- --------------------------------------------------------------------------------
APRIL 30, 1999 (UNAUDITED)
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Chase Vista
Equity Funds
SEMI-ANNUAL REPORT
GROWTH AND INCOME
FUND
CAPITAL GROWTH FUND
EQUITY INCOME FUND
SMALL CAP
OPPORTUNITIES FUND
FOCUS FUND
[CHASE VISTA FUND LOGO]
SAEQ2-3-699
<PAGE>
Highlights
U.S. equity markets advanced despite significant market volatility during the
period.
o The stock market posted solid investment results, ignited by generally
favorable economic conditions and good corporate earnings.
o Early in the period, the Federal Reserve Board reduced short-term interest
rates for the third time in as many months.
o Large cap stocks posted solid investment results, though small stocks showed
signs of rebounding thanks to their superior growth prospects and attractive
valuations.
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CONTENTS
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<TABLE>
<S> <C>
Chairman's Letter 3
Chase Vista Growth and Income Fund
Fund Commentary 4
Chase Vista Capital Growth Fund
Fund Commentary 9
Chase Vista Equity Income Fund
Fund Commentary o Portfolio of Investments 14
Chase Vista Small Cap Opportunities Fund
Fund Commentary o Portfolio of Investments 24
Chase Vista Focus Fund
Fund Commentary o Portfolio of Investments 35
Chase Vista Funds
Financial Statements o Notes to
Financial Statements o Financial Highlights 42
Portfolios
Portfolio of Investments o Financial
Statements o Notes to Financial
Statements o Financial Highlights 67
</TABLE>
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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.
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<PAGE>
Chase Vista Funds
Chairman's Letter
June 1, 1999
Dear Shareholder:
We are pleased to present this semi-annual report for the following Chase Vista
U.S. Equity Funds for the six-month period ended April 30, 1999:
<TABLE>
<S> <C>
o Growth and Income Fund o Equity Income Fund
o Capital Growth Fund o Small Cap Opportunities Fund
</TABLE>
Equities Advance As Economy Shows Strength
Stocks posted solid investment results, as fears of a global economic downturn
waned and domestic market conditions remained positive.
The period began with investors showing optimism for stocks on the heels of the
Federal Reserve Board's decision to cut interest rates in November, its third
rate cut in as many months. In this environment, large and secondary stocks
posted solid returns, which carried the stock market to a double-digit
percentage gain for the calendar year and its best consecutive four-year period
in stock market history.
As 1999 began, investors were concerned that the strength of the U.S. economy
coupled with diminishing fears over a global economic slowdown would cause
interest rates to rise. However, worries over Brazil's fiscal and currency
problems dashed those concerns, enabling domestic equities to continue their
advance.
In February, equities gave back some of those gains, as Brazil's troubles
subsided and a steady stream of stronger-than-expected economic data caused
interest rates to rise markedly. Included among these reports were the lowest
unemployment rate since the 1960s, the best consumer confidence figures ever
released by the Conference Board and a Gross Domestic Product (GDP) report for
the fourth quarter of 1998 that was the best in two years.
Interest rates retreated in March, helping U.S. equity markets rebound. Good
corporate earnings and strong cash flows into mutual funds also bolstered stock
prices. On March 30, the Dow Jones Industrial Average closed above the 10,000
level for the first time ever. In April, stocks continued to climb, with value
stocks posting some of the strongest gains. A spike in interest rates on the
final day of the month, due to a stronger-than-expected first-quarter GDP
report, did little to impact equities' solid performance for the period.
Sincerely yours,
/s/ Fergus Reid
- --------------------
Fergus Reid
Chairman
3
<PAGE>
Chase Vista Growth & Income Fund
as of April 30, 1999
(unaudited)
Fund Facts
<TABLE>
<S> <C> <C> <C> <C>
Objective Capital growth plus current income
Primary investments Common stocks
Suggested investment
time frame Mid- to Long-Term
Market benchmark S&P 500 Index
Lipper Funds category Growth & Income Funds Average
Class A Class B Class C Class I
------- ------- ------- -------
Inception date 9/23/87 11/4/93 1/2/98 1/25/96
Newspaper symbol Gro Inc Gro Inc Gro Inc Gro Inc
Net assets $1,578.6 Million $598.2 Million $8.8 Million $32.5 Million
</TABLE>
Investment Style/Market Cap Graphic
[9-Block Graphic]
Value Blend Growth
----- ----- ------
Large X
Med.
Small
[End Graphic]
4
<PAGE>
Chase Vista Growth & Income Fund
as of April 30, 1999
(unaudited)
How the Fund Performed
Chase Vista Growth and Income Fund, which seeks capital appreciation and current
income by investing primarily in common stocks, had a total return of 16.17%
(Class A shares, without sales charges) for the six-month period ended April 30,
1999.
How the Fund Was Managed
The Fund benefited from a favorable environment for equities, highlighted by
good corporate earnings and rising consumer confidence. Technology stocks
contributed positively to performance throughout much of the period, despite
some volatility.
Early in the period, our exposure to media stocks proved rewarding. These
securities registered good investment returns as fears of a global economic
slowdown waned following the Federal Reserve Board's third interest-rate cut in
as many months last November. The Fund came under pressure in February because
of rising interest rates. The Fund's defensive stocks helped performance during
this juncture.
In January and March, the Fund enjoyed good returns from consumer cyclicals, as
investors rotated out of high growth, high multiple stocks and into undervalued
stocks. Dayton Hudson and Mirage were among our top performers in this group.
Technology stocks, such as EMC Corp. and Qualcomm, also contributed positively
to our results during this period. In March, Fund management reduced its
exposure to technology as valuations and positive sentiment indicators reached
extreme levels.
Early in 1999, a seasonal rally in industrial cyclicals, such as capital goods
and basic materials, benefited shareholders. The rise in prices was due to a
robust U.S. economy and investor optimism over improving economic conditions in
Asia. During this period, we added Allied Signal, Burlington Resources and
Boeing. The Fund's investment in energy stocks also proved rewarding, as these
stocks rallied due to higher oil prices. Finally, the Fund's exposure to mid-cap
stocks contributed positively to performance as the period came to a close.
Where the Fund May Be Headed
Given the improving landscape for corporate earnings in 1999, we expect the
backdrop to remain positive for the stock market for the remainder of 1999. We
remain especially optimistic on the prospects for secondary stocks. The
performance of these stocks are beginning to show marked improvement, as
investors have gravitated toward them due to their attractive valuations and
high relative growth rates. We intend to use further market downturns as
opportunities to increase our exposure in select holdings and establish new
positions in companies that meet our strict investment criteria. As always, we
will continue to focus on those high-quality securities of well-managed
companies with superior growth prospects compared to the market.
5
<PAGE>
Chase Vista Growth & Income Fund
as of April 30, 1999
(unaudited)
How Much of the Fund Was Invested
[PIE CHART]
<TABLE>
<S> <C>
Cash/Other (0.04%)
Investments (99.96%)
</TABLE>
What the Growth & Income Portfolio Invested In
Percentage of Total Portfolio Investments
[PIE CHART]
<TABLE>
<S> <C>
Basic Materials (7.1%)
Capital Goods (9.4%)
Consumer Cyclical (19.3%)
Consumer Staples (2.5%)
Energy (9.8%)
Financial (16.4%)
Health Care (7.8%)
Real Estate Investment Trust (2.0%)
Technology (9.9%)
Transportation (1.9%)
Utilities (13.9%)
</TABLE>
Top Ten Equity Holdings of the Portfolio
1. Waste Management, Inc. (1.68%) Provides waste management services. The
Company operates throughout the United States. The Company serves municipal,
commercial, industrial, and residential customers.
2. Coastal Corp. (1.62%) Gathers, markets, processes, stores, and transmits gas,
as well as refines, markets, and distributes petroleum and chemicals.
3. Ingersoll-Rand Co. (1.55%) Manufactures construction machinery and industrial
equipment. The Company's products include air compressors, tools, pumps,
bearings and automotive components.
4. Pharmacia & Upjohn, Inc. (1.49%) A research-based pharmaceutical company. The
Company manufactures and markets health care and related products worldwide.
5. Halliburton Company (1.48%) Provides energy services and engineering and
construction services, as well as manufactures products for the energy
industry.
6. Ford Motor Co. (1.27%) Manufactures and sells automobiles, trucks, and
related parts and accessories around the world.
7. Allied-Signal, Inc. (1.26%) Manufactures aerospace and automotive products
and engineered materials. The Company's products include chemicals, fibers,
plastics, and advance materials.
8. HEALTHSOUTH Corp. (1.26%) Provides outpatient surgery and rehabilitative
healthcare services. The Company operates a network of inpatient and
outpatient rehabilitation facilities such as outpatient surgery centers,
diagnostic centers, and occupational health centers.
9. Royal Dutch Petroleum Co. (1.26%) Involved in all phases of the petroleum and
petrochemicals industries from exploration to final processing, delivery and
marketing.
10. Bank America Corp. (1.22%) Provides diverse financial products and services
to individuals, businesses, government agencies, and financial institutions
throughout the world.
Top 10 equity holdings comprised 14.09% of the Portfolio's market value of
investments. Portfolio holdings are subject to change at any time.
6
<PAGE>
Chase Vista Growth & Income Fund
as of April 30, 1999
(unaudited)
Average Annual Total Returns+
This table shows the average annual total returns. This is where you can see the
Fund's short-term performance, which, as with the stock markets, tends to be
more volatile than the long-term trend.
<TABLE>
<CAPTION>
Since
Inception
1 Year 5 Years 10 Years (9/23/87)
------ ------- -------- ---------
<S> <C> <C> <C> <C>
Class A Shares
Without Sales Charge 7.49% 18.80% 20.21% 22.42%
With Sales Charge* 1.31% 17.40% 19.50% 21.80%
Class B Shares
Without CDSC 6.92% 18.20% 19.87% 22.12%
With CDSC** 2.13% 18.00% 19.87% 22.12%
Class C Shares
Without CDSC 6.96% 17.81% 19.68% 21.95%
With CDSC*** 6.00% 17.81% 19.68% 21.95%
Class I Shares 7.93% 19.10% 20.37% 22.56%
</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.
* Sales Charge for Class A Shares is 5.75%.
** Assumes 5% CDSC (contingent deferred sales charge) for the one year period, a
2% CDSC for the five year period and a 0% CDSC for the period since inception.
*** Assumes 1% CDSC for the one year period and 0% thereafter.
+ The Fund commenced operations on 9/23/87. Class B Shares, Class C Shares and
Class I Shares were introduced on 11/4/93, 1/2/98 and 1/25/96, respectively.
Investors should note that the information presented for Class B, Class C and
Class I Shares prior to their introduction is based on historical expenses of
the predecessor Class A Shares, which are lower than the actual expenses of the
Class B Shares and Class C Shares and higher than Class I Shares.
7
<PAGE>
Chase Vista Growth & Income Fund
as of April 30, 1999
(unaudited)
10-Year Performance
This chart shows what the long-term growth would have been of a hypothetical
$10,000 investment in the Chase Vista Growth & Income Fund compared to its key
benchmarks. This is where you see the Fund's long-term trend. This chart is for
illustrative purposes only.
[MOUNTAIN CHART]
[PLOT POINTS]
<TABLE>
<CAPTION>
Chase Lipper
Vista Growth
Growth &
and Income S&P
Income Funds 500
Fund Avg. Index
<S> <C> <C> <C>
1989 9425 10000 10000
1990 12799.2 10632.8 11052.8
1991 16645.4 12211.7 12995.8
1992 21011.8 13968.5 14814.7
1993 24069.5 15377.4 16182.3
1994 25109.1 16371.1 17044
1995 27352.3 18350.5 20012.7
1996 34321.3 23316.6 26050.6
1997 40061.7 27427.8 32589.8
1998 55273.3 37361.5 45968.3
1999 59411.5 41282 55994.8
</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 Growth & Income Fund, the Lipper Growth & Income Funds
Average and the Standard & Poor's 500 Index from April 30, 1989 to April 30,
1999. 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 Lipper Growth & Income Funds Average represents the average performance of a
universe of 718 actively managed growth and income funds. Lipper is an
independent mutual fund performance monitor whose results are based on total
return and do not reflect a sales charge.
The Standard and Poor's 500 Index is a broad-based index that is generally
considered representative of the U.S. stock market. The index is unmanaged and
reflects the reinvestment of dividends. An individual cannot invest directly in
the index.
8
<PAGE>
Chase Vista Capital Growth Fund
as of April 30, 1999
(unaudited)
Fund Facts
<TABLE>
<S> <C> <C> <C> <C>
Objective Capital growth
Primary investments Mid-size common stocks
Suggested investment
time frame Long-Term
Market benchmark Russell 2000 Index
Lipper Funds category Mid-Cap Funds Average
Class A Class B Class C Class I
-------- ------- ------- -------
Inception date 9/23/87 11/4/93 1/2/98 1/25/96
Newspaper symbol Cap Gro Cap Gro Cap Gro Cap Gro
Net assets $649.7 Million $386.3 Million $5.5 Million $41.7 Million
</TABLE>
Investment Style/Market Cap Graphic
[9-Block Graphic]
Value Blend Growth
----- ----- ------
Large
Med. X
Small
[End Graphic]
9
<PAGE>
Chase Vista Capital Growth Fund
as of April 30, 1999
(unaudited)
How the Fund Performed
Chase Vista Capital Growth Fund, which seeks to provide capital growth through a
portfolio of common stocks of mid-sized companies, had a total return of 11.50%
(Class A shares, without sales charges) for the six-month period ended April 30,
1999.
How the Fund Was Managed
Superior stock selection and a general upturn in stock prices ignited by good
corporate earnings were largely responsible for the Fund's investment results.
Stocks also benefited from improving economic conditions as worries over the
state of the global economy diminished significantly.
Early in the period, the Fund enjoyed solid performance from its exposure to
technology stocks, as these securities recorded strong investment returns.
Financial stocks were positive contributors, as well. Improving economic
conditions and a stable interest rate environment were the main reasons for
their good relative performance.
Technology stocks delivered good investment results for shareholders in January
and March. However, these stocks, like many others, came under pressure in
February due to higher interest rates brought on by robust economic data.
Earnings concerns for personal computer makers also weighed heavily on the
sector.
The Fund's emphasis on value stocks bolstered performance in April, as investors
stepped up their exposure to these securities. Consumer stocks in the cable and
retailing areas performed particularly well during this period thanks to a sharp
increase in consumer confidence.
Fund management's strategy of increasing its exposure to energy stocks when
those stocks were battered down last year proved rewarding to shareholders.
Energy stocks turned in solid gains thanks to higher oil prices. Fueling the
rise was an accord reached by Middle-East oil ministers to keep crude supplies
under control.
Where the Fund May Be Headed
Looking ahead, we remain positive on equities and the types of stocks
represented in the portfolio. Secondary stocks are attractively valued and have
stronger earnings growth rates compared to the market. We are especially
optimistic about the prospects for value stocks due to the increased interest
investors have been showing these securities recently. Moreover, the
fundamentals of these stocks, despite their recent rally, are still very
positive. Given the fact that the longest economic expansion in this half
century could begin to slow later this year, however, stock selection will play
an important role in delivering good investment results in the months ahead.
10
<PAGE>
Chase Vista Capital Growth Fund
as of April 30, 1999
(unaudited)
How Much of the Fund Was Invested
[PIE CHART]
[PLOT POINTS]
<TABLE>
<S> <C>
Cash/Other (0.03%)
Investments (99.97%)
</TABLE>
What the Capital Growth Portfolio Invested In
Percentage of Total Portfolio Investments
[PIE CHART]
[PLOT POINTS]
<TABLE>
<S> <C>
Basic Materials (3.9%)
Capital Goods (10.5%)
Consumer Cyclical (39.9%)
Energy (1.2%)
Financial (14.6%)
Health Care (5.2%)
Other (1.4%)
Real Estate Investment Trust (1.2%)
Technology (16.6%)
Utilities (5.5%)
</TABLE>
Top Ten Equity Holdings of the Portfolio
1. AT&T Corp. (5.99%) Offers communication services and products. The Company
provides voice, data, and video telecommunication services to consumers,
large and small businesses and government entities.
2. American Management Systems, Inc. (2.99%) Provides a range of consulting
services. Services include business re-engineering, change management,
systems integration, and systems development and implementation.
3. Park Place Entertainment Corp. (2.96%) The Company operates gaming markets
in the United States.
4. Trigon Healthcare, Inc. (2.17%) A managed healthcare company that offers a
diversified mix of products. The Company offers health maintenance
organizations, preferred provider organizations, point of service, and
traditional indemnity products.
5. Office Depot, Inc. (2.01%) The Company sells branded merchandise and
provides value-added business services primarily to small and medium-sized
businesses and the home office market.
6. Zions Bancorporation (1.99%) Operates full-service banking offices. The
company also offers a comprehensive array of investment, mortgage,
insurance, and electronic commerce services.
7. Shaw Industries, Inc. (1.96%) Manufactures and sells carpeting and rugs and
other flooring products and provides installation and the other services
through its commercial dealers.
8. CMS Energy Corp. (1.91%) Provides energy services and develops, owns and
operates energy facilities around the world. The Company is involved in
electric and gas utility operations, electric power operations and oil and
gas exploration.
9. Altera Corp. (1.90%) Designs, manufactures and markets programmable logic
devices associated development tools. Programmable logic devices are
semiconductor integrated circuits that offer on-site programmability to
customers.
10. Ambac Financial Group Inc. (1.87%) Provides financial guarantee insurance
and financial management services. The Company provides investment
agreements, interest rate swaps and investment management advisory.
Top 10 equity holdings comprised 25.75% the Portfolio's market value of the
investments. Portfolio holdings are subject to change at any time.
11
<PAGE>
Chase Vista Capital Growth Fund
as of April 30, 1999
(unaudited)
Average Annual Total Returns+
This table shows the average annual total returns. This is where you can see the
Fund's short-term performance, which, as with the stock markets, tends to be
more volatile than the long-term trend.
<TABLE>
<CAPTION>
Since
Inception
1 Year 5 Years 10 Years (9/23/87)
-------- -------- -------- ----------
<S> <C> <C> <C> <C>
Class A Shares
Without Sales Charge -8.06% 14.41% 17.04% 19.04%
With Sales Charge* -13.35% 13.07% 16.35% 18.43%
Class B Shares
Without CDSC -8.51% 13.86% 16.73% 18.76%
With CDSC** -12.66% 13.62% 16.73% 18.76%
Class C Shares
Without CDSC -8.44% 13.68% 16.64% 18.69%
With CDSC*** -9.27% 13.68% 16.64% 18.69%
Class I Shares -7.71% 14.70% 17.19% 19.17%
</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.
* Sales charge for Class A Shares is 5.75%.
** Assumes a 5% CDSC (contingent deferred sales charge) for the one year period,
a 2% CDSC for the five year period and a 0% CDSC for the period since inception.
*** Assumes 1% CDSC for the one year period and 0% thereafter.
+ The Fund commenced operations on 9/23/87. Class B Shares, Class C Shares and
Class I Shares were introduced on 11/4/93, 1/2/98 and 1/25/96, respectively.
Investors should note that the information presented for Class B, Class C and
Class I Shares prior to their introduction is based on historical expenses of
the predecessor Class A Shares, which are lower than the actual expenses of the
Class B Shares and Class C Shares and higher than Class I Shares.
12
<PAGE>
Chase Vista Capital Growth Fund
as of April 30, 1999
(unaudited)
10-Year Performance
This chart shows what the long-term growth would have been of a hypothetical
$10,000 investment in the Chase Vista Capital Growth Fund compared to its key
benchmarks. This is where you see the Fund's long-term trend. This chart is for
illustrative purposes only.
[MOUNTAIN CHART]
[PLOT POINTS]
<TABLE>
<CAPTION>
Chase
Vista Lipper
Capital Mid-Cap Russell
Growth Funds 2000
Fund Avg. Index
<S> <C> <C> <C>
1989 9425 10000 10000
1990 10345.9 10751.2 9778.88
1991 12238.5 13095.3 10775
1992 17165.3 15452.8 12613
1993 20264.1 17251.3 14601.5
1994 23208.3 19540.1 16757.8
1995 24883.7 21557 17969.2
1996 30897.2 29179.6 23908.7
1997 34346 29227 23923.7
1998 49494.8 41673.3 34066.3
1999 45504.6 43144.9 30912.2
</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 Capital Growth Fund, the Lipper Mid-Cap Funds Average and
the Russell 2000 Index from April 30, 1989 to April 30, 1999. 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 Lipper Mid-Cap Funds Average represents the average performance of a
universe of 298 actively managed mid-cap funds. Lipper is an independent mutual
fund performance monitor whose results are based on total return and do not
reflect a sales charge.
The Russell 2000 Index tracks the shares of 2,000 small-capitalization
companies. The index is unmanaged and reflects the reinvestment of dividends.
An individual cannot invest directly in the index.
13
<PAGE>
Chase Vista Equity Income Fund
as of April 30, 1999
(unaudited)
Fund Facts
<TABLE>
<S> <C> <C> <C>
Objective Current income plus capital growth
Primary investments Common stocks
Suggested investment time frame Mid- to Long-Term
Market benchmark S&P 500 Index
Lipper Funds category Equity Income Funds Average
Class A Class B Class C
------- ------- -------
Inception date 7/15/93 5/7/96 1/8/98
Newspaper symbol Eq Inc Not listed Not listed
Net assets $90.3 Million $30.8 Million $6.7 Million
</TABLE>
Investment Style/Market Cap Graphic
[9-Block Graphic]
Value Blend Growth
----- ----- ------
Large X
Med.
Small
[End Graphic]
14
<PAGE>
Chase Vista Equity Income Fund
as of April 30, 1999
(unaudited)
How the Fund Performed
Chase Vista Equity Income Fund, which seeks to provide current income plus
opportunities for capital growth by investing primarily in income-producing
securities, had a total return of 15.72% (Class A shares, without sales charges)
for the six-month period ended April 30, 1999.
How the Fund Was Managed
Exposure to real estate investment trusts (REITs) proved rewarding to
shareholders, as these stocks registered solid gains in early 1999. The rally
was ignited by increasing interest in value-oriented securities and the fact
that a leading pension plan raised its exposure to these securities.
The Fund's financial stocks were beneficiaries of increased merger and
acquisition activity within the financial services sector, good corporate
earnings for many high profile financial companies and a generally favorable
interest-rate environment. American Express and Freddie Mac were among the
Fund's top performers in this sector.
Management's decision to purchase energy stocks last year when these stocks came
under pressure also benefited shareholders. Energy stocks rallied early in 1999
following a decision by Mideast oil ministers to limit oil supplies. This caused
the price of oil, and thus, the profit margins of oil companies, to rise
markedly during the period.
In addition, the Fund benefited from its exposure to consumer cyclicals, such as
housing, retail and automotive stocks, which performed relatively well late in
the period as investors rotated out of high growth, high multiple stocks and
into attractively priced, value stocks. Sunstrand Corp., one of our largest
holdings in the capital goods areas, received a takeover from United
Technologies during the period.
Where the Fund May Be Headed
Looking ahead, we remain optimistic about the potential of the types of
securities currently represented in the Fund. Given this backdrop, we intend to
use any further weakness in the market as an opportunity to increase our
investment in stocks that we already own and establish new positions in
companies that meet our strict criteria for investment. Since we believe that
the economy will slow later this year, we intend to maintain our exposure to
defensive stocks, such as utilities and REITs, which are likely to perform
relatively well in a less robust economic environment. In keeping with our
long-term investment strategy, we will continue to focus on fundamentally sound,
well-managed companies with attractive valuations compared to the market.
15
<PAGE>
Chase Vista Equity Income Fund
as of April 30, 1999
(unaudited)
How Much of the Fund Was Invested
[PIE CHART]
<TABLE>
<S> <C>
Cash/Other (1.30%)
Investments (98.70%)
</TABLE>
What the Fund Invested In
Percentage of Total Portfolio Investments
[PIE CHART]
<TABLE>
<S> <C>
Basic Materials (10.7%)
Capital Goods (10.4%)
Consumer Cyclical (15.1%)
Consumer Staples (1.1%)
Energy (8.9%)
Financial (16.2%)
Health Care (6.4%)
Real Estate Investment Trust (7.7%)
Technology (7.7%)
Utilities (15.8%)
</TABLE>
Top Ten Equity Holdings
1. Exxon Corp. (4.03%) Explores for and produces crude oil and natural gas,
manufactures petroleum products and transports and sells crude oil.
2. Freddie Mac (3.14%) Supplies lenders with the money to make mortgages and
packages the mortgages into marketable securities.
3. General Dynamics Corp. (2.81%) Manufactures and supplies defense systems to
the United States government and its allies. The Company conducts business
in the marine systems, combat systems, and information systems and
technology industries.
4. Equity Residential Properties Trust (2.57%) A self-administered and
self-managed real estate investment trust. The company owns and operates
multifamily properties containing apartment units.
5. BP Amoco PLC (2.53%) Explores for and produces oil and natural gas.
Refines, markets, and supplies petroleum products and manufactures and
markets chemicals.
6. K-Mart Financing Inc. (2.51%) An international retailer that operates
Kmart, Big Kmart and Super Kmart Stores. The company offers products
ranging from apparel to home improvement and health and beauty care.
7. Bank One Corp. (2.27%) Provides a full range of consumer and commercial
banking-related financial services. The Company is also involved in credit
card and merchant processing.
8. SBC Communication, Inc. (2.24%) A telecommunications company with wireless
customers across the United States, as well as investments in
telecommunications businesses internationally.
9. McDermott International, Inc. (2.23%) A worldwide energy services company.
The Company manufactures steam-generating equipment, environmental
equipment, and products for the U.S. government.
10. Tyco International Ltd. (2.19%) A diversified manufacturing and service
company. The Company manufactures and installs fire protection systems,
provides electronic security devices and manufactures flow control valves.
Top 10 equity holdings comprised 26.52% of Fund's market value of investments.
Fund holdings are subject to change at any time.
16
<PAGE>
Chase Vista Equity Income Fund
as of April 30, 1999
(unaudited)
Average Annual Total Returns+
This table shows the average annual total returns. This is where you can see the
Fund's short-term performance, which, as with the stock markets, tends to be
more volatile than the long-term trend.
<TABLE>
<CAPTION>
Since
Inception
1 Year 5 Years (7/15/93)
------ ------- ---------
<S> <C> <C> <C>
Class A Shares
Without Sales Charge 9.08% 20.99% 18.29%
With Sales Charge* 2.81% 19.57% 17.08%
Class B Shares
Without CDSC 8.55% 20.56% 17.92%
With CDSC** 3.55% 20.37% 17.85%
Class C Shares
Without CDSC 8.53% 20.58% 17.94%
With CDSC*** 7.53% 20.58% 17.94%
</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.
Certain fees on the Fund were waived during the periods shown. Had they not been
waived, returns would have been lower.
* Sales charge for Class A Shares is 5.75%.
** Assumes 5% CDSC (contingent deferred sales charge) for the one year period, a
2% CDSC for the five year period, and a 1% CDSC for the period since inception.
*** Assumes 1% CDSC for the one year period and 0% thereafter.
+ The Fund commenced operations on 7/15/93. Class B Shares and Class C Shares
were introduced on 5/7/96 and 1/8/98, respectively. Investors should note that
the information presented for Class B and Class C Shares prior to their
introduction is based on historical expenses of the predecessor Class A Shares,
which are lower than the actual expenses of the Class B Shares and Class C
Shares.
17
<PAGE>
Chase Vista Equity Income Fund
as of April 30, 1999
(unaudited)
Life of Fund Performance
This chart shows what the long-term growth would have been of a hypothetical
$10,000 investment in the Chase Vista Equity Income Fund compared to its key
benchmarks. This is where you see the Fund's long-term trend. This chart is for
illustrative purposes only.
[MOUNTAIN CHART]
[PLOT POINTS]
<TABLE>
<CAPTION>
Chase Lipper
Vista Equity
Equity S&P Income
Income 500 Funds
Fund Index Avg.
<S> <C> <C> <C>
1993 9425 10000 10000
1994 9564.18 10270 10236.3
1995 10261.1 12058.8 11340.5
1996 13774.1 15697 14179.2
1997 16908 19637.2 16632.9
1998 22732.9 27698.6 22347.8
1999 24797.2 33740.1 24002.4
</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 Equity Income Fund, the Lipper Equity Income Funds Average
and the S&P 500 Index from July 15, 1993 to April 30, 1999. 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.
Certain fees on the Fund were waived during the periods shown. Had they not been
waived, returns would have been lower.
The Lipper Equity Income Funds Average represents the average performance of a
universe of 210 actively managed equity income funds. Lipper is an independent
mutual fund performance monitor whose results are based on total return and do
not reflect a sales charge.
The Standard & Poor's 500 Index is a broad-based index that is generally
considered representative of the U.S. stock market. The index is unmanaged and
reflects reinvestment of dividends. An individual cannot invest directly in the
index.
18
<PAGE>
Chase Vista Equity Income Fund
Portfolio of Investments April 30, 1999 (unaudited)
(amounts in thousands)
<TABLE>
<CAPTION>
Shares Issuer Value
- -------------------------------------------------------
Long-Term Investments -- 100.4%
- -------------------------------------------------------
<S> <C> <C>
Common Stock -- 92.7%
---------------------
Aerospace -- 6.0%
30 Allied-Signal, Inc. $ 1,763
15 Boeing Co. 609
52 General Dynamics Corp. 3,653
24 Sundstrand Corp. 1,700
--------
7,725
--------
Automotive -- 3.0%
12 DaimlerChrysler AG (Germany) 1,224
40 Ford Motor Co. 2,558
--------
3,782
--------
Banking -- 7.7%
30 Bank of America Corp. 2,160
25 Bank of New York Co., Inc. 1,000
50 Bank One Corp. 2,950
18 Cullen/Frost Bankers, Inc. 971
20 UnionBanCal Corp. 683
31 Zions Bancorporation 2,035
--------
9,799
--------
Chemicals -- 5.0%
17 Dow Chemical Co. 2,165
20 E. I. Du Pont de Nemours and Co. 1,413
25 Rohm & Haas Co. 1,120
120 Wellman Inc. 1,718
--------
6,416
--------
Computer Software -- 3.2%
81 American Management Systems, Inc.* 2,784
30 Computer Associates International 1,281
--------
4,065
--------
Computers/Computer Hardware -- 1.1%
7 International Business Machines
Corp. 1,464
--------
Consumer Products -- 2.6%
50 Fortune Brands, Inc. 1,975
40 Philip Morris Companies, Inc. 1,403
--------
3,378
--------
</TABLE>
See notes to financial statements.
19
<PAGE>
Chase Vista Equity Income Fund
Portfolio of Investments April 30, 1999 (unaudited) (continued)
(amounts in thousands)
<TABLE>
<CAPTION>
Shares Issuer Value
- -------------------------------------------------------
Long-Term Investments -- (continued)
- -------------------------------------------------------
<S> <C> <C>
Diversified -- 2.2%
35 Tyco International LTD (Bermuda) $ 2,844
--------
Electronics/Electrical Equipment -- 2.6%
20 Altera Corp. 1,445
11 ASM Lithography Holding NV
(Netherlands) 429
13 Micron Technology, Inc. 464
10 Texas Instruments, Inc. 1,021
--------
3,359
--------
Entertainment/Leisure -- 2.1%
43 AT&T Corp., Liberty Media Group,
Ser. A* 2,731
--------
Financial Services -- 6.3%
30 Ambac Financial Group, Inc. 1,811
6 American Express Co. 784
32 Associates First Capital Corp.,
Class A 1,412
65 Freddie Mac 4,079
--------
8,086
--------
Food/Beverage Products -- 1.1%
30 Diageo PLC, ADR (United
Kingdom) 1,384
--------
Health Care/Health Care Services -- 2.4%
8 Cigna Corp. 698
50 Columbia/HCA Healthcare Corp. 1,234
37 Trigon Healthcare, Inc.* 1,175
--------
3,107
--------
Insurance -- 0.8%
21 Nationwide Financial Services, Inc.,
Class A 960
--------
Machinery & Engineering Equipment -- 2.3%
100 McDermott International, Inc. 2,900
--------
Metals/Mining -- 3.2%
44 Alcoa Inc. 2,739
20 RIO Tinto PLC (United Kingdom) 1,362
--------
4,101
--------
</TABLE>
See notes to financial statements.
20
<PAGE>
Chase Vista Equity Income Fund
Portfolio of Investments April 30, 1999 (unaudited) (continued)
(amounts in thousands)
<TABLE>
<CAPTION>
Shares Issuer Value
- ----------------------------------------------------------
Long-Term Investments -- (continued)
- ----------------------------------------------------------
<S> <C> <C>
Oil & Gas -- 9.0%
40 Baker Hughes Inc. $ 1,195
29 BP Amoco PLC 3,282
63 Exxon Corp. 5,233
30 Royal Dutch Petroleum Co., New
York Registered Shares
(Netherlands) 1,761
--------
11,471
--------
Paper/Forest Products -- 2.7%
40 Weyerhaeuser Co. 2,685
15 Willamette Industries, Inc. 701
--------
3,386
--------
Pharmaceuticals -- 4.1%
20 American Home Products Corp. 1,220
20 Glaxo Wellcome PLC (United
Kingdom) 1,165
40 Pharmacia & Upjohn, Inc. 2,240
13 Schering-Plough Corp. 628
--------
5,253
--------
Real Estate Investment Trust -- 8.4%
50 Beacon Capital Partners Inc.* 756
60 Equity Office Properties Trust 1,654
72 Equity Residential Properties Trust 3,330
21 Healthcare Realty Trust, Inc. 458
51 Manufactured Home Communities,
Inc. 1,291
91 Public Storage, Inc. 2,537
18 Spieker Properties, Inc. 706
--------
10,732
--------
Retailing -- 3.1%
16 Dayton-Hudson Corp. 1,077
40 Kroger Co.* 2,172
15 Sears Roebuck & Co. 690
--------
3,939
--------
Telecommunications -- 8.7%
44 Bell Atlantic Corp. 2,535
26 BellSouth Corp. 1,163
</TABLE>
See notes to financial statements.
21
<PAGE>
Chase Vista Equity Income Fund
Portfolio of Investments April 30, 1999 (unaudited) (continued)
(amounts in thousands)
<TABLE>
<CAPTION>
Shares Issuer Value
- -------------------------------------------------------------
Long-Term Investments -- (continued)
- -------------------------------------------------------------
<S> <C> <C>
38 GTE Corp. $ 2,544
52 SBC Communications, Inc. 2,912
22 Telecomunicacoes Brasileiras SA,
ADR, Preferred Block (Brazil) 2,006
22 Telecomunicacoes Brasileiras SA,
Telebras, ADR (Brazil) 2
--------
11,162
--------
Utilities -- 5.1%
45 CMS Energy Corp. 1,980
30 DQE, Inc. 1,236
25 Pinnacle West Capital Corp. 970
50 Texas Utilities Co. 1,987
9 Unicom Corp. 330
--------
6,503
--------
Total Common Stock 118,547
(Cost $103,198) --------
Preferred Stock -- 1.2%
-----------------------
Printing & Publishing -- 1.2%
50 The News Corporation ADR,
A Shares, $.11 (Australia) 1,528
(Cost $1,623) --------
Convertible Preferred Stock -- 5.1%
-----------------------------------
Retailing -- 2.6%
58 K-Mart Financing Inc., 7.75%, 3,259
--------
Telecommunications -- 0.7%
3 Viacom International (TCI Pacific),
5.00%, 958
--------
Utilities -- 1.8%
19 Houston Industries, Inc., 7.00%, 2,242
--------
Total Convertible Preferred Stock 6,459
(Cost $5,291) --------
</TABLE>
See notes to financial statements.
22
<PAGE>
Chase Vista Equity Income Fund
Portfolio of Investments April 30, 1999 (unaudited) (continued)
(amounts in thousands)
<TABLE>
<CAPTION>
Shares Issuer Value
- -------------------------------------------------------------
Long-Term Investments -- (continued)
- -------------------------------------------------------------
<S> <C> <C>
Poison Pill Rights -- 0.0%
-----------------------------------
Banking -- 0.0%
18 Cullen/Frost Bankers Inc., Expires
07/25/99 $ 0
(Cost $0) --------
Principal
Amount
Convertible Corporate Notes & Bonds -- 1.4%
-------------------------------------------
Computer Software -- 0.6%
$ 500 Comverse Technology, Inc. #,
4.50%, 07/01/05 817
--------
Environmental Services -- 0.8%
750 Waste Management Inc., 4.00%,
02/01/02 1,022
--------
Total Convertible Corporate
Notes & Bonds 1,839
(Cost $1,528)
- -------------------------------------------------------------
Total Long-Term Investments 128,373
(Cost $111,640)
- -------------------------------------------------------------
Short-Term Investments -- 1.1%
- -------------------------------------------------------------
Repurchase Agreement -- 1.1%
----------------------------
1,401 Greenwich Capital Markets, Inc.,
4.93%, due 05/03/99, (Dated
04/30/99, Proceeds $1,402,
Secured by FHLMC Gold,
$1,425 at 6.50%, due 03/01/29;
Market Value $1,430) 1,401
(Cost $1,401)
- -------------------------------------------------------------
Total Investments -- 101.50% $129,774
(Cost $113,041)
- -------------------------------------------------------------
</TABLE>
Index
* -- Non-income producing security.
# -- Security may only be sold to qualified institutional buyers.
ADR -- American Depositary Receipt.
FHLMC -- Federal Home Loan Mortgage Corp.
See notes to financial statements.
23
<PAGE>
Chase Vista Small Cap Opportunities Fund
as of April 30, 1999
(unaudited)
Fund Facts
<TABLE>
<S> <C> <C> <C> <C>
Objective Capital growth
Primary investments Small cap common stocks
Suggested investment
time frame Long-Term
Market benchmark Russell 2000 Index
Lipper Funds category Small Company Growth Funds Average
Class A Class B Class C Class I
------- ------- ------- -------
Inception date 5/19/97 5/19/97 1/8/98 4/6/99
Newspaper symbol SCapOp SCapOp SCapOp SCapOp
Net assets $71.9 Million $61.9 Million $6.9 Million $0.1 Million
</TABLE>
Investment Style/Market Cap Graphic
[9-Block Graphic]
Value Blend Growth
----- ----- ------
Large
Med.
Small X
[End Graphic]
24
<PAGE>
Chase Vista Small Cap Opportunities Fund
as of April 30, 1999
(unaudited)
How the Fund Performed
Chase Vista Small Cap Opportunities Fund, which seeks to provide capital growth
by investing in small cap common stocks, had a cumulative total return of 13.68%
(Class A shares, without sales charges) for the six-month period ended April 30,
1999.
How the Fund Was Managed
Superior stock selection and increasing investor enthusiasm for small stocks
were largely responsible for the Fund's performance. A generally positive
economic environment for equities, punctuated by high consumer confidence and
benign inflation, also contributed positively to investment results.
Early in the period, the Fund enjoyed strong performance from its exposure to
technology, most notably software and service stocks. These securities rallied
thanks to good corporate earnings and diminishing fears over global economic
concerns. In addition, health care stocks contributed positively to performance.
In the second half of the period, the Fund enjoyed good performance from several
financial stocks, most notably National Community Bankcorp and Telebanc.
Consumer cyclicals posted positive performance for the Fund late in the period,
as investors increased their exposure to these securities in light of their
attractive valuations. Specifically, the Fund enjoyed good performance from
retailers Pacific Sunwear and Ames Department Stores. Gaming stocks Circus
Circus and Station Casinos were standout performers, as well.
The Fund's strong performance was not without some volatility along the way. In
February, for example, rising interest rates weighed heavily on some of the
companies in the portfolio, most notably technology and health care stocks.
Given our generally favorable long-term outlook for stocks in these sectors, we
used the pullback to increase our exposure to select technology and health care
issues. Strong performance by internet stocks, an area in which we are largely
underweighted, also hindered performance.
Where the Fund May Be Headed
Looking ahead, our forecast for small stocks continues to be positive due to
their attractive valuations and superior growth prospects relative to the
market. In addition, the periodic spurts of strong performance by these
securities in recent months suggest that the long-awaited change in leadership
between large and small cap stocks may soon emerge. Small cap stocks have
underperformed large caps for more than four years, a relatively long period of
time by any measure in stock market history.
25
<PAGE>
Chase Vista Small Cap Opportunities Fund
as of April 30, 1999
(unaudited)
How Much of the Fund Was Invested
[PIE CHART]
<TABLE>
<S> <C>
Cash/Other (2.26%)
Investments (97.74%)
</TABLE>
What the Fund Invested In
Percentage of Total Portfolio Investments
[PIE CHART]
<TABLE>
<S> <C>
Capital Goods (3.7%)
Consumer Cyclical (34.2%)
Consumer Staples (1.0%)
Energy (3.1%)
Financial (15.8%)
Health Care (12.6%)
Technology (24.0%)
Transportation (1.9%)
Utilities (3.7%)
</TABLE>
Top Ten Equity Holdings
1. Pinnacle Holdings Inc. (1.68%) Provides wireless communications rental
tower space. The Company's customers include wireless communications
providers, operators of private agencies and government agencies.
2. Microchip Technology, Inc. (1.62%) A supplier of field programmable
eight-bit microcontrollers and related specialty memory products for
high-volume embedded control applications.
3. American Management Systems, Inc. (1.59%) Provides a range of consulting
services. Services include business re-engineering, change management,
systems integration and systems development and integration.
4. TeleBanc Financial Corp. (1.48%) Provides financial products and services
to customers in the US through the Internet, telephones, automated teller
machines, facsimile and mail.
5. Pacific Sunwear of California (1.45%) Operates mall-based specialty retail
chain of stores. The Company specializes in casual apparel, footwear, and
related accessories catering to teenagers and young adults.
6. Waters Corp. (1.41%) Provides high-performance liquid chromatography
products and services. The Company distributes its products worldwide to a
wide range of industries such as pharmaceuticals, chemicals and
environmental testing.
7. Covad Communications Group, Inc. (1.37%) Provides dedicated high-speed
digital communications services using digital subscriber line technology to
Internet service provider and enterprise customers.
8. Hooper Holmes, Inc. (1.36%) Provides medical and other underwriting
information on insurance policy applicants to the life and health insurance
industry.
9. Rent-Way, Inc. (1.36%) The Company rents brand name consumer merchandise
such as home entertainment equipment, furniture, and major appliances on a
week-to-week or month-to-month basis.
10. Pharmaceutical Product Development (1.35%) Provides global contract and
consulting research and development services for the pharmaceutical and
biotechnology industries.
Top 10 equity holdings comprised 14.67% of Fund's market value of investments.
Fund holdings are subject to change at any time.
26
<PAGE>
Chase Vista Small Cap Opportunities Fund
as of April 30, 1999
(unaudited)
Average Annual Total Returns+
This table shows the average annual total returns. This is where you can see the
Fund's short-term performance, which, as with the stock markets, tends to be
more volatile than the long-term trend.
<TABLE>
<CAPTION>
Since
Inception
1 Year (5/19/97)
------ ---------
<S> <C> <C>
Class A Shares
Without Sales Charge -8.26% 21.19%
With Sales Charge* -13.54% 17.56%
Class B Shares
Without CDSC -8.89% 20.37%
With CDSC** -13.44% 18.64%
Class C Shares
Without CDSC -8.89% 20.33%
With CDSC*** -9.81% 20.33%
Class I Shares -8.20% 21.23%
</TABLE>
27
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.
* Sales Charge for Class A Shares is 5.75%.
** Assumes 5% CDSC (contingent deferred sales charge) for the one year period
and a 4% CDSC for the period since inception.
*** Assumes 1% CDSC for the one year period and 0% for the period since
inception.
+ The Fund commenced operations on 5/19/97. Class A and B Shares were introduced
on 5/19/97. Class C Shares were introduced on 1/8/98. Class I Shares were
introduced on 4/6/99. Investors should note that the information presented for
Class B, Class C and Class I Shares prior to their introduction is based on
historical expenses of the predecessor Class A Shares, which are lower than the
actual expenses of the Class B Shares and Class C Shares and higher than Class I
Shares.
The Fund is currently waiving certain fees. This voluntary waiver may be
modified or terminated at any time, which would reduce performance.
Small capitalization funds typically carry more risk than stock funds investing
in well-established "blue chip" companies since smaller companies generally have
a higher risk of failure. Historically, smaller companies' stock has experienced
a greater degree of market volatility than the average stock.
27
<PAGE>
Chase Vista Small Cap Opportunities Fund
as of April 30, 1999
(unaudited)
Life of Fund Performance
This chart shows what the long-term growth would have been of a hypothetical
$10,000 investment in the Chase Vista Small Cap Opportunities Fund compared to
its key benchmarks. This is where you see the Fund's long-term trend. This chart
is for illustrative purposes only.
[MOUNTAIN CHART]
[PLOT POINTS]
<TABLE>
<CAPTION>
Lipper
Chase Small
Vista Company
Small Cap Growth Russell
Opportunities Funds 2000
Fund Average Index
<S> <C> <C> <C>
1997 9425 10000 10000
1998 14186.7 13002.1 12814.6
1999 13014.2 11050.3 11628.1
</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 Shares of
Chase Vista Small Cap Opportunities Fund, the Lipper Small Company Growth Funds
Average and the Russell 2000 Index from May 19, 1997 to April 30, 1999. 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.
Certain fees on the Fund were waived during the periods shown. Had they not been
waived, returns would have been lower.
The Lipper Small Company Growth Funds Average represents the average performance
of a universe of 583 actively managed equity income funds. Lipper is an
independent mutual fund performance monitor whose results are based on total
return and do not reflect a sales charge.
The Russell 2000 Index tracks the shares of 2,000 small capitalization
companies. The index is unmanaged and reflects reinvestment of dividends. An
individual cannot invest directly in the index.
28
<PAGE>
Chase Vista Small Cap Opportunities Fund
Portfolio of Investments April 30, 1999 (unaudited)
(amounts in thousands)
<TABLE>
<CAPTION>
Shares Issuer Value
- --------------------------------------------------------
Long-Term Investments -- 95.3%
- --------------------------------------------------------
<S> <C> <C>
Common Stock -- 94.8%
---------------------
Advertising -- 1.4%
31 Lamar Advertising Co.* $ 1,051
34 Outdoor Systems, Inc.* 852
--------
1,903
--------
Automotive -- 3.1%
50 Dura Automotive Systems, Inc.* 1,431
35 O'Reilly Automotive, Inc.* 1,601
60 Tower Automotive, Inc.* 1,380
--------
4,412
--------
Banking -- 5.3%
10 Cullen/Frost Bankers, Inc. 539
50 Investors Financial Services Corp. 1,819
50 National Commerce Bancorporation 1,250
20 TeleBanc Financial Corp.* 2,073
19 U.S. Trust Corp. 1,736
--------
7,417
--------
Broadcasting -- 1.1%
14 Heftel Broadcasting Corp.* 772
22 Westwood One, Inc.* 767
--------
1,539
--------
Business Services -- 13.5%
22 Abacus Direct Corp.* 1,628
40 Affiliated Computer Services, Inc.,
Class A* 1,530
25 Career Education Corp.* 837
30 DeVRY, Inc.* 791
40 ITT Educational Services, Inc.* 982
25 Lason Holdings, Inc.* 989
68 Maximus, Inc.* 1,755
61 Metzler Group, Inc.* 1,700
35 NCO Group, Inc.* 1,147
50 Nielsen Media Research, Inc.* 1,369
61 NOVA Corp. of Georgia* 1,584
15 Professional Detailing, Inc.* 431
45 Quanta Services Inc.* 1,297
8 Razorfish Inc.* 348
</TABLE>
See notes to financial statements.
29
<PAGE>
Chase Vista Small Cap Opportunities Fund
Portfolio of Investments April 30, 1999 (unaudited) (continued)
(amounts in thousands)
<TABLE>
<CAPTION>
Shares Issuer Value
- ---------------------------------------------------------
Long-Term Investments -- (continued)
- ---------------------------------------------------------
<S> <C> <C>
43 Rental Service Corp.* $ 975
55 United Rentals, Inc.* 1,625
--------
18,988
--------
Computer Software -- 8.9%
25 Advantage Learning Systems, Inc.* 659
65 American Management Systems,
Inc.* 2,234
43 CSG Systems International, Inc.* 1,642
40 Integrated Systems, Inc.* 545
40 Macrovision Corp.* 1,880
42 Mastech Corp.* 621
7 Mpath Interactive, Inc. 276
21 New Era of Networks, Inc.* 789
50 Rational Software Corp.* 1,481
75 TSI International Software LTD* 1,181
25 USinternetworking Inc.* 1,278
--------
12,586
--------
Computers/Computer Hardware -- 1.3%
35 Maxwell Technologies, Inc.* 661
42 Micros Systems, Inc.* 1,239
--------
1,900
--------
Construction Materials -- 0.5%
64 Wilmar Industries, Inc.* 771
--------
Consumer Products -- 0.5%
40 Carriage Services, Inc.* 767
--------
Electronics/Electrical Equipment -- 11.2%
30 Atmel Corp.* 548
30 Cognex Corp.* 870
40 EG&G, Inc. 1,250
15 Harmonic Inc.* 684
45 ITI Technologies, Inc.* 1,198
10 L-3 Communications Holdings,
Inc.* 488
50 Lam Research Corp.* 1,559
65 Microchip Technology, Inc.* 2,275
14 Novellus Systems, Inc.* 662
10 PMC-Sierra, Inc.* 959
</TABLE>
See notes to financial statements.
30
<PAGE>
Chase Vista Small Cap Opportunities Fund
Portfolio of Investments April 30, 1999 (unaudited) (continued)
(amounts in thousands)
<TABLE>
<CAPTION>
Shares Issuer Value
- --------------------------------------------------------
Long-Term Investments -- (continued)
- --------------------------------------------------------
<S> <C> <C>
31 Semtech Corp.* $ 1,002
25 TranSwitch Corp.* 1,100
10 Uniphase Corp.* 1,214
19 Waters Corp.* 1,976
--------
15,785
--------
Engineering Services -- 0.6%
20 Jacobs Engineering Group, Inc.* 789
--------
Entertainment/Leisure -- 2.0%
56 Cinar Films, Inc., Class B* 1,169
100 Station Casinos, Inc.* 1,644
--------
2,813
--------
Environmental Services -- 1.3%
72 Waste Connections, Inc.* 1,886
--------
Financial Services -- 3.1%
50 Conning Corp.* 825
30 EVEREN Capital Corp. 881
75 Federated Investors, Inc., Class B 1,205
85 MicroFinancial Inc. 1,514
--------
4,425
--------
Food/Beverage Products -- 1.0%
90 Aurora Foods, Inc.* 1,339
--------
Health Care/Health Care Services -- 9.1%
50 Alternative Living Services, Inc.* 1,117
75 Hanger Orthopedic Group, Inc.* 1,097
120 Hooper Holmes, Inc. 1,912
29 IMPATH, Inc.* 720
20 MedQuist, Inc.* 685
35 Novoste Corp.* 779
65 Pharmaceutical Product
Development, Inc.* 1,893
34 ResMed, Inc.* 899
35 Universal Health Services, Inc.,
Class B* 1,813
75 Ventana Medical Systems, NC* 1,828
--------
12,743
--------
</TABLE>
See notes to financial statements.
31
<PAGE>
Chase Vista Small Cap Opportunities Fund
Portfolio of Investments April 30, 1999 (unaudited) (continued)
(amounts in thousands)
<TABLE>
<CAPTION>
Shares Issuer Value
- ---------------------------------------------------------
Long-Term Investments -- (continued)
- ---------------------------------------------------------
<S> <C> <C>
Home Building Construction -- 0.9%
30 D.R. Horton, Inc. $ 579
30 Lennar Corp. 726
--------
1,305
--------
Insurance -- 2.9%
42 Horace Mann Educators Corp. 956
41 Protective Life Corp. 1,587
38 Reinsurance Group of America, Inc. 1,603
--------
4,146
--------
Internet Services/Software -- 2.4%
13 AboveNet Communications Inc.* 1,070
10 AppliedTheory Corp.* 195
17 EarthLink Network, Inc.* 1,172
5 MiningCo.com, Inc.* 328
6 VerticalNet, Inc.* 681
--------
3,446
--------
Machinery & Engineering Equipment -- 0.9%
40 Applied Power, Inc., Class A 1,262
--------
Manufacturing -- 1.6%
80 MotivePower Industries, Inc.* 1,364
20 Pentair, Inc. 940
--------
2,304
--------
Oil & Gas -- 3.1%
45 Friede Goldman International Inc.* 841
75 Global Industries LTD* 923
20 J. Ray McDermott, SA 630
35 Newfield Exploration Co.* 941
31 Stone Energy Corp.* 1,052
--------
4,387
--------
Pharmaceuticals -- 3.1%
20 IDEC Pharmaceuticals Corp.* 1,015
63 King Pharmaceuticals, Inc.* 1,740
30 PathoGenesis Corp.* 394
70 Roberts Pharmaceutical Corp.* 1,190
--------
4,339
--------
</TABLE>
See notes to financial statements.
32
<PAGE>
Chase Vista Small Cap Opportunities Fund
Portfolio of Investments April 30, 1999 (unaudited) (continued)
(amounts in thousands)
<TABLE>
<CAPTION>
Shares Issuer Value
- -------------------------------------------------------
Long-Term Investments -- (continued)
- -------------------------------------------------------
<S> <C> <C>
Printing & Publishing -- 0.8%
25 Consolidated Graphics, Inc.* $ 1,066
--------
Restaurants/Food Services -- 1.6%
45 Buca, Inc. 816
35 Papa John's International, Inc.* 1,407
--------
2,223
--------
Retailing -- 8.0%
18 99 Cents Only Stores* 825
45 Ames Department Stores, Inc.* 1,572
45 Duane Reade Inc.* 1,207
26 Linens 'N Things, Inc.* 1,190
55 Pacific Sunwear of California* 2,040
70 Rent-Way, Inc.* 1,907
15 The Men's Wearhouse, Inc.* 411
10 The Wet Seal, Inc., Class A* 407
61 Wild Oats Markets, Inc.* 1,696
--------
11,255
--------
Shipping/Transportation -- 1.9%
43 Coach USA, Inc.* 1,009
40 C.H. Robinson Worldwide, Inc. 1,197
18 Hub Group, Inc., Class A* 405
--------
2,611
--------
Telecommunications -- 3.7%
20 Covad Communications Group,
Inc.* 1,920
40 ICG Communications, Inc.* 882
115 Pinnacle Holdings Inc.* 2,358
--------
5,160
--------
Total Common Stock 133,567
(Cost $110,836) --------
Poison Pill Rights -- 0.0%
--------------------------
Banking -- 0.0%
10 Cullen/Frost Bankers Inc., Expires
07/25/99 0
--------
Electronics/Electrical Equipment -- 0.0%
10 Credence Systems Corp., Expires
05/22/08 0
--------
</TABLE>
See notes to financial statements.
33
<PAGE>
Chase Vista Small Cap Opportunities Fund
Portfolio of Investments April 30, 1999 (unaudited) (continued)
(amounts in thousands)
<TABLE>
<CAPTION>
Shares Issuer Value
- -------------------------------------------------------------
Long-Term Investments -- (continued)
- -------------------------------------------------------------
<S> <C> <C>
Oil & Gas -- 0.0%
35 Friede Goldman International Inc.,
Expires 12/21/08 $ 0
--------
Total Poison Pill Rights 0
(Cost $0) --------
Principal
Amount
Convertible Corporate Notes & Bonds -- 0.5%
-------------------------------------------
Health Care/Health Care Services -- 0.5%
$ 1,200 Assisted Living Concepts Inc.,#
5.63%, 05/01/03 648
(Cost $1,200)
- -------------------------------------------------------------
Total Long-Term Investments 134,215
(Cost $112,036)
- -------------------------------------------------------------
Short-Term Investments -- 4.4%
- -------------------------------------------------------------
Repurchase Agreement -- 4.4%
----------------------------
6,184 Greenwich Capital Markets, Inc.,
4.93%, due 05/03/99, (Dated
04/30/99, Proceeds $6,187
Secured by FNMA, $6,715 at
5.50%, due 12/01/28; Market
Value $6,312) 6,184
(Cost $6,184)
- -------------------------------------------------------------
Total Investments -- 99.7% $140,399
(Cost $118,220)
- -------------------------------------------------------------
</TABLE>
Index
* -- Non-income producing security.
# -- Security may only be sold to qualified institutional buyers.
ADR -- American Depositary Receipt.
FNMA -- Federal National Mortgage Association.
See notes to financial statements.
34
<PAGE>
Chase Vista Focus Fund
as of April 30, 1999
(unaudited)
Fund Facts
<TABLE>
<S> <C> <C> <C> <C>
Objective Capital appreciation
Primary investments Common stocks
Suggested investment
time frame Mid- to Long-Term
Market benchmark S&P 500 Index
Lipper Funds category Capital Appreciation Funds Average
Class A Class B Class C Class I
------- ------- ------- -------
Inception date 6/30/98 6/30/98 6/30/98 6/30/98
Newspaper symbol Focus Not Listed Not Listed Not Listed
Net assets $20.8 Million $29.3 Million $6.4 Million $0.1 Million
</TABLE>
Investment Style/Market Cap Graphic
[9-Block Graphic]
Value Blend Growth
----- ----- ------
Large X
Med.
Small
[End Graphic]
35
<PAGE>
Chase Vista Focus Fund
as of April 30, 1999
(unaudited)
How the Fund Performed
Chase Vista Focus Fund, which seeks long-term capital growth through a limited
number of undervalued stocks, had a cumulative total return of 11.48% (Class A
shares, without sales charges) for the period since inception (insert date)
through April 30, 1999.
How the Fund Was Managed
A generally healthy economy enabled the Fund to record good investment results
during the period. In addition, investors began to rotate into the types of
stocks represented in the portfolio: large-cap, value-oriented stocks of well
managed companies currently selling at attractive valuations compared to the
market.
Early in the period, financial stocks contributed positively to the Fund's
investment results, thanks to increased merger and activity within the industry,
good earnings posted by major financial institutions and dissipating concerns
over the global economy. The Federal Reserve Board's decision to cut interest
rates in November, the third easing in as many months, also proved beneficial to
these stocks.
Good corporate earnings helped the Fund's technology stocks post strong
investment results in the final two months of 1998 but many of these stocks came
under pressure in February due to a sharp rise in interest rates brought on by
stronger-than-expected economic data and concerns over earnings growth prospects
of personal computer manufacturers. The Fund minimized the impact of this
downturn by reducing its exposure to the sector.
Early in 1998, the Fund enjoyed good returns from Applied Materials, EMC Corp,
Johnson Controls, Merrill Lynch, Pharmacia & Upjohn, Viacom, Union Pacific and
Worldcom. The Fund also realized good performance in April as investors reduced
their exposure to many of the stocks that have led the market rally in recent
years (high growth, high multiple stocks) and increased their weighting in
consumer cyclicals and other value-oriented stocks. The move may signal a change
in market leadership (from growth to value), which could be a boon to
shareholders given our emphasis on these securities.
Where the Fund May Be Headed
Our outlook for the stock market remains favorable. Domestic economic conditions
are favorable, with inflation benign and consumer confidence strong. Moreover,
cash flows into mutual funds remain solid. The recent strong move by value
stocks bodes well for the Fund. With solid weightings in capital goods, energy
and basic materials, we are well positioned to benefit from a continuing rally
in these stocks. Given the attractive valuations of these securities, we intend
to use any meaningful downturn in these securities as long-term buying
opportunities in select issues.
36
<PAGE>
Chase Vista Focus Fund
as of April 30, 1999
(unaudited)
How Much of the Fund Was Invested
[PIE CHART]
<TABLE>
<S> <C>
Cash/Other (1.73%)
Investments (98.27%)
</TABLE>
What the Fund Invested In
Percentage of Total Portfolio Investments
[PIE CHART]
<TABLE>
<S> <C>
Basic Materials (8.1%)
Capital Goods (15.2%)
Consumer Cyclical (17.4%)
Energy (4.1%)
Financial (24.4%)
Health Care (7.1%)
Technology (7.1%)
Transportation (4.3%)
Utilities (12.3%)
</TABLE>
Top Ten Equity Holdings
1. Alcoa Inc. (4.46%) The Company produces aluminum and alumina and is
involved in mining, refining, smelting, fabricating and recycling.
2. Union Pacific Corp. (4.30%) Operates rail transportation and trucking
businesses. The Company's railroad hauls a variety of goods, including
agricultural, automotive and chemical products.
3. Waste Management, Inc. (4.15%) Provides waste management services. The
company serves municipal, commercial, industrial and residential customers.
4. Ingersoll-Rand Co. (4.09%) Manufactures construction machinery and
industrial equipment. The Company's products include air compressors,
tools, pumps, bearings and automotive components.
5. GTE Corp. (4.07%) Provides government and defense communications systems
and equipment, aircraft passenger telecommunications, and directories and
telecommunications-based information services.
6. Coastal Corp. (4.07%) Gathers, markets, processes, stores and transmits
gas, as well as refines, markets and distributes petroleum and chemicals.
7. Ford Motor Co. (3.89%) Manufactures and sells automobiles, trucks, and
related parts and accessories around the world.
8. Altera Corp. (3.88%) Designs, manufactures and markets programmable logic
devices and associated development tools. The Company's products, including
a variety of programmable logic devices, serve the telecommunications and
industrial application markets.
9. Johnson Controls, Inc. (3.79%) Markets automotive systems and building
controls. The Company supplies seating systems, interior systems and
batteries.
10. Associates First Capital Corp. (3.74%) Provides finance, leasing and
related services to individual consumers and businesses in the United
States and internationally. The Company's services include commercial
lending, credit card processing and home equity lending.
Top 10 equity holdings comprised 40.44% of Fund's market value of investments.
Fund holdings are subject to change at any time.
37
<PAGE>
Chase Vista Focus Fund
as of April 30, 1999
(unaudited)
Cumulative Total Returns+
This table shows the average annual total returns. This is where you can see the
Fund's short-term performance, which, as with the stock markets, tends to be
more volatile than the long-term trend.
<TABLE>
<CAPTION>
Since
Inception
(6/30/98)
---------
<S> <C>
Class A Shares
Without Sales Charge 4.79%
With Sales Charge* 1.23%
Class B Shares
Without CDSC 4.30%
With CDSC** -0.70%
Class C Shares
Without CDSC 4.20%
With CDSC*** 3.20%
Class I Shares 4.96%
</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.
* Sales Charge for Class A Shares is 5.75%.
** Assumes 5% CDSC (contingent deferred sales charge) for the period since
inception.
*** Assumes 1% CDSC for the period since inception.
+ The Fund commenced operations on 6/30/98. Class A, B, C and I Shares were
introduced on 6/30/98.
The Fund is currently waiving certain fees. This voluntary waiver may be
modified or terminated at any time, which would reduce performance.
Small capitalization funds typically carry more risk than stock funds investing
in well-established "blue chip" companies since smaller companies generally have
a higher risk of failure. Historically, smaller companies' stock has experienced
a greater degree of market volatility than the average stock.
38
<PAGE>
Chase Vista Focus Fund
Portfolio of Investments April 30, 1999 (unaudited)
(amounts in thousands)
<TABLE>
<CAPTION>
Shares Issuer Value
- ----------------------------------------------------
Long-Term Investments -- 92.3%
- ----------------------------------------------------
<S> <C> <C>
Common Stock -- 92.3%
---------------------
Automotive -- 3.9%
34 Ford Motor Co. $ 2,174
--------
Banking -- 3.6%
37 First Union Corp. 2,021
--------
Construction Materials -- 3.5%
68 Masco Corp. 1,997
--------
Consumer Products -- 3.0%
48 Philip Morris Companies, Inc. 1,683
--------
Electronics/Electrical Equipment -- 7.0%
30 Altera Corp.* 2,167
34 Applied Materials, Inc.* 1,796
--------
3,963
--------
Entertainment/Leisure -- 3.3%
46 Viacom, Inc. Class B* 1,880
--------
Environmental Services -- 4.1%
41 Waste Management, Inc. 2,316
--------
Financial Services -- 10.7%
47 Associates First Capital Corp.,
Class A 2,092
32 Freddie Mac 2,021
23 Merrill Lynch & Co. 1,931
--------
6,044
--------
Health Care/Health Care Services -- 3.6%
150 HEALTHSOUTH Corp.* 2,016
--------
Insurance -- 3.2%
50 Allstate Corp. 1,819
--------
Manufacturing -- 7.8%
33 Ingersoll-Rand Co. 2,283
29 Johnson Controls, Inc. 2,115
--------
4,398
--------
Metals/Mining -- 4.4%
40 Alcoa Inc. 2,490
--------
Oil & Gas -- 4.0%
59 Coastal Corp. 2,272
--------
</TABLE>
See notes to financial statements.
39
<PAGE>
Chase Vista Focus Fund
Portfolio of Investments April 30, 1999 (unaudited) (continued)
(amounts in thousands)
<TABLE>
<CAPTION>
Shares Issuer Value
- -----------------------------------------------------
Long-Term Investments -- (continued)
- -----------------------------------------------------
<S> <C> <C>
Paper/Forest Products -- 3.6%
30 Weyerhaeuser Co. $ 2,014
--------
Pharmaceuticals -- 3.4%
35 Pharmacia & Upjohn, Inc. 1,932
--------
Pipelines -- 1.2%
15 Columbia Energy Group, Inc. 697
--------
Retailing -- 6.6%
31 Kroger Co.* 1,662
94 Office Depot, Inc.* 2,075
--------
3,737
--------
Shipping/Transportation -- 4.3%
40 Union Pacific Corp. 2,400
--------
Telecommunications -- 7.4%
34 GTE Corp. 2,276
23 MCI WorldCom, Inc.* 1,890
--------
4,166
--------
Utilities -- 3.7%
53 Texas Utilities Co. 2,087
--------
Total Common Stock 52,106
(Cost $47,504) --------
Poison Pill Rights -- 0.0%
--------------------------
Manufacturing -- 0.0%
37 Ingersoll-Rand Co., Expires
12/22/08 0
(Cost $0)
- -----------------------------------------------------
Total Long-term Investments 52,106
(Cost $47,504)
- -----------------------------------------------------
</TABLE>
See notes to financial statements.
40
<PAGE>
Chase Vista Focus Fund
Portfolio of Investments April 30, 1999 (unaudited) (continued)
(amounts in thousands)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
- -------------------------------------------------------
Short-Term Investments -- 6.6%
- -------------------------------------------------------
<S> <C> <C>
Repurchase Agreement -- 6.6%
----------------------------
$ 3,744 Greenwich Capital Markets, Inc.,
4.93%, due 05/03/99, (Dated
04/30/99, Proceeds $3,746
Secured by FHLMC Gold,
$3,775 at 6.50%, due 03/01/29
through 04/01/29; Market Value
$3,821) $ 3,744
(Cost $3,744)
- -------------------------------------------------------
Total Investments -- 98.9% $55,850
(Cost $51,248)
- -------------------------------------------------------
</TABLE>
Index
* -- Non-income producing security.
FHLMC -- Federal Home Loan Mortgage Corp.
See notes to financial statements.
41
<PAGE>
Chase Vista Funds
Statement of Assets and Liabilities April 30, 1999 (unaudited)
- --------------------------------------------------------------------------------
(amounts in thousands)
<TABLE>
<CAPTION>
Growth and Capital Equity
Income Growth Income
Fund Fund Fund
----------- ---------- --------
<S> <C> <C> <C>
ASSETS:
Investments, at value (Note 1)..... $ 2,221,082 $1,085,648 $129,774
Cash .............................. -- -- 1
Receivables:
Investment securities sold ....... -- -- 1,088
Interest and dividends ........... -- -- 214
Fund shares sold ................. 972 281 401
Other assets ...................... 13 8 1
----------- ---------- --------
Total Assets ................... 2,222,067 1,085,937 131,479
----------- ---------- --------
LIABILITIES:
Payables:
Investment securities
purchased ....................... -- -- 3,024
Fund shares redeemed ............. 1,916 1,651 446
Accrued liabilities: (Note 2)
Investment advisory fees ......... -- -- 41
Administration fees .............. 181 89 15
Shareholder servicing fees ....... 452 223 26
Distribution fees ................ 689 373 41
Custodian ........................ -- -- 21
Other ............................ 745 353 94
----------- ---------- --------
Total Liabilities .............. 3,983 2,689 3,708
----------- ---------- --------
NET ASSETS:
Paid in capital ................... 1,373,221 750,820 101,622
Accumulated undistributed net
investment income (loss) ......... 221 (3,723) (31)
Accumulated undistributed net
realized gain (loss) on
investments ...................... 381,628 105,494 9,447
Net unrealized appreciation of
investments ...................... 463,014 230,657 16,733
----------- ---------- --------
Net Assets ........................ $ 2,218,084 $1,083,248 $127,771
=========== ========== ========
Shares of beneficial interest
outstanding ($.001 par value;
unlimited number of shares
authorized):
Class A Shares ................... 35,036 15,542 4,128
Class B Shares ................... 13,402 9,478 1,419
Class C Shares ................... 202 137 310
Class I Shares ................... 718 987 --
Net Asset Value:
Class A Shares (and
redemption price) ............... $ 45.06 $ 41.80 $ 21.87
Class B Shares* .................. $ 44.63 $ 40.76 $ 21.68
Class C Share* ................... $ 43.72 $ 40.41 $ 21.67
Class I Shares (and
redemption price) ............... $ 45.29 $ 42.22 --
Class A Maximum Public
Offering Price Per Share
(net asset value /94.25% of
net asset value per share) ....... $ 47.81 $ 44.35 $ 23.20
=========== ========== ========
Cost of Investments ............... $ -- $ -- $113,041
=========== ========== ========
</TABLE>
- --------------
* Redemption price may be reduced by contingent deferred sales charge.
See notes to financial statements.
42
<PAGE>
Chase Vista Funds
Statement of Assets and Liabilities April 30, 1999 (unaudited) (continued)
- --------------------------------------------------------------------------------
(amounts in thousands)
<TABLE>
<CAPTION>
Small Cap
Opportunities Focus
Fund Fund
------------- -------
<S> <C> <C>
ASSETS:
Investments, at value (Note 1)..... $140,399 $55,850
Cash .............................. 736 1
Receivables:
Investment securities sold ....... 1,283 356
Interest and dividends ........... 50 36
Fund shares sold ................. 1,121 588
Other assets ...................... 59 --
-------- -------
Total Assets ................... 143,648 56,831
-------- -------
LIABILITIES:
Payables:
Investment securities
purchased ....................... 2,013 --
Fund shares redeemed ............. 621 248
Accrued liabilities: (Note 2)
Investment advisory fees ......... 57 --
Administration fees .............. 17 7
Shareholder servicing fees ....... 15 8
Distribution fees ................ 57 26
Custodian ........................ 9 18
Other ............................ 74 65
-------- -------
Total Liabilities .............. 2,863 372
-------- -------
NET ASSETS:
Paid in capital ................... 127,213 52,256
Accumulated undistributed net
investment income (loss) ......... (945) (104)
Accumulated undistributed net
realized gain (loss) on
investments ...................... (7,662) (295)
Net unrealized appreciation of
investments ...................... 22,179 4,602
-------- -------
Net Assets ........................ $140,785 $56,459
======== =======
Shares of beneficial interest
outstanding ($.001 par value;
unlimited number of shares
authorized):
Class A Shares ................... 4,946 1,982
Class B Shares ................... 4,313 2,806
Class C Shares ................... 484 618
Class I Shares ................... 1 --
Net Asset Value:
Class A Shares (and
redemption price) ............... $ 14.54 $ 10.47
Class B Shares* .................. $ 14.35 $ 10.43
Class C Share* ................... $ 14.34 $ 10.42
Class I Shares (and
redemption price) ............... $ 14.54 $ 10.48
Class A Maximum Public
Offering Price Per Share
(net asset value /94.25% of
net asset value per share) ....... $ 15.43 $ 11.11
======== =======
Cost of Investments ............... $118,220 $51,248
======== =======
</TABLE>
- --------------
* Redemption price may be reduced by contingent deferred sales charge.
See notes to financial statements.
43
<PAGE>
Chase Vista Funds
Statement of Operations For the six months ended April 30, 1999 (unaudited)
- --------------------------------------------------------------------------------
(amounts in thousands)
<TABLE>
<CAPTION>
Growth and Capital Equity
Income Growth Income
Fund Fund Fund
---------- -------- -------
<S> <C> <C> <C>
INVESTMENT INCOME:
Dividend .................................. $ -- $ -- $ 1,156
Interest .................................. -- -- 119
Investment income from Portfolio .......... 16,618 4,715 --
Foreign taxes withheld .................... (38) -- (11)
Expenses from Portfolio ................... (5,058) (2,767) --
-------- -------- -------
Total investment income ................. 11,522 1,948 1,264
-------- -------- -------
EXPENSES: (Note 2)
Investment advisory fees .................. -- -- 241
Administration fees ....................... 1,080 584 90
Shareholder servicing fees: ............... 2,699 1,459 151
Distribution fees ......................... 4,111 2,414 236
Custody fees .............................. -- -- 44
Printing and postage ...................... 50 37 10
Professional fees ......................... 13 17 17
Registration costs ........................ 19 12 15
Transfer agent fees ....................... 1,820 1,040 151
Trustees fees and expenses ................ 22 12 3
Other ..................................... 112 97 1
-------- -------- -------
Total expenses .......................... 9,926 5,672 959
-------- -------- -------
Less expenses bourne by
Distributor .............................. -- 21 --
Less amounts waived ....................... -- -- --
-------- -------- -------
Net Expenses .............................. 9,926 5,651 959
-------- -------- -------
Net investment income (loss) ............. 1,596 (3,703) 305
-------- -------- -------
REALIZED AND UNREALIZED
GAIN (LOSS) ON INVESTMENTS:
Net realized gain on investments ............ 392,859 107,837 9,706
Change in net unrealized appreciation/
depreciation on investments ............... (72,287) 21,604 7,341
-------- -------- -------
Net realized and unrealized gain on
investments ............................... 320,572 129,441 17,047
-------- -------- -------
Net increase in net assets from
operations ................................ $322,168 $125,738 $17,352
======== ======== =======
</TABLE>
See notes to financial statements.
44
<PAGE>
Chase Vista Funds
Statement of Operations For the six months ended April 30, 1999
(unaudited) (continued)
- --------------------------------------------------------------------------------
(amounts in thousands)
<TABLE>
<CAPTION>
Small Cap
Opportunities Focus
Fund Fund
------------- --------
<S> <C> <C>
INVESTMENT INCOME:
Dividend .................................. $ 98 $ 198
Interest .................................. 283 103
Investment income from Portfolio .......... -- --
Foreign taxes withheld .................... -- --
Expenses from Portfolio ................... -- --
------- ------
Total investment income ................. 381 301
------- ------
EXPENSES: (Note 2)
Investment advisory fees .................. 462 100
Administration fees ....................... 107 38
Shareholder servicing fees: ............... 177 63
Distribution fees ......................... 352 137
Custody fees .............................. 24 28
Printing and postage ...................... 13 18
Professional fees ......................... 14 22
Registration costs ........................ 16 30
Transfer agent fees ....................... 315 106
Trustees fees and expenses ................ 4 1
Other ..................................... 5 7
------- ------
Total expenses .......................... 1,489 550
------- ------
Less expenses bourne by
Distributor .............................. -- 6
Less amounts waived ....................... 164 141
------- ------
Net Expenses .............................. 1,325 403
------- ------
Net investment income (loss) ............. (944) (102)
------- ------
REALIZED AND UNREALIZED
GAIN (LOSS) ON INVESTMENTS:
Net realized gain on investments ............ 2,479 558
Change in net unrealized appreciation/
depreciation on investments ............... 15,205 4,784
------- ------
Net realized and unrealized gain on
investments ............................... 17,684 5,342
------- ------
Net increase in net assets from
operations ................................ $16,740 $5,240
======= ======
</TABLE>
See notes to financial statements.
45
<PAGE>
Chase Vista Funds
Statement of Changes In Net Assets For the periods indicated (unaudited)
- --------------------------------------------------------------------------------
(Amounts in thousands)
<TABLE>
<CAPTION>
Growth and Capital Equity
Income Growth Income
Fund Fund Fund
----------------------- ----------------------- ---------------------
11/01/98 Year 11/01/98 Year 11/01/98 Year
Through Ended Through Ended Through Ended
04/30/99 10/31/98 04/30/99 10/31/98 04/30/99 10/31/98
--------- -------- -------- -------- -------- --------
<S> <C> <C> <C> <C> <C> <C>
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS:
Net investment income (loss) .................... $ 1,596 $ 7,645 $ (3,703) $ (5,278) $ 305 $ 1,003
Net realized gain (loss) on investments and
futures transactions ........................... 392,859 232,578 107,837 108,711 9,706 350
Change in net unrealized appreciation/
depreciation on investments and futures
transactions ................................... (72,287) (39,638) 21,604 (115,006) 7,341 2,019
---------- ---------- ---------- ---------- -------- --------
Increase (decrease) in net assets from
operations ..................................... 322,168 200,585 125,738 (11,573) 17,352 3,372
---------- ---------- ---------- ---------- -------- --------
DISTRIBUTIONS TO SHAREHOLDERS
FROM: (Note 1):
Net investment income ........................... (2,254) (7,670) -- -- (358) (1,152)
Net realized gain on investment transactions..... (222,212) (354,409) (111,160) (138,760) (648) (4,295)
---------- ---------- ---------- ---------- -------- --------
Total dividends and distributions .............. (224,466) (362,079) (111,160) (138,760) (1,006) (5,447)
---------- ---------- ---------- ---------- -------- --------
Increase (decrease) from capital share
transactions (Note 5) .......................... 50,765 (277,063) (121,062) 26,816 1,401 49,927
---------- ---------- ---------- ---------- -------- --------
Total increase (decrease) in net assets ........ 148,467 (438,557) (106,484) (123,517) 17,747 47,852
NET ASSETS:
Beginning of period ............................. 2,069,617 2,508,174 1,189,732 1,313,249 110,024 62,172
---------- ---------- ---------- ---------- -------- --------
End of period ................................... $2,218,084 $2,069,617 $1,083,248 $1,189,732 $127,771 $110,024
========== ========== ========== ========== ======== ========
</TABLE>
See notes to financial statements.
46
<PAGE>
Chase Vista Funds
Statement of Changes In Net Assets For the periods indicated (unaudited)
(continued)
- --------------------------------------------------------------------------------
(Amounts in thousands)
<TABLE>
<CAPTION>
Small Cap
Opportunities Focus
Fund Fund
--------------------- --------------------
11/01/98 Year 11/01/98 06/30/98*
Through Ended Through Through
04/30/99 10/31/98 04/30/99 10/31/98
-------- -------- -------- ---------
<S> <C> <C> <C> <C>
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS:
Net investment income (loss) .................................................... $ (944) $ (1,413) $ (102) $ 16
Net realized gain (loss) on investments and futures transactions ................ 2,479 (9,470) 558 (853)
Change in net unrealized appreciation/depreciation on investments and futures
transactions ................................................................... 15,205 (1,888) 4,784 (182)
-------- --------- ------- --------
Increase (decrease) in net assets from operations ............................... 16,740 (12,771) 5,240 (1,019)
-------- --------- ------- --------
DISTRIBUTIONS TO SHAREHOLDERS FROM: (Note 1):
Net investment income ........................................................... -- -- (18) --
Net realized gain on investment transactions .................................... -- -- -- --
-------- --------- ------- --------
Total dividends and distributions .............................................. -- -- (18) --
-------- --------- ------- --------
Increase (decrease) from capital share transactions (Note 5) .................... 737 55,302 11,177 41,079
-------- --------- ------- --------
Total increase (decrease) in net assets ........................................ 17,477 42,531 16,399 40,060
NET ASSETS:
Beginning of period ............................................................. 123,308 80,777 40,060 --
-------- --------- ------- --------
End of period ................................................................... $140,785 $ 123,308 $56,459 $ 40,060
======== ========= ======= ========
</TABLE>
- -------
* Commencement of operations of the Fund.
See notes to financial statements.
47
<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 Chase Vista Funds. Growth
and Income Fund ("CVGIF"), Capital Growth Fund ("CVCGF"), Equity Income Fund
("CVEIF"), Small Cap Opportunities Fund ("CVSCOF") and Focus Fund ("CVFF")
collectively, the "Funds", are separate series of the Trust. The Funds offer
various classes of shares as follows:
<TABLE>
<CAPTION>
Fund Classes Offered
- ------ ----------------------------------------
<S> <C>
CVGIF Class A, Class B, Class C, Institutional
CVCGF Class A, Class B, Class C, Institutional
CVEIF Class A, Class B, Class C
CVSCOF Class A, Class B, Class C, Institutional
CVFF Class A, Class B, Class C, Institutional
</TABLE>
Class A shares generally provide for a front-end sales charge while Class B
shares and Class C shares provide for a contingent deferred sales charge. All
classes of shares have equal rights as to earnings, assets and voting privileges
except that each class may bear different distribution fees and each class has
exclusive voting rights with respect to its distribution plan. No sales charges
are assessed with respect to the Institutional Class ("Class I").
Organization expenses incurred in connection with the commencement of the Focus
Fund have been paid in full by Vista Fund Distributors, Inc. The Fund will not
reimburse Vista Fund Distributors, Inc. for such expenses.
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. CVGIF and CVCGF
CVGIF and CVCGF adopted the Master Feeder Fund and seek to achieve their
investment objective by investing all of their investable assets in the
Growth and Income Portfolio and the Capital Growth Portfolio respectively
(the "Portfolios") which like the Funds, are open-end management investment
companies having the same investment objectives as the Funds. As of April 30,
1999, CVGIF and CVCGF owned 74.04% and 99.99% of the net assets of the Growth
and Income Portfolio, and of the Capital Growth Portfolio, respectively. The
financial statements of each Portfolio, including the portfolio of
investments, are included elsewhere in this report and should be read in
conjunction with the financial statements of the Funds.
1. Valuation of investments -- CVGIF and CVCGF record their investments
in their respective Portfolios at value. Securities of the Portfolios are
recorded at value as more fully discussed in the notes to those financial
statements.
2. Investment income and expenses -- CVGIF and CVCGF record daily their
pro-rata share of the respective Portfolio's income, expenses, and
realized and unrealized gains and losses. In addition, the Funds accrue
their own expenses daily as incurred. Realized gains/losses and changes
in unrealized appreciation/depreciation represent the Fund's share of
such elements allocated from the Portfolio.
B. CVEIF, CVSCOF and CVFF
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
48
<PAGE>
Chase Vista Funds
Notes to Financial Statements (unaudited) (continued)
- --------------------------------------------------------------------------------
price. Bonds and other fixed income securities (other than short-term
obligations), including listed issues, are valued on the basis of the
valuations supplied by pricing services or by matrix pricing systems of a
major dealer in bonds. Short-term debt securities with 61 days or more to
maturity at time of purchase are valued, through the 61st day prior to
maturity, at market value based on quotations obtained from market makers
or other appropriate sources; thereafter, the value on the 61st day is
amortized on a straight-line basis over the remaining number of days to
maturity. Short-term investments with 60 days or less to maturity at time
of purchase are valued at amortized cost, which approximates market.
Portfolio securities for which there are no such quotations or valuations
are valued at fair value as determined in good faith by or at the
direction of the Trustees.
2. Repurchase agreements -- It is the Fund's policy that repurchase
agreements are fully collateralized by U.S. Treasury and Government
Agency securities. All collateral is held by the Fund's custodian bank,
subcustodian, or a bank with which the custodian bank has entered into a
subcustodian agreement, or is segregated in the Federal Reserve Book
Entry System. In connection with transactions in repurchase agreements,
if the seller defaults and the value of the collateral declines, or if
the seller enters an insolvency proceeding, realization of the collateral
by the Fund may be delayed or limited.
3. Futures contracts -- When a Fund enters into a futures contract, it
makes an initial margin deposit in a segregated account, either in cash
or liquid securities. Thereafter, the futures contract is marked to
market and the Fund makes (or receives) additional cash payments daily to
(or from) the broker. Changes in the value of the contract are recorded
as unrealized appreciation/depreciation until the contract is closed or
settled.
The Funds invest in stock index futures contracts for the purpose of
hedging the Fund against share price volatility, which purpose may or may
not be achieved. When the Fund is not fully invested in the securities
market, it may enter into "long" positions in futures or options
contracts in order to gain rapid market exposure that may in part or
entirely offset increases in the cost of securities intended for
purchase.
Use of short futures contracts subjects the Fund to unlimited risk of
loss. Use of long futures contracts subjects the Fund to risk of loss in
excess of amounts shown on the Statement of Assets and Liabilities, up to
the amount of the nominal value of the futures contracts.
The Funds may enter into futures contracts only on exchanges or boards of
trade. The exchange or board of trade acts as the counterparty to each
futures transaction, therefore, the Funds' credit risk is limited to
failure of the exchange or board of trade. As of April 30, 1999 the Funds
had no outstanding futures contracts.
4. Security transactions and investment income -- Investment transactions
are accounted for on the trade date (the date the order to buy or sell is
executed). Securities gains and losses are calculated on the identified
cost basis. Interest income is accrued as earned. Dividend income is
recorded on the ex-dividend date.
C. General Policies
1. Organization costs -- Organization and initial registration costs
incurred in connection with establishing the Funds which commenced
operations prior to June 30, 1998 have been deferred and are being
amortized on a straight-line basis over a sixty month period beginning at
the commencement of operations of each Fund.
49
<PAGE>
Chase Vista Funds
Notes to Financial Statements (unaudited) (continued)
- --------------------------------------------------------------------------------
2. Federal income taxes -- Each Fund is treated as a separate taxable
entity for Federal income tax purposes. Each Fund's policy is to comply
with the provisions of the Internal Revenue Code applicable to regulated
investment companies and to distribute to shareholders all of its
distributable net investment income, and net realized gain on
investments. In addition, each Fund intends to make distributions as
required to avoid excise taxes. Accordingly, no provision for Federal
income or excise tax is necessary.
3. Distributions to shareholders -- Dividends and distributions paid to
shareholders are recorded on the ex-dividend date. The amount of
dividends and distributions from net investment income and net realized
capital gains is determined in accordance with Federal income tax
regulations, which may differ from generally accepted accounting
principles. To the extent these "book/tax" differences are permanent in
nature, (i.e., that they result from other than timing of recognition --
"temporary differences") such amounts are reclassified within the capital
accounts based on their Federal tax-basis treatment.
Dividends and distributions which exceed net investment income or net
realized capital gains for financial reporting purposes but not for tax
purposes are reported as distributions in excess of net investment income
or net realized capital gains.
4. Expenses -- Expenses directly attributable to a Fund are charged to
that Fund; 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 CVSCOF, CVEIF and CVFF. Chase is a direct
wholly-owned subsidiary of The Chase Manhattan Corporation. As Investment
Advisor, Chase supervises the investments of the Funds and for such services
is paid a fee. The fee is computed daily and paid monthly at an annual rate
equal to 0.65% for CVSCOF and 0.40% for CVEIF and CVFF of the average daily
net assets. The Advisor, voluntarily waived $77 and $100 of its fees for
CVSCOF and CVFF for the six months ended April 30, 1999.
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 0.20% of CVEIF and CVFF and 0.30% of CVSCOF's average
daily net assets.
B. Shareholder servicing fees -- The Trust has adopted an Administrative
Services Plan which, among other things, provides that the Trust on behalf of
the Funds may obtain the services of one or more Shareholder Servicing
Agents. For its services, the Shareholder Servicing Agents receive a fee that
is computed daily and paid monthly at an annual rate equal to 0.25% of the
average daily net assets of each of the classes of the Funds. For the six
months ended April 30, 1999, Chase's Shareholder Servicing charges amounted
to: (in thousands) (before waivers) CVGIF: $2,635, CVCGF: $1,377, CVEIF:
$151, CVSCOF: $176 and CVFF: $63.
The Shareholder Servicing Agents have voluntarily waived (in thousands) $87
and $37 of CVSCOF and CVFF of their fees for the six months ended April 30,
1999.
C. Distribution and sub-administration fees -- Pursuant to a Distribution
and Sub- Administration Agreement, Vista Fund Distributors, Inc. (the
"Distributor"), a
50
<PAGE>
Chase Vista Funds
Notes to Financial Statements (unaudited) (continued)
- --------------------------------------------------------------------------------
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, B and C for the Funds in accordance with Rule 12b-1 under the 1940
Act. There is no Distribution Plan for the Institutional Classes. The Class A
Distribution Plans provide that each Fund shall pay distribution fees,
including payments to the Distributor, at annual rates not to exceed 0.25% of
the average daily net assets of the Class A Shares of each Fund. The Class B
and Class C Distribution Plans provide that each Fund shall pay distribution
fees, including payments to the Distributor, at an annual rate not to exceed
0.75% of the average annual net assets of the Class B and Class C Shares for
distribution services.
The Distributor voluntarily waived (in thousands) $2 of its
sub-administration fees for CVFF for the six months ended April 30, 1999.
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 CVSCOF, CVEIF
and CVFF a fee computed at the annual rate equal to 0.10% of the respective
Fund's average daily net assets and from CVGIF and CVCGF, a fee computed at
the annual rate equal to 0.05% of the respective Fund's average daily net
assets.
The Administrator voluntarily waived (in thousands) $3 of its fees for CVFF
for the six months ended April 30, 1999.
E. 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 CVSCOF, CVEIF
and CVFF. Compensation for such services is presented in the Statement of
Operations as custodian fees.
3. Investment Transactions -- For the six months ended April 30, 1999, purchases
and sales of investments (excluding short-term investments) were as follows (in
thousands):
<TABLE>
<CAPTION>
CVEIF CVSCOF CVFF
-------- ------- -------
<S> <C> <C> <C>
Purchases (excluding U.S.
Government) ............................. $117,092 $64,695 $42,634
Sales (excluding U.S. Government) ......... 109,612 59,378 32,361
Sales of U.S. Government .................. 580 -- --
</TABLE>
4. Federal Income Tax Matters -- For Federal income tax purposes, the cost and
unrealized appreciation (depreciation) in value of the investment securities at
six months ended April 30, 1999 are as follows (in thousands):
<TABLE>
<CAPTION>
CVIEF CVSCOF CVFF
-------- -------- -------
<S> <C> <C> <C>
Aggregate cost ........................ $113,041 $118,220 $51,248
-------- -------- -------
Gross unrealized appreciation ......... 19,061 30,008 6,552
Gross unrealized depreciation ......... (2,328) (7,829) (1,950)
-------- -------- -------
Net unrealized appreciation ........... $ 16,733 $ 22,179 $ 4,602
======== ======== =======
</TABLE>
51
<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 (in thousands):
<TABLE>
<CAPTION>
Growth and Income Fund
-----------------------------------------------
Six Month
Period Ended Year Ended
April 30, 1999 October 31, 1998
---------------------- ---------------------
Amount Shares Amount Shares
-------- ------- -------- -------
<S> <C> <C> <C> <C>
Class A
Shares sold ............. $161,131 3,727 $285,309 6,457
Shares issued in
reinvestment of
distributions ......... 150,745 3,653 202,505 4,945
Shares redeemed ......... (302,660) (7,013) (401,172) (9,121)
-------- ------ -------- ------
Net increase (decrease)
in Trust shares
outstanding ........... $ 9,216 367 $ 86,642 2,281
======== ====== ======== ======
</TABLE>
<TABLE>
<CAPTION>
Growth and Income Fund
-----------------------------------------------
Six Month
Period Ended Year Ended
April 30, 1999 October 31, 1998
---------------------- ---------------------
Amount Shares Amount Shares
-------- ------- -------- -------
<S> <C> <C> <C> <C>
Class B
Shares sold ............. $39,563 925 $95,696 2,163
Shares issued in
reinvestment of
distributions ......... 55,023 1,346 66,372 1,636
Shares redeemed ......... (63,441) (1,486) (79,536) (1,824)
------- ------ ------- ------
Net increase (decrease)
in Trust shares
outstanding ........... $31,145 785 $82,532 1,975
======= ====== ======= ======
</TABLE>
<TABLE>
<CAPTION>
Growth and Income Fund
-----------------------------------------------
Six Month January 2, 1998*
Period Ended Through
April 30, 1999 October 31, 1998
---------------------- ---------------------
Amount Shares Amount Shares
-------- ------- -------- -------
<S> <C> <C> <C> <C>
Class C
Shares sold ............. $4,712 113 $5,046 115
Shares issued in
reinvestment of
distributions ......... 614 15 7 --
Shares redeemed ......... (1,564) (37) (139) (4)
------ --- ------ ---
Net increase (decrease)
in Trust shares
outstanding ........... $3,762 91 $4,914 111
====== === ====== ===
</TABLE>
52
<PAGE>
Chase Vista Funds
Notes to Financial Statements (unaudited) (continued)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Growth and Income Fund
----------------------------------------------
Six Month
Period Ended Year Ended
April 30, 1999 October 31, 1998
---------------------- --------------------
Amount Shares Amount Shares
------ ------ --------- -------
<S> <C> <C> <C> <C>
Institutional Shares
Shares sold ............. $9,409 216 $ 20,273 465
Shares issued in
reinvestment of
distributions ......... 2,964 71 74,109 1,808
Shares redeemed ......... (5,731) (132) (545,533) (12,979)
------ ---- --------- -------
Net increase (decrease)
in Trust shares
outstanding ........... $6,642 155 $(451,151) (10,706)
====== ==== ========= =======
</TABLE>
<TABLE>
<CAPTION>
Capital Growth Fund
----------------------------------------------
Six Month
Period Ended Year Ended
April 30, 1999 October 31, 1998
---------------------- --------------------
Amount Shares Amount Shares
------ ------ --------- -------
<S> <C> <C> <C> <C>
Class A
Shares sold ............. $307,942 7,546 $428,040 9,587
Shares issued in
reinvestment of
distributions ......... 62,638 1,590 82,453 1,956
Shares redeemed ......... (459,350) (11,263) (531,266) (11,825)
-------- ------- -------- -------
Net increase (decrease)
in Trust shares
outstanding ........... $(88,770) (2,127) $(20,773) (282)
======== ====== ======== =======
</TABLE>
<TABLE>
<CAPTION>
Capital Growth Fund
----------------------------------------------
Six Month
Period Ended Year Ended
April 30, 1999 October 31, 1998
---------------------- --------------------
Amount Shares Amount Shares
------ ------ --------- -------
<S> <C> <C> <C> <C>
Class B
Shares sold ............. $ 54,565 1,385 $118,688 2,693
Shares issued in
reinvestment of
distributions ......... 36,123 939 42,829 1,033
Shares redeemed ......... (113,866) (2,886) (125,354) (2,831)
-------- ------ -------- ------
Net increase (decrease)
in Trust shares
outstanding ........... $(23,178) (562) $ 36,163 895
======== ====== ======== ======
</TABLE>
53
<PAGE>
Chase Vista Funds
Notes to Financial Statements (unaudited) (continued)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Capital Growth Fund
----------------------------------------------
Six Month January 2, 1998*
Period Ended Through
April 30, 1999 October 31, 1998
---------------------- --------------------
Amount Shares Amount Shares
------ ------ --------- -------
<S> <C> <C> <C> <C>
Class C
Shares sold ............. $3,482 87 $3,989 91
Shares issued in
reinvestment of
distributions ......... 270 7 -- --
Shares redeemed ......... (1,799) (45) (115) (3)
------ --- ------ ---
Net increase (decrease)
in Trust shares
outstanding ........... $1,953 49 $3,874 88
====== === ====== ===
</TABLE>
<TABLE>
<CAPTION>
Capital Growth Fund
----------------------------------------------
Six Month
Period Ended Year Ended
April 30, 1999 October 31, 1998
---------------------- --------------------
Amount Shares Amount Shares
-------- ------ --------- ------
<S> <C> <C> <C> <C>
Institutional Shares
Shares sold ............. $ 9,625 232 $59,703 1,301
Shares issued in
reinvestment of
distributions ......... 5,013 126 5,935 140
Shares redeemed ......... (25,705) (634) (58,086) (1,292)
-------- ---- ------- ------
Net increase (decrease)
in Trust shares
outstanding ........... $(11,067) (276) $ 7,552 149
======== ==== ======= ======
</TABLE>
54
<PAGE>
Chase Vista Funds
Notes to Financial Statements (unaudited) (continued)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Equity Income Fund
----------------------------------------------
Six Month
Period Ended Year Ended
April 30, 1999 October 31, 1998
---------------------- --------------------
Amount Shares Amount Shares
-------- ------ --------- ------
<S> <C> <C> <C> <C>
Class A
Shares sold ............. $11,605 565 $55,318 2,824
Shares issued in
reinvestment of
distributions ......... 595 29 3,171 168
Shares redeemed ......... (13,634) (660) (24,343) (1,262)
------- ---- ------- ------
Net increase (decrease)
in Trust shares
outstanding ........... $(1,434) (66) $34,146 1,730
======= ==== ======= ======
</TABLE>
<TABLE>
<CAPTION>
Equity Income Fund
----------------------------------------------
Six Month
Period Ended Year Ended
April 30, 1999 October 31, 1998
---------------------- --------------------
Amount Shares Amount Shares
-------- ------ --------- ------
<S> <C> <C> <C> <C>
Class B
Shares sold ............. $4,855 239 $18,630 965
Shares issued in
reinvestment of
distributions ......... 175 9 1,153 62
Shares redeemed ......... (4,000) (195) (8,406) (437)
------ ---- ------- ----
Net increase (decrease)
in Trust shares
outstanding ........... $1,030 53 $11,377 590
====== ==== ======= ====
</TABLE>
<TABLE>
<CAPTION>
Equity Income Fund
----------------------------------------------
Six Month January 8, 1998*
Period Ended Through
April 30, 1999 October 31, 1998
---------------------- --------------------
Amount Shares Amount Shares
-------- ------ --------- ------
<S> <C> <C> <C> <C>
Class C
Shares sold ............. $2,342 115 $4,609 232
Shares issued in
reinvestment of
distributions ......... 33 2 15 1
Shares redeemed ......... (570) (28) (220) (12)
------ --- ------ ---
Net increase (decrease)
in Trust shares
outstanding ........... $1,805 89 $4,404 221
====== === ====== ===
</TABLE>
55
<PAGE>
Chase Vista Funds
Notes to Financial Statements (unaudited) (continued)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Small Cap Opportunities Fund
----------------------------------------------
Six Month
Period Ended Year Ended
April 30, 1999 October 31, 1998
---------------------- --------------------
Amount Shares Amount Shares
-------- ------ --------- ------
<S> <C> <C> <C> <C>
Class A
Shares sold ............. $48,906 3,478 $49,377 3,565
Shares issued in
reinvestment of
distributions ......... -- -- -- --
Shares redeemed ......... (47,104) (3,347) (24,360) (1,828)
------- ------ ------- ------
Net increase (decrease)
in Trust shares
outstanding ........... $ 1,802 131 $25,017 1,737
======= ====== ======= ======
</TABLE>
<TABLE>
<CAPTION>
Small Cap Opportunities Fund
----------------------------------------------
Six Month
Period Ended Year Ended
April 30, 1999 October 31, 1998
---------------------- --------------------
Amount Shares Amount Shares
-------- ------ ------- ------
<S> <C> <C> <C> <C>
Class B
Shares sold ............. $12,556 907 $37,271 2,664
Shares issued in
reinvestment of
distributions ......... -- -- -- --
Shares redeemed ......... (14,967) (1,076) (12,453) (944)
------- ------ ------- -----
Net increase (decrease)
in Trust shares
outstanding ........... $(2,411) (169) $24,818 1,720
======= ====== ======= =====
</TABLE>
<TABLE>
<CAPTION>
Small Cap Opportunities Fund
----------------------------------------------
Six Month January 7, 1998*
Period Ended Through
April 30, 1999 October 31, 1998
---------------------- --------------------
Amount Shares Amount Shares
-------- ------ --------- ------
<S> <C> <C> <C> <C>
Class C
Shares sold ............. $3,004 212 $7,008 495
Shares issued in
reinvestment of
distributions ......... -- -- -- --
Shares redeemed ......... (1,678) (120) (1,541) (103)
------ ---- ------ ----
Net increase (decrease)
in Trust shares
outstanding ........... $1,326 92 $5,467 392
====== ==== ====== ====
</TABLE>
56
<PAGE>
Chase Vista Funds
Notes to Financial Statements (unaudited) (continued)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Small Cap
Opportunities Fund
--------------------
April 6, 1999
Through
April 30, 1999
--------------------
Amount Shares
------ ------
<S> <C> <C>
Class I
Shares sold ........................... $20 1
Shares issued in reinvestment of
distributions ....................... -- --
Shares redeemed ....................... -- --
--- --
Net increase (decrease) in Trust shares
outstanding ......................... $20 1
=== ==
</TABLE>
<TABLE>
<CAPTION>
Focus Fund
----------------------------------------------
Six Month June 30, 1998*
Period Ended Through
April 30, 1999 October 31, 1998
---------------------- --------------------
Amount Shares Amount Shares
-------- ------ --------- ------
<S> <C> <C> <C> <C>
Class A
Shares sold .............. $6,975 699 $21,308 2,203
Shares issued in
reinvestment of
distributions .......... 16 2 -- --
Shares redeemed .......... (6,070) (603) (2,779) (319)
------ ---- ------- -----
Net increase (decrease)
in Trust shares
outstanding ............ $ 921 98 $18,529 1,884
====== ==== ======= =====
</TABLE>
<TABLE>
<CAPTION>
Focus Fund
----------------------------------------------
Six Month June 30, 1998*
Period Ended Through
April 30, 1999 October 31, 1998
---------------------- --------------------
Amount Shares Amount Shares
-------- ------ --------- ------
<S> <C> <C> <C> <C>
Class B
Shares sold ............. $12,592 1,271 $19,122 2,043
Shares issued in
reinvestment of
distributions ......... -- -- -- --
Shares redeemed ......... (3,687) (370) (1,199) (138)
------- ----- ------- -----
Net increase (decrease)
in Trust shares
outstanding ........... $8,905 901 $17,923 1,905
======= ===== ======= =====
</TABLE>
57
<PAGE>
Chase Vista Funds
Notes to Financial Statements (unaudited) (continued)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Focus Fund
----------------------------------------------
Six Month June 30, 1998*
Period Ended Through
April 30, 1999 October 31, 1998
---------------------- --------------------
Amount Shares Amount Shares
-------- ------ --------- ------
<S> <C> <C> <C> <C>
Class C
Shares sold ............. $4,108 412 $4,708 487
Shares issued in
reinvestment of
distributions ......... -- -- -- --
Shares redeemed ......... (2,757) (272) (82) (9)
------ ---- ------ -----
Net increase (decrease)
in Trust shares
outstanding ........... $1,351 140 $4,626 478
====== ==== ====== ====
</TABLE>
<TABLE>
<CAPTION>
Focus Fund
----------------------------------------------
Six Month June 30, 1998*
Period Ended Through
April 30, 1999 October 31, 1998
---------------------- --------------------
Amount Shares Amount Shares
------ ------ --------- ------
<S> <C> <C> <C> <C>
Institutional Shares
Shares sold ............. -- -- $ 1 1
Shares issued in
reinvestment of
distributions ......... -- -- -- --
Shares redeemed ......... -- -- -- --
--- --- --- ---
Net increase (decrease)
in Trust shares
outstanding ........... -- -- $ 1 1
=== === === ==
</TABLE>
- --------------
*Commencement of offering class of shares.
**Fund commenced operations.
58
<PAGE>
Chase Vista Funds
Notes to Financial Statements (unaudited) (continued)
- --------------------------------------------------------------------------------
6. Retirement Plan -- The Funds have adopted an unfunded noncontributory defined
benefit pension plan covering all independent trustees of the Funds who will
have served as an independent trustee for at least five years at the time of
retirement. Benefits under this plan are based on compensation and years of
service. Pension expenses for the six month's ended April 30, 1999, included in
Trustees Fees and Expenses in the Statement of Operations, and accrued pension
liability included in other accrued liabilities in the Statement of Assets and
Liabilities were as follows (in thousands):
<TABLE>
<CAPTION>
Accrued
Pension Pension
Expenses Liability
---------- ----------
<S> <C> <C>
CVGIF .......... $10 $81
CVCGF .......... 6 47
CVEIF .......... 1 4
CVSCOF ......... 1 4
CVFF ........... -- 1
</TABLE>
7. Bank Borrowings -- The CVSCOF, CVEIF and CVFF may borrow money for temporary
or emergency purposes. Any borrowings representing more than 5% of a Fund's
total assets must be repaid before the Fund may make additional investments. The
Funds have entered into an agreement, enabling them to participate with other
Chase Vista Funds in an unsecured line of credit with a syndicate of banks,
which permits borrowings up to $350 million, collectively. Interest is charged
to each Fund based on its borrowings at an annual rate equal to the sum of the
Federal Funds Rate plus 0.35%.
The Funds also pay a commitment fee of 0.075% per annum on the average daily
amount of the available commitment, which is allocated, on a pro-rata basis to
the funds. The commitment fee is included in Other expenses on the Statement of
Operations. Borrowings are payable on demand.
The Funds had no borrowings outstanding at April 30, 1999, nor at anytime during
the year.
59
<PAGE>
Chase Vista Funds
Financial Highlights throughout each period indicated (unaudited)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Growth and Income Fund
--------------------------------------------------------------------
Class A
--------------------------------------------------------------------
11/01/98 Year Ended
Through --------------------------------------------------------
04/30/99 10/31/98 10/31/97 10/31/96 10/31/95 10/31/94
----------- ----------- ----------- ---------- ---------- ----------
<S> <C> <C> <C> <C> <C> <C>
Per Share Operating Performance
Net Asset Value, Beginning of Period ......... $ 43.24 $ 46.21 $ 39.21 $ 34.96 $ 30.26 $ 30.99
-------- -------- -------- ------- ------- -------
Income From Investment Operations:
Net investment income ....................... 0.06@ 0.19@ 0.35@ 0.60 0.61 0.47
Net Gains or Losses in Securities
(both realized and unrealized) ............. 6.49 3.59 10.18 5.96 4.71 (0.43)
-------- -------- -------- ------- ------- --------
Total from Investment Operations ........... 6.55 3.78 10.53 6.56 5.32 0.04
-------- -------- -------- ------- ------- --------
Distributions to Shareholders from:
Dividends from Net Investment Income 0.06 0.19 0.38 0.55 0.62 0.42
Distributions from Capital Gains ............ 4.67 6.56 3.15 1.76 -- 0.35
-------- -------- -------- ------- -------- --------
Total Dividends and Distributions .......... 4.73 6.75 3.53 2.31 0.62 0.77
-------- -------- -------- ------- -------- --------
Net Asset Value, End of Period ............... $ 45.06 $ 43.24 $ 46.21 $ 39.21 $ 34.96 $ 30.26
======== ======== ======== ======= ======== ========
Total Return (1) ............................. 6.17% 9.09% 28.84% 19.60% 17.79% 0.15%
Ratios/Supplemental Data:
Net Assets, End of Period (in millions) ..... $ 1,579 $ 1,499 $ 1,497 $ 1,591 $ 1,521 $ 1,414
Ratios to Average Net Assets:#
Expenses .................................... 1.26% 1.25% 1.27% 1.32% 1.43% 1.40%
Net investment income ....................... 0.28% 0.44% 0.82% 1.46% 1.93% 1.60%
Expenses without waivers and
assumption of expenses ..................... 1.26% 1.25% 1.27% 1.32% 1.45% 1.40%
Net investment income without
waivers and assumptions of
expenses ................................... 0.28% 0.44% 0.82% 1.46% 1.91% 1.60%
<CAPTION>
Growth and Income Fund
-----------------------------------------------------------------------
Class B
-----------------------------------------------------------------------
11/01/98 Year Ended 11/04/93**
Through ---------------------------------------------- Through
04/30/99 10/31/98 10/31/97 10/31/96 10/31/95 10/31/94
------------ ------------ ----------- ---------- ---------- -----------
<S> <C> <C> <C> <C> <C> <C>
Per Share Operating Performance
Net Asset Value, Beginning of Period ......... $ 42.92 $ 45.96 $ 39.02 $ 34.81 $ 30.12 $ 30.39
-------- -------- -------- ------- ------- -------
Income From Investment Operations:
Net investment income ....................... (0.05)@ (0.02)@ 0.13@ 0.37 0.46 0.34
Net Gains or Losses in Securities
(both realized and unrealized) ............. 6.43 3.54 10.13 5.98 4.70 0.11
-------- -------- -------- ------- ------- -------
Total from Investment Operations ........... 6.38 3.52 10.26 6.35 5.16 0.45
-------- -------- -------- ------- ------- -------
Distributions to Shareholders from:
Dividends from Net Investment Income -- -- 0.17 0.38 0.47 0.37
Distributions from Capital Gains ............ 4.67 6.56 3.15 1.76 -- 0.35
-------- -------- -------- ------- -------- -------
Total Dividends and Distributions .......... 4.67 6.56 3.32 2.14 0.47 0.72
-------- -------- -------- ------- -------- -------
Net Asset Value, End of Period ............... $ 44.63 $ 42.92 $ 45.96 $ 39.02 $ 34.81 $ 30.12
======== ======== ======== ======= ======== =======
Total Return (1) ............................. 15.86% 8.52% 28.20% 19.02% 17.21% 1.55%
Ratios/Supplemental Data:
Net Assets, End of Period (in millions) ..... $ 598 $ 542 $ 489 $ 370 $ 274 $ 160
Ratios to Average Net Assets:#
Expenses .................................... 1.75% 1.75% 1.77% 1.81% 1.93% 1.89%
Net investment income ....................... (0.22%) 0.06% 0.31% 0.95% 1.38% 1.21%
Expenses without waivers and
assumption of expenses ..................... 1.75% 1.75% 1.77% 1.81% 1.94% 1.89%
Net investment income without
waivers and assumptions of
expenses ................................... (0.22%) (0.06%) 0.31% 0.95% 1.37% 1.21%
</TABLE>
- -------
** Commencement of offering class of shares.
@ Calculated based upon average shares outstanding.
(1) Total return figures do not include the effect of any front-end sales load.
# Short periods have been annualized.
See notes to financial statements.
60
<PAGE>
Chase Vista Funds
Financial Highlights throughout each period indicated (unaudited)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Growth and Income Fund
-------------------------
Class C
-------------------------
11/01/98 01/02/98**
Through Through
04/30/99 10/31/98
------------ ------------
<S> <C> <C>
Per Share Operating Performance
Net Asset Value, Beginning of Period .................................... $ 42.13 $ 41.64
-------- --------
Income from Investment Operations:
Net investment income .................................................. (0.05)@ (0.02)@
Net Gains or Losses in Securities (both realized and unrealized) ....... 6.31 0.68
-------- --------
Total from Investment Operations ...................................... 6.26 0.66
-------- --------
Distributions to Shareholders from:
Dividends from Net Investment Income ................................... -- 0.09
Distributions from Capital Gains ....................................... 4.67 0.08
-------- --------
Total dividends and distributions ..................................... 4.67 0.17
-------- --------
Net Asset Value, End of Period .......................................... $ 43.72 $ 42.13
======== ========
Total Return (1) ........................................................ 15.87% 1.55%
Ratios/Supplemental Data:
Net Assets, End of Period (in millions) ................................ $ 9 $ 5
Ratios to Average Net Assets:#
Expenses ............................................................... 1.75% 1.72%
Net investment income .................................................. (0.22%) (0.05%)
Expenses without waivers and assumption of expenses .................... 1.75% 1.72%
Net investment income without waivers and assumption of expenses ....... (0.22%) (0.05%)
<CAPTION>
Growth and Income Fund
-----------------------------------------------
Class I
-----------------------------------------------
11/01/98 Year Ended 01/25/96**
Through ----------------------- Through
04/30/99 10/31/98 10/31/97 10/31/96
----------- ----------- ----------- -----------
<S> <C> <C> <C> <C>
Per Share Operating Performance
Net Asset Value, Beginning of Period .................................... $ 43.43 $ 46.35 $ 39.26 $ 34.80
-------- -------- -------- -------
Income from Investment Operations:
Net investment income .................................................. 0.15@ 0.43@ 0.52@ 0.47
Net Gains or Losses in Securities (both realized and unrealized) ....... 6.53 3.50 10.20 4.46
-------- -------- -------- -------
Total from Investment Operations ...................................... 6.68 3.93 10.72 4.93
-------- -------- -------- -------
Distributions to Shareholders from:
Dividends from Net Investment Income ................................... 0.15 0.29 0.48 0.47
Distributions from Capital Gains ....................................... 4.67 6.56 3.15 --
-------- -------- -------- --------
Total dividends and distributions ..................................... 4.82 6.85 3.63 0.47
-------- -------- -------- --------
Net Asset Value, End of Period .......................................... $ 45.29 $ 43.43 $ 46.35 $ 39.26
======== ======== ======== ========
Total Return (1) ........................................................ 16.41% 9.44% 29.37% 13.39%
Ratios/Supplemental Data:
Net Assets, End of Period (in millions) ................................ $ 32 $ 24 $ 522 $ 28
Ratios to Average Net Assets:#
Expenses ............................................................... 0.85% 0.85% 0.86% 1.24%
Net investment income .................................................. 0.69% 0.95% 1.21% 1.73%
Expenses without waivers and assumption of expenses .................... 0.85% 0.85% 0.86% 1.24%
Net investment income without waivers and assumption of expenses ....... 0.69% 0.95% 1.21% 1.73%
</TABLE>
- -------
** Commencement of offering class of shares.
@ Calculated based upon average shares outstanding.
(1) Total return figures do not include the effect of any front-end sales load.
# Short periods have been annualized.
See notes to financial statements.
61
<PAGE>
Chase Vista Funds
Financial Highlights throughout each period indicated (unaudited)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Capital Growth Fund
------------------------------------------------------------------------
Class A
------------------------------------------------------------------------
11/01/98 Year Ended
Through -----------------------------------------------------------
04/30/99 10/31/98 10/31/97 10/31/96 10/31/95 10/31/94
------------ ------------ ------------ ---------- ---------- -----------
<S> <C> <C> <C> <C> <C> <C>
Per Share Operating Performance
Net Asset Value, Beginning of Period ......... $ 41.22 $ 46.76 $ 41.60 $ 35.65 $ 32.17 $ 32.01
-------- -------- -------- ------- ------- --------
Income from Investment Operations:
Net investment income ....................... (0.11) (0.12) (0.02)@ 0.15 0.19 0.10@
Net Gains or Losses in Securities
(both realized and unrealized) ............. 4.61 (0.52) 10.13 7.27 4.16 0.72
-------- -------- -------- ------- ------- --------
Total from Investment Operations ........... 4.50 (0.64) 10.11 7.42 4.35 0.82
-------- -------- -------- ------- ------- --------
Distributions to Shareholder from:
Dividends from Net Investment Income -- -- 0.15 0.12 0.19 0.03
Distributions from Capital Gains ............ 3.92 4.90 4.80 1.35 0.68 0.63
-------- -------- -------- ------- ------- --------
Total dividends and distributions .......... 3.92 4.90 4.95 1.47 0.87 0.66
-------- -------- -------- ------- ------- --------
Net Asset Value, End of Period ............... $ 41.80 $ 41.22 $ 46.76 $ 41.60 $ 35.65 $ 32.17
======== ======== ======== ======= ======= ========
Total Return (1) ............................. 11.50% (1.60%) 26.47% 21.48% 13.89% 2.62%
Ratios/Supplemental Data:
Net Assets, End of Period (in millions) ..... $ 650 $ 728 $ 839 $ 768 $ 748 $ 549
Ratios to Average Net Assets:#
Expenses .................................... 1.28% 1.27% 1.31% 1.37% 1.51% 1.49%
Net investment income ....................... (0.48%) (0.24%) (0.05%) 0.39% 0.54% 0.33%
Expenses without waivers and
assumption of expenses ..................... 1.28% 1.27% 1.31% 1.37% 1.53% 1.50%
Net investment income without
waivers and assumptions of
expenses ................................... (0.48%) (0.24%) (0.05%) 0.39% 0.52% 0.32%
<CAPTION>
Capital Growth Fund
--------------------------------------------------------------------------
Class B
--------------------------------------------------------------------------
11/01/98 Year Ended 11/04/93**
Through ------------------------------------------------- Through
04/30/99 10/31/98 10/31/97 10/31/96 10/31/95 10/31/94
------------ ------------ ------------ ------------ ---------- -----------
<S> <C> <C> <C> <C> <C> <C>
Per Share Operating Performance
Net Asset Value, Beginning of Period ......... $ 40.38 $ 46.11 $ 41.21 $ 35.39 $ 32.03 $ 31.38
-------- -------- -------- -------- ------- --------
Income from Investment Operations:
Net investment income ....................... (0.24) (0.29) (0.23)@ (0.08) 0.04 0.01@
Net Gains or Losses in Securities
(both realized and unrealized) ............. 4.54 (0.54) 10.01 7.25 4.10 1.30
-------- -------- -------- -------- ------- --------
Total from Investment Operations ........... 4.30 (0.83) 9.78 7.17 4.14 1.31
-------- -------- -------- -------- ------- --------
Distributions to Shareholder from:
Dividends from Net Investment Income -- -- 0.08 -- 0.11 0.03
Distributions from Capital Gains ............ 3.92 4.90 4.80 1.35 0.67 0.63
-------- -------- -------- -------- ------- --------
Total dividends and distributions .......... 3.92 4.90 4.88 1.35 0.78 0.66
-------- -------- -------- -------- ------- --------
Net Asset Value, End of Period ............... $ 40.76 $ 40.38 $ 46.11 $ 41.21 $ 35.39 $ 32.03
======== ======== ======== ======== ======= ========
Total Return (1) ............................. 11.23% (2.08%) 25.85% 20.88% 13.34% 4.19%
Ratios/Supplemental Data:
Net Assets, End of Period (in millions) ..... $ 386 $ 405 $ 422 $ 334 $ 260 $ 124
Ratios to Average Net Assets:#
Expenses .................................... 1.78% 1.77% 1.81% 1.87% 2.01% 2.00%
Net investment income ....................... (0.97%) (0.74%) (0.56%) (0.21%) 0.02% (0.09%)
Expenses without waivers and
assumption of expenses ..................... 1.78% 1.77% 1.81% 1.87% 2.02% 2.02%
Net investment income without
waivers and assumptions of
expenses ................................... (0.97%) (0.74%) (0.56%) (0.21%) 0.01% (0.11%)
</TABLE>
- -------
** Commencement of offering class of shares.
@ Calculated based upon average shares outstanding.
(1) Total return figures do not include the effect of any front-end sales load.
# Short periods have been annualized.
See notes to financial statements.
62
<PAGE>
Chase Vista Funds
Financial Highlights throughout each period indicated (unaudited)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Capital Growth Fund
-------------------------
Class C
-------------------------
11/01/98 01/02/98**
Through Through
01/02/98** 10/31/98
------------ ------------
<S> <C> <C>
Per Share Operating Performance
Net Asset Value, Beginning of Period .................................... $ 40.03 $ 42.81
-------- --------
Income from Investment Operations:
Net investment income .................................................. (0.13) (0.09)
Net Gains or Losses in Securities (both realized and unrealized) ....... 4.43 (2.69)
-------- --------
Total from Investment Operations ...................................... 4.30 (2.78)
-------- --------
Distributions to Shareholders from:
Dividends from Net Investment Income ................................... -- --
Distributions from Capital Gains ....................................... 3.92 --
-------- --------
Total dividends and distributions ..................................... 3.92 --
-------- --------
Net Asset Value, End of Period .......................................... $ 40.41 $ 40.03
======== ========
Total Return (1) ........................................................ 11.33% (6.49%)
Ratios/Supplemental Data:
Net Assets, End of Period (in millions) ................................ $ 5 $ 4
Ratios to Average Net Assets:#
Expenses ............................................................... 1.78% 1.73%
Net investment income .................................................. (0.95%) (0.59%)
Expenses without waivers and assumption of expenses .................... 1.78% 1.73%
Net investment income without waivers and assumption of expenses ....... (0.95%) (0.59%)
<CAPTION>
Capital Growth Fund
-------------------------------------------------
Class I
-------------------------------------------------
11/01/98 Year Ended 01/25/96**
Through ------------------------ Through
04/30/99 10/31/98 10/31/97 10/31/96
------------ ------------ ----------- -----------
<S> <C> <C> <C> <C>
Per Share Operating Performance
Net Asset Value, Beginning of Period .................................... $ 41.53 $ 46.90 $ 41.65 $ 35.26
-------- -------- -------- -------
Income from Investment Operations:
Net investment income .................................................. (0.03) 0.07 0.13@ 0.17
Net Gains or Losses in Securities (both realized and unrealized) ....... 4.64 (0.54) 10.17 6.34
-------- -------- -------- -------
Total from Investment Operations ...................................... 4.61 (0.47) 10.30 6.51
-------- -------- -------- -------
Distributions to Shareholders from:
Dividends from Net Investment Income ................................... -- -- 0.25 0.12
Distributions from Capital Gains ....................................... 3.92 4.90 4.80 --
-------- -------- -------- --------
Total dividends and distributions ..................................... 3.92 4.90 5.05 0.12
-------- -------- -------- --------
Net Asset Value, End of Period .......................................... $ 42.22 $ 41.53 $ 46.90 $ 41.65
======== ======== ======== ========
Total Return (1) ........................................................ 11.69% (1.20%) 26.98% 18.13%
Ratios/Supplemental Data:
Net Assets, End of Period (in millions) ................................ $ 42 $ 52 $ 52 $ 32
Ratios to Average Net Assets:#
Expenses ............................................................... 0.91% 0.91% 0.91% 1.25%
Net investment income .................................................. (0.11%) 0.11% 0.31% 0.81%
Expenses without waivers and assumption of expenses .................... 0.99% 0.91% 0.91% 1.25%
Net investment income without waivers and assumption of expenses ....... (0.19%) 0.11% 0.31% 0.81%
</TABLE>
- -------
** Commencement of offering class of shares.
@ Calculated based upon average shares outstanding.
(1) Total return figures do not include the effect of any front-end sales load.
# Short periods have been annualized.
See notes to financial statements.
63
<PAGE>
Chase Vista Funds
Financial Highlights throughout each period indicated (unaudited)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Equity Income Fund
-------------------------------------------------------------------
Class A
-------------------------------------------------------------------
11/01/98 Year Ended
Through --------------------------------------------------------
04/30/99 10/31/98 10/31/97 10/31/96 10/31/95 10/31/94
---------- ---------- ---------- ---------- ---------- ------------
<S> <C> <C> <C> <C> <C> <C>
Per Share Operating Performance
Net Asset Value, Beginning of Period ............. $ 19.07 $ 19.23 $ 15.98 $ 13.39 $ 12.12 $ 13.84
------- ------- ------- ------- ------- --------
Income from Investment Operations:
Net investment income ........................... 0.07 0.22 0.26 0.35 0.35 0.29
Net Gains or Losses in Securities
(both realized and unrealized) ................. 2.91 1.07 4.71 3.43 1.70 (0.48)
------- ------- ------- ------- ------- --------
Total from Investment Operations ............... 2.98 1.29 4.97 3.78 2.05 (0.19)
------- ------- ------- ------- ------- --------
Distributions to Shareholders from:
Dividends from Net Investment Income ............ 0.07 0.27 0.23 0.33 0.37 0.26
Distributions from Capital Gains ................ 0.11 1.18 1.49 0.86 0.41 1.27
------- ------- ------- ------- ------- --------
Total dividends and distributions .............. 0.18 1.45 1.72 1.19 0.78 1.53
------- ------- ------- ------- ------- --------
Net Asset Value, End of Period ................... $ 21.87 $ 19.07 $ 19.23 $ 15.98 $ 13.39 $ 12.12
======= ======= ======= ======= ======= ========
Total Return (1) ................................. 15.72% 6.90% 33.66% 29.79% 17.97% (1.35%)
Ratios/Supplemental Data:
Net Assets, End of Period (in millions) ......... $ 90 $ 80 $ 47 $ 17 $ 12 $ 11
Ratios to Average Net Assets:#
Expenses ........................................ 1.44% 1.46% 1.50% 1.50% 1.50% 1.50%
Net investment income ........................... 0.64% 1.20% 1.65% 2.41% 2.81% 2.31%
Expenses without waivers and
assumption of expenses ......................... 1.44% 1.46% 1.70% 2.32% 2.19% 2.02%
Net investment income without waivers
and assumptions of expenses .................... 0.64% 1.20% 1.45% 1.59% 2.12% 1.79%
Portfolio Turnover Rate .......................... 94% 160% 75% 114% 91% 75%
<CAPTION>
Equity Income Fund
--------------------------------------------------------------------
Class B Class C
--------------------------------------------- ----------------------
11/01/98 Year Ended 05/07/96** 11/01/98 01/08/98**
Through --------------------- Through Through Through
04/30/99 10/31/98 10/31/97 10/31/96 04/30/99 10/31/98
---------- ---------- ---------- ------------ ---------- -----------
<S> <C> <C> <C> <C> <C> <C>
Per Share Operating Performance
Net Asset Value, Beginning of Period ............. $ 18.92 $ 19.09 $ 15.92 $ 14.56 $ 18.91 $ 18.62
------- ------- ------- ------- ------- -------
Income from Investment Operations:
Net investment income ........................... 0.02 0.14 0.22 0.13 0.02 0.09
Net Gains or Losses in Securities
(both realized and unrealized) ................. 2.88 1.05 4.62 1.38 2.88 0.31
------- ------- ------- ------- ------- -------
Total from Investment Operations ............... 2.90 1.19 4.84 1.51 2.90 0.40
------- ------- ------- ------- ------- -------
Distributions to Shareholders from:
Dividends from Net Investment Income ............ 0.03 0.18 0.18 0.15 0.03 0.11
Distributions from Capital Gains ................ 0.11 1.18 1.49 -- 0.11 --
------- ------- ------- ------- ------- --------
Total dividends and distributions .............. 0.14 1.36 1.67 0.15 0.14 0.11
------- ------- ------- ------- ------- --------
Net Asset Value, End of Period ................... $ 21.68 $ 18.92 $ 19.09 $ 15.92 $ 21.67 $ 18.91
======= ======= ======= ======== ======= ========
Total Return (1) ................................. 15.37% 6.42% 32.87% 10.43% 15.40% 2.13%
Ratios/Supplemental Data:
Net Assets, End of Period (in millions) ......... $ 31 $ 26 $ 15 $ 1 $ 7 $ 4
Ratios to Average Net Assets:#
Expenses ........................................ 1.94% 1.96% 2.11% 2.25% 1.94% 1.95%
Net investment income ........................... 0.14% 0.07% 1.06% 1.75% 0.15% 0.56%
Expenses without waivers and
assumption of expenses ......................... 1.94% 1.96% 2.13% 2.75% 1.94% 1.95%
Net investment income without waivers
and assumptions of expenses .................... 0.14% 0.07% 1.04% 1.25% 0.15% 0.56%
Portfolio Turnover Rate .......................... 94% 160% 75% 114% 94% 160%
</TABLE>
- -------
** Commencement of offering class of shares.
(1) Total return figures do not include the effect of any front-end sales load.
# Short periods have been annualized.
See notes to financial statements.
64
<PAGE>
Chase Vista Funds
Financial Highlights throughout each period indicated (unaudited)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Small Cap
Opportunities Fund
--------------------------------------------------
Class A Class B
------------------------------------- ------------
11/01/98 11/01/97 05/19/97* 11/01/98
Through Through Through Through
04/30/99 10/31/98 10/31/97 04/30/99
------------ ------------ ----------- ------------
<S> <C> <C> <C> <C>
Per Share Operating Performance
Net Asset Value, Beginning of Period ................................. $ 12.79 $ 13.85 $ 1.00 $ 12.67
-------- -------- -------- --------
Income from Investment Operations:
Net investment income ............................................... (0.07) (0.09) (0.04) (0.13)
Net Gains or Losses in Securities (both realized and unrealized) .... 1.82 (0.97) 3.89 1.81
-------- -------- -------- --------
Total from Investment Operations .................................... 1.75 (1.06) 3.85 1.68
-------- -------- -------- --------
Distributions to Shareholders from:
Dividends from Net Investment Income ................................ -- -- -- --
Distributions from Capital Gains .................................... -- -- -- --
-------- -------- -------- --------
Total dividends and distributions .................................. -- -- -- --
-------- -------- -------- --------
Net Asset Value, End of Period ....................................... $ 14.54 $ 12.79 $ 13.85 $ 14.35
======== ======== ======== ========
Total Return (1) ..................................................... 13.68% (7.65%) 38.50% 13.26%
Ratios/Supplemental Data:
Net Assets, End of Period (in millions) ............................. $ 72 $ 62 $ 43 $ 62
Ratios to Average Net Assets:#
Expenses ............................................................ 1.49% 1.50% 1.49% 2.23%
Net investment income ............................................... (0.96%) (0.91%) (1.16%) (1.69%)
Expenses without waivers and assumption of expenses ................. 1.84% 1.83% 2.38% 2.33%
Net investment income without waivers and assumptions of expenses ... (1.31%) (1.24%) (2.05%) (1.79%)
Portfolio Turnover Rate .............................................. 45% 68% 7% 45%
<CAPTION>
Small Cap
Opportunities Fund
------------------------------------------------ -----------
Class B Class I
------------------------ -----------
11/01/97 05/19/97* 11/01/98 01/07/98** 04/06/99**
Through Through Through Through Through
10/31/98 10/31/97 04/30/99 10/31/98 04/30/99
------------ ----------- ------------------------ -----------
<S> <C> <C> <C> <C> <C>
Per Share Operating Performance
Net Asset Value, Beginning of Period ................................. $ 13.81 $ 10.00 $ 12.66 $ 13.17 $ 14.11
-------- -------- -------- -------- --------
Income from Investment Operations:
Net investment income ............................................... (0.17) (0.06) (0.10) (0.08) (0.01)
Net Gains or Losses in Securities (both realized and unrealized) .... (0.97) 3.87 1.78 (0.43) 0.44
-------- -------- -------- -------- --------
Total from Investment Operations .................................... (1.14) 3.81 1.68 (0.51) 0.43
-------- -------- -------- -------- --------
Distributions to Shareholders from:
Dividends from Net Investment Income ................................ -- -- -- -- --
Distributions from Capital Gains .................................... -- -- -- -- --
-------- -------- -------- -------- --------
Total dividends and distributions .................................. -- -- -- -- --
-------- -------- -------- -------- --------
Net Asset Value, End of Period ....................................... $ 12.67 $ 13.81 $ 14.34 $ 12.66 $ 14.54
======== ======== ======== ======== ========
Total Return (1) ..................................................... (8.25%) 38.10% 13.27% (3.87%) 3.05%
Ratios/Supplemental Data:
Net Assets, End of Period (in millions) ............................. $ 57 $ 38 $ 7 $ 5 $ 1
Ratios to Average Net Assets:#
Expenses ............................................................ 2.24% 2.24% 2.22% 2.24% 1.09%
Net investment income ............................................... (1.65%) (1.93%) (1.69%) (1.55%) (0.59%)
Expenses without waivers and assumption of expenses ................. 2.33% 2.88% 2.34% 2.29% 1.47%
Net investment income without waivers and assumptions of expenses ... (1.74%) (2.57%) (1.81%) (1.60%) (0.97%)
Portfolio Turnover Rate .............................................. 68% 7% 45% 68% 45%
</TABLE>
- -------
* Commencement of operations.
** Commencement of offering class of shares.
(1)Total return figures do not include the effect of any front-end sales load.
# Short periods have been annualized.
See notes to financial statements.
65
<PAGE>
Chase Vista Funds
Financial Highlights throughout each period indicated (unaudited)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Focus Fund
-------------------------------------------------
Class A Class B
------------------------ ------------------------
11/01/98 06/30/98* 11/01/98 06/30/98*
Through Through Through Through
04/30/99 10/31/98 04/30/99 10/31/98
------------ ----------- ------------ -----------
<S> <C> <C> <C> <C>
Per Share Operating Performance
Net Asset Value, Beginning of Period ................................... $ 9.40 $ 10.00 $ 9.38 $ 10.00
-------- -------- -------- --------
Income from Investment Operations:
Net investment income ................................................. -- 0.01 (0.03) --
Net Gains or Losses in Securities (both realized and unrealized) ...... 1.08 (0.61) 1.08 (0.62)
-------- -------- -------- --------
Total from Investment Operations ..................................... 1.08 (0.60) 1.05 (0.62)
-------- -------- -------- --------
Distributions to Shareholders from:
Dividends from Net Investment Income .................................. 0.01 -- -- --
Distributions from Capital Gains ...................................... -- -- -- --
-------- -------- -------- --------
Total dividends and distributions .................................... 0.01 -- -- --
-------- -------- -------- --------
Net Asset Value, End of Period ......................................... $ 10.47 $ 9.40 $ 10.43 $ 9.38
======== ======== ======== ========
Total Return (1) ....................................................... 11.48% (6.00%) 11.19% (6.20%)
Ratios/Supplemental Data:
Net Assets, End of Period (in millions) ............................... $ 21 $ 18 $ 29 $ 18
Ratios to Average Net Assets:#
Expenses .............................................................. 1.25% 1.25% 1.85% 1.85%
Net investment income ................................................. (0.04%) 0.48% (0.65%) (0.15%)
Expenses without waivers and assumption of expenses ................... 1.88% 2.05% 2.37% 2.54%
Net investment income without waivers and assumptions of expenses ..... (0.67%) (0.32%) (1.17%) (0.84%)
Portfolio Turnover Rate ................................................ 71% 33% 71% 33%
<CAPTION>
Focus Fund
-----------------------------------------------------
Class C Class I
------------------------ ----------------------------
11/01/98 06/30/98* 11/01/98 06/30/98*
Through Through Through Through
04/30/99 10/31/98 04/30/99 10/31/98
------------ ----------- --------------- ------------
<S> <C> <C> <C> <C>
Per Share Operating Performance
Net Asset Value, Beginning of Period ................................... $ 9.38 $ 10.00 $ 9.40 $ 10.00
-------- -------- ----------- --------
Income from Investment Operations:
Net investment income ................................................. (0.03) -- 0.02 0.02
Net Gains or Losses in Securities (both realized and unrealized) ...... 1.07 (0.62) 1.08 (0.62)
-------- -------- ----------- --------
Total from Investment Operations ..................................... 1.04 (0.62) 1.10 (0.60)
-------- -------- ----------- --------
Distributions to Shareholders from:
Dividends from Net Investment Income .................................. -- -- 0.02 --
Distributions from Capital Gains ...................................... -- -- -- --
-------- -------- ----------- --------
Total dividends and distributions .................................... -- -- 0.02 --
-------- -------- ----------- --------
Net Asset Value, End of Period ......................................... $ 10.42 $ 9.38 $ 10.48 $ 9.40
======== ======== =========== ========
Total Return (1) ....................................................... 11.09% (6.20%) 11.66% (6.00%)
Ratios/Supplemental Data:
Net Assets, End of Period (in millions) ............................... $ 6 $ 4 $ 1 $ 1
Ratios to Average Net Assets:#
Expenses .............................................................. 1.85% 1.85% 1.00% 1.00%
Net investment income ................................................. (0.65%) (0.14%) 0.17% 0.78%
Expenses without waivers and assumption of expenses ................... 2.37% 2.55% (1010.78%) 1.80%
Net investment income without waivers and assumptions of expenses ..... (1.17%) (0.84%) (1009.61%) (0.02%)
Portfolio Turnover Rate ................................................ 71% 33% 71% 33%
</TABLE>
- -------
* Commencement of operations.
(1)Total return figures do not include the effect of any front-end sales load.
# Short periods have been annualized.
See notes to financial statements.
66
<PAGE>
Growth and Income Portfolio
Portfolio of Investments April 30, 1999 (unaudited)
(amounts in thousands)
<TABLE>
<CAPTION>
Shares Issuer Value
- ----------------------------------------------------------
Long-Term Investments -- 99.2%
- ----------------------------------------------------------
<S> <C> <C>
Common Stock -- 94.4%
---------------------
Aerospace -- 3.6%
650 Allied-Signal, Inc. $ 38,188
300 Boeing Co. 12,188
500 General Dynamics Corp. 35,125
300 Sundstrand Corp. 21,525
----------
107,026
----------
Airlines -- 1.0%
425 AMR Corp.* 29,670
----------
Automotive -- 1.6%
562 Delphi Automotive Systems Corp. 10,924
600 Ford Motor Co. 38,363
----------
49,287
----------
Banking -- 7.0%
450 Bank of New York Co., Inc. 18,000
500 Bank One Corp. 29,500
514 BankAmerica Corp. 37,043
500 Comerica, Inc. 32,531
400 First Union Corp. 22,150
550 Fleet Financial Group, Inc. 23,684
350 Mellon Bank Corp. 26,009
600 UnionBanCal Corp. 20,475
----------
209,392
----------
Broadcasting -- 1.7%
750 CBS Corp. 34,172
275 Comcast Corp., Special Class A 18,064
----------
52,236
----------
Business Services -- 0.3%
500 Cendant Corp. 9,000
----------
Chemicals -- 1.3%
355 E. I. Du Pont de Nemours and Co. 25,072
300 Rohm & Haas Co. 13,444
----------
38,516
----------
Computer Software -- 1.5%
731 American Management Systems, Inc.* 25,128
</TABLE>
See notes to financial statements.
67
<PAGE>
Growth and Income Portfolio
Portfolio of Investments April 30, 1999 (unaudited) (continued)
(amounts in thousands)
<TABLE>
<CAPTION>
Shares Issuer Value
- --------------------------------------------------------------
Long-Term Investments -- (continued)
- --------------------------------------------------------------
<S> <C> <C>
300 Computer Associates International $ 12,806
388 Mastech Corp.* 5,699
---------
43,633
---------
Computers/Computer Hardware -- 1.8%
150 EMC Corp.* 16,341
150 Lexmark International Group, Inc.,
Class A (Germany)* 18,525
300 Sun Microsystems, Inc.* 17,944
---------
52,810
---------
Construction Materials -- 0.8%
850 Masco Corp. 24,969
---------
Consumer Products -- 2.3%
525 Fortune Brands, Inc. 20,738
1,050 Philip Morris Companies, Inc. 36,816
700 Shaw Industries, Inc. 12,688
---------
70,242
---------
Diversified -- 1.1%
400 Tyco International LTD (Bermuda) 32,500
---------
Electronics/Electrical Equipment -- 5.2%
400 Altera Corp. 28,900
400 KLA-Tencor Corp. 19,850
400 Micron Technology, Inc. 14,850
200 Motorola, Inc. 16,025
350 Teradyne Inc.* 16,516
300 Texas Instruments, Inc. 30,637
600 Vitesse Semiconductor Corp.* 27,788
---------
154,566
---------
Entertainment/Leisure -- 1.7%
350 Time Warner, Inc. 24,500
669 Viacom, Inc. Class B* 27,345
---------
51,845
---------
Environmental Services -- 1.7%
900 Waste Management, Inc. 50,850
---------
Financial Services -- 3.8%
300 Ambac Financial Group Inc. 18,112
636 Associates First Capital Corp., Class A 28,183
</TABLE>
See notes to financial statements.
68
<PAGE>
Growth and Income Portfolio
Portfolio of Investments April 30, 1999 (unaudited) (continued)
(amounts in thousands)
<TABLE>
<CAPTION>
Shares Issuer Value
- --------------------------------------------------------------
Long-Term Investments -- (continued)
- --------------------------------------------------------------
<S> <C> <C>
500 Freddie Mac $ 31,375
200 Merrill Lynch & Co. 16,787
500 Washington Mutual Inc. 20,563
----------
115,020
----------
Food/Beverage Products -- 2.5%
300 Anheuser-Busch Companies, Inc. 21,937
400 Quaker Oats Co. 25,825
550 Sara Lee Corp. 12,238
717 The Pepsi Bottling Group, Inc. 15,102
----------
75,102
----------
Health Care/Health Care Services -- 4.4%
250 Aetna Inc. 21,922
260 Cigna Corp. 22,669
2,842 HEALTHSOUTH Corp.* 38,185
800 Tenet Healthcare Corp.* 18,900
450 Wellpoint Health Networks, Inc.,
Class A* 31,612
----------
133,288
----------
Hotels/Other Lodging -- 1.3%
500 Mirage Resorts, Inc.* 11,219
2,500 Park Place Entertainment Corp. 27,031
----------
38,250
----------
Insurance -- 4.4%
350 Loews Corp. 25,616
410 Marsh & McLennan Companies, Inc. 31,391
550 Reliastar Financial Corp. 20,212
800 The Allstate Corp. 29,100
200 UNUM Corp. 10,925
260 XL Capital LTD (Bermuda) 15,779
----------
133,023
----------
Machinery & Engineering Equipment -- 0.5%
500 McDermott International, Inc. 14,500
----------
Manufacturing -- 2.0%
678 Ingersoll-Rand Co. 46,875
200 Johnson Controls, Inc. 14,562
----------
61,437
----------
</TABLE>
See notes to financial statements.
69
<PAGE>
Growth and Income Portfolio
Portfolio of Investments April 30, 1999 (unaudited) (continued)
(amounts in thousands)
<TABLE>
<CAPTION>
Shares Issuer Value
- --------------------------------------------------------------
Long-Term Investments -- (continued)
- --------------------------------------------------------------
<S> <C> <C>
Metals/Mining -- 2.2%
450 Alcoa Inc. $ 28,012
650 Newmont Mining Corp. 15,641
350 RIO Tinto PLC, ADR (United
Kingdom) 23,844
----------
67,497
----------
Office/Business Equipment -- 0.6%
300 Xerox Corp. 17,625
----------
Oil & Gas -- 9.9%
800 Burlington Resources, Inc. 36,850
310 Chevron Corp. 30,922
1,281 Coastal Corp. 49,006
600 Diamond Offshore Drilling, Inc. 19,837
100 Enron Corp. 7,525
500 Enron Oil & Gas Co. 9,500
1,050 Halliburton Co. 44,756
295 Mobil Corp. 30,901
650 Royal Dutch Petroleum Co., New
York Registered Shares
(Netherlands) 38,147
217 Texaco, Inc. 13,617
600 Tosco Corp. 16,050
----------
297,111
----------
Packaging -- 0.6%
660 Owens-Illinois, Inc.* 19,137
----------
Paper/Forest Products -- 2.5%
1,000 Asia Pulp & Paper Co. LTD ADR
(Singapore) 10,500
500 Boise Cascade Corp. 20,125
300 Weyerhaeuser Co. 20,137
500 Willamette Industries, Inc. 23,375
----------
74,137
----------
Pharmaceuticals -- 3.1%
400 American Home Products Corp. 24,400
808 Pharmacia & Upjohn, Inc. 45,248
475 Schering-Plough Corp. 22,948
----------
92,596
----------
</TABLE>
See notes to financial statements.
70
<PAGE>
Growth and Income Portfolio
Portfolio of Investments April 30, 1999 (unaudited) (continued)
(amounts in thousands)
<TABLE>
<CAPTION>
Shares Issuer Value
- -----------------------------------------------------------
Long-Term Investments -- (continued)
- -----------------------------------------------------------
<S> <C> <C>
Pipelines -- 0.3%
186 Columbia Energy Group, Inc. $ 8,916
----------
Printing & Publishing -- 1.6%
950 New York Times Co., Class A 32,775
500 The News Corporation, Preference
Shares, ADR (Australia) 15,281
----------
48,056
----------
Real Estate Investment Trust -- 2.0%
374 Duke Realty Investments, Inc. 8,784
550 Equity Office Properties Trust 15,159
480 Equity Residential Properties Trust 22,200
525 Public Storage, Inc. 14,634
----------
60,777
----------
Retailing -- 5.9%
300 Circuit City Stores, Inc. 18,450
450 Dayton-Hudson Corp. 30,291
342 Federated Department Stores* 15,968
1,700 K-Mart Corp. 25,287
535 Kroger Co.* 29,057
1,618 Office Depot, Inc.* 35,596
650 TJX Companies, Inc. 21,653
----------
176,302
----------
Shipping/Transportation -- 1.0%
400 Burlington Northern Santa Fe 14,650
250 Union Pacific Corp. 15,000
----------
29,650
----------
Steel -- 0.5%
650 Allegheny Teledyne, Inc. 14,544
----------
Telecommunications -- 4.3%
520 American Tower Corp.* 11,017
398 AT&T Corp. 20,106
600 BellSouth Corp. 26,850
400 GTE Corp. 26,775
350 MCI WorldCom, Inc.* 28,766
150 Sprint Corp. 15,384
----------
128,898
----------
</TABLE>
See notes to financial statements.
71
<PAGE>
Growth and Income Portfolio
Portfolio of Investments April 30, 1999 (unaudited) (continued)
(amounts in thousands)
<TABLE>
<CAPTION>
Shares Issuer Value
- -----------------------------------------------------------
Long-Term Investments -- (continued)
- -----------------------------------------------------------
<S> <C> <C>
Telecommunications Equipment -- 0.9%
700 General Instrument Corp. $ 25,550
---------
Toys & Games -- 0.9%
750 Hasbro, Inc. 25,594
---------
Utilities -- 6.6%
200 AES Corp. 10,000
400 Bell Atlantic Corp. 23,050
400 CMS Energy Corp. 17,600
750 Consolidated Edison, Inc. 34,078
400 DQE, Inc. 16,475
500 FPL Group Inc. 28,187
770 Pinnacle West Capital Corp. 29,886
700 Texas Utilities Co. 27,825
277 Unicom Corp. 10,751
---------
197,852
---------
Total Common Stock 2,831,404
(Cost $2,296,645) ---------
Convertible Preferred Stock -- 3.2%
-------------------------------------
Capital Goods -- 0.6%
300 Sealed Air Corp., $2.00, 04/01/18,
Ser. A 17,625
---------
Manufacturing -- 0.3%
240 Ingersoll-Rand Co., 6.75%,
12/31/49 Ser. 7,785
---------
Telecommunications -- 1.9%
100 Global TeleSystems Group Inc.,
7.25%, 12/31/49 Ser.# 5,525
500 Qwest Trends Trust, 5.75%,
11/17/03 Ser.# 36,625
50 Viacom International (TCI Pacific),
5.00%, 7/31/06 Ser. 15,638
---------
57,788
---------
Utilities -- 0.4%
102 Houston Industries, Inc., 7.00%,
07/01/00 Ser. 12,036
---------
Total Convertible Preferred Stock 95,234
(Cost $59,178) ---------
</TABLE>
See notes to financial statements.
72
<PAGE>
Growth and Income Portfolio
Portfolio of Investments April 30, 1999 (unaudited) (continued)
(amounts in thousands)
<TABLE>
<CAPTION>
Shares Issuer Value
- ------------------------------------------------------------------
Long-Term Investments -- (continued)
- ------------------------------------------------------------------
<S> <C> <C>
Convertible Corporate Notes & Bonds -- 1.6%
-------------------------------------------
Computer Software -- 0.2%
$ 3,700 Comverse Technology, Inc., 4.50%,
07/01/05# $ 6,050
---------
Computers/Computer Hardware -- 0.6%
3,600 EMC Corp., 3.25%, 03/11/02# 17,316
---------
Health Care/Health Care Services -- 0.4%
3,000 Res-Care, Inc., 6.00%, 12/01/04# 3,277
10,000 Total Renal Care, 7.00%, 05/15/09# 8,125
---------
11,402
---------
Telecommunications -- 0.3%
8,000 Bell Atlantic Financial Services, Inc.,
4.25%, 09/15/05 8,831
---------
Utilities -- 0.1%
5,000 AES Corp., 4.50%, 08/15/05 5,600
---------
Total Convertible Corporate 49,199
Notes & Bonds
(Cost $34,568)
- -------------------------------------------------------------------
Long-Term Investments 2,975,837
(Cost $2,390,391)
- -------------------------------------------------------------------
Short-Term Investments -- 1.7%
- -------------------------------------------------------------------
Commercial Paper -- 0.4%
------------------------
12,400 General American Funding
Agreement 12,453
---------
(Cost $12,453)
Repurchase Agreement -- 1.3%
----------------------------
38,898 Greenwich Capital Markets, Inc.,
4.93%, due 05/03/99, (Dated
04/30/99, Proceeds $38,914,
Secured by FHLMC Gold,
$39,052 at 6.50%, due 03/01/29
through 04/01/29; FNMA, $910,
at 7.50%, due 11/01/13; Market
Value $39,672) 38,898
(Cost $38,898)
- -------------------------------------------------------------------
</TABLE>
See notes to financial statements.
73
<PAGE>
Growth and Income Portfolio
Portfolio of Investments April 30, 1999 (unaudited) (continued)
(amounts in thousands)
<TABLE>
<CAPTION>
Shares Issuer Value
- ------------------------------------------------------------------
Long-Term Investments -- (continued)
- ------------------------------------------------------------------
<S> <C> <C>
Total Short-Term Investments $ 51,351
(Cost $51,351)
- ------------------------------------------------------------------
Total Investments -- 100.9% $3,027,188
(Cost $2,441,742)
- ------------------------------------------------------------------
</TABLE>
* -- Non-income producing security.
# -- Security may only be sold to qualified institutional buyers.
ADR -- American Depositary Receipt.
FHLMC -- Federal Home Loan Mortgage Corp.
FNMA--Federal National Mortgage Association.
See notes to financial statements.
74
<PAGE>
Capital Growth Portfolio
Portfolio of Investments April 30, 1999 (unaudited)
(amounts in thousands)
<TABLE>
<CAPTION>
Shares Issuer Value
- ----------------------------------------------------------
Long-Term Investments -- 96.4%
- -----------------------------------------------------------
<S> <C> <C>
Common Stock -- 96.3%
---------------------
Aerospace -- 3.0%
260 General Dynamics Corp. $ 18,265
200 Sundstrand Corp. 14,350
----------
32,615
----------
Automotive -- 1.5%
710 Tower Automotive, Inc.* 16,330
----------
Banking -- 4.3%
150 Astoria Financial Corp. 7,519
200 Cullen/Frost Bankers, Inc. 10,787
211 TCF Financial Corp. 6,109
327 Zions Bancorporation 21,807
----------
46,222
----------
Biotechnology -- 0.9%
100 Biogen, Inc.* 9,506
----------
Broadcasting -- 1.2%
200 Comcast Corp., Special Class A 13,137
----------
Business Services -- 7.5%
400 ACNielsen Corp.* 11,150
300 Affiliated Computer Services, Inc.,
Class A* 11,475
100 Galileo International Inc. 4,900
352 Harte-Hanks, Inc. 8,888
418 ITT Educational Services, Inc.* 10,262
103 Metzler Group, Inc.* 2,871
350 NCR Corp. 14,350
220 Nielsen Media Research, Inc. 6,023
400 Snyder Communications, Inc.* 11,750
----------
81,669
----------
Chemicals -- 0.6%
39 Millennium Chemicals Inc. 1,056
363 Wellman Inc. 5,198
----------
6,254
----------
Computer Software -- 4.5%
955 American Management Systems, Inc.* 32,828
150 CSG Systems International, Inc.* 5,794
150 Electronic Arts Inc. 7,622
</TABLE>
See notes to financial statements.
75
<PAGE>
Capital Growth Portfolio
Portfolio of Investments April 30, 1999 (unaudited) (continued)
(amounts in thousands)
<TABLE>
<CAPTION>
Shares Issuer Value
- ---------------------------------------------------------------
Long-Term Investments -- (continued)
- ---------------------------------------------------------------
<S> <C> <C>
165 Mastech Corp.* $ 2,425
----------
48,669
----------
Computers/Computer Hardware -- 2.8%
104 ASM Lithography Holding NV
(Netherlands) 4,056
225 Comverse Technology, Inc.* 14,428
100 Lexmark International Group, Inc.,
Class A (Germany)* 12,350
----------
30,834
----------
Construction -- 1.7%
600 J. Ray McDermott, SA 18,900
----------
Consumer Products -- 3.2%
200 Premark International, Inc. 7,362
1,185 Shaw Industries, Inc. 21,478
150 York International Corp. 6,187
----------
35,027
----------
Electronics/Electrical Equipment -- 6.9%
289 Altera Corp. 20,880
200 EG&G, Inc. 6,250
250 KLA-Tencor Corp. 12,406
225 Microchip Technology, Inc.* 7,875
200 Micron Technology, Inc. 7,425
425 Vitesse Semiconductor Corp.* 19,683
----------
74,519
----------
Entertainment/Leisure -- 9.2%
1,028 AT&T Corp. -- Liberty Media
Group, Ser. A* 65,664
200 Circus Circus Enterprises Inc.* 4,213
1,100 International Game Technology 19,525
300 Station Casinos, Inc. 4,931
150 USA Networks 5,606
----------
99,939
----------
Environmental Services -- 1.0%
513 Republic Services, Inc. 10,549
----------
Financial Services -- 1.9%
340 Ambac Financial Group Inc. 20,528
----------
</TABLE>
See notes to financial statements.
76
<PAGE>
Capital Growth Portfolio
Portfolio of Investments April 30, 1999 (unaudited) (continued)
(amounts in thousands)
<TABLE>
<CAPTION>
Shares Issuer Value
- ---------------------------------------------------------------
Long-Term Investments -- (continued)
- ---------------------------------------------------------------
<S> <C> <C>
Food/Beverage Products -- 0.8%
400 Flowers Industries, Inc. $ 8,500
----------
Health Care/Health Care Services -- 4.4%
151 HCR Manor Care, Inc.* 4,190
750 Trigon Healthcare, Inc.* 23,812
119 Universal Health Services, Inc.,
Class B* 6,166
195 Wellpoint Health Networks, Inc.,
Class A* 13,699
----------
47,867
----------
Home Building Construction -- 0.7%
300 Lennar Corp. 7,256
----------
Hotels/Other Lodging -- 5.1%
600 Harrah's Entertainment Inc. 13,200
450 Mirage Resorts, Inc.* 10,097
3,000 Park Place Entertainment Corp. 32,437
----------
55,734
----------
Insurance -- 3.6%
249 CMAC Investment Corp. 11,423
320 Nationwide Financial Services, Inc.,
Class A 14,840
350 Reliastar Financial Corp. 12,862
----------
39,125
----------
Internet Services/Software -- 2.6%
50 At Home Corp.* 7,197
170 EarthLink Network, Inc.* 11,719
125 Verio Inc.* 8,875
----------
27,791
----------
Machinery & Engineering Equipment -- 2.6%
295 Applied Power, Inc., Class A 9,311
500 Cooper Cameron Corp. 19,313
----------
28,624
----------
Manufacturing -- 1.5%
70 Johnson Controls, Inc. 5,097
248 Pentair, Inc. 11,632
----------
16,729
----------
</TABLE>
See notes to financial statements.
77
<PAGE>
Capital Growth Portfolio
Portfolio of Investments April 30, 1999 (unaudited) (continued)
(amounts in thousands)
<TABLE>
<CAPTION>
Shares Issuer Value
- -----------------------------------------------------------
Long-Term Investments -- (continued)
- -----------------------------------------------------------
<S> <C> <C>
Metals/Mining -- 1.6%
300 Freeport-McMoRan Copper &
Gold, Inc. $ 4,594
202 Reynolds Metals Co. 12,600
----------
17,194
----------
Oil & Gas -- 1.2%
400 Diamond Offshore Drilling, Inc. 13,225
----------
Paper/Forest Products -- 1.1%
250 Willamette Industries, Inc. 11,688
----------
Real Estate Investment Trust -- 1.5%
250 Beacon Capital Partners Inc.* 3,781
100 Equity Residential Properties Trust 4,625
300 Public Storage, Inc. 8,362
----------
16,768
----------
Restaurants/Food Services -- 1.2%
52 Brinker International Inc. 1,437
500 Darden Restaurants, Inc. 11,156
----------
12,593
----------
Retailing -- 8.5%
45 American Eagle Outfitters Inc. 3,364
300 Ethan Allen Interiors, Inc.* 15,206
120 Family Dollar Stores, Inc. 2,895
300 Kroger Co.* 16,294
100 Linens 'N Things, Inc.* 4,575
1,000 Office Depot, Inc.* 22,000
200 Payless ShoeSource, Inc. 9,688
400 Ross Stores, Inc. 18,375
----------
92,397
----------
Shipping/Transportation -- 0.5%
178 C.H. Robinson Worldwide, Inc. 5,314
----------
Steel -- 0.7%
300 AK Steel Holding Corp. 7,800
----------
Telecommunications -- 2.2%
225 American Tower Corp.* 4,767
200 NEXTLINK Communications, Inc.,
Class A* 14,650
25 QUALCOMM Inc. 5,000
----------
24,417
----------
</TABLE>
See notes to financial statements.
78
<PAGE>
Capital Growth Portfolio
Portfolio of Investments April 30, 1999 (unaudited) (continued)
(amounts in thousands)
<TABLE>
<CAPTION>
Shares Issuer Value
- ------------------------------------------------------------------
Long-Term Investments -- (continued)
- ------------------------------------------------------------------
<S> <C> <C>
Telecommunications Equipment -- 1.7%
500 General Instrument Corp. $ 18,250
----------
Toys & Games -- 1.2%
375 Hasbro, Inc. 12,797
----------
Utilities -- 3.4%
475 CMS Energy Corp. 20,900
400 Pinnacle West Capital Corp. 15,525
----------
36,425
----------
Total Common Stock 1,045,192
(Cost $814,574) ----------
Principal
Amount
U.S. Treasury Securities -- 0.1%
--------------------------------
$ 565 U.S. Treasury Notes, 6.88%, due
05/16/06 613
(Cost $571)
- ------------------------------------------------------------------
Total Long-Term Investments 1,045,805
(Cost $815,145)
- ------------------------------------------------------------------
Short-Term Investments -- 4.7%
- ------------------------------------------------------------------
Commercial Paper -- 0.9%
------------------------
10,000 General American Funding Agreement 10,043
(Cost $10,043) ----------
Repurchase Agreement -- 3.8%
-------------------------------------
40,995 Greenwich Capital Markets, Inc.,
4.93%, due 05/03/99, (Dated
04/30/99, Proceeds $41,007,
Secured by FHLMC Gold,
$28,065 at 6.50%, due 03/01/29;
FNMA, $34,173, 6.26% through
7.50%, due 02/01/09 through
02/01/09; Market Value $41,813) 40,995
(Cost $40,995)
- ------------------------------------------------------------------
Total Short-Term Investments 51,038
(Cost $51,038)
- ------------------------------------------------------------------
Total Investments -- 101.1% $1,096,843
(Cost $866,183)
- ------------------------------------------------------------------
</TABLE>
See notes to financial statements.
79
<PAGE>
Capital Growth Portfolio
Portfolio of Investments April 30, 1999 (unaudited) (continued)
(amounts in thousands)
* -- Non income producing security.
# -- Security may only be sold to qualified institutional buyers.
ADR -- American Depositary Receipt.
FHLMC -- Federal Home Loan Mortgage Corp.
FNMA -- Federal National Mortgage Association.
80
See notes to financial statements.
<PAGE>
Portfolios
Statement of Assets and Liabilities April 30, 1999 (unaudited)
- --------------------------------------------------------------------------------
(amounts in thousands)
<TABLE>
<CAPTION>
Growth and Capital
Income Growth
Portfolio Portfolio
------------- -------------
<S> <C> <C>
ASSETS:
Investment securities, at value (Note 1) ............ $3,027,188 $1,096,843
Receivables:
Investment securities sold ......................... 30,657 --
Interest and dividends ............................. 3,559 638
Other assets ........................................ 57 33
---------- ----------
Total assets ...................................... 3,061,461 1,097,514
---------- ----------
LIABILITIES:
Payable for investment securities purchased ......... 60,057 11,182
Accrued liabilities: (Note 2)
Investment advisory fees ........................... 972 358
Administration fees ................................ 122 45
Custodian .......................................... 23 8
Other .............................................. 349 273
---------- ----------
Total Liabilities ................................. 61,523 11,866
---------- ----------
NET ASSETS APPLICABLE TO INVESTORS'
BENEFICIAL INTERESTS ................................. $2,999,938 $1,085,648
========== ==========
Cost of Investments ................................. $2,441,742 $ 866,183
========== ==========
</TABLE>
81
See notes to financial statements.
<PAGE>
Portfolios
Statement of Operations For the six months ended April 30, 1999 (unaudited)
- --------------------------------------------------------------------------------
(amounts in thousands)
<TABLE>
<CAPTION>
Growth and Capital
Income Growth
Portfolio Portfolio
----------- ----------
<S> <C> <C>
INVESTMENT INCOME:
Dividend ............................................ $ 19,150 $ 3,561
Interest ............................................ 3,004 1,154
Foreign taxes withheld .............................. (51) --
-------- --------
Total investment income ........................... 22,103 4,715
-------- --------
EXPENSES: (Note 2)
Investment Advisory fees ............................ 5,785 2,341
Administration fees ................................. 723 293
Custodian fees ...................................... 87 47
Professional fees ................................... 49 35
Trustees fees and expenses .......................... 29 12
Other ............................................... 88 39
-------- --------
Total expenses .................................... 6,761 2,767
-------- --------
Net investment income ............................... 15,342 1,948
-------- --------
REALIZED AND UNREALIZED GAIN (LOSS)
ON INVESTMENTS:
Net realized gain on investments .................... 473,279 107,837
Change in net unrealized appreciation/
depreciation on investments ........................ (44,477) 21,604
-------- --------
Net realized and unrealized gain on
investments ....................................... 428,802 129,441
-------- --------
Net increase in net assets from operations ......... $444,144 $131,389
======== ========
</TABLE>
82
See notes to financial statements.
<PAGE>
Portfolios
Statement of Changes in Net Assets For the periods indicated (unaudited)
- --------------------------------------------------------------------------------
(Amounts in thousands)
<TABLE>
<CAPTION>
Growth and
Income
Portfolio
-------------------------
11/01/98 Year
Through Ended
04/30/99 10/31/98
---------- ----------
<S> <C> <C>
INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income ............................................................. $ 15,342 $ 34,737
Net realized gain on investments and futures transactions ......................... 473,279 203,734
Change in net unrealized appreciation (depreciation) on investments and futures
transactions ..................................................................... (44,477) 20,045
---------- -------------
Increase in net assets from operations ............................................ 444,144 258,516
---------- -------------
TRANSACTIONS IN INVESTORS' BENEFICIAL INTERESTS:
Contributions ..................................................................... 273,235 1,057,120
Withdrawals ....................................................................... (469,586) (1,226,801)
---------- -------------
Net (decrease) from transactions in investors' beneficial interests ............... (196,351) (169,681)
---------- -------------
Net increase (decrease) in net assets ............................................. 247,793 88,835
NET ASSETS:
Beginning of period ............................................................... 2,752,145 2,663,310
---------- -------------
End of period ..................................................................... $2,999,938 $ 2,752,145
========== =============
<CAPTION>
Capital
Growth
Portfolio
------------------------------
11/01/98 Year
Through Ended
04/30/99 10/31/98
------------- -------------
<S> <C> <C>
INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income ............................................................. $ 1,948 $ 7,562
Net realized gain on investments and futures transactions ......................... 107,837 108,711
Change in net unrealized appreciation (depreciation) on investments and futures
transactions ..................................................................... 21,604 (115,006)
---------- ----------
Increase in net assets from operations ............................................ 131,389 1,267
---------- ----------
TRANSACTIONS IN INVESTORS' BENEFICIAL INTERESTS:
Contributions ..................................................................... 376,340 611,367
Withdrawals ....................................................................... (613,739) (736,449)
---------- ----------
Net (decrease) from transactions in investors' beneficial interests ............... (237,399) (125,082)
---------- ----------
Net increase (decrease) in net assets ............................................. (106,010) (123,815)
NET ASSETS:
Beginning of period ............................................................... 1,191,658 1,315,473
---------- ----------
End of period ..................................................................... $1,085,648 $1,191,658
========== ==========
</TABLE>
See notes to financial statements.
83
<PAGE>
- --------------------------------------------------------------------------------
Portfolios
- --------------------------------------------------------------------------------
Notes to Financial Statements (unaudited)
- --------------------------------------------------------------------------------
1. Organization and Significant Accounting Policies -- Growth and Income
Portfolio ("GIP") and Capital Growth Portfolio ("CGP"), (the "Portfolios") are
separately registered under the Investment Company Act of 1940, as amended, as
non-diversified, open end management investment companies organized as trusts
under the laws of the State of New York. Each declaration of trust permits the
Trustees to issue beneficial interests in the respective Portfolios.
The following is a summary of significant accounting policies followed by the
Portfolios:
The preparation of financial statements in accordance with generally accepted
accounting principles requires management to make estimates and assumptions that
affect the reported amounts and disclosures in the financial statements.
Actual results could differ from those estimates.
A. Valuation of investments -- Equity securities, purchased options and
futures are valued at the last sale price on the exchange on which they are
primarily traded, including the NASDAQ National Market. Securities for which
sale prices are not available and other over-the-counter securities are
valued at the last quoted bid price. Bonds and other fixed income securities
(other than short-term obligations), including listed issues, are valued on
the basis of valuations supplied by pricing services or by matrix pricing
systems of a major dealer in bonds. Short-term debt securities with 61 days
or more to maturity at time of purchase are valued, through the 61st day
prior to maturity, at market value based on quotations obtained from market
makers or other appropriate sources; thereafter, the value on the 61st day is
amortized on a straight-line basis over the remaining number of days to
maturity. Short-term investments with 60 days or less to maturity at time of
purchase are valued at amortized cost, which approximates market. Portfolio
securities for which there are no such quotations or valuations are valued at
fair value as determined in good faith by or at the direction of the
Trustees.
B. Repurchase agreements -- It is the Portfolios' policy that repurchase
agreements are fully collateralized by U.S. Treasury and Government Agency
securities. All collateral is held by the Portfolio'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. Futures contracts -- When a Portfolio enters into a futures contract, it
makes an initial margin deposit in a segregated account, either in cash or
liquid securities. Thereafter, the futures contract is marked to market and
the portfolio makes (or receives) additional cash payments daily to the
broker. Changes in the value of the contract are recorded as unrealized
appreciation/depreciation until the contract is closed or settled.
The Portfolios 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 subjects the Portfolios to risk of loss up to the amount of
the nominal value of the contract.
The Portfolios may enter into futures contracts only on exchanges or boards
of trade. The exchange or board of trade acts as the counterparty to each
futures transaction, therefore, the Portfolio's credit risk is limited to
failure of the exchange or board of trade.
As of April 30, 1999, the Portfolios had no outstanding futures contracts.
D. Security transactions and investment income -- Investment transactions are
accounted for on the trade date (the date the order to buy or sell is
executed).
84
<PAGE>
Portfolios
Notes to Financial Statements (unaudited) (continued)
- --------------------------------------------------------------------------------
Securities gains and losses are calculated on the identified cost basis.
Interest income is accrued as earned. Dividend income is recorded on the
ex-dividend date.
E. Federal income taxes -- The Portfolios intend to continue to qualify as
partnerships and therefore net investment income and net realized gains are
taxed to the partners. Accordingly, no tax provisions are recorded by the
Portfolios. The investors in the Portfolios must take into account their
proportionate share of the Portfolios' income, gains, losses, deductions,
credits and tax preference items in computing their federal income tax
liability, without regard to whether they have received any cash
distributions from the Portfolio. The Portfolios do not intend to distribute
to investors their net investment income or their net realized gains, if any.
It is intended that the Portfolios will be managed in such a way that
investors in the Portfolio will be able to satisfy the requirements of
subchapter M of the Internal Revenue Code to be taxed as regulated investment
companies.
F. Expenses -- Expenses directly attributable to a Portfolio are charged to
that Portfolio; other expenses are allocated on another reasonable basis.
2. Fees and Other Transactions with Affiliates
A. Investment advisory fee -- Pursuant to separate Investment Advisory
Agreements, The Chase Manhattan Bank ("Chase" or the "Advisor") acts as the
Investment Advisor to the Portfolios. Chase is a direct wholly-owned
subsidiary of The Chase Manhattan Corporation. As Investment Advisor, Chase
supervises the investments of the Portfolios and for such services is paid a
fee.
The fee is computed daily and paid monthly at an annual rate equal to 0.40%
of the Portfolios' average daily net assets.
Chase Asset Management, Inc. ("CAM"), a registered investment advisor, is the
sub-investment advisor to each of the Portfolios pursuant to a Sub-Investment
Advisory Agreement between CAM and Chase. CAM is a wholly owned subsidiary of
Chase and is entitled to receive a fee, payable by Chase from its advisory
fee, at an annual rate equal to 0.20% of each Portfolio's average daily net
assets.
B. Custodial fees -- Chase, as Custodian provides safekeeping services for
the Portfolios' securities. Compensation for such services are presented in
the Statement of Operations as custodian fees.
C. Administration fee -- Pursuant to an Administration Agreement, Chase (the
"Administrator") provides certain administration services to the Trusts. For
these services and facilities, the Administrator receives from each Portfolio
a fee computed at the annual rate equal to 0.05% of the respective
Portfolio's average daily net assets.
3. Investment Transactions -- For the six months ended April 30, 1999, purchases
and sales of investments (excluding short-term investments) were as follows (in
thousands):
<TABLE>
<CAPTION>
GIP CGP
------------- -----------
<S> <C> <C>
Purchases (excluding U.S. Government) ......... $2,087,884 $594,087
Sales (excluding U.S. Government) ............. 2,125,522 803,231
</TABLE>
The portfolio turnover rates of GIP and CGP for the six months ended April 30,
1999, were 74% and 52% respectively.
4. Retirement Plan -- The Portfolios have adopted an unfunded noncontributory
defined benefit pension plan covering all independent trustees of the Portfolios
who will have served as an independent trustee for at least five years at the
time of retirement. Benefits under this plan are based on compensation and years
of service. Pension expenses for the six months ended April 30, 1999, included
in Trustees Fees and Expenses in the Statement of Operations, and accrued
pension liability included in other accrued
85
<PAGE>
Portfolios
Notes to Financial Statements (unaudited) (continued)
- --------------------------------------------------------------------------------
liabilities, respectively, in the Statement of Assets and Liabilities were as
follows (in thousands):
<TABLE>
<CAPTION>
Accrued
Pension Pension
Expenses Liability
---------- ----------
<S> <C> <C>
GIP ......... $13 $25
CGP ......... 6 11
</TABLE>
5. Bank Borrowings -- The Portfolios may borrow money for temporary or emergency
purposes. Any borrowings representing more than 5% of a Portfolio's total assets
must be repaid before the Portfolio may make additional investments. The
Portfolios have entered into an agreement, enabling them to participate with
other Chase Vista Funds in an unsecured line of credit with a syndicate of
banks, which permits borrowings up to $350 million, collectively. Interest is
charged to each Portfolio based on its borrowings at an annual rate equal to the
sum of the Federal Funds Rate plus 0.35%. The Portfolios also pay a commitment
fee of 0.075% per annum on the average daily amount of the available commitment,
which is allocated, on a pro-rata basis to the funds. The commitment fee is
included in Other expenses on the Statement of Operations.
Borrowings are payable on demand.
The Portfolios had no borrowings outstanding at April 30, 1999, nor at any point
during the year.
86
<PAGE>
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<PAGE>
- --------------------------------------------------------------------------------
CHASE VISTA EQUITY FUNDS SEMI-ANNUAL REPORT
- --------------------------------------------------------------------------------
<TABLE>
<S> <C>
Investment Adviser, Administrator, Funds for providing investment
Shareholder and Fund Servicing advisory and other services.
Agent and Custodian
The Chase Manhattan Bank This report is submitted for the general
information of the shareholders of
the funds. It is not authorized for
Distributor distribution to prospective investors
Vista Fund Distributors, Inc. in the funds unless preceded or
accompanied by a prospectus.
Transfer Agent
DST Systems, Inc. . The financial information in this
report has been taken from the
Legal Counsel books and records of the funds
Simpson Thacher & Bartlett without examination by independent
accountants, who express no
Independent Accountants opinion thereto.
PricewaterhouseCoopers LLP
To obtain a prospectus for any
of the Chase Vista Funds, call
Chase Vista Funds are distributed by 1-800-34-VISTA. The prospectus
Vista Fund Distributors, Inc., which is contains more complete information,
unaffiliated with The Chase Manhattan including charges and expenses.
Bank. Chase and its respective affiliates Please read it carefully before you
receive compensation from Chase Vista invest or send money.
</TABLE>
(C) The Chase Manhattan Corporation, 1999, 2000. All Rights Reserved. June 1999
[CHASE VISTA FUNDS(SM) LOGO]
Chase Vista Funds Fulfillment Center
393 Manley Street
West Bridgewater, MA 02379-1039
