APRIL 30, 2000 (UNAUDITED)
Chase Vista Fixed
Income Funds
SEMI-ANNUAL REPORT
U.S TREASURY
INCOME FUND
U.S GOVERNMENT
SECURITIES FUND
BOND FUND
SHORT-TERM
BOND FUND
STRATEGIC
INCOME FUND
[CHASE
THE RIGHT RELATIONSHIP IS EVERYTHING.[RegTM]LOGO]
SAFI-3-600
<PAGE>
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Contents
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Chairman's Letter 1
--------------------------------------------------------------------------------
Chase Vista U.S. Treasury Income Fund 2
Fund Commentary
--------------------------------------------------------------------------------
Chase Vista U.S. Government Securities Fund 5
Fund Commentary
--------------------------------------------------------------------------------
Chase Vista Bond Fund
Fund Commentary 8
--------------------------------------------------------------------------------
Chase Vista Short-Term Bond Fund
Fund Commentary 12
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Chase Vista Strategic Income Fund
Fund Commentary 15
--------------------------------------------------------------------------------
Portfolios of Investments 18
--------------------------------------------------------------------------------
Financial Statements 33
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Notes to Financial Statements 42
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Financial Highlights 49
--------------------------------------------------------------------------------
Highlights
o The U.S. economy grew strongly during the reporting period, showing annual
growth rates of 7.3% in the fourth quarter of 1999 and 5.4% in the first
quarter of 2000.
o The U.S. Treasury yield curve inverted as the Treasury Department announced
and began to implement a program of buying back longer-dated maturities.
o Corporate bonds performed poorly in the latter half of the period as the
market digested the Treasury buy-back program and reacted to volatility in
stocks.
------------------------------|------------------------------------------------
NOT FDIC INSURED | May lose value / No bank guarantee
------------------------------|------------------------------------------------
Chase Vista Funds are distributed by Vista Fund Distributors, Inc.
<PAGE>
--------------------------------------------------------------------------------
CHASE VISTA FIXED INCOME FUNDS
--------------------------------------------------------------------------------
Chairman's Letter
June 5, 2000
Dear Shareholder:
We are pleased to present this semi-annual report for the Chase Vista Fixed
Income Funds for the six months ended April 30, 2000.
Economic and Technical Crosscurrents Create Challenging Environment
U.S. fixed income markets dealt with a variety of issues during the reporting
period, as sizzling growth continued in the United States amid a worldwide
pickup in economic activity. The period began under fairly normal circumstances
as the markets reacted to reports of increasing inflation and a tight Federal
Reserve Board monetary policy by pushing interest rates higher. Additionally,
after a period of underperformance, the non-Treasury "spread" sectors began
improving, as is normal in a rising-rate environment.
The market continued to function as expected into the new year, with the yield
on the benchmark 30-year Treasury bond rising to 6.75% on January 20th as the
Fed continued to follow its tightening script to the letter. Few market
participants would have expected that the yield on long-term Treasuries would
subsequently fall by almost 1 percent in the coming months and that the yield
curve would dramatically invert, meaning that interest rates on long-term
Treasuries were lower than those on shorter-term issues. But that's just what
happened as the market digested the full impact of the Treasury's program to
buy back longer-dated securities in light of the Federal budget surplus.
The dislocation created by the inverted yield curve wreaked havoc on the
corporate bond market as investors had difficulty pricing corporate debt.
Falling stock prices late in the period also hurt corporate bond prices.
As if the Treasury buy-back program wasn't enough for the bond market to
handle, another shock came when comments by Treasury Undersecretary Gensler led
investors to question the backing of certain government agency securities on
which the government's guarantee is not explicit, as it is on Treasuries and
GNMAs. Of course, this gave the market one more reason to buy Treasuries, which
are widely considered to be the world's safest securities.
Fundamentals Re-Emerge
As the period came to a close, it appeared that the unexpected technical
factors that had been driving the markets were giving way to the economic
fundamentals of a fast-growing economy, rising employment costs, vigorous
personal consumption and an aggressive Fed. This allowed mortgage-backed and
other agency securities to begin to perform better, as did the lowering of
anxiety with regard to the government's backing of agency debt.
Despite all of the challenges, your Fund continued to provide you with
competitive current income and to act as a positive diversification tool as the
equity markets gyrated sharply in March and April. All of us at Chase Vista
thank you for your business and look forward to serving your investment needs
for many years to come.
Sincerely yours,
/s/ Fergus Reid
---------------
Fergus Reid
Chairman
1
<PAGE>
--------------------------------------------------------------------------------
CHASE VISTA U.S. TREASURY INCOME FUND
As of April 30, 2000 (Unaudited)
--------------------------------------------------------------------------------
How the Fund Performed
Chase Vista US Treasury Income Fund, which seeks to provide income through a
portfolio of high-quality US Treasury bonds, had a total return of 2.35% (Class
A shares, without sales charge) for the six months ended April 30, 2000. This
compares to a return of 2.58% for its Lehman Treasury Bond Index benchmark.
How the Fund Was Managed
Early in the reporting period, the Fund turned in strong relative performance
as the management team allowed the Fund's duration (and hence its sensitivity
to changes in interest rates) to further shorten below that of its peer group
before making a strategic reduction in December. Additionally, with regard to
the yield curve, the Fund's emphasis on 20-year Treasuries and avoidance of
30-year issues was positive for performance as the yield curve flattened
slightly.
In the January through April, 2000 period, however, technical factors--
especially the US Treasury's program to buyback longer-dated securities--
overwhelmed fundamentals and caused fairly severe dislocation in the fixed
income markets, offsetting some of the Fund's earlier strides.
The Fund benefited, however, from its longer-than-benchmark duration as yields
fell in response to the Treasury's program to buy back longer-dated securities.
While the Fund did hold some mortgages, this exposure was exclusively in GNMAs,
which outperformed conventional mortgage-backed issues dramatically over
concerns about the latter's government guarantee. Additionally, the Fund's
barbell strategy worked exceptionally well as the middle of the curve
underperformed and the Fund's exposure to the short end was well hedged. In
April, the Fund moved to a more neutral strategy, and this proved positive as
spreads stabilized and recovered somewhat.
Where the Fund May Be Headed
In the wake of the Fed's widely expected 50 basis point tightening on May 16,
it is the management team's view that additional moves to a less accommodative
stance are likely until the potential inflationary forces currently building
show signs of moderation. Interest rates, therefore, will likely climb further
in this market environment of pervasive uneasiness. However, because of the
continued specter of Treasury buy backs, we remain more concerned about the
short end of the Treasury curve and therefore expect to continue a barbell
curve strategy that's underweight in 2- to 3- year maturities and overweight in
the 10- to 30-year area.
2
<PAGE>
CHASE VISTA U.S. TREASURY INCOME FUND
As of April 30, 2000 (Unaudited)
Percentage of Total Portfolio Investments
[BEGIN PIE CHART]
<TABLE>
<S> <C>
U.S. Treasury Securities 76.5%
Residential Mortgage Backed Securities 21.9%
Cash Equivalents & Short-Term Paper 1.6%
</TABLE>
[END PIE CHART]
Average Annual Total Returns+
<TABLE>
<CAPTION>
1 Year 5 Years 10 Years
-------------------------------------------------------------
<S> <C> <C> <C>
Class A Shares
Without Sales Charge 1.69% 5.78% 7.18%
With Sales Charge* -2.87% 4.82% 6.69%
-------------------------------------------------------------
Class B Shares
Without CDSC 0.59% 4.91% 6.64%
With CDSC** -4.17% 4.58% 6.64%
-------------------------------------------------------------
</TABLE>
Source: Lipper Analytical Services, Inc. Past performance is not indicative of
future results. Investment return and principal value will fluctuate with
market conditions. When shares are redeemed, they may be worth more or less
than their original cost.
The Fund is currently waiving certain fees. This voluntary waiver may be
modified or terminated at any time, which would reduce performance.
* Sales charge for Class A Shares is 4.50%.
** Assumes 5% CDSC (contingent deferred sales charge) for the one year period,
a 2% CDSC for the five year period and 0% CDSC for the ten year period.
+ The Fund commenced operations on 9/8/87. Class B Shares were introduced on
11/4/93. Investors should note that the information presented for Class B
Shares prior to their introduction is based on historical expenses of the
predecessor Class A Shares, which are lower than the actual expenses of the
Class B Shares.
3
<PAGE>
--------------------------------------------------------------------------------
CHASE VISTA U.S. TREASURY INCOME FUND
As of April 30, 2000 (Unaudited)
--------------------------------------------------------------------------------
10-Year Performance (4/30/90 to 4/30/00)
[BEGIN PLOT POINTS]
<TABLE>
<CAPTION>
Chase Vista Lehman Lipper General
U.S. Treasury Treasury U.S. Government Funds
Income Fund Bond Index Average
<S> <C> <C> <C>
4/30/90 10000 10000 10000
1991 10976.6 11457.2 11399.4
1992 12027.2 12641.9 12505.8
1993 13627.8 14453.7 14110.6
1994 13703.4 14610.6 14114.3
1995 14431 15559.3 14857.3
1996 15441.2 16860.7 15923.2
1997 16249.2 17935.2 16830.9
1998 17796.5 19924.4 18559.7
1999 18794.5 21222.9 19497.8
4/30/00 19109 21696 19523
</TABLE>
[END PLOT POINTS]
Source: Lipper Analytical Services, Inc. Past performance is not indicative of
the future results. Investment return and principal value will fluctuate with
market conditions. When shares are redeemed, they may be worth more or less
than their original cost.
This chart illustrates comparative performance for $10,000 invested in Class A
shares of Chase Vista U.S. Treasury Income Fund, the Lipper General U.S.
Government Funds Average and the Lehman Treasury Bond Index from April 30, 1990
to April 30, 2000. The performance of the Fund assumes the reinvestment of all
dividends and capital gains and includes a 4.50% sales charge. The performance
of the average and the index do not include a sales charge and have been
adjusted to reflect reinvestment of all dividends and capital gains on the
securities included in the benchmark.
The Fund is currently waiving certain fees. This voluntary waiver may be
modified or terminated at any time, which would reduce performance.
The Lipper General U.S. Government Funds Average represents the average
performance of a universe of actively managed U.S. government income funds.
Lipper is an independent mutual fund performance monitor whose results are
based on total return and do not reflect a sales charge.
The Lehman Treasury Bond Index is a replica (or model) of the U.S. government
treasury securities market. This index is unmanaged and reflects the
reinvestment of dividends. An individual cannot invest directly in the index.
4
<PAGE>
--------------------------------------------------------------------------------
CHASE VISTA U.S. GOVERNMENT SECURITIES FUND
As of April 30, 2000 (Unaudited)
--------------------------------------------------------------------------------
How the Fund Performed
Chase Vista US Government Securities Fund, which seeks income by investing in
securities backed by the US government and respective agencies, had a total
return of 2.02% (Class A shares, without sales charge) for the six months ended
April 30, 2000. This compares to a return of 2.25% for its industry benchmark,
the Lehman Government Bond Index.
How the Fund Was Managed
Early in the reporting period, the Fund turned in strong relative performance
as a result of several factors. First, in a rising rate environment, the
management team allowed the Fund's duration (and hence its sensitivity to
changes in interest rates) to further shorten below that of its peer group
before making a strategic reduction in December. Next, the Fund's exposure to
mortgage-backed securities was increased to 50% and these holdings outperformed
significantly in late 1999 as new mortgage issuance fell. Finally, the Fund
ended 1999 with an emphasis on 20-year maturities in the Treasury sector, which
was positive as this part of the yield curve outperformed 30-year issues.
In the January through April, 2000 period, however, technical factors--
especially the US Treasury's program to buyback longer-dated securities--
overwhelmed fundamentals and caused fairly severe dislocation in the fixed
income markets, dampening some of the Fund's earlier gains.
However, the Fund benefited during early 2000 from its longer-than-benchmark
duration as yields on longer-dated securities fell in response to the Treasury
buy-back program. Although the Fund was underexposed to Treasury securities in
the latter part of the reporting period, this was offset by the fact that the
Treasuries the Fund did own were primarily in the long end of the yield curve,
which outperformed dramatically. The Fund was overweight mortgages and, while
mortgages underperformed Treasuries, the Fund again benefited from the fact
that its mortgage exposure was concentrated in the strongest part of the curve.
Towards the end of the reporting period, the management team took advantage of
widening yield spreads between Treasuries and other sectors to increase the
Fund's yield profile by adding to non-GNMA government agency positions, and
this proved positive in April as spreads stabilized and recovered somewhat.
Where the Fund May Be Headed
In the wake of the Fed's widely expected 50 basis point tightening on May 16,
it is the management team's view that additional moves to a less accommodative
stance are likely until the potential inflationary forces currently building
show signs of moderation. Interest rates, therefore, will likely climb further
in this market environment of pervasive uneasiness. However, because of the
continued specter of Treasury buy backs, we remain more concerned about the
short end of the Treasury curve and therefore expect to continue a barbell
curve strategy that's underweight in 2- to 3-year maturities and overweight in
the 10- to 30-year area.
5
<PAGE>
CHASE VISTA U.S. GOVERNMENT SECURITIES FUND
As of April 30, 2000 (Unaudited)
Percentage of Total Portfolio Investments
[BEGIN PIE CHART]
<TABLE>
<S> <C>
Residential Mortgage Backed Securities 58.3%
U.S. Treasury Securities 27.8%
U.S. Government Agency Securities 7.6%
Cash Equivalents & Short-Term Paper 6.3%
</TABLE>
[END PIE CHART]
Average Annual Total Returns+
<TABLE>
Since
Inception
1 Year 5 Years (2/19/93)
------------------------------------------------------------------
<S> <C> <C> <C>
Class A Shares
Without Sales Charge 1.00% 5.78% 5.04%
With Sales Charge* -3.52% 4.81% 4.38%
------------------------------------------------------------------
Class I Shares 1.21% 5.95% 5.16%
------------------------------------------------------------------
</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 on Class A Shares is 4.50%.
+ The Fund commenced operations on 2/19/93. Class A Shares were introduced on
5/6/96. Investors should note that the information presented for Class A Shares
prior to their introduction is based on historical expenses of the predecessor
Class I Shares, which are lower than the actual expenses of the Class A Shares.
6
<PAGE>
CHASE VISTA U.S. GOVERNMENT SECURITIES FUND
As of April 30, 2000 (Unaudited)
Life of Fund Performance (2/19/93 to 4/30/00)
[BEGIN PLOT POINTS]
<TABLE>
<CAPTION>
Lipper General Lehman Chase Vista
U.S. Government Government U.S. Government Securities
Funds Average Bond Index Funds Average
<S> <C> <C> <C>
2/19/93 10000 10000 10000
1993 10173.9 10312.5 10270.8
1994 10242.6 10425.5 10311.8
1995 10756.9 11104.6 10854.6
1996 11545.8 12029.9 11633.4
1997 12257.6 12809.3 12296.5
1998 13384.7 14224.5 13559.6
1999 14184.3 15140 14245
4/30/00 14361 15660 14263
</TABLE>
[END PLOT POINTS]
Source: Lipper Analytical Services, Inc. Past performance is not indicative of
the future results. Investment return and principal value will fluctuate with
market conditions. When shares are redeemed, they may be worth more or less
than their original cost.
This chart illustrates comparative performance for $10,000 invested in Class I
Shares of Chase Vista U.S. Government Securities Fund, the Lipper General U.S.
Government Funds Average, and the Lehman Government Bond Index from February
19, 1993 to April 30, 2000. 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 do not include a sales
charge and have been adjusted to reflect reinvestment of all dividends and
capital gains on the securities included in the benchmark.
Class I shares have a $1,000,000 minimum initial deposit and carry no sales
charge.
The Fund is currently waiving certain fees. This voluntary waiver may be
modified or terminated at any time, which would reduce performance.
The Lipper General U.S. Government Funds Average represents the average
performance of a universe of actively managed U.S. government income funds.
Lipper is an independent mutual fund performance monitor whose results are
based on total return and do not reflect a sales charge.
The Lehman Government Bond Index is composed of the Treasury Bond Index and the
Agency Bond Index and includes U.S. Treasury and agency bond issues. The index
is unmanaged and reflects the reinvestment of dividends. An individual cannot
invest directly in an index.
7
<PAGE>
--------------------------------------------------------------------------------
CHASE VISTA BOND FUND
As of April 30, 2000 (Unaudited)
--------------------------------------------------------------------------------
How the Fund Performed
Chase Vista Bond Fund, which seeks to provide a high level of current income
through a portfolio of investment-grade Treasury, corporate, mortgage-backed
and asset-backed securities, had a total return of .40% (Class A shares,
without sales charge) for the six months ended April 30, 2000. This compares to
a return of 1.42% for its Lehman Aggregate Bond Index.
How the Fund Was Managed
Early in the reporting period, the Fund turned in strong relative performance
as a result of several factors. First, in a rising rate environment, the
management team allowed the Fund's duration (and hence its sensitivity to
changes in interest rates) to further shorten below that of its peer group
before making a strategic reduction in December. Next, the Fund's exposure to
corporate bonds was increased when it became clear that new supply would not be
as heavy as expected. Within the corporate sector, the Fund also benefited by
holding several issues which received credit upgrades. Finally, the Fund ended
1999 with an emphasis on 20-year maturities in the Treasury sector, which was
positive as this part of the yield curve outperformed 30-year issues.
In the January through April, 2000 period, technical factors--especially the
U.S. Treasury's program to buy back longer-dated securities--overwhelmed
fundamentals and caused fairly severe dislocation in the fixed income markets.
Elsewhere, the credit performance of one of our corporate bond holdings,
Conseco, also dampened returns. We are keeping a close eye on the company's
developments with regard to analysts and agency ratings. In the meantime, we
continue our conservative assumptions about Conseco, and will sell only if its
financial condition or liquidity situation deteriorates.
Despite the management team's efforts to extend the Fund's duration as the
yield curve inverted and longer-term Treasuries outperformed dramatically, the
Fund had a short-to-neutral duration for most of the January through April
period, and this was detrimental to overall performance. However, the Fund's
yield curve strategy was a positive performance factor as the management team
had hedged its exposure to the short end where rates rose. On a sector level,
the management team took advantage of widening yield spreads between Treasuries
and other sectors to increase the Fund's yield, especially by adding to
corporate and agency positions. This exposure to non-Treasury spread sectors
proved positive in April as spreads stabilized and recovered somewhat, although
corporate securities continued to lag.
8
<PAGE>
CHASE VISTA BOND FUND
As of April 30, 2000 (Unaudited)
Where the Fund May Be Headed
In the wake of the Fed's widely expected 50 basis point tightening on May 16,
it is the management team's view that additional moves to a less accommodative
stance are likely until the potential inflationary forces currently building
show signs of moderation. Interest rates, therefore, will likely climb further
in this market environment of pervasive uneasiness. However, because of the
continued specter of Treasury buy backs, we remain more concerned about the
short end of the Treasury curve and therefore expect to continue a barbell
curve strategy that's underweight in 2- to 3-year maturities and overweight in
the 10- to 30-year area. While corporates have sharply underperformed year to
date, the management team notes that supply has been rather light and,
therefore, believes that when the corporate sector rebounds, it will be in
rather dramatic fashion.
9
<PAGE>
CHASE VISTA BOND FUND
As of April 30, 2000 (Unaudited)
Percentage of Total Portfolio Investments
[BEGIN PIE CHART]
<TABLE>
<S> <C>
Residental Mortgage Backed Securities 36.0%
Corporate Notes & Bonds 31.3%
U.S. Treasury Securities 16.8%
U.S. Government Agency Securities 7.2%
Asset Backed Securities 5.0%
Foreign Government Securities 1.4%
Commercial Mortgage Backed Securities 1.2%
Cash Equivalents & Short-Term Paper 1.1%
</TABLE>
[END PIE CHART]
Average Annual Total Returns+
<TABLE>
<CAPTION>
Since
Inception
1 Year 5 Years (11/30/90)
------------------------------------------------------------------
<S> <C> <C> <C>
Class A Shares
Without Sales Charge -0.14% 6.05% 7.05%
With Sales Charge* -4.66% 5.08% 6.53%
------------------------------------------------------------------
Class B Shares
Without CDSC -0.97% 5.54% 6.77%
With CDSC** -5.67% 5.22% 6.77%
------------------------------------------------------------------
Class I Shares 0.11% 6.37% 7.22%
------------------------------------------------------------------
</TABLE>
Source: Lipper Analytical Services, Inc. Past performance is not indicative of
future results. Investment return and principal value will fluctuate with
market conditions. When shares are redeemed, they may be worth more or less
than their original cost.
The Fund is currently waiving certain fees. This voluntary waiver may be
modified or terminated at any time, which would reduce performance.
* Sales charge on Class A Shares is 4.50%.
** Assumes 5% CDSC (contingent deferred sales charge) for the one year period,
a 2% CDSC for the five year period and 0% CDSC for the period since inception.
+ The Fund commenced operations on 11/30/90. Class A and B Shares were
introduced on 5/6/96. Investors should note that the information presented for
Class A and B Shares prior to their introduction is based on historical
expenses of the predecessor Class I Shares, which are lower than the actual
expenses of the Class A and B Shares.
10
<PAGE>
CHASE VISTA BOND FUND
As of April 30, 2000 (Unaudited)
Life of Fund Performance (11/30/90 to 4/30/00)
[BEGIN PLOT POINTS]
<TABLE>
<CAPTION>
Lehman Lipper Corporate
Chase Vista Aggregate Debt A-Rated
Bond Fund Bond Index Funds Average
<S> <C> <C> <C>
11/90 10000 10000 10000
4/91 10466.3 10553.6 10575.6
1992 11545.5 11714.6 11742.6
1993 13132.1 13269.4 13443
1994 13279.7 13424 13556.2
1995 14152 14808.1 14363.6
1996 15327.3 15652.1 15493.2
1997 16396.4 16760.9 16490.5
1998 18258.3 18588.9 18226.5
1999 19250.5 19753.8 19093.5
4/30/00 19274 20000 18973
</TABLE>
[END PLOT POINTS]
Source: Lipper Analytical Services, Inc. Past performance is not indicative of
the future results. Investment return and principal value will fluctuate with
market conditions. When shares are redeemed, they may be worth more or less
than their original cost.
This chart illustrates comparative performance for $10,000 invested in Class I
Shares of Chase Vista Bond Fund, the Lipper Corporate Debt A-Rated Funds
Average and the Lehman Aggregate Bond Index from November 30, 1990 to April 30,
2000. The performance of the Fund assumes the reinvestment of all dividends and
capital gains and does not include a sales charge. The performance of the
averages and the index do not include a sales charge and have been adjusted to
reflect reinvestment of all dividends and capital gains on the securities
included in the benchmark.
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 Corporate Debt A-Rated Funds Average represents the average
performance of a universe of actively managed corporate debt A-rated or better
funds. Lipper is an independent mutual fund performance monitor whose results
are based on total return and do not reflect a sales charge.
The Lehman Aggregate Bond Index is composed of the Lehman Government/
Corporate Index and the Mortgage-Backed Securities Index and includes U.S.
treasury issues, agency issues, corporate bond issues and mortgage-backed
securities. The index is unmanaged and reflects reinvestment of dividends. An
individual cannot invest in the index.
11
<PAGE>
--------------------------------------------------------------------------------
CHASE VISTA SHORT-TERM BOND FUND
As of April 30, 2000 (Unaudited)
--------------------------------------------------------------------------------
How the Fund Performed
Chase Vista Short-Term Bond Fund, which seeks current income by investing in a
portfolio of short-term investment grade fixed income securities, had a total
return of 1.05% (Class A shares, without sales charges) for the six months
ended April 30, 2000. This compares to a return of 1.80% for its industry
benchmark, the Lehman 1-3 Year Government Bond Index.
How the Fund Was Managed
Early in the reporting period, the management team took several steps to
improve the Fund's yield and total return profile over a one-year interval.
First, given relatively narrow quality spreads, it sold off a portion of the
Fund's lower-rated investment grade corporate securities and swapped into
higher-rated investment grade corporates. Second, it sold off lower-yielding
agency securities and swapped into higher-yielding, higher-quality corporates.
Finally, it sold off asset-backed securities and swapped into corporate
securities with better total return potential. The management team cut duration
by the end of 1999 to one-half year under its benchmark to defend against
rising interest rates.
Among individual securities, the poor credit performance of Conseco, one of our
holdings, in April was a major factor in the Fund's underperformance of its
benchmark. We continue to hold Conseco in the portfolio, as we monitor
developments from the company with analysts and rating agencies. Meanwhile, our
position there will not be sold unless the company shows signs of serious
fundamental deterioration. In the January through April, 2000 period, technical
factors--especially the US Treasury's program to buy back longer-dated
securities--overwhelmed fundamentals and caused fairly severe dislocation in
the fixed income markets. This had a negative impact on corporate and agency
securities relative to Treasuries and, therefore, caused the Fund to
underperform. However, the management team took advantage of these widened
yield spreads that were at several-year highs to add to its agency security
positions. As spreads on agencies narrowed in April, the Fund's performance
improved.
Where the Fund May Be Headed
In the wake of the Fed's widely expected 50 basis point tightening on May 16,
it is the management team's view that additional moves to a less accommodative
stance are likely until the potential inflationary forces currently building
show signs of moderation. Interest rates, therefore, will likely climb further
in this market environment of pervasive uneasiness. While corporates have
sharply underperformed year to date, the management team notes that supply has
been rather light and, therefore, believes that when the corporate sector
rebounds, it will be in rather dramatic fashion.
12
<PAGE>
CHASE VISTA SHORT-TERM BOND FUND
As of April 30, 2000 (Unaudited)
Percentage of Total Portfolio Investments
[BEGIN PIE CHART]
<TABLE>
<S> <C>
Corporate Notes & Bonds 50.7%
U.S. Government Agency Securities 13.4%
Cash Equivalents & Short-Term Paper 13.3%
Asset Backed Securities 9.6%
U.S. Treasury Securities 9.4%
Collateralized Mortgage Obligations 2.0%
Commercial Mortgage Backed Securities 1.6%
</TABLE>
[END PIE CHART]
Average Annual Total Returns+
<TABLE>
<CAPTION>
Since
Inception
1 Year 5 Years (11/30/90)
------------------------------------------------------------------
<S> <C> <C> <C>
Class A Shares
Without Sales Charge 2.30% 4.96% 5.25%
With Sales Charge* 0.80% 4.65% 5.08%
------------------------------------------------------------------
Class I Shares 2.73% 5.28% 5.42%
------------------------------------------------------------------
Class M Shares
Without Sales Charge 2.18% 4.94% 5.24%
With Sales Charge** 0.68% 4.62% 5.07%
------------------------------------------------------------------
</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.
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 1.50%.
** Sales charge on Class M shares is 1.50%.
+ The Fund commenced operations on 11/30/90. Class A Shares and Class M Shares
were introduced on 5/6/96 and 7/1/99, respectively. Investors should note that
the information presented for Class A Shares prior to their introduction is
based on historical expenses of the predecessor Class I Shares, which are lower
than the actual expenses of the A Shares. The information presented for Class M
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 M
Shares.
13
<PAGE>
CHASE VISTA SHORT-TERM BOND FUND
As of April 30, 2000 (Unaudited)
Life of Fund Performance (11/30/90 to 4/30/00)
[BEGIN PLOT POINTS]
<TABLE>
<CAPTION>
Chase Vista Lehman 1-3 Lipper Short-Term
Short-Term Year Government Investment Grade Debt
Bond Fund Bond Index Funds Average
<S> <C> <C> <C>
11/90 10000 10000 10000
4/91 10345.6 10447.7 10458.1
1992 11115.9 11418.2 11374.3
1993 11798.4 12340 12225.3
1994 12064.9 12541.8 12480.3
1995 12714.5 13256.8 13056.1
1996 13522.2 14162.8 13892.5
1997 14335.2 15028.8 14694.1
1998 15251.6 16101.4 15650.9
1999 16009.3 17053.3 16433.8
4/30/00 16433 17663 16905
</TABLE>
[END PLOT POINTS]
Source: Lipper Analytical Services, Inc. Past performance is not indicative of
the future results. Investment return and principal value will fluctuate with
market conditions. When shares are redeemed, they may be worth more or less than
their original cost.This chart illustrates comparative performance for $10,000
invested in Class I Shares of Chase Vista Short-Term Bond Fund, the Lipper Short
Term Investment Grade Debt Funds Average and the Lehman 1-3 year Government Bond
Index from November 30, 1990 to April 30, 2000. The performance of the Fund
assumes reinvestment of all dividends and capital gains and does not include a
sales charge. The performance of the average and the index do not include a
sales charge and have been adjusted to reflect the reinvestment of all dividends
and capital gains on the securities included in the benchmark.
Class I Shares have a $1,000,000 minimum initial deposit and carry no sales
charge.
The Fund is currently waiving certain fees. This voluntary waiver may be
modified or terminated at any time, which would reduce performance.
The Lipper Short-Term Investment Grade Debt Funds Average represents the
average performance of a universe of actively managed short-term investment
grade debt funds. Lipper is an independent mutual fund performance monitor
whose results are based on total return and do not reflect a sales charge.
The Lehman 1-3 Year Government Bond Index is composed of bonds covered by the
Government Bond Index with maturities of one to three years. The index is
unmanaged and reflects the reinvestment of dividends. An individual cannot
invest directly in the index.
14
<PAGE>
--------------------------------------------------------------------------------
CHASE VISTA STRATEGIC INCOME FUND
As of April 30, 2000 (Unaudited)
--------------------------------------------------------------------------------
How the Fund Performed
Chase Vista Strategic Income Fund had a total return 2.22% (Class A shares,
without sales charges) for the six month period ended April 30, 2000. This
compares to a return of 1.42% for its industry benchmark, the Lehman Aggregate
Bond Index.
How the Fund Was Managed
The last two months of 1999 were dominated by several trends, including
modestly negative performance from US investment grade bonds, recovery in US
high yield bonds and blistering performance by emerging market bonds. As such,
the Fund's performance was held back by a modestly overweight position in US
investment grade bonds, but this was more than counterbalanced by its position
in emerging market bonds.
Early in 2000, the Fund benefited from its substantial overweight position in
emerging market bonds as yield spreads tightened by 3% in the first calendar
quarter of the year. However, the Fund's slightly overweight position in US
high yield bonds and preference for US investment grade over foreign investment
grade bonds did not help performance as the US Treasury's buyback program
caused distortions throughout US fixed income markets.
The management team continued to increase the Fund's weightings in emerging
markets as improving economic fundamentals and better market conditions
globally drove money back into riskier investments. The team also increased the
proportion of the portfolio devoted to higher beta countries such as Brazil and
Venezuela while maintaining core emerging market positions in higher quality BB
and BBB credits such as Mexico and Korea.
Where the Fund May Be Headed
Although April was a difficult month for emerging market debt, the management
team intends to remain patient while looking to become more constructive. Its
view is that the consolidation process we saw in April may, at best, last a bit
longer as US market pressures and Fed worries continue, and that it may well
force spreads wider as US markets struggle to find their appropriate level.
15
<PAGE>
CHASE VISTA STRATEGIC INCOME FUND
As of April 30, 2000 (Unaudited)
Percentage of Total Portfolio Investments
[BEGIN PIE CHART]
<TABLE>
<S> <C>
Corporate Notes & Bonds 40.3%
Foreign Government Securities 18.6%
Cash Equivalents & Short-Term Paper 16.8%
Residential Mortgage Backed Securities 12.4%
U.S. Treasury Securities 7.3%
U.S. Government Agency Securities 4.0%
Asset-Backed Securities 0.4%
Common Stocks 0.2%
</TABLE>
[END PIE CHART]
Average Annual Total Returns+
<TABLE>
<CAPTION>
Since
Inception
1 Year (11/30/98)
---------------------------------------------------
<S> <C> <C>
Class A Shares
Without Sales Charge 3.07% 3.87%
With Sales Charge* -1.59% 0.55%
---------------------------------------------------
Class B Shares
Without CDSC 2.91% 3.69%
With CDSC**-1.83% -1.83% 1.06%
---------------------------------------------------
Class C Shares
Without CDSC 2.90% 3.68%
With CDSC*** 1.95% 3.68%
---------------------------------------------------
Class I Shares 3.08% 3.91%
---------------------------------------------------
Class M Shares
Without Sales Charge 2.81% 3.62%
With Sales Charge**** -0.30% 1.41%
---------------------------------------------------
</TABLE>
Source: Lipper Analytical Services, Inc. Past performance is not indicative of
future results. Investment return and principal value will fluctuate with
market conditions. When shares are redeemed, they may be worth more or less
than their original cost.
The Fund is currently waiving certain fees. This voluntary waiver may be
modified or terminated at any time, which would reduce performance.
* Sales charge on Class A Shares is 4.50%.
** Assumes 5% CDSC (contingent deferred sales charge) for the one year period
and 4% CDSC for the period since inception.
*** Assumes 1% CDSC for the one-year period and 0% CDSC for the period since
inception.
**** Sales charge on Class M is 3.0%.
+ The Fund commenced operations on 11/30/98. Class A, B, C and I Shares were
introduced on 11/30/98. Class M Shares were introduced on 10/28/99. The Fund is
currently waiving certain fees. This voluntary waiver may be modified or
terminated at any time, which would reduce performance. The information
presented for Class M Shares prior to their introduction is based on historical
expenses of the predecessor Class B Shares, which are different from the actual
expenses of the M Shares.
16
<PAGE>
CHASE VISTA STRATEGIC INCOME FUND
As of April 30, 2000 (Unaudited)
Life of Fund Performance (11/30/98 to 4/30/00)
[BEGIN PIE CHART]
<TABLE>
<CAPTION>
Chase Vista Lehman Lipper Multi-Sector
Strategic Aggregate Income Funds
Income Fund Bond Index Average
<S> <C> <C> <C>
11/98 9550 10000 10000
4/99 9776.43 10011 10274.1
4/30/00 10077 10135 10171
</TABLE>
[END PIE CHART]
Source: Lipper Analytical Services, Inc. Past performance is not indicative of
the 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 Strategic Income Fund, the Lipper Multi-Sector Income
Funds Average and the Lehman Aggregate Bond Index from November 30, 1998 to
April 30, 2000. The performance of the Fund assumes the reinvestment of all
dividends and capital gains and does not include a sales charge. The
performance of the averages and the index do not include a sales charge and
have been adjusted to reflect the reinvestment of all dividends and capital
gains on the securities included in the benchmark.
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 Multi-Sector Income Funds Average represents the average performance
of a universe of actively managed multi-sector income funds. Lipper is an
independent mutual fund performance monitor whose results are based on total
return and do not reflect a sales charge.
The Lehman Aggregate Bond Index is composed of the Lehman Government/
Corporate Index and the Mortgage-Backed Securities Index and includes U.S.
treasury Issues, agency issues, corporate bond issues and mortgage-backed
securities. The index is unmanaged and reflects reinvestment of dividends. An
individual cannot invest in the index.
17
<PAGE>
--------------------------------------------------------------------------------
CHASE VISTA U.S. TREASURY INCOME FUND
Portfolio of Investments
--------------------------------------------------------------------------------
As of April 30, 2000 (unaudited)
(Amounts in Thousands)
<TABLE>
<S> <C> <C>
Principal
Amount Issuer Value
--------------------------------------------------------------------------------
Long-Term Investments -- 96.0%
--------------------------------------------------------------------------------
U.S. Treasury Securities -- 74.6%
---------------------------------
U.S. Treasury Notes & Bonds,
$ 1,000 5.25%, 02/15/29 $ 878
4,200 5.63%, 05/15/08 3,989
2,000 6.25%, 02/28/02 1,984
7,600 6.25%, 02/15/03 7,523
6,500 6.38%, 08/15/27 6,637
10,000 7.50%, 02/15/05 10,368
9,650 7.88%, 08/15/01 @ 9,790
8,700 8.50%, 02/15/20 10,845
3,000 11.75%, 02/15/01 3,124
----------------------------------------------------------------
Total U.S. Treasury Securities 55,138
(Cost $57,808)
----------------------------------------------------------------
Residential Mortgage Backed Securities -- 21.4%
-----------------------------------------------
Mortgage Backed Pass-Through Securities -- 21.4%
Government National Mortgage Association,
4,772 Pool 478716, 8.00%, 09/15/29 4,781
4,967 Pool 487526, 6.50%, 06/15/29 4,652
6,457 Pool 500265, 7.50%, 11/15/29 6,349
----------------------------------------------------------------
Total Residential Mortgage Backed Securities 15,782
(Cost $16,108)
--------------------------------------------------------------------------------
Total Long-Term Investments 70,920
(Cost $73,916)
--------------------------------------------------------------------------------
Short-Term Investment -- 1.6%
--------------------------------------------------------------------------------
U.S. Government Agency Security -- 1.6%
---------------------------------------
1,169 Federal Home Loan Bank, DN, 5.87%, 05/01/00 1,169
(Cost $1,169)
--------------------------------------------------------------------------------
Total Investments -- 97.6% $72,089
(Cost $75,085)
--------------------------------------------------------------------------------
</TABLE>
<TABLE>
<S> <C> <C> <C> <C> <C>
Original Notional Unrealized
Notional Value at Appreciation/
Number of Expiration Value 04/30/00 (Depreciation)
Contracts Description Date (USD) (USD) (USD)
--------------------------------------------------------------------------------------------------------
Long Futures Outstanding
--------------------------
50 10 Year Agency Notes June 2000 $4,622 $4,553 ($69)
Short Futures Outstanding
--------------------------
54 10 Year Treasury Notes June 2000 5,241 5,236 5
</TABLE>
See notes to financial statements.
18
<PAGE>
--------------------------------------------------------------------------------
CHASE VISTA U.S. GOVERNMENT SECURITIES FUND
Portfolio of Investments
--------------------------------------------------------------------------------
As of April 30, 2000 (unaudited)
(Amounts in Thousands)
<TABLE>
<S> <C> <C>
Principal
Amount Issuer Value
---------------------------------------------------------------------------------------
Long-Term Investments -- 92.9%
---------------------------------------------------------------------------------------
U.S. Treasury Securities -- 27.6%
---------------------------------
U.S. Treasury Notes & Bonds,
$ 2,000 6.13%, 08/15/29 $ 2,005
1,800 6.38%, 03/31/01 1,798
7,800 8.13%, 08/15/19 9,372
-----------------------------------------------------------------------
Total U.S. Treasury Securities 13,175
(Cost $12,516)
-----------------------------------------------------------------------
U.S. Government Agency Securities -- 7.5%
-----------------------------------------
3,700 Federal National Mortgage Association, 6.50%, 08/15/04 3,598
(Cost $3,703)
Residential Mortgage Backed Securities -- 57.8%
-----------------------------------------------
Collateralized Mortgage Obligations -- 6.4%
1,136 Federal Home Loan Mortgage Corp., Ser. 2035, Class
PH, 6.15%, 08/15/18 1,116
1,017 Federal National Mortgage Association, Ser. 1993-250,
Class A, 6.15%, 09/25/16 1,004
979 Government National Mortgage Association, Ser.
1999-8, Class A, 6.25%, 06/16/25 936
-------
3,056
Mortgage Backed Pass-Through Securities -- 51.4%
Federal Home Loan Mortgage Corp.,
3,986 Gold Pool C35369, 7.00%, 01/01/30 3,816
2,937 Gold Pool G00738, 8.00%, 07/01/27 2,937
Federal National Mortgage Association,
2,380 Pool 252875, 8.00%, 11/01/29 2,376
1,514 Pool 313720, 7.50%, 09/01/12 1,505
2,450 Pool 323788, 6.50%, 06/01/14 2,344
3,933 Pool 506654, 6.50%, 09/01/29 3,673
Government National Mortgage Association,
4,438 Pool 434628, 8.00%, 12/15/29 4,445
1,532 Pool 509443, 9.00%, 12/15/29 1,580
1,908 Pool 512996, 7.50%, 07/15/29 1,877
-------
24,553
---------------------------------------------------------------------------------------
Total Residential Mortgage Backed Securities 27,609
(Cost $28,101)
---------------------------------------------------------------------------------------
Total Long-Term Investments 44,382
(Cost $44,320)
---------------------------------------------------------------------------------------
Short-Term Investment -- 6.2%
---------------------------------------------------------------------------------------
Repurchase Agreement -- 6.2%
----------------------------
2,965 Greenwich Capital Markets, Inc., 5.80%, due 05/01/00
(Dated 04/28/00, Proceeds $2,966, Secured by FHLMC
$3,322, 6.50%, due 11/15/29; Market Value $3,027) 2,965
(Cost $2,965)
---------------------------------------------------------------------------------------
Total Investments -- 99.1% $47,347
(Cost $47,285)
---------------------------------------------------------------------------------------
</TABLE>
See notes to financial statements.
19
<PAGE>
--------------------------------------------------------------------------------
CHASE VISTA BOND FUND
Portfolio of Investments
--------------------------------------------------------------------------------
As of April 30, 2000 (unaudited)
(Amounts in Thousands)
<TABLE>
<S> <C> <C>
Principal
Amount
(USD) Issuer Value
---------------------------------------------------------------------------------------
Long-Term Investments -- 98.0%
---------------------------------------------------------------------------------------
U.S. Treasury Securities -- 16.6%
---------------------------------
U.S. Treasury Notes & Bonds,
$ 750 7.13%, 02/15/23 $ 828
1,200 7.63%, 02/15/25 1,410
4,500 8.13%, 08/15/19 5,407
800 11.25%, 02/15/15 1,170
---------------------------------------------------------------------
Total U.S. Treasury Securities 8,815
(Cost $8,700)
---------------------------------------------------------------------
U.S. Government Agency Securities -- 7.2%
-----------------------------------------
1,500 Federal Home Loan Bank, 6.38%, 08/15/06 1,425
Federal National Mortgage Association,
1,500 6.00%, 05/15/08 1,381
1,000 7.25%, 01/15/10 997
---------------------------------------------------------------------
Total U.S. Government Agency Securities 3,803
(Cost $3,919)
---------------------------------------------------------------------
Foreign Government Securities -- 1.3%
-------------------------------------
750 Quebec Province (Canada), 6.50%, 01/17/06 713
(Cost $736)
Corporate Notes & Bonds -- 31.0%
--------------------------------
Aerospace -- 1.1%
600 Raytheon Co., #, 7.90%, 03/01/03 590
Automotive -- 2.6%
Ford Motor Credit Co.,
700 6.70%, 07/16/04 673
750 7.38%, 10/28/09 725
-----
1,398
Banking -- 2.5%
700 Bank of America Corp., 7.80%, 02/15/10 695
650 Korea Development Bank (South Korea), 6.50%,
11/15/02 623
-----
1,318
Diversified -- 0.7%
375 Textron, Inc., 6.38%, 07/15/04 357
Financial Services -- 1.3%
750 Lehman Brothers Holdings Inc., 6.63%, 02/05/06 706
Insurance -- 1.1%
900 Conseco, Inc., 8.50%, 10/15/02 567
Multi-Media -- 1.6%
1,000 Time Warner Inc., 6.63%, 05/15/29 831
Oil & Gas -- 6.4%
1,350 Amerada Hess Corp., 7.88%, 10/01/29 1,261
480 PEMEX Finance LTD (Cayman Islands), #, 9.03%, 02/15/11 485
1,000 Valero Energy Corp., #, 6.75%, 12/15/02 968
700 YPF Sociedad Anonima (Argentina), 7.25%, 03/15/03 667
-----
3,381
</TABLE>
See notes to financial statements.
20
<PAGE>
CHASE VISTA BOND FUND
Portfolio of Investments (Continued)
As of April 30, 2000 (unaudited)
(Amounts in Thousands)
<TABLE>
<S> <C> <C>
Principal
Amount
(USD) Issuer Value
---------------------------------------------------------------------------------------
Long-Term Investments -- Continued
---------------------------------------------------------------------------------------
Packaging -- 0.9%
$ 500 Tenneco Packaging, Inc., 8.00%, 04/15/07 $ 482
Pipelines -- 1.7%
1,000 EL Paso Energy Corp., 6.75%, 05/15/09
901
Retailing -- 2.5%
700 SAKS Inc., 7.25%, 12/01/04 629
750 Wal-Mart Stores, Inc., 6.88%, 08/10/09 720
------
1,349
Telecommunications -- 4.3%
450 Metronet Communications Corp. (Canada), SUB,
0.00%, 06/15/03 359
800 Sprint Capital Corp., 6.88%, 11/15/28 699
500 U.S. West Capital Funding, Inc., 6.25%, 07/15/05 468
750 Vodafone AirTouch PLC (United Kingdom), #, 7.63%,
02/15/05 746
------
2,272
Utilities -- 4.3%
600 Cilcorp Inc., 8.70%, 10/15/09 600
600 Empresa Nacional de Electricidad SA (Chile), Ser. B,
8.50%, 04/01/09 586
450 Israel Electric Corp. (Israel), MTN, #, 7.75%, 12/15/27 389
750 TXU Eastern Funding (United Kingdom), 6.15%,
05/15/02 724
------
2,299
---------------------------------------------------------------------
Total Corporate Notes & Bonds 16,451
(Cost $17,090)
---------------------------------------------------------------------
Residential Mortgage Backed Securities -- 35.6%
-----------------------------------------------
Collateralized Mortgage Obligation -- 1.8%
1,000 Federal National Mortgage Association, Ser. 1999-17,
Class PC, 6.00%, 12/25/22 938
Mortgage Backed Pass-Through Securities -- 33.8%
Federal National Mortgage Association,
3,221 Pool 252093, 6.50%, 11/01/28 3,007
1,176 Pool 252339, 6.00%, 03/01/29 1,065
231 Pool 252435, 6.00%, 05/01/14 216
386 Pool 303784, 7.00%, 03/01/11 377
2,467 Pool 323633, 7.00%, 03/01/29 2,359
2,287 Pool 323645, 7.50%, 04/01/29 2,242
580 Pool 323688, 7.50%, 03/01/29 569
706 Pool 323714, 7.00%, 04/01/14 689
594 Pool 484753, 6.50%, 03/01/29 555
1,085 Pool 490445, 6.00%, 03/01/29 982
824 Pool 534064, 8.00%, 03/01/30 823
2,181 Pool 535052, 6.00%, 11/01/14 2,042
</TABLE>
See notes to financial statements.
21
<PAGE>
CHASE VISTA BOND FUND
Portfolio of Investments (Continued)
As of April 30, 2000 (unaudited)
(Amounts in Thousands)
<TABLE>
<S> <C> <C>
Principal
Amount
(USD) Issuer Value
------------------------------------------------------------------------------------
Long-Term Investments -- Continued
------------------------------------------------------------------------------------
Mortgage Backed Pass-Through Securities -- continued
Government National Mortgage Association,
$ 1,290 Pool 487224, 6.50%, 05/15/29 $ 1,208
1,075 Pool 510285, 7.00%, 08/15/29 1,034
825 Pool 527141, 8.00%, 03/15/30 827
-------
17,995
---------------------------------------------------------------------
Total Residential Mortgage Backed Securities 18,933
(Cost $19,728)
---------------------------------------------------------------------
Commercial Mortgage Backed Security -- 1.2%
-------------------------------------------
650 Nationslink Funding Corp., Ser. 1999-SL, Class A2,
6.10%, 12/10/01 638
(Cost $650)
Asset Backed Securities -- 5.1%
-------------------------------
MBNA Master Credit Card Trust,
750 Ser. 1999-J, Class A, 7.00%, 02/15/12 728
800 Ser. 1999-M, Class B, 6.80%, 04/16/07 775
500 Nomura CBO LTD, Ser. 1997-1, Class A2, FRN, #,
6.67%, 05/15/09 461
750 Residential Funding Mortgage Securities II, Ser.
2000-HI1, Class AI4, 7.79%, 01/25/14 743
--------------------------------------------------------------------
Total Asset Backed Securities 2,707
(Cost $2,798)
-----------------------------------------------------------------------------------
Total Long-Term Investments 52,060
(Cost $53,621)
-----------------------------------------------------------------------------------
Short-Term Investment -- 1.1%
-----------------------------------------------------------------------------------
U.S. Treasury Security -- 0.4%
------------------------------
200 U.S. Treasury Bill, 5.46%, 06/08/00@ 199
(Cost $199)
Repurchase Agreement -- 0.7%
----------------------------
365 Greenwich Capital Markets, Inc., 5.80%, due 05/01/00
(Dated 04/28/00, Proceeds $365, Secured by FHLMC,
$379, FRN, due 05/15/29; Market Value $372) 365
(Cost $365)
-----------------------------------------------------------------------------------
Total Short-Term Investments 564
(Cost $564)
-----------------------------------------------------------------------------------
Total Investments -- 99.1% $52,624
(Cost $54,185)
-----------------------------------------------------------------------------------
</TABLE>
<TABLE>
<S> <C> <C> <C> <C> <C>
Original Notional Unrealized
Notional Value at Appreciation/
Number of Expiration Value 04/30/00 (Depreciation)
Contracts Description Date (USD) (USD) (USD)
--------------------------------------------------------------------------------------------------------
Short Futures Outstanding
-------------------------
20 10 Year Treasury Notes June 2000 $1,938 $1,939 ($1)
40 5 Year Treasury Notes June 2000 3,931 3,903 28
30 2 Year Agency Notes June 2000 5,950 5,917 33
</TABLE>
See notes to financial statements.
22
<PAGE>
--------------------------------------------------------------------------------
CHASE VISTA SHORT TERM BOND FUND
Portfolio of Investments
--------------------------------------------------------------------------------
As of April 30, 2000 (unaudited)
(Amounts in Thousands)
<TABLE>
<S> <C> <C>
Principal
Amount
(USD) Issuer Value
---------------------------------------------------------------------------------------
Long-Term Investments -- 86.3%
---------------------------------------------------------------------------------------
U.S. Treasury Securities -- 9.3%
--------------------------------
U.S. Treasury Notes & Bonds,
$ 1,500 4.63%, 12/31/00 $1,482
1,000 5.88%, 11/15/04 974
2,100 6.38%, 08/15/02 2,087
---------------------------------------------------------------------
Total U.S. Treasury Securities 4,543
(Cost $4,598)
---------------------------------------------------------------------
U.S. Government Agency Securities -- 13.3%
------------------------------------------
2,000 Federal Home Loan Bank, 5.50%, 08/13/01 1,963
4,700 Federal National Mortgage Association, 5.75%, 04/15/03 4,524
---------------------------------------------------------------------
Total U.S. Government Agency Securities 6,487
(Cost $6,531)
---------------------------------------------------------------------
Corporate Notes & Bonds -- 50.5%
--------------------------------
Automotive -- 11.2%
1,500 Daimler Chrysler North America Holding Corp.
(Germany), MTN, 6.84%, 10/15/02 1,481
1,500 General Motors Acceptance Corp., MTN, 8.25%, 02/28/02 1,517
1,500 Paccar Financial Corp., MTN, 6.79%, 08/15/02 1,480
1,000 TRW, Inc., 6.45%, 06/15/01 982
------
5,460
Banking -- 9.1%
1,400 Bank of America Corp., 8.38%, 03/15/02 1,419
1,500 Bank of New York Co., Inc., 7.63%, 07/15/02 1,505
1,500 Bank One Corp., 8.10%, 03/01/02 1,511
------
4,435
Business Services -- 1.5%
750 Comdisco, Inc., 5.95%, 04/30/02 721
Diversified -- 2.0%
1,000 Tyco International Group, SA (Luxemburg), 6.13%,
06/15/01 982
Financial Services -- 11.2%
1,500 Goldman Sachs Group LP, #, 6.60%, 07/15/02 1,463
1,500 Household Finance Corp., MTN, FRN, 6.13%, 07/15/12 1,454
1,500 International Lease Finance Corp., MTN, 8.16%, 02/14/02 1,520
1,000 Lehman Brothers Holdings, Inc., MTN, 6.38%, 03/15/01 991
------
5,428
Insurance -- 4.1%
1,500 American General Finance Corp., 5.90%, 01/15/03 1,435
750 Conseco, Inc., MTN, 7.60%, 06/21/01 540
------
1,975
Office/Business Equipment -- 3.1%
1,500 Xerox Corp., 8.13%, 04/15/02 1,506
Pipelines -- 2.0%
1,000 EL Paso Energy Corp., Class B, 6.63%, 07/15/01 988
Retailing -- 2.0%
1,000 Kroger Co., Ser. B, 6.34%, 06/01/01 982
</TABLE>
See notes to financial statements.
23
<PAGE>
CHASE VISTA SHORT TERM BOND FUND
Portfolio of Investments (Continued)
As of April 30, 2000 (unaudited)
(Amounts in Thousands)
<TABLE>
<S> <C> <C>
Principal
Amount
(USD) Issuer Value
---------------------------------------------------------------------------------------
Long-Term Investments -- Continued
---------------------------------------------------------------------------------------
Telecommunications -- 3.2%
$ 550 AT&T Capital Corp., MTN, 6.25%, 05/15/01 $ 543
1,000 GTE South, Inc., Class B, 7.25%, 08/01/02 994
------
1,537
Utilities -- 1.1%
550 TXU Eastern Funding (United Kingdom), 6.15%, 05/15/02 531
---------------------------------------------------------------------
Total Corporate Notes & Bonds 24,545
(Cost $25,080)
---------------------------------------------------------------------
Collateralized Mortgage Obligation -- 2.0%
------------------------------------------
978 Federal National Mortgage Association, Ser. 1993-250,
Class A, 6.15%, 09/25/16 966
(Cost $971)
Commercial Mortgage Backed Securities -- 1.6%
---------------------------------------------
178 Credit Suisse First Boston Mortgage Securities Corp.,
Ser. 1997-SPCE, Class A, #, 6.65%, 06/20/03 174
600 Nationslink Funding Corp., Ser. 1999-SL, Class A2,
6.10%, 12/10/01 589
---------------------------------------------------------------------
Total Commercial Mortgage Backed Securities 763
(Cost $778)
---------------------------------------------------------------------
Asset Backed Securities -- 9.6%
-------------------------------
1,500 Carco Auto Loan Master Trust, Ser. 1999-1, Class A2,
5.78%, 03/15/04 1,459
1,500 Citibank Credit Card Master Trust I, Ser. 1997-2, Class
A, 6.55%, 02/15/04 1,480
1,000 GE Capital Mortgage Services, Inc., Ser. 1999-HE3,
Class A2, 7.00%, 09/25/13 990
750 Residential Asset Securities Corp., Ser. 1999-KS2,
Class A14, 6.80%, 10/25/23 732
-----------------------------------------------------------------------
Total Asset Backed Securities 4,661
(Cost $4,787)
-----------------------------------------------------------------------------------------
Total Long-Term Investments 41,965
(Cost $42,745)
-----------------------------------------------------------------------------------------
Short-Term Investments -- 13.2%
-----------------------------------------------------------------------------------------
Shares
Money Market Fund -- 0.4%
-------------------------
217 Goldman Sachs ILA Government Portfolio 217
(Cost $217)
</TABLE>
<TABLE>
<S> <C> <C>
Principal
Amount
(USD)
Repurchase Agreement -- 12.8%
-----------------------------
6,214 Greenwich Capital Markets, Inc., 5.80%, due 05/01/00
(Dated 04/28/00, Proceeds $6,217, Secured by FHLMC
$6,446, 6.25%, due 04/15/29; Market Value $6,339) 6,214
(Cost $6,214)
-----------------------------------------------------------------------------------------
Total Short-Term Investments 6,431
(Cost $6,431)
-----------------------------------------------------------------------------------------
Total Investments -- 99.5% $48,396
(Cost $49,176)
-----------------------------------------------------------------------------------------
</TABLE>
See notes to financial statements.
24
<PAGE>
--------------------------------------------------------------------------------
CHASE VISTA STRATEGIC INCOME FUND
Portfolio of Investments
--------------------------------------------------------------------------------
As of April 30, 2000 (unaudited)
(Amounts in Thousands)
<TABLE>
<S> <C> <C>
Shares Issuer Value
---------------------------------------------------------------------------------------
Long-Term Investments -- 83.1%
---------------------------------------------------------------------------------------
Common Stock -- 0.2%
--------------------
Telecommunications -- 0.2%
1 Airgate PCS, Inc.* $ 40
1 World Access, Inc.* 5
-----------------------------------------------------------------
Total Common Stock 45
(Cost $9)
-----------------------------------------------------------------
</TABLE>
<TABLE>
<S> <C> <C>
Principal
Amount
(USD)
U.S. Treasury Securities -- 7.3%
--------------------------------
U.S. Treasury Notes & Bonds,
$ 350 5.25%, 05/31/01+ 345
200 5.25%, 05/15/04+ 191
300 5.88%, 10/31/01+ 296
200 6.13%, 08/15/29 200
600 8.13%, 08/15/19+ 722
-------------------------------------------------------------------
Total U.S. Treasury Securities 1,754
(Cost $1,744)
-------------------------------------------------------------------
U.S. Government Agency Securities -- 4.0%
-----------------------------------------
Federal National Mortgage Association,
500 6.50%, 08/15/04+ 486
500 6.63%, 09/15/09+ 477
-------------------------------------------------------------------
Total U.S. Government Agency Securities 963
(Cost $995)
-------------------------------------------------------------------
Foreign Government Securities -- 18.6%
--------------------------------------
Federal Republic of Brazil (Brazil),
250 14.50%, 10/15/09 264
179 C Bonds, 8.00%, 04/15/14 128
150 FRN, 7.44%, 04/15/09 124
364 Kingdom of Morocco Consolidated Loan (Morocco),
Tranche A, FRN, 6.84%, 01/01/09 323
National Republic of Bulgaria (Bulgaria),
200 FRN, PDI, 7.06%, 07/28/11 151
200 Ser. A, FRN, 7.06%, 07/28/24 153
Republic of Argentina (Argentina),
250 11.38%, 03/15/10 240
95 FRN, 7.37%, 03/31/05 89
105 Ser. L, FRN, 7.37%, 03/31/05 97
100 Ser. WW, 11.00%, 12/04/05 98
Republic of Colombia (Colombia),
250 8.63%, 04/01/08 188
250 FRN, 11.44%, 08/13/05 239
Republic of Panama (Panama),
150 8.88%, 09/30/27 128
320 IRB, FRN, 4.25%, 07/17/14 252
Republic of Peru (Peru),
250 FRN, 7.19%, 03/08/27 181
290 PDI, FRN, 4.50%, 03/07/17 194
250 Republic of Philippines (Philippines), 9.88%, 01/15/19 221
200 Republic of South Africa (South Africa), 9.13%, 05/19/09 193
</TABLE>
See notes to financial statements.
25
<PAGE>
CHASE VISTA STRATEGIC INCOME FUND
Portfolio of Investments (Continued)
As of April 30, 2000 (unaudited)
(Amounts in Thousands)
<TABLE>
<S> <C> <C>
Principal
Amount
(USD) Issuer Value
---------------------------------------------------------------------------------------
Long-Term Investments -- Continued
---------------------------------------------------------------------------------------
Republic of Venezuela (Venezuela),
$ 125 13.63%, 08/15/18 $ 114
190 Ser. DL, FRN, 7.00%, 12/18/07 149
140 Russian Federation (Russia), 8.75%, 07/24/05 101
200 State of Israel (Israel), 7.75%, 03/15/10+ 198
United Mexican States (Mexico),
300 7.50%, 03/08/10 267
100 9.75%, 04/06/05 103
250 11.38%, 09/15/16 281
---------------------------------------------------------------------
Total Foreign Government Securities 4,476
(Cost $4,498)
---------------------------------------------------------------------
Corporate Notes & Bonds -- 40.2%
--------------------------------
Apparel -- 0.5%
240 J. Crew Group, Ser. B, SUB, 0.00%, 10/15/02 132
Automotive -- 1.7%
200 Ford Motor Co., 7.45%, 07/16/31+ 190
50 Ford Motor Credit Co., 6.70%, 07/16/04+ 48
100 General Motors Acceptance Corp., 5.50%, 01/14/02+ 96
40 Heafner Tire Group Inc., Ser. D, 10.00%, 05/15/08 32
40 Lear Corp., Ser. B, 8.11%, 05/15/09 36
-----
402
Banking -- 1.8%
270 Banco Nacional De Desenvolvimiento Economico
(Brazil), FRN, 12.69%, 06/16/08 243
25 Sovereign Bancorp Inc., 6.63%, 03/15/01+ 24
195 U.S. Bank, NA, 5.70%, 12/15/08+ 168
-----
435
Biotechnology -- 0.5%
125 Bio-Rad Laboratories, #, 11.63%, 02/15/07 128
Broadcasting/Cable -- 1.7%
90 Charter Communications Holdings, LLC/Charter
Communications Holdings Capital Corp., #, 10.25%,
01/15/10 87
125 Grupo Televisa, S.A. de C.V. (Mexico), SUB, 0.00%, 05/15/01 122
100 Jones Intercable, Inc., 7.63%, 04/15/08+ 96
10 Lin Television Corp., 8.38%, 03/01/08 9
65 Spanish Broadcasting System, 9.63%, 11/01/09 64
25 USA Networks, Inc., 6.75%, 11/15/05+ 23
-----
401
Business Services -- 1.6%
200 Comdisco, Inc., 5.95%, 04/30/02+ 192
200 Electronic Data Systems Corp., 7.13%, 10/15/09+ 192
-----
384
Chemicals -- 2.1%
20 Acetex Corp. (Canada), 9.75%, 10/01/03 18
10 Agricultural Minerals and Chemicals, Inc., 10.75%,
09/30/03 7
200 Pioneer Americas Inc., Ser. B, 9.25%, 06/15/07 166
200 Rohm & Haas Co., 7.40%, 07/15/09 195
105 Scotts Co., #, 8.63%, 01/15/09 100
20 Terra Industries, Inc., Ser. B, 10.50%, 06/15/05 15
-----
501
</TABLE>
See notes to financial statements.
26
<PAGE>
CHASE VISTA STRATEGIC INCOME FUND
Portfolio of Investments (Continued)
As of April 30, 2000 (unaudited)
(Amounts in Thousands)
<TABLE>
<S> <C> <C>
Principal
Amount
(USD) Issuer Value
---------------------------------------------------------------------------------------
Long-Term Investments -- Continued
---------------------------------------------------------------------------------------
Computer Networks -- 0.2%
$ 49 Intersil Corp., 13.25%, 08/15/09 $ 55
Construction Materials -- 0.3%
100 Henry Co., Ser. B, 10.00%, 04/15/08 68
Consumer Products -- 2.0%
125 American Tissue, Inc., Ser. B, 12.50%, 07/15/06 128
225 Drypers Corp., Ser. B, 10.25%, 06/15/07 158
200 Procter & Gamble Co., 6.60%, 12/15/04+ 195
----
481
Diversified -- 0.5%
125 Textron, Inc., 6.38%, 07/15/04+ 119
Electronics/Electrical Equipment -- 0.5%
130 Fisher Scientific International, 9.00%, 02/01/08 120
Entertainment/Leisure -- 2.4%
50 Harrah's Operating Co., Inc., 7.88%, 12/15/05 47
30 Hollywood Casino Shreveport/Shreveport Capital Corp.,
#, 13.00%, 08/01/06 32
65 International Game Technology, 8.38%, 05/15/09 60
200 Mohegan Tribal Gaming Authority, 8.13%, 01/01/06 187
125 Park Place Entertainment Corp., #, 9.38%, 02/15/07 123
110 Premier Parks, Inc., 9.75%, 06/15/07 105
15 SFX Entertainment, Inc., Ser. B, 9.13%, 02/01/08 15
----
569
Environmental Services -- 0.8%
25 Safety-Kleen Corp., 9.25%, 05/15/09 1
110 Safety-Kleen Services Inc., 9.25%, 06/01/08 12
50 Stericycle, Inc., Ser. B, 12.38%, 11/15/09 50
155 Waste Management, Inc., 7.00%, 10/01/04 140
----
203
Financial Services -- 0.8%
200 Lehman Brothers Holdings, Inc., 7.75%, 01/15/05+ 200
Food/Beverage Products -- 0.4%
125 Archibald Candy Corp., 10.25%, 07/01/04 106
Health Care/Health Care Services -- 0.7%
25 Beckman Coulter, Inc., 7.10%, 03/04/03 24
35 Fresenius Medical Care Capital Trust I, 9.00%, 12/01/06 34
80 IASIS Healthcare Corp., #, 13.00%, 10/15/09 78
40 Triad Hospitals Holdings, Inc., Ser. B, 11.00%, 05/15/09 42
----
178
Hotels/Other Lodging -- 0.2%
65 Extended Stay America, Inc., 9.15%, 03/15/08 55
Insurance -- 0.3%
100 Conseco, Inc., 8.50%, 10/15/02+ 63
Internet Services/Software -- 1.4%
50 Covad Communications Group, Inc., #, 12.00%, 02/15/10 47
</TABLE>
See notes to financial statements.
27
<PAGE>
CHASE VISTA STRATEGIC INCOME FUND
Portfolio of Investments (Continued)
As of April 30, 2000 (unaudited)
(Amounts in Thousands)
<TABLE>
<S> <C> <C>
Principal
Amount
(USD) Issuer Value
---------------------------------------------------------------------------------------
Long-Term Investments -- Continued
---------------------------------------------------------------------------------------
Internet Services/Software -- Continued
$ 30 Globenet Communications Group LTD (Bermuda), Ser. B,
13.00%, 07/15/07 $ 30
100 NorthPoint Communications Group, Inc., #, 12.88%,
02/15/10 89
60 PSInet, Inc., #, 10.50%, 12/01/06 53
135 Rhythms NetConnections, Inc., 12.75%, 04/15/09 114
----
333
Manufacturing -- 1.3%
80 GenTek, Inc., 11.00%, 08/01/09 81
80 GST Equipment Funding, 13.25%, 05/01/07 40
175 J.B. Poindexter & Co., Inc., 12.50%, 05/15/04 165
40 Transdigm, Inc., 10.38%, 12/01/08 32
----
318
Metals/Mining -- 1.2%
50 AK Steel Corp., 9.13%, 12/15/06 49
200 Kaiser Aluminum & Chemical, 12.75%, 02/01/03 189
65 Sheffield Steel Corp., Ser. B, 11.50%, 12/01/05 51
----
289
Oil & Gas -- 4.0%
200 Amoco Canada Petroleum Co., LTD, (Canada), 7.25%,
12/01/02 199
100 Canadian Forest Oil LTD (Canada), 8.75%, 09/15/07 94
155 Chesapeake Energy Corp., Ser. B, 9.63%, 05/01/05 149
50 Empire Gas Corp., SUB, 12.88%, 07/15/04 34
100 Frontier Oil Corp., Ser. A, 9.13%, 02/15/06 86
90 Newpark Resources, Inc., Ser. B, 8.63%, 12/15/07 77
75 Ocean Energy, Inc., 8.63%, 08/01/05 72
Plains Resources, Inc.,
60 Ser. B, 10.25%, 03/15/06 58
20 #, 10.25%, 03/15/06 19
100 Pogo Producing Co., Ser. B, 8.75%, 05/15/07 94
85 Pool Energy Services Co., Ser. B, 8.63%, 04/01/08 86
----
968
Packaging -- 0.8%
120 Ball Corp., 8.25%, 08/01/08+ 113
85 Four M Corp., Ser. B, 12.00%, 06/01/06 80
----
193
Paper/Forest Products -- 0.5%
Buckeye Technologies, Inc.,
100 8.00%, 10/15/10 90
25 9.25%, 09/15/08 25
----
115
Printing & Publishing -- 0.8%
150 Advanstar Communications, Inc., 9.25%, 05/01/08 137
Hollinger International Publishing,
25 9.25%, 02/01/06 24
30 9.25%, 03/15/07 29
----
190
Restaurants/Food Services -- 0.2%
60 NE Restaurant Co., Inc., 10.75%, 07/15/08 47
10 Sbarro, Inc., #, 11.00%, 09/15/09 10
----
57
</TABLE>
See notes to financial statements.
28
<PAGE>
CHASE VISTA STRATEGIC INCOME FUND
Portfolio of Investments (Continued)
As of April 30, 2000 (unaudited)
(Amounts in Thousands)
<TABLE>
<S> <C> <C>
Principal
Amount
(USD) Issuer Value
---------------------------------------------------------------------------------------
Long-Term Investments -- Continued
---------------------------------------------------------------------------------------
Retailing -- 1.3%
$ 300 Grupo Elektra, S.A. de C.V., (Mexico), #, 12.00%,
04/01/08 $ 273
30 Stater Brothers Holdings, 10.75%, 08/15/06 30
-----
303
Semi-Conductors -- 0.2%
25 SCG Holding Corp./Semiconductor Components
Industries LLC, 12.00%, 08/01/09 27
35 Zilog, Inc., Ser. B, 9.50%, 03/01/05 31
-----
58
Shipping/Transportation -- 0.5%
45 Gulfmark Offshore, Inc., 8.75%, 06/01/08 41
80 International Shipping Corp., Ser. B, 7.75%, 10/15/07 70
-----
111
Telecommunications -- 6.7%
70 Adelphia Business Solutions, Inc., 12.00%, 11/01/07 71
80 Advanced Radio Telecom Corp., 14.00%, 02/15/07 74
110 Airgate PCS, Inc., SUB, 0.00%, 10/01/04 64
60 BTI Telecom Corp., 10.50%, 09/15/07 47
Call-Net Enterprises, Inc. (Canada),
25 8.00%, 08/15/08 16
130 9.38%, 05/15/09 98
40 Insight Midwest LP / Insight Capital, Inc., #, 9.75%,
10/01/09 41
200 MCI Worldcom Inc., 7.55%, 04/01/04+ 197
100 Metronet Communications Corp. (Canada), SUB, 0.00%,
06/15/03+ 80
25 Nextel Partners, Inc., #, 11.00%, 03/15/10 25
100 PageMart Nationwide, SUB, 15.00%, 02/01/03 100
180 Primus Telecommunications Group, 11.75%, 08/01/04 170
90 RSL Communications LTD (Bermuda), 12.25%, 11/15/06 89
120 Startec Global Communications Corp., 12.00%, 05/15/08 97
200 U.S. West Capital Funding, Inc., 6.50%, 11/15/18+ 170
250 Viatel, Inc., SUB, 0.00%, 04/15/03 135
60 Winstar Communications, Inc., #, 12.50%, 04/15/08 58
100 World Access, Inc., Ser. B, 13.25%, 01/15/08 90
-----
1,622
Telecommunications Equipment -- 1.6%
200 Lucent Technologies, Inc., 6.45%, 03/15/29+ 172
70 U.S. Unwired, Inc., #, SUB, 0.00%, 11/01/04 38
130 Weblink Wireless, Inc., SUB, 0.00%, 02/01/08 59
115 Williams Communications Group, Inc., 10.88%, 10/01/09 116
-----
385
Textiles -- 0.2%
55 Westpoint Stevens, Inc., 7.88%, 06/15/05 45
Tools/Equipment -- 0.3%
115 International Knife & Saw, Inc., 11.38%, 11/15/06 75
Utilities -- 0.2%
25 National Rural Utilities Cooperative Finance Corp.,
5.50%, 01/15/05+ 23
</TABLE>
See notes to financial statements.
29
<PAGE>
CHASE VISTA STRATEGIC INCOME FUND
Portfolio of Investments (Continued)
As of April 30, 2000 (unaudited)
(Amounts in Thousands)
<TABLE>
<S> <C> <C>
Principal
Amount
(USD) Issuer Value
---------------------------------------------------------------------------------------
Long-Term Investments -- Continued
---------------------------------------------------------------------------------------
Utilities -- continued
$ 25 TXU Eastern Funding (United Kingdom), 6.45%,
05/15/05 $ 23
-----
46
---------------------------------------------------------------------------
Total Corporate Notes & Bonds 9,708
(Cost $10,189)
---------------------------------------------------------------------------
Residential Mortgage Backed Securities -- 12.4%
-----------------------------------------------
Mortgage Backed Pass-Through Securities -- 12.4%
Federal National Mortgage Association,
125 Pool 252254, 6.00%, 02/01/29+ 113
148 Pool 252496, 6.00%, 06/01/29+ 134
47 Pool 252567, 6.50%, 06/01/14+ 45
44 Pool 252568, 7.50%, 06/01/29+ 43
147 Pool 252872, 6.50%, 11/01/29 137
49 Pool 252977, 7.00%, 01/01/15+ 48
22 Pool 313720, 7.50%, 09/01/12+ 22
40 Pool 323633, 7.00%, 03/01/29+ 38
33 Pool 323714, 7.00%, 04/01/14+ 32
73 Pool 445047, 6.50%, 09/01/13+ 70
49 Pool 481582, 6.50%, 02/01/29+ 46
71 Pool 484753, 6.50%, 03/01/29 66
66 Pool 487068, 7.50%, 03/01/29+ 65
112 Pool 488485, 6.00%, 03/01/14+ 105
68 Pool 488518, 6.50%, 05/01/14+ 65
329 Pool 489198, 6.50%, 08/01/29+ 308
148 Pool 489248, 7.00%, 08/01/29+ 141
97 Pool 493310, 6.00%, 06/01/14+ 91
99 Pool 493629, 6.00%, 04/01/29 90
33 Pool 493748, 6.00%, 05/01/14 31
139 Pool 499314, 7.50%, 08/01/29 136
47 Pool 503097, 6.50%, 06/01/29 44
97 Pool 503599, 6.50%, 06/01/29 90
92 Pool 511599, 8.00%, 12/01/29 92
38 Pool 512061, 7.00%, 11/01/14 37
150 Pool 513452, 8.00%, 09/01/29 149
226 Pool 522461, 7.00%, 11/01/29 216
130 Pool 523930, 8.00%, 11/01/29 130
100 Pool 526735, 7.50%, 12/01/29 98
Government National Mortgage Association,
69 Pool 472800, 6.50%, 05/15/29 65
59 Pool 492730, 6.50%, 05/15/29 55
96 Pool 492738, 7.00%, 06/15/29 93
96 Pool 509941, 7.00%, 06/15/29 93
---------------------------------------------------------------------------
Total Residential Mortgage Backed Securities 2,988
(Cost $3,070)
---------------------------------------------------------------------------
</TABLE>
See notes to financial statements.
30
<PAGE>
CHASE VISTA STRATEGIC INCOME FUND
Portfolio of Investments (Continued)
As of April 30, 2000 (unaudited)
(Amounts in Thousands)
<TABLE>
<S> <C> <C>
Principal
Amount
(USD) Issuer Value
------------------------------------------------------------------------------------------
Long-Term Investments -- Continued
------------------------------------------------------------------------------------------
Asset Backed Securities -- 0.4%
-------------------------------
$ 25 American Express Credit Account Master Trust, Ser.
1997-1, Class A, 6.40%, 04/15/05+ $ 25
Citibank Credit Card Master Trust I,
25 Ser. 1997-2, Class A, 6.55%, 02/15/04+ 25
50 Ser. 1998-3, Class A, 5.80%, 02/07/05+ 47
-----------------------------------------------------------------------
Total Asset Backed Securities 97
(Cost $101)
-----------------------------------------------------------------------
Shares
Warrant -- 0.0%
---------------
Telecommunications -- 0.0%
1 Startec Global Communications Corp., expires 05/15/08, 1
(Cost $0)
------------------------------------------------------------------------------------------
Total Long-Term Investments 20,032
(Cost $20,606)
------------------------------------------------------------------------------------------
Short-Term Investments -- 16.9%
------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<S> <C> <C>
Principal
Amount
(USD)
Commercial Paper -- 6.6%
------------------------
$ 300 American Express Credit Corp., 5.94%, 05/03/00 300
400 Associates Corp. of North America, 5.80%, 05/01/00 400
Ford Motor Credit Co.,
100 6.00%, 05/04/00 100
110 6.02%, 05/04/00 110
General Electric Capital Corp.,
172 5.96%, 05/08/00 172
201 5.97%, 05/04/00 201
300 Household Finance Corp., 6.01%, 05/04/00 300
------------------------------------------------------------------------
Total Commercial Paper 1,583
(Cost $1,583)
------------------------------------------------------------------------
Repurchase Agreement -- 10.3%
-----------------------------
2,478 Greenwich Capital Markets, Inc., 5.80%, due 05/01/00
(Dated 04/28/00, Proceeds $2,479, Secured by FHLMC,
$2,779, 6.50%, due 11/15/29; Market Value $2,532) 2,478
(Cost $2,478)
------------------------------------------------------------------------------------------
Total Short-Term Investments 4,061
(Cost $4,061)
------------------------------------------------------------------------------------------
Total Investments -- 100.0% $24,093
(Cost $24,667)
------------------------------------------------------------------------------------------
</TABLE>
See notes to financial statements.
31
<PAGE>
CHASE VISTA STRATEGIC INCOME FUND
Portfolio of Investments (Continued)
Index:
* -- Non-Income producing security.
# -- Security may only be sold to qualified institutional buyers.
@ -- All or a portion of this security is segregated for futures contracts.
+ -- All or a portion of this security is segregated for forward foreign
currency contracts.
DN -- Discount Note. The rate shown is the effective yield at the time of
purchase.
FHLMC -- Federal Home Loan Mortgage Corporation.
FRN -- Floating Rate Note. The maturity date is the actual maturity date; the
rate shown is the rate in effect at April 30, 2000.
IRB -- Interest Reduction Bond.
MTN -- Medium Term Note.
PDI -- Past Due Interest Bond.
SUB -- Step-up Bond. The maturity date shown is the earlier of the call date
or the maturity date; the rate shown is the rate in effect at April
30, 2000.
See notes to financial statements.
32
<PAGE>
--------------------------------------------------------------------------------
STATEMENT OF ASSETS AND LIABILITIES April 30, 2000 (unaudited)
--------------------------------------------------------------------------------
(Amounts in Thousands, Except Per Share Amounts)
<TABLE>
<S> <C> <C> <C>
U.S. Treasury U.S. Government
Income Securities Bond
Fund Fund Fund
---------------------------------------------------------------------------------------------
ASSETS:
Investment securities, at value (Note 1) $72,089 $47,347 $52,624
Cash ...................................... -- 1 --
Other assets .............................. 1 1 1
Receivables:
Interest ................................. 969 391 672
Fund shares sold ......................... 1,054 410 9
Variation margin on futures contracts..... -- -- 8
Expense reimbursement
from Distributor ......................... -- 2 --
---------------------------------------------------------------------------------------------
Total Assets ........................... 74,113 48,152 53,314
---------------------------------------------------------------------------------------------
LIABILITIES:
Payables:
Fund shares redeemed ..................... 83 70 5
Variation margin on futures contracts..... 3 -- --
Dividends ................................ 57 227 98
Accrued liabilities: (Note 2)
Investment advisory fees ................. 9 -- --
Administration fees ...................... 9 -- 2
Shareholder servicing fees ............... 8 8 5
Distribution fees ........................ 9 -- 6
Custodian fees ........................... 17 12 18
Other .................................... 78 43 87
---------------------------------------------------------------------------------------------
Total Liabilities ...................... 273 360 221
---------------------------------------------------------------------------------------------
NET ASSETS:
Paid in capital ........................... 84,760 50,726 57,504
Accumulated undistributed/
(distributions in excess of) net
investment income ......................... (62) (12) 13
Accumulated net realized loss on
investment and futures transactions ....... (7,798) (2,984) (2,923)
Net unrealized appreciation
(depreciation) of investments and
futures contracts ......................... (3,060) 62 (1,501)
---------------------------------------------------------------------------------------------
Total Net Assets ....................... $73,840 $47,792 $53,093
---------------------------------------------------------------------------------------------
Shares of beneficial interest outstanding
($.001 par value; unlimited number of
shares authorized):
Class A Shares ............................ 5,641 296 3,023
Class B Shares ............................ 1,349 -- 365
Class I Shares ............................ -- 4,710 1,964
Net Asset Value:
Class A Shares (and redemption price) ..... $ 10.57 $ 9.57 $ 9.92
Class B Shares* ........................... $ 10.55 -- $ 9.96
Class I Shares (and redemption price) ..... -- $ 9.55 $ 9.91
Class A Maximum Public Offering Price
Per Share (net asset value per share /
95.5%, 95.5% and 95.5%) .................... $ 11.07 $ 10.02 $ 10.39
---------------------------------------------------------------------------------------------
Cost of investments ........................ $75,085 $47,285 $54,185
---------------------------------------------------------------------------------------------
</TABLE>
* Redemption price may be reduced by contingent deferred sales charge.
See notes to financial statements.
33
<PAGE>
--------------------------------------------------------------------------------
STATEMENT OF ASSETS AND LIABILITIES April 30, 2000 (unaudited)
--------------------------------------------------------------------------------
(Amounts in Thousands, Except Per Share Amounts)
<TABLE>
<S> <C> <C>
Short-Term Strategic
Bond Income
Fund Fund
---------------------------------------------------------------------------------------------
ASSETS:
Investment securities, at value (Note 1) ................. $48,396 $24,093
Cash ..................................................... 1 83
Other assets ............................................. 1 --
Receivables:
Investment securities sold .............................. -- 188
Interest ................................................ 586 426
Fund shares sold ........................................ 247 237
Expense reimbursement from Distributor .................. 1 21
---------------------------------------------------------------------------------------------
Total Assets .......................................... 49,232 25,048
---------------------------------------------------------------------------------------------
LIABILITIES:
Payables:
Investment securities purchased ......................... -- 757
Fund shares redeemed .................................... 424 15
Dividends ............................................... 77 128
Open forward foreign currency contracts ................. -- 5
Accrued liabilities: (Note 2)
Shareholder servicing fees .............................. 3 3
Distribution fees ....................................... 5 10
Custodian fees .......................................... 14 8
Other ................................................... 79 21
---------------------------------------------------------------------------------------------
Total Liabilities ..................................... 602 947
---------------------------------------------------------------------------------------------
NET ASSETS:
Paid in capital .......................................... 51,195 24,857
Accumulated undistributed/(distributions in excess of)
net investment income .................................... 11 (88)
Accumulated net realized loss on investment and futures
transactions ............................................. (1,796) (89)
Net unrealized depreciation of investments and foreign
currency transactions .................................... (780) (579)
---------------------------------------------------------------------------------------------
Total Net Assets ...................................... $48,630 $24,101
---------------------------------------------------------------------------------------------
Shares of beneficial interest outstanding ($.001 par value;
unlimited number of shares authorized):
Class A Shares ........................................... 1,997 220
Class B Shares ........................................... -- 640
Class C Shares ........................................... -- 292
Class M Shares ........................................... 400 1,410
Class I Shares ........................................... 2,573 --
Net Asset Value:
Class A Shares (and redemption price) .................... $ 9.78 $ 9.41
Class B Shares* .......................................... -- $ 9.41
Class C Shares* .......................................... -- $ 9.41
Class M Shares (and redemption price) .................... $ 9.78 $ 9.41
Class I Shares (and redemption price) .................... $ 9.79 --
Class A Maximum Public Offering Price Per Share (net asset
value per share / 98.5% and 95.5%) ........................ $ 9.93 $ 9.85
---------------------------------------------------------------------------------------------
Class M Maximum Public Offering Price Per Share (net
asset value per share / 98.5% and 97.0%) .................. $ 9.93 $ 9.70
---------------------------------------------------------------------------------------------
Cost of investments ....................................... $49,176 $24,667
---------------------------------------------------------------------------------------------
</TABLE>
* Redemption price may be reduced by contingent deferred sales charge.
See notes to financial statements.
34
<PAGE>
--------------------------------------------------------------------------------
STATEMENT OF OPERATIONS For the six months ended April 30, 2000
(unaudited)
--------------------------------------------------------------------------------
(Amounts in Thousands)
<TABLE>
<S> <C> <C> <C>
U.S. Treasury U.S. Government
Income Securities Bond
Fund Fund Fund
---------------------------------------------------------------------------------------------
INTEREST INCOME: $2,811 $1,683 $1,973
---------------------------------------------------------------------------------------------
EXPENSES: (Note 2)
Investment advisory fees ........... 115 74 87
Administration fees ................ 58 37 43
Shareholder servicing fees ......... 96 61 72
Distribution fees .................. 134 3 56
Custodian fees ..................... 22 36 56
Printing and postage ............... 13 10 14
Professional fees .................. 16 16 15
Registration expenses .............. 13 9 11
Transfer agent fees ................ 65 17 40
Trustees' fees ..................... 2 1 1
Other .............................. 1 1 1
---------------------------------------------------------------------------------------------
Total expenses .................. 535 265 396
---------------------------------------------------------------------------------------------
Less amounts waived
(Note 2E) .......................... 178 124 174
Less earnings credits
(Note 2F) .......................... 1 1 17
Less expenses
reimbursements (Note 2F) ........... -- 2 --
---------------------------------------------------------------------------------------------
Net expenses ..................... 356 138 205
---------------------------------------------------------------------------------------------
Net investment
income .......................... 2,455 1,545 1,768
---------------------------------------------------------------------------------------------
REALIZED AND UNREALIZED GAIN
(LOSS) ON INVESTMENTS:
Net realized loss on:
Investments ........................ (1,432) (986) (935)
Futures transactions ............... (41) -- (68)
Change in net unrealized
appreciation/depreciation of:
Investments ........................ 672 455 (548)
Futures contracts .................. (65) -- 69
---------------------------------------------------------------------------------------------
Net realized and unrealized loss
on investments and futures
transactions ....................... (866) (531) (1,482)
---------------------------------------------------------------------------------------------
Net increase in net assets
from operations .................... $1,589 $1,014 $ 286
---------------------------------------------------------------------------------------------
</TABLE>
See notes to financial statements.
35
<PAGE>
--------------------------------------------------------------------------------
STATEMENT OF OPERATIONS For the six months ended April 30, 2000 (unaudited)
--------------------------------------------------------------------------------
(Amounts in Thousands)
<TABLE>
<S> <C> <C>
Short-Term Strategic
Bond Income
Fund Fund
---------------------------------------------------------------------------------------------
INTEREST INCOME: $ 1,539 $ 1,086
---------------------------------------------------------------------------------------------
EXPENSES: (Note 2)
Investment advisory fees ........................... 62 60
Administration fees ................................ 37 18
Shareholder servicing fees ......................... 62 33
Distribution fees .................................. 33 67
Custodian fees ..................................... 47 41
Printing and postage ............................... 8 1
Professional fees .................................. 21 7
Registration expenses .............................. 7 30
Transfer agent fees ................................ 29 40
Trustees' fees ..................................... 1 1
Other .............................................. 2 --
---------------------------------------------------------------------------------------------
Total expenses .................................. 309 298
---------------------------------------------------------------------------------------------
Less amounts waived (Note 2E) ...................... 149 107
Less earnings credits (Note 2F) .................... 3 4
Less expenses reimbursements (Note 2F) ............. 7 32
---------------------------------------------------------------------------------------------
Net expenses ..................................... 150 155
---------------------------------------------------------------------------------------------
Net investment income ........................... 1,389 931
---------------------------------------------------------------------------------------------
REALIZED AND UNREALIZED GAIN
(LOSS) ON INVESTMENTS:
Net realized gain (loss) on:
Investments ........................................ (212) 19
Futures transactions ............................... (83) --
Foreign currency transactions ...................... -- (16)
Change in net unrealized appreciation/
depreciation of:
Investments ........................................ (543) (435)
Foreign currency transactions ...................... -- (7)
---------------------------------------------------------------------------------------------
Net realized and unrealized loss on investments,
futures and foreign currency transactions .......... (838) (439)
---------------------------------------------------------------------------------------------
Net increase in net assets from operations ......... $ 551 $ 492
---------------------------------------------------------------------------------------------
</TABLE>
See notes to financial statements.
36
<PAGE>
--------------------------------------------------------------------------------
STATEMENT OF CHANGES IN NET ASSETS For the periods indicated (unaudited)
--------------------------------------------------------------------------------
Statement of Changes in Net Assets For the periods indicated (unaudited)
(Amounts in Thousands)
<TABLE>
<CAPTION>
U.S. Treasury U.S. Government Bond
Income Fund Securities Fund Fund
---------------------- ---------------------- -----------------------
11/1/99 Year 11/1/99 Year 11/1/99 Year
Through Ended Through Ended Through Ended
4/30/00 10/31/99 4/30/00 10/31/99 4/30/00 10/31/99
-------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
INCREASE (DECREASE) IN NET ASSETS
FROM OPERATIONS:
Net investment income ................................ $ 2,455 $ 5,514 $ 1,545 $ 2,873 $ 1,768 $ 3,378
Net realized gain (loss) on investments
and futures transactions ............................. (1,473) (2,752) (986) (1,876) (1,003) (1,813)
Change in net unrealized appreciation/
depreciation of investments and futures
contracts ............................................ 607 (4,981) 455 (2,179) (479) (2,020)
-------------------------------------------------------------------------------------------------------------------------------
Increase (decrease) in net assets from
operations ......................................... 1,589 (2,219) 1,014 (1,182) 286 (455)
-------------------------------------------------------------------------------------------------------------------------------
Net equalization debits ............................... -- -- -- -- (36) --
-------------------------------------------------------------------------------------------------------------------------------
DISTRIBUTIONS TO SHAREHOLDERS FROM: (Note 1)
Net investment income ................................ (2,453) (5,515) (1,544) (2,874) (1,701) (3,383)
Net realized gain on investment transactions ......... -- -- -- (714) -- (933)
-------------------------------------------------------------------------------------------------------------------------------
Total distributions to shareholders ................ (2,453) (5,515) (1,544) (3,588) (1,701) (4,316)
-------------------------------------------------------------------------------------------------------------------------------
Increase (decrease) in net assets from capital share
transactions# ......................................... (10,224) 14,904 (3,540) (570) (7,707) 6,743
-------------------------------------------------------------------------------------------------------------------------------
Total increase (decrease) in net assets ............ (11,088) 7,170 (4,070) (5,340) (9,158) 1,972
NET ASSETS:
Beginning of period .................................. 84,928 77,758 51,862 57,202 62,251 60,279
-------------------------------------------------------------------------------------------------------------------------------
End of period ........................................ $73,840 $84,928 $47,792 $51,862 $53,093 $62,251
-------------------------------------------------------------------------------------------------------------------------------
</TABLE>
# See detailed Capital Share Transactions.
See notes to financial statements.
37
<PAGE>
--------------------------------------------------------------------------------
STATEMENT OF CHANGES IN NET ASSETS For the periods indicated (unaudited)
--------------------------------------------------------------------------------
Statement of Changes in Net Assets For the periods indicated (unaudited)
(Amounts in Thousands)
<TABLE>
<CAPTION>
Short-Term
Bond Fund
-----------------------
11/1/99 Year
Through Ended
4/30/00 10/31/99
------------ ----------
<S> <C> <C>
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income ................................................................. $ 1,389 $ 2,521
Net realized gain (loss) on investments, futures and foreign currency transactions .... (295) (684)
Change in net unrealized appreciation/depreciation of investments and foreign currency
transactions .......................................................................... (543) (352)
------------------------------------------------------------------------------------------------------------------
Increase in net assets from operations .............................................. 551 1,485
------------------------------------------------------------------------------------------------------------------
Net equalization credits (debits) ...................................................... (1) 8
------------------------------------------------------------------------------------------------------------------
DISTRIBUTIONS TO SHAREHOLDERS FROM: (Note 1)
Net investment income ................................................................. (1,367) (2,538)
Net realized gain on investment transactions .......................................... -- --
------------------------------------------------------------------------------------------------------------------
Total distributions to shareholders ................................................. (1,367) (2,538)
------------------------------------------------------------------------------------------------------------------
Increase (decrease) in net assets from capital share transactions# ..................... (3,499) 3,012
------------------------------------------------------------------------------------------------------------------
Total increase (decrease) in net assets ............................................. (4,316) 1,967
NET ASSETS:
Beginning of period ................................................................... 52,946 50,979
------------------------------------------------------------------------------------------------------------------
End of period ......................................................................... $48,630 $52,946
------------------------------------------------------------------------------------------------------------------
<CAPTION>
Strategic
Income Fund
----------------------
11/1/99 11/30/98*
Through Through
4/30/00 10/31/99
----------- ----------
<S> <C> <C>
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income ................................................................. $ 931 $ 512
Net realized gain (loss) on investments, futures and foreign currency transactions .... 3 (108)
Change in net unrealized appreciation/depreciation of investments and foreign currency
transactions .......................................................................... (442) (137)
------------------------------------------------------------------------------------------------------------------
Increase in net assets from operations .............................................. 492 267
------------------------------------------------------------------------------------------------------------------
Net equalization credits (debits) ...................................................... 4 77
------------------------------------------------------------------------------------------------------------------
DISTRIBUTIONS TO SHAREHOLDERS FROM: (Note 1)
Net investment income ................................................................. (933) (587)
Net realized gain on investment transactions .......................................... -- --
------------------------------------------------------------------------------------------------------------------
Total distributions to shareholders ................................................. (933) (587)
------------------------------------------------------------------------------------------------------------------
Increase (decrease) in net assets from capital share transactions# ..................... (212) 24,993
------------------------------------------------------------------------------------------------------------------
Total increase (decrease) in net assets ............................................. (649) 24,750
NET ASSETS:
Beginning of period ................................................................... 24,750 --
------------------------------------------------------------------------------------------------------------------
End of period ......................................................................... $24,101 $24,750
------------------------------------------------------------------------------------------------------------------
</TABLE>
* Commencement of operations.
# See detailed Capital Share Transactions.
See notes to financial statements.
38
<PAGE>
--------------------------------------------------------------------------------
CHASE VISTA FUNDS
Capital Share Transactions (unaudited)
--------------------------------------------------------------------------------
CAPITAL SHARE TRANSACTIONS
For the periods indicated (unaudited)
(Amounts in Thousands)
U.S. TREASURY INCOME FUND
<TABLE>
<S> <C> <C> <C> <C>
------------------------------------------------------------------------------------------------------------
Class A Class B
------------------------------------------------------------------------------------------------------------
Six Months Ended April 30, 2000
Amount Shares Amount Shares
------------------------------------------------------------------------------------------------------------
Shares sold $ 6,841 622 $ 1,043 99
Shares issued in reinvestment of distributions 1,480 140 277 26
Shares redeemed (16,573) (1,568) (3,292) (289)
------------------------------------------------------------------------------------------------------------
Net decrease in Fund shares outstanding $ (8,252) (806) $ (1,972) (164)
============================================================================================================
Year Ended October 31, 1999
------------------------------------------------------------------------------------------------------------
Shares sold $ 57,807 5,213 $ 9,821 879
Shares issued in reinvestment of distributions 3,974 361 710 64
Shares redeemed (49,804) (4,533) (7,604) (691)
------------------------------------------------------------------------------------------------------------
Net increase in Fund shares outstanding $ 11,977 1,041 $ 2,927 252
============================================================================================================
U.S. GOVERNMENT SECURITIES FUND
------------------------------------------------------------------------------------------------------------
Class A Class I
------------------------------------------------------------------------------------------------------------
Six Months Ended April 30, 2000
Amount Shares Amount Shares
------------------------------------------------------------------------------------------------------------
Shares sold $ 1,047 108 $ 4,963 525
Shares issued in reinvestment of distributions 72 7 18 2
Shares redeemed (773) (81) (8,867) (927)
------------------------------------------------------------------------------------------------------------
Net increase (decrease) in Fund shares outstanding $ 346 34 $ (3,886) (400)
============================================================================================================
Year Ended October 31, 1999
------------------------------------------------------------------------------------------------------------
Shares sold $ 2,243 217 $ 7,776 770
Shares issued in reinvestment of distributions 207 20 59 6
Shares redeemed (2,940) (290) (7,915) (801)
------------------------------------------------------------------------------------------------------------
Net decrease in Fund shares outstanding $ (490) (53) $ (80) (25)
============================================================================================================
</TABLE>
See notes to financial statements.
39
<PAGE>
--------------------------------------------------------------------------------
CHASE VISTA FUNDS
Capital Share Transactions (unaudited)
--------------------------------------------------------------------------------
CAPITAL SHARE TRANSACTIONS
For the periods indicated (unaudited)
(Amounts in Thousands)
BOND FUND
<TABLE>
<S> <C> <C> <C> <C> <C> <C>
--------------------------------------------------------------------------------------------------------------------------
Class A Class B Class I
--------------------------------------------------------------------------------------------------------------------------
Six Months Ended April 30, 2000
Amount Shares Amount Shares Amount Shares
--------------------------------------------------------------------------------------------------------------------------
Shares sold $ 3,254 323 $ 476 47 $ 1,280 128
Shares issued in reinvestment of distributions 436 44 78 8 554 55
Shares redeemed (8,020) (798) (1,151) (114) (4,614) (460)
--------------------------------------------------------------------------------------------------------------------------
Net decrease in Fund shares outstanding $ (4,330) (431) $ (597) (59) $ (2,780) (277)
==========================================================================================================================
Year Ended October 31, 1999
--------------------------------------------------------------------------------------------------------------------------
Shares sold $ 12,962 1,220 $ 2,853 270 $ 9,383 900
Shares issued in reinvestment of distributions 1,147 109 248 23 1,341 128
Shares redeemed (9,843) (946) (3,258) (310) (8,090) (778)
--------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in Fund shares outstanding $ 4,266 383 $ (157) (17) $ 2,634 250
==========================================================================================================================
</TABLE>
SHORT-TERM BOND FUND
<TABLE>
<S> <C> <C> <C> <C> <C> <C>
--------------------------------------------------------------------------------------------------------------------------
Class A Class M Class I
--------------------------------------------------------------------------------------------------------------------------
Six Months Ended April 30, 2000
--------------------------------------------------------------------------------------------------------------------------
Amount Shares Amount Shares Amount Shares
--------------------------------------------------------------------------------------------------------------------------
Shares sold $ 14,880 1,506 $ 1,632 165 $ 5,519 559
Shares issued in reinvestment of distributions 331 34 2 -- 526 53
Shares redeemed (17,628) (1,784) (711) (72) (8,050 (815)
--------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in Fund shares outstanding $ (2,417) (244) $ 923 93 $ (2,005 (203)
==========================================================================================================================
Year Ended October 31, 1999*
--------------------------------------------------------------------------------------------------------------------------
Shares sold $ 40,270 4,014 $ 3,171 319 $ 9,765 971
Shares issued in reinvestment of distributions 620 62 3 -- 1,033 103
Shares redeemed (37,881) (3,779) (122) (12) (13,847 (1,379)
--------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in Fund shares outstanding $ 3,009 297 $ 3,052 307 $ (3,049 (305)
==========================================================================================================================
</TABLE>
*For Class M shares, from commencement of offering on July 1, 1999.
See notes to financial statements.
40
<PAGE>
--------------------------------------------------------------------------------
CHASE VISTA FUNDS
Capital Share Transactions (unaudited)
--------------------------------------------------------------------------------
CAPITAL SHARE TRANSACTIONS
For the periods indicated (unaudited)
(Amounts in Thousands)
STRATEGIC INCOME FUND
<TABLE>
<S> <C> <C> <C> <C> <C> <C>
--------------------------------------------------------------------------------------------------------------------------
Class A Class B Class C
--------------------------------------------------------------------------------------------------------------------------
Six Months Ended April 30, 2000
Amount Shares Amount Shares Amount Shares
--------------------------------------------------------------------------------------------------------------------------
Shares sold $ 989 97 $ 2,001 208 $ 1,153 120
Shares issued in reinvestment of distributions 61 7 100 10 62 6
Shares redeemed (2,076) (210) (1,277) (132) (1,908) (197)
--------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in Fund shares outstanding $ (1,026) (106) $ 824 86 $ (693) (71)
==========================================================================================================================
Period Ended October 31, 1999*
Shares sold $ 3,198 327 $ 5,484 563 $ 3,569 364
Shares issued in reinvestment of distributions 103 11 104 10 78 8
Shares redeemed (112) (12) (188) (19) (90) (9)
--------------------------------------------------------------------------------------------------------------------------
Net increase in Fund shares outstanding $ 3,189 326 $ 5,400 554 $ 3,557 363
==========================================================================================================================
</TABLE>
<TABLE>
<S> <C> <C> <C> <C>
--------------------------------------------------------------------------------------------------------------------------
Class I Class M
--------------------------------------------------------------------------------------------------------------------------
Six Months Ended April 30, 2000**
Amount Shares Amount Shares
--------------------------------------------------------------------------------------------------------------------------
Shares sold $ -- -- $ 2,542 267
Shares issued in reinvestment of distributions -- -- 1 --
Shares redeemed (1,037) (108) (823) (86)
--------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in Fund shares outstanding $ (1,037) (108) $ 1,720 181
==========================================================================================================================
Period Ended October 31, 1999*
--------------------------------------------------------------------------------------------------------------------------
Shares sold $ 1,000 100 $11,772 1,229
Shares issued in reinvestment of distributions 75 8 -- --
Shares redeemed -- -- -- --
--------------------------------------------------------------------------------------------------------------------------
Net increase in Fund shares outstanding $ 1,075 108 $11,772 1,229
==========================================================================================================================
</TABLE>
* For Class A, B, C and I shares, from commencement of operations on
November 30, 1998. For Class M shares, from commencement of offering
on October 28, 1999.
** All outstanding Class I shares were redeemed effective November 5,
1999. The Fund continues to offer Class I shares for sale.
See notes to financial statements.
41
<PAGE>
--------------------------------------------------------------------------------
CHASE VISTA FUNDS NOTES TO FINANCIAL STATEMENTS (unaudited)
--------------------------------------------------------------------------------
1. Organization and Significant Accounting Policies
Mutual Fund Group (the "Trust") was organized on May 11, 1987 as a
Massachusetts Business Trust, and is registered under the Investment Company
Act of 1940, as amended, (the "1940 Act") as an open-end management investment
company. U.S. Treasury Income Fund ("USTI"), U.S. Government Securities Fund
("USGS"), Bond Fund ("BF"), Short-Term Bond Fund ("STBF") and Strategic Income
Fund ("SIF"), collectively, the "Funds", are separate portfolios of the Trust.
The Funds offer various classes of shares as follows:
<TABLE>
<CAPTION>
Fund Classes Offered
<S> <C>
--------------------------------------------------------------------------------
USTI Class A, Class B
USGS Class A, Institutional
BF Class A, Class B, Institutional
STBF Class A, Class M, Institutional
SIF Class A, Class B, Class C, Class M, Institutional
</TABLE>
Class A and Class M shares generally provide for a front-end sales charge while
Class B and C shares provide for a contingent deferred sales charge. No sales
charges are assessed with respect to the Institutional Class ("Class I"). All
classes of shares have equal rights as to earnings, assets and voting
privileges except that each class may bear different distribution fees and each
class has exclusive voting rights with respect to its distribution plan.
The following is a summary of significant accounting policies followed by the
Funds:
The preparation of financial statements in accordance with generally accepted
accounting principles requires management to make estimates and assumptions
that affect the reported amounts and disclosures in the financial statements.
Actual results could differ from those estimates.
A. Valuation of investments -- Bonds and other fixed income securities
(other than short-term obligations), including listed issues, are valued on
the basis of valuations supplied by pricing services or by matrix pricing
systems of a major dealer in bonds. Short-term debt securities with 61 days
or more to maturity at time of purchase are valued, through the 61st day
prior to maturity, at market value based on quotations obtained from market
makers or other appropriate sources; thereafter, the value on the 61st day
is amortized on a straight-line basis over the remaining number of days to
maturity. Short-term investments with 60 days or less to maturity at time
of purchase are valued at amortized cost, which approximates market.
Portfolio securities for which there are no such quotations or valuations
are valued at fair value as determined in good faith by or at the direction
of the Trustees.
B. Repurchase agreements -- It is the Fund's policy that repurchase
agreements are fully collateralized by U.S. Treasury and Government Agency
securities. All collateral is held by the Fund's custodian bank,
subcustodian, or a bank with which the custodian bank has entered into a
subcustodian agreement, or is segregated in the Federal Reserve Book Entry
System. In connection with transactions in repurchase agreements, if the
seller defaults and the value of the collateral declines, or if the seller
enters
42
<PAGE>
CHASE VISTA FUNDS NOTES TO FINANCIAL STATEMENTS (unaudited)
Continued
an insolvency proceeding, realization of the collateral by the Fund may be
delayed or limited.
C. Futures contracts -- When a Fund enters into a futures contract, it
makes an initial margin deposit in a segregated account, either in cash or
liquid securities. Thereafter, the futures contract is marked to market and
the Fund makes (or receives) additional cash payments daily to the broker.
Changes in the value of the contract are recorded as unrealized
appreciation/depreciation until the contract is closed or settled.
The Funds invest in exchange-traded interest rate futures and options for
hedging purposes, to either modify the duration of the portfolio, modify
the yield curve exposure of the portfolio, or in anticipation of buying or
selling a specific security.
Use of long futures contracts subjects the Fund to risk of loss in excess
of the amounts shown on the Statement of Assets and Liabilities, up to the
nominal value of the futures contracts.
The Funds may enter into futures contracts only on exchanges or boards of
trade. The exchange or board of trade acts as the counterparty to each
futures transaction, therefore, the Fund's credit risk is limited to
failure of the exchange or board of trade.
As of April 30, 2000, the Funds had outstanding futures contracts as listed
on the Fund's Portfolio of Investments.
D. Forward foreign currency exchange contracts -- SIF may enter into
forward foreign currency contracts (obligations to purchase or sell foreign
currency in the future on a date and price fixed at the time the contracts
are entered into) to hedge the Fund against fluctuations in the value of
its assets or liabilities due to change in the value of foreign currencies.
Each day the forward contract is open, changes in the value of the contract
are recognized as unrealized gains or losses by "marking to market". When
the forward contract is closed, or the delivery of the currency is made or
taken, SIF records a realized gain or loss equal to the difference between
the proceeds from (or cost of ) the closing transaction and the Fund's
basis in the contract. SIF is subject to off-balance sheet risk to the
extent of the value of the contracts for purchases of foreign currency and
in an unlimited amount for sales of foreign currency.
At April 30, 2000, SIF had outstanding forward foreign currency contracts
as detailed in Note 5.
E. Security transactions and investment income -- Investment transactions
are accounted for on the trade date (the date the order to buy or sell is
executed). Securities gains and losses are calculated on the identified
cost basis. Interest income is determined on the basis of coupon interest
accrued adjusted for amortization of premiums, except USTI, and accretion
of discounts.
Purchases of To Be Announced (TBA) or other delayed delivery securities may
be settled a month or more after the trade date; interest income is not
accrued until settlement date. Each Fund segregates assets with a current
value at least equal to the amount of its TBA purchase commitments.
43
<PAGE>
CHASE VISTA FUNDS NOTES TO FINANCIAL STATEMENTS (unaudited)
Continued
F. Foreign Currency Translation -- The books and records of the Funds are
maintained in U.S. dollars. Foreign currency amounts are translated into
U.S. dollars at the official exchange rates, or at the mean of the current
bid and asked prices, of such currencies against the U.S. dollar as quoted
by a major bank, on the following basis.
1. Market value of investment securities and other assets and
liabilities: at the closing rate of exchange at the balance sheet date.
2. Purchases and sales of investment securities, income and expenses: at
the rates of exchange prevailing on the respective dates of such
transactions.
Although the net assets of the Funds are presented at the foreign exchange
rates and market values at the close of the periods, the Funds do not
isolate that portion of the results of operations arising as a result of
changes in the foreign exchange rates from the fluctuations arising from
changes in the market prices of securities held during the year. Similarly,
the Funds do not isolate the effect of changes in foreign exchange rates
from the fluctuations arising from changes in the market prices of
long-term debt securities sold during the year. Accordingly, such realized
foreign currency gains (losses) are included in the reported net realized
gains (losses) on security transactions.
Reported realized foreign exchange gains or losses arise from disposition
of foreign currency, currency gains or losses realized between the trade
and settlement dates on securities transactions, and the difference between
the amounts of dividends, interest, and foreign withholding taxes recorded
on the Funds' books on the transaction date and the U.S. dollar equivalent
of the amounts actually received or paid. Unrealized foreign exchange gains
and losses arise from changes (due to changes in the exchange rate) in the
value of foreign currency and other assets and liabilities denominated in
foreign currencies which are held at period end.
G. Expenses -- Expenses directly attributable to a Fund are charged to that
Fund; other expenses of the Trust are allocated proportionately among each
of the Funds within the Trust in relation to the net assets of each Fund or
on another reasonable basis. Expenses directly attributable to a particular
class are charged directly to such class. In calculating net asset value
per share of each class, investment income, realized and unrealized gains
and losses and expenses other than class specific expenses are allocated
daily to each class of shares based upon the proportion of net assets of
each class at the beginning of each day.
H. 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 Funds intend to make distributions as required to avoid
excise taxes. Accordingly, no provision for Federal income or excise tax is
necessary.
44
<PAGE>
CHASE VISTA FUNDS NOTES TO FINANCIAL STATEMENTS (unaudited)
Continued
I. Equalization -- In 1999, BF, STBF and SIF adopted the accounting
practice known as equalization by which a portion of the proceeds from
sales and costs of redemptions of Trust shares of beneficial interest
equivalent, on a per-share basis, to the amount of undistributed net
investment income on the date of the transaction, is credited or charged to
undistributed net investment income. As a result, undistributed net
investment income per share is unaffected by sales or redemptions of Trust
shares.
J. Distributions to shareholders -- Dividends and distributions paid to
shareholders are recorded on the ex-dividend date. The amount of dividends
and distributions from net investment income and net realized capital gains
is determined in accordance with Federal income tax regulations, which may
differ from generally accepted accounting principles. To the extent these
"book/tax" differences are permanent in nature, (i.e., that they result
from other than timing of recognition --"temporary differences") such
amounts are reclassified within the capital accounts based on their Federal
tax-basis treatment. Dividends and distributions which exceed net
investment income or net realized capital gains for financial reporting
purposes but not for tax purposes are reported as distributions in excess
of net investment income or net realized capital gains.
K. Dollar rolls -- The Funds (with the exception of USTI) may enter into
dollar rolls in which the Funds sell mortgage-backed securities for
delivery in the current month and simultaneously contract to repurchase
substantially similar (same type, coupon and maturity) securities on a
specified future date. During the roll period, the Funds forgo principal
and interest paid on the securities. The Funds are compensated by the
interest earned on the cash proceeds of the initial sale and a fee earned
for entering into the roll transaction. The fee is amortized into income
over the duration of the roll transaction.
2. Fees and Other Transactions with Affiliates
A. Investment advisory fee -- Pursuant to separate Investment Advisory
Agreements, The Chase Manhattan Bank ("Chase" or the "Adviser") acts as the
Investment Adviser to the Funds. Chase is a direct wholly-owned subsidiary
of The Chase Manhattan Corporation. As Investment Adviser, Chase supervises
the investments of the Funds and for such services is paid a fee. The fee
is computed daily and paid monthly at an annual rate equal to 0.30%, 0.30%,
0.30%, 0.25% and 0.50% of the average daily net assets for USTI, USGS, BF,
STBF and SIF, respectively. The Adviser voluntarily waived fees as outlined
in Note 2.E. below.
Chase Asset Management, Inc. ("CAM"), a registered investment adviser, is
the sole sub-investment adviser to each Fund, except SIF, pursuant to a
Sub-Investment Advisory Agreement between CAM and Chase. CAM is a wholly
owned subsidiary of Chase and is entitled to receive a fee, payable by
Chase from its advisory fee, at an annual rate equal to 0.15% for USTI,
USGS and BF, and 0.10% for STBF of average daily net assets.
CAM and State Street Research & Management Company (SSR) are the two
sub-advisers to the Strategic Income Fund. SSR is a wholly-owned subsidiary
of the Metropolitan Life Insurance Company. CAM makes the
45
<PAGE>
CHASE VISTA FUNDS NOTES TO FINANCIAL STATEMENTS (unaudited)
Continued
day-to-day investment decisions for the Strategic Income Fund except that
SSR makes the day-to-day investment decisions for the portion of the
Strategic Income Fund that is allocated to lower-rated high yield
securities of U.S. issuers. For their services, CAM and SSR are entitled to
receive fees, payable by Chase from its advisory fee at an annual rate
equal to 0.25% and 0.35%, respectively, of the average daily net assets
managed by each sub-adviser.
B. Shareholder servicing fees -- The Trust has adopted an Administrative
Services Plan which, among other things, provides that the Trust on behalf
of the Funds may obtain the services of one or more Shareholder Servicing
Agents. For its services, the Shareholder Servicing Agent will receive a
fee. Except for SIF Class M Shares, the fee is computed daily and paid
monthly at an annual rate equal to 0.25% of the average daily net assets of
the Funds. For SIF Class M Shares, the fee is computed daily and paid
monthly at an annual rate equal to 0.30% of the average daily net assets.
Since inception of the Funds, Chase, and certain affiliates have been the
only Shareholder Servicing Agents of the Funds. The Shareholder Servicing
Agents have voluntarily waived 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.
("BISYS"), is the Trust's exclusive underwriter and promotes and arranges
for the sale of each Fund's shares. In addition, the Distributor provides
certain sub-administration services to the Trust, including providing
officers, clerical staff and office space for an annual fee of 0.05% of the
average daily net assets of each Fund.
The Trustees have adopted Distribution Plans (the "Distribution Plans") for
Class A, B, C and M of the Funds in accordance with Rule 12b-1 under the
1940 Act. The Class A Distribution Plans provide that each Fund shall pay
distributions fees, including payments to the Distributor, at annual rates
not to exceed 0.25% of the average daily net assets of the Class A Shares
of each Fund for distribution services. The Class B and Class C
Distribution Plans provide that each Fund shall pay distribution fees,
including payments to the Distributor, at an annual rate not to exceed
0.75% of the average annual net assets of the Class B and Class C Shares
for distribution services. The Class M Distribution Plans provide that STBF
and SIF shall pay distribution fees, including payments to the Distributor,
at an annual rate not to exceed 0.35% and 0.50%, respectively, of the
average annual net assets of the Class M shares for distribution services.
The Distributor voluntarily waived fees as outlined in Note 2.E below.
D. Administration fee -- Pursuant to an Administration Agreement, Chase
(the "Administrator") provides certain administration services to the
Trust. For these services and facilities, the Administrator receives from
each Fund a fee computed at the annual rate equal to 0.10% of the
respective Fund's average daily net assets. The Administrator voluntarily
waived fees as outlined in Note 2.E. below.
46
<PAGE>
CHASE VISTA FUNDS NOTES TO FINANCIAL STATEMENTS (unaudited)
Continued
E. Waivers of fees -- For the six months ended April 30, 2000 the Funds'
vendors voluntarily waived fees for each of the Funds as follows (in
thousands):
<TABLE>
<CAPTION>
Fee USTI USGS BF STBF SIF
<S> <C> <C> <C> <C> <C>
--------------------------------------------------------------------------------
Investment Advisory ............ $ 58 $ 74 $ 87 $ 62 $ 60
Administration ................. -- 37 29 37 18
Shareholder Servicing .......... 43 10 42 46 14
Distribution ................... 77 3 16 4 15
----- ----- ---- ----- ----
Total .......................... $ 178 $ 124 $174 $ 149 $107
===== ===== ==== ===== ====
</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. Custodian fees are subject to reduction by credits
earned by each Fund, based on cash balances held by Chase as custodian.
Such earnings credits are presented separately in the Statement of
Operations. The Funds could have invested the cash balances utilized in
connection with the earnings credit arrangements in income producing assets
if they had not entered into such arrangements.
The Distributor voluntarily reimbursed expenses of the Funds in the amounts
shown on the Statement of Operations.
3. Investment Transactions
For the six months ended April 30, 2000, purchases and sales of investments
(excluding short-term investments) were as follows (in thousands):
<TABLE>
<CAPTION>
USTI USGS BF STBF SIF
<S> <C> <C> <C> <C> <C>
--------------------------------------------------------------------------------
Purchases (excluding
U.S. Government) ......... $ -- $ -- $19,943 $17,538 $15,527
Sales (excluding
U.S. Government) ......... -- -- 23,328 5,181 9,330
Purchases of
U.S. Government .......... 14,444 27,780 25,786 14,943 5,107
Sales of
U.S. Government .......... 26,056 32,568 24,873 30,745 2,805
</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, 2000 are as
follows (in thousands):
<TABLE>
<CAPTION>
UST I USGS BF STBF SIF
<S> <C> <C> <C> <C> <C>
----------------------------------------------------------------------------------------------
Aggregate cost ................... $ 75,085 $47,285 $ 54,185 $49,176 $24,667
-------- ------- -------- ------- -------
Gross unrealized
appreciation ..................... $ 174 $ 675 $ 175 $ -- $ 226
Gross unrealized
depreciation ..................... (3,170) (613) (1,736) (780) (800)
-------- ------- -------- ------- -------
Net unrealized
appreciation (depreciation)...... $ (2,996) $ 62 $ (1,561) $ (780) $ (574)
======== ======= ======== ======= =======
</TABLE>
47
<PAGE>
CHASE VISTA FUNDS NOTES TO FINANCIAL STATEMENTS (unaudited)
Continued
5. Open Forward Foreign Currency Contracts
SIF was party to the following open forward foreign currency contracts at April
30, 2000:
<TABLE>
<CAPTION>
Contract Contract Unrealized
Amount Amount Settlement Gain/(Loss)
Purchased Currency Sold Currency Date USD
<S> <C> <C> <C> <C> <C>
--------------------------------------------------------------------------------
Unrealized Gain
----------------
992 USD 1,044 EUR 05/18/00 $ 41
277 USD 300 EUR 05/31/00 3
Unrealized Loss
----------------
1,044 EUR 1,000 USD 05/18/00 (49)
-----------
$ (5)
===========
</TABLE>
EUR - European Currency Unit
USD - United States Dollar
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, 2000, included in Trustees Fees in
the Statement of Operations, and accrued pension liability included in other
accrued liabilities in the Statement of Assets and Liabilities, were as follows
(in thousands):
<TABLE>
<CAPTION>
Accrued
Pension Pension
Expenses Liability
<S> <C> <C>
--------------------------------------
USTI......... $ 1 $ 9
USGS......... 1 6
BF .......... 1 4
STBF......... 1 5
SIF ......... -- --
</TABLE>
7. Bank Borrowings
The Funds may borrow money for temporary or emergency purposes. Any borrowings
representing more than 5% of a Fund's total assets must be repaid before the
Fund may make additional investments. The Funds have entered into an agreement,
enabling them to participate with other Chase Vista Funds in an unsecured line
of credit with a syndicate of banks, which permits borrowings up to $350
million, collectively. Interest is charged to each Fund based on its borrowings
at an annual rate equal to the sum of the Federal Funds Rate plus 0.50%. The
Funds also pay a commitment fee of 0.10% 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, 2000, nor at anytime
during the six months then ended.
48
<PAGE>
--------------------------------------------------------------------------------
CHASE VISTA FUNDS FINANCIAL HIGHLIGHTS (unaudited)
--------------------------------------------------------------------------------
FINANCIAL HIGHLIGHTS (unaudited)
<TABLE>
<S> <C> <C> <C> <C> <C> <C>
U.S. Treasury Income Fund (2)
------------------------------------------------------------------------------
Class A
------------------------------------------------------------------------------
11/01/99 Year Ended
Through -----------------------------------------------------------------
04/30/00 10/31/99 10/31/98 10/31/97 10/31/96 10/31/95
---------- ---------- -------- -------- -------- --------
Per share operating performance
Net asset value, beginning of period ......... $10.67 $11.66 $11.26 $11.13 $11.40 $10.60
---------- ---------- --------- --------- --------- ---------
Income from investment operations:
Net investment income ....................... 0.35 0.71 0.75 0.66 0.66 0.70
Net gain or (losses) in securities
(both realized and unrealized) .............. (0.10) (0.99) 0.40 0.13 (0.27) 0.80
---------- ---------- --------- --------- --------- ---------
Total from investment operations ........... 0.25 (0.28) 1.15 0.79 0.39 1.50
---------- ---------- --------- --------- --------- ---------
Distributions to shareholders from:
Dividends from net investment income ........ 0.35 0.71 0.75 0.66 0.66 0.70
Distributions from capital gains ............ -- -- -- -- -- --
---------- ---------- --------- --------- --------- ---------
Total dividends and distributions .......... 0.35 0.71 0.75 0.66 0.66 0.70
---------- ---------- --------- --------- --------- ---------
Net asset value, end of period ............... $10.57 $10.67 $11.66 $11.26 $11.13 $11.40
========== ========== ========= ========= ========= =========
Total return (1) 2.35% (2.41%) 10.59% 7.35% 3.56% 14.59%
Ratios/supplemental data:
Net assets, end of period (in millions) ..... $60 $69 $63 $85 $111 $99
Ratios to average net assets#:
Expenses .................................... 0.76% 0.75% 0.79% 0.90% 0.90% 0.87%
Net investment income ....................... 6.58% 6.40% 6.53% 5.97% 5.89% 6.37%
Expenses without waivers, reimbursements
and earnings credits ........................ 1.30% 1.32% 1.30% 1.21% 1.29% 1.40%
Net investment income without waivers,
reimbursements and earnings credits ......... 6.04% 5.83% 6.02% 5.66% 5.50% 5.84%
Portfolio turnover rate ...................... 19% 59% 75% 179% 103% 164%
------------------------------------------------------------------------------------------------------------------------------
</TABLE>
(1) Total return figures do not include the effect of any front-end or deferred
sales load.
(2) Formerly known as the Vista U.S. Government Income Fund.
# Short periods have been annualized.
See notes to financial statements.
49
<PAGE>
--------------------------------------------------------------------------------
CHASE VISTA FUNDS FINANCIAL HIGHLIGHTS (unaudited)
--------------------------------------------------------------------------------
FINANCIAL HIGHLIGHTS (unaudited)
<TABLE>
<S> <C> <C> <C> <C> <C> <C>
U.S. Treasury Income Fund (2)
------------------------------------------------------------------------------
Class B
------------------------------------------------------------------------------
11/01/99 Year Ended
Through -----------------------------------------------------------------
04/30/00 10/31/99 10/31/98 10/31/97 10/31/96 10/31/95
---------- ---------- -------- -------- -------- --------
Per share operating performance
Net asset value, beginning of period ......... $10.67 $11.66 $11.25 $11.11 $11.37 $10.59
---------- ---------- --------- --------- --------- ---------
Income from investment operations:
Net investment income ....................... 0.30 0.61 0.65 0.58 0.57 0.62
Net gain or (losses) in securities
(both realized and unrealized) .............. (0.12) (0.99) 0.41 0.13 (0.26) 0.80
---------- ---------- --------- --------- --------- ---------
Total from investment operations ........... 0.18 (0.38) 1.06 0.71 0.31 1.42
---------- ---------- --------- --------- --------- ---------
Distributions to shareholders from:
Dividends from net investment income ........ 0.30 0.61 0.65 0.57 0.57 0.64
Distributions from capital gains ............ -- -- -- -- -- --
---------- ---------- --------- --------- --------- ---------
Total dividends and distributions .......... 0.30 0.61 0.65 0.57 0.57 0.64
---------- ---------- --------- --------- --------- ---------
Net asset value, end of period ............... $10.55 $10.67 $11.66 $11.25 $11.11 $11.37
========== ========== ========= ========= ========= =========
Total return (1) 1.70% (3.27%) 9.68% 6.56% 2.82% 13.80%
Ratios/supplemental data:
Net assets, end of period (in millions) ..... $14 $16 $14 $11 $11 $11
Ratios to average net assets#:
Expenses .................................... 1.65% 1.64% 1.64% 1.64% 1.64% 1.62%
Net investment income ....................... 5.69% 5.51% 5.69% 5.24% 5.12% 5.53%
Expenses without waivers, reimbursements
and earnings credits ........................ 1.80% 1.82% 1.79% 1.71% 1.79% 1.89%
Net investment income without waivers,
reimbursements and earnings credits ......... 5.54% 5.33% 5.54% 5.17% 4.97% 5.26%
Portfolio turnover rate ...................... 19% 59% 75% 179% 103% 164%
------------------------------------------------------------------------------------------------------------------------------
</TABLE>
(1) Total return figures do not include the effect of any front-end or deferred
sales load.
(2) Formerly known as the Vista U.S. Government Income Fund.
# Short periods have been annualized.
See notes to financial statements.
50
<PAGE>
--------------------------------------------------------------------------------
CHASE VISTA FUNDS FINANCIAL HIGHLIGHTS (unaudited)
--------------------------------------------------------------------------------
FINANCIAL HIGHLIGHTS (unaudited)
<TABLE>
<S> <C> <C> <C> <C> <C>
U.S. Government Securities Fund
----------------------------------------------------------------------------
Class A
----------------------------------------------------------------------------
11/01/99 Year Ended 05/06/96*
Through ------------------------------------------ Through
04/30/00 10/31/99 10/31/98 10/31/97 10/31/96
---------- ---------- -------- -------- --------
Per share operating performance
Net asset value, beginning of period .......... $ 9.67 $10.51 $10.06 $ 9.90 $9.62
---------- ---------- --------- --------- ----------
Income from investment operations:
Net investment income ........................ 0.29 0.50 0.50 0.58 0.26
Net gains or losses in securities
(both realized and unrealized) ............... (0.10) (0.71) 0.45 0.15 0.25
---------- ---------- --------- --------- ----------
Total from investment operations ............ 0.19 (0.21) 0.95 0.73 0.51
---------- ---------- --------- --------- ----------
Distributions to shareholders from:
Dividends from net investment income ......... 0.29 0.50 0.50 0.57 0.23
Distributions from capital gains ............. -- 0.13 -- -- --
---------- ---------- --------- --------- ----------
Total dividends and distributions ........... 0.29 0.63 0.50 0.57 0.23
---------- ---------- --------- --------- ----------
Net asset value, end of period ................ $ 9.57 $ 9.67 $10.51 $10.06 $9.90
========== ========== ========= ========= ==========
Total return (1) .............................. 2.02% (2.11%) 9.75% 7.61% 5.41%
Ratios/supplemental data:
Net Assets, end of period (in millions) ...... $3 $3 $3 $2 $3
Ratios to average net assets#:
Expenses ..................................... 0.75% 0.75% 0.80% 1.05% 1.05%
Net investment income ........................ 6.13% 4.91% 4.95% 5.61% 5.30%
Expenses without waivers, reimbursements
and earnings credits ......................... 1.90% 1.70% 1.70% 1.57% 1.55%
Net investment income without waivers,
reimbursements and earnings credits .......... 4.98% 3.96% 4.05% 5.09% 5.00%
Portfolio turnover rate ....................... 60% 258% 590% 569% 101%
------------------------------------------------------------------------------------------------------------------------------
</TABLE>
* Commencement of offering class of shares.
# Short periods have been annualized.
(1) Total return figures do not include the effect of any front-end or deferred
sales load.
See notes to financial statements.
51
<PAGE>
--------------------------------------------------------------------------------
CHASE VISTA FUNDS FINANCIAL HIGHLIGHTS (unaudited)
--------------------------------------------------------------------------------
FINANCIAL HIGHLIGHTS (unaudited)
<TABLE>
<S> <C> <C> <C>
U.S. Government Securities Fund
---------------------------------------
Class I
---------------------------------------
11/01/99 Year Ended
Through -------------------------
04/30/00 10/31/99 10/31/98
----------- ---------- --------
Per share operating performance
Net asset value, beginning of period ......... $9.65 $10.49 $10.04
----------- ---------- ----------
Income from investment operations:
Net investment income ....................... 0.30 0.52 0.53
Net gains or losses in securities
(both realized and unrealized) .............. (0.10) (0.71) 0.44
----------- ---------- ----------
Total from investment operations ........... 0.20 (0.19) 0.97
----------- ---------- ----------
Distributions to shareholders from:
Dividends from net investment income ........ 0.30 0.52 0.52
Distributions from capital gains ............ -- 0.13 --
----------- ---------- ----------
Total dividends and distributions .......... 0.30 0.65 0.52
----------- ---------- ----------
Net asset value, end of period ............... $9.55 $ 9.65 $10.49
=========== ========== ==========
Total return ................................. 2.12% (1.93%) 9.94%
Ratios/supplemental data:
Net Assets, end of period (in millions) ..... $45 $49 $53
Ratios to average net assets#:
Expenses .................................... 0.55% 0.55% 0.60%
Net investment income ....................... 6.31% 5.15% 5.17%
Expenses without waivers, reimbursements
and earnings credits ........................ 1.04% 1.00% 0.85%
Net investment income without waivers,
reimbursements and earnings credits ......... 5.82% 4.70% 4.92%
Portfolio turnover rate ...................... 60% 258% 590%
<S> <C> <C> <C> <C>
12/01/95(1) Year Ended
Through --------------------------
10/31/97 10/31/96 11/30/95 11/30/94
-------- ------------ ----------- --------
Per share operating performance
Net asset value, beginning of period ......... $ 9.89 $10.18 $ 9.23 $10.27
---------- -------------- ----------- ---------
Income from investment operations:
Net investment income ....................... 0.59 0.50 0.56 0.50
Net gains or losses in securities
(both realized and unrealized) .............. 0.15 (0.30) 0.95 (0.94)
---------- -------------- ----------- ---------
Total from investment operations ........... 0.74 0.20 1.51 (0.44)
---------- -------------- ----------- ---------
Distributions to shareholders from:
Dividends from net investment income ........ 0.59 0.49 0.56 0.50
Distributions from capital gains ............ -- -- -- 0.10
---------- -------------- ----------- ---------
Total dividends and distributions .......... 0.59 0.49 0.56 0.60
---------- -------------- ----------- ---------
Net asset value, end of period ............... $10.04 $ 9.89 $10.18 $ 9.23
========== ============== =========== =========
Total return ................................. 7.78% 2.09% 16.82% (4.41%)
Ratios/supplemental data:
Net Assets, end of period (in millions) ..... $53 $68 $83 $83
Ratios to average net assets#:
Expenses .................................... 0.85% 0.85% 0.85% 0.85%
Net investment income ....................... 5.78% 5.55% 5.78% 5.15%
Expenses without waivers, reimbursements
and earnings credits ........................ 0.91% 1.04% 1.11% 1.04%
Net investment income without waivers,
reimbursements and earnings credits ......... 5.72% 5.36% 5.52% 4.96%
Portfolio turnover rate ...................... 569% 101% 220% 134%
-------------------------------------------------------------------------------------------------------
</TABLE>
# Short periods have been annualized.
(1) In 1996, the Fund changed its fiscal year end from November 30, to October
31.
See notes to financial statements.
52
<PAGE>
--------------------------------------------------------------------------------
CHASE VISTA FUNDS FINANCIAL HIGHLIGHTS (unaudited)
--------------------------------------------------------------------------------
FINANCIAL HIGHLIGHTS (unaudited)
<TABLE>
<S> <C> <C> <C> <C> <C>
Bond Fund
----------------------------------------------------------------------------
Class A
----------------------------------------------------------------------------
11/01/99 Year Ended 05/06/96*
Through ------------------------------------------ Through
04/30/00 10/31/99 10/31/98 10/31/97 10/31/96
---------- ---------- -------- -------- --------
Per share operating performance
Net asset value, beginning of period ............. $10.18 $10.96 $10.82 $10.71 $10.39
---------- ---------- --------- --------- ----------
Income from investment operations:
Net investment income ........................... 0.31 0.55 0.59 0.63 0.29
Net gains or losses in securities
(both realized and unrealized) .................. (0.27) (0.62) 0.27 0.33 0.31
---------- ---------- --------- --------- ----------
Total from investment operations ............... 0.04 (0.07) 0.86 0.96 0.60
---------- ---------- --------- --------- ----------
Distributions to shareholders from:
Dividends from net investment income ............ 0.30 0.55 0.58 0.64 0.28
Distributions from capital gains ................ -- 0.16 0.14 0.21 --
---------- ---------- --------- --------- ----------
Total dividends and distributions .............. 0.30 0.71 0.72 0.85 0.28
---------- ---------- --------- --------- ----------
Net asset value, end of period ................... $ 9.92 $10.18 $10.96 $10.82 $10.71
========== ========== ========= ========= ==========
Total return (1) ................................. 0.40% (0.66%) 8.22% 9.45% 5.95%
Ratios/supplemental data:
Net assets, end of period (in millions) ......... $30 $35 $33 $26 $1
Ratios to average net assets#:
Expenses ........................................ 0.75% 0.75% 0.77% 0.92% 0.90%
Net investment income ........................... 6.09% 5.25% 5.44% 6.11% 5.75%
Expenses without waivers, reimbursements and
earnings credits ................................ 1.46% 1.42% 1.52% 1.61% 2.39%
Net investment income waivers, reimbursements
and earnings credits ............................ 5.38% 4.58% 4.69% 5.42% 4.26%
Portfolio turnover rate .......................... 83% 283% 329% 823% 122%
------------------------------------------------------------------------------------------------------------------------------
</TABLE>
* Commencement of offering class of shares.
# Short periods have been annualized.
(1) Total return figures do not include the effect of any front-end or deferred
sales load.
See notes to financial statements.
53
<PAGE>
--------------------------------------------------------------------------------
CHASE VISTA FUNDS FINANCIAL HIGHLIGHTS (unaudited)
--------------------------------------------------------------------------------
FINANCIAL HIGHLIGHTS (unaudited)
<TABLE>
<S> <C> <C> <C> <C> <C>
Bond Fund
----------------------------------------------------------------------------
Class B
----------------------------------------------------------------------------
11/01/99 Year Ended 05/06/96*
Through ------------------------------------------ Through
4/30/00 10/31/99 10/31/98 10/31/97 10/31/96
---------- ---------- -------- -------- --------
Per share operating performance
Net asset value, beginning of period ............. $10.21 $11.00 $10.87 $10.76 $10.39
---------- ---------- --------- --------- ----------
Income from investment operations:
Net investment income ........................... 0.27 0.48 0.50 0.58 0.23
Net gains or losses in securities
(both realized and unrealized) .................. (0.26) (0.63) 0.27 0.32 0.37
---------- ---------- --------- --------- ----------
Total from investment operations ............... 0.01 (0.15) 0.77 0.90 0.60
---------- ---------- --------- --------- ----------
Distributions to shareholders from:
Dividends from net investment income ............ 0.26 0.48 0.50 0.58 0.23
Distributions from capital gains ................ -- 0.16 0.14 0.21 --
---------- ---------- --------- --------- ----------
Total dividends and distributions .............. 0.26 0.64 0.64 0.79 0.23
---------- ---------- --------- --------- ----------
Net asset value, end of period ................... $ 9.96 $10.21 $11.00 $10.87 $10.76
========== ========== ========= ========= ==========
Total return (1) ................................. 0.12% (1.46%) 7.33% 8.32% 6.12%
Ratios/supplemental data:
Net assets, end of period (in millions) ......... $4 $4 $4 $1 $1
Ratios to average net assets#:
Expenses ........................................ 1.50% 1.50% 1.55% 1.64% 1.65%
Net investment income ........................... 5.34% 4.50% 4.63% 5.26% 4.97%
Expenses without waivers, reimbursements and
earnings credits ................................ 1.96% 1.92% 2.00% 2.07% 2.93%
Net investment income waivers, reimbursements
and earnings credits ............................ 4.88% 4.08% 4.18% 4.83% 3.69%
Portfolio turnover rate .......................... 83% 283% 329% 823% 122%
------------------------------------------------------------------------------------------------------------------------------
</TABLE>
* Commencement of offering class of shares.
# Short periods have been annualized.
(1) Total return figures do not include the effect of any front-end or deferred
sales load.
See notes to financial statements.
54
<PAGE>
--------------------------------------------------------------------------------
CHASE VISTA FUNDS FINANCIAL HIGHLIGHTS (unaudited)
--------------------------------------------------------------------------------
FINANCIAL HIGHLIGHTS (unaudited)
<TABLE>
<S> <C> <C> <C> <C> <C> <C>
Bond Fund
------------------------------------------------------------------------------
Class I
------------------------------------------------------------------------------
11/01/99 Year Ended
Through -----------------------------------------------------------------
04/30/00 10/31/99 10/31/98 10/31/97 10/31/96 10/31/95
---------- ---------- -------- -------- -------- --------
Per share operating performance
Net asset value, beginning of period ......... $10.16 $10.94 $10.82 $10.71 $10.91 $10.08
---------- ---------- --------- --------- --------- ---------
Income from investment operations:
Net investment income ....................... 0.32 0.58 0.62 0.68 0.67 0.69
Net gains or losses in securities
(both realized and unrealized) .............. (0.26) (0.62) 0.26 0.32 (0.15) 0.85
---------- ---------- --------- --------- --------- ---------
Total from investment operations .......... 0.06 (0.04) 0.88 1.00 0.52 1.54
---------- ---------- --------- --------- --------- ---------
Less distributions:
Dividends from net investment income ........ 0.31 0.58 0.62 0.68 0.66 0.69
Distributions from capital gains ............ -- 0.16 0.14 0.21 0.06 0.02
---------- ---------- --------- --------- --------- ---------
Total dividends and distributions ......... 0.31 0.74 0.76 0.89 0.72 0.71
---------- ---------- --------- --------- --------- ---------
Net asset value, end of period ............... $9.91 $10.16 $10.94 $10.82 $10.71 $10.91
========== ========== ========= ========= ========= =========
Total return ................................. 0.62% (0.42%) 8.42% 9.93% 4.90% 15.83%
Ratios/supplemental data:
Net assets, end of period (in millions) ..... $19 $23 $21 $18 $18 $57
Ratios to average net assets#:
Expenses .................................... 0.50% 0.50% 0.50% 0.50% 0.36% 0.31%
Net investment income ....................... 6.34% 5.50% 5.72% 6.42% 6.23% 6.56%
Expenses without waivers, reimbursements
and earnings credits .................. ..... 1.13% 1.14% 1.20% 1.17% 0.87% 0.87%
Net investment income without waivers,
reimbursements and earnings credits ......... 5.71% 4.86% 5.02% 5.75% 5.72% 6.00%
Portfolio turnover rate ...................... 83% 283% 329% 823% 122% 30%
------------------------------------------------------------------------------------------------------------------------------
</TABLE>
# Short periods have been annualized.
See notes to financial statements.
55
<PAGE>
--------------------------------------------------------------------------------
CHASE VISTA FUNDS FINANCIAL HIGHLIGHTS (unaudited)
--------------------------------------------------------------------------------
FINANCIAL HIGHLIGHTS (unaudited)
<TABLE>
<S> <C> <C> <C>
Short-Term Bond Fund
---------------------------------------
Class A
--------------------------------------
11/01/99 Year Ended
Through -------------------------
04/30/00 10/31/99 10/31/98
----------- ----------- --------
Per share operating performance
Net asset value, beginning of period ......... $9.94 $10.14 $10.10
----------- ----------- ----------
Income from investment operations:
Net investment income ....................... 0.27 0.46 0.53
Net gains or losses in securities
(both realized and unrealized) .............. (0.17) (0.20) 0.02
----------- ----------- ----------
Total from investment operations ........... 0.10 0.26 0.55
----------- ----------- ----------
Less distributions:
Dividends from net investment income ........ 0.26 0.46 0.51
Distributions from capital gains ............ -- -- --
----------- ----------- ----------
Total dividends and distributions .......... 0.26 0.46 0.51
----------- ----------- ----------
Net asset value, end of period ............... $9.78 $ 9.94 $10.14
=========== =========== ==========
Total return (1) ............................. 1.05% 2.64% 5.58%
Ratios/supplemental data:
Net assets, end of period (in millions) ..... $20 $22 $19
Ratios to average net assets#:
Expenses .................................... 0.75% 0.75% 0.76%
Net investment income ....................... 5.42% 4.58% 5.28%
Expenses without waivers, reimbursements
and earnings credits ........................ 1.38% 1.37% 1.44%
Net investment income without waivers,
reimbursements and earnings credits ......... 4.79% 3.96% 4.60%
Portfolio turnover rate ...................... 81% 302% 439%
<S> <C> <C> <C> <C>
Short-Term Bond Fund
---------------------------------------------------
Class A Class M
------------------------ -------------------------
05/06/96* 11/01/99 07/01/99*
Through Through Through
10/31/97 10/31/96 04/30/00 10/31/99
-------- --------- ---------- ---------
Per share operating performance
Net asset value, beginning of period ......... $10.10 $10.03 $9.94 $9.98
---------- ----------- ---------- -----------
Income from investment operations:
Net investment income ....................... 0.58 0.26 0.26 0.16
Net gains or losses in securities
(both realized and unrealized) .............. -- 0.07 (0.17) (0.04)
---------- ----------- ---------- -----------
Total from investment operations ........... 0.58 0.33 0.09 0.12
---------- ----------- ---------- -----------
Less distributions:
Dividends from net investment income ........ 0.58 0.26 0.25 0.16
Distributions from capital gains ............ -- -- -- --
---------- ----------- ---------- -----------
Total dividends and distributions .......... 0.58 0.26 0.25 0.16
---------- ----------- ---------- -----------
Net asset value, end of period ............... $10.10 $10.10 $9.78 $9.94
========== =========== ========== ===========
Total return (1) ............................. 5.91% 3.41% 0.93% 1.26%
Ratios/supplemental data:
Net assets, end of period (in millions) ..... $10 $10 $4 $3
Ratios to average net assets#:
Expenses .................................... 0.75% 0.75% 1.00% 0.97%
Net investment income ....................... 5.76% 5.28% 5.20% 4.72%
Expenses without waivers, reimbursements
and earnings credits ........................ 1.31% 1.45% 1.85% 1.41%
Net investment income without waivers,
reimbursements and earnings credits ......... 5.20% 4.58% 4.35% 4.28%
Portfolio turnover rate ...................... 471% 158% 81% 302%
----------------------------------------------------------------------------------------------------
</TABLE>
* Commencement of offering class of shares.
# Short periods have been annualized.
(1) Total return figures do not include the effect of any front-end or deferred
sales load.
See notes to financial statements.
56
<PAGE>
--------------------------------------------------------------------------------
CHASE VISTA FUNDS FINANCIAL HIGHLIGHTS (unaudited)
--------------------------------------------------------------------------------
FINANCIAL HIGHLIGHTS (unaudited)
<TABLE>
<S> <C> <C> <C> <C> <C> <C>
Short-Term Bond Fund
------------------------------------------------------------------------------
Class I
------------------------------------------------------------------------------
11/01/99 Year Ended
Through -----------------------------------------------------------------
04/30/00 10/31/99 10/31/98 10/31/97 10/31/96 10/31/95
---------- ---------- -------- -------- -------- --------
Per share operating performance
Net asset value, beginning of period ......... $9.95 $10.15 $10.11 $10.12 $10.08 $ 9.91
---------- ---------- --------- --------- --------- ---------
Income from investment operations:
Net investment income ....................... 0.29 0.49 0.57 0.62 0.56 0.54
Net gains or losses in securities
(both realized and unrealized) .............. (0.17) (0.20) 0.02 (0.01) 0.04 0.17
---------- ---------- --------- --------- --------- ---------
Total from investment operations ........... 0.12 0.29 0.59 0.61 0.60 0.71
---------- ---------- --------- --------- --------- ---------
Less distributions:
Dividends from net investment income ........ 0.28 0.49 0.55 0.62 0.56 0.54
Distributions from capital gains ............ -- -- -- -- -- --
---------- ---------- --------- --------- --------- ---------
Total dividends and distributions .......... 0.28 0.49 0.55 0.62 0.56 0.54
---------- ---------- --------- --------- --------- ---------
Net asset value, end of period ............... $9.79 $ 9.95 $10.15 $10.11 $10.12 $10.08
========== ========== ========= ========= ========= =========
Total return ................................. 1.21% 2.97% 6.03% 6.23% 6.10% 7.37%
Ratios/supplemental data:
Net assets, end of period (in millions) ..... $25 $28 $31 $38 $43 $36
Ratios to average net assets#:
Expenses .................................... 0.42% 0.42% 0.42% 0.42% 0.35% 0.32%
Net investment income ....................... 5.75% 4.89% 5.68% 6.08% 5.59% 5.41%
Expenses without waivers, reimbursements
and earnings credits ........................ 1.03% 1.02% 1.04% 0.93% 0.89% 0.90%
Net investment income without waivers,
reimbursements and earnings credits ......... 5.14% 4.29% 5.06% 5.57% 5.05% 4.83%
Portfolio turnover rate ...................... 81% 302% 439% 471% 158% 62%
------------------------------------------------------------------------------------------------------------------------------
</TABLE>
# Short periods have been annualized.
See notes to financial statements.
57
<PAGE>
--------------------------------------------------------------------------------
CHASE VISTA FUNDS FINANCIAL HIGHLIGHTS (unaudited)
--------------------------------------------------------------------------------
FINANCIAL HIGHLIGHTS (unaudited)
<TABLE>
<S> <C> <C> <C> <C> <C> <C>
Strategic Income Fund
---------------------------------------------------------------------------------
Class A Class B Class C
-------------------------- -------------------------- ---------------------------
11/01/99 11/30/98* 11/01/99 11/30/98* 11/01/99 11/30/98*
Through Through Through Through Through Through
04/30/00 10/31/99 04/30/00 10/31/99 04/30/00 10/31/99
---------- -------- ---------- -------- ---------- --------
Per share operating performance
Net asset value, beginning of period ......... $9.59 $10.00 $9.59 $10.00 $9.59 $10.00
---------- ---------- ---------- ---------- ---------- ----------
Income from investment operations:
Net investment income ....................... 0.39 0.72 0.38 0.71 0.38 0.71
Net gains or losses in securities
(both realized and unrealized) .............. (0.18) (0.41) (0.18) (0.41) (0.18) (0.41)
---------- ---------- ---------- ---------- ---------- ----------
Total from investment operations ........... 0.21 0.31 0.20 0.30 0.20 0.30
---------- ---------- ---------- ---------- ---------- ----------
Distributions to shareholders from:
Dividends from net investment income ........ 0.39 0.72 0.38 0.71 0.38 0.71
Distributions from capital gains ............ -- -- -- -- -- --
---------- ---------- ---------- ---------- ---------- ----------
Total dividends and distributions .......... 0.39 0.72 0.38 0.71 0.38 0.71
---------- ---------- ---------- ---------- ---------- ----------
Net asset value, end of period ............... $9.41 $ 9.59 $9.41 $ 9.59 $9.41 $ 9.59
========== ========== ========== ========== ========== ==========
Total return (1) ............................. 2.22% 3.23% 2.06% 3.13% 2.05% 3.12%
Net assets, end of period (in millions) ..... $2 $3 $6 $5 $3 $4
Ratios to average net assets#:
Expenses .................................... 0.82% 0.15% 1.21% 0.17% 1.18% 0.17%
Net investment income ....................... 8.31% 8.38% 7.92% 8.40% 7.95% 8.40%
Expenses without waivers, reimbursements
and earnings credits ........................ 2.23% 3.59% 2.73% 3.98% 2.74% 3.98%
Net investment income without waivers,
reimbursements and earnings credits ......... 6.90% 4.94% 6.40% 4.59% 6.39% 4.59%
Portfolio turnover rate ...................... 60% 136% 60% 136% 60% 136%
------------------------------------------------------------------------------------------------------------------------------
</TABLE>
* Commencement of operations.
# Short periods have been annualized.
(1) Total return figures do not include the effect of any front-end or deferred
sales load.
See notes to financial statements.
58
<PAGE>
--------------------------------------------------------------------------------
CHASE VISTA FUNDS FINANCIAL HIGHLIGHTS (unaudited)
--------------------------------------------------------------------------------
FINANCIAL HIGHLIGHTS (unaudited)
<TABLE>
<S> <C> <C>
Strategic Income Fund
-----------------------------
Class M
-----------------------------
11/01/99 10/28/99**
Through Through
04/30/00 10/31/99
----------- ----------
Per share operating performance
Net asset value, beginning of period ............................................ $ 9.59 $ 9.64
----------- -----------
Income from investment operations:
Net investment income .......................................................... 0.37 0.07
Net gains or losses in securities (both realized and unrealized) ............... (0.18) (0.05)
----------- -----------
Total from investment operations .............................................. 0.19 0.02
----------- -----------
Distributions to shareholders from:
Dividends from net investment income ........................................... 0.37 0.07
Distributions from capital gains ............................................... -- --
----------- -----------
Total dividends and distributions ............................................. 0.37 0.07
----------- -----------
Net asset value, end of period .................................................. $ 9.41 $ 9.59
=========== ===========
Total return (1) ................................................................ 1.96% 0.16%
Net assets, end of period (in millions) ........................................ $13 $12
Ratios to average net assets#:
Expenses ....................................................................... 1.43% 0.17%
Net investment income .......................................................... 7.70% 4.56%
Expenses without waivers, reimbursements and earnings credits .................. 2.32% 3.73%
Net investment income without waivers, reimbursements and earnings credits ..... 6.82% 1.00%
Portfolio turnover rate ......................................................... 60% 136%
---------------------------------------------------------------------------------------------------------------
<S> <C> <C>
Class I
----------------------------
11/01/99 11/30/98*
Through Through
11/05/99~ 10/31/99
------------ ---------
Per share operating performance
Net asset value, beginning of period ............................................ $9.59 $10.00
------------ -----------
Income from investment operations:
Net investment income .......................................................... 0.01 0.72
Net gains or losses in securities (both realized and unrealized) ............... 0.04 (0.41)
------------ -----------
Total from investment operations .............................................. 0.05 0.31
------------ -----------
Distributions to shareholders from:
Dividends from net investment income ........................................... -- 0.72
Distributions from capital gains ............................................... -- --
------------ -----------
Total dividends and distributions ............................................. -- 0.72
------------ -----------
Net asset value, end of period .................................................. $9.64 $ 9.59
============ ===========
Total return (1) ................................................................ 0.52% 3.29%
Net assets, end of period (in millions) ........................................ $-- $1
Ratios to average net assets#:
Expenses ....................................................................... 0.40% 0.24%
Net investment income .......................................................... 4.77% 8.07%
Expenses without waivers, reimbursements and earnings credits .................. 1.54% 3.87%
Net investment income without waivers, reimbursements and earnings credits ..... 3.63% 4.44%
Portfolio turnover rate ......................................................... 60% 136%
-----------------------------------------------------------------------------------------------------------------
</TABLE>
* Commencement of operations.
** Commencement of offering of class of shares.
# Short periods have been annualized.
~ All outstanding shares were redeemed effective November 5, 1999. The Fund
continues to offer Class I shares for sale.
(1) Total return figures do not include the effect of any front-end or deferred
sales load.
See notes to financial statements.
59
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<PAGE>
--------------------------------------------------------------------------------
CHASE VISTA FIXED INCOME FUNDS SEMI-ANNUAL REPORT
--------------------------------------------------------------------------------
INVESTMENT ADVISER, ADMINISTRATOR, SHAREHOLDER AND FUND SERVICING AGENT AND
CUSTODIAN
The Chase Manhattan Bank
DISTRIBUTOR
Vista Fund Distributors, Inc.
TRANSFER AGENT
DST Systems, Inc.
LEGAL COUNSEL
Simpson Thacher & Bartlett
INDEPENDENT ACCOUNTANTS
PricewaterhouseCoopers LLP
Chase Vista Funds are distributed by Vista Fund Distributors, Inc., which is
unaffiliated with The Chase Manhattan Bank. Chase and its respective affiliates
receive compensation from Chase Vista Funds for providing investment advisory
and other services.
This report is submitted for the general information of the shareholders of the
funds. It is not authorized for distribution to prospective investors in the
funds unless preceded or accompanied by a prospectus.
The financial information in this report has been taken from the books and
records of the funds without examination by independent accountants, who express
no opinion thereto.
To obtain a prospectus for any of the Chase Vista Funds, call 1-800-34-VISTA.
The prospectus contains more complete information, including charges and
expenses. Please read it carefully before you invest or send money.
(C) The Chase Manhattan Corporation, 2000. All Rights Reserved. June 2000
[Graphic; Globe]
[Logo; CHASE VISTA FUNDS(SM)]
Chase Vista Funds Fulfillment Center
393 Manley Street
West Bridgewater, MA 02379-1039
