[Chase Vista Logo]
INTERNATIONAL EQUITY FUNDS
SEMI-ANNUAL REPORT
------------------
Chase Vista.(SM) Setting the Global Standard.
CHASE VISTA EUROPEAN FUND
CHASE VISTA SOUTHEAST ASIAN FUND
CHASE VISTA JAPAN FUND
CHASE VISTA LATIN AMERICAN EQUITY FUND
CHASE VISTA INTERNATIONAL EQUITY FUND
April 30, 1998
(Unaudited)
<PAGE>
HIGHLIGHTS
o European stock markets recorded strong performance.
o Uncertain economic conditions hindered Japanese and southeast Asian stocks.
o Latin American markets experienced some spillover from the turmoil in Asia
and ended the period with mixed results.
- --------------------------------------------------------------------------------
CONTENTS
- --------------------------------------------------------------------------------
Chairman's Letter 3
Chase Vista European Fund
Fund Commentary o Portfolio of Investments 4
Chase Vista Southeast Asian Fund
Fund Commentary o Portfolio of Investments 14
Chase Vista Japan Fund
Fund Commentary o Portfolio of Investments 22
Chase Vista Latin American Equity Fund
Fund Commentary o Portfolio of Investments 28
Chase Vista International Equity Fund
Fund Commentary 35
Fund Financial Statements 39
Portfolio Financial Statements 55
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- --------------------------------------------------------------------------------
INVESTMENTS IN THE FUNDS ARE NOT DEPOSITS OF, OR GUARANTEED OR ENDORSED BY, THE
CHASE MANHATTAN BANK, AND THE SHARES ARE NOT INSURED BY THE FDIC, FEDERAL
RESERVE BOARD OR ANY OTHER GOVERNMENT AGENCY. INVESTMENTS IN MUTUAL FUNDS
INVOLVE RISK, INCLUDING POSSIBLE LOSS OF THE PRINCIPAL AMOUNT INVESTED.
- --------------------------------------------------------------------------------
<PAGE>
Chase Vista(SM) Funds
CHAIRMAN'S LETTER
June 10, 1998
Dear Shareholder:
We are pleased to present this semi-annual report for the following Chase Vista
international funds for the period ended April 30, 1998:
o European Fund o Latin American Equity Fund
o Southeast Asian Fund o International Equity Fund
o Japan Fund
Europe Led All Regions With Solid Investment Results
European stocks recorded strong performance, as economic conditions on the
continent continued to improve. In most countries, interest rates declined and
inflation was benign. The decline in interest rates helped make equities more
attractive compared to fixed-rate instruments. Subdued inflation gave investors
confidence that the economy can enjoy growth without worry of higher consumer
prices and squeezed corporate profit margins. Europe also benefited from the
ongoing wave of corporate restructurings, which has helped companies reduce
costs and improve productivity.
The Japanese stock market struggled as the country's economy remained weak.
Early in the year, it appeared the government might take serious steps to
improve economic conditions, but those hopes soon faded, and with it so did the
market.
The Asian economic crisis weighed heavily on stock prices in the region during
the last three months of 1997. However, some countries, particularly those that
elected to abide by the International Monetary Fund's recommendations, saw a
slight rebound in their markets midway through the period.
Latin American markets recorded mixed investment results, as the crisis in
southeast Asia had a spillover effect on its performance. Brazil's market
advanced following a pickup in economic activity, while Mexico's market
declined due to profit-taking and Venezuela's market slid largely due to a
sharp decline in oil prices.
Overall, although it hasn't been an easy period for world equity markets, we at
Chase Vista wish to remind you of the important role international investments
play in any diversified portfolio. We encourage you to maintain your long-term
perspective and investing discipline in the months and years ahead, and look
forward to continuing to help you reach your investing goals.
Sincerely,
/s/ Fergus Reid
Fergus Reid
Chairman
3
<PAGE>
Unaudited
About Your Fund
CHASE VISTA EUROPEAN FUND
- --------------------------------------------------------------------------------
FUND FACTS
- --------------------------------------------------------------------------------
Objective: Capital growth
Primary investments: Common stocks of established companies
in western Europe
Suggested investment
time frame: Long-Term
Market benchmark: MSCI Europe Index
Lipper funds category: European Funds Average
Class A Class B
---------------- ---------------
Inception date: 11/2/95 11/3/95
Newspaper symbol: Not listed Not listed
As of April 30, 1998
Net assets: $20.5 million $6.2 million
PERFORMANCE
Chase Vista European Fund had a total return of 31.18% (Class A shares, without
sales charges) for the six-month period ended April 30, 1998, beating the
Lipper European Funds Average, which returned 26.03% for the period.
STRATEGY
A strong economy and improving corporate profitability coupled with superior
stock selection helped the Fund post impressive investment results during the
period.
The economic backdrop for European equities was excellent: interest rates
declined in many countries, inflation remained relatively benign and corporate
restructuring continued at a brisk pace.
The Fund realized good performance from a number of stocks across a broad
spectrum of industries. These included Mannesmann, a German engineering company
that has been transforming itself into a telecommunications firm. The firm
enjoyed strong performance from its cellular phone business. ACS, a mid-size
building and construction company in Spain, benefited from increased
construction spending. The stock of French bank BNP was buoyed by reduced costs
and improved corporate earnings following an effective restructuring of its
operations.
4
<PAGE>
Unaudited
About Your Fund
CHASE VISTA EUROPEAN FUND
OUTLOOK
In our opinion, economic and market fundamentals remain solid for European
stocks. The creation of the 11-country European Monetary Union slated for
January 1, 1999, is also expected to be a positive for the market. The EMU will
create a single currency and a market comparable in size to that of the U.S.
Despite the strong performance by European stocks over the past year, we
believe that good values can still be found in many sectors. We expect to
continue focusing on corporations with a good restructuring story and those we
believe are likely to benefit from improving economic conditions in Europe,
such as engineering and construction companies as well as consumer cyclicals.
CHASE VISTA EUROPEAN FUND
COMPOSITION OF TOTAL ASSETS AS OF 4/30/98
[PIE CHART OMITTED]
<TABLE>
<CAPTION>
Composition of
Total Assets as of
4/30/98
<S> <C>
Cash/Other 12.1%
Investments 87.9%
</TABLE>
CHASE VISTA EUROPEAN FUND
COMPOSITION OF MARKET VALUE OF INVESTMENTS AS OF 4/30/98
[PIE CHART OMITTED]
<TABLE>
<CAPTION>
Composition of Market Value
of Investments as of
4/30/98
<S> <C>
Austria 1.0%
Finland 3.1%
France 13.5%
Germany 15.2%
Ireland 2.9%
Italy 8.4%
Netherlands 7.2%
Portugal 2.7%
Spain 4.2%
Switzerland 6.5%
Sweden 4.0%
United Kingdom 27.9%
Other 3.4%
</TABLE>
5
<PAGE>
Unaudited
About Your Fund
CHASE VISTA EUROPEAN FUND
- --------------------------------------------------------------------------------
TOP 10 HOLDINGS AS OF 4/30/98
- --------------------------------------------------------------------------------
<TABLE>
<S> <C>
National Westminister Bank 4.14%
Alcatel Alsthom (Cie General EL) 3.27%
Banque Nationale de Paris 3.23%
Shell Transport & Trading PLC 3.07%
Allianz AG Holding 2.85%
Nokia Oyj 2.76%
Glaxo Welcome PLC 2.75%
Unilever PLC 2.62%
HSBC Holdings PLC 2.59%
Union Bank of Switzerland 2.38%
</TABLE>
Top 10 holdings comprised 29.66% of Fund's market value of investments. Fund
holdings are subject to change at any time.
- --------------------------------------------------------------------------------
AVERAGE ANNUAL TOTAL RETURNS AS OF 4/30/98
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Without With
Class A Shares Sales Charge Sales Charge
<S> <C> <C>
One Year 48.32% 39.80%
Five Years N/A N/A
Since Inception (11/2/95) 32.83% 29.71%
Without With
Class B Shares CDSC CDSC*
One Year 47.30% 42.30%
Five Years N/A N/A
Since Inception (11/3/95) 31.90% 30.83%
</TABLE>
Source: Lipper Analytical Services, Inc. Past performance is not indicative of
future results. Investment return and principal value will fluctuate with
market conditions. When shares are redeemed, they may be worth more or less
than their original cost.
The Fund is currently waiving certain fees. This voluntary waiver may be
modified or terminated at any time, which would reduce performance.
Sales charge on Class A Shares is 5.75%.
* Assumes 5% CDSC for the one year period and a 4% CDSC for the period since
inception.
6
<PAGE>
Unaudited
About Your Fund
CHASE VISTA EUROPEAN FUND
GROWTH OF HYPOTHETICAL $10,000 INVESTMENTS IN
CHASE VISTA EUROPEAN FUND -- CLASS A
AND ITS KEY BENCHMARKS
[PLOT POINTS FOR LINE CHART--GRAPHICS OMITTED]
<TABLE>
<CAPTION>
Chase Vista Lipper European MSCI Europe
European Fund Funds Average Index
<S> <C> <C> <C>
11/95 $ 9,525 $10,000 $10,000
4/96 10,643 11,008 10,877
4/97 13,042 12,938 13,207
4/30/98 19,345 17,884 18,786
</TABLE>
Source: Lipper Analytical Services, Inc. Past performance is not indicative of
future results. Investment return and principal value will fluctuate with market
conditions. When shares are redeemed, they may be worth more or less than their
original cost.
This chart illustrates comparative performance for $10,000 invested in Class A
Shares of Chase Vista European Fund, the Lipper European Funds Average and the
MSCI Europe Index from November 2, 1995 to April 30, 1998. The performance of
the Fund assumes the reinvestment of all dividends and capital gains and
includes a 5.75% sales charge. The performance of the average and the index does
not include a sales charge and has been adjusted to reflect reinvestment of all
dividends and capital gains on the securities included in the benchmark.
The Fund is currently waiving certain fees. This voluntary waiver may be
modified or terminated at any time, which would reduce performance.
The Lipper European Funds Average represents the average performance of a
universe of 97 actively managed mutual funds that invest in European stocks.
Lipper is an independent mutual fund performance monitor whose results are
based on total return and do not reflect a sales charge.
The MSCI Europe Index is a replica (or model) of the performance of the
European markets. The index is unmanaged and reflects the reinvestment of
dividends. An individual cannot invest directly in the index.
International investing involves a greater degree of risk and increased
volatility. Changes in currency and exchange rates and differences in
accounting and taxation policies outside the U.S. can raise or lower returns.
Also, some overseas markets may not be as politically and economically stable
as the United States and other nations. The Fund may also be subject to the
additional risk of non-diversified "Regional" fund investing.
7
<PAGE>
Chase Vista European Fund
Portfolio of Investments April 30, 1998 (unaudited)
<TABLE>
<CAPTION>
Shares Issuer Value (USD)
- -------------------------------------------------------------
Long-Term Investments -- 96.0%
- -------------------------------------------------------------
<S> <C> <C>
Common Stock -- 95.7%
---------------------
Austria -- 1.0%
Oil & Gas -- 1.0%
2,147 Schoeller-Bleckmann Oilfield
Equipment AG* $ 268,629
-----------
Finland -- 3.0%
Food/Beverage Products -- 0.4%
540 Raisio Group PLC 99,117
Telecommunications -- 2.6%
10,640 Nokia Oyj 714,790
-----------
Total Finland 813,907
-----------
France -- 13.0%
Automotive -- 1.0%
833 Equipements et Composants pour
l'Industries Automobile 261,897
Banking -- 4.3%
9,932 Banque Nationale de Paris 836,777
4,000 Credit Commercial de France 319,055
-----------
1,155,832
-----------
Computer Software -- 1.2%
2,504 Cap Gemini Sogeti SA 324,975
Consumer Products -- 1.0%
8,880 Moulinex* 263,695
Diversified -- 1.9%
13,650 Lagardere SA 521,705
Entertainment/Leisure -- 0.5%
5,000 Parc Asterix, SA* 128,785
Telecommunications -- 3.1%
4,580 Alcatel Alsthom (Cie General El) 848,604
-----------
Total France 3,505,493
-----------
Germany -- 14.5%
Airlines -- 2.0%
22,700 Deutsche Lufthansa AG 540,146
Automotive -- 3.2%
8,000 Kolbenschmidt Pierburg AG 260,797
610 Volkswagen AG 485,757
</TABLE>
See notes to financial statements.
8
<PAGE>
Chase Vista European Fund
Portfolio of Investments April 30, 1998 (unaudited) (continued)
<TABLE>
<CAPTION>
Shares Issuer Value (USD)
- ------------------------------------------------------------------
Long-Term Investments -- (continued)
- ------------------------------------------------------------------
<S> <C> <C>
2,500 W.E.T. Automotive Systems AG* $ 125,383
-----------
871,937
-----------
Banking -- 3.5%
7,840 Bayerische Vereinsbank AG 585,434
6,570 Dresdner Bank AG 356,966
-----------
942,400
-----------
Capital Goods -- 1.4%
480 Mannesmann AG 380,898
Diversified -- 0.7%
3,750 RWE AG 191,836
Food/Beverage Products -- 1.0%
10,172 Kamps AG* 284,556
Insurance -- 2.7%
2,405 Allianz AG Holding 739,795
-----------
Total Germany 3,951,568
-----------
Hong Kong -- 2.5%
Financial Services -- 2.5%
21,296 HSBC Holdings PLC 671,902
-----------
Ireland -- 2.8%
Computer Software -- 0.5%
4,300 IONA Technologies PLC, ADR* 133,838
-----------
Construction Materials -- 1.5%
27,730 CRH PLC 395,647
-----------
Real Estate -- 0.8%
27,942 Green Property PLC 214,908
-----------
Total Ireland 744,393
-----------
Italy -- 7.7%
Automotive -- 0.3%
33,000 Fiat SPA (Preference Shares) 81,385
Consumer Products -- 0.9%
17,000 CSP International Industria Calze
SPA* 231,214
Insurance -- 2.0%
181,900 Istituto Nazionale delle Assicurazioni
(Ordinary Shares) 543,560
</TABLE>
See notes to financial statements.
9
<PAGE>
Chase Vista European Fund
Portfolio of Investments April 30, 1998 (unaudited) (continued)
<TABLE>
<CAPTION>
Shares Issuer Value (USD)
- ----------------------------------------------------------------
Long-Term Investments -- (continued)
- ----------------------------------------------------------------
<S> <C> <C>
Oil & Gas -- 1.2%
54,545 Saipem SPA $ 313,673
Printing & Publishing -- 1.3%
92,000 Poligrafici Editoriale SPA* 269,206
115,000 Seat SPA* 86,577
-----------
355,783
-----------
Telecomunications -- 2.0%
72,900 Telecom Italia SPA 545,120
-----------
Total Italy 2,070,735
-----------
Netherlands -- 6.9%
Business Services -- 3.0%
15,363 Brunel International NV* 501,832
8,600 Koninklijke Ahrend Groep NV 297,944
-----------
799,776
-----------
Consumer Products -- 0.7%
4,134 Hagemeyer NV 197,440
Retailing -- 3.2%
7,986 Hunter Douglas NV 389,317
7,364 Vendex International NV 472,342
-----------
861,659
-----------
Total Netherlands 1,858,875
-----------
Portugal -- 2.6%
Banking -- 1.6%
12,557 Banco Comercial Portugues, SA 440,229
Retailing -- 1.0%
5,675 Jeronimo Martins & Filho, Sociedade
Gestora de Part 265,317
-----------
Total Portugal 705,546
-----------
Spain -- 4.0%
Banking -- 2.0%
8,000 Banco Bilbao Vcizcaya, SA 411,508
1,150 Banco Pastor SA 130,909
-----------
542,417
-----------
Telecommunications -- 2.0%
12,935 Telefonica de Espana SPA 539,754
-----------
Total Spain 1,082,171
-----------
</TABLE>
See notes to financial statements.
10
<PAGE>
Chase Vista European Fund
Portfolio of Investments April 30, 1998 (unaudited) (continued)
<TABLE>
<CAPTION>
Shares Issuer Value (USD)
- ---------------------------------------------------------------
Long-Term Investments -- (continued)
- ---------------------------------------------------------------
<S> <C> <C>
Russia -- 0.7%
Telecommunications -- 0.7%
4,250 Global TeleSystems Group, Inc.
ADR* $ 199,750
-----------
Sweden -- 3.8%
Computer Software -- 0.9%
11,376 Industri-Matematik International
Corp.* 253,116
Hotels/Other Lodging -- 1.0%
5,230 Melia Inversiones Americanas, NV* 260,788
Insurance -- 1.9%
7,575 Skandia Forsakrings AB 527,590
-----------
Total Sweden 1,041,494
-----------
Switzerland -- 6.3%
Banking -- 2.3%
383 UBS-Union Bank of Switzerland 616,910
Health Care/Health Care Services -- 2.1%
11
350 Novartis AG (Registered) 578,690
Insurance -- 1.5%
650 Zurich Versicherungs-Gesellschaft* 396,083
Photographic Equipment -- 0.4%
288 Fotolabo SA 99,652
-----------
Total Switzerland 1,691,335
-----------
United Kingdom -- 26.9%
Aerospace -- 1.2%
9,338 British Aerospace PLC 311,950
Airlines -- 1.3%
34,100 British Airways PLC 355,205
Banking -- 4.0%
53,620 National Westminster Bank 1,073,142
Business Services -- 1.0%
20,639 Delphi Group PLC 255,707
Construction -- 2.5%
30,751 Berkeley Group PLC 395,901
24,200 Jarvis PLC 268,468
-----------
664,369
-----------
</TABLE>
See notes to financial statements.
11
<PAGE>
Chase Vista European Fund
Portfolio of Investments April 30, 1998 (unaudited) (continued)
<TABLE>
<CAPTION>
Shares Issuer Value (USD)
- --------------------------------------------------------------
Long-Term Investments -- (continued)
- --------------------------------------------------------------
<S> <C> <C>
Consumer Products -- 2.5%
63,704 Unilever PLC $ 678,488
Diversified -- 0.9%
53,015 Cookson Group PLC 237,558
Entertainment/Leisure -- 1.0%
15,250 Granada Group PLC 262,374
Financial Services -- 1.5%
34,800 Legal & General Group PLC 413,991
Hotels/Other Lodging -- 1.0%
97,436 Jarvis Hotels PLC* 259,032
Oil & Gas -- 3.9%
46,231 British-Borneo Petro Syndica PLC 266,679
107,030 Shell Transport & Trading PLC 796,346
-----------
1,063,025
-----------
Pharmaceuticals -- 2.6%
25,247 Glaxo Welcome PLC 713,399
Real Estate -- 1.0%
158,022 TBI PLC 265,538
Telecommunications -- 2.5%
40,273 Securicor PLC 266,652
36,753 Vodafone Group PLC 404,655
-----------
671,307
-----------
Total United Kingdom 7,225,085
-----------
Total Common Stock 25,830,883
-----------
(Cost $22,467,594)
Rights -- 0.0%
--------------
Spain -- 0.0%
Telecommunications -- 0.0%
9,235 Telefonica de Espana, SPA, Rights
expires 5/7/98 $ 7,150
-----------
(Cost $0)
</TABLE>
See notes to financial statements.
12
<PAGE>
Chase Vista European Fund
Portfolio of Investments April 30, 1998 (unaudited) (continued)
<TABLE>
<CAPTION>
Principal
Amounts
(USD) Issuer Value (USD)
- ---------------------------------------------------------------
Long-Term Investments -- (continued)
- ---------------------------------------------------------------
<S> <C> <C>
Corporate Notes & Bonds -- 0.3%
-------------------------------
Germany -- 0.0%
Automotive -- 0.0%
$ 4,800 Daimler-Benz AG, 5.75%, 06/14/02 $ 4,307
-----------
Principal
Amounts
(Italian
Lira)
Italy -- 0.3%
Banking -- 0.3%
68,763,200 Banco Intesa SPA, (ITL) 6.30%,
01/01/03 91,389
------
Total Corporate Notes & Bonds --
(Cost $46,443) 95,696
================================================================
Total Investments -- 96.0% $25,933,729
(Cost $22,514,037)
================================================================
</TABLE>
See notes to financial statements.
13
<PAGE>
Unaudited
About Your Fund
CHASE VISTA SOUTHEAST ASIAN FUND
- --------------------------------------------------------------------------------
FUND FACTS
- --------------------------------------------------------------------------------
<TABLE>
<S> <C> <C>
Objective: Capital growth
Primary investments: Stocks of companies in the Pacific Rim,
except Japan
Suggested investment
time frame: Long-Term
Market benchmark: MSCI Pacific Ex-Japan Index
Lipper funds category: Lipper Pacific Ex-Japan Funds Average
Class A Class B
------- -------
Inception date: 11/2/95 11/3/95
Newspaper symbol: Not listed Not listed
As of April 30, 1998
Net assets: $4.3 million $1.0 million
</TABLE>
PERFORMANCE
Chase Vista Southeast Asian Fund had a total return of -10.34% (Class A shares,
without sales charges) for the six-month period ended April 30, 1998, beating
the Lipper Pacific Ex-Japan Funds Average, which returned -10.92% for the
period.
STRATEGY
During the period, the Fund was negatively affected by the wave of economic and
currency problems that swept through the region.
The period began with most Asian markets trying to recover from the sharp
downturn that started in October and spilled over to most global equity
markets. The fallout made Asian equities more attractive on a valuation basis.
However, due to the weakness of most economies and currencies throughout the
region, investors were not in a buying mood.
As economies stabilized, investors began to show more confidence in the equity
markets. In February, several Asian markets recorded solid investment results,
as they often do prior to the Chinese new year. But without the strong
fundamentals for a sustainable rally, Asian markets gave back most of those
gains as the period came to a close.
14
<PAGE>
Unaudited
About Your Fund
CHASE VISTA SOUTHEAST ASIAN FUND
OUTLOOK
In recent history, southeast Asian markets have been resilient when negatively
impacted by external factors, such as the 1987 U.S. stock market crash, the
1990 Gulf War correction and the 1994 spike in interest rates. The most recent
correction, however, was self-induced by fundamental economic problems. While
further corrections may produce buying opportunities in markets where economies
are improving, we remain cautious on the region.
CHASE VISTA SOUTHEAST ASIAN FUND
COMPOSITION OF TOTAL ASSETS AS OF 4/30/98
[PIE CHART OMITTED]
<TABLE>
<CAPTION>
Composition of
Total Assets as of
4/30/98
<S> <C>
Cash/Other 20.1%
Investments 79.9%
</TABLE>
CHASE VISTA SOUTHEAST ASIAN FUND
COMPOSITION OF MARKET VALUE OF INVESTMENTS AS OF 4/30/98
[PIE CHART OMITTED]
<TABLE>
<CAPTION>
Composition of Market Value
of Investments as of
4/30/98
<S> <C>
Australia 28.0%
Thailand 4.8%
South Korea 0.7%
Singapore 7.4%
Philippines 5.9%
Malaysia 6.5%
India 1.4%
Hong Kong 45.3%
</TABLE>
15
<PAGE>
Unaudited
About Your Fund
CHASE VISTA SOUTHEAST ASIAN FUND
- --------------------------------------------------------------------------------
TOP 10 HOLDINGS AS OF 4/30/98
- --------------------------------------------------------------------------------
HSBC Holdings PLC 9.30%
Cheung Kong Holdings Ltd. 6.34%
Woodside Petroleum Limited 5.94%
QBE Insurance Group, Ltd. 5.88%
Hutchison Whampoa 5.47%
Sun Hung Kai Properties, Ltd. 4.98%
Publishing & Broadcasting Ltd. 4.89%
National Australia Bank, Ltd. 4.63%
Futuris Corp. Ltd. 4.59%
New World Infrastructure Ltd. 3.90%
Top 10 holdings comprised 55.92% of the Fund's market value of investments.
Fund holdings are subject to change at any time.
- --------------------------------------------------------------------------------
AVERAGE ANNUAL TOTAL RETURNS AS OF 4/30/98
- --------------------------------------------------------------------------------
Without With
Class A Shares Sales Charge Sales Charge
One Year -36.19% -39.86%
Five Years N/A N/A
Since Inception (11/2/95) -10.25% -12.35%
Without With
Class B Shares CDSC CDSC*
One Year -36.72% -39.88%
Five Years N/A N/A
Since Inception (11/3/95) -10.94% -12.39%
Source: Lipper Analytical Services, Inc. Past performance is not indicative of
future results. Investment return and principal value will fluctuate with
market conditions. When shares are redeemed, they may be worth more or less
than their original cost.
The Fund is currently waiving certain fees. The voluntary waiver may be
modified or terminated at any time, which would reduce performance.
Sales charge on Class A Shares is 5.75%.
* Assumes a 5% CDSC for the one year period and a 4% CDSC for the period since
inception.
16
<PAGE>
Unaudited
About Your Fund
CHASE VISTA SOUTHEAST ASIAN FUND
GROWTH OF HYPOTHETICAL $10,000 INVESTMENTS IN
CHASE VISTA SOUTHEAST ASIAN FUND -- CLASS A
AND ITS KEY BENCHMARKS
[PLOT POINTS FOR LINE CHART--GRAPHICS OMITTED]
<TABLE>
<CAPTION>
Chase Vista Lipper Pacific MSCI Pacific
Southeast Asian Fund Ex-Japan Funds Avg. Ex-Japan Index
<S> <C> <C> <C>
11/95 $ 9,525 $10,000 $10,000
4/96 11,497 11,171 11,612
4/97 11,397 10,730 11,090
4/30/98 7,272 7,150 7,662
</TABLE>
Source: Lipper Analytical Services, Inc. Past performance is not indicative of
future results.
Investment return and principal value will fluctuate with market conditions.
When shares are redeemed, they may be worth more or less than their original
cost.
This chart illustrates comparative performance for $10,000 invested in Class A
Shares of Chase Vista Southeast Asian Fund, the Lipper Pacific Ex-Japan Funds
Average and the MSCI Pacific Ex-Japan Index from November 2, 1995 to April 30,
1998. The performance of the Fund assumes reinvestment of all dividends and
capital gains and includes a 5.75% sales charge. The performance of the average
and the index does not include a sales charge and has been adjusted to reflect
reinvestment of all dividends and capital gains on the securities included in
the benchmark.
The Fund is currently waiving certain fees. This voluntary waiver may be
modified or terminated at any time, which would reduce performance.
The Lipper Pacific Ex-Japan Funds Average represents the average performance of
a universe of 82 actively managed mutual funds that invest in Asian stock
markets with exception of Japan. Lipper is an independent mutual fund
performance monitor whose results are based on total return and do not reflect
a sales charge.
The MSCI Pacific Ex-Japan Index is a replica (or model) of the performance of
the Pacific regional equity markets, excluding Japan. The index is unmanaged
and reflects the reinvestment of dividends. An individual cannot invest
directly in the index.
International investing involves a greater degree of risk and increased
volatility. Changes in currency exchange rates and differences in accounting
and taxation policies outside the U.S. can raise or lower returns. Also, some
overseas markets may not be as politically and economically stable as the
United States and other nations. The Fund may also be subject to the additional
risk of non-diversified "Regional" fund investing.
17
<PAGE>
Chase Vista Southeast Asian Fund
Portfolio of Investments April 30, 1998 (unaudited)
<TABLE>
<CAPTION>
Shares Issuer Value (USD)
- -----------------------------------------------------------------
Long-Term Investments -- 80.5%
- -----------------------------------------------------------------
<S> <C> <C>
Common Stock -- 80.4%
-------------------------------------
Australia -- 22.6%
Banking -- 3.7%
14,000 National Australia Bank, Ltd. $ 198,986
Diversified -- 3.7%
196,452 Futuris Corp. Ltd. 197,247
Insurance -- 4.7%
55,000 QBE Insurance Group, Ltd. 252,446
Multi-Media -- 4.0%
44,000 Publishing & Broadcasting Ltd. 210,276
Oil & Gas -- 6.5%
151,000 Energy Equity Corp. Ltd.* 90,573
39,000 Woodside Petroleum Ltd. 255,034
---------
345,607
---------
Total Australia 1,204,562
---------
Hong Kong -- 36.2%
Banking -- 10.2%
57,000 Guoco Group Ltd 142,757
14,000 HSBC Holdings PLC 399,429
---------
542,186
---------
Consumer Products -- 0.6%
31,000 Guangdong Kelon Elec Holding Ltd.,
Class H* 31,816
Diversified -- 6.5%
37,000 Citic Pacific Ltd. 113,684
38,000 Hutchison Whampoa 234,984
---------
348,668
---------
Electronics/Electrical Equipment -- 3.1%
78,000 New World Infrastructure Ltd.* 167,660
Real Estate -- 14.8%
41,000 Cheung Kong Holdings, Ltd. 272,590
52,000 Cheung Kong Infrastructure Holdings,
Ltd. 131,912
43,000 China Resources Enterprises Ltd. 73,831
160,720 HKR International, Ltd. 96,481
</TABLE>
See notes to financial statements.
18
<PAGE>
Chase Vista Southeast Asian Fund
Portfolio of Investments April 30, 1998 (unaudited) (continued)
<TABLE>
<CAPTION>
Shares Issuer Value (USD)
- ------------------------------------------------------------------
Long-Term Investments -- (continued)
- ------------------------------------------------------------------
<S> <C> <C>
36,000 Sun Hung Kai Properties, Ltd. $ 213,786
---------
788,600
---------
Telecommunications -- 1.0%
28,800 Hong Kong Telecommunications Ltd. 53,911
---------
Total Hong Kong 1,932,841
---------
India -- 1.4%
Utilities -- 1.4%
4,550 BSES Ltd., GDR* 74,734
---------
Malaysia -- 5.0%
Agricultural Production/Services -- 1.7%
35,000 Malakoff Bhd 91,711
Conglomerate -- 1.8%
106,000 Sime Darby Bhd 93,529
Construction -- 0.5%
49,000 Sunway Building Technology Bhd 27,251
Entertainment/Leisure -- 1.0%
24,000 Berjaya Sports Toto Bhd 56,791
---------
Total Malaysia 269,282
---------
Philippines -- 4.7%
Real Estate -- 2.0%
190,680 Ayala Land, Inc. 74,800
195,700 SM Prime Holdings, Inc. 35,094
---------
109,894
---------
Utilities -- 2.7%
49,900 Manila Electrice Co. 141,683
---------
Total Philippines 251,577
---------
Singapore -- 6.0%
Banking -- 2.7%
20,400 Development Bank of Singapore, Ltd.
(Foreign) 135,271
1,700 Development Bank of Singapore Ltd.,
A Shares, (Foreign)* 11,176
---------
146,447
---------
</TABLE>
See notes to financial statements.
19
<PAGE>
Chase Vista Southeast Asian Fund
Portfolio of Investments April 30, 1998 (unaudited) (continued)
<TABLE>
<CAPTION>
Shares Issuer Value (USD)
- -------------------------------------------------------------------
Long-Term Investments -- (continued)
- -------------------------------------------------------------------
<S> <C> <C>
Engineering Services -- 1.6%
98,000 Singapore Technologies Engineering
Ltd., (Foreign)* $ 84,168
Printing & Publishing -- 1.7%
8,000 Singapore Press Holdings Ltd.,
(Foreign) 88,412
---------
Total Singapore 319,027
---------
South Korea -- 0.6%
Electronics/Electrical Equipment -- 0.6%
8,000 Daewoo Electronics Company* 30,049
---------
Thailand -- 3.9%
Banking -- 1.0%
22,300 Thai Farmers Bank Public Co., Ltd.
(Foreign)* 51,029
Food/Beverage Products -- 0.4%
19,000 Thai Theparos Food Product Public
Co., Ltd. (Foreign) 22,107
Oil & Gas -- 1.2%
6,300 PTT Exploration and Production
Public Co., Ltd. (Foreign) 66,461
Printing & Publishing -- 0.2%
5,000 Siam Sport Syndicate Public Co., Ltd.
(Foreign)* 9,244
Utilities -- 1.1%
29,100 Electricity Generating Public Co., Ltd.
(Foreign)* 56,432
---------
Total Thailand 205,273
---------
Total Common Stock 4,287,345
---------
(Cost $5,351,574)
Warrants -- 0.1%
----------------
Hong Kong -- 0.0%
Financial Services --
44,600 Guangdong Investment, HKD 8.00%,
Expires 07/30/99 1,727
---------
</TABLE>
See notes to financial statements.
20
<PAGE>
Chase Vista Southeast Asian Fund
Portfolio of Investments April 30, 1998 (unaudited) (continued)
<TABLE>
<CAPTION>
Shares Issuer Value (USD)
- -------------------------------------------------------------
Long-Term Investments -- (continued)
- -------------------------------------------------------------
<S> <C> <C>
Malaysia -- 0.1%
Construction -- 0.1%
80,000 Sunway Building Technology, Bhd.,
5.50%, Expires 7/30/01 $ 7,273
----------
Total Warrants 9,000
----------
(Cost $83,371)
=============================================================
Total Investments $4,296,345
(Cost $5,434,945)
=============================================================
</TABLE>
See notes to financial statements.
21
<PAGE>
Unaudited
About Your Fund
CHASE VISTA JAPAN FUND
- --------------------------------------------------------------------------------
FUND FACTS
- --------------------------------------------------------------------------------
<TABLE>
<S> <C> <C>
Objective: Capital growth
Primary investments: Stocks of companies located in Japan
Suggested investment
time frame: Long-Term
Market benchmark: Tokyo SE (Topix) 1st Section
Lipper funds category: Japan Equity Funds Average
Class A Class B
------- -------
Inception date: 11/2/95 11/3/95
Newspaper symbol: not listed not listed
As of April 30, 1998
Net assets: $3.4 million $0.6 million
</TABLE>
PERFORMANCE
Chase Vista Japan Fund had a total return of -11.91% (Class A shares, without
sales charges) for the six-month period ended April 30, 1998. This compares to
- -7.32% for the Lipper Japan Equity Funds Average.
STRATEGY
Ongoing economic problems and the negative impact of the turmoil in southeast
Asia kept downward pressure on Japanese equities. During this time, the
fundamentally weaker stocks outperformed the index because they reached their
lows back in November and December of last year. The better quality blue chip
exporters did not exhibit this type of "V" shaped recovery and so
underperformed this move.
In late 1997, problems within the country's financial sector, most notably the
failure of Yamaichi Securities, weighed heavily on the market. Then, in
January, reports that the Japanese government would introduce an economic
stimulus package fueled a double-digit percentage increase by the Nikkei in
less than four weeks. However, when the package was unveiled, it was not well
received because it placed a heavy emphasis on public works projects and not
enough on tax reduction. In turn, the market retreated and, within two months,
gave back virtually all of its January gains.
22
<PAGE>
Unaudited
About Your Fund
CHASE VISTA JAPAN FUND
In April, another round of disappointing economic data put more pressure on
equities, but the market held up fairly well as investors began to discount
what they believe will be an attempt by the Japanese government to improve the
economy prior to the July election.
OUTLOOK
Our outlook for Japan remains cautious. In our opinion, for Japan to emerge
from its recession, the government must introduce a bona fide economic plan
that will bolster consumer confidence. Additionally, inefficient companies must
begin to work toward restructuring. Until then, we believe that the Japanese
market is unlikely to surprise on the upside, though stocks may enjoy a
short-term bounce leading up to the July election.
CHASE VISTA JAPAN FUND
COMPOSITION OF TOTAL ASSETS AS OF 4/30/98
[PIE CHART OMITTED]
<TABLE>
<CAPTION>
Composition of
Total Assets as of
4/30/98
<S> <C>
Cash/Other 17.4%
Investments 82.6%
</TABLE>
CHASE VISTA JAPAN FUND
COMPOSITION OF MARKET VALUE OF INVESTMENTS AS OF 4/30/98
[PIE CHART OMITTED]
<TABLE>
<CAPTION>
Composition of Market Value
of Investments as of
4/30/98
<S> <C>
Capital Goods 16.0%
Consumer Cyclical 22.7%
Consumer Staples 6.9%
Energy 2.7%
Financial 3.5%
Technology 48.2%
</TABLE>
23
<PAGE>
Unaudited
About Your Fund
CHASE VISTA JAPAN FUND
- --------------------------------------------------------------------------------
TOP 10 HOLDINGS AS OF 4/30/98
- --------------------------------------------------------------------------------
Nintendo Company Ltd. 7.74%
Sony Corp. 7.27%
Honda Motor Co. Ltd. 6.55%
Fuji Photo Film Co. 6.43%
Citizen Watch Co. 5.87%
Mabuchi Motor 4.88%
Futaba Corp. 4.82%
Keyence Corp. 4.46%
Matsushita Electric Industrial Co., Ltd. 4.34%
Nippon Meat Packers, Inc. 4.10%
Top 10 holdings comprised 56.46% of the Fund's market value of investments.
Fund holdings are subject to change at any time.
- --------------------------------------------------------------------------------
AVERAGE ANNUAL TOTAL RETURNS AS OF 4/30/98
- --------------------------------------------------------------------------------
Without With
Class A Shares Sales Charge Sales Charge
One Year -9.59% -14.79%
Five Years N/A N/A
Since Inception (11/2/95) -5.92% - 8.13%
Without With
Class B Shares CDSC CDSC*
One Year -10.30% -14.79%
Five Years N/A N/A
Since Inception (11/3/95) -6.62% - 8.14%
Source: Lipper Analytical Services, Inc. Past performance is not indicative of
future results. Investment return and principal value will fluctuate with
market conditions. When shares are redeemed, they may be worth more or less
than their original cost.
The Fund is currently waiving certain fees. This voluntary waiver may be
modified or terminated at any time, which would reduce performance.
Sales charge on Class A Shares is 5.75%.
* Assumes 5% CDSC for the one year period, and a 4% CDSC for the period since
inception.
24
<PAGE>
Unaudited
About Your Fund
CHASE VISTA JAPAN FUND
[PLOT POINTS FOR LINE CHART--GRAPHICS OMITTED]
<TABLE>
<CAPTION>
Chase Vista Lipper Japan Tokyo SE (Topix)
Japan Fund Equity Funds Average 1st Section Index
<S> <C> <C> <C>
11/05 $ 9,515 $10,261 $10,578
4/96 10,630 11,502 11,845
4/97 9,047 9,109 8,228
4/30/98 8,179 8,116 6,896
</TABLE>
Source: Lipper Analytical Services, Inc. Past performance is not indicative of
future results.
Investment return and principal value will fluctuate with market conditions.
When shares are redeemed, they may be worth more or less than their original
cost.
This chart illustrates comparative performance for $10,000 invested in Class A
Shares
of Chase Vista Japan Fund, the Lipper Japan Equity Funds Average and the Tokyo
SE (Topix) 1st. Section from November 2, 1995 to April 30, 1998. The
performance of the Fund assumes the reinvestment of all dividends and capital
gains and includes a 5.75% sales charge. The performance of the average and the
index does not include a sales charge and has been adjusted to reflect
reinvestment of all dividends and capital gains on the securities included in
the benchmark.
The Fund is currently waiving fees. This voluntary waiver may be modified or
terminated at any time, which would reduce performance.
The Lipper Japan Equity Funds Average represents the average performance of a
universe of 35 actively managed mutual funds that invest primarily in Japanese
stocks. Lipper is an independent mutual fund performance monitor whose results
are based on total return and do not reflect a sales charge.
The Tokyo SE (Topix), also known as the Tokyo Price Index, is an unmanaged
capitalization-weighted index of all the companies listed on the First Section
of the Tokyo Stock Exchange. The index is unmanaged and reflects reinvestment
of dividends. An individual cannot invest directly in the index.
International investing involves a greater degree of risk and increased
volatility. Changes in currency exchange rates and differences in accounting
and taxation policies outside the U.S. can raise or lower returns. Also, some
overseas markets may not be as politically and economically stable as the
Unites States and other nations. The Fund may be also subject to the additional
risk of non-diversified "regional" fund investing.
25
<PAGE>
Chase Vista Japan Fund
Portfolio of Investments April 30, 1998 (unaudited)
<TABLE>
<CAPTION>
Shares Issuer Value (USD)
- ---------------------------------------------------------------------
Long-Term Investments -- 82.3%
- ---------------------------------------------------------------------
<S> <C> <C>
Common Stock -- 82.3%
---------------------
Automotive -- 5.4%
6,000 Honda Motor Co. Ltd. $ 217,967
----------
Banking -- 0.9%
3,000 Bank of Tokyo-Mitsubishi 37,213
----------
Computer Software -- 2.4%
2,900 Meitec 95,474
----------
Computers/Computer Hardware -- 2.5%
4,000 Fujitsu Ltd. 46,772
1,000 Nidec Corporation 53,735
----------
100,507
----------
Consumer Products -- 14.1%
29,000 Citizen Watch Co.+ 195,338
9,000 KAO Corp.+ 132,483
2,900 Sony Corp.+ 241,651
----------
569,472
----------
Electronics/Electrical Equipment -- 18.2%
4,000 Futaba Corp. 160,448
1,100 Keyence Corp.+ 148,354
2,800 Mabuchi Motor 162,325
9,000 Matsushita Electric Industrial Co., Ltd. 144,403
10,000 Sumitomo Electric Industries 119,352
----------
734,882
----------
Entertainment/Leisure -- 1.6%
3,000 Shimano Inc. 66,525
----------
Financial Services -- 2.0%
3,700 Credit Saison Co., Ltd. 80,368
----------
Food/Beverage Products -- 5.7%
7,000 Ashi Breweries 91,811
10,000 Nippon Meat Packers, Inc. 136,229
----------
228,040
----------
Machinery & Engineering Equipment -- 2.6%
21,000 Tokyo Kikai Seisakusho 105,373
----------
Manufacturing -- 1.7%
4,000 Komori Corp.+ 68,115
----------
</TABLE>
See notes to financial statements.
26
<PAGE>
Chase Vista Japan Fund
Portfolio of Investments April 30, 1998 (unaudited) (continued)
<TABLE>
<CAPTION>
Shares Issuer Value (USD)
- --------------------------------------------------------------------------
Long-Term Investments -- (continued)
- --------------------------------------------------------------------------
<S> <C> <C>
Oil & Gas -- 2.2%
40,000 Osaka Gas Co. $ 89,911
----------
Personal Services -- 2.9%
2,000 Secom Co., Ltd. 118,066
----------
Photographic Equipment -- 5.3%
6,000 Fuji Photo Film 213,880
----------
Printing & Publishing -- 3.2%
11,000 Toppan Printing Co. Ltd. 130,954
----------
Real Estate -- 2.9%
15,000 Hankyu Realty+ 71,066
2,000 Tachihi Enterprise Co. Ltd. 47,378
----------
118,444
----------
Retailing -- 2.3%
2,700 Matsumotokiyoshi 93,385
----------
Toys & Games -- 6.4%
2,800 Nintendo Company Ltd. 257,262
==========================================================================
Total Investments -- 82.3% $3,325,838
(Cost $3,581,624)
==========================================================================
</TABLE>
Purchased Short Index Futures
- -----------------------------
<TABLE>
<CAPTION>
Number
Expiration of Original Value at Unrealized
Description Date Contracts Cost 04/30/98 Appreciation
- --------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
NIM
Nikkei 225 June 1998 6 $360,410 $353,175 $7,235
- --------------------------------------------------------------------------
</TABLE>
See notes to financial statements.
27
<PAGE>
Unaudited
About Your Fund
CHASE VISTA LATIN AMERICAN EQUITY FUND
- --------------------------------------------------------------------------------
FUND FACTS
- --------------------------------------------------------------------------------
<TABLE>
<S> <C> <C>
Objective: Capital growth
Primary investments: Stocks of companies located in countries
throughout Latin America
Suggested investment
time frame: Long-Term
Market benchmark: MSCI EMF Latin America Index
Lipper funds category: Latin American Funds Average
Class A Class B
--------------- -----------------
Inception date: 12/1/97 3/24/98
Newspaper symbol: not listed not listed
As of April 30, 1998
Net assets: $8.7 million $0.004 million
</TABLE>
PERFORMANCE
Chase Vista Latin American Equity Fund had a cumulative total return of 0.80%
(Class A shares, without sales charges) from its inception on December 1, 1997
through April 30, 1998. This compares to 2.21% for the Lipper Latin American
Fund's Average.
STRATEGY
The Fund benefited from improving economic conditions in Brazil and was
hindered by the global effects of the economic and currency crisis in Asia and
a market downturn in Mexico and Venezuela.
The Fund enjoyed good performance due to its exposure to mid-cap and large
private sector stocks, which out-performed the stocks of large public-sector
corporations. Many of the stocks that performed well are located in Brazil.
These companies benefited from the pickup in economic activity within that
country and recovered from the Asian economic and financial crisis during the
first four months of 1998. The Fund currently has more of its assets invested
in Brazil than in any other country.
The problems in Asia were a drag on the Fund's performance in January and again
in April. The Mexican stock market was a victim of profit-taking, following
strong performance during the last quarter of 1997. Venezuela, whose major
resource is oil, saw its market decline due to falling oil prices and investor
concerns over the uncertainty of the country's upcoming elections.
28
<PAGE>
Unaudited
About Your Fund
CHASE VISTA LATIN AMERICAN EQUITY FUND
OUTLOOK
Our long-term outlook for stocks in Latin America is favorable. Due to the
impact of the Asian crisis on emerging markets, it is our opinion that
valuations in the region are more attractive, on balance, than they were last
year at this time. Governments are committed to economic reform, and
corporations are restructuring operations to improve profitability in order to
compete in the global economy. As we look ahead, we continue to believe the
best opportunities can be found in Brazil and Mexico, but we also expect to
remain diversified throughout the region as we seek to enhance performance and
limit downside risk.
CHASE VISTA LATIN AMERICAN EQUITY FUND
COMPOSITION OF TOTAL ASSETS AS OF 4/30/98
[PIE CHART OMITTED]
<TABLE>
<CAPTION>
Composition of
Total Assets as of
4/30/98
<S> <C>
Cash/Other 0.6%
Investments 99.4%
</TABLE>
CHASE VISTA LATIN AMERICAN EQUITY FUND
COMPOSITION OF MARKET VALUE OF INVESTMENTS AS OF 4/30/98
[PIE CHART OMITTED]
<TABLE>
<CAPTION>
Composition of Market Value
of Investments as of
4/30/98
<S> <C>
Argentina 9.4%
Brazil 47.2%
Chile 6.3%
Mexico 29.3%
Peru 2.2%
Venezuela 4.2%
Other 1.4%
</TABLE>
29
<PAGE>
Unaudited
About Your Fund
CHASE VISTA LATIN AMERICAN EQUITY FUND
- --------------------------------------------------------------------------------
TOP 10 HOLDINGS AS OF 4/30/98
- --------------------------------------------------------------------------------
<TABLE>
<S> <C>
Confab Industrial SA (Preference Shares) 6.05%
Tubos de Acero de Mexico SA 5.49%
CIA Siderurgica Tubarao 5.49%
Telecomunicacoes Brasileiros SA, ADR 5.31%
YPF Sociedad, ADR 4.77%
Siderca SA 4.59%
Telecomunicacoes de Sao Paulo SA TELESP, (Preference Shares) 4.45%
Telefonos de Mexico SA, Ser. L ADR 4.24%
Compania Anonima Nacional Telefonos de
Venezuela (CANTV) ADR 4.23%
Gerdau Metalurgica SA, (Preference Shares) 4.05%
</TABLE>
Top 10 holdings comprised 48.67% of the Fund's market value of investments.
Fund holdings are subject to change at any time.
- --------------------------------------------------------------------------------
CUMULATIVE TOTAL RETURNS AS OF 4/30/98+
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Without With
Class A Shares Sales Charge Sales Charge
<S> <C> <C>
One Year N/A N/A
Five Years N/A N/A
Since Inception (12/1/97) 0.80% -3.99%
Without With
Class B Shares CDSC CDSC*
One Year N/A N/A
Five Years N/A N/A
Since Inception (12/1/97)+ 0.80% -3.20%
</TABLE>
Source: Lipper Analytical Services, Inc. Past performance is not indicative of
future results. Investment return and principal value will fluctuate with
market conditions. When shares are redeemed, they may be worth more or less
than their original cost.
The Fund is currently waiving certain fees. This voluntary waiver may be
modified or terminated at any time, which would reduce performance.
Sales charge on Class A Shares is 5.75%.
* Assumes 5% CDSC for the period since inception.
International investing involves a greater degree of risk and increased
volatility. Changes in currency exchange rates and differences in accounting
and taxation policies outside the U.S. can raise or lower returns. Also, some
overseas markets may not be as politically and economically stable as the
United States and other nations. The Fund may be also subject to the additional
risk of non-diversified "regional" fund investing.
+ The Fund commenced operations on 12/1/97. Class B Shares were introduced on
3/24/98. Investors should note that information presented for Class B Shares
prior to their introduction is based upon historical expenses of the predecessor
Class A Shares, which are lower than the actual expenses of the B Shares.
Additionally, annualized figures have been restated to reflect the maximum 5%
contingent deferred sales charge that applies to the Fund's B Shares.
30
<PAGE>
Chase Vista Latin American Equity Fund
Portfolio of Investments April 30, 1998 (unaudited)
<TABLE>
<CAPTION>
Shares Issuer Value (USD)
- --------------------------------------------------------------------
Long-Term Investments -- 98.3%
- --------------------------------------------------------------------
<S> <C> <C>
Common Stock -- 98.3%
---------------------
Argentina -- 9.3%
Oil & Gas -- 4.8%
11,900 YPF Sociedad, ADR $ 415,011
Steel -- 4.5%
163,000 Siderca SA 399,398
---------
Total Argentina 814,409
---------
Brazil -- 47.0%
Appliances & Household Durables -- 0.5%
340,000 Brasmotor SA 46,957
Food/Beverage Products -- 4.0%
400,000 Sadia Concordia SA Industria e Comercio 286,709
100,000 Sadia Frigobras SA Industria e Comercio 69,929
---------
356,638
---------
Machinery & Engineering Equipment -- 1.6%
7,000,000 Industrias Romi SA (Preference Shares) 140,732
Paper/Forest Products -- 1.1%
145,000 Industrias Klabin de Papel e Celulose SA 92,525
Steel -- 15.6%
26,800,000 CIA Siderurgica Turbarao 477,894
252,100 Confab Industrial SA (Preference Shares) 526,669
8,240,000 Gerdau Metalurgica SA (Preference Shares) 352,931
---------
1,357,494
---------
Telecommunications -- 9.7%
3,800 Telecomunicacoes Brasileiros SA, ADR 462,888
1,145,000 Telecomunicacoes de Sao Paulo SA
TELESP (Preference Shares) 387,332
---------
850,220
---------
Utilities -- 14.5%
2,400 Centrais Electricas Brasileiras SA
Electrobras, ADR 53,915
</TABLE>
See notes to financial statements.
31
<PAGE>
Chase Vista Latin American Equity Fund
Portfolio of Investments April 30, 1998 (unaudited) (continued)
<TABLE>
<CAPTION>
Shares Issuer Value (USD)
- -----------------------------------------------------------------
Long-Term Investments -- (continued)
- -----------------------------------------------------------------
<S> <C> <C>
14,800 Centrais Electricas Brasilieros PN $ 307,249
3,000,000 Companhia Energetica de Minas Gerais 144,228
2,625,000 Eletropaulo-Eletricidade de Sao Paulo SA 307,469
2,625,000 Empresa Bandeirante de Energia SA* 88,799
2,625,000 Empresa Metropolitana de Aguas e
Energia SA* 4,933
2,625,000 Empresa Paulista de Transmissao de
Energia Electrica SA* 17,897
901,000 Light -- Servicos de Eletricidade SA 344,564
---------
1,269,054
---------
Total Brazil 4,113,620
---------
Chile -- 6.3%
Construction Materials -- 2.2%
20,000 Maderas y Sineteicos SA 191,250
Food/Beverage Products -- 0.5%
1,500 Compania Cervecerias Unidas SA, ADR 41,438
Retailing -- 1.0%
5,118 Santa Isabel SA, ADR 84,447
Telecommunications -- 2.6%
9,100 Compania de Telecomunicaciones de
Chile SA, ADR 228,069
---------
Total Chile 545,204
---------
Mexico -- 29.3%
Automotive -- 1.4%
93,000 Consorcio Grupo Dina SA* 120,501
Broadcasting -- 2.7%
12,000 Grupo Televisa SA, Ser. CPO* 236,055
Construction -- 3.3%
57,000 Cemex SA de CV, Ser. CPO 284,344
Diversified -- 3.7%
60,000 ALFA, SA de C.V., Class A 325,813
Food/Beverage Products -- 2.0%
150,000 Sistema Argos SA 171,034
</TABLE>
See notes to financial statements.
32
<PAGE>
Chase Vista Latin American Equity Fund
Portfolio of Investments April 30, 1998 (unaudited) (continued)
<TABLE>
<CAPTION>
Shares Issuer Value (USD)
- -------------------------------------------------------------------
Long-Term Investments -- (continued)
- -------------------------------------------------------------------
<S> <C> <C>
Home Building Construction -- 1.7%
21,000 Corporacion GEO, SA de C.V., Ser. B* $ 144,708
Hotels/Other Lodging -- 0.8%
98,000 Grupo Posadas SA* 70,878
Paper/Forest Products -- 1.3%
146,000 Empaques Ponderosa, SA de CV, Ser. B* 113,504
Steel -- 8.2%
51,000 Hylsamex SA, BCP 235,490
26,000 Tubos de Acero de Mexico SA 478,071
---------
713,561
---------
Telecommunications -- 4.2%
130,000 Telefonos de Mexico SA, Ser. L, ADR 369,043
---------
Total Mexico 2,549,441
---------
Peru -- 2.2%
Telecommunications -- 2.2%
8,500 CPT Telefonica del Peru SA, ADR 188,063
---------
Venezuela -- 4.2%
Telecommunications -- 4.2%
11,000 Compania Anonima Nacional
Telefonos de Venezuela (CANTV) ADR 368,500
---------
Total Common Stock 8,579,237
(Cost $8,124,008)
===================================================================
Total Long Term Investments 8,579,237
(Cost $8,124,008)
===================================================================
Principal
Amount
(USD)
- -------------------------------------------------------------------
Short-Term Investments -- 1.5%
- -------------------------------------------------------------------
U. S. Government Agency Obligations -- 1.5%
-------------------------------------------
$ 130,000 Federal Home Loan Bank, Discount Note, 130,000
(Cost $130,000)
===================================================================
Total Investments -- 99.8% $8,709,237
(Cost $8,254,008)
===================================================================
</TABLE>
See notes to financial statements.
33
<PAGE>
Chase Vista Latin American Equity Fund
Portfolio of Investments April 30, 1998 (unaudited) (continued)
Index
# -- Security may only be sold to qualified institutional buyers.
+ -- All or a portion of this security is pledged.
* -- Non income producing security.
ADR -- American Depository Receipt.
GDR -- Global Depositary Receipt.
HKD -- Hong Kong Dollar.
ITL -- Italian Lira.
See notes to financial statements.
34
<PAGE>
Unaudited
About Your Fund
CHASE VISTA INTERNATIONAL EQUITY FUND
- --------------------------------------------------------------------------------
FUND FACTS
- --------------------------------------------------------------------------------
<TABLE>
<S> <C> <C>
Objective: Capital growth
Primary investments: Common stocks of established
overseas companies
Suggested investment
time frame: Long-Term
Market benchmark: MSCI EAFE Index
Lipper funds category: International Funds Average
Class A Class B
------- -------
Inception date: 12/31/92 11/4/93
Newspaper symbol: Intl Eq IntlEq
As of April 30, 1998
Net assets: $21.1 million $8.4 million
</TABLE>
PERFORMANCE
Chase Vista International Equity Fund had a total return of 19.92% (Class A
shares, without sales charges) for the six-month period ended April 30, 1998,
beating the Lipper International Funds Average, which returned 16.23% for the
period.
STRATEGY
The Fund benefited from its overweighting in Europe, which recorded strong
performance, and its underweighting in Japan, which, despite a strong rally in
January, registered poor investment results.
Except for a brief downturn late in 1997 due to the Asian crisis, European
stocks recorded strong performance in 1997, and for the first four months of
1998. Factors responsible for performance included: declining interest rates,
improving corporate earnings, and benign inflation. The Fund enjoyed good
investment results from companies in many sectors, most notably finance,
telecommunications and health care.
The news on Japanese stocks was not as good. A poor economy coupled with a
troubled financial sector kept equity prices under pressure throughout the
period. The Japanese market rallied strongly in January on reports the
government would introduce a meaningful economic stimulus package. However,
that package proved less impressive than expected, causing the market to give
back virtually all of its January gains. As for Latin America, the market was
flat, though the Fund realized profits on several of its holdings in the
region. Asian stocks spent most of the period trying to recover from the blood
bath brought on by its underlying economic woes.
35
<PAGE>
Unaudited
About Your Fund
CHASE VISTA INTERNATIONAL EQUITY FUND
OUTLOOK
Our outlook for Europe is favorable. In our opinion, though multiples are
getting stretched, growth remains strong and inflation appears to be under
control. For now, we remain cautious on Japan, however, we believe that the
Japanese market may rally in early summer if the government does address the
problems of the banking system prior to the July elections. We remain cautious
on southeast Asia because the region's fundamental problems are unlikely to be
resolved anytime soon. However, as more countries take steps to improve their
economies in accordance with the International Monetary Fund, our stance could
change. We are neutral on Latin America, and we expect to view any meaningful
downturn in Latin America as a prospective buying opportunity.
CHASE VISTA INTERNATIONAL EQUITY FUND
COMPOSITION OF TOTA;L ASSETS AS OF 4/30/98
[PIE CHART OMITTED]
<TABLE>
<CAPTION>
Composition of
Total Assets as of
4/30/98
<S> <C>
Cash/Other 5.2%
Investments 94.8%
</TABLE>
CHASE VISTA INTERNATIONAL EQUITY FUND
COMPOSITION OF MARKET VALUE OF INVESTMENTS AS OF 4/30/98
[PIE CHART OMITTED]
<TABLE>
<CAPTION>
Composition of Market Value
of Investments as of
4/30/98
<S> <C>
Brazil 4.4%
Finland 3.4%
France 10.9%
Germany 12.5%
Ireland 2.6%
Italy 6.6%
Japan 8.4%
Mexico 2.6%
Netherlands 5.4%
Poland 1.4%
Portugal 2.1%
Spain 1.3%
Sweden 3.8%
Switzerland 5.8%
United Kingdom 25.2%
Other 3.6%
</TABLE>
36
<PAGE>
Unaudited
About Your Fund
CHASE VISTA INTERNATIONAL EQUITY FUND
- --------------------------------------------------------------------------------
PORTFOLIO'S TOP 10 HOLDINGS AS OF 4/30/98
- --------------------------------------------------------------------------------
<TABLE>
<S> <C>
National Westminster Bank 4.70%
Unilever PLC 3.65%
Banque Nationale de Paris 3.45%
Nokia Oyj 3.09%
Shell Transport & Trading PLC 2.83%
Telecomunicacoes Brasileiros SA, AD R 2.79%
Allianz AG Holding 2.47%
Glaxo Welcome PLC 2.46%
Union Bank of Switzerland 2.17%
Cookson Group PLC 2.14%
</TABLE>
Top 10 holdings comprised 29.75% of the Portfolio's market value of
investments. Fund holdings are subject to change at any time.
- --------------------------------------------------------------------------------
THE FUND'S AVERAGE ANNUAL TOTAL RETURNS AS OF 4/30/98+
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Without With
Class A Shares Sales Charge Sales Charge
<S> <C> <C>
One Year 17.30% 10.56%
Five Years 7.31% 6.05%
Since Inception (12/31/92) 8.59% 7.39%
Without With
Class B Shares CDSC CDSC*
One Year 16.84% 11.84%
Five Years 6.82% 6.51%
Since Inception (12/31/92) + 8.12% 7.72%
</TABLE>
Source: Lipper Analytical Services, Inc. Past performance is not indicative of
future results. Investment return and principal value will fluctuate with
market conditions. When shares are redeemed, they may be worth more or less
than their original cost.
The Fund is currently waiving certain fees. This voluntary waiver may be
modified or terminated at any time, which would reduce performance.
Sales charge for Class A Shares is 5.75%.
* Assumes 5% CDSC for the one year period, and a 2% CDSC for the period since
inception.
+ The Fund commenced operations on 12/31/92. Class B shares were introduced on
11/4/93. Investors should note that information presented for Class B prior to
their introduction is based upon historical expenses of the predecessor Class A
Shares, which are lower than the actual expenses of the Class B Shares.
Additionally, annualized figures have been restated to reflect the maximum 5%
contingent deferred sales charge that applies to the Fund's B Shares.
37
<PAGE>
Unaudited
About Your Fund
CHASE VISTA INTERNATIONAL EQUITY FUND
GROWTH OF HYPOTEHTICAL $10,000 INVESTMSNTS IN
CHASE VISTA INTERNATIONAL EQUITY FUND -- CLASS A
AND ITS KEY BENCHMARKS
[PLOT POINTS FOR LINE CHART--GRAPHICS OMITTED]
<TABLE>
<CAPTION>
Chase Vista Lipper Internal MSCI EAFE
International Fund Funds Average Index
<S> <C> <C> <C>
12/92 $ 9,525 $10,000 $10,000
4/93 10,382 11,397 12,276
4/94 11,605 13,820 14,355
4/95 11,096 13,692 15,201
4/96 12,575 15,884 16,983
4/97 12,598 16,703 16,879
4/30/98 17,778 20,104 20,125
</TABLE>
Source: Lipper Analytical Services, Inc. Past performance is not indicative of
future results. Investment return and principal value will fluctuate with
market conditions. When shares are redeemed, they may be worth more or less
than their original cost.
This chart illustrates comparative performance for $10,000 invested in Class A
Shares of Chase Vista International Equity Fund, the Lipper International Funds
Average and the MSCI EAFE Index from December 31, 1992 to April 30, 1998. The
performance of the Fund assumes reinvestment of all dividends and capital gains
and includes a 5.75% sales charge. The performance of the average and the index
does not include a sales charge and has been adjusted to reflect reinvestment of
all dividends and capital gains on the securities included in the benchmark.
The Fund is currently waiving fees. This voluntary waiver may be modified or
terminated at any time, which would reduce performance.
The Lipper International Funds Average represents the average performance of a
universe of 539 actively managed international stock funds. Lipper is an
independent mutual fund performance monitor whose results are based on total
return and do not reflect a sales charge.
The MSCI EAFE (Europe, Australia, Far East) Index is a replica (or model) of
the performance of the world's equity markets, excluding the U.S. and Canada.
The Index is unmanaged and reflects the reinvestment of dividends. An
individual cannot invest directly in the Index.
International investing involves a greater degree of risk and increased
volatility. Changes in currency exchange rates and differences in accounting
and taxation policies outside the U.S. can raise or lower returns. Also, some
overseas markets may not be as politically and economically stable as the
Unites States and other nations.
38
<PAGE>
Chase Vista Funds
Statement of Assets and Liabilities April 30, 1998 (unaudited)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Latin
Southeast American International
European Asian Japan Equity Equity
Fund Fund Fund Fund Fund
----------- ---------- ---------- ---------- -----------
<S> <C> <C> <C> <C> <C>
ASSETS:
Investments, at value
(Note 1) ..................... $25,933,729 $4,296,345 $3,325,838 $8,709,237 $29,598,819
Cash .......................... 2,928,301 353,003 328,837 1,307 --
Foreign currency .............. 113,024 155,111 110,775 -- --
Receivables:
Variation margin ............. -- -- 7,235 -- --
Open forward currency
contracts ................... -- 18,627 42,665 -- --
Investment securities
sold ........................ 171,162 508,027 239,943 -- --
Interest and dividends ....... 105,233 35,664 7,693 49,323 --
Trust shares sold ............ 244,771 24,479 1,200 -- 300,127
Expense reimbursement
from Distributor ............ 2,407 3,000 10,000 -- --
Other assets .................. 277 287 7,753 -- 24,162
----------- ---------- ---------- ---------- -----------
Total assets ................ 29,498,904 5,394,543 4,081,939 8,759,867 29,923,108
----------- ---------- ---------- ---------- -----------
LIABILITIES:
Payables:
Investment securities
purchased ................... 2,360,263 -- -- -- --
Trust shares redeemed ........ -- 4,934 3,750 -- 377,594
Open forward currency
contracts ................... -- 3,214 3,011 -- --
Accrued liabilities: (Note 2)
Administration fees .......... 2,055 -- -- -- --
Distribution fees ............ 7,543 731 792 1,826 9,609
Investment advisory fees 4,110 -- -- -- --
Shareholder servicing
fees ........................ 1,203 -- 132 -- 6,119
Custodian .................... 16,173 13,643 3,750 20,074 --
Other ........................ 100,831 33,459 30,895 11,705 70,699
----------- ---------- ---------- ---------- -----------
Total Liabilities ........... 2,492,178 55,981 42,330 33,605 464,021
----------- ---------- ---------- ---------- -----------
NET ASSETS:
Paid in capital ............... 21,165,198 9,875,123 5,661,535 8,185,519 23,605,581
Accumulated undistributed
net investment income
(loss) ....................... 32,845 22,835 (114,077) 91,115 36,284
Accumulated undistributed net
realized gain (loss) on
investment transactions ...... 2,398,215 (3,436,902) (1,295,963) (5,449) 2,264,882
Net unrealized appreciation
(depreciation) of
investments and futures ...... 3,410,468 (1,122,494) (211,886) 455,077 3,552,340
----------- ---------- ---------- ---------- -----------
Total Net Assets ................ $27,006,726 $5,338,562 $4,039,609 $8,726,262 $29,459,087
=========== ========== ========== ========== ===========
Shares Outstanding:
Class A Shares ................ 1,293,814 597,709 429,453 865,017 1,476,975
Class B Shares ................ 397,691 143,478 79,727 413 623,716
Net Asset Value:
Class A Shares (and
redemption price) ............ $ 16.02 $ 7.23 $ 7.95 $ 10.08 $ 14.07
Class B Shares* ............... $ 15.79 $ 7.10 $ 7.87 $ 10.08 $ 13.92
Class A Maximum Public
Offering Price Per Share
(net asset value plus 4.75%
of net asset value per share) $ 16.82 $ 7.59 $ 8.35 $ 10.58 $ 14.77
Cost of foreign currency ........ $ 112,842 $ 158,443 $ 111,297 $ -- $ --
Cost of investments ............. $22,514,037 $5,434,945 $3,581,624 $8,254,008 $ --
</TABLE>
- --------------
* Redemption price may be reduced by contingent deferred sales charge. See
notes to financial statements.
See notes to financial statements.
39
<PAGE>
<TABLE>
Chase Vista Funds
Statement of Operations For the six month period ended April 30, 1998 (unaudited)
- --------------------------------------------------------------------------------
<CAPTION>
Latin
Southeast American International
European Asian Japan Equity Equity
Fund Fund Fund Fund* Fund
---------- ------------ ---------- -------- ----------
<S> <C> <C> <C> <C> <C>
INVESTMENT INCOME:
Dividend ........................... $ 167,146 $ 61,209 $ 14,582 $124,616 $ --
Interest ........................... 3,268 32,888 25,718 16,435 --
Investment income from
Portfolio ......................... -- -- -- -- 258,538
Foreign taxes withheld ............. (18,774) (4,155) (2,187) (646) (21,511)
Expenses from Portfolio ............ -- -- -- -- (112,662)
---------- ------------ ---------- -------- ----------
Total investment income ........... 151,640 89,942 38,113 140,405 124,365
---------- ------------ ---------- -------- ----------
EXPENSES: (Note 2)
Shareholder servicing fees ......... 4,080 1,419 1,259 7,041 35,063
Administration fees ................ 12,717 4,970 3,756 4,224 14,025
Distribution fees .................. 30,768 11,122 8,790 7,043 54,208
Investment Advisory fees ........... 90,422 33,134 25,088 28,162 --
Custodian fees ..................... 40,692 42,064 12,719 23,892 --
Printing and postage ............... 9,949 6,206 4,137 11,547 17,287
Professional fees .................. 12,263 5,260 8,880 6,523 7,479
Registration costs ................. 24,875 2,055 9,917 5,712 4,959
Transfer agent fees ................ 32,712 15,944 16,720 9,331 71,348
Trustees fees and expenses ......... 452 166 125 141 420
Other .............................. 10,206 995 1,256 8,248 17,687
---------- ------------ ---------- -------- ----------
Total expenses .................... 269,136 123,335 92,647 111,864 222,476
---------- ------------ ---------- -------- ----------
Less amounts waived (Note 2E) ........ 96,854 40,795 30,601 43,069 26,431
Less expenses borne by the
Distributor ......................... -- 20,298 14,365 19,505 8,600
---------- ------------ ---------- -------- ----------
Net expenses ....................... 172,282 62,242 47,681 49,290 187,445
---------- ------------ ---------- -------- ----------
Net investment income (loss) ....... (20,642) 27,700 (9,568) 91,115 (63,080)
---------- ------------ ---------- -------- ----------
REALIZED AND UNREALIZED
GAIN (LOSS) ON INVESTMENTS:
Net realized gain (loss) on:
Investments ........................ 2,386,280 (1,889,112) (759,612) (808) 2,515,981
Futures transactions ............... -- (72,798) (164,512) -- (131,394)
Foreign currency transactions ...... 14,289 (167,587) 98,627 (4,641) (117,616)
Change in net unrealized
appreciation/depreciation on:
Investments ....................... 2,649,435 1,323,173 175,186 455,229 2,833,689
Futures transactions .............. -- (45,735) (65,684) -- --
Foreign currency transactions -- 29,004 66,589 (152) 183,517
---------- ------------ ---------- -------- ----------
Net realized and unrealized gain
(loss) ............................ 5,050,004 (823,055) (649,406) 449,628 5,284,177
---------- ------------ ---------- -------- ----------
Net increase (decrease) in net
assets from operations ............ $5,029,362 $ (795,355) $ (658,974) $540,743 $5,221,097
========== ============ ========== ======== ==========
</TABLE>
- --------------
* The fund commenced operations 12/1/97.
See notes to financial statements.
40
<PAGE>
Chase Vista Funds
Statement of Changes in Net Assets For the periods indicated (unaudited)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
European Southeast Asian
Fund Fund
------------------------------- -------------------------------
11/01/97 Year 11/01/97 Year
Through Ended Through Ended
04/30/98 10/31/97 4/30/98 10/31/97
--------------- --------------- --------------- ---------------
<S> <C> <C> <C> <C>
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS:
Net investment income ....................... $ (20,642) $ 27,889 $ 27,700 $ 41,847
Net realized gain (loss) on investments,
futures and foreign currency transactions .. 2,400,569 2,218,863 (2,129,497) (1,402,735)
Change in net unrealized appreciation/
depreciation on investments, futures
and foreign exchange ....................... 2,649,435 322,275 1,306,442 (2,804,463)
------------ ----------- ------------- -------------
Increase (decrease) in net assets from
operations ................................. 5,029,362 2,569,027 (795,355) (4,165,351)
------------ ----------- ------------- -------------
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income ........................ (218,265) (59,310) (4,479) --
Net realized gain on investment transactions (1,883,845) (568,911) -- (535,632)
Tax return of capital ....................... -- -- -- (19,890)
------------ ----------- ------------- -------------
Total distributions ........................ (2,102,110) (628,221) (4,479) (555,522)
------------ ----------- ------------- -------------
Net increase (decrease) in net assets from
shares of beneficial interest transactions 8,896,655 6,693,863 (1,479,266) 2,665,871
------------ ----------- ------------- -------------
Total increase (decrease) .................. 11,823,907 8,634,669 (2,279,100) (2,055,002)
NET ASSETS:
Beginning of period ......................... 15,182,819 6,548,150 7,617,662 9,672,664
------------ ----------- ------------- -------------
End of period ............................... $ 27,006,726 $15,182,819 $ 5,338,562 $ 7,617,662
============ =========== ============= =============
<CAPTION>
Latin American
Japan Fund Equity Fund* International Equity Fund
----------------------------- ---------------- ------------------------------
11/01/97 Year 12/01/97 11/01/97 Year
Through Ended Through Through Ended
04/30/98 10/31/97 04/30/98 04/30/98 10/31/97
--------------- ------------- ---------------- --------------- --------------
<S> <C> <C> <C> <C> <C>
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS:
Net investment income ....................... $ (9,568) $ (57,439) $ 91,115 $ (63,080) $ (159,743)
Net realized gain (loss) on investments,
futures and foreign currency transactions .. (825,497) 18,951 (5,449) 2,266,971 1,200,584
Change in net unrealized appreciation/
depreciation on investments, futures
and foreign exchange ....................... 176,091 (103,293) 455,077 3,017,206 (2,047)
------------- ---------- ---------- ------------ ------------
Increase (decrease) in net assets from
operations ................................. (658,974) (141,781) 540,743 5,221,097 1,038,794
------------- ---------- ---------- ------------ ------------
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income ........................ (285,431) (113,008) -- (123,572) (70,477)
Net realized gain on investment transactions -- -- -- (678,827) (1,359,426)
Tax return of capital ....................... -- -- -- -- --
------------- ---------- ---------- ------------ ------------
Total distributions ........................ (285,431) (113,008) -- (802,399) (1,429,903)
------------- ---------- ---------- ------------ ------------
Net increase (decrease) in net assets from
shares of beneficial interest transactions (1,916,704) 2,213,206 8,185,519 (6,215,655) (1,076,165)
------------- ---------- ---------- ------------ ------------
Total increase (decrease) .................. (2,861,109) 1,958,417 8,726,262 (1,796,957) (1,467,274)
NET ASSETS:
Beginning of period ......................... 6,900,718 4,942,301 -- 31,256,044 32,723,318
------------- ---------- ---------- ------------ ------------
End of period ............................... $ 4,039,609 $6,900,718 $8,726,262 $ 29,459,087 $ 31,256,044
============= ========== ========== ============ ============
</TABLE>
- -------
* The fund commenced operations 12/01/97
See notes to financial statements.
41
<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. Effective March 16, 1998,
the Vista Family of Mutual Funds changed its name to the Chase Vista Funds.
European Fund ("CVEF"), Southeast Asian Fund ("CVSEAF"), Japan Fund ("CVJF"),
Latin American Equity Fund ("CVLAEF") and International Equity Fund ("CVIEF"),
collectively, the "Funds", are five separate series of the Trust. CVEF, CVSEAF
and CVJF commenced operations on November 2, 1995, CVLAEF commenced operations
on December 1, 1997. The Funds each offer two classes of shares. Class A shares
generally provide for a front-end sales charge while Class B 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 and shareholder servicing fees and each class has
exclusive voting rights with respect to its distribution plan.
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. CVIEF
Since inception, the CVIEF has utilized the Master Feeder Fund Structure.
CVIEF seeks to achieve investment objective by investing all of its
investable assets of the Fund in the International Equity Portfolio (the
"Portfolio"). The Portfolio, like the Fund, is an open-end management
investment company having the same investment objectives as the Fund. As of
April 30, 1998 CVIEF owned 99.99% of the 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.
1. Valuation of Investments -- CVIEF records its investments in the
Portfolio at value. Securities of the Portfolio are recorded at value as
more fully discussed in the notes to those financial statements.
2. Foreign Currency Translations -- The books and records of the
Portfolio are maintained in U.S. dollars, the foreign currency
translation policy is more fully discussed in the notes to those
financial statements.
3. Investment Income -- CVIEF 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 gain/losses and changes in unrealized
appreciation/depreciation represent the Fund's share of such elements
allocated from the Portfolio.
B. CVEF, CVSEAF, CVJF and CVLAEF
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 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
42
<PAGE>
Chase Vista Funds
Notes to Financial Statements (unaudited) (continued)
- --------------------------------------------------------------------------------
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 the Trust's policy that repurchase
agreements are fully collateralized by U.S. Treasury and Government
Agency securities. All collateral is held by the Trust's custodian bank,
subcustodian, or a bank with which the custodian bank has entered into a
subcustodian agreement, or is segregated in the Federal Reserve Book
Entry System. In connection with transactions in repurchase agreements,
if the seller defaults and the value of the collateral declines, or if
the seller enters an insolvency proceeding, realization of the
collateral by the Trust 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 the broker. Changes in the value of the contract are recorded as
unrealized appreciation/depreciation until the contract is closed or
settled. At April 30, 1998, a portion of the foreign currency of the
CVSEAF and CVJF is restricted in connection with futures transactions.
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 Fund's credit risk is limited
to failure of the exchange or board of trade.
The Funds invest in stock index futures contracts for the purpose of
hedging the Fund against share price volatilty, which purpose may or may
not be achieved. When the Fund is not fully invested in the securities
market, it may enter into "long" positions in futures or options
contracts in order to gain rapid market exposure that may in part or
entirely offset increases in the cost of securities intended for
purchase. Use of long futures contracts subject the Fund to risk of loss
up to the amount of the value of the futures contracts as shown in the
Portfolio of Investments at April 30, 1998. Use of short futures
contracts subject the Fund to unlimited risk.
4. Written Options -- When a fund writes an option on a futures
contract, an amount equal to the premium received by the fund is
included in the fund's Statement of Assets and Liabilities as an asset
and corresponding liability. The amount of the liability is adjusted
daily to reflect the current market value of the written option 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 fund realizes a gain or loss if the cost of the
closing transaction exceeds the premium received when the option was
written.
The Funds write options on stock index securities futures. These options
are settled for cash and subject the Funds to market risk in excess of
the amounts that are reflected in the Statement of Assets and
Liabilities. The Funds, however, are 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 Funds had no outstanding written options.
5. Foreign Currency Translation -- The books and records of the Funds
are maintained in U.S. dollars. Foreign currency amounts are translated
into U.S. dollars at the prevailing exchange rates, or at the mean of
the current bid and
43
<PAGE>
Chase Vista Funds
Notes to Financial Statements (unaudited) (continued)
- --------------------------------------------------------------------------------
asked prices, of such currencies against the U.S. dollar as quoted by a
major bank, on the following basis:
a. Market value of investment securities and other assets and
liabilities: at the closing rate of exchange at the valuation date.
b. Purchases and sales of investment securities, income and
expenses: at the rates of exchange prevailing on the respective
dates of such transactions.
Although the net assets of the Funds are presented at the foreign
exchange rates and market values at the close of the periods, the Funds
do not isolate that portion of the results of operations arising as a
result of changes in the foreign exchange rates from the fluctuations
arising from changes in the market prices of securities held during the
year. Similarly, the Funds do not isolate the effect of changes in
foreign exchange rates from the fluctuations arising from changes in the
market prices of long-term debt securities sold during the year.
Accordingly, such realized foreign currency gains (losses) are included
in the reported net realized gains (losses) on investment transactions.
Reported realized foreign currency gains or losses arise from
disposition of foreign currency, currency gains or losses realized
between the trade and settlement dates on securities transactions, and
the difference between the amounts of dividends, interest, and foreign
withholding taxes recorded on the Funds' books on the transaction date
and the U.S. dollar equivalent of the amounts actually received or paid.
Unrealized foreign exchange gains and losses arise from changes (due to
the changes in the exchange rate) in the value of foreign currency and
other assets and liabilities denominated in foreign currencies which are
held at period end.
6. Forward Foreign Currency Exchange Contracts -- The Funds may enter
into forward foreign currency contracts (obligations to purchase or sell
foreign currency in the future on a date and price fixed at the time the
contracts are entered into) to hedge the Fund against fluctuations in
the value of its assets or liabilities due to change in the value of
foreign currencies. Each day the forward contract is open, changes in
the value of the contract are recognized as unrealized gains or losses
by "marking to market". When the forward contract is closed, or the
delivery of the currency is made or taken, the Fund records a realized
gain or loss equal to the difference between the proceeds from (or cost
of) the closing transaction and the Fund's basis in the contract. The
Funds are subject to off-balance sheet risk to the extent of the value
of the contracts for purchases of currency and in an unlimited amount
for sales of currency.
7. 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. Federal Income Taxes -- Each Fund is treated as a separate taxable
entity for Federal income tax purposes. The Trust'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 Trust intends to make distributions as
required to avoid excise taxes. Accordingly, no provision for Federal
income or excise tax is necessary.
2. Distributions to Shareholders -- Dividends 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
44
<PAGE>
Chase Vista Funds
Notes to Financial Statements (unaudited) (continued)
- --------------------------------------------------------------------------------
accounting principles. To the extent these "book/tax" differences are
permanent in nature (i.e., that they result from other than timing of
recognition -- "temporary differences") such amounts are reclassified
within the capital accounts based on their Federal tax-basis treatment.
Dividends and distributions which exceed net investment income or net
realized capital gains for financial reporting purposes but not for tax
purposes are reported as distributions in excess of net investment
income or net realized capital gains.
3. Expenses -- Expenses of the Trust directly attributable to a Fund
are charged to that Fund; other expenses are allocated proportionately
among each Fund within the trust in relation to the net assets of each
Fund or on another reasonable basis. 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 the CVEF, CVSEAF, CVJF, and CVLAEF. 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 1.00% of the average daily net assets of each Fund. The Advisor
voluntarily waived all or a portion of its fees as outlined in Note 2.E
below.
Chase Asset Management, Inc. ("CAM"), a registered investment advisor, is
the sub-investment advisor to each Fund, 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 0.50% of each Fund's average daily
net assets.
B. Shareholder Servicing Fees -- The Trust has adopted an Administrative
Services Plan for the Class B Shares of all of the Funds and Class A of
CVIEF and CVLAEF, which, among other things, provides that the Trust on
behalf of the Funds may obtain the services of one or more Shareholder
Servicing Agents. For its services, the Shareholder Servicing Agent will
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 the Class B Shares of each
Fund and for the Class A Shares of CVLAEF and CVIEF. No Shareholder
Servicing Fees have been charged to Class A Shares of the CVEF, CVSEAF and
CVJF.
Since inception, Chase, and certain affiliates have been the only
Shareholder Servicing Agents of the funds.
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., 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. The Trustees have adopted Distribution Plans
(the "Distribution Plans") for Class A and B shares of the Funds in
accordance with Rule 12b-1 under the 1940 Act. The Class A Distribution
Plans provide that each Fund shall pay distributions 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 for distribution
services. The Class B Distribution Plan provides 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 Shares
for distribution services.
45
<PAGE>
Chase Vista Funds
Notes to Financial Statements (unaudited) (continued)
- --------------------------------------------------------------------------------
The Distributor voluntarily waived all or a portion of its 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 CVEF,
CVSEAF, CVJF, and CVLAEF a fee computed at the annual rate equal to 0.10% of
the respective Fund's average daily net assets and from CVIEF at the annual
rate equal to 0.05% of the Fund's average daily net assets. The
Administrator voluntarily waived all or a portion of the administration fees
as outlined in Note 2.E. below.
E. Waivers of fees -- For the six months ended April 30, 1998, the
Administrator and Investment Adviser voluntarily waived fees for each of the
Funds as follows:
<TABLE>
<CAPTION>
CVEF CVSEAF CVJF CVLAEF CVIEF
---------- ---------- --------- ---------- ----------
<S> <C> <C> <C> <C> <C>
Fee Waivers
- --------------------------------
Administration ............... -- $ 4,970 $ 3,756 $ 4,224 $14,025
Investment Advisory .......... $87,185 33,134 25,088 28,162 --
Distribution fees ............ 9,669 2,184 1,612 3,642 8,941
Shareholder servicing fees ... -- 507 145 7,041 3,465
------- ------- ------- ------- -------
Total ...................... $96,854 $40,795 $30,601 $43,069 $26,431
======= ======= ======= ======= =======
VFD Reimbursement ............ -- $20,298 $14,365 $19,505 $ 8,600
======= ======= ======= ======= =======
</TABLE>
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 CVEF, CVSEAF, CVJF, and
CVLAEF. Compensation for such services are presented in the Statement of
Operations as custodian fees.
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>
CVEF CVSEAF CVJF CVLAEF CVIEF
-------------- ------------- ------------- ------------- --------------
<S> <C> <C> <C> <C> <C>
Purchases (excluding
U.S. Government)..... $21,744,717 $8,802,831 $3,996,768 $9,287,440 --
Sales (excluding U.S.
Government) ......... 14,950,513 10,131,539 4,916,270 1,174,038 --
Increases in Portfolio
Investment .......... -- -- -- -- $11,662,047
Decreases in Portfolio
Investment .......... -- -- -- -- 18,884,281
</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, 1998, are as follows:
<TABLE>
<CAPTION>
Latin
Southeast American
European Asian Japan Equity
Fund Fund Fund Fund
----------- ----------- ---------- ----------
<S> <C> <C> <C> <C>
Aggregate cost ........................ $22,514,097 $ 5,434,945 $3,581,624 $8,254,008
----------- ----------- ---------- ----------
Gross unrealized appreciation ......... $3,642,035 $ 114,509 $ 91,034 $ 803,496
Gross unrealized depreciation ......... (222,343) (1,253,109) (347,275) (348,267)
----------- ----------- ---------- ----------
Net unrealized appreciation
(depreciation) ...................... $3,419,692 ($ 1,138,600) ($ 256,241) $ 455,229
=========== =========== ========== ==========
</TABLE>
46
<PAGE>
Chase Vista Funds
Notes to Financial Statements (unaudited) (continued)
- --------------------------------------------------------------------------------
5. Transactions in Shares of Beneficial Interest -- Transactions in Shares of
Beneficial Interest were as follows:
<TABLE>
<CAPTION>
European Fund
-------------------------------------------------------------------
11/01/97 Year
through Ended
04/30/98 10/31/97
-------------------------------- --------------------------------
Amount Shares Amount Shares
Class A ----------- -------- --------- --------
<S> <C> <C> <C> <C>
Shares sold .................... $5,643,148 374,758 $6,046,866 475,708
Shares issued in reinvestment of
distributions ................ 1,109,975 88,802 317,578 26,732
Shares redeemed ................ (1,316,463) (89,173) (1,468,167) (113,203)
------------ ------- ---------- --------
Net increase (decrease) in Trust
shares outstanding ........... $5,436,660 374,387 $4,896,277 389,237
============ ======= ========== ========
European Fund
-------------------------------------------------------------------
11/01/97 Year
through Ended
04/30/98 10/31/97
------------------------------ ------------------------------
Class B Amount Shares Amount Shares
----------- -------- --------- --------
Shares sold .................... $3,350,845 227,737 $1,973,442 156,388
Shares issued in reinvestment of
distributions ................ 289,586 23,521 25,246 2,139
Shares redeemed ................ (180,436) (12,802) (201,102) (15,254)
------------ -------- ---------- --------
Net increase (decrease) in Trust
shares outstanding ........... $3,459,995 238,456 $1,797,586 143,273
============ ======== ========== ========
Southeast Asian Fund
-------------------------------------------------------------------
11/01/97 Year
through Ended
04/30/98 10/31/97
------------------------------ ------------------------------
Class A Amount Shares Amount Shares
----------- -------- --------- --------
Shares sold .................... $ 938,615 126,568 $5,782,426 482,047
Shares issued in reinvestment of
distributions ................ 2,101 281 336,152 28,019
Shares redeemed ................ (2,570,448) (343,110) (3,889,478) (401,992)
------------ -------- ---------- --------
Net increase (decrease) in Trust
shares outstanding ........... ($ 1,629,732) (216,261) $2,229,100 108,144
============ ======== ========== ========
Southeast Asian Fund
-------------------------------------------------------------------
11/01/97 Year
through Ended
04/30/98 10/31/97
------------------------------ ------------------------------
Class B Amount Shares Amount Shares
----------- -------- --------- --------
Shares sold .................... $ 710,589 92,013 $1,737,310 150,937
Shares issued in reinvestment of
distributions ................ -- -- 64,154 5,396
Shares redeemed ................ (560,123) (80,715) (1,364,693) (126,869)
------------ -------- ---------- --------
Net increase (decrease) in Trust
shares outstanding ........... $ 150,466 11,298 $ 436,771 29,464
============ ======== ========== ========
</TABLE>
47
<PAGE>
Chase Vista Funds
Notes to Financial Statements (unaudited) (continued)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Japan Fund
-------------------------------------------------------------
11/01/97 Year
through Ended
04/30/98 10/31/97
----------------------------------- -------------------------
Amount Shares Amount Shares
Class A ----------- -------- ---------- --------
<S> <C> <C> <C> <C>
Shares sold ........................ $ 228,436 25,957 $1,738,000 173,317
Shares issued in reinvestment
of distributions ................. 64,699 7,532 22,242 2,417
Shares redeemed .................... (1,143,776) (130,291) (1,482,838) (157,103)
----------- -------- ---------- --------
Net increase (decrease) in
Trust shares outstanding ......... ($ 850,641) (96,802) $ 277,404 18,631
=========== ======== ========== ========
Japan Fund
-------------------------------------------------------------
11/01/97 Year
through Ended
04/30/98 10/31/97
----------------------------------- -------------------------
Amount Shares Amount Shares
Class B ----------- -------- ---------- --------
Shares sold ........................ $ 209,253 25,469 $2,065,148 196,578
Shares issued in reinvestment
of distributions ................. 48,223 5,653 6,797 664
Shares redeemed .................... (1,323,539) (152,338) (136,143) (13,584)
----------- -------- ---------- --------
Net increase (decrease) in
Trust shares outstanding ......... ($ 1,066,063) (121,216) $1,935,082 183,658
=========== ======== ========== ========
Latin American Equity Fund
------------------------------
12/01/97*
through
04/30/98
------------------------------
Class A Amount Shares
----------- -------
Shares sold ........................ $ 8,576,527 903,856
Shares issued in reinvestment
of distributions ................. -- --
Shares redeemed .................... (395,208) (38,839)
----------- -------
Net increase (decrease) in
Trust shares outstanding ......... $ 8,181,319 865,017
=========== =======
Latin American Equity Fund
------------------------------
12/01/97*
through
04/30/98
------------------------------
Class B Amount Shares
----------- -------
Shares sold ........................ $ 4,200 413
Shares issued in reinvestment
of distributions ................. -- --
Shares redeemed .................... -- --
----------- -------
Net increase (decrease) in
Trust shares outstanding ......... $ 4,200 413
=========== =======
</TABLE>
*Commencement of Operations
48
<PAGE>
Chase Vista Funds
Notes to Financial Statements (unaudited) (continued)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
International Equity Fund
---------------------------------------------------------------
11/01/97 Year
through Ended
04/30/98 10/31/97
----------------------------- -----------------------------
Amount Shares Amount Shares
Class A ------------- ---------- ------------- ----------
<S> <C> <C> <C> <C>
Shares sold .................. $ 8,036,144 657,223 $ 15,571,919 1,239,710
Shares issued in reinvestment
of distributions ........... 477,099 41,144 981,769 80,407
Shares redeemed .............. (14,192,613) (1,142,581) (17,919,728) (1,410,777)
------------- ---------- ------------- ----------
Net increase (decrease) in
Trust shares outstanding ... $ (5,679,370) (444,214) $ (1,366,040) (90,660)
============= ========== ============= ==========
<CAPTION>
International Equity Fund
---------------------------------------------------------------
11/01/97 Year
through Ended
04/30/98 10/31/97
----------------------------- -----------------------------
Amount Shares Amount Shares
Class B Amount Shares Amount Shares
------------- ---------- ------------- ----------
Shares sold .................. $ 3,893,833 316,723 $ 5,139,431 415,783
Shares issued in reinvestment
of distributions ........... 181,139 15,881 328,637 27,160
Shares redeemed .............. (4,611,257) (377,860) (5,178,193) (413,069)
------------- ---------- ------------- ----------
Net increase (decrease) in
Trust shares outstanding ... $ (536,285) (45,256) $ 289,875 29,874
============= ========== ============= ==========
</TABLE>
6. Open Forward Foreign Currency Contracts -- The following forward foreign
currency contracts were open at April 30, 1998:
<TABLE>
<CAPTION>
Southeast Asian Fund
-------------------------------------------------------------------
Delivery Net
Value Market Unrealized
(Local Cost Settlement Value Gain (Loss)
Currency) (USD) Date (USD) (USD)
------------- ------------- ------------ ------------- ------------
<S> <C> <C> <C> <C> <C>
Purchases
Australian Dollars ......... 857,497 $ 553,000 05/06/98 $ 559,069 $ 6,069
Sales
Australian Dollars ......... 2,281,195 $1,500,000 05/06/98 $1,487,442 $12,558
Australian Dollars ......... 1,121,747 728,175 05/06/98 $ 731,379 ($ 3,204)
Hong Kong Dollars .......... 600,000 77,449 05/01/98 77,459 (10)
Japan Fund
--------------------------------------------------------------------
Purchases
Japanese Yen ............... 60,985,420 $ 466,000 05/20/98 462,989 ($ 3,011)
Sales
Japanese Yen ............... 572,240,280 4,387,000 05/20/98 4,344,335 42,665
</TABLE>
49
<PAGE>
Chase Vista Funds
Notes to Financial Statements (unaudited) (continued)
- --------------------------------------------------------------------------------
7. Foreign Cash Positions
<TABLE>
<CAPTION>
European Fund
------------------------------------------------------
Market Net Unrealized
Local Cost Value Gain (Loss)
Currency Currency (USD) (USD) (USD)
- ------------------------------ ----------- -------- -------- --------------
<S> <C> <C> <C> <C>
Austrian Schilling ........... 4,922 $ 382 $ 390 $ 8
British Pound ................ 307 514 514 0
Dutch Guilder ................ 1,331 659 659 0
Finnish Markka ............... 5,121 935 940 5
French Franc ................. 26,059 4,275 4,330 55
German Deutsche Mark ......... 46,269 25,752 25,784 32
Italian Lira ................. 115,457,401 65,062 65,158 96
Portuguese Escudo ............ 214,440 1,166 1,166 0
Spanish Peseta ............... 820,799 5,392 5,385 (7)
Swiss Franc .................. 3,507 2,349 2,338 (11)
Swedish Krona ................ 49,220 6,356 6,360 4
-------- -------- ------
$112,842 $113,024 $182
======== ======== ======
</TABLE>
<TABLE>
<CAPTION>
Southeast Asian Fund
----------------------------------------------------------
Market Net Unrealized
Local Cost Value Gain (Loss)
Currency Currency (USD) (USD) (USD)
- ------------------------------ ----------- -------- -------- --------------
<S> <C> <C> <C> <C>
Australian Dollar .......... 7,131 4,651 4,649 (2)
Hong Kong Dollar ........... 619,588 79,995 79,988 (7)
Indonesian Rupiah .......... 315,318 42 39 (3)
Malyasian Ringgit .......... 4,396 1,023 1,175 152
Philippines Peso ........... 2,298,909 60,657 57,258 (3,399)
Singapore Dollar ........... 4,802 3,004 3,033 29
Thai Baht .................. 346,891 9,071 8,969 (102)
-------- -------- --------
$158,443 $155,111 ($3,332)
======== ======== ========
Japan Fund
-------------------------------------------------------------
Japanese Yen ............... 14,636,687 $111,297 $110,775 ($ 522)
======== ======== ========
</TABLE>
8. Concentrations -- At April 30, 1998, substantially all of the Fund's net
assets consist of securities of issuers which are denominated in foreign
currencies. Changes in currency exchange rates will affect the value of and
investment income from such securities. Substantially all of CVSEAF's net assets
consist of securities which are subject to greater price volatility, limited
capitalization and liquidity, and higher rates of inflation than securities of
companies based in the United States. In addition, certain Asian securities may
be subject to substantial governmental involvement in the economy and social
economic and political uncertainty.
50
<PAGE>
Chase Vista Funds
Notes to Financial Statements (unaudited) (continued)
- --------------------------------------------------------------------------------
9. Retirement Plans -- The Funds have adopted an unfunded noncontributory
defined benefit pension plan covering all independent trustees of the Funds who
will have served as independent trustees 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>
Pension Accrued Pension
Expenses Liability
Fund: ---------- ----------------
<S> <C> <C>
CVEF .......................................... $128 $849
CVSEAF ........................................ 87 835
CVJF .......................................... 54 438
CVLAEF ........................................ 35 35
CVIEF ......................................... 129 967
</TABLE>
51
<PAGE>
Chase Vista Funds
Financial Highlights (unaudited)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
European Fund
------------------------------------------------------------------------
Class A Class B
---------------------------------- -------------------------------------
11/01/97 Year 11/02/95* 11/01/97 Year 11/03/95**
Through Ended Through Through Ended Through
04/30/98 10/31/97 10/31/96 04/30/98 10/31/97 10/31/96
-------- -------- -------- -------- -------- --------
<S> <C> <C> <C> <C> <C> <C>
Per Share Operating Performance
Net Asset Value, Beginning of Period ............. $ 14.10 $ 11.99 $ 10.00 $ 13.93 $ 11.93 $ 9.97
------- ------- -------- -------- -------- --------
Income from Investment Operations:
Net Investment Income .......................... 0.053 0.048 0.146 0.079 0.047 0.066
Net Gains or (Losses) in Securities (both
realized and unrealized) ...................... 3.773 3.014 1.929 3.645 2.888 1.961
------- ------- -------- -------- -------- --------
Total from Investment Operations ............... 3.826 3.062 2.075 3.724 2.935 2.027
------- ------- -------- -------- -------- --------
Less Distributions:
Dividends from Net Investment Income ............ 0.188 0.102 0.085 0.146 0.084 0.067
Distributions from Realized Gains ............... 1.718 0.850 -- 1.718 0.850 --
Tax return of capital ........................... -- -- -- -- -- --
------- ------- -------- -------- -------- --------
Total Distributions .............................. 1.906 0.952 0.085 1.864 0.934 0.067
------- ------- -------- -------- -------- --------
Net Asset Value, End of Period ................... $ 16.02 $ 14.10 $ 11.99 $ 15.79 $ 13.93 $ 11.93
======= ======= ======== ======== ======== ========
Total Return (1) 31.18% 28.19% 20.78% 30.70% 27.25% 20.35%
Ratios/Supplemental Data:
Net Assets, End of Period (000 omitted) ......... $20,729 $12,965 $ 6,358 $ 6,278 $ 2,218 $ 190
Ratios to Average Net Assets # :
Ratio of Expenses ............................... 1.76% 1.75% 1.75% 2.52% 2.51% 2.47%
Ratio of Net Investment Income .................. (0.10%) 0.32% 1.44% (0.79%) (0.30%) 0.80%
Ratio of Expenses Without Waivers and
Assumption of Expenses ......................... 2.83% 2.84% 3.49% 3.56% 3.58% 3.83%
Ratio of Net Investment Income Without
Waivers and Assumptions ........................ (1.18%) (0.77%) (0.30%) (1.82%) (1.37%) (0.56%)
Portfolio Turnover Rate .......................... 84% 170% 186% 84% 170% 186%
<CAPTION>
Southeast Asian Fund
-------------------------------------------------------------------------------
Class A Class B
--------------------------------------- ---------------------------------------
11/01/97 Year 11/02/95* 11/01/97 Year 11/03/95**
Through Ended Through Through Ended Through
04/30/98 10/31/97 10/31/96 04/30/98 10/31/97 10/31/96
------------- ------------- ----------- ------------- ------------- -----------
<S> <C> <C> <C> <C> <C> <C>
Per Share Operating Performance
Net Asset Value, Beginning of Period ............. $ 8.07 $ 11.97 $ 10.00 $ 7.95 $ 11.89 $ 10.01
--------- --------- -------- --------- --------- -------
Income from Investment Operations:
Net Investment Income .......................... 0.069 0.066 (0.013) -- 0.025 (0.055)
Net Gains or (Losses) in Securities (both
realized and unrealized) ...................... (0.903) (3.305) 1.983 (0.850) (3.315) 1.935
--------- --------- -------- --------- --------- -------
Total from Investment Operations ............... (0.834) (3.239) 1.970 (0.850) (3.290) 1.880
--------- --------- -------- --------- --------- -------
Less Distributions:
Dividends from Net Investment Income ............ 0.006 -- -- -- -- --
Distributions from Realized Gains ............... 0.640 -- 0.640 --
Tax return of capital ........................... -- 0.021 -- -- 0.010 --
--------- --------- -------- --------- --------- -------
Total Distributions .............................. 0.006 0.661 -- -- 0.650 --
--------- --------- -------- --------- --------- -------
Net Asset Value, End of Period ................... $ 7.23 $ 8.07 $ 11.97 $ 7.10 $ 7.95 $ 11.89
========= ========= ======== ========= ========= =======
Total Return (1) (10.34%) (28.86%) 19.70% (10.69%) (29.48) 18.78%
Ratios/Supplemental Data:
Net Assets, End of Period (000 omitted) ......... $ 4,320 $ 6,566 $ 8,451 $ 1,018 $ 1,051 $ 1,222
Ratios to Average Net Assets # :
Ratio of Expenses ............................... 1.75% 1.75% 1.74% 2.53% 2.50% 2.52%
Ratio of Net Investment Income .................. 1.10% 0.42% (0.12%) (0.42%) (0.23%) (0.90%)
Ratio of Expenses Without Waivers and
Assumption of Expenses ......................... 3.60% 2.84% 3.26% 4.38% 3.60% 3.70%
Ratio of Net Investment Income Without
Waivers and Assumptions ........................ (0.75%) (0.67%) (1.64%) (2.26%) (1.33%) (2.08%)
Portfolio Turnover Rate .......................... 166% 234% 149% 166% 234% 149%
</TABLE>
- -------
(1) Total return figures do not include the effect of any sales load.
* Commencement of operations.
** Commencement of offering of class of shares.
# Short periods have been annualized.
See notes to financial statements.
52
<PAGE>
Chase Vista Funds
Financial Highlights (continued) (unaudited)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Japan Fund Japan Fund
-------------------------------------- ---------------------------------------
Class A Class B
-------------------------------------- ---------------------------------------
11/01/97 Year 11/02/95* 11/01/97 Year 11/03/95**
Through Ended Through Through Ended Through
04/30/98 10/31/97 10/31/96 04/30/98 10/31/97 10/31/96
------------- ------------ ----------- ------------- ------------ ------------
<S> <C> <C> <C> <C> <C> <C>
Per Share Operating Performance
Net Asset Value, Beginning of Period ............ $ 9.52 $ 9.42 $ 10.00 $ 9.42 $ 9.35 $ 10.00
--------- -------- -------- --------- -------- --------
Income from Investment Operations:
Net Investment Income ......................... 0.486@ 0.078 (0.083) 0.311@ (0.048) (0.022)
Net Gains or (Losses) in Securities
(both realized and unrealized) ............... (1.585) 0.242 (0.497) (1.432) 0.298 (0.628)
--------- -------- -------- --------- -------- --------
Total from Investment Operations .............. (1.099) 0.320 (0.580) (1.121) 0.250 (0.650)
--------- -------- -------- --------- -------- --------
Less Distributions:
Dividends from Net Investment Income ........... 0.471 0.220 -- 0.429 0.180 --
Distributions from Realized Gains .............. -- -- -- -- -- --
--------- -------- -------- --------- -------- --------
Total Distributions ............................. 0.471 0.220 -- 0.429 0.180 --
--------- -------- -------- --------- -------- --------
Net Asset Value, End of Period .................. $ 7.95 $ 9.52 $ 9.42 $ 7.87 $ 9.42 $ 9.35
========= ======== ======== ========= ======== ========
Total Return (1) (11.91%) 3.49% (5.80%) (12.25%) 2.72% (6.50%)
Ratios/Supplemental Data:
Net Assets, End of Period (000 omitted) ........ $ 3,412 $ 5,008 $ 4,781 $ 628 $ 1,893 $ 162
Ratios to Average Net Assets #:
Ratio of Expenses .............................. 1.76% 1.75% 1.75% 2.50% 2.51% 2.52%
Ratio of Net Investment Income ................. (0.98%) (0.30%) (0.91%) 2.03% (5.73%) (0.40%)
Ratio of Expenses Without Waivers and
Assumption of Expenses ........................ 3.57% 2.89% 3.60% 4.30% 3.66% 4.00%
Ratio of Net Investment Income Without
Waivers and Assumptions of Expenses ........... (2.79%) (1.44%) (2.76%) 0.23% (6.88%) (1.88%)
Portfolio Turnover Rate ......................... 102% 217% 121% 102% 217% 121%
<CAPTION>
Latin American
Equity Fund
-----------------------
Class A Class B
----------- -----------
12/01/97* 12/01/97*
Through Through
04/30/98 04/30/98
----------- -----------
<S> <C> <C>
Per Share Operating Performance
Net Asset Value, Beginning of Period .............................. $ 10.00 $ 10.00
-------- --------
Income from Investment Operations:
Net Investment Income ........................................... 0.010@ 0.010@
Net Gains or (Losses) in Securities (both realized and
unrealized) .................................................... 0.070 0.070
-------- --------
Total from Investment Operations ................................ 0.080 0.080
-------- --------
Less Distributions:
Dividends from Net Investment Income ............................. -- --
Distributions from Realized Gains ................................ -- --
-------- --------
Total Distributions ............................................... -- --
-------- --------
Net Asset Value, End of Period .................................... $ 10.08 $ 10.08
======== ========
Total Return (1) 0.80% 0.80%
Ratios/Supplemental Data:
Net Assets, End of Period (000 omitted) .......................... $ 8,722 $ 4
Ratios to Average Net Assets # :
Ratio of Expenses ................................................ 1.74% 2.40%
Ratio of Net Investment Income ................................... 3.21% 7.81%
Ratio of Expenses Without Waivers and Assumption of Expenses ..... 3.82% 4.31%
Ratio of Net Investment Income Without Waivers and
Assumptions of Expenses ......................................... 1.12% 5.90%
Portfolio Turnover Rate ........................................... 20% 20%
</TABLE>
- -------
(1) Total return figures do not include the effect of any sales load.
* Commencement of operations.
** Commencement of offering of class of shares.
# Short periods have been annualized.
@ Calculated using average shares outstanding
See notes to financial statements.
53
<PAGE>
Chase Vista Funds
Financial Highlights (continued) (unaudited)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
International Equity Fund
-----------------------------------------------------------------------------
Class A
-----------------------------------------------------------------------------
Year Ended
11/01/97 --------------------------------------------------- 12/31/92*
Through Through
04/30/98 10/31/97 10/31/96 10/31/95 10/31/94 10/31/93
------------ ------------- ----------- ------------ ------------ ------------
<S> <C> <C> <C> <C> <C> <C>
Per Share Operating Performance
Net Asset Value, Beginning of Period .......... $ 12.11 $ 12.38 $ 12.02 $ 12.31 $ 11.82 $ 10.00
------- --------- ------- ------- ------- -------
Income from Investment Operations:
Net Investment Income ....................... (0.050) (0.046)@ 0.056 0.039 (0.022) (0.010)
Net Gains or (Losses) in Securities (both
realized and unrealized) ................... 2.381 0.330 0.367 (0.190) 0.566 1.830
------- --------- ------- ------- ------- -------
Total from Investment Operations ............ 2.331 0.284 0.423 (0.151) 05.44 1.820
------- --------- ------- ------- ------- -------
Less Distributions:
Dividends from Net Investment Income ......... 0.070 0.036 0.063 -- -- --
Distributions from Realized Gains ............ 0.301 0.520 -- 0.137 0.054 --
------- --------- ------- ------- ------- -------
Total Distributions ........................... 0.371 0.556 0.063 0.137 0.054 --
------- --------- ------- ------- ------- -------
Net Asset Value, End of Period ................ $ 14.07 $ 12.11 $ 12.38 $ 12.02 $ 12.31 $ 11.82
======= ========= ======= ======= ======= =======
Total Return (1) 19.92% 2.27% 3.53% (1.19%) 4.61% 22.23%
Ratios/Supplemental Data:
Net Assets, End of Period (000 omitted) ...... $20,778 $ 23,267 $24,904 $26,287 $37,926 $14,290
Ratios to Average Net Assets # :
Ratio of Expenses ............................ 1.99% 2.01% 2.00% 2.01% 2.00% 2.13%
Ratio of Net Investment Income ............... (0.33%) (0.36%) 0.03% (0.10%) (0.27%) (0.14%)
Ratio of Expenses Without Waivers and
Assumption of Expenses ....................... 3.33% 2.08% 2.86% 2.86% 2.86% 2.86%
Ratio of Net Investment Income Without
Waivers and Assumptions of Expenses .......... (1.67%) (0.43%) (0.89%) (0.96%) (1.13%) (0.87%)
<CAPTION>
International Equity Fund
----------------------------------------------------------------
Class B
----------------------------------------------------------------
11/01/97 Year Ended 11/04/93**
Through --------------------------------------- Through
4/30/98 10/31/97 10/31/96 10/31/95 10/31/94
------------ ------------- ------------ ------------ -----------
<S> <C> <C> <C> <C> <C>
Per Share Operating Performance
Net Asset Value, Beginning of Period .......... $ 11.94 $ 12.24 $ 11.89 $ 12.23 $ 11.69
-------- --------- -------- -------- --------
Income from Investment Operations:
Net Investment Income ....................... (0.060) (0.111)@ 0.013 (0.026) (0.053)
Net Gains or (Losses) in Securities (both
realized and unrealized) ................... 2.351 0.330 0.350 (0.180) 0.647
-------- --------- -------- -------- --------
Total from Investment Operations ............ 2.291 0.219 0.363 (0.206) 0.594
-------- --------- -------- -------- --------
Less Distributions:
Dividends from Net Investment Income ......... 0.010 -- -- -- --
Distributions from Realized Gains ............ 0.301 0.520 0.010 0.137 0.054
-------- --------- -------- -------- --------
Total Distributions ........................... 0.311 0.520 0.010 0.137 0.054
-------- --------- -------- -------- --------
Net Asset Value, End of Period ................ $ 13.92 $ 11.94 $ 12.24 $ 11.89 $ 12.23
======== ========= ======== ======== ========
Total Return (1) 19.68% 1.74% 3.03% (1.61%) 5.09%
Ratios/Supplemental Data:
Net Assets, End of Period (000 omitted) ...... $ 8,681 $ 7,989 $ 7,819 $ 6,759 $ 7,182
Ratios to Average Net Assets # :
Ratio of Expenses ............................ 2.48% 2.51% 2.50% 2.50% 2.50%
Ratio of Net Investment Income ............... (0.77%) (0.88%) (0.43%) (0.53%) (0.94%)
Ratio of Expenses Without Waivers and
Assumption of Expenses ....................... 3.82% 2.61% 3.36% 3.36% 3.36%
Ratio of Net Investment Income Without
Waivers and Assumptions of Expenses .......... (2.11%) (0.98%) (1.29%) (1.40%) (1.80%)
</TABLE>
- -------
(1) Total return figures do not include the effect of any sales load.
* Commencement of operations.
** Commencement of offering of class of shares.
# Short periods have been annualized.
@ Calculated using average shares outstanding.
See notes to financial statements.
54
<PAGE>
International Equity Portfolio
Portfolio of Investments April 30, 1998 (unaudited)
<TABLE>
<CAPTION>
Shares Issuer Value (USD)
- --------------------------------------------------------------------
Long-Term Investments --99.3%
- --------------------------------------------------------------------
<S> <C> <C>
Common Stock -- 98.7%
---------------------
Australia -- 0.6%
Banking -- 0.1%
2,000 National Australia Bank, Ltd. $ 28,449
Insurance -- 0.1%
8,000 QBE Insurance Group, Ltd. 36,746
Multi-Media -- 0.1%
4,000 Publishing & Broadcasting Ltd. 19,130
Oil & Gas -- 0.3%
126,000 Energy Equity Corp. Ltd.* 75,632
---------
Total Australia 159,957
---------
Austria -- 0.8%
Oil & Gas -- 0.8%
1,795 Schoeller-Bleckmann Oilfield Equipment AG* 224,793
---------
Brazil -- 4.4%
Steel -- 0.8%
160,000 Confab Industrial SA (Preference Shares) 220,834
Telecommunications -- 2.8%
6,700 Telecomunicacoes Brasileiros SA, ADR 816,144
Utilities -- 0.8%
11,000 Centrais Electricas Brasileiras SA, ADR 247,111
---------
Total Brazil 1,284,089
---------
Finland -- 3.4%
Food/Beverage Products -- 0.3%
540 Raisio Group PLC 99,277
Telecommunications -- 3.1%
13,480 Nokia Oyj 904,557
---------
Total Finland 1,003,834
---------
France -- 10.8%
Appliances & Household Durables -- 0.9%
8,729 Moulinex 259,438
Automotive -- 1.2%
1,090 Equipment et Composants pour
l'Industrie Automobile 342,999
</TABLE>
See notes to financial statements.
55
<PAGE>
International Equity Portfolio
Portfolio of Investments April 30, 1998 (unaudited) (continued)
<TABLE>
<CAPTION>
Shares Issuer Value (USD)
- --------------------------------------------------------------------
Long-Term Investments --(continued)
- --------------------------------------------------------------------
<S> <C> <C>
Banking -- 4.4%
11,963 Banque Nationale de Paris $1,008,772
3,450 Credit Commercial de France 275,426
----------
1,284,198
----------
Computer Software -- 1.0%
2,243 Cap Gemini Sogeti SA 291,357
Diversified -- 1.4%
11,100 Lagardere SPA 424,615
Telecommunications -- 1.9%
3,096 Alcatel Alsthom (Cie General El) 574,144
----------
Total France 3,176,751
----------
Germany -- 12.4%
Airlines -- 1.4%
17,500 Deutsche Lufthansa AG 416,748
Automotive -- 2.9%
9,000 Kolbenschmidt Pierburg AG 293,634
56
690 Volkswagen AG 549,907
----------
843,541
----------
Banking -- 2.9%
5,900 Bayerische Vereinsbank AG 449,151
7,571 Dresdner Bank AG 409,996
----------
859,147
----------
Capital Goods -- 1.6%
600 Mannesmann AG 476,507
Food/Beverage Products -- 1.1%
11,443 Kamps AG* 322,284
Insurance -- 2.5%
2,347 Allianz AG Holding 722,536
----------
Total Germany 3,640,763
----------
Hong Kong -- 0.1%
Electronics/Electrical Equipment -- 0.0%
4,000 New World Infrastructure Ltd.* 8,598
Real Estate -- 0.1%
8,000 Cheung Kong Infrastructure Holdings 20,294
5,840 HKR International, Ltd. 3,506
----------
23,800
----------
</TABLE>
See notes to financial statements.
56
<PAGE>
International Equity Portfolio
Portfolio of Investments April 30, 1998 (unaudited) (continued)
57
<TABLE>
<CAPTION>
Shares Issuer Value (USD)
- --------------------------------------------------------------------
Long-Term Investments --(continued)
- --------------------------------------------------------------------
<S> <C> <C>
Telecommunications -- 0.0%
5,600 Hong Kong Telecommunications Ltd. $ 10,483
---------
Total Hong Kong 42,881
---------
Ireland -- 2.6%
Computer Software -- 0.4%
3,600 IONA Technologies PLC, ADR* 112,050
Construction Materials -- 1.7%
34,341 CRH PLC 490,119
Real Estate -- 0.5%
20,733 Green Property PLC 162,977
---------
Total Ireland 765,146
---------
Italy -- 6.0%
Automotive -- 0.4%
46,000 Fiat SPA, (Preference Shares) 113,054
Consumer Products -- 0.7%
16,000 CSP International Industria Calze SPA* 217,615
Insurance -- 1.4%
138,467 Instituto Nazionale delle Assicurazioni,
(Ordinary Shares) 413,379
Oil & Gas -- 1.1%
54,545 Saipem SPA 312,857
Printing & Publishing -- 0.9%
50,000 Poligrafici Editoriale SPA 146,417
160,000 Seat SPA* 120,139
---------
266,556
---------
Telecommunications -- 1.5%
57,692 Telecom Italia SPA 434,984
---------
Total Italy 1,758,445
---------
Japan -- 8.3%
Consumer Products -- 1.8%
17,000 KAO Corp. 250,132
2,700 Sony Corp. 224,881
1,800 Uni-Charm Corp. 68,084
---------
543,097
---------
</TABLE>
See notes to financial statements.
57
<PAGE>
International Equity Portfolio
Portfolio of Investments April 30, 1998 (unaudited) (continued)
<TABLE>
<CAPTION>
Shares Issuer Value (USD)
- ---------------------------------------------------------------------
Long-Term Investments --(continued)
- ---------------------------------------------------------------------
<S> <C> <C>
Electronics/Electrical Equipment -- 2.6%
2,000 Keyence Corp. $ 269,612
3,800 Mabuchi Motor 220,198
11,000 Matsushita Electric Industrial Co., Ltd. 176,413
8,000 Sumitomo Electric Industries 95,438
---------
761,661
---------
Entertainment/Leisure -- 1.0%
3,200 Nintendo Company Ltd. 289,523
Food/Beverage Products -- 0.6%
14,000 Nippon Meat Packers, Inc. 190,635
Health Care/Health Care Services -- 0.2%
2,000 Takeda Chemical Industries 57,190
Oil & Gas -- 0.3%
37,000 Osaka Gas Co. 83,130
Personal Services -- 0.6%
3,000 Secom Co., Ltd. 177,018
Photographic Equipment -- 0.6%
5,000 Fuji Photo Film 178,153
Printing & Publishing -- 0.6%
14,000 Toppan Printing Co. Ltd. 166,594
---------
Total Japan 2,447,001
---------
Malaysia -- 0.1%
Agricultural Production/Services -- 0.0%
2,000 Malakoff Bhd 5,255
Conglomerate -- 0.1%
24,000 Sime Darby Bhd 21,233
Diversified -- 0.0%
4,000 Berjaya Sports Toto Bhd 9,491
---------
Total Malaysia 35,979
---------
Mexico -- 2.5%
Diversified -- 1.1%
58,329 ALFA, SA de C.V., Class A 318,114
Financial Services -- 0.7%
70,000 Grupo Financiero Banamex Accival, SA
de CV (Banacci), Ser. B* 216,856
</TABLE>
See notes to financial statements.
58
<PAGE>
International Equity Portfolio
Portfolio of Investments April 30, 1998 (unaudited) (continued)
<TABLE>
<CAPTION>
Shares Issuer Value (USD)
- --------------------------------------------------------------------
Long-Term Investments --(continued)
- --------------------------------------------------------------------
<S> <C> <C>
Construction -- 0.7%
8,000 Corporacion GEO, SA de CV, Ser. B, ADR* $ 220,884
---------
Total Mexico 755,854
---------
Netherlands -- 5.3%
Banking -- 0.0%
1 ING Groep NV 65
Business Services -- 3.2%
17,000 Brunel International NV* 555,638
11,500 Koninklijke Ahrend Groep NV 398,653
---------
954,291
---------
Retailing -- 2.1%
7,866 Hunter Douglas NV 383,698
3,700 Vendex International NV 237,468
---------
621,166
---------
Total Netherlands 1,575,522
---------
Philippines -- 0.3%
Real Estate -- 0.2%
62,640 Ayala Land, Inc. 24,572
66,800 SM Prime Holdings, Inc. 11,979
---------
36,551
---------
Utilities -- 0.1%
12,900 Manila Electric Co., Class B 36,628
---------
Total Philippines 73,179
---------
Poland -- 1.4%
Banking -- 0.7%
9,000 Bank Inicjatyw Gospodarczych BIG SA, GDR* 208,125
Electronics/Electrical Equipment -- 0.7%
304,000 Elektrim Spolka Akcyjna SA 210,878
---------
Total Poland 419,003
---------
Portugal -- 2.1%
Banking -- 1.6%
13,175 Banco Comercial Portugues, SA 462,272
</TABLE>
See notes to financial statements.
59
<PAGE>
International Equity Portfolio
Portfolio of Investments April 30, 1998 (unaudited) (continued)
<TABLE>
<CAPTION>
Shares Issuer Value (USD)
- --------------------------------------------------------------------
Long-Term Investments --(continued)
- --------------------------------------------------------------------
<S> <C> <C>
Retailing -- 0.5%
2,900 Jeronimo Martins & Filho, Sociedade
Gestora de Part $ 135,691
---------
Total Portugal 597,963
---------
Russia -- 0.7%
Telecommunications -- 0.7%
4,250 Global TeleSystems Group, Inc. 199,750
---------
Singapore -- 0.0%
Engineering Services -- 0.0%
14,000 Singapore Technologies Engineering
Ltd. (Foreign)* 12,028
---------
Spain -- 1.3%
Banking -- 1.3%
6,100 Banco Bilbao Vcizcaya, SA 314,012
670 Banco Pastor SA 76,502
---------
Total Spain 390,514
---------
Sweden -- 3.8%
Computer Software -- 0.5%
6,500 Industri-Matematik International Corp.* 144,625
Insurance -- 1.8%
7,450 Skandia Forsakrings AB 518,959
---------
Telecommunications -- 1.5%
10,886 Telephonica de Espana SPA 454,596
---------
Total Sweden 1,118,180
---------
Switzerland -- 5.9%
Banking -- 2.2%
393 UBS-Union Bank of Switzerland 633,076
Health Care/Health Care Services -- 2.0%
360 Novartis AG (Registered) 595,279
Insurance -- 1.4%
657 Zurich Versicherungs-Gesellschaft 400,385
Photographic Equipment -- 0.3%
288 Fotolabo SA 99,661
---------
Total Switzerland 1,728,401
---------
</TABLE>
See notes to financial statements.
60
<PAGE>
International Equity Portfolio
Portfolio of Investments April 30, 1998 (unaudited) (continued)
<TABLE>
<CAPTION>
Shares Issuer Value (USD)
- -----------------------------------------------------------------
Long-Term Investments --(continued)
- -----------------------------------------------------------------
<S> <C> <C>
Thailand -- 0.3%
Banking -- 0.1%
7,600 Thai Farmers Bank Public Company
Limited (Foreign)* $ 17,402
Oil & Gas -- 0.1%
2,100 PTT Exploration and Production
Public Co., Ltd. (Foreign) 22,168
Utilities -- 0.1%
10,700 Electricity Generating Public Company
Ltd. (Foreign)* 20,763
---------
Total Thailand 60,333
---------
United Kingdom -- 24.9%
Aerospace -- 1.7%
15,360 British Aerospace PLC 513,278
Banking -- 4.7%
69,000 National Westminster Bank 1,373,613
Business Services -- 1.4%
33,856 Delphi Group PLC 422,416
Consumer Products -- 3.6%
100,073 Unilever PLC 1,066,160
Diversified -- 2.1%
139,286 Cookson Group PLC 625,486
Entertainment/Leisure 0.8%
13,450 Granada Group PLC 231,700
Hotels/Other Lodging -- 1.0%
106,340 Jarvis Hotels PLC* 282,787
Oil & Gas -- 4.5%
84,864 British-Borneo Petroleum Syndicate PLC 493,224
111,223 Shell Transport & Trading PLC 827,791
---------
1,321,015
---------
Pharmaceuticals -- 2.4%
25,368 Glaxo Wellcome PLC 718,730
Telecommunications -- 2.7%
39,000 Securicor PLC 258,953
50,045 Vodafone Group PLC 549,701
---------
808,654
---------
Total United Kingdom 7,363,839
---------
</TABLE>
See notes to financial statements.
61
<PAGE>
International Equity Portfolio
Portfolio of Investments April 30, 1998 (unaudited) (continued)
<TABLE>
<CAPTION>
Shares Issuer Value (USD)
- --------------------------------------------------------------
Long-Term Investments --(continued)
- --------------------------------------------------------------
<S> <C> <C>
Venezuela -- 0.7%
Telecommunications -- 0.7%
6,000 Compania Anonima Nacional
Telefonos de Venezuela (CANTV) ADR $ 201,000
----------
Total Common Stock
(Cost $25,565,631) 29,035,205
----------
Rights -- 0.0%
--------------
Spain -- 0.0%
Telecommunications -- 0.0%
10,886 Telefonica de Espana, SPA,
Expires 05/07/98* 8,434
----------
Total Rights
(Cost $0)
Warrants -- 0.0%
----------------
Malaysia -- 0.0%
Construction -- 0.0%
60,000 Sunway Building Technology, Bhd.,
RULs, Redeemable, Unsecured,
Loan Stock) 3.0%, Expires
07/30/01* 10,456
21,000 Sunway Building Technology, Bhd.,
5.50%, Expires 7/30/01* 1,914
----------
Total Warrants
(Cost $24,077) 12,370
----------
</TABLE>
See notes to financial statements.
62
<PAGE>
International Equity Portfolio
Portfolio of Investments April 30, 1998 (unaudited) (continued)
<TABLE>
<CAPTION>
Principal
Amount
(USD) Issuer Value (USD)
- ---------------------------------------------------------------------
Long-Term Investments --(continued)
- ---------------------------------------------------------------------
<S> <C> <C>
Corporate Notes & Bonds -- 0.6%
-------------------------------
Germany -- 0.0%
Automotive -- 0.0%
$ 8,800 Daimler Benz AG, 5.75%, 06/14/02 $ 8,049
-----------
Principal
Amount Italy -- 0.6%
(ItalianLira) Banking -- 0.6%
L.130,900,000 Banco Intesa SPA, 6.30%, 01/01/03 175,041
-----------
Total Corporate Notes & Bonds 183,090
(Cost $79,597)
======================================================================
Total Investments -- 99.3% $29,239,099
(Cost $25,669,305)
======================================================================
</TABLE>
Index.
# Security may only be sold to qualified institutional buyers.
+ All or a portion of this security is pledged.
* Non income producing security.
ADR American Depository Receipt.
GDR Global Depository Receipt.
HKD Hong Kong Dollar.
See notes to financial statements.
63
<PAGE>
International Equity Portfolio
Statement of Assets and Liabilities April 30, 1998 (unaudited)
- --------------------------------------------------------------------------------
<TABLE>
<S> <C>
ASSETS:
Investment securities, at value (Note 1) ......... $29,239,099
Cash ............................................. 189
Foreign cash (Cost $193,406) ..................... 193,501
Receivables:
Open forward currency contracts ................. 156
Investment securities sold ...................... 458,532
Interest and dividends .......................... 149,229
Other assets ................................... 322
-----------
Total assets .................................. 30,041,028
-----------
LIABILITIES:
Payables:
Investment securities purchased ................. 335,800
Open forward currency contracts ................. 326
Accrued liabilities: (Note 2)
Custodian ....................................... 4,919
Other ........................................... 101,164
-----------
Total Liabilities ............................. 442,209
-----------
NET ASSETS APPLICABLE TO INVESTORS'
BENEFICIAL INTERESTS ........................... $29,598,819
===========
Cost of Investments .............................. $25,669,305
===========
</TABLE>
See notes to financial statements.
64
<PAGE>
International Equity Portfolio
Statement of Operations
For the six month period ended April 30, 1998 (unaudited)
- --------------------------------------------------------------------------------
<TABLE>
<S> <C>
INVESTMENT INCOME:
Dividend .............................................. $ 235,127
Interest .............................................. 23,411
Foreign taxes withheld ................................ (21,511)
----------
Total investment income .............................. 237,027
----------
EXPENSES: (Note 2)
Investment Advisory fees .............................. 140,827
Administration fees ................................... 7,041
Custodian fees ........................................ 21,595
Amortization of organization costs (Note 1) ........... 5,711
Professional fees ..................................... 37,910
Trustees fees ......................................... 282
Other ................................................. 47,164
----------
Total expenses ...................................... 260,530
----------
Less amounts waived ................................... 147,868
----------
Net Expenses ......................................... 112,662
----------
Net investment income ............................... 124,365
----------
REALIZED AND UNREALIZED GAIN ON INVESTMENTS:
Net realized gain (loss) on:
Investments .......................................... 2,515,981
Financial futures contracts .......................... (131,394)
Foreign currency transactions ........................ (117,616)
Change in net unrealized appreciation on:
Investments ......................................... 2,833,689
Foreign currency contracts and transactions ......... 184,452
----------
Net realized and unrealized gain ...................... 5,285,112
----------
Net increase in net assets from operations ............ $5,409,477
==========
</TABLE>
See notes to financial statements.
65
<PAGE>
International Equity Portfolio
Statement of Changes in Net Assets For the periods indicated (unaudited)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
11/01/97 Year
Through ended
04/30/98 10/31/97
----------- -----------
<S> <C> <C>
INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income .............................. $ 124,365 $ 272,824
Net realized gain on investments ................... 2,266,971 1,200,585
Change in net unrealized appreciation on
investments and foreign currency transactions ..... 3,018,141 392
----------- -----------
Increase in net assets from operations ............. 5,409,477 1,473,801
----------- -----------
TRANSACTIONS IN INVESTORS
BENEFICIAL INTEREST:
Contributions ...................................... 11,662,047 21,249,906
Withdrawals ........................................ (18,884,281) (23,632,110)
----------- -----------
Net decrease from transactions in investors'
beneficial interests .............................. (7,222,234) (2,382,202)
----------- -----------
Net (decrease) in net assets ..................... (1,812,757) (908,401)
NET ASSETS:
Beginning of period ................................ 31,411,576 32,319,977
----------- -----------
End of period ...................................... $29,598,819 $31,411,576
=========== ===========
</TABLE>
See notes to financial statements.
66
<PAGE>
International Equity Portfolio
Notes to Financial Statements (unaudited)
- --------------------------------------------------------------------------------
1. Organization and Significant Accounting Policies -- International Equity
Portfolio (the "Portfolio") ("IEP") is separately registered under the
Investment Company Act of 1940, as amended, as a non-diversified, open end
management investment company organized as a trust under the Laws of the State
of New York. The declaration of trust permits the Trustees to issue beneficial
interests in the Portfolio. The Portfolio commenced operations on December 29,
1992.
The following is a summary of significant accounting policies followed by
the Portfolio:
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 Trust's policy that repurchase
agreements are fully collateralized by U.S. Treasury and Government Agency
securities. All collateral is held by the Trust's custodian bank,
subcustodian or a bank with which the custodian bank has entered into a
subcustodian agreement, or is segregated in the Federal Reserve Book Entry
System. In connection with transactions in repurchase agreements, if the
seller defaults and the value of the collateral declines, or if the seller
enters an insolvency proceeding, realization of the collateral by the Trusts
may be delayed or limited.
C. Forward Foreign Currency Exchange Contracts -- The Portfolio may enter
into forward foreign currency contracts (obligations to purchase or sell
foreign currency in the future on a date and price fixed at the time the
contracts are entered into) to hedge the Portfolio against fluctuations in
the value of its assets or liabilities due to change in the value of foreign
currencies. Each day the forward contract is open, changes in the value of
the contract are recognized as unrealized gains or losses by "marking to
market". When the forward contract is closed, or the delivery of the
currency is made or taken, the Fund records a realized gain or loss equal to
the difference between the proceeds from (or cost of) the closing
transaction and the Fund's basis in the contract. The Portfolio is subject
to off-balance sheet risk to the extent of the value of the contracts for
purchases of currency and in an unlimited amount for sales of currency.
D. Foreign Currency Translation -- The books and records of the Portfolio
are maintained in U.S. dollars. Foreign currency amounts are translated into
U.S. dollars at the prevailing exchange rates, or at the mean of the current
bid and asked prices, of such currencies against the U.S. dollar as quoted
by a major bank, on the following basis:
1. Market value of investment securities and other assets and
liabilities: at the closing rate of exchange at the balance sheet date.
67
<PAGE>
International Equity Portfolio
Notes to Financial Statements (unaudited) (continued)
- --------------------------------------------------------------------------------
2. Purchases and sales of investment securities, income and expenses:
at the rates of exchange prevailing on the respective dates of such
transactions.
Although the net assets of the Portfolio are presented at the foreign
exchange rates and market values at the close of the periods, the Portfolio
does not isolate that portion of the results of operations arising as a
result of changes in the foreign exchange rates from the fluctuations
arising from changes in the market prices of securities sold during the
year. Accordingly, such realized foreign currency gains (losses) are
included in the reported net realized losses on security transactions.
Reported realized foreign exchange gains or losses arise from disposition of
foreign currency, currency gains or losses realized between the trade and
settlement dates on securities transactions, and the difference between the
amounts of dividends, interest, and foreign withholding taxes recorded on
the Portfolio's books on the transaction date and the U.S. dollar equivalent
of the amounts actually received or paid. Unrealized foreign exchange gains
and losses arise from changes (due to the changes in the exchange rate) in
the value of foreign currency and other assets and liabilities denominated
in foreign currencies which are held at period end.
E. Futures Contracts -- When the 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 Portfolio 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 Portfolio may enter into futures contracts only on exchanges or boards
of trade. The exchange or board of trade acts as the counterparty to each
futures transaction, therefore, the Fund's credit risk is limited to failure
of the exchange or board of trade.
As of April 30, 1998, the Portfolio had no outstanding futures contracts.
F. Written Options -- When the 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 of the liability is adjusted daily
to reflect the current market value of the written option 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
fund realizes a gain (or loss if the cost of the closing transaction exceeds
the premium received when the option was written).
The Portfolio 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 Portfolio had no outstanding written options.
G. Security Transactions and Investment Income -- Investment transactions
are accounted for on the trade date (the date the order to buy or sell is
executed). Securities gains and losses are calculated on the identified cost
basis. Interest income is accrued as earned. Dividend income is recorded on
the ex-dividend date.
H. Organization Costs -- Organization and initial registration costs
incurred in connection with establishing the Portfolio have been deferred
and are being amortized
68
<PAGE>
International Equity Portfolio
Notes to Financial Statements (unaudited) (continued)
- --------------------------------------------------------------------------------
on a straight-line basis over a sixty month period beginning at the
commencement of operations of the Portfolio.
I. Federal Income Taxes -- The Portfolio intends to continue to qualify as
a partnership and therefore net income and net realized gains are taxed to
the partners. Accordingly, no tax provision is recorded by the Portfolio.
The investors in the Portfolio must take into account their proportionate
share of the Portfolio's 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 Portfolio does not intend to distribute to investors its net
investment income or its net realized gains, if any. It is intended that the
Portfolio 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.
2. Fees and Other Transactions with Affiliates
A. Investment Advisory Fee -- Pursuant to an Investment Advisory Agreement,
The Chase Manhattan Bank ("Chase" or the "Advisor") acts as the Investment
Advisor to the Portfolio. Chase is a direct wholly-owned subsidiary of The
Chase Manhattan Corporation. As Investment Advisor, Chase supervises the
investments of the Portfolio and for such services is paid a fee. The fee is
computed daily and paid monthly at an annual rate equal to 1.00% of the
Portfolio's average daily net assets. For the six months ended April 30,
1998, the Advisor waived all of its fees for the Portfolio.
Chase Asset Management, Inc. ("CAM"), a registered investment advisor, is
the sub-investment advisor to the Portfolio 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 0.50% of the Portfolio's average
daily net assets.
B. Custodial Fees -- Chase, as Custodian, provides safekeeping services for
the Portfolio's 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
Portfolio. For these services and facilities, the Administrator receives
from the Portfolio a fee computed at the annual rate equal to 0.05% of the
Portfolio's average daily net assets. For the six months ended April 30,
1998, the Administrator waived all of its fees for the Portfolio.
3. Investment Transactions -- For the six months ended April 30, 1998,
purchases and sales of investments (excluding short-term investments) were as
follows:
<TABLE>
<S> <C>
Purchases (excluding U.S. Government) ........................... $24,920,305
Sales (excluding U.S. Government) ............................... 24,201,700
</TABLE>
The portfolio turnover rate of IEP for the six months ended April 30, 1998, was
90.41%.
69
<PAGE>
International Equity Portfolio
Notes to Financial Statements (unaudited) (continued)
- --------------------------------------------------------------------------------
4. Open Forward Foreign Currency Contracts -- The following forward foreign
currency contracts were open at April 30, 1998.
<TABLE>
<CAPTION>
Delivery Net
Value Market Unrealized
(Local Cost Settlement Value Gain (Loss)
Currency) (USD) Date (USD) (USD)
-------------- ----------- ------------ ----------- ------------
<S> <C> <C> <C> <C> <C>
Purchases
Spanish Peseta ............ 200,000 $ 1,316 05/05/98 $ 1,313 $ (3)
Singapore Dollar .......... 9,000 5,660 05/05/98 5,683 23
Sales
Australian Dollar ......... 200,000 $130,180 05/06/98 $130,503 $(323)
Swiss Franc ............... 50,000 33,422 05/04/98 33,364 58
Italian Lira .............. 120,000,000 67,883 05/05/98 67,808 75
</TABLE>
5. Retirement Plan -- The Portfolio has adopted an unfunded noncontributory
defined benefit pension plan covering all independent trustees of the Portfolio
who will have served as independent trustees 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 in the Statement of Operations, and accrued pension liability
included in other accrued liabilities, in the Statement of Assets and
Liabilities were $129 and $968, respectively.
6. Foreign Cash Positions
<TABLE>
<CAPTION>
Net
Market Unrealized
Local Cost Value Gain (Loss)
Currency Currency (USD) (USD) (USD)
- -------------------------------- --------------- ------------ ------------ ------------
<S> <C> <C> <C> <C>
Australian Dollar .............. 5,030 $ 3,313 $ 3,282 ($ 31)
Austrian Schilling ............. 98,755 7,674 7,827 153
British Pound Sterling ......... 24,185 40,449 40,449 0
Deutsche Mark .................. 11,862 6,615 6,615 0
Finnish Markka ................. 360 66 66 0
French Franc ................... 11,419 1,682 1,899 217
Greek Drachma .................. 4.250 13 13 0
Hong Kong Dollar ............... 4,374 565 565 0
Indonesian Rupiah .............. 961,005 283 120 (163)
Irish Punt ..................... 734 1,076 1,032 (44)
Italian Lira ................... 129,795,566 73,209 73,333 124
Japanese Yen ................... 870,719 6,638 6,587 (51)
Malaysian Ringgit .............. 2,358 642 632 (10)
Netherlands Guilder ............ 8,402 4,148 4,161 13
Norwegian Krone ................ 2 0 0 0
Philippine Peso ................ 72,126 1,906 1,796 (110)
Portuguese Escudo .............. 574,326 3,122 3,126 4
Singapore Dollar ............... 1,772 1,113 1,120 7
Swedish Krona .................. 78,874 10,167 10,193 26
Swiss Franc .................... 43,212 28,903 28,812 (91)
Spanish Peseta ................. (104,243) (667) (684) (17)
Thai Baht ...................... 98,787 2,489 2,557 68
-------- -------- -----
$193,406 $193,501 $ 95
======== ======== =====
</TABLE>
70
<PAGE>
Chase Vista Funds Service Center
P.O. Box 419392
Kansas City, MO 64179
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
Price Waterhouse 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.
JUNE 1998 CVINTL-3-498
