APRIL 30, 1999 (UNAUDITED)
Chase Vista
Equity Funds
SEMI-ANNUAL REPORT
SMALL CAP EQUITY
FUND
LARGE CAP EQUITY
FUND
BALANCED FUND
[CHASE VISTA LOGO]
CHASE VISTA FUNDS(SM)
SAEQ1-3-699
<PAGE>
Highlights
U.S. equity markets advanced despite significant market volatility during the
period, and the bond market enjoyed strong performance thanks to falling
interest rates.
o Strong cash flows into mutual funds, high consumer confidence and generally
good corporate earnings were among the positive factors that helped propel
stock prices higher.
o Worries over global economic uncertainty subsided, except for temporary
concerns over Brazil's economy early in 1999.
o Interest rates edged higher on stronger-than-expected economic data,
particularly in February and late April.
CONTENTS
<TABLE>
<CAPTION>
<S> <C>
Chairman's Letter 3
Chase Vista Small Cap Equity Fund
Fund Commentary o Portfolio of Investments 4
Chase Vista Large Cap Equity Fund
Fund Commentary o Portfolio of Investments 15
Chase Vista Balanced Fund
Fund Commentary o Portfolio of Investments 26
Financial Statements 43
Notes to Financial Statements 46
Financial Highlights 53
</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 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
U.S. Equity Funds for the six-month period ended April 30, 1999:
o Small Cap Equity Fund
o Large Cap Equity Fund
o Balanced Fund
Stocks Register Strong Investment Results
Bolstered by a healthy domestic economy, improving corporate earnings and
relatively low inflation, stocks registered solid performance during the period.
Strong cash flows into mutual funds and high consumer confidence also
contributed positively to performance. Stocks of large, well-established
companies were among the market's better performers. Small capitalization stocks
started the period strongly, came under pressure in early 1999, but rebounded
late in the period. Value stocks came back into vogue late in April, as
investors began to gravitate towards these securities due to their attractive
valuations. Technology stocks recorded good investment results throughout much
of the period; however, they were not immune to the impact of higher interest
rates in February. Media stocks also enjoyed solid returns. Early in 1999,
energy stocks experienced a rebirth of sorts thanks to higher oil prices. Late
in the period, real estate investment trusts (REITs) also showed renewed
strength. In February, when a spate of strong economic data pushed long-term
interest rates to their highest levels since August 1998, defensive stocks, such
as utilities and telecommunications, held up relatively well.
Bonds Pressured By Higher Interest Rates
The period began with long-term interest rates hovering near record lows, due
largely to uneasiness over the state of the global economy. In October, however,
those worries began to wane, causing rates to rise and putting pressure on
fixed-income securities. In January, bonds rallied thanks primarily to renewed
concerns over the global economy brought on by Brazil's economic troubles and
its potential impact on the U.S. economy. However, when Brazil's difficulties
abated in February, bond prices retreated as interest rate rose on strong
economic data. Bonds got some relief in March, as economic reports were mixed.
For example, while new job growth in the service sector was strong, durable
goods orders were weak. In April, bonds performed reasonably well until the
final day of the month. On April 30, two stronger-than-expected economic reports
caused interest rates to spike: one was the Gross Domestic Product for the first
quarter, showing growth of 4.5 percent; the other was the Purchasing Management
Association of Chicago's robust report on business activity. For the period, the
Federal Reserve Board reduced short-term interest rates only once (in November),
following two rate cuts in September and October.
Sincerely,
/s/ Fergus Reid
Fergus Reid
Chairman
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<PAGE>
Chase Vista Small Cap Equity Fund
as of April 30, 1999
(unaudited)
Fund Facts
<TABLE>
<S> <C> <C> <C>
Objective Capital Growth
Primary investments Small Cap Common Stocks
Suggested investment time frame Long-Term
Market benchmark Russell 2000 Index
Lipper Funds category Small Company Growth Funds Average
Class A Class B Class I
------- ------- -------
Inception date 12/20/94 3/28/95 5/7/96
Newspaper symbol Sm Cap Sm Cap Sm Cap
Net assets $119.2 Million $68.8 Million $278.0 Million
</TABLE>
Investment Style/Market Cap
- -------------------------
Large
- -------------------------
Med.
- -------------------------
Small
- -------------------------
Value Blend Growth
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<PAGE>
Chase Vista Small Cap Equity Fund
as of April 30, 1999
(unaudited)
How the Fund Performed
Chase Vista Small Cap Equity Fund, which seeks to provide capital growth by
investing in small cap common stocks, had a total return of 8.89% (Class A
shares, without sales charges) for the six-month period ended April 30, 1999.
How the Fund Was Managed
The Fund enjoyed strong performance early in the period buoyed by good stock
selection and a favorable market environment created, in part, by the Federal
Reserve Board's decision to adopt an easing monetary policy last fall.
Technology and financial stocks were among the Fund's better performing sectors
during this period. The Fund's decision to underweight energy, which lagged the
market in the fourth quarter of 1998, also contributed positively to investment
results.
In the second half of the period, the Fund's energy holdings helped performance.
Fueling the rise in energy stock prices was an accord reached by Mideast oil
ministers in March to limit oil supply. The Fund also benefited from the fact
that investors turned their attention from high growth, high multiple stocks in
favor of fundamentally sound companies with attractive valuations compared to
the market, such as those in the portfolio. Utilities posted positive returns
for shareholders, as well.
During the final three months of the period, the Fund experienced volatility as
investors favored large-cap over small-cap stocks. The Fund's health care
holdings also underperformed. While the tech sector enjoyed good returns during
this period due to better-than-expected earnings, it was hindered by investor
concerns regarding the growth prospects of personal computer manufacturers. The
Fund's capital goods stocks benefited from improving global economic conditions.
In the final weeks of the period, the Fund received good returns from consumer
cyclical stocks, such as Pacific Sunwear and Ames Department Stores, and gaming
stocks, such as Circus Circus and Station Casinos. In April, small cap stocks
outperformed large caps.
Where the Fund May Be Headed
Looking ahead, we remain optimistic about the prospects for small cap stocks.
Along with their relatively attractive valuations, these securities still offer
above-average growth prospects compared to their large-cap brethren. We have
also been heartened by the fact that small stocks have shown considerable
strength periodically over the past six months, suggesting a sustained
turnaround may be in the offing. Given this backdrop, we intend to use downturns
in the small-cap arena as buying opportunities. However, since we believe the
economy is likely to slow later in the year, we intend to be highly selective in
adding new names to the portfolio. Our focus will be on companies that, in our
judgment, have sound management, a good business plan and above-average
prospects for increasing share within their markets.
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<PAGE>
Chase Vista Small Cap Equity Fund
as of April 30, 1999
(unaudited)
How Much of the Fund Was Invested
Cash/Other (0.37%)
Investments (99.63%)
What the Fund Invested In
Percentage of Total Portfolio Investments
Utilities (5.8%) Transportation (1.7%) Basic Materials (4.5%)
Capital Goods (5.1%) Technology (16.7%) Consumer Cyclicals (31.8%)
Real Estate Investment Trust (1.9%) Insurance (4.3%) Health Care (9.1%)
Consumer Staples (0.7%) Energy (3.4%) Financial (15.0%)
Top Ten Equity Holdings
1. Metromedia Fiber Network, Inc. (1.80%) Provides high-bandwidth, fiber optic
communications infrastructure to carrier and corporate/government
customers in the United States and Europe.
2. American Management Systems, Inc. (1.72%) Provides a range of consulting
services. Services include business re-engineering, change management,
systems integration and systems development and implementation.
3. Microchip Technology, Inc. (1.68%) A supplier of field programmable
eight-bit microcontrollers and related specialty memory products for
high-volume embedded control applications.
4. Pinnacle Holdings, Inc. (1.42%) Provides wireless communications rental
tower space. The Company's customers include wireless communications
providers, operators of private agencies and government agencies.
5. Knight/Trimark Group, Inc. (1.31%) A market maker in NASDAQ securities and
other over-the-counter equity securities. The Company markets approximately
6,700 equity securities.
6. Manufactured Home Communities, Inc. (1.30%) A self-administered and managed
equity real estate investment trust. The Trust owns and operates
manufactured home communities for the placement of detached, single-family
manufactured homes.
7. Sierra Pacific Resources (1.29%) Provides electric service as well as
natural gas and water service in Nevada.
8. Metzler Group, Inc. (1.29%) Provides consulting services to energy based
and other network and related industries to assist its clients as they
face changing regulations.
9. Universal Health Services, Inc. (1.27%) Owns and operates acute care
hospitals, behavioral health centers, ambulatory surgery centers and
women's centers.
10. Pentair, Inc. (1.25%) The Company produces electrical and electronic
enclosures, professional tools and equipment and water products.
Top 10 equity holdings comprised 14.33% of the Fund's market value of
investments. Fund holdings are subject to change at any time.
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<PAGE>
Chase Vista Small Cap Equity Fund
as of April 30, 1999
(unaudited)
Average Annual Total Returns+
This table shows the average annual total returns. This is where you can see the
Fund's short-term performance, which, as with the stock markets, tends to be
more volatile than the long-term trend.
<TABLE>
<CAPTION>
Since
Inception
1 Year 3 Year (12/20/94)
--------- ---------- ------------
<S> <C> <C> <C>
Class A Shares
Without Sales Charge -14.66% 7.90% 21.75%
With Sales Charge* -19.57% 5.80% 20.11%
Class B Shares
Without CDSC -15.28% 7.16% 20.92%
With CDSC** -19.49% 6.28% 20.68%
Class I Shares -14.29% 8.32% 22.07%
</TABLE>
Source: Lipper Analytical Services, Inc. Past performance is not indicative of
future results. Investment return and principal value will fluctuate with market
conditions. When shares are redeemed, they may be worth more or less than their
original cost.
* Sales charge for Class A shares is 5.75%.
** Assumes 5% CDSC (contingent deferred sales charge) for the one year period
and a 3% CDSC for the period since inception.
+ The Fund commenced operations on 12/20/94. Class B Shares and Class I Shares
were introduced on 3/28/95 and 5/7/96, respectively. Investors should note that
the information presented for Class B and Class I Shares prior to their
introduction is based on historical expenses of the predecessor Class A Shares,
which are lower than the actual expenses of the Class B Shares and higher than
Class I Shares.
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<PAGE>
Chase Vista Small Cap Equity Fund
as of April 30, 1999
(unaudited)
Life of Fund Performance
This chart shows what the long-term growth would have been of a hypothetical
$10,000 investment in the Chase Vista Small Cap Equity 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 Lipper Small
Small Cap Company Growth Russell 2000
Equity Fund Funds Avg. Index
<S> <C> <C> <C>
1994 9425 10000 10000
1995 10805 10695 10693.9
1996 17037.6 14988.2 14228.6
1997 16873.1 14478.7 14237.5
1998 25083.6 21110.8 20273.7
1999 21405.6 18726.8 18396.6
</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 Small Cap Equity Fund, the Lipper Small Company Growth
Funds Average and the Russell 2000 Index from December 20, 1994 to April 30,
1999. The performance of the Fund assumes the reinvestment of all dividends and
capital gains and includes a 5.75% sales charge. The performance of the average
and the index does not include a sales charge and has been adjusted to reflect
reinvestment of all dividends and capital gains on the securities included in
the benchmark.
The Lipper Small Company Growth Funds Average represents the average performance
of a universe of 583 actively managed small company funds. Lipper is an
independent mutual fund performance monitor whose results are based on total
return and do not reflect a sales charge.
The Russell 2000 Index tracks the shares of 2,000 small-capitalization
companies. The index is unmanaged and reflects the reinvestment of dividends.
An individual cannot invest directly in the index.
Small capitalization funds typically carry more risk than stock funds investing
in well-established "blue-chip" companies since smaller companies generally have
a higher risk of failure. Historically, smaller companies' stock has experienced
a greater degree of market volatility than the average stock.
The Chase Vista Small Cap Equity Fund (Class A & Class B shares) is closed to
new investors.
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<PAGE>
Chase Vista Small Cap Equity Fund
Portfolio of Investments April 30, 1999 (unaudited)
(Amounts in Thousands)
<TABLE>
<CAPTION>
Shares Issuer Value
- ----------------------------------------------------------------
Long-Term Investments -- 94.7%
- ----------------------------------------------------------------
<S> <C> <C>
Common Stock -- 94.7%
---------------------
Advertising -- 1.5%
133 Lamar Advertising Co.* $ 4,455
100 Outdoor Systems, Inc.* 2,519
--------
6,974
--------
Automotive -- 3.1%
175 Dura Automotive Systems, Inc.* 5,009
110 O'Reilly Automotive, Inc. 5,032
200 Tower Automotive, Inc.* 4,600
--------
14,641
--------
Banking -- 7.2%
50 Centura Banks, Inc. 2,978
150 Chittenden Corp. 4,313
47 Cullen/Frost Bankers, Inc. 2,557
152 Investors Financial Services Corp. 5,529
150 National Commerce Bancorporation 3,750
200 Peoples Heritage Financial Group, Inc. 3,883
60 U.S. Trust Corp. 5,482
76 Zions Bancorporation 5,077
--------
33,569
--------
Broadcasting -- 0.9%
35 Heftel Broadcasting Corp.* 1,903
68 Westwood One, Inc.* 2,312
--------
4,215
--------
Business Services -- 13.2%
74 Abacus Direct Corp.* 5,476
180 ACNielsen Corp.* 5,018
135 Affiliated Computer Services, Inc.,
Class A* 5,164
100 DeVRY, Inc.* 2,638
184 ITT Educational Services, Inc.* 4,507
85 Lason Holdings, Inc.* 3,363
195 Maximus, Inc.* 5,070
217 Metzler Group, Inc.* 6,049
118 NCO Group, Inc.* 3,833
170 Nielsen Media Research, Inc. 4,654
179 NOVA Corp. of Georgia* 4,647
</TABLE>
See notes to financial statements.
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<PAGE>
Chase Vista Small Cap Equity Fund
Portfolio of Investments April 30, 1999 (unaudited) (continued)
(Amounts in Thousands)
<TABLE>
<CAPTION>
Shares Issuer Value
- ---------------------------------------------------------
Long-Term Investments -- (continued)
- ---------------------------------------------------------
<S> <C> <C>
140 Rental Service Corp.* $ 3,159
150 Quanta Services Inc. 4,322
125 United Rentals, Inc. * 3,727
--------
61,627
--------
Chemicals -- 2.5%
100 MacDermid, Inc. 4,194
155 Spartech Corp. 3,676
280 Wellman Inc. 4,009
--------
11,879
--------
Computer Software -- 4.9%
234 American Management Systems, Inc.* 8,044
150 CSG Systems International, Inc.* 5,794
100 Integrated Systems, Inc.* 1,362
10 Marimba, Inc. 595
123 Mastech Corp.* 1,807
170 Rational Software Corp.* 5,036
--------
22,638
--------
Computers/Computer Hardware -- 1.3%
100 Maxwell Technologies, Inc.* 1,887
140 Micros Systems, Inc.* 4,130
--------
6,017
--------
Construction Materials -- 0.5%
215 Wilmar Industries, Inc.* 2,607
--------
Consumer Products -- 1.1%
200 Furniture Brands International, Inc.* 5,013
--------
Electronics/Electrical Equipment -- 9.8%
67 Atmel Corp.* 1,223
100 Cognex Corp.* 2,900
125 EG&G, Inc. 3,906
35 Harmonic Inc. 1,597
80 ITI Technologies, Inc.* 2,130
166 Lam Research Corp.* 5,213
225 Microchip Technology, Inc.* 7,875
50 Novellus Systems, Inc. 2,362
30 PMC--Sierra, Inc. * 2,876
89 Semtech Corp. 2,913
75 TranSwitch Corp.* 3,300
</TABLE>
See notes to financial statements.
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<PAGE>
Chase Vista Small Cap Equity Fund
Portfolio of Investments April 30, 1999 (unaudited) (continued)
(Amounts in Thousands)
<TABLE>
<CAPTION>
Shares Issuer Value
- ----------------------------------------------------------
Long-Term Investments -- (continued)
- ----------------------------------------------------------
<S> <C> <C>
35 Uniphase Corp.* $ 4,248
50 Waters Corp.* 5,256
--------
45,799
--------
Engineering Services -- 0.5%
55 Jacobs Engineering Group, Inc.* 2,169
--------
Entertainment /Leisure -- 2.8%
190 Cinar Films, Inc., Class B* 3,966
200 Circus Circus Enterprises Inc.* 4,213
300 Station Casinos, Inc. 4,931
--------
13,110
--------
Environmental Services -- 0.7%
133 Waste Connections, Inc.* 3,508
--------
Financial Services -- 3.4%
100 Conning Corp. 1,650
100 EVEREN Capital Corp. 2,938
200 Federated Investors, Inc., Class B 3,213
40 Knight/Trimark Group, Inc.* 6,127
100 MicroFinancial Inc. 1,781
--------
15,709
--------
Food/Beverage Products -- 0.7%
215 Aurora Foods, Inc.* 3,198
--------
Health Care/Health Care Services -- 5.6%
180 Alternative Living Services, Inc.* 4,005
150 American Medical Security Group, Inc.* 2,241
88 IMPATH, Inc.* 2,190
45 MedQuist, Inc.* 1,541
102 Novoste Corp. 2,269
130 Trigon Healthcare, Inc.* 4,127
115 Universal Health Services, Inc.,
Class B* 5,958
150 Ventana Medical Systems, NC* 3,656
--------
25,987
--------
Home Building Construction -- 1.2%
162 D.R. Horton, Inc. 3,129
100 Lennar Corp. 2,419
--------
5,548
--------
</TABLE>
See notes to financial statements.
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<PAGE>
Chase Vista Small Cap Equity Fund
Portfolio of Investments April 30, 1999 (unaudited) (continued)
(Amounts in Thousands)
<TABLE>
<CAPTION>
Shares Issuer Value
- ----------------------------------------------------------
Long-Term Investments -- (continued)
- ----------------------------------------------------------
<S> <C> <C>
Insurance -- 2.9%
170 Horace Mann Educators Corp. $ 3,867
100 Protective Life Corp. 3,919
135 Reinsurance Group of America, Inc. 5,771
--------
13,557
--------
Internet Services/Software -- 0.8%
54 EarthLink Network, Inc.* 3,723
--------
Machinery & Engineering Equipment -- 1.2%
154 Applied Power, Inc., Class A 4,861
38 Milacron, Inc. 879
--------
5,740
--------
Manufacturing -- 2.9%
252 MotivePower Industries, Inc.* 4,300
125 Pentair, Inc. 5,875
150 Westinghouse Air Brake Co. 3,347
--------
13,522
--------
Oil & Gas -- 3.4%
150 BJ Services Co.* 4,013
240 Global Industries LTD* 2,955
84 J. Ray McDermott, SA* 2,646
175 Newfield Exploration Co.* 4,703
150 Varco International, Inc.* 1,697
--------
16,014
--------
Paper/Forest Products -- 1.1%
150 Chesapeake Corp. 4,875
--------
Pharmaceuticals -- 3.6%
70 IDEC Pharmaceuticals Corp.* 3,552
167 King Pharmaceuticals, Inc.* 4,613
45 PathoGenesis Corp. 591
200 Pharmaceutical Product Development,
Inc.* 5,825
125 Roberts Pharmaceutical Corp. 2,125
--------
16,706
--------
Printing & Publishing -- 0.7%
71 Consolidated Graphics, Inc.* 3,014
--------
</TABLE>
See notes to financial statements.
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<PAGE>
Chase Vista Small Cap Equity Fund
Portfolio of Investments April 30, 1999 (unaudited) (continued)
(Amounts in Thousands)
<TABLE>
<CAPTION>
Shares Issuer Value
- ---------------------------------------------------------------
Long-Term Investments -- (continued)
- ---------------------------------------------------------------
<S> <C> <C>
Real Estate Investment Trust -- 1.9%
150 Beacon Capital Partners Inc.* $ 2,269
17 Healthcare Realty Trust, Inc. 371
240 Manufactured Home Communities, Inc. 6,075
--------
8,715
--------
Retailing -- 6.8%
60 99 Cents Only Stores* 2,822
125 Ames Department Stores, Inc.* 4,367
51 Cheap Tickets, Inc.* 1,964
100 Duane Reade Inc.* 2,681
75 Linens 'N Things, Inc.* 3,431
125 Pacific Sunwear of California* 4,637
200 Rent-Way, Inc.* 5,450
50 The Men's Wearhouse, Inc. 1,369
35 The Wet Seal, Inc. 1,426
125 Williams-Sonoma, Inc. 3,625
--------
31,772
--------
Shipping/Transportation -- 1.7%
165 Coach USA, Inc.* 3,919
55 Hub Group, Inc., Class A* 1,251
50 Mark VII, Inc.* 712
113 Swift Transportation Co., Inc.* 2,067
--------
7,949
--------
Steel -- 1.0%
175 AK Steel Holding Corp. 4,550
--------
Telecommunications -- 4.2%
90 ICG Communications, Inc.* 1,986
100 Metromedia Fiber Network, Inc., Class A* 8,425
325 Pinnacle Holdings Inc. 6,662
32 Rhythms NetConnections Inc. 2,607
--------
19,680
--------
Utilities -- 1.6%
170 Sierra Pacific Resources 6,056
46 TNP Enterprises, Inc. 1,444
--------
7,500
--------
Total Common Stock 441,525
(Cost $366,122) --------
</TABLE>
See notes to financial statements.
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<PAGE>
Chase Vista Small Cap Equity Fund
Portfolio of Investments April 30, 1999 (unaudited) (continued)
(Amounts in Thousands)
<TABLE>
<CAPTION>
Shares Issuer Value
- ------------------------------------------------------------
Long-Term Investments -- (continued)
- ------------------------------------------------------------
<S> <C> <C>
Poison Pill Rights -- 0.0%
--------------------------
Banking --
47 Cullen/Frost Bankers Inc., Expires
07/25/99 $ 0
(Cost $0)
- ------------------------------------------------------------
Total Long-Term Investments 441,525
(Cost $366,122)
- ------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
Principal
Amount
- ------------------------------------------------------------
Short-Term Investments -- 5.9%
- ------------------------------------------------------------
<S> <C> <C>
Corporate Floating Rate Notes -- 4.3%
--------------------------------------
Insurance -- 4.3%
General American Life Insurance Co.,
$20,000 5.10%, 03/01/00 20,000
--------
Total Corporate Floating Rate Notes
(Cost $20,000)
Repurchase Agreement -- 1.6%
----------------------------
7,306 Greenwich Capital Markets, Inc., 4.93%,
due 05/03/99, (Dated 04/30/99,
Proceeds $7,309, Secured by FNMA
CMO, $18,897 due 07/18/27; Market
Value $7,452) 7,306
(Cost $7,306)
- ------------------------------------------------------------
Total Short-Term Investments 27,306
(Cost $27,306)
- ------------------------------------------------------------
Total Investments -- 100.6% $468,831
(Cost $393,428)
- ------------------------------------------------------------
</TABLE>
* -- Non-income producing security.
CMO -- Collateralized Mortgage Obligation.
FNMA -- Federal National Mortgage Association.
See notes to financial statements.
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<PAGE>
Chase Vista Large Cap Equity Fund
as of April 30, 1999
(unaudited)
Fund Facts
<TABLE>
<S> <C> <C> <C> <C>
Objective Capital Growth
Primary investments Large Cap Common Stocks
Suggested investment Mid- to Long-Term
time frame
Market benchmark S&P 500 Index
Lipper Funds category Growth Funds Average
Class A Class B Class C Class I
------- ------- ------- -------
Inception date 5/8/96 5/7/96 11/12/98 11/30/90
Newspaper symbol Lrg Cap Lrg Cap Lrg Cap Lrg Cap
Net assets $67.3 Million $28.1 Million $0.8 Million $138.8 Million
</TABLE>
Investment Style/Market Cap
- -------------------------
Large
- -------------------------
Med.
- -------------------------
Small
- -------------------------
Value Blend Growth
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<PAGE>
Chase Vista Large Cap Equity Fund
as of April 30, 1999
(unaudited)
How the Fund Performed
Chase Vista Large Cap Equity Fund, which seeks to provide capital growth through
a portfolio of large cap common stocks, provided shareholders with a total
return of 19.01% (Class A shares, without sales charges) for the six-month
period ended April 30, 1999.
How the Fund Was Managed
Good stock selection and a healthy economic environment for equities enabled the
Fund to post strong investment results early in the period. The favorable
economic backdrop was facilitated by the Federal Reserve Board's decision to
reduce short-term interest rates in November, the third rate cut in as many
months, and a fairly consistent stream of positive economic data.
In late 1998, the Fund benefited from its exposure to technology stocks, which
outperformed the broader market. EMC Corp., a data storage company, was one of
the Fund's better performing tech stocks during this period. The Fund also
enjoyed good investment results from financial stocks, such as BankAmerica.
Other securities that contributed positively to performance included Alcoa, CBS,
Dayton Hudson,
Union Pacific and Worldcom.
In February, the Fund, like all equity investments, came under pressure due to a
sharp increase in interest rates brought on by stronger-than-expected economic
data. Management's decision to maintain a higher-than-normal cash position
during this period helped protect shareholder capital. Late in the period, the
Fund increased its investment in capital goods, basic industries, utilities and
financials. The Fund reduced its exposure to technology because many stocks in
this group exceeded management's valuation targets.
Where the Fund May Be Headed
With inflation low and consumer confidence hovering near record levels, the
economic backdrop for large-cap stocks remains positive. Despite a spike in
interest rates on the final day of the reporting period, the interest-rate
picture also remains constructive. Even the global economic backdrop has
improved now that Japan's economy seems to have bottomed and emerging market
economies are beginning to show signs of a sustained recovery. Of course, since
valuations remain high, stock selection will remain a critically important
component in delivering above-average investment results in the months ahead.
Our emphasis will continue to be on sectors that have delivered good performance
in recent months. However, since the longest running economic expansion since
World War II may slow later this year, we intend to look for companies with good
earnings growth potential regardless of prevailing economic conditions.
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<PAGE>
Chase Vista Large Cap Equity Fund
as of April 30, 1999
(unaudited)
How Much of the Fund Was Invested
Cash/Other (1.04%)
Investments (98.96%)
What the Fund Invested In
Utilities (10.7%) Transportation (1.7%) Basic Materials (6.6%)
Capital Goods (9.9%) Technology (8.3%) Consumer Cyclicals (19.1%)
Real Estate Investment Trust (1.4%) Health Care (7.6%)
Consumer Staples (2.6%) Energy (7.4%) Financial (24.7%)
Percentage of Total Portfolio Investments
Top Ten Equity Holdings
1. Waste Management, Inc. (1.68%) Provides waste management services. The
company serves municipal, commercial, industrial and residential
customers.
2. Pharmacia & Upjohn, Inc. (1.63%) A research-based pharmaceutical
company. The Company manufactures and markets health care and related
products worldwide.
3. Freddie Mac (1.56%) Supplies lenders with the money to make mortgages and
packages the mortgages into marketable securities.
4. Kroger Co. (1.49%) Operates supermarkets and convenience stores and
processes food. Kroger also operates food processing facilities which
supply private label products to the Company's supermarkets.
5. Mobil Corp. (1.48%) Operates an oil and gas exploration and producing
business. A global marketing and refining complex and a network of
pipelines and tankers.
6. Altera Corp. (1.47%) Designs, manufactures and markets programmable
logic devices and associated development tools.
7. Dayton-Hudson Corp. (1.44%) A general merchandise retailer, specializing
in large-store formats, including discount stores, moderate-priced
promotional stores and traditional department stores.
8. Bank of America Corp. (1.42%) The Company provides retail banking, asset
management, financial products, corporate finance and financial
services.
9. Office Depot, Inc. (1.41%) The Company sells branded merchandise and
provides value-added business services primarily to small and medium-sized
businesses and the home office market.
10. Coastal Corp. (1.38%) Gathers, markets, processes, stores and transmits
gas, as well as refines, markets and distributes petroleum and
chemicals.
Top 10 equity holdings comprised 14.96% of the Fund's market value of
investments. Fund holdings are subject to change at any time.
|
17 |
|
<PAGE>
Chase Vista Large Cap Equity Fund
as of April 30, 1999
(unaudited)
Average Annual Total Returns+
This table shows the average annual total returns. This is where you can see the
Fund's short-term performance, which, as with the stock markets, tends to be
more volatile than the long-term trend.
<TABLE>
<CAPTION>
Since
Inception
1 Year 3 Years 5 Years (11/30/90)
-------- --------- --------- ----------
<S> <C> <C> <C> <C>
Class A Shares
Without Sales Charge 15.61% 24.78% 23.21% 18.90%
With Sales Charge* 8.96% 22.34% 21.76% 18.07%
Class B Shares
Without CDSC 14.98% 24.26% 22.90% 18.73%
With CDSC** 9.98% 23.61% 22.73% 18.73%
Class C Shares
Without CDSC 14.65% 24.14% 22.83% 18.69%
With CDSC*** 13.65% 24.14% 22.83% 18.69%
Class I Shares 16.07% 25.53% 23.65% 19.16%
</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 for Class A shares is 5.75%.
** Assumes a 5% CDSC (contingent deferred sales charge) for the one year period,
a 2% CDSC for the five year period and a 0% CDSC for the period since inception.
*** Assumes 1% CDSC for the one year period and 0% thereafter.
+ The Fund commenced operations on 11/30/90. Class A Shares, Class B Shares and
Class C Shares were introduced on 5/8/96, 5/7/96 and 11/12/98, respectively.
Investors should note that the information presented for Class A, B and C 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, B and
C Shares.
|
18 |
|
<PAGE>
Chase Vista Large Cap Equity 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 Large Cap Equity 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
Large Cap S&P 500 Lipper Growth
Equity Fund Index Funds Avg.
<S> <C> <C> <C>
1990 10000 10000 10000
1991 11656.2 11796.1 12198.9
1992 13178 13447.1 13978.6
1993 14210.5 14688.4 15306.1
1994 15114.8 16420.9 16609.6
1995 17080.1 19281 18393.2
1996 22089.5 25098.1 23935.2
1997 26858 31398.2 26858
1998 7645.3 44287.5 37409.3
1999 43695.5 53947.4 42786.9
</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 Large Cap Equity Fund, the Lipper Growth Funds Average and
the Standard and Poor's 500 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 average and
the index does not include a sales charge and has been adjusted to reflect
reinvestment of all dividends and capital gains on the securities included in
the benchmark. The fund commenced operations on 11/30/90. Class A Shares, Class
B Shares and Class C Shares were introduced on 5/8/96, 5/7/96 and 11/12/98,
respectively. Investors should note that information presented for Class A,
Class B and Class C 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, Class B and Class C Shares. Additionally, annualized
figures have been restated to reflect the initial 5.75% front-end sales charge
(Class A Shares) and 5% contingent deferred sales charge (Class B Shares) and 1%
contingent deferred sales charge (Class C 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 Growth Funds Average represents thew average performance of a
universe of 943 actively managed growth funds. Lipper is an independent mutual
fund performance monitor whose results are based on total return and do not
reflect a sales charge.
The Standard & Poor's 500 Index is a broad-based index that is generally
considered representative of the U.S. stock market. The index is unmanaged and
reflects reinvestment of dividends. An individual cannot invest directly in the
index.
|
19 |
|
<PAGE>
Chase Vista Large Cap Equity Fund
Portfolio of Investments April 30, 1999 (unaudited)
(Amounts in Thousands)
<TABLE>
<CAPTION>
Shares Issuer Value
- -----------------------------------------------------
Long-Term Investments -- 89.4%
- -----------------------------------------------------
<S> <C> <C>
Common Stock -- 89.4%
---------------------
Aerospace -- 4.0%
48 Allied-Signal, Inc. $ 2,820
27 Boeing Co. 1,097
43 General Dynamics Corp. 3,021
19 Raytheon Co., Class B 1,335
8 United Technologies, Corp. 1,159
--------
9,432
--------
Airlines -- 1.0%
32 AMR Corp.* 2,234
--------
Automotive -- 1.6%
35 Ford Motor Co. 2,238
17 General Motors Corp. 1,512
--------
3,750
--------
Banking -- 6.3%
46 Bank of America Corp. 3,320
22 Bank One Corp. 1,298
29 Comerica, Inc. 1,887
20 First Union Corp. 1,107
29 Fleet Financial Group, Inc. 1,249
16 Mellon Bank Corp. 1,189
27 National City Corp. 1,937
57 UnionBanCal Corp. 1,945
23 U.S. Bancorp 852
--------
14,784
--------
Biotechnology -- 0.5%
20 Amgen, Inc.* 1,229
--------
Broadcasting -- 2.1%
65 CBS Corp. 2,962
30 Comcast Corp., Special Class A 1,971
--------
4,933
--------
Chemicals -- 1.9%
34 Air Products and Chemicals, Inc. 1,598
10 Dow Chemical Co. 1,312
21 E. I. Du Pont de Nemours and Co. 1,483
--------
4,393
--------
</TABLE>
See notes to financial statements.
|
20 |
|
<PAGE>
Chase Vista Large Cap Equity Fund
Portfolio of Investments April 30, 1999 (unaudited) (continued)
(Amounts in Thousands)
<TABLE>
<CAPTION>
Shares Issuer Value
- ------------------------------------------------------------
Long-Term Investments -- (continued)
- ------------------------------------------------------------
<S> <C> <C>
Computer Software -- 2.2%
30 Computer Associates International $ 1,281
15 Computer Sciences Corp.* 864
35 Compuware Corp. 841
30 Oracle Corp.* 812
40 Unisys Corp.* 1,257
--------
5,055
--------
Computers/Computer Hardware -- 1.8%
25 Compaq Computer Corp.* 558
20 EMC Corp.* 2,179
23 Sun Microsystems, Inc.* 1,376
--------
4,113
--------
Construction Materials -- 0.9%
73 Masco Corp. 2,144
--------
Consumer Products -- 2.0%
50 Fortune Brands, Inc. 1,975
80 Philip Morris Companies, Inc. 2,805
--------
4,780
--------
Diversified -- 1.1%
33 Tyco International LTD (Bermuda) 2,681
--------
Electronics/Electrical Equipment -- 4.4%
48 Altera Corp.* 3,432
40 Applied Materials, Inc.* 2,145
30 Micron Technology, Inc. 1,114
15 Motorola, Inc. 1,162
24 Texas Instruments, Inc. 2,400
--------
10,253
--------
Entertainment/Leisure -- 2.7%
27 AT&T Corp., Liberty Media Group,
Ser. A* 1,725
32 Time Warner, Inc. 2,240
58 Viacom, Inc. Class B* 2,371
--------
6,336
--------
Environmental Services -- 1.7%
70 Waste Management, Inc. 3,931
--------
</TABLE>
See notes to financial statements.
|
21 |
|
<PAGE>
Chase Vista Large Cap Equity Fund
Portfolio of Investments April 30, 1999 (unaudited) (continued)
(Amounts in Thousands)
<TABLE>
<CAPTION>
Shares Issuer Value
- -------------------------------------------------------------
Long-Term Investments -- (continued)
- -------------------------------------------------------------
<S> <C> <C>
Financial Services -- 3.7%
61 Associates First Capital Corp., Class A $ 2,682
58 Freddie Mac 3,640
15 Merrill Lynch & Co. 1,259
12 Morgan Stanley, Dean Witter and Co. 1,190
--------
8,771
--------
Food/Beverage Products -- 2.5%
21 Anheuser-Busch Companies, Inc. 1,499
40 PepsiCo Inc. 1,477
35 Quaker Oats Co. 2,260
36 The Pepsi Bottling Group, Inc. 758
--------
5,994
--------
Health Care/Health Care Services -- 3.9%
23 Aetna Inc. 2,017
24 Cigna Corp. 2,049
150 HEALTHSOUTH Corp.* 2,016
60 Tenet Healthcare Corp.* 1,417
25 Wellpoint Health Networks, Inc.,
Class A* 1,756
--------
9,255
--------
Insurance -- 4.6%
55 ACE, LTD 1,664
55 Allstate Corp. 2,001
20 Hartford Life, Inc. 1,020
13 Loews Corp. 915
17 Marsh & McLennan Companies, Inc. 1,302
30 Travelers Property Casualty, Class A 1,035
25 UNUM Corp. 1,366
25 XL Capital LTD 1,517
--------
10,820
--------
Manufacturing -- 2.1%
46 Ingersoll-Rand Co. 3,183
25 Johnson Controls, Inc. 1,823
--------
5,006
--------
Media/Advertising -- 0.5%
15 Omnicom Group, Inc. 1,087
--------
</TABLE>
See notes to financial statements.
|
22 |
|
<PAGE>
Chase Vista Large Cap Equity Fund
Portfolio of Investments April 30, 1999 (unaudited) (continued)
(Amounts in Thousands)
<TABLE>
<CAPTION>
Shares Issuer Value
- --------------------------------------------------------
Long-Term Investments -- (continued)
- --------------------------------------------------------
<S> <C> <C>
Metals/Mining -- 1.9%
51 Alcoa Inc. $ 3,175
60 Barrick Gold Corp. 1,207
--------
4,382
--------
Office/Business Equipment -- 0.7%
30 Xerox Corp. 1,762
--------
Oil & Gas -- 7.3%
11 BP Amoco PLC ADR (United Kingdom) 1,245
31 Burlington Resources, Inc. 1,428
15 Chevron Corp. 1,496
84 Coastal Corp. 3,213
51 Halliburton Co. 2,174
33 Mobil Corp. 3,457
28 Schlumberger, LTD 1,788
15 Texaco, Inc. 941
30 Williams Companies, Inc. 1,422
--------
17,164
--------
Packaging -- 0.6%
45 Owens-Illinois, Inc.* 1,305
--------
Paper/Forest Products -- 2.2%
14 Georgia-Pacific Corp. 1,295
25 Weyerhaeuser Co. 1,678
48 Willamette Industries, Inc. 2,244
--------
5,217
--------
Pharmaceuticals -- 3.1%
68 Pharmacia & Upjohn, Inc. 3,808
45 Schering-Plough Corp. 2,174
20 SmithKline Beecham PLC, ADR (United
Kingdom) 1,314
--------
7,296
--------
Printing & Publishing -- 1.0%
70 New York Times Co., Class A 2,415
--------
Real Estate Investment Trust -- 1.5%
49 Equity Office Properties Trust 1,345
20 Equity Residential Properties Trust 925
</TABLE>
See notes to financial statements.
|
23 |
|
<PAGE>
Chase Vista Large Cap Equity Fund
Portfolio of Investments April 30, 1999 (unaudited) (continued)
(Amounts in Thousands)
<TABLE>
<CAPTION>
Shares Issuer Value
- --------------------------------------------------------
Long-Term Investments -- (continued)
- --------------------------------------------------------
<S> <C> <C>
40 Public Storage, Inc. $ 1,115
--------
3,385
--------
Retailing -- 6.8%
50 Dayton-Hudson Corp. 3,366
32 Federated Department Stores* 1,494
100 K-Mart Corp. 1,487
64 Kroger Co.* 3,476
150 Office Depot, Inc.* 3,300
32 Safeway, Inc.* 1,726
40 TJX Companies, Inc. 1,332
--------
16,181
--------
Shipping/Transportation -- 0.8%
30 Union Pacific Corp. 1,800
--------
Telecommunications -- 5.6%
44 AT&T Corp. 2,218
21 Bell Atlantic Corp. 1,210
50 BellSouth Corp. 2,238
36 GTE Corp. 2,410
32 MCI WorldCom, Inc.* 2,630
20 Sprint Corp. 2,051
10 Sprint Corp. (PCS Group)* 424
--------
13,181
--------
Telecommunications Equipment -- 1.4%
57 General Instrument Corp. 2,080
11 Tellabs, Inc. 1,205
--------
3,285
--------
Toys & Games -- 0.5%
35 Hasbro, Inc. 1,194
--------
Utilities -- 4.5%
27 AES Corp. 1,350
42 CMS Energy Corp. 1,848
30 Consolidated Edison, Inc. 1,363
47 FPL Group Inc. 2,650
64 Texas Utilities Co. 2,544
20 Unicom Corp. 776
--------
10,531
--------
</TABLE>
See notes to financial statements.
|
24 |
|
<PAGE>
Chase Vista Large Cap Equity Fund
Portfolio of Investments April 30, 1999 (unaudited) (continued)
(Amounts in Thousands)
<TABLE>
<CAPTION>
Shares Issuer Value
- -------------------------------------------------------------
Long-Term Investments -- (continued)
- -------------------------------------------------------------
<S> <C> <C>
Total Common Stock $210,079
(Cost $160,724) --------
Poison Pill Rights -- 0.0%
--------------------------
Electronics/Electrical Equipment -- 0.0%
18 Texas Instruments Inc., Expires 06/18/08 0
--------
Manufacturing -- 0.0%
42 Ingersoll-Rand Co., Expires 12/22/08 0
--------
Total Poison Pill Rights 0
(Cost $0)
- -------------------------------------------------------------
Total Long-Term Investments 210,079
(Cost $160,724)
- -------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
Principal
Amount
- -------------------------------------------------------------
Short-Term Investment -- 9.9%
- -------------------------------------------------------------
<S> <C> <C>
Repurchase Agreement -- 9.9%
----------------------------
$23,378 Greenwich Capital Markets, Inc., 4.93%,
due 05/03/99, (Dated 04/30/99,
Proceeds $23,388, Secured by FNMA,
$24,489 at 5.50% through 6.00%, due
12/01/28 through 01/01/29; Market
Value $23,848) 23,378
(Cost $23,378)
- -------------------------------------------------------------
Total Investments -- 99.3% $233,457
(Cost $184,102)
- -------------------------------------------------------------
</TABLE>
* -- Non-income producing security.
ADR -- American Depositary Receipt.
FNMA -- Federal National Mortgage Association.
See notes to financial statements.
|
25 |
|
<PAGE>
Chase Vista Balanced Fund
as of April 30, 1999
(unaudited)
Fund Facts
<TABLE>
<S> <C> <C> <C>
Objective Capital Growth Plus Current Income
Primary investments Stocks, Bonds and Convertibles
Suggested investment time frame Mid- to Long-Term
Market benchmark S&P 500 Index
Lehman Aggregate Bond Index
Lipper Funds category Balanced Funds Average
Class A Class B Class C
------- ------- -------
Inception date 11/4/92 11/4/93 11/23/98
Newspaper symbol Balance Not listed Not listed
Net assets $119.4 Million $28.9 Million $0.2 Million
</TABLE>
Investment Style/Market Cap Average Maturity/Quality
Investment Style/Market Cap Average Maturity/Quality
- ------------------------- -------------------------
Large High
- ------------------------- -------------------------
Med. Med.
- ------------------------- -------------------------
Small Low
- ------------------------- -------------------------
Value Blend Growth Short Int. Long
|
26 |
|
<PAGE>
Chase Vista Balanced Fund
as of April 30, 1999
(unaudited)
How the Fund Performed
Chase Vista Balanced Fund, which seeks to provide capital growth plus current
income by investing in a portfolio of high-quality stocks, bonds and convertible
securities, had a total return of 13.2% (Class A shares, without sales charges)
for the six-month period ended April 30, 1999.
How the Fund Was Managed
The Fund's exposure to equities bolstered performance, as equities continued to
deliver solid investment returns. The Fund's fixed-income investments
contributed positively to performance, but to a much lesser degree because of a
general upturn in long-term interest rates.
Early in the period, the Fund benefited from its exposure to technology stocks,
which posted strong returns. Investments in secondary stocks also helped lift
returns, as these securities awakened from a long period of underperformance.
Fixed-income securities fared relatively well on the heels of the Federal
Reserve Board's decision to trim short-term interest rates in November, the
third rate cut in as many months.
The Fund's investment in defensive stocks during a spike in interest rates in
February helped performance as high-growth stocks came under pressure.
Management used this pullback as an opportunity to increase its exposure to
stocks with superior growth prospects selling at relatively attractive prices.
During this period, consumer cyclicals, capital goods, energy, technology and
emerging telecom posted solid gains for the Fund. In April, the Fund's exposure
to value-oriented stocks boosted returns.
The Fund's fixed-income investments performed reasonably well midway through the
period and throughout much of April. But during the first four months of 1999,
bond prices have been affected by a general upward trend in interest rates
brought on by stronger-than-expected economic data.
Where the Fund May Be Headed
Looking ahead, we believe the stock market should hold up well provided interest
rates stabilize and inflation remains benign. While we continue to expect
large-cap, value-oriented stocks to perform well, we believe secondary stocks
are poised for a sustained rebound. The strong performance at the end of 1998
and their periodic spurts of solid investment results during the first four
months of 1999 may suggest growing interest in their attractive valuations and
superior growth prospects. Finally, if the economy slows, as we believe it will,
interest rates should come down, a positive for stocks and bonds. As always, we
will remain focused on high-quality securities in seeking above-average
performance in the months ahead.
|
27 |
|
<PAGE>
Chase Vista Balanced Fund
as of April 30, 1999
(unaudited)
How Much of the Fund Was Invested
Cash/Other (0.77%)
Investments (99.23%)
What the Fund Invested In
Percentage of Total Portfolio Investments
Utilities (10.5%) Asset Backed Securities (1.6%) Basic Materials (2.3%)
Capital Goods (7.4%) U.S. Treasury Securities (14.7%)
Consumer Cyclicals (11.2%) Consumer Staples (2.4%) Energy (3.7%)
U.S. Government Agency Obligations (1.4%) Transportation (1.0%)
Technology (5.6%) Real Estate Investment Trust (2.1%) Financial (16.0%)
Mortgage Backed Securities (15.7%) Health Care (4.4%)
Top Ten Equity Holdings
1. Ingersoll-Rand (0.92%) Manufactures construction machinery and industrial
equipment. The Company's products include air compressors, tools, pumps,
bearings and automotive components.
2. BellSouth Corp. (0.74%) Provides wireless communication services systems
and products to the Southeastern U.S.
3. Sprint Co. (0.72%) Operates a 100% digital, 100% personal cellular
communication system nationwide wireless network serving 159 metropolitan
markets in the United States.
4. Kroger Co. (0.71%) Operates supermarkets and convenience stores and
processes food. Kroger also operates food processing facilities which
supply private label products to the Company's supermarkets.
5. Coastal Corp. (0.67%) Gathers, markets, processes, stores and transmits
gas, as well as refines, markets and distributes petroleum and chemicals.
6. Equant NV (0.65%) Operates a data network and provides seamless
international data network services to multinational businesses
7. Zion Bancorporation (0.62%) Operates full-service banking offices. The
company also offers a comprehensive array of investment, mortgage,
insurance, and electronic commerce services.
8. Mobil Corp. (0.61%) Operates, an oil and gas exploration and producing
business. A global marketing and refining complex and a network of
pipelines and tankers.
9. Pharmacia & Upjohn, Inc. (0.59%) A research-based pharmaceutical
company. The Company manufactures and markets health care and related
products worldwide.
10. Bank of America Corp. (0.58%) The Company provides retail banking, asset
management, financial products, corporate finance and financial services.
Top 10 equity holdings comprised 6.81% of the Fund's market value of
investments. Fund holdings are subject to change at any time.
|
28 |
|
<PAGE>
Chase Vista Balanced Fund
as of April 30, 1999
(unaudited)
Average Annual Total Returns+
This table shows the average annual total returns. This is where you can see the
Fund's short-term performance, which, as with the stock markets, tends to be
more volatile than the long-term trend.
<TABLE>
<CAPTION>
Since
Inception
1 Year 5 Years (11/4/92)
-------- --------- ----------
<S> <C> <C> <C>
Class A Shares
Without Sales Charge 11.32% 16.54% 15.02%
With Sales Charge* 4.92% 15.17% 13.97%
Class B Shares
Without CDSC 10.59% 15.72% 14.30%
With CDSC** 5.59% 15.49% 14.30%
Class C Shares
Without CDSC 10.52% 15.71% 14.29%
With CDSC*** 9.52% 15.71% 14.29%
</TABLE>
Source: Lipper Analytical Services, Inc. Past performance is not indicative of
future results. Investment return and principal value will fluctuate with market
conditions. When shares are redeemed, they may be worth more or less than their
original cost.
The Fund is currently waiving certain fees. This voluntary waiver may be
modified or terminated at any time, which would reduce performance.
*Sales Charge on Class A Shares is 5.75%.
** Assumes 5% CDSC (contingent deferred sales charge) for the one year period,
and a 2% CDSC for the period since inception.
*** Assumes 1% CDSC for the one year period and 0% thereafter.
+ The Fund commenced operations on 11/4/92. Class B Shares were introduced on
11/4/93 and Class C Shares on 11/23/98. Investors should note that the
information presented for Class B and Class C Shares prior to their introduction
is based on historical expenses of the predecessor Class A Shares, which are
lower than the actual expenses of the Class B and Class C Shares.
|
29 |
|
<PAGE>
Chase Vista Balanced 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 Balanced 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
Balanced Lipper Balanced S&P 500 Lehman Aggregate
Fund Funds Avg. Index Bond Index
<S> <C> <C> <C> <C>
1992 9425 10000 10000 10000
1993 10033.9 10455.3 10309.5 10651.5
1994 10564.5 10918.7 10858.5 10740.5
1995 11600.8 11857.7 12749.8 11527.1
1996 14102.3 14232.5 16596.4 12522.3
1997 16030.4 16025.4 20762.5 13409.4
1998 20402.9 20100.6 29285.7 14871.9
1999 22712.4 21909.4 35673.4 15803.8
</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 Balanced Fund, the Lipper Balanced Funds Average, the S&P
500 Index and the Lehman Aggregate Bond Index from November 4, 1992 to April 30,
1999. The performance of the Fund assumes the reinvestment of all dividends and
capital gains and includes a 5.75% sales charge. The performance of the average
and the index does not include a sales charge and has been adjusted to reflect
reinvestment of all dividends and capital gains on the securities included in
the benchmark.
The Fund is currently waiving fees. This voluntary waiver may be modified or
terminated at any time, which would reduce performance.
The Lipper Balanced Funds Average represents the average performance of a
universe of 392 actively managed balanced funds. Lipper is an independent mutual
fund performance monitor whose results are based on total return and do not
reflect a sales charge.
The Standard & Poor's 500 Index is a broad-based index that is generally
considered representative of the U.S. stock market. The index is unmanaged and
reflects reinvestment of dividends. An individual cannot invest directly in the
index.
The Lehman Aggregate Bond Index is composed of the Lehman Government/Corporate
Index and the Mortgage-backed Securities Index and includes U.S. Treasury and
agency issues and corporate and mortgage-backed bonds. The index is unmanaged
and reflects reinvestment of dividends. An individual cannot invest directly in
the index.
|
30 |
|
<PAGE>
Chase Vista Balanced Fund
Portfolio of Investments April 30, 1999 (unaudited)
(Amounts in Thousands)
<TABLE>
<CAPTION>
Shares Issuer Value
- ------------------------------------------------
Long-Term Investments -- 95.0%
- ------------------------------------------------
<S> <C> <C>
Common Stock -- 49.4%
---------------------
Aerospace -- 1.5%
13 Allied-Signal, Inc. $ 734
10 General Dynamics Corp. 703
12 Sundstrand Corp. 825
--------
2,262
--------
Airlines -- 0.4%
8 AMR Corp.* 558
--------
Automotive -- 0.4%
10 Ford Motor Co. 639
--------
Banking -- 3.3%
12 Bank of America Corp. 868
7 Bank One Corp. 413
5 Comerica, Inc. 293
7 Cullen/Frost Bankers, Inc. 356
6 First Union Corp. 332
12 Fleet Financial Group, Inc. 495
6 National City Corp. 395
6 U.S. Bancorp 222
16 UnionBanCal Corp. 546
14 Zions Bancorporation 934
--------
4,854
--------
Broadcasting -- 0.9%
18 CBS Corp.* 809
13 Westwood One, Inc. 432
--------
1,241
--------
Business Services -- 0.7%
13 ACNielsen Corp.* 348
13 Harte-Hanks, Inc. 316
15 Metzler Group, Inc.* 418
--------
1,082
--------
Chemicals -- 0.9%
5 Dow Chemical Co. 656
18 Solutia Inc. 439
14 Wellman Inc. 200
--------
1,295
--------
</TABLE>
See notes to financial statements.
|
31 |
|
<PAGE>
Chase Vista Balanced Fund
Portfolio of Investments April 30, 1999 (unaudited) (continued)
(Amounts in Thousands)
<TABLE>
<CAPTION>
Shares Issuer Value
- ------------------------------------------------------------
Long-Term Investments -- (continued)
- ------------------------------------------------------------
<S> <C> <C>
Computer Software -- 0.9%
16 Computer Associates International $ 689
6 Computer Sciences Corp.* 328
6 Mastech Corp.* 81
10 Oracle Corp.* 271
--------
1,369
--------
Computers/Computer Hardware -- 1.6%
8 Compaq Computer Corp.* 178
5 EMC Corp.* 545
3 International Business Machines Corp. 628
5 Lexmark International Group, Inc., Class
A (Germany)* 556
9 Sun Microsystems, Inc.* 538
--------
2,445
--------
Construction -- 0.3%
23 D.R. Horton, Inc. 435
--------
Construction Materials -- 0.3%
15 Masco Corp. 441
--------
Consumer Products -- 1.0%
19 Fortune Brands, Inc. 750
22 Philip Morris Companies, Inc. 771
--------
1,521
--------
Diversified -- 0.5%
9 Tyco International LTD (Bermuda) 691
--------
Electronics/Electrical Equipment -- 1.4%
15 Microchip Technology, Inc.* 525
5 Teradyne Inc.* 236
7 Texas Instruments, Inc. 735
5 Uniphase Corp.* 607
--------
2,103
--------
Entertainment/Leisure -- 1.4%
12 AT&T Corp., Liberty Media Group,
Ser. A* 790
12 Time Warner, Inc. 840
11 Viacom, Inc. Class B* 450
--------
2,080
--------
</TABLE>
See notes to financial statements.
|
32 |
|
<PAGE>
Chase Vista Balanced Fund
Portfolio of Investments April 30, 1999 (unaudited) (continued)
(Amounts in Thousands)
<TABLE>
<CAPTION>
Shares Issuer Value
- --------- ------------------------------------------- -----------
Long-Term Investments -- (continued)
- -----------------------------------------------------------------
<S> <C> <C>
Environmental Services -- 0.8%
16 Republic Services, Inc. $ 329
15 Waste Management, Inc. 847
--------
1,176
--------
Financial Services -- 2.3%
7 Ambac Financial Group, Inc. 423
13 Associates First Capital Corp., Class A 596
10 Freddie Mac 627
6 Merrill Lynch & Co. 504
6 Morgan Stanley, Dean Witter and Co. 595
15 Nationwide Financial Services, Inc.,
Class A 672
--------
3,417
--------
Food/Beverage Products -- 2.0%
7 Anheuser-Busch Companies, Inc. 475
11 Diageo PLC ADR (United Kingdom) 507
20 Keebler Foods, Co.* 633
16 PepsiCo Inc. 591
11 Quaker Oats Co. 710
--------
2,916
--------
Health Care/Health Care Services -- 2.3%
5 Aetna Inc. 395
6 Cigna Corp. 523
18 HCR Manor Care, Inc.* 500
50 HEALTHSOUTH Corp.* 672
17 Tenet Healthcare Corp.* 402
8 Universal Health Services, Inc., Class B* 399
8 Wellpoint Health Networks, Inc.,
Class A* 562
--------
3,453
--------
Hotels/Other Lodging -- 0.4%
23 Mirage Resorts, Inc.* 516
--------
Insurance -- 0.7%
17 Allstate Corp. 633
30 Reliance Group Holdings, Inc. 225
3 XL Capital LTD 194
--------
1,052
--------
</TABLE>
See notes to financial statements.
|
33 |
|
<PAGE>
Chase Vista Balanced Fund
Portfolio of Investments April 30, 1999 (unaudited) (continued)
(Amounts in Thousands)
<TABLE>
<CAPTION>
Shares Issuer Value
- --------------------------------------------------------
Long-Term Investments -- (continued)
- --------------------------------------------------------
<S> <C> <C>
Internet Services/Software -- 1.1%
4 At Home Corp., Ser. A* $ 576
7 Critical Path, Inc.* 647
7 EarthLink Network, Inc.* 483
--------
1,706
--------
Manufacturing -- 1.6%
20 Ingersoll-Rand Co. 1,384
10 Johnson Controls, Inc. 729
6 Pentair, Inc. 263
--------
2,376
--------
Media/Advertising -- 0.6%
16 Nielsen Media Research, Inc. 438
6 Omnicom Group, Inc. 435
--------
873
--------
Metals/Mining -- 0.5%
13 Alcoa Inc. 778
--------
Office/Business Equipment -- 0.4%
9 Xerox Corp. 529
--------
Oil & Gas -- 3.8%
6 BP Amoco PLC ADR (United Kingdom) 713
27 Coastal Corp. 1,014
9 Exxon Corp. 748
12 Halliburton Co. 512
9 Mobil Corp. 911
7 Schlumberger, LTD 415
4 Texaco, Inc. 251
11 Tosco Corp. 286
17 Williams Companies, Inc. 780
--------
5,630
--------
Packaging -- 0.3%
14 Owens-Illinois, Inc.* 406
--------
Paper/Forest Products -- 0.8%
5 Georgia-Pacific Corp. 463
15 Willamette Industries, Inc. 701
--------
1,164
--------
</TABLE>
See notes to financial statements.
|
34 |
|
<PAGE>
Chase Vista Balanced Fund
Portfolio of Investments April 30, 1999 (unaudited) (continued)
(Amounts in Thousands)
<TABLE>
<CAPTION>
Shares Issuer Value
- --------------------------------------------------------
Long-Term Investments -- (continued)
- --------------------------------------------------------
<S> <C> <C>
Pharmaceuticals -- 1.6%
8 Bristol-Myers Squibb Co. $ 508
16 Pharmacia & Upjohn, Inc. 896
14 Schering-Plough Corp. 667
6 SmithKline Beecham PLC, ADR
(United Kingdom) 361
--------
2,432
--------
Printing & Publishing -- 0.5%
20 New York Times Co., Class A 690
--------
Real Estate Investment Trust -- 2.1%
15 AMB Property Corp. 330
50 Beacon Capital Partners Inc.* 756
19 Equity Office Properties Trust 537
10 Equity Residential Properties Trust 476
4 Healthcare Realty Trust, Inc. 87
21 Public Storage, Inc. 580
10 Spieker Properties, Inc. 393
--------
3,159
--------
Retailing -- 2.6%
6 Dayton-Hudson Corp. 404
16 Federated Department Stores* 747
25 K-Mart Corp.* 372
20 Kroger Co.* 1,070
38 Office Depot, Inc.* 825
9 Safeway, Inc.* 485
--------
3,903
--------
Shipping/Transportation -- 0.6%
17 Coach USA, Inc.* 404
9 Union Pacific Corp. 510
--------
914
--------
Steel -- 0.4%
22 AK Steel Holding Corp. 559
--------
Telecommunications -- 6.0%
20 American Tower Corp., Class A* 424
16 AT&T Corp. 792
25 BellSouth Corp. 1,119
</TABLE>
See notes to financial statements.
|
35 |
|
<PAGE>
Chase Vista Balanced Fund
Portfolio of Investments April 30, 1999 (unaudited) (continued)
(Amounts in Thousands)
<TABLE>
<CAPTION>
Shares Issuer Value
- -------------------------------------------------------------
Long-Term Investments -- (continued)
- -------------------------------------------------------------
<S> <C> <C>
11 Equant NV, New York Registered Shares
(Netherlands)* $ 982
7 Frontier Corp. 386
10 GTE Corp. 676
10 MCI WorldCom, Inc.* 822
11 NEXTLINK Communications, Inc.,
Class A* 806
40 Pinnacle Holdings Inc. 820
9 Qwest Communications International
Inc.* 769
11 Sprint Corp. 1,086
5 Sprint Corp. (PCS Group)* 224
--------
8,906
--------
Telecommunications Equipment -- 0.5%
22 General Instrument Corp. 803
--------
Toys & Games -- 0.4%
18 Hasbro, Inc. 614
--------
Utilities -- 1.6%
14 CMS Energy Corp. 616
10 FPL Group Inc. 569
10 Pinnacle West Capital Corp. 388
20 Texas Utilities Co. 795
--------
2,368
--------
Total Common Stock 73,356
(Cost $52,177) --------
Poison Pill Rights -- 0.0%
--------------------------
Banking -- 0.0%
7 Cullen/Frost Bankers Inc.,
Expires 07/25/99 0
--------
Consumer Products -- 0.0%
11 Tosco Corp., Expires 12/06/08 0
--------
Electronics/Electrical Equipment -- 0.0%
7 Texas Instruments Inc., Expires 06/18/08 0
--------
Manufacturing -- 0.0%
20 Ingersoll-Rand Co., Expires 12/22/08 0
--------
Total Poison Pill Rights 0
(Cost $0) --------
</TABLE>
See notes to financial statements.
|
36 |
|
<PAGE>
Chase Vista Balanced Fund
Portfolio of Investments April 30, 1999 (unaudited) (continued)
(Amounts in Thousands)
<TABLE>
<CAPTION>
Shares Issuer Value
- -------------------------------------------------------------
Long-Term Investments -- (continued)
- -------------------------------------------------------------
<S> <C> <C>
Convertible Preferred Stock -- 0.8%
-----------------------------------
Food/Beverage Products -- 0.2%
7 Suiza Capital Trust, 5.50% 04/01/28
Series # $ 259
--------
Retailing -- 0.1%
5 K-Mart Financing Inc., 7.75%, 06/15/16
Series 253
--------
Utilities -- 0.5%
6 Houston Industries, Inc., 7.00%,
07/01/00 Series 708
--------
Total Convertible Preferred Stock 1,220
(Cost $932) --------
Principal
Amount
Corporate Notes & Bonds -- 9.9%
-------------------------------
Automotive -- 0.5%
$750 Ford Motor Credit Co., 5.75%,
02/23/04 740
--------
Banking -- 1.1%
600 First Union National Bank, 5.80%,
12/01/08 @ 573
400 Korea Development Bank (South Korea),
7.13%, 09/17/01 @ 401
700 Sovereign Bancorp, Inc., 6.63%,
03/15/01 @ 702
--------
1,676
--------
Business Services -- 0.0%
50 Comdisco Inc., 5.95%, 04/30/02 @ 50
--------
Diversified -- 1.0%
Tyco International Group, SA
(Luxemburg), #
650 5.88%, 11/01/04 643
800 6.88%, 01/15/29 @ 779
--------
1,422
--------
</TABLE>
See notes to financial statements.
|
37 |
|
<PAGE>
Chase Vista Balanced Fund
Portfolio of Investments April 30, 1999 (unaudited) (continued)
(Amounts in Thousands)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
- -------------------------------------------------------------
Long-Term Investments -- (continued)
- -------------------------------------------------------------
<S> <C> <C>
Financial Services -- 2.4%
600 Hartford Financial Services Group,
6.38%, 11/01/08 @ $ 596
Lehman Brothers Holdings Inc.,
750 6.63%, 04/01/04 @ 752
500 6.40%, 08/30/00 @ 503
800 National Rural Utilities Cooperative
Finance Corp., 5.50%, 01/15/05 @ 782
1,000 US West Capital Funding Inc., 6.50%,
11/15/18 @ 960
--------
3,593
--------
Food/Beverage Products -- 0.7%
1,000 Pepsi Bottling Group, Inc., # 7.00%,
03/01/29 @ 996
--------
Industrial Components -- 0.7%
1,000 Raytheon Corp., 5.95%, 03/15/01 1,003
--------
Printing & Publishing -- 0.4%
640 Washington Post Co., Class B, 5.50%,
02/15/09 614
--------
Retailing -- 1.00%
500 Dayton Hudson Corp., 6.40%,
02/15/03 @ 507
500 Kroger Co., 6.38%, 03/01/08 @ 494
450 Saks, Inc., 7.38%, 02/15/19 443
--------
1,444
--------
Telecommunications -- 1.4%
1,010 AT&T Corp., 6.50%, 03/15/29 @ 965
660 Electrical Lightwave Inc., Class A, #
6.05%, 05/15/04 @ 655
480 GTE Northwest Inc., 5.55%,
10/15/08 @ 456
--------
2,076
--------
Utilities -- 0.7%
500 Carolina Power & Light Co., 5.95%,
03/01/09 488
</TABLE>
See notes to financial statements.
|
38 |
|
<PAGE>
Chase Vista Balanced Fund
Portfolio of Investments April 30, 1999 (unaudited) (continued)
(Amounts in Thousands)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
- -------------------------------------------------------------
Long-Term Investments -- (continued)
- -------------------------------------------------------------
<S> <C> <C>
500 United Illuminating Co., 6.00%,
12/15/03 $ 490
--------
978
--------
Total Corporate Notes & Bonds 14,592
(Cost $14,794) --------
Convertible Corporate Notes & Bonds -- 1.0%
-------------------------------------------
Computers/Computer Hardware -- 0.3%
100 EMC Corp., # 3.25%, 03/15/02 469
--------
Environmental Services -- 0.2%
250 Waste Management Inc., 4.00%,
02/01/02 341
--------
Health Care/Health Care Services -- 0.4%
150 Alternative Living Services # 6.75%,
06/30/06 142
Assisted Living Concepts Inc., #
400 6.00%, 11/01/02 216
300 5.63%, 05/01/03 162
--------
520
--------
Manufacturing -- 0.1%
150 Tower Automotive, Inc., # 5.00%,
08/01/04 161
--------
Total Convertible Corporate Notes 1,491
& Bonds (Cost $1,350) --------
Mortgage Backed Securities -- 16.0%
-----------------------------------
Collateralized Mortgage Obligations -- 1.5%
750 Federal Home Loan Mortgage Corp.
6.00%, 04/01/04 750
1,000 Structured Asset Securities Corp., Ser.
1998-8, Class M2, FRN, 5.54%,
08/25/28 @ 980
500 Willowbrook Finance Corp., Ser. 1997-1,
Class B, FRN, # 5.22%, 05/15/02 495
--------
2,225
--------
</TABLE>
See notes to financial statements.
|
39 |
|
<PAGE>
Chase Vista Balanced Fund
Portfolio of Investments April 30, 1999 (unaudited) (continued)
(Amounts in Thousands)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
- -------------------------------------------------------------
Long-Term Investments -- (continued)
- -------------------------------------------------------------
<S> <C> <C>
Commercial Mortgage Backed
Securities -- 1.7%
700 Bear Stearns Commercial Mortgage
Securities, Ser. 1999-C1, Class A2,
6.02%, 02/14/09 $ 680
1,835 GS Mortgage Securities Corp. II, Ser.
1998-GLII, Class A1, 6.31%,
04/13/31 1,845
--------
2,525
--------
Residential Mortgage Backed Pass Through
Securities -- 12.8%
Federal National Mortgage Association,
3,227 Pool 252093, 6.50%, 11/01/28 3,206
1,847 Pool 252339, 6.00%, 03/01/29 1,789
1,400 Pool 252435, 6.00%, 04/01/14 1,387
3,250 Pool 323614, 6.50%, 02/01/14 3,276
3,187 Pool 323633, 7.00%, 03/01/29 3,229
2,747 Pool 484753, 6.50%, 03/01/29 2,729
3,250 TBA, 7.50%, 03/01/29 3,340
--------
18,956
--------
Total Mortgage Backed Securities 23,706
(Cost $23,750) --------
Asset Backed Securities -- 1.6%
-------------------------------
500 Citibank Credit Card Master Trust, Ser.
1998-2A, 6.05%, 01/15/10 495
409 Mid-State Trust, Ser. 6, Class A4, 7.79%,
07/01/35 401
1,500 Ocwen Mortgage Loan Asset Backed
Certificates, Ser. 1998-OFS1, Class
M1, FRN, 5.45%, 04/25/29 1,485
--------
Total Asset Backed Securities 2,381
(Cost $2,410) --------
</TABLE>
See notes to financial statements.
|
40 |
|
<PAGE>
Chase Vista Balanced Fund
Portfolio of Investments April 30, 1999 (unaudited) (continued)
(Amounts in Thousands)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
- -------------------------------------------------------------
Long-Term Investments -- (continued)
- -------------------------------------------------------------
<S> <C> <C>
U. S. Treasury Securities -- 14.9%
----------------------------------
U. S. Treasury Notes and Bonds,
5,000 4.50%, 09/30/00 @ $ 4,962
1,500 5.00%, 02/28/01 1,498
1,500 4.88%, 03/31/01 1,494
3,500 5.25%, 08/15/03 @ 3,498
1,500 4.75%, 02/15/04 1,470
1,000 6.13%, 08/15/07 1,046
1,500 7.25%, 05/15/16 @ 1,716
1,300 8.13%, 08/15/19 @ 1,634
3,800 6.13%, 11/15/27 @ 3,934
975 5.25%, 11/15/28 902
--------
Total U. S. Treasury Securities 22,154
(Cost $22,662) --------
U. S. Government Agency Obligations -- 1.4%
-------------------------------------------
500 Federal Home Loan Mortgage Corp.,
5.13%, 10/15/08 472
Federal National Mortgage Association,
1,000 5.75%, 02/15/08 994
600 5.13%, 02/13/04 587
--------
Total U. S. Government Agency
Obligations 2,053
(Cost $2,080)
- -------------------------------------------------------------
Total Long-Term Investments 140,953
(Cost $120,155)
- -------------------------------------------------------------
</TABLE>
See notes to financial statements.
<PAGE>
Chase Vista Balanced Fund
Portfolio of Investments April 30, 1999 (unaudited) (continued)
(Amounts in Thousands)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
- -------------------------------------------------------------
Short-Term Investment -- 6.5%
- -------------------------------------------------------------
<S> <C> <C>
Repurchase Agreement -- 6.5%
----------------------------------------
9,671 Greenwich Capital Markets, Inc., 4.93%,
due 05/03/99, (Dated 04/30/99,
Proceeds $9,675, Secured by FHLMC
Gold $9,690 at 6.50%, due 04/01/29;
Market Value $9,868) $ 9,671
(Cost $9,671)
- -------------------------------------------------------------
Total Investments -- 101.5% $150,624
(Cost $129,826)
- -------------------------------------------------------------
</TABLE>
* -- Non-income producing security.
# -- Security may only be sold to qualified institutional buyers.
@ -- All or a portion of this security is segregated.
ADR -- American Depositary Receipt.
FRN -- Floating Rate Note: The maturity date shown is the actual maturity date:
the rate shown is the rate in effect at April 30, 1999.
See notes to financial statements.
|
42 |
|
<PAGE>
Chase Vista Funds
Statement of Assets and Liabilities April 30, 1999 (unaudited)
(Amounts in Thousands)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Small Cap Large Cap
Equity Equity Balanced
Fund Fund Fund
--------- ---------- ----------
<S> <C> <C> <C>
ASSETS:
Investment securities, at value (Note 1)..... $ 468,831 $ 233,457 $ 150,624
Cash ........................................ -- 1 --
Receivables:
Investment securities sold ................. 744 1,494 161
Interest and dividends ..................... 244 180 776
Fund shares sold ........................... 752 768 210
Other assets ................................ 12 2 15
--------- ---------- ----------
Total Assets ............................. 470,583 235,902 151,786
--------- ---------- ----------
LIABILITIES:
Payables:
Investment securities purchased ............ 3,261 329 3,027
Trust shares redeemed ...................... 678 280 75
Accrued liabilities: (Note 2)
Investment advisory fees ................... 245 -- 60
Administration fees ........................ 57 9 18
Shareholder servicing fees ................. 17 47 14
Distribution fees .......................... 67 29 41
Custodian .................................. 20 10 16
Other ...................................... 205 192 75
--------- ---------- ----------
Total Liabilities ........................ 4,550 896 3,326
--------- ---------- ----------
NET ASSETS:
Paid in capital ............................. 358,094 161,744 117,286
Accumulated undistributed net
investment income (loss) ................... (851) 178 66
Accumulated undistributed net
realized gain on investment and
futures transactions ....................... 33,387 23,729 10,310
Net unrealized appreciation of
investments ................................ 75,403 49,355 20,798
--------- ---------- ----------
Total Net Assets ........................... $ 466,033 $ 235,006 $ 148,460
========= ========== ==========
Shares of beneficial interest
outstanding ($.001 par value;
unlimited number of shares
authorized):
Class A Shares ............................. 5,408 4,000 7,169
Class B Shares ............................. 3,211 1,677 1,765
Class C shares ............................. -- 47 15
Class I Shares ............................. 12,467 8,210 --
Net Asset Value:
Class A Shares (and redemption
price) ..................................... $ 22.04 $ 16.84 $ 16.65
Class B Shares* ............................ $ 21.43 $ 16.73 $ 16.35
Class C shares* ............................ $ -- $ 16.67 $ 16.33
Class I Shares ............................. $ 22.30 $ 16.91 $ --
Class A Maximum Public Offering
Price Per Share (net asset value /94.25% of
net asset value per share) ................... $ 23.38 $ 17.87 $ 17.67
========= ========== ==========
Cost of Investments ......................... $ 393,428 $ 184,102 $ 129,826
========= ========== ==========
</TABLE>
- --------------
*Redemption may be subject to contingent deferred sales charge.
See notes to financial statements.
|
43 |
|
<PAGE>
Chase Vista Funds
Statement of Operations For the six months ended April 30, 1999 (unaudited)
(Amounts in Thousands)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Small Cap Large Cap
Equity Equity Balanced
Fund Fund Fund
---------- ----------- --------
<S> <C> <C> <C>
INVESTMENT INCOME:
Dividend ............................... $ 1,336 $ 1,167 $ 453
Interest ............................... 757 476 1,784
Foreign taxes withheld ................. -- (8) (3)
------- ------- --------
Total investment income ............... 2,093 1,635 2,234
------- ------- --------
EXPENSES: (Note 2)
Investment advisory fees ............... 1,574 402 331
Administration fees .................... 363 151 99
Shareholder servicing fees ............. 459 252 165
Distribution fees ...................... 462 129 230
Custodian fees ......................... 59 50 51
Printing and postage ................... 47 10 10
Professional fees ...................... 26 18 12
Registration costs ..................... 22 25 2
Transfer agent fees .................... 232 70 99
Trustees fees and expenses ............. 12 5 3
Other .................................. 15 2 1
------- ------- --------
Total expenses ....................... 3,271 1,114 1,003
Less amounts waived (Note 2E) ............ 341 503 90
------- ------- --------
Net expenses ........................... 2,930 611 913
------- ------- --------
Net investment income (loss) ........... (837) 1,024 1,321
------- ------- --------
REALIZED AND UNREALIZED
GAIN ON INVESTMENTS:
44
Net realized gain on investments ......... 33,504 23,787 10,316
Change in net unrealized appreciation
on investments .......................... 8,168 9,935 4,618
------- ------- --------
Net realized and unrealized gain (loss)
on investments and futures
transactions ............................ 41,672 33,722 14,934
------- ------- --------
Net increase in net assets from
operations .............................. $40,835 $34,746 $16,255
======= ======= ========
</TABLE>
See notes to financial statements.
|
44 |
|
<PAGE>
Chase Vista Funds
Statement of Changes in Net Assets For the periods indicated (unaudited)
(Amounts in Thousands)
- -------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Small Cap Large Cap
Equity Fund Equity Fund
------------------------- -------------------------
11/01/98 Year Ended 11/01/98 Year Ended
Through October 31, Through October 31,
04/30/99 1998 04/30/99 1998
----------- ------------ ----------- ------------
<S> <C> <C> <C> <C>
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS:
Net investment income (loss) ..................................... $ (837) $ (2,112) $ 1,024 $ 1,776
Net realized gain (loss) on investments and futures
transactions .................................................... 33,504 3,197 23,787 11,170
Change in net unrealized appreciation/depreciation on
investments and futures transactions ............................ 8,168 (60,156) 9,935 10,838
--------- ---------- --------- ---------
Increase (decrease) in net assets from operations ................ 40,835 (59,071) 34,746 23,784
--------- ---------- --------- ---------
DISTRIBUTIONS TO SHAREHOLDERS FROM: (Note 1H):
Net investment income ............................................ -- -- (1,037) (1,753)
Net realized gain on investment transactions ..................... (3,874) (15,819) (11,203) (17,524)
--------- ---------- --------- ---------
Total dividends and distributions ................................ (3,874) (15,819) (12,240) (19,277)
--------- ---------- --------- ---------
Increase (decrease) from capital share transactions (Note 5) ..... (38,013) (39,486) 35,879 16,281
--------- ---------- --------- ---------
Total increase (decrease) in net assets ......................... (1,052) (114,376) 58,385 20,788
NET ASSETS:
Beginning of period .............................................. 467,085 581,461 176,621 155,833
--------- ---------- --------- ---------
End of period .................................................... $ 466,033 $ 467,085 $ 235,006 $ 176,621
========= ========== ========= =========
Balanced Fund
--------------------------
11/01/98 Year Ended
Through October 31,
04/30/99 1998
------------- ------------
<S> <C> <C>
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS:
Net investment income (loss) ..................................... $ 1,321 $ 2,690
Net realized gain (loss) on investments and futures
transactions .................................................... 10,316 4,807
Change in net unrealized appreciation/depreciation on
investments and futures transactions ............................ 4,618 2,406
--------- ---------
Increase (decrease) in net assets from operations ................ 16,255 9,903
--------- ---------
DISTRIBUTIONS TO SHAREHOLDERS FROM: (Note 1H):
Net investment income ............................................ (1,295) (2,787)
Net realized gain on investment transactions ..................... (4,832) (6,829)
--------- ---------
Total dividends and distributions ................................ (6,127) (9,616)
--------- ---------
Increase (decrease) from capital share transactions (Note 5) ..... 19,796 9,837
--------- ---------
Total increase (decrease) in net assets ......................... 29,924 10,124
NET ASSETS:
Beginning of period .............................................. 118,536 108,412
--------- ---------
End of period .................................................... $ 148,460 $ 118,536
========= =========
</TABLE>
|
45 |
|
<PAGE>
Chase Vista Funds
Notes to Financial Statements (unaudited)
- --------------------------------------------------------------------------------
1. Organization and Significant Accounting Policies -- Mutual Fund Group (the
"Trust") was organized on May 11, 1987 as a Massachusetts Business Trust, and is
registered under the Investment Company Act of 1940, as amended, (the "1940
Act") as an open-end management investment company. Effective March 16, 1998,
the Vista Family of Mutual Funds changed its name to the Chase Vista Funds.
Small Cap Equity Fund ("CVSCEF"), Large Cap Equity Fund ("CVLCEF") and Balanced
Fund ("CVBAL"), collectively, the "Funds", are separate series of The Trust.
The Funds offer various classes of shares as follows:
<TABLE>
<CAPTION>
Fund Classes Offered
- -------- -----------------------------------------
<S> <C>
CVSCEF Class A, Class B, Institutional
CVLCEF Class A, Class B, Class C, Institutional
CVBAL Class A, Class B, Class C
</TABLE>
Class A shares generally provide for a front-end sales charge while Class B and
Class C shares provide for a contingent deferred sales charge. All classes of
shares have equal rights as to earnings, assets and voting privileges except
that each class may bear different distribution fees and each class has
exclusive voting rights with respect to its distribution plan. No sales charges
are assessed with respect to the Institutional Class ("Class I").
The following is a summary of significant accounting policies followed by the
Funds:
The preparation of financial statements in accordance with generally accepted
accounting principles requires management to make estimates and assumptions that
affect the reported amounts and disclosures in the financial statements.
Actual results could differ from those estimates.
A. Valuation of investments -- Equity securities, purchased options and
futures contracts are valued at the last sale price on the exchange on
which they are primarily traded, including the NASDAQ National Market.
Securities for which sale prices are not available and other
over-the-counter securities are valued at the last quoted bid price. Bonds
and other fixed income securities (other than short-term obligations),
including listed issues, are valued on the basis of the valuations supplied
by pricing services or by matrix pricing systems of a major dealer in
bonds. Short-term debt securities with 61 days or more to maturity at time
of purchase are valued, through the 61st day prior to maturity, at market
value based on quotations obtained from market makers or other appropriate
sources; thereafter, the value on the 61st day is amortized on a
straight-line basis over the remaining number of days to maturity.
Short-term investments with 60 days or less to maturity at time of purchase
are valued at amortized cost, which approximates market. Portfolio
securities for which there are no such quotations or valuations are valued
at fair value as determined in good faith by or at the direction of the
Trustees.
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.
|
46 |
|
<PAGE>
Chase Vista Funds
Notes to Financial Statements (unaudited) (continued)
- --------------------------------------------------------------------------------
The Funds invest in stock index futures contracts for the purpose of
hedging the Fund against share price volatility, which purpose may or may
not be achieved. When the Fund is not fully invested in the securities
market, it may enter into "long" positions in futures or options contracts
in order to gain rapid market exposure that may in part or entirely offset
increases in the cost of securities intended for purchase.
Use of short futures contracts subjects the Funds to unlimited risk of
loss. Use of long futures contracts subjects the Funds to risk of loss in
excess of amounts shown on the Statement of Assets and Liabilities, up to
the amount of the nominal value of the futures contracts.
The Funds may enter into futures contracts only on exchanges or boards of
trade. The exchange or board of trade acts as the counterparty to each
futures transaction, therefore, the Fund's credit risk is limited to
failure of the exchange or board of trade. As of Apirl 30, 1999, the Funds
had no outstanding futures contracts.
D. Security transactions and investment income -- Investment transactions
are accounted for on the trade date (the date the order to buy or sell is
executed). Securities gains and losses are calculated on the identified
cost basis. Interest income is accrued as earned. Dividend income is
recorded on the ex-dividend date.
E. Dollar rolls -- CVBAL enters into dollar rolls in which the Fund sells
mortgage-backed securities for delivery in the current month and
simultaneously contracts to repurchase substantially similar (same type,
coupon and maturity) securities on a specified future date. During the roll
period, the Fund forgoes principal and interest paid on the securities. The
Fund is compensated by the interest earned on the cash proceeds of the
initial sale and a fee earned for entering into the roll transaction.
Income is recognized over the duration of the roll transaction.
F. Organization costs -- Organization and initial registration costs
incurred in connection with establishing the Funds have been deferred and
are being amortized on a straight-line basis over a sixty month period
beginning at the commencement of operations of each Fund.
G. Federal income taxes -- Each Fund is treated as a separate taxable
entity for Federal income tax purposes. The Fund's policy is to comply with
the provisions of the Internal Revenue Code applicable to regulated
investment companies and to distribute to shareholders all of its
distributable net investment income, and net realized gain on investments.
In addition, the Fund intends to make distributions as required to avoid
excise taxes. Accordingly, no provision for Federal income or excise tax is
necessary.
H. 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.
I. Expenses -- Expenses directly attributable to a Fund are charged to that
Fund; other expenses are allocated proportionately among each Fund within
the Trust in relation to the net assets of each Fund or on another
reasonable basis. In calculating the net asset value per share of each
class, investment income, realized and unrealized gains and losses and
expenses other than class specific expenses, are allocated daily to each
class of shares based upon the proportion of net assets of each class at
the beginning of each day.
2. Fees and Other Transactions with Affiliates
A. Investment advisory fee -- Pursuant to separate Investment Advisory
Agreements, The Chase Manhattan Bank, ("Chase" or the "Advisor") acts as
the Investment
|
47 |
|
<PAGE>
Chase Vista Funds
Notes to Financial Statements (unaudited) (continued)
- --------------------------------------------------------------------------------
Advisor to the Funds. Chase is a direct wholly-owned subsidiary of The
Chase Manhattan Corporation. As Investment Advisor, Chase supervises the
investments of the Funds and for such services is paid a fee. The fee is
computed daily and paid monthly at an annual rate equal to 0.50% for CVBAL,
0.65% for CVSCEF and 0.40% for CVLCEF of the average daily net assets. The
Advisor voluntarily waived all or a portion of its fees as outlined in Note
2.E below.
Chase Asset Management Inc. ("CAM"), a registered investment adviser, is
the sub-investment adviser to each Fund pursuant to a Sub-Investment
Advisory Agreement between CAM and Chase. CAM is a wholly owned subsidiary
of Chase and is entitled to receive a fee, payable by Chase from its
advisory fee, at an annual rate equal to 0.20% of CVLCEF; 0.25% of CVBAL;
and 0.30% of CVSCEF's of average daily net assets.
B. Shareholder servicing fees -- The Trust has adopted an Administrative
Services Plan which, among other things, provides that the Trust on behalf
of the Funds may obtain the services of one or more Shareholder Servicing
Agents. For its services, the Shareholder Servicing Agents receive a fee
that is computed daily and paid monthly at an annual rate equal to 0.25% of
the average daily net assets of each of the classes of the funds with the
exception of the Class A Shares of the CVSCEF. The CVSCEF is charged a fee
from non-affiliated shareholder servicing agents not to exceed 0.25% of the
net assets of the Class. For the six months ended April 30, 1999, Chase's
Shareholder Servicing charges amounted to (in thousands): CVSCEF: $436,
CVLCEF: $252 and CVBAL: $165; before waivers.
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 and B for the Funds in accordance with Rule 12b-1 under the 1940
Act. There is no Distribution Plan for the Institutional Classes. The Class
A Distribution Plans provide that each Fund shall pay distribution fees,
including payments to the Distributor, at annual rates not to exceed 0.25%
of the average daily net assets of the Class A Shares of each Fund for
distribution services. The Class B and Class C Distribution Plans provides
that each Fund shall pay distribution fees, including payments to the
Distributor, at an annual rate not to exceed 0.75% of the average annual
net assets of the Class B and Class C Shares for distribution services.
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
the Funds a fee computed at the annual rate equal to 0.10% of the
respective Fund's average daily net assets.
|
48 |
|
<PAGE>
Chase Vista Funds
Notes to Financial Statements (unaudited) (continued)
- --------------------------------------------------------------------------------
The Administrator voluntarily waived a portion of their fees as outlined in
Note 2.E. below.
E. Waivers of fees -- For the six months ended April 30, 1999, the Investment
Advisor, Shareholder Servicing Agent and Administrator voluntarily waived
fees for each of the Funds as follows (in thousands):
<TABLE>
<CAPTION>
Fee CVSCEF CVLCEF CVBAL
--- ------ ------ -----
<S> <C> <C> <C>
Investment Advisory ........... -- $402 --
Shareholder Servicing ......... $341 -- $90
Administration ................ -- 101 --
---- ---- ---
Total ........................ $341 $503 $90
---- ---- ---
</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>
CVSCEF CVLCEF CVBAL
-------- ------- -------
<S> <C> <C> <C>
Purchases (excluding
U.S. Government) .................... $212,461 $88,543 $44,758
Sales (excluding
U.S. Government) .................... 243,516 73,705 40,322
Purchases of U.S.Government .......... -- -- 36,938
Sales of U.S. Government ............. -- -- 16,402
</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>
CVSCEF CVLCEF CVBAL
-------- -------- --------
<S> <C> <C> <C>
Aggregate cost ........................ $393,428 $181,102 $129,826
-------- -------- --------
Gross unrealized appreciation ......... $98,093 $53,690 $23,692
Gross unrealized depreciation ......... (22,690) (4,335) (2,894)
-------- -------- --------
Net unrealized appreciation ........... $75,403 $49,355 $20,798
======== ======== ========
</TABLE>
5. Transactions in Shares of Beneficial Interest -- Transactions in Shares of
Beneficial Interest were as follows (in thousands):
<TABLE>
<CAPTION>
Small Cap Equity Fund
-----------------------------------------------------
11/01/98 Through Year Ended October 31,
04/30/99 1998
------------------------ --------------------------
Amount Shares Amount Shares
---------- ----------- ------------ -----------
<S> <C> <C> <C> <C>
Class A
Shares sold ....................... $ 31,598 1,453 $ 74,349 3,262
Shares issued in reinvestment
of distributions ................. 942 43 3,929 179
Shares redeemed ................... (56,940) (2,623) (98,194) (4,288)
-------- ------ -------- ------
Net increase (decrease) in
Trust shares outstanding ......... $(24,400) (1,127) $(19,916) (847)
======== ====== ======== ======
</TABLE>
|
49 |
|
<PAGE>
Chase Vista Funds
Notes to Financial Statements (unaudited) (continued)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Small Cap Equity Fund
--------------------------------------------------
11/01/98 Through Year Ended October 31,
04/30/99 1998
----------------------- ------------------------
Amount Shares Amount Shares
------------ -------- ------------ ---------
<S> <C> <C> <C> <C>
Class B
Shares sold ....................... $ 1,612 76 $ 8,220 358
Shares issued in reinvestment
of distributions ................. 615 29 2,573 119
Shares redeemed ................... (18,654) (895) (17,768) (804)
-------- ---- ------- ----
Net increase (decrease) in
Trust shares outstanding ......... $(16,427) (790) $(6,975) (327)
======== ==== ======= ====
</TABLE>
<TABLE>
<CAPTION>
Small Cap Equity Fund
---------------------------------------------------
11/01/98 Through Year Ended October 31,
04/30/99 1998
---------------------- --------------------------
Amount Shares Amount Shares
----------- -------- ------------ -----------
<S> <C> <C> <C> <C>
Institutional Class
Shares sold ....................... $6,816 310 $ 19,274 839
Shares issued in reinvestment
of distributions ................. 2,108 96 8,325 377
Shares redeemed ................... (6,110) (280) (40,195) (1,827)
------ ---- -------- ------
Net increase (decrease) in
Trust shares outstanding ......... $2,814 126 $(12,596) (611)
====== ==== ======== ======
</TABLE>
<TABLE>
<CAPTION>
Large Cap Equity Fund
--------------------------------------------------
11/01/98 Through Year Ended October 31,
04/30/99 1998
--------------------- --------------------------
Amount Shares Amount Shares
---------- -------- ------------ -----------
<S> <C> <C> <C> <C>
Class A
Shares sold ....................... $15,429 960 $20,775 1,394
Shares issued in reinvestment
of distributions ................. 2,921 190 4,362 321
Shares redeemed ................... (7,061) (444) (19,732) (1,354)
------- ---- ------- ------
Net increase (decrease) in
Trust shares outstanding ......... $11,289 706 $ 5,405 361
======= ==== ======= ======
</TABLE>
<TABLE>
<CAPTION>
Large Cap Equity Fund
-----------------------------------------------
11/01/98 Through Year Ended October 31,
04/30/99 1998
--------------------- -----------------------
Amount Shares Amount Shares
---------- -------- ----------- ---------
<S> <C> <C> <C> <C>
Class B
Shares sold ....................... $17,624 1,098 $5,130 351
Shares issued in reinvestment
of distributions ................. 624 41 574 43
Shares redeemed ................... (1,648) (103) (1,669) (114)
------- ----- ------ ----
Net increase (decrease) in
Trust shares outstanding ......... $16,600 1,036 $4,035 280
======= ===== ====== ====
</TABLE>
|
50 |
|
<PAGE>
Chase Vista Funds
Notes to Financial Statements (unaudited) (continued)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Large Cap Equity
Fund
------------------
11/12/98* Through
04/30/99
------------------
Amount Shares
-------- -------
<S> <C> <C>
Class C
Shares sold ....................... $919 57
Shares issued in reinvestment
of distributions ................. 2 --
Shares redeemed ................... (170) (10)
---- ---
Net increase (decrease) in
Trust shares outstanding ......... $751 47
==== ===
</TABLE>
<TABLE>
<CAPTION>
Large Cap Equity Fund
--------------------------------------------------
11/01/98 Through Year Ended October 31,
04/30/99 1998
--------------------- --------------------------
Amount Shares Amount Shares
---------- -------- ------------ -----------
<S> <C> <C> <C> <C>
Institutional Class
Shares sold ....................... $11,353 713 $25,939 1,760
Shares issued in reinvestment
of distributions ................. 4,231 274 6,524 476
Shares redeemed ................... (8,345) (520) (25,622) (1,697)
------- ---- ------- ------
Net increase (decrease) in
Trust shares outstanding ......... $7,239 467 $ 6,841 539
======= ==== ======= ======
</TABLE>
<TABLE>
<CAPTION>
Balanced Fund
----------------------------------------------------
11/01/98 Through Year Ended October 31,
04/30/99 1998
----------------------- --------------------------
Amount Shares Amount Shares
------------ -------- ------------ -----------
<S> <C> <C> <C> <C>
Class A
Shares sold ....................... $25,032 1,563 $28,041 1,822
Shares issued in reinvestment
of distributions ................. 4,857 308 8,007 538
Shares redeemed ................... (13,867) (863) (34,209) (2,230)
------- ----- ------- ------
Net increase (decrease) in
Trust shares outstanding ......... $16,022 1,008 $ 1,839 130
======= ===== ======= ======
</TABLE>
<TABLE>
<CAPTION>
Balanced Fund
------------------------------------------------
11/01/98 Through Year Ended October 31,
04/30/99 1998
---------------------- -----------------------
Amount Shares Amount Shares
----------- -------- ----------- ---------
<S> <C> <C> <C> <C>
Class B
Shares sold ....................... $5,145 326 $9,998 648
Shares issued in reinvestment
of distributions ................. 1,007 65 1,253 86
Shares redeemed ................... (2,628) (166) (3,252) (211)
------ ---- ------ ----
Net increase (decrease) in
Trust shares outstanding ......... $3,524 225 $7,999 523
====== ==== ====== ====
</TABLE>
|
51 |
|
<PAGE>
Chase Vista Funds
Notes to Financial Statements (unaudited) (continued)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Balanced Fund
-----------------
11/23/98* Through
04/30/99
----------------
Amount Shares
-------- -------
<S> <C> <C>
Class C
Shares sold ................................................. $250 15
Shares issued in reinvestment of distributions .............. -- --
Shares redeemed ............................................. -- --
---- --
Net increase (decrease) in Trust shares outstanding ......... $250 15
==== ==
</TABLE>
*Commencement of offering class of shares.
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 and expenses in the Statement of Operations, and accrued pension
liability included in Other Accrued liabilities in the Statement of Assets and
Liabilities were as follows (in thousands):
<TABLE>
<CAPTION>
Accrued
Pension Pension
Expenses Liability
---------- ----------
<S> <C> <C>
VSCEF ................................................... $5 $31
VLCEF ................................................... 2 10
VBAL .................................................... 1 7
</TABLE>
7. Bank Borrowings -- The Funds may borrow money for temporary or emergency
purposes. Any borr owings 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.
|
52 |
|
<PAGE>
Chase Vista Funds
Financial Highlights (unaudited)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Small Cap Equity Fund
--------------------------------------------------------------
Class A
--------------------------------------------------------------
11/1/98 Year Ended 12/20/94*
Through ------------------------------------- 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 ............. $20.40 $ 23.57 $19.19 $15.07 $10.00
------ ------- ------ ------ ------
Income from Investment Operations:
Net Investment Income .......................... (0.10) (0.11) (0.05) 0.01 0.06
Net Gain or (Losses) in Securities
(both realized and unrealized) ................ 1.91 (2.42) 4.72 4.32 5.06
------ ------- ------ ------ ------
Total from Investment Operations ............... 1.81 (2.53) 4.67 4.33 5.12
------ ------- ------ ------ ------
Distributions to Shareholders from:
Dividends from Net Investment
Income ........................................ -- -- -- 0.03 0.04
Distributions from Capital Gains ............... 0.17 0.64 0.29 0.18 0.01
------ ------- ------ ------ ------
Total Dividends and Distributions .............. 0.17 0.64 0.29 0.21 0.05
------ ------- ------ ------ ------
Net Asset Value, End of Period ................... $22.04 $ 20.40 $23.57 $19.19 $15.07
====== ======= ====== ====== ======
Total Return (1) 8.89% (10.93%) 24.61% 29.06% 51.25%
Ratios/Supplemental Data:
Net Assets, End of Period (in millions) ......... $ 119 $ 133 $ 174 $ 145 $ 44
Ratios to Average Net Assets:#
Expenses ........................................ 1.36% 1.38% 1.45% 1.50% 1.51%
Net Investment Income ........................... (0.50)% (0.43%) (0.23%) 0.03% 0.52%
Expenses Without Waivers and
Assumption of Expenses ......................... 1.36% 1.38% 1.45% 1.52% 2.67%
Net Investment Income Without
Waivers and Assumptions of Expenses (0.50)% (0.43%) (0.23%) 0.01% (0.64%)
Portfolio Turnover Rate .......................... 45% 74% 55% 78% 75%
<CAPTION>
Small Cap Equity Fund
-------------------------------------------------------------------------------
Class B Class I
----------------------------------------------------------------- ------------
11/1/98 Year Ended 03/28/95** 11/1/98
Through --------------------------------------- Through Through
04/30/99 10/31/98 10/31/97 10/31/96 10/31/95 04/30/99
------------ ------------- ------------ ------------ ------------ ------------
<S> <C> <C> <C> <C> <C> <C>
Per Share Operating Performance
Net Asset Value, Beginning of Period ............. $19.91 $ 23.19 $19.00 $15.01 $11.39 $20.59
------ ------- ------ ------ ------- ------
Income from Investment Operations:
Net Investment Income .......................... (0.29) (0.31) (0.27) (0.08) (0.02) --
Net Gain or (Losses) in Securities
(both realized and unrealized) ................ 1.98 (2.33) 4.75 4.25 3.67 1.88
------ ------- ------ ------ ------ ------
Total from Investment Operations ............... 1.69 (2.64) 4.48 4.17 3.65 1.88
------ ------- ------ ------ ------ ------
Distributions to Shareholders from:
Dividends from Net Investment
Income ........................................ -- -- -- -- 0.03 --
Distributions from Capital Gains ............... 0.17 0.64 0.29 0.18 -- 0.17
------ ------- ------ ------ ------ ------
Total Dividends and Distributions .............. 0.17 0.64 0.29 0.18 0.03 0.17
------ ------- ------ ------- ------ -------
Net Asset Value, End of Period ................... $21.43 $ 19.91 $23.19 $19.00 $15.01 $22.30
====== ======= ====== ====== ====== =======
Total Return (1) 8.50% (11.60%) 23.84% 28.04% 32.09% 9.15%
Ratios/Supplemental Data:
Net Assets, End of Period (in millions) ......... $ 69 $ 80 $ 100 $ 73 $ 22 $ 278
Ratios to Average Net Assets:#
Expenses ........................................ 2.08% 2.10% 2.16% 2.22% 2.24% 0.88%
Net Investment Income ........................... (1.22)% (1.15%) (0.94%) (0.68%) (0.25%) (0.02)%
Expenses Without Waivers and
Assumption of Expenses ......................... 2.08% 2.10% 2.16% 2.25% 3.23% 1.12%
Net Investment Income Without
Waivers and Assumptions of Expenses (1.22)% (1.15%) (0.94%) (0.71)% (1.24%) (0.26)%
Portfolio Turnover Rate .......................... 45% 74% 55% 78% 75% 45%
<CAPTION>
Small Cap Equity Fund
------------------------------------
Class I
------------------------------------
Year Ended 05/07/96**
------------------------ Through
10/31/98 10/31/97 10/31/96
------------- ---------- -----------
<S> <C> <C> <C>
Per Share Operating Performance
Net Asset Value, Beginning of Period ............. $ 23.71 $19.22 $18.44
------- ------ ------
Income from Investment Operations:
Net Investment Income .......................... (0.02) 0.03 0.02
Net Gain or (Losses) in Securities
(both realized and unrealized) ................ (2.46) 4.75 0.76
------- ------ ------
Total from Investment Operations ............... (2.48) 4.78 0.78
------- ------ ------
Distributions to Shareholders from:
Dividends from Net Investment
Income ........................................ -- -- --
Distributions from Capital Gains ............... 0.64 0.29 --
------- ------- ------
Total Dividends and Distributions .............. 0.64 0.29 --
------- ------- ------
Net Asset Value, End of Period ................... $ 20.59 $23.71 $19.22
======= ======= ======
Total Return (1) (10.64%) 25.15% 4.23%
Ratios/Supplemental Data:
Net Assets, End of Period (in millions) ......... $ 254 $ 307 $ 52
Ratios to Average Net Assets:#
Expenses ........................................ 1.04% 1.10% 1.10%
Net Investment Income ........................... (0.09%) 0.13% 0.27%
Expenses Without Waivers and
Assumption of Expenses ......................... 1.13% 1.14% 1.27%
Net Investment Income Without
Waivers and Assumptions of Expenses (0.18%) 0.09% 0.10%
Portfolio Turnover Rate .......................... 74% 55% 78%
</TABLE>
- -------
* Commencement of operations.
** Commencement of offering of class of shares.
(1) Total return figures do not include the effect of any front-end sales load.
# Short periods have been annualized.
See notes to financial statements.
|
53 |
|
<PAGE>
Chase Vista Funds
Financial Highlights (unaudited) (continued)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Large Cap Equity Fund (2)
--------------------------------------------------------
Class A Class B
------------------------------------------- ------------
11/1/98 Year Ended 5/8/96** 11/1/98
Through --------------------- Through Through
04/30/99 10/31/98 10/31/97 10/31/96 04/30/99
---------- ---------- ---------- ---------- ------------
<S> <C> <C> <C> <C> <C>
Per Share Operating Performance
Net Asset Value, Beginning of Period ........ $15.09 $14.83 $13.25 $12.06 $15.02
------ ------ ------ ------ ------
Income from Investment Operations:
Net Investment Income ..................... 0.07 0.12 0.11 0.05 0.04
Net Gains or Losses in Securities
(both realized and unrealized) ........... 2.70 1.92 3.45 1.21 2.66
------ ------ ------ ------ ------
Total from Investment Operations .......... 2.77 2.04 3.56 1.26 2.70
------ ------ ------ ------ ------
Distributions to Shareholders from:
Dividends from Net Investment
Income ................................... 0.07 0.12 0.09 0.07 0.04
Distributions from Capital Gains .......... 0.95 1.66 1.89 -- 0.95
------ ------ ------ ------- ------
Total Dividends and Distributions ......... 1.02 1.78 1.98 0.07 0.99
------ ------ ------ ------- ------
Net Asset Value, End of Period .............. $16.84 $15.09 $14.83 $13.25 $16.73
====== ====== ====== ======= ======
Total Return (1) ............................ 19.01% 15.15% 30.69% 10.84% 18.66%
Ratios/Supplemental Data:
Net Assets, End of Period (in millions) $ 67 $ 50 $ 44 $ 8 $ 28
Ratios to Average Net Assets:#
Expenses ................................... 0.79% 0.85% 1.13% 1.38% 1.29%
Net Investment Income ...................... 0.82% 0.81% 0.61% 0.84% 0.29%
Expenses Without Waivers and
Assumption of Expenses .................... 1.29% 1.35% 1.63% 1.87% 1.79%
Net Investment Income Without
Waivers and Assumptions of Expenses 0.32% 0.31% 0.11% 0.35% (0.21%)
Portfolio Turnover Rate ..................... 40% 72% 72% 89% 40%
<CAPTION>
Large Cap Equity Fund (2)
----------------------------------------------------
Class B Class C
-------------------------------------- ------------
Year Ended 5/7/96** 11/12/98**
------------------------- Through Through
10/31/98 10/31/97 10/31/96 04/30/99
------------ ------------ ------------ ------------
<S> <C> <C> <C> <C>
Per Share Operating Performance
Net Asset Value, Beginning of Period ........ $14.76 $13.22 $12.06 $15.21
------ ------ ------ ------
Income from Investment Operations:
Net Investment Income ..................... 0.05 0.07 0.05 0.04
Net Gains or Losses in Securities
(both realized and unrealized) ........... 1.92 3.42 1.19 2.43
------ ------ ------ ------
Total from Investment Operations .......... 1.97 3.49 1.24 2.47
------ ------ ------ ------
Distributions to Shareholders from:
Dividends from Net Investment
Income ................................... 0.05 0.06 0.08 0.06
Distributions from Capital Gains .......... 1.66 1.89 -- 0.95
------ ------ ------ ------
Total Dividends and Distributions ......... 1.71 1.95 0.08 1.01
------ ------ ------ ------
Net Asset Value, End of Period .............. $15.02 $14.76 $13.22 $16.67
====== ====== ====== ======
Total Return (1) ............................ 14.71% 30.15% 6.66% 16.84%
Ratios/Supplemental Data:
Net Assets, End of Period (in millions) $ 10 $ 5 $ 1 $ 1
Ratios to Average Net Assets:#
Expenses ................................... 1.35% 1.59% 1.88% 1.32%
Net Investment Income ...................... 0.31% 0.15% 0.14% 0.19%
Expenses Without Waivers and
Assumption of Expenses .................... 1.85% 2.09% 2.38% 1.82%
Net Investment Income Without
Waivers and Assumptions of Expenses (0.19%) (0.35%) (0.36%) (0.31)%
Portfolio Turnover Rate ..................... 72% 72% 89% 40%
<CAPTION>
Large Cap Equity Fund (2)
------------------------------------------------------------------
Class I
------------------------------------------------------------------
11/1/98 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 ........ $15.15 $14.85 $13.27 $12.24 $13.16 $13.65
------ ------ ------ ------ ------ ------
Income from Investment Operations:
Net Investment Income ..................... 0.09 0.18 0.18 0.23 0.28 0.30
Net Gains or Losses in Securities
(both realized and unrealized) ........... 2.71 1.95 3.47 2.59 1.74 0.26
------ ------ ------ ------ ------ ------
Total from Investment Operations .......... 2.80 2.13 3.65 2.82 2.02 0.56
------ ------- ------ ------ ------ ------
Distributions to Shareholders from:
Dividends from Net Investment
Income ................................... 0.09 0.17 0.18 0.22 0.28 0.29
Distributions from Capital Gains .......... 0.95 1.66 1.89 1.57 2.66 0.76
------ ------- ------ ------ ------ ------
Total Dividends and Distributions ......... 1.04 1.83 2.07 1.79 2.94 1.05
------ ------- ------ ------ ------ ------
Net Asset Value, End of Period .............. $16.91 $15.15 $14.85 $13.27 $12.24 $13.16
====== ======= ====== ====== ====== ======
Total Return (1) ............................ 19.19% 15.82% 31.50% 25.65% 20.41% 4.37%
Ratios/Supplemental Data:
Net Assets, End of Period (in millions) $ 139 $ 117 $ 107 $ 99 $ 55 $ 68
Ratios to Average Net Assets:#
Expenses ................................... 0.44% 0.47% 0.50% 0.40% 0.31% 0.31%
Net Investment Income ...................... 1.17% 1.19% 1.32% 1.86% 2.41% 2.30%
Expenses Without Waivers and
Assumption of Expenses .................... 0.94% 0.97% 1.00% 0.96% 0.90% 0.95%
Net Investment Income Without
Waivers and Assumptions of Expenses 0.67% 0.69% 0.82% 1.30% 1.82% 1.66%
Portfolio Turnover Rate ..................... 40% 72% 72% 89% 45% 53%
</TABLE>
- -------
** Commencement of offering of class of shares.
(1) Total return figures do not include the effect of any front-end sales load.
(2) Formerly known as the Vista Equity Fund.
# Short periods have been annualized.
See notes to financial statements.
|
54 |
|
<PAGE>
Chase Vista Funds
Financial Highlights (unaudited) (continued)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Balanced Fund
-----------------------------------------------------------------
Class A
-----------------------------------------------------------------
11/1/98 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 ......... $15.44 $15.41 $13.83 $12.45 $11.09 $11.38
------ ------ ------ ------ ------ ------
Income from Investment Operations:
Net Investment Income ...................... 0.16 0.38 0.39 0.35 0.38 0.36
Net Gains or Losses in Securities
(both realized and unrealized) ............ 1.83 1.02 2.39 1.69 1.52 ( 0.19)
------ ------ ------ ------ ------ -------
Total from Investment Operations ........... 1.99 1.40 2.78 2.04 1.90 0.17
------ ------ ------ ------ ------ -------
Distributions to Shareholders from:
Dividends from Net Investment Income 0.16 0.39 0.39 0.34 0.41 0.36
Distributions from Capital Gains ........... 0.62 0.98 0.81 0.32 0.13 0.10
------ ------ ------ ------ ------ -------
Total Dividends and Distributions .......... 0.78 1.37 1.20 0.66 0.54 0.46
------ ------ ------ ------ ------ -------
Net Asset Value, End of Period ............... $16.65 $15.44 $15.41 $13.83 $12.45 $11.09
====== ====== ====== ====== ====== =======
Total Return (1) ............................. 13.20% 9.60% 21.48% 16.89% 17.70% 1.56%
Ratios/Supplemental Data:
Net Assets, End of Period (in millions) ..... $ 119 $ 95 $ 93 $ 55 $ 34 $ 22
Ratios to Average Net Assets:#
Expenses .................................... 1.24% 1.25% 1.25% 1.25% 1.06% 0.58%
Net Investment Income ....................... 2.12% 2.51% 2.91% 2.97% 3.48% 3.21%
Expenses Without Waivers and
Assumption of Expenses ..................... 1.41% 1.44% 1.52% 1.78% 2.20% 2.20%
Net Investment Income Without
Waivers and Assumptions of Expenses ........ 1.95% 2.32% 2.64% 2.44% 2.34% 1.59%
Portfolio Turnover Rate ...................... 50% 94% 136% 149% 68% 77%
<CAPTION>
Balanced Fund
------------------------------------------------------------------------------
Class B Class C
------------------------------------------------------------------ -----------
11/1/98 Year Ended 11/4/93** 11/23/98**
Through ------------------------------------------- Through Through
04/30/99 10/31/98 10/31/97 10/31/96 10/31/95 10/31/94 04/30/99
---------- ---------- ---------- ---------- ---------- ----------- -----------
<S> <C> <C> <C> <C> <C> <C> <C>
Per Share Operating Performance
Net Asset Value, Beginning of Period ......... $15.19 $15.21 $13.70 $12.36 $11.03 $11.22 $15.59
------ ------ ------ ------ ------ ------ ------
Income from Investment Operations:
Net Investment Income ...................... 0.12 0.28 0.32 0.28 0.31 0.35 0.10
Net Gains or Losses in Securities
(both realized and unrealized) ............ 1.77 1.00 2.33 1.66 1.50 (0.12) 1.38
------ ------ ------ ------ ------ ------ ------
Total from Investment Operations ........... 1.89 1.28 2.65 1.94 1.81 0.23 1.48
------ ------ ------ ------ ------ ------ ------
Distributions to Shareholders from:
Dividends from Net Investment Income 0.11 0.32 0.32 0.28 0.13 0.32 0.12
Distributions from Capital Gains ........... 0.62 0.98 0.81 0.32 0.35 0.10 0.62
------ ------ ------ ------ ------ ------ ------
Total Dividends and Distributions .......... 0.73 1.30 1.14 0.60 0.48 0.42 0.74
------ ------ ------ ------ ------ ------ ------
Net Asset Value, End of Period ............... $16.35 $15.19 $15.21 $13.70 $12.36 $11.03 $16.33
====== ====== ====== ====== ====== ====== ======
Total Return (1) ............................. 12.76% 8.89% 20.55% 16.10% 16.93% 2.17% 9.80%
Ratios/Supplemental Data:
Net Assets, End of Period (in millions) ..... $ 29 $ 23 $ 15 $ 10 $ 6 $ 4 $ 1
Ratios to Average Net Assets:#
Expenses .................................... 1.91% 1.93% 2.04% 2.00% 1.82% 1.50% 1.91%
Net Investment Income ....................... 1.45% 1.81% 2.26% 2.21% 2.68% 2.46% 1.48%
Expenses Without Waivers and
Assumption of Expenses ..................... 1.91% 1.93% 2.06% 2.29% 2.72% 2.69% 1.91%
Net Investment Income Without
Waivers and Assumptions of Expenses ........ 1.45% 1.81% 2.24% 1.92% 1.78% 1.27% 1.48%
Portfolio Turnover Rate ...................... 50% 94% 136% 149% 68% 77% 50%
</TABLE>
- -------
** Commencement of offering of class of shares.
(1) Total return figures do not include the effect of any front-end sales load.
# Short periods have been annualized.
See notes to financial statements.
|
55 |
|
<PAGE>
CHASE VISTA EQUITY FUNDS SEMI-ANNUAL REPORT
Investment Adviser, Administrator,
Shareholder and Fund Servicing
Agent and Custodian
The Chase Manhattan Bank
Distributor
Vista Fund Distributors, Inc.
Transfer Agent
DST Systems, Inc.
Legal Counsel
Simpson Thacher & Bartlett
Independent Accountants
PricewaterhouseCoopers LLP
Chase Vista Funds are distributed by Vista Fund Distributors, Inc., which is
unaffiliated with The Chase Manhattan Bank. Chase and its respective affiliates
receive compensation from Chase Vista
Funds for providing investment advisory and other services.
This report is submitted for the general information of the shareholders of the
funds. It is not authorized for distribution to prospective investors in the
funds unless preceded or accompanied by a prospectus.
The financial information in this report has been taken from the books and
records of the funds without examination by independent accountants, who express
no opinion thereto.
To obtain a prospectus for any of the Chase Vista Funds, call 1-800-34-VISTA.
The prospectus contains more complete information, including charges and
expenses. Please read it carefully before you invest or send money.
(C) The Chase Manhattan Corporation, 1999, 2000. All Rights Reserved.
June 1999
[CHASE VISTA LOGO]
CHASE VISTA FUNDS(SM)
Chase Vista Funds Fulfillment Center
393 Manley Street
West Bridgewater, MA 02379-1039
