[Front Cover]
OCTOBER 31, 1999
- --------------------------------------------------------------------------------
Chase Vista
Equity Funds
CORE EQUITY FUND ANNUAL REPORT
EQUITY GROWTH FUND
GROWTH AND
INCOME FUND
CAPITAL GROWTH FUND
LARGE CAP
EQUITY FUND
FOCUS FUND
EQUITY INCOME FUND
SMALL CAP
OPPORTUNITIES FUND
SMALL CAP
EQUITY FUND
BALANCED FUND
[CHASE VISTA FUNDS Logo]
ANEQ-2-1299
<PAGE>
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
Contents
- --------------------------------------------------------------------------------
Chairman's Letter 1
- --------------------------------------------------------------------------------
Chase Vista Core Equity 2
Fund Commentary
- --------------------------------------------------------------------------------
Chase Vista Equity Growth 5
Fund Commentary
- --------------------------------------------------------------------------------
Chase Vista Growth and Income Fund 8
Fund Commentary
- --------------------------------------------------------------------------------
Chase Vista Capital Growth Fund 11
Fund Commentary
- --------------------------------------------------------------------------------
Chase Vista Large Cap Equity Fund 14
Fund Commentary
- --------------------------------------------------------------------------------
Chase Vista Focus Fund 17
Fund Commentary
- --------------------------------------------------------------------------------
Chase Vista Equity Income Fund 20
Fund Commentary
- --------------------------------------------------------------------------------
Chase Vista Small Cap Opportunities Fund 23
Fund Commentary
- --------------------------------------------------------------------------------
Chase Vista Small Cap Equity Fund 26
Fund Commentary
- --------------------------------------------------------------------------------
Chase Vista Balanced Fund 29
Fund Commentary
- --------------------------------------------------------------------------------
Portfolios of Investments 32
- --------------------------------------------------------------------------------
Fund Financial Statements 55
- --------------------------------------------------------------------------------
Portfolio Financial Statements 96
- --------------------------------------------------------------------------------
Highlights
U.S. equity markets continued their advance despite several interest rate hikes
by the Federal Reserve.
o The stock market posted strong results driven by technology stocks and
strong corporate earnings.
o Inflation, while still well under control, inched up during the reporting
year and the Federal Reserve began raising interest rates in June.
o As the bull market in stocks continued, large-cap growth stocks led the
advance with mid-cap and small-cap stocks following their lead.
-------------------------------------------------------
NOT FDIC INSURED May lose value / No bank guarantee
-------------------------------------------------------
Chase Vista Funds are distributed by Vista Fund Distributors, Inc.
<PAGE>
- --------------------------------------------------------------------------------
CHASE VISTA EQUITY FUNDS
- --------------------------------------------------------------------------------
Chairman's Letter
November 15, 1999
Dear Shareholder:
We are pleased to present this annual report for the Chase Vista U.S. Equity
Funds for the year ended October 31, 1999.
Buoyant Economy Boosts Equities
Economic conditions that appeared close to perfect led the equity market to new
highs. Extremely robust economic growth combined with little evidence of
inflation to produce an ideal environment for both corporate profits and equity
valuations. Equities rose quickly in the first half of the period, although some
doubts emerged in early summer.
The period began with the Federal Reserve Board's decision to cut rates in
November 1998, its third rate cut in as many months. Rates had been cut to
counter the threat that recession and deflation would spread from Asia and
emerging markets and by the near failure of a large hedge fund.
As the months progressed, equities rallied strongly as it became clear that the
economy remained strong and that the three rate cuts--amounting to 75 basis
points--had increased financial liquidity. The stock market recorded not only a
double-digit return for the calendar year, but its best consecutive four-year
period in stock market history.
Inflation Concerns Surface In May
While the market continued to post new highs through the first months of 1999,
inflation fears surfaced in early May. Spooked by data suggesting strong
economic growth and tight labor markets might finally be leading to higher
inflation, benchmark 30-year Treasury yields rose to levels not seen since 1997.
The Federal Reserve Board reversed much of its 1998 easing-- lifting rates by 25
basis points in both June and August.
Broadly speaking, equities drifted lower in the late summer and early fall. Only
technology and blue chip growth stocks continued to rise. By the end of October,
however, inflation fears had subsided somewhat and the broad-based market
indices looked set for another double-digit year.
Sincerely yours,
[Graphic: Signature of Fergus Reid]
Fergus Reid
Chairman
1
<PAGE>
- --------------------------------------------------------------------------------
CHASE VISTA CORE EQUITY FUND
As of October 31, 1999 (Unaudited)
- --------------------------------------------------------------------------------
How the Fund Performed
Chase Vista Core Equity Fund, which seeks to provide capital growth through a
portfolio of common stocks of large companies, had a total return of 29.39%
(Class A Shares, without sales charge) for the year ended October 31, 1999.
This compares to 26.12% for the Lipper Large Cap Core Index and 25.66% for the
S&P 500 Index, the Fund's benchmark.
How the Fund Was Managed
The Fund has performed well in the short period since its inception. It has
benefited from the strategy of holding large companies with superior earnings
growth and leadership positions in their markets. While the broad equity indices
have moved sideways, technology stocks and a small number of well-managed blue
chips continued to make new highs. The Fund owned many of these companies.
It was supported by holdings which included technology companies like Microsoft
Corp., Intel Corp. and Dell Computer Corp. It also had positions in well-managed
multinationals like General Electric and Proctor & Gamble. These leadership
companies have consistently found ways to grow earnings and the Fund continues
to be overweight in them. A number of stocks performed particularly poorly as a
result of disappointing third-quarter earnings announcements. Discount broker
Charles Schwab fell sharply after warning that profit margins might deteriorate
sharply later in the year.
The Fund has recently added to its holdings in the cable, media and networking
areas. Among its purchases are Nortel Networks, Clear Channel Communications and
Omnicom. The manager has also taken advantage of share price weakness to add to
the position in America Online.
Where the Fund May Be Headed
The Fund's outlook depends on future inflation and interest rates. To date, the
Fund has risen with the large growth companies in which it has invested. Stock
picking will be a major contributor to performance. The manager is positioning
the Fund in companies with market leadership credentials. It focuses on
companies with strong earnings and high levels of profitability as well as
positive industry characteristics. The manager believes the Fund is well
positioned in the current market environment.
2
<PAGE>
CHASE VISTA CORE EQUITY FUND
As of October 31, 1999 (Unaudited)
Percentage of Total Portfolio Investments
[Pie Chart Graphic]
<TABLE>
<S> <C>
Transportation (1.0%)
Basic Materials (1.8%)
Consumer Staples (3.0%)
Cash Equivalent & Short Term Paper (4.6%)
Capital Goods (7.0%)
Energy (7.5%)
Utilities (7.6%)
Health Care (12.0%)
Financial (15.2%)
Consumer Cyclicals (17.1%)
Technology (23.2%)
</TABLE>
Top Ten Equity Holdings of the Portfolio
1. Microsoft Corp. (5.7%) Develops, manufactures, licenses, sells and supports
software products. The Company offers operating system software, server
application software, business and consumer application software, software
development tools and Internet and intranet software. It also develops the MSN
network of Internet products and services.
2. General Electric Co. (4.3%) Develops, manufactures and markets products for
the generation, distribution and utilization of electricity. Through General
Electric Capital Services, Inc., offers a variety of financial services
including mutual fund management, financing, asset management and insurance.
General Electric also owns the National Broadcasting Company.
3. Wal-Mart Stores, Inc. (3.3%) Operates discount stores and Supercenters as
well as Sam's Clubs which offer apparel, housewares, small appliances,
electronics and hardware. Wal-Mart operates in the United States, Canada,
Argentina, Brazil, Germany, Mexico and Puerto Rico, and is involved in joint
ventures in China and Korea.
4. American International Group (2.9%) Writes property and casualty insurance
and life insurance, and provides a variety of insurance and insurance-related
services through its subsidiaries in the U.S. and overseas.
5. Intel Corp. (2.3%) Designs, manufactures and sells computer components and
related products. Major products include microprocessors, chipsets, embedded
processors and microcontrollers, flash memory products, graphics products,
network and communications products, system management software, conferencing
products and digital imaging products.
6. Citigroup, Inc. (2.2%) A diversified financial services holding company that
provides investment banking, retail brokerage, corporate banking and cash
management products and services around the world.
7. Cisco Systems, Inc. (2.1%) Supplies data networking products to the corporate
enterprise and public wide area service provider markets. Products include
routers, LAN switches, frame relay/ATM and remote access concentrators.
8. American Express Co. (2.0%) Through its subsidiaries, provides
travel-related, financial advisory and international banking services around the
world.
9. Best Buy Co. (2.0%) Retails consumer electronics, home office equipment,
entertainment software and appliances. The Company operates throughout the
United States.
10. IBM Corp. (1.9%) Provides technologies, systems, products, services,
software and financing. The Company offers its products through its global sales
and distribution organization, as well as through a variety of third party
distributors and resellers.
Top 10 equity holdings comprised 28.7% of the Portfolio's market value of
investments. Portfolio holdings are subject to change at any time.
3
<PAGE>
CHASE VISTA CORE EQUITY FUND
As of October 31, 1999 (Unaudited)
Average Annual Total Returns
<TABLE>
<CAPTION>
Since
Inception
1 Year 5 Years (4/1/93)
- ------------------------------------------------------------------
<S> <C> <C> <C>
Class A Shares
Without Sales Charge 29.39% 23.51% 18.20%
With Sales Charge 21.95% 22.06% 17.14%
- ------------------------------------------------------------------
Class B Shares
Without CDSC 28.90% 23.01% 17.69%
With CDSC 23.90% 22.84% 17.69%
- ------------------------------------------------------------------
Class C Shares
Without CDSC 28.90% 23.01% 17.69%
With CDSC 27.90% 23.01% 17.69%
- ------------------------------------------------------------------
</TABLE>
Life of Fund Performance (4/1/93 to 10/31/99)
[Line Chart Data]
<TABLE>
<CAPTION>
Chase Vista Lipper Large Cap
Core Equity Fund S&P 500 Index Core Index
<S> <C> <C> <C>
4/1/93 9425 10000 10000
1993 10057 10520 10635.9
1994 9860 10926 10849.7
1995 11407 13809.9 13206.4
1996 13875 17132.1 16048.2
1997 18313 22627.5 20491.2
1998 21918 27606.2 23768.6
1999 28361 34689.7 29833.4
</TABLE>
Source: Lipper Analytical Services. Past performance is not indicative of
future results. Investment return and principal value will fluctuate so that
shares, when redeemed, may be worth more or less than their original cost.
Sales charge for Class A Shares: 5.75%. Class B Shares CDSC: 5% for the one-year
period, 2% for the five-year period and 0% for the period since inception. Class
C Shares CDSC: 1% for the one-year period, 0% thereafter.
The Fund commenced operations on 8/12/99. Class B and C Shares were introduced
on 8/12/99 and 8/13/99, respectively. Prior performance is based upon the Chase
Core Equity Fund, and has been adjusted to reflect historical expenses (absent
waivers and reimbursements) at the Fund's inception and reflects the maximum
5.75% sales charge for Class A Shares. The Fund is currently waiving fees. The
waiver may be terminated, which would reduce performance.
Chart illustrates comparative performance of $10,000 (Class A), assumes
reinvestment of all distributions and includes a 5.75% sales charge. Performance
of the indices does not include sales charges, but includes reinvestment of all
distributions. The S&P 500 Index is a broad-based index that replicates the U.S.
stock market. The Lipper Large Cap Core Index consists of funds that invest in
both growth and value stocks. Investors cannot invest directly in an index.
4
<PAGE>
- --------------------------------------------------------------------------------
CHASE VISTA EQUITY GROWTH FUND
As of October 31, 1999 (Unaudited)
- --------------------------------------------------------------------------------
How the Fund Performed
Chase Vista Equity Growth Fund, which seeks to provide capital growth through a
portfolio of common stocks of growth-orientated companies, provided shareholders
with a total return of 31.70% (Class A Shares, without sales charge) for the
year ended October 31, 1999. This compares to 36.76% for the Lipper Large Cap
Growth Index and 37.15% for the S&P/Barra 500 Growth Index, the Fund's
benchmark.
How the Fund Was Managed
The Fund benefited from its holdings in growth stocks with market leadership
credentials during the period. Rising interest rates and valuation concerns
caused the prices of many equities to reach a plateau during the summer, but a
number of growth stocks continued to reach new highs. In particular, technology
companies benefited from persistent optimism regarding growth prospects and
better than expected third quarter earnings.
The Fund had a heavy weighting in technology stocks, with no exposure to some of
the weaker market sectors.
Strong stock picking also contributed. In particular, the manager anticipated
the rally in semiconductor stock prices and increased the Fund's weighting
accordingly. The rally was caused by a supply/demand squeeze on chips that drove
prices higher. Rising demand for chips to power applications from PCs to new
wireless phone applications coincided with a fall-off in supply. Stocks held
included Texas Instruments and Applied Materials.
Other stocks that performed well included Amgen and Biogen in the biotechnology
sector. In consumer staples, Proctor & Gamble and Albertson's, the grocery store
chain, were positive contributors.
Where the Fund May Be Headed
The Fund's outlook largely depends on future inflation and interest rates. To
date, the Fund has risen with the leadership companies in which it has invested.
Should inflation pick up significantly, the rally in these stocks might end
abruptly. Otherwise, the rally in these stocks is likely to lose momentum over
time and be replaced by a more broadly based move higher.
Stock picking will be a major contributor to performance. The manager continues
to position the Fund in companies with market leadership credentials. It focuses
on companies with strong earnings and high levels of profitability as well as
positive industry characteristics. The manager believes the Fund is well
positioned in the current market environment.
5
<PAGE>
CHASE VISTA EQUITY GROWTH FUND
As of October 31, 1999 (Unaudited)
Percentage of Total Portfolio Investments
[Pie Chart Graphic]
<TABLE>
<S> <C>
Transportation (0.7%)
Consumer Staples (2.8%)
Cash Equivalent & Short Term Paper (4.2%)
Financial (6.6%)
Capital Goods (8.8%)
Utilities (10.3%)
Consumer Cyclicals (15.2%)
Health Care (17.5%)
Technology (33.9%)
</TABLE>
Top Ten Equity Holdings of the Portfolio
1. Microsoft Corp. (5.4%) Develops, manufactures, licenses, sells and supports
software products. The Company offers operating system software, server
application software, business and consumer application software, software
development tools and Internet and intranet software. It also develops the MSN
network of Internet products and services.
2. General Electric Co. (4.9%) Develops, manufactures and markets products for
the generation, distribution and utilization of electricity. Through General
Electric Capital Services, Inc., offers a variety of financial services
including mutual fund management, financing, asset management and insurance.
General Electric also owns the National Broadcasting Company.
3. Intel Corp. (4.2%) Designs, manufactures and sells computer components and
related products. Major products include microprocessors, chipsets, embedded
processors and microcontrollers, flash memory products, graphics products,
network and communications products, system management software, conferencing
products and digital imaging products.
4. Wal-Mart Stores, Inc. (3.6%) Operates discount stores and Supercenters as
well as Sam's Clubs which offer apparel, housewares, small appliances,
electronics and hardware. Wal-Mart operates in the United States, Canada,
Argentina, Brazil, Germany, Mexico and Puerto Rico, and is involved in joint
ventures in China and Korea.
5. America Online, Inc. (3.2%) Provides interactive communications and services
through its America Online and CompuServe worldwide Internet online services.
6. EMC Corp. (3.1%) With offices all around the world, EMC provides enterprise
storage systems, software, networks and services. The Company's products store,
retrieve, manage, protect and share information from all major computing
environments.
7. Applied Materials, Inc. (3.0%) Develops, manufactures, markets and services
semiconductor wafer fabrication equipment and related spare parts for the
worldwide semiconductor industry.
8. Lucent Technologies, Inc. (2.7%) Designs, builds and delivers a wide range of
public and private networks, communications systems and software and data
networking systems. The Company also designs, builds and delivers business
telephone systems and microelectronic components.
9. IBM Corp. (2.7%) Provides technologies, systems, products, services, software
and financing. The Company offers its products through its global sales and
distribution organization, as well as through a variety of third party
distributors and resellers.
10. Amgen, Inc. (2.6%) Discovers, develops, manufactures and markets human
therapeutics based on cellular and molecular biology. The Company focuses its
research on secreted protein and small molecule therapeutics, with particular
emphasis on neuroscience and cancer.
Top 10 equity holdings comprised 35.4% of the Portfolio's market value of
investments. Portfolio holdings are subject to change at any time.
6
<PAGE>
CHASE VISTA EQUITY GROWTH FUND
As of October 31, 1999 (Unaudited)
Average Annual Total Returns
<TABLE>
<CAPTION>
1 Year 5 Years 10 Years
- ----------------------------------------------------------------
<S> <C> <C> <C>
Class A Shares
Without Sales Charge 31.70% 25.58% 16.15%
With Sales Charge 24.13% 24.10% 15.47%
- ----------------------------------------------------------------
Class B Shares
Without CDSC 31.45% 25.53% 16.13%
With CDSC 26.45% 25.37% 16.13%
- ----------------------------------------------------------------
Class C Shares
Without CDSC 31.45% 25.53% 16.13%
With CDSC 30.45% 25.53% 16.13%
- ----------------------------------------------------------------
</TABLE>
10-Year Performance (10/31/89 to 10/31/99)
[Line Chart Data]
<TABLE>
<CAPTION>
Chase Vista S&P/Barra 500 Lipper Large Cap
Equity Growth Fund Growth Index Growth Fund Index
<S> <C> <C> <C>
10/31/89 9425 10000 10000
1990 8948 9669 9254
1991 11550 13166 13256
1992 12240 14686 14241
1993 13255 15540 16314
1994 13491 16391 16679
1995 16027 21262 20968
1996 18682 26305 24924
1997 25390 35327 32032
1998 32099 46651 38298
1999 42157 54660 53045
</TABLE>
Source: Lipper Analytical Services. Past performance is not indicative of future
results. Investment return and principal value will fluctuate, so that shares,
when redeemed, may be worth more or less than their original cost.
Sales charge for Class A Shares: 5.75%. Class B Shares CDSC: 5% for the one-year
period, 2% for the five-year period and 0% for the period since inception. Class
C Shares CDSC: 1% for the one-year period, 0% thereafter.
The Fund commenced operations on 8/12/99. Class B and C Shares were introduced
on 8/13/99 and 8/20/99, respectively. Prior performance is based upon the Chase
Equity Growth Fund, and has been adjusted to reflect historical expenses (absent
waivers and reimbursements) at the Fund's inception and reflects the maximum
5.75% sales charge for Class A shares. The Fund is currently waiving fees. The
waiver may be terminated, which would reduce performance.
Chart illustrates comparative performance of $10,000 (Class A), assumes
reinvestment of all distributions and includes a 5.75% sales charge. Performance
of the indices does not include sales charges, but includes reinvestment of all
distributions. The S&P/Barra 500 Growth Index contains companies with higher
price-to-book ratios relative to the S&P 500. The Lipper Large Cap Growth Fund
Index consists of funds that invest in large-cap growth stocks. Investors cannot
invest directly in an index.
7
<PAGE>
- --------------------------------------------------------------------------------
CHASE VISTA GROWTH AND INCOME FUND
As of October 31, 1999 (Unaudited)
- --------------------------------------------------------------------------------
How the Fund Performed
Chase Vista Growth and Income Fund, which seeks capital appreciation and
current income by investing primarily in common stocks, provided a total return
of 12.82% (Class A Shares, without sales charge) for the year ended October 31,
1999. This compares to 11.66% for the Lipper Multi-Cap Value Average and 19.01%
for the S&P/Barra 500 Value Index, the Fund's benchmark.
How the Fund Was Managed
Buoyed by the rally in equities, the Fund generated a positive return. Market
conditions were most favorable in the first half of the period, when the rally
that followed the Federal Reserve Board's fall 1998 rate cuts boosted many
portfolio holdings. Sectors such as technology, media, consumer cyclicals and
industrial cyclicals boosted the Fund in this period. The Fund rose 16.17% in
the first six months.
During the summer, the market environment was not as positive, as the Fed
reversed much of its monetary easing of the previous fall. In addition, long
bond rates rose. Much of the market remained mired in a trading range, with
worries over valuations and inflation to the fore.
In this nervous market, companies that disappointed were swiftly punished with
lower stock prices. A number of portfolio constituents fell back sharply in
response to disappointing earnings news. Stocks like Bank One, Health South,
Office Depot and Waste Management fell sharply.
In September and October, the portfolio was repositioned to bring it more into
line with its benchmark. A large number of names were added, including DuPont,
Monsanto, International Paper, GE, Exxon, American Express, American
International Group (AIG), Citigroup, Federal National Mortgage Association
(Fannie Mae), Wells Fargo and Morgan Stanley Dean Witter. A number of common
stocks that were believed less attractive were sold, as were some convertible
stocks and REITs.
Where the Fund May Be Headed
While the majority of the repositioning has been accomplished, the manager will
continue to work on bringing the Fund into line with the sector weights of its
benchmark. The manager will seek to outperform through picking companies with
valuations based on earnings over the next two years that are relatively
attractive.
8
<PAGE>
CHASE VISTA GROWTH AND INCOME FUND
As of October 31, 1999 (Unaudited)
Percentage of Total Portfolio Investments
[Pie Chart Graphic]
<TABLE>
<S> <C>
Transportation (0.5%)
Consumer Staples (1.4%)
Capital Goods (2.4%)
Health Care (3.2%)
Cash Equivalent & Short Term Paper (3.9%)
Basic Materials (5.7%)
Utilities (11.9%)
Energy (12.8%)
Consumer Cyclicals (15.4%)
Technology (19.6%)
Financial (23.2%)
</TABLE>
Top Ten Equity Holdings of the Portfolio
1. Citigroup, Inc. (3.7%) A diversified financial services holding company that
provides investment banking, retail brokerage, corporate banking and cash
management products and services around the world.
2. American International Group (3.3%) Writes property and casualty insurance
and life insurance, and provides a variety of insurance and insurance-related
services through its subsidiaries in the U.S. and overseas.
3. Royal Dutch Petroleum Co. (2.5%) Involved in all phases of the petroleum and
petrochemicals industries from exploration to final processing, delivery and
marketing.
4. MCI WorldCom, Inc. (2.2%) Provides local, long distance, Internet, data and
international communications services.
5. E.I. DuPont de Nemours Co. (2.1%) A global chemical and life sciences company
that serves worldwide markets, such as food and nutrition, health care, agricul-
ture, fashion apparel, home and construction, electronics, and transportation.
6. Chevron Corp. (2.1%) Explores for, develops and produces crude oil and
natural gas. Also refines crude oil into finished petroleum products, as well as
markets and transports crude oil, natural gas and petroleum products.
7. Vitesse Semiconductor Corp. (2.1%) Designs, develops, manufactures and
markets digital high-bandwidth communications and automatic test equipment
integrated circuits.
8. Texas Instruments, Inc. (2.1%) Provides semiconductor products as well as
designs and supplies digital signal processing and analog technologies.
9. Exxon Corp. (1.9%) Explores for and produces crude oil and natural gas,
manufactures petroleum products, and transports and sells crude oil.
10. Ford Motor Co. (1.8%) Manufactures and sells automobiles, trucks and related
parts and accessories around the world.
Top 10 equity holdings comprised 23.8% of the Portfolio's market value of
investments. Portfolio holdings are subject to change at any time.
9
<PAGE>
CHASE VISTA GROWTH AND INCOME FUND
As of October 31, 1999 (Unaudited)
Average Annual Total Returns
<TABLE>
<CAPTION>
1 Year 5 Years 10 Years
- ----------------------------------------------------------------
<S> <C> <C> <C>
Class A Shares
Without Sales Charge 12.82% 17.44% 17.32%
With Sales Charge 6.33% 16.06% 16.63%
- ----------------------------------------------------------------
Class B Shares
Without CDSC 12.29% 16.86% 16.96%
With CDSC 7.29% 16.65% 16.96%
- ----------------------------------------------------------------
Class C Shares
Without CDSC 12.29% 16.47% 16.77%
With CDSC 11.29% 16.47% 16.77%
- ----------------------------------------------------------------
Class I Shares 13.30% 17.79% 17.49%
- ----------------------------------------------------------------
</TABLE>
10-Year Performance (10/31/89 to 10/31/99)
[Line Chart Data]
<TABLE>
<CAPTION>
Chase Vista
Growth and S&P/Barra 500 Lipper Multi-Cap
Income Fund S&P 500 Index Value Index Value Average
<S> <C> <C> <C> <C>
10/31/89 9425 10000 10000 10000
1990 9456 9253 8802 8736
1991 15377 12344 11503 11800
1992 17274 13572 12456 12936
1993 20810 15597 15467 15351
1994 20842 16199 15805 15902
1995 24550 20475 19443 19183
1996 29361 25401 24229 23272
1997 37828 33549 31398 30020
1998 41268 40931 35083 31523
1999 46553 51433 41754 35345
</TABLE>
Source: Lipper Analytical Services. Past performance is not indicative of
future results. Investment return and principal value will fluctuate so that
shares, when redeemed, may be worth more or less than their original cost.
Sales charge for Class A Shares: 5.75%. Class B Shares CDSC: 5% for the
one-year period, 2% for the five-year period and 0% for the 10-year period.
Class C Shares CDSC: 1% for the one-year period, 0% thereafter.
The Fund commenced operations on 9/23/87. Class B, C and I Shares were
introduced on 11/4/93, 1/2/98 and 1/25/96, respectively. Performance is based
on historical expenses of the predecessor Class A Shares, which are lower than
the expenses for Class B and C Shares and higher than Class I Shares.
Chart illustrates comparative performance of $10,000 (Class A), assumes
reinvestment of all distributions and includes a 5.75% sales charge.
Performance of the unmanaged average and indices does not include sales
charges, but includes reinvestment of all distributions. The S&P 500 Index is a
broad-based index that replicates the U.S. stock market. The S&P/
Barra 500 Value Index contains large U.S. companies with low price-to-book
ratios relative to the S&P 500. The Lipper Multi-Cap Value Average consists of
funds with a variety of market capitalizations. Investors cannot invest
directly in an index.
10
<PAGE>
- --------------------------------------------------------------------------------
CHASE VISTA CAPITAL GROWTH FUND
As of October 31, 1999 (Unaudited)
- --------------------------------------------------------------------------------
How the Fund Performed
Chase Vista Capital Growth Fund, which seeks to provide capital growth through
a portfolio of common stocks of mid-sized companies, had a total return of
14.30% (Class A Shares, without sales charge) for the year ended October 31,
1999. This compares to 8.69% for the Lipper Mid-Cap Value Average and 21.07%
for the S&P MidCap 400 Index, the Fund's benchmark.
How the Fund Was Managed
A rising market buoyed the Fund higher during the year, although its medium
market capitalization value style bias proved a drag on performance. Receding
worries about the condition of the global economy, and the realization that
domestic growth remained robust, caused equity prices to rise during the last
quarter of 1998 and first quarter of 1999.
In the latter stages of the year, the rally ran out of steam and relative
performance improved. Inflation fears and high stock valuations snared much of
the market in a trading range. During this period, however, the Fund benefited
from strong stock picking and had large holdings in semiconductor,
biotechnology and gaming stocks. Semiconductor stocks performed exceptionally
well. Strong demand for PCs and other applications coincided with a sudden
shortage in supply, forcing semiconductor prices higher. Biotechnology holdings
included Biogen and Chiron, while semiconductor names included Vitesse
Semiconductor and Microchip Technology.
The Fund is currently being repositioned to bring its sector weightings more
closely into line with those of its benchmark. In the future, it will seek
outperformance primarily from stock picking rather than sector bets. The
largest variations from index weightings were in the consumer cyclicals and
utilities sectors. To bring the Fund in line with the index, the manager is
reducing the Fund's consumer cyclicals holdings and adding to utilities.
Where the Fund May Be Headed
Looking ahead, the managers remain positive on the types of stocks in this
portfolio. They remain attractively valued by comparison with large company
stocks, and many have stronger earnings growth rates than the market as a
whole. There are a large number of medium-sized companies with strong growth
prospects trading on relatively low valuations. By this criterion, the mid-cap
stock universe currently offers a better trade-off between risk and reward than
large capitalization stocks. The Fund will continue to hold stocks with strong
fundamentals, reasonable valuations and good technicals.
11
<PAGE>
CHASE VISTA CAPITAL GROWTH FUND
As of October 31, 1999 (Unaudited)
Percentage of Total Portfolio Investments
[Pie Chart Graphic]
<TABLE>
<S> <C>
Consumer Cyclicals (29.2%)
Technology (23.1%)
Financial (12.1%)
Basic Materials (7.5%)
Utilities (7.2%)
Energy (7.0%)
Health Care (6.2%)
Cash Equivalent & Short Term Paper (4.6%)
Capital Goods (1.3%)
Real Estate (1.2%)
Transportation (0.5%)
U.S. Treasury Security (0.1%)
</TABLE>
Top Ten Equity Holdings of the Portfolio
1. AT&T--Liberty Media Group, Class A (5.9%) Holds interest in numerous globally
branded entertainment networks such as "Discovery Channel" and "USA." Assets
also include interests in international video businesses, international
telephony and domestic wireless, plant and equipment manufacturers and other
businesses related to broadband services.
2. General Instrument Corp. (3.1%) Supplies digital and analog set-up terminals
and systems for wired and wireless cable television network, hybrid fiber/
coaxial network transmission systems used by television operators and digital
satellite television systems.
3. Zions Bancorp. (2.7%) Operates full-service banking offices. The company also
offers an array of investments, mortgage, insurance and electronic commerce
services.
4. AXA Financial, Inc. (2.2%) A provider of diversified financial services
around the world, including insurance and annuity products, investment banking
and asset management services. Subsidiaries include The Equitable Life Assurance
Society of the U.S., Alliance Capital Management L.P., and Donaldson, Lufkin and
Jenrette.
5. Cooper Cameron Corp. (2.1%) Manufactures oil and gas pressure control
equipment, including valves, wellheads, chokes, blowout preventers and assembled
systems, used for oil and gas drilling.
6. Diamond Offshore Drilling, Inc. (2.0%) Contracts drills offshore of oil and
gas wells throughout the world.
7. Altera Corp. (2.0%) Designs, manufactures and markets programmable logic
devices and associated development tools. Programmable logic devices are
semiconductor integrated circuits that offer on-site programmability to
customers.
8. Park Place Entertainment Corp. (1.9%) Created through a spin-off of Hilton
Hotels Corporation and a merger with the Mississippi gaming operations of Grand
Casinos, Inc., the Company's operations include United States land-based casinos
and an interest in a riverboat casino, land-based casinos in Australia and a
land-based casino in Uruguay.
9. CMS Energy Corp. (1.9%) Provides energy services and develops, owns and
operates energy facilities around the world. The Company is involved in electric
and gas utility operations, electric power operations and oil and gas
exploration.
10. Atmel Corp. (1.8%) Designs, develops, manufactures and markets various non-
volatile memory and logic integrated circuits using proprietary technology. The
Company's devices are used in products for telecommunications, computers,
networking, image processing, industrial and military applications and avionics.
Top 10 equity holdings comprised 25.6% of the Portfolio's market value of
investments. Portfolio holdings are subject to change at any time.
12
<PAGE>
CHASE VISTA CAPITAL GROWTH FUND
As of October 31, 1999 (Unaudited)
Average Annual Total Returns
<TABLE>
<CAPTION>
1 Year 5 Years 10 Years
- ----------------------------------------------------------------
<S> <C> <C> <C>
Class A Shares
Without Sales Charge 14.30% 14.50% 15.93%
With Sales Charge 7.73% 13.15% 15.25%
- ----------------------------------------------------------------
Class B Shares
Without CDSC 13.71% 13.93% 15.59%
With CDSC 8.71% 13.70% 15.59%
- ----------------------------------------------------------------
Class C Shares
Without CDSC 13.81% 13.75% 15.50%
With CDSC 12.81% 13.75% 15.50%
- ----------------------------------------------------------------
Class I Shares 14.71% 14.83% 16.10%
- ----------------------------------------------------------------
</TABLE>
10-Year Performance (10/31/89 to 10/31/99)
[Line Chart Data]
<TABLE>
<CAPTION>
Chase Vista
Capital Russell 2000 S&P MidCap Lipper Mid-Cap
Growth Fund Index 400 Index Value Average
<S> <C> <C> <C> <C>
10/31/89 9425 10000 10000 10000
1990 7717 7271 8660 8367
1991 13888 11533 13952 12050
1992 15858 12629 15460 13331
1993 19989 16169 18372 16195
1994 21007 16661 19235 17057
1995 23922 19719 23315 19831
1996 29060 23004 27360 23792
1997 36748 29754 36298 31235
1998 36160 26227 38734 29395
1999 41328 30125 46896 31771
</TABLE>
Source: Lipper Analytical Services. Past performance is not indicative of
future results. Investment return and principal value will fluctuate so that
shares, when redeemed, may be worth more or less than their original cost.
Sales charge for Class A Shares: 5.75%. Class B Shares CDSC: 5% for the
one-year period, 2% for the five-year period and 0% for the 10-year period.
Class C Shares CDSC: 1% for the one-year period, 0% thereafter.
The Fund commenced operations on 9/23/87. Class B, C and I Shares were
introduced on 11/4/93, 1/2/98 and 1/25/96, respectively. Performance is based
on historical expenses of the predecessor Class A Shares, which are lower than
the expenses for Class B and C Shares and higher than Class I Shares. The Fund
is currently waiving fees. The waiver may be terminated, which would reduce
performance.
Chart illustrates comparative performance of $10,000 (Class A), assumes
reinvestment of all distributions and includes a 5.75% sales charge.
Performance of the unmanaged average and indices does not include sales
charges, but includes reinvestment of all distributions. The Russell 2000 Index
tracks the shares of 2,000 small-capitalization companies. The S&P MidCap 400
Index consists of 400 domestic stocks chosen for market size, liquidity and
industry group representation. The Lipper Mid-Cap Value Average consists of
mid-cap value funds. Investors cannot invest directly in an index.
13
<PAGE>
- --------------------------------------------------------------------------------
CHASE VISTA LARGE CAP EQUITY FUND
As of October 31, 1999 (Unaudited)
- --------------------------------------------------------------------------------
How the Fund Performed
Chase Vista Large Cap Equity Fund, which seeks to provide capital growth through
a portfolio of large cap common stocks, provided shareholders with a total
return of 14.96% (Class A Shares, without sales charge) for the year ended
October 31, 1999. This compares to 17.60% for the Lipper Large Cap Value Average
and 25.66% for the S&P 500 Index, the Fund's benchmark.
How the Fund Was Managed
The Fund's emphasis on large capitalization names served it well during the
period, although its value style proved a significant drag on performance in the
second half. Continuing the trend of recent years, large capitalization stocks
registered bigger gains than small- and mid-cap companies. Value stocks did not,
however, perform as well as growth.
Much of the Fund's rise occurred in the first six months, when it rose 19.01%.
Relief that economic growth had not been damaged by the turmoil affecting
emerging markets and parts of Asia drove equities higher during that period. In
the second six months, a sustained rise in interest rates across the yield curve
held much of the equity market within a trading range. Stock price rises were
limited to an ever-shrinking number of blue chip and technology stocks.
The Fund was underweight in technology stocks as compared to the benchmark, and
moved sideways over much of the summer. Further, it did not own some of the blue
chip names like Microsoft and General Electric that led the market. Among the
worst performing companies in the portfolio were Health South, Office Depot and
Waste Management. All revealed disappointing earnings in the quarter.
The portfolio is currently undergoing restructuring to give it a more
conventional value style. A number of stocks regarded as holding little promise
of recovery have been sold. Names that have been added include American Express,
AIG, Citigroup, DuPont, Fannie Mae, Exxon and Royal Dutch.
Where the Fund May Be Headed
The Fund's outlook depends on future inflation and interest rates. To date, the
Fund has risen with the large capitalization companies in which it has invested.
Stock picking will be a major contributor to performance. The manager is
positioning the Fund in companies with market leadership credentials. It focuses
on companies with strong earnings and high levels of profitability as well as
positive industry characteristics. The manager believes the Fund is well
positioned in the current market environment.
14
<PAGE>
CHASE VISTA LARGE CAP EQUITY FUND
As of October 31, 1999 (Unaudited)
Percentage of Total Portfolio Investments
[Pie Chart Graphic]
<TABLE>
<S> <C>
Financial (21.2%)
Technology (17.6%)
Consumer Cyclicals (16.9%)
Energy (13.8%)
Utilities (9.2%)
Capital Goods (5.9%)
Basic Materials (4.9%)
Consumer Staples (3.6%)
Cash Equivalent & Short Term Paper (3.2%)
Health Care (3.0%)
Transportation (0.7%)
</TABLE>
Top Ten Equity Holdings of the Portfolio
1. Exxon Corp. (3.6%) Explores for and produces crude oil and natural gas,
manufactures petroleum products, and transports and sells crude oil.
2. American International Group (3.3%) Writes property and casualty insurance
and life insurance, and provides a variety of insurance and insurance-related
services through its subsidiaries in the U.S. and overseas.
3. Citigroup, Inc. (3.3%) A diversified financial services holding company that
provides investment banking, retail brokerage, corporate banking and cash
management products and services around the world.
4. Royal Dutch Petroleum Co. (2.6%) Involved in all phases of the petroleum and
petrochemicals industries from exploration to final processing, delivery and
marketing.
5. Wal-Mart Stores, Inc. (2.3%) Operates discount stores and Supercenters as
well as Sam's Clubs which offer apparel, housewares, small appliances,
electronics and hardware. Wal-Mart operates in the United States, Canada,
Argentina, Brazil, Germany, Mexico and Puerto Rico, and is involved in joint
ventures in China and Korea.
6. Texas Instruments, Inc. (1.8%) Provides semiconductor products as well as
designs and supplies digital signal processing and analog technologies.
7. Altera Corp. (1.8%) Designs, manufactures and markets programmable logic
devices and associated development tools. Programmable logic devices are
semiconductor integrated circuits that offer on-site programmability to
customers.
8. Coastal Corp. (1.7%) Gathers, markets, processes, stores and transmits gas,
as well as refines, markets and distributes petroleum and chemicals.
9. Applied Materials, Inc. (1.5%) Develops, manufactures, markets and services
semiconductor wafer fabrication equipment and related spare parts for the
worldwide semiconductor industry.
10. Chevron Corp. (1.5%) Explores for, develops and produces crude oil and
natural gas. The Company also refines crude oil into finished petroleum
products, as well as markets and transports crude oil, natural gas and petroleum
products.
Top 10 equity holdings comprised 23.4% of the Portfolio's market value of
investments. Portfolio holdings are subject to change at any time.
15
<PAGE>
CHASE VISTA LARGE CAP EQUITY FUND
As of October 31, 1999 (Unaudited)
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 14.96% 21.11% 17.29%
With Sales Charge 8.35% 19.69% 16.51%
- ----------------------------------------------------------------------
Class B Shares
Without CDSC 14.38% 20.76% 17.10%
With CDSC 9.38% 20.57% 17.10%
- ----------------------------------------------------------------------
Class C Shares
Without CDSC 14.04% 20.69% 17.06%
With CDSC 13.04% 20.69% 17.06%
- ----------------------------------------------------------------------
Class I Shares 15.37% 21.60% 17.55%
- ----------------------------------------------------------------------
</TABLE>
Life of Fund Performance (11/30/90 to 10/31/99)
[Line Chart Data]
<TABLE>
<CAPTION>
Chase Vista Large Lipper Large Cap
Cap Equity Fund S&P 500 Index Value Average
<S> <C> <C> <C>
11/30/90 10000 10000 10000
1991 12496 12532 12648
1992 13643 13779 13703
1993 15244 15835 16023
1994 15908 16446 16451
1995 19156 20787 20029
1996 24074 25788 24553
1997 31661 34060 31455
1998 36674 41554 35888
1999 42300 52217 42176
</TABLE>
Source: Lipper Analytical Services. Past performance is not indicative of future
results. Investment return and principal value will fluctuate so that shares,
when redeemed, may be worth more or less than their original cost.
Sales charge for Class A Shares: 5.75%. Class B Shares CDSC: 5% for the one-year
period, 2% for the five-year period and 0% for the period since inception. Class
C Shares CDSC: 1% for the one-year period, 0% thereafter.
The Fund commenced operations on 11/30/90. Class A, B and C Shares were
introduced on 5/8/96, 5/7/96 and 11/11/98, respectively. Performance is based on
historical expenses of the predecessor Class I Shares, which are lower than the
expenses for Class A, B and C Shares. The Fund is currently waiving fees. The
waiver may be terminated, which would reduce performance.
Chart illustrates comparative performance of $10,000 (Class I), assumes
reinvestment of all distributions and does not include a sales charge.
Performance of the unmanaged average and indices does not include sales charges,
but includes reinvestment of all distributions. The S&P 500 Index is a
broad-based index that replicates the U.S. stock market. The Lipper Large Cap
Value Average consists of large-cap value funds. Investors cannot invest
directly in an index.
16
<PAGE>
- --------------------------------------------------------------------------------
CHASE VISTA FOCUS FUND
As of October 31, 1999 (Unaudited)
- --------------------------------------------------------------------------------
How the Fund Performed
Chase Vista Focus Fund, which seeks capital growth through a limited number of
common stocks, had a total return of 4.67% (Class A Shares, without sales
charge) for the year ended October 31, 1999. This compares to 26.12% for the
Lipper Large Cap Core Average and 25.66% for the S&P 500 Index, the Fund's
benchmark.
How the Fund Was Managed
The Fund had a reasonably strong first six months, only to fall back in the
second half of the 12-month period. In the first half, many of its holdings rose
in the wake of the Federal Reserve Board's interest rate cuts in the fall, and
after posting strong corporate earnings. A number of financial and technology
stocks did particularly well.
Over the course of the summer, however, some key holdings reported disappointing
earnings and fell sharply. Among the worst hit were Bank One, Health South and
Office Depot. IBM also suffered from earnings below expectations--although not
to such an extreme extent--and Philip Morris was hurt by further news regarding
tobacco legislation.
The discrepancy between the performance in the first and second halves was
marked. In the first period, the Fund rose 11.48%, but in the second it fell
6.81%.
By early September, the entire portfolio was repositioned. It will continue to
hold just 25 stocks, but will concentrate on those issues that are likely to
outperform over the short to medium term. The number of technology stocks was
increased, and the number of financial issues decreased. Several stocks were
added, including Microsoft, Intel, EMC, Cisco Systems and America Online.
The number of healthcare stocks was also increased. Further, many of the
remaining financials were rotated into names that offer strong possibilities for
capital appreciation.
Where the Fund May Be Headed
The Fund will remain invested in the 25 most attractive stocks that the manager
can identify. In the fall of 1999, the characteristics the manager looks for
have mainly been found among technology stocks, and so the Fund has been
overweight in this sector. Should other areas of the market become more
attractive, the Fund will reduce its technology holdings and invest in these
sectors.
17
<PAGE>
CHASE VISTA FOCUS FUND
As of October 31, 1999 (Unaudited)
Percentage of Total Portfolio Investments
[Pie Chart Graphic]
<TABLE>
<S> <C>
Technology (39.0%)
Consumer Cyclicals (19.6%)
Financial (15.7%)
Capital Goods (9.4%)
Utilities (8.3%)
Health Care (7.7%)
Cash Equivalent & Short Term Paper (0.3%)
</TABLE>
Top Ten Equity Holdings of the Portfolio
1. America Online, Inc. (5.6%) Provides interactive communications and services
through its America Online and CompuServe worldwide Internet online services.
2. Citigroup, Inc. (5.1%) A diversified financial services holding company that
provides investment banking, retail brokerage, corporate banking and cash
management products and services around the world.
3. Morgan Stanley Dean Witter & Co. (5.0%) Provides financial and investment
products and services worldwide, including securities investment, asset
management, credit card and transaction services.
4. Applied Materials, Inc. (4.7%) Develops, manufactures, markets and services
semiconductor wafer fabrication equipment and related spare parts for the
worldwide semiconductor industry.
5. General Electric Co. (4.7%) Develops, manufactures and markets products for
the generation, distribution and utilization of electricity. Through General
Electric Capital Services, Inc., offers a variety of financial services
including mutual fund management, financing, asset management and insurance.
General Electric also owns the National Broadcasting Company.
6. EMC Corp. (4.4%) With offices all around the world, EMC provides enterprise
storage systems, software, networks and services. The Company's products store,
retrieve, manage, protect and share information from all major computing
environments.
7. Cisco Systems, Inc. (4.3%) Supplies data networking products to the corporate
enterprise and public wide area service provider markets. Products include
routers, LAN switches, frame relay/ATM and remote access concentrators.
8. MCI WorldCom, Inc. (4.3%) Provides local, long distance, Internet, data and
international communications services.
9. Motorola, Inc. (4.1%) Offers software-enhanced wireless telephones, two-way
radios, messaging and satellite communications products and systems, as well as
networking and Internet-access products.
10. Microsoft Corp. (4.0%) Develops, manufactures, licenses, sells and supports
software products. The Company offers operating system software, server
application software, business and consumer application software, software
development tools and Internet and intranet software. It also develops the MSN
network of Internet products and services.
Top 10 equity holdings comprised 46.2% of the Portfolio's market value of
investments. Portfolio holdings are subject to change at any time.
18
<PAGE>
CHASE VISTA FOCUS FUND
As of October 31, 1999 (Unaudited)
Average Annual Total Returns
<TABLE>
<CAPTION>
Since
Inception
1 Year (6/30/98)
- -------------------------------------------------------
<S> <C> <C>
Class A Shares
Without Sales Charge 4.67% -1.21%
With Sales Charge -1.35% -5.49%
- -------------------------------------------------------
Class B Shares
Without CDSC 4.16% -1.73%
With CDSC -0.84% -4.68%
- -------------------------------------------------------
Class C Shares
Without CDSC 4.05% -1.80%
With CDSC 3.05% -1.80%
- -------------------------------------------------------
Class I Shares 5.05% -0.94%
- -------------------------------------------------------
</TABLE>
Life of Fund Performance (6/30/98 to 10/31/99)
[Line Chart Data]
<TABLE>
<CAPTION>
Chase Vista Lipper Large Cap
Focus Fund S&P 500 Index Core Average
<S> <C> <C> <C>
6/98 9425 10000 10000
10/98 8858 9738 9532
10/99 9273 12236 11964
</TABLE>
Source: Lipper Analytical Services. Past performance is not indicative of future
results. Investment return and principal value will fluctuate so that shares,
when redeemed, may be worth more or less than their original cost.
Sales charge for Class A Shares: 5.75%. Class B Shares CDSC: 5% for the one-year
period, 4% for the period since inception. Class C Shares CDSC: 1% for the
one-year period, 0% thereafter.
The Fund commenced operations on 6/30/98. All Share Classes were introduced on
6/30/98.
The Fund is currently waiving fees. The waiver may be terminated, which would
reduce performance.
Chart illustrates comparative performance of $10,000 (Class A), assumes
reinvestment of all distributions and includes a 5.75% sales charge. Performance
of the unmanaged average and indices does not include sales charges, but
includes reinvestment of all distributions. The S&P 500 Index is a broad-based
index that replicates the U.S. stock market. The Lipper Large Cap Core Average
consists of funds that invest in both growth and value stocks. Investors cannot
invest directly in an index.
19
<PAGE>
- --------------------------------------------------------------------------------
CHASE VISTA EQUITY INCOME FUND
As of October 31, 1999 (Unaudited)
- --------------------------------------------------------------------------------
How the Fund Performed
Chase Vista Equity Income Fund, which seeks to provide current income plus
opportunities for capital growth by investing primarily in income-generating
securities, had a total return of 11.92% (Class A Shares, without sales charge)
for the year ended October 31, 1999. This compares to 9.56% for the Lipper
Equity Income Funds Average and 25.66% for the S&P 500 Index, the Fund's
benchmark.
How the Fund Was Managed
The Fund rose with the buoyant equity market. Much of the Fund's rise came in
the first half of the period, when there was a broad-based market rally
following the Federal Reserve Board's rate cuts in the fall of 1998. This
coincided with strong corporate earnings reports and a realization that the
economy was in robust shape.
The Fund benefited in the first half from high exposure to Real Estate
Investment Trusts (REITs), which rallied in the period. Financial stocks rallied
in response to merger and acquisition activity, and energy stocks rose with
higher oil prices. Further, Sunstrand, one of the largest capital goods
holdings, was taken over by United Technologies.
In the second half, however, much of the market was mired in a trading range as
the Federal Reserve Board reversed most of its 1998 rate cuts and inflationary
fears resurfaced. Yields rose across the yield curve, and the market became
nervous about valuations for all but the most dynamic growth stocks. The
portfolio actually reversed some of its earlier gains during this period.
The portfolio is currently being reorganized to bring its sector weightings into
closer alignment with those of its benchmark. Many new names are being added,
including DuPont, American Express, American International Group (AIG),
Citigroup, Abbott Laboratories, Bristol-Myers Squibb, IBM, Microsoft and Home
Depot. Those stocks with little medium-term prospect of any improvement in
earnings have been removed.
Where the Fund May Be Headed
The Fund will be managed in a conservative fashion intended to cushion the
impact of market volatility. It will invest in conservatively managed companies
with diversified businesses that offer some protection from economic
uncertainty. The intention is to create a portfolio of stocks with a roughly 85%
exposure to the S&P 500 Index, seeking to capture at least 85% of any rise, but
no more than 85% of any fall.
20
<PAGE>
CHASE VISTA EQUITY INCOME FUND
As of October 31, 1999 (Unaudited)
Percentage of Total Portfolio Investments
[Pie Chart Graphic]
<TABLE>
<S> <C>
Technology (23.3%)
Financial (19.1%)
Consumer Cyclicals (14.7%)
Utilities (12.1%)
Energy (8.7%)
Health Care (6.8%)
Basic Materials (5.8%)
Capital Goods (5.1%)
Consumer Staples (3.4%)
Real Estate (1.0%)
</TABLE>
Top Ten Equity Holdings of the Portfolio
1. Freddie Mac (4.4%) Supplies lenders with the money to make mortgages and
packages them into marketable securities.
2. General Electric Co. (4.2%) Develops, manufactures and markets products for
the generation, distribution and utilization of electricity. Through General
Electric Capital Services, Inc., offers a variety of financial services
including mutual fund management, financing, asset management and insurance.
General Electric also owns the National Broadcasting Company.
3. GTE Corp. (3.8%) Provides government and defense communication systems and
equipment, aircraft passenger telecommunications, and directories and
telecommunications-based information services.
4. IBM Corp. (3.7%) Provides technologies, systems, products, services, software
and financing. The Company offers its products through its global sales and
distribution organization, as well as through a variety of third party
distributors and resellers.
5. American International Group (3.6%) A company that writes property and
casualty insurance and life insurance, and provides a variety of insurance and
insurance-related services through its subsidiaries in the U.S. and overseas.
6. Citigroup, Inc. (3.5%) A diversified financial services holding company that
provides investment banking, retail brokerage, corporate banking and cash
management products and services around the world.
7. Intel Corp. (3.5%) Designs, manufactures and sells computer components and
related products. Major products include microprocessors, chipsets, embedded
processors and microcontrollers, flash memory products, graphics products,
network and communications products, system management software, conferencing
products and digital imaging products.
8. AT&T--Liberty Media Group, Class A (3.2%) Holds interest in numerous globally
branded entertainment networks such as "Discovery Channel" and "USA." Assets
also include interests in international video businesses, international
telephony and domestic wireless, plant and equipment manufacturers and other
businesses related to broadband services.
9. Texas Instruments, Inc. (2.6%) Provides semiconductor products as well as
designs and supplies digital signal processing and analog technologies.
10. Exxon Corp. (2.6%) Explores for and produces crude oil and natural gas,
manufactures petroleum products, and transports and sells crude oil.
Top 10 equity holdings comprised 35.1% of the Portfolio's market value of
investments. Portfolio holdings are subject to change at any time.
21
<PAGE>
CHASE VISTA EQUITY INCOME FUND
As of October 31, 1999 (Unaudited)
Average Annual Total Returns
<TABLE>
<CAPTION>
Since
Inception
1 Year 5 Years (7/15/93)
- ----------------------------------------------------------------------
<S> <C> <C> <C>
Class A Shares
Without Sales Charge 11.92% 19.61% 16.09%
With Sales Charge 5.48% 18.20% 15.00%
- ----------------------------------------------------------------------
Class B Shares
Without CDSC 11.31% 19.13% 15.72%
With CDSC 6.31% 18.93% 15.72%
- ----------------------------------------------------------------------
Class C Shares
Without CDSC 11.35% 19.15% 15.73%
With CDSC 10.35% 19.15% 15.73%
- ----------------------------------------------------------------------
</TABLE>
Life of Fund Performance (7/15/93 to 10/31/99)
[Line Chart Data]
<TABLE>
<CAPTION>
Chase Vista Equity Lipper Equity Income
Income Fund S&P 500 Index Funds Average
<S> <C> <C> <C>
7/15/93 9425 10000 10000
11/93 9983 10470 10562
1994 9847 10874 10750
1995 11615 13744 12704
1996 15076 17050 15385
1997 20149 22520 19513
1998 21542 27475 21440
1999 24111 34525 23472
</TABLE>
Source: Lipper Analytical Services. Past performance is not indicative of future
results. Investment return and principal value will fluctuate so that shares,
when redeemed, may be worth more or less than their original cost.
Sales charge for Class A Shares: 5.75%. Class B Shares CDSC: 5% for the one-year
period, 2% for the five-year period and 1% for the period since inception. Class
C Shares CDSC: 1% for the one-year period, 0% thereafter.
The Fund commenced operations on 7/15/93. Class B and C Shares were introduced
on 5/7/96 and 1/8/98, respectively. Performance is based on historical expenses
of the predecessor Class A Shares, which are lower than the expenses for Class B
and C Shares.
Chart illustrates comparative performance of $10,000 (Class A), assumes
reinvestment of all distributions and includes a 5.75% sales charge. Performance
of the unmanaged average and indices does not include sales charges, but
includes reinvestment of all distributions. The S&P 500 Index is a broad-based
index that replicates the U.S. stock market. The Lipper Equity Income Funds
Average consists of funds that invest in dividend-paying equity securities.
Investors cannot invest directly in an index.
22
<PAGE>
- --------------------------------------------------------------------------------
CHASE VISTA SMALL CAP OPPORTUNITIES FUND
As of October 31, 1999 (Unaudited)
- --------------------------------------------------------------------------------
How the Fund Performed
Chase Vista Small Cap Opportunities Fund, which seeks to provide capital growth
by investing in small cap common stocks, had a total return of 24.94% (Class A
Shares, without sales charge) for year ended October 31, 1999. This compares to
46.28% for the Lipper Small Cap Growth Average and 16.93% for the S&P/Barra
SmallCap 600 Growth Index, the Fund's benchmark.
How the Fund Was Managed
The Fund benefited from its growth bias in a period when growth stocks led the
market. Although small company stocks tended to underperform their larger
brethren, small growth stocks still profited from the investor community's
partiality for companies with superior growth prospects.
In general, the market environment was positive for equities, although the
strongest rises came in the first six months. The market rallied in the fall of
1998 as it became evident that the Federal Reserve Board's interest rate cuts
had succeeded in protecting the U.S. economy from weakness in emerging markets
and parts of Asia.
Technology names did well for most of the period. Among them were semiconductor
companies like Lam Research and software companies such as TSI International.
Media and broadcast companies like Westwood One and Hispanic Broadcasting also
performed well. In addition, the Fund bought a number of IPOs, which performed
well.
The Fund is currently being repositioned to bring its sector weightings more
into line with those of its benchmark. The technology, healthcare and capital
goods sector weightings are being increased. As a general theme, the new
healthcare and capital goods stock picks tend to be technology orientated. The
weighting accorded to financials is being reduced.
Where the Fund May Be Headed
Prospects for the Fund look relatively bright as the earnings growth for smaller
companies is forecast to exceed that of large stocks for the first time in 18
months during the fourth quarter of 1999.
23
<PAGE>
CHASE VISTA SMALL CAP OPPORTUNITIES FUND
As of October 31, 1999 (Unaudited)
Percentage of Total Portfolio Investments
[Pie Chart Graphic]
<TABLE>
<S> <C>
Technology (27.1%)
Consumer Cyclicals (24.9%)
Health Care (15.1%)
Cash Equivalent & Short-Term Paper (10.1%)
Financial (6.7%)
Capital Goods (4.3%)
Utilities (3.4%)
Energy (3.3%)
Transportation (2.2%)
Consumer Staples (1.5%)
Basic Materials (1.1%)
Real Estate (0.3%)
</TABLE>
Top Ten Equity Holdings of the Portfolio
1. Microchip Technology, Inc. (2.2%) A supplier of field programmable eight-bit
microcontrollers and related specialty memory products for high-volume embedded
control applications.
2. Lam Research Corp. (1.9%) Manufactures, markets and services semiconductor
processing equipment used in the making of integrated circuits. The Company's
products are used to deposit special films on a silicon wafer and etch away
portions of various films to create a circuit design.
3. Hooper Holmes, Inc. (1.8%) Provides medical and other underwriting
information on insurance policy applicants to the life and health insurance
industry.
4. Station Casinos, Inc. (1.6%) Owns and operates gaming facilities in Nevada
and Missouri. The company's operations include Palace Station Hotel & Casino,
the Boulder Station Hotel & Casino, Texas Station Gambling Hall & Hotel, Sunset
Station Hotel & Casino, Station Casino St. Charles, Station Casino Kansas City
and slot machine route management services.
5. Pinnacle Holdings, Inc. (1.6%) Provides wireless communications rental tower
space. The Company's customers include wireless communications providers,
operators of private agencies and government agencies.
6. AudioCodes Ltd. (1.6%) Designs, develops and markets enabling technologies
and products for voice over package networks. The Company's product line
includes a variety of signal processor chips, VoIP communication boards,
communications software and custom modules for original equipment manufacturer
customers.
7. Roberts Pharmaceutical Corp. (1.5%) Focuses on specialty pharmaceuticals in
the therapeutic areas of gastroenterology, urology, oncology/hematology and
cardiology/neurology.
8. Wild Oats Markets, Inc. (1.4%) Operates a natural foods supermarket chain in
the United States. The Company currently operates stores under the Wild Oats
Community Market, Alfalfa's Market, Beans, Grains & Things, Ideal Market, Oasis
Fine Foods, Sunshine Grocery and Uptown Whole Foods. Wild Oats also operates
Capers Whole Foods Markets in British Columbia, Canada.
9. Micros Systems, Inc. (1.4%) Designs, manufactures, markets and services
application-specific software and hardware systems for the hospitality industry.
The hospitality industry includes lodging, table service restaurants and
entertainment venues.
10. Atmel Corp. (1.4%) Designs, develops, manufactures and markets various non-
volatile memory and logic integrated circuits using proprietary technology. The
Company's devices are used in products for telecommunications, computers,
networking, image processing, industrial and military applications and avionics.
Top 10 equity holdings comprised 16.4% of the Portfolio's market value of
investments. Portfolio holdings are subject to change at any time.
24
<PAGE>
CHASE VISTA SMALL CAP OPPORTUNITIES FUND
As of October 31, 1999 (Unaudited)
Average Annual Total Returns
<TABLE>
<CAPTION>
Since
Inception
1 Year (5/19/97)
- -------------------------------------------------------
<S> <C> <C>
Class A Shares
Without Sales Charge 24.94% 21.07%
With Sales Charge 17.76% 18.18%
- -------------------------------------------------------
Class B Shares
Without CDSC 23.99% 20.23%
With CDSC 18.99% 19.29%
- -------------------------------------------------------
Class C Shares
Without CDSC 23.93% 20.17%
With CDSC 22.93% 20.17%
- -------------------------------------------------------
Class I Shares 24.94% 21.07%
- -------------------------------------------------------
</TABLE>
Life of Fund Performance (5/19/97 to 10/31/99)
[Line Chart Data]
<TABLE>
<CAPTION>
Chase Vista S&P/Barra
Small Cap Russell 2000 SmallCap 600 Lipper Small Cap
Opportunities Fund Index Growth Index Growth Average
<S> <C> <C> <C> <C>
5/19/97 9425 10000 10000 10000
10/97 13054 12728 12978 13514
1998 12054 11220 11332 11684
1999 15061 12887 14273 16799
</TABLE>
Source: Lipper Analytical Services. Past performance is not indicative of future
results. Investment return and principal value will fluctuate so that shares,
when redeemed, may be worth more or less than their original cost.
Sales charge for Class A Shares: 5.75%. Class B Shares CDSC: 5% for the one-year
period and 4% for the period since inception. Class C Shares CDSC: 1% for the
one-year period and 0% for the period since inception.
The Fund commenced operations on 5/19/97. Class A and B Shares were introduced
on 5/19/97. Class C and I Shares were introduced on 1/7/98 and 4/5/99,
respectively. Performance is based on historical expenses of the predecessor
Class A Shares, which are lower than the expenses for Class B and C Shares and
higher than Class I Shares.
The Fund is currently waiving fees. The waiver may be terminated, which would
reduce performance.
Chart illustrates comparative performance of $10,000 (Class A), assumes
reinvestment of all distributions and includes a 5.75% sales charge. Performance
of the unmanaged average and indices does not include sales charges, but
includes reinvestment of all distributions. The Russell 2000 Index tracks the
shares of 2,000 small-capitalization companies. The S&P/Barra SmallCap 600 Index
is a capitalization-weighted index of all the stocks in the S&P SmallCap 600
Index with high price-to-book ratios. The Lipper Small Cap Growth Average
consists of funds that invest in small capitalization stocks. Small company
stocks involve more price volatility, which can lead to a higher degree of risk.
Investors cannot invest directly in an index.
25
<PAGE>
- --------------------------------------------------------------------------------
CHASE VISTA SMALL CAP EQUITY FUND
As of October 31, 1999 (Unaudited)
- --------------------------------------------------------------------------------
How the Fund Performed
Chase Vista Small Cap Equity Fund, which seeks to provide capital growth by
investing in small cap common stocks, had a total return of 12.49% (Class A
Shares, without sales charge) for the year ended October 31, 1999. This compares
to 46.28% for the Lipper Small Cap Growth Average and 12.05% for the S&P
SmallCap 600 Index, the Fund's benchmark.
How the Fund Was Managed
The Fund's performance was broadly in line with that of the small capitalization
stock indices, although less than that of the large cap indices. Small companies
continued to underperform their larger brethren as they have for the latter half
of the 1990s. For the past few years, the prevailing characteristic of the
equity market has been the ability of large companies to deliver the strongest
earnings growth.
Most of the Fund's returns were achieved in the first six months, when there was
a broad-based market rally following the Federal Reserve's interest rate
reductions in the fall of 1998. In the second six-month period, many stocks were
trapped in a trading range by rising interest rates and related fears of
inflation. The Fund made a positive return nonetheless, partly as a result of
its holdings in growth stocks.
There was a particularly heavy weighting in semiconductor stocks, which
performed well as chip prices rose in response to a supply/demand squeeze in the
late summer and fall of 1999. Semiconductor holdings included Microchip
Technology, PMCC Sierra and Semtech. Other technology stocks that performed well
included JDS Uniphase and Harmonic Lightwave Inc. Another strong performer was
Westwood One, the broadcast and media company.
But there was disappointing price performance from a number of industrial and
basic materials companies. Names like AK Steel and Chesapeake proved a drag on
performance.
The Fund is currently undergoing a shift in style from growth to a blend of
growth and value. As a result, there are some ongoing changes in its
composition. The manager has reduced the weighting in financial stocks and plans
to reduce the technology names. The weighting in health care and capital goods
sectors is being raised, although priority is being given to stocks in these
sectors with technological advantages.
Where the Fund May Be Headed
Prospects for the Fund look relatively bright as the earnings growth for smaller
companies is forecast to exceed that of large stocks for the first time in 18
months during the fourth quarter of 1999.
26
<PAGE>
CHASE VISTA SMALL CAP EQUITY FUND
As of October 31, 1999 (Unaudited)
Percentage of Total Portfolio Investments
[Pie Chart Graphic]
<TABLE>
<S> <C>
Technology (28.3%)
Consumer Cyclicals (25.8%)
Health Care (11.8%)
Financial (7.5%)
Energy (6.3%)
Cash Equivalent & Short-Term Paper (6.0%)
Capital Goods (4.4%)
Utilities (3.2%)
Basic Materials (3.1%)
Real Estate (1.6%)
Transportation (1.3%)
Consumer Staples (0.7%)
</TABLE>
Top Ten Equity Holdings of the Portfolio
1. Microchip Technology, Inc. (2.3%) A supplier of field programmable eight-bit
microcontrollers and related specialty memory products for high-volume embedded
control applications.
2. Lam Research Corp. (2.0%) Manufactures, markets and services semiconductor
processing equipment used in the making of integrated circuits. The Company's
products are used to deposit special films on a silicon wafer and etch away
portions of various films to create a circuit design.
3. Atmel Corp. (1.7%) Designs, develops, manufactures and markets various non-
volatile memory and logic integrated circuits using proprietary technology. The
Company's devices are used in products for telecommunications, computers,
networking, image processing, industrial and military applications and avionics.
4. Station Casinos, Inc. (1.7%) Owns and operates gaming facilities in Nevada
and Missouri. The company's operations include Palace Station Hotel & Casino,
the Boulder Station Hotel & Casino, Texas Station Gambling Hall & Hotel, Sunset
Station Hotel & Casino, Station Casino St. Charles, Station Casino Kansas City
and slot machine route management services.
5. Lamar Advertising Co. (1.7%) Owns and operates outdoor advertising structures
in the United States. The Company provides poster and bulletin displays as well
as logo signs. Lamar also operates tourism signage franchises in the United
States and Canada.
6. Micros Systems, Inc. (1.5%) Designs, manufactures, markets and services
application-specific software and hardware systems for the hospitality industry.
The hospitality industry includes lodging, table service restaurants and
entertainment venues.
7. Molecular Devices Corp. (1.4%) Designs, develops, manufactures and markets
bioanalytical measurement systems, including software and consumables. The
Company's products are designed to accelerate and improve the cost effectiveness
of the drug discovery and development process.
8. Semtech Corp. (1.4%) Designs, manufactures and markets a wide range of analog
and mixed-signal semiconductors, including integrated circuits, discrete
circuits and assembly products. The Company's devices are used in computer,
communications, industrial, military-aerospace and automotive applications.
9. Rational Software Corp. (1.4%) Develops and markets a wide variety of
software development tools, services and software engineering best practices.
The Company's products and services help organizations develop and deploy Web,
e-business, enterprise-wide, technical and embedded software.
10. BJ Services Co. (1.3%) Provides pressure pumping and other oilfield services
for the petroleum industry.
Top 10 equity holdings comprised 16.4% of the Portfolio's market value of
investments. Portfolio holdings are subject to change at any time.
27
<PAGE>
CHASE VISTA SMALL CAP EQUITY FUND
As of October 31, 1999 (Unaudited)
Average Annual Total Returns
<TABLE>
<CAPTION>
Since
Inception
1 Year (12/20/94)
- -------------------------------------------------------
<S> <C> <C>
Class A Shares
Without Sales Charge 12.49% 20.09%
With Sales Charge 6.03% 18.64%
- -------------------------------------------------------
Class B Shares
Without CDSC 11.69% 19.27%
With CDSC 6.69% 19.06%
- -------------------------------------------------------
Class I Shares 13.06% 20.44%
- -------------------------------------------------------
</TABLE>
Life of Fund Performance (12/20/94 to 10/31/99)
[Line Chart Data]
<TABLE>
<CAPTION>
Chase Vista S&P
Small Cap Russell 2000 SmallCap Lipper Small Cap
Equity Fund Index 600 Index Growth Average
<S> <C> <C> <C> <C>
12/20/94 9425 10000 10000 10000
1995 14255 12334 12597 13198
1996 18397 14388 15174 16388
1997 22924 18610 20026 19922
1998 20417 16404 17811 17223
1999 22973 18842 19955 24764
</TABLE>
Source: Lipper Analytical Services. Past performance is not indicative of future
results. Investment return and principal value will fluctuate so that shares,
when redeemed, may be worth more or less than their original cost.
Sales charge for Class A Shares: 5.75%. Class B Shares CDSC: 5% for the one-year
period, and 3% for the period since inception.
The Fund commenced operations on 12/20/94. Class B and I Shares were introduced
on 3/28/95 and 5/7/96, respectively. Performance is based on historical expenses
of the predecessor Class A Shares, which are lower than the expenses for Class B
and higher than Class I Shares.
The Fund is currently waiving fees. The waiver may be terminated, which would
reduce performance.
Chart illustrates comparative performance of $10,000 (Class A), assumes
reinvestment of all distributions and includes a 5.75% sales charge. Performance
of the unmanaged average and indices does not include sales charges, but
includes reinvestment of all distributions. The Russell 2000 Index tracks the
shares of 2,000 small-capitalization companies. The S&P SmallCap 600 Index
includes 600 stocks of small U.S. companies chosen for market size, liquidity
and industry group representation. The Lipper Small Cap Growth Average consists
of funds that invest in small capitalization stocks. Small company stocks
involve more price volatility, which can lead to a higher degree of risk.
Investors cannot invest directly in an index.
28
<PAGE>
- --------------------------------------------------------------------------------
CHASE VISTA BALANCED FUND
As of October 31, 1999 (Unaudited)
- --------------------------------------------------------------------------------
How the Fund Performed
Chase Vista Balanced Fund, which seeks to provide capital growth plus current
income by investing in a portfolio of high-quality stocks, bonds and convertible
securities, had a total return of 11.71% (Class A Shares, without sales charge)
for the year ended October 31, 1999. This compares to 11.32% for the Lipper
Balanced Funds Average and -0.66% for the Lehman Gov't./ Corp. Index, the Fund's
benchmark.
How the Fund Was Managed
The Fund's exposure to equities boosted returns, as many large technology
companies and blue chip growth stocks posted strong returns. In the second half
of the period, however, growing worries regarding inflationary forces dampened
Fund returns. Not only did this slow the momentum of equity markets, but it also
led to a fall in the price of Treasury and other fixed income securities.
Equity holdings were the chief drivers of performance. Companies like Microsoft,
Intel, Dell Computer, General Electric and Proctor & Gamble provided strong
returns for much of the 12 months. These stocks continued to move higher even
during the May through September period when inflation jitters caused the
broad-based equity indices to move sideways. Such nervousness caused the
investing community to treat disappointments harshly. One holding, discount
broker Charles Schwab, fell sharply after warning that profit margins might
deteriorate.
Fixed-income holdings avoided losses in a difficult environment. Bond prices
slipped lower as the yield on the 30-year U.S. Treasury bond rose from 5.15% to
6.15% over the Fund's financial year. The Federal Reserve tightened rates twice
in the period--at the end of June and again in August. After the period ended,
the Fed raised the Federal Funds rate to 5.5% on November 16, 1999.
Your management team generally evaded falls in bond prices chiefly through
active management of 'duration'. Shorter duration bonds (with shorter times
until maturity) are less sensitive to changes in inflationary expectations, and
are the best place to be in a rising rate environment. After taking advantage of
the rally in Treasuries early in the reporting period by having
longer-than-benchmark duration, management continuously reduced duration. There
was also a shift into non-Treasury bonds--including corporates, mortgage-backed
and asset-backed securities--to take advantage of low valuations.
Where the Fund May Be Headed
The outlook depends to a large extent on future inflation and interest rates. A
significant rise in inflation could halt the rally in large growth stocks, and
have an adverse impact on bond prices. Otherwise, the rally in these stocks is
likely to lose momentum over time and be replaced by a more broadly based move
higher.
29
<PAGE>
CHASE VISTA BALANCED FUND
As of October 31, 1999 (Unaudited)
Percentage of Total Portfolio Investments
[Pie Chart Graphic]
<TABLE>
<S> <C>
U.S. Treasury Security (19.1%)
Consumer Cyclicals (14.6%)
Technology (11.3%)
U.S. Government Agency Securities (9.2%)
Utilities (8.8%)
Financial (8.4%)
Cash Equivalent & Short-Term Paper (6.3%)
Energy (4.7%)
Mortgage Backed Pass-Through Securities (4.2%)
Health Care (3.1%)
Capital Goods (3.1%)
Basic Materials (2.8%)
Real Estate (2.0%)
Consumer Staples (1.7%)
Transportation (0.7%)
</TABLE>
Top Ten Equity Holdings of the Portfolio
1. Sprint Corp. (1.1%) Provides telecommunications services. The Company's
principal activities include long distance service, local service, product
distribution and directory publishing activities. Sprint's other activities
include emerging businesses, interest in international telecommunications
companies and interest in an Internet service provider.
2. Texas Instruments, Inc. (0.9%) Provides semiconductor products as well as
designs and supplies digital signal processing and analog technologies.
3. Citigroup, Inc. (0.9%) A diversified financial services holding company that
provides investment banking, retail brokerage, corporate banking and cash
management products and services around the world.
4. General Instrument Corp. (0.8%) Supplies digital and analog set-up terminals
and systems for wired and wireless cable television network, hybrid
fiber/coaxial network transmission systems used by television operators and
digital satellite television systems.
5. BellSouth Corp. (0.8%) Through its two wholly-owned subsidiaries BellSouth
Telecommunications, Inc. and BellSouth Enterprises, Inc., provides
telecommunications services, systems and products.
6. Coastal Corp. (0.8%) Gathers, markets, processes, stores and transmits gas,
as well as refines, markets and distributes petroleum and chemicals.
7. Ingersoll-Rand Co. (0.7%) Manufactures construction machinery and industrial
equipment. The Company's products include air compressors, tools, pumps,
bearings and automotive components.
8. Bank of America Corp. (0.7%) The holding company for Bank of America and
NationsBank. Provides retail banking services, asset management, financial
products, corporate finance, specialized finance, capital markets and financial
services.
9. JDS Uniphase Corp. (0.7%) Provides advanced fiberoptic components and
modules. The Company's products are sold to telecommunications and cable
television system providers worldwide.
10. Microchip Technology, Inc. (0.7%) A supplier of field programmable eight-bit
microcontrollers and related specialty memory products for high-volume embedded
control applications.
Top 10 equity holdings comprised 8.1% of the Portfolio's market value of
investments. Portfolio holdings are subject to change at any time.
30
<PAGE>
CHASE VISTA BALANCED FUND
As of October 31, 1999 (Unaudited)
Average Annual Total Returns
<TABLE>
<CAPTION>
Since
Inception
1 Year 5 Years (11/4/92)
- ----------------------------------------------------------------------
<S> <C> <C> <C>
Class A Shares
Without Sales Charge 11.71% 15.40% 13.65%
With Sales Charge 5.28% 14.04% 12.69%
- ----------------------------------------------------------------------
Class B Shares
Without CDSC 10.88% 14.59% 12.94%
With CDSC 5.88% 14.36% 12.94%
- ----------------------------------------------------------------------
Class C Shares
Without CDSC 10.79% 14.58% 12.92%
With CDSC 9.79% 14.58% 12.92%
- ----------------------------------------------------------------------
</TABLE>
Life of Fund Performance (11/4/92 to 10/31/99)
[Line Chart Data]
<TABLE>
<CAPTION>
Chase Vista S&P Lipper Balanced Lehman Aggregate Lehman Gov't/
Balanced Fund 500 Index Funds Average Bond Index Corp. Index
<S> <C> <C> <C> <C> <C>
11/4/92 9425 10000 10000 10000 10000
1993 11096 11492 11475 11224 11365
1994 11268 11935 11419 10811 10838
1995 13264 15086 13514 12504 12591
1996 15502 18715 15537 13233 13267
1997 18837 24719 18633 14412 14436
1998 20645 30158 20345 15755 15919
1999 23062 37896 22644 16152 15815
</TABLE>
Source: Lipper Analytical Services. Past performance is not indicative of future
results. Investment return and principal value will fluctuate so that shares,
when redeemed, may be worth more or less than their original cost.
Sales charge for Class A Shares: 5.75%. Class B Shares CDSC: 5% for the one-year
period, 2% for the period since inception. Class C Shares CDSC: 1% for the
one-year period, 0% thereafter.
The Fund commenced operations on 11/4/92. Class B and C Shares were introduced
on 11/4/93 and 11/20/98, respectively. Performance is based on historical
expenses of the predecessor Class A Shares, which are lower than the expenses
for Class B and C Shares. The Fund is currently waiving fees. The waiver may be
terminated, which would reduce performance.
Chart illustrates comparative performance of $10,000 (Class A), assumes
reinvestment of all distributions and includes a 5.75% sales charge. Performance
of the unmanaged average and indices does not include sales charges, but
includes reinvestment of all distributions. The S&P 500 Index is a broad-based
index that replicates the U.S. stock market. The Lipper Balanced Funds Average
consists of actively managed balanced mutual funds. The Lehman Aggregate Bond
Index consists of the Lehman Gov't/Corp Index, the Mortgage-backed Securities
Index. The Lehman Gov't/Corp. Index includes the government and corporate bond
indices, including U.S. government and treasury agency securities, corporate and
Yankee bonds. Investors cannot invest directly in an index.
31
<PAGE>
- --------------------------------------------------------------------------------
CHASE VISTA LARGE CAP EQUITY FUND
Portfolio of Investments
- --------------------------------------------------------------------------------
As of October 31, 1999
(Amounts in Thousands)
<TABLE>
<CAPTION>
Shares Issuer Value
<S> <C> <C>
- --------------------------------------------------------------------------------
Long-Term Investments -- 96.4%
- --------------------------------------------------------------------------------
Common Stock -- 96.4%
---------------------
Aerospace -- 3.7%
48 AlliedSignal, Inc. $2,733
50 Boeing Co. 2,303
55 General Dynamics Corp. 3,049
20 United Technologies Corp. 1,210
------
9,295
Automotive -- 2.0%
49 Ford Motor Co. 2,672
32 General Motors Corp. 2,262
------
4,934
Banking -- 6.6%
27 Bank of America Corp. 1,706
86 Bank of New York Co., Inc. 3,595
29 Bank One Corp. 1,078
93 Firstar Corp. 2,739
35 Fleet Boston Corp. 1,527
70 UnionBanCal Corp. 3,041
69 Wells Fargo Co. 3,279
------
16,965
Biotechnology -- 1.2%
79 Monsanto Co. 3,057
Broadcasting/Cable -- 3.4%
60 AT&T- Liberty Media Group, Class A * 2,381
76 CBS Corp. * 3,710
60 Comcast Corp., Class A 2,528
------
8,619
Chemicals -- 1.9%
11 Dow Chemical Co. 1,313
53 E.I. DuPont de Nemours Co. 3,408
------
4,721
Computer Software -- 3.0%
40 Computer Associates International, Inc. 2,261
54 Compuware Corp. * 1,488
65 Novell, Inc. * 1,304
54 Oracle Corp. * 2,544
------
7,597
Computers/Computer Hardware -- 3.0%
25 Compaq Computer Corp. 475
40 EMC Corp. * 2,919
18 International Business Machines Corp. 1,771
23 Sun Microsystems, Inc.* 2,434
------
7,599
Construction Materials -- 1.1%
90 Masco Corp. 2,745
Consumer Products -- 1.1%
47 Gillette Co. 1,716
42 Philip Morris Companies, Inc. 1,045
------
2,761
Diversified -- 2.2%
21 General Electric Co. 2,789
70 Tyco International LTD (Bermuda) 2,795
------
5,584
</TABLE>
See notes to financial statements.
32
<PAGE>
CHASE VISTA LARGE CAP EQUITY FUND
Portfolio of Investments (Continued)
As of October 31, 1999
(Amounts in Thousands)
<TABLE>
<CAPTION>
Shares Issuer Value
<S> <C> <C>
- --------------------------------------------------------------------------------
Long-Term Investments -- Continued
- --------------------------------------------------------------------------------
Electronics/Electrical Equipment -- 3.0%
20 Johnson Controls, Inc. $ 1,215
17 Motorola, Inc. 1,656
51 Texas Instruments, Inc. 4,578
------
7,449
Financial Services -- 9.8%
22 American Express Co. 3,419
66 Associates First Capital Corp., Class A 2,392
152 Citigroup, Inc. 8,216
46 Fannie Mae 3,233
71 Freddie Mac 3,838
60 MBNA Corp. 1,658
19 Morgan Stanley Dean Witter & Co. 2,096
------
24,852
Food/Beverage Products -- 3.6%
24 Anheuser-Busch Companies, Inc. 1,688
53 Coca-Cola, Co. 3,144
40 Pepsico, Inc. 1,388
40 Quaker Oats Co. 2,807
------
9,027
Insurance -- 4.5%
39 Allstate Corp. 1,116
80 American International Group 8,275
24 Marsh & McLennan Companies 1,898
------
11,289
Machinery & Engineering Equipment -- 2.3%
43 Applied Materials, Inc. * 3,862
35 Ingersoll-Rand Co. 1,844
------
5,706
Metals/Mining -- 0.5%
20 Alcoa, Inc. 1,227
Multi-Media -- 2.0%
49 The Walt Disney Co. 1,292
29 Time Warner, Inc. 2,021
40 Viacom, Inc., Class B * 1,786
------
5,099
Office/Business Equipment -- 0.3%
25 Xerox Corp. 700
Oil & Gas -- 13.7%
24 BP Amoco PLC, ADR (United Kingdom) 1,386
42 Chevron Corp. 3,844
102 Coastal Corp. 4,297
123 Exxon Corp. 9,109
50 Halliburton Co. 1,866
38 Mobil Corp. 3,619
109 Royal Dutch Petroleum Co., N.Y. Registered Shares
(Netherlands) 6,522
28 Schlumberger LTD 1,696
21 Texaco, Inc. 1,289
30 Williams Companies, Inc. 1,129
------
34,757
</TABLE>
See notes to financial statements.
33
<PAGE>
CHASE VISTA LARGE CAP EQUITY FUND
Portfolio of Investments (Continued)
As of October 31, 1999
(Amounts in Thousands)
<TABLE>
<CAPTION>
Shares Issuer Value
<S> <C> <C>
- --------------------------------------------------------------------------------
Long-Term Investments -- Continued
- --------------------------------------------------------------------------------
Paper/Forest Products -- 2.5%
35 International Paper Co. $ 1,847
37 Weyerhaeuser Co. 2,208
53 Willamette Industries 2,203
-------
6,258
Pharmaceuticals -- 1.8%
43 Pharmacia & Upjohn, Inc. 2,303
45 Schering-Plough Corp. 2,228
-------
4,531
Printing & Publishing -- 1.1%
67 New York Times Co., Class A 2,697
Restaurants/Food Services -- 1.1%
68 McDonald's Corp. 2,784
Retailing -- 6.2%
50 Dayton-Hudson Corp. 3,231
45 Federated Department Stores * 1,921
163 Kroger Co. * 3,392
35 Safeway, Inc. * 1,236
103 Wal-Mart Stores, Inc. 5,839
-------
15,619
Semi-Conductors -- 3.4%
93 Altera Corp. * 4,498
25 Intel Corp. 1,936
30 Micron Technology, Inc. * 2,139
-------
8,573
Shipping/Transportation -- 0.7%
30 Union Pacific Corp. 1,673
Telecommunications -- 6.0%
44 AT&T Corp. 2,054
21 Bell Atlantic Corp. 1,364
55 BellSouth Corp. 2,475
40 GTE Corp. 3,000
39 MCI WorldCom, Inc. * 3,303
40 Sprint Corp. 2,973
-------
15,169
Telecommunications Equipment -- 1.5%
69 General Instrument Corp. * 3,713
Utilities -- 3.2%
27 AES Corp. * 1,524
51 FPL Group, Inc. 2,566
50 PECO Energy Co. 1,909
55 Unicom Corp. 2,107
-------
8,106
- --------------------------------------------------------------------------------
Total Long-Term Investments 243,106
(Cost $196,582)
- --------------------------------------------------------------------------------
</TABLE>
See notes to financial statements.
34
<PAGE>
CHASE VISTA LARGE CAP EQUITY FUND
Portfolio of Investments (Continued)
As of October 31, 1999
(Amounts in Thousands)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
<S> <C> <C>
- ----------------------------------------------------------------------------------
Short-Term Investments -- 3.2%
- ----------------------------------------------------------------------------------
Repurchase Agreement -- 3.2%
----------------------------
$8,074 Greenwich Capital Markets, Inc., 5.28%, due 11/01/99,
(Dated 10/29/99, Proceeds $8,078, Secured by FHLMC,
$8,478, 6.00% through 6.50%, due 09/01/14 through
08/01/28; Market Value $8,238) $ 8,074
(Cost $8,074)
- ----------------------------------------------------------------------------------
Total Investments -- 99.6% $251,180
(Cost $204,656)
- ----------------------------------------------------------------------------------
</TABLE>
See notes to financial statements.
35
<PAGE>
- --------------------------------------------------------------------------------
CHASE VISTA FOCUS FUND
Portfolio of Investments
- --------------------------------------------------------------------------------
As of October 31, 1999
(Amounts in Thousands)
<TABLE>
<CAPTION>
Shares Issuer Value
<S> <C> <C>
- --------------------------------------------------------------------------------
Long-Term Investments -- 100.4%
- --------------------------------------------------------------------------------
Common Stock -- 100.4%
----------------------
Aerospace -- 3.9%
40 Boeing Co. $1,828
Automotive -- 3.9%
33 Ford Motor Co. 1,834
Banking -- 3.7%
27 Bank of America Corp. 1,754
Biotechnology -- 3.8%
23 Amgen, Inc. * 1,798
Broadcasting/Cable -- 3.9%
23 Clear Channel Communications * 1,849
Computer Networks -- 4.4%
28 Cisco Systems, Inc. * 2,068
Computer Software -- 4.1%
21 Microsoft Corp. * 1,921
Computers/Computer Hardware -- 7.5%
29 EMC Corp. * 2,121
15 International Business Machines Corp. 1,441
------
3,562
Consumer Products -- 4.1%
18 Procter & Gamble Co. 1,919
Diversified -- 4.7%
17 General Electric Co. 2,237
Electronics/Electrical Equipment -- 4.1%
20 Motorola, Inc. 1,949
Financial Services -- 12.2%
45 Citigroup, Inc. 2,435
12 Merrill Lynch & Co. 934
22 Morgan Stanley Dean Witter & Co. 2,377
------
5,746
Internet Services/Software -- 7.8%
15 Amazon.com, Inc. * 1,042
21 America Online, Inc. * 2,671
------
3,713
Machinery & Engineering Equipment -- 4.7%
25 Applied Materials, Inc. * 2,245
Multi-Media -- 3.9%
42 Viacom, Inc., Class B * 1,864
Pharmaceuticals -- 3.9%
24 Bristol-Myers Squibb Co. 1,847
Retailing -- 4.0%
34 Wal-Mart Stores, Inc. 1,916
Semi-Conductors -- 7.5%
37 Altera Corp. * 1,814
23 Intel Corp. 1,758
------
3,572
</TABLE>
See notes to financial statements.
36
<PAGE>
CHASE VISTA FOCUS FUND
Portfolio of Investments (Continued)
As of October 31, 1999
(Amounts in Thousands)
<TABLE>
<CAPTION>
Shares Issuer Value
<S> <C> <C>
- --------------------------------------------------------------------------------
Long-Term Investments -- Continued
- --------------------------------------------------------------------------------
Telecommunications -- 8.3%
25 GTE Corp. $ 1,875
24 MCI WorldCom, Inc. * 2,060
------
3,935
- --------------------------------------------------------------------------------
Total Long-Term Investments 47,557
(Cost $43,401)
- --------------------------------------------------------------------------------
Short-Term Investments -- 0.3%
- --------------------------------------------------------------------------------
<CAPTION>
Principal
Amount
- --------------------------------------------------------------------------------
Repurchase Agreement -- 0.3%
----------------------------
$121 Greenwich Capital Markets, Inc., 5.28%, due 11/01/99,
(Dated 10/29/99, Proceeds $121, Secured by FNMA,
$121, 6.94%, due 07/18/27; Market Value $124) 121
(Cost $121)
- --------------------------------------------------------------------------------
Total Investments -- 100.7% $47,678
(Cost $43,522)
- --------------------------------------------------------------------------------
</TABLE>
See notes to financial statements.
37
<PAGE>
- --------------------------------------------------------------------------------
CHASE VISTA EQUITY INCOME FUND
Portfolio of Investments
- --------------------------------------------------------------------------------
As of October 31, 1999
(Amounts in Thousands)
<TABLE>
<CAPTION>
Shares Issuer Value
<S> <C> <C>
- --------------------------------------------------------------------------------
Long-Term Investments -- 104.4%
- --------------------------------------------------------------------------------
Common Stock -- 103.0%
----------------------
Aerospace -- 4.0%
30 AlliedSignal, Inc. $1,708
30 Boeing Co. 1,382
16 General Dynamics Corp. 887
------
3,977
Automotive -- 2.7%
21 Ford Motor Co. 1,158
22 General Motors Corp. 1,545
------
2,703
Banking -- 3.1%
35 Bank of New York Co., Inc. 1,457
25 Firstar Corp. 734
20 UnionBanCal Corp. 869
------
3,060
Biotechnology -- 1.3%
35 Monsanto Co. 1,328
Broadcasting/Cable -- 3.4%
86 AT&T- Liberty Media Group, Class A * 3,393
Chemicals -- 2.9%
11 Dow Chemical Co. 1,313
24 E.I. DuPont de Nemours Co. 1,559
------
2,872
Computer Software -- 5.6%
42 Computer Associates International, Inc. 2,373
25 Microsoft Corp. * 2,333
20 Oracle Corp. * 951
------
5,657
Computers/Computer Hardware -- 3.9%
40 International Business Machines Corp. 3,886
Consumer Products -- 1.2%
21 Gillette Co. 742
20 Philip Morris Companies, Inc. 502
------
1,244
Diversified -- 5.4%
32 General Electric Co. 4,381
25 Tyco International LTD (Bermuda) 998
------
5,379
Electronics/Electrical Equipment -- 3.6%
9 Motorola, Inc. 877
30 Texas Instruments, Inc. 2,692
------
3,569
Financial Services -- 11.7%
10 American Express Co. 1,555
68 Citigroup, Inc. 3,702
85 Freddie Mac 4,596
18 Morgan Stanley Dean Witter & Co. 1,986
------
11,839
Food/Beverage Products -- 3.5%
20 Anheuser-Busch Companies, Inc. 1,400
23 Coca-Cola, Co. 1,369
21 Pepsico, Inc. 739
------
3,508
</TABLE>
See notes to financial statements.
38
<PAGE>
CHASE VISTA EQUITY INCOME FUND
Portfolio of Investments (Continued)
As of October 31, 1999
(Amounts in Thousands)
<TABLE>
<CAPTION>
Shares Issuer Value
<S> <C> <C>
- --------------------------------------------------------------------------------
Long-Term Investments -- Continued
- --------------------------------------------------------------------------------
Insurance -- 5.0%
37 American International Group $ 3,778
16 Marsh & McLennan Companies 1,265
-------
5,043
Multi-Media -- 0.6%
21 The Walt Disney Co. 562
Oil & Gas -- 9.0%
33 BP Amoco PLC, ADR (United Kingdom) 1,917
19 Chevron Corp. 1,690
36 Exxon Corp. 2,682
30 Royal Dutch Petroleum Co., N.Y. Registered Shares
(Netherlands) 1,798
17 Schlumberger LTD 999
-------
9,086
Paper/Forest Products -- 3.2%
15 International Paper Co. 810
30 Weyerhaeuser Co. 1,791
15 Willamette Industries 623
-------
3,224
Pharmaceuticals -- 5.7%
17 Abbot Laboratories 666
17 Bristol-Myers Squibb Co. 1,336
13 Johnson & Johnson 1,361
12 Merck & Co., Inc. 955
19 Pfizer, Inc. 747
13 Schering-Plough Corp. 644
-------
5,709
Real Estate Investment Trust -- 1.0%
57 Beacon Capital Partners, Inc. # 752
3 Beacon Capital Partners, Inc., Voting Trust # 247
-------
999
Retailing -- 6.2%
15 Federated Department Stores * 640
18 Home Depot, Inc. 1,329
80 Kroger Co. * 1,665
45 Wal-Mart Stores, Inc. 2,557
-------
6,191
Semi-Conductors -- 7.3%
25 Altera Corp. * 1,216
63 Atmel Corp. * 2,433
48 Intel Corp. 3,678
-------
7,327
Telecommunications -- 7.8%
26 BellSouth Corp. 1,170
53 GTE Corp. 3,975
52 SBC Communications, Inc. 2,649
-------
7,794
Utilities -- 4.9%
30 DQE, Inc. 1,198
60 Northeast Utilities * 1,249
35 Pinnacle West Capital Corp. 1,283
32 Unicom Corp. 1,226
-------
4,956
--------------------------------------------------------------
Total Common Stock 103,306
(Cost $92,641)
--------------------------------------------------------------
</TABLE>
See notes to financial statements.
39
<PAGE>
CHASE VISTA EQUITY INCOME FUND
Portfolio of Investments (Continued)
As of October 31, 1999
(Amounts in Thousands)
<TABLE>
<CAPTION>
Shares Issuer Value
<S> <C> <C>
- --------------------------------------------------------------------------------
Long-Term Investments -- Continued
- --------------------------------------------------------------------------------
Preferred Stock -- 1.4%
-----------------------
Multi-Media -- 1.4%
50 News Corp. LTD, ADR, (Australia) $ 1,378
(Cost $1,623)
- --------------------------------------------------------------------------------
Total Investments -- 104.4% $104,684
(Cost $94,264)
- --------------------------------------------------------------------------------
</TABLE>
See notes to financial statements.
40
<PAGE>
- --------------------------------------------------------------------------------
CHASE VISTA SMALL CAP OPPORTUNITIES FUND
Portfolio of Investments
- --------------------------------------------------------------------------------
As of October 31, 1999
(Amounts in Thousands)
<TABLE>
<CAPTION>
Shares Issuer Value
<S> <C> <C>
- --------------------------------------------------------------------------------
Long-Term Investments -- 90.1%
- --------------------------------------------------------------------------------
Common Stock -- 90.1%
---------------------
Advertising -- 1.6%
31 Lamar Advertising Co. * $1,687
19 Outdoor Systems, Inc. * 798
------
2,485
Automotive -- 1.8%
40 Lithia Motors, Inc., Class A * 788
30 O'Reilly Automotive, Inc. * 1,308
40 Tower Automotive, Inc. * 653
------
2,749
Banking -- 4.5%
45 Amcore Financial, Inc. 1,063
20 Cullen/Frost Bankers, Inc. 578
42 Investors Financial Services Corp. 1,554
65 National Commerce Bancorp. 1,625
30 Telebanc Financial Corp. * 720
16 U.S. Trust Corp. 1,298
------
6,838
Broadcasting/Cable -- 2.7%
14 Hispanic Broadcasting Corp. * 1,151
35 Insight Communications * 827
45 Salem Communications Corp., Class A * 1,119
22 Westwood One, Inc. * 1,033
------
4,130
Business Services -- 9.4%
12 Abacus Direct Corp. * 1,758
55 ACNielsen Corp. * 1,199
40 Career Education Corp. * 880
47 F.Y.I., Inc. * 1,563
47 Iron Mountain, Inc. * 1,425
68 Maximus, Inc. * 1,565
61 Navigant Consulting Co. * 1,742
35 NCO Group, Inc. * 1,489
33 Nova Corp./Georgia * 856
25 Quanta Services, Inc. * 697
60 United Rentals, Inc. * 1,108
------
14,282
Chemicals -- 1.1%
58 Spartech Corp. 1,663
Computer Networks -- 2.4%
15 Black Box Corp. * 736
3 Brocade Communications Systems * 673
46 Micros Systems, Inc. * 2,151
------
3,560
Computer Software -- 5.3%
25 Advantage Learning Systems, Inc. * 691
43 CSG Systems International, Inc. * 1,458
26 Digex, Inc. * 744
3 Intertrust Technologies Corp. * 136
40 Rational Software Corp. * 1,710
25 Remedy Corp. * 1,075
20 Tibco Software, Inc. * 780
60 TSI International Software LTD * 1,440
------
8,034
</TABLE>
See notes to financial statements.
41
<PAGE>
CHASE VISTA SMALL CAP OPPORTUNITIES FUND
Portfolio of Investments (Continued)
As of October 31, 1999
(Amounts in Thousands)
<TABLE>
<CAPTION>
Shares Issuer Value
<S> <C> <C>
- --------------------------------------------------------------------------------
Long-Term Investments -- Continued
- --------------------------------------------------------------------------------
Electronics/Electrical Equipment -- 6.3%
46 PerkinElmer, Inc. $1,861
50 Microchip Technology, Inc. * 3,331
25 OAK Industries, Inc. * 1,025
50 Varian, Inc. * 944
64 Vishay Intertechnology, Inc. * 1,562
15 Waters Corp. * 786
------
9,509
Engineering Services -- 1.1%
45 Jacobs Engineering Group, Inc. * 1,598
Entertainment/Leisure -- 2.9%
50 Cinar Corp., Class B (Canada) * 869
20 Macrovision Corp. * 1,133
100 Station Casinos, Inc. * 2,418
------
4,420
Environmental Services -- 0.4%
42 Waste Connections, Inc. * 641
Financial Services -- 0.9%
75 Federated Investors, Class B 1,294
Food/Beverage Products -- 1.5%
90 Aurora Foods, Inc. * 1,159
44 Performance Food Group Co. * 1,180
------
2,339
Health Care/Health Care Services -- 8.0%
57 Cooper Companies, Inc. 1,430
46 Datascope Corp. * 1,656
107 Eclipse Surgical Technologies, Inc. * 994
100 Hooper Holmes, Inc. 2,688
29 Impath, Inc. * 691
40 MedQuist, Inc. * 1,280
50 Novoste Corp. * 859
34 ResMed, Inc. * 1,177
65 Ventana Medical Systems * 1,304
------
12,079
Insurance -- 1.3%
50 Annuity and Life Re, LTD (Bermuda) 1,175
15 Arthur J. Gallagher & Co. 776
------
1,951
Internet Services/Software -- 0.5%
15 Covad Communications Group, Inc. * 720
3 E-Stamp Corp. * 67
------
787
Machinery & Engineering Equipment -- 2.2%
30 Cognex Corp. * 898
22 Manitowoc Co. 666
33 Zebra Technologies Corp., Class A * 1,784
------
3,348
Manufacturing -- 1.0%
40 Pentair, Inc. 1,505
Oil & Gas -- 3.3%
55 Helmerich & Payne 1,310
50 Newfield Exploration Co. * 1,472
31 Stone Energy Corp. * 1,506
60 Vintage Petroleum, Inc. 653
------
4,941
</TABLE>
See notes to financial statements.
42
<PAGE>
CHASE VISTA SMALL CAP OPPORTUNITIES FUND
Portfolio of Investments (Continued)
As of October 31, 1999
(Amounts in Thousands)
<TABLE>
<CAPTION>
Shares Issuer Value
<S> <C> <C>
- --------------------------------------------------------------------------------
Long-Term Investments -- Continued
- --------------------------------------------------------------------------------
Pharmaceuticals -- 7.1%
27 Advance Paradigm, Inc. * $ 1,168
61 Celgene Corp. 1,839
15 Idec Pharmaceuticals Corp. * 1,743
60 Jones Pharma, Inc. 1,860
63 King Pharmaceuticals, Inc. * 1,906
70 Roberts Pharmaceutical Corp. * 2,257
-------
10,773
Real Estate Investment Trust -- 0.3%
14 Alexandria Real Estate Equities 394
Restaurants/Food Services -- 1.5%
61 Jack in the Box, Inc. * 1,469
23 Papa John's International, Inc. * 860
-------
2,329
Retailing -- 4.7%
40 Ames Department Stores, Inc. * 1,268
45 Duane Reade, Inc. * 1,209
26 Linens 'N Things, Inc. * 1,034
48 Pacific Sunwear of California * 1,434
61 Wild Oats Markets, Inc. * 2,158
-------
7,103
Semi-Conductors -- 7.3%
55 Atmel Corp. * 2,124
28 Cree Research, Inc. * 1,185
35 Lam Research Corp. * 2,912
12 Novellus Systems, Inc. * 930
10 PMC -- Sierra, Inc. * 943
50 Semtech Corp. * 1,916
23 Transwitch Corp. * 1,059
-------
11,069
Shipping/Transportation -- 2.2%
35 Air Express International Corp. 932
40 C.H. Robinson Worldwide, Inc. 1,353
30 Circle International Group 660
18 HUB Group, Inc., Class A * 338
-------
3,283
Telecommunications -- 2.4%
40 ICG Communications, Inc. * 655
60 ITC Deltacom, Inc. * 1,440
68 Price Communications Corp. * 1,484
-------
3,579
Telecommunications Equipment -- 5.4%
40 AudioCodes LTD (Israel) * 2,390
15 Harmonic, Inc. * 867
5 JDS Uniphase Corp. * 834
53 Metromedia Fiber Network, Inc., Class A * 1,748
100 Pinnacle Holdings, Inc. * 2,400
-------
8,239
Utilities -- 1.0%
21 American States Water Co. 703
16 E'town Corp. 747
-------
1,450
- --------------------------------------------------------------------------------
Total Long-Term Investments 136,372
(Cost $104,594)
- --------------------------------------------------------------------------------
</TABLE>
See notes to financial statements.
43
<PAGE>
CHASE VISTA SMALL CAP OPPORTUNITIES FUND
Portfolio of Investments (Continued)
As of October 31, 1999
(Amounts in Thousands)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
<S> <C> <C>
- --------------------------------------------------------------------------------
Short-Term Investments -- 10.2%
- --------------------------------------------------------------------------------
Repurchase Agreement -- 10.2%
-----------------------------
$15,359 Greenwich Capital Markets, Inc., 5.28%, due 11/01/99,
(Dated 10/29/99, Proceeds $15,366, Secured by FHLMC
and FNMA, $16,046, 5.50% through 7.50%, due
09/01/11 through 12/01/28; Market Value $15,669) $ 15,359
(Cost $15,359)
- --------------------------------------------------------------------------------
Total Investments -- 100.3% $151,731
(Cost $119,953)
- --------------------------------------------------------------------------------
</TABLE>
See notes to financial statements.
44
<PAGE>
- --------------------------------------------------------------------------------
CHASE VISTA SMALL CAP EQUITY FUND
Portfolio of Investments
- --------------------------------------------------------------------------------
As of October 31, 1999
(Amounts in Thousands)
<TABLE>
<CAPTION>
Shares Issuer Value
<S> <C> <C>
- --------------------------------------------------------------------------------
Long-Term Investments -- 94.4%
- --------------------------------------------------------------------------------
Common Stock -- 94.4%
---------------------
Advertising -- 1.7%
133 Lamar Advertising Co. * $7,155
Aerospace -- 0.7%
189 AAR Corp. 3,152
Automotive -- 2.0%
117 Lithia Motors, Inc., Class A * 2,327
90 O'Reilly Automotive, Inc. * 3,925
136 Tower Automotive, Inc. * 2,219
------
8,471
Banking -- 5.6%
100 Amcore Financial, Inc. 2,363
75 Chittenden Corp. 2,316
113 City National Corp. 4,387
28 Commerce Bancorp., Inc. 1,270
95 Cullen/Frost Bankers, Inc. 2,737
152 Investors Financial Services Corp. 5,623
200 National Commerce Bancorp. 5,000
------
23,696
Broadcasting/Cable -- 2.6%
35 Hispanic Broadcasting Corp. * 2,835
75 Insight Communications * 1,772
130 Salem Communications Corp., Class A * 3,234
68 Westwood One, Inc. * 3,113
------
10,954
Business Services -- 8.2%
32 Abacus Direct Corp. * 4,688
180 ACNielsen Corp. * 3,960
139 Iron Mountain, Inc. * 4,211
195 Maximus, Inc. * 4,522
182 Navigant Consulting Co. * 5,197
118 NCO Group, Inc. * 4,979
89 Nova Corp./Georgia * 2,308
75 Quanta Services, Inc. * 2,091
150 United Rentals, Inc. * 2,794
------
34,750
Chemicals -- 3.1%
150 Cytec Industries, Inc.* 3,872
155 Spartech Corp. 4,431
332 Wellman, Inc. 4,998
------
13,301
Computer Networks -- 2.5%
85 Black Box Corp. * 4,288
140 Micros Systems, Inc. * 6,480
------
10,768
Computer Software -- 4.8%
298 Activision, Inc. * 4,209
100 Creo Products, Inc. (Canada) * 2,550
125 CSG Systems International, Inc. * 4,289
140 Rational Software Corp. * 5,985
80 Remedy Corp. * 3,440
------
20,473
</TABLE>
See notes to financial statements.
45
<PAGE>
CHASE VISTA SMALL CAP EQUITY FUND
Portfolio of Investments (Continued)
As of October 31, 1999
(Amounts in Thousands)
<TABLE>
<CAPTION>
Shares Issuer Value
<S> <C> <C>
- --------------------------------------------------------------------------------
Long-Term Investments -- Continued
- --------------------------------------------------------------------------------
Electronics/Electrical Equipment -- 8.4%
133 EG&G, Inc. * $ 5,428
109 Hadco Corp. * 4,002
150 Microchip Technology, Inc. * 9,994
75 OAK Industries, Inc. * 3,075
150 Varian, Inc. * 2,831
185 Vishay Intertechnology, Inc. * 4,528
100 Waters Corp. * 5,313
------
35,171
Engineering Services -- 0.8%
100 Jacobs Engineering Group, Inc. * 3,550
Entertainment/Leisure -- 3.7%
165 Cinar Corp., Class B (Canada) * 2,867
300 Mandalay Resort Group * 5,588
300 Station Casinos, Inc. * 7,256
------
15,711
Environmental Services -- 0.5%
133 Waste Connections, Inc. * 2,053
Financial Services -- 0.8%
200 Federated Investors, Class B 3,450
Food/Beverage Products -- 0.7%
215 Aurora Foods, Inc. * 2,768
Health Care/Health Care Services -- 6.5%
167 Cooper Companies, Inc. 4,168
131 Datascope Corp. * 4,709
193 Hooper Holmes, Inc. 5,192
88 Impath, Inc. * 2,102
70 MedQuist, Inc. * 2,240
167 Molecular Devices Corp. * 6,165
150 Ventana Medical Systems * 3,009
------
27,585
Insurance -- 1.1%
100 Annuity and Life Re, LTD (Bermuda) 2,350
44 Arthur J. Gallagher & Co. 2,261
------
4,611
Machinery & Engineering Equipment -- 2.5%
100 Cognex Corp. * 2,994
145 Milacron, Inc. 2,383
97 Zebra Technologies Corp., Class A * 5,264
------
10,641
Manufacturing -- 1.1%
125 Pentair, Inc. 4,703
Oil & Gas -- 6.3%
69 Atwood Oceanics * 1,994
165 BJ Services Co. * 5,661
170 Helmerich & Payne 4,048
125 Louis Dreyfus Natural Gas * 2,500
165 Newfield Exploration Co. * 4,857
260 Pride International, Inc. * 3,575
97 St. Mary Land & Exploration 2,463
155 Vintage Petroleum, Inc. 1,686
------
26,784
</TABLE>
See notes to financial statements.
46
<PAGE>
CHASE VISTA SMALL CAP EQUITY FUND
Portfolio of Investments (Continued)
As of October 31, 1999
(Amounts in Thousands)
<TABLE>
<CAPTION>
Shares Issuer Value
<S> <C> <C>
- --------------------------------------------------------------------------------
Long-Term Investments -- Continued
- --------------------------------------------------------------------------------
Pharmaceuticals -- 5.3%
81 Advance Paradigm, Inc. * $ 3,448
45 Idec Pharmaceuticals Corp. * 5,228
158 Jones Pharma, Inc. 4,883
167 King Pharmaceuticals, Inc. * 5,052
125 Roberts Pharmaceutical Corp. * 4,031
-------
22,642
Real Estate Investment Trust -- 1.6%
40 Alexandria Real Estate Equities 1,162
157 Beacon Capital Partners, Inc. # 2,078
7 Beacon Capital Partners, Inc., Voting Trust # 681
87 Essex Property Trust, Inc. 2,822
-------
6,743
Restaurants/Food Services -- 1.0%
183 Jack in the Box, Inc. * 4,413
Retailing -- 6.1%
105 Ames Department Stores, Inc. * 3,327
179 Chico's FAS, Inc. * 5,615
100 Duane Reade, Inc. * 2,688
75 Linens 'N Things, Inc. * 2,981
138 Pacific Sunwear of California * 4,151
86 Wild Oats Markets, Inc. * 3,032
74 Williams-Sonoma, Inc. * 3,978
-------
25,772
Semi-Conductors -- 8.2%
192 Atmel Corp. * 7,416
80 Cree Research, Inc. * 3,394
101 Lam Research Corp. * 8,485
40 Novellus Systems, Inc. * 3,100
30 PMC -- Sierra, Inc. * 2,828
160 Semtech Corp. * 6,130
73 Transwitch Corp. * 3,412
-------
34,765
Shipping/Transportation -- 1.4%
120 Air Express International Corp. 3,195
26 Circle International Group 572
113 Swift Transportation Co., Inc. * 1,962
-------
5,729
Telecommunications -- 1.6%
110 ITC Deltacom, Inc. * 2,640
184 Price Communications Corp. * 3,997
-------
6,637
Telecommunications Equipment -- 3.9%
70 Antec Corp. * 3,395
70 Harmonic, Inc. * 4,156
20 JDS Uniphase Corp. * 3,338
235 Pinnacle Holdings, Inc. * 5,640
-------
16,529
Utilities -- 1.7%
25 American States Water Co. 849
50 Piedmont Natural Gas Co. 1,600
49 Sierra Pacific Resources 1,094
46 TNP Enterprises, Inc. 1,843
60 Washington Gas Light Co. 1,631
-------
7,017
- --------------------------------------------------------------------------------
Total Long-Term Investments 399,994
(Cost $320,828)
- --------------------------------------------------------------------------------
</TABLE>
See notes to financial statements.
47
<PAGE>
CHASE VISTA SMALL CAP EQUITY FUND
Portfolio of Investments (Continued)
As of October 31, 1999
(Amounts in Thousands)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
<S> <C> <C>
- --------------------------------------------------------------------------------
Short-Term Investments -- 6.0%
- --------------------------------------------------------------------------------
Repurchase Agreement -- 6.0%
----------------------------
$25,367 Greenwich Capital Markets, Inc., 5.28%, due 11/01/99,
(Dated 10/29/99, Proceeds $25,378, Secured by FNMA,
$25,196, 6.94%, due 07/18/27; Market Value $25,876) $ 25,367
(Cost $25,367)
- --------------------------------------------------------------------------------
Total Investments -- 100.4% $425,361
(Cost $346,195)
- --------------------------------------------------------------------------------
</TABLE>
See notes to financial statements.
48
<PAGE>
- --------------------------------------------------------------------------------
CHASE VISTA BALANCED FUND
Portfolio of Investments
- --------------------------------------------------------------------------------
As of October 31, 1999
(Amounts in Thousands)
<TABLE>
<CAPTION>
Shares Issuer Value
<S> <C> <C>
- --------------------------------------------------------------------------------
Long-Term Investments -- 93.3%
- --------------------------------------------------------------------------------
Common Stock -- 47.8%
---------------------
Advertising -- 0.2%
13 Harte-Hanks Communications, Inc. $ 248
Aerospace -- 1.5%
13 AlliedSignal, Inc. 712
14 Boeing Co. 645
10 General Dynamics Corp. 554
5 Northrop Grumman Corp. 274
-----
2,185
Airlines -- 0.4%
8 AMR Corp. * 508
Automotive -- 0.4%
10 Ford Motor Co. 549
Banking -- 3.3%
16 Bank of America Corp. 1,033
15 Bank One Corp. 563
13 Cullen/Frost Bankers, Inc. 381
12 Fleet Boston Corp. 502
6 National City Corp. 162
16 UnionBanCal Corp. 695
12 Wells Fargo Co. 574
14 Zions Bancorporation 825
-----
4,735
Broadcasting/Cable -- 1.7%
25 AT&T Corp.- Liberty Media Group, Class A * 982
18 CBS Corp. * 867
13 Westwood One, Inc. * 581
-----
2,430
Business Services -- 0.5%
13 ACNielsen Corp. * 275
18 Navigant Counsulting Co. * 514
-----
789
Chemicals -- 1.0%
15 Cytec Industries, Inc. * 387
5 Dow Chemical Co. 591
18 Solutia, Inc. 309
14 Wellman, Inc. 211
-----
1,498
Computer Software -- 1.0%
16 Computer Associates International, Inc. 912
10 Oracle Corp. * 476
-----
1,388
Computers/Computer Hardware -- 2.1%
8 Compaq Computer Corp. 152
10 EMC Corp. * 730
8 Equant NV (Netherlands) * 776
6 International Business Machines Corp. 590
7 Sun Microsystems, Inc. * 741
-----
2,989
Construction -- 0.2%
23 D.R. Horton, Inc. 266
Construction Materials -- 0.3%
15 Masco Corp. 457
</TABLE>
See notes to financial statements.
49
<PAGE>
CHASE VISTA BALANCED FUND
Portfolio of Investments (Continued)
As of October 31, 1999
(Amounts in Thousands)
<TABLE>
<CAPTION>
Shares Issuer Value
<S> <C> <C>
- --------------------------------------------------------------------------------
Long-Term Investments -- Continued
- --------------------------------------------------------------------------------
Consumer Products -- 0.7%
12 Fortune Brands, Inc. $ 407
22 Philip Morris Companies, Inc. 554
-----
961
Diversified -- 0.5%
17 Tyco International LTD (Bermuda) 679
Electronics/Electrical Equipment -- 2.3%
10 Johnson Controls, Inc. 608
15 Microchip Technology, Inc. * 999
12 Teradyne, Inc. * 462
14 Texas Instruments 1,292
-----
3,361
Environmental Services -- 0.4%
19 Republic Services, Inc. * 233
15 Waste Management, Inc. 276
-----
509
Financial Services -- 2.5%
13 Associates First Capital Corp., Class A 491
23 Citigroup, Inc. 1,245
13 Freddie Mac 676
8 Lehman Brothers Holdings, Inc. 553
6 Morgan Stanley Dean Witter & Co. 662
-----
3,627
Food/Beverage Products -- 1.7%
7 Anheuser-Busch Companies, Inc. 467
20 Keebler Foods Co. * 629
16 Pepsico, Inc. 555
11 Quaker Oats Co. 770
-----
2,421
Health Care/Health Care Services -- 1.0%
17 Columbia HCA Healthcare Corp. 410
50 HEALTHSOUTH Corp. * 288
8 Universal Health Services, Inc., Class B * 226
8 Wellpoint Health Networks, Inc., Class A * 464
-----
1,388
Insurance -- 2.1%
5 Aetna Inc. 226
17 Allstate Corp. 500
9 Cigna Corp. 673
8 Hartford Financial Services Group 389
15 Nationwide Financial Services, Inc., Class A 549
16 Travelers Property Casualty Corp., Class A 576
3 XL Capital LTD, Class A 172
-----
3,085
Internet Services/Software -- 0.4%
8 At Home Corp., Class A * 299
7 EarthLink Network, Inc. * 294
-----
593
Machinery & Engineering Equipment -- 1.2%
7 Applied Materials, Inc. * 629
20 Ingersoll-Rand Co. 1,045
-----
1,674
Manufacturing -- 0.1%
6 Pentair, Inc. 211
</TABLE>
See notes to financial statements.
50
<PAGE>
CHASE VISTA BALANCED FUND
Portfolio of Investments (Continued)
As of October 31, 1999
(Amounts in Thousands)
<TABLE>
<CAPTION>
Shares Issuer Value
<S> <C> <C>
- --------------------------------------------------------------------------------
Long-Term Investments -- Continued
- --------------------------------------------------------------------------------
Metals/Mining -- 0.8%
22 AK Steel Holding Corp. $ 372
13 Alcoa, Inc. 759
-----
1,131
Multi-Media -- 0.6%
6 Time Warner, Inc. 418
11 Viacom, Inc., Class B * 492
-----
910
Office/Business Equipment -- 0.1%
8 Xerox Corp. 210
Oil & Gas -- 4.0%
13 BP Amoco PLC, ADR (United Kingdom) 728
8 Burlington Resources, Inc. 279
27 Coastal Corp. 1,116
9 Exxon Corp. 667
12 Halliburton Co. 452
9 Mobil Corp. 840
7 Schlumberger LTD 394
4 Texaco, Inc. 246
14 Tosco Corp. 354
17 Williams Companies, Inc. 619
-----
5,695
Paper/Forest Products -- 1.0%
13 Chesapeake Corp. 375
10 Georgia-Pacific Corp. 397
15 Willamette Industries 623
-----
1,395
Pharmaceuticals -- 1.7%
8 Bristol-Myers Squibb Co. 615
16 Pharmacia & Upjohn, Inc. 863
14 Schering-Plough Corp. 683
6 SmithKline Beecham PLC, ADR (United Kingdom) 352
-----
2,513
Printing & Publishing -- 0.6%
20 New York Times Co., Class A 805
Real Estate Investment Trust -- 2.0%
15 AMB Property Corp. 298
51 Beacon Capital Partners Inc. # 681
2 Beacon Capital Partners Voting Trust # 223
16 Equity Office Properties Trust 353
10 Equity Residential Properties Trust 431
21 Public Storage, Inc. 502
10 Spieker Properties, Inc. 349
-----
2,837
Retailing -- 2.0%
6 Dayton-Hudson Corp. 388
16 Federated Department Stores * 683
25 K-Mart Corp. * 252
39 Kroger Co. * 820
38 Office Depot, Inc. * 466
9 Safeway, Inc. * 318
-----
2,927
</TABLE>
See notes to financial statements.
51
<PAGE>
CHASE VISTA BALANCED FUND
Portfolio of Investments (Continued)
As of October 31, 1999
(Amounts in Thousands)
<TABLE>
<CAPTION>
Shares Issuer Value
<S> <C> <C>
- --------------------------------------------------------------------------------
Long-Term Investments -- Continued
- --------------------------------------------------------------------------------
Semi-Conductors -- 0.6%
10 Altera Corp. * $ 486
6 Intel Corp. 426
------
912
Shipping/Transportation -- 0.3%
9 Union Pacific Corp. 474
Telecommunications -- 4.9%
16 AT&T Corp. 734
25 BellSouth Corp. 1,125
13 GTE Corp. 945
10 MCI WorldCom, Inc. * 858
14 NEXTLINK Communications, Inc., Class A * 837
18 Qwest Communications International, Inc. * 648
21 Sprint Corp. 1,573
15 Time Warner Telecom Inc., Class A * 378
------
7,098
Telecommunications Equipment -- 2.3%
20 American Tower Corp., Class A * 381
22 General Instrument Corp. * 1,184
6 JDS Uniphase Corp. * 1,001
30 Pinnacle Holdings Inc. * 720
------
3,286
Utilities -- 1.4%
10 FPL Group Inc. 508
10 Pinnacle West Capital Corp. 369
20 Texas Utilities Co. 775
10 Unicom Corp. 364
------
2,016
------------------------------------------------------------------
Total Common Stock 68,760
(Cost $51,759)
------------------------------------------------------------------
Convertible Preferred Stock -- 1.2%
-----------------------------------
Oil & Gas -- 0.2%
9 Coastal Corp., 6.63%, 08/16/02 239
Retail -- 0.1%
5 K-Mart Financing Inc., 7.75%, 06/15/16 202
Utilities -- 0.9%
15 CMS Energy Corp., 8.75%, 07/01/02 578
6 Houston Industries, Inc., 7.00%, 07/01/00 689
------
1,267
------------------------------------------------------------------
Total Convertible Preferred Stock 1,708
(Cost $1,431)
------------------------------------------------------------------
Corporate Notes & Bonds -- 10.9%
--------------------------------
Aerospace -- 0.7%
1,000 Raytheon Co., 5.95%, 03/15/01 987
Automotive -- 3.3%
2,500 Ford Motor Co., 7.45%, 07/16/31 2,462
500 Ford Motor Credit Co., 5.80%, 01/12/09 451
2,000 General Motors Acceptance Corp., 5.85%,
01/14/09 1,816
------
4,729
</TABLE>
See notes to financial statements.
52
<PAGE>
CHASE VISTA BALANCED FUND
Portfolio of Investments (Continued)
As of October 31, 1999
(Amounts in Thousands)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
<S> <C> <C>
- --------------------------------------------------------------------------------
Long-Term Investments -- Continued
- --------------------------------------------------------------------------------
Diversified -- 0.7%
$1,000 Textron, Inc., 6.38%, 07/15/04 $ 978
Financial Services -- 0.4%
550 Goldman Sachs Group, 6.65%, 05/15/09 523
Oil & Gas -- 0.5%
800 Conoco Inc., 5.90%, 04/15/04 770
Retailing -- 3.8%
500 Dayton-Hudson Corp., 6.40%, 02/15/03 494
2,000 Safeway, Inc., 7.25%, 09/15/04 1,984
3,000 Wal-Mart Stores, 6.55%, 08/10/04 2,998
------
5,476
Telecommunications -- 1.0%
AT&T Corp.,
500 5.63%, 03/15/04 478
1,010 6.50%, 03/15/29 893
------
1,371
Utilities -- 0.5%
800 National Rural Utilities Cooperative Finance Corp.,
5.50%, 01/15/05 752
------------------------------------------------------------------
Total Corporate Notes & Bonds 15,586
(Cost $15,896)
------------------------------------------------------------------
Convertible Corporate Notes & Bonds -- 1.0%
-------------------------------------------
Automotive -- 0.1%
150 Tower Automotive, Inc., # 5.00%, 08/01/04 128
Computers/Computer Hardware -- 0.4%
100 EMC Corp., 3.25%, 03/15/02 640
Environmental Services -- 0.2%
250 Waste Management, Inc., 4.00%, 02/01/02 218
Health Care/Health Care Services -- 0.3%
150 Alternative Living Services, # 6.75%, 06/30/06 93
Assisted Living Concepts Inc.,
400 6.00%, 11/01/02 223
300 # 5.63%, 05/01/03 156
472
------------------------------------------------------------------
Total Convertible Corporate Notes & Bonds 1,458
(Cost $1,350)
------------------------------------------------------------------
Mortgage Backed Pass-Through Securities -- 4.2%
-----------------------------------------------
2,987 Federal National Mortgage Association, Pool 323614,
6.50%, 02/01/14 2,931
3,251 Government National Mortgage Association, Pool
516070, 6.50%, 09/15/29 3,107
------------------------------------------------------------------
Total Mortgage Backed Pass-Through Securities 6,038
(Cost $6,116)
------------------------------------------------------------------
</TABLE>
See notes to financial statements.
53
<PAGE>
CHASE VISTA BALANCED FUND
Portfolio of Investments (Continued)
As of October 31, 1999
(Amounts in Thousands)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
<S> <C> <C>
- --------------------------------------------------------------------------------
Long-Term Investments -- Continued
- --------------------------------------------------------------------------------
U.S. Government Agency Securities -- 9.1%
-----------------------------------------
Federal Home Loan Mortgage Corp.,
$ 500 5.13%, 10/15/08 $ 446
5,250 6.63%, 09/15/09 5,208
Federal National Mortgage Association,
600 5.13%, 02/13/04 570
1,000 5.75%, 02/15/08 940
6,000 Tennessee Valley Authority, 6.00%, 09/24/02 5,947
------------------------------------------------------------------
Total U.S. Government Agency Securities 13,111
(Cost $13,286)
------------------------------------------------------------------
U.S. Treasury Securities -- 19.1%
---------------------------------
U.S. Treasury Notes & Bonds,
4,000 4.50%, 09/30/00 3,961
3,160 4.75%, 02/15/04 3,017
800 4.75%, 11/15/08 724
1,500 4.88%, 03/31/01 1,482
1,500 5.00%, 02/28/01 1,487
2,400 5.25%, 05/31/01 2,381
1,875 5.25%, 11/15/28 1,612
650 6.00%, 08/15/04 652
1,000 6.13%, 08/15/07 996
3,800 6.13%, 11/15/27 3,674
4,500 6.25%, 08/15/23 4,404
1,500 7.25%, 05/15/16 1,616
1,300 8.13%, 08/15/19 1,531
------------------------------------------------------------------
Total U.S. Treasury Securities 27,537
(Cost $28,545)
- --------------------------------------------------------------------------------
Total Long-Term Investments 134,198
(Cost $118,383)
- --------------------------------------------------------------------------------
Short-Term Investments -- 6.3%
- --------------------------------------------------------------------------------
Repurchase Agreement -- 6.3%
----------------------------
9,029 Greenwich Capital Markets, Inc., 5.28%,
due 11/01/99 (Dated 10/29/99, Proceeds $9,033,
Secured by FHLMC and FNMA, $9,321, FRN,
due 02/25/00 through 04/15/29; Market Value $9,212) 9,029
(Cost $9,029)
- --------------------------------------------------------------------------------
Total Investments -- 99.6% $143,227
(Cost $127,412)
- --------------------------------------------------------------------------------
</TABLE>
INDEX:
* -- Non-income producing security.
# -- Security may only be sold to qualified institutional buyers.
ADR -- American Depositary Receipt.
FHLMC -- Federal Home Loan Mortgage Corporation.
FNMA -- Federal National Mortgage Association.
FRN -- Floating Rate Note.
See notes to financial statements.
54
<PAGE>
- --------------------------------------------------------------------------------
STATEMENT OF ASSETS AND LIABILITIES October 31, 1999
- --------------------------------------------------------------------------------
(Amounts in Thousands, Except Per Share Amounts)
<TABLE>
<CAPTION>
Equity Growth and Capital
Core Equity Growth Income Growth
Fund Fund Fund Fund
<S> <C> <C> <C> <C>
- ------------------------------------------------------------------------------------------
ASSETS:
Investment in Portfolio, at
value (Note 1) ................... $13,982 $19,041 $1,943,951 $941,296
Other assets ..................... -- -- 9 4
Receivables:
Fund shares sold ................ 854 758 713 1,518
Expense reimbursement
from Distributor ................ 36 37 -- --
- ------------------------------------------------------------------------------------------
Total Assets .................. 14,872 19,836 1,944,673 942,818
- ------------------------------------------------------------------------------------------
LIABILITIES:
Payables:
Fund shares redeemed ............ -- 65 5,292 2,758
Accrued liabilities: (Note 2)
Administration fees ............. -- -- 149 72
Shareholder servicing fees ...... -- -- 372 179
Distribution fees ............... 3 6 575 308
Other ........................... 29 31 623 295
- ------------------------------------------------------------------------------------------
Total Liabilities ............. 32 102 7,011 3,612
- ------------------------------------------------------------------------------------------
NET ASSETS:
Paid in capital .................. 14,286 18,856 1,256,127 656,563
Accumulated undistributed/
(overdistributed) net
investment income ................ -- -- (160) (97)
Accumulated net realized
gain (loss) on investments ....... (34) (17) 267,102 101,913
Net unrealized appreciation
of investments ................... 588 895 414,593 180,827
- ------------------------------------------------------------------------------------------
Total Net Assets .................. $14,840 $19,734 $1,937,662 $939,206
- ------------------------------------------------------------------------------------------
Shares of beneficial interest
outstanding ($.001 par value;
unlimited number of shares
authorized):
Class A Shares ................... 703 768 31,727 13,465
Class B Shares ................... 557 1,010 12,203 8,125
Class C Shares ................... 159 98 243 140
Class I Shares ................... -- -- 333 412
Net Asset Value:
Class A Shares (and
redemption price) ................ $10.47 $10.53 $43.65 $42.85
Class B Shares* .................. $10.46 $10.51 $43.25 $41.67
Class C Shares* .................. $10.46 $10.51 $42.34 $41.31
Class I Shares (and
redemption price) ................ -- -- $43.89 $43.36
Class A Maximum Public
Offering Price Per Share (net
asset value per share/94.25%) ..... $11.11 $11.17 $46.31 $45.46
- ------------------------------------------------------------------------------------------
</TABLE>
*Redemption price may be reduced by contingent deferred sales charge.
See notes to financial statements.
55
<PAGE>
STATEMENT OF ASSETS AND LIABILITIES October 31, 1999
(Amounts in Thousands, Except Per Share Amounts)
<TABLE>
<CAPTION>
Large Cap Equity
Equity Focus Income
Fund Fund Fund
<S> <C> <C> <C>
- ---------------------------------------------------------------------------------------------------
ASSETS:
Investment securities, at value (Note 1) ......... $251,180 $47,678 $104,684
Cash ............................................. -- -- 573
Other assets ..................................... 2 1 1
Receivables:
Investment securities sold ...................... 4,291 9,244 7,090
Interest and dividends .......................... 181 32 126
Fund shares sold ................................ 471 72 84
Expense reimbursement from Distributor -- 1 --
- ---------------------------------------------------------------------------------------------------
Total Assets .................................. 256,125 57,028 112,558
- ---------------------------------------------------------------------------------------------------
LIABILITIES:
Payables:
Investment securities purchased ................. 3,295 9,462 6,807
Fund shares redeemed ............................ 432 76 5,269
Accrued liabilities: (Note 2)
Investment advisory fees ........................ -- -- 36
Administration fees ............................. 10 6 13
Shareholder servicing fees ...................... 52 8 23
Distribution fees ............................... 37 22 37
Custody fees .................................... 32 9 24
Other ........................................... 153 98 95
- ---------------------------------------------------------------------------------------------------
Total Liabilities .............................. 4,011 9,681 12,304
- ---------------------------------------------------------------------------------------------------
NET ASSETS:
Paid in capital .................................. 189,675 46,721 78,985
Accumulated undistributed/
(overdistributed) net investment income .......... 126 (1) (4)
Accumulated net realized gain (loss) on
investments and futures transactions ............. 15,789 (3,529) 10,853
Net unrealized appreciation of
investments ...................................... 46,524 4,156 10,420
- ---------------------------------------------------------------------------------------------------
Total Net Assets .................................. $252,114 $47,347 $100,254
- ---------------------------------------------------------------------------------------------------
Shares of beneficial interest outstanding
($.001 par value; unlimited number of shares
authorized):
Class A Shares ................................... 4,235 1,733 3,122
Class B Shares ................................... 2,179 2,325 1,329
Class C Shares ................................... 99 778 324
Class I Shares ................................... 9,023 1 --
Net Asset Value:
Class A Shares (and redemption price) ............ $16.20 $9.83 $21.06
Class B Shares* .................................. $16.10 $9.77 $20.88
Class C Shares* .................................. $16.03 $9.76 $20.87
Class I Shares (and redemption price) ............ $16.27 $9.86 --
Class A Maximum Public Offering Price Per
Share (net asset value per share/94.25%) .......... $17.19 $10.43 $22.34
- ---------------------------------------------------------------------------------------------------
Cost of investments ............................... $204,656 $43,522 $94,264
- ---------------------------------------------------------------------------------------------------
</TABLE>
*Redemption price may be reduced by contingent deferred sales charge.
See notes to financial statements.
56
<PAGE>
STATEMENT OF ASSETS AND LIABILITIES October 31, 1999
(Amounts in Thousands, Except Per Share Amounts)
<TABLE>
<CAPTION>
Small Cap Small Cap
Opportunities Equity Balanced
Fund Fund Fund
<S> <C> <C> <C>
- ---------------------------------------------------------------------------------------------
ASSETS:
Investment securities, at value (Note 1) ..... $151,731 $425,361 $143,227
Cash ......................................... 1 -- 1
Other assets ................................. 49 5 1
Receivables:
Investment securities sold .................. 946 4,582 --
Interest and dividends ...................... 24 108 893
Fund shares sold ............................ 485 9 189
Expense reimbursement from Distributor 1 -- --
- ---------------------------------------------------------------------------------------------
Total Assets .............................. 153,237 430,065 144,311
- ---------------------------------------------------------------------------------------------
LIABILITIES:
Payables:
Investment securities purchased ............. 256 3,984 --
Fund shares redeemed ........................ 1,409 1,646 298
Accrued liabilities: (Note 2)
Investment advisory fees .................... 57 234 60
Administration fees ......................... 19 54 18
Shareholder servicing fees .................. 16 15 9
Distribution fees ........................... 63 58 43
Custody fees ................................ 27 28 18
Other ....................................... 133 194 61
- ---------------------------------------------------------------------------------------------
Total Liabilities .......................... 1,980 6,213 507
- ---------------------------------------------------------------------------------------------
NET ASSETS:
Paid in capital .............................. 122,499 297,370 116,433
Accumulated undistributed/
(overdistributed) net investment income (5) (33) 103
Accumulated net realized gain (loss) on
investments and futures transactions ......... (3,015) 47,349 11,453
Net unrealized appreciation of
investments .................................. 31,778 79,166 15,815
- ---------------------------------------------------------------------------------------------
Total Net Assets ........................... $151,257 $423,852 $143,804
- ---------------------------------------------------------------------------------------------
Shares of beneficial interest outstanding
($.001 par value; unlimited number of
shares authorized):
Class A Shares ............................... 4,878 4,319 6,884
Class B Shares ............................... 4,237 2,585 1,927
Class C Shares ............................... 430 -- 82
Class I Shares ............................... 1 11,621 --
Net Asset Value:
Class A Shares (and redemption price) ........ $15.98 $22.77 $16.24
Class B Shares* .............................. $15.71 $22.06 $15.94
Class C Shares* .............................. $15.69 -- $15.89
Class I Shares (and redemption price) ........ $15.98 $23.10 --
Class A Maximum Public Offering Price Per
Share (net asset value per share/94.25%) ...... $16.95 $24.16 $17.23
- ---------------------------------------------------------------------------------------------
Cost of investments ........................... $119,953 $346,195 $127,412
- ---------------------------------------------------------------------------------------------
</TABLE>
*Redemption price may be reduced by contingent deferred sales charge.
See notes to financial statements.
57
<PAGE>
- --------------------------------------------------------------------------------
STATEMENT OF OPERATIONS For the year ended October 31, 1999
- --------------------------------------------------------------------------------
(Amounts in Thousands)
<TABLE>
<CAPTION>
Equity Growth and Capital
Core Equity Growth Income Growth
Fund* Fund* Fund Fund
- ----------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
INVESTMENT INCOME:
Investment income from
Portfolio ........................... $ 11 $ 13 $ 35,538 $ 8,913
Foreign taxes withheld .............. -- -- (156) (6)
Expenses from Portfolio ............. (9) (14) (9,923) (5,153)
- ----------------------------------------------------------------------------------------------
Total investment income 2 (1) 25,459 3,754
- ----------------------------------------------------------------------------------------------
EXPENSES: (Note 2)
Administration fees ................. 1 2 2,124 1,090
Shareholder servicing fees .......... 3 4 5,310 2,725
Distribution fees ................... 6 10 8,137 4,553
Accounting fees ..................... 3 11 100 75
Printing and postage ................ 3 3 100 75
Professional fees ................... 16 16 34 32
Registration expenses ............... 35 35 43 25
Transfer agent fees ................. 7 8 3,612 2,091
Trustees' fees and expenses ......... -- -- 42 22
Other ............................... 10 3 121 99
- ----------------------------------------------------------------------------------------------
Total expenses .................... 84 92 19,623 10,787
- ----------------------------------------------------------------------------------------------
Less amounts waived
(Note 2E) ........................... 6 8 -- --
Less expense reimbursements 67 68 -- 29
- ----------------------------------------------------------------------------------------------
Net expenses ....................... 11 16 19,623 10,758
- ----------------------------------------------------------------------------------------------
Net investment income
(loss) ............................ (9) (17) 5,836 (7,004)
- ----------------------------------------------------------------------------------------------
REALIZED AND UNREALIZED
GAIN (LOSS) ON INVESTMENTS:
Net realized gain (loss) on
investment transactions ............. (34) (17) 372,725 185,113
Change in net unrealized
appreciation/depreciation
of investments ...................... 588 895 (120,708) (28,226)
- ----------------------------------------------------------------------------------------------
Net realized and unrealized
gain on investments ................. 554 878 252,017 156,887
- ----------------------------------------------------------------------------------------------
Net increase in net assets
from operations ..................... $545 $861 $ 257,853 $149,883
- ----------------------------------------------------------------------------------------------
</TABLE>
*Fund commenced operations 08/12/99
See notes to financial statements.
58
<PAGE>
STATEMENT OF OPERATIONS For the year ended October 31, 1999
(Amounts in Thousands)
<TABLE>
<CAPTION>
Large Cap Equity
Equity Focus Income
Fund Fund Fund
<S> <C> <C> <C>
- ----------------------------------------------------------------------------------
INVESTMENT INCOME:
Dividend ................................. $ 2,675 $ 509 $ 2,378
Interest ................................. 981 174 232
Foreign taxes withheld ................... (11) -- (36)
- ----------------------------------------------------------------------------------
Total investment income ................ 3,645 683 2,574
- ----------------------------------------------------------------------------------
EXPENSES: (Note 2)
Investment advisory fees ................. 909 207 479
Administration fees ...................... 341 78 180
Shareholder servicing fees ............... 568 129 299
Distribution fees ........................ 351 289 477
Custodian fees ........................... 96 49 88
Printing and postage ..................... 20 33 20
Professional fees ........................ 37 37 37
Registration expenses .................... 50 56 32
Transfer agent fees ...................... 172 219 296
Trustees' fees and expenses .............. 11 3 6
Other .................................... 3 8 1
- ----------------------------------------------------------------------------------
Total expenses ......................... 2,558 1,108 1,915
- ----------------------------------------------------------------------------------
Less amounts waived (Note 2E) ............ 1,136 258 --
Less expense reimbursements .............. -- 12 --
- ----------------------------------------------------------------------------------
Net expenses ........................... 1,422 838 1,915
- ----------------------------------------------------------------------------------
Net investment income (loss) .......... 2,223 (155) 659
- ----------------------------------------------------------------------------------
REALIZED AND UNREALIZED
GAIN (LOSS) ON INVESTMENTS:
Net realized gain (loss) on investment
transactions ............................. 15,831 (2,676) 11,186
Change in net unrealized appreciation/
depreciation of investments .............. 7,104 4,338 1,028
- ----------------------------------------------------------------------------------
Net realized and unrealized gain on
investments .............................. 22,935 1,662 12,214
- ----------------------------------------------------------------------------------
Net increase in net assets from operations $25,158 $1,507 $12,873
- ----------------------------------------------------------------------------------
</TABLE>
See notes to financial statements.
59
<PAGE>
STATEMENT OF OPERATIONS For the year ended October 31, 1999
(Amounts in Thousands)
<TABLE>
<CAPTION>
Small Cap Small Cap
Opportunities Equity Balanced
Fund Fund Fund
<S> <C> <C> <C>
- -------------------------------------------------------------------------------------------
INVESTMENT INCOME:
Dividend ................................. $ 241 $ 2,411 $ 932
Interest ................................. 548 1,395 3,989
Foreign taxes withheld ................... -- -- (4)
- -------------------------------------------------------------------------------------------
Total investment income ................ 789 3,806 4,917
- -------------------------------------------------------------------------------------------
EXPENSES: (Note 2)
Investment advisory fees ................. 946 3,050 698
Administration fees ...................... 218 704 210
Shareholder servicing fees ............... 364 904 349
Distribution fees ........................ 718 845 491
Custodian fees ........................... 74 113 96
Printing and postage ..................... 24 92 22
Professional fees ........................ 34 47 24
Registration expenses .................... 61 41 5
Transfer agent fees ...................... 651 502 232
Trustees' fees and expenses .............. 7 23 7
Other .................................... 18 35 16
- -------------------------------------------------------------------------------------------
Total expenses ......................... 3,115 6,356 2,150
- -------------------------------------------------------------------------------------------
Less amounts waived (Note 2E) ............ 406 687 209
Less expense reimbursements .............. 2 -- --
- -------------------------------------------------------------------------------------------
Net expenses ........................... 2,707 5,669 1,941
- -------------------------------------------------------------------------------------------
Net investment income (loss) .......... (1,918) (1,863) 2,976
- -------------------------------------------------------------------------------------------
REALIZED AND UNREALIZED
GAIN (LOSS) ON INVESTMENTS:
Net realized gain on investment
transactions ............................. 7,125 47,405 11,462
Change in net unrealized appreciation/
depreciation of investments .............. 24,804 11,931 (365)
- -------------------------------------------------------------------------------------------
Net realized and unrealized gain on
investments .............................. 31,929 59,336 11,097
- -------------------------------------------------------------------------------------------
Net increase in net assets from operations $30,011 $57,473 $14,073
- -------------------------------------------------------------------------------------------
</TABLE>
See notes to financial statements.
60
<PAGE>
- --------------------------------------------------------------------------------
STATEMENT OF CHANGES IN NET ASSETS For the periods indicated
- --------------------------------------------------------------------------------
STATEMENT OF CHANGES IN NET ASSETS For the periods indicated
(Amounts in Thousands)
<TABLE>
<CAPTION>
Equity
Core Equity Growth
Fund Fund Growth and Income Fund
08/12/99* 08/12/99*
Through Through Year Ended
10/31/99 10/31/99 10/31/99 10/31/98
- ---------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
INCREASE (DECREASE) IN NET ASSETS
FROM OPERATIONS:
Net investment income (loss) ......................... $ (9) $ (17) $ 5,836 $ 7,645
Net realized gain (loss) on investment
transactions ......................................... (34) (17) 372,725 232,578
Change in unrealized appreciation/
depreciation of investments .......................... 588 895 (120,708) (39,638)
- ---------------------------------------------------------------------------------------------------------------
Increase (decrease) in net assets from
operations ......................................... 545 861 257,853 200,585
- ---------------------------------------------------------------------------------------------------------------
DISTRIBUTIONS TO SHAREHOLDERS FROM: (Note 1)
Net investment income ................................ -- -- (6,109) (7,670)
Net realized gain on investment transactions ......... -- -- (222,212) (354,409)
- ---------------------------------------------------------------------------------------------------------------
Total distributions to shareholders ................ -- -- (228,321) (362,079)
- ---------------------------------------------------------------------------------------------------------------
Increase (decrease) from capital share transactions# 14,295 18,873 (161,487) (277,063)
- ---------------------------------------------------------------------------------------------------------------
Total Increase (decrease) in net assets ............ 14,840 19,734 (131,955) (438,557)
NET ASSETS:
Beginning of period .................................. -- -- 2,069,617 2,508,174
- ---------------------------------------------------------------------------------------------------------------
End of period ........................................ $14,840 $19,734 $1,937,662 $2,069,617
- ---------------------------------------------------------------------------------------------------------------
<CAPTION>
Capital Growth Fund
Year Ended
10/31/99 10/31/98
- ----------------------------------------------------------------------------------------
<S> <C> <C>
INCREASE (DECREASE) IN NET ASSETS
FROM OPERATIONS:
Net investment income (loss) ......................... $ (7,004) $ (5,278)
Net realized gain (loss) on investment
transactions ......................................... 185,113 108,711
Change in unrealized appreciation/
depreciation of investments .......................... (28,226) (115,006)
- -----------------------------------------------------------------------------------------
Increase (decrease) in net assets from
operations ......................................... 149,883 (11,573)
- -----------------------------------------------------------------------------------------
DISTRIBUTIONS TO SHAREHOLDERS FROM: (Note 1)
Net investment income ................................ -- --
Net realized gain on investment transactions ......... (111,161) (138,760)
- -----------------------------------------------------------------------------------------
Total distributions to shareholders ................ (111,161) (138,760)
- -----------------------------------------------------------------------------------------
Increase (decrease) from capital share transactions# (289,248) 26,816
- -----------------------------------------------------------------------------------------
Total Increase (decrease) in net assets ............ (250,526) (123,517)
NET ASSETS:
Beginning of period .................................. 1,189,732 1,313,249
- -----------------------------------------------------------------------------------------
End of period ........................................ $ 939,206 $1,189,732
- -----------------------------------------------------------------------------------------
</TABLE>
* Commencement of operations
# See detailed Capital Share Transactions.
See notes to financial statements.
61
<PAGE>
- --------------------------------------------------------------------------------
STATEMENT OF CHANGES IN NET ASSETS For the periods indicated
- --------------------------------------------------------------------------------
STATEMENT OF CHANGES IN NET ASSETS For the periods indicated
(Amounts in Thousands)
<TABLE>
<CAPTION>
Large Cap Equity Fund Focus Fund Equity Income Fund
Year 06/30/98*
Year Ended Ended Through Year Ended
10/31/99 10/31/98 10/31/99 10/31/98 10/31/99 10/31/98
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
INCREASE (DECREASE) IN NET ASSETS
FROM OPERATIONS:
Net investment income (loss) ......................... $ 2,223 $ 1,776 $ (155) $ 16 $ 659 $ 1,003
Net realized gain (loss) on investment
transactions ......................................... 15,831 11,170 (2,676) (853) 11,186 350
Change in unrealized appreciation/
depreciation of investments .......................... 7,104 10,838 4,338 (182) 1,028 2,019
- ------------------------------------------------------------------------------------------------------------------------------------
Increase (decrease) in net assets from
operations ......................................... 25,158 23,784 1,507 (1,019) 12,873 3,372
- ------------------------------------------------------------------------------------------------------------------------------------
DISTRIBUTIONS TO SHAREHOLDERS FROM: (Note 1)
Net investment income ................................ (2,270) (1,753) (18) -- (784) (1,152)
Net realized gain on investment transactions ......... (11,203) (17,524) -- -- (648) (4,295)
- ------------------------------------------------------------------------------------------------------------------------------------
Total distributions to shareholders ................ (13,473) (19,277) (18) -- (1,432) (5,447)
- ------------------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from capital share transactions# 63,808 16,281 5,798 41,079 (21,211) 49,927
- ------------------------------------------------------------------------------------------------------------------------------------
Total Increase (decrease) in net assets ............ 75,493 20,788 7,287 40,060 (9,770) 47,852
NET ASSETS:
Beginning of period .................................. 176,621 155,833 40,060 -- 110,024 62,172
- ------------------------------------------------------------------------------------------------------------------------------------
End of period ........................................ $252,114 $176,621 $47,347 $40,060 $100,254 $110,024
- ------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
* Commencement of operations
# See detailed Capital Share Transactions.
See notes to financial statements.
62
<PAGE>
- --------------------------------------------------------------------------------
STATEMENT OF CHANGES IN NET ASSETS For the periods indicated
- --------------------------------------------------------------------------------
STATEMENT OF CHANGES IN NET ASSETS For the periods indicated
(Amounts in Thousands)
<TABLE>
<CAPTION>
Small Cap Opportunities
Fund Small Cap Equity Fund Balanced Fund
Year Ended Year Ended Year Ended
10/31/99 10/31/98 10/31/99 10/31/98 10/31/99 10/31/98
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
INCREASE (DECREASE) IN NET ASSETS
FROM OPERATIONS:
Net investment income (loss) ......................... $ (1,918) $ (1,413) $ (1,863) $ (2,113) $ 2,976 $ 2,690
Net realized gain (loss) on investment
transactions ......................................... 7,125 (9,470) 47,405 3,197 11,462 4,807
Change in unrealized appreciation/
depreciation of investments .......................... 24,804 (1,888) 11,931 (60,156) (365) 2,406
- ------------------------------------------------------------------------------------------------------------------------------------
Increase (decrease) in net assets from
operations ......................................... 30,011 (12,771) 57,473 (59,072) 14,073 9,903
- ------------------------------------------------------------------------------------------------------------------------------------
DISTRIBUTIONS TO SHAREHOLDERS FROM: (Note 1)
Net investment income ................................ -- -- -- -- (2,915) (2,787)
Net realized gain on investment transactions ......... -- -- (3,874) (15,819) (4,832) (6,829)
- ------------------------------------------------------------------------------------------------------------------------------------
Total distributions to shareholders ................ -- -- (3,874) (15,819) (7,747) (9,616)
- ------------------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from capital share transactions# (2,062) 55,302 (96,831) (39,486) 18,942 9,837
- ------------------------------------------------------------------------------------------------------------------------------------
Total Increase (decrease) in net assets ............ 27,949 42,531 (43,232) (114,377) 25,268 10,124
NET ASSETS:
Beginning of period .................................. 123,308 80,777 467,084 581,461 118,536 108,412
- ------------------------------------------------------------------------------------------------------------------------------------
End of period ........................................ $151,257 $123,308 $423,852 $467,084 $143,804 $118,536
- ------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
# See detailed Capital Share Transactions.
See notes to financial statements.
63
<PAGE>
- --------------------------------------------------------------------------------
CHASE VISTA CORE EQUITY FUND
Capital Share Transactions
- --------------------------------------------------------------------------------
CORE EQUITY FUND
Capital Share Transactions
For the periods indicated
(Amounts in Thousands)
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------------------
Period Ended October 31, 1999*
- -----------------------------------------------------------------------------------------------------------
Class A Class B Class C
Amount Shares Amount Shares Amount Shares
<S> <C> <C> <C> <C> <C> <C>
- -----------------------------------------------------------------------------------------------------------
Shares sold $7,191 713 $5,651 562 $1,624 161
- -----------------------------------------------------------------------------------------------------------
Shares issued in reinvestment
of distributions -- -- -- -- -- --
- -----------------------------------------------------------------------------------------------------------
Shares redeemed (99) (10) (54) (5) (18) (2)
- -----------------------------------------------------------------------------------------------------------
Net increase in Trust shares
outstanding $7,092 703 $5,597 557 $1,606 159
- -----------------------------------------------------------------------------------------------------------
</TABLE>
*For Class A and B shares, from commencement of operations on August 12, 1999.
For Class C shares, from commencement of offering on August 13, 1999.
See notes to financial statements.
64
<PAGE>
- --------------------------------------------------------------------------------
CHASE VISTA EQUITY GROWTH FUND
Capital Share Transactions
- --------------------------------------------------------------------------------
EQUITY GROWTH FUND
Capital Share Transactions
For the periods indicated
(Amounts in Thousands)
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------------------------------
Period Ended October 31, 1999*
- --------------------------------------------------------------------------------------------------------
Class A Class B Class C
Amount Shares Amount Shares Amount Shares
<S> <C> <C> <C> <C> <C> <C>
- --------------------------------------------------------------------------------------------------------
Shares sold $7,810 775 $10,736 1,068 $984 98
- --------------------------------------------------------------------------------------------------------
Shares issued in reinvestment
of distributions -- -- -- -- -- --
- --------------------------------------------------------------------------------------------------------
Shares redeemed (75) (7) (582) (58) -- --
- --------------------------------------------------------------------------------------------------------
Net increase in Trust shares
outstanding $7,735 768 $10,154 1,010 $984 98
- --------------------------------------------------------------------------------------------------------
</TABLE>
*For Class A shares, from commencement of operations on August 12, 1999.
For Class B shares, from commencement of offering on August 13, 1999.
For Class C shares, from commencement of offering on August 20, 1999.
See notes to financial statements.
65
<PAGE>
- --------------------------------------------------------------------------------
CHASE VISTA GROWTH & INCOME FUND
Capital Share Transactions
- --------------------------------------------------------------------------------
GROWTH & INCOME FUND
Capital Share Transactions
For the periods indicated
(Amounts in Thousands)
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------------------------------------------------
Year Ended October 31, 1999
- -------------------------------------------------------------------------------------------------------------------------
Class A Class B Class C Class I
Amount Shares Amount Shares Amount Shares Amount Shares
<S> <C> <C> <C> <C> <C> <C> <C> <C>
- -------------------------------------------------------------------------------------------------------------------------
Shares sold $ 298,888 6,816 $ 63,796 1,469 $ 7,831 184 $ 11,576 264
- -------------------------------------------------------------------------------------------------------------------------
Shares issued in
reinvestment of
distributions 154,173 3,732 55,045 1,346 619 15 3,068 74
- -------------------------------------------------------------------------------------------------------------------------
Shares redeemed (589,252) (13,490) (139,404) (3,229) (2,842) (67) (24,985) (568)
- -------------------------------------------------------------------------------------------------------------------------
Net increase
(decrease) in Trust
shares outstanding $(136,191) (2,942) $ (20,563) (414) $ 5,608 132 $(10,341) (230)
- -------------------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------------------------------------------------
Year Ended October 31, 1998*
- -------------------------------------------------------------------------------------------------------------------------
Class A Class B Class C Class I
Amount Shares Amount Shares Amount Shares Amount Shares
<S> <C> <C> <C> <C> <C> <C> <C> <C>
- -------------------------------------------------------------------------------------------------------------------------
Shares sold $ 285,309 6,457 $ 95,696 2,163 $5,046 115 $ 20,273 465
- -------------------------------------------------------------------------------------------------------------------------
Shares issued in
reinvestment of
distributions 202,505 4,945 66,372 1,636 7 -- 74,109 1,808
- -------------------------------------------------------------------------------------------------------------------------
Shares redeemed (401,172) (9,121) (79,536) (1,824) (139) (4) (545,533) (12,979)
- -------------------------------------------------------------------------------------------------------------------------
Net increase
(decrease) in Trust
shares outstanding $ 86,642 2,281 $ 82,532 1,975 $4,914 111 $(451,151) (10,706)
- -------------------------------------------------------------------------------------------------------------------------
</TABLE>
*For Class C shares, from commencement of offering on January 2, 1998.
See notes to financial statements.
66
<PAGE>
- --------------------------------------------------------------------------------
CHASE VISTA CAPITAL GROWTH FUND
Capital Share Transactions
- --------------------------------------------------------------------------------
CAPITAL GROWTH FUND
Capital Share Transactions
For the periods indicated
(Amounts in Thousands)
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------------
Year Ended October 31, 1999
- -----------------------------------------------------------------------------------------------------------------------
Class A Class B Class C Class I
Amount Shares Amount Shares Amount Shares Amount Shares
<S> <C> <C> <C> <C> <C> <C> <C> <C>
- -----------------------------------------------------------------------------------------------------------------------
Shares sold $ 726,338 17,435 $ 132,171 3,272 $ 7,625 189 $ 12,399 296
- -----------------------------------------------------------------------------------------------------------------------
Shares issued in
reinvestment of
distributions 62,638 1,590 36,123 939 270 7 5,013 126
- -----------------------------------------------------------------------------------------------------------------------
Shares redeemed (965,361) (23,229) (247,415) (6,126) (5,821) (144) (53,228) (1,273)
- -----------------------------------------------------------------------------------------------------------------------
Net increase
(decrease) in Trust
shares outstanding $(176,385) (4,204) $ (79,121) (1,915) $ 2,074 52 $(35,816) (851)
- -----------------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------------
Year Ended October 31, 1998*
- -----------------------------------------------------------------------------------------------------------------------
Class A Class B Class C Class I
Amount Shares Amount Shares Amount Shares Amount Shares
<S> <C> <C> <C> <C> <C> <C> <C> <C>
- -----------------------------------------------------------------------------------------------------------------------
Shares sold $ 428,040 9,587 $ 118,688 2,693 $3,989 91 $ 59,703 1,301
- -----------------------------------------------------------------------------------------------------------------------
Shares issued in
reinvestment of
distributions 82,453 1,956 42,829 1,033 -- -- 5,935 140
- -----------------------------------------------------------------------------------------------------------------------
Shares redeemed (531,266) (11,825) (125,354) (2,831) (115) (3) (58,086) (1,292)
- -----------------------------------------------------------------------------------------------------------------------
Net increase
(decrease) in Trust
shares outstanding $ (20,773) (282) $ 36,163 895 $3,874 88 $ 7,552 149
- -----------------------------------------------------------------------------------------------------------------------
</TABLE>
*For Class C shares, from commencement of offering on January 2, 1998.
See notes to financial statements.
67
<PAGE>
- --------------------------------------------------------------------------------
CHASE VISTA LARGE CAP EQUITY FUND
Capital Share Transactions
- --------------------------------------------------------------------------------
LARGE CAP EQUITY FUND
Capital Share Transactions
For the periods indicated
(Amounts in Thousands)
<TABLE>
<CAPTION>
- ---------------------------------------------------------------------------------------------------------------------------
Year Ended October 31, 1999*
- ---------------------------------------------------------------------------------------------------------------------------
Class A Class B Class C Class I
Amount Shares Amount Shares Amount Shares Amount Shares
<S> <C> <C> <C> <C> <C> <C> <C> <C>
- ---------------------------------------------------------------------------------------------------------------------------
Shares sold $ 33,994 2,075 $ 36,595 2,224 $1,986 123 $ 37,898 2,277
- ---------------------------------------------------------------------------------------------------------------------------
Shares issued in
reinvestment of
distributions 3,165 205 667 43 3 -- 4,715 303
- ---------------------------------------------------------------------------------------------------------------------------
Shares redeemed (21,731) (1,339) (11,804) (729) (397) (24) (21,283) (1,300)
- ---------------------------------------------------------------------------------------------------------------------------
Net increase in
Trust shares
outstanding $ 15,428 941 $ 25,458 1,538 $1,592 99 $ 21,330 1,280
- ---------------------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
- ---------------------------------------------------------------------------------------------------------------------------
Year Ended October 31, 1998
- ---------------------------------------------------------------------------------------------------------------------------
Class A Class B Class I
Amount Shares Amount Shares Amout Shares
<S> <C> <C> <C> <C> <C> <C>
- ---------------------------------------------------------------------------------------------------------------------------
Shares sold $ 20,775 1,394 $ 5,130 351 $ 25,939 1,760
- ---------------------------------------------------------------------------------------------------------------------------
Shares issued in
reinvestment of
distributions 4,362 321 574 43 6,524 476
- ---------------------------------------------------------------------------------------------------------------------------
Shares redeemed (19,732) (1,354) (1,669) (114) (25,622) (1,697)
- ---------------------------------------------------------------------------------------------------------------------------
Net increase in
Trust shares
outstanding $ 5,405 361 $ 4,035 280 $ 6,841 539
- ---------------------------------------------------------------------------------------------------------------------------
</TABLE>
*For Class C shares, from commencement of offering on November 11, 1998.
See notes to financial statements.
68
<PAGE>
- --------------------------------------------------------------------------------
CHASE VISTA FOCUS FUND
Capital Share Transactions
- --------------------------------------------------------------------------------
FOCUS FUND
Capital Share Transactions
For the periods indicated
(Amounts in Thousands)
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------------------------------------------------
Year Ended October 31, 1999
- -------------------------------------------------------------------------------------------------------------------------
Class A Class B Class C Class I
Amount Shares Amount Shares Amount Shares Amount Shares
<S> <C> <C> <C> <C> <C> <C> <C> <C>
- -------------------------------------------------------------------------------------------------------------------------
Shares sold $ 10,321 1,026 $ 15,774 1,580 $ 6,636 659 $-- --
- -------------------------------------------------------------------------------------------------------------------------
Shares issued in
reinvestment of
distributions 16 2 -- -- -- -- -- --
- -------------------------------------------------------------------------------------------------------------------------
Shares redeemed (11,827) (1,179) (11,505) (1,160) (3,617) (359) -- --
- -------------------------------------------------------------------------------------------------------------------------
Net increase
(decrease) in Trust
shares outstanding $ (1,490) (151) $ 4,269 420 $ 3,019 300 $-- --
- -------------------------------------------------------------------------------------------------------------------------
<CAPTION>
- -------------------------------------------------------------------------------------------------------------------------
Year Ended October 31, 1998*
- -------------------------------------------------------------------------------------------------------------------------
Class A Class B Class C Class I
Amount Shares Amount Shares Amount Shares Amount Shares
<S> <C> <C> <C> <C> <C> <C> <C> <C>
- -------------------------------------------------------------------------------------------------------------------------
Shares sold $21,308 2,203 $19,122 2,043 $4,708 487 $ 1 1
- -------------------------------------------------------------------------------------------------------------------------
Shares issued in
reinvestment of
distributions -- -- -- -- -- -- -- --
- -------------------------------------------------------------------------------------------------------------------------
Shares redeemed (2,779) (319) (1,199) (138) (82) (9) -- --
- -------------------------------------------------------------------------------------------------------------------------
Net increase in
Trust shares
outstanding $18,529 1,884 $17,923 1,905 $4,626 478 $ 1 1
- -------------------------------------------------------------------------------------------------------------------------
</TABLE>
*From commencement of operations on June 30, 1998.
See notes to financial statements.
69
<PAGE>
- --------------------------------------------------------------------------------
CHASE VISTA EQUITY INCOME FUND
Capital Share Transactions
- --------------------------------------------------------------------------------
EQUITY INCOME FUND
Capital Share Transactions
For the periods indicated
(Amounts in Thousands)
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------------------------------
Year Ended October 31, 1999
- -------------------------------------------------------------------------------------------------------
Class A Class B Class C
Amount Shares Amount Shares Amount Shares
<S> <C> <C> <C> <C> <C> <C>
- -------------------------------------------------------------------------------------------------------
Shares sold $ 21,417 1,018 $ 7,569 364 $ 3,595 173
- -------------------------------------------------------------------------------------------------------
Shares issued in
reinvestment of
distributions 881 42 226 11 45 2
- -------------------------------------------------------------------------------------------------------
Shares redeemed (44,833) (2,132) (8,604) (412) (1,507) (72)
- -------------------------------------------------------------------------------------------------------
Net increase
(decrease) in Trust
shares outstanding $(22,535) (1,072) $ (809) (37) $ 2,133 103
- -------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------------------------------
Year Ended October 31, 1998*
- -------------------------------------------------------------------------------------------------------
Class A Class B Class C
Amount Shares Amount Shares Amount Shares
<S> <C> <C> <C> <C> <C> <C>
- -------------------------------------------------------------------------------------------------------
Shares sold $ 55,318 2,824 $18,630 965 $4,609 232
- -------------------------------------------------------------------------------------------------------
Shares issued in
reinvestment of
distributions 3,171 168 1,153 62 15 1
- -------------------------------------------------------------------------------------------------------
Shares redeemed (24,343) (1,262) (8,406) (437) (220) (12)
- -------------------------------------------------------------------------------------------------------
Net increase in
Trust shares
outstanding $ 34,146 1,730 $11,377 590 $4,404 221
- -------------------------------------------------------------------------------------------------------
</TABLE>
*For Class C shares, from commencement of offering on January 8, 1998.
See notes to financial statements.
70
<PAGE>
- --------------------------------------------------------------------------------
CHASE VISTA SMALL CAP OPPORTUNITIES FUND
Capital Share Transactions
- --------------------------------------------------------------------------------
SMALL CAP OPPORTUNITIES FUND
Capital Share Transactions
For the periods indicated
(Amounts in Thousands)
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------------------------------------------------
Year Ended October 31, 1999
- -------------------------------------------------------------------------------------------------------------------------
Class A Class B Class C Class I
Amount Shares Amount Shares Amount Shares Amount Shares
<S> <C> <C> <C> <C> <C> <C> <C> <C>
- -------------------------------------------------------------------------------------------------------------------------
Shares sold $ 106,407 7,140 $ 23,303 1,597 $ 3,914 272 $20 1
- -------------------------------------------------------------------------------------------------------------------------
Shares issued in
reinvestment of
distributions -- -- -- -- -- -- -- --
- -------------------------------------------------------------------------------------------------------------------------
Shares redeemed (105,627) (7,077) (26,664) (1,842) (3,415) (234) -- --
- -------------------------------------------------------------------------------------------------------------------------
Net increase
(decrease) in Trust
shares outstanding $ 780 63 $ (3,361) (245) $ 499 38 $20 1
- -------------------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------------------------------------------------
Year Ended October 31, 1998**
- -------------------------------------------------------------------------------------------------------------------------
Class A Class B Class C Class I
Amount Shares Amount Shares Amount Shares Amount Shares
<S> <C> <C> <C> <C> <C> <C> <C> <C>
- -------------------------------------------------------------------------------------------------------------------------
Shares sold $ 49,377 3,565 $ 37,271 2,664 $ 7,008 495 $-- --
- -------------------------------------------------------------------------------------------------------------------------
Shares issued in
reinvestment of
distributions -- -- -- -- -- -- -- --
- -------------------------------------------------------------------------------------------------------------------------
Shares redeemed (24,360) (1,828) (12,453) (944) (1,541) (103) -- --
- -------------------------------------------------------------------------------------------------------------------------
Net increase in
Trust shares
outstanding $ 25,017 1,737 $ 24,818 1,720 $ 5,467 392 $-- --
- -------------------------------------------------------------------------------------------------------------------------
</TABLE>
*For Class I shares, from commencement of offering on April 5, 1999.
**For Class C shares, from commencement of offering on January 7, 1998.
See notes to financial statements.
71
<PAGE>
- --------------------------------------------------------------------------------
CHASE VISTA SMALL CAP EQUITY FUND
Capital Share Transactions
- --------------------------------------------------------------------------------
SMALL CAP EQUITY FUND
Capital Share Transactions
For the periods indicated
(Amounts in Thousands)
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------------------------------
Year Ended October 31, 1999
- -------------------------------------------------------------------------------------------------------
Class A Class B Class I
Amount Shares Amount Shares Amount Shares
<S> <C> <C> <C> <C> <C> <C>
- -------------------------------------------------------------------------------------------------------
Shares sold $ 77,551 3,459 $ 2,337 109 $ 19,682 865
- -------------------------------------------------------------------------------------------------------
Shares issued in
reinvestment of
distributions 943 44 615 29 2,108 96
- -------------------------------------------------------------------------------------------------------
Shares redeemed (128,180) (5,719) (33,340) (1,554) (38,547) (1,681)
- -------------------------------------------------------------------------------------------------------
Net decrease in
Trust shares
outstanding $ (49,686) (2,216) $(30,388) (1,416) $(16,757) (720)
- -------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------------------------------
Year Ended October 31, 1998
- -------------------------------------------------------------------------------------------------------
Class A Class B Class I
Amount Shares Amount Shares Amount Shares
<S> <C> <C> <C> <C> <C> <C>
- -------------------------------------------------------------------------------------------------------
Shares sold $ 74,349 3,262 $ 8,220 358 $ 19,274 839
- -------------------------------------------------------------------------------------------------------
Shares issued in
reinvestment of
distributions 3,929 179 2,573 119 8,325 377
- -------------------------------------------------------------------------------------------------------
Shares redeemed (98,193) (4,288) (17,768) (804) (40,195) (1,827)
- -------------------------------------------------------------------------------------------------------
Net decrease in
Trust shares
outstanding $(19,915) (847) $ (6,975) (327) $(12,596) (611)
- -------------------------------------------------------------------------------------------------------
</TABLE>
See notes to financial statements.
72
<PAGE>
- --------------------------------------------------------------------------------
CHASE VISTA BALANCED FUND
Capital Share Transactions
- --------------------------------------------------------------------------------
BALANCED FUND
Capital Share Transactions
For the periods indicated
(Amounts in Thousands)
<TABLE>
<CAPTION>
- ---------------------------------------------------------------------------------------------------
Year Ended October 31, 1999*
- ---------------------------------------------------------------------------------------------------
Class A Class B Class C
Amount Shares Amount Shares Amount Shares
<S> <C> <C> <C> <C> <C> <C>
- ---------------------------------------------------------------------------------------------------
Shares sold $ 36,973 2,289 $10,197 639 $1,417 88
- ---------------------------------------------------------------------------------------------------
Shares issued in
reinvestment of
distributions 6,150 387 1,232 79 3 --
- ---------------------------------------------------------------------------------------------------
Shares redeemed (31,651) (1,952) (5,285) (331) (94) (6)
- ---------------------------------------------------------------------------------------------------
Net increase in
Trust shares
outstanding $ 11,472 724 $ 6,144 387 $1,326 82
- ---------------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------------
Year Ended October 31, 1998
- ---------------------------------------------------------------------------------------------------
Class A Class B
Amount Shares Amount Shares
<S> <C> <C> <C> <C>
- ---------------------------------------------------------------------------------------------------
Shares sold $ 28,041 1,822 $ 9,997 648
- ---------------------------------------------------------------------------------------------------
Shares issued in
reinvestment of
distributions 8,007 538 1,253 86
- ---------------------------------------------------------------------------------------------------
Shares redeemed (34,209) (2,230) (3,252) (211)
- ---------------------------------------------------------------------------------------------------
Net increase in
Trust shares
outstanding $ 1,839 130 $ 7,998 523
- ---------------------------------------------------------------------------------------------------
</TABLE>
*For Class C shares, from commencement of offering on November 20, 1998.
See notes to financial statements.
73
<PAGE>
- --------------------------------------------------------------------------------
CHASE VISTA FUNDS NOTES TO FINANCIAL STATEMENTS
- --------------------------------------------------------------------------------
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. Core Equity Fund ("CEF"), Equity Growth Fund ("EGF"), Growth and
Income Fund ("GIF"), Capital Growth Fund ("CGF"), Large Cap Equity Fund
("LCEF"), Focus Fund ("FF"), Equity Income Fund ("EIF"), Small Cap
Opportunities Fund ("SCOF"), Small Cap Equity Fund ("SCEF") and Balanced Fund
("BF"), collectively, the "Funds", are separate series of the Trust. The Funds
offer various classes of shares as follows:
<TABLE>
<CAPTION>
Fund Class Offered
- --------------------------------------------------------------------------------
<S> <C>
CEF* Class A, Class B, Class C
EGF* Class A, Class B, Class C
GIF Class A, Class B, Class C, Institutional
CGF Class A, Class B, Class C, Institutional
LCEF Class A, Class B, Class C, Institutional
FF Class A, Class B, Class C, Institutional
EIF Class A, Class B, Class C
SCOF Class A, Class B, Class C, Institutional
SCEF Class A, Class B, Institutional
BF Class A, Class B, Class C
</TABLE>
* Commenced operations on August 12, 1999
Class A shares generally provide for a front-end sales charge while Class B
shares and Class C shares provide for a contingent deferred sales charge. All
classes of shares have equal rights as to earnings, assets and voting
privileges except that each class may bear different distribution fees and each
class has exclusive voting rights with respect to its distribution plan. No
sales charges are assessed with respect to the Institutional Class ("Class I").
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. CEF, EGF, GIF and CGF
CEF, EGF, GIF and CGF utilize the Master Feeder Fund Structure and seek to
achieve their investment objectives by investing all of their investable
assets in the Core Equity Portfolio, Equity Growth Portfolio, Growth and
Income Portfolio and the Capital Growth Portfolio, respectively, (the
"Portfolios"), which like the Funds, are open-end management investment
companies having the same investment objectives as the Funds. As of October
31, 1999, CEF, EGF, GIF and CGF owned 7.73%, 6.31%, 74.09% and 99.99% of
the net assets of their respective Portfolios. The financial statements of
Growth and Income Portfolio and Capital Growth Portfolio, including the
Portfolios of Investments, are included elsewhere in this report. Also
included are the unaudited Statement of Assets and Liabilities and
Portfolio of Investments of Core Equity Portfolio and Equity Growth
Portfolio. The financial statements of
74
<PAGE>
CHASE VISTA FUNDS NOTES TO FINANCIAL STATEMENTS (continued)
the Portfolios should be read in conjunction with the financial statements
of the Funds.
1. Valuation of investments -- CEF, EGF, GIF and CGF record their
investments in their respective Portfolios at value. Securities of the
Portfolios are recorded at value as more fully discussed in the notes to
those financial statements.
2. Investment income and expenses -- CEF, EGF, GIF and CGF record daily
their pro-rata share of the respective Portfolio's income, expenses, and
realized and unrealized gains and losses. In addition, the Funds accrue
their own expenses daily as incurred. Realized gains/losses and changes
in unrealized appreciation/depreciation represent the Fund's share of
such elements allocated from the Portfolio.
B. LCEF, FF, EIF, SCOF, SCEF and BF
1. Valuation of investments -- Equity securities, purchased options and
futures are valued at the last sale price on the exchange on which they
are primarily traded, including the NASDAQ National Market. Securities
for which sale prices are not available and other over-the-counter
securities are valued at the last quoted bid price. Bonds and other fixed
income securities (other than short-term obligations), including listed
issues, are valued on the basis of the valuations supplied by pricing
services or by matrix pricing systems of a major dealer in bonds.
Short-term debt securities with 61 days or more to maturity at time of
purchase are valued, through the 61st day prior to maturity, at market
value based on quotations obtained from market makers or other
appropriate sources; thereafter, the value on the 61st day is amortized
on a straight-line basis over the remaining number of days to maturity.
Short-term investments with 60 days or less to maturity at time of
purchase are valued at amortized cost, which approximates market.
Portfolio securities for which there are no such quotations or valuations
are valued at fair value as determined in good faith by or at the
direction of the Trustees.
2. Repurchase agreements -- It is each Fund's policy that repurchase
agreements are fully collateralized by U.S. Treasury and Government
Agency securities. All collateral is held by the Fund's custodian bank,
subcustodian, or a bank with which the custodian bank has entered into a
subcustodian agreement, or is segregated in the Federal Reserve Book
Entry System. In connection with transactions in repurchase agreements,
if the seller defaults and the value of the collateral declines, or if
the seller enters an insolvency proceeding, realization of the collateral
by the Fund may be delayed or limited.
3. Futures contracts -- When a Fund enters into a futures contract, it
makes an initial margin deposit in a segregated account, either in cash
or liquid securities. Thereafter, the futures contract is marked to
market and the Fund makes (or receives) additional cash payments daily to
(or from) the broker. Changes in the value of the contract are recorded
as unrealized appreciation/depreciation until the contract is closed or
settled.
75
<PAGE>
CHASE VISTA FUNDS NOTES TO FINANCIAL STATEMENTS (continued)
The Funds invest in stock index futures contracts for the purpose of
hedging the Fund against share price volatility, which purpose may or may
not be achieved. When the Fund is not fully invested in the securities
market, it may enter into "long" positions in futures or options
contracts in order to gain rapid market exposure that may in part or
entirely offset increases in the cost of securities intended for
purchase.
Use of short futures contracts subjects the Fund to unlimited risk of
loss. Use of long futures contracts subjects the Fund to risk of loss in
excess of amounts shown on the Statement of Assets and Liabilities, up to
the amount of the nominal value of the futures contracts.
The Funds may enter into futures contracts only on exchanges or boards of
trade. The exchange or board of trade acts as the counterparty to each
futures transaction, therefore, the Funds' credit risk is limited to
failure of the exchange or board of trade. As of October 31, 1999 the
Funds had no outstanding futures contracts.
4. Dollar rolls -- BF enters into dollar rolls in which the Fund sells
mortgage-backed securities for delivery in the current month and
simultaneously contracts to repurchase substantially similar (same type,
coupon and maturity) securities on a specified future date. During the
roll period, the Fund forgoes principal and interest paid on the
securities. The Fund is compensated by the interest earned on the cash
proceeds of the initial sale and a fee earned for entering into the roll
transaction. Income is recognized over the duration of the roll
transaction.
5. Security transactions and investment income -- Investment transactions
are accounted for on the trade date (the date the order to buy or sell is
executed). Securities gains and losses are calculated on the identified
cost basis. Interest income is accrued as earned. Dividend income is
recorded on the ex-dividend date.
C. General Policies
1. Organization expenses -- Organization expenses incurred in connection
with the commencement of CEF and EGF have been paid in full by Vista Fund
Distributors, Inc. The Funds will not reimburse Vista Fund Distributors,
Inc. for such expenses. Organization and initial registration costs
incurred in connection with establishing Funds which commenced operations
prior to June 30, 1998 have been deferred and are being amortized on a
straight-line basis over a sixty month period beginning at the
commencement of operations of each Fund.
2. Federal income taxes -- Each Fund is treated as a separate taxable
entity for Federal income tax purposes. Each Fund's policy is to comply
with the provisions of the Internal Revenue Code applicable to regulated
investment companies and to distribute to shareholders all of its
distributable net investment income, and net realized gain on
investments. In addition, each Fund intends to make distributions as
required to avoid excise taxes. Accordingly, no provision for Federal
income or excise tax is necessary.
76
<PAGE>
CHASE VISTA FUNDS NOTES TO FINANCIAL STATEMENTS (continued)
3. Distributions to shareholders -- Dividends and distributions paid to
shareholders are recorded on the ex-dividend date. The amount of dividends
and distributions from net investment income and net realized capital gains
is determined in accordance with Federal income tax regulations, which may
differ from generally accepted accounting principles. To the extent these
"book/tax" differences are permanent in nature, (i.e., that they result
from other than timing of recognition -- "temporary differences") such
amounts are reclassified within the capital accounts based on their Federal
tax-basis treatment.
The following amounts were reclassified within the capital accounts (in
thousands):
<TABLE>
<CAPTION>
Accumulated
undistributed/ Accumulated
(overdistributed) net realized
Paid-in net investment gain (loss)
capital income on investments
- --------------------------------------------------------------------------------
<S> <C> <C> <C>
CEF ................ $ (9) $ 9 $ --
EGF ................ (17) 17 --
GIF ................ 95,158 (766) (94,392)
CGF ................ 73,929 6,927 (80,856)
LCEF ............... 2 (19) 17
FF ................. (156) 156 --
EIF ................ (25) 99 (74)
SCOF ............... (1,914) 1,914 --
SCEF ............... (1,906) 1,844 62
BF ................. 1 2 (3)
</TABLE>
The reclassifications for CEF and EGF primarily relate to the character for
tax purposes of current year net operating losses and non-deductible
expenses. The reclassifications for GIF primarily relate to the character
for tax purposes of equalization debits. The reclassifications for CGF
primarily relate to the character for tax purposes of equalization debits
and current year net operating losses. The reclassifications for LCEF
primarily relate to the character for tax purposes of REIT investment
activity. The reclassifications for FF, SCOF and SCEF primarily relate to
the character for tax purposes of current year net operating losses. The
reclassifications for EIF primarily relate to the character for tax
purposes of current year distributions and REIT investment activity. The
reclassifications for BF primarily relate to the character for tax purposes
of paydown gains and losses and REIT investment activity.
Dividends and distributions which exceed net investment income or net
realized capital gains for financial reporting purposes but not for tax
purposes are reported as distributions in excess of net investment income
or net realized capital gains.
4. Expenses -- Expenses directly attributable to a Fund are charged to that
Fund; expenses directly attributable to a particular class are charged to
that class. Other expenses are allocated proportionately among each Fund
within the Trust in relation to the net assets of each Fund or on another
reasonable basis. In calculating the net asset value per share of each
class, investment income, realized and unrealized gains and losses and
expenses other than class specific expenses, are
77
<PAGE>
CHASE VISTA FUNDS NOTES TO FINANCIAL STATEMENTS (continued)
allocated daily to each class of shares based upon the proportion of net
assets of each class at the beginning of each day.
2. Fees and Other Transactions with Affiliates
A. Investment advisory fee -- Pursuant to separate Investment Advisory
Agreements, The Chase Manhattan Bank, ("Chase" or the "Advisor") acts as
the Investment Advisor to LCEF, FF, EIF, SCOF, SCEF and BF. Chase is a
direct wholly-owned subsidiary of The Chase Manhattan Corporation. As
Investment Advisor, Chase supervises the investments of the Funds and for
such services is paid a fee. The fee is computed daily and paid monthly at
an annual rate equal to 0.40% for LCEF, FF and EIF, 0.65% for SCOF and
SCEF, and 0.50% for BF of average daily net assets. The Advisor voluntarily
waived all or a portion of its fees as outlined in Note 2.E. below.
Chase Asset Management ("CAM") is the sub-investment adviser to LCEF, FF,
EIF, SCOF, SCEF and BF pursuant to a Sub-Investment Advisory Agreement
between Chase and CAM. CAM is a wholly-owned subsidiary of Chase and is
entitled to receive a fee, payable by Chase from its advisory fee, at an
annual rate equal to 0.20% for LCEF, FF and EIF, 0.30% for SCOF and SCEF,
and 0.25% for BF of average daily net assets.
B. Shareholder servicing fees -- The Trust has adopted an Administrative
Services Plan which, among other things, provides that the Trust on behalf
of the Funds may obtain the services of one or more Shareholder Servicing
Agents. For their services, the Shareholder Servicing Agents receive a fee
that is computed daily and paid monthly at an annual rate equal to 0.25% of
the average daily net assets of each of the classes of the Funds, excluding
Class A Shares of SCEF. SCEF is charged a fee from non-affiliated
Shareholder Servicing Agents not to exceed 0.25% of Class A Shares net
assets. For the year ended October 31, 1999, Shareholder Servicing charges
paid to Chase or its affiliates amounted to (amounts in thousands, before
waivers): CEF: $3, EGF: $4, GIF: $5,192, CGF: $2,582, LCEF: $568, FF: $129,
EIF: $298, SCOF: $361, SCEF: $864 and BF: $349.
The Shareholder Servicing Agents have voluntarily waived all or a portion
of their fees as outlined in Note 2.E. below.
C. Distribution and sub-administration fees -- Pursuant to a Distribution
and Sub- Administration Agreement, Vista Fund Distributors, Inc. (the
"Distributor"), a wholly owned subsidiary of The BISYS Group, Inc.
("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 and C for the Funds in accordance with Rule 12b-1 under the 1940
Act. There is no Distribution Plan for the Institutional Classes. The Class
A Distribution Plans provide that each Fund shall pay distribution fees,
including payments to the Distributor, at annual rates not to
78
<PAGE>
CHASE VISTA FUNDS NOTES TO FINANCIAL STATEMENTS (continued)
exceed 0.25% of the average daily net assets of the Class A Shares of each
Fund. The Class B and Class C Distribution Plans provide that each Fund
shall pay distribution fees, including payments to the Distributor, at an
annual rate not to exceed 0.75% of the average annual net assets of the
Class B and Class C Shares for distribution services.
The Distributor voluntarily waived all or a portion of its fees as outlined
in Note 2.E. below.
D. Administration fee -- Pursuant to an Administration Agreement, Chase
(the "Administrator") provides certain administration services to the
Trust. For these services and facilities, the Administrator receives from
LCEF, FF, EIF, SCOF, SCEF and BF a fee computed at the annual rate equal to
0.10% of the respective Fund's average daily net assets and from CEF, EGF,
GIF and CGF, a fee computed at the annual rate equal to 0.05% of the
respective Fund's average daily net assets.
The Administrator voluntarily waived all or a portion of its fees as
outlined in Note 2.E. below.
E. Waiver of fees -- For the year ended October 31, 1999, the Advisor,
Administrator, Shareholder Servicing Agents and Distributor voluntarily
waived fees for each of the Funds as follows (amounts in thousands):
<TABLE>
<CAPTION>
Investment Shareholder
Fund Advisory Administration Servicing Distribution
- --------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
CEF.......... $ -- $ 1 $ 3 $ 2
EGF.......... -- 2 4 2
LCEF......... 909 227 -- --
FF .......... 207 4 47 --
SCOF......... 226 -- 180 --
SCEF......... -- -- 687 --
BF .......... -- -- 209 --
</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 LCEF, FF, EIF,
SCOF, SCEF and BF. Compensation for such services is presented in the
Statement of Operations as custodian fees.
The Distributor voluntarily reimbursed expenses of the Funds in the amounts
as shown on the Statement of Operations.
3. Investment Transactions
For the year ended October 31, 1999, purchases and sales of investments
(excluding short-term investments) were as follows (in thousands):
<TABLE>
<CAPTION>
Purchases Sales Purchases Sales
(excluding U.S. (excluding U.S. of U.S. of U.S.
Government) Government) Government Government
- --------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
LCEF......... $219,510 $145,026 $ -- $ --
FF ........... 92,199 82,795 -- --
EIF .......... 199,209 209,124 -- 580,243
SCOF......... 125,594 132,378 -- --
SCEF......... 407,626 497,834 -- --
BF ........... 82,826 74,120 58,040 32,385
</TABLE>
79
<PAGE>
CHASE VISTA FUNDS NOTES TO FINANCIAL STATEMENTS (continued)
4. Federal Income Tax Matters
For Federal income tax purposes, the cost and unrealized appreciation
(depreciation) in value of the investment securities at October 31, 1999 are as
follows (in thousands):
<TABLE>
<CAPTION>
Gross Gross
Aggregate unrealized unrealized Net unrealized
cost appreciation depreciation appreciation
- --------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
LCEF......... $ 204,673 $52,386 $ (5,878) $46,508
FF .......... 43,522 5,299 (1,143) 4,156
EIF ......... 94,327 13,008 (2,651) 10,357
SCOF......... 119,996 38,430 (6,696) 31,734
SCEF......... 346,214 96,430 (17,283) 79,147
BF .......... 127,432 22,193 (6,398) 15,795
</TABLE>
At October 31, 1999, FF had a capital loss carryover of approximately
$3,529,000, which will be available to offset capital gains arising through
October 31, 2006 and 2007. SCOF had a net capital loss carryover of
approximately $2,972,000, which will be available to offset capital gains
arising through October 31, 2006. To the extent that any net capital loss
carryovers are used to offset future capital gains, it is probable that the
gains so offset will not be distributed to shareholders.
5. 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 year ended October 31, 1999, included in Trustees Fees and
Expenses in the Statement of Operations, and accrued pension liability included
in other accrued liabilities in the Statement of Assets and Liabilities were as
follows (in thousands):
<TABLE>
<CAPTION>
Accrued
Pension Pension
Expenses Liability
- --------------------------------------------------------------------------------
<S> <C> <C>
GIF .......... $19 $85
CGF .......... 11 48
LCEF ......... 3 12
FF ........... 1 1
EIF .......... 2 5
SCOF ......... 3 5
SCEF ......... 9 33
BF ........... 2 8
</TABLE>
80
<PAGE>
CHASE VISTA FUNDS NOTES TO FINANCIAL STATEMENTS (continued)
6. Bank Borrowings
The LCEF, FF, EIF, SCOF, SCEF and BF may borrow money for temporary or
emergency purposes. Any borrowings representing more than 5% of a Fund's total
assets must be repaid before the Fund may make additional investments. The
Funds have entered into an agreement, enabling them to participate with other
Chase Vista Funds in an unsecured line of credit with a syndicate of banks,
which permits borrowings up to $350 million, collectively. Interest is charged
to each Fund based on its borrowings at an annual rate equal to the sum of the
Federal Funds Rate plus 0.35%. The Funds also pay a commitment fee of 0.075%
per annum on the average daily amount of the available commitment, which is
allocated, on a pro-rata basis to the funds. The commitment fee is included in
Other expenses on the Statement of Operations. Borrowings are payable on
demand.
The Funds had no borrowings outstanding at October 31, 1999, nor at anytime
during the year.
81
<PAGE>
- --------------------------------------------------------------------------------
CHASE VISTA FUNDS FINANCIAL HIGHLIGHTS
- --------------------------------------------------------------------------------
FINANCIAL HIGHLIGHTS
<TABLE>
<CAPTION>
Core Equity Fund
----------------------------------------
Class A Class B Class C
---------- ---------- ---------
08/12/99** 08/12/99** 08/13/99*
Through Through Through
10/31/99 10/31/99 10/31/99
---------- ---------- ---------
<S> <C> <C> <C>
Per share operating performance
Net asset value, beginning of period ..................................... $10.00 $10.00 $10.12
------- ------- -------
Income from investment operations:
Net investment income ................................................... -- (0.01) (0.01)
Net gains or losses on investments (both realized and unrealized) ....... 0.47 0.47 0.35
------- ------- -------
Total from investment operations ....................................... 0.47 0.46 0.34
------- ------- -------
Net asset value, end of period ........................................... $10.47 $10.46 $10.46
======= ======= =======
Total return (1) ......................................................... 4.70% 4.60% 3.36%
Ratios/supplemental data:
Net assets, end of period (millions) .................................... $ 7 $ 6 $ 2
Ratios to average net assets:#
Expenses ................................................................ 1.21% 1.94% 1.94%
Net investment income ................................................... (0.35%) (1.08%) (1.06%)
Expenses without waivers and reimbursements ............................. 7.08% 7.45% 8.25%
Net investment income without waivers and reimbursements ................ (6.22%) (6.59%) (7.37%)
- ---------------------------------------------------------------------------------------------------------------------
<CAPTION>
Equity Growth Fund
---------------------------------------
Class A Class B Class C
---------- --------- ---------
08/12/99** 08/13/99* 08/20/99*
Through Through Through
10/31/99 10/31/99 10/31/99
---------- ---------- ---------
<S> <C> <C> <C>
Per share operating performance
Net asset value, beginning of period ..................................... $10.00 $10.00 $ 9.96
------- ------- -------
Income from investment operations:
Net investment income ................................................... -- (0.01) (0.01)
Net gains or losses on investments (both realized and unrealized) ....... 0.53 0.52 0.56
------- ------- -------
Total from investment operations ....................................... 0.53 0.51 0.55
------- ------- -------
Net asset value, end of period ........................................... $10.53 $10.51 $10.51
======= ======= =======
Total return (1) ......................................................... 5.30% 5.10% 5.52%
Ratios/supplemental data:
Net assets, end of period (millions) .................................... $ 8 $ 11 $ 1
Ratios to average net assets:#
Expenses ................................................................ 1.21% 1.93% 1.95%
Net investment income ................................................... (0.54%) (1.19%) (1.25%)
Expenses without waivers and reimbursements ............................. 5.70% 5.88% 5.97%
Net investment income without waivers and reimbursements ................ (5.03%) (5.14%) (5.27%)
- --------------------------------------------------------------------------------------------------------------------
</TABLE>
* Commencement of offering class of shares.
** Commencement of operations.
(1) Total return figures do not include the effect of any front-end sales load.
# Short periods have been annualized.
See notes to financial statements.
82
<PAGE>
- --------------------------------------------------------------------------------
CHASE VISTA FUNDS FINANCIAL HIGHLIGHTS
- --------------------------------------------------------------------------------
FINANCIAL HIGHLIGHTS
<TABLE>
<CAPTION>
Growth and Income Fund
------------------------------------------------------------------
Class A
------------------------------------------------------------------
Year Ended
------------------------------------------------------------------
10/31/99 10/31/98 10/31/97 10/31/96 10/31/95
-------- -------- -------- -------- --------
<S> <C> <C> <C> <C> <C>
Per share operating performance
Net asset value, beginning of period ................. $ 43.24 $ 46.21 $ 39.21 $ 34.96 $ 30.26
--------- --------- --------- --------- ---------
Income from investment operations:
Net investment income ............................... 0.18@ 0.19@ 0.35@ 0.60 0.61
Net gains or losses in securities
(both realized and unrealized) ...................... 5.07 3.59 10.18 5.96 4.71
--------- --------- --------- --------- ---------
Total from investment operations ................... 5.25 3.78 10.53 6.56 5.32
--------- --------- --------- --------- ---------
Distributions to shareholders from:
Dividends from net investment income ................ 0.17 0.19 0.38 0.55 0.62
Distributions from capital gains .................... 4.67 6.56 3.15 1.76 --
--------- --------- --------- --------- ---------
Total dividends and distributions .................. 4.84 6.75 3.53 2.31 0.62
--------- --------- --------- --------- ---------
Net asset value, end of period ....................... $ 43.65 $ 43.24 $ 46.21 $ 39.21 $ 34.96
========= ========= ========= ========= =========
Total return (1) ..................................... 12.82% 9.09% 28.84% 19.60% 17.79%
Ratios/supplemental data:
Net assets, end of period (in millions) ............. $ 1,385 $ 1,499 $ 1,497 $ 1,591 $ 1,521
Ratios to average net assets:
Expenses ............................................ 1.26% 1.25% 1.27% 1.32% 1.43%
Net investment income ............................... 0.41% 0.44% 0.82% 1.46% 1.93%
Expenses without waivers and reimbursements ......... 1.26% 1.25% 1.27% 1.32% 1.45%
Net investment income without waivers and
reimbursements ...................................... 0.41% 0.44% 0.82% 1.46% 1.91%
- ------------------------------------------------------------------------------------------------------------------------
<CAPTION>
Class B
------------------------------------------------------------------
Year Ended
------------------------------------------------------------------
10/31/99 10/31/98 10/31/97 10/31/96 10/31/95
-------- -------- -------- -------- --------
<S> <C> <C> <C> <C> <C>
Per share operating performance
Net asset value, beginning of period ................. $ 42.92 $ 45.96 $ 39.02 $ 34.81 $ 30.12
-------- -------- --------- --------- ---------
Income from investment operations:
Net investment income ............................... (0.04)@ (0.02)@ 0.13@ 0.37 0.46
Net gains or losses in securities
(both realized and unrealized) ...................... 5.04 3.54 10.13 5.98 4.70
-------- -------- --------- --------- ---------
Total from investment operations ................... 5.00 3.52 10.26 6.35 5.16
-------- -------- --------- --------- ---------
Distributions to shareholders from:
Dividends from net investment income ................ -- -- 0.17 0.38 0.47
Distributions from capital gains .................... 4.67 6.56 3.15 1.76 --
-------- -------- --------- --------- ---------
Total dividends and distributions .................. 4.67 6.56 3.32 2.14 0.47
-------- -------- --------- --------- ---------
Net asset value, end of period ....................... $ 43.25 $ 42.92 $ 45.96 $ 39.02 $ 34.81
======== ======== ========= ========= =========
Total return (1) ..................................... 12.29% 8.52% 28.20% 19.02% 17.21%
Ratios/supplemental data:
Net assets, end of period (in millions) ............. $ 528 $ 542 $ 489 $ 370 $ 274
Ratios to average net assets:
Expenses ............................................ 1.76% 1.75% 1.77% 1.81% 1.93%
Net investment income ............................... (0.09%) (0.06%) 0.31% 0.95% 1.38%
Expenses without waivers and reimbursements ......... 1.76% 1.75% 1.77% 1.81% 1.94%
Net investment income without waivers and
reimbursements ...................................... (0.09%) (0.06%) 0.31% 0.95% 1.37%
- ------------------------------------------------------------------------------------------------------------------------
</TABLE>
@ Calculated based upon average shares outstanding.
(1) Total return figures do not include the effect of any front-end sales load.
See notes to financial statements.
83
<PAGE>
CHASE VISTA FUNDS FINANCIAL HIGHLIGHTS
FINANCIAL HIGHLIGHTS
<TABLE>
<CAPTION>
Growth and Income Fund
---------------------------
Class C
--------------------------
Year 01/02/98**
Ended Through
10/31/99 10/31/98
---------- ----------
<S> <C> <C>
Per share operating performance
Net asset value, beginning of period ..................................... $42.13 $41.64
------ ------
Income from investment operations:
Net investment income ................................................... (0.03)@ (0.02)@
Net gains or losses in securities (both realized and unrealized) ........ 4.94 0.68
------ ------
Total from investment operations ....................................... 4.91 0.66
------ ------
Distributions to shareholders from:
Dividends from net investment income .................................... 0.03 0.09
Distributions from capital gains ........................................ 4.67 0.08
------ ------
Total dividends and distributions ...................................... 4.70 0.17
------ ------
Net asset value, end of period ........................................... $42.34 $42.13
====== ======
Total return (1) ......................................................... 12.29% 1.55%
Ratios/supplemental data:
Net assets, end of period (in millions) ................................. $ 10 $ 5
Ratios to average net assets:#
Expenses ................................................................ 1.76% 1.72%
Net investment income ................................................... (0.07%) (0.05%)
Expenses without waivers and reimbursements ............................. 1.76% 1.72%
Net investment income without waivers and reimbursements ................ (0.07%) (0.05%)
- -----------------------------------------------------------------------------------------------------
<CAPTION>
Class I
--------------------------------------------------
Year Ended 01/25/96*
------------------------------------- Through
10/31/99 10/31/98 10/31/97 10/31/96
---------- -------- -------- ----------
<S> <C> <C> <C> <C>
Per share operating performance
Net asset value, beginning of period ..................................... $43.43 $46.35 $39.26 $34.80
------- ------- ------- -------
Income from investment operations:
Net investment income ................................................... 0.35@ 0.43@ 0.52@ 0.47
Net gains or losses in securities (both realized and unrealized) ........ 5.12 3.50 10.20 4.46
------- ------- ------- -------
Total from investment operations ....................................... 5.47 3.93 10.72 4.93
------- ------- ------- -------
Distributions to shareholders from:
Dividends from net investment income .................................... 0.34 0.29 0.48 0.47
Distributions from capital gains ........................................ 4.67 6.56 3.15 --
------- ------- ------- -------
Total dividends and distributions ...................................... 5.01 6.85 3.63 0.47
------- ------- ------- -------
Net asset value, end of period ........................................... $43.89 $43.43 $46.35 $39.26
======= ======= ======= =======
Total return (1) ......................................................... 13.30% 9.44% 29.37% 13.39%
Ratios/supplemental data:
Net assets, end of period (in millions) ................................. $ 15 $ 24 $ 522 $ 28
Ratios to average net assets:#
Expenses ................................................................ 0.85% 0.85% 0.86% 1.24%
Net investment income ................................................... 0.80% 0.95% 1.21% 1.73%
Expenses without waivers and reimbursements ............................. 0.85% 0.85% 0.86% 1.24%
Net investment income without waivers and reimbursements ................ 0.80% 0.95% 1.21% 1.73%
- -----------------------------------------------------------------------------------------------------------------------------
</TABLE>
** Commencement of offering class of shares.
@ Calculated based upon average shares outstanding.
(1) Total return figures do not include the effect of any front-end sales load.
# Short periods have been annualized.
See notes to financial statements.
84
<PAGE>
CHASE VISTA FUNDS FINANCIAL HIGHLIGHTS
FINANCIAL HIGHLIGHTS
<TABLE>
<CAPTION>
Capital Growth Fund
---------------------------------------------------------------
Class A
---------------------------------------------------------------
Year Ended
---------------------------------------------------------------
10/31/99 10/31/98 10/31/97 10/31/96 10/31/95
--------- -------- -------- -------- --------
<S> <C> <C> <C> <C> <C>
Per share operating performance
Net asset value, beginning of period ................. $41.22 $46.76 $41.60 $35.65 $32.17
------ ------ ------ ------- -------
Income from investment operations:
Net investment income ............................... (0.20)@ (0.12) (0.02)@ 0.15 0.19
Net gains or losses in securities
(both realized and unrealized) ...................... 5.75 (0.52) 10.13 7.27 4.16
------ ------ ------ ------- -------
Total from investment operations ................... 5.55 (0.64) 10.11 7.42 4.35
------ ------ ------ ------- -------
Distributions to shareholders from:
Dividends from net investment income ................ -- -- 0.15 0.12 0.19
Distributions from capital gains .................... 3.92 4.90 4.80 1.35 0.68
------ ------ ------ ------- -------
Total dividends and distributions .................. 3.92 4.90 4.95 1.47 0.87
------ ------ ------ ------- -------
Net asset value, end of period ....................... $42.85 $41.22 $46.76 $41.60 $35.65
====== ====== ====== ======= =======
Total return (1) ..................................... 14.30% (1.60%) 26.47% 21.48% 13.89%
Ratios/supplemental Data:
Net assets, end of period (in millions) ............. $ 577 $ 728 $ 839 $ 768 $ 748
Ratios to average net assets:
Expenses ............................................ 1.30% 1.27% 1.31% 1.37% 1.51%
Net investment income ............................... (0.48%) (0.24%) (0.05%) 0.39% 0.54%
Expenses without waivers and reimbursements ......... 1.30% 1.27% 1.31% 1.37% 1.53%
Net investment income without waivers and
reimbursements ...................................... (0.48%) (0.24%) (0.05%) 0.39% 0.52%
- ---------------------------------------------------------------------------------------------------------------------
<CAPTION>
Capital Growth Fund
---------------------------------------------------------------
Class B
---------------------------------------------------------------
Year Ended
---------------------------------------------------------------
10/31/99 10/31/98 10/31/97 10/31/96 10/31/95
--------- -------- -------- -------- --------
<S> <C> <C> <C> <C> <C>
Per share operating performance
Net asset value, beginning of period ................. $40.38 $46.11 $41.21 $35.39 $32.03
------ ------ ------ ------ -------
Income from investment operations:
Net investment income ............................... (0.40)@ (0.29) (0.23)@ (0.08) 0.04
Net gains or losses in securities
(both realized and unrealized) ...................... 5.61 (0.54) 10.01 7.25 4.10
------ ------ ------ ------ -------
Total from investment operations ................... 5.21 (0.83) 9.78 7.17 4.14
------ ------ ------ ------ -------
Distributions to shareholders from:
Dividends from net investment income ................ -- -- 0.08 -- 0.11
Distributions from capital gains .................... 3.92 4.90 4.80 1.35 0.67
------ ------ ------ ------ -------
Total dividends and distributions .................. 3.92 4.90 4.88 1.35 0.78
------ ------ ------ ------ -------
Net asset value, end of period ....................... $41.67 $40.38 $46.11 $41.21 $35.39
====== ====== ====== ====== =======
Total return (1) ..................................... 13.71% (2.08%) 25.85% 20.88% 13.34%
Ratios/supplemental Data:
Net assets, end of period (in millions) ............. $ 338 $ 405 $ 422 $ 334 $ 260
Ratios to average net assets:
Expenses ............................................ 1.80% 1.77% 1.81% 1.87% 2.01%
Net investment income ............................... (0.98%) (0.74%) (0.56%) (0.21%) 0.02%
Expenses without waivers and reimbursements ......... 1.80% 1.77% 1.81% 1.87% 2.02%
Net investment income without waivers and
reimbursements ...................................... (0.98%) (0.74%) (0.56%) (0.21%) 0.01%
- ---------------------------------------------------------------------------------------------------------------------
</TABLE>
- -------------------------------------------------------------------------------
@ Calculated based upon average shares outstanding.
(1) Total return figures do not include the effect of any front-end sales load.
See notes to financial statements.
85
<PAGE>
CHASE VISTA FUNDS FINANCIAL HIGHLIGHTS
FINANCIAL HIGHLIGHTS
<TABLE>
<CAPTION>
Capital Growth Fund
------------------------
Class C
------------------------
Year 01/02/98**
Ended Through
10/31/99 10/31/98
-------- ----------
<S> <C> <C>
Per share operating performance
Net asset value, beginning of period ..................................... $40.03 $42.81
------ ------
Income from investment operations:
Net investment income ................................................... (0.39)@ (0.09)
Net gains or losses in securities (both realized and unrealized) ........ 5.59 (2.69)
------ ------
Total from investment operations ....................................... 5.20 (2.78)
------ ------
Distributions to shareholders from:
Dividends from net investment income .................................... -- --
Distributions from capital gains ........................................ 3.92 --
------ ------
Total dividends and distributions ...................................... 3.92 --
------ ------
Net asset value, end of period ........................................... $41.31 $40.03
====== ======
Total return (1) ......................................................... 13.81% (6.49%)
Ratios/supplemental data:
Net assets, end of period (in millions) ................................. $ 6 $ 4
Ratios to average net assets:#
Expenses ................................................................ 1.80% 1.73%
Net investment income ................................................... (0.97%) (0.59%)
Expenses without waivers and reimbursements ............................. 1.80% 1.73%
Net investment income without waivers and reimbursements ................ (0.97%) (0.59%)
- ---------------------------------------------------------------------------------------------------
<CAPTION>
Capital Growth Fund
----------------------------------------------------
Class I
----------------------------------------------------
Year Ended 01/25/96**
-------------------------------------- Through
10/31/99 10/31/98 10/31/97 10/31/96
-------- -------- -------- ----------
<S> <C> <C> <C> <C>
Per share operating performance
Net asset value, beginning of period ..................................... $41.53 $46.90 $41.65 $35.26
------ ------ ------- -------
Income from investment operations:
Net investment income ................................................... (0.05)@ 0.07 0.13@ 0.17
Net gains or losses in securities (both realized and unrealized) ........ 5.80 (0.54) 10.17 6.34
------ ------ ------- -------
Total from investment operations ....................................... 5.75 (0.47) 10.30 6.51
------ ------ ------- -------
Distributions to shareholders from:
Dividends from net investment income .................................... -- -- 0.25 0.12
Distributions from capital gains ........................................ 3.92 4.90 4.80 --
------ ------ ------- -------
Total dividends and distributions ...................................... 3.92 4.90 5.05 0.12
------ ------ ------- -------
Net asset value, end of period ........................................... $43.36 $41.53 $46.90 $41.65
====== ====== ======= =======
Total return (1) ......................................................... 14.71% (1.20%) 26.98% 18.13%
Ratios/supplemental data:
Net assets, end of period (in millions) ................................. $ 18 $ 52 $ 52 $ 32
Ratios to average net assets:#
Expenses ................................................................ 0.92% 0.91% 0.91% 1.25%
Net investment income ................................................... (0.11%) 0.11% 0.31% 0.81%
Expenses without waivers and reimbursements ............................. 0.99% 0.91% 0.91% 1.25%
Net investment income without waivers and reimbursements ................ (0.18%) 0.11% 0.31% 0.81%
- -----------------------------------------------------------------------------------------------------------------------------
</TABLE>
** Commencement of offering class of shares.
@ Calculated based upon average shares outstanding.
(1) Total return figures do not include the effect of any front-end sales load.
# Short periods have been annualized.
See notes to financial statements.
86
<PAGE>
CHASE VISTA FUNDS FINANCIAL HIGHLIGHTS
FINANCIAL HIGHLIGHTS
<TABLE>
<CAPTION>
Large Cap Equity Fund (2)
----------------------------------
Class A
----------------------------------
Year Ended
----------------------------------
10/31/99 10/31/98 10/31/97
-------- -------- --------
<S> <C> <C> <C>
Per share operating performance
Net asset value, beginning of period ................. $15.09 $14.83 $13.25
------ ------ ------
Income from investment operations:
Net investment income ............................... 0.13 0.12 0.11
Net gains or losses in securities (both realized and
unrealized) ......................................... 2.06 1.92 3.45
------ ------ ------
Total from investment operations ................... 2.19 2.04 3.56
------ ------ ------
Distributions to shareholders from:
Dividends from net investment income ................ 0.13 0.12 0.09
Distributions from capital gains .................... 0.95 1.66 1.89
------ ------ ------
Total dividends and distributions .................. 1.08 1.78 1.98
------ ------ ------
Net asset value, end of period ....................... $16.20 $15.09 $14.83
====== ====== ======
Total return (1) ..................................... 14.96% 15.15% 30.69%
Ratios/supplemental data:
Net assets, end of period (in millions) $ 69 $ 50 $ 44
Ratios to average net assets:#
Expenses ............................................ 0.80% 0.85% 1.13%
Net investment income ............................... 0.80% 0.81% 0.61%
Expenses without waivers and reimbursements ......... 1.30% 1.35% 1.63%
Net investment income without waivers and
reimbursements ...................................... 0.30% 0.31% 0.11%
Portfolio turnover rate .............................. 70% 72% 72%
- --------------------------------------------------------------------------------------------
<CAPTION>
Large Cap Equity Fund (2)
------------------------------------------------------------
Class A Class B
---------- -----------------------------------------------
5/8/96** Year Ended 5/7/96**
Through --------------------------------- Through
10/31/96 10/31/99 10/31/98 10/31/97 10/31/96
--------- -------- -------- -------- --------
<S> <C> <C> <C> <C> <C>
Per share operating performance
Net asset value, beginning of period ................. $12.06 $15.02 $14.76 $13.22 $12.06
------ ------ ------ ------ ------
Income from investment operations:
Net investment income ............................... 0.05 0.07 0.05 0.07 0.05
Net gains or losses in securities (both realized and
unrealized) ......................................... 1.21 2.03 1.92 3.42 1.19
------ ------ ------ ------ ------
Total from investment operations ................... 1.26 2.10 1.97 3.49 1.24
------ ------ ------ ------ ------
Distributions to shareholders from:
Dividends from net investment income ................ 0.07 0.07 0.05 0.06 0.08
Distributions from capital gains .................... -- 0.95 1.66 1.89 --
------ ------ ------ ------ ------
Total dividends and distributions .................. 0.07 1.02 1.71 1.95 0.08
------ ------ ------ ------ ------
Net asset value, end of period ....................... $13.25 $16.10 $15.02 $14.76 $13.22
====== ====== ====== ====== ======
Total return (1) ..................................... 10.84% 14.38% 14.71% 30.15% 6.66%
Ratios/supplemental data:
Net assets, end of period (in millions) $ 8 $ 35 $ 10 $ 5 $ 1
Ratios to average net assets:#
Expenses ............................................ 1.38% 1.29% 1.35% 1.59% 1.88%
Net investment income ............................... 0.84% 0.28% 0.31% 0.15% 0.14%
Expenses without waivers and reimbursements ......... 1.87% 1.79% 1.85% 2.09% 2.38%
Net investment income without waivers and
reimbursements ...................................... 0.35% (0.22%) (0.19%) (0.35%) (0.36%)
Portfolio turnover rate .............................. 89% 70% 72% 72% 89%
- --------------------------------------------------------------------------------------------------------------------
</TABLE>
** Commencement of offering of class of shares.
(1) Total return figures do not include the effect of any front-end sales load.
(2) Formerly known as the Vista Equity Fund.
# Short periods have been annualized.
See notes to financial statements.
87
<PAGE>
FINANCIAL HIGHLIGHTS
<TABLE>
<CAPTION>
Large Cap Equity Fund (2)
-----------------------------
Class C Class I
---------- -------------
11/11/98** Year Ended
Through -------------
10/31/99 10/31/99
-------- -------------
<S> <C> <C>
Per share operating performance
Net asset value, beginning of period ..................................... $15.21 $15.15
------ ------
Income from investment operations:
Net investment income ................................................... 0.07 0.19
Net gains or losses in securities (both realized and unrealized) ........ 1.79 2.07
------ ------
Total from investment operations ..................................... .. 1.86 2.26
------ ------
Distributions to shareholders from:
Dividends from net investment income .................................... 0.09 0.19
Distributions from capital gains ........................................ 0.95 0.95
------ ------
Total dividends and distributions ...................................... 1.04 1.14
------ ------
Net asset value, end of period ........................................... $16.03 $16.27
====== ======
Total return (1) ......................................................... 12.62% 15.37%
Ratios/supplemental data:
Net assets, end of period (in millions) $ 1 $ 147
Ratios to average net assets:#
Expenses ................................................................ 1.29% 0.42%
Net investment income ................................................... 0.24% 1.18%
Expenses without waivers and reimbursements ............................. 1.79% 0.92%
Net investment income without waivers and reimbursements ................ (0.26%) 0.68%
Portfolio turnover rate .................................................. 70% 70%
- -----------------------------------------------------------------------------------------------------
<CAPTION>
Large Cap Equity Fund (2)
-----------------------------------------------
Class I
-----------------------------------------------
Year Ended
-----------------------------------------------
10/31/98 10/31/97 10/31/96 10/31/95
-------- -------- -------- --------
<S> <C> <C> <C> <C>
Per share operating performance
Net asset value, beginning of period ..................................... $14.85 $13.27 $12.24 $13.16
------ ------ ------ ------
Income from investment operations:
Net investment income ................................................... 0.18 0.18 0.23 0.28
Net gains or losses in securities (both realized and unrealized) ........ 1.95 3.47 2.59 1.74
------ ------ ------ ------
Total from investment operations ....................................... 2.13 3.65 2.82 2.02
------ ------ ------ ------
Distributions to shareholders from:
Dividends from net investment income .................................... 0.17 0.18 0.22 0.28
Distributions from capital gains ........................................ 1.66 1.89 1.57 2.66
------ ------ ------ ------
Total dividends and distributions ...................................... 1.83 2.07 1.79 2.94
------ ------ ------ ------
Net asset value, end of period ........................................... $15.15 $14.85 $13.27 $12.24
====== ====== ====== ======
Total return (1) ......................................................... 15.82% 31.50% 25.65% 20.41%
Ratios/supplemental data:
Net assets, end of period (in millions) $ 117 $ 107 $ 99 $ 55
Ratios to average net assets:#
Expenses ................................................................ 0.47% 0.50% 0.40% 0.31%
Net investment income ................................................... 1.19% 1.32% 1.86% 2.41%
Expenses without waivers and reimbursements ............................. 0.97% 1.00% 0.96% 0.90%
Net investment income without waivers and reimbursements ................ 0.69% 0.82% 1.30% 1.82%
Portfolio turnover rate .................................................. 72% 72% 89% 45%
- ----------------------------------------------------------------------------------------------------------------------------
</TABLE>
** Commencement of offering of class of shares.
(1) Total return figures do not include the effect of any front-end sales load.
(2) Formerly known as the Vista Equity Fund.
# Short periods have been annualized.
See notes to financial statements.
88
<PAGE>
CHASE VISTA FUNDS FINANCIAL HIGHLIGHTS
FINANCIAL HIGHLIGHTS
<TABLE>
<CAPTION>
Focus Fund
--------------------------------------------------
Class A Class B
--------------------- ------------------------
Year 06/30/98* Year 06/30/98*
Ended Through Ended Through
10/31/99 10/31/98 10/31/99 10/31/98
-------- --------- -------- --------
<S> <C> <C> <C> <C>
Per share operating performance
Net asset value, beginning of period ................. $9.40 $10.00 $9.38 $10.00
----- ------ ----- ------
Income from investment operations:
Net investment income ............................... 0.01@ 0.01 (0.05)@ --
Net gains or losses in securities
(both realized and unrealized) ...................... 0.43 (0.61) 0.44 (0.62)
----- ------ ----- ------
Total from investment operations ................... 0.44 (0.60) 0.39 (0.62)
----- ------ ----- ------
Distributions to shareholders from:
Dividends from net investment income ................ 0.01 -- -- --
Distributions from capital gains .................... -- -- -- --
----- ------ ----- ------
Total dividends and distributions .................. 0.01 -- -- --
----- ------ ----- ------
Net asset value, end of period ....................... $9.83 $ 9.40 $ 9.77 $ 9.38
===== ====== ===== ======
Total return (1) ..................................... 4.67% (6.00%) 4.16% (6.20%)
Ratios/supplemental data:
Net assets, end of period (in millions) ............. $ 17 $ 18 $ 22 $ 18
Ratios to average net assets:#
Expenses ............................................ 1.25% 1.25% 1.84% 1.85%
Net investment income ............................... 0.07% 0.48% (0.51%) (0.15%)
Expenses without waivers and reimbursements ......... 1.81% 2.05% 2.30% 2.54%
Net investment income without waivers and
reimbursements ...................................... (0.49%) (0.32%) (0.97%) (0.84%)
Portfolio turnover rate .............................. 173% 33% 173% 33%
<CAPTION>
Focus Fund
--------------------------------------------------
Class C Class I
--------------------- ------------------------
Year 06/30/98* Year 06/30/98*
Ended Through Ended Through
10/31/99 10/31/98 10/31/99 10/31/98
-------- --------- -------- --------
<S> <C> <C> <C> <C>
Per share operating performance
Net asset value, beginning of period ................. $9.38 $10.00 $9.40 $10.00
----- ------ ----- ------
Income from investment operations:
Net investment income ............................... (0.05)@ -- 0.03@ 0.02
Net gains or losses in securities
(both realized and unrealized) ...................... 0.43 (0.62) 0.45 (0.62)
----- ------ ----- ------
Total from investment operations ................... 0.38 (0.62) 0.48 (0.60)
----- ------ ----- ------
Distributions to shareholders from:
Dividends from net investment income ................ -- -- 0.02 --
Distributions from capital gains .................... -- -- -- --
----- ------ ----- ------
Total dividends and distributions .................. -- -- 0.02 --
----- ------ ----- ------
Net asset value, end of period ....................... $9.76 $ 9.38 $9.86 $ 9.40
===== ====== ===== ======
Total return (1) ..................................... 4.05% (6.20%) 5.05% (6.00%)
Ratios/supplemental data:
Net assets, end of period (in millions) ............. $ 7 $ 4 $ 1 $ 1
Ratios to average net assets:#
Expenses ............................................ 1.84% 1.85% 1.00% 1.00%
Net investment income ............................... (0.55%) (0.14%) 0.33% 0.78%
Expenses without waivers and reimbursements ......... 2.29% 2.55% 1007.71% 1.80%
Net investment income without waivers and
reimbursements ...................................... (1.00%) (0.84%) (1006.38%) (0.02%)
Portfolio turnover rate .............................. 173% 33% 173% 33%
- ----------------------------------------------------------------------------------------------------------
</TABLE>
* Commencement of operations.
@ Calculated based upon average shares outstanding.
(1) Total return figures do not include the effect of any front-end sales load.
# Short periods have been annualized.
See notes to financial statements.
89
<PAGE>
CHASE VISTA FUNDS FINANCIAL HIGHLIGHTS
FINANCIAL HIGHLIGHTS
<TABLE>
<CAPTION>
Equity Income Fund
------------------------------------------------------------
Class A
------------------------------------------------------------
Year Ended
------------------------------------------------------------
10/31/99 10/31/98 10/31/97 10/31/96 10/31/95
-------- -------- -------- -------- --------
<S> <C> <C> <C> <C> <C>
Per share operating performance
Net asset value, beginning of period ............. $19.07 $19.23 $15.98 $13.39 $12.12
------ ------ ------ ------ ------
Income from investment operations:
Net investment income ........................... 0.15 0.22 0.26 0.35 0.35
Net gains or losses in securities
(both realized and unrealized) .................. 2.12 1.07 4.71 3.43 1.70
------ ------ ------ ------ ------
Total from investment operations ............... 2.27 1.29 4.97 3.78 2.05
------ ------ ------ ------ ------
Distributions to shareholders from:
Dividends from net investment income ............ 0.17 0.27 0.23 0.33 0.37
Distributions from capital gains ................ 0.11 1.18 1.49 0.86 0.41
------ ------ ------ ------ ------
Total dividends and distributions .............. 0.28 1.45 1.72 1.19 0.78
------ ------ ------ ------ ------
Net asset value, end of period ................... $21.06 $19.07 $19.23 $15.98 $13.39
====== ====== ====== ====== ======
Total return (1) ................................. 11.92% 6.90% 33.66% 29.79% 17.97%
Ratios/supplemental data:
Net assets, end of period (in millions) ......... $ 65 $ 80 $ 47 $ 17 $ 12
Ratios to average net assets:#
Expenses ........................................ 1.45% 1.46% 1.50% 1.50% 1.50%
Net investment income ........................... 0.70% 1.20% 1.65% 2.41% 2.81%
Expenses without waivers and
reimbursements .................................. 1.45% 1.46% 1.70% 2.32% 2.19%
Net investment income without waivers
and reimbursements .............................. 0.70% 1.20% 1.45% 1.59% 2.12%
Portfolio turnover rate .......................... 172% 160% 75% 114% 91%
<CAPTION>
Equity Income Fund
--------------------------------------------------------------
Class B Class C
------------------------------------ ----------------------
Year Ended 05/07/96** Year
------------------------------------ Through Ended
10/31/99 10/31/98 10/31/97 10/31/96 10/31/99
-------- -------- -------- ---------- --------
<S> <C> <C> <C> <C> <C>
Per share operating performance
Net asset value, beginning of period ............. $18.92 $19.09 $15.92 $14.56 $18.91
------ ------ ------ ------ ------
Income from investment operations:
Net investment income ........................... 0.04 0.14 0.22 0.13 0.05
Net gains or losses in securities
(both realized and unrealized) .................. 2.10 1.05 4.62 1.38 2.09
------ ------ ------ ------ ------
Total from investment operations ............... 2.14 1.19 4.84 1.51 2.14
------ ------ ------ ------ ------
Distributions to shareholders from:
Dividends from net investment income ............ 0.07 0.18 0.18 0.15 0.07
Distributions from capital gains ................ 0.11 1.18 1.49 -- 0.11
------ ------ ------ ------ ------
Total dividends and distributions .............. 0.18 1.36 1.67 0.15 0.18
------ ------ ------ ------ ------
Net asset value, end of period ................... $20.88 $18.92 $19.09 $15.92 $20.87
====== ====== ====== ====== ======
Total return (1) ................................. 11.31% 6.42% 32.87% 10.43% 11.35%
Ratios/supplemental data:
Net assets, end of period (in millions) ......... $ 28 $ 26 $ 15 $ 1 $ 7
Ratios to average net assets:#
Expenses ........................................ 1.94% 1.96% 2.11% 2.25% 1.94%
Net investment income ........................... 0.20% 0.70% 1.06% 1.75% 0.20%
Expenses without waivers and
reimbursements .................................. 1.94% 1.96% 2.13% 2.75% 1.94%
Net investment income without waivers
and reimbursements .............................. 0.20% 0.70% 1.04% 1.25% 0.20%
Portfolio turnover rate .......................... 172% 160% 75% 114% 172%
<CAPTION>
Equity Income Fund
------------------
Class C
----------
01/08/98**
Through
10/31/98
----------
<S> <C>
Per share operating performance
Net asset value, beginning of period ............. $18.62
------
Income from investment operations:
Net investment income ........................... 0.09
Net gains or losses in securities
(both realized and unrealized) .................. 0.31
------
Total from investment operations ............... 0.40
------
Distributions to shareholders from:
Dividends from net investment income ............ 0.11
Distributions from capital gains ................ --
------
Total dividends and distributions .............. 0.11
------
Net asset value, end of period ................... $18.91
======
Total return (1) ................................. 2.13%
Ratios/supplemental data:
Net assets, end of period (in millions) ......... $ 4
Ratios to average net assets:#
Expenses ........................................ 1.95%
Net investment income ........................... 0.56%
Expenses without waivers and
reimbursements .................................. 1.95%
Net investment income without waivers
and reimbursements .............................. 0.56%
Portfolio turnover rate .......................... 160%
- -----------------------------------------------------------------
</TABLE>
** Commencement of offering class of shares.
(1) Total return figures do not include the effect of any front-end sales load.
# Short periods have been annualized.
See notes to financial statements.
90
<PAGE>
CHASE VISTA FUNDS FINANCIAL HIGHLIGHTS
FINANCIAL HIGHLIGHTS
<TABLE>
<CAPTION>
Small Cap Opportunities Fund
-----------------------------------------------------
Class A Class B
--------------------------------------- ------------
Year Ended 05/19/97* Year Ended
------------------------- Through ------------
10/31/99 10/31/98 10/31/97 10/31/99
-------- -------- --------- ------------
<S> <C> <C> <C> <C>
Per share operating performance
Net asset value, beginning of period ............. $12.79 $13.85 $10.00 $12.67
------ ------ ------ ------
Income from investment operations:
Net investment income ........................... (0.15) (0.09) (0.04) (0.27)
Net gains or losses in securities
(both realized and unrealized) .................. 3.34 (0.97) 3.89 3.31
------ ------ ------ ------
Total from investment operations ................ 3.19 (1.06) 3.85 3.04
------ ------ ------ ------
Distributions to shareholders from:
Dividends from net investment income ............ -- -- -- --
Distributions from capital gains ................ -- -- -- --
------ ------ ------ ------
Total dividends and distributions .............. -- -- -- --
------ ------ ------ ------
Net asset value, end of period ................... $15.98 $12.79 $13.85 $15.71
====== ====== ====== ======
Total return (1) ................................. 24.94% (7.65%) 38.50% 23.99%
Ratios/supplemental data:
Net assets, end of period (in millions) ......... $ 78 $ 62 $ 43 $ 66
Ratios to average net assets:#
Expenses ........................................ 1.49% 1.50% 1.49% 2.23%
Net investment income ........................... (0.95%) (0.91%) (1.16%) (1.69%)
Expenses without waivers and
reimbursements .................................. 1.89% 1.83% 2.38% 2.39%
Net investment income without waivers
and reimbursements .............................. (1.35%) (1.24%) (2.05%) (1.85%)
Portfolio turnover rate .......................... 92% 68% 7% 92%
<CAPTION>
Small Cap Opportunities Fund
----------------------------------------------------------------
Class B Class C Class I
----------------------- ----------------------- -----------
Year
Ended 05/19/97* Year 01/07/98** 04/05/99**
-------- Through Ended Through Through
10/31/98 10/31/97 10/31/99 10/31/98 10/31/99
-------- --------- -------- ---------- ----------
<S> <C> <C> <C> <C> <C>
Per share operating performance
Net asset value, beginning of period ............. $13.81 $10.00 $12.66 $13.17 $14.11
------ ------ ------ ------ ------
Income from investment operations:
Net investment income ........................... (0.17) (0.06) (0.26) (0.08) (0.05)
Net gains or losses in securities
(both realized and unrealized) .................. (0.97) 3.87 3.29 (0.43) 1.92
------ ------ ------ ------ ------
Total from investment operations ................ (1.14) 3.81 3.03 (0.51) 1.87
------ ------ ------ ------ ------
Distributions to shareholders from:
Dividends from net investment income ............ -- -- -- -- --
Distributions from capital gains ................ -- -- -- -- --
------ ------ ------ ------ ------
Total dividends and distributions .............. -- -- -- -- --
------ ------ ------ ------ ------
Net asset value, end of period ................... $12.67 $13.81 $15.69 $12.66 $15.98
====== ====== ====== ====== ======
Total return (1) ................................. (8.25%) 38.10% 23.93% (3.87%) 13.25%
Ratios/supplemental data:
Net assets, end of period (in millions) ......... $ 57 $ 38 $ 6 $ 5 $ 1
Ratios to average net assets:#
Expenses ........................................ 2.24% 2.24% 2.23% 2.24% 1.91%
Net investment income ........................... (1.65%) (1.93%) (1.69%) (1.55%) (0.96%)
Expenses without waivers and
reimbursements .................................. 2.33% 2.88% 2.39% 2.29% 34.70%
Net investment income without waivers
and reimbursements .............................. (1.74%) (2.57%) (1.85%) (1.60%) (33.75%)
Portfolio turnover rate .......................... 68% 7% 92% 68% 92%
- --------------------------------------------------------------------------------------------------------------------
</TABLE>
* Commencement of operations.
** Commencement of offering class of shares.
(1) Total return figures do not include the effect of any front-end sales load.
# Short periods have been annualized.
See notes to financial statements.
91
<PAGE>
CHASE VISTA FUNDS FINANCIAL HIGHLIGHTS
FINANCIAL HIGHLIGHTS
<TABLE>
<CAPTION>
Small Cap Equity Fund
---------------------
Class A
---------------------
Year Ended
---------------------
10/31/99 10/31/98
-------- --------
<S> <C> <C>
Per share operating performance
Net asset value, beginning of period ..................................... $20.40 $23.57
------ ------
Income from investment operations:
Net investment income ................................................... (0.13)@ (0.11)
Net gains or losses in securities (both realized and unrealized) ....... 2.67 (2.42)
------ ------
Total from investment operations ....................................... 2.54 (2.53)
------ ------
Distributions to shareholders from:
Dividends from net investment income .................................... -- --
Distributions from capital gains ........................................ 0.17 0.64
------ ------
Total dividends and distributions ...................................... 0.17 0.64
------ ------
Net asset value, end of period ........................................... $22.77 $20.40
====== ======
Total return (1) 12.49% (10.93%)
Ratios/supplemental data:
Net assets, end of period (in millions) ................................. $ 98 $ 133
Ratios to average net assets:#
Expenses ................................................................ 1.40% 1.38%
Net investment income ................................................... (0.59%) (0.43%)
Expenses without waivers and reimbursements ............................. 1.40% 1.38%
Net investment income without waivers and reimbursements ................ (0.59%) (0.43%)
Portfolio turnover rate .................................................. 92% 74%
<CAPTION>
Small Cap Equity Fund
-----------------------------------
Class A
-----------------------------------
Year Ended 12/20/94*
--------------------- Through
10/31/97 10/31/96 10/31/95
-------- -------- ---------
<S> <C> <C> <C>
Per share operating performance
Net asset value, beginning of period ..................................... $19.19 $15.07 $10.00
------ ------ ------
Income from investment operations:
Net investment income ................................................... (0.05) 0.01 0.06
Net gains or losses in securities (both realized and unrealized) ....... 4.72 4.32 5.06
------ ------ ------
Total from investment operations ....................................... 4.67 4.33 5.12
------ ------ ------
Distributions to shareholders from:
Dividends from net investment income .................................... -- 0.03 0.04
Distributions from capital gains ........................................ 0.29 0.18 0.01
------ ------ ------
Total dividends and distributions ...................................... 0.29 0.21 0.05
------ ------ ------
Net asset value, end of period ........................................... $23.57 $19.19 $15.07
====== ====== ======
Total return (1) 24.61% 29.06% 51.25%
Ratios/supplemental data:
Net assets, end of period (in millions) ................................. $ 174 $ 145 $ 44
Ratios to average net assets:#
Expenses ................................................................ 1.45% 1.50% 1.51%
Net investment income ................................................... (0.23%) 0.03% 0.52%
Expenses without waivers and reimbursements ............................. 1.45% 1.52% 2.67%
Net investment income without waivers and reimbursements ................ (0.23%) 0.01% (0.64%)
Portfolio turnover rate .................................................. 55% 78% 75%
- -----------------------------------------------------------------------------------------------------------------
</TABLE>
* Commencement of operations.
@ Calculated based on average shares outstanding.
(1) Total return figures do not include the effect of any front-end sales load.
# Short periods have been annualized.
See notes to financial statements.
92
<PAGE>
CHASE VISTA FUNDS FINANCIAL HIGHLIGHTS
FINANCIAL HIGHLIGHTS
<TABLE>
<CAPTION>
Small Cap Equity Fund
-----------------------------------------------
Class B
-----------------------------------------------
Year Ended
-----------------------------------------------
10/31/99 10/31/98 10/31/97 10/31/96
-------- -------- -------- --------
<S> <C> <C> <C> <C>
Per share operating performance
Net asset value, beginning of period ............. $19.91 $23.19 $19.00 $15.01
------ ------ ------ ------
Income from investment operations:
Net investment income ........................... (0.28)@ (0.31) (0.27) (0.08)
Net gain or losses in securities
(both realized and unrealized) ................ 2.60 (2.33) 4.75 4.25
------ ------ ------ ------
Total from investment operations ............... 2.32 (2.64) 4.48 4.17
------ ------ ------ ------
Distributions to shareholders from:
Dividends from net investment income ............ -- -- -- --
Distributions from capital gains ................ 0.17 0.64 0.29 0.18
------ ------ ------ ------
Total dividends and distributions .............. 0.17 0.64 0.29 0.18
------ ------ ------ ------
Net asset value, end of period ................... $22.06 $19.91 $23.19 $19.00
====== ====== ====== ======
Total return (1) 11.69% (11.60%) 23.84% 28.04%
Ratios/supplemental data:
Net assets, end of period (in millions) ......... $ 57 $ 80 $ 100 $ 73
Ratios to average net assets:#
Expenses ........................................ 2.12% 2.10% 2.16% 2.22%
Net investment income ........................... (1.31%) (1.15%) (0.94%) (0.68%)
Expenses without waivers and
reimbursements .................................. 2.12% 2.10% 2.16% 2.25%
Net investment income without
waivers and reimbursements ...................... (1.31%) (1.15%) (0.94%) (0.71)%
Portfolio turnover rate .......................... 92% 74% 55% 78%
- ------------------------------------------------------------------------------------------------------
<CAPTION>
Small Cap Equity Fund
-------------------------------------------------------------
Class I
-------------------------------------------------------------
03/28/95** Year Ended 05/07/96**
Through ----------------------------------- Through
10/31/95 10/31/99 10/31/98 10/31/97 10/31/96
--------- -------- -------- -------- ----------
<S> <C> <C> <C> <C> <C>
Per share operating performance
Net asset value, beginning of period ............. $11.39 $20.59 $23.71 $19.22 $18.44
------ ------ ------ ------ ------
Income from investment operations:
Net investment income ........................... (0.02) (0.02)@ (0.02) 0.03 0.02
Net gain or losses in securities
(both realized and unrealized) ................ 3.67 2.70 (2.46) 4.75 0.76
------ ------ ------ ------ ------
Total from investment operations ............... 3.65 2.68 (2.48) 4.78 0.78
------ ------ ------ ------ ------
Distributions to shareholders from:
Dividends from net investment income ............ 0.03 -- -- -- --
Distributions from capital gains ................ -- 0.17 0.64 0.29 --
------ ------ ------ ------ ------
Total dividends and distributions .............. 0.03 0.17 0.64 0.29 --
------ ------ ------ ------ ------
Net asset value, end of period ................... $15.01 $23.10 $20.59 $23.71 $19.22
====== ====== ====== ====== ======
Total return (1) 32.09% 13.06% (10.64%) 25.15% 4.23%
Ratios/supplemental data:
Net assets, end of period (in millions) ......... $ 22 $ 269 $ 254 $ 307 $ 52
Ratios to average net assets:#
Expenses ........................................ 2.24% 0.88% 1.04% 1.10% 1.10%
Net investment income ........................... (0.25%) (0.07%) (0.09%) 0.13% 0.27%
Expenses without waivers and
reimbursements .................................. 3.23% 1.13% 1.13% 1.14% 1.27%
Net investment income without
waivers and reimbursements ...................... (1.24%) (0.32%) (0.18%) 0.09% 0.10%
Portfolio turnover rate .......................... 75% 92% 74% 55% 78%
- -------------------------------------------------------------------------------------------------------------------
</TABLE>
** Commencement of offering of class of shares.
@ Calculated based on average shares outstanding.
(1) Total return figures do not include the effect of any front-end sales load.
# Short periods have been annualized.
See notes to financial statements.
93
<PAGE>
CHASE VISTA FUNDS FINANCIAL HIGHLIGHTS
FINANCIAL HIGHLIGHTS
<TABLE>
<CAPTION>
Balanced Fund
------------------------------------------------------------
Class A
------------------------------------------------------------
Year Ended
------------------------------------------------------------
10/31/99 10/31/98 10/31/97 10/31/96 10/31/95
-------- -------- -------- -------- --------
<S> <C> <C> <C> <C> <C>
Per share operating performance
Net asset value, beginning of period ............. $15.44 $15.41 $13.83 $12.45 $11.09
------ ------ ------ ------ ------
Income from investment operations:
Net investment income .......................... 0.35 0.38 0.39 0.35 0.38
Net gains or losses in securities
(both realized and unrealized) ................. 1.42 1.02 2.39 1.69 1.52
------ ------ ------ ------ ------
Total from investment operations ............... 1.77 1.40 2.78 2.04 1.90
------ ------ ------ ------ ------
Distributions to shareholders from:
Dividends from net investment income ........... 0.35 0.39 0.39 0.34 0.41
Distributions from capital gains ............... 0.62 0.98 0.81 0.32 0.13
------ ------ ------ ------ ------
Total dividends and distributions .............. 0.97 1.37 1.20 0.66 0.54
------ ------ ------ ------ ------
Net asset value, end of period ................... $16.24 $15.44 $15.41 $13.83 $12.45
====== ====== ====== ====== ======
Total return (1) ................................. 11.71% 9.60% 21.48% 16.89% 17.70%
Ratios/supplemental data:
Net assets, end of period (in millions) ......... $ 112 $ 95 $ 93 $ 55 $ 34
Ratios to average net assets:#
Expenses ........................................ 1.25% 1.25% 1.25% 1.25% 1.06%
Net investment income ........................... 2.27% 2.51% 2.91% 2.97% 3.48%
Expenses without waivers and
reimbursements .................................. 1.44% 1.44% 1.52% 1.78% 2.20%
Net investment income without
waivers and reimbursements ...................... 2.08% 2.32% 2.64% 2.44% 2.34%
Portfolio turnover rate .......................... 86% 94% 136% 149% 68%
- ------------------------------------------------------------------------------------------------------------------
<CAPTION>
Balanced Fund
------------------------------------------------------------------------
Class B Class C
------------------------------------------------------------- ---------
Year Ended 11/20/98**
------------------------------------------------------------- Through
10/31/99 10/31/98 10/31/97 10/31/96 10/31/95 10/31/99
--------- -------- -------- -------- -------- ---------
Per share operating performance
Net asset value, beginning of period ............. $15.19 $15.21 $13.70 $12.36 $11.03 $15.59
------ ------ ------ ------ ------ ------
Income from investment operations:
Net investment income .......................... 0.25 0.28 0.32 0.28 0.31 0.24
Net gains or losses in securities
(both realized and unrealized) ................. 1.37 1.00 2.33 1.66 1.50 0.97
------ ------ ------ ------ ------ ------
Total from investment operations ............... 1.62 1.28 2.65 1.94 1.81 1.21
------ ------ ------ ------ ------ ------
Distributions to shareholders from:
Dividends from net investment income ........... 0.25 0.32 0.32 0.28 0.13 0.29
Distributions from capital gains ............... 0.62 0.98 0.81 0.32 0.35 0.62
------ ------ ------ ------ ------ ------
Total dividends and distributions .............. 0.87 1.30 1.14 0.60 0.48 0.91
------ ------ ------ ------ ------ ------
Net asset value, end of period ................... $15.94 $15.19 $15.21 $13.70 $12.36 $15.89
====== ====== ====== ====== ====== ======
Total return (1) ................................. 10.88% 8.89% 20.55% 16.10% 16.93% 7.95%
Ratios/supplemental data:
Net assets, end of period (in millions) ......... $ 31 $ 23 $ 15 $ 10 $ 6 $ 1
Ratios to average net assets:#
Expenses ........................................ 1.93% 1.93% 2.04% 2.00% 1.82% 2.06%
Net investment income ........................... 1.56% 1.81% 2.26% 2.21% 2.68% 1.67%
Expenses without waivers and
reimbursements .................................. 1.93% 1.93% 2.06% 2.29% 2.72% 2.06%
Net investment income without
waivers and reimbursements ...................... 1.56% 1.81% 2.24% 1.92% 1.78% 1.67%
Portfolio turnover rate .......................... 86% 94% 136% 149% 68% 86%
- -----------------------------------------------------------------------------------------------------------------------------
</TABLE>
** Commencement of offering of class of shares.
(1) Total return figures do not include the effect of any front-end sales load.
# Short periods have been annualized.
See notes to financial statements.
94
<PAGE>
- --------------------------------------------------------------------------------
REPORT OF INDEPENDENT ACCOUNTANTS
- --------------------------------------------------------------------------------
To the Trustees and Shareholders of
Mutual Fund Group
In our opinion, the accompanying statements of assets and liabilities,
including the portfolios of investments as presented, and the related
statements of operations and of changes in net assets and the financial
highlights present fairly, in all material respects, the financial position of
Chase Vista Core Equity Fund, Chase Vista Equity Growth Fund, Chase Vista
Growth and Income Fund, Chase Vista Capital Growth Fund, Chase Vista Large Cap
Equity Fund, Chase Vista Focus Fund, Chase Vista Equity Income Fund, Chase
Vista Small Cap Opportunities Fund, Chase Vista Small Cap Equity Fund and Chase
Vista Balanced Fund (separate portfolios of Mutual Fund Group, hereafter
referred to as the "Trust") at October 31, 1999, the results of their
operations for the year then ended (for the period August 12, 1999
(commencement of operations) through October 31, 1999 for Chase Vista Core
Equity Fund and Chase Vista Equity Growth Fund), the changes in their net
assets for the two years then ended (for the year then ended and for the period
June 30, 1998 (commencement of operations) through October 31, 1998 for the
Chase Vista Focus Fund and for the period August 12, 1999 (commencement of
operations) through October 31, 1999 for Chase Vista Core Equity Fund and Chase
Vista Equity Growth Fund), and the financial highlights for the periods
presented, in conformity with generally accepted accounting principles. These
financial statements and financial highlights (hereafter referred to as
"financial statements") are the responsibility of the Trust's management; our
responsibility is to express an opinion on these financial statements based on
our audits. We conducted our audits of these financial statements in accordance
with generally accepted auditing standards which require that we plan and
perform the audit to obtain reasonable assurance about whether the financial
statements are free of material misstatement. An audit includes examining, on a
test basis, evidence supporting the amounts and disclosures in the financial
statements, assessing the accounting principles used and significant estimates
made by management, and evaluating the overall financial statement
presentation. We believe that our audits, which included confirmation of
securities at October 31, 1999 by correspondence with the custodian and
brokers, provide a reasonable basis for the opinion expressed above.
PricewaterhouseCoopers LLP
1177 Avenue of the Americas
New York, New York 10036
December 13, 1999
95
<PAGE>
- --------------------------------------------------------------------------------
GROWTH AND INCOME PORTFOLIO
Portfolio of Investments
- --------------------------------------------------------------------------------
As of October 31, 1999
(Amounts in Thousands)
<TABLE>
<CAPTION>
Shares Issuer Value
<S> <C> <C>
- --------------------------------------------------------------------------------
Long-Term Investments -- 95.2%
- --------------------------------------------------------------------------------
Common Stock -- 91.8%
---------------------
Aerospace -- 3.2%
550 AlliedSignal, Inc. $31,315
600 Boeing Co. 27,638
450 General Dynamics Corp. 24,947
-------
83,900
Automotive -- 3.1%
830 Ford Motor Co. 45,546
522 General Motors Corp. 36,692
-------
82,238
Banking -- 7.3%
460 Bank of America Corp. 29,632
1,035 Bank of New York Co., Inc. 43,340
300 Bank One Corp. 11,254
806 Firstar Corp. 23,672
500 Fleet Boston Corp. 21,813
600 UnionBanCal Corp. 26,063
711 Wells Fargo Co. 34,034
-------
189,808
Broadcasting/Cable -- 2.0%
675 CBS Corp. * 32,949
450 Comcast Corp., Class A 18,956
-------
51,905
Chemicals -- 2.6%
115 Dow Chemical Co. 13,634
859 E.I. DuPont de Nemours Co. 55,371
-------
69,005
Computer Software -- 1.2%
550 Computer Associates International, Inc. 31,075
Computers/Computer Hardware -- 2.3%
250 EMC Corp. * 18,250
150 International Business Machines Corp. 14,756
250 Sun Microsystems, Inc.* 26,453
-------
59,459
Construction Materials -- 0.9%
750 Masco Corp. 22,875
Consumer Products -- 1.1%
300 Kimberly-Clark Corp. 18,937
428 Philip Morris Companies, Inc. 10,788
-------
29,725
Diversified -- 0.6%
400 Tyco International LTD (Bermuda) 15,975
Electronics/Electrical Equipment -- 3.7%
180 Motorola, Inc. 17,539
700 Teradyne, Inc.* 26,950
600 Texas Instruments, Inc. 53,850
-------
98,339
Entertainment/Leisure -- 1.2%
2,400 Park Place Entertainment Corp. * 31,500
</TABLE>
See notes to financial statements.
96
<PAGE>
GROWTH AND INCOME PORTFOLIO
Portfolio of Investments (Continued)
As of October 31, 1999
(Amounts in Thousands)
<TABLE>
<CAPTION>
Shares Issuer Value
<S> <C> <C>
- --------------------------------------------------------------------------------
Long-Term Investments -- Continued
- --------------------------------------------------------------------------------
Financial Services -- 9.4%
231 American Express Co. $35,511
575 Associates First Capital Corp., Class A 20,988
1,791 Citigroup, Inc. 96,953
474 Fannie Mae 33,543
500 Freddie Mac 27,031
500 MBNA Corp. 13,813
150 Morgan Stanley Dean Witter & Co. 16,547
-------
244,386
Food/Beverage Products -- 1.4%
250 Anheuser-Busch Companies, Inc. 17,953
280 Quaker Oats Co. 19,593
-------
37,546
Insurance -- 5.8%
401 Allstate Corp. 11,532
831 American International Group 85,499
410 Marsh & McLennan Companies 32,416
550 Reliastar Financial Corp. 23,616
-------
153,063
Machinery & Engineering Equipment -- 0.9%
472 Ingersoll-Rand Co. 24,662
Metals/Mining -- 0.5%
210 Alcoa, Inc. 12,733
Multi-Media -- 2.1%
1,013 The Walt Disney Co. 26,718
150 Time Warner, Inc. 10,453
400 Viacom, Inc., Class B * 17,900
-------
55,071
Oil & Gas -- 12.7%
200 Atlantic Richfield Co. 18,638
603 Chevron Corp. 55,049
781 Coastal Corp. 32,908
450 Diamond Offshore Drilling 14,288
800 EOG Resources, Inc. 16,650
676 Exxon Corp. 50,028
450 Halliburton Co. 16,959
295 Mobil Corp. 28,468
750 Occidental Petroleum Corp. 17,109
1,077 Royal Dutch Petroleum Co., N.Y. Registered Shares
(Netherlands) 64,577
600 Tosco Corp. 15,188
-------
329,862
Paper/Forest Products -- 2.5%
470 International Paper Co. 24,757
400 Weyerhaeuser Co. 23,875
400 Willamette Industries 16,625
-------
65,257
Pharmaceuticals -- 1.8%
441 Pharmacia & Upjohn, Inc. 23,808
475 Schering-Plough Corp. 23,513
-------
47,321
Printing & Publishing -- 0.8%
550 New York Times Co., Class A 22,138
</TABLE>
See notes to financial statements.
97
<PAGE>
GROWTH AND INCOME PORTFOLIO
Portfolio of Investments (Continued)
As of October 31, 1999
(Amounts in Thousands)
<TABLE>
<CAPTION>
Shares Issuer Value
<S> <C> <C>
- --------------------------------------------------------------------------------
Long-Term Investments -- Continued
- --------------------------------------------------------------------------------
Restaurants/Food Services -- 1.1%
703 McDonald's Corp. $ 29,003
Retailing -- 3.1%
360 Dayton-Hudson Corp. 23,265
542 Federated Department Stores * 23,137
1,700 Kroger Co. * 35,382
---------
81,784
Semi-Conductors -- 5.8%
750 Altera Corp. * 36,469
462 Fairchild Semiconductor International, Inc.,
Class A 11,655
325 Intel Corp. 25,167
300 Kla-Tencor Corp. * 23,756
1,200 Vitesse Semiconductor Corp. * 55,051
---------
152,098
Shipping/Transportation -- 0.5%
250 Union Pacific Corp. 13,938
Telecommunications -- 6.9%
398 AT&T Corp. 18,613
400 Bell Atlantic Corp. 25,975
600 BellSouth Corp. 27,000
400 GTE Corp. 30,000
671 MCI WorldCom, Inc. * 57,580
300 Sprint Corp. 22,294
---------
181,462
Telecommunications Equipment -- 2.7%
800 General Instrument Corp. * 43,050
441 Nortel Networks Corp. (Canada) 27,308
---------
70,358
Utilities -- 4.6%
400 DQE, Inc. 15,975
500 FPL Group, Inc. 25,156
575 PECO Energy Co. 21,958
767 Pinnacle West Capital Corp. 28,265
750 Unicom Corp. 28,734
---------
120,088
------------------------------------------------------------------
Total Common Stock 2,406,574
(Cost $1,877,385)
------------------------------------------------------------------
Preferred Stock -- 0.5%
-----------------------
Multi-Media -- 0.5%
500 News Corp. LTD, ADR, (Australia) 13,781
(Cost $16,176)
Convertible Preferred Stock -- 2.1%
-----------------------------------
Biotechnology -- 1.3%
950 Monsanto Co., 6.50%, 11/30/01 36,566
Broadcasting/Cable -- 0.2%
80 UnitedGlobalCom, Inc., 7.00%, 12/31/49, #~ 4,620
Financial Services -- 0.6%
250 Qwest Trends Trust, 5.75%, 11/17/03, # 14,906
------------------------------------------------------------------
Total Convertible Preferred Stock 56,092
(Cost $51,430)
------------------------------------------------------------------
</TABLE>
See notes to financial statements.
98
<PAGE>
GROWTH AND INCOME PORTFOLIO
Portfolio of Investments (Continued)
As of October 31, 1999
(Amounts in Thousands)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
<S> <C> <C>
- --------------------------------------------------------------------------------
Long-Term Investments -- Continued
- --------------------------------------------------------------------------------
Convertible Corporate Notes & Bonds -- 0.8%
-------------------------------------------
Computers/Computer Hardware -- 0.5%
$ 2,000 EMC Corp., 3.25%, 03/15/02, # $ 12,895
Telecommunications -- 0.3%
8,000 Bell Atlantic Financial Services, Inc., 4.25%,
09/15/05, # 8,660
------------------------------------------------------------------
Total Convertible Corporate Notes & Bonds 21,555
(Cost $10,000)
------------------------------------------------------------------
Total Long-Term Investments 2,498,002
(Cost $1,954,991)
- --------------------------------------------------------------------------------
Short-Term Investments -- 3.8%
- --------------------------------------------------------------------------------
Repurchase Agreement -- 3.8%
----------------------------
100,451 Greenwich Capital Markets, Inc., 5.28%, due 11/01/99,
(Dated 10/ 29/99, Proceeds $100,495, Secured by
FHLMC and FNMA, $178,633, 0.02% through 7.50%, due
01/25/08 through 08/01/29; Market Value $102,460) 100,451
(Cost $100,451)
- --------------------------------------------------------------------------------
Total Investments -- 99.0% $2,598,453
(Cost $2,055,442)
- --------------------------------------------------------------------------------
</TABLE>
See notes to financial statements.
99
<PAGE>
- --------------------------------------------------------------------------------
CAPITAL GROWTH PORTFOLIO
Portfolio of Investments
- --------------------------------------------------------------------------------
As of October 31, 1999
(Amounts in Thousands)
<TABLE>
<CAPTION>
Shares Issuer Value
<S> <C> <C>
- --------------------------------------------------------------------------------
Long-Term Investments -- 95.4%
- --------------------------------------------------------------------------------
Common Stock -- 95.3%
---------------------
Advertising -- 0.3%
152 Harte-Hanks Communications, Inc. $3,012
------
Aerospace -- 2.5%
300 General Dynamics Corp. 16,632
125 Northrop Grumman Corp. 6,859
------
23,491
Apparel -- 1.2%
350 Jones Apparel Group, Inc. * 11,069
Appliances & Household Durables -- 0.4%
150 York International Corp. 3,534
Automotive -- 0.8%
460 Tower Automotive, Inc. * 7,504
Banking -- 4.8%
200 Cullen/Frost Bankers, Inc. 5,775
200 Southtrust Corp. 8,000
211 TCF Financial Corp. 6,214
427 Zions Bancorp. 25,166
------
45,155
Biotechnology -- 2.9%
200 Biogen, Inc. * 14,825
450 Chiron Corp. * 12,853
------
27,678
Broadcasting/Cable -- 8.3%
1,400 AT&T- Liberty Media Group, Class A * 55,562
400 Comcast Corp., Class A 16,850
150 USA Networks, Inc. * 6,759
------
79,171
Business Services -- 3.0%
400 ACNielsen Corp. * 8,800
150 Affiliated Computer Services, Inc., Class A * 5,700
369 ITT Educational Services, Inc. * 7,294
200 NCR Corp. * 6,625
------
28,419
Chemicals -- 2.6%
200 Cytec Industries, Inc.* 5,163
350 IMC Global, Inc. 4,463
400 Millennium Chemicals, Inc. 7,400
520 Wellman, Inc. 7,835
------
24,861
Computer Software -- 3.9%
448 American Management Systems * 11,591
200 Electronic Arts, Inc. * 16,162
300 Intuit, Inc. * 8,738
------
36,491
Computers/Computer Hardware -- 0.4%
100 Electronics For Imaging * 4,031
Consumer Products -- 1.2%
200 Premark International, Inc. 10,950
</TABLE>
See notes to financial statements.
100
<PAGE>
CAPITAL GROWTH PORTFOLIO
Portfolio of Investments (Continued)
As of October 31, 1999
(Amounts in Thousands)
<TABLE>
<CAPTION>
Shares Issuer Value
<S> <C> <C>
- --------------------------------------------------------------------------------
Long-Term Investments -- Continued
- --------------------------------------------------------------------------------
Electronics/Electrical Equipment -- 4.6%
70 Johnson Controls, Inc. $4,253
225 Microchip Technology, Inc. * 14,990
200 PerkinElmer, Inc. 8,163
100 Sanmina Corp. * 9,006
275 Vishay Intertechnology, Inc. * 6,720
------
43,132
Entertainment/Leisure -- 5.3%
400 Harrah's Entertainment, Inc. * 11,575
700 Mandalay Resort Group * 13,038
1,394 Park Place Entertainment Corp. * 18,295
275 Station Casinos, Inc. * 6,652
------
49,560
Environmental Services -- 0.7%
513 Republic Services, Inc. * 6,284
Financial Services -- 1.6%
200 Lehman Brothers Holdings, Inc. 14,738
Health Care/Health Care Services -- 1.4%
119 Universal Health Services, Inc., Class B * 3,496
170 Wellpoint Health Networks, Inc. * 9,860
------
13,356
Insurance -- 5.7%
650 AXA Financial, Inc. 20,841
320 Nationwide Financial Services, Class A 12,120
99 Radian Group, Inc. 5,228
350 Reliastar Financial Corp. 15,028
------
53,217
Internet Services/Software -- 0.4%
100 At Home Corp., Class A * 3,738
Manufacturing -- 1.3%
316 Pentair, Inc. 11,890
Metals/Mining -- 2.8%
300 AK Steel Holding Corp. 5,194
670 Freeport-McMoran Copper & Gold, Inc., Class B * 11,180
162 Reynolds Metals Co. 9,791
------
26,165
Oil & Gas -- 7.0%
350 Anadarko Petroleum Corp. 10,784
500 Cooper Cameron Corp. * 19,343
600 Diamond Offshore Drilling 19,050
400 Tosco Corp. 10,125
497 Union Pacific Resources Group 7,208
------
66,510
Paper/Forest Products -- 2.1%
130 Boise Cascade Corp. 4,631
85 Temple-Inland, Inc. 4,941
250 Willamette Industries 10,391
------
19,963
Pharmaceuticals -- 1.9%
175 Biovail Corporation International (Canada) * 9,677
170 Forest Laboratories Inc., Class A * 7,799
------
17,476
</TABLE>
See notes to financial statements.
101
<PAGE>
CAPITAL GROWTH PORTFOLIO
Portfolio of Investments (Continued)
As of October 31, 1999
(Amounts in Thousands)
<TABLE>
<CAPTION>
Shares Issuer Value
<S> <C> <C>
- --------------------------------------------------------------------------------
Long-Term Investments -- Continued
- --------------------------------------------------------------------------------
Real Estate Investment Trust -- 1.2%
250 Beacon Capital Partners, Inc. # $ 3,313
11 Beacon Capital Partners, Inc., Voting Trust #~ 1,086
300 Public Storage, Inc. 7,237
-------
11,636
Restaurants/Food Services -- 1.5%
350 Brinker International, Inc. * 8,159
300 Darden Restaurants, Inc. 5,719
-------
13,878
Retailing -- 5.5%
450 Ethan Allen Interiors, Inc. 16,003
300 Kroger Co. * 6,244
250 Payless Shoesource, Inc. * 11,453
600 Ross Stores, Inc. 12,375
400 Toys R US, Inc. * 5,650
-------
51,725
Semi-Conductors -- 6.3%
378 Altera Corp. * 18,379
450 Atmel Corp. * 17,381
125 Kla-Tencor Corp. * 9,898
300 Vitesse Semiconductor Corp. * 13,763
-------
59,421
Shipping/Transportation -- 0.5%
153 C.H. Robinson Worldwide, Inc. 5,156
Telecommunications -- 1.3%
200 Nextlink Communications, Class A * 11,963
Telecommunications Equipment -- 5.0%
150 Comverse Technology, Inc. * 17,025
550 General Instrument Corp. * 29,597
-------
46,622
Textiles -- 0.3%
200 Shaw Industries, Inc. 3,088
Toys & Games -- 0.7%
325 Hasbro, Inc. 6,703
Utilities -- 5.9%
225 AGL Resources, Inc. 3,923
135 American Water Works, Inc. 3,952
475 CMS Energy Corp. 17,516
200 Energy East Corp. 5,025
308 Midamerican Energy Holdings Co. 10,370
400 Pinnacle West Capital Corp. 14,750
-------
55,536
--------------------------------------------------------------------
Total Common Stock 897,123
(Cost $716,311)
--------------------------------------------------------------------
</TABLE>
See notes to financial statements.
102
<PAGE>
CAPITAL GROWTH PORTFOLIO
Portfolio of Investments (Continued)
As of October 31, 1999
(Amounts in Thousands)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
<S> <C> <C>
- --------------------------------------------------------------------------------
Long-Term Investments -- Continued
- --------------------------------------------------------------------------------
U.S. Treasury Security -- 0.1%
------------------------------
$ 565 U.S. Treasury Note, 6.88%, due 05/15/06 $ 586
(Cost $569)
- --------------------------------------------------------------------------------
Total Long-Term Investments 897,709
(Cost $716,880)
- --------------------------------------------------------------------------------
Short-Term Investments -- 4.6%
- --------------------------------------------------------------------------------
Repurchase Agreement -- 4.6%
----------------------------
43,562 Greenwich Capital Markets, Inc., 5.28%, due 11/01/99,
(Dated 10/29/99, Proceeds $43,581, Secured by FHLMC
and GNMA, $46,717, 0.00% through 11.875%, due
06/15/13 through 04/15/29; Market Value $44,434) 43,562
(Cost $43,562)
- --------------------------------------------------------------------------------
Total Investments -- 100.0% $941,271
(Cost $760,442)
- --------------------------------------------------------------------------------
</TABLE>
INDEX:
* -- Non-income producing security.
# -- Security may only be sold to qualified institutional buyers.
~ -- Security fair valued by, or at the direction of, the Board of Trustees.
ADR -- American Depositary Receipt.
GNMA -- Government National Mortgage Association.
FHLMC -- Federal Home Loan Mortgage Corporation.
FNMA -- Federal National Mortgage Association.
See notes to financial statements.
103
<PAGE>
- --------------------------------------------------------------------------------
GROWTH AND INCOME AND CAPITAL GROWTH PORTFOLIOS
Statement of Assets and Liabilities October 31, 1999
- --------------------------------------------------------------------------------
(Amounts in Thousands)
<TABLE>
<CAPTION>
Growth and Capital
Income Growth
Portfolio Portfolio
<S> <C> <C>
- --------------------------------------------------------------------------------
ASSETS:
Investment securities, at value (Note 1) ......... $2,598,453 $941,271
Cash ............................................. -- 1
Other assets ..................................... 12 4
Receivables:
Investment securities sold ...................... 58,825 --
Interest and dividends .......................... 2,560 602
- --------------------------------------------------------------------------------
Total assets ................................... 2,659,850 941,878
- --------------------------------------------------------------------------------
LIABILITIES:
Payables:
Investment securities purchased ................. 34,850 --
Accrued liabilities: (Note 2)
Investment advisory fees ........................ 804 288
Administration fees ............................. 100 36
Custody fees .................................... 36 17
Other ........................................... 306 241
- --------------------------------------------------------------------------------
Total Liabilities .............................. 36,096 582
- --------------------------------------------------------------------------------
NET ASSETS APPLICABLE TO INVESTORS'
BENEFICIAL INTERESTS .............................. $2,623,754 $941,296
- --------------------------------------------------------------------------------
Cost of Investments .............................. $2,055,442 $760,442
- --------------------------------------------------------------------------------
</TABLE>
See notes to financial statements.
104
<PAGE>
- --------------------------------------------------------------------------------
GROWTH AND INCOME AND CAPITAL GROWTH PORTFOLIOS
Statement of Operations For the year ended October 31, 1999
- --------------------------------------------------------------------------------
(Amounts in Thousands)
<TABLE>
<CAPTION>
Growth and Capital
Income Growth
Portfolio Portfolio
- -----------------------------------------------------------------------------------------
<S> <C> <C>
INVESTMENT INCOME:
Dividend ................................................ $ 41,547 $ 6,651
Interest ................................................ 6,044 2,262
Foreign taxes withheld .................................. (209) (6)
- -----------------------------------------------------------------------------------------
Total investment income ............................... 47,382 8,907
- -----------------------------------------------------------------------------------------
EXPENSES: (Note 2)
Investment advisory fees ................................ 11,409 4,372
Administration fees ..................................... 1,426 546
Custodian fees .......................................... 171 87
Accounting fees ......................................... 13 20
Professional fees ....................................... 95 65
Trustees' fees and expenses ............................. 57 22
Other ................................................... 129 41
- -----------------------------------------------------------------------------------------
Total expenses ........................................ 13,300 5,153
- -----------------------------------------------------------------------------------------
Net investment income ................................ 34,082 3,754
- -----------------------------------------------------------------------------------------
REALIZED AND UNREALIZED
GAIN (LOSS) ON INVESTMENTS:
Net realized gain on investments ........................ 426,148 185,113
Change in net unrealized appreciation/
depreciation of investments ............................. (86,911) (28,226)
- -----------------------------------------------------------------------------------------
Net realized and unrealized gain on investments ......... 339,237 156,887
- -----------------------------------------------------------------------------------------
Net increase in net assets from operations .............. $373,319 $160,641
- -----------------------------------------------------------------------------------------
</TABLE>
See notes to financial statements.
105
<PAGE>
- --------------------------------------------------------------------------------
GROWTH AND INCOME AND CAPITAL GROWTH PORTFOLIOS
Statement of Changes in Net Assets For the year ended October 31,
- --------------------------------------------------------------------------------
(Amounts in Thousands)
<TABLE>
<CAPTION>
Growth and Income Capital Growth
Portfolio Portfolio
-------------------------------- ------------------------------
1999 1998 1999 1998
- -----------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
INCREASE (DECREASE) IN NET
ASSETS FROM OPERATIONS:
Net investment income ......... $ 34,082 $ 34,737 $ 3,754 $ 7,562
Net realized gain on
investments ................... 426,148 203,734 185,113 108,711
Change in net unrealized
appreciation (depreciation)
of investments ................ (86,911) 20,045 (28,226) (115,006)
- -----------------------------------------------------------------------------------------------------
Increase in net assets
from operations ............ 373,319 258,516 160,641 1,267
- -----------------------------------------------------------------------------------------------------
TRANSACTIONS IN INVESTORS'
BENEFICIAL INTERESTS:
Contributions ................. 480,886 1,057,120 877,944 611,367
Withdrawals ................... (982,596) (1,226,801) (1,288,947) (736,449)
- -----------------------------------------------------------------------------------------------------
Net decrease from
transactions in
investors' beneficial
interests ................... (501,710) (169,681) (411,003) (125,082)
- -----------------------------------------------------------------------------------------------------
Total increase (decrease)
in net assets ............... (128,391) 88,835 (250,362) (123,815)
NET ASSETS:
Beginning of period ........... 2,752,145 2,663,310 1,191,658 1,315,473
- -----------------------------------------------------------------------------------------------------
End of period ................. $2,623,754 $ 2,752,145 $ 941,296 $1,191,658
- -----------------------------------------------------------------------------------------------------
</TABLE>
See notes to financial statements.
106
<PAGE>
- --------------------------------------------------------------------------------
GROWTH AND INCOME AND CAPITAL GROWTH PORTFOLIOS
Notes to Financial Statements
- --------------------------------------------------------------------------------
1. Organization and Significant Accounting Policies
Growth and Income Portfolio ("GIP") and Capital Growth Portfolio ("CGP"), (the
"Portfolios") are separately registered under the Investment Company Act of
1940, as amended, as non-diversified, open end management investment companies
organized as trusts under the laws of the State of New York. Each declaration
of trust permits the Trustees to issue beneficial interests in the respective
Portfolios.
The following is a summary of significant accounting policies followed by the
Portfolios:
The preparation of financial statements in accordance with generally accepted
accounting principles requires management to make estimates and assumptions
that affect the reported amounts and disclosures in the financial statements.
Actual results could differ from those estimates.
A. Valuation of investments -- Equity securities, purchased options and
futures are valued at the last sale price on the exchange on which they are
primarily traded, including the NASDAQ National Market. Securities for
which sale prices are not available and other over-the-counter securities
are valued at the last quoted bid price. Bonds and other fixed income
securities (other than short-term obligations), including listed issues,
are valued on the basis of valuations supplied by pricing services or by
matrix pricing systems of a major dealer in bonds. Short-term debt
securities with 61 days or more to maturity at time of purchase are valued,
through the 61st day prior to maturity, at market value based on quotations
obtained from market makers or other appropriate sources; thereafter, the
value on the 61st day is amortized on a straight-line basis over the
remaining number of days to maturity. Short-term investments with 60 days
or less to maturity at time of purchase are valued at amortized cost, which
approximates market. Portfolio securities for which there are no such
quotations or valuations are valued at fair value as determined in good
faith by or at the direction of the Trustees.
B. Repurchase agreements -- It is the Portfolios' policy that repurchase
agreements are fully collateralized by U.S. Treasury and Government Agency
securities. All collateral is held by the Portfolios' custodian bank,
subcustodian, or a bank with which the custodian bank has entered into a
subcustodian agreement, or is segregated in the Federal Reserve Book Entry
System. In connection with transactions in repurchase agreements, if the
seller defaults and the value of the collateral declines, or if the seller
enters an insolvency proceeding, realization of the collateral by the
Trusts may be delayed or limited.
C. Futures contracts -- When a Portfolio enters into a futures contract, it
makes an initial margin deposit in a segregated account, either in cash or
liquid securities. Thereafter, the futures contract is marked to market and
the portfolio makes (or receives) additional cash payments daily to the
broker. Changes in the value of the contract are recorded as unrealized
appreciation/depreciation until the contract is closed or settled.
The Portfolios invested a portion of their liquid assets in long stock
index futures contracts to more fully participate in the market. Use of
107
<PAGE>
PORTFOLIOS
Notes to Financial Statements
long futures contracts subjects the Portfolios to risk of loss up to the
amount of the nominal value of the contract.
The Portfolios may enter into futures contracts only on exchanges or boards of
trade. The exchange or board of trade acts as the counterparty to each futures
transaction, therefore, the Portfolio's credit risk is limited to failure of
the exchange or board of trade.
As of October 31, 1999, the Portfolios had no outstanding futures contracts.
D. Security transactions and investment income -- Investment transactions are
accounted for on the trade date (the date the order to buy or sell is
executed). Securities gains and losses are calculated on the identified cost
basis. Interest income is accrued as earned. Dividend income is recorded on the
ex-dividend date.
E. Federal income taxes -- The Portfolios intend to continue to qualify as
partnerships and therefore net investment income and net realized gains are
taxed to the partners. Accordingly, no tax provisions are recorded by the
Portfolios. The investors in the Portfolios must take into account their
proportionate share of the Portfolios' income, gains, losses, deductions,
credits and tax preference items in computing their federal income tax
liability, without regard to whether they have received any cash distributions
from the Portfolio. The Portfolios do not intend to distribute to investors
their net investment income or their net realized gains, if any. It is intended
that the Portfolios will be managed in such a way that investors in the
Portfolio will be able to satisfy the requirements of subchapter M of the
Internal Revenue Code to be taxed as regulated investment companies.
F. Expenses -- Expenses directly attributable to a Portfolio are charged to
that Portfolio; other expenses are allocated on another reasonable basis.
2. Fees and Other Transactions with Affiliates
A. Investment advisory fee -- Pursuant to separate Investment Advisory
Agreements, The Chase Manhattan Bank ("Chase" or the "Advisor") acts as the
Investment Advisor to the Portfolios. Chase is a direct wholly-owned
subsidiary of The Chase Manhattan Corporation. As Investment Advisor, Chase
supervises the investments of the Portfolios and for such services is paid
a fee.
The fee is computed daily and paid monthly at an annual rate equal to 0.40%
of each Portfolio's average daily net assets.
Chase Asset Management, Inc. ("CAM"), a registered investment advisor, is
the sub-investment advisor to each of the Portfolios pursuant to a Sub-
Investment Advisory Agreement between CAM and Chase. CAM is a wholly owned
subsidiary of Chase and is entitled to receive a fee, payable by Chase from
its advisory fee, at an annual rate equal to 0.20% of each Portfolio's
average daily net assets.
B. Custodial fees -- Chase, as Custodian, provides safekeeping services for
the Portfolios' securities. Compensation for such services is presented in
the Statement of Operations as custodian fees.
108
<PAGE>
PORTFOLIOS
Notes to Financial Statements
C. Administration fee -- Pursuant to an Administration Agreement, Chase
(the "Administrator") provides certain administration services to the
Trusts. For these services and facilities, the Administrator receives from
each Portfolio a fee computed at the annual rate equal to 0.05% of the
respective Portfolio's average daily net assets.
3. Investment Transactions
For the year ended October 31, 1999, purchases and sales of investments
(excluding short-term investments) were as follows (in thousands):
<TABLE>
<CAPTION>
GIP CGP
- --------------------------------------------------------------------------------
<S> <C> <C>
Purchases (excluding U.S. Government)........... $3,440,771 $ 912,316
Sales (excluding U.S. Government) .............. 3,867,033 1,272,130
</TABLE>
The portfolio turnover rates of GIP and CGP for the year ended October 31,
1999, were 125% and 86% respectively.
4. Federal Income Tax Matters
For Federal income tax purposes, the cost and unrealized appreciation
(depreciation) in value of the investment securities at October 31, 1999, are
as follows (in thousands):
<TABLE>
<CAPTION>
GIP CGP
- --------------------------------------------------------------------------------
<S> <C> <C>
Aggregate cost ......................... $2,059,132 $ 760,442
---------- ---------
Gross unrealized appreciation........... $ 568,690 $ 225,421
Gross unrealized depreciation........... (29,369) (44,592)
---------- ---------
Net unrealized appreciation ............ $ 539,321 $ 180,829
========== =========
</TABLE>
5. Retirement Plan
The Portfolios have adopted an unfunded noncontributory defined benefit pension
plan covering all independent trustees of the Portfolios who will have served
as an independent trustee for at least five years at the time of retirement.
Benefits under this plan are based on compensation and years of service.
Pension expenses for the year ended October 31, 1999, included in Trustees Fees
and Expenses in the Statement of Operations, and accrued pension liability
included in other accrued liabilities, respectively, in the Statement of Assets
and Liabilities were as follows (in thousands):
<TABLE>
<CAPTION>
Accrued
Pension Pension
Expenses Liability
- --------------------------------------------------------------------------------
<S> <C> <C>
GIP............................................. $25 $102
CGP............................................. 11 48
</TABLE>
109
<PAGE>
PORTFOLIOS
Notes to Financial Statements
6. Bank Borrowings
The Portfolios may borrow money for temporary or emergency purposes. Any
borrowings representing more than 5% of a Portfolio's total assets must be
repaid before the Portfolio may make additional investments. The Portfolios
have entered into an agreement, enabling them to participate with other Chase
Vista Funds in an unsecured line of credit with a syndicate of banks, which
permits borrowings up to $350 million, collectively. Interest is charged to
each Portfolio based on its borrowings at an annual rate equal to the sum of
the Federal Funds Rate plus 0.35%. The Portfolios also pay a commitment fee of
0.075% per annum on the average daily amount of the available commitment, which
is allocated, on a pro-rata basis to the funds. The commitment fee is included
in Other expenses on the Statement of Operations. Borrowings are payable on
demand.
The Portfolios had no borrowings outstanding at October 31, 1999, nor at any
point during the year.
110
<PAGE>
- --------------------------------------------------------------------------------
REPORT OF INDEPENDENT ACCOUNTANTS
- --------------------------------------------------------------------------------
To the Trustees and Beneficial Unit Holders of
Growth and Income Portfolio and Capital Growth Portfolio
In our opinion, the accompanying statements of assets and liabilities,
including the portfolios of investments, and the related statements of
operations and of changes in net assets present fairly, in all material
respects, the financial position of Growth and Income Portfolio and Capital
Growth Portfolio (the "Portfolios") at October 31, 1999, the results of their
operations for the year then ended and the changes in their net assets for the
two years then ended, in conformity with generally accepted accounting
principles. These financial statements are the responsibility of the
Portfolios' management; our responsibility is to express an opinion on these
financial statements based on our audits. We conducted our audits of these
financial statements in accordance with generally accepted auditing standards
which require that we plan and perform the audit to obtain reasonable assurance
about whether the financial statements are free of material misstatement. An
audit includes examining, on a test basis, evidence supporting the amounts and
disclosures in the financial statements, assessing the accounting principles
used and significant estimates made by management, and evaluating the overall
financial statement presentation. We believe that our audits, which included
confirmation of securities at October 31, 1999 by correspondence with the
custodian and brokers, provide a reasonable basis for the opinion expressed
above.
PricewaterhouseCoopers LLP
1177 Avenue of the Americas
New York, New York 10036
December 13, 1999
111
<PAGE>
- -------------------------------------------------------------------------------
CORE EQUITY PORTFOLIO
Portfolio of Investments
- -------------------------------------------------------------------------------
As of October 31, 1999 (unaudited)
(Amounts in Thousands)
<TABLE>
<CAPTION>
Shares Issuer Value
<S> <C> <C>
- -------------------------------------------------------------------------------
Long-Term Investments -- 95.4%
- -------------------------------------------------------------------------------
Common Stock -- 95.4%
---------------------
Advertising -- 0.6%
12 Omnicom Group $1,052
Aerospace -- 0.9%
28 AlliedSignal, Inc. 1,596
Airlines -- 1.0%
111 Southwest Airlines, Inc 1,866
Automotive -- 1.2%
26 Ford Motor Co. 1,422
10 General Motors Corp. 694
------
2,116
Banking -- 3.1%
26 Bank of America Corp. 1,674
43 Bank of New York Co., Inc. 1,818
43 Wells Fargo Co. 2,050
------
5,542
Biotechnology -- 0.7%
16 Amgen, Inc. * 1,264
Broadcasting/Cable -- 0.5%
11 Clear Channel Communications * 876
Chemicals -- 0.9%
24 E.I. DuPont de Nemours Co. 1,572
Computer Networks -- 2.1%
51 Cisco Systems, Inc. * 3,789
Computer Software -- 5.7%
112 Microsoft Corp. * 10,365
Computers/Computer Hardware -- 5.8%
82 Dell Computer Corp. * 3,299
34 EMC Corp. * 2,511
17 Hewlett-Packard Co. 1,226
36 International Business Machines Corp. 3,524
------
10,560
Consumer Products -- 1.6%
29 Philip Morris Companies, Inc. 725
20 Procter & Gamble Co. 2,080
------
2,805
Diversified -- 5.6%
57 General Electric Co. 7,768
60 Tyco International LTD (Bermuda) 2,402
------
10,170
Electronics/Electrical Equipment -- 2.3%
19 Motorola, Inc. 1,895
31 Solectron Corp. * 2,301
------
4,196
Financial Services -- 7.6%
24 American Express Co. 3,695
1 Associates First Capital Corp., Class A 1
90 Charles Schwab Corp. 3,518
75 Citigroup, Inc. 4,051
34 Fannie Mae 2,427
------
13,692
</TABLE>
See notes to financial statements.
112
<PAGE>
CORE EQUITY PORTFOLIO
Portfolio of Investments (Continued)
As of October 31, 1999 (unaudited)
(Amounts in Thousands)
<TABLE>
<CAPTION>
<S> <C> <C>
Shares Issuer Value
- -------------------------------------------------------------------------------
Long-Term Investments -- Continued
- -------------------------------------------------------------------------------
Food/Beverage Products -- 3.0%
24 Anheuser-Busch Companies, Inc. $1,732
39 Coca-Cola, Co. 2,281
40 Pepsico, Inc. 1,391
------
5,404
Health Care/Health Care Services -- 2.4%
42 Colgate-Palmolive Co. 2,561
22 Guidant Corp. 1,096
21 Medtronic, Inc. 734
------
4,391
Insurance -- 4.5%
40 American General Corp. 2,934
51 American International Group 5,285
------
8,219
Internet Services/Software -- 1.2%
17 America Online, Inc. * 2,240
Machinery & Engineering Equipment -- 0.6%
11 Applied Materials, Inc. * 1,031
Manufacturing -- 0.8%
19 Illinois Tool Works 1,386
Metals/Mining -- 0.9%
27 Alcoa, Inc. 1,617
Multi-Media -- 1.2%
32 Time Warner, Inc. 2,200
Oil & Gas -- 7.5%
16 Chevron Corp. 1,456
62 Enron Corp. 2,480
39 Exxon Corp. 2,870
29 Mobil Corp. 2,842
24 Royal Dutch Petroleum Co., N.Y. Registered Shares
(Netherlands) 1,421
17 Texaco, Inc. 1,025
41 Williams Companies, Inc. 1,543
------
13,637
Pharmaceuticals -- 9.0%
27 Abbot Laboratories 1,104
24 American Home Products Corp. 1,254
32 Bristol-Myers Squibb Co. 2,425
18 Eli Lilly & Co. 1,264
20 Johnson & Johnson 2,071
36 Merck & Co., Inc. 2,858
62 Pfizer, Inc. 2,467
34 Schering-Plough Corp. 1,692
13 Warner-Lambert Co. 1,014
------
16,149
Restaurants/Food Services -- 0.7%
32 McDonald's Corp. 1,331
</TABLE>
See notes to financial statements.
113
<PAGE>
CORE EQUITY PORTFOLIO
Portfolio of Investments (Continued)
As of October 31, 1999 (unaudited)
(Amounts in Thousands)
<TABLE>
<CAPTION>
Shares Issuer Value
- -------------------------------------------------------------------------------
Long-Term Investments -- Continued
- -------------------------------------------------------------------------------
<S> <C> <C>
Retailing -- 11.2%
27 Bed Bath & Beyond, Inc. * $ 914
66 Best Buy Co., Inc. * 3,682
27 Dayton-Hudson Corp. 1,771
44 Gap, Inc. 1,621
43 Home Depot, Inc. 3,245
54 Kroger Co. * 1,123
104 Wal-Mart Stores, Inc. 5,924
74 Walgreen Co. 1,875
--------
20,155
Semi-Conductors -- 2.8%
18 Altera Corp. * 861
55 Intel Corp. 4,226
--------
5,087
Telecommunications -- 7.6%
48 AT&T Corp. 2,237
40 BellSouth Corp. 1,807
25 GTE Corp. 1,862
30 MCI WorldCom, Inc. * 2,585
56 SBC Communications, Inc. 2,848
33 Sprint Corp. 2,463
--------
13,802
Telecommunications Equipment -- 2.4%
46 Lucent Technologies, Inc. 2,972
21 Nortel Networks Corp. (Canada) 1,322
--------
4,294
- -------------------------------------------------------------------------------
Total Long-Term Investments $172,404
(Cost $125,730)
- -------------------------------------------------------------------------------
Short-Term Investments -- 4.6%
- -------------------------------------------------------------------------------
Money Market Fund -- 1.8%
-------------------------
3,297 Fidelity Institutional Government Money Market 3,297
(Cost $3,297)
Principal
Amount
Repurchase Agreement -- 2.8%
----------------------------
$5,057 Credit Suisse First Boston Finance (Secured by FHLMC
Discount Notes), in a joint trading account at 5.32%,
dated 10/29/99 due 11/01/99; Proceeds $5,059 5,057
(Cost $5,057)
-------------------------------------------------------------------------------
Total Short-Term Investments 8,354
(Cost $8,354)
- -------------------------------------------------------------------------------
Total Investments -- 100.0% $180,758
(Cost $134,084)
- -------------------------------------------------------------------------------
</TABLE>
See notes to financial statements.
114
<PAGE>
- --------------------------------------------------------------------------------
EQUITY GROWTH PORTFOLIO
Portfolio of Investments
- --------------------------------------------------------------------------------
As of October 31, 1999 (unaudited)
(Amounts in Thousands)
<TABLE>
<S> <C> <C>
Shares Issuer Value
- --------------------------------------------------------------------------------
Long-Term Investments -- 95.7%
- --------------------------------------------------------------------------------
Common Stock -- 95.7%
---------------------
Airlines -- 0.7%
121 Southwest Airlines, Inc $2,029
Biotechnology -- 4.2%
97 Amgen, Inc. * 7,738
52 Biogen, Inc. * 3,858
27 Genzyme Corp.-General Division * 1,017
------
12,613
Broadcasting/Cable -- 0.5%
18 Clear Channel Communications * 1,451
Computer Networks -- 2.5%
101 Cisco Systems, Inc. * 7,498
Computer Software -- 5.9%
26 Citrix Systems, Inc. * 1,650
176 Microsoft Corp. * 16,244
------
17,894
Computers/Computer Hardware -- 7.4%
121 Dell Computer Corp. * 4,868
129 EMC Corp. * 9,412
82 International Business Machines Corp. 8,020
------
22,300
Consumer Products -- 2.9%
57 Gillette Co. 2,064
63 Procter & Gamble Co. 6,567
------
8,631
Diversified -- 5.8%
108 General Electric Co. 14,705
71 Tyco International LTD (Bermuda) 2,832
------
17,537
Electronics/Electrical Equipment -- 4.1%
51 Motorola, Inc. 4,984
68 Solectron Corp. * 5,153
24 Texas Instruments, Inc. 2,118
------
12,255
Financial Services -- 5.6%
21 American Express Co. 3,165
148 Charles Schwab Corp. 5,762
48 Merrill Lynch & Co. 3,756
37 Morgan Stanley Dean Witter & Co. 4,084
------
16,767
Food/Beverage Products -- 2.8%
16 Anheuser-Busch Companies, Inc. 1,120
80 Coca-Cola, Co. 4,740
73 Pepsico, Inc. 2,531
------
8,391
Health Care/Health Care Services -- 0.8%
26 Guidant Corp. 1,261
30 Medtronic, Inc. 1,042
------
2,303
Insurance -- 1.0%
30 American International Group 3,135
</TABLE>
See notes to financial statements.
115
<PAGE>
EQUITY GROWTH PORTFOLIO
Portfolio of Investments (Continued)
As of October 31, 1999 (unaudited)
(Amounts in Thousands)
<TABLE>
<CAPTION>
Shares Issuer Value
- --------------------------------------------------------------------------------
Long-Term Investments -- Continued
- --------------------------------------------------------------------------------
<S> <C> <C>
Internet Services/Software -- 3.2%
74 America Online, Inc. * $ 9,568
Machinery & Engineering Equipment -- 3.0%
99 Applied Materials, Inc. * 8,927
Multi-Media -- 1.7%
77 Time Warner, Inc. 5,364
Pharmaceuticals -- 12.5%
51 Abbot Laboratories 2,065
60 American Home Products Corp. 3,156
70 Bristol-Myers Squibb Co. 5,344
48 Eli Lilly & Co. 3,337
46 Johnson & Johnson 4,858
90 Merck & Co., Inc. 7,132
135 Pfizer, Inc. 5,321
72 Schering-Plough Corp. 3,549
42 Warner-Lambert Co. 3,378
-------
38,140
Restaurants/Food Services -- 0.4%
31 McDonald's Corp. 1,265
Retailing -- 9.6%
70 Bed Bath & Beyond, Inc. * 2,336
44 Best Buy Co., Inc. * 2,448
142 Gap, Inc. 5,260
52 Home Depot, Inc. 3,952
197 Kroger Co. * 4,108
190 Wal-Mart Stores, Inc. 10,871
-------
28,975
Semi-Conductors -- 8.1%
165 Intel Corp. 12,756
61 Kla-Tencor Corp. * 4,852
89 Novellus Systems, Inc. * 6,876
-------
24,484
Telecommunications -- 10.3%
158 AT&T Corp. 7,397
42 Bell Atlantic Corp. 2,723
51 BellSouth Corp. 2,306
28 GTE Corp. 2,093
48 MCI WorldCom, Inc. * 4,115
33 Nextel Communications, Inc., Class A * 2,855
108 SBC Communications, Inc. 5,485
34 Sprint Corp. 2,506
37 Vodafone AirTouch PLC ADR (United Kingdom) 1,761
-------
31,241
Telecommunications Equipment -- 2.7%
126 Lucent Technologies, Inc. 8,121
- --------------------------------------------------------------------------------
Total Long-Term Investments 288,889
(Cost $187,241)
- --------------------------------------------------------------------------------
</TABLE>
See notes to financial statements.
116
<PAGE>
EQUITY GROWTH PORTFOLIO
Portfolio of Investments (Continued)
As of October 31, 1999 (unaudited)
(Amounts in Thousands)
<TABLE>
<S> <C> <C>
Shares Issuer Value
- -------------------------------------------------------------------------------------
Short-Term Investments -- 4.3%
- -------------------------------------------------------------------------------------
Money Market Fund -- 1.4%
-------------------------
4,072 Fidelity Institutional Government Money Market Fund $ 4,072
(Cost $4,072)
Principal
Amount
U.S. Treasury Security -- 1.9%
------------------------------
$ 5,707 U.S. Treasury Bill, 4.40%, 11/26/99 5,688
(Cost $5,688)
Repurchase Agreement -- 1.0%
----------------------------
3,160 Credit Suisse First Boston Finance (Secured by FHLMC
Discount Notes), in a joint trading account at 5.32%,
dated 10/29/99 due 11/01/99; Proceeds $3,161 3,160
(Cost $3,160)
- -------------------------------------------------------------------------------------
Total Short-Term Investments 12,920
(Cost $12,920)
- -------------------------------------------------------------------------------------
Total Investments -- 100.0% $301,809
(Cost $200,161)
- -------------------------------------------------------------------------------------
</TABLE>
INDEX:
* -- Non-Income producing security.
ADR -- American Depositary Receipt.
FHLMC -- Federal Home Loan Mortgage Corporation.
See notes to financial statements.
117
<PAGE>
- --------------------------------------------------------------------------------
CORE EQUITY AND EQUITY GROWTH PORTFOLIOS
Statement of Assets and Liabilities October 31, 1999 (unaudited)
- --------------------------------------------------------------------------------
(Amounts in Thousands)
<TABLE>
<CAPTION>
Equity
Core Equity Growth
Portfolio Portfolio
- -------------------------------------------------------------------------------
<S> <C> <C>
ASSETS:
Investment securities, at value (Note 1) ......... $180,758 $301,809
Cash ............................................. 1 --
Receivables:
Interest and dividends .......................... 113 167
- -------------------------------------------------------------------------------
Total assets ................................... 180,872 301,976
- -------------------------------------------------------------------------------
LIABILITIES:
Accrued liabilities: (Note 2)
Investment advisory fees ........................ 87 160
Administration fees ............................. 7 11
Custody fees .................................... -- 4
Other ........................................... 14 18
- -------------------------------------------------------------------------------
Total Liabilities .............................. 108 193
- -------------------------------------------------------------------------------
NET ASSETS APPLICABLE TO INVESTORS'
BENEFICIAL INTERESTS .............................. $180,764 $301,783
- -------------------------------------------------------------------------------
Cost of Investments .............................. $134,084 $200,161
- -------------------------------------------------------------------------------
</TABLE>
118
<PAGE>
- -------------------------------------------------------------------------------
CORE EQUITY AND EQUITY GROWTH PORTFOLIOS
Notes to Financial Statements (unaudited)
- -------------------------------------------------------------------------------
1. Organization
Core Equity Portfolio (CEP) and Equity Growth Portfolio (EGP), collectively the
"Portfolios", are separately registered under the Investment Company Act of
1940, as amended, as open end management investment companies organized as
trusts under the laws of the State of New York. The declaration of trust
permits the Trustees to issue beneficial interests in the Portfolios.
On August 12, 1999, the Chase Core Equity Fund and Chase Equity Growth Fund
(separate portfolios of Mutual Fund Investment Trust) contributed 100% of their
assets and liabilities to the newly created CEP and EGP, respectively in a
tax-free exchange. The Chase Core Equity Fund and Chase Equity Growth Fund
continue to exist and as such, will maintain all of their previous operating
history.
The accompanying unaudited statements of assets and liabilities and related
portfolios of investments represent the financial position and investments of
CEP and EGP at October 31, 1999. The December 31, 1998 financial statements,
including the portfolios of investments, of Chase Core Equity Fund and Chase
Equity Growth Fund represent the most recent audited financial statements of
the portfolio of investments now held by CEP and EGP, and can be found in the
attached Chase Equity Funds December 31, 1998 Annual Report.
119
<PAGE>
- -------------------------------------------------------------------------------
TAX LETTER (UNAUDITED)
- -------------------------------------------------------------------------------
TAX LETTER (UNAUDITED)
Chase Vista Growth and Income Fund Chase Vista Equity Income Fund
Chase Vista Capital Growth Fund Chase Vista Small Cap Opportunities Fund
Chase Vista Large Cap Equity Fund Chase Vista Small Cap Equity Fund
Chase Vista Focus Fund Chase Vista Balanced Fund
- --------------------------------------------------------------------------------
Certain tax information for the Chase Vista Mutual Funds is required to be
provided to shareholders based upon the Funds' income and distributions for the
taxable year ended October 31, 1999. The information and distributions reported
in this letter may differ from the information and distributions taxable to
shareholders for the calendar year ending December 31, 1999. The information
necessary to complete your income tax returns for the calendar year ending
December 31, 1999 will be received under a separate cover.
FOR THE FISCAL YEAR ENDED OCTOBER 31, 1999:
The following represents the source and percentage of income earned from
government obligations, the percentage of distributions eligible for the
dividends received deduction and the per share long-term capital gains
distributed by the Funds:
<TABLE>
<CAPTION>
Federal Home
Federal Home Loan Mortgage
Chase U.S. Treasury Loan Bank Corporation
Vista Fund Obligations Obligations Obligations
- ----------------------------------------------------------------------------------
<S> <C> <C> <C>
Growth and Income ............... -- 0.17% --
Capital Growth .................. 0.43% 0.20% --
Large Cap Equity ................ -- 0.32% --
Focus ........................... -- -- --
Equity Income ................... -- 0.13% --
Small Cap Opportunities ......... -- -- --
Small Cap Equity ................ -- -- --
Balanced ........................ 24.45% -- 1.54%
<CAPTION>
Long-Term
Federal National Dividends Capital Gains
Chase Mortgage Association Received Distribution
Vista Fund Obligations Deduction Per Share
- --------------------------------------------------------------------------------------
<S> <C> <C> <C>
Growth and Income ............... -- 100.00% $4.67
Capital Growth .................. -- -- 3.92
Large Cap Equity ................ -- 95.66% 0.95
Focus ........................... -- 88.73% --
Equity Income ................... -- 25.62% 0.11
Small Cap Opportunities ......... -- -- --
Small Cap Equity ................ -- -- 0.17
Balanced ........................ 14.12% 15.04% 0.62
</TABLE>
See Notes to financial statements.
120
<PAGE>
[This page intentionally left blank]
<PAGE>
CHASE VISTA EQUITY FUNDS 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
PricewwaterhouseCoopers 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.
To obtain a prospectus for any of the
Chase Vista Funds, call 1-800-34-
VISTA. The prospectus contains more
complete information, including charges
and expenses. Please read it carefully
before you invest or send money.
(c) The Chase Manhattan Corporation, 1999, 2000. All Rights Reserved.
December 1999
[CHASE VISTA LOGO]
Chase Vista Funds Fulfillment Center
393 Manley Street
West Bridgewater, MA 02379-1039
