Chase Vista
Select Growth and Income
Semi-annual report
April 30, 1998
(Unaudited)
<PAGE>
Chase Vista Funds
CHAIRMAN'S LETTER
June 10, 1998
Dear Shareholder,
We are pleased to present this semi-annual report for the Chase Vista Select
Growth and Income Fund for the six-month period ended April 30, 1998.
Stocks Posted Solid Gains As the Economy Continued to Grow
The stock market recorded strong performance as the economy continued to grow at
a healthy pace and inflation remained under control. Other factors that
contributed to the market's investment results included low interest rates, good
corporate earnings and solid cash flows into equity mutual funds.
Early in the period, the potential impact of the Asian economic crisis put
pressure on U.S stocks. However, the U.S. economy continued to grow despite
Asia's economic woes. In January, the stock market stalled again, as investors
worried about the market's future prospects, however, equities bounced back
again in February, as the Dow Jones industrial average plowed through the 9,000
and finished the period hovering near an all-time record level.
Bonds Posted Modest Gains As Interest Rates Stabilized
Bonds registered modest investment results in an environment that saw the U.S.
economy strengthen but inflation continue to remain under control.
The period began with a worry about the impact of the Asian crisis on global
economic growth. But when the shock of the Asian crisis subsided toward the end
of 1997, investors re-focused their attention on the U.S. economy. Bonds
performed well in January, despite the strongest Employment Cost Index (ECI)
report in five years. In February, several reports that suggested the economy
was overheating drove bond prices down. However, the market rebounded, and
interest rates stayed in a relatively narrow range, thanks partly to two
opposing forces: deflation concerns ignited by the Asian crisis and higher
inflation concerns due to the U.S. economy's better-than-expected performance.
Overall, it was another strong period for those invested in the U.S. stock
market. As always, all of us at Chase Vista encourage you to maintain your
investing discipline in the months and years ahead.
Sincerely,
/s/ Fergus Reid
-----------
Fergus Reid
Chairman
<PAGE>
Chase Vista Select Growth and Income Fund
Statement of Assets and Liabilities April 30,1998 (unaudited)
<TABLE>
<S> <C>
ASSETS:
Investments, at value (Note 1) $594,484,053
Receivable for fund shares sold 1,500,000
Deferred organization costs 23,217
------------
Total Assets............................................................... 596,007,270
------------
LIABILITIES:
Organization cost payable 23,217
Accrued liabilities: (Note 2)
Administration fees 48,905
Other 108,663
------------
Total Liabilities.......................................................... 180,785
------------
NET ASSETS:
Paid in capital 531,249,718
Accumulated undistributed net investment income (loss) 416,602
Accumulated undistributed net realized gain (loss) on investment transactions 4,008,760
Net unrealized appreciation of investments and futures 60,151,405
------------
Net Assets..................................................................... $595,826,485
============
Shares of beneficial interest outstanding
($.001 par value; unlimited number of shares authorized): ................... 12,646,130
Net Asset Value
(maximum offering price and redemption price per share)*..................... $47.12
* Net assets/shares outstanding.
</TABLE>
See notes to financial statements.
1
<PAGE>
Chase Vista Select Growth and Income Fund
Statement of Operations
For the period January 6, 1998* through April 30, 1998 (unaudited)
<TABLE>
<S> <C>
INVESTMENT INCOME:
Investment income from Portfolio $2,947,595
Foreign taxes withheld (11,453)
Expenses from Portfolio (832,347)
------------
Total investment income.................................................... 2,103,795
------------
EXPENSES: (Note 2)
Administration fees 175,591
Printing and postage 5,589
Professional fees 27,749
Registration costs 12,905
Transfer agent fees 39,364
Trustees fees and expenses 5,267
Other 27,862
------------
Total expenses............................................................. 294,327
------------
Net investment income (loss)............................................... 1,809,468
------------
REALIZED AND UNREALIZED GAIN ON INVESTMENTS:
Net realized gain on investments 4,008,760
Change in net unrealized appreciation on investments 60,151,405
------------
Net realized and unrealized gain on investments 64,160,165
------------
Net increase in net assets from operations................................... $65,969,633
============
* Commencement of operations of the Fund.
</TABLE>
See notes to financial statements.
2
<PAGE>
Chase Vista Select Growth and Income Fund
Statement of Changes in Net Assets
For the period January 6, 1998* through April 30, 1998 (unaudited)
<TABLE>
<S> <C>
INCREASE IN NET ASSETS
OPERATIONS:
Net investment income $1,809,468
Net realized gain on investments and futures transactions 4,008,760
Change in net unrealized appreciation on investments and futures 60,151,405
------------
Increase in net assets from operations.................................... 65,969,633
------------
DISTRIBUTIONS TO SHAREHOLDERS FROM: (Note 1):
Net investment income........................................................ (1,392,867)
------------
Increase from capital share transactions (Note 5)............................ 531,249,719
------------
Total increase in net assets............................................... 595,826,485
NET ASSETS:
Beginning of period.......................................................... -
------------
End of period................................................................ $595,826,485
============
* Commencement of operations of the Fund.
</TABLE>
See notes to financial statements.
3
<PAGE>
Chase Vista Mutual 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. Effective
March 16, 1998 the Vista Family of Mutual Funds changes its name to the
Chase Vista Funds. Select Growth and Income Fund ("VSGI") or, the "Fund" is
a separate series of the Trust.
Since inception, the Select Growth and Income Fund has utilized the Master
Feeder structure. The Fund seeks to achieve its investment objective by
investing all of its investable assets in the Growth and Income Portfolio (the
"Portfolio") which like the Fund, is an open-end management investment company
having the same investment objectives as the Fund. As of April 30, 1998, VSGI
owned 19.38 % of the net assets of the Growth and Income Portfolio. The
financial statements of the Portfolio, including the portfolio of investments,
are included elsewhere in this report and should be read in conjunction with the
Financial Statements of the Fund.
The following is a summary of significant accounting policies followed by the
Funds:
The preparation of financial statements in accordance with generally acceptable
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 - Investments are recorded in the Portfolio at
value. Securities of the Portfolio are recorded at value as more fully
discussed in the notes to those financial statements.
B. Investment and income expenses - VSGI records daily its pro-rata share of
the Portfolio's income, expenses, and realized and unrealized gains and
losses. In addition, the Fund accrues its 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.
C. Organization Costs - Organization and initial registration costs incurred
in connection with establishing the Fund have been deferred and are being
amortized on a straight line basis over a sixty month period beginning at
the commencement of operation of the Fund.
D. Federal Income Taxes - The Fund is treated as a separate taxable entity for
Federal Income Tax purposes. The 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, the
Fund intends to make distributions as required to avoid excise taxes.
Accordingly, no provisions for Federal income tax or excise tax is
necessary.
E. Distributions to shareholders - Dividends and distributions paid to
shareholders are recorded on the ex-dividend date. The amount of dividends
and distributions from net investment income and net realized capital gains
is determined in accordance with Federal income Tax regulations, which may
differ from generally accepted accounting principles. To the extent these
"book/tax" differences are permanent in nature, (i.e., that they result
from other than timing of recognition - "temporary differences") such
amounts are reclassified within the capital accounts based on their Federal
tax-basis treatment.
F. Expenses - Expenses directly attributable to the Fund are charged to the
Fund; other expenses are allocated proportionately among each Fund within
the Trust in relation to the net assets of each Fund or on another
reasonable basis.
4
<PAGE>
Chase Vista Mutual Funds
Notes to Financial Statements (unaudited)
- --------------------------------------------------------------------------------
2. Fees and other transactions with affiliates.
A. 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 BYSIS Group, Inc., acts as
the Trust's exclusive underwriter and promotes and arranges for the sale of
each Fund's shares. In addition, the Distributor provides certain
sub-administration services to the Trust, including providing officers,
clerical staff, and office space for an annual fee of 0.05% of the average
daily net assets of each Fund.
B. 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 VSGI a fee
computed at the annual rate equal to 0.05% of the Fund's average daily net
assets.
C. Other - Certain officers of the Trust are officers of Vista Fund
Distributors, Inc. or of its parent corporation, BYSIS.
3. Transactions in shares of beneficial interest
Transactions in shares of beneficial interest were as follows:
<TABLE>
<CAPTION>
Select Growth and Income Fund
1/06/98*
Through
Institutional Shares Class 4/30/98
----------------------------------------
Amount Shares
<S> <C> <C>
Shares sold $535,256,852 12,731,420
Shares issued in reinvestment
of distributions 1,392,867 29,775
Shares redeemed (5,400,000) (115,065)
----------------------------------------
Net increase (decrease) in
Trust shares outstanding $531,249,719 12,646,130
========================================
</TABLE>
* Commencement of operations
4. Concentration of Shareholders
At April 30, 1998, all shares outstanding for the Fund are owned by the 401(k)
Savings Plan of the Chase Manhattan Bank.
5
<PAGE>
Chase Vista Select Growth and Income Fund
Financial Highlights
Throughout the period January 6, 1998 through April 30, 1998 (unaudited)
<TABLE>
<S> <C>
PER SHARE OPERATING PERFORMANCE
Net Asset Value, Beginning of Period........................................... $42.00
------------
Income from Investment Operations:
Net investment income........................................................ 0.140
Net Gains or Losses in Securities (both realized and unrealized)............ 5.090
------------
Total from Investment Operations........................................... 5.230
------------
Less Distributions:
Dividends from Net Investment Income......................................... 0.110
Distributions from Capital Gains............................................. -
------------
Total Distributions........................................................ 0.110
------------
Net Asset Value, End of Period................................................. $47.12
============
Total Return (1) 12.45%
Ratios/Supplemental Data:
Net Assets, End of Period (000 omitted)...................................... $595,826
Ratios to Average Net Assets:#
Ratio of Expenses.......................................................... 0.39%
Ratio of Net Investment Income ............................................ 0.65%
Ratio of expenses without waivers and assumption of expenses............... 0.40%
Ratio of net investment income without waivers and assumption of expenses.. 0.65%
* Commencement of operations.
# Short periods have been annualized
</TABLE>
See notes to financial statements.
6
<PAGE>
Growth and Income Portfolio
Portfolio of Investments April 30, 1998 (unaudited)
<TABLE>
<CAPTION>
Shares Issuer Value
- ----------------------------------------------------------------------
<S> <C> <C>
Long-Term Investments -- 96.1%
- ----------------------------------------------------------------------
Common Stock -- 92.0%
---------------------
Agricultural Production/Services -- 1.5%
400,000 Case Corp. $25,425,000
338,000 Deere & Co. 19,751,875
-----------
45,176,875
-----------
Automotive -- 2.1%
600,000 Ford Motor Co. 27,487,500
245,000 General Motors 16,506,875
376,000 Lear Corp.* 20,139,500
-----------
64,133,875
-----------
Banking -- 4.6%
300,000 BankAmerica Corp. 25,500,000
225,000 Comerica, Inc. 15,060,938
500,000 National City Corp. 34,625,000
225,000 NationsBank Corp. 17,043,750
300,000 Norwest Corp. 11,906,250
330,000 Southtrust Corp. 14,086,875
175,000 U.S. Bancorp 22,225,000
-----------
140,447,813
-----------
Broadcasting/Cable Television -- 2.3%
600,000 CBS Corp. 21,375,000
700,000 Comast Corp., Special Class A 25,068,750
772,241 Tele-Communications, TCI Group,
Class A* 24,904,772
-----------
71,348,522
-----------
Chemicals -- 3.3%
500,000 Crompton & Knowles Corporation 14,968,750
505,000 Dow Chemical Co. 48,827,188
700,000 Morton International, Inc. 22,400,000
145,000 Rohm & Haas Co. 15,632,813
-----------
101,828,751
-----------
Computer Software -- 3.1%
350,000 Autodesk, Inc. 16,450,000
1,042,000 Computer Associates International 61,022,125
550,100 Symantec Corp.* 15,952,900
-----------
93,425,025
-----------
</TABLE>
See notes to financial statements.
7
<PAGE>
Growth and Income Portfolio
Portfolio of Investments April 30, 1998 (unaudited) (continued)
<TABLE>
<CAPTION>
Shares Issuer Value
- ----------------------------------------------------------------------
<S> <C> <C>
Long-Term Investments -- (continued)
- ----------------------------------------------------------------------
Computers/Computer Hardware -- 6.1%
700,000 Bay Networks, Inc.* $16,406,250
1,481,500 EMC Corp.* 68,334,181
300,000 Gateway 2000 Inc.* 17,606,250
1,000,000 Quantum Corp.* 23,500,000
400,000 Storage Technology Corp.* 33,775,000
700,000 Sun Microsystems, Inc.* 28,831,250
-----------
188,452,931
-----------
Consumer Products -- 1.3%
1,100,000 Philip Morris Companies, Inc. 41,043,750
-----------
Diversified -- 1.3%
1,370,000 Canadian Pacific, Ltd. 40,329,375
-----------
Electronics/Electrical Equipment -- 1.9%
500,000 Linear Technology Corp. 40,250,000
300,000 Texas Instruments 19,218,750
-----------
59,468,750
-----------
Entertainment/Leisure -- 3.0%
400,000 Carnival Corp., Class A 27,825,000
549,700 GTECH Holdings Corp. 19,720,488
300,000 Time Warner, Inc. 23,550,000
384,500 Viacom, Inc. Class B* 22,301,000
-----------
93,396,488
-----------
Environmental Services -- 0.6%
650,000 Allied Waste Industries, Inc.* 17,875,000
-----------
Financial Services -- 2.6%
328,625 Associates First Capital Corp. 24,564,719
200,000 Beneficial Corporation 26,075,000
375,000 Morgan Stanley, Dean Witter,
Discover and Co. 29,578,125
-----------
80,217,844
-----------
Food/Beverage Products -- 3.2%
1,000,000 PepsiCo., Inc. 39,687,500
550,000 Quaker Oats Co. 28,600,000
400,000 Unilever NV, ADR 29,850,000
-----------
98,137,500
-----------
</TABLE>
See notes to financial statements.
8
<PAGE>
Growth and Income Portfolio
Portfolio of Investments April 30, 1998 (unaudited) (continued)
<TABLE>
<CAPTION>
Shares Issuer Value
- ----------------------------------------------------------------------
<S> <C> <C>
Long-Term Investments -- (continued)
- ----------------------------------------------------------------------
Health Care/Health Care Services -- 6.9%
175,000 Becton, Dickinson & Co. $12,184,375
601,000 Columbia/HCA Healthcare Corp. 19,795,438
250,000 Guidant Corp. 16,718,750
480,000 Foundation Health Systems, Inc.* 13,890,000
1,900,000 HEALTHSOUTH Corp.* 57,356,250
500,000 Integrated Health Services, Inc. 19,281,250
514,500 Tenet Healthcare Corp.* 19,261,594
400,000 Travelers, Inc. 24,475,000
250,000 United Healthcare Corp. 17,562,500
150,000 Wellpoint Health Networks, Inc. 10,818,750
-----------
211,343,907
-----------
Insurance -- 4.3%
720,000 ACE, Ltd.# 27,270,000
400,000 Allstate Corp. 38,500,000
225,000 Exel Ltd. (Bermuda ) 16,804,688
250,000 MGIC Investment Corp. 15,750,000
350,000 NAC Re Corp. 17,500,000
325,000 Reliastar Financial Corp. 14,828,125
-----------
130,652,813
-----------
Manufacturing -- 3.3%
241,000 Honeywell, Inc. 22,443,125
762,500 Ingersoll-Rand Co. 35,122,656
440,000 Johnson Controls 26,125,000
410,000 Parker Hannifin Corp. 18,296,250
-----------
101,987,031
-----------
Metals/Mining -- 1.6%
550,000 Newmont Mining Corp. 17,703,125
250,000 Reynolds Metals Company 16,500,000
275,000 RIO Tinto PLC (United Kingdom) 16,018,750
-----------
50,221,875
-----------
Office Equipment -- 1.7%
450,000 Xerox Corp. 51,075,000
-----------
Oil & Gas -- 7.2%
790,000 Apache Corp. 27,946,250
403,100 Coastal Corp. 28,796,456
850,000 El Paso Natural Gas Co. 31,396,875
</TABLE>
See notes to financial statements.
9
<PAGE>
Growth and Income Portfolio
Portfolio of Investments April 30, 1998 (unaudited) (continued)
<TABLE>
<CAPTION>
Shares Issuer Value
- ----------------------------------------------------------------------------
<S> <C> <C>
Long-Term Investments -- (continued)
- ----------------------------------------------------------------------------
520,000 Mobil Corp. $41,080,000
717,900 Texaco, Inc. 44,150,850
590,000 Tosco Corp. 21,018,750
759,900 USX-Marathon Group 27,213,919
-----------
221,603,100
-----------
Oil Service -- 3.2%
420,000 Cooper Cameron Corporation 27,903,750
475,000 Dresser Industries, Inc. 25,115,625
825,000 McDermott International, Inc.* 34,134,375
139,300 Western Atlas, Inc. 11,004,700
-----------
98,158,450
-----------
Packaging -- 1.1%
200,000 Ball Corp. 7,725,000
599,900 Owens-Illinois, Inc.* 23,733,544
-----------
31,458,544
-----------
Paper/Forest Products -- 1.1%
850,000 Willamette Industries, Inc. 32,990,625
-----------
Pharmaceuticals -- 3.7%
243,000 Bristol-Myers Squibb Co. 25,727,625
708,000 Pharmacia & Upjohn, Inc. 29,780,250
400,000 Schering-Plough Corp. 32,050,000
450,000 SmithKline Beecham PLC, ADR
(United Kingdom) 26,803,125
-----------
114,361,000
-----------
Printing & Publishing -- 1.9%
650,000 Dun & Bradstreet Corp. 23,075,000
510,000 New York Times Company, Class A 36,178,125
-----------
59,253,125
-----------
Real Estate Investment Trust -- 2.9%
307,000 Arden Realty Group, Inc. 8,615,188
211,400 Boston Properties, Inc.* 6,989,413
655,800 Duke Realty Investments, Inc. 15,616,238
685,173 Equity Office Properties Trust 19,484,607
330,000 Equity Residential Properties Trust 16,211,250
488,700 Public Storage, Inc. 15,027,525
574,100 Security Capital US Realty, ADR
(Luxembourg) 7,520,710
-----------
89,464,931
-----------
</TABLE>
See notes to financial statements.
10
<PAGE>
Growth and Income Portfolio
Portfolio of Investments April 30, 1998 (unaudited) (continued)
<TABLE>
<CAPTION>
Shares Issuer Value
- -------------------------------------------------------------------
<S> <C> <C>
Long-Term Investments -- (continued)
- -------------------------------------------------------------------
Restaurants/Food Services -- 0.7%
850,000 Wendy's International, Inc. $ 20,453,125
-------------
Retailing -- 7.7%
825,000 American Stores Co. 19,800,000
394,200 CVS Corp. 29,072,250
441,000 Dayton-Hudson Corp. 38,504,813
575,000 Federated Department Stores* 28,282,813
933,900 Kroger Co.* 39,107,063
850,000 Office Depot, Inc.* 28,156,250
500,000 Neiman-Marcus Group, Inc. 18,343,750
900,000 Safeway, Inc.* 34,425,000
-------------
235,691,939
-------------
Telecommunications -- 4.9%
300,000 AT&T Corp. 18,018,750
350,000 Bell Atlantic Corp. 32,746,875
550,000 BellSouth Corp. 35,303,125
368,500 Sprint Corp. 25,173,156
882,500 WorldCom, Inc.* 37,754,409
-------------
148,996,315
-------------
Electric Utilities -- 2.9%
600,000 FPL Group Inc. 37,237,500
500,000 GPU, Inc. 19,812,500
750,000 Pinnacle West Capital Corp. 33,187,500
-------------
90,237,500
-------------
Total Common Stock 2,823,231,779
(Cost $2,096,726,623) -------------
Preferred Stock -- 1.7%
-----------------------
Financial Services -- 0.8%
100,000 Fleetwood Capital Trust, 6%# 5,703,100
143,000 Suiza Capital Trust, 5.5%# 7,030,452
165,000 Sun Financing Inc.7%# 4,125,000
150,000 Union Pacific Capital Trust, 6.25% 7,862,100
-------------
24,720,652
-------------
Manufacturing -- 0.2%
240,000 Ingersoll-Rand Co. 6.75%# 5,880,000
-------------
</TABLE>
See notes to financial statements.
11
<PAGE>
Growth and Income Portfolio
Portfolio of Investments April 30, 1998 (unaudited) (continued)
<TABLE>
<CAPTION>
Shares Issuer Value
- ------------------------------------------------------------------------------
<S> <C> <C>
Long-Term Investments -- (continued)
- ------------------------------------------------------------------------------
Telecommunications -- 0.7%
50,000 AirTouch Communications, 4.25% $ 3,840,625
100,000 Viacom International
(TCI Pacific), 5% 18,250,000
-----------
22,090,625
-----------
Total Preferred Stock 52,691,277
(Cost $42,781,502) -----------
Warrants -- 0.0%
----------------
Real Estate Investment Trust -- 0.0%
15,742 Security Capital Group, Ser. B,*
09/18/98 44,274
-----------
Principal
Amount
(USD)
Convertible Corporate Notes & Bonds -- 2.4%
-------------------------------------------
Biotechnology -- 0.2%
$4,000,000 Centocor Inc. 4.75%, 02/15/1905 4,360,000
-----------
Computers/Computer Hardware -- 0.2%
3,600,000 EMC Corp.,# 3.25%, 03/15/1902 7,630,956
-----------
Electronics/ Electrical Equipment -- 0.4%
2,000,000 National Grid Company PLC
(United Kingdom) 4.25%,
02/17/1908 3,629,325
7,000,000 Xilinx, Inc. 5.25%, 11/01/1902 7,481,950
-----------
11,111,275
-----------
Financial Services -- 0.2%
6,600,000 South African Pulp & Paper
Industries, BVI Finance Ltd.
7.50%, 08/01/1902 6,048,240
-----------
Health Care/Health Care Services -- 0.6%
5,000,000 Atria Communities, Inc.# 5.00%,
10/15/1902 4,981,250
6,000,000 Concentra Managed Care, Inc.
4.50%, 03/15/1903 6,000,960
5,000,000 Res Care Inc.,# 6.00%, 12/01/1904 7,200,000
-----------
18,182,210
-----------
</TABLE>
See notes to financial statements.
12
<PAGE>
Growth and Income Portfolio
Portfolio of Investments April 30, 1998 (unaudited) (continued)
<TABLE>
<CAPTION>
Principal
Amount
(USD) Issuer Value
- ----------------------------------------------------------------
<S> <C> <C>
Long-Term Investments -- (continued)
- ----------------------------------------------------------------
Media/Advertising -- 0.3%
$8,000,000 Clear Channel Communications,
Inc. 2.63%, 04/01/1903 $ 7,950,000
-------------
Retailing -- 0.2%
4,000,000 Federated Department Stores*
5.00% 10/01/1903 5,937,880
-------------
Telecommunications -- 0.1%
3,500,000 Tel-Save Holdings Inc.# 4.50%,
09/15/1902 3,603,915
-------------
Utilities -- 0.2%
102,000 Houston Industries, Inc., 7.00%,
07/01/1900 7,076,250
-------------
Total Convertible Corporate 71,900,726
-------------
Notes & Bonds
(Cost $56,698,825)
Total Long-Term Investments 2,947,868,056
(Cost $2,196,206,950)
- ----------------------------------------------------------------
Short-Term Investments -- 4.2%
- ----------------------------------------------------------------
Commercial Paper -- 2.6%
------------------------
20,000,000 American Express Co., 5.50%,
05/27/1998 19,920,556
20,000,000 Associates Corporation, 5.49%,
06/01/1998 19,905,450
20,000,000 Ford Motor Credit Company,
5.50%, 05/28/1998 19,917,500
20,000,000 General Electric Capital Corp.,
5.50%, 05/14/1998 19,960,278
-------------
Total Commercial Paper 79,703,784
(Cost $79,703,784) -------------
Time Deposit -- 1.6%
--------------------
Deutsche Bank, AG
48,700,000 (Germany) 5.53%, 05/01/98 48,707,483
(Cost $48,707,483)
- ----------------------------------------------------------------
Short-Term Investments -- (continued)
- ----------------------------------------------------------------
</TABLE>
See notes to financial statements.
13
<PAGE>
Growth and Income Portfolio
Portfolio of Investments April 30, 1998 (unaudited) (continued)
<TABLE>
<CAPTION>
Principal
Amount
(USD) Issuer Value
- -----------------------------------------------------------
<S> <C> <C>
Total Short-Term Investments $ 128,411,267
(Cost $128,411,267)
- -----------------------------------------------------------
Total Investments -- 100.3% $3,076,279,323
(Cost $2,324,618,217)
- -----------------------------------------------------------
</TABLE>
See notes to financial statements.
14
<PAGE>
Capital Growth Portfolio
Portfolio of Investments April 30, 1998 (unaudited)
<TABLE>
<CAPTION>
Shares Issuer Value
- -------------------------------------------------------------------------
<S> <C> <C>
Long-Term Investments -- 95.7%
- -------------------------------------------------------------------------
Common Stock -- 95.7%
---------------------
Aerospace -- 4.1%
517,500 Precision Castparts Corp. $ 32,149,688
437,500 Sundstrand Corp. 30,214,844
------------
62,364,532
------------
Agricultural Production / Services -- 0.6%
153,500 Case Corp. 9,756,844
------------
Airlines -- 0.5%
124,000 Continental Airlines, Inc., Class B* 7,300,500
------------
Automotive -- 2.8%
500,000 Lear Corp.* 26,781,250
300,000 Tower Automotive, Inc. 15,993,750
------------
42,775,000
------------
Banking -- 4.2%
250,000 Cullen/Frost Bankers, Inc. 14,625,000
315,000 Southtrust Corp. 13,446,563
310,640 TCF Financial Corp. 10,115,215
527,000 Zions Bancorporation 26,942,875
------------
65,129,653
------------
Biotechnology -- 0.3%
250,000 Respironics, Inc. 4,171,875
------------
Broadcasting -- 5.1%
700,000 Comast Corp., Special Class A 25,068,750
600,000 Groupe AB, SA ADR (France) 3,562,500
1,125,000 Tele-Communications, Inc., Liberty
Media Group, Class A* 37,335,938
200,000 TCA Cable TV, Inc. 12,350,000
------------
78,317,188
------------
Business Services -- 7.1%
505,000 American Business Information, Inc. 7,196,250
375,000 CDI Corp.* 14,507,813
150,000 CORT Business Services Corp. 5,990,625
100,000 Fiserv, Inc. 6,537,500
1,000,000 GTECH Holdings Corp.* 35,875,000
900,000 Interim Services, Inc. 29,362,500
57,800 ITT Educational Services, Inc.* 1,708,713
</TABLE>
See notes to financial statements.
15
<PAGE>
Capital Growth Portfolio
Portfolio of Investments April 30, 1998 (unaudited) (continued)
<TABLE>
<CAPTION>
Shares Issuer Value
- --------------------------------------------------------------------
<S> <C> <C>
Long-Term Investments -- (continued)
- --------------------------------------------------------------------
200,000 Sungard Data Systems, Inc. $ 7,125,000
-----------
108,303,401
-----------
Chemicals -- 3.0%
200,000 Crompton & Knowles Corporation 5,987,500
435,000 Cytec Industries, Inc.* 23,816,250
145,000 Engelhard Corporation 3,063,125
75,000 Rohm & Knowles Corporation 8,085,938
158,000 The Carbide/Graphite Group, Inc.* 5,095,500
-----------
46,048,313
-----------
Computer Software -- 2.4%
652,400 American Business Information, Inc.* 8,807,400
734,000 American Management Systems, Inc. 21,240,125
150,000 Autodesk, Inc. 7,050,000
-----------
37,097,525
-----------
Computers/Computer Hardware -- 6.8%
475,000 Bay Networks, Inc.* 11,132,813
700,000 EMC Corp.* 32,287,500
250,000 Lexmark International Group, Inc.
(Germany) 14,468,750
350,000 Quantum Corp.* 8,225,000
375,000 Solectron Corp.* 16,617,188
250,000 Storage Technology Corp.* 21,109,375
-----------
103,840,626
-----------
Electronics/Electrical Equipment -- 2.7%
200,000 Linear Technology Corp. 16,100,000
225,000 MRV Communications Inc. 6,046,875
238,000 Teleflex, Inc. 10,115,000
250,000 Teradyne Inc.* 9,125,000
-----------
41,386,875
-----------
Entertainment/Leisure -- 1.1%
250,000 Carnival Corp., Class A 17,390,625
-----------
Financial Services -- 4.2%
300,000 Bear Stearns Companies, Inc. 17,118,750
100,000 Beneficial Corporation 13,037,500
38,000 Donaldson Lufkin & Jenrette* 3,602,875
300,000 Finova Group, Inc. 17,568,750
99,500 The PMI Group, Inc.* 8,084,375
-----------
59,412,250
-----------
</TABLE>
See notes to financial statements.
16
<PAGE>
Capital Growth Portfolio
Portfolio of Investments April 30, 1998 (unaudited) (continued)
<TABLE>
<CAPTION>
Shares Issuer Value
- ---------------------------------------------------------------------
<S> <C> <C>
Long-Term Investments -- (continued)
- ---------------------------------------------------------------------
Health Care/Health Care Services -- 12.2%
250,000 Concentra Managed Care, Inc.* $ 7,781,250
433,000 Foundation Health Systems, Inc.* 12,529,938
351,000 Health Care & Retirement Corp.* 14,303,250
798,500 HEALTHSOUTH Corp.* 24,104,719
200,000 Integrated Health Services, Inc. 7,712,500
150,000 Lincare Holdings, Inc.* 12,168,750
990,000 Tenet Healthcare Corp.* 37,063,125
150,000 Total Renal Care Holdings Company 4,968,750
300,000 Trigon Healthcare, Inc.* 9,112,500
419,000 Universal Health Services, Inc.,
Class B* 24,118,688
450,000 Wellpoint Health Networks, Inc. 32,456,250
-----------
186,319,720
-----------
Insurance -- 8.6%
485,000 ACE, Ltd.# 18,369,375
142,000 CMAC Investment Corp. 9,167,875
190,000 Exel Ltd. (Bermuda) 14,190,625
200,000 MGIC Investment Corp. 12,600,000
300,000 Nationwide Financial Services, Inc.,
Class A 13,012,500
950,000 Reliance Group Holdings, Inc. 16,446,875
300,000 Reliastar Financial Corp. 13,687,500
374,250 SunAmerica, Inc. 18,689,109
195,000 Transatlantic Holdings, Inc. 14,978,438
-----------
131,142,297
-----------
Machinery & Engineering Equipment -- 2.1%
400,000 Applied Power, Inc., Class A 14,950,000
250,000 Cooper Cameron Corporation 16,609,375
-----------
31,559,375
-----------
Manufacturing -- 4.9%
229,000 Dexter Corp. 9,460,563
170,000 Johnson Controls 10,093,750
250,000 Kennametal Inc. 13,328,125
100,000 Parker Hannifin Corp. 4,462,500
297,500 Pentair, Inc. 12,866,875
700,000 United Dominion Industries, Ltd. 23,931,250
-----------
74,143,063
-----------
</TABLE>
See notes to financial statements.
17
<PAGE>
Capital Growth Portfolio
Portfolio of Investments April 30, 1998 (unaudited) (continued)
<TABLE>
<CAPTION>
Shares Issuer Value
- -----------------------------------------------------------------------------
<S> <C> <C>
Long-Term Investments -- (continued)
- -----------------------------------------------------------------------------
Media/Advertising -- 0.9%
300,000 Omnicom Group, Inc. $ 14,212,500
------------
Office/Business Equipment -- 1.3%
600,000 Office Depot, Inc.* 19,875,000
------------
Oil & Gas -- 3.4%
225,000 Camco International, Inc. 15,271,875
400,000 ENSCO International Inc. 11,300,000
250,000 Smith International* 14,687,500
300,000 Tosco Corp. 10,687,500
------------
51,946,875
------------
Packaging -- 1.0%
400,100 Owens-Illinois, Inc.* 15,828,956
------------
Pharmaceuticals -- 0.2%
227,094 PharMerica, Inc. 3,150,929
------------
Printing & Publishing -- 0.8%
400,000 World Color Press, Inc. 12,800,000
------------
Real Estate Investment Trust -- 3.9%
250,000 Beacon Capital Partners#* 5,125,000
208,900 Brandywine Realty Trust 4,752,475
190,000 Duke Realty Investments, Inc. 4,524,375
393,764 Equity Office Properties Trust 11,197,664
200,000 Equity Residential Properties Trust 9,825,000
400,000 Public Storage, Inc. 12,300,000
320,000 Security Capital US Realty, ADR
(Luxembourg) 4,192,000
140,000 Starwood Lodging Trust 7,026,250
------------
58,942,764
------------
Restaurants/Food Service -- 1.0%
1,000,000 Darden Restaurants, Inc. 16,000,000
------------
Retailing -- 6.1%
450,000 BJ Services Co. 16,875,000
170,000 CVS Corp. 12,537,500
299,000 Intimate Brands, Inc. 8,671,000
300,000 Kroger Co.* 12,562,500
500,000 Neiman-Marcus Group, Inc. 18,343,750
150,000 Proffitt's, Inc.* 5,962,500
425,000 TJX Companies, Inc. 18,806,250
------------
93,758,500
------------
</TABLE>
See notes to financial statements.
18
<PAGE>
Capital Growth Portfolio
Portfolio of Investments April 30, 1998 (unaudited) (continued)
<TABLE>
<CAPTION>
Shares Issuer Value
- ------------------------------------------------------------------------
<S> <C> <C>
Long-Term Investments -- (continued)
- ------------------------------------------------------------------------
Telecommunications -- 0.9%
510,000 Aspect Telecommunications Corp.* $ 14,662,500
--------------
Textiles -- 0.4%
124,500 Liz Claiborne, Inc. 6,123,844
--------------
Utilities -- 2.2%
375,000 CMS Energy Corp. 16,382,813
400,000 Pinnacle West Capital Corp. 17,700,000
--------------
34,082,813
--------------
Waste Management -- 0.9%
105,000 Allied Waste Industries, Inc.* 2,887,500
215,000 U.S.A. Waste Services, Inc. 10,548,438
--------------
13,435,938
--------------
Total Common Stock 1,461,280,281
(Cost $1,015,619,439) --------------
Principal
Amount
(USD)
U.S. Government Obligations -- 0.0%
-----------------------------------
$ 565,000 U.S. Treasury Note, 6.875%, 5/15/06 605,249
--------------
(Cost $569,588)
Total Long-Term Investments 1,461,885,530
(Cost $1,016,189,027)
- ------------------------------------------------------------------------
Short-Term Investments -- 3.2%
- ------------------------------------------------------------------------
Time Deposit -- 3.2%
--------------------
Deutsche Bank, AG
48,898,512 (Germany) 48,898,512
(Cost $48,898,512)
- ------------------------------------------------------------------------
Total Investments -- 98.9% $1,510,784,042
(Cost $1,065,087,539)
- ------------------------------------------------------------------------
</TABLE>
Index
* -- Non income producing security.
# -- Security may only be sold to qualified institutional buyers.
ADR -- American Depository Receipt.
See notes to financial statements.
19
<PAGE>
Statement of Assets and Liabilities April 30, 1998 (unaudited)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Growth and Capital
Income Growth
Portfolio Portfolio
----------------- -----------------
<S> <C> <C>
ASSETS:
Investment securities, at value (Note 1) ............ $3,076,279,323 $1,510,784,042
Cash ................................................ 98,486 979
Receivables:
Investment securities sold ......................... 1,427,953 21,053,092
Interest and dividends ............................. 3,304,496 511,250
Other assets ........................................ 30,280 43,706
-------------- --------------
Total assets ...................................... 3,081,140,538 1,532,393,069
-------------- --------------
LIABILITIES:
Payable for investment securities purchased ......... 12,289,740 4,520,370
Accrued liabilities: (Note 2) .......................
Administration fees ................................ 126,399 62,555
Investment advisory fees ........................... 1,010,193 500,436
Custodian .......................................... 37,873 10,341
Other .............................................. 212,663 214,733
-------------- --------------
Total Liabilities ................................. 13,676,868 5,308,435
-------------- --------------
NET ASSETS APPLICABLE TO INVESTORS'
BENEFICIAL INTERESTS ................................. $3,067,463,670 $1,527,084,634
============== ==============
Cost of Investments ................................. $2,324,618,217 $1,065,087,539
============== ==============
</TABLE>
See notes to financial statements.
20
<PAGE>
Statement of Operations For the six months ended April 30, 1998 (unaudited)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Growth and Capital
Income Growth
Portfolio Portfolio
---------------- ---------------
<S> <C> <C>
INVESTMENT INCOME:
Dividend ........................................... $ 18,631,084 $ 5,081,504
Interest ........................................... 5,786,647 1,751,692
Foreign taxes withheld ............................. (160,832) (14,645)
------------ ------------
Total investment income .......................... 24,256,899 6,818,551
------------ ------------
EXPENSES: (Note 2) ...................................
Investment Advisory fees ........................... 5,634,963 2,794,333
Administration fees ................................ 704,370 349,292
Custodian fees ..................................... 84,525 48,901
Professional fees .................................. 59,507 59,506
Trustees fees and expenses ......................... 28,175 13,971
Other .............................................. 109,542 87,197
------------ ------------
Total expenses ................................... 6,621,082 3,353,200
------------ ------------
Net investment income .............................. 17,635,817 3,465,351
------------ ------------
REALIZED AND UNREALIZED GAIN ON
INVESTMENTS:
Net realized gain on investments ................... 319,985,046 132,875,936
Change in net unrealized appreciation on
Investments ....................................... 141,787,039 121,636,779
------------ ------------
Net realized and unrealized gain on investments..... 461,772,085 254,512,715
------------ ------------
Net increase in net assets from operations ......... $479,407,902 $257,978,066
============ ============
</TABLE>
See notes to financial statements.
21
<PAGE>
Statement of Changes in Net Assets For the periods indicated (unaudited)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Growth and
Income
Portfolio
-----------------------------------
11/01/97 For the
Through Year Ended
04/30/98 10/31/97
----------------- -----------------
<S> <C> <C>
INCREASE (DECREASE) IN NET ASSETS
FROM OPERATIONS:
Net investment income ....................................................... $ 17,635,817 $ 39,881,845
Net realized gain on investments ............................................ 319,985,046 365,628,734
Change in net unrealized appreciation on investments ........................ 141,787,039 231,319,779
-------------- --------------
Increase in net assets from operations ...................................... 479,407,902 636,830,358
-------------- --------------
TRANSACTIONS IN INVESTORS' BENEFICIAL INTEREST:
Contributions ............................................................... 789,065,900 788,831,006
Withdrawals ................................................................. (864,320,558) (854,698,879)
-------------- --------------
Net increase (decrease) from transactions in investors' beneficial interests (75,254,658) (65,867,873)
-------------- --------------
Net increase in net assets .................................................. 404,153,244 570,962,485
NET ASSETS:
Beginning of period ......................................................... 2,663,310,426 2,092,347,941
-------------- --------------
End of period ............................................................... $3,067,463,670 $2,663,310,426
============== ==============
<CAPTION>
Capital
Growth
Portfolio
-------------------------------------
11/01/97 For the
Through Year Ended
04/30/98 10/31/97
----------------- -------------------
<S> <C> <C>
INCREASE (DECREASE) IN NET ASSETS
FROM OPERATIONS:
Net investment income ....................................................... $ 3,465,351 $ 9,583,314
Net realized gain on investments ............................................ 132,875,936 141,951,607
Change in net unrealized appreciation on investments ........................ 121,636,779 146,677,178
-------------- -----------------
Increase in net assets from operations ...................................... 257,978,066 298,212,099
-------------- -----------------
TRANSACTIONS IN INVESTORS' BENEFICIAL INTEREST:
Contributions ............................................................... 316,131,204 936,937,099
Withdrawals ................................................................. (362,497,483) (1,009,808,684)
-------------- -----------------
Net increase (decrease) from transactions in investors' beneficial interests (46,366,279) (72,871,585)
-------------- -----------------
Net increase in net assets .................................................. 211,611,787 225,340,514
NET ASSETS:
Beginning of period ......................................................... 1,315,472,847 1,090,132,333
-------------- -----------------
End of period ............................................................... $1,527,084,634 $ 1,315,472,847
============== =================
</TABLE>
See notes to financial statements
22
<PAGE>
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 GIP
and the CGP commenced operations on November 19, 1993.
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 Trusts' 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.
The GIP invested a portion of its liquid assets in long stock index futures
contracts to more fully participate in the market. Use of long futures
contracts subject the Portfolio to risk of loss up to the amount of the
value of the contract.
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, 1998, the Portfolios had no outstanding futures contracts.
D. Written options -- When a Portfolio writes an option on a futures
contract, an amount equal to the premium received by the Portfolio is
included in the Portfolio's Statement of Assets and Liabilities as an asset
and corresponding liability. The amount
23
<PAGE>
Notes to Financial Statements (unaudited) (continued)
- --------------------------------------------------------------------------------
of the liability is adjusted daily to reflect the current market value of
the written options and the change is recorded in a corresponding
unrealized gain or loss account. When a written option expires on its
stipulated expiration date, or when a closing transaction is entered into,
the related liability is extinguished and the Portfolio realizes a gain (or
loss if the cost of the closing transaction exceeds the premium received
when the option was written).
The GIP writes options on stock index securities futures. These options are
settled for cash and subject the Portfolio to market risk in excess of the
amounts that are reflected in the Statement of Assets and Liabilities. The
Portfolio, however, is not subject to credit risk on written options as the
counterparty has already performed its obligation by paying a premium at
the inception of the contract.
As of April 30, 1998 the Portfolios had no outstanding written options.
E. 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.
F. Organization costs -- Organization and initial registration costs
incurred in connection with establishing the Portfolios 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 Portfolio.
G. 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.
H. 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 the Portfolios' 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.
B. Custodial fees -- Chase, as Custodian provides safekeeping services for
the Portfolios' securities. Compensation for such services are presented in
the Statement of Operations as custodian fees.
C. Administration fee -- Pursuant to an Administration Agreement, Chase
(the "Administrator") provides certain administration services to the
Trusts. For these
24
<PAGE>
Notes to Financial Statements (unaudited) (continued)
- --------------------------------------------------------------------------------
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, 1998,
purchases and sales of investments (excluding short-term investments) were as
follows:
<TABLE>
<CAPTION>
GIP CGP
----------------- ---------------
<S> <C> <C>
Purchases (excluding U.S. Government) ......... $1,446,015,527 $535,101,869
Sales (excluding U.S. Government) ............. 1,145,159,909 448,186,593
Sales of U.S. Government ...................... 60,980,313 --
</TABLE>
The portfolio turnover rates of GIP and CGP for the year ended were 44% and 33%
respectively.
4. 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, 1998, included in Trustees Fees and Expenses 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:
<TABLE>
<CAPTION>
Accrued
Pension Pension
Expenses Liability
---------- ----------
<S> <C> <C>
GIP ......... $11,966 $80,296
CGP ......... 5,894 39,159
</TABLE>
25
