[cover]
SELECT FIXED INCOME FUNDS
[logo]
CHASE VISTA SELECT FUNDS(SM)
SEMI-ANNUAL
REPORT
------------------------------------------
Chase Vista(SM). Setting the Global Standard.
CHASE VISTA SELECT BOND FUND
CHASE VISTA SELECT
INTERMEDIATE BOND FUND
CHASE VISTA SELECT
SHORT-TERM BOND FUND
April 30, 1998
(unaudited)
<PAGE>
HIGHLIGHTS
(bullet) The Asian economic crisis weighed heavily on the market early in the
period but was less of a factor during the first four months of 1998.
(bullet) Inflation remained under control, and, during much of the period,
interest rates remained in a relatively narrow trading range.
CONTENTS
<TABLE>
<S> <C>
Chairman's Letter 3
Chase Vista Select Bond Fund
Fund Commentary (bullet) Portfolio of Investments 4
Chase Vista Select Intermediate Bond Fund
Fund Commentary (bullet) Portfolio of Investments 14
Chase Vista Select Short-Term Bond Fund
Fund Commentary (bullet) Portfolio of Investments 23
Financial Statements 31
Notes to Financial Statements 34
Financial Highlights 39
</TABLE>
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(SM)
CHAIRMAN'S LETTER
June 10, 1998
Dear Shareholder:
We are pleased to present this semi-annual report for the following Chase Vista
Select Fixed Income Funds for the period ended April 30, 1998:
[bullet] Chase Vista Select Bond Fund
[bullet] Chase Vista Select Intermediate Bond Fund
[bullet] Chase Vista Select Short-Term Bond Fund
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 investors worrying about the impact of the Asian
financial 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 pace of U.S. economic activity.
In December, bonds performed well due to weaker-than-expected economic data,
most notably a benign retail sales report for November. Deflation concerns
brought on by Asia's economic troubles also helped bolster the market. 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 overheating 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 minor higher
inflation concerns due to the U.S. economy's better-than-expected performance.
For the reporting period, the Federal Reserve Board maintained its neutral
monetary policy, as it has for more than one year. The Fed has not raised
short-term interest rates since March, 1997 and has not lowered them since
December, 1996.
Everyone at Chase Vista wishes to remind you of the important role fixed income
investments play in a diversified portfolio. That said, we encourage you to
maintain your investing discipline in the months and years ahead and look
forward to continuing to help you reach your financial goals.
Sincerely,
/s/ Fergus Reid
Fergus Reid
Chairman
3
<PAGE>
Unaudited
About Your Fund
CHASE VISTA SELECT BOND FUND
- --------------------------------------------------------------------------------
FUND FACTS
<TABLE>
<S> <C>
Objective: Income
Primary investments: Debt obligations of the U.S. government, its
agencies and instrumentalities and investment grade
fixed income securities.
Suggested investment
time frame: Long-term
Market benchmark: Lehman Aggregate Bond Index
Lipper Funds category: Corporate Debt A-Rated Funds Average
Inception date: 1/1/97
Newspaper symbol: Bond
As of April 30, 1998
Net assets: $543.5 million
Average maturity: 8.6 years
Average duration: 4.6 years
Average quality: AAA
</TABLE>
4
<PAGE>
Unaudited
About Your Fund
CHASE VISTA SELECT BOND FUND
PERFORMANCE
Chase Vista Select Bond Fund, which seeks to provide a high level of current
income through a portfolio of investment-grade government, asset-backed and
corporate bonds, had a total return of 3.05% for the six-month period ended
April 30, 1998.
STRATEGY
Declining interest rates, a longer-than-average duration and good sector
selection helped the Fund's performance.
Early in the period, the Asian economic and currency crisis had a negative
impact on most sectors of the fixed-income market. Yankee bonds, particularly
Asian Yankee bonds, were especially hard hit. While the turmoil along the
Pacific Rim raised investor concern about the direction of the global economy,
it could not derail the domestic economy from completing a solid year. For 1997,
Gross Domestic Product (GDP) grew by 3.8%, the fastest pace since Ronald Reagan
roamed the halls of the White House.
During the second half of the period, the Fund's mortgage-backed securities
contributed favorably to performance. Waning prepayment fears coupled with
relatively stable interest rates enabled these securities to post good
performance versus other fixed-income securities. The Fund also benefited from
its exposure to corporates, particularly issues in the U.S. financial sector,
which enjoyed good performance due to the increased merger and acquisition
activity within the industry. Finally, our overweighting in asset-backed
securities proved rewarding to shareholders.
OUTLOOK
With the Asian economic crisis still a threat to the global economy, the Fund's
management team expects interest rates to trend lower in the months ahead.
Given this forecast, the management team expects to maintain its
longer-than-average duration and barbell maturity structure as well as to
continue to overweight the spread sectors.
5
<PAGE>
Unaudited
About Your Fund
CHASE VISTA SELECT BOND FUND
CHASE VISTA SELECT BOND FUND
COMPOSITION OF TOTAL ASSETS AS OF 4/30/98
[pie chart]
Bonds 93.2%
Cash 6.8%
CHASE VISTA SELECT BOND FUND
COMPOSITION OF MARKET VALUE OF INVESTMENTS AS OF 4/30/98
[pie chart]
Mortgage Backed Securities 29.0%
U.S. Treasury Securities 12.3%
Asset Backed Securities 26.2%
Corporate Notes & Bonds 15.1%
U.S. Government Agency Obligations 10.0%
Commercial Mortgage Backed Securities 4.4%
Other 3.0%
- --------------------------------------------------------------------------------
AVERAGE ANNUAL TOTAL RETURNS AS OF 4/30/98+
<TABLE>
<S> <C>
One Year 9.94%
Five Years 6.60%
Ten Years 8.59%
</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 Bond 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 BOND FUND
GROWTH OF HYPOTHETICAL $10,000 INVESTMENTS IN
CHASE VISTA SELECT BOND FUND+
AND ITS KEY BENCHMARKS
[line chart]
Chase Vista Select Lehman Aggregate Lipper Corp Debt A-Rated
Bond Fund Bond Index Funds Average
4/88 10000 10000 10000
11393 10794 10791
4/90 12397 11767 11527
14053 13552 13138
4/92 15524 15043 14588
17610 17040 16701
4/94 17908 17182 16841
18961 18441 17844
4/96 20741 20033 19248
22052 21452 20487
4/30/98 24240 23792 22643
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 Bond Fund, the Lehman Aggregate Bond Index, and the Lipper
Corporate Debt A-Rated Funds Average for the 10 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 Lehman Aggregate Bond Index is composed of the Lehman Government/Corporate
Index and the Mortgage-Backed Securities Index and includes U.S. Treasury,
agency and corporate bond issues and mortgage-backed securities. The index is
unmanaged and reflects the reinvestment of dividends. An individual cannot
invest in an index.
The Lipper Corporate Debt A-Rated Funds Average represents the average
performance of a universe of 146 actively managed corporate debt A-Rated or
better 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 Bond 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 Bond Fund
Portfolio of Investments April 30, 1998 (unaudited)
<TABLE>
<CAPTION>
Principal
Amount
(USD) Issuer Value
- --------------------------------------------------------------------
<S> <C> <C>
Long-Term Investments -- 114.9%
- --------------------------------------------------------------------
U.S. Treasury Securities -- 15.6%
---------------------------------
U. S. Treasury Notes & Bonds,
$10,000,000 6.13%, 11/15/27 $10,231,200
12,000,000 6.50%, 05/31/02 12,354,360
50,000,000 8.13%, 08/15/19 62,375,000
-----------
Total U. S. Treasury Securities 84,960,560
(Cost $85,705,861) -----------
U. S. Government Agency Obligations -- 3.6%
-------------------------------------------
5,005,000 Federal Home Loan Mortgage
Corp., 7.59%, 09/19/06 5,234,129
Federal National Mortgage
Association,
5,000,000 7.44%, 11/08/06 5,085,150
9,000,000 8.50%, 02/01/05 9,374,040
-----------
Total U. S. Government Agency 19,693,319
Obligations (Cost $19,286,466) -----------
Corporate Notes & Bonds -- 19.4%
--------------------------------
Airlines -- 2.2%
5,045,759 Continental Airlines, # 9.50%,
10/15/13 5,815,237
5,000,000 Delta Air Lines, 10.06%, 01/02/16 6,256,250
-----------
12,071,487
-----------
Automotive -- 1.9%
10,000,000 Ford Motor Credit Company
6.50%, 02/28/02 10,100,700
-----------
Banking -- 3.4%
5,000,000 BankAmerica Corp. 10.00%,
02/01/03 5,739,050
3,575,000 Comerica Bank, 7.25%, 06/15/07 3,761,973
3,000,000 Corp Andina de Fomento, Yankee
(Venezuela) 7.38%, 07/21/00 3,059,070
5,650,000 Key Bank of Washington, 7.13%,
08/15/06 5,872,723
-----------
18,432,816
-----------
</TABLE>
See notes to financial statements.
8
<PAGE>
Chase Vista Select Bond Fund
Portfolio of Investments April 30, 1998 (unaudited) (continued)
<TABLE>
<CAPTION>
Principal
Amount
(USD) Issuer Value
- ----------------------------------------------------------------------
<S> <C> <C>
Long-Term Investments -- (continued)
- ----------------------------------------------------------------------
Construction / Transportation -- 0.5%
$ 3,000,000 Zhuhai Highway Co., Ltd., Yankee,
Ser. A, # (China) 9.13%,
07/01/06 $2,927,700
----------
Entertainment / Leisure -- 1.0%
5,000,000 Time Warner Inc., 7.75%, 06/15/05 5,301,900
----------
Financial Services -- 5.2%
5,000,000 Donaldson Lufkin & Jenrette, Inc.,
# 6.90%, 10/01/07 5,112,500
5,000,000 Goldman Sachs Group, LP, #
7.13%, 03/01/03 5,156,200
5,750,000 Lehman Brothers Holdings Inc., #
6.63%, 12/27/02 5,807,385
5,000,000 Kellogg # 5.75%, 02/02/01 4,964,500
3,875,000 Simon Debartolo Group, 7.13%,
09/20/07 3,947,381
3,250,000 Termoemcali Funding Corp., #
10.13%, 12/15/14 3,323,093
----------
28,311,059
----------
Industrial Components -- 2.0%
5,000,000 Dayton Hudson Co., 5.90%,
06/15/37 5,068,750
5,850,000 Kroger Co., 6.38%, 03/01/08 5,751,194
----------
10,819,944
----------
Oil & Gas -- 0.9%
5,000,000 Petroleum Geological Services
7.13%, 03/30/28 4,975,750
----------
Real Estate Investment Trusts -- 0.4%
2,000,000 Chelsea GCA Reatly Partnership
7.25%, 10/21/07 2,012,480
----------
Shipping / Transportation -- 1.0%
5,000,000 Union Pacific Corp. 7.60%,
05/01/05 5,266,650
----------
</TABLE>
See notes to financial statements.
9
<PAGE>
Chase Vista Select Bond Fund
Portfolio of Investments April 30, 1998 (unaudited) (continued)
<TABLE>
<CAPTION>
Principal
Amount
(USD) Issuer Value
- --------------------------------------------------------------------
<S> <C> <C>
Long-Term Investments -- (continued)
- --------------------------------------------------------------------
Telecommunications -- 0.9%
$4,500,000 TCI Communications, Inc., 8.00%,
08/01/05 $ 4,851,450
-----------
Total Corporate Notes & Bonds 105,071,936
(Cost $105,033,313) -----------
Mortgage Backed Securities -- 37.0%
-----------------------------------
Mortgage Backed Pass Thru Securities -- 34.0%
Federal National Mortgage
Association,
16,000,000 TBA, 6.00%, 05/18/13 15,764,960
43,000,000 TBA, 6.50%, 05/13/28 42,556,670
21,500,000 TBA, 7.00%, 05/18/13 22,045,955
25,000,000 TBA, 7.00%, 05/13/28 25,273,500
8,500,457 ARM Pool 313539, 7.29%,
11/01/18 8,787,348
9,066,910 ARM, Pool 780412, 7.50%,
08/15/26 9,321,871
30,000,000 TBA, 7.50%, 05/13/28 30,778,200
Government Mortgage Association
Corp.,
15,000,000 TBA, 7.00%, 05/20/28 15,178,200
10,000,000 TBA, 7.50%, 05/20/28 10,271,900
5,000,000 TBA, 8.00%, 05/20/28 5,187,500
-----------
185,166,104
-----------
Collateralized Mortgage Obligation -- 3.0%
4,016,000 Federal Farm Credit Association
Secured Lending Corporation,
FRN # 6.41%, 02/12/12 4,016,627
7,500,000 Federal Home Loan Mortgage
Corp., Ser. 1343, Class H,
7.50%, 05/15/19 7,628,850
4,953,968 Wells Fargo Capital Markets
Apartments Financing, Ser. APT,
Class A, # 6.56%, 12/29/05 5,006,579
-----------
16,652,056
-----------
</TABLE>
See notes to financial statements.
10
<PAGE>
Chase Vista Select Bond Fund
Portfolio of Investments April 30, 1998 (unaudited) (continued)
<TABLE>
<CAPTION>
Principal
Amount
(USD) Issuer Value
- ----------------------------------------------------------------------
<S> <C> <C>
Long-Term Investments -- (continued)
- ----------------------------------------------------------------------
Total Mortgage Backed Securities $201,818,160
(Cost $201,728,941) ------------
Commercial Mortgage Backed Securities -- 5.7%
---------------------------------------------
$5,000,000 Asset Securitization Corp., Ser.
1997-D5, Class A1C, 6.75%,
02/14/41 5,125,000
3,250,000 DLJ Mortgage Acceptance Corp.,
Ser. 1997-CF2, Class A1B,
6.82%, 09/15/07 3,339,375
5,000,000 GS Mortgage Securities Corp. II,
Ser. 1997-GL, Class A2D, 6.94%,
07/13/30 5,182,029
7,500,000 Lehman Large Loan, Ser. 1997-LLI,
Class A3, # 6.90%, 10/12/34 7,755,469
5,000,000 Morgan Stanley Capital Inc. Ser.
1998 -- WF1 6.55%, 12/15/07 5,067,188
4,354,000 Norwest Asset Securities Corp., Ser.
1997-14, Class A11, 7.25%,
10/25/27 4,367,606
------------
Total Commercial Mortgage Backed 30,836,667
Securities (Cost $30,462,200) ------------
Asset Backed Securities -- 33.6%
--------------------------------
10,000,000 Advanta Corporation, FRN 5.87%,
07/15/03 9,982,207
10,000,000 Airplanes Group Pass Thru Trust
Ser 1R, FRN 6.00%, 02/16/02 10,000,000
5,000,000 American Express Credit Account
Master Trust, Ser. 1997-1,
Class A, 6.40%, 04/15/05 5,073,400
5,000,000 Citibank Credit Card Master Trust,
Ser. 1998 -- 3A, 5.80%, 02/07/05 4,935,900
5,000,000 Commercial Mortgage Acceptance
Corp., Ser 1997 -ML1, 6.78%,
12/15/30 5,029,688
</TABLE>
See notes to financial statements.
11
<PAGE>
Chase Vista Select Bond Fund
Portfolio of Investments April 30, 1998 (unaudited) (continued)
<TABLE>
<CAPTION>
Principal
Amount
(USD) Issuer Value
- ---------------------------------------------------------------------
<S> <C> <C>
Long-Term Investments -- (continued)
- ---------------------------------------------------------------------
$10,000,000 Contimortgage Home Equity Loan
Trust, Series 1998-1, 6.43%,
04/15/16 $10,028,125
10,000,000 Goldman Sachs Group, Ser. A, FRN
# 5.76%, 02/25/00 10,000,000
4,210,499 Green Tree Recreational, Equipment
& Consumer Trust, Ser 1998-A
6.39%, 06/15/19 4,199,972
9,500,000 MBNA Corp., Master Credit Card
Trust, Ser. 1995-C, Class A
6.45%, 02/15/08 9,663,210
13,975,000 Nations Bank Commercial LMT,
FRN # 5.38%, 09/20/02 13,984,962
6,500,000 Nomura CBO, Ltd., Ser. 1997-1,
Class A2, # 6.67%, 05/15/09 7,092,020
9,987,363 Nomura Depositor Trust, Ser.
1998 -- ST1A# 6.24%, 02/15/34 10,001,408
10,000,000 Nomura Depositor Trust, Ser.
1998 -- ST1A FRN#, 5.40%,
02/15/34 10,001,563
12,000,000 Prime Funding Ltd., Ser 98-1A, A1
FRN # 5.78%, 02/20/01 12,000,000
1,669,333 ROSE Funding Corp Ser II., FRN
# (United Kingdom) 5.70%,
10/28/04 1,669,333
15,000,000 SASCO, FRN 6.08%, 04/30/13 15,000,000
9,181,566 Signet Heloc Trust, Ser. 1995 -- A,
FRN 5.93%, 06/20/04 9,194,776
9,962,503 Southern Pacific Secured Assets
Corp. Ser 1998-1, FRN # 5.86%,
08/15/14 9,960,180
6,500,000 The Money Store Home Equity
Trust Ser 96-D, A7, 7.11%,
04/15/25 6,613,750
8,000,000 Toyota Auto Lease Trust, Ser.
1997 -- A, 6.35%, 04/26/04 8,062,500
</TABLE>
See notes to financial statements.
12
<PAGE>
Chase Vista Select Bond Fund
Portfolio of Investments April 30, 1998 (unaudited) (continued)
<TABLE>
<CAPTION>
Principal
Amount
(USD) Issuer Value
- ---------------------------------------------------------------
<S> <C> <C>
Long-Term Investments -- (continued)
- ---------------------------------------------------------------
$10,000,000 Triangle Funding Ltd., FRN #
5.73%, 10/15/03 $ 9,984,645
------------
Total Asset Backed Securities 182,477,639
(Cost $181,957,056) ------------
- ---------------------------------------------------------------
Total Long Term Investments 624,858,281
(Cost $624,173,837)
- ---------------------------------------------------------------
Short-Term Investments -- 13.3%
- ---------------------------------------------------------------
U. S. Treasury Securities -- 0.1%
---------------------------------
500,000 U.S. Treasury Bill, 5.14%,
08/20/98 (t) 492,076
(Cost $492,076) ------------
U. S. Government Agency Obligations -- 9.4%
-------------------------------------------
50,900,000 Federal Home Loan Bank, Discount
Note Obligations, 5.43%,
05/01/98 50,900,000
(Cost $50,900,000) ------------
Commercial Paper -- 3.8%
------------------------
21,000,000 Bank of Tokyo-Mitsubishi, Ltd.
(Japan) 5.72%, 05/05/98 20,986,653
(Cost $20,986,653)
- ---------------------------------------------------------------
Total Short Term Investments 72,378,729
(Cost $72,378,729)
- ---------------------------------------------------------------
Total Investments -- 128.2% $697,237,010
(Cost $696,552,566)
- ---------------------------------------------------------------
</TABLE>
Purchased Futures Outstanding
<TABLE>
<CAPTION>
Number Original Nominal
Expiration of Nominal Value at Unrealized
Description Date Contracts Value 04/30/98 Depreciation
- -------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
U.S. Long Bond June 1998 28 $16,847,910 $16,846,876 (1,034)
</TABLE>
See notes to financial statements.
13
<PAGE>
Unaudited
About Your Fund
CHASE VISTA SELECT INTERMEDIATE BOND FUND
- --------------------------------------------------------------------------------
FUND FACTS
<TABLE>
<S> <C>
Objective: Income
Primary investments: Debt obligation of the U.S. Government, its
agencies and instrumentalities and investment grade
fixed income securities.
Suggested investment
time frame: Mid- to long-term
Market Benchmark: Lehman Intermediate Govt/Corp Bond Index
Lipper Funds Category: Intermediate Investment Grade Debt Funds Average
Inception date: 1/1/97
Newspaper symbol: IntmdBd
As of April 30, 1998
Net assets: $337.9 million
Average maturity: 5.2 years
Average duration: 3.3 years
Average quality: AAA
</TABLE>
14
<PAGE>
Unaudited
About Your Fund
CHASE VISTA SELECT INTERMEDIATE BOND FUND
PERFORMANCE
Chase Vista Select Intermediate Bond Fund, which seeks to provide a high level
of current income through a portfolio of investment-grade government,
asset-backed and corporate bonds, had a total return of 2.88% for the six-month
period ended April 30, 1998.
STRATEGY
While the Asian economic and currency crisis had a significant effect on the
fixed-income market, the Fund recovered and posted a modest gain.
In November, interest rates declined as investors worried about the negative
impact on U.S. economic growth as a result of the turmoil in southeast Asia.
However, many sectors within the fixed-income markets showed weakness during
this period. Asian Yankee bonds and U.S. corporate bonds were especially
negatively affected by the crisis. As we entered the new year, concerns over
Asia's economic woes appeared to wane, which helped all of the spread sectors to
rebound from their underperformance since the fourth quarter and into January.
In the second half of the period, the Fund benefited from its overweighted
exposure to all spread sectors, especially mortgage-backed securities, which
outperformed as prepayment fears subsided. Since late January, corporates also
fared better, as investors became less concerned about the potential impact of
Asia's economic problems on the credit ratings of corporations.
OUTLOOK
With the Asian economic crisis still a threat to the global economy, the Fund's
management team expects interest rates to trend lower in the months ahead.
Given this forecast, the management team expects to maintain its
longer-than-average duration and barbell maturity structure as well as to
continue to overweight the spread sectors.
15
<PAGE>
Unaudited
About Your Fund
CHASE VISTA SELECT INTERMEDIATE BOND FUND
CHASE VISTA SELECT INTERMEDIATE BOND FUND
COMPOSITION OF TOTAL ASSETS AS OF 4/30/98
[pie chart]
Bonds 92.4%
Cash 7.6%
CHASE VISTA SELECT INTERMEDIATE BOND FUND
COMPOSITION OF MARKET VALUE OF INVESTMENTS AS OF 4/30/98
[pie chart]
U.S. Treasury Securities 37.6%
Commercial Mortgage Backed Securities 8.6%
Corporate Notes & Bonds 28.3%
U.S. Government Agency Obligations 10.1%
Asset Backed Securities 7.2%
Mortgage Backed Securities 6.7%
Other 1.5%
- --------------------------------------------------------------------------------
AVERAGE ANNUAL TOTAL RETURNS AS OF 4/30/98+
<TABLE>
<S> <C>
One Year 8.65%
Five Years 5.50%
Ten Years 8.04%
</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 Intermediate Bond 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.
16
<PAGE>
Unaudited
About Your Fund
CHASE VISTA SELECT INTERMEDIATE BOND FUND
GROWTH OF HYPOTHETICAL $10,000 INVESTMENT IN
CHASE VISTA SELECT INTERMEDIATE BOND FUND+
AND ITS KEY BENCHMARKS
[line chart]
Chase Vista Select Lehman Intermediate Lipper Intermediate
Intermediate Bond Govt/Corp Bond Investment Grade Debt
Fund Index Funds Average
4/88 10000 10000 10000
11363 10662 10668
4/90 12348 11604 11420
14026 13193 12918
4/92 15495 14584 14302
17627 16388 16141
4/94 17485 16554 16233
18564 17630 17194
4/96 20036 17012 18518
21211 20230 19698
4/30/98 23041 22010 21612
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 Intermediate Bond Fund, Lehman Intermediate Government/
Corporate Bond Index and the Lipper Intermediate Investment Grade Debt Funds
Average for the 10 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 Lehman Intermediate Government/Corporate Bond Index is composed of the
government and corporate indexes, which includes bonds with 5-10 year
maturities, including U.S. Government Treasury and agency securities, and
corporate and Yankee bonds. The index is unmanaged and reflects reinvestment of
dividends. An individual cannot invest in the index.
The Lipper Intermediate Investment Grade Debt Funds Average represents the
average performance of a universe of 230 actively managed intermediate
investment grade debt 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 Intermediate Bond 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.
17
<PAGE>
Chase Vista Select Intermediate Bond Fund
Portfolio of Investments April 30, 1998 (unaudited)
<TABLE>
<CAPTION>
Principal
Amount
(USD) Issuer Value
- --------------------------------------------------------------------
<S> <C> <C>
Long-Term Investments -- 87.5%
- --------------------------------------------------------------------
U.S. Treasury Securities -- 36.6%
---------------------------------
U.S. Treasury Notes & Bonds,
$3,000,000 5.63%, 11/30/99 $ 3,001,410
5,000,000 5.75%, 08/15/03 5,015,600
6,000,000 6.00%, 08/15/00 6,048,720
2,000,000 6.13%, 11/15/27 2,046,240
9,000,000 6.25%, 08/31/02 9,191,250
20,000,000 6.50%, 05/31/02 20,590,600
6,000,000 7.50%, 02/15/05 6,586,860
8,000,000 8.25%, 07/15/98 8,050,000
10,000,000 8.50%, 02/15/00 10,485,900
16,000,000 8.50%, 11/15/00 17,075,040
14,500,000 8.75%, 08/15/00 15,462,945
20,000,000 9.25%, 08/15/98 20,218,800
-----------
Total U.S. Treasury Securities 123,773,365
(Cost $123,149,618) -----------
U.S. Government Agency Obligations -- 1.5%
------------------------------------------
5,000,000 Federal National Mortgage
Association, MTN 7.44%,
11/08/06 5,085,150
(Cost $5,001,771) -----------
Corporate Notes & Bonds -- 27.6%
--------------------------------
Airlines -- 2.7%
2,500,753 American Airlines, # 9.71%,
01/30/07 2,846,128
5,042,594 Continental Airlines, Inc., 10.22%,
07/02/14 6,088,932
-----------
8,935,060
-----------
Banking -- 5.0%
7,700,000 BankAmerica Corp. 10.00%,
02/01/03 8,838,137
5,550,000 Comerica Bank, 7.25%, 06/15/07 5,840,265
2,150,000 First Union Corporation 6.40%,
04/01/08 2,137,466
-----------
16,815,868
-----------
</TABLE>
See notes to financial statements.
18
<PAGE>
Chase Vista Select Intermediate Bond Fund
Portfolio of Investments April 30, 1998 (unaudited) (continued)
<TABLE>
<CAPTION>
Principal
Amount
(USD) Issuer Value
- ----------------------------------------------------------------------
<S> <C> <C>
Long-Term Investments -- (continued)
- ----------------------------------------------------------------------
Construction / Transportation -- 1.2%
$ 4,000,000 Zhuhai Highway Co., Ltd., Yankee
(China), Ser. A # 9.13%,
07/01/06 $3,903,600
----------
Entertainment / Leisure -- 1.1%
3,600,000 Time Warner Inc., 7.75%, 06/15/05 3,817,368
----------
Financial Services -- 10.4%
4,000,000 Corp. Andina de Fomento, Yankee
(Venezuela) 7.25%, 03/01/07 4,069,800
3,500,000 Donaldson Lufkin & Jenrette, Inc.,
6.90%, 10/01/07 3,578,750
5,000,000 Federal Home Loan Mortgage Corp.
5.75%, 02/15/08 4,910,950
7,900,000 General Electric Capital Corp.,
8.20%, 10/30/03 8,583,666
1,453,193 Hero Asia BVI Co., Ltd., Yankee
(China), # 9.11%, 10/15/01 1,516,000
8,000,000 Lehman Brothers Holdings Inc., #
6.50%, 04/15/08 7,924,800
4,750,000 Kellogg # 5.75%, 02/02/01 4,716,275
----------
35,300,241
----------
Industrial Components -- 1.3%
4,450,000 Dayton Hudson Co., 5.90%,
06/15/37 4,511,188
----------
Oil & Gas -- 2.7%
Petroleum Geo-Services ASA, Yankee
(Norway),
3,000,000 6.63%, 03/30/08 2,991,300
2,775,000 7.50%, 03/31/07 2,935,229
3,190,182 YPF Sociedad Anonima, Yankee
(Argentina), 7.50%, 10/26/02 3,226,071
----------
9,152,600
----------
Shipping / Transportation -- 0.6%
2,000,000 Union Pacific Corp. 7.60%,
05/01/05 2,106,660
----------
</TABLE>
See notes to financial statements.
19
<PAGE>
Chase Vista Select Intermediate Bond Fund
Portfolio of Investments April 30, 1998 (unaudited) (continued)
<TABLE>
<CAPTION>
Principal
Amount
(USD) Issuer Value
- ---------------------------------------------------------------------
<S> <C> <C>
Long-Term Investments -- (continued)
- ---------------------------------------------------------------------
Real Estate Investment Trust -- 1.1%
$ 3,500,000 Simon Debartolo Group, 7.13%,
09/20/07 $3,565,377
----------
Retail -- 1.5%
5,000,000 Raytheon Corp. 5.95%, 03/15/01 4,982,200
----------
Total Corporate Notes & Bonds 93,090,162
(Cost $92,927,175) ----------
Mortgage Backed Securities -- 6.5%
----------------------------------
Mortgage Backed Pass Thru Securities -- 4.9%
4,228,985 Federal Home Loan Mortgage
Corp., Gold, Pool A01717,
12.00%, 06/01/17 4,881,814
Federal National Mortgage
Association,
4,429,057 Pool 337259, 6.50%, 02/01/26 4,393,049
4,105,974 ARM Pool 313539, 7.44%,
11/01/18 4,244,551
2,286,268 Pool 100156, 12.50%, 06/15/19 2,696,562
302,027 Pool 313748, 13.00%, 10/01/15 363,753
----------
16,579,729
----------
Collateralized Mortgage Obligation -- 1.6%
5,339,277 Federal National Mortgage
Association, Ser. 1992-163, Class
FE, 6.47%, 09/25/22 5,359,300
----------
Total Mortgage Backed Securities 21,939,029
(Cost $21,965,687) ----------
Commercial Mortgage Backed Securities -- 8.3%
---------------------------------------------
4,358,657 CS First Boston Mortgage Securities
Corp. Ser. 1997 -SPCE, # 6.65%,
06/20/03 4,338,226
2,700,000 GS Mortgage Securities Corp. II,
Ser. 1997-GL, Class A2D, 6.94%,
07/13/30 2,798,296
</TABLE>
See notes to financial statements.
20
<PAGE>
Chase Vista Select Intermediate Bond Fund
Portfolio of Investments April 30, 1998 (unaudited) (continued)
<TABLE>
<CAPTION>
Principal
Amount
(USD) Issuer Value
- ---------------------------------------------------------------------
<S> <C> <C>
Long-Term Investments -- (continued)
- ---------------------------------------------------------------------
$ 3,650,000 JP Morgan Commercial Mortgage
Finance Corp., Ser. 1997-C5,
Class A3, 7.09%, 09/15/29 $3,802,844
2,500,000 Merrill Lynch Mortgage Investors,
Inc., Ser. 1997-C2, Class C,
6.73%, 12/10/29 2,501,172
5,750,000 Mortgage Capital Funding, Inc., Ser
1998 -- MC1, Class A1 6.42%,
03/18/30 5,778,750
5,000,000 Norwest Asset Securities Corp., Ser.
1997-14, Class A11, 7.25%,
10/25/27 5,015,625
3,854,815 Wells Fargo Capital Markets
Apartments Financing, Ser. APT,
Class A, # 6.56%, 12/29/05 3,895,753
----------
Total Commercial Mortgage Backed 28,130,666
Securities (Cost $27,905,198) ----------
Asset Backed Securities -- 7.0%
-------------------------------
2,000,000 Alliance Capital Funding, LLC, #
5.84%, 02/15/10 2,057,500
4,750,000 American Express Credit Account
Master Trust, Ser. 1997-1, Class
A, 6.40%, 04/15/05 4,819,730
5,000,000 Contimortgage Home Equity Loan
Trust, Series 1998-1, 6.43%,
04/15/16 5,014,063
4,988,654 Mid-State Trust, Ser. 6, Class A4,
7.79%, 07/01/35 5,007,361
5,000,000 Nomura CBO, Ltd., Ser. 1997-1,
Class A2, # 6.67%, 05/15/09 5,455,400
1,380,000 The Money Store Home Equity
Trust Ser 96-D, A7, 7.11%,
04/15/25 1,404,150
----------
Total Asset Backed Securities 23,758,204
(Cost $23,246,635) ----------
- ---------------------------------------------------------------------
</TABLE>
See notes to financial statements.
21
<PAGE>
Chase Vista Select Intermediate Bond Fund
Portfolio of Investments April 30, 1998 (unaudited) (continued)
<TABLE>
<CAPTION>
Principal
Amount
(USD) Issuer Value
- ------------------------------------------------------------------
<S> <C> <C>
Long-Term Investments -- (continued)
- ------------------------------------------------------------------
Total Long Term Investments $295,776,576
(Cost $294,196,084)
- ------------------------------------------------------------------
Short-Term Investments -- 9.8%
- ------------------------------------------------------------------
U.S. Government Agency Obligations -- 8.3%
------------------------------------------
28,100,000 Federal Home Loan Bank, Discount
Note, 5.43%, 05/01/98 28,100,000
Commercial Paper -- 1.5%
------------------------
5,000,000 Bank of Tokyo-Mitsubishi, Ltd.
(Japan) 5.72%, 05/05/98 4,996,822
- ------------------------------------------------------------------
Total Short Term Investments 33,096,822
(Cost $33,096,822)
- ------------------------------------------------------------------
Total Investments -- 97.3% $328,873,398
(Cost $327,292,906)
- ------------------------------------------------------------------
</TABLE>
See notes to financial statements.
22
<PAGE>
Unaudited
About Your Fund
CHASE VISTA SELECT SHORT-TERM BOND FUND
- --------------------------------------------------------------------------------
FUND FACTS
<TABLE>
<S> <C>
Objective: Current Income
Primary investments: Investment-grade fixed-income securities with
maturities of three years or less.
Suggested investment
time frame: Short-term
Market benchmark: Lehman 1-3 Year Government Bond Index
Lipper Funds category: Short-term Investment Grade Debt Funds Average
Inception date: 1/1/97
Newspaper symbol: ST Bond
As of April 30, 1998
Net assets: $25.8 million
Average maturity: 2.4 years
Average duration: 1.6 years
Average quality: AAA
</TABLE>
23
<PAGE>
Unaudited
About Your Fund
CHASE VISTA SELECT SHORT-TERM BOND FUND
PERFORMANCE
Chase Vista Select Short-Term Bond Fund, which seeks current income by
investing in a portfolio of short-term investment grade fixed income
securities, had a total return of 2.53% for the six-month period ended April
30, 1998.
STRATEGY
The Fund rebounded from a slow start due to the Asian economic crisis and
finished the period with a modest gain.
Early in the period, the Asian economic and currency crisis had a negative
impact on most sectors of the fixed-income market. Yankee bonds, particularly
Asian Yankee bonds, were especially hard hit. While the turmoil along the
Pacific Rim raised investor concern about the direction of the global economy,
it could not derail the domestic economy from completing a solid year. For 1997,
Gross Domestic Product (GDP) grew by 3.8%, the fastest pace since Ronald Reagan
roamed the halls of the White House.
For most of the reporting period, the Fund benefited from its overweighting in
non-index securities, especially mortgage-backed and asset-backed securities.
Corporates, on the other hand, proved to be a drag on performance during the
height of the Asian crisis. However, many of these securities performed well
late in the period as the U.S. economy showed strength and concerns over Asia's
impact on U.S. corporate credits began to fade. Additionally, the Fund's
management team adopted a barbell maturity structure that emphasized floaters
and four-year maturities for most of this period, and this strategy proved
beneficial as the curve flattened.
OUTLOOK
The management team's outlook for short-term bonds remains positive. In the
months ahead, the Asian economic problems could prove problematic, causing more
concerns of a global economic slowdown. Meanwhile, at current short-term yield
levels, real returns on bonds remain attractive and the difference between
yields on long- and short-term fixed-income securities continues to be flat.
Given this backdrop, the management team expects to keep the Fund's duration
close to neutral but maintain a significant overweight to all the spread
sectors to seek to enhance the Fund's yield.
24
<PAGE>
Unaudited
About Your Fund
CHASE VISTA SELECT SHORT-TERM BOND FUND
CHASE VISTA SELECT SHORT-TERM BOND FUND
COMPOSITION OF TOTAL ASSETS AS OF 4/30/98
[pie chart]
Bonds 93.2%
Cash 6.8%
CHASE VISTA SELECT SHORT-TERM BOND FUND
COMPOSITION OF MARKET VALUE OF INVESTMENTS AS OF 4/30/98
[pie chart]
Asset Backed Securities 26.5%
Mortgage Backed Securities 15.2%
State & Municipal Obligations 4.4%
U.S. Government Agency Obligations 11.6%
Corporate Notes & Bonds 30.6%
U.S. Treasury Securities 7.8%
Commercial Mortgage Backed Securities 3.9%
- --------------------------------------------------------------------------------
AVERAGE ANNUAL TOTAL RETURNS AS OF 4/30/98+
<TABLE>
<S> <C>
One Year 6.63%
Five Years 4.57%
Ten Years 6.73%
</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 Short-Term Bond 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.
25
<PAGE>
Unaudited
About Your Fund
CHASE VISTA SELECT SHORT-TERM BOND FUND
GROWTH OF HYPOTHETICAL $10,000 INVESTMENT IN
CHASE VISTA SELECT SHORT-TERM BOND FUND+
AND ITS KEY BENCHMARKS
[line chart]
Chase Vista Select Lehman 1-3 Yr. Lipper Short-Term Invest.
Short-Term Bond Govt. Bond Grade Debt Funds
Fund Index Average
4/88 10000 10000 10000
11346 10639 10678
4/90 12271 11603 11563
13640 12999 12806
4/92 14983 14208 13936
16426 15356 14986
4/94 16762 15610 15300
17401 16496 16027
4/96 18485 17626 17062
19269 18706 18046
4/30/98 20542 20037 19221
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 Short-Term Bond Fund, the Lehman 1-3 Year Government Bond
Index and the Lipper Short-Term Investment Grade Debt 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 Lehman Brothers 1-3 Year Government Bond Index is composed of all bonds
covered by the Government Bond Index with maturities of one to three years. The
index is unmanaged and reflects reinvestment of dividends. An individual cannot
invest in the index.
The Lipper Short-Term Investment Grade Debt Funds Average represents the average
performance of a universe of 104 actively managed short-term investment grade
debt 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 Short-Term Bond 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.
26
<PAGE>
Chase Vista Select Short-Term Bond Fund
Portfolio of Investments April 30, 1998 (unaudited)
<TABLE>
<CAPTION>
Principal
Amount
(USD) Issuer Value
- ----------------------------------------------------------------------
<S> <C> <C>
Long-Term Investments -- 97.7%
- ----------------------------------------------------------------------
U.S. Treasury Securities -- 7.9%
--------------------------------
$ 2,000,000 U.S. Treasury Note, 6.25%,
01/31/02 $2,038,440
(Cost $2,051,355) ----------
U.S. Government Agency Obligations -- 4.1%
------------------------------------------
Federal National Mortgage Association
1,050,000 MTN, 6.03%, 10/23/00 1,056,731
----------
Total U.S. Government Agency
Obligations (Cost $1,052,560)
State & Municipal Obligations -- 4.5%
-------------------------------------
1,150,000 New York City, New York, GO,
Taxable, Ser. I, (t) 6.85%,
04/15/99 1,160,442
(Cost $1,150,000) ----------
Mortgage Backed Securities -- 19.2%
-----------------------------------
Mortgage Pass -- Thru Securities -- 1.3%
299,490 Federal National Mortgage
Association, Pool 100177,
12.50%, 10/15/15 350,242
----------
Collateralized Mortgage Obligations -- 17.9%
799,813 Federal Home Loan Mortgage
Corp., Ser. 1311, Class G,
7.50%, 05/15/19 801,061
Federal National Mortgage Association
522,141 Ser. 1997-54, Class VA, 6.50%,
08/18/02 524,176
987,977 Ser. 1998-12, Class FJ, 5.68%,
07/18/19 991,039
----------
1,515,215
----------
GE Capital Mortgage Services, Inc.,
915,729 Ser. 1997-9, Class 1A8 7.00%,
05/25/04 920,880
1,000,000 Ser. 1994-8, Class A3, 6.00%,
02/25/24 995,620
</TABLE>
See notes to financial statements.
27
<PAGE>
Chase Vista Select Short-Term Bond Fund
Portfolio of Investments April 30, 1998 (unaudited) (continued)
<TABLE>
<CAPTION>
Principal
Amount
(USD) Issuer Value
- -------------------------------------------------------------------
<S> <C> <C>
Long-Term Investments -- (continued)
- -------------------------------------------------------------------
$ 410,326 Resolution Trust Corp., Ser. 1992-16,
Class B2, (t) 7.75%, 08/25/25 $ 409,300
---------
Total Mortgage Obligations 3,651,037
(Cost $5,016,191) ---------
4,992,318
---------
Commercial Mortgage Backed Securities -- 4.0%
---------------------------------------------
216,537 Blackrock Capital Finance L.P., Ser.
1996-C2, Class A, # 7.64%,
11/16/26 216,537
446,767 CS First Boston Mortgage Securities
Corp. Ser. 1997 -SPCE, # 6.65%,
06/20/03 444,673
361,005 Kidder Peabody Acceptance Corp.,
Ser. 1993-M1, Class A1, 7.15%,
04/25/25 361,231
---------
Total Commercial Mortgage Backed
Securities (Cost $1,028,049) 1,022,441
---------
Asset Backed Securities -- 26.9%
--------------------------------
1,000,000 Citibank Credit Card Master Trust,
Ser. 1998 -- 3A, 5.80%, 02/07/05 987,180
1,000,000 Contimortgage Home Equity Loan
Trust, Series 1998-1, 6.43%,
04/15/16 1,002,813
1,000,000 Nations Bank Commercial LMT
FRN #, 5.80%, 09/20/02 1,000,713
500,000 Nomura Depositor Trust, Ser.
1998 -- ST1A FRN #, 6.24%,
02/15/34 500,938
1,000,000 Prime Funding Ltd., Ser 98-1A,
A1 FRN #, 5.78%, 02/20/01 1,000,000
1,000,000 SASCO FRN 6.08%, 04/30/13 1,000,000
949,817 Signet Heloc Trust, Ser. 1995 -A,
FRN 5.93%, 6/20/04 951,184
500,000 The Money Store Home Equity Trust
Ser 96-D, A7, 7.11%, 04/15/25 508,750
---------
Total Asset Backed Security 6,951,578
(Cost $6,963,605) ---------
</TABLE>
See notes to financial statements.
28
<PAGE>
Chase Vista Select Short-Term Bond Fund
Portfolio of Investments April 30, 1998 (unaudited) (continued)
<TABLE>
<CAPTION>
Principal
Amount
(USD) Issuer Value
- -----------------------------------------------------------------
<S> <C> <C>
Long-Term Investments -- (continued)
- -----------------------------------------------------------------
Corporate Notes & Bonds -- 31.1%
--------------------------------
Banking -- 2.1%
$ 500,000 NationsBank Corp. # 8.13%,
06/15/02 $ 533,778
----------
Diversified -- 2.9%
750,000 Cox Enterprises # 6.25%, 08/26/99 751,493
----------
Financial Services -- 18.8%
1,000,000 Associated Corp., Pass-thru Asset
Trust Securities, # 6.45%,
09/15/00 1,007,490
500,000 Corp Andina de Fomento, Yankee
(Venezuela) 7.38%, 07/21/00 509,845
1,000,000 General Motors Acceptance Corp.,
8.40%, 10/15/99 1,032,970
186,307 Hero Asia BVI Co., Ltd., Yankee,
(China) # 9.11%, 10/15/01 194,359
1,150,000 Lehman Brothers Holdings, #
6.33%, 08/01/00 1,154,140
1,000,000 Kellogg, # 5.75%, 02/02/01 992,900
----------
4,891,704
----------
Industrial Components -- 1.9%
500,000 Raytheon Corp. 5.95%, 03/15/01 498,220
----------
Oil & Gas -- 1.4%
350,569 YPF Sociedad Anonima, Yankee,
(Argentina) 7.50%, 10/26/02 354,513
----------
Retail -- 2.0%
500,000 Dayton Hudson Co., 5.90%,
06/15/37 506,875
----------
Telecommunications -- 2.0%
500,000 Telecommunications, Inc., 7.38%,
02/15/00 510,185
----------
Total Corporate Notes & Bonds 8,046,768
(Cost $8,026,700) ----------
- -----------------------------------------------------------------
Total Long Term Investments 25,268,718
(Cost $25,288,460)
- -----------------------------------------------------------------
</TABLE>
See notes to financial statements.
29
<PAGE>
Chase Vista Select Short-Term Bond Fund
Portfolio of Investments April 30, 1998 (unaudited) (continued)
<TABLE>
<CAPTION>
Principal
Amount
(USD) Issuer Value
- -----------------------------------------------------------------
<S> <C> <C>
Short-Term Investments -- 3.9%
- -----------------------------------------------------------------
U. S. Government Agency Obligations -- 3.9%
-------------------------------------------
$ 1,000,000 Federal Home Loan Bank, Discount
Note, 5.43%, 05/01/98 $ 1,000,000
(Cost $1,000,000)
- -----------------------------------------------------------------
Total Investments -- 101.6% $26,268,718
(Cost $26,288,460)
- -----------------------------------------------------------------
</TABLE>
Index
# -- Security may only be sold to qualified institutional buyers.
GO -- General Obligations
TBA -- To Be Announced.
ARM -- Adjustable Rate Mortgage.
MTN -- Medium Term Note.
(t) -- All or a portion of this security is pledged.
FRN -- Floating Rate Note.
See notes to financial statements.
30
<PAGE>
Chase Vista Select Funds
Statement of Assets and Liabilities April 30, 1998 (unaudited)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Select Select
Select Intermediate Short-Term
Bond Bond Bond
Fund Fund Fund
--------------- ---------------- --------------
<S> <C> <C> <C>
ASSETS:
Investment securities, at value (Note 1). $697,237,010 $328,873,398 $26,268,718
Cash ..................................... 6,108,520 365,692 20,182
Receivables:
Investment securities sold .............. 31,891,276 21,189,774 --
Interest ................................ 5,588,595 4,737,641 153,846
Fund shares sold ........................ 1,362,313 611,330 50,600
Expense reimbursement (Note 2) .......... 10,000 -- 11,187
Other .................................... 289,495 205,977 4,862
------------ ------------ -----------
Total assets .......................... 742,487,209 355,983,812 26,509,395
------------ ------------ -----------
LIABILITIES:
Payables:
Investment securities purchased .......... 195,506,004 16,112,569 500,938
Trust shares redeemed .................... 279,610 -- 5,904
Dividends payable ........................ 2,747,564 1,659,991 118,148
Variation margin on futures contracts..... 121,875 -- --
Other accrued liabilities ................ 78,996 133,998 35,454
------------ ------------ -----------
Total Liabilities ..................... 198,734,049 17,906,558 660,444
------------ ------------ -----------
NET ASSETS:
Paid in capital .......................... 537,119,377 335,648,320 25,948,362
Accumulated undistributed net
investment income ....................... (2,381) (101,443) (31,597)
Accumulated undistributed net
realized gain (loss) on investment
transactions ............................ 5,950,686 949,885 (48,072)
Net unrealized appreciation/
(depreciation) of investments ........... 685,478 1,580,492 (19,742)
------------ ------------ -----------
Net Assets: ................................ $543,753,160 $338,077,254 $25,848,951
============ ============ ===========
Shares Outstanding ......................... 13,435,017 33,283,251 2,437,482
Net Asset Value (Maximum offering
price and redemption per share) ......... $ 40.47 $ 10.16 $ 10.60
============ ============ ===========
Cost of Investments ...................... $696,552,566 $327,292,906 $26,288,460
============ ============ ===========
</TABLE>
See notes to financial statements.
31
<PAGE>
Chase Vista Select Funds
Statement of Operations For the six months ended April 30, 1998 (unaudited)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Select Select
Select Intermediate Short-Term
Bond Bond Bond
Fund Fund Fund
-------------- -------------- -------------
<S> <C> <C> <C>
INTEREST INCOME ................................. $16,759,321 $10,386,247 $ 838,814
----------- ----------- ----------
EXPENSES: (Note 2)
Administration fees ........................... 394,919 239,917 19,768
Investment Advisory fees ...................... 789,839 479,833 32,947
Custodian fees ................................ 60,017 44,140 32,644
Amortization of organization costs
(Note 1) ..................................... 4,642 2,632 29
Printing and postage .......................... 7,439 4,959 992
Professional fees ............................. 27,411 22,174 14,490
Registration costs ............................ 4,548 20,685 2,480
Transfer agent fees ........................... 15,797 14,624 7,514
Trustees fees ................................. 13,164 7,997 659
Other ......................................... 9,252 12,546 6,517
----------- ----------- ----------
Total expenses .............................. 1,327,028 849,507 118,040
----------- ----------- ----------
Less amounts waived (Note 2) .................... 1,244,775 763,890 85,359
Less expenses borne by the Distributor .......... 13,800 2,500 17,655
----------- ----------- ----------
Net expenses ................................. 68,453 83,117 15,026
----------- ----------- ----------
Net investment income ....................... 16,690,868 10,303,130 823,788
----------- ----------- ----------
REALIZED AND UNREALIZED
GAIN (LOSS) ON INVESTMENTS:
Net realized gain (loss) on investments ......... 5,961,421 1,078,888 (37,643)
Change in net unrealized
appreciation/(depreciation) on
investments .................................. (6,733,315) (2,329,065) (100,418)
----------- ----------- ----------
Net realized and unrealized gain (loss)
on investments ............................... (771,894) (1,250,177) (138,061)
----------- ----------- ----------
Net increase in net assets from
operations ................................... $15,918,974 $9,052,953 $ 685,727
=========== =========== ==========
</TABLE>
See notes to financial statements.
32
<PAGE>
Chase Vista Select Funds
Statement of Changes in Net Assets For the periods indicated (unaudited)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Select
Bond
Fund
---------------------------------
11/01/97 01/01/97
Through Through
04/30/98 10/31/97
---------------- ----------------
<S> <C> <C>
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS:
Net investment income ....................................... $ 16,690,868 $ 28,389,111
Net realized gain (loss) on investments ..................... 5,961,421 6,166,990
Change in net unrealized appreciation/depreciation on
investments ................................................ (6,733,315) 1,953,197
------------- -------------
Increase in net assets from operations ...................... 15,918,974 36,509,298
------------- -------------
DISTRIBUTIONS TO SHAREHOLDERS FROM: (Note 1G)
Net investment income ....................................... (16,613,403) (28,354,703)
Net realized gain on investment transactions ................ (6,298,493) --
------------- -------------
Total dividends and distributions .......................... (22,911,896) (28,354,703)
------------- -------------
Increase (decrease) from capital share transactions (Note 5) . 30,958,045 511,633,442
------------- -------------
Total increase/(decrease) in net assets .................... 23,965,123 519,788,037
NET ASSETS:
Beginning of period ......................................... 519,788,037 --
------------- -------------
End of period ............................................... $ 543,753,160 $ 519,788,037
============= =============
<CAPTION>
Select
Intermediate Select
Bond Short-Term Bond
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>
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS:
Net investment income ....................................... $ 10,303,130 $ 16,540,964 $ 823,788 $ 1,463,281
Net realized gain (loss) on investments ..................... 1,078,888 (432,270) (37,643) (75,606)
Change in net unrealized appreciation/depreciation on
investments ................................................ (2,329,065) 3,737,088 (100,418) 152,052
------------- ------------- ----------- ------------
Increase in net assets from operations ...................... 9,052,953 19,845,782 685,727 1,539,727
------------- ------------- ----------- ------------
DISTRIBUTIONS TO SHAREHOLDERS FROM: (Note 1G)
Net investment income ....................................... (10,124,694) (16,520,272) (791,227) (1,463,293)
Net realized gain on investment transactions ................ -- -- -- --
------------- ------------- ----------- ------------
Total dividends and distributions .......................... (10,124,694) (16,520,272) (791,227) (1,463,293)
------------- ------------- ----------- ------------
Increase (decrease) from capital share transactions (Note 5) . 19,983,279 315,840,206 (721,100) 26,599,117
------------- ------------- ----------- ------------
Total increase/(decrease) in net assets .................... 18,911,538 319,165,716 (826,600) 26,675,551
NET ASSETS:
Beginning of period ......................................... 319,165,716 -- 26,675,551 --
------------- ------------- ----------- ------------
End of period ............................................... $ 338,077,254 $ 319,165,716 $25,848,951 $ 26,675,551
============= ============= =========== ============
</TABLE>
- -------
* Commencement of operations.
See notes to financial statements.
33
<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
Family of Mutual Funds changed its name to the Chase Vista Funds. Select Bond
Fund ("CVBF"), Select Intermediate Bond Fund ("CVIBF") and Select Short-Term
Bond Fund ("CVSTBF"), 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 -- 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. 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 determined on the basis of coupon interest
accrued adjusted for amortization of premiums and accretion of discounts.
D. Expenses -- Expenses directly attributable to a Fund are charged to that
Fund; other expenses of the Trust are allocated proportionately among each
of the Funds within the Trust in relation to the net assets of each Fund or
on another reasonable basis.
E. 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.
F. 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
34
<PAGE>
Chase Vista Select Funds
Notes to Financial Statements (unaudited) (continued)
- --------------------------------------------------------------------------------
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.
G. 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. Dividends and
distributions which exceed net investment income or net realized capital
gains for financial reporting purposes but not for tax purposes are
reported as distributions in excess of net investment income or net
realized capital gains.
H. Dollar rolls -- The funds enter into dollar rolls in which the Funds
sell mortgage-backed securities for delivery in the current month and
simultaneously contract to repurchase substantially similar (same type,
coupon and maturity) securities on a specified future date. During the roll
period, the Funds forgo principal and interest paid on the securities. The
Funds are 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.
2. Fees and Other Transactions with Affiliates
A. Investment advisory fee -- Pursuant to separate Investment Advisory
Agreements, The Chase Manhattan Bank ("Chase" or the "Adviser") acts as the
Investment Adviser to the Funds. Chase is a direct wholly-owned subsidiary of
The Chase Manhattan Corporation. As Investment Adviser, 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 0.30%, 0.30% and
0.25% of the average daily net assets for CVBF, CVIBF and CVSTBF,
respectively. The Adviser voluntarily waived all of its fees.
Chase Asset Management, Inc. ("CAM"), a registered investment adviser, is the
subinvestment adviser to each Fund 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 0.15% for CVBF and CVIBF, and 0.10% for CVSTBF of
average daily net assets.
B. Sub-administration fees -- Pursuant to a 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 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
each Fund 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. Assumption of expenses -- The Distributor voluntarily assumed expenses
of the Funds 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 is presented in the Statement of Operations
as custodian fees. Chase waived all custodian fees for the six month period
ended April 30, 1998.
35
<PAGE>
Chase Vista Select Funds
Notes to Financial Statements (unaudited) (continued)
- --------------------------------------------------------------------------------
3. Investment Transactions -- Purchases and sales of investments (excluding
short-term investments) were as follows:
<TABLE>
<CAPTION>
CVBF CVIBF CVSTBF
--------------- -------------- -------------
<S> <C> <C> <C>
Purchases (excluding U.S.
Government) ......................... $132,742,106 $59,622,193 $6,061,459
Sales (excluding U.S.
Government) ......................... 71,805,228 31,865,582 3,216,080
Purchases of U.S. Government ......... 493,141,793 60,074,403 26,125,254
Sales of U.S. Government ............. 728,586,328 79,069,203 32,903,793
</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>
CVBF CVIBF CVSTBF
--------------- --------------- --------------
<S> <C> <C> <C>
Aggregate cost ........................ $696,552,566 $327,292,906 $28,288,460
------------ ------------ -----------
Gross unrealized appreciation ......... 2,711,892 2,535,415 54,985
Gross unrealized depreciation ......... (2,029,931) (954,923) (74,727)
------------ ------------ -----------
Net unrealized appreciation ........... $ 681,961 $ 1,580,492 $ (19,742)
============ ============ ===========
</TABLE>
5. Transactions in Shares of Beneficial Interest -- Transactions in Shares of
Beneficial Interest for the six months ended April 30, 1998 were as follows:
<TABLE>
<CAPTION>
Select Bond Fund
----------------------------------------------------------------------
11/01/97 1/01/97*
Through Through
4/30/98 10/31/97
-------------------------------- -----------------------------------
Amount Shares Amount Shares
---------------- ------------- ----------------- ---------------
<S> <C> <C> <C> <C>
Shares sold ............. $45,973,388 1,129,901 $ 89,146,534 2,223,771
Shares issued in
exchange for
Common Trust
Fund Assets (see
Note 1) ................ -- -- 527,021,099 13,065,240
Shares issued in
reinvestment of
distributions .......... 5,173,358 127,516 2,124,455 52,834
Shares redeemed ......... (20,188,701) (497,655) (106,658,646) (2,666,590)
----------- --------- ------------ ----------
Net increase (decrease)
in Trust shares
outstanding ............ $30,958,045 759,762 $511,633,442 12,675,255
=========== ========= ============ ==========
</TABLE>
36
<PAGE>
Chase Vista Select Funds
Notes to Financial Statements (unaudited) (continued)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Select Intermediate Bond Fund
----------------------------------------------------------------------
11/01/97 1/01/97*
Through Through
4/30/98 10/31/97
---------------------------------- ---------------------------------
Amount Shares Amount Shares
---------------- --------------- --------------- ---------------
<S> <C> <C> <C> <C>
Shares sold ............. $33,367,022 3,275,008 $129,170,064 12,872,348
Shares issued in
exchange for
Common Trust
Fund Assets (see
Note 1) ................ -- -- 245,891,546 24,375,885
Shares issued in
reinvestment of
distributions .......... 8,559 841 1,576,083 156,821
Shares redeemed ......... (13,392,302) (1,313,209) (60,797,487) (6,084,443)
----------- ---------- ------------ ----------
Net increase (decrease)
in Trust shares
outstanding ............ $19,983,279 1,962,640 $315,840,206 31,320,611
=========== ========== ============ ==========
</TABLE>
<TABLE>
<CAPTION>
Select Short-Term Bond Fund
----------------------------------------------------------------
11/01/97 1/01/97*
Through Through
4/30/98 10/31/97
------------------------------- ------------------------------
Amount Shares Amount Shares
--------------- ------------- --------------- ------------
<S> <C> <C> <C> <C>
Shares sold ............. $1,009,285 95,015 $ 1,822,225 171,757
Shares issued in
exchange for
Common Trust
Fund Assets (see
Note 1) ................ -- -- 27,203,363 2,562,643
Shares issued in
reinvestment of
distributions .......... 157 14 155,062 14,601
Shares redeemed ......... (1,730,542) (163,090) (2,581,533) (243,458)
---------- -------- ----------- ---------
Net increase (decrease)
in Trust shares
outstanding ............ $ (721,100) (68,061) $26,599,117 2,505,543
========== ======== =========== =========
</TABLE>
- --------------
* Fund commenced operations.
37
<PAGE>
Chase Vista Select Funds
Notes to Financial Statements (unaudited) (continued)
- --------------------------------------------------------------------------------
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:
<TABLE>
<CAPTION>
Accrued
Pension Pension
Expenses Liability
---------- ----------
<S> <C> <C>
CVBF ........... $4,471 $29,589
CVIBF .......... 2,743 18,398
CVSTBF ......... 233 1,582
</TABLE>
38
<PAGE>
Chase Vista Select Funds
Financial Highlights (unaudited)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Chase Vista Select
-------------------------------------------------------------------------------------
Intermediate Short-Term
Bond Fund Bond Fund Bond Fund
--------------------------- --------------------------- -------------------------
11/01/97 1/1/97* 11/01/97 1/1/97* 11/01/97 1/1/97*
Through Through Through Through Through Through
04/30/98 10/31/97 04/30/98 10/31/97 4/30/98 10/31/97
------------ ------------ ------------ ------------ ----------- -----------
<S> <C> <C> <C> <C> <C> <C>
Per Share Operating
Performance
Net Asset Value,
Beginning of Period ......... $ 41.01 $ 40.34 $ 10.19 $ 10.09 $ 10.65 $ 10.62
------- ------- ------- ------- ------- -------
Income from Investment
Operations:
Net investment income 1.279 2.308 0.325 0.554 0.330 0.568
Net gains or losses on
securities (both
realized and
unrealized) .............. (0.053) 0.667 (0.035) 0.100 (0.064) 0.030
-------- -------- -------- -------- -------- -------
Total from Investment
Operations ............... 1.226 2.975 0.290 0.654 0.266 0.598
-------- -------- -------- -------- -------- -------
Distributions to
Shareholders From:
Dividends from net
investment income ........ 1.274 2.305 0.320 0.554 0.316 0.568
Net realized gains on
investment
transactions ............. 0.492 -- -- -- -- --
-------- -------- -------- -------- -------- -------
Total dividends and
distributions ............ 1.766 2.305 0.320 0.554 0.316 0.568
-------- -------- -------- -------- -------- -------
Net Asset Value, End of
Period ...................... $ 40.47 $ 41.01 $ 10.16 $ 10.19 $ 10.60 $ 10.65
======== ======== ======== ======== ======== =======
Total Return ................ 3.05% 7.64% 2.88% 6.71% 2.53% 5.82%
Ratios/Supplemental
Data:
Net assets, end of
period (000
omitted) ................. $543,753 $519,788 $338,077 $319,166 $ 25,849 $26,676
Ratios to average net
assets:#
Ratio of expenses ......... 0.03% 0.02% 0.05% 0.06% 0.11% 0.11%
Ratio of net
investment income ........ 6.34% 6.89% 6.44% 6.67% 6.25% 6.45%
Ratio of expenses
without waivers and
assumption of
expenses ................. 0.50% 0.49% 0.53% 0.54% 0.90% 0.63%
Ratio of net
investment income
without waivers and
assumption of
expenses ................. 5.87% 6.42% 5.96% 6.19% 5.46% 5.93%
Portfolio turnover rate ..... 138% 261% 37% 193% 137% 406%
</TABLE>
- --------------
* Commencement of operations.
# Short periods have been annualized.
See notes to financial statements.
39
<PAGE>
[back cover]
Chase Vista Funds Service Center
25 Drydock Avenue, 4th Floor
Boston, MA 02210
Investment Adviser, Administrator,
Shareholder 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 CVSFI-3-498
