[Cover]
APRIL 30, 1999 (UNAUDITED)
Chase Vista Fixed
Income Funds
SEMI-ANNUAL REPORT
CHASE VISTA
U.S. TREASURY
INCOME FUND
CHASE VISTA
U.S. GOVERNMENT
SECURITIES FUND
CHASE VISTA
BOND FUND
CHASE VISTA
SHORT-TERM
BOND FUND
CHASE VISTA
STRATEGIC
INCOME FUND
[CHASE VISTA FUNDS(SM) LOGO]
SABD-3-699
<PAGE>
[Highlights Page/Front Inside Cover]
Highlights
o The U.S. economy grew at a stronger-than-expected annual rate of 6% in the
fourth quarter of 1998 and 4.5% in the first quarter of 1999.
o The yield on the 30-year U.S. Treasury bond rose from 5.15% on November 1,
1998 to 5.66% on April 30, 1999.
o On a relative basis, the spread sectors recovered strongly from their October
lows and outperformed U.S. Treasury securities significantly during the
reporting period. The spread sectors include corporate, mortgage-backed,
asset-backed and commercial mortgage-backed securities.
- --------------------------------------------------------------------------------
CONTENTS
- --------------------------------------------------------------------------------
<TABLE>
<S> <C>
Chairman's Letter 3
Chase Vista U.S. Treasury Income Fund
Fund Commentary o Portfolio of Investments 4
Chase Vista U.S. Government Securities Fund
Fund Commentary o Portfolio of Investments 11
Chase Vista Bond Fund
Fund Commentary o Portfolio of Investments 18
Chase Vista Short-Term Bond Fund
Fund Commentary o Portfolio of Investments 29
Chase Vista Strategic Income Fund
Fund Commentary o Portfolio of Investments 37
Financial Statements 47
Notes to Financial Statements 52
Financial Highlights 61
</TABLE>
- --------------------------------------------------------------------------------
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 THE MUTUAL FUNDS
INVOLVE RISK, INCLUDING POSSIBLE LOSS OF THE PRINCIPAL AMOUNT INVESTED.
- --------------------------------------------------------------------------------
<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
Fixed Income Funds for the period ended April 30, 1999:
<TABLE>
<S> <C>
o U.S. Treasury Income Fund o Short-Term Bond Fund
o U.S. Government Securities Fund o Strategic Income Fund
o Bond Fund
</TABLE>
Sizzling Growth, Little Inflation: Strong U.S. Economic Performance Continues
As economists look back at the 1990s, the sterling performance of the U.S.
economy is sure to be among the highlights of the decade. Not only did the
economy enter its ninth year of expansion during the reporting period, but the
annual rate of growth accelerated sharply to a sizzling 6% in the fourth quarter
of 1998 before cooling slightly to a still-impressive 4.5% in the first quarter
of 1999.
Despite the fast pace of growth, the Federal Reserve Board maintained a neutral
policy after reducing the Federal Funds rate by .25% on November 11, 1998, the
third of three similar cuts that began in September. Such an accommodative
stance in the face of a surging economy was prompted by ongoing concerns about
the fragile state of the global economy, and was further supported by a
continuing absence of domestic inflationary pressures.
The Markets React to Growth: Longer-Term Interest Rates Rise
While the Fed held monetary policy steady, the bond markets reacted to the
growth by pushing interest rates higher (and bond prices lower) over the
reporting period. The rate on the benchmark 30-year U.S. Treasury bond rose from
5.15% on October 31, 1998 to 5.66% on April 30, 1999, with most of the increase
occurring in February and March of this year.
Also behind the sell off in longer-term Treasuries as the period progressed were
signs that the global economy had bottomed out and begun to recover. With fears
of a global meltdown subsiding, the "flight to quality" by global investors
seeking a safe haven in the world's safest securities reversed and investors
were once again willing to assume the additional risks of corporate securities,
leading Treasuries to underperform most other types of bonds on a relative
basis.
Your portfolio management team rose to the occasion of this challenging
environment, working diligently to protect your investment and provide you with
competitive levels of current income. While it's impossible to predict what the
markets will do, you can surely expect that all of us at Chase Vista will
continue to do our best to deliver solid investments and help you reach your
financial goals. We appreciate your continued trust and support.
Sincerely,
/s/ Fergus Reid
- ---------------
Fergus Reid
Chairman
3
<PAGE>
Chase Vista U.S. Treasury Income Fund
as of April 30, 1999
(unaudited)
Fund Facts
<TABLE>
<S> <C> <C>
Objective Income
Primary investments High-quality U.S. Treasury Bonds
Suggested investment time frame Mid- to Long-Term
Market benchmark Lehman Treasury Bond Index
Lipper Funds category General U.S. Government Funds
Average
Class A Class B
------- -------
Inception date 9/8/87 11/4/93
Newspaper symbol USTreas Not listed
Net assets $77.8 Million $17.5 Million
Average maturity 8.2 years 8.2 years
Average duration 5.0 years 5.0 years
Average quality AAA AAA
</TABLE>
Average Maturity/Quality
[Maturity/Quality Grid]
+---------+---------+---------+
| | X | | High
+---------+---------+---------+
| | | | Med.
+---------+---------+---------+
| | | | Low
+---------+---------+---------+
Short Int. Long
4
<PAGE>
Chase Vista U.S. Treasury Income Fund
as of April 30, 1999
(unaudited)
How the Fund Performed
Chase Vista U.S. Treasury Income Fund, which seeks to provide income through a
portfolio of high-quality U.S. Treasury bonds, had a total return of -1.76%
(Class A shares, without sales charge) for the six months ended April 30, 1999.
How the Fund Was Managed
Since bond prices and interest rates generally move in opposite directions, the
rising interest rate environment of the reporting period proved challenging for
all fixed income fund managers. However, by actively managing your portfolio's
yield curve structure and duration, the management team was able to reduce much
of the effect of lower prices.
After taking advantage of the end of the rally in Treasuries as the period
opened, the management team correctly anticipated the onset of the higher rate
environment by reducing duration from a significantly-long to only a
slightly-long stance. However, even the slightly-long duration hurt performance
in February as rates rose by over .50% in one month. Also affecting the Fund's
performance in late 1998 was its yield curve positioning, as the bulleted bias
towards five- to ten-year securities proved detrimental in November and neutral
in December. The management team continued reducing duration in the final two
months of the reporting period and was therefore able to perform in line with
its benchmark in March and April.
Where the Fund May Be Headed
After the period ended, the Federal Reserve Board adopted a tightening bias,
meaning that it will be inclined to raise interest rates should the economy fail
to moderate as expected, especially if what are now early signs of a slight pick
up in inflation prove sustainable. However, we continue to expect the economy to
slow later in 1999, partially due to the effects of the higher long-term
interest rates. Therefore, we're maintaining a neutral yet opportunistic stance
and will take advantage of market overreactions by extending durations as we
move further into the second quarter.
5
<PAGE>
Chase Vista U.S. Treasury Income Fund
as of April 30, 1999
(unaudited)
How Much of the Fund Was Invested
[Pie Chart Data]
Investments (97.72%)
Cash/Other (2.28%)
What the Fund Invested In
Percentage of Total Portfolio Investments
[Pie Chart Data]
<TABLE>
<S> <C>
U.S. Treasury Securities (88.7%)
Residential Mortgage Backed Securities (10.3%)
Cash Equivalents & Short-Term Paper (1.0%)
</TABLE>
6
<PAGE>
Chase Vista U.S. Treasury 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 securities markets, tends to
be more volatile than the long-term trend.
<TABLE>
<CAPTION>
1 Year 5 Years 10 Years
------ ------- --------
<S> <C> <C> <C>
Class A Shares
Without Sales Charge 5.60% 6.53% 7.84%
With Sales Charge* 0.85% 5.55% 7.35%
Class B Shares
Without CDSC 4.68% 5.72% 7.41%
With CDSC** -0.27% 5.40% 7.41%
</TABLE>
Source: Lipper Analytical Services, Inc. Past performance is not indicative of
future results. Investment return and principal value will fluctuate with market
conditions. When shares are redeemed, they may be worth more or less than their
original cost.
The Fund is currently waiving certain fees. This voluntary waiver may be
modified or terminated at any time, which would reduce performance.
* Sales charge for Class A Shares is 4.50%.
** Assumes 5% CDSC (contingent deferred sales charge) for the one year period, a
2% CDSC for the five year period and 0% CDSC for the ten year period.
+ The Fund commenced operations on 9/8/87. Class B Shares were introduced on
11/4/93. Investors should note that the information presented for Class B 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.
7
<PAGE>
Chase Vista U.S. Treasury 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 U.S. Treasury 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.
[Begin Line Chart]
<TABLE>
<CAPTION>
Chase Vista Lehman Lipper General
U.S. Treasury Treasury Bond U.S. Govt. Funds
Income Fund Index Avg.
<S> <C> <C> <C>
1989 9550 10000 10000
1990 10324.5 10838.5 10729.2
1991 11866.9 12417.9 12230.6
1992 13002.5 13701.8 13417.7
1993 14729.6 15665.6 15139.5
1994 14811.2 15835.6 15143.5
1995 15600.2 16863.9 15940.7
1996 16692.3 18274.4 17084.4
1997 17567.3 19439 18058.2
1998 19238.8 21594.9 19913.1
1999 20316.9 23002.3 20919.6
</TABLE>
[End Line Chart]
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 U.S. Treasury Income Fund, the Lipper General U.S.
Government Funds Average and the Lehman Treasury Bond 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 4.50% sales charge. The performance
of the average and the index do not include a sales charge and have been
adjusted to reflect reinvestment of all dividends and capital gains on the
securities included in the benchmark.
The Fund is currently waiving certain fees. This voluntary waiver may be
modified or terminated at any time, which would reduce performance.
The Lipper General U.S. Government Funds Average represents the average
performance of a universe of 187 actively managed U.S. government 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 Lehman Treasury Bond Index is a replica (or model) of the U.S. government
treasury securities market. This index is unmanaged and reflects the
reinvestment of dividends. An individual cannot invest directly in the index.
8
<PAGE>
Chase Vista U.S. Treasury Income Fund
Portfolio of Investments April 30, 1999 (unaudited)
(Amounts in Thousands)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
- -----------------------------------------------------------
Long-Term Investments--97.3%
- -----------------------------------------------------------
U.S. Treasury Securities--87.2%
--------------------------------
U.S. Treasury Notes and Bonds, @
<S> <C> <C>
$ 500 4.75%, 11/15/08 $ 477
2,000 5.25%, 02/15/29 1,878
3,200 5.63%, 05/15/08 3,248
4,000 6.25%, 02/28/02 4,111
5,000 6.38%, 08/15/27 5,340
7,000 6.50%, 05/31/02 7,254
2,000 7.50%, 02/15/05 2,213
6,000 7.75%, 01/31/00 6,125
11,400 7.88%, 08/15/01 12,066
10,200 8.50%, 02/15/20 13,311
13,200 9.13%, 05/15/99 13,216
11,900 10.75%, 08/15/05 13,890
-------
Total U.S. Treasury Securities 83,129
-------
(Cost $85,408)
Residential Mortgage Backed Pass-Thru
Security--10.1%
---------------
9,969 Government National Mortgage
Association, Pool 780958, 6.00%,
01/15/29 9,654
(Cost $9,625)
- -----------------------------------------------------------
Total Long-Term Investments 92,783
(Cost $95,033)
- -----------------------------------------------------------
Short-Term Investments--0.9%
- -----------------------------------------------------------
U.S. Government Agency Obligations--0.7%
----------------------------------------
629 Federal Home Loan Bank, Discount
Note, @ 4.90%, 05/03/99 629
-------
(Cost $629)
U.S. Treasury Securities--0.2%
------------------------------
U.S. Treasury Bill,
100 4.53%, 09/16/99 98
150 4.56%, 08/26/99 148
-------
Total U.S. Treasury Securities 246
(Cost $246)
- -----------------------------------------------------------
</TABLE>
See notes to financial statements.
9
<PAGE>
Chase Vista U.S. Treasury Income Fund
Portfolio of Investments April 30, 1999 (unaudited) (continued)
(Amounts in Thousands)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
- ---------------------------------------------------
Short-Term Investments--(continued)
- ---------------------------------------------------
<S> <C> <C>
Total Short-Term Investments $ 875
(Cost $875)
- ---------------------------------------------------
Total Investments -- 98.2% $93,658
(Cost $95,908)
- ---------------------------------------------------
</TABLE>
Long Futures Outstanding
<TABLE>
<CAPTION>
Number Original Notional Unrealized
of Expiration Notional Value at Appreciation
Contracts Description Date Value 4/30/99 (Depreciation)
- ----------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
22 U.S. 5 Year
Treasury Note,
8.00%, June 1999 $ 2,445 $ 2,444 $ (1)
110 U.S. 10 Year
Treasury Note,
8.00%, June 1999 12,645 12,616 (29)
----
$(30)
----
</TABLE>
Index
@ -- All or a portion of this security is segregated.
See notes to financial statements.
10
<PAGE>
Chase Vista U.S. Government Securities Fund
as of April 30, 1999
(unaudited)
Fund Facts
<TABLE>
<S> <C> <C>
Objective Income
Primary investments High-quality U.S. Government,
Agency and Corporate Bonds
Suggested investment time frame Mid- to Long-Term
Market benchmark Lehman Government Bond Index
Lipper Funds category U.S. Government Funds Average
Class A Class I
------- -------
Inception date 5/6/96 2/19/93
Newspaper symbol Not listed US Govt
Net assets $3.3 Million $54.3 Million
Average maturity 8.4 years 8.4 years
Average duration 5.1 years 5.1 years
Average quality AAA AAA
</TABLE>
Average Maturity/Quality
[Maturity/Quality Grid]
+---------+---------+---------+
| | X | | High
+---------+---------+---------+
| | | | Med.
+---------+---------+---------+
| | | | Low
+---------+---------+---------+
Short Int. Long
11
<PAGE>
Chase Vista U.S. Government Securities Fund
as of April 30, 1999
(unaudited)
How the Fund Performed
Chase Vista U.S. Government Securities Fund, which seeks income by investing in
securities backed by the U.S. government and respective agencies, had a total
return of -1.11% (Class A shares, without sales charge) for the six months ended
April 30, 1999.
How the Fund Was Managed
Since bond prices and interest rates generally move in opposite directions, the
rising interest rate environment of the reporting period proved challenging for
all fixed income fund managers. However, by actively managing your portfolio's
duration, security selections and sector allocations, the management team was
able to reduce the effect of lower prices while maximizing the Fund's return.
After taking advantage of the end of the rally in Treasuries as the period
opened, the management team correctly anticipated the onset of the higher rate
environment by reducing duration and moving back into mortgage-backed
securities. By the end of 1998 the fund was overweight mortgage-backed
securities and had only a slightly-long duration.
Starting in January, therefore, the Fund benefited from the management team's
efforts as mortgage-backed securities in general, and the current coupon
mortgages the team favored in particular, did well. However, after benefiting
from the slightly-long duration in January, the Fund underperformed in February
as interest rates on longer-term securities rose sharply. The management team
reduced duration almost to neutral by March, and since a lower duration/
mortgage-backed securities bias is advantageous in a range-bound to slightly
rising interest rates scenario, the Fund ended the reporting period overweight
in mortgage-backed securities and underweight in Treasuries.
Where the Fund May Be Headed
After the period ended, the Federal Reserve Board adopted a tightening bias,
meaning that it will be inclined to raise interest rates should the economy fail
to moderate as expected, especially if what are now early signs of a slight pick
up in inflation prove sustainable. However, we continue to expect the economy to
slow later in 1999, partially due to the effects of the higher long-term
interest rates. Therefore, we're maintaining a neutral yet opportunistic stance
and will take advantage of market overreactions by extending durations as we
move further into the second quarter.
12
<PAGE>
Chase Vista U.S. Government Securities Fund
as of April 30, 1999
(unaudited)
How Much of the Fund Was Invested
[Pie Chart Data]
Investments (98.81%)
Cash Other (1.91%)
What the Fund Invested In
Percentage of Total Portfolio Investments
[Pie Chart Data]
U.S Treasury Securities (48.7%)
Residential Mortgage Backed Securities (38.5%)
U.S. Government Agency (12.1%)
Cash Equivalents & Short-Term Paper (0.7%)
13
<PAGE>
Chase Vista U.S. Government Securities 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 securities markets, tends to
be more volatile than the long-term trend.
<TABLE>
<CAPTION>
Since
Inception
1 Year 5 Years (2/19/93)
------ ------- ---------
<S> <C> <C> <C>
Class A Shares
Without Sales Charge 5.80% 6.60% 5.70%
With Sales Charge* 1.04% 5.62% 4.92%
Class I Shares 6.00% 6.74% 5.82%
</TABLE>
Source: Lipper Analytical Services, Inc. Past performance is not indicative of
future results. Investment return and principal value will fluctuate with market
conditions. When shares are redeemed, they may be worth more or less than their
original cost.
The Fund is currently waiving certain fees. the voluntary waiver may be modified
or terminated at any time, which would reduce performance.
* Sales charge on Class A Shares is 4.50%.
+ The Fund commenced operations on 2/19/93. Class A Shares were introduced on
5/6/96. Investors should note that the information presented for Class A Shares
prior to their introduction is based on historical expenses of the predecessor
Class I Shares, which are lower than the actual expenses of the Class A Shares.
14
<PAGE>
Chase Vista U.S. Government Securities 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 U.S. Government Securities Fund compared
to its key benchmarks. This is where you see the Fund's long-term trend. This
chart is for illustrative purposes only.
U.S. Government Securities Fund
[Begin Line Chart]
Chase Vista Lehman Lipper
U.S. Govermment Government U.S. Government
Securities Fund Bond Index Funds Avg.
Feb 1993 10000 10000 10000
Apr 1993 10100.9 10110.2 10092.2
1994 10168.3 10221.1 10132.5
1995 10680.5 10886.9 10665.8
1996 11465 11794 11431.1
1997 12172.2 12558.1 12082.7
1998 13292.6 13945.6 13323.8
1999 14089.6 14749.1 13997.2
[End Line Chart]
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 I
Shares of Chase Vista U.S. Government Securities Fund, the Lipper General U.S.
Government Funds Average, and the Lehman Government Bond Index from February 19,
1993 to April 30, 1999. The performance of the Fund assumes the reinvestment of
all dividends and capital gains and does not include a sales charge. The
performance of the average and the indexes do not include a sales charge and
have been adjusted to reflect reinvestment of all dividends and capital gains on
the securities included in the benchmark. The Fund commenced operations on
2/19/93. Class A Shares were introduced on 5/6/96. Investors should note that
the information presented for Class A Shares prior to their introduction is
based on historical expenses of the predecessor Class I Shares, which are lower
than the actual expenses of the Class A Shares. Additionally, annualized figures
have been restated to reflect the initial 4.50% sales charge that applies to the
Fund's Class A shares. Class I shares have a $1,000,000 minimum initial deposit
and carry no sales charge.
The Fund is currently waiving certain fees. This voluntary waiver may be
modified or terminated at any time, which would reduce performance.
The Lipper General U.S. Government Funds Average represents the average
performance of a universe of 187 actively managed U.S. government 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 Lehman Government Bond Index is composed of the Treasury Bond Index and the
Agency Bond Index and includes U.S. Treasury and agency bond issues. The index
is unmanaged and reflects the reinvestment of dividends. An individual cannot
invest directly in an index.
15
<PAGE>
Chase Vista U.S. Government Securities Fund
Portfolio of Investments April 30, 1999 (unaudited)
(Amounts in Thousands)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
- --------------------------------------------------------------
<S> <C> <C>
Long-Term Investments--98.7%
- --------------------------------------------------------------
U.S. Treasury Securities--48.4%
-------------------------------
U.S. Treasury Notes and Bonds,
$3,000 4.63%, 11/30/00 $ 2,980
3,000 5.63%, 05/15/08 3,045
1,300 5.75%, 10/31/00 1,313
3,000 5.88%, 09/30/02 3,062
1,500 6.38%, 03/31/01 1,534
5,000 6.50%, 10/15/06 5,330
4,000 6.50%, 11/15/26 4,329
5,000 8.13%, 08/15/19 6,286
-------
Total U.S. Treasury Securities 27,879
-------
(Cost $28,620)
U.S. Government Agency Obligations--12.0%
-----------------------------------------
Federal National Mortgage Association,
3,000 4.75%, 11/14/03 2,891
2,000 5.75%, 04/15/03 2,013
2,000 6.00%, 05/15/08 2,018
-------
Total U.S. Government
Agency Obligations 6,922
-------
(Cost $7,118)
Residential Mortgage Backed Securities--38.3%
---------------------------------------------
Mortgage Pass-Thru Securities--21.4%
Federal National Mortgage Association,
3,992 Pool 252339, 6.00%, 03/01/29 3,869
8,335 Pool 323633, 7.00%, 03/01/29 8,444
-------
12,313
-------
Collateralized Mortgage Obligations--16.9%
Federal Home Loan Mortgage Corp.,
4,000 Gold Pool N98213,
5.50%, 02/01/06 3,928
1,900 Ser. 2117, Class PA,
6.00%, 03/15/06 1,908
2,000 Ser. 2124, Class GD,
5.50%, 05/15/11 1,950
</TABLE>
See notes to financial statements.
16
<PAGE>
Chase Vista U.S. Government Securities Fund
Portfolio of Investments April 30, 1999 (unaudited) (continued)
(Amounts in Thousands)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
- ---------------------------------------------------------
<S> <C> <C>
Long-Term Investments--(continued)
- ---------------------------------------------------------
$2,000 Federal National Mortgage
Association, Ser. 1999-17, Class
PC, 6.00%, 12/25/22 $ 1,979
-------
9,765
-------
Total Residential Mortgage
Backed Securities 22,078
(Cost $22,128)
- ---------------------------------------------------------
Total Long-Term Investments 56,879
(Cost $57,866)
- ---------------------------------------------------------
Short-Term Investments--0.7%
- ---------------------------------------------------------
Repurchase Agreement--0.7%
--------------------------
421 Greenwich Capital Markets, Inc.,
4.93%, due 5/3/99, (dated
4/30/99, Proceeds $421, Secured
by: FNMA, $460, 5.50%, due
12/01/28, Market Value $432.) 421
(Cost $421)
- ---------------------------------------------------------
Total Investments -- 99.4%
(Cost $58,287) $57,300
- ---------------------------------------------------------
</TABLE>
Index
FNMA--Federal National Mortgage Association.
See notes to financial statements.
17
<PAGE>
Chase Vista Bond Fund
as of April 30, 1999
(unaudited)
Fund Facts
<TABLE>
<S> <C> <C> <C>
Objective Income
Primary investments High-quality Government, Agency,
Asset-Backed and Corporate Bonds
Suggested investment time frame Mid- to Long-Term
Market benchmark Lehman Aggregate Bond Index
Lipper Funds category Corporate Debt A-Rated Funds Average
Class A Class B Class I
------- ------- -------
Inception date 5/6/96 5/6/96 11/30/90
Newspaper symbol Bond Not listed Bond
Net assets $38.7 Million $4.8 Million $22.3 Million
Average maturity 8.2 years 8.2 years 8.2 years
Average duration 4.9 years 4.9 years 4.9 years
Average quality AAA AAA AAA
</TABLE>
Average Maturity/Quality
[Maturity/Quality Grid]
+---------+---------+---------+
| | X | | High
+---------+---------+---------+
| | | | Med.
+---------+---------+---------+
| | | | Low
+---------+---------+---------+
Short Int. Long
18
<PAGE>
Chase Vista Bond Fund
as of April 30, 1999
(unaudited)
How the Fund Performed
Chase Vista Bond Fund, which seeks to provide a high level of current income
through a portfolio of investment-grade Treasury, corporate, mortgage-backed and
asset-backed securities, had a total return of -0.11% (Class A Shares, without
sales charge) for the six months ended April 30, 1999.
How the Fund Was Managed
Since bond prices and interest rates generally move in opposite directions, the
rising interest rate environment of the reporting period proved challenging for
all fixed income fund managers. However, by actively managing your portfolio's
duration, sector allocations and security selections, the management team was
able to reduce the effect of lower prices while maximizing the Fund's return.
After taking advantage of the end of the rally in Treasuries as the period
opened, the management team correctly anticipated the onset of the higher rate
environment by reducing duration to only a slightly long stance and moving back
into the "spread" sectors, which include corporates, mortgage-backed and asset-
backed securities. While performance across the spread sectors was mixed, the
strategy proved to be the right one as first high quality corporates and
mortgage-- backed securities, and later lower quality securities including
Yankees, asset-backed and commercial mortgage-backed (structured) securities,
came back from their October 1998 lows and outperformed Treasuries on a relative
basis.
By the end of 1998, the Fund had only a slightly-long duration and was
overweight in mortgage-backed and structured securities, neutral corporates and
underweight Treasuries. Starting in January 1999, the Fund began to move more
aggressively into lower-quality corporates due to the strong economy and the
return of liquidity to the markets. It also benefited in the first quarter from
its holdings in asset- and commercial mortgage-backed securities as these were
the last to recover from 1998's difficult spread sector market conditions.
As 1999 progressed and interest rates continued to rise, the management team
continued to reduce the Fund's duration down to neutral. Since a lower duration/
spread sector bias is advantageous in a range-bound to slightly rising interest
rates scenario, the Fund ended the reporting period with an almost neutral
duration and a continued overweight in the spread sectors.
Where the Fund May Be Headed
After the period ended, the Federal Reserve Board adopted a tightening bias,
meaning that it will be inclined to raise interest rates should the economy fail
to moderate as expected, especially if what are now early signs of a slight pick
up in inflation prove sustainable. However, we continue to expect the economy to
slow later in 1999, partially due to the effects of the higher long-term
interest rates. Therefore, we're maintaining a neutral yet opportunistic stance
and will take advantage of market overreactions by extending durations as we
move further into the second quarter.
19
<PAGE>
Chase Vista Bond Fund
as of April 30, 1999
(unaudited)
How Much of the Fund Was Invested
[Pie Chart Data]
Investments (96.00%)
Cash/Other (4.00%)
What the Fund Invested In
Percentage of Total Portfolio Investments
[Pie Chart Data]
Residential Mortgage Backed Securities (34.9%)
Corporate Notes & Bonds (23.8%)
U.S. Treasury Securities (21.5%)
Commercial Mortgage Backed Securities (8.0%)
Asset Backed Securities (6.0%)
Cash Equivalents & Short-Term Paper (4.1%)
U.S. Government Agency Obligations (1.7%)
20
<PAGE>
Chase Vista Bond 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 securities markets, tends to
be more volatile than the long-term trend.
<TABLE>
<CAPTION>
Since
Inception
1 Year 5 Years (11/30/90)
------ ------- ----------
<S> <C> <C> <C>
Class A Shares
Without Sales Charge 5.18% 7.44% 7.94%
With Sales Charge* 0.44% 6.46% 7.35%
Class B Shares
Without CDSC 4.51% 7.10% 7.73%
With CDSC** -0.42% 6.80% 7.73%
Class I Shares 5.44% 7.71% 8.10%
</TABLE>
Source: Lipper Analytical Services, Inc. Past performance is not indicative of
future results. Investment return and principal value will fluctuate with market
conditions. When shares are redeemed, they may be worth more or less than their
original cost.
The Fund is currently waiving certain fees. This voluntary waiver may be
modified or terminated at any time, which would reduce performance.
* Sales charge on Class A Shares is 4.50%.
** Assumes 5% CDSC (contingent deferred sales charge) for the one year period, a
2% CDSC for the five year period and 0% CDSC for the period since inception.
+ The Fund commenced operations on 11/30/90. Class A and B Shares were
introduced on 5/6/96. Investors should note that the information presented for
Class A and B Shares prior to their introduction is based on historical expenses
of the predecessor Class I Shares, which are lower than the actual expenses of
the Class A and B Shares.
21
<PAGE>
Chase Vista Bond 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 Bond Fund compared to its key benchmarks.
This is where you see the Fund's long-term trend. This chart is for illustrative
purposes only.
[Begin Line Chart]
Lipper
Lehman Corporate
Aggregate Debt A-Rated Chase Vista
Bond Index Funds Avg. Fund Bond
1990 10000 10000 10000
1991 10465.7 10553.6 10575.6
1992 11544.9 11714.6 11742.6
1993 13133.8 13269.4 13443
1994 13281 13424.9 13556.2
1995 14155 14408.1 14363.6
1996 15328.4 15652.1 15493.2
1997 16388.9 16760.9 16490.5
1998 18249.4 18588.9 18226.5
1999 19242.8 19753.8 19093.5
[End Line Chart]
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 I
Shares of Chase Vista Bond Fund, the Lipper Corporate Debt A-Rated Funds Average
and the Lehman Aggregate Bond Index from November 30, 1990 to April 30, 1999.
The performance of the Fund assumes the reinvestment of all dividends and
capital gains and does not include a sales charge. The performance of the
averages and the index do not include a sales charge and have been adjusted to
reflect reinvestment of all dividends and capital gains on the securities
included in the benchmark. The Fund commenced operations on 11/30/90. Class A
and B Shares were introduced on 5/6/96. Investors should note that the
information presented for Class A and B Shares prior to their introduction is
based on historical expenses of the predecessor Class I Shares, which are lower
than the actual expenses of the Class A and B Shares. Additionally, annualized
figures have been restated to reflect the maximum 4.50% front-end sales charge
(A shares) and 5% contingent deferred sales charge (B Shares). Class I shares
have a $1,000,000 minimum initial deposit and carry no sales charge.
The Fund is currently waiving certain fees. This voluntary waiver may be
modified or terminated at any time, which would reduce performance.
The Lipper A-Rated Funds Average represents the average performance of a
universe of 149 actively managed corporate debt A-rated or better funds. Lipper
is an independent mutual fund performance monitor whose results are based on
total return and do not reflect a sales charge.
The Lehman Aggregate Bond Index is composed of the Lehman Government/Corporate
Index and the Mortgage-Backed Securities Index and includes U.S. treasury
issues, agency issues, corporate bond issues and mortgage-backed securities. The
index is unmanaged and reflects reinvestment of dividends. An individual cannot
invest in the index.
22
<PAGE>
Chase Vista Bond Fund
Portfolio of Investments April 30, 1999 (unaudited)
(Amounts in Thousands)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
- -----------------------------------------------------------
<S> <C> <C>
Long-Term Investments--94.0%
- -----------------------------------------------------------
U.S. Treasury Securities--21.0%
-------------------------------
U.S. Treasury Notes and Bonds, @
$1,550 4.25%, 11/15/03 $ 1,489
2,000 5.00%, 02/28/01 1,997
4,500 5.25%, 08/15/03 4,498
1,200 6.88%, 08/15/25 1,354
3,600 8.13%, 08/15/19 4,526
-------
Total U.S. Treasury Securities 13,864
-------
(Cost $14,025)
U.S. Government Agency Obligations--1.6%
----------------------------------------
1,100 Federal Home Loan Bank, @, 5.13%,
09/15/03 1,080
-------
(Cost $1,098)
Corporate Notes and Bonds--23.5%
--------------------------------
Automotive--1.1%
700 General Motors Acceptance Corp., @,
5.50%, 01/14/02 694
-------
Banking--4.9%
500 Key Bank of Washington, @, 7.13%,
08/15/06 522
650 Korea Development Bank (South
Korea), @, 7.13%, 09/17/01 652
675 Providian National Bank, 6.75%,
03/15/02 683
750 Sovereign Bancorp, Inc., @, 6.63%,
03/15/01 752
675 US Bank NA, @, 5.70%, 12/15/08 642
-------
3,251
-------
Business Services--1.1%
750 Comdisco Inc., 5.95%, 04/30/02 747
-------
Consumer Products--0.5%
300 Philip Morris Companies Inc., @,
7.00%, 07/15/05 308
-------
</TABLE>
See notes to financial statements.
23
<PAGE>
Chase Vista Bond Fund
Portfolio of Investments April 30, 1999 (unaudited) (continued)
(Amounts in Thousands)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
- -----------------------------------------------------------
<S> <C> <C>
Long-Term Investments--(continued)
- -----------------------------------------------------------
Diversified--1.5%
Tyco International Group, SA
(Luxemburg), #, @,
$ 500 5.88%, 11/01/04 $ 495
500 6.88%, 01/15/29 487
-------
982
-------
Entertainment/Leisure--1.5%
500 Time Warner Inc., @,
7.75%, 06/15/05 534
425 USA Networks, Inc., #, 6.75%,
11/15/05 422
-------
956
-------
Financial Services--2.3%
750 Heller Financial Inc., @, 6.00%,
03/19/04 745
750 Lehman Brothers Holdings Inc., @,
6.38%, 03/15/01 753
-------
1,498
-------
Food/Beverage Products--1.7%
1,100 Pepsi Bottling Group, Inc., #, @,
7.00%, 03/01/29 1,095
-------
Industrial Components--1.1%
750 Conoco Inc., @, 5.90%, 04/15/29 733
-------
Insurance--1.8%
500 Hartford Financial Services Group, @,
6.38%, 11/01/08 497
750 Progressive Corp., 6.63%, 03/01/29 699
-------
1,196
-------
Retailing--1.5%
500 Kroger Co., @, 6.38%, 03/01/08 494
500 Saks, Inc., @, 7.38%, 02/15/19 492
-------
986
-------
</TABLE>
See notes to financial statements.
24
<PAGE>
Chase Vista Bond Fund
Portfolio of Investments April 30, 1999 (unaudited) (continued)
(Amounts in Thousands)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
- ------------------------------------------------------------
<S> <C> <C>
Long-Term Investments--(continued)
- ------------------------------------------------------------
Telecommunications--2.2%
$1,000 AT&T Corp., @, 6.00%, 03/15/09 $ 977
500 GTE Northwest Inc., @, 5.55%,
10/15/08 475
-------
1,452
-------
Utilities--2.3%
500 National Rural Utilities Cooperative
Finance Corp., @,
5.50%, 01/15/05 488
500 Texas Utilities Electric Co., @,
6.75%, 03/01/03 510
500 United Illuminating Co., 6.00%,
12/15/03 490
-------
1,488
-------
Total Corporate Notes and Bonds 15,386
-------
(Cost $15,552)
Residential Mortgage Backed Securities--34.2%
---------------------------------------------
Mortgage Pass-Thru Securities--30.1%
Federal Home Loan Mortgage Corp.,
1,500 Gold Pool N98213, 5.50%,
02/01/06 1,473
1,000 Gold Pool N98214, 5.50%,
02/01/06 982
1,229 TBA, 6.00%, 03/01/29 1,191
Federal National Mortgage
Association,
3,463 Pool 252093, 6.50%, 11/01/28 3,441
250 Pool 252435, 6.00%, 04/01/14 248
483 Pool 303784, 7.00%, 03/01/11 493
3,922 Pool 323633, 7.00%, 03/01/29 3,974
2,839 Pool 323645, 7.50%, 04/01/29 2,918
1,249 Pool 484753, 6.50%, 03/01/29 1,241
3,000 TBA, 7.00%, 04/01/14 3,065
750 TBA, 7.50%, 03/01/29 771
-------
19,797
-------
</TABLE>
See notes to financial statements.
25
<PAGE>
Chase Vista Bond Fund
Portfolio of Investments April 30, 1999 (unaudited) (continued)
(Amounts in Thousands)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
- -------------------------------------------------------------
<S> <C> <C>
Long-Term Investments--(continued)
- -------------------------------------------------------------
Collateralized Mortgage Obligations--4.1%
$ 750 Federal Home Loan Mortgage Corp.,
Ser. 2117, Class PA, 6.00%,
03/15/06 $ 753
1,000 Federal National Mortgage
Association, Ser. 1999-17, Class
PC, @, 6.00%, 12/25/22 990
1,000 FFCA Secured Lending Corporation,
Ser. 1997-1, Class C2, #, @,
5.68%, 02/18/12 951
-------
2,694
-------
Total Residential Mortgage
Backed Securities 22,491
------
(Cost $22,552)
Commercial Mortgage Backed Securities--7.8%
-------------------------------------------
1,200 Bear Stearns Commercial Mortgage
Securities, Ser. 1999-C1, Class A2,
@, 6.02%, 02/14/09 1,166
500 GS Mortgage Securities Corp. II, Ser.
1997-GL, Class A2D, 6.94%,
07/13/30 514
1,000 Lehman Home Equity Loan Trust,
Ser. 1998-2, Class M2, FRN, @,
5.50%, 04/25/28 988
743 Morgan Stanley Capital I, Ser. 1999-
WF1, Class A1, @, 5.91%,
04/15/08 735
1,000 Nomura Depositor Trust, Ser. 1998-
ST1A, Class A3A, FRN, #, @,
5.48%, 02/15/34 960
800 Structured Asset Securities Corp., Ser.
1998-2, Class M2, FRN, @,
5.65%, 02/25/28 797
-------
Total Commercial Mortgage
Backed Securities 5,160
-------
(Cost $5,284)
</TABLE>
See notes to financial statements.
26
<PAGE>
Chase Vista Bond Fund
Portfolio of Investments April 30, 1999 (unaudited) (continued)
(Amounts in Thousands)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
- ----------------------------------------------------------
<S> <C> <C>
Long-Term Investments--(continued)
- ----------------------------------------------------------
Asset Backed Securities--5.9%
-----------------------------
$ 500 American Express Credit Account
Master Trust, Ser. 1997-1, Class A,
6.40%, 04/15/05 $ 509
1,250 Carco Auto Loan Master Trust, Ser.
1991-1, Class A2, @, 5.78%,
03/15/04 1,255
750 Citibank Credit Card Master Trust I,
Ser. 1997-2, Class A, @, 6.55%,
02/15/04 765
650 Discover Card Master Trust I, Ser.
1998-2, Class A, 5.80%, 09/16/03 652
205 Mid-State Trust, Ser. 6, Class A4,
7.79%, 07/01/35 200
500 Nomura CBO, Ltd., Ser. 1997-1,
Class A2, #, @, 6.67%, 05/15/09 528
-------
Total Asset Backed Securities 3,909
(Cost $3,915)
- ----------------------------------------------------------
Total Long-Term Investments 61,890
(Cost $62,426)
- ----------------------------------------------------------
Short-Term Investments--4.0%
- ----------------------------------------------------------
U.S. Treasury Security--0.1%
----------------------------
100 U.S. Treasury Bill, 4.55%, 06/03/99 100
-------
(Cost $100)
Repurchase Agreement--3.9%
--------------------------
2,538 Greenwich Capital Markets, Inc.,
4.93%, due 5/3/99, (dated
4/30/99, Proceeds $2,539, Secured
by: FHLMC, $2,545, 6.50%, due
04/01/29, Market Value $2,592) 2,538
(Cost $2,538)
- ----------------------------------------------------------
Total Short-Term Investments 2,638
(Cost $2,638)
- ----------------------------------------------------------
Total Investments--98.0% $64,528
(Cost $65,064)
- ----------------------------------------------------------
</TABLE>
See notes to financial statements.
27
<PAGE>
Chase Vista Bond Fund
Portfolio of Investments April 30, 1999 (unaudited) (continued)
(Amounts in Thousands)
Long Futures Outstanding
- ------------------------
<TABLE>
<CAPTION>
Number Original Notional Unrealized
of Expiration Notional Value at Appreciation
Contracts Description Date Value 4/30/99 (Depreciation)
- ---------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
20 US Long Bond June 99 $2,451 $2,404 ($ 47)
</TABLE>
Index
#--Security may only be sold to qualified institutional buyers.
@--All or part of this security is segregated.
CBO--Collateralized Bond Obligation.
FFCA--Federal Farm Credit Association.
FHMLC--Federal Home Loan Mortgage Corporation.
FRN--Floating Rate Note: The rate shown is the rate in effect at April 30,1999.
TBA--To be announced.
See notes to financial statements.
28
<PAGE>
Chase Vista Short-Term Bond Fund
as of April 30, 1999
(unaudited)
Fund Facts
<TABLE>
<S> <C> <C>
Objective Current Income
Primary investments Investment-grade fixed-income securities
with maturities of three years or less.
Suggested investment time frame Short-Term
Market benchmark Lehman 1-3 Year Government
Bond Index
Lipper Funds category Short-Term Investment Grade Debt
Funds Average
Class A Class I
------- -------
Inception date 5/6/96 11/30/90
Newspaper symbol STBond ST Bond
Net assets $24.2 Million $29.6 Million
Average maturity 2.0 years 2.0 years
Average duration 1.8 years 1.8 years
Average quality AAA AAA
</TABLE>
Average Maturity/Quality
[Maturity/Quality Grid]
+---------+---------+---------+
| X | | | High
+---------+---------+---------+
| | | | Med.
+---------+---------+---------+
| | | | Low
+---------+---------+---------+
Short Int. Long
29
<PAGE>
Chase Vista Short-Term Bond Fund
as of April 30, 1999
(unaudited)
How the Fund Performed
Chase Vista Short-Term Bond Fund, which seeks current income by investing in a
portfolio of short-term investment grade fixed income securities, had a total
return of 1.40% (Class A shares, without sales charge) for the six months ended
April 30, 1999.
How the Fund Was Managed
Since bond prices and interest rates generally move in opposite directions, the
rising interest rate environment of the reporting period proved challenging for
all fixed income fund managers. However, by actively managing your portfolio's
duration, sector allocations and security selections, the management team was
able to reduce the effect of lower prices while maximizing the Fund's return.
After taking advantage of the end of the rally in Treasuries as the period
opened, the management team correctly anticipated the onset of the higher rate
environment by reducing duration to only a slightly-long stance and moving back
into the "spread" sectors, overweighting especially agency mortgage-backed
securities. By the end of 1998, the Fund held significant positions in liquid
agency mortgage-backed securities and U.S. agency debentures while remaining
only slightly overweight in corporate and asset-backed securities.
Starting in January 1999, the Fund began to move more aggressively into lower-
quality corporates due to the strong economy and the return of liquidity to the
markets. Within commercial mortgage-backed securities, the emphasis was on
liquid names while traditional issues backed by credit cards and auto loans were
favored among asset backed securities.
As 1999 progressed and interest rates continued to rise, the management team
continued to reduce the Fund's duration down to neutral. Since a lower duration/
spread sector bias is advantageous in a range-bound to slightly rising interest
rates scenario, the Fund ended the reporting period with an almost neutral
duration and a continued overweight in the spread sectors.
Where the Fund May Be Headed
After the period ended, the Federal Reserve Board adopted a tightening bias,
meaning that it will be inclined to raise interest rates should the economy fail
to moderate as expected, especially if what are now early signs of a slight pick
up in inflation prove sustainable. However, we continue to expect the economy to
slow later in 1999, partially due to the effects of the higher long-term
interest rates. Therefore, we're maintaining a neutral yet opportunistic stance
and will take advantage of market overreactions by extending durations as we
move further into the second quarter.
30
<PAGE>
Chase Vista Short-Term Bond Fund
as of April 30, 1999
(unaudited)
How Much of the Fund Was Invested
[Pie Chart Data]
Investments (98.74%)
Cash/Other (1.26%)
What the Fund Invested In
Percentage of Total Portfolio Investments
[Pie Chart Data]
U.S. Treasury Securities (29.8%)
Residential Mortgage Backed Securities (18.0%)
Asset Backed Securities (15.2%)
U.S. Government Agency Obligations (13.1%)
Cash Equivalents & Short-Term Paper (9.8%)
Corporate Notes & Bonds (9.5%)
Commercial Mortgage Backed Securities (4.6%)
31
<PAGE>
Chase Vista Short-Term Bond 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 securities markets, tends to
be more volatile than the long-term trend.
<TABLE>
<CAPTION>
Since
Inception
1 Year 5 Years (11/30/90)
------ ------- ----------
<S> <C> <C> <C>
Class A Shares
Without Sales Charge 4.72% 5.59% 5.61%
With Sales Charge* 3.15% 5.27% 5.42%
Class I Shares 4.96% 5.82% 5.75%
</TABLE>
Source: Lipper Analytical Services, Inc. Past performance is not indicative of
future results. Investment return and principal value will fluctuate with market
conditions. When shares are redeemed, they may be worth more or less than their
original cost.
The Fund is currently waiving certain fees. This voluntary waiver may be
modified or terminated at any time, which would reduce performance.
* Sales charge on Class A shares is 4.50%.
+ The Fund commenced operations on 11/30/90. Class A Shares were introduced on
5/6/96. Investors should note that the information presented for Class A Shares
prior to their introduction is based on historical expenses of the predecessor
Class I Shares, which are lower than the actual expenses of the A Shares.
32
<PAGE>
Chase Vista Short-Term Bond 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 Short-Term Bond Fund compared to its key
benchmarks. This is where you see the Fund's long-term trend. This chart is for
illustrative purposes only.
[Begin Line Chart]
<TABLE>
<CAPTION>
Lipper
Chase Vista Short Inv. Lehman 1-3 Year
Short-Term Grade Debt Government
Bond Fund Funds Avg. Bond Index
<S> <C> <C> <C>
1990 10000 10000 10000
1991 10344.4 10446.7 10458.1
1992 11115.3 11418.1 11374.3
1993 11798.6 12340.7 12225.3
1994 12064.2 12544.2 12480.3
1995 12714.9 13256.1 13056.1
1996 13521.9 14164.2 13892.5
1997 14336.1 15032.1 14694.1
1998 15251.9 16101.9 15650.9
1999 16009.2 17154.5 16154.6
</TABLE>
[End Line Chart]
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 I
Shares of Chase Vista Short-Term Bond Fund, the Lipper Short Investment Grade
Debt Funds Average and the Lehman 1-3 year Government Bond Index from November
30, 1990 to April 30, 1999. The performance of the Fund assumes reinvestment of
all dividends and capital gains and does not include a sales charge. The
performance of the average and the index do not include a sales charge and have
been adjusted to reflect the reinvestment of all dividends and capital gains on
the securities included in the benchmark. The Fund commenced operations on
11/30/90. Class A Shares were introduced on 5/6/96. Investors should note that
the information presented for Class A Shares prior to their introduction is
based on historical expenses of the predecessor Class I Shares, which are lower
than the actual expenses of the A Shares. Additionally, annualized figures have
been restated to reflect the maximum 1.50% front-end sales charge that applies
to the Fund's A Shares. Class I Shares have a $1,000,000 minimum initial deposit
and carry no sales charge.
The Fund is currently waiving certain fees. This voluntary waiver may be
modified or terminated at any time, which would reduce performance.
The Lipper Short-Term Investment Grade Debt Funds Average represents the average
performance of a universe of 97 actively managed short-term investment grade
debt funds. Lipper is an independent mutual fund performance monitor whose
results are based on total return and do not reflect a sales charge.
The Lehman 1-3 Year Government Bond Index is composed of bonds covered by the
Government Bond Index with maturities of one to three years. The index is
unmanaged and reflects the reinvestment of dividends. An individual cannot
invest directly in the index.
33
<PAGE>
Chase Vista Short-Term Bond Fund
Portfolio of Investments April 30, 1999 (unaudited)
(Amounts in Thousands)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
- -----------------------------------------------------------
<S> <C> <C>
Long-Term Investments--89.8%
- -----------------------------------------------------------
U.S. Treasury Securities--29.7%
-------------------------------
U.S. Treasury Notes and Bonds, @
$4,500 4.50%, 09/30/00 $ 4,465
5,250 4.63%, 12/31/00 5,212
1,000 5.00%, 02/28/01 998
5,250 5.63%, 04/30/00 5,284
-------
Total U.S. Treasury Securities 15,959
-------
(Cost $16,016)
U.S. Government Agency Obligations--13.0%
-----------------------------------------
Federal Home Loan Bank, @
3,000 5.50%, 07/14/00 3,009
2,000 Ser. 98, 5.50%, 08/13/01 2,006
2,000 Federal National Mortgage
Association, @, 5.88%, 04/23/04 1,991
-------
Total U.S. Government Agency
Obligations 7,006
-------
(Cost $7,057)
Corporate Notes and Bonds--9.4%
-------------------------------
Automotive--1.8%
1,000 General Motors Acceptance Corp., @,
5.50%, 01/14/02 992
-------
Banking--4.3%
550 Korea Development Bank (South
Korea), @, 7.13%, 09/17/01 552
1,000 Providian National Bank, 6.75%,
03/15/02 1,011
750 Sovereign Bancorp, Inc., @, 6.63%,
03/15/01 752
-------
2,315
-------
Business Services--1.4%
750 Comdisco Inc., @, 5.95%, 04/30/02 747
-------
Financial Services--1.9%
1,000 Lehman Brothers Holdings Inc., @,
6.38%, 03/15/01 1,004
-------
Total Corporate Notes and Bonds 5,058
-------
(Cost $5,057)
</TABLE>
See notes to financial statements.
34
<PAGE>
Chase Vista Short-Term Bond Fund
Portfolio of Investments April 30, 1999 (unaudited) (continued)
(Amounts in Thousands)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
- ------------------------------------------------------------
<S> <C> <C>
Long-Term Investments--(continued)
- ------------------------------------------------------------
Residential Mortgage Backed Securities--18.0%
---------------------------------------------
Mortgage Pass-Thru Securities -- 16.1%
Federal National Mortgage
Association,
$4,250 Pool 323614, 6.50%, 02/01/14 $ 4,284
4,250 TBA, 7.50%, 03/01/29 4,368
-------
8,652
-------
Collateralized Mortgage Obligations--1.9%
1,000 Federal Home Loan Mortgage Corp.,
Ser. 2117, Class PA, 6.00%,
03/15/06 1,004
-------
Total Residential Mortgage
Backed Securities 9,656
-------
(Cost $9,646)
Commercial Mortgage Backed Securities--4.6%
-------------------------------------------
1,011 Bear Stearns Commercial Mortgage
Securities, Ser. 1999-C1, Class A1,
@, 5.91%, 05/14/08 1,003
489 Credit Swiss First Boston Mortgage
Securities Corp. Ser. 1997, 6.65%,
06/20/03 489
991 Morgan Stanley Capital I, Ser. 1999-
WF1, Class A1, @, 5.91%,
04/15/08 980
-------
Total Commercial Mortgage
Backed Securities 2,472
-------
(Cost $2,511)
Asset Backed Securities--15.1%
------------------------------
1,000 American Express Credit Account
Master Trust, Ser. 1997-1, Class A,
6.40%, 04/15/05 1,019
1,500 Carco Auto Loan Master Trust, Ser.
1991-1, Class A2, @, 5.78%,
03/15/04 1,506
</TABLE>
See notes to financial statements.
35
<PAGE>
Chase Vista Short-Term Bond Fund
Portfolio of Investments April 30, 1999 (unaudited) (continued)
(Amounts in Thousands)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
- ---------------------------------------------------------------
<S> <C> <C>
Long-Term Investments--(continued)
- ---------------------------------------------------------------
$1,500 Citibank Credit Card Master Trust I,
Ser. 1997-2, Class A, @, 6.55%,
02/15/04 $ 1,531
1,500 Discover Card Master Trust I, Ser.
1998-2, Class A, 5.80%, 09/16/03 1,504
1,000 Lehman Home Equity Loan Trust,
Ser. 1998-2, Class M2, FRN, @,
5.54%, 04/25/28 988
1,600 Structured Asset Securities Corp., Ser.
1998-2, Class M2, FRN, 5.69%,
02/25/28 1,593
-------
Total Asset Backed Securities 8,141
(Cost $8,210)
- ---------------------------------------------------------------
Total Long-Term Investments 48,292
(Cost $48,497)
- ---------------------------------------------------------------
Short-Term Investments--9.8%
- ---------------------------------------------------------------
Repurchase Agreement--9.8%
--------------------------
5,239 Greenwich Capital Markets, Inc.,
4.93%, due 5/3/99, (dated 4/30/99,
Proceeds $5,241, Secured by:
FHLMC, $5,325, 6.50%, due
03/01/29, Market Value $5,345) 5,239
(Cost $5,239)
- ---------------------------------------------------------------
Total Investments--99.6% $53,531
(Cost $53,736)
- ---------------------------------------------------------------
</TABLE>
Index
@--All or part of this security is segregated.
FRN--Floating Rate Note: The rate shown is the rate in effect at April 30,1999.
FHLMC--Federal Home Loan Mortgage Corporation.
TBA--To be announced.
See notes to financial statements.
36
<PAGE>
Chase Vista Strategic Income Fund
as of April 30, 1999
(unaudited)
Fund Facts
<TABLE>
<S> <C> <C> <C> <C>
Objective Current income
Primary investments Investment grade debt securities and lower rated
high yield securities of U.S. issuers.
Suggested investment time frame Short-Term
Class A Class B Class C Class I
------- ------- ------- -------
Inception date 12/1/98 12/1/98 12/1/98 12/1/98
Newspaper symbol Not Listed Not Listed Not Listed Not Listed
Net assets $1.1 Million $1.0 Million $0.7 Million $1.0 Million
</TABLE>
37
<PAGE>
Chase Vista Strategic Income Fund
as of April 30, 1999
(unaudited)
How the Fund Performed
Chase Vista Strategic Income Fund became effective on November 30, 1998, and
from that date through April 30, 1999 provided shareholders with a total return
of 2.38% (Class A shares, without sales charges).
How the Fund Was Managed
Typically, the Fund seeks to invest one-third of its assets in each of the
following fixed income sectors: US investment grade bonds (US government and
agency securities, corporate securities, mortgage- and asset-backed securities,
etc.), US high yield bonds and foreign investment grade and emerging market
bonds. At all times, the Fund will be 90% denominated in U.S. dollars.
As the Fund began operations, U.S. high yield and emerging market bonds were
trading at attractive levels relative to U.S. Treasury bonds. Specifically, the
interest rate "spreads" between these non-investment grade bonds and U.S.
Treasuries were historically high, in large part due to the continuing effects
of financial turmoil in emerging markets that began with the Asian crisis in
1997. An additional factor was general concern about the state of the global
economy.
Expecting that these interest rate spreads would narrow and cause U.S. high
yield and emerging market bonds to outperform, the management team decided to
overweight these sectors, a move that proved supportive of relative performance
as spreads indeed narrowed.
Where the Fund May Be Headed
As spreads returned to more normal levels after the reporting period ended, the
management team reduced the overweight and divided its assets more equally
between the three major sectors. The management team believes that significant
opportunity exists within each of the three major sectors, and intends to remain
broadly diversified while taking advantage of specific situations in global
fixed income markets.
38
<PAGE>
Chase Vista Strategic Income Fund
as of April 30, 1999
(unaudited)
How Much of the Fund Was Invested
[Pie Chart Data]
Investments (89.65%)
Cash/Other (10.35%)
What the Fund Invested In
Percentage of Total Portfolio Investments
[Pie Chart Data]
Corporate Notes & Bonds (56.5%)
Foreign Government Securities (13.9%)
U.S. Treasury Securities (12.2%)
Residential Mortgage Backed Securities (8.6%)
Cash Equivalents & Short-Term Paper (6.7%)
Asset Backed Securities (1.4%)
Commercial Mortgage Backed Securities (0.7%)
39
<PAGE>
Chase Vista Strategic 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 securities markets, tends to
be more volatile than the long-term trend.
<TABLE>
<CAPTION>
Since
Inception
(12/1/98)
---------
<S> <C>
Class A Shares
Without Sales Charge 2.38
With Sales Charge* -2.23
Class B Shares
Without CDSC 2.28
With CDSC** -2.68
Class C Shares
Without CDSC 2.28
With CDSC*** 1.28
Class I Shares 2.42
</TABLE>
Source: Lipper Analytical Services, Inc. Past performance is not indicative of
future results. Investment return and principal value will fluctuate with market
conditions. When shares are redeemed, they may be worth more or less than their
original cost.
The Fund is currently waiving certain fees. This voluntary waiver may be
modified or terminated at any time, which would reduce performance.
* Sales charge on Class A Shares is 4.50%.
** Assumes 5% CDSC (contingent deferred sales charge) for the one year period, a
2% CDSC for the five year period and 0% CDSC for the ten year period.
*** Assumes 1% CDSC for the period since inception.
+ The Fund commenced operations on 12/1/98. Class A, B, C and I Shares were
introduced on 12/1/98. The Fund is currently waiving certain fees. This
voluntary waiver may be modified or terminated at any time, which would reduce
performance.
40
<PAGE>
Chase Vista Strategic Income Fund
Portfolio of Investments April 30, 1999 (unaudited)
(Amounts in Thousands)
<TABLE>
<CAPTION>
Principal
Amount Value
(USD) Issuer (USD)
- -----------------------------------------------------------
<S> <C> <C>
Long-Term Investments-- 88.2%
- -----------------------------------------------------------
U.S. Treasury Securities--11.5%
-------------------------------
U.S. Treasury Notes and Bonds,
$ 70 4.25%, 11/15/03 $ 67
45 4.63%, 12/31/00 45
60 4.75%, 02/15/04 59
145 4.75%, 11/15/08 138
80 4.88%, 03/31/01 80
50 5.50%, 08/15/28 48
------
Total U.S. Treasury Securities 437
(Cost $444) ------
Foreign Government Securities--13.2%
------------------------------------
125 Bulgaria Government (Interest Arrears
Bond) (Bulgaria), 5.88%, 07/28/11 84
120 Kingdom of Morocco Consolidated
Loan, Tranche A (Morocco),
6.06%, 01/01/09 98
125 Republic of Argentina, Ser. PRO2,
(Argentina), 0.00%, 04/01/07 111
120 Republic of Colombia, (Columbia),
8.63%, 04/01/08 109
95 Republic of Panama, (Panama),
9.38%, 04/01/29 98
------
Total Foreign Government Securities 500
(Cost $487) ------
Corporate Notes & Bonds--48.9%
------------------------------
Automotive--3.6%
50 JH Heafner Co., Sr. Sub.Note, Ser. C,
#, 10.00%, 05/15/08 52
100 Sanluis Corporacion SA, (Mexico),#,
8.88%, 03/18/08 86
------
138
------
Banking--1.9%
25 Korea Development Bank, (South
Korea), 7.13%, 09/17/01 25
</TABLE>
See notes to financial statements.
41
<PAGE>
Chase Vista Strategic Income Fund
Portfolio of Investments April 30, 1999 (unaudited) (continued)
(Amounts in Thousands)
<TABLE>
<CAPTION>
Principal
Amount Value
(USD) Issuer (USD)
- -----------------------------------------------------------
Long-Term Investments--(continued)
- -----------------------------------------------------------
<S> <C> <C>
$ 25 Sovereign Bancorp, Inc., 6.63%,
03/15/01 $ 25
25 US Bank NA, 5.70%, 12/15/08 24
------
74
------
Broadcasting--0.5%
20 Charter Commercial Holdings, LLC,
Sr. Note, #, 8.63%, 04/01/09 20
------
Business Services--0.7%
25 Comdisco Inc., 5.95%, 04/30/02 25
------
Capital Goods--3.5%
100 Ball Corp., Sr. Sub. Note, 8.25%,
08/01/08 103
30 International Knife & Saw Inc., Sr.
Sub. Note, 11.38%, 11/15/06 31
------
134
------
Consumer Products/Services--1.4%
50 Scotts Co., Sr. Sub. Note, #, 8.63%,
01/15/09 52
------
Diversified--0.6%
25 Tyco International Group, SA
(Luxemburg), #, 6.88%, 01/15/29 24
------
Entertainment/Leisure--4.2%
50 Harrahs Operating Co., Inc., Sr. Sub.
Note, 7.88%, 12/15/05 50
30 Mohegan Tribal Gaming Authority,
Sr. Sub. Note, #, 8.75%, 01/01/09 31
50 SFX Entertainment, Inc., Sr. Note,
Ser. B, 9.13%, 02/01/08 52
25 USA Networks, Inc., #, 6.75%,
11/15/05 25
------
158
------
Environmental Services--0.5%
20 Allied Waste North America Inc., Ser.
B, 7.88%, 01/01/09 19
------
</TABLE>
See notes to financial statements.
42
<PAGE>
Chase Vista Strategic Income Fund
Portfolio of Investments April 30, 1999 (unaudited) (continued)
(Amounts in Thousands)
<TABLE>
<CAPTION>
Principal
Amount Value
(USD) Issuer (USD)
- ------------------------------------------------------------
Long-Term Investments -- (continued)
- ------------------------------------------------------------
<S> <C> <C>
Financial Services -- 2.8%
$ 25 Lehman Brothers Holdings Inc.,
6.63%, 04/01/04 $ 25
75 TPSA Finance BV, (Netherlands) #,
7.75%, 12/10/08 76
------
101
------
Food/Beverage Products -- 0.7%
25 Pepsi Bottling Group, Inc., # 7.00%,
03/01/29 25
------
Health Care/Health Care Services -- 2.7%
100 UNILAB Corp., Sr. Note, 11.00%,
04/01/06 102
------
Hotels & Other Lodging -- 0.6%
25 Extended Stay America, Inc., Sr. Sub.
Note, 9.15%, 03/15/08 24
------
Industry Components -- 0.7%
25 Conoco Inc., 5.90%, 04/15/04 25
------
Manufacturing -- 1.3%
50 Transdigm Inc., Sr. Sub. Note, #,
10.38%, 12/01/08 51
------
Metals/Mining -- 0.5%
20 Kaiser Aluminum & Chemical Corp.,
Sr. Sub. Note, 12.75%, 02/01/03 20
------
Oil & Gas -- 6.6%
30 Canadian Forest Oil LTD, (Canada),
8.75%, 09/15/07 29
40 Newpark Resources, Inc., Sr. Sub.
Note, Ser. B, 8.63%, 12/15/07 39
130 Petroleos Mexicanos, (Mexico),
9.03%, 07/15/05 125
30 Pool Energy Services, Co., Sr. Sub.
Note, Ser. B, #, 8.63%, 04/01/08 31
25 Vintage Petroleum, Inc., Sr. Sub.
Note, #, 9.75%, 06/30/09 26
------
250
------
</TABLE>
See notes to financial statements.
43
<PAGE>
Chase Vista Strategic Income Fund
Portfolio of Investments April 30, 1999 (unaudited) (continued)
(Amounts in Thousands)
<TABLE>
<CAPTION>
Principal
Amount Value
(USD) Issuer (USD)
- -----------------------------------------------------------
Long-Term Investments -- (continued)
- -----------------------------------------------------------
<S> <C> <C>
Retailing -- 5.0%
$ 150 Controladora Comercial Mexicana
SA, (Mexico), 9.38%, 04/14/05 $ 141
25 J Crew Operating Corp., Sr. Sub.
Note, 10.38%, 10/15/07 24
25 Saks, Inc., 7.38%, 02/15/19 25
------
190
------
Telecommunications -- 9.2%
15 Advanced Radio Telecom Corp., Sr.
Note, 14.00%, 01/15/07 13
20 AT&T Corp., 6.00%, 03/15/09 19
25 BTI Telecom Corp., Sr. Note,
10.50%, 09/15/07 23
25 Electrical Lightwave Inc.,Class A,
6.05%, 05/15/04 25
30 Hyperion Telecommunications, Inc.,
Sr. Sub. Note, #, 12.00%,
11/01/07 32
100 SK Telecom Co., LTD, (Yankee),
(South Korea), 7.75%, 04/29/04 98
40 Startec Global Communications
Corp., Sr. Note, 12.00%, 05/15/08 35
40 Winstar Communications, Inc., Sr.
Deferred Int. Note, 14.50%,
10/15/05 55
50 Winstar Equipment Corp., Sr. Sec.
Exch. Note, 12.50%, 03/15/04 51
------
351
------
Textiles -- 1.3%
50 WestPoint Stevens Inc., Sr. Note,
7.88%, 06/15/05 51
------
Utilities -- 0.6%
25 National Rural Utilities Cooperative
Finance Corp., 5.50%, 01/15/05 24
------
Total Corporate Notes and Bonds 1,858
(Cost $1,844) ------
</TABLE>
See notes to financial statements.
44
<PAGE>
Chase Vista Strategic Income Fund
Portfolio of Investments April 30, 1999 (unaudited) (continued)
(Amounts in Thousands)
<TABLE>
<CAPTION>
Principal
Amount Value
(USD) Issuer (USD)
- ------------------------------------------------------------
Long-Term Investments -- (continued)
- ------------------------------------------------------------
Convertible Corporate Notes and Bonds -- 4.4%
-------------------------------------------------
<S> <C> <C>
Computers/Computer Hardware -- 1.1%
$ 150 Network Associates Inc., Sub.
Debentures, 0.00%, 02/13/18 $ 43
------
Retailing -- 1.5%
100 J. Crew Group Inc., Sr. Debt, 0.00%,
10/15/08 56
------
Telecommunications -- 1.8%
100 PageMart Wireless, Inc., Class A, Sr.
Sub. Note, 0.00%, 02/01/08 36
50 Triton PCS, Inc., Sr. Sub. Note,
0.00%, 05/01/08 32
------
68
------
Total Convertible Corporate Notes
and Bonds 167
(Cost $178) ------
Residential Mortgage Backed Securities -- 8.2%
----------------------------------------------
Mortgage Backed Pass-Thru Securities -- 7.5%
Federal National Mortgage Association,
44 Pool 323633, 7.00%, 03/01/29 45
45 Pool 413585, 8.00%, 02/01/28 47
75 Pool 484753, 6.50%, 03/01/29 74
75 Pool 487068, 7.50%, 03/01/29 77
40 TBA, 7.00%, 04/01/14 41
------
284
------
Collateralized Mortgage Obligation -- 0.7%
25 Federal Home Loan Mortgage Corp.,
Ser. 2117, Class PA, 6.00%,
03/15/06 25
------
Total Residential Mortgage
Backed Securities 309
(Cost $309) ------
</TABLE>
See notes to financial statements.
45
<PAGE>
Chase Vista Strategic Income Fund
Portfolio of Investments April 30, 1999 (unaudited) (continued)
(Amounts in Thousands)
<TABLE>
<CAPTION>
Principal
Amount Value
(USD) Issuer (USD)
- ---------- -------------------------------------- ---------
Long-Term Investments -- (continued)
- ------------------------------------------------------------
<S> <C> <C>
Commercial Mortgage Backed Securities -- 0.7%
-------------------------------------------------
$ 25 GS Mortgage Securities Corp. II, Ser.
1997-GL, Class A2D, 6.94%,
07/13/30 $ 26
(Cost $26) ------
Asset Backed Securities -- 1.3%
-------------------------------------------------
25 American Express Credit Account
Master Trust, Ser. 1997-1, Class A,
6.40%, 04/15/05 25
25 Citibank Credit Card Master Trust I,
Ser. 1997-2, Class A, 6.55%,
02/15/04 25
------
Total Asset Backed Securities 50
(Cost $52)
- ------------------------------------------------------------
Total Long-Term Investments 3,347
(Cost $3,340)
-------------------------------------------------
Short-Term Investments -- 6.3%
- ------------------------------------------------------------
U.S. Government Agency Obligations -- 6.3%
-------------------------------------------------
136 Federal Farm Credit Bank, Discount
Note, 4.69%, 05/03/99 136
104 Federal Home Loan Bank, Discount
Note, 4.90%, 05/03/99 104
------
Total U.S. Government Agency
Obligations 240
(Cost $240)
-------------------------------------------------
Total Investments -- 94.5% $3,587
(Cost $3,580)
-------------------------------------------------
</TABLE>
Index
# -- Security may only be sold to qualified institutional buyers.
TBA -- To be announced.
See notes to financial statements.
46
<PAGE>
Chase Vista Funds
Statements of Assets and Liabilities April 30, 1999 (unaudited)
- --------------------------------------------------------------------------------
(Amounts in Thousands)
<TABLE>
<CAPTION>
U.S. Treasury U.S. Government
Income Securities Bond
Fund Fund Fund
-------------- ----------------- ----------
<S> <C> <C> <C>
ASSETS:
Investment securities, at value (Note 1)...... $ 93,658 $57,300 $64,528
Cash ......................................... -- 75 1
Receivables:
Investment securities sold .................. -- -- 2,004
Interest .................................... 1,851 607 589
Fund shares sold ............................ 332 10 93
Expense reimbursement from
Distributor ................................. -- -- --
Other assets ................................. 1 1 1
-------- ------- -------
Total Assets .............................. 95,842 57,993 67,216
-------- ------- -------
LIABILITIES:
Payables:
Investment securities purchased ............. -- -- 1,007
Trust shares redeemed ....................... 141 69 58
Dividends Payable ........................... 100 242 131
Variation margin on futures
contracts .................................. 104 -- 41
Accrued liabilities: (Note 2)
Investment advisory fees .................... 8 -- --
Administration fees ......................... 12 -- 3
Distribution fees ........................... 11 -- 8
Shareholder servicing fees .................. 11 11 2
Custodian ................................... 4 5 7
Other ....................................... 79 40 89
-------- ------- -------
Total Liabilities ......................... 470 367 1,346
-------- ------- -------
NET ASSETS:
Paid in capital .............................. 101,776 57,992 66,582
Accumulated undistributed net
investment income ........................... (66) (18) --
Accumulated undistributed net realized
gain (loss) on investments and futures
transactions ................................ (4,058) 639 (129)
Net unrealized appreciation
(depreciation) of investments and
futures ..................................... (2,280) (987) (583)
-------- ------- -------
Total Net Assets .......................... $ 95,372 $57,626 $65,870
======== ======= =======
Shares of beneficial interest outstanding
($.001 par value; unlimited number
of shares authorized):
Class A Shares .............................. 7,017 331 3,679
Class B Shares .............................. 1,582 -- 457
Class C Shares .............................. -- -- --
Class I Shares .............................. -- 5,424 2,119
Net Asset Value:
Class A Shares (and redemption
price) ..................................... $ 11.09 $ 10.03 $ 10.53
Class B Shares* ............................. $ 11.09 $ -- $ 10.58
Class C Shares* ............................. $ -- $ -- $ --
Class I Shares .............................. $ -- $ 10.01 $ 10.52
Class A Maximum Public Offering
Price Per Share (net asset value
/95.5%, 95.5%, 95.5%, of net
asset value per share) .................... $ 11.61 $ 10.50 $ 11.03
======== ======== ========
Cost of Investments .......................... $ 95,908 $ 58,287 $65,064
======== ======== ========
</TABLE>
- --------------
* Redemption price may be reduced by contingent deferred sales charge.
See notes to financial statements.
47
<PAGE>
Chase Vista Funds
Statements of Assets and Liabilities April 30, 1999 (unaudited) (continued)
- --------------------------------------------------------------------------------
(Amounts in Thousands)
<TABLE>
<CAPTION>
Short-Term Strategic
Bond Income
Fund Fund
------------- -----------
<S> <C> <C>
ASSETS:
Investment securities, at value (Note 1)..... $53,531 $3,587
Cash ........................................ 147 141
Receivables:
Investment securities sold ................. -- 11
Interest ................................... 352 47
Fund shares sold ........................... 183 206
Expense reimbursement from
Distributor ................................ -- 21
Other assets ................................ 1 --
------- ------
Total Assets ............................. 54,214 4,013
------- ------
LIABILITIES:
Payables:
Investment securities purchased ............ -- 192
Trust shares redeemed ...................... 283 --
Dividends Payable .......................... 84 3
Variation margin on futures
contracts ................................. -- --
Accrued liabilities: (Note 2)
Investment advisory fees ................... -- --
Administration fees ........................ -- --
Distribution fees .......................... 5 --
Shareholder servicing fees ................. 2 --
Custodian .................................. 5 7
Other ...................................... 72 14
------- ------
Total Liabilities ........................ 451 216
------- ------
NET ASSETS:
Paid in capital ............................. 54,883 3,810
Accumulated undistributed net
investment income (loss) ................... (3) --
Accumulated undistributed net realized
gain (loss) on investments and futures
transactions ............................... (912) (20)
Net unrealized appreciation
(depreciation) of investments and
futures .................................... (205) 7
-------- ------
Total Net Assets ......................... $53,763 $3,797
======== ======
Shares of beneficial interest outstanding
($.001 par value; unlimited number
of shares authorized):
Class A Shares ............................. 2,402 108
Class B Shares ............................. -- 103
Class C Shares ............................. -- 68
Class I Shares ............................. 2,942 103
Net Asset Value:
Class A Shares (and redemption
price) .................................... $ 10.06 $ 9.93
Class B Shares* ............................ $ -- $ 9.93
Class C Shares* ............................ $ -- $ 9.93
Class I Shares ............................. $ 10.06 $ 9.93
Class A Maximum Public Offering
Price Per Share (net asset value
98.5% and 95.5%, of net asset
value per share) ......................... $ 10.21 $ 10.40
========= =======
Cost of Investments ......................... $ 53,736 $ 3,580
========= =======
</TABLE>
- --------------
* Redemption price may be reduced by contingent deferred sales charge.
See notes to financial statements.
48
<PAGE>
Chase Vista Funds
Statements of Operations For the six months ended April 30, 1999 (unaudited)
- --------------------------------------------------------------------------------
(Amounts in Thousands)
<TABLE>
<CAPTION>
U.S. Treasury U.S. Government
Income Securities Bond
Fund Fund Fund
-------------- ----------------- -----------
<S> <C> <C> <C>
INTEREST INCOME ......................... $ 3,087 $ 1,566 $ 1,803
-------- -------- --------
EXPENSES: (Note 2)
Investment advisory fees .............. 128 87 96
Administration fees ................... 64 43 48
Shareholder servicing fees ............ 107 72 80
Distribution fees ..................... 136 6 64
Custodian fees ........................ 31 29 44
Printing and postage .................. 12 10 10
Professional fees ..................... 17 15 20
Registration costs .................... 13 19 33
Transfer agent fees ................... 93 20 47
Trustees fees and expenses ............ 2 2 2
Other ................................. 10 -- 3
-------- -------- --------
Total expenses ...................... 613 303 447
Less amounts waived (Note 2E) ......... 220 140 216
Less expenses borne by the
Distributor .......................... -- -- --
-------- -------- --------
Net expenses ........................ 393 163 231
-------- -------- --------
Net investment income .............. 2,694 1,403 1,572
-------- -------- --------
REALIZED AND UNREALIZED
GAIN (LOSS) ON INVESTMENTS:
Net realized gain (loss) on:
Investments ........................... 142 757 (41)
Futures transactions .................. (626) -- 32
49
Change in net unrealized appreciation/
depreciation on:
Investments ........................... (3,347) (2,773) (1,424)
Futures transactions .................. (248) -- (156)
-------- -------- --------
Net realized and unrealized gain (loss)
on investments and futures
transactions ........................... (4,079) (2,016) (1,589)
-------- -------- --------
Net increase (decrease) in net assets
from operations ...................... $ (1,385) $ (613) $ (17)
======== ======== ========
</TABLE>
See notes to financial statements.
49
<PAGE>
Chase Vista Funds
Statements of Operations For the six months ended April 30, 1999 (unaudited)
- --------------------------------------------------------------------------------
(Amounts in Thousands)
<TABLE>
<CAPTION>
Short-Term Strategic
Bond Income
Fund Fund*
----------- -----------
<S> <C> <C>
INTEREST INCOME ......................... $1,354 $ 96
------ -----
EXPENSES: (Note 2)
Investment advisory fees .............. 66 5
Administration fees ................... 40 2
Shareholder servicing fees ............ 66 2
Distribution fees ..................... 29 4
Custodian fees ........................ 35 10
Printing and postage .................. 15 3
Professional fees ..................... 13 7
Registration costs .................... 20 7
Transfer agent fees ................... 25 12
Trustees fees and expenses ............ 1 --
Other ................................. 1 11
------ -----
Total expenses ...................... 311 63
Less amounts waived (Note 2E) ......... 162 11
Less expenses borne by the
Distributor .......................... -- 45
------ -----
Net expenses ........................ 149 7
------ -----
Net investment income .............. 1,205 89
------ -----
REALIZED AND UNREALIZED
GAIN (LOSS) ON INVESTMENTS:
Net realized gain (loss) on:
Investments ........................... (80) (20)
Futures transactions .................. (12) --
Change in net unrealized appreciation/
depreciation on:
Investments ........................... (313) 7
Futures transactions .................. (7) --
------- -----
Net realized and unrealized gain (loss)
on investments and futures
transactions ........................... (412) (13)
------ -----
Net increase (decrease) in net assets
from operations ...................... $ 793 $ 76
====== =====
</TABLE>
- --------------
* Fund commenced operations 12/01/98
See notes to financial statements.
50
<PAGE>
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Chase Vista Funds
Statements of Changes in Net Assets (unaudited) For the periods indicated
(Amounts in thousands)
U.S. Treasury U.S. Government
Income Securities
Fund Fund
----------------------- ---------------------
11/01/98 Year 11/01/98 Year
Through Ended Through Ended
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 ........................... $ 2,694 $ 4,751 $ 1,403 $ 2,900
Net realized gain (loss) on investments and
futures transactions ........................... (484) 2,301 757 1,183
Change in net unrealized appreciation/
depreciation on investments and futures
transactions ................................... (3,595) 584 (2,773) 1,216
-------- ---------- -------- --------
Increase (decrease) in net assets from
operations ..................................... (1,385) 7,636 (613) 5,299
-------- ---------- -------- --------
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income ........................... (2,697) (4,780) (1,406) (2,876)
Net realized gain on investment transactions..... -- -- (713) --
-------- ---------- -------- --------
Total dividends and distributions .............. (2,697) (4,780) (2,119) (2,876)
-------- ---------- -------- --------
Increase (decrease) from capital share
transactions (Note 5) .......................... 21,696 (20,834) 3,156 (346)
-------- ---------- -------- --------
Total increase (decrease) in net assets ........ 17,614 (17,978) 424 2,077
NET ASSETS:
Beginning of period ............................. 77,758 95,736 57,202 55,125
-------- ---------- -------- --------
End of period ................................... $ 95,372 $ 77,758 $ 57,626 $ 57,202
======== ========== ======== ========
<CAPTION>
Chase Vista Funds
Statements of Changes in Net Assets (unaudited) For the periods indicated
- --------------------------------------------------------------------------------
(Amounts in thousands)
Strategic
Bond Short-Term Bond Income
Fund Fund Fund
----------------------- --------------------- -----------
11/01/98 Year 11/01/98 Year 12/01/98*
Through Ended Through Ended Through
04/30/99 10/31/98 04/30/99 10/31/98 04/30/99
------------ ---------- ---------- ---------- -----------
<S> <C> <C> <C> <C> <C>
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS:
Net investment income ........................... $ 1,572 $ 2,931 $ 1,205 $ 2,873 $ 89
Net realized gain (loss) on investments and
futures transactions ........................... (9) 883 (92) 134 (20)
Change in net unrealized appreciation/
depreciation on investments and futures
transactions ................................... (1,580) 484 (320) (71) 7
--------- -------- -------- -------- ------
Increase (decrease) in net assets from
operations ..................................... (17) 4,298 793 2,936 76
--------- -------- -------- -------- ------
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income ........................... (1,574) (2,886) (1,218) (2,766) (89)
Net realized gain on investment transactions..... (932) (652) -- -- --
--------- -------- -------- -------- ------
Total dividends and distributions .............. (2,506) (3,538) (1,218) (2,766) (89)
--------- -------- -------- -------- ------
Increase (decrease) from capital share
transactions (Note 5) .......................... 8,114 13,574 3,209 3,174 3,810
--------- -------- -------- -------- ------
Total increase (decrease) in net assets ........ 5,591 14,334 2,784 3,344 3,797
NET ASSETS:
Beginning of period ............................. 60,279 45,945 50,979 47,635 --
--------- -------- -------- -------- ------
End of period ................................... $65,870 $ 60,279 $ 53,763 $ 50,979 $3,797
========= ======== ======== ======== ======
</TABLE>
See notes to financial statements.
- -------
* Commencement of operations.
51
<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. U.S.
Treasury Income Fund ("CVUSTI") (formerly the U.S. Government Income Fund),
U.S. Government Securities Fund ("CVUSGS"), Bond Fund ("CVBF"), Short-Term Bond
Fund ("CVSTBF"), and Strategic Income Fund ("CVSIF"), collectively, the
"Funds", are separate portfolios of the Trust.
The Funds offer various classes of shares as follows:
<TABLE>
<CAPTION>
Fund Classes Offered
- -------- -----------------------------------------
<S> <C>
CVUSTI Class A, Class B
CVUSGS Class A, Institutional
CVBF Class A, Class B, Institutional
CVSTBF Class A, Institutional
CVSIF Class A, Class B, Class C, Institutional
</TABLE>
Class A shares generally provide for a front-end sales charge while Class B and
C shares provide for a contingent deferred sales charge. No sales charges are
assessed with respect to the Institutional Class ("Class I"). 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.
The following is a summary of significant accounting policies followed by the
Funds:
The preparation of financial statements in accordance with generally accepted
accounting principles requires management to make estimates and assumptions
that affect the reported amounts and disclosures in the financial statements.
Actual results could differ from those estimates.
A. Valuation of investments -- 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 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.
C. Futures contracts -- When a Fund enters into a futures contract, it
makes an initial margin deposit in a segregated account, either in cash or
liquid securities. Thereafter, the futures contract is marked to market and
the Fund makes (or receives) additional cash payments daily to the broker.
Changes in the value of the contract are recorded as unrealized
appreciation/depreciation until the contract is closed or settled.
The funds invest in exchange-traded interest rate futures and options for
hedging purposes, to either modify the duration of the portfolio, modify
the yield curve exposure of the portfolio, or in anticipation of buying or
selling a specific security. Use of long futures contracts subjects the
Fund to risk of loss in excess of the amounts shown on the Statement of
Assets and Liabilities, up to the nominal value of the futures contracts.
52
<PAGE>
Chase Vista Funds
Notes to Financial Statements (unaudited) (continued)
- --------------------------------------------------------------------------------
The Funds may enter into futures contracts only on exchanges or boards of
trade. The exchange or board of trade acts as the counterparty to each
futures transaction, therefore, the Fund's credit risk is limited to
failure of the exchange or board of trade.
As of April 30, 1999, the Funds had outstanding futures contracts as listed
on the Fund's Portfolio of Investments.
D. Security transactions and investment income -- Investment transactions
are accounted for on the trade date (the date the order to buy or sell is
executed). Securities gains and losses are calculated on the identified
cost basis. Interest income is determined on the basis of coupon interest
accrued adjusted for amortization of premiums, except CVUSTI, and accretion
of discounts.
E. Expenses -- Expenses directly attributable to a Fund are charged to that
Fund; other expenses of the Trust are allocated proportionately among each
of the Funds within the Trust in relation to the net assets of each Fund or
on another reasonable basis. Expenses directly attributable to a particular
class are charged directly to such class. In calculating 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.
F. Federal income taxes -- Each Fund is treated as a separate taxable entity
for Federal income tax purposes. The Trust's policy is to comply with the
provisions of the Internal Revenue Code applicable to regulated investment
companies and to distribute to shareholders all of its distributable net
investment income, and net realized gain on investments. In addition, the
Trust intends to make distributions as required to avoid excise taxes.
Accordingly, no provision for Federal income or excise tax is necessary.
G. 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.
H. Dollar rolls -- The Funds (with the exception of CVUSTI) may enter into
dollar rolls in which the Funds sell mortgage-backed securities for
delivery in the current month and simultaneously contract to repurchase
substantially similar (same type, coupon and maturity) securities on a
specified future date. During the roll period, the Funds forgo principal
and interest paid on the securities. The Funds are compensated by the
interest earned on the cash proceeds of the initial sale and a fee earned
for entering into the roll transaction. The fee is amortized into income
over the duration of the roll transaction.
I. Organization costs -- Organization expenses incurred in connection with
the commencement of the Strategic Income Fund have been paid in full by
Vista Fund Distributors, Inc. (VFD). The Fund will not reimburse VFD for
such expenses.
2. Fees and Other Transactions with Affiliates
A. Investment advisory fee -- Pursuant to separate Investment Advisory
Agreements, The Chase Manhattan Bank ("Chase" or the "Adviser") acts as the
Investment Adviser to the Funds. Chase is a direct wholly-owned subsidiary
of The Chase Manhattan Corporation. As Investment Adviser, Chase supervises
the investments of the Funds and for such services is paid a fee. The fee
is computed daily and paid monthly at an annual rate equal to 0.30%, 0.30%,
0.30%, 0.25% and 0.50% of the average daily
53
<PAGE>
Chase Vista Funds
Notes to Financial Statements (unaudited) (continued)
- --------------------------------------------------------------------------------
net assets for CVUSTI, CVUSGS, CVBF, CVSTBF and CVSIF, respectively. The
Adviser, voluntarily waived all or a portion of its fees as outlined in
Note 2.E. below.
Chase Asset Management, Inc. ("CAM"), a registered investment adviser, is
the sole sub-investment adviser to each Fund, except CVSIF, 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 0.15% for CVUSTI,
CVUSGS and CVBF, and 0.10% for CVSTBF of average daily net assets.
CAM and State Street Research & Management Company (SSR) are the two sub-
advisers to the Strategic Income Fund. SSR is a wholly-owned subsidiary of
the Metropolitan Life Insurance Company. CAM makes the day-to-day
investment decisions for the Strategic Income Fund except that SSR makes
the day-to-day investment decisions for the portion of the Strategic Income
Fund that is allocated to lower-rated high yield securities of U.S.
issuers. For their services, CAM and SSR are entitled to receive fees,
payable by Chase from its advisory fee.
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 Agent will receive a
fee. The fee is computed daily and paid monthly at an annual rate equal to
0.25% of the average daily net assets of the Funds.
Since inception of the Funds, Chase, and certain affiliates have been the
only Shareholder Servicing Agents of the Funds. The Shareholder Servicing
Agents have voluntarily waived all or a portion of their fees as outlined
in Note 2.E. below.
C. Distribution and sub-administration fees -- Pursuant to a Distribution
and Sub-Administration Agreement, Vista Fund Distributors, Inc. (the
"Distributor"), a wholly owned subsidiary of The BISYS Group, Inc., 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. The Class A Distribution Plans provide that each Fund shall pay
distributions fees, including payments to the Distributor, at annual rates
not to exceed 0.25% of the average daily net assets of the Class A Shares
of each Fund for distribution services. The Class B 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 its distribution services.
The Distributor voluntarily waived all or a portion of distribution fees as
outlined in Note 2.E below.
D. Administration fee -- Pursuant to an Administration Agreement, Chase
(the "Administrator") provides certain administration services to the
Trust. For these services and facilities, the Administrator receives from
each Fund a fee computed at the annual rate equal to 0.10% of the
respective Fund's average daily net assets. The Administrator voluntarily
waived all or a portion of the administration fees as outlined in Note 2.E.
below.
E. Waivers of fees -- For six month period ended April 30, 1999 the
Investment Adviser, Administrator, Shareholder Servicing Agent, and
Distributor voluntarily waived fees for each of the Funds as follows (in
thousands):
54
<PAGE>
Chase Vista Funds
Notes to Financial Statements (unaudited) (continued)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Fee CVUSTI CVUSGS CVBF CVSTBF CVSIF
------------------------------- -------- -------- ------ -------- ------
<S> <C> <C> <C> <C> <C>
Investment Advisory ........... $ 86 $ 87 $ 96 $ 66 $ 5
Administration ................ -- 43 29 40 2
Shareholder Servicing ......... 48 5 72 53 2
Distribution .................. 86 5 19 3 2
---- ---- ---- ---- ---
Total ......................... $220 $140 $216 $162 $11
==== ==== ==== ==== ===
</TABLE>
F. Other -- Certain officers of the Trust are officers of Vista Fund
Distributors, Inc. or of its parent corporation, BISYS.
Chase provides portfolio accounting and custody services for the Funds.
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>
CVUSTI CVUSGS CVBF CVSTBF CVSIF
--------- --------- ---------- ---------- ---------
<S> <C> <C> <C> <C> <C>
Purchases (excluding
U.S. Government) ..... $ -- $ -- $31,326 $12,647 $4,190
Sales (excluding
U.S. Government) ..... -- -- 24,340 16,571 1,594
Purchases of
U.S. Government ...... 34,870 54,402 51,058 73,245 2,128
Sales of
U.S. Government ...... 8,389 54,422 41,986 66,551 1,406
</TABLE>
4. Federal Income Tax Matters -- For Federal income tax purposes, the cost and
unrealized appreciation (depreciation) in value of the investment securities at
April 30, 1999 are as follows (in thousands):
<TABLE>
<CAPTION>
CVUSTI CVUSGS CVBF CVSTBF CVSIF
------------ ---------- ---------- ---------- ---------
<S> <C> <C> <C> <C> <C>
Aggregate cost ..... $ 95,908 $58,287 $65,064 $53,736 $3,580
-------- ------- ------- ------- ------
Gross unrealized
appreciation ..... $ 677 $ 98 $ 73 $ 28 $ 53
Gross unrealized
depreciation ..... (2,927) (1,085) (609) (233) (46)
-------- ------- ------- ------- ------
Net unrealized
appreciation
(depreciation) $ (2,250) $ (987) $ (536) $ (205) $ 7
======== ======= ======= ======= ======
</TABLE>
5. Transactions in Shares of Beneficial Interest -- Transactions in Shares of
Beneficial Interest were as follows (in thousands):
<TABLE>
<CAPTION>
U.S. Treasury Income Fund
-------------------------------------------------------
10/31/98
Through Year Ended
04/30/99 10/31/98
-------------------------- --------------------------
Amount Shares Amount Shares
------------ ----------- ------------ -----------
<S> <C> <C> <C> <C>
Class A
Shares sold ........................ $35,585 3,160 $ 28,639 2,512
Shares issued in reinvestment
of distributions ................. 1,899 168 3,181 279
Shares redeemed .................... (19,447) (1,717) (56,341) (4,944)
------- ------ -------- ------
Net increase (decrease) in
Trust shares outstanding ......... $18,037 1,611 $(24,521) (2,153)
======= ====== ======== ======
</TABLE>
<PAGE>
Chase Vista Funds
Notes to Financial Statements (unaudited) (continued)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
U.S. Treasury Income Fund
------------------------------------------------
10/31/98
Through Year Ended
04/30/99 10/31/98
---------------------- -----------------------
Amount Shares Amount Shares
----------- -------- ----------- ---------
<S> <C> <C> <C> <C>
Class B
Shares sold ........................ $6,496 571 $7,535 657
Shares issued in reinvestment
of distributions ................. 347 31 481 42
Shares redeemed .................... (3,184) (282) (4,329) (380)
------ ---- ------ ----
Net increase (decrease) in
Trust shares outstanding ......... $3,659 320 $3,687 319
====== === ====== ===
<CAPTION>
U.S. Government Securities Fund
------------------------------------------------
10/31/98
Through Year Ended
04/30/99 10/31/98
---------------------- -----------------------
Amount Shares Amount Shares
----------- -------- ----------- ---------
<S> <C> <C> <C> <C>
Class A
Shares sold ........................ $2,116 204 $2,028 197
Shares issued in reinvestment
of distributions ................. 133 13 114 11
Shares redeemed .................... (2,068) (201) (1,214) (119)
------ ---- ------ ----
Net increase (decrease) in
Trust shares outstanding ......... $ 181 16 $ 928 89
====== ==== ====== ====
<CAPTION>
U.S. Government Securities Fund
------------------------------------------------
10/31/98
Through Year Ended
04/30/99 10/31/98
---------------------- -----------------------
Amount Shares Amount Shares
----------- -------- ----------- ---------
Class I
<S> <C> <C> <C> <C>
Shares sold ....................... . $5,382 523 $ 8,629 851
Shares issued in reinvestment
of distributions ................. 42 4 75 7
Shares redeemed .................... (2,449) (238) (9,978) (984)
------ ---- ------- ----
Net increase (decrease) in
Trust shares outstanding ......... $2,975 289 $(1,274) (126)
====== ==== ======= ====
</TABLE>
56
<PAGE>
Chase Vista Funds
Notes to Financial Statements (unaudited) (continued)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Bond Fund
---------------------------------------------------
10/31/98
Through Year Ended
04/30/99 10/31/98
---------------------- --------------------------
Amount Shares Amount Shares
----------- -------- ------------ -----------
<S> <C> <C> <C> <C>
Class A
Shares sold ........................ $9,552 889 $23,551 2,184
Shares issued in reinvestment
of distributions ................. 687 64 736 68
Shares redeemed .................... (3,680) (344) (17,554) (1,621)
------ ---- ------- ------
Net increase (decrease) in
Trust shares outstanding ......... $6,559 609 $ 6,733 631
====== ==== ======= ======
<CAPTION>
Bond Fund
------------------------------------------------
10/31/98
Through Year Ended
04/30/99 10/31/98
---------------------- -----------------------
Amount Shares Amount Shares
----------- -------- ----------- ---------
<S> <C> <C> <C> <C>
Class B
Shares sold ........................ $1,918 179 $4,647 427
Shares issued in reinvestment
of distributions ................. 146 13 127 11
Shares redeemed .................... (1,891) (176) (1,418) (130)
------ ---- ------ -----
Net increase (decrease) in
Trust shares outstanding ......... $ 173 16 $3,356 308
====== ==== ====== ====
<CAPTION>
Bond Fund
------------------------------------------------
10/31/98
Through Year Ended
04/30/99 10/31/98
---------------------- -----------------------
Amount Shares Amount Shares
----------- -------- ----------- ---------
<S> <C> <C> <C> <C>
Class I
Shares sold ........................ $4,298 401 $7,731 712
Shares issued in reinvestment
of distributions ................. 771 72 1,109 103
Shares redeemed .................... (3,687) (345) (5,355) (497)
------ ---- ------ ----
Net increase (decrease) in
Trust shares outstanding ......... $1,382 128 $3,485 318
====== ==== ====== ====
</TABLE>
57
<PAGE>
Chase Vista Funds
Notes to Financial Statements (unaudited) (continued)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Short-Term Bond Fund
-------------------------------------------------------
10/31/98
Through Year Ended
04/30/99 10/31/98
-------------------------- --------------------------
Amount Shares Amount Shares
------------ ----------- ------------ -----------
<S> <C> <C> <C> <C>
Class A
Shares sold ........................ $23,826 2,364 $49,539 4,906
Shares issued in reinvestment
of distributions ................. 284 28 574 57
Shares redeemed .................... (19,496) (1,934) (40,342) (3,994)
------- ------ ------- ------
Net increase (decrease) in
Trust shares outstanding ......... $ 4,614 458 $ 9,771 969
======= ====== ======= ======
<CAPTION>
Short-Term Bond Fund
---------------------------------------------------
10/31/98
Through Year Ended
04/30/99 10/31/98
---------------------- --------------------------
Amount Shares Amount Shares
----------- -------- ------------ -----------
<S> <C> <C> <C> <C>
Class I
Shares sold ........................ $ 6,633 657 $12,483 1,234
Shares issued in reinvestment
of distributions ................. 520 52 1,230 121
Shares redeemed .................... (8,558) (848) (20,310) (2,010)
------- ---- ------- ------
Net increase (decrease) in
Trust shares outstanding ......... $(1,405) (139) $(6,597) (655)
======= ==== ======= ======
<CAPTION>
Strategic Income Fund
------------------------
12/01/98*
Through
04/30/99
------------------------
Amount Shares
------------ ---------
<S> <C> <C>
Class A
Shares sold ........................ $1,063 107
Shares issued in reinvestment
of distributions ................. 20 2
Shares redeemed .................... (7) (1)
------ ---
Net increase (decrease) in
Trust shares outstanding ......... $1,076 108
====== ===
</TABLE>
*Commencement of operations.
58
<PAGE>
Chase Vista Funds
Notes to Financial Statements (unaudited) (continued)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Strategic Income Fund
----------------------
12/01/98*
Through
04/30/99
----------------------
Amount Shares
---------- ---------
<S> <C> <C>
Class B
Shares sold ........................ $1,024 104
Shares issued in reinvestment
of distributions ................. 19 2
Shares redeemed .................... (26) (3)
------ ----
Net increase (decrease) in
Trust shares outstanding ......... $1,017 103
====== ====
<CAPTION>
Strategic Income
Fund
--------------------
12/01/98*
Through
04/30/99
--------------------
Amount Shares
-------- ---------
<S> <C> <C>
Class C
Shares sold ........................ $ 711 71
Shares issued in reinvestment
of distributions ................. 15 1
Shares redeemed .................... (40) (4)
----- --
Net increase (decrease) in
Trust shares outstanding ......... $ 686 68
===== ==
<CAPTION>
Strategic Income
Fund
------------------
12/01/98*
Through
04/30/99
------------------
Amount Shares
-------- -------
<S> <C> <C>
Class I
Shares sold ........................ $1,000 100
Shares issued in reinvestment
of distributions ................. 31 3
Shares redeemed .................... -- --
------ ---
Net increase (decrease) in
Trust shares outstanding ......... $1,031 103
====== ===
</TABLE>
*Commencement of operations.
59
<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 months ended April 30, 1999, included in
Trustees Fees in the Statement of Operations, and accrued pension liability
included in other accrued liabilities, in the Statement of Assets and
Liabilities were as follows:
<TABLE>
<CAPTION>
Accrued
Pension Pension
Expenses Liability
---------- ----------
<S> <C> <C>
CVUSTI ......... $ 1 $ 8
CVUSGS ......... 1 5
CVBF ........... 1 3
CVSTBF ......... 1 4
CVSIF .......... -- --
</TABLE>
7. Bank Borrowings -- The Funds 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.
60
<PAGE>
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------
Chase Vista Funds
Financial Highlights (unaudited)
U.S. Treasury Income Fund (2)
---------------------------------------------------------------------
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 ......... $ 11.66 $ 11.26 $ 11.13 $ 11.40 $ 10.60 $ 12.10
-------- ------- ------- ------- ------- --------
Income from Investment Operations:
Net Investment Income ...................... 0.37 0.75 0.66 0.66 0.70 0.65
Net Gain or (Losses) in Securities
(both realized and unrealized) ............ (0.57) 0.40 0.13 (0.27) 0.80 (1.30)
-------- ------- ------- -------- ------- --------
Total from Investment Operations .......... (0.20) 1.15 0.79 0.39 1.50 (0.65)
-------- ------- ------- -------- ------- --------
Distributions to Shareholders from:
Dividends from Net Investment Income 0.37 0.75 0.66 0.66 0.70 0.65
Distributions from Capital Gains ........... -- -- -- -- -- 0.20
-------- -------- -------- -------- -------- --------
Total Dividends and Distributions ......... 0.37 0.75 0.66 0.66 0.70 0.85
-------- -------- -------- -------- -------- --------
Net Asset Value, End of Period ............... $ 11.09 $ 11.66 $ 11.26 $ 11.13 $ 11.40 $ 10.60
======== ======== ======== ======== ======== ========
Total Return (1) (1.76)% 10.59% 7.35% 3.56% 14.59% (5.58%)
Ratios/Supplemental Data:
Net Assets, End of Period (in millions) ..... $ 78 $ 63 $ 85 $ 111 $ 99 $ 100
Ratios to average net assets#:
Expenses .................................... 0.75% 0.79% 0.90% 0.90% 0.87% 0.76%
Net Investment Income ....................... 6.43% 6.53% 5.97% 5.89% 6.37% 5.74%
Expenses Without Waivers and
Assumption of Expenses ..................... 1.33% 1.30% 1.21% 1.29% 1.40% 1.28%
Net Investment Income Without
Waivers and Assumptions of Expenses ........ 5.85% 6.02% 5.66% 5.50% 5.84% 5.22%
Portfolio Turnover Rate ...................... 11% 75% 179% 103% 164% 163%
<CAPTION>
- --------------------------------------------------------------------------------
Chase Vista Funds
Financial Highlights (unaudited)
U.S. Treasury Income Fund (2)
--------------------------------------------------------------------
Class B
--------------------------------------------------------------------
Year Ended
11/01/98 ------------------------------------------- 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 ......... $ 11.66 $ 11.25 $ 11.11 $ 11.37 $ 10.59 $ 11.98
-------- ------- ------- ------- ------- --------
Income from Investment Operations:
Net Investment Income ...................... 0.31 0.65 0.58 0.57 0.62 0.59
Net Gain or (Losses) in Securities
(both realized and unrealized) ............ (0.57) 0.41 0.13 (0.26) 0.80 (1.19)
-------- ------- ------- -------- ------- --------
Total from Investment Operations .......... (0.26) 1.06 0.71 0.31 1.42 (0.60)
-------- ------- ------- -------- ------- --------
Distributions to Shareholders from:
Dividends from Net Investment Income 0.31 0.65 0.57 0.57 0.64 0.59
Distributions from Capital Gains ........... -- -- -- -- -- 0.20
-------- -------- -------- -------- -------- --------
Total Dividends and Distributions ......... 0.31 0.65 0.57 0.57 0.64 0.79
-------- -------- -------- -------- -------- --------
Net Asset Value, End of Period ............... $ 11.09 $ 11.66 $ 11.25 $ 11.11 $ 11.37 $ 10.59
======== ======== ======== ======== ======== ========
Total Return (1) (2.19)% 9.68% 6.56% 2.82% 13.80% (5.18%)
Ratios/Supplemental Data:
Net Assets, End of Period (in millions) ..... $ 17 $ 14 $ 11 $ 11 $ 11 $ 6
Ratios to average net assets#:
Expenses .................................... 1.63% 1.64% 1.64% 1.64% 1.62% 1.50%
Net Investment Income ....................... 5.55% 5.69% 5.24% 5.12% 5.53% 5.28%
Expenses Without Waivers and
Assumption of Expenses ..................... 1.83% 1.79% 1.71% 1.79% 1.89% 1.78%
Net Investment Income Without
Waivers and Assumptions of Expenses ........ 5.35% 5.54% 5.17% 4.97% 5.26% 5.00%
Portfolio Turnover Rate ...................... 11% 75% 179% 103% 164% 163%
</TABLE>
- -------
# Short periods have been annualized.
** Commencement of offering class of shares.
(1) Total return figures do not include the effect of any front-end load.
(2) Formerly known as the Vista U.S. Government Income Fund.
See notes to financial statements.
61
<PAGE>
start
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------
Chase Vista Funds
Financial Highlights (unaudited) (continued)
U.S. Government Securities Fund
-----------------------------------------------
Class A
-----------------------------------------------
Year Ended
11/01/98 --------------------- 05/06/96**
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 ............................. $ 10.51 $ 10.06 $ 9.90 $ 9.62
-------- ------- ------- ------
Income from Investment Operations:
Net Investment Income .......................................... 0.24 0.50 0.58 0.26
Net Gains or Losses in Securities (both realized and unrealized) (0.35) 0.45 0.15 0.25
-------- ------- ------- ------
Total from Investment Operations .............................. (0.11) 0.95 0.73 0.51
-------- ------- ------- ------
Distributions to Shareholders From:
Dividends from Net Investment Income ........................... 0.24 0.50 0.57 0.23
Distributions from Capital Gains ............................... 0.13 -- -- --
-------- -------- ------- -------
Total Dividends and Distributions ............................. 0.37 0.50 0.57 0.23
-------- -------- ------- -------
Net Asset Value, End of Period ................................... $ 10.03 $ 10.51 $ 10.06 $ 9.90
======== ======== ======= =======
Total Return (1) ................................................. (1.11)% 9.75% 7.61% 5.41%
Ratios/Supplemental Data:
Net Assets, End of Period (in millions) ......................... $ 3 $ 3 $ 2 $ 3
Ratios to average net assets#:
Expenses ........................................................ 0.75% 0.80% 1.05% 1.05%
Net Investment Income ........................................... 4.61% 4.95% 5.61% 5.30%
Expenses Without Waivers and Assumption of Expenses ............. 1.69% 1.70% 1.57% 1.55%
Net Investment Income Without Waivers and
Assumptions of Expenses ........................................ 3.67% 4.05% 5.09% 5.00%
Portfolio Turnover Rate .......................................... 112% 590% 569% 101%
<CAPTION>
- --------------------------------------------------------------------------------
Chase Vista Funds
Financial Highlights (unaudited) (continued)
U.S. Government Securities Fund
-----------------------------------------------------------
Class I
----------------------------------------------------------
11/01/98 Year Ended 12/01/95(2) Year Ended
Through --------------------- Through -----------
04/30/99 10/31/98 10/31/97 10/31/96 11/30/95
------------ ---------- ---------- ------------ ----------
<S> <C> <C> <C> <C> <C>
Per Share Operating Performance
Net Asset Value, Beginning of Period ............................. $ 10.49 $ 10.04 $ 9.89 $ 10.18 $ 9.23
-------- ------- ------- ------- -------
Income from Investment Operations:
Net Investment Income .......................................... 0.25 0.53 0.59 0.50 0.56
Net Gains or Losses in Securities (both realized and unrealized) (0.35) 0.44 0.15 (0.30) 0.95
-------- ------- ------- -------- -------
Total from Investment Operations .............................. (0.10) 0.97 0.74 0.20 1.51
-------- ------- ------- -------- -------
Distributions to Shareholders From:
Dividends from Net Investment Income ........................... 0.25 0.52 0.59 0.49 0.56
Distributions from Capital Gains ............................... 0.13 -- -- -- --
-------- -------- ------- -------- -------
Total Dividends and Distributions ............................. 0.38 0.52 0.59 0.49 0.56
-------- -------- ------- -------- -------
Net Asset Value, End of Period ................................... $ 10.01 $ 10.49 $ 10.04 $ 9.89 $ 10.18
======== ======== ======= ======== =======
Total Return (1) ................................................. (1.03)% 9.94% 7.78% 2.09% 16.82%
Ratios/Supplemental Data:
Net Assets, End of Period (in millions) ......................... $ 54 $ 53 $ 53 $ 68 $ 83
Ratios to average net assets#:
Expenses ........................................................ 0.55% 0.60% 0.85% 0.85% 0.85%
Net Investment Income ........................................... 4.83% 5.17% 5.78% 5.55% 5.78%
Expenses Without Waivers and Assumption of Expenses ............. 0.99% 0.85% 0.91% 1.04% 1.11%
Net Investment Income Without Waivers and
Assumptions of Expenses ........................................ 4.39% 4.92% 5.72% 5.36% 5.52%
Portfolio Turnover Rate .......................................... 112% 590% 569% 101% 220%
<CAPTION>
- --------------------------------------------------------------------------------
Chase Vista Funds
Financial Highlights (unaudited) (continued)
U.S.
Government
Securities
Fund
-----------
Class I
-----------
11/30/94
-----------
<S> <C>
Per Share Operating Performance
Net Asset Value, Beginning of Period ............................. $ 10.27
--------
Income from Investment Operations:
Net Investment Income .......................................... 0.50
Net Gains or Losses in Securities (both realized and unrealized) (0.94)
--------
Total from Investment Operations .............................. (0.44)
--------
Distributions to Shareholders From:
Dividends from Net Investment Income ........................... 0.50
Distributions from Capital Gains ............................... 0.10
--------
Total Dividends and Distributions ............................. 0.60
--------
Net Asset Value, End of Period ................................... $ 9.23
========
Total Return (1) ................................................. (4.41%)
Ratios/Supplemental Data:
Net Assets, End of Period (in millions) ......................... $ 83
Ratios to average net assets#:
Expenses ........................................................ 0.85%
Net Investment Income ........................................... 5.15%
Expenses Without Waivers and Assumption of Expenses ............. 1.04%
Net Investment Income Without Waivers and
Assumptions of Expenses ........................................ 4.96%
Portfolio Turnover Rate .......................................... 134%
</TABLE>
See notes to financial statements.
- -------
** Commencement of offering class of shares.
# Short periods have been annualized.
(1) Total return figures do not include the effect of any front-end sales load.
(2) In 1996, the Fund changed its fiscal year end from November 30, to
October 31.
62
<PAGE>
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------
Chase Vista Funds
Financial Highlights (unaudited) (continued)
Bond Fund
-----------------------------------------------
Class A
-----------------------------------------------
Year Ended
11/01/98 --------------------- 05/06/96**
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 ......... $ 10.96 $ 10.82 $ 10.71 $ 10.39
-------- ------- ------- -------
Income from Investment Operations:
Net Investment Income ...................... 0.26 0.59 0.63 0.29
Net Gains or Losses in Securities
(both realized and unrealized) ............ (0.27) 0.27 0.33 0.31
-------- ------- ------- -------
Total from Investment Operations .......... (0.01) 0.86 0.96 0.60
-------- ------- ------- -------
Distributions to Shareholders from:
Dividends from Net Investment Income ....... 0.26 0.58 0.64 0.28
Distributions from Capital Gains ........... 0.16 0.14 0.21 --
-------- ------- ------- --------
Total Dividends and Distributions ......... 0.42 0.72 0.85 0.28
-------- ------- ------- --------
Net Asset Value, End of Period ............... $ 10.53 $ 10.96 $ 10.82 $ 10.71
======== ======= ======= ========
Total Return (1) ............................. (0.11)% 8.22% 9.45% 5.95%
Ratios/Supplemental Data:
Net Assets, End of Period (in millions) ..... $ 39 $ 33 $ 26 $ 1
Ratios to average net assets#:
Expenses .................................... 0.74% 0.77% 0.92% 0.90%
Net Investment Income ....................... 4.87% 5.44% 6.11% 5.75%
Expenses Without Waivers and
Assumption of Expenses ..................... 1.44% 1.52% 1.61% 2.39%
Net Investment Income Without Waivers
and Assumptions of Expenses ................ 4.17% 4.69% 5.42% 4.26%
Portfolio Turnover Rate ...................... 157% 329% 823% 122%
<CAPTION>
- --------------------------------------------------------------------------------
Chase Vista Funds
Financial Highlights (unaudited) (continued)
Bond Fund
----------------------------------------------
Class B
----------------------------------------------
Year Ended
11/01/98 --------------------- 05/06/96**
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 ......... $ 11.00 $ 10.87 $ 10.76 $ 10.39
-------- ------- ------- -------
Income from Investment Operations:
Net Investment Income ...................... 0.23 0.50 0.58 0.23
Net Gains or Losses in Securities
(both realized and unrealized) ............ (0.26) 0.27 0.32 0.37
-------- ------- ------- -------
Total from Investment Operations .......... (0.03) 0.77 0.90 0.60
-------- ------- ------- -------
Distributions to Shareholders from:
Dividends from Net Investment Income ....... 0.23 0.50 0.58 0.23
Distributions from Capital Gains ........... 0.16 0.14 0.21 --
-------- ------- ------- --------
Total Dividends and Distributions ......... 0.39 0.64 0.79 0.23
-------- ------- ------- --------
Net Asset Value, End of Period ............... $ 10.58 $ 11.00 $ 10.87 $ 10.76
======== ======= ======= ========
Total Return (1) ............................. (0.37)% 7.33% 8.32% 6.12%
Ratios/Supplemental Data:
Net Assets, End of Period (in millions) ..... $ 5 $ 4 $ 1 $ 1
Ratios to average net assets#:
Expenses .................................... 1.49% 1.55% 1.64% 1.65%
Net Investment Income ....................... 4.12% 4.63% 5.26% 4.97%
Expenses Without Waivers and
Assumption of Expenses ..................... 1.94% 2.00% 2.07% 2.93%
Net Investment Income Without Waivers
and Assumptions of Expenses ................ 3.67% 4.18% 4.83% 3.69%
Portfolio Turnover Rate ...................... 157% 329% 823% 122%
</TABLE>
See notes to financial statements.
- -------
** Commencement of offering class of shares.
# Short periods have been annualized.
(1) Total return figures do not include the effect of any front-end sales load.
63
<PAGE>
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------
Chase Vista Funds
Financial Highlights (unaudited) (continued)
Bond Fund
------------------------------------------------------------------
Class I
------------------------------------------------------------------
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 ........................ $ 10.94 $ 10.82 $ 10.71 $ 10.91 $ 10.08 $ 11.30
------- ------- ------- ------- ------- -------
Income from Investment Operations:
Net Investment Income -- .................................. 0.28 0.62 0.68 0.67 0.69 0.67
Net Gains or Losses in Securities
(both realized and unrealized) ........................... (0.26) 0.26 0.32 (0.15) 0.85 (1.14)
-------- ------- ------- -------- ------- -------
Total from Investment Operations ......................... 0.02 0.88 1.00 0.52 1.54 (0.47)
-------- ------- ------- -------- ------- -------
Less Distributions:
Dividends from Net Investment Income ...................... 0.28 0.62 0.68 0.66 0.69 0.67
Distributions from Capital Gains .......................... 0.16 0.14 0.21 0.06 0.02 0.08
-------- ------- ------- -------- ------- -------
Total Dividends and Distributions ........................ 0.44 0.76 0.89 0.72 0.71 0.75
-------- ------- ------- -------- ------- -------
Net Asset Value, End of Period .............................. $ 10.52 $ 10.94 $ 10.82 $ 10.71 $ 10.91 $ 10.08
======== ======= ======= ======== ======= =======
Total Return (1) ............................................ 0.10% 8.42% 9.93% 4.90% 15.83% (4.30%)
Ratios/Supplemental Data:
Net Assets, End of Period (in millions) .................... $ 22 $ 21 $ 18 $ 18 $ 57 $ 52
Ratios to average net assets#:
Expenses ................................................... 0.50% 0.50% 0.50% 0.36% 0.31% 0.31%
Net Investment Income ...................................... 5.11% 5.72% 6.42% 6.23% 6.56% 6.27%
Expenses Without Waivers and Assumption of Expenses ........ 1.18% 1.20% 1.17% 0.87% 0.87% 0.92%
Net Investment Income Without Waivers and Assumptions of
Expenses .................................................. 4.43% 5.02% 5.75% 5.72% 6.00% 5.66%
Portfolio Turnover Rate ..................................... 157% 329% 823% 122% 30% 17%
</TABLE>
See notes to financial statements.
- -------
# Short periods have been annualized.
(1) Total return figures do not include the effect of any front-end sales load.
64
<PAGE>
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------
Chase Vista Funds
Financial Highlights (unaudited) (continued)
Short-Term Bond Fund
---------------------------------------------
Class A
---------------------------------------------
11/01/98 Year Ended 05/06/96**
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 ............................. $ 10.14 $ 10.10 $ 10.10 $ 10.03
------- ------- ------- -------
Income from Investment Operations:
Net Investment Income .......................................... 0.21 0.53 0.58 0.26
Net Gains or Losses in Securities (both realized and unrealized) (0.07) 0.02 -- 0.07
-------- ------- -------- -------
Total from Investment Operations .............................. 0.14 0.55 0.58 0.33
-------- ------- -------- -------
Less Distributions:
Dividends from Net Investment Income ........................... 0.22 0.51 0.58 0.26
Distributions from Capital Gains ............................... -- -- -- --
-------- -------- -------- --------
Total Dividends and Distributions ............................. 0.22 0.51 0.58 0.26
-------- -------- -------- --------
Net Asset Value, End of Period ................................... $ 10.06 $ 10.14 $ 10.10 $ 10.10
======== ======== ======== ========
Total Return (1) ................................................. 1.40% 5.58% 5.91% 3.41%
Ratios/Supplemental Data:
Net Assets, End of Period (in millions) ......................... $ 24 $ 19 $ 10 $ 10
Ratios to average net assets#:
Expenses ........................................................ 0.75% 0.76% 0.75% 0.75%
Net Investment Income ........................................... 4.32% 5.28% 5.76% 5.28%
Expenses Without Waivers and Assumption of Expenses ............. 1.36% 1.44% 1.31% 1.45%
Net Investment Income Without Waivers and Assumptions of
Expenses ....................................................... 3.71% 4.60% 5.20% 4.58%
Portfolio Turnover Rate .......................................... 188% 439% 471% 158%
<CAPTION>
- --------------------------------------------------------------------------------
Chase Vista Funds
Financial Highlights (unaudited) (continued)
Short-Term Bond Fund
--------------------------------------------------------
Class I
-------------------------------------------------------
11/01/98 Year Ended
Through -------------------------------------------
04/30/99 10/31/98 10/31/97 10/31/96 10/31/95
----------- ---------- ---------- ---------- ----------
<S> <C> <C> <C> <C> <C>
Per Share Operating Performance
Net Asset Value, Beginning of Period ............................. $ 10.15 $ 10.11 $ 10.12 $ 10.08 $ 9.91
------- ------- ------- ------- -------
Income from Investment Operations:
Net Investment Income .......................................... 0.24 0.57 0.62 0.56 0.54
Net Gains or Losses in Securities (both realized and unrealized) (0.09) 0.02 (0.01) 0.04 0.17
-------- ------- -------- ------- -------
Total from Investment Operations .............................. 0.15 0.59 0.61 0.60 0.71
-------- ------- -------- ------- -------
Less Distributions:
Dividends from Net Investment Income ........................... 0.24 0.55 0.62 0.56 0.54
Distributions from Capital Gains ............................... -- -- -- -- --
-------- -------- -------- -------- -------
Total Dividends and Distributions ............................. 0.24 0.55 0.62 0.56 0.54
-------- -------- -------- -------- -------
Net Asset Value, End of Period ................................... $ 10.06 $ 10.15 $ 10.11 $ 10.12 $ 10.08
======== ======== ======== ======== =======
Total Return (1) ................................................. 1.46% 6.03% 6.23% 6.10% 7.37%
Ratios/Supplemental Data:
Net Assets, End of Period (in millions) ......................... $ 30 $ 31 $ 38 $ 43 $ 36
Ratios to average net assets#:
Expenses ........................................................ 0.41% 0.42% 0.42% 0.35% 0.32%
Net Investment Income ........................................... 4.64% 5.68% 6.08% 5.59% 5.41%
Expenses Without Waivers and Assumption of Expenses ............. 1.01% 1.04% 0.93% 0.89% 0.90%
Net Investment Income Without Waivers and Assumptions of
Expenses ....................................................... 4.04% 5.06% 5.57% 5.05% 4.83%
Portfolio Turnover Rate .......................................... 188% 439% 471% 158% 62%
<CAPTION>
- --------------------------------------------------------------------------------
Chase Vista Funds
Financial Highlights (unaudited) (continued)
Short-Term
Bond Fund
-----------
Class I
-----------
Year Ended
-----------
10/31/94
-----------
<S> <C>
Per Share Operating Performance
Net Asset Value, Beginning of Period ............................. $ 10.14
-------
Income from Investment Operations:
Net Investment Income .......................................... 0.47
Net Gains or Losses in Securities (both realized and unrealized) (0.23)
-------
Total from Investment Operations .............................. 0.24
-------
Less Distributions:
Dividends from Net Investment Income ........................... 0.47
Distributions from Capital Gains ............................... --
-------
Total Dividends and Distributions ............................. 0.47
-------
Net Asset Value, End of Period ................................... $ 9.91
=======
Total Return (1) ................................................. 2.38%
Ratios/Supplemental Data:
Net Assets, End of Period (in millions) ......................... $ 36
Ratios to average net assets#:
Expenses ........................................................ 0.31%
Net Investment Income ........................................... 4.59%
Expenses Without Waivers and Assumption of Expenses ............. 0.86%
Net Investment Income Without Waivers and Assumptions of
Expenses ....................................................... 4.04%
Portfolio Turnover Rate .......................................... 44%
</TABLE>
See notes to financial statements.
- -------
** Commencement of offering class of shares.
# Short periods have been annualized.
(1) Total return figures do not include the effect of any front-end sales load.
65
<PAGE>
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------
Chase Vista Funds
Financial Highlights (unaudited) (continued)
Strategic Income Fund
----------------------------------------------
Class A Class B Class C Class I
----------- ----------- ----------- ----------
12/01/98* 12/01/98* 12/01/98* 12/01/98*
Through Through Through Through
04/30/99 04/30/99 04/30/99 04/30/99
----------- ----------- ----------- ----------
<S> <C> <C> <C> <C>
Per Share Operating Performance
Net Asset Value, Beginning of Period ..................................... $ 10.00 $ 10.00 $ 10.00 $ 10.00
------- ------- ------- -------
Income from Investment Operations:
Net Investment Income .................................................. 0.31 0.30 0.30 0.31
Net Gains or Losses in Securities (both realized and unrealized) ....... (0.07) (0.07) (0.07) (0.07)
------- -------- -------- --------
Total from Investment Operations ...................................... 0.24 0.23 0.23 0.24
------- -------- -------- --------
Distributions to Shareholders from:
Dividends from Net Investment Income ................................... 0.31 0.30 0.30 0.31
Distributions from Capital Gains ....................................... -- -- -- --
------- -------- -------- --------
Total Dividends and Distributions ..................................... 0.31 0.30 0.30 0.31
------- -------- -------- --------
Net Asset Value, End of Period ........................................... $ 9.93 $ 9.93 $ 9.93 $ 9.93
======= ======= ======== ========
Total Return (1) ......................................................... 2.38% 2.28% 2.28% 2.42%
Ratios/Supplemental Data:
Net Assets, End of Period (in millions) ................................. $ 1 $ 1 $ 1 $ 1
Ratios to average net assets#:
Expenses ................................................................ 0.54% 0.73% 0.81% 0.48%
Net Investment Income ................................................... 7.60% 7.77% 8.06% 8.03%
Expenses Without Waivers and Assumption of Expenses ..................... 5.25% 5.77% 5.73% 5.07%
Net Investment Income Without Waivers and Assumptions of Expenses ....... 2.89% 2.73% 3.14% 3.44%
Portfolio Turnover Rate .................................................. 125% 125% 125% 125%
</TABLE>
See notes to financial statements.
- -------
* Commencement of operations.
# Short periods have been annualized.
(1) Total return figures do not include the effect of any front-end sales load.
66
<PAGE>
[THIS PAGE INTENTIONALLY LEFT BLANK]
<PAGE>
CHASE VISTA FIXED INCOME FUNDS SEMI-ANNUAL REPORT
Investment Adviser, Administrator,
Shareholder and Fund Servicing
Agent and Custodian
The Chase Manhattan Bank
Distributor
Vista Fund Distributors, Inc.
Transfer Agent
DST Systems, Inc.
Legal Counsel
Simpson Thacher & Bartlett
Independent Accountants
PricewaterhouseCoopers LLP
Chase Vista Funds are distributed by
Vista Fund Distributors, Inc., which is
unaffiliated with The Chase Manhattan
Bank. Chase and its respective affiliates
receive compensation from Chase Vista
Funds for providing investment
advisory and other services.
This report is submitted for the general
information of the shareholders of
the funds. It is not authorized for
distribution to prospective investors
in the funds unless preceded or
accompanied by a prospectus.
The financial information in this
report has been taken from the
books and records of the funds
without examination by independent
accountants, who express no
opinion thereto.
To obtain a prospectus for any
of the Chase Vista Funds, call
1-800-34-VISTA. The prospectus
contains more complete information,
including charges and expenses.
Please read it carefully before you
invest or send money.
[copyright sign] Chase Manhattan Corporation, 1999, 2000.
All Rights Reserved. June 1999
[Chase Logo]
CHASE VISTA FUNDS[sm]
Chase Vista Funds Fulfillment Center
393 Manley Street
West Bridgewater, MA 02379-1039
