[COVER]
--------------------------------------------------------------------------------
OCTOBER 31, 2000
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Chase Vista
Select Funds
ANNUAL REPORT
[START SIDEBAR]
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
[END SIDEBAR]
[CHASE LOGO]
THE RIGHT RELATIONSHIP IS EVERYTHING.(R)
SASEFI-2-1200
<PAGE>
<TABLE>
<S> <C>
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Contents
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Chairman's Letter 1
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Chase Vista Select Short-Term Bond Fund 2
Fund Commentary
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Chase Vista Select Intermediate Bond Fund 4
Fund Commentary
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Chase Vista Select Bond Fund 6
Fund Commentary
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Chase Vista Select Balanced Fund 8
Fund Commentary
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Chase Vista Select Equity Income Fund 11
Fund Commentary
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Chase Vista Select Large Cap Equity Fund 14
Fund Commentary
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Chase Vista Select Large Cap Growth Fund 17
Fund Commentary
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Chase Vista Select New Growth
Opportunities Fund 20
Fund Commentary
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Chase Vista Select Small Cap Value Fund 23
Fund Commentary
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Chase Vista Select International Equity Fund 26
Fund Commentary
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Portfolios of Investments 29
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Financial Statements 63
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Notes to Financial Statements 73
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Financial Highlights 83
</TABLE>
Highlights
o U.S. large-cap equities provided positive returns in a difficult year.
o Mid- and small-cap equities staged a quiet bull market.
o Treasury bonds posted gains as economic growth slowed from high levels and
CPI inflation appeared under control.
|-----------------------|-----------------------------------------|
| NOT FDIC INSURED | May lose value / No bank guarantee |
|-----------------------|-----------------------------------------|
Chase Vista Funds are distributed by Vista Fund Distributors, Inc.
<PAGE>
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CHASE VISTA SELECT FUNDS
--------------------------------------------------------------------------------
Chairman's Letter
December 4, 2000
Dear Shareholder:
We are pleased to present this annual report for the Chase Vista Select Funds
for the year ended October 31, 2000.
Technology Roller-Coaster Dominates Stock Markets
While the U.S. economy remained healthy throughout the period, large-cap U.S.
equities posted their lowest return for several years. The S&P 500 Index rose
6.08%, which compares with average returns of more than 20% in each of the
previous five years. In the closing months of 1999, it appeared that this would
be a period of strong returns. Technology stocks staged a magnificent rally, as
New Economy euphoria gripped the stock market. The Internet appeared about to
revolutionize commerce, and the large U.S. networking and semiconductor
companies soared to new highs.
The rally continued through the early months of 2000, only to falter in the
spring when dot-com businesses began to experience cash flow difficulties. In
the months that followed, one technology stock after another came crashing to
earth. The final setback came in the fall, when a number of companies warned
that third-quarter profits would not meet expectations. The technology
correction happened against a background of uncertainty regarding U.S. rates.
During the summer there were concerns regarding whether Federal Reserve Board
rates rises had succeeded in dampening runaway economic growth. Once it became
clear during the late summer that growth was slowing, worries began to emerge
regarding the effect on corporate profits.
But mid- and small-caps bucked the trend and quietly marched to new highs. The
S&P MidCap 400 Index climbed 31.65% in the year, while the S&P SmallCap 600
Index gained 25.26%. Both groups were driven by buoyant earnings growth.
Indeed, their earnings growth rates exceeded those of large caps for the first
time in many years.
U.S. Treasury bonds, too, had a strong year. Following the three Fed rate rises
in the 12 months--in February, March and May--evidence that the U.S. economy
was indeed slowing fuelled a rally, particularly in longer dated maturities.
Weak spots were corporate and mortgage bonds, where credit concerns undermined
prices.
Promising Opportunities
Against a background of stock price volatility, there are now a number of large
companies with promising growth rates trading at attractive valuations.
Additionally, mid- and small-caps are expected to continue to report strong
earnings. Subdued inflation should remove the need for further Fed rate rises,
underpinning both equity and bond markets.
All of us at Chase thank you for your investment and look forward to helping
you achieve your financial goals for many years to come.
Sincerely yours,
/s/ Fergus Reid
Fergus Reid
Chairman
1
<PAGE>
--------------------------------------------------------------------------------
CHASE VISTA SELECT SHORT-TERM BOND FUND
As of October 31, 2000 (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 5.26% for the year ended October 31, 2000.
This compares to a return of 6.13% for its industry benchmark, the Lehman 1-3
Year Government U.S. Bond Index.
How the Fund Was Managed
Early in the reporting year, the management team took several steps to improve
the Fund's yield and total return profile over a one-year interval. First,
given relative narrow quality spreads, the team sold off a portion of the
portfolio's lower-rated investment grade corporate securities and traded into
higher-rated investment grade corporates. Second, it sold off lower-yielding
agency securities and traded into higher-yielding, higher-quality corporates.
Finally, it sold off asset-backed securities and exchanged into corporate
securities with better total return potential.
In early 2000, the effects of the Treasury buy back program had a negative
impact on corporate and agency securities relative to Treasuries, and this
caused the Fund to underperform. However, maintaining its discipline, the Fund
took advantage of the subsequent rise in yield spreads between government
agency and Treasury securities (which were at several-year highs) to add to its
agency security positions. While the focus on non-Treasury securities was
negative in the late spring months, it helped subsequently, as did an
adjustment to a more neutral duration.
In the late summer, the management team shifted additional assets into the
asset-backed sector given the belief that historically high spreads offered the
opportunity to add value over the next year. After a rally in the 2-year
portion of the yield curve, the management team ended the reporting period
neutral to slightly long its benchmark and maintained an overweight position in
high-quality non-Treasury instruments.
Looking Ahead
In the management team's view, the Federal Reserve Board is likely to retain an
unchanged monetary policy for the remainder of 2000. However, the team expects
a change in the Fed's risk propensity, which has been weighted toward
heightened inflation pressures, in light of slackening economic growth,
declining equity values, developing weakness abroad, a strong dollar and
still-subdued inflation outside the energy sector. Indeed, should economic
growth continue on its currently more moderate non-inflationary path, labor
markets would become less taut and inflation pressures would soon subside,
which would pave the way for a Fed easing move as early as 2001.
2
<PAGE>
CHASE VISTA SELECT SHORT-TERM BOND FUND
As of October 31, 2000 (Unaudited)
Average Annual Total Returns
<TABLE>
<CAPTION>
1 Year 5 Years 10 Years
-----------------------------------------------------------------
<S> <C> <C> <C>
Select Short-Term Bond 5.26% 5.06% 6.01%
-----------------------------------------------------------------
</TABLE>
10-Year Performance (10/31/90 to 10/31/00)
[START MOUNTAIN CHART]
<TABLE>
<CAPTION>
Chase Visa Select Lehman 1-3 Year U.S. Lipper Short-Term Investment
Short-Term Bond Fund Government Bond Index Grade Debt Funds Index
<S> <C> <C> <C>
10/31/90 10,000.00 10,000.00 10,000.00
10/31/91 11,211.55 11,123.60 11,140.23
10/31/92 12,202.43 12,027.63 12,030.20
10/31/93 13,008.86 12,722.13 12,965.92
10/31/94 13,141.62 12,869.25 13,090.61
10/31/95 14,010.66 14,006.12 14,181.68
10/31/96 14,849.94 14,843.29 14,964.64
10/31/97 15,523.21 15,804.54 15,948.18
10/31/98 16,492.94 17,013.79 16,893.88
10/31/99 17,038.68 17,519.24 17,450.27
10/31/00 17,927 18,594 18,476
</TABLE>
[END MOUNTAIN CHART]
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 dating back to 10/31/90, 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 indices does not include sales
charges, but includes reinvestment of all distributions. The Lehman 1-3 Year
U.S. 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 Index represents the performance of the 30 largest
short-term, investment-grade debt mutual funds. Investors cannot invest
directly in an index.
3
<PAGE>
--------------------------------------------------------------------------------
CHASE VISTA SELECT INTERMEDIATE BOND FUND
As of October 31, 2000 (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
and mortgage-backed securities, had a total return of 5.61% for the year ended
October 31, 2000. This compares to a total return of 6.46% for the Lehman
Intermediate Government/Credit Index.
How the Fund Was Managed
As the reporting period began, the Fund was well positioned for the rising-
interest rate environment as the management team allowed portfolio duration
(and hence, its sensitivity to changes in interest rates) to shorten to below
that of its peer group before making a strategic reduction in December.
Additionally, the Fund's exposure to corporate bonds and 20-year Treasuries was
positive as the fundamentals of a strong economy favored these issues over
longer-dated Treasuries.
But technical factors overtook fundamentals in February 2000 with the U.S.
Treasury Department's announcement that it would begin a program to buy back
longer-dated Treasury bonds. This led to a tremendous increase in demand for
30-year Treasuries, which would typically underperform with an aggressively
tightening Federal Reserve Board, and an inversion in the yield curve. As this
occurred, the Fund's short-to-neutral duration and underweighting of Treasuries
led to a short period of underperformance. However, the negative effects were
mitigated by the Fund's yield curve strategy and hedged exposure to the short
end of the yield curve.
The Fund's barbell yield curve strategy, which focused on the short and long
ends of the yield curve and avoided the middle, was a strong positive
performance factor throughout much of the spring and summer months. The
management team reversed this strategy in August, taking a more neutral stance
by purchasing more securities in the belly of the curve. The resulting
extension of duration proved positive as interest rates declined over the
remainder of the reporting period, especially in the middle of the curve.
Looking Ahead
While valuations in the corporate bond sector were fairly attractive as the
year ended, the Fund was focused on higher-quality non-cyclical credits given
the tougher economic backdrop. In the management team's view, the Federal
Reserve Board is likely to retain an unchanged monetary policy for the
remainder of 2000. However, the team expects a change in the Fed's risk
propensity, which has been weighted toward heightened inflation pressures, in
light of slackening economic growth, declining equity values, developing
weakness abroad, a strong dollar and still-subdued inflation outside the energy
sector. Indeed, should economic growth continue on its currently more moderate
non-inflationary path, labor markets would become less taut and inflation
pressures would soon subside, which would pave the way for a Fed easing move as
early as 2001.
4
<PAGE>
CHASE VISTA SELECT INTERMEDIATE BOND FUND
As of October 31, 2000 (Unaudited)
Average Annual Total Returns
<TABLE>
<CAPTION>
1 Year 5 Years 10 Years
-------------------------------------------------------------
<S> <C> <C> <C>
Select Intermediate
Bond 5.61% 5.08% 6.97%
-------------------------------------------------------------
</TABLE>
10-Year Performance (10/31/90 to 10/31/00)
[START MOUNTAIN CHART]
<TABLE>
<CAPTION>
Chase Visa Select Lehman Intermediate Lipper Intermediate Investment
Intermediate Bond Fund Government/Credit Index Grade Debt Funds Index
<S> <C> <C> <C>
10/31/90 10,000.00 10,000.00 10,000.00
10/31/91 11,477.03 11,382.11 11,474.44
10/31/92 12,612.89 12,520.15 12,660.91
10/31/93 14,181.82 13,766.42 14,137.50
10/31/94 13,348.28 13,500.45 13,610.77
10/31/95 15,314.27 15,190.43 15,534.36
10/31/96 16,017.53 16,073.78 16,390.63
10/31/97 17,138.96 17,276.75 17,764.37
10/31/98 18,506.99 18,914.37 19,215.13
10/31/99 18,567.77 19,084.68 19,271.63
10/31/00 19,608 20,313 20,491
</TABLE>
[END MOUNTAIN CHART]
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 dating back to 10/31/90, 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 indices does not include sales
charges, but includes reinvestment of all distributions. The Lehman
Intermediate Gov't/Credit 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 Intermediate Investment Grade Debt Funds Index represents the
performance of the 30 largest intermediate investment grade debt mutual funds.
Investors cannot invest directly in an index.
5
<PAGE>
--------------------------------------------------------------------------------
CHASE VISTA SELECT BOND FUND
As of October 31, 2000 (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 and
mortgage-backed securities, had a total return of 5.50% for the year ended
October 31, 2000. This compares to a total return of 7.30% for the Lehman
Aggregate Bond Index.
How the Fund Was Managed
As the reporting period began, the Fund was well positioned for the rising-
interest rate environment as the management team allowed portfolio duration
(and hence, its sensitivity to changes in interest rates) to shorten to below
that of its peer group before making a strategic reduction in December.
Additionally, the Fund's exposure to corporate bonds and 20-year Treasuries was
positive as the fundamentals of a strong economy favored these issues over
longer-dated Treasuries.
But technical factors overtook fundamentals in February 2000 with the U.S.
Treasury Department's announcement that it would begin a program to buy back
longer-dated Treasury bonds. This led to a tremendous increase in demand for
30-year Treasuries, which would typically underperform with an aggressively
tightening Federal Reserve Board, and an inversion in the yield curve. As this
occurred, the Fund's short-to-neutral duration and underweighting of Treasuries
led to a short period of underperformance. However, the negative effects were
mitigated by the Fund's yield curve strategy and hedged exposure to the short
end of the yield curve.
The Fund's barbell yield curve strategy, which focused on the short and long
ends of the yield curve and avoided the middle, was a strong positive
performance factor throughout much of the spring and summer months. The
management team reversed this strategy in August, taking a more neutral stance
by purchasing more securities in the belly of the curve. The resulting
extension of duration proved positive as interest rates declined over the
remainder of the reporting period, especially in the middle of the curve.
Looking Ahead
While valuations in the corporate bond sector were fairly attractive as the
year ended, the Fund was focused on higher-quality non-cyclical credits given
the tougher economic backdrop. In the management team's view, the Federal
Reserve Board is likely to retain an unchanged monetary policy for the
remainder of 2000. However, the team expects a change in the Fed's risk
propensity, which has been weighted toward heightened inflation pressures, in
light of slackening economic growth, declining equity values, developing
weakness abroad, a strong dollar and still-subdued inflation outside the energy
sector. Indeed, should economic growth continue on its currently more moderate
non-inflationary path, labor markets would become less taut and inflation
pressures would soon subside, which would pave the way for a Fed easing move as
early as 2001.
6
<PAGE>
CHASE VISTA SELECT BOND FUND
As of October 31, 2000 (Unaudited)
Average Annual Total Returns
<TABLE>
<CAPTION>
1 Year 5 Years 10 Years
------------------------------------------------------
<S> <C> <C> <C>
Select Bond 5.50% 5.50% 7.53%
------------------------------------------------------
</TABLE>
10-Year Performance (10/31/90 to 10/31/00)
[START MOUNTAIN CHART]
<TABLE>
<CAPTION>
Chase Visa Select Lehman Aggregate Lipper Corporate Debt
Bond Fund Bond Index A-Rated Funds Index
<S> <C> <C> <C>
10/31/90 10,000.00 10,000.00 10,000.00
10/31/91 11,560.91 11,580.65 11,609.62
10/31/92 12,649.11 12,720.55 12,805.50
10/31/93 14,352.86 14,278.05 14,609.19
10/31/94 13,752.07 13,753.30 13,753.73
10/31/95 15,815.10 15,906.09 15,879.12
10/31/96 16,699.49 16,833.82 16,640.95
10/31/97 18,067.17 18,332.95 18.047.07
10/31/98 19,591.82 20,042.20 19,436.51
10/31/99 19,590.71 20,145.72 19,256.81
10/31/00 20,668 21,616 20,304
</TABLE>
[END MOUNTAIN CHART]
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 dating back to 10/31/90, 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 indices does not include sales
charges, but includes reinvestment of all distributions. The Lehman Aggregate
Bond Index consists of the Lehman Gov't./Credit Index and the Mortgage-backed
Securities Index. The Lipper Corporate Debt A-Rated Funds Index represents the
performance of the 30 largest corporate debt A-rated or better funds. Investors
cannot invest directly in an index.
7
<PAGE>
--------------------------------------------------------------------------------
CHASE VISTA SELECT BALANCED FUND
As of October 31, 2000 (Unaudited)
--------------------------------------------------------------------------------
How the Fund Performed
Chase Vista Select Balanced Fund, which invests in a blend of large U.S. stocks
and bonds and seeks relatively stable returns, rose 5.34% in the year ended
October 31, 2000. This compares with the 6.08% from the S&P 500 Index.
How the Fund Was Managed
Extraordinary volatility in technology stocks buffeted the Fund during the 12
months to end October. A common belief that technology and the Internet would
transform the world economy drove an enormous rally in the end of
1999/beginning of 2000. But in the early spring, dot-coms started to reduce
staff and technology stock prices started to fall. After reaching a peak in
March, the Fund fell back with the technology stocks that form almost a third
of its S&P 500 Index benchmark.
Much of the Fund's underperformance of the S&P 500 Index benchmark can be
attributed to this period, when a number of its growth stock holdings came
under pressure. The speculative extremes reached can be seen in stock
valuations. Cisco Systems, for example, the world's largest network equipment
company, carried a valuation that was more than the entire S&P SmallCap 600
Index. Even given the brightest of prospects, this could not be justified.
Additionally, due to the Fund's longer-term focus, core holdings such as
Microsoft and Wal-Mart, with proven track records and meaningful growth
prospects, were retained. Despite their short-term underperformance, management
believes that these stocks should help drive the market higher during extended
rallies in the future.
Stock picks from a variety of sectors were strong in the year. Technology
stocks like EMC Corp., the data storage provider, and Sanmina Corp., which
offers outsourced manufacturing to technology groups, performed well. In
utilities, Enron Corp. and AES Corp. made gains. Elsewhere, Southwest Airlines,
Walgreen Co. and American International Group were all buoyant.
Treasury bonds had a rally that was driven by sound fundamentals. Following
three Federal Reserve Board rate rises in the 12 months--in February, March and
May--evidence emerged late summer that the U.S. economy was indeed slowing from
its unsustainably high growth rate. This fueled a rally--particularly in
longer-dated maturities. Weak spots were corporate and mortgage bonds, where
credit concerns undermined prices.
Looking Ahead
The manager is analyzing where future equity outperformance may come from,
employing a combination of technical and fundamental analysis. Areas of
interest include a number of regional phone companies and wireless phone
providers. Additionally, selecting the right technology stocks will have a
major impact on performance. U.S. Treasury bonds are likely to remain in a
narrow trading range as CPI year-on-year inflation declines to a level of
roughly 2.75%.
8
<PAGE>
CHASE VISTA SELECT BALANCED FUND
As of October 31, 2000 (Unaudited)
Percentage of Total Portfolio Investments
[Pie Chart]
Technology 18.4%
Financial 15.6%
Consumer Cyclicals 12.5%
Morgage Backed Pass-Through Securities 11.7%
Health Care 7.2%
Utilities 6.8%
Capital Goods 6.2%
Cash Equivalents & Short Term Paper 6.0%
U.S. Treasury Securities 5.5%
Energy 4.2%
Consumer Staples 2.3%
U.S. Government Agency Securities 2.1%
Transportation 1.0%
[End Pie Chart]
Top Ten Equity Holdings of the Portfolio
1. General Electric Co. (2.8%) 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. It
also owns the National Broadcasting Company.
2. American International Group, Inc. (2.3%) Writes property, casualty and life
insurance and provides a variety of insurance and insurance-related services
through its subsidiaries in the United States and overseas.
3. Exxon Mobil Corp. (2.1%) Operates petroleum and petrochemicals businesses on
a worldwide basis. Operations include exploration of oil and gas, electric
power generation and coal and minerals operations.
4. Microsoft Corp. (1.7%) Develops, manufactures, licenses, sells and supports
software products.
5. Cisco Systems, Inc. (1.7%) Supplies data networking products to the
corporate enterprise and public wide area service provider markets. The Company
offers a variety of products including routers, LAN switches, frame relay/ATM
and remote access concentrators.
6. American Express Co. (1.7%) Through its subsidiaries, the Company provides
travel-related, financial advisory and international banking services around
the world. Its products include the American Express Card, the Optima Cardand
American Express Travelers Cheques.
7. Citigroup, Inc. (1.6%) A diversified financial services holding company that
provides investment banking, retail brokerage, corporate banking and cash
management products and services around the world.
8. Pfizer, Inc. (1.6%) A research-based, global pharmaceutical company that
discovers, develops, manufactures and markets medicines for humans and animals.
Its products include prescription pharmaceuticals, non-prescription self-
medications and animal health products.
9. Intel Corp. (1.5%) Designs, manufactures and sells computer components and
related products. Major products include microprocessors, chipsets, embedded
processors and microcontrollers, flash memory products, graphics products,
network and communication products, systems management software, conferencing
products and digital imaging products.
10. Wal-Mart Stores, Inc. (1.4%) Operates discount stores and Supercenters as
well as Sam's Clubs which offer merchandise such as apparel, housewares, small
appliances, electronics and hardware.
Top 10 equity holdings comprised 18.4% of the Portfolio's market value of
investments. Portfolio holdings are subject to change at any time.
9
<PAGE>
CHASE VISTA SELECT BALANCED FUND
As of October 31, 2000 (Unaudited)
Average Annual Total Returns
<TABLE>
<CAPTION>
1 Year 5 Years 10 Years
----------------------------------------------------------
<S> <C> <C> <C>
Select Balanced 5.34% 12.64% 12.08%
----------------------------------------------------------
</TABLE>
10-Year Performance (10/31/90 to 10/31/00)
[START MOUNTAIN CHART]
<TABLE>
<CAPTION>
Chase Visa Select S&P 500 Index Lehman Aggregate Lipper Balanced
Balanced Fund Bond Index Funds Index
<S> <C> <C> <C> <C>
10/31/1990 10,000.00 10,000.00 10,000.00 10,000.00
10/31/1991 12,171.92 13,340.87 11,580.65 12,818.55
10/31/1992 13,433.26 14,667.72 12,720.55 13,968.41
10/31/1993 14,880.98 16,856.91 14,278.05 16,213.14
10/31/1994 14,289.42 17,507.35 13,753.30 16,114.72
10/31/1995 17,248.70 22,128.43 15,906.09 18,948.04
10/31/1996 19,276.77 27,451.80 16,833.82 21,697.64
10/31/1997 22,934.05 36,257.45 18,332.95 26,092.59
10/31/1998 26,209.45 44,235.23 20,042.20 28,900.65
10/31/1999 29,694.03 55,585.49 20,145.72 32,533.76
10/31/2000 31,277 58,967 21,616 35,106
</TABLE>
[END MOUNTAIN CHART]
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 dating back to 10/31/90, 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 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 Lehman Aggregate
Bond Index consists of the Lehman Gov't./Credit Index and the Mortgage-backed
Securities Index. The Lipper Balanced Funds Index represents the performance of
the 30 largest balanced funds. Investors cannot invest directly in an index.
10
<PAGE>
--------------------------------------------------------------------------------
CHASE VISTA SELECT EQUITY INCOME FUND
As of October 31, 2000 (Unaudited)
--------------------------------------------------------------------------------
How the Fund Performed
Chase Vista Select Equity Income Fund, which invests in the income-oriented
stocks of large U.S. companies seeking capital growth and a yield higher than
the S&P 500 Index, had a return of 6.35% for the year ended October 31, 2000.
This compares with the 6.08% return of the S&P 500 Index.
How the Fund Was Managed
Regulation proved the dominant theme for this Fund in the 12-month period. In
sectors like financials and utilities, the deregulation of the past few years
proved a positive force and boosted stock prices. In telecommunications,
however, the increased competition unleashed by deregulation damaged the stocks
of long distance companies.
Financial stocks proved particularly strong contributors to performance,
following the dismantling in late 1999 of the Depression era Glass-Steagall Act
that had kept securities broking and commercial banking businesses separate.
The move unleashed a wave of M&A activity as many financial institutions found
it more effective to buy "scale" than to build it. This allowed the entire
sector to be priced at close to its true value. Names like American
International Group, Morgan Stanley Dean Witter and Citigroup performed well
for the Fund.
Two of the more aggressive utilities companies--Duke Power and Enron--
also moved higher. These companies have diversified enthusiastically into
growth areas of the utilities industry since deregulation. Enron has been
particularly successful, not only in power generation, but also in businesses
like broadband telecommunications.
Conversely, deregulation has led stock market investors to view long distance
telecommunications as a commodity type business where prices will come under
continuous pressure. Stock prices of a couple of holdings--
Worldcom and AT&T--fell by more than 50% during the year, as they fell from
premium prices to a discount.
Healthcare stocks recovered from low levels as regulation threatening to bring
down the prices of prescription drugs failed to materialize. Abbott
Laboratories, Eli Lilly, Pfizer and Pharmacia made strong gains.
Elsewhere, performance was varied. Software stock Oracle was the best
performer. Basic materials names like International Paper and DuPont were poor
performers.
Looking Ahead
Investors' attention is shifting from technology stocks to those companies that
may benefit from technology. Many companies that will reap considerable
productivity rewards from investments in new systems and other technology
applications are trading at reasonable valuations.
11
<PAGE>
CHASE VISTA SELECT EQUITY INCOME FUND
As of October 31, 2000 (Unaudited)
Percentage of Total Portfolio Investments
[Pie Chart]
Technology 18.6%
Financial 17.7%
Health Care 14.1%
Utilities 13.8%
Consumer Cyclicals 8.5%
Capital Goods 7.6%
Consumer Staples 6.3%
Energy 6.2%
Cash Equivalents & Short Term Paper 4.9%
Basic Materials 2.3%
[End Pie Chart]
Top Ten Equity Holdings of the Portfolio
1. General Electric Co. (4.5%) 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. It
also owns the National Broadcasting Company.
2. American International Group, Inc. (4.0%) Writes property, casualty and life
insurance and provides a variety of insurance and insurance-related services
through its subsidiaries in United States and overseas.
3. Citigroup, Inc. (3.6%) A diversified financial services holding company that
provides investment banking, retail brokerage, corporate banking and cash
management products and services around the world.
4. Intel Corp. (3.4%) Designs, manufactures and sells computer components and
related products. Major products include microprocessors, chipsets, embedded
processors and microcontrollers, flash memory products, graphics products,
network and communication products, systems management software, conferencing
products and digital imaging products.
5. SBC Communications, Inc. (3.3%) Provides communications services in the
United States and in other countries. The Company provides local and long-
distance phone service, wireless and data communications, paging, Internet
access, messaging, cable and satellite television,
security services and telecommunications equipment.
6. International Business Machines Corp. (3.2%) 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.
7. Verizon Communications (2.8%) Provides wireline voice and data services,
wireless services, Internet services and published directory information. The
Company also provides network services for the federal government including
business phone lines, data services, telecommunications equipment and
payphones. Verizon has operations worldwide.
8. Microsoft Corp. (2.7%) Develops, manufactures, licenses, sells and supports
software products.
9. Oracle Corp. (2.7%) Supplies software for enterprise information management.
The Company offers databases and relational servers, application development
and decision support tools and enterprise business applications
10. Sysco Corp (2.6%) Markets and distributes foodservice products. The Company
provides food and related products and services to restaurants, healthcare and
educational facilities, lodging establishments and other foodservice customers.
The Company distributes its products throughout the entire continental United
States, as well as portion of Alaska and Canada.
Top 10 equity holdings comprised 32.8% of the Portfolio's market value of
investments. Portfolio holdings are subject to change at any time.
12
<PAGE>
CHASE VISTA SELECT EQUITY INCOME FUND
As of October 31, 2000 (Unaudited)
Average Annual Total Returns
<TABLE>
<CAPTION>
1 Year 5 Years 10 Years
---------------------------------------------------------------
<S> <C> <C> <C>
Select Equity Income 6.35% 14.71% 15.65%
---------------------------------------------------------------
</TABLE>
10-Year Performance (10/31/90 to 10/31/00)
[START MOUNTAIN CHART]
<TABLE>
<CAPTION>
Chase Vista Select Lipper Equity Income
Equity Income Fund S&P 500 Index Funds Index
<S> <C> <C> <C>
10/31/90 10,000.00 10,000.00 10,000.00
10/31/91 13,288.30 13,340.87 13,031.78
10/31/92 14,672.25 14,667.72 14,343.07
10/31/93 18,068.64 16,856.91 17,198.57
10/31/94 17,845.11 17,507.35 17,568.57
10/31/95 21,561.31 22,128.43 20,721.51
10/31/96 26,449.99 27,451.80 24,857.55
10/31/97 34,580.59 36,257.45 31,409.45
10/31/98 37,216.28 44,235.23 34,715.35
10/31/99 40,260.57 55,585.49 38,405.68
10/31/00 42,812 58,967 41,007
</TABLE>
[END MOUNTAIN CHART]
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 dating back to 10/31/90, 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 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 Index represents the 30 largest funds that invest in equity income
stocks. Investors cannot invest directly in an index.
13
<PAGE>
--------------------------------------------------------------------------------
CHASE VISTA SELECT LARGE CAP EQUITY FUND
As of October 31, 2000 (Unaudited)
--------------------------------------------------------------------------------
How the Fund Performed
Chase Vista Select Large Cap Equity Fund, which seeks to provide capital growth
by investing in large-cap common stocks, had a total return of 6.13% for the
year ended October 31, 2000. This compares with the 6.08% return from the S&P
500 Index.
How the Fund Was Managed
Extraordinary volatility in technology stocks buffeted the Fund during the 12
months ended October. A common belief that technology and the Internet would
transform the world economy with almost immediate effect drove an enormous
rally in the last few months of 1999 and beginning of 2000. But in the early
spring, dot-coms started to reduce their staff and technology stock prices
started to fall
The extent of the speculative frenzy can be seen in the valuations that many
stocks reached. Cisco Systems, for example, is the world's largest network
equipment company and a certain beneficiary of the rush to build more
telecommunications and Internet infrastructure. But Cisco's stock market
valuation was more than that of the entire S&P SmallCap 600 Index. Even given
the brightest of prospects, this valuation could not be justified. The extent
of the speculative frenzy can be seen in the valuations that many stocks
reached.
After reaching a peak in March, the Fund fell back with the technology stocks
that form almost a third of its S&P 500 Index benchmark. Large caps' woes were
compounded in the autumn when companies as diverse as Intel and Home Depot
announced third quarter profit warnings. Much of the Fund's underperformance
can be attributed to the post-March period, when a number of its growth stock
holdings came under pressure. Additionally, due to the Fund's longer-term
focus, core holdings such as Microsoft and Wal-Mart, with proven track records
and meaningful growth prospects, were retained. Despite their short-term
underperformance, management believes that such stocks should help drive the
market higher during extended rallies in the future.
Stock picks from a wide variety of sectors were solid in the year. Technology
stocks like EMC Corp., the data storage provider, and Sanmina Corp., which
offers outsourced manufacturing to technology groups, performed well. In
utilities, Enron Corp. and AES Corp. made gains. Elsewhere, Southwest Airlines,
Walgreen Co. and American International Group were all buoyant names.
Looking Ahead
The manager is analyzing where future outperformance will come from, employing
a combination of technical and fundamental analysis. Some of the telecom
service companies have fallen sharply in the past year and appear ready to
rally. These include a number of regional phone companies and wireless phone
providers. Additionally, selecting the right technology stocks will have a
major impact on future performance. Technology names will be identified on a
stock-by-stock basis.
14
<PAGE>
CHASE VISTA SELECT LARGE CAP EQUITY FUND
As of October 31, 2000 (Unaudited)
Percentage of Total Portfolio Investments
[Pie Chart]
Technology 27.8%
Financial 15.8%
Consumer Cyclicals 13.2%
Health Care 12.2%
Utilities 8.4%
Capital Goods 6.5%
Energy 6.0%
Consumer Staples 3.9%
Cash Equivalents & Short Term Paper 3.8%
Transportation 1.6%
Basic Materials 0.8%
[End Pie Chart]
Top Ten Equity Holdings of the Portfolio
1. General Electric Co. (4.8%) 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. It
also owns the National Broadcasting Company.
2. American International Group, Inc. (3.9%) Writes property, casualty and life
insurance and provides a variety of insurance and insurance-related services
through its subsidiaries in the United States and overseas.
3. Exxon Mobil Corp. (3.5%) Operates petroleum and petrochemicals businesses on
a worldwide basis. Operations include exploration and production of oil and
gas, electric power generation and coal and minerals operations. Also
manufactures and markets fuels, lubes and chemicals.
4. Microsoft Corp. (2.9%) Develops, manufactures, licenses, sells and supports
software products.
5. Cisco Systems, Inc. (2.8%) Supplies data networking products to the
corporate enterprise and public wide area service provider markets. The Company
offers a variety of products including routers, LAN switches, frame relay/ATM
and remote access concentrators.
6. American Express Co. (2.8%), Through its subsidiaries, the Company provides
travel-related, financial advisoryand international banking services around the
world. Its products include the American Express Card, the Optima Cardand
American Express Travelers Cheques.
7. Citigroup, Inc. (2.7%) A diversified financial services holding company that
provides investment banking, retail brokerage, corporate banking, cash
management products and services around the world.
8. Pfizer, Inc. (2.7%) A research-based, global pharmaceutical company that
discovers, develops, manufactures and markets medicines for humans and animals.
Its products include prescription pharmaceuticals, non-prescription self-
medications and animal health products.
9. Intel Corp. (2.5%) Designs, manufactures and sells computer components and
related products. Major products include microprocessors, chipsets, embedded
processors and microcontrollers, flash memory products, graphics products,
network and communication products, systems management software, conferencing
products and digital imaging products.
10. Wal-Mart Stores, Inc. (2.3%) Operates discount stores and Supercenters as
well as Sam's Clubs which offer merchandise such as apparel, housewares, small
appliances, electronics and hardware.
Top 10 equity holdings comprised 30.9% of the Portfolio's market value of
investments. Portfolio holdings are subject to change at any time.
15
<PAGE>
CHASE VISTA SELECT LARGE CAP EQUITY FUND
As of October 31, 2000 (Unaudited)
Average Annual Total Returns
<TABLE>
<CAPTION>
1 Year 5 Years 10 Years
----------------------------------------------------------
<S> <C> <C> <C>
Select Large Cap
Equity 6.13% 18.98% 16.55%
----------------------------------------------------------
</TABLE>
10-Year Performance (10/31/90 to 10/31/00)
[START MOUNTAIN CHART]
<TABLE>
<CAPTION>
Chase Vista Select Lipper Large-Cap
Large Cap Equity Fund S&P 500 Index Core Index
<S> <C> <C> <C>
10/31/90 10,000.00 10,000.00 10,000.00
10/31/91 13,156.02 13,340.87 13,396.15
10/31/92 14,280.08 14,667.72 14,570.78
10/31/93 15,846.66 16,856.91 16,999.43
10/31/94 16,318.66 17,507.35 17,384.34
10/31/95 19,406.60 22,128.43 21,147.13
10/31/96 23,586.31 27,451.80 25,569.51
10/31/97 31,094.97 36,257.45 32,851.24
10/31/98 36,249.63 44,235.23 38,807.02
10/31/99 43,630.44 55,585.49 47,896.03
10/31/00 46,263 58,967 52,507
</TABLE>
[END MOUNTAIN CHART]
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 dating back to 10/31/90, 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 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 Large-Cap
Core Funds Index represents the performance of the 30 largest funds that invest
in a blend of both value and growth large-cap stocks. Investors cannot invest
directly in an index.
16
<PAGE>
--------------------------------------------------------------------------------
CHASE VISTA SELECT LARGE CAP GROWTH FUND
As of October 31, 2000 (Unaudited)
--------------------------------------------------------------------------------
How the Fund Performed
Chase Vista Select Large Cap Growth Fund, which seeks to provide capital growth
by investing in large cap growth stocks, had a total return of -0.91% for the
year ended October 31, 2000. This compares with a rise of 2.07% from the S&P
500/BARRA Growth Index.
How the Fund Was Managed
Extraordinary volatility in technology stocks buffeted the Fund during the 12
months to end October. A common belief that technology and the Internet would
transform the world economy with almost immediate effect drove an enormous
rally in the last few months of 1999 and beginning of 2000. But in the early
spring, dot-coms started reduce their staff and technology stock prices started
to fall.
The extent of the speculative frenzy can be seen in the valuations that many
stocks reached. Cisco Systems, for example, is the world's largest network
equipment company and a certain beneficiary of the rush to build more
telecommunications and Internet infrastructure. But Cisco's stock market
valuation was more than that of the entire S&P SmallCap 600 Index. Even given
the brightest of prospects, this valuation was extreme.
After reaching a peak in March, the Fund fell back with the technology stocks
that form much of its benchmark index. Large caps' woes were compounded in the
autumn when companies as diverse as Intel and Home Depot announced third
quarter profit warnings. Much of the Fund's underperformance of the benchmark
can be attributed to this period, when a number of its high growth names came
under pressure.
In particular, it suffered from falls in information technology and
telecommunications services. Microsoft came under pressure following the
Justice department's antitrust ruling. And Lucent Technologies fell sharply, as
did long-distance telecom groups AT&T and Sprint.
Even so, some stock picks in these sectors performed well. Data storage
provider EMC Corp was the strongest contributor. Novellus Systems was another
buoyant technology stock, and biotechnology company Amgen also did well. In
financial services, Merrill Lynch and Charles Schwab recorded gains.
Looking Ahead
The manager is analyzing where future outperformance may come from, employing a
combination of technical and fundamental analysis. Selecting the technology
stocks that will prosper is key to future performance. These stocks form the
most significant part of the benchmark index, and so the manager is seeking the
companies with the enabling technologies of the future. Biotechnology is also a
focus.
17
<PAGE>
CHASE VISTA SELECT LARGE CAP GROWTH FUND
As of October 31, 2000 (Unaudited)
Percentage of Total Portfolio Investments
[Pie Chart]
Technology 44.8%
Health Care 19.6%
Consumer Cyclicals 15.3%
Capital Goods 7.8%
Financial 7.4%
Consumer Staples 3.1%
Cash Equivalents & Short Term Paper 1.3%
Utilities 0.7%
[End Pie Chart]
Top Ten Equity Holdings of the Portfolio
1. EMC Corp. (6.7%) Provides enterprise storage systems, software, networks and
services.
2. General Electric Co. (6.5%) 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. It
also owns the National Broadcasting Company.
3. Cisco Systems, Inc. (5.4%) Supplies data networking products to the
corporate enterprise and public wide area service provider markets. The Company
offers a variety of products including routers, LAN switches, frame relay/ATM
and remote access concentrators.
4. Intel Corp. (4.7%) Designs, manufactures and sells computer components and
related products. Major products include microprocessors, chipsets, embedded
processors and microcontrollers, flash memory products, graphics products,
network and communication products, systems management software, conferencing
products and digital imaging products.
5. Pfizer, Inc. (4.7%) A research-based, global pharmaceutical company that
discovers, develops, manufactures and markets medicines for humans and animals.
Its products include prescription pharmaceuticals, non-prescription self-
medications and animal health products.
6. Microsoft Corp. (3.5%) Develops, manufactures, licenses, sells and supports
software products
7. Amgen, Inc. (3.3%) Discovers, develops, manufactures and markets human
therapeutics based on cellular and molecular biology. It focuses its research
on secreted protein and small molecule therapeutics.
8. Wal-Mart Stores Inc. (3.2%) Operates discount stores and Supercenters as
well as Sam's Clubs which offer merchandise such as apparel, housewares, small
appliances, electronics and hardware.
9. Novellus Sysems, Inc., (3.2%) Manufactures, markets and services advanced
automated wafer fabrication systems for the deposition of thin films.
10. Applied Materials, Inc., (3.1%) Develops, manufactures, markets and
services semiconductor wafer fabrication equipment and related spare parts for
the worldwide semiconductor industry.
Top 10 equity holdings comprised 44.3% of the Portfolio's market value of
investments. Portfolio holdings are subject to change at any time.
18
<PAGE>
CHASE VISTA SELECT LARGE CAP GROWTH FUND
As of October 31, 2000 (Unaudited)
Average Annual Total Returns
<TABLE>
<CAPTION>
1 Year 5 Years 10 Years
---------------------------------------------------------
<S> <C> <C> <C>
Select Large Cap
Growth -0.91% 22.10% 18.90%
---------------------------------------------------------
</TABLE>
10-Year Performance (10/31/90 to 10/31/00)
[START MOUNTAIN CHART]
<TABLE>
<CAPTION>
Chase Vista Large S&P/BARRA 500 Lipper Large-Cap
Cap Growth Fund Growth Index Growth Index
<S> <C> <C> <C>
10/31/90 10,000.00 10,000.00 10,000.00
10/31/91 12,857.50 13,617.25 14,029.82
10/31/92 14,681.27 15,188.91 15,174.27
10/31/93 15,839.64 16,073.14 17,727.37
10/31/94 16,497.35 16,952.55 18,301.51
10/31/95 20,812.96 21,990.35 23,227.90
10/31/96 23,953.91 27,207.18 27,836.00
10/31/97 31,579.03 36,543.26 35,594.13
10/31/98 40,774.20 48,192.19 42,427.16
10/31/99 56,994.54 63,415.26 58,190.42
10/31/00 56,483 64,759 63,328
</TABLE>
[END MOUNTAIN CHART
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 dating back to 10/31/90, 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 indices does not include sales
charges, but includes reinvestment of all distributions. The S&P 500/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 Funds Index represents the
performance of the 30 largest funds that invest in large-cap growth stocks.
Investors cannot invest directly in an index.
19
<PAGE>
--------------------------------------------------------------------------------
CHASE VISTA SELECT NEW GROWTH OPPORTUNITIES FUND
As of October 31, 2000 (Unaudited)
--------------------------------------------------------------------------------
How the Fund Performed
Chase Vista Select New Growth Opportunities Fund, which seeks capital gains
from a portfolio of mid-cap stocks, rose 30.94% for the year ended October 31,
2000. This compares with the 31.65% return from the S&P MidCap 400 Index.
How the Fund Was Managed
Mid-cap equities proved the place to be in the 12-month period as their low
valuations and relative earnings growth overtook that of larger companies.
Mid-cap stock prices demonstrated a strong performance both in absolute terms,
and relative to large caps.
While many of the gains occurred during the late 1999/early 2000
technology-inspired rally, price rises continued later in the year when large
caps ran out of steam. Mid-cap stocks were squeezed higher both as large-cap
fund managers sought diversification, and as small-cap managers looked to place
fund inflows in liquid mid-cap stocks.
A change in the S&P MidCap 400 Index benchmark in early spring enabled the Fund
to better weather many of the price falls in technology stocks. Many of the
bigger technology index constituents were promoted to the large cap S&P 500
Index. When the technology correction began in March/
April, the Fund had already sold or trimmed many technology stocks to better
watch the benchmark weighting.
The technology correction compromised some of the Fund's returns relative to
the benchmark. Despite the difficult period, some areas of technology still
contributed to returns. Semiconductor companies benefited as the increasing
need for the telecommunications equipment and infrastructure increased demand
for chips. This boosted earnings of chip manufacturers like Atmel and Vitesse.
Another beneficiary was semi-conductor service company KLA-Tencor.
In pharmaceuticals, a number of the portfolio's stocks performed well. King
Pharmaceuticals rose following success for heart drug Altace, and its Jones
Pharma merger. Forest Laboratories moved higher with upbeat sales of Celexa, a
new generation anti-depressant drug. Biovail also did well in anticipation of
buoyant generic drugs earnings.
Rising energy prices boosted exploration and production companies like Anadarko
Petroleum. Additionally, energy service companies Cooper Cameron and Global
Marine moved higher.
Looking Ahead
Outstanding earnings growth should continue to drive mid-caps. Mid cap earnings
are forecast to grow faster than those of large cap companies, and yet mid caps
continue to trade on significantly lower valuations. This should lead to
long-term outperformance.
20
<PAGE>
CHASE VISTA SELECT NEW GROWTH OPPORTUNITIES FUND
As of October 31, 2000 (Unaudited)
Percentage of Total Portfolio Investments
[Pie Chart]
Technology 20.7%
Consumer Cyclicals 18.1%
Health Care 16.2%
Energy 11.6%
Financial 11.4%
Cash Equivalents & Short Term Paper 5.9%
Utilities 5.6%
Capital Goods 3.9%
Basic Materials 3.2%
Consumer Staples 1.2%
Real Estate 1.2%
[End Pie Chart]
Top Ten Equity Holdings of the Portfolio
1. Anadarko Petroleum Corp. (3.4%) An independent oil and gas exploration and
production company. The Company explores for oil in Kansas, Oklahoma and Texas,
as well as offshore in the Gulf of Mexico and in Alaska. It also owns and
operates gas gathering systems in its United States core producing areas. The
Company develops crude oil reserves in Algeria.
2. PerkinElmer, Inc. (2.7%) Provides products and systems to the medical,
pharmaceutical, telecommunications, semiconductor and photographic markets
located worldwide. Its products include seals and bellows, hardware and
software, opto-electronics and bioanalytic and diagnostic instrument systems.
3. Biovail Corp. International (Canada) (2.5%) An international,
fully-integrated pharmaceutical company that develops, tests and manufactures
drugs. The Company utilizes controlled-release, rapid dissolve, enhanced
absorption and taste masking technologies. Biovail markets its products directly
in Canada and through strategic licensing partners internationally.
4. Rational Software Corp. (2.3%) Develops and markets a variety of software
development tools, services and software engineering best practices. The
Company's products and services help organizations develop and deploy Web,
e-business, enterprise-wide, technical and embedded software.
5. Forest Laboratories Inc., Class A (2.1%) Develops, manufactures and sells
both branded and generic forms of ethical products which require a physician's
prescription. The Company also manufactures non-prescription pharmaceutical
products sold over-the-counter, which are used for the treatment of a wide range
of illnesses. Forest's products are marketed in the United States and eastern
Europe.
6. Health Management Associates, Inc. Class A (2.0%) Operates general acute care
hospitals in rural communities located primarily in the southeastern and
southwestern United States. The Company's facilities offer a wide range of
medical and surgical services.
7. Ace LTD (Bermuda) (2.0%) Is the holding company for the Ace Group of
Companies, a property and casualty insurance business. The Group provides a
diversified range of products and services to clients through operations in
countries around the world. Ace provides specialty insurance and reinsurance
products such as agri-business, information technology, marine and property
catastrophe insurance.
8. Concord EFS, Inc. (2.0%) Provides electronics transaction authorization,
processing settlement and funds transfer services across the United States. The
Company provides merchant card services, as well as automated teller machine
services. Concord markets its services to supermarket chains, financial
institutions, petroleum and convenience stores, the trucking industry and other
retailers.
9. Brinker International, Inc. (1.8%) Operates, develops and franchises Chili's
Grill & Bar, Romano's Macaroni Grill, On the Border Mexican Cafe, Cozymel's
Coastal Mexican Grill, Maggiano's Little Italy and Corner Bakery Cafe
restaurant concepts. The Company is also involved in the operation and
development of the Eatzi's Market and Bakery, Big Bowl and Wildfire concepts.
10. APW LTD. (1.8%) Provides design services and manufacturing of integrated
electronic enclosure systems to original equipment manufacturers. The Company
provides enclosures, power supplies, thermal management systems, backplanes and
cabling either as stand alone products or as an integrated custom system
provided with product design, supply chain management and assembly and test
services.
Top 10 equity holdings comprised 22.6% of the Portfolio's market value of
investments. Portfolio holdings are subject to change at any time.
21
<PAGE>
CHASE VISTA SELECT NEW GROWTH OPPORTUNITIES FUND
As of October 31, 2000 (Unaudited)
Average Annual Total Returns
<TABLE>
<CAPTION>
1 Year 5 Years 10 Years
------------------------------------------------------------
<S> <C> <C> <C>
Select New Growth
Opportunities 30.94% 16.49% 18.72%
------------------------------------------------------------
</TABLE>
10-Year Performance (10/31/90 to 10/31/00)
[START MOUNTAIN CHART]
<TABLE>
<CAPTION>
Chase Visa Select New S&P MidCap Lipper Mid-Cap Growth
Growth Opportunities Fund 400 Index Funds Index
<S> <C> <C> <C>
10/31/90 10,000.00 10,000.00 10,000.00
10/31/91 15,656.02 16,110.55 17,003.91
10/31/92 16,738.93 17,851.91 17,766.96
10/31/93 22,008.56 21,694.86 22,282.47
10/31/94 22,236.80 22,210.96 22,876.55
10/31/95 25,932.85 26,922.49 30,005.27
10/31/96 28,920.00 31,593.26 35,055.42
10/31/97 33,006.47 41,913.94 39,436.48
10/31/98 32,774.90 44,726.69 36,869.73
10/31/99 42,493.41 54,152.16 57,193.66
10/31/00 55,618 71,353 76,938
</TABLE>
[END MOUNTAIN CHART]
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 dating back to 10/31/90, 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 indices does not include sales
charges, but includes reinvestment of all distributions. The S&P MidCap 400
Index consists of 400 domestic stocks chosen for market size, liquidity and
industry group representation. The Lipper Mid-Cap Growth Funds Index represents
the performance of the 30 largest funds that invest in mid-cap growth stocks.
Investors cannot invest directly in an index.
22
<PAGE>
--------------------------------------------------------------------------------
CHASE VISTA SELECT SMALL CAP VALUE FUND
As of October 31, 2000 (Unaudited)
--------------------------------------------------------------------------------
How the Fund Performed
Chase Vista Select Small Cap Value Fund, which seeks to provide capital growth
by investing in small-cap common stocks, had a total return of 30.16% in the
year ended October 31, 2000. This compares with the 25.26% return from the S&P
SmallCap 600 Index.
How the Fund Was Managed
Small cap equities staged a "stealth" bull market during the 12-month period as
their earnings growth quietly overtook that of larger companies. During the
first quarter of 2000, small stock earnings growth was greater than that of
large companies for the first time since the mid-1990s. Small stock earnings
continued to grow faster for the remainder of the year. This was reflected in
small-cap stock prices, which demonstrated a strong performance both in
absolute terms, and relative to large caps.
Most of the gains were generated during the rally that took place at the end of
1999/beginning of 2000. For much of the rest of the year, stocks remained in a
trading range, and the Fund only touched new highs in August/September. Market
participants worried about how far the Federal Reserve Board would have to
raise interest rates in order to slow the runaway U.S. economy. Additionally,
technology stocks fell back from inflated valuations.
The manager's decision to cut back technology holdings in the spring proved
timely. Following strong performance, many stocks were trading on extended
valuations.
Stocks from a variety of sectors performed well. In industrials, a number of
technology-related names did well. Vishay Intertechnology was a strong
performer, as was Oak Industries, which was taken over by Corning. In
healthcare, Perkin Elmer, Molecular Devices, and Province Healthcare stood out.
Elsewhere, Investors Financial Services and Atwood Oceanics, the energy
exploration and production company, did well.
Looking Ahead
Earnings growth should continue to be the motor of performance. Small-cap
earnings are forecast to grow twice as fast as those of large-cap companies and
yet small-caps continue to trade on significantly lower valuations. This should
lead to a long-term trend of consistent superior small cap performance.
Further, a more favorable interest-rate environment will be good for small
caps.
23
<PAGE>
CHASE VISTA SELECT SMALL CAP VALUE FUND
As of October 31, 2000 (Unaudited)
Percentage of Total Portfolio Investments
[Pie Chart]
Technology 23.7%
Health Care 20.2%
Consumer Cyclicals 19.1%
Financial 11.9%
Cash Equivalents & Short Term Paper 5.4%
Utilities 5.4%
Energy 5.2%
Capital Goods 4.1%
Basic Materials 1.6%
Transportation 1.4%
Consumer Staples 1.2%
Real Estate 0.8%
[End Pie Chart]
Top Ten Equity Holdings of the Portfolio
1. PerkinElmer, Inc. (3.4%) Provides products and systems to the medical,
pharmaceutical, telecommunications, semiconductor and photographic markets
located worldwide. Its products include seals and bellows, hardware and
software, opto-electronics and bioanalytic and diagnostic instrument systems.
2. Province Healthcare Co. (3.1%) Provides health care services in non-urban
markets in the United States. The Company owns or leases acute care hospitals
in several states. Province also provides management services to primarily
non-urban hospitals in the United States and Puerto Rico.
3. Avocent Corp. (2.6%) Supplies connectivity solutions for enterprise data
centers, service providers and financial institutions worldwide.
4. Technitrol, Inc. (2.3%) Manufactures electronic and metallurgical
components. The Company provides a variety of magenetics-based components,
miniature chip inductors and modules. It also provides electrical contacts and
assemblies, contact materials, thermostratic bimetals, clad metal products and
precision contact subassemblies.
5. Investors Financial Services Corp. (2.2%)
Provides asset administration services for the financial services industry
through its wholly owned subsidiaries. The Company provides global custody,
multicurrency accounting, institutional transfer agency, performance
measurement, foreign exchange, securities lending and mutual fund services.
6. BJ's Wholesale Club, Inc. (1.9%) Is a merchandise wholesale club chain. It
sells brand name food and general merchandise at discounted prices through clubs
in the eastern United States.
7. Catalina Marketing Corp. (1.8%) Provides a network of marketing programs to
consumer goods companies. The Company's network provides purchase-based,
individually customized communications and promotions that reach shoppers every
week in installed supermarkets. Catalina uses incentives, loyalty programs,
sampling and advertising messages.
8. Advance Paradigm, Inc. (1.8%) Provides health benefit management services.
The Company provides integrated pharmacy benefit management services, including
clinical programs, mail service, retail network management and claims
adjudication. Advance Paradigm's health benefit management services include
customized disease management programs and clinical trails and outcomes
research.
9. Artesyn Technologies, Inc. (1.7%) Designs, develops, manufactures and
services electronic products and systems for the communications industry. The
Company's products include power conversion products for electronic equipment
used in commercial and industrial applications, as well as single-board
computers, systems and sub-systems for real-time applications.
10. IDEC Pharmaceuticals Corp. (1.7%) A biopharmaceutical company, researches,
develops and commercializes targeted therapies for the treatment of cancer and
autoimmune and inflammatory diseases. The Company's Rtuxan product treats
certain B-cell NHLs. IDEC also develops products for the treatment of certain
solid tumor cancers and various autoimmune diseases.
Top 10 equity holdings comprised 22.5% of the Portfolio's market value of
investments. Portfolio holdings are subject to change at any time.
24
<PAGE>
CHASE VISTA SELECT SMALL CAP VALUE FUND
As of October 31, 2000 (Unaudited)
Average Annual Total Returns
<TABLE>
<CAPTION>
1 Year 5 Years 10 Years
------------------------------------------------------------------
<S> <C> <C> <C>
Select Small Cap Value 30.16% 9.73% 16.50%
------------------------------------------------------------------
</TABLE>
10-Year Performance (10/31/90 to 10/31/00)
[START MOUNTAIN CHART]
<TABLE>
<CAPTION>
Chase Vista Select S&P SmallCap Lipper Small-Cap
Small Cap Value 600 Value Index
<S> <C> <C> <C>
10/31/90 10,000.00 10,000.00 10,000.00
10/31/91 14,166.06 15,875.19 14,636.11
10/31/92 17,998.26 17,718.14 16,355.48
10/31/93 24,314.14 23,688.19 20,704.01
10/31/94 25,439.70 22,876.38 21,400.71
10/31/95 28,955.57 27,717.77 24,083.28
10/31/96 33,000.57 33,388.98 28,183.53
10/31/97 40,382.33 44.063.38 38.440.90
10/31/98 36,939.55 39,191.14 33,783.15
10/31/99 35,388.01 46,325.08 34,538.13
10/31/00 46,067 58,050 41,112
</TABLE>
[END MOUNTAIN CHART]
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 dating back to 10/31/90, 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 indices does not include sales
charges, but includes reinvestment of all distributions. 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 Small-Cap Value Funds
Index represents the performance of the 30 largest funds that invest in small
capitalization value stocks. Small company stocks involve more price
volatility, which can lead to a higher degree of risk. Investors cannot invest
directly in an index.
25
<PAGE>
--------------------------------------------------------------------------------
CHASE VISTA SELECT INTERNATIONAL EQUITY FUND
As of October 31, 2000 (Unaudited)
--------------------------------------------------------------------------------
How the Fund Performed
Chase Vista Select International Equity Fund had a total return of 2.71% for
the year ended October 31, 2000. This compares to a return of -2.66% for its
benchmark, the MSCI Europe, Australia and Far East Index (EAFE).
How the Fund Was Managed
In the first half of the reporting year, the management team took an overweight
position in the technology, media and telecommunications (TMT) sectors. This
proved highly beneficial to performance as these areas of the market were
clearly dominant around the world. Within Europe, the Fund also benefited from
a combination of well-known industry leaders as well as many smaller,
lesser-known new economy names.
As valuations became extreme in some of its favorite holdings, the management
team chose to pare back a bit, reducing its TMT overweight and shifting some
assets from the Pacific Rim to Latin America. Additionally, the Fund's slight
emphasis on Europe was reduced, leading to a more neutral regional and sector
weighting in the second half of the reporting year along with a more
risk-averse bias.
A change in the management team in the summer led to a new strategy, one that
emphasized defensive growth names in Europe. The team continued to reduce
exposure to the technology and telecommunications sectors, but they remained a
drag on performance in the second half of the year, as was an underweight
position in financials as investors began to look to the end of the rising
interest rate cycle.
As the period came to an end, the management team eliminated the defensive bias
in the European portion of the portfolio and increased its growth profile, led
by larger positions in information technology hardware and software. The Fund
was underweight in European telecommunications stocks and overweight banking
issues. This growth bias was also evident in Japan, where the team has
continued to add to holdings in companies which will benefit from an upturn in
the domestic economy.
Looking Ahead
Three factors were very much on the minds of investors as the reporting period
ended: the price of oil, the persistent weakness of the Euro and corporate
profits, particularly in the U.S. While non-U.S. equities suffered along with
the Nasdaq post-March, Europe did seem to break free of that correlation in
October. A major point to remember is that profits have continued to expand
overseas, helping to create more attractive valuations, especially relative to
global bonds. Should the markets anticipate interest rate cuts in light of
slower global growth, and should the oil crisis wane, equities could rally
strongly. Moving forward, the management team continues to favor the U.K. and,
to a lesser degree, continental Europe, over Japan given better growth
prospects in the former.
26
<PAGE>
CHASE VISTA SELECT INTERNATIONAL EQUITY FUND
As of October 31, 2000 (Unaudited)
Percentage of Total Portfolio Investments
[Pie Chart]
United Kingdom 26.7%
Japan 20.0%
France 10.9%
Germany 6.7%
Italy 6.5%
Netherlands 6.5%
Switzerland 6.0%
Sweden 3.5%
Finland 3.5%
Australia 2.7%
Hong Kong 2.5%
Spain 1.7%
Other 1.7%
Belgium 1.1%
[End Pie Chart]
Top Ten Equity Holdings of the Portfolio
1. Vodafone AirTouch PLC (5.2%) Provides mobile telecommunications services. It
supplies customers with digital and analogue cellular telephone, paging and
mobile data and Internet services.
2. Nokia OYJ (2.6%) An international telecommunications company, which develops
and manufactures mobile phones and networks and systems for cellular and fixed
networks.
3. Telfonaktiebolaget LM Ericson, Class B (2.3%) Develops and produces advanced
systems and products for wired and mobile communications in public and private
networks. Its product line includes digital and analog systems for telephones
and networks, microwave radio links, radar surveillance systems and business
systems.
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. ENI-Ente Nazionale Idrocarburi SPA (2.2%) An integrated oil and gas company.
The Company is based in Italy and has operations in over 70 countries. The
Company explores for, distributes, refines and markets petroleum products. It
also manufactures petrochemicals, such as ethylene and provides off-shore oil
and gas pipelaying services.
6. Deutsche Bank AG (2.1%) Provides a broad range of banking, investment, fund
management, securities, credit card, mortgage, leasing and insurance services
worldwide. The Company provides its services to retail and private clients,
corporations and financial institutions and multi-national conglomerates. It
also offers a variety of financial consulting and advisory services.
7. AXA (2.1%) Offers life and non-life insurance, reinsurance and asset
management services. The Company operates in Europe, Asia, Africa and the
Americas.
8. Koninkliijke Philips Electronics NV (2.0%) Manufactures lighting, consumer
electronics, multimedia devices, domestic appliances and personal care items,
semiconductor, medical devices, communication systems and industrial
electronics. The Company sells its products worldwide.
9. BAE Systems PLC (2.0%) Manufactures products for the military defense
sector, in addition to the civil aircraft market. The Group's military products
include aircraft, submarines and assorted ships, electronics, sensors and
assorted ammunition and weapons systems. Their civil aircraft operations
include the manufacture of various planes, jet wings and various engineering
services.
10. NTT DoCoMo, Inc. (1.8%) Provides various telecommunication services
including cellular phones, car phones, pagers and packet communication
services.
Top 10 equity holdings comprised 24.6% of the Portfolio's market value of
investments. Portfolio holdings are subject to change at any time.
27
<PAGE>
CHASE VISTA SELECT INTERNATIONAL EQUITY FUND
As of October 31, 2000 (Unaudited)
Average Annual Total Returns
<TABLE>
<CAPTION>
Since Inception
1 Year 5 Years (5/31/93)
---------------------------------------------------------------------
<S> <C> <C> <C>
Select International
Equity 2.71% 9.89% 7.45%
---------------------------------------------------------------------
</TABLE>
Life of Fund Performance (5/31/93 to 10/31/00)
[START MOUNTAIN CHART]
<TABLE>
<CAPTION>
Chase Vista Select Lipper International
International Equity Fund MSCI EAFE Index Funds Index
<S> <C> <C> <C>
10/31/93 10,648.38 10,831.07 11,274.11
10/31/94 10,475.17 11,954.91 12,571.37
10/31/95 10,633.03 11,947.41 12,512.38
10/31/96 11,835.54 13,234.72 14,091.43
10/31/97 12,889.94 13,885.05 15,975.76
10/31/98 13,508.11 15,266.84 16,717.41
10/31/99 16,591.59 18,836.11 20,569.57
10/31/00 17,045 18,336 21,279
</TABLE>
[END MOUNTAIN CHART]
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 dating 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 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 International Funds Index represents the performance of the 30 largest
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.
28
<PAGE>
--------------------------------------------------------------------------------
CHASE VISTA SELECT SHORT-TERM BOND FUND
Portfolio of Investments
--------------------------------------------------------------------------------
As of October 31, 2000
(Amounts in Thousands)
<TABLE>
<CAPTION>
Principal
Amount
(USD) Issuer Value
-------------------------------------------------------------------------------------------
Long-Term Investments -- 92.5%
-------------------------------------------------------------------------------------------
<S> <C> <C>
U.S. Treasury Security -- 1.8%
------------------------------
$ 400 U.S. Treasury Notes, 4.63%, 12/31/00 $ 399
(Cost $400)
U.S. Government Agency Securities -- 15.5%
------------------------------------------
2,000 Federal Home Loan Bank, 7.13%, 02/15/05 2,047
500 Federal Home Loan Mortgage Corp., 7.38%, 05/15/03 511
1,000 Federal National Mortgage Association, 5.75%, 04/15/03 984
-------------------------------------------------------------------------
Total U.S. Government Agency Securities 3,542
(Cost $3,527)
-------------------------------------------------------------------------
Corporate Notes & Bonds -- 54.2%
--------------------------------
Automotive -- 8.8%
600 DaimlerChrysler North America Holding Corp.
(Germany), MTN, 6.84%, 10/15/02 600
750 Ford Motor Credit Co., 7.25%, 01/15/03 751
650 General Motors Acceptance Corp., MTN,
8.25%, 02/28/02 661
-------
2,012
Banking -- 13.8%
600 Bank of America Corp., 8.38%, 03/15/02 612
500 Bank of New York Co., Inc., 7.63%, 07/15/02 506
650 Bank One Corp., 8.10%, 03/01/02 660
700 First Union Corp, 8.00%, 11/15/02 710
700 Norwest Corp., MTN, 5.75%, 02/01/03 682
-------
3,170
Consumer Products -- 2.5%
600 Colgate-Palmolive Co. MTN, 5.27%, 12/01/03 576
Diversified -- 3.3%
750 General Electric Capital Corp. MTN, 6.75%, 09/11/03 750
Financial Services -- 11.3%
800 Associates Corp. of North America, 5.88%, 07/15/02 786
500 Citigroup, Inc., MTN, 6.50%, 06/14/02 492
750 Household Finance Corp., MTN, FRN, 6.13%, 07/15/12 739
555 International Lease Finance Corp., MTN, 8.16%, 02/14/02 564
-------
2,581
Insurance -- 4.6%
750 American General Finance Corp., 5.90%, 01/15/03 733
375 Conseco, Inc., MTN, 7.60%, 06/21/01 325
-------
1,058
Machinery & Engineering Equipment -- 2.2%
500 Caterpillar Financial Services Corp., MTN, 6.50%,
10/15/02 496
Pipelines -- 2.2%
500 EL Paso Energy Corp., Class B, 6.63%, 07/15/01 497
Retailing -- 2.2%
500 Dayton-Hudson Corp., 6.40%, 02/15/03 493
Telecommunications -- 2.2%
500 GTE South, Inc., Class B, 7.25%, 08/01/02 503
</TABLE>
See notes to financial statements.
29
<PAGE>
CHASE VISTA SELECT SHORT-TERM BOND FUND
Portfolio of Investments (Continued)
As of October 31, 2000
(Amounts in Thousands)
<TABLE>
Principal
Amount
(USD) Issuer Value
---------------------------------------------------------------------------------------
Long-Term Investments -- Continued
---------------------------------------------------------------------------------------
<S> <C> <C>
Utilities -- 1.1%
$ 250 TXU Eastern Funding (United Kingdom), 6.15%,
05/15/02 $ 245
---------------------------------------------------------------------
Total Corporate Notes & Bonds 12,381
(Cost $12,400)
---------------------------------------------------------------------
Residential Mortgage Backed Securities -- 1.4%
----------------------------------------------
Collateralized Mortgage Obligations -- 1.4%
317 Federal National Mortgage Association, Ser. 1993-250,
Class A, 6.15%, 09/25/16 313
(Cost $315)
Commercial Mortgage Backed Securities -- 0.2%
---------------------------------------------
55 Credit Suisse First Boston Mortgage Securities Corp.,
Ser. 1997-SPCE, Class A, #, 6.65%, 06/20/03 55
(Cost $55)
Asset Backed Securities -- 19.4%
--------------------------------
500 American Express Master Trust, Ser. 1998-1 , Class A,
5.90%, 04/15/04 491
500 Carco Auto Loan Master Trust, Ser. 1999-4, Class A,
6.43%, 11/15/04 497
600 Dayton Hudson Credit Card Master Trust, Ser. 1997-1,
Class A, 6.25%, 08/25/05 596
500 Ford Credit Auto Owner Trust, Ser. 2000-B, Class A5,
7.07%, 04/15/04 504
500 GE Capital Mortgage Services, Inc., Ser. 1999-HE3,
Class A2, 7.00%, 09/25/13 497
500 MBNA Master Credit Card Trust, Ser. 1999-I, Class A,
6.40%, 01/18/05 498
350 Residential Asset Securities Corp., Ser. 1999-KS2,
Class A14, 6.80%, 10/25/23 347
500 Standard Credit Card Trust, Ser. 93, 5.95%, 10/07/04 490
500 Travelers Bank Credit Card Master Trust, Ser. 1998-1,
Class A, 6.00%, 01/18/05 493
---------------------------------------------------------------------
Total Asset Backed Securities 4,413
(Cost $4,388)
---------------------------------------------------------------------------------------
Total Long-Term Investments 21,103
(Cost $21,085)
---------------------------------------------------------------------------------------
Short-Term Investments -- 6.7%
---------------------------------------------------------------------------------------
Shares
Money Market Fund -- 0.8%
-------------------------
173 Goldman Sachs ILA Government Portfolio 173
(Cost $173)
</TABLE>
See notes to financial statements.
30
<PAGE>
CHASE VISTA SELECT SHORT-TERM BOND FUND
Portfolio of Investments (Continued)
As of October 31, 2000
(Amounts in Thousands)
<TABLE>
Principal
Amount
(USD) Issuer Value
--------------------------------------------------------------------------------------------
Short-Term Investments -- Continued
--------------------------------------------------------------------------------------------
<S> <C> <C>
Repurchase Agreement -- 5.9%
----------------------------
$1,354 Greenwich Capital Markets, Inc., Tri Party, 6.55%, due
11/01/00, (Dated 10/31/00, Proceeds $1,354, Secured
by FHLMC, $1,425, 6.50%, due 09/15/23; Market Value
$1,384) $ 1,354
(Cost $1,354)
--------------------------------------------------------------------------------------------
Total Short-Term Investments 1,527
(Cost $1,527)
--------------------------------------------------------------------------------------------
Total Investments -- 99.2% $22,630
(Cost $22,612)
--------------------------------------------------------------------------------------------
</TABLE>
See notes to financial statements.
31
<PAGE>
--------------------------------------------------------------------------------
CHASE VISTA SELECT INTERMEDIATE BOND FUND
Portfolio of Investments
--------------------------------------------------------------------------------
As of October 31, 2000
(Amounts in Thousands)
<TABLE>
<CAPTION>
Principal
Amount
(USD) Issuer Value
--------------------------------------------------------------------------------------
Long-Term Investments -- 97.3%
--------------------------------------------------------------------------------------
<S> <C> <C>
U.S. Treasury Securities -- 28.1%
---------------------------------
U.S. Treasury Notes & Bonds,
$ 1,500 5.25%, 02/15/29 $ 1,365
23,000 5.88%, 11/15/05 23,079
6,000 6.13%, 08/15/29 6,214
9,000 6.25%, 08/31/02 9,035
11,000 6.50%, 05/31/02 11,065
25,290 6.50%, 08/15/05 25,990
26,000 8.13%, 08/15/19 32,126
--------------------------------------------------------------------
Total U.S. Treasury Securities 108,874
(Cost $106,695)
--------------------------------------------------------------------
U.S. Government Agency Securities -- 14.3%
------------------------------------------
8,000 Federal Home Loan Bank, 4.88%, 01/22/02 7,849
Federal Home Loan Mortgage Corp.,
8,000 5.00%, 01/15/04 7,654
3,500 5.13%, 10/15/08 3,165
Federal National Mortgage Association,
9,800 5.13%, 02/13/04 9,405
7,500 5.75%, 04/15/03 7,383
3,500 5.88%, 04/23/04 3,392
7,000 6.00%, 05/15/08 6,723
10,000 6.63%, 09/15/09 9,941
--------------------------------------------------------------------
Total U.S. Government Agency Securities 55,512
(Cost $57,246)
--------------------------------------------------------------------
Foreign Government Securities -- 1.1%
-------------------------------------
4,200 Quebec Province (Canada), 7.50%, 09/15/29 4,259
(Cost $4,127)
Corporate Notes & Bonds -- 40.9%
--------------------------------
Aerospace -- 0.9%
3,270 Raytheon Co., #, 7.90%, 03/01/03 3,320
Automotive -- 2.5%
5,600 Daimler Chrysler North America Holding Corp.
(Germany), 8.00%, 06/15/10 5,689
3,850 TRW, Inc., 6.45%, 06/15/01 3,831
-------
9,520
Banking -- 6.2%
5,000 Bank One Corp., 7.88%, 08/01/10 5,020
5,000 J.P. Morgan & Co., Inc., MTN, 6.00%, 01/15/09 4,575
4,815 Manufacturers & Traders Trust Co., 8.00%, 10/01/10 4,763
4,831 MBNA America Bank, N.A., 7.75%, 09/15/05 4,779
5,575 U.S. Bank, NA, 5.70%, 12/15/08 4,892
-------
24,029
Broadcasting/Cable -- 2.4%
5,425 Jones Intercable, Inc., 7.63%, 04/15/08 5,309
4,275 USA Networks, Inc., 6.75%, 11/15/05 4,173
-------
9,482
</TABLE>
See notes to financial statements.
32
<PAGE>
CHASE VISTA SELECT INTERMEDIATE BOND FUND
Portfolio of Investments (Continued)
As of October 31, 2000
(Amounts in Thousands)
<TABLE>
<CAPTION>
Principal
Amount
(USD) Issuer Value
-------------------------------------------------------------------------------------------
Long-Term Investments -- Continued
-------------------------------------------------------------------------------------------
<S> <C> <C>
Computers/Computer Hardware -- 1.2%
$4,500 Hewlett-Packard Co., 7.15%, 06/15/05 $ 4,549
Consumer Products -- 1.5%
5,890 Procter & Gamble Co., 6.60%, 12/15/04 5,867
Financial Services -- 4.9%
4,080 FleetBoston Financial Corp., 7.25%, 09/15/05 4,102
5,000 Heller Financial, Inc., 8.00%, 06/15/05 5,071
5,000 Lehman Brothers Holdings, Inc., 8.25%, 06/15/07 5,104
5,000 National Rural Utilities Cooperative Finance Corp.,
5.50%, 01/15/05 4,719
-------
18,996
Food/Beverage Products -- 2.1%
3,975 Coca-Cola Enterprises, 7.13%, 09/30/09 3,901
4,320 Conagra Foods, Inc., 7.88%, 09/15/10 4,385
-------
8,286
Insurance -- 2.5%
6,025 Conseco, Inc., 8.50%, 10/15/02 4,700
5,000 GE Global Insurance Holding Corp., 7.75%, 06/15/30 5,040
-------
9,740
Multi-Media -- 1.4%
5,000 Time Warner Entertainment Co. LP, 8.38%, 03/15/23 5,242
Oil & Gas -- 4.1%
6,150 Amerada Hess Corp., 7.38%, 10/01/09 6,135
2,560 PEMEX Finance LTD (Cayman Islands), #, 9.03%, 02/15/11 2,678
6,885 Repsol International Finance BV (Netherlands),
7.45%, 07/15/05 6,920
-------
15,733
Paper/Forest Products -- 1.6%
5,900 International Paper Co., #, 8.13%, 07/08/05 6,072
Pipelines -- 1.2%
4,500 Enron Corp., 7.88%, 06/15/03 4,591
Retailing -- 1.3%
5,175 Wal-Mart Stores, Inc., 6.88%, 08/10/09 5,139
Telecommunications -- 5.6%
7,000 MCI Worldcom, Inc., 7.55%, 04/01/04 7,058
4,000 Metronet Communications Corp. (Canada), #, SUB,
0.00%, 06/15/03 3,201
6,000 Telefonica Europe BV (Netherlands), 7.75%, 09/15/10 6,024
5,200 Vodafone AirTouch PLC (United Kingdom), #,
7.63%, 02/15/05 5,275
-------
21,558
Utilities -- 1.5%
6,000 Israel Electronic Corp. (Israel), MTN, #, 8.25%, 10/15/09 5,739
-------------------------------------------------------------------------
Total Corporate Notes & Bonds 157,863
(Cost $160,173)
-------------------------------------------------------------------------
</TABLE>
See notes to financial statements.
33
<PAGE>
CHASE VISTA SELECT INTERMEDIATE BOND FUND
Portfolio of Investments (Continued)
As of October 31, 2000
(Amounts in Thousands)
<TABLE>
<CAPTION>
Principal
Amount
(USD) Issuer Value
-----------------------------------------------------------------------------------------------
Long-Term Investments -- Continued
-----------------------------------------------------------------------------------------------
<S> <C> <C>
Residential Mortgage Backed Securities -- 7.2%
----------------------------------------------
Collateralized Mortgage Obligations -- 2.4%
$5,225 Federal Home Loan Mortgage Corp., Ser. 2155, Class PC,
6.00%, 11/15/17 $ 5,120
4,200 Federal National Mortgage Association, Ser. 1999-17,
Class PC, 6.00%, 12/25/22 4,044
--------
9,164
Mortgage Backed Pass-Through Securities -- 4.8%
Federal National Mortgage Association,
7,848 Pool 504076, 6.50%, 06/01/29 7,541
1,981 Pool 509687, 6.50%, 09/01/14 1,940
7,430 Pool 529276, 7.50%, 07/01/30 7,419
1,968 Pool 547200, 7.50%, 08/01/15 1,982
--------
18,882
------------------------------------------------------------------------------
Total Residential Mortgage Backed Securities 28,046
(Cost $28,059)
------------------------------------------------------------------------------
Commercial Mortgage Backed Securities -- 1.1%
---------------------------------------------
3,000 Bear Stearns Commercial Mortgage Securities,
Ser. 2000-WF2, Class A1, 7.11%, 09/15/09 3,014
536 Credit Suisse First Boston Mortgage Securities Corp.,
Ser. 1997-SPCE, Class A, #, 6.65%, 06/20/03 533
897 LB-UBS Commercial Mortgage Trust, Ser. 2000-C4,
Class A1, 7.18%, 09/15/09 899
------------------------------------------------------------------------------
Total Commercial Mortgage Backed Securities 4,446
(Cost $4,441)
------------------------------------------------------------------------------
Asset Backed Securities -- 4.6%
-------------------------------
4,750 American Express Credit Account Master Trust,
Ser. 1997-1, Class A, 6.40%, 04/15/05 4,724
1,700 Citibank Credit Card Master Trust I, Ser. 1997-2, Class A,
6.55%, 02/15/04 1,693
2,710 MBNA Master Credit Card Trust, Ser. 1999-J, Class A,
7.00%, 02/15/12 2,722
5,000 Nomura CBO LTD, Ser. 1997-1, Class A2, FRN, #, SUB,
6.67%, 05/15/09 4,561
4,000 Standard Credit Card Trust, Ser. 93, 5.95%, 10/07/04 3,919
------------------------------------------------------------------------------
Total Asset Backed Securities 17,619
(Cost $18,367)
-----------------------------------------------------------------------------------------------
Total Long-Term Investments 376,619
(Cost $379,108)
-----------------------------------------------------------------------------------------------
Short-Term Investment -- 1.7%
-----------------------------------------------------------------------------------------------
Repurchase Agreement -- 1.7%
----------------------------
6,705 Greenwich Capital Markets, Inc., Tri Party, 6.55%, due
11/01/00, (Dated 10/31/00, Proceeds $6,706, Secured
by FNMA, $6,805, 6.75%, due 06/18/21; Market Value
$6,840) 6,705
(Cost $6,705)
-----------------------------------------------------------------------------------------------
Total Investments -- 99.0% $383,324
(Cost $385,813)
-----------------------------------------------------------------------------------------------
</TABLE>
See notes to financial statements.
34
<PAGE>
--------------------------------------------------------------------------------
CHASE VISTA SELECT BOND FUND
Portfolio of Investments
--------------------------------------------------------------------------------
As of October 31, 2000
(Amounts in Thousands)
<TABLE>
<CAPTION>
Principal
Amount
(USD) Issuer Value
-------------------------------------------------------------------------------------------
Long-Term Investments -- 98.0%
-------------------------------------------------------------------------------------------
<S> <C> <C>
U.S. Treasury Securities -- 13.5%
---------------------------------
U.S. Treasury Notes & Bonds,
$24,000 6.75%, 05/15/05 $ 24,881
44,000 8.13%, 08/15/19 54,368
-------------------------------------------------------------------------
Total U.S. Treasury Securities 79,249
(Cost $77,102)
-------------------------------------------------------------------------
U.S. Government Agency Securities -- 6.2%
-----------------------------------------
Federal Home Loan Bank,
15,000 7.25%, 05/13/05 15,403
15,000 7.63%, 05/15/07 15,804
5,000 Federal National Mortgage Association, 7.25%, 01/15/10 5,183
-------------------------------------------------------------------------
Total U.S. Government Agency Securities 36,390
(Cost $35,231)
-------------------------------------------------------------------------
Foreign Government Securities -- 3.6%
-------------------------------------
1,800 Bancomext Trust Division (Mexico), 11.25%, 05/30/06 1,944
6,722 Korea Development Bank (South Korea), 6.50%, 11/15/02 6,541
7,900 Quebec Province (Canada), 7.50%, 09/15/29 8,011
4,200 United Mexican States (Mexico), 9.88%, 02/01/10 4,358
-------------------------------------------------------------------------
Total Foreign Government Securities 20,854
(Cost $20,756)
-------------------------------------------------------------------------
Corporate Notes & Bonds -- 29.6%
--------------------------------
Aerospace -- 1.2%
6,700 Raytheon Co., #, 7.90%, 03/01/03 6,802
Automotive -- 1.0%
5,800 General Motors Acceptance Corp., 7.50%, 07/15/05 5,851
Banking -- 6.7%
7,700 Bank of America Corp., 7.80%, 02/15/10 7,820
5,800 Bank One Corp., 7.88%, 08/01/10 5,824
7,900 J.P. Morgan & Co., Inc., MTN, 6.00%, 01/15/09 7,229
4,850 Keystone Financial Mid-Atlantic Funding Corp., MTN,
7.30%, 05/15/04 4,851
6,415 Manufacturers & Traders Trust Co., 8.00%, 10/01/10 6,345
7,060 MBNA America Bank, N.A., 7.75%, 09/15/05 6,984
--------
39,053
Financial Services -- 2.8%
9,125 CIT Group, Inc., 7.63%, 08/16/05 9,116
7,100 Heller Financial, Inc., 8.00%, 06/15/05 7,200
--------
16,316
Insurance -- 2.2%
9,270 Conseco, Inc., 8.50%, 10/15/02 7,230
5,800 GE Global Insurance Holding Corp., 7.75%, 06/15/30 5,847
--------
13,077
Manufacturing -- 1.3%
7,900 Louisiana-Pacific Corp., 8.88%, 08/15/10 7,829
Multi-Media -- 2.5%
5,350 Clear Channel Communications, Inc., 7.88%, 06/15/05 5,392
8,705 Time Warner Entertainment Co. LP, 8.38%, 03/15/23 9,125
--------
14,517
</TABLE>
See notes to financial statements.
35
<PAGE>
CHASE VISTA SELECT BOND FUND
Portfolio of Investments (Continued)
As of October 31, 2000
(Amounts in Thousands)
<TABLE>
<CAPTION>
Principal
Amount
(USD) Issuer Value
-------------------------------------------------------------------------------------------
Long-Term Investments -- Continued
-------------------------------------------------------------------------------------------
<S> <C> <C>
Oil & Gas -- 5.8%
$ 7,040 PEMEX Finance Limited (Cayman Islands), 9.14%,
08/15/04 $ 7,201
7,900 Repsol International Finance BV (Netherlands), 7.45%,
07/15/05 7,940
Valero Energy Corp.,
6,000 8.38%, 06/15/05 6,221
5,600 8.75%, 06/15/30 5,894
6,525 YPF Sociedad Anonima (Argentina), 7.25%, 03/15/03 6,375
-------
33,631
Packaging -- 0.6%
3,775 Tenneco Packaging, Inc., 8.00%, 04/15/07 3,759
Pipelines -- 1.8%
5,750 Duke Energy Field Services LLC, 7.88%, 08/16/10 5,860
5,170 El Paso Energy Corp., 6.75%, 05/15/09 4,913
-------
10,773
Telecommunications -- 1.9%
5,575 U.S. West Capital Funding, Inc., 6.25%, 07/15/05 5,328
5,800 Vodafone AirTouch PLC (United Kingdom), #,
7.63%, 02/15/05 5,884
-------
11,212
Utilities -- 1.8%
6,000 Cilcorp Inc., 8.70%, 10/15/09 6,185
5,500 Israel Electric Corp. (Israel), MTN, #, 7.75%, 12/15/27 4,676
-------
10,861
-------------------------------------------------------------------------
Total Corporate Notes & Bonds 173,681
(Cost $174,656)
-------------------------------------------------------------------------
Residential Mortgage Backed Securities -- 36.6%
-----------------------------------------------
Mortgage Backed Pass-Through Securities -- 36.6%
Federal National Mortgage Association,
85 Pool 251698, 7.00%, 05/01/28 83
12,075 Pool 252093, 6.50%, 11/01/28 11,610
11,027 Pool 252339, 6.00%, 03/01/29 10,341
2,146 Pool 252435, 6.00%, 05/01/14 2,066
3,442 Pool 252715, 6.50%, 09/01/29 3,308
37 Pool 253182, 7.00%, 04/01/30 37
23,754 Pool 323633, 7.00%, 03/01/29 23,279
21,319 Pool 323645, 7.50%, 04/01/29 21,332
4,321 Pool 323688, 7.50%, 03/01/29 4,324
3,452 Pool 481847, 6.00%, 01/01/29 3,237
8,855 Pool 484753, 6.50%, 03/01/29 8,509
10,555 Pool 490445, 6.00%, 03/01/29 9,899
11,362 Pool 494272, 6.50%, 04/01/29 10,918
47 Pool 509707, 7.00%, 09/01/29 46
1,682 Pool 532151, 7.00%, 02/01/30 1,648
499 Pool 534061, 7.00%, 03/01/30 488
8,574 Pool 534064, 8.00%, 03/01/30 8,678
21,666 Pool 535052, 6.00%, 11/01/14 20,853
12,522 Pool 535455, 7.50%, 06/01/15 12,608
5,710 Pool 540226, 7.50%, 07/01/30 5,701
</TABLE>
See notes to financial statements.
36
<PAGE>
CHASE VISTA SELECT BOND FUND
Portfolio of Investments (Continued)
As of October 31, 2000
(Amounts in Thousands)
<TABLE>
<CAPTION>
Principal
Amount
(USD) Issuer Value
-----------------------------------------------------------------------------------------------
Long-Term Investments -- Continued
-----------------------------------------------------------------------------------------------
<S> <C> <C>
Mortgage Backed Pass-Through Securities -- Continued
$ 99 Pool 546407, 7.00%, 07/01/30 $ 97
Government National Mortgage Association,
14,475 Pool 487224, 6.50%, 05/15/29 13,973
12,250 Pool 510285, 7.00%, 08/15/29 12,074
8,542 Pool 517850, 7.50%, 09/15/29 8,571
9,973 Pool 527141, 8.00%, 03/15/30 10,138
11,530 Pool 531112, 8.00%, 07/15/30 11,721
--------------------------------------------------------------------------------
Total Residential Mortgage Backed Securities 215,539
(Cost $216,655)
--------------------------------------------------------------------------------
Commercial Mortgage Backed Securities -- 3.0%
---------------------------------------------
Bear Stearns Commercial Mortgage Securities
7,900 Ser. 2000-WF2, Class A1, 7.11%, 09/15/09 7,937
6,300 Ser. 2000-WF2, Class A2, 7.32%, 08/15/10 6,343
3,088 LB-UBS Commercial Mortgage Trust, Ser. 2000-C4,
Class A1, 7.18%, 09/15/09 3,098
--------------------------------------------------------------------------------
Total Commercial Mortgage Backed Securities 17,378
(Cost $17,340)
--------------------------------------------------------------------------------
Asset Backed Securities -- 5.5%
-------------------------------
MBNA Master Credit Card Trust,
10,345 Ser. 1999-J, Class A, 7.00%, 02/15/12 10,390
8,300 Ser. 1999-M, Class B, 6.80%, 04/16/07 8,270
6,500 Nomura CBO LTD, Ser. 1997-1, Class A2, FRN, #,
SUB, 6.67%, 05/15/09 5,929
7,500 Residential Funding Mortgage Securities II,
Ser. 2000-HI1, Class AI4, 7.79%, 01/25/14 7,603
--------------------------------------------------------------------------------
Total Asset Backed Securities 32,192
(Cost $32,669)
-----------------------------------------------------------------------------------------------
Total Long-Term Investments 575,283
(Cost $574,409)
-----------------------------------------------------------------------------------------------
Short-Term Investments -- 1.1%
-----------------------------------------------------------------------------------------------
U.S. Treasury Security -- 0.3%
------------------------------
2,000 U.S. Treasury Bill, 6.18%, 12/07/00 @ 1,988
(Cost $1,988)
Repurchase Agreement -- 0.8%
----------------------------
4,730 Greenwich Capital Markets, Inc., Tri Party, 6.55%, due 11/01/00,
(Dated 10/31/00, Proceeds $4,731, Secured by FNMA,
$4,805, 6.75%, due 06/18/21; Market Value $4,829) 4,730
(Cost $4,730)
-----------------------------------------------------------------------------------------------
Total Short-Term Investments 6,718
(Cost $6,718)
-----------------------------------------------------------------------------------------------
Total Investments -- 99.1% $582,001
(Cost $581,127)
-----------------------------------------------------------------------------------------------
</TABLE>
See notes to financial statements.
37
<PAGE>
CHASE VISTA SELECT BOND FUND
Portfolio of Investments (Continued)
As of October 31, 2000
(Amounts in Thousands)
<TABLE>
Original Notional Unrealized
Number Notional Value at Appreciation/
of Expiration Value 10/31/00 (Depreciation)
Contracts Description Date (USD) (USD) (USD)
------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Long Futures Outstanding
------------------------
700 5 Year Treasury Notes December, 2000 $70,351 $70,481 $130
Short Futures Outstanding
-------------------------
600 10 Year Treasury Notes December, 2000 59,995 60,422 (427)
</TABLE>
See notes to financial statements.
38
<PAGE>
--------------------------------------------------------------------------------
CHASE VISTA SELECT BALANCED FUND
Portfolio of Investments
--------------------------------------------------------------------------------
As of October 31, 2000
(Amounts in Thousands)
<TABLE>
<CAPTION>
Shares Issuer Value
-----------------------------------------------------------------------
Long-Term Investments -- 92.8%
-----------------------------------------------------------------------
<S> <C> <C>
Common Stock -- 56.0%
---------------------
Airlines -- 0.9%
40 Southwest Airlines, Inc. $ 1,137
Automotive -- 0.4%
9 Ford Motor Co. 240
4 General Motors Corp. 230
--------
470
Banking -- 1.1%
9 Bank of America Corp. 432
16 Bank of New York Co., Inc. 892
--------
1,324
Biotechnology -- 0.6%
12 Amgen, Inc. * 666
Computer Networks -- 1.6%
37 Cisco Systems, Inc. * 1,993
Computer Software -- 2.5%
29 Microsoft Corp. * 2,011
31 Oracle Corp. * 1,036
--------
3,047
Computers/Computer Hardware -- 4.4%
23 Compaq Computer Corp. 702
19 Dell Computer Corp. * 561
18 EMC Corp. * 1,630
12 Hewlett-Packard Co. 548
9 International Business Machines Corp. 847
9 Sun Microsystems, Inc. * 1,042
--------
5,330
Consumer Products -- 2.1%
13 Avon Products, Inc. 631
15 Colgate-Palmolive Co. 887
13 Philip Morris Companies, Inc. 472
7 Procter & Gamble Co. 493
--------
2,483
Diversified -- 3.5%
62 General Electric Co. 3,398
16 Tyco International LTD (Bermuda) 879
--------
4,277
Electronics/Electrical Equipment -- 1.6%
9 Sanmina Corp. * 983
22 Solectron Corp. * 950
--------
1,933
Financial Services -- 5.8%
33 American Express Co. 1,993
27 Charles Schwab Corp. 959
36 Citigroup, Inc. 1,887
17 Merrill Lynch & Co., Inc. 1,197
12 Morgan Stanley Dean Witter & Co. 964
--------
7,000
</TABLE>
See notes to financial statements.
39
<PAGE>
CHASE VISTA SELECT BALANCED FUND
Portfolio of Investments (Continued)
As of October 31, 2000
(Amounts in Thousands)
<TABLE>
<CAPTION>
Shares Issuer Value
-----------------------------------------------------------------------------------
Long-Term Investments -- Continued
-----------------------------------------------------------------------------------
<S> <C> <C>
Food/Beverage Products -- 2.3%
17 Anheuser-Busch Companies, Inc. $ 787
14 Coca-Cola Co. 815
24 PepsiCo, Inc. 1,148
-------
2,750
Health Care/Health Care Services -- 1.3%
13 Guidant Corp. 667
17 Medtronic, Inc. 940
-------
1,607
Insurance -- 2.3%
28 American International Group, Inc. 2,718
Internet Services/Software -- 0.5%
12 America Online, Inc. * 610
Machinery & Engineering Equipment -- 0.3%
7 Dover Corp. 314
Metals/Mining -- 0.4%
19 Alcoa, Inc. 542
Multi-Media -- 1.5%
25 The Walt Disney Co. 895
12 Time Warner, Inc. 873
-------
1,768
Oil & Gas -- 3.5%
8 BJ Services Co. * 422
6 Chevron Corp. 468
28 Exxon Mobil Corp. 2,494
14 Royal Dutch Petroleum Co., N.Y. Registered Shares
(Netherlands) 831
-------
4,215
Pharmaceuticals -- 5.2%
9 Abbott Laboratories 462
8 American Home Products Corp. 483
11 Bristol-Myers Squibb Co. 676
7 Eli Lilly & Co. 599
7 Johnson & Johnson 636
13 Merck & Co., Inc. 1,160
43 Pfizer, Inc. 1,867
8 Pharmacia Corp. 437
-------
6,320
Retailing -- 3.8%
13 Best Buy Co., Inc. * 647
17 Home Depot, Inc. 725
6 Kohls Corp. * 326
36 Wal-Mart Stores, Inc. 1,647
27 Walgreen Co. 1,223
-------
4,568
Semi-Conductors -- 3.3%
23 Altera Corp. * 921
12 Applied Materials, Inc. * 622
40 Intel Corp. 1,777
13 Texas Instruments, Inc. 648
-------
3,968
</TABLE>
See notes to financial statements.
40
<PAGE>
CHASE VISTA SELECT BALANCED FUND
Portfolio of Investments (Continued)
As of October 31, 2000
(Amounts in Thousands)
<TABLE>
<CAPTION>
Shares Issuer Value
-----------------------------------------------------------------------------------
Long-Term Investments -- Continued
-----------------------------------------------------------------------------------
<S> <C> <C>
Telecommunications -- 2.7%
9 AT&T Corp. $ 218
14 BellSouth Corp. 696
20 SBC Communications, Inc. 1,126
10 Verizon Communications 603
25 WorldCom, Inc. * 582
-------
3,225
Telecommunications Equipment -- 2.2%
34 ADC Telecommunications, Inc. * 727
1 Avaya, Inc. * 16
6 JDS Uniphase Corp. * 490
15 Lucent Technologies, Inc. 342
17 Nortel Networks Corp. (Canada) 788
5 Qualcomm, Inc. * 317
-------
2,680
Utilities -- 2.2%
13 AES Corp. * 746
6 Duke Energy Corp. 510
17 Enron Corp. 1,378
-------
2,634
--------------------------------------------------------------------
Total Common Stock 67,579
(Cost $49,521)
--------------------------------------------------------------------
Principal
Amount
(USD)
U.S. Treasury Securities -- 5.4%
--------------------------------
U.S. Treasury Notes & Bonds,
$2,800 5.63%, 02/15/06 2,775
900 6.00%, 08/15/09 909
2,805 6.25%, 08/15/23 2,894
------------------------------------------------------------------
Total U.S. Treasury Securities 6,578
(Cost $6,472)
--------------------------------------------------------------------
U.S. Government Agency Securities -- 2.0%
-----------------------------------------
500 Federal Home Loan Mortgage Corp., 5.13%, 10/15/08 452
600 Federal National Mortgage Association, 5.13%, 02/13/04 576
Tennessee Valley Authority,
825 5.38%, 11/13/08 755
700 6.75%, 11/01/25 689
--------------------------------------------------------------------
Total U.S. Government Agency Securities 2,472
(Cost $2,498)
--------------------------------------------------------------------
Corporate Notes & Bonds -- 17.8%
--------------------------------
Aerospace -- 0.8%
1,000 Raytheon Co., 5.95%, 03/15/01 994
Automotive -- 3.1%
1,500 Daimler Chrysler North America Holding Corp., MTN,
7.75%, 05/27/03 1,527
500 Ford Motor Credit Co., 5.80%, 01/12/09 439
2,000 General Motors Acceptance Corp., 5.85%, 01/14/09 1,780
-----
3,746
</TABLE>
See notes to financial statements.
41
<PAGE>
CHASE VISTA SELECT BALANCED FUND
Portfolio of Investments (Continued)
As of October 31, 2000
(Amounts in Thousands)
<TABLE>
Principal
Amount
(USD) Issuer Value
-------------------------------------------------------------------------------------
Long-Term Investments -- Continued
-------------------------------------------------------------------------------------
<S> <C> <C>
Computers/Computer Hardware -- 1.2%
$1,500 International Business Machines Corp., MTN,
5.37%, 09/22/03 $1,445
Consumer Products -- 1.2%
1,500 Colgate-Palmolive Co. MTN, 5.27%, 12/01/03 1,439
Diversified -- 0.8%
1,000 Textron, Inc., 6.38%, 07/15/04 971
Financial Services -- 4.9%
600 Goldman Sachs Group, Inc., 6.65%, 05/15/09 559
1,595 International Lease Finance Corp., MTN, 8.35%, 02/04/02 1,623
1,680 Merrill Lynch & Co., Inc., Ser. B, MTN, 5.71%, 01/15/02 1,652
800 National Rural Utilities Cooperative Finance Corp.,
5.50%, 01/15/05 755
1,500 Wisconsin Michigan Investment Corp., MTN, #,
6.94%, 12/01/28 1,308
------
5,897
Insurance -- 1.4%
900 Allstate Corp., 7.20%, 12/01/09 876
1,000 MBIA, Inc., 6.63%, 10/01/28 841
------
1,717
Machinery & Engineering Equipment -- 1.5%
1,800 Caterpillar Financial Services Corp., MTN,
5.89%, 06/17/02 1,774
Oil & Gas -- 0.6%
800 Conoco, Inc., 5.90%, 04/15/04 776
Retailing -- 0.4%
500 Dayton-Hudson Corp., 6.40%, 02/15/03 493
Telecommunications -- 0.4%
500 AT&T Corp., 5.63%, 03/15/04 472
Utilities -- 1.5%
1,800 Baltimore Gas & Electric Co., Ser. D, MTN,
6.90%, 02/01/05 1,802
----------------------------------------------------------------------
Total Corporate Notes & Bonds 21,526
(Cost $21,882)
----------------------------------------------------------------------
Residential Mortgage Backed Securities -- 11.6%
-----------------------------------------------
Mortgage Backed Pass-Through Securities -- 11.6%
Federal Home Loan Mortgage Corp.,
1,361 Gold Pool C32996, 7.00%, 11/01/29 1,334
1,231 Gold Pool E00532, 6.50%, 02/01/13 1,206
Federal National Mortgage Association,
2,973 Pool 323614, 6.50%, 02/01/14 2,915
1 Pool 535157, 6.50%, 02/01/30 1
891 Pool 535497, 6.50%, 08/01/30 856
</TABLE>
See notes to financial statements.
42
<PAGE>
CHASE VISTA SELECT BALANCED FUND
Portfolio of Investments (Continued)
As of October 31, 2000
(Amounts in Thousands)
<TABLE>
<CAPTION>
Principal
Amount
(USD) Issuer Value
-------------------------------------------------------------------------------------
Long-Term Investments -- Continued
-------------------------------------------------------------------------------------
<S> <C> <C>
Government National Mortgage Association,
$1,569 Pool 423130, 8.50%, 10/15/29 $ 1,609
1,505 Pool 487057, 6.50%, 03/15/29 1,452
2,127 Pool 513746, 7.00%, 08/15/29 2,097
2,614 Pool 516070, 6.50%, 09/15/29 2,523
----------------------------------------------------------------------
Total Residential Mortgage Backed Securities 13,993
(Cost $14,016)
-------------------------------------------------------------------------------------
Total Long-Term Investments 112,148
(Cost $94,389)
-------------------------------------------------------------------------------------
Short-Term Investment -- 6.0%
-------------------------------------------------------------------------------------
Repurchase Agreement -- 6.0%
----------------------------
7,194 Greenwich Capital Markets, Inc., Tri Party, 6.55%, due
11/01/00, (Dated 10/31/00, Proceeds $7,195, Secured
by GNMA, $7,325, 7.00% through 7.50%, due
01/15/28 through 06/15/28; Market Value $7,338) 7,194
(Cost $7,194)
-------------------------------------------------------------------------------------
Total Investments -- 98.8% $119,342
(Cost $101,583)
-------------------------------------------------------------------------------------
</TABLE>
See notes to financial statements.
43
<PAGE>
--------------------------------------------------------------------------------
CHASE VISTA SELECT EQUITY INCOME FUND
Portfolio of Investments
--------------------------------------------------------------------------------
As of October 31, 2000
(Amounts in Thousands)
<TABLE>
Shares Issuer Value
--------------------------------------------------------------------------
Long-Term Investments -- 92.7%
--------------------------------------------------------------------------
<S> <C> <C>
Common Stock -- 92.7%
---------------------
Automotive -- 2.2%
365 Ford Motor Co. $ 9,540
73 General Motors Corp. 4,504
--------
14,044
Banking -- 2.3%
253 Bank of New York Co., Inc. 14,536
Chemicals -- 1.8%
171 Dow Chemical Co. 5,225
126 E.I. DuPont de Nemours Co. 5,730
--------
10,955
Computer Networks -- 1.8%
213 Cisco Systems, Inc. * 11,454
Computer Software -- 5.3%
242 Microsoft Corp. * 16,689
502 Oracle Corp. * 16,579
--------
33,268
Computers/Computer Hardware -- 4.4%
179 Hewlett-Packard Co. 8,322
196 International Business Machines Corp. 19,345
--------
27,667
Consumer Products -- 2.8%
115 Gillette Co. 4,021
97 Philip Morris Companies, Inc. 3,540
139 Procter & Gamble Co. 9,915
--------
17,476
Diversified -- 4.4%
496 General Electric Co. 27,190
Financial Services -- 11.0%
233 American Express Co. 13,956
416 Citigroup, Inc. 21,896
53 J.P. Morgan & Co. 8,755
147 Merrill Lynch & Co., Inc. 10,304
174 Morgan Stanley Dean Witter & Co. 13,950
--------
68,861
Food/Beverage Products -- 6.1%
206 Anheuser-Busch Companies, Inc. 9,415
117 Coca-Cola Co. 7,046
120 PepsiCo, Inc. 5,813
308 Sysco Corp. 16,068
--------
38,342
Insurance -- 3.9%
249 American International Group, Inc. 24,392
Machinery & Engineering Equipment -- 2.4%
172 Caterpillar, Inc. 6,031
207 Dover Corp. 8,772
--------
14,803
Manufacturing -- 0.7%
82 Honeywell International, Inc. 4,423
</TABLE>
See notes to financial statements.
44
<PAGE>
CHASE VISTA SELECT EQUITY INCOME FUND
Portfolio of Investments (Continued)
As of October 31, 2000
(Amounts in Thousands)
<TABLE>
<CAPTION>
Shares Issuer Value
------------------------------------------------------------------------------
Long-Term Investments -- Continued
------------------------------------------------------------------------------
<S> <C> <C>
Multi-Media -- 0.6%
109 The Walt Disney Co. $ 3,911
Oil & Gas -- 6.1%
98 BP Amoco PLC, ADR (United Kingdom) 4,989
98 Chevron Corp. 8,040
147 Exxon Mobil Corp. 13,128
161 Royal Dutch Petroleum Co., N.Y. Registered Shares
(Netherlands) 9,536
31 Schlumberger LTD 2,345
--------
38,038
Paper/Forest Products -- 0.5%
85 International Paper Co. 3,095
Pharmaceuticals -- 13.7%
180 Abbott Laboratories 9,522
145 American Home Products Corp. 9,220
174 Bristol-Myers Squibb Co. 10,579
152 Eli Lilly & Co. 13,612
75 Johnson & Johnson 6,909
126 Merck & Co., Inc. 11,287
352 Pfizer, Inc. 15,214
169 Pharmacia Corp. 9,290
--------
85,633
Retailing -- 2.7%
120 Home Depot, Inc. 5,147
12 Kohls Corp. * 623
240 Wal-Mart Stores, Inc. 10,877
--------
16,647
Semi-Conductors -- 5.8%
454 Intel Corp. 20,421
322 Texas Instruments, Inc. 15,774
--------
36,195
Telecommunications -- 7.4%
189 BellSouth Corp. 9,107
344 SBC Communications, Inc. 19,850
296 Verizon Communications 17,100
--------
46,057
Telecommunications Equipment -- 0.8%
193 Motorola, Inc. 4,808
Utilities -- 6.0%
58 Dominion Resources, Inc. 3,478
205 DQE, Inc. 7,148
130 Duke Energy Corp. 11,194
193 Enron Corp. 15,830
--------
37,650
------------------------------------------------------------------------------
Total Long-Term Investments 579,445
(Cost $488,976)
------------------------------------------------------------------------------
</TABLE>
See notes to financial statements.
45
<PAGE>
CHASE VISTA SELECT EQUITY INCOME FUND
Portfolio of Investments (Continued)
As of October 31, 2000
(Amounts in Thousands)
<TABLE>
<CAPTION>
Principal
Amount
(USD) Issuer Value
------------------------------------------------------------------------------------------
Short-Term Investment -- 4.8%
------------------------------------------------------------------------------------------
<S> <C> <C>
Repurchase Agreement -- 4.8%
-------------------------------------------------------
$ 29,915 Greenwich Capital Markets, Inc., Tri Party, 6.55%, due
11/01/00, (Dated 10/31/00, Proceeds $29,920, Secured
by U.S. Government Agency Obligations, $74,715, DN
through 10.07%, 04/15/21 through 06/20/28; Market
Value $30,517) $ 29,915
(Cost $29,915)
------------------------------------------------------------------------------------------
Total Investments -- 97.5% $ 609,360
(Cost $518,891)
------------------------------------------------------------------------------------------
</TABLE>
See notes to financial statements.
46
<PAGE>
--------------------------------------------------------------------------------
CHASE VISTA SELECT LARGE CAP EQUITY FUND
Portfolio of Investments
--------------------------------------------------------------------------------
As of October 31, 2000
(Amounts in Thousands)
<TABLE>
<CAPTION>
Shares Issuer Value
--------------------------------------------------------------------
Long-Term Investments -- 96.2%
--------------------------------------------------------------------
<S> <C> <C>
Common Stock -- 96.2%
---------------------
Airlines -- 1.6%
142 Southwest Airlines, Inc. $ 4,056
Automotive -- 0.7%
33 Ford Motor Co. 863
13 General Motors Corp. 832
--------
1,695
Banking -- 1.9%
32 Bank of America Corp. 1,541
56 Bank of New York Co., Inc. 3,195
--------
4,736
Biotechnology -- 0.9%
41 Amgen, Inc. * 2,373
Computer Networks -- 2.8%
132 Cisco Systems, Inc. * 7,112
Computer Software -- 4.3%
104 Microsoft Corp. * 7,177
112 Oracle Corp. * 3,709
--------
10,886
Computers/Computer Hardware -- 7.6%
83 Compaq Computer Corp. 2,509
68 Dell Computer Corp. * 2,003
65 EMC Corp. * 5,807
43 Hewlett-Packard Co. 1,978
31 International Business Machines Corp. 3,021
34 Sun Microsystems, Inc. * 3,720
--------
19,038
Consumer Products -- 3.5%
47 Avon Products, Inc. 2,255
54 Colgate-Palmolive Co. 3,179
46 Philip Morris Companies, Inc. 1,688
25 Procter & Gamble Co. 1,765
--------
8,887
Diversified -- 6.1%
221 General Electric Co. 12,125
55 Tyco International LTD (Bermuda) 3,140
--------
15,265
Electronics/Electrical Equipment -- 2.8%
31 Sanmina Corp. * 3,532
77 Solectron Corp. * 3,397
--------
6,929
Financial Services -- 10.0%
118 American Express Co. 7,099
97 Charles Schwab Corp. 3,416
128 Citigroup, Inc. 6,736
61 Merrill Lynch & Co., Inc. 4,270
43 Morgan Stanley Dean Witter & Co. 3,449
--------
24,970
Food/Beverage Products -- 3.9%
62 Anheuser-Busch Companies, Inc. 2,827
</TABLE>
See notes to financial statements.
47
<PAGE>
CHASE VISTA SELECT LARGE CAP EQUITY FUND
Portfolio of Investments (Continued)
As of October 31, 2000
(Amounts in Thousands)
<TABLE>
Shares Issuer Value
-----------------------------------------------------------------------------------
Long-Term Investments -- Continued
-----------------------------------------------------------------------------------
<S> <C> <C>
Food/Beverage Products -- Continued
48 Coca-Cola Co. $ 2,916
84 PepsiCo, Inc. 4,089
--------
9,832
Health Care/Health Care Services -- 2.3%
45 Guidant Corp. 2,393
62 Medtronic, Inc. 3,367
--------
5,760
Insurance -- 3.9%
99 American International Group, Inc. 9,692
Internet Services/Software -- 0.9%
43 America Online, Inc. * 2,189
Machinery & Engineering Equipment -- 0.4%
26 Dover Corp. 1,120
Metals/Mining -- 0.8%
68 Alcoa, Inc. 1,936
Multi-Media -- 2.5%
89 The Walt Disney Co. 3,192
41 Time Warner, Inc. 3,105
--------
6,297
Oil & Gas -- 6.0%
29 BJ Services Co. * 1,500
21 Chevron Corp. 1,692
100 Exxon Mobil Corp. 8,886
50 Royal Dutch Petroleum Co., N.Y. Registered Shares
(Netherlands) 2,957
--------
15,035
Pharmaceuticals -- 9.0%
31 Abbott Laboratories 1,645
27 American Home Products Corp. 1,727
40 Bristol-Myers Squibb Co. 2,430
24 Eli Lilly & Co. 2,145
25 Johnson & Johnson 2,271
46 Merck & Co., Inc. 4,128
154 Pfizer, Inc. 6,648
28 Pharmacia Corp. 1,558
--------
22,552
Retailing -- 6.5%
46 Best Buy Co., Inc. * 2,314
60 Home Depot, Inc. 2,591
22 Kohls Corp. * 1,165
130 Wal-Mart Stores, Inc. 5,875
96 Walgreen Co. 4,362
--------
16,307
Semi-Conductors -- 5.6%
80 Altera Corp. * 3,291
42 Applied Materials, Inc. * 2,221
141 Intel Corp. 6,340
47 Texas Instruments, Inc. 2,311
--------
14,163
</TABLE>
See notes to financial statements.
48
<PAGE>
CHASE VISTA SELECT LARGE CAP EQUITY FUND
Portfolio of Investments (Continued)
As of October 31, 2000
(Amounts in Thousands)
<TABLE>
<CAPTION>
Shares Issuer Value
----------------------------------------------------------------------------------------
Long-Term Investments -- Continued
----------------------------------------------------------------------------------------
<S> <C> <C>
Telecommunications -- 4.6%
34 AT&T Corp. $ 782
51 BellSouth Corp. 2,483
70 SBC Communications, Inc. 4,027
37 Verizon Communications 2,165
87 WorldCom, Inc. * 2,077
-------
11,534
Telecommunications Equipment -- 3.8%
121 ADC Telecommunications, Inc. * 2,593
4 Avaya, Inc. * 59
22 JDS Uniphase Corp. * 1,770
53 Lucent Technologies, Inc. 1,226
62 Nortel Networks Corp. (Canada) 2,807
17 Qualcomm, Inc. * 1,131
-------
9,586
Utilities -- 3.8%
47 AES Corp. * 2,661
21 Duke Energy Corp. 1,824
60 Enron Corp. 4,924
-------
9,409
----------------------------------------------------------------------------------------
Total Long-Term Investments 241,359
(Cost $205,809)
----------------------------------------------------------------------------------------
Short-Term Investment -- 3.8%
----------------------------------------------------------------------------------------
Principal
Amount
(USD)
Repurchase Agreement -- 3.8%
----------------------------
$ 9,427 Greenwich Capital Markets, Inc., Tri Party, 6.55%, due
11/01/00, (Dated 10/31/00, Proceeds $9,429, Secured
by U.S. Government Agency Obligations, $9,762, DN
through 11.88%, due 08/25/07 through 09/20/30;
Market Value $9,616) 9,427
(Cost $9,427)
----------------------------------------------------------------------------------------
Total Investments -- 100.0% $250,786
(Cost $215,236)
----------------------------------------------------------------------------------------
</TABLE>
See notes to financial statements.
49
<PAGE>
--------------------------------------------------------------------------------
CHASE VISTA SELECT LARGE CAP GROWTH FUND
Portfolio of Investments
--------------------------------------------------------------------------------
As of October 31, 2000
(Amounts in Thousands)
<TABLE>
Shares Issuer Value
---------------------------------------------------------------------
Long-Term Investments -- 98.7%
---------------------------------------------------------------------
<S> <C> <C>
Common Stock -- 98.7%
---------------------
Biotechnology -- 4.6%
474 Amgen, Inc. * $27,490
178 Biogen, Inc. * 10,724
-------
38,214
Computer Networks -- 5.4%
838 Cisco Systems, Inc. * 45,169
Computer Software -- 6.6%
429 Microsoft Corp. * 29,570
781 Oracle Corp. * 25,775
-------
55,345
Computers/Computer Hardware -- 14.6%
463 Compaq Computer Corp. 14,088
261 Dell Computer Corp. * 7,707
630 EMC Corp. * 56,142
200 International Business Machines Corp. 19,653
216 Sun Microsystems, Inc. * 23,996
-------
121,586
Consumer Products -- 2.0%
239 Gillette Co. 8,339
121 Procter & Gamble Co. 8,670
-------
17,009
Diversified -- 7.4%
1,000 General Electric Co. 54,807
125 Tyco International LTD (Bermuda) 7,079
-------
61,886
Financial Services -- 7.4%
705 Charles Schwab Corp. 24,779
325 Merrill Lynch & Co., Inc. 22,719
181 Morgan Stanley Dean Witter & Co. 14,549
-------
62,047
Food/Beverage Products -- 3.1%
196 Coca-Cola Co. 11,856
296 PepsiCo, Inc. 14,318
-------
26,174
Health Care/Health Care Services -- 1.9%
74 Medtronic, Inc. 3,995
113 UnitedHealth Group, Inc. 12,329
-------
16,324
Industrial Components -- 0.4%
30 SPX Corp. * 3,681
Multi-Media -- 4.3%
616 The Walt Disney Co. 22,076
188 Time Warner, Inc. 14,275
-------
36,351
Pharmaceuticals -- 13.1%
123 Bristol-Myers Squibb Co. 7,517
156 Eli Lilly & Co. 13,920
113 Johnson & Johnson 10,438
</TABLE>
See notes to financial statements.
50
<PAGE>
CHASE VISTA SELECT LARGE CAP GROWTH FUND
Portfolio of Investments (Continued)
As of October 31, 2000
(Amounts in Thousands)
<TABLE>
<CAPTION>
Shares Issuer Value
-----------------------------------------------------------------------------------------
Long-Term Investments -- Continued
-----------------------------------------------------------------------------------------
<S> <C> <C>
Pharmaceuticals -- Continued
143 Medimmune, Inc. * $ 9,349
219 Merck & Co., Inc. 19,716
916 Pfizer, Inc. 39,576
173 Pharmacia Corp. 9,532
-------
110,048
Photographic Equipment -- 0.8%
155 Eastman Kodak Co. 6,966
Restaurants/Food Services -- 1.4%
400 Tricon Global Restaurants, Inc. * 12,002
Retailing -- 6.8%
278 Best Buy Co., Inc. * 13,975
373 Home Depot, Inc. 16,023
593 Wal-Mart Stores, Inc. 26,906
-------
56,904
Semi-Conductors -- 13.6%
486 Applied Materials, Inc. * 25,825
885 Intel Corp. 39,840
300 KLA-Tencor Corp. * 10,127
650 Novellus Systems, Inc. * 26,621
219 Texas Instruments, Inc. 10,753
-------
113,166
Telecommunications -- 0.7%
162 Nextel Communications, Inc., Class A * 6,221
Telecommunications Equipment -- 4.6%
160 ADC Telecommunications, Inc. * 3,422
26 Avaya, Inc. * 346
140 JDS Uniphase Corp. * 11,372
309 Lucent Technologies, Inc. 7,209
357 Nortel Networks Corp. (Canada) 16,244
-------
38,593
-----------------------------------------------------------------------------------------
Total Long-Term Investments 827,686
(Cost $646,149)
-----------------------------------------------------------------------------------------
Short-Term Investment -- 1.3%
-----------------------------------------------------------------------------------------
Principal
Amount
(USD)
Repurchase Agreement -- 1.3%
----------------------------
$ 11,195 Greenwich Capital Markets, Inc., Tri Party, 6.55%, due
11/01/00, (Dated 10/31/00, Proceeds $11,197, Secured
by GNMA, $11,806, 6.00% through 7.50%, due
01/15/28 through 11/15/28; Market Value $11,421) 11,195
(Cost $11,195)
------------------------------------------------------------------------------------
Total Investments -- 100.0% $838,881
(Cost $657,344)
------------------------------------------------------------------------------------
</TABLE>
See notes to financial statements.
51
<PAGE>
--------------------------------------------------------------------------------
CHASE VISTA SELECT NEW GROWTH OPPORTUNITIES FUND
Portfolio of Investments
--------------------------------------------------------------------------------
As of October 31, 2000
(Amounts in Thousands)
<TABLE>
<CAPTION>
Shares Issuer Value
------------------------------------------------------------------------------
Long-Term Investments -- 96.1%
------------------------------------------------------------------------------
<S> <C> <C>
Common Stock -- 96.1%
---------------------
Advertising -- 1.4%
63 True North Communications, Inc. $ 2,374
Apparel -- 1.1%
65 Jones Apparel Group, Inc. * 1,808
Banking -- 3.7%
55 Cullen/Frost Bankers, Inc. 1,832
40 TCF Financial Corp. 1,618
47 Zions Bancorp. 2,699
--------
6,149
Biotechnology -- 1.2%
45 Chiron Corp. * 1,949
Broadcasting/Cable -- 1.1%
40 AT&T Corp. -- Liberty Media Group, Class A * 720
28 Univision Communications, Inc., Class A* 1,071
--------
1,791
Business Services -- 8.0%
74 ACNielsen Corp. * 1,771
48 Acxiom Corp. * 1,938
45 Affiliated Computer Services, Inc., Class A * 2,506
80 Concord EFS, Inc. * 3,306
47 Manpower, Inc. 1,636
40 Sungard Data Systems, Inc. * 2,045
--------
13,202
Chemicals -- 2.2%
50 Cytec Industries, Inc.* 1,731
25 FMC Corp. * 1,900
--------
3,631
Computer Software -- 2.3%
64 Rational Software Corp. * 3,820
Construction -- 2.2%
36 American Standard Companies, Inc. * 1,652
62 Lennar Corp. 2,001
--------
3,653
Electronics/Electrical Equipment -- 11.4%
43 Amphenol Corp., Class A * 2,763
66 APW LTD. * 3,048
24 Coherent, Inc. * 830
38 PerkinElmer, Inc. 4,541
15 Sanmina Corp. * 1,738
90 Sensormatic Electronics Corp. * 1,620
28 Symbol Technologies, Inc. 1,272
90 Vishay Intertechnology, Inc. * 2,700
--------
18,512
Entertainment/Leisure -- 2.3%
66 Harrah's Entertainment, Inc. * 1,889
150 Park Place Entertainment Corp. * 1,913
--------
3,802
</TABLE>
See notes to financial statements.
52
<PAGE>
CHASE VISTA SELECT NEW GROWTH OPPORTUNITIES FUND
Portfolio of Investments (Continued)
As of October 31, 2000
(Amounts in Thousands)
<TABLE>
Shares Issuer Value
------------------------------------------------------------------------------
Long-Term Investments -- Continued
------------------------------------------------------------------------------
<S> <C> <C>
Financial Services -- 2.7%
45 A.G. Edwards, Inc. $ 2,284
34 Lehman Brothers Holdings, Inc. 2,193
--------
4,477
Food/Beverage Products -- 1.2%
56 Pepsi Bottling Group, Inc. 1,939
Health Care/Health Care Services -- 6.8%
38 Cytyc Corp. * 2,256
48 Dentsply International, Inc. 1,665
170 Health Management Associates, Inc., Class A * 3,369
65 Oxford Health Plans, Inc. * 2,194
35 Stryker Corp. 1,649
--------
11,133
Insurance -- 5.1%
85 Ace LTD (Bermuda) 3,336
37 AXA Financial, Inc. 2,000
43 Radian Group, Inc. 3,048
--------
8,384
Machinery & Engineering Equipment -- 1.7%
40 Dover Corp. 1,698
25 Zebra Technologies Corp., Class A * 1,095
--------
2,793
Oil & Gas -- 8.7%
89 Anadarko Petroleum Corp. 5,667
13 BJ Services Co. * 682
46 Cooper Cameron Corp. * 2,507
90 Global Marine, Inc. * 2,385
25 Nicor, Inc. 883
70 Tosco Corp. 2,004
--------
14,128
Paper/Forest Products -- 1.0%
47 Willamette Industries 1,707
Pharmaceuticals -- 8.6%
18 Alza Corp. * 1,457
98 Biovail Corp. International (Canada) * 4,121
27 Forest Laboratories Inc., Class A * 3,578
30 Medimmune, Inc. * 1,961
16 Sepracor, Inc.* 1,090
30 Watson Pharmaceuticals, Inc. * 1,877
--------
14,084
Pipelines -- 3.4%
27 Columbia Energy Group 1,942
41 El Paso Energy Corp. 2,570
19 National Fuel Gas Co. 1,019
--------
5,531
Printing & Publishing -- 0.9%
80 A.H. Belo Corp., Class A 1,535
Real Estate Investment Trust -- 1.2%
25 Equity Residential Properties Trust 1,177
40 ProLogis Trust 840
--------
2,017
</TABLE>
See notes to financial statements.
53
<PAGE>
CHASE VISTA SELECT NEW GROWTH OPPORTUNITIES FUND
Portfolio of Investments (Continued)
As of October 31, 2000
(Amounts in Thousands)
<TABLE>
<CAPTION>
Shares Issuer Value
-----------------------------------------------------------------------------------------
Long-Term Investments -- Continued
-----------------------------------------------------------------------------------------
<S> <C> <C>
Restaurants/Food Services -- 1.9%
78 Brinker International, Inc. * $ 3,062
Retailing -- 1.6%
80 BJ's Wholesale Club, Inc. * 2,635
Semi-Conductors -- 6.0%
58 Altera Corp. * 2,374
64 Atmel Corp. * 956
80 Microchip Technology, Inc. * 2,530
21 Veeco Instruments, Inc. * 1,388
38 Vitesse Semiconductor Corp. * 2,658
--------
9,906
Shipping/Transportation -- 1.0%
30 C.H. Robinson Worldwide, Inc. 1,630
Telecommunications -- 2.0%
27 U.S. Cellular Corp. * 1,728
32 Western Wireless Corp., Class A * 1,520
--------
3,248
Telecommunications Equipment -- 1.6%
24 Comverse Technology, Inc. * 2,682
Utilities -- 3.8%
50 AGL Resources, Inc. 1,019
57 Alliant Energy Corp. 1,728
38 American Water Works, Inc. 926
38 Energy East Corp. 767
66 Scana Corp. 1,749
--------
6,189
-----------------------------------------------------------------------------------------
Total Long-Term Investments 157,771
(Cost $117,820)
-----------------------------------------------------------------------------------------
Short-Term Investment -- 6.0%
-----------------------------------------------------------------------------------------
Principal
Amount
(USD)
Repurchase Agreement -- 6.0%
----------------------------
$ 9,854 Greenwich Capital Markets, Inc., Tri Party, 6.55%, due
11/01/00, (Dated 10/31/00, Proceeds $9,856, Secured
by GNMA, $9,858, 7.00% through 8.00%, due
06/15/20 through 03/15/30; Market Value $10,053) 9,854
(Cost $9,854)
-----------------------------------------------------------------------------------------
Total Investments -- 102.1% $167,625
(Cost $127,674)
-----------------------------------------------------------------------------------------
</TABLE>
See notes to financial statements.
54
<PAGE>
--------------------------------------------------------------------------------
CHASE VISTA SELECT SMALL CAP VALUE FUND
Portfolio of Investments
--------------------------------------------------------------------------------
As of October 31, 2000
(Amounts in Thousands)
<TABLE>
<CAPTION>
Shares Issuer Value
---------------------------------------------------------------------------
Long-Term Investments -- 93.2%
---------------------------------------------------------------------------
<S> <C> <C>
Common Stock -- 93.2%
---------------------
Advertising -- 2.7%
174 Catalina Marketing Corp. * $ 6,818
89 True North Communications, Inc. 3,369
--------
10,187
Apparel -- 1.5%
72 Kenneth Cole Productions, Inc., Class A * 3,270
47 Timberland Co., Class A * 2,426
--------
5,696
Automotive -- 1.1%
199 Copart, Inc. * 3,002
101 Lithia Motors, Inc., Class A * 1,218
--------
4,220
Banking -- 5.0%
94 Commerce Bancorp., Inc. 5,691
152 Cullen/Frost Bankers, Inc. 5,060
114 Investors Financial Services Corp. 8,144
--------
18,895
Biotechnology -- 1.1%
82 Inhale Therapeutic Systems, Inc. * 4,075
Broadcasting/Cable -- 1.3%
193 Entravision Communications Corp., Class A * 3,412
87 Westwood One, Inc. * 1,649
--------
5,061
Business Services -- 5.1%
84 ChoicePoint, Inc. * 4,315
60 CSG Systems International, Inc. * 2,800
57 F.Y.I., Inc. * 2,273
150 Iron Mountain, Inc. * 5,069
46 Learning Tree International, Inc. * 2,088
114 On Assignment, Inc. * 2,869
--------
19,414
Chemicals -- 1.2%
58 Cytec Industries, Inc.* 2,005
160 Spartech Corp. 2,470
--------
4,475
Computer Networks -- 3.7%
138 Avocent Corp. * 9,768
65 Black Box Corp. * 4,262
--------
14,030
Computer Software -- 2.0%
66 Advent Software, Inc. * 3,917
61 RSA Security, Inc. * 3,521
--------
7,438
Construction -- 1.5%
112 D.R. Horton, Inc. 2,072
38 Dycom Industries, Inc. * 1,435
64 Toll Brothers, Inc. * 2,080
--------
5,587
</TABLE>
See notes to financial statements.
55
<PAGE>
CHASE VISTA SELECT SMALL CAP VALUE FUND
Portfolio of Investments (Continued)
As of October 31, 2000
(Amounts in Thousands)
<TABLE>
<CAPTION>
Shares Issuer Value
---------------------------------------------------------------------------
Long-Term Investments -- Continued
---------------------------------------------------------------------------
<S> <C> <C>
Construction Materials -- 0.3%
100 Dal-Tile International, Inc. * $ 1,238
Electronics/Electrical Equipment -- 12.0%
71 Amphenol Corp., Class A * 4,587
160 Artesyn Technologies, Inc. * 6,518
90 CTS Corp. 3,843
136 Kent Electronics Corp. * 2,524
83 Littelfuse, Inc. * 2,416
107 PerkinElmer, Inc. 12,739
79 Technitrol, Inc. 8,726
153 Vishay Intertechnology, Inc. * 4,589
--------
45,942
Engineering Services -- 0.6%
55 Jacobs Engineering Group, Inc. * 2,276
Entertainment/Leisure -- 1.9%
16 Cinar Corp., Class B (Canada) * 49
30 Macrovision Corp. * 2,201
298 Station Casinos, Inc. * 4,804
--------
7,054
Financial Services -- 2.7%
70 Federated Investors, Inc., Class B 2,031
94 Raymond James Financial Corp. 3,161
55 SEI Investments Co. 4,956
--------
10,148
Food/Beverage Products -- 1.2%
109 Performance Food Group Co. * 4,410
Health Care/Health Care Services -- 12.2%
191 Community Health Systems, Inc. * 5,395
139 Cooper Companies, Inc. 4,984
109 Datascope Corp. 3,788
70 Molecular Devices Corp. * 4,755
121 Oxford Health Plans, Inc. * 4,094
182 Patterson Dental Co. * 5,697
274 Province Healthcare Co. * 11,538
67 Syncor International Corp. * 1,718
95 Varian Medical Systems, Inc.* 4,653
--------
46,622
Insurance -- 4.0%
73 Arthur J. Gallagher & Co. 4,608
124 Brown & Brown, Inc. 4,033
57 Delphi Financial Group, Inc., Class A * 2,127
63 Radian Group, Inc. 4,437
--------
15,205
Machinery & Engineering Equipment -- 1.7%
79 Cognex Corp. * 2,653
83 Zebra Technologies Corp., Class A * 3,623
--------
6,276
Oil & Gas -- 5.1%
129 Louis Dreyfus Natural Gas * 4,149
229 Pride International, Inc. * 5,805
100 Triton Energy LTD (Cayman Islands)* 3,072
151 Veritas DGC, Inc. * 4,539
</TABLE>
See notes to financial statements.
56
<PAGE>
CHASE VISTA SELECT SMALL CAP VALUE FUND
Portfolio of Investments (Continued)
As of October 31, 2000
(Amounts in Thousands)
<TABLE>
Shares Issuer Value
----------------------------------------------------------------
Long-Term Investments -- Continued
----------------------------------------------------------------
<S> <C> <C>
Oil & Gas -- Continued
84 Vintage Petroleum, Inc. $ 1,768
--------
19,333
Paper/Forest Products -- 0.4%
94 Buckeye Technologies, Inc. * 1,610
Pharmaceuticals -- 6.6%
136 Advance Paradigm, Inc. * 6,662
129 Alliance Pharmaceutical Corp. * 1,824
106 Amerisource Health Corp., Class A * 4,589
54 COR Therapeutics, Inc. * 3,040
32 IDEC Pharmaceuticals Corp. * 6,296
76 K-V Pharmaceutical Co., Class A* 2,960
--------
25,371
Real Estate Investment Trust -- 0.8%
86 Alexandria Real Estate Equities 2,913
Restaurants/Food Services -- 1.7%
256 Jack in the Box, Inc. * 6,279
Retailing -- 3.5%
216 BJ's Wholesale Club, Inc. * 7,127
93 Chico's FAS, Inc. * 3,005
205 Stein Mart, Inc. * 3,174
--------
13,306
Semi-Conductors -- 5.6%
93 Actel Corp. * 3,410
50 Alpha Industries, Inc. * 1,980
50 Cree, Inc. * 4,992
59 Dallas Semiconductor Corp. 2,322
135 Semtech Corp. * 4,354
133 Varian, Inc. * 4,084
--------
21,142
Shipping/Transportation -- 1.3%
93 C.H. Robinson Worldwide, Inc. 5,108
Telecommunications -- 1.6%
84 Boston Communications Group * 1,995
191 Price Communications Corp. * 4,131
--------
6,126
Utilities -- 3.8%
120 AGL Resources, Inc. 2,443
85 American States Water Co. 2,635
80 Laclede Gas Co. 1,743
73 Northwest Natural Gas Co. 1,704
213 Public Service Co. of New Mexico 5,865
--------
14,390
----------------------------------------------------------------
Total Long-Term Investments 353,827
(Cost $262,024)
----------------------------------------------------------------
</TABLE>
See notes to financial statements.
57
<PAGE>
CHASE VISTA SELECT SMALL CAP VALUE FUND
Portfolio of Investments (Continued)
As of October 31, 2000
(Amounts in Thousands)
<TABLE>
Principal
Amount
(USD) Issuer Value
-----------------------------------------------------------------------------------------
Short-Term Investment -- 5.3%
-----------------------------------------------------------------------------------------
<S> <C> <C>
Repurchase Agreement -- 5.3%
----------------------------
$ 20,067 Greenwich Capital Markets, Inc., Tri Party, 6.55%, due
11/01/00, (Dated 10/31/00, Proceeds $20,071, Secured
by GNMA, $20,029, 7.50% through 11.50%, due
04/15/13 through 10/15/30; Market Value $20,468) $ 20,067
(Cost $20,067)
-----------------------------------------------------------------------------------------
Total Investments -- 98.5% $373,894
(Cost $282,091)
-----------------------------------------------------------------------------------------
</TABLE>
See notes to financial statements.
58
<PAGE>
--------------------------------------------------------------------------------
CHASE VISTA SELECT INTERNATIONAL EQUITY FUND
Portfolio of Investments
--------------------------------------------------------------------------------
As of October 31, 2000
(Amounts in Thousands)
<TABLE>
<CAPTION>
Shares Issuer Value
------------------------------------------------------------------
Long-Term Investments -- 97.5%
------------------------------------------------------------------
<S> <C> <C>
Common Stock -- 97.5%
---------------------
Australia -- 2.7%
65 Brambles Industries LTD $ 1,684
79 Commonwealth Bank of Australia 1,180
124 News Corp., LTD 1,299
303 Telstra Corp., LTD 988
124 Woodside Petroleum LTD 909
--------
6,060
Belgium -- 1.1%
16 Dexia 2,491
Finland -- 3.4%
137 Nokia OYJ 5,652
91 Sonera OYJ 1,994
--------
7,646
France -- 10.6%
52 Alcatel SA 3,172
41 Aventis SA 2,928
34 AXA 4,561
27 BNP Paribas 2,354
17 Cap Gemini SA 2,676
16 Compagnie de Saint-Gobain 2,110
12 Imerys 1,190
36 Total Fina SA, Class B 5,098
--------
24,089
Germany -- 6.5%
67 Bayer AG 2,895
72 Bayerische Motoren Werke AG 2,385
57 Deutsche Bank AG 4,666
54 Heidelberger Zement AG 2,595
17 Siemens AG 2,179
--------
14,720
Hong Kong -- 2.4%
231 Cheung Kong Holdings LTD 2,554
198 China Mobile (Hong Kong) LTD * 1,276
756 China Unicom * 1,517
44 MTR Corp. * 65
--------
5,412
Italy -- 6.4%
114 Autogrill SPA 1,255
236 Banca Fideuram SPA 3,625
306 Enel SPA 1,134
884 ENI-Ente Nazionale Idrocarburi SPA 4,783
315 Telecom Italia SPA 3,647
--------
14,444
Japan -- 19.5%
17 Acom Co., LTD 1,342
72 Canon, Inc. 2,855
81 Chugai Pharmaceutical Co., LTD 1,374
1 DDI Corp. 811
103 Fujitsu LTD 1,852
12 Hirose Electric Co., LTD 1,350
25 Hoya Corp. 2,032
</TABLE>
See notes to financial statements.
59
<PAGE>
CHASE VISTA SELECT INTERNATIONAL EQUITY FUND
Portfolio of Investments (Continued)
As of October 31, 2000
(Amounts in Thousands)
<TABLE>
<CAPTION>
Shares Issuer Value
------------------------------------------------------------------------
Long-Term Investments -- Continued
------------------------------------------------------------------------
<S> <C> <C>
Japan -- Continued
54 KAO Corp. $ 1,617
16 Kyocera Corp. 2,081
15 Mabuchi Motor Co., LTD 1,602
14 Murata Manufacturing Co., LTD 1,675
302 Nikko Securities Co., LTD 2,623
1 Nippon Telegraph & Telephone Corp. 3,028
1 NTT DoCoMo, Inc. 4,040
10 Orix Corp. 1,013
10 Rohm Co., LTD 2,444
32 Sony Corp. 2,539
106 Sumitomo Bank LTD 1,286
169 Sumitomo Corp. 1,486
27 Takeda Chemical Industries 1,778
12 TDK Corp. 1,179
40 Terumo Corp. 1,135
11 Tokyo Electron LTD 892
138 Toshiba Corp. 986
25 Yamanouchi Pharmaceutical Co., LTD 1,131
--------
44,151
Netherlands -- 6.3%
109 ABN Amro Holding NV 2,521
169 Elsevier NV 2,154
47 Fortis (NL) NV 1,443
55 ING Groep NV 3,740
115 Koninklijke Philips Electronics NV 4,504
--------
14,362
Portugal -- 0.9%
141 Brisa-Auto Estradas de Portugal SA 1,088
90 Telecel-Comunicacoes Pessoai * 990
--------
2,078
South Korea -- 0.7%
98 Pohang Iron & Steel Co., LTD, ADR 1,542
Spain -- 1.6%
114 Altadis SA 1,700
67 Banco Popular Espanol 2,014
--------
3,714
Sweden -- 3.4%
345 Nordic Baltic Holding AB 2,580
387 Telefonaktiebolaget LM Ericson, Class B 5,132
--------
7,712
Switzerland -- 5.9%
1 Nestle SA 2,208
3 Novartis AG 3,916
1 Roche Holding AG 2,831
15 UBS AG 2,258
4 Zurich Financial Services AG 2,117
--------
13,330
United Kingdom -- 26.1%
18 Autonomy Corp. PLC * 936
772 BAE Systems PLC 4,388
112 Barclays PLC 3,199
153 Bass PLC 1,495
</TABLE>
See notes to financial statements.
60
<PAGE>
CHASE VISTA SELECT INTERNATIONAL EQUITY FUND
Portfolio of Investments (Continued)
As of October 31, 2000
(Amounts in Thousands)
<TABLE>
<CAPTION>
Shares Issuer Value
-----------------------------------------------------------------------------
Long-Term Investments -- Continued
-----------------------------------------------------------------------------
<S> <C> <C>
United Kingdom -- Continued
610 BG Group PLC $ 2,446
391 Blue Circle Industries PLC 2,388
60 BOC Group PLC 842
351 BP Amoco PLC 2,978
197 British American Tobacco PLC 1,382
272 British Land Company PLC 1,629
216 CGNU PLC 2,888
179 Enterprise Oil PLC 1,419
94 Glaxo Wellcome PLC 2,712
237 Granada Compass PLC * 2,045
610 Lattice Group PLC * 1,303
565 Legal & General Group PLC 1,407
142 Marconi Electronic Systems PLC 1,795
154 Reuters Group PLC 3,001
65 Schroders PLC 1,006
91 SmithKline Beecham PLC 1,182
891 Tesco PLC 3,398
339 Unilever PLC 2,297
2,730 Vodafone AirTouch PLC 11,369
238 Wolseley PLC 1,315
-------
58,820
-------
Total Common Stock 220,571
(Cost $211,894)
-----------------------------------------------------------------
Redeemable Unsecured Loan Stock -- 0.0%
---------------------------------------
Malaysia -- 0.0%
10,000 Sunway Building Technology, BHD, 3.00%, 07/30/01 25
(Cost $40)
Principal
Amount
(DEM)
Convertible Bond -- 0.0%
------------------------
Germany -- 0.0%
73 DaimlerChrysler AG, 5.75%, 06/14/02 36
(Cost $56)
-----------------------------------------------------------------------------
Total Investments -- 97.5% $220,632
(Cost $211,990)
-----------------------------------------------------------------------------
</TABLE>
See notes to financial statements.
61
<PAGE>
CHASE VISTA SELECT INTERNATIONAL EQUITY FUND
Portfolio of Investments (Continued)
Summary of Investments by Industry, October 31, 2000
<TABLE>
<CAPTION>
Industry % of Investment Securities
---------------------------------------------------------------
<S> <C>
Telecommunications 13.5%
Banking 10.1%
Electronics/Electrical Equipment 9.2%
Oil & Gas 8.6%
Pharmaceuticals 8.1%
Telecommunications Equipment 7.1%
Financial Services 6.7%
Insurance 6.0%
Food/Beverage Products 4.3%
Construction Materials 3.2%
Diversified 2.3%
Consumer Products 2.1%
Aerospace 2.0%
Other (below 2%) 16.8%
---------------------------------------------------------------
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.
+ -- All or a portion of this security is segregated for forward foreign
currency contracts.
ADR -- American Depositary Receipt.
DN -- Discount Note.
FHLMC -- Federal Home Loan Mortgage Corporation.
FNMA -- Federal National Mortgage Corporation.
FRN -- Floating Rate Note. The maturity date is the actual maturity date; the
rate shown is the rate in effect at October 31, 2000.
GNMA -- Government National Mortgage Association.
MTN -- Medium Term Note.
SUB -- Step-up Bond. The maturity date shown is the earlier of the call date
or the maturity date; the rate shown is the rate in effect at October
31, 2000.
See notes to financial statements.
62
<PAGE>
--------------------------------------------------------------------------------
STATEMENT OF ASSETS AND LIABILITIES As of October 31, 2000
--------------------------------------------------------------------------------
(Amounts in Thousands, Except Per Share Amounts)
<TABLE>
Short-Term Intermediate Bond Balanced
Bond Fund Bond Fund Fund Fund
---------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
ASSETS:
Investment securities, at
value (Note 1) .................... $22,630 $383,324 $582,001 $119,342
Cash .............................. 1 1 -- --
Other assets ...................... 2 10 16 5
Receivables:
Investment securities sold ....... -- -- -- 1,438
Interest and dividends ........... 292 5,702 7,981 647
Fund shares sold ................. 56 400 1,116 --
Margin account for futures
contracts ........................ -- -- 97 --
---------------------------------------------------------------------------------------------
Total Assets ................... 22,981 389,437 591,211 121,432
---------------------------------------------------------------------------------------------
LIABILITIES:
Payables:
Fund shares redeemed ............. -- 24 125 250
Dividends ........................ 117 1,933 3,161 228
Accrued liabilities: (Note 2) .....
Investment advisory fees ......... 1 98 149 51
Administration fees .............. 2 49 75 11
Shareholder servicing fees........ 1 82 124 20
Custodian fees ................... 9 7 47 7
Other ............................ 50 179 161 64
---------------------------------------------------------------------------------------------
Total Liabilities .............. 180 2,372 3,842 631
---------------------------------------------------------------------------------------------
NET ASSETS:
Paid in capital ................... 23,397 402,912 619,499 72,419
Accumulated distributions in
excess of net investment
income ............................ (32) (58) 65 5
Accumulated net realized loss
on investments and futures
transactions ...................... (582) (13,300) (32,772) 30,618
Net unrealized appreciation/
depreciation of investments
and future contracts .............. 18 (2,489) 577 17,759
---------------------------------------------------------------------------------------------
Net Assets ..................... $22,801 $387,065 $587,369 $120,801
=============================================================================================
Shares of beneficial interest
outstanding ($.001 par value;
unlimited number of shares
authorized): ....................... 2,200 40,050 15,449 3,615
Net asset value, redemption
and offering price per share ....... $ 10.36 $ 9.66 $ 38.02 $ 33.42
---------------------------------------------------------------------------------------------
Cost of investments ................ $22,612 $385,813 $581,127 $101,583
=============================================================================================
</TABLE>
See notes to financial statements.
63
<PAGE>
STATEMENT OF ASSETS AND LIABILITIES As of October 31, 2000
(Amounts in Thousands, Except Per Share Amounts)
<TABLE>
<CAPTION>
Equity
Income Large Cap Large Cap
Fund Equity Fund Growth Fund
----------------------------------------------------------------------------------
<S> <C> <C> <C>
ASSETS:
Investment securities, at
value (Note 1) .................... $609,360 $250,786 $838,881
Cash .............................. 1 -- 1
Other assets ...................... 18 5 15
Receivables:
Investment securities sold ....... 15,937 -- --
Interest and dividends ........... 720 119 149
Fund shares sold ................. 1,397 200 872
----------------------------------------------------------------------------------
Total Assets ................... 627,433 251,110 839,918
----------------------------------------------------------------------------------
LIABILITIES:
Payables:
Fund shares redeemed ............. 1,624 17 781
Dividends ........................ 561 -- --
Accrued liabilities: (Note 2) .....
Investment advisory fees ......... 151 83 185
Administration fees .............. 57 23 78
Shareholder servicing fees........ 130 37 --
Custodian fees ................... 17 28 57
Other ............................ 215 108 185
----------------------------------------------------------------------------------
Total Liabilities .............. 2,755 296 1,286
----------------------------------------------------------------------------------
NET ASSETS:
Paid in capital ................... 493,407 187,460 365,612
Accumulated undistributed
net investment income ............. (19) 97 135
Accumulated net realized
gain on investments ............... 40,821 27,707 291,348
Net unrealized appreciation
of investments .................... 90,469 35,550 181,537
----------------------------------------------------------------------------------
Net Assets ..................... $624,678 $250,814 $838,632
==================================================================================
Shares of beneficial interest
outstanding ($.001 par value;
unlimited number of shares
authorized): ....................... 24,430 6,889 19,536
Net asset value, redemption
and offering price per share ....... $ 25.57 $ 36.41 $ 42.93
----------------------------------------------------------------------------------
Cost of investments ................ $518,891 $215,236 $657,344
==================================================================================
</TABLE>
See notes to financial statements.
64
<PAGE>
STATEMENT OF ASSETS AND LIABILITIES As of October 31, 2000
(Amounts in Thousands, Except Per Share Amounts)
<TABLE>
New Growth
Opportunities Small Cap International
Fund Value Fund Equity Fund
------------------------------------------------------------------------------------------
<S> <C> <C> <C>
ASSETS:
Investment securities, at value
(Note 1) .............................. $167,625 $373,894 $220,632
Cash .................................. -- 1 5,988
Foreign currency (Cost $39)............ -- -- 37
Other assets .......................... 3 10 7
Receivables:
Investment securities sold ........... -- 6,140 5,071
Open forward currency
contracts ............................ -- -- 11
Interest and dividends ............... 61 85 508
Fund shares sold ..................... 130 50 330
------------------------------------------------------------------------------------------
Total Assets ....................... 167,819 380,180 232,584
------------------------------------------------------------------------------------------
LIABILITIES:
Payables:
Investment securities
purchased ............................ 3,438 420 5,909
Open forward currency
contracts ............................ -- -- 6
Fund shares redeemed ................. 51 91 26
Accrued liabilities: (Note 2) .........
Investment advisory fees ............. 39 10 153
Administration fees .................. 15 3 21
Custodian fees ....................... 21 13 62
Other ................................ 110 110 159
------------------------------------------------------------------------------------------
Total Liabilities .................. 3,674 647 6,336
------------------------------------------------------------------------------------------
NET ASSETS:
Paid in capital ....................... 96,500 237,090 185,326
Accumulated undistributed net
investment income ..................... 34 343 (161)
Accumulated net realized gain
on investments, futures and
foreign exchange transactions ......... 27,660 50,297 32,532
Net unrealized appreciation of
investments, futures contracts
and foreign exchange
transactions .......................... 39,951 91,803 8,551
------------------------------------------------------------------------------------------
Net Assets ......................... $164,145 $379,533 $226,248
==========================================================================================
Shares of beneficial interest
outstanding ($.001 par value;
unlimited number of shares
authorized): ........................... 4,337 7,424 7,070
Net asset value, redemption and
offering price per share ............... $ 37.85 $ 51.12 $ 32.00
------------------------------------------------------------------------------------------
Cost of investments .................... $127,674 $282,091 $211,990
==========================================================================================
</TABLE>
See notes to financial statements.
65
<PAGE>
--------------------------------------------------------------------------------
STATEMENT OF OPERATIONS For the year ended October 31, 2000
--------------------------------------------------------------------------------
(Amounts in Thousands)
<TABLE>
<CAPTION>
Short-Term Intermediate Bond Balanced
Bond Fund Bond Fund Fund Fund
---------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
INVESTMENT INCOME:
Dividend ................................ $ -- $ -- $ -- $ 650
Interest ................................ 1,380 24,517 41,374 3,750
---------------------------------------------------------------------------------------------------
Total investment income ............... 1,380 24,517 41,374 4,400
---------------------------------------------------------------------------------------------------
EXPENSES: (Note 2)
Investment advisory fees ................ 53 1,137 1,777 681
Administration fees ..................... 32 568 888 204
Shareholder servicing fees .............. 44 791 1,223 273
Custodian fees .......................... 45 92 141 100
Printing and postage .................... 2 24 29 8
Professional fees ....................... 33 33 46 35
Registration expenses ................... 12 10 29 17
Transfer agent fees ..................... 20 18 12 12
Trustees' fees .......................... 1 19 30 7
Other ................................... 5 20 39 16
---------------------------------------------------------------------------------------------------
Total expenses ........................ 247 2,712 4,214 1,353
---------------------------------------------------------------------------------------------------
Less amounts waived (Note 2F) ........... 80 66 83 76
Less earnings credits (Note 2E) ......... 2 7 43 13
Less expense reimbursements
(Note 2G) ............................... 11 -- -- --
---------------------------------------------------------------------------------------------------
Net expenses ........................... 154 2,639 4,088 1,264
---------------------------------------------------------------------------------------------------
Net investment income ................. 1,226 21,878 37,286 3,136
---------------------------------------------------------------------------------------------------
REALIZED AND UNREALIZED GAIN
(LOSS) ON INVESTMENTS:
Net realized gain (loss) on:
Investments ............................ (202) (7,915) (17,973) 38,796
Futures transactions ................... (33) -- (3,015) --
Change in net unrealized
appreciation/depreciation of:
Investments ............................ 121 7,215 15,076 (34,099)
Futures contracts ...................... -- -- (188) --
---------------------------------------------------------------------------------------------------
Net realized and unrealized gain
(loss) on investments and futures
transactions ............................ (114) (700) (6,100) 4,697
---------------------------------------------------------------------------------------------------
Net increase in net assets from
operations .............................. $1,112 $21,178 $31,186 $ 7,833
===================================================================================================
</TABLE>
See notes to financial statements.
66
<PAGE>
STATEMENT OF OPERATIONS For the year ended October 31, 2000
(Amounts in Thousands)
<TABLE>
<CAPTION>
Equity
Income Large Cap Large Cap
Fund Equity Fund Growth Fund
-------------------------------------------------------------------------------------------
<S> <C> <C> <C>
INVESTMENT INCOME:
Dividend ................................. $ 8,176 $ 1,791 $ 3,902
Interest ................................. 2,559 418 1,363
Foreign taxes withheld ................... -- (1) (2)
-------------------------------------------------------------------------------------------
Total investment income ................ 10,735 2,208 5,263
-------------------------------------------------------------------------------------------
EXPENSES: (Note 2)
Investment advisory fees ................. 2,854 1,001 3,877
Administration fees ...................... 1,070 375 1,454
Shareholder servicing fees ............... 1,452 529 2,023
Custodian fees ........................... 125 109 164
Printing and postage ..................... 25 11 41
Professional fees ........................ 49 31 58
Registration expenses .................... 16 26 19
Transfer agent fees ...................... 13 20 15
Trustees' fees ........................... 36 13 49
Other .................................... 69 20 55
-------------------------------------------------------------------------------------------
Total expenses ......................... 5,709 2,135 7,755
-------------------------------------------------------------------------------------------
Less amounts waived (Note 2F) ............ 867 221 3,233
Less earnings credits (Note 2E) .......... 11 4 8
-------------------------------------------------------------------------------------------
Net expenses ............................ 4,831 1,910 4,514
-------------------------------------------------------------------------------------------
Net investment income .................. 5,904 298 749
-------------------------------------------------------------------------------------------
REALIZED AND UNREALIZED GAIN
(LOSS) ON INVESTMENTS:
Net realized gain on investments ......... 55,948 27,874 291,985
Change in net unrealized
depreciation of investments .............. (14,778) (14,216) (295,075)
-------------------------------------------------------------------------------------------
Net realized and unrealized gain
(loss) on investments .................... 41,170 13,658 (3,090)
-------------------------------------------------------------------------------------------
Net increase (decrease) in net
assets from operations ................... $47,074 $13,956 $ (2,341)
===========================================================================================
</TABLE>
See notes to financial statements.
67
<PAGE>
STATEMENT OF OPERATIONS For the year ended October 31, 2000
(Amounts in Thousands)
<TABLE>
<CAPTION>
New Growth
Opportunities Small Cap International
Fund Value Fund Equity Fund
--------------------------------------------------------------------------------------
<S> <C> <C> <C>
INVESTMENT INCOME:
Dividend ............................ $ 883 $ 1,699 $ 2,662
Interest ............................ 510 835 155
Foreign taxes withheld .............. -- -- (170)
--------------------------------------------------------------------------------------
Total investment income ........... 1,393 2,534 2,647
--------------------------------------------------------------------------------------
EXPENSES: (Note 2)
Investment advisory fees ............ 973 2,391 2,537
Administration fees ................. 224 552 381
Shareholder servicing fees .......... 318 773 532
Custodian fees ...................... 99 102 229
Printing and postage ................ 9 12 13
Professional fees ................... 31 38 44
Registration expenses ............... 11 17 13
Transfer agent fees ................. 19 12 15
Trustees' fees ...................... 7 18 13
Other ............................... 13 21 27
--------------------------------------------------------------------------------------
Total expenses .................... 1,704 3,936 3,804
--------------------------------------------------------------------------------------
Less amounts waived (Note 2F) ....... 1,094 2,104 2,118
Less earnings credits (Note 2E) ..... 2 5 --
--------------------------------------------------------------------------------------
Net expenses ....................... 608 1,827 1,686
--------------------------------------------------------------------------------------
Net investment income ............. 785 707 961
--------------------------------------------------------------------------------------
REALIZED AND UNREALIZED GAIN
(LOSS) ON INVESTMENTS:
Net realized gain (loss) on:
Investments ........................ 27,663 59,601 32,431
Futures transactions ............... -- -- 273
Foreign exchange transactions....... -- -- (1,302)
Change in net unrealized
appreciation/depreciation of:
Investments ........................ 10,508 34,161 (27,099)
Futures contracts .................. -- -- 48
Foreign exchange transactions....... -- -- 1,206
--------------------------------------------------------------------------------------
Net realized and unrealized gain
on investments, futures and
foreign exchange transactions ....... 38,171 93,762 5,557
--------------------------------------------------------------------------------------
Net increase in net assets from
operations .......................... $38,956 $94,469 $ 6,518
======================================================================================
</TABLE>
See notes to financial statements.
68
<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
-------------------- ---------------------- ---------------------
2000 1999 2000 1999 2000 1999
------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income ......................................$ 1,226 $ 1,272 $ 21,878 $ 20,421 $ 37,286 $ 36,224
Net realized loss on investments and futures transactions .. (235) (342) (7,915) (5,108) (20,988) (11,695)
Change in unrealized appreciation/depreciation of
investments and futures contracts .......................... 121 (155) 7,215 (14,140) 14,888 (24,502)
------------------------------------------------------------------------------------------------------------------------------------
Increase in net assets from operations ................... 1,112 775 21,178 1,173 31,186 27
------------------------------------------------------------------------------------------------------------------------------------
DISTRIBUTIONS TO SHAREHOLDERS FROM: (Note 1)
Net investment income ...................................... (1,230) (1,272) (21,904) (20,421) (37,308) (36,223)
Net realized gain on investment transactions ............... -- (99) -- (5,181) -- (7,910)
------------------------------------------------------------------------------------------------------------------------------------
Total distributions to shareholders ...................... (1,230) (1,371) (21,904) (25,602) (37,308) (44,133)
------------------------------------------------------------------------------------------------------------------------------------
INCREASE (DECREASE) FROM CAPITAL SHARE TRANSACTIONS:
Proceeds from shares issued ................................ 9,236 2,535 67,885 66,231 78,452 98,531
Dividends reinvested ....................................... 1 98 38 4,982 88 7,747
Cost of shares redeemed .................................... (7,970) (5,684) (56,575) (23,684) (104,849) (32,034)
------------------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from capital share transactions ...... 1,267 (3,051) 11,348 47,529 (26,309) 74,244
------------------------------------------------------------------------------------------------------------------------------------
Total increase (decrease) in net assets .................. 1,149 (3,647) 10,622 23,100 (32,431) 30,138
NET ASSETS:
Beginning of period ........................................ 21,652 25,299 376,443 353,343 619,800 589,662
------------------------------------------------------------------------------------------------------------------------------------
End of period ..............................................$22,801 $21,652 $387,065 $376,443 $587,369 $619,800
====================================================================================================================================
SHARE TRANSACTIONS:
Issued ..................................................... 896 240 7,112 6,673 2,079 2,491
Reinvested ................................................. -- 9 4 491 2 191
Redeemed ................................................... (771) (540) (5,925) (2,412) (2,779) (815)
------------------------------------------------------------------------------------------------------------------------------------
Change in shares ........................................... 125 (291) 1,191 4,752 (698) 1,867
====================================================================================================================================
</TABLE>
See notes to financial statements.
69
<PAGE>
STATEMENT OF CHANGES IN NET ASSETS
For the year ended October 31,
STATEMENT OF CHANGES IN NET ASSETS For the year ended October 31,
(Amounts in Thousands)
<TABLE>
<CAPTION>
Balanced Fund Equity Income Fund Large Cap Equity Fund
------------------- -------------------- ---------------------
2000 1999 2000 1999 2000 1999
------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income ......................................$ 3,136 $ 5,494 $ 5,904 $ 21,094 $ 298 $ 2,679
Net realized gain on investments ........................... 38,796 10,119 55,948 95,029 27,874 34,648
Change in unrealized appreciation/depreciation of
investments ................................................ (34,099) 4,425 (14,778) (33,126) (14,216) (2,615)
------------------------------------------------------------------------------------------------------------------------------------
Increase in net assets from operations ................... 7,833 20,038 47,074 82,997 13,956 34,712
------------------------------------------------------------------------------------------------------------------------------------
DISTRIBUTIONS TO SHAREHOLDERS FROM: (Note 1)
Net investment income ...................................... (3,071) (5,504) (4,762) (21,765) (196) (2,680)
Net realized gain on investment transactions ............... (10,114) (9,006) (95,215) (96,156) (29,311) (22,147)
------------------------------------------------------------------------------------------------------------------------------------
Total distributions to shareholders ...................... (13,185) (14,510) (99,977) (117,921) (29,507) (24,827)
------------------------------------------------------------------------------------------------------------------------------------
INCREASE (DECREASE) FROM CAPITAL SHARE TRANSACTIONS:
Proceeds from shares issued ................................ 3,732 7,068 15,859 8,277 63,583 54,421
Dividends reinvested ....................................... 10,321 9,138 93,221 94,525 27,373 20,588
Cost of shares redeemed .................................... (47,380) (14,356) (218,878) (203,476) (46,987) (39,260)
------------------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from capital share transactions ...... (33,327) 1,850 (109,798) (100,674) 43,969 35,749
------------------------------------------------------------------------------------------------------------------------------------
Total increase (decrease) in net assets .................. (38,679) 7,378 (162,701) (135,598) 28,418 45,634
NET ASSETS:
Beginning of period ........................................ 159,480 152,102 787,379 922,977 222,396 176,762
------------------------------------------------------------------------------------------------------------------------------------
End of period ..............................................$120,801 $159,480 $624,678 $787,379 $250,814 $222,396
====================================================================================================================================
SHARE TRANSACTIONS:
Issued (including shares issued for stock split) (Note 1) .. 112 207 627 21,527 1,729 5,659
Reinvested ................................................. 313 274 3,770 3,406 758 575
Redeemed ................................................... (1,413) (414) (8,565) (6,983) (1,255) (1,005)
------------------------------------------------------------------------------------------------------------------------------------
Change in shares ........................................... (988) 67 (4,168) 17,950 1,232 5,229
====================================================================================================================================
</TABLE>
See notes to financial statements.
70
<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
---------------------- ----------------------
2000 1999 2000 1999
----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income .......................................................... $ 749 $ 5,525 $ 785 $ 553
Net realized gain on investments, futures and foreign exchange transactions .... 291,985 85,454 27,663 30,623
Change in unrealized appreciation/depreciation of investments, futures contracts
and foreign exchange transactions .............................................. (295,075) 165,652 10,508 739
----------------------------------------------------------------------------------------------------------------------------------
Increase (decrease) in net assets from operations ............................ (2,341) 256,631 38,956 31,915
----------------------------------------------------------------------------------------------------------------------------------
DISTRIBUTIONS TO SHAREHOLDERS FROM: (Note 1)
Net investment income .......................................................... (618) (5,525) (864) (496)
Net realized gain on investment transactions ................................... (85,852) (60,409) (30,537) (2,314)
----------------------------------------------------------------------------------------------------------------------------------
Total distributions to shareholders .......................................... (86,470) (65,934) (31,401) (2,810)
----------------------------------------------------------------------------------------------------------------------------------
INCREASE (DECREASE) FROM CAPITAL SHARE TRANSACTIONS:
Proceeds from shares issued .................................................... 145,461 68,940 12,613 2,292
Dividends reinvested ........................................................... 8 59,031 30,217 2,297
Cost of shares redeemed ........................................................ (118,902) (71,778) (14,905) (17,355)
----------------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from capital share transactions .......................... 26,567 56,193 27,925 (12,766)
----------------------------------------------------------------------------------------------------------------------------------
Total increase (decrease) in net assets ...................................... (62,244) 246,890 35,480 16,339
NET ASSETS:
Beginning of period ............................................................ 900,876 653,986 128,665 112,326
----------------------------------------------------------------------------------------------------------------------------------
End of period .................................................................. $838,632 $900,876 $164,145 $128,665
==================================================================================================================================
SHARE TRANSACTIONS:
Issued (including shares issued for stock split) (Note 1) ...................... 3,041 13,207 356 3,660
Reinvested ..................................................................... -- 1,541 978 72
Redeemed ....................................................................... (2,455) (1,633) (423) (496)
----------------------------------------------------------------------------------------------------------------------------------
Change in shares ............................................................... 586 13,115 911 3,236
==================================================================================================================================
</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>
Small Cap International
Value Fund Equity Fund
--------------------- ----------------------
2000 1999 2000 1999
------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income .......................................................... $ 707 $ 4,805 $ 961 $ 2,524
Net realized gain on investments, futures and foreign exchange transactions .... 59,601 69,103 31,402 19,825
Change in unrealized appreciation/depreciation of investments, futures contracts
and foreign exchange transactions .............................................. 34,161 (83,705) (25,845) 23,640
------------------------------------------------------------------------------------------------------------------------------------
Increase (decrease) in net assets from operations ............................ 94,469 (9,797) 6,518 45,989
------------------------------------------------------------------------------------------------------------------------------------
DISTRIBUTIONS TO SHAREHOLDERS FROM: (Note 1)
Net investment income .......................................................... (655) (4,874) (899) (5,407)
Net realized gain on investment transactions ................................... (61,371) (20,135) (15,802) --
------------------------------------------------------------------------------------------------------------------------------------
Total distributions to shareholders .......................................... (62,026) (25,009) (16,701) (5,407)
------------------------------------------------------------------------------------------------------------------------------------
INCREASE (DECREASE) FROM CAPITAL SHARE TRANSACTIONS:
Proceeds from shares issued .................................................... 25,280 14,795 17,501 3,876
Dividends reinvested ........................................................... 59,569 19,643 15,723 1
Cost of shares redeemed ........................................................ (76,545) (79,203) (20,138) (42,059)
------------------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from capital share transactions .......................... 8,304 (44,765) 13,086 (38,182)
------------------------------------------------------------------------------------------------------------------------------------
Total increase (decrease) in net assets ...................................... 40,747 (79,571) 2,903 2,400
NET ASSETS:
Beginning of period ............................................................ 338,786 418,357 223,345 220,945
------------------------------------------------------------------------------------------------------------------------------------
End of period .................................................................. $379,533 $338,786 $226,248 $223,345
====================================================================================================================================
SHARE TRANSACTIONS:
Issued (including shares issued for stock split) (Note 1) ...................... 545 269 485 6,702
Reinvested ..................................................................... 1,401 362 434 --
Redeemed ....................................................................... (1,631) (1,456) (550) (1,326)
------------------------------------------------------------------------------------------------------------------------------------
Change in shares ............................................................... 315 (825) 369 5,376
====================================================================================================================================
</TABLE>
See notes to financial statements.
72
<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,
73
<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 (or from)
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, 2000, the Funds had open futures contracts as shown on the
Funds' Portfolio of Investments.
D. Written options -- When a Fund writes an option on a futures contract,
an amount equal to the premium received by the Fund is included in the
Fund's Statement of Assets and Liabilities as an asset and corresponding
liability. The amount of the liability is adjusted daily to reflect the
current market value of the written options and the change is recorded in a
corresponding unrealized gain or loss account. When a written option
expires on its stipulated expiration date, or when a closing
74
<PAGE>
CHASE VISTA SELECT FUNDS NOTES TO FINANCIAL STATEMENTS (Continued)
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, 2000, 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, 2000, IEF had open forward foreign currency contracts as
shown in Note 7.
F. Dollar rolls -- STBF, IBF, BND and BF may 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) or other delayed delivery 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.
75
<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
76
<PAGE>
CHASE VISTA SELECT FUNDS NOTES TO FINANCIAL STATEMENTS (Continued)
capital gains is determined in accordance with Federal income tax
regulations, which may differ from generally accepted accounting
principles. To the extent these "book/tax" differences are permanent in
nature (i.e., that they result from other than timing of recognition --
"temporary differences"), such amounts are reclassified within the capital
accounts based on their Federal tax-basis treatment.
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 ......... $ (2) $ 3 $ (1)
IBF .......... (4) 32 (28)
BND .......... (6) 250 (244)
BF ........... 8,146 13 (8,159)
EIF .......... 14,627 (30) (14,597)
LCEF ......... 5,462 (9) (5,453)
LCGF ......... (1) (15) 16
NGOF ......... (1) (1) 2
SCVF ......... 16,995 5 (17,000)
IEF .......... (5) (1,180) 1,185
</TABLE>
The reclassifications for STBF, IBF and BND primarily relate to the
character for tax purposes of paydown gains and losses and non-deductible
organization expenses. The reclassifications for BF primarily relate to the
character for tax purposes of equalization debits and paydown gains and
losses. The reclassifications for EIF, LCEF and SCVF primarily relate to
the character for tax purposes of equalization debits. The
reclassifications for LCGF and NGOF primarily relate to the character for
tax purposes of current year distributions and non-deductible organization
expenses. The reclassifications for IEF primarily relate to the character
for tax purposes of 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. For the year ended October 31, 2000, the Adviser voluntarily
waived fees as outlined in Note 2.F. below.
77
<PAGE>
CHASE VISTA SELECT FUNDS NOTES TO FINANCIAL STATEMENTS (Continued)
Chase Fleming Asset Management (USA) Inc. ("CFAM (USA)"), a registered
investment advisor, is the sub-investment advisor to each Fund, with the
exception of IEF, pursuant to a Sub-Investment Advisory Agreement between
CFAM (USA) and Chase. CFAM (USA) formerly Chase Asset Management, Inc., 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.
CFAM (London) Limited, formerly Chase Asset Management (London) Limited, 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. Shareholder servicing fees -- Effective January 3, 2000, the Trust
adopted an Administrative Services Plan which, among other things, provides
that the Trust on behalf of the Funds may obtain the services of one or
more Shareholder Servicing Agents. For its services, each Shareholder
Servicing Agent receives a fee. The fee is computed daily and paid monthly
at an annual rate of 0.25% of the average daily net assets of each Fund.
For the year ended October 31, 2000, the Shareholder Servicing Agents
voluntarily waived fees as outlined in Note 2.F. below.
C. 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. For the year ended
October 31, 2000, the Distributor voluntarily waived fees as outlined in
Note 2.F. below.
D. 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. For the year ended October 31,
2000, the Administrator voluntarily waived fees as outlined in Note 2.F.
below.
E. Custodian and accounting fees -- Chase provides portfolio accounting and
custody services for the Funds. Compensation for such services is presented
in the Statement of Operations as Custodian fees. For the year ended
October 31, 2000, Chase voluntarily waived custodian fees as outlined in
Note 2.F. below. In addition, custodian fees are subject to reduction by
credits earned by each Fund, based on cash balances held by Chase as
custodian. Such earnings credits are presented separately in the Statement
of Operations. The Funds could have invested the cash
78
<PAGE>
CHASE VISTA SELECT FUNDS NOTES TO FINANCIAL STATEMENTS (Continued)
balances utilized in connection with the earnings credits arrangements in
income producing assets if they had not entered into such arrangements.
F. Waiver of fees -- For the year ended October 31, 2000, the Funds'
vendors voluntarily waived fees for each of the Funds as follows (amounts
in thousands):
<TABLE>
<CAPTION>
Investment Shareholder
Advisory Administration Servicing Custody
--------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
STBF......... $ 34 $ 8 $ 37 $ 1
IBF .......... 34 30 -- 2
BND .......... 56 27 -- --
BAL .......... 24 31 21 --
EIF .......... 695 168 -- 4
LCEF......... 27 62 129 3
LCGF......... 1,143 364 1,722 4
NGOF......... 692 82 318 2
SCVF......... 1,222 326 553 3
IEF .......... 1,461 119 532 6
</TABLE>
G. Other -- Certain officers of the Trust are officers of Vista Fund
Distributors, Inc. or of its parent corporation, BISYS.
The Distributor voluntarily reimbursed expenses of the Funds in the amounts
as shown on the Statement of Operations.
3. Investment Transactions
For the year ended October 31, 2000, 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......... $ 16,222 $ 8,393 $ 13,343 $ 18,692
IBF .......... 169,871 145,003 255,524 265,529
BND .......... 409,613 396,870 471,901 495,892
BAL .......... 101,244 126,457 60,232 79,315
EIF .......... 286,314 499,266 -- --
LCEF......... 155,099 141,520 -- --
LCGF......... 698,024 735,848 -- --
NGOF......... 119,889 199,785 -- --
SCVF......... 279,510 327,154 -- --
IEF .......... 367,168 368,991 -- --
</TABLE>
79
<PAGE>
CHASE VISTA SELECT FUNDS NOTES TO FINANCIAL STATEMENTS (Continued)
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, 2000 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 ......... $ 22,612 $ 89 $ (71) $ (118)
IBF .......... 385,816 3,976 (6,468) (2,492)
BND .......... 583,124 5,264 (6,387) (1,123)
BAL .......... 101,587 22,860 (5,105) 17,755
EIF .......... 518,896 124,402 (33,938) 90,464
LCEF ......... 215,248 54,006 (18,468) 35,538
LCGF ......... 657,602 238,972 (57,693) 181,279
NGOF ......... 127,701 44,120 (4,196) 39,924
SCVF ......... 282,091 106,258 (14,455) 91,803
IEF .......... 212,381 18,831 (10,580) 8,251
</TABLE>
At October 31, 2000, the following Funds have capital loss carryovers which
will be available to offset capital gains. 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.
<TABLE>
<CAPTION>
Expiration
Fund Amount Date
--------------------------------------------------------------------------------
<S> <C> <C>
STBF ................................... $ 332,192 Oct. 31, 2007
249,898 Oct. 31, 2008
----------
582,090
IBF .................................... 5,066,892 Oct. 31, 2007
8,230,683 Oct. 31, 2008
----------
13,297,575
BND .................................... 10,657,615 Oct. 31, 2007
20,414,169 Oct. 31, 2008
----------
31,071,784
</TABLE>
5. Concentrations
As of October 31, 2000, LCEF, LCGF, NGOF and SCVF invested 27.8%, 44.8%, 20.7%
and 23.7%, respectively, of their portfolios in securities issued by technology
sector companies, such as computer hardware and software companies, internet
connectivity providers, and telecommunications equipment manufacturers.
Valuations of companies in the technology sector are typically subject to
greater volatility than other sectors.
As of October 31, 2000, SCVF invested 20.2% of its portfolio in securities
issued by companies in the health care industry, such as biotechnology
companies, pharmaceutical companies and health care service providers.
As of October 31, 2000, 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, 2000, IEF invested approximately 19.5% and 26.1% 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.
80
<PAGE>
CHASE VISTA SELECT FUNDS NOTES TO FINANCIAL STATEMENTS (Continued)
6. Trustee Compensation
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, 2000, included in Trustees Fees 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......... $ --+ $ 2
IBF ......... 5 23
BND ......... 9 40
BF .......... 2 12
EIF ......... 12 62
LCEF......... 3 14
LCGF......... 14 49
NGOF......... 2 9
SCVF......... 5 30
IEF ......... 4 17
</TABLE>
+ - Amount rounds to less than one thousand.
7. Open Forward Foreign Currency Contracts
IEF was party to the following open forward foreign currency contracts at
October 31, 2000 (in thousands):
<TABLE>
<CAPTION>
Contract Unrealized
Contract Amount Amount Settlement Gain/(Loss)
Purchased Currency Sold Currency Date USD
--------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Unrealized Gain
---------------
1,738 USD 188,752 JPY 11/01/00 $ 9
414 GBP 600 USD 11/01/00 2
---
$11
===
Unrealized Loss
---------------
655 GBP 957 USD 11/02/00 $(6)
===
</TABLE>
GBP - Great British Pound
JPY - Japanese Yen
USD - United States Dollar
8. Foreign Cash Positions
IEF held the following foreign currency positions at October 31, 2000:
<TABLE>
<CAPTION>
Delivery Net
Value Market Unrealized
(Local Cost Value Gain (Loss)
Currency Currency) (USD) (USD) (USD)
--------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
EURO ....................... 8,411 $ 7,107 $ 7,130 $ 23
Malaysian Ringgit........... 48,925 12,705 12,875 170
Mexican Peso ............... 739 78 77 (1)
Philippine Peso ............ 732,038 16,867 14,312 (2,555)
South African Rand.......... 433 67 57 (10)
Swiss Franc ................ 3,907 2,170 2,173 3
------- ------- --------
$38,994 $36,624 $(2,370)
======= ======= ========
</TABLE>
81
<PAGE>
CHASE VISTA SELECT FUNDS NOTES TO FINANCIAL STATEMENTS (Continued)
9. 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 0.50%. The
Funds also pay a commitment fee of 0.10% 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, 2000, nor at any time
during the year.
10. Subsequent Events
On September 13, 2000, The Chase Manhattan Corporation and J.P. Morgan & Co.
Incorporated announced that they have entered into an agreement and plan of
merger. The transaction is expected to close in December 2000 and is subject to
approval by shareholders of both companies.
On October 25, 2000, the Board of Trustees of Mutual Fund Group approved a Plan
of Reorganization (the "Reorganization Plan") between the Funds listed below.
Under the Reorganization Plan, the acquired fund would transfer all of its
assets and liabilities to the acquiring fund in a tax-free reorganization. In
exchange, shareholders of the acquired fund would receive shares of the
acquiring fund with a value equal to their respective holdings in the acquired
fund. The costs and expenses associated with the Reorganization will be borne
by the Advisor and not by the Funds (or by the shareholders of either fund).
The Reorganization can be consummated only if, among other things, it is
approved by the vote of a majority (as defined by the 1940 Act) of outstanding
voting securities of the Funds. A Special Meeting of Shareholders ("Meeting")
of the acquired Funds will be held on January 26, 2001 to vote on the
Reorganization Plan. If the Reorganization Plan is approved at the Meeting, the
Reorganization is expected to become effective on or about February 16, 2001.
<TABLE>
<S> <C>
Acquiring Fund Acquired Fund
-------------- -------------
Chase Vista Short-Term Bond Fund STBF
IBF Chase Intermediate Term Bond Fund
BND Chase Income Fund
BND Chase Vista Bond Fund
</TABLE>
82
<PAGE>
--------------------------------------------------------------------------------
CHASE VISTA SELECT FUNDS FINANCIAL HIGHLIGHTS
--------------------------------------------------------------------------------
FINANCIAL HIGHLIGHTS
<TABLE>
<CAPTION>
Chase Vista Select
-------------------------------------------------------------------------------
Short-Term Bond Fund Intermediate Bond Fund
--------------------------------------- --------------------------------------
Year Ended 1/1/97* Year Ended 1/1/97*
---------------------------- Through ---------------------------- Through
10/31/00 10/31/99 10/31/98 10/31/97 10/31/00 10/31/99 10/31/98 10/31/97
-------- -------- -------- -------- -------- -------- -------- --------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Per share operating performance:
Net asset value, beginning of period ............ $10.43 $10.69 $10.65 $10.62 $9.69 $10.36 $10.19 $10.09
------ ------ ------ ------ ----- ------ ------ ------
Income from investment operations:
Net investment income .......................... 0.60 0.56 0.61 0.57 0.55 0.55 0.62 0.55
Net gains or losses on securities
(both realized and unrealized) ................. (0.07) (0.22) 0.04 0.03 (0.03) (0.52) 0.17 0.10
------ ------ ------ ------ ----- ------ ------ ------
Total from investment operations .............. 0.53 0.34 0.65 0.60 0.52 0.03 0.79 0.65
------ ------ ------ ------ ----- ------ ------ ------
Distributions to shareholders from:
Dividends from net investment income ........... 0.60 0.56 0.61 0.57 0.55 0.55 0.62 0.55
Net realized gains on investment transactions .. -- 0.04 -- -- -- 0.15 -- --
------ ------ ------ ------ ----- ------ ------ ------
Total dividends and distributions ............. 0.60 0.60 0.61 0.57 0.55 0.70 0.62 0.55
------ ------ ------ ------ ----- ------ ------ ------
Net asset value, end of period .................. $10.36 $10.43 $10.69 $10.65 $9.66 $ 9.69 $10.36 $10.19
====== ====== ====== ====== ===== ====== ====== ======
Total return .................................. 5.26% 3.31% 6.25% 5.82% 5.61% 0.33% 7.98% 6.71%
Ratios/supplemental data:
Net assets, end of period (in millions) ........ $ 23 $ 22 $ 25 $ 27 $ 387 $ 376 $ 353 $ 319
Ratios to average net assets:#
Expenses ....................................... 0.73% 0.07% 0.11% 0.11% 0.70% 0.04% 0.04% 0.06%
Net investment income .......................... 5.80% 5.31% 6.01% 6.45% 5.78% 5.55% 6.16% 6.67%
Expenses without waivers, reimbursements and
earnings credits ............................... 1.17% 0.73% 0.88% 0.63% 0.72% 0.50% 0.52% 0.54%
Net investment income without waivers,
reimbursements and earnings credits ............ 5.36% 4.65% 5.24% 5.93% 5.76% 5.09% 5.68% 6.19%
Portfolio turnover rate ......................... 151% 316% 382% 406% 110% 123% 168% 193%
----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
* Commencement of operations.
# Short periods have been annualized.
See notes to financial statements.
83
<PAGE>
CHASE VISTA SELECT FUNDS FINANCIAL HIGHLIGHTS (Continued)
FINANCIAL HIGHLIGHTS (Continued)
<TABLE>
<CAPTION>
Chase Vista Select
-------------------------------------------------------------------------------------
Bond Fund Balanced Fund
---------------------------------------- ------------------------------------------
Year Ended 1/1/97* Year Ended 1/1/97*
----------------------------- Through ------------------------------- Through
0/31/00 10/31/99 10/31/98 10/31/97 10/31/00 10/31/99 10/31/98 10/31/97
------- -------- -------- -------- -------- -------- -------- --------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Per share operating performance:
Net asset value, beginning of period ........ $38.38 $41.29 $41.01 $40.34 $34.64 $33.53 $34.08 $30.62
------ ------ ------ ------ ------ ------ ------ ------
Income from investment operations:
Net investment income ...................... 2.38 2.36 2.56 2.31 0.79 1.17 1.32 1.17
Net gains or losses in securities
(both realized and unrealized) ............. (0.36) (2.37) 0.76 0.67 0.98 3.12 3.05 3.46
------ ------ ------ ------ ------ ------ ------ ------
Total from investment operations .......... 2.02 (0.01) 3.32 2.98 1.77 4.29 4.37 4.63
------ ------ ------ ------ ------ ------ ------ ------
Distributions to shareholders from:
Dividends from net investment income ....... 2.38 2.36 2.55 2.31 0.77 1.17 1.31 1.17
Distributions from capital gains ........... -- 0.54 0.49 -- 2.22 2.01 3.61 --
------ ------ ------ ------ ------ ------ ------ ------
Total dividends and distributions ......... 2.38 2.90 3.04 2.31 2.99 3.18 4.92 1.17
------ ------ ------ ------ ------ ------ ------ ------
Net asset value, end of period .............. $38.02 $38.38 $41.29 $41.01 $33.42 $34.64 $33.53 $34.08
====== ====== ====== ====== ====== ====== ====== ======
Total return .............................. 5.50% (0.01%) 8.44% 7.64% 5.34% 13.30% 14.28% 15.36%
Ratios/supplemental data:
Net assets, end of period (in millions) .... $ 587 $ 620 $ 590 $ 520 $ 121 $ 159 $ 152 $ 179
Ratios to average net assets:#
Expenses ................................... 0.69% 0.03% 0.03% 0.02% 0.93% 0.05% 0.03% 0.03%
Net investment income ...................... 6.30% 5.97% 6.27% 6.89% 2.30% 3.37% 3.98% 4.29%
Expenses without waivers, reimbursements and
earnings credits ........................... 0.71% 0.49% 0.51% 0.49% 0.99% 0.75% 0.75% 0.72%
Net investment income without waivers,
reimbursements and earnings credits ........ 6.28% 5.51% 5.79% 6.42% 2.24% 2.67% 3.26% 3.60%
Portfolio turnover rate ..................... 157% 300% 306% 261% 122% 93% 50% 131%
-----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
* Commencement of Operations.
# Short periods have been annualized.
See notes to financial statements.
84
<PAGE>
CHASE VISTA SELECT FUNDS FINANCIAL HIGHLIGHTS (Continued)
FINANCIAL HIGHLIGHTS (Continued)
<TABLE>
<CAPTION>
Chase Vista Select
------------------------------------------------------------------------------------
Equity Income Fund (1) Large Cap Equity Fund (1)
----------------------------------------- -----------------------------------------
Year Ended 1/1/97* Year Ended 1/1/97*
------------------------------ Through ------------------------------ Through
10/31/00 10/31/99 10/31/98 10/31/97 10/31/00 10/31/99 10/31/98 10/31/97
-------- -------- -------- -------- -------- -------- -------- --------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Per share operating performance:
Net asset value, beginning of period ........ $27.53 $28.89 $34.22 $28.32 $39.31 $37.52 $46.58 $37.22
------ ------ ------ ------ ------ ------ ------ ------
Income from investment operations:
Net investment income ...................... 0.21 0.65 0.85 0.79 0.05 0.52 0.56 0.59
Net gains or losses in securities
(both realized and unrealized) ............. 1.40 1.69 1.50 5.90 2.31 6.56 5.27 9.36
------ ------ ------ ------ ------ ------ ------ ------
Total from investment operations .......... 1.61 2.34 2.35 6.69 2.36 7.08 5.83 9.95
------ ------ ------ ------ ------ ------ ------ ------
Distributions to shareholders from:
Dividends from net investment income ....... 0.17 0.67 0.83 0.79 0.03 0.52 0.56 0.59
Distributions from capital gains ........... 3.40 3.03 6.85 -- 5.23 4.77 14.33 --
------ ------ ------ ------ ------ ------ ------ ------
Total dividends and distributions ......... 3.57 3.70 7.68 0.79 5.26 5.29 14.89 0.59
------ ------ ------ ------ ------ ------ ------ ------
Net asset value, end of period .............. $25.57 $27.53 $28.89 $34.22 $36.41 $39.31 $37.52 $46.58
====== ====== ====== ====== ====== ====== ====== ======
Total return .............................. 6.35% 8.18% 7.62% 23.78% 6.13% 20.36% 16.58% 26.89%
Ratios/supplemental data:
Net assets, end of period (in millions) .... $ 625 $ 787 $ 923 $ 955 $ 251 $ 222 $ 177 $ 186
Ratios to average net assets:#
Expenses ................................... 0.68% 0.03% 0.03% 0.03% 0.76% 0.05% 0.03% 0.03%
Net investment income ...................... 0.83% 2.25% 2.85% 2.97% 0.12% 1.36% 1.46% 1.66%
Expenses without waivers, reimbursements and
earnings credits ........................... 0.80% 0.58% 0.59% 0.59% 0.85% 0.65% 0.65% 0.58%
Net investment income without waivers,
reimbursements and earnings credits ........ 0.71% 1.70% 2.29% 2.41% 0.03% 0.76% 0.86% 1.11%
Portfolio turnover rate ..................... 43% 146% 148% 73% 57% 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 periods have been restated to reflect the split.
See notes to financial statements.
85
<PAGE>
CHASE VISTA SELECT FUNDS FINANCIAL HIGHLIGHTS (Continued)
FINANCIAL HIGHLIGHTS (Continued)
<TABLE>
<CAPTION>
Chase Vista Select
-------------------------------------------------------------------------------------
Large Cap Growth Fund (1) New Growth Opportunities Fund (1)
----------------------------------------- ------------------------------------------
Year Ended 1/1/97* Year Ended 1/1/97*
------------------------------ Through ------------------------------ Through
10/31/00 10/31/99 10/31/98 10/31/97 10/31/00 10/31/99 10/31/98 10/31/97
-------- -------- -------- -------- -------- -------- -------- --------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Per share operating performance:
Net asset value, beginning of period ........ $47.54 $37.36 $32.30 $26.01 $37.55 $29.63 $32.39 $28.58
------ ------ ------ ------ ------ ------ ------ ------
Income from investment operations:
Net investment income ...................... 0.04 0.30 0.34 0.28 0.17 0.15 0.14 0.15
Net gains or losses in securities
(both realized and unrealized) ............. (0.07) 13.66 8.23 6.29 9.34 8.52 (0.42) 3.80
------ ------ ------ ------ ------ ------ ------ ------
Total from investment operations .......... (0.03) 13.96 8.57 6.57 9.51 8.67 (0.28) 3.95
------ ------ ------ ------ ------ ------ ------ ------
Distributions to shareholders from:
Dividends from net investment income ....... 0.03 0.30 0.34 0.28 0.20 0.14 0.13 0.14
Distributions from capital gains ........... 4.55 3.48 3.17 -- 9.01 0.61 2.35 --
------ ------ ------ ------ ------ ------ ------ ------
Total dividends and distributions ......... 4.58 3.78 3.51 0.28 9.21 0.75 2.48 0.14
------ ------ ------ ------ ------ ------ ------ ------
Net asset value, end of period .............. $42.93 $47.54 $37.36 $32.30 $37.85 $37.55 $29.63 $32.39
====== ====== ====== ====== ====== ====== ====== ======
Total return .............................. (0.91%) 39.78% 29.12% 25.32% 30.94% 29.65% (0.70%) 13.90%
Ratios/supplemental data:
Net assets, end of period (in millions) .... $ 839 $ 901 $ 654 $ 548 $ 164 $ 129 $ 112 $ 116
Ratios to average net assets:#
Expenses ................................... 0.47% 0.03% 0.02% 0.02% 0.41% 0.07% 0.08% 0.08%
Net investment income ...................... 0.08% 0.69% 0.98% 1.12% 0.52% 0.44% 0.43% 0.57%
Expenses without waivers, reimbursements and
earnings credits ........................... 0.80% 0.59% 0.60% 0.60% 1.14% 0.93% 0.94% 0.92%
Net investment income without waivers,
reimbursements and earnings credits ........ (0.25%) 0.13% 0.40% 0.54% (0.21%) (0.42%) (0.43%) (0.27%)
Portfolio turnover rate ..................... 74% 26% 22% 36% 84% 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 periods have been restated to reflect the split.
See notes to financial statements.
86
<PAGE>
CHASE VISTA SELECT FUNDS FINANCIAL HIGHLIGHTS (Continued)
FINANCIAL HIGHLIGHTS (Continued)
<TABLE>
Chase Vista Select
--------------------------------------------------------------------------------------
Small Cap Value Fund International Equity Fund (1)
----------------------------------------- -------------------------------------------
Year Ended 1/1/97* Year Ended 1/1/97*
------------------------------ Through -------------------------------- Through
10/31/00 10/31/99 10/31/98 10/31/97 10/31/00 10/31/99 10/31/98 10/31/97
-------- -------- -------- -------- -------- -------- -------- --------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Per share operating performance:
Net asset value, beginning of period ........ $47.66 $52.73 $60.54 $51.87 $33.33 $27.79 $29.45 $28.64
------ ------ ------ ------ ------ ------ ------ ------
Income from investment operations:
Net investment income ...................... 0.08 0.64 0.74 0.57 0.15 0.33 0.41 0.44
Net gains or losses in securities
(both realized and unrealized) ............. 12.44 (2.50) (5.72) 8.62 1.05 5.94 0.90 0.77
------ ------ ------ ------ ------ ------ ------ ------
Total from investment operations .......... 12.52 (1.86) (4.98) 9.19 1.20 6.27 1.31 1.21
------ ------ ------ ------ ------ ------ ------ ------
Distributions to shareholders from:
Dividends from net investment income ....... 0.08 0.64 0.75 0.52 0.13 0.73 1.24 0.40
Distributions from capital gains ........... 8.98 2.57 2.08 -- 2.40 -- 1.73 --
------ ------ ------ ------ ------ ------ ------ ------
Total dividends and distributions ......... 9.06 3.21 2.83 0.52 2.53 0.73 2.97 0.40
------ ------ ------ ------ ------ ------ ------ ------
Net asset value, end of period .............. $51.12 $47.66 $52.73 $60.54 $32.00 $33.33 $27.79 $29.45
====== ====== ====== ====== ====== ====== ====== ======
Total return .............................. 30.16% (4.20%) (8.53%) 17.80% 2.71% 22.83% 4.80% 4.15%
Ratios/supplemental data:
Net assets, end of period (in millions) .... $ 380 $ 339 $ 418 $ 488 $ 226 $ 223 $ 221 $ 254
Ratios to average net assets:#
Expenses ................................... 0.50% 0.04% 0.02% 0.02% 0.66% 0.06% 0.05% 0.07%
Net investment income ...................... 0.19% 1.16% 1.28% 1.26% 0.38% 1.14% 1.71% 1.66%
Expenses without waivers, reimbursements and
earnings credits ........................... 1.07% 0.86% 0.85% 0.85% 1.50% 1.31% 1.34% 1.27%
Net investment income without waivers,
reimbursements and earnings credits ........ (0.38%) 0.34% 0.45% 0.43% (0.46%) (0.11%) 0.42% 0.46%
Portfolio turnover rate ..................... 76% 55% 6% 8% 149% 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 periods 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 constituting Mutual Fund Select Group, hereafter referred
to as the "Trust") at October 31, 2000, the results of each of their operations
for the year then ended, the changes in each of their net assets for each of
the two years in the period then ended and the financial highlights for each of
the periods presented, in conformity with accounting principles generally
accepted in the United States of America. 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 auditing standards
generally accepted in the United States of America, 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, 2000 by correspondence with the custodian and
brokers, provide a reasonable basis for our opinion.
PricewaterhouseCoopers LLP
1177 Avenue of the Americas
New York, New York 10036
December 11, 2000
88
<PAGE>
--------------------------------------------------------------------------------
TAX LETTER (UNAUDITED)
--------------------------------------------------------------------------------
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, 2000. 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, 2000. The information
necessary to complete your income tax returns for the calendar year ending
December 31, 2000 will be received under separate cover.
FOR THE FISCAL YEAR ENDED OCTOBER 31, 2000:
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 Home Federal National Long-Term
U.S. Loan Mortgage Mortgage Dividends Capital Gains
Treasury Corporation Association Received Distribution
Chase Vista Select Fund Obligations Obligations Obligations Deduction Per Share
---------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Short-Term Bond .................. 10.17% -- -- -- $ --
Bond ............................. 47.44% 32.93% 0.94% -- --
Intermediate Bond ................ 45.56% 1.34% 9.02% -- --
Balanced ......................... 9.33% 3.49% 2.22% 6.36% 2.22
Equity Income .................... -- -- -- 32.37% 1.68
Large Cap Equity ................. -- -- -- 81.85% 5.03
Large Cap Growth ................. -- -- -- 98.57% 4.30
New Growth Opportunities ......... -- -- -- 35.36% 6.89
Small Cap Value .................. -- -- -- 19.26% 8.98
International Equity ............. -- -- -- -- 1.82
</TABLE>
For the year ended October 31, 2000, 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 $2,817,535 ($0.3985) and $170,396 ($0.0241) respectively.
See notes to financial statements.
89
<PAGE>
--------------------------------------------------------------------------------
CHASE VISTA SELECT FUNDS ANNUAL REPORT
--------------------------------------------------------------------------------
<TABLE>
<S> <C>
INVESTMENT ADVISER, Select Funds for providing investment
ADMINISTRATOR, SHAREHOLDER advisory and other services.
AND FUND SERVICING
AGENT AND CUSTODIAN This report is submitted for the general
The Chase Manhattan Bank information of the shareholders of the
funds. It is not authorized for distribution
DISTRIBUTOR to prospective investors in the funds
Vista Fund Distributors, Inc. unless preceded or accompanied by a
prospectus.
TRANSFER AGENT
DST Systems, Inc. To obtain a prospectus for any of the
Chase Vista Select Funds, call
LEGAL COUNSEL 1-800-348-4782. The prospectus contains
Simpson Thacher & Bartlett more complete information, including
charges and expenses. Please read it
INDEPENDENT ACCOUNTANTS carefully before you invest or send money.
PricewaterhouseCoopers 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
</TABLE>
(C) The Chase Manhattan Corporation, 2000. All Rights Reserved. December 2000
[CHASE LOGO]
Chase Vista Funds Fulfillment Center
393 Manley Street
West Bridgewater, MA 02379-1039
