APRIL 30, 2000 (UNAUDITED)
SELECT SHORT-TERM
BOND FUND
SELECT INTERMEDIATE
BOND FUND
SELECT BOND FUND
SELECT BALANCED
FUND
SELECT EQUITY INCOME
FUND
SELECT LARGE CAP
EQUITY FUND
SELECT LARGE CAP
GROWTH FUND
SELECT NEW GROWTH
OPPORTUNITIES FUND
SELECT SMALL CAP
VALUE FUND
SELECT INTERNATIONAL
EQUITY FUND
Chase Vista
Select Funds
SEMI-ANNUAL REPORT
[CHASE
THE RIGHT RELATIONSHIP IS EVERYTHING.[RegTM]LOGO]
SASEFI-3-600
<PAGE>
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Contents
--------------------------------------------------------------------------------
<TABLE>
<S> <C>
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 5
Fund Commentary
--------------------------------------------------------------------------------
Chase Vista Select Bond Fund 8
Fund Commentary
--------------------------------------------------------------------------------
Chase Vista Select Balanced Fund 11
Fund Commentary
--------------------------------------------------------------------------------
Chase Vista Select Equity Income Fund 14
Fund Commentary
--------------------------------------------------------------------------------
Chase Vista Select Large Cap Equity Fund 17
Fund Commentary
--------------------------------------------------------------------------------
Chase Vista Select Large Cap Growth Fund 20
Fund Commentary
--------------------------------------------------------------------------------
Chase Vista Select New Growth
Opportunities Fund 23
Fund Commentary
--------------------------------------------------------------------------------
Chase Vista Select Small Cap Value Fund 26
Fund Commentary
--------------------------------------------------------------------------------
Chase Vista Select International Equity Fund 29
Fund Commentary
--------------------------------------------------------------------------------
Portfolios of Investments 32
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Financial Statements 67
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Notes to Financial Statements 76
--------------------------------------------------------------------------------
Financial Highlights 85
</TABLE>
Highlights
o Corporate bonds performed poorly in the latter half of the period as the
market digested the Treasury buyback program and reacted to volatility in
stocks.
o Technology was the global trend during the period, as the red-hot industry
saw many double-digit, and even triple-digit price advances.
o Following the March pull back in the technology industry's surge, global
markets have been particularly sensitive to US market activity.
------------------------------|------------------------------------------------
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
June 5, 2000
Dear Shareholder:
We are pleased to present this semi-annual report for the Chase Vista Select
Funds for the six months ended April 30, 2000.
Strong Economic Growth Bodes Well for Equities
A robust economy that boosted investor confidence was a good backdrop for Wall
Street's continued boom, as reports of lower-than-expected unemployment rates
and higher consumer spending were released. Despite the Federal Reserve Board's
multiple attempts to cool the economy's pace by boosting interest rates, the
U.S. equity market forged on for most of the period.
With the benefit of hindsight, it's easy to see that the trend of "new economy"
stock market outperformance reached its peak in the first part of March and
that a pullback was inevitable. The problem, of course, is that to many
investors the pullback was inevitable for a year as prices kept rising ever
higher.
Following the selloff, many foreign markets remained highly sensitive to the
U.S. in general and the Nasdaq in particular. Just as in the U.S., a struggle
began as world equity markets attempted to sort through the rubble of March and
April and determine where future leadership will come from in the wake of a
harsh disruption in existing trends.
Potential of Further Rate Hikes
U.S. fixed income markets dealt with a variety of issues during the reporting
period as sizzling growth continued in the United States amid a worldwide
pickup in economic activity. The period began under fairly normal circumstances
as the markets reacted to reports of increasing inflation and a tight Fed
monetary policy by pushing interest rates higher. Additionally, after a period
of underperformance, the non-Treasury "spread" sectors began improving, as is
normal in a rising-rate environment. Few market participants would have
expected that the yield on long-term Treasuries would subsequently fall by
almost 100 basis points in the coming months and that the yield curve would
dramatically invert, meaning that interest rates on short-term Treasuries were
higher than those on longer-term issues. But that's just what happened, as the
market digested the full impact of the Treasury's program to buy back
longer-dated securities in light of the Federal budget surplus.
While the threat of further rate increases still looms over the market, we
believe that the resulting ill effects are only short term. The market has seen
many bumps over the years and recovered from all of them; this period is just
another hurdle to be mounted.
At Chase Vista, we thank you for your business and look forward to serving your
investment needs in the years to come.
Sincerely yours,
/s/ Fergus Reid
Fergus Reid
Chairman
1
<PAGE>
--------------------------------------------------------------------------------
CHASE VISTA SELECT SHORT-TERM BOND FUND
As of April 30, 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 1.02% for the six months ended April 30,
2000. This compares to a return of 1.80% for the Lehman 1-3 Year Government
Bond Index.
How the Fund Was Managed
Early in the reporting period, the management team took several steps to
improve the Fund's yield and total return profile over a one-year period.
First, given relatively narrow quality spreads, it sold off a portion of the
Fund's lower-rated investment grade corporate securities and funneled the cash
into higher-rated investment grade corporates. Second, it sold off
lower-yielding agency securities and put the assets into higher-yielding,
higher-quality corporates. Finally, it sold off asset backed securities and
used the proceeds for corporate securities with better total return potential.
The management team cut duration by the end of 1999 to one-half year under its
benchmark to defend against rising interest rates.
Among individual securities, the poor credit performance of Conseco, one of our
holdings, in April was a major factor in the Fund's underperformance of its
benchmark. We continue to hold Conseco in the portfolio, as we monitor
developments from the company with analysts and rating agencies. Meanwhile, our
position there will not be sold unless the company shows signs of serious
fundamental deterioration. In the January through April, 2000 period, technical
factors--especially the US Treasury's program to buy back longer-dated
securities--overwhelmed fundamentals and caused fairly severe dislocation in
the fixed income markets. This had a negative impact on corporate and agency
securities relative to Treasuries and, therefore, caused the Fund to
underperform. However, the management team took advantage of these widened
yield spreads that were at several-year highs to add to its agency security
positions. As spreads on agencies narrowed in April, the Fund's performance
improved.
Where the Fund May Be Headed
In the wake of the Fed's widely expected .50% tightening on May 16, it is the
management team's view that additional moves to a less accommodative stance are
likely until the potential inflationary forces currently building show signs of
moderation. Interest rates, therefore, will likely climb further in this market
environment of pervasive uneasiness. While corporates have sharply
underperformed year to date, the management team notes that supply has been
rather light and, therefore, believes that when the corporate sector rebounds,
it will be in rather dramatic fashion.
2
<PAGE>
CHASE VISTA SELECT SHORT-TERM BOND FUND
As of April 30, 2000 (Unaudited)
Percentage of Total Portfolio Investments
[PIE CHART PLOT POINTS]
Corporate Notes & Bonds (57.8%)
U.S Government Agency Securities (15.1%)
Asset Backed Securities (12.0%)
Cash Equivalents & Short-Term Paper (7.4%)
U.S. Treasury Securities (3.6%)
Residential Mortgage Backed Securities (2.1%)
Commercial Mortgage Backed Securities (2.0%)
[END PLOT POINTS]
3
<PAGE>
CHASE VISTA SELECT SHORT-TERM BOND FUND
As of April 30, 2000 (Unaudited)
Average Annual Total Returns
<TABLE>
<CAPTION>
1 Year 5 Years 10 Years
------------------------------------------------------------------
<S> <C> <C> <C>
Select Short-Term Bond 2.57% 5.01% 6.12%
------------------------------------------------------------------
</TABLE>
10-Year Performance (4/30/90 to 4/30/00)
[LINE CHART PLOT POINTS]
<TABLE>
<CAPTION>
Chase Vista Lipper Short-Term
Select Lehman 1-3 Investment
Short-Term Year Government Grade Debt
Bond Fund Bond Index Funds Average
<S> <C> <C> <C>
1990 10000 10000 10000
1991 11115.4 11203.1 11073.8
1992 12209 12243.8 12044
1993 13386.2 13232.2 12945
1994 13660.1 13448.6 13215.1
1995 14180.7 14215.3 13824.8
1996 15063.4 15186.8 14710.4
1997 15702.6 16115.5 15559.2
1998 16748.5 17265.6 16572.3
1999 17658.6 18286.3 17401.3
2000 18112 18941 17901.3
</TABLE>
[END PLOT POINTS]
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 4/30/90, 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 unmanaged average and indices does not
include sales charges, but includes reinvestment of all distributions. The
Lehman 1-3 Year Government Bond Fund Index consists of all bonds covered by the
Government Bond Index with maturities of one to three years. The Lipper Average
consists of actively managed short-term, investment-grade debt mutual funds.
Investors cannot invest directly in an index.
4
<PAGE>
--------------------------------------------------------------------------------
CHASE VISTA SELECT INTERMEDIATE BOND FUND
As of April 30, 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,
mortgage-backed and asset-backed securities, had a total return of .33% for the
six months ended April 30, 2000. This compares to a return of 1.07% for the
Lehman Intermediate Government/Corporate Bond Index.
How the Fund Was Managed
Early in the reporting period, the Fund's relative performance was a result of
several factors. First, in a rising rate environment, the management team
allowed the Fund's duration (and hence its sensitivity to changes in interest
rates) to fall from a neutral position to one below that of its peer group
before making a strategic reduction in December. Next, the Fund's exposure to
corporate bonds was increased when it became clear that new supply would not be
as heavy as expected. Within the corporate sector, the Fund also benefited by
holding several issues which received credit upgrades, specifically in the
media and telecom sectors. Finally, although the management team reduced the
Fund's mortgage-backed holdings, continued exposure was positive for relative
performance as a result of the sector's higher dividend yields.
In the January through April, 2000 period, technical factors--especially the US
Treasury's program to buy back longer-dated securities--overwhelmed
fundamentals and caused fairly severe dislocation in the fixed income markets.
Among individual holdings, Conseco was a major factor in the Fund's
underperformance, primarily a result of the company's weak credit performance.
While we have not sold our position there, we continue to monitor developments
and agency ratings; further, its elimination from the portfolio will only be
considered if Conseco displays unhealthy signs of deteriorating fundamentals.
Despite the management team's efforts to extend the Fund's duration as the
yield curve inverted and longer-term Treasuries outperformed dramatically, the
Fund had a short-to-neutral duration for most of the January through April
period, and this was detrimental to overall performance. However, the Fund's
yield curve strategy was a positive performance factor as the Fund had
significant exposure to 20-year securities, the strongest part of the curve. On
a sector level, the management team took advantage of widening yield spreads
between Treasuries and other sectors to increase the Fund's yield, especially
by adding to corporate and agency positions. This exposure to non-Treasury
spread sectors proved positive in April as spreads stabilized and recovered
somewhat, although corporate securities continued to lag.
Where the Fund May Be Headed
In the wake of the Fed's widely expected 50 basis point tightening on May 16,
it is the management team's view that additional moves to a less accommodative
stance are likely until the potential inflationary forces currently building
show signs of moderation. Interest rates, therefore, will likely climb further
in this market environment of pervasive uneasiness. However, because of the
continued specter of Treasury buy backs, we remain more concerned about the
short end of the Treasury curve and therefore expect to continue a barbell
curve strategy that's underweight in 2- to 3-year maturities and overweight in
the 10- to 30-year area. While corporates have sharply underperformed year to
date, the management team notes that supply has been rather light and,
therefore, believes that when the corporate sector rebounds, it will be in
rather dramatic fashion.
5
<PAGE>
CHASE VISTA SELECT INTERMEDIATE BOND FUND
As of April 30, 2000 (Unaudited)
Percentage of Total Portfolio Investments
[PIE CHART PLOT POINTS]
U.S. Treasury Securities (34.8%)
Corporate Notes & Bonds (32.3%)
U.S. Government Agency Securities (14.4%)
Residential Mortgage Backed Securities (12.6%)
Asset Backed Securities (4.0%)
Cash Equivalents & Short-Term Paper (1.7%)
Commercial Mortgage Backed Securities (0.2%)
[END PLOT POINTS]
6
<PAGE>
CHASE VISTA SELECT INTERMEDIATE BOND FUND
As of April 30, 2000 (Unaudited)
Average Annual Total Returns
<TABLE>
<CAPTION>
1 Year 5 Years 10 Years
--------------------------------------------------------------
<S> <C> <C> <C>
Select Intermediate
Bond 0.28% 5.58% 7.02%
--------------------------------------------------------------
</TABLE>
10-Year Performance (4/30/90 to 4/30/00)
[LINE CHART PLOT POINTS]
<TABLE>
<CAPTION>
Chase Vista Lehman Intermediate Lipper Intermediate
Select Intermediate Government/Corporate Investment Grade
Bond Fund Bond Index Debt Funds Average
<S> <C> <C> <C>
1990 10000 10000 10000
1991 11358.8 11368.9 11312.3
1992 12548.2 12568.1 12524
1993 14275.2 14122.5 14134.5
1994 14159.9 14265.5 14214.5
1995 15034.2 15193 15056.3
1996 16256 16383.5 16215.6
1997 17177 17432.8 17249.1
1998 18669.7 18966.9 18925.1
1999 19669.5 20249.6 19898.4
2000 19716.6 20558.1 19907.1
</TABLE>
[END PLOT POINTS]
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 4/30/90, 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 unmanaged average and indices does not
include sales charges, but includes reinvestment of all distributions. The
Lehman Intermediate Gov't./Corp. Bond Index consists of the government and
corporate indices, which includes bonds with 5-10 year maturities, including
U.S. Government Treasury and agency securities, and corporate and Yankee Bonds.
The Lipper Average consists of actively managed intermediate investment grade
debt mutual funds. Investors cannot invest directly in an index.
7
<PAGE>
--------------------------------------------------------------------------------
CHASE VISTA SELECT BOND FUND
As of April 30, 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,
mortgage-backed and asset-backed securities, had a total return of .48% for the
six months ended April 30, 2000. This compares to a return of 1.42% for the
Lehman Aggregate Bond Index.
How the Fund Was Managed
Early in the reporting period, the Fund turned in strong relative performance
as a result of several factors. First, in a rising rate environment, the
management team allowed the Fund's duration (and hence its sensitivity to
changes in interest rates) to further shorten below that of its peer group
before making a strategic reduction in December. Next, the Fund's exposure to
corporate bonds was increased when it became clear that new supply would not be
as heavy as expected. Within the corporate sector, the Fund also benefited by
holding several issues which received credit upgrades. Finally, the Fund ended
1999 with an emphasis on 20-year maturities in the Treasury sector, which was
positive as this part of the yield curve outperformed 30-year issues.
In the January through April, 2000 period, technical factors--especially the US
Treasury's program to buy back longer-dated securities--overwhelmed
fundamentals and caused fairly severe dislocation in the fixed income markets.
Elsewhere, the credit performance of one of our corporate bond holdings,
Conseco, also dampened returns. We are keeping a close eye on the company's
developments with regard to analysts and agency ratings. In the meantime, we
continue our conservative assumptions about Conseco, and will sell only if its
financial condition or liquidity situation deteriorates.
Despite the management team's efforts to extend the Fund's duration as the
yield curve inverted and longer-term Treasuries outperformed dramatically, the
Fund had a short-to-neutral duration for most of the January through April
period, and this was detrimental to overall performance. However, the Fund's
yield curve strategy was a positive performance factor as the Fund had
significant exposure to longer-maturity securities. On a sector level, the
management team took advantage of widening yield spreads between Treasuries and
other sectors to increase the Fund's yield, especially by adding to corporate
and agency positions. This exposure to non-Treasury spread sectors proved
positive in April as spreads stabilized and recovered somewhat, although
corporate securities continued to lag.
Where the Fund May Be Headed
In the wake of the Fed's widely expected .50% tightening on May 16, it is the
management team's view that additional moves to a less accommodative stance are
likely until the potential inflationary forces currently building show signs of
moderation. Interest rates, therefore, will likely climb further in this market
environment of pervasive uneasiness. However, because of the continued specter
of Treasury buy backs, we remain more concerned about the short end of the
Treasury curve and therefore expect to continue a barbell curve strategy that's
underweight in 2- to 3-year maturities and overweight in the 10- to 30-year
area. While corporates have sharply underperformed year to date, the management
team notes that supply has been rather light and, therefore, believes that when
the corporate sector rebounds, it will be in rather dramatic fashion.
8
<PAGE>
CHASE VISTA SELECT BOND FUND
As of April 30, 2000 (Unaudited)
Percentage of Total Portfolio Investments
[PIE CHART PLOT POINTS]
Residential Mortgage Backed Securities (34.4%)
Corporate Notes & Bonds (33.4%)
U.S. Treasury Securities (16.9%)
U.S. Government Agency Securities (6.6%)
Asset Backed Securities (5.0%)
Cash Equivalents & Short-Term Paper (1.8%)
Foreign Government Securities (1.3%)
Commercial Mortgage Backed Securities (0.6%)
[END PLOT POINTS]
9
<PAGE>
CHASE VISTA SELECT BOND FUND
As of April 30, 2000 (Unaudited)
Average Annual Total Returns
<TABLE>
<CAPTION>
-------------------------------------------------------
1 Year 5 Years 10 Years
-------------------------------------------------------
<S> <C> <C> <C>
Select Bond 0.03% 6.21% 7.53%
</TABLE>
10-Year Performance (4/30/90 to 4/30/00)
[LINE CHART PLOT POINTS]
<TABLE>
<CAPTION>
Chase Vista Lehman Lipper Corporate
Select Bond Aggregate Debt A-Rated
Fund Bond Index Funds Average
<S> <C> <C> <C>
1990 10000 10000 10000
1991 11336.2 11517.7 11397.4
1992 12522.3 12784.7 12655.1
1993 14205 14481.5 14487.6
1994 14445.9 14651.3 14609.6
1995 15295.2 15724.3 15479.7
1996 16731 17082 16697.1
1997 17788.3 18292 17772
1998 19556.8 20287 19462.8
1999 20669.8 21558.4 20577.1
2000 20675 22262.1 20447.3
</TABLE>
[END PLOT POINTS]
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 4/30/90, 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 unmanaged average and indices does not
include sales charges, but includes reinvestment of all distributions. The
Lehman Aggregate Bond Index consists of the Lehman Gov't./Corp. Index and the
Mortgage-backed Securities Index. The Lipper Average consists of actively
managed corporate debt A-rated or better funds. Investors cannot invest
directly in an index.
10
<PAGE>
--------------------------------------------------------------------------------
CHASE VISTA SELECT BALANCED FUND
As of April 30, 2000 (Unaudited)
--------------------------------------------------------------------------------
How the Fund Performed
Chase Vista Select Balanced Fund, which seeks relatively stable capital growth
through a blend of equities and bonds, rose 5.27% in the six months ended April
2000, compared to the 1.42% return for the Lehman Aggregate Bond Index and the
7.18% return for the S&P 500 Index.
How the Fund Was Managed
The Fund's technology equity holdings drove performance as Wall Street focused
on the New Economy. Technology stocks posted exceptional gains in the closing
months of 1999, and continued to rise at a more muted pace in the first quarter
of 2000.
Many of the leading technology companies held by the Fund have posted
consistently strong revenue growth. They are considered among the more certain
winners from the current technology revolution. Network equipment giant Cisco
Systems, for example, was one of the leading performers. Another strong
contributor was EMC Corp, the data storage group.
Semiconductor stocks were particularly strong. Rapid growth in the Internet,
mobile communications and new consumer electronics products is creating
unprecedented demand for semiconductor chips. This led to gains for stocks like
Altera, Applied Materials, Intel and Texas Instruments.
The Fund cut its holding in Microsoft ahead of the April antitrust ruling. It
used some of the money to invest in new holdings such as ADC
Telecommunications, the voicemail and data communications company. Another
stock added to the portfolio earlier in the year was Oracle, the software
company.
Compared with technology, other sectors had limited impact. Utilities came a
distant second, with strong performances from AES and Enron. Both have
well-managed power businesses, but Enron also has a developing operation in
trading broadband telecommunications capacity.
Rising energy prices caused stock price appreciation among many exploration and
production companies and energy service companies. The Fund owned BJ Services,
an oil services company that benefited from the strong oil price.
Following the extraordinary rises in large-cap technology stocks, the Fund made
some investments in middle capitalization equities. Many of these equities
offer compelling earnings growth, yet trade at reasonable valuations.
Fixed income made a positive contribution to performance, although gains were
restricted by a series of strong economic data. Inflation edged higher, and
commodity prices continued their upward trend. The Federal Reserve raised rates
three times in the period to guard against runaway economic growth and higher
inflation.
Where the Fund May Be Headed
Above trend economic growth, with further rate rises, will dampen prospects for
fixed income and equities in the immediate future, but we remain optimistic
about prospects for later in the year.
11
<PAGE>
CHASE VISTA SELECT BALANCED FUND
As of April 30, 2000 (Unaudited)
Percentage of Total Portfolio Investments
[PIE CHART PLOT POINTS]
Technology (22.5%)
Consumer Cyclicals (14.1%)
Financial (12.6%)
Mortgage Backed Pass-Through Securities (10.4%)
Utilities (7.8%)
U.S. Treasury Securities (6.8%)
Capital Goods (5.6%)
U.S. Government Agency Securities (5.2%)
Health Care (5.1%)
Energy (3.7%)
Cash Equivalents & Short-Term Paper (3.5%)
Consumer Staples (1.5%)
Transportation (0.7%)
Basic Materials (0.5%)
[END PLOT POINTS]
Top Ten Equity Holdings of the Portfolio
1. General Electric Co. (2.7%) 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, asset management and insurance. It also owns
the National Broadcasting Company.
2. Cisco Systems, Inc. (2.1%) 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. Clients include utilities, corporations,
universities, governments and small- to medium-size businesses worldwide.
3. Intel Corp. (2.1%) 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 communications products, systems management software, conferencing
products and digital imaging products.
4. Exxon Mobil Corp. (1.8%) 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.
5. Microsoft Corp. (1.7%) Develops, manufactures, licenses, sells and supports
software products. The Company offers operating systems software, server
application software, business and consumer applications software, software
development tools and Internet and intranet software. It also develops the MSN
network of Internet products and services.
6. Wal-Mart Stores, Inc. (1.7%) Operates discount stores and Supercenters, as
well as Sam's Clubs. Its Wal-Mart discount stores and Supercenters offer
merchandise such as apparel, housewares, small appliances, electronics and
hardware.
7. American International Group, Inc. (1.7%) Writes property and casualty
insurance and life insurance, and provides a variety of insurance and
insurance-related services through its subsidiaries in the U.S. and overseas.
8. EMC Corp. (1.4%) Provides enterprise storage systems, software, networks and
services. The Company's products store, retrieve, manage, protect and share
information from all major computing environments.
9. Citigroup, Inc. (1.3%) A diversified financial services holding company that
provides a broad range of financial services to consumer and corporate
customers around the world. Services include investment banking, retail
brokerage, corporate banking and cash management products and services.
10. Enron Corp. (1.3%) Produces electricity and natural gas, develops,
constructs and operates energy facilities worldwide, and delivers both physical
commodities and financial and risk management services to customers. It is also
developing an intelligent network platform to facilitate online business.
Top 10 equity holdings comprised 17.8% of the Portfolio's market value of
investments. Portfolio holdings are subject to change at any time.
12
<PAGE>
CHASE VISTA SELECT BALANCED FUND
As of April 30, 2000 (Unaudited)
Average Annual Total Returns
<TABLE>
<CAPTION>
1 Year 5 Years 10 Years
-----------------------------------------------------------
<S> <C> <C> <C>
Select Balanced 5.88% 14.88% 12.20%
-----------------------------------------------------------
</TABLE>
10-Year Performance (4/30/90 to 4/30/00)
[LINE CHART PLOT POINTS]
<TABLE>
<CAPTION>
Chase Vista
Select Balanced S&P 500 Lehman Aggregate Lipper Balanced
Fund Index Bond Index Funds Average
<S> <C> <C> <C> <C>
1990 10000 10000 10000 10000
1991 11588.1 11575.9 11517.7 11524.4
1992 12939.8 13403.6 12784.7 13009.5
1993 14330.2 14640.9 14481.5 14433.5
1994 14232.9 15420.6 14651.3 15093.8
1995 15804.4 18106.5 15724.3 16446.6
1996 18521.9 23569.2 17082 19769.1
1997 20660.3 29485.6 18292 22313.3
1998 26173.5 41589.7 20287 28066.8
1999 29854 50661.2 21558.4 30712.5
2000 31606.4 55788.7 22262.1 32203
</TABLE>
[END PLOT POINTS]
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 4/30/90, 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 unmanaged average and indices does not
include sales charges, but includes reinvestment of all distributions. The S&P
500 Index is a broad-based index that replicates the U.S. stock market. The
Lehman Aggregate Bond Index consists of the Lehman Gov't./Corp. Index and the
Mortgage-backed Securities Index. The Lipper Average represents the average
performance of a universe of actively-managed balanced funds. Investors cannot
invest directly in an index.
13
<PAGE>
--------------------------------------------------------------------------------
CHASE VISTA SELECT EQUITY INCOME FUND
As of April 30, 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, rose 7.07% in the six months ended April 2000. It performed
roughly in line with the S&P 500 Index, which increased 7.18%.
How the Fund Was Managed
In a widely divergent market, technology stocks drove the Fund's gains, while
the rest of the portfolio made a net negative contribution. Technology names
rocketed in the final months of 1999, as New Economy enthusiasm took hold. The
rally continued into January/February 2000, only to falter in the March/April
Nasdaq sell-off.
The Fund's technology weighting is limited by its "income" style. Even so, some
of its technology holdings generated significant performance. Software giant
Oracle contributed more than 2% of portfolio performance. IBM was another
strong performer, as was Cisco Systems, which became Wall Street's most
valuable company in the period.
Stocks involved in the semiconductor industry drove much of the performance.
Growth in electronic communications--whether wireless or high speed
broadband--is leading to burgeoning demand for semiconductors. The number of
wireless phones worldwide has expanded dramatically in recent years, while
there has also been a tremendous build-out of the fixed-wire communications
network. Among the leading semiconductor names were: Texas Instruments, Intel
and Atmel.
Elsewhere, performance was mixed. Financials registered a positive performance
thanks to stocks like Morgan Stanley Dean Witter, Citigroup, Merrill Lynch and
American International Group. These companies are all perceived to have
reasonable earnings growth prospects as they are involved in financial market
businesses, like brokerage, investment banking and so on.
Capital goods also made a positive contribution. General Electric and Dover
Corp both performed well. In utilities, Enron had a strong few months. The
company has a well-managed power business, but is also developing an operation
in trading broadband telecommunications capacity.
Where the Fund May Be Headed
The market tested the limits of divergence between valuations of technology
stocks and Old Economy sectors in early 2000. From here, the performance of the
Old Economy stocks that comprise most of the Fund should be strong by
comparison. In spite of rising interest rates, the economy is in robust health,
which should lead to positive earnings surprises and boost share prices.
14
<PAGE>
CHASE VISTA SELECT EQUITY INCOME FUND
As of April 30, 2000 (Unaudited)
Percentage of Total Portfolio Investments
[PIE CHART PLOT POINTS]
Technology (27.2%)
Financial (14.6%)
Health Care (12.1%)
Utilities (12.0%)
Consumer Cyclicals (9.0%)
Capital Goods (6.7%)
Energy (5.8%)
Cash Equivalents & Short-Term Paper (4.8%)
Consumer Staples (4.7%)
Basic Materials (2.4%)
Real Estate (0.7%)
[END PLOT POINTS]
Top Ten Equity Holdings of the Portfolio
1. 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 communications products, system management software, conferencing
products and digital imaging products.
2. International Business Machines Corp. (4.2%) 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.
3. General Electric Co. (4.2%) 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, asset management and insurance. It also owns
the National Broadcasting Company.
4. Texas Instruments, Inc. (4.0%) Provides semiconductor products as well as
designs and supplies digital processing and analog technologies. It also
conducts businesses in materials and controls, educational and productivity
solutions and digital imaging.
5. Citigroup, Inc. (3.1%) A diversified financial services holding company that
provides a broad range of financial services to consumers and corporate
customers around the world. Services include investment banking, retail
brokerage, corporate banking and cash management products and services.
6. Oracle Corp. (3.1%) Supplies software for enterprise information management.
Offers databases and relational servers, application development and decision
support, and enterprise business applications.
7. American International Group, Inc. (3.0%) Writes property and casualty
insurance and life insurance, and provides a variety of insurance and
insurance-related services through its subsidiaries in the U.S. and overseas.
8. Lucent Technologies, Inc. (2.7%) Designs, builds and delivers a wide range
of public and private networks, communications systems and software, and data
networking systems. Also designs telephone systems and microelectric
components.
9. Pfizer, Inc. (2.5%) A research-based, global pharmaceutical company that
discovers, develops, manufactures and markets medicines for humans and animals.
Products include prescription pharmaceuticals, non-prescription
self-medications and animal health products.
10. Enron Corp. (2.4%) Produces electricity and natural gas, develops,
constructs and operates energy facilities worldwide, and delivers both physical
commodities and financial and risk management services to customers. It is also
developing an intelligent network platform to facilitate online business.
Top 10 equity holdings comprised 33.9% of the Portfolio's market value of
investments. Portfolio holdings are subject to change at any time.
15
<PAGE>
CHASE VISTA SELECT EQUITY INCOME FUND
As of April 30, 2000 (Unaudited)
Average Annual Total Returns
<TABLE>
<CAPTION>
1 Year 5 Years 10 Years
-----------------------------------------------------------------
<S> <C> <C> <C>
Select Equity Income 0.55% 17.58% 14.97%
-----------------------------------------------------------------
</TABLE>
10-Year Performance (4/30/90 to 4/30/00)
[LINE CHART PLOT POINTS]
<TABLE>
<CAPTION>
Chase Vista Lipper Equity
Select Equity S&P 500 Income Funds
Income Fund Index Average
<S> <C> <C> <C>
1990 10000 10000 10000
1991 11721.3 11757.9 11165.5
1992 13392.6 13403.6 12944.3
1993 15553.5 14640.9 14625.6
1994 16179.9 15420.6 15488.5
1995 17957.6 18106.5 17252.6
1996 22916.8 23569.2 21560.1
1997 27867 29485.6 25340.3
1998 36812.8 41589.7 33956.2
1999 40144.7 50661.2 36475.5
2000 40361.7 55788.7 34925
</TABLE>
[END PLOT POINTS]
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 4/30/90, 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 unmanaged average and indices does not
include sales charges, but includes reinvestment of all distributions. The S&P
500 Index is a broad-based index that replicates the U.S. stock market. The
Lipper Average consists of funds that invest in equity income stocks. Investors
cannot invest directly in an index.
16
<PAGE>
--------------------------------------------------------------------------------
CHASE VISTA SELECT LARGE CAP EQUITY FUND
As of April 30, 2000 (Unaudited)
--------------------------------------------------------------------------------
How the Fund Performed
Chase Vista Select Large Cap Equity Fund, which invests in large US stocks with
strong fundamentals, rose 9.89% in the six months ended April 2000, versus the
7.18% return by the S&P 500 Index.
How the Fund Was Managed
The Fund's technology holdings drove performance as Wall Street focused on the
New Economy. Technology stocks posted exceptional gains in the closing months
of 1999, and continued to rise at a more muted pace in the first quarter of
2000.
Many of the leading technology companies held by the Fund have posted
consistently strong revenue growth. They are considered among the more certain
winners from the current technology revolution. Network equipment giant Cisco
Systems, for example, was one of the leading performers. Another strong
contributor was EMC Corp, the data storage group.
Semiconductor stocks were particularly strong. Rapid growth in the Internet,
mobile communications and new consumer electronics products is creating
unprecedented demand for semiconductor chips. This led to gains for stocks like
Altera, Applied Materials, Intel and Texas Instruments.
The Fund cut its holding in Microsoft ahead of the April antitrust ruling. It
used some of the money to invest in new holdings such as ADC
Telecommunications, the voicemail and data communications company. Another
stock added to the portfolio earlier in the year was Oracle, the software
company.
Compared with technology, other sectors had limited impact. Utilities came in a
distant second, with strong performances from AES and Enron. Both have
well-managed power businesses, but Enron also has a developing operation in
trading broadband telecommunications capacity.
Rising energy prices caused stock price appreciation among many exploration and
production companies and energy service companies. The Fund owned BJ Services,
an oil services company that benefited from the strong oil price.
Following the extraordinary rises in large cap technology stocks, the Fund made
some investments in middle capitalization equities. Many of these equities
offer compelling earnings growth, yet trade at reasonable valuations. Sanmina
Corp, a capital goods company that makes components like circuit boards for
technology companies, was among the additions.
Where the Fund May Be Headed
The Fund will continue to stick with its discipline of investing in stocks with
attractive earnings growth at reasonable valuations. In spite of the recent
volatility in technology, the manager will continue to seek the best ideas in
this sector. Fears of rate rises may hold equities back in the immediate
future, but we remain optimistic about prospects for later in the year.
17
<PAGE>
CHASE VISTA SELECT LARGE CAP EQUITY FUND
As of April 30, 2000 (Unaudited)
Percentage of Total Portfolio Investments
[PIE CHART PLOT POINTS]
Technology (35.4%)
Consumer Cyclicals (16.9%)
Financial (12.4%)
Utilities (9.6%)
Health Care (8.9%)
Capital Goods (5.7%)
Energy (5.4%)
Consumer Staples (2.6%)
Transportation (1.3%)
Basic Materials (0.9%)
Consumer Cyclicals (0.9%)
[END PLOT POINTS]
Top Ten Equity Holdings of the Portfolio
1. General Electric Co. (4.7%) 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. Cisco Systems, Inc. (3.7%) 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. Clients include utilities, corporations,
universities, governments and small- to medium-size businesses worldwide.
3. Intel Corp. (3.6%) 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 communications products, system management software, conferencing
products and digital imaging products.
4. ExxonMobil Corp. (3.1%) 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.
5. Microsoft Corp. (3.0%) Develops, manufactures, licenses, sells and supports
software products. The Company offers operating systems software, server
application software, business and consumer applications software, software
development tools and Internet and intranet software. It also develops the MSN
network of Internet products and services.
6. Wal-Mart Stores, Inc. (3.0%) Operates discount stores and Supercenters, as
well as Sam's Clubs. Its Wal-Mart discount stores and Supercenters offer
merchandise such as apparel, housewares, small appliances, electronics and
hardware.
7. American International Group, Inc. (2.9%) Writes property and casualty
insurance and life insurance, and provides a variety of insurance and
insurance-related services through its subsidiaries in the U.S. and overseas.
8. EMC Corp. (2.5%) Provides enterprise storage systems, software, networks and
services. The Company's products store, retrieve, manage, protect and share
information from all major computing environments.
9. Citigroup, Inc. (2.3%) A diversified financial services holding company that
provides a broad range of financial services to consumer and corporate
customers around the world. Services include investment banking, retail
brokerage, corporate banking and cash management products and services.
10. Enron Corp. (2.2%) Produces electricity and natural gas, develops,
constructs and operates energy facilities worldwide, and delivers both physical
commodities and financial and risk management services to customers. It is also
developing an intelligent network platform to facilitate online
business.
Top 10 equity holdings comprised 31.0% of the Portfolio's market value of
investments. Portfolio holdings are subject to change at any time.
18
<PAGE>
CHASE VISTA SELECT LARGE CAP EQUITY FUND
As of April 30, 2000 (Unaudited)
Average Annual Total Returns
<TABLE>
<CAPTION>
1 Year 5 Years 10 Years
------------------------------------------------------------
<S> <C> <C> <C>
Select Large Cap
Equity 9.66% 22.46% 16.50%
------------------------------------------------------------
</TABLE>
10-Year Performance (4/30/90 to 4/30/00)
[LINE CHART PLOT POINTS]
<TABLE>
<CAPTION>
Chase Vista Lipper Large-Cap
Select Large Cap S&P 500 Core Funds
Equity Fund Index Average
<S> <C> <C> <C>
1990 10000 10000 10000
1991 11817.9 11757.9 11620.8
1992 13302.2 13403.6 13381.2
1993 14283.3 14640.9 14640.9
1994 15046.7 15420.6 15582.8
1995 16735.1 18106.5 17440.5
1996 21341.5 23569.2 22319.7
1997 25402.2 29485.6 26601
1998 35822.3 41589.7 36687.4
1999 42042.9 50661.2 43319.5
2000 46070.4 55788.7 49381.2
</TABLE>
[END PLOT POINTS]
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 4/30/90, 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 unmanaged average and indices does not
include sales charges, but includes reinvestment of all distributions. The S&P
500 Index is a broad-based index that replicates the U.S. stock market. The
Lipper Average consists of funds that invest in a blend of both value and
growth large-cap stocks. Investors cannot invest directly in an index.
19
<PAGE>
--------------------------------------------------------------------------------
CHASE VISTA SELECT LARGE CAP GROWTH FUND
As of April 30, 2000 (Unaudited)
--------------------------------------------------------------------------------
How the Fund Performed
Chase Vista Select Large Cap Growth Fund, which focuses on strong earnings
momentum and profitability within the universe of growth-oriented stocks, rose
14.41% in the six months ended April 2000. The Fund strongly outperformed the
S&P 500/BARRA Growth Index, which had a return of 10.88%.
How the Fund Was Managed
Technology stocks drove performance in a period when Wall Street focused on
exciting prospects for the New Economy. These stocks posted huge gains in the
closing months of 1999, and continued to rise at a more muted pace in the first
quarter of 2000.
The Fund was invested in many of the blue-chip stocks that make the "plumbing"
for the digital economy. Cisco Systems, the network equipment giant, had an
exceptionally strong run in the period, and became the stock with the largest
market capitalization in the S&P 500. EMC Corp, the data storage group, was
another strong performer.
Semiconductor stock prices raced higher, buoyed by burgeoning demand for
semiconductor chips. Rapid growth in the Internet, mobile communications and
new consumer electronics products is creating unprecedented demand for chips.
This led to gains for holdings like Applied Materials, Intel, Texas Instruments
and KLA-Tencor, a company that provides yield management solutions for the
semiconductor industry.
A few financial stocks also performed well. Brokers Merrill Lynch and Morgan
Stanley Dean Witter moved higher, as did Charles Schwab.
Elsewhere, performance was mixed. There were, however, some strong performances
from stocks like General Electric, Corning, Walt Disney and Time Warner.
Following the extraordinary rises in large-cap technology stocks, the Fund made
some investments in middle capitalization equities. Many of these equities
offer compelling earnings growth, yet trade at reasonable valuations. Technical
analysis also indicates growing price momentum in this area of the market.
Holdings in mid-cap stocks and non-technology sectors helped the Fund limit
losses in April when many leading technology shares fell sharply.
Where the Fund May Be Headed
Above trend economic growth, with further rate rises, will dampen prospects for
equities in the immediate future, but we remain optimistic about prospects for
later in the year. The adviser believes that technology stocks will generate
strong performance over the long term.
20
<PAGE>
CHASE VISTA SELECT LARGE CAP GROWTH FUND
As of April 30, 2000 (Unaudited)
Percentage of Total Portfolio Investments
[PIE CHART PLOT POINTS]
Consumer Cyclicals (17.0%)
Cash Equivalents & Short-Term Paper (0.5%)
Technology (51.7%)
Utilities (3.5%)
Capital Goods (6.6%)
Health Care (13.4%)
Consumer Staples (2.2%)
Financial (5.1%)
[END PLOT POINTS]
Top Ten Equity Holdings of the Portfolio
1. Cisco Systems (6.3%) 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. Clients include utilities, corporations, universities,
governments and small- to medium-size businesses worldwide.
2. Intel Corp. (6.1%) 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 communications products, systems management software, conferencing
products and digital imaging products.
3. General Electric Co. (5.7%) 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.
4. Applied Materials, Inc. (5.4%) Develops, manufactures, markets and services
semiconductor wafer fabrication equipment and related spare parts for the
worldwide semiconductor industry. Customers include semiconductor wafer
manufacturers and semiconductor integrated circuit manufacturers.
5. EMC Corp. (4.8%) Provides enterprise storage systems, software, networks and
services. The Company's products store, retrieve, manage, protect and share
information from all major computing environments.
6. Novellus Systems, Inc. (4.7%) Manufactures, markets and services advanced
automated wafer fabrication systems for the deposition of thin films. Supplies
deposition systems used in the fabrication of integrated circuits.
7. Wal-Mart Stores, Inc. (3.6%) Operates discount stores and Supercenters, as
well as Sam's Clubs. Its Wal-Mart discount stores and Supercenters offer
merchandise such as apparel, housewares, small appliances, electronics and
hardware.
8. Oracle Corp. (3.4%) Supplies software for enterprise information management.
Offers databases and relational servers, application development and decision
support tools and enterprise business applications.
9. Microsoft Corp. (3.3%) Develops, manufactures, licenses, sells and supports
software products. The Company offers operating systems software, server
application software, business and consumer applications software, software
development tools and Internet and intranet software. It also develops the MSN
network of Internet products and services.
10. Amgen, Inc. (2.9%) Discovers, develops, manufactures and markets human
therapeutics based on cellular and molecular biology. It focuses its research
on secreted protein and small molecule therapeutics, with emphasis on
neuroscience and cancer.
Top 10 equity holdings comprised 46.2% of the Portfolio's market value of
investments. Portfolio holdings are subject to change at any time.
21
<PAGE>
CHASE VISTA SELECT LARGE CAP GROWTH FUND
As of April 30, 2000 (Unaudited)
Average Annual Total Returns
<TABLE>
<CAPTION>
1 Year 5 Years 10 Years
-----------------------------------------------------------
<S> <C> <C> <C>
Select Large Cap
Growth 23.86% 28.77% 19.77%
-----------------------------------------------------------
</TABLE>
10-Year Performance (4/30/90 to 4/30/00)
[LINE CHART PLOT POINTS]
<TABLE>
<CAPTION>
Chase Vista Lipper Large-Cap
Select Large Cap S&P 500/BARRA Growth Funds
Growth Fund Growth Index Average
<S> <C> <C> <C>
1990 10000 10000 10000
1991 11425.6 12234 12060.7
1992 12844.2 13952.1 13957.5
1993 14010.6 14521.5 14929
1994 14505.3 14951.9 16109.6
1995 17155.9 18077.2 18053.9
1996 21532 23569.2 23535.5
1997 24488.7 30750.5 27621
1998 36848.6 43970.9 39252.8
1999 49035.2 56878 50215.4
2000 60742.5 60289.8 61159.3
</TABLE>
[END PLOT POINTS]
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 4/30/90, 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 unmanaged average and 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 Average consists of funds that
invest in large-cap growth stocks. Investors cannot invest directly in an
index.
22
<PAGE>
--------------------------------------------------------------------------------
CHASE VISTA SELECT NEW GROWTH OPPORTUNITIES FUND
As of April 30, 2000 (Unaudited)
--------------------------------------------------------------------------------
How the Fund Performed
Chase Vista Select New Growth Opportunities Fund, which invests in mid-cap
stocks with attractive earnings prospects, rose 23.59% in the six months ended
April 2000. This compares favorably relative to the S&P 400 MidCap Index, which
increased 21.26% during the period.
How the Fund Was Managed
Mid-cap equities were among the strongest areas of the equity market, as both
robust earnings growth and price multiple expansion led to rising stock prices.
Much of the gain was concentrated in the technology sector where growth in
electronic communications--whether wireless or high speed broadband--
has led to burgeoning demand for semiconductors. The number of wireless phones
worldwide has expanded dramatically in recent years, while there has also been
a tremendous build-out of the fixed-wire communications network.
Among the Fund's semiconductor manufacturer stocks were Atmel and Vitesse
Semiconductor. KLA-Tencor, a company that provides yield management solutions
for the semiconductor industry, also performed well.
Energy stocks contributed to portfolio returns, as both natural gas and oil
prices rose. The Fund owned energy-service companies like Cooper Cameron, BJ
Services and Global Marine. It also owned two exploration and production
stocks, Anadarko Petroleum and Union Pacific Resources. The early April
announcement that these two companies would merge was extremely well received
by the market, and gave their aggregate price a further boost.
Another area of winning performance was drugs and biotechnology. The stocks of
companies with solid earnings growth prospects, and/or promising drug pipelines
rose swiftly during the period. Biotechnology stocks did particularly well, as
the equity market rewarded companies for taking high levels of risk that might
lead to considerable earnings expansion. The Fund held stocks like Biovail,
Chiron and Forest Laboratories.
Elsewhere, performance was mixed. Capital goods made a positive contribution,
helped by Vishay Intertechnology, which makes components for cell phones.
Financials and basic materials lost money.
Where the Fund May Be Headed
The Fund is well positioned in a broad spectrum of mid-cap stocks with rising
earnings expectations and strong fundamentals. As a mid-cap Fund, it should
also prove fairly resilient to any further volatility in the Nasdaq. In
summary, the Fund should benefit from the attractive characteristics of its
holdings in the long-term, and may withstand any short-term market instability.
23
<PAGE>
CHASE VISTA SELECT NEW GROWTH OPPORTUNITIES FUND
As of April 30, 2000 (Unaudited)
Percentage of Total Portfolio Investments
[PIE CHART PLOT POINTS]
Technology (28.3%)
Consumer Cyclicals (17.5%)
Energy (12.5%)
Financial (10.6%)
Health Care (9.6%)
Cash Equivalents & Short-Term Paper (7.1%)
Utilities (5.4%)
Capital Goods (3.6%)
Basic Materials (4.5%)
Transportation (0.9%)
[END PLOT POINTS]
Top Ten Equity Holdings of the Portfolio
1. Cooper Cameron Corp. (2.9%) Manufactures oil and gas pressure control
equipment, including valves, wellheads, chokes, blowout preventers and
assembled systems. Equipment used for oil and gas drilling, production and
transmission used in onshore, offshore and subsea applications.
2. Vishay Intertechnology, Inc. (2.4%) Manufactures a broad line of discrete
passive electronic components and discrete active electronic components,
particularly resistors, capacitors, diodes and transistors.
3. Altera Corp. (2.3%) Designs, manufactures and markets programmable logic
devices and associated development tools. Programmable logic devices are
semiconductor integrated circuits that offer on-site programmability to
customers.
4. Microchip Technology, Inc. (2.1%) Designs, manufactures and markets 8-bit
microcontrollers and related memory products for high-volume embedded control
applications. The Company serves the consumer, automotive, communication, office
automation and industrial markets.
5. Atmel Corp. (2.1%) Develops, designs, manufactures and markets various non-
volatile memory and logic integrated circuits using its proprietary technology.
6. Forest Laboratories Inc., Class A (1.8%) Develops and sells both branded and
generic forms of ethical products which require a physician's prescription. Also
manufactures non-prescription pharmaceutical products sold over the counter,
which are used for the treatment of a wide range of illnesses.
7. Anadarko Petroleum Corp. (1.7%) An independent oil and gas exploration and
production company which explores for oil in Kansas, Oklahoma and Texas, as
well as offshore in the Gulf of Mexico and in Alaska.
8. Union Pacific Resources Group (1.7%) Explores for and produces natural gas,
natural gas liquids and crude oil in several major producing basins in the U.S.
Canada, Guatemala, Venezuela and other international areas.
9. Health Management Associates, Inc., Class A (1.7%) Operates general acute
care hospitals in rural communities located primarily in the southeastern and
southwestern U.S.
10. BJ's Wholesale Club, Inc. (1.7%) A merchandise wholesale club chain. Sells
brand name food and general merchandise at discounted prices through clubs in
the eastern U.S.
Top 10 equity holdings comprised 20.4% of the Portfolio's market value of
investments. Portfolio holdings are subject to change at any time.
24
<PAGE>
CHASE VISTA SELECT NEW GROWTH OPPORTUNITIES FUND
As of April 30, 2000 (Unaudited)
Average Annual Total Returns
<TABLE>
<CAPTION>
1 Year 5 Years 10 Years
--------------------------------------------------------------
<S> <C> <C> <C>
Select New Growth
Opportunities 33.73% 17.62% 16.48%
--------------------------------------------------------------
</TABLE>
10-Year Performance (4/30/90 to 4/30/00)
[LINE CHART PLOT POINTS]
<TABLE>
<CAPTION>
Chase Vista Lipper Mid-Cap
Select New Growth S&P 400 Growth Funds
Opportunities Fund MidCap Index Average
<S> <C> <C> <C>
1990 10000 10000 10000
1991 11955.2 12526.9 11502.8
1992 14176 15037.7 12985.1
1993 16678 17215 15508.9
1994 19005.2 18905.8 16537.4
1995 20435.8 20754.6 19080.2
1996 25063.2 26938.3 29041.5
1997 23150.2 29663 27993.7
1998 35060.3 43878.9 33979
1999 34396.8 46698.4 38885.9
2000 45977.8 57687.1 63991.1
</TABLE>
[END PLOT POINTS]
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 4/30/00, and is adjusted to
reflect historical expenses at the level indicated (absent reimbursements) in
the Expense Summary for the Fund as disclosed in the Prospectus. The account
was not registered with the SEC and was not subject to investment restrictions
of registered mutual funds. If the account had been registered, performance may
have been adversely affected. The Fund is currently waiving fees. The waiver
may be terminated, which would reduce returns.
Chart illustrates comparative performance of $10,000 and assumes reinvestment
of all distributions. Performance of the unmanaged average and indices does not
include sales charges, but includes reinvestment of all distributions. The S&P
400 MidCap Index consists of 400 domestic stocks chosen for market size,
liquidity and industry group representation. The Lipper Average consists of
mid-cap growth funds. Investors cannot invest directly in an index.
25
<PAGE>
--------------------------------------------------------------------------------
CHASE VISTA SELECT SMALL CAP VALUE FUND
As of April 30, 2000 (Unaudited)
--------------------------------------------------------------------------------
How the Fund Performed
Chase Vista Select Small Cap Value Fund, which invests in undervalued stocks of
financially sound small capitalization companies, rose 21.68% in the six months
ended April 30, 2000. This compares favorably relative to the 17.25% return for
the S&P 600 Small Cap Index.
How the Fund Was Managed
Technology, capital goods and energy stocks drove performance. Because it has a
value style, this fund was not heavily exposed to technology, but it
nonetheless gained from the sector's explosive late-1999 rally, and more
measured climb in early 2000. It also benefited as small capitalization stocks
returned to favor following strong earnings growth.
Many stocks involved in the Internet and communications recorded exceptional
gains. Semiconductor stocks like Cree Inc performed well. Demand for
semiconductors is rising as the advance of technology spawns a growing number
of digital products. Rapid growth in the number of cell phones aided Vishay
Intertechnology, a capital goods company that makes components for these
phones. Another winning holding was Black Box Communications, the networking
equipment stock.
Energy stocks improved as energy prices climbed. The Fund held Louis Dreyfus
Natural Gas Corp, the exploration and production company. It also owned two
energy-services companies, Atwood Oceanics and Pride International.
Energy-services companies gain indirectly because rising energy prices
stimulate greater exploration activity.
Healthcare stocks also contributed. King Pharmaceuticals rose following FDA
approval to market its heart drug to a wider market.
But the return to favor of small caps led to gains in many areas. Even the
basic-materials sector, which was weak in other areas of the equity market,
made money. Further, the Fund's small-cap value stock mandate protected it from
April's technology stock correction. The Fund rose by just under 1.5% in the
month.
Where the Fund May Be Headed
The Fund is well positioned to benefit from the increasing popularity of small
cap stocks. Analysts forecast the small-cap universe will continue to report
earnings in advance of large caps (as represented by the S&P 500) through 2000
and 2001. Price momentum has already returned to the sector, and it is likely
to continue to outperform large caps.
Our optimism is, however, subject to one caveat. If interest rates rise by more
than currently anticipated, small-cap stocks could suffer.
26
<PAGE>
CHASE VISTA SELECT SMALL CAP VALUE FUND
As of April 30, 2000 (Unaudited)
Percentage of Total Portfolio Investments
[PIE CHART PLOT POINTS]
Technology (34.1%)
Consumer Cyclicals (16.9%)
Health Care (15.7%)
Financial (7.8%)
Capital Goods (7.7%)
Energy (6.0%)
Utilities (4.0%)
Cash Equivalents & Short-Term Paper (3.7%)
Basic Materials (1.5%)
Transportation (1.2%)
Consumer Staples (0.7%)
Real Estate (0.7%)
[END PLOT POINTS]
Top Ten Equity Holdings of the Portfolio
1. Vishay Intertechnology, Inc. (4.5%) Manufactures a broad line of discrete
passive electronic components and discrete active electronic components,
particularly resistors, capacitors, industors, diodes and transistors.
2. National Computer Systems, Inc. (2.7%) A global information services company
which provides software, services and systems for the collection, management,
and interpretation of data.
3. Cree, Inc. (2.5%) Develops and manufactures semiconductor materials and
electronic devices made from silicon carbide (SiC). Uses proprietary technology
to make enabling compound semiconducts such as blue and green light emitting
diodes.
4. Hadco Corp. (2.4%) Manufactures electronic interconnect products, which
include multilayer rigid printed circuits, backplace assemblies and system
assemblies.
5. PRI Automation, Inc. (2.3%) Supplies factory automation systems for
semiconductor manufacturers and original equipment suppliers. Offers integrated
solutions consisting of factory automation hardware and software that help
optimize the material and data flow throughout semiconductor fabrication
facilities.
6. Black Box Corp. (2.3%) Worldwide direct marketer and technical service
provider of computer communications and networking equipment and services.
Offers businesses throughout the world access to numerous computer
communications and networking products.
7. BJ's Wholesale Club, Inc. (2.0%) A merchandise wholesale club chain. Sells
brand name food and general merchandise at discounted prices through clubs
in the eastern U.S.
8. CTS Corp. (1.8%) Designs, manufactures and sells electronic components and
custom electronic assemblies. Sells products to original equipment
manufacturers primarily in the communications equipment, automotive and
computer equipment markets worldwide.
9. King Pharmaceuticals, Inc. (1.8%) Develops and sells primarily branded
prescription pharmaceutical products. Markets its products to general/family
practitioners and internal medicine physicians and hospitals across the U.S.
10. Varian, Inc. (1.7%) Develops, sells, and services a variety of scientific
instruments and vacuum technologies. Supplies analytical and research
instruments and related equipment for studying the chemical composition of a
range of substances as well as develops nuclear magnetic resonance
spectrometers and vacuum products.
Top 10 equity holdings comprised 24.0% of the Portfolio's market value of
investments. Portfolio holdings are subject to change at any time.
27
<PAGE>
CHASE VISTA SELECT SMALL CAP VALUE FUND
As of April 30, 2000 (Unaudited)
Average Annual Total Returns
<TABLE>
<CAPTION>
1 Year 5 Years 10 Years
-------------------------------------------------------------------
<S> <C> <C> <C>
Select Small Cap Value 5.98% 10.57% 13.79%
-------------------------------------------------------------------
</TABLE>
10-Year Performance (4/30/90 to 4/30/00)
[LINE CHART PLOT POINTS]
<TABLE>
<CAPTION>
Chase Vista Lipper Small-Cap
Select Small Cap S&P 600 Value Funds
Value Fund Small Cap Index Average
<S> <C> <C> <C>
1990 10000 10000 10000
1991 11424.9 10553.4 11112.7
1992 14019.9 12635.2 13300.1
1993 17344.9 14891 15288.4
1994 19776.6 17041.1 17086.1
1995 22019.5 18066.4 18352.8
1996 27676.7 24514.2 23503.2
1997 27533.1 25437.2 25925
1998 37689.4 37331.2 37122.4
1999 34335 31991.3 30745.1
2000 36392.8 38545.7 34690
</TABLE>
[END PLOT POINTS]
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 4/30/90, 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 unmanaged average and indices does not
include sales charges, but includes reinvestment of all distributions. The S&P
600 Small Cap Index includes 600 stocks of small U.S. companies chosen for
market size, liquidity and industry group representation. The Lipper Average
consists of funds that invest in small capitalization 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.
28
<PAGE>
--------------------------------------------------------------------------------
CHASE VISTA SELECT INTERNATIONAL EQUITY FUND
As of April 30, 2000 (Unaudited)
--------------------------------------------------------------------------------
How the Fund Performed
Chase Vista Select International Equity Fund had a total return of 20.14% for
the six months ended April 30, 2000. This compares to a return of 6.84% for the
MSCI EAFE Index.
How the Fund Was Managed
The Fund's strong relative performance was primarily driven by the management
team's focus on technology, telecommunications and Internet companies as global
investors preferred these sectors almost exclusively in markets around the
world. Early in the period, the Fund benefited from very good stock selection
in Europe, where two-thirds of its assets were invested and where the
management team mixed well-known names with smaller "new technology" holdings.
The Fund was also helped by having pared back holdings in "new economy" stocks
prior to and during the selloff in these issues, thus being able to maintain
the performance advantage over its peers that had been built earlier in the
period.
In terms of regional, country and currency exposure, the Fund was fairly
neutral for most of the reporting period. Early on, there was a slight bias
towards Latin America at the expense of Southeast Asia, but the management team
later reduced Latin American holdings on the belief that the region's markets
would underperform due to rising US interest rates.
Individual stock selection remained the most important factor driving fund
management decisions. When the Fund's holdings in new economy stocks were
reduced towards the end of the reporting period, these assets were reallocated
on a stock-by-stock basis with particular emphasis on large index stocks in
Europe that had underperformed but which, in the management team's view, were
likely to benefit from the economic growth present in the world economy.
Where the Fund May Be Headed
Moving forward, the management team expects to maintain its neutral regional
exposure and focus on individual stock selection. One area of interest is
semiconductor stocks in Europe, where tremendous demand is leading to massive
shortages and helping to push the stocks of semiconductor producers and
equipment manufacturers higher. Further, the management team is bullish about
economic growth in Europe and the potential results for exporting companies as
a result of the weak Euro.
29
<PAGE>
CHASE VISTA SELECT INTERNATIONAL EQUITY FUND
As of April 30, 2000 (Unaudited)
Percentage of Total Portfolio Investments
[PIE CHART PLOT POINTS]
Japan (24.5%)
United Kingdom (20.1%)
France (11.9%)
Switzerland (8.0%)
Germany (7.2%)
Finland (5.9%)
Spain (4.6%)
Sweden (3.9%)
Italy (3.7%)
Netherlands (3.2%)
Brazil (1.9%)
United States (1.1%)
Australia (1.0%)
Other (3.0%)
[END PLOT POINTS]
Top Ten Equity Holdings of the Portfolio
1. Nokia OYJ (3.7%) An international telecommunications company which develops
and manufactures mobile phones, networks and systems for
cellular and fixed networks.
2. Vodafone AirTouch PLC (3.6%) Provides mobile telecommunications services. It
supplies customers with digital and analog cellular telephone, paging and
personal communications services.
3. Telefonaktiebolaget LM Ericsson, Class B (2.8%) Develops and produces
advanced systems and products for wired and mobile communications in public and
private networks. The product line includes digital and analog systems for
telephones and networks, microwave radio links, radar surveillance systems and
business systems.
4. BP Amoco PLC (2.5%) An oil and petrochemicals company which explores for and
produces oil and natural gas; refines, markets and supplies petroleum products;
and manufactures and markets chemicals.
5. Total Fina SA, Class B (2.1%) 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.
6. Barclays PLC (1.9%) Offers commercial and investment banking, insurance,
financial and related services. Its subsidiary, Barclays Bank plc, operates
over 1,900 branches in the United Kingdom. Overall, the Company operates
branches in over 60 countries.
7. NTT DoCoMo, Inc. (1.9%) Provides various types of telecommunications
services including cellular phones, personal handphone systems, paging,
satellite mobile communication and wireless Private Branch Exchange system
services.
8. Sonera OYJ (1.8%) Offers telecommunications services, including fixed line
and mobile telephone, data communications and networked multimedia services.
9. Credit Commercial de France (1.7%) Provides retail banking, investment
banking, fund management and private banking through 195 branches in France,
with regional banks operating another 450 branches.
10. SmithKline Beecham PLC (1.6%) Discovers, develops, manufactures and markets
pharmaceuticals, vaccines, over the counter medicines and health-related
consumer products. Also provides healthcare services, including clinical
laboratory testing, disease management and pharmaceutical benefit management.
Top 10 equity holdings comprised 23.6% of the Portfolio's market value of
investments. Portfolio holdings are subject to change at any time.
30
<PAGE>
CHASE VISTA SELECT INTERNATIONAL EQUITY FUND
As of April 30, 2000 (Unaudited)
Average Annual Total Returns
<TABLE>
<CAPTION>
Since Inception
1 Year 5 Years (5/31/93)
------------------------------------------------------------------------
<S> <C> <C> <C>
Select International
Equity 28.35% 14.29% 10.49%
------------------------------------------------------------------------
</TABLE>
Life of Fund Performance (5/31/93 to 4/30/00)
[LINE CHART PLOT POINTS]
<TABLE>
<CAPTION>
Chase Vista
Select International MSCI EAFE Lipper International
Equity Fund Index Funds Average
<S> <C> <C> <C>
5/31/93 10000 11248.5 10597
1994 10605.5 11448.3 11868.1
1995 10222.4 12123 11780.6
1996 12245.5 13544.3 13721.5
1997 12646.1 13461.1 14522.5
1998 15487.8 16049.9 17530.8
1999 15529.9 17624.4 18081.1
2000 19937.5 20124.5 22417.5
</TABLE>
[END PLOT POINTS]
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 unmanaged average and indices does not
include sales charges, but includes reinvestment of all distributions. The MSCI
EAFE Index is a replica of the world's equity markets, excluding the U.S. and
Canada. The Lipper Average consists of international stock funds. International
investing involves a greater degree of risk and increased volatility. Changes
in currency exchange rates and differences in accounting and taxation policies
outside the U.S. can raise or lower returns. Also, some overseas markets may
not be as politically or economically stable as the U.S. or other nations.
Investors cannot invest directly in an index.
31
<PAGE>
--------------------------------------------------------------------------------
CHASE VISTA SELECT SHORT-TERM BOND FUND
Portfolio of Investments
--------------------------------------------------------------------------------
As of April 30, 2000 (unaudited)
(Amounts in Thousands)
<TABLE>
<CAPTION>
Principal
Amount
(USD) Issuer Value
---------------------------------------------------------------------------------------
Long-Term Investments -- 92.2%
---------------------------------------------------------------------------------------
<S> <C> <C>
U.S. Treasury Securities -- 3.6%
--------------------------------
U.S. Treasury Notes & Bonds,
$ 400 4.63%, 12/31/00 $ 395
300 5.88%, 11/15/04 292
---------------------------------------------------------------------
Total U.S. Treasury Securities 687
(Cost $697)
---------------------------------------------------------------------
U.S. Government Agency Securities -- 15.0%
------------------------------------------
1,000 Federal Home Loan Bank, 5.50%, 08/13/01 982
2,000 Federal National Mortgage Association, 5.75%, 04/15/03 1,925
---------------------------------------------------------------------
Total U.S. Government Agency Securities 2,907
(Cost $2,928)
---------------------------------------------------------------------
Corporate Notes & Bonds -- 57.5%
--------------------------------
Automotive -- 9.0%
600 DaimlerChrysler North America Holding Corp.
(Germany), MTN, 6.84%, 10/15/02 592
650 General Motors Acceptance Corp., MTN, 8.25%, 02/28/02 658
500 TRW, Inc., 6.45%, 06/15/01 491
-----
1,741
Banking -- 16.3%
600 Bank of America Corp., 8.38%, 03/15/02 608
500 Bank of New York Co., Inc., 7.63%, 07/15/02 502
650 Bank One Corp., 8.10%, 03/01/02 655
700 First Union Corp, 8.00%, 11/15/02 706
700 Norwest Corp., MTN, 5.75%, 02/01/03 669
-----
3,140
Business Services -- 1.9%
375 Comdisco, Inc., 5.95%, 04/30/02 360
Diversified -- 2.5%
500 Tyco International Group, SA (Luxemburg), 6.13%, 06/15/01 491
Financial Services -- 9.2%
750 Household Finance Corp., MTN, FRN, 6.13%, 07/15/12 727
555 International Lease Finance Corp., MTN, 8.16%, 02/14/02 563
500 Lehman Brothers Holdings, Inc., MTN, 6.38%, 03/15/01 495
-----
1,785
Insurance -- 5.1%
750 American General Finance Corp., 5.90%, 01/15/03 717
375 Conseco, Inc., MTN, 7.60%, 06/21/01 270
-----
987
Office/Business Equipment -- 3.4%
650 Xerox Corp., 8.13%, 04/15/02 653
Pipelines -- 2.6%
500 EL Paso Energy Corp., Class B, 6.63%, 07/15/01 494
Retailing -- 2.5%
500 Kroger Co., Ser. B, 6.34%, 06/01/01 491
</TABLE>
See notes to financial statements.
32
<PAGE>
CHASE VISTA SELECT SHORT-TERM BOND FUND
Portfolio of Investments (Continued)
As of April 30, 2000 (unaudited)
(Amounts in Thousands)
<TABLE>
<CAPTION>
Principal
Amount
(USD) Issuer Value
------------------------------------------------------------------------------------------------
Long-Term Investments -- Continued
------------------------------------------------------------------------------------------------
<S> <C> <C>
Telecommunications -- 3.8%
$ 250 AT&T Capital Corp., MTN, 6.25%, 05/15/01 $ 247
500 GTE South, Inc., Class B, 7.25%, 08/01/02 497
-------
744
Utilities -- 1.2%
250 TXU Eastern Funding (United Kingdom), 6.15%, 05/15/02 241
------------------------------------------------------------------------------
Total Corporate Notes & Bonds 11,127
(Cost $11,377)
------------------------------------------------------------------------------
Collateralized Mortgage Obligation -- 2.2%
------------------------------------------
430 Federal National Mortgage Association, Ser. 1993-250,
Class A, 6.15%, 09/25/16 425
(Cost $427)
Commercial Mortgage Backed Securities -- 2.0%
---------------------------------------------
89 Credit Suisse First Boston Mortgage Securities Corp.,
Ser. 1997-SPCE, Class A, #, 6.65%, 06/20/03 87
300 Nationslink Funding Corp., Ser. 1999-SL, Class A2, 6.10%, 12/10/01 294
------------------------------------------------------------------------------
Total Commercial Mortgage Backed Securities 381
(Cost $389)
------------------------------------------------------------------------------
Asset Backed Securities -- 11.9%
--------------------------------
750 Carco Auto Loan Master Trust, Ser. 1999-1, Class A2,
5.78%, 03/15/04 729
750 Citibank Credit Card Master Trust I, Ser. 1997-2, Class A,
6.55%, 02/15/04 740
500 GE Capital Mortgage Services, Inc., Ser. 1999-HE3,
Class A2, 7.00%, 09/25/13 495
350 Residential Asset Securities Corp., Ser. 1999-KS2,
Class A14, 6.80%, 10/25/23 342
------------------------------------------------------------------------------
Total Asset Backed Securities 2,306
(Cost $2,369)
------------------------------------------------------------------------------------------------
Total Long-Term Investments 17,833
(Cost $18,187)
------------------------------------------------------------------------------------------------
Short-Term Investment -- 7.4%
------------------------------------------------------------------------------------------------
Repurchase Agreement -- 7.4%
----------------------------
1,434 Greenwich Capital Markets, Inc., 5.80%, due 05/01/00
(Dated 04/28/00, Proceeds $1,435, Secured by FHLMC,
$1,492, 6.48%, due 05/15/29; Market Value $1,466) 1,434
(Cost $1,434)
------------------------------------------------------------------------------------------------
Total Investments -- 99.6% $19,267
(Cost $19,621)
------------------------------------------------------------------------------------------------
</TABLE>
See notes to financial statements.
33
<PAGE>
--------------------------------------------------------------------------------
CHASE VISTA SELECT INTERMEDIATE BOND FUND
Portfolio of Investments
--------------------------------------------------------------------------------
As of April 30, 2000 (unaudited)
(Amounts in Thousands)
<TABLE>
<CAPTION>
Principal
Amount
(USD) Issuer Value
-----------------------------------------------------------------------
Long-Term Investments -- 97.5%
-----------------------------------------------------------------------
<S> <C> <C>
U.S. Treasury Securities -- 34.6%
---------------------------------
U.S. Treasury Notes & Bonds,
$ 14,000 4.50%, 09/30/00 $13,893
4,500 4.75%, 02/15/04 4,229
3,000 4.88%, 03/31/01 2,956
8,170 5.25%, 05/31/01 8,063
10,000 5.25%, 08/15/03 9,608
14,000 5.25%, 05/15/04 13,350
3,000 5.25%, 02/15/29 2,635
5,300 5.75%, 06/30/01 5,249
2,650 5.75%, 08/15/03 2,583
3,000 6.13%, 08/15/29 3,007
9,000 6.25%, 08/31/02 8,917
4,700 6.25%, 02/15/03 4,652
21,725 6.50%, 05/31/02 21,647
2,600 6.63%, 05/15/07 2,617
22,000 8.13%, 08/15/19 26,434
-----------------------------------------------------
Total U.S. Treasury Securities 129,840
(Cost $130,980)
-----------------------------------------------------
U.S. Government Agency Securities -- 14.3%
------------------------------------------
8,000 Federal Home Loan Bank, 4.88%, 01/22/02 7,715
Federal Home Loan Mortgage Corp.,
8,000 5.00%, 01/15/04 7,424
3,500 5.13%, 10/15/08 3,020
Federal National Mortgage Association,
9,800 5.13%, 02/13/04 9,122
7,500 5.75%, 04/15/03 7,220
3,500 5.88%, 04/23/04 3,322
7,000 6.00%, 05/15/08 6,447
10,000 6.63%, 09/15/09 9,539
-----------------------------------------------------
Total U.S. Government Agency Securities 53,809
(Cost $57,218)
-----------------------------------------------------
Corporate Notes & Bonds -- 32.0%
--------------------------------
Aerospace -- 0.9%
3,270 Raytheon Co., #, 7.90%, 03/01/03 3,214
Automotive -- 2.3%
5,000 Ford Motor Credit Co., 6.70%, 07/16/04 4,808
3,850 TRW, Inc., 6.45%, 06/15/01 3,781
-------
8,589
Banking -- 1.3%
5,575 U.S. Bank, NA, 5.70%, 12/15/08 4,793
Broadcasting/Cable -- 3.5%
4,305 Cox Communications, Inc., 7.88%, 08/15/09 4,179
5,425 Jones Intercable, Inc., 7.63%, 04/15/08 5,190
4,275 USA Networks, Inc., 6.75%, 11/15/05 3,981
-------
13,350
</TABLE>
See notes to financial statements.
34
<PAGE>
CHASE VISTA SELECT INTERMEDIATE BOND FUND
Portfolio of Investments (Continued)
As of April 30, 2000 (unaudited)
(Amounts in Thousands)
<TABLE>
<CAPTION>
Principal
Amount
(USD) Issuer Value
------------------------------------------------------------------------------------
Long-Term Investments -- Continued
------------------------------------------------------------------------------------
<S> <C> <C>
Chemicals -- 1.3%
$ 5,000 Rohm & Haas Co., 7.40%, 07/15/09 $ 4,876
Consumer Products -- 1.5%
5,890 Procter & Gamble Co., 6.60%, 12/15/04 5,746
Financial Services -- 2.0%
Lehman Brothers Holdings, Inc.,
4,675 7.75%, 01/15/05 4,678
3,000 MTN, 6.40%, 08/30/00 2,992
-------
7,670
Food/Beverage Products -- 1.0%
3,975 Coca-Cola Enterprises, 7.13%, 09/30/09 3,803
Insurance -- 1.0%
6,025 Conseco, Inc., 8.50%, 10/15/02 3,796
Oil & Gas -- 2.2%
6,150 Amerada Hess Corp., 7.38%, 10/01/09 5,810
2,560 PEMEX Finance LTD (Cayman Islands), #, 9.03%, 02/15/11 2,587
-------
8,397
Retailing -- 2.5%
5,000 SAKS Inc., 7.00%, 07/15/04 4,485
5,175 Wal-Mart Stores, Inc., 6.88%, 08/10/09 4,967
-------
9,452
Telecommunications -- 5.4%
7,000 MCI Worldcom Inc., 7.55%, 04/01/04 6,944
4,000 Metronet Communications Corp. (Canada), SUB,
0.00%, 06/15/03 3,192
6,000 U.S. West Capital Funding, Inc., 6.50%, 11/15/18 5,087
5,200 Vodafone AirTouch PLC (United Kingdom), #,
7.63%, 02/15/05 5,176
-------
20,399
Utilities -- 7.1%
4,000 Cilcorp Inc., 8.70%, 10/15/09 4,000
7,000 Empresa Nacional de Electricidad SA (Chile), Ser. B,
8.50%, 04/01/09 6,833
6,000 Israel Electronic Corp. (Israel), MTN, #, 8.25%,
10/15/09 6,030
5,000 National Rural Utilities Cooperative Finance Corp.,
5.50%, 01/15/05 4,599
5,200 TXU Eastern Funding (United Kingdom), 6.45%, 05/15/05 4,791
-------
26,253
------------------------------------------------------------------
Total Corporate Notes & Bonds 120,338
(Cost $127,009)
------------------------------------------------------------------
Residential Mortgage Backed Securities -- 12.5%
-----------------------------------------------
Collateralized Mortgage Obligations -- 2.6%
5,000 Federal Home Loan Mortgage Corp., Ser. 2155, Class
PC, 6.00%, 11/15/17 4,779
4,200 Federal National Mortgage Association, Ser. 1999-17,
Class PC, 6.00%, 12/25/22 3,940
</TABLE>
See notes to financial statements.
35
<PAGE>
CHASE VISTA SELECT INTERMEDIATE BOND FUND
Portfolio of Investments (Continued)
As of April 30, 2000 (unaudited)
(Amounts in Thousands)
<TABLE>
<CAPTION>
Principal
Amount
(USD) Issuer Value
--------------------------------------------------------------------------------------
Long-Term Investments -- Continued
--------------------------------------------------------------------------------------
<S> <C> <C>
Collateralized Mortgage Obligations -- Continued
$ 1,200 Structured Asset Securities Corp., Ser. 1998-2, Class M2,
FRN, 6.91%, 02/25/28 $ 1,201
--------
9,920
Mortgage Backed Pass-Through Securities -- 9.9%
Federal National Mortgage Association,
3,696 Pool 252435, 6.00%, 05/01/14 3,463
4,303 Pool 323614, 6.50%, 02/01/14 4,120
4,417 Pool 323633, 7.00%, 03/01/29 4,227
7,575 Pool 484753, 6.50%, 03/01/29 7,076
3,978 Pool 503220, 6.00%, 07/01/29 3,600
4,996 Pool 528667, 8.00%, 02/01/30 4,989
4,951 Pool 535218, 7.00%, 03/01/15 4,835
5,000 Government National Mortgage Association, Pool
508866, 7.50%, 09/15/29 4,917
--------
37,227
-----------------------------------------------------------------------
Total Residential Mortgage Backed Securities 47,147
(Cost $48,862)
-----------------------------------------------------------------------
Commercial Mortgage Backed Security -- 0.2%
-------------------------------------------
871 Credit Suisse First Boston Mortgage Securities Corp., Ser.
1997-SPCE, Class A, #, 6.65%, 06/20/03 851
(Cost $871)
Asset Backed Securities -- 3.9%
-------------------------------
4,750 American Express Credit Account Master Trust, Ser.
1997-1, Class A, 6.40%, 04/15/05 4,658
1,700 Citibank Credit Card Master Trust I, Ser. 1997-2, Class A,
6.55%, 02/15/04 1,677
5,000 Nomura CBO LTD, Ser. 1997-1, Class A2, FRN, #, 6.67%,
05/15/09 4,605
4,000 Standard Credit Card Trust, Ser. 93, 5.95%, 10/07/04 3,832
-----------------------------------------------------------------------
Total Asset Backed Securities 14,772
(Cost $15,668)
--------------------------------------------------------------------------------------
Total Long-Term Investments
(Cost $380,608) 366,757
--------------------------------------------------------------------------------------
Short-Term Investment -- 1.7%
--------------------------------------------------------------------------------------
Repurchase Agreement -- 1.7%
----------------------------
6,321 Greenwich Capital Markets, Inc., 5.80%, due 05/01/00
(Dated 04/28/00, Proceeds $6,324, Secured by FHLMC
$6,356, 6.48%, due 05/15/29; Market Value $6,452) 6,321
(Cost $6,321)
--------------------------------------------------------------------------------------
Total Investments -- 99.2% $373,078
(Cost $386,929)
--------------------------------------------------------------------------------------
</TABLE>
See notes to financial statements.
36
<PAGE>
--------------------------------------------------------------------------------
CHASE VISTA SELECT BOND FUND
Portfolio of Investments
--------------------------------------------------------------------------------
As of April 30, 2000 (unaudited)
(Amounts in Thousands)
<TABLE>
<CAPTION>
Principal
Amount
(USD) Issuer Value
------------------------------------------------------------------------------------
Long-Term Investments -- 97.7%
------------------------------------------------------------------------------------
<S> <C> <C>
U.S. Treasury Securities -- 16.8%
---------------------------------
U.S. Treasury Notes & Bonds,
$ 100 6.25%, 08/15/23 $ 100
7,500 7.13%, 02/15/23 8,278
13,000 7.63%, 02/15/25 15,273
49,000 8.13%, 08/15/19 58,877
10,000 11.25%, 02/15/15 14,631
------------------------------------------------------------------
Total U.S. Treasury Securities 97,159
(Cost $97,061)
------------------------------------------------------------------
U.S. Government Agency Securities -- 6.6%
-----------------------------------------
15,000 Federal Home Loan Bank, 6.38%, 08/15/06 14,246
Federal National Mortgage Association,
15,000 6.00%, 05/15/08 13,814
10,000 7.25%, 01/15/10 9,970
------------------------------------------------------------------
Total U.S. Government Agency Securities 38,030
(Cost $39,188)
------------------------------------------------------------------
Foreign Government Security -- 1.3%
-----------------------------------
7,750 Quebec Province (Canada), 6.50%, 01/17/06 7,364
(Cost $7,604)
Corporate Notes & Bonds -- 33.2%
--------------------------------
Aerospace -- 1.1%
6,700 Raytheon Co., #, 7.90%, 03/01/03 6,584
Automotive -- 2.8%
Ford Motor Credit Co.,
7,400 6.70%, 07/16/04 7,117
9,435 7.38%, 10/28/09 9,120
------
16,237
Banking -- 2.4%
7,700 Bank of America Corp., 7.80%, 02/15/10 7,646
6,722 Korea Development Bank (South Korea),
6.50%, 11/15/02 6,444
------
14,090
Broadcasting/Cable -- 1.0%
5,500 Comcast Corp., 10.25%, 10/15/01 5,689
Diversified -- 0.7%
4,265 Textron, Inc., 6.38%, 07/15/04 4,061
Financial Services -- 3.3%
2,050 Associates Corp. of North America, FRN, 6.24%, 06/14/01 2,051
Lehman Brothers Holdings Inc.,
7,750 6.63%, 02/05/06 7,300
9,885 MTN, FRN, 6.38%, 09/04/01 9,884
------
19,235
Insurance -- 1.0%
9,270 Conseco, Inc., 8.50%, 10/15/02 5,840
</TABLE>
See notes to financial statements.
37
<PAGE>
CHASE VISTA SELECT BOND FUND
Portfolio of Investments (Continued)
As of April 30, 2000 (unaudited)
(Amounts in Thousands)
<TABLE>
<CAPTION>
Principal
Amount
(USD) Issuer Value
-------------------------------------------------------------------------------------
Long-Term Investments -- Continued
-------------------------------------------------------------------------------------
<S> <C> <C>
Multi-Media -- 1.5%
$ 10,770 Time Warner Inc., 6.63%, 05/15/29 $ 8,945
Oil & Gas -- 6.1%
13,850 Amerada Hess Corp., 7.88%, 10/01/29 12,935
5,620 PEMEX Finance LTD (Cayman Islands), #, 9.03%, 02/15/11 5,680
10,200 Valero Energy Corp., #, 6.75%, 12/15/02 9,878
6,500 YPF Sociedad Anonima (Argentina), 7.25%, 03/15/03 6,191
-------
34,684
Packaging -- 0.9%
5,175 Tenneco Packaging, Inc., 8.00%, 04/15/07 5,141
Pipelines -- 1.6%
10,475 EL Paso Energy Corp., 6.75%, 05/15/09 9,438
Retailing -- 2.4%
7,500 SAKS Inc., 7.25%, 12/01/04 6,741
7,540 Wal-Mart Stores, Inc., 6.88%, 08/10/09 7,237
-------
13,978
Telecommunications -- 4.4%
5,550 Metronet Communications Corp. (Canada), SUB, 0.00%,
06/15/03 4,429
8,450 Sprint Capital Corp., 6.88%, 11/15/28 7,380
5,575 U.S. West Capital Funding, Inc., 6.25%, 07/15/05 5,218
8,000 Vodafone AirTouch PLC (United Kingdom), #, 7.63%,
02/15/05 7,963
-------
24,990
Utilities -- 4.0%
6,000 Cilcorp Inc., 8.70%, 10/15/09 5,999
6,000 Empresa Nacional de Electricidad SA (Chile), Ser. B,
8.50%, 04/01/09 5,858
4,650 Israel Electric Corp. (Israel), MTN, #, 7.75%, 12/15/27 4,016
6,815 TXU Eastern Funding (United Kingdom), 6.15%,
05/15/02 6,582
-------
22,455
-------------------------------------------------------------------
Total Corporate Notes & Bonds 191,367
(Cost $198,013)
-------------------------------------------------------------------
Residential Mortgage Backed Securities -- 34.3%
-----------------------------------------------
Collateralized Mortgage Obligations -- 2.0%
Federal National Mortgage Association,
2,036 Ser. 1993-250, Class A, 6.15%, 09/25/16 2,011
10,000 Ser. 1999-17, Class PC, 6.00%, 12/25/22 9,381
-------
11,392
Mortgage Backed Pass-Through Securities -- 32.3%
Federal National Mortgage Association,
12,699 Pool 252093, 6.50%, 11/01/28 11,862
11,444 Pool 252339, 6.00%, 02/01/29 10,360
2,310 Pool 252435, 6.00%, 05/01/14 2,164
3,856 Pool 303784, 7.00%, 03/01/11 3,767
25,317 Pool 323633, 7.00%, 03/01/29 24,224
22,867 Pool 323645, 7.50%, 03/01/29 22,417
</TABLE>
See notes to financial statements.
38
<PAGE>
CHASE VISTA SELECT BOND FUND
Portfolio of Investments (Continued)
As of April 30, 2000 (unaudited)
(Amounts in Thousands)
<TABLE>
<CAPTION>
Principal
Amount
(USD) Issuer Value
------------------------------------------------------------------------------------
Long-Term Investments -- Continued
------------------------------------------------------------------------------------
<S> <C> <C>
Mortgage Backed Pass-Through Securities -- Continued
Federal National Mortgage Association -- Continued
$ 4,642 Pool 323688, 7.50%, 03/01/29 $ 4,551
6,575 Pool 323714, 7.00%, 04/01/14 6,421
9,232 Pool 484753, 6.50%, 03/01/29 8,624
10,847 Pool 490445, 6.00%, 03/01/29 9,820
11,828 Pool 494272, 6.50%, 04/01/29 11,048
4,870 Pool 503599, 6.50%, 06/01/29 4,544
9,197 Pool 534064, 8.00%, 03/01/30 9,183
22,778 Pool 535052, 6.00%, 11/01/19 21,326
Government National Mortgage Association,
14,825 Pool 487224, 6.50%, 05/15/29 13,885
12,394 Pool 510285, 7.00%, 08/15/29 11,917
10,060 Pool 527141, 8.00%, 03/15/30 10,079
--------
186,192
---------------------------------------------------------------------
Total Residential Mortgage Backed Securities 197,584
(Cost $204,866)
---------------------------------------------------------------------
Commercial Mortgage Backed Security -- 0.5%
-------------------------------------------
3,225 Nationslink Funding Corp., Ser. 1999-SL, Class A2, 6.10%,
12/10/01 3,163
(Cost $3,225)
Asset Backed Securities -- 5.0%
-------------------------------
MBNA Master Credit Card Trust,
7,500 Ser. 1999-J, Class A, 7.00%, 02/15/12 7,277
8,300 Ser. 1999-M, Class B, 6.80%, 04/16/07 8,039
6,500 Nomura CBO LTD, Ser. 1997-1, Class A2, FRN, #, 6.67%,
05/15/09 5,987
7,500 Residential Funding Mortgage Securities II, Ser. 2000-
HI1, Class AI4, 7.79%, 01/25/14 7,434
---------------------------------------------------------------------
Total Asset Backed Securities 28,737
(Cost $29,828)
------------------------------------------------------------------------------------
Total Long-Term Investments 563,404
(Cost $579,785)
------------------------------------------------------------------------------------
Short-Term Investments -- 1.7%
------------------------------------------------------------------------------------
U.S. Treasury Security -- 0.3%
------------------------------
2,000 U.S. Treasury Bill, 5.46%, 06/08/00@ 1,989
(Cost $1,989)
Repurchase Agreement -- 1.4%
----------------------------
8,305 Greenwich Capital Markets, Inc., 5.80%, due 05/01/00
(Dated 04/28/00, Proceeds $8,309, Secured by FHLMC,
$9,114, 6.50% through 8.00%, due 05/15/15 through
11/15/29; Market Value $8,473) 8,305
(Cost $8,305)
------------------------------------------------------------------------------------
Total Short-Term Investments 10,294
(Cost $10,294)
------------------------------------------------------------------------------------
Total Investments -- 99.4% $573,698
(Cost $590,079)
------------------------------------------------------------------------------------
</TABLE>
See notes to financial statements.
39
<PAGE>
CHASE VISTA SELECT BOND FUND
Portfolio of Investments (Continued)
As of April 30, 2000 (unaudited)
(Amounts in Thousands)
<TABLE>
<CAPTION>
Short Futures Outstanding
-------------------------
Original Notional Unrealized
Number Notional Value at Appreciation/
of Expiration Value 04/30/00 (Depreciation)
Contracts Description Date (USD) (USD) (USD)
---------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
200 10 Year Treasury Notes June 2000 $ 19,381 $19,391 $(10)
400 5 Year Treasury Notes June 2000 39,315 39,031 284
300 2 Year Treasury Notes June 2000 59,499 59,170 329
</TABLE>
See notes to financial statements.
40
<PAGE>
--------------------------------------------------------------------------------
CHASE VISTA SELECT BALANCED FUND
Portfolio of Investments
--------------------------------------------------------------------------------
As of April 30, 2000 (unaudited)
(Amounts in Thousands)
<TABLE>
<CAPTION>
Shares Issuer Value
---------------------------------------------------------------------
Long-Term Investments -- 96.2%
---------------------------------------------------------------------
<S> <C> <C>
Common Stock -- 56.9%
---------------------
Advertising -- 0.3%
5 Omnicom Group $ 437
Airlines -- 0.7%
44 Southwest Airlines, Inc. 950
Automotive -- 0.7%
10 Ford Motor Co. 552
4 General Motors Corp. 375
-----
927
Banking -- 0.9%
10 Bank of America Corp. 494
17 Bank of New York Co., Inc. 698
-----
1,192
Biotechnology -- 0.5%
13 Amgen, Inc. * 706
Broadcasting/Cable -- 0.6%
16 AT&T Corp. -- Liberty Media Group, Class A * 779
Computer Networks -- 2.1%
41 Cisco Systems, Inc. * 2,815
Computer Software -- 3.0%
33 Microsoft Corp. * 2,295
14 Oracle Corp. * 1,151
8 Symantec Corp. * 493
-----
3,939
Computers/Computer Hardware -- 5.1%
21 Dell Computer Corp. * 1,053
14 EMC Corp. * 1,889
7 Hewlett-Packard Co. 878
14 International Business Machines Corp. 1,574
4 Lexmark International Group Inc., Class A * 413
10 Sun Microsystems, Inc. * 873
-----
6,680
Consumer Products -- 1.1%
17 Colgate-Palmolive Co. 948
8 Procter & Gamble Co. 465
-----
1,413
Diversified -- 3.3%
23 General Electric Co. 3,553
17 Tyco International LTD (Bermuda) 763
-----
4,316
Electronics/Electrical Equipment -- 1.6%
7 Molex Inc. 374
9 Sanmina Corp. * 565
24 Solectron Corp. * 1,141
-----
2,080
Financial Services -- 4.6%
9 American Express Co. 1,411
20 Charles Schwab Corp. 890
</TABLE>
See notes to financial statements.
41
<PAGE>
CHASE VISTA SELECT BALANCED FUND
Portfolio of Investments (Continued)
As of April 30, 2000 (unaudited)
(Amounts in Thousands)
<TABLE>
<CAPTION>
Shares Issuer Value
---------------------------------------------------------------------------
Long-Term Investments -- Continued
---------------------------------------------------------------------------
<S> <C> <C>
Financial Services -- Continued
30 Citigroup, Inc. $1,753
9 Merrill Lynch & Co., Inc. 948
13 Morgan Stanley Dean Witter & Co. 1,013
------
6,015
Food/Beverage Products -- 1.5%
9 Anheuser-Busch Companies, Inc. 663
15 Coca-Cola Co. 716
16 PepsiCo, Inc. 576
------
1,955
Health Care/Health Care Services -- 1.4%
14 Guidant Corp. * 798
19 Medtronic, Inc. 992
------
1,790
Insurance -- 1.7%
20 American International Group, Inc. 2,229
Internet Services/Software -- 0.9%
14 America Online, Inc. * 820
3 Yahoo Inc. * 410
------
1,230
Metals/Mining -- 0.5%
10 Alcoa, Inc. 668
Multi-Media -- 1.6%
22 The Walt Disney Co. 957
13 Time Warner, Inc. 1,133
------
2,090
Oil & Gas -- 3.1%
9 BJ Services Co. * 622
6 Chevron Corp. 536
31 Exxon Mobil Corp. 2,382
9 Royal Dutch Petroleum Co., N.Y. Registered Shares
(Netherlands) 528
------
4,068
Pharmaceuticals -- 3.2%
13 Bristol-Myers Squibb Co. 661
8 Johnson & Johnson 644
14 Merck & Co., Inc. 987
29 Pfizer, Inc. 1,219
7 Warner-Lambert Co. 751
------
4,262
Retailing -- 5.4%
14 Best Buy Co., Inc. * 1,147
15 Costco Wholesale Corp. * 783
25 Home Depot, Inc. 1,427
11 Target Corp. 706
41 Wal-Mart Stores, Inc. 2,265
29 Walgreen Co. 827
------
7,155
</TABLE>
See notes to financial statements.
42
<PAGE>
CHASE VISTA SELECT BALANCED FUND
Portfolio of Investments (Continued)
As of April 30, 2000 (unaudited)
(Amounts in Thousands)
<TABLE>
<CAPTION>
Shares Issuer Value
--------------------------------------------------------
Long-Term Investments -- Continued
--------------------------------------------------------
<S> <C> <C>
Semi-Conductors -- 4.6%
10 Altera Corp. * $ 971
11 Applied Materials, Inc. * 1,100
22 Intel Corp. 2,739
7 Texas Instruments, Inc. 1,189
------
5,999
Telecommunications -- 3.7%
19 AT&T Corp. 878
16 BellSouth Corp. 764
10 GTE Corp. 657
18 MCI WorldCom, Inc. * 818
22 SBC Communications, Inc. 965
13 Sprint Corp. (FON Group) 812
------
4,894
Telecommunications Equipment -- 3.0%
11 ADC Telecommunications, Inc. * 686
23 Lucent Technologies, Inc. 1,417
8 Motorola, Inc. 917
8 Nortel Networks Corp., (Canada) 951
------
3,971
Utilities -- 1.8%
7 AES Corp. * 657
24 Enron Corp. 1,700
------
2,357
----------------------------------------------
Total Common Stock 74,917
(Cost $52,724)
----------------------------------------------
Principal
Amount
U.S. Treasury Securities -- 6.8%
--------------------------------
U.S. Treasury Notes & Bonds,
$ 425 5.25%, 05/31/01 419
3,640 6.25%, 08/15/23 3,639
3,430 6.38%, 03/31/01 3,426
1,440 6.50%, 08/31/01 1,437
----------------------------------------------
Total U.S. Treasury Securities 8,921
(Cost $8,902)
----------------------------------------------
U.S. Government Agency Securities -- 5.2%
----------------------------------------------
2,100 Federal Home Loan Bank, 6.50%, 11/13/09 1,970
Federal Home Loan Mortgage Corp.,
500 5.13%, 10/15/08 431
1,976 7.00%, 11/01/29 1,892
Federal National Mortgage Association,
600 5.13%, 02/13/04 558
1,450 5.75%, 02/15/08 1,317
650 Tennessee Valley Authority, 6.75%,
11/01/25 634
----------------------------------------------
Total U.S. Government Agency Securities 6,802
(Cost $7,081)
---------------------------------------------
</TABLE>
See notes to financial statements.
43
<PAGE>
CHASE VISTA SELECT BALANCED FUND
Portfolio of Investments (Continued)
As of April 30, 2000 (unaudited)
(Amounts in Thousands)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
-------------------------------------------------------------------------------------
Long-Term Investments -- Continued
-------------------------------------------------------------------------------------
<S> <C> <C>
Corporate Notes & Bonds -- 16.9%
--------------------------------
Aerospace -- 0.7%
$ 1,000 Raytheon Co., 5.95%, 03/15/01 $ 984
Automotive -- 3.8%
1,800 DaimlerChrysler North America Holdings Corp., MTN,
6.63%, 09/21/01 1,776
1,250 Ford Motor Co., 7.45%, 07/16/31 1,184
500 Ford Motor Credit Co., 5.80%, 01/12/09 436
2,000 General Motors Acceptance Corp., 5.85%, 01/14/09 1,740
------
5,136
Computers/Computer Hardware -- 1.4%
1,800 IBM Credit Corp., MTN, 6.35%, 08/30/01 1,777
Diversified -- 0.7%
1,000 Textron, Inc., 6.38%, 07/15/04 952
Financial Services -- 3.9%
600 Goldman Sachs Group, Inc., 6.65%, 05/15/09 546
1,595 International Lease Finance Corp., MTN, 8.35%, 02/04/02 1,622
1,680 Merrill Lynch & Co., Inc., MTN, 5.71%, 01/15/02 1,634
1,500 Wisconsin Michigan Investment Corp., MTN, #, 6.94%,
12/01/28 1,302
------
5,104
Insurance -- 1.5%
900 Allstate Corp., 7.20%, 12/01/09 848
300 American General Finance Corp., MTN, 6.04%, 07/02/01 297
1,000 MBIA, Inc., 6.63%, 10/01/28 831
------
1,976
Machinery & Engineering Equipment -- 1.6%
1,800 Caterpillar Financial Services Corp., MTN, 5.89%,
06/17/02 1,744
465 Caterpillar, Inc., 6.63%, 07/15/28 399
------
2,143
Oil & Gas -- 0.6%
800 Conoco, Inc., 5.90%, 04/15/04 757
Retailing -- 0.4%
500 Dayton-Hudson Corp., 6.40%, 02/15/03 486
Telecommunications -- 0.4%
500 AT&T Corp., 5.63%, 03/15/04 467
Utilities -- 1.9%
1,800 Baltimore Gas & Electric Co., MTN, 6.90%, 02/01/05 1,752
800 National Rural Utilities Cooperative Finance Corp.,
5.50%, 01/15/05 736
------
2,488
---------------------------------------------------------------------
Total Corporate Notes & Bonds 22,270
(Cost $22,985)
---------------------------------------------------------------------
</TABLE>
See notes to financial statements.
44
<PAGE>
CHASE VISTA SELECT BALANCED FUND
Portfolio of Investments (Continued)
As of April 30, 2000 (unaudited)
(Amounts in Thousands)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
-----------------------------------------------------------------------------------
Long-Term Investments -- Continued
-----------------------------------------------------------------------------------
<S> <C> <C>
Residential Mortgage Backed Securities -- 10.4%
-----------------------------------------------
Mortgage Backed Pass-Through Securities -- 10.4%
$1,393 Federal Home Loan Mortgage Corp., Gold Pool C32996,
7.00%, 11/01/29 $ 1,333
3,227 Federal National Mortgage Association, Pool 323614,
6.50%, 02/01/14 3,091
Government National Mortgage Association,
1,700 Pool 423130, 8.50%, 10/15/29 1,730
3,100 Pool 487057, 6.50%, 03/15/29 2,903
2,223 Pool 513746, 7.00%, 08/15/29 2,138
2,633 Pool 516070, 6.50%, 09/15/29 2,466
--------------------------------------------------------------------
Total Residential Mortgage Backed Securities 13,661
(Cost $14,030)
-----------------------------------------------------------------------------------
Total Long-Term Investments 126,571
(Cost $105,722)
-----------------------------------------------------------------------------------
Short-Term Investment -- 3.5%
-----------------------------------------------------------------------------------
Repurchase Agreement -- 3.5%
----------------------------
4,586 Greenwich Capital Markets, Inc., 5.80%, due 05/01/00,
(Dated 04/28/00, Proceeds $4,588, Secured by FHLMC,
$4,660, 8.00%, due 05/15/15; Market Value $4,682) 4,586
(Cost $4,586)
-----------------------------------------------------------------------------------
Total Investments -- 99.7% $131,157
(Cost $110,308)
-----------------------------------------------------------------------------------
</TABLE>
See notes to financial statements.
45
<PAGE>
--------------------------------------------------------------------------------
CHASE VISTA SELECT EQUITY INCOME FUND
Portfolio of Investments
--------------------------------------------------------------------------------
As of April 30, 2000 (unaudited)
(Amounts in Thousands)
<TABLE>
<CAPTION>
Shares Issuer Value
--------------------------------------------------------------------
Long-Term Investments -- 95.4%
--------------------------------------------------------------------
<S> <C> <C>
Common Stock -- 95.4%
---------------------
Automotive -- 2.1%
126 Ford Motor Co. $6,885
83 General Motors Corp. 7,780
------
14,665
Banking -- 1.8%
316 Bank of New York Co., Inc. 12,985
Chemicals -- 1.9%
60 Dow Chemical Co. 6,826
134 E.I. DuPont de Nemours Co. 6,361
------
13,187
Computer Networks -- 2.4%
242 Cisco Systems, Inc. * 16,777
Computer Software -- 6.4%
142 Computer Associates International, Inc. 7,911
221 Microsoft Corp. * 15,387
273 Oracle Corp. * 21,823
------
45,121
Computers/Computer Hardware -- 5.7%
80 Hewlett-Packard Co. 10,760
267 International Business Machines Corp. 29,826
------
40,586
Consumer Products -- 2.3%
123 Gillette Co. 4,533
103 Philip Morris Companies, Inc. 2,248
155 Procter & Gamble Co. 9,253
------
16,034
Diversified -- 4.2%
188 General Electric Co. 29,556
Financial Services -- 9.8%
92 American Express Co. 13,836
371 Citigroup, Inc. 22,033
56 J.P. Morgan & Co. 7,215
93 Merrill Lynch & Co., Inc. 9,490
223 Morgan Stanley Dean Witter & Co. 17,131
------
69,705
Food/Beverage Products -- 4.7%
114 Anheuser-Busch Companies, Inc. 8,051
135 Coca-Cola Co. 6,353
128 PepsiCo, Inc. 4,678
388 Sysco Corp. 14,614
------
33,696
Insurance -- 3.0%
197 American International Group, Inc. 21,619
Machinery & Engineering Equipment -- 1.8%
250 Dover Corp. 12,698
Manufacturing -- 0.7%
87 Honeywell International, Inc. 4,889
</TABLE>
See notes to financial statements.
46
<PAGE>
CHASE VISTA SELECT EQUITY INCOME FUND
Portfolio of Investments (Continued)
As of April 30, 2000 (unaudited)
(Amounts in Thousands)
<TABLE>
<CAPTION>
Shares Issuer Value
--------------------------------------------------------------------------------
Long-Term Investments -- Continued
--------------------------------------------------------------------------------
<S> <C> <C>
Multi-Media -- 0.8%
125 The Walt Disney Co. $5,414
Oil & Gas -- 5.8%
119 BP Amoco PLC, ADR (United Kingdom) 6,071
111 Chevron Corp. 9,423
164 Exxon Mobil Corp. 12,710
182 Royal Dutch Petroleum Co., N.Y. Registered Shares
(Netherlands) 10,442
33 Schlumberger LTD 2,504
------
41,150
Paper/Forest Products -- 0.5%
90 International Paper Co. 3,296
Pharmaceuticals -- 12.0%
228 Abbott Laboratories 8,768
164 American Home Products Corp. 9,237
205 Bristol-Myers Squibb Co. 10,734
175 Eli Lilly & Co. 13,553
80 Johnson & Johnson 6,575
133 Merck & Co., Inc. 9,271
414 Pfizer, Inc. 17,457
201 Pharmacia Corp. 10,052
------
85,647
Real Estate Investment Trust -- 0.7%
250 Beacon Capital Partners, Inc. # 5,125
11 Beacon Capital Partners, Voting Trust #- --
45 Cypress Voting Trust #- --
------
5,125
Retailing -- 3.8%
75 Costco Wholesale Corp. * 4,055
149 Home Depot, Inc. 8,342
264 Wal-Mart Stores, Inc. 14,630
------
27,027
Semi-Conductors -- 8.8%
264 Intel Corp. 33,504
176 Texas Instruments, Inc. 28,650
------
62,154
Telecommunications -- 7.3%
185 AT&T Corp. 8,656
119 Bell Atlantic Corp. 7,057
169 BellSouth Corp. 8,248
99 GTE Corp. 6,707
159 MCI WorldCom, Inc. * 7,204
323 SBC Communications, Inc. 14,147
------
52,019
Telecommunications Equipment -- 4.2%
311 Lucent Technologies, Inc. 19,359
90 Motorola, Inc. 10,680
------
30,039
Utilities -- 4.7%
217 DQE, Inc. 8,308
138 Duke Energy Corp. 7,906
</TABLE>
See notes to financial statements.
47
<PAGE>
CHASE VISTA SELECT EQUITY INCOME FUND
Portfolio of Investments (Continued)
As of April 30, 2000 (unaudited)
(Amounts in Thousands)
<TABLE>
<CAPTION>
Shares Issuer Value
------------------------------------------------------------------------------------
Long-Term Investments -- Continued
------------------------------------------------------------------------------------
<S> <C> <C>
Utilities -- Continued
247 Enron Corp. $17,241
-------
33,455
------------------------------------------------------------------------------------
Total Long-Term Investments 676,844
(Cost $590,173)
------------------------------------------------------------------------------------
Short-Term Investment -- 4.8%
------------------------------------------------------------------------------------
Principal
Amount
Repurchase Agreement -- 4.8%
----------------------------
$33,838 Greenwich Capital Markets, Inc., 5.80%, due 05/01/00
(Dated 04/28/00, Proceeds $33,854, Secured by FHLMC,
$35,106, 6.25% through 6.48%, due 04/15/29 through
05/15/29; Market Value $34,516) 33,838
(Cost $33,838)
------------------------------------------------------------------------------------
Total Investments -- 100.2% 710,682
(Cost $624,011)
------------------------------------------------------------------------------------
</TABLE>
See notes to financial statements.
48
<PAGE>
-------------------------------------------------------------------------------
CHASE VISTA SELECT LARGE CAP EQUITY FUND
Portfolio of Investments
-------------------------------------------------------------------------------
As of April 30, 2000 (unaudited)
(Amounts in Thousands)
<TABLE>
<CAPTION>
Shares Issuer Value
--------------------------------------------------------------------------
Long-Term Investments -- 99.4%
--------------------------------------------------------------------------
<S> <C> <C>
Common Stock -- 99.4%
---------------------
Advertising -- 0.6%
17 Omnicom Group $1,539
Airlines -- 1.3%
153 Southwest Airlines, Inc. 3,318
Automotive -- 1.2%
35 Ford Motor Co. 1,936
14 General Motors Corp. 1,348
------
3,284
Banking -- 1.6%
35 Bank of America Corp. 1,738
60 Bank of New York Co., Inc. 2,447
------
4,185
Biotechnology -- 0.9%
44 Amgen, Inc. * 2,467
Broadcasting/Cable -- 1.0%
55 AT&T Corp.-Liberty Media Group, Class A * 2,735
Computer Networks -- 3.7%
142 Cisco Systems, Inc. * 9,831
Computer Software -- 5.2%
115 Microsoft Corp. * 8,014
50 Oracle Corp. * 4,029
28 Symantec Corp. * 1,736
------
13,779
Computers/Computer Hardware -- 8.9%
73 Dell Computer Corp. * 3,674
48 EMC Corp. * 6,613
23 Hewlett-Packard Co. 3,105
49 International Business Machines Corp. 5,523
12 Lexmark International Group Inc., Class A * 1,463
33 Sun Microsystems, Inc. * 3,057
------
23,435
Consumer Products -- 1.9%
58 Colgate-Palmolive Co. 3,313
27 Procter & Gamble Co. 1,628
------
4,941
Diversified -- 5.7%
79 General Electric Co. 12,439
58 Tyco International LTD (Bermuda) 2,678
------
15,117
Electronics/Electrical Equipment -- 2.8%
24 Molex Inc. 1,308
33 Sanmina Corp. * 1,988
85 Solectron Corp. * 3,988
------
7,284
Financial Services -- 8.0%
33 American Express Co. 4,937
70 Charles Schwab Corp. 3,106
103 Citigroup, Inc. 6,128
33 Merrill Lynch & Co., Inc. 3,313
</TABLE>
See notes to financial statements.
49
<PAGE>
CHASE VISTA SELECT LARGE CAP EQUITY FUND
Portfolio of Investments (Continued)
As of April 30, 2000 (unaudited)
(Amounts in Thousands)
<TABLE>
<CAPTION>
Shares Issuer Value
--------------------------------------------------------------------------------
Long-Term Investments -- Continued
--------------------------------------------------------------------------------
<S> <C> <C>
Financial Services -- Continued
46 Morgan Stanley Dean Witter & Co. $3,557
------
21,041
Food/Beverage Products -- 2.6%
33 Anheuser-Busch Companies, Inc. 2,329
53 Coca-Cola Co. 2,503
55 PepsiCo, Inc. 2,018
------
6,850
Health Care/Health Care Services -- 2.4%
49 Guidant Corp. * 2,794
67 Medtronic, Inc. 3,464
------
6,258
Insurance -- 2.9%
71 American International Group, Inc. 7,788
Internet Services/Software -- 1.6%
48 America Online, Inc. * 2,871
11 Yahoo Inc. * 1,459
------
4,330
Metals/Mining -- 0.9%
36 Alcoa, Inc. 2,348
Multi-Media -- 2.8%
78 The Walt Disney Co. 3,359
44 Time Warner, Inc. 3,966
------
7,325
Oil & Gas -- 5.4%
31 BJ Services Co. * 2,185
22 Chevron Corp. 1,890
107 Exxon Mobil Corp. 8,324
32 Royal Dutch Petroleum Co., N.Y. Registered Shares
(Netherlands) 1,847
------
14,246
Pharmaceuticals -- 5.7%
44 Bristol-Myers Squibb Co. 2,311
27 Johnson & Johnson 2,248
50 Merck & Co., Inc. 3,447
101 Pfizer, Inc. 4,266
23 Warner-Lambert Co. 2,658
------
14,930
Retailing -- 9.5%
50 Best Buy Co., Inc. * 4,021
51 Costco Wholesale Corp. * 2,741
89 Home Depot, Inc. 4,987
37 Target Corp. 2,469
143 Wal-Mart Stores, Inc. 7,908
103 Walgreen Co. 2,886
------
25,012
Semi-Conductors -- 7.9%
33 Altera Corp. * 3,415
38 Applied Materials, Inc. * 3,859
75 Intel Corp. 9,562
26 Texas Instruments, Inc. 4,153
------
20,989
</TABLE>
See notes to financial statements.
50
<PAGE>
CHASE VISTA SELECT LARGE CAP EQUITY FUND
Portfolio of Investments (Continued)
As of April 30, 2000 (unaudited)
(Amounts in Thousands)
<TABLE>
<CAPTION>
Shares Issuer Value
--------------------------------------------------------------------------------------
Long-Term Investments -- Continued
--------------------------------------------------------------------------------------
<S> <C> <C>
Telecommunications -- 6.5%
66 AT&T Corp. $ 3,074
55 BellSouth Corp. 2,678
34 GTE Corp. 2,297
63 MCI WorldCom, Inc. * 2,865
77 SBC Communications, Inc. 3,369
46 Sprint Corp. (FON Group) 2,835
-------
17,118
Telecommunications Equipment -- 5.3%
40 ADC Telecommunications, Inc. * 2,406
80 Lucent Technologies, Inc. 4,950
27 Motorola, Inc. 3,200
30 Nortel Networks Corp., (Canada) 3,341
-------
13,897
Utilities -- 3.1%
26 AES Corp. * 2,293
85 Enron Corp. 5,931
-------
8,224
--------------------------------------------------------------------------------------
Total Long-Term Investments 262,271
(Cost $211,239)
--------------------------------------------------------------------------------------
Short-Term Investment -- 0.9%
--------------------------------------------------------------------------------------
Principal
Amount
Repurchase Agreement -- 0.9%
----------------------------
$ 2,480 Greenwich Capital Markets, Inc., 5.80%, due 05/01/00,
(Dated 04/28/00, Proceeds $2,481, Secured by FHLMC,
$2,573, 6.25%, due 04/15/29; Market Value $2,530) 2,480
(Cost $2,480)
--------------------------------------------------------------------------------------
Total Investments -- 100.3% $264,751
(Cost $213,719)
--------------------------------------------------------------------------------------
</TABLE>
See notes to financial statements.
51
<PAGE>
-------------------------------------------------------------------------------
CHASE VISTA SELECT LARGE CAP GROWTH FUND
Portfolio of Investments
-------------------------------------------------------------------------------
As of April 30, 2000 (unaudited)
(Amounts in Thousands)
<TABLE>
<CAPTION>
Shares Issuer Value
------------------------------------------------------------------------
Long-Term Investments -- 95.9%
------------------------------------------------------------------------
<S> <C> <C>
Common Stock -- 95.9%
---------------------
Biotechnology -- 2.8%
494 Amgen, Inc. * $27,677
Computer Networks -- 6.1%
873 Cisco Systems, Inc. * 60,546
Computer Software -- 6.4%
447 Microsoft Corp. * 31,192
407 Oracle Corp. * 32,521
-------
63,713
Computers/Computer Hardware -- 10.8%
357 Dell Computer Corp. * 17,897
328 EMC Corp. * 45,614
208 International Business Machines Corp. 23,198
225 Sun Microsystems, Inc. * 20,727
-------
107,436
Consumer Products -- 1.9%
249 Gillette Co. 9,216
160 Procter & Gamble Co. 9,516
-------
18,732
Diversified -- 6.3%
347 General Electric Co. 54,593
181 Tyco International LTD (Bermuda) 8,292
-------
62,885
Electronics/Electrical Equipment -- 1.1%
200 Molex Inc. 10,994
Financial Services -- 4.9%
490 Charles Schwab Corp. 21,802
122 Merrill Lynch & Co., Inc. 12,403
189 Morgan Stanley Dean Witter & Co. 14,481
-------
48,686
Food/Beverage Products -- 2.1%
205 Coca-Cola Co. 9,627
308 PepsiCo, Inc. 11,296
-------
20,923
Health Care/Health Care Services -- 0.4%
77 Medtronic, Inc. 3,978
Multi-Media -- 3.8%
474 The Walt Disney Co. 20,546
196 Time Warner, Inc. 17,621
-------
38,167
Pharmaceuticals -- 9.7%
177 Bristol-Myers Squibb Co. 9,301
162 Eli Lilly & Co. 12,546
118 Johnson & Johnson 9,737
228 Merck & Co., Inc. 15,870
575 Pfizer, Inc. 24,226
187 Pharmacia Corp. 9,316
138 Warner-Lambert Co. 15,706
-------
96,702
</TABLE>
See notes to financial statements.
52
<PAGE>
CHASE VISTA SELECT LARGE CAP GROWTH FUND
Portfolio of Investments (Continued)
As of April 30, 2000 (unaudited)
(Amounts in Thousands)
<TABLE>
<CAPTION>
Shares Issuer Value
-------------------------------------------------------------------
Long-Term Investments -- Continued
-------------------------------------------------------------------
<S> <C> <C>
Restaurants/Food Services -- 1.5%
432 Tricon Global Restaurants, Inc. * $14,732
Retailing -- 9.2%
90 Best Buy Co., Inc.* 7,284
394 Costco Wholesale Corp., 21,321
177 Gap, Inc. 6,503
388 Home Depot, Inc. 21,765
618 Wal-Mart Stores, Inc. 34,202
-------
91,075
Semi-Conductors --19.7%
506 Applied Materials, Inc. * 51,553
461 Intel Corp. 58,461
312 KLA-Tencor Corp. * 23,361
677 Novellus Systems, Inc. * 45,174
114 Texas Instruments, Inc. 18,592
-------
197,141
Telecommunications -- 3.4%
403 AT&T Corp. 18,825
84 Nextel Communications, Inc., Class A * 9,226
86 Sprint Corp. (FON Group) 5,278
-------
33,329
Telecommunications Equipment -- 5.8%
83 ADC Telecommunications, Inc. * 5,065
107 JDS Uniphase Corp. * 11,069
322 Lucent Technologies, Inc. 20,032
186 Nortel Networks Corp., (Canada) 21,059
-------
57,225
-------------------------------------------------------------------
Total Long-Term Investments 953,941
(Cost $646,083)
-------------------------------------------------------------------
Short-Term Investment -- 0.5%
-------------------------------------------------------------------
Principal
Amount
Repurchase Agreement -- 0.5%
------------------------------------------------------
$4,998 Greenwich Capital Markets, Inc., 5.80%,
due 05/01/00, (Dated 04/28/00,
Proceeds $5,000, Secured by FHLMC,
$5,195, 7.50%, due 04/15/29;
Market Value $5,101)
(Cost $4,998) 4,998
-------------------------------------------------------------------
Total Investments -- 96.4% $958,939
(Cost $651,081)
-------------------------------------------------------------------
</TABLE>
See notes to financial statements.
53
<PAGE>
-------------------------------------------------------------------------------
CHASE VISTA SELECT NEW GROWTH OPPORTUNITIES FUND
Portfolio of Investments
-------------------------------------------------------------------------------
As of April 30, 2000 (unaudited)
(Amounts in Thousands)
<TABLE>
<CAPTION>
Shares Issuer Value
----------------------------------------------------------------------------
Long-Term Investments -- 92.9%
----------------------------------------------------------------------------
<S> <C> <C>
Common Stock -- 92.9%
---------------------
Advertising -- 1.6%
61 True North Communications $2,512
Apparel -- 1.2%
61 Jones Apparel Group, Inc. * 1,811
Automotive -- 0.6%
63 Tower Automotive, Inc. * 984
Banking -- 3.3%
49 Cullen/Frost Bankers, Inc. 1,210
45 SouthTrust Corp. 1,074
40 TCF Financial Corp. 935
44 Zions Bancorp. 1,826
------
5,045
Biotechnology -- 1.3%
45 Chiron Corp. * 2,036
Broadcasting/Cable -- 3.0%
40 AT&T Corp. - Liberty Media Group, Class A * 1,997
30 Comcast Corp., Class A * 1,202
65 USA Networks, Inc. * 1,495
------
4,694
Business Services -- 4.9%
70 ACNielsen Corp. * 1,614
40 Affiliated Computer Services, Inc., Class A * 1,325
55 American Management Systems, Inc. * 2,035
60 Concord EFS, Inc. * 1,343
37 Manpower Inc. 1,321
------
7,638
Chemicals -- 2.2%
50 Cytec Industries, Inc.* 1,506
90 Wellman, Inc. 1,924
------
3,430
Computer Software -- 6.8%
9 Allaire Corp. * 501
31 Computer Associates International, Inc. 1,719
16 Electronic Arts, Inc. * 968
155 Informix Corp. * 1,705
30 Rational Software Corp. * 2,554
34 Symantec Corp. * 2,123
24 Synopsys, Inc. * 1,008
------
10,578
Computers/Computer Hardware -- 1.1%
32 Electronics For Imaging, Inc. * 1,672
Electronics/Electrical Equipment -- 8.2%
40 Amphenol Corp., Class A * 2,550
35 PerkinElmer, Inc. 1,916
40 Sanmina Corp. * 2,403
62 Sensormatic Electronics Corp. * 1,035
19 Symbol Technologies, Inc. 1,070
45 Vishay Intertechnology, Inc. * 3,774
------
12,748
</TABLE>
See notes to financial statements.
54
<PAGE>
CHASE VISTA SELECT NEW GROWTH OPPORTUNITIES FUND
Portfolio of Investments (Continued)
As of April 30, 2000 (unaudited)
(Amounts in Thousands)
<TABLE>
<CAPTION>
Shares Issuer Value
--------------------------------------------------------------------------------
Long-Term Investments -- Continued
--------------------------------------------------------------------------------
<S> <C> <C>
Entertainment/Leisure -- 2.0%
61 Harrah's Entertainment, Inc. * $1,254
145 Park Place Entertainment Corp. * 1,858
------
3,112
Financial Services -- 3.2%
43 A.G. Edwards, Inc. 1,618
50 Knight/Trimark Group, Inc., Class A * 1,884
17 Lehman Brothers Holdings, Inc. 1,395
------
4,897
Health Care/Health Care Services -- 2.5%
166 Health Management Associates, Inc., Class A * 2,646
17 Stryker Corp. 1,222
------
3,868
Insurance -- 4.1%
50 AXA Financial, Inc. 1,631
43 Radian Group, Inc. 2,190
60 Reliastar Financial Corp. 2,584
------
6,405
Internet Services/Software -- 0.7%
23 Lycos, Inc. * 1,070
Machinery & Engineering Equipment -- 2.2%
39 Dover Corp. 1,982
25 Zebra Technologies Corp., Class A * 1,425
------
3,407
Manufacturing -- 1.4%
55 Pentair, Inc. 2,104
Metals/Mining -- 0.7%
116 Freeport-McMoRan Copper & Gold, Inc., Class B * 1,117
Oil & Gas -- 10.4%
62 Anadarko Petroleum Corp. 2,693
25 BJ Services Co. * 1,756
60 Cooper Cameron Corp. * 4,500
90 Global Marine, Inc. * 2,160
65 Tosco Corp. 2,084
140 Union Pacific Resources Group 2,686
------
15,879
Paper/Forest Products -- 1.6%
15 Temple-Inland, Inc. 752
44 Willamette Industries 1,680
------
2,432
Pharmaceuticals -- 5.8%
52 Biovail Corp. International (Canada) * 2,494
34 Forest Laboratories Inc., Class A * 2,858
48 King Pharmaceuticals, Inc. * 2,370
8 MedImmune, Inc. * 1,280
------
9,002
Pipelines -- 2.2%
27 Columbia Energy Group 1,694
41 El Paso Energy Corp. 1,743
------
3,437
</TABLE>
See notes to financial statements.
55
<PAGE>
CHASE VISTA SELECT NEW GROWTH OPPORTUNITIES FUND
Portfolio of Investments (Continued)
As of April 30, 2000 (unaudited)
(Amounts in Thousands)
<TABLE>
<CAPTION>
Shares Issuer Value
--------------------------------------------------------------------------------------
Long-Term Investments -- Continued
--------------------------------------------------------------------------------------
<S> <C> <C>
Restaurants/Food Services -- 1.4%
70 Brinker International, Inc. * $ 2,231
Retailing -- 2.8%
74 BJ's Wholesale Club, Inc. * 2,622
65 Ethan Allen Interiors, Inc. 1,735
-------
4,357
Semi-Conductors -- 10.0%
35 Altera Corp. * 3,579
39 ASM Lithography Holding NV (Netherlands) * 1,560
65 Atmel Corp. * 3,181
17 KLA-Tencor Corp. * 1,273
53 Microchip Technology, Inc. * 3,258
35 Vitesse Semiconductor Corp. * 2,382
-------
15,233
Shipping/Transportation -- 0.9%
27 C.H. Robinson Worldwide, Inc. 1,350
Telecommunications -- 1.9%
15 Nextlink Communications, Class A * 1,265
27 U.S. Cellular Corp. * 1,621
-------
2,886
Telecommunications Equipment -- 1.4%
24 Comverse Technology, Inc. * 2,141
Utilities -- 3.5%
48 AGL Resources, Inc. 840
50 Alliant Energy Corp. 1,500
35 American Water Works, Inc. 794
35 Energy East Corp. 731
62 Scana Corp. 1,604
-------
5,469
--------------------------------------------------------------------------------------
Total Long-Term Investments 143,545
(Cost $115,521)
--------------------------------------------------------------------------------------
Short-Term Investment -- 7.1%
--------------------------------------------------------------------------------------
Principal
Amount
Repurchase Agreement -- 7.1%
----------------------------
$ 11,008 Greenwich Capital Markets, Inc., 5.80%, due 05/01/00,
(Dated 04/28/00, Proceeds $11,013, Secured by FHLMC,
$11,180, 8.00%, due 05/15/15; Market Value $11,232) 11,008
(Cost $11,008)
--------------------------------------------------------------------------------------
Total Investments -- 100.0% $154,553
(Cost $126,529)
--------------------------------------------------------------------------------------
</TABLE>
See notes to financial statements.
56
<PAGE>
--------------------------------------------------------------------------------
CHASE VISTA SELECT SMALL CAP VALUE FUND
Portfolio of Investments
--------------------------------------------------------------------------------
As of April 30, 2000 (unaudited)
(Amounts in Thousands)
<TABLE>
<CAPTION>
Shares Issuer Value
-----------------------------------------------------------------------
Long-Term Investments -- 96.6%
-----------------------------------------------------------------------
<S> <C> <C>
Common Stock -- 96.6%
---------------------
Advertising -- 2.4%
20 Catalina Marketing Corp. * $2,015
80 The Interpublic Group of Companies, Inc. 3,278
89 True North Communications 3,682
------
8,975
Aerospace -- 0.6%
159 AAR Corp. 2,396
Automotive -- 1.0%
101 Lithia Motors, Inc., Class A * 1,610
145 Tower Automotive, Inc. * 2,267
------
3,877
Banking -- 5.5%
78 Amcore Financial, Inc. 1,555
58 Chittenden Corp. 1,541
97 City National Corp. 3,560
94 Commerce Bancorp., Inc. 3,730
152 Cullen/Frost Bankers, Inc. 3,750
57 Investors Financial Services Corp. 4,635
108 Trustmark Corp. 1,985
------
20,756
Biotechnology -- 0.7%
41 Inhale Therapeutic Systems, Inc. * 2,534
Broadcasting/Cable -- 0.9%
100 Westwood One, Inc. * 3,538
Business Services -- 4.1%
60 CSG Systems International, Inc. * 2,781
150 Iron Mountain, Inc. * 5,247
114 On Assignment, Inc. * 3,574
220 Profit Recovery Group International * 3,858
------
15,460
Catering -- 0.0%
1 Morrison Management Specialists, Inc. 1
Chemicals -- 1.5%
160 Spartech Corp. 5,560
Computer Networks -- 3.5%
113 Black Box Corp. * 8,725
113 Micros Systems, Inc. * 4,543
------
13,268
Computer Software -- 6.0%
31 Accrue Software, Inc. * 744
66 Advent Software, Inc. * 3,439
31 Allaire Corp. * 1,679
99 FileNET Corp. * 2,899
201 National Computer Systems Inc. 10,360
61 RSA Security, Inc. * 3,562
------
22,683
Computers/Computer Hardware -- 1.0%
138 Cybex Computer Products Corp. * 3,770
</TABLE>
See notes to financial statements.
57
<PAGE>
CHASE VISTA SELECT SMALL CAP VALUE FUND
Portfolio of Investments (Continued)
As of April 30, 2000 (unaudited)
(Amounts in Thousands)
<TABLE>
<CAPTION>
Shares Issuer Value
---------------------------------------------------------------------
Long-Term Investments -- Continued
---------------------------------------------------------------------
<S> <C> <C>
Construction -- 1.2%
88 Dycom Industries Inc. * $4,579
Construction Materials -- 1.3%
100 Dal-Tile International Inc. * 975
120 Elcor Corp. 3,825
------
4,800
Electronics/Electrical Equipment -- 14.6%
71 Amphenol Corp., Class A * 4,552
175 Artesyn Technologies, Inc. * 4,250
112 CTS Corp. 7,050
109 Hadco Corp. * 8,997
50 National Instruments Corp. * 2,413
107 PerkinElmer, Inc. 5,836
79 Technitrol, Inc. 5,352
206 Vishay Intertechnology, Inc. * 17,274
------
55,724
Engineering Services -- 0.5%
55 Jacobs Engineering Group, Inc. * 1,722
Entertainment/Leisure -- 1.2%
16 Cinar Corp., Class B (Canada) * ## 63
156 Station Casinos, Inc. * 4,437
------
4,500
Financial Services -- 0.6%
18 SEI Investments Co. 2,173
Food/Beverage Products -- 0.7%
106 Performance Food Group Co. * 2,796
Health Care/Health Care Services -- 11.8%
139 Cooper Companies, Inc. 4,687
109 Datascope Corp. 3,624
328 Hooper Holmes, Inc. 5,696
180 MedQuist, Inc. * 6,389
133 Mentor Corp. 2,360
149 Molecular Devices Corp. * 6,396
54 Patterson Dental Co. * 2,606
183 Province Healthcare Co. * 5,273
95 Varian Medical Systems, Inc. * 3,808
157 Ventana Medical Systems, Inc. * 4,425
------
45,264
Insurance -- 1.8%
73 Arthur J. Gallagher & Co. 2,719
62 Brown & Brown, Inc. 2,490
57 Delphi Financial Group, Inc., Class A * 1,656
------
6,865
Machinery & Engineering Equipment -- 4.8%
79 Cognex Corp. * 4,505
111 PRI Automation, Inc. * 8,842
83 Zebra Technologies Corp., Class A * 4,714
------
18,061
Oil & Gas -- 6.0%
65 Atwood Oceanics * 3,959
129 Louis Dreyfus Natural Gas * 3,623
</TABLE>
See notes to financial statements.
58
<PAGE>
CHASE VISTA SELECT SMALL CAP VALUE FUND
Portfolio of Investments (Continued)
As of April 30, 2000 (unaudited)
(Amounts in Thousands)
<TABLE>
<CAPTION>
Shares Issuer Value
----------------------------------------------------------------
Long-Term Investments -- Continued
----------------------------------------------------------------
<S> <C> <C>
Oil & Gas -- Continued
284 Pride International, Inc. * $ 6,432
74 St. Mary Land & Exploration Co. 2,498
100 Triton Energy LTD (Cayman Islands) 3,640
135 Vintage Petroleum, Inc. 2,682
-------
22,834
Pharmaceuticals -- 3.1%
200 Advance Paradigm, Inc. * 2,500
41 IDEC Pharmaceuticals Corp. * 2,650
136 King Pharmaceuticals, Inc. * 6,717
-------
11,867
Real Estate Investment Trust -- 0.7%
86 Alexandria Real Estate Equities 2,752
Restaurants/Food Services -- 1.7%
256 Jack in the Box, Inc. * 6,279
Retailing -- 5.7%
135 Ames Department Stores, Inc. * 2,427
216 BJ's Wholesale Club, Inc. * 7,668
312 Chico's FAS, Inc. * 5,605
88 Pacific Sunwear of California, Inc. * 3,011
219 Wild Oats Markets, Inc. * 2,897
-------
21,608
Semi-Conductors -- 7.3%
131 Actel Corp. * 4,821
67 Cree, Inc. * 9,719
59 Dallas Semiconductor Corp. 2,516
68 Semtech Corp. * 4,603
180 Varian, Inc. * 6,540
-------
28,199
Shipping/Transportation -- 1.2%
93 C.H. Robinson Worldwide, Inc. 4,670
Telecommunications -- 2.0%
111 ITC Deltacom, Inc. * 3,662
191 Price Communications Corp. * 3,868
-------
7,530
Telecommunications Equipment -- 1.2%
50 Comverse Technology, Inc. * 4,459
Utilities -- 2.0%
107 AGL Resources, Inc. 1,869
85 American States Water Co. 2,546
80 Laclede Gas Co. 1,564
73 Northwest Natural Gas Co. 1,599
-------
7,578
----------------------------------------------------------------
Total Long-Term Investments 367,078
(Cost $297,763)
----------------------------------------------------------------
</TABLE>
See notes to financial statements.
59
<PAGE>
CHASE VISTA SELECT SMALL CAP VALUE FUND
Portfolio of Investments (Continued)
As of April 30, 2000 (unaudited)
(Amounts in Thousands)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
--------------------------------------------------------------------------------------
Short-Term Investment -- 3.7%
--------------------------------------------------------------------------------------
<S> <C> <C>
Repurchase Agreement -- 3.7%
-----------------------------
$14,169 Greenwich Capital Markets, Inc., 5.80%, due 05/01/00,
(Dated 04/28/00, Proceeds $14,176, Secured by FHLMC
and FNMA, $40,757, 1.60% through 7.50%, due
02/25/24 through 11/15/29; Market Value $14,457) $ 14,169
(Cost $14,169)
--------------------------------------------------------------------------------------
Total Investments -- 100.3% $381,247
(Cost $311,932)
--------------------------------------------------------------------------------------
</TABLE>
See notes to financial statements.
60
<PAGE>
--------------------------------------------------------------------------------
CHASE VISTA SELECT INTERNATIONAL EQUITY FUND
Portfolio of Investments
--------------------------------------------------------------------------------
As of April 30, 2000 (unaudited)
(Amounts in Thousands)
<TABLE>
<CAPTION>
Shares Issuer Value
------------------------------------------------------------------------------
Long-Term Investments -- 98.4%
------------------------------------------------------------------------------
<S> <C> <C>
Common Stock -- 97.3%
---------------------
Australia -- 0.9%
161 Foster's Brewing Group LTD $ 405
187 Lang Corp., LTD * 871
90 News Corp., LTD 1,142
------
2,418
Belgium -- 0.2%
4 Ubizen * 516
Brazil -- 1.9%
184 Centrais Eletricas Brasileiras SA, ADR 1,366
3 Tele Norte Leste Participacoes SA, ADR 60
29 Telecomunicacoes Brasileiras SA, ADR, Preferred 3,416
------
4,842
Finland -- 5.8%
46 Comptel OYJ 1,042
164 Nokia OYJ 9,441
13 Satama Interactive OYJ * 158
82 Sonera OYJ 4,506
------
15,147
France -- 11.7%
10 Alcatel SA 2,419
10 AXA 1,545
1 Bouygues SA -- New* 130
3 Bouygues SA 1,951
55 CNP Assurances 1,606
30 Credit Commercial de France+ 4,341
21 France Telecom SA 3,210
2 Havas Advertising 860
37 Lagardere SCA 2,512
6 Pinault-Printemps-Redoute SA 1,115
14 STMicroelectronics NV * 2,640
36 Total Fina SA, Class B 5,425
28 Vivendi 2,736
------
30,490
Germany -- 6.0%
5 BKN International AG * 258
7 CE Consumer Electronic AG 1,213
1 CE Consumer Electronic AG -- New* 108
68 Commerzbank AG 2,566
52 Deutsche Telekom AG 3,321
1 Intershop Communication AG * 423
14 Ision Internet AG * 899
109 Kamps AG 3,565
6 Rational AG * 224
20 Siemens AG 3,010
------
15,587
Ireland -- 0.9%
84 Bank of Ireland 568
337 Green Property PLC * 1,736
------
2,304
</TABLE>
See notes to financial statements.
61
<PAGE>
CHASE VISTA SELECT INTERNATIONAL EQUITY FUND
Portfolio of Investments (Continued)
As of April 30, 2000 (unaudited)
(Amounts in Thousands)
<TABLE>
<CAPTION>
Shares Issuer Value
----------------------------------------------------------------------------
Long-Term Investments -- Continued
----------------------------------------------------------------------------
<S> <C> <C>
Italy -- 3.6%
300 Autogrill SPA $2,866
215 Banca Fideuram SPA 3,213
3 Freedomland-Internet Television Network SPA * 227
180 Telecom Italia Mobile SPA 1,723
98 Telecom Italia SPA 1,373
------
9,402
Japan -- 24.2%
81 Asahi Bank LTD 390
84 Bank of Tokyo-Mitsubishi LTD 1,084
74 Dai Nippon Printing Co., LTD 1,255
65 Dai-Ichi Kangyo Bank LTD 539
81 Daiwa Securities Group, Inc. 1,237
1 East Japan Railway Co. 586
10 Fanuc LTD 1,047
2 Fast Retailing Co., LTD 749
211 Fujikura LTD 943
43 Fujisawa Pharmaceutical Co. 1,611
48 Fujitsu LTD 1,360
2 Fujitsu Support & Service, Inc. 296
2 Fujitsu Support & Service, Inc. -- New* 232
43 Hitachi LTD 513
30 Hitachi Maxell 786
16 Honda Motor Co., LTD 715
22 Hoya Corp. 2,239
61 Industrial Bank of Japan LTD 502
16 Ito-Yokado Co., LTD 1,168
1 Japan Tobacco, Inc. 883
83 Kaneka Corp. + 1,068
32 KAO Corp. + 974
5 Konami Co., LTD 305
5 Konami Co., LTD -- New* 292
4 Mabuchi Motor Co., LTD 473
46 Matsushita Electric Industrial Co., LTD 1,217
101 Minebea Co., LTD 1,234
90 Mitsubishi Corp. 783
45 Mitsubishi Estate Co., LTD 506
14 Murata Manufacturing Co., LTD + 2,721
73 NEC Corp. 1,987
363 Nippon Steel Corp. 816
438 Nippon Suisan Kaisha LTD 644
1 Nippon Telegraph & Telephone Corp. 2,021
15 Nitto Denko Corp. 588
1 NTT Data Corp. 613
1 NTT DoCoMo, Inc. + 4,811
15 Omron Corp. 408
12 Orix Corp. 1,712
208 Osaka Gas Co., LTD 568
60 Ricoh Corp., LTD 1,266
4 Rohm Co., LTD 1,340
49 Sanwa Bank LTD 473
5 Seven-Eleven Japan Co., LTD 615
91 Sharp Corp. 1,756
5 Softbank Corp. 1,255
</TABLE>
See notes to financial statements.
62
<PAGE>
CHASE VISTA SELECT INTERNATIONAL EQUITY FUND
Portfolio of Investments (Continued)
As of April 30, 2000 (unaudited)
(Amounts in Thousands)
<TABLE>
<CAPTION>
Shares Issuer Value
-------------------------------------------------------------------------
Long-Term Investments -- Continued
-------------------------------------------------------------------------
<S> <C> <C>
Japan -- Continued
8 Sony Corp. $ 919
8 Sony Corp. -- New* 925
60 Sumitomo Bank LTD 750
118 Sumitomo Chemical Co., LTD 587
117 Sumitomo Trust & Banking 855
20 Takeda Chemical Industries + 1,316
13 Tokyo Electron LTD 2,118
194 Toshiba Corp. 1,881
52 Toyota Motor Corp. 2,584
10 Trend Micro Inc. * 1,499
339 UBE Industries LTD 737
------
62,752
Mexico -- 0.8%
400 Alfa SA, Class A * 1,237
950 Grupo Elektra SA 928
------
2,165
Netherlands -- 3.1%
11 Gucci Group NV 944
48 Koninklijke Philips Electronics NV 2,157
51 Royal Dutch Petroleum Co. 2,946
40 VNU NV 2,118
------
8,165
Portugal -- 0.4%
46 Banco Espirito Santo SA 1,057
Singapore -- 0.1%
133 DBS Land LTD 188
South Africa -- 0.5%
206 Dimension Data Holdings LTD * 1,355
Spain -- 4.5%
182 Amadeus Global Travel Distribution SA, Class A * 2,253
38 Bankinter SA 1,825
113 Continente SA 1,763
95 Endesa SA 2,054
91 Fomento de Construcciones y Contratas SA 1,866
92 Telefonica SA 2,061
------
11,822
Sweden -- 3.8%
12 Framtidsfabriken AB * 201
51 Skandia Forsakrings AB 2,425
82 Telefonaktiebolaget LM Ericsson, Class B 7,272
------
9,898
Switzerland -- 7.9%
31 ABB LTD * 3,486
12 Charles Voegele Holding AG * 2,265
1 Compagnie Financiere Richemont, Class A 2,435
13 Credit Suisse Group 2,434
6 Distefora Holding AG * 2,017
22 Fantastic Corp. * 410
1 Nestle SA 2,583
2 Novartis AG 2,968
</TABLE>
See notes to financial statements.
63
<PAGE>
CHASE VISTA SELECT INTERNATIONAL EQUITY FUND
Portfolio of Investments (Continued)
As of April 30, 2000 (unaudited)
(Amounts in Thousands)
<TABLE>
<CAPTION>
Shares Issuer Value
----------------------------------------------------------------------
Long-Term Investments -- Continued
----------------------------------------------------------------------
<S> <C> <C>
Switzerland -- Continued
1 PubliGroupe SA $ 1,044
6 Sia Abrasives Holding AG * 861
-------
20,503
Thailand -- 0.1%
87 Electricity Generating Public Co., LTD 106
10 PTT Exploration & Production Public Co., LTD,
Foreign Shares* 51
-------
157
United Kingdom -- 19.8%
80 AstraZeneca Group PLC 3,380
188 Barclays PLC + 4,843
729 BP Amoco PLC + 6,327
146 British Aerospace PLC 899
218 British Telecom PLC 3,925
119 Cable & Wireless PLC 1,979
17 Filtronic PLC 467
94 Glaxo Wellcome PLC 2,918
140 Hanson PLC 1,034
222 HSBC Holdings PLC 2,470
92 Kingfisher PLC 760
124 Laporte PLC 1,018
1,984 Laporte PLC, Class B * 16
497 Legal & General Group PLC 1,302
142 Marconi Electronic Systems PLC 1,777
15 NXT PLC * 273
32 PowderJect Pharmaceuticals PLC * 223
68 Sema Group PLC 1,097
302 SmithKline Beecham PLC 4,157
504 Tesco PLC 1,728
2,008 Vodafone AirTouch PLC 9,254
99 WPP Group PLC 1,605
-------
51,452
United States -- 1.1%
30 LHS Group, Inc. * 1,166
6 Uproar LTD. * 76
20 Uproar LTD. # * 248
35 Viatel, Inc. * 1,339
-------
2,829
----------------------------------------------------------------------
Total Common Stock 253,049
(Cost $207,836)
----------------------------------------------------------------------
Preferred Stock -- 1.1%
-----------------------
Germany--1.1%
4 Marschollek Lautenschlaeger und Partner AG 2,122
1 SAP AG 772
----------------------------------------------------------------------
Total Preferred Stock 2,894
(Cost $1,738)
----------------------------------------------------------------------
Convertible Preferred Stock--0.0%
---------------------------------
Australia -- 0.0%
16 Lang Corp., LTD, 6.00%, 12/30/04 77
(Cost $68)
</TABLE>
See notes to financial statements.
64
<PAGE>
CHASE VISTA SELECT INTERNATIONAL EQUITY FUND
Portfolio of Investments (Continued)
As of April 30, 2000 (unaudited)
(Amounts in Thousands)
<TABLE>
<CAPTION>
Shares Issuer Value
------------------------------------------------------------------------------
Long-Term Investments -- Continued
------------------------------------------------------------------------------
<S> <C> <C>
Option -- 0.0%
--------------
Australia -- 0.0%
8 Lang Corp., LTD, Expires 12/30/04 $ 6
(Cost $6)
Warrant -- 0.0%
---------------
Germany -- 0.0%
1 Muenchener Rueckversicherungs-Gesellschaft AG,
Expires 06/03/02 38
(Cost $0)
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%
96 DaimlerChrysler AG, 5.75%, 06/15/02 43
(Cost $56)
------------------------------------------------------------------------------
Total Investments -- 98.4% $256,132
(Cost $209,744)
------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
Long Futures Outstanding
------------------------
Original Notional
Number Notional Value at Unrealized
of Expiration Value 04/30/00 Depreciation
Contracts Description Date (USD) (USD) (USD)
--------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
64 All Ordinaries Stock Price Index June 2000 $3,043 $2,926 ($ 117)
</TABLE>
See notes to financial statements.
65
<PAGE>
CHASE VISTA SELECT INTERNATIONAL EQUITY FUND
Portfolio of Investments (Continued)
Summary of Investments by Industry, April 30, 2000
<TABLE>
<CAPTION>
Industry % of Investment Securities
---------------------------------------------------------------
<S> <C>
Telecommunications 19.3%
Banking 9.6%
Electronics/Electrical Equipment 8.0%
Pharmaceuticals 6.5%
Telecommunications Equipment 6.0%
Oil & Gas 5.8%
Financial Services 4.7%
Retailing 3.7%
Food/Beverage Products 3.5%
Construction 2.9%
Diversified 2.9%
Semi-Conductors 2.4%
Internet Services/Software 2.2%
Insurance 2.2%
Other (below 2%) 20.3%
---------------------------------------------------------------
Total 100.0%
---------------------------------------------------------------
</TABLE>
Index:
* -- Non-Income producing security.
# -- Security may only be sold to qualified institutional buyers.
## -- Security is considered illiquid, and may be difficult to sell.
@ -- 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.
~ -- Security fair valued by, or at the direction of, the Board of Trustees.
ADR -- American Depositary Receipt.
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 April 30, 2000.
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 April
30, 2000.
See notes to financial statements.
66
<PAGE>
--------------------------------------------------------------------------------
STATEMENT OF ASSETS AND LIABILITIES As of April 30, 2000 (unaudited)
--------------------------------------------------------------------------------
(Amounts in Thousands, Except Per Share Amounts)
<TABLE>
<CAPTION>
Short-Term Intermediate Bond Balanced
Bond Fund Bond Fund Fund Fund
-----------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
ASSETS:
Investment securities, at
value (Note 1) .................. $19,267 $373,078 $573,698 $131,157
Cash ............................ 167 1 348 1
Other assets .................... 3 13 23 6
Receivables:
Interest and dividends ......... 265 5,269 7,171 737
Variation margin on
futures contracts .............. -- -- 71 --
Fund shares sold ............... -- 55 404 --
-----------------------------------------------------------------------------------------
Total Assets ................. 19,702 378,416 581,715 131,901
-----------------------------------------------------------------------------------------
LIABILITIES:
Payables:
Investment securities
purchased ...................... -- -- 634 --
Fund shares redeemed ........... 209 83 306 --
Dividends ...................... 94 1,761 3,065 216
Accrued liabilities (Note 2)
Investment advisory fees ....... 2 94 144 54
Administration fees ............ 2 44 72 15
Shareholder servicing fees ..... 1 78 120 27
Custodian fees ................. 9 22 39 20
Other .......................... 34 178 139 51
-----------------------------------------------------------------------------------------
Total Liabilities ............ 351 2,260 4,519 383
-----------------------------------------------------------------------------------------
NET ASSETS:
Paid in capital ................. 20,191 400,653 618,984 73,730
Accumulated distributions in
excess of net investment
income .......................... (33) (95) (175) (59)
Accumulated net realized
gain (loss) on investments
and futures transactions ........ (453) (10,551) (25,835) 36,998
Net unrealized appreciation/
(depreciation) of investments
and futures contracts ........... (354) (13,851) (15,778) 20,849
-----------------------------------------------------------------------------------------
Total Net Assets ............. $19,351 $376,156 $577,196 $131,518
-----------------------------------------------------------------------------------------
Shares of beneficial interest
outstanding ($.001 par value;
unlimited number of shares
authorized): ..................... 1,888 39,819 15,437 3,894
Net asset value, redemption
and offering price per share ..... $ 10.25 $ 9.45 $ 37.39 $ 33.77
-----------------------------------------------------------------------------------------
Cost of investments .............. $19,621 $386,929 $590,079 $110,308
-----------------------------------------------------------------------------------------
</TABLE>
See notes to financial statements.
67
<PAGE>
STATEMENT OF ASSETS AND LIABILITIES As of April 30, 2000 (unaudited)
(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) .................. $710,682 $264,751 $958,939
Cash ............................ 1 1 --
Other assets .................... 28 5 21
Receivables:
Investment securities sold ..... -- -- 179,779
Interest and dividends ......... 592 135 357
Fund shares sold ............... -- -- 64
----------------------------------------------------------------------------
Total Assets ................. 711,303 264,892 1,139,160
----------------------------------------------------------------------------
LIABILITIES:
Payables:
Investment securities
purchased ...................... -- -- 143,648
Fund shares redeemed ........... 850 505 --
Dividends ...................... 275 -- --
Accrued liabilities (Note 2)
Investment advisory fees ....... 238 87 328
Administration fees ............ 89 33 90
Shareholder servicing fees ..... 149 55 74
Custodian fees ................. 35 39 90
Other .......................... 190 99 171
----------------------------------------------------------------------------
Total Liabilities ............ 1,826 818 144,401
----------------------------------------------------------------------------
NET ASSETS:
Paid in capital ................. 557,863 186,285 389,842
Accumulated distributions in
excess of net investment
income .......................... (1,402) (66) (437)
Accumulated net realized
gain on investments ............. 66,345 26,823 297,496
Net unrealized appreciation
of investments .................. 86,671 51,032 307,858
----------------------------------------------------------------------------
Total Net Assets ............. $709,477 $264,074 $994,759
----------------------------------------------------------------------------
Shares of beneficial interest
outstanding ($.001 par value;
unlimited number of shares
authorized): ..................... 27,504 7,004 20,066
Net asset value, redemption
and offering price per share ..... $ 25.80 $ 37.70 $ 49.57
----------------------------------------------------------------------------
Cost of investments .............. $624,011 $213,719 $651,081
----------------------------------------------------------------------------
</TABLE>
See notes to financial statements.
68
<PAGE>
STATEMENT OF ASSETS AND LIABILITIES As of April 30, 2000 (unaudited)
(Amounts in Thousands, Except Per Share Amounts)
<TABLE>
<CAPTION>
New Growth
Opportunities Small Cap International
Fund Value Fund Equity Fund
-------------------------------------------------------------------------------------
<S> <C> <C> <C>
ASSETS:
Investment securities, at
value (Note 1) ........................ $154,553 $381,247 $256,132
Cash .................................. -- 1 1,026
Foreign currency (Cost $4,361)(a) -- -- 4,351
Other assets .......................... 4 17 14
Receivables:
Variation margin on futures
contracts ............................ -- -- 50
Investment securities sold ........... -- 1,302 5,258
Interest and dividends ............... 70 66 752
Fund shares sold ..................... 230 -- 849
-------------------------------------------------------------------------------------
Total Assets ....................... 154,857 382,633 268,432
-------------------------------------------------------------------------------------
LIABILITIES:
Payables:
Investment securities
purchased ............................ -- 1,150 7,248
Fund shares redeemed ................. 82 1,015 16
Open forward foreign currency
contracts ............................ -- -- 557
Accrued liabilities (Note 2)
Investment advisory fees ............. 19 197 45
Administration fees .................. 14 33 24
Shareholder servicing fees ........... -- 55 --
Custodian fees ....................... 34 22 114
Other ................................ 102 110 153
-------------------------------------------------------------------------------------
Total Liabilities .................. 251 2,582 8,157
-------------------------------------------------------------------------------------
NET ASSETS:
Paid in capital ....................... 95,846 244,583 180,762
Accumulated undistributed/
(distributions in excess of) net
investment income ..................... (66) (239) 1,376
Accumulated net realized gain
on investments and futures
transactions .......................... 30,802 66,392 32,386
Net unrealized appreciation of
investments, futures contracts and
foreign currency transactions ......... 28,024 69,315 45,751
-------------------------------------------------------------------------------------
Total Net Assets ................... $154,606 $380,051 $260,275
-------------------------------------------------------------------------------------
Shares of beneficial interest
outstanding ($.001 par value;
unlimited number of shares
authorized): ........................... 4,320 7,952 6,937
Net asset value, redemption and
offering price per share ............... $ 35.79 $ 47.79 $ 37.52
-------------------------------------------------------------------------------------
Cost of investments .................... $126,529 $311,932 $209,744
-------------------------------------------------------------------------------------
</TABLE>
(a) Includes foreign currency segregated for open futures contracts.
See notes to financial statements.
69
<PAGE>
--------------------------------------------------------------------------------
STATEMENT OF OPERATIONS For the six months ended April 30, 2000 (unaudited)
--------------------------------------------------------------------------------
(Amounts in Thousands)
<TABLE>
<CAPTION>
Short-Term Intermediate Bond Balanced
Bond Fund Bond Fund Fund Fund
--------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
INVESTMENT INCOME:
Dividend ............................ $ -- $ -- $ -- $ 380
Interest ............................ 643 11,883 20,576 1,943
--------------------------------------------------------------------------------------------
Total investment income ........... 643 11,883 20,576 2,323
--------------------------------------------------------------------------------------------
EXPENSES: (Note 2)
Investment advisory fees ............ 26 565 903 361
Administration fees ................. 16 282 452 108
Shareholder servicing fees .......... 17 314 495 113
Custodian fees ...................... 21 46 72 46
Printing and postage ................ 1 15 15 3
Professional fees ................... 21 18 24 19
Registration expenses ............... 1 6 9 4
Transfer agent fees ................. 11 9 6 5
Trustees' fees ...................... 1 9 15 4
Other ............................... 3 11 23 7
--------------------------------------------------------------------------------------------
Total expenses .................... 118 1,275 2,014 670
--------------------------------------------------------------------------------------------
Less amounts waived (Note 2F) ....... 33 65 83 33
Less earnings credits (Note 2E) ..... 1 2 17 11
Less expense reimbursements
(Note 2G) ........................... 11 -- -- --
--------------------------------------------------------------------------------------------
Net expenses ....................... 73 1,208 1,914 626
--------------------------------------------------------------------------------------------
Net investment income ............. 570 10,675 18,662 1,697
--------------------------------------------------------------------------------------------
REALIZED AND UNREALIZED
GAIN (LOSS) ON INVESTMENTS:
Net realized gain (loss) on:
Investments ........................ (74) (5,194) (13,621) 37,017
Futures transactions ............... (33) -- (674) --
Change in net unrealized
appreciation/depreciation of:
Investments ........................ (251) (4,147) (2,179) (31,009)
Futures contracts .................. -- -- 712 --
--------------------------------------------------------------------------------------------
Net realized and unrealized
gain (loss) on investments .......... (358) (9,341) (15,762) 6,008
--------------------------------------------------------------------------------------------
Net increase in net assets from
operations .......................... $212 $1,334 $ 2,900 $ 7,705
--------------------------------------------------------------------------------------------
</TABLE>
See notes to financial statements.
70
<PAGE>
STATEMENT OF OPERATIONS For the six months ended April 30, 2000 (unaudited)
(Amounts in Thousands)
<TABLE>
<CAPTION>
Equity
Income Large Cap Large Cap
Fund Equity Fund Growth Fund
--------------------------------------------------------------------------------------
<S> <C> <C> <C>
INVESTMENT INCOME:
Dividend ................................. $ 4,214 $ 865 $ 2,295
Interest ................................. 1,554 224 840
--------------------------------------------------------------------------------------
Total investment income ................ 5,768 1,089 3,135
--------------------------------------------------------------------------------------
EXPENSES: (Note 2)
Investment advisory fees ................. 1,516 483 1,976
Administration fees ...................... 568 181 741
Shareholder servicing fees ............... 616 206 823
Custodian fees ........................... 65 70 126
Printing and postage ..................... 12 5 7
Professional fees ........................ 26 19 35
Registration expenses .................... 10 10 25
Transfer agent fees ...................... 4 12 5
Trustees' fees ........................... 19 6 25
Other .................................... 16 12 22
--------------------------------------------------------------------------------------
Total expenses ......................... 2,852 1,004 3,785
--------------------------------------------------------------------------------------
Less amounts waived (Note 2F) ............ 133 40 810
Less earnings credits (Note 2E) .......... 1 1 2
--------------------------------------------------------------------------------------
Net expenses ............................ 2,718 963 2,973
--------------------------------------------------------------------------------------
Net investment income .................. 3,050 126 162
--------------------------------------------------------------------------------------
REALIZED AND UNREALIZED GAIN
(LOSS) ON INVESTMENTS:
Net realized gain on investments ......... 66,875 21,537 298,149
Change in net unrealized
appreciation/depreciation of
investments .............................. (18,576) 1,266 (168,754)
--------------------------------------------------------------------------------------
Net realized and unrealized
gain on investments ...................... 48,299 22,803 129,395
--------------------------------------------------------------------------------------
Net increase in net assets from
operations ............................... $51,349 $22,929 $129,557
--------------------------------------------------------------------------------------
</TABLE>
See notes to financial statements.
71
<PAGE>
STATEMENT OF OPERATIONS For the six months ended April 30, 2000 (unaudited)
(Amounts in Thousands)
<TABLE>
<CAPTION>
New Growth
Opportunities Small Cap International
Fund Value Fund Equity Fund
---------------------------------------------------------------------------------------
<S> <C> <C> <C>
INVESTMENT INCOME:
Dividend ................................ $ 381 $ 938 $ 1,321
Interest ................................ 223 833 50
Foreign taxes withheld .................. -- -- (126)
---------------------------------------------------------------------------------------
Total investment income ............... 604 1,771 1,245
---------------------------------------------------------------------------------------
EXPENSES: (Note 2)
Investment advisory fees ................ 460 1,175 1,304
Administration fees ..................... 106 271 196
Shareholder servicing fees .............. 120 300 225
Custodian fees .......................... 55 54 163
Printing and postage .................... 5 7 5
Professional fees ....................... 15 20 33
Registration expenses ................... 3 4 1
Transfer agent fees ..................... 9 5 8
Trustees' fees .......................... 4 9 7
Other ................................... 7 15 14
---------------------------------------------------------------------------------------
Total expenses ........................ 784 1,860 1,956
---------------------------------------------------------------------------------------
Less amounts waived (Note 2F) ........... 561 218 1,415
Less earnings credits (Note 2E) ......... -- 1 --
---------------------------------------------------------------------------------------
Net expenses ........................... 223 1,641 541
---------------------------------------------------------------------------------------
Net investment income ................. 381 130 704
---------------------------------------------------------------------------------------
REALIZED AND UNREALIZED GAIN
(LOSS) ON INVESTMENTS:
Net realized gain (loss) on:
Investments ............................ 30,807 58,696 33,628
Futures transactions ................... -- -- 357
Foreign currency transactions .......... -- -- (1,544)
Change in net unrealized
appreciation/depreciation of:
Investments ............................ (1,419) 11,673 10,647
Futures contracts ...................... -- -- (69)
Foreign currency transactions .......... -- -- 777
---------------------------------------------------------------------------------------
Net realized and unrealized
gain on investments ..................... 29,388 70,369 43,796
---------------------------------------------------------------------------------------
Net increase in net assets
from operations ......................... $29,769 $70,499 $44,500
---------------------------------------------------------------------------------------
</TABLE>
See notes to financial statements.
72
<PAGE>
-------------------------------------------------------------------------------
STATEMENT OF CHANGES IN NET ASSETS For the periods indicated (unaudited)
-------------------------------------------------------------------------------
STATEMENT OF CHANGES IN NET ASSETS For the periods indicated (unaudited)
(Amounts in Thousands)
<TABLE>
<CAPTION>
Short-Term Bond Fund Intermediate Bond Fund Bond Fund
--------------------- ----------------------- ---------------------
11/1/99 Year 11/1/99 Year 11/1/99 Year
Through Ended Through Ended Through Ended
4/30/00 10/31/99 4/30/00 10/31/99 4/30/00 10/31/99
-----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income ...................................... $ 570 $ 1,272 $ 10,675 $ 20,421 $ 18,662 $ 36,224
Net realized loss on investments and futures transactions .. (107) (342) (5,194) (5,108) (14,295) (11,695)
Change in unrealized appreciation/depreciation
of investments and futures contracts ....................... (251) (155) (4,147) (14,140) (1,467) (24,502)
-----------------------------------------------------------------------------------------------------------------------------------
Increase in net assets from operations ................... 212 775 1,334 1,173 2,900 27
-----------------------------------------------------------------------------------------------------------------------------------
DISTRIBUTIONS TO SHAREHOLDERS FROM: (Note 1)
Net investment income ...................................... (572) (1,272) (10,706) (20,421) (18,674) (36,223)
Net realized gain on investment transactions ............... -- (99) -- (5,181) -- (7,910)
-----------------------------------------------------------------------------------------------------------------------------------
Total distributions to shareholders ...................... (572) (1,371) (10,706) (25,602) (18,674) (44,133)
-----------------------------------------------------------------------------------------------------------------------------------
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares issued ................................ 3,239 2,535 37,336 66,231 38,856 98,531
Dividends reinvested ....................................... -- 98 14 4,982 6 7,747
Cost of shares redeemed .................................... (5,180) (5,684) (28,265) (23,684) (65,692) (32,034)
-----------------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from capital share transactions ...... (1,941) (3,051) 9,085 47,529 (26,830) 74,244
-----------------------------------------------------------------------------------------------------------------------------------
Total increase (decrease) in net assets .................. (2,301) (3,647) (287) 23,100 (42,604) 30,138
NET ASSETS:
Beginning of period ........................................ 21,652 25,299 376,443 353,343 619,800 589,662
-----------------------------------------------------------------------------------------------------------------------------------
End of period .............................................. $19,351 $21,652 $376,156 $376,443 $577,196 $619,800
-----------------------------------------------------------------------------------------------------------------------------------
SHARE TRANSACTIONS:
Issued ..................................................... 313 240 3,917 6,673 1,028 2,491
Reinvested ................................................. -- 9 2 491 -- 191
Redeemed ................................................... (500) (540) (2,959) (2,412) (1,738) (815)
-----------------------------------------------------------------------------------------------------------------------------------
Change in shares ........................................... (187) (291) 960 4,752 (710) 1,867
-----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
See notes to financial statements.
73
<PAGE>
STATEMENT OF CHANGES IN NET ASSETS For the periods indicated
(unaudited)
STATEMENT OF CHANGES IN NET ASSETS For the periods indicated (unaudited)
(Amounts in Thousands)
<TABLE>
<CAPTION>
Balanced Fund Equity Income Fund Large Cap Equity Fund
------------------------ --------------------- -----------------------
11/1/99 Year 11/1/99 Year 11/1/99 Year
Through Ended Through Ended Through Ended
4/30/00 10/31/99 4/30/00 10/31/99 4/30/00 10/31/99
---------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income .................................. $ 1,697 $ 5,494 $ 3,050 $ 21,094 $ 126 $ 2,679
Net realized gain on investments ....................... 37,017 10,119 66,875 95,029 21,537 34,648
Change in unrealized appreciation/depreciation
of investments ......................................... (31,009) 4,425 (18,576) (33,126) 1,266 (2,615)
---------------------------------------------------------------------------------------------------------------------------------
Increase in net assets from operations ............... 7,705 20,038 51,349 82,997 22,929 34,712
---------------------------------------------------------------------------------------------------------------------------------
DISTRIBUTIONS TO SHAREHOLDERS FROM: (Note 1)
Net investment income .................................. (1,683) (5,504) (3,321) (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 .................. (11,797) (14,510) (98,536) (117,921) (29,507) (24,827)
---------------------------------------------------------------------------------------------------------------------------------
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares issued ............................ 2,341 7,068 9,588 8,277 47,377 54,421
Dividends reinvested ................................... 10,131 9,138 93,215 94,525 27,373 20,588
Cost of shares redeemed ................................ (36,342) (14,356) (133,518) (203,476) (26,494) (39,260)
---------------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from capital share transactions .. (23,870) 1,850 (30,715) (100,674) 48,256 35,749
---------------------------------------------------------------------------------------------------------------------------------
Total increase (decrease) in net assets .............. (27,962) 7,378 (77,902) (135,598) 41,678 45,634
NET ASSETS:
Beginning of period .................................... 159,480 152,102 787,379 922,977 222,396 176,762
---------------------------------------------------------------------------------------------------------------------------------
End of period .......................................... $131,518 $159,480 $709,477 $787,379 $264,074 $222,396
---------------------------------------------------------------------------------------------------------------------------------
SHARE TRANSACTIONS:
Issued ................................................. 70 207 385 21,527 1,293 5,659
Reinvested ............................................. 307 274 3,770 3,406 758 575
Redeemed ............................................... (1,086) (414) (5,249) (6,983) (704) (1,005)
---------------------------------------------------------------------------------------------------------------------------------
Change in shares ....................................... (709) 67 (1,094) 17,950 1,347 5,229
---------------------------------------------------------------------------------------------------------------------------------
</TABLE>
See notes to financial statements.
74
<PAGE>
STATEMENT OF CHANGES IN NET ASSETS For the periods indicated
(unaudited)
STATEMENT OF CHANGES IN NET ASSETS For the periods indicated (unaudited)
(Amounts in Thousands)
<TABLE>
<CAPTION>
Large Cap New Growth
Growth Fund Opportunities Fund
------------------------ ------------------------
11/1/99 Year 11/1/99 Year
Through Ended Through Ended
04/30/00 10/31/99 04/30/00 10/31/99
--------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income ................................ $ 162 $ 5,525 $ 381 $ 553
Net realized gain on investments, futures
and foreign currency transactions .................... 298,149 85,454 30,807 30,623
Change in unrealized appreciation/depreciation
of investments, futures contracts and foreign
currency transactions ................................ (168,754) 165,652 (1,419) 739
--------------------------------------------------------------------------------------------------------------
Increase (decrease) in net assets from
operations ......................................... 129,557 256,631 29,769 31,915
--------------------------------------------------------------------------------------------------------------
DISTRIBUTIONS TO SHAREHOLDERS FROM: (Note 1)
Net investment income ................................ (618) (5,525) (561) (496)
Net realized gain on investment transactions ......... (85,852) (60,409) (30,537) (2,314)
--------------------------------------------------------------------------------------------------------------
Total distributions to shareholders ................ (86,470) (65,934) (31,098) (2,810)
--------------------------------------------------------------------------------------------------------------
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares issued .......................... 122,094 68,940 6,362 2,292
Dividends reinvested ................................. 8 59,031 30,217 2,297
Cost of shares redeemed .............................. (71,306) (71,778) (9,309) (17,355)
--------------------------------------------------------------------------------------------------------------
Increase (decrease) from capital share
transactions ....................................... 50,796 56,193 27,270 (12,766)
--------------------------------------------------------------------------------------------------------------
Total increase (decrease) in net assets ............ 93,883 246,890 25,941 16,339
NET ASSETS:
Beginning of period .................................. 900,876 653,986 128,665 112,326
--------------------------------------------------------------------------------------------------------------
End of period ........................................ $994,759 $900,876 $154,606 $128,665
--------------------------------------------------------------------------------------------------------------
SHARE TRANSACTIONS:
Issued ............................................... 2,553 13,207 184 3,660
Reinvested ........................................... -- 1,541 978 72
Redeemed ............................................. (1,437) (1,633) (268) (496)
--------------------------------------------------------------------------------------------------------------
Change in shares ..................................... 1,116 13,115 894 3,236
--------------------------------------------------------------------------------------------------------------
<CAPTION>
Small Cap International
Value Fund Equity Fund
------------------------ -----------------------
11/1/99 Year 11/1/99 Year
Through Ended Through Ended
04/30/00 10/31/99 04/30/00 10/31/99
-------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income ................................ $ 130 $ 4,805 $ 704 $ 2,524
Net realized gain on investments, futures
and foreign currency transactions .................... 58,696 69,103 32,441 19,825
Change in unrealized appreciation/depreciation
of investments, futures contracts and foreign
currency transactions ................................ 11,673 (83,705) 11,355 23,640
-------------------------------------------------------------------------------------------------------------
Increase (decrease) in net assets from
operations ......................................... 70,499 (9,797) 44,500 45,989
-------------------------------------------------------------------------------------------------------------
DISTRIBUTIONS TO SHAREHOLDERS FROM: (Note 1)
Net investment income ................................ (655) (4,874) (285) (5,407)
Net realized gain on investment transactions ......... (61,371) (20,135) (15,802) --
-------------------------------------------------------------------------------------------------------------
Total distributions to shareholders ................ (62,026) (25,009) (16,087) (5,407)
-------------------------------------------------------------------------------------------------------------
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares issued .......................... 19,328 14,795 5,993 3,876
Dividends reinvested ................................. 59,569 19,643 15,722 1
Cost of shares redeemed .............................. (46,105) (79,203) (13,198) (42,059)
-------------------------------------------------------------------------------------------------------------
Increase (decrease) from capital share
transactions ....................................... 32,792 (44,765) 8,517 (38,182)
-------------------------------------------------------------------------------------------------------------
Total increase (decrease) in net assets ............ 41,265 (79,571) 36,930 2,400
NET ASSETS:
Beginning of period .................................. 338,786 418,357 223,345 220,945
-------------------------------------------------------------------------------------------------------------
End of period ........................................ $380,051 $338,786 $260,275 $223,345
-------------------------------------------------------------------------------------------------------------
SHARE TRANSACTIONS:
Issued ............................................... 431 269 154 6,702
Reinvested ........................................... 1,401 362 434 --
Redeemed ............................................. (989) (1,456) (352) (1,326)
-------------------------------------------------------------------------------------------------------------
Change in shares ..................................... 843 (825) 236 5,376
-------------------------------------------------------------------------------------------------------------
</TABLE>
See notes to financial statements.
75
<PAGE>
--------------------------------------------------------------------------------
CHASE VISTA SELECT FUNDS NOTES TO FINANCIAL STATEMENTS (UNAUDITED)
--------------------------------------------------------------------------------
1. Organization and Significant Accounting Policies
Mutual Fund Select Group (the "Trust") was organized as a Massachusetts
Business Trust, and is registered under the Investment Company Act of 1940, as
amended, (the "1940 Act") as an open-end management investment company. 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,
76
<PAGE>
CHASE VISTA SELECT FUNDS NOTES TO FINANCIAL STATEMENTS (UNAUDITED)
(Continued)
subcustodian, or a bank with which the custodian bank has entered into a
subcustodian agreement, or is segregated in the Federal Reserve Book Entry
System. In connection with transactions in repurchase agreements, if the
seller defaults and the value of the collateral declines, or if the seller
enters an insolvency proceeding, realization of the collateral by the Fund
may be delayed or limited.
C. Futures contracts -- When a Fund enters into a futures contract, it
makes an initial margin deposit in a segregated account, either in cash or
liquid securities. Thereafter, the futures contract is marked to market and
the Fund makes (or receives) additional cash payments daily to the broker.
Changes in the value of the contract are recorded as unrealized
appreciation/depreciation until the contract is closed or settled.
STBF, IBF and BND invest in exchange-traded interest rate futures and
options contracts for hedging purposes, to either modify the duration of
the portfolio, modify the yield curve exposure of the portfolio, or in
anticipation of buying or selling a specific security.
BF, EIF, LCEF, LCGF, NGOF, and SCVF invest in stock index futures contracts
for the purpose of hedging the Fund against share price volatility, which
purpose may or may not be achieved. When the Fund is not fully invested in
the securities market, it may enter into "long" positions in futures or
options contracts in order to gain rapid market exposure that may in part
or entirely offset increases in the cost of securities intended for
purchase.
Index futures contracts are used to control the asset mix of IEF in the
most efficient manner, allowing the fund to adjust country exposures while
incurring minimal transaction costs. Short index futures contracts are used
for hedging purposes, i.e. to reduce the exposure to equities. Long index
futures contracts are used to gain exposure to equities, when it is
anticipated that this will be more efficient than buying stocks directly.
Use of long futures contracts subjects the Fund to risk of loss in excess
of amounts shown on the Statement of Assets and Liabilities, up to the
amount of the value of the futures contracts.
Use of short futures contracts subjects the Fund to unlimited risk of
loss.
The Fund may enter into futures contracts only on exchanges or boards of
trade. The exchange or board of trade acts as the counterparty to each
futures transaction, therefore, the Fund's credit risk is limited to
failure of the exchange or board of trade.
At April 30, 2000, the Funds had open futures contracts as shown on the
Fund's Portfolio of Investments.
D. Written options -- When a Fund writes an option on a futures contract,
an amount equal to the premium received by the Fund is included in the
Fund's Statement of Assets and Liabilities as an asset and corresponding
liability. The amount of the liability is adjusted daily to reflect the
current market value of the written options and the change is recorded in a
corresponding unrealized gain or loss account. When a written option
expires on its stipulated expiration date, or when a closing
77
<PAGE>
CHASE VISTA SELECT FUNDS NOTES TO FINANCIAL STATEMENTS (UNAUDITED)
(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 April 30, 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 April 30, 2000, IEF had open forward foreign currency contracts as shown
in Note 6.
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.
78
<PAGE>
CHASE VISTA SELECT FUNDS NOTES TO FINANCIAL STATEMENTS (UNAUDITED)
(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
79
<PAGE>
CHASE VISTA SELECT FUNDS NOTES TO FINANCIAL STATEMENTS (UNAUDITED)
(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.
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 six months ended April 30, 2000, the Adviser
voluntarily waived fees as outlined in Note 2.F. below.
Chase Asset Management, Inc. ("CAM"), 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 CAM and Chase. CAM
is a wholly owned subsidiary of Chase and is entitled to receive a fee,
payable by Chase from its advisory fee, at an annual rate equal to 0.10%
for STBF, 0.15% for IBF and BND, 0.25% for BF, 0.20% for EIF, LCEF and
LCGF, and 0.30% for NGOF and SCVF of average daily net assets.
CAM London, a wholly owned subsidiary of Chase and a registered investment
advisor, is the sub-investment advisor for IEF pursuant to a Sub-Investment
Advisory Agreement with Chase and is paid a fee by Chase from its advisory
fee at an annual rate equal to 0.50% of IEF's average daily net assets.
B. 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 six months ended April 30, 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
80
<PAGE>
CHASE VISTA SELECT FUNDS NOTES TO FINANCIAL STATEMENTS (UNAUDITED)
(Continued)
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 six
months ended April 30, 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 six months ended April
30, 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 six months ended
April 30, 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 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 six months ended April 30, 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.......... $ 14 $ 4 $ 14 $ 1
IBF .......... 34 29 -- 2
BND .......... 56 27 -- --
BF ........... 23 10 -- --
EIF .......... 95 34 -- 4
LCEF.......... 27 10 -- 3
LCGF.......... 111 172 523 4
NGOF.......... 388 51 120 2
SCVF.......... 68 63 83 4
IEF .......... 1,115 69 225 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.
81
<PAGE>
CHASE VISTA SELECT FUNDS NOTES TO FINANCIAL STATEMENTS (UNAUDITED)
(Continued)
3. Investment Transactions
For the six months ended April 30, 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.......... $ 7,661 $ 2,591 $ 6,808 $ 12,347
IBF .......... 71,764 91,788 103,921 71,582
BND .......... 211,606 221,612 296,891 309,224
BF ........... 41,852 53,810 87,210 106,411
EIF .......... 251,305 373,987 -- --
LCEF.......... 122,409 97,061 -- --
LCGF.......... 594,633 638,686 -- --
NGOF.......... 71,488 76,828 -- --
SCVF.......... 170,684 122,988 -- --
IEF .......... 149,769 155,098 -- --
</TABLE>
4. Federal Income Tax Matters
For Federal income tax purposes, the cost and unrealized appreciation
(depreciation) in value of the investment securities at April 30, 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.......... $ 19,621 $ -- $ (354) $ (354)
IBF .......... 386,929 1,397 (15,248) (13,851)
BND .......... 590,079 1,780 (18,161) (16,381)
BF ........... 110,308 24,875 (4,026) 20,849
EIF .......... 624,011 121,650 (34,979) 86,671
LCEF.......... 213,719 60,388 (9,356) 51,032
LCGF.......... 651,081 318,069 (10,211) 307,858
NGOF.......... 126,529 36,393 (8,369) 28,024
SCVF.......... 311,932 90,185 (20,870) 69,315
IEF .......... 209,744 59,422 (13,034) 46,388
</TABLE>
5. Retirement Plan
The Funds have adopted an unfunded noncontributory defined benefit pension plan
covering all independent trustees of the Funds who will have served as an
independent trustee for at least five years at the time of retirement. Benefits
under this plan are based on compensation and years of service. Pension
expenses for the six months ended April 30, 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):
82
<PAGE>
CHASE VISTA SELECT FUNDS NOTES TO FINANCIAL STATEMENTS (UNAUDITED)
(Continued)
<TABLE>
<CAPTION>
Pension Accrued Pension
Expenses Liability
-------------------------------------------------------------------------------
<S> <C> <C>
STBF.......... $-- $ 2
IBF .......... 3 21
BND .......... 5 37
BF ........... 1 11
EIF .......... 6 60
LCEF.......... 2 13
LCGF.......... 7 43
NGOF.......... 1 8
SCVF.......... 3 29
IEF .......... 2 16
</TABLE>
6. Open Forward Foreign Currency Contracts
IEF was party to the following forward foreign currency contract at April 30,
2000 (in thousands):
<TABLE>
<CAPTION>
Unrealized
Contract Amount Contract Amount Settlement Loss
Purchased Sold Date USD
-------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
10,293 EUR 6,350 GBP 06/21/00 $(557)
</TABLE>
EUR - European Currency Unit
GBP - Great British Pound
7. Foreign Cash Positions
IEF held the following foreign currency positions at April 30, 2000 (in
thousands):
<TABLE>
<CAPTION>
Delivery Net
Value Market Unrealized
(Local Cost Value Gain (Loss)
Currency Currency) (USD) (USD) (USD)
-------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Australian Dollar.......... 1,232 $ 770 $ 719 $(51)
Swiss Franc ............... 861 518 500 (18)
EURO ...................... 2,872 2,641 2,617 (24)
British Pound ............. 289 369 452 83
Hong Kong Dollar .......... 25 3 3 --
Japanese Yen .............. 290 3 3 --
Malaysian Ringgit.......... 49 13 13 --
Philippine Peso ........... 732 17 18 1
Swedish Krona ............. 228 26 25 (1)
Singapore Dollar .......... 1 1 1 --
Thai Baht ................. 6 -- -- --
------ ------- -----
$4,361 $ 4,351 $(10)
====== ======= =====
</TABLE>
83
<PAGE>
CHASE VISTA SELECT FUNDS NOTES TO FINANCIAL STATEMENTS (UNAUDITED)
(Continued)
8. Bank Borrowings
The Funds may borrow money for temporary or emergency purposes. Any borrowings
representing more than 5% of a Fund's total assets must be repaid before the
Fund may make additional investments. The Funds have entered into an agreement,
enabling them to participate with other Chase Vista Funds in an unsecured line
of credit with a syndicate of banks, which permits borrowings up to $350
million, collectively. Interest is charged to each Fund based on its borrowings
at an annual rate equal to the sum of the Federal Funds Rate plus 0.50%. 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 April 30, 2000, nor at any time
during the six months then ended.
9. Concentrations
At April 30, 2000, EIF, LCEF, LCGF, NGOF and SCVF invested 27.2%, 35.4%, 51.7%,
28.3% and 34.1%, 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.
At April 30, 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 April 30, 2000, IEF invested approximately 24.2% and 19.8% 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.
84
<PAGE>
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CHASE VISTA SELECT FUNDS FINANCIAL HIGHLIGHTS (UNAUDITED)
-------------------------------------------------------------------------------
FINANCIAL HIGHLIGHTS (unaudited)
<TABLE>
<CAPTION>
Chase Vista Select
--------------------------------------------------------------------------------
Short-Term Bond Fund Intermediate Bond Fund
---------------------------------------- ---------------------------------------
11/1/99 1/1/97* 11/1/99 1/1/97*
Through Year Ended Through Through Year Ended Through
4/30/00 10/31/99 10/31/98 10/31/97 4/30/00 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 ......................... 0.29 0.56 0.61 0.57 0.27 0.55 0.62 0.55
Net gains or losses on securities
(both realized and unrealized) ................ (0.18) (0.22) 0.04 0.03 (0.24) (0.52) 0.17 0.10
------ ------ ------ ------ ------ ------ ------ ------
Total from investment operations ............. 0.11 0.34 0.65 0.60 0.03 0.03 0.79 0.65
------ ------ ------ ------ ------ ------ ------ ------
Distributions to shareholders from:
Dividends from net investment income .......... 0.29 0.56 0.61 0.57 0.27 0.55 0.62 0.55
Net realized gains on investment transactions . -- 0.04 -- -- -- 0.15 -- --
------ ------ ------ ------ ------ ------ ------
Total dividends and distributions ............ 0.29 0.60 0.61 0.57 0.27 0.70 0.62 0.55
------ ------ ------ ------ ------ ------ ------ ------
Net asset value, end of period ................. $10.25 $10.43 $10.69 $10.65 $ 9.45 $ 9.69 $10.36 $10.19
====== ====== ====== ====== ====== ====== ====== ======
Total return ................................. 1.02% 3.31% 6.25% 5.82% 0.33% 0.33% 7.98% 6.71%
Ratios/supplemental data:
Net assets, end of period (in millions) ....... $ 19 $ 22 $ 25 $ 27 $ 376 $ 376 $ 353 $ 319
Ratios to average net assets:#
Expenses ...................................... 0.71% 0.07% 0.11% 0.11% 0.64% 0.04% 0.04% 0.06%
Net investment income ......................... 5.52% 5.31% 6.01% 6.45% 5.67% 5.55% 6.16% 6.67%
Expenses without waivers, reimbursements and
earnings credits .............................. 1.15% 0.73% 0.88% 0.63% 0.68% 0.50% 0.52% 0.54%
Net investment income without waivers,
reimbursements and earnings credits ........... 5.08% 4.65% 5.24% 5.93% 5.63% 5.09% 5.68% 6.19%
Portfolio turnover rate ........................ 87% 316% 382% 406% 45% 123% 168% 193%
----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
* Commencement of operations.
# Short periods have been annualized.
See notes to financial statements.
85
<PAGE>
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CHASE VISTA SELECT FUNDS FINANCIAL HIGHLIGHTS (UNAUDITED)
-------------------------------------------------------------------------------
FINANCIAL HIGHLIGHTS (unaudited)
<TABLE>
<CAPTION>
Chase Vista Select
------------------------------------------------------------------------------------
Bond Fund Balanced Fund
------------------------------------------ ----------------------------------------
11/1/99 1/1/97* 11/1/99 1/1/97*
Through Year Ended Through Through Year Ended Through
4/30/00 10/31/99 10/31/98 10/31/97 4/30/00 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 ...................... 1.17 2.36 2.56 2.31 0.40 1.17 1.32 1.17
Net gains or losses in securities
(both realized and unrealized) ............. (0.99) (2.37) 0.76 0.67 1.35 3.12 3.05 3.46
------ ------ ------ ------ ------ ------ ------ ------
Total from investment operations .......... 0.18 (0.01) 3.32 2.98 1.75 4.29 4.37 4.63
------ ------ ------ ------ ------ ------ ------ ------
Distributions to shareholders from:
Dividends from net investment income ....... 1.17 2.36 2.55 2.31 0.40 1.17 1.31 1.17
Distributions from capital gains ........... -- 0.54 0.49 -- 2.22 2.01 3.61 --
------ ------ ------ ------ ------ ------ ------ ------
Total dividends and distributions ......... 1.17 2.90 3.04 2.31 2.62 3.18 4.92 1.17
------ ------ ------ ------ ------ ------ ------ ------
Net asset value, end of period .............. $37.39 $38.38 $41.29 $41.01 $33.77 $34.64 $33.53 $34.08
====== ====== ====== ====== ====== ====== ====== ======
Total return .............................. 0.48% (0.01%) 8.44% 7.64% 5.27% 13.30% 14.28% 15.36%
Ratios/supplemental data:
Net assets, end of period (in millions) .... $ 577 $ 620 $ 590 $ 520 $ 132 $ 159 $ 152 $ 179
Ratios to average net assets:#
Expenses ................................... 0.64% 0.03% 0.03% 0.02% 0.87% 0.05% 0.03% 0.03%
Net investment income ...................... 6.21% 5.97% 6.27% 6.89% 2.35% 3.37% 3.98% 4.29%
Expenses without waivers, reimbursements and
earnings credits ........................... 0.67% 0.49% 0.51% 0.49% 0.93% 0.75% 0.75% 0.72%
Net investment income without waivers,
reimbursements and earnings credits ........ 6.18% 5.51% 5.79% 6.42% 2.29% 2.67% 3.26% 3.60%
Portfolio turnover rate ..................... 90% 300% 306% 261% 92% 93% 50% 131%
----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
* Commencement of Operations.
# Short periods have been annualized.
See notes to financial statements.
86
<PAGE>
-------------------------------------------------------------------------------
CHASE VISTA SELECT FUNDS FINANCIAL HIGHLIGHTS (UNAUDITED)
-------------------------------------------------------------------------------
FINANCIAL HIGHLIGHTS (unaudited)
<TABLE>
<CAPTION>
Chase Vista Select
-----------------------------------------------------------------------------------
Equity Income Fund (1) Large Cap Equity Fund (1)
---------------------------------------- ----------------------------------------
11/1/99 1/1/97* 11/1/99 1/1/97*
Through Year Ended Through Through Year Ended Through
4/30/00 10/31/99 10/31/98 10/31/97 4/30/00 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 ...................... 0.10 0.65 0.85 0.79 0.02 0.52 0.56 0.59
Net gains or losses in securities
(both realized and unrealized) ............. 1.68 1.69 1.50 5.90 3.63 6.56 5.27 9.36
------ ------ ------ ------ ------ ------ ------ ------
Total from investment operations .......... 1.78 2.34 2.35 6.69 3.65 7.08 5.83 9.95
------ ------ ------ ------ ------ ------ ------ ------
Distributions to shareholders from:
Dividends from net investment income ....... 0.11 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 ......... 3.51 3.70 7.68 0.79 5.26 5.29 14.89 0.59
------ ------ ------ ------ ------ ------ ------ ------
Net asset value, end of period .............. $25.80 $27.53 $28.89 $34.22 $37.70 $39.31 $37.52 $46.58
====== ====== ====== ====== ====== ====== ====== ======
Total return .............................. 7.07% 8.18% 7.62% 23.78% 9.89% 20.36% 16.58% 26.89%
Ratios/supplemental data:
Net assets, end of period (in millions) .... $ 709 $ 787 $ 923 $ 955 $ 264 $ 222 $ 177 $ 186
Ratios to average net assets:#
Expenses ................................... 0.72% 0.03% 0.03% 0.03% 0.80% 0.05% 0.03% 0.03%
Net investment income ...................... 0.81% 2.25% 2.85% 2.97% 0.10% 1.36% 1.46% 1.66%
Expenses without waivers, reimbursements and
earnings credits ........................... 0.76% 0.58% 0.59% 0.59% 0.83% 0.65% 0.65% 0.58%
Net investment income without waivers,
reimbursements and earnings credits ........ 0.77% 1.70% 2.29% 2.41% 0.07% 0.76% 0.86% 1.11%
Portfolio turnover rate ..................... 36% 146% 148% 73% 41% 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.
87
<PAGE>
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CHASE VISTA SELECT FUNDS FINANCIAL HIGHLIGHTS (UNAUDITED)
-------------------------------------------------------------------------------
FINANCIAL HIGHLIGHTS (unaudited)
<TABLE>
<CAPTION>
Chase Vista Select
-----------------------------------------------------------------------------
Large Cap Growth Fund (1) New Growth Opportunities Fund (1)
------------------------------------- ---------------------------------------
11/1/99 1/1/97* 11/1/99 1/1/97*
Through Year Ended Through Through Year Ended Through
4/30/00 10/31/99 10/31/98 10/31/97 4/30/00 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 ...................... 0.01 0.30 0.34 0.28 0.08 0.15 0.14 0.15
Net gains or losses in securities
(both realized and unrealized) ............. 6.60 13.66 8.23 6.29 7.30 8.52 (0.42) 3.80
------ ------ ------ ------ ------ ------ ------ ------
Total from investment operations .......... 6.61 13.96 8.57 6.57 7.38 8.67 (0.28) 3.95
------ ------ ------ ------ ------ ------ ------ ------
Distributions to shareholders from:
Dividends from net investment income ....... 0.03 0.30 0.34 0.28 0.13 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 9.14 0.75 2.48 0.14
------ ------ ------ ------ ------ ------ ------ ------
Net asset value, end of period .............. $49.57 $47.54 $37.36 $32.30 $35.79 $37.55 $29.63 $32.39
====== ====== ====== ====== ====== ====== ====== ======
Total return .............................. 14.41% 39.78% 29.12% 25.32% 23.59% 29.65% (0.70%) 13.90%
Ratios/supplemental data:
Net assets, end of period (in millions) .... $ 995 $ 901 $ 654 $ 548 $ 155 $ 129 $ 112 $ 116
Ratios to average net assets:#
Expenses ................................... 0.60% 0.03% 0.02% 0.02% 0.32% 0.07% 0.08% 0.08%
Net investment income ...................... 0.03% 0.69% 0.98% 1.12% 0.54% 0.44% 0.43% 0.57%
Expenses without waivers, reimbursements and
earnings credits ........................... 0.76% 0.59% 0.60% 0.60% 1.11% 0.93% 0.94% 0.92%
Net investment income without waivers,
reimbursements and earnings credits ........ (0.13%) 0.13% 0.40% 0.54% (0.25%) (0.42%) (0.43%) (0.27%)
Portfolio turnover rate ..................... 62% 26% 22% 36% 53% 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.
88
<PAGE>
-------------------------------------------------------------------------------
CHASE VISTA SELECT FUNDS FINANCIAL HIGHLIGHTS (UNAUDITED)
-------------------------------------------------------------------------------
FINANCIAL HIGHLIGHTS (unaudited)
<TABLE>
<CAPTION>
Chase Vista Select
-------------------------------------------------------------------------------------
Small Cap Value Fund International Equity Fund (1)
-------------------------------------------- ---------------------------------------
11/1/99 1/1/97* 11/1/99 1/1/97*
Through Year Ended Through Through Year Ended Through
4/30/00 10/31/99 10/31/98 10/31/97 4/30/00 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 ...................... 0.01 0.64 0.74 0.57 0.10 0.33 0.41 0.44
Net gains or losses in securities
(both realized and unrealized) ............. 9.18 (2.50) (5.72) 8.62 6.53 5.94 0.90 0.77
------ ------ ------ ------ ------ ------ ------ ------
Total from investment operations .......... 9.19 (1.86) (4.98) 9.19 6.63 6.27 1.31 1.21
------ ------ ------ ------ ------ ------ ------ ------
Distributions to shareholders from:
Dividends from net investment income ....... 0.08 0.64 0.75 0.52 0.04 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 2.44 0.73 2.97 0.40
------ ------ ------ ------ ------ ------ ------ ------
Net asset value, end of period .............. $47.79 $47.66 $52.73 $60.54 $37.52 $33.33 $27.79 $29.45
====== ====== ====== ====== ====== ====== ====== ======
Total return .............................. 21.68% (4.20%) (8.53%) 17.80% 20.14% 22.83% 4.80% 4.15%
Ratios/supplemental data:
Net assets, end of period (in millions) .... $ 380 $ 339 $ 418 $ 488 $ 260 $ 223 $ 221 $ 254
Ratios to average net assets:#
Expenses ................................... 0.91% 0.04% 0.02% 0.02% 0.41% 0.06% 0.05% 0.07%
Net investment income ...................... 0.07% 1.16% 1.28% 1.26% 0.54% 1.14% 1.71% 1.66%
Expenses without waivers, reimbursements and
earnings credits ........................... 1.03% 0.86% 0.85% 0.85% 1.50% 1.31% 1.34% 1.27%
Net investment income without waivers,
reimbursements and earnings credits ........ (0.05%) 0.34% 0.45% 0.43% (0.55%) (0.11%) 0.42% 0.46%
Portfolio turnover rate ..................... 36% 55% 6% 8% 59% 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.
89
<PAGE>
--------------------------------------------------------------------------------
CHASE VISTA SELECT EQUITY FUNDS SEMI-ANNUAL REPORT
--------------------------------------------------------------------------------
INVESTMENT ADVISER,
ADMINISTRATOR, SHAREHOLDER
AND FUND SERVICING
AGENT AND CUSTODIAN
The Chase Manhattan Bank
DISTRIBUTOR
Vista Fund Distributors, Inc.
TRANSFER AGENT
DST Systems, Inc.
LEGAL COUNSEL
Simpson Thacher & Bartlett
INDEPENDENT ACCOUNTANTS
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 Select Funds for providing investment
advisory and other services.
This report is submitted for the general information of the shareholders of the
funds. It is not authorized for distribution to prospective investors in the
funds unless preceded or accompanied by a prospectus.
The financial information in this report has been taken from the books and
records of the funds without examination by independent accountants, who express
no opinion thereto.
To obtain a prospectus for any of the Chase Vista Select Funds, call
1-800-34-VISTA. The prospectus contains more complete information, including
charges and expenses. Please read it carefully before you invest or send money.
(C) The Chase Manhattan Corporation, 2000. All Rights Reserved. June 2000
[Logo; CHASE VISTA FUNDS(SM)]
Chase Vista Funds Fulfillment Center
393 Manley Street
West Bridgewater, MA 02379-1039
