APRIL 30, 1999 (UNAUDITED)
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
Chase Vista Select
Equity Funds
SEMI-ANNUAL REPORT
[Chase Vista Logo]
SASEQ2-3-699
<PAGE>
Highlights
o Improving global economic conditions had a positive impact on world equity
markets.
o U.S. equities recorded solid gains in an environment punctuated by robust
economic growth and good corporate earnings.
o Large-cap stocks posted solid investment results, though small stocks showed
signs of rebounding thanks to their superior growth prospectus and attractive
valuations.
CONTENTS
<TABLE>
<CAPTION>
<S> <C>
Chairman's Letter 3
Chase Vista Select Balanced Fund
Fund Commentary o Portfolio of Investments 4
Chase Vista Select Equity Income Fund
Fund Commentary o Portfolio of Investments 17
Chase Vista Select Large Cap Equity Fund
Fund Commentary o Portfolio of Investments 27
Chase Vista Select Large Cap Growth Fund
Fund Commentary o Portfolio of Investments 38
Chase Vista Select New Growth Opportunities Fund
Fund Commentary o Portfolio of Investments 48
Chase Vista Select Small Cap Value Fund
Fund Commentary o Portfolio of Investments 58
Chase Vista Select International Equity Fund
Fund Commentary o Portfolio of Investments 68
Financial Statements 83
Notes to Financial Statements 89
Financial Highlights 96
</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 1, 1999
Dear Shareholder:
We are pleased to present this semi-annual report for the following Chase Vista
U.S. Equity Funds for the six-month period ended April 30, 1999:
<TABLE>
<CAPTION>
<S> <C>
o Balanced Fund o Equity Income Fund
o Large Cap Equity Fund o Large Cap Growth Fund
o New Growth Opportunities Fund o Small Cap Value Fund
o International Equity Fund
</TABLE>
Improving Economic Conditions Boost Stock Prices
World equity markets posted good performance, on balance, as the global economy
rebounded. Emerging markets were among the better performs. U.S. markets rallied
thanks to a robust domestic economy, a pick up in corporate earnings and
relatively low inflation. Europe started the period strong, due to investor
enthusiasm over the creation of the 11-country European Monetary Union. However,
European stocks performed less impressively during the last half of the period
on concerns of slowing growth in the region. In Japan, stocks were under
pressure in late 1998, but showed signs of reversing that trend in the final
months of the period on news that the government will take meaningful steps to
address the country's lingering economic troubles.
The good performance by stocks was not without some difficulties along the way.
In January, for example, Brazil's decision to devalue its currency caused equity
markets to retreat. Additionally, a spate of stronger-than- expected U.S.
economic data in February had a spillover effect on several key global markets
due to fears of higher inflation. During the period, the Federal Reserve Board
reduced short-term interest rates once (in November) and maintained a neutral
monetary policy thereafter.
Rising Rates Impact Bond Prices
When the period began, long-term interest rates, as measured by the 30-year
Treasury bond, were near all-time lows due to investor concerns of a major
global economic slowdown. However, those fears subsided significantly following
the Federal Reserve Board's third interest rate cut in as many months last
November. In January, concerns over Brazil's financial situation caused rates to
retreat and bond prices to rise. In February, however, those fears were replaced
by worries of higher inflation, ignited by surprisingly strong U.S. economic
data. These included a record-high consumer confidence report, a strong pickup
in employment and a revised Gross Domestic Product report for the fourth quarter
of 1998 that was among the best in this decade. In March, mixed economic data
kept bond prices from making any significant moves in either direction. Bonds
performed reasonably well in April until the final day of the month when two
economic reports (the Gross Domestic Product for the first quarter and the
Purchasing Manager's index) far exceeded economists' expectations.
Sincerely yours,
/s/ Fergus Reid
Fergus Reid, Chairman
3
<PAGE>
Chase Vista Select Balanced Fund
as of April 30, 1999
(unaudited)
Fund Facts
<TABLE>
<CAPTION>
<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
Lehman Aggregate Bond Index
Lipper funds category Balanced Funds Average
Inception date 1/1/97
Newspaper symbol Balanced
Net assets $167.4 million
</TABLE>
Investment Style/Market Cap Average Maturity/Quality
- --------------------- -------------------
X Large High
- --------------------- -------------------
Med. X Med.
- --------------------- -------------------
Small Low
- --------------------- -------------------
Value Blend Growth Short Int. Long
4
<PAGE>
Chase Vista Select Balanced Fund
as of April 30, 1999
(unaudited)
How the Fund Performed
Chase Vista Select Balanced Fund, which seeks to provide capital growth plus
current income by investing in a portfolio of high-quality stocks, bonds and
convertible securities, had a total return of 12.64% for the six-month period
ended April 30, 1999.
How the Fund Was Managed
The Fund benefited from its exposure to high-quality, large-cap stocks, which
continued to generate good investment results thanks in large part to a
favorable economic environment for equities. The Federal Reserve's decision to
maintain its easing monetary policy early in the period also contributed
favorably to performance.
Financial and technology stocks continued to perform well for the Fund, as they
have for several years. Consumer cyclicals also registered solid gains in 1999,
thanks in part to investor recognition of their relatively attractive
valuations and a pickup in global economic activity.
The Fund's investment in defensive stocks helped protect shareholder capital
during the market's pullback in February and again at the end of April. During
both those periods, interest rates rose sharply due to a spate of
stronger-than-expected economic activity.
Exposure to secondary stocks proved rewarding during the first half of the
period, as investors gravitated toward these securities. The Fund also
benefited from its exposure to energy stocks early in 1999, as an accord
reached by Mideast oil ministers to limit oil supply helped push crude prices
higher.
Fixed income investments came under some pressure due to slightly higher
interest rates. However, believing that interest rates will fall later in the
year due to a slowdown in economic activity, Fund management used the rise in
rates to increase its exposure to debt instruments.
Where the Fund May Be Headed
With inflation low and consumer confidence high, the economic backdrop for
equities remains positive. In addition, corporate earnings have improved and
fears of a slowdown in global economic activity have subsided significantly.
Our forecast for large-cap stocks continues to be good, but our outlook for
secondary stocks is even better. We believe these stocks are beginning to show
the kind of momentum that could enable them to outperform their large-cap
counterparts for the rest of 1999. We intend to use any meaningful downturn in
secondary stocks as buying opportunities. Our focus will be on fast-growing
companies with strong management and a solid business model.
5
<PAGE>
Chase Vista Select Balanced Fund
as of April 30, 1999
(unaudited)
How Much of the Fund Was Invested
[PLOT POINTS FOR PIE CHART]
Cash (1.02%)
Investments (98.98%)
[END PLOT POINTS]
What the Fund Invested In
Percentage of Total Portfolio Investments
[PLOT POINTS FOR PIE CHART]
Utilities (13.7%) Asset Backed Securities (1.6%) Basic Materials (2.1%)
Capital Goods (7.2%) Consumer Cyclical (12.1%) Consumer Staples (1.4%)
Energy (8.1%) Financial (12.9%) Health Care (4.8%)
Mortgage Backed Securities (16.7%) Real Estate Investment Trust (1.7%)
Technology (5.5%) Transportation (0.8%)
U.S. Government Agency Obligations (1.9%) U.S. Treasury Securities (9.5%)
[END PLOT POINTS]
Top Ten Equity Holdings
1. BellSouth Corp. (2.65%) Provides domestic and international wireless
telecommunications services, systems and products mainly to the southeastern
U.S.
2. Dayton-Hudson Corp. (2.39%) A general merchandise retailer, specializing in
large-store formats, including discount stores, moderate-priced promotional
stores and traditional department stores.
3. General Electric Co. (2.19%) A diversified manufacturing technology and
services company. Operations include appliance manufacturing, capital
services, and electrical distribution.
4. Mobil Corp. (2.11%) Operates in worldwide energy industries and manufactures
and markets petrochemicals, packaging films and specialty chemical products.
5. Exxon Corp. (1.97%) Explores for and produces crude oil and natural gas,
manufactures petroleum products and transports and sells crude oil.
6. MCI WorldCom, Inc. (1.95%) Provides consumer and businesses with local,
long-distance, Internet, data and international communications services.
7. Bristol-Myers Squibb Co. (1.88%) A diversified worldwide health and personal
care company that manufactures and markets pharmaceuticals, consumer
medicines, beauty care products, nutritionals, and medical devices.
8. American International Group (1.56%) Provides a variety of insurance and
insurance-related services in the United States and overseas.
9. Tyco International Ltd. (1.44%) A diversified manufacturing and service
company. The Company manufactures and installs fire protection systems, and
provides electronic and security services.
10. Corning Inc. (1.39%) Produces optical fiber, cable and photonic components
for the telecommunications industry, as well as produces high-performance
displays and components for television and other communications related
industries.
Top 10 equity holdings comprised 19.53% of Fund's market value of investments.
Fund holdings are subject to change at any time.
6
<PAGE>
Chase Vista Select Balanced Fund
as of April 30, 1999
(unaudited)
Average Annual Total Returns+
This table shows the average annual total returns. This is where you can see
the Fund's short-term performance, which, as with the securities markets, tends
to be more volatile than the long-term trend.
<TABLE>
<CAPTION>
1 Year 5 Years 10 Years
-------------- -------------- ---------------
<S> <C> <C> <C>
Select Balanced 14.06% 15.96% 12.37%
</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 4/30/89 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.
7
<PAGE>
Chase Vista Select Balanced Fund
as of April 30, 1999
(unaudited)
10-Year Performance
This chart shows what the long-term growth would have been of a hypothetical
$10,000 investment in the Chase Vista Select Balanced Fund compared to its key
benchmarks. This is where you see the Fund's long-term trend. This chart is for
illustrative purposes only.
[PLOT POINTS FOR LINE CHART]
Balanced Fund
<TABLE>
<CAPTION>
Chase Vista
Select S&P Lehman Lipper
Balanced 500 Aggregate Balanced
Fund Index Bond Index Fund Avg.
<S> <C> <C> <C> <C>
"1989" 10000 10000 10000 10000
"1990" 10757.4 10629.4 11052.8 10901.3
"1991" 12465.8 12270.5 12995.8 12555.8
"1992" 13919.8 13897.9 14814.7 13937
"1993" 15415.5 15425.3 16182.3 15786.7
"1994" 15310.9 16109 17044 15918.6
"1995" 17001.4 17494.3 20012.7 17084.5
"1996" 19924.7 20998 26050.6 18559.5
"1997" 22225.1 23643.1 32589.8 19874.3
"1998" 28155.8 29655.5 45968.3 22041.8
"1999" 32115.1 32324.2 55994.8 23423.1
</TABLE>
[END PLOT POINTS]
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 4/30/99. 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 392 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 4/30/89 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.
8
<PAGE>
Chase Vista Select Balanced Fund
Portfolio of Investments April 30, 1999 (unaudited)
(Amounts in Thousands)
<TABLE>
<CAPTION>
Shares Issuer Value
- ----------------------------------------------------------------
<S> <C> <C>
Long-Term Investments -- 98.8%
- ----------------------------------------------------------------
Common Stock -- 56.0%
-----------------------------------------
Airlines -- 0.5%
11 AMR Corp.* $ 768
--------
Automotive -- 1.0%
18 General Motors Corp. 1,601
--------
Banking -- 3.4%
21 Bank of America Corp. 1,489
25 Bank One Corp. 1,502
24 First Union Corp. 1,329
10 J. P. Morgan & Co., Inc. 1,347
--------
5,667
--------
Chemicals -- 0.4%
5 Dow Chemical Co. 656
--------
Computer Software -- 0.6%
22 Computer Associates International 939
--------
Computers/Computer Hardware -- 1.8%
18 EMC Corp.* 1,961
5 International Business Machines
Corp. 1,046
--------
3,007
--------
Consumer Products -- 1.3%
60 Philip Morris Companies, Inc. 2,104
--------
Diversified -- 3.7%
35 General Electric Co. 3,692
30 Tyco International LTD (Bermuda) 2,437
--------
6,129
--------
Electronics/Electrical Equipment -- 2.3%
41 Corning Inc. 2,352
15 Texas Instruments, Inc. 1,532
--------
3,884
--------
Entertainment/Leisure -- 1.3%
36 Carnival Corp., Class A 1,485
17 Viacom, Inc. Class B* 695
--------
2,180
--------
</TABLE>
See notes to financial statements.
9
<PAGE>
Chase Vista Select Balanced Fund
Portfolio of Investments April 30, 1999 (unaudited) (continued)
(Amounts in Thousands)
<TABLE>
<CAPTION>
Shares Issuer Value
- ------------------------------------------------------------------
<S> <C> <C>
Long-Term Investments -- (continued)
- ------------------------------------------------------------------
Financial Services -- 1.9%
29 Associates First Capital Corp., Class A $ 1,285
30 Freddie Mac 1,882
--------
3,167
--------
Food/Beverage Products -- 0.8%
35 PepsiCo Inc. 1,293
--------
Health Care/Health Care Services -- 0.3%
20 Tenet Healthcare Corp.* 472
--------
Insurance -- 2.4%
40 Allstate Corp. 1,455
23 American International Group 2,642
--------
4,097
--------
Manufacturing -- 0.6%
15 Ingersoll-Rand Co. 1,038
--------
Metals/Mining -- 0.7%
20 Alcoa Inc. 1,245
--------
Office/Business Equipment -- 0.5%
15 Xerox Corp. 881
--------
Oil & Gas -- 8.0%
10 Chevron Corp. 998
40 Coastal Corp. 1,530
40 Exxon Corp. 3,323
32 Halliburton Co. 1,364
34 Mobil Corp. 3,562
24 Royal Dutch Petroleum Co.,
New York Registered Shares,
(Netherlands) 1,409
30 Williams Companies, Inc. 1,418
--------
13,604
--------
Paper/Forest Products -- 1.0%
36 Willamette Industries, Inc. 1,683
--------
Pharmaceuticals -- 4.4%
50 Bristol-Myers Squibb Co. 3,178
20 Johnson & Johnson Co. 1,950
20 Merck & Co., Inc. 1,405
7 Pfizer, Inc. 805
--------
7,338
--------
</TABLE>
See notes to financial statements.
10
<PAGE>
Chase Vista Select Balanced Fund
Portfolio of Investments April 30, 1999 (unaudited) (continued)
(Amounts in Thousands)
<TABLE>
<CAPTION>
Shares Issuer Value
- -------------------------------------------------------------
<S> <C> <C>
Long-Term Investments -- (continued)
- -------------------------------------------------------------
Printing & Publishing -- 0.8%
40 New York Times Co., Class A $ 1,380
--------
Real Estate Investment Trust -- 1.8%
23 AMB Property Corp. 506
58 Equity Office Properties Trust 1,591
30 Public Storage, Inc. 836
--------
2,933
--------
Restaurants/Food Services -- 1.0%
40 McDonald's Corp. 1,695
--------
Retailing -- 5.5%
30 CVS Corp. 1,429
60 Dayton-Hudson Corp. 4,039
15 Federated Department Stores* 683
40 Kroger Co.* 2,173
20 Sears Roebuck & Co. 920
--------
9,244
--------
Shipping/Transportation -- 0.4%
18 Burlington Northern Santa Fe 659
--------
Telecommunications -- 8.5%
18 Ameritech Corp. 1,232
28 AT&T Corp. 1,410
100 BellSouth Corp. 4,475
25 GTE Corp. 1,673
40 MCI WorldCom, Inc.* 3,288
40 SBC Communications, Inc. 2,253
--------
14,331
--------
Utilities -- 1.1%
75 OGE Energy Corp. 1,777
--------
Total Common Stock 93,772
--------
(Cost $41,996)
Poison Pill Rights -- 0.0%
-------------------------------------
Automotive -- 0.0%
10 Chevron Corp., Expires 11/23/08 0
--------
Insurance -- 0.0%
40 Allstate Corp., Expires 02/12/09 0
--------
</TABLE>
See notes to financial statements.
11
<PAGE>
Chase Vista Select Balanced Fund
Portfolio of Investments April 30, 1999 (unaudited) (continued)
(Amounts in Thousands)
<TABLE>
<CAPTION>
Shares Issuer Value
- -----------------------------------------------------------------------
<S> <C> <C>
Long-Term Investments -- (continued)
- -----------------------------------------------------------------------
Manufacturing -- 0.0%
15 Ingersoll-Rand Co., Expires 12/22/08 $ 0
--------
Total Poison Pill Rights 0
--------
(Cost $0)
Convertible Preferred Stock -- 2.9%
-----------------------------------
Manufacturing -- 0.5%
25 Ingersoll-Rand Co., 6.75%, 12/31/49 811
--------
Telecommunications -- 1.6%
20 AirTouch Communications, 4.25%,
08/16/16 2,600
--------
Utilities -- 0.8%
12 Houston Industries, Inc., 7.00%,
07/01/00 1,416
--------
Total Convertible Preferred Stock 4,827
--------
(Cost $2,131)
Principal
Amount
Corporate Notes & Bonds -- 8.7%
-------------------------------
Automotive -- 0.4%
$ 750 Ford Motor Credit Co., 5.75%,
02/23/04 740
--------
Banking -- 1.1%
750 First Union National Bank, 5.80%,
12/01/08 716
425 Korea Development Bank, (South
Korea) 7.13%, 09/17/01 426
700 Sovereign Bancorp, Inc., 6.63%,
03/15/01 702
--------
1,844
--------
Diversified -- 0.8%
Tyco International Group, SA
(Luxemburg),#
650 5.88%, 11/01/04 643
800 6.88%, 01/15/29 779
--------
1,422
--------
</TABLE>
See notes to financial statements.
12
<PAGE>
Chase Vista Select Balanced Fund
Portfolio of Investments April 30, 1999 (unaudited) (continued)
(Amounts in Thousands)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
- -------------------------------------------------------------
<S> <C> <C>
Long-Term Investments -- (continued)
- -------------------------------------------------------------
Financial Services -- 2.1%
$ 600 Hartford Financial Services Group,
6.38%, 11/01/08 $ 596
Lehman Brothers Holdings Inc.,
500 6.40%, 08/30/00 503
750 6.63%, 04/01/04 752
800 National Rural Utilities Cooperative
Finance Corp., 5.50%, 01/15/05 782
1,000 US West Capital Funding Inc.
6.50%, 11/15/18 960
--------
3,593
--------
Food/Beverage Products -- 0.6%
1,000 Pepsi Bottling Group, Inc.,# 7.00%,
03/01/29 996
--------
Industrial Components -- 0.6%
1,000 Raytheon Corp. 5.95%, 03/15/01 1,003
--------
Printing & Publishing -- 0.4%
640 Washington Post Co., Class B,
5.50%, 02/15/09 614
--------
Retailing -- 0.9%
500 Dayton-Hudson Corp. 6.40%,
02/15/03 507
440 Kroger Co., 6.38%, 03/01/08 435
450 Saks, Inc., 7.38%, 02/15/19 443
--------
1,385
--------
Telecommunications -- 1.2%
1,000 AT&T Corp., 6.50%, 03/15/29 955
665 Electrical Lightwave Inc., Class A,#
6.05%, 05/15/04 660
480 GTE Northwest Inc., 5.55%,
10/15/08 456
--------
2,071
--------
</TABLE>
See notes to financial statements.
13
<PAGE>
Chase Vista Select Balanced Fund
Portfolio of Investments April 30, 1999 (unaudited) (continued)
(Amounts in Thousands)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
- --------------------------------------------------------------------
<S> <C> <C>
Long-Term Investments -- (continued)
- --------------------------------------------------------------------
Utilities -- 0.6%
$ 500 Carolina Power & Light Co., 5.95%,
03/01/09 $ 488
500 United Illuminating Co., 6.00%,
12/15/03 490
--------
978
--------
Total Corporate Notes & Bonds 14,646
--------
(Cost $14,854)
Convertible Corporate Notes & Bonds -- 1.2%
--------------------------------------------
Computers/Computer Hardware -- 0.8%
300 EMC Corp., 3.25%,# 3.25%,
03/15/02 1,408
--------
Health Care/Health Care Services -- 0.2%
500 Assisted Living Concepts Inc., 5.63%,
05/01/03 270
--------
Manufacturing -- 0.2%
350 Tower Automotive, Inc.,# 5.00%,
08/01/04 376
--------
Total Convertible Corporate
Notes & Bonds 2,054
--------
(Cost $1,150)
Mortgage Backed Securities -- 16.9%
--------------------------------------------
Collateralized Mortgage Obligations -- 1.0%
1,000 Structured Asset Securities Corp., Ser.
1998-8, Class M2, FRN, 5.51%,
08/25/28 980
750 Willowbrook Finance Corp., Ser.
1997-1, Class B,# FRN, 5.21%,
05/15/02 743
--------
1,723
--------
Commercial Mortgage Backed
Securities -- 1.7%
2,752 GS Mortgage Securities Corp. II, Ser.
1998-GLII, Class A1, 6.31%,
04/13/31 2,768
--------
</TABLE>
See notes to financial statements.
14
<PAGE>
Chase Vista Select Balanced Fund
Portfolio of Investments April 30, 1999 (unaudited) (continued)
(Amounts in Thousands)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
- -------------------------------------------------------------
<S> <C> <C>
Long-Term Investments -- (continued)
- -------------------------------------------------------------
Residential Mortgage Backed Pass
Through Securities -- 14.2%
Federal National Mortgage
Association,
$ 3,724 Pool 252093, 6.50%, 11/01/28 $ 3,699
1,996 Pool 252339, 6.00%, 03/01/29 1,935
1,500 Pool 252435, 6.00%, 04/01/14 1,486
3,750 Pool 323614, 6.50%, 02/01/14 3,780
5,883 Pool 323633, 7.00%, 03/01/29 5,960
2,997 Pool 484753, 6.50%, 03/01/29 2,977
3,750 TBA, 7.50%, 03/01/29 3,854
--------
23,691
--------
Total Mortgage Backed Securitites 28,182
--------
(Cost $28,187)
Asset Backed Securities -- 1.7%
-----------------------------------
500 Citibank Credit Card Master Trust,
Ser. 1998 -- 2A, 6.05%, 01/15/10 494
818 Mid-State Trust, Ser. 6, Class A4,
7.79%, 07/01/35 802
1,500 Ocwen Mortgage Loan Asset Backed
Certification, Ser. 1998-OFS1,
Class M1, FRN, 5.39%, 04/25/29 1,486
--------
Total Asset Backed Securities 2,782
--------
(Cost $2,819)
U.S. Treasury Securities -- 9.5%
-----------------------------------
U.S. Treasury Notes & Bonds,
6,000 4.00%, 10/31/00 5,910
1,440 6.50%, 08/31/01 1,483
2,000 4.75%, 02/15/04 1,960
1,000 5.63%, 05/15/08 1,015
400 8.13%, 08/15/19 503
1,100 8.75%, 08/15/20 1,473
1,000 7.13%, 02/15/23 1,152
1,500 6.63%, 02/15/27 1,650
900 5.25%, 11/15/28 833
--------
Total U.S. Treasury Securities 15,979
--------
(Cost $15,708)
</TABLE>
See notes to financial statements.
15
<PAGE>
Chase Vista Select Balanced Fund
Portfolio of Investments April 30, 1999 (unaudited) (continued)
(Amounts in Thousands)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
- -----------------------------------------------------------
<S> <C> <C>
Long-Term Investments -- (continued)
- -----------------------------------------------------------
U.S. Government Agency Obligations -- 1.9%
------------------------------------------
$ 1,450 Federal National Mortgage
Association, 5.75%, 02/15/08 $ 1,441
Federal Home Loan Mortgage Corp.,
600 5.13%, 02/13/04 587
500 5.13%, 10/15/08 472
750 6.00%, 04/01/04 750
--------
Total U.S. Government
Agency Obligations 3,250
(Cost $3,281)
===========================================================
Total Long-Term Investments 165,492
(Cost $110,126)
===========================================================
Short-Term Investments -- 2.0%
===========================================================
Repurchase Agreement -- 2.0%
----------------------------
3,374 Greenwich Capital Markets, Inc.,
4.93%, due 05/03/99
(Dated 04/30/99, Proceeds $3,375,
Secured by; FNMA, $3,490 at
6.26%, due 02/01/09; Market
Value $3,444) 3,374
(Cost $3,374)
===========================================================
Total Investments -- 100.8% $168,866
(Cost $113,500)
===========================================================
</TABLE>
* -- Non-income producing security.
# -- Security may only be sold to qualified institutional buyers.
FNMA -- Federal National Mortgage Association
FRN -- Floating Rate Note: The maturity date shown is the actual maturity date:
the
rate shown is the rate in effect at April 30, 1999.
See notes to financial statements.
16
<PAGE>
Chase Vista Select Equity Income Fund
as of April 30, 1999
(unaudited)
Fund Facts
<TABLE>
<CAPTION>
<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
Net assets $1,003.2 million
</TABLE>
Investment Style/Market Cap
- ---------------------
X Large
- ---------------------
Med.
- ---------------------
Small
- ---------------------
Value Blend Growth
17
<PAGE>
Chase Vista Select Equity Income Fund
as of April 30, 1999
(unaudited)
How the Fund Performed
Chase Vista Select Equity Income Fund, which seeks to provide current income
plus capital growth by investing primarily in income-producing equity
securities, had a total return of 15.19% for the six-month period ended April
30, 1999.
How the Fund Was Managed
Good stock selection, a positive economic backdrop for equities and improving
corporate earnings helped contribute to the Fund's investment results. Exposure
to value-oriented securities, most notably real estate investment trusts
(REITs), also bolstered the Fund's performance.
Early in the period, the Fund's exposure to financial stocks proved rewarding.
These stocks rallied following the Federal Reserve's decision to reduce
short-term interest rates in November, the third rate cut in as many months by
the Fed. Increased merger and acquisition in the sector also contributed to the
strong performance by financials.
REITs and utilities enjoyed good performance in the second half of the period,
buoyed by increased investor interest in these securities. The Fund's energy
holdings added to performance. These stocks rallied after Mideast oil ministers
decided to reduce oil supply, which effectively caused crude prices to rise and
energy stock prices to follow.
Other sectors that helped performance included consumer cyclicals, such as
housing, retail and automotive stocks. A robust economy and strong consumer
confidence enabled these stocks to post relatively good results. The Fund's
cable stocks, one of the better performing groups for the period, also boosted
Fund performance.
The Fund's emphasis on value stocks was especially helpful in April. The main
detraction to the Fund's investment results was its exposure to interest-rate
sensitive securities in February following a sharp rise in interest rates
brought on by a spate of stronger-than-expected economic reports.
Where the Fund May Be Headed
With value stocks sporting relatively attractive valuations and investors
showing greater interest in these securities, we are especially optimistic
about their prospects for the rest of this year. The runup in REIT prices is
also encouraging but not surprising. Current yields on these securities are
high, and price-earnings ratios are, on balance, below the market average. With
our expectation for a slowdown in the economy still very much in tact, we
intend to remain focused on defensive stocks that, in our judgment, have good
potential to deliver strong investment results going forward compared to the
market. Our emphasis on minimizing risk in seeking the Fund's long-term goal
will continue to be a paramount consideration in our strategy.
18
<PAGE>
Chase Vista Select Equity Income Fund
as of April 30, 1999
(unaudited)
How Much of the Fund Was Invested
[PLOT POINTS FOR PIE CHART]
Cash (1.16%)
Investments (98.84%)
[END PLOT POINTS]
What the Fund Invested In
Percentage of Total Portfolio Investments
[PLOT POINTS FOR PIE CHART]
Basic Materials (8.3%) Capital Goods (10.9%) Consumer Cyclical (13.1%)
Energy (8.5%) Financial (21.9%) Health Care (5.8%)
Real Estate Investment Trust (7.4%) Technology (6.6%) Utilities (17.5%)
Top Ten Equity Holdings
1. General Dynamics Corp. (3.45%) Manufactures defense products. The Company
designs and builds nuclear submarines for the United States Navy and
performs overhaul, repair work and engineering services.
2. Freddie Mac (3.08%) The Corporation supplies lenders with the money to make
mortgages and packages them into marketable securities.
3. Exxon Corp. (3.06%) Explores for and produces crude oil and natural gas,
manufactures petroleum products and transports and sells crude oil.
4. SBC Communications, Inc. (2.75%) A telecommunications company with wireless
customers. The Company offers local and long-distance telephone service,
wireless communications, paging and Internet access.
5. BP Amoco PLC (2.50%) Explores for and produces oil and natural gas. Refines,
markets, and supplies petroleum products and manufactures and markets
chemicals.
6. K-Mart Financing Inc. (2.48%) A statutory business trust. Exists for the
sole purpose of issuing the Convertible Preferred Securities and Common
Securities.
7. Equity Residential Properties Trust (2.45%) A fully integrated,
self-administered and self-managed real estate investment trust (REIT)
engaged in acquiring, owning, managing, leasing and renovating office
properties and parking facilities.
8. Tyco International Ltd. (2.39%) A diversified manufacturing and service
company. The Company manufactures and installs fire protection systems, and
provides electronic and security services.
9. Public Storage, Inc. (2.29%) A real-estate investment trust that invests
primarily in existing mini-warehouses, self-service facilities which offer
storage space for personal and business use.
10. Alcoa Inc. (2.14%) The Company produces aluminum and alumina and is
involved in mining, refining, smelting, fabricating and recycling.
Top 10 equity holdings comprised 26.59% of Fund's market value of investments.
Fund holdings are subject to change at any time.
19
<PAGE>
Chase Vista Select Equity Income Fund
as of April 30, 1999
(unaudited)
Average Annual Total Returns+
This table shows the average annual total returns. This is where you can see
the Fund's short-term performance, which, as with the stock markets, tends to
be more volatile than the long-term trend.
<TABLE>
<CAPTION>
1 Year 5 Years 10 Years
------------- -------------- ---------------
<S> <C> <C> <C>
Select Equity Income 9.05% 19.92% 15.03%
</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 4/30/89 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.
20
<PAGE>
Chase Vista Select Equity Income Fund
as of April 30, 1999
(unaudited)
10-Year Performance
This chart shows what the long-term growth would have been of a hypothetical
$10,000 investment in the Chase Vista Select Equity Income Fund compared to its
key benchmarks. This is where you see the Fund's long-term trend. This chart is
for illustrative purposes only.
[PLOT POINTS FOR LINE CHART]
Equity Income
<TABLE>
<CAPTION>
Chase
Vista Select Lipper
Equity S&P 500 Growth
Income Fund Index Funds Avg.
<S> <C> <C> <C>
"1989" 10000 10000 10000
"1990" 10108.3 11052.8 10465.6
"1991" 11848.2 12995.8 11627
"1992" 13537.7 14814.7 13460.1
"1993" 15722 16182.3 15233.7
"1994" 16355.2 17044 16075.5
"1995" 18152.2 20012.7 17809.5
"1996" 23165.1 26050.6 22267.6
"1997" 28168.8 32589.8 26121
"1998" 37211.6 45968.3 35095.8
"1999" 40579.5 55994.8 37694.3
</TABLE>
[END PLOT POINTS]
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 4/30/99. 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 210 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 4/30/89 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.
21
<PAGE>
Chase Vista Select Equity Income Fund
Portfolio of Investments April 30, 1999 (unaudited)
(Amounts in Thousands)
<TABLE>
<CAPTION>
Shares Issuer Value
- --------------------------------------------------------------
<S> <C> <C>
Long-Term Investments -- 94.1%
- --------------------------------------------------------------
Common Stock -- 87.2%
---------------------
Aerospace -- 6.6%
200 Allied-Signal, Inc. $ 11,750
150 Boeing Co. 6,094
500 General Dynamics Corp. 35,125
190 Sundstrand Corp. 13,597
----------
66,566
----------
Automotive -- 3.0%
94 DaimlerChrysler AG (Germany)* 9,183
320 Ford Motor Co. 20,460
----------
29,643
----------
Banking -- 6.3%
200 Bank of America Corp. 14,400
200 Bank of New York Company, Inc. 8,000
360 Bank One Corp. 21,240
168 Cullen/Frost Bankers, Inc. 9,061
165 Zions Bancorporation 11,003
----------
63,704
----------
Chemicals -- 3.2%
150 Dow Chemical Co. 19,678
160 E. I. Du Pont de Nemours and Co. 11,300
48 Millennium Chemicals Inc. 1,296
----------
32,274
----------
Computer Software -- 2.6%
509 American Management Systems, Inc.* 17,504
199 Computer Associates International 8,484
----------
25,988
----------
Computers/Computer Hardware -- 1.3%
60 International Business Machines
Corp. 12,551
----------
Consumer Products -- 2.4%
340 Fortune Brands, Inc. 13,430
300 Philip Morris Companies, Inc. 10,519
----------
23,949
----------
Diversified -- 2.4%
300 Tyco International LTD (Bermuda) 24,375
----------
</TABLE>
See notes to financial statements.
22
<PAGE>
Chase Vista Select Equity Income Fund
Portfolio of Investments April 30, 1999 (unaudited) (continued)
(Amounts in Thousands)
<TABLE>
<CAPTION>
Shares Issuer Value
- --------------------------------------------------------------------
<S> <C> <C>
Long-Term Investments -- (continued)
- --------------------------------------------------------------------
Electronics/Electrical Equipment -- 2.4%
130 Altera Corp. $ 9,392
70 ASM Lithography Holding NV
(Netherlands)* 2,730
100 Micron Technology, Inc. 3,713
85 Texas Instruments, Inc. 8,681
---------
24,516
---------
Financial Services -- 8.4%
280 Ambac Financial Group, Inc. 16,905
50 American Express Co. 6,534
235 Associates First Capital Corp., Class A 10,406
500 Freddie Mac 31,375
150 Household International, Inc. 7,547
200 Lehman Brothers Holding, Inc. 11,112
---------
83,879
---------
Food/Beverage Products -- 0.7%
150 Diageo PLC, ADR (United Kingdom) 6,919
---------
Health Care/Health Care Services -- 1.6%
60 Cigna Corp. 5,231
450 Columbia/HCA Healthcare Corp. 11,109
---------
16,340
---------
Machinery & Engineering Equipment -- 2.0%
700 McDermott International, Inc. 20,300
---------
Metals/Mining -- 2.9%
350 Alcoa Inc. 21,788
100 RIO Tinto PLC (United Kingdom) 6,813
---------
28,601
---------
Oil & Gas -- 8.6%
400 Baker Hughes Inc. 11,950
225 BP Amoco PLC, ADR (United
Kingdom) 25,475
375 Exxon Corp. 31,148
300 Royal Dutch Petroleum Co., New
York Registered Shares
(Netherlands) 17,606
---------
86,179
---------
</TABLE>
See notes to financial statements.
23
<PAGE>
Chase Vista Select Equity Income Fund
Portfolio of Investments April 30, 1999 (unaudited) (continued)
(Amounts in Thousands)
<TABLE>
<CAPTION>
Shares Issuer Value
- ---------------------------------------------------------------
<S> <C> <C>
Long-Term Investments -- (continued)
- ---------------------------------------------------------------
Paper/Forest Products -- 2.4%
250 Weyerhaeuser Co. $ 16,781
150 Willamette Industries, Inc. 7,013
----------
23,794
----------
Pharmaceuticals -- 4.3%
160 American Home Products Corp. 9,760
200 Glaxo Wellcome PLC (United
Kingdom) 11,650
300 Pharmacia & Upjohn, Inc. 16,800
100 Schering-Plough Corp. 4,831
----------
43,041
----------
Real Estate Investment Trust -- 7.6%
250 Beacon Capital Partners Inc.# 3,781
350 Equity Office Properties Trust 9,647
540 Equity Residential Properties Trust 24,975
167 Healthcare Realty Trust, Inc. 3,643
250 Manufactured Home Communities, Inc. 6,328
839 Public Storage, Inc. 23,387
102 Spieker Properties, Inc. 4,004
----------
75,765
----------
Retailing -- 3.7%
170 Dayton-Hudson Corp. 11,443
369 Kroger Co.* 20,048
125 Sears Roebuck & Co. 5,750
----------
37,241
----------
Telecommunications -- 9.2%
350 Bell Atlantic Corp. 20,169
230 BellSouth Corp. 10,293
290 GTE Corp. 19,412
500 SBC Communications, Inc. 28,000
Telecomunicacoes Brasileiras SA,
(Brazil)*
160 ADR, Preferred Block 14,590
160 ADR 13
----------
92,477
----------
</TABLE>
See notes to financial statements.
24
<PAGE>
Chase Vista Select Equity Income Fund
Portfolio of Investments April 30, 1999 (unaudited) (continued)
(Amounts in Thousands)
<TABLE>
<CAPTION>
Shares Issuer Value
- --------------------------------------------------------------
<S> <C> <C>
Long-Term Investments -- (continued)
- --------------------------------------------------------------
Utilities -- 5.6%
450 CMS Energy Corp. $ 19,800
250 DQE, Inc. 10,297
230 Pinnacle West Capital Corp. 8,927
350 Texas Utilities Co. 13,913
92 Unicom Corp. 3,551
----------
56,488
----------
Total Common Stock 874,590
----------
(Cost $723,069)
Preferred Stock -- 1.1%
-----------------------
Printing & Publishing -- 1.1%
350 The News Corporation ADR,
A Shares, $.11 (Australia) 10,697
----------
(Cost $11,368)
Convertible Preferred Stock -- 5.4%
-----------------------------------
Retailing -- 2.5%
450 K-Mart Financing Inc., 7.75%,
6/15/16 Series 25,284
----------
Telecommunications -- 1.3%
40 Viacom International (TCI Pacific),
5.00%, 7/31/06 Series 12,773
----------
Utilities -- 1.6%
140 Houston Industries, Inc., 7.00%,
07/01/00 Series 16,520
----------
Total Convertible Preferred Stock 54,577
----------
(Cost $41,366)
Poison Pill Rights -- 0.0%
--------------------------
Banking -- 0.0%
168 Cullen/Frost Bankers Inc., Expires
07/25/99 0
----------
Insurance -- 0.0%
623 Allstate Corp., Expires 02/12/09 0
----------
Total Poison Pill Rights 0
----------
(Cost $0)
</TABLE>
See notes to financial statements.
25
<PAGE>
Chase Vista Select Equity Income Fund
Portfolio of Investments April 30, 1999 (unaudited) (continued)
(Amounts in Thousands)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
- --------------------------------------------------------------
<S> <C> <C>
Long-Term Investments -- (continued)
- --------------------------------------------------------------
Convertible Corporate Notes & Bonds -- 0.4%
-------------------------------------------
Computer Software -- 0.4%
$ 2,300 Comverse Technology, Inc., 4.50%,
7/1/05 $ 3,759
(Cost $3,188)
- --------------------------------------------------------------
Total Long-Term Investments 943,623
(Cost $778,991)
- --------------------------------------------------------------
Short-Term Investments -- 7.5%
- --------------------------------------------------------------
Repurchase Agreement -- 7.5%
----------------------------
$ 75,443 Greenwich Capital Markets, Inc.,
4.93%, due 5/3/99, (Dated
4/30/99, Proceeds $75,474,
Secured by: FHLMC, FRN,
$23,142, due 12/15/20 through
07/15/21; FHMLC, $9,515,
6.50% to 11.875%, due 06/15/13
through 03/01/29; FNMA, FRN,
$255,011, due 09/25/20 through
09/18/27; FNMA, $52,750, 6.50%
to 7.00%, due 10/01/13 through
10/25/23; Market Value $76,955) 75,443
(Cost $75,443)
- --------------------------------------------------------------
Total Investments -- 101.6% $1,019,066
(Cost $854,434)
- --------------------------------------------------------------
</TABLE>
* -- Non income producing security.
# -- Security may only be sold to qualified institutional buyers.
ADR -- American Depositary Receipt.
FNMA -- Federal National Mortgage Association.
FHLMC -- Federal Home Loan Mortgage Corporation.
FRN -- Floating Rate Note: The maturity date shown is the actual maturity date:
the rate shown is the rate in effect at April 30, 1999.
See notes to financial statements.
26
<PAGE>
Chase Vista Select Large Cap Equity Fund
as of April 30, 1999
(unaudited)
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
Net assets: $192.6 million
</TABLE>
Investment Style/Market Cap
- ---------------------
X Large
- ---------------------
Med.
- ---------------------
Small
- ---------------------
Value Blend Growth
27
<PAGE>
Chase Vista Select Large Cap Equity Fund
as of April 30, 1999
(unaudited)
How the Fund Performed
Chase Vista Select Large Cap Equity Fund, which seeks to provide capital growth
through a portfolio of large cap common stocks, provided shareholders with a
total return of 20.61% (Class A shares, without sales charges) for the
six-month period ended April 30, 1999.
How the Fund Was Managed
Management's sector strategy and stock selection process contributed positively
to the Fund's investment results. A favorable economic environment punctuated
by relatively benign inflation, stable interest rates and high consumer
confidence, also helped performance.
The Fund enjoyed good results from its holdings in the financial services
industry. These stocks posted positive investment results thanks to relatively
good earnings growth by key financial companies and increased merger activity
within the sector. An easing by the Federal Reserve in November also helped
their returns.
Technology stocks also helped the Fund's performance, as many stocks in this
group recorded strong investment results. However, the rally by technology
stocks was not without volatility, particularly earlier this year as stocks of
personal computer makers came under pressure due to concerns over their earnings
growth prospects.
EMC was among the better performing technology stocks for the Fund, though the
stock retreated from its highs late in the period. Other notable performers
could be found across many sectors. They included Alcoa, Dayton Hudson, CBS,
Halliburton, and Pharmacia & Upjohn and Union Pacific.
Where the Fund May Be Headed
Despite the fact that large-cap equities have enjoyed good investment results
over the past four years, we believe their potential is still superior to that
of the market. The economic environment is sound, with interest rates still
hovering near attractive levels, consumer confidence high and inflation, though
somewhat of a concern to investors, is still under control. Although the
Federal Reserve Board has maintained a neutral monetary policy since November,
we remain confident that it will be vigilant in keeping the U.S. economy from
heating up and causing inflation to rise markedly in the coming months. We
intend to use any meaningful downturn in the market as an opportunity to
purchase attractively priced stocks whose long-term growth prospects are, in
our judgment, greater than the overall market. Of course, stock selection, in
this environment, will play an important role in delivering above-average
investment results in the months ahead.
28
<PAGE>
Chase Vista Select Large Cap Equity Fund
as of April 30, 1999
(unaudited)
How Much of the Fund Was Invested
[PLOT POINTS FOR PIE CHART]
Cash (0.90%)
Investments (99.10%)
[END PLOT POINTS]
What the Fund Invested In
Percentage of Total Portfolio Investments
[PLOT POINTS FOR PIE CHART]
Basic Materials (7.0%) Capital Goods (11.6%) Consumer Cyclical (19.8%)
Consumer Staples (2.7%) Energy (7.7%) Financial (19.3%)
Health Care (8.2%) Real Estate Investment Trust (1.6%) Technology (8.7%)
Transportation (1.9%) Utilities (11.5%)
[END PLOT POINTS]
Top Ten Equity Holdings
1. Kroger Co. (1.70%) Operates supermarkets and convenience stores and
processes food. Also operates food processing facilities which supply
private label products to the Company's supermarkets.
2. Pharmacia & Upjohn, Inc. (1.70%) Manufactures and markets health care and
related products worldwide.
3. Freddie Mac (1.68%) The Corporation supplies lenders with the money to make
mortgages and packages them into marketable securities.
4. Waste Management, Inc. (1.67%) Operates throughout the United States. Serves
municipal, commercial, industrial and residential customers.
5. Altera Corp. (1.53%) Designs, manufactures and markets programmable logic
devices and associated development tools.
6. Coastal Corp. (1.52%) Gathers, markets, processes, stores and transmits gas,
as well as refines, markets and distributes petroleum and chemicals.
7. Bank of America Corp. (1.52%) Provides retail banking services, asset
management, financial products, corporate finance and financial services.
8. Ingersoll-Rand Co. (1.52%) Manufactures construction machinery and
industrial equipment. The Company's products include air compressors, tools,
pumps and door hardware.
9. Dayton-Hudson Corp. (1.51%) A general merchandise retailer, specializing in
large-store formats, including discount stores, moderate-priced promotional
stores and traditional department stores.
10. Alcoa Inc. (1.50%) The Company produces aluminum and alumina and is
involved in mining, refining, smelting, fabricating and recycling.
Top 10 equity holdings comprised 15.85% of the Portfolio's market value of
investments. Fund holdings are subject to change at any time.
29
<PAGE>
Chase Vista Select Large Cap Equity Fund
as of April 30, 1999
(unaudited)
Average Annual Total Returns+
This table shows the average annual total returns. This is where you can see
the Fund's short-term performance, which, as with the stock markets, tends to
be more volatile than the long-term trend.
<TABLE>
<CAPTION>
1 Year 5 Years 10 Years
-------------- -------------- ---------------
<S> <C> <C> <C>
Select Large Cap Equity 17.17% 22.80% 16.51%
</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 4/30/89 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.
30
<PAGE>
Chase Vista Select Large Cap Equity Fund
as of April 30, 1999
(unaudited)
10-Year Performance
This chart shows what the long-term growth would have been of a hypothetical
$10,000 investment in the Chase Vista Select Large Cap Equity Fund compared to
its key benchmarks. This is where you see the Fund's long-term trend. This
chart is for illustrative purposes only.
[PLOT POINTS FOR LINE CHART]
Large Cap Equity
<TABLE>
<CAPTION>
Chase
Vista Select Lipper
Large Cap S&P 500 Growth
Equity Fund Index Funds Avg.
<S> <C> <C> <C>
"1989" 10000 10000 10000
"1990" 10968.4 11052.8 10773.8
"1991" 12962.4 12995.8 12665.8
"1992" 14590.4 14814.7 14513.6
"1993" 15666.5 16182.3 15891.9
"1994" 16503.9 17044 17245.3
"1995" 18355.8 20012.7 19097.1
"1996" 23408.2 26050.6 24851.3
"1997" 27862.3 32589.8 27885.9
"1998" 39357.3 45968.3 38841
"1999" 46114.6 55994.8 44424.4
</TABLE>
[END PLOT POINTS]
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 4/30/99. 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 943 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 4/30/89 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.
31
<PAGE>
Chase Vista Select Large Cap Equity Fund
Portfolio of Investments April 30, 1999 (unaudited)
(Amounts in Thousands)
<TABLE>
<CAPTION>
Shares Issuer Value
- ---------------------------------------------------------
<S> <C> <C>
Long-Term Investments -- 95.9%
- ---------------------------------------------------------
Common Stock -- 95.9%
---------------------
Aerospace -- 4.2%
42 Allied-Signal, Inc. $ 2,438
23 Boeing Co. 934
37 General Dynamics Corp. 2,599
16 Raytheon Co., Class B 1,124
8 United Technologies, Corp. 1,087
--------
8,182
--------
Airlines -- 1.0%
28 AMR Corp.* 1,955
--------
Automotive -- 1.6%
25 Ford Motor Co. 1,598
17 General Motors Corp. 1,512
--------
3,110
--------
Banking -- 6.8%
40 Bank of America Corp. 2,906
20 Bank One Corp. 1,180
29 Comerica, Inc. 1,887
18 First Union Corp. 997
25 Fleet Financial Group, Inc. 1,077
12 Mellon Bank Corp. 892
25 National City Corp. 1,794
23 U.S. Bancorp 852
47 UnionBanCal Corp. 1,587
--------
13,172
--------
Biotechnology -- 0.6%
17 Amgen, Inc.* 1,044
--------
Broadcasting -- 2.2%
57 CBS Corp. 2,574
25 Comcast Corp., Special Class A 1,642
--------
4,216
--------
Chemicals -- 2.0%
29 Air Products and Chemicals, Inc. 1,363
10 Dow Chemical Co. 1,312
17 E. I. Du Pont de Nemours and Co. 1,201
--------
3,876
--------
</TABLE>
See notes to financial statements.
32
<PAGE>
Chase Vista Select Large Cap Equity Fund
Portfolio of Investments April 30, 1999 (unaudited) (continued)
(Amounts in Thousands)
<TABLE>
<CAPTION>
Shares Issuer Value
- ----------------------------------------------------------------
<S> <C> <C>
Long-Term Investments -- (continued)
- ----------------------------------------------------------------
Computer Software -- 2.3%
26 Computer Associates International $ 1,089
14 Computer Sciences Corp.* 804
32 Compuware Corp.* 780
28 Oracle Corp.* 744
34 Unisys Corp.* 1,053
--------
4,470
--------
Computers/Computer Hardware -- 1.9%
26 Compaq Computer Corp. 569
17 EMC Corp.* 1,852
20 Sun Microsystems, Inc.* 1,166
--------
3,587
--------
Construction Materials -- 1.0%
65 Masco Corp. 1,895
--------
Consumer Products -- 2.2%
45 Fortune Brands, Inc. 1,778
70 Philip Morris Companies, Inc. 2,454
--------
4,232
--------
Diversified -- 1.2%
28 Tyco International LTD (Bermuda) 2,234
--------
Electronics/Electrical Equipment -- 4.5%
41 Altera Corp.* 2,926
34 Applied Materials, Inc.* 1,823
25 Micron Technology, Inc.* 928
13 Motorola, Inc. 1,002
20 Texas Instruments, Inc. 1,991
--------
8,670
--------
Entertainment/Leisure -- 2.9%
26 AT&T Corp., Liberty Media Group,
Series A* 1,692
27 Time Warner, Inc. 1,890
50 Viacom, Inc. Class B* 2,044
--------
5,626
--------
Environmental Services -- 1.7%
57 Waste Management, Inc. 3,192
--------
</TABLE>
See notes to financial statements.
33
<PAGE>
Chase Vista Select Large Cap Equity Fund
Portfolio of Investments April 30, 1999 (unaudited) (continued)
(Amounts in Thousands)
<TABLE>
<CAPTION>
Shares Issuer Value
- -----------------------------------------------------------------
<S> <C> <C>
Long-Term Investments -- (continued)
- -----------------------------------------------------------------
Financial Services -- 4.0%
51 Associates First Capital Corp., Class A $ 2,274
51 Freddie Mac 3,213
14 Merrill Lynch & Co. 1,175
11 Morgan Stanley Dean Witter & Co. 1,091
--------
7,753
--------
Food/Beverage Products -- 2.6%
17 Anheuser-Busch Companies, Inc. 1,243
34 PepsiCo Inc. 1,256
29 Quaker Oats Co. 1,872
33 The Pepsi Bottling Group, Inc.* 695
--------
5,066
--------
Health Care/Health Care Services -- 4.3%
21 Aetna Inc. 1,798
19 Cigna Corp. 1,657
150 HEALTHSOUTH Corp.* 2,016
55 Tenet Healthcare Corp.* 1,299
22 Wellpoint Health Networks, Inc.,
Class A* 1,510
--------
8,280
--------
Insurance -- 4.9%
47 ACE, LTD 1,422
50 Allstate Corp. 1,819
18 Hartford Life, Inc. 942
11 Loews Corp. 805
16 Marsh & McLennan Companies, Inc. 1,240
29 Travelers Property Casualty, Class A 983
18 UNUM Corp. 983
22 XL Capital LTD 1,305
--------
9,499
--------
Manufacturing -- 2.3%
42 Ingersoll-Rand Co. 2,906
21 Johnson Controls, Inc. 1,532
--------
4,438
--------
</TABLE>
See notes to financial statements.
34
<PAGE>
Chase Vista Select Large Cap Equity Fund
Portfolio of Investments April 30, 1999 (unaudited) (continued)
(Amounts in Thousands)
<TABLE>
<CAPTION>
Shares Issuer Value
- ---------------------------------------------------------
<S> <C> <C>
Long-Term Investments -- (continued)
- ---------------------------------------------------------
Media/Advertising -- 0.5%
13 Omnicom Group, Inc. $ 943
--------
Metals/Mining -- 2.0%
46 Alcoa Inc. 2,864
52 Barrick Gold Corp. 1,036
--------
3,900
--------
Office/Business Equipment -- 0.8%
27 Xerox Corp. 1,586
--------
Oil & Gas -- 7.7%
10 BP Amoco, PLC, ADR (United
Kingdom) 1,075
23 Burlington Resources, Inc. 1,036
14 Chevron Corp. 1,397
76 Coastal Corp. 2,907
43 Halliburton Co. 1,812
27 Mobil Corp. 2,828
21 Schlumberger, LTD 1,341
15 Texaco, Inc. 941
30 Williams Companies, Inc. 1,418
--------
14,755
--------
Packaging -- 0.6%
41 Owens-Illinois, Inc.* 1,189
--------
Paper/Forest Products -- 2.3%
13 Georgia-Pacific Corp. 1,203
21 Weyerhaeuser Co. 1,376
39 Willamette Industries, Inc. 1,800
--------
4,379
--------
Pharmaceuticals -- 3.3%
58 Pharmacia & Upjohn, Inc. 3,248
40 Schering-Plough Corp. 1,933
19 SmithKline Beecham PLC, ADR
(United Kingdom) 1,248
--------
6,429
--------
Printing & Publishing -- 1.1%
61 New York Times Co., Class A 2,105
--------
</TABLE>
See notes to financial statements.
35
<PAGE>
Chase Vista Select Large Cap Equity Fund
Portfolio of Investments April 30, 1999 (unaudited) (continued)
(Amounts in Thousands)
<TABLE>
<CAPTION>
Shares Issuer Value
- -------------------------------------------------------------
<S> <C> <C>
Long-Term Investments -- (continued)
- -------------------------------------------------------------
Real Estate Investment Trust -- 1.6%
40 Equity Office Properties Trust $ 1,112
20 Equity Residential Properties Trust 925
38 Public Storage, Inc. 1,059
--------
3,096
--------
Retailing -- 7.5%
43 Dayton-Hudson Corp. 2,894
30 Federated Department Stores* 1,401
92 K-Mart Corp.* 1,368
60 Kroger Co.* 3,259
120 Office Depot, Inc.* 2,640
30 Safeway, Inc.* 1,618
36 TJX Companies, Inc. 1,199
--------
14,379
--------
Shipping/Transportation -- 0.9%
30 Union Pacific Corp. 1,800
--------
Telecommunications -- 6.2%
38 AT&T Corp. 1,897
24 Bell Atlantic Corp. 1,383
48 BellSouth Corp. 2,148
28 GTE Corp. 1,874
28 MCI WorldCom, Inc.* 2,260
18 Sprint Corp. 1,846
11 Sprint Corp. (PCS Group)* 466
--------
11,874
--------
Telecommunications Equipment -- 1.4%
48 General Instrument Corp.* 1,734
9 Tellabs, Inc.* 986
--------
2,720
--------
Toys & Games -- 0.6%
31 Hasbro, Inc. 1,058
--------
Utilities -- 5.2%
26 AES Corp.* 1,275
46 CMS Energy Corp. 2,024
31 Consolidated Edison, Inc. 1,408
45 FPL Group Inc. 2,537
</TABLE>
See notes to financial statements.
36
<PAGE>
Chase Vista Select Large Cap Equity Fund
Portfolio of Investments April 30, 1999 (unaudited) (continued)
(Amounts in Thousands)
<TABLE>
<CAPTION>
Shares Issuer Value
- --------------------------------------------------------------------------
<S> <C> <C>
Long-Term Investments -- (continued)
- --------------------------------------------------------------------------
55 Texas Utilities Co. $ 2,166
17 Unicom Corp. 660
--------
10,070
--------
Total Common Stock 184,780
--------
(Cost $130,509)
Poison Pill Rights -- 0.0%
--------------------------
Electronics/Electrical Equipment -- 0.0%
22 Texas Instruments, Inc., Expires
06/18/08 0
--------
Insurance -- 0.0%
66 Allstate Corp., Expires 02/12/09 0
--------
Manufacturing -- 0.0%
42 Ingersoll-Rand Co., Expires 12/22/08 0
--------
Total Poison Pill Rights 0
(Cost $0)
==========================================================================
Total Long-Term Investments 184,780
(Cost $130,509)
==========================================================================
Principal
Amount
- --------------------------------------------------------------------------
Short-Term Investments -- 3.4%
- --------------------------------------------------------------------------
Repurchase Agreement -- 3.4%
----------------------------
$6,560 Greenwich Capital Markets, Inc.,
4.93%, due 5/3/99, (Dated
4/30/99, Proceeds $6,563, Secured
by: FHLMC, $6,575, 6.50%, due
04/01/29; Market Value $6,696) 6,560
(Cost $6,560)
==========================================================================
Total Investments -- 99.3% $191,340
(Cost $137,069)
==========================================================================
</TABLE>
Index
* -- Non-income producing security.
ADR -- American Depository Receipt.
FHLMC -- Federal Home Loan Mortgage Corporation.
See notes to financial statements.
37
<PAGE>
Chase Vista Select Large Cap Growth Fund
as of April 30, 1999
(unaudited)
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
Net assets: $811.8 million
</TABLE>
Investment Style/Market Cap
- ---------------------
X Large
- ---------------------
Med.
- ---------------------
Small
- ---------------------
Value Blend Growth
38
<PAGE>
Chase Vista Select Large Cap Growth Fund
as of April 30, 1999
(unaudited)
How the Fund Performed
Chase Vista Select Large Cap Growth Fund, which seeks to provide capital growth
through a portfolio of large cap common stocks, provided shareholders with a
total return of 29.12% for the six-month period ended April 30, 1999.
How the Fund Was Managed
The Fund benefited from its exposure to large-cap technology names, which
enjoyed solid gains throughout much of the period. Some of the Fund's better
performers in this sector included America Online, EMC Corp., and Microsoft.
The Fund's decision to trim its exposure to this sector before rates spiked in
February also proved rewarding.
Health care stocks, which came under pressure during the last half of the
period, still helped lift the Fund's performance.
Capital goods companies also contributed positively to the Fund's investment
results. A robust economy, an increase in consumer spending and the highest
level of consumer confidence in more than three decades were among the key
drivers in helping boost the prices of these securities.
Where the Fund May Be Headed
In April, we were encouraged by the fact that more companies were beginning to
see their stock prices rise in value. Prior to this move, most of the
performance of the major indexes was coming from a a relatively small number of
stocks. A broadening of the market, while no guarantee, is usually a sign the
market will trend higher.
In addition, the economic and market environment remains positive for stocks.
Although inflation showed signs of inching higher during the period, it is
still under control. Corporate earnings remain in relatively good shape, and
babyboomers must still put money away for their retirement years.
Given our optimistic forecast, we intend to use future downturns as
opportunities to increase the Fund's investment in attractively priced
companies with superior long-term growth prospects. Our emphasis will continue
to be on well-established companies that, in our judgment, have solid long-term
earnings growth prospects.
Since we believe the economy could slow later this year, stock selection will
be critical in outperforming the broader market for the remainder of this year.
39
<PAGE>
Chase Vista Select Large Cap Growth Fund
as of April 30, 1999
(unaudited)
How Much of the Fund Was Invested
[PLOT POINTS FOR PIE CHART]
Cash (1.19%)
Investments (98.81%)
[END PLOT POINTS]
What the Fund Invested In
Percentage of Total Portfolio Investments
[PLOT POINTS FOR PIE CHART]
Capital Goods (9.3%) Consumer Cyclical (20.6%) Consumer Staples (2.7%)
Energy (3.8%) Financial (13.5%) Health Care (12.3%)
Technology (32.5%) Other (0.3%) Utilities (5.0%)
[END PLOT POINTS]
Top Ten Equity Holdings
1. EMC Corp. (4.31%) Designs, manufactures, markets and supports products that
store, manage and protect information from all major computing environments,
including "UNIX" and "Windows NT."
2. Microsoft Corp. (4.24%) Develops, manufactures, licenses and supports
computer software products.
3. Tyco International Ltd. (4.24%) A diversified manufacturing and service
company. The Company manufactures and installs fire protection systems, and
provides electronic and security services.
4. International Business Machines Corp. (4.05%) Develops, manufactures and
sells information processing products. The Company's products include
computers and micro electronic technology.
5. Dell Computer Corp. (3.74%) Designs, develops, manufactures and supports a
variety of computer systems, including desktops, notebooks, and network
services.
6. General Electric Co. (3.17%) A diversified manufacturing technology and
services company. Operations include appliance manufacturing, capital
services, and electrical distribution.
7. Pfizer, Inc. (3.07%) A research based, global health care company
specializing in health care, animal health and consumer health care. The
Company's products include bone and joint devices, anti-inflammatory
medicines, and personal care products.
8. America Online, Inc. (3.07%) Provides interactive communications and
services through its "America Online" and "CompuServe" worldwide Internet
online services.
9. Cisco Systems, Inc. (3.05%) Supplies data networking products to the
corporate enterprise and public wide area service provider markets.
10. Charles Schwab Corp. (3.03%) Provides a variety of financial services to
individual investors, independent investment managers, retirement plans and
institutions.
Top 10 equity holdings comprised 35.97% of the Portfolio's market value of
investments. Fund holdings are subject to change at any time.
40
<PAGE>
Chase Vista Select Large Cap Growth Fund
as of April 30, 1999
(unaudited)
Average Annual Total Returns+
This table shows the average annual total returns. This is where you can see
the Fund's short-term performance, which, as with the stock markets, tends to
be more volatile than the long-term trend.
<TABLE>
<CAPTION>
1 Year 5 Years 10 Years
-------------- -------------- ---------------
<S> <C> <C> <C>
Select Large Cap Growth 33.07% 27.57% 18.54%
</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 4/30/89 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.
41
<PAGE>
Chase Vista Select Large Cap Growth Fund
as of April 30, 1999
(unaudited)
10-Year Performance
This chart shows what the long-term growth would have been of a hypothetical
$10,000 investment in the Chase Vista Select Large Cap Growth Fund compared to
its key benchmarks. This is where you see the Fund's long-term trend. This
chart is for illustrative purposes only.
[PLOT POINTS FOR LINE CHART]
<TABLE>
<CAPTION>
Chase Vista
Select Large S&P Lipper
Cap Growth 500 Growth
Fund Index Funds Avg.
<S> <C> <C> <C>
"1989" 10000 10000 10000
"1990" 11184.3 11052.8 10773.8
"1991" 12778.8 12995.8 12665.8
"1992" 14365.4 14814.7 14513.6
"1993" 15669.9 16182.3 15891.9
"1994" 16223.1 17044 17245.3
"1995" 19187.6 20012.7 19097.1
"1996" 24082 26050.6 24851.3
"1997" 27388.9 32589.8 27885.9
"1998" 41212.6 45968.3 38841
"1999" 54842.4 55994.8 44424.4
</TABLE>
[END PLOT POINTS]
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 4/30/99. 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 943 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 4/30/89 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.
42
<PAGE>
Chase Vista Select Large Cap Growth Fund
Portfolio of Investments April 30, 1999 (unaudited)
(Amounts in Thousands)
<TABLE>
<CAPTION>
Shares Issuer Value
- ----------------------------------------------------------------
<S> <C> <C>
Long-Term Investments -- 99.9%
- ----------------------------------------------------------------
Common Stock -- 99.9%
---------------------
Appliances & Household Durables -- 0.9%
80 Honeywell, Inc. $ 7,580
--------
Banking -- 2.8%
100 Bank One Corp. 5,870
75 First Virginia Banks, Inc. 3,745
125 Firstar Corp. 3,758
25 J. P. Morgan & Company, Inc. 3,369
25 Mellon Bank Corp. 1,858
100 Wells Fargo Company 4,319
--------
22,919
--------
Biotechnology -- 1.1%
115 Amgen, Inc.* 7,065
15 Biogen, Inc.* 1,426
--------
8,491
--------
Broadcasting -- 0.1%
15 Clear Channel Communications,
Inc.* 1,043
--------
Business Services -- 1.0%
100 Automatic Data Processing, Inc. 4,450
50 Avery Dennison Corp. 3,412
--------
7,862
--------
Chemicals -- 0.2%
25 Air Products and Chemicals, Inc. 1,175
10 E. I. Du Pont de Nemours and Co. 706
--------
1,881
--------
Computer Software -- 7.9%
218 Cisco Systems, Inc.* 24,809
40 Computer Associates International 1,708
60 First Data Corp. 2,546
425 Microsoft Corp.* 34,558
18 Oracle Corp.* 474
--------
64,095
--------
Computers/Computer Hardware -- 13.4%
50 3Com Corp.* 1,306
75 Compaq Computer Corp. 1,673
</TABLE>
See notes to financial statements.
43
<PAGE>
Chase Vista Select Large Cap Growth Fund
Portfolio of Investments April 30, 1999 (unaudited) (continued)
(Amounts in Thousands)
<TABLE>
<CAPTION>
Shares Issuer Value
- -----------------------------------------------------------------
<S> <C> <C>
Long-Term Investments -- (continued)
- -----------------------------------------------------------------
740 Dell Computer Corp.* $ 30,479
323 EMC Corp.* 35,132
80 Hewlett-Packard Co. 6,310
158 International Business Machines Corp. 32,947
20 Sun Microsystems, Inc.* 1,196
--------
109,043
--------
Consumer Products -- 3.6%
130 Gillette Co. 6,784
15 Kimberly-Clark Corp. 920
80 Philip Morris Companies, Inc. 2,805
175 Procter & Gamble Co. 16,417
100 Service Corp. International 2,075
--------
29,001
--------
Diversified -- 7.2%
4 Berkshire Hathaway Inc., Class B* 9,880
225 Corning Inc. 12,881
25 Dover Corp. 923
425 Tyco International LTD (Bermuda) 34,531
--------
58,215
--------
Electronics/Electrical Equipment -- 8.3%
38 Altera Corp.* 2,709
60 Applied Materials, Inc.* 3,217
245 General Electric Co. 25,848
300 Intel Corp. 18,356
18 Molex Inc., Class A 505
175 Motorola, Inc. 14,022
23 Texas Instruments, Inc. 2,298
--------
66,955
--------
Entertainment/Leisure -- 1.3%
205 Carnival Corp., Class A 8,456
30 Time Warner, Inc. 2,100
--------
10,556
--------
Financial Services -- 7.4%
75 American Express Co. 9,802
225 Charles Schwab Corp. 24,694
150 Citigroup, Inc. 11,288
108 Freddie Mac 6,746
</TABLE>
See notes to financial statements.
44
<PAGE>
Chase Vista Select Large Cap Growth Fund
Portfolio of Investments April 30, 1999 (unaudited) (continued)
(Amounts in Thousands)
<TABLE>
<CAPTION>
Shares Issuer Value
- -----------------------------------------------------------------
<S> <C> <C>
Long-Term Investments -- (continued)
- -----------------------------------------------------------------
50 Lehman Brothers Holding, Inc. $ 2,778
15 Merrill Lynch & Co. 1,259
25 Morgan Stanley Dean Witter & Co. 2,480
25 Paine Webber Group, Inc. 1,173
--------
60,220
--------
Food/Beverage Products -- 2.7%
60 Anheuser-Busch Companies, Inc. 4,387
50 Bestfoods 2,509
125 Coca-Cola Co. 8,500
75 PepsiCo Inc. 2,770
125 Sysco Corp. 3,711
--------
21,877
--------
Health Care/Health Care Services -- 0.1%
30 HEALTHSOUTH Corp.* 403
5 Medtronic, Inc. 360
--------
763
--------
Insurance -- 2.9%
5 ACE, LTD 151
15 Allstate Corp. 546
198 American International Group 23,194
--------
23,891
--------
Internet Services/Software -- 3.1%
175 America Online, Inc.* 24,981
--------
Manufacturing -- 2.2%
230 Illinois Tool Works, Inc. 17,710
--------
Multi-Media -- 2.5%
50 Cablevision Systems Corp., Class A* 3,869
145 Gannett Co., Inc. 10,268
200 The Walt Disney Co. 6,350
--------
20,487
--------
Oil & Gas -- 3.8%
8 Chevron Corp. 748
30 Enron Corp. 2,258
100 Exxon Corp. 8,306
55 Halliburton Co. 2,344
100 Mobil Corp. 10,475
</TABLE>
See notes to financial statements.
45
<PAGE>
Chase Vista Select Large Cap Growth Fund
Portfolio of Investments April 30, 1999 (unaudited) (continued)
(Amounts in Thousands)
<TABLE>
<CAPTION>
Shares Issuer Value
- ---------------------------------------------------------
<S> <C> <C>
Long-Term Investments -- (continued)
- ---------------------------------------------------------
10 Schlumberger, LTD $ 639
50 Tidewater, Inc. 1,325
100 Williams Companies, Inc. 4,725
-------
30,820
-------
Pharmaceuticals -- 11.2%
300 Abbot Laboratories 14,531
150 Bristol-Myers Squibb Co. 9,534
125 Johnson & Johnson, Inc. 12,188
100 Merck & Co., Inc. 7,025
218 Pfizer, Inc. 25,026
20 Pharmacia & Upjohn, Inc. 1,120
25 Schering-Plough Corp. 1,208
295 Warner-Lambert Co. 20,042
-------
90,674
-------
Photographic Equipment -- 0.3%
35 Eastman Kodak Co. 2,612
-------
Printing & Publishing -- 1.5%
145 Tribune Co. 12,098
-------
Restaurants/Food Services -- 0.6%
115 McDonald's Corp. 4,873
-------
Retailing -- 8.8%
175 Dayton-Hudson Corp. 11,780
50 Gap, Inc. 3,328
300 Home Depot, Inc. 17,981
100 May Department Stores 3,981
35 Safeway, Inc.* 1,888
700 Walgreen Co. 18,813
300 Wal-Mart Stores, Inc. 13,800
-------
71,571
-------
Shipping/Transportation -- 0.1%
25 Burlington Northern Santa Fe 916
-------
Telecommunications -- 4.9%
175 AirTouch Communications, Inc.* 16,341
90 AT&T Corp. 4,545
180 Lucent Technologies, Inc. 10,823
</TABLE>
See notes to financial statements.
46
<PAGE>
Chase Vista Select Large Cap Growth Fund
Portfolio of Investments April 30, 1999 (unaudited) (continued)
(Amounts in Thousands)
<TABLE>
<CAPTION>
Shares Issuer Value
- --------------------------------------------------------------------
<S> <C> <C>
Long-Term Investments -- (continued)
- --------------------------------------------------------------------
75 MCI WorldCom, Inc.* $ 6,164
30 Nokia Corp., ADR (Finland) 2,226
--------
40,099
--------
Total Common Stock 811,233
--------
(Cost $282,998)
Poison Pill Rights -- 0.0%
--------------------------
Consumer Products -- 0.0%
150 Motorola Inc., Expires 11/08/08 0
--------
Food/Beverage Products -- 0.0%
60 Bestfoods, Expires 01/25/09 0
--------
Insurance -- 0.0%
50 Allstate Corp., Expires 02/12/09 0
--------
Total Poison Pill Rights 0
(Cost $0)
====================================================================
Total Long-Term Investments 811,233
(Cost $383,998)
====================================================================
Principal
Amount
- --------------------------------------------------------------------
Short-Term Investments -- 0.4%
- --------------------------------------------------------------------
Repurchase Agreement -- 0.4%
----------------------------
$3,223 Greenwich Capital Markets, Inc.,
4.93%, due 5/3/99, (Dated
4/30/99, Proceeds $3,224, Secured
by: FNMA, FRN, $8,340, due
07/18/27; Market Value $3,289). 3,223
(Cost $3,223)
====================================================================
Total Investments -- 100.3% $814,456
(Cost $387,221)
====================================================================
</TABLE>
* -- Non income producing security.
ADR -- American Depositary Receipt.
FNMA -- Federal National Mortgage Association.
FRN -- Floating Rate Note: The maturity date shown is the actual maturity date:
the rate shown is the rate in effect at April 30, 1999.
See notes to financial statements.
47
<PAGE>
Chase Vista Select New Growth Opportunities Fund
as of April 30, 1999
(unaudited)
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
Net assets: $127.3 million
</TABLE>
Investment Style/Market Cap
- ---------------------
Large
- ---------------------
X Med.
- ---------------------
Small
- ---------------------
Value Blend Growth
48
<PAGE>
Chase Vista Select New Growth Opportunities Fund
as of April 30, 1999
(unaudited)
How the Fund Performed
Chase Vista Select New Growth Opportunities Fund, which seeks to provide
capital growth through a portfolio that consists primarily of the common stocks
of small and mid sized companies, had a total return of 19.82% for the six-month
period ended April 30, 1999.
How the Fund Was Managed
The Fund benefited from strong investment results posted by secondary stocks at
the end of 1998, ignited by the Federal Reserve Board's decision to reduce
short-term interest rates. A spike in long-term interest rates in February
brought on by a spate of stronger-than-expected economic data detracted
slightly from performance.
During the period, some of the Fund's better performing stocks included Abacus
Direct (advertising), At Home (broadband communications), Cablevision (cable
television), Lam Research (semi-conductor processing equipment), Nextlink
(telecommunications) Pacific Sunwear (retailers) and Uniphase (semiconductors).
The Fund enjoyed good investment results from several technology stocks during
the run-up in these prices in the first four months of the period. Software
stocks were among the Fund's top performers in this group. Technology stocks,
however, gave back some of those gains during a spike in interest rates in
February.
In late 1998, the Fund benefited from its exposure to stocks in the consumer
and health care sectors. Early in 1999, energy stocks contributed positively to
performance, thanks to a spike in oil prices fueled by a decision by Mideast
oil ministers to keep a lid on oil reserves.
Where the Fund May Be Headed
Our outlook for small- and mid-cap stocks is even more positive than it was
during our last report to shareholders. Interest in these securities is
increasing, as evidenced by the strong performance by these stocks at the end
of 1998 and during certain periods earlier this year. In addition, their
valuations and long-term growth rates continue to be impressive compared to
their large-cap counterparts. Since we expect the economy to moderate in 1999,
stock selection will remain an important factor in outperforming the broader
market average in the months ahead. However, given our positive long-term
prognosis for secondary stocks, we intend to view market downturns as
opportunities to purchase stocks in well-managed, fast-growing companies that
meet our strict criteria for investment.
49
<PAGE>
Chase Vista Select New Growth Opportunities Fund
as of April 30, 1999
(unaudited)
How Much of the Fund Was Invested
[PLOT POINTS FOR PIE CHART]
Cash (0.27%)
Investments (99.73%)
[END PLOT POINTS]
What the Fund Invested In
Percentage of Total Portfolio Investments
[PLOT POINTS FOR PIE CHART]
Capital Goods (2.0%) Consumer Cyclicals (31.2%) Consumer Staples (1.5%)
Energy (3.8%) Financial (19.8%) Health Care (10.5%)
Technology (24.1%) Utilities (7.1%)
[END PLOT POINTS]
Top Ten Equity Holdings
1. Chancelor Media Corp. (1.91%) A radio broadcasting company which owns and
operates radio stations in various nationwide markets.
2. NEXTLINK Communications, Inc. (1.70%) Provides local, long distance, and
enhanced communications services to commercial customers. The Company
operates facilities-based networks providing switched local and
long-distance services.
3. Excite, Inc. (1.69%) An Internet media company offering consumers and
advertisers Internet navigation services with personalization and targeting
capabilities.
4. Qwest Communications International, Inc. (1.65%) Provides communications
services to business customers, governmental agencies and consumers. The
Company also constructs and installs fiber optic systems for other
communications providers.
5. Uniphase Corp. (1.64%) Designs, develops, manufactures and markets fiber
optic telecommunications equipment products, laser subsystems, and
laser-based semiconductors.
6. Waters Corp. (1.63%) Manufactures electronics and markets network
connectivity, contract manufacturing, agricultural electric fencing, and
medical products.
7. Pinnacle Holdings Inc. (1.58%) Provides wireless communications rental tower
space. The Company's customers include wireless communications providers,
operators of private agencies and government agencies.
8. Macrovision Corp. (1.47%) Develops and markets technologies to prevent the
illicit duplication, reception or use of video and audio programs and
computer software.
9. Lam Research Corp. (1.46%) Manufactures, markets and services semiconductor
processing equipment used in the making of integrated circuits.
10. Pacific Sunwear of California (1.45%) Operates a nationwide mall-based
specialty retail chain of stores specializing in casual apparel, footwear
and related accessories.
Top 10 equity holdings comprised 16.18% of the Portfolio's market value of
investments. Fund holdings are subject to change at any time.
50
<PAGE>
Chase Vista Select New Growth Opportunities Fund
as of April 30, 1999
(unaudited)
Average Annual Total Returns+
This table shows the average annual total returns. This is where you can see
the Fund's short-term performance, which, as with the stock markets, tends to
be more volatile than the long-term trend.
<TABLE>
<CAPTION>
1 Year 5 Years 10 Years
------------- ------------- --------------
<S> <C> <C> <C>
Select New Growth Opportunities -1.89% 12.59% 12.85%
</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 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.
51
<PAGE>
Chase Vista Select New Growth Opportunities Fund
as of April 30, 1999
(unaudited)
Life of Fund Performance
This chart shows what the long-term growth would have been of a hypothetical
$10,000 investment in the Chase Vista Select New Growth Opportunities Fund
compared to its key benchmarks. This is where you see the Fund's long-term
trend. This chart is for illustrative purposes only.
[PLOT POINTS FOR LINE CHART]
Select New Growth Opportunities
[PLOT POINTS FOR LINE CHART]
<TABLE>
<CAPTION>
Chase Vista
Select New Lipper
Growth Russell Mid Cap
Opportunities 2000 Growth Funds
Fund Index Avg.
<S> <C> <C> <C>
"1989" 10000 10000 10000
"1990" 9741.85 9778.88 10821.4
"1991" 11646.5 10775 13173.8
"1992" 13810 12613 15476.6
"1993" 16247.4 14601.5 17283.5
"1994" 18514.6 16757.8 19661.9
"1995" 19909.2 17969.2 21652.1
"1996" 24416.1 23908.7 29370.6
"1997" 22552.6 23923.7 29590.8
"1998" 34155.2 34066.3 42192
"1999" 33508.8 30912.2 43681.9
</TABLE>
[END PLOT POINTS]
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 4/30/89 to 4/30/99. 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 298 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.
52
<PAGE>
Chase Vista Select New Growth Opportunities Fund
Portfolio of Investments April 30, 1999 (unaudited)
(Amounts in Thousands)
<TABLE>
<CAPTION>
Shares Issuer Value
- ----------------------------------------------------------
<S> <C> <C>
Long-Term Investments -- 93.3%
- ----------------------------------------------------------
Common Stock -- 93.3%
---------------------
Advertising -- 1.9%
26 Lamar Advertising Co.* $ 883
61 Outdoor Systems, Inc.* 1,547
-------
2,430
-------
Automotive -- 1.3%
20 O'Reilly Automotive, Inc.* 915
30 Tower Automotive, Inc.* 690
-------
1,605
-------
Banking -- 4.9%
13 Cullen/Frost Bankers, Inc. 701
40 Investors Financial Services Corp. 1,455
50 National Commerce Bancorporation 1,250
68 Peoples Heritage Financial Group,
Inc. 1,325
16 U.S. Trust Corp. 1,462
-------
6,193
-------
Biotechnology -- 1.6%
6 Biogen, Inc.* 570
50 Pharmaceutical Product Development,
Inc.* 1,456
-------
2,026
-------
Broadcasting -- 1.3%
30 Heftel Broadcasting Corp.* 1,631
-------
Business Services -- 9.6%
19 Abacus Direct Corp.* 1,369
35 Apollo Group, Inc., Class A* 866
20 DeVRY, Inc.* 527
20 Lason Holdings, Inc.* 791
43 Maximus, Inc.* 1,105
44 Metzler Group, Inc.* 1,227
20 NCO Group, Inc.* 652
47 NOVA Corp. of Georgia* 1,227
33 Paychex, Inc. 1,660
45 Snyder Communications, Inc.* 1,322
50 United Rentals, Inc.* 1,491
-------
12,237
-------
</TABLE>
See notes to financial statements.
53
<PAGE>
Chase Vista Select New Growth Opportunities Fund
Portfolio of Investments April 30, 1999 (unaudited) (continued)
(Amounts in Thousands)
<TABLE>
<CAPTION>
Shares Issuer Value
- ----------------------------------------------------------------
<S> <C> <C>
Long-Term Investments -- (continued)
- ----------------------------------------------------------------
Computer Software -- 10.0%
50 American Management Systems, Inc.* $ 1,719
7 At Home Corp., Ser. A* 1,008
43 CSG Systems International, Inc.* 1,642
30 Datastream Systems, Inc.* 253
15 Equant NV, New York Registered
Shares (Netherlands)* 1,339
41 Macrovision Corp.* 1,904
29 Mastech Corp.* 419
20 New Era of Networks, Inc.* 751
50 Rational Software Corp.* 1,481
40 Sterling Commerce, Inc.* 1,247
65 TSI International Software LTD* 1,024
--------
12,787
--------
Computers/Computer Hardware -- 1.1%
23 Comverse Technology, Inc.* 1,443
--------
Construction Materials -- 0.5%
50 Wilmar Industries, Inc.* 606
--------
Consumer Products -- 3.9%
35 Carriage Services, Inc.* 672
45 Furniture Brands International, Inc.* 1,128
40 Jones Apparel Group, Inc.* 1,320
51 Pacific Sunwear of California* 1,878
--------
4,998
--------
Electronics/Electrical Equipment -- 9.5%
30 ASM Lithography Holding NV
(Netherlands)* 1,170
13 Atmel Corp.* 237
60 Lam Research Corp.* 1,890
32 Microchip Technology, Inc.* 1,120
11 Novellus Systems, Inc. 520
30 TranSwitch Corp.* 1,320
18 Uniphase Corp.* 2,124
35 Vitesse Semiconductor Corp.* 1,621
20 Waters Corp.* 2,102
--------
12,104
--------
</TABLE>
See notes to financial statements.
54
<PAGE>
Chase Vista Select New Growth Opportunities Fund
Portfolio of Investments April 30, 1999 (unaudited) (continued)
(Amounts in Thousands)
<TABLE>
<CAPTION>
Shares Issuer Value
- ----------------------------------------------------------------
<S> <C> <C>
Long-Term Investments -- (continued)
- ----------------------------------------------------------------
Entertainment/Leisure -- 0.7%
50 International Game Technology $ 887
-------
Environmental Services -- 2.2%
68 Republic Services, Inc.* 1,398
23 Waste Connections, Inc.* 607
15 Waste Management, Inc. 848
-------
2,853
-------
Financial Services -- 1.5%
25 EVEREN Capital Corp. 734
65 MicroFinancial Inc. 1,158
-------
1,892
-------
Food/Beverage Products -- 1.5%
40 Aurora Foods, Inc.* 595
40 Keebler Foods, Co.* 1,285
-------
1,880
-------
Health Care/Health Care Services -- 7.1%
60 Alternative Living Services, Inc.* 1,335
23 Centocor, Inc.* 998
29 IMPATH, Inc.* 715
17 MedQuist, Inc.* 582
23 Medtronic, Inc. 1,656
40 Omnicare, Inc. 962
20 Universal Health Services, Inc., Class B* 1,036
70 Ventana Medical Systems, NC* 1,706
-------
8,990
-------
Hotels/Other Lodging -- 0.5%
30 Mirage Resorts, Inc. 673
-------
Insurance -- 3.7%
30 Nationwide Financial Services, Inc.,
Class A 1,391
40 Protective Life Corp. 1,567
40 Reinsurance Group of America, Inc. 1,710
-------
4,668
-------
Internet Services/Software -- 5.5%
13 AboveNet Communications Inc.* 1,070
10 Covad Communications Group, Inc.* 960
17 EarthLink Network, Inc.* 1,172
</TABLE>
See notes to financial statements.
55
<PAGE>
Chase Vista Select New Growth Opportunities Fund
Portfolio of Investments April 30, 1999 (unaudited) (continued)
(Amounts in Thousands)
<TABLE>
<CAPTION>
Shares Issuer Value
- ------------------------------------------------------------
<S> <C> <C>
Long-Term Investments -- (continued)
- ------------------------------------------------------------
15 Excite, Inc.* $ 2,190
10 Priceline.com Inc.* 1,624
--------
7,016
--------
Machinery & Engineering Equipment -- 0.6%
25 Cognex Corp. 725
--------
Media/Advertising -- 1.1%
50 Nielsen Media Research, Inc. 1,369
--------
Multi-Media -- 3.2%
20 Cablevision Systems Corp., Class A* 1,548
45 Chancelor Media Corp.* 2,469
--------
4,017
--------
Oil & Gas -- 3.8%
25 BJ Services Co.* 669
65 Global Industries LTD* 800
32 Newfield Exploration Co.* 860
81 Noble Drilling Corp.* 1,595
29 Stone Energy Corp.* 984
--------
4,908
--------
Pharmaceuticals -- 2.0%
15 IDEC Pharmaceuticals Corp.* 761
50 King Pharmaceuticals, Inc.* 1,381
35 PathoGenesis Corporation* 459
--------
2,601
--------
Restaurants/Food Services -- 1.3%
40 Papa John's International, Inc.* 1,608
--------
Retailing -- 4.7%
10 99 Cents Only Stores* 465
25 Duane Reade Inc.* 670
60 Family Dollar Stores, Inc. 1,448
29 Fred Meyer, Inc.* 1,543
20 Linens 'N Things, Inc.* 915
10 The Men's Wearhouse, Inc. 274
25 Wild Oats Markets, Inc.* 692
--------
6,007
--------
Telecommunications -- 7.3%
60 American Tower Corp.* 1,271
</TABLE>
See notes to financial statements.
56
<PAGE>
Chase Vista Select New Growth Opportunities Fund
Portfolio of Investments April 30, 1999 (unaudited) (continued)
(Amounts in Thousands)
<TABLE>
<CAPTION>
Shares Issuer Value
- -----------------------------------------------------------------------
<S> <C> <C>
Long-Term Investments -- (continued)
- -----------------------------------------------------------------------
15 Global TeleSystems Group, Inc. $ 992
30 ICG Communications, Inc. 662
30 NEXTLINK Communications, Inc.,
Class A* 2,198
00 Pinnacle Holdings Inc. 2,050
25 Qwest Communications International
Inc.* 2,136
--------
9,309
--------
Telecommunications Equipment -- 1.0%
35 General Instrument Corp.* 1,278
--------
Total Common Stock 118,741
--------
(Cost $79,741)
Poison Pill Rights -- 0.0%
--------------------------
Banking -- 0.0%
13 Cullen/Frost Bankers Inc., Expires
07/25/99 0
(Cost $0)
- -----------------------------------------------------------------------
Total Long-Term Investments 118,741
(Cost $79,741)
- -----------------------------------------------------------------------
Principal
Amount
- -----------------------------------------------------------------------
Short-Term Investments -- 8.3%
- -----------------------------------------------------------------------
Repurchase Agreement -- 8.3%
----------------------------
$10,622 Greenwich Capital Markets, Inc.,
4.93%, due 5/3/99, (Dated
4/30/99, Proceeds $10,626,
Secured by: FNMA, $10,980,
6.26%, due 02/01/09, Market
Value $10,836) 10,622
(Cost $10,622)
- -----------------------------------------------------------------------
Total Investments -- 101.6% $129,363
(Cost $90,363)
- -----------------------------------------------------------------------
</TABLE>
* -- Non income producing security.
FNMA -- Federal National Mortgage Association.
See notes to financial statements.
57
<PAGE>
Chase Vista Select Small Cap Value Fund
as of April 30, 1999
(unaudited)
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
Net assets: $413.2 million
</TABLE>
Investment Style/Market Cap
- ---------------------
Large
- ---------------------
Med.
- ---------------------
X Small
- ---------------------
Value Blend Growth
58
<PAGE>
Chase Vista Select Small Cap Value Fund
as of April 30, 1999
(unaudited)
How the Fund Performed
Chase Vista Select Small Cap Value Fund, which seeks capital growth by
investing in small cap common stocks, had a total return of 9.99% for the
six-month period ended April 30, 1999.
How the Fund Was Managed
The Fund enjoyed solid performance in late 1998 thanks to strong stock
selection, an easing monetary policy by the Federal Reserve Board and
increasing investor interest in the types of stocks in which the Fund invests.
A shift by investors back into large caps at the start of 1999 weighed heavily
on the Fund's investment results, though small cap stocks outperformed their
large-cap brethren in April.
The Fund benefited from its exposure to technology stocks, the best performing
sector in 1998 and a standout throughout the first four months of 1999. The
Fund's investments in this industry group were not without significant
volatility along the way, particularly in February when interest rates rose
sharply on stronger-than-expected economic growth.
The Fund's investment in consumer cyclicals, such as housing, automobile and
retail stocks, proved rewarding, as these stocks posted solid gains late in the
period. Several of our holdings in the energy group also posted positive gains
for shareholders, as oil prices jumped on news that Mideast oil ministers were
sticking to supply quotas set in March.
Where the Fund May Be Headed
Our forecast for small cap stocks remains positive. We have been heartened by
the fact that investors showed increasing enthusiasm for small cap stocks
throughout the period. Small caps have underperformed large cap stocks for
about the past four years. That's a very long stretch by historical measures.
Usually large- and small cap stocks change leadership about once every two
years. We continue to believe investors will gravitate toward small cap stocks
because of their attractive growth rates and their relatively impressive
valuations.
Given the current volatility in the stock market, the road is unlikely to be
smooth for stocks, in general. We believe our stock selection process will
remain a critical factor in the Fund's ability to deliver relatively good
investment results for the remainder of 1999. Since our long-term outlook for
small cap value stocks is bullish, we intend to add to existing positions and
establish new investments during periods of market weakness in the coming
months.
59
<PAGE>
Chase Vista Select Small Cap Value Fund
as of April 30, 1999
(unaudited)
How Much of the Fund Was Invested
[PLOT POINTS FOR PIE CHART]
Cash (0.05%)
Investments (99.95%)
[END PLOT POINTS]
What the Fund Invested In
Percentage of Total Portfolio Investments
[PLOT POINTS FOR PIE CHART]
Basic Materials (9.4%) Capital Goods (21.0%) Consumer Cyclical (32.4%)
Consumer Staples (1.4%) Financial (17.6%) Health Care (4.7%)
Technology (10.6%) Transportation (2.9%)
[END PLOT POINTS]
Top Ten Equity Holdings
1. Carlisle Companies, Inc. (4.09%) Manufactures a variety of products for the
roofing, real estate, construction, trucking, food service, aircraft
manufacturing and other industries.
2. Teleflex, Inc. (4.00%) Manufactures mechanical controls, electronic
products, driver control systems, hospital supply and surgical devices.
3. Concord EFS, Inc. (3.39%) Provides electronic transaction authorization,
processing, settlement and funds transfer services in selected markets.
4. Essef Corp. (3.34%) Provides pool and spa equipment, water treatment systems
equipment, and swimming pool sales and installation.
5. HCC Insurance Holdings, Inc. (3.04%) Underwrites property and casualty
insurance. The Company provides property, marine, aviation, energy, accident
and health insurance.
6. ResMed, Inc. (2.88%) Designs, manufactures, and distributes medical
equipment for the treatment of sleep disordered breathing conditions.
7. Shorewood Packaging, Inc. (2.80%) Prints and manufactures paperboard
packaging. The Company's customers include the cosmetic, home, video, music,
software, tobacco, and general consumer markets.
8. Artesyn technologies, Inc. (2.76%) Designs, develops, manufactures and
services electronic products and systems for the communications industry.
The Company's products include power conversion products for electronic
equipment used in commercial and industrial applications.
9. Cintas Corp. (2.37%) Designs, manufactures and implements corporate identity
uniforms programs throughout the United States. The Company rents and cleans
uniforms, as well as provides on-going uniform upgrades.
10. Brown & Brown (2.37%) A diversified insurance brokerage and agency that
markets and sells primarily property and casualty insurance products and
services to its clients.
Top 10 equity holdings comprised 31.04% of the Portfolio's market value of
investments. Fund holdings are subject to change at any time.
60
<PAGE>
Chase Vista Select Small Cap Value Fund
as of April 30, 1999
(unaudited)
Average Annual Total Returns+
This table shows the average annual total returns. This is where you can see
the Fund's short-term performance, which, as with the stock markets, tends to
be more volatile than the long-term trend.
<TABLE>
<CAPTION>
1 Year 5 Years 10 Years
-------------- -------------- ---------------
<S> <C> <C> <C>
Select Small Cap Valu e -8.90% 11.66% 13.09%
</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 4/30/89 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.
61
<PAGE>
Chase Vista Select Small Cap Value Fund
as of April 30, 1999
(unaudited)
10-Year Performance
This chart shows what the long-term growth would have been of a hypothetical
$10,000 investment in the Chase Vista Select Small Cap Value Fund compared to
its key benchmarks. This is where you see the Fund's long-term trend. This
chart is for illustrative purposes only.
[PLOT POINTS FOR LINE CHART]
Select Small Cap Equity
<TABLE>
<CAPTION>
Chase Vista
Select Small Russell Lipper Small
Cap Equity 2000 Cap Growth
Fund Index Funds Avg.
<S> <C> <C> <C>
"1989" 10000 10000 10000
"1990" 9969.05 9778.88 10486.8
"1991" 11389.5 10775 12154.8
"1992" 13976.5 12613 14492.4
"1993" 17291.2 14601.5 16589.3
"1994" 19715.4 16757.8 19047.9
"1995" 21951.3 17969.2 20877.6
"1996" 27591 23901.7 29491.5
"1997" 27447.9 23916.6 28454.2
"1998" 37572.7 34056.3 41483.4
"1999" 34228.8 30903.2 36798.8
</TABLE>
[END PLOT POINTS]
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 4/30/99. 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 583 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 4/30/89 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.
62
<PAGE>
Chase Vista Select Small Cap Value Fund
Portfolio of Investments April 30, 1999 (unaudited)
(Amounts in Thousands)
<TABLE>
<CAPTION>
Shares Issuer Value
- -----------------------------------------------------------------
<S> <C> <C>
Long-Term Investments -- 97.2%
- -----------------------------------------------------------------
Common Stock -- 97.2%
---------------------
Agricultural Production/Services -- 0.7%
268 Sylvan, Inc.* $ 2,818
--------
Apparel -- 0.3%
357 World Tex, Inc.* 1,049
--------
Appliances & Household Durables -- 1.3%
273 Watsco, Inc. 5,350
--------
Automotive -- 2.5%
196 Amcast Industrial Corp. 3,276
142 Donnelly Corp. 1,937
192 Edelbrock Corp.* 2,816
290 TBC Corp.* 2,247
--------
10,276
--------
Banking -- 3.8%
285 Eldorado Bancshares Inc.* 2,814
100 First Virginia Banks, Inc. 5,000
137 Summit Bancorp. 5,803
108 Trustmark Corp. 2,281
--------
15,898
--------
Broadcasting -- 2.0%
172 Century Communications Corp.,
Class A* 8,436
--------
Business Services -- 9.8%
147 Applied Graphics Technologies, Inc.* 1,488
142 Cintas Corp. 9,791
420 Concord EFS, Inc.* 14,010
91 IntelliQuest Information Group, Inc.* 944
801 NFO Worldwide, Inc.* 9,066
306 Unifirst Corp. 5,332
--------
40,631
--------
Chemicals -- 3.6%
340 Airgas, Inc.* 3,995
228 Hanna (M.A.) Co. 3,685
136 Minerals Technologies Inc. 7,322
--------
15,002
--------
</TABLE>
See notes to financial statements.
63
<PAGE>
Chase Vista Select Small Cap Value Fund
Portfolio of Investments April 30, 1999 (unaudited) (continued)
(Amounts in Thousands)
<TABLE>
<CAPTION>
Shares Issuer Value
- -----------------------------------------------------------------
<S> <C> <C>
Long-Term Investments -- (continued)
- -----------------------------------------------------------------
Computers/Computer Hardware -- 0.7%
125 Adaptec, Inc.* $ 3,008
--------
Construction Materials -- 5.4%
344 Carlisle Companies, Inc. 16,876
267 LSI Industries, Inc. 5,348
--------
22,224
--------
Consumer Products -- 6.7 %
326 CSS Industries, Inc.* 8,221
203 Department 56 Inc.* 5,499
105 Enesco Group Inc. 2,205
682 Interface, Inc., Class A* 4,815
150 Oil-Dri Corp. of America 2,287
127 Oneida LTD 3,071
34 The Scotts Co., Class A 1,390
--------
27,488
--------
Distribution -- 3.8%
237 Applied Industrial Technology, Inc. 3,530
140 Daisytek International Corp.* 2,345
60 Lawson Products, Inc. 1,358
105 Performance Food Group Co.* 2,783
467 Richfood Holdings, Inc. 5,839
--------
15,855
--------
Diversified -- 2.3%
41 Corning Inc. 2,336
310 Myers Industries, Inc. 7,020
--------
9,356
--------
Electronics/Electrical Equipment -- 6.1%
634 Artesyn Technologies, Inc.* 11,416
75 Comptek Research, Inc.* 626
275 Medar, Inc.* 576
175 Technitrol, Inc. 5,119
295 Vishay Intertechnology, Inc.* 5,153
309 X-Rite, Inc. 2,125
--------
25,015
--------
Entertainment/Leisure -- 0.1%
54 Johnson Worldwide Associates, Inc.,
Class A* 468
--------
</TABLE>
See notes to financial statements.
64
<PAGE>
Chase Vista Select Small Cap Value Fund
Portfolio of Investments April 30, 1999 (unaudited) (continued)
(Amounts in Thousands)
<TABLE>
<CAPTION>
Shares Issuer Value
- ------------------------------------------------------------------
<S> <C> <C>
Long-Term Investments -- (continued)
- ------------------------------------------------------------------
Environmental Services -- 0.5%
177 Met-Pro Corp. $ 2,053
--------
Financial Services -- 2.1%
665 Cash America International, Inc. 8,474
--------
Food/Beverage Products -- 1.4%
120 Dreyer's Grand Ice Cream, Inc. 1,635
195 J & J Snack Foods Corp.* 4,241
--------
5,876
--------
Health Care/Health Care Services -- 4.1%
65 Beckman Coulter Inc., (Germany) 3,132
97 Morrison Health Care, Inc. 1,825
450 ResMed, Inc.* 11,897
--------
16,854
--------
Insurance -- 8.2%
68 Arthur J. Gallagher & Co. 3,221
299 Brown & Brown 9,778
595 HCC Insurance Holdings, Inc. 12,575
290 Trenwick Group, Inc. 8,123
--------
33,697
--------
Leasing -- 0.7%
150 McGraft Rentcorp 2,850
--------
Machinery & Engineering Equipment -- 6.5%
194 Applied Power, Inc., Class A 6,114
200 Columbus McKinnon Corp. 4,200
379 Teleflex, Inc. 16,506
--------
26,820
--------
Manufacturing -- 6.8%
708 Essef Corp.* 13,813
195 Flowserve Corp. 3,624
481 Lydall, Inc.* 4,332
250 Stimsonite Corp.* 2,250
105 Trinity Industries, Inc. 3,655
50 United Industrial Corp. 588
--------
28,262
--------
Packaging -- 2.8%
587 Shorewood Packaging Corp.* 11,583
--------
</TABLE>
See notes to financial statements.
65
<PAGE>
Chase Vista Select Small Cap Value Fund
Portfolio of Investments April 30, 1999 (unaudited) (continued)
(Amounts in Thousands)
<TABLE>
<CAPTION>
Shares Issuer Value
- -------------------------------------------------------------------
<S> <C> <C>
Long-Term Investments -- (continued)
- -------------------------------------------------------------------
Paper/Forest Products -- 2.3%
200 Albany International Corp., Class A $ 4,859
286 Wausau-Mosinee Paper Corp. 4,725
--------
9,584
--------
Pharmaceutical -- 0.7%
93 Pharmaceutical Product Development,
Inc.* 2,716
--------
Printing & Publishing -- 2.3%
305 Banta Corp. 6,492
168 Bowne & Co., Inc. 3,150
--------
9,642
--------
Restaurants/Food Services -- 3.2%
292 Ruby Tuesday, Inc. 5,328
298 Sbarro, Inc. 7,804
--------
13,132
--------
Retailing -- 3.7%
300 Cato Corp., Class A 3,375
228 Heilig-Meyers Co. 1,338
360 Office Depot, Inc.* 7,920
98 Tractor Supply Co.* 2,690
--------
15,323
--------
Shipping/Transportation -- 2.8%
73 Harmon Industries, Inc. 1,605
50 Hub Group, Inc., Class A* 1,138
210 M.S. Carriers, Inc.* 6,700
124 Swift Transportation Co., Inc.* 2,274
--------
11,717
--------
Total Common Stock 401,457
--------
(Cost $255,635)
Poison Pill Rights -- 0.0%
--------------------------
Electronics/Electrical Equipment -- 0.0%
73 Harmon Industries, Inc., Expires
04/26/09 0
--------
Manufacturing -- 0.0%
105 Trinity Industries Inc., Expires 04/07/09 0
--------
Total Poison Pill Rights 0
(Cost $0)
- -------------------------------------------------------------------
</TABLE>
See notes to financial statements.
66
<PAGE>
Chase Vista Select Small Cap Value Fund
Portfolio of Investments April 30, 1999 (unaudited) (continued)
(Amounts in Thousands)
<TABLE>
<CAPTION>
Shares Issuer Value
- -------------------------------------------------------------
<S> <C> <C>
Long-Term Investments -- (continued)
- -------------------------------------------------------------
Total Long-Term Investments $401,457
(Cost $255,635)
- -------------------------------------------------------------
Principal
Amount
- -------------------------------------------------------------
Short-Term Investments -- 2.8%
- -------------------------------------------------------------
Repurchase Agreement -- 2.8%
-----------------------------
$ 11,630 Greenwich Capital Markets, Inc.,
4.93%, due 5/3/99, (Dated
4/30/99, Proceeds $11,635,
Secured by: FNMA, $30,546,
5.50% to 7.50%, due 11/01/13
through 12/01/28; Market Value
$11,866) 11,630
(Cost $11,630)
- -------------------------------------------------------------
Total Investments -- 100.0% $413,087
(Cost $267,265)
- -------------------------------------------------------------
</TABLE>
* -- Non income producing security.
FNMA -- Federal National Mortgage Association.
See notes to financial statements.
67
<PAGE>
Chase Vista Select International Equity Fund
as of April 30, 1999
(unaudited)
Fund Facts
<TABLE>
<S> <C>
Objective: Capital growth and income
Primary investments: Common stocks, preferred stocks,
convertibles 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
Net assets: $223.1 million
</TABLE>
Investment Style/Market Cap
- ---------------------
X Large
- ---------------------
Med.
- ---------------------
Small
- ---------------------
Value Blend Growth
68
<PAGE>
Chase Vista Select International Equity Fund
as of April 30, 1999
(unaudited)
How the Fund Performed
Chase Vista Select International Equity Fund, which seeks long-term growth of
capital by investing in the common stocks of established overseas companies,
provided shareholders with a total return of 14.97% for the six-month period
ended April 30, 1999.
How the Fund Was Managed
Fund management's decision to overweight the portfolio in European equities
during a strong rally by these stocks proved beneficial to shareholders.
Exposure to Japanese and southeast Asia stocks helped performance, but the
Fund's underweighting in these securities detracted from performance.
Exposure to European stocks bolstered performance early in the period.
Enthusiasm over the creation of the European Monetary Union in late 1998 and
early 1999 was largely responsible for the rise in equity prices. However,
slowing economic growth on the Continent and weakness in the Euro caused the
rally to lose momentum.
In the final three months of the period, the Fund enjoyed good performance from
its exposure to Japanese equities, which recorded good investment results thanks
to increasing investor optimism that the Japanese government will take serious
steps to address the country's fundamental economic problems.
The Fund also benefited from its investment in the emerging markets of
southeast Asia and Latin America. Although Brazil's decision to devalue its
currency in January had a negative impact on emerging markets, equity prices
recovered later in February and went on to post solid gains.
Where the Fund May be Headed
Looking ahead, we remain positive on international equity markets. Global
financial problems that have weighed heavily on world equity markets
periodically over the past two years have subsided. Moreover, prospects for
global economic growth are improving.
Since concerns over rising inflation due to a strengthening global economy may
pose a threat to the markets near-term, we believe our country allocation and
stock selection strategy will play an important role in delivering good
relative investment results for the remainder of this year.
As always, we will remain diversified among numerous countries and individual
companies to increase shareholders' investment potential and to limit portfolio
risk.
69
<PAGE>
Chase Vista Select International Equity Fund
as of April 30, 1999
(unaudited)
How Much of the Fund Was Invested
[PLOT POINTS FOR PIE CHART]
Cash (7.37%)
Investments (92.63%)
[END PLOT POINTS]
What the Fund Invested In
Percentage of Total Portfolio Investments
[PLOT POINTS FOR PIE CHART]
Argentina (1.1%) Brazil (3.8%) Finland (2.8%) France (10.6%)
Germany (10.4%) Ireland (3.0%) Italy (5.1%) Japan (16.9%)
Mexico (1.1%) Netherlands (4.9%) Portugal (1.6%) Spain (4.7%)
Sweden (2.1%) Switzerland (6.3%) United Kingdom (22.8%) Other (2.8%)
Top Ten Equity Holdings
1. British Petroleum Co., PLC (3.13%) An oil and petrochemicals company. The
Company explores for and produces oil and natural gas; refines, markets, and
supplies petroleum products; and manufactures and markets chemicals.
2. Kamps AG (2.83%) Produces and sells baked goods including breads, cookies,
biscuits and snack food, emphasizing regional specialties. The Company
provides easy-made and frozen food items to chains of independently operated
stores organized on a regional basis.
3. UBS AG (2.73%) Attracts deposits and offers retail, corporate and private
banking services.
4. Vodafone Group PLC (2.69%) Provides telecommunications services and operates
the Vodafone network. The Company's services include cellular radio, wide
area paging, distribution, and value added network services.
5. Royal Bank of Scotland Group (2.33%) Offers services to personal customers
that include bank and savings accounts, credit cards and mortgages, life
assurance and innovative investment products.
6. Cap Gemini Sogeti SA (2.31%) Offers computer consulting services. The
Company offers software products and information systems management, project
management and education and training services.
7. Pinault-Printemps-Redoute SA (2.22%) Operates department stores and
distributes building materials. The company operates several different
department stores throughout the world which sell a wide range of consumer
goods.
8. Daimler-Chrysler AG (2.22%) Designs, manufactures and markets automobiles,
light trucks and commercial vehicles worldwide. The Company also
manufactures commercial and military aircraft, defense and aerospace
systems, rail systems, electronics and diesel engines.
9. Telecommunicacoes Brasileiras SA, ADR (2.07%) Telebras was a holding for the
telecommunications sector in Brasil.
10. Berkeley Group PLC (1.87%) A residential house building company that also
invests in commercial property. The Company purchases and develops land and
constructs homes and apartments complexes.
Top 10 equity holdings comprised 24.40% of the Portfolio's market value of
investments. Fund holdings are subject to change at any time.
70
<PAGE>
Chase Vista Select International Equity Fund
as of April 30, 1999
(unaudited)
Average Annual Total Returns+
This table shows the average annual total returns. This is where you can see
the Fund's short-term performance, which, as with the stock markets, tends to
be more volatile than the long-term trend.
<TABLE>
<CAPTION>
Since Inception
1 Year 5 Years (5/31/93)
------------ ------------- ------------
<S> <C> <C> <C>
Select International Equity 0.27% 8.55% 8.35%
</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.
71
<PAGE>
Chase Vista Select International Equity Fund
as of April 30, 1999
(unaudited)
Life of Fund Performance
This chart shows what the long-term growth would have been of a hypothetical
$10,000 investment in the Chase Vista Select International Equity Fund compared
to its key benchmarks. This is where you see the Fund's long-term trend. This
chart is for illustrative purposes only.
[PLOT POINTS FOR LINE CHART]
International Equity Fund
<TABLE>
<CAPTION>
Chase Vista Lipper
Select MSCI International
International EAFE Equity Fund
Equity Fund Index Avg.
<S> <C> <C> <C>
"1993" 10000 10000 10000
"1994" 10605.5 11448.3 11877.5
"1995" 10222.3 12123 11757.3
"1996" 12245.4 13544.3 13655.7
"1997" 12646 13461.1 14394.3
"1998" 15360.4 16049.9 17325.1
"1999" 15157.7 17624.4 17837.3
</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 4/30/99. 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 485 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.
72
<PAGE>
Chase Vista Select International Equity Fund
Portfolio of Investments April 30, 1999 (unaudited)
(Amounts in Thousands)
<TABLE>
<CAPTION>
Value
Shares Issuer (USD)
- -------------------------------------------------------------
<S> <C> <C>
Long-Term Investments -- 95.0%
- -------------------------------------------------------------
Common Stock -- 94.8%
---------------------
Argentina -- 1.0%
Oil & Gas -- 1.0%
55 YPF Sociedad ADR $ 2,323
--------
Australia -- 0.6%
Diversified -- 0.4%
311 Futuris Corp. LTD 452
139 Lang Corp., LTD 455
--------
907
--------
Food/Beverage Products -- 0.1%
106 Foster's Brewing Group, LTD 310
--------
Multi-Media -- 0.1%
33 Publishing & Broadcasting LTD 222
--------
Total Australia 1,439
--------
Brazil -- 3.6%
Telecommunications -- 2.0%
Telecomunicacoes Brasileiras SA,
48 ADR, Preferred Block* 4,386
48 ADR* 4
--------
4,390
--------
Utilities -- 1.6%
370 Centrais Electricas Brasilieros PN 3,675
9 Centrais Geradoras do Sul do Brazil
SA, ADR 35
--------
3,710
--------
Total Brazil 8,100
--------
Finland -- 2.7%
Telecommunications -- 2.7%
48 Nokia Oyj 3,689
117 Sonera Group Oyj 2,317
--------
Total Finland 6,006
--------
France -- 10.1%
Banking -- 1.5%
30 Credit Commercial de France @ 3,217
--------
</TABLE>
See notes to financial statements.
73
<PAGE>
Chase Vista Select International Equity Fund
Portfolio of Investments April 30, 1999 (unaudited) (continued)
(Amounts in Thousands)
<TABLE>
<CAPTION>
Value
Shares Issuer (USD)
- ---------------------------------------------------------------
<S> <C> <C>
Long-Term Investments -- (continued)
- ---------------------------------------------------------------
Computer Software -- 2.2%
32 Cap Gemini Sogeti SA @ $ 4,895
--------
Entertainment/Leisure -- 0.4%
44 Parc Asterix, SA 954
--------
Insurance -- 1.1%
101 CNP Assurances* 2,526
--------
Manufacturing -- 0.9%
11 Compagnie de Saint Gobain 1,862
--------
Oil & Gas -- 1.9%
17 Elf Aquitaine SA 1,645
12 Total Cie Francaise Petroles, Ser. B 2,654
--------
4,299
--------
Retailing -- 2.1%
28 Pinault-Printemps-Redoute SA 4,714
--------
Total France 22,467
--------
Germany -- 9.7%
Automotive -- 2.1%
48 DaimlerChrysler AG @ 4,713
--------
Chemicals -- 3.1%
77 Degussa -- Huels AG* 3,364
77 Hoechst AG @ 3,649
--------
7,013
--------
Food/Beverage Products -- 2.8%
174 Kamps AG @ 5,990
--------
Insurance -- 1.7%
12 Allianz AG 3,860
--------
Total Germany 21,576
--------
Greece -- 0.9%
Telecommunications -- 0.9%
71 STET Hellas Telecommunications SA,
ADR* 1,905
--------
Ireland -- 2.9%
Airlines -- 0.8%
200 Ryanair Holdings PLC* 1,756
--------
</TABLE>
See notes to financial statements.
74
<PAGE>
Chase Vista Select International Equity Fund
Portfolio of Investments April 30, 1999 (unaudited) (continued)
(Amounts in Thousands)
<TABLE>
<CAPTION>
Value
Shares Issuer (USD)
- -------------------------------------------------------------
<S> <C> <C>
Long-Term Investments -- (continued)
- -------------------------------------------------------------
Real Estate -- 0.9%
334 Green Property PLC $ 2,069
--------
Telecommunications -- 1.2%
53 Esat Telecom Group PLC, ADR* 2,576
--------
Total Ireland 6,401
--------
Italy -- 4.8%
Computers/Computer Hardware -- 1.0%
621 Olivetti Group SPA* 2,169
--------
Food/Beverage Products -- 0.6%
530 Cremonini SPA* 1,380
--------
Insurance -- 1.7%
320 Alleanza Assicurazioni 3,843
--------
Oil & Gas -- 0.3%
100 Ente Nazionale Idrocarburi SPA 659
--------
Printing & Publishing -- 0.3%
310 Poligrafici Editoriale SPA 628
--------
Telecommunications -- 0.9%
199 Telecom Italia SPA 2,120
--------
Total Italy 10,799
--------
Japan -- 15.1%
Automotive -- 0.3%
160 Nissan Motor Co., LTD 614
--------
Broadcasting -- 0.6%
1 Fuji Television Network, Inc. @ 1,225
--------
Business Services -- 0.5%
12 Secom Co., LTD @ 1,172
--------
Chemicals -- 1.4%
210 Asahi Chemical Industry Co., LTD 1,223
144 Kaneka Corp. @ 1,164
200 Nippon Sanso Corp. 704
--------
3,091
--------
Consumer Products -- 1.1%
58 KAO Corp. @ 1,472
24 Uni-Charm Corp. 1,074
--------
2,546
--------
</TABLE>
See notes to financial statements.
75
<PAGE>
Chase Vista Select International Equity Fund
Portfolio of Investments April 30, 1999 (unaudited) (continued)
(Amounts in Thousands)
<TABLE>
<CAPTION>
Value
Shares Issuer (USD)
- -------------------------------------------------------------------
<S> <C> <C>
Long-Term Investments -- (continued)
- -------------------------------------------------------------------
Distribution -- 0.4%
127 Mitsui & Co. $ 931
--------
Electronics/Electrical Equipment -- 3.2%
47 Aiwa Co., LTD 1,339
1 Advantest Corp. 31
168 Fujikura LTD 875
17 Futaba Corp. 718
4 Keyence Corp. 601
18 Murata Manufacturing Co., LTD @ 1,030
8 Rohm Co. 965
6 SMC Corp. 517
154 Toshiba Corp. 1,032
--------
7,108
--------
Entertainment/Leisure -- 0.5%
11 Nintendo Co., LTD 1,007
--------
Financial Services -- 0.2%
27 Credit Saison Co., LTD 548
--------
Food/Beverage Products -- 0.6%
75 Ajinomoto Co., Inc. @ 868
19 Nissin Food Products, Co. LTD 417
--------
1,285
--------
Home Building Construction -- 0.4%
86 Sekisui House, LTD 963
--------
Insurance -- 0.4%
81 Tokio Marine & Fire Insurance Co. 944
--------
Machinery & Engineering Equipment -- 1.2%
15 Fuji Machine Manufacturing Co., LTD 535
170 Komatsu LTD 1,013
163 Tokyo Kikai Seisakusho 1,050
--------
2,598
--------
Pharmaceuticals -- 0.8%
60 Fujisawa Pharmaceutical Co., LTD @ 985
20 Takeda Chemical Industries @ 870
--------
1,855
--------
</TABLE>
See notes to financial statements.
76
<PAGE>
Chase Vista Select International Equity Fund
Portfolio of Investments April 30, 1999 (unaudited) (continued)
(Amounts in Thousands)
<TABLE>
<CAPTION>
Value
Shares Issuer (USD)
- ---------------------------------------------------------------
<S> <C> <C>
Long-Term Investments -- (continued)
- ---------------------------------------------------------------
Real Estate -- 0.2%
70 Hankyu Realty Co., LTD $ 306
5 Tachihi Enterprise Co. LTD 139
--------
445
--------
Retailing -- 0.8%
16 Ito-Yokado Co. LTD 983
20 Matsumotokiyoshi 854
--------
1,837
--------
Shipping/Transportation -- 0.3%
1 East Japan Railway Co. 543
--------
Telecommunications -- 1.8%
15 Matsushita Communication Industries @ 1,077
1 NTT Data Corp. 1,132
1 NTT Mobile Communication Network,
Inc. 1,818
--------
4,027
--------
Textiles -- 0.4%
74 Kuraray Co., LTD 843
--------
Total Japan 33,582
--------
Malta -- 0.9%
Telecommunications --
135 Maltacom PLC, GDR, Reg. S* 1,918
--------
Mexico -- 1.0%
Diversified -- 0.7%
400 ALFA, SA de CV, Class A 1,591
--------
Retailing -- 0.3%
950 Grupo Elektra, SA de CV, L Shares 668
--------
Total Mexico 2,259
--------
Netherlands -- 5.6%
Banking -- 1.6%
59 ING Groep NV 3,614
--------
Food/Beverage Products -- 0.6%
65 Laurus NV 1,404
--------
</TABLE>
See notes to financial statements.
77
<PAGE>
Chase Vista Select International Equity Fund
Portfolio of Investments April 30, 1999 (unaudited) (continued)
(Amounts in Thousands)
<TABLE>
<CAPTION>
Value
Shares Issuer (USD)
- --------------------------------------------------------------
<S> <C> <C>
Long-Term Investments -- (continued)
- --------------------------------------------------------------
Multi-Media -- 1.0%
44 United Pan-Europe Communications
NV* $ 2,253
--------
Printing & Publishing -- 1.7%
95 Verenigde Nederlandse
Uitgeversbedrijvan Verenigd Bezit 3,849
--------
Retailing -- 0.5%
32 Koninklijke Ahold NV 1,177
--------
Telecommunications -- 0.2%
4 Equant NV* 324
--------
Total Netherlands 12,621
--------
Portugal -- 1.5%
Banking -- 1.1%
88 Banco Comercial Portugues, SA 2,482
--------
Construction -- 0.4%
21 Brisa-Auto Estradas de Portugal, SA 912
--------
Total Portugal 3,394
--------
Singapore -- 0.1%
Real Estate -- 0.1%
106 DBS Land, LTD 197
--------
Spain -- 4.5%
Banking -- 1.6%
153 Argentaria, Caja Postal y Banco
Hipotecario de Espana, SA 3,604
--------
Business Services -- 0.8%
150 Prosequr, CIA de Seguridad SA,
Registered 1,738
--------
Construction -- 0.5%
17 Fomento de Construcciones y Contratas
SA 1,052
--------
Steel -- 0.4%
28 Acerinos SA 846
--------
Telecommunications -- 1.2%
57 Telephonica de Espana 2,695
--------
Total Spain 9,935
--------
</TABLE>
See notes to financial statements.
78
<PAGE>
Chase Vista Select International Equity Fund
Portfolio of Investments April 30, 1999 (unaudited) (continued)
(Amounts in Thousands)
<TABLE>
<CAPTION>
Value
Shares Issuer (USD)
- -----------------------------------------------------------------
<S> <C> <C>
Long-Term Investments -- (continued)
- -----------------------------------------------------------------
Sweden -- 2.0%
Banking -- 0.8%
45 Svenska Handelsbanken A Shares $ 1,691
--------
Metals/Mining -- 1.2%
61 Assa Abloy AB 2,679
--------
Total Sweden 4,370
--------
Switzerland -- 6.0%
Banking -- 2.6%
17 UBS AG 5,784
--------
Engineering Services -- 0.2%
1 ABB AG 438
--------
Insurance -- 1.8%
6 Zurich Allied AG 3,939
--------
Pharmaceuticals -- 1.4%
1 Roche Holding AG 3,182
--------
Total Switzerland 13,343
--------
Thailand -- 0.2%
Oil & Gas -- 0.1%
19 PTT Exploration and Production
Public Co., LTD (Foreign)* 178
--------
Utilities -- 0.1%
87 Electricity Generating Public Co., LTD* 193
--------
Total Thailand 371
--------
United Kingdom -- 21.6%
Banking -- 3.8%
151 National Westminster Bank 3,640
209 Royal Bank of Scotland Group PLC @ 4,933
--------
8,573
--------
Business Services -- 1.1%
288 Jarvis PLC 2,407
--------
Computers/Computer Services -- 0.8%
184 SEMA Group PLC 1,779
--------
Construction -- 1.8%
332 Berkeley Group PLC 3,961
--------
</TABLE>
See notes to financial statements.
79
<PAGE>
Chase Vista Select International Equity Fund
Portfolio of Investments April 30, 1999 (unaudited) (continued)
(Amounts in Thousands)
<TABLE>
<CAPTION>
Value
Shares Issuer (USD)
- ----------------------------------------------------------------
<S> <C> <C>
Long-Term Investments -- (continued)
- ----------------------------------------------------------------
Diversified -- 1.1%
52 Granada Group PLC $ 1,104
139 Securicor PLC 1,302
--------
2,406
--------
Electronics/Electrical Equipment -- 1.6%
328 General Electric Co., PLC 3,479
--------
Financial Services -- 2.2%
115 Barclays PLC 3,666
497 Legal & General Group PLC 1,445
--------
5,111
--------
Food/Beverage Products -- 1.4%
265 Diageo PLC 3,064
--------
Multi-Media -- 1.1%
181 Reuters Group PLC 2,450
--------
Oil & Gas -- 3.0%
349 British Petroleum Co., PLC 6,632
--------
Pharmaceuticals -- 1.1%
185 SmithKline Beecham PLC 2,446
--------
Telecommunications -- 2.6%
11 Energis PLC * 306
309 Vodafone Group PLC @ 5,695
--------
6,001
--------
Total United Kingdom 48,309
--------
Total Common Stock 211,315
--------
(Cost $183,861)
Convertible Preferred Stock -- 0.0%
-----------------------------------
Malaysia -- 0.0%
Construction --
10,000 Sunway Building Technology, Bhd, 3.0%
RULS, (Redeemable Unsecured Loan
Stock) 18
--------
(Cost $40)
</TABLE>
See notes to financial statements.
80
<PAGE>
Chase Vista Select International Equity Fund
Portfolio of Investments April 30, 1999 (unaudited) (continued)
(Amounts in Thousands)
<TABLE>
<CAPTION>
Value
Shares Issuer (USD)
- ---------------------------------------------------------
<S> <C> <C>
Long-Term Investments -- (continued)
- ---------------------------------------------------------
Rights -- 0.0%
-----------------------------------
Spain -- 0.0%
Telecommunications -- 0.0%
57 Telefonica SA $ 54
--------
(Cost $0)
Warrants -- 0.2%
-----------------------------------
Germany -- 0.2%
Insurance -- 0.0%
1 Muenchener Rueckversicherungs-
Gesellschaft AG, Expires
06/03/02 17
--------
Utilities -- 0.2%
50 German Utilities Basket, Expires
11/04/00 409
--------
Total Germany 426
--------
Hong Kong -- 0.0%
Diversified -- 0.0%
5 Wharf Holdings,
Expires 12/31/99 3
--------
Financial Services -- 0.0%
74 Guangdong Investment,
LTD, $8.00,
Expires 07/30/99 0
--------
Total Hong Kong 3
--------
Total Warrants 429
--------
(Cost $1,112)
Principal
Amount
(Local
Currency)
Corporate Notes and Bonds -- 0.0%
---------------------------------
Germany -- 0.0%
Automotive -- 0.0%
73 Daimler-Benz AG, 5.75%, 06/14/02 64
(Cost $56)
=========================================================
Total Investments -- 95.0% $211,880
(Cost $185,069)
=========================================================
</TABLE>
See notes to financial statements.
81
<PAGE>
Chase Vista Select International Equity Fund
Portfolio of Investments April 30, 1999 (unaudited) (continued)
(Amounts in Thousands)
<TABLE>
<CAPTION>
Original Notional Unrealized
Notional Value at Appreciation/
Number of Value 4/30/99 (Depreciation)
Contracts Description (USD) (USD) (USD)
- --------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Long Futures Outstanding
- ------------------------
122 Nikkei 225 Index Future,
Expires June 1999 $7,464 $8,568 $1,104
Short Futures Outstanding
- -------------------------
166 Dow Jones Euro
STOXX 50 Index Future,
Expires June 1999 $6,299 $6,568 ($ 269)
</TABLE>
* -- Non-income producing security.
@ -- All or a portion of this security is segregated.
ADR -- American Depositary Receipt.
GDR -- Global Depositary Receipt.
See notes to financial statements.
82
<PAGE>
Chase Vista Select Funds
Statement of Assets and Liabilities April 30, 1999 (unaudited)
(Amounts in Thousands)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Chase Vista 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) ............................. $168,866 $1,019,066 $ 191,340 $ 814,456
Cash .................................. 120 -- 1 --
Foreign Currency ...................... -- -- -- --
Receivables:
Variation margin on futures
contracts ........................... -- -- -- --
Investment securities sold ........... 949 10,354 1,415 9,428
Open forward currency
contracts ........................... -- -- -- --
Interest and dividends ............... 667 1,574 159 253
Fund shares sold ..................... -- 36 145 75
Other assets .......................... 10 42 12 29
-------- ---------- --------- ---------
Total Assets ....................... 170,612 1,031,072 193,072 824,241
-------- ---------- --------- ---------
LIABILITIES:
Payables:
Investment securities
purchased ........................... 2,746 26,037 271 11,998
Trust shares redeemed ................ 22 260 1 160
Open forward currency
contracts ........................... -- -- -- --
Dividends payable .................... 379 1,383 146 146
Accrued liabilities (Note 2) .......... 38 155 55 105
-------- ---------- --------- ---------
Total Liabilities .................. 3,185 27,835 473 12,409
-------- ---------- --------- ---------
NET ASSETS:
Paid in capital 103,699 739,814 106,530 315,591
Accumulated undistributed net
investment income .................... (62) (279) 9 20
Accumulated undistributed net
realized gain on investment
and futures transactions ............. 8,424 99,070 31,789 68,986
Net unrealized appreciation of
investments and futures
transactions ......................... 55,366 164,632 54,271 427,235
-------- ---------- --------- ---------
Total Net Assets ................... $167,427 $1,003,237 $ 192,599 $ 811,832
======== ========== ========= =========
Shares of beneficial interest
outstanding ($.001 par value;
unlimited number of shares
authorized) ........................... 4,778 33,824 4,857 18,427
Net asset value, redemption and
offering price per share ............. $ 35.04 $ 29.66 $ 39.66 $ 44.06
======== ========== ========= =========
Cost of Investments ................... $113,500 $ 854,434 $ 137,069 $ 387,221
======== ========== ========= =========
</TABLE>
See notes to financial statements.
83
<PAGE>
Chase Vista Select Funds
Statement of Assets and Liabilities April 30, 1999 (unaudited) (continued)
(Amounts in Thousands)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Chase Vista Select
------------------------------------------------
New Growth Small Cap International
Opportunities Value Equity
Fund Fund Fund
--------------- ------------- --------------
<S> <C> <C> <C>
ASSETS:
Investment securities, at value (Note 1) ......... $ 129,363 $ 413,087 $211,880
Cash ............................................. 1 -- 1,077
Foreign Currency (Cost $2,848).................... -- -- 2,840
Receivables: .....................................
Variation margin on futures contracts ........... -- -- 835
Investment securities sold ...................... 327 -- 10,544
Open forward currency contracts ................. -- -- 217
Interest and dividends .......................... 8 183 658
Fund shares sold ................................ -- -- 680
Other assets ..................................... 8 23 14
--------- --------- --------
Total Assets .................................. 129,707 413,293 228,745
--------- --------- --------
LIABILITIES:
Payables:
Investment securities purchased ................. 2,275 -- 4,354
Trust shares redeemed ........................... -- 42 5
Open forward currency contracts ................. -- -- 1,198
Dividends payable ............................... -- -- --
Accrued liabilities (Note 2) ..................... 87 85 76
--------- --------- --------
Total Liabilities ............................. 2,362 127 5,633
--------- --------- --------
NET ASSETS:
Paid in capital .................................. 76,980 233,648 184,731
Accumulated undistributed net investment
income .......................................... 50 329 (1,295)
Accumulated undistributed net realized gain
on investment and futures transactions .......... 11,315 33,367 13,045
Net unrealized appreciation of investments
and futures transactions ........................ 39,000 145,822 26,631
--------- --------- --------
Total Net Assets .............................. $ 127,345 $ 413,166 $223,112
========= ========= ========
Shares of beneficial interest outstanding
($.001 par value; unlimited number of
shares authorized) ............................... 3,662 7,508 7,096
Net asset value, redemption and offering
price per share ................................. $ 34.77 $ 55.03 $ 31.44
========= ========= ========
Cost of Investments .............................. $ 90,363 $ 267,265 $185,069
========= ========= ========
</TABLE>
See notes to financial statements.
84
<PAGE>
Chase Vista Select Funds
Statement of Operations For the six months ended April 30, 1999 (unaudited)
(Amounts in Thousands)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Chase Vista Select
---------------------------------------------------------
Equity Large Cap Large Cap
Balanced Income Equity Growth
Fund Fund Fund Fund
---------- ------------ ------------ --------------
<S> <C> <C> <C> <C>
INVESTMENT INCOME:
Dividend .......................... $ 789 $ 9,492 $1,168 $ 2,787
Interest .......................... 1,966 1,473 172 25
Foreign taxes withheld ............ -- (73) (6) (2)
------- -------- --------- ----------
Total investment income ......... 2,755 10,892 1,334 2,810
------- -------- -------- ---------
EXPENSES: (Note 2)
Investment advisory fees .......... 407 1,946 376 1,516
Administration fees ............... 122 729 141 569
Custodian fees .................... 46 71 48 73
Printing and postage .............. 2 12 2 7
Professional fees ................. 13 30 20 27
Registration costs ................ 1 5 1 3
Transfer agent fees ............... 6 13 9 14
Trustees fees and expenses ........ 4 24 5 19
Other ............................. 5 30 8 19
------- -------- -------- ---------
Total expenses .................. 606 2,860 610 2,247
------- -------- -------- ---------
Less amounts waived
(Note 2) ........................ 569 2,726 563 2,141
Less expenses borne by
the Distributor ................. 1 -- 3 4
------- -------- -------- ---------
Net expenses .................... 36 134 44 102
------- -------- -------- ---------
Net investment income 2,719 10,758 1,290 2,708
------- -------- -------- ---------
REALIZED AND
UNREALIZED GAIN ...................
(LOSS) ON INVESTMENTS:
Net realized gain on: ...............
Investments ....................... 8,439 100,247 31,847 69,241
Futures transactions .............. -- -- -- --
Foreign currency transactions ..... -- -- -- --
Change in net unrealized
appreciation/depreciation on:
Investments ..................... 7,933 26,258 1,890 116,274
Futures transactions ............ -- -- -- --
Foreign currency
transactions ................... -- -- -- --
------- -------- -------- ---------
Net realized and unrealized gain
on investments, futures and
foreign currency transactions..... 16,372 126,505 33,737 185,515
------- -------- -------- ---------
Net increase in net assets from
operations ....................... $19,091 $137,263 $35,027 $188,223
======= ======== ======== =========
</TABLE>
See notes to financial statements.
85
<PAGE>
Chase Vista Select Funds
Statement of Operations For the six months ended April 30, 1999 (unaudited)
(continued)
(Amounts in Thousands)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Chase Vista Select
----------------------------------------------
New Growth Small Cap International
Opportunities Value Equity
Fund Fund Fund
--------------- ----------- --------------
<S> <C> <C> <C>
INVESTMENT INCOME:
Dividend ........................................... $ 89 $ 1,836 $ 1,313
Interest ........................................... 192 878 166
Foreign taxes withheld ............................. -- -- (166)
------- ------- --------
Total investment income .......................... 281 2,714 1,313
------- ------- --------
EXPENSES: (Note 2) ...................................
Investment Advisory fees ........................... 401 1,379 1,122
Administration fees ................................ 93 318 168
Custodian fees ..................................... 44 55 149
Printing and postage ............................... 5 7 5
Professional fees .................................. 14 26 26
Registration costs ................................. 5 -- --
Transfer agent fees ................................ 10 8 9
Trustees fees and expenses ......................... 3 11 6
Other .............................................. 3 10 13
------- ------- --------
Total expenses ................................... 578 1,814 1,498
------- ------- --------
Less amounts waived (Note 2) ....................... 533 1,744 1,437
Less expenses borne by the Distributor ............. -- 5 --
------- ------- --------
Net expenses ..................................... 45 65 61
------- ------- --------
Net investment income ........................... 236 2,649 1,252
------- ------- --------
REALIZED AND UNREALIZED GAIN
(LOSS) ON INVESTMENTS:
Net realized gain on:
Investments ........................................ 11,407 33,403 13,373
Futures transactions ............................... -- -- 921
Foreign currency transactions ...................... -- -- 157
Change in net unrealized appreciation/
depreciation on:
Investments ...................................... 10,295 4,475 17,755
Futures transactions ............................. -- -- 816
Foreign currency transactions .................... -- -- (2,695)
------- ------- --------
Net realized and unrealized gain on
investments, futures and foreign currency
transactions ...................................... 21,702 37,878 30,327
------- ------- --------
Net increase in net assets from operations ......... $21,938 $40,527 $ 31,579
======= ======= ========
</TABLE>
See notes to financial statements.
86
<PAGE>
- --------------------------------------------------------------------------------
Chase Vista Select Funds
Statements of Changes in Net Assets For the periods indicated (unaudited)
(Amounts in Thousands)
<TABLE>
<CAPTION>
Chase Vista Select
-------------------------
Balanced
Fund
-------------------------
11/01/98 Year
Through Ended
04/30/99 10/31/98
------------ ------------
<S> <C> <C>
INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income ......................................................... $ 2,719 $ 6,804
Net realized gain on investments, futures and foreign currency transactions.... 8,439 8,977
Change in net unrealized appreciation/depreciation on investments, futures
and foreign currency transactions ............................................ 7,933 8,631
--------- ---------
Increase (decrease) in net assets from operations ............................. 19,091 24,412
--------- ---------
DISTRIBUTIONS TO SHAREHOLDERS FROM (Note 1J):
Net investment income ........................................................ (2,706) (6,795)
Net realized gain on investment transactions ................................. (9,006) (18,803)
--------- ---------
Total dividends and distributions ............................................. (11,712) (25,598)
--------- ---------
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares issued ................................................... 6,467 757
Dividends reinvested .......................................................... 9,047 18,788
Cost of shares redeemed ....................................................... (7,568) (45,440)
--------- ---------
Increase (decrease) from capital share transactions ........................... 7,946 (25,895)
--------- ---------
Total increase (decrease) in net assets ....................................... 15,325 (27,081)
NET ASSETS:
Beginning of period ........................................................... 152,102 179,183
--------- ---------
End of period ................................................................. $ 167,427 $ 152,102
========= =========
SHARE TRANSACTIONS:
Issued (including shares issued for stock split) (Note 10) .................... 190 23
Reinvested .................................................................... 271 605
Redeemed ...................................................................... (220) (1,349)
--------- ---------
Change in shares .............................................................. 241 (721)
========= =========
</TABLE>
- --------------------------------------------------------------------------------
Chase Vista Select Funds
Statements of Changes in Net Assets For the periods indicated (unaudited)
(Amounts in Thousands)
<TABLE>
<CAPTION>
Chase Vista Select
------------------------------------------
Large Cap
Equity Income Equity
Fund Fund
---------------------------- ------------
11/01/98 Year 11/01/98
Through Ended Through
04/30/99 10/31/98 04/30/99
-------------- ------------- ------------
<S> <C> <C> <C>
INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income ......................................................... $ 10,758 $ 27,799 $ 1,290
Net realized gain on investments, futures and foreign currency transactions.... 100,247 94,651 31,847
Change in net unrealized appreciation/depreciation on investments, futures
and foreign currency transactions ............................................ 26,258 (48,434) 1,890
---------- ----------- ---------
Increase (decrease) in net assets from operations ............................. 137,263 74,016 35,027
---------- ----------- ---------
DISTRIBUTIONS TO SHAREHOLDERS FROM (Note 1J):
Net investment income ........................................................ (11,387) (27,135) (1,290)
Net realized gain on investment transactions ................................. (96,156) (190,260) (22,147)
---------- ----------- ---------
Total dividends and distributions ............................................. (107,543) (217,395) (23,437)
---------- ----------- ---------
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares issued ................................................... 6,355 34,448 7,143
Dividends reinvested .......................................................... 94,503 176,268 20,583
Cost of shares redeemed ....................................................... (50,318) (99,496) (23,479)
---------- ----------- ---------
Increase (decrease) from capital share transactions ........................... 50,540 111,220 4,247
---------- ----------- ---------
Total increase (decrease) in net assets ....................................... 80,260 (32,159) 15,837
NET ASSETS:
Beginning of period ........................................................... 922,977 955,136 176,762
---------- ----------- ---------
End of period ................................................................. $1,003,237 $ 922,977 $ 192,599
========== =========== =========
SHARE TRANSACTIONS:
Issued (including shares issued for stock split) (Note 10) .................... 21,461 383 4,459
Reinvested .................................................................... 3,404 2,050 574
Redeemed ...................................................................... (1,690) (1,089) (604)
---------- ----------- ---------
Change in shares .............................................................. 23,175 1,344 4,429
========== =========== =========
</TABLE>
- --------------------------------------------------------------------------------
Chase Vista Select Funds
Statements of Changes in Net Assets For the periods indicated (unaudited)
(Amounts in Thousands)
<TABLE>
<CAPTION>
Chase Vista
Select
-----------
Large Cap
Equity
Fund
-----------
Year
Ended
10/31/98
-----------
<S> <C>
INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income ......................................................... $ 2,680
Net realized gain on investments, futures and foreign currency transactions.... 22,116
Change in net unrealized appreciation/depreciation on investments, futures
and foreign currency transactions ............................................ 3,890
---------
Increase (decrease) in net assets from operations ............................. 28,686
---------
DISTRIBUTIONS TO SHAREHOLDERS FROM (Note 1J):
Net investment income ........................................................ (2,679)
Net realized gain on investment transactions ................................. (56,874)
---------
Total dividends and distributions ............................................. (59,553)
---------
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares issued ................................................... 50,467
Dividends reinvested .......................................................... 5,957
Cost of shares redeemed ....................................................... (35,208)
---------
Increase (decrease) from capital share transactions ........................... 21,216
---------
Total increase (decrease) in net assets ....................................... (9,651)
NET ASSETS:
Beginning of period ........................................................... 186,413
---------
End of period ................................................................. $ 176,762
=========
SHARE TRANSACTIONS:
Issued (including shares issued for stock split) (Note 10) .................... 133
Reinvested .................................................................... 16
Redeemed ...................................................................... (85)
---------
Change in shares .............................................................. 64
=========
</TABLE>
See notes to financial statements.
87
<PAGE>
- --------------------------------------------------------------------------------
Chase Vista Select Funds
Statements of Changes in Net Assets For the periods indicated (unaudited)
(continued)
(Amounts in Thousands)
<TABLE>
<CAPTION>
Chase Vista Select
-------------------------
Large Cap
Growth Fund
-------------------------
11/01/98 Year
Through Ended
04/30/99 10/31/98
------------ ------------
<S> <C> <C>
INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income .......................................................... $ 2,708 $ 6,013
Net realized gain on investments, futures and foreign currency transactions..... 69,241 60,229
Change in net unrealized appreciation/depreciation on investments, futures
and foreign currency transactions ............................................. 116,274 89,132
--------- ---------
Increase (decrease) in net assets from operations .............................. 188,223 155,374
--------- ---------
DISTRIBUTIONS TO SHAREHOLDERS FROM (Note 1J):
Net investment income ......................................................... (2,701) (6,016)
Net realized gain on investment transactions .................................. (60,409) (53,497)
--------- ---------
Total dividends and distributions .............................................. (63,110) (59,513)
--------- ---------
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares issued .................................................... 15,326 21,848
Dividends reinvested ........................................................... 59,002 50,838
Cost of shares redeemed ........................................................ (41,595) (62,723)
--------- ---------
Increase (decrease) from capital share transactions ............................ 32,733 9,963
--------- ---------
Total increase (decrease) in net assets ....................................... 157,846 105,824
NET ASSETS:
Beginning of period ............................................................ 653,986 548,162
--------- ---------
End of period .................................................................. $ 811,832 $ 653,986
========= =========
SHARE TRANSACTIONS:
Issued (including shares issued for stock split) (Note 10) ..................... 12,013 216
Reinvested ..................................................................... 1,540 563
Redeemed ....................................................................... (961) (601)
--------- ---------
Change in shares ............................................................... 12,592 178
========= =========
</TABLE>
Chase Vista Select Funds
Statements of Changes in Net Assets For the periods indicated (unaudited)
(continued)
(Amounts in Thousands)
<TABLE>
<CAPTION>
Chase Vista Select
---------------------------------------
Small Cap
New Growth Value
Opportunities Fund Fund
------------------------- ------------
11/01/98 Year 11/01/98
Through Ended Through
04/30/99 10/31/98 04/30/99
------------ ------------ ------------
<S> <C> <C> <C>
INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income .......................................................... $ 236 $ 528 $ 2,649
Net realized gain on investments, futures and foreign currency transactions..... 11,407 2,225 33,403
Change in net unrealized appreciation/depreciation on investments, futures
and foreign currency transactions ............................................. 10,295 (3,735) 4,475
-------- --------- ---------
Increase (decrease) in net assets from operations .............................. 21,938 (982) 40,527
-------- --------- ---------
DISTRIBUTIONS TO SHAREHOLDERS FROM (Note 1J):
Net investment income ......................................................... (240) (507) (2,671)
Net realized gain on investment transactions .................................. (2,315) (8,400) (20,135)
-------- --------- ---------
Total dividends and distributions .............................................. (2,555) (8,907) (22,806)
-------- --------- ---------
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares issued .................................................... 1,332 8,654 8,411
Dividends reinvested ........................................................... 2,297 7,427 19,639
Cost of shares redeemed ........................................................ (7,993) (10,241) (50,962)
-------- --------- ---------
Increase (decrease) from capital share transactions ............................ (4,364) 5,840 (22,912)
-------- --------- ---------
Total increase (decrease) in net assets ....................................... 15,019 (4,049) (5,191)
NET ASSETS:
Beginning of period ............................................................ 112,326 116,375 418,357
-------- --------- ---------
End of period .................................................................. $127,345 $ 112,326 $ 413,166
======== ========= =========
SHARE TRANSACTIONS:
Issued (including shares issued for stock split) (Note 10) ..................... 3,632 13 155
Reinvested ..................................................................... 73 13 362
Redeemed ....................................................................... (233) (16) (943)
-------- --------- ---------
Change in shares ............................................................... 3,472 10 (426)
======== ========= =========
</TABLE>
Chase Vista Select Funds
Statements of Changes in Net Assets For the periods indicated (unaudited)
(continued)
(Amounts in Thousands)
<TABLE>
<CAPTION>
Chase Vista Select
--------------------------------------
Small Cap
Value
Fund
------------
Year 11/01/98 Year
Ended Through Ended
10/31/98 04/30/99 10/31/98
------------ ------------ ------------
<S> <C> <C> <C>
INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income .......................................................... $ 6,111 $ 1,252 $ 4,280
Net realized gain on investments, futures and foreign currency transactions..... 20,102 14,451 843
Change in net unrealized appreciation/depreciation on investments, futures
and foreign currency transactions ............................................. (64,592) 15,876 9,208
--------- --------- ---------
Increase (decrease) in net assets from operations .............................. (38,379) 31,579 14,331
--------- --------- ---------
DISTRIBUTIONS TO SHAREHOLDERS FROM (Note 1J):
Net investment income ......................................................... (6,176) (3,715) (10,955)
Net realized gain on investment transactions .................................. (16,877) -- (14,974)
--------- --------- ---------
Total dividends and distributions .............................................. (23,053) (3,715) (25,929)
--------- --------- ---------
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares issued .................................................... 24,074 1,919 16,703
Dividends reinvested ........................................................... 16,069 -- 13,026
Cost of shares redeemed ........................................................ (47,997) (27,616) (51,587)
--------- --------- ---------
Increase (decrease) from capital share transactions ............................ (7,854) (25,697) (21,858)
--------- --------- ---------
Total increase (decrease) in net assets ....................................... (69,286) 2,167 (33,456)
NET ASSETS:
Beginning of period ............................................................ 487,643 220,945 254,401
--------- --------- ---------
End of period .................................................................. $ 418,357 $ 223,112 $ 220,945
========= ========= =========
SHARE TRANSACTIONS:
Issued (including shares issued for stock split) (Note 10) ..................... 410 6,641 94
Reinvested ..................................................................... 284 -- 79
Redeemed ....................................................................... (815) (870) (288)
--------- --------- ---------
Change in shares ............................................................... (121) 5,771 (115)
========= ========= =========
</TABLE>
88
<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 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 contracts 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 Fund's policy that repurchase
agreements are fully collateralized by U.S. Treasury and Government Agency
securities. All collateral is held by the Fund'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 Fund
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 other than CVSIEF 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.
89
<PAGE>
Chase Vista Select Funds
Notes to Financial Statements (unaudited) (continued)
- --------------------------------------------------------------------------------
Index futures contracts are used to control the asset mix of CVSIEF
portfolio in the most efficient manner, allowing the fund to adjust country
exposures while incurring minimal transaction costs. Short index futures
contracts are used for hedging purposes, i.e. to reduce the exposure to
equities. Long index futures contracts are used to gain exposure to
equities, when it is anticipated that this will be more efficient than
buying stocks directly.
Use of long futures contracts subjects 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.
Use of short futures contracts subjects the Fund to unlimited risk of loss.
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, 1999, the Funds had open futures contracts as shown on the
Fund's Portfolio of Investments.
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, 1999, 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 foreign currency and in an unlimited amount for
sales of foreign 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. 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.
90
<PAGE>
Chase Vista Select Funds
Notes to Financial Statements (unaudited) (continued)
- --------------------------------------------------------------------------------
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 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.
H. Organization costs -- Organization and initial registration costs
incurred (prior to June 1998) 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.
I. 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.
J. 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.
K. 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
91
<PAGE>
Chase Vista Select Funds
Notes to Financial Statements (unaudited) (continued)
- --------------------------------------------------------------------------------
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.
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" or "VFD"), 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 sub-administration fees as of April 30,
1999, as follows (in thousands): CVSBF, $38; CVSEIF, $226; CVSLCEF, $45;
CVSLCGF, $175; CVSNGOF, $29; CVSSCVF, $101; CVSIEF, $56.
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. 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, 1999. The Distributor voluntarily reimbursed
expenses of the Funds in the amounts as shown on the Statement of
Operations.
3. Investment Transactions -- For the six months ended April 30, 1999,
purchases and sales of investments (excluding short-term investments) were as
follows (in thousands):
<TABLE>
<CAPTION>
CVSBF CVSEIF CVSLCEF CVSLCGF
---------- ----------- --------- -----------
<S> <C> <C> <C> <C>
Purchases (excluding
U.S. Government) ......... $27,361 $772,590 $68,764 $165,844
Sales (excluding
U.S. Government) ......... 36,042 813,412 86,997 192,748
Purchases of
U.S. Government .......... 63,210 -- -- --
Sales of
U.S. Government .......... 49,415 -- -- --
</TABLE>
<TABLE>
<CAPTION>
CVSNGOF CVSSCVF CVSIEF
--------- --------- -----------
<S> <C> <C> <C>
Purchases (excluding
U.S. Government) ......... $38,976 $23,071 $175,430
Sales (excluding
U.S. Government) ......... 46,339 4,040 168,764
Purchases of
U.S. Government .......... -- -- --
Sales of
U.S. Government .......... -- -- --
</TABLE>
92
<PAGE>
Chase Vista Select Funds
Notes to Financial Statements (unaudited) (continued)
- --------------------------------------------------------------------------------
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, 1999 are as follows (in thousands):
<TABLE>
<CAPTION>
CVSBF CVSEIF CVSLCEF CVSLCGF
----------- ----------- ----------- -----------
<S> <C> <C> <C> <C>
Aggregate cost ......... $113,500 $854,434 $137,069 $387,221
-------- -------- -------- --------
Gross unrealized
appreciation ......... $56,273 $179,194 $57,291 $432,761
Gross unrealized
depreciation ......... (907) (14,562) (3,020) (5,526)
-------- -------- -------- --------
Net unrealized
appreciation ......... $55,366 $164,632 $54,271 $427,235
======== ======== ======== ========
</TABLE>
<TABLE>
<CAPTION>
CVSNGOF CVSSCVF CVSIEF
----------- ----------- ----------
<S> <C> <C> <C>
Aggregate cost ......... $90,363 $267,265 $185,069
------- -------- --------
Gross unrealized
appreciation ......... $43,208 $171,604 $35,258
Gross unrealized
depreciation ......... (4,208) (25,782) (8,447)
------- -------- --------
Net unrealized
appreciation ......... $39,000 $145,822 $26,811
======= ======== ========
</TABLE>
93
<PAGE>
Chase Vista Select Funds
Notes to Financial Statements (unaudited) (continued)
- --------------------------------------------------------------------------------
5. 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, 1999, 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 (in thousands):
<TABLE>
<CAPTION>
Pension Accrued Pension
Expenses Liability
---------- ----------------
<S> <C> <C>
CVSBF ........... $1 $ 9
CVSEIF .......... 8 49
CVSLCEF ......... 2 10
CVSLCGF ......... 6 31
CVSNGOF ......... 1 7
CVSSCVF ......... 4 24
CVSIEF .......... 2 13
</TABLE>
6. Open Forward Foreign Currency Contracts -- The following forward foreign
currency contracts were held by the Funds at April 30, 1999 (in thousands):
<TABLE>
<CAPTION>
International Equity Fund
- --------------------------------------------------------------------------------------
Contract Contract
Amount Amount Unrealized
Purchased/ Sold Settlement Gain/(Loss)
(Sold) (Purchased) Date USD
- --------------------------------- -------------------- ------------ ------------
<S> <C> <C> <C> <C> <C>
Unrealized Gain
- ---------------
2,830,950 JPY 22,500 ECU 8/5/99 $ 82
1,300,000 JPY 10,176 ECU 5/13/99 135
--------
$ 217
========
Unrealized Loss
- ---------------
9,803 ECU 1,300,000 JPY 5/13/99 $ (531)
9,988 ECU 6,810 GBP 6/8/99 (365)
10,720 USD 1,299,296 JPY 6/8/99 (223)
1,300,000 JPY 11,029 USD 6/8/99 (79)
--------
$ (1,198)
========
</TABLE>
ECU - Euro Currency
GBP - Great Britain Pound
JPY - Japanese Yen
USD - United States Dollars
94
<PAGE>
Chase Vista Select Funds
Notes to Financial Statements (unaudited) (continued)
- --------------------------------------------------------------------------------
7. Foreign Cash Positions
<TABLE>
<CAPTION>
International Equity Fund
-------------------------------------------------
Delivery Net
Value Market Unrealized
(Local Cost Value Gain (Loss)
Currency Currency) (USD) (USD) (USD)
- ---------------------------- ----------- --------- -------- ------------
<S> <C> <C> <C> <C>
Austrian Schilling ......... 5 $ 3 $ 3 $--
European Currency
(Euro) ................... 1,450 1,539 1,535 (4)
Hong Kong Dollar ........... 2 -- -- --
Japanese Yen ............... 131,234 1,101 1,099 (2)
Malaysian Ringgit .......... 49 12 10 (2)
Philippines Peso ........... 732 17 19 2
Singapore Dollar ........... 2 1 1 --
Swedish Krona .............. 51 6 6 --
Swiss Franc ................ 135 90 88 (2)
Thai Baht .................. 30 1 1 --
United Kingdom
Sterling ................. 48 78 78 --
------ ------ ----
$2,848 $2,840 ($8)
====== ====== ====
</TABLE>
8. Bank Borrowings --The Funds may borrow money for temporary or emergency
purposes. Any borrowings representing more than 5% of a Fund's total assets must
be repaid before the Fund may make additional investments. The Funds have
entered into an agreement, enabling them to participate with other Chase Vista
Funds in an unsecured line of credit with a syndicate of banks, which permits
borrowings up to $350 million, collectively. Interest is charged to each Fund
based on its borrowings at an annual rate equal to the sum of the Federal Funds
Rate plus 0.35%. The Funds also pay a commitment fee of 0.075% per annum on the
average daily amount of the available commitment, which is allocated, on a
pro-rata basis to the funds. The commitment fee is included in Other expenses on
the Statement of Operations. Borrowings are payable on demand.
The Funds had no borrowings outstanding at April 30, 1999, nor at any point
during the year.
9. Concentrations-- At April 30, 1999, substantially all of the net assets of
CVSIEF consist of securities of issuers which are denominated in foreign
currencies. Changes in currency exchange rates will affect the value of and
investment income from such securities.
As of April 30, 1999, CVSIEF invested approximately 21.6% of its net assets in
issuers in the United Kingdom. The issuers' abilities to meet their obligations
may be affected by economic or political developments in the specific region or
country.
10. Subsequent Events-- Effective November 20, 1998, the following Chase Vista
Select Funds underwent a split of shares:
<TABLE>
<CAPTION>
Fund: Split Ratio:
- ----------- ----------------
<S> <C>
CVSEIF 3 shares for 1
CVSIEF 6 shares for 1
CVLCEF 11 shares for 1
CVLCGF 3 shares for 1
CVSNGOF 20 shares for 1
</TABLE>
Net assets of the Funds and values of each shareholder account were unaffected
by the split.
95
<PAGE>
Chase Vista Select Funds
Financial Highlights (unaudited)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Chase Vista Select
--------------------------------------------
Equity
Income
Balanced Fund Fund (1)
--------------------------------- ----------
11/01/98 Year 01/01/97* 11/01/98
Through Ended Through Through
04/30/99 10/31/98 10/31/97 04/30/99
---------- ---------- ----------- ----------
<S> <C> <C> <C> <C>
Per Share Operating Performance
Net Asset Value, Beginning of Period .................................. $ 33.53 $ 34.08 $ 30.62 $ 28.89
------- ------- ------- -------
Income from Investment Operations:
Net Investment Income ............................................... 0.60 1.32 1.17 0.39
Net Gains or Losses in Securities (both realized and unrealized) 3.52 3.05 3.46 3.82
------- ------- ------- -------
Total From Investment Operations ................................... 4.12 4.37 4.63 4.21
------- ------- ------- -------
Distributions to Shareholders from:
Dividends from Net Investment Income ................................ 0.60 1.31 1.17 0.41
Distributions from Capital Gains .................................... 2.01 3.61 -- 3.03
------- ------- -------- -------
Total dividends and distributions .................................. 2.61 4.92 1.17 3.44
------- ------- -------- -------
Net Asset Value, End of Period ........................................ $ 35.04 $ 33.53 $ 34.08 $ 29.66
======= ======= ======== =======
Total Return .......................................................... 12.64% 14.28% 15.36% 15.19%
Ratios/Supplemental Data:
Net Assets, End of Period (in millions) .............................. $ 167 $ 152 $ 179 $ 1,003
Ratios to Average Net Assets:#
Expenses ............................................................. 0.04% 0.03% 0.03% 0.03%
Net Investment Income ................................................ 3.32% 3.98% 4.29% 2.20%
Expenses without waivers and assumption of expenses .................. 0.74% 0.75% 0.72% 0.59%
Net investment income without waivers and assumption
of expenses ......................................................... 2.62% 3.26% 3.60% 1.64%
Portfolio Turnover Rate ............................................... 57% 50% 131% 84%
</TABLE>
Chase Vista Select Funds
Financial Highlights (unaudited)
<TABLE>
<CAPTION>
Chase Vista Select
-------------------------------------------------------
Large Cap Equity Fund
Equity Income Fund (1) (1)
---------------------- ---------------------
Year 01/01/97* 11/01/98 Year 01/01/97*
Ended Through Through Ended Through
10/31/98 10/31/97 04/30/99 10/31/98 10/31/97
---------- ----------- ---------- ---------- ----------
<S> <C> <C> <C> <C> <C>
Per Share Operating Performance
Net Asset Value, Beginning of Period .................................. $ 34.22 $ 28.32 $ 37.52 $ 46.58 $ 37.22
------- ------- ------- ------- -------
Income from Investment Operations:
Net Investment Income ............................................... 0.85 0.79 0.38 0.56 0.59
Net Gains or Losses in Securities (both realized and unrealized) 1.50 5.90 6.91 5.27 9.36
------- ------- ------- ------- -------
Total From Investment Operations ................................... 2.35 6.69 7.29 5.83 9.95
------- ------- ------- ------- -------
Distributions to Shareholders from:
Dividends from Net Investment Income ................................ 0.83 0.79 0.38 0.56 0.59
Distributions from Capital Gains .................................... 6.85 -- 4.77 14.33 --
------- -------- ------- ------- --------
Total dividends and distributions .................................. 7.68 0.79 5.15 14.89 0.59
------- -------- ------- ------- --------
Net Asset Value, End of Period ........................................ $ 28.89 $ 34.22 $ 39.66 $ 37.52 $ 46.58
======= ======== ======= ======= ========
Total Return .......................................................... 7.62% 23.78% 20.61% 16.58% 26.89%
Ratios/Supplemental Data:
Net Assets, End of Period (in millions) .............................. $ 923 $ 955 $ 193 $ 177 $ 186
Ratios to Average Net Assets:#
Expenses ............................................................. 0.03% 0.03% 0.05% 0.03% 0.03%
Net Investment Income ................................................ 2.85% 2.97% 1.36% 1.46% 1.66%
Expenses without waivers and assumption of expenses .................. 0.59% 0.59% 0.65% 0.65% 0.58%
Net investment income without waivers and assumption
of expenses ......................................................... 2.29% 2.41% 0.76% 0.86% 1.11%
Portfolio Turnover Rate ............................................... 148% 73% 38% 56% 54%
</TABLE>
- -------
* Commencement of Operations.
# Short periods have been annualized.
(1) On November 20, 1998, the Fund underwent a split of shares,
see Note 11. Prior period's have been restated to reflect the split.
See notes to financial statements.
96
<PAGE>
Chase Vista Select Funds
Financial Highlights (unaudited)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Chase Vista Select
---------------------------------
Large Cap Growth Fund (1)
---------------------------------
11/01/98 Year 01/01/97*
Through Ended Through
04/30/99 10/31/98 10/31/97
---------- ---------- -----------
<S> <C> <C> <C>
Per Share Operating Performance
Net Asset Value, Beginning of Period ............................. $ 37.36 $ 32.30 $ 26.01
------- ------- -------
Income from Investment Operations:
Net Investment Income .......................................... 0.15 0.34 0.28
Net Gains or Losses in Securities (both realized and unrealized) 10.18 8.23 6.29
------- ------- -------
Total From Investment Operations .............................. 10.33 8.57 6.57
------- ------- -------
Distributions to Shareholders from:
Dividends from Net Investment Income ........................... 0.15 0.34 0.28
Distributions from Capital Gains ............................... 3.48 3.17 --
------- ------- --------
Total dividends and distributions ............................. 3.63 3.51 0.28
------- ------- --------
Net Asset Value, End of Period ................................... $ 44.06 $ 37.36 $ 32.30
======= ======= ========
Total Return ..................................................... 29.12% 29.12% 25.32%
Ratios/Supplemental Data:
Net Assets, End of Period (in millions) ......................... $ 811 $ 654 $ 548
Ratios to Average Net Assets:#
Expenses ........................................................ 0.03% 0.02% 0.02%
Net Investment Income ........................................... 0.71% 0.98% 1.12%
Expenses without waivers and assumption of expenses ............. 0.59% 0.60% 0.60%
Net investment income without waivers and assumption
of expenses .................................................... 0.15% 0.40% 0.54%
Portfolio Turnover Rate .......................................... 22% 22% 36%
</TABLE>
Chase Vista Select Funds
Financial Highlights (unaudited)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Chase Vista Select
--------------------------------------
New Growth Opportunities Fund (1)
--------------------------------------
11/01/98 Year 01/01/97*
Through Ended Through
04/30/99 10/31/98 10/31/97
------------ ------------ ------------
<S> <C> <C> <C>
Per Share Operating Performance
Net Asset Value, Beginning of Period ............................. $ 29.63 $ 32.39 $ 28.58
-------- -------- --------
Income from Investment Operations:
Net Investment Income .......................................... 0.06 0.14 0.15
Net Gains or Losses in Securities (both realized and unrealized) 5.75 ( 0.42) 3.80
-------- -------- --------
Total From Investment Operations .............................. 5.81 ( 0.28) 3.95
-------- -------- --------
Distributions to Shareholders from:
Dividends from Net Investment Income ........................... 0.06 0.13 0.14
Distributions from Capital Gains ............................... 0.61 2.35 --
-------- -------- --------
Total dividends and distributions ............................. 0.67 2.48 0.14
-------- -------- --------
Net Asset Value, End of Period ................................... $ 34.77 $ 29.63 $ 32.39
======== ======== ========
Total Return ..................................................... 19.82% ( 0.70%) 13.90%
Ratios/Supplemental Data:
Net Assets, End of Period (in millions) ......................... $ 127 $ 112 $ 116
Ratios to Average Net Assets:#
Expenses ........................................................ 0.07% 0.08% 0.80%
Net Investment Income ........................................... 0.38% 0.43% 0.57%
Expenses without waivers and assumption of expenses ............. 0.93% 0.94% 0.92%
Net investment income without waivers and assumption
of expenses .................................................... (0.48%) (0.43%) (0.27%)
Portfolio Turnover Rate .......................................... 33% 67% 50%
</TABLE>
- -------
* Commencement of Operations.
# Short periods have been annualized.
(1) On November 20, 1998, the Fund underwent a split of shares,
see Note 11. Prior period's have been restated to reflect the split.
See notes to financial statements.
97
<PAGE>
Chase Vista Select Funds
Financial Highlights (unaudited)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Chase Vista Select
-----------------------------------
Small Cap Value Fund
-----------------------------------
11/01/98 Year 01/01/97*
Through Ended Through
04/30/99 10/31/98 10/31/97
---------- ------------ -----------
<S> <C> <C> <C>
Per Share Operating Performance
Net Asset Value, Beginning of Period ............................. $ 52.73 $ 60.54 $ 51.87
------- -------- -------
Income from Investment Operations:
Net Investment Income .......................................... 0.34 0.74 0.57
Net Gains or Losses in Securities (both realized and unrealized) 4.87 ( 5.72) 8.62
------- -------- -------
Total From Investment Operations .............................. 5.21 ( 4.98) 9.19
------- -------- -------
Distributions to Shareholders from:
Dividends from Net Investment Income ........................... 0.34 0.75 0.52
Distributions from Capital Gains ............................... 2.57 2.08 --
------- -------- --------
Total dividends and distributions ............................. 2.91 2.83 0.52
------- -------- --------
Net Asset Value, End of Period ................................... $ 55.03 $ 52.73 $ 60.54
======= ======== ========
Total Return ..................................................... 9.99% ( 8.53%) 17.80%
Ratios/Supplemental Data:
Net Assets, End of Period (in millions) ......................... $ 413 $ 418 $ 488
Ratios to Average Net Assets:#
Expenses ........................................................ 0.03% 0.02% 0.02%
Net Investment Income ........................................... 1.24% 1.28% 1.26%
Expenses without waivers and assumption of expenses ............. 0.85% 0.85% 0.85%
Net investment income without waivers and assumption
of expenses .................................................... 0.42% 0.45% 0.43%
Portfolio Turnover Rate .......................................... 1% 6% 8%
</TABLE>
Chase Vista Select Funds
Financial Highlights (unaudited)
<TABLE>
<CAPTION>
Chase Vista Select
----------------------------------
International Equity Fund (1)
----------------------------------
11/01/98 Year 01/01/97*
Through Ended Through
04/30/99 10/31/98 10/31/97
------------ ---------- ----------
<S> <C> <C> <C>
Per Share Operating Performance
Net Asset Value, Beginning of Period ............................. $ 27.79 $ 29.45 $ 28.64
-------- ------- -------
Income from Investment Operations:
Net Investment Income .......................................... 0.16 0.41 0.44
Net Gains or Losses in Securities (both realized and unrealized) 3.98 0.90 0.77
-------- ------- -------
Total From Investment Operations .............................. 4.14 1.31 1.21
-------- ------- -------
Distributions to Shareholders from:
Dividends from Net Investment Income ........................... 0.49 1.24 0.40
Distributions from Capital Gains ............................... -- 1.73 --
-------- ------- --------
Total dividends and distributions ............................. 0.49 2.97 0.40
-------- ------- --------
Net Asset Value, End of Period ................................... $ 31.44 $ 27.79 $ 29.45
======== ======= ========
Total Return ..................................................... 14.97% 4.80% 4.15%
Ratios/Supplemental Data:
Net Assets, End of Period (in millions) ......................... $ 223 $ 221 $ 254
Ratios to Average Net Assets:#
Expenses ........................................................ 0.05% 0.05% 0.07%
Net Investment Income ........................................... 1.11% 1.71% 1.66%
Expenses without waivers and assumption of expenses ............. 1.33% 1.34% 1.27%
Net investment income without waivers and assumption
of expenses .................................................... (0.17%) 0.42% 0.46%
Portfolio Turnover Rate .......................................... 80% 150% 141%
</TABLE>
- -------
* Commencement of Operations.
# Short periods have been annualized.
(1) On November 20, 1998, the Fund underwent a split of shares,
see Note 11. Prior period's have been restated to reflect the split.
98
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<PAGE>
CHASE VISTA SELECT EQUITY FUNDS SEMI-ANNUAL REPORT
- --------------------------------------------------------------------------------
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 WaterhouseCoopers LLP
Chase Vista Funds are distributed by
Vista Fund Distributors, Inc., which is
inaffiliated with The Chase Manhattan
Bank. Chase and its respective affiliates
receive compensation from Chase Vista
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 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.
[copyright] The Chase Manhattan Corporation, 1999, 2000. All Rights Reserved.
June 1999
[CHASE VISTA FUNDS LOGO]
Chase Vista Funds Fullfillment Center
393 Manley Street
West Bridgewater, MA 02379-1039
