<PAGE>
JUNE 30, 1999 (UNAUDITED)
- --------------------------------------------------------------------------------
Chase Fixed
Income FundsSM
semi-annual report
CHASE INCOME FUND
CHASE INTERMEDIATE
TERM BOND FUND
CHASE MONEY
MARKET FUND
CHASE SHORT
INTERMEDIATE TERM
U.S. GOVERNMENT
SECURITIES FUND
CHASE
U.S. GOVERNMENT
SECURITIES FUND
<PAGE>
CONTENTS
- --------------------------------------------------------------------------------
Chairman's Letter 3
Fund Commentary and Portfolio of Investments
Chase Income Fund 4-10
Chase Intermediate Term Bond Fund 11-19
Chase Money Market Fund 20-28
Chase Short-Intermediate Term
U.S. Government Securities Fund 29-34
Chase U.S. Government Securities Fund 35-40
Statement of Assets and Liabilities 41
Statement of Operations 42
Statement of Changes in Net Assets 43
Notes to Financial Statements 44-49
Financial Highlights 50-54
--------------------------------
NOT May Lose Value
FDIC
INSURED No Bank Guarantee
--------------------------------
<PAGE>
Chase Fixed Income Funds
Chairman's Letter
August 1, 1999
Dear Fellow Shareholders:
We are pleased to present this semi-annual report for the Chase Fixed Income
Funds for the six month period ended June 30, 1999. In providing you with this
information, we seek to assist you in fully understanding how your fund
performed and the strategies your fund managers pursued within the context of
the overall economic and market environment.
Strong Economic Growth Causes Interest Rates to Rise
The first six months presented a difficult environment for the bond market as
stronger-than-expected economic growth spilled over from the fourth quarter of
1998. In fact, the US economy as measured by its gross domestic product grew
4.3% in the first quarter of 1999 and 2.3% in the second quarter. With such
robust growth, interest rates headed higher across the yield curve and bond
prices, which move in the opposite direction of interest rates, fell. The yield
on the benchmark 30-year US Treasury bond rose from 5.1% on December 31, 1998 to
6% on June 30 while yields on 10-year Treasuries rose even more dramatically,
from 4.65% to 5.82%.
Signs of Global Growth Help Cause Change in Fed Policy
After having cut the Federal Funds rate three times in the second half of 1998
in an effort to ensure that the US economy could weather the global economic
slowdown and to provide support for shaky markets around the world, the Federal
Open Markets Committee (FOMC) adopted a tightening bias during the reporting
period in light of a recovery overseas, continued US economic strength and a
spike in the April Consumer Price Index, a key indicator of inflation. While
May's CPI returned to a benign level and subsequent reports of inflationary
pressures were only sporadic, the FOMC did indeed raise the Federal Funds Rate
by 0.25%, to 5%, on June 30. The Federal Funds rate is the rate charged to banks
for overnight borrowing.
Will a Slowdown Occur?
Moving into the second half of the year, the question among market participants
is whether the higher interest rates will slow down the US economy and quell any
nascent inflationary pressures or if the Fed will feel compelled to raise rates
again. In our view, it will take a real and sustained cooling off of economic
data to keep the Fed on the sidelines, which is reflected in the fact that the
market had already priced in additional Fed tightening moves.
Your portfolio management team rose to the occasion of this challenging
environment, working diligently to help protect your investment and provide you
with competitive levels of current income. While it's impossible to predict what
markets will do, you can surely expect that all of us at Chase Funds will
continue to do our best to deliver solid investments and help you reach your
financial goals. We appreciate your continued trust and support.
Sincerely yours,
/s/ Sarah E. Jones
- -------------------
Sarah E. Jones
3
<PAGE>
Chase Income Fund
as of June 30, 1999
(unaudited)
How the Fund Performed
Chase Income Fund (Premier Shares) had a total return of -2.67% for the
six-month period ended June 30, 1999. This compares to -2.43% for the Lipper
Corporate Debt A Rated Funds Index and -2.28% for the Lehman
Government/Corporate Index.
How the Fund Was Managed
Given the Fund manager's view that the market had entered a corrective phase of
consolidation, the Fund maintained a relatively neutral average maturity and
duration throughout the period. From January to March, the Fund benefited from
its overweight position in corporate and mortgage-backed securities relative to
its benchmark index as these "spread" sectors outperformed Treasuries in the
rising-rate environment.
Continuing to look for opportunities to increase yield in a difficult market,
the Fund replaced Treasuries with Federal agency paper when yields on the latter
widened dramatically relative to Treasuries due to large issuance. Additionally,
the Fund's corporate holdings fared well on a relative basis thanks to strong
individual security analysis and selection.
Overall, the Fund's policy was one of staying relatively close to the index and
capturing yield where possible without taking on excessive risk.
Where the Fund May Be Headed
Indicative of the difficult environment as the period came to an end was the
eroding performance of the non-Treasury sectors, which generally tend to do
relatively better than Treasuries in a rising rate environment. While keeping a
close eye on liquidity and risk, the manager expects to add to corporate
holdings selectively moving forward and may also take on more agency paper
depending on yield spreads. In the manager's view, such a volatile environment
creates both opportunity and risk, and therefore he intends to look for
opportunities to increase income without taking on excessive risk.
4
<PAGE>
Chase Income Fund
as of June 30, 1999
(unaudited)
Fund Facts
Objective Current income
Primary investments Bonds, notes and debentures issued by corporations,
the U.S. government and its agencies
Suggested investment
time frame Long-term
Market benchmark Lehman Government /
Corporate Index
Lipper Funds Universe Corporate Debt A Rated Funds Index
Inception date Premier Shares 3/29/88
Investor Shares 11/10/98
Newspaper symbol Income
Dividend Frequency Daily
Net Assets Premier Shares $65 Million
Investor Shares $1 Million
Average Maturity 9.1 years
Average Duration 5.6 years
Average Quality AAA
Average Maturity/Quality
- ------|-------|--------
| X | High
- ------|-------|--------
| | Med.
- ------|-------|--------
| | Low
- ------|-------|--------
Short Int. Long
5
<PAGE>
Chase Income Fund
as of June 30, 1999
(unaudited)
10-Year Performance*
This chart shows what the long-term growth would have been for a hypothetical
investment in the Chase Income Fund compared to its key benchmarks. This is
where you see the Fund's long-term trend. This chart is for illustrative
purposes only.
<TABLE>
<CAPTION>
June 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999
- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ----
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Chase Income Fund 10,000 10,439 11,183 12,598 14,075 13,672 15,185 15,982 17,012 18,869 19,267
Lipper Corporate Debt A Rated Fund Index 10,000 10,562 11,593 13,327 15,133 14,786 16,661 17,395 18,826 20,847 21,098
Lehman Gov't./Corp. Index 10,000 10,711 11,805 13,478 15,250 15,027 16,945 17,734 19,109 21,265 21,838
</TABLE>
Average Annual Total Returns
This table shows the average annual total returns. This is where you can see the
Fund's short-term performance, which, as with the securities markets, tends to
be more volatile than the long-term trend.
1 Year 3 Years 5 Years 10 Years
------ ------- ------- --------
Premier Shares 2.09% 6.42% 7.10% 6.78%
Investor Shares 1.99% 6.38% 7.08% 6.77%
*Source: Lipper Analytical Services. Past performance is no guarantee of future
results. Investment returns and principal value will fluctuate so that an
investor's shares, when redeemed, may be worth more or less than the original
cost.
The Fund is currently waiving certain fees. The voluntary waiver may be modified
or terminated at any time, which would reduce performance.
This chart represents the comparative performance for $10,000 invested in
Premier Shares of Chase Income Fund, the Lehman Government/Corporate Index and
the Lipper Corporate Debt A Rated Funds Index from June 30, 1989 to June 30,
1999. The performance of the Fund assumes the reinvestment of all dividends and
capital gains and does not include a sales charge. The performance of the
indices does not include a sales charge and has been adjusted to reflect the
reinvestment of all dividends and capital gains on the securities included in
the benchmark. Premier Shares carry a $1 million minimum initial investment and
carry no sales charge.
Investor Shares commenced on 11/10/98 and have a minimum initial investment of
$2,500. Please note internal expenses are greater for the Investor Shares class.
Performance measurements for the Investor Shares prior to 11/10/98 are based on
the predecessor Premier Shares class and do not include Investor Share class
expenses.
Chase Income Fund is the successor to the AVESTA Trust Income Fund. Effective
12/31/97, the AVESTA Trust was converted from a Texas Trust to Mutual Fund
Investment Trust ("MFIT"), a Massachusetts business trust. As part of the
conversion, the Fund transferred all of its assets to Chase Income Fund, a new
investment portfolio of MFIT.
Chase Income Fund, unlike the AVESTA Income Fund, is subject to certain
diversification, distribution and other requirements imposed under the Internal
Revenue Code, which may impact performance.
The Lipper Corporate Debt A Rated Funds Index represents performance of the
largest 30 A rated corporate debt funds. Lipper is an independent mutual fund
performance monitor whose results are based on total return and do not reflect a
sales charge. An individual cannot invest directly in an index.
The Lehman Govt/Corp. Index includes the Government and Corporate Bond Indices,
including U.S. Government Treasury and agency securities, coporate and yankee
bonds. The index is unmanaged and reflects the reinvestment of dividends. An
individual cannot invest directly in an index.
6
<PAGE>
Chase Income Fund
as of June 30, 1999
(unaudited)
How Much of the Fund Was Invested
Cash/Other (1.5%)
Investments (98.5%)
What the Fund Was Invested In
Percentage of Total Portfolio Investments
U.S. Treasury Securities (35.7%)
Asset Backed Securities (0.9%)
Cash Equivalent& Short-Term Paper (4.8%)
Residential Mortgage Backed Securities (5.8%)
U.S. Government Agencies (20.5%)
Corporate Notes & Bonds (32.3%)
7
<PAGE>
Chase Income Fund
Portfolio of Investments June 30, 1999 (unaudited)
(amounts in thousands)
Principal
Amount
USD Issuer Value
- --------------------------------------------------------------------------------
Long-Term Investments--93.1%
- --------------------------------------------------------------------------------
U.S. Treasury Securities--34.4%
-------------------------------
U.S. Treasury Notes & Bonds,
$3,800 5.50%, 01/31/03 $3,777
2,460 5.75%, 08/15/03 2,462
8,325 6.25%, 08/15/23 8,364
4,100 6.38%, 03/31/01 4,159
3,500 7.63%, 11/15/22 4,080
------
Total U.S. Treasury Securities 22,842
(Cost $24,046) ------
U.S. Government Agencies--20.2%
-------------------------------
4,000 Federal Home Loan Bank,
4.88%, 01/22/02 3,929
5,500 Federal Home Loan Mortgage Corp.,
5.75%, 06/15/01 5,512
4,000 Federal National Mortgage Association,
6.38%, 05/15/09 3,977
------
Total U.S. Government Agencies 13,418
(Cost $13,475) ------
Corporate Notes & Bonds--31.8%
------------------------------
Automotive--2.1%
1,000 Ford Motor Credit Co.,
6.25%, 12/08/05 968
500 General Motors Acceptance Corp.,
5.85%, 01/14/09 459
------
1,427
------
Banking--2.8%
2,000 BankAmerica Corp.,
6.20%, 12/15/08 1,926
------
Chemicals--3.1%
2,200 Monsanto Co., #
5.88%, 12/01/08 2,040
------
See notes to financial statements.
8
<PAGE>
Chase Income Fund
Portfolio of Investments June 30, 1999 (unaudited) (continued)
(amounts in thousands)
Principal
Amount
USD Issuer Value
- -----------------------------------------------------------------------------
Long-Term Investments--(continued)
- -----------------------------------------------------------------------------
Consumer Products--2.4%
$1,725 Procter & Gamble Co.,
6.45%, 01/15/26 $1,578
------
Financial Services--3.7%
2,400 Associates Corp. of North America, MTN,
7.52%, 03/29/00 2,430
------
Food / Beverage Products--3.8%
2,500 Anheuser-Busch Companies, Inc.,
6.75%, 08/01/03 2,529
------
Health Care / Health Care Services--3.5%
2,400 Abbot Laboratories,
5.60%, 10/01/03 2,332
------
Machinery & Engineering Equipment--3.7%
2,400 Caterpillar Financial Services Corp.,
6.95%, 11/01/00 2,429
------
Restaurants--3.0%
2,000 McDonald's Corp.,
7.05%, 11/15/25 1,972
------
Retailing--3.7%
2,400 Wal-Mart Stores Inc.,
6.75%, 05/15/02 2,442
------
Total Corporate Notes & Bonds 21,105
(Cost $21,047) ------
Residential Mortgage-Backed Pass
Through Securities--5.8%
---------------------------------
Federal National Mortgage Association,
1,796 Pool 313166, 6.50%, 09/01/26 1,740
Government National Mortgage Association,
2,154 Pool 416156, 6.50%, 02/15/26 2,083
------
Total Residential Mortgage-Backed Pass 3,823
Through Securities (Cost $3,839) ------
See notes to financial statements.
9
<PAGE>
Chase Income Fund
Portfolio of Investments June 30, 1999 (unaudited) (continued)
(amounts in thousands)
Principal
Amount
USD Issuer Value
- --------------------------------------------------------------------------------
Long-Term Investments--(continued)
- --------------------------------------------------------------------------------
Asset Backed Security--0.9%
---------------------------
$576 PNC Student Loan Trust I,
Ser. 1997-2, Class A2,
6.14%, 01/25/00 $ 574
(Cost $576)
- --------------------------------------------------------------------------------
Total Long-Term Investments 61,762
(Cost $62,983)
- --------------------------------------------------------------------------------
Short-Term Investments--5.5%
- --------------------------------------------------------------------------------
U.S. Treasury Security--0.8%
----------------------------
518 U.S. Treasury Bill,
4.66%, 09/09/99 513
--------
(Cost $513)
Shares
Money Market Fund--3.7%
-----------------------
2,438 Fidelity Colchester Street Trust
Government Fund 2,438
(Cost $2,438) --------
Principal
Amount
USD
Repurchase Agreement--1.0%
--------------------------
$682 Credit Suisse First Boston (Secured by
U.S. Treasury Bonds), in a joint trading
account at 5.15%, dated 06/30/99,
due 07/01/99; Proceeds $682 682
(Cost $682)
- --------------------------------------------------------------------------------
Total Short-Term Investments 3,633
(Cost $3,633)
- --------------------------------------------------------------------------------
Total Investments--98.6% $65,395
(Cost $66,616)
- --------------------------------------------------------------------------------
Index:
#--Security may only be sold to qualified institutional buyers.
MTN--Medium Term Note.
See notes to financial statements.
10
<PAGE>
Chase Intermediate Term Bond Fund
as of June 30, 1999
(unaudited)
How the Fund Performed
Chase Intermediate Term Bond Fund (Premier Shares) had a total return of -1.52%
for the six-month period ended June 30, 1999. This compares to -1.42 for the
Lipper Intermediate Investment Grade Debt Funds Index and -1.37% for the Lehman
Aggregate Index.
How the Fund Was Managed
The Fund began the period with a neutral maturity structure, but the manager
became defensive in February, cutting duration when fears grew that the Federal
Open Markets Committee (FOMC) might adopt a tightening bias. After allowing
duration to rise slightly in March, the manager continued to extend duration
until it became relatively neutral in May.
From January to March, the Fund benefited from its overweight position in
corporate and mortgage-backed securities relative to its benchmark index as
these "spread" sectors outperformed Treasuries in the rising-rate environment.
Continuing to look for opportunities to increase yield in a difficult market,
the Fund replaced Treasuries with Federal agency paper when yields on the latter
widened dramatically due to large issuance. Additionally, the Fund built on its
corporate and mortgage holdings in the April through June period, with the
corporate holdings in particular performing well on a relative basis thanks to
strong individual security analysis and selection.
Overall, the Fund's policy was one of staying relatively close to the index and
capturing yield where possible without taking on excessive risk.
Where the Fund May Be Headed
Indicative of the difficult environment as the period came to an end was the
eroding performance of the non-Treasury sectors, which generally tend to do
relatively better than Treasuries in a rising rate environment. While keeping a
close eye on liquidity and risk, the manager expects to add to corporate
holdings selectively moving forward and may also take on more agency paper
depending on yield spreads. In the manager's view, such a volatile environment
creates both opportunity and risk, and therefore he intends to look for
opportunities to increase income without taking on excessive risk.
11
<PAGE>
Chase Intermediate Term Bond Fund
as of June 30, 1999
(unaudited)
Fund Facts
Objective Current income
Primary investments Intermediate-term, investment-grade bonds, notes and
debentures issued by corporations, the U.S.
government and its agencies
Suggested investment
time frame Mid- to long-term
Market benchmark Lehman Aggregate Index
Lehman Intermediate Govt./Corp. Index
Lipper Funds Universe Intermediate Investment Grade Debt Funds Index
Inception date Premier Shares 10/3/94
Investor Shares 11/10/98
Newspaper symbol Not Listed
Dividend Frequency Daily
Net Assets Premier Shares $36 Million
Investor Shares $1 Million
Average Maturity 7.7 years
Average Duration 5.0 years
Average Quality AA
Average Maturity/Quality
- ------|-------|--------
| X | High
- ------|-------|--------
| | Med.
- ------|-------|--------
| | Low
- ------|-------|--------
Short Int. Long
12
<PAGE>
Chase Intermediate Term Bond Fund
as of June 30, 1999
(unaudited)
Life of Fund Performance*
This chart shows what the long-term growth would have been of a hypothetical
investment in the Chase Intermediate Term Bond Fund compared to its key
benchmarks. This is where you see the Fund's long-term trend. This chart is for
illustrative purposes only.
<TABLE>
<CAPTION>
10/94 6/95 6/96 6/97 6/98 6/99
<S> <C> <C> <C> <C> <C> <C>
Chase Intermediate Term Bond Fund 10,000 11,068 11,439 12,128 13,199 13,516
Lipper Intermediate Grade Debt Funds Index 10,000 11,055 11,578 12,497 13,704 14,044
Lehman Aggregate Index 10,000 11,196 11,758 12,716 14,057 14,499
Lehman Intermediate Govt./Corp. Index 10,000 10,949 11,497 12,327 13,380 13,940
</TABLE>
Average Annual Total Returns
This table shows the average annual total returns. This is where you can see the
Fund' short-term performance, which, as with the stock markets, tends to be more
volatile than the long-term trend.
Since Inception
1 Year 3 Years (10/3/94)
------ ------- ---------
Premier Shares 2.38% 5.71% 6.56%
Investor Shares 2.21% 5.65% 6.52%
*Source: Lipper Analytical Services. Past performance is no guarantee of future
results. Investment returns and principal value will fluctuate so that an
investor's shares, when redeemed, may be worth more or less than the original
cost.
The Fund is currently waiving certain fees. The voluntary waiver may be modified
or terminated at any time, which would reduce performance.
This chart represents the comparative performance for $10,000 invested in
Premier Shares of Chase Intermediate Term Bond Fund, the Lehman Intermediate
Gov't./Corp Index, the Lehman Aggregate Index and the Lipper Intermediate
Investment Grade Debt Funds Index from October 31, 1994 to June 30, 1999. The
performance of the Fund assumes the reinvestment of all dividends and capital
gains and does not include a sales charge. The performance of the indices does
not include a sales charge and has been adjusted to reflect the reinvestment of
all dividends and capital gains on the securities included in the benchmark.
Premier Shares carry a $1 million minimum initial investment and carry no sales
charge.
Investor Shares commenced on 11/10/98 and have a minimum initial investment of
$2,500. Please note internal expenses are greater for the Investor Shares class.
Performance measurements for the Investor Shares prior to 11/10/98 are based on
the predecessor Premier Shares and do not include Investor Share expenses.
Chase Intermediate Term Bond Fund is the successor to the AVESTA Trust
Intermediate Term Bond Fund. Effective 12/31/97, the AVESTA Trust was converted
from a Texas Trust to Mutual Fund Investment Trust ("MFIT"), a Massachusetts
business trust. As part of the conversion, the Fund transferred all of its
assets to Chase Intermediate Term Bond Fund, a new investment portfolio of MFIT.
Chase Intermediate Term Bond Fund, unlike the AVESTA Trust Intermediate Term
Bond Fund, is subject to certain diversification, distribution and other
requirements imposed under the Internal Revenue Code, which may impact
performance.
The Lipper Intermediate Investment Grade Debt Funds Index represents performance
of the largest 30 intermediate investment grade debt funds. Each of these funds
invests the majority of its assets in investment grade debt issues (rated in top
four grades) with dollar-weighted average maturities of five to 10 years. Lipper
is an independent mutual fund performance monitor whose results are based on
total return and do not reflect a sales charge. An individual cannot invest
directly in an index.
The Lehman Aggregate Index is composed of the Lehman Government/Corporate Bond
Index and the Mortgage-Backed Securities Index and includes Treasury issues,
agency issues, corporate bond issues and mortgage-backed securities. The index
is unmanaged and reflects the reinvestment of dividends. An individual cannot
invest directly in an index.
The Lehman Intermediate Gov't/Corp. Index includes the government and corporate
bond indices, with maturities of one to 10 years, including U.S. governmental
treasury and agency securities, corporate and Yankee bonds. An individual cannot
invest directly in an index.
13
<PAGE>
Chase Intermediate Term Bond Fund
as of June 30, 1999
(unaudited)
How Much of the Fund Was Invested
Cash/Other (1.6%)
Investments (98.4%)
What the Fund Was Invested In
Percentage of Total Portfolio Investments
Corporate Notes & Bonds (36.2%)
State and Municipal Obligations (2.8%)
U.S. Government Agencies (6.7%)
Cash Equivalents & Short-Term Paper (7.1%)
U.S. Treasury Securities (21.4%)
Residential Mortgage Backed Securities (25.0%)
14
<PAGE>
Chase Intermediate Term Bond Fund
Portfolio of Investments June 30, 1999 (unaudited)
(amounts in thousands)
Principal
Amount
USD Issuer Value
- --------------------------------------------------------------------------------
Long-Term Investments--86.0%
- --------------------------------------------------------------------------------
U.S. Treasury Securities--15.5%
-------------------------------
U.S. Treasury Notes & Bonds,
$1,600 5.50%, 12/31/00 $1,601
475 5.75%, 11/15/00 477
3,570 6.25%, 08/15/23 3,586
------
Total U.S. Treasury Securities 5,664
(Cost $5,851) ------
U.S. Government Agencies--6.6%
------------------------------
Federal Home Loan Bank,
1,400 5.40%, 03/01/04 1,355
500 6.01%, 07/28/28 457
100 6.05%, 06/28/00 101
500 7.00%, 04/02/07 514
------
Total U.S. Government Agencies 2,427
(Cost $2,499) ------
State and Municipal Obligation--2.7%
------------------------------------
1,000 Texas Water Resource Financing Authority
Revenue, 5.76%, 08/15/01 995
(Cost $1,000) ------
Corporate Notes & Bonds--35.7%
------------------------------
Automotive--8.9%
750 Borg-Warner Automotive,
6.50%, 02/15/09 709
450 Chrysler Financial Corp.,
6.95%, 03/25/02 456
600 Ford Capital B.V.,
9.38%, 05/15/01 631
400 Ford Motor Co.,
6.63%, 02/15/28 361
350 General Motors Acceptance Corp.,
6.63%, 10/15/05 346
600 Paccar Financial Corp., MTN,
5.91%, 01/15/02 591
See notes to financial statements.
15
<PAGE>
Chase Intermediate Term Bond Fund
Portfolio of Investments June 30, 1999 (unaudited) (continued)
(amounts in thousands)
Principal
Amount
USD Issuer Value
- --------------------------------------------------------------------------------
Long-Term Investments--86.0%
- --------------------------------------------------------------------------------
Automotive--(continued)
$150 US Leasing Capital Corp.,
5.95%, 10/15/03 $ 146
------
3,240
------
Banking--6.0%
150 BankAmerica Corp.,
6.85%, 03/01/03 152
350 Bank One Corp.,
7.13%, 05/15/07 352
450 NationsBank Corp.,
7.15%, 05/15/03 459
500 Norwest Corp.,
6.65%, 10/15/23 459
750 Republic New York Corp.,
8.25%, 11/01/01 780
------
2,202
------
Electronics / Electrical Equipment--1.9%
700 General Electric Capital Corp., MTN,
5.91%, 05/07/01 698
------
Entertainment / Leisure--1.8%
600 Time Warner Entertainment Co.,
8.38%, 03/15/23 650
------
Financial Services--6.0%
Associates Corp. of North America,
600 6.63%, 05/15/01 605
150 MTN, 7.70%, 03/01/02 154
200 Chubb Capital Corp.,
6.88%, 10/15/07 203
300 Commercial Credit Corp.,
5.15%, 07/01/99 293
500 Morgan Stanley Group, Inc.,
8.10%, 06/24/02 523
400 Salomon Smith Barney Holdings Inc.,
7.00%, 03/15/04 403
------
2,181
------
See notes to financial statements.
16
<PAGE>
Chase Intermediate Term Bond Fund
Portfolio of Investments June 30, 1999 (unaudited) (continued)
(amounts in thousands)
Principal
Amount
USD Issuer Value
- --------------------------------------------------------------------------------
Long-Term Investments--86.0%
- --------------------------------------------------------------------------------
Insurance--1.6%
$600 International Lease Finance Corp.,
5.95%, 06/01/01 $ 597
-------
Machinery & Engineering Equipment--2.9%
1,000 Caterpillar Inc.,
9.38%, 07/15/01 1,059
-------
Oil & Gas--2.0%
750 Enron Corp.,
6.88%, 10/15/07 738
-------
Paper / Forest Products--1.5%
500 Weyerhaeuser Co.,
7.95%, 03/15/25 532
-------
Shipping / Transportation--1.7%
600 Norfolk Southern Corp., Ser. A, MTN,
7.40%, 09/15/06 614
-------
Utilities--1.4%
500 Hydro-Quebec, Ser. B,
6.86%, 04/01/05 502
-------
Total Corporate Notes & Bonds 13,013
(Cost $13,288) -------
Residential Mortgage-Backed Pass
Through Securities--25.5%
--------------------------------
Federal Home Loan Mortgage Corp.,
1,241 Gold Pool C17245, 7.00%, 11/01/28 1,229
2,392 Gold Pool E77074, 6.00%, 05/01/14 2,315
Federal National Mortgage Association,
98 Pool 124734, 6.50%, 03/01/00 98
334 Pool 250772, 7.00%, 12/01/03 337
404 Pool 398212, 6.50%, 02/01/13 399
1,751 Pool 398265, 6.00%, 03/01/28 1,647
1,046 Pool 442508, 6.00%, 09/01/13 1,011
See notes to financial statements.
17
<PAGE>
Chase Intermediate Term Bond Fund
Portfolio of Investments June 30, 1999 (unaudited) (continued)
(amounts in thousands)
Principal
Amount
USD Issuer Value
- --------------------------------------------------------------------------------
Long-Term Investments--86.0%
- --------------------------------------------------------------------------------
Government National Mortgage Association,
$451 Pool 436259, 6.50%, 03/15/28 $ 435
791 Pool 448704, 7.50%, 10/15/27 801
473 Pool 462508, 6.50%, 02/15/28 456
290 Pool 476305, 6.50%, 05/15/28 279
296 Pool 478172, 6.50%, 06/15/28 286
Total Residential Mortgage-Backed Pass
Through Securities 9,293
(Cost $9,554)
- --------------------------------------------------------------------------------
Total Long-Term Investments 31,392
(Cost $32,192)
- --------------------------------------------------------------------------------
Short-Term Investments--12.6%
- --------------------------------------------------------------------------------
U.S. Treasury Securities--5.6%
------------------------------
U.S. Treasury Bills,
500 4.47%, 08/26/99 497
550 4.64%, 09/23/99 545
1,000 4.66%, 09/09/09 989
-------
Total U.S. Treasury Securities 2,031
(Cost $2,031) -------
Shares
Money Market Fund--3.6%
-----------------------
1,328 Fidelity Colchester Street Trust
Government Fund 1,328
(Cost $1,328) -------
See notes to financial statements.
18
<PAGE>
Chase Intermediate Term Bond Fund
Portfolio of Investments June 30, 1999 (unaudited) (continued)
(amounts in thousands)
Principal
Amount
USD Issuer Value
- --------------------------------------------------------------------------------
Short-Term Investments--(continued)
- --------------------------------------------------------------------------------
Repurchase Agreement--3.4%
--------------------------
$1,241 Credit Suisse First Boston (Secured by
U.S. Treasury Bonds), in a joint trading
account at 5.15%, dated 06/30/99,
due 07/01/99; Proceeds $1,241 $1,241
(Cost $1,241)
- --------------------------------------------------------------------------------
Total Short-Term Investments 4,600
(Cost $4,600)
- --------------------------------------------------------------------------------
Total Investments--98.6% $35,992
(Cost $36,792)
- --------------------------------------------------------------------------------
Index:
MTN--Medium Term Note.
See notes to financial statements.
19
<PAGE>
Chase Money Market Fund
as of June 30, 1999
(unaudited)
How the Fund Performed
Chase Money Market Fund (Premier Shares) had a total return of 2.28% for the
six-month period ended June 30, 1999.
How the Fund Was Managed
The Fund started the period with an average maturity slightly below the index
and, as interest rates climbed, the manager increased average maturity to a
roughly neutral position to take advantage of higher-yielding paper.
The manager maintained a portfolio of high-quality paper, and achieved the
longer average maturity by purchasing high-grade corporate notes. For most of
the April through June period, the Fund's average maturity was in the 70 to 75
day range.
Overall, the Fund's policy was one of staying relatively close to the index and
capturing yield where possible without taking on excessive risk.
Where the Fund May Be Headed
While keeping a close eye on liquidity and risk, the manager expects to continue
to use any backup in yields as buying opportunities.
20
<PAGE>
Chase Money Market Fund
as of June 30, 1999
(unaudited)
Fund Facts
Objective Current income
Primary investments Maximum current income consistent with the
preservation of capital and maintenance of liquidity
Suggested investment
time frame Short-term
Inception date Premier Shares 3/29/88
Investor Shares 11/9/98
Newspaper symbol Not Listed
Dividend Frequency Daily
Net Assets Premier Shares $214 Million
Investor Shares $1 Million
Average Maturity 72 days
21
<PAGE>
Chase Money Market Fund
as of June 30, 1999
(unaudited)
Maturity Schedule
1-30 days 55.9%
31-90 days 21.8%
91-180 days 4.2%
181+ days 18.1%
7-Day SEC Yield
Premier Shares 4.62%
Investor Shares 4.52%
Performance information represents past performance and is not intended to
indicate or predict future results. Yields will vary and you may experience
gains or losses when you sell your shares.
The Fund is currently waiving certain fees. The voluntary waiver may be modified
or terminated at any time, which would reduce performance.
Chase Money Market Fund is the successor to the AVESTA Trust Money Market Fund.
Effective 12/31/97, the AVESTA Trust was converted from a Texas Trust to Mutual
Fund Investment Trust ("MFIT"), a Massachusetts business trust. As part of the
conversion, the Fund transferred all of its assets to Chase Money Market Fund, a
new investment portfolio of MFIT.
The Chase Money Market Fund unlike the AVESTA Money Market Fund, is subject to
certain diversification, distribution and other requirements imposed under the
Internal Revenue Code, which may impact performance.
Premier Shares commenced on 3/29/88, carry a $1 million minimum initial
investment and carry no sales charge. Investor Shares commenced on 11/9/98 and
have a minimum initial investment of $2,500. Please note internal expenses are
greater for the Investor Shares class. Performance measurements for the Investor
Shares prior to 11/9/98 are based on the predecessor Premier Shares class and do
not include Investor Share class expenses.
Yield information is net of expenses and fees, and reflects reimbursement and
waiver of certain expenses and fees.
An investment in the Fund isn't a bank deposit and it isn't insured or
guaranteed by the Federal Deposit Insurance Corporation or any other government
agency. Although the Fund seeks to preserve the value of your investment at
$1.00 per share, it is possible to lose money by investing in the Fund.
The Fund is AAAm rated by Standard and Poor's. This rating is historical and is
based upon the fund's credit quality, market exposure and management. It
signifies that the fund's safety is excellent and that it has a superior
capacity to maintain a $1.00 net asset value per share.
22
<PAGE>
Chase Money Market Fund
as of June 30, 1999
(unaudited)
How Much of the Fund Was Invested
Cash/Other (0.5%)
Investments (99.5%)
What the Fund Was Invested In
Percentage of Total Portfolio Investments
State and Municipal Obligations (0.9%)
Bank Deposits (3.0%)
Corporate Notes & Bonds (36.9%)
Commercial Paper (59.2%)
23
<PAGE>
Chase Money Market Fund
Portfolio of Investments June 30, 1999 (unaudited)
(amounts in thousands)
Principal
Amount
USD Issuer Value
- -------------------------------------------------------------------------------
State & Municipal Obligation--0.9%
----------------------------------
$1,800 New York, New York, Taxable,
Prerefunded, Ser. C,
9.75%, 08/15/99 $ 1,844
-------
(Cost $1,844)
Corporate Notes & Bonds--20.5%
------------------------------
Automotive--2.3%
3,000 Chrysler Financial Co., LLC, MTN,
5.85%, 05/15/00 3,019
2,000 Paccar Financial Corp., MTN,
6.23%, 03/15/00 2,014
-------
5,033
-------
Banking--6.2%
3,181 Citicorp,
9.75%, 08/01/99 3,191
3,000 Credit Suisse First Boston Corp.,
(Switzerland), MTN,
4.95%, 08/11/99 3,000
U.S. Central Credit Union, MTN,
2,000 5.08%, 04/19/00 1,999
5,000 5.14%, 04/24/00 5,000
-------
13,190
-------
Diversified Machinery--2.0%
2,250 Caterpillar Financial Services Corp., MTN,
5.80%, 03/15/00 2,257
2,000 John Deere Capital Corp., Ser. C, MTN,
6.43%, 08/09/99 2,003
-------
4,260
-------
Financial Services--3.7%
Beta Finance Corp., Inc., #
2,000 5.20%, 03/01/00 2,000
3,000 5.27%, 05/15/00 3,000
1,000 CC USA Inc. (Cenntauri Corp.),
(Cayman Islands), #
5.68%, 06/15/00 1,000
See notes to financial statements.
24
<PAGE>
Chase Money Market Fund
Portfolio of Investments June 30, 1999 (unaudited) (continued)
(amounts in thousands)
Principal
Amount
USD Issuer Value
- -------------------------------------------------------------------------------
Financial Services--(continued)
$1,000 Commercial Credit Co.,
6.13%, 03/01/00 $ 1,006
1,000 Merrill Lynch & Co., Ser. B, MTN,
5.56%, 06/30/00 1,000
-------
8,006
-------
Insurance--4.9%
International Lease Finance Corp.,
1,500 6.20%, 05/01/00 1,508
5,000 Ser. I, MTN, 6.69%, 04/03/00 5,051
4,000 Travelers Property and Casualty Corp.,
6.25%, 10/01/99 4,010
-------
10,569
-------
Retailing--1.4%
Wal-Mart Stores Inc.,
2,000 5.65%, 02/01/00 2,006
1,000 5.85%, 06/01/00 1,003
-------
3,009
-------
Total Corporate Notes & Bonds 44,067
-------
(Cost $44,067)
Commercial Paper--59.0%
-----------------------
Asset Backed Securities--28.0%
2,358 Alpine Security Corp.,
4.97%, 07/12/99 2,354
5,548 Centric Capital Corp.,
4.91%, 07/09/99 5,542
4,000 Ciesco L.P.,
4.91%, 07/19/99 3,990
9,500 Concord Minutemen Capital Co.,
4.89%, 07/06/99 9,494
4,454 Delaware Funding Corp.,
5.13%, 07/08/99 4,450
3,000 Edison Asset Securitization, LLC,
4.76%, 08/02/99 2,987
5,000 Greenwich Funding Corp.,
4.98%, 07/20/99 4,987
See notes to financial statements.
25
<PAGE>
Chase Money Market Fund
Portfolio of Investments June 30, 1999 (unaudited) (continued)
(amounts in thousands)
Principal
Amount
USD Issuer Value
- -------------------------------------------------------------------------------
Asset Backed Securities--(continued)
$9,000 Greyhawk Funding LLC,
4.82%, 08/02/99 $ 8,961
5,554 Variable Funding Capital Corp.,
5.26%, 07/20/99 5,539
7,218 Windmill Funding Corp.,
4.92%, 07/01/99 7,218
4,800 Wood Street Funding Corp.,
5.26%, 07/09/99 4,795
-------
60,317
-------
Banking--12.4%
5,000 Credit Suisse First Boston Corp.
(Switzerland),
4.83%, 10/05/99 4,936
4,947 Enterprise Funding Corp.,
5.13%, 07/08/99 4,942
5,000 ING America Insurance Holdings, Inc.
(Netherlands),
4.80%, 07/15/99 4,991
4,000 San Paolo US Financial Co. (Italy),
4.93%, 09/08/99 3,962
8,000 Trident Capital Finance (France),
4.82%, 07/28/99 7,971
-------
26,802
-------
Diversified Machinery--3.2%
7,000 Caterpillar Inc.,
4.78%, 08/13/99 6,960
Entertainment / Leisure--1.4%
3,000 Walt Disney Co.,
5.33%, 02/02/00 2,907
Financial Services--6.5%
9,000 American Express Credit Corp.,
4.80%, 08/09/99 8,954
5,000 Associates First Capital Corp.,
4.79%, 07/26/99 4,983
-------
13,937
-------
See notes to financial statements.
26
<PAGE>
Chase Money Market Fund
Portfolio of Investments June 30, 1999 (unaudited) (continued)
(amounts in thousands)
Principal
Amount
USD Issuer Value
- -------------------------------------------------------------------------------
Metals / Mining--3.3%
$7,000 Rio Tinto America Inc.
(United Kingdom),
4.90%, 07/06/99 $ 6,995
-------
Oil & Gas--4.2%
9,000 Statoil,
4.88%, 07/08/99 8,991
-------
Total Commercial Paper 126,909
-------
(Cost $126,909)
Corporate Notes & Bonds FRN--16.2%
----------------------------------
Automotive--1.3%
3,000 Toyota Motor Credit Corp. (Japan),
5.01%, 09/23/99 3,000
Banking--7.0%
5,000 Comerica Bank,
5.01%, 11/09/99 5,000
2,000 Norwest Corp.,
5.02%, 10/28/99 2,000
8,000 PNC Bank, NA, Ser. CD,
4.98%, 10/14/99 8,000
-------
15,000
-------
Financial Services--4.2%
Goldman Sachs Group L.P., #
6,000 5.08%, 04/11/00 6,000
3,000 5.09%, 01/26/00 3,000
-------
9,000
-------
Utilities--3.7%
8,000 National Rural Utilities Co.,
Ser. C, MTN,
5.01%, 11/23/99 8,000
-------
Total Corporate Notes & Bonds FRN 35,000
-------
(Cost $35,000)
See notes to financial statements.
27
<PAGE>
Chase Money Market Fund
Portfolio of Investments June 30, 1999 (unaudited) (continued)
(amounts in thousands)
Principal
Amount
USD Issuer Value
- -------------------------------------------------------------------------------
Certificates of Deposit--1.8%
-----------------------------
$3,000 Commerzbank AG, (Germany),
5.12%, 04/25/00 $ 2,998
1,000 Royal Bank of Canada (Canada),
5.12%, 03/20/00 1,000
--------
Total Certificates of Deposit 3,998
--------
(Cost $3,998)
Time Deposit--1.2%
------------------
2,502 Banque National De Paris, (France),
5.00%, 07/01/99 2,502
(Cost $2,502)
- -------------------------------------------------------------------------------
Total Investments--99.6% $214,320
(Cost $214,320)
- -------------------------------------------------------------------------------
Index:
#--Security may only be sold to qualified institutional buyers.
FRN--The maturity shown is the final maturity date. The rate shown is the rate
in effect at June 30, 1999.
MTN--Medium Term Note.
Prerefunded--The maturity date shown is the date of the prerefunded call.
See notes to financial statements.
28
<PAGE>
Chase Short-Intermediate Term U.S. Government Securities Fund
as of June 30, 1999
(unaudited)
How the Fund Performed
Chase Short-Intermediate Term U.S. Government Securities Fund (Premier Shares)
had a total return of -0.16% for the six-month period ended June 30, 1999. This
compares to -0.45% for the Lipper Short Intermediate U.S. Government Funds Index
and 0.47% for the Lehman Intermediate Government Index.
How the Fund Was Managed
The Fund began the period with a neutral maturity structure, but the manager
became defensive in February, cutting duration when fears grew that the Federal
Open Markets Committee (FOMC) might adopt a tightening bias. The Fund became
duration neutral in the middle of May and remained so for the rest of the
reporting period.
From January to March, the Fund maintained a slightly overweight position in
mortgage-backed securities relative to its benchmark, and this helped overall
performance as "spread" sectors outperformed Treasuries in the rising-rate
environment. As the period continued, however, the Fund became overweight in
Treasuries and underweight in mortgage-backed securities, and this proved
helpful in June when the prices of mortgage-backed securities slid.
Overall, the Fund's policy was one of staying relatively close to the index and
capturing yield where possible without taking on excessive risk.
Where the Fund May Be Headed
Indicative of the difficult environment as the period came to an end was the
eroding performance of the non-Treasury sectors, which generally tend to do
relatively better than Treasuries in a rising rate environment. While keeping a
close eye on liquidity and risk, the manager may look to add to mortgage-backed
holdings depending on yield spreads. In the manager's view, such a volatile
environment creates both opportunity and risk, and therefore he intends to look
for opportunities to increase income opportunities without taking on excessive
risk.
29
<PAGE>
Chase Short-Intermediate Term U.S. Government Securities Fund
as of June 30, 1999
(unaudited)
Fund Facts
Objective Current income
Primary investments Short-term debt securities issued by the
U.S. government, its agencies and
instrumentalities
Suggested investment
time frame Short- to mid-term
Market benchmark Lehman 1-3 Year Government Index
Lehman Intermediate Government Index
Lipper Funds Universe Short-Intermediate U.S. Government Funds Index
Inception date Premier Shares 4/1/93
Investor Shares 11/10/98
Newspaper symbol ST US GV
Dividend Frequency Daily
Net Assets Premier Shares $32 Million
Investor Shares $1 Million
Average Maturity 3.1 years
Average Duration 2.7 years
Average Quality AAA
Average Maturity/Quality
- ------|-------|--------
X | | High
- ------|-------|--------
| | Med.
- ------|-------|--------
| | Low
- ------|-------|--------
Short Int. Long
30
<PAGE>
Chase Short-Intermediate Term U.S. Government Securities Fund
as of June 30, 1999
(unaudited)
Life of Fund Performance*
This chart shows what the long-term growth would have been of a hypothetical
investment in the Chase Short-Intermediate Term U.S. Government Securities Fund
compared to its key benchmarks. This is where you see the Fund's long-term
trend.
This chart is for illustrative purposes only.
[CHART OMITTED]
<TABLE>
<CAPTION>
June 1993 1994 1995 1996 1997 1998 1999
<S> <C> <C> <C> <C> <C> <C> <C>
Chase Short-Intermediate Term U.S. Government Securities Fund 10,090 10,080 10,908 11,308 11,928 12,744 13,279
Lipper Short-Intermediate U.S. Gov't. Funds Index 10,166 10,136 10,969 11,436 12,177 13,043 13,517
Lehman Intermediate Gov't. Index 10,196 10,177 11,170 11,720 12,534 13,585 14,187
Lehman 1-3 Year Gov't. Index 10,116 10,277 11,077 11,691 12,465 13,312 13,996
</TABLE>
Average Annual Total Returns
This table shows the average annual total returns. This is where you can see the
Fund's short-term performance, which, as with the stock markets, tends to be
more volatile than the long-term trend.
Since Inception
1 Year 3 Years 5 Years (4/1/93)
------ ------- ------- ---------------
Premier Shares 4.18% 5.49% 5.67% 4.64%
Investor Shares 4.02% 5.44% 5.63% 4.62%
*Source: Lipper Analytical Services. Past performance is no guarantee of future
results. Investment returns and principal value will fluctuate so that an
investor's shares, when redeemed, may be worth more or less than the original
cost.
The Fund is currently waiving certain fees. The voluntary waiver may be modified
or terminated at any time, which would reduce performance.
This chart represents the comparative performance for $10,000 invested in
Premier Shares of Chase Short-Intermediate Term U.S. Government Securities Fund,
the Lehman 1-3 Year Government Index, the Lehman Intermediate Government Index
and Lipper Short-Intermediate Term U.S. Government Funds Index from April 1,
1993 to June 30, 1999. The performance of the Fund assumes the reinvestment of
all dividends and capital gains and does not include a sales charge. The
performance of the indices does not include a sales charge and has been adjusted
to reflect the reinvestment of all dividends and capital gains on the securities
included in the benchmark. Premier Shares carry a $1 million minimum initial
investment and carry no sales charge.
Investor Shares commenced on 11/10/98 and have a minimum initial investment of
$2,500. Please note internal expenses are greater for the Investor Shares class.
Performance measurements for the Investor Shares prior to 11/10/98 are based on
the predecessor Premier Shares class and do not include Investor Share class
expenses.
Chase Short-Intermediate Term U.S. Government Securities Fund is the successor
to the AVESTA Trust Short-Intermediate Term U.S. Government Securities Fund.
Effective 12/31/97, the AVESTA Trust was converted from a Texas Trust to Mutual
Fund Investment Trust ("MFIT"), a Massachusetts business trust. As part of the
conversion, the Fund transferred all of its assets to Chase Short-Intermediate
Term U.S. Government Securities Fund, a new investment portfolio of MFIT.
Chase Short-Intermediate Term U.S. Government Securities Fund, unlike the AVESTA
Trust Short-Intermediate Term U.S. Government Securities Fund, is subject to
certain diversification, distribution and other requirements imposed under the
Internal Revenue Code, which may impact performance.
The Lehman 1-3 Year Government Index is composed of bonds covered by the
Government Bond Index with maturities of 1-3 years. The Lehman Intermediate
Government Bond Index is composed of bonds covered by the Government Bond Index
with maturities of 5-10 years. The indices are unmanaged and reflect the
reinvestment of dividends. An individual cannot invest directly in an index.
The Lipper Short-Intermediate Term U.S. Government Fund Index represents
performance of the 30 largest short-intermediate term debt funds. Lipper is an
independent mutual fund performance monitor whose results are based on total
return and do not reflect a sales charge. An individual cannot invest directly
in an index.
The Lehman Intermediate Government Index consists of U.S. agency and Treasury
securities with maturities of one to 10 years. An individual cannot invest
directly in an index.
31
<PAGE>
Chase Short-Intermediate Term U.S. Government Securities Fund
as of June 30, 1999
(unaudited)
How Much of the Fund Was Invested
Cash/Other (1.4%)
Investments (98.6%)
What the Fund Was Invested In
Percentage of Total Portfolio Investments
Cash Equivalents & Short-Term Paper (4.9%)
U.S. Government Agencies (8.3%)
Residential Mortgage Backed Securities (12.1%)
U.S. Treasury Securities (74.7%)
32
<PAGE>
Chase Short-Intermediate Term
U.S. Government Securities Fund
Portfolio of Investments June 30, 1999 (unaudited)
(amounts in thousands)
Principal
Amount
USD Issuer Value
- --------------------------------------------------------------------------------
Long-Term Investments--79.7%
- --------------------------------------------------------------------------------
U.S. Treasury Securities--59.5%
-------------------------------
U.S. Treasury Notes & Bonds,
$3,500 4.75%, 02/15/04 $ 3,367
1,500 4.75%, 11/15/08 1,377
5,000 5.50%, 12/31/00 5,003
1,200 5.50%, 03/31/03 1,192
500 5.50%, 02/15/08 486
500 5.63%, 11/30/00 501
1,500 5.63%, 12/31/02 1,498
1,000 5.63%, 02/15/06 985
1,000 5.75%, 11/30/02 1,002
900 5.88%, 11/30/01 906
500 5.88%, 09/30/02 503
1,150 6.50%, 05/31/01 1,170
1,100 6.88%, 05/15/06 1,158
408 7.75%, 11/30/99 413
-------
Total U.S. Treasury Securities 19,561
(Cost $19,679) -------
U.S. Government Agencies--8.2%
------------------------------
Federal Home Loan Bank,
1,300 6.79%, 04/17/01 1,321
Federal Farm Credit Bank,
1,330 6.90%, 05/01/02 1,363
-------
Total U.S. Government Agencies 2,684
(Cost $2,639) -------
Residential Mortgage-Backed Pass
Through Securities--12.0%
--------------------------------
Federal National Mortgage Association,
1,282 Pool 190806, 6.00%, 05/01/01 1,275
2,702 Pool 251901, 6.50%, 08/01/13 2,662
-------
Total Residential Mortgage-Backed Pass 3,937
Through Securities (Cost $3,994)
- --------------------------------------------------------------------------------
Total Long-Term Investments 26,182
(Cost $26,312)
- --------------------------------------------------------------------------------
See notes to financial statements.
33
<PAGE>
Chase Short-Intermediate Term
U.S. Government Securities Fund
Portfolio of Investments June 30, 1999 (unaudited) (continued)
(amounts in thousands)
Principal
Amount
USD Issuer Value
- --------------------------------------------------------------------------------
Short-Term Investments--19.3%
- --------------------------------------------------------------------------------
U.S. Treasury Securities--14.4%
-------------------------------
U.S. Treasury Bills,
$1,000 4.10%, 07/29/99 $ 997
1,000 4.45%, 08/05/99 996
500 4.47%, 08/26/99 497
221 4.57%, 09/16/99 219
1,000 4.62%, 09/16/99 990
1,032 4.66%, 09/09/99 1,023
-------
Total U.S. Treasury Securities 4,722
(Cost $4,722) -------
Shares
Money Market Fund--4.5%
-----------------------
1,487 Fidelity Colchester Street Trust
Government Fund 1,487
(Cost $1,487) -------
Principal
Amount
USD
Repurchase Agreements--0.4%
---------------------------
$124 Credit Suisse First Boston (Secured by
U.S. Treasury Bonds), in a joint trading
account at 5.15%, dated 06/30/99, due
07/01/99; Proceeds $124 124
(Cost $124)
- --------------------------------------------------------------------------------
Total Short-Term Investments 6,333
(Cost $6,333)
- --------------------------------------------------------------------------------
Total Investments--99.0% $32,515
(Cost $32,645)
- --------------------------------------------------------------------------------
See notes to financial statements.
34
<PAGE>
Chase U.S. Government Securities Fund
as of June 30, 1999
(unaudited)
How the Fund Performed
Chase U.S. Government Securities Fund (Premier Shares) had a total return of
- -2.45% for the six-month period ended June 30, 1999. This compares to -2.67% for
the Lipper General U.S. Government Funds Index and -2.27% for the Lehman
Government Index.
How the Fund Was Managed
Given the Fund manager's view that the market had entered a corrective phase of
consolidation, the Fund maintained a relatively neutral average maturity and
duration throughout the period. From January to March, the Fund benefited
somewhat from its slightly overweight position in mortgage-backed securities
relative to its benchmark index as "spread" sectors outperformed Treasuries in
the rising-rate environment.
Continuing to look for opportunities to increase yield in a difficult market,
the Fund replaced Treasuries with Federal agency paper when yields on the latter
widened dramatically due to large issuance. Overall, the Fund's policy was one
of staying relatively close to the index and capturing yield where possible
without taking on excessive risk.
Where the Fund May Be Headed
Indicative of the difficult environment as the period came to an end was the
eroding performance of the non-Treasury sectors, which generally tend to do
relatively better than Treasuries in a rising rate environment. While keeping a
close eye on liquidity and risk, the manager may take on more agency paper
depending on yield spreads. In the manager's view, such a volatile environment
creates both opportunity and risk, and therefore he intends to look for
opportunities to increase income without taking on excessive risk.
35
<PAGE>
Chase U.S. Government Securities Fund
as of June 30, 1999
(unaudited)
Fund Facts
Objective Current income
Primary investments Debt securities issued or guaranteed by the U.S.
government, its agencies and instrumentalities
Suggested investment
time frame Mid- to long-term
Market benchmark Lehman Government Index
Lipper Funds Universe Lipper General U.S. Government Funds Index
Inception date Premier Shares 4/1/93
Investor Shares 11/10/98
Newspaper symbol Not Listed
Dividend Frequency Daily
Net Assets Premier Shares $6 Million
Investor Shares $1 Million
Average Maturity 8.7 years
Average Duration 5.3 years
Average Quality AAA
Average Maturity/Quality
- ------|-------|--------
| X | High
- ------|-------|--------
| | Med.
- ------|-------|--------
| | Low
- ------|-------|--------
Short Int. Long
36
<PAGE>
Chase U.S. Government Securities Fund
as of June 30, 1999
(unaudited)
Life of Fund Performance*
This chart shows what the long-term growth would have been of a hypothetical
investment in the Chase U.S. Government Securities Fund compared to its key
benchmarks. This is where you see the Fund's long-term trend. This chart is for
illustrative purposes only.
<TABLE>
<CAPTION>
June 1993 1994 1995 1996 1997 1998 1999
<S> <C> <C> <C> <C> <C> <C> <C>
Chase U.S. Government Securities Fund 10,530 9,999 11,749 12,100 12,960 14,575 14,902
Lipper General U.S. Gov't. Funds Index 10,253 9,938 10,993 11,387 12,232 13,450 13,667
Lehman Gov't. Index 10,289 10,152 11,376 11,889 12,769 14,205 14,638
</TABLE>
Average Annual Total Returns
This table shows the average annual total returns. This is where you can see the
Fund's short-term performance, which, as with the stock markets, tends to be
more volatile than the long-term trend.
Since Inception
1 Year 3 Years 5 Years (4/1/93)
------ ------- ------- --------
Premier Shares 2.25% 7.19% 8.31% 6.59%
Investor Shares 2.10% 7.14% 8.27% 6.57%
*Source: Lipper Analytical Services. Past performance is no guarantee of future
results. Investment returns and principal value will fluctuate so that an
investor's shares, when redeemed, may be worth more or less than the original
cost.
The Fund is currently waiving certain fees. The voluntary waiver may be modified
or terminated at any time, which would reduce performance.
This chart represents the comparative performance for $10,000 invested in
Premier Shares of Chase U.S. Government Securities Fund, the Lehman Government
Index, and Lipper General U.S. Government Funds Index from April 1, 1993 to June
30, 1999. The performance of the Fund assumes the reinvestment of all dividends
and capital gains and does not include a sales charge. The performance of the
indices does not include a sales charge and has been adjusted to reflect the
reinvestment of all dividends and capital gains on the securities included in
the benchmark. Premier Shares carry a $1 million minimum initial investment and
carry no sales charge.
Investor Shares commenced on 11/10/98 and have a minimum initial investment of
$2,500. Please note internal expenses are greater for the Investor Shares class.
Performance measurements for the Investor Shares prior to 11/10/98 are based on
the predecessor Premier Shares class and do not include Investor Share class
expenses.
Chase U.S. Government Securities Fund is the successor to the AVESTA Trust U.S.
Government Securities Fund. Effective 12/31/97, the AVESTA Trust was converted
from a Texas Trust to Mutual Fund Investment Trust ("MFIT"), a Massachusetts
business trust. As part of the conversion, the Fund transferred all of its
assets to Chase U.S. Government Securities Fund, a new investment portfolio of
MFIT.
Chase U.S. Government Securities Fund, unlike the AVESTA U.S. Government
Securities Fund, is subject to certain diversification, distribution and other
requirements imposed under the Internal Revenue Code, which may impact
performance.
Lehman Government Index is composed of the Lehman Treasury Bond Index and the
Agency Bond Index and includes Treasury bonds and debt issued by the U.S.
Government and its agencies. The index is unmanaged and includes the
reinvestment of dividends. An individual cannot invest directly in an index.
The Lipper General U.S. Government Funds Index represents performance of the 30
largest U.S. government securities funds. Lipper is an independent mutual fund
performance monitor whose results do not reflect a sales charge. An individual
cannot invest directly in an index.
37
<PAGE>
Chase U.S. Government Securities Fund
as of June 30, 1999
(unaudited)
How Much of the Fund Was Invested
Cash/Other (1.3%)
Investments (98.7%)
What the Fund Was Invested In
Percentage of Total Portfolio Investments
U.S. Government Agencies (7.0%)
Cash Equivalents & Short-Term Paper (8.5%)
Residential Mortgage Backed Securities (12.5%)
U.S. Treasury Securities (72.0%)
38
<PAGE>
Chase U.S. Government Securities Fund
Portfolio of Investments June 30, 1999 (unaudited)
(amounts in thousands)
Principal
Amount
USD Issuer Value
- --------------------------------------------------------------------------------
Long-Term Investments--83.6%
- --------------------------------------------------------------------------------
U.S. Treasury Securities--64.3%
-------------------------------
U.S. Treasury Notes & Bonds,
$1,200 5.50%, 05/31/00 $1,202
700 5.75%, 08/15/03 700
535 6.25%, 10/31/01 543
1,825 6.25%, 08/15/23 1,834
350 6.50%, 08/31/01 356
------
Total U.S. Treasury Securities 4,635
(Cost $4,793) ------
U.S. Government Agencies--6.9%
------------------------------
500 Federal National Mortgage Association,
6.38%, 06/15/09 496
(Cost $499) ------
Residential Mortgage-Backed Pass
Through Securities--12.4%
--------------------------------
470 Federal Home Loan Mortgage Corp.,
Gold Pool E00570, 6.00%, 09/01/13 454
458 Government Mortgage Association Corp.,
Pool 407230, 6.50%, 01/15/28 440
------
Total Residential Mortgage-Backed Pass
Through Securities 894
(Cost $932)
- --------------------------------------------------------------------------------
Total Long-Term Investments 6,025
(Cost $6,224)
- --------------------------------------------------------------------------------
See notes to financial statements.
39
<PAGE>
Chase U.S. Government Securities Fund
Portfolio of Investments June 30, 1999 (unaudited) (continued)
(amounts in thousands)
Principal
Amount
USD Issuer Value
- --------------------------------------------------------------------------------
Short-Term Investments--15.3%
- --------------------------------------------------------------------------------
U.S. Treasury Securities--6.9%
------------------------------
$500 U.S. Treasury Bill,
5.00%, 09/23/99 $ 495
(Cost $495) ------
Shares
Money Market Fund--4.2%
-----------------------
307 Fidelity Colchester Street Trust
Government Fund 307
(Cost $307) ------
Principal
Amount
USD
Repurchase Agreements--4.2%
---------------------------
$302 Credit Suisse First Boston (Secured by
U.S. Treasury Bonds),in a joint trading
account at 5.15%, dated 06/30/99, due
07/01/99; Proceeds $302 302
(Cost $302)
- --------------------------------------------------------------------------------
Total Short-Term Investments 1,104
(Cost $1,104)
- --------------------------------------------------------------------------------
Total Investments--98.9% $7,129
(Cost $7,328)
- --------------------------------------------------------------------------------
See notes to financial statements.
40
<PAGE>
Chase Funds
Statement of Assets and Liabilities As of June 30, 1999 (unaudited)
- --------------------------------------------------------------------------------
(amounts in thousands, except for per share amounts)
<TABLE>
<CAPTION>
Chase
Short-Intermediate
Chase Term U.S. Chase U.S.
Chase Intermediate Chase Government Government
Income Term Bond Money Market Securities Securities
Fund Fund Fund Fund Fund
<S> <C> <C> <C> <C> <C>
ASSETS:
Investment securities,
at value (Note 1) ............ $ 65,395 $ 35,992 $214,320 $ 32,515 $ 7,129
Cash ............................ -- 45 1 180 1
Receivables:
Trust shares sold ............ 81 99 -- 59 --
Interest ..................... 933 429 1,071 218 84
Expense reimbursement
from Distributor ........... 9 5 4 8 11
Total Assets ............... 66,418 36,570 215,396 32,980 7,225
LIABILITIES:
Payables:
Trust shares redeemed ........ 4 1 -- 84 --
Dividends payable ............ 15 7 176 2 --
Accrued liabilities: (Note 2)
Investment advisory fees ..... 18 1 40 4 --
Administration fees .......... 8 4 27 4 --
Custodian fees ............... 8 17 16 7 5
Other ........................ 18 38 64 20 14
Total Liabilities .......... 71 68 323 121 19
NET ASSETS:
Paid in capital ................. 67,406 37,395 215,073 32,895 7,440
Accumulated undistributed
net investment income ........ 3 -- -- -- --
Accumulated undistributed
net realized gain (loss)
on investments ............... 159 (93) -- 94 (35)
Net unrealized depreciation
of investments ............... (1,221) (800) -- (130) (199)
Net Assets ................. $ 66,347 $ 36,502 $215,073 $ 32,859 $ 7,206
Shares of beneficial interest
outstanding ($.001 par value;
unlimited number of shares
authorized)
Premier Shares ............. 3,404 2,944 215,013 2,672 543
Investor Shares............. 10 9 60 1 4
Net Asset Value, maximum
offering and redemption
price per share
Premier Shares ............. $ 19.43 $ 12.36 $ 1.00 $ 12.29 $ 13.18
Investor Shares ............ $ 19.44 $ 12.36 $ 1.00 $ 12.29 $ 13.18
Cost of Investments ............. $ 66,616 $ 36,792 $214,320 $ 32,645 $ 7,328
</TABLE>
See notes to financial statements.
41
<PAGE>
Chase Funds
Statement of Operations For the six months ended June 30, 1999 (unaudited)
- --------------------------------------------------------------------------------
(amounts in thousands)
<TABLE>
<CAPTION>
Chase
Short-Intermediate
Chase Term U.S. Chase U.S.
Chase Intermediate Chase Government Government
Income Term Bond Money Market Securities Securities
Fund Fund Fund Fund Fund
------ ------------ ------------ ----------- ------------
<S> <C> <C> <C> <C> <C>
INTEREST INCOME ...................... $1,845 $1,018 $5,310 $857 $149
EXPENSES: (Note 2)
Investment advisory fees ............. 157 86 314 78 13
Administration fees .................. 48 26 158 24 4
Distribution fees .................... 1 1 1 1 1
Custodian fees ....................... 29 31 28 25 17
Printing and postage ................. 12 10 44 7 1
Professional fees .................... 15 16 20 14 7
Registration costs ................... 10 18 26 10 14
Transfer agent fees .................. 23 32 31 33 30
Trustees' fees ....................... 1 1 5 1 --
Other ................................ 5 3 4 -- 1
------ ----- ----- ---- ----
Total expenses .................... 301 224 631 193 88
------ ----- ----- ---- ----
Less amounts waived
(Note 2D) ....................... 54 79 91 57 18
Less expenses borne by
Distributor ..................... 9 14 15 18 50
------ ----- ----- ---- ----
Net expenses ...................... 238 131 525 118 20
------ ----- ----- ---- ----
Net investment income ............. 1,607 887 4,785 739 129
------ ----- ----- ---- ----
REALIZED AND UNREALIZED GAIN
(LOSS) ON INVESTMENTS:
Net realized gain (loss)
on investments .................... (419) (121) 1 (13) (35)
Change in net unrealized
depreciation on
investments ....................... (2,904) (1,312) -- (764) (231)
------ ----- ----- ---- ----
Net realized and unrealized
gain (loss)
on investments .................. (3,323) (1,433) 1 (777) (266)
------ ----- ----- ---- ----
Net increase (decrease)
in net assets
from operations .................$(1,716) $(546) $4,786 $(38) $(137)
====== ===== ====== ==== =====
</TABLE>
See notes to financial statements.
42
<PAGE>
Chase Funds
Statements of Changes in Net Assets For the periods indicated (unaudited)
- --------------------------------------------------------------------------------
(amounts in thousands)
<TABLE>
<CAPTION>
Chase Income Chase Intermediate Chase
Fund Term Bond Fund Money Market Fund
-------------------- ------------------- --------------------
01/01/99 Year 01/01/99 Year 01/01/99 Year
Through Ended Through Ended Through Ended
06/30/99 12/31/98 06/30/99 12/31/98 06/30/99 12/31/98
-------- -------- -------- -------- -------- --------
<S> <C> <C> <C> <C> <C> <C>
Increase (Decrease) in Net
Assets From Operations:
Net investment income ..................... $1,607 $2,929 $ 887 $ 1,335 $ 4,785 $ 8,450
Net realized gain (loss) on investments ... (419) 1,952 (121) 409 1 (1)
Change in net unrealized appreciation/
depreciation on investments ............ (2,904) 132 (1,312) 138 -- --
------ ------ -------- ------- -------- --------
Increase (decrease) in net assets
from operations ...................... (1,716) 5,013 (546) 1,882 4,786 8,449
------ ------ -------- ------- -------- --------
Distributions to
shareholders from:
Net investment income ..................... (1,607) (2,929) (887) (1,335) (4,785) (8,450)
In excess of net investment income ........ -- (18) -- -- -- --
Net realized gain on
investment transactions ................ -- (1,353) -- (381) -- --
In excess of net realized gain on
investment transactions ................ -- -- -- -- -- --
------ ------ -------- ------- -------- --------
Total distributions to shareholders .... (1,607) (4,300) (887) (1,716) (4,785) (8,450)
------ ------ -------- ------- -------- --------
Increase from capital share
transactions (note 5) .................. 9,592 8,036 5,054 14,119 19,579 60,915
------ ------ -------- ------- -------- --------
Total increase in net assets ........... 6,269 8,749 3,621 14,285 19,580 60,914
Net assets:
Beginning of period .................... 60,078 51,329 32,881 18,596 195,493 134,579
------ ------ -------- ------- -------- --------
End of period ..........................$66,347 $60,078 $36,502 $32,881 $215,073 $195,493
====== ====== ======== ======= ======== ========
</TABLE>
<TABLE>
<CAPTION>
Chase Short-Intermediate
Term U.S. Government Chase U.S. Government
Securities Fund Securities Fund
------------------- -------------------
01/01/99 Year 01/01/99 Year
Through Ended Through Ended
06/30/99 12/31/98 06/30/99 12/31/98
-------- -------- -------- --------
<S> <C> <C> <C> <C>
Increase (Decrease) in Net
Assets From Operations:
Net investment income ..................... $ 739 $ 1,444 $ 129 $ 155
Net realized gain (loss) on investments ... (13) 215 (35) 168
Change in net unrealized appreciation/
depreciation on investments ............ (764) 344 (231) (59)
-------- ------- ------- ------
Increase (decrease) in net assets
from operations ...................... (38) 2,003 (137) 264
-------- ------- ------- ------
Distributions to
shareholders from:
Net investment income ..................... (739) (1,444) (129) (155)
In excess of net investment income ........ -- (11) -- --
Net realized gain on
investment transactions ................ -- (96) -- (168)
In excess of net realized gain on
investment transactions ................ -- -- -- (2)
-------- ------- ------- ------
Total distributions to shareholders .... (739) (1,551) (129) (325)
-------- ------- ------- ------
Increase from capital share
transactions (note 5) .................. 3,072 6,164 3,838 767
-------- ------- ------- ------
Total increase in net assets ........... 2,295 6,616 3,572 706
Net assets:
Beginning of period .................... 30,564 23,948 3,634 2,928
-------- ------- ------- ------
End of period .......................... $32,859 $30,564 $7,206 $3,634
======== ======= ======= ======
</TABLE>
See notes to financial statements.
43
<PAGE>
Chase Funds
Notes to Financial Statements (unaudited)
- --------------------------------------------------------------------------------
1. Organization and Significant Accounting Policies--Mutual Fund Investment
Trust (the "Trust") was organized on September 23, 1997 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. Chase
Income Fund ("CIF"), Chase Intermediate Term Bond Fund ("CIBF"), Chase Money
Market Fund ("CMMF"), Chase Short-Intermediate Term U.S. Government Securities
Fund ("CISF") and Chase U.S. Government Securities Fund ("CGSF"), collectively,
the "Funds", are separate series of the Trust. Each Fund offers both Premier and
Investor classes of shares.
All classes of shares have equal voting rights as to earnings, assets and voting
privileges, except that each class may bear different transfer agent,
distribution, and shareholder servicing expenses, and each class has exclusive
voting rights with respect to its distribution plan and shareholder servicing
agreement. Premier Shares may be purchased only by Financial Intermediaries who
are able to meet the minimum investment requirement.
The Funds were established on January 1, 1998 for the conversion of the AVESTA
Trust to the newly created Chase Funds of the Mutual Fund Investment Trust.
AVESTA Trust contributed securities and other assets (net of liabilities) in a
tax-free exchange for shares of the corresponding portfolio of the newly created
Funds.The Chase Manhattan Bank agreed to bear all costs related to the
conversion.
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--Except for CMMF, 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.
Money market instruments held by CMMF are valued at amortized cost, which
approximates market value. The Trust's use of amortized cost is subject to
the Trust's compliance with certain conditions as specified under Rule 2a-7
of the 1940 Act.
44
<PAGE>
Chase Funds
Notes to Financial Statements (unaudited) (continued)
- --------------------------------------------------------------------------------
B. Repurchase agreements--Pursuant to an Exemptive Order issued by the
Securities and Exchange Commission, the Funds of the Trust may transfer
uninvested cash balances into one or more joint trading accounts for the
purpose of investing in repurchase agreements. It is the Funds' policy that
repurchase agreements are fully collateralized by U.S. Treasury and
Government Agency securities. All collateral is held in one or more joint
trading accounts by the Trust's custodian bank, subcustodian, or a bank with
which the custodian bank has entered into a subcustodian agreement, or is
segregated in the Federal Reserve Book Entry System. In connection with
transactions in repurchase agreements, if the seller defaults and the value
of the collateral declines, or if the seller enters an insolvency proceeding,
realization of the collateral by the Fund may be delayed or limited.
C. Security transactions and investment income--Investment transactions are
accounted for on the trade date (the date the order to buy or sell is
executed). Securities gains and losses are calculated on the identified cost
basis. Interest income is determined on the basis of coupon interest accrued
adjusted for amortization of premiums and accretion of discounts.
D. Expenses--Expenses directly attributable to a Fund are charged to that
Fund; other expenses are allocated proportionately among the Funds within the
Trust in relation to the net assets of each Fund or on another reasonable
basis. Expenses directly attributable to a particular class are charged
directly to such class. In calculating the net asset value per share of each
class, investment income, realized and unrealized gains and losses and
expenses other than class specific expenses (including transfer agent fees)
are allocated daily to each class of shares based upon the proportion of net
assets of each class at the beginning of each day.
E. Federal income taxes--Each Fund is treated as a separate taxable entity
for Federal income tax purposes. Each Fund's policy is to comply with the
provisions of the Internal Revenue Code applicable to regulated investment
companies and to distribute to shareholders all of its distributable net
investment income and net realized gain on investments. In addition, each
Fund intends to make distributions as required to avoid excise taxes.
Accordingly, no provision for Federal income or excise tax is necessary.
F. Distributions to shareholders--Dividends and distributions paid to
shareholders are recorded on the ex-dividend date. The amount of dividends
and distributions from net investment income and net realized capital gains
is determined in accordance with Federal income tax regulations, which may
differ from generally accepted accounting principles. To the extent these
"book/tax" differences are permanent in nature (i.e., that they result from
other than timing of recognition--"temporary differences"), such amounts are
reclassified within the capital accounts based on their Federal tax-basis
treatment. Dividends and distributions which exceed net investment income or
net realized capital gains for financial reporting purposes but not for tax
purposes are reported as distributions in excess of net investment income or
net realized capital gains.
45
<PAGE>
Chase Funds
Notes to Financial Statements (unaudited) (continued)
- --------------------------------------------------------------------------------
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 0.30% for CMMF and
0.50% for CIF, CIBF, CISF and CGSF of the average daily net assets,
respectively. The Advisor voluntarily waived some or all of its fees as
outlined in Note 2.D.
Chase Texas, a wholly-owned subsidiary of The Chase Manhattan Corporation, is
the Sub-Investment Advisor to each Fund. Pursuant to the Sub-Investment
Advisory Agreement between Chase Texas and Chase, Chase Texas is entitled to
receive a fee payable by Chase from its advisory fee, at an annual rate equal
to 0.15% for CMMF and 0.25% for CISF, CGSF, CIBF and CIF of average daily net
assets, respectively.
B. Distribution and Sub-administration fees--Pursuant to a Distribution and
Sub-Administration Agreement, Chase Fund Distributors, Inc. ("CFD" or the
"Distributor"), a wholly-owned subsidiary of The BISYS Group, Inc., acts as
the Funds' distributor and sub-administrator.
The Trust has adopted a Rule 12b-1 distribution plan for Investor Class
shares, which provides for the payment of distribution fees at an annual rate
of up to 0.10% of the average daily net assets attributable to Investor Class
shares of the Money Market Fund and at an annual rate of up to 0.25% of the
average daily net assets attributable to Investor Class shares of each other
Fund.
For the sub-administrative services it performs, CFD is entitled to receive a
fee from each Fund at annual rate equal to 0.05% of the Fund's average daily
net assets.
The Distributor voluntarily waived some or all of its fees as outlined in
Note 2.D.
C. Administration fee--Pursuant to an Administration Agreement, Chase (the
"Administrator") provides certain administration services to the Trust. For
these services and facilities, the Administrator receives from each Fund a
fee computed at the annual rate equal to 0.10% of the respective Fund's
average daily net assets. The Administrator voluntarily waived some or all of
its fees as outlined in Note 2.D.
D. Waiver of fees--For the six months ended June 30, 1999, the Administrator,
Distributor and Investment Advisor voluntarily waived fees for each of the
Funds as follows (in thousands):
CIF CIBF CMMF CISF CGSF
--- ---- ---- ---- ----
Investment Advisory ......... $53 $78 $90 $56 $13
Administration .............. -- -- -- -- 4
Distribution ................ 1 1 1 1 1
--- --- --- --- ---
Total ....................... $54 $79 $91 $57 $18
=== === === === ===
E. Other--Certain officers of the Trust are officers of Chase Fund
Distributors, Inc. or of its parent corporation, The BISYS Group, Inc.
Chase provides portfolio accounting and custody services for the Funds.
Compensation for such services is presented in the Statement of Operations as
custodian fees.
46
<PAGE>
Chase Funds
Notes to Financial Statements (unaudited) (continued)
- --------------------------------------------------------------------------------
3. Investment Transactions--For the six months ended June 30, 1999, purchases
and sales of investments (excluding short-term investments) were as follows (in
thousands):
CIF CIBF CISF CGSF
--- ---- ---- ----
Purchases (excluding
U.S. Government) ................ $ 500 $4,871 $ -- $ --
Sales (excluding
U.S. Government) ................ 275 -- -- --
Purchases of U.S. Government ....... 16,115 8,858 14,733 3,515
Sales of U.S. Government ........... 4,807 7,650 13,765 540
4. Federal Income Tax Matters--For Federal income tax purposes, the cost and
unrealized appreciation (depreciation) in value of the investment securities at
June 30, 1999 are as follows (in thousands):
CIF CIBF CISF CGSF
--- ---- ---- ----
Aggregate cost $66,616 $36,792 $32,645 $7,328
------- ------- ------- ------
Gross unrealized appreciation $348 $111 $114 $10
Gross unrealized depreciation (1,569) (911) (244) (209)
------- ------- ------- ------
Net unrealized depreciation $(1,221) $ (800) $ (130) $ (199)
======= ======= ======= ======
47
<PAGE>
Chase Funds
Notes to Financial Statements (unaudited) (continued)
- --------------------------------------------------------------------------------
5. Transactions in Shares of Beneficial Interest--Transactions in Shares of
Beneficial Interest were as follows for the periods presented (in thousands):
Chase Income Fund
-------------------------------------
1/1/99 Through Year Ended
Premier Shares 6/30/99 12/31/98
---------------- ----------------
Amount Shares Amount Shares
------ ------ ------ ------
Shares sold ........................... $13,972 700 $20,818 1,014
Shares issued in reinvestment
of distributions ................... 1,525 77 3,601 175
Shares redeemed ....................... (6,098) (307) (16,394) (798)
------- ---- -------- -----
Net increase in Trust
shares outstanding ................. $ 9,399 470 $ 8,025 391
======= ==== ======= =====
Chase Income Fund
-------------------------------------
1/1/99 Through 11/10/98* Through
Investor Shares 6/30/99 12/31/98
---------------- ----------------
Amount Shares Amount Shares
------ ------ ------ ------
Shares sold ........................... $ 200 9 $ 10 1
Shares issued in reinvestment
of distributions ................... 2 -- 1 --
Shares redeemed ....................... (9) -- -- --
----- ---- ---- ----
Net increase in Trust
shares outstanding ................. $ 193 9 $ 11 1
===== ==== ==== ====
Chase Intermediate Term Bond Fund
-------------------------------------
1/1/99 Through Year Ended
Premier Shares 6/30/99 12/31/98
---------------- ----------------
Amount Shares Amount Shares
------ ------ ------ ------
Shares sold ........................... $ 8,157 644 $ 20,306 1,576
Shares issued in reinvestment
of distributions ................... 847 67 1,431 111
Shares redeemed ....................... (4,059) (321) (7,628) (591)
------- ---- -------- -----
Net increase in Trust
shares outstanding ................. $ 4,945 390 $ 14,109 1,096
======= ==== ======== =====
Chase Intermediate Term Bond Fund
-------------------------------------
1/1/99 Through 11/10/98* Through
Investor Shares 6/30/99 12/31/98
---------------- ----------------
Amount Shares Amount Shares
------ ------ ------ ------
Shares sold ........................... $ 108 8 $ 10 1
Shares issued in reinvestment
of distributions ................... 1 -- -- --
Shares redeemed ....................... -- -- -- --
----- ---- ---- ----
Net increase in Trust
shares outstanding ................. $ 109 8 $ 10 1
===== ==== ==== ====
Chase Money Market Fund
-------------------------------------
1/1/99 Through Year Ended
Premier Shares 6/30/99 12/31/98
---------------- ----------------
Amount Shares Amount Shares
------ ------ ------ ------
Shares sold ........................... $142,250 142,250 $241,189 241,189
Shares issued in reinvestment
of distributions ................... 3,758 3,758 6,713 6,713
Shares redeemed ....................... (126,472) (126,472) (187,004) (187,004)
-------- -------- -------- --------
Net increase in Trust
shares outstanding ................. $ 19,536 19,536 $ 60,898 60,898
======== ======== ========= =======
48
<PAGE>
Chase Funds
Notes to Financial Statements (unaudited) (continued)
- --------------------------------------------------------------------------------
Chase Money Market Fund
-------------------------------------
1/1/99 Through 11/9/98* Through
Investor Shares 6/30/99 12/31/98
---------------- ----------------
Amount Shares Amount Shares
------ ------ ------ ------
Shares sold ........................... $ 73 73 $ 17 17
Shares issued in reinvestment
of distributions ................... 1 1 -- --
Shares redeemed ....................... (31) (31) -- --
---- ---- ---- ----
Net increase in Trust
shares outstanding ................. $ 43 43 $ 17 17
==== ==== ==== ====
Chase Short-Intermediate Term
U.S. Government Securities Fund
-------------------------------------
1/1/99 Through Year Ended
Premier Shares 6/30/99 12/31/98
---------------- ----------------
Amount Shares Amount Shares
------ ------ ------ ------
Shares sold ........................... $ 6,788 547 $11,638 931
Shares issued in reinvestment
of distributions ................... 725 59 1,293 103
Shares redeemed ....................... (4,446) (360) (6,777) (540)
------- ----- ------- -----
Net increase in Trust
shares outstanding ................. $ 3,067 246 $ 6,154 494
======= ===== ======= =====
Chase Short-Intermediate Term
U.S. Government Securities Fund
-------------------------------------
1/1/99 Through 11/10/98* Through
Investor Shares 6/30/99 12/31/98
---------------- ----------------
Amount Shares Amount Shares
------ ------ ------ ------
Shares sold ........................... $ 5 -- $ 10 1
Shares issued in reinvestment
of distributions ................... -- -- -- --
Shares redeemed ....................... -- -- -- --
---- ---- ---- ----
Net increase in Trust
shares outstanding ................. $ 5 -- $ 10 1
==== ==== ==== ====
Chase U.S. Government Securities Fund
-------------------------------------
1/1/99 Through Year Ended
Premier Shares 6/30/99 12/31/98
---------------- ----------------
Amount Shares Amount Shares
------ ------ ------ ------
Shares sold ........................... $ 3,946 292 $ 1,942 135
Shares issued in reinvestment
of distributions ................... 128 10 286 21
Shares redeemed ....................... (279) (21) (1,472) (103)
------- ---- ------- -----
Net increase in Trust
shares outstanding ................. $ 3,795 281 $ 756 53
======= ==== ======= =====
Chase U.S. Government Securities Fund
-------------------------------------
1/1/99 Through 11/10/98* Through
Investor Shares 6/30/99 12/31/98
---------------- ----------------
Amount Shares Amount Shares
------ ------ ------ ------
Shares sold ........................... $ 43 3 $ 10 1
Shares issued in reinvestment
of distributions ................... -- -- 1 --
Shares redeemed ....................... -- -- -- --
---- ---- ---- ----
Net increase in Trust
shares outstanding ................. $ 43 3 $ 11 1
==== ==== ==== ====
*Commencement of offering of class of shares.
49
<PAGE>
Chase Funds
Financial Highlights (unaudited) (throughout each period indicated)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Chase Income Fund
-------------------------------------------------------------------------------------
Premier Shares Investor Shares
---------------------------------------------------------- ---------------------
01/01/99 For the Years Ended December 31, 01/01/99 11/10/98**
Through -------------------------------------------- Through Through
06/30/99 1998 1997 1996 1995 1994 06/30/99 12/31/98
-------- ---- ---- ---- ---- ---- -------- --------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Per Share Operating Performance:
Net Asset Value, Beginning of Period $20.47 $20.18 $18.56 $18.21 $15.39 $16.11 $20.46 $20.77
------ ------ ------ ------ ------ ------ ------ ------
Income from Investment Operations:
Net Investment Income 0.50 1.09 1.14 1.00 0.97 0.84 0.48 0.14
Net Gains or Losses in Securities
(both realized and unrealized) (1.04) 0.77 0.48 (0.65) 1.85 (1.56) (1.02) 0.18
------ ------ ------ ------ ------ ------ ------ ------
Total from Investment Operations (0.54) 1.86 1.62 0.35 2.82 (0.72) (0.54) 0.32
------ ------ ------ ------ ------ ------ ------ ------
Less Distributions:
Dividends from Net Investment
Income 0.50 1.09 -- -- -- -- 0.48 0.15
Distributions from Capital Gains -- 0.48 -- -- -- -- -- 0.48
------ ------ ------ ------ ------ ------ ------ ------
Total Distributions 0.50 1.57 -- -- -- -- 0.48 0.63
------ ------ ------ ------ ------ ------ ------ ------
Net Asset Value, End of Period $19.43 $20.47 $20.18 $18.56 $18.21 $15.39 $19.44 $20.46
====== ====== ====== ====== ====== ====== ====== ======
Total Return (2.67%) 9.47% 8.73% 1.91% 18.38% (4.47%) (2.69%) 1.54%
Ratios/Supplemental Data:
Net Assets, End of Period (millions) $65 $60 $51 $54 $57 $52 $1 $1
Ratios to Average Net Assets:#
Expenses 0.75% 0.75% 0.75% 0.75% 0.75% 0.75% 1.00% 1.03%
Net Investment Income 5.07% 5.28% 5.82% 5.58% 5.77% 5.43% 4.89% 4.72%
Expenses Without Waivers and
Assumption of Expenses 0.93% 0.94% 1.14% 1.07% 1.08% 1.07% 11.64% 1.44%
Net Investment Income Without Waivers
and Assumption of Expenses 4.89% 5.09% 5.43% 5.26% 5.44% 5.11% (5.75%) 4.31%
Portfolio Turnover Rate 9% 54% 97% 72% 93% 239% 9% 54%
</TABLE>
- ----------------
**Commencement of offering of class of shares.
#Short periods have been annualized
See notes to financial statements.
50
<PAGE>
Chase Funds
Financial Highlights (unaudited) (throughout each period indicated)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Chase Intermediate Term Bond Fund
----------------------------------------------------------------------------------
Premier Shares Investor Shares
-----------------------------------------------
01/01/99 For the Years Ended December 31, 10/03/94* 01/01/99 11/10/98**
Through ---------------------------------- Through Through Through
06/30/99 1998 1997 1996 1995 12/31/94 06/30/99 12/31/98
-------- ------ ------ ------ ---- --------- -------- -----------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Per Share Operating Performance:
Net Asset Value, Beginning of Period $12.87 $12.75 $11.89 $11.67 $ 9.99 $10.00 $12.87 $12.91
------ ------ ------ ------ ------ ------ ------ ------
Income from Investment Operations:
Net Investment Income 0.32 0.68 0.56 0.61 0.64 0.15 0.30 0.09
Net Gains or Losses in Securities
(both realized and unrealized) (0.51) 0.27 0.30 (0.39) 1.04 (0.16) (0.51) 0.11
------ ------ ------ ------ ------ ------ ------ ------
Total from Investment Operations (0.19) 0.95 0.86 0.22 1.68 (0.01) (0.21) 0.20
------ ------ ------ ------ ------ ------ ------ ------
Less Distributions:
Dividends from Net Investment
Income 0.32 0.68 -- -- -- -- 0.30 0.09
Distributions from Capital Gains -- 0.15 -- -- -- -- -- 0.15
------ ------ ------ ------ ------ ------ ------ ------
Total Distributions 0.32 0.83 -- -- -- -- 0.30 0.24
------ ------ ------ ------ ------ ------ ------ ------
Net Asset Value, End of Period $12.36 $12.87 $12.75 $11.89 $11.67 $9.99 $12.36 $12.87
====== ====== ====== ====== ====== ====== ====== ======
Total Return (1.52%) 7.63% 7.26% 1.86% 16.79% (0.32%) (1.65%) 1.52%
Ratios/Supplemental Data:
Net Assets, End of Period (millions) $36 $33 $19 $7 $5 $5 $1 $1
Ratios to Average Net Assets:#
Expenses 0.75% 0.75% 0.75% 0.75% 0.75% 0.75% 1.00% 1.03%
Net Investment Income 5.07% 5.25% 5.61% 5.32% 5.89% 6.12% 4.88% 4.64%
Expenses Without Waivers and Assumption
of Expenses 1.20% 1.27% 1.25% 1.42% 1.43% 1.38% 42.24% 1.72%
Net Investment Income Without Waivers and
Assumption of Expenses 4.62% 4.73% 5.11% 4.65% 5.21% 5.49% (36.36%) 3.95%
Portfolio Turnover Rate 26% 135% 14% 134% 198% 7% 26% 135%
</TABLE>
- ---------------
*Commencement of operations.
**Commencement of offering of class of shares.
#Short periods have been annualized.
See notes to financial statements.
51
<PAGE>
Chase Funds
Financial Highlights (unaudited) (throughout each period indicated)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Chase Money Market Fund
-------------------------------------------------------------------------------------
Premier Shares Investor Shares
-----------------------------------------------------------
01/01/99 For the Years Ended December 31, 01/01/99 11/10/98**
Through ----------------------------------------------- Through Through
06/30/99 1998 1997 1996 1995 1994 06/30/99 12/31/98
-------- ---- ---- ----- ----- ----- -------- ----------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Per Share Operating Performance:
Net Asset Value, Beginning of Period $1.00 $1.00 $1.00 $1.00 $1.00 $1.00 $1.00 $1.00
----- ----- ----- ----- ----- ----- ----- -----
Income from Investment Operations:
Net Investment Income 0.02 0.05 0.05 0.05 0.05 0.04 0.02 0.01
Net Gains or Losses in Securities
(both realized and unrealized) -- -- -- -- -- -- -- --
----- ----- ----- ----- ----- ----- ----- -----
Total from Investment Operations 0.02 0.05 0.05 0.05 0.05 0.04 0.02 0.01
----- ----- ----- ----- ----- ----- ----- -----
Less Distributions:
Dividends from Net Investment
Income 0.02 0.05 0.05 0.05 0.05 0.04 0.02 0.01
Distributions from Capital Gains -- -- -- -- -- -- -- --
----- ----- ----- ----- ----- ----- ----- -----
Total Distributions 0.02 0.05 0.05 0.05 0.05 0.04 0.02 0.01
----- ----- ----- ----- ----- ----- ----- -----
Net Asset Value, End of Period $1.00 $1.00 $1.00 $1.00 $1.00 $1.00 $1.00 $1.00
===== ===== ===== ===== ===== ===== ===== =====
Total Return 2.28% 5.20% 5.18% 5.06% 5.57% 3.77% 2.23% 0.69%
Ratios/Supplemental Data:
Net Assets, End of Period (millions) $214 $195 $135 $119 $71 $56 $1 $ --
Ratios to Average Net Assets:#
Expenses 0.50% 0.50% 0.50% 0.50% 0.50% 0.50% 0.60% 0.60%
Net Investment Income 4.55% 5.07% 5.09% 4.93% 5.43% 3.90% 4.43% 4.72%
Expenses Without Waivers and Assumption
of Expenses 0.59% 0.60% 0.74% 0.72% 0.72% 0.83% 73.70% 0.80%
Net Investment Income Without Waivers and
Assumption of Expenses 4.46% 4.97% 4.85% 4.71% 5.21% 3.57% (68.67%) 4.52%
</TABLE>
- ------------------
**Commencement of offering of class shares.
# Short periods have been annualized.
See notes to financial statements.
52
<PAGE>
Chase Funds
Financial Highlights (unaudited) (throughout each period indicated)
- -------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Chase Short-Intermediate Term U.S. Government Securities Fund
---------------------------------------------------------------------------------------
Premier Shares Investor Shares
------------------------------------------------------------ ----------------------
01/01/99 For the Years Ended December 31, 01/01/99 11/10/98**
Through ----------------------------------------------- Through Through
06/30/99 1998 1997 1996 1995 1994 06/30/99 12/31/98
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Per Share Operating Performance:
Net Asset Value, Beginning of Period $12.60 $12.39 $11.66 $11.35 $10.14 $10.24 $12.59 $12.64
------ ------ ------ ------ ------ ------ ------ ------
Income from Investment Operations:
Net Investment Income 0.29 0.63 0.67 0.60 0.58 0.45 0.28 0.08
Net Gains or Losses in Securities
(both realized and unrealized) (0.31) 0.25 0.06 (0.29) 0.63 (0.55) (0.30) --
------ ------ ------ ------ ------ ------ ------ ------
Total from Investment Operations (0.02) 0.88 0.73 0.31 1.21 (0.10) (0.02) 0.08
------ ------ ------ ------ ------ ------ ------ ------
Less Distributions:
Dividends from Net Investment
Income 0.29 0.63 -- -- -- -- 0.28 0.09
Distributions from Capital Gains -- 0.04 -- -- -- -- -- 0.04
------ ------ ------ ------ ------ ------ ------ ------
Total Distributions 0.29 0.67 -- -- -- -- 0.28 0.13
------ ------ ------ ------ ------ ------ ------ ------
Net Asset Value, End of Period $12.29 $12.60 $12.39 $11.66 $11.35 $10.14 $12.29 $12.59
====== ====== ====== ====== ====== ====== ====== ======
Total Return (0.16%) 7.35% 6.30% 2.68% 12.01% (1.05%) (0.20%) 0.60%
Ratios/Supplemental Data:
Net Assets, End of Period (millions) $32 $31 $24 $29 $29 $23 $1 $ --
Ratios to Average Net Assets:#
Expenses 0.75% 0.75% 0.75% 0.75% 0.75% 0.75% 1.00% 1.03%
Net Investment Income 4.70% 5.06% 5.40% 5.26% 5.38% 4.41% 4.46% 4.47%
Expenses Without Waivers and
Assumption of Expenses 1.14% 1.12% 1.01% 0.88% 0.91% 0.96% 258.19% 1.58%
Net Investment Income Without Waivers
and Assumption of Expenses 4.31% 4.69% 5.14% 5.13% 5.22% 4.20% (252.73%) 3.92%
Portfolio Turnover Rate 55% 87% 63% 177% 187% 268% 55% 87%
</TABLE>
- ---------------
**Commencement of offering of class shares.
# Short periods have been annualized.
See notes to financial statements.
53
<PAGE>
Chase Funds
Financial Highlights (unaudited) (throughout each period indicated)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Chase U.S. Government Securities Fund
------------------------------------------------------------------------------------
Premier Shares Investor Shares
----------------------------------------------------------- ----------------------
01/01/99 For the Years Ended December 31, 01/01/99 11/10/98**
Through ---------------------------------------------- Through Through
06/30/99 1998 1997 1996 1995 1994 06/30/99 12/31/98
-------- ----- ------ ------ ------ ------ --------- ----------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Per Share Operating Performance:
Net Asset Value, Beginning of Period $13.83 $13.98 $12.76 $13.01 $10.00 $10.91 $13.83 $14.42
------ ------ ------ ------ ------ ------ ------ ------
Income from Investment Operations:
Net Investment Income 0.31 0.72 0.75 0.74 0.73 0.62 0.30 0.09
Net Gains or Losses in Securities
(both realized and unrealized) (0.65) 0.54 0.47 (0.99) 2.28 (1.53) (0.65) 0.10
------ ------ ------ ------ ------ ------ ------ ------
Total from Investment Operations (0.34) 1.26 1.22 (0.25) 3.01 (0.91) (0.35) 0.19
------ ------ ------ ------ ------ ------ ------ ------
Less Distributions:
Dividends from Net Investment
Income 0.31 0.72 -- -- -- -- 0.30 0.09
Distributions from Capital Gains -- 0.68 -- -- -- -- -- 0.68
In Excess of Realized Capital Gains -- 0.01 -- -- -- -- -- 0.01
------ ------ ------ ------ ------ ------ ------ ------
Total Distributions 0.31 1.41 -- -- -- -- 0.30 0.78
------ ------ ------ ------ ------ ------ ------ ------
Net Asset Value, End of Period $13.18 $13.83 $13.98 $12.76 $13.01 $10.00 $13.18 $13.83
====== ====== ====== ====== ====== ====== ====== ======
Total Return (2.45%) 9.28% 9.55% (1.89%) 30.11% (8.39%) (2.57%) 1.37%
Ratios/Supplemental Data:
Net Assets, End of Period (millions) $6 $4 $3 $3 $3 $3 $1 $--
Ratios to Average Net Assets:#
Expenses 0.75% 0.75% 0.75% 0.75% 0.75% 0.75% 1.00% 1.03%
Net Investment Income 4.71% 5.07% 5.73% 6.01% 6.38% 6.23% 4.48% 4.45%
Expenses Without Waivers and
Assumption of Expenses 2.72% 1.45% 3.15% 2.09% 2.22% 2.38% 94.06% 1.92%
Net Investment Income Without Waivers
and Assumption of Expenses 2.74% 4.37% 3.33% 4.67% 4.91% 4.60% (88.58%) 3.56%
Portfolio Turnover Rate 11% 110% 87% 48% 17% 174% 11% 110%
</TABLE>
- --------------------
**Commencement of offering of class shares.
#Short periods have been annualized.
See notes to financial statements.
54
<PAGE>
This Page Intentionally Left Blank
<PAGE>
CHASE FIXED INCOME FUNDS SEMI-ANNUAL REPORT
Investment Adviser, Administrator,
Shareholder and Fund Servicing
Agent and Custodian
Chase Funds Service Center
210 West 10th Street
Kansas City, MO 64105
Legal Counsel
Simpson Thacher & Bartlett
425 Lexington Avenue
New York, NY 10017
Independent Accountants
PricewaterhouseCoopers LLP
1177 Avenue of the Americas
New York, NY 10036
Chase Funds are distributed by Chase Fund Distributors, Inc. which is
unaffiliated with The Chase Manhattan Bank. Chase and its respective affiliates
receive compensation from Chase 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 Funds, call
1-888-5-chase-0. The prospectus
contains more complete information, including charges and expenses. Please read
it carefully before you invest or send money.
(C) The Chase Manhattan Corporation, 1999, 2000. All Rights Reserved.
August 1999
[GRAPHIC OMITTED]
Chase Vista Funds Fulfillment Center
393 Manley Street
West Bridgewater, MA 02379-1039
