residential Properties Trust 1.80%
Precision Castparts Corp. 1.80%
American Express Co. 1.72%
Sundstrand Corp. 1.70%
</TABLE>
Top 10 holdings comprised 27.49% of Fund's market value of investments. Fund
holdings are subject to change at any time. *A non-equity security holding.
- --------------------------------------------------------------------------------
AVERAGE ANNUAL TOTAL RETURNS AS OF 4/30/98+
<TABLE>
<S> <C>
One Year 32.10%
Five Years 18.79%
Ten Years 16.14%
</TABLE>
Source: Lipper Analytical Services, Inc. Past performance is not indicative of
future results. Investment return and principal value will fluctuate with
market conditions. When shares are redeemed, they may be worth more or less
than their original cost.
+ The quoted performance of Chase Vista Select Equity Income Fund includes
performance of a predecessor account for the period dating back to 4/30/88 and
prior to the Fund's commencement of operations on 1/1/97. Returns are adjusted
to reflect historical expenses at the levels indicated (absent reimbursements)
in the Expense Summary for the Fund as disclosed in the Prospectus. The account
was not registered with the Securities and Exchange Commission and, therefore,
was not subject to the investment restrictions imposed by law on registered
mutual funds. If the account had been registered, the account's performance may
have been adversely affected. Also, the Fund is currently waiving certain fees.
This voluntary waiver may be modified or terminated at any time, which would
reduce returns.
18
<PAGE>
Unaudited
About Your Fund
CHASE VISTA SELECT EQUITY INCOME FUND
- ---------------------------------- [LINE CHART] --------------------------------
GROWTH OF HYPOTHETICAL $10,000 INVESTMENT IN
CHASE VISTA SELECT EQUITY INCOME FUND+
AND ITS KEY BENCHMARKS
<TABLE>
<CAPTION>
Chase Vista
Select Lipper
Equity Income S&P 500 Equity Income
Fund Index Funds Avg.
<S> <C> <C> <C>
4/88 10000 10000 10000
4/89 14249 12288 11968
4/90 14403 13582 12526
4/91 16883 15970 13904
4/92 19290 18205 16124
4/93 22403 19885 18243
4/94 23305 20944 19229
4/95 25866 24592 21298
4/96 33009 32012 26683
4/97 40139 40048 31384
4/30/98 53025 56489 42167
</TABLE>
- --------------------------------------------------------------------------------
Source: Lipper Analytical Services, Inc. Past performance is not indicative of
future results. Investment return and principal value will fluctuate with
market conditions. When shares are redeemed, they may be worth more or less
than their original cost.
This chart illustrates comparative performance for $10,000 invested in shares
of Chase Vista Select Equity Income Fund, Standard & Poor's 500 Index and the
Lipper Equity Income Funds Average for the ten years ended 4/30/98. The
performance of the Fund assumes reinvestment of all dividends and capital
gains. The performance of the average and the index does not include a sales
charge and has been adjusted to reflect the reinvestment of all dividends and
capital gains on the securities included in the benchmark.
The Standard & Poor's 500 Index is a broad-based index that is generally
considered representative of the U.S. stock market. The index is unmanaged and
reflects reinvestment of dividends. An individual cannot invest in the index.
The Lipper Equity Income Funds Average represents the average performance of a
universe of 221 actively managed equity income mutual funds. Lipper is an
independent mutual fund performance monitor whose results are based on total
return and do not reflect a sales charge.
+ The quoted performance of Chase Vista Select Equity Income Fund includes
performance of a predecessor account for the period dating back to 4/30/88 and
prior to the Fund's commencement of operations on 1/1/97. Returns are adjusted
to reflect historical expenses at the levels indicated (absent reimbursements)
in the Expense Summary for the Fund as disclosed in the Prospectus. The account
was not registered with the Securities and Exchange Commission and, therefore,
was not subject to the investment restrictions imposed by law on registered
mutual funds. If the account had been registered, the account's performance may
have been adversely affected. Also, the Fund is currently waiving certain fees.
This voluntary waiver may be modified or terminated at any time, which would
reduce returns.
19
<PAGE>
Chase Vista Select Equity Income Fund
Portfolio of Investments April 30, 1998 (Unaudited)
<TABLE>
<CAPTION>
Shares Issuer Value
- ----------------------------------------------------------------------
Long-Term Investments -- 90.9%
- ----------------------------------------------------------------------
<S> <C> <C>
Common Stock -- 84.2%
---------------------
Aerospace -- 4.8%
300,000 General Dynamics Corp. $12,675,000
300,000 Precision Castparts Corp. 18,637,500
254,500 Sundstrand Corp. 17,576,406
-----------
48,888,906
-----------
Agricultural Production/Services -- 0.6%
100,000 Case Corp. 6,356,250
-----------
Automotive -- 4.0%
340,000 Chrysler Corp. 13,663,750
250,000 Ford Motor Co. 11,453,125
304,000 Lear Corp.* 16,283,000
-----------
41,399,875
-----------
Banking -- 9.1%
115,000 BankAmerica Corp. 9,775,000
200,000 BB&T Corporation 13,450,000
150,000 Cullen/Frost Bankers, Inc. 8,775,000
130,000 First Union Corp. 7,848,750
160,000 National City Corp. 11,080,000
180,000 Southtrust Corp. 7,683,750
110,000 U.S. Bancorp 13,970,000
400,000 Zions Bancorporation 20,450,000
-----------
93,032,500
-----------
Business Services -- 1.0%
284,200 GTECH Holdings Corp. 10,195,675
-----------
Chemicals -- 1.7%
160,000 Crompton & Knowles Corporation 4,790,000
107,000 Dow Chemical Co. 10,345,563
100,000 Engelhard Corporation 2,112,500
-----------
17,248,063
-----------
Computer Software --1.1%
198,750 Computer Associates International 11,639,297
-----------
Computers/Computer Hardware -- 2.5%
300,000 Bay Networks, Inc.* 7,031,250
220,000 Quantum Corp.* 5,170,000
175,000 Sun Microsystems, Inc.* 7,207,813
</TABLE>
See notes to financial statements.
20
<PAGE>
Chase Vista Select Equity Income Fund
Portfolio of Investments April 30, 1998 (Unaudited) (continued)
<TABLE>
<CAPTION>
Shares Issuer Value
- ----------------------------------------------------------------------
Long-Term Investments -- (continued)
- ----------------------------------------------------------------------
<S> <C> <C>
200,000 Symantec Corp.* $5,800,000
----------
25,209,063
----------
Consumer Products -- 1.0%
375,000 RJR Nabisco Holdings Corp. 10,429,688
----------
Entertainment/Leisure -- 1.0%
141,438 Carnival Corp., Class A 9,838,781
----------
Financial Services -- 4.3%
175,000 American Express Co. 17,850,000
152,417 Associates First Capital Corp. 11,393,171
300,000 Federal Home Loan Mortgage Corp. 13,893,750
16,000 Waddell & Reed Financial, Inc.* 396,000
----------
43,532,921
----------
Health Care/Health Care Services -- 4.1%
700,500 Columbia/HCA Healthcare Corp. 23,072,719
263,000 Foundation Health Systems, Inc.* 7,610,563
300,000 Tenet Healthcare Corp.* 11,231,250
----------
41,914,532
----------
Insurance -- 6.5%
226,351 Allstate Corp. 21,786,284
35,900 CMAC Investment Corp. 2,317,794
150,000 Exel Ltd. (Bermuda) 11,203,125
50,000 Loews Corp. 5,003,125
110,000 Mercury General Corp. 7,122,500
850,000 Reliance Group Holdings, Inc. 14,715,625
75,000 Travelers, Inc. 4,589,063
----------
66,737,516
----------
Machinery & Engineering Equipment -- 1.1%
270,000 McDermott International, Inc. 11,171,250
----------
Metals/Mining -- 1.3%
120,000 Reynolds Metals Company 7,920,000
100,000 RIO Tinto PLC (United Kingdom) 5,825,000
----------
13,745,000
----------
Oil & Gas -- 10.0%
155,000 Baker Hughes Inc. 6,277,500
203,437 British Petroleum PLC, ADR
(United Kingdom) 19,224,797
</TABLE>
See notes to financial statements.
21
<PAGE>
Chase Vista Select Equity Income Fund
Portfolio of Investments April 30, 1998 (Unaudited) (continued)
<TABLE>
<CAPTION>
Shares Issuer Value
- -------------------------------------------------------------------
Long-Term Investments -- (continued)
- -------------------------------------------------------------------
<S> <C> <C>
195,000 Elf Aquitaine SA, ADR (France) $12,662,813
160,000 ENI SPA, ADR (Italy)* 10,580,000
500,000 Enterprise Oil PLC ADR
(United Kingdom) 13,937,500
200,000 Exxon Corp. 14,587,500
250,000 Halliburton Company 13,750,000
200,000 Royal Dutch Petroleum Co., New
York Registered Shares
(Netherlands) 11,312,500
-----------
102,332,610
-----------
Packaging -- 1.2%
150,000 Ball Corp. 5,793,750
150,000 Owens-Illinois, Inc.* 5,934,375
-----------
11,728,125
-----------
Paper/Forest Products -- 1.2%
150,000 Weyerhaeuser Co. 8,643,750
95,000 Willamette Industries, Inc. 3,687,188
-----------
12,330,938
-----------
Pharmaceuticals -- 4.2%
175,000 American Home Products Corp. 16,296,875
250,000 Pharmacia & Upjohn, Inc. 10,515,625
200,000 Schering-Plough Corp. 16,025,000
-----------
42,837,500
-----------
Printing & Publishing -- 0.5%
150,000 Dun & Bradstreet Corp. 5,325,000
-----------
Real Estate Investment Trust -- 10.9%
205,000 Arden Realty Group, Inc. 5,752,813
250,000 Beacon Capital Partners#* 5,000,000
234,000 Boston Properties, Inc.* 7,736,625
408,300 Brandywine Realty Trust 9,288,825
50,000 CarrAmerica Realty Corporation 1,462,500
456,000 Duke Realty Investments, Inc. 10,858,500
480,000 Equity Office Properties Trust 13,650,000
380,000 Equity Residential Properties Trust 18,667,500
183,500 Essex Property Trust, Inc. 6,055,500
160,500 Healthcare Realty Trust, Inc. 4,514,063
339,000 Public Storage, Inc. 10,424,250
</TABLE>
See notes to financial statements.
22
<PAGE>
Chase Vista Select Equity Income Fund
Portfolio of Investments April 30, 1998 (Unaudited) (continued)
<TABLE>
<CAPTION>
Shares Issuer Value
- ---------------------------------------------------------------------
Long-Term Investments -- (continued)
- ---------------------------------------------------------------------
<S> <C> <C>
98,400 Security Capital Pacific Trust $ 2,201,700
200,000 Spieker Properties, Inc. 7,925,000
160,000 Starwood Lodging Trust 8,030,000
-----------
111,567,276
-----------
Retailing -- 2.1%
369,132 Kroger Co.* 15,457,403
190,000 The Limited, Inc. 6,376,875
-----------
21,834,278
-----------
Telecommunications -- 7.4%
200,000 AT&T Corp. 12,012,500
150,000 Bell Atlantic Corp. 14,034,375
215,000 BellSouth Corp. 13,800,313
300,000 SBC Communications, Inc. 12,431,250
100,000 Telecomunicacoes Brasileiros SA,
ADR (Brazil) 12,181,250
250,000 WorldCom, Inc. 10,695,313
-----------
75,155,001
-----------
Utilities -- 2.6%
180,000 FPL Group Inc. 11,171,250
253,000 GPU, Inc. 10,025,125
150,000 LG&E Energy Corporation 3,975,000
45,000 PacifiCorp 1,046,250
-----------
26,217,625
-----------
Total Common Stock 860,667,670
-----------
(Cost $699,831,430)
Convertible Preferred Stock -- 4.4%
-----------------------------------
Construction Machinery -- 0.5%
230,000 Ingersoll-Rand Co., 6.75% 5,635,000
-----------
Financial Services -- 3.2%
300,000 K-Mart Financing Inc., 7.75%,
06/15/16 19,725,000
200,000 Tosco Financing Trust, 5.75%, 12/15/26 12,430,000
-----------
32,155,000
-----------
</TABLE>
See notes to financial statements.
23
<PAGE>
Chase Vista Select Equity Income Fund
Portfolio of Investments April 30, 1998 (Unaudited) (continued)
<TABLE>
<CAPTION>
Shares Issuer Value
- --------------------------------------------------------------------------------
Long-Term Investments -- (continued)
- --------------------------------------------------------------------------------
<S> <C> <C>
Telecommunications -- 0.7%
40,000 Viacom International (TCI Pacific),
5.0%, 7/31/06 $ 7,300,000
--------------
Total Convertible Preferred Stock 45,090,000
--------------
(Cost $38,692,125)
Principal
Amount
(USD)
Convertible Corporate Notes & Bonds -- 2.3%
-------------------------------------------
Computers/Computer Hardware -- 0.9%
$ 6,000,000 Solectron Corp. 6.00%, 3/1/06# 8,705,100
--------------
Health Care/Health Care Services -- 0.2%
2,000,000 Assisted Living Concepts, 6%, 11/1/02 2,088,880
--------------
Retailing -- 1.2%
8,000,000 Federated Department Stores 5%,
10/1/03 11,940,000
--------------
Total Convertible Corporate Notes & Bonds
(Cost $17,446,967) 22,733,980
--------------
Warrants -- 0.0%
----------------
Real Estate Investment Trust -- 0.0%
60,838 Security Capital Group, Ser. B,
09/18/98* 171,099
--------------
- --------------------------------------------------------------------------------
Total Long-Term Investments 928,662,749
(Cost $755,970,522)
- --------------------------------------------------------------------------------
Short-Term Investments -- 10.6%
- --------------------------------------------------------------------------------
Time Deposits -- 10.6%
----------------------
108,000,000 Deutsche Bank AG (Germany) 108,000,000
--------------
(Cost $108,000,000)
Total Investments -- 101.5% $1,036,662,749
(Cost $863,970,522)
- --------------------------------------------------------------------------------
</TABLE>
See notes to financial statements.
24
<PAGE>
Unaudited
About Your Fund
CHASE VISTA SELECT LARGE CAP EQUITY FUND
- --------------------------------------------------------------------------------
FUND FACTS
- --------------------------------------------------------------------------------
<TABLE>
<S> <C>
Objective: Capital growth
Primary investments: Large cap common stocks
Suggested investment
time frame: Long-term
Market benchmark: S&P 500 Index
Lipper funds category: Growth Funds Average
Inception date: 1/1/97
Newspaper symbol: LgCapEq
As of April 30, 1998
Net assets: $190.5 million
</TABLE>
PERFORMANCE
Chase Vista Select Large Cap Equity Fund had a total return of 20.00% for the
six-month period ended April 30, 1998, beating the Lipper Growth Funds Average
which returned 17.32%.
STRATEGY
Solid corporate earnings and superior sector selection helped the Fund record
good investment results during the period.
As the Asian crisis weighed heavily on the market in November, the Fund enjoyed
good relative performance due to its overweighting in defensive stocks. These
are stocks of companies whose investment fortunes are typically not tied to the
economic cycle. Some of the Fund's best performing defensive stocks included
food companies, media companies and utilities. The Fund used the market
pullback as an opportunity to purchase technology and capital goods companies
selling at attractive valuations.
The defensive strategy that helped bolster the Fund's value in November and
December hindered performance early in 1998, as the stock market registered
solid investment results due largely to waning concerns over Asia's economic
woes. The Fund, however, benefited from its exposure to technology stocks,
which rebounded strongly in January and again before the period ended.
25
<PAGE>
Unaudited
About Your Fund
CHASE VISTA SELECT LARGE CAP EQUITY FUND
Also, contributing to performance were financial stocks, which enjoyed solid
returns due to strong corporate earnings and increased merger activity.
OUTLOOK
Although the economic problems in Asia have not spilled over into the domestic
equity market since the end of 1997, they continue to be a source of concern to
global economic growth. That said, we expect to keep the Fund positioned
heavily in defensive stocks and in interest-rate sensitive companies with
relatively attractive valuations.
- --------------------------------- [PIE CHART] ----------------------------------
CHASE VISTA SELECT LARGE CAP EQUITY FUND
COMPOSITION OF TOTAL ASSETS AS OF 4/30/98
<TABLE>
<S> <C>
Investments 99.6%
Cash 0.4%
</TABLE>
- --------------------------------------------------------------------------------
- --------------------------------- [PIE CHART] ----------------------------------
CHASE VISTA SELECT LARGE CAP EQUITY FUND
COMPOSITION OF MARKET VALUE INVESTMENTS AS OF 4/30/98
<TABLE>
<S> <C>
Basic Industry 8.5%
Capital Goods 11.6%
Consumer Cyclicals 13.5%
Consumer Staples 6.9%
Energy 9.5%
Financial 15.8%
Health Care 10.2%
Technology 13.8%
Utilities 3.0%
REITs 2.5%
Other 4.7%
</TABLE>
- --------------------------------------------------------------------------------
26
<PAGE>
Unaudited
About Your Fund
CHASE VISTA SELECT LARGE CAP EQUITY FUND
- --------------------------------------------------------------------------------
TOP 10 HOLDINGS AS OF 4/30/98
- --------------------------------------------------------------------------------
<TABLE>
<S> <C>
EMC Corp. 2.68%
Computer Associates International 2.07%
Xerox Corp. 1.79%
Allstate Corp. 1.67%
Dow Chemical Co. 1.63%
HEALTHSOUTH Corp. 1.59%
Kroger Co. 1.54%
Philip Morris Companies, Inc. 1.50%
Mobil Corp. 1.50%
Unilever NV, ADR 1.47%
</TABLE>
Top 10 holdings comprised 17.44% of Fund's market value of investments. Fund
holdings are subject to change at any time.
- --------------------------------------------------------------------------------
AVERAGE ANNUAL TOTAL RETURNS AS OF 4/30/98+
- --------------------------------------------------------------------------------
<TABLE>
<S> <C>
One Year 41.26%
Five Years 20.22%
Ten Years 16.85%
</TABLE>
Source: Lipper Analytical Services, Inc. Past performance is not indicative of
future results. Investment return and principal value will fluctuate with
market conditions. When shares are redeemed, they may be worth more or less
than their original cost.
+ The quoted performance of Chase Vista Select Large Cap Equity Fund includes
performance of a predecessor account for the period dating back to 4/30/88 and
prior to the Fund's commencement of operations on 1/1/97. Returns are adjusted
to reflect historical expenses at the levels indicated (absent reimbursements)
in the Expense Summary for the Fund as disclosed in the Prospectus. The account
was not registered with the Securities and Exchange Commission and, therefore,
was not subject to the investment restrictions imposed by law on registered
mutual funds. If the account had been registered, the account's performance may
have been adversely affected. Also, the Fund is currently waiving certain fees.
This voluntary waiver may be modified or terminated at any time, which would
reduce returns.
27
<PAGE>
Unaudited
About Your Fund
CHASE VISTA SELECT LARGE CAP EQUITY FUND
- ---------------------------------- [LINE CHART] --------------------------------
GROWTH OF HYPOTHETICAL $10,000 INVESTMENT IN
CHASE VISTA SELECT LARGE CAP EQUITY FUND+
AND ITS KEY BENCHMARKS
<TABLE>
<CAPTION>
Chase Vista
Select Lipper
Large Cap S&P 500 Growth Funds
Equity Fund Index Avg.
<S> <C> <C> <C>
4/88 10000 10000 10000
4/89 12323 12288 11912
4/90 13517 13582 12834
4/91 15974 15970 15088
4/92 17980 18205 17289
4/93 19307 19885 18931
4/94 20339 20944 20543
4/95 22621 24592 22749
4/96 28847 32012 29604
4/97 34336 40048 33219
4/30/98 48476 56489 46266
</TABLE>
- --------------------------------------------------------------------------------
Source: Lipper Analytical Services, Inc. Past performance is not indicative of
future results. Investment return and principal value will fluctuate with
market conditions. When shares are redeemed, they may be worth more or less
than their original cost.
This chart illustrates comparative performance for $10,000 invested in Shares
of Chase Vista Select Large Cap Equity Fund, the Standard & Poor's 500 Index
and the Lipper Growth Funds Average for the ten years ended 4/30/98. The
performance of the Fund assumes reinvestment of all dividends and capital
gains. The performance of the average and the index does not include a sales
charge and has been adjusted to reflect the reinvestment of all dividends and
capital gains on the securities included in the benchmark.
The Standard & Poor's 500 Index is a broad-based index that is generally
considered representative of the U.S. stock market. The index is unmanaged and
reflects reinvestment of dividends. An individual cannot invest in the index.
The Lipper Growth Funds Average represents the average performance of a
universe of 1006 actively managed growth mutual funds. Lipper is an independent
mutual fund performance monitor whose results are based on total return and do
not reflect a sales charge.
+ The quoted performance of Chase Vista Select Large Cap Equity Fund includes
performance of a predecessor account for the period dating back to 4/30/88 and
prior to the Fund's commencement of operations on 1/1/97. Returns are adjusted
to reflect historical expenses at the levels indicated (absent reimbursements)
in the Expense Summary for the Fund as disclosed in the Prospectus. The account
was not registered with the Securities and Exchange Commission and, therefore,
was not subject to the investment restrictions imposed by law on registered
mutual funds. If the account had been registered, the account's performance may
have been adversely affected. Also, the Fund is currently waiving certain fees.
This voluntary waiver may be modified or terminated at any time, which would
reduce returns.
28
<PAGE>
Chase Vista Select Large Cap Equity Fund
Portfolio of Investments April 30, 1998 (Unaudited)
<TABLE>
<CAPTION>
Shares Issuer Value
- --------------------------------------------------------------------
Long-Term Investments -- 98.6%
- --------------------------------------------------------------------
<S> <C> <C>
Common Stock -- 98.6%
---------------------
Aerospace -- 1.3%
22,000 General Dynamics Corp. $ 929,500
16,500 United Technologies, Corp. 1,624,219
----------
2,553,719
----------
Agricultural Production/Services -- 1.7%
32,000 Case Corp. 2,034,000
20,000 Deere & Co. 1,168,750
----------
3,202,750
----------
Automotive -- 1.5%
34,500 Ford Motor Co. 1,580,531
19,000 General Motors 1,280,125
----------
2,860,656
----------
Banking -- 5.9%
18,000 BankAmerica Corp. 1,530,000
27,000 Comerica, Inc. 1,807,313
31,000 National City Corp. 2,146,750
26,000 NationsBank Corp. 1,969,500
44,400 Norwest Corp. 1,762,125
16,000 U.S. Bancorp 2,032,000
----------
11,247,688
----------
Broadcasting -- 2.0%
66,000 Comast Corp., Special Class A 2,363,625
44,534 Tele-Communications, TCI Group,
Class A* 1,436,222
----------
3,799,847
----------
Chemicals -- 2.1%
32,000 Dow Chemical Co. 3,094,000
30,000 Morton International, Inc. 960,000
----------
4,054,000
----------
Computer Software -- 2.1%
67,200 Computer Associates International 3,935,400
----------
Computers/Computer Hardware -- 8.4%
32,000 Analog Devices, Inc.* 1,246,000
43,000 Bay Networks, Inc.* 1,007,813
40,500 Compaq Computer Corp.* 1,136,531
</TABLE>
See notes to financial statements.
29
<PAGE>
Chase Vista Select Large Cap Equity Fund
Portfolio of Investments April 30, 1998 (Unaudited) (continued)
<TABLE>
<CAPTION>
Shares Issuer Value
- ---------------------------------------------------------------------
Long-Term Investments -- (continued)
- ---------------------------------------------------------------------
<S> <C> <C>
15,700 Dell Computer Corp.* $1,267,775
110,600 EMC Corp.* 5,101,425
31,700 Gateway 2000 Inc.* 1,860,394
41,500 Quantum Corp.* 975,250
12,900 Storage Technology Corp.* 1,089,244
55,500 Sun Microsystems, Inc.* 2,285,906
----------
15,970,338
----------
Consumer Products -- 2.3%
17,500 Colgate-Palmolive Co. 1,569,531
76,500 Philip Morris Companies, Inc. 2,854,406
----------
4,423,937
----------
Diversified -- 2.0%
90,000 Canadian Pacific, Ltd. 2,649,375
20,000 Tyco International Ltd. 1,090,000
----------
3,739,375
----------
Electronics/Electrical Equipment -- 2.0%
13,500 Intel Corp. 1,090,969
16,400 Linear Technology Corp. 1,320,200
22,000 Texas Instruments 1,409,375
----------
3,820,544
----------
Entertainment/Leisure -- 3.2%
28,000 Carnival Corp., Class A 1,947,750
27,000 Time Warner, Inc. 2,119,500
35,000 Viacom, Inc. Class B* 2,030,000
----------
6,097,250
----------
Financial Services -- 4.9%
12,000 American Express Co. 1,224,000
34,159 Associates First Capital Corp. 2,553,385
8,800 Beneficial Corporation 1,147,300
33,000 Morgan Stanley, Dean Witter,
Discover and Co. 2,602,875
50,932 Tele-Communications TCI Ventures
Group, Class A* 830,828
16,000 Travelers, Inc. 979,000
----------
9,337,388
----------
Food/Beverage Products -- 4.6%
65,500 PepsiCo., Inc. 2,599,531
</TABLE>
See notes to financial statements.
30
<PAGE>
Chase Vista Select Large Cap Equity Fund
Portfolio of Investments April 30, 1998 (Unaudited) (continued)
<TABLE>
<CAPTION>
Shares Issuer Value
- ---------------------------------------------------------------------
Long-Term Investments -- (continued)
- ---------------------------------------------------------------------
<S> <C> <C>
35,000 Quaker Oats Co. $1,820,000
14,000 Ralston-Ralston Purina Group 1,484,000
37,500 Unilever NV, ADR 2,798,438
----------
8,701,969
----------
Health Care/Health Care Services -- 5.2%
62,500 Columbia/HCA Healthcare Corp. 2,058,594
15,000 Guidant Corp. 1,003,125
100,000 HEALTHSOUTH Corp.* 3,018,750
54,900 Tenet Healthcare Corp.* 2,055,319
25,500 United Healthcare Corp. 1,791,375
----------
9,927,163
----------
Insurance -- 3.8%
43,500 ACE, Ltd.# 1,647,563
33,000 Allstate Corp. 3,176,250
16,500 Equitable Companies, Inc. 1,012,688
22,200 MGIC Investment Corp. 1,398,600
----------
7,235,101
----------
Manufacturing -- 3.4%
20,000 Honeywell, Inc. 1,862,500
34,000 Ingersoll-Rand Co. 1,566,125
28,000 Johnson Controls 1,662,500
29,500 Parker Hannifin Corp. 1,316,438
----------
6,407,563
----------
Media/Advertising -- 0.8%
33,000 Omnicom Group, Inc. 1,563,375
----------
Office/Business Equipment -- 1.8%
30,000 Xerox Corp. 3,405,000
----------
Oil & Gas -- 9.5%
35,000 Apached Corp. 1,238,125
23,000 Baker Hughes Inc. 931,500
12,500 British Petroleum PLC, ADR
(United Kingdom) 1,181,250
36,000 Coastal Corp. 2,571,750
42,000 Dresser Industries, Inc. 2,220,750
36,000 Mobil Corp. 2,844,000
13,000 Schlumberger, Ltd. 1,077,375
37,300 Texaco, Inc. 2,293,950
</TABLE>
See notes to financial statements.
31
<PAGE>
Chase Vista Select Large Cap Equity Fund
Portfolio of Investments April 30, 1998 (Unaudited) (continued)
<TABLE>
<CAPTION>
Shares Issuer Value
- ------------------------------------------------------------------
Long-Term Investments -- (continued)
- ------------------------------------------------------------------
<S> <C> <C>
29,000 Tosco Corp. $1,033,125
44,200 USX-Marathon Group 1,582,913
34,000 Williams Companies, Inc. 1,075,250
----------
18,049,988
----------
Packaging -- 0.9%
43,000 Owens-Illinois, Inc.* 1,701,188
----------
Paper/Forest Products -- 1.5%
19,000 Fort James Corporation 942,875
52,000 Willamette Industries, Inc. 2,018,250
----------
2,961,125
----------
Pharmaceuticals -- 4.9%
15,000 Bristol-Myers Squibb Co. 1,588,125
16,000 Pfizer, Inc. 1,821,000
57,000 Pharmacia & Upjohn, Inc. 2,397,563
25,000 Schering-Plough Corp. 2,003,125
26,000 SmithKline Beecham PLC, ADR 1,548,625
----------
9,358,438
----------
Printing & Publishing -- 1.9%
29,000 Dun & Bradstreet Corp. 1,029,500
35,500 New York Times Company, Class A 2,518,281
----------
3,547,781
----------
Real Estate Investment Trust -- 2.5%
32,344 Equity Office Properties Trust 919,783
20,000 Equity Residential Properties Trust 982,500
44,000 Public Storage, Inc. 1,353,000
47,000 Security Capital Group Inc., Class B* 1,421,750
----------
4,677,033
----------
Retailing -- 7.8%
40,000 American Stores Co. 960,000
37,000 Costco Companies, Inc.* 2,067,375
22,000 CVS Corp. 1,622,500
23,000 Dayton-Hudson Corp. 2,008,188
45,000 Federated Department Stores* 2,213,438
70,000 Kroger Co.* 2,931,250
58,000 Safeway, Inc.* 2,218,500
25,000 TJX Companies, Inc. 1,106,250
----------
15,127,501
----------
</TABLE>
See notes to financial statements.
32
<PAGE>
Chase Vista Select Large Cap Equity Fund
Portfolio of Investments April 30, 1998 (Unaudited) (continued)
<TABLE>
<CAPTION>
Shares Issuer Value
- ------------------------------------------------------------------------
Long-Term Investments -- (continued)
- ------------------------------------------------------------------------
<S> <C> <C>
Telecommunications -- 6.8%
28,000 Airtouch Communications, Inc.* $ 1,487,500
7,000 AT&T Corp. 420,438
26,000 Bell Atlantic Corp. 2,432,625
43,000 BellSouth Corp. 2,760,063
28,000 GTE Corp. 1,636,250
22,000 Sprint Corp. 1,502,875
62,000 WorldCom, Inc.* 2,652,438
------------
12,892,189
------------
Toys & Games -- 0.8%
38,000 Mattel, Inc. 1,455,875
------------
Utilities -- 3.0%
46,000 CMS Energy Corp. 2,009,625
45,000 FPL Group Inc. 2,792,805
23,000 GPU, Inc. 911,375
------------
5,713,805
=================================================================
Total Long-Term Investments 187,767,986
(Cost $129,910,528)
=================================================================
Principal
Amount
(USD) Issuer Value
- ------------------------------------------------------------------------
Short-Term Investments -- 1.2%
- ------------------------------------------------------------------------
Time Deposits -- 1.2%
---------------------
$2,235,000 Deutsche Bank AG (Germany) 2,235,000
(Cost $2,235,000)
========================================================================
Total Investments 99.8% $190,002,986
(Cost $132,145,528)
========================================================================
</TABLE>
See notes to financial statements.
33
<PAGE>
Unaudited
About Your Fund
CHASE VISTA SELECT LARGE CAP GROWTH FUND
- --------------------------------------------------------------------------------
FUND FACTS
- --------------------------------------------------------------------------------
<TABLE>
<S> <C>
Objective: Capital growth
Primary investments: Large cap common stocks
Suggested investment
time frame: Long-term
Market benchmark: S&P 500 Index
Lipper funds category: Growth Funds Average
Inception date: 1/1/97
Newspaper symbol: LgCapGr
As of April 30, 1998
Net assets: $650.0 million
</TABLE>
PERFORMANCE
Chase Vista Select Large Cap Growth Fund had a total return of 25.28% for the
six-month period ended April 30, 1998, beating the Lipper Growth Funds Average
which returned 17.32%.
STRATEGY
A flight to quality among investors due to the Asian crisis coupled with
consistent earnings growth and expanding profit margins among large-cap stocks
contributed favorably to the Fund's performance.
Early in the period, the turmoil in Asia had a significant impact on global
markets as investors feared a dramatic slowdown in global economic growth. The
Fund benefited from this scenario because many investors did what they have
historically done during periods of uncertainty; they turned to the types of
stocks in which the Fund invests: stocks of high-quality, large-capitalization
companies that are leaders in their respective industry.
Specifically, the Fund enjoyed strong performance from health care stocks, most
notably Pfizer and Warner Lambert. The Fund realized good performance from
standard-setting technology stocks, such as Microsoft, Intel, Dell and EMC, a
data storage company. Capital goods stocks, such as Tyco International, also
contributed favorably to the Fund's performance.
34
<PAGE>
Unaudited
About Your Fund
CHASE VISTA SELECT LARGE CAP GROWTH FUND
OUTLOOK
While the Asian crisis has not been a significant threat to the global economy
in recent months, it remains a concern among investors. That said, we believe
our emphasis on high-quality, large-cap companies with consistent earnings
growth and strong market share in their respective industries will be among the
better performers in the months ahead. We expect to use any market downturn to
add to existing positions of attractively priced stocks and establish new
positions in companies whose fundamentals meet our strict criteria for
long-term investment.
- --------------------------------- [PIE CHART] ----------------------------------
CHASE VISTA SELECT LARGE CAP GROWTH FUND
COMPOSITION OF TOTAL ASSETS AS OF 4/30/98
<TABLE>
<S> <C>
Investments 99.5%
Cash 0.5%
</TABLE>
- --------------------------------------------------------------------------------
- --------------------------------- [PIE CHART] ----------------------------------
CHASE VISTA SELECT LARGE CAP GROWTH FUND
COMPOSITION OF MARKET VALUE INVESTMENTS AS OF 4/30/98
<TABLE>
<S> <C>
Basic Industry 2.0%
Capital Goods 8.6%
Consumer Cyclicals 8.9%
Consumer Staples 7.8%
Energy 4.8%
Financial 14.9%
Health Care 14.0%
Technology 26.6%
Transportation 1.3%
Other 11.1%
</TABLE>
- --------------------------------------------------------------------------------
35
<PAGE>
Unaudited
About Your Fund
CHASE VISTA SELECT LARGE CAP GROWTH FUND
- --------------------------------------------------------------------------------
TOP 10 HOLDINGS AS OF 4/30/98
- --------------------------------------------------------------------------------
<TABLE>
<S> <C>
Dell Computer Corp. 4.29%
Pfizer Inc. 4.25%
Warner Lambert Co. 3.57%
Tyco International Ltd. 3.56%
Illinois Tool Works, Inc. 3.25%
EMC Corp. 2.84%
General Electric Co. 2.62%
Procter & Gamble Co. 2.53%
Honeywell Inc. 2.47%
American International Group 2.28%
</TABLE>
Top 10 holdings comprised 31.66% of Fund's market value of investments. Fund
holdings are subject to change at any time.
- --------------------------------------------------------------------------------
AVERAGE ANNUAL TOTAL RETURNS AS OF 4/30/98+
- --------------------------------------------------------------------------------
<TABLE>
<S> <C>
One Year 50.47%
Five Years 21.32%
Ten Years 16.93%
</TABLE>
Source: Lipper Analytical Services, Inc. Past performance is not indicative of
future results. Investment return and principal value will fluctuate with
market conditions. When shares are redeemed, they may be worth more or less
than their original cost.
+ The quoted performance of Chase Vista Select Large Cap Growth Fund includes
performance of a predecessor account for the period dating back to 4/30/88 and
prior to the Fund's commencement of operations on 1/1/97. Returns are adjusted
to reflect historical expenses at the levels indicated (absent reimbursements)
in the Expense Summary for the Fund as disclosed in the Prospectus. The account
was not registered with the Securities and Exchange Commission and, therefore,
was not subject to the investment restrictions imposed by law on registered
mutual funds. If the account had been registered, the account's performance may
have been adversely affected. Also, the Fund is currently waiving certain fees.
This voluntary waiver may be modified or terminated at any time, which would
reduce returns.
36
<PAGE>
Unaudited
About Your Fund
CHASE VISTA SELECT LARGE CAP GROWTH FUND
- ---------------------------------- [LINE CHART] --------------------------------
GROWTH OF HYPOTHETICAL $10,000 INVESTMENT IN
CHASE VISTA SELECT LARGE CAP GROWTH FUND+
AND ITS KEY BENCHMARKS
<TABLE>
<CAPTION>
Chase Vista
Select Lipper
Large Cap S&P 500 Growth Funds
Growth Fund Index Avg.
<S> <C> <C> <C>
4/88 10000 10000 10000
4/89 12095 12288 11912
4/90 13528 13582 12834
4/91 15457 15970 15088
4/92 17376 18205 17289
4/93 18954 19885 18931
4/94 19623 20944 20543
4/95 23209 24592 22749
4/96 29129 32012 29604
4/97 33129 40048 33219
4/30/98 49851 56489 46266
</TABLE>
- --------------------------------------------------------------------------------
Source: Lipper Analytical Services, Inc. Past performance is not indicative of
future results.
Investment return and principal value will fluctuate with market conditions.
When shares are redeemed, they may be worth more or less than their original
cost.
This chart illustrates comparative performance for $10,000 invested in Shares
of Chase Vista Select Large Cap Growth Fund, the Standard & Poor's 500 Index
and the Lipper Growth Funds Average for the ten years ended 4/30/98. The
performance of the Fund assumes reinvestment of all dividends and capital
gains. The performance of the average and the index does not include a sales
charge and has been adjusted to reflect the reinvestment of all dividends and
capital gains on the securities included in the benchmark.
The Standard & Poor's 500 Index is a broad-based index that is generally
considered representative of the U.S. stock market. The index is unmanaged and
reflects reinvestment of dividends. An individual cannot invest in the index.
The Lipper Growth Funds Average represents the average performance of a
universe of 1006 actively managed growth mutual funds. Lipper is an independent
mutual fund performance monitor whose results are based on total return and do
not reflect a sales charge.
+ The quoted performance of Chase Vista Select Large Cap Growth Fund includes
performance of a predecessor account for the period dating back to 4/30/88 and
prior to the Fund's commencement of operations on 1/1/97. Returns are adjusted
to reflect historical expenses at the levels indicated (absent reimbursements)
in the Expense Summary for the Fund as disclosed in the Prospectus. The account
was not registered with the Securities and Exchange Commission and, therefore,
was not subject to the investment restrictions imposed by law on registered
mutual funds. If the account had been registered, the account's performance may
have been adversely affected. Also, the Fund is currently waiving certain fees.
This voluntary waiver may be modified or terminated at any time, which would
reduce returns.
37
<PAGE>
Chase Vista Select Large Cap Growth Fund
Portfolio of Investments April 30, 1998 (Unaudited)
<TABLE>
<CAPTION>
Shares Issuer Value
- -------------------------------------------------------------------
Long-Term Investments -- 99.7%
- -------------------------------------------------------------------
<S> <C> <C>
Common Stock -- 99.7%
---------------------
Airlines -- 0.6%
25,000 AMR Corp.* $3,809,375
----------
Appliances & Household Durables -- 2.5%
172,500 Honeywell, Inc. 16,064,063
----------
Banking -- 5.0%
160,000 Banc Once Corp. 9,410,000
40,000 Citicorp 6,020,000
100,000 First Virginia Banks, Inc. 5,587,500
25,000 Mellon Bank Corp. 1,800,000
200,000 Norwest Corp. 7,937,500
5,000 Wells Fargo & Co. 1,842,500
----------
32,597,500
----------
Business Services -- 1.8%
100,000 Automatic Data Processing, Inc. 6,693,750
62,500 Avery Dennison Corp. 3,273,438
75,000 Cendant Corp.* 1,879,688
----------
11,846,876
----------
Chemicals -- 1.4%
72,500 Air Products and Chemicals, Inc. 6,302,969
75,000 Morton International, Inc. 2,400,000
----------
8,702,969
----------
Computer Software -- 6.0%
175,000 Cisco Systems, Inc.* 12,818,750
175,000 Computer Associates International 10,248,438
175,000 First Data Corp. 5,928,125
110,000 Microsoft Corp.* 9,913,750
----------
38,909,063
----------
Computers/Computer Hardware -- 12.6%
145,000 3Com Corp.* 4,966,250
260,000 Compaq Computer Corp.* 7,296,250
345,000 Dell Computer Corp.* 27,858,750
400,000 EMC Corp.* 18,450,000
25,000 Gateway 2000 Inc.* 1,467,188
100,000 Hewlett-Packard Co. 7,531,250
125,000 International Business Machines Corp. 14,484,375
----------
82,054,063
----------
</TABLE>
See notes to financial statements.
38
<PAGE>
Chase Vista Select Large Cap Growth Fund
Portfolio of Investments April 30, 1998 (Unaudited) (continued)
<TABLE>
<CAPTION>
Shares Issuer Value
- ---------------------------------------------------------------------
Long-Term Investments -- (continued)
- ---------------------------------------------------------------------
<S> <C> <C>
Consumer Products -- 4.9%
22,500 Gillette Co. $2,597,344
192,500 Philip Morris Companies, Inc. 7,182,656
200,000 Procter & Gamble Co. 16,437,500
15,000 Ralston-Ralston Purina Group 1,590,000
100,000 Service Corp. International 4,125,000
----------
31,932,500
----------
Diversified -- 7.0%
117,500 Corning Inc. 4,700,000
77,500 Crane Co. 4,170,469
150,000 Dover Corp. 5,925,000
112,500 Federal Signal Corp. 2,411,719
100,000 National Service Industries, Inc. 5,412,500
425,000 Tyco International Ltd. 23,162,500
----------
45,782,188
----------
Electronics/Electrical Equipment -- 6.8%
25,000 2Applied Materials, Inc.* 903,125
200,000 General Electric Co. 17,025,000
55,000 Grainger (W.W.), Inc. 5,991,563
100,000 Intel Corp. 8,081,250
118,000 Molex Inc., Class A 3,171,250
118,000 Molex, Inc. 3,377,750
100,000 Motorola, Inc. 5,562,500
----------
44,112,438
----------
Entertainment/Leisure -- 1.9%
175,000 Carnival Corp., Class A 12,173,438
----------
Financial Services -- 3.8%
55,000 American Express Co. 5,610,000
150,000 Charles Schwab Corp. 5,250,000
10,000 Donaldson Lufkin & Jenrette* 948,125
75,000 Federal Home Loan Mortgage Corp. 3,473,438
50,000 Franklin Resources, Inc. 2,675,000
37,500 Lehman Brothers Holding, Inc. 2,664,844
12,500 Merrill Lynch & Co. 1,096,875
25,000 Morgan Stanley, Dean Witter,
Discover and Co. 1,971,875
25,000 Paine Webber Group, Inc. 1,120,313
----------
24,810,470
----------
</TABLE>
See notes to financial statements.
39
<PAGE>
Chase Vista Select Large Cap Growth Fund
Portfolio of Investments April 30, 1998 (Unaudited) (continued)
<TABLE>
<CAPTION>
Shares Issuer Value
- -----------------------------------------------------------
Long-Term Investments -- (continued)
- -----------------------------------------------------------
<S> <C> <C>
Food/Beverage Products -- 2.9%
55,000 Bestfoods $3,018,125
12,500 Coca-Cola Co. 948,438
175,000 PepsiCo., Inc. 6,945,313
85,000 Safeway, Inc.* 3,251,250
200,000 Sysco Corp. 4,762,500
----------
18,925,626
----------
Health Care/Health Care Services -- 0.5%
35,000 Columbia/HCA Healthcare Corp. 1,152,813
65,000 HEALTHSOUTH Corp.* 1,962,188
----------
3,115,001
----------
Insurance -- 5.7%
25,000 ACE, Ltd.# 946,875
25,000 Allstate Corp. 2,406,250
112,500 American International Group 14,800,781
40,000 General Re Corp. 8,942,500
100,000 MGIC Investment Corp. 6,300,000
57,500 SunAmerica, Inc. 2,871,406
15,000 Travelers, Inc. 917,813
----------
37,185,625
----------
Machinery & Engineering Equipment -- 1.2%
150,000 Dresser Industries, Inc. 7,931,250
----------
Manufacturing -- 3.3%
300,000 Illinois Tool Works, Inc. 21,150,000
----------
Multi-Media -- 4.0%
200,000 Gannett Co., Inc. 13,587,500
100,000 The Walt Disney Co. 12,431,250
----------
26,018,750
----------
Oil & Gas -- 4.8%
5,000 Atlantic Richfield Co. (ARCO) 390,000
10,000 British Petroleum PLC, ADR
(United Kingdom) 945,000
35,000 Enron Corp. 1,721,563
100,000 Exxon Corp. 7,293,750
60,000 Halliburton Company 3,300,000
120,000 Mobil Corp. 9,480,000
</TABLE>
See notes to financial statements.
40
<PAGE>
Chase Vista Select Large Cap Growth Fund
Portfolio of Investments April 30, 1998 (Unaudited) (continued)
<TABLE>
<CAPTION>
Shares Issuer Value
- ---------------------------------------------------------------
Long-Term Investments -- (continued)
- ---------------------------------------------------------------
<S> <C> <C>
25,000 Royal Dutch Petroleum Co., New
York Registered Shares
(Netherlands) $ 1,414,063
50,000 Tidewater, Inc. 1,981,250
150,000 Williams Companies, Inc. 4,743,750
------------
31,269,376
------------
Pharmaceuticals -- 13.6%
150,000 Abbot Laboratories 10,968,750
65,000 Bristol-Myers Squibb Co. 6,881,875
150,000 Johnson & Johnson 10,706,250
72,500 Merck & Company, Inc. 8,736,250
242,500 Pfizer, Inc. 27,599,531
122,500 Warner-Lambert Co. 23,175,461
------------
88,068,117
------------
Printing & Publishing -- 1.5%
150,000 Tribune Co. 9,900,000
------------
Retailing -- 5.2%
60,000 Dayton-Hudson Corp. 5,238,750
150,000 Home Depot, Inc. 10,443,750
100,000 May Department Stores 6,168,750
350,000 Walgreen Co. 12,075,000
------------
33,926,250
------------
Shipping/Transportation -- 0.7%
45,000 Burlington Northern Santa Fe 4,455,000
------------
Telecommunications -- 2.0%
230,000 Airtouch Communications, Inc. 12,218,750
10,000 Lucent Technologies, Inc. 761,250
------------
12,980,000
===========================================================
Total Long-Term Investments $647,719,938
(Cost $319,663,516)
===========================================================
</TABLE>
See notes to financial statements.
41
<PAGE>
Chase Vista Select Large Cap Growth Fund
Portfolio of Investments April 30, 1998 (Unaudited) (continued)
<TABLE>
<CAPTION>
Principal
Amount
(USD) Issuer Value
- ------------------------------------------------------------
Short-Term Investments -- 0.3%
- ------------------------------------------------------------
<S> <C> <C>
Time Deposits -- 0.3%
---------------------
$ 2,094,000 Deutsche Bank AG (Germany) $ 2,094,000
(Cost $2,094,000)
============================================================
Total Investments 100.0% $649,813,938
(Cost $321,757,516)
============================================================
</TABLE>
See notes to financial statements.
42
<PAGE>
Unaudited
About Your Fund
CHASE VISTA SELECT
NEW GROWTH OPPORTUNITIES FUND
- --------------------------------------------------------------------------------
FUND FACTS
- --------------------------------------------------------------------------------
<TABLE>
<S> <C>
Objective: Capital growth
Primary investments: Small- to mid-cap common stocks
Suggested investment
time frame: Long-term
Market benchmark: Russell 2000 Index
Lipper funds category: Mid Cap Growth Funds Average
Inception date: 1/1/97
Newspaper symbol: NewGrOp
As of April 30, 1998
Net assets: $139.8 million
</TABLE>
PERFORMANCE
Chase Vista Select New Growth Opportunities Fund had a total return of 21.27%
for the six-month period ended April 30, 1998, beating the Lipper Mid Cap
Growth Funds Average which returned 14.40%.
STRATEGY
The Fund's strong investments results were mainly due to superior stock
selection and a generally favorable environment for equities.
Like virtually all equity portfolios, the Fund came under pressure early in the
period due to the impact of the Asian crisis. However, the management team used
that opportunity to purchase shares in what it believed were fundamentally
strong growth companies at attractive prices. Many of these stocks were in the
technology, telecommunications and health care sectors. This strategy proved
rewarding later in the period, as many of these stocks rebounded along with the
overall market.
Some of the better performing stocks included Ventana Medical Systems and
Arterial Vascular Engineering in the health care sector, Qwest Communications
and Nextlink in the telecommunications sector and CBT Group and Sterling
Software in the technology sector. Other notables included Linens N Things
(retail) and Outdoor Systems (advertising).
43
<PAGE>
Unaudited
About Your Fund
CHASE VISTA SELECT
NEW GROWTH OPPORTUNITIES FUND
OUTLOOK
Despite the stock market's strong performance in recent years, we are still
finding good values in the small and medium cap arena. While the economic
problems in Asia continue to be a source of concern to us, we believe any
meaningful correction will create additional buying opportunities at attractive
prices.
- --------------------------------- [PIE CHART] ----------------------------------
CHASE VISTA SELECT NEW GROWTH OPPORTUNITIES FUND
COMPOSITION OF TOTAL ASSETS AS OF 4/30/98
<TABLE>
<S> <C>
Investments 100%
</TABLE>
- --------------------------------------------------------------------------------
- --------------------------------- [PIE CHART] ----------------------------------
CHASE VISTA NEW GROWTH OPPORTUNITIES FUND
COMPOSITION OF MARKET VALUE INVESTMENTS AS OF 4/30/98
<TABLE>
<S> <C>
Basic Industry 2.9%
Capital Goods 2.8%
Consumer Cyclicals 16.3%
Consumer Staples 8.4%
Energy 3.7%
Financial 16.7%
Health Care 14.5%
Technology 22.5%
Transportation 0.5%
Other 11.7%
</TABLE>
- --------------------------------------------------------------------------------
44
<PAGE>
Unaudited
About Your Fund
CHASE VISTA SELECT
NEW GROWTH OPPORTUNITIES FUND
- --------------------------------------------------------------------------------
TOP 10 HOLDINGS AS OF 4/30/98
- --------------------------------------------------------------------------------
<TABLE>
<S> <C>
Deutsche Bank AG (Germany)* 5.61%
Newpark Resources Inc. 2.06%
Chancelor Media Corp. 2.03%
Waters Corp. 1.91%
Noble Drilling Corp. 1.87%
Safeway, Inc. 1.63%
Uniphase Corp. 1.55%
MRV Communications Inc. 1.53%
Outdoor Systems, Inc. 1.53%
Saville Systems (Ireland) PLC 1.42%
</TABLE>
Top 10 holdings comprised 21.14% of Fund's market value of investments. Fund
holdings are subject to change at any time. *A non-equity security holding.
- --------------------------------------------------------------------------------
AVERAGE ANNUAL TOTAL RETURNS AS OF 4/30/98+
- --------------------------------------------------------------------------------
<TABLE>
<S> <C>
One Year 51.45%
Five Years 16.01%
Since Inception (4/30/89) 14.61%
</TABLE>
Source: Lipper Analytical Services, Inc. Past performance is not indicative of
future results. Investment return and principal value will fluctuate with
market conditions. When shares are redeemed, they may be worth more or less
than their original cost.
+ The quoted performance of Chase Vista Select New Growth Opportunities Fund
includes performance of a predecessor account for the period dating back to
4/30/89 and prior to the Fund's commencement of operations on 1/1/97. Returns
are adjusted to reflect historical expenses at the levels indicated (absent
reimbursements) in the Expense Summary for the Fund as disclosed in the
Prospectus. The account was not registered with the Securities and Exchange
Commission and, therefore, was not subject to the investment restrictions
imposed by law on registered mutual funds. If the account had been registered,
the account's performance may have been adversely affected. Also, the Fund is
currently waiving certain fees. This voluntary waiver may be modified or
terminated at any time, which would reduce returns.
45
<PAGE>
Unaudited
About Your Fund
CHASE VISTA SELECT
NEW GROWTH OPPORTUNITIES FUND
- ---------------------------------- [LINE CHART] --------------------------------
GROWTH OF HYPOTHETICAL $10,000 INVESTMENT IN
CHASE VISTA SELECT NEW GROWTH OPPORTUNITIES FUND+
AND ITS KEY BENCHMARKS
<TABLE>
<CAPTION>
Chase Vista
Select Lipper
New Growth Russell Mid Cap
Opportunities 2000 Growth Funds
Fund Index Avg.
<S> <C> <C> <C>
4/89 10000 10000 10000
4/90 9741 9778 10821
4/91 11646 10775 13173
4/92 13809 12612 15476
4/93 16247 14601 17283
4/94 18514 16757 19661
4/95 19909 17969 21652
4/96 24416 23901 29370
4/97 22552 23916 29590
4/30/98 34155 34056 42192
</TABLE>
- --------------------------------------------------------------------------------
Source: Lipper Analytical Services, Inc. Past performance is not indicative of
future results. Investment return and principal value will fluctuate with
market conditions. When shares are redeemed, they may be worth more or less
than their original cost.
This chart illustrates comparative performance for $10,000 invested in Shares
of Chase Vista Select New Growth Opportunities Fund, the Russell 2000 Index and
the Lipper Mid Cap Growth Funds Average from 5/31/89 to 4/30/98. The
performance of the Fund assumes reinvestment of all dividends and capital
gains. The performance of the average and the index does not include a sales
charge and has been adjusted to reflect the reinvestment of all dividends and
capital gains on the securities included in the benchmark.
The Russell 2000 index tracks the shares of 2,000 small-capitalization
companies. The index is unmanaged and reflects the reinvestment of dividends.
An individual cannot invest in the index.
The Lipper Mid-Cap Growth Funds Average represents the average performance of a
universe of 315 actively managed mid-cap growth mutual funds. Lipper is an
independent mutual fund performance monitor whose results are based on total
return and do not reflect a sales charge.
+ The quoted performance of Chase Vista Select New Growth Opportunities Fund
includes performance of a predecessor account for the period dating back to
4/30/89 and prior to the Fund's commencement of operations on 1/1/97. Returns
are adjusted to reflect historical expenses at the levels indicated (absent
reimbursements) in the Expense Summary for the Fund as disclosed in the
Prospectus. The account was not registered with the Securities and Exchange
Commission and, therefore, was not subject to the investment restrictions
imposed by law on registered mutual funds. If the account had been registered,
the account's performance may have been adversely affected. Also, the Fund is
currently waiving certain fees. This voluntary waiver may be modified or
terminated at any time, which would reduce returns.
Small capitalization funds typically carry more risk than stock funds investing
in well-established "blue-chip" companies since smaller companies generally
have a higher risk of failure. Historically, smaller companies' stock has
experienced a greater degree of market volatility than the average stock.
46
<PAGE>
Chase Vista Select New Growth Opportunities Fund
Portfolio of Investments April 30, 1998 (Unaudited)
<TABLE>
<CAPTION>
Shares Issuer Value
- -------------------------------------------------------------------
Long-Term Investments -- 94.7%
- -------------------------------------------------------------------
<S> <C> <C>
Common Stock -- 94.7%
---------------------
Advertising -- 2.2%
40,000 Getty Images, Inc.* $ 915,000
67,625 Outdoor Systems, Inc. 2,147,094
----------
3,062,094
----------
Apparel -- 1.1%
25,000 Tommy Hilfiger Corp.* 1,525,000
----------
Automotive -- 0.6%
15,000 Tower Automotive, Inc.* 799,688
----------
Banking -- 5.4%
15,000 Bank United Corp., Class A 776,250
25,000 Cullen/Frost Bankers, Inc. 1,462,500
40,000 North Fork Bancorporation, Inc. 1,485,000
34,200 Peoples Heritage Financial Group, Inc. 1,650,150
30,000 Southwest Bancorp of Texas* 1,200,000
20,000 Zions Bancorporation 1,022,500
----------
7,596,400
----------
Biotechnology -- 1.2%
45,000 BioReliance Corp.* 697,500
40,000 Pharmaceutical Product
Development, Inc.* 1,002,500
----------
1,700,000
----------
Broadcasting -- 1.9%
10,100 Clear Channel Communications, Inc.* 951,925
40,000 Heftel Broadcasting Corp.* 1,755,000
----------
2,706,925
----------
Business Services -- 8.2%
20,000 Abacus Direct Corp.* 1,137,500
45,000 Apollo Group, Inc., Class A* 1,541,250
25,000 Interim Services, Inc.* 815,625
42,500 Maximus, Inc.* 1,338,750
25,000 Paychex, Inc. 1,357,813
60,000 PMT Services, Inc.* 1,170,000
30,000 Robert Half International, Inc.* 1,623,750
35,000 Snyder Communications, Inc.* 1,487,500
30,000 United Rentals, Inc.* 1,033,125
----------
11,505,313
----------
</TABLE>
See notes to financial statements.
47
<PAGE>
Chase Vista Select New Growth Opportunities Fund
Portfolio of Investments April 30, 1998 (Unaudited) (continued)
<TABLE>
<CAPTION>
Shares Issuer Value
- ---------------------------------------------------------------------
Long-Term Investments -- (continued)
- ---------------------------------------------------------------------
<S> <C> <C>
Computer Software -- 11.8%
40,000 American Management Systems, Inc.* $1,157,500
35,000 AXENT Technologies, Inc.* 918,750
20,000 CBT Group PLC, ADR* 1,017,500
26,250 CSG Systems International, Inc.* 1,194,375
20,000 E*TRADE Group, Inc.* 498,750
20,000 J.D. Edwards* 712,500
37,500 Gartner Group, Inc., Class A 1,242,188
15,000 Hyperion Software Corp.* 650,625
55,000 Memco Software Ltd. (Israel)* 1,650,000
32,500 New Era of Networks, Inc.* 861,250
20,000 SCM Microsystems, Inc.* 1,365,000
39,815 Sterling Commerce, Inc.* 1,694,626
65,000 Sterling Software, Inc. 1,718,438
60,000 TSI International Software Ltd.* 1,320,000
15,000 Wind River Systems* 519,375
----------
16,520,877
----------
Computers/Computer Hardware -- 1.4%
40,000 Saville Systems (Ireland) PLC 1,995,000
----------
Construction Materials -- 0.9%
50,000 Wilmar Industries, Inc.* 1,193,750
----------
Consumer Products -- 4.5%
12,500 Danaher Corp. 898,438
50,000 Equity Corp.* 1,240,625
60,000 Furniture Brands International, Inc.* 1,762,500
22,500 Jones Apparel Group, Inc.* 1,345,781
23,750 Pacific Sunwear of California* 1,047,969
----------
6,295,313
----------
Electronics/Electrical Equipment -- 7.5%
14,000 Lernout & Hauspie Speech Products
N.V.* 892,500
20,000 Linear Technology Corp. 1,610,000
80,000 MRV Communications Inc.* 2,150,000
130,000 Pericm Semiconductor Corp.* 1,186,250
25,000 Rambus Inc.* 1,123,438
40,000 Uniphase Corp. 2,170,000
30,000 Xilinx, Inc.* 1,372,500
----------
10,504,688
----------
</TABLE>
See notes to financial statements.
48
<PAGE>
Chase Vista Select New Growth Opportunities Fund
Portfolio of Investments April 30, 1998 (Unaudited) (continued)
<TABLE>
<CAPTION>
Shares Issuer Value
- ------------------------------------------------------------------
Long-Term Investments -- (continued)
- ------------------------------------------------------------------
<S> <C> <C>
Entertainment/Leisure -- 1.7%
20,000 Anchor Gaming* $1,685,000
17,500 Family Golf Centers, Inc.* 737,188
----------
2,422,188
----------
Environmental Services -- 4.3%
64,000 Allied Waste Industries, Inc.* 1,760,000
120,000 Newpark Resources, Inc. 2,887,500
27,000 U.S.A. Waste Services, Inc.* 1,324,688
----------
5,972,188
----------
Financial Services -- 1.8%
25,000 Finova Group, Inc. 1,464,063
21,500 Healthcare Financial Partners, Inc.* 1,083,063
----------
2,547,126
----------
Food/Beverage Products -- 2.9%
40,000 Keebler Foods, Corp.* 1,140,000
59,750 Safeway, Inc.* 2,285,438
10,000 Suiza Foods Corp.* 592,500
----------
4,017,938
----------
Health Care/Health Care Services -- 10.9%
30,000 Alternative Living Services, Inc.* 1,050,000
30,000 Arterial Vascular Engineering, Inc. 1,061,250
55,366 Concentra Managed Care, Inc.* 1,723,267
40,000 Cytyc Corp.* 580,000
57,500 ESC Medical Systems Ltd. (Israel)* 1,868,750
30,000 Henry Schein, Inc.* 1,170,000
25,000 IMPATH, Inc.* 931,250
30,000 Omnicare, Inc. 1,027,500
16,000 Pediatrix Medical Group, Inc.* 675,000
40,000 Perclose, Inc.* 1,215,000
30,000 PSS World Medical, Inc.* 673,125
25,000 Universal Health Services, Inc.,
Class B* 1,439,063
65,000 Ventana Medical Systems, Inc.* 1,779,375
----------
15,193,580
----------
Industrial Manufacturing -- 1.9%
50,000 Waters Corp.* 2,675,000
----------
</TABLE>
See notes to financial statements.
49
<PAGE>
Chase Vista Select New Growth Opportunities Fund
Portfolio of Investments April 30, 1998 (Unaudited) (continued)
<TABLE>
<CAPTION>
Shares Issuer Value
- ---------------------------------------------------------------
Long-Term Investments -- (continued)
- ---------------------------------------------------------------
<S> <C> <C>
Insurance -- 3.8%
12,000 CMAC Investment Corp. $ 774,750
20,000 Mercury General Corp. 1,295,000
40,000 Nationwide Financial Services, Inc.,
Class A 1,735,000
40,000 Penn-America Group, Inc. 825,000
20,000 Triad Guaranty, Inc.* 710,000
---------
5,339,750
---------
Machinery & Engineering Equipment -- 1.8%
20,000 Cooper Cameron Corporation* 1,328,750
40,000 Rental Service Corp.* 1,162,500
---------
2,491,250
---------
Multi-media -- 2.9%
60,000 Chancelor Media Corp. 2,846,250
50,500 Macrovision Corp.* 1,237,250
---------
4,083,500
---------
Oil & Gas -- 3.7%
60,000 Global Industries Ltd.* 1,361,250
81,291 Noble Drilling Corp.* 2,626,715
70,000 UTI Energy Corp.* 1,216,250
---------
5,204,215
---------
Pharmaceuticals -- 2.4%
45,000 Dura Pharmaceuticals, Inc.* 1,192,500
25,000 Parexel International Corp.* 837,500
35,000 PathoGenesis Corporation* 1,386,875
---------
3,416,875
---------
Restaurants/Food Services -- 1.1%
35,000 Papa John's International, Inc.* 1,461,250
---------
Retailing -- 4.7%
11,900 99 Cents Only Stores* 453,688
46,000 Borders Group, Inc.* 1,477,750
28,500 Fred Meyer, Inc.* 1,278,938
15,000 Goody's Family Clothing, Inc.* 742,500
15,000 Linens 'N Things, Inc.* 903,750
15,000 Stage Stores, Inc.* 771,563
20,000 Starbucks Corp.* 962,500
---------
6,590,689
---------
</TABLE>
See notes to financial statements.
50
<PAGE>
Chase Vista Select New Growth Opportunities Fund
Portfolio of Investments April 30, 1998 (Unaudited) (continued)
<TABLE>
<CAPTION>
Shares Issuer Value
- -----------------------------------------------------------------------
Long-Term Investments -- (continued)
- -----------------------------------------------------------------------
<S> <C> <C>
Shipping/Transportation -- 0.5%
27,700 Hub Group, Inc., Class A* $ 730,580
------------
Telecommunications -- 2.8%
20,000 Corsair Communications, Inc.* 370,000
40,000 NEXTLINK Communications, Inc.,
Class A* 1,200,000
40,000 PairGain Technologies, Inc.* 737,500
40,000 Qwest Communications
International Inc. 1,542,500
------------
3,850,000
------------
Waste Management -- 0.6%
20,000 American Disposal Services, Inc.* 801,875
------------
Wholesaling -- 0.2%
6,500 JLK Direct Distribution Inc.* 212,875
=======================================================================
Total Long-Term Investments 132,415,927
(Cost $84,809,087)
=======================================================================
Short-Term Investments -- 5.5%
- -----------------------------------------------------------------------
Principal
Amount
(USD)
Time Deposits -- 5.5%
---------------------
$7,876,000 Deutsche Bank AG (Germany) 7,876,000
(Cost $7,876,000)
=======================================================================
Total Investments 100.3% $140,291,927
(Cost $92,685,087)
=======================================================================
</TABLE>
See notes to financial statements.
51
<PAGE>
Unaudited
About Your Fund
CHASE VISTA SELECT SMALL CAP VALUE FUND
- --------------------------------------------------------------------------------
FUND FACTS
- --------------------------------------------------------------------------------
<TABLE>
<S> <C>
Objective: Capital growth
Primary investments: Small cap common stocks
Suggested investment
time frame: Long-term
Market benchmark: Russell 2000 Index
Lipper funds category: Small Company Growth Funds Average
Inception date: 1/1/97
Newspaper symbol: SmCpVal
As of April 30, 1998
Net assets: $528.2 million
</TABLE>
PERFORMANCE
Chase Vista Select Small Cap Value Fund had a total return of 10.44% for the
six-month period ended April 30, 1998. This compares to 11.07% for the Lipper
Small Company Growth Funds Average.
STRATEGY
Although 1997 was a good year for value investing, growth dominated during the
start of 1998. The Fund's overweighting in consumer cyclicals helped
performance. Sector allocation yielded mixed results as underweightings in
energy and technology hindered performance initially but helped as 1998
unfolded. A number of large positions such as Lydall, a low multiple play on
the semiconductor industry, and M.A. Hanna, a plastic and rubber compounder,
treaded water in the period.
During the period, two of the Fund's holdings were acquired; Applied Graphics
bought Devon Group and Applied Power purchased Zero Corp.
52
<PAGE>
Unaudited
About Your Fund
CHASE VISTA SELECT SMALL CAP VALUE FUND
OUTLOOK
Looking ahead, we expect the unresolved economic problems in southeast Asia to
continue to create volatility in the U.S. financial markets. However, since the
Fund focuses on undervalued stocks and has been emphasizing companies whose
growth is more dependent on internal dynamic than prevailing economic
conditions, we believe the Fund has the potential to outperform in an uncertain
market environment.
- --------------------------------- [PIE CHART] ----------------------------------
CHASE VISTA SELECT SMALL CAP VALUE FUND
COMPOSITION OF TOTAL ASSETS AS OF 4/30/98
<TABLE>
<S> <C>
Investments 99.9%
Cash 0.1%
</TABLE>
- --------------------------------------------------------------------------------
- --------------------------------- [PIE CHART] ----------------------------------
CHASE VISTA SELECT SMALL CAP VALUE FUND
COMPOSITION OF MARKET VALUE INVESTMENTS AS OF 4/30/98
<TABLE>
<S> <C>
Basic Industry 3.0%
Capital Goods 25.9%
Consumer Cyclicals 18.1%
Consumer Staples 10.6%
Financial 21.9%
Health Care 3.0%
Technology 6.2%
Transportation 1.7%
Other 9.6%
</TABLE>
- --------------------------------------------------------------------------------
53
<PAGE>
Unaudited
About Your Fund
CHASE VISTA SELECT SMALL CAP VALUE FUND
- --------------------------------------------------------------------------------
TOP 10 HOLDINGS AS OF 4/30/98
- --------------------------------------------------------------------------------
<TABLE>
<S> <C>
Deutsche Bank AG (Germany)* 9.72%
Concord EFS Inc. 3.47%
Carlisle Companies Inc. 3.31%
NFO Worldwide 3.18%
Teleflex Inc. 3.05%
Devon Group Inc. 2.75%
Interface, Inc. (Class A) 2.74%
HCC Insurance Holdings Inc. 2.43%
Richfood Holdings Inc. 2.43%
WorldCom, Inc. 2.32%
</TABLE>
Top 10 holdings comprised 35.40% of Fund's market value of investments. Fund
holdings are subject to change at any time. *A non-equity security holding.
- --------------------------------------------------------------------------------
AVERAGE ANNUAL TOTAL RETURNS AS OF 4/30/98+
- --------------------------------------------------------------------------------
<TABLE>
<S> <C>
One Year 36.89%
Five Years 16.78%
Ten Years 15.75%
</TABLE>
Source: Lipper Analytical Services, Inc. Past performance is not indicative of
future results. Investment return and principal value will fluctuate with
market conditions. When shares are redeemed, they may be worth more or less
than their original cost.
+ The quoted performance of Chase Vista Select Small Cap Value Fund includes
performance of a predecessor account for the period dating back to 4/30/88 and
prior to the Fund's commencement of operations on 1/1/97. Returns are adjusted
to reflect historical expenses at the levels indicated (absent reimbursements)
in the Expense Summary for the Fund as disclosed in the Prospectus. The account
was not registered with the Securities and Exchange Commission and, therefore,
was not subject to the investment restrictions imposed by law on registered
mutual funds. If the account had been registered, the account's performance may
have been adversely affected. Also, the Fund is currently waiving certain fees.
This voluntary waiver may be modified or terminated at any time, which would
reduce returns.
54
<PAGE>
Unaudited
About Your Fund
CHASE VISTA SELECT SMALL CAP VALUE FUND
- ---------------------------------- [LINE CHART] --------------------------------
GROWTH OF HYPOTHETICAL $10,000 INVESTMENT IN
CHASE VISTA SELECT SMALL CAP VALUE FUND+
AND ITS KEY BENCHMARKS
<TABLE>
<CAPTION>
Chase Vista Lipper
Select Small Co.
Small Cap Russell 2000 Growth Funds
Value Fund Index Avg.
<S> <C> <C> <C>
4/88 10000 10000 10000
4/89 13338 11538 11799
4/90 13297 11283 12374
4/91 15192 12432 14342
4/92 18642 14553 17100
4/93 23064 16848 19574
4/94 26297 19336 22475
4/95 29280 20733 24634
4/96 36802 27579 34798
4/97 36611 27596 33574
4/30/98 50117 39296 48949
</TABLE>
- --------------------------------------------------------------------------------
Source: Lipper Analytical Services, Inc. Past performance is not indicative of
future results. Investment return and principal value will fluctuate with
market conditions. When shares are redeemed, they may be worth more or less
than their original cost.
This chart illustrates comparative performance for $10,000 invested in Shares
of Chase Vista Select Small Cap Value Fund, the Russell 2000 Index and the
Lipper Small Company Growth Funds Average for the ten years ended 4/30/98. The
performance of the Fund assumes reinvestment of all dividends and capital
gains. The performance of the average and the index does not include a sales
charge and has been adjusted to reflect the reinvestment of all dividends and
capital gains on the securities included in the benchmark.
The Russell 2000 Index tracks the shares of 2,000 small capitalization
companies. The index is unmanaged and reflects reinvestment of dividends. An
individual cannot invest in the index.
The Lipper Small Company Growth Funds Average represents the average
performance of a universe of 603 actively managed small company stock mutual
funds. Lipper is an independent mutual fund performance monitor whose results
are based on total return and do not reflect a sales charge.
+ The quoted performance of Chase Vista Select Small Cap Value Fund includes
performance of a predecessor account for the period dating back to 4/30/88 and
prior to the Fund's commencement of operations on 1/1/97. Returns are adjusted
to reflect historical expenses at the levels indicated (absent reimbursements)
in the Expense Summary for the Fund as disclosed in the Prospectus. The account
was not registered with the Securities and Exchange Commission and, therefore,
was not subject to the investment restrictions imposed by law on registered
mutual funds. If the account had been registered, the account's performance may
have been adversely affected. Also, the Fund is currently waiving certain fees.
This voluntary waiver may be modified or terminated at any time, which would
reduce returns.
Small capitalization funds typically carry more risk than stock funds investing
in well-established "blue-chip" companies since smaller companies generally
have a higher risk of failure. Historically, smaller companies' stock has
experienced a greater degree of market volatility than the average stock.
55
<PAGE>
Chase Vista Select Small Cap Value Fund
Portfolio of Investments April 30, 1998 (Unaudited)
<TABLE>
<CAPTION>
Shares Issuer Value
- ---------------------------------------------------------------------
Long-Term Investments -- 90.3%
- ---------------------------------------------------------------------
<S> <C> <C>
Common Stock -- 90.3%
---------------------
Agricultural Production/Services -- 0.8%
268,400 Sylvan, Inc.* $4,059,550
----------
Apparel -- 0.5%
357,000 Worldtex, Inc.* 2,722,125
----------
Appliances & Household Durables -- 1.0%
181,750 Watsco, Inc. 5,316,188
----------
Automotive -- 2.2%
195,600 Amcast Industrial Corp. 4,217,625
142,187 Donnelly Corp. 2,843,740
131,700 Edelbrock Corp.* 2,238,900
290,000 TBC Corp.* 2,573,750
----------
11,874,015
----------
Banking -- 2.8%
100,125 First Virginia Banks, Inc. 5,594,484
136,935 Summit Bancorp. 6,863,867
108,000 Trustmark Corp. 2,490,750
----------
14,949,101
----------
Broadcasting -- 0.5%
171,939 Century Communications Corp.,
Class A* 2,665,055
----------
Business Services -- 11.2%
143,437 Cendant Corp.* 3,594,890
581,187 Concord EFS, Inc.* 18,307,391
250,000 Information Resources, Inc.* 4,671,875
91,000 IntelliQuest Information Group, Inc.* 989,625
801,400 NFO Worldwide, Inc.* 16,779,313
305,750 Unifirst Corp. 8,255,250
258,100 Unitog Co. 6,387,975
----------
58,986,319
----------
Chemicals -- 4.5%
340,000 Airgas, Inc.* 5,270,000
477,650 Hanna (M.A.) Co. 10,956,097
135,600 Minerals Technologies Inc. 7,381,725
----------
23,607,822
----------
</TABLE>
See notes to financial statements.
56
<PAGE>
Chase Vista Select Small Cap Value Fund
Portfolio of Investments April 30, 1998 (Unaudited) (continued)
<TABLE>
<CAPTION>
Shares Issuer Value
- ---------------------------------------------------------------------
Long-Term Investments -- (continued)
- ---------------------------------------------------------------------
<S> <C> <C>
Computer Software -- 0.1%
74,800 Comptek Research, Inc.* $ 682,550
----------
Construction Materials -- 6.0%
344,400 Carlisle Companies, Inc. 17,478,300
340,900 Interface, Inc. Class A* 14,466,944
----------
31,945,244
----------
Consumer Products -- 4.2%
5,000 Chromcraft Revington, Inc.* 193,750
165,600 CSS Industries, Inc.* 5,485,500
203,195 Department 56 Inc.* 7,302,320
150,000 Oil-Dri Corp. of America 2,390,625
65,400 Oneida Ltd. 1,957,913
33,800 The Scotts Co., Class A* 1,233,700
105,000 Stanhome, Inc. 3,517,500
----------
22,081,308
----------
Distribution -- 2.1%
237,300 Applied Industrial Technology, Inc. 6,021,488
140,000 Daisytek International Corp.* 3,395,000
60,000 Lawson Products, Inc. 1,515,000
----------
10,931,488
----------
Diversified -- 4.8%
40,812 Corning Inc. 1,632,480
310,296 Myers Industries, Inc. 7,718,613
378,900 Teleflex, Inc. 16,103,250
----------
25,454,343
----------
Electronics/Electrical Equipment -- 6.0%
125,000 Adaptec, Inc.* 2,960,938
502,200 Computer Products, Inc.* 11,048,400
72,950 Harmon Industries, Inc. 1,787,275
267,400 LSI Industries, Inc. 6,083,350
275,000 Medar, Inc.* 618,750
281,416 Vishay Intertechnology, Inc.* 5,153,431
309,100 X-Rite, Inc. 3,998,981
----------
31,651,125
----------
Entertainment/Leisure -- 0.1%
53,500 Johnson Worldwide Associates, Inc.,
Class A* 815,875
----------
</TABLE>
See notes to financial statements.
57
<PAGE>
Chase Vista Select Small Cap Value Fund
Portfolio of Investments April 30, 1998 (Unaudited) (continued)
<TABLE>
<CAPTION>
Shares Issuer Value
- -----------------------------------------------------------------
Long-Term Investments -- (continued)
- -----------------------------------------------------------------
<S> <C> <C>
Environmental Services -- 2.2%
481,300 Lydall, Inc.* $8,934,131
176,625 Met-Pro Corp. 2,649,375
----------
11,583,506
----------
Financial Services -- 1.8%
564,600 Cash America International, Inc. 9,598,200
----------
Food/Beverage Products -- 5.4%
120,000 Dreyer's Grand Ice Cream, Inc. 3,030,000
195,000 J & J Snack foods Corp.* 3,802,500
467,100 Richfood Holdings, Inc. 12,816,056
298,000 Sbarro, Inc. 8,791,000
----------
28,439,556
----------
Health Care/Health Care Services -- 3.0%
65,000 Beckman Coulter Inc. (Germany) 3,619,688
20,203 Covance, Inc.* 433,102
97,318 Morrison Health Care, Inc.* 1,995,019
93,242 Pharmaceutical Product
Development, Inc.* 2,336,878
10,101 Quest Diagnostics Inc.* 194,444
189,000 ResMed, Inc.* 7,477,313
----------
16,056,444
----------
Insurance -- 7.0%
67,800 Arthur J. Gallagher & Co. 2,974,725
590,050 HCC Insurance Holdings, Inc. 12,833,588
249,150 Poe & Brown, Inc. 9,810,281
290,100 Trenwick Group, Inc. 11,168,850
----------
36,787,444
----------
Leasing -- 0.6%
150,000 McGraft Rentcorp 2,962,500
----------
Machinery & Engineering Equipment -- 0.1%
11,000 Columbus McKinnon Corporation 310,750
----------
Manufacturing -- 6.8%
194,500 Albany International Corp., Class A 5,543,250
491,018 Essef Corp.* 8,776,947
194,600 Flowserve Corp. 5,813,675
54,810 Halter Marine Group, Inc.* 993,431
250,000 Stimsonite Corp.* 1,703,125
</TABLE>
See notes to financial statements.
58
<PAGE>
Chase Vista Select Small Cap Value Fund
Portfolio of Investments April 30, 1998 (Unaudited) (continued)
<TABLE>
<CAPTION>
Shares Issuer Value
- ---------------------------------------------------------------
Long-Term Investments -- (continued)
- ---------------------------------------------------------------
<S> <C> <C>
105,000 Trinity Industries, Inc. $ 5,355,000
50,000 United Industrial Corp. 643,750
227,900 Zero Corp. 7,022,169
-----------
35,851,347
-----------
Packaging -- 1.9%
391,000 Shorewood Packaging Corp.* 10,141,563
-----------
Paper/Forest Products -- 1.2%
286,368 Wausau-Mosinee Paper Corp. 6,067,422
-----------
Printing & Publishing -- 5.5%
304,600 Banta Corp. 9,747,200
84,000 Bowne & Co., Inc. 3,470,250
244,950 Devon Group, Inc.* 14,543,906
100,000 Golden Books Family
Entertainment, Inc.* 1,131,250
-----------
28,892,606
-----------
Restaurants/Food Services -- 1.0%
72,989 Morrison Restaurants Inc.* 360,383
145,978 Ruby Tuesday, Inc. 4,890,263
-----------
5,250,646
-----------
Retailing -- 3.0%
300,000 Cato Corp., Class A 4,275,000
227,825 Heilig-Meyers Co. 3,203,789
97,800 Tractor Supply Co.* 2,518,350
240,000 Viking Office Products, Inc.* 5,805,000
-----------
15,802,139
-----------
Shipping/Transportation -- 1.7%
210,200 M.S. Carriers, Inc.* 7,146,800
82,500 Swift Transportation Co., Inc.* 1,887,188
-----------
9,033,988
-----------
Telecommunications -- 2.3%
286,696 WorldCom, Inc.* 12,265,208
===========================================================
Total Long-Term Investments 476,785,427
(Cost $232,912,710)
===========================================================
</TABLE>
See notes to financial statements.
59
<PAGE>
Chase Vista Select Small Cap Value Fund
Portfolio of Investments April 30, 1998 (Unaudited) (continued)
<TABLE>
<CAPTION>
Principal
Amount
(USD) Issuer Value
- -----------------------------------------------------------
Short-Term Investments -- 9.7%
- -----------------------------------------------------------
<S> <C> <C>
Time Deposits -- 9.7%
---------------------
$51,360,000 Deutsche Bank AG (Germany) $ 51,360,000
(Cost $51,360,000)
===========================================================
Total Investments 100.0% $528,145,427
(Cost $284,272,710)
===========================================================
</TABLE>
See notes to financial statements.
60
<PAGE>
Unaudited
About Your Fund
CHASE VISTA SELECT INTERNATIONAL EQUITY FUND
- --------------------------------------------------------------------------------
FUND FACTS
- --------------------------------------------------------------------------------
<TABLE>
<S> <C>
Objective: Capital growth and income
Primary investments: Common stocks, preferred stocks, convertible and
warrants of established companies outside the U.S.
Suggested investment
time frame: Long-term
Market benchmark: MSCI EAFE Index
Lipper funds category: International Equity Funds Average
Inception date: 1/1/97
Newspaper symbol: Intl Eq
As of April 30, 1998
Net assets: $267.4 million
</TABLE>
PERFORMANCE
Chase Vista Select International Equity Fund had a total return of 20.15% for
the six-month period ended April 30, 1998, beating the Lipper International
Funds Average, which returned 16.23% for the period.
STRATEGY
Overall, the Fund benefited from its overweighting in Europe, and its
underweighting in Japan.
The period began with all major markets negatively affected by the crisis in
southeast Asia. The spillover effect, however, was short-lived, as European
markets bounced back strongly by year-end and well into 1998. Europe benefited
from improving economic conditions, ongoing corporate restructurings and the
convergence of interest rates among countries that will join the European
Monetary Union beginning in January, 1999. The Japanese market rallied in
January in anticipation of a new economic stimulus package. However, that
package proved uninspiring, leading the market to give back all of those gains
and then some by the end of the period.
The Fund enjoyed strong performance from companies in a variety of sectors
across Europe, most notably finance, telecommunications and health care. To a
lesser degree, the Fund benefited from several Latin American holdings. Select
Japanese stocks performed well, but Japanese equities, on balance, barely
contributed to the Fund's returns. Due to the problems along the Pacific Rim,
stocks in southeast Asia proved to be a drag on performance.
61
<PAGE>
Unaudited
About Your Fund
CHASE VISTA SELECT INTERNATIONAL EQUITY FUND
OUTLOOK
Our outlook for Europe is favorable. In our opinion, though multiples are
getting stretched, growth remains strong and inflation appears to be under
control. For now, we remain cautious on Japan, however, we believe that the
Japanese market may rally in early summer if the government does address the
problems of the banking system prior to the July elections. We remain cautious
on southeast Asia, however, as more countries take steps to improve their
economies in accordance with the International Monetary Fund, our stance could
change. We are neutral on Latin America, and we expect to view any meaningful
downturn in Latin America as a prospective buying opportunity.
- --------------------------------- [PIE CHART] ----------------------------------
CHASE VISTA SELECT BALANCED FUND
COMPOSITION OF TOTAL ASSETS AS OF 4/30/98
<TABLE>
<S> <C>
Investments 98.1%
Cash 1.9%
</TABLE>
- --------------------------------------------------------------------------------
- --------------------------------- [PIE CHART] ----------------------------------
CHASE VISTA SELECT BALANCED FUND
COMPOSITION OF MARKET VALUE INVESTMENTS AS OF 4/30/98
<TABLE>
<S> <C>
Brazil 4.3%
Finland 3.1%
France 11.2%
Germany 12.3%
Hong Kong 2.6%
Ireland 2.9%
Italy 6.0%
Japan 10.4%
Mexico 1.9%
Netherlands 5.2%
Poland 2.0%
Portugal 1.7%
Spain 3.9%
Sweden 2.2%
Switzerland 5.3%
United Kingdom 22.8%
Other 2.2%
</TABLE>
- --------------------------------------------------------------------------------
62
<PAGE>
Unaudited
About Your Fund
CHASE VISTA SELECT INTERNATIONAL EQUITY FUND
- --------------------------------------------------------------------------------
TOP 10 HOLDINGS AS OF 4/30/98
- --------------------------------------------------------------------------------
<TABLE>
<S> <C>
National Westminster Bank PLC 3.33%
Telecomunicacoes Brasileiros SA, AD R 3.25%
Banque Nationale deParis 2.85%
Nokia Oyj 2.71%
Allianz AG Holding 2.52%
Bayerische Vereinsbank AG 2.52%
Glaxo Welcome PLC 2.36%
Shell Transport & Trading PLC 2.34%
UBS-Union Bank of Switzerland 2.02%
Unilever PLC 1.98%
</TABLE>
Top 10 holdings comprised 25.88% of Fund's market value of investments. Fund
holdings are subject to change at any time.
- --------------------------------------------------------------------------------
AVERAGE ANNUAL TOTAL RETURNS AS OF 4/30/98+
- --------------------------------------------------------------------------------
<TABLE>
<S> <C>
One Year 22.47%
Five Years N/A
Since Inception (5/31/93) 9.32%
</TABLE>
Source: Lipper Analytical Services, Inc. Past performance is not indicative of
future results. Investment return and principal value will fluctuate with
market conditions. When shares are redeemed, they may be worth more or less
than their original cost.
+ The quoted performance of Chase Vista Select International Equity Fund
includes performance of a predecessor account for the period dating back to
5/31/93 and prior to the Fund's commencement of operations on 1/1/97. Returns
are adjusted to reflect historical expenses at the levels indicated (absent
reimbursements) in the Expense Summary for the Fund as disclosed in the
Prospectus. The account was not registered with the Securities and Exchange
Commission and, therefore, was not subject to the investment restrictions
imposed by law on registered mutual funds. If the account had been registered,
the account's performance may have been adversely affected. Also, the Fund is
currently waiving certain fees. This voluntary waiver may be modified or
terminated at any time, which would reduce returns.
63
<PAGE>
Unaudited
About Your Fund
CHASE VISTA SELECT INTERNATIONAL EQUITY FUND
- ---------------------------------- [LINE CHART] --------------------------------
GROWTH OF HYPOTHETICAL $10,000 INVESTMENT IN
CHASE VISTA SELECT INTERNATIONAL EQUITY FUND+
AND ITS KEY BENCHMARKS
<TABLE>
<CAPTION>
Chase Vista Lipper
Select MSCI International
International EAFE Equity
Equity Fund Index Funds Avg.
<S> <C> <C> <C>
5/93 10000 10000 10000
4/94 10605 11448 11877
4/95 10222 12122 11757
4/96 12245 13544 13655
4/97 12646 13461 14394
4/30/98 15438 16050 17325
</TABLE>
- --------------------------------------------------------------------------------
Source: Lipper Analytical Services, Inc. Past performance is not indicative of
future results. Investment return and principal value will fluctuate with
market conditions. When shares are redeemed, they may be worth more or less
than their original cost.
This chart illustrates comparative performance for $10,000 invested in Shares
of Chase Vista Select International Equity Fund, the MSCI EAFE Index and the
Lipper International Funds Average from 5/31/93 to 4/30/98. The performance of
the Fund assumes reinvestment of all dividends and capital gains. The
performance of the average and the index does not include a sales charge and
has been adjusted to reflect the reinvestment of all dividends and capital
gains on the securities included in the benchmark.
The MSCI EAFE (Europe, Australia, Far East) Index is representative of the
performance of the world's equity markets, excluding the U.S. and Canada. The
index is unmanaged and reflects reinvestment of dividends. An individual cannot
invest in the index.
The Lipper International Equity Funds Average represents the average
performance of a universe of 538 actively managed international stock mutual
funds. Lipper is an independent mutual fund performance monitor whose results
are based on total return and do not reflect a sales charge.
+ The quoted performance of Chase Vista Select International Equity Fund
includes performance of a predecessor account for the period dating back to
5/31/93 and prior to the Fund's commencement of operations on 1/1/97. Returns
are adjusted to reflect historical expenses at the levels indicated (absent
reimbursements) in the Expense Summary for the Fund as disclosed in the
Prospectus. The account was not registered with the Securities and Exchange
Commission and, therefore, was not subject to the investment restrictions
imposed by law on registered mutual funds. If the account had been registered,
the account's performance may have been adversely affected. Also, the Fund is
currently waiving certain fees. This voluntary waiver may be modified or
terminated at any time, which would reduce returns.
International investing involves a greater degree of risk and increased
volatility. Changes in currency exchange rates and differences in accounting
and taxation policies outside the U.S. can raise or lower returns. Also, some
overseas markets may not be as politically and economically stable as the U.S.
or other nations.
64
<PAGE>
Chase Vista Select International Equity Fund
Portfolio of Investments April 30, 1998 (Unaudited)
<TABLE>
<CAPTION>
Shares Issuer Value
- ------------------------------------------------------------------
Long-Term Investments -- 99.8%
- ------------------------------------------------------------------
<S> <C> <C>
Common Stock -- 98.2%
--------------------
Austria -- 0.7%
Oil & Gas -- 0.7%
15,840 Schoeller-Bleckmann Oilfield
Equipment AG* $1,981,874
----------
Australia -- 0.2%
Diversified -- 0.1%
302,188 Futuris Corp. Ltd. 303,411
Insurance -- 0.0%
23,000 QBE Insurance Group, Ltd. 105,568
Multi-Media -- 0.0%
20,000 Publishing & Broadcasting Ltd. 95,580
Oil & Gas -- 0.1%
315,000 Energy Equity Corp. Ltd.* 188,943
----------
Total Austrailia 693,502
----------
Brazil -- 4.2%
Telecommunications -- 3.2%
71,000 Telecomunicacoes Brasileiros SA, ADR 8,648,688
Utilities -- 1.0%
121,000 Centrais Electricas Brasileiras SA
Electrobras, ADR 2,718,217
----------
Total Brazil 11,366,905
----------
Finland -- 3.1%
Food/Beverage Products -- 0.4%
5,100 Raisio Group PLC 936,109
Telecommunications -- 2.7%
107,600 Nokia Oyj 7,228,520
----------
Total Finland 8,164,629
----------
France -- 11.2%
Automotive -- 1.5%
12,700 Equipement et Composants pour
l'Industries Automobile 3,992,912
Banking -- 3.8%
90,100 Banque Nationale de Paris 7,590,977
30,403 Credit Commercial de France 2,425,061
Computer Software -- 1.0%
20,872 Cap Gemini Sogeti SA 2,708,819
</TABLE>
See notes to financial statements.
65
<PAGE>
Chase Vista Select International Equity Fund
Portfolio of Investments April 30, 1998 (Unaudited) (continued)
<TABLE>
<CAPTION>
Shares Issuer Value
- -----------------------------------------------------------------
Long-Term Investments -- (continued)
- -----------------------------------------------------------------
<S> <C> <C>
Consumer Products -- 1.0%
85,023 Moulinex* $2,524,794
Diversified -- 1.6%
112,600 Lagardere SCA 4,303,593
Entertainment/Leisure -- 0.4%
43,600 Parc Asterix, SA* 1,123,009
Telecommunications -- 1.9%
27,645 Alcatel Alsthom (Cie General El) 5,122,198
----------
Total France 29,791,363
----------
Germany -- 12.3%
Airlines -- 1.5%
170,500 Deutsche Lufthansa AG 4,057,042
Automotive -- 2.3%
69,750 Kolbenschmidt Pierburg AG 2,273,827
5,000 Volkswagen AG 3,981,617
Banking -- 3.8%
90,000 Bayerische Vereinsbank AG 6,720,546
61,996 Dresdner Bank AG 3,368,415
Capital Goods -- 1.2%
3,910 Mannesmann AG 3,102,730
Food/Beverage Products -- 1.0%
90,270 Kamps AG* 2,525,250
Insurance -- 2.5%
21,860 Allianz AG Holding 6,724,291
----------
Total Germany 32,753,718
----------
Hong Kong -- 2.5%
Banking -- 0.2%
20,235 HSBC Holdings PLC 577,318
Diversified -- 0.2%
69,000 Citic Pacific Ltd. 212,005
69,000 Hutchison Whampoa 426,682
Financial Services -- 1.5%
123,972 HSBC Holdings PLC 3,911,396
Real Estate -- 0.6%
72,000 Cheung Kong Holdings, Ltd. 478,695
25,000 Cheung Kong Infrastructure Holdings 63,419
116,000 China Resources Enterprises Ltd. 199,172
774,400 HKR International, Ltd. 464,877
</TABLE>
See notes to financial statements.
66
<PAGE>
Chase Vista Select International Equity Fund
Portfolio of Investments April 30, 1998 (Unaudited) (continued)
<TABLE>
<CAPTION>
Shares Issuer Value
- -------------------------------------------------------------------
Long-Term Investments -- (continued)
- -------------------------------------------------------------------
<S> <C> <C>
77,000 New World Infrastructure Ltd.* $ 165,510
51,000 Sun Hung Kai Properties, Ltd. 302,864
Telecommunications -- 0.0%
28,800 Hong Kong Telecommunications Ltd. 53,911
----------
Total Hong Kong 6,855,849
----------
Ireland -- 2.9%
Computer Software -- 0.4%
34,000 IONA Technologies PLC, ADR* 1,058,250
Construction Materials -- 1.5%
287,146 CRH PLC 4,096,955
Real Estate -- 1.0%
333,699 Green Property PLC 2,566,546
----------
Total Ireland 7,721,751
----------
Italy -- 5.7%
Automotive -- 0.4%
376,000 Fiat SPA, (Preference Shares) 927,295
Consumer Products -- 1.0%
186,481 CSP International Industria Calze SPA* 2,536,297
Insurance -- 1.3%
1,162,790 Istituto Nazionale delle Assicurazioni
(Ordinary Shares) 3,474,687
Oil & Gas -- 0.8%
381,818 Saipem SPA 2,195,731
Printing & Publishing -- 0.7%
340,000 Poligrafici Editoriale SPA* 994,893
1,200,000 Seat SPA* 903,411
Telecommunications -- 1.5%
575,872 Telecom Italia SPA 4,306,162
----------
Total Italy 15,338,476
----------
Japan -- 10.5%
Automotive -- 0.4%
29,000 Honda Motor Co. Ltd. 1,053,508
Banking -- 0.2%
50,000 Bank of Tokyo-Mitsubishi 620,222
Computers/Computer Hardware -- 0.5%
116,000 Fujitsu Ltd. 1,356,391
</TABLE>
See notes to financial statements.
67
<PAGE>
Chase Vista Select International Equity Fund
Portfolio of Investments April 30, 1998 (Unaudited) (continued)
<TABLE>
<CAPTION>
Shares Issuer Value
- ----------------------------------------------------------------------
Long-Term Investments -- (continued)
- ----------------------------------------------------------------------
<S> <C> <C>
Consumer Products -- 1.9%
135,000 Citizen Watch Co. $ 909,332
115,000 KAO Corp. 1,692,840
17,700 Sony Corp. 1,474,888
23,700 Uni-Charm Corp. 896,844
Electronics/Electrical Equipment -- 2.6%
400 Advantest Corporation 26,943
17,000 Futaba Corp. 681,904
14,600 Keyence Corp. 1,969,060
26,300 Mabuchi Motor 1,524,695
100,000 Matsushita Electric Industrial Co., Ltd. 1,604,480
95,000 Sumitomo Electric Industries 1,133,845
Entertainment/Leisure -- 0.4%
51,000 Shimano Inc. 1,130,931
Food/Beverage Products -- 0.6%
124,000 Nippon Meat Packers, Inc. 1,689,245
Health Care/Health Care Services -- 0.3%
31,000 Takeda Chemical Industries 886,854
Machinery & Engineering Equipment -- 0.3%
163,000 Tokyo Kikai Seisakusho 817,899
Manufacturing -- 0.3%
46,000 Komori Corp. 783,319
Personal Services -- 0.6%
26,000 Secom Co., Ltd. 1,534,852
Photographic Equipment -- 0.6%
41,000 Fuji Photo Film 1,461,515
Printing & Publishing -- 0.5%
121,000 Toppan Printing Co. Ltd. 1,440,498
Real Estate -- 0.2%
70,000 Hankyu Realty 331,643
5,000 Tachihi Enterprise Co. Ltd. 118,444
Retailing -- 0.3%
19,500 Matsumotokiyoshi 674,449
Toys & Games -- 0.8%
21,800 Nintendo Company Ltd. 2,002,966
----------
Total Japan 27,817,567
----------
</TABLE>
See notes to financial statements.
68
<PAGE>
Chase Vista Select International Equity Fund
Portfolio of Investments April 30, 1998 (Unaudited) (continued)
<TABLE>
<CAPTION>
Shares Issuer Value
- ---------------------------------------------------------------------
Long-Term Investments -- (continued)
- ---------------------------------------------------------------------
<S> <C> <C>
Malaysia -- 0.1%
Agricultural Production/Services -- 0.0%
24,000 Malakoff Bhd $ 62,888
Conglomerate -- 0.0%
74,000 Sime Darby Bhd 65,294
Construction -- 0.1%
132,000 Sunway Building Technology Bhd 73,412
Entertainment Leisure -- 0.0%
19,000 Berjaya Sports Toto Bhd 44,960
----------
Total Malaysia 246,554
----------
Mexico 1.9%
Diversified -- 0.8%
404,041 ALFA, S.A. de C.V., Class A, ADR 2,194,032
Financial Services -- 0.5%
450,000 Grupo Financiero Banamex Accival,
SA de CV (Banacci), Ser. B* 1,396,720
Construction -- 0.6%
56,200 Corporacion GEO, S.A. de C.V.,
Ser. B, ADR* 1,538,475
----------
Total Mexico 5,129,227
----------
Netherlands -- 5.2%
Business Services -- 2.3%
107,570 Brunel International NV* 3,513,769
75,720 Koninklijke Ahrend Groep NV 2,623,293
Retailing -- 2.9%
76,738 Hunter Douglas NV 3,740,975
61,201 Vendex International NV 3,925,560
----------
Total Netherlands 13,803,597
----------
Philippines -- 0.2%
Real Estate -- 0.1%
559,680 Ayala Land, Inc. 219,550
596,500 SM Prime Holdings, Inc. 106,969
Utilities -- 0.1%
105,300 Manila Electric Co., Class B 298,983
----------
Total Philippines 625,502
----------
</TABLE>
See notes to financial statements.
69
<PAGE>
Chase Vista Select International Equity Fund
Portfolio of Investments April 30, 1998 (Unaudited) (continued)
<TABLE>
<CAPTION>
Shares Issuer Value
- ------------------------------------------------------------------
Long-Term Investments -- (continued)
- ------------------------------------------------------------------
<S> <C> <C>
Poland -- 0.6%
Banking -- 0.6%
70,803 BIG Bank Gdanski SA, GDR $1,600,148
----------
Portugal -- 1.7%
Banking -- 1.1%
85,041 Banco Comercial Portugues, SA 2,981,404
Retailing -- 0.6%
35,000 Jeronimo Martins & Filho, Sociedade
Gestora de Part 1,636,314
----------
Total Portugal 4,617,718
----------
Singapore -- 0.0%
Banking -- 0.0%
500 Development Bank of Singapore Ltd.,
A Shares 3,287
6,000 Development Bank of Singapore, Ltd.
(Foreign) 39,785
Engineering Services -- 0.0%
132,000 Singapore Technologies Engineering
Ltd.* 113,370
----------
Total Singapore 156,442
----------
Spain -- 3.9%
Banking -- 1.2%
43,000 Banco Bilbao Vcizcaya, SA 2,211,856
9,100 Banco Pastor SA 1,035,889
Hotels/Other Lodging -- 0.8%
42,900 Melia Inversiones Americanas, NV* 2,139,159
Telecommunications -- 1.9%
118,689 Telefonica de Espana 4,952,675
----------
Total Spain 10,339,579
----------
Sweden -- 2.3%
Computer Software -- 0.6%
66,018 Industri-Matematik International
Corp.* 1,468,901
Insurance -- 1.7%
63,270 Skandia Forsakrings AB 4,406,686
----------
Total Sweden 5,875,587
----------
</TABLE>
See notes to financial statements.
70
<PAGE>
Chase Vista Select International Equity Fund
Portfolio of Investments April 30, 1998 (Unaudited) (continued)
<TABLE>
<CAPTION>
Shares Issuer Value
- ---------------------------------------------------------------------
Long-Term Investments -- (continued)
- ---------------------------------------------------------------------
<S> <C> <C>
Switzerland -- 5.3%
Banking -- 2.0%
3,348 UBS-Union Bank of Switzerland $5,392,728
Health Care/Health Care Services -- 1.8%
2,890 Novartis AG (Registered) 4,778,324
Insurance -- 1.2%
5,100 Zurich Versicherungs-Gesellschaft 3,107,724
Photographic Equipment -- 0.3%
2,463 Fotolabo SA 852,232
----------
Total Switzerland 14,131,008
----------
Thailand -- 0.3%
Banking -- 0.1%
68,100 Thai Farmers Bank Public Company
Limited (Foreign) 155,833
Oil & Gas -- 0.1%
19,300 PTT Exploration and Production
Public Co., Ltd. (Foreign) 203,604
Utilities -- 0.1%
86,900 Electricity Generating Public Co. Ltd.
(Foreign) 168,519
----------
Total Thailand 527,956
----------
United Kingdom -- 22.8%
Airlines -- 1.4%
366,000 British Airways PLC 3,812,461
Aerospace -- 1.5%
123,609 British Aerospace PLC 4,129,351
Banking -- 3.3%
443,000 National Westminster Bank PLC 8,866,131
Business Services -- 0.7%
141,149 Delphi Group PLC 1,748,768
Construction -- 1.7%
226,956 Berkeley Group PLC 2,921,922
155,152 Jarvis PLC* 1,721,213
Consumer Products -- 2.0%
495,890 Unilever PLC 5,281,546
Diversified -- 1.7%
1,014,042 Cookson Group PLC 4,552,359
</TABLE>
See notes to financial statements.
71
<PAGE>
Chase Vista Select International Equity Fund
Portfolio of Investments April 30, 1998 (Unaudited) (continued)
<TABLE>
<CAPTION>
Shares Issuer Value
- -------------------------------------------------------------------
Long-Term Investments -- (continued)
- -------------------------------------------------------------------
<S> <C> <C>
Entertainment/Leisure -- 0.8%
124,926 Granada Group PLC $ 2,149,337
Financial Services -- 1.1%
243,145 Legal & General Group PLC 2,892,521
Hotels/Other Lodging -- 0.7%
661,048 Jarvis Hotels PLC* 1,773,962
Oil & Gas -- 3.1%
338,031 British-Borneo Petro Syndia PLC 1,949,898
837,893 Shell Transport & Trading PLC 6,234,259
Pharmaceuticals -- 2.4%
222,282 Glaxo Welcome PLC 6,280,978
Real Estate -- 0.8%
1,219,732 TBI PLC 2,049,589
Telecommunications -- 1.6%
151,650 Securicor PLC 1,004,093
306,688 Vodafone Group PLC 3,376,672
-----------
Total United Kingdom 60,745,060
-----------
Venezuela -- 0.6%
Telecommunications -- 0.6%
50,000 Compania Anonima Nacional
Telefonos de Venezuela
(CANTV), ADR 1,675,000
-----------
Total Common Stock 261,959,012
-----------
(Cost $229,943,345)
Rights -- 0.0%
--------------
Spain -- 0.0%
Telecommunications --
118,689 Telefonica de Espana, Rights, Expires
05/07/98* 91,888
-----------
(Cost $0)
Warrants -- 0.0%
----------------
Hong Kong -- 0.0%
Financial Services -- 0.0%
74,000 Guangdong Investment, HKD, 8.00,
Expires 07/30/99* 2,866
-----------
</TABLE>
See notes to financial statements.
72
<PAGE>
Chase Vista Select International Equity Fund
Portfolio of Investments April 30, 1998 (Unaudited) (continued)
<TABLE>
<CAPTION>
Shares Issuer Value
- -----------------------------------------------------------------------
<S> <C> <C>
Malaysia 0.0%
Construction -- 0.0%
40,000 Sunway Building Technology, Bhd,
5.50% Expire 7/30/01 $ 3,636
------------
Total Warrants 6,502
------------
(Cost $0)
Principal
Amount
(Local
Currency)
- -----------------------------------------------------------------------
Convertible Corporate Notes & Bonds -- 1.6%
-------------------------------------------
Germany -- 0.0%
Automotive -- 0.0%
73,400 Daimler-Benz AG, 5.75%, 06/14/02 65,854
------------
Italy -- 0.2%
Banking -- 0.2%
480,801,200 Banca Intesa SPA, 6.30%, 1/1/03 639,006
------------
Malaysia -- 0.0%
Construction -- 0.0%
100,000 Sunway Building Technology, Bhd.,
RULs, Redeemable, Unsecured,
Loan Stock) 3.0%, Expires
07/30/01 174
------------
Poland -- 1.4%
Diversified -- 1.4%
5,340,000 Elektrim SA, 2%, 5/30/04# 3,686,377
------------
Total Convertible Corporate
Notes & Bonds 4,391,411
(Cost $3,806,542)
=======================================================================
Total Investments -- 99.8% $266,448,813
(Cost $233,749,887)
=======================================================================
</TABLE>
Index
# -- Security may only be sold to qualified institutional buyers.
+ -- All or a portion of this security is pledged.
* -- Non income producing security.
ADR -- American Depository Receipt.
GDR -- Global Depository Receipt.
See notes to financial statements.
73
<PAGE>
Chase Vista Select Funds
Statement of Assets and Liabilities April 30, 1998 (unaudited)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Select Select Select
Select Equity Large Cap Large Cap
Balanced Income Equity Growth
Fund Fund Fund Fund
--------------- ------------------- ----------------- -----------------
<S> <C> <C> <C> <C>
ASSETS:
Investment securities, at value
(Note 1) .............................. $185,422,376 $ 1,036,662,749 $ 190,002,986 $ 649,813,938
Cash ................................... 449 854,325 417 1,813
Foreign Currency
(Cost $554,024)........................ -- -- -- --
Receivables:
Investment securities sold ............ -- 11,040,908 440,499 2,703,047
Open forward currency
contracts ............................ -- -- -- --
Interest and dividends ................ 999,472 1,945,684 167,647 250,384
Fund shares sold ...................... -- 319,907 145,371 23,954
Expense reimbursement from
Distributor .......................... 11,200 -- 10,000 10,000
Other assets ........................... 14,930 63,124 16,117 38,190
------------ --------------- ------------- -------------
Total Assets ........................ 186,448,427 1,050,886,697 190,783,037 652,841,326
------------ --------------- ------------- -------------
LIABILITIES:
Payables:
To custodian .......................... -- -- -- --
Investment securities
purchased ............................ -- 26,945,403 -- 2,417,444
Trust shares redeemed ................. 194,342 681,500 85,000 128,100
Open forward currency
contracts ............................ -- -- -- --
Dividends ............................. 533,802 1,935,825 175,609 265,784
Accrued liabilities: (Note 2) .......... 42,832 134,245 53,506 79,521
------------ --------------- ------------- -------------
Total Liabilities ................... 770,976 29,696,973 314,115 2,890,849
------------ --------------- ------------- -------------
NET ASSETS:
Paid in capital ........................ 128,377,366 720,451,445 109,416,303 295,249,896
Accumulated undistributed net
investment income ..................... (61,729) 19,587 6,061 11,538
Accumulated undistributed net
realized gain on investment
transactions .......................... 661,398 128,026,465 23,189,100 26,632,621
Net unrealized appreciation of
investments ........................... 56,700,416 172,692,227 57,857,458 328,056,422
------------ --------------- ------------- -------------
Net Assets: .............................. $185,677,451 $ 1,021,189,724 $ 190,468,922 $ 649,950,477
============ =============== ============= =============
Shares of beneficial interest
outstanding ............................. 5,498,936 11,001,468 445,172 5,948,200
Net asset value, redemption and
offering price per share .............. $ 33.77 $ 92.82 $ 427.85 $ 109.27
============ =============== ============= =============
Cost of Investments .................... $128,721,960 $ 863,970,522 $ 132,145,528 $ 321,757,516
============ =============== ============= =============
</TABLE>
See notes to financial statements.
74
<PAGE>
Chase Vista Select Funds
Statement of Assets and Liabilities April 30, 1998 (unaudited)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Select Select Select
New Growth Small Cap International
Opportunities Value Equity
Fund Fund Fund
----------------- ----------------- -----------------
<S> <C> <C> <C>
ASSETS:
Investment securities, at value
(Note 1) ................................... $140,291,927 $528,145,427 $266,448,813
Cash ........................................ 582 660 --
Foreign Currency (Cost $554,024)............. -- -- 554,997
Receivables:
Investment securities sold ................. -- -- 3,447,108
Open forward currency contracts ............ -- -- 1,227
Interest and dividends ..................... 12,160 158,427 1,094,503
Fund shares sold ........................... -- 481,741 40,000
Expense reimbursement from
Distributor ............................... -- 10,000 --
Other assets ................................ 16,264 33,403 19,911
------------ ------------ ------------
Total Assets ............................. 140,320,933 528,829,658 271,606,559
------------ ------------ ------------
LIABILITIES:
Payables:
To custodian ............................... -- -- 117,416
Investment securities purchased ............ 400,848 310,750 3,468,187
Trust shares redeemed ...................... 69,000 375,011 874,342
Open forward currency contracts ............ -- -- 2,265
Dividends .................................. -- -- --
Accrued liabilities: (Note 2) ............... 67,877 79,124 108,958
------------ ------------ ------------
Total Liabilities ........................ 537,725 764,885 4,571,168
------------ ------------ ------------
NET ASSETS:
Paid in capital ............................. 83,320,286 273,969,709 220,591,970
Accumulated undistributed net
investment income .......................... 37,746 499,636 20,115
Accumulated undistributed net
realized gain on investment
transactions ............................... 8,818,336 9,722,711 13,714,933
Net unrealized appreciation of
investments ................................ 47,606,840 243,872,717 32,708,373
------------ ------------ ------------
Net Assets: ................................... $139,783,208 $528,064,773 $267,035,391
============ ============ ============
Shares of beneficial interest outstanding...... 192,708 8,237,615 1,380,712
Net asset value, redemption and
offering price per share ................... $ 725.36 $ 64.10 $ 193.40
============ ============ ============
Cost of Investments ......................... $92,685,087 $284,272,710 $233,749,887
============ ============ ============
</TABLE>
See notes to financial statements.
75
<PAGE>
Chase Vista Select Funds
Statement of Operations For the Six months ended April 30, 1998 (unaudited)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Select Select Select
Select Equity Large Cap Large Cap
Balanced Income Equity Growth
Fund Fund Fund Fund
-------------- --------------- --------------- ---------------
<S> <C> <C> <C> <C>
INVESTMENT INCOME:
Dividend ........................... $ 937,417 $ 11,540,348 $ 1,237,352 $ 2,995,429
Interest ........................... 2,830,480 3,221,692 225,817 69,456
Foreign taxes withheld ............. - (77,955) (6,585) (5,623)
----------- ------------- ----------- ------------
Total investment income ........... 3,767,897 14,684,085 1,456,584 3,059,262
----------- ------------- ----------- ------------
EXPENSES: (Note 2)
Administration fees ................ 136,783 747,046 139,242 443,815
Investment advisory fees ........... 456,360 1,992,123 371,313 1,183,507
Custodian fees ..................... 36,818 65,339 40,645 61,048
Printing and postage ............... 2,224 12,397 2,480 5,329
Professional fees .................. 18,332 29,817 18,032 26,861
Registration ....................... 1,200 5,781 1,288 1,658
Transfer agent fees ................ 10,240 24,901 12,863 17,753
Trustees fees and expenses ......... 4,564 24,901 4,641 14,794
Other .............................. 12,137 29,460 10,157 13,725
----------- ------------- ----------- ------------
Total expenses ................... 678,658 2,931,765 600,661 1,768,490
----------- ------------- ----------- ------------
Less amounts waived (Note 2E) ........ 629,961 2,804,508 551,200 1,688,370
Less expenses borne by the
Distributor ......................... 23,141 -- 18,827 17,985
----------- ------------- ----------- ------------
Net expenses ....................... 25,556 127,257 30,634 62,135
----------- ------------- ----------- ------------
Net investment income .............. 3,742,341 14,556,828 1,425,950 2,997,127
----------- ------------- ----------- ------------
REALIZED AND UNREALIZED
GAIN (LOSS) ON INVESTMENTS:
Net realized gain (loss) on:
Investments ........................ 675,372 128,273,120 23,215,493 26,707,797
Futures transactions ............... -- (234,404) -- --
Foreign currency transactions ...... -- -- -- --
Change in net unrealized
appreciation/depreciation on:
Investments ...................... 17,898,263 (14,115,565) 9,366,972 106,228,354
Foreign currency
transactions .................... -- -- -- --
----------- ------------- ----------- ------------
Net realized and unrealized gain
on investments .................... 18,573,635 113,923,151 32,582,465 132,936,151
----------- ------------- ----------- ------------
Net increase in net assets from
operations ........................ $22,315,976 $ 128,479,979 $34,008,415 $135,933,278
=========== ============= =========== ============
</TABLE>
See notes to financial statements.
76
<PAGE>
Chase Vista Select Funds
Statement of Operations For the Six months ended April 30, 1998 (unaudited)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Select Select Select
New Growth Small Cap International
Opportunities Value Equity
Fund Fund Fund
--------------- ------------- --------------
<S> <C> <C> <C>
INVESTMENT INCOME:
Dividend ...................................... $ 60,268 $ 1,819,106 $ 2,076,903
Interest ...................................... 249,891 1,439,047 407,283
Foreign taxes withheld ........................ -- -- (225,013)
----------- ----------- -----------
Total investment income ...................... 310,159 3,258,153 2,259,173
----------- ----------- -----------
EXPENSES:
Administration fees ........................... 90,884 370,287 191,777
Investment advisory fees ...................... 393,830 1,604,575 1,278,513
Custodian fees ................................ 32,478 45,236 163,057
Printing and postage .......................... 2,480 1,233 4,959
Professional fees ............................. 13,393 26,021 18,712
Registration .................................. 4,960 411 9,917
Transfer agent fees ........................... 10,300 21,233 12,785
Trustees fees and expenses .................... 3,029 12,343 6,393
Other ......................................... 12,492 18,924 11,131
----------- ----------- -----------
Total expenses .............................. 563,846 2,100,263 1,697,244
----------- ----------- -----------
Less amounts waived (Note 2E) ................... 517,192 2,020,098 1,633,347
Less expenses borne by the Distributor .......... -- 25,856 --
----------- ----------- -----------
Net expenses .................................. 46,654 54,309 63,897
----------- ----------- -----------
Net investment income ......................... 263,505 3,203,844 2,195,276
----------- ----------- -----------
REALIZED AND UNREALIZED
GAIN (LOSS) ON INVESTMENTS:
Net realized gain (loss) on:
Investments ................................... 8,821,076 9,725,032 16,444,935
Futures transactions .......................... -- -- (2,216,222)
Foreign currency transactions ................. -- -- (121,300)
Change in net unrealized
appreciation/depreciation on:
Investments ................................. 15,167,354 37,934,423 31,172,560
Foreign currency
transactions ............................... -- -- (12,415)
----------- ----------- -----------
Net realized and unrealized gain
on investments ............................... 23,988,430 47,659,455 45,267,558
----------- ----------- -----------
Net increase in net assets from
operations ................................... $24,251,935 $50,863,299 $47,462,834
=========== =========== ===========
</TABLE>
See notes to financial statements.
77
<PAGE>
Chase Vista Select Funds
Statements of Changes in Net Assets For the periods indicated (unaudited)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Select
Select Equity
Balanced Income
Fund Fund
------------------------------- -----------------------------------
11/1/97 1/1/97* 11/1/97 1/1/97*
Through Through Through Through
4/30/98 10/31/97 4/30/98 10/31/97
--------------- --------------- ------------------ ----------------
<S> <C> <C> <C> <C>
INCREASE (DECREASE) IN NET ASSETS
FROM OPERATIONS:
Net investment income .......................... $ 3,742,341 $ 6,528,249 $ 14,556,828 $ 22,387,910
Net realized gain on investments and futures
transactions .................................. 675,372 18,722,208 128,038,716 190,247,390
Change in net unrealized appreciation on
investments and futures ....................... 17,898,263 643,155 (14,115,565) (22,248,307)
------------- ------------ -------------- -------------
Increase in net assets from operations ......... 22,315,976 25,893,612 128,479,979 190,386,993
------------- ------------ -------------- -------------
DISTRIBUTIONS TO SHAREHOLDERS
FROM (Note 1F)
Net investment income .......................... (3,744,860) (6,523,896) (14,551,418) (22,384,817)
Net realized gain on investments and future
transactions .................................. (18,803,135) -- (190,259,642) --
------------- ------------ -------------- -------------
Total dividends and distributions .............. (22,547,995) (6,523,896) (204,811,060) (22,384,817)
------------- ------------ -------------- -------------
Increase (decrease) from capital share
transactions (Note 6) ......................... 6,726,808 159,812,946 142,384,294 787,134,335
------------- ------------ -------------- -------------
Total increase in net assets .................. 6,494,789 179,182,662 66,053,213 955,136,511
NET ASSETS:
Beginning of period ............................ 179,182,662 -- 955,136,511 --
------------- ------------ -------------- -------------
End of period .................................. $ 185,677,451 $179,182,662 $1,021,189,724 $ 955,136,511
============= ============ ============== =============
<CAPTION>
Chase Vista Select Funds
Statements of Changes in Net Assets For the periods indicated (unaudited)
- --------------------------------------------------------------------------------
Select Select
Large Cap Large Cap
Equity Growth
Fund Fund
-------------------------------- -------------------------------
11/1/97 1/1/97* 11/1/97 1/1/97*
Through Through Through Through
4/30/98 10/31/97 4/30/98 10/31/97
--------------- ---------------- --------------- ---------------
<S> <C> <C> <C> <C>
INCREASE (DECREASE) IN NET ASSETS
FROM OPERATIONS:
Net investment income .......................... $ 1,425,950 $ 2,583,157 $ 2,997,127 $ 4,761,812
Net realized gain on investments and futures
transactions .................................. 23,215,493 56,847,469 26,707,797 53,422,308
Change in net unrealized appreciation on
investments and futures ....................... 9,366,972 (14,519,014) 106,228,354 55,496,670
------------- ------------- ------------- ------------
Increase in net assets from operations ......... 34,008,415 44,911,612 135,933,278 113,680,790
------------- ------------- ------------- ------------
DISTRIBUTIONS TO SHAREHOLDERS
FROM (Note 1F)
Net investment income .......................... (1,423,285) (2,582,870) (2,995,731) (4,756,957)
Net realized gain on investments and future
transactions .................................. (56,873,862) -- (53,497,483) --
------------- ------------- ------------- ------------
Total dividends and distributions .............. (58,297,147) (2,582,870) (56,493,214) (4,756,957)
------------- ------------- ------------- ------------
Increase (decrease) from capital share
transactions (Note 6) ......................... 28,345,046 144,083,866 22,348,640 439,237,940
------------- ------------- ------------- ------------
Total increase in net assets .................. 4,056,314 186,412,608 101,788,704 548,161,773
NET ASSETS:
Beginning of period ............................ 186,412,608 -- 548,161,773 --
------------- ------------- ------------- ------------
End of period .................................. $ 190,468,922 $ 186,412,608 $ 649,950,477 $548,161,773
============= ============= ============= ============
</TABLE>
- -------
* Funds commenced operations on January 1, 1997.
78
<PAGE>
Chase Vista Select Funds
Statements of Changes in Net Assets For the periods indicated (unaudited)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Select
New Growth
Opportunities
Fund
--------------------------------
11/1/97 1/1/97*
Through Through
4/30/98 10/31/97
--------------- ----------------
<S> <C> <C>
INCREASE (DECREASE) IN NET ASSETS FROM
OPERATIONS:
Net investment income ....................................... $ 263,505 $ 536,844
Net realized gain on investments and futures transactions ... 8,821,076 8,397,386
Change in net unrealized appreciation on investments and
futures .................................................... 15,167,354 5,059,237
------------ ------------
Increase in net assets from operations ...................... 24,251,935 13,993,467
------------ ------------
DISTRIBUTIONS TO SHAREHOLDERS FROM (Note 1F)
Net investment income ....................................... (252,443) (507,925)
Net realized gain on investments and future transactions .... (8,400,127) --
------------ ------------
Total dividends and distributions ........................... (8,652,570) (507,925)
------------ ------------
Increase (decrease) from capital share transactions (Note 6) 7,808,761 102,889,540
------------ ------------
Total increase in net assets ............................... 23,408,126 116,375,082
NET ASSETS:
Beginning of period ......................................... 116,375,082 --
------------ ------------
End of period ............................................... $139,783,208 $116,375,082
============ ============
<CAPTION>
Chase Vista Select Funds
Statements of Changes in Net Assets For the periods indicated (unaudited)
- --------------------------------------------------------------------------------
Select Select
Small Cap International
Value Equity
Fund Fund
------------------------------- --------------------------------
11/1/97 1/1/97* 11/1/97 1/1/97*
Through Through Through Through
4/30/98 10/31/97 4/30/98 10/31/97
--------------- --------------- --------------- ----------------
<S> <C> <C> <C> <C>
INCREASE (DECREASE) IN NET ASSETS FROM
OPERATIONS:
Net investment income ....................................... $ 3,203,844 $ 4,543,937 $ 2,195,276 $ 3,731,044
Net realized gain on investments and futures transactions ... 9,725,032 16,874,341 14,107,413 20,205,923
Change in net unrealized appreciation on investments and
futures .................................................... 37,934,423 49,902,918 31,160,145 (14,806,901)
------------- ------------ ------------- -------------
Increase in net assets from operations ...................... 50,863,299 71,321,196 47,462,834 9,130,066
------------- ------------ ------------- -------------
DISTRIBUTIONS TO SHAREHOLDERS FROM (Note 1F)
Net investment income ....................................... (3,114,331) (4,138,699) (8,156,669) (3,376,605)
Net realized gain on investments and future transactions .... (16,876,662) -- (14,974,262) --
------------- ------------ ------------- -------------
Total dividends and distributions ........................... (19,990,993) (4,138,699) (23,130,931) (3,376,605)
------------- ------------ ------------- -------------
Increase (decrease) from capital share transactions (Note 6) 9,549,173 420,460,797 (11,698,131) 248,648,158
------------- ------------ ------------- -------------
Total increase in net assets ............................... 40,421,479 487,643,294 12,633,772 254,401,619
NET ASSETS:
Beginning of period ......................................... 487,643,294 -- 254,401,619 --
------------- ------------ ------------- -------------
End of period ............................................... $ 528,064,773 $487,643,294 $ 267,035,391 $ 254,401,619
============= ============ ============= =============
</TABLE>
- -------
* Funds commenced operations on January 1, 1997.
79
<PAGE>
Chase Vista Select Funds
Notes to Financial Statements (unaudited)
- --------------------------------------------------------------------------------
1. Organization and Significant Accounting Policies -- Mutual Fund Select Group
(the "Trust") was organized as a Massachusetts Business Trust, and is
registered under the Investment Company Act of 1940, as amended, (the "1940
Act") as an open-end management investment company, Effective March 16, 1998,
the Vista Mutual Funds changed its name to the Chase Vista Funds. Select
Balanced Fund ("CVSBF" ), Select Equity Income Fund ("CVSEIF"), Select Large
Cap Equity Fund ("CVSLCEF"), Select Large Cap Growth Fund ("CVSLCGF"), Select
New Growth Opportunities Fund ("CVSNGOF"), Select Small Cap Value Fund
("CVSSCVF"), and Select International Equity Fund ("CVSIEF"), collectively, the
"Funds", are separate series of The Trust.
The Funds were established in December 1996 for the conversion of the Chase
Manhattan Bank Common Trust Funds. Effective January 1, 1997, the Chase Common
Trust Funds contributed securities and other assets in exchange for shares of
the newly created Funds in a tax-free exchange.
The following is a summary of significant accounting policies followed by the
Funds:
The preparation of financial statements in accordance with generally accepted
accounting principles requires management to make estimates and assumptions
that affect the reported amounts and disclosures in the financial statements.
Actual results could differ from those estimates.
A. Valuation of investments -- Equity securities, purchased options and
futures are valued at the last sale price on the exchange on which they are
primarily traded, including the NASDAQ National Market. Securities for which
sale prices are not available and other over-the-counter securities are
valued at the last quoted bid price. Bonds and other fixed income securities
(other than short-term obligations), including listed issues, are valued on
the basis of valuations supplied by pricing services or by matrix pricing
systems of a major dealer in bonds. Short-term debt securities with 61 days
or more to maturity at time of purchase are valued, through the 61st day
prior to maturity at market value based on quotations obtained from market
makers or other appropriate sources; thereafter, the value on the 61st day is
amortized on a straight-line basis over the remaining number of days to
maturity. Short-term investments with 60 days or less to maturity at time of
purchase are valued at amortized cost, which approximates market. Portfolio
securities for which there are no such quotations or valuations are valued at
fair value as determined in good faith by or at the direction of the
Trustees.
B. Repurchase agreements -- It is the Trust's policy that repurchase
agreements are fully collateralized by U.S. Treasury and Government Agency
securities. All collateral is held by the Trust's custodian bank,
subcustodian, or a bank with which the custodian bank has entered into a
subcustodian agreement, or is segregated in the Federal Reserve Book Entry
System. In connection with transactions in repurchase agreements, if the
seller defaults and the value of the collateral declines, or if the seller
enters an insolvency proceeding, realization of the collateral by the Trust
may be delayed or limited.
C. Futures contracts -- When a Fund enters into a futures contract, it makes
an initial margin deposit in a segregated account, either in cash or liquid
securities. Thereafter, the futures contract is marked to market and the Fund
makes (or receives) additional cash payments daily to the broker. Changes in
the value of the contract are recorded as unrealized
appreciation/depreciation until the contract is closed or settled.
The Funds invest in stock index futures contracts for the purpose of hedging
the Fund against share price volatility, which purpose may or may not be
achieved. When the Fund is not fully invested in the securities market, it
may enter into "long" positions in futures or options contracts in order to
gain rapid market exposure that may in part or entirely offset increases in
the cost of securities intended for purchase. Use of long futures contracts
subject the Fund to risk of loss in excess of amounts shown on the Statement
of Assets and Liabilities, up to the amount of the value of the futures
contracts.
80
<PAGE>
Chase Vista Select Funds
Notes to Financial Statements (unaudited) (continued)
- --------------------------------------------------------------------------------
The Fund may enter into futures contracts only on exchanges or boards of
trade. The exchange or board of trade acts as the counterparty to each
futures transaction, therefore, the Fund's credit risk is limited to failure
of the exchange or board of trade.
At April 30, 1998, the Funds had no open futures contracts.
D. Written options -- When a Fund writes an option on a futures contract, an
amount equal to the premium received by the Fund is included in the Fund's
Statement of Assets and Liabilities as an asset and corresponding liability.
The amount of the liability is adjusted daily to reflect the current market
value of the written options and the change is recorded in a corresponding
unrealized gain or loss account. When a written option expires on its
stipulated expiration date, or when a closing transaction is entered into,
the related liability is extinguished and the Fund realizes a gain (or loss
if the cost of the closing transaction exceeds the premium received when the
option was written).
The Funds may write options on stock index securities futures. These options
are settled for cash and subject the Fund to market risk in excess of the
amounts that are reflected in the Statement of Assets and Liabilities. The
Fund, however, is not subject to credit risk on written options as the
counterparty has already performed its obligation by paying a premium at the
inception of the contract.
At April 30, 1998, the Funds had no outstanding written options.
E. Forward Foreign Currency Exchange Contracts -- The CVSIEF may enter into
forward foreign currency contracts (obligations to purchase or sell foreign
currency in the future on a date and price fixed at the time the contracts
are entered into) to hedge the Fund against fluctuations in the value of its
assets or liabilities due to change in the value of foreign currencies. Each
day the forward contract is open, changes
in the value of the contract are recognized as unrealized gains or losses
by "marking to market". When the forward contract is closed, or the
delivery of the currency is made or taken, the CVSIEF records a realized
gain or loss equal to the difference between the proceeds from (or cost of)
the closing transaction and the Fund's basis in the contract. The CVSIEF is
subject to off-balance sheet risk to the extent of the value of the
contracts for purchases of currency and in an unlimited amount for sales of
currency.
F. Security transactions and investment income -- Investment transactions are
accounted for on the trade date (the date the order to buy or sell is
executed). Securities gains and losses are calculated on the identified cost
basis. Interest income is accrued as earned. Dividend income is recorded on
the ex-dividend date.
G. Dollar Rolls -- CVSBF enters into dollar rolls in which the Fund sells
mortgage-backed securities for delivery in the current month and
simultaneously contracts to repurchase substantially similar (same type,
coupon and maturity) securities on a specified future date. During the roll
period, the Fund forgoes principal and interest paid on the securities. The
Fund is compensated by the interest earned on the cash proceeds of the
initial sale and a fee earned for entering into the roll transaction. The fee
is amortized into income over the duration of the roll transaction.
H. Foreign Currency Translation -- The books and records of the Funds are
maintained in U.S. dollars. Foreign currency amounts are translated into U.S.
dollars at the official exchange rates, or at the mean of the current bid and
asked prices, of such currencies against the U.S. dollar as quoted by a major
bank, on the following basis.
1. Market value of investment securities and other assets and
liabilities: at the closing rate of exchange at the balance sheet
date.
2. Purchases and sales of investment securities, income and expenses: at
the rates of exchange prevailing on the respective dates of such
transactions.
Although the net assets of the Funds are presented at the foreign exchange
rates and market values at the close of the periods, the Funds do not isolate
that portion of the
81
<PAGE>
Chase Vista Select Funds
Notes to Financial Statements (unaudited) (continued)
- --------------------------------------------------------------------------------
results of operations arising as a result of changes in the foreign exchange
rates from the fluctuations arising from changes in the market prices of
securities held during the year. Similarly, the Funds do not isolate the
effect of changes in foreign exchange rates from the fluctuations arising
from changes in the market prices of long-term debt securities sold during
the year. Accordingly, such realized foreign currency gains (losses) are
included in the reported net realized gains (losses) on security
transactions.
Reported realized foreign exchange gains or losses arise from disposition of
foreign currency, currency gains or losses realized between the trade and
settlement dates on securities transactions, and the difference between the
amounts of dividends, interest, and foreign withholding taxes recorded on the
Funds' books on the transaction date and the U.S. dollar equivalent of the
amounts actually received or paid. Unrealized foreign exchange gains and
losses arise from changes (due to changes in the exchange rate) in the value
of foreign currency and other assets and liabilities denominated in foreign
currencies which are held at period end.
I. Organization costs -- Organization and initial registration costs incurred
in connection with establishing the Funds have been deferred and are being
amortized on a straight-line basis over a sixty-month period beginning at the
commencement of operations of each Fund.
J. Federal income taxes -- Each Fund is treated as a separate taxable entity
for Federal income tax purposes. The Trust's policy is to comply with the
provisions of the Internal Revenue Code applicable to regulated investment
companies and to distribute to shareholders all of its distributable net
investment income, and net realized gain on investments. In addition, the
Trust intends to make distributions as required to avoid excise taxes.
Accordingly, no provision for Federal income or excise tax is necessary.
K. Distributions to shareholders -- Dividends and distributions paid to
shareholders are recorded on the ex-dividend date. The amount of dividends
and distributions from net investment income and net realized capital gains
is determined in accordance with Federal income tax regulations, which may
differ from generally accepted accounting principles. To the extent these
"book/tax" differences are permanent in nature (i.e., that they result from
other than timing of recognition -- "temporary differences"), such amounts
are reclassified within the capital accounts based on their Federal tax-basis
treatment.
L. Expenses -- Expenses directly attributable to a Fund are charged to that
Fund; other expenses are allocated proportionately among each Fund within the
Trust in relation to the net assets of each Fund or on another reasonable
basis.
2. Fees and Other Transactions with Affiliates
A. Investment advisory fee -- Pursuant to separate investment advisory
agreements, The Chase Manhattan Bank ("Chase" or the "Advisor"), acts as the
Investment Advisor to the Funds. Chase is a direct wholly-owned subsidiary of
The Chase Manhattan Corporation. As Investment Advisor, Chase supervises the
investments of the Funds and for such services is paid a fee. The fee is
computed daily and paid monthly at an annual rate equal to 0.50% for CVSBF,
0.40% for CVSEIF, CVSLCEF, and CVSLCGF, 0.65% for CVSNGOF and CVSSCVF, and
1.00% for CVSIEF of the average daily net assets. The Advisor voluntarily
waived all of its fees.
Chase Asset Management, Inc. ("CAM"), a registered investment advisor, is the
sub-investment advisor to each Fund, with the exception of CVSIEF, pursuant
to a Sub-Investment Advisory Agreement between CAM and Chase. CAM is a wholly
owned subsidiary of Chase and is entitled to receive a fee, payable by Chase
from its advisory fee, at an annual rate equal to 0.25% for CVSBF, 0.20% for
CVSEIF, CVSLCEF and CVSLCGF, and 0.30% for CVSNGOF and CVSSCVF of average
daily net assets.
82
<PAGE>
Chase Vista Select Funds
Notes to Financial Statements (unaudited) (continued)
- --------------------------------------------------------------------------------
CAM London, a registered investment advisor is the sub-investment advisor for
CVSIEF pursuant to a Sub-Investment Advisory Agreement with Chase and is paid
a fee by Chase from its advisory fee at an annual rate equal to 0.50% of the
CVSIEF's average daily net assets.
B. Sub-administration fees -- Pursuant to a Distribution and
Sub-Administration Agreement, Vista Fund Distributors, Inc. (the
"Distributor"), a wholly owned subsidiary of The BISYS Group, Inc., acts as
the Trust's exclusive underwriter and promotes and arranges for the sale of
each Fund's shares. In addition, the Distributor provides certain
sub-administration services to the Trust, including providing officers,
clerical staff and office space for an annual fee of 0.05% of the average
daily net assets of each Fund.
The Distributor voluntarily waived all of the sub-administration fees.
C. Administration fee -- Pursuant to an Administration Agreement, Chase (the
"Administrator") provides certain administration services to the Trust. For
these services and facilities, the Administrator receives from the Funds a
fee computed at the annual rate equal to 0.10% of the respective Fund's
average daily net assets. The Administrator voluntarily waived all of the
administration fees.
D. Waivers of fees -- For the six months ended April 30, 1998, the
Administrator, Investment Advisor, and Sub-Administrator voluntarily waived
all fees for each of the Funds. In addition, the Distributor voluntarily
reimbursed expenses of the Funds in the amounts as shown on the Statement of
Operations.
E. Other -- Certain officers of the Trust are officers of Vista Fund
Distributors, Inc. or of its parent corporation, BISYS.
Chase provides portfolio accounting and custody services for the Funds.
Compensation for such services are presented in the Statement of Operations
as custodian fees. Chase voluntarily waived all custodian fees for the six
months ended April 30, 1998.
3. Investment Transactions -- For the six months ended April 30, 1998,
purchases and sales of investments (excluding short-term investments) were as
follows:
<TABLE>
<CAPTION>
CVSBF CVSEIF CVSLCEF CVSLCGF
-------------- --------------- -------------- --------------
<S> <C> <C> <C> <C>
Purchases (excluding
U.S. Government) ......... $11,319,028 $580,435,137 $56,045,176 $55,166,238
Sales (excluding
U.S. Government) ......... 24,109,757 578,481,501 75,827,398 84,810,519
Purchases of
U.S. Government .......... 19,439,461 24,799,219 -- --
Sales of
U.S. Government .......... 22,206,415 126,272,050 -- --
</TABLE>
83
<PAGE>
Chase Vista Select Funds
Notes to Financial Statements (unaudited) (continued)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
CVSNGOF CVSSCVF CVSIEF
-------------- -------------- ---------------
<S> <C> <C> <C>
Purchases (excluding
U.S. Government) ......... $35,050,592 $11,532,563 $181,442,071
Sales (excluding
U.S. Government) ......... 36,243,929 15,282,287 173,799,866
Purchases of
U.S. Government .......... -- -- --
Sales of
U.S. Government .......... -- -- --
</TABLE>
4. Federal Income Tax Matters -- For Federal income tax purposes, the cost and
unrealized appreciation (depreciation) in value of the investment securities at
April 30, 1998 are as follows:
<TABLE>
<CAPTION>
CVSBF CVSEIF CVSLCEF CVSLCGF
--------------- --------------- --------------- ---------------
<S> <C> <C> <C> <C>
Aggregate cost ......... $128,721,960 $863,970,522 $132,145,528 $321,757,516
------------ ------------ ------------ ------------
Gross unrealized
appreciation ......... $58,082,996 $185,547,844 $59,792,818 $331,603,045
Gross unrealized
depreciation ......... (1,382,580) (12,855,617) (1,935,360) (3,546,824)
------------ ------------ ------------ ------------
Net unrealized
appreciation ......... $56,700,416 $172,692,227 $57,857,458 $328,056,422
============ ============ ============ ============
</TABLE>
<TABLE>
<CAPTION>
CVSNGOF CVSSCVF CVSIEF
-------------- --------------- ---------------
<S> <C> <C> <C>
Aggregate cost ......... $92,685,087 $284,272,710 $233,749,887
----------- ------------ ------------
Gross unrealized
appreciation ......... $49,800,456 $252,958,511 $41,760,787
Gross unrealized
depreciation ......... (2,193,615) (9,085,794) (9,061,861)
----------- ------------ ------------
Net unrealized
appreciation ......... $47,606,840 $243,872,717 $32,698,926
=========== ============ ============
</TABLE>
5. Transactions in Shares of Beneficial Interest -- Transactions in Shares of
Beneficial Interest were as follows for the periods presented.
<TABLE>
<CAPTION>
Select Balanced Fund
------------------------------------------------------------
November 1, 1997 January 1, 1997*
Through Through
April 30, 1998 October 31, 1997
------------------------------ -----------------------------
Amount Shares Amount Shares
---------------- ------------- ---------------- ------------
<S> <C> <C> <C> <C>
Shares sold ..................... $ 19,193,221 617,527 $ 188,703 6,016
Shares issued in exchange for
Common Trust Fund
Assets (see Note 1) ........... -- -- 185,334,938 6,052,671
Shares issued in reinvestment
of distributions .............. 792 24 655,231 20,400
Shares redeemed ................. (12,467,205) (376,554) (26,365,926) (821,148)
------------- -------- ------------- ---------
Net increase in Trust shares
outstanding ................... $ 6,726,808 240,997 $ 159,812,946 5,257,939
============= ======== ============= =========
</TABLE>
84
<PAGE>
Chase Vista Select Funds
Notes to Financial Statements (unaudited) (continued)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Select Equity Income Fund
-----------------------------------------------------------
November 1, 1997 January 1, 1997*
Through Through
April 30, 1998 October 31, 1997
----------------------------- -----------------------------
Amount Shares Amount Shares
---------------- ------------ ---------------- ------------
<S> <C> <C> <C> <C>
Shares sold ................... $ 17,576,799 195,929 $ 29,196,797 313,613
Shares issued in exchange for
Common Trust Fund
Assets (see Note 1) ......... -- -- 828,838,615 9,754,471
Shares issued in reinvestment
of distributions ............ 176,247,448 2,050,096 1,367,260 15,284
Shares redeemed ............... (51,439,953) (548,899) (72,268,337) (779,026)
------------- --------- ------------- ---------
Net increase in Trust shares
outstanding ................. $ 142,384,294 1,697,126 $ 787,134,335 9,304,342
============= ========= ============= =========
</TABLE>
<TABLE>
<CAPTION>
Select Large Cap Equity Fund
------------------------------------------------------------------
November 1, 1997 January 1, 1997*
Through Through
April 30, 1998 October 31, 1997
------------------------------- --------------------------------
Amount Shares Amount Shares
---------------- ------------ ---------------- -------------
<S> <C> <C> <C> <C>
Shares sold ................... $42,554,994 113,722 $ 7,670,676 16,722
Shares issued in exchange for
Common Trust Fund
Assets (see Note 1) ......... -- -- 200,538,629 489,840
85
Shares issued in reinvestment
of distributions ............ 5,954,601 16,104 22,438 52
Shares redeemed ............... (20,164,549) (48,476) (64,147,877) (142,792)
----------- ------- ------------ --------
Net increase in Trust shares
outstanding ................. $28,345,046 81,350 $144,083,866 363,822
=========== ======= ============ ========
</TABLE>
<TABLE>
<CAPTION>
Select Large Cap Growth Fund
------------------------------------------------------------
November 1, 1997 January 1, 1997*
Through Through
April 30, 1998 October 31, 1997
------------------------------ -----------------------------
Amount Shares Amount Shares
---------------- ------------- ---------------- ------------
<S> <C> <C> <C> <C>
Shares sold ..................... $ 13,045,427 133,184 $ 33,523,782 413,187
Shares issued in exchange for
Common Trust Fund
Assets (see Note 1) ........... -- -- 446,275,715 5,718,447
Shares issued in reinvestment
of distributions .............. 50,812,316 562,751 133,131 1,660
Shares redeemed ................. (41,509,103) (405,580) (40,694,688) (475,449)
------------- -------- ------------- ---------
Net increase in Trust shares
outstanding ................... $ 22,348,640 290,355 $ 439,237,940 5,657,845
============= ======== ============= =========
</TABLE>
85
<PAGE>
Chase Vista Select Funds
Notes to Financial Statements (unaudited) (continued)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Select New Opportunities Fund
---------------------------------------------------------------
November 1, 1997 January 1, 1997*
Through Through
April 30, 1998 October 31, 1997
----------------------------- -------------------------------
Amount Shares Amount Shares
--------------- ----------- ---------------- ------------
<S> <C> <C> <C> <C>
Shares sold ................... $6,002,277 8,828 $ 12,449,526 21,149
Shares issued in exchange for
Common Trust Fund
Assets (see Note 1) ......... -- -- 126,731,600 221,746
Shares issued in reinvestment
of distributions ............ 7,426,554 12,801 49 2
Shares redeemed ............... (5,620,070) (8,560) (36,291,635) (63,258)
---------- ------ ------------ -------
Net increase in Trust shares
outstanding ................. $7,808,761 13,069 $102,889,540 179,639
========== ====== ============ =======
</TABLE>
<TABLE>
<CAPTION>
Select Small Cap Value Fund
-------------------------------------------------------------
November 1, 1997 January 1, 1997*
Through Through
April 30, 1998 October 31, 1997
------------------------------ ------------------------------
Amount Shares Amount Shares
---------------- ------------- ---------------- -------------
<S> <C> <C> <C> <C>
Shares sold ..................... $ 15,603,106 259,525 $ 65,913,927 1,206,998
Shares issued in exchange for
Common Trust Fund
Assets (see Note 1) ........... -- -- 391,143,652 7,540,473
Shares issued in reinvestment
of distributions .............. 16,061,700 283,768 1,491 25
Shares redeemed ................. (22,115,633) (360,775) (36,598,273) (692,399)
------------- -------- ------------- ---------
Net increase in Trust shares
outstanding ................... $ 9,549,173 182,518 $ 420,460,797 8,055,097
============= ======== ============= =========
</TABLE>
<TABLE>
<CAPTION>
Select International Equity Fund
------------------------------------------------------------
November 1, 1997 January 1, 1997*
Through Through
April 30, 1998 October 31, 1997
------------------------------ -----------------------------
Amount Shares Amount Shares
---------------- ------------- ---------------- ------------
<S> <C> <C> <C> <C>
Shares sold ..................... $ 11,587,729 66,012 $ 68,517,763 382,789
Shares issued in exchange for
Common Trust Fund
Assets (see Note 1) ........... -- -- 235,112,660 1,368,148
Shares issued in reinvestment
of distributions .............. 13,025,209 79,272 177 1
Shares redeemed ................. (36,311,069) (204,200) (54,982,442) (311,311)
------------- -------- ------------- ---------
Net increase in Trust shares
outstanding ................... $ (11,698,131) (58,916) $ 248,648,158 1,439,627
============= ======== ============= =========
</TABLE>
*Commencement of operations
6. Retirement Plan -- The Funds have adopted an unfunded noncontributory defined
benefit pension plan covering all independent trustees of the Funds who will
have served as an independent trustee for at least five years at the time of
retirement. Benefits under this plan are based on compensation and years of
service. Pension expenses for the six months ended April 30, 1998, included in
Trustees Fees and Expenses in the Statement of Operations, and accrued pension
liability included in other accrued liabilities, in the Statement of Assets and
Liabilities were as follows:
86
<PAGE>
Chase Vista Select Funds
Notes to Financial Statements (unaudited) (continued)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Pension Accrued Pension
Expenses Liability
---------- -----------------
<S> <C> <C>
CVSBF ........... $1,594 $10,914
CVSEIF .......... 8,504 56,622
CVSLCEF ......... 1,606 11,323
CVSLCGF ......... 4,985 33,731
CVSNGOF ......... 1,005 6,806
CVSSCVF ......... 4,172 27,707
CVSIEF .......... 2,254 16,067
</TABLE>
7. Open Forward Foreign Currency Contracts -- The following forward foreign
currency contracts were held by the Funds at April 30, 1998.
<TABLE>
<CAPTION>
Select International Equity Fund
-----------------------------------------------------------------
Delivery Net
Value Market Unrealized
(Local Cost Settlement Value Gain (Loss)
Currency) (USD) Date (USD) (USD)
------------- ----------- ------------ ----------- --------------
<S> <C> <C> <C> <C> <C>
Purchases
Japanese Yen ............... 80,000,000 $606,842 05/01/98 $605,464 $(1,378)
Singapore Dollar ........... 69,000 43,396 05/05/98 43,575 179
Sales
Australian Dollar .......... 770,000 $501,193 05/06/98 $502,075 $ (882)
Hong Kong Dollar ........... 340,000 43,888 05/01/98 43,893 (5)
Italian Lira ............... 740,000,000 418,611 05/05/98 417,619 992
Malaysian Ringgit .......... 78,000 20,912 08/05/98 20,856 56
</TABLE>
8. Foreign Cash Positions
<TABLE>
<CAPTION>
Select International Equity Fund
--------------------------------------------------------
Delivery Net
Value Market Unrealized
(Local Cost Value Gain (Loss)
Currency Currency) (USD) (USD) (USD)
- -------------------------- -------------- ----------- ---------- ------------
<S> <C> <C> <C> <C>
Australian Dollar ........ 15,060 $ 9,843 $ 9,818 $ (25)
Austrian Shilling ........ 234,020 18,208 18,533 325
Belgian Franc ............ 543 14 14 --
Dutch Guilder ............ 76,017 37,534 37,623 89
Finnish Markka ........... 23,989 4,328 4,404 76
French Franc ............. 29,570 4,904 4,914 10
German Deutsche Mark ..... 8,482 4,732 4,727 (5)
Hong Kong Dollar ......... 363,644 46,946 46,946 --
Indonesian Rupiah ........ 7,883,117 773 976 203
Italian Lira ............. 550,616,093 310,266 310,740 474
Japanesse Yen ............ 841 180 6 (174)
Malaysian Ringgit ........ 25,928 6,900 6,933 33
Portuguese Esoudo ........ 2,489,487 13,570 13,533 (37)
Singapore Dollar ......... 3,413 2,144 2,155 11
Spanish Peseta ........... 1,867,220 11,808 12,251 443
Swedish Krona ............ 271,759 35,086 35,116 30
Swiss Franc .............. 52,605 35,229 35,071 (158)
Thai Baht ................ 3,227 83 83 --
UK Sterling .............. 6,671 11,476 11,154 (322)
-------- -------- -------
$554,024 $554,997 $ 973
======== ======== =======
</TABLE>
87
<PAGE>
Chase Vista Select Funds
Financial Highlights (unaudited)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Chase Vista Select
Equity
Balanced Income
Fund Fund
------------------------- ---------------------------
11/01/97 01/01/97* 11/01/97 01/01/97*
Through Through Through Through
04/30/98 10/31/97 04/30/98 10/31/97
------------ ------------ -------------- ------------
<S> <C> <C> <C> <C>
Per Share Operating Performance
Net Asset Value, Beginning of Period .................................. $ 34.08 $ 30.62 $ 102.65 $ 84.97
------- ------- --------- --------
Income from Investment Operations:
Net investment income ............................................... 0.667 1.171 1.335 2.371
Net Gains or Losses in Securities (both realized and unrealized)..... 3.297 3.460 10.714 17.680
-------- -------- ---------- --------
Total From Investment Operations .................................... 3.964 4.631 12.049 20.051
-------- -------- ---------- --------
Less Distributions:
Dividends from net investment income ................................ 0.667 1.171 1.335 2.371
Distributions from Realized Gains ................................... 3.606 -- 20.544 --
-------- -------- ---------- --------
Total Distributions ................................................ 4.273 1.171 21.879 2.371
-------- -------- ---------- --------
Net Asset Value, End of Period ........................................ $ 33.77 $ 34.08 $ 92.82 $ 102.65
======== ======== ========== ========
Total Return .......................................................... 12.86% 15.35% 13.69% 23.76%
Ratios/Supplemental Data:
Net assets, end of period (000 omitted) .............................. $185,677 $179,183 $1,021,190 $955,137
Ratios to average net assets:#
Ratio of expenses .................................................... 0.03% 0.03% 0.03% 0.03%
Ratio of net investment income ....................................... 4.10% 4.29% 2.92% 2.97%
Ratio of expenses without waivers and assumption of expenses ......... 0.75% 0.72% 0.59% 0.59%
Ratio of net investment income without waivers and assumption
of expenses ......................................................... 3.38% 3.60% 2.36% 2.41%
Portfolio turnover rate ............................................... 18% 131% 63% 73%
<CAPTION>
Chase Vista Select Funds
Financial Highlights (unaudited)
- --------------------------------------------------------------------------------
Chase Vista Select
Large Cap Large Cap
Equity Growth
Fund Fund
------------------------- -------------------------
11/01/97 01/01/97* 11/01/97 01/01/97*
Through Through Through Through
04/30/98 10/31/97 04/30/98 10/31/97
------------ ------------ ------------ ------------
<S> <C> <C> <C> <C>
Per Share Operating Performance
Net Asset Value, Beginning of Period .................................. $ 512.37 $ 409.39 $ 96.89 $ 78.04
-------- -------- -------- -------
Income from Investment Operations:
Net investment income ............................................... 3.270 6.506 0.497 0.827
Net Gains or Losses in Securities (both realized and unrealized)..... 73.069 102.979 21.890 18.849
-------- -------- -------- --------
Total From Investment Operations .................................... 76.339 109.485 22.387 19.676
-------- -------- -------- --------
Less Distributions:
Dividends from net investment income ................................ 3.264 6.505 0.496 0.826
Distributions from Realized Gains ................................... 157.595 -- 9.514 --
-------- -------- -------- --------
Total Distributions ................................................ 160.859 6.505 10.010 0.828
-------- -------- -------- --------
Net Asset Value, End of Period ........................................ $ 427.85 $ 512.37 $ 109.27 $ 96.85
======== ======== ======== ========
Total Return .......................................................... 20.00% 26.89% 25.28% 25.32%
Ratios/Supplemental Data:
Net assets, end of period (000 omitted) .............................. $190,469 $186,413 $649,950 $548,162
Ratios to average net assets:#
Ratio of expenses .................................................... 0.03% 0.03% 0.02% 0.02%
Ratio of net investment income ....................................... 1.54% 1.65% 1.01% 1.12%
Ratio of expenses without waivers and assumption of expenses ......... 0.64% 0.58% 0.60% 0.60%
Ratio of net investment income without waivers and assumption
of expenses ......................................................... 0.93% 1.11% 0.43% 0.54%
Portfolio turnover rate ............................................... 31% 54% 9% 36%
</TABLE>
- -------
* Commencement of operations.
# Short periods have been annualized
See notes to financial statements.
88
<PAGE>
Chase Vista Select Funds
Financial Highlights (unaudited)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
New Growth
Opportunities
Fund
-------------------------
11/01/97 01/01/97*
Through Through
04/30/98 10/31/97
------------ ------------
<S> <C> <C>
Per Share Operating Performance
Net Asset Value, Beginning of Period .......................... $ 647.83 $ 571.52
-------- --------
Income from Investment Operations:
Net investment income ....................................... 1.364 2.914
Net Gains or Losses in Securities (both realized and unrealized) 124.427 76.149
--------- ---------
Total From Investment Operations ............................ 125.791 79.063
--------- ---------
Less Distributions:
Dividends from net investment income ........................ 1.318 2.753
Distributions from Realized Gains ........................... 46.943 --
--------- ---------
Total Distributions ........................................ 48.261 2.753
--------- ---------
Net Asset Value, End of Period ................................ $ 725.36 $ 547.83
========= =========
Total Return .................................................. 21.27% 13.90%
Ratios/Supplemental Data:
Net assets, end of period (000 omitted) ...................... $139,783 $116,375
Ratios to average net assets:#
Ratio of expenses ............................................ 0.08% 0.06%
Ratio of net investment income ............................... 0.43% 0.57%
Ratio of expenses without waivers and assumption of expenses . 0.93% 0.92%
Ratio of net investment income without waivers and assumption
of expenses ................................................. ( 0.42%) ( 0.27%)
Portfolio turnover rate ....................................... 30% 50%
<CAPTION>
Chase Vista Select Funds
Financial Highlights (unaudited)
- --------------------------------------------------------------------------------
Chase Vista Select
Small Cap International
Value Equity
Fund Fund
------------------------- -------------------------
11/01/97 01/01/97* 11/01/97 01/01/97*
Through Through Through Through
04/30/98 10/31/97 04/30/98 10/31/97
------------ ------------ ------------ ------------
<S> <C> <C> <C> <C>
Per Share Operating Performance
Net Asset Value, Beginning of Period .......................... $ 60.54 $ 51.67 $ 176.71 $ 171.65
------- ------- -------- --------
Income from Investment Operations:
Net investment income ....................................... 0.382 0.574 4.592 2.562
Net Gains or Losses in Securities (both realized and unrealize 5.630 8.520 27.842 4.614
-------- -------- -------- --------
Total From Investment Operations ............................ 6.012 9.194 32.434 7.276
-------- -------- -------- --------
Less Distributions:
Dividends from net investment income ........................ 0.372 0.524 5.381 2.416
Distributions from Realized Gains ........................... 2.080 -- 10.363 --
-------- -------- -------- --------
Total Distributions ........................................ 2.452 0.524 15.744 2.416
-------- -------- -------- --------
Net Asset Value, End of Period ................................ $ 64.10 $ 60.54 $ 193.40 $ 176.71
======== ======== ======== ========
Total Return .................................................. 10.44% 17.60% 20.15% 4.15%
Ratios/Supplemental Data:
Net assets, end of period (000 omitted) ...................... $528,065 $487,643 $267,035 $254,402
Ratios to average net assets:#
Ratio of expenses ............................................ 0.02% 0.02% 0.05% 0.07%
Ratio of net investment income ............................... 1.29% 1.26% 1.72% 1.66%
Ratio of expenses without waivers and assumption of expenses . 0.85% 0.85% 1.33% 1.27%
Ratio of net investment income without waivers and assumption
of expenses ................................................. 0.46% 0.43% 0.44% 0.46%
Portfolio turnover rate ....................................... 3% 8% 73% 141%
</TABLE>
- -------
* Commencement of operations.
# Short periods have been annualized
See notes to financial staetements.
89
<PAGE>
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<PAGE>
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<PAGE>
[back cover]
Chase Vista Funds Service Center
P.O. Box 419392
Kansas City, MO 64179
Investment Adviser, Administrator,
Shareholder and Fund Servicing Agent
and Custodian
The Chase Manhattan Bank
Distributor
Vista Fund Distributors, Inc.
Transfer Agent
DST Systems, Inc.
Legal Counsel
Simpson Thacher & Bartlett
Independent Accountants
Price Waterhouse LLP
Chase Vista Select Funds are distributed by Vista Fund Distributors, Inc. which
is unaffiliated with The Chase Manhattan Bank. Chase and its respective
affiliates receive compensation from Chase Vista Select Funds for providing
investment advisory and other services.
This report is submitted for the general information of the shareholders of the
Funds. It is not authorized for distribution to prospective investors in the
funds unless preceded or accompanied by a prospectus.
The financial information in this report has been taken from the books and
records of the Funds without examination by independent accountants, who express
no opinion thereto.
To obtain a prospectus for any of the Chase Vista Select Funds, call
1-800-34-VISTA. The prospectus contains more complete information, including
charges and expenses. Please read it carefully before you invest or send money.
June 1998 CVSE-3-498
