<PAGE>
[FRONT COVER]
APRIL 30, 2000 (UNAUDITED)
Chase Vista
Equity Funds
SEMI-ANNUAL REPORT
CORE EQUITY FUND
EQUITY GROWTH FUND
GROWTH AND INCOME FUND
CAPITAL GROWTH FUND
LARGE CAP EQUITY FUND
FOCUS FUND
EQUITY INCOME FUND
SMALL CAP OPPORTUNITIES FUND
SMALL CAP EQUITY FUND
BALANCED FUND
[Chase Logo]
THE RIGHT RELATIONSHIP IS EVERYTHING.[Reg TM]
SAEQ-3-600
<PAGE>
Contents
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Chairman's Letter 1
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Chase Vista Core Equity Fund 2
Fund Commentary
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Chase Vista Equity Growth Fund 5
Fund Commentary
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Chase Vista Growth and Income Fund 8
Fund Commentary
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Chase Vista Capital Growth Fund 11
Fund Commentary
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Chase Vista Large Cap Equity Fund 14
Fund Commentary
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Chase Vista Focus Fund 17
Fund Commentary
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Chase Vista Equity Income Fund 20
Fund Commentary
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Chase Vista Small Cap Opportunities Fund 23
Fund Commentary
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Chase Vista Small Cap Equity Fund 26
Fund Commentary
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Chase Vista Balanced Fund 29
Fund Commentary
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Portfolios of Investments 32
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Fund Financial Statements 53
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Portfolio Financial Statements 97
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Highlights
o Reports of strong economic data strengthened the Federal Reserve's beliefs
that the United States' rising inflation must be kept under control, leading
to higher interest rates.
o Bonds have generally been up, though the April economic reports muted gains
from such securities.
o Technology was the global trend during the period, as the red-hot industry
saw many double-digit, and even triple-digit price advances.
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NOT FDIC INSURED | May lose value / No bank guarantee
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Chase Vista Funds are distributed by Vista Fund Distributors, Inc.
<PAGE>
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CHASE VISTA EQUITY FUNDS
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Chairman's Letter
June 5, 2000
Dear Shareholder:
We are pleased to present this semi-annual report for the Chase Vista U.S.
Equity Funds for the six months ended April 30, 2000.
Strong Economic Growth Bodes Well for Equities
A robust economy that boosted investor confidence was a good backdrop for Wall
Street's continued boom, as reports of lower-than-expected unemployment rates
and higher consumer spending were released. Despite the Federal Reserve Board's
multiple attempts to cool the economy's pace by boosting interest rates, the
equity market forged on for most of the period.
Technology stocks made particularly tremendous strides during the period, thanks
to growth in the Internet, mobile communications and demand for consumer
electronic products. Other sectors that fared well included utilities and
energy. Fixed-income securities were positive contributors, yet their gains were
held back by the stream of solid economic data indicating rising inflation.
Potential of Further Rate Hikes
Although the gains garnered by the equity market have indeed been impressive
during much of the reporting period, the fact remains that the Federal Reserve
is set on taming inflation. With investors almost certain that interest-rate
increases will occur throughout the remainder of the year, prospects for
fixed-income and equities have dampened. What we started to see towards the end
of the reporting period was a move towards more-stable blue-chip stocks,
indicating investors' uncertainty.
While the threat of further rate increases still looms over the market, we
believe that the resulting ill effects are only short term. The market has seen
many bumps over the years and recovered from all of them; this period is just
another hurdle to be mounted.
At Chase Vista, we thank you for your business and look forward to serving your
investment needs in the years to come.
Sincerely yours,
/s/ Fergus Reid
Fergus Reid
Chairman
1
<PAGE>
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CHASE VISTA CORE EQUITY FUND
As of April 30, 2000 (Unaudited)
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How the Fund Performed
Chase Vista Core Equity Fund, which invests in large U.S. stocks with strong
fundamentals, rose 9.36% (Class A Shares, without sales charge) in the six
months ended April 30, 2000. It outperformed its benchmark, the S&P 500 Index,
which increased 7.18%.
How the Fund Was Managed
The Fund's technology holdings drove performance as Wall Street focused on the
"new economy." Technology stocks posted exceptional gains in the closing months
of 1999, and continued to rise at a more-muted pace in the first quarter of
2000.
Many of the leading technology companies held by the Fund have generated
consistently strong revenue growth. They are considered among the more certain
winners from the current technology revolution. Network equipment giant Cisco
Systems, for example, was one of the leading performers. Another strong
contributor was EMC Corp., the data storage group.
Semiconductor stocks were particularly robust. Rapid growth in the Internet,
mobile communications and new consumer electronics products is creating
unprecedented demand for semiconductor chips. This led to gains for stocks like
Altera, Applied Materials, Intel and Texas Instruments.
The Fund cut its holding in Microsoft ahead of the April antitrust ruling. It
reinvested some of the proceeds in new holdings such as ADC Telecommunications,
the voicemail and data communications company. Another stock added to the
portfolio earlier in the year was Oracle, a software company.
Compared with technology, other sectors had limited impact. Utilities came in a
distant second, with strong performances from AES and Enron. Both have
well-managed power businesses, but Enron also has a developing operation in
trading broadband telecommunications capacity.
Rising energy prices caused stock price appreciation among many exploration and
production companies and energy service companies. The Fund owned BJ Services,
an oil-services company that benefited from the strong oil price.
Following the extraordinary rises in large-cap technology stocks, the Fund made
some investments in middle-capitalization equities. Many of these equities offer
compelling earnings growth, yet trade at reasonable valuations. Sanmina Corp, a
capital goods company that makes components like circuit boards for technology
companies, was among the additions.
Where the Fund May Be Headed
The Fund will continue to stick with its discipline of investing in stocks with
attractive earnings growth at reasonable valuations. In spite of the recent
volatility in technology, the manager will continue to seek the best ideas in
this sector. Fears of rate rises may hold equities back in the immediate future,
but we remain optimistic about prospects for later in the year.
2
<PAGE>
CHASE VISTA CORE EQUITY FUND
As of April 30, 2000 (Unaudited)
Percentage of Total Portfolio Investments
[Begin Pie Chart]
<TABLE>
<S> <C>
Technology (34.2%)
Consumer Cyclicals (16.4%)
Financial (12.0%)
Utilities (9.2%)
Health Care (8.6%)
Capital Goods (5.5%)
Energy (5.2%)
Cash Equivalents & Short Term Paper (4.3%)
Consumer Staples (2.5%)
Transportation (1.2%)
Basic Materials (0.9%)
</TABLE>
[End Pie Chart]
Top Ten Equity Holdings of the Portfolio
1. General Electric Co. (4.5%)
Develops, manufactures and markets products for the generation, distribution
and utilization of electricity. Through General Electric Capital Services,
Inc., offers a variety of financial services including mutual fund management,
financing, asset management and insurance. General Electric also owns the
National Broadcasting Company.
2. Cisco Systems, Inc. (3.6%) Supplies data networking products to the
corporate enterprise and public wide area service provider markets. Products
include routers, LAN switches, frame relay/ATM and remote access concentrators.
3. Intel Corp. (3.5%) Designs, manufactures and sells computer components and
related products. Major products include microprocessors, chipsets, embedded
processors and microcontrollers, flash memory products, graphics products,
network and communications products, system management software, conferencing
products and digital imaging products.
4. ExxonMobil Corp. (3.0%) Operates petroleum and petrochemicals business on a
worldwide basis. The company's operations include exploration and production of
oil and gas, electric power generation and coal and minerals operations. It
also manufactures and markets fuels, lubes and chemicals.
5. Microsoft Corp. (2.9%) Develops, manufactures, licenses, sells and supports
software products. The Company offers operating system software, server
application software, business and consumer application software, software
development tools and Internet and intranet software. It also develops the MSN
network of Internet products and services.
6. Wal-Mart Stores, Inc. (2.9%) Operates discount stores and Supercenters as
well as Sam's Clubs which offer apparel, housewares, small appliances,
electronics and hardware. Wal-Mart operates in the United States, Canada,
Argentina, Brazil, Germany, Mexico and Puerto Rico, and is involved in joint
ventures in China and Korea.
7. American International Group, Inc. (2.8%) Writes property and casualty
insurance and life insurance, and provides a variety of insurance and
insurance-related services through its subsidiaries in the U.S. and overseas.
8. EMC Corp. (2.4%) Provides enterprise storage systems, software, networks and
services. The Company's products store, retrieve, manage, protect and share
information from all major computing environments.
9. Citigroup, Inc. (2.2%) A diversified financial services holding company that
provides investment banking, retail brokerage, corporate banking and cash
management products and services around the world.
10. Enron Corp. (2.2%) Produces electricity and natural gas, develops,
constructs, and operates energy facilities worldwide, and delivers both
physical commodities and financial and risk management services to customers.
It is also developing an intelligent network platform to facilitate online
business.
Top 10 equity holdings comprised 30.0% of the Portfolio's market value of
investments. Portfolio holdings are subject to change at any time.
3
<PAGE>
CHASE VISTA CORE EQUITY FUND
As of April 30, 2000 (Unaudited)
Average Annual Total Returns
<TABLE>
<CAPTION>
Since
Inception
1 Year 5 Years (4/1/93)
--------------------------------------------------------------------
<S> <C> <C> <C>
Class A Shares
Without Sales Charge 11.78% 24.63% 18.32%
With Sales Charge 5.35% 23.16% 17.33%
--------------------------------------------------------------------
Class B Shares
Without CDSC 11.11% 24.09% 17.79%
With CDSC 6.11% 23.92% 17.79%
--------------------------------------------------------------------
Class C Shares
Without CDSC 11.11% 24.09% 17.79%
With CDSC 10.11% 24.09% 17.79%
--------------------------------------------------------------------
</TABLE>
Life of Fund Performance (4/1/93 to 4/30/00)
[Begin Line Chart]
<TABLE>
<CAPTION>
Chase Vista Lipper Large
Core Equity S&P 500 Cap Core
Fund Index Index
<S> <C> <C> <C>
4/1/93 9,425 10,000 10,000
4/30/93 9,226 9,758 9,813
1994 9,595 10,277 10,425
1995 10,316 12,067 11,655
1996 12,812 15,708 14,858
1997 15,971 19,651 17,761
1998 22,002 27,719 24,732
1999 27,747 33,765 29,334
4/30/00 31,014 37,182 32,962
</TABLE>
[End Line Chart]
Source: Lipper Analytical Services. Past performance is not indicative of
future results. Investment return and principal value will fluctuate so that
shares, when redeemed, may be worth more or less than their original cost.
Sales charge for Class A Shares: 5.75%. Class B Shares CDSC: 5% for the
one-year period, 2% for the five-year period and 0% for the period since
inception. Class C Shares CDSC: 1% for the one-year period, 0% thereafter.
The Fund commenced operations on 8/12/99. Class B and C Shares were introduced
on 8/12/99 and 8/13/99, respectively. Prior performance is based upon the Chase
Core Equity Fund, and has been adjusted to reflect historical expenses (absent
waivers and reimbursements) at the Fund's inception and reflects the maximum
5.75% sales charge for Class A Shares. The Fund is currently waiving fees. The
waiver may be terminated, which would reduce performance.
Chart illustrates comparative performance of $10,000 (Class A), assumes
reinvestment of all distributions and includes a 5.75% sales charge. Performance
of the indices does not include sales charges, but includes reinvestment of all
distributions. The S&P 500 Index is a broad-based index that replicates the U.S.
stock market. The Lipper Large Cap Core Index consists of funds that invest in
both growth and value stocks. Investors cannot invest directly in an index.
4
<PAGE>
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CHASE VISTA EQUITY GROWTH FUND
As of April 30, 2000 (Unaudited)
--------------------------------------------------------------------------------
How the Fund Performed
Chase Vista Equity Growth Fund, which focuses on strong earnings momentum and
profitability within the universe of growth-oriented stocks, rose 15.76% (Class
A Shares, without sales charge) in the six months ended April 30, 2000. The Fund
outpaced its benchmark, the S&P 500/BARRA Growth Index, which increased 10.88%
during the period.
How the Fund Was Managed
Technology stocks drove performance in a period when Wall Street focused on
exciting prospects for the New Economy. These stocks posted huge gains in the
closing months of 1999, and continued to rise at a more muted pace in the first
quarter of 2000.
The Fund was invested in many of the blue-chip stocks that make the 'plumbing'
for the digital economy. Cisco Systems, the network equipment giant, had an
exceptionally strong run in the period, and became the stock with the largest
market capitalization in the S&P 500. EMC Corp., the data storage group, was
another strong performer.
Semiconductor stock prices raced higher, buoyed by burgeoning demand for
semiconductor chips. Rapid growth in the Internet, mobile communications and new
consumer electronics products is creating unparalleled demand for chips. This
led to gains for holdings like Applied Materials, and KLA-Tencor, a company that
provides yield management solutions for the semiconductor industry.
Healthcare--particularly biotechnology--was the second biggest driver of
performance. Amgen and Biogen, two biotechnology holdings, registered robust
gains. Biotechnology companies are making many of the current advances in
medical science.
The Fund's financial stocks also performed well. Brokers Merrill Lynch and
Morgan Stanley Dean Witter moved higher, as did Charles Schwab.
Following the extraordinary rises in large-cap technology stocks, the Fund made
some investments in mid-cap equities. Many of these equities offer compelling
earnings growth, yet trade at reasonable valuations. Technical analysis also
indicates growing price momentum in this area of the market.
Holdings in mid-cap stocks, and non-technology sectors, helped the Fund limit
losses in April when many leading technology shares fell sharply.
Where the Fund May Be Headed
Above trend economic growth, with further rate rises, will dampen prospects for
equities in the immediate future, but we remain optimistic about prospects for
later in the year. The adviser believes that technology stocks will be strong
over the long-term.
5
<PAGE>
CHASE VISTA EQUITY GROWTH FUND
As of April 30, 2000 (Unaudited)
Percentage of Total Portfolio Investments
[Begin Pie Chart]
<TABLE>
<S> <C>
Technology (47.6%)
Consumer Cyclicals (16.1%)
Health Care (12.3%)
Cash Equivalents & Short Term Paper (8.1%)
Capital Goods (6.0%)
Financial (4.7%)
Utilities (3.2%)
Consumer Staples (2.0%)
</TABLE>
[End Pie Chart]
Top Ten Equity Holdings of the Portfolio
1. Cisco Systems, Inc. (5.8%) Supplies data networking products to the
corporate enterprise and public wide area service provider markets. Products
include routers, LAN switches, frame relay/ATM and remote access concentrators.
2. Intel Corp. (5.6%) Designs, manufactures and sells computer components and
related products. Major products include microprocessors, chipsets, embedded
processors and microcontrollers, flash memory products, graphics products,
network and communications products, system management software, conferencing
products and digital imaging products.
3. General Electric Co. (5.2%) Develops, manufactures and markets products for
the generation, distribution and utilization of electricity. Through General
Electric Capital Services, Inc., offers a variety of financial services
including mutual fund management, financing, asset management and insurance.
General Electric also owns the National Broadcasting Company.
4. Applied Materials, Inc. (4.9%) Develops, manufactures, markets and services
semiconductor wafer fabrication equipment and related spare parts for the
worldwide semiconductor industry.
5. EMC Corp. (4.4%) Provides enterprise storage systems, software, networks and
services. The Company's products store, retrieve, manage, protect and share
information from all major computing environments.
6. Novellus Systems, Inc. (4.3%) Manufactures, markets and services advanced
automated wafer fabrication systems for the deposition of thin films. The
Company supplies deposition systems used in the fabrication of integrated
circuits. Novellus has subsidiaries in the United Kingdom, France, Germany,
China, Japan, the Netherlands, Singapore and Taiwan.
7. Wal-Mart Stores, Inc. (3.3%) Operates discount stores and Supercenters as
well as Sam's Clubs which offer apparel, housewares, small appliances,
electronics and hardware. Wal-Mart operates in the United States, Canada,
Argentina, Brazil, Germany, Mexico and Puerto Rico, and is involved in joint
ventures in China and Korea.
8. Oracle Corp. (3.1%) Supplies software for enterprise information management.
It offers databases and relational servers, application development and
decision support tools and enterprise business applications.
9. Microsoft Corp. (3.0%) Develops, manufactures, licenses, sells and supports
software products. The Company offers operating system software, server
application software, business and consumer application software, software
development tools and Internet and intranet software. It also develops the MSN
network of Internet products and services.
10. Amgen, Inc. (2.7%) Discovers, develops, manufactures and markets human
therapeutics based on cellular and molecular biology. The Company focuses its
research on secreted protein and small molecule therapeutics, with particular
emphasis on neuroscience and cancer.
Top 10 equity holdings comprised 42.3% of the Portfolio's market value of
investments.
Portfolio holdings are subject to change at any time.
6
<PAGE>
CHASE VISTA EQUITY GROWTH FUND
As of April 30, 2000 (Unaudited)
Average Annual Total Returns
<TABLE>
<CAPTION>
1 Year 5 Years 10 Years
-------------------------------------------------------------------
<S> <C> <C> <C>
Class A Shares
Without Sales Charge 22.56% 28.03% 18.04%
With Sales Charge 15.51% 26.52% 17.35%
-------------------------------------------------------------------
Class B Shares
Without CDSC 21.96% 27.90% 17.99%
With CDSC 16.96% 27.75% 17.99%
-------------------------------------------------------------------
Class C Shares
Without CDSC 21.96% 27.90% 17.99%
With CDSC 20.96% 27.90% 17.99%
-------------------------------------------------------------------
</TABLE>
10-Year Performance (4/30/90 to 4/30/00)
[Begin Line Chart]
<TABLE>
<CAPTION>
Chase Vista Lipper Large
Equity Growth S&P 500/BARRA Cap Growth
Fund Growth Index Fund Index
<S> <C> <C> <C>
4/30/90 9,425 10,000 10,000
1991 11,108 12,234 12,042
1992 12,198 13,952 13,510
1993 12,877 14,521 14,740
1994 13,014 14,951 16,121
1995 14,394 18,076 18,071
1996 18,135 23,569 23,870
1997 22,034 30,751 28,005
1998 31,297 43,923 39,708
1999 40,401 56,815 50,339
4/30/00 49,516 67,631 62,524
</TABLE>
[End Line Chart]
Source: Lipper Analytical Services. Past performance is not indicative of
future results. Investment return and principal value will fluctuate, so that
shares, when redeemed, may be worth more or less than their original cost.
Sales charge for Class A Shares: 5.75%. Class B Shares CDSC: 5% for the
one-year period, 2% for the five-year period and 0% for the 10-year period.
Class C Shares CDSC: 1% for the one-year period, 0% thereafter.
The Fund commenced operations on 8/12/99. Class B and C Shares were introduced
on 8/13/99 and 8/20/99, respectively. Prior performance is based upon the Chase
Equity Growth Fund, and has been adjusted to reflect historical expenses (absent
waivers and reimbursements) at the Fund's inception and reflects the maximum
5.75% sales charge for Class A shares. The Fund is currently waiving fees. The
waiver may be terminated, which would reduce performance.
Chart illustrates comparative performance of $10,000 (Class A), assumes
reinvestment of all distributions and includes a 5.75% sales charge. Performance
of the indices does not include sales charges, but includes reinvestment of all
distributions. The S&P 500/BARRA Growth Index contains companies with higher
price-to-book ratios relative to the S&P 500. The Lipper Large Cap Growth Fund
Index consists of funds that invest in large-cap growth stocks. Investors cannot
invest directly in an index.
7
<PAGE>
--------------------------------------------------------------------------------
CHASE VISTA GROWTH AND INCOME FUND
As of April 30, 2000 (Unaudited)
--------------------------------------------------------------------------------
How the Fund Performed
Chase Vista Growth and Income Fund, which seeks total return from a combination
of capital growth and current income, rose 7.42% (Class A Shares, without sales
charge) in the six months ended April 30, 2000. The Fund edged past its
benchmark, the S&P 500/BARRA Value Index, which increased 2.70%.
How the Fund Was Managed
In a tale of two markets, technology stocks drove the Fund's gains, while the
rest of the portfolio made a marginally negative contribution. Technology names
rocketed in the final months of 1999, as New Economy enthusiasm took hold. The
technology rally continued into the first few months of 2000, only to falter in
the March/April Nasdaq sell-off.
The Fund's technology weighting is limited by its conservative objectives, which
means it can only invest in companies with positive cash flow that pay
reasonable dividends. Even so, its few technology stocks generated significant
performance. Teradyne alone generated more than 1% of performance. The company
is the world's largest supplier of automatic test equipment to the electronics
and telecommunications industries. Altera, which makes programmable logic
devices, registered a similar performance, as did Nortel Network.
Stocks involved in the semiconductor industry generated much of the performance.
Growth in electronic communications--whether wireless or high speed
broadband--is leading to burgeoning demand for semiconductors. The number of
wireless phones worldwide has expanded dramatically in recent years, while there
has also been a tremendous build-out of the fixed-wire communications network.
Among the leading semiconductor names were: Texas Instruments, KLA-Tencor and
General Instrument.
Elsewhere, performance was mixed. Consumer-staples stocks made money, with
strong contributions from Walt Disney and CBS. In utilities, Enron rallied. The
company has a well-managed global power business, but also has a developing
operation in trading broadband telecommunications capacity. It is perceived to
be extremely well managed.
One of the worst performing sectors was basic materials. Companies like DuPont
and International Paper Company fell sharply. Communications Services also had a
bad half-year, as Worldcom, Global Crossing and Sprint lost ground.
Where the Fund May Be Headed
The market tested the limits of divergence between valuations of technology
stocks and other sectors in early 2000. From here, the performance of the Old
Economy stocks that comprise most of the Fund should be strong by comparison. In
spite of rising interest rates, the economy is in robust health, which should
lead to positive earnings surprises and boost share prices.
8
<PAGE>
CHASE VISTA GROWTH AND INCOME FUND
As of April 30, 2000 (Unaudited)
Percentage of Total Portfolio Investments
[Begin Pie Chart]
<TABLE>
<S> <C>
Financial (27.4%)
Technology (15.2%)
Utilities (15.0%)
Consumer Cyclicals (13.3%)
Energy (11.3%)
Health Care (5.5%)
Basic Materials (4.9%)
Capital Goods (3.5%)
Cash Equivalents & Short Term Paper (2.6%)
Consumer Staples (1.3%)
</TABLE>
[End Pie Chart]
Top Ten Equity Holdings of the Portfolio
1. Citigroup, Inc. (5.0%) A diversified financial services holding company that
provides investment banking, retail brokerage, corporate banking and cash
management products and services around the world.
2. American International Group, Inc. (4.5%) Writes property and casualty
insurance and life insurance, and provides a variety of insurance and
insurance-related services through its subsidiaries in the U.S. and overseas.
3. ExxonMobil Corp. (4.2%) Operates petroleum and petrochemicals business on a
worldwide basis. The company's operations include exploration and production of
oil and gas, electric power generation and coal and minerals operations. It
also manufactures and markets fuels, lubes and chemicals.
4. Morgan Stanley Dean Witter & Co. (3.5%) Provides financial and investment
products and services worldwide. It offers securities investment, asset
management and credit and transaction services. Its products include mutual
funds and Discover credit cards.
5. Texas Instruments, Inc. (3.0%) Provides semiconductor products as well as
designs and supplies digital signal processing and analog technologies.
6. American Express Co. (2.7%) Through its subsidiaries, the Company provides
travel-related financial advisory and international banking services around the
world. Its products include the American Express Card, the Optima Card and
American Express Travelers Cheques.
7. Royal Dutch Petroleum Co. (2.6%) Involved in all phases of the petroleum and
petrochemicals industries from exploration to final processing, delivery and
marketing.
8. Wells Fargo Co. (2.4%) A diversified financial services company providing
banking, insurance, investments, mortgage and consumer finance. The Company
operates through physical stores, the Internet and other distribution channels
across North America and elsewhere internationally.
9. Motorola, Inc. (2.3%) Provides integrated communications solutions and
embedded electronic solutions. It offers software-enhanced wireless telephones,
two-way radios, messaging and satellite communications products and systems, as
well as networking and Internet-access products.
10. BellSouth Corp. (2.3%) Through its wholly-owned BellSouth
Telecommunications, Inc. and BellSouth Enterprises, Inc. subsidiaries, it
provides telecommunications services, systems and products.
Top 10 equity holdings comprised 32.5% of the Portfolio's market value of
investments.
Portfolio holdings are subject to change at any time.
9
<PAGE>
CHASE VISTA GROWTH AND INCOME FUND
As of April 30, 2000 (Unaudited)
Average Annual Total Returns
<TABLE>
<CAPTION>
1 Year 5 Years 10 Years
------------------------------------------------------------------
<S> <C> <C> <C>
Class A Shares
Without Sales Charge 4.32% 17.77% 17.09%
With Sales Charge -1.68% 16.39% 16.39%
------------------------------------------------------------------
Class B Shares
Without CDSC 3.83% 17.19% 16.70%
With CDSC -0.62% 16.98% 16.70%
------------------------------------------------------------------
Class C Shares
Without CDSC 3.78% 16.79% 16.50%
With CDSC 2.89% 16.79% 16.50%
------------------------------------------------------------------
Class I Shares 4.75% 18.17% 17.28%
------------------------------------------------------------------
</TABLE>
10-Year Performance (4/30/90 to 4/30/00)
[Begin Line Chart]
<TABLE>
<CAPTION>
Chase Vista Lipper Multi-Cap
Growth and Income S&P 500/BARRA Value Funds
Fund Value Index Average
<S> <C> <C> <C>
4/30/90 9,425 10,000 10,000
1991 12,258 12,234 11,395
1992 15,474 13,952 13,102
1993 17,724 14,521 14,623
1994 18,493 14,951 15,801
1995 20,143 18,077 17,738
1996 25,324 23,569 22,725
1997 29,501 30,750 26,596
1998 40,703 43,970 35,893
1999 43,746 56,877 37,764
4/30/00 45,635 58,994 38,300
</TABLE>
[End Line Chart]
Source: Lipper Analytical Services. Past performance is not indicative of
future results. Investment return and principal value will fluctuate so that
shares, when redeemed, may be worth more or less than their original cost.
Sales charge for Class A Shares: 5.75%. Class B Shares CDSC: 5% for the
one-year period, 2% for the five-year period and 0% for the 10-year period.
Class C Shares CDSC: 1% for the one-year period, 0% thereafter.
The Fund commenced operations on 9/23/87. Class B, C and I Shares were
introduced on 11/4/93, 1/2/98 and 1/25/96, respectively. Performance is based on
historical expenses of the predecessor Class A Shares, which are lower than the
expenses for Class B and C Shares and higher than Class I Shares.
Chart illustrates comparative performance of $10,000 (Class A), assumes
reinvestment of all distributions and includes a 5.75% sales charge. Performance
of the unmanaged average and indices does not include sales charges, but
includes reinvestment of all distributions. The S&P 500/BARRA Value Index
contains large U.S. companies with low price-to-book ratios relative to the S&P
500. The Lipper Multi-Cap Value Funds Average consists of funds with a variety
of market capitalizations. Investors cannot invest directly in an index.
10
<PAGE>
--------------------------------------------------------------------------------
CHASE VISTA CAPITAL GROWTH FUND
As of April 30, 2000 (Unaudited)
--------------------------------------------------------------------------------
How the Fund Performed
Chase Vista Capital Growth Fund, which seeks capital gains from a portfolio of
mid-cap stocks, rose 19.14% (Class A Shares, without sales charge) in the six
months ended April 30, 2000. It lagged its benchmark, the S&P 400 Mid Cap Index,
which increased 21.26%.
How the Fund Was Managed
Although mid-cap equities started 2000 on a solid note, their run came to a halt
by the end of the first quarter, compromising earlier gains.
Among the Fund's strengths, however, were semiconductor manufacturer stocks
Atmel and Vitesse Semiconductor. KLA-Tencor, a company that provides yield
management solutions for the semiconductor industry, also performed well.
Energy stocks also contributed to portfolio returns, as both natural gas and oil
prices rose. The Fund owned energy service companies like Cooper Cameron, BJ
Services and Global Marine. It also owned two exploration and production stocks,
Anadarko Petroleum and Union Pacific Resources. The early April announcement
that these two companies would merge was extremely well received by the market,
and gave their aggregate price a further boost.
Other areas of winning performance were drugs and biotechnology. The stocks of
companies with solid earnings growth prospects, and/or promising drug pipelines
rose swiftly during the period. Biotechnology stocks did particularly well, as
the equity market rewarded companies for taking high levels of risk that might
lead to considerable earnings expansion. The Fund held stocks like Biovail,
Chiron, Forest Laboratories and MedImmune.
The Fund's exposure to gaming stocks was cut in the early months of the period.
Such foresight proved valuable as these stocks had a poor six months.
Where the Fund May Be Headed
The Fund is well-positioned in a broad spectrum of mid-cap stocks with rising
earnings expectations and strong fundamentals. As a mid-cap Fund, it should also
prove fairly resilient to any further volatility in the Nasdaq. In summary, the
Fund should benefit from the attractive characteristics of its holdings in the
long-term, and is likely to withstand any short-term market instability.
11
<PAGE>
CHASE VISTA CAPITAL GROWTH FUND
As of April 30, 2000 (Unaudited)
Percentage of Total Portfolio Investments
[Begin Pie Chart]
<TABLE>
<S> <C>
Technology (28.1%)
Consumer Cyclicals (17.9%)
Energy (12.4%)
Financial (10.6%)
Health Care (9.7%)
Cash Equivalents & Short Term Paper (6.4%)
Utilities (5.4%)
Basic Materials (4.4%)
Capital Goods (3.6%)
Transportation (0.9%)
Real Estate (0.6%)
</TABLE>
[End Pie Chart]
Top Ten Equity Holdings of the Portfolio
1. Cooper Cameron Corp. (2.9%)
Manufactures oil and gas pressure control equipment, including valves,
wellheads, chokes, blowout preventers and assembled systems, used for oil and
gas drilling.
2. Vishay Intertechnology, Inc. (2.6%)
Manufactures a broad line of discrete passive electronic components and discrete
active electronic components, particularly resistors, capacitors, inductors,
diodes and transistors.
3. Altera Corp. (2.3%) Supplies data networking products to the corporate
enterprise and public wide area service provider markets. Products include
routers, LAN switches, frame relay/ATM and remote access concentrators.
4. Microchip Technology, Inc. (2.1%)
Designs, manufactures and markets 8-bit microcontrollers and related memory
products for high-volume embedded control applications. The Company serves the
consumer, automotive, communication, office automation and industrial markets.
5. Atmel Corp. (2.1%) Designs, develops, manufactures and markets various non-
volatile memory and logic intergrated circuits using proprietary technology. The
Company's devices are used in products for telecommunications, computers,
networking, image processing, industrial and military applications and avionics.
6. Forest Laboratories, Inc. Class A (2.0%)
Develops, manufactures and sells both branded and generic forms of ethical
products which require a physician's prescription. It also makes
non-prescription pharmaceutical products sold over the counter, which are used
for the treatment of a wide range of illnesses.
7. Anadarko Petroleum Corp. (1.9%)
An independent oil and gas exploration and production company. It explores for
oil in Kansas, Oklahoma and Texas, as well as offshore in the Gulf of Mexico and
in Alaska. It also owns and operates gas gathering systems in its U.S. core
producing areas.
8. BJ's Wholesale Club, Inc. (1.8%)Is a merchandise wholesale club chain. The
Company sells brand name food and general merchandise at discounted prices
through clubs in the eastern U.S.
9. Union Pacific Resources Group (1.7%)
Explores for and produces natural gas, natural gas liquids and crude oil in
several major producing basins in the U.S., Canada, Guatemala, Venezuela and
other international areas. It also gathers, processes, transports and markets
natural gas and natural gas liquids and has royalty interests in several coal
and trona mines.
10. Health Management Associates, Inc. Class A (1.7%) Operates general acute
care hospitals in rural communities located primarily in the southeastern and
southwestern U.S. The Company operates 32 facilities in 11 states which offer a
wide range of medical and surgical services.
Top 10 equity holdings comprised 21.1% of the Portfolio's market value of
investments.
Portfolio holdings are subject to change at any time.
12
<PAGE>
CHASE VISTA CAPITAL GROWTH FUND
As of April 30, 2000 (Unaudited)
Average Annual Total Returns
<TABLE>
<CAPTION>
1 Year 5 Years 10 Years
--------------------------------------------------------------------
<S> <C> <C> <C>
Class A Shares
Without Sales Charge 22.14% 17.43% 18.31%
With Sales Charge 15.11% 16.05% 17.61%
--------------------------------------------------------------------
Class B Shares
Without CDSC 21.50% 16.85% 17.93%
With CDSC 16.50% 16.63% 17.93%
--------------------------------------------------------------------
Class C Shares
Without CDSC 21.54% 16.68% 17.84%
With CDSC 20.54% 16.68% 17.84%
--------------------------------------------------------------------
Class I Shares 22.57% 17.81% 18.50%
--------------------------------------------------------------------
</TABLE>
10-Year Performance (4/30/90 to 4/30/00)
[Begin Line Chart]
<TABLE>
<CAPTION>
Chase Vista Lipper Mid-Cap
Capital Growth S&P 400 Value Funds
Fund MidCap Index Average
<S> <C> <C> <C>
4/30/90 9,425 10,000 10,000
1991 11,149 12,526 11,215
1992 15,638 15,036 13,216
1993 18,463 17,216 15,025
1994 21,148 18,904 16,625
1995 22,675 20,755 18,281
1996 28,152 26,941 23,312
1997 31,296 29,669 25,639
1998 45,100 43,887 36,079
1999 41,466 46,710 33,206
4/30/00 50,619 57,698 36,239
</TABLE>
[End Line Chart]
Source: Lipper Analytical Services. Past performance is not indicative of
future results. Investment return and principal value will fluctuate so that
shares, when redeemed, may be worth more or less than their original cost.
Sales charge for Class A Shares: 5.75%. Class B Shares CDSC: 5% for the
one-year period, 2% for the five-year period and 0% for the 10-year period.
Class C Shares CDSC: 1% for the one-year period, 0% thereafter.
The Fund commenced operations on 9/23/87. Class B, C and I Shares were
introduced on 11/4/93, 1/2/98 and 1/25/96, respectively. Performance is based on
historical expenses of the predecessor Class A Shares, which are lower than the
expenses for Class B and C Shares and higher than Class I Shares. The Fund is
currently waiving fees. The waiver may be terminated, which would reduce
performance.
Chart illustrates comparative performance of $10,000 (Class A), assumes
reinvestment of all distributions and includes a 5.75% sales charge. Performance
of the unmanaged average and indices does not include sales charges, but
includes reinvestment of all distributions. The S&P 400 MidCap Index consists of
400 domestic stocks chosen for market size, liquidity and industry group
representation. The Lipper Mid-Cap Value Funds Average consists of mid-cap value
funds. Investors cannot invest directly in an index.
13
<PAGE>
--------------------------------------------------------------------------------
CHASE VISTA LARGE CAP EQUITY FUND
As of April 30, 2000 (Unaudited)
--------------------------------------------------------------------------------
How the Fund Performed
Chase Vista Large Cap Equity Fund, which invests in a diversified universe of
large-cap U.S. value stocks, climbed 10.70% (Class A Shares, without sales
charge) in the six months ended April 30, 2000. It outperformed its benchmark,
the S&P 500 Index, which rose 7.18%.
How the Fund Was Managed
In a widely divergent market, technology stocks drove the Fund's gains, while
the rest of the portfolio made a net negative contribution. Technology names
rocketed in the final months of 1999, as New Economy enthusiasm took hold. The
rally continued into January/February 2000, only to falter in the March/April
Nasdaq sell-off.
The Fund's technology weighting is limited by its "value" style. Even so, some
of its technology holdings garnered significant performance. Altera, which makes
programmable logic devices, generated more than 1% of portfolio performance.
Cisco Systems, the networks giant, was another strong performer. Indeed, the
stock rose so far that it became Wall Street's most valuable company.
Stocks involved in the semiconductor industry generated much of the performance.
Growth in electronic communications--whether wireless or high- speed
broadband--is leading to burgeoning demand for semiconductors. The number of
wireless phones worldwide has expanded dramatically in recent years, while there
has also been a tremendous build-out of the fixed-wire communications network.
Among leading semiconductor holdings were Applied Materials, General Instrument
and Intel.
Elsewhere, performance was mixed. Consumer staples made a positive contribution.
AT&T Liberty Media and CBS registered strong performances. Similarly, there were
positive moves in the energy sector. ExxonMobil Corp. and Schlumberger, within
the energy services group, were boosted by rising energy prices.
Financials experienced divergent price movements. Stocks like Morgan Stanley
Dean Witter, Citgroup and AIG moved higher. These companies are all perceived to
have reasonable earnings growth prospects as they are involved in financial
market businesses, like brokerage, investment banking and so on. By contrast,
retail banks had a poor period. Their businesses are becoming increasingly
commoditized.
Where the Fund May Be Headed
The market tested the limits of divergence between valuations of technology
stocks and other sectors in early 2000. From here, the performance of the Old
Economy stocks that comprise most of the Fund should be strong by comparison. In
spite of rising interest rates, the economy is in robust health, which should
lead to positive earnings surprises and boost share prices.
14
<PAGE>
CHASE VISTA LARGE CAP EQUITY FUND
As of April 30, 2000, (Unaudited)
Percentage of Total Portfolio Investments
[Begin Pie Chart]
<TABLE>
<S> <C>
Technology (24.8%)
Financial (16.6%)
Consumer Cyclicals (15.7%)
Utilities (10.4%)
Energy (10.3%)
Health Care (8.3%)
Capital Goods (6.8%)
Basic Materials (3.4%)
Consumer Staples (2.8%)
Cash Equivalents & Short Term Paper (0.9%)
</TABLE>
[End Pie Chart]
Top Ten Equity Holdings of the Portfolio
1. General Electric Co. (4.9%) Develops, manufactures and markets products for
the generation, distribution and utilization of electricity. Through General
Electric Capital Services, Inc., offers a variety of financial services
including mutual fund management, financing, asset management and insurance.
General Electric also owns the National Broadcasting Company.
2. ExxonMobil Corp. (4.0%) Operates petroleum and petrochemicals business on a
worldwide basis. The company's operations include exploration and production of
oil and gas, electric power generation and coal and minerals operations. It
also manufactures and markets fuels, lubes and chemicals.
3. Citigroup, Inc. (3.7%) A diversified financial services holding company that
provides investment banking, retail brokerage, corporate banking and cash
management products and services around the world.
4. American International Group, Inc. (3.6%) Writes property and casualty
insurance and life insurance, and provides a variety of insurance and
insurance-related services through its subsidiaries in the U.S. and overseas.
5. Applied Materials, Inc. (3.6%)
Develops, manufactures, markets and services semiconductor wafer fabrication
equipment and related spare parts for the worldwide semiconductor industry.
6. Texas Instruments, Inc. (3.4%) Provides semiconductor products as well as
designs and supplies digital signal processing and analog technologies.
7. Oracle Corp. (2.9%) Supplies software for enterprise information management.
It offers databases and relational servers, application development and
decision support tools and enterprise business applications.
8. Pharmacia Corp. (2.7%) A global life sciences company that applies
biological sciences to an integrated system of agriculture, food and human
health. The Company manufactures and sells pharmaceuticals, agricultural
products and food ingredients.
9. Royal Dutch Petroleum Co. (2.6%)
Involved in all phases of the petroleum and petrochemicals industries from
exploration to final processing, delivery and marketing.
10. Motorola, Inc. (2.6%) Provides integrated communications solutions and
embedded electronic solutions. It offers software-enhanced wireless telephones,
two-way radios, messaging and satellite communications products and systems, as
well as networking and Internet-access products.
Top 10 equity holdings comprised 34.0% of the Portfolio's market value of
investments.
Portfolio holdings are subject to change at any time.
15
<PAGE>
CHASE VISTA LARGE CAP EQUITY FUND
As of April 30, 2000, (Unaudited)
Average Annual Total Returns
<TABLE>
<CAPTION>
Since
Inception
1 Year 5 Years (11/30/90)
-----------------------------------------------------------------------
<S> <C> <C> <C>
Class A Shares
Without Sales Charge 6.93% 21.86% 17.57%
With Sales Charge 0.77% 20.43% 16.83%
-----------------------------------------------------------------------
Class B Shares
Without CDSC 6.49% 21.45% 17.36%
With CDSC 1.52% 21.27% 17.36%
-----------------------------------------------------------------------
Class C Shares
Without CDSC 6.48% 21.38% 17.32%
With CDSC 5.48% 21.38% 17.32%
-----------------------------------------------------------------------
Class I Shares 7.45% 22.41% 17.86%
-----------------------------------------------------------------------
</TABLE>
Life of Fund Performance (11/30/90 to 4/30/00)
[Begin Line Chart]
<TABLE>
<CAPTION>
Chase Vista Lipper Large-Cap
Large Cap S&P 500 Value Funds
Equity Fund Index Average
<S> <C> <C> <C>
1/90 10,000 10,000 10,000
14/91 11,655 11,796 11,860
1992 13,177 13,447 13,525
1993 14,211 14,688 14,852
1994 15,113 15,470 15,750
1995 17,078 18,165 17,896
1996 22,091 23,645 22,864
1997 26,862 29,581 27,564
1998 37,659 41,724 37,356
1999 43,710 50,825 42,782
4/30/00 46,954 55,969 43,520
</TABLE>
[End Line Chart]
Source: Lipper Analytical Services. Past performance is not indicative of
future results. Investment return and principal value will fluctuate so that
shares, when redeemed, may be worth more or less than their original cost.
Sales charge for Class A Shares: 5.75%. Class B Shares CDSC: 5% for the
one-year period, 2% for the five-year period and 0% for the period since
inception. Class C Shares CDSC: 1% for the one-year period, 0% thereafter.
The Fund commenced operations on 11/30/90. Class A, B and C Shares were
introduced on 5/8/96, 5/7/96 and 11/11/98, respectively. Performance is based on
historical expenses of the predecessor Class I Shares, which are lower than the
expenses for Class A, B and C Shares. The Fund is currently waiving fees. The
waiver may be terminated, which would reduce performance.
Chart illustrates comparative performance of $10,000 (Class I), assumes
reinvestment of all distributions and does not include a sales charge.
Performance of the unmanaged average and indices does not include sales charges,
but includes reinvestment of all distributions. The S&P 500 Index is a
broad-based index that replicates the U.S. stock market. The Lipper Large Cap
Value Funds Average consists of large-cap value funds. Investors cannot invest
directly in an index.
16
<PAGE>
--------------------------------------------------------------------------------
CHASE VISTA FOCUS FUND
As of April 30, 2000 (Unaudited)
--------------------------------------------------------------------------------
How the Fund Performed
Chase Vista Focus Fund, which invests in about 25 of the advisers' best ideas,
rose 15.26% (Class A Shares, without sales charge) in the six months ended April
30, 2000. It outpaced its benchmark, the S&P 500 Index, which increased 7.18%.
How the Fund Was Managed
Many of the Fund's holdings were in the technology sector, where some of the
most exciting growth stocks are to be found. These stocks drove performance in
an extremely strong half-year. As the equity market focused on which companies
would prosper from the New Economy, so many of the large technology companies
showed strong gains.
The Fund's technology holdings have shown a consistent ability to meet market
expectations for revenue and earnings growth. Among them are networks giant
Cisco Systems, which became the largest stock in the S&P 500 in the period, and
EMC Corp., the data storage company.
Semiconductor stocks recorded strong gains as a result of burgeoning demand.
Rapid growth in the Internet, mobile communications and new consumer electronics
products is creating unprecedented demand for chips. Altera and Applied
Materials were two semiconductor holdings that benefited.
In the healthcare sector, the Fund concentrated on biotechnology stocks.
Biotechnology companies are making many of the current advances in medical
science. Names like Amgen, Biogen and Immunex contributed to performance. Drug
company Bristol-Myers Squibb was sold.
In financials, brokers like Morgan Stanley Dean Witter, Merrill Lynch, and
Charles Schwab all performed well as a result of strong earnings prospects. The
Fund sold out of Citigroup and Bank of America, which are thought to have less
buoyant earnings prospects.
Following the strong run in technology, the Fund invested in some mid-cap
names. These included Symantec Corp., which makes virus protection software,
and semiconductor company ST Assembly Test Services.
The Fund's gains were chiefly recorded in the bumper fourth quarter of 1999,
when technology stocks posted significant advances. But they continued in a more
subdued fashion into the first quarter of 2000. Some of the leading technology
stocks' gains were given back during the March/ April Nasdaq correction.
Where the Fund May Be Headed
Above trend economic growth, with further rate rises, will dampen prospects for
equities in the immediate future, but we remain optimistic about prospects for
later in the year. The adviser believes that technology stocks will be strong
over the long term.
17
<PAGE>
CHASE VISTA FOCUS FUND
As of April 30, 2000 (Unaudited)
Percentage of Total Portfolio Investments
[Begin Pie Chart]
<TABLE>
<S> <C>
Technology (50.3%)
Consumer Cyclicals (16.3%)
Financial (12.3%)
Cash Equivalents & Short Term Paper (8.5%)
Health Care (7.9%)
Capital Goods (2.5%)
Utilities (2.2%)
</TABLE>
[End Pie Chart]
Top Ten Equity Holdings of the Portfolio
1. EMC Corp. (6.5%) Provides enterprise storage systems, software, networks and
services. The Company's products store, retrieve, manage, protect and share
information from all major computing environments.
2. The Walt Disney Co. (5.9%) An entertainment company which conducts
operations in media networks, studio entertainment, theme parks and resorts,
consumer products and Internet and direct marketing. It produces motion
pictures, television programs and musical recordings, as well as publishing
books and magazines. It also operates ABC radio and television.
3. Applied Materials, Inc. (5.8%) Develops, manufactures, markets and services
semiconductor wafer fabrication equipment and related spare parts for the
worldwide semiconductor industry.
4. Morgan Stanley Dean Witter & Co. (5.3%) Provides financial and investment
products and services worldwide. It offers securities investment, asset
management and credit and transaction services. Its products include mutual
funds and Discover credit cards.
5. Cisco Systems, Inc. (5.0%) Supplies data networking products to the
corporate enterprise and public wide area service provider markets. Products
include routers, LAN switches, frame relay/ATM and remote access concentrators.
6. Altera Corp. (4.9%) Designs, manufactures and markets programmable logic
devices and associated development tools. Programmable logic devices are
semiconductor integrated circuits that offer on-site programmability to
customers.
7. Trimble Navigation LTD (4.7%)
Designs, manufactures and markets electronic products, enabled by Global
Positioning System technology, that determine precise geographic location. The
Company's products are integrated systems for collecting, analyzing and
displaying position data in forms optimized for specific end-user applications.
8. Intel Corp. (4.7%) Designs, manufactures and sells computer components and
related products. Major products include microprocessors, chipsets, embedded
processors and microcontrollers, flash memory products, graphics products,
network and communications products, system management software, conferencing
products and digital imaging products.
9. ST Assembly Test Services LTS (4.1%)
Provides semiconductor test and assembly services. It assembles leaded and
laminated packages and provides related services such as package design and
leadframe and substrate designs.
10. Merrill Lynch & Co., Inc. (4.0%)
Provides a variety of financial and investment services through offices around
the world. It serves the needs of both individual and institutional clients with
a diverse range of financial services including personal financial planning,
trading and brokering, banking and lending and insurance. Top 10 equity holdings
comprised 50.9% of the Portfolio's market value of investments. Portfolio
holdings are subject to change at any time.
18
<PAGE>
CHASE VISTA FOCUS FUND
As of April 30, 2000 (Unaudited)
Average Annual Total Returns
<TABLE>
<CAPTION>
Since
Inception
1 Year (6/30/98)
-------------------------------------------------------
<S> <C> <C>
Class A Shares
Without Sales Charge 8.21% 7.10%
With Sales Charge 1.98% 3.70%
-------------------------------------------------------
Class B Shares
Without CDSC 7.57% 6.48%
With CDSC 2.57% 4.39%
-------------------------------------------------------
Class C Shares
Without CDSC 7.58% 6.43%
With CDSC 6.58% 6.43%
-------------------------------------------------------
Class I Shares 8.49% 7.34%
-------------------------------------------------------
</TABLE>
Life of Fund Performance (6/30/98 to 4/30/00)
[Begin Line Chart]
<TABLE>
<CAPTION>
Chase Vista S&P 500 Lipper Large-Cap
Focus Fund Index Core Funds Average
<S> <C> <C> <C>
6/98 9,425 10,000 10,000
4/99 9,875 11,910 11,618
4/30/00 10,688 13,116 13,244
</TABLE>
[End Line Chart]
Source: Lipper Analytical Services. Past performance is not indicative of
future results. Investment return and principal value will fluctuate so that
shares, when redeemed, may be worth more or less than their original cost.
Sales charge for Class A Shares: 5.75%. Class B Shares CDSC: 5% for the
one-year period, 4% for the period since inception. Class C Shares CDSC: 1% for
the one-year period, 0% thereafter.
The Fund commenced operations on 6/30/98. All Share Classes were introduced on
6/30/98.
The Fund is currently waiving fees. The waiver may be terminated, which would
reduce performance.
Chart illustrates comparative performance of $10,000 (Class A), assumes
reinvestment of all distributions and includes a 5.75% sales charge. Performance
of the unmanaged average and indices does not include sales charges, but
includes reinvestment of all distributions. The S&P 500 Index is a broad-based
index that replicates the U.S. stock market. The Lipper Large Cap Core Funds
Average consists of funds that invest in both growth and value stocks. Investors
cannot invest directly in an index.
19
<PAGE>
--------------------------------------------------------------------------------
CHASE VISTA EQUITY INCOME FUND
As of April 30, 2000 (Unaudited)
--------------------------------------------------------------------------------
How the Fund Performed
Chase Vista Equity Income Fund, which invests in the income-oriented stocks of
large U.S. companies seeking capital growth and an above-average yield, rose
7.18% (Class A Shares, without sales charge) in the six months ended April 30,
2000. It remained in line with its benchmark, the S&P 500 Index, which also
increased 7.18%.
How the Fund Was Managed
In a widely divergent market, technology stocks drove the Fund's gains, while
the rest of the portfolio made a net negative contribution. Technology names
rocketed in the final months of 1999, as New Economy enthusiasm took hold. The
rally continued into January/February 2000, only to falter in the March/April
Nasdaq sell-off.
The Fund's technology weighting is limited by its "income" style. Still, some of
its technology holdings generated significant performance. Software giant Oracle
contributed more than 2% of the portfolio's performance. IBM was another strong
performer, as was Cisco Systems, which became Wall Street's most valuable
company in the period.
Stocks involved in the semiconductor industry drove much of the performance.
Growth in electronic communications--whether wireless or high- speed
broadband--is leading to burgeoning demand for semiconductors. The number of
wireless phones worldwide has expanded dramatically in recent years, while there
has also been a tremendous build-out of the fixed-wire communications network.
Among leading semiconductor holdings were Texas Instruments, Intel and Atmel.
Elsewhere, performance was mixed. Financials registered a positive performance
thanks to stocks like Morgan Stanley Dean Witter, Citigroup, Merrill Lynch and
American International Group. These companies are all perceived to have
reasonable earnings growth prospects as they are involved in financial market
businesses, like brokerage, investment banking and so on.
Capital goods also made a positive contribution. General Electric and Dover
Corp. both performed well. In utilities, Enron had a strong few months. The
company has a well-managed power business, but is also developing an operation
in trading broadband telecommunications capacity.
Where the Fund May Be Headed
The market tested the limits of divergence between valuations of technology
stocks and other sectors in early 2000. From here, the performance of the Old
Economy stocks that comprise most of the Fund should be strong by comparison. In
spite of rising interest rates, the economy is in robust health, which should
lead to positive earnings surprises and boost share prices.
20
<PAGE>
CHASE VISTA EQUITY INCOME FUND
As of April 30, 2000 (Unaudited)
Percentage of Total Portfolio Investments
[Begin Pie Chart]
<TABLE>
<S> <C>
Technology (24.6%)
Financial (15.0%)
Health Care (12.3%)
Utilities (12.3%)
Consumer Cyclicals (9.1%)
Capital Goods (6.7%)
Energy (5.9%)
Cash Equivalents & Short Term Paper (5.5%)
Consumer Staples (4.8%)
Basic Materials (2.4%)
Real Estate (1.4%)
</TABLE>
[End Pie Chart]
Top Ten Equity Holdings of the Portfolio
1. General Electric Co. (4.2%) Develops, manufactures and markets products for
the generation, distribution and utilization of electricity. Through General
Electric Capital Services, Inc., offers a variety of financial services
including mutual fund management, financing, asset management and insurance.
General Electric also owns the National Broadcasting Company.
2. Intel Corp. (3.9%) Designs, manufactures and sells computer components and
related products. Major products include microprocessors, chipsets, embedded
processors and microcontrollers, flash memory products, graphics products,
network and communications products, system management software, conferencing
products and digital imaging products.
3. Texas Instruments, Inc. (3.7%)
Provides semiconductor products as well as designs and supplies digital signal
processing and analog technologies.
4. International Business Machines Corp. (3.4%) Provides technologies, systems,
products, services, software and financing. The Company offers its products
through its global sales and distribution organization, as well as through a
variety of third party distributors and resellers.
5. Citigroup, Inc. (3.2%) A diversified financial services holding company that
provides investment banking, retail brokerage, corporate banking and cash
management products and services around the world.
6. American International Group, Inc. (3.1%) Writes property and casualty
insurance and life insurance and provides a variety of insurance and insurance-
related services through its subsidiaries in the U.S. and overseas.
7. Oracle Corp. (2.8%) Supplies software for enterprise information management.
It offers databases and relational servers, application development and
decision support tools and enterprise business applications.
8. Pfizer, Inc. (2.5%) A research-based, global pharmaceutical company that
discovers, develops, manufactures and markets medicines for humans and animals.
Its products include prescription pharmaceuticals, non-prescription medications
and animal health products.
9. Enron Corp. (2.5%) Produces electricity and natural gas, develops,
constructs, and operates energy facilities worldwide, and delivers both
physical commodities and financial and risk management services to customers.
It is also developing an intelligent network platform to facilitate online
business.
10. Morgan Stanley Dean Witter & Co. (2.5%) Provides financial and investment
products and services worldwide. It offers securities investment, asset
management and credit and transaction services. Its products include mutual
funds and Discover credit cards.
Top 10 equity holdings comprised 31.8% of the Portfolio's market value of
investments.
Portfolio holdings are subject to change at any time.
21
<PAGE>
CHASE VISTA EQUITY INCOME FUND
As of April 30, 2000 (Unaudited)
Average Annual Total Returns
<TABLE>
<CAPTION>
Since
Inception
1 Year 5 Years (7/15/93)
--------------------------------------------------------------------
<S> <C> <C> <C>
Class A Shares
Without Sales Charge 3.66% 20.16% 16.01%
With Sales Charge -2.28% 18.76% 15.01%
--------------------------------------------------------------------
Class B Shares
Without CDSC 3.13% 19.61% 15.62%
With CDSC -1.44% 19.42% 15.62%
--------------------------------------------------------------------
Class C Shares
Without CDSC 3.14% 19.63% 15.63%
With CDSC 2.23% 19.63% 15.63%
--------------------------------------------------------------------
</TABLE>
Life of Fund Performance (7/15/93 to 4/30/00)
[Begin Line Chart]
<TABLE>
<CAPTION>
Chase Vista Equity S&P 500 Lipper Equity Income
Income Fund Index Funds Average
<S> <C> <C> <C>
7/15/93 9,425 10,000 10,000
4/94 9,616 10,228 10,349
1995 10,314 12,010 11,528
1996 13,846 15,634 14,406
1997 16,994 19,558 16,932
1998 22,851 27,587 22,688
1999 24,931 33,605 24,373
4/30/00 25,845 37,006 23,337
</TABLE>
[End Line Chart]
Source: Lipper Analytical Services. Past performance is not indicative of
future results. Investment return and principal value will fluctuate so that
shares, when redeemed, may be worth more or less than their original cost.
Sales charge for Class A Shares: 5.75%. Class B Shares CDSC: 5% for the
one-year period, 2% for the five-year period and 1% for the period since
inception. Class C Shares CDSC: 1% for the one-year period, 0% thereafter.
The Fund commenced operations on 7/15/93. Class B and C Shares were introduced
on 5/7/96 and 1/8/98, respectively. Performance is based on historical expenses
of the predecessor Class A Shares, which are lower than the expenses for Class B
and C Shares.
Chart illustrates comparative performance of $10,000 (Class A), assumes
reinvestment of all distributions and includes a 5.75% sales charge. Performance
of the unmanaged average and indices does not include sales charges, but
includes reinvestment of all distributions. The S&P 500 Index is a broad-based
index that replicates the U.S. stock market. The Lipper Equity Income Funds
Average consists of funds that invest in dividend-paying equity securities.
Investors cannot invest directly in an index.
The Fund is currently waiving fees. The waiver may be terminated, which would
reduce performance.
22
<PAGE>
--------------------------------------------------------------------------------
CHASE VISTA SMALL CAP OPPORTUNITIES FUND
As of April 30, 2000 (Unaudited)
--------------------------------------------------------------------------------
How the Fund Performed
Chase Vista Small Cap Opportunities Fund, which invests in U.S. small company
growth stocks, rose 47.68% (Class A Shares, without sales charge) in the six
months ended April 30, 2000. The Fund outperformed its benchmark, the S&P
SmallCap 600/BARRA Growth Index, which increased 26.24%.
How the Fund Was Managed
Technology stocks drove the majority of gains during the closing months of 1999
and first quarter of 2000. Investors focused on the exciting prospects for
digital technology and the "new economy". They rewarded the promise of future
earnings growth with exceptional rises in stock prices. Small-cap technology
stocks performed extremely well, both as the technology sector rallied, and
because small capitalization stocks as a whole returned to favor.
Many stocks involved with the Internet and communications recorded substantial
advances. Among the Fund's top performers were companies such as Cree Research
Inc., a manufacturer of semiconductor chips, and Tibco Software, which designs
real-time e-business infrastructure software.
Companies associated with making the infrastructure for the Internet also
performed well. Metromedia Fiber Networks Services and JDS Uniphase-- both fiber
optics companies--recorded strong gains. Black Box Communications, the
networking equipment stock, was also a winning holding.
Unforeseen demand for cell phones worldwide boosted the prices of a number of
stocks. Vishay Intertechnology, which makes components for phones, showed
significant gains.
Wall Street's focus on "new economy" growth stocks also extended to
biotechnology. Celgene, which has a treatment for cancer, performed well.
Molecular Devices, although not strictly a biotechnology company, also did well.
It supplies high throughput screening equipment used by biotechnology companies
in drug development.
When many large technology and biotechnology stocks fell back in April, the Fund
remained flat. A combination of stock selection and the concentration on small
cap stocks helped it avoid the mauling experienced by many large cap technology
stocks.
Where the Fund May Be Headed
Following the strong performance of the past half year, we are cautious about
the immediate outlook for the Fund. It is up almost 50% in six months, and
technology and biotechnology companies now make up about half of the Fund. While
we believe the portfolio companies have strong prospects, they may suffer in the
short term if technology volatility continues. Further, we believe the return to
favor of small capitalization stocks will broaden, and lead to price rises
outside the technology sector.
23
<PAGE>
CHASE VISTA SMALL CAP OPPORTUNITIES FUND
As of April 30, 2000 (Unaudited)
Percentage of Total Portfolio Investments
[Begin Pie Chart]
<TABLE>
<S> <C>
Technology (42.4%)
Health Care (16.3%)
Consumer Cyclicals (14.0%)
Capital Goods (6.8%)
Energy (4.2%)
Utilities (3.7%)
Financial (3.6%)
Cash Equivalents & Short Term Paper (2.9%)
Real Estate (2.7%)
Basic Materials (2.0%)
Transportation (0.9%)
Consumer Staples (0.5%)
</TABLE>
[End Pie Chart]
Top Ten Equity Holdings of the Portfolio
1. Celgene Corp. (2.7%) Develops and commercializes human pharmaceuticals and
agrochemicals. It employs small molecule immunotherapeutic compound development
and biocatalytic chiral chemistry technology platforms.
2. Pinnacle Holdings, Inc. (2.5%) A real estate investment trust which provides
rental space to wireless communications providers, operators of private
networks and government agencies in the U.S.
3. Vishay Intertechnology, Inc. (2.4%)
Manufactures a broad line of discrete passive electronic components and discrete
active electronic components, particularly resistors, capacitors, inductors,
diodes and transistors.
4. PRI Automation, Inc. (2.2%) Supplies factory automation for semiconductor
manufacturers and original equipment suppliers. Offers integrated solutions
consisting of factory automation hardware and software that help optimize
material and data flow through semiconductor fabrication facilities.
5. King Pharmaceuticals, Inc. (2.1%)
Manufactures, markets and sells primarily branded prescription pharmaceutical
products. It markets products to general/ family practitioners and internal
medicine physicians and hospitals across the U.S. It also provides contract
manufacturing for many pharmaceutical and biotechnology companies.
6. Silicon Storage Technology, Inc. (2.0%)
Designs, manufactures and markets non-volatile memory solutions, based on
proprietary, patented SuperFlash technology for the computer, communications
and consumer markets. Product families include flash memory components, Compact
Flash card mass storage products and 8-bit microcontrollers with on-chip flash
memory.
7. Hadco Corp. (2.0%) Makes electronic interconnect products. Products include
multilayer rigid printed circuits, backplace assemblies and system assemblies.
8. Black Box Corp. (1.7%) A worldwide direct marketer and technical service
provider of computer communications and networking equipment and services.
Catalogs offer businesses throughout the world access to numerous computer
communications and networking products. It sells products primarily to
businesses under the BLACK BOX private label.
9. M-Systems Flash Disk Pioneers, LTD (1.6%) Produces flash disk data storage
devices for Internet appliances and network infrastructure equipment, providing
hard drive functionality on a silicon chip.
10. National Computer Systems, Inc. (1.6%) A global information services
company which provides software, services and systems for the collection,
management and interpretation of data. It develops and markets data collection
services and systems for the education market, as well as develops and markets
enterprise application software.
Top 10 equity holdings comprised 20.8% of the Portfolio's market value of
investments.
Portfolio holdings are subject to change at any time.
24
<PAGE>
CHASE VISTA SMALL CAP OPPORTUNITIES FUND
As of April 30, 2000 (Unaudited)
Average Annual Total Returns
<TABLE>
<CAPTION>
Since
Inception
1 Year (5/19/97)
---------------------------------------------------------
<S> <C> <C>
Class A Shares
Without Sales Charge 62.31% 33.81%
With Sales Charge 52.95% 31.15%
---------------------------------------------------------
Class B Shares
Without CDSC 61.11% 32.88%
With CDSC 56.11% 32.30%
---------------------------------------------------------
Class C Shares
Without CDSC 61.02% 32.83%
With CDSC 60.02% 32.83%
---------------------------------------------------------
Class I Shares 62.65% 33.91%
---------------------------------------------------------
</TABLE>
Life of Fund Performance (5/19/97 to 4/30/00)
[Begin Line Chart]
<TABLE>
<CAPTION>
Chase Vista Small Cap S&P SmallCap 600/BARRA Lipper Small Cap
Opportunities Fund Growth Index Growth Funds Average
<S> <C> <C> <C>
5/19/97 9,425 10,000 10,000
4/98 14,937 14,339 15,020
1999 13,706 12,611 14,298
4/30/00 22,243 17,683 19,173
</TABLE>
[End Line Chart]
Source: Lipper Analytical Services. Past performance is not indicative of
future results. Investment return and principal value will fluctuate so that
shares, when redeemed, may be worth more or less than their original cost.
Sales charge for Class A Shares: 5.75%. Class B Shares CDSC: 5% for the
one-year period and 4% for the period since inception. Class C Shares CDSC: 1%
for the one-year period and 0% for the period since inception.
The Fund commenced operations on 5/19/97. Class A and B Shares were introduced
on 5/19/97. Class C and I Shares were introduced on 1/7/98 and 4/5/99,
respectively. Performance is based on historical expenses of the predecessor
Class A Shares, which are lower than the expenses for Class B and C Shares and
higher than Class I Shares.
The Fund is currently waiving fees. The waiver may be terminated, which would
reduce performance.
Chart illustrates comparative performance of $10,000 (Class A), assumes
reinvestment of all distributions and includes a 5.75% sales charge. Performance
of the unmanaged average and indices does not include sales charges, but
includes reinvestment of all distributions. The S&P SmallCap 600/BARRA Growth
Index is a capitalization-weighted index of all the stocks in the S&P SmallCap
600 Index with high price-to-book ratios. The Lipper Small Cap Growth Funds
Average consists of funds that invest in small capitalization stocks. Small
company stocks involve more price volatility, which can lead to a higher degree
of risk. Investors cannot invest directly in an index.
25
<PAGE>
--------------------------------------------------------------------------------
CHASE VISTA SMALL CAP EQUITY FUND
As of April 30, 2000 (Unaudited)
--------------------------------------------------------------------------------
How the Fund Performed
Chase Vista Small Cap Equity Fund, which invests in small U.S. companies seeking
capital growth over the long-term, rose 30.42% (Class A Shares, without sales
charge) in the six months ended April 30, 2000. The Fund outpaced its benchmark,
the S&P SmallCap 600 Index, which rose 17.25% during the period.
How the Fund Was Managed
Technology stocks drove the majority of gains. They rose rapidly in the closing
months of 1999, and continued their climb at a more-measured pace in early 2000.
But the Fund also benefited as small-capitalization stocks returned to favor
following strong earnings growth.
Many stocks involved in the Internet and communications recorded exceptional
gains. Semiconductor stocks like Cree Research, Inc. performed well. Demand for
semiconductors is rising as the advance of technology spawns a growing number of
digital products. Rapid growth in the number of cell phones aided Vishay
Intertechnology, which makes components for these phones. Similarly, Pinnacle
Holdings, a real estate investment trust (REIT) that buys and sells cell phone
towers, performed well.
Wall Street's growth stock focus also aided biotechnology. While not strictly a
biotechnology stock, Molecular Devices, a medical devices manufacturer, made
gains. It supplies high throughput screening equipment used by biotechnology
companies in drug development.
Energy stocks improved as energy prices climbed. The Fund held two oil-services
companies, Atwood Oceanics and Pride International. These companies gain
indirectly because rising energy prices stimulate greater exploration activity.
But the return to favor of small-caps led to price rises in many areas. In
broadcasting, Westwood One showed strong gains. Investors Financial Services was
a top performer, as was CH Robinson, the worldwide logistics company. And King
Pharmaceuticals rose following FDA approval to market its heart drug to a wider
market.
Further, the Fund's broad mandate protected it from April's technology stock
correction. The Fund rose by just under 1% in the month.
Where the Fund May Be Headed
The Fund is well positioned to benefit from the increasing popularity of
small-cap stocks. Analysts forecast the small cap universe (as represented by
the S&P SmallCap 600 Index) will continue to report earnings in advance of large
caps (as represented by the S&P 500 Index) through 2000 and 2001. Price momentum
has already returned to the sector, and it is likely to continue to outperform
large caps.
Our optimism is, however, subject to one caveat. If interest rates rise by more
than currently anticipated, small cap stocks could suffer.
26
<PAGE>
CHASE VISTA SMALL CAP EQUITY FUND
As of April 30, 2000 (Unaudited)
Percentage of Total Portfolio Investments
[Begin Pie Chart]
<TABLE>
<S> <C>
Technology (32.8%)
Consumer Cyclicals (16.4%)
Health Care (15.0%)
Financial (7.3%)
Cash Equivalents & Short Term Paper (6.8%)
Capital Goods (6.5%)
Energy (6.1%)
Utilities (3.5%)
Real Estate (2.4%)
Basic Materials (1.5%)
Transportation (1.1%)
Consumer Staples (0.6%)
</TABLE>
[End Pie Chart]
Top Ten Equity Holdings of the Portfolio
1. Vishay Intertechnology, Inc. (3.0%)
Manufactures a broad line of discrete passive electronic components and discrete
active electronic components, particularly resistors, capacitors, inductors,
diodes and transistors.
2. Cree Research, Inc. (2.2%) Develops and manufactures semiconductor materials
and electronic devices made from silicon carbide (SiC). It uses proprietary
technology to make enabling compound semiconductors such as blue and green light
emitting diodes, SiC crystals used in the production of unique gemstone and SiC
wafers for device production and research.
3. Semtech Corp. (2.1%) Designs, manufactures and markets a wide range of
analog and mixed-signal semiconductors, including integrated circuits, discrete
circuits and assembly products. The Company's devices are used in computer,
communications, industrial, military-aerospace and automotive applications.
4. King Pharmaceuticals, Inc. (1.9%)
Manufactures, markets and sells primarily branded prescription pharmaceutical
products. It markets products to general/ family practitioners and internal
medicine physicians and hospitals across the U.S. It also provides contract
manufacturing for many pharmaceutical and biotechnology companies.
5. CTS Corp. (1.9%) Designs, manufactures and sells electronic components and
custom electronic assemblies. It sells its products to original equipment
manufacturers primarily in the communicationsequipment, automotive and computer
equipment markets around the world.
6. Transwitch Corp. (1.8%) Develops, designs, markets and supports integrated
digital and mixed-signal semiconductor solutions for the telecommunications and
data communications markets. Customers primarily include original equipment
manufacturers who incorporate its products into networking equipment. Products
are sold worldwide.
7. National Computer Systems, Inc. (1.7%) A global information services
company. It provides software, services and systems for the collection,
management and interpretation of data. The Company develops and markets data
collection services and systems for the education market, as well as develops
and markets enterprise application software.
8. Hadco Corp. (1.7%) Makes electronic interconnect products. Products include
multilayer rigid printed circuits, backplace assemblies and system assemblies.
9. PRI Automation, Inc. (1.7%) Supplies factory automation for semiconductor
manufacturers and original equipment suppliers. Offers integrated solutions
consisting of factory automation hardware and software that helps optimize
material and data flow through semiconductor fabrication facilities.
10. BJ's Wholesale Club, Inc. (1.7%) Is a merchandise wholesale club chain. The
Company sells brand name food and general merchandise at discounted prices
through clubs in the eastern U.S.
Top 10 equity holdings comprised 19.7% of the Portfolio's market value of
investments. Portfolio holdings are subject to change at any time.
27
<PAGE>
CHASE VISTA SMALL CAP EQUITY FUND
As of April 30, 2000 (Unaudited)
Average Annual Total Returns
<TABLE>
<CAPTION>
Since
Inception
1 Year 5 Years (12/20/94)
-----------------------------------------------------------------------
<S> <C> <C> <C>
Class A Shares
Without Sales Charge 34.74% 21.70% 24.07%
With Sales Charge 27.01% 20.26% 22.71%
-----------------------------------------------------------------------
Class B Shares
Without CDSC 33.77% 20.82% 23.22%
With CDSC 28.77% 20.63% 23.15%
-----------------------------------------------------------------------
Class I Shares 35.48% 22.11% 24.46%
-----------------------------------------------------------------------
</TABLE>
Life of Fund Performance (12/20/94 to 4/30/00)
[Begin Line Chart]
<TABLE>
Chase Vista Small Cap S&P SmallCap Lipper Small Cap
Equity Fund 600 Index Growth Funds Average
<S> <C> <C> <C>
12/20/94 9,425 10,000 10,000
4/95 11,224 10,967 10,965
1996 17,699 14,880 16,589
1997 17,526 15,440 14,741
1998 26,052 22,658 22,141
1999 22,232 19,419 21,078
4/30/00 29,960 23,399 33,882
</TABLE>
[End Line Chart]
Source: Lipper Analytical Services. Past performance is not indicative of
future results. Investment return and principal value will fluctuate so that
shares, when redeemed, may be worth more or less than their original cost.
Sales charge for Class A Shares: 5.75%. Class B Shares CDSC: 5% for the
one-year period, 2% for the five-year period and 2% for the period since
inception.
The Fund commenced operations on 12/20/94. Class B and I Shares were introduced
on 3/28/95 and 5/7/96, respectively. Performance is based on historical expenses
of the predecessor Class A Shares, which are lower than the expenses for Class B
and higher than Class I Shares.
The Fund is currently waiving fees. The waiver may be terminated, which would
reduce performance.
Chart illustrates comparative performance of $10,000 (Class A), assumes
reinvestment of all distributions and includes a 5.75% sales charge. Performance
of the unmanaged average and indices does not include sales charges, but
includes reinvestment of all distributions. The S&P SmallCap 600 Index includes
600 stocks of small U.S. companies chosen for market size, liquidity and
industry group representation. The Lipper Small Cap Growth Funds Average
consists of funds that invest in small capitalization stocks. Small company
stocks involve more price volatility, which can lead to a higher degree of risk.
Investors cannot invest directly in an index.
28
<PAGE>
--------------------------------------------------------------------------------
CHASE VISTA BALANCED FUND
As of April 30, 2000 (Unaudited)
--------------------------------------------------------------------------------
How the Fund Performed
Chase Vista Balanced Fund, which invests in a blend of large U.S. stocks and
bonds seeking relatively stable returns, rose 4.98% (Class A Shares, without
sales charge) in the six months ended April 30, 2000. It outperformed its
benchmark, the Lehman Gov't./Corp. Index, which rose 1.51%.
How the Fund Was Managed
The Fund's technology equity holdings drove performance as Wall Street focused
on the New Economy. Technology stocks posted exceptional gains in the closing
months of 1999 and continued to rise at a more muted pace in the first quarter
of 2000.
Many of the leading technology companies held by the Fund have generated
consistently strong revenue growth. They are considered among the more certain
winners from the current technology revolution. Network equipment giant Cisco
Systems, for example, was one of the leading performers. Another strong
contributor was EMC Corp., the data storage group.
Semiconductor stocks were particularly robust. Rapid growth in the Internet,
mobile communications and new consumer electronics products is creating
unprecedented demand for semiconductor chips. This led to gains for stocks like
Altera, Applied Materials, Intel and Texas Instruments.
The Fund cut its holding in Microsoft ahead of the April antitrust ruling. It
reinvested some of the proceeds in new holdings such as ADC Telecommunications,
the voicemail and data communications company. Another stock added to the
portfolio earlier in the year was Oracle, the software company.
Compared with technology, other sectors had limited impact. Utilities came a
distant second, with strong performances from AES and Enron. Both have
well-managed power businesses, but Enron also has a developing operation in
trading broadband telecommunications capacity.
Rising energy prices caused stock price appreciation among many exploration and
production companies and energy service companies. The Fund owned BJ Services,
an oil services company that benefited from the strong oil price.
Following the extraordinary rises in large-cap technology stocks, the Fund made
some investments in middle-capitalization equities. Many of these equities offer
compelling earnings growth, yet trade at reasonable valuations.
Fixed income made a positive contribution to performance, although gains were
restricted by a series of strong economic data. Inflation edged higher, and
commodity prices continued their upward trend. The Federal Reserve tightened
rates three times in the period to guard against runaway economic growth and
higher inflation.
Where the Fund May Be Headed
Above trend economic growth, with further rate rises, will dampen prospects for
fixed income and equities in the immediate future, but we remain optimistic
about prospects for later in the year.
29
<PAGE>
CHASE VISTA BALANCED FUND
As of April 30, 2000 (Unaudited)
Percentage of Total Portfolio Investments
[Begin Pie Chart]
<TABLE>
<S> <C>
Technology (23.1%)
Consumer Cyclicals (16.4%)
Financial (11.7%)
Mortgage Backed Pass-Through Securities (11.7%)
Utilities (8.6%)
Capital Goods (5.5%)
Health Care (5.4%)
U.S. Treasury Securities (4.9%)
Energy (3.7%)
U.S. Government Agency Securities (3.2%)
Cash Equivalents & Short Term Paper (2.3%)
Consumer Staples (1.5%)
Real Estate (0.8%)
Transportation (0.7%)
Basic Materials (0.5%)
</TABLE>
[End Pie Chart]
Top Ten Equity Holdings of the Portfolio
1. General Electric Co. (2.8%) Develops, manufactures and markets products for
the generation, distribution and utilization of electricity. Through General
Electric Capital Services, Inc., offers a variety of financial services
including mutual fund management, financing, asset management and insurance.
General Electric also owns the National Broadcasting Company.
2. Cisco Systems, Inc. (2.2%) Supplies data networking products to the
corporate enterprise and public wide area service provider markets. Products
include routers, LAN switches, frame relay/ATM and remote access concentrators.
3. Intel Corp. (2.2%) Designs, manufactures and sells computer components and
related products. Major products include microprocessors, chipsets, embedded
processors and microcontrollers, flash memory products, graphics products,
network and communications products, system management software, conferencing
products and digital imaging products.
4. ExxonMobil Corp. (1.9%) Operates petroleum and petrochemicals business on a
worldwide basis. The company's operations include exploration and production of
oil and gas, electric power generation and coal and minerals operations. It
also manufactures and markets fuels, lubes and chemicals.
5. Microsoft Corp. (1.8%) Develops, manufactures, licenses, sells and supports
software products. The Company offers operating system software, server
application software, business and consumer application software, software
development tools and Internet and intranet software. It also develops the MSN
network of Internet products and services.
6. Wal-Mart Stores, Inc. (1.8%) Operates discount stores and Supercenters as
well as Sam's Clubs which offer apparel, housewares, small appliances,
electronics and hardware. Wal-Mart operates in the United States, Canada,
Argentina, Brazil, Germany, Mexico and Puerto Rico, and is involved in joint
ventures in China and Korea.
7. American International Group, Inc. (1.8%) Writes property and casualty
insurance and life insurance, and provides a variety of insurance and
insurance-related services through its subsidiaries in the U.S. and overseas.
8. EMC Corp. (1.5%) Provides enterprise storage systems, software, networks and
services. The Company's products store, retrieve, manage, protect and share
information from all major computing environments.
9. Citigroup, Inc. (1.4%) A diversified financial services holding company that
provides investment banking, retail brokerage, corporate banking and cash
management products and services around the world.
10. Enron Corp. (1.3%) Produces electricity and natural gas, develops,
constructs, and operates energy facilities worldwide, and delivers both physical
commodities and financial and risk management services to customers. It is also
developing an intelligent network platform to facilitate online business.
Top 10 equity holdings comprised 18.7% of the Portfolio's market value of
investments. Portfolio holdings are subject to change at any time.
30
<PAGE>
CHASE VISTA BALANCED FUND
As of April 30, 2000 (Unaudited)
Average Annual Total Returns
<TABLE>
<CAPTION>
Since
Inception
1 Year 5 Years (11/4/92)
-----------------------------------------------------------------------
<S> <C> <C> <C>
Class A Shares
Without Sales Charge 3.60% 15.19% 13.42%
With Sales Charge -2.38% 13.84% 12.53%
-----------------------------------------------------------------------
Class B Shares
Without CDSC 2.89% 14.38% 12.71%
With CDSC -1.78% 14.15% 12.71%
-----------------------------------------------------------------------
Class C Shares
Without CDSC 2.86% 14.36% 12.70%
With CDSC 1.93% 14.36% 12.70%
-----------------------------------------------------------------------
</TABLE>
Life of Fund Performance (11/4/92 to 4/30/00)
[Begin Line Chart]
<TABLE>
Chase Vista S&P 500 Lipper Balanced Lehman Gov't./Corp.
Balanced Fund Index Funds Average Index
<S> <C> <C> <C> <C>
11/4/92 9,425 10,000 10,000 10,000
4/93 10,324 10,660 10,691 10,718
1994 10,870 11,227 11,180 10,841
1995 11,936 13,183 12,182 11,593
1996 14,508 17,160 14,643 12,595
1997 16,494 21,468 16,528 13,439
1998 20,995 30,281 20,790 14,962
1999 23,371 36,886 22,750 15,902
4/30/00 24,212 40,619 23,854 16,052
</TABLE>
[End Line Chart]
Source: Lipper Analytical Services. Past performance is not indicative of
future results. Investment return and principal value will fluctuate so that
shares, when redeemed, may be worth more or less than their original cost.
Sales charge for Class A Shares: 5.75%. Class B Shares CDSC: 5% for the
one-year period, 2% for the five-year period and 0% for the period since
inception. Class C Shares CDSC: 1% for the one-year period, 0% thereafter.
The Fund commenced operations on 11/4/92. Class B and C Shares were introduced
on 11/4/93 and 11/20/98, respectively. Performance is based on historical
expenses of the predecessor Class A Shares, which are lower than the expenses
for Class B and C Shares. The Fund is currently waiving fees. The waiver may be
terminated, which would reduce performance.
Chart illustrates comparative performance of $10,000 (Class A), assumes
reinvestment of all distributions and includes a 5.75% sales charge. Performance
of the unmanaged average and indices does not include sales charges, but
includes reinvestment of all distributions. The S&P 500 Index is a broad-based
index that replicates the U.S. stock market. The Lipper Balanced Funds Average
consists of actively managed balanced mutual funds. The Lehman Gov't./Corp.
Index includes the government and corporate bond indices, including U.S.
government and Treasury agency securities, corporate and Yankee bonds. Investors
cannot invest directly in an index.
31
<PAGE>
--------------------------------------------------------------------------------
CHASE VISTA LARGE CAP EQUITY FUND
Portfolio of Investments
--------------------------------------------------------------------------------
As of April 30, 2000 (unaudited)
(Amounts in Thousands)
<TABLE>
<CAPTION>
Shares Issuer Value
--------------------------------------------------------------------------------
Long-Term Investments -- 99.1%
--------------------------------------------------------------------------------
<S> <C> <C>
Common Stock -- 99.1%
---------------------
Automotive -- 2.3%
49 Ford Motor Co. $2,663
32 General Motors Corp. 3,015
------
5,678
Banking -- 3.1%
27 Bank of America Corp. 1,299
86 Bank of New York Co., Inc. 3,524
69 Wells Fargo Co. 2,813
------
7,636
Broadcasting/Cable -- 2.8%
76 CBS Corp. * 4,465
60 Comcast Corp., Class A * 2,404
------
6,869
Chemicals -- 1.5%
11 Dow Chemical Co. 1,254
53 E.I. DuPont de Nemours Co. 2,510
------
3,764
Computer Networks -- 2.2%
77 Cisco Systems, Inc. * 5,338
Computer Software -- 4.0%
46 Computer Associates International, Inc. 2,585
89 Oracle Corp. * 7,114
------
9,699
Computers/Computer Hardware -- 4.7%
25 Compaq Computer Corp. 731
23 EMC Corp. * 3,196
10 Hewlett-Packard Co. 1,350
18 International Business Machines Corp. 2,009
46 Sun Microsystems, Inc. * 4,229
------
11,515
Consumer Products -- 1.1%
47 Gillette Co. 1,754
42 Philip Morris Companies, Inc. 908
------
2,662
Diversified -- 4.9%
76 General Electric Co. 11,947
Financial Services -- 10.0%
22 American Express Co. 3,331
152 Citigroup, Inc. 9,022
46 Fannie Mae 2,756
71 Freddie Mac 3,262
22 J.P. Morgan & Co. 2,863
38 Morgan Stanley Dean Witter & Co. 2,917
------
24,151
Food/Beverage Products -- 2.8%
24 Anheuser-Busch Companies, Inc. 1,658
53 Coca-Cola Co. 2,508
40 PepsiCo, Inc. 1,468
33 Sysco Corp. 1,242
------
6,876
</TABLE>
See notes to financial statements.
32
<PAGE>
CHASE VISTA LARGE CAP EQUITY FUND
Portfolio of Investments (Continued)
As of April 30, 2000 (unaudited)
(Amounts in Thousands)
<TABLE>
<CAPTION>
Shares Issuer Value
--------------------------------------------------------------------------------
Long-Term Investments -- Continued
--------------------------------------------------------------------------------
<S> <C> <C>
Insurance -- 3.6%
80 American International Group, Inc. $ 8,819
Machinery & Engineering Equipment -- 0.8%
36 Dover Corp. 1,829
Manufacturing -- 1.1%
48 Honeywell International, Inc. 2,688
Metals/Mining -- 0.5%
20 Alcoa, Inc. 1,310
Multi-Media -- 2.8%
49 The Walt Disney Co. 2,122
29 Time Warner, Inc. 2,608
40 Viacom, Inc., Class B * 2,170
------
6,900
Oil & Gas -- 10.4%
24 BP Amoco PLC, ADR (United Kingdom) 1,224
42 Chevron Corp. 3,584
124 Exxon Mobil Corp. 9,626
50 Halliburton Co. 2,187
109 Royal Dutch Petroleum Co., N.Y. Registered Shares
(Netherlands) 6,242
28 Schlumberger LTD 2,144
------
25,007
Paper/Forest Products -- 1.3%
35 International Paper Co. 1,290
37 Weyerhaeuser Co. 1,977
------
3,267
Pharmaceuticals -- 8.4%
82 Abbott Laboratories 3,152
55 American Home Products Corp. 3,090
35 Eli Lilly & Co. 2,706
114 Pfizer, Inc. 4,802
130 Pharmacia Corp. 6,503
------
20,253
Printing & Publishing -- 1.0%
62 New York Times Co., Class A 2,554
Restaurants/Food Services -- 1.1%
68 McDonald's Corp. 2,573
Retailing -- 4.3%
25 Costco Wholesale Corp. * 1,325
50 Target Corp. 3,328
103 Wal-Mart Stores, Inc. 5,703
------
10,356
Semi-Conductors -- 10.2%
45 Altera Corp. * 4,581
86 Applied Materials, Inc. * 8,756
25 Intel Corp. 3,170
51 Texas Instruments, Inc. 8,307
------
24,814
</TABLE>
See notes to financial statements.
33
<PAGE>
CHASE VISTA LARGE CAP EQUITY FUND
Portfolio of Investments (Continued)
As of April 30, 2000 (unaudited)
(Amounts in Thousands)
<TABLE>
<CAPTION>
Shares Issuer Value
--------------------------------------------------------------------------------
Long-Term Investments -- Continued
--------------------------------------------------------------------------------
<S> <C> <C>
Telecommunications -- 7.8%
70 AT&T Corp. $ 3,264
41 Bell Atlantic Corp. 2,429
55 BellSouth Corp. 2,678
40 GTE Corp. 2,710
58 MCI WorldCom, Inc. * 2,624
61 SBC Communications, Inc. 2,673
40 Sprint Corp. (FON Group) 2,460
-------
18,838
Telecommunications Equipment -- 3.7%
45 Lucent Technologies, Inc. 2,798
52 Motorola, Inc. 6,213
-------
9,011
Utilities -- 2.7%
41 DQE, Inc. 1,568
28 Duke Energy Corp. 1,610
50 Enron Corp. 3,484
-------
6,662
--------------------------------------------------------------------------------
Total Long-Term Investments 241,016
(Cost $176,597)
--------------------------------------------------------------------------------
Short-Term Investment -- 0.9%
--------------------------------------------------------------------------------
<CAPTION>
Principal
Amount
<S> <C> <C>
Repurchase Agreement -- 0.9%
----------------------------
$ 2,246 Greenwich Capital Markets, Inc., 5.80%, due 05/01/00
(Dated 4/28/00, Proceeds $2,247, Secured by GNMA,
$2,371, 5.50% through 7.50%, due 11/15/27 through
04/20/30; Market Value $2,291) 2,246
(Cost $2,246)
--------------------------------------------------------------------------------
Total Investments -- 100.0% $243,262
(Cost $178,843)
--------------------------------------------------------------------------------
</TABLE>
See notes to financial statements.
34
<PAGE>
--------------------------------------------------------------------------------
CHASE VISTA FOCUS FUND
Portfolio of Investments
--------------------------------------------------------------------------------
As of April 30, 2000 (unaudited)
(Amounts in Thousands)
<TABLE>
<CAPTION>
Shares Issuer Value
--------------------------------------------------------------------------------
Long-Term Investments -- 91.1%
--------------------------------------------------------------------------------
<S> <C> <C>
Common Stock -- 91.1%
-----------------------
Biotechnology -- 7.8%
31 Amgen, Inc. * $1,761
24 Biogen, Inc. * 1,406
31 Immunex Corp. * 1,234
6 Incyte Genomics Inc. * 474
------
4,875
Computer Networks -- 5.0%
45 Cisco Systems, Inc. * 3,106
Computer Software -- 9.1%
173 Informix Corp. * 1,907
21 Microsoft Corp. * 1,447
37 Symantec Corp. * 2,317
------
5,671
Computers/Computer Hardware -- 6.5%
29 EMC Corp. * 4,036
Diversified -- 2.5%
10 General Electric Co. 1,549
Electronics/Electrical Equipment -- 4.7%
106 Trimble Navigation LTD * 2,921
Financial Services -- 12.3%
42 Charles Schwab Corp. 1,851
24 Merrill Lynch & Co., Inc. 2,467
43 Morgan Stanley Dean Witter & Co. 3,308
------
7,626
Internet Services/Software -- 1.7%
48 StarMedia Network Inc. * 1,042
Multi-Media -- 8.8%
84 The Walt Disney Co. 3,655
33 Viacom, Inc., Class B * 1,803
------
5,458
Retailing -- 7.5%
10 Best Buy Co., Inc. * 816
39 Costco Wholesale Corp. * 2,092
47 Gap, Inc. 1,725
------
4,633
Semi-Conductors -- 19.3%
30 Altera Corp. * 3,027
35 Applied Materials, Inc. * 3,564
23 Intel Corp. 2,879
61 ST Assembly Test Services LTD, ADR (Singapore) * 2,549
------
12,019
Telecommunications -- 2.1%
42 Global Crossing LTD * 1,332
</TABLE>
See notes to financial statements.
35
<PAGE>
CHASE VISTA FOCUS FUND
Portfolio of Investments (Continued)
As of April 30, 2000 (unaudited)
(Amounts in Thousands)
<TABLE>
<CAPTION>
Shares Issuer Value
--------------------------------------------------------------------------------
Long-Term Investments -- Continued
--------------------------------------------------------------------------------
<S> <C> <C>
Telecommunications Equipment -- 3.8%
20 Motorola, Inc. $ 2,381
--------------------------------------------------------------------------------
Total Long-Term Investments 56,649
(Cost $48,398)
--------------------------------------------------------------------------------
Short-Term Investment -- 8.4%
--------------------------------------------------------------------------------
<CAPTION>
Principal
Amount
<S> <C> <C>
Repurchase Agreement -- 8.4%
-------------------------------
$5,251 Greenwich Capital Markets, Inc., 5.80%, due 05/01/00,
(Dated 04/28/00, Proceeds $5,254, Secured by FHLMC,
$5,450, 6.25%, due 04/15/29; Market Value $5,360) 5,251
(Cost $5,251)
--------------------------------------------------------------------------------
Total Investments -- 99.5% $61,900
(Cost $53,649)
--------------------------------------------------------------------------------
</TABLE>
See notes to financial statements.
36
<PAGE>
--------------------------------------------------------------------------------
CHASE VISTA EQUITY INCOME FUND
Portfolio of Investments
--------------------------------------------------------------------------------
As of April 30, 2000 (unaudited)
(Amounts in Thousands)
<TABLE>
<CAPTION>
Shares Issuer Value
--------------------------------------------------------------------------------
Long-Term Investments -- 94.6%
--------------------------------------------------------------------------------
<S> <C> <C>
Common Stock -- 94.6%
-----------------------
Automotive -- 2.1%
15 Ford Motor Co. $ 820
10 General Motors Corp. 927
------
1,747
Banking -- 1.9%
38 Bank of New York Co., Inc. 1,548
Chemicals -- 1.9%
7 Dow Chemical Co. 814
16 E.I. DuPont de Nemours Co. 759
------
1,573
Computer Networks -- 2.1%
25 Cisco Systems, Inc. * 1,733
Computer Software -- 6.0%
15 Computer Associates International, Inc. 848
26 Microsoft Corp. * 1,834
29 Oracle Corp. * 2,335
------
5,017
Computers/Computer Hardware -- 4.9%
10 Hewlett-Packard Co. 1,283
25 International Business Machines Corp. 2,812
------
4,095
Consumer Products -- 2.3%
15 Gillette Co. 540
12 Philip Morris Companies, Inc. 268
19 Procter & Gamble Co. 1,103
------
1,911
Diversified -- 4.2%
22 General Electric Co. 3,524
Financial Services -- 10.1%
11 American Express Co. 1,651
44 Citigroup, Inc. 2,627
7 J.P. Morgan & Co. 860
11 Merrill Lynch & Co., Inc. 1,132
27 Morgan Stanley Dean Witter & Co. 2,042
------
8,312
Food/Beverage Products -- 4.8%
14 Anheuser-Busch Companies, Inc. 960
16 Coca-Cola Co. 758
15 PepsiCo, Inc. 558
46 Sysco Corp. 1,741
------
4,017
Insurance -- 3.1%
24 American International Group, Inc. 2,578
Machinery & Engineering Equipment -- 1.8%
30 Dover Corp. 1,514
Manufacturing -- 0.7%
10 Honeywell International, Inc. 582
Multi-Media -- 0.8%
15 The Walt Disney Co. 645
</TABLE>
See notes to financial statements.
37
<PAGE>
CHASE VISTA EQUITY INCOME FUND
Portfolio of Investments (Continued)
As of April 30, 2000 (unaudited)
(Amounts in Thousands)
<TABLE>
<CAPTION>
Shares Issuer Value
--------------------------------------------------------------------------------
Long-Term Investments -- Continued
--------------------------------------------------------------------------------
<S> <C> <C>
Oil & Gas -- 5.9%
14 BP Amoco PLC, ADR (United Kingdom) $ 724
13 Chevron Corp. 1,124
20 Exxon Mobil Corp. 1,514
22 Royal Dutch Petroleum Co., N.Y. Registered Shares
(Netherlands) 1,245
4 Schlumberger LTD 299
------
4,906
Paper/Forest Products -- 0.5%
11 International Paper Co. 393
Pharmaceuticals -- 12.4%
27 Abbott Laboratories 1,046
20 American Home Products Corp. 1,101
24 Bristol-Myers Squibb Co. 1,279
21 Eli Lilly & Co. 1,616
10 Johnson & Johnson 784
16 Merck & Co., Inc. 1,105
49 Pfizer, Inc. 2,082
24 Pharmacia Corp. 1,199
------
10,212
Real Estate Investment Trust -- 1.4%
57 Beacon Capital Partners Inc. # 1,164
3 Beacon Capital Partners Inc., Voting Trust #- 0
10 Cypress Voting Trust #- 0
------
1,164
Retailing -- 3.9%
9 Costco Wholesale Corp. * 465
18 Home Depot, Inc. 995
32 Wal-Mart Stores, Inc. 1,744
------
3,204
Semi-Conductors -- 7.6%
25 Intel Corp. 3,209
19 Texas Instruments, Inc. 3,078
------
6,287
Telecommunications -- 7.5%
22 AT&T Corp. 1,032
14 Bell Atlantic Corp. 841
20 BellSouth Corp. 983
12 GTE Corp. 799
19 MCI WorldCom, Inc. * 859
39 SBC Communications, Inc. 1,688
------
6,202
Telecommunications Equipment -- 3.9%
32 Lucent Technologies, Inc. 2,002
11 Motorola, Inc. 1,274
------
3,276
Utilities -- 4.8%
26 DQE, Inc. 991
16 Duke Energy Corp. 943
30 Enron Corp. 2,055
------
3,989
--------------------------------------------------------------------------------
Total Long-Term Investments 78,429
(Cost $70,201)
--------------------------------------------------------------------------------
</TABLE>
See notes to financial statements.
38
<PAGE>
CHASE VISTA EQUITY INCOME FUND
Portfolio of Investments (Continued)
As of April 30, 2000 (unaudited)
(Amounts in Thousands)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
--------------------------------------------------------------------------------
Short-Term Investment -- 5.5%
--------------------------------------------------------------------------------
<S> <C> <C>
Repurchase Agreement -- 5.5%
----------------------------
$4,596 Greenwich Capital Markets, Inc., 5.80%, due 05/01/00
(Dated 04/28/00, Proceeds $4,598, Secured by FHLMC,
$4,774, 6.48%, due 05/15/29; Market Value $4,692) $ 4,596
(Cost $4,596)
--------------------------------------------------------------------------------
Total Investments -- 100.1% $83,025
(Cost $74,797)
--------------------------------------------------------------------------------
</TABLE>
See notes to financial statements.
39
<PAGE>
--------------------------------------------------------------------------------
CHASE VISTA SMALL CAP OPPORTUNITIES FUND
Portfolio of Investments
--------------------------------------------------------------------------------
As of April 30, 2000 (unaudited)
(Amounts in Thousands)
<TABLE>
<CAPTION>
Shares Issuer Value
--------------------------------------------------------------------------------
Long-Term Investments -- 97.2%
--------------------------------------------------------------------------------
<S> <C> <C>
Common Stock -- 97.2%
-----------------------
Advertising -- 1.6%
16 Catalina Marketing Corp. * $ 1,620
47 True North Communications 1,940
-------
3,560
Automotive -- 0.3%
40 Lithia Motors, Inc., Class A * 630
Banking -- 1.9%
45 Amcore Financial, Inc. 897
42 Investors Financial Services Corp. 3,428
-------
4,325
Biotechnology -- 1.1%
13 Incyte Genomics Inc. * 963
24 Inhale Therapeutic Systems, Inc. * 1,497
-------
2,460
Broadcasting/Cable -- 1.3%
14 Hispanic Broadcasting Corp. * 1,435
45 Westwood One, Inc. * 1,585
-------
3,020
Business Services -- 4.0%
43 CSG Systems International, Inc. * 1,959
26 Digex, Inc.* 2,028
47 F.Y.I., Inc. * 1,270
47 Iron Mountain, Inc. * 1,649
14 Maximus, Inc. * 333
33 NOVA Corp. * 1,041
51 On Assignment, Inc. * 1,613
21 Professional Detailing, Inc. * 560
38 Profit Recovery Group International * 664
-------
11,117
80 Cabot Microelectronics Corp. * 2,598
58 Spartech Corp. 2,019
-------
4,617
Computer Networks -- 2.6%
1 ArrowPoint Communications, Inc. * 93
51 Black Box Corp. * 3,885
46 Micros Systems, Inc. * 1,872
-------
5,850
Computer Software -- 11.4%
18 Accrue Software, Inc. * 421
36 Advent Software, Inc. * 1,911
18 Allaire Corp. * 969
33 Dendrite International Inc. * 753
25 DoubleClick, Inc. * 1,912
11 Fairmarket, Inc. * 74
55 FileNET Corp. * 1,607
20 MedicaLogic, Inc. * 228
60 Mercator Software, Inc. * 2,210
44 Mustang.com, Inc. * 338
72 National Computer Systems Inc. 3,687
40 Rational Software Corp. * 3,405
9 Register.com * 464
25 Remedy Corp. * 1,328
34 RSA Security, Inc. * 1,966
28 Tibco Software, Inc. * 2,494
-------
23,767
</TABLE>
See notes to financial statements.
40
<PAGE>
CHASE VISTA SMALL CAP OPPORTUNITIES FUND
Portfolio of Investments (Continued)
As of April 30, 2000 (unaudited)
(Amounts in Thousands)
<TABLE>
<S> <C> <C>
Shares Issuer Value
--------------------------------------------------------------------------------
Long-Term Investments -- Continued
--------------------------------------------------------------------------------
Computers/Computer Hardware -- 0.8%
66 Cybex Computer Products Corp. * $ 1,794
Construction -- 1.4%
60 Dycom Industries Inc. * 3,128
Construction Materials -- 0.8%
55 Elcor Corp. 1,747
Consumer Services -- 1.4%
40 Career Education Corp. * 1,513
50 Edison Schools, Inc. * 1,143
25 Hotel Reservations Network, Inc. Class A * 487
------
3,143
Electronics/Electrical Equipment -- 10.7%
25 Amphenol Corp., Class A * 1,607
84 Artesyn Technologies, Inc. * 2,044
45 CTS Corp. 2,819
54 Hadco Corp. * 4,420
51 National Instruments Corp. * 2,481
46 PerkinElmer, Inc. 2,497
43 Technitrol, Inc. 2,917
64 Vishay Intertechnology, Inc. * 5,360
------
24,145
Entertainment/Leisure -- 2.2%
50 Cinar Corp., Class B (Canada) *@ 200
40 Macrovision Corp. * 1,955
100 Station Casinos, Inc. * 2,850
------
5,005
Financial Services -- 1.2%
32 E*Trade Group, Inc. * 677
75 Federated Investors, Class B 2,119
------
2,796
Food/Beverage Products -- 0.5%
44 Performance Food Group Co. * 1,147
Health Care/Health Care Services -- 9.6%
57 Cooper Companies, Inc. 1,923
46 Datascope Corp. 1,524
200 Hooper Holmes, Inc. 3,474
40 MedQuist, Inc. * 1,418
79 Mentor Corp. 1,402
30 Molecular Devices Corp. * 1,307
50 Novoste Corp. * 2,050
14 ORATEC Interventions, Inc. * 482
64 Province Healthcare Co. * 1,860
68 ResMed, Inc. * 2,312
55 Varian Medical Systems, Inc. * 2,180
65 Ventana Medical Systems, Inc. * 1,832
------
21,764
Insurance -- 0.5%
30 Arthur J. Gallagher & Co. 1,118
</TABLE>
See notes to financial statements.
41
<PAGE>
CHASE VISTA SMALL CAP OPPORTUNITIES FUND
Portfolio of Investments (Continued)
As of April 30, 2000 (unaudited)
(Amounts in Thousands)
<TABLE>
<CAPTION>
Shares Issuer Value
--------------------------------------------------------------------------------
Long-Term Investments -- Continued
--------------------------------------------------------------------------------
<S> <C> <C>
Machinery & Engineering Equipment -- 4.6%
46 Cognex Corp. * $ 2,625
22 Manitowoc Co. 740
64 PRI Automation, Inc. * 5,088
33 Zebra Technologies Corp., Class A * 1,870
------
10,323
Oil & Gas -- 4.2%
55 Helmerich & Payne 1,722
50 Newfield Exploration Co. * 2,031
127 Pride International, Inc. * 2,872
46 Stone Energy Corp. * 2,159
40 Vintage Petroleum, Inc. 802
------
9,586
Pharmaceuticals -- 5.6%
128 Celgene Corp. * 6,007
30 IDEC Pharmaceuticals Corp. * 1,920
95 King Pharmaceuticals, Inc. * 4,666
------
12,593
Real Estate Investment Trust -- 2.7%
14 Alexandria Real Estate Equities 438
100 Pinnacle Holdings, Inc. * 5,619
------
6,057
Restaurants/Food Services -- 1.0%
94 Jack in the Box, Inc. * 2,307
Retailing -- 2.2%
63 BJ's Wholesale Club, Inc. * 2,219
48 Pacific Sunwear of California, Inc. * 1,618
92 Wild Oats Markets, Inc. * 1,217
------
5,054
Semi-Conductors -- 14.2%
72 Actel Corp. * 2,643
20 Cree, Inc. * 2,910
53 Dallas Semiconductor Corp. 2,276
52 Lam Research Corp. * 2,395
56 M-Systems Flash Disk Pioneers LTD * 3,693
36 Microchip Technology, Inc. * 2,224
11 PMC-Sierra, Inc. * 2,091
50 Semtech Corp. * 3,409
46 Silicon Storage Technology, Inc. * 4,470
34 Transwitch Corp. * 2,972
78 Varian, Inc. * 2,845
------
31,928
Shipping/Transportation -- 0.9%
40 C.H. Robinson Worldwide, Inc. 2,000
Telecommunications -- 3.1%
81 ICG Communications, Inc. * 2,409
69 ITC Deltacom, Inc. * 2,262
118 Price Communications Corp. * 2,391
------
7,062
</TABLE>
See notes to financial statements.
42
<PAGE>
CHASE VISTA SMALL CAP OPPORTUNITIES FUND
Portfolio of Investments (Continued)
As of April 30, 2000 (unaudited)
(Amounts in Thousands)
<TABLE>
<CAPTION>
Shares Issuer
Value
--------------------------------------------------------------------------------
Long-Term Investments -- Continued
--------------------------------------------------------------------------------
<S> <C> <C>
Telecommunications Equipment -- 2.8%
40 AudioCodes LTD (Israel) * $ 2,962
51 Commscope, Inc. * 2,413
15 Harmonic, Inc. * 1,078
-------
6,453
Utilities -- 0.6%
48 American States Water Co. 1,446
--------------------------------------------------------------------------------
Total Long-Term Investments 219,942
(Cost $143,517)
--------------------------------------------------------------------------------
Short-Term Investment -- 2.9%
--------------------------------------------------------------------------------
<CAPTION>
Principal
Amount
<S> <C> <C>
Repurchase Agreement -- 2.9%
----------------------------
$ 6,651 Greenwich Capital Markets, Inc., 5.80%, due 05/01/00,
(Dated 04/28/00, Proceeds $6,654, Secured by GNMA,
$6,730, 7.50%, due 07/16/24; Market Value $6,788) 6,651
(Cost $6,651)
--------------------------------------------------------------------------------
Total Investments -- 100.1% $226,593
(Cost $150,168)
--------------------------------------------------------------------------------
</TABLE>
See notes to financial statements.
43
<PAGE>
--------------------------------------------------------------------------------
CHASE VISTA SMALL CAP EQUITY FUND
Portfolio of Investments
--------------------------------------------------------------------------------
As of April 30, 2000 (unaudited)
(Amounts in Thousands)
<TABLE>
<CAPTION>
Shares Issuer Value
--------------------------------------------------------------------------------
Long-Term Investments -- 93.4%
--------------------------------------------------------------------------------
<S> <C> <C>
Common Stock -- 93.4%
-----------------------
Advertising -- 2.2%
25 Catalina Marketing Corp. * $ 2,521
99 The Interpublic Group of Companies, Inc. 4,076
119 True North Communications 4,897
-------
11,494
Aerospace -- 0.5%
189 AAR Corp. 2,845
Automotive -- 0.8%
117 Lithia Motors, Inc., Class A * 1,860
136 Tower Automotive, Inc. * 2,125
------
3,985
Banking -- 4.5%
100 Amcore Financial, Inc. 1,994
75 Chittenden Corp. 1,992
113 City National Corp. 4,167
112 Commerce Bancorp., Inc. 4,463
95 Cullen/Frost Bankers, Inc. 2,340
85 Investors Financial Services Corp. 6,955
100 Trustmark Corp. 1,836
------
23,747
Biotechnology -- 0.7%
57 Inhale Therapeutic Systems, Inc. * 3,552
Broadcasting/Cable -- 1.6%
35 Hispanic Broadcasting Corp. * 3,537
135 Westwood One, Inc. * 4,776
------
8,313
Business Services -- 4.4%
125 CSG Systems International, Inc. * 5,765
139 Iron Mountain, Inc. * 4,872
76 Maximus, Inc. * 1,787
158 On Assignment, Inc. * 4,970
308 Profit Recovery Group International * 5,413
------
22,807
Chemicals -- 1.5%
225 Spartech Corp. 7,812
Computer Networks -- 2.3%
85 Black Box Corp. * 6,501
140 Micros Systems, Inc. * 5,635
------
12,136
Computer Software -- 7.6%
43 Accrue Software, Inc. * 1,020
88 Advent Software, Inc. * 4,631
43 Allaire Corp. * 2,343
100 Creo Products, Inc. (Canada) * 3,625
133 FileNET Corp. * 3,905
176 National Computer Systems Inc. 9,053
70 Rational Software Corp. * 5,933
80 Remedy Corp. * 4,250
81 RSA Security, Inc. * 4,742
------
39,502
Computers/Computer Hardware -- 0.9%
176 Cybex Computer Products Corp. * 4,813
</TABLE>
See notes to financial statements.
44
<PAGE>
CHASE VISTA SMALL CAP EQUITY FUND
Portfolio of Investments (Continued)
As of April 30, 2000 (unaudited)
(Amounts in Thousands)
<TABLE>
<CAPTION>
Shares Issuer Value
--------------------------------------------------------------------------------
Long-Term Investments -- Continued
--------------------------------------------------------------------------------
<S> <C> <C>
Construction -- 1.1%
109 Dycom Industries Inc. * $5,686
Construction Materials -- 1.2%
150 Dal-Tile International Inc. * 1,463
149 Elcor Corp. 4,752
------
6,215
Electronics/Electrical Equipment -- 11.3%
67 Amphenol Corp., Class A * 4,246
218 Artesyn Technologies, Inc. * 5,282
155 CTS Corp. 9,775
109 Hadco Corp. * 8,964
66 National Instruments Corp. * 3,208
133 PerkinElmer, Inc. 7,282
64 Technitrol, Inc. 4,352
185 Vishay Intertechnology, Inc. * 15,542
------
58,651
Engineering Services -- 0.4%
72 Jacobs Engineering Group, Inc. * 2,251
Entertainment/Leisure -- 1.6%
10 Cinar Corp., Class B (Canada) *@ 41
300 Station Casinos, Inc. * 8,550
------
8,591
Financial Services -- 1.6%
200 Federated Investors, Class B 5,650
23 SEI Investments Co. 2,722
------
8,372
Food/Beverage Products -- 0.6%
111 Performance Food Group Co. * 2,914
Health Care/Health Care Services -- 10.7%
167 Cooper Companies, Inc. 5,605
131 Datascope Corp. 4,333
386 Hooper Holmes, Inc. 6,714
213 MedQuist, Inc. * 7,531
188 Mentor Corp. 3,318
167 Molecular Devices Corp. * 7,161
68 Patterson Dental Co. * 3,287
259 Province Healthcare Co. * 7,479
135 Varian Medical Systems, Inc. * 5,390
185 Ventana Medical Systems, Inc. * 5,215
------
56,033
Insurance -- 1.2%
87 Arthur J. Gallagher & Co. 3,255
78 Brown & Brown, Inc. 3,126
------
6,381
Machinery & Engineering Equipment -- 3.8%
100 Cognex Corp. * 5,688
111 PRI Automation, Inc. * 8,897
97 Zebra Technologies Corp., Class A * 5,518
------
20,103
</TABLE>
See notes to financial statements.
45
<PAGE>
CHASE VISTA SMALL CAP EQUITY FUND
Portfolio of Investments (Continued)
As of April 30, 2000 (unaudited)
(Amounts in Thousands)
<TABLE>
<CAPTION>
Shares Issuer Value
--------------------------------------------------------------------------------
Long-Term Investments -- Continued
--------------------------------------------------------------------------------
<S> <C> <C>
Oil & Gas -- 6.1%
86 Atwood Oceanics * $ 5,232
125 Louis Dreyfus Natural Gas * 3,500
165 Newfield Exploration Co. * 6,703
260 Pride International, Inc. * 5,883
97 St. Mary Land & Exploration Co. 3,260
141 Triton Energy LTD (Cayman Islands) 5,119
104 Vintage Petroleum, Inc. 2,072
-------
31,769
Pharmaceuticals -- 3.6%
252 Advance Paradigm, Inc. * 3,153
90 IDEC Pharmaceuticals Corp. * 5,760
201 King Pharmaceuticals, Inc. * 9,899
-------
18,812
Real Estate Investment Trust -- 2.4%
40 Alexandria Real Estate Equities 1,293
157 Beacon Capital Partners Inc. # 3,214
7 Beacon Capital Partners, Inc., Voting Trust #- 0
28 Cypress Voting Trust #- 0
87 Essex Property Trust, Inc. 3,349
82 Pinnacle Holdings, Inc. * 4,596
-------
12,452
Restaurants/Food Services -- 0.9%
183 Jack in the Box, Inc. * 4,493
Retailing -- 4.9%
105 Ames Department Stores, Inc. * 1,883
250 BJ's Wholesale Club, Inc. * 8,860
329 Chico's FAS, Inc. * 5,902
138 Pacific Sunwear of California, Inc. * 4,684
310 Wild Oats Markets, Inc. * 4,108
-------
25,437
Semi-Conductors -- 9.4%
160 Actel Corp. * 5,888
80 Cree, Inc. * 11,567
75 Dallas Semiconductor Corp. 3,220
160 Semtech Corp. * 10,910
109 Transwitch Corp. * 9,577
223 Varian, Inc. * 8,101
-------
49,263
Shipping/Transportation -- 1.1%
117 C.H. Robinson Worldwide, Inc. 5,840
Telecommunications -- 2.0%
158 ITC Deltacom, Inc. * 5,194
271 Price Communications Corp. * 5,487
-------
10,681
Telecommunications Equipment -- 1.0%
70 Harmonic, Inc. * 5,167
Utilities -- 1.5%
96 AGL Resources, Inc. 1,675
89 American States Water Co. 2,690
70 Laclede Gas Co. 1,374
90 Northwest Natural Gas Co. 1,980
-------
7,719
-------------------------------------------------------------------------------
Total Long-Term Investments 487,836
(Cost $356,881)
-------------------------------------------------------------------------------
</TABLE>
See notes to financial statements.
46
<PAGE>
CHASE VISTA SMALL CAP EQUITY FUND
Portfolio of Investments (Continued)
As of April 30, 2000 (unaudited)
(Amounts in Thousands)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
--------------------------------------------------------------------------------
Short-Term Investment -- 6.8%
--------------------------------------------------------------------------------
<S> <C> <C>
Repurchase Agreement -- 6.8%
-------------------------------
$35,464 Greenwich Capital Markets, Inc., 5.80%, due 05/01/00,
(Dated 04/28/00, Proceeds $35,481, Secured by FHLMC
and FNMA, $36,145, FRN, due 06/25/08 through
04/15/29; Market Value $36,176) $ 35,464
(Cost $35,464)
--------------------------------------------------------------------------------
Total Investments -- 100.2% $523,300
(Cost $392,345)
--------------------------------------------------------------------------------
</TABLE>
See notes to financial statements.
47
<PAGE>
--------------------------------------------------------------------------------
CHASE VISTA BALANCED FUND
Portfolio of Investments
--------------------------------------------------------------------------------
As of April 30, 2000 (unaudited)
(Amounts in Thousands)
<TABLE>
<CAPTION>
Shares Issuer Value
--------------------------------------------------------------------------------
Long-Term Investments -- 97.4%
--------------------------------------------------------------------------------
<S> <C> <C>
Common Stock -- 59.7%
-----------------------
Advertising -- 0.3%
5 Omnicom Group $ 474
Airlines -- 0.7%
48 Southwest Airlines, Inc. 1,037
Automotive -- 0.7%
11 Ford Motor Co. 602
4 General Motors Corp. 412
-----
1,014
Banking -- 0.9%
11 Bank of America Corp. 542
19 Bank of New York Co., Inc. 763
-----
1,305
Biotechnology -- 0.6%
14 Amgen, Inc. * 767
Broadcasting/Cable -- 0.6%
17 AT&T Corp. -- Liberty Media Group, Class A * 851
Computer Networks -- 2.2%
44 Cisco Systems, Inc. * 3,071
Computer Software -- 3.1%
36 Microsoft Corp. * 2,504
16 Oracle Corp. * 1,255
9 Symantec Corp. * 537
-----
4,296
Computers/Computer Hardware -- 5.4%
23 Dell Computer Corp. * 1,148
15 EMC Corp. * 2,055
7 Hewlett-Packard Co. 959
15 International Business Machines Corp. 1,719
4 Lexmark International Group Inc., Class A * 454
10 Sun Microsystems, Inc. * 952
-----
7,287
Consumer Products -- 1.1%
18 Colgate-Palmolive Co. 1,034
9 Procter & Gamble Co. 507
-----
1,541
Diversified -- 3.4%
25 General Electric Co. 3,884
18 Tyco International LTD (Bermuda) 841
-----
4,725
Electronics/Electrical Equipment -- 1.6%
8 Molex Inc. 412
10 Sanmina Corp. * 619
27 Solectron Corp. * 1,245
-----
2,276
Financial Services -- 4.7%
10 American Express Co. 1,530
22 Charles Schwab Corp. 970
32 Citigroup, Inc. 1,913
10 Merrill Lynch & Co., Inc. 1,035
14 Morgan Stanley Dean Witter & Co. 1,105
-----
6,553
</TABLE>
See notes to financial statements.
48
<PAGE>
CHASE VISTA BALANCED FUND
Portfolio of Investments (Continued)
As of April 30, 2000 (unaudited)
(Amounts in Thousands)
<TABLE>
<CAPTION>
Shares Issuer Value
--------------------------------------------------------------------------------
Long-Term Investments -- Continued
--------------------------------------------------------------------------------
<S> <C> <C>
Food/Beverage Products -- 1.5%
10 Anheuser-Busch Companies, Inc. $ 727
17 Coca-Cola Co. 781
17 PepsiCo, Inc. 627
-----
2,135
Health Care/Health Care Services -- 1.4%
15 Guidant Corp. * 869
21 Medtronic, Inc. 1,081
-----
1,950
Insurance -- 1.8%
22 American International Group, Inc. 2,435
Internet Services/Software -- 1.0%
15 America Online, Inc. * 892
3 Yahoo Inc. * 449
-----
1,341
Metals/Mining -- 0.5%
11 Alcoa, Inc. 727
Multi-Media -- 1.7%
24 The Walt Disney Co. 1,059
14 Time Warner, Inc. 1,232
-----
2,291
Oil & Gas -- 3.2%
10 BJ Services Co. * 681
7 Chevron Corp. 587
33 Exxon Mobil Corp. 2,602
10 Royal Dutch Petroleum Co., N.Y. Registered Shares
(Netherlands) 574
-----
4,444
Pharmaceuticals -- 3.4%
14 Bristol-Myers Squibb Co. 718
9 Johnson & Johnson 701
16 Merck & Co., Inc. 1,078
32 Pfizer, Inc. 1,334
7 Warner-Lambert Co. 819
-----
4,650
Real Estate Investment Trust -- 0.8%
51 Beacon Capital Partners Inc. # 1,054
3 Beach Capital Partners, Inc., Voting Trust #- 0
9 Cypress Voting Trust #- 0
-----
1,054
Retailing -- 5.7%
16 Best Buy Co., Inc. * 1,252
16 Costco Wholesale Corp. * 865
28 Home Depot, Inc. 1,555
12 Target Corp. 772
45 Wal-Mart Stores, Inc. 2,469
32 Walgreen Co. 903
-----
7,816
Semi-Conductors -- 4.7%
10 Altera Corp. * 1,063
12 Applied Materials, Inc. * 1,201
24 Intel Corp. 2,980
8 Texas Instruments, Inc. 1,287
-----
6,531
</TABLE>
See notes to financial statements.
49
<PAGE>
CHASE VISTA BALANCED FUND
Portfolio of Investments (Continued)
As of April 30, 2000 (unaudited)
(Amounts in Thousands)
<TABLE>
<CAPTION>
Shares Issuer Value
--------------------------------------------------------------------------------
Long-Term Investments -- Continued
--------------------------------------------------------------------------------
<S> <C> <C>
Telecommunications -- 3.8%
21 AT&T Corp. $ 961
17 BellSouth Corp. 833
11 GTE Corp. 711
20 MCI WorldCom, Inc. * 895
24 SBC Communications, Inc. 1,052
14 Sprint Corp. (FON Group) 884
------
5,336
Telecommunications Equipment -- 3.1%
12 ADC Telecommunications, Inc. * 747
25 Lucent Technologies, Inc. 1,543
8 Motorola, Inc. 988
9 Nortel Networks Corp., (Canada) 1,042
------
4,320
Utilities -- 1.8%
8 AES Corp. * 711
27 Enron Corp. 1,853
------
2,564
-------------------------------------------------------------------
Total Common Stock 82,791
(Cost $69,135)
-------------------------------------------------------------------
<CAPTION>
Principal
Amount
<S> <C> <C>
U.S. Treasury Securities -- 4.9%
---------------------------------
U.S. Treasury Notes & Bonds,
$4,800 6.25%, 08/15/23 4,799
1,950 6.38%, 03/31/01 1,948
-------------------------------------------------------------------
Total U.S. Treasury Securities 6,747
(Cost $6,589)
-------------------------------------------------------------------
U.S. Government Agency Securities -- 3.2%
-------------------------------------------
Federal Home Loan Mortgage Corp.,
500 5.13%, 10/15/08 431
1,950 6.63%, 09/15/09 1,860
Federal National Mortgage Association,
600 5.13%, 02/13/04 558
1,000 5.75%, 02/15/08 908
750 6.25%, 05/15/29 664
-------------------------------------------------------------------
Total U.S. Government Agency Securities ` 4,421
(Cost $4,712)
-------------------------------------------------------------------
Corporate Notes & Bonds -- 18.0%
----------------------------------
Aerospace -- 0.7%
1,000 Raytheon Co., 5.95%, 03/15/01 984
Automotive -- 2.4%
2,000 DaimlerChrysler North America Holdings Corp., MTN,
6.63%, 09/21/01 1,974
500 Ford Motor Credit Co., 5.80%, 01/12/09 436
1,000 General Motors Acceptance Corp., 5.85%, 01/14/09 870
-----
3,280
Computers/Computer Hardware -- 1.4%
2,000 IBM Credit Corp., MTN, 6.35%, 08/30/01 1,974
</TABLE>
See notes to financial statements.
50
<PAGE>
--------------------------------------------------------------------------------
CHASE VISTA BALANCED FUND
Portfolio of Investments (Continued)
--------------------------------------------------------------------------------
As of April 30, 2000 (unaudited)
(Amounts in Thousands)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
--------------------------------------------------------------------------------
Long-Term Investments -- Continued
--------------------------------------------------------------------------------
<S> <C> <C>
Diversified -- 0.7%
$ 1,000 Textron, Inc., 6.38%, 07/15/04 $ 952
Financial Services -- 3.0%
550 Goldman Sachs Group, Inc., 6.65%, 05/15/09 501
1,770 International Lease Finance Corp., MTN, 8.35%, 02/04/02 1,800
1,870 Merrill Lynch & Co., Inc., MTN, 5.71%, 01/15/02 1,819
-------
4,120
Insurance -- 1.3%
575 American General Finance Corp., MTN, 6.04%, 07/02/01 569
1,445 MBIA, Inc., 6.63%, 10/01/28 1,201
-------
1,770
Machinery & Engineering Equipment -- 1.4%
2,000 Caterpillar Financial Services Corp., MTN, 5.89%,
06/17/02 1,938
Oil & Gas -- 0.5%
800 Conoco, Inc., 5.90%, 04/15/04 757
Retailing -- 3.8%
500 Dayton-Hudson Corp., 6.40%, 02/15/03 486
2,000 May Department Stores Co., 7.45%, 09/15/11 1,967
3,000 Wal-Mart Stores, Inc., 6.55%, 08/10/04 2,912
-------
5,365
Telecommunications -- 1.0% AT&T Corp.,
500 5.63%, 03/15/04 467
1,010 6.50%, 03/15/29 852
-------
1,319
Utilities -- 1.8%
1,800 Baltimore Gas & Electric Co., MTN, 6.90%, 02/01/05 1,752
800 National Rural Utilities Cooperative Finance Corp.,
5.50%, 01/15/05 736
-------
2,488
-------
--------------------------------------------------------------------
Total Corporate Notes & Bonds 24,947
(Cost $25,697)
--------------------------------------------------------------------
Residential Mortgage Backed Securities -- 11.6%
-----------------------------------------------
Mortgage Backed Pass-Through Securities -- 11.6%
4,129 Federal Home Loan Mortgage Corp., Gold Pool C32996,
7.00%, 11/01/29 3,952
Federal National Mortgage Association,
2,797 Pool 323614, 6.50%, 02/01/14 2,678
2,198 Pool 509528, 6.50%, 11/01/14 2,103
Government National Mortgage Association,
1,800 Pool 423130, 8.50%, 10/15/29 1,832
2,300 Pool 487057, 6.50%, 03/15/29 2,154
1,512 Pool 513746, 7.00%, 08/15/29 1,454
2,094 Pool 516070, 6.50%, 09/15/29 1,961
--------------------------------------------------------------------
Total Residential Mortgage Backed Securities 16,134
(Cost $16,584)
--------------------------------------------------------------------------------
Total Long-Term Investments 135,040
(Cost $122,717)
--------------------------------------------------------------------------------
</TABLE>
See notes to financial statements.
51
<PAGE>
CHASE VISTA BALANCED FUND
Portfolio of Investments (Continued)
As of April 30, 2000 (unaudited)
(Amounts in Thousands)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
--------------------------------------------------------------------------------
Short-Term Investment -- 2.3%
--------------------------------------------------------------------------------
<S> <C> <C>
Repurchase Agreement -- 2.3%
----------------------------
$3,237 Greenwich Capital Markets, Inc., 5.80%, due 05/01/00,
(Dated 04/28/00, Proceeds $3,239, Secured by FHLMC,
$3,626, 6.50%, due 11/15/29; Market Value $3,303) $ 3,237
(Cost $3,237)
--------------------------------------------------------------------------------
Total Investments -- 99.7% $138,277
(Cost $125,954)
--------------------------------------------------------------------------------
</TABLE>
INDEX:
* -- Non-income producing security.
# -- Security may only be sold to qualified institutional buyers.
~ -- Security fair valued by, or at the direction of, the Board of Trustees.
@ -- Security is considered illiquid, and may be difficult to sell.
ADR -- American Depositary Receipt.
FHLMC -- Federal Home Loan Mortgage Corporation.
FNMA -- Federal National Mortgage Association.
FRN -- Floating Rate Note.
GNMA -- Government National Mortgage Association.
MTN -- Medium Term Note.
See notes to financial statements.
52
<PAGE>
--------------------------------------------------------------------------------
STATEMENT OF ASSETS AND LIABILITIES April 30, 2000 (unaudited)
--------------------------------------------------------------------------------
(Amounts in Thousands, Except Per Share Amounts)
<TABLE>
<CAPTION>
Growth
Core Equity and Capital
Equity Growth Income Growth
Fund Fund Fund Fund
------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
ASSETS:
Investment in Portfolio, at
value (Note 1) ...................... $51,422 $54,267 $1,708,962 $893,286
Other assets ........................ -- -- 9 4
Receivables:
Fund shares sold ................... 629 251 331 61
Expense reimbursement
from Distributor ................... 18 25 -- --
------------------------------------------------------------------------------------------
Total Assets .................. 52,069 54,543 1,709,302 893,351
------------------------------------------------------------------------------------------
LIABILITIES:
Payables:
Fund shares redeemed ............... 11 54 1,640 811
Accrued liabilities: (Note 2)
Administration fees ................ -- -- 141 71
Shareholder servicing fees ......... -- -- 353 178
Distribution fees .................. 18 17 543 307
Other .............................. 18 18 430 249
------------------------------------------------------------------------------------------
Total Liabilities ............. 47 89 3,107 1,616
------------------------------------------------------------------------------------------
NET ASSETS:
Paid in capital ..................... 49,009 49,757 1,167,696 552,511
Accumulated distributions
in excess of net investment
income or net investment
loss ................................ (123) (169) (53) (2,677)
Accumulated net realized gain
(loss) on investments ............... (423) (147) 175,576 166,468
Net unrealized appreciation
of investments ...................... 3,559 5,013 362,976 175,433
------------------------------------------------------------------------------------------
Total Net Assets .............. $52,022 $54,454 $1,706,195 $891,735
------------------------------------------------------------------------------------------
Shares of beneficial interest
outstanding ($.001 par value;
unlimited number of shares
authorized):
Class A Shares ...................... 1,808 2,051 30,591 11,895
Class B Shares ...................... 1,956 2,020 11,471 7,490
Class C Shares ...................... 792 408 246 120
Class I Shares ...................... -- -- 308 400
Net Asset Value:
Class A Shares
(and redemption price) .............. $ 11.45 $ 12.19 $ 40.19 $ 45.37
Class B Shares* ..................... $ 11.40 $ 12.13 $ 39.65 $ 43.85
Class C Shares* ..................... $ 11.40 $ 12.13 $ 38.66 $ 43.44
Class I Shares
(and redemption price) .............. -- -- $ 40.53 $ 46.06
Class A Maximum Public Offering
Price Per Share (net asset value
per share/94.25%) .................... $ 12.15 $ 12.93 $ 42.64 $ 48.14
------------------------------------------------------------------------------------------
*Redemption price may be reduced by contingent deferred sales charge.
</TABLE>
See notes to financial statements.
53
<PAGE>
STATEMENT OF ASSETS AND LIABILITIES April 30, 2000 (unaudited)
(Amounts in Thousands, Except Per Share Amounts)
<TABLE>
<CAPTION>
Large Cap Equity
Equity Focus Income
Fund Fund Fund
<S> <C> <C> <C>
---------------------------------------------------------------------------------------------
ASSETS:
Investment securities, at value (Note 1) ......... $243,262 $61,900 $83,025
Cash ............................................. 1 -- --
Other assets ..................................... 2 1 1
Receivables:
Interest and dividends .......................... 177 3 71
Fund shares sold ................................ 267 509 167
---------------------------------------------------------------------------------------------
Total Assets ............................... 243,709 62,413 83,264
---------------------------------------------------------------------------------------------
LIABILITIES:
Payables:
To Custodian .................................... -- 2 --
Fund shares redeemed ............................ 134 53 154
Accrued liabilities: (Note 2)
Investment advisory fees ........................ -- -- 24
Administration fees ............................. 10 8 10
Shareholder servicing fees ...................... 50 11 17
Distribution fees ............................... 34 28 30
Custodian fees .................................. 25 15 16
Other ........................................... 140 114 62
---------------------------------------------------------------------------------------------
Total Liabilities .......................... 393 231 313
---------------------------------------------------------------------------------------------
NET ASSETS:
Paid in capital .................................. 172,392 55,179 66,394
Accumulated undistributed/(distributions
in excess of) net investment income .............. 37 (296) (87)
Accumulated net realized gain (loss)
on investments ................................... 6,468 (952) 8,416
Net unrealized appreciation of
investments ...................................... 64,419 8,251 8,228
---------------------------------------------------------------------------------------------
Total Net Assets ........................... $243,316 $62,182 $82,951
---------------------------------------------------------------------------------------------
Shares of beneficial interest outstanding
($.001 par value; unlimited number of
shares authorized):
Class A Shares ................................... 4,196 2,159 2,624
Class B Shares ................................... 1,813 2,621 1,211
Class C Shares ................................... 110 744 316
Class I Shares ................................... 8,372 1 --
Net Asset Value:
Class A Shares (and redemption price) ............ $ 16.75 $ 11.33 $ 20.08
Class B Shares* .................................. $ 16.65 $ 11.22 $ 19.83
Class C Shares* .................................. $ 16.57 $ 11.21 $ 19.82
Class I Shares (and redemption price) ............ $ 16.84 $ 11.37 --
Class A Maximum Public Offering Price Per
Share (net asset value per share/94.25%) .......... $ 17.77 $ 12.02 $ 21.31
---------------------------------------------------------------------------------------------
Cost of investments ............................... $178,843 $53,649 $74,797
---------------------------------------------------------------------------------------------
*Redemption price may be reduced by contingent deferred sales charge.
</TABLE>
See notes to financial statements.
54
<PAGE>
STATEMENT OF ASSETS AND LIABILITIES April 30, 2000 (unaudited)
(Amounts in Thousands, Except Per Share Amounts)
<TABLE>
<CAPTION>
Small Cap Small Cap
Opportunities Equity Balanced
Fund Fund Fund
<S> <C> <C> <C>
-------------------------------------------------------------------------------------------
ASSETS:
Investment securities, at value (Note 1)..... $226,593 $523,300 $138,277
Cash ........................................ -- 10 1
Other assets ................................ 40 4 1
Receivables:
Investment securities sold ................. -- 1,310 --
Interest and dividends ..................... 13 90 635
Fund shares sold ........................... 611 19 192
-------------------------------------------------------------------------------------------
Total Assets ........................... 227,257 524,733 139,106
-------------------------------------------------------------------------------------------
LIABILITIES:
Payables:
Investment securities purchased ............ -- 87 --
Fund shares redeemed ....................... 257 1,787 196
Accrued liabilities: (Note 2) ...............
Investment advisory fees ................... 114 273 58
Administration fees ........................ 26 63 17
Shareholder servicing fees ................. 22 13 8
Distribution fees .......................... 86 55 41
Custodian fees ............................. 36 29 15
Other ...................................... 251 246 78
-------------------------------------------------------------------------------------------
Total Liabilities ...................... 792 2,553 413
-------------------------------------------------------------------------------------------
NET ASSETS:
Paid in capital ............................. 128,964 320,076 117,074
Accumulated undistributed/
(distributions in excess of) net
investment income ........................... (1,426) (1,304) 163
Accumulated net realized gain
on investments .............................. 22,502 72,453 9,133
Net unrealized appreciation
of investments .............................. 76,425 130,955 12,323
-------------------------------------------------------------------------------------------
Total Net Assets ....................... $226,465 $522,180 $138,693
-------------------------------------------------------------------------------------------
Shares of beneficial interest outstanding
($.001 par value; unlimited number of
shares authorized):
Class A Shares .............................. 5,022 3,665 6,993
Class B Shares .............................. 4,254 2,310 1,851
Class C Shares .............................. 409 -- 100
Class I Shares .............................. 7 13,533 --
Net Asset Value:
Class A Shares (and redemption price) ....... $ 23.60 $ 26.53 $ 15.57
Class B Shares* ............................. $ 23.12 $ 25.51 $ 15.26
Class C Shares* ............................. $ 23.09 -- $ 15.20
Class I Shares (and redemption price) ....... $ 23.65 $ 27.04 --
Class A Maximum Public Offering
Price Per Share (net asset value per
share/94.25%) ................................ $ 25.04 $ 28.15 $ 16.52
-------------------------------------------------------------------------------------------
Cost of investments ...................... $150,168 $392,345 $125,954
-------------------------------------------------------------------------------------------
*Redemption price may be reduced by contingent deferred sales charge.
</TABLE>
See notes to financial statements.
55
<PAGE>
--------------------------------------------------------------------------------
STATEMENT OF OPERATIONS For the six months ended April 30, 2000 (unaudited)
--------------------------------------------------------------------------------
(Amounts in Thousands)
<TABLE>
<CAPTION>
Growth
Core Equity and Capital
Equity Growth Income Growth
Fund Fund Fund Fund
<S> <C> <C> <C> <C>
------------------------------------------------------------------------------------------
INVESTMENT INCOME:
Investment income from
Portfolio ......................... $ 152 $ 130 $ 12,951 $ 4,250
Foreign taxes withheld ............ -- -- (3) --
Expenses from Portfolio ........... (130) (147) (4,238) (2,137)
------------------------------------------------------------------------------------------
Total investment income
(loss) ...................... 22 (17) 8,710 2,113
------------------------------------------------------------------------------------------
EXPENSES: (Note 2)
Administration fees ............... 16 18 906 453
Shareholder servicing fees ........ 41 45 2,267 1,133
Distribution fees ................. 88 94 3,498 1,948
Custody and accounting fees ....... 17 16 44 38
Printing and postage .............. 11 10 46 36
Professional fees ................. 17 17 39 15
Registration expenses ............. 15 23 26 13
Transfer agent fees ............... 46 50 1,697 1,027
Trustees' fees .................... 1 1 19 9
Other ............................. 2 6 61 24
------------------------------------------------------------------------------------------
Total expenses .............. 254 280 8,603 4,696
------------------------------------------------------------------------------------------
Less amounts waived (Note 2E) ..... 74 84 -- --
Less expense reimbursements
(Note 2F) ......................... 35 44 -- 3
------------------------------------------------------------------------------------------
Net expenses ................. 145 152 8,603 4,693
------------------------------------------------------------------------------------------
Net investment income
(loss) ...................... (123) (169) 107 (2,580)
------------------------------------------------------------------------------------------
REALIZED AND UNREALIZED GAIN
(LOSS) ON INVESTMENTS:
Net realized gain (loss) on
investments transactions .......... (389) (130) 178,467 166,490
Change in net unrealized
appreciation/depreciation
of investments .................... 2,971 4,118 (51,617) (5,394)
------------------------------------------------------------------------------------------
Net realized and unrealized
gain on investments ............... 2,582 3,988 126,850 161,096
------------------------------------------------------------------------------------------
Net increase in net assets from
operations ........................ $2,459 $3,819 $126,957 $158,516
------------------------------------------------------------------------------------------
</TABLE>
See notes to financial statements.
56
<PAGE>
STATEMENT OF OPERATIONS For the six months ended April 30, 2000 (unaudited)
(Amounts in Thousands)
<TABLE>
<CAPTION>
Large Cap Equity
Equity Focus Income
Fund Fund Fund
<S> <C> <C> <C>
------------------------------------------------------------------------------------------
INVESTMENT INCOME:
Dividend ................................ $ 1,408 $ 149 $ 551
Interest ................................ 239 7 111
------------------------------------------------------------------------------------------
Total investment income ........... 1,647 156 662
------------------------------------------------------------------------------------------
EXPENSES: (Note 2)
Investment advisory fees ................ 491 111 183
Administration fees ..................... 184 42 69
Shareholder servicing fees .............. 307 69 114
Distribution fees ....................... 209 156 196
Custodian fees .......................... 42 44 42
Printing and postage .................... 11 11 10
Professional fees ....................... 18 14 15
Registration expenses ................... 22 14 10
Transfer agent fees ..................... 105 110 107
Trustees' fees .......................... 6 1 2
Other ................................... 1 10 1
------------------------------------------------------------------------------------------
Total expenses .................... 1,396 582 749
------------------------------------------------------------------------------------------
Less amounts waived (Note 2E) ........... 614 121 3
Less earnings credits (Note 2F) ......... 2 1 1
Less expense reimbursements (Note 2F) -- 9 --
------------------------------------------------------------------------------------------
Net expenses ....................... 780 451 745
------------------------------------------------------------------------------------------
Net investment income (loss) ...... 867 (295) (83)
------------------------------------------------------------------------------------------
REALIZED AND UNREALIZED GAIN (LOSS)
ON INVESTMENTS:
Net realized gain on investments
transactions ............................ 6,494 2,577 8,485
Change in net unrealized appreciation/
depreciation of investments ............. 17,895 4,095 (2,192)
------------------------------------------------------------------------------------------
Net realized and unrealized gain
on investments .......................... 24,389 6,672 6,293
------------------------------------------------------------------------------------------
Net increase in net assets
from operations ......................... $25,256 $6,377 $6,210
------------------------------------------------------------------------------------------
</TABLE>
See notes to financial statements.
57
<PAGE>
STATEMENT OF OPERATIONS For the six months ended April 30, 2000 (unaudited)
(Amounts in Thousands)
<TABLE>
<CAPTION>
Small Cap Small Cap
Opportunities Equity Balanced
Fund Fund Fund
<S> <C> <C> <C>
---------------------------------------------------------------------------------------------
INVESTMENT INCOME:
Dividend ............................ $ 205 $ 1,036 $ 376
Interest ............................ 132 473 2,002
--------------------------------------------------------------------------------------------
Total investment income ....... 337 1,509 2,378
--------------------------------------------------------------------------------------------
EXPENSES: (Note 2)
Investment advisory fees ............ 616 1,560 361
Administration fees ................. 142 360 108
Shareholder servicing fees .......... 237 488 181
Distribution fees ................... 464 346 258
Custodian fees ...................... 52 62 43
Printing and postage ................ 10 48 14
Professional fees ................... 21 23 21
Registration expenses ............... 43 24 3
Transfer agent fees ................. 396 249 137
Trustees' fees ...................... 5 12 4
Other ............................... 20 13 10
--------------------------------------------------------------------------------------------
Total expenses ................ 2,006 3,185 1,140
--------------------------------------------------------------------------------------------
Less amounts waived (Note 2E) ....... 239 403 125
Less earnings credits (Note 2F) ..... -- 2 2
Less expense reimbursements
(Note 2F) ........................... 9 -- --
--------------------------------------------------------------------------------------------
Net expenses .................... 1,758 2,780 1,013
--------------------------------------------------------------------------------------------
Net investment income (loss) ... (1,421) (1,271) 1,365
--------------------------------------------------------------------------------------------
REALIZED AND UNREALIZED GAIN
(LOSS) ON INVESTMENTS:
Net realized gain on investments
transactions ........................ 25,517 72,485 9,171
Change in net unrealized
appreciation/depreciation
of investments ...................... 44,647 51,789 (3,492)
--------------------------------------------------------------------------------------------
Net realized and unrealized gain
on investments ...................... 70,164 124,274 5,679
--------------------------------------------------------------------------------------------
Net increase in net assets from
operations .......................... $68,743 $123,003 $7,044
--------------------------------------------------------------------------------------------
</TABLE>
See notes to financial statements.
58
<PAGE>
--------------------------------------------------------------------------------
STATEMENT OF CHANGES IN NET ASSETS For the periods indicated (unaudited)
--------------------------------------------------------------------------------
STATEMENT OF CHANGES IN NET ASSETS For the periods indicated (unaudited)
(Amounts in Thousands)
<TABLE>
<CAPTION>
Core Equity Equity Growth
Fund Fund
------------------------- ------------------------
11/01/99 8/12/99* 11/01/99 8/12/99*
Through Through Through Through
4/30/00 10/31/99 4/30/00 10/31/99
----------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
INCREASE (DECREASE) IN NET
ASSETS FROM OPERATIONS:
Net investment income (loss) ......... $ (123) $ (9) $ (169) $ (17)
Net realized gain (loss) on
investments .......................... (389) (34) (130) (17)
Change in unrealized
appreciation/depreciation
of investments ....................... 2,971 588 4,118 895
----------------------------------------------------------------------------------------------
Increase in net assets
from operations ................. 2,459 545 3,819 861
----------------------------------------------------------------------------------------------
DISTRIBUTIONS TO
SHAREHOLDERS FROM: (Note 1)
Net investment income ................ -- -- -- --
Net realized gain on
investment transactions .............. -- -- -- --
----------------------------------------------------------------------------------------------
Total distributions to
shareholders ...................... -- -- -- --
----------------------------------------------------------------------------------------------
Increase (decrease) from capital
share transactions # .................. 34,723 14,295 30,901 18,873
----------------------------------------------------------------------------------------------
Total increase (decrease)
in net assets ..................... 37,182 14,840 34,720 19,734
NET ASSETS:
Beginning of period .................. 14,840 -- 19,734 --
----------------------------------------------------------------------------------------------
End of period ........................ $52,022 $14,840 $54,454 $19,734
----------------------------------------------------------------------------------------------
<CAPTION>
Growth and Income Capital Growth
Fund Fund
---------------------------- ---------------------------
11/01/99 Year 11/01/99 Year
Through Ended Through Ended
4/30/00 10/31/99 4/30/00 10/31/99
-------------- ------------- ------------- -------------
<S> <C> <C> <C> <C>
INCREASE (DECREASE) IN NET
ASSETS FROM OPERATIONS:
Net investment income (loss) ......... $ 107 $ 5,836 $ (2,580) $ (7,004)
Net realized gain (loss) on
investments .......................... 178,467 372,725 166,490 185,113
Change in unrealized
appreciation/depreciation
of investments ....................... (51,617) (120,708) (5,394) (28,226)
--------------------------------------------------------------------------------------------------
Increase in net assets
from operations .................. 126,957 257,853 158,516 149,883
--------------------------------------------------------------------------------------------------
DISTRIBUTIONS TO
SHAREHOLDERS FROM: (Note 1)
Net investment income ................ -- (6,109) -- --
Net realized gain on
investment transactions .............. (269,993) (222,212) (101,935) (111,161)
--------------------------------------------------------------------------------------------------
Total distributions to
shareholders ..................... (269,993) (228,321) (101,935) (111,161)
--------------------------------------------------------------------------------------------------
Increase (decrease) from capital
share transactions # .................. (88,431) (161,487) (104,052) (289,248)
--------------------------------------------------------------------------------------------------
Total increase (decrease)
in net assets ...................... (231,467) (131,955) (47,471) (250,526)
NET ASSETS:
Beginning of period .................. 1,937,662 2,069,617 939,206 1,189,732
--------------------------------------------------------------------------------------------------
End of period ........................ $1,706,195 $1,937,662 $891,735 $ 939,206
--------------------------------------------------------------------------------------------------
</TABLE>
* Commencement of operations
# See detailed Capital Share Transactions
See notes to financial statements.
59
<PAGE>
STATEMENT OF CHANGES IN NET ASSETS For the periods indicated
(unaudited)
STATEMENT OF CHANGES IN NET ASSETS For the periods indicated (unaudited)
(Amounts in Thousands)
<TABLE>
<CAPTION>
Large Cap Equity Focus Equity Income
Fund Fund Fund
------------------------- --------------------- ------------------------
11/01/99 Year 11/01/99 Year 11/01/99 Year
Through Ended Through Ended Through Ended
4/30/00 10/31/99 4/30/00 10/31/99 4/30/00 10/31/99
------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
INCREASE (DECREASE) IN NET ASSETS
FROM OPERATIONS:
Net investment income (loss) ......................... $ 867 $ 2,223 $ (295) $ (155) $ (83) $ 659
Net realized gain (loss) on investments .............. 6,494 15,831 2,577 (2,676) 8,485 11,186
Change in unrealized appreciation/depreciation of
investments .......................................... 17,895 7,104 4,095 4,338 (2,192) 1,028
------------------------------------------------------------------------------------------------------------------------------------
Increase in net assets from operations .......... 25,256 25,158 6,377 1,507 6,210 12,873
------------------------------------------------------------------------------------------------------------------------------------
DISTRIBUTIONS TO SHAREHOLDERS FROM: (Note 1)
Net investment income ................................ (956) (2,270) -- (18) -- (784)
Net realized gain on investment transactions ......... (15,815) (11,203) -- -- (10,922) (648)
------------------------------------------------------------------------------------------------------------------------------------
Total distributions to shareholders ............. (16,771) (13,473) -- (18) (10,922) (1,432)
------------------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from capital share transactions # (17,283) 63,808 8,458 5,798 (12,591) (21,211)
------------------------------------------------------------------------------------------------------------------------------------
Total increase (decrease) in net assets ......... (8,798) 75,493 14,835 7,287 (17,303) (9,770)
NET ASSETS:
Beginning of period .................................. 252,114 176,621 47,347 40,060 100,254 110,024
------------------------------------------------------------------------------------------------------------------------------------
End of period ........................................ $243,316 $252,114 $62,182 $47,347 $82,951 $100,254
------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
# See detailed Capital Share Transactions
See notes to financial statements.
60
<PAGE>
STATEMENT OF CHANGES IN NET ASSETS For the periods indicated
(unaudited)
STATEMENT OF CHANGES IN NET ASSETS For the periods indicated (unaudited)
(Amounts in Thousands)
<TABLE>
<CAPTION>
Small Cap Opportunities
Fund
-------------------------
11/01/99 Year
Through Ended
4/30/00 10/31/99
--------------------------------------------------------------------------------------
<S> <C> <C>
INCREASE (DECREASE) IN NET ASSETS
FROM OPERATIONS:
Net investment income (loss) ......................... $ (1,421) $ (1,918)
Net realized gain on investments ..................... 25,517 7,125
Change in unrealized appreciation/depreciation of
investments .......................................... 44,647 24,804
--------------------------------------------------------------------------------------
Increase in net assets from operations .......... 68,743 30,011
--------------------------------------------------------------------------------------
DISTRIBUTIONS TO SHAREHOLDERS FROM: (Note 1)
Net investment income ................................ -- --
Net realized gain on investment transactions ......... -- --
--------------------------------------------------------------------------------------
Total distributions to shareholders ............. -- --
--------------------------------------------------------------------------------------
Increase (decrease) from capital share transactions # 6,465 (2,062)
--------------------------------------------------------------------------------------
Total increase (decrease) in net assets ......... 75,208 27,949
NET ASSETS:
Beginning of period .................................. 151,257 123,308
--------------------------------------------------------------------------------------
End of period ........................................ $226,465 $151,257
--------------------------------------------------------------------------------------
<CAPTION>
Small Cap Equity Balanced
Fund Fund
------------------------- ------------------------
11/01/99 Year 11/01/99 Year
Through Ended Through Ended
4/30/00 10/31/99 4/30/00 10/31/99
----------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
INCREASE (DECREASE) IN NET ASSETS
FROM OPERATIONS:
Net investment income (loss) ......................... $ (1,271) $ (1,863) $ 1,365 $ 2,976
Net realized gain on investments ..................... 72,485 47,405 9,171 11,462
Change in unrealized appreciation/depreciation of
investments .......................................... 51,789 11,931 (3,492) (365)
----------------------------------------------------------------------------------------------------------------
Increase in net assets from operations .......... 123,003 57,473 7,044 14,073
----------------------------------------------------------------------------------------------------------------
DISTRIBUTIONS TO SHAREHOLDERS FROM: (Note 1)
Net investment income ................................ -- -- (1,305) (2,915)
Net realized gain on investment transactions ......... (47,381) (3,874) (11,491) (4,832)
----------------------------------------------------------------------------------------------------------------
Total distributions to shareholders ............. (47,381) (3,874) (12,796) (7,747)
----------------------------------------------------------------------------------------------------------------
Increase (decrease) from capital share transactions # 22,706 (96,831) 641 18,942
----------------------------------------------------------------------------------------------------------------
Total increase (decrease) in net assets ......... 98,328 (43,232) (5,111) 25,268
NET ASSETS:
Beginning of period .................................. 423,852 467,084 143,804 118,536
----------------------------------------------------------------------------------------------------------------
End of period ........................................ $522,180 $423,852 $138,693 $143,804
----------------------------------------------------------------------------------------------------------------
</TABLE>
# See detailed Capital Share Transactions.
See notes to financial statements.
61
<PAGE>
--------------------------------------------------------------------------------
CHASE VISTA FUNDS
Capital Share Transactions (unaudited)
--------------------------------------------------------------------------------
CORE EQUITY FUND
For the periods indicated (unaudited) (Amounts in Thousands)
<TABLE>
<CAPTION>
----------------------------------------------------------------------------------------------------------------------------------
Class A Class B Class C
----------------------------------------------------------------------------------------------------------------------------------
Six Months Ended April 30, 2000
Amount Shares Amount Shares Amount Shares
----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Shares sold $ 15,477 1,396 $ 18,209 1,649 $ 7,528 681
Shares issued in reinvestment of distributions -- -- -- -- -- --
Shares redeemed (3,221) (291) (2,733) (250) (537) (48)
----------------------------------------------------------------------------------------------------------------------------------
Net increase in Fund shares outstanding $ 12,256 1,105 $ 15,476 1,399 $ 6,991 633
==================================================================================================================================
Period Ended October 31, 1999*
----------------------------------------------------------------------------------------------------------------------------------
Shares sold $ 7,191 713 $ 5,651 562 $ 1,624 161
Shares issued in reinvestment of distributions -- -- -- -- -- --
Shares redeemed (99) (10) (54) (5) (18) (2)
----------------------------------------------------------------------------------------------------------------------------------
Net increase in Fund shares outstanding $ 7,092 703 $ 5,597 557 $ 1,606 159
==================================================================================================================================
</TABLE>
* For Class A and B shares, from commencement of operations on August 12,
1999. For Class C shares, from commencement of offering on August 13, 1999.
See notes to financial statements.
62
<PAGE>
--------------------------------------------------------------------------------
CHASE VISTA FUNDS
Capital Share Transactions (unaudited)
--------------------------------------------------------------------------------
EQUITY GROWTH FUND
For the periods indicated (unaudited) (Amounts in Thousands)
<TABLE>
<CAPTION>
----------------------------------------------------------------------------------------------------------------------------------
Class A Class B Class C
----------------------------------------------------------------------------------------------------------------------------------
Six Months Ended April 30, 2000
Amount Shares Amount Shares Amount Shares
----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Shares sold $ 18,593 1,572 $ 20,053 1,705 $3,970 337
Shares issued in reinvestment of distributions -- -- -- -- -- --
Shares redeemed (3,431) (289) (7,950) (695) (334) (27)
----------------------------------------------------------------------------------------------------------------------------------
Net increase in Fund shares outstanding $ 15,162 1,283 $ 12,103 1,010 $3,636 310
==================================================================================================================================
Period Ended October 31, 1999*
----------------------------------------------------------------------------------------------------------------------------------
Shares sold $ 7,810 775 $ 10,736 1,068 $ 984 98
Shares issued in reinvestment of distributions -- -- -- -- -- --
Shares redeemed (75) (7) (582) (58) -- --
----------------------------------------------------------------------------------------------------------------------------------
Net increase in Fund shares outstanding $ 7,735 768 $ 10,154 1,010 $ 984 98
==================================================================================================================================
</TABLE>
* For Class A shares, from commencement of operations on August 12, 1999. For
Class B shares, from commencement of offering on August 13, 1999. For Class C
shares, from commencement of offering on August 20, 1999.
See notes to financial statements.
63
<PAGE>
--------------------------------------------------------------------------------
CHASE VISTA FUNDS
Capital Share Transactions (unaudited)
--------------------------------------------------------------------------------
GROWTH AND INCOME FUND
For the periods indicated (unaudited) (Amounts in Thousands)
<TABLE>
<CAPTION>
------------------------------------------------------------------------------------------------------------------------------------
Class A Class B Class C Class I
------------------------------------------------------------------------------------------------------------------------------------
Six Months Ended April 30, 2000
Amount Shares Amount Shares Amount Shares Amount Shares
------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Shares sold $ 29,308 733 $ 12,023 302 $ 1,491 39 $ 1,495 36
Shares issued in
reinvestment of
distributions 179,070 4,728 68,402 1,828 1,344 37 1,960 51
Shares redeemed (263,198) (6,597) (112,971) (2,862) (2,818) (73) (4,537) (112)
-----------------------------------------------------------------------------------------------------------------------------------
Net increase
(decrease) in Fund
shares outstanding $ (54,820) (1,136) $(32,546) (732) $ 17 3 $ (1,082) (25)
===================================================================================================================================
Year Ended October 31, 1999
-----------------------------------------------------------------------------------------------------------------------------------
Shares sold $ 298,888 6,816 $ 63,796 1,469 $ 7,831 184 $ 11,576 264
Shares issued in
reinvestment of
distributions 154,173 3,732 55,045 1,346 619 15 3,068 74
Shares redeemed (589,252) (13,490) (139,404) (3,229) (2,842) (67) (24,985) (568)
-----------------------------------------------------------------------------------------------------------------------------------
Net increase
(decrease) in Fund
shares outstanding $(136,191) (2,942) $(20,563) (414) $ 5,608 132 $(10,341) (230)
===================================================================================================================================
</TABLE>
See notes to financial statements.
64
<PAGE>
--------------------------------------------------------------------------------
CHASE VISTA FUNDS
Capital Share Transactions (unaudited)
--------------------------------------------------------------------------------
CAPITAL GROWTH FUND
For the periods indicated (unaudited) (Amounts in Thousands)
<TABLE>
<CAPTION>
------------------------------------------------------------------------------------------------------------------------------------
Class A Class B Class C Class I
------------------------------------------------------------------------------------------------------------------------------------
Six Months Ended April 30, 2000
Amount Shares Amount Shares Amount Shares Amount Shares
------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Shares sold $ 164,392 3,814 $ 65,244 1,559 $ 3,575 87 $ 2,157 50
Shares issued in
reinvestment of
distributions 57,038 1,457 35,275 930 386 10 1,878 47
Shares redeemed (294,438) (6,841) (130,063) (3,124) (4,814) (117) (4,682) (109)
------------------------------------------------------------------------------------------------------------------------------------
Net decrease in Fund
shares outstanding $ (73,008) (1,570) $ (29,544) (635) $ (853) (20) $ (647) (12)
====================================================================================================================================
Year Ended October 31, 1999
------------------------------------------------------------------------------------------------------------------------------------
Shares sold $ 726,338 17,435 $ 132,171 3,272 $ 7,625 189 $ 12,399 296
Shares issued in
reinvestment of
distributions 62,638 1,590 36,123 939 270 7 5,013 126
Shares redeemed (965,361) (23,229) (247,415) (6,126) (5,821) (144) (53,228) (1,273)
------------------------------------------------------------------------------------------------------------------------------------
Net increase
(decrease) in Fund
shares outstanding $(176,385) (4,204) $ (79,121) (1,915) $ 2,074 52 $ (35,816) (851)
====================================================================================================================================
</TABLE>
See notes to financial statements.
65
<PAGE>
--------------------------------------------------------------------------------
CHASE VISTA FUNDS
Capital Share Transactions (unaudited)
--------------------------------------------------------------------------------
LARGE CAP EQUITY FUND
For the periods indicated (unaudited) (Amounts in Thousands)
<TABLE>
<CAPTION>
------------------------------------------------------------------------------------------------------------------------------------
Class A Class B Class C Class I
------------------------------------------------------------------------------------------------------------------------------------
Six Months Ended April 30, 2000
Amount Shares Amount Shares Amount Shares Amount Shares
------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Shares sold $ 14,925 928 $ 5,593 349 $ 319 20 $ 13,871 842
Shares issued in
reinvestment of
distributions 3,867 247 1,411 91 59 4 5,730 365
Shares redeemed (19,600) (1,214) (13,076) (806) (203) (13) (30,179) (1,858)
------------------------------------------------------------------------------------------------------------------------------------
Net increase
(decrease) in Fund
shares outstanding $ (808) (39) $ (6,072) (366) $ 175 11 $(10,578) (651)
====================================================================================================================================
Year Ended October 31, 1999*
------------------------------------------------------------------------------------------------------------------------------------
Shares sold $ 33,994 2,075 $ 36,595 2,224 $1,986 123 $ 37,898 2,277
Shares issued in
reinvestment of
distributions 3,165 205 667 43 3 -- 4,715 303
Shares redeemed (21,731) (1,339) (11,804) (729) (397) (24) (21,283) (1,300)
------------------------------------------------------------------------------------------------------------------------------------
Net increase in Fund
shares outstanding $ 15,428 941 $ 25,458 1,538 $1,592 99 $ 21,330 1,280
====================================================================================================================================
</TABLE>
*For Class C shares, from commencement of offering on November 11, 1998.
See notes to financial statements.
66
<PAGE>
--------------------------------------------------------------------------------
CHASE VISTA FUNDS
Capital Share Transactions (unaudited)
--------------------------------------------------------------------------------
FOCUS FUND
For the periods indicated (unaudited) (Amounts in Thousands)
<TABLE>
<CAPTION>
------------------------------------------------------------------------------------------------------------------------------------
Class A Class B Class C Class I
------------------------------------------------------------------------------------------------------------------------------------
Six Months Ended April 30, 2000
Amount Shares Amount Shares Amount Shares Amount Shares
------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Shares sold $ 10,046 848 $ 6,849 586 $ 2,165 188 $-- --
Shares issued in
reinvestment of
distributions -- -- -- -- -- -- -- --
Shares redeemed (4,798) (422) (3,266) (290) (2,538) (222) -- --
---------------------------------------------------------------------------------------------------------------------------------
Net increase
(decrease) in Fund
shares outstanding $ 5,248 426 $ 3,583 296 $ (373) (34) $-- --
=================================================================================================================================
Period Ended October 31, 1999
---------------------------------------------------------------------------------------------------------------------------------
Shares sold $ 10,321 1,026 $ 15,774 1,580 $ 6,636 659 $-- --
Shares issued in
reinvestment of
distributions 16 2 -- -- -- -- -- --
Shares redeemed (11,827) (1,179) (11,505) (1,160) (3,617) (359) -- --
---------------------------------------------------------------------------------------------------------------------------------
Net increase
(decrease) in Fund
shares outstanding $ (1,490) (151) $ 4,269 420 $ 3,019 300 $-- --
=================================================================================================================================
</TABLE>
See notes to financial statements.
67
<PAGE>
--------------------------------------------------------------------------------
CHASE VISTA FUNDS
Capital Share Transactions (unaudited)
--------------------------------------------------------------------------------
EQUITY INCOME FUND
For the periods indicated (unaudited) (Amounts in Thousands)
<TABLE>
<CAPTION>
------------------------------------------------------------------------------------------------------------------------------------
Class A Class B Class C
------------------------------------------------------------------------------------------------------------------------------------
Six Months Ended April 30, 2000
Amount Shares Amount Shares Amount Shares
------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Shares sold $ 4,158 201 $ 1,526 77 $ 897 44
Shares issued in reinvestment of distributions 5,927 306 2,834 148 687 36
Shares redeemed (20,389) (1,005) (6,634) (343) (1,597) (88)
------------------------------------------------------------------------------------------------------------------------------------
Net decrease in Fund shares outstanding $(10,304) (498) $(2,274) (118) $ (13) (8)
====================================================================================================================================
Year Ended October 31, 1999
------------------------------------------------------------------------------------------------------------------------------------
Shares sold $ 21,417 1,018 $ 7,569 364 $ 3,595 173
Shares issued in reinvestment of distributions 881 42 226 11 45 2
Shares redeemed (44,833) (2,132) (8,604) (412) (1,507) (72)
------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in Fund shares
outstanding $(22,535) (1,072) $ (809) (37) $ 2,133 103
====================================================================================================================================
</TABLE>
See notes to financial statements.
68
<PAGE>
--------------------------------------------------------------------------------
CHASE VISTA FUNDS
Capital Share Transactions (unaudited)
--------------------------------------------------------------------------------
SMALL CAP OPPORTUNITIES FUND
For the periods indicated (unaudited) (Amounts in Thousands)
<TABLE>
<CAPTION>
------------------------------------------------------------------------------------------------------------------------------------
Class A Class B Class C Class I
------------------------------------------------------------------------------------------------------------------------------------
Six Months Ended April 30, 2000
Amount Shares Amount Shares Amount Shares Amount Shares
------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Shares sold $ 71,262 3,503 $ 15,870 740 $ 1,560 74 $125 6
Shares issued in
reinvestment of
distributions -- -- -- -- -- -- -- --
Shares redeemed (66,715) (3,359) (13,774) (723) (1,863) (95) -- --
------------------------------------------------------------------------------------------------------------------------------------
Net increase
(decrease) in Fund
shares outstanding $ 4,547 144 $ 2,096 17 $ (303) (21) $125 6
====================================================================================================================================
Year Ended October 31, 1999*
------------------------------------------------------------------------------------------------------------------------------------
Shares sold $ 106,407 7,140 $ 23,303 1,597 $ 3,914 272 $ 20 1
Shares issued in
reinvestment of
distributions -- -- -- -- -- -- -- --
Shares redeemed (105,627) (7,077) (26,664) (1,842) (3,415) (234) -- --
------------------------------------------------------------------------------------------------------------------------------------
Net increase
(decrease) in Fund
shares outstanding $ 780 63 $ (3,361) (245) $ 499 38 $ 20 1
====================================================================================================================================
</TABLE>
*For Class I shares, from commencement of offering on April 5, 1999.
See notes to financial statements.
69
<PAGE>
--------------------------------------------------------------------------------
CHASE VISTA FUNDS
Capital Share Transactions (unaudited)
--------------------------------------------------------------------------------
SMALL CAP EQUITY FUND
For the periods indicated (unaudited) (Amounts in Thousands)
<TABLE>
<CAPTION>
------------------------------------------------------------------------------------------------------------------------------------
Class A Class B Class C
------------------------------------------------------------------------------------------------------------------------------------
Six Months Ended April 30, 2000
Amount Shares Amount Shares Amount Shares
------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Shares sold $ 58,840 2,371 $ 1,163 49 $ 50,570 1,926
Shares issued in reinvestment of distributions 9,051 407 5,871 274 30,298 1,339
Shares redeemed (84,713) (3,432) (14,256) (598) (34,118) (1,353)
------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in Fund shares
outstanding $ (16,822) (654) $ (7,222) (275) $ 46,750 1,912
====================================================================================================================================
Year Ended October 31, 1999
------------------------------------------------------------------------------------------------------------------------------------
Shares sold $ 77,551 3,459 $ 2,337 109 $ 19,682 865
Shares issued in reinvestment of distributions 943 44 615 29 2,108 96
Shares redeemed (128,180) (5,719) (33,340) (1,554) (38,547) (1,681)
------------------------------------------------------------------------------------------------------------------------------------
Net decrease in Fund shares outstanding $ (49,686) (2,216) $(30,388) (1,416) $(16,757) (720)
====================================================================================================================================
</TABLE>
See notes to financial statements.
70
<PAGE>
--------------------------------------------------------------------------------
CHASE VISTA FUNDS
Capital Share Transactions (unaudited)
--------------------------------------------------------------------------------
BALANCED FUND
For the periods indicated (unaudited) (Amounts in Thousands)
<TABLE>
<CAPTION>
------------------------------------------------------------------------------------------------------------------------------------
Class A Class B Class C
------------------------------------------------------------------------------------------------------------------------------------
Six Months Ended April 30, 2000
Amount Shares Amount Shares Amount Shares
------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Shares sold $ 17,534 1,116 $ 2,923 192 $ 470 31
Shares issued in reinvestment of distributions 8,565 566 2,219 150 39 3
Shares redeemed (24,539) (1,573) (6,338) (418) (232) (16)
------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in Fund shares
outstanding $ 1,560 109 $(1,196) (76) $ 277 18
====================================================================================================================================
Year Ended October 31, 1999*
------------------------------------------------------------------------------------------------------------------------------------
Shares sold $ 36,973 2,289 $10,197 639 $1,417 88
Shares issued in reinvestment of distributions 6,150 387 1,232 79 3 --
Shares redeemed (31,651) (1,952) (5,285) (331) (94) (6)
------------------------------------------------------------------------------------------------------------------------------------
Net increase in Fund shares outstanding $ 11,472 724 $ 6,144 387 $1,326 82
====================================================================================================================================
</TABLE>
*For Class C shares, from commencement of offering on November 20, 1998.
See notes to financial statements.
71
<PAGE>
--------------------------------------------------------------------------------
CHASE VISTA FUNDS NOTES TO FINANCIAL STATEMENTS (unaudited)
--------------------------------------------------------------------------------
1. Organization and Significant Accounting Policies
Mutual Fund Group (the "Trust") was organized on May 11, 1987 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. Core
Equity Fund ("CEF"), Equity Growth Fund ("EGF"), Growth and Income Fund ("GIF"),
Capital Growth Fund ("CGF"), Large Cap Equity Fund ("LCEF"), Focus Fund ("FF"),
Equity Income Fund ("EIF"), Small Cap Opportunities Fund ("SCOF"), Small Cap
Equity Fund ("SCEF") and Balanced Fund ("BF"), collectively, the "Funds", are
separate series of the Trust. The Funds offer various classes of shares as
follows:
<TABLE>
<CAPTION>
Fund Class Offered
--------------------------------------------------------------------------------
<S> <C>
CEF* Class A, Class B, Class C
EGF* Class A, Class B, Class C
GIF Class A, Class B, Class C, Institutional
CGF Class A, Class B, Class C, Institutional
LCEF Class A, Class B, Class C, Institutional
FF Class A, Class B, Class C, Institutional
EIF Class A, Class B, Class C
SCOF Class A, Class B, Class C, Institutional
SCEF Class A, Class B, Institutional
BF Class A, Class B, Class C
</TABLE>
* Commenced operations on August 12, 1999
Class A shares generally provide for a front-end sales charge while Class B
shares and Class C shares provide for a contingent deferred sales charge. All
classes of shares have equal rights as to earnings, assets and voting privileges
except that each class may bear different distribution fees and each class has
exclusive voting rights with respect to its distribution plan. No sales charges
are assessed with respect to the Institutional Class ("Class I").
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. CEF, EGF, GIF and CGF
CEF, EGF, GIF and CGF utilize the Master Feeder Fund Structure and seek to
achieve their investment objectives by investing all of their investable
assets in the Core Equity Portfolio, Equity Growth Portfolio, Growth and
Income Portfolio and the Capital Growth Portfolio, respectively, (the
"Portfolios"), which like the Funds, are open-end management investment
companies having the same investment objectives as the Funds. As of April 30,
2000, CEF, EGF, GIF and CGF owned 21.03%, 12.26%, 72.22% and 99.99% of the
net assets of their respective Portfolios. The financial statements of the
Portfolios, including the Portfolios of Investments, are included elsewhere
in this report. The financial statements of the Portfolios should be read in
conjunction with the financial statements of the Funds.
72
<PAGE>
CHASE VISTA FUNDS NOTES TO FINANCIAL STATEMENTS (unaudited) (continued)
1. Valuation of investments -- CEF, EGF, GIF and CGF record their
investments in their respective Portfolios at value. Securities of the
Portfolios are recorded at value as more fully discussed in the notes to
those financial statements.
2. Investment income and expenses -- CEF, EGF, GIF and CGF record daily
their pro-rata share of the respective Portfolio's income, expenses and
realized and unrealized gains and losses. In addition, the Funds accrue
their own expenses daily as incurred. Realized gains/losses and changes in
unrealized appreciation/depreciation represent the Fund's share of such
elements allocated from the Portfolio.
B. LCEF, FF, EIF, SCOF, SCEF and BF
1. Valuation of investments -- Equity securities, purchased options and
futures are valued at the last sale price on the exchange on which they
are primarily traded, including the NASDAQ National Market. Securities for
which sale prices are not available and other over-the-counter securities
are valued at the last quoted bid price. Bonds and other fixed income
securities (other than short-term obligations), including listed issues,
are valued on the basis of the 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.
2. Repurchase agreements -- It is each Fund's policy that repurchase
agreements are fully collateralized by U.S. Treasury and Government Agency
securities. All collateral is held by the Fund's custodian bank,
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.
3. Futures contracts -- When a Fund enters into a futures contract, it
makes an initial margin deposit in a segregated account, either in cash or
liquid securities. Thereafter, the futures contract is marked to market
and the Fund makes (or receives) additional cash payments daily to (or
from) the broker. Changes in the value of the contract are recorded as
unrealized appreciation/depreciation until the contract is closed or
settled.
Index futures contracts are used to control the asset mix of the
portfolios in the most efficient manner. Short index futures contracts
are
73
<PAGE>
CHASE VISTA FUNDS NOTES TO FINANCIAL STATEMENTS (unaudited) (continued)
used for hedging purposes, i.e. to reduce the exposure to equities. Long
index futures contracts are used to gain exposure to equities, when it is
anticipated that this will be more efficient than buying stocks directly.
Use of long futures contracts subject the Fund to risk of loss up to the
amount of the nominal value of the futures contracts as shown in the
Portfolio of Investments. Use of short futures contracts subject the Fund
to unlimited risk.
The Funds may enter into futures contracts only on exchanges or boards of
trade. The exchange or board of trade acts as the counterparty to each
futures transaction, therefore, the Funds' credit risk is limited to
failure of the exchange or board of trade. As of April 30, 2000, the Funds
had no outstanding futures contracts.
4. Dollar rolls -- BF enters into dollar rolls in which the Fund sells
mortgage-backed securities for delivery in the current month and
simultaneously contracts to repurchase substantially similar (same type,
coupon and maturity) securities on a specified future date. During the
roll period, the Fund forgoes principal and interest paid on the
securities. The Fund is compensated by the interest earned on the cash
proceeds of the initial sale and a fee earned for entering into the roll
transaction. Income is recognized over the duration of the roll
transaction.
5. Security transactions and investment income -- Investment transactions
are accounted for on the trade date (the date the order to buy or sell is
executed). Securities gains and losses are calculated on the identified
cost basis. Interest income is accrued as earned. Dividend income is
recorded on the ex-dividend date.
C. General Policies
1. Organization expenses -- Organization and initial registration costs
incurred in connection with establishing Funds which commenced operations
prior to June 30, 1998 have been deferred and are being amortized on a
straight-line basis over a sixty month period beginning at the
commencement of operations of each Fund.
2. 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.
3. 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 --
74
<PAGE>
CHASE VISTA FUNDS NOTES TO FINANCIAL STATEMENTS (unaudited) (continued)
"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.
4. Expenses -- Expenses directly attributable to a Fund are charged to
that Fund; expenses directly attributable to a particular class are
charged to that class. Other expenses are allocated proportionately among
each Fund within the Trust in relation to the net assets of each Fund or
on another reasonable basis. 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, are allocated daily to
each class of shares based upon the proportion of net assets of each class
at the beginning of each day.
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 LCEF, FF, EIF, SCOF, SCEF and BF. 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 0.40% for LCEF, FF and EIF, 0.65% for SCOF and SCEF, and 0.50% for
BF of average daily net assets. The Advisor voluntarily waived fees as
outlined in Note 2.E. below.
Chase Asset Management ("CAM") is the sub-investment adviser to LCEF, FF,
EIF, SCOF, SCEF and BF pursuant to a Sub-Investment Advisory Agreement
between Chase and CAM. CAM is a wholly-owned subsidiary of Chase and is
entitled to receive a fee, payable by Chase from its advisory fee, at an
annual rate equal to 0.20% for LCEF, FF and EIF, 0.30% for SCOF and SCEF, and
0.25% for BF of average daily net assets.
B. Shareholder servicing fees -- The Trust has adopted an Administrative
Services Plan which, among other things, provides that the Trust on behalf of
the Funds may obtain the services of one or more Shareholder Servicing
Agents. For their services, the Shareholder Servicing Agents receive a fee
that is computed daily and paid monthly at an annual rate equal to 0.25% of
the average daily net assets of each of the classes of the Funds, excluding
Class A Shares of SCEF. SCEF is charged a fee from non-affiliated Shareholder
Servicing Agents not to exceed 0.25% of Class A Shares average daily net
assets. For the six months ended April 30, 2000, Shareholder Servicing
charges paid to Chase or its affiliates were as follows (amounts in
thousands, before waivers):
75
<PAGE>
CHASE VISTA FUNDS NOTES TO FINANCIAL STATEMENTS (unaudited) (continued)
<TABLE>
<CAPTION>
Fund Amount Fund Amount
-----------------------------------------------------
<S> <C> <C> <C>
CEF $ 41 FF $ 69
EGF 45 EIF 113
GIF 2,230 SCOF 235
CGF 1,088 SCEF 480
LCEF 307 BF 181
</TABLE>
The Shareholder Servicing Agents have voluntarily waived fees as outlined
in Note 2.E. below.
C. Distribution and sub-administration fees -- Pursuant to a Distribution and
Sub- Administration Agreement, Vista Fund Distributors, Inc. (the
"Distributor"), a wholly owned subsidiary of The BISYS Group, Inc. ("BISYS"),
is the Trust's exclusive underwriter and promotes and arranges for the sale
of each Fund's shares. In addition, the Distributor provides certain
sub-administration services to the Trust, including providing officers,
clerical staff and office space for an annual fee of 0.05% of the average
daily net assets of each Fund.
The Trustees have adopted Distribution Plans (the "Distribution Plans") for
Class A, B and C for the Funds in accordance with Rule 12b-1 under the 1940
Act. There is no Distribution Plan for the Institutional Classes. The Class A
Distribution Plans provide that each Fund shall pay distribution fees,
including payments to the Distributor, at annual rates not to exceed 0.25% of
the average daily net assets of the Class A Shares of each Fund. The Class B
and Class C Distribution Plans provide that each Fund shall pay distribution
fees, including payments to the Distributor, at an annual rate not to exceed
0.75% of the average annual net assets of the Class B and Class C Shares for
distribution services.
The Distributor voluntarily waived fees as outlined in Note 2.E. below.
D. Administration fee -- Pursuant to an Administration Agreement, Chase (the
"Administrator") provides certain administration services to the Trust. For
these services and facilities, the Administrator receives from LCEF, FF, EIF,
SCOF, SCEF and BF a fee computed at the annual rate equal to 0.10% of the
respective Fund's average daily net assets and from CEF, EGF, GIF and CGF, a
fee computed at the annual rate equal to 0.05% of the respective Fund's
average daily net assets.
The Administrator voluntarily waived fees as outlined in Note 2.E. below.
E. Waiver of fees -- For the six months ended April 30, 2000, the Funds'
vendors voluntarily waived fees for each of the Funds as follows (amounts in
thousands):
<TABLE>
<CAPTION>
Investment Shareholder
Fund Advisory Administration Servicing Distribution
--------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
CEF.......... $ -- $16 $ 41 $17
EGF.......... -- 18 45 21
LCEF......... 491 123 -- --
FF .......... 111 -- 10 --
EIF ......... 3 -- -- --
SCOF......... 120 -- 119 --
SCEF......... -- -- 403 --
BF .......... -- -- 125 --
</TABLE>
76
<PAGE>
CHASE VISTA FUNDS NOTES TO FINANCIAL STATEMENTS (unaudited) (continued)
F. Other -- Certain officers of the Trust are officers of Vista Fund
Distributors, Inc. or of its parent corporation, BISYS.
Chase provides portfolio accounting and custody services for LCEF, FF, EIF,
SCOF, SCEF and BF. Compensation for such services is presented in the
Statement of Operations as custodian fees. Custodian fees are subject to
reduction by credits earned by each Fund, based on cash balances held by
Chase as custodian. Such earnings credits are presented separately in the
Statement of Operations. The Funds could have invested the cash balances
utilized in connection with the earnings credit arrangements in income
producing assets if they had not entered into such arrangements.
The Distributor voluntarily reimbursed expenses of the Funds in the amounts
as shown on the Statement of Operations.
3. Investment Transactions
For the six months ended April 30, 2000, purchases and sales of investments
(excluding short-term investments) were as follows (in thousands):
<TABLE>
<CAPTION>
Purchases Sales Purchases Sales
(excluding U.S. (excluding U.S. of U.S. of U.S.
Government) Government) Government Government
--------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
LCEF......... $ 45,687 $ 72,153 $ -- $ --
FF ........... 32,962 30,542 -- --
EIF .......... 31,909 64,457 -- --
SCOF......... 88,482 75,076 -- --
SCEF......... 188,816 225,085 -- --
BF ........... 38,412 57,222 89,254 75,260
</TABLE>
4. Federal Income Tax Matters
For Federal income tax purposes, the cost and unrealized appreciation
(depreciation) in value of the investment securities at April 30, 2000 are as
follows (in thousands):
<TABLE>
<CAPTION>
Gross Gross
Aggregate unrealized unrealized Net unrealized
cost appreciation depreciation appreciation
----------------------------------------------------------------------------
<S> <C> <C> <C> <C>
LCEF......... $178,843 $ 70,242 $ (5,823) $ 64,419
FF ........... 53,649 14,290 (6,039) 8,251
EIF .......... 74,797 12,998 (4,770) 8,228
SCOF......... 150,168 85,265 (8,840) 76,425
SCEF......... 392,345 155,628 (24,673) 130,955
BF ........... 125,954 17,555 (5,232) 12,323
</TABLE>
5. Retirement Plan
The Funds have adopted an unfunded noncontributory defined benefit pension plan
covering all independent trustees of the Funds who will have served as an
independent trustee for at least five years at the time of retirement. Benefits
under this plan are based on compensation and years of service. Pension expenses
for the six months ended April 30, 2000, included in Trustees Fees in the
Statement of Operations, and accrued pension liability included in other accrued
liabilities in the Statement of Assets and Liabilities were as follows (in
thousands):
77
<PAGE>
CHASE VISTA FUNDS NOTES TO FINANCIAL STATEMENTS (unaudited) (continued)
<TABLE>
<CAPTION>
Accrued
Pension Pension
Expenses Liability
-----------------------------------------------------
<S> <C> <C>
CEF .......... $ --[dag] $ --[dag]
EGF .......... --[dag] --[dag]
GIF .......... 89 93
CGF .......... 4 52
LCEF ......... 2 14
FF ........... 1 2
EIF .......... 1 6
SCOF ......... 1 6
SCEF ......... 3 36
BF ........... 1 9
</TABLE>
[dag] Amounts round to less than one thousand.
6. Bank Borrowings
The LCEF, FF, EIF, SCOF, SCEF and BF may borrow money for temporary or emergency
purposes. Any borrowings representing more than 5% of a Fund's total assets must
be repaid before the Fund may make additional investments. The Funds have
entered into an agreement, enabling them to participate with other Chase Vista
Funds in an unsecured line of credit with a syndicate of banks, which permits
borrowings up to $350 million, collectively. Interest is charged to each Fund
based on its borrowings at an annual rate equal to the sum of the Federal Funds
Rate plus 0.50%. The Funds also pay a commitment fee of 0.10% per annum on the
average daily amount of the available commitment, which is allocated, on a
pro-rata basis to the funds. The commitment fee is included in Other expenses on
the Statement of Operations. Borrowings are payable on demand.
The Funds had no borrowings outstanding at April 30, 2000, nor at anytime during
the six months then ended.
7. Concentrations
At April 30, 2000, FF, SCOF and SCEF invested 50.3%, 42.4% and 32.8% of their
respective portfolios in securities issued by technology sector companies, such
as computer hardware and software companies, internet connectivity providers and
telecommunications equipment manufacturers. Valuations of companies in the
technology sector are typically subject to greater volatility than other
sectors.
78
<PAGE>
--------------------------------------------------------------------------------
CHASE VISTA FUNDS FINANCIAL HIGHLIGHTS (unaudited)
--------------------------------------------------------------------------------
FINANCIAL HIGHLIGHTS (unaudited)
<TABLE>
<CAPTION>
Core Equity Fund
--------------------------------------------------------------
Class A Class B
------------------------------- ------------------------------
11/1/99 8/12/99** 11/1/99 8/12/99**
Through Through Through Through
4/30/00 10/31/99 4/30/00 10/31/99
------- --------- ------- ---------
<S> <C> <C> <C> <C>
Per share operating performance
Net asset value, beginning of period ................................ $10.47 $10.00 $10.46 $10.00
------ ------ ------ -------
Income from investment operations:
Net investment income .............................................. (0.01) -- (0.03) (0.01)
Net gains or losses on investments (both realized and unrealized) .. 0.99 0.47 0.97 0.47
------ ------ ------ -------
Total from investment operations .................................. 0.98 0.47 0.94 0.46
------ ------ ------ -------
Net asset value, end of period ...................................... $11.45 $10.47 $11.40 $10.46
====== ====== ====== ======
Total return (1) .................................................... 9.36% 4.70% 8.99% 4.60%
Ratios/supplemental data:
Net assets, end of period (millions) ............................... $ 21 $ 7 $ 22 $ 6
Ratios to average net assets:#
Expenses ........................................................... 1.25% 1.21% 1.99% 1.94%
Net investment income .............................................. (0.31%) (0.35%) (1.07%) (1.08%)
Expenses without waivers and reimbursements ........................ 2.14% 7.20% 2.63% 7.68%
Net investment income without waivers and reimbursements ........... (1.20%) (6.34%) (1.71%) (6.82%)
<CAPTION>
Core Equity Fund
-------------------------
Class C
-------------------------
11/1/99 8/13/99*
Through Through
4/30/00 10/31/99
-------- --------
<S> <C> <C>
Per share operating performance
Net asset value, beginning of period ................................ $10.46 $10.12
------ ------
Income from investment operations:
Net investment income .............................................. (0.03) (0.01)
Net gains or losses on investments (both realized and unrealized) .. 0.97 0.35
------ ------
Total from investment operations .................................. 0.94 0.34
------ ------
Net asset value, end of period ...................................... $11.40 $10.46
====== ======
Total return (1) .................................................... 8.99% 3.36%
Ratios/supplemental data:
Net assets, end of period (millions) ............................... $ 9 $ 2
Ratios to average net assets:#
Expenses ........................................................... 1.99% 1.94%
Net investment income .............................................. (1.07%) (1.06%)
Expenses without waivers and reimbursements ........................ 2.62% 7.68%
Net investment income without waivers and reimbursements ........... (1.70%) (6.80%)
------------------------------------------------------------------------------------------------
* Commencement of offering class of shares.
** Commencement of operations.
(1) Total return figures do not include the effect of any front-end or deferred sales load.
# Short periods have been annualized.
</TABLE>
See notes to financial statements.
79
<PAGE>
CHASE VISTA FUNDS FINANCIAL HIGHLIGHTS (unaudited)
FINANCIAL HIGHLIGHTS (unaudited)
<TABLE>
<CAPTION>
Equity Growth Fund
-------------------------
Class A
-------------------------
11/1/99 8/12/99**
Through Through
4/30/00 10/31/99
------- ---------
<S> <C> <C>
Per share operating performance
Net asset value, beginning of period ..................................... $10.53 $10.00
------ ------
Income from investment operations:
Net investment income ................................................... (0.02) --
Net gains or losses on investments (both realized and unrealized) ....... 1.68 0.53
------ ------
Total from investment operations ....................................... 1.66 0.53
------ ------
Net asset value, end of period ........................................... $12.19 $10.53
====== ======
Total return (1) ......................................................... 15.76% 5.30%
Ratios/supplemental data:
Net assets, end of period (millions) .................................... $ 25 $ 8
Ratios to average net assets:#
Expenses ................................................................ 1.25% 1.21%
Net investment income ................................................... (0.53%) (0.54%)
Expenses without waivers and reimbursements ............................. 2.12% 5.52%
Net investment income without waivers and reimbursements ................ (1.40%) (4.85%)
<CAPTION>
Class B Class C
------------------------ -------------------------
11/1/99 8/13/99* 11/1/99 8/20/99*
Through Through Through Through
4/30/00 10/31/99 4/30/00 10/31/99
------- -------- ------- --------
<S> <C> <C> <C> <C>
Per share operating performance
Net asset value, beginning of period ..................................... $10.51 $10.00 $10.51 $ 9.96
------ ------ ------ ------
Income from investment operations:
Net investment income ................................................... (0.04) (0.01) (0.04) (0.01)
Net gains or losses on investments (both realized and unrealized) ....... 1.66 0.52 1.66 0.56
------ ------ ------ ------
Total from investment operations ....................................... 1.62 0.51 1.62 0.55
------ ------ ------ ------
Net asset value, end of period ........................................... $12.13 $10.51 $12.13 $10.51
====== ====== ====== ======
Total return (1) ......................................................... 15.41% 5.10% 15.41% 5.52%
Ratios/supplemental data:
Net assets, end of period (millions) .................................... $ 24 $ 11 $ 5 $ 1
Ratios to average net assets:#
Expenses ................................................................ 2.00% 1.93% 1.99% 1.95%
Net investment income ................................................... (1.28%) (1.19%) (1.28%) (1.25%)
Expenses without waivers and reimbursements ............................. 2.63% 6.02% 2.61% 6.04%
Net investment income without waivers and reimbursements ................ (1.91%) (5.28%) (1.90%) (5.34%)
-----------------------------------------------------------------------------------------------------------------------------
* Commencement of offering class of shares.
** Commencement of operations.
(1) Total return figures do not include the effect of any front-end or deferred sales load.
# Short periods have been annualized.
</TABLE>
See notes to financial statements.
80
<PAGE>
CHASE VISTA FUNDS FINANCIAL HIGHLIGHTS (unaudited)
FINANCIAL HIGHLIGHTS (unaudited)
<TABLE>
<CAPTION>
Growth and Income Fund
-------------------------------------------------------------------------------------
Class A
-------------------------------------------------------------------------------------
11/1/99 Year Ended
Through -------------------------------------------------------------------------
4/30/00 10/31/99 10/31/98 10/31/97 10/31/96 10/31/95
------- -------- -------- -------- -------- --------
<S> <C> <C> <C> <C> <C> <C>
Per share operating performance
Net asset value, beginning of period ......... $43.65 $43.24 $46.21 $39.21 $34.96 $30.26
------ ------ ------ ------ ------ ------
Income from investment operations:
Net investment income ....................... 0.03@ 0.18@ 0.19@ 0.35@ 0.60 0.61
Net gains or losses in securities
(both realized and unrealized) .............. 2.82 5.07 3.59 10.18 5.96 4.71
------ ------ ------ ------ ------ ------
Total from investment operations ........... 2.85 5.25 3.78 10.53 6.56 5.32
------ ------ ------ ------ ------ ------
Distributions to shareholders from:
Dividends from net investment
income ...................................... -- 0.17 0.19 0.38 0.55 0.62
Distributions from capital gains ............ 6.31 4.67 6.56 3.15 1.76 --
------ ------ ------ ------ ------ ------
Total dividends and distributions .......... 6.31 4.84 6.75 3.53 2.31 0.62
------ ------ ------ ------ ------ ------
Net asset value, end of period ............... $40.19 $43.65 $43.24 $46.21 $39.21 $34.96
====== ====== ====== ====== ====== ======
Total return (1) ............................. 7.42% 12.82% 9.09% 28.84% 19.60% 17.79%
Ratios/supplemental data:
Net assets, end of period (in millions) ..... $1,229 $1,385 $1,499 $1,497 $1,591 $1,521
Ratios to average net assets:#
Expenses .................................... 1.30% 1.26% 1.25% 1.27% 1.32% 1.43%
Net investment income ....................... 0.15% 0.41% 0.44% 0.82% 1.46% 1.93%
Expenses without waivers and
reimbursements .............................. 1.30% 1.26% 1.25% 1.27% 1.32% 1.45%
Net investment income without
waivers and reimbursements .................. 0.15% 0.41% 0.44% 0.82% 1.46% 1.91%
<CAPTION>
Class B
-------------------------------------------------------------------------------------
11/1/99 Year Ended
Through -----------------------------------------------------------------------
4/30/00 10/31/99 10/31/98 10/31/97 10/31/96 10/31/95
------- -------- -------- -------- -------- --------
<S> <C> <C> <C> <C> <C> <C>
Per share operating performance
Net asset value, beginning of period ... $43.25 $42.92 $45.96 $ 39.02 $34.81 $30.12
------ ------ ------ ------- ------ ------
Income from investment operations:
Net investment income ................. (0.07)@ (0.04)@ (0.02)@ 0.13@ 0.37 0.46
Net gains or losses in securities
(both realized and unrealized) ........ 2.78 5.04 3.54 10.13 5.98 4.70
------ ------ ------ ------- ------ ------
Total from investment operations ..... 2.71 5.00 3.52 10.26 6.35 5.16
------ ------ ------ ------- ------ ------
Distributions to shareholders from:
Dividends from net investment
income ................................ -- -- -- 0.17 0.38 0.47
Distributions from capital gains ...... 6.31 4.67 6.56 3.15 1.76 --
------ ------ ------ ------- ------ ------
Total dividends and distributions .... 6.31 4.67 6.56 3.32 2.14 0.47
------ ------ ------ ------- ------ ------
Net asset value, end of period ......... $39.65 $43.25 $42.92 $45.96 $39.02 $34.81
====== ====== ====== ======= ====== ======
Total return (1) ....................... 7.13% 12.29% 8.52% 28.20% 19.02% 17.21%
Ratios/supplemental data:
Net assets, end of period (in millions) $ 455 $ 528 $ 542 $ 489 $ 370 $ 274
Ratios to average net assets:#
Expenses .............................. 1.80% 1.76% 1.75% 1.77% 1.81% 1.93%
Net investment income ................. (0.36%) (0.09%) (0.06%) 0.31% 0.95% 1.38%
Expenses without waivers and
reimbursements ........................ 1.80% 1.76% 1.75% 1.77% 1.81% 1.94%
Net investment income without
waivers and reimbursements ............ (0.36%) (0.09%) (0.06%) 0.31% 0.95% 1.37%
------------------------------------------------------------------------------------------------------------------------------------
@ Calculated based upon average shares outstanding.
(1) Total return figures do not include the effect of any front-end or deferred sales load.
# Short periods have been annualized.
</TABLE>
See notes to financial statements.
81
<PAGE>
CHASE VISTA FUNDS FINANCIAL HIGHLIGHTS (unaudited)
FINANCIAL HIGHLIGHTS (unaudited)
<TABLE>
<CAPTION>
Growth and Income Fund
-------------------------------------------
Class C
-------------------------------------------
11/1/99 Year 1/2/98**
Through Ended Through
4/30/00 10/31/99 10/31/98
------- -------- --------
<S> <C> <C> <C>
Per share operating performance
Net asset value, beginning of period ................ $42.34 $42.13 $41.64
------ ------ -------
Income from investment operations:
Net investment income .............................. (0.07)@ (0.03)@ (0.02)@
Net gains or losses in securities (both realized and
unrealized) ........................................ 2.70 4.94 0.68
------ ------ -------
Total from investment operations .................. 2.63 4.91 0.66
------ ------ -------
Distributions to shareholders from:
Dividends from net investment income ............... -- 0.03 0.09
Distributions from capital gains ................... 6.31 4.67 0.08
------ ------ -------
Total dividends and distributions ................. 6.31 4.70 0.17
------ ------ -------
Net asset value, end of period ...................... $38.66 $42.34 $42.13
====== ======= ======
Total return (1) .................................... 7.09% 12.29% 1.55%
Ratios/supplemental data:
Net assets, end of period (in millions) ............ $ 9 $ 10 $ 5
Ratios to average net assets:#
Expenses ........................................... 1.80% 1.76% 1.72%
Net investment income .............................. (0.36%) (0.07%) (0.05%)
Expenses without waivers and reimbursements ........ 1.80% 1.76% 1.72%
Net investment income without waivers and
reimbursements ..................................... (0.36%) (0.07%) (0.05%)
<CAPTION>
Growth and Income Fund
----------------------------------------------------------------------
Class I
----------------------------------------------------------------------
Year Ended
11/1/99 --------------------------------------- 1/25/96**
Through Through
4/30/00 10/31/99 10/31/98 10/31/97 10/31/96
------- -------- ------- -------- ---------
<S> <C> <C> <C> <C> <C>
Per share operating performance
Net asset value, beginning of period ................ $43.89 $43.43 $46.35 $39.26 $34.80
------ ------ ------ ------ ------
Income from investment operations:
Net investment income .............................. 0.11@ 0.35@ 0.43@ 0.52@ 0.47
Net gains or losses in securities (both realized and
unrealized) ........................................ 2.84 5.12 3.50 10.20 4.46
------ ------ ------ ------ ------
Total from investment operations .................. 2.95 5.47 3.93 10.72 4.93
------ ------ ------ ------ ------
Distributions to shareholders from:
Dividends from net investment income ............... -- 0.34 0.29 0.48 0.47
Distributions from capital gains ................... 6.31 4.67 6.56 3.15 --
------ ------ ------ ------ ------
Total dividends and distributions ................. 6.31 5.01 6.85 3.63 0.47
------ ------ ------ ------ ------
Net asset value, end of period ...................... $40.53 $43.89 $43.43 $46.35 $39.26
====== ====== ====== ====== ======
Total return (1) .................................... 7.62% 13.30% 9.44% 29.37% 13.39%
Ratios/supplemental data:
Net assets, end of period (in millions) ............ $ 13 $ 15 $ 24 $ 522 $ 28
Ratios to average net assets:#
Expenses ........................................... 0.89% 0.85% 0.85% 0.86% 1.24%
Net investment income .............................. 0.57% 0.80% 0.95% 1.21% 1.73%
Expenses without waivers and reimbursements ........ 0.89% 0.85% 0.85% 0.86% 1.24%
Net investment income without waivers and
reimbursements ..................................... 0.57% 0.80% 0.95% 1.21% 1.73%
-----------------------------------------------------------------------------------------------------------------------------
** Commencement of offering class of shares.
@ Calculated based upon average shares outstanding.
(1) Total return figures do not include the effect of any front-end or deferred sales load.
# Short periods have been annualized.
</TABLE>
See notes to financial statements.
82
<PAGE>
CHASE VISTA FUNDS FINANCIAL HIGHLIGHTS (unaudited)
FINANCIAL HIGHLIGHTS (unaudited)
<TABLE>
<CAPTION>
Capital Growth Fund
-------------------------------------------------------------------------------
Class A
-------------------------------------------------------------------------------
11/1/99 Year Ended
Through --------------------------------------------------------------------
4/30/00 10/31/99 10/31/98 10/31/97 10/31/96 10/31/95
------- -------- -------- -------- -------- --------
<S> <C> <C> <C> <C> <C> <C>
Per share operating performance
Net asset value, beginning of period ... $42.85 $41.22 $46.76 $41.60 $35.65 $32.17
------ ------ ------ ------ ------ ------
Income from investment operations:
Net investment income ................. (0.09)@ (0.20)@ (0.12) (0.02)@ 0.15 0.19
Net gains or losses in securities
(both realized and unrealized) ........ 7.52 5.75 (0.52) 10.13 7.27 4.16
------ ------ ------ ------ ------ ------
Total from investment operations ..... 7.43 5.55 (0.64) 10.11 7.42 4.35
------ ------ ------ ------ ------ ------
Distributions to shareholders from:
Dividends from net investment
income ................................ -- -- -- 0.15 0.12 0.19
Distributions from capital gains ...... 4.91 3.92 4.90 4.80 1.35 0.68
------ ------ ------ ------ ------ ------
Total dividends and distributions .... 4.91 3.92 4.90 4.95 1.47 0.87
------ ------ ------ ------ ------ ------
Net asset value, end of period ......... $45.37 $42.85 $41.22 $46.76 $41.60 $35.65
====== ====== ====== ====== ====== ======
Total return (1) ....................... 19.14% 14.30% (1.60%) 26.47% 21.48% 13.89%
Ratios/supplemental Data:
Net assets, end of period (in millions) $ 540 $ 577 $ 728 $ 839 $ 768 $ 748
Ratios to average net assets:#
Expenses .............................. 1.35% 1.30% 1.27% 1.31% 1.37% 1.51%
Net investment income ................. (0.40%) (0.48%) (0.24%) (0.05%) 0.39% 0.54%
Expenses without waivers and
reimbursements ........................ 1.35% 1.30% 1.27% 1.31% 1.37% 1.53%
Net investment income without
waivers and reimbursements ............ (0.40%) (0.48%) (0.24%) (0.05%) 0.39% 0.52%
<CAPTION>
Capital Growth Fund
-----------------------------------------------------------------------------
Class B
-----------------------------------------------------------------------------
11/1/99 Year Ended
Through ----------------------------------------------------------------
4/30/00 10/31/99 10/31/98 10/31/97 10/31/96 10/31/95
------- -------- -------- -------- -------- --------
<S> <C> <C> <C> <C> <C> <C>
Per share operating performance
Net asset value, beginning of period ... $41.67 $40.38 $46.11 $41.21 $35.39 $32.03
------ ------ ------ ------ ------ ------
Income from investment operations:
Net investment income ................. (0.19)@ (0.40)@ (0.29) (0.23)@ (0.08) 0.04
Net gains or losses in securities
(both realized and unrealized) ........ 7.28 5.61 (0.54) 10.01 7.25 4.10
------ ------ ------ ------ ------ ------
Total from investment operations ..... 7.09 5.21 (0.83) 9.78 7.17 4.14
------ ------ ------ ------ ------ ------
Distributions to shareholders from:
Dividends from net investment
income ................................ -- -- -- 0.08 -- 0.11
Distributions from capital gains ...... 4.91 3.92 4.90 4.80 1.35 0.67
------ ------ ------ ------ ------ ------
Total dividends and distributions .... 4.91 3.92 4.90 4.88 1.35 0.78
------ ------ ------ ------ ------ ------
Net asset value, end of period ......... $43.85 $41.67 $40.38 $46.11 $41.21 $35.39
====== ====== ====== ====== ====== ======
Total return (1) ....................... 18.84% 13.71% (2.08%) 25.85% 20.88% 13.34%
Ratios/supplemental Data:
Net assets, end of period (in millions) $ 329 $ 338 $ 405 $ 422 $ 334 $ 260
Ratios to average net assets:#
Expenses .............................. 1.85% 1.80% 1.77% 1.81% 1.87% 2.01%
Net investment income ................. (0.90%) (0.98%) (0.74%) (0.56%) (0.21%) 0.02%
Expenses without waivers and
reimbursements ........................ 1.85% 1.80% 1.77% 1.81% 1.87% 2.02%
Net investment income without
waivers and reimbursements ............ (0.90%) (0.98%) (0.74%) (0.56%) (0.21%) 0.01%
------------------------------------------------------------------------------------------------------------------------------
@ Calculated based upon average shares outstanding.
(1) Total return figures do not include the effect of any front-end or deferred sales load.
# Short periods have been annualized.
</TABLE>
See notes to financial statements.
83
<PAGE>
CHASE VISTA FUNDS FINANCIAL HIGHLIGHTS (unaudited)
FINANCIAL HIGHLIGHTS (unaudited)
<TABLE>
<CAPTION>
Capital Growth Fund
---------------------------------------------
Class C Class I
---------------------------------------------
11/1/99 Year 1/2/98** 11/1/99
Through Ended Through Through
4/30/00 10/31/99 10/31/98 4/30/00
------- -------- -------- --------
<S> <C> <C> <C> <C>
Per share operating performance
Net asset value, beginning of period ................. $41.31 $40.03 $42.81 $43.36
------ ------ ------ -------
Income from investment operations:
Net investment income ............................... (0.19)@ (0.39)@ (0.09) --@
Net gains or losses in securities (both realized and
unrealized) ......................................... 7.23 5.59 (2.69) 7.61
------ ------ ------ -------
Total from investment operations ................... 7.04 5.20 (2.78) 7.61
------ ------ ------ -------
Distributions to shareholders from:
Dividends from net investment income ................ -- -- -- --
Distributions from capital gains .................... 4.91 3.92 -- 4.91
------ ------ ------ -------
Total dividends and distributions .................. 4.91 3.92 -- 4.91
------ ------ ------ -------
Net asset value, end of period ....................... $43.44 $41.31 $40.03 $46.06
====== ====== ====== ======
Total return (1) ..................................... 18.90% 13.81% (6.49%) 19.35%
Ratios/supplemental data:
Net assets, end of period (in millions) ............. $ 5 $ 6 $ 4 $ 18
Ratios to average net assets:#
Expenses ............................................ 1.85% 1.80% 1.73% 0.94%
Net investment income ............................... (0.91%) (0.97%) (0.59%) 0.01%
Expenses without waivers and reimbursements ......... 1.85% 1.80% 1.73% 0.97%
Net investment income without waivers and
reimbursements ...................................... (0.91%) (0.97%) (0.59%) (0.02%)
<CAPTION>
Capital Growth Fund
------------------------------------------------------
Class I
------------------------------------------------------
Year Ended 1/25/96**
------------------------------------ Through
10/31/99 10/31/98 10/31/97 10/31/96
-------- -------- -------- ---------
<S> <C> <C> <C> <C>
Per share operating performance
Net asset value, beginning of period ................. $41.53 $46.90 $41.65 $35.26
------ ------ ------ ------
Income from investment operations:
Net investment income ............................... (0.05)@ 0.07 0.13@ 0.17
Net gains or losses in securities (both realized and
unrealized) ......................................... 5.80 (0.54) 10.17 6.34
------ ------ ------ ------
Total from investment operations ................... 5.75 (0.47) 10.30 6.51
------ ------ ------ ------
Distributions to shareholders from:
Dividends from net investment income ................ -- -- 0.25 0.12
Distributions from capital gains .................... 3.92 4.90 4.80 --
------ ------ ------ ------
Total dividends and distributions .................. 3.92 4.90 5.05 0.12
------ ------ ------ ------
Net asset value, end of period ....................... $43.36 $41.53 $46.90 $41.65
====== ====== ====== ======
Total return (1) ..................................... 14.71% (1.20%) 26.98% 18.13%
Ratios/supplemental data:
Net assets, end of period (in millions) ............. $ 18 $ 52 $ 52 $ 32
Ratios to average net assets:#
Expenses ............................................ 0.92% 0.91% 0.91% 1.25%
Net investment income ............................... (0.11%) 0.11% 0.31% 0.81%
Expenses without waivers and reimbursements ......... 0.99% 0.91% 0.91% 1.25%
Net investment income without waivers and
reimbursements ...................................... (0.18%) 0.11% 0.31% 0.81%
-------------------------------------------------------------------------------------------------------------
** Commencement of offering class of shares.
@ Calculated based upon average shares outstanding.
(1) Total return figures do not include the effect of any front-end or deferred sales load.
# Short periods have been annualized.
</TABLE>
See notes to financial statements.
84
<PAGE>
CHASE VISTA FUNDS FINANCIAL HIGHLIGHTS (unaudited)
FINANCIAL HIGHLIGHTS (unaudited)
<TABLE>
<CAPTION>
Large Cap Equity Fund (2)
-----------------------------------------------
Class A
-----------------------------------------------
11/1/99 Year Ended
Through ----------------------------------
4/30/00 10/31/99 10/31/98 10/31/97
------- -------- -------- --------
<S> <C> <C> <C> <C>
Per share operating performance
Net asset value, beginning of period ................ $16.20 $15.09 $14.83 $13.25
------ ------ ------ ------
Income from investment operations:
Net investment income .............................. 0.04 0.13 0.12 0.11
Net gains or losses in securities (both realized and
unrealized) ........................................ 1.62 2.06 1.92 3.45
------ ------ ------ ------
Total from investment operations .................. 1.66 2.19 2.04 3.56
------ ------ ------ ------
Distributions to shareholders from:
Dividends from net investment income ............... 0.05 0.13 0.12 0.09
Distributions from capital gains ................... 1.06 0.95 1.66 1.89
------ ------ ------ ------
Total dividends and distributions ................. 1.11 1.08 1.78 1.98
------ ------ ------ ------
Net asset value, end of period ...................... $16.75 $16.20 $15.09 $14.83
====== ====== ====== ======
Total return (1) .................................... 10.70% 14.96% 15.15% 30.69%
Ratios/supplemental data:
Net assets, end of period (in millions) ............ $ 70 $ 69 $ 50 $ 44
Ratios to average net assets:#
Expenses ........................................... 0.82% 0.80% 0.85% 1.13%
Net investment income .............................. 0.53% 0.80% 0.81% 0.61%
Expenses without waivers, reimbursements and
earnings credits ................................... 1.32% 1.30% 1.35% 1.63%
Net investment income without waivers,
reimbursements and earnings credits ................ 0.03% 0.30% 0.31% 0.11%
Portfolio turnover rate ............................. 19% 70% 72% 72%
<CAPTION>
Large Cap Equity Fund (2)
------------------------------------------------------------------------
Class A Class B
------------------------------------------------------------------------
5/8/96** 11/1/99 Year Ended 5/7/96**
Through Through ----------------------------------- Through
10/31/96 4/30/00 10/31/99 10/31/98 10/31/97 10/31/96
-------- ------- -------- -------- -------- --------
<S> <C> <C> <C> <C> <C> <C>
Per share operating performance
Net asset value, beginning of period ................ $12.06 $16.10 $15.02 $14.76 $13.22 $12.06
------ ------ ------ ------ ------ ------
Income from investment operations:
Net investment income .............................. 0.05 -- 0.07 0.05 0.07 0.05
Net gains or losses in securities (both realized and
unrealized) ........................................ 1.21 1.62 2.03 1.92 3.42 1.19
------ ------ ------ ------ ------ ------
Total from investment operations .................. 1.26 1.62 2.10 1.97 3.49 1.24
------ ------ ------ ------ ------ ------
Distributions to shareholders from:
Dividends from net investment income ............... 0.07 0.01 0.07 0.05 0.06 0.08
Distributions from capital gains ................... -- 1.06 0.95 1.66 1.89 --
------ ------ ------ ------ ------ ------
Total dividends and distributions ................. 0.07 1.07 1.02 1.71 1.95 0.08
------ ------ ------ ------ ------ ------
Net asset value, end of period ...................... $13.25 $16.65 $16.10 $15.02 $14.76 $13.22
====== ====== ====== ====== ====== ======
Total return (1) .................................... 10.84% 10.47% 14.38% 14.71% 30.15% 6.66%
Ratios/supplemental data:
Net assets, end of period (in millions) ............ $ 8 $ 30 $ 35 $ 10 $ 5 $ 1
Ratios to average net assets:#
Expenses ........................................... 1.38% 1.32% 1.29% 1.35% 1.59% 1.88%
Net investment income .............................. 0.84% 0.04% 0.28% 0.31% 0.15% 0.14%
Expenses without waivers, reimbursements and
earnings credits ................................... 1.87% 1.82% 1.79% 1.85% 2.09% 2.38%
Net investment income without waivers,
reimbursements and earnings credits ................ 0.35% (0.46%) (0.22%) (0.19%) (0.35%) (0.36%)
Portfolio turnover rate ............................. 89% 19% 70% 72% 72% 89%
-----------------------------------------------------------------------------------------------------------------------------------
** Commencement of offering of class of shares.
(1) Total return figures do not include the effect of any front-end or deferred sales load.
(2) Formerly known as the Vista Equity Fund.
# Short periods have been annualized.
</TABLE>
See notes to financial statements.
85
<PAGE>
CHASE VISTA FUNDS FINANCIAL HIGHLIGHTS (unaudited)
FINANCIAL HIGHLIGHTS (unaudited)
<TABLE>
<CAPTION>
Large Cap Equity Fund (2)
---------------------------------------
Class C Class I
-------------------------- ------------
11/1/99 11/11/98** 11/1/99
Through Through Through
4/30/00 10/31/99 4/30/00
------- --------- -------
<S> <C> <C> <C>
Per share operating performance
Net asset value, beginning of period ............. $16.03 $15.21 $16.27
------ ------ ------
Income from investment operations:
Net investment income ........................... -- 0.07 0.08
Net gains or losses in securities (both realized
and unrealized) ................................. 1.61 1.79 1.63
------ ------ ------
Total from investment operations ............... 1.61 1.86 1.71
------ ------ ------
Distributions to shareholders from:
Dividends from net investment income ............ 0.01 0.09 0.08
Distributions from capital gains ................ 1.06 0.95 1.06
------ ------ ------
Total dividends and distributions .............. 1.07 1.04 1.14
------ ------ ------
Net asset value, end of period ................... $16.57 $16.03 $16.84
====== ====== ======
Total return (1) ................................. 10.46% 12.62% 11.00%
Ratios/supplemental data:
Net assets, end of period (in millions) ......... $ 2 $ 1 $ 141
Ratios to average net assets:#
Expenses ........................................ 1.32% 1.29% 0.40%
Net investment income ........................... 0.01% 0.24% 0.94%
Expenses without waivers, reimbursements and
earnings credits ................................ 1.82% 1.79% 0.90%
Net investment income without waivers,
reimbursements and earnings credits ............. (0.49%) (0.26%) 0.44%
Portfolio turnover rate .......................... 19% 70% 19%
<CAPTION>
Large Cap Equity Fund (2)
--------------------------------------------------------------
Class I
-------------------------------------------------------------
Year Ended
-------------------------------------------------------------
10/31/99 10/31/98 10/31/97 10/31/96 10/31/95
-------- -------- -------- -------- --------
<S> <C> <C> <C> <C> <C>
Per share operating performance
Net asset value, beginning of period ............. $15.15 $14.85 $13.27 $12.24 $13.16
------ ------ ------ ------ ------
Income from investment operations:
Net investment income ........................... 0.19 0.18 0.18 0.23 0.28
Net gains or losses in securities (both realized
and unrealized) ................................. 2.07 1.95 3.47 2.59 1.74
------ ------ ------ ------ ------
Total from investment operations ............... 2.26 2.13 3.65 2.82 2.02
------ ------ ------ ------ ------
Distributions to shareholders from:
Dividends from net investment income ............ 0.19 0.17 0.18 0.22 0.28
Distributions from capital gains ................ 0.95 1.66 1.89 1.57 2.66
------ ------ ------ ------ ------
Total dividends and distributions .............. 1.14 1.83 2.07 1.79 2.94
------ ------ ------ ------ ------
Net asset value, end of period ................... $16.27 $15.15 $14.85 $13.27 $12.24
====== ====== ====== ====== ======
Total return (1) ................................. 15.37% 15.82% 31.50% 25.65% 20.41%
Ratios/supplemental data:
Net assets, end of period (in millions) ......... $ 147 $ 117 $ 107 $ 99 $ 55
Ratios to average net assets:#
Expenses ........................................ 0.42% 0.47% 0.50% 0.40% 0.31%
Net investment income ........................... 1.18% 1.19% 1.32% 1.86% 2.41%
Expenses without waivers, reimbursements and
earnings credits ................................ 0.92% 0.97% 1.00% 0.96% 0.90%
Net investment income without waivers,
reimbursements and earnings credits ............. 0.68% 0.69% 0.82% 1.30% 1.82%
Portfolio turnover rate .......................... 70% 72% 72% 89% 45%
--------------------------------------------------------------------------------------------------------------------
** Commencement of offering of class of shares.
(1) Total return figures do not include the effect of any front-end or deferred sales load.
(2) Formerly known as the Vista Equity Fund.
# Short periods have been annualized.
</TABLE>
See notes to financial statements.
86
<PAGE>
CHASE VISTA FUNDS FINANCIAL HIGHLIGHTS (unaudited)
FINANCIAL HIGHLIGHTS (unaudited)
<TABLE>
<CAPTION>
Focus Fund
------------------------
Class A
------------------------
11/1/99 Year
Through Ended
4/30/00 10/31/99
------- --------
<S> <C> <C>
Per share operating performance
Net asset value, beginning of period .......................................... $ 9.83 $ 9.40
------ ------
Income from investment operations:
Net investment income ........................................................ (0.04) 0.01@
Net gains or losses in securities
(both realized and unrealized) ............................................... 1.54 0.43
------ ------
Total from investment operations ............................................ 1.50 0.44
------ ------
Distributions to shareholders from:
Dividends from net investment income ......................................... -- 0.01
Distributions from capital gains ............................................. -- --
------ ------
Total dividends and distributions ........................................... -- 0.01
------ ------
Net asset value, end of period ................................................ $11.33 $ 9.83
====== ======
Total return (1) .............................................................. 15.26% 4.67%
Ratios/supplemental data:
Net assets, end of period (in millions) ...................................... $ 24 $ 17
Ratios to average net assets:#
Expenses ..................................................................... 1.25% 1.25%
Net investment income ........................................................ (0.69%) 0.07%
Expenses without waivers, reimbursements and earnings credits ................ 1.75% 1.81%
Net investment income without waivers, reimbursements and earnings credits ... (1.19%) (0.49%)
Portfolio turnover rate ....................................................... 57% 173%
<CAPTION>
Focus Fund
-------------------------------------------------
Class A Class B
----------- -------------------------------------
6/30/98* 11/1/99 Year 6/30/98*
Through Through Ended Through
10/31/98 4/30/00 10/31/99 10/31/98
-------- --------- -------- --------
<S> <C> <C> <C> <C>
Per share operating performance
Net asset value, beginning of period .......................................... $10.00 $ 9.77 $ 9.38 $10.00
------ ------ ------ ------
Income from investment operations:
Net investment income ........................................................ 0.01 (0.06) (0.05)@ --
Net gains or losses in securities
(both realized and unrealized) ............................................... (0.61) 1.51 0.44 (0.62)
------ ------ ------ ------
Total from investment operations ............................................ (0.60) 1.45 0.39 (0.62)
------ ------ ------ ------
Distributions to shareholders from:
Dividends from net investment income ......................................... -- -- -- --
Distributions from capital gains ............................................. -- -- -- --
------ ------ ------ ------
Net asset value, end of period ................................................ $ 9.40 $11.22 $ 9.77 $ 9.38
====== ====== ====== ======
Total return (1) .............................................................. (6.00%) 14.84% 4.16% (6.20%)
Ratios/supplemental data:
Net assets, end of period (in millions) ...................................... $ 18 $ 29 $ 22 $ 18
Ratios to average net assets:#
Expenses ..................................................................... 1.25% 1.85% 1.84% 1.85%
Net investment income ........................................................ 0.48% (1.28%) (0.51%) (0.15%)
Expenses without waivers, reimbursements and earnings credits ................ 2.05% 2.25% 2.30% 2.54%
Net investment income without waivers, reimbursements and earnings credits ... (0.32%) (1.68%) (0.97%) (0.84%)
Portfolio turnover rate ....................................................... 33% 57% 173% 33%
----------------------------------------------------------------------------------------------------------------------------------
* Commencement of operations.
@ Calculated based upon average shares outstanding.
(1) Total return figures do not include the effect of any front-end or deferred sales load.
# Short periods have been annualized.
</TABLE>
See notes to financial statements.
87
<PAGE>
CHASE VISTA FUNDS FINANCIAL HIGHLIGHTS (unaudited)
FINANCIAL HIGHLIGHTS (unaudited)
<TABLE>
<CAPTION>
Focus Fund
-------------------------------------
Class C
-------------------------------------
11/1/99 Year 6/30/98*
Through Ended Through
4/30/00 10/31/99 10/31/98
------- -------- --------
<S> <C> <C> <C>
Per share operating performance
Net asset value, beginning of period .......................................... $ 9.76 $ 9.38 $10.00
------ ------ ------
Income from investment operations:
Net investment income ........................................................ (0.07) (0.05)@ --
Net gains or losses in securities
(both realized and unrealized) ............................................... 1.52 0.43 (0.62)
------ ------ ------
Total from investment operations ............................................ 1.45 0.38 (0.62)
------ ------ ------
Distributions to shareholders from:
Dividends from net investment income ......................................... -- -- --
Distributions from capital gains ............................................. -- -- --
------ ------ ------
Total dividends and distributions ........................................... -- -- --
------ ------ ------
Net asset value, end of period ................................................ $11.21 $ 9.76 $ 9.38
====== ====== ======
Total return (1) .............................................................. 14.86% 4.05% (6.20%)
Ratios/supplemental data:
Net assets, end of period (in millions) ...................................... $ 8 $ 7 $ 4
Ratios to average net assets:#
Expenses ..................................................................... 1.85% 1.84% 1.85%
Net investment income ........................................................ (1.28%) (0.55%) (0.14%)
Expenses without waivers, reimbursements and earnings credits ................ 2.25% 2.29% 2.55%
Net investment income without waivers, reimbursements and earnings credits ... (1.68%) (1.00%) (0.84%)
Portfolio turnover rate ....................................................... 57% 173% 33%
<CAPTION>
Focus Fund
---------------------------------------------
Class I
---------------------------------------------
11/1/99 Year 6/30/98*
Through Ended Through
4/30/00 10/31/99 10/31/98
------------- --------- --------
<S> <C> <C> <C>
Per share operating performance
Net asset value, beginning of period .......................................... $ 9.86 $ 9.40 $10.00
--------- --------- ------
Income from investment operations:
Net investment income ........................................................ (0.02) 0.03@ 0.02
Net gains or losses in securities
(both realized and unrealized) ............................................... 1.53 0.45 (0.62)
--------- --------- ------
Total from investment operations ............................................ 1.51 0.48 (0.60)
--------- --------- ------
Distributions to shareholders from:
Dividends from net investment income ......................................... -- 0.02 --
Distributions from capital gains ............................................. -- -- --
--------- --------- ------
Total dividends and distributions ........................................... -- 0.02 --
--------- --------- ------
Net asset value, end of period ................................................ 11.37 9.86 $ 9.40
========= ========= ======
Total return (1) .............................................................. 15.31% 5.05% (6.00%)
Ratios/supplemental data:
Net assets, end of period (in millions) ...................................... 1 $ 1 $ 1
Ratios to average net assets:#
Expenses ..................................................................... 0.87% 1.00% 1.00%
Net investment income ........................................................ ( 0.31%) 0.33% 0.78%
Expenses without waivers, reimbursements and earnings credits ................ 1245.59% 1007.71% 1.80%
Net investment income without waivers, reimbursements and earnings credits ... (1245.03%) (1006.38%) (0.02%)
Portfolio turnover rate ....................................................... 57% 173% 33%
------------------------------------------------------------------------------------------------------------------------------
* Commencement of operations.
@ Calculated based upon average shares outstanding.
(1) Total return figures do not include the effect of any front-end or deferred sales load.
# Short periods have been annualized.
</TABLE>
See notes to financial statements.
88
<PAGE>
CHASE VISTA FUNDS FINANCIAL HIGHLIGHTS (unaudited)
FINANCIAL HIGHLIGHTS (unaudited)
<TABLE>
<CAPTION>
Equity Income Fund
-------------------------------------
Class A
-------------------------------------
11/1/99 Year Ended
through ---------------------
4/30/00 10/31/99 10/31/98
------- -------- --------
<S> <C> <C> <C>
Per share operating performance
Net asset value, beginning of period .......................................... $21.06 $19.07 $19.23
------ ------ ------
Income from investment operations:
Net investment income ........................................................ -- 0.15 0.22
Net gains or losses in securities
(both realized and unrealized) ............................................... 1.42 2.12 1.07
------ ------ ------
Total from investment operations ............................................ 1.42 2.27 1.29
------ ------ ------
Distributions to shareholders from:
Dividends from net investment income ......................................... -- 0.17 0.27
Distributions from capital gains ............................................. 2.40 0.11 1.18
------ ------ ------
Total dividends and distributions ........................................... 2.40 0.28 1.45
------ ------ ------
Net asset value, end of period ................................................ $20.08 $21.06 $19.07
====== ====== ======
Total return (1) .............................................................. 7.18% 11.92% 6.90%
Ratios/supplemental data:
Net assets, end of period (in millions) ...................................... $ 53 $ 65 $ 80
Ratios to average net assets:#
Expenses ..................................................................... 1.45% 1.45% 1.46%
Net investment income ........................................................ -- 0.70% 1.20%
Expenses without waivers, reimbursements and earnings credits ................ 1.46% 1.45% 1.46%
Net investment income without waivers, reimbursements and earnings credits ... (0.01%) 0.70% 1.20%
Portfolio turnover rate ....................................................... 36% 172% 160%
<CAPTION>
Equity Income Fund
-------------------------------------
Class A
-------------------------------------
Year Ended
----------------------------------
10/31/97 10/31/96 10/31/95
-------- -------- --------
<S> <C> <C> <C>
Per share operating performance
Net asset value, beginning of period .......................................... $15.98 $13.39 $12.12
------ ------ ------
Income from investment operations:
Net investment income ........................................................ 0.26 0.35 0.35
Net gains or losses in securities
(both realized and unrealized) ............................................... 4.71 3.43 1.70
------ ------ ------
Total from investment operations ............................................ 4.97 3.78 2.05
------ ------ ------
Distributions to shareholders from:
Dividends from net investment income ......................................... 0.23 0.33 0.37
Distributions from capital gains ............................................. 1.49 0.86 0.41
------ ------ ------
Total dividends and distributions ........................................... 1.72 1.19 0.78
------ ------ ------
Net asset value, end of period ................................................ $19.23 $15.98 $13.39
====== ====== ======
Total return (1) .............................................................. 33.66% 29.79% 17.97%
Ratios/supplemental data:
Net assets, end of period (in millions) ...................................... $ 47 $ 17 $ 12
Ratios to average net assets:#
Expenses ..................................................................... 1.50% 1.50% 1.50%
Net investment income ........................................................ 1.65% 2.41% 2.81%
Expenses without waivers, reimbursements and earnings credits ................ 1.70% 2.32% 2.19%
Net investment income without waivers, reimbursements and earnings credits ... 1.45% 1.59% 2.12%
Portfolio turnover rate ....................................................... 75% 114% 91
----------------------------------------------------------------------------------------------------------------------
(1) Total return figures do not include the effect of any front-end or deferred sales load.
# Short periods have been annualized.
</TABLE>
See notes to financial statements.
89
<PAGE>
CHASE VISTA FUNDS FINANCIAL HIGHLIGHTS (unaudited)
FINANCIAL HIGHLIGHTS (unaudited)
<TABLE>
<CAPTION>
Equity Income Fund
------------------------------------------------
Class B
------------------------------------------------
11/1/99 Year Ended
Through --------------------------------------
4/30/00 10/31/99 10/31/98 10/31/97
------- -------- -------- --------
<S> <C> <C> <C> <C>
Per share operating performance
Net asset value, beginning of period ............. $20.88 $18.92 $19.09 $15.92
------ ------ ------ ------
Income from investment operations:
Net investment income ........................... (0.06) 0.04 0.14 0.22
Net gains or losses in securities
(both realized and unrealized) .................. 1.41 2.10 1.05 4.62
------ ------ ------ ------
Total from investment operations ............... 1.35 2.14 1.19 4.84
------ ------ ------ ------
Distributions to shareholders from:
Dividends from net investment income ............ -- 0.07 0.18 0.18
Distributions from capital gains ................ 2.40 0.11 1.18 1.49
------ ------ ------ ------
Total dividends and distributions .............. 2.40 0.18 1.36 1.67
------ ------ ------ ------
Net asset value, end of period ................... $19.83 $20.88 $18.92 $19.09
====== ====== ====== ======
Total return (1) ................................. 6.88% 11.31% 6.42% 32.87%
Ratios/supplemental data:
Net assets, end of period (in millions) ......... $ 24 $ 28 $ 26 $ 15
Ratios to average net assets:#
Expenses ........................................ 1.95% 1.94% 1.96% 2.11%
Net investment income ........................... (0.51%) 0.20% 0.70% 1.06%
Expenses without waivers, reimbursements
and earnings credits ............................ 1.96% 1.94% 1.96% 2.13%
Net investment income without waivers,
reimbursements and earnings credits ............. (0.52%) 0.20% 0.70% 1.04%
Portfolio turnover rate .......................... 36% 172% 160% 75%
<CAPTION>
Equity Income Fund
----------------------------------------------
Class B Class C
----------------------------------------------
5/7/96** 11/1/99 Year 1/8/98**
Through Through Ended Through
10/31/97 10/31/96 4/30/00 10/31/98
-------- -------- ------- --------
<S> <C> <C> <C> <C>
Per share operating performance
Net asset value, beginning of period ............. $14.56 $20.87 $18.91 $18.62
------ ------ ------ ------
Income from investment operations:
Net investment income ........................... 0.13 (0.06) 0.05 0.09
Net gains or losses in securities
(both realized and unrealized) .................. 1.38 1.41 2.09 0.31
------ ------ ------ ------
Total from investment operations ............... 1.51 1.35 2.14 0.40
------ ------ ------ ------
Distributions to shareholders from:
Dividends from net investment income ............ 0.15 -- 0.07 0.11
Distributions from capital gains ................ -- 2.40 0.11 --
------ ------ ------ ------
Total dividends and distributions .............. 0.15 2.40 0.18 0.11
------ ------ ------ ------
Net asset value, end of period ................... $15.92 $19.82 $20.87 $18.91
====== ====== ====== ======
Total return (1) ................................. 10.43% 6.89% 11.35% 2.13%
Ratios/supplemental data:
Net assets, end of period (in millions) ......... $ 1 $ 6 $ 7 $ 4
Ratios to average net assets:#
Expenses ........................................ 2.25% 1.96% 1.94% 1.95%
Net investment income ........................... 1.75% (0.53%) 0.20% 0.56%
Expenses without waivers, reimbursements
and earnings credits ............................ 2.75% 1.97% 1.94% 1.95%
Net investment income without waivers,
reimbursements and earnings credits ............. 1.25% (0.54%) 0.20% 0.56%
Portfolio turnover rate .......................... 114% 36% 172% 160%
----------------------------------------------------------------------------------------------------
** Commencement of offering class of shares.
(1) Total return figures do not include the effect of any front-end or deferred sales load.
# Short periods have been annualized.
</TABLE>
See notes to financial statements.
90
<PAGE>
CHASE VISTA FUNDS FINANCIAL HIGHLIGHTS (unaudited)
FINANCIAL HIGHLIGHTS (unaudited)
<TABLE>
<CAPTION>
Small Cap Opportunities Fund
------------------------------------
Class A
------------------------------------
11/1/99 Year Ended
Through ------------------------
4/30/00 10/31/99 10/31/98
------- -------- --------
<S> <C> <C> <C>
Per share operating performance
Net asset value, beginning of period ............. $15.98 $12.79 $13.85
------ ------ ------
Income from investment operations:
Net investment income ........................... (0.12)@ (0.15) (0.09)
Net gains or losses in securities
(both realized and unrealized) .................. 7.74 3.34 (0.97)
------ ------ ------
Total from investment operations ................ 7.62 3.19 (1.06)
------ ------ ------
Distributions to shareholders from:
Dividends from net investment income ............ -- -- --
Distributions from capital gains ................ -- -- --
------ ------ ------
Total dividends and distributions .............. -- -- --
------ ------ ------
Net asset value, end of period ................... $23.60 $15.98 $12.79
====== ====== ======
Total return (1) ................................. 47.68% 24.94% (7.65%)
Ratios/supplemental data:
Net assets, end of period (in millions) ......... $ 118 $ 78 $ 62
Ratios to average net assets:#
Expenses ........................................ 1.50% 1.49% 1.50%
Net investment income ........................... (1.14%) (0.95%) (0.91%)
Expenses without waivers, reimbursements
and earnings credits ............................ 1.87% 1.89% 1.83%
Net investment income without waivers,
reimbursements and earnings credits ............. (1.51%) (1.35%) (1.24%)
Portfolio turnover rate .......................... 41% 92% 68%
<CAPTION>
Small Cap Opportunities Fund
-------------------------------------------------------------
Class A Class B
---------- --------------------------------------------------
5/19/97* 11/1/99 Year Ended 5/19/97*
Through Through ------------------------- Through
10/31/97 4/30/00 10/31/99 10/31/98 10/31/97
-------- ------- -------- -------- --------
<S> <C> <C> <C> <C> <C>
Per share operating performance
Net asset value, beginning of period ............. $10.00 $15.71 $12.67 $13.81 $10.00
------ ------ ------ ------ ------
Income from investment operations:
Net investment income ........................... (0.04) (0.19)@ (0.27) (0.17) (0.06)
Net gains or losses in securities
(both realized and unrealized) .................. 3.89 7.60 3.31 (0.97) 3.87
------ ------ ------ ------ ------
Total from investment operations ................ 3.85 7.41 3.04 (1.14) 3.81
------ ------ ------ ------ ------
Distributions to shareholders from:
Dividends from net investment income ............ -- -- -- -- --
Distributions from capital gains ................ -- -- -- -- --
------ ------ ------ ------ ------
Total dividends and distributions .............. -- -- -- -- --
------ ------ ------ ------ ------
Net asset value, end of period ................... $13.85 $23.12 $15.71 $12.67 $13.81
====== ====== ====== ====== ======
Total return (1) ................................. 38.50% 47.17% 23.99% (8.25%) 38.10%
Ratios/supplemental data:
Net assets, end of period (in millions) ......... $ 43 $ 98 $ 66 $ 57 $ 38
Ratios to average net assets:#
Expenses ........................................ 1.49% 2.23% 2.23% 2.24% 2.24%
Net investment income ........................... (1.16%) (1.88%) (1.69%) (1.65%) (1.93%)
Expenses without waivers, reimbursements
and earnings credits ............................ 2.38% 2.36% 2.39% 2.33% 2.88%
Net investment income without waivers,
reimbursements and earnings credits ............. (2.05%) (2.01%) (1.85%) (1.74%) (2.57%)
Portfolio turnover rate .......................... 7% 41% 92% 68% 7%
------------------------------------------------------------------------------------------------------------------
* Commencement of operations.
(1) Total return figures do not include the effect of any front-end or deferred sales load.
# Short periods have been annualized.
</TABLE>
See notes to financial statements.
91
<PAGE>
CHASE VISTA FUNDS FINANCIAL HIGHLIGHTS (unaudited)
FINANCIAL HIGHLIGHTS (unaudited)
<TABLE>
<CAPTION>
Small Cap Opportunities Fund
--------------------------------------------------------------
Class C Class I
------------------------------------- ------------------------
11/1/99 Year 1/7/98** 11/1/99 4/5/99**
Through Ended Through Through Through
4/30/00 10/31/99 10/31/98 4/30/00 10/31/99
------- -------- -------- ------- --------
<S> <C> <C> <C> <C> <C>
Per share operating performance
Net asset value, beginning of period ............. $15.69 $12.66 $13.17 $15.98 $14.11
------ ------ ------ ------ ------
Income from investment operations:
Net investment income ........................... (0.19)@ (0.26) (0.08) (0.06)@ (0.05)
Net gains or losses in securities
(both realized and unrealized) .................. 7.59 3.29 (0.43) 7.73 1.92
------ ------ ------ ------ ------
Total from investment operations ................ 7.40 3.03 (0.51) 7.67 1.87
------ ------ ------ ------ ------
Distributions to shareholders from:
Dividends from net investment income ............ -- -- -- -- --
Distributions from capital gains ................ -- -- -- -- --
------ ------ ------ ------ ------
Total dividends and distributions .............. -- -- -- -- --
------ ------ ------ ------ ------
Net asset value, end of period ................... $23.09 $15.69 $12.66 $23.65 $15.98
====== ====== ====== ====== ======
Total return (1) ................................. 47.16% 23.93% (3.87%) 48.00% 13.25%
Ratios/supplemental data:
Net assets, end of period (in millions) ......... $ 9 $ 6 $ 5 $ 1 $ 1
Ratios to average net assets:#
Expenses ........................................ 2.24% 2.23% 2.24% 1.10% 1.91%
Net investment income ........................... (1.88%) (1.69%) (1.55%) (0.74%) (0.96%)
Expenses without waivers, reimbursements
and earnings credits ............................ 2.37% 2.39% 2.29% 23.63% 34.70%
Net investment income without waivers,
reimbursements and earnings credits ............. (2.01%) (1.85%) (1.60%) (23.27%) (33.75%)
Portfolio turnover rate .......................... 41% 92% 68% 41% 92%
-----------------------------------------------------------------------------------------------------------------
** Commencement of offering class of shares.
@ Calculated based upon average shares outstanding.
(1) Total return figures do not include the effect of any front-end or deferred sales load.
# Short periods have been annualized.
</TABLE>
See notes to financial statements.
92
<PAGE>
CHASE VISTA FUNDS FINANCIAL HIGHLIGHTS (unaudited)
FINANCIAL HIGHLIGHTS (unaudited)
<TABLE>
<CAPTION>
Small Cap Equity Fund
------------------------------------
Class A
------------------------------------
11/1/99 Year Ended
Through -------------------------
4/30/00 10/31/99 10/31/98
------- -------- --------
<S> <C> <C> <C>
Per share operating performance
Net asset value, beginning of period ............................................ $22.77 $20.40 $23.57
------ ------ ------
Income from investment operations:
Net investment income .......................................................... (0.10)@ (0.13)@ (0.11)
Net gains or losses in securities (both realized and unrealized) .............. 6.51 2.67 (2.42)
------ ------ ------
Total from investment operations .............................................. 6.41 2.54 (2.53)
------ ------ ------
Distributions to shareholders from:
Dividends from net investment income ........................................... -- -- --
Distributions from capital gains ............................................... 2.65 0.17 0.64
------ ------ ------
Total dividends and distributions ............................................. 2.65 0.17 0.64
------ ------ ------
Net asset value, end of period .................................................. $26.53 $22.77 $20.40
====== ====== ======
Total return (1) 30.42% 12.49% (10.93%)
Ratios/supplemental data:
Net assets, end of period (in millions) ........................................ $ 97 $ 98 $ 133
Ratios to average net assets:#
Expenses ....................................................................... 1.45% 1.40% 1.38%
Net investment income .......................................................... (0.84%) (0.59%) (0.43%)
Expenses without waivers, reimbursements and earnings credits .................. 1.45% 1.40% 1.38%
Net investment income without waivers, reimbursements and earnings credits ..... (0.84%) (0.59%) (0.43%)
Portfolio turnover rate ......................................................... 41% 92% 74%
<CAPTION>
Small Cap Equity Fund
--------------------------------------
Class A
--------------------------------------
12/20/94*
Through
10/31/97 10/31/96 10/31/95
-------- -------- ---------
<S> <C> <C> <C>
Per share operating performance
Net asset value, beginning of period ............................................ $19.19 $15.07 $10.00
------ ------ -------
Income from investment operations:
Net investment income .......................................................... (0.05) 0.01 0.06
Net gains or losses in securities (both realized and unrealized) .............. 4.72 4.32 5.06
------ ------ ------
Total from investment operations .............................................. 4.67 4.33 5.12
------ ------ ------
Distributions to shareholders from:
Dividends from net investment income ........................................... -- 0.03 0.04
Distributions from capital gains ............................................... 0.29 0.18 0.01
------ ------ ------
Total dividends and distributions ............................................. 0.29 0.21 0.05
------ ------ ------
Net asset value, end of period .................................................. $23.57 $19.19 $15.07
====== ====== ======
Total return (1) 24.61% 29.06% 51.25%
Ratios/supplemental data:
Net assets, end of period (in millions) ........................................ $ 174 $ 145 $ 44
Ratios to average net assets:#
Expenses ....................................................................... 1.45% 1.50% 1.51%
Net investment income .......................................................... (0.23%) 0.03% 0.52%
Expenses without waivers, reimbursements and earnings credits .................. 1.45% 1.52% 2.67%
Net investment income without waivers, reimbursements and earnings credits ..... (0.23%) 0.01% (0.64%)
Portfolio turnover rate ......................................................... 55% 78% 75%
-----------------------------------------------------------------------------------------------------------------------
* Commencement of operations.
@ Calculated based upon average shares outstanding.
(1) Total return figures do not include the effect of any front-end or deferred sales load.
# Short periods have been annualized.
</TABLE>
See notes to financial statements.
93
<PAGE>
CHASE VISTA FUNDS FINANCIAL HIGHLIGHTS (unaudited)
FINANCIAL HIGHLIGHTS (unaudited)
<TABLE>
<CAPTION>
Small Cap Equity Fund
--------------------------------------------------------------
Class B
--------------------------------------------------------------
11/1/99 Year Ended
Through ---------------------------------------------------
4/30/00 10/31/99 10/31/98 10/31/97 10/31/96
------- -------- -------- -------- --------
<S> <C> <C> <C> <C> <C>
Per share operating performance
Net asset value, beginning of period ............. $22.06 $19.91 $23.19 $19.00 $15.01
------ ------ ------ ------ ------
Income from investment operations:
Net investment income ........................... (0.19)@ (0.28)@ (0.31) (0.27) (0.08)
Net gain or losses in securities
(both realized and unrealized) ................ 6.29 2.60 (2.33) 4.75 4.25
------ ------ ------ ------ ------
Total from investment operations ............... 6.10 2.32 (2.64) 4.48 4.17
------ ------ ------ ------ ------
Distributions to shareholders from:
Dividends from net investment income ............ -- -- -- -- --
Distributions from capital gains ................ 2.65 0.17 0.64 0.29 0.18
------ ------ ------ ------ ------
Total dividends and distributions .............. 2.65 0.17 0.64 0.29 0.18
------ ------ ------ ------ ------
Net asset value, end of period ................... $25.51 $22.06 $19.91 $23.19 $19.00
====== ====== ====== ====== ======
Total return (1) 29.95% 11.69% (11.60%) 23.84% 28.04%
Ratios/supplemental data:
Net assets, end of period (in millions) ......... $ 59 $ 57 $ 80 $ 100 $ 73
Ratios to average net assets:#
Expenses ........................................ 2.18% 2.12% 2.10% 2.16% 2.22%
Net investment income ........................... (1.57%) (1.31%) (1.15%) (0.94%) (0.68%)
Expenses without waivers, reimbursements
and earnings credits ............................ 2.18% 2.12% 2.10% 2.16% 2.25%
Net investment income without waivers,
reimbursements and earnings credits ............. (1.57%) (1.31%) (1.15%) (0.94%) (0.71)%
Portfolio turnover rate .......................... 41% 92% 74% 55% 78%
<CAPTION>
Small Cap Equity Fund
----------------------------------------------------------------------------
Class I
----------------------------------------------------------------------------
3/28/95** 11/1/99 Year Ended 5/7/96*
Through Through -------------------------------------- Through
10/31/95 4/30/00 10/31/99 10/31/98 10/31/97 10/31/96
--------- ------- -------- -------- -------- --------
<S> <C> <C> <C> <C> <C> <C>
Per share operating performance
Net asset value, beginning of period ............. $11.39 $23.10 $20.59 $23.71 $19.22 $18.44
------ ------ ------ ------ ------ ------
Income from investment operations:
Net investment income ........................... (0.02) (0.03)@ (0.02)@ (0.02) 0.03 0.02
Net gain or losses in securities
(both realized and unrealized) ................ 3.67 6.62 2.70 (2.46) 4.75 0.76
------ ------ ------ ------ ------ ------
Total from investment operations ............... 3.65 6.59 2.68 (2.48) 4.78 0.78
------ ------ ------ ------ ------ ------
Distributions to shareholders from:
Dividends from net investment income ............ 0.03 -- -- -- -- --
Distributions from capital gains ................ -- 2.65 0.17 0.64 0.29 --
------ ------ ------ ------ ------ ------
Total dividends and distributions .............. 0.03 2.65 0.17 0.64 0.29 --
------ ------ ------ ------ ------ ------
Net asset value, end of period ................... $15.01 $27.04 $23.10 $20.59 $23.71 $19.22
====== ====== ====== ====== ====== ======
Total return (1) 32.09% 30.78% 13.06% (10.64%) 25.15% 4.23%
Ratios/supplemental data:
Net assets, end of period (in millions) ......... $ 22 $ 366 $ 269 $ 254 $ 307 $ 52
Ratios to average net assets:#
Expenses ........................................ 2.24% 0.88% 0.88% 1.04% 1.10% 1.10%
Net investment income ........................... (0.25%) (0.24%) (0.07%) (0.09%) 0.13% 0.27%
Expenses without waivers, reimbursements
and earnings credits ............................ 3.23% 1.13% 1.13% 1.13% 1.14% 1.27%
Net investment income without waivers,
reimbursements and earnings credits ............. (1.24%) (0.49%) (0.32%) (0.18%) 0.09% 0.10%
Portfolio turnover rate .......................... 75% 41% 92% 74% 55% 78%
------------------------------------------------------------------------------------------------------------------------------
** Commencement of offering of class of shares.
@ Calculated based upon average shares outstanding.
(1) Total return figures do not include the effect of any front-end or deferred sales load.
# Short periods have been annualized.
</TABLE>
See notes to financial statements.
94
<PAGE>
CHASE VISTA FUNDS FINANCIAL HIGHLIGHTS (unaudited)
FINANCIAL HIGHLIGHTS (unaudited)
<TABLE>
<CAPTION>
Balanced Fund
--------------------------------------
Class A
--------------------------------------
11/1/99 Year Ended
Through ------------------------
4/30/00 10/31/99 10/31/98
------- -------- --------
<S> <C> <C> <C>
Per share operating performance
Net asset value, beginning of period .......................................... $16.24 $15.44 $15.41
------ ------ ------
Income from investment operations:
Net investment income ....................................................... 0.16 0.35 0.38
Net gains or losses in securities
(both realized and unrealized) .............................................. 0.61 1.42 1.02
------ ------ ------
Total from investment operations ............................................ 0.77 1.77 1.40
------ ------ ------
Distributions to shareholders from:
Dividends from net investment income ........................................ 0.16 0.35 0.39
Distributions from capital gains ............................................ 1.28 0.62 0.98
------ ------ ------
Total dividends and distributions ........................................... 1.44 0.97 1.37
------ ------ ------
Net asset value, end of period ................................................ $15.57 $16.24 $15.44
====== ====== ======
Total return (1) .............................................................. 4.98% 11.71% 9.60%
Ratios/supplemental data:
Net assets, end of period (in millions) ...................................... $ 109 $ 112 $ 95
Ratios to average net assets:#
Expenses ..................................................................... 1.29% 1.25% 1.25%
Net investment income ........................................................ 2.01% 2.27% 2.51%
Expenses without waivers, reimbursements and earnings credits ................ 1.51% 1.44% 1.44%
Net investment income without waivers, reimbursements and earnings credits ... 1.79% 2.08% 2.32%
Portfolio turnover rate ....................................................... 92% 86% 94%
<CAPTION>
Balanced Fund
------------------------------------
Class A
------------------------------------
10/31/97 10/31/96 10/31/95
-------- -------- --------
<S> <C> <C> <C>
Per share operating performance
Net asset value, beginning of period .......................................... $13.83 $12.45 $11.09
------ ------ ------
Income from investment operations:
Net investment income ....................................................... 0.39 0.35 0.38
Net gains or losses in securities
(both realized and unrealized) .............................................. 2.39 1.69 1.52
------ ------ ------
Total from investment operations ............................................ 2.78 2.04 1.90
------ ------ ------
Distributions to shareholders from:
Dividends from net investment income ........................................ 0.39 0.34 0.41
Distributions from capital gains ............................................ 0.81 0.32 0.13
------ ------ ------
Total dividends and distributions ........................................... 1.20 0.66 0.54
------ ------ ------
Net asset value, end of period ................................................ $15.41 $13.83 $12.45
====== ====== ======
Total return (1) .............................................................. 21.48% 16.89% 17.70%
Ratios/supplemental data:
Net assets, end of period (in millions) ...................................... $ 93 $ 55 $ 34
Ratios to average net assets:#
Expenses ..................................................................... 1.25% 1.25% 1.06%
Net investment income ........................................................ 2.91% 2.97% 3.48%
Expenses without waivers, reimbursements and earnings credits ................ 1.52% 1.78% 2.20%
Net investment income without waivers, reimbursements and earnings credits ... 2.64% 2.44% 2.34%
Portfolio turnover rate ....................................................... 136% 149% 68%
---------------------------------------------------------------------------------------------------------------------
(1) Total return figures do not include the effect of any front-end or deferred sales load.
# Short periods have been annualized.
</TABLE>
See notes to financial statements.
95
<PAGE>
CHASE VISTA FUNDS FINANCIAL HIGHLIGHTS (unaudited)
FINANCIAL HIGHLIGHTS (unaudited)
<TABLE>
<CAPTION>
Balanced Fund
-------------------------------------------------
Class B
-------------------------------------------------
11/1/99 Year Ended
Through ------------------------------------
4/30/00 10/31/99 10/31/98 10/31/97
------- -------- -------- --------
<S> <C> <C> <C> <C>
Per share operating performance
Net asset value, beginning of period ............. $15.94 $15.19 $15.21 $13.70
------ ------ ------ ------
Income from investment operations:
Net investment income .......................... 0.10 0.25 0.28 0.32
Net gains or losses in securities
(both realized and unrealized) ................. 0.60 1.37 1.00 2.33
------ ------ ------ ------
Total from investment operations ............... 0.70 1.62 1.28 2.65
------ ------ ------ ------
Distributions to shareholders from:
Dividends from net investment income ........... 0.10 0.25 0.32 0.33
Distributions from capital gains ............... 1.28 0.62 0.98 0.81
------ ------ ------ ------
Total dividends and distributions .............. 1.38 0.87 1.30 1.14
------ ------ ------ ------
Net asset value, end of period ................... $15.26 $15.94 $15.19 $15.21
====== ====== ====== ======
Total return (1) ................................. 4.63% 10.88% 8.89% 20.55%
Ratios/supplemental data:
Net assets, end of period (in millions) ......... $ 28 $ 31 $ 23 $ 15
Ratios to average net assets:#
Expenses ........................................ 1.84% 1.93% 1.93% 2.04%
Net investment income ........................... 1.46% 1.56% 1.81% 2.26%
Expenses without waivers, reimbursements and
earnings credits ................................ 1.84% 1.93% 1.93% 2.06%
Net investment income without waivers,
reimbursements and earnings credits ............. 1.46% 1.56% 1.81% 2.24%
Portfolio turnover rate .......................... 92% 86% 94% 136%
<CAPTION>
Balanced Fund
---------------------------------------------------
Class C
---------------------------------------------------
11/1/99 11/20/98**
Through Through
10/31/96 10/31/95 04/30/00 10/31/99
-------- -------- -------- --------
<S> <C> <C> <C> <C>
Per share operating performance
Net asset value, beginning of period ............. $12.36 $11.03 $15.89 $ 15.59
------ ------ ------ -------
Income from investment operations:
Net investment income .......................... 0.28 0.31 0.11 0.24
Net gains or losses in securities
(both realized and unrealized) ................. 1.66 1.50 0.58 0.97
------ ------ ------ -------
Total from investment operations ............... 1.94 1.81 0.69 1.21
------ ------ ------ -------
Distributions to shareholders from:
Dividends from net investment income ........... 0.28 0.13 0.10 0.29
Distributions from capital gains ............... 0.32 0.35 1.28 0.62
------ ------ ------ -------
Total dividends and distributions .............. 0.60 0.48 1.38 0.91
------ ------ ------ -------
Net asset value, end of period ................... $13.70 $12.36 $15.20 $ 15.89
====== ====== ====== =======
Total return (1) ................................. 16.10% 16.93% 4.62% 7.95%
Ratios/supplemental data:
Net assets, end of period (in millions) ......... $ 10 $ 6 $ 2 $ 1
Ratios to average net assets:#
Expenses ........................................ 2.00% 1.82% 1.83% 2.06%
Net investment income ........................... 2.21% 2.68% 1.47% 1.67%
Expenses without waivers, reimbursements and
earnings credits ................................ 2.29% 2.72% 1.83% 2.06%
Net investment income without waivers,
reimbursements and earnings credits ............. 1.92% 1.78% 1.47% 1.67%
Portfolio turnover rate .......................... 149% 68% 92% 86%
-------------------------------------------------------------------------------------------------------
** Commencement of offering of class of shares.
(1) Total return figures do not include the effect of any front-end or deferred sales load.
# Short periods have been annualized.
</TABLE>
See notes to financial statements.
96
<PAGE>
--------------------------------------------------------------------------------
GROWTH AND INCOME PORTFOLIO
Portfolio of Investments
--------------------------------------------------------------------------------
As of April 30, 2000 (unaudited)
(Amounts in Thousands)
<TABLE>
<CAPTION>
Shares Issuer Value
-----------------------------------------------------------------
Long-Term Investments -- 97.4%
-----------------------------------------------------------------
<S> <C> <C>
Common Stock -- 96.4%
---------------------
Aerospace -- 0.6%
387 Boeing Co. $ 15,359
Automotive -- 3.0%
830 Ford Motor Co. 45,391
282 General Motors Corp. 26,430
--------
71,821
Banking -- 5.2%
240 Bank of America Corp. 11,775
1,035 Bank of New York Co., Inc. 42,500
420 Firstar Corp. 10,444
1,410 Wells Fargo Co. 57,898
--------
122,617
Broadcasting/Cable -- 2.5%
675 CBS Corp. * 39,656
462 Comcast Corp., Class A * 18,493
--------
58,149
Chemicals -- 2.3%
115 Dow Chemical Co. 13,029
859 E.I. DuPont de Nemours Co. 40,763
--------
53,792
Computer Software -- 0.4%
179 Computer Associates International, Inc. 9,990
Computers/Computer Hardware -- 1.1%
100 Hewlett-Packard Co. 13,500
106 International Business Machines Corp. 11,832
--------
25,332
Consumer Products -- 0.4%
428 Philip Morris Companies, Inc. 9,369
Diversified -- 1.9%
198 General Electric Co. 31,135
290 Tyco International LTD (Bermuda) 13,322
--------
44,457
Electronics/Electrical Equipment -- 1.7%
355 Teradyne, Inc.* 39,050
Financial Services -- 16.5%
419 American Express Co. 62,861
1,981 Citigroup, Inc. 117,770
446 Fannie Mae 26,905
286 Freddie Mac 13,138
288 J.P. Morgan & Co. 36,972
520 Merrill Lynch & Co., Inc. 53,008
1,071 Morgan Stanley Dean Witter & Co. 82,199
--------
392,853
Food/Beverage Products -- 1.3%
250 Anheuser-Busch Companies, Inc. 17,641
339 Sysco Corp. 12,755
--------
30,396
Insurance -- 5.6%
976 American International Group, Inc. 107,022
264 Marsh & McLennan Companies 25,991
--------
133,013
</TABLE>
See notes to financial statements.
97
<PAGE>
GROWTH AND INCOME PORTFOLIO
Portfolio of Investments (Continued)
As of April 30, 2000 (unaudited)
(Amounts in Thousands)
<TABLE>
<CAPTION>
Shares Issuer Value
---------------------------------------------------------------------------
Long-Term Investments -- Continued
---------------------------------------------------------------------------
<S> <C> <C>
Machinery & Engineering Equipment -- 0.8%
375 Dover Corp. $ 19,055
Manufacturing -- 0.8%
353 Honeywell International, Inc. 19,768
Metals/Mining -- 0.6%
210 Alcoa, Inc. 13,598
Multi-Media -- 3.3%
1,013 The Walt Disney Co. 43,875
146 Time Warner, Inc. 13,131
400 Viacom, Inc., Class B * 21,750
--------
78,756
Oil & Gas -- 11.3%
213 BP Amoco PLC, ADR (United Kingdom) 10,873
603 Chevron Corp. 51,320
1,283 Exxon Mobil Corp. 99,701
450 Halliburton Co. 19,884
1,077 Royal Dutch Petroleum Co., N.Y. Registered Shares
(Netherlands) 61,816
303 Schlumberger LTD 23,198
--------
266,792
Paper/Forest Products -- 2.0%
470 International Paper Co. 17,288
308 Weyerhaeuser Co. 16,459
335 Willamette Industries 12,793
--------
46,540
Pharmaceuticals -- 5.5%
836 Abbott Laboratories 32,133
564 American Home Products Corp. 31,690
333 Pfizer, Inc. 14,028
1,065 Pharmacia Corp. 53,184
--------
131,035
Printing & Publishing -- 1.1%
613 New York Times Co., Class A 25,231
Restaurants/Food Services -- 1.1%
703 McDonald's Corp. 26,806
Retailing -- 1.7%
231 Costco Wholesale Corp. * 12,488
434 Target Corp. 28,889
--------
41,377
Semi-Conductors -- 7.1%
280 Altera Corp. * 28,630
175 Intel Corp. 22,192
600 KLA-Tencor Corp. * 44,925
439 Texas Instruments, Inc. 71,421
--------
167,168
</TABLE>
See notes to financial statements.
98
<PAGE>
GROWTH AND INCOME PORTFOLIO
Portfolio of Investments (Continued)
As of April 30, 2000 (unaudited)
(Amounts in Thousands)
<TABLE>
<CAPTION>
Shares Issuer Value
-------------------------------------------------------------------
Long-Term Investments -- Continued
-------------------------------------------------------------------
<S> <C> <C>
Telecommunications -- 11.5%
719 AT&T Corp. $ 33,574
424 Bell Atlantic Corp. 25,122
1,109 BellSouth Corp. 53,995
330 Global Crossing LTD * 10,395
711 GTE Corp. 48,170
1,007 MCI WorldCom, Inc. * 45,733
627 SBC Communications, Inc. 27,470
441 Sprint Corp. (FON Group) 27,103
----------
271,562
Telecommunications Equipment -- 4.3%
466 Motorola, Inc. 55,483
400 Nortel Networks Corp., (Canada) 45,300
----------
100,783
Utilities -- 2.8%
400 DQE, Inc. 15,300
284 Duke Energy Corp. 16,330
491 Enron Corp. 34,217
----------
65,847
-------------------------------------------------------
Total Common Stock 2,280,516
(Cost $1,793,610)
-------------------------------------------------------
Convertible Preferred Stock -- 1.0%
-----------------------------------
Broadcasting/Cable -- 0.2%
80 UnitedGlobalCom, Inc., 7.00%, 12/31/49, # 5,540
Telecommunications -- 0.8%
250 Qwest Trends Trust, 5.75%, 11/17/03, # 17,250
-------------------------------------------------------
Total Convertible Preferred Stock 22,790
(Cost $14,438)
-------------------------------------------------------------------
Total Long-Term Investments 2,303,306
(Cost $1,808,048)
-------------------------------------------------------------------
Short-Term Investment -- 2.6%
-------------------------------------------------------------------
<CAPTION>
Principal
Amount
Repurchase Agreement -- 2.6%
----------------------------
<S> <C> <C>
$61,783 Greenwich Capital Markets, Inc., 5.80%, due 05/01/00
(Dated 4/28/00, Proceeds $61,813, Secured by GNMA
and FHLMC, $62,821, 7.50%, due 07/16/24 through
04/15/29; Market Value $63,020) 61,783
(Cost $61,783)
------------------------------------------------------------------------------
Total Investments -- 100.0% $2,365,089
(Cost $1,869,831)
------------------------------------------------------------------------------
</TABLE>
See notes to financial statements.
99
<PAGE>
--------------------------------------------------------------------------------
CAPITAL GROWTH PORTFOLIO
Portfolio of Investments
--------------------------------------------------------------------------------
As of April 30, 2000 (unaudited)
(Amounts in Thousands)
<TABLE>
<CAPTION>
Shares Issuer Value
------------------------------------------------------------------------
Long-Term Investments -- 93.6%
------------------------------------------------------------------------
<S> <C> <C>
Common Stock -- 93.6%
---------------------
Advertising -- 1.6%
350 True North Communications $14,416
Apparel -- 1.2%
350 Jones Apparel Group, Inc. * 10,391
Automotive -- 0.8%
460 Tower Automotive, Inc. * 7,188
Banking -- 3.2%
300 Cullen/Frost Bankers, Inc. 7,406
250 SouthTrust Corp. 5,969
211 TCF Financial Corp. 4,924
250 Zions Bancorp. 10,375
-------
28,674
Biotechnology -- 1.3%
250 Chiron Corp. * 11,313
Broadcasting/Cable -- 3.1%
225 AT&T Corp. -- Liberty Media Group, Class A * 11,235
200 Comcast Corp., Class A * 8,013
364 USA Networks, Inc. * 8,372
-------
27,620
Business Services -- 5.0%
400 ACNielsen Corp. * 9,225
250 Affiliated Computer Services, Inc., Class A * 8,281
325 American Management Systems, Inc. * 12,026
350 Concord EFS, Inc. * 7,831
209 Manpower Inc. 7,389
-------
44,752
Chemicals -- 2.2%
275 Cytec Industries, Inc.* 8,284
520 Wellman, Inc. 11,120
-------
19,404
Computer Software -- 6.9%
53 Allaire Corp. * 2,905
175 Computer Associates International, Inc. 9,767
100 Electronic Arts, Inc. * 6,050
900 Informix Corp. * 9,899
175 Rational Software Corp. * 14,897
200 Symantec Corp. * 12,487
140 Synopsys, Inc. * 5,880
-------
61,885
Computers/Computer Hardware -- 1.0%
175 Electronics For Imaging, Inc. * 9,144
Electronics/Electrical Equipment -- 8.3%
232 Amphenol Corp., Class A * 14,796
210 PerkinElmer, Inc. 11,498
225 Sanmina Corp. * 13,513
350 Sensormatic Electronics Corp. * 5,841
105 Symbol Technologies, Inc. 5,854
275 Vishay Intertechnology, Inc. * 23,065
-------
74,567
</TABLE>
See notes to financial statements.
100
<PAGE>
CAPITAL GROWTH PORTFOLIO
Portfolio of Investments (Continued)
As of April 30, 2000 (unaudited)
(Amounts in Thousands)
<TABLE>
<CAPTION>
Shares Issuer Value
-----------------------------------------------------------------------
Long-Term Investments -- Continued
-----------------------------------------------------------------------
<S> <C> <C>
Entertainment/Leisure -- 2.0%
350 Harrah's Entertainment, Inc. * $7,197
850 Park Place Entertainment Corp. * 10,891
------
18,088
Financial Services -- 3.2%
245 A.G. Edwards, Inc. 9,218
285 Knight/Trimark Group, Inc., Class A * 10,741
100 Lehman Brothers Holdings, Inc. 8,206
------
28,165
Health Care/Health Care Services -- 2.5%
950 Health Management Associates, Inc., Class A * 15,141
97 Stryker Corp. 6,972
------
22,113
Insurance -- 4.2%
300 AXA Financial, Inc. 9,788
240 Radian Group, Inc. 12,225
350 Reliastar Financial Corp. 15,071
------
37,084
Internet Services/Software -- 0.7%
130 Lycos, Inc. * 6,045
Machinery & Engineering Equipment -- 2.2%
225 Dover Corp. 11,433
140 Zebra Technologies Corp., Class A * 7,980
------
19,413
Manufacturing -- 1.4%
316 Pentair, Inc. 12,087
Metals/Mining -- 0.7%
670 Freeport-McMoRan Copper & Gold, Inc., Class B * 6,449
Oil & Gas -- 10.1%
381 Anadarko Petroleum Corp. 16,550
120 BJ Services Co. * 8,430
350 Cooper Cameron Corp. * 26,249
500 Global Marine, Inc. * 12,000
400 Tosco Corp. 12,825
800 Union Pacific Resources Group 15,350
------
91,404
Paper/Forest Products -- 1.5%
85 Temple-Inland, Inc. 4,261
250 Willamette Industries 9,547
------
13,808
Pharmaceuticals -- 5.9%
301 Biovail Corp. International (Canada) * 14,340
210 Forest Laboratories Inc., Class A * 17,653
275 King Pharmaceuticals, Inc. * 13,578
45 MedImmune, Inc. * 7,197
------
52,768
Pipelines -- 2.2%
154 Columbia Energy Group 9,664
235 El Paso Energy Corp. 9,987
------
19,651
Real Estate Investment Trust -- 0.6%
250 Beacon Capital Partners, Inc. # 5,125
11 Beacon Capital Partners, Inc., Voting Trust #- 0
45 Cypress Voting Trust #- 0
------
5,125
</TABLE>
See notes to financial statements.
101
<PAGE>
CAPITAL GROWTH PORTFOLIO
Portfolio of Investments (Continued)
As of April 30, 2000 (unaudited)
(Amounts in Thousands)
<TABLE>
<CAPTION>
Shares Issuer Value
-----------------------------------------------------------------
Long-Term Investments -- Continued
-----------------------------------------------------------------
<S> <C> <C>
Restaurants/Food Services -- 1.5%
425 Brinker International, Inc. * $ 13,547
Retailing -- 2.9%
450 BJ's Wholesale Club, Inc. * 15,947
375 Ethan Allen Interiors, Inc. 10,008
-------
25,955
Semi-Conductors -- 9.8%
200 Altera Corp. * 20,449
225 ASM Lithography Holding NV (Netherlands) * 9,000
375 Atmel Corp. * 18,351
100 KLA-Tencor Corp. * 7,488
300 Microchip Technology, Inc. * 18,618
200 Vitesse Semiconductor Corp. * 13,613
-------
87,519
Shipping/Transportation -- 0.9%
153 C.H. Robinson Worldwide, Inc. 7,625
Telecommunications -- 1.9%
90 Nextlink Communications, Class A * 7,588
150 U.S. Cellular Corp. * 9,010
-------
16,598
Telecommunications Equipment -- 1.3%
130 Comverse Technology, Inc. * 11,594
Utilities -- 3.5%
275 AGL Resources, Inc. 4,812
301 Alliant Energy Corp. 9,039
200 American Water Works, Inc. 4,538
200 Energy East Corp. 4,175
350 Scana Corp. 9,056
-------
31,620
-----------------------------------------------------------------
Total Long-Term Investments 836,012
(Cost $660,577)
-----------------------------------------------------------------
Short-Term Investment -- 6.4%
-----------------------------------------------------------------
<CAPTION>
Principal
Amount
<S> <C> <C>
Repurchase Agreement -- 6.4%
----------------------------
$57,424 Greenwich Capital Markets, Inc., 5.80%, due 05/01/00,
(Dated 04/28/00, Proceeds $57,452, Secured by FHLMC
and GNMA, $60,988, 6.00% through 11.88%, due
05/15/15 through 05/15/29; Market Value $58,575) 57,424
(Cost $57,424)
---------------------------------------------------------------------------------
Total Investments -- 100.0% $893,436
(Cost $718,001)
---------------------------------------------------------------------------------
</TABLE>
INDEX:
* -- Non-income producing security.
# -- Security may only be sold to qualified institutional buyers.
~ -- Security fair valued by, or at the direction of, the Board of Trustees.
ADR -- American Depositary Receipt.
FHLMC -- Federal Home Loan Mortgage Corporation.
FNMA -- Federal National Mortgage Association.
GNMA -- Government National Mortgage Association.
See notes to financial statements.
102
<PAGE>
--------------------------------------------------------------------------------
GROWTH AND INCOME AND CAPITAL GROWTH PORTFOLIOS
Statement of Assets and Liabilities April 30, 2000 (unaudited)
--------------------------------------------------------------------------------
(Amounts in Thousands)
<TABLE>
<CAPTION>
Growth and Capital
Income Growth
Portfolio Portfolio
----------------------------------------------------------------------------------
<S> <C> <C>
ASSETS:
Investment securities, at value (Note 1) ......... $2,365,089 $893,436
Other assets ..................................... 12 4
Receivables:
Interest and dividends .......................... 2,326 406
----------------------------------------------------------------------------------
Total Assets .................................. 2,367,427 893,846
----------------------------------------------------------------------------------
LIABILITIES:
Accrued liabilities: (Note 2)
Investment advisory fees ........................ 783 285
Administration fees ............................. 98 36
Custodian fees .................................. 65 29
Other ........................................... 238 210
----------------------------------------------------------------------------------
Total Liabilities ............................. 1,184 560
----------------------------------------------------------------------------------
NET ASSETS APPLICABLE TO INVESTORS'
BENEFICIAL INTERESTS .............................. $2,366,243 $893,286
----------------------------------------------------------------------------------
Cost of investments .............................. $1,869,831 $718,001
----------------------------------------------------------------------------------
</TABLE>
See notes to financial statements.
103
<PAGE>
--------------------------------------------------------------------------------
GROWTH AND INCOME AND CAPITAL GROWTH PORTFOLIOS
Statement of Operations For the six months ended April 30, 2000 (unaudited)
--------------------------------------------------------------------------------
(Amounts in Thousands)
<TABLE>
<CAPTION>
Growth and Capital
Income Growth
Portfolio Portfolio
-------------------------------------------------------------------------------------------
<S> <C> <C>
INVESTMENT INCOME:
Dividend ............................................... $ 15,995 $ 3,142
Interest ............................................... 1,665 1,108
Foreign taxes withheld ................................. (5) --
-------------------------------------------------------------------------------------------
Total investment income ............................. 17,655 4,250
-------------------------------------------------------------------------------------------
EXPENSES: (Note 2)
Investment advisory fees ............................... 4,963 1,819
Administration fees .................................... 620 227
Custodian fees ......................................... 112 54
Professional fees ...................................... 38 29
Trustees' fees ......................................... 26 9
Other .................................................. 62 13
-------------------------------------------------------------------------------------------
Total expenses ...................................... 5,821 2,151
-------------------------------------------------------------------------------------------
Less earnings credits (Note 2B) ........................ 40 14
-------------------------------------------------------------------------------------------
Net expenses ......................................... 5,781 2,137
-------------------------------------------------------------------------------------------
Net investment income .............................. 11,874 2,113
-------------------------------------------------------------------------------------------
REALIZED AND UNREALIZED
GAIN (LOSS) ON INVESTMENTS:
Net realized gain on investments ....................... 221,284 166,490
Change in net unrealized appreciation/depreciation
of investments ......................................... (47,753) (5,394)
-------------------------------------------------------------------------------------------
Net realized and unrealized gain on investments ......... 173,531 161,096
-------------------------------------------------------------------------------------------
Net increase in net assets from operations ............. $185,405 $163,209
-------------------------------------------------------------------------------------------
</TABLE>
See notes to financial statements.
104
<PAGE>
--------------------------------------------------------------------------------
GROWTH AND INCOME AND CAPITAL GROWTH PORTFOLIOS
Statement of Changes in Net Assets For the periods indicated (unaudited)
--------------------------------------------------------------------------------
(Amounts in Thousands)
<TABLE>
<CAPTION>
Growth and Income Capital Growth
Portfolio Portfolio
--------------------------------------------------------------------------- -----------------------
11/01/99 Year 11/01/99 Year
Through Ended Through Ended
4/30/00 10/31/99 4/30/00 10/31/99
---------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
INCREASE (DECREASE) IN NET
ASSETS FROM OPERATIONS:
Net investment income .............. $ 11,874 $ 34,082 $ 2,113 $ 3,754
Net realized gain on investments 221,284 426,148 166,490 185,113
Change in net unrealized
appreciation (depreciation) of
investments ........................ (47,753) (86,911) (5,394) (28,226)
---------------------------------------------------------------------------------------------------
Increase in net assets from
operations ...................... 185,405 373,319 163,209 160,641
---------------------------------------------------------------------------------------------------
TRANSACTIONS IN INVESTORS'
BENEFICIAL INTERESTS:
Contributions ...................... 78,560 480,886 235,870 877,944
Withdrawals ........................ (521,476) (982,596) (447,089) (1,288,947)
---------------------------------------------------------------------------------------------------
Net decrease from transactions
in investors' beneficial
interests ........................ (442,916) (501,710) (211,219) (411,003)
---------------------------------------------------------------------------------------------------
Total decrease in net assets ..... (257,511) (128,391) (48,010) (250,362)
NET ASSETS:
Beginning of period ................ 2,623,754 2,752,145 941,296 1,191,658
---------------------------------------------------------------------------------------------------
End of period ...................... $2,366,243 $2,623,754 $893,286 $ 941,296
---------------------------------------------------------------------------------------------------
</TABLE>
See notes to financial statements.
105
<PAGE>
--------------------------------------------------------------------------------
GROWTH AND INCOME AND CAPITAL GROWTH PORTFOLIOS
Notes to Financial Statements (unaudited)
--------------------------------------------------------------------------------
1. Organization and Significant Accounting Policies
Growth and Income Portfolio ("GIP") and Capital Growth Portfolio ("CGP"), (the
"Portfolios") are separately registered under the Investment Company Act of
1940, as amended, as non-diversified, open end management investment companies
organized as trusts under the laws of the State of New York. Each declaration of
trust permits the Trustees to issue beneficial interests in the respective
Portfolios.
The following is a summary of significant accounting policies followed by the
Portfolios:
The preparation of financial statements in accordance with generally accepted
accounting principles requires management to make estimates and assumptions that
affect the reported amounts and disclosures in the financial statements. Actual
results could differ from those estimates.
A. Valuation of investments -- Equity securities, purchased options and
futures are valued at the last sale price on the exchange on which they are
primarily traded, including the NASDAQ National Market. Securities for which
sale prices are not available and other over-the-counter securities are
valued at the last quoted bid price. Bonds and other fixed income securities
(other than short-term obligations), including listed issues, are valued on
the basis of valuations supplied by pricing services or by matrix pricing
systems of a major dealer in bonds. Short-term debt securities with 61 days
or more to maturity at time of purchase are valued, through the 61st day
prior to maturity, at market value based on quotations obtained from market
makers or other appropriate sources; thereafter, the value on the 61st day is
amortized on a straight-line basis over the remaining number of days to
maturity. Short-term investments with 60 days or less to maturity at time of
purchase are valued at amortized cost, which approximates market. Portfolio
securities for which there are no such quotations or valuations are valued at
fair value as determined in good faith by or at the direction of the
Trustees.
B. Repurchase agreements -- It is the Portfolios' policy that repurchase
agreements are fully collateralized by U.S. Treasury and Government Agency
securities. All collateral is held by the Portfolios' 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 Trusts
may be delayed or limited.
C. Futures contracts -- When a Portfolio enters into a futures contract, it
makes an initial margin deposit in a segregated account, either in cash or
liquid securities. Thereafter, the futures contract is marked to market and
the portfolio makes (or receives) additional cash payments daily to the
broker. Changes in the value of the contract are recorded as unrealized
appreciation/depreciation until the contract is closed or settled.
Index futures contracts are used to control the asset mix of the Portfolios
in the most efficient manner. Short index futures contracts are used for
hedging purposes, i.e. to reduce the exposure to equities. Long index
106
<PAGE>
PORTFOLIOS
Notes to Financial Statements (unaudited) (continued)
futures contracts are used to gain exposure to equities, when it is
anticipated that this will be more efficient than buying stocks directly. Use
of long futures contracts subject the Portfolios to risk of loss up to the
nominal value of the contract. Use of short futures contracts subject the
Portfolios to unlimited losses.
The Portfolios may enter into futures contracts only on exchanges or boards
of trade. The exchange or board of trade acts as the counterparty to each
futures transaction, therefore, the Portfolio's credit risk is limited to
failure of the exchange or board of trade. As of April 30, 2000, the
Portfolios had no outstanding futures contracts.
D. Security transactions and investment income -- Investment transactions are
accounted for on the trade date (the date the order to buy or sell is
executed). Securities gains and losses are calculated on the identified cost
basis. Interest income is accrued as earned. Dividend income is recorded on
the ex-dividend date.
E. Federal income taxes -- The Portfolios intend to continue to qualify as
partnerships and therefore net investment income and net realized gains are
taxed to the partners. Accordingly, no tax provisions are recorded by the
Portfolios. The investors in the Portfolios must take into account their
proportionate share of the Portfolios' income, gains, losses, deductions,
credits and tax preference items in computing their federal income tax
liability, without regard to whether they have received any cash
distributions from the Portfolio. The Portfolios do not intend to distribute
to investors their net investment income or their net realized gains, if any.
It is intended that the Portfolios will be managed in such a way that
investors in the Portfolio will be able to satisfy the requirements of
subchapter M of the Internal Revenue Code to be taxed as regulated investment
companies.
F. Expenses -- Expenses directly attributable to a Portfolio are charged to
that Portfolio; other expenses are allocated on another reasonable basis.
2. Fees and Other Transactions with Affiliates
A. Investment advisory fee -- Pursuant to separate Investment Advisory
Agreements, The Chase Manhattan Bank ("Chase" or the "Advisor") acts as the
Investment Advisor to the Portfolios. Chase is a direct wholly-owned
subsidiary of The Chase Manhattan Corporation. As Investment Advisor, Chase
supervises the investments of the Portfolios and for such services is paid a
fee.
The fee is computed daily and paid monthly at an annual rate equal to 0.40%
of each Portfolio's average daily net assets.
Chase Asset Management, Inc. ("CAM"), a registered investment advisor, is the
sub-investment advisor to each of the Portfolios pursuant to a Sub-
Investment Advisory Agreement between CAM and Chase. CAM is a wholly owned
subsidiary of Chase and is entitled to receive a fee, payable by Chase from
its advisory fee, at an annual rate equal to 0.20% of each Portfolio's
average daily net assets.
107
<PAGE>
PORTFOLIOS
Notes to Financial Statements (unaudited) (continued)
B. Custodian fees -- Chase, as Custodian, provides safekeeping services for
the Portfolios' securities. Compensation for such services is presented in
the Statement of Operations as custodian fees. In addition, custodian fees
are subject to reduction by credits earned by each Portfolio, based on cash
balances held by Chase as custodian. Such earnings credits are presented
separately in the Statement of Operations. The Portfolios could have invested
the cash balances utilized in connection with the earnings credits
arrangements in income producing assets if they had not entered into such
arrangements.
C. Administration fee -- Pursuant to an Administration Agreement, Chase (the
"Administrator") provides certain administration services to the Trusts. For
these services and facilities, the Administrator receives from each Portfolio
a fee computed at the annual rate equal to 0.05% of the respective
Portfolio's average daily net assets.
3. Investment Transactions
For the six months ended April 30, 2000, purchases and sales of investments
(excluding short-term investments) were as follows (in thousands):
<TABLE>
<CAPTION>
GIP CGP
-----------------------------------------------------------------------------
<S> <C> <C>
Purchases (excluding U.S. Government)........... $568,020 $350,972
Sales (excluding U.S. Government) .............. 936,247 573,180
Purchases of U.S. Government ................... -- --
Sales of U.S. Government ....................... -- 586
</TABLE>
The portfolio turnover rates of GIP and CGP for the six months ended April 30,
2000, were 23% and 40% respectively.
4. Federal Income Tax Matters
For Federal income tax purposes, the cost and unrealized appreciation
(depreciation) in value of the investment securities at April 30, 2000, are as
follows (in thousands):
<TABLE>
<CAPTION>
GIP CGP
-----------------------------------------------------------------------------
<S> <C> <C>
Aggregate cost ......................... $1,869,831 $718,001
---------- --------
Gross unrealized appreciation........... $ 572,438 $217,623
Gross unrealized depreciation........... (77,180) (42,188)
---------- --------
Net unrealized appreciation ............ $ 495,258 $175,435
========== ========
</TABLE>
5. Retirement Plan
The Portfolios have adopted an unfunded noncontributory defined benefit pension
plan covering all independent trustees of the Portfolios who will have served as
an independent trustee for at least five years at the time of retirement.
Benefits under this plan are based on compensation and years of service. Pension
expenses for the six months ended April 30, 2000, included in Trustees Fees in
the Statement of Operations, and accrued pension liability included in other
accrued liabilities, respectively, in the Statement of Assets and Liabilities
were as follows (in thousands):
108
<PAGE>
PORTFOLIOS
Notes to Financial Statements (unaudited) (continued)
<TABLE>
<CAPTION>
Accrued
Pension Pension
Expenses Liability
-------------------------------------------------------------------------------
<S> <C> <C>
GIP............................................ $10 $112
CGP............................................ 4 52
</TABLE>
6. Bank Borrowings
The Portfolios may borrow money for temporary or emergency purposes. Any
borrowings representing more than 5% of a Portfolio's total assets must be
repaid before the Portfolio may make additional investments. The Portfolios have
entered into an agreement, enabling them to participate with other Chase Vista
Funds in an unsecured line of credit with a syndicate of banks, which permits
borrowings up to $350 million, collectively. Interest is charged to each
Portfolio based on its borrowings at an annual rate equal to the sum of the
Federal Funds Rate plus 0.50%. The Portfolios also pay a commitment fee of 0.10%
per annum on the average daily amount of the available commitment, which is
allocated, on a pro-rata basis to the funds. The commitment fee is included in
Other expenses on the Statement of Operations. Borrowings are payable on demand.
The Portfolios had no borrowings outstanding at April 30, 2000, nor at any point
during the six months then ended.
7. Concentrations
At April 30, 2000, CGP invested 28.1% of its portfolio in securities issued by
technology sector companies, such as computer hardware and software companies,
internet connectivity providers and telecommunications equipment manufacturers.
Valuations of companies in the technology sector are typically subject to
greater volatility than other sectors.
109
<PAGE>
--------------------------------------------------------------------------------
CORE EQUITY PORTFOLIO
Portfolio of Investments
--------------------------------------------------------------------------------
As of April 30, 2000 (unaudited)
Amounts in Thousands)
<TABLE>
<CAPTION>
Shares Issuer Value
---------------------------------------------------------------------
Long-Term Investments -- 95.7%
---------------------------------------------------------------------
<S> <C> <C>
Common Stock -- 95.7%
---------------------
Advertising -- 0.6%
15 Omnicom Group $ 1,370
Airlines -- 1.2%
137 Southwest Airlines, Inc. 2,960
Automotive -- 1.2%
32 Ford Motor Co. 1,724
13 General Motors Corp. 1,196
-------
2,920
Banking -- 1.5%
32 Bank of America Corp. 1,548
53 Bank of New York Co., Inc. 2,182
-------
3,730
Biotechnology -- 0.9%
39 Amgen, Inc. * 2,201
Broadcasting/Cable -- 1.0%
49 AT&T Corp. -- Liberty Media Group, Class A * 2,437
Computer Networks -- 3.6%
126 Cisco Systems, Inc. * 8,763
Computer Software -- 5.0%
102 Microsoft Corp. * 7,148
45 Oracle Corp. * 3,593
25 Symantec Corp. * 1,545
-------
12,286
Computers/Computer Hardware -- 8.5%
65 Dell Computer Corp. * 3,274
42 EMC Corp. * 5,892
20 Hewlett-Packard Co. 2,761
44 International Business Machines Corp. 4,925
11 Lexmark International Group Inc., Class A * 1,298
30 Sun Microsystems, Inc. * 2,726
-------
20,876
Consumer Products -- 1.8%
52 Colgate-Palmolive Co. 2,955
24 Procter & Gamble Co. 1,450
-------
4,405
Diversified -- 5.5%
71 General Electric Co. 11,086
53 Tyco International LTD (Bermuda) 2,437
-------
13,523
Electronics/Electrical Equipment -- 2.7%
22 Molex Inc. 1,187
29 Sanmina Corp. * 1,766
76 Solectron Corp. * 3,555
-------
6,508
Financial Services -- 7.7%
29 American Express Co. 4,397
62 Charles Schwab Corp. 2,770
92 Citigroup, Inc. 5,465
29 Merrill Lynch & Co., Inc. 2,956
41 Morgan Stanley Dean Witter & Co. 3,170
-------
18,758
</TABLE>
See notes to financial statements.
110
<PAGE>
CORE EQUITY PORTFOLIO
Portfolio of Investments (Continued)
As of April 30, 2000 (unaudited)
(Amounts in Thousands)
<TABLE>
<CAPTION>
Shares Issuer Value
--------------------------------------------------------------------------
Long-Term Investments -- Continued
--------------------------------------------------------------------------
<S> <C> <C>
Food/Beverage Products -- 2.5%
29 Anheuser-Busch Companies, Inc. $ 2,076
47 Coca-Cola Co. 2,233
49 PepsiCo, Inc. 1,798
-------
6,107
Health Care/Health Care Services -- 2.3%
43 Guidant Corp. * 2,490
59 Medtronic, Inc. 3,088
-------
5,578
Insurance -- 2.8%
63 American International Group, Inc. 6,947
Internet Services/Software -- 1.6%
43 America Online, Inc. * 2,557
10 Yahoo Inc. * 1,296
-------
3,853
Metals/Mining -- 0.9%
32 Alcoa, Inc. 2,091
Multi-Media -- 2.7%
71 The Walt Disney Co. 3,060
39 Time Warner, Inc. 3,532
-------
6,592
Oil & Gas -- 5.2%
28 BJ Services Co. * 1,949
20 Chevron Corp. 1,681
96 Exxon Mobil Corp. 7,428
29 Royal Dutch Petroleum Co., N.Y. Registered Shares
(Netherlands) 1,647
-------
12,705
Pharmaceuticals -- 5.4%
39 Bristol-Myers Squibb Co. 2,059
24 Johnson & Johnson 2,003
44 Merck & Co., Inc. 3,074
90 Pfizer, Inc. 3,804
21 Warner-Lambert Co. 2,367
-------
13,307
Retailing -- 9.1%
44 Best Buy Co., Inc. * 3,583
46 Costco Wholesale Corp. * 2,493
79 Home Depot, Inc. 4,449
33 Target Corp. 2,203
127 Wal-Mart Stores, Inc. 7,054
92 Walgreen Co. 2,575
-------
22,357
Semi-Conductors -- 7.7%
30 Altera Corp. * 3,047
34 Applied Materials, Inc. * 3,436
67 Intel Corp. 8,532
23 Texas Instruments, Inc. 3,697
-------
18,712
</TABLE>
See notes to financial statements.
111
<PAGE>
CORE EQUITY PORTFOLIO
Portfolio of Investments (Continued)
As of April 30, 2000 (unaudited)
(Amounts in Thousands)
<TABLE>
<CAPTION>
Shares Issuer Value
---------------------------------------------------------
Long-Term Investments -- Continued
---------------------------------------------------------
<S> <C> <C>
Telecommunications -- 6.2%
59 AT&T Corp. $ 2,743
49 BellSouth Corp. 2,388
30 GTE Corp. 2,048
56 MCI WorldCom, Inc. * 2,555
69 SBC Communications, Inc. 3,005
41 Sprint Corp. (FON Group) 2,525
--------
15,264
Telecommunications Equipment -- 5.1%
35 ADC Telecommunications, Inc. * 2,144
71 Lucent Technologies, Inc. 4,414
24 Motorola, Inc. 2,852
26 Nortel Networks Corp., (Canada) 2,973
--------
12,383
Utilities -- 3.0%
23 AES Corp. * 2,042
76 Enron Corp. 5,289
--------
7,331
---------------------------------------------------------
Total Long-Term Investments 233,964
(Cost $169,023)
---------------------------------------------------------
Short-Term Investment -- 4.3%
---------------------------------------------------------
<CAPTION>
rincipal
Amount
<S> <C> <C>
Repurchase Agreement -- 4.3%
----------------------------
$10,593 Greenwich Capital Markets, Inc., 5.80%, due 05/01/00,
(Dated 04/28/00, Proceeds $10,598, Secured by GNMA,
$11,223, 5.50% through 8.05%, due 01/15/09 through
09/15/29; Market Value $10,809) 10,593
(Cost $10,593)
----------------------------------------------------------------------------------
Total Investments -- 100.0% $244,557
(Cost $179,616)
----------------------------------------------------------------------------------
</TABLE>
See notes to financial statements.
112
<PAGE>
--------------------------------------------------------------------------------
EQUITY GROWTH PORTFOLIO
Portfolio of Investments
--------------------------------------------------------------------------------
As of April 30, 2000 (unaudited)
Amounts in Thousands)
<TABLE>
<CAPTION>
Shares Issuer Value
------------------------------------------------------------------
Long-Term Investments -- 99.2%
------------------------------------------------------------------
<S> <C> <C>
Common Stock -- 99.2%
---------------------
Biotechnology -- 2.9%
226 Amgen, Inc. * $12,681
Computer Networks -- 6.3%
400 Cisco Systems, Inc. * 27,742
Computer Software -- 6.6%
205 Microsoft Corp. * 14,292
186 Oracle Corp. * 14,900
-------
29,192
Computers/Computer Hardware -- 11.1%
164 Dell Computer Corp. * 8,200
150 EMC Corp. * 20,901
95 International Business Machines Corp. 10,629
103 Sun Microsystems, Inc. * 9,497
-------
49,227
Consumer Products -- 1.9%
114 Gillette Co. 4,223
73 Procter & Gamble Co. 4,360
-------
8,583
Diversified -- 6.5%
159 General Electric Co. 25,015
83 Tyco International LTD (Bermuda) 3,799
-------
28,814
Electronics/Electrical Equipment -- 1.1%
92 Molex Inc. 5,038
Financial Services -- 5.0%
224 Charles Schwab Corp. 9,989
56 Merrill Lynch & Co., Inc. 5,683
86 Morgan Stanley Dean Witter & Co. 6,635
-------
22,307
Food/Beverage Products -- 2.2%
94 Coca-Cola Co. 4,411
141 PepsiCo, Inc. 5,176
-------
9,587
Health Care/Health Care Services -- 0.4%
35 Medtronic, Inc. 1,823
Multi-Media -- 4.0%
217 The Walt Disney Co. 9,414
90 Time Warner, Inc. 8,074
-------
17,488
Pharmaceuticals -- 10.0%
81 Bristol-Myers Squibb Co. 4,262
74 Eli Lilly & Co. 5,748
54 Johnson & Johnson 4,461
105 Merck & Co., Inc. 7,271
264 Pfizer, Inc. 11,100
83 Pharmacia Corp. 4,130
63 Warner-Lambert Co. 7,196
-------
44,168
Restaurants/Food Services -- 1.5%
191 Tricon Global Restaurants, Inc. * 6,516
</TABLE>
See notes to financial statements.
113
<PAGE>
EQUITY GROWTH PORTFOLIO
Portfolio of Investments (Continued)
As of April 30, 2000 (unaudited)
(Amounts in Thousands)
<TABLE>
<CAPTION>
Shares Issuer Value
---------------------------------------------------------------
Long-Term Investments -- Continued
---------------------------------------------------------------
<S> <C> <C>
Retailing -- 10.0%
111 Best Buy Co., Inc. * $ 8,971
181 Costco Wholesale Corp. * 9,769
178 Home Depot, Inc. 9,972
283 Wal-Mart Stores, Inc. 15,672
--------
44,384
Semi-Conductors -- 20.3%
232 Applied Materials, Inc. * 23,621
211 Intel Corp. 26,785
143 KLA-Tencor Corp. * 10,703
310 Novellus Systems, Inc. * 20,698
52 Texas Instruments, Inc. 8,518
--------
90,325
Telecommunications -- 3.5%
185 AT&T Corp. 8,626
39 Nextel Communications, Inc., Class A * 4,227
39 Sprint Corp. (FON Group) 2,418
--------
15,271
Telecommunications Equipment -- 5.9%
38 ADC Telecommunications, Inc. * 2,321
47 JDS Uniphase Corp. * 4,918
148 Lucent Technologies, Inc. 9,178
85 Nortel Networks Corp., (Canada) 9,649
--------
26,066
---------------------------------------------------------------
Total Long-Term Investments 439,212
(Cost $295,035)
---------------------------------------------------------------
Short-Term Investment -- 8.8%
---------------------------------------------------------------
<CAPTION>
Principal
Amount
<S> <C> <C>
Repurchase Agreement -- 8.8%
----------------------------
$38,850 Greenwich Capital Markets, Inc., 5.80%, due 05/01/00,
(Dated 04/28/00, Proceeds $38,869, Secured by GNMA
and FNMA, $41,391, 6.00% through 9.50%, due
03/15/09 through 04/15/30; Market Value $39,630) 38,850
(Cost $38,850)
---------------------------------------------------------------------------------
Total Investments -- 108.0% $478,062
(Cost $333,885)
---------------------------------------------------------------------------------
</TABLE>
INDEX:
* -- Non-income producing security.
FNMA -- Federal National Mortgage Association.
GNMA -- Government National Mortgage Association.
See notes to financial statements.
114
<PAGE>
--------------------------------------------------------------------------------
CORE EQUITY AND EQUITY GROWTH PORTFOLIOS
Statement of Assets and Liabilities April 30, 2000 (unaudited)
--------------------------------------------------------------------------------
(Amounts in Thousands)
<TABLE>
<CAPTION>
Core Equity
Equity Growth
Portfolio Portfolio
--------------------------------------------------------------------------------
<S> <C> <C>
ASSETS:
Investment securities, at value (Note 1) ......... $244,557 $478,062
Cash ............................................. 1 1
Receivables:
Investment securities sold ...................... -- 47,493
Interest and dividends .......................... 127 177
--------------------------------------------------------------------------------
Total Assets .................................. 244,685 525,733
--------------------------------------------------------------------------------
LIABILITIES:
Payables:
Investment securities purchased ................. -- 82,911
Accrued liabilities: (Note 2)
Investment advisory fees ........................ 138 260
Administration fees ............................. 10 18
Custodian fees .................................. 6 14
Other ........................................... 30 8
--------------------------------------------------------------------------------
Total Liabilities ............................. 184 83,211
--------------------------------------------------------------------------------
NET ASSETS APPLICABLE TO INVESTORS'
BENEFICIAL INTERESTS .............................. $244,501 $442,522
--------------------------------------------------------------------------------
Cost of investments .............................. $179,616 $333,885
--------------------------------------------------------------------------------
</TABLE>
See notes to financial statements.
115
<PAGE>
--------------------------------------------------------------------------------
CORE EQUITY PORTFOLIO
Portfolio of Investments
--------------------------------------------------------------------------------
As of December 31, 1999
(Amounts in Thousands)
<TABLE>
<CAPTION>
Shares Issuer Value
---------------------------------------------------------------------
Long-Term Investments -- 95.2%
---------------------------------------------------------------------
<S> <C> <C>
Common Stock -- 95.2%
---------------------
Advertising -- 0.6%
13 Omnicom Group $ 1,305
Airlines -- 0.9%
120 Southwest Airlines, Inc. 1,936
Automotive -- 1.1%
28 Ford Motor Co. 1,482
11 General Motors Corp. 790
-------
2,272
Banking -- 2.4%
28 Bank of America Corp. 1,395
47 Bank of New York Co., Inc. 1,865
46 Wells Fargo Co. 1,861
-------
5,121
Biotechnology -- 1.0%
34 Amgen, Inc. * 2,054
Broadcasting/Cable -- 1.6%
43 AT&T Corp. -- Liberty Media Group, Class A * 2,435
12 Clear Channel Communications, Inc. * 1,071
-------
3,506
Chemicals -- 0.8%
26 E.I. DuPont de Nemours Co. 1,726
Computer Networks -- 2.8%
55 Cisco Systems, Inc. * 5,924
Computer Software -- 6.6%
121 Microsoft Corp. * 14,077
Computers/Computer Hardware -- 6.2%
57 Dell Computer Corp. * 2,913
37 EMC Corp. * 4,053
18 Hewlett-Packard Co. 2,034
39 International Business Machines Corp. 4,172
-------
13,172
Consumer Products -- 1.1%
21 Procter & Gamble Co. 2,336
Diversified -- 5.7%
62 General Electric Co. 9,548
65 Tyco International LTD (Bermuda) 2,513
-------
12,061
Electronics/Electrical Equipment -- 1.5%
33 Solectron Corp. * 3,146
Financial Services -- 7.1%
26 American Express Co. 4,289
54 Charles Schwab Corp. 2,090
81 Citigroup, Inc. 4,475
37 Fannie Mae 2,310
15 Morgan Stanley Dean Witter & Co. 2,113
-------
15,277
</TABLE>
See notes to financial statements.
116
<PAGE>
CORE EQUITY PORTFOLIO
Portfolio of Investments (Continued)
As of December 31, 1999
(Amounts in Thousands)
<TABLE>
<CAPTION>
Shares Issuer Value
--------------------------------------------------------------------------------
Long-Term Investments -- Continued
--------------------------------------------------------------------------------
<S> <C> <C>
Food/Beverage Products -- 2.7%
26 Anheuser-Busch Companies, Inc. $ 1,837
42 Coca-Cola, Co. 2,421
43 PepsiCo, Inc. 1,519
------
5,777
Health Care/Health Care Services -- 2.3%
45 Colgate-Palmolive Co. 2,953
24 Guidant Corp. * 1,118
23 Medtronic, Inc. 831
------
4,902
Insurance -- 4.0%
33 American General Corp. 2,530
55 American International Group, Inc. 5,995
------
8,525
Internet Services/Software -- 1.3%
37 America Online, Inc. * 2,818
Machinery & Engineering Equipment -- 0.9%
15 Applied Materials, Inc. * 1,846
Manufacturing -- 0.8%
31 Honeywell International Inc. 1,761
Metals/Mining -- 1.1%
28 Alcoa, Inc. 2,359
Multi-Media -- 1.2%
34 Time Warner, Inc. 2,476
Oil & Gas -- 7.0%
17 Chevron Corp. 1,494
67 Enron Corp. 2,960
84 Exxon Mobil Corp. 6,760
25 Royal Dutch Petroleum Co., N.Y. Registered Shares
(Netherlands) 1,529
18 Texaco, Inc. 983
44 Williams Companies, Inc. 1,352
------
15,078
Pharmaceuticals -- 7.0%
29 Abbot Laboratories 1,059
26 American Home Products Corp. 1,017
34 Bristol-Myers Squibb Co. 2,194
20 Eli Lilly & Co. 1,313
21 Johnson & Johnson 1,981
39 Merck & Co., Inc. 2,597
67 Pfizer, Inc. 2,178
37 Schering-Plough Corp. 1,556
14 Warner-Lambert Co. 1,131
------
15,026
Restaurants/Food Services -- 0.7%
35 McDonald's Corp. 1,410
</TABLE>
See notes to financial statements.
117
<PAGE>
CORE EQUITY PORTFOLIO
Portfolio of Investments (Continued)
As of December 31, 1999
(Amounts in Thousands)
<TABLE>
<CAPTION>
Shares Issuer Value
--------------------------------------------------------------------------------
Long-Term Investments -- Continued
--------------------------------------------------------------------------------
<S> <C> <C>
Retailing -- 10.8%
29 Bed Bath & Beyond, Inc. * $1,016
39 Best Buy Co., Inc. * 1,951
29 Dayton-Hudson Corp. 2,144
47 Gap, Inc. 2,155
69 Home Depot, Inc. 4,750
58 Kroger Co. * 1,100
111 Wal-Mart Stores, Inc. 7,702
80 Walgreen Co. 2,344
-------
23,162
Semi-Conductors -- 3.8%
26 Altera Corp. * 1,303
59 Intel Corp. 4,846
20 Texas Instruments, Inc. 1,928
-------
8,077
Telecommunications -- 6.8%
51 AT&T Corp. 2,601
43 BellSouth Corp. 2,020
27 GTE Corp. 1,879
49 MCI WorldCom, Inc. * 2,597
60 SBC Communications, Inc. 2,934
36 Sprint Corp. (FON Group) 2,413
-------
14,444
Telecommunications Equipment -- 4.7%
62 Lucent Technologies, Inc. 4,651
21 Motorola, Inc. 3,085
23 Nortel Networks Corp. (Canada) 2,318
-------
10,054
Utilities -- 0.7%
20 AES Corp. * 1,488
--------------------------------------------------------------------------------
Total Long-Term Investments 203,116
(Cost $142,453)
--------------------------------------------------------------------------------
Short-Term Investments -- 4.9%
--------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
Principal
Amount
<S> <C> <C>
Repurchase Agreement -- 4.9%
------------------------------
$10,464 Greenwich Capital Markets, Inc., in a joint trading
account at 3.50%, due 01/03/00, (Dated 12/31/99,
Proceeds $10,467, Secured by FHLMC, $10,938,
5.75%, due 09/15/22; Market Value $10,678) 10,464
(Cost $10,464)
--------------------------------------------------------------------------------
Total Investments -- 100.1% $213,580
(Cost $152,917)
--------------------------------------------------------------------------------
</TABLE>
See notes to financial statements.
118
<PAGE>
--------------------------------------------------------------------------------
EQUITY GROWTH PORTFOLIO
Portfolio of Investments
--------------------------------------------------------------------------------
As of December 31, 1999
(Amounts in Thousands)
<TABLE>
<CAPTION>
Shares Issuer Value
--------------------------------------------------------------------------------
Long-Term Investments -- 95.0%
--------------------------------------------------------------------------------
<S> <C> <C>
Common Stock -- 95.0%
-----------------------------------------
Airlines -- 0.6%
126 Southwest Airlines, Inc. $ 2,045
Biotechnology -- 5.0%
203 Amgen, Inc. * 12,189
54 Biogen, Inc. * 4,593
28 Genzyme Corp. -- General Division * 1,250
------
18,032
Broadcasting/Cable -- 0.5%
19 Clear Channel Communications, Inc. * 1,682
Computer Networks -- 3.1%
106 Cisco Systems, Inc. * 11,347
Computer Software -- 6.8%
27 Citrix Systems, Inc. * 3,312
184 Microsoft Corp. * 21,435
------
24,747
Computers/Computer Hardware -- 8.4%
127 Dell Computer Corp. * 6,473
135 EMC Corp. * 14,730
85 International Business Machines Corp. 9,215
------
30,418
Consumer Products -- 2.6%
60 Gillette Co. 2,460
66 Procter & Gamble Co. 7,179
------
9,639
Diversified -- 5.6%
113 General Electric Co. 17,560
74 Tyco International LTD (Bermuda) 2,885
------
20,445
Electronics/Electrical Equipment -- 1.9%
72 Solectron Corp. * 6,809
Financial Services -- 5.3%
22 American Express Co. 3,583
155 Charles Schwab Corp. 5,939
50 Merrill Lynch & Co., Inc. 4,179
39 Morgan Stanley Dean Witter & Co. 5,528
------
19,229
Food/Beverage Products -- 2.4%
16 Anheuser-Busch Companies, Inc. 1,155
84 Coca-Cola, Co. 4,894
76 PepsiCo, Inc. 2,689
------
8,738
Health Care/Health Care Services -- 0.7%
27 Guidant Corp. * 1,256
32 Medtronic, Inc. 1,148
------
2,404
Insurance -- 0.9%
32 American International Group, Inc. 3,444
Internet Services/Software -- 3.1%
151 America Online, Inc. * 11,402
</TABLE>
See notes to financial statements.
119
<PAGE>
EQUITY GROWTH PORTFOLIO
Portfolio of Investments (Continued)
As of December 31, 1999
(Amounts in Thousands)
<TABLE>
<CAPTION>
Shares Issuer Value
--------------------------------------------------------------------------------
Long-Term Investments -- Continued
--------------------------------------------------------------------------------
<S> <C> <C>
Machinery & Engineering Equipment -- 3.6%
104 Applied Materials, Inc. * $13,176
Multi-Media -- 1.6%
80 Time Warner, Inc. 5,829
Pharmaceuticals -- 9.5%
53 Abbot Laboratories 1,941
63 American Home Products Corp. 2,489
73 Bristol-Myers Squibb Co. 4,671
51 Eli Lilly & Co. 3,375
48 Johnson & Johnson 4,514
94 Merck & Co., Inc. 6,286
141 Pfizer, Inc. 4,570
75 Schering-Plough Corp. 3,164
44 Warner-Lambert Co. 3,624
-------
34,634
Restaurants/Food Services -- 0.4%
32 McDonald's Corp. 1,293
Retailing -- 9.5%
73 Bed Bath & Beyond, Inc. * 2,548
46 Best Buy Co., Inc. * 2,316
148 Gap, Inc. 6,817
82 Home Depot, Inc. 5,641
206 Kroger Co. * 3,896
199 Wal-Mart Stores, Inc. 13,763
-------
34,981
Semi-Conductors -- 9.5%
172 Intel Corp. 14,177
64 KLA-Tencor Corp. * 7,136
93 Novellus Systems, Inc. * 11,362
25 Texas Instruments, Inc. 2,393
-------
35,068
Telecommunications -- 9.1%
166 AT&T Corp. 8,401
44 Bell Atlantic Corp. 2,698
54 BellSouth Corp. 2,507
29 GTE Corp. 2,060
75 MCI WorldCom, Inc. * 3,992
35 Nextel Communications, Inc., Class A * 3,571
113 SBC Communications, Inc. 5,494
35 Sprint Corp. (FON Group) 2,371
38 Vodafone AirTouch PLC, ADR (United Kingdom) 1,902
-------
32,996
Telecommunications Equipment -- 4.9%
132 Lucent Technologies, Inc. 9,889
53 Motorola, Inc. 7,871
-------
17,760
--------------------------------------------------------------------------------
Total Long-Term Investments 346,118
(Cost $200,787)
--------------------------------------------------------------------------------
</TABLE>
See notes to financial statements.
120
<PAGE>
EQUITY GROWTH PORTFOLIO
Portfolio of Investments (Continued)
As of December 31, 1999
(Amounts in Thousands)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
--------------------------------------------------------------------------------
Short-Term Investments -- 5.0%
--------------------------------------------------------------------------------
<S> <C> <C>
Repurchase Agreement -- 5.0%
--------------------------------
$18,146 Greenwich Capital Markets, Inc., in a
joint trading account at 3.50%, due
01/03/00, (Dated 12/31/99, Proceeds $18,151,
Secured by FHLMC, $18,959, 5.75%,
due 09/15/22; Market Value $18,509)
(Cost $18,146) $ 18,146
--------------------------------------------------------------------------------
Total Investments -- 100.0% $364,264
(Cost $218,933)
--------------------------------------------------------------------------------
</TABLE>
INDEX:
* -- Non-income producing security.
ADR -- American Depositary Receipt.
FHLMC -- Federal Home Loan Mortgage Corporation.
See notes to financial statements.
121
<PAGE>
--------------------------------------------------------------------------------
CORE EQUITY AND EQUITY GROWTH PORTFOLIOS Statement of Assets and
Liabilities As of December 31, 1999
--------------------------------------------------------------------------------
(Amounts in Thousands)
<TABLE>
<CAPTION>
Equity
Core Equity Growth
Portfolio Portfolio
--------------------------------------------------------------------------------
<S> <C> <C>
ASSETS:
Investment securities, at value (Note 1) ......... $213,580 $364,264
Cash ............................................. -- 1
Receivable for interest and dividends ............ 83 160
--------------------------------------------------------------------------------
Total Assets .................................. 213,663 364,425
--------------------------------------------------------------------------------
LIABILITIES:
Payable to Custodian ............................. 181 --
Accrued liabilities: (Note 2)
Investment advisory fees ........................ 113 212
Administration fees ............................. 9 15
Other ........................................... 31 17
--------------------------------------------------------------------------------
Total Liabilities ............................. 334 244
--------------------------------------------------------------------------------
NET ASSETS APPLICABLE TO INVESTORS'
BENEFICIAL INTERESTS .............................. $213,329 $364,181
--------------------------------------------------------------------------------
Cost of investments .............................. $152,917 $218,933
--------------------------------------------------------------------------------
</TABLE>
See notes to financial statements.
122
<PAGE>
--------------------------------------------------------------------------------
CORE EQUITY AND EQUITY GROWTH PORTFOLIOS
Statement of Operations For the period from August 12, 1999 to December 31, 1999
--------------------------------------------------------------------------------
(Amounts in Thousands)
<TABLE>
<CAPTION>
Core Equity
Equity Growth
Portfolio Portfolio
<S> <C> <C>
INVESTMENT INCOME:
Dividend .................................................... $ 522 $ 570
Interest .................................................... 192 290
Foreign taxes withheld ...................................... (2) (1)
----------------------------------------------------------------------------------------------
Total investment income .................................. 712 859
----------------------------------------------------------------------------------------------
EXPENSES: (Note 2)
Investment advisory fees .................................... 524 863
Administration fees ......................................... 35 58
Custody and accounting fees ................................. 18 28
Professional fees ........................................... 22 22
Trustees' fees and expenses ................................. 4 2
Other ....................................................... 6 6
----------------------------------------------------------------------------------------------
Total expenses ........................................... 609 979
----------------------------------------------------------------------------------------------
Less amounts waived (Note 2A) ............................... 70 35
----------------------------------------------------------------------------------------------
Net expenses .............................................. 539 944
----------------------------------------------------------------------------------------------
Net investment income (loss) ............................. 173 (85)
----------------------------------------------------------------------------------------------
REALIZED AND UNREALIZED
GAIN (LOSS) ON INVESTMENTS:
Net realized gain (loss) on investment transactions ......... 2,121 (283)
Change in net unrealized appreciation of
investments .................................................. 23,715 67,192
----------------------------------------------------------------------------------------------
Net realized and unrealized gain on investments ............. 25,836 66,909
----------------------------------------------------------------------------------------------
Net increase in net assets from operations .................. $26,009 $66,824
----------------------------------------------------------------------------------------------
</TABLE>
See notes to financial statements.
123
<PAGE>
--------------------------------------------------------------------------------
CORE EQUITY AND EQUITY GROWTH PORTFOLIOS
Statement of Changes in Net Assets For the periods indicated
--------------------------------------------------------------------------------
(Amounts in Thousands)
<TABLE>
<CAPTION>
Equity
Core Equity Growth
Portfolio Portfolio
--------------------------------------------------------------------------------------------------------
08/12/99* 08/12/99*
Through Through
12/31/99 12/31/99
--------------------------------------------------------------------------------------------------------
<S> <C> <C>
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income (loss) ................................. $ 173 $ (85)
Net realized gain (loss) on investments ...................... 2,121 (283)
Change in net unrealized appreciation of investments ......... 23,715 67,192
--------------------------------------------------------------------------------------------------------
Increase in net assets from operations ..................... 26,009 66,824
--------------------------------------------------------------------------------------------------------
TRANSACTIONS IN INVESTORS' BENEFICIAL INTERESTS (Note 1):
Contributions ................................................ 207,886 332,120
Withdrawals .................................................. (20,566) (34,763)
--------------------------------------------------------------------------------------------------------
Net increase from transactions in investors'
beneficial interests ........................................ 187,320 297,357
--------------------------------------------------------------------------------------------------------
Total increase in net assets ............................... 213,329 364,181
NET ASSETS:
Beginning of period .......................................... -- --
--------------------------------------------------------------------------------------------------------
End of period ................................................ $213,329 $364,181
--------------------------------------------------------------------------------------------------------
</TABLE>
* Commencement of operations.
See notes to financial statements.
124
<PAGE>
--------------------------------------------------------------------------------
PORTFOLIOS
Notes to Financial Statements
--------------------------------------------------------------------------------
1. Organization and Significant Accounting Policies
Mutual Fund Master Investment Trust (the "Trust") was organized as a
Massachusetts Business Trust, and is registered under the Investment Company Act
of 1940, as amended, as an open-end management investment company. Core Equity
Portfolio ("CEP") and Equity Growth Portfolio ("EGP"), collectively the
"Portfolios," are separate series of the Trust. The declaration of trust permits
the Trustees to issue beneficial interests in the Portfolios.
On August 12, 1999, the Chase Core Equity Fund and Chase Equity Growth Fund
(separate portfolios of Mutual Fund Investment Trust) contributed 100% of their
investable net assets ($156,409,317 and $240,616,354, respectively) to the newly
created CEP and EGP, in a tax-free exchange.
The following is a summary of significant accounting policies followed by the
Portfolios:
The preparation of financial statements in accordance with generally accepted
accounting principles requires management to make estimates and assumptions that
affect the reported amounts and disclosures in the financial statements. Actual
results could differ from those estimates.
A. Valuation of investments -- Equity securities, purchased options and
futures are valued at the last sale price on the exchange on which they are
primarily traded, including the NASDAQ National Market. Securities for which
sale prices are not available and other over-the-counter securities are
valued at the last quoted bid price. Bonds and other fixed income securities
(other than short-term obligations), including listed issues, are valued on
the basis of valuations supplied by pricing services or by matrix pricing
systems of a major dealer in bonds. Short-term debt securities with 61 days
or more to maturity at time of purchase are valued, through the 61st day
prior to maturity, at market value based on quotations obtained from market
makers or other appropriate sources; thereafter, the value on the 61st day is
amortized on a straight-line basis over the remaining number of days to
maturity. Short-term investments with 60 days or less to maturity at time of
purchase are valued at amortized cost, which approximates market. Portfolio
securities for which there are no such quotations or valuations are valued at
fair value as determined in good faith by or at the direction of the
Trustees.
B. Repurchase agreements -- Pursuant to an Exemptive Order issued by the
Securities and Exchange Commission, the Portfolios may transfer uninvested
cash balances into one or more joint trading accounts for the purpose of
investing in repurchase agreements. It is the Portfolios' 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 Portfolios' 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 Trusts may be delayed or limited.
125
<PAGE>
PORTFOLIOS
Notes to Financial Statements
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 accrued as earned. Dividend income is recorded on
the ex-dividend date.
D. Federal income taxes -- The Portfolios intend to continue to qualify as
partnerships and therefore net investment income and net realized gains are
taxed to the partners. Accordingly, no tax provisions are recorded by the
Portfolios. The investors in the Portfolios must take into account their
proportionate share of the Portfolios' income, gains, losses, deductions,
credits and tax preference items in computing their federal income tax
liability, without regard to whether they have received any cash
distributions from the Portfolio. The Portfolios do not intend to distribute
to investors their net investment income or their net realized gains, if any.
It is intended that the Portfolios will be managed in such a way that
investors in the Portfolio will be able to satisfy the requirements of
subchapter M of the Internal Revenue Code to be taxed as regulated investment
companies.
E. Expenses -- Expenses directly attributable to a Portfolio are charged to
that Portfolio; other expenses are allocated on another reasonable basis.
2. Fees and Other Transactions with Affiliates
A. Investment advisory fee -- Pursuant to separate Investment Advisory
Agreements, The Chase Manhattan Bank ("Chase" or the "Advisor") acts as the
Investment Advisor to the Portfolios. Chase is a direct wholly-owned
subsidiary of The Chase Manhattan Corporation. As Investment Advisor, Chase
supervises the investments of the Portfolios and for such services is paid a
fee.
The fee is computed daily and paid monthly at an annual rate equal to 0.75%
of the Portfolios' average daily net assets.
Chase Bank of Texas N.A. ("Chase Texas"), a registered investment advisor, is
the sub-investment advisor to each of the Portfolios pursuant to a
Sub-Investment Advisory Agreement between Chase Texas and Chase. Chase Texas
is a wholly-owned subsidiary of Chase and is entitled to receive a fee,
payable by Chase from its advisory fee, at an annual rate equal to 0.375% of
each Portfolio's average daily net assets.
For the period from August 12, 1999 to December 31, 1999, the Advisor
voluntarily waived advisory fees of $69,918 and $34,534 for CEP and EGP,
respectively.
B. Administration fee -- Pursuant to an Administration Agreement, Chase (the
"Administrator") provides certain administration services to the Portfolios.
For these services and facilities, the Administrator receives from each
Portfolio a fee computed at the annual rate equal to 0.05% of the respective
Portfolio's average daily net assets.
126
<PAGE>
PORTFOLIOS
Notes to Financial Statements
3. Investment Transactions
For the period from August 12, 1999 to December 31, 1999, purchases and sales of
investments (excluding short-term investments) were as follows (in thousands):
<TABLE>
<CAPTION>
CEP EGP
--------------------------------------------------------------------------------
<S> <C> <C>
Purchases (excluding U.S. Government)........... $43,236 $52,438
Sales (excluding U.S. Government) .............. 11,187 1,116
</TABLE>
The portfolio turnover rates of CEP and EGP for the period from August 12, 1999
to December 31, 1999, were 6% and 1% respectively.
4. Federal Income Tax Matters
For Federal income tax purposes, the cost and unrealized appreciation
(depreciation) in value of the investment securities at December 31, 1999, are
as follows (in thousands):
<TABLE>
<CAPTION>
CEP EGP
--------------------------------------------------------------------------------
<S> <C> <C>
Aggregate cost ................................ $152,948 $219,810
-------- --------
Gross unrealized appreciation................. $ 62,562 $145,253
Gross unrealized depreciation................. (1,930) (799)
--------- --------
Net unrealized appreciation ................... $60,632 $144,454
========= ========
</TABLE>
127
<PAGE>
--------------------------------------------------------------------------------
REPORT OF INDEPENDENT ACCOUNTANTS
--------------------------------------------------------------------------------
To the Trustees and Beneficial Unit Holders of
Mutual Fund Master Investment Trust
In our opinion, the accompanying statements of assets and liabilities, including
the portfolios of investments, and the related statements of operations and of
changes in net assets present fairly, in all material respects, the financial
position of Core Equity Portfolio and Equity Growth Portfolio (separate
portfolios of Mutual Fund Master Investment Trust, hereafter referred to as the
"Trust") at December 31, 1999, and the results of each of their operations and
the changes in each of their net assets for the period August 12, 1999
(commencement of operations) through December 31, 1999, in conformity with
accounting principles generally accepted in the United States. These financial
statements are the responsibility of the Trust's management; our responsibility
is to express an opinion on these financial statements based on our audits. We
conducted our audits of these financial statements in accordance with auditing
standards generally accepted in the United States, which require that we plan
and perform the audit to obtain reasonable assurance about whether the financial
statements are free of material misstatement. An audit includes examining, on a
test basis, evidence supporting the amounts and disclosures in the financial
statements, assessing the accounting principles used and significant estimates
made by management, and evaluating the overall financial statement presentation.
We believe that our audits, which included confirmation of securities at
December 31, 1999 by correspondence with the custodian and brokers, provide a
reasonable basis for the opinion expressed above.
PricewaterhouseCoopers LLP
1177 Avenue of the Americas
New York, New York 10036
February 10, 2000
128
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<PAGE>
BACK COVER
--------------------------------------------------------------------------------
CHASE VISTA EQUITY FUNDS SEMI-ANNUAL REPORT
--------------------------------------------------------------------------------
INVESTMENT ADVISER,
ADMINISTRATOR,
SHAREHOLDER AND FUND SERVICING
AGENT AND CUSTODIAN
The Chase Manhattan Bank
DISTRIBUTOR
Vista Fund Distributors, Inc.
TRANSFER AGENT
DST Systems, Inc.
LEGAL COUNSEL
Simpson Thacher & Bartlett
INDEPENDENT ACCOUNTANTS
PricewaterhouseCoopers LLP
Chase Vista Funds are distributed by Vista Fund Distributors, Inc., which is
unaffiliated with The Chase Manhattan Bank. Chase and its respective affiliates
receive compensation from Chase Vista Funds for providing investment advisory
and other services.
This report is submitted for the general information of the shareholders of the
funds. It is not authorized for distribution to prospective investors in the
funds unless preceded or accompanied by a prospectus.
The financial information in this report has been taken from the books and
records of the funds without examination by independent accountants, who
express no opinion thereto.
To obtain a prospectus for any of the Chase Vista Funds, call 1-800-34-VISTA.
The prospectus contains more complete information, including charges and
expenses. Please read it carefully before you invest or send money.
(C) The Chase Manhattan Corporation, 2000. All Rights Reserved. June 2000
[Chase Logo]
CHASE VISTA FUNDS(SM)
Chase Vista Funds Fulfillment Center
393 Manley Street
West Bridgewater, MA 02379-1039
