OCTOBER 31, 1999
SELECT SHORT-TERM BOND FUND
SELECT INTERMEDIATE BOND FUND
SELECT BOND FUND
SELECT BALANCED FUND
SELECT EQUITY INCOME FUND
SELECT LARGE CAP EQUITY FUND
SELECT LARGE CAP GROWTH FUND
SELECT NEW GROWTH OPPORTUNITIES FUND
SELECT SMALL CAP VALUE FUND
SELECT INTERNATIONAL EQUITY FUND
Chase Vista
Select Funds
ANNUAL REPORT
[CHASE LOGO]
CHASE VISTA FUNDS(SM)
ANSEFI-2-1299
<PAGE>
<TABLE>
<CAPTION>
- ----------------------------------------------------------------
Contents
- ----------------------------------------------------------------
<S> <C>
Chairman's Letter 1
- ----------------------------------------------------------------
Chase Vista Select Short-Term Bond Fund 2
Fund Commentary
- ----------------------------------------------------------------
Chase Vista Select Intermediate Bond Fund 5
Fund Commentary
- ----------------------------------------------------------------
Chase Vista Select Bond Fund 8
Fund Commentary
- ----------------------------------------------------------------
Chase Vista Select Balanced Fund 11
Fund Commentary
- ----------------------------------------------------------------
Chase Vista Select Equity Income Fund 14
Fund Commentary
- ----------------------------------------------------------------
Chase Vista Select Large Cap Equity Fund 17
Fund Commentary
- ----------------------------------------------------------------
Chase Vista Select Large Cap Growth Fund 20
Fund Commentary
- ----------------------------------------------------------------
Chase Vista Select New Growth Opportunities Fund 23
Fund Commentary
- ----------------------------------------------------------------
Chase Vista Select Small Cap Value Fund 26
Fund Commentary
- ----------------------------------------------------------------
Chase Vista Select International Equity Fund 29
Fund Commentary
- ----------------------------------------------------------------
Portfolios of Investments 32
- ----------------------------------------------------------------
Financial Statements 66
- ----------------------------------------------------------------
Notes to Financial Statements 75
- ----------------------------------------------------------------
Financial Highlights 84
</TABLE>
Highlights
o Inflation, while still well under control, inched up during the reporting
year and the Federal Reserve began raising interest rates in June.
o Bond markets struggled as the United States economy continued to grow
sharply during the reporting year.
o Equity markets around the world provided double-digit returns in dollar
terms for U.S. investors during the reporting year.
-----------------------------------------------------
NOT FDIC INSURED May lose value / No bank guarantee
-----------------------------------------------------
Chase Vista Funds are distributed by Vista Fund Distributors, Inc.
<PAGE>
- --------------------------------------------------------------------------------
CHASE VISTA SELECT EQUITY FUNDS
- --------------------------------------------------------------------------------
Chairman's Letter
November 15, 1999
Dear Shareholder:
We are pleased to present this annual report for the Chase Vista Select Funds
for the year ended October 31, 1999.
Buoyant Economy Boosts Equities
Economic conditions that appeared close to perfect led the equity market to new
highs. Extremely robust economic growth combined with little evidence of
inflation to produce an ideal environment for both corporate profits and equity
valuations. Equities rose quickly in the first half of the period, although
some doubts emerged in early summer.
The period began with the Federal Reserve Board's decision to cut rates in
November 1998, its third rate cut in as many months. Rates had been cut to
counter the threat that recession and deflation would spread from Asia and
emerging markets and by the near failure of a large hedge fund.
As the months progressed, equities rallied strongly as it became clear that the
economy remained strong and that the three rate cuts -- amounting to 75 basis
points -- had increased financial liquidity. The stock market recorded not only
a double-digit return for the calendar year, but its best consecutive four-year
period in stock market history.
Inflation Concerns Surface in May
While the market continued to post new highs through the first months of 1999,
inflation fears surfaced in early May. Spooked by data suggesting strong
economic growth and tight labor markets might finally be leading to higher
inflation, benchmark 30-year Treasury yields rose to levels not seen since
1997. The Federal Reserve Board reversed much of its 1998 easing --
lifting rates by 25 basis points in both June and August.
Broadly speaking, equities drifted lower in the late summer and early fall.
Only technology and blue chip growth stocks continued to rise. By the end of
October, however, inflation fears had subsided somewhat and the broad-based
market indices looked set for another double-digit year.
Sincerely yours,
/s/ Fergus Reid
Fergus Reid
Chairman
1
<PAGE>
- --------------------------------------------------------------------------------
CHASE VISTA SELECT SHORT-TERM BOND FUND
As of October 31, 1999 (Unaudited)
- --------------------------------------------------------------------------------
How the Fund Performed
Chase Vista Select Short-Term Bond Fund, which seeks current income by
investing in a portfolio of short-term investment grade fixed income
securities, had a total return of 3.31% for the year ended October 31, 1999.
This compares to a 2.98% annual return for the Lipper Short-Term Investment
Grade Debt Funds Average.
How the Fund Was Managed
In a rising rate environment, your management team has a variety of tools to
protect the value of your investment.
One such tool is duration management, which involves selecting securities by
how far away or close their maturity is to today. Because interest rates and
bond prices move in opposite directions, it's generally better to have a
conservative, shorter duration in a rising rate environment. After taking
advantage of the rally in Treasuries (and falling rates) as the reporting year
opened by having a longer-than-benchmark duration, the management team
correctly anticipated the onset of the higher rate environment by reducing
duration to only slightly-long. This began a process of reduction in duration
that continued through the spring and summer and ultimately led to a
shorter-than-benchmark stance.
Another tool is sector allocation, which involves determining which sectors are
likely to outperform given the market's characteristics. Generally, it's better
to be in Treasuries in a falling-rate environment, and therefore the Fund
benefited from its Treasury overweight early in the reporting year.
Subsequently, the management team moved back into the sectors which offer a
higher yield or "spread" relative to Treasuries, including corporate,
mortgage-backed and asset-backed securities. While their higher yields
traditionally help the spread sectors outperform in a flat to rising interest
rate environment, it took a while in late 1998 and the first quarter of 1999
for each spread sector to recover from its autumn low.
Although the Federal Reserve's announcement of a bias towards raising rates
caused spread sectors to underperform Treasuries during the April to June
period, the Fund's strong security selection within the corporate sector helped
relative performance, as did the gradual move back into mortgages and reduction
of corporates given fears of large issuance in the sector. In the final few
months of the reporting period, the management team recognized the value in
BBB-rated corporate securities given wide quality spreads.
Where the Fund May Be Headed
After the end of the reporting period, the Fed once again raised short-term
rates in the face of a strong U.S. economy, growth overseas and slightly higher
inflation expectations. In the management team's view, the Fed won't raise
rates again in 1999 due to concerns about Y2K, but if growth continues at the
current pace the Fed will have to act fairly early next year. Therefore, unless
growth unexpectedly slows, the management team intends to reduce duration
further by the first of the year and intensify its spread sector overweight.
2
<PAGE>
CHASE VISTA SELECT SHORT-TERM BOND FUND
As of October 31, 1999 (Unaudited)
Percentage of Total Portfolio Investments
[TABULAR REPRESETNATION OF PIE CHART]
<TABLE>
<S> <C>
U.S. Treasury Securities (29.2%)
Asset Backed Securities (25.1%)
Corporate Notes & Bonds (22.0%)
U.S. Government Agency Obligations (17.9%)
Residential Mortgage Backed Securities (2.8%)
Commercial Mortgage Backed Securities (2.5%)
Cash Equivalents & Short-Term Paper (0.5%)
</TABLE>
3
<PAGE>
CHASE VISTA SELECT SHORT-TERM BOND FUND
As of October 31, 1999 (Unaudited)
Average Annual Total Returns
<TABLE>
<S> <C> <C> <C>
1 Year 5 Years 10 Years
Select Short-Term Bond 3.31% 5.33% 6.24%
</TABLE>
10-Year Performance
[TABULAR REPRESENTATION OF LINE CHART]
<TABLE>
<CAPTION>
Lipper
Chase Vista Lehman Short-Term
Select 1-3 Year Investment
Short-Term Government Grade Debt
Bond Fund Bond Index Funds Average
<S> <C> <C> <C>
1989 10000 10000 10000
1990 10756.1 10884.9 10708.8
1991 12059.3 12107.9 11912.2
1992 13125.1 13091.9 12761
1993 13992.5 13849.8 13562
1994 14135.3 14009.6 13661.2
1995 15070.1 15246.8 14743.2
1996 15972.8 16159.5 15545.3
1997 16697 17206.2 16486.4
1998 17740.1 18520.3 17464
1999 18327.1 19218.1 17974.3
</TABLE>
Source: Lipper Analytical Services. Past performance is not indicative of
future results. Investment return and principal value will fluctuate so that
shares, when redeemed, may be worth more or less than their original cost.
The Fund commenced operations on 1/1/97. Performance includes performance of a
predecessor account for the period date back to 10/31/89, and is adjusted to
reflect historical expenses at the level indicated (absent reimbursements) in
the Expense Summary for the Fund as disclosed in the Prospectus. The account
was not registered with the SEC and was not subject to investment restrictions
of registered mutual funds. If the account had been registered, performance may
have been adversely affected. The Fund is currently waiving fees. The waiver
may be terminated, which would reduce returns.
Chart illustrates comparative performance of $10,000 and assumes reinvestment
of all distributions. Performance of the unmanaged average and indices does not
include sales charges, but includes reinvestment of all distributions. The
Lehman 1-3 Year Government Bond Fund Index consists of all bonds covered by the
Government Bond Index with maturities of one to three years. The Lipper Short-
Term Investment Grade Debt Funds Average consists of actively managed
short-term, investment-grade debt mutual funds. Investors cannot invest
directly in an index.
4
<PAGE>
- --------------------------------------------------------------------------------
CHASE VISTA SELECT INTERMEDIATE BOND FUND
As of October 31, 1999 (Unaudited)
- --------------------------------------------------------------------------------
How the Fund Performed
Chase Vista Select Intermediate Bond Fund, which seeks to provide a high level
of current income through a portfolio of investment-grade Treasury, corporate,
mortgage-backed and asset-backed securities, had a total return of 0.33% for
the year ended October 31, 1999. This compares to a -0.07% annual return for
the Lipper Intermediate Investment Grade Debt Funds Average.
How the Fund Was Managed
In a rising rate environment, your management team has a variety of tools at
its disposal to protect the value of your investment.
One such tool is duration management, which involves selecting securities by
how far away or close their maturity is to today. Because interest rates and
bond prices move in opposite directions, it's generally better to have a more
conservative, shorter duration in a rising rate environment. After taking
advantage of the rally in Treasuries (and falling rates) as the reporting year
opened by having a longer-than-benchmark duration, the management team
correctly anticipated the onset of the higher rate environment by reducing
duration to only slightly-long. This began a process of reduction in duration
that continued through the spring and summer and ultimately led to a
shorter-than-benchmark stance.
Another tool is sector allocation, which involves determining which sectors are
likely to outperform given the market's characteristics. Generally, it's better
to be in Treasuries in a falling-rate environment, and therefore the Fund
benefited from its Treasury overweight early in the reporting year.
Subsequently, the management team moved back into the sectors which offer a
higher yield or "spread" relative to Treasuries, including corporates,
mortgage-backed and asset-backed securities. While their higher yields
traditionally help the spread sectors outperform in a flat to rising interest
rate environment, it took a while in late 1998 and the first quarter of 1999
for each spread sector to recover from its autumn low.
Although the Federal Reserve's announcement of a bias towards raising rates
caused spread sectors to underperform Treasuries during the April to June
period, the Fund's strong security selection within the corporate sector helped
relative performance, as did the gradual move back into mortgages and a
reduction of corporates given fears of large issuance in the sector. As the
period ended, fears of huge corporate issuance had subsided, and the Fund began
adding back to its holdings in the sector.
A final tool is yield curve management, and although this was relatively
neutral for most of the year the management team did emphasize two-year
securities in late June and early July.
Where the Fund May Be Headed
After the end of the reporting period, the Fed once again raised short-term
rates in the face of a strong U.S. economy, growth overseas and slightly higher
inflation expectations. In the management team's view, the Fed won't raise
rates again in 1999 due to concerns about Y2K, but if growth continues at the
current pace the Fed will have to act fairly early next year. Therefore, unless
growth unexpectedly slows, the management team intends to reduce duration
further by the first of the year and intensify its spread sector overweight.
5
<PAGE>
CHASE VISTA SELECT INTERMEDIATE BOND FUND
As of October 31, 1999 (Unaudited)
Percentage of Total Portfolio Investments
[TABULAR REPRESENTATION OF PIE CHART]
<TABLE>
<S> <C>
Corporate Notes & Bonds (35.7%)
U.S. Treasury Securities (35.3%)
U.S. Government Agency Obligations (10.7%)
Residential Mortgage Backed Securities (8.7%)
Asset Backed Securities (5.5%)
Commercial Mortgage Backed Securities (2.7%)
Cash Equivalents & Short-Term Paper (1.4%)
</TABLE>
6
<PAGE>
CHASE VISTA SELECT INTERMEDIATE BOND FUND
As of October 31, 1999 (Unaudited)
Average Annual Total Returns
<TABLE>
<S> <C> <C> <C>
1 Year 5 Years 10 Years
Select Intermediate
Bond 0.33% 6.82% 6.95%
</TABLE>
10-Year Performance
[TABULAR REPRESENTATION OF LINE CHART]
<TABLE>
<CAPTION>
Lipper Lipper
Chase Vista Intermediate Intermediate
Select Government/ Investment
Intermediate Corporate Grade Debt
Bond Bond Funds
Fund Index Average
<S> <C> <C> <C>
1989 10000 10000 10000
1990 10553.3 10737.8 10501.6
1991 12112 12221.9 12058.1
1992 13310.8 13443.9 13229
1993 14966.5 14782.2 14760.5
1994 14086.8 14496.6 14143.6
1995 16161.6 16311.2 16092.6
1996 16903.8 17259.8 16921.3
1997 18087.3 18551.5 18263.9
1998 19531 20310 19695.3
1999 19595.1 20492.9 19652.8
</TABLE>
Source: Lipper Analytical Services. Past performance is not indicative of
future results. Investment return and principal value will fluctuate so that
shares, when redeemed, may be worth more or less than their original cost.
The Fund commenced operations on 1/1/97. Performance includes performance of a
predecessor account for the period date back to 10/31/89, and is adjusted to
reflect historical expenses at the level indicated (absent reimbursements) in
the Expense Summary for the Fund as disclosed in the Prospectus. The account
was not registered with the SEC and was not subject to investment restrictions
of registered mutual funds. If the account had been registered, performance may
have been adversely affected. The Fund is currently waiving fees. The waiver
may be terminated, which would reduce returns.
Chart illustrates comparative performance of $10,000 and assumes reinvestment
of all distributions. Performance of the unmanaged average and indices does not
include sales charges, but includes reinvestment of all distributions. The
Lehman Intermediate Gov't/Corp. Bond Index consists of the government and
corporate indices, which includes bonds with 5-10 year maturities, including
U.S. Government Treasury and agency securities, and corporate and Yankee Bonds.
The Lipper Average consists of actively managed intermediate investment grade
debt mutual funds. Investors cannot invest directly in an index.
7
<PAGE>
- --------------------------------------------------------------------------------
CHASE VISTA SELECT BOND FUND
As of October 31, 1999 (Unaudited)
- --------------------------------------------------------------------------------
How the Fund Performed
Chase Vista Select Bond Fund, which seeks to provide a high level of current
income through a portfolio of investment-grade Treasury, corporate,
mortgage-backed and asset-backed securities, had a total return of -0.01% for
the year ended October 31, 1999 compared to a -0.92% annual return for the
Lipper Corporate Debt A-Rated Funds Average. The fund was ranked in the top 25%
of its Lipper peer group.
How the Fund Was Managed
In a rising rate environment, your management team has a variety of tools to
protect the value of your investment.
One such tool is duration management, which involves selecting securities by
how far away or close their maturity is to today. Because interest rates and
bond prices move in opposite directions, it's generally better to have a more
conservative, shorter duration in a rising rate environment. After taking
advantage of the rally in Treasuries (and falling rates) as the reporting year
opened by having a longer-than-benchmark duration, the management team
correctly anticipated the onset of the higher rate environment by reducing
duration to only slightly-long. This began a process of reduction in duration
that continued through the spring and summer and ultimately led to a
shorter-than-benchmark stance by the end of September.
Another tool is sector allocation, which involves determining which sectors are
likely to outperform given the market's characteristics. Generally, it's better
to be in Treasuries in a falling-rate environment, and therefore the Fund
benefited from its Treasury overweight early in the reporting year.
Subsequently, the management team moved back into the sectors which offer a
higher yield or "spread" relative to Treasuries, including corporates,
mortgage-backed and asset-backed securities. While their higher yields
traditionally help the spread sectors outperform in a flat to rising interest
rate environment, it took a while in late 1998 and the first quarter of 1999
for each spread sector to recover from its autumn low.
Although the Federal Reserve's announcement of a bias towards raising rates
caused spread sectors to underperform Treasuries during the April to June
period, the Fund's strong security selection within the corporate sector helped
relative performance, as did the gradual move back into mortgages and a
reduction of corporates given fears of large issuance in the sector.
A final tool is yield curve management, and although this was relatively
neutral for most of the year, the management team did emphasize two-year
securities in late June and early July and subsequently took advantage of a
disparity between yields on 20- and 30-year securities.
Where the Fund May Be Headed
After the end of the reporting period, the Fed once again raised short-term
rates in the face of a strong U.S. economy, growth overseas and slightly higher
inflation expectations. In the management team's view, the Fed won't raise
rates again in 1999 due to concerns about Y2K, but if growth continues at the
current pace the Fed will have to act fairly early next year. Therefore, unless
growth unexpectedly slows, the management team intends to reduce duration
further by the first of the year and intensify its spread sector overweight.
8
<PAGE>
CHASE VISTA SELECT BOND FUND
As of October 31, 1999 (Unaudited)
Percentage of Total Portfolio Investments
[TABULAR REPRESENTATION OF PIE CHART]
<TABLE>
<S> <C>
Residential Mortgage Backed Securities (34.8%)
Corporate Notes & Bonds (23.7%)
U.S. Treasury Securities (14.9%)
Cash Equivalents & Short-Term Paper (9.1%)
Asset Backed Securities (6.8%)
Commercial Mortgage Backed Securities (6.3%)
U.S. Government Agency Obligations (4.4%)
</TABLE>
9
<PAGE>
CHASE VISTA SELECT BOND FUND
As of October 31, 1999 (Unaudited)
Average Annual Total Returns
<TABLE>
<CAPTION>
1 Year 5 Years 10 Years
<S> <C> <C> <C>
Select Bond -0.01% 7.33% 7.43%
</TABLE>
10-Year Performance
[TABULAR REPRESENTATION OF LINE CHART]
<TABLE>
<CAPTION>
Lipper
Corporate
Chase Vista Lehman Debt
Select Aggregate A-Rated
Bond Bond Funds
Fund Index Average
<S> <C> <C> <C>
1989 10000 10000 10000
1990 10458.5 10628.7 10383
1991 12091 12308.8 12054.2
1992 13229.1 13520.4 13295.9
1993 15011 15175.8 15168.6
1994 14382.6 14618 14280.4
1995 16540.3 16906.2 16487.2
1996 17465.2 17892.2 17278.2
1997 18895.6 19458.6 18738.2
1998 20490.1 21302.3 20180.8
1999 20488.8 21839 19994.2
</TABLE>
Source: Lipper Analytical Services. Past performance is not indicative of
future results. Investment return and principal value will fluctuate so that
shares, when redeemed, may be worth more or less than their original cost.
The Fund commenced operations on 1/1/97. Performance includes performance of a
predecessor account for the period date back to 10/31/89, and is adjusted to
reflect historical expenses at the level indicated (absent reimbursements) in
the Expense Summary for the Fund as disclosed in the Prospectus. The account
was not registered with the SEC and was not subject to investment restrictions
of registered mutual funds. If the account had been registered, performance may
have been adversely affected. The Fund is currently waiving fees. The waiver
may be terminated, which would reduce performance.
Chart illustrates comparative performance of $10,000 and assumes reinvestment
of all distributions. Performance of the unmanaged average and indices does not
include sales charges, but includes reinvestment of all distributions. The
Lehman Aggregate Bond Index consists of the Lehman Gov't/Corp. Index and the
Mortgage-backed Securities Index. The Lipper Average consists of actively
managed corporate debt A-rated or better funds. Investors cannot invest
directly in an index.
10
<PAGE>
- --------------------------------------------------------------------------------
CHASE VISTA SELECT BALANCED FUND
As of October 31, 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 13.30% for the year ended October
31, 1999. This compares to a 11.32% annual return for the Lipper Balanced Funds
Average.
How the Fund Was Managed
The Fund's exposure to equities boosted returns, as many large technology
companies and blue chip growth stocks posted strong returns. In the second half
of the period, however, growing worries regarding inflationary forces dampened
Fund returns. Not only did this slow the momentum of equity markets, but it
also led to a fall in the price of Treasury and other fixed income securities.
Equity holdings were the chief drivers of performance. Companies like
Microsoft, Intel, Dell Computer, General Electric and Proctor & Gamble provided
strong returns for much of the 12 months. These stocks continued to move higher
even during the May through September period when inflation jitters caused the
broad-based equity indices to move sideways. Such nervousness caused the
investing community to treat disappointments harshly. One holding, discount
broker Charles Schwab, fell sharply after warning that profit margins might
deteriorate.
Fixed-income holdings avoided losses in a difficult environment. Bond prices
slipped lower as the yield on the 30-year U.S. Treasury bond rose from 5.15% to
6.15% over the Fund's financial year. The Federal Reserve tightened rates twice
in the period--at the end of June and again in August. After the period ended,
the Fed raised the Federal Funds rate to 5.5% on November 16, 1999.
Your management team generally evaded falls in bond prices chiefly through
active management of 'duration'. Shorter duration bonds (with shorter times
until maturity) are less sensitive to changes in inflationary expectations, and
are the best place to be in a rising rate environment. After taking advantage
of the rally in Treasuries early in the reporting period by having
longer-than-benchmark duration, management continuously reduced duration. There
was also a shift into non-Treasury bonds--including corporates, mortgage-backed
and asset-backed securities--to take advantage of low valuations.
Where the Fund May Be Headed
The outlook depends to a large extent on future inflation and interest rates. A
significant rise in inflation could halt the rally in large growth stocks, and
have an adverse impact on bond prices. Otherwise, the rally in these stocks is
likely to lose momentum over time and be replaced by a more broadly based move
higher.
11
<PAGE>
CHASE VISTA SELECT BALANCED FUND
As of October 31, 1999 (Unaudited)
Percentage of Total Portfolio Investments
[TABULAR REPRESENTATION OF PIE CHART]
<TABLE>
<S> <C>
Consumer Cyclicals (14.5%)
Utilities (14.0%)
U.S. Treasury Securities (13.8%)
Capital Goods (8.2%)
U.S. Government Agency Securities (8.2%)
Energy (7.8%)
Financial (7.5%)
Technology (6.6%)
Health Care (5.4%)
Cash Equivalent & Short Term Paper (4.6%)
Mortgage Backed Pass-Through Securities (4.4%)
Basic Materials (2.1%)
Real Estate (1.3%)
Transportation (0.8%)
Consumer Staples (0.8%)
</TABLE>
Top Ten Equity Holdings of the Portfolio
1. General Electric Co. (3.0%) Develops, manufactures and markets products for
the generation, distribution and utilization of electricity. Through General
Electric Capital Services, Inc., offers a variety of financial services
including mutual fund management, financing, asset management and insurance.
General Electric also owns the National Broadcasting Company.
2. BellSouth Corp. (2.8%) Through its two wholly-owned subsidiaries, BellSouth
Telecommunications, Inc. and BellSouth Enterprises, Inc., provides
telecommunications services, systems and products.
3. Dayton-Hudson Corp. (2.4%) A general merchandise retailer, specializing in
large-store formats, including discount stores, moderate-priced promotional
stores and traditional department stores.
4. Bristol-Myers Squibb Co. (2.4%) A diversified worldwide health and personal
care company that manufactures medicines and other products.
5. MCI WorldCom, Inc. (2.2%) Provides local, long distance, Internet, data and
international communications services.
6. Vodafone AirTouch PLC (2.1%) Provides mobile telecommunications services. The
Company supplies customers with digital and analog cellular telephone, paging
and personal communications services.
7. SBC Communications, Inc. (2.0%) Provides communications services in the
United States and in other countries.
8. Corning Inc. (2.0%) Produces optical fiber, cable and photonic components for
the telecommunications industry, and high-performance displays and components
for television and other communications-related industries.
9. Exxon Corp. (1.9%) Explores for and produces crude oil and natural gas,
manufactures petroleum products and transports and sells crude oil.
10. American International Group (1.8%) Writes property and casually insurance
and life insurance, and provides a variety of insurance and insurance-related
services through its subsidiaries in the U.S. and overseas.
Top 10 equity holdings comprised 22.6% of the Portfolio's market value of
investments. Portfolio holdings are subject to change at any time.
12
<PAGE>
CHASE VISTA SELECT BALANCED FUND
As of October 31, 1999 (Unaudited)
Average Annual Total Returns
<TABLE>
<CAPTION>
1 Year 5 Years 10 Years
<S> <C> <C> <C>
Select Balanced 13.30% 15.74% 11.47%
</TABLE>
10-Year Performance
[TABULAR REPRESENTATION OF LINE CHART]
<TABLE>
<CAPTION>
Chase
Vista Lehman Lipper
Select Aggregate Balanced
Balanced S&P 500 Bond Funds
Fund Index Index Average
<S> <C> <C> <C> <C>
1989 10000 10000 10000 10000
1990 9982.26 9253.04 10628.7 9550.84
1991 12150.3 12344.4 12308.8 12139.4
1992 13409.4 13572.1 13520.4 13260.3
1993 14854.6 15597.8 15175.8 15216.3
1994 14264.1 16199.7 14618 15143
1995 17218.1 20475.6 16906.2 17920
1996 19242.5 25501.3 17892.2 20603.5
1997 22893.3 33549.3 19485.6 24708.8
1998 26162.9 40931.2 21302.3 26978.4
1999 29641.3 51433.7 21839 30027.4
</TABLE>
Source: Lipper Analytical Services. Past performance is not indicative of
future results. Investment return and principal value will fluctuate so that
shares, when redeemed, may be worth more or less than their original cost.
The Fund commenced operations on 1/1/97. Performance includes performance of a
predecessor account for the period date back to 10/31/89, and is adjusted to
reflect historical expenses at the level indicated (absent reimbursements) in
the Expense Summary for the Fund as disclosed in the Prospectus. The account
was not registered with the SEC and was not subject to investment restrictions
of registered mutual funds. If the account had been registered, performance may
have been adversely affected. The Fund is currently waiving fees. The waiver
may be terminated, which would reduce returns.
Chart illustrates comparative performance of $10,000 and assumes reinvestment
of all distributions. Performance of the unmanaged average and indices does not
include sales charges, but includes reinvestment of all distributions. The S&P
500 Index is a broad-based index that replicates the U.S. stock market. The
Lipper Balanced Funds Average. The Lehman Aggregate Bond Index consists of the
Lehman Gov't/Corp. Index and the Mortgage-backed Securities Index. The Lehman
Gov't/Corp. Index includes the government and corporate bond indices, including
U.S. government and treasury agency securities, corporate and Yankee bonds.
Investors cannot invest directly in an index.
13
<PAGE>
- --------------------------------------------------------------------------------
CHASE VISTA SELECT EQUITY INCOME FUND
As of October 31, 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-generating equity
securities, had a total return of 8.18% for the year ended October 31, 1999.
This compares to a 9.56% annual return for the Lipper Equity Income Funds
Average.
How the Fund Was Managed
The Fund rose with a buoyant equity market. Much of the Fund's rise came in the
first half of the period, when there was a broad-based market rally following
the Federal Reserve Board's rate cuts in the fall of 1998. This coincided with
strong corporate earnings reports and a realization that the economy was in
robust shape.
The Fund benefited in the first half from a high exposure to Real Estate
Investment Trusts (REITs), which rallied in the period. Financial stocks
rallied in response to merger and acquisition activity, and energy stocks rose
with higher oil prices. Further, consumer cyclicals, such as housing, retail
and automotive helped performance. Cable stocks were also positive performers.
In the second half, however, much of the market was mired in a trading range as
the Federal Reserve Board reversed most of its 1998 rate cuts and inflationary
fears resurfaced. Yields rose across the yield curve, and the market became
nervous about valuations for all but the most dynamic growth stocks. The
portfolio actually reversed some of its earlier gains during this period.
The portfolio is currently being reorganized to bring its sector weightings
into closer alignment with those of its benchmark. Many new names are being
added, including DuPont, American Express, American International Group (AIG),
Citigroup, Abbott Laboratories, Bristol-Myers Squibb, IBM, Microsoft and Home
Depot. Those stocks with little medium-term prospect of any improvement in
earnings have been removed.
Where the Fund May Be Headed
The Fund will be managed in a conservative fashion intended to cushion the
impact of market volatility. It will invest in conservatively managed companies
with diversified businesses that offer some protection from economic
uncertainty. The intention is to create a portfolio of stocks with a roughly
85% exposure to the S&P 500 Index, seeking to capture at least 85% of any rise,
but no more than 85% of any fall.
14
<PAGE>
CHASE VISTA SELECT EQUITY INCOME FUND
As of October 31, 1999 (Unaudited)
Percentage of Total Portfolio Investments
[TABULAR REPRESENTATION OF LINE CHART]
<TABLE>
<S> <C>
Technology (24.3%)
Financial (17.3%)
Utilities (14.1%)
Consumer Cyclicals (10.0%)
Energy (9.3%)
Basic Materials (6.0%)
Health Care (6.0%)
Capital Goods (5.1%)
Cash Equivalent & Short Term Paper (4.0%)
Consumer Staples (3.3%)
Real Estate (0.6%)
</TABLE>
Top Ten Equity Holdings of the Portfolio
1. Freddie Mac (4.1%) Supplies lenders with the money to make mortgages and
packages them into marketable securities.
2. General Electric Co. (4.1%) Develops, manufacturers and markets products for
the generation, distributions and utilization of electricity. Through General
Electric Capital Services, Inc., offers a variety of financial services
including mutual fund management, financing, asset management and insurance.
General Electric also owns the National Broadcasting Company.
3. Intel Corp. (3.7%) Designs, manufacturers and sells computer components and
related products. Major products include microprocessors, chipsets, embedded
processors and microcontrollers, flash memory products, graphics products,
network and communications products, system management software, conferencing
products and digital imaging products.
4. General Dynamics Corp. (3.5%) Manufactures and supplies defense systems to
the United States government and its allies, The Company conducts business in
the marine systems, combat systems, information systems and technology
industries.
5. IBM Corp. (3.5%) Provides technologies, systems, products, services, software
and financing. The Company offers its products through its global sales and
distribution organization, as well as through a variety of third party
distributors and resellers.
6. American International Group (3.3%) Writes property and casualty insurance
and life insurance, and provides a variety of insurance and insurance-related
services through its subsidiaries in the U.S. and overseas.
7. Citigroup, Inc. (3.3%) A diversified financial services holding company that
provides investment banking, retail brokerage, corporate banking and cash
management products and services around the world.
8. SBC Communcations, Inc. (3.3%) Provides communications services in the United
States and in other countries.
9. Texas Instruments, Inc. (2.9%) Provides semiconductor products as well as
designs and supplies digital signal processing and analog technologies.
10. GTE Corp. (2.8%) Provides government and defense communications systems and
equipment, aircraft passenger telecommunications, and directories and
telecommunications-based information services.
Top 10 equity holdings comprised 34.5% of the Portfolio's market value of
investments. Portfolio holdings are subject to change at any time.
15
<PAGE>
CHASE VISTA SELECT EQUITY INCOME FUND
As of October 31, 1999 (Unaudited)
Average Annual Total Returns
<TABLE>
<CAPTION>
1 Year 5 Years 10 Years
<S> <C> <C> <C>
Select Equity Income 8.18% 17.66% 13.84%
</TABLE>
10-Year Performance
[TABULAR REPRESENTATION OF LINE CHART]
<TABLE>
<CAPTION>
Chase Vista Lipper
Select Equity
Equity Income
Income S&P 500 Funds
Fund Index Average
<S> <C> <C> <C>
1989 10000 10000 10000
1990 9083.44 9253.04 8808.94
1991 12070.3 12344.4 11644.4
1992 13327.4 13572.1 12829
1993 16412.5 15597.8 15277.5
1994 16209.5 16199.7 15550.3
1995 19585.1 20475.6 18376.2
1996 24025.7 25401.3 22254.3
1997 31411.1 33549.3 28225.7
1998 33805.2 40931.2 31013.2
1999 36570.4 51433.7 33951.7
</TABLE>
Source: Lipper Analytical Services. Past performance is not indicative of
future results. Investment return and principal value will fluctuate so that
shares, when redeemed, may be worth more or less than their original cost.
The Fund commenced operations on 1/1/97. Performance includes performance of a
predecessor account for the period date back to 10/31/89, and is adjusted to
reflect historical expenses at the level indicated (absent reimbursements) in
the Expense Summary for the Fund as disclosed in the Prospectus. The account
was not registered with the SEC and was not subject to investment restrictions
of registered mutual funds. If the account had been registered, performance may
have been adversely affected.
Chart illustrates comparative performance of $10,000 and assumes reinvestment
of all distributions. Performance of the unmanaged average and indices does not
include sales charges, but includes reinvestment of all distributions. The S&P
500 Index is a broad-based index that replicates the U.S. stock market. The
Lipper Equity Income Funds Average consists of funds that invest in equity
income stocks. Investors cannot invest directly in an index.
16
<PAGE>
- --------------------------------------------------------------------------------
CHASE VISTA SELECT LARGE CAP EQUITY FUND
As of October 31, 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 20.36% for the year ended October 31, 1999. This compares to a
26.12% annual return for the Lipper Large-Cap Core Average.
How the Fund Was Managed
The Fund's emphasis on large capitalization names served it well during the
period, although its value style proved a slight drag on performance.
Continuing the trend of recent years, large capitalization stocks registered
bigger gains than small and mid cap companies. Value stocks did not, however,
perform as well growth.
Much of the Fund's rise occurred in the first six months, when it rose 20.61%.
Relief that economic growth had not been damaged by the turmoil affecting
emerging markets and parts of Asia drove equities higher during that period. In
the second six months, a sustained rise in interest rates across the yield
curve held much of the equity market within a trading range. Stock price rises
were limited to an ever-shrinking number of blue chip and technology stocks.
The Fund was underweight in technology stocks and so moved sideways over much
of the summer. Further, it did not own some of the blue chip names like
Microsoft Corp and General Electric that led the market. The largest holding
for much of this period was Philip Morris, the tobacco company. Philip Morris
was widely favored by value managers but performed poorly.
A number of the value stocks in the portfolio are being sold as its style is
shifted to a blend of growth and value. Growth names like Microsoft and GE have
been added. The Fund's weight in sectors like technology and healthcare has
been lifted, while that in financials, utilities and basic materials has been
reduced. The manager is also investing the Fund's 10% cash position.
Where the Fund May Be Headed
The Fund's outlook depends on future inflation and interest rates. To date, the
Fund has risen with the large capitalization companies in which it has
invested. Stock picking will be a major contributor to performance. The manager
is positioning the Fund in companies with market leadership credentials. It
focuses on companies with strong earnings and high levels of profitability as
well as positive industry characteristics. The manager believes the Fund is
well positioned in the current market environment.
17
<PAGE>
CHASE VISTA SELECT LARGE CAP EQUITY FUND
As of October 31, 1999 (Unaudited)
Percentage of Total Portfolio Investments
[TABULAR REPRESENTATION OF PIE CHART]
<TABLE>
<S> <C>
Technology (22.9%)
Consumer Cyclicals (19.4%)
Financial (14.9%)
Health Care (9.4%)
Utilities (8.8%)
Energy (7.6%)
Capital Goods (7.4%)
Cash Equivalent & Short Term Paper (3.4%)
Basic Materials (3.2%)
Consumer Staples (1.5%)
Transportation (1.5%)
</TABLE>
Top Ten Equity Holdings of the Portfolio
1. General Electric Co. (4.4%) management, financing, asset management and
insurance. General Electric also owns the National Broadcasting Company.
2. Microsoft Corp. (4.0%) Develops, manufacturers, licenses, sells and supports
software products. The Company offers operating system software, server
application and software, business and consumer application software, software
development tools and Internet and intranet software. It also develops the MSN
network of Internet products and services.
3. Wal-Mart Stores, Inc. (2.7%) Operates discount stores and Supercenters as
well as Sam's Clubs which offer apparel, housewares, small appliances,
electronics and hardware. Wal-Mart operates in the United States, Canada,
Argentina, Brazil, Germany, Mexico and Puerto Rico, and is involved in joint
ventures in China and Korea.
4. American International Group (2.5%) Writes property and casualty insurance
and life insurance, and provides a variety of insurance and insurance-related
services through its subsidiaries in the U.S. and overseas.
5. Citigroup, Inc. (1.9%) A diversified financial services holding company that
provides investment banking, retail brokerage, corporate banking and cash
management products and services around the world.
6. Home Depot, Inc. (1.9%) Sells building materials and home improvement
products. The Company's stores sell plumbing, heating and electrical supplies,
lumber, floor and wall coverings, hardware, tools, paints, and lawn and garden
products.
7. Altera Corp. (1.8%) Designs, manufacturers and markets programmable logic
devices and associated development tools. Programmable logic devices are
semiconductor integrated circuits that offer on-site programmability to
customers.
8. Texas Instruments, Inc. (1.7%) Provides semiconductor products as well as
designs and supplies digital signal processing and analog technologies.
9. Coastal Corp. (1.7%) Gathers, markets, processes, stores and transmits gas,
as well as refines, markets and distributes petroleum and chemicals.
10. American Express Co. (1.6%) Through its subsidiaries, provides
travel-related financial advisory and international banking services around the
world.
Top 10 equity holdings comprised 24.2% of the Portfolio's market value of
investments. Portfolio holdings are subject to change at any time.
18
<PAGE>
CHASE VISTA SELECT LARGE CAP EQUITY FUND
As of October 31, 1999 (Unaudited)
Average Annual Total Returns
<TABLE>
<CAPTION>
1 Year 5 Years 10 Years
<S> <C> <C> <C>
Select Large Cap
Equity 20.36% 21.72% 15.30%
</TABLE>
10-Year Performance
[TABULAR REPRESENTATION OF LINE CHART]
<TABLE>
<CAPTION>
Chase Vista
Select Lipper
Large Cap Large-Cap
Equity S&P 500 Core
Fund Index Average
<S> <C> <C> <C>
1989 10000 10000 10000
1990 9527.09 9253.04 9177.17
1991 12533.9 12344.4 12385.9
1992 13604.8 13572.1 13494.8
1993 15097.3 15597.8 15712.4
1994 15546.9 16199.7 16028.3
1995 18488.8 20475.6 19509.9
1996 22470.9 25401.3 23708.1
1997 29624.5 33549.3 30271.6
1998 34535.4 40931.2 35113.3
1999 41567.2 51433.7 44072.8
</TABLE>
Source: Lipper Analytical Services. Past performance is not indicative of
future results. Investment return and principal value will fluctuate so that
shares, when redeemed, may be worth more or less than their original cost.
The Fund commenced operations on 1/1/97. Performance includes performance of a
predecessor account for the period date back to 10/31/89, and is adjusted to
reflect historical expenses at the level indicated (absent reimbursements) in
the Expense Summary for the Fund as disclosed in the Prospectus. The account
was not registered with the SEC and was not subject to investment restrictions
of registered mutual funds. If the account had been registered, performance may
have been adversely affected. The Fund is currently waiving fees. The waiver
may be terminated, which would reduce returns.
Chart illustrates comparative performance of $10,000 and assumes reinvestment
of all distributions. Performance of the unmanaged average and indices does not
include sales charges, but includes reinvestment of all distributions. The S&P
500 Index is a broad-based index that replicates the U.S. stock market. The
Lipper Average consists of large-cap value funds. Investors cannot invest
directly in an index.
19
<PAGE>
- --------------------------------------------------------------------------------
CHASE VISTA SELECT LARGE CAP GROWTH FUND
As of October 31, 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 39.78% for the year ended October 31, 1999. This compares to a
38.76% annual return for the Lipper Large-Cap Growth Average.
How the Fund Was Managed
The Fund benefited from its solid growth stock bias. While rising interest
rates and valuation concerns caused the prices of many equities to plateau
during the summer, a number of growth stocks continued to reach new highs.
Technology companies in particular benefited from better than expected third
quarter earnings and persistent optimism regarding growth prospects.
The majority of the Fund's returns came in the first six-month period (when it
rose 29.12%). Equities were especially buoyant during this time as it became
clear that economic growth would not be damaged by turmoil in emerging markets
and parts of Asia. The return in the second six months (10.66%) was, however,
far in advance of the broad-based market indices.
The portfolio had a heavy weighting in technology stocks. It also had
significant holdings in growth companies such as General Electric and Amgen.
One company that performed well for the majority of the period, but corrected
towards the end was Tyco International, the acquisitive Bermuda-based
industrial conglomerate. Unsubstantiated allegations regarding its accounting
practices caused the stock price to fall sharply.
The Fund is gradually being repositioned to bring its sector weightings more
into line with those of its benchmark. As the manager focuses on buying
companies with market leadership credentials, there will also be a subtle shift
in its stock picking style.
Where the Fund May Be Headed
The Fund's outlook largely depends on future inflation and interest rates. To
date, the Fund has risen with the growth companies in which it has invested.
Stock picking will be a major contributor to performance. The manager is
positioning the Fund in companies with market leadership credentials. It
focuses on companies with strong earnings and high levels of profitability as
well as positive industry characteristics. The manager believes the Fund is
well positioned in the current market environment.
20
<PAGE>
CHASE VISTA SELECT LARGE CAP GROWTH FUND
As of October 31, 1999 (Unaudited)
Percentage of Total Portfolio Investments
[TABULAR REPRESENTATION OF PIE CHART]
<TABLE>
<S> <C>
Technology (34.1%)
Consumer Cyclicals (17.5%)
Capital Goods (13.3%)
Health Care (12.7%)
Financial (10.0%)
Utilities (4.1%)
Cash Equivalent & Short Term Paper (3.6%)
Energy (2.5%)
Consumer Staples (2.2%)
</TABLE>
Top Ten Equity Holdings of the Portfolio
1. Microsoft Corp. (5.2%) Develops, manufacturers, licenses, sells and supports
software products. The Company offers operating system software, server
application and software, business and consumer application software, software
development tools and Internet and intranet software. It also develops the MSN
network of Internet products and services.
2. EMC Corp. (4.9%) With offices all around the world, EMC provides enterprise
storage systems, software, networks and services. The Company's products store,
retrieve, manage, protect and share information from all major computing
environments.
3. Tyco International LTD (3.8%) Manufacturers and installs fire protection
systems, provides electronic security services, and manufacturers flow control
valves and disposable medical products.
4. General Electric Co. (3.8%) Develops, manufacturers and markets products for
the generation, distribution and utilization of electricity. Through General
Electric Capital Services, Inc., offers a variety of financial services
including mutual fund management, financing, asset management and insurance.
General Electric also owns the National Broadcasting Company.
5. Cisco Systems, Inc. (3.7%) Supplies data networking products to the corporate
enterprise and public wide area service provider markets. Products include
routers, LAN switches, frame relay/ATM and remote access concentrators.
6. America Online, Inc. (3.6%) Provides interactive communications and services
through its America Online and CompuServe worldwide Internet online services.
7. IBM Corp. (3.5%) Provides technologies, systems, products, services, software
and financing. The Company offers its products through its global sales and
distribution organization, as well as through a variety of third party
distributors and resellers.
8. Dell Computer Corp. (3.4%) Designs, develops, manufactures, markets, services
and supports a variety of computer systems, including desktop computer systems,
notebook computers, workstations, and network server and storage products.
9. Intel Corp. (3.0%) Designs, manufacturers and sells computer components and
related products. Major products include microprocessors, chipsets, embedded
processors and microcontrollers, flash memory products, graphics products,
network and communications products, system management software, conferencing
products and digital imaging products.
10. American International Group (2.9%) A company that writes property and
casualty insurance and life insurance, and provides a variety of insurance and
insurance-related services through its subsidiaries in the U.S. and overseas.
Top 10 equity holdings comprised 37.8% of the Portfolio's market value of
investments. Portfolio holdings are subject to change at any time.
21
<PAGE>
CHASE VISTA SELECT LARGE CAP GROWTH FUND
As of October 31, 1999 (Unaudited)
Average Annual Total Returns
<TABLE>
<CAPTION>
1 Year 5 Years 10 Years
<S> <C> <C> <C>
Select Large Cap
Growth 39.78% 28.12% 18.26%
</TABLE>
10-Year Performance
[TABULAR REPRESENTATION OF LINE CHART]
<TABLE>
<CAPTION>
Chase Vista
Select Lipper
Large Cap S&P/Barra Large-Cap
Growth S&P 500 Growth Growth
Fund Index Index Average
<S> <C> <C> <C> <C>
1989 10000 10000 10000 10000
1990 9394.22 9253.04 9669.19 9254.66
1991 12078.6 12344.4 13166.8 13256.9
1992 13791.9 13572.1 14686.7 14242
1993 14880.1 15597.8 15540.8 16314.5
1994 15498 16199.7 16391.5 16679.6
1995 19552.2 20475.6 21262.5 20968.8
1996 22502.8 25401.3 26305.3 24924.8
1997 29666 33549.3 35327.4 32032.3
1998 38304.2 40931.2 46651.9 38298.7
1999 53541.9 51433.7 54660.9 53045.7
</TABLE>
Source: Lipper Analytical Services. Past performance is not indicative of
future results. Investment return and principal value will fluctuate so that
shares, when redeemed, may be worth more or less than their original cost.
The Fund commenced operations on 1/1/97. Performance includes performance of a
predecessor account for the period date back to 10/31/89, and is adjusted to
reflect historical expenses at the level indicated (absent reimbursements) in
the Expense Summary for the Fund as disclosed in the Prospectus. The account
was not registered with the SEC and was not subject to investment restrictions
of registered mutual funds. If the account had been registered, performance may
have been adversely affected. The Fund is currently waiving fees. The waiver
may be terminated, which would reduce returns.
Chart illustrates comparative performance of $10,000 and assumes reinvestment
of all distributions. Performance of the unmanaged average and indices does not
include sales charges, but includes reinvestment of all distributions. The &P
500 Index is a broad-based index that replicates the U.S. stock market. The
S&P/Barra Growth Index contains large U.S. companies with high price-to-book
ratios relative to the S&P 500. The Lipper Large-Cap Growth Average consists of
funds that invest in large-cap growth stocks. Investors cannot invest directly
in an index.
22
<PAGE>
- --------------------------------------------------------------------------------
CHASE VISTA SELECT NEW GROWTH OPPORTUNITIES FUND
As of October 31, 1999 (Unaudited)
- --------------------------------------------------------------------------------
How the Fund Performed
Chase Vista Select New Growth Opportunities Fund, which seeks to provide
capital growth through a portfolio of common stocks of mid-sized companies, had
a total return of 29.65% for the year ended October 31, 1999. This compares to
a 58.10% annual return for the Lipper Mid Cap Growth Funds Average.
How the Fund Was Managed
The Fund benefited from its holdings in mid-cap growth stocks. Equities were
boosted early in the 12-month period by evidence that economic growth remained
robust. Fears that economic weakness in Asia and Europe would harm the U.S.
economy proved unjustified.
Technology stocks led the equity market for most of the year. The Fund held
many strong performers, in particular semiconductor and communications services
stocks. Among them were stocks like Vitesse Semiconductor, JDS Uniphase and
McLeod USA. Early in the year, oil stocks also made a contribution to
performance, thanks to a sustained rally in oil prices fueled by the decision
of Mideast oil ministers to limit oil production.
As the year progressed, the equity market rally became significantly weaker as
fears regarding valuations emerged. Buoyant growth and sustained interest rate
rises sparked concerns that stocks might prove overvalued. Many stocks fell
from their highs, although a dwindling number of technology companies continued
to move higher.
The Fund is currently being rebalanced to bring its sector weightings more
closely into line with those of its benchmark. In the future, it will seek to
enhance returns primarily from stock picking rather than sector bets. The
Fund's weighting in financials, capital goods and basic materials is being
increased. The technology holding is being reduced. In a particularly fortunate
piece of timing, the financials weighting was lifted shortly before the sector
rallied in response to legislation that will allow banks to underwrite
securities.
Where the Fund May Be Headed
Looking ahead, we remain positive. The stocks in this portfolio are
attractively valued by comparison with large company stocks, and many have
stronger earnings growth rates than the market as a whole. There are a large
number of mid-sized companies with strong growth prospects trading on
relatively low valuations. By this criterion, the mid-cap stock universe
currently offers a better balance of risk and reward than large capitalization
stocks. The Fund will continue to hold stocks with strong fundamentals,
reasonable valuations and good technicals.
23
<PAGE>
CHASE VISTA SELECT NEW GROWTH OPPORTUNITIES FUND
As of October 31, 1999 (Unaudited)
Percentage of Total Portfolio Investments
[TABULAR REPRESENTATION OF PIE CHART]
<TABLE>
<S> <C>
Consumer Cyclicals (30.3%)
Technology (18.6%)
Financial (11.7%)
Utilities (9.2%)
Cash Equivalent & Short Term Paper (7.9%)
Health Care (7.6%)
Energy (6.9%)
Basic Materials (5.3%)
Capital Goods (2.0%)
Transportation (0.5%)
</TABLE>
Top Ten Equity Holdings of the Portfolio
1. Nextlink Communications, Class A (2.3%) Provides local, long distance and
enhanced communications services to commercial customers. The Company operates
23 facilities-based networks providing switched local and long distance services
in 14 states.
2. Vitesse Semiconductor Corp. (2.1%) Designs, develops, manufactures and
markets digital high-bandwidth communications and automatic test equipment
integrated circuits.
3. Zions Bancorp. (2.0%) Operates full-service banking offices. The company also
offers an array of investments, mortgage, insurance and electronic commerce
services.
4. Park Place Entertainment Corp. (2.0%) Created through a spin-off of Hiltin
Hotels Corporation and a merger with the Mississippi gaming operations of Grand
Casinos, Inc., the company's operations include United States land-based casinos
and an interest in a riverboat casino, land-based casinos in Australia and a
land-based casino in Uruguay.
5. AT&T--Liberty Media Groups Class A (2.0%) Holds interest in numerous globally
branded entertainment networks such as "Discovery Channel" and "USA." Assets
also include interests in international video businesses, international
telephony and domestic wireless, plant and equipment manufacturers and other
businesses related to broadband services.
6. Comverse Technology, Inc. (2.0%) Designs, manufactures, markets and supports
computer and telecommunications systems and software for multimedia
communications and information processing application.
7. Camco International, Inc. (1.9%) Provides oilfield equipment and services for
specialty applications in key phases of oil and gas drilling, completion and
production.
8. Hispanic Broadcasting Corp. (1.9%) A Spanish-language radio broadcasting
company that owns or programs stations in the United States. The Company's
stations are located in Los Angelos, New York, Miami, San Francisco/San Jose,
Chicago, Houston, San Antonio, McAllen/ Brownsville/Harlingen, Dallas/Fort
Worth, San Diego, El Paso and Las Vegas.
9. AXA Financial, Inc. (1.7%) A provider of diversified financial services
around the world, including insurance and annuity products, investment banking
and asset management services. Subsidiaries include The Equitable Life Assurance
Society of the U.S., Alliance Capital Management L.P., and Donaldson, Lufkin and
Jenrette.
10. ASM Lithography Holding, NV (1.7%) Develops, manufacturers, markets and
services advanced photolithography projection systems, known as "wafer
steppers." The Company supplies the wafer steppers to integrated circuit
manufacturers located in the United States, Asia and Western Europe.
Top 10 equity holdings comprised 19.6% of the Portfolio's market value of
investments. Portfolio holdings are subject to change at any time.
24
<PAGE>
CHASE VISTA SELECT NEW GROWTH OPPORTUNITIES FUND
As of October 31, 1999 (Unaudited)
Average Annual Total Returns
<TABLE>
<CAPTION>
1 Year 5 Years 10 Years
<S> <C> <C> <C>
Select New Growth
Opportunities 29.65% 13.82% 13.58%
</TABLE>
10-Year Performance
[TABULAR REPRESENTATION OF LINE CHART]
<TABLE>
<CAPTION>
Chase Vista Lipper
Select Mid Cap
New Growth S&P Mid-Cap Growth
Opportunities Russell 2000 400 Funds
Fund Index Index Average
<S> <C> <C> <C> <C>
1989 10000 10000 10000 10000
1990 8410.96 7271.02 8660.2 8980.75
1991 13168.2 11533.3 14156.8 12899.6
1992 14079.1 12629.6 15459.8 15528.4
1993 18511.3 16719.2 18788.9 18133.1
1994 18703.3 16661.2 19234.4 18312.7
1995 21812.1 19720 23314.6 25706.6
1996 24324.6 23004.6 27355.5 30046
1997 27761.7 29754.3 36290.9 33842.3
1998 27566.9 26227.3 38726.1 34601.1
1999 35741.2 30125.7 46887.8 49225.5
</TABLE>
Source: Lipper Analytical Services. Past performance is not indicative of
future results. Investment return and principal value will fluctuate so that
shares, when redeemed, may be worth more or less than their original cost.
The Fund commenced operations on 1/1/97. Performance includes performance of a
predecessor account for the period date back to 10/31/89, and is adjusted to
reflect historical expenses at the level indicated (absent reimbursements) in
the Expense Summary for the Fund as disclosed in the Prospectus. The account
was not registered with the SEC and was not subject to investment restrictions
of registered mutual funds. If the account had been registered, performance may
have been adversely affected. The Fund is currently waiving fees. The waiver
may be terminated, which would reduce returns.
Chart illustrates comparative performance of $10,000 and assumes reinvestment
of all distributions. Performance of the unmanaged average and indices does not
include sales charges, but includes reinvestment of all distributions. The
Russell 2000 Index tracks the shares of 2,000 small-capitalization companies.
The S&P MidCap 400 Index consists of 400 domestic stocks chosen for market
size, liquidity and industry group representation. The Lipper Average consists
of mid-cap value funds. Investors cannot invest directly in an index.
25
<PAGE>
- --------------------------------------------------------------------------------
CHASE VISTA SELECT SMALL CAP VALUE FUND
As of October 31, 1999 (Unaudited)
- --------------------------------------------------------------------------------
How the Fund Performed
Chase Vista Select Small Cap Value Fund, which seeks capital growth by
investing in small cap common stocks, provided a total return of -4.20% for the
year ended October 31, 1999. This compares to a 6.0% annual return for the
Lipper Small-Cap Value Average.
How the Fund Was Managed
The Fund suffered particularly badly from fears of higher interest rates in the
summer and fall. During the first six months of the 12-month period, it
reported a total return of 9.99%, only to drop by 14.20% in the second half.
Performance was hurt by concerns that higher interest rates would lead to an
economic slowdown and harm the earnings of 'industrial' America. While a number
of growth companies posted new highs during the summer and fall, many value
stocks with cyclical earnings were hit hard. Price weakness was worst of all in
the small cap area in which the Fund invests.
The Fund was significantly overweight in the capital goods and basic materials
sectors. Names like Teleflex and Carlisle Companies, both mini conglomerates,
performed poorly. Watsco, the distributor of air conditioning, was another
disappointment. In addition, a number of companies reported disappointing
earnings.
The style of the fund is currently being adapted from value to a blend of
growth and value. As a result, there has been a significant restructuring of
the portfolio. The weightings in sectors such as technology and healthcare have
been lifted at the expense of areas like capital goods and basic materials.
Where the Fund May Be Headed
The Fund's prospects are currently improving as its portfolio is being
refocused, with a greater emphasis placed on the more vibrant areas of the
economy. Prospects look relatively bright as earnings growth for smaller
companies is forecast to exceed that of large stocks for the first time in 18
months during the fourth quarter of 1999.
26
<PAGE>
CHASE VISTA SELECT SMALL CAP VALUE FUND
As of October 31, 1999 (Unaudited)
Percentage of Total Portfolio Investments
[TABULAR REPRESENTATION OF PIE CHART]
<TABLE>
<S> <C>
Consumer Cyclicals (28.7%)
Technology (19.2%)
Cash Equivalent & Short Term Paper (11.3%)
Health Care (10.6%)
Capital Goods (7.8%)
Financial (6.1%)
Basic Materials (4.7%)
Energy (4.0%)
Transportation (3.0%)
Consumer Staples (2.5%)
Utilities (2.1%)
</TABLE>
Top Ten Equity Holdings of the Portfolio
1. Concord EFS, Inc. (4.9%) Provides electronic transaction authorization,
processing, settlement and funds transfer services across the United States.
2. Vishay Intertechnology, Inc. (2.6%) Manufacturers a broad line of discrete
passive electronic components and discrete active electronic components,
particularly resistors, capacitors, inductors, diodes and transistors. The
Company's products are used in computers, telephones, televisions, automobiles,
household appliances, medical equipment, satellites and military and aerospace
equipment.
3. NFO Worldwide, Inc. (2.6%) Provides continuous tracking, online research,
consumer panels and multi-company research. The Company also provides market
evaluation, product development, customer satisfaction, pricing, distribution
and advertising effectiveness.
4. Shorewood Packaging Corp. (2.1%) Print and manufacture paperboard packaging
through operations in the United States, Canada and China. The Company's
customers include the cosmetics, home video, music, software, tobacco,
toiletries and general consumer markets.
5. Banta Corp. (2.0%) Provides printing and digital imaging services for
publishers of educational and general books, special-interest magazines,
consumer and business catalogs and direct marketing materials.
6. Brown & Brown, Inc. (1.9%) A diversified insurance brokerage and agency that
markets and sells property and casualty insurance products and services to its
clients. The Company acts in an agency capacity to provide customers with
targeted, customized risk management products.
7. Technitrol, Inc. (1.8%) Manufacturers electronic and metallurigical
components.
8. Oneida LTD (1.8%) Manufacturers steel and silverplated flatware for the
consumer and food service industries. The Company also markets a variety of
dinnerware, crystal, glassware and metal serviceware.
9. MS Carriers, Inc. (1.7%) Transport freight by truck in the United States and
Canada. The Company primarily delivers packages, retail goods, nonperishable
foodstuffs, paper and paper products, household appliances, furniture and
packaged petroleum products.
10. Jack in the Box, Inc. (1.7)% Operates and franchises Jack in the Box fast
food restaurants primarily in the western United States. The restaurants offer
hamburgers, specialty sandwiches, salads, Mexican food, finger foods and side
items.
Top 10 equity holdings comprised 23.1% of the Portfolio's market value of
investments. Portfolio holdings are subject to change at any time.
27
<PAGE>
CHASE VISTA SELECT SMALL CAP VALUE FUND
As of October 31, 1999 (Unaudited)
Average Annual Total Returns
<TABLE>
<CAPTION>
1 Year 5 Years 10 Years
<S> <C> <C> <C>
Select Small Cap
Value -4.20% 6.82% 10.90%
</TABLE>
10-Year Performance
[TABULAR REPRESENTATION OF LINE CHART]
<TABLE>
<CAPTION>
Chase Vista Lipper
Select S&P Small-Cap
Small Cap Russell 2000 Small Cap Value
Value Index 600 Average
<S> <C> <C> <C> <C>
1989 10000 10000 10000 10000
1990 7953.28 7271.02 6999 7921.48
1991 11266.7 11533.3 11112.1 11663.3
1992 14314.5 12629.6 12401 13028.8
1993 19337.7 16719.2 16579.4 16531.1
1994 20232.9 16661.2 16011.2 16888.6
1995 23029.1 19720 19399.8 19398.3
1996 26246.2 23004.6 23369 23510.5
1997 32117.1 29754.3 30840.1 32225.8
1998 29379 26227.3 27430 27985.1
1999 28145 30125.7 30731.7 29497.3
</TABLE>
Source: Lipper Analytical Services. Past performance is not indicative of
future results. Investment return and principal value will fluctuate so that
shares, when redeemed, may be worth more or less than their original cost.
The Fund commenced operations on 1/1/97. Performance includes performance of a
predecessor account for the period date back to 10/31/89, and is adjusted to
reflect historical expenses at the level indicated (absent reimbursements) in
the Expense Summary for the Fund as disclosed in the Prospectus. The account
was not registered with the SEC and was not subject to investment restrictions
of registered mutual funds. If the account had been registered, performance may
have been adversely affected. The Fund is currently waiving fees. The waiver
may be terminated, which would reduce returns.
Chart illustrates comparative performance of $10,000 and assumes reinvestment
of all distributions. Performance of the unmanaged average and indices does not
include sales charges, but includes reinvestment of all distributions. The
Russell 2000 Index tracks the shares of 2,000 small-capitalization companies.
The S&P SmallCap 600 Index includes 600 stocks of small U.S. companies chosen
for market size, liquidity and industry group representation. The Lipper
Average consists of funds that invest in small capitalization stocks. Small
company stocks involve more price volatility, which can lead to a higher degree
of risk. Investors cannot invest directly in an index.
28
<PAGE>
- --------------------------------------------------------------------------------
CHASE VISTA SELECT INTERNATIONAL EQUITY FUND
As of October 31, 1999 (Unaudited)
- --------------------------------------------------------------------------------
How the Fund Performed
Chase Vista Select International Equity Fund had a total return of 22.83% for
the year ended October 31, 1999 compared to a 25.53% annual return for the
Lipper International Funds Average.
How the Fund Was Managed
Most of the divergence was due to the Fund's allocation to and holdings in
Japan. The Fund began the reporting year heavily underweight in Japan and the
management team remained fairly skeptical of the economic growth report that
kicked off the rally in the first part of 1999. Although allocation was
increased as the year progressed, several issues led Fund management to be more
conservative than some other funds, including a very narrow market in Japan,
wherein a small percentage of sectors were doing very well and the great
majority of sectors lagged the index. Additionally, these leading sectors,
which included high tech and Internet companies, tended to have very high
valuations and were the companies most likely to be harmed by a stronger yen.
Fortunately, our currency decisions generally had a positive impact. During the
yen's big move, the Fund was underweight Japan but overweight the yen.
Europe remained the region where the Fund had its largest overweight. We
continue to believe that the best opportunities in Europe are available in
those companies which are restructuring their operations to efficiently compete
both within Europe and around the world. During the reporting year, the Fund
was positioned to take advantage of this restructuring, and it benefited from
the high level of merger and acquisition activity. The Fund also gained on a
relative basis from holdings in sectors which provide a combination of growth
and restructuring, such as technology and mobile telephony.
Where the Fund May Be Headed
We believe European earnings will continue to be strong, and earnings are
always an important driver of stock market activity. Further, we think that the
merger and acquisition boom has a long way to go, and while we don't invest in
a company simply because it may be bought, we are focusing on restructuring
businesses and industries and these are more likely to see M&A activity. While
the short term is almost impossible to predict, we think that Europe is in the
midst of profound change, one that creates opportunity for us as investors, and
therefore we're quite bullish over the mid- to long-term.
In general, the Fund's holdings in Southeast Asia were positive for performance
on a relative basis while those in Latin America were detrimental. We continue
to believe that there is significant opportunity in emerging markets, but we
intend to remain cautious and selective as we move into Y2K. After we overcome
that hurdle, we will look to invest in and continue to identify countries and
companies that we believe can outperform.
29
<PAGE>
CHASE VISTA SELECT INTERNATIONAL EQUITY FUND
As of October 31, 1999 (Unaudited)
Percentage of Total Portfolio Investments
[TABULAR REPRESENTATION OF PIE CHART]
<TABLE>
<S> <C>
Japan (26.1%)
United Kingdom (21.1%)
France (10.9%)
Germany (7.1%)
Netherlands (6.5%)
Finland (5.9%)
Italy (4.1%)
Sweden (3.5%)
Spain (3.4%)
Switzerland (3.4%)
Brazil (2.5%)
Ireland (2.5%)
Other (3.0%)
</TABLE>
Top Ten Equity Holdings of the Portfolio
1. Kamps AG (3.6%) Produces and sells baked goods including breads, cookies,
biscuits and snack food, emphasizing regional specialities. The Company provides
easy-made and frozen food items to chains of independently operated stores
organized on a regional basis.
2. Nokia OYJ (3.4%) An international telecommunications company. The Company
develops and manufacturers mobile phones, networks and systems for cellular and
fixed networks.
3. BP Amoco PLC (2.8%) An oil and petrochemicals company. The Company explores
for and products oil and natural gas; refines, markets and supplies petroleum
products; and manufacturers and markets chemicals.
4. Total Fina SA, Class B (2.3%) Explores for, produces, refines, transports and
markets oil and natural gas. The Company also operates a chemical division which
produces rubber, paint, ink, adhesives and resins.
5. Sonera OYJ (2.3%) Offers telecommunications services, including fixed line
and mobile telephone, data communications and networked multimedia services.
6. Rhode-Poulenc SA (2.2%) Manufactures chemicals, polymers, fibers,
pharmaceuticals and agricultural chemicals. The Company has sales throughout the
world, with a concentration in France, the United States and Canada.
7. Glaxo Wellcome PLC (2.0%) Researchers, develops, manufacturers and markets
pharmaceuticals. The Company's main products include "Zantac," an anti-ulcer
drug, "Severent," a respiratory drug, "Imigran," a migraine drug, "Lamictal," a
treatment for epilepsy, and "Epivir," for HIV.
8. Royal Bank of Scotland Group PLC (1.9%) A holding company that provides a
wide range of banking, insurance and finance-related activities. The Company's
principal subsidiary, Royal Bank of Scotland, is a major clearing bank that
operates over 900 branches internationally. Citizen Financial Group is the
Group's U.S. subsidiary, which operates approximately 137 banks in three states.
9. British Telecommunications PLC (1.8%) Provides telecommunications services.
The Company provides local and long- distance telephone call products and
services in the UK, telephone exchange lines to homes and businesses,
international telephone calls to and from the UK, telecommunications equipment
for customers' premises, and Internet and data services.
10. Koninklijke Philips Electronics NV (1.7%) Manufactures lighting, customer
electronics, music and films, multi-media devices, domestic appliances and
personal care items, semi-conductors, medical devices, communication systems and
industrial electronics.
Top 10 equity holdings comprised 24.0% of the Portfolio's market value of
investments. Portfolio holdings are subject to change at any time.
30
<PAGE>
CHASE VISTA SELECT INTERNATIONAL EQUITY FUND
As of October 31, 1999 (Unaudited)
Average Annual Total Returns
<TABLE>
<CAPTION>
Since Inception
1 Year 5 Years (5/31/93)
<S> <C> <C> <C>
Select International
Equity 22.83% 9.63% 8.21%
</TABLE>
Life of Fund Performance (5/31/93 to 10/31/99)
[TABULAR REPRESENTATION OF LINE CHART]
<TABLE>
<CAPTION>
Chase Vista
Select Lipper
International MSCI International
Equity EAFE Funds
Fund Index Average
<S> <C> <C> <C>
5/31/93 10000 10000 10000
1993 10648.4 10831.1 11107.5
1994 10475.2 11954.9 12304
1995 10633 11947.4 12228.3
1996 11835.5 13234.7 13640.2
1997 12889.9 13885 15080
1998 13508.1 15266.8 15697.8
1999 16591.6 18836.1 19683.8
</TABLE>
Source: Lipper Analytical Services. Past performance is not indicative of
future results. Investment return and principal value will fluctuate so that
shares, when redeemed, may be worth more or less than their original cost.
The Fund commenced operations on 1/1/97. Performance includes performance of a
predecessor account for the period date back to 5/31/93, and is adjusted to
reflect historical expenses at the level indicated (absent reimbursements) in
the Expense Summary for the Fund as disclosed in the Prospectus. The account
was not registered with the SEC and was not subject to investment restrictions
of registered mutual funds. If the account had been registered, performance may
have been adversely affected. The Fund is currently waiving fees. The waiver
may be terminated, which would reduce returns.
Chart illustrates comparative performance of $10,000 and assumes reinvestment
of all distributions. Performance of the unmanaged average and indices does not
include sales charges, but includes reinvestment of all distributions. The MSCI
EAFE Index is a replica of the world's equity markets, excluding the U.S. and
Canada. The Lipper Average consists of international stock funds. 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 or economically stable as the U.S. or other nations.
Investors cannot invest directly in an index.
31
<PAGE>
- --------------------------------------------------------------------------------
CHASE VISTA SELECT SHORT-TERM BOND FUND
Portfolio of Investments
October 31, 1999
(Amounts in Thousands)
<TABLE>
<CAPTION>
Principal
Amount
(USD) Issuer Value
- ----------------------------------------------------------------------------------
Long-Term Investments -- 88.4%
- ----------------------------------------------------------------------------------
<S> <C> <C>
U.S. Treasury Securities -- 26.0%
---------------------------------
U.S. Treasury Notes and Bonds,
$ 400 4.63%, 12/31/00 $ 395
1,500 5.00%, 02/28/01 1,487
750 5.00%, 04/30/01 742
1,000 5.63%, 09/30/01 997
1,000 5.75%, 06/30/01 999
1,000 6.38%, 08/15/02 1,012
----------------------------------------------------------------
Total U.S. Treasury Securities 5,632
(Cost $5,643)
----------------------------------------------------------------
U.S. Government Agency Obligations -- 15.9%
-------------------------------------------
Federal Home Loan Bank,
750 5.13%, 02/26/02 732
1,500 5.50%, 08/13/01 1,482
1,250 Federal National Mortgage Association, 5.75%, 04/15/03 1,228
----------------------------------------------------------------
Total U.S. Government Agency Obligations 3,442
(Cost $3,460)
----------------------------------------------------------------
Corporate Notes & Bonds -- 19.5%
--------------------------------
Automotive -- 2.3%
500 TRW Inc., #, 6.45%, 06/15/01 497
Business Services -- 1.7%
375 Comdisco Inc., 5.95%, 04/30/02 363
Diversified -- 2.3%
500 Tyco International Group SA (Luxembourg), 6.13%,
06/15/01 494
Financial Services -- 2.3%
500 Lehman Brothers Holdings, Inc., MTN, 6.38%, 03/15/01 498
Insurance -- 1.7%
375 Conseco Inc., MTN, 7.60%, 06/21/01 371
Oil & Gas -- 2.3%
500 El Paso Energy Corp., 6.63%, 07/15/01 498
Retailing -- 4.7%
500 Federated Department Stores, 10.00%, 02/15/01 519
500 Kroger Co., #, 6.34%, 06/01/01 494
-----
1,013
Telecommunications -- 1.1%
250 AT&T Capital Corp., MTN, 6.25%, 05/15/01 248
Utilities -- 1.1%
250 TXU Eastern Funding (United Kingdom), #, 6.15%,
05/15/02 246
----------------------------------------------------------------
Total Corporate Notes & Bonds 4,228
(Cost $4,258)
----------------------------------------------------------------
</TABLE>
32
See notes to financial statements.
<PAGE>
CHASE VISTA SELECT SHORT-TERM BOND FUND
Portfolio of Investments (Continued)
October 31, 1999
(Amounts in Thousands)
<TABLE>
<CAPTION>
Principal
Amount
(USD) Issuer Value
- -----------------------------------------------------------------------------------------
Long-Term Investments -- Continued
- -----------------------------------------------------------------------------------------
<S> <C> <C>
Residential Mortgage Backed Securities -- 2.5%
----------------------------------------------
Collateralized Mortgage Obligations -- 2.5%
$ 533 Federal National Mortgage Association, Ser. 1993-250,
Class A, 6.15%, 09/25/16 $ 530
(Cost $530)
Commercial Mortgage Backed Securities -- 2.2%
---------------------------------------------
181 Credit Suisse First Boston Mortgage Securities Corp., Ser.
1997-SPCE, Class A, 6.65%, 06/20/03 181
300 Nationslink Funding Corp., Ser. 1999-SL, Class A2, 6.10%,
12/10/01 296
----------------------------------------------------------------------
Total Commercial Mortgage Backed Securities 477
(Cost $481)
----------------------------------------------------------------------
Asset Backed Securities -- 22.3%
--------------------------------
750 Arcadia Automobile Receivables, Ser. 1997-B, Class A5,
6.70%, 02/15/05 752
750 Carco Auto Loan Master Trust, Ser. 1991-1, Class A2,
5.78%, 03/15/04 742
750 Citibank Credit Card Master Trust I, Ser. 1997-2, Class A,
6.55%, 02/15/04 749
500 EQCC Home Equity Loan Trust, Ser. 1999-3, Class A2F,
6.89%, 07/25/13 496
750 Ford Credit Auto Loan Masters Trust, Ser. 1996-1,
Class A, 5.50%, 02/15/03 743
500 GE Capital Mortgage Services, Inc., Ser. 1999-HE3,
Class A2, 7.00%, 09/25/13 500
500 Lehman Home Equity Loan Trust, Ser. 1998-2, Class M2,
FRN, 6.01%, 06/25/28 492
350 Residential Asset Securities Corp., Ser. 1999-KS2,
Class AI4, 6.80%, 10/25/23 349
----------------------------------------------------------------------
Total Asset Backed Securities 4,823
(Cost $4,863)
- ----------------------------------------------------------------------------------------
Total Long-Term Investments 19,132
(Cost $19,235)
- -----------------------------------------------------------------------------------------
Short-Term Investments -- 0.4%
- -----------------------------------------------------------------------------------------
U. S. Treasury Security -- 0.4%
-------------------------------
100 U.S. Treasury Bill, 4.67%, 12/09/99 100
(Cost $100)
- -----------------------------------------------------------------------------------------
Total Investments -- 88.8% $19,232
(Cost $19,335)
- -----------------------------------------------------------------------------------------
</TABLE>
33
See notes to financial statements.
<PAGE>
- --------------------------------------------------------------------------------
CHASE VISTA SELECT INTERMEDIATE BOND FUND
Portfolio of Investments
October 31, 1999
(Amounts in Thousands)
<TABLE>
<CAPTION>
Principal
Amount
(USD) Issuer Value
- --------------------------------------------------------------------------------
Long-Term Investments -- 97.2%
- --------------------------------------------------------------------------------
<S> <C> <C>
U.S. Treasury Securities -- 34.8%
---------------------------------
U.S. Treasury Notes and Bonds,
$16,700 4.50%, 09/30/00 $16,538
7,000 4.75%, 02/15/04 6,684
3,000 4.88%, 03/31/01 2,964
8,170 5.25%, 05/31/01 8,106
18,958 5.25%, 08/15/03 18,508
14,000 5.25%, 05/15/04 13,604
11,000 5.25%, 02/15/29 9,508
1,150 5.63%, 05/15/08 1,109
2,650 5.75%, 08/15/03 2,630
3,000 6.13%, 08/15/07 2,988
9,000 6.25%, 08/31/02 9,083
4,700 6.25%, 02/15/03 4,741
21,725 6.50%, 05/31/02 22,041
9,015 6.50%, 08/15/05 9,182
2,800 8.13%, 08/15/19 3,298
------------------------------------------------------------
Total U.S. Treasury Securities 130,984
(Cost $133,351)
------------------------------------------------------------
U.S. Government Agency Obligations -- 10.6%
-------------------------------------------
8,000 Federal Home Loan Bank, 4.88%, 01/22/02 7,770
Federal Home Loan Mortgage Corp.,
8,000 5.00%, 01/15/04 7,574
3,500 5.13%, 10/15/08 3,122
Federal National Mortgage Association,
4,100 5.13%, 02/13/04 3,897
7,500 5.75%, 04/15/03 7,366
3,500 5.88%, 04/23/04 3,381
7,000 6.00%, 05/15/08 6,672
------------------------------------------------------------
Total U.S. Government Agency Obligations 39,782
(Cost $41,896)
------------------------------------------------------------
Corporate Notes & Bonds -- 35.1%
--------------------------------
Automotive -- 5.0%
Ford Motor Credit Co.,
4,000 5.80%, 01/12/09 3,611
5,000 6.70%, 07/16/04 4,956
7,000 General Motors Acceptance Corp., 5.85%, 01/14/09 6,355
3,850 TRW Inc., #, 6.45%, 06/15/01 3,825
-------
18,747
Banking -- 1.3%
5,575 U.S. Bank NA, 5.70%, 12/15/08 5,011
Diversified -- 3.4%
Tyco International Group, SA (Luxemburg),
5,000 5.88%, 11/01/04 4,708
5,300 6.13%, 06/15/01 5,233
3,000 6.88%, 01/15/29 2,647
-------
12,588
</TABLE>
See notes to financial statements.
34
<PAGE>
CHASE VISTA SELECT INTERMEDIATE BOND FUND
Portfolio of Investments (Continued)
October 31, 1999
(Amounts in Thousands)
<TABLE>
<CAPTION>
Principal
Amount
(US) Issuer Value
- ---------------------------------------------------------------------------------
Long-Term Investments -- Continued
- ---------------------------------------------------------------------------------
<S> <C> <C>
Entertainment/Leisure -- 1.9%
$ 3,500 Comcast Cable Communications, 6.20%, 11/15/08 $ 3,225
4,275 USA Networks, Inc., 6.75%, 11/15/05 4,056
-------
7,281
Financial Services -- 3.1%
5,000 Goldman Sachs Group, 6.65%, 05/15/09 4,757
Lehman Brothers Holdings, Inc., MTN,
3,000 6.40%, 08/30/00 2,994
4,100 6.63%, 04/01/04 4,001
-------
11,752
Food/Beverage Products -- 1.1%
3,975 Coca-Cola Enterprises, 7.13%, 09/30/09 3,965
Industrial Components -- 1.5%
5,775 Conoco Inc., 5.90%, 04/15/04 5,559
Insurance -- 1.6%
6,025 Conseco Inc., 8.50%, 10/15/02 6,037
Multi-Media -- 2.6%
4,305 Cox Communications, Inc., 7.88%, 08/15/09 4,442
5,425 Jones Intercable, Inc., 7.63%, 04/15/08 5,345
-------
9,787
Oil & Gas -- 3.7%
Amerada Hess Corp.,
6,150 7.38%, 10/01/09 6,055
3,000 7.88%, 10/01/29 2,984
5,100 Occidental Petroleum, 7.38%, 11/15/08 5,035
-------
14,074
Printing & Publishing -- 0.9%
3,850 Washington Post Co., 5.50%, 02/15/09 3,462
Retailing -- 0.9%
3,500 Dayton Hudson Corp., 6.40%, 02/15/03 3,457
Telecommunications -- 5.6%
4,000 AT&T Canada, Inc., 0.00%, 06/15/08 3,130
7,000 AT&T Corp., 5.63%, 03/15/04 6,696
3,500 Sprint Capital Corp., 6.38%, 05/01/09 3,286
7,950 U.S. West Communications, #, 7.20%, 11/01/04 8,016
-------
21,128
Utilities -- 2.5%
5,000 National Rural Utilities Cooperative Finance Corp.,
5.50%, 01/15/05 4,699
5,175 TXU Eastern Funding (United Kingdom), #, 6.45%,
05/15/05 4,876
-------
9,575
--------------------------------------------------------------
Total Corporate Notes & Bonds 132,423
(Cost $136,226)
--------------------------------------------------------------
</TABLE>
See notes to financial statements.
35
<PAGE>
CHASE VISTA SELECT INTERMEDIATE BOND FUND
Portfolio of Investments (Continued)
October 31, 1999
(Amounts in Thousands)
<TABLE>
<CAPTION>
Principal
Amount
(USD) Issuer Value
- ------------------------------------------------------------------------------------
Long-Term Investments -- Continued
- ------------------------------------------------------------------------------------
<S> <C> <C>
Residential Mortgage Backed Securities -- 8.6%
----------------------------------------------
Mortgage Backed Pass-Through Securities -- 5.4%
Federal National Mortgage Association,
$ 3,855 Pool 252435, 6.00%, 05/01/14 $ 3,708
4,595 Pool 323614, 6.50%, 02/01/14 4,509
4,605 Pool 323633, 7.00%, 03/01/29 4,522
7,769 Pool 484753, 6.50%, 03/01/29 7,444
-------
20,183
Collateralized Mortgage Obligations -- 3.2%
5,000 Federal Home Loan Mortgage Corp., Ser. 2155, Class PC,
6.00%, 11/15/17 4,880
4,200 Federal National Mortgage Association, Ser. 1999-17,
Class PC, 6.00%, 12/25/22 4,045
3,200 Structured Asset Securities Corp., Ser. 1998-2, Class M2,
FRN, 6.16%, 02/25/28 3,164
-------
12,089
---------------------------------------------------------------------
Total Residential Mortgage Backed Securities 32,272
(Cost $33,224)
---------------------------------------------------------------------
Commercial Mortgage Backed Securities -- 2.7%
---------------------------------------------
5,688 Bear Stearns Commercial Mortgage, Ser. 1999-WF2,
Class A1, 6.80%, 09/15/08 5,631
1,768 Credit Suisse First Boston Mortgage Securities Corp., Ser.
1997-SPCE, Class A, 6.65%, 06/20/03 1,763
2,700 GS Mortgage Securities Corp., Ser. 1997-GL, Class A2D,
6.94%, 07/13/30 2,671
---------------------------------------------------------------------
Total Commercial Mortgage Backed Securities 10,065
(Cost $10,195)
---------------------------------------------------------------------
Asset Backed Securities -- 5.4%
-------------------------------
4,750 American Express Credit Account Master Trust, Ser.
1997-1, Class A, 6.40%, 04/15/05 4,734
1,700 Citibank Credit Card Master Trust I, Ser. 1997-2, Class A,
6.55%, 02/15/04 1,699
5,000 Discover Card Master Trust I, Ser. 1998-2, Class A, 5.80%,
09/16/03 4,973
5,000 Nomura CBO, LTD, Ser. 1997-1, Class A2, #, 6.67%,
05/15/09 5,034
4,000 Standard Credit Card Trust, Ser. 93, 5.95%, 10/07/04 3,889
---------------------------------------------------------------------
Total Asset Backed Securities 20,329
(Cost $20,667)
- -------------------------------------------------------------------------------------
Total Long-Term Investments 365,855
(Cost $375,559)
- -------------------------------------------------------------------------------------
</TABLE>
See notes to financial statements.
36
<PAGE>
CHASE VISTA SELECT INTERMEDIATE BOND FUND
Portfolio of Investments (Continued)
October 31, 1999
(Amounts in Thousands)
<TABLE>
<CAPTION>
Principal
Amount
(USD) Issuer Value
- ---------------------------------------------------------------------------------
Short-Term Investments -- 1.4%
- ---------------------------------------------------------------------------------
<S> <C> <C>
Repurchase Agreement -- 1.4%
----------------------------
$ 5,322 Greenwich Capital Markets, Inc., 5.28%, due 11/01/99
(Dated 10/29/99, Proceeds $5,324, Secured by FHLMC,
$5,545, 5.75%, due 05/15/29; Market Value $5,431) $ 5,322
(Cost $5,322)
- ----------------------------------------------------------------------------------
Total Investments -- 98.6% $371,177
(Cost $380,881)
- ----------------------------------------------------------------------------------
</TABLE>
See notes to financial statements.
37
<PAGE>
CHASE VISTA SELECT BOND FUND
Portfolio of Investments
October 31, 1999
(Amounts in Thousands)
<TABLE>
<CAPTION>
Principal
Amount
(USD) Issuer Value
- -------------------------------------------------------------------------------------
Long-Term Investments -- 97.0%
- -------------------------------------------------------------------------------------
<S> <C> <C>
U.S. Treasury Securities -- 15.9%
---------------------------------
U.S. Treasury Notes and Bonds,
$ 7,590 5.25%, 02/15/29- $ 6,561
2,000 5.50%, 08/15/28- 1,779
30,000 6.38%, 08/15/02+ 30,370
9,000 6.63%, 05/15/07 9,235
42,740 8.13%, 08/15/19- 50,340
-------------------------------------------------------------------
Total U.S. Treasury Securities 98,285
(Cost $101,219)
-------------------------------------------------------------------
U.S. Government Agency Obligations -- 4.7%
------------------------------------------
15,000 Federal Home Loan Bank, 5.13%, 02/26/02- 14,648
15,000 Federal National Mortgage Association, 6.00%, 05/15/08 14,297
-------------------------------------------------------------------
Total U.S. Government Agency Obligations 28,945
(Cost $28,952)
-------------------------------------------------------------------
Corporate Notes & Bonds -- 25.4%
-------------------------------------------------------------------
Automotive -- 2.5%
13,000 Ford Motor Credit Co., 6.70%, 07/16/04- 12,887
2,600 TRW Inc., #, 6.45%, 06/15/01- 2,583
-------
15,470
Banking -- 3.9%
650 Fleet Boston Corp., 6.50%, 03/15/08- 617
5,250 Hartford Financial Services Group, 6.38%, 11/01/08- 4,911
Korea Development Bank (South Korea),
6,522 6.50%, 11/15/02 6,266
6,150 7.13%, 09/17/01- 6,106
6,800 U.S. Bank NA, 5.70%, 12/15/08- 6,112
-------
24,012
Business Services -- 1.1%
Comdisco Inc.,
1,635 5.95%, 04/30/02- 1,582
5,200 7.25%, 09/01/02 5,176
-------
6,758
Diversified -- 2.7%
3,615 Textron Inc., 6.38%, 07/15/04- 3,536
Tyco International Group SA (Luxemburg),
6,000 5.88%, 11/01/04- 5,650
4,750 6.13%, 06/15/01- 4,690
2,975 Tyco International LTD (Bermuda), 6.50%, 11/01/01- 2,947
-------
16,823
Entertainment/Leisure -- 0.6%
4,225 USA Networks, Inc., 6.75%, 11/15/05 4,008
Financial Services -- 1.3%
7,045 Lehman Brothers Holdings, Inc., MTN, 6.38%, 03/15/01- 7,019
1,000 Merrill Lynch & Co., 6.00%, 02/17/09- 913
-------
7,932
Food/Beverage Products -- 0.6%
3,500 Coca-Cola Enterprises, 7.13%, 09/30/09- 3,491
Insurance -- 1.5%
9,150 Conseco Inc., 8.50%, 10/15/02- 9,169
</TABLE>
See notes to financial statements.
38
<PAGE>
CHASE VISTA SELECT BOND FUND
Portfolio of Investments (Continued)
October 31, 1999
(Amounts in Thousands)
<TABLE>
<CAPTION>
Principal
Amount
(USD) Issuer Value
- --------------------------------------------------------------------------------------
Long-Term Investments -- Continued
- --------------------------------------------------------------------------------------
<S> <C> <C>
Oil & Gas -- 3.4%
$ 14,500 Amerada Hess Corp., 7.88%, 10/01/29 $14,423
6,500 El Paso Energy Corp., #, 6.63%, 07/15/01 6,470
-------
20,893
Retailing -- 2.1%
1,650 Federated Department Stores, 10.00%, 02/15/01- 1,714
Kroger Co.,
5,790 #, 6.34%, 06/01/01 5,721
6,100 6.38%, 03/01/08- 5,633
-------
13,068
Telecommunications -- 2.8%
4,850 AT&T Capital Corp., MTN, 6.25%, 05/15/01- 4,806
2,000 GTE Northwest, Inc., 5.55%, 10/15/08- 1,793
11,900 Sprint Capital Corp., 6.13%, 11/15/08- 11,038
-------
17,637
Utilities -- 2.9%
7,610 National Rural Utilities Cooperative Finance Corp.,
5.50%, 01/15/05- 7,152
4,050 Texas Utilities Electric Co., 6.75%, 03/01/03- 4,006
6,815 TXU Eastern Funding (United Kingdom), #, 6.15%,
05/15/02- 6,714
-------
17,872
--------------------------------------------------------------------
Total Corporate Notes & Bonds 157,133
(Cost $160,251)
--------------------------------------------------------------------
Residential Mortgage Backed Securities -- 37.1%
--------------------------------------------------------------------
Mortgage Backed Pass-Through Securities -- 34.0%
23,012 Federal Home Loan Mortgage Corp., Gold Pool N98213,
5.50%, 02/01/06 21,890
Federal National Mortgage Association,
13,120 Pool 252093, 6.50%, 11/01/28 12,570
11,716 Pool 252339, 6.00%, 03/01/29 10,922
2,409 Pool 252435, 6.00%, 05/01/14 2,317
4,226 Pool 303784, 7.00%, 03/01/11 4,221
10,000 Pool 313419, 8.50%, 12/01/26 10,359
37,448 Pool 323633, 7.00%, 03/01/29 36,769
24,493 Pool 323645, 7.50%, 04/01/29 24,547
4,976 Pool 323688, 7.50%, 03/01/29 4,987
26,830 Pool 323714, 7.00%, 04/01/14 26,787
9,468 Pool 484753, 6.50%, 03/01/29 9,072
27,500 TBA, 6.00%, 10/01/14 26,452
20,500 Government National Mortgage Association, TBA,
7.00%, 12/01/29 20,109
-------
211,002
Collateralized Mortgage Obligations -- 3.1%
Federal National Mortgage Association,
2,524 Ser. 1993-250, Class A, 6.15%, 09/25/16 2,509
10,000 Ser. 1999-17, Class PC, 6.00%, 12/25/22- 9,631
7,200 Structured Asset Securities Corp., Ser. 1998-2, Class M2,
FRN, 6.16%, 02/25/28- 7,119
-------
19,259
--------------------------------------------------------------------
Total Residential Mortgage Backed Securities 230,261
(Cost $235,958)
--------------------------------------------------------------------
</TABLE>
See notes to financial statements.
39
<PAGE>
CHASE VISTA SELECT BOND FUND
Portfolio of Investments (Continued)
October 31, 1999
(Amounts in Thousands)
<TABLE>
<CAPTION>
Principal
Amount
(USD) Issuer Value
- -----------------------------------------------------------------------------------------
Long-Term Investments -- Continued
- -----------------------------------------------------------------------------------------
<S> <C> <C>
Commercial Mortgage Backed Securities -- 6.7%
---------------------------------------------
Bear Stearns Commercial Mortgage Securities,
$12,400 Ser. 1999-C1, Class A2, 6.02%, 02/14/09- $ 11,474
9,644 Ser. 1999-WF2, Class A1, 6.80%, 09/15/08- 9,548
4,016 FFCA Secured Lending Corp., Ser. 1997-1, Class C2, FRN,
6.16%, 02/12/12 3,813
5,000 GS Mortgage Securities Corp., Ser. 1997-GL, Class A2D,
6.94%, 07/13/30- 4,946
Morgan Stanley Capital Inc.,
5,000 Ser. 1998-WF1, Class A2, 6.55%, 12/15/07 4,815
4,149 Ser. 1999-WF1, Class A1, 5.91%, 04/15/08- 3,964
3,225 Nationslink Funding Corp., Ser. 1999-SL, Class A2, 6.10%,
12/10/01- 3,186
------------------------------------------------------------------------
Total Commercial Mortgage Backed Securities 41,746
(Cost $43,649)
------------------------------------------------------------------------
Asset Backed Securities -- 7.2%
-------------------------------
2,750 Arcadia Automobile Receivables, Ser. 1997-B, Class A5,
6.70%, 02/15/05 2,758
12,500 Carco Auto Loan Master Trust, Ser. 1991-1, Class A2,
5.78%, 03/15/04- 12,359
8,250 Citibank Credit Card Master Trust I, Ser. 1997-2, Class A,
6.55%, 02/15/04- 8,245
5,000 Ford Credit Auto Loan Master Trust, Ser. 1996-1, Class A,
5.50%, 02/15/03- 4,953
1,900 GE Capital Mortgage Services, Inc., Ser. 1999-HE3, Class
A2, 7.00%, 09/25/13- 1,899
1,000 Lehman Home Equity Loan Trust, Ser. 1998-2, Class M2,
FRN, 6.01%, 04/25/28- 984
6,500 Nomura CBO, LTD, Ser. 1997-1, Class A2, 6.67%, 05/15/09 6,544
7,050 Residential Asset Securities Corp., Ser. 1999-KS2, Class
AI4, 6.80%, 10/25/23 7,034
------------------------------------------------------------------------
Total Asset Backed Securities 44,776
(Cost $45,319)
- ----------------------------------------------------------------------------------------
Total Long-Term Investments 601,146
(Cost $615,348)
- ----------------------------------------------------------------------------------------
Short-Term Investments -- 9.7%
- ----------------------------------------------------------------------------------------
U. S. Treasury Security -- 0.3%
-------------------------------
2,000 U.S. Treasury Bill, +, 4.67%, 12/09/99 1,990
(Cost $1,990)
Repurchase Agreement -- 9.4%
----------------------------
58,078 Greenwich Capital Markets, Inc., 5.28%, due 11/01/99
(Dated 10/29/99, Proceeds $58,104, Secured by FHLMC
and FNMA, $63,085, 5.50% through 8.50%, due
10/01/03 through 12/01/28; Market Value $59,243) 58,078
(Cost $58,078)
- ----------------------------------------------------------------------------------------
Total Short-Term Investments 60,068
(Cost $60,068)
- ----------------------------------------------------------------------------------------
Total Investments -- 106.7% $ 661,214
(Cost $675,416)
- ----------------------------------------------------------------------------------------
</TABLE>
See notes to financial statements.
40
<PAGE>
CHASE VISTA SELECT BOND FUND
Portfolio of Investments (Continued)
October 31, 1999
(Amounts in Thousands)
<TABLE>
<CAPTION>
Long Futures Outstanding
- ------------------------
Number Original Notional
of Expiration Notional Value at Unrealized
Contracts Description Date Value 10/31/1999 Depreciation
- -----------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
250 U.S. Treasury Bonds December 99 $28,508 $28,399 $(109)
</TABLE>
See notes to financial statements.
41
<PAGE>
CHASE VISTA SELECT BALANCED FUND
Portfolio of Investments
October 31, 1999
(Amounts in Thousands)
<TABLE>
<CAPTION>
Shares Issuer Value
- ------------------------------------------------------------------
Long-Term Investments -- 95.2%
- ------------------------------------------------------------------
<S> <C> <C>
Common Stock -- 56.2%
---------------------
Airlines -- 0.4%
11 AMR Corp. * $ 699
Automotive -- 0.8%
18 General Motors Corp. 1,264
Banking -- 2.9%
21 Bank of America Corp. 1,332
25 Bank One Corp. 956
24 First Union Corp. 1,024
10 J. P. Morgan & Company, Inc. 1,309
------
4,621
Chemicals -- 0.4%
5 Dow Chemical Co. 591
Computer Software -- 0.8%
22 Computer Associates International, Inc. 1,243
Computers/Computer Hardware -- 2.3%
36 EMC Corp. * 2,628
10 International Business Machines Corp. 984
------
3,612
Consumer Products -- 0.9%
60 Philip Morris Companies, Inc. 1,511
Diversified -- 6.5%
41 Corning Inc. 3,230
35 General Electric Co. 4,745
60 Tyco International LTD (Bermuda) 2,396
------
10,371
Electronics/Electrical Equipment -- 1.7%
30 Texas Instruments 2,692
Financial Services -- 1.7%
29 Associates First Capital Corp., Class A 1,058
30 Freddie Mac 1,622
------
2,680
Food/Beverage Products -- 0.8%
35 Pepsico, Inc. 1,214
Insurance -- 2.5%
40 Allstate Corp. 1,150
28 American International Group 2,895
------
4,045
Machinery & Engineering Equipment -- 0.5%
15 Ingersoll-Rand Co. 784
Metals/Mining -- 0.8%
20 Alcoa, Inc. 1,215
Multi-Media -- 0.5%
17 Viacom, Inc. Class B * 761
Office/Business Equipment -- 0.2%
10 Xerox Corp. 280
</TABLE>
See notes to financial statements.
42
<PAGE>
CHASE VISTA SELECT BALANCED FUND
Portfolio of Investments (Continued)
October 31, 1999
(Amounts in Thousands)
<TABLE>
<CAPTION>
Shares Issuer Value
- -----------------------------------------------------------------------------
Long-Term Investments -- Continued
- -----------------------------------------------------------------------------
<S> <C> <C>
Oil & Gas -- 7.3%
10 Chevron Corp. $ 913
40 Coastal Corp. 1,685
40 Exxon Corp. 2,962
32 Halliburton Co. 1,206
30 Mobil Corp. 2,895
20 Royal Dutch Petroleum Co., N.Y. Registered Shares
(Netherlands) 1,199
20 Williams Companies, Inc. 750
------
11,610
Paper/Forest Products -- 0.9%
36 Willamette Industries 1,496
Pharmaceuticals -- 5.2%
50 Bristol-Myers Squibb Co. 3,841
20 Johnson & Johnson 2,095
20 Merck & Company, Inc. 1,591
21 Pfizer, Inc. 829
------
8,356
Real Estate Investment Trust -- 1.3%
23 AMB Property Corp. 457
38 Equity Office Properties Trust 835
30 Public Storage, Inc. 724
------
2,016
Restaurants/Food Services -- 1.0%
40 McDonald's Corp. 1,650
Retailing -- 4.7%
30 CVS Corp. 1,303
60 Dayton-Hudson Corp. 3,877
15 Federated Department Stores * 624
60 Kroger Co. * 1,249
20 Sears Roebuck & Co. 564
------
7,617
Shipping/Transportation -- 0.4%
18 Burlington Northern Santa Fe Corp. 574
Telecommunications -- 10.7%
15 AT&T Corp. 701
100 BellSouth Corp. 4,500
25 GTE Corp. 1,875
40 MCI WorldCom, Inc. * 3,432
64 SBC Communications, Inc. 3,256
69 Vodafone AirTouch PLC ADR (United Kingdom) 3,305
------
17,069
Utilities -- 1.0%
75 OGE Energy Corp. 1,702
-------------------------------------------------------------
Total Common Stock 89,673
(Cost $39,173)
-------------------------------------------------------------
Convertible Preferred Stock -- 1.3%
-----------------------------------
Machinery & Engineering Equipment -- 0.4%
25 Ingersoll-Rand Co., 6.75%, 12/31/49 631
</TABLE>
See notes to financial statements.
43
<PAGE>
CHASE VISTA SELECT BALANCED FUND
Portfolio of Investments (Continued)
October 31, 1999
(Amounts in Thousands)
<TABLE>
<CAPTION>
Shares Issuer Value
- -----------------------------------------------------------------------------
Long-Term Investments -- Continued
- -----------------------------------------------------------------------------
<S> <C> <C>
Utilities -- 0.9%
12 Houston Industries, Inc., 7.00%, 07/01/00 $1,377
--------------------------------------------------------------
Total Convertible Preferred Stock 2,008
(Cost $1,176)
--------------------------------------------------------------
<CAPTION>
Principal
Amount
Corporate Notes & Bonds -- 9.8%
-------------------------------
Aerospace -- 0.6%
$ 1,000 Raytheon Co., 5.95%, 03/15/01 987
Automotive -- 3.0%
2,500 Ford Motor Co., 7.45%, 07/16/31 2,462
500 Ford Motor Credit Co., 5.80%, 01/12/09 451
2,000 General Motors Acceptance Corp., 5.85%, 01/14/09 1,816
-----
4,729
Diversified -- 0.6%
1,000 Textron, Inc., 6.38%, 07/15/04 978
Financial Services -- 0.4%
600 Goldman Sachs Group, 6.65%, 05/15/09 571
Oil & Gas -- 0.5%
800 Conoco, Inc., 5.90%, 04/15/04 770
Retailing -- 3.4%
500 Dayton-Hudson Corp., 6.40%, 02/15/03 494
2,000 Safeway, Inc., 7.25%, 09/15/04 1,984
3,000 Wal-Mart Stores, 6.55%, 08/10/04 2,998
-----
5,476
Telecommunications -- 0.9%
AT&T Corp.,
500 5.63%, 03/15/04 478
1,000 6.50%, 03/15/29 885
-----
1,363
Utilities -- 0.4%
800 National Rural Utilities Cooperative Finance Corp.,
5.50%, 01/15/05 752
-------------------------------------------------------------
Total Corporate Notes & Bonds 15,626
(Cost $15,936)
-------------------------------------------------------------
Convertible Corporate Notes & Bonds -- 1.6%
-------------------------------------------
Automotive -- 0.2%
350 Tower Automotive, Inc., #, 5.00%, 08/01/04 300
Computers/Computer Hardware -- 1.2%
300 EMC Corp., 3.25%, 03/15/02 1,920
Health Care/Health Care Services -- 0.2%
500 Assisted Living Concepts, Inc., #, 5.63%, 05/01/03 260
-------------------------------------------------------------
Total Convertible Corporate Notes & Bonds 2,480
(Cost $1,150)
-------------------------------------------------------------
</TABLE>
See notes to financial statements.
44
<PAGE>
CHASE VISTA SELECT BALANCED FUND
Portfolio of Investments (Continued)
October 31, 1999
(Amounts in Thousands)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
- --------------------------------------------------------------------------------
Long-Term Investments -- Continued
- --------------------------------------------------------------------------------
<S> <C> <C>
Mortgage Backed Pass-Through Securities -- 4.4%
-----------------------------------------------
$3,446 Federal National Mortgage Association, Pool 323614,
6.50%, 02/01/14 $ 3,382
3,752 Government National Mortgage Association, Pool
516070, 6.50%, 09/15/29 3,585
----------------------------------------------------------------
Total Mortgage Backed Pass-Through Securities 6,967
(Cost $7,058)
----------------------------------------------------------------
U.S. Government Agency Securities -- 8.2%
-----------------------------------------
Federal Home Loan Mortgage Corp.,
500 5.13%, 10/15/08 446
4,750 6.63%, 09/15/09 4,712
Federal National Mortgage Association,
600 5.13%, 02/13/04 570
1,450 5.75%, 02/15/08 1,363
6,000 Tennessee Valley Authority, 6.00%, 09/24/02 5,947
----------------------------------------------------------------
Total U.S. Government Agency Securities 13,038
(Cost $13,236)
----------------------------------------------------------------
U.S. Treasury Securities -- 13.7%
---------------------------------
U.S. Treasury Notes & Bonds,
3,000 4.00%, 10/31/00 2,953
1,665 4.75%, 02/15/04 1,590
425 5.25%, 05/31/01 422
1,800 5.25%, 11/15/28 1,548
650 6.00%, 08/15/04 652
9,550 6.25%, 08/15/23 9,346
1,440 6.50%, 08/31/01 1,457
1,000 6.63%, 02/15/27 1,028
1,000 7.13%, 02/15/23 1,079
400 8.13%, 08/15/19 471
1,100 8.75%, 08/15/20 1,378
----------------------------------------------------------------
Total U.S. Treasury Securities 21,924
(Cost $22,129)
----------------------------------------------------------------
Total Long-Term Investments 151,716
(Cost $99,858)
----------------------------------------------------------------
Short-Term Investments -- 4.6%
- --------------------------------------------------------------------------------
Repurchase Agreement -- 4.6%
----------------------------
7,372 Greenwich Capital Markets, Inc., 5.28%, due 11/01/99
(Dated 10/29/99, Proceeds 7,372 Secured by FNMA,
$7,680, FRN, due 05/15/29; Market Value $7,522) 7,372
(Cost $7,372)
----------------------------------------------------------------
Total Investments -- 99.8% $159,088
(Cost $107,230)
----------------------------------------------------------------
</TABLE>
See notes to financial statements.
45
<PAGE>
CHASE VISTA SELECT EQUITY INCOME FUND
Portfolio of Investments
October 31, 1999
(Amounts in Thousands)
<TABLE>
<CAPTION>
Shares Issuer Value
- -------------------------------------------------------------------
Long-Term Investments -- 95.4%
- -------------------------------------------------------------------
<S> <C> <C>
Common Stock -- 94.2%
---------------------
Aerospace -- 6.4%
200 AlliedSignal, Inc. $11,388
250 Boeing Co. 11,516
500 General Dynamics Corp. 27,718
-------
50,622
Automotive -- 2.2%
153 Ford Motor Co. 8,418
130 General Motors Corp. 9,132
-------
17,550
Banking -- 2.0%
253 Bank of New York Co., Inc. 10,578
175 Firstar Corp. 5,141
-------
15,719
Biotechnology -- 1.2%
250 Monsanto Co. 9,640
Chemicals -- 2.5%
77 Dow Chemical Co. 9,105
168 E.I. DuPont de Nemours Co. 10,832
-------
19,937
Computer Software -- 4.8%
249 Computer Associates International, Inc. 14,054
183 Microsoft Corp. * 16,893
150 Oracle Corp. * 7,134
-------
38,081
Computers/Computer Hardware -- 3.4%
276 International Business Machines Corp. 27,102
Consumer Products -- 1.2%
149 Gillette Co. 5,396
146 Philip Morris Companies, Inc. 3,666
-------
9,062
Diversified -- 5.0%
234 General Electric Co. 31,728
200 Tyco International LTD (Bermuda) 7,988
-------
39,716
Electronics/Electrical Equipment -- 3.7%
65 Motorola, Inc. 6,333
250 Texas Instruments, Inc. 22,438
-------
28,771
Financial Services -- 10.7%
70 American Express Co. 10,765
474 Citigroup, Inc. 25,634
600 Freddie Mac 32,437
130 Morgan Stanley Dean Witter & Co. 14,341
-------
83,177
Food/Beverage Products -- 3.2%
142 Anheuser-Busch Companies, Inc. 10,183
168 Coca-Cola, Co. 9,912
155 Pepsico, Inc. 5,373
-------
25,468
Insurance -- 4.7%
254 American International Group 26,166
140 Marsh & McLennan Companies 11,069
-------
37,235
</TABLE>
See notes to financial statements.
46
<PAGE>
CHASE VISTA SELECT EQUITY INCOME FUND
Portfolio of Investments (Continued)
October 31, 1999
(Amounts in Thousands)
<TABLE>
<CAPTION>
Shares Issuer Value
- -----------------------------------------------------------------------------
Long-Term Investments -- Continued
- -----------------------------------------------------------------------------
<S> <C> <C>
Multi-Media -- 0.5%
154 The Walt Disney Co. $ 4,067
Oil & Gas -- 9.2%
240 BP Amoco PLC, ADR (United Kingdom) 13,874
134 Chevron Corp. 12,190
263 Exxon Corp. 19,450
300 Royal Dutch Petroleum Co., N.Y. Registered Shares
(Netherlands) 17,981
150 Schlumberger LTD 9,084
-------
72,579
Paper/Forest Products -- 3.4%
111 International Paper Co. 5,862
250 Weyerhaeuser Co. 14,923
150 Willamette Industries 6,234
-------
27,019
Pharmaceuticals -- 4.8%
42 Abbot Laboratories 1,676
119 Bristol-Myers Squibb Co. 9,110
94 Johnson & Johnson 9,846
87 Merck & Co., Inc. 6,938
137 Pfizer, Inc. 5,415
100 Schering-Plough Corp. 4,950
-------
37,935
Real Estate Investment Trust -- 0.6%
250 Beacon Capital Partners, Inc. # 3,313
11 Beacon Capital Partners, Inc., Voting Trust #++ 1,086
-------
4,399
Retailing -- 4.9%
100 Federated Department Stores * 4,269
738 Kroger Co. * 15,365
327 Wal-Mart Stores, Inc. 18,554
-------
38,188
Semi-Conductors -- 5.7%
240 Altera Corp. * 11,670
100 Atmel Corp. * 3,863
375 Intel Corp. 29,039
-------
44,572
Telecommunications -- 9.4%
250 Bell Atlantic Corp. 16,234
230 BellSouth Corp. 10,350
290 GTE Corp. 21,750
500 SBC Communications, Inc. 25,469
-------
73,803
Utilities -- 4.7%
250 DQE, Inc. 9,984
250 Northeast Utilities * 5,203
299 Pinnacle West Capital Corp. 11,022
280 Unicom Corp. 10,728
-------
36,937
--------------------------------------------------------------
Total Common Stock 741,579
(Cost $634,611)
--------------------------------------------------------------
</TABLE>
See notes to financial statements.
47
<PAGE>
CHASE VISTA SELECT EQUITY INCOME FUND
Portfolio of Investments (Continued)
October 31, 1999
(Amounts in Thousands)
<TABLE>
<CAPTION>
Shares Issuer Value
- ---------------------------------------------------------------------------------
Long-Term Investments -- Continued
- ---------------------------------------------------------------------------------
<S> <C> <C>
Preferred Stock -- 1.2%
-----------------------
Multi-Media -- 1.2%
350 News Corp. LTD, ADR, (Australia) $ 9,647
(Cost $11,368)
- ---------------------------------------------------------------------------------
Total Long-Term Investments 751,226
(Cost $645,979)
- ---------------------------------------------------------------------------------
Short-Term Investments -- 3.9%
- ---------------------------------------------------------------------------------
<CAPTION>
Principal
Amount
Repurchase Agreement -- 3.9%
----------------------------
<S> <C> <C>
$30,955 Greenwich Capital Markets, Inc., 5.28%, due 11/01/99,
(Dated 10/29/99, Proceeds $30,969, Secured by FHLMC,
$32,238, 5.76%, due 05/15/29; Market Value $31,575) 30,955
(Cost $30,955)
- ---------------------------------------------------------------------------------
Total Investments -- 99.3% $782,181
(Cost $676,934)
- ---------------------------------------------------------------------------------
</TABLE>
See notes to financial statements.
48
<PAGE>
CHASE VISTA SELECT LARGE CAP EQUITY FUND
Portfolio of Investments
October 31, 1999
(Amounts in Thousands)
<TABLE>
<CAPTION>
Shares Issuer Value
- -----------------------------------------------------------------
Long-Term Investments -- 96.3%
- -----------------------------------------------------------------
<S> <C> <C>
Common Stock -- 96.3%
---------------------
Advertising -- 0.5%
14 Omnicom Group $1,188
Aerospace -- 1.1%
43 AlliedSignal, Inc. 2,420
Airlines -- 0.8%
28 AMR Corp. * 1,778
Automotive -- 1.3%
29 Ford Motor Co. 1,592
18 General Motors Corp. 1,229
------
2,821
Banking -- 3.5%
53 Bank of America Corp. 3,436
56 Bank of New York Co., Inc. 2,345
40 Wells Fargo Co. 1,915
------
7,696
Biotechnology -- 0.7%
19 Amgen, Inc. * 1,553
Broadcasting/Cable -- 3.7%
53 AT&T- Liberty Media Group, Class A * 2,102
62 CBS Corp. * 3,027
13 Clear Channel Communications * 1,077
50 Comcast Corp., Class A 2,106
------
8,312
Chemicals -- 1.0%
19 Dow Chemical Co. 2,282
Computer Software -- 5.8%
34 Computer Associates International, Inc. 1,893
95 Microsoft Corp. * 8,803
46 Oracle Corp. * 2,164
------
12,860
Computers/Computer Hardware -- 4.0%
24 Dell Computer Corp. * 963
34 EMC Corp. * 2,482
11 Hewlett-Packard Co. 815
29 International Business Machines Corp. 2,811
17 Sun Microsystems, Inc. * 1,799
------
8,870
Consumer Products -- 0.5%
41 Philip Morris Companies, Inc. 1,042
Diversified -- 5.4%
72 General Electric Co. 9,719
55 Tyco International LTD (Bermuda) 2,197
------
11,916
Electronics/Electrical Equipment -- 4.2%
15 Johnson Controls, Inc. 911
25 Motorola, Inc. 2,472
28 Solectron Corp. * 2,084
42 Texas Instruments, Inc. 3,771
------
9,238
</TABLE>
See notes to financial statements.
49
<PAGE>
CHASE VISTA SELECT LARGE CAP EQUITY FUND
Portfolio of Investments (Continued)
October 31, 1999
(Amounts in Thousands)
<TABLE>
<CAPTION>
Shares Issuer Value
- ------------------------------------------------------------------
Long-Term Investments -- Continued
- ------------------------------------------------------------------
<S> <C> <C>
Financial Services -- 7.5%
24 American Express Co. $3,650
64 Charles Schwab Corp. 2,484
79 Citigroup, Inc. 4,276
19 Fannie Mae 1,309
58 Freddie Mac 3,146
16 Morgan Stanley Dean Witter & Co. 1,765
------
16,630
Food/Beverage Products -- 1.5%
31 Anheuser-Busch Companies, Inc. 2,198
34 Pepsico, Inc. 1,179
------
3,377
Health Care/Health Care Services -- 1.0%
28 Guidant Corp. 1,383
24 Medtronic, Inc. 831
------
2,214
Insurance -- 3.9%
23 American General Corp. 1,714
53 American International Group 5,455
19 Marsh & McLennan Companies 1,534
------
8,703
Internet Services/Software -- 0.6%
11 America Online, Inc. * 1,427
Machinery & Engineering Equipment -- 1.5%
37 Applied Materials, Inc. * 3,323
Manufacturing -- 0.5%
15 Illinois Tool Works 1,062
Metals/Mining -- 1.3%
46 Alcoa, Inc. 2,807
Multi-Media -- 2.3%
41 Time Warner, Inc. 2,885
50 Viacom, Inc., Class B * 2,238
------
5,123
Oil & Gas -- 7.6%
23 BP Amoco PLC, ADR (United Kingdom) 1,317
17 Chevron Corp. 1,507
87 Coastal Corp. 3,664
28 Exxon Corp. 2,081
47 Halliburton Co. 1,771
32 Mobil Corp. 3,040
25 Schlumberger LTD 1,484
18 Texaco, Inc. 1,105
25 Williams Companies, Inc. 919
------
16,888
Paper/Forest Products -- 0.9%
48 Willamette Industries 1,995
Pharmaceuticals -- 7.6%
39 Bristol-Myers Squibb Co. 3,001
22 Eli Lilly & Co. 1,488
23 Johnson & Johnson 2,414
45 Merck & Co., Inc. 3,587
81 Pfizer, Inc. 3,191
</TABLE>
See notes to financial statements.
50
<PAGE>
CHASE VISTA SELECT LARGE CAP EQUITY FUND
Portfolio of Investments (Continued)
October 31, 1999
(Amounts in Thousands)
<TABLE>
<CAPTION>
- --------------------------------------------------------------
Shares Issuer Value
- --------------------------------------------------------------
Long-Term Investments -- Continued
- --------------------------------------------------------------
Pharmaceuticals -- Continued
<S> <C> <C>
44 Schering-Plough Corp. $ 2,188
16 Warner-Lambert Co. 1,253
-------
17,122
Printing & Publishing -- 0.9%
48 New York Times Co., Class A 1,932
Restaurants/Food Services -- 0.7%
40 McDonald's Corp. 1,642
Retailing -- 9.3%
31 Bed Bath & Beyond, Inc. * 1,029
33 Best Buy Co., Inc. * 1,850
40 Dayton-Hudson Corp. 2,585
58 Gap, Inc. 2,168
54 Home Depot, Inc. 4,107
148 Kroger Co. * 3,080
108 Wal-Mart Stores, Inc. 6,094
-------
20,913
Semi-Conductors -- 4.0%
80 Altera Corp. * 3,890
42 Intel Corp. 3,229
25 Micron Technology, Inc. * 1,783
-------
8,902
Shipping/Transportation -- 0.7%
27 Union Pacific Corp. 1,505
Telecommunications -- 7.5%
64 AT&T Corp. 3,002
24 Bell Atlantic Corp. 1,559
47 BellSouth Corp. 2,093
34 GTE Corp. 2,550
33 MCI WorldCom, Inc. * 2,832
44 SBC Communications, Inc. 2,241
32 Sprint Corp. 2,378
-------
16,655
Telecommunications Equipment -- 3.2%
58 General Instrument Corp. * 3,121
36 Lucent Technologies, Inc. 2,299
27 Nortel Networks Corp. (Canada) 1,691
-------
7,111
Utilities -- 1.3%
23 AES Corp. * 1,270
31 FPL Group, Inc. 1,544
-------
2,814
-------
Total Long-Term Investments 214,121
(Cost $164,355)
- --------------------------------------------------------------
Short-Term Investments -- 3.4%
- --------------------------------------------------------------
<CAPTION>
Principal
Amount
<S> <C> <C>
Repurchase Agreement -- 3.4%
----------------------------
$ 7,533 Greenwich Capital Markets, Inc.,
5.28%, due 11/01/99, (Dated 10/29/99,
Proceeds $7,536, Secured by FHLMC,
$7,808, 6.50%, due 04/15/29; Market
Value $7,686) 7,533
(Cost $7,533)
- --------------------------------------------------------------
Total Investments -- 99.7% $221,654
(Cost $171,888)
- --------------------------------------------------------------
</TABLE>
See notes to financial statements.
51
<PAGE>
CHASE VISTA SELECT LARGE CAP GROWTH FUND
Portfolio of Investments
October 31, 1999
(Amounts in Thousands)
<TABLE>
<CAPTION>
Shares Issuer Value
- ------------------------------------------------------------------
Long-Term Investments -- 96.4%
- ------------------------------------------------------------------
<S> <C> <C>
Common Stock -- 96.4%
---------------------
Banking -- 1.2%
90 Bank One Corp. $ 3,381
75 First Virginia Banks, Inc. 3,591
80 Wells Fargo Co. 3,829
-------
10,801
Biotechnology -- 1.4%
115 Amgen, Inc. * 9,172
50 Biogen, Inc. * 3,706
-------
12,878
Broadcasting/Cable -- 0.9%
50 Cablevision Systems Corp., Class A * 3,378
54 Clear Channel Communications * 4,364
-------
7,742
Business Services -- 0.4%
80 Automatic Data Processing 3,855
Computer Networks -- 3.7%
450 Cisco Systems, Inc. * 33,300
Computer Software -- 5.2%
510 Microsoft Corp. * 47,207
Computers/Computer Hardware -- 13.0%
763 Dell Computer Corp. * 30,595
600 EMC Corp. * 43,799
85 Hewlett-Packard Co. 6,295
325 International Business Machines Corp. 31,972
40 Sun Microsystems, Inc. * 4,233
-------
116,894
Consumer Products -- 2.7%
100 Gillette Co. 3,619
200 Procter & Gamble Co. 20,975
-------
24,594
Diversified -- 8.5%
4 Berkshire Hathaway, Inc., Class B * 8,360
250 General Electric Co. 33,891
850 Tyco International LTD (Bermuda) 33,947
-------
76,198
Electronics/Electrical Equipment -- 3.4%
75 Honeywell, Inc. 7,908
185 Motorola, Inc. 18,025
50 Texas Instruments, Inc. 4,488
-------
30,421
Entertainment/Leisure -- 1.4%
275 Carnival Corp. 12,238
Financial Services -- 5.9%
75 American Express Co. 11,550
470 Charles Schwab Corp. 18,302
210 Citigroup, Inc. 11,366
100 Freddie Mac 5,406
50 Lehman Brothers Holdings, Inc. 3,684
10 Merrill Lynch & Co. 785
23 Morgan Stanley Dean Witter & Co. 2,482
-------
53,575
</TABLE>
See notes to financial statements.
52
<PAGE>
CHASE VISTA SELECT LARGE CAP GROWTH FUND
Portfolio of Investments (Continued)
October 31, 1999
(Amounts in Thousands)
<TABLE>
<CAPTION>
Shares Issuer Value
- -------------------------------------------------------------------
Long-Term Investments -- Continued
- -------------------------------------------------------------------
<S> <C> <C>
Food/Beverage Products -- 2.2%
60 Anheuser-Busch Companies, Inc. $ 4,309
140 Coca-Cola, Co. 8,259
75 Pepsico, Inc. 2,602
125 Sysco Corp. 4,805
-------
19,975
Health Care/Health Care Services -- 0.1%
25 Guidant Corp. 1,234
Insurance -- 2.9%
250 American International Group 25,734
Internet Services/Software -- 3.6%
250 America Online, Inc. * 32,422
Machinery & Engineering Equipment -- 0.6%
60 Applied Materials, Inc. * 5,389
Manufacturing -- 4.2%
275 Corning, Inc. 21,622
225 Illinois Tool Works 16,481
-------
38,103
Multi-Media -- 1.4%
130 Gannett Co., Inc. 10,026
35 Time Warner, Inc. 2,439
-------
12,465
Oil & Gas -- 2.5%
100 Exxon Corp. 7,406
50 Halliburton Co. 1,884
100 Mobil Corp. 9,651
90 Williams Companies, Inc. 3,375
-------
22,316
Pharmaceuticals -- 11.2%
300 Abbot Laboratories 12,113
150 Bristol-Myers Squibb Co. 11,522
20 Eli Lilly & Co. 1,378
140 Johnson & Johnson 14,665
128 Merck & Co., Inc. 10,144
650 Pfizer, Inc. 25,674
30 Schering-Plough Corp. 1,485
300 Warner-Lambert Co. 23,944
-------
100,925
Printing & Publishing -- 1.7%
260 Tribune Co. 15,600
Restaurants/Food Services -- 0.5%
100 McDonald's Corp. 4,125
Retailing -- 8.5%
25 Best Buy Co., Inc. * 1,389
175 Dayton-Hudson Corp. 11,309
70 Gap, Inc. 2,599
300 Home Depot, Inc. 22,650
75 MAY Department Stores Co. 2,602
325 Wal-Mart Stores, Inc. 18,423
700 Walgreen Co. 17,631
-------
76,603
</TABLE>
See notes to financial statements.
53
<PAGE>
CHASE VISTA SELECT LARGE CAP GROWTH FUND
Portfolio of Investments (Continued)
October 31, 1999
(Amounts in Thousands)
<TABLE>
<CAPTION>
Shares Issuer Value
- ---------------------------------------------------------------------------------
Long-Term Investments -- Continued
- ---------------------------------------------------------------------------------
<S> <C> <C>
Semi-Conductors -- 3.5%
100 Altera Corp. * $ 4,863
350 Intel Corp. 27,103
-------
31,966
Telecommunications -- 4.1%
115 AT&T Corp. 5,376
60 GTE Corp. 4,500
75 MCI WorldCom, Inc. * 6,436
425 Vodafone AirTouch PLC ADR (United Kingdom) 20,374
-------
36,686
Telecommunications Equipment -- 1.7%
185 Lucent Technologies, Inc. 11,886
30 Nokia OYJ, ADR (Finland) 3,467
-------
15,353
- ---------------------------------------------------------------------------------
Total Long-Term Investments 868,599
(Cost $391,987)
- ---------------------------------------------------------------------------------
Short-Term Investments -- 3.7%
- ---------------------------------------------------------------------------------
<CAPTION>
Principal
Amount
- ---------------------------------------------------------------------------------
<S> <C> <C>
Repurchase Agreement -- 3.7%
----------------------------
$32,888 Greenwich Capital Markets, Inc., 5.28%, due 11/01/99,
(Dated 10/29/99, Proceeds $32,902, Secured by FHLMC
and FNMA, $34,795, 6.00% through 10.00%, due
01/01/02 through 08/01/29; Market Value $33,548) 32,888
(Cost $32,888)
- ---------------------------------------------------------------------------------
Total Investments -- 100.1% $901,487
(Cost $424,875)
- ---------------------------------------------------------------------------------
</TABLE>
See notes to financial statements.
54
<PAGE>
CHASE VISTA SELECT NEW GROWTH OPPORTUNITIES FUND
Portfolio of Investments
October 31, 1999
(Amounts in Thousands)
<TABLE>
<CAPTION>
Shares Issuer Value
- -----------------------------------------------------------------------
Long-Term Investments -- 92.8%
- -----------------------------------------------------------------------
<S> <C> <C>
Common Stock -- 92.8%
---------------------
Advertising -- 0.9%
26 Outdoor Systems, Inc. * $1,120
Aerospace -- 1.0%
23 General Dynamics Corp. 1,275
Apparel -- 1.0%
40 Jones Apparel Group, Inc. * 1,265
Appliances & Household Durables -- 0.5%
25 York International Corp. 589
Automotive -- 0.8%
63 Tower Automotive, Inc. * 1,028
Banking -- 6.4%
26 Cullen/Frost Bankers, Inc. 751
35 Investors Financial Services Corp. 1,295
30 Southtrust Corp. 1,200
40 TCF Financial Corp. 1,180
14 U.S. Trust Corp. 1,136
45 Zions Bancorp. 2,652
------
8,214
Biotechnology -- 2.1%
12 Biogen, Inc. * 890
65 Chiron Corp. * 1,867
------
2,757
Broadcasting/Cable -- 5.4%
66 AT&T- Liberty Media Group, Class A * 2,620
15 Cablevision Systems Corp., Class A * 1,013
30 Hispanic Broadcasting Corp. * 2,430
20 USA Networks, Inc. * 901
------
6,964
Business Services -- 7.9%
11 Abacus Direct Corp. * 1,538
46 ACNielsen Corp. * 1,019
20 Affiliated Computer Services, Inc., Class A * 760
30 ASM Lithography Holding NV (Netherlands) * 2,179
60 Concord EFS, Inc. * 1,624
44 Navigant Consulting Co. * 1,257
49 Paychex, Inc. 1,920
------
10,297
Chemicals -- 2.3%
50 Cytec Industries, Inc.* 1,290
30 Millennium Chemicals, Inc. 555
75 Wellman, Inc. 1,130
------
2,975
Computer Software -- 4.0%
25 Electronic Arts, Inc. * 2,020
40 Intuit, Inc. * 1,165
45 Rational Software Corp. * 1,924
------
5,109
Computers/Computer Hardware -- 0.6%
20 Electronics For Imaging * 806
</TABLE>
See notes to financial statements.
55
<PAGE>
CHASE VISTA SELECT NEW GROWTH OPPORTUNITIES FUND
Portfolio of Investments (Continued)
October 31, 1999
(Amounts in Thousands)
<TABLE>
<CAPTION>
Shares Issuer Value
- --------------------------------------------------------------------------
Long-Term Investments -- Continued
- --------------------------------------------------------------------------
<S> <C> <C>
Electronics/Electrical Equipment -- 6.4%
30 PerkinElmer, Inc. $1,224
11 Johnson Controls, Inc. 668
32 Microchip Technology, Inc. * 2,132
15 Sanmina Corp. * 1,351
40 Vishay Intertechnology, Inc. * 978
35 Waters Corp. * 1,859
------
8,212
Entertainment/Leisure -- 5.5%
50 Harrah's Entertainment, Inc. * 1,447
21 Macrovision Corp. * 1,189
100 Mandalay Resort Group * 1,863
200 Park Place Entertainment Corp. * 2,625
------
7,124
Financial Services -- 1.1%
20 Lehman Brothers Holdings, Inc. 1,474
Health Care/Health Care Services -- 1.1%
70 Ventana Medical Systems * 1,404
Insurance -- 4.3%
70 AXA Financial, Inc. 2,244
30 Nationwide Financial Services, Class A 1,136
13 Radian Group, Inc. 687
35 Reliastar Financial Corp. 1,503
------
5,570
Internet Services/Software -- 0.9%
31 At Home Corp., Class A * 1,146
Machinery & Engineering Equipment -- 0.6%
25 Cognex Corp. * 748
Manufacturing -- 1.4%
47 Pentair, Inc. 1,768
Metals/Mining -- 1.0%
75 Freeport-McMoran Copper & Gold, Inc., Class B * 1,252
Oil & Gas -- 7.0%
50 Anadarko Petroleum Corp. 1,541
25 BJ Services Co. * 858
65 Cooper Cameron Corp. * 2,514
81 Noble Drilling Corp. * 1,804
50 Tosco Corp. 1,266
67 Union Pacific Resources Group 970
------
8,953
Paper/Forest Products -- 2.0%
15 Boise Cascade Corp. 534
13 Temple-Inland, Inc. 756
30 Willamette Industries 1,247
------
2,537
Pharmaceuticals -- 4.4%
25 Biovail Corporation International (Canada) * 1,360
20 Express Scripts, Inc., Class A * 983
15 Forest Laboratories Inc., Class A * 688
10 Idec Pharmaceuticals Corp. * 1,162
50 King Pharmaceuticals, Inc. * 1,512
------
5,705
</TABLE>
See notes to financial statements.
56
<PAGE>
CHASE VISTA SELECT NEW GROWTH OPPORTUNITIES FUND
Portfolio of Investments (Continued)
October 31, 1999
(Amounts in Thousands)
<TABLE>
<CAPTION>
Shares Issuer Value
- ---------------------------------------------------------------------------------
Long-Term Investments -- Continued
- ---------------------------------------------------------------------------------
<S> <C> <C>
Restaurants/Food Services -- 1.6%
50 Brinker International, Inc. * $ 1,165
45 Darden Restaurants, Inc. 858
-------
2,023
Retailing -- 6.9%
56 Ethan Allen Interiors, Inc. 1,980
27 Kroger Co. * 562
61 Pacific Sunwear of California * 1,840
35 Payless Shoesource, Inc. * 1,603
55 Ross Stores, Inc. 1,134
60 Toys R US, Inc. * 848
25 Wild Oats Markets, Inc. * 881
-------
8,848
Semi-Conductors -- 2.5%
13 Atmel Corp. * 502
60 Vitesse Semiconductor Corp. * 2,753
-------
3,255
Shipping/Transportation -- 0.5%
20 C.H. Robinson Worldwide, Inc. 676
Telecommunications -- 3.7%
50 Nextlink Communications, Class A * 2,991
50 Qwest Communications International * 1,800
-------
4,791
Telecommunications Equipment -- 3.4%
23 Comverse Technology, Inc. * 2,554
35 General Instrument Corp. * 1,883
-------
4,437
Utilities -- 5.6%
40 AGL Resources, Inc. 698
21 American Water Works, Inc. 613
50 CMS Energy Corp. 1,844
27 Energy East Corp. 666
45 Midamerican Energy Holdings Co. 1,513
50 Pinnacle West Capital Corp. 1,843
-------
7,177
- ---------------------------------------------------------------------------------
Total Long-Term Investments 119,499
(Cost $90,056)
- ---------------------------------------------------------------------------------
Short-Term Investments -- 8.0%
- ---------------------------------------------------------------------------------
<CAPTION>
Principal
Amount
<S> <C> <C>
Repurchase Agreement -- 8.0%
----------------------------
$10,236 Greenwich Capital Markets, Inc., 5.28%, due 11/01/99,
(Dated 10/29/99, Proceeds $10,241, Secured by FHLMC,
$10,665, 5.76%, due 05/15/29; Market Value $10,445) 10,236
(Cost $10,236)
- ---------------------------------------------------------------------------------
Total Investments -- 100.8% $129,735
(Cost $100,292)
- ---------------------------------------------------------------------------------
</TABLE>
See notes to financial statements.
57
<PAGE>
CHASE VISTA SELECT SMALL CAP VALUE FUND
Portfolio of Investments
October 31, 1999
(Amounts in Thousands)
<TABLE>
<CAPTION>
Shares Issuer Value
- -----------------------------------------------------------------
Long-Term Investments -- 90.8%
- -----------------------------------------------------------------
<S> <C> <C>
Common Stock -- 90.8%
---------------------
Aerospace -- 0.9%
159 AAR Corp. $2,655
50 United Industrial Corp. 409
------
3,064
Automotive -- 2.1%
90 Donnelly Corp. 1,211
91 Lithia Motors, Inc., Class A * 1,814
95 O'Reilly Automotive, Inc. * 4,127
------
7,152
Banking -- 3.7%
49 Amcore Financial, Inc. 1,159
16 Chittenden Corp. 492
97 City National Corp. 3,748
24 Commerce Bancorp., Inc. 1,064
129 Cullen/Frost Bankers, Inc. 3,726
108 Trustmark Corp. 2,471
------
12,660
Broadcasting/Cable -- 0.3%
19 Westwood One, Inc. * 895
Business Services -- 12.1%
134 ACNielsen Corp. * 2,957
630 Concord EFS, Inc. * 17,040
259 Intelliquest Information Group * 3,043
133 Iron Mountain, Inc. * 4,020
150 McGrath Rentcorp 2,550
801 NFO Worldwide, Inc. * 8,916
50 Profit Recovery Group International * 2,059
------
40,585
Catering -- 0.6%
97 Morrison Management Specialist, Inc. 2,080
Chemicals -- 2.7%
340 Airgas, Inc. * 3,230
136 Minerals Technologies, Inc. 5,848
------
9,078
Computer Networks -- 5.4%
125 Adaptec, Inc. * 5,625
113 Black Box Corp. * 5,755
113 Micros Systems, Inc. * 5,224
43 National Computer Systems Inc. 1,607
------
18,211
Computer Software -- 1.1%
276 Activision, Inc. * 3,896
Consumer Products -- 3.0%
157 Chattem, Inc. * 2,769
257 Oneida LTD 6,095
34 The Scotts Co., Class A * 1,356
------
10,220
Electronics/Electrical Equipment -- 9.5%
262 Artesyn Technologies, Inc. * 5,173
104 Hadco Corp. * 3,829
87 OAK Industries, Inc. * 3,555
</TABLE>
See notes to financial statements.
58
<PAGE>
CHASE VISTA SELECT SMALL CAP VALUE FUND
Portfolio of Investments (Continued)
October 31, 1999
(Amounts in Thousands)
<TABLE>
<CAPTION>
Shares Issuer Value
- ----------------------------------------------------------------------
Long-Term Investments -- Continued
- ----------------------------------------------------------------------
<S> <C> <C>
Electronics/Electrical Equipment -- Continued
106 PerkinElmer, Inc. $4,350
175 Technitrol, Inc. 6,366
369 Vishay Intertechnology, Inc. * 9,025
------
32,298
Entertainment/Leisure -- 1.2%
241 Cinar Corp., Class B (Canada) * 4,191
Food/Beverage Products -- 2.6%
120 Dreyer's Grand Ice Cream, Inc. 2,048
195 J & J Snack Foods Corp. * 3,754
106 Performance Food Group Co. * 2,875
------
8,677
Health Care/Health Care Services -- 9.9%
65 Beckman Coulter Inc. 2,990
139 Cooper Companies, Inc. 3,485
109 Datascope Corp. * 3,938
164 Hooper Holmes, Inc. 4,405
135 Impath, Inc. * 3,230
150 MedQuist, Inc. * 4,810
149 Molecular Devices Corp. * 5,505
189 Osteotech, Inc. * 2,466
122 Ventana Medical Systems * 2,448
------
33,277
Insurance -- 2.5%
37 Arthur J. Gallagher & Co. 1,889
199 Brown & Brown, Inc. 6,721
------
8,610
Machinery & Engineering Equipment -- 5.6%
237 Applied Industrial Technology, Inc. 3,737
194 Applied Power, Inc., Class A 5,630
167 Gerber Scientific, Inc. 3,158
50 PRI Automation, Inc. * 2,006
83 Zebra Technologies Corp., Class A * 4,497
------
19,028
Manufacturing -- 2.3%
144 Carlisle Companies, Inc. 4,802
105 Trinity Industries 3,130
------
7,932
Oil & Gas -- 4.1%
116 Atwood Oceanics * 3,377
100 Louis Dreyfus Natural Gas * 2,000
284 Pride International, Inc. * 3,909
74 St. Mary Land & Exploration 1,887
282 Titan Exploration, Inc. * 1,182
136 Vintage Petroleum, Inc. 1,478
------
13,833
Packaging -- 2.2%
587 Shorewood Packaging Corp. * 7,441
Pharmaceuticals -- 1.0%
79 Advance Paradigm, Inc. * 3,367
Printing & Publishing -- 2.6%
305 Banta Corp. 6,892
168 Bowne & Co., Inc. 1,869
------
8,761
</TABLE>
See notes to financial statements.
59
<PAGE>
CHASE VISTA SELECT SMALL CAP VALUE FUND
Portfolio of Investments (Continued)
October 31, 1999
(Amounts in Thousands)
<TABLE>
<CAPTION>
Shares Issuer Value
- --------------------------------------------------------------------------------
Long-Term Investments -- Continued
- --------------------------------------------------------------------------------
<S> <C> <C>
Restaurants/Food Services -- 1.7%
246 Jack in the Box, Inc. * $ 5,927
Retailing -- 5.8%
135 Ames Deptartment Stores, Inc. * 4,287
50 BJ'S Wholesale Club Inc. * 1,541
300 Cato Corp., Class A 3,450
172 Chico's FAS, Inc. * 5,396
178 TBC Corp. * 1,218
104 Wild Oats Markets, Inc. * 3,666
-------
19,558
Semi-Conductors -- 0.8%
67 Cree Research, Inc. * 2,852
Shipping/Transportation -- 3.1%
93 Air Express International Corp. 2,479
210 MS Carriers, Inc. * 5,938
124 Swift Transportation Co., Inc. * 2,158
-------
10,575
Telecommunications Equipment -- 1.9%
73 Antec Corp. * 3,550
25 Comverse Technology, Inc. * 2,838
-------
6,388
Utilities -- 2.1%
107 AGL Resources, Inc. 1,862
50 American States Water Co. 1,710
80 Laclede Gas Co. 1,699
73 Northwest Natural Gas Co. 1,882
-------
7,153
- ---------------------------------------------------------------------------------
Total Long-Term Investments 307,709
(Cost $250,067)
- ---------------------------------------------------------------------------------
Short-Term Investments -- 11.6%
- ---------------------------------------------------------------------------------
<CAPTION>
Principal
Amount
<S> <C> <C>
Repurchase Agreement -- 11.6%
-----------------------------
$39,152 Greenwich Capital Markets, Inc., 5.28%, due 11/01/99,
(Dated 10/29/99, Proceeds $39,169, Secured by FHLMC
and FNMA, $41,909, 0.00% through 6.50%, due
01/25/08 through 12/15/26; Market Value $39,939) 39,152
(Cost $39,152)
- ---------------------------------------------------------------------------------
Total Investments -- 102.4% $346,861
(Cost $289,219)
- ---------------------------------------------------------------------------------
</TABLE>
See notes to financial statements.
60
<PAGE>
- --------------------------------------------------------------------------------
CHASE VISTA SELECT INTERNATIONAL EQUITY FUND
Portfolio of Investments
October 31, 1999
(Amounts in Thousands)
<TABLE>
<CAPTION>
Shares Issuer Value (USD)
- -------------------------------------------------------------------------------
Long-Term Investments -- 97.2%
- -------------------------------------------------------------------------------
<S> <C> <C>
Common Stock -- 97.2%
---------------------
Australia -- 0.8%
161 Foster's Brewing Group LTD $ 426
187 Lang Corp., LTD * 776
90 News Corp., LTD 650
------
1,852
Brazil -- 2.4%
370 Centrais Eletricas Brasileiras SA, ADR 3,161
9 Centrais Geradoras do Sul do Brasil SA, ADR 32
48 Telecomunicacoes Brasileiras SA, ADR * 2
29 Telecomunicacoes Brasileiras SA, Preferred Block, ADR 2,251
------
5,446
Finland -- 5.8%
64 Nokia OYJ 7,295
163 Sonera OYJ 4,893
22 Upm-Kymmene OYJ 694
------
12,882
France -- 10.6%
10 Axa 1,465
3 Bouygues SA 1,061
93 CNP Assurances 2,733
11 Compagnie de Saint Gobain 1,878
30 Credit Commercial de France @ 3,499
37 Lagardere S.C.A. 1,497
9 Pinault-Printemps-Redoute 1,788
87 Rhone-Poulenc SA 4,837
37 Total Fina SA, Class B 4,987
------
23,745
Germany -- 6.8%
7 CE Consumer Electronic AG 651
140 Kamps AG @ 7,841
14 Mannesmann AG 2,231
4 Marschollek Lautenschlaeger und Partner AG,
Preferred Shares 843
197 Viag AG 3,643
------
15,209
Ireland -- 2.4%
56 ESAT Telecom Group PLC, ADR * 2,518
334 Green Property PLC 1,916
365 Jefferson Smurfit Group 946
------
5,380
Italy -- 4.0%
167 Alleanza Assicurazioni SPA 1,701
147 Autogrill SPA 1,570
680 Banca Nazionale Del Lavoro SPA * 2,301
505 Cremonini SPA * 1,101
350 Telecom Italia Mobile SPA 2,185
------
8,858
Japan -- 25.5%
28 Aoyama Trading Co., LTD 906
81 Asahi Bank LTD 719
84 Bank of Tokyo-Mitsubishi LTD 1,391
65 Dai-Ichi Kangyo Bank LTD 891
</TABLE>
See notes to financial statements.
61
<PAGE>
CHASE VISTA SELECT INTERNATIONAL EQUITY FUND
Portfolio of Investments (Continued)
October 31, 1999
(Amounts in Thousands)
<TABLE>
<CAPTION>
Shares Issuer Value (USD)
- -------------------------------------------------------------------
Long-Term Investments -- Continued
- -------------------------------------------------------------------
<S> <C> <C>
Japan -- Continued
81 Daiwa Securities Group, Inc. $ 864
1 East Japan Railway Co. 735
211 Fujikura LTD 1,304
48 Fujitsu LTD 1,444
30 Hitachi Maxell 719
22 Hoya Corp. 1,581
61 Industrial Bank of Japan LTD 824
16 Ito-Yokado Co., LTD 1,279
1 Japan Tobacco, Inc. 1,058
97 Kaneka Corp. @ 1,269
32 KAO Corp. @ 975
107 Kikkoman Corp. 879
4 Mabuchi Motor Co., LTD 635
45 Mitsubishi Estate Co., LTD 451
127 Mitsui & Co., LTD 938
203 Mitsui Mining & Smelting 1,138
18 Murata Manufacturing Co., LTD @ 2,312
88 NEC Corp. 1,779
11 Nintendo Co., LTD 1,681
200 Nippon Sanso Corp. 627
363 Nippon Steel Corp. 922
654 Nippon Suisan Kaisha LTD 1,416
1 Nippon Telegraph & Telephone Corp. 1,456
19 Nissin Food Products Co., LTD 544
1 NTT Mobile Communications Network, Inc. @ 2,894
10 Orix Corp. 1,341
332 Osaka Gas Co., LTD 1,110
50 Raito Kogyo Co., LTD 293
49 Sanwa Bank LTD 728
8 Secom Co. LTD-New *@ 851
8 Secom Co., LTD @ 857
118 Sharp Corp. 1,877
12 Shin-Etsu Chemical Co. 494
2 Shohkoh Fund & Co., LTD 917
60 Sumitomo Bank LTD 965
236 Sumitomo Chemical Co., LTD 1,512
117 Sumitomo Trust & Banking 1,195
512 Taiheiyo Cement Corp. 1,119
20 Takeda Chemical Industries @ 1,148
47 Terumo Corp. 1,428
73 Tokio Marine & Fire Insurance Co. 955
9 Tokyo Electron LTD 747
282 Toray Industries, Inc. 1,554
194 Toshiba Corp. 1,219
52 Toyota Motor Corp. 1,799
339 UBE Industries LTD 981
------
56,721
Mexico -- 0.9%
400 Alfa SA, Class A 1,532
950 Grupo Elektra SA 454
------
1,986
</TABLE>
See notes to financial statements.
62
<PAGE>
CHASE VISTA SELECT INTERNATIONAL EQUITY FUND
Portfolio of Investments (Continued)
October 31, 1999
(Amounts in Thousands)
<TABLE>
<CAPTION>
Shares Issuer Value (USD)
- -------------------------------------------------------------------------------
Long-Term Investments -- Continued
- -------------------------------------------------------------------------------
<S> <C> <C>
Netherlands -- 6.3%
67 Athlon Groep $1,327
98 Fortis NV 3,378
1 Koninklijke Ahold NV 10
36 Koninklijke Philips Electronics NV 3,701
65 Laurus NV 1,450
32 United Pan-Europe Communications NV * 2,420
56 VNU NV 1,875
------
14,161
Portugal -- 0.9%
46 Banco Espirito Santo SA 1,182
7 Telecel-Comunicacoes Pessoais SA 882
------
2,064
Singapore -- 0.1%
133 DBS Land LTD 245
Spain -- 3.3%
19 Acerinox SA 562
228 Amadeus Global Travel Distribution, Class A * 1,364
113 Continente SA 2,707
150 Prosegur Comp Securidad 1,230
57 Sogecable * 1,577
------
7,440
Sweden -- 3.4%
167 Assa Abloy AB, Class B 1,850
34 Hennes & Mauritz AB, Class B 903
20 Modern Times Group AB, Class B * 642
67 Svenska Handelsbanken, Class A 930
78 Telefonaktiebolaget LM Ericsson, Class B 3,257
------
7,582
Switzerland -- 3.3%
31 ABB LTD * 3,123
1 Compagnie Financiere Richemont, Class A 1,911
1 PubliGroupe SA 991
6 Sia Abrasives Holding AG * 813
1 Zurich Allied AG 595
------
7,433
Thailand -- 0.1%
87 Electricity Generating Public Co. LTD, Foreign Shares 115
19 PTT Exploration & Production Public Co., LTD, Foreign
Shares * 141
------
256
United Kingdom -- 20.6%
116 Barclays PLC @ 3,561
623 BP Amoco PLC @ 6,035
221 British Telecom PLC 3,995
268 Diageo PLC 2,705
92 Exchange Holdings PLC * 261
340 General Electric Co. PLC 3,693
145 Glaxo Wellcome PLC 4,278
124 Laporte PLC 1,018
1,116 Laporte PLC, Class B * 9
497 Legal & General Group PLC 1,377
86 National Westminster Bank PLC 1,939
</TABLE>
See notes to financial statements.
63
<PAGE>
CHASE VISTA SELECT INTERNATIONAL EQUITY FUND
Portfolio of Investments (Continued)
October 31, 1999
(Amounts in Thousands)
<TABLE>
<CAPTION>
Shares Issuer Value (USD)
- ----------------------------------------------------------------------------
Long-Term Investments -- Continued
- ----------------------------------------------------------------------------
<S> <C> <C>
United Kingdom -- Continued
176 Royal Bank of Scotland Group PLC @ $ 4,048
111 Ryanair Holdings PLC * 907
184 Sema Group PLC 2,399
465 Shell Transport & Trading Co., PLC @ 3,559
185 SmithKline Beecham PLC 2,377
786 Vodafone AirTouch PLC 3,648
-------
45,809
--------------------------------------------------------------
Total Common Stock 217,069
(Cost $181,335)
--------------------------------------------------------------
Warrants -- 0.0%
----------------
Germany -- 0.0%
1 Muenchener Rueckversicherungs-Gesellschaft AG,
Expires 06/03/02 * 22
Hong Kong -- 0.0%
5 Wharf Holdings, Expires 12/31/99* 3
--------------------------------------------------------------
Total Warrants 25
(Cost $0)
--------------------------------------------------------------
Redeemable Unsecured Loan Stock -- 0.0%
---------------------------------------
Malaysia -- 0.0%
100 Sunway Building Technology, BHD, 3.0%, 7/30/01, * 23
(Cost $40)
<CAPTION>
Principal
Amount
DEM
<S> <C> <C>
Convertible Bond -- 0.0%
------------------------
Germany -- 0.0%
96 DaimlerChrysler AG, 5.75%, 06/14/02 55
(Cost $56)
- ----------------------------------------------------------------------------
Total Investments -- 97.2% $217,172
(Cost $181,431)
- ----------------------------------------------------------------------------
</TABLE>
Long Futures Outstanding
- ------------------------
<TABLE>
<CAPTION>
Original Notional
Number Notional Value at Unrealized
of Expiration Value 10/31/1999 Depreciation
Contracts Description Date (USD) (USD) (USD)
- ------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
86 All Ordinaries Stock Price Index Dec.,1999 $3,994 $3,946 ($48)
</TABLE>
See notes to financial statements.
64
<PAGE>
CHASE VISTA SELECT INTERNATIONAL EQUITY FUND
Portfolio of Investments (Continued)
October 31, 1999
(Amounts in Thousands)
Summary of Investments by Industry, October 31, 1999
<TABLE>
<CAPTION>
Industry % of Investment Securities
- -----------------------------------------------------------------------------
<S> <C>
Telecommunications 17.5%
Banking 11.1%
Food/Beverage Products 7.5%
Oil & Gas 6.8%
Electronic/Electrical Equipment 6.3%
Pharmaceuticals 5.8%
Insurance 5.6%
Manufacturing 3.8%
Retailing 3.7%
Diversified 2.8%
Chemicals 2.7%
Consumer Products 2.5%
Construction 2.1%
Metals/Mining 2.1%
Utilities 2.0%
Other (below 2%) 17.7%
- -----------------------------------------------------------------------------
Total 100.0%
- -----------------------------------------------------------------------------
</TABLE>
INDEX:
* -- Non-income producing security.
# -- Security may only be sold to qualified institutional buyers.
+ -- All or a portion of this security is segregated for futures contracts.
++ -- Security fair valued by, or at the direction of, the Board of Trustees.
@ -- All or a portion of this security is segregated for forward foreign
currency contracts.
~ -- All or a portion of this security is segregated for TBAs.
ADR -- American Depositary Receipt.
CBO -- Collateralized Bond Obligation.
FHLMC -- Federal Home Loan Mortgage Corporation.
FNMA -- Federal National Mortgage Association.
FRN -- Floating Rate Note.
GNMA -- Government National Mortgage Association.
MTN -- Medium Term Note.
See notes to financial statements.
65
<PAGE>
STATEMENT OF ASSETS AND LIABILITIES October 31, 1999
(Amounts in Thousands, Except Per Share Amounts)
<TABLE>
<CAPTION>
Short-Term Intermediate Bond Balanced
Bond Fund Bond Fund Fund Fund
- ----------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
ASSETS:
Investment securities, at
value (Note 1) ................... $19,232 $371,177 $661,214 $159,088
Cash ............................. 45 1 -- 1
Other assets ..................... 3 16 28 8
Receivables:
Investment securities sold 2,243 17,047 10,827 --
Interest and dividends .......... 249 5,171 7,047 794
Variation margin on
futures contracts ............... -- -- 328 --
Fund shares sold ................ -- 560 40 8
Expense reimbursement
from Distributor ................ 10 -- 4 --
- ----------------------------------------------------------------------------------------
Total Assets .................. 21,782 393,972 679,488 159,899
- ----------------------------------------------------------------------------------------
LIABILITIES:
Payables:
Investment securities
purchased ....................... -- 15,002 55,482 --
Fund shares redeemed ............ -- 496 656 --
Dividends ....................... 109 1,874 3,432 378
Accrued liabilities (Note 2) ..... 21 157 118 41
- ----------------------------------------------------------------------------------------
Total Liabilities ............. 130 17,529 59,688 419
- ----------------------------------------------------------------------------------------
NET ASSETS:
Paid in capital .................. 22,132 391,568 645,814 97,600
Accumulated overdistrib-
uted net investment
income ........................... (31) (64) (163) (73)
Accumulated net realized
gain (loss) on investments
and futures transactions ......... (346) (5,357) (11,540) 10,095
Net unrealized appreciation
(depreciation) of
investments and futures
contracts ........................ (103) (9,704) (14,311) 51,858
- ----------------------------------------------------------------------------------------
Total Net Assets .................. $21,652 $376,443 $619,800 $159,480
- ----------------------------------------------------------------------------------------
Shares of beneficial interest
outstanding ($.001 par value;
unlimited number of shares
authorized): ...................... 2,075 38,859 16,147 4,603
Net asset value, redemption
and offering price per share ...... $ 10.43 $ 9.69 $ 38.38 $ 34.64
- ----------------------------------------------------------------------------------------
Cost of investments ............... $19,335 $380,881 $675,416 $107,230
- ----------------------------------------------------------------------------------------
</TABLE>
See notes to financial statements.
66
<PAGE>
STATEMENT OF ASSETS AND LIABILITIES October 31, 1999
(Amounts in Thousands, Except Per Share Amounts)
<TABLE>
<CAPTION>
Equity Large Cap Large Cap
Income Equity Growth
Fund Fund Fund
- --------------------------------------------------------------------------------------
<S> <C> <C> <C>
ASSETS:
Investment securities, at value (Note 1) ..... $782,181 $221,654 $901,487
Other assets ................................. 35 7 24
Receivables:
Investment securities sold .................. 56,299 1,177 --
Interest and dividends ...................... 1,135 135 256
Fund shares sold ............................ 1 100 4
Expense reimbursement
from Distributor ............................ -- 2 --
- --------------------------------------------------------------------------------------
Total Assets .............................. 839,651 223,075 901,771
- --------------------------------------------------------------------------------------
LIABILITIES:
Payables:
To Custodian ................................ -- 412 --
Investment securities
purchased ................................... 50,040 -- --
Fund shares redeemed ........................ 975 65 443
Dividends ................................... 1,086 129 319
Accrued liabilities (Note 2) ................. 171 73 133
- --------------------------------------------------------------------------------------
Total Liabilities ......................... 52,272 679 895
- --------------------------------------------------------------------------------------
NET ASSETS:
Paid in capital .............................. 588,578 138,029 339,046
Accumulated undistributed/
(overdistributed) net investment
income ....................................... (1,131) 4 19
Accumulated net realized gain on
investments .................................. 94,685 34,597 85,199
Net unrealized appreciation of
investments .................................. 105,247 49,766 476,612
- --------------------------------------------------------------------------------------
Total Net Assets .............................. $787,379 $222,396 $900,876
- --------------------------------------------------------------------------------------
Shares of beneficial interest outstanding
($.001 par value; unlimited number of
shares authorized): ........................... 28,598 5,657 18,950
Net asset value, redemption and offering
price per share ............................... $ 27.53 $ 39.31 $ 47.54
- --------------------------------------------------------------------------------------
Cost of investments ........................... $676,934 $171,888 $424,875
- --------------------------------------------------------------------------------------
</TABLE>
See notes to financial statements.
67
<PAGE>
STATEMENT OF ASSETS AND LIABILITIES October 31, 1999
(Amounts in Thousands, Except Per Share Amounts)
<TABLE>
<CAPTION>
New Growth
Opportunities Small Cap International
Fund Value Fund Equity Fund
- --------------------------------------------------------------------------------------
<S> <C> <C> <C>
ASSETS:
Investment securities, at value
(Note 1) ............................. $129,735 $346,861 $217,172
Cash ................................. 1 3 540
Foreign currency (Cost $7,448) ....... -- -- 7,328
Other assets ......................... 6 19 13
Receivables:
Investment securities sold .......... 837 10,761 4,608
Interest and dividends .............. 56 110 511
Fund shares sold .................... 6 -- 6
- --------------------------------------------------------------------------------------
Total Assets ...................... 130,641 357,754 230,178
- --------------------------------------------------------------------------------------
LIABILITIES:
Payables:
Investment securities
purchased ........................... 1,875 18,599 5,435
Fund shares redeemed ................ 8 269 --
Variation margin on futures
contracts ........................... -- -- 48
Open forward currency contracts ..... -- -- 1,260
Accrued liabilities (Note 2) ......... 93 100 90
- --------------------------------------------------------------------------------------
Total Liabilities ................. 1,976 18,968 6,833
- --------------------------------------------------------------------------------------
NET ASSETS:
Paid in capital ...................... 68,576 211,791 172,245
Accumulated undistributed net
investment income .................... 114 286 957
Accumulated net realized gain
on investments and futures
transactions ......................... 30,532 69,067 15,747
Net unrealized appreciation of
investments, futures contracts and
foreign currency transactions ........ 29,443 57,642 34,396
- --------------------------------------------------------------------------------------
Total Net Assets ...................... $128,665 $338,786 $223,345
- --------------------------------------------------------------------------------------
Shares of beneficial interest out-
standing ($.001 par value; unlimited
number of shares authorized): ......... 3,426 7,109 6,701
Net asset value, redemption and
offering price per share .............. $ 37.55 $ 47.66 $ 33.33
- --------------------------------------------------------------------------------------
Cost of investments ................... $100,292 $289,219 $181,431
- --------------------------------------------------------------------------------------
</TABLE>
See notes to financial statements.
68
<PAGE>
- --------------------------------------------------------------------------------
STATEMENT OF OPERATIONS For the year ended October 31, 1999
(Amounts in Thousands)
<TABLE>
<CAPTION>
Short-Term Intermediate Bond Balanced
Bond Fund Bond Fund Fund Fund
- --------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
INVESTMENT INCOME:
Dividend ......................... $ -- $ -- $ -- $1,551
Interest ......................... 1,288 20,563 36,431 4,035
Foreign taxes withheld ........... -- -- -- (7)
- --------------------------------------------------------------------------------------------
Total investment income ........ 1,288 20,563 36,431 5,579
- --------------------------------------------------------------------------------------------
EXPENSES: (Note 2)
Investment advisory fees ......... 59 1,101 1,820 813
Administration fees .............. 36 550 911 244
Custodian fees ................... 41 80 96 87
Printing and postage ............. 2 30 25 5
Professional fees ................ 24 36 54 37
Registration expenses ............ 1 5 7 1
Transfer agent fees .............. 11 18 19 12
Trustees' fees and expenses ...... 1 18 30 8
Other ............................ 1 15 44 16
- --------------------------------------------------------------------------------------------
Total expenses ................. 176 1,853 3,006 1,223
- --------------------------------------------------------------------------------------------
Less amounts waived (Note 2) ..... 136 1,711 2,795 1,135
Less expense reimbursements ...... 24 -- 4 3
- --------------------------------------------------------------------------------------------
Net expenses .................... 16 142 207 85
- --------------------------------------------------------------------------------------------
Net investment income .......... 1,272 20,421 36,224 5,494
- --------------------------------------------------------------------------------------------
REALIZED AND UNREALIZED
GAIN (LOSS) ON INVESTMENTS:
Net realized gain (loss) on:
Investments ..................... (358) (4,953) (9,587) 10,119
Futures transactions ............ 16 (155) (2,108) --
Change in net unrealized
appreciation/depreciation of:
Investments ..................... (151) (13,799) (24,429) 4,425
Futures contracts ............... (4) (341) (73) --
- --------------------------------------------------------------------------------------------
Net realized and unrealized
gain (loss) on investments ....... (497) (19,248) (36,197) 14,544
- --------------------------------------------------------------------------------------------
Net increase in net assets
from operations .................. $ 775 $ 1,173 $ 27 $20,038
- --------------------------------------------------------------------------------------------
</TABLE>
See notes to financial statements.
69
<PAGE>
STATEMENT OF OPERATIONS For the year ended October 31, 1999
(Amounts in Thousands)
<TABLE>
<CAPTION>
Equity Income Large Cap Large Cap
Fund Equity Fund Growth Fund
- -------------------------------------------------------------------------------------
<S> <C> <C> <C>
INVESTMENT INCOME:
Dividend ............................. $19,154 $2,345 $ 5,473
Interest ............................. 2,489 448 293
Foreign taxes withheld ............... (281) (9) (5)
- -------------------------------------------------------------------------------------
Total investment income ............ 21,362 2,784 5,761
- -------------------------------------------------------------------------------------
EXPENSES: (Note 2)
Investment advisory fees ............. 3,719 787 3,195
Administration fees .................. 1,395 295 1,198
Custodian fees ....................... 132 99 137
Printing and postage ................. 25 6 17
Professional fees .................... 53 51 56
Registration expenses ................ 21 4 20
Transfer agent fees .................. 17 20 19
Trustees' fees and expenses .......... 46 10 40
Other ................................ 58 8 44
- -------------------------------------------------------------------------------------
Total expenses ..................... 5,466 1,280 4,726
- -------------------------------------------------------------------------------------
Less amounts waived (Note 2) ......... 5,198 1,171 4,486
Less expense reimbursements .......... -- 4 4
- -------------------------------------------------------------------------------------
Net expenses ....................... 268 105 236
- -------------------------------------------------------------------------------------
Net investment income .............. 21,094 2,679 5,525
- -------------------------------------------------------------------------------------
REALIZED AND UNREALIZED GAIN
(LOSS) ON INVESTMENTS:
Net realized gain on:
Investments ......................... 95,029 34,648 85,454
Change in net unrealized
appreciation/depreciation of
investments .......................... (33,126) (2,615) 165,652
- -------------------------------------------------------------------------------------
Net realized and unrealized
gain on investments .................. 61,903 32,033 251,106
- -------------------------------------------------------------------------------------
Net increase in net assets from
operations ........................... $82,997 $34,712 $256,631
- -------------------------------------------------------------------------------------
</TABLE>
See notes to financial statements.
70
<PAGE>
STATEMENT OF OPERATIONS For the year ended October 31, 1999
(Amounts in Thousands)
<TABLE>
<CAPTION>
New Growth
Opportunities Small Cap International
Fund Value Fund Equity Fund
- -------------------------------------------------------------------------------------
<S> <C> <C> <C>
INVESTMENT INCOME:
Dividend ............................... $ 226 $ 3,504 $ 2,750
Interest ............................... 416 1,446 219
Foreign taxes withheld ................. -- -- (318)
- -------------------------------------------------------------------------------------
Total investment income .............. 642 4,950 2,651
- -------------------------------------------------------------------------------------
EXPENSES: (Note 2)
Investment advisory fees ............... 810 2,678 2,212
Administration fees .................... 187 618 335
Custodian fees ......................... 83 104 244
Printing and postage ................... 10 15 10
Professional fees ...................... 29 50 57
Registration expenses .................. 9 2 1
Transfer agent fees .................... 18 14 16
Trustees' fees and expenses ............ 6 21 12
Other .................................. 10 31 21
- -------------------------------------------------------------------------------------
Total expenses ....................... 1,162 3,533 2,908
- -------------------------------------------------------------------------------------
Less amounts waived (Note 2) ........... 1,073 3,382 2,781
Less expense reimbursements ........... -- 6 --
- -------------------------------------------------------------------------------------
Net expenses .......................... 89 145 127
- -------------------------------------------------------------------------------------
Net investment income ................ 553 4,805 2,524
- -------------------------------------------------------------------------------------
REALIZED AND UNREALIZED GAIN
(LOSS) ON INVESTMENTS:
Net realized gain (loss) on:
Investments ........................... 30,623 69,103 19,871
Futures transactions .................. -- -- 1,587
Foreign currency transactions ......... -- -- (1,633)
Change in net unrealized
appreciation/depreciation of:
Investments ........................... 739 (83,705) 26,685
Futures contracts ..................... -- -- (67)
Foreign currency transactions ......... -- -- (2,978)
- -------------------------------------------------------------------------------------
Net realized and unrealized
gain (loss) on investments ............. 31,362 (14,602) 43,465
- -------------------------------------------------------------------------------------
Net increase (decrease) in net
assets from operations ................. $31,915 $(9,797) $45,989
- -------------------------------------------------------------------------------------
</TABLE>
See notes to financial statements.
71
<PAGE>
STATEMENT OF CHANGES IN NET ASSETS For the year ended October 31,
STATEMENT OF CHANGES IN NET ASSETS For the year ended October 31,
(Amounts in Thousands)
<TABLE>
<CAPTION>
Short-Term Bond Fund Intermediate Bond Fund Bond Fund
1999 1998 1999 1998 1999 1998
- ----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income ...................................... $ 1,272 $ 1,571 $ 20,421 $ 20,669 $ 36,224 $ 34,577
Net realized gain (loss) on investments and futures
transactions ............................................... (342) 58 (5,108) 4,876 (11,695) 7,797
Change in unrealized appreciation/depreciation of
investments and futures contracts .......................... (155) (29) (14,140) 527 (24,502) 2,772
- ----------------------------------------------------------------------------------------------------------------------------------
Increase in net assets from operations ................... 775 1,600 1,173 26,072 27 45,146
- ----------------------------------------------------------------------------------------------------------------------------------
DISTRIBUTIONS TO SHAREHOLDERS FROM: (Note 1)
Net investment income ...................................... (1,272) (1,495) (20,421) (20,279) (36,223) (34,401)
Net realized gain on investment transactions ............... (99) -- (5,181) -- (7,910) (6,298)
- ----------------------------------------------------------------------------------------------------------------------------------
Total distributions to shareholders ...................... (1,371) (1,495) (25,602) (20,279) (44,133) (40,699)
- ----------------------------------------------------------------------------------------------------------------------------------
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares issued ................................ 2,535 2,680 66,231 61,733 98,531 96,373
Dividends reinvested ....................................... 98 1 4,982 23 7,747 5,178
Cost of shares redeemed .................................... (5,684) (4,163) (23,684) (33,372) (32,034) (36,124)
- ----------------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from capital share transactions ......... (3,051) (1,482) 47,529 28,384 74,244 65,427
- ----------------------------------------------------------------------------------------------------------------------------------
Total increase (decrease) in net assets .................. (3,647) (1,377) 23,100 34,177 30,138 69,874
NET ASSETS:
Beginning of period ........................................ 25,299 26,676 353,343 319,166 589,662 519,788
- ----------------------------------------------------------------------------------------------------------------------------------
End of period .............................................. $21,652 $25,299 $376,443 $353,343 $619,800 $589,662
- ----------------------------------------------------------------------------------------------------------------------------------
SHARE TRANSACTIONS:
Issued (including shares issued for stock split) (Note 1) .. 240 251 6,673 6,050 2,491 2,364
Reinvested ................................................. 9 1 491 2 191 128
Redeemed ................................................... (540) (391) (2,412) (3,266) (815) (887)
- ----------------------------------------------------------------------------------------------------------------------------------
Change in shares ........................................... (291) (139) 4,752 2,786 1,867 1,605
- ----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
See notes to financial statements.
72
<PAGE>
STATEMENT OF CHANGES IN NET ASSETS For the year ended October 31,
(Amounts in Thousands)
<TABLE>
<CAPTION>
Balanced Fund Equity Income Fund Large Cap Equity Fund
1999 1998 1999 1998 1999 1998
- ----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income ................................... $ 5,494 $ 6,804 $ 21,094 $ 27,799 $ 2,679 $ 2,680
Net realized gain (loss) on investments ................. 10,119 8,977 95,029 94,651 34,648 22,116
Change in unrealized appreciation/depreciation of
investments ............................................. 4,425 8,631 (33,126) (48,434) (2,615) 3,890
- ----------------------------------------------------------------------------------------------------------------------------------
Increase in net assets from operations ................ 20,038 24,412 82,997 74,016 34,712 28,686
- ----------------------------------------------------------------------------------------------------------------------------------
DISTRIBUTIONS TO SHAREHOLDERS FROM: (Note 1)
Net investment income ................................... (5,504) (6,795) (21,765) (27,135) (2,680) (2,679)
Net realized gain on investment transactions ............ (9,006) (18,803) (96,156) (190,260) (22,147) (56,874)
- ----------------------------------------------------------------------------------------------------------------------------------
Total distributions to shareholders ................... (14,510) (25,598) (117,921) (217,395) (24,827) (59,553)
- ----------------------------------------------------------------------------------------------------------------------------------
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares issued ............................. 7,068 757 8,277 34,448 54,421 50,467
Dividends reinvested .................................... 9,138 18,788 94,525 176,268 20,588 5,957
Cost of shares redeemed ................................. (14,356) (45,440) (203,476) (99,496) (39,260) (35,208)
- ----------------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from capital share transactions ...... 1,850 (25,895) (100,674) 111,220 35,749 21,216
- ----------------------------------------------------------------------------------------------------------------------------------
Total increase (decrease) in net assets ................. 7,378 (27,081) (135,598) (32,159) 45,634 (9,651)
NET ASSETS:
Beginning of period ..................................... 152,102 179,183 922,977 955,136 176,762 186,413
- ----------------------------------------------------------------------------------------------------------------------------------
End of period ........................................... $159,480 $152,102 $787,379 $922,977 $222,396 $176,762
- ----------------------------------------------------------------------------------------------------------------------------------
SHARE TRANSACTIONS:
Issued (including shares issued for stock split) (Note 1) 207 23 21,527 383 5,659 133
Reinvested .............................................. 274 605 3,406 2,050 575 16
Redeemed ................................................ (414) (1,349) (6,983) (1,089) (1,005) (85)
- ----------------------------------------------------------------------------------------------------------------------------------
Change in shares ........................................ 67 (721) 17,950 1,344 5,229 64
- ----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
See notes to financial statements.
73
<PAGE>
STATEMENT OF CHANGES IN NET ASSETS For the year ended October 31,
STATEMENT OF CHANGES IN NET ASSETS For the year ended October 31,
(Amounts in Thousands)
<TABLE>
<CAPTION>
Large Cap New Growth
Growth Fund Opportunities Fund
1999 1998 1999 1998
- -----------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
INCREASE (DECREASE) IN NET ASSETS
FROM OPERATIONS:
Net investment income ...................................... $ 5,525 $ 6,013 $ 553 $ 528
Net realized gain (loss) on investments, futures
and foreign currency transactions .......................... 85,454 60,229 30,623 2,225
Change in unrealized appreciation/depreciation
of investments, futures contracts and foreign
currency transactions ...................................... 165,652 89,132 739 (3,735)
- -----------------------------------------------------------------------------------------------------------------
Increase (decrease) in net assets from
operations ............................................... 256,631 155,374 31,915 (982)
- -----------------------------------------------------------------------------------------------------------------
DISTRIBUTIONS TO SHAREHOLDERS FROM: (Note 1)
Net investment income ...................................... (5,525) (6,016) (496) (507)
Net realized gain on investment transactions ............... (60,409) (53,497) (2,314) (8,400)
- -----------------------------------------------------------------------------------------------------------------
Total distributions to shareholders ...................... (65,934) (59,513) (2,810) (8,907)
- -----------------------------------------------------------------------------------------------------------------
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares issued ................................ 68,940 21,848 2,292 8,654
Dividends reinvested ....................................... 59,031 50,838 2,297 7,427
Cost of shares redeemed .................................... (71,778) (62,723) (17,355) (10,241)
- -----------------------------------------------------------------------------------------------------------------
Increase (decrease) from capital share transactions ......... 56,193 9,963 (12,766) 5,840
- -----------------------------------------------------------------------------------------------------------------
Total increase (decrease) in net assets .................. 246,890 105,824 16,339 (4,049)
NET ASSETS:
Beginning of period ........................................ 653,986 548,162 112,326 116,375
- -----------------------------------------------------------------------------------------------------------------
End of period .............................................. $900,876 $653,986 $128,665 $112,326
- -----------------------------------------------------------------------------------------------------------------
SHARE TRANSACTIONS:
Issued (including shares issued for stock split) (Note 1) 13,207 216 3,660 13
Reinvested ................................................. 1,541 563 72 13
Redeemed ................................................... (1,633) (601) (496) (16)
- -----------------------------------------------------------------------------------------------------------------
Change in shares ........................................... 13,115 178 3,236 10
- -----------------------------------------------------------------------------------------------------------------
<CAPTION>
Small Cap International
Value Fund Equity Fund
1999 1998 1999 1998
- -----------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
INCREASE (DECREASE) IN NET ASSETS
FROM OPERATIONS:
Net investment income ...................................... $ 4,805 $ 6,111 $ 2,524 $ 4,280
Net realized gain (loss) on investments, futures
and foreign currency transactions .......................... 69,103 20,102 19,825 843
Change in unrealized appreciation/depreciation
of investments, futures contracts and foreign
currency transactions ...................................... (83,705) (64,592) 23,640 9,208
- -----------------------------------------------------------------------------------------------------------------
Increase (decrease) in net assets from
operations ............................................... (9,797) (38,379) 45,989 14,331
- -----------------------------------------------------------------------------------------------------------------
DISTRIBUTIONS TO SHAREHOLDERS FROM: (Note 1)
Net investment income ...................................... (4,874) (6,176) (5,407) (10,955)
Net realized gain on investment transactions ............... (20,135) (16,877) -- (14,974)
- -----------------------------------------------------------------------------------------------------------------
Total distributions to shareholders ...................... (25,009) (23,053) (5,407) (25,929)
- -----------------------------------------------------------------------------------------------------------------
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares issued ................................ 14,795 24,074 3,876 16,703
Dividends reinvested ....................................... 19,643 16,069 1 13,026
Cost of shares redeemed .................................... (79,203) (47,997) (42,059) (51,587)
- -----------------------------------------------------------------------------------------------------------------
Increase (decrease) from capital share transactions ......... (44,765) (7,854) (38,182) (21,858)
- -----------------------------------------------------------------------------------------------------------------
Total increase (decrease) in net assets .................. (79,571) (69,286) 2,400 (33,456)
NET ASSETS:
Beginning of period ........................................ 418,357 487,643 220,945 254,401
- -----------------------------------------------------------------------------------------------------------------
End of period .............................................. $338,786 $418,357 $223,345 $220,945
- -----------------------------------------------------------------------------------------------------------------
SHARE TRANSACTIONS:
Issued (including shares issued for stock split) (Note 1) 269 410 6,702 94
Reinvested ................................................. 362 284 -- 79
Redeemed ................................................... (1,456) (815) (1,326) (288)
- -----------------------------------------------------------------------------------------------------------------
Change in shares ........................................... (825) (121) 5,376 (115)
- -----------------------------------------------------------------------------------------------------------------
</TABLE>
See notes to financial statements.
74
<PAGE>
CHASE VISTA SELECT FUNDS NOTES TO FINANCIAL STATEMENTS
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. Select
Short-Term Bond Fund ("STBF"), Select Intermediate Bond Fund ("IBF"), Select
Bond Fund ("BND"), Select Balanced Fund ("BF"), Select Equity Income Fund
("EIF"), Select Large Cap Equity Fund ("LCEF"), Select Large Cap Growth Fund
("LCGF"), Select New Growth Opportunities Fund ("NGOF"), Select Small Cap Value
Fund ("SCVF"), and Select International Equity Fund ("IEF"), collectively, the
"Funds", are separate series of The Trust.
Effective November 20, 1998, the following Funds underwent a split of shares:
<TABLE>
<CAPTION>
Fund Split Ratio
- --------------------------------------------------------------------------------
<S> <C>
EIF 3 shares for 1
LCEF 11 shares for 1
LCGF 3 shares for 1
NGOF 20 shares for 1
IEF 6 shares for 1
</TABLE>
Net assets of the Funds and values of each shareholder account were unaffected
by the split.
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 each 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,
75
<PAGE>
CHASE VISTA SELECT FUNDS NOTES TO FINANCIAL STATEMENTS
(Continued)
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.
STBF, IBF and BND invest in exchange-traded interest rate futures and
options contracts for hedging purposes, to either modify the duration of
the portfolio, modify the yield curve exposure of the portfolio, or in
anticipation of buying or selling a specific security.
BF, EIF, LCEF, LCGF, NGOF, and SCVF 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.
Index futures contracts are used to control the asset mix of IEF 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 October 31, 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
76
<PAGE>
CHASE VISTA SELECT FUNDS NOTES TO FINANCIAL STATEMENTS
(Continued)
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).
BF, EIF, LCEF, LCGF, NGOF, SCVF and IEF 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 October 31, 1999, the Funds had no outstanding written options.
E. Forward foreign currency exchange contracts -- IEF 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 IEF 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 IEF 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.
At October 31, 1999, IEF had open forward foreign currency contracts as
shown in Note 6.
F. Dollar rolls -- STBF, IBF, BND and BF enter into dollar roll
transactions in which the Funds sell mortgage-backed securities for
delivery in the current month and simultaneously contract to repurchase
substantially similar (same type, coupon and maturity) securities on a
specified future date. During the roll period, the Funds forgo principal
and interest paid on the securities. The Funds are compensated by the
interest earned on the cash proceeds of the initial sale and a fee earned
for entering into the roll transaction. The fee is amortized into income
over the duration of the roll transaction.
G. Security transactions and investment income -- Investment transactions
are accounted for on the trade date (the date the order to buy or sell is
executed). Securities gains and losses are calculated on the identified
cost basis. Interest income is determined on the basis of coupon interest
accrued adjusted for amortization of premiums and accretion of discounts.
Dividend income is recorded on the ex-dividend date.
Purchases of To Be Announced (TBA) securities may be settled a month or
more after the trade date; interest income is not accrued until settlement
date. Each Fund segregates assets with a current value at least equal to
the amount of its TBA purchase commitments.
77
<PAGE>
CHASE VISTA SELECT FUNDS NOTES TO FINANCIAL STATEMENTS
(Continued)
H. Foreign currency translation -- The books and records of the Funds are
maintained in U.S. dollars. Foreign currency amounts are translated into U.S.
dollars at the official exchange rates, or at the mean of the current bid and
asked prices, of such currencies against the U.S. dollar as quoted by a major
bank, on the following basis.
1. Market value of investment securities and other assets and
liabilities: at the closing rate of exchange at the balance sheet date.
2. Purchases and sales of investment securities, income and expenses: at
the rates of exchange prevailing on the respective dates of such
transactions.
Although the net assets of the Funds are presented at the foreign exchange
rates and market values at the close of the periods, the Funds do not isolate
that portion of the 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 or sold during the year. Similarly, the
Funds do not isolate the effect of changes in foreign exchange rates from the
fluctuations arising from changes in the market prices of long-term debt
securities sold during the year. Accordingly, such realized foreign currency
gains (losses) are included in the reported net realized gains (losses) on
security transactions.
Reported realized foreign exchange gains or losses arise from disposition of
foreign currency, currency gains or losses realized between the trade and
settlement dates on securities transactions, and the difference between the
amounts of dividends, interest, and foreign withholding taxes recorded on the
Funds' books on the transaction date and the U.S. dollar equivalent of the
amounts actually received or paid. Unrealized foreign exchange gains and
losses arise from changes (due to changes in the exchange rate) in the value
of foreign currency and other assets and liabilities denominated in foreign
currencies which are held at period end.
I. Organization costs -- Organization and initial registration costs incurred
(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.
J. Federal income taxes -- Each Fund is treated as a separate taxable entity
for Federal income tax purposes. The Funds' policy is to comply with the
provisions of the Internal Revenue Code applicable to regulated investment
companies and to distribute to shareholders all of their distributable net
investment income, and net realized gain on investments. In addition, the
Funds intend to make distributions as required to avoid excise taxes.
Accordingly, no provision for Federal income or excise tax is necessary.
K. Distributions to shareholders -- Dividends and distributions paid to
shareholders are recorded on the ex-dividend date. The amount of dividends
and distributions from net investment income and net realized capital gains
is determined in accordance with Federal income tax regu-
78
<PAGE>
CHASE VISTA SELECT FUNDS NOTES TO FINANCIAL STATEMENTS
(Continued)
lations, 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.
The following amounts were reclassified within the capital accounts (in
thousands):
<TABLE>
<CAPTION>
Accumulated
undistributed/ Accumulated
(overdistributed) net realized
Paid-in net investment gain (loss)
capital income on investments
- -----------------------------------------------------------------------
<S> <C> <C> <C>
STBF......... $ (4) $ (3) $ 7
IBF ......... (5) (42) 47
BND ......... (9) (127) 136
BF .......... (3) 12 (9)
EIF ......... (23) (810) 833
LCEF......... (3) (4) 7
LCGF......... (6) 6 --
NGOF......... (2) 2 --
SCVF......... (4) 4 --
IEF ......... (1) 2,672 (2,671)
</TABLE>
The reclassifications of STBF, IBF and BND primarily relate to the character
for tax purposes of current year distributions and paydown gains and losses.
The reclassifications for BF primarily relate to the character for tax
purposes of paydown gains and losses. The reclassifications for EIF and LCEF
primarily relate to the character for tax purposes of REIT investment
activity. The reclassifications for LCGF, NGOF and SCVF primarily relate to
the character for tax purposes of non-deductible organization expenses. The
reclassifications for IEF primarily relate to the character for tax purposes
of current year distributions, current year net operating losses and foreign
currency losses.
L. Expenses -- Expenses directly attributable to a Fund are charged to that
Fund; other expenses are allocated proportionately among each Fund within the
Trust in relation to the net assets of each Fund or on another reasonable
basis.
2. Fees and Other Transactions with Affiliates
A. Investment advisory fee -- Pursuant to separate investment advisory
agreements, The Chase Manhattan Bank ("Chase" or the "Advisor"), acts as the
Investment Advisor to the Funds. Chase is a direct wholly-owned subsidiary of
The Chase Manhattan Corporation. As Investment Advisor, Chase supervises the
investments of the Funds and for such services is paid a fee. The fee is
computed daily and paid monthly at an annual rate equal to 0.25% for STBF,
0.30% for IBF and BND, 0.50% for BF, 0.40% for EIF, LCEF, and LCGF, 0.65% for
NGOF and SCVF, and 1.00% for IEF of the average daily net assets. The Advisor
voluntarily waived all of its fees for the year ended October 31, 1999.
Chase Asset Management, Inc. ("CAM"), a registered investment advisor, is the
sub-investment advisor to each Fund, with the exception of IEF, pursuant
79
<PAGE>
CHASE VISTA SELECT FUNDS NOTES TO FINANCIAL STATEMENTS
(Continued)
to a Sub-Investment Advisory Agreement between CAM and Chase. CAM is a wholly
owned subsidiary of Chase and is entitled to receive a fee, payable by Chase
from its advisory fee, at an annual rate equal to 0.10% for STBF, 0.15% for
IBF and BND, 0.25% for BF, 0.20% for EIF, LCEF and LCGF, and 0.30% for NGOF
and SCVF of average daily net assets.
CAM London, a wholly owned subsidiary of Chase and a registered investment
advisor, is the sub-investment advisor for IEF 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 IEF'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.("BISYS"), 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 October 31,
1999, as follows (in thousands): STBF $12; IBF $163; BND $547; BF $72; EIF
$417; LCEF $88; LCGF $355; NGOF $55; SCVF $188; IEF $104.
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 for the year ended October 31, 1999.
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 is presented in the Statement of Operations as
custodian fees. Chase voluntarily waived all custodian fees for the year
ended October 31, 1999.
The Distributor voluntarily reimbursed expenses of the Funds in the amounts
as shown on the Statement of Operations.
80
<PAGE>
CHASE VISTA SELECT FUNDS NOTES TO FINANCIAL STATEMENTS
(Continued)
3. Investment Transactions
For the year ended October 31, 1999, purchases and sales of investments
(excluding short-term investments) were as follows (in thousands):
<TABLE>
<CAPTION>
Purchases Sales Purchases Sales
(excluding U.S. (excluding U.S. of U.S. of U.S.
Government) Government) Government Government
- ----------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
STBF......... $ 18,142 $ 12,689 $47,349 $ 51,078
IBF ......... 279,035 223,403 210,065 173,455
BND ......... 492,007 371,133 975,997 1,118,306
BF .......... 51,744 62,801 89,216 79,885
EIF ......... 1,292,809 1,461,500 -- --
LCEF......... 211,477 200,040 -- 284
LCGF......... 257,559 207,233 -- --
NGOF......... 118,743 135,008 -- --
SCVF......... 208,523 250,725 -- --
IEF ......... 296,642 300,050 -- --
</TABLE>
4. Federal Income Tax Matters
For Federal income tax purposes, the cost and unrealized appreciation
(depreciation) in value of the investment securities at October 31, 1999 are as
follows (in thousands):
<TABLE>
<CAPTION>
Gross Gross Net unrealized
Aggregate unrealized unrealized appreciation/
cost appreciation depreciation (depreciation)
- --------------------------------------------------------------------------
<S> <C> <C> <C> <C>
STBF.......... $ 19,348 $ 12 $ (128) $ (116)
IBF .......... 381,171 240 (10,234) (9,994)
BND .......... 676,408 803 (15,997) (15,194)
BF ........... 107,239 52,399 (1,550) 50,849
EIF .......... 677,415 120,732 (15,966) 104,766
LCEF.......... 171,914 53,955 (4,215) 49,740
LCGF.......... 425,504 483,005 (7,022) 475,983
NGOF.......... 100,292 32,091 (2,648) 29,443
SCVF.......... 289,219 77,382 (19,740) 57,642
IEF .......... 181,733 43,146 (7,707) 35,439
</TABLE>
At October 31, 1999, STBF had a net capital loss carryover of approximately
$332,000, which will be available to offset capital gains arising through
October 31, 2007. IBF had a net capital loss carryover of approximately
$5,067,000, which will be available to offset capital gains arising through
October 31, 2007. BND had a net capital loss carryover of approximately
$10,658,000, which will be available to offset capital gains arising through
October 31, 2007. During the year ended October 31, 1999, IEF utilized all
previous net capital loss carryovers of approximately $659,000. To the extent
that any net capital loss carryovers are used to offset future capital gains, it
is probable that the gains so offset will not be distributed to shareholders.
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 year ended October 31, 1999, included in
81
<PAGE>
CHASE VISTA SELECT FUNDS NOTES TO FINANCIAL STATEMENTS
(Continued)
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>
STBF.......... $-- $ 1
IBF .......... 6 18
BND .......... 10 32
BF ........... 3 10
EIF .......... 17 54
LCEF.......... 3 11
LCGF.......... 12 36
NGOF.......... 2 7
SCVF.......... 8 26
IEF .......... 4 14
</TABLE>
6. Open Forward Foreign Currency Contracts
IEF was party to the following forward foreign currency contracts at October 31,
1999 (in thousands):
<TABLE>
<CAPTION>
Unrealized
Contract Amount Contrac Amount Settlement Loss
Purchased Sold Date USD
- -------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
1,500,000 JPY 13,841 EUR 12/15/99 $ (114)
13 SEK 2 USD 11/01/99 --
9,583 EUR 6,350 GBP 12/15/99 (315)
12,946 EUR 1,500,000 JPY 12/15/99 (831)
-------
$(1,260)
=======
</TABLE>
EUR - European Currency Unit
GBP - Great British Pound
JPY - Japanese Yen
SEK - Swedish Krone
USD - U.S. Dollar
7. Foreign Cash Positions
IEF held the following foreign currency positions at October 31, 1999 (in
thousands):
<TABLE>
<CAPTION>
Delivery Net
Value Market Unrealized
(Local Cost Value Gain (Loss)
Currency Currency) (USD) (USD) (USD)
- ------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Austrian Schilling........... 701 $ 453 $ 447 $ (6)
EURO ........................ 1,148 1,891 1,883 (8)
Great British Pound.......... 4,405 4,729 4,630 (99)
Hong Kong Dollar ............ 2 -- -- --
Japanese Yen ................ 914 7 10 3
Malaysian Ringgit ........... 49 13 13 --
Philippine Peso ............. 732 17 18 1
Singapore Dollar ............ 1 1 1 --
Swedish Krona ............... 5 -- -- --
Swiss Franc ................. 495 336 325 (11)
Thai Baht ................... 30 1 1 --
------ ------- ------
$7,448 $ 7,328 $(120)
====== ======= ======
</TABLE>
82
<PAGE>
CHASE VISTA SELECT FUNDS NOTES TO FINANCIAL STATEMENTS
(Continued)
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 October 31, 1999, nor at any point
during the year.
9. Concentrations
At October 31, 1999, substantially all of the net assets of IEF 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 October 31, 1999, IEF invested approximately 25.5% and 20.6% of its net
assets in issuers in Japan and the United Kingdom, respectively. The issuers'
abilities to meet their obligations may be affected by economic or political
developments in the specific region or country.
83
<PAGE>
- ------------------------------------------------------------
CHASE VISTA SELECT FUNDS FINANCIAL HIGHLIGHTS
FINANCIAL HIGHLIGHTS
<TABLE>
<CAPTION>
Chase Vista Select
-------------------------------------------------------------------
Short-Term Bond Fund Intermediate Bond Fund
-------------------------------------------------------------------
1/1/97* 1/1/97*
Year Ended Through Year Ended Through
10/31/99 10/31/98 10/31/97 10/31/99 10/31/98 10/31/97
-------- -------- -------- -------- -------- --------
<S> <C> <C> <C> <C> <C> <C>
Per share operating performance
Net asset value, beginning of period ................... $10.69 $10.65 $10.62 $10.36 $10.19 $10.09
------ ------ ------ ------ ------ ------
Income from investment operations:
Net investment income ................................. 0.56 0.61 0.57 0.55 0.62 0.55
Net gains or losses on securities
(both realized and unrealized) ........................ (0.22) 0.04 0.03 (0.52) 0.17 0.10
------ ------ ------ ------ ------ ------
Total from investment operations ..................... 0.34 0.65 0.60 0.03 0.79 0.65
------ ------ ------ ------ ------ ------
Distributions to shareholders from:
Dividends from net investment income .................. 0.56 0.61 0.57 0.55 0.62 0.55
Net realized gains on investment transactions ......... 0.04 -- -- 0.15 -- --
------ ------ ------ ------ ------ ------
Total dividends and distributions .................... 0.60 0.61 0.57 0.70 0.62 0.55
------ ------ ------ ------ ------ ------
Net asset value, end of period ......................... $10.43 $10.69 $10.65 $ 9.69 $10.36 $10.19
====== ====== ====== ====== ====== ======
Total return ......................................... 3.31% 6.25% 5.82% 0.33% 7.98% 6.71%
Ratios/supplemental data:
Net assets, end of period (in millions) ............... $ 22 $ 25 $ 27 $ 376 $ 353 $ 319
Ratios to average net assets:#
Expenses .............................................. 0.07% 0.11% 0.11% 0.04% 0.04% 0.06%
Net investment income ................................. 5.31% 6.01% 6.45% 5.55% 6.16% 6.67%
Expenses without waivers and reimbursements ........... 0.73% 0.88% 0.63% 0.50% 0.52% 0.54%
Net investment income without waivers and
reimbursements ........................................ 4.65% 5.24% 5.93% 5.09% 5.68% 6.19%
Portfolio turnover rate ................................ 316% 382% 406% 123% 168% 193%
<CAPTION>
Bond Fund
----------------------------------
1/1/97*
Year Ended Through
10/31/99 10/31/98 10/31/97
-------- -------- --------
<S> <C> <C> <C>
Per share operating performance
Net asset value, beginning of period ................... $ 41.29 $41.01 $40.34
------- ------ ------
Income from investment operations:
Net investment income ................................. 2.36 2.56 2.31
Net gains or losses on securities
(both realized and unrealized) ........................ (2.37) 0.76 0.67
------- ------ ------
Total from investment operations ..................... (0.01) 3.32 2.98
------- ------ ------
Distributions to shareholders from:
Dividends from net investment income .................. 2.36 2.55 2.31
Net realized gains on investment transactions ......... 0.54 0.49 --
------- ------ ------
Total dividends and distributions .................... 2.90 3.04 2.31
------- ------ ------
Net asset value, end of period ......................... $ 38.38 $41.29 $41.01
======= ====== ======
Total return ......................................... (0.01%) 8.44% 7.64%
Ratios/supplemental data:
Net assets, end of period (in millions) ............... $ 620 $ 590 $ 520
Ratios to average net assets:#
Expenses .............................................. 0.03% 0.03% 0.02%
Net investment income ................................. 5.97% 6.27% 6.89%
Expenses without waivers and reimbursements ........... 0.49% 0.51% 0.49%
Net investment income without waivers and
reimbursements ........................................ 5.51% 5.79% 6.42%
Portfolio turnover rate ................................ 300% 306% 261%
- -------------------------------------------------------------------------------------------
</TABLE>
* Commencement of operations.
# Short periods have been annualized.
See notes to financial statements.
84
<PAGE>
CHASE VISTA SELECT FUNDS FINANCIAL HIGHLIGHTS
FINANCIAL HIGHLIGHTS
<TABLE>
<CAPTION>
Chase Vista Select
---------------------------------------------------------------
Balanced Fund Equity Income Fund (1)
---------------------------------------------------------------
1/1/97* 1/1/97*
Year Ended Through Year Ended Through
10/31/99 10/31/98 10/31/97 10/31/99 10/31/98 10/31/97
-------- -------- -------- -------- -------- --------
<S> <C> <C> <C> <C> <C> <C>
Per share operating performance
Net asset value, beginning of period .......... $33.53 $34.08 $30.62 $28.89 $34.22 $28.32
------ ------ ------ ------ ------ ------
Income from investment operations:
Net investment income ........................ 1.17 1.32 1.17 0.65 0.85 0.79
Net gains or losses in securities
(both realized and unrealized) ............... 3.12 3.05 3.46 1.69 1.50 5.90
------ ------ ------ ------ ------ ------
Total from investment operations ............ 4.29 4.37 4.63 2.34 2.35 6.69
------ ------ ------ ------ ------ ------
Distributions to shareholders from:
Dividends from net investment income ......... 1.17 1.31 1.17 0.67 0.83 0.79
Distributions from capital gains ............. 2.01 3.61 -- 3.03 6.85 --
------ ------ ------ ------ ------ ------
Total dividends and distributions ........... 3.18 4.92 1.17 3.70 7.68 0.79
------ ------ ------ ------ ------ ------
Net asset value, end of period ................ $34.64 $33.53 $34.08 $27.53 $28.89 $34.22
====== ====== ====== ====== ====== ======
Total return ................................ 13.30% 14.28% 15.36% 8.18% 7.62% 23.78%
Ratios/supplemental data:
Net assets, end of period (in millions) ...... $ 159 $ 152 $ 179 $ 787 $ 923 $ 955
Ratios to average net assets:#
Expenses ..................................... 0.05% 0.03% 0.03% 0.03% 0.03% 0.03%
Net investment income ........................ 3.37% 3.98% 4.29% 2.25% 2.85% 2.97%
Expenses without waivers and reimbursements .. 0.75% 0.75% 0.72% 0.58% 0.59% 0.59%
Net investment income without waivers and
reimbursements ............................... 2.67% 3.26% 3.60% 1.70% 2.29% 2.41%
Portfolio turnover rate ....................... 93% 50% 131% 146% 148% 73%
- ---------------------------------------------------------------------------------------------------------------
<CAPTION>
Large Cap Equity Fund (1)
---------------------------------
1/1/97*
Year Ended Through
10/31/99 10/31/98 10/31/97
-------- -------- --------
Per share operating performance
Net asset value, beginning of period ................. $37.52 $46.58 $37.22
------ ------ ------
Income from investment operations:
Net investment income ............................... 0.52 0.56 0.59
Net gains or losses in securities
(both realized and unrealized) ...................... 6.56 5.27 9.36
------ ------ ------
Total from investment operations ................... 7.08 5.83 9.95
------ ------ ------
Distributions to shareholders from:
Dividends from net investment income ................ 0.52 0.56 0.59
Distributions from capital gains .................... 4.77 14.33 --
------ ------ ------
Total dividends and distributions .................. 5.29 14.89 0.59
------ ------ ------
Net asset value, end of period ....................... $39.31 $37.52 $46.58
====== ====== ======
Total return ....................................... 20.36% 16.58% 26.89%
Ratios/supplemental data:
Net assets, end of period (in millions) ............. $ 222 $ 177 $ 186
Ratios to average net assets:#
Expenses ............................................ 0.05% 0.03% 0.03%
Net investment income ............................... 1.36% 1.46% 1.66%
Expenses without waivers and reimbursements ......... 0.65% 0.65% 0.58%
Net investment income without waivers and
reimbursements ...................................... 0.76% 0.86% 1.11%
Portfolio turnover rate .............................. 106% 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 1. Prior period's have been restated to reflect the split.
See notes to financial statements.
85
<PAGE>
CHASE VISTA SELECT FUNDS FINANCIAL HIGHLIGHTS
FINANCIAL HIGHLIGHTS
<TABLE>
<CAPTION>
Chase Vista Select
--------------------------
Large Cap Growth Fund (1) New Growth Opportunities Fund (1)
1/1/97* 1/1/97*
Year Ended Through Year Ended Through
10/31/99 10/31/98 10/31/97 10/31/99 10/31/98 10/31/97
-------- -------- -------- -------- -------- --------
<S> <C> <C> <C> <C> <C> <C>
Per share operating performance
Net asset value, beginning of period .............................. $37.36 $32.30 $26.01 $29.63 $32.39 $28.58
------ ------ ------ ------ ------ ------
Income from investment operations:
Net investment income ............................................ 0.30 0.34 0.28 0.15 0.14 0.15
Net gains or losses in securities (both realized and unrealized) . 13.66 8.23 6.29 8.52 (0.42) 3.80
------ ------ ------ ------ ------ ------
Total from investment operations ................................ 13.96 8.57 6.57 8.67 (0.28) 3.95
------ ------ ------ ------ ------ ------
Distributions to shareholders from:
Dividends from net investment income ............................. 0.30 0.34 0.28 0.14 0.13 0.14
Distributions from capital gains ................................. 3.48 3.17 -- 0.61 2.35 --
------ ------ ------ ------ ------ ------
Total dividends and distributions ............................... 3.78 3.51 0.28 0.75 2.48 0.14
------ ------ ------ ------ ------ ------
Net asset value, end of period .................................... $47.54 $37.36 $32.30 $37.55 $29.63 $32.39
====== ====== ====== ====== ====== ======
Total return .................................................... 39.78% 29.12% 25.32% 29.65% (0.70%) 13.90%
Ratios/supplemental data:
Net assets, end of period (in millions) .......................... $ 901 $ 654 $ 548 $ 129 $ 112 $ 116
Ratios to average net assets:#
Expenses ......................................................... 0.03% 0.02% 0.02% 0.07% 0.08% 0.08%
Net investment income ............................................ 0.69% 0.98% 1.12% 0.44% 0.43% 0.57%
Expenses without waivers and reimbursements ...................... 0.59% 0.60% 0.60% 0.93% 0.94% 0.92%
Net investment income without waivers and reimbursements ......... 0.13% 0.40% 0.54% (0.42%) (0.43%) (0.27%)
Portfolio turnover rate ........................................... 26% 22% 36% 101% 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 1. Prior period's have been restated to reflect the split.
See notes to financial statements.
86
<PAGE>
CHASE VISTA SELECT FUNDS FINANCIAL HIGHLIGHTS
FINANCIAL HIGHLIGHTS
<TABLE>
<CAPTION>
Chase Vista Select
------------------------------------------------------------
Small Cap Value Fund International Equity Fund (1)
------------------------------------------------------------
1/1/97* 1/1/97*
Year Ended Through Year Ended Through
10/31/99 10/31/98 10/31/97 10/31/99 10/31/98 10/31/97
-------- -------- -------- -------- -------- --------
<S> <C> <C> <C> <C> <C> <C>
Per share operating performance
Net asset value, beginning of period ............................... $52.73 $60.54 $51.87 $27.79 $29.45 $28.64
------ ------ ------ ------ ------ ------
Income from investment operations:
Net investment income ............................................. 0.64 0.74 0.57 0.33 0.41 0.44
Net gains or losses in securities (both realized and unrealized) .. (2.50) (5.72) 8.62 5.94 0.90 0.77
------ ------ ------ ------ ------ ------
Total from investment operations ................................. (1.86) (4.98) 9.19 6.27 1.31 1.21
------ ------ ------ ------ ------ ------
Distributions to shareholders from:
Dividends from net investment income .............................. 0.64 0.75 0.52 0.73 1.24 0.40
Distributions from capital gains .................................. 2.57 2.08 -- -- 1.73 --
------ ------ ------ ------ ------ ------
Total dividends and distributions ................................ 3.21 2.83 0.52 0.73 2.97 0.40
------ ------ ------ ------ ------ ------
Net asset value, end of period ..................................... $47.66 $52.73 $60.54 $33.33 $27.79 $29.45
====== ====== ====== ====== ====== ======
Total return ..................................................... (4.20%) (8.53%) 17.80% 22.83% 4.80% 4.15%
Ratios/supplemental data:
Net assets, end of period (in millions) ........................... $ 339 $ 418 $ 488 $ 223 $ 221 $ 254
Ratios to average net assets:#
Expenses .......................................................... 0.04% 0.02% 0.02% 0.06% 0.05% 0.07%
Net investment income ............................................. 1.16% 1.28% 1.26% 1.14% 1.71% 1.66%
Expenses without waivers and reimbursements ....................... 0.86% 0.85% 0.85% 1.31% 1.34% 1.27%
Net investment income without waivers and reimbursements .......... 0.34% 0.45% 0.43% (0.11%) 0.42% 0.46%
Portfolio turnover rate ............................................ 55% 6% 8% 141% 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 1. Prior period's have been restated to reflect the split.
See notes to financial statements.
87
<PAGE>
REPORT OF INDEPENDENT ACCOUNTANTS
To the Trustees and Shareholders of
Mutual Fund Select Group
In our opinion, the accompanying statements of assets and liabilities,
including the portfolios of investments, and the related statements of
operations and of changes in net assets and the financial highlights present
fairly, in all material respects, the financial position of Chase Vista Select
Short-Term Bond Fund, Chase Vista Select Intermediate Bond Fund, Chase Vista
Select Bond Fund, 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 and Chase Vista Select International Equity Fund
(separate portfolios of Mutual Fund Select Group, hereafter referred to as the
"Trust") at October 31, 1999, the results of their operations for the year then
ended, the changes in their net assets for the two years then ended and the
financial highlights for the periods presented, in conformity with generally
accepted accounting principles. These financial statements and financial
highlights (hereafter referred to as "financial statements") are the
responsibility of the Trust's management; our responsibility is to express an
opinion on these financial statements based on our audits. We conducted our
audits of these financial statements in accordance with generally accepted
auditing standards which require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free of
material misstatement. An audit includes examining, on a test basis, evidence
supporting the amounts and disclosures in the financial statements, assessing
the accounting principles used and significant estimates made by management,
and evaluating the overall financial statement presentation. We believe that
our audits, which included confirmation of securities at October 31, 1999 by
correspondence with the custodian and brokers, provide a reasonable basis for
the opinion expressed above.
PricewaterhouseCoopers LLP
1177 Avenue of the Americas
New York, New York 10036
December 13, 1999
88
<PAGE>
TAX LETTER (UNAUDITED)
<TABLE>
<S> <C>
Chase Vista Select Short-Term Bond Fund Chase Vista Select Large Cap Equity Fund
Chase Vista Select Intermediate Bond Fund Chase Vista Select Large Cap Growth Fund
Chase Vista Select Bond Fund Chase Vista Select New Growth Opportunities Fund
Chase Vista Select Balanced Fund Chase Vista Select Small Cap Value Fund
Chase Vista Select Equity Income Fund Chase Vista Select International Equity Fund
</TABLE>
- --------------------------------------------------------------------------------
Certain tax information for the Chase Vista Mutual Funds is required to be
provided to shareholders based upon the Funds' income and distributions for the
taxable year ended October 31, 1999. The information and distributions reported
in this letter may differ from the information and distributions taxable to the
shareholders for the calendar year ending December 31, 1999. The information
necessary to complete your income tax returns for the calendar year ending
December 31, 1999 will be received under separate cover.
FOR THE FISCAL YEAR ENDED OCTOBER 31, 1999:
The following represents the source and percentage of income earned from
government obligations, the percentage of distributions eligible for dividends
received deduction and the per share long-term capital gains distributed by the
Funds:
<TABLE>
<CAPTION>
Federal Federal
Federal Home Loan National Tennessee Long-Term
U.S. Home Mortgage Mortgage Valley Dividends Capital Gains
Treasury Loan Bank Corporation Association Authority Received Distribution
Chase Vista Select Fund Obligations Obligations Obligations Obligations Obligations Deduction Per Share
- --------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
STBF ..................... 31.07% 1110.64% 1.56% 8.97% -- -- $0.01
IBF ...................... 29.96% 2.32% 2.41% 0.02% -- -- 0.03
BND ...................... -- -- 2.24% 8.05% -- -- 0.08
BF ....................... 16.71% 1.47% -- -- 0.69% 27.43% 2.01
EIF ...................... -- 0.35% -- -- -- 29.88% 3.03
LCEF ..................... -- 0.11% -- -- -- 85.81% 4.77
LCGF ..................... -- 1.00% -- -- -- 98.49% 3.48
NGOF ..................... -- 0.42% -- -- -- 38.96% 0.61
SCVF ..................... -- 0.27% -- -- -- 61.20% 2.26
IEF ...................... -- -- -- -- -- -- --
</TABLE>
For the year ended October 31, 1999, IEF elects, pursuant to Section 853 of the
Internal Revenue Code, to pass through foreign taxes to its shareholders. The
amount of gross foreign source income and foreign taxes with respect to this
election are $2,968,015 ($.4429 per share) and $315,948 ($0.0471 per share),
respectively.
See notes to financial statements.
89
<PAGE>
CHASE VISTA SELECT EQUITY FUNDS 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
PricewwaterhouseCoopers LLP
Chase Vista Funds are distributed by
Vista Fund Distributors, Inc., which is
unaffiliated with The Chase Manhattan
Bank. Chase and its respective affiliates
receive compensation from Chase Vista
Select Funds for providing investment
advisory and other services.
This report is submitted for the general
information of the shareholders of the
funds. It is not authorized for distribution
to prospective investors in the funds
unless preceded or accompanied by a
prospectus.
To obtain a prospectus for any of the
Chase Vista Select Funds, call 1-800-34-VISTA.
The prospectus contains more complete information,
including charges and expenses. Please read it
carefully before you invest or send money.
(c) The Chase Manhattan Corporation, 1999, 2000. All Rights Reserved.
December 1999
[CHASE VISTA LOGO]
Chase Vista Funds Fulfillment Center
393 Manley Street
West Bridgewater, MA 02379-1039
