MONEY MARKET FUNDS
[Chase Vista Funds Logo]
SEMI-ANNUAL REPORT
Chase Vista(SM) Setting the Global Standard.
U.S. GOVERNMENT MONEY MARKET FUNDS:
CHASE VISTA 100% U.S. TREASURY SECURITIES
MONEY MARKET FUND
CHASE VISTA U.S. GOVERNMENT
MONEY MARKET FUND
CHASE VISTA TREASURY PLUS
MONEY MARKET FUND
CHASE VISTA FEDERAL MONEY MARKET FUND
DIVERSIFIED MONEY MARKET FUNDS:
CHASE VISTA CASH MANAGEMENT FUND
CHASE VISTA PRIME MONEY MARKET FUND
February 28, 1998
(Unaudited)
<PAGE>
HIGHLIGHTS
The onset of the Asian economic and currency crisis was the major event in U.S.
fixed income markets during the reporting period.
o The Federal Reserve Board left the Federal Funds rate unchanged at 5.5%.
o The yield on the one-year U.S. Treasury bill remained relatively stable
in the face of sharply declining long-term yields.
Contents
Chairman's Letter 3
Chase Vista 100% U.S. Treasury Securities
Money Market Fund
Fund Facts o Portfolio of Investments 4
Chase Vista U.S. Government Money Market Fund
Fund Facts o Portfolio of Investments 7
Chase Vista Treasury Plus Money Market Fund
Fund Facts o Portfolio of Investments 13
Chase Vista Federal Money Market Fund
Fund Facts o Portfolio of Investments 17
Chase Vista Cash Management Fund
Fund Facts o Portfolio of Investments 21
Chase Vista Prime Money Market Fund
Fund Facts o Portfolio of Investments 32
Financial Statements 43
Notes to Financial Statements 49
Financial Highlights 59
INVESTMENTS IN THE FUNDS ARE NOT DEPOSITS OF, OR GUARANTEED OR ENDORSED BY,
THE CHASE MANHATTAN BANK, AND THE SHARES ARE NOT INSURED BY THE FDIC, FEDERAL
RESERVE BOARD OR ANY OTHER GOVERNMENT AGENCY. INVESTMENTS IN MUTUAL FUNDS
INVOLVE RISK, INCLUDING POSSIBLE LOSS OF THE PRINCIPAL AMOUNT INVESTED.
<PAGE>
CHAIRMAN'S LETTER
April 10, 1998
Dear Shareholder:
We are pleased to present this semi-annual report on each of the taxable Chase
Vista Money Market Funds(SM). Inside, you'll find current seven-day yields for
each fund as of February 28, 1998 as well as listings of current holdings.
Asian Crisis Proved Beneficial to U.S. Fixed Income Markets
As the reporting period began, a consensus was building that the Federal
Reserve Board would raise short-term interest rates as a preemptive strike
against potential inflationary pressures in a buoyant U.S. economy. As so often
happens, however, the conventional thinking was overwhelmed by an outside
event, in this case the onset of the currency and economic crisis in Asia.
While the Asian crisis had a negative short-term effect on world stock markets,
its consequences for U.S. fixed income markets proved highly beneficial because
it changed the inflation paradigm. Specifically, the markets assumed that the
rapidly-deteriorating currencies of our Asian trading partners would make their
goods cheaper here, therefore holding down prices. On the other side of the
import-export coin, most market participants came to the belief that slowing
exports to Asia would cut into U.S. economic growth, allowing the Fed to remain
on the sidelines. Finally, the market generally benefited from a strong inflow
of dollars from investors seeking a safe haven in U.S. government securities.
While the Fed did, in fact, change from a tightening to a neutral stance in
December, short-term interest rates remained relatively flat even as long-term
rates fell sharply. Over the reporting period, the yield on the 1-year U.S.
Treasury bill changed only slightly, from 5.56% to 5.40%.
In this environment, your portfolio management team once again provided you
with competitive yields and stability. On behalf of the management team and
everyone at Chase Vista, I thank you for the confidence you've placed in us and
look forward to continuing to serve your investment needs.
Sincerely,
/s/ Fergus Reid
Fergus Reid
Chairman
3
<PAGE>
About Your Fund
CHASE VISTA 100% U.S. TREASURY SECURITIES
MONEY MARKET FUND
- --------------------------------------------------------------------------------
FUND FACTS
<TABLE>
<CAPTION>
<S> <C>
Objective: High current income consistent with
capital preservation
Primary investments: Direct oblligations of the U.S
Tresury inccluding Tresury bills, bonds and
notes
Suggested investment
time frame: Short term
Share classes offered: Vista, Premier and Institutional Shares
As of February 28, 1998
Net assets: $3.1 Billion
Average days to maturity: 82 days
S&P Rating: Not Rated
Moody's Rating: Not Rated
NAIC Rating: Not Rated
</TABLE>
<TABLE>
<CAPTION>
<S> <C>
MATURITY SCHEDULE AS OF 2/28/98
1-14 days ........................... 0.14%
15-30 days .......................... 0.00%
31-60 days .......................... 40.08%
61-90 days .......................... 34.17%
91+ days ............................ 25.61%
</TABLE>
4
<PAGE>
About Your Fund
CHASE VISTA 100% U.S. TREASURY SECURITIES
MONEY MARKET FUND
CHASE VISTA 100% U.S. TREASURY SECURITIES MONEY MARKET FUND
COMPOSITION OF TOTAL ASSETS AS OF 2/28/98
[PIE CHART OMITTED]
<TABLE>
<CAPTION>
.
Composition of Total
Assets as of 2/28/98
--------------------
<S> <C>
Cash/Other 17.4%
Investments 82.6%
</TABLE>
CHASE VISTA 100% U.S. TREASURY SECURITIES
MONEY MARKET FUND AS OF 2/28/98(1)
<TABLE>
<CAPTION>
7-Day
SEC Yield(2)
----------
<S> <C>
Vista Shares 4.85%
Premier Shares 4.94%
Institutional Shares 5.23%
</TABLE>
(1) Past performance is not a guarantee of future results. Yields will
fluctuate. An investment is neither insured nor guaranteed by the U.S.
government and there can be no assurance that the fund will maintain a stable
Net Asset Value of $1.00 per share.
(2) The yields for Vista Shares, Premier Shares and Institutional Shares reflect
the voluntary waiver of certain expenses and the assumption of certain expenses
otherwise payable by the Fund. Without waivers, the yields for Vista Shares
would have been 4.73%, for Premier Shares 4.64% and for Institutional Shares
5.18%. This voluntary waiver may be modified or terminated at any time, which
would reduce the fund's performance.
5
<PAGE>
Chase Vista 100% U.S. Treasury Securities Money Market Fund
Portfolio of Investments February 28, 1998 (unaudited)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
- -----------------------------------------------------------------
U.S. Treasury Securities -- 105.8%
- -----------------------------------------------------------------
U.S. Treasury Bills -- 28.3%
--------------------------------
<S> <C> <C>
$ 5,960,000 4.80%, 03/05/98 $ 5,957,616
850,000,000 5.35%, 04/16/98 844,443,167
21,270,000 5.23%, 04/23/98 21,109,317
--------------
871,510,100
--------------
U.S. Treasury Notes -- 77.5%
--------------------------------
350,000,000 6.13%, 03/31/98 350,130,519
100,000,000 7.88%, 04/15/98 100,278,501
100,000,000 5.13%, 04/30/98 99,927,447
450,250,000 5.88%, 04/30/98 450,514,816
486,675,000 6.13%, 05/15/98 487,286,598
100,000,000 6.25%, 06/30/98 100,290,826
600,000,000 6.25%, 07/31/98 602,178,013
150,000,000 6.00%, 09/30/98 150,432,034
50,000,000 5.75%, 12/31/98 50,092,834
--------------
2,391,131,588
==============================================================
Total U.S. Treasury
Securities--105.8% $3,262,641,688
(Cost $3,262,641,688)**
==============================================================
</TABLE>
See notes to financial statements.
6
<PAGE>
About Your Fund
CHASE VISTA U.S. GOVERNMENT
MONEY MARKET FUND
- --------------------------------------------------------------------------------
FUND FACTS
<TABLE>
<CAPTION>
<S> <C>
Objective: High current income consistent with
capital presevation
Primary investments: Direct obligations of the U.S. Treasury
and its Agencies including Tresury bills,
bonds, notes, and repurchase agreements.
Suggested investment Short-Term
time frame:
Share classes offered: Vista, premier and Institutional Shares
As of February 28, 1998
Net assets: $6.5 Billion
Average days to maturity: 50 days
S&P Rating*: AAA
Moody's Rating*: Aaa
NAIC Rating*: Class 1
</TABLE>
* This rating is historical and is based upon the Fund's credit quality, market
price exposure and management. It signifies that the Fund's safety is excellent
and that it has superior capacity to maintain a $1 Net Asset Value per share.
The National Association of Insurance Commissioners' (NAIC's) Class 1 status
indicates that the Fund meets certain pricing and quality guidelines.
MUTURITY SCHEDULE AS OF 2/28/98
<TABLE>
<CAPTION>
<S> <C>
1-14 days ................... 57.59%
15-30 days .................. 4.10%
31-60 days .................. 0.50%
61-90 days .................. 11.14%
91+ days .................... 26.67%
</TABLE>
7
<PAGE>
About Your Fund
CHASE VISTA U.S. GOVERNMENT
MONEY MARKET FUND
CHASE VISTA U.S. GOVERNMENT MONEY MARKET FUND
COMPOSITION OF TOTAL ASSETS AS OF 2/28/98
[PIE CHART OMITTED]
<TABLE>
<CAPTION>
Composition of Total
Assets as of 2/28/98
--------------------
<S> <C>
Cash/Other 0.9%
Investments 99.1%
</TABLE>
CHASE VISTA U.S. GOVERNMENT
MONEY MARKET FUND AS OF 2/28/98(1)
<TABLE>
<CAPTION>
7-Day
SEC Yield(2)
-----------
<S> <C>
Vista Shares 5.01%
Premier Shares 5.15%
Institutional Shares 5.36%
</TABLE>
(1) Past performance is not a guarantee of future results. Yields will
fluctuate. An investment is neither insured nor guaranteed by the U.S.
government and there can be no assurance that the fund will maintain a stable
Net Asset Value of $1.00 per share.
(2) The yields for Vista and Premier Shares reflect the voluntary waiver of
certain expenses and the assumption of certain expenses otherwise payable by the
Fund. Without waivers, the yields would have been 4.89% for Vista Shares and
5.00% for Premier Shares. This voluntary waiver may be modified or terminated at
any time, which would reduce the fund's performance.
8
<PAGE>
Chase Vista U.S. Government Money Market Fund
Portfolio of Investments February 28, 1998 (unaudited)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
================================================================================
U.S. Government Agency Obligations -- 80.2%
---------------------------------------------
Federal Farm Credit Bank, Debentures -- 4.0%
<S> <C> <C>
$108,250,000 5.55%, 03/02/98 $ 108,250,000
25,000,000 5.75%, 09/11/98 24,987,972
57,000,000 5.80%, 08/21/98 57,000,000
66,500,000 6.05%, 05/01/98 66,537,124
-------------
256,775,096
-------------
Federal Farm Credit Bank, FRN -- 6.3%
40,000,000 5.47%, 03/02/98 40,000,000
50,000,000 5.52%, 03/02/98 49,987,093
125,000,000 5.53%, 03/02/98 124,977,590
95,000,000 5.54%, 03/02/98 94,987,006
95,000,000 5.55%, 03/02/98 94,987,934
-------------
404,939,623
-------------
Federal Home Loan Bank, DN -- 19.9%
25,000,000 5.11%, 02/04/99 23,797,021
399,000 5.36%, 03/25/98 397,634
111,834,000 5.40%, 03/13/98 111,649,474
15,484,000 5.42%, 03/06/98 15,474,675
92,325,000 5.44%, 02/02/99 92,238,826
150,000,000 5.45%, 05/15/98 148,321,125
317,000 5.58%, 03/04/98 316,902
392,020,000 5.59%, 03/02/98 392,020,000
200,000,000 5.63%, 03/10/98 199,749,778
45,000,000 5.69%, 10/02/98 45,050,390
38,000,000 5.69%, 10/02/98 38,043,635
50,000,000 5.85%, 03/17/98 50,000,000
31,195,000 5.93%, 12/23/98 31,177,101
33,000,000 5.93%, 04/02/98 33,000,000
100,000,000 6.00%, 12/30/98 100,000,000
-------------
1,281,236,561
-------------
Federal Home Loan Bank, Debentures -- 1.2%
50,000,000 5.61%, 01/29/99 50,000,000
26,085,000 5.67%, 03/05/98 26,084,933
-------------
76,084,933
-------------
</TABLE>
See notes to financial statements.
9
<PAGE>
Chase Vista U.S. Government Money Market Fund
Portfolio of Investments February 28, 1998 (unaudited) (continued)
<TABLE>
<CAPTION>
================================================================================
Principal
Amount Issuer Value
================================================================================
<S> <C> <C>
Federal Home Loan Bank, FRN -- 3.6%
$50,000,000 5.40%, 03/07/98 $ 49,982,845
100,000,000 5.41%, 03/02/98 99,960,049
39,500,000 5.41%, 03/18/98 39,486,335
45,000,000 5.75%, 03/04/98 44,991,677
--------------
234,420,906
--------------
Federal Home Loan Mortgage Corp., DN -- 10.9%
100,000,000 5.58%, 03/06/98 99,938,000
600,000,000 5.61%, 03/02/98 600,000,000
--------------
699,938,000
--------------
Federal National Mortgage Association -- 2.3%
150,000,000 5.35%, 07/16/98 150,000,000
--------------
Federal National Mortgage Association, DN -- 12.3%
50,000,000 5.40%, 03/23/98 49,842,500
53,000,000 5.40%, 03/24/98 52,825,100
100,000,000 5.46%, 05/18/98 98,832,167
188,600,000 5.58%, 03/06/98 188,483,068
400,000,000 5.61%, 03/02/98 400,000,000
--------------
789,982,835
--------------
Federal National Mortgage Association, MTN -- 5.0%
50,000,000 5.36%, 02/19/99 49,939,363
25,000,000 5.38%, 02/09/99 24,972,829
75,000,000 5.89%, 05/21/98 74,991,452
100,000,000 6.08%, 05/06/98 100,055,714
75,000,000 6.10%, 09/04/98 75,124,484
--------------
325,083,842
--------------
Federal National Mortgage Association, FRN -- 2.9%
25,000,000 5.24%, 03/03/98 25,000,000
25,500,000 5.24%, 03/03/98 25,460,717
37,000,000 5.24%, 03/03/98 36,933,546
50,000,000 5.67%, 03/03/98 49,977,740
50,000,000 5.74%, 03/03/98 49,986,175
--------------
187,358,178
--------------
</TABLE>
See notes to financial statements.
10
<PAGE>
Chase Vista U.S. Government Money Market Fund
Portfolio of Investments February 28, 1998 (unaudited) (continued)
<TABLE>
<CAPTION>
================================================================================
Principal
Amount Issuer Value
================================================================================
<S> <C> <C>
Student Loan Marketing Association, DN -- 6.2%
$400,000,000 5.59%, 03/02/98 $ 400,000,000
-------------
Student Loan Marketing Association, MTN -- 3.8%
46,800,000 5.56%, 01/27/99 46,773,402
101,005,000 5.63%, 02/12/99 100,991,037
50,000,000 5.75%, 06/30/98 49,976,364
45,000,000 5.91%, 12/04/98 45,000,000
-------------
242,740,803
-------------
Student Loan Marketing Association, FRN -- 1.8%
25,000,000 5.47%, 03/03/98 24,998,252
5,000,000 5.49%, 03/03/98 5,000,000
15,000,000 5.49%, 03/03/98 15,000,575
24,000,000 5.49%, 03/03/98 24,001,127
25,000,000 5.50%, 03/03/98 25,000,000
25,000,000 5.68%, 03/03/98 25,000,000
-------------
118,999,954
================================================================================
Total U.S. Government Agency
Obligations 5,167,560,731
(Cost $5,167,560,731)
================================================================================
Repurchase Agreements -- 19.6%
------------------------------
400,000,000 Morgan Stanley & Co., Inc., 5.53%,
due 03/02/98, (Dated 02/27/98,
Proceeds $400,184,333, Secured
by; FNMA Pools $402,413,326,
6.14% through 8.05%, due
04/01/19 through 08/01/36;
Market $410,000,609) 400,000,000
400,000,000 Morgan Stanley & Co., Inc., 5.56%,
due 03/02/98, (Dated 02/27/98,
Proceeds $400,185,333, Secured
by; FNMA Pools, $406,087,384,
6.00% through 9.00%, due
01/01/09 through 08/01/37;
Market $410,305,327) 400,000,000
</TABLE>
See notes to financial statements.
11
<PAGE>
Chase Vista U.S. Government Money Market Fund
Portfolio of Investments February 28, 1998 (unaudited) (continued)
<TABLE>
<CAPTION>
================================================================================
Principal
Amount Issuer Value
================================================================================
<S> <C> <C>
$61,706,000 Goldman Sachs & Co., 5.64%, due
03/02/98, (Dated 02/27/98,
Proceeds $61,735,002, Secured by;
US Treasury Note, $61,465,872 at
5.88%, due 09/30/02; Market
$ 62,940,949) $ 61,706,000
400,000,000 Credit Suisse First Boston Corp.,
5.50%, due 03/06/98, (Dated
02/25/98, Proceeds $400,550,000,
Secured by GNMA Pools,
$268,876,308, 6.95% through
9.00%, 05/15/98 through 09/15/37;
GNMA II Pool, $85,221,883 at
7.50%, due 01/20/28; GNMA II
ARM, $ 41,210,879 at 5.50%,
due 01/20/28; Market
$411,023,379) 400,000,000
================================================================================
Total Repurchase Agreements 1,261,706,000
(Cost $1,261,706,000)
================================================================================
Total Investments -- 99.8% $6,429,266,731
(Cost $6,429,266,731)**
================================================================================
</TABLE>
See notes to financial statements.
12
<PAGE>
About Your Fund
CHASE VISTA TREASURY PLUS
MONEY MARKET FUND
- --------------------------------------------------------------------------------
FUND FACTS
<TABLE>
<S> <C>
Objective High current income consistent with
captial preservation
Primary investments: Direct obligations of the U.S. Treasury
including Treasury bills, bonds and notes
as well as repurchase agreements which
are fully collateralized by obligations
issued or guaranteed by the
U.S. Treasury
Suggested investment
time frame: Short-term
Share classes offered: Vista, Premier and Institutional Shares
As of February 28, 1998
Net assets: $2.5 Billion
Average days to maturity: 53 days
S & P Rating*: AAA
Moody's Rating*: Aaa
NAIC Rating*: NAIC-exempt
</TABLE>
* This rating is historical and is based upon the Fund's credit quality, market
price exposure and management. It signifies that the Fund's safety is excellent
and that it has superior capacity to maintain a $1 Net Asset Value per share.
The National Association of insurance commissioners' (NAIC's) "approved" status
indicates that the Fund meets certain pricing and quality guidelines.
MATURITY SCHEDULE AS OF 2/28/98
<TABLE>
<CAPTION>
<S> <C>
1-14 days ................... 70.16%
15-30 days .................. 0.00%
31-60 days .................. 0.00%
61-90 days .................. 0.00%
91+ days .................... 29.84%
</TABLE>
13
<PAGE>
About Your Fund
CHASE VISTA TREASURY PLUS
MONEY MARKET FUND
CHASE VISTA TREASURY PLUS MONEY MARKET FUND
COMPOSITION OF TOTAL ASSETS AS OF 2/28/98
[PIE CHART OMITTED]
<TABLE>
<CAPTION>
Composition of Total
Assets as of 2/28/98
--------------------
<S> <C>
Cash/Other 7.3%
Investments 92.7%
</TABLE>
CHASE VISTA TREASURY PLUS
MONEY MARKET FUND AS OF 2/28/98(1)
<TABLE>
<CAPTION>
7-Day
SEC Yield(2)
<S> <C>
Vista Shares 4.92%
Premier Shares 5.06%
Institutional Shares 5.31%
</TABLE>
(1) Past performance is not a guarantee of future results. Yields will
fluctuate. An investment is neither insured nor guaranteed by the U.S.
government and there can be no assurance that the fund will maintain a stable
Net Asset Value of $1.00 per share.
(2) The yield for Vista Shares, Premier Shares and Institutional Shares reflect
the voluntary waiver of certain expenses and the assumption of certain expenses
otherwise payable by the Fund. Without waivers, the yield would have been 4.81%
for Vista Shares, 5.01% for Premier Shares and 5.26% for Institutional Shares.
This voluntary waiver may be modified or terminated at any time, which would
reduce the fund's performance.
14
<PAGE>
Chase Vista Treasury Plus Money Market Fund
Portfolio of Investments February 28, 1998 (unaudited)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
================================================================================
U.S. Treasury Securities--61.8%
----------------------------------
U.S. Treasury Bills -- 30.5%
<S> <C> <C>
$569,000,000 4.90%, 03/05/98 $ 568,767,928
200,000,000 5.35%, 04/16/98 198,692,222
-------------
767,460,150
-------------
U.S. Treasury Notes -- 31.3%
328,000,000 6.25%, 06/30/98 328,975,716
300,000,000 6.25%, 07/31/98 301,105,085
50,000,000 6.00%, 09/30/98 50,145,689
50,000,000 5.75%, 12/31/98 50,092,834
55,000,000 5.00%, 02/15/99 54,716,444
-------------
785,035,768
================================================================================
Total U.S. Treasury Securities
(Cost $1,552,495,918) 1,552,495,918
================================================================================
Repurchase Agreements -- 42.1%
------------------------------
355,760,000 Goldman Sachs & Co., 5.57%, due
03/02/98, (Dated 02/27/98,
Proceeds $355,925,032, Secured by
US Treasury Notes, $250,012,000,
6.38% through 10.63%, due
04/30/99 through 08/15/15;
Market $365,935,200) 355,760,000
300,000,000 Credit Suisse First Boston Corp.,
5.63%, due 03/02/98, (Dated
02/27/98, Proceeds $300,140,750,
Secured by; U.S. Treasury Notes,
$297,499,000, 5.75% through
6.25%, due 06/30/99 through
08/15/07; Market $307,502,268) 300,000,000
</TABLE>
See notes to financial statements.
15
<PAGE>
Chase Vista Treasury Plus Money Market Fund
Portfolio of Investments February 28, 1998 (unaudited) (continued)
<TABLE>
<CAPTION>
================================================================================
Principal
Amount Issuer Value
================================================================================
<S> <C> <C>
$400,000,000 Morgan Stanley & Co., Inc., 5.52%,
due 03/02/98, (Dated 02/27/98,
Proceeds $400,184,000, Secured
by; GNMA Pools, $304,325,354,
7.00% through 12.00%, due
09/15/08 through 10/15/27;
GNMA II Pools, $91,757,613,
6.50% through 7.38%,
due 04/20/24 through 07/20/27;
Market $411,752,694) $ 400,000,000
================================================================================
Total Repurchase Agreements $1,055,760,000
(Cost $1,055,760,000)
================================================================================
Total Investments--103.9% $2,608,255,918
(Cost $2,608,255,918)**
================================================================================
</TABLE>
See notes to financial statements.
16
<PAGE>
About Your Fund
CHASE VISTA FEDERAL MONEY MARKET FUND
FUND FACTS
<TABLE>
<S> <C>
Objective: High current income consistent with capital
preservation
Primary investments: Direct obligations of the U.S. Treasury
including Treasury bills, bonds and notes as
well as obligations issued or guaranteed by the
U.S. Treasury and its Agencies
Suggested investment
time frame: Short-term
Share classes offered: Vista, Premier and Institutional Shares
As of February 28, 1998
Net assets: $741 Million
Average days to maturity: 59 days
S&P Rating: Not Rated
Moody's Rating: Not Rated
NAIC Rating: Not Rated
</TABLE>
MATURITY SCHEDULE AS OF 2/28/98
<TABLE>
<CAPTION>
<S> <C>
1-14 days ................... 8.35%
15-30 days .................. 3.22%
31-60 days .................. 9.23%
61-90 days .................. 1.83%
91+ days .................... 77.37%
</TABLE>
17
<PAGE>
About Your Fund
CHASE VISTA FEDERAL MONEY MARKET FUND
CHASE VISTA FEDERAL MONEY MARKET FUND
COMPOSITION OF TOTAL ASSETS AS OF 2/28/98
[PIE CHART OMITTED]
<TABLE>
<CAPTION>
Composition of Total
Assets as of 2/28/98
--------------------
<S> <C>
Cash/Other 1.9%
Investments 98.1%
</TABLE>
CHASE VISTA FEDERAL MONEY MARKET FUND AS OF 2/28/98(1)
<TABLE>
<CAPTION>
7-Day
SEC Yield(2)
<S> <C>
Vista Shares 4.88%
Premier Shares 5.08%
Institutional Shares 5.31%
</TABLE>
(1) Past performance is not a guarantee of future results. Yields will
fluctuate. An investment is neither insured nor guaranteed by the U.S.
government and there can be no assurance that the funds will maintain a stable
Net Asset Value of $1.00 per share.
(2) The yields for Vista Shares and Premier Shares reflect the voluntary waiver
of certain expenses and the assumption of certain expenses otherwise payable by
the Fund. Without waivers, the yields for Vista Shares would have been 4.73% and
5.07% for Premier Shares. This voluntary waiver may be modified or terminated at
any time, which would reduce the fund's performance.
18
<PAGE>
Chase Vista Federal Money Market Fund
Portfolio of Investments February 28, 1998 (unaudited)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
================================================================================
U.S. Government Agency Obligations -- 102.7%
---------------------------------------------
Federal Farm Credit Bank, DN -- 6.8%
<S> <C> <C>
$25,000,000 5.45%, 03/03/98 $24,999,837
25,000,000 5.70%, 09/02/98 24,982,770
-----------
49,982,607
-----------
Federal Farm Credit Bank, Debentures -- 1.3%
10,000,000 5.55%, 03/02/98 10,000,000
-----------
Federal Farm Credit Bank, FRN -- 16.9%
25,000,000 5.49%, 02/05/99 24,991,000
50,000,000 5.49%, 02/25/99 49,975,919
50,000,000 5.52%, 01/21/99 49,987,093
-----------
124,954,012
-----------
Federal Home Loan Bank, DN -- 24.5%
25,000,000 5.11%, 02/04/99 23,797,021
25,000,000 5.14%, 01/06/99 23,893,472
100,000 5.32%, 05/06/98 99,039
4,545,000 5.36%, 03/25/98 4,529,436
4,740,000 5.37%, 04/07/98 4,714,546
12,000,000 5.37%, 06/08/98 11,824,580
25,000,000 5.37%, 06/23/98 24,578,604
20,860,000 5.39%, 07/29/98 20,394,642
21,008,000 5.40%, 04/16/98 20,866,196
14,000,000 5.40%, 05/01/98 13,874,000
25,000,000 5.41%, 04/22/98 24,808,396
7,980,000 5.59%, 03/02/98 7,980,000
-----------
181,359,932
-----------
Federal Home Loan Bank, Debentures -- 6.1%
25,000,000 5.61%, 03/02/99 25,000,000
20,000,000 6.03%, 04/15/98 19,996,910
-----------
44,996,910
-----------
Federal Home Loan Bank, FRN -- 35.1%
50,000,000 5.41%, 07/02/98 49,985,181
20,000,000 5.45%, 03/24/98 19,998,947
25,000,000 5.45%, 03/06/98 24,999,811
100,000,000 5.54%, 07/07/98 99,969,409
40,000,000 5.56%, 09/04/98 40,000,000
</TABLE>
See notes to financial statements.
19
<PAGE>
Chase Vista Federal Money Market Fund
Portfolio of Investments February 28, 1998 (unaudited) (continued)
<TABLE>
<CAPTION>
- -------------- ------------------------------------------------- -----------
Principal
Amount Issuer Value
- ----------------------------------------------------------------------------
<S> <C> <C>
$25,000,000 5.59%, 12/22/98 $24,988,160
-----------
259,941,508
-----------
Student Loan Marketing Association, FRN -- 12.0%
15,050,000 5.48%, 02/22/99 15,052,030
750,000 5.49%, 01/13/99 750,043
3,275,000 5.49%, 02/08/99 3,274,917
20,000,000 5.59%, 07/16/98 20,000,000
50,000,000 5.71%, 12/18/98 50,000,000
-----------
89,076,990
- ----------------------------------------------------------------------------
Total Investments--102.7% $760,311,959
(Cost $760,311,959)**
- ----------------------------------------------------------------------------
</TABLE>
See notes to financial statements.
20
<PAGE>
About Your Fund
CHASE VISTA CASH MANAGEMENT FUND
- --------------------------------------------------------------------------------
FUND FACTS
- --------------------------------------------------------------------------------
<TABLE>
<S> <C>
Objective: High current income consistent with capital
preservation
Primary investments: High quality, short-term, U.S. dollar-
denominated money market instruments
Suggested investment
time frame: Short-term
Share classes offered: Vista, Premier and Institutional Shares
As of February 28, 1998
Net assets: $4.4 Billion
Average days to maturity: 68 days
S&P Rating: Not Rated
Moody's Rating: Not Rated
NAIC Rating: Not Rated
</TABLE>
MATURITY SCHEDULE AS OF 2/28/98
<TABLE>
<CAPTION>
<S> <C>
1-14 days .............................................. 12.96%
15-30 days ............................................. 19.27%
31-60 days ............................................. 15.24%
61-90 days ............................................. 10.86%
91+ days ............................................... 41.67%
</TABLE>
21
<PAGE>
About Your Fund
CHASE VISTA CASH MANAGEMENT FUND
CHASE VISTA CASH MANAGEMENT FUND
COMPOSITION OF TOTAL ASSETS AS OF 2/28/98
[PIE CHART OMITTED]
<TABLE>
<CAPTION>
Composition of total
assets as of 2/28/98
--------------------
<S> <C>
Cash/Other 1.4%
Investments 98.6%
</TABLE>
CHASE VISTA CASH MANAGEMENT FUND AS OF 2/28/98(1)
<TABLE>
<CAPTION>
7-Day
SEC Yield(2)
<S> <C>
Vista Shares 5.12%
Premier Shares 5.27%
Institutional Shares 5.47%
</TABLE>
(1) Past performance is not a guarantee of future results. Yields will
fluctuate. An investment is neither insured nor guaranteed by the U.S.
government and there can be no assurance that the fund will maintain a stable
Net Asset Value of $1.00 per share.
(2) The yields for Vista and Premier Shares reflect the voluntary waiver of
certain expenses and the assumption of certain expenses otherwise payable by the
Fund. Without waivers, the yields would have been 5.10% for Vista Shares and
5.20% for Premier Shares. This voluntary waiver may be modified or terminated at
any time, which would reduce the fund's performance.
22
<PAGE>
Chase Vista Cash Management Fund
Portfolio of Investments February 28, 1998 (unaudited)
<TABLE>
<CAPTION>
Principal
Amount Value
(USD) Issuer (USD)
- --------------------------------------------------------------------------------
<S> <C> <C>
Notes & Bonds -- 10.2%
- --------------------------------------------------------------------------------
State & Municipal Obligations -- 0.4%
--------------------------------------
$10,400,000 Richmond County, Georgia, IDA,
6.20%, 06/01/98 $10,400,000
6,700,000 Virginia State Housing Development
Authority, Multi-Family, Ser A,
5.68%, 11/01/98 6,698,459
- --------------------------------------------------------------------------------
Total State & Municipal Obligations
(Cost $17,098,459) 17,098,459
- --------------------------------------------------------------------------------
Corporate Notes & Bonds -- 9.8%
-------------------------------
Banking -- 0.6%
20,000,000 Bankers Trust Co. of New York,
5.69%, 01/08/99 19,996,718
7,200,000 Northwest Corp., 5.75%, 11/16/98 7,194,021
-----------
27,190,739
-----------
Computers/Computer Hardware -- 0.2%
10,000,000 International Business Machines
Corp., 5.81%, 10/01/98 9,998,424
-----------
Financial Services -- 8.9%
Beta Finance Corp., Inc. (Cayman
Islands),
15,000,000 5.90%, 07/24/98 15,000,000
25,000,000 5.69%, 03/02/99 25,000,000
9,000,000 British Telecommunications Finance,
9.38%, 02/15/99 9,303,756
Centauri Corp.,
32,000,000 5.70%, 03/02/99 32,000,000
15,000,000 6.36%, 05/01/98 15,003,416
11,000,000 Ford Motor Credit Corp., 9.25%,
06/15/98 11,092,225
15,000,000 General Electric Capital Corp., Ser.
A, 7.13%, 04/06/98 15,016,670
5,000,000 Diageo, PLC (United Kingdom),
5.36%, 03/13/98 4,998,728
</TABLE>
See notes to financial statements.
23
<PAGE>
Chase Vista Cash Management Fund
Portfolio of Investments February 28, 1998 (unaudited) (continued)
<TABLE>
<CAPTION>
Principal
Amount Value
(USD) Issuer (USD)
- -------------- ------------------------------------- --------------
<S> <C> <C>
Notes & Bonds -- (continued)
- --------------------------------------------------------------------
International Business Machines
Credit Corp.,
$25,500,000 5.47%, 02/10/99 $25,471,566
44,000,000 5.80%, 11/06/98 43,980,559
23,000,000 6.12%, 05/11/98 23,000,132
4,000,000 6.38%, 05/11/98 4,001,396
International Lease Financing Corp.,
8,200,000 5.83%, 03/12/98 8,200,014
9,000,000 6.04%, 05/06/98 8,997,997
5,275,000 6.25%, 06/15/98 5,276,332
2,605,000 7.00%, 06/01/98 2,609,842
1,900,000 7.15%, 04/20/98 1,902,365
3,500,000 John Deer Capital Corp., 6.00%,
02/01/99 3,501,689
Merrill Lynch & Co., Inc.,
7,000,000 5.57%, 02/16/99 6,999,332
25,000,000 5.88%, 07/22/98 25,000,000
24,500,000 5.89%, 12/01/98 24,500,000
25,000,000 6.00%, 10/09/98 25,000,000
2,500,000 National Rural Utilities Coop,
Financing Coop, 5.98%, 07/10/98 2,500,000
5,000,000 Paccar Financial Corp., 6.25%,
01/15/99 5,023,431
Sigma Finance Corp. (United
Kingdom),
14,000,000 5.70%, 03/02/99 14,000,000
11,000,000 6.00%, 09/15/98 10,998,245
25,000,000 6.00%, 09/15/98 25,000,000
-----------
393,377,695
-----------
Insurance -- 0.1%
2,715,000 Travelers Group, Inc., 5.75%,
04/15/98 2,714,395
- --------------------------------------------------------------------------------
Total Corporate Notes & Bonds
(Cost $433,281,253) 433,281,253
- --------------------------------------------------------------------------------
Total Notes & Bonds
(Cost $450,379,712) 450,379,712
- --------------------------------------------------------------------------------
</TABLE>
See notes to financial statements.
24
<PAGE>
Chase Vista Cash Management Fund
Portfolio of Investments February 28, 1998 (unaudited) (continued)
<TABLE>
<CAPTION>
Principal
Amount Value
(USD) Issuer (USD)
- --------------------------------------------------------------------------------
<S> <C> <C>
Commercial Paper -- 48.5%
- --------------------------------------------------------------------------------
State & Municipal Obligations -- 1.9%
--------------------------------------
$56,900,000 Anaheim City, California, 5.89%,
03/02/98 $56,900,000
16,310,000 Baltimore Gas & Electric Co., 5.48%,
03/20/98 16,265,310
12,600,000 Oakland-Alameda County, California,
5.58%, 05/13/98 12,600,000
- --------------------------------------------------------------------------------
Total State & Municipal Obligations
(Cost $85,765,310) 85,765,310
- --------------------------------------------------------------------------------
Corporate Notes & Bonds -- 46.6%
--------------------------------------
51,750,000 Asset Backed Capital LTD (Cayman
Islands), 5.48%, 05/15/98 51,167,065
30,000,000 Barton Capital Corp., 5.49%,
04/14/98 29,803,275
20,000,000 Beta Finance Corp., Inc., 5.99%,
10/28/98 20,002,512
25,000,000 BIL North America Inc., 5.65%,
06/15/98 24,588,021
25,000,000 BNP U.S. Finance Corp., 5.51%,
04/06/98 24,866,076
BP America Inc.,
50,000,000 5.48%, 03/19/98 49,870,729
20,000,000 5.48%, 03/09/98 19,978,689
Cades BE (France),
24,500,000 5.58%, 03/23/98 24,420,252
25,000,000 5.58%, 03/27/98 24,903,125
Caterpillar Financial Services,
17,895,000 5.55%, 04/22/98 17,754,300
15,000,000 5.57%, 04/02/98 14,928,054
21,000,000 Ciesco L.P., 5.50%, 04/03/98 20,897,333
Daimler-Benz North America Corp.,
(Germany),
25,000,000 5.44%, 03/19/98 24,935,778
50,000,000 5.56%, 03/27/98 49,806,944
23,000,000 5.57%, 03/18/98 22,943,062
</TABLE>
See notes to financial statements.
25
<PAGE>
Chase Vista Cash Management Fund
Portfolio of Investments February 28, 1998 (unaudited) (continued)
<TABLE>
<CAPTION>
Principal
Amount Value
(USD) Issuer (USD)
- -------------- ---------------------------------------- --------------
<S> <C> <C>
Commercial Paper -- (continued)
- -----------------------------------------------------------------------
$25,000,000 5.60%, 03/17/98 $24,941,666
10,000,000 5.60%, 04/28/98 9,911,333
24,000,000 5.55%, 03/27/98 23,907,500
Den Danske Corp., (Denmark),
15,000,000 5.56%, 05/15/98 14,828,567
100,000,000 5.65%, 04/08/98 99,419,819
Diageo PLC, (United Kingdom),
50,000,000 5.39%, 05/28/98 49,349,312
51,000,000 5.47%, 04/02/98 50,759,776
Ford Motor Credit Corp.,
49,000,000 5.46%, 04/24/98 48,606,122
20,000,000 5.47%, 03/20/98 19,945,300
24,000,000 5.47%, 04/03/98 23,883,307
19,000,000 5.55%, 03/03/98 18,997,071
15,000,000 General Electric Capital Services Inc.,
5.55%, 04/23/98 14,879,750
Goldman Sachs & Co.,
50,000,000 5.52%, 05/15/98 49,432,667
50,000,000 5.70%, 05/14/98 49,422,083
42,792,000 Hewlett-Packard Finance, 5.45%,
03/30/98 42,610,609
Lucent Technologies, Inc.,
50,000,000 5.47%, 03/30/98 49,787,472
46,500,000 5.49%, 03/05/98 46,478,726
50,000,000 5.49%, 03/06/98 49,969,500
13,000,000 Merrill Lynch & Co., Inc., 5.50%,
04/17/98 12,908,639
MetLife Funding Inc.,
13,668,000 5.47%, 03/13/98 13,645,155
60,296,000 5.47%, 03/16/98 60,167,737
27,734,000 5.48%, 03/10/98 27,700,226
47,124,000 5.48%, 03/17/98 47,016,400
22,201,000 5.72%, 03/24/98 22,123,395
50,000,000 Monte Rosa Capital Corp., 5.52%,
03/18/98 49,877,333
25,000,000 National Australia Funding (DE) Inc.
(Australia), 5.45%, 04/23/98 24,803,194
</TABLE>
See notes to financial statements.
26
<PAGE>
Chase Vista Cash Management Fund
Portfolio of Investments February 28, 1998 (unaudited) (continued)
<TABLE>
<CAPTION>
Principal
Amount Value
(USD) Issuer (USD)
- --------------------------------------------------------------------------------
<S> <C> <C>
Commercial Paper -- (continued)
- --------------------------------------------------------------------------------
$25,000,000 National Rural Utilities Cooperative
Finance Corp., 5.68%, 04/28/98 $24,775,167
11,000,000 Pooled Accounts Receivable Capital
Corp., 5.51%, 03/12/98 10,983,164
19,000,000 Prudential Funding Corp., 5.48%,
04/14/98 18,875,634
Redwood Receivable Capital Corp.,
19,897,000 5.50%, 03/18/98 19,848,363
24,000,000 5.50%, 04/09/98 23,860,667
10,270,000 5.52%, 03/18/98 10,244,804
Rio Tinto America Inc.,
48,700,000 5.45%, 05/15/98 48,154,425
15,000,000 5.48%, 04/06/98 14,920,083
ROSE Funding Corp., (United Kingdom),
34,660,000 5.55%, 03/03/98 34,654,657
45,000,000 5.73%, 03/02/98 45,000,000
16,000,000 5.50%, 04/28/98 15,860,667
34,413,000 5.50%, 04/28/98 34,113,320
45,000,000 Royal Bank of Canada (Canada),
5.39%, 08/03/98 43,963,388
25,000,000 San Paolo US Financial Co. (Italy),
5.65%, 04/30/98 24,768,507
34,000,000 Sheffield Receivables Corp., 5.50%,
03/24/98 33,885,722
51,000,000 Sigma Finance Corp. (United
Kingdom), 5.59%, 05/05/98 50,493,173
50,000,000 Svenska Handelsbanken Inc.
(Sweden), 5.49%, 03/19/98 49,870,375
25,000,000 Thames Asset Global Sec., (United
Kingdom), 5.47%, 04/15/98 24,832,861
30,000,000 Trident Capital Finance, (France),
5.66%, 03/13/98 29,948,117
Windmill Funding Corp.,
49,758,000 5.53%, 03/06/98 49,727,426
21,352,000 5.60%, 04/17/98 21,199,215
50,000,000 5.73%, 03/13/98 49,912,458
21,816,000 5.77%, 03/20/98 21,753,061
- ----------- -------------------------------------- -----------
</TABLE>
See notes to financial statements.
27
<PAGE>
Chase Vista Cash Management Fund
Portfolio of Investments February 28, 1998 (unaudited) (continued)
<TABLE>
<CAPTION>
Principal
Amount Value
(USD) Issuer (USD)
- --------------------------------------------------------------------------------
<S> <C> <C>
Total Corporate Obligations
(Cost $2,067,883,128) $2,067,883,128
------------------------------------------------------------
Total Commercial Paper
(Cost $2,153,648,438) 2,153,648,438
- --------------------------------------------------------------------------------
Floating Rate Notes & Bonds -- 27.2%
- --------------------------------------------------------------------------------
U.S. Government Agency
Obligations (FRDN) -- 2.7%
---------------------------------------------
Student Loan Marketing Association,
$18,500,000 5.48%, 03/03/98 18,501,093
40,700,000 5.48%, 03/03/98 40,703,044
10,525,000 5.46%, 03/03/98 10,525,000
49,000,000 5.49%, 03/03/98 49,000,000
- --------------------------------------------------------------------------------
Total U.S. Government Agency
Obligations (FRDN)
(Cost $118,729,137) 118,729,137
- --------------------------------------------------------------------------------
State & Municipal Obligations (FRDN) -- 0.4%
---------------------------------------------
7,000,000 Illinois Health Facilities Authority,
Taxable, LOYOLA University
Health, Ser. C, 5.65%, 03/03/98 7,000,000
10,000,000 Travis County, Texas, Certificates of
Obligation, 5.90%, 03/03/98 10,000,000
- --------------------------------------------------------------------------------
Total State & Municipal
Obligations (FRDN)
(Cost $17,000,000) (17,000,000)
- --------------------------------------------------------------------------------
Corporate Notes & Bonds (FRN)--24.1%
---------------------------------------------
Business Services -- 4.4%
PHH Corp.,
90,000,000 5.80%, 03/03/98 89,982,478
35,000,000 5.52%, 04/16/98 34,993,459
50,000,000 5.52%, 04/30/98 49,989,251
20,000,000 5.83%, 03/10/98 19,995,348
-----------
194,960,536
-----------
</TABLE>
See notes to financial statements.
28
<PAGE>
Chase Vista Cash Management Fund
Portfolio of Investments February 28, 1998 (unaudited) (continued)
<TABLE>
<CAPTION>
Principal
Amount Value
(USD) Issuer (USD)
- --------------------------------------------------------------------------------
<S> <C> <C>
Floating Rate Notes & Bonds -- (continued)
- --------------------------------------------------------------------------------
Computers/Computer Hardware -- 0.9%
$42,000,000 International Business Machines,
Corp., 5.49%, 05/15/98 $41,989,449
-----------
Financial Services -- 17.4%
50,000,000 ABT 1995, Ser. A-2, # 5.62%, 03/03/98 50,000,000
Bear Stearns Co., Inc.,
12,000,000 5.83%, 03/16/98 12,000,709
25,000,000 5.61%, 03/13/98 25,000,000
37,000,000 5.61%, 03/11/98 37,000,000
35,000,000 5.98%, 03/03/98 35,000,000
Caterpillar Financial Services Corp.,
47,000,000 5.61%, 04/13/98 47,000,000
1,000,000 6.06%, 03/18/98 1,000,457
30,000,000 Centauri Corp., 5.54%, 04/17/98 30,000,000
38,500,000 Ford Motor Credit Co., 5.90%,
05/01/98 38,528,453
20,000,000 Goldman Sachs Group, 5.68%,
05/26/98 20,016,443
Merrill Lynch & Co.,
78,000,000 5.55%, 05/21/98 78,000,000
25,000,000 5.61%, 04/13/98 25,000,000
25,000,000 Morgan Stanley Group, Inc., 6.04%,
03/16/98 25,000,000
45,000,000 Paccar Financial Corp., MTN,
5.53%, 03/26/98 44,998,521
45,000,000 Sigma Finance, Inc., 5.55%,
05/19/98 45,000,000
50,000,000 Steers 1997 Ser. B-71, # 5.63%,
03/03/98 50,000,000
75,000,000 Structured Product Asset Group,
5.78%, 05/27/98 75,000,000
100,000,000 Toyota Motor Credit Corp., 5.50%,
05/19/98 99,948,201
35,000,000 Triangle Funding Ltd., Ser. 1997-1X,
Class 1, # 5.75%, 03/03/98 35,000,000
-----------
773,492,784
-----------
</TABLE>
See notes to financial statements.
29
<PAGE>
Chase Vista Cash Management Fund
Portfolio of Investments February 28, 1998 (unaudited) (continued)
<TABLE>
<CAPTION>
Principal
Amount Value
(USD) Issuer (USD)
- --------------------------------------------------------------------------------
<S> <C> <C>
Floating Rate Notes & Bonds -- (continued)
- --------------------------------------------------------------------------------
Utilities -- 1.4%
$62,000,000 Baltimore Gas & Electric Co., 5.80%,
03/02/98 $ 62,002,715
- --------------------------------------------------------------------------------
Total Corporate Notes & Bonds (FRN)
(Cost $1,072,445,484) 1,072,445,484
- --------------------------------------------------------------------------------
Total Floating Rate Notes & Bonds
(Cost $1,208,174,621) 1,208,174,621
- --------------------------------------------------------------------------------
Deposits -- 11.3%
- -------------------------------------------------------------------------------
Time Deposits -- 1.2%
----------------------------------------------
4,152,000 First Union Corp., 5.54%, 03/02/98 4,152,000
50,000,000 Windmill Funding Corp., 5.49%,
04/24/98 49,595,875
-------------
53,747,875
-------------
Certificates of Deposit -- 2.9%
----------------------------------------------
15,000,000 Bank of America State Bank, 6.15%,
05/06/98 15,000,000
Bankers Trust Co. of New York,
25,000,000 5.91%, 08/07/98 25,003,052
35,000,000 5.97%, 10/27/98 34,992,178
Bankers Trust Security Corp.,
6,000,000 6.24%, 04/02/98 5,999,854
1,000,000 6.16%, 05/21/98 1,000,079
25,000,000 5.83%, 07/24/98 24,996,225
21,000,000 5.97%, 08/28/98 20,998,023
-------------
127,989,411
-------------
Certificates of Deposit (Euro Deposits)--7.2%
----------------------------------------------
25,000,000 Bank Austria of New York, 5.64%,
02/26/99 24,989,115
10,000,000 Bank of Nova Scotia, 5.89%, 09/16/98 10,010,655
10,000,000 Bankers Trust Security Corp., 5.89%,
03/04/98 10,000,000
15,000,000 Banque National de Paris, New York,
6.07%, 03/24/98 14,999,732
</TABLE>
See notes to financial statements.
30
<PAGE>
Chase Vista Cash Management Fund
Portfolio of Investments February 28, 1998 (unaudited) (continued)
<TABLE>
<CAPTION>
Principal
Amount Value
(USD) Issuer (USD)
- --------------------------------------------------------------------------------
<S> <C> <C>
Certificates of Deposits -- (continued)
- --------------------------------------------------------------------------------
$25,000,000 Bayerische Vereinsbank, (Yankee),
5.68%, 01/21/99 $ 25,000,000
Canadian Imperial Bank,
15,000,000 5.94%, 03/17/98 14,999,823
39,000,000 5.52%, 05/20/98 39,000,844
10,000,000 Deutsche Bank Financial, 5.95%,
10/26/98 9,996,885
10,000,000 Landesbank H. Thuringen, 6.13%,
04/01/98 9,999,600
Societe Generale (France),
11,000,000 5.85%, 03/03/98 10,999,988
27,000,000 5.91%, 10/15/98 26,994,867
10,000,000 5.92%, 10/21/98 9,995,729
90,000,000 Swiss Bank Corp., 5.76%, 03/26/98 90,000,589
24,000,000 Swiss Bank Corp., New York,
(Yankee), 5.64%, 02/26/99 23,987,804
--------------
320,975,631
- --------------------------------------------------------------------------------
Total Deposits (Cost $502,712,917) 502,712,917
- --------------------------------------------------------------------------------
Repurchase Agreement -- 3.8%
- --------------------------------------------------------------------------------
170,000,000 Goldman Sachs & Co., 5.55%, due
03/02/98, (Dated 02/27/98,
Proceeds $170,078,625, Secured
by: FNMA, $184,107,000 at
7.00%, due 05/01/11; Market
Value $177,186,805)
(Cost $170,000,000) 170,000,000
- --------------------------------------------------------------------------------
Total Investments -- 101.0%
(Cost $4,484,915,688) $4,484,915,688
- --------------------------------------------------------------------------------
</TABLE>
See notes to financial statements.
31
<PAGE>
About Your Fund
CHASE VISTA PRIME MONEY MARKET FUND
- --------------------------------------------------------------------------------
FUND FACTS
- --------------------------------------------------------------------------------
<TABLE>
<S> <C>
Objective: High current income consistent with capital
preservation
Primary investments: High quality short-term U.S. dollar-denominated
money market instruments
Suggested investment
time frame: Short-term
Share classes offered: Premier, Institutional and B Shares
As of February 28, 1998
Net assets: $4.3 Billion
Average days to maturity: 36 days
S&P Rating*: AAA
Moody's Rating*: Aaa
NAIC Rating*: Class 1
</TABLE>
* This rating is historical and is based upon the Fund's credit quality, market
price exposure and management. It signifies that the Fund's safety is excellent
and that it has superior capacity to maintain a $1 Net Asset Value per share.
The National Association of Insurance Commissioners' (NAIC's) Class 1 status
indicates that the Fund meets certain pricing and quality guidelines.
MATURITY SCHEDULE AS OF 2/28/98
<TABLE>
<S> <C>
1-14 days ............ 33.28%
15-30 days ........... 18.49%
31-60 days ........... 11.14%
61-90 days ........... 8.14%
91+ days ............. 28.95%
</TABLE>
32
<PAGE>
About Your Fund
CHASE VISTA PRIME MONEY MARKET FUND
CHASE VISTA PRIME MONEY MARKET FUND
COMPOSITION OF TOTAL ASSETS AS OF 2/28/98
[PIE CHART OMITTED]
<TABLE>
<CAPTION>
Composition of Total
Assets as of 2/28/98
--------------------
<S> <C>
Cash/Other 0.3%
Investments 99.7%
</TABLE>
<TABLE>
<CAPTION>
7-Day
SEC Yield(2)
<S> <C>
B Shares 4.51%
Premier Shares 5.32%
Institutional Shares 5.52%
</TABLE>
(1) Past performance is not a guarantee of future results. Yields will
fluctuate. An investment is neither insured nor guaranteed by the U.S.
government and there can be no assurance that the fund will maintain a stable
Net Asset Value of $1.00 per share.
(2) The yields for B Shares and Premier Shares reflect the voluntary waiver of
certain expenses and the assumption of certain expenses otherwise payable by the
Fund. Without waivers, the yields would have been 4.26% for B Shares and 5.25%
for Premier Shares. This voluntary waiver may be modified or terminated at any
time, which would reduce the fund's performance.
33
<PAGE>
Chase Vista Prime Money Market Fund
Portfolio of Investments February 28, 1998 (unaudited)
<TABLE>
<CAPTION>
Principal
Amount Value
(USD) Issuer (USD)
- --------------------------------------------------------------------------------
<S> <C> <C>
Corporate Notes & Bonds -- 4.5%
- --------------------------------------------------------------------------------
Financial Services
-----------------------------------
Beta Finance Inc.,
$25,000,000 5.69%, 03/02/99 $24,997,500
17,000,000 5.87%, 11/12/98 17,000,000
25,000,000 CC USA Inc. (Centauri Corp.)
(Cayman Islands), 5.70%, 03/04/99 25,000,000
13,000,000 Centauri Corp. (Cayman Islands),
6.35%, 04/30/98 13,000,000
5,000,000 KFW International Finance, 8.25%,
03/18/98 5,005,463
Sigma Finance Corp. (United
Kingdom),
25,000,000 5.70%, 02/26/99 25,000,000
25,000,000 5.92%, 10/15/98 25,000,000
20,000,000 5.94%, 08/07/98 20,000,000
7,000,000 5.97%, 11/16/98 7,000,000
15,000,000 6.00%, 09/15/98 15,000,000
15,000,000 6.20%, 06/03/98 15,000,000
- --------------------------------------------------------------------------------
Total Corporate Notes & Bonds
(Cost $192,002,963) 192,002,963
- --------------------------------------------------------------------------------
Commercial Paper -- 53.1%
- --------------------------------------------------------------------------------
Corporate Obligations
-----------------------------------
17,000,000 Alfa-Russia Finance BV, 5.70%,
08/07/98 16,574,716
55,000,000 Atlantis One Funding Corp., 5.59%,
03/25/98 54,803,573
Banco BCN Barclays Bahamas Ltd.,
20,000,000 5.38%, 11/06/98 19,256,458
25,000,000 5.40%, 08/24/98 24,343,750
Banco Bozano Simonsen (Cayman
Islands),
20,000,000 5.50%, 03/31/98 19,911,389
25,000,000 5.52%, 04/22/98 24,804,500
10,000,000 5.53%, 03/23/98 9,967,742
15,000,000 5.53%, 03/30/98 14,935,483
25,000,000 5.75%, 03/02/98 25,000,000
</TABLE>
See notes to financial statements.
34
<PAGE>
Chase Vista Prime Money Market Fund
Portfolio of Investments February 28, 1998 (unaudited) (continued)
<TABLE>
<CAPTION>
Principal
Amount Value
(USD) Issuer (USD)
- --------------------------------------------------------------------------------
<S> <C> <C>
Commercial Paper -- (continued)
- --------------------------------------------------------------------------------
$10,000,000 5.80%, 03/16/98 $9,977,444
5,000,000 Banco Itau SA (Germany), 5.54%,
04/07/98 4,972,300
20,000,000 Banco Mercantil Del Norte SA,
(Banorte), Ser. A, 5.65%, 09/09/98 19,401,003
29,000,000 Banco Rio De La Plata SA (Brazil),
5.52%, 03/13/98 28,951,087
25,000,000 Bancomer SA (Canada), 5.80%,
04/22/98 24,794,583
75,000,000 Bancomext (France), 5.82%,
03/23/98 74,745,594
Banner Receivables Corp.,
30,000,000 5.62%, 03/10/98 29,962,533
20,266,000 5.64%, 03/13/98 20,231,075
50,000,000 5.64%, 03/19/98 49,866,833
50,000,000 5.69%, 03/16/98 49,889,361
30,000,000 5.74%, 03/18/98 29,923,467
35,976,000 5.74%, 03/20/98 35,872,749
64,706,000 Bavaria TRR Corp., 5.51%, 04/28/98 64,141,494
Bayerische Landesbank, Girozentrale
(Germany),
20,000,000 5.60%, 04/24/98 19,835,111
10,000,000 5.72%, 09/10/98 9,694,933
10,000,000 5.72%, 09/11/98 9,693,344
23,350,000 Beal Cayman Ltd., (Brazil), 5.80%,
03/18/98 23,289,809
CC USA Inc. (Centauri Corp.)
(Cayman Islands),
10,550,000 5.76%, 03/20/98 10,519,616
25,000,000 5.80%, 03/24/98 24,911,389
Centric Funding Corp.,
15,000,000 5.60%, 03/10/98 14,981,333
23,000,000 5.75%, 08/05/98 22,426,917
15,000,000 5.82%, 03/19/98 14,958,775
China Merchants Bank, (China),
20,000,000 5.75%, 03/02/98 20,000,000
16,250,000 5.75%, 05/29/98 16,021,597
</TABLE>
See notes to financial statements.
35
<PAGE>
Chase Vista Prime Money Market Fund
Portfolio of Investments February 28, 1998 (unaudited) (continued)
<TABLE>
<CAPTION>
Principal
Amount Value
(USD) Issuer (USD)
- --------------------------------------------------------------------------------
<S> <C> <C>
Commercial Paper -- (continued)
- --------------------------------------------------------------------------------
Citgo Petroleum Corp., Ser. A,
$11,000,000 5.88%, 04/07/98 $11,000,000
Citibank N.A.,
50,000,000 5.55%, 03/23/98 49,838,125
50,000,000 5.60%, 03/20/98 49,860,000
50,000,000 Comision Federal De Electricidad,
(Germany), 5.55%, 03/30/98 49,784,167
25,000,000 Dixie Overseas Ltd., Ser. B, 5.77%,
03/16/98 24,943,903
Dresdner Bank AG, (Germany),
17,000,000 5.57%, 03/30/98 16,926,352
25,000,000 5.62%, 06/12/98 24,601,917
35,000,000 5.75%, 06/12/98 34,430,288
9,350,000 Garanti Funding Corp., (Germany),
5.58%, 03/31/98 9,307,972
25,000,000 Girsa Funding Corp., (France),
5.50%, 05/04/98 24,759,375
Glencore Finance (Bermuda) Ser. B,
45,000,000 5.48%, 05/08/98 44,541,050
39,650,000 5.52%, 03/02/98 39,650,000
Guangdong Enter Holdings,
(Hong Kong)
10,000,000 5.74%, 03/13/98 9,982,461
Interperu Funding Ltd.,
20,000,000 5.52%, 04/15/98 19,865,067
20,000,000 5.52%, 04/20/98 19,849,733
14,000,000 5.73%, 06/01/98 13,797,222
28,500,000 5.75%, 06/01/98 28,086,121
100,174,000 Kitty Hawk Funding Corp., 5.70%,
03/10/98 100,047,113
30,000,000 KOC Funding Corp., 5.50%, 05/14/98 29,665,417
29,700,000 Landesbank H. Thuringen, 5.81%,
03/11/98 29,656,861
Mitsubishi International Corp.,
50,000,000 5.50%, 04/17/98 49,648,611
58,000,000 5.52%, 04/22/98 57,546,440
19,500,000 5.52%, 05/01/98 19,320,600
</TABLE>
See notes to financial statements.
36
<PAGE>
Chase Vista Prime Money Market Fund
Portfolio of Investments February 28, 1998 (unaudited) (continued)
<TABLE>
<CAPTION>
Principal
Amount Value
(USD) Issuer (USD)
- --------------------------------------------------------------------------------
<S> <C> <C>
Commercial Paper -- (continued)
- --------------------------------------------------------------------------------
$49,200,000 5.65%, 04/06/98 $48,929,742
10,000,000 Orix America Inc., 5.71%, 06/15/98 9,833,458
50,000,000 Pemex Capital Corp., (Mexico),
5.71%, 05/08/98 49,468,653
Petroleo Brasileiro SA, Petrobras,
(Brazil)
34,000,000 5.75%, 03/02/98 34,000,000
10,000,000 5.75%, 03/18/98 9,974,444
ROSE Funding Corp., (United
Kingdom),
46,710,000 5.50%, 04/28/98 46,303,234
20,000,000 5.80%, 03/03/98 19,996,778
60,000,000 Sigma Finance Corp., (United
Kingdom), 5.50%, 04/30/98 59,459,167
40,000,000 Stellar Capital Corp., (Japan), 5.67%,
03/23/98 39,867,700
10,000,000 Temple Physicians, Inc., (Canada),
5.87%, 03/13/98 9,982,064
Towson Town Center Inc., (Japan),
31,000,000 5.73%, 03/19/98 30,916,119
45,556,000 5.73%, 03/24/98 45,396,478
14,075,000 Trinity River Authority of Texas,
5.95%, 03/13/98 14,075,000
Tulip Funding Corp., (Netherlands),
50,000,000 5.55%, 03/23/98 49,838,125
15,000,000 5.60%, 03/04/98 14,995,333
50,000,000 Twin Towers Inc., 5.52%, 03/16/98 49,892,667
Unibanco, (Grand Cayman),
18,000,000 5.76%, 03/16/98 17,959,680
22,000,000 5.76%, 04/14/98 21,848,640
25,000,000 5.76%, 04/15/98 24,824,000
90,697,000 Windmill Funding Corp., 5.65%,
03/16/98 90,497,719
- --------------------------------------------------------------------------------
Total Commercial Paper
(Cost $2,283,827,754) 2,283,827,754
- --------------------------------------------------------------------------------
</TABLE>
See notes to financial statements.
37
<PAGE>
Chase Vista Prime Money Market Fund
Portfolio of Investments February 28, 1998 (unaudited) (continued)
<TABLE>
<CAPTION>
Principal
Amount Value
(USD) Issuer (USD)
- --------------------------------------------------------------------------------
<S> <C> <C>
Floating Rate Notes & Bonds -- 21.6%
- --------------------------------------------------------------------------------
U.S. Government Agency Obligation (FRDN) -- 1.0%
-------------------------------------------------
$44,000,000 Student Loan Marketing Association,
5.50%, 03/03/98 $44,000,000
-----------
(Cost $44,000,000)
- --------------------------------------------------------------------------------
State & Municipal Obligations (FRDN) -- 2.5%
-------------------------------------------------
19,535,000 Illinois Housing Development
Authority, Multifamily, Rev., Ser. A,
5.58%, 03/04/98 19,535,000
Illinois Student Assistance
Commission, Taxable,
20,600,000 Ser. B, 5.58%, 03/04/98 20,600,000
27,200,000 Ser. D, 5.58%, 03/04/98 27,200,000
17,000,000 Kern County, California Pension
Obligation, Taxable, Rev., Medical
Opt Period, Cr-7T, 5.70%, 03/02/98 17,000,000
935,000 New Orleans Louisiana, Aviation
Board, 5.55%, 03/04/98 935,000
New York State Housing Finance
Agency Service, Rev., Contract
Obligation,
14,400,000 Ser. A, 5.61%, 03/04/98 14,400,000
2,000,000 Ser. B, 5.61%, 03/04/98 2,000,000
2,900,000 Stanislaus County, California Pension
Obligation, Rev., Medical Options
Period, Taxable, 5.70%, 03/02/98 2,900,000
3,600,000 Texas State, Taxable, Rev., Medical
Options Period, 5.70%, 03/02/98 3,600,000
- --------------------------------------------------------------------------------
Total State & Municipal Obligations
(Cost $108,170,000) 108,170,000
- --------------------------------------------------------------------------------
Corporate Notes & Bonds (FRN)-- 18.1%
-------------------------------------
Banking -- 2.2%
-------------------------------------------------
30,000,000 Abbey National Treasury Services
PLC, (United Kingdom), 5.50%,
03/16/98 29,993,154
25,000,000 First USA Bank, 5.96%, 03/17/98 25,040,235
</TABLE>
See notes to financial statements.
38
<PAGE>
Chase Vista Prime Money Market Fund
Portfolio of Investments February 28, 1998 (unaudited) (continued)
<TABLE>
<CAPTION>
Principal
Amount Value
(USD) Issuer (USD)
- --------------------------------------------------------------------------------
<S> <C> <C>
Floating Rate Notes & Bonds -- (continued)
- --------------------------------------------------------------------------------
$ 9,400,000 Mellon Bank, 5.63%, 03/04/98 $ 9,400,000
30,000,000 Nationsbank Corp., 6.06%, 03/27/98 30,003,523
-----------
94,436,912
-----------
Financial Services -- 12.7%
----------------------------------------
24,000,000 Beta Finance Inc., 5.90%, 03/03/98 24,000,000
25,000,000 CC USA Inc.(Centauri Corp.)
(Cayman Islands), 5.89%,
03/04/98 25,000,000
16,500,000 Goldman Sachs Group, 6.18%,
03/02/98 16,509,979
15,000,000 Morgan Guaranty Trust of New York,
5.77%, 03/02/98 15,000,000
Morgan Stanley Group, Inc.,
15,000,000 5.92%, 03/02/98 15,003,818
50,000,000 6.04%, 03/15/98 50,000,000
7,921,000 Sault Ste Marie Tribe Building,
6.31%, 06/01/98 7,921,000
30,000,000 Sigma Finance Corp. (United
Kingdom), 5.83%, 03/02/98 30,000,000
125,000,000 SMM Trust 1998 Ser. B, 5.63%,
03/05/98 125,000,000
Societe Generale (France),
18,000,000 5.71%, 03/02/98 17,997,595
10,000,000 5.71%, 03/02/98 9,998,290
Steers 1997
92,836,863 Ser. A-31, # 5.66%, 03/25/98 92,822,178
70,000,000 Ser. B-71, # 5.62%, 03/16/98 69,993,388
30,000,000 Strat Trust, 1997-A, # 5.65%, 03/16/98 30,000,000
17,000,000 Tiers Trust 1997-A, # 5.65%, 03/16/98 17,000,000
-----------
546,246,248
-----------
Government Issue -- 0.2%
----------------------------------------
9,000,000 Hydro-Quebec, (Canada) (Yankee),
5.70%, 03/02/98 9,000,000
-----------
</TABLE>
See notes to financial statements.
39
<PAGE>
Chase Vista Prime Money Market Fund
Portfolio of Investments February 28, 1998 (unaudited) (continued)
<TABLE>
<CAPTION>
Principal
Amount Value
(USD) Issuer (USD)
- --------------------------------------------------------------------------------
<S> <C> <C>
Floating Rate Notes & Bonds -- (continued)
- --------------------------------------------------------------------------------
Insurance -- 2.7%
-------------------------------------
$115,000,000 General American Life Insurance Co.,
6.12%, 03/02/98 $115,000,000
Special Purpose -- 0.3%
-------------------------------------
14,000,000 Edward Obligation Group, Ser. 97B,
5.58%, 03/04/98 14,000,000
- --------------------------------------------------------------------------------
Total Corporate Notes & Bonds (FRN)
(Cost $778,683,160) 778,683,160
- --------------------------------------------------------------------------------
Total Floating Rate Notes & Bonds
(Cost $930,853,160) 930,853,160
- --------------------------------------------------------------------------------
Certificates of Deposit -- 2.6%
- --------------------------------------------------------------------------------
52,000,000 Bank of Tokyo-Mitsubishi, Ltd.
(Japan), 5.75%, 03/11/98 52,000,129
35,000,000 Deutsche Bank AG (Germany),
5.75%, 02/03/99 35,000,000
5,000,000 Landesbank H. Thuringen, 6.13%,
04/01/98 4,999,530
10,000,000 Rabobank Nederland--Cooeperatieve
Centrale Raiffeisen-Boerenleenbank
BA, 6.07%, 03/26/98 9,999,749
10,000,000 Wachovia Bank of North Carolina,
N.A., 6.15%, 05/06/98 9,998,012
- --------------------------------------------------------------------------------
Total Certificates of Deposit
(Cost $111,997,420) 111,997,420
- --------------------------------------------------------------------------------
Repurchase Agreements -- 19.9%
- --------------------------------------------------------------------------------
130,583,000 Goldman Sachs & Co., 5.53%, due
03/02/98, (Dated 02/27/98,
Proceeds $130,643,177, Secured by
FHLMC, $14,748,975 at 7.00%,
due 10/01/27; FNMA,
$117,746,749 at 7.44% due
08/01/25; Market $133,194,661) 130,583,000
</TABLE>
See notes to financial statements.
40
<PAGE>
Chase Vista Prime Money Market Fund
Portfolio of Investments February 28, 1998 (unaudited) (continued)
<TABLE>
<CAPTION>
Principal
Amount Value
(USD) Issuer (USD)
- --------------------------------------------------------------------------------
<S> <C> <C>
Repurchase Agreements -- (continued)
- --------------------------------------------------------------------------------
$200,000,000 Morgan Stanley, Dean Witter,
Discover & Co., 5.70%, due
03/02/98, (Dated 02/27/98,
Proceeds $200,095,000, Secured by
FHLMCs, $204,279,335, 6.20%
through 7.81%, due 01/01/24
through 01/01/35; Market Value
$205,716,609) $ 200,000,000
525,000,000 Morgan Stanley, Dean Witter,
Discover & Co., 5.71%, due
03/02/98, (Dated 02/27/98,
Proceeds $525,249,812, Secured by
FHLMCs, $422,328,986, 5.00%
through 9.50%, due 03/01/98
through 02/01/28; PC Golds,
$112,557,653, 5.93% through
6.20%, due 08/01/24 through
08/01/34; Markket Value
$540,750,586) 525,000,000
- --------------------------------------------------------------------------------
Total Repurchase Agreements 855,583,000
(Cost $855,583,000)
- --------------------------------------------------------------------------------
Total Investments--101.7% $4,374,264,297
(Cost $4,374,264,297)**
- --------------------------------------------------------------------------------
</TABLE>
See notes to financial statements.
41
<PAGE>
Chase Vista Prime Money Market Fund
Portfolio of Investments February 28, 1998 (unaudited)
<TABLE>
<CAPTION>
<S> <C>
** -- The cost of securities is substantially the same for federal income
tax purposes.
DN -- Discount Note
FHLMC -- Federal Home Loan Mortgage Corp.
FNMA -- Federal National Mortgage Association
FRDN -- Floating Rate Demand Note: The maturity date shown is the next
interest reset date; the rate shown is the rate in effect at February
28, 1998.
FRN -- Floating Rate Note: The maturity date shown is the next interest
reset date; the rate shown is the rate in effect at February 28,
1998.
GNMA -- Government National Mortgage Association
IDA -- Industrial Development Authority
MTN -- Medium Term Note
ARM -- Adjustable Rate Mortgage
REV -- Revenue Bond
</TABLE>
See notes to financial statements.
42
<PAGE>
Chase Vista Mutual Funds
Statement of Assets and Liabilities February 28, 1998 (unaudited)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
100% U.S. U.S.
Treasury Securities Government Treasury Plus
Money Market Money Market Money Market
Fund Fund Fund
--------------------- ------------------- -----------------
<S> <C> <C> <C>
ASSETS:
Investment securities, at value
(Note 1) ................................. $ 3,262,641,688 $6,429,266,731 $2,608,255,918
Cash ...................................... 1,433 1,345,584 135
Other assets .............................. 46,836 108,878 39,096
Receivables:
Investment securities sold ............... 645,129,146 24,998,438 198,498,333
Interest ................................. 39,877,671 29,433,554 7,429,221
Fund shares sold ......................... 2,250,000 1,704,918 13,206
Other .................................... -- -- --
--------------- -------------- --------------
Total Assets ........................... 3,949,946,774 6,486,858,103 2,814,235,909
--------------- -------------- --------------
LIABILITIES:
Payable for investment securities
purchased ................................ 844,443,167 25,000,000 297,949,181
Payable for Fund shares redeemed .......... 15,201,721 1,683,660 250,000
Payable to custodian ...................... -- -- --
Dividends payable ......................... 3,594,918 11,771,836 3,745,167
Other liabilities ......................... 166,525 238,847 53,762
Accrued liabilities: (Note 2)
Administration fees ...................... 215,048 497,274 93,224
Distribution fees ........................ 199,344 231,028 133,086
Investment advisory fees ................. 230,752 497,273 186,448
Shareholder servicing fees ............... 458,491 554,030 439,884
Custody fees ............................. 54,858 117,344 80,291
Other .................................... 396,244 1,033,144 400,566
--------------- -------------- --------------
Total Liabilities ...................... 864,961,068 41,624,436 303,331,609
--------------- -------------- --------------
NET ASSETS:
Paid in capital ........................... 3,084,910,135 6,445,220,416 2,510,991,185
Accumulated undistributed net
investment income ........................ -- -- (44,946)
Accumulated net realized gain (loss)
on investment transactions ............... 75,571 13,251 (41,939)
--------------- -------------- --------------
Net Assets .................................. $ 3,084,985,706 $6,445,233,667 $2,510,904,300
=============== ============== ==============
Shares of beneficial interest outstanding
($.001 par value; unlimited number
of shares authorized):
Vista Shares .............................. 2,570,607,186 2,632,027,408 1,761,824,383
Premier Shares ............................ 8,134,656 876,732,609 206,629,869
Institutional Shares ...................... 506,257,068 2,936,561,149 542,634,900
B Shares ..................................
Net asset value, offering and
redemption price per share, all
classes (net assets/shares) .............. $ 1.00 $ 1.00 $ 1.00
=============== ============== ==============
Cost of investments ....................... $ 3,262,641,688 $6,429,266,731 $2,608,255,918
=============== ============== ==============
</TABLE>
See notes to financial statements.
43
<PAGE>
Chase Vista Mutual Funds
Statement of Assets and Liabilities February 28, 1998 (unaudited)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Federal Cash Prime
Money Market Management Money Market
Fund Fund Fund
---------------- ------------------- -----------------
<S> <C> <C> <C>
ASSETS:
Investment securities, at value
(Note 1) ................................ $760,311,959 $4,484,915,688 $4,374,264,297
Cash ..................................... -- 709 251,899
Other assets ............................. 15,842 68,715 29,058
Receivables:
Investment securities sold .............. -- 15,006,400 --
Interest ................................ 5,716,681 27,249,425 11,888,936
Fund shares sold ........................ 1,211,853 19,966,326 2,520,026
Other ................................... 7,976,582 -- --
------------ -------------- --------------
Total Assets .......................... 775,232,917 4,547,207,263 4,388,954,216
------------ -------------- --------------
LIABILITIES:
Payable for investment securities
purchased ............................... 25,000,000 101,701,302 75,133,639
Payable for Fund shares redeemed ......... 127,014 283,091 --
Payable to custodian ..................... 7,974,473 -- --
Dividends payable ........................ 836,822 4,096,648 9,651,727
Other liabilities ........................ 15,842 68,715 88,038
Accrued liabilities: (Note 2)
Administration fees ..................... 57,822 352,714 305,184
Distribution fees ....................... 21,640 -- 4,868
Investment advisory fees ................ 57,821 352,715 305,184
Shareholder servicing fees .............. 97,610 837,929 89,881
Custody fees ............................ 42,556 85,550 78,687
Other ................................... 309,691 564,438 514,446
------------ -------------- --------------
Total Liabilities ..................... 34,541,291 108,343,102 86,171,654
------------ -------------- --------------
NET ASSETS:
Paid in capital .......................... 740,695,384 4,438,819,648 4,302,782,562
Accumulated undistributed net
investment income ....................... (10,839) 8,014 11,081
Accumulated net realized gain (loss)
on investment transactions .............. 7,081 36,499 (11,081)
------------ -------------- --------------
Net Assets ................................. $740,691,626 $4,438,864,161 $4,302,782,562
============ ============== ==============
Shares of beneficial interest outstanding
($.001 par value; unlimited number
of shares authorized):
Vista Shares ............................. 286,563,884 2,967,214,121 --
Premier Shares ........................... 298,213,142 515,936,208 485,339,076
Institutional Shares ..................... 155,918,358 955,681,626 3,808,945,280
B Shares ................................. 8,498,016
Net asset value, offering and
redemption price per share, all
classes (net assets/shares) ............. $ 1.00 $ 1.00 $ 1.00
============ ============== ==============
Cost of investments ...................... $760,311,959 $4,484,915,688 $4,374,264,297
============ ============== ==============
</TABLE>
See notes to financial statements.
44
<PAGE>
Chase Vista Mutual Funds
Statement of Operations For the six months ended Feb. 28, 1998 (unaudited)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
100% U.S. U.S.
Treasury Securities Government Treasury Plus
Money Market Money Market Money Market
Fund Fund Fund
--------------------- -------------- --------------
<S> <C> <C> <C>
INTEREST INCOME: (Note 1C) $75,338,811 $179,323,751 $64,494,348
----------- ------------ -----------
EXPENSES: (Note 2)
Shareholder servicing fees .......... 4,373,650 5,639,118 3,375,375
Distribution fees ................... 1,246,336 1,743,483 885,666
Administration fees ................. 693,537 1,593,210 581,007
Investment advisory fees ............ 1,387,075 3,186,419 1,162,013
Sub-administration fees ............. 693,537 1,593,210 581,007
Custodian fees ...................... 107,737 212,629 92,467
Printing and postage ................ 12,397 59,507 14,876
Professional fees ................... 56,489 147,293 49,737
Registration costs .................. 300,959 319,315 165,205
Transfer agent fees ................. 295,479 567,849 244,463
Trustees fees and expenses .......... 69,354 159,321 58,101
Other ............................... 7,900 111,042 17,944
----------- ------------ -----------
Total expenses ................... 9,244,450 15,332,396 7,227,861
Less amounts waived (Note 2B) ......... 1,539,909 1,914,119 1,097,569
----------- ------------ -----------
Net expenses ........................ 7,704,541 13,418,277 6,130,292
----------- ------------ -----------
Net investment income ............... 67,634,270 165,905,474 58,364,056
----------- ------------ -----------
REALIZED GAIN ON INVESTMENTS
Net realized gain on investment
transactions ....................... 526,169 1,868 79,722
----------- ------------ -----------
Net increase in net assets from
operations ......................... $68,160,439 $165,907,342 $58,443,778
=========== ============ ===========
</TABLE>
See notes to financial statements.
45
<PAGE>
Chase Vista Mutual Funds
Statement of Operations For the six months ended Feb. 28, 1998 (unaudited)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Federal Cash Prime
Money Market Management Money Market
Fund Fund Fund
-------------- --------------- -------------
<S> <C> <C> <C>
INTEREST INCOME: (Note 1C) $21,802,890 $122,602,790 $81,698,529
----------- ------------ -----------
EXPENSES: (Note 2)
Shareholder servicing fees .......... 889,984 5,372,218 725,847
Distribution fees ................... 135,387 -- 38,727
Administration fees ................. 194,065 1,069,079 705,096
Investment advisory fees ............ 388,129 2,138,158 1,410,193
Sub-administration fees ............. 194,065 1,069,079 705,096
Custodian fees ...................... 69,374 184,744 132,285
Printing and postage ................ 7,454 29,753 12,397
Professional fees ................... 24,065 79,021 56,388
Registration costs .................. 47,261 272,433 252,657
Transfer agent fees ................. 247,124 520,030 195,611
Trustees fees and expenses .......... 19,406 106,908 70,510
Other ............................... 7,099 5,335 55,193
----------- ------------ -----------
Total expenses ................... 2,223,413 10,846,758 4,360,000
Less amounts waived (Note 2B) ......... 210,460 367,183 212,532
----------- ------------ -----------
Net expenses ........................ 2,012,953 10,479,575 4,147,468
----------- ------------ -----------
Net investment income ............... 19,789,937 112,123,215 77,551,061
----------- ------------ -----------
REALIZED GAIN ON INVESTMENTS
Net realized gain on investment
transactions ....................... 4,837 23,688 59,371
----------- ------------ -----------
Net increase in net assets from
operations ......................... $19,794,774 $112,146,903 $77,610,432
=========== ============ ===========
</TABLE>
See notes to financial statements.
46
<PAGE>
Chase Vista Mutual Funds
Statement of Changes in Net Assets For the periods indicated
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
100% U.S. Treasury Securities
Money Market
Fund
-----------------------------------
Six Months Year
Ended Ended
02/28/98 08/31/97
------------------ ----------------
<S> <C> <C>
INCREASE (DECREASE) IN NET ASSETS
FROM OPERATIONS:
Net investment income ................................... $ 67,634,270 $ 95,373,722
Net realized gain on investment transactions ............ 526,169 608,194
-------------- --------------
Increase in net assets from operations .................. 68,160,439 95,981,916
-------------- --------------
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income ................................... (67,634,270) (95,373,722)
Net realized gain on investment transactions ............ (464,455) (896,002)
-------------- --------------
Total dividends and distributions ....................... (68,098,725) (96,269,724)
-------------- --------------
Increase (Decrease) from capital share transactions ..... 621,794,091 791,586,677
-------------- --------------
Total increase (decrease) .............................. 621,855,805 791,298,869
NET ASSETS:
Beginning of period ..................................... 2,463,129,901 1,671,831,032
-------------- --------------
End of period ........................................... $3,084,985,706 $2,463,129,901
============== ==============
<CAPTION>
U.S. Government
Money Market
Fund
-----------------------------------
Six Months Year
Ended Ended
02/28/98 08/31/97
----------------- -----------------
<S> <C> <C>
INCREASE (DECREASE) IN NET ASSETS
FROM OPERATIONS:
Net investment income ................................... $ 165,905,474 $ 262,809,271
Net realized gain on investment transactions ............ 1,868 493,637
-------------- --------------
Increase in net assets from operations .................. 165,907,342 263,302,908
-------------- --------------
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income ................................... (165,905,474) (262,809,271)
Net realized gain on investment transactions ............ (18,900) (465,957)
-------------- --------------
Total dividends and distributions ....................... (165,924,374) (263,275,228)
-------------- --------------
Increase (Decrease) from capital share transactions ..... 514,156,389 1,890,616,058
-------------- --------------
Total increase (decrease) .............................. 514,139,357 1,890,643,738
NET ASSETS:
Beginning of period ..................................... 5,931,094,310 4,040,450,572
-------------- --------------
End of period ........................................... $6,445,233,667 $5,931,094,310
============== ==============
<CAPTION>
Treasury Plus
Money Market Fund
--------------------------------------
Six Months Year
Ended Ended
02/28/98 08/31/97
------------------ ------------------
<S> <C> <C>
INCREASE (DECREASE) IN NET ASSETS
FROM OPERATIONS:
Net investment income ................................... $ 58,364,056 $ 96,104,018
Net realized gain on investment transactions ............ 79,722 245,215
-------------- --------------
Increase in net assets from operations .................. 58,443,778 96,349,233
-------------- --------------
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income ................................... (58,400,280) (96,120,887)
Net realized gain on investment transactions ............ (121,661) (166,314)
-------------- --------------
Total dividends and distributions ....................... (58,521,941) (96,287,201)
-------------- --------------
Increase (Decrease) from capital share transactions ..... 482,257,302 351,955,824
-------------- --------------
Total increase (decrease) .............................. 482,179,139 352,017,856
NET ASSETS:
Beginning of period ..................................... 2,028,725,161 1,676,707,305
-------------- --------------
End of period ........................................... $2,510,904,300 $2,028,725,161
============== ==============
</TABLE>
See notes to financial statements.
47
<PAGE>
Chase Vista Mutual Funds
Statement of Changes in Net Assets For the periods indicated
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Federal Cash Management
Money Market Fund Fund
--------------------------------- -----------------------------------
Six Months Year Six Months Year
Ended Ended Ended Ended
02/28/98 08/31/97 02/28/98 08/31/97
---------------- ---------------- ----------------- -----------------
<S> <C> <C> <C> <C>
INCREASE (DECREASE) IN NET ASSETS
FROM OPERATIONS:
Net investment income ................................... $ 19,789,937 $ 38,641,291 $ 112,123,215 $ 160,620,718
Net realized gain on investment transactions ............ 4,837 54,317 23,688 12,811
------------- ------------- -------------- --------------
Increase in net assets from operations .................. 19,794,774 38,695,608 112,146,903 160,633,529
------------- ------------- -------------- --------------
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income ................................... (19,789,937) (38,641,291) (112,123,215) (160,620,718)
Net realized gain on investment transactions ............ -- (106,779) -- --
------------- ------------- -------------- --------------
Total dividends and distributions ....................... (19,789,937) (38,748,070) (112,123,215) (160,620,718)
------------- ------------- -------------- --------------
Increase (Decrease) from capital share transactions ..... (90,647,588) 88,383,952 563,114,419 1,164,197,068
------------- ------------- -------------- --------------
Total increase (decrease) .............................. (90,642,751) 88,331,490 563,138,107 1,164,209,879
NET ASSETS:
Beginning of period ..................................... 831,334,377 743,002,887 3,875,726,054 2,711,516,175
------------- ------------- -------------- --------------
End of period ........................................... $ 740,691,626 $ 831,334,377 $4,438,864,161 $3,875,726,054
============= ============= ============== ==============
<CAPTION>
Prime
Money Market
Fund
-------------------------------------
Six Months Year
Ended Ended
02/28/98 08/31/97
------------------ ------------------
<S> <C> <C>
INCREASE (DECREASE) IN NET ASSETS
FROM OPERATIONS:
Net investment income ................................... $ 77,551,061 $ 84,411,689
Net realized gain on investment transactions ............ 59,371 179,950
-------------- --------------
Increase in net assets from operations .................. 77,610,432 84,591,639
-------------- --------------
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income ................................... (77,551,061) (84,411,688)
Net realized gain on investment transactions ............ (59,812) (179,510)
-------------- --------------
Total dividends and distributions ....................... (77,610,873) (84,591,198)
-------------- --------------
Increase (Decrease) from capital share transactions ..... 2,445,554,655 698,281,185
-------------- --------------
Total increase (decrease) .............................. 2,445,554,214 698,281,626
NET ASSETS:
Beginning of period ..................................... 1,857,228,348 1,158,946,722
-------------- --------------
End of period ........................................... $4,302,782,562 $1,857,228,348
============== ==============
</TABLE>
See notes to financial statements.
48
<PAGE>
Chase Vista Mutual Funds
Notes to Financial Statements (Unaudited)
- --------------------------------------------------------------------------------
1. Organization and Significant Accounting Policies -- Mutual Fund Trust
("MFT") (the "Trust") is organized as a Massachusetts business trust, and
registered under the Investment Company Act of 1940, as amended (the "1940
Act"), as an open-end, management investment company. Effective March 16, 1998,
the Vista Family of Mutual Funds changed its name to the Chase Vista Family of
Mutual Funds. 100% U.S. Treasury Securities Money Market Fund ("USTSMM"), U.S.
Government Money Market Fund ("USGMM"), Treasury Plus Money Market Fund
("TPMM"), Federal Money Market Fund ("FMM"), Cash Management Fund ("CMMM"), and
Prime Money Market Fund ("PMM"), are separate portfolios of MFT. Collectively
all of these funds are referred to as "Money Market Funds" or individually as
the "Fund".
The Funds offer various classes of shares as follows:
<TABLE>
<CAPTION>
Fund Classes Offered
- -------------- ---------------------------------
<S> <C>
USTSMM ......... Vista, Premier, Institutional
USGMM ......... Vista, Premier, Institutional
TPMM ......... Vista, Premier, Institutional
FMM ......... Vista, Premier, Institutional
CMMM ......... Vista, Premier, Institutional
PMM ......... Premier, Institutional, B Shares
</TABLE>
All classes of shares have equal rights as to earnings, assets and voting
privileges except that each class may bear different transfer agent,
distribution, shareholder servicing and fund servicing expenses, and each class
has exclusive voting rights with respect to its
distribution plan and shareholder servicing agreement.
The following is a summary of significant accounting policies followed by the
Funds:
The preparation of financial statements in accordance with generally accepted
accounting principles requires management to make estimates and assumptions
that affect the reported amounts and disclosures in the financial statements.
Actual results could differ from those estimates.
A. Valuation of investments -- Money market instruments are valued at
amortized cost which approximates market value. The Trust's use of
amortized cost is subject to the Trust's compliance with certain conditions
as specified under Rule 2a-7 of the 1940 Act.
B. Repurchase agreements -- It is the Trust's policy that repurchase
agreements are fully collateralized by U.S. Treasury and Government agency
securities. All collateral is held by the Trust's custodian bank,
subcustodian or a bank in 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 into an insolvency proceeding, realization of the collateral by the
Trust may be delayed or limited. In the event the buyer of securities under
a reverse repurchase agreement files for bankruptcy or becomes insolvent,
the Trust's use of proceeds of the agreement may be restricted pending a
determination by the other party, or its trustee or receiver, whether to
enforce the Trust's obligation to repurchase the securities. The Trust's
use of the proceeds of the reverse repurchase agreement may also
effectively be restricted pending such decision.
At February 28, 1998, there were no open reverse repurchase agreements.
C. 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 consists of coupon interest accrued and
amortization of premium and discount earned.
49
<PAGE>
Chase Vista Mutual Funds
Notes to Financial Statements (unaudited) (continued)
- --------------------------------------------------------------------------------
D. Federal income taxes -- Each Fund is treated as a separate taxable
entity for Federal income tax purposes. The Trust's policy is to comply
with the provisions of the Internal Revenue Code applicable to regulated
investment companies and to distribute to shareholders all of a Fund's
distributable net income, including net realized gain on investments. In
addition, the Trust intends to make distributions as required to avoid
excise taxes. Accordingly, no provision for Federal income or excise tax is
necessary.
E. Distributions to shareholders -- Each Fund declares and records a
dividend of substantially all of its net investment income on each business
day. Such dividends are paid or re-invested monthly in each respective
Fund's shares on the payable dates. 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 income
tax-basis treatment. Dividends and distributions which exceed net
investment income or net realized capital gains for financial reporting
purposes but not for tax purposes are reported as distributions in excess
of net investment income or net realized capital gains.
F. Income and Expenses -- Expenses directly attributable to a Fund are
charged to that Fund; expenses directly attributable to a particular class
are charged directly to such class. Other expenses are allocated
proportionately among the Funds within the Trust in relation to the net
assets of each Fund or on another reasonable basis. In calculating net
asset value per share of each class, investment income, realized and
unrealized gains and losses and expenses other than class specific
expenses, are allocated daily to each class of shares based upon the
proportion of net assets of each class at the beginning of each day.
2. Fees and Other Transactions with Affiliates
A. Investment advisory fee -- Pursuant to separate Investment Advisory
Agreements, The Chase Manhattan Bank ("Chase" or "Advisor") acts as the
investment adviser to the Funds. Chase is a direct wholly-owned subsidiary
of The Chase Manhattan Corporation. As investment adviser, Chase supervises
the investments of each Fund and for such services is paid a fee. The fee
is accrued daily and paid monthly at an annual rate equal to 0.10% of the
average daily net assets for each respective Fund.
Chase Asset Management, Inc. ("CAM"), a registered investment adviser, is
the sub-investment adviser to each Fund, other than the Vista Cash
Management Fund, pursuant to a Sub-Investment Advisory Agreement between
CAM and Chase. CAM is a wholly owned subsidiary of Chase and is entitled to
receive a fee, payable by Chase from its advisory fee, at an annual rate
equal to 0.03% of each Fund's average daily net assets.
Chase Bank of Texas, National Association ("CBT") is the sub-investment
adviser to the Cash Management Fund pursuant to a Sub-Investment Advisory
Agreement between Chase and CBT. CBT 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 0.03% of the Fund's average daily net assets.
B. Shareholder and Fund servicing fees -- The Trust adopted Administrative
Service Plans which, among other things, provide that the Trust on behalf
of the Funds may obtain the services of one or more Shareholder Servicing
Agents. For its services, each Shareholder Servicing Agent receives a fee.
The fee is computed daily and paid monthly at an annual rate of 0.35%,
0.25% and 0.25% of the average daily net assets of the Vista, Premier and B
Shares Class of each Fund. The Shareholder Servicing Agents voluntarily
waived fees in the amount of $1,507,280, $1,841,009, $900,709,
50
<PAGE>
Chase Vista Mutual Funds
Notes to Financial Statements (unaudited) (continued)
- --------------------------------------------------------------------------------
$210,460, $367,183 and $212,532 for the USTSMM, USGMM, TPMM, FMM, CMMM and
PMM, respectively.
No Shareholder Servicing fee was paid for the Institutional Shares.
Since inception of the Trust (except as described below), Chase and certain
of its affiliates have been the only Shareholder Servicing Agents. Certain
Premier Shareholders of the CMMM and FMM entered into a Shareholder
Servicing arrangement with Capital Network Services and Charles Schwab &
Co.
C. Distribution and sub-administrations fees -- Pursuant to the
Distribution and Sub-Administration Agreements, Vista Fund Distributors,
Inc. ("VFD" or the "Distributor"), a wholly-owned subsidiary of the BISYS
Group, Inc. ("BISYS"), acts as the Trust's exclusive underwriter and
promotes and arranges for the sale of each Fund's shares. In addition, the
Distributor provides certain sub-administration services to the Trust,
including providing officers, clerical staff and office space for an annual
fee computed daily and paid monthly, of 0.05% of the average daily net
assets of each Fund.
The Trustees have adopted plans of distribution under the 1940 Act for the
Premier Shares of USGMM (the "Premier Plan"), for the Vista Shares (the
"Vista Plan") except for CMMM, and for the B Shares of the PMM (the "B
Plan"). There are no distribution plans for the Institutional Shares. The
Premier, Vista and B Shares Plans pay the Distributor a distribution fee. The
fee is computed daily and paid monthly at an annual rate of: 0.10% of the
average daily net assets of the Vista Class of each Fund (except CMMM), 0.10%
of the average daily net assets of the USGMM Premier Class and 0.75% of the
average daily net assets of the B Shares of PMM.
The Distributor and Sub-Administrator voluntarily waived fees in the amount
of $32,629, $73,110, and $196,860 for USTSMM, USGMM and TPMM respectively.
D. Administration fee -- Pursuant to the Administration Agreement, Chase
(the "Administrator") provides certain administration services and
facilities to each Fund at a fee computed daily and paid monthly at the
annual rate equal to 0.05% of the respective Fund's average daily net
assets.
Certain officers of the Trust are officers of VFD or of its parent
corporation, BISYS.
In addition, Chase provides portfolio accounting and custody services for
the Funds. Such amounts are presented in the Statement of Operations as
custodian fees.
51
<PAGE>
Chase Vista Mutual Funds
Notes to Financial Statements (unaudited) (continued)
- --------------------------------------------------------------------------------
3. Transactions in Shares of Beneficial Interest
<TABLE>
<CAPTION>
100% U.S. Treasury Securities Money Market Fund
------------------------------------------------------------------------------
Vista Class
------------------------------------------------------------------------------
09/01/97 Through 02/28/98 Year Ended August 31, 1997
--------------------------------------- ---------------------------------------
Amount Shares Amount Shares
------------------- ------------------- ------------------ -------------------
<S> <C> <C> <C> <C>
Shares sold ................ $6,831,937,391 6,831,937,391 $10,261,243,364 10,261,243,364
Shares issued in
reinvestment
of distributions ......... 45,133,443 45,133,443 70,133,085 70,133,085
Shares redeemed ............ (6,682,737,864) (6,682,737,864) (9,626,493,212) (9,626,493,212)
-------------- -------------- --------------- --------------
Net increase (decrease)
in Trust shares
outstanding .............. $ 194,332,970 194,332,970 $ 704,883,237 704,883,237
============== ============== =============== ==============
</TABLE>
<TABLE>
<CAPTION>
Premier Class
------------------------------------------------------------------------
09/01/97 Through 02/28/98 Year Ended August 31, 1997
------------------------------------ -----------------------------------
Amount Shares Amount Shares
------------------ ----------------- ----------------- -----------------
<S> <C> <C> <C> <C>
Shares sold ............. $ 266,646,377 266,646,377 $ 17,838,413 17,838,413
Shares issued in
reinvestment of
distributions ......... 227,890 227,890 141,705 141,705
Shares redeemed ......... (264,382,621) (264,382,621) (12,564,059) (12,564,059)
--------------- ------------- -------------- --------------
Net increase (decrease)
in Trust shares
outstanding ........... $ 2,491,646 2,491,646 $ 5,416,059 5,416,059
=============== ============= ============== ==============
</TABLE>
<TABLE>
<CAPTION>
Institutional Class
-------------------------------------------------------------------------
09/01/97 Through 02/28/98 Year Ended August 31, 1997
------------------------------------ ------------------------------------
Amount Shares Amount Shares
------------------ ----------------- ------------------ -----------------
<S> <C> <C> <C> <C>
Shares sold ............. $ 832,036,043 832,036,043 $ 891,053,171 891,053,171
Shares issued in
reinvestment of
distributions ......... 2,675,035 2,675,035 4,278,994 4,278,994
Shares redeemed ......... (409,741,603) (409,741,603) (814,044,784) (814,044,784)
--------------- ------------- --------------- --------------
Net increase (decrease)
in Trust shares
outstanding ........... $ 424,969,475 424,969,475 $ 81,287,381 81,287,381
=============== ============= =============== ==============
</TABLE>
52
<PAGE>
Chase Vista Mutual Funds
Notes to Financial Statements (unaudited) (continued)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
U.S. Government Money Market Fund
---------------------------------------------------------------------------------
Vista Class
---------------------------------------------------------------------------------
09/01/97 Through 02/28/98 Year Ended August 31, 1997
--------------------------------------- -----------------------------------------
Amount Shares Amount Shares
------------------- ------------------- -------------------- --------------------
<S> <C> <C> <C> <C>
Shares sold ................ $7,410,125,791 7,410,125,791 $14,989,063,773 14,989,063,773
Shares issued in
reinvestment
of distributions ......... 29,405,523 29,405,523 56,051,339 56,051,339
Shares redeemed ............ (6,946,953,461) (6,946,953,461) (14,962,787,753) (14,962,787,753)
-------------- -------------- --------------- ---------------
Net increase (decrease)
in Trust shares
outstanding .............. $ 492,577,853 492,577,853 $ 82,327,359 82,327,359
============== ============== =============== ===============
</TABLE>
<TABLE>
<CAPTION>
Premier Class
------------------------------------------------------------------------------
09/01/97 Through 02/28/98 Year Ended August 31, 1997
-------------------------------------- ---------------------------------------
Amount Shares Amount Shares
------------------ ------------------- ------------------- -------------------
<S> <C> <C> <C> <C>
Shares sold ............. $3,629,891,146 3,629,891,146 $5,613,865,551 5,613,865,551
Shares issued in
reinvestment of
distributions ......... 13,595,393 13,595,393 24,031,128 24,031,128
Shares redeemed ......... (3,603,268,730) (3,603,268,730) (5,603,046,417) (5,603,046,417)
--------------- -------------- -------------- --------------
Net increase (decrease)
in Trust shares
outstanding ........... $ 40,217,809 40,217,809 $ 34,850,262 34,850,262
=============== ============== ============== ==============
</TABLE>
<TABLE>
<CAPTION>
Institutional Class
-----------------------------------------------------------------------------------
09/01/97 Through 02/28/98 Year Ended August 31, 1997
----------------------------------------- -----------------------------------------
Amount Shares Amount Shares
-------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C> <C>
Shares sold ............. $11,605,248,331 11,605,248,331 $19,688,867,100 19,688,867,100
Shares issued in
reinvestment of
distributions ......... 43,714,215 43,714,215 68,490,796 68,490,796
Shares redeemed ......... (11,667,601,819) (11,667,601,819) (17,983,919,459) (17,983,919,459)
--------------- --------------- --------------- ---------------
Net increase (decrease)
in Trust shares
outstanding ........... $ (18,639,273) (18,639,273) $ 1,773,438,437 1,773,438,437
=============== =============== =============== ===============
</TABLE>
53
<PAGE>
Chase Vista Mutual Funds
Notes to Financial Statements (unaudited) (continued)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Treasury Plus Money Market Fund
---------------------------------------------------------------------------------
Vista Class
---------------------------------------------------------------------------------
09/01/97 Through 02/28/98 Year Ended August 31, 1997
--------------------------------------- -----------------------------------------
Amount Shares Amount Shares
------------------- ------------------- -------------------- --------------------
<S> <C> <C> <C> <C>
Shares sold ................ $9,311,866,744 9,311,866,744 $16,488,613,526 16,488,613,526
Shares issued in
reinvestment
of distributions ......... 28,237,412 28,237,412 42,612,199 42,612,199
Shares redeemed ............ (9,184,226,260) (9,184,226,260) (16,307,623,845) (16,307,623,845)
-------------- -------------- --------------- ---------------
Net increase (decrease)
in Trust shares
outstanding .............. $ 155,877,896 155,877,896 $ 223,601,880 223,601,880
============== ============== =============== ===============
</TABLE>
<TABLE>
<CAPTION>
Premier Class
-----------------------------------------------------------------------------
09/01/97 Through 02/28/98 Year Ended August 31, 1997
--------------------------------------- -------------------------------------
Amount Shares Amount Shares
------------------- ------------------- ------------------- -----------------
<S> <C> <C> <C> <C>
Shares sold ............. $ 1,111,021,357 1,111,021,357 $ 630,055,851 630,055,851
Shares issued in
reinvestment of
distributions ......... 3,122,157 3,122,157 1,403,706 1,403,706
Shares redeemed ......... (1,038,854,372) (1,038,854,372) (606,144,080) (606,144,080)
---------------- -------------- ---------------- --------------
Net increase (decrease)
in Trust shares
outstanding ........... $ 75,289,142 75,289,142 $ 25,315,477 25,315,477
================ ============== ================ ==============
</TABLE>
<TABLE>
<CAPTION>
Institutional Class
-------------------------------------------------------------------------------
09/01/97 Through 02/28/98 Year Ended August 31, 1997
--------------------------------------- ---------------------------------------
Amount Shares Amount Shares
------------------- ------------------- ------------------- -------------------
<S> <C> <C> <C> <C>
Shares sold ............. $ 4,135,735,821 4,135,735,821 $ 7,439,790,648 7,439,790,648
Shares issued in
reinvestment of
distributions ......... 4,968,864 4,968,864 10,198,531 10,198,531
Shares redeemed ......... (3,889,614,421) (3,889,614,421) (7,346,950,712) (7,346,950,712)
---------------- -------------- ---------------- --------------
Net increase (decrease)
in Trust shares
outstanding ........... $ 251,090,264 251,090,264 $ 103,038,467 103,038,467
================ ============== ================ ==============
</TABLE>
54
<PAGE>
Chase Vista Mutual Funds
Notes to Financial Statements (unaudited) (continued)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Federal Money Market Fund
-----------------------------------------------------------------------------
Vista Class
-----------------------------------------------------------------------------
09/01/97 Through 02/28/98 Year Ended August 31, 1997
------------------------------------- -------------------------------------
Amount Shares Amount Shares
----------------- ----------------- ----------------- -----------------
<S> <C> <C> <C> <C>
Shares sold ................ $410,764,331 410,764,331 $487,721,133 487,721,133
Shares issued in
reinvestment
of distributions ......... 5,705,164 5,705,164 13,600,878 13,600,878
Shares redeemed ............ (430,948,046) (430,948,046) (553,201,237) (553,201,237)
------------ ------------ -------------- ------------
Net increase (decrease)
in Trust shares
outstanding .............. $(14,478,551) (14,478,551) ($51,879,226) (51,879,226)
============ ============ ============== ============
</TABLE>
<TABLE>
<CAPTION>
Premier Class
-----------------------------------------------------------------------------
09/01/97 Through 02/28/98 Year Ended August 31, 1997
------------------------------------- -------------------------------------
Amount Shares Amount Shares
----------------- ----------------- ----------------- -----------------
<S> <C> <C> <C> <C>
Shares sold ............. $ 206,030,332 206,030,332 $884,820,051 884,820,051
Shares issued in
reinvestment of
distributions ......... 6,809,435 6,809,435 13,139,597 13,139,597
Shares redeemed ......... (314,278,323) (314,278,323) (747,052,298) (747,052,298)
------------- ------------ ------------ ------------
Net increase (decrease)
in Trust shares
outstanding ........... $(101,438,556) (101,438,556) $150,907,350 150,907,350
============= ============ ============ ============
</TABLE>
<TABLE>
<CAPTION>
Institutional Class
-----------------------------------------------------------------------------
02/01/97 Through 02/28/98 Year Ended August 31, 1997
------------------------------------- -------------------------------------
Amount Shares Amount Shares
----------------- ----------------- ----------------- -----------------
<S> <C> <C> <C> <C>
Shares sold ............. $651,410,143 651,410,143 $809,559,898 809,559,898
Shares issued in
reinvestment of
distributions ......... 1,087,540 1,087,540 1,781,683 1,781,683
Shares redeemed ......... (627,228,164) (627,228,164) (821,985,753) (821,985,753)
------------ ------------ ------------ ------------
Net increase (decrease)
in Trust shares
outstanding ........... $ 25,269,519 25,269,519 $(10,644,172) (10,644,172)
============ ============ ============ ============
</TABLE>
55
<PAGE>
Chase Vista Mutual Funds
Notes to Financial Statements (unaudited) (continued)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Cash Management Fund
---------------------------------------------------------------------------------
Vista Class
---------------------------------------------------------------------------------
09/01/97 Through 02/28/98 Year Ended August 31, 1997
--------------------------------------- -----------------------------------------
Amount Shares Amount Shares
------------------- ------------------- -------------------- --------------------
<S> <C> <C> <C> <C>
Shares sold ................ $9,110,182,665 9,110,182,665 $14,045,422,722 14,045,422,722
Shares issued in
reinvestment
of distributions ......... 54,620,686 54,620,686 71,043,177 71,043,177
Shares redeemed ............ (8,773,764,476) (8,773,764,476) (13,161,544,235) (13,161,544,235)
-------------- -------------- --------------- ---------------
Net increase (decrease)
in Trust shares
outstanding .............. $ 391,038,875 391,038,875 $ 954,921,664 954,921,664
============== ============== =============== ===============
</TABLE>
<TABLE>
<CAPTION>
Premier Class
-------------------------------------------------------------------------------
09/01/97 Through 02/28/98 Year Ended August 31, 1997
--------------------------------------- ---------------------------------------
Amount Shares Amount Shares
------------------- ------------------- ------------------- -------------------
<S> <C> <C> <C> <C>
Shares sold ............. $ 2,062,344,100 2,062,344,100 $ 2,333,244,771 2,333,244,771
Shares issued in
reinvestment of
distributions ......... 9,599,928 9,599,928 16,341,167 16,341,167
Shares redeemed ......... (1,931,436,230) (1,931,436,230) (2,407,404,922) (2,407,404,922)
---------------- -------------- ---------------- --------------
Net increase (decrease)
in Trust shares
outstanding ........... $ 140,507,798 140,507,798 $ (57,818,984) (57,818,984)
================ ============== ================ ==============
</TABLE>
<TABLE>
<CAPTION>
Institutional Class
-------------------------------------------------------------------------------
09/01/97 Through 02/28/98 Year Ended August 31, 1997
--------------------------------------- ---------------------------------------
Amount Shares Amount Shares
------------------- ------------------- ------------------- -------------------
<S> <C> <C> <C> <C>
Shares sold ............. $ 2,928,327,319 2,928,327,319 $ 4,596,074,525 4,596,074,525
Shares issued in
reinvestment of
distributions ......... 27,186,763 27,186,763 32,378,220 32,378,220
Shares redeemed ......... (2,923,946,336) (2,923,946,336) (4,361,358,357) (4,361,358,357)
---------------- -------------- ---------------- --------------
Net increase (decrease)
in Trust shares
outstanding ........... $ 31,567,746 31,567,746 $ 267,094,388 267,094,388
================ ============== ================ ==============
</TABLE>
56
<PAGE>
Chase Vista Mutual Funds
Notes to Financial Statements (unaudited) (continued)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Prime Money Market Fund
-------------------------------------------------------------------------
B Shares
-------------------------------------------------------------------------
09/01/97 Through 02/28/98 Year Ended August 31, 1997
----------------------------------- -----------------------------------
Amount Shares Amount Shares
---------------- ---------------- ---------------- ----------------
<S> <C> <C> <C> <C>
Shares sold ................ $44,137,189 44,137,189 $49,461,663 49,461,663
Shares issued in
reinvestment
of distributions ......... 176,541 176,541 381,174 381,174
Shares redeemed ............ (46,084,855) (46,084,855) (55,242,319) (55,242,319)
----------- ----------- ----------- -----------
Net increase (decrease)
in Trust shares
outstanding .............. $(1,771,125) (1,771,125) $(5,399,482) (5,399,482)
=========== =========== =========== ===========
</TABLE>
<TABLE>
<CAPTION>
Premier Class
-------------------------------------------------------------------------------
09/01/97 Through 02/28/98 Year Ended August 31, 1997
--------------------------------------- ---------------------------------------
Amount Shares Amount Shares
------------------- ------------------- ------------------- -------------------
<S> <C> <C> <C> <C>
Shares sold ............. $ 2,830,296,132 2,830,296,132 $ 4,080,531,934 4,080,531,934
Shares issued in
reinvestment of
distributions ......... 7,808,999 7,808,999 7,415,483 7,415,483
Shares redeemed ......... (2,852,073,850) (2,852,073,850) (4,007,315,047) (4,007,315,047)
---------------- -------------- ---------------- --------------
Net increase (decrease)
in Trust shares
outstanding ........... $ (13,968,719) (13,968,719) $ 80,632,370 80,632,370
================ ============== ================ ==============
</TABLE>
<TABLE>
<CAPTION>
Institutional Class
-----------------------------------------------------------------------------------
09/01/97 Through 02/28/98 Year Ended August 31, 1997
----------------------------------------- -----------------------------------------
Amount Shares Amount Shares
-------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C> <C>
Shares sold ............. $13,138,364,441 13,138,364,441 $16,454,322,258 16,454,322,258
Shares issued in
reinvestment of
distributions ......... 30,778,785 30,778,785 26,707,134 26,707,134
Shares redeemed ......... (10,707,848,727) (10,707,848,727) (15,857,981,095) (15,857,981,095)
--------------- --------------- --------------- ---------------
Net increase (decrease)
in Trust shares
outstanding ........... $ 2,461,294,499 2,461,294,499 $ 623,048,297 623,048,297
=============== =============== =============== ===============
</TABLE>
5. Concentration of Credit Risk -- As of February 28, 1998. CMMM invested 75.6%
of its net assets in financial institutions, of which 10.1% was invested in
Broker Dealers, 25.2% in Banking and 40.3% in other financial service
providers. PMM invested 94.7% of its net assets in financial institutions, of
which 22.7% was invested in Broker Dealers, 28.7% in Banking and 43.3% in other
financial service providers. General economic conditions, as well as exposure
to credit losses arising from possible financial difficulties of borrowers,
play an important role in the operation of the financial services industry.
57
<PAGE>
Chase Vista Mutual Funds
Notes to Financial Statements (unaudited) (continued)
- --------------------------------------------------------------------------------
6. Trustee Compensation -- The Funds have adopted an unfunded noncontributory
defined benefit pension plan covering all independent trustees of the Funds who
will have served as an independent trustee for at least five years at the time
of retirement. Benefits under this plan are based on compensation and years of
service. Pension expenses for the six month period ended February 28, 1998,
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:
<TABLE>
<CAPTION>
Pension Accrued Pension
Fund Expenses Liability
- ---------------- ---------- ----------------
<S> <C> <C>
USTSMM ......... $25,751 $140,431
USGMM .......... 60,100 343,550
TPMM ........... 21,555 123,336
FMM ............ 8,197 49,439
CMMM ........... 38,825 217,715
PMM ............ 19,976 95,625
</TABLE>
58
<PAGE>
Chase Vista Mutual Funds
Financial Highlights (unaudited)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
100% U.S. Treasury Securities Money Market Fund
----------------------------------------------------------------------------------------
Vista Shares
----------------------------------------------------------------------------------------
09/01/97 Year 12/1/95* Year Ended November 30,
Through Ended Through -------------------------------------------
02/28/98 8/31/97 8/31/96 1995 1994 1993
-------------- -------------- -------------- -------------- -------------- ------------
<S> <C> <C> <C> <C> <C> <C>
Per Share Operating Performance
Net Asset Value, Beginning of Period ..... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
---------- --------- --------- --------- --------- -------
Income from Investment Operations:
Net Investment Income .................. 0.024 0.048 0.035 0.050 0.033 0.026
---------- ---------- ---------- ---------- ---------- --------
Less Dividends from Net
Investment Income ...................... 0.024 0.048 0.035 0.050 0.033 0.026
---------- ---------- ---------- ---------- ---------- --------
Net Asset Value, End of Period ........... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
========== ========== ========== ========== ========== ========
Total Return ............................. 2.44% 4.78% 3.50% 5.15% 3.32% 2.62%
Ratios/Supplemental Data:
Net Assets, End of Period
(000 omitted) .......................... $2,570,607 $2,376,214 $1,671,603 $1,337,549 $1,024,125 $873,631
Ratios to average net assets#:
Ratio of Expenses ....................... 0.59% 0.59% 0.60% 0.58% 0.59% 0.58%
Ratio of Net Investment Income to
Average Net Assets # .................... 4.84% 4.74% 4.58% 4.99% 3.26% 2.58%
Ratio of Expenses Without Waivers
and Assumption of Expenses ............. 0.71% 0.71% 0.68% 0.61% 0.62% 0.61%
Ratio of Net Investment Income
Without Waivers and Assumption
of Expenses ............................ 4.72% 4.62% 4.50% 4.96% 3.23% 2.55%
<CAPTION>
100% U.S. Treasury Securities Money Market Fund
-------------------------------------------------------------------
Premier Shares Institutional Shares
-------------------------------- ----------------------------------
09/01/97 Year 6/3/96** 09/01/97 Year 6/3/96**
Through Ended Through Through Ended Through
02/28/98 8/31/97 8/31/96 02/28/98 8/31/97 8/31/96
---------- ---------- ---------- ------------ ----------- ---------
<S> <C> <C> <C> <C> <C> <C>
Per Share Operating Performance
Net Asset Value, Beginning of Period ..... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
------ ------ ------ ------- ------ ------
Income from Investment Operations:
Net Investment Income .................. 0.024 0.048 0.011 0.026 0.051 0.012
------ ------ ------- -------- ------- -------
Less Dividends from Net
Investment Income ...................... 0.024 0.048 0.011 0.026 0.051 0.012
------ ------ ------- -------- ------- -------
Net Asset Value, End of Period ........... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
====== ====== ======= ======== ======= =======
Total Return ............................. 2.47% 4.91% 1.11% 2.61% 5.20% 1.23%
Ratios/Supplemental Data:
Net Assets, End of Period
(000 omitted) .......................... $8,135 $5,643 $ 227 $506,257 $81,273 $ 1
Ratios to average net assets#:
Ratio of Expenses ....................... 0.53% 0.55% 0.42% 0.24% 0.27% 0.21%
Ratio of Net Investment Income to
Average Net Assets # .................... 5.23% 4.80% 3.45% 5.20% 5.06% 3.65%
Ratio of Expenses Without Waivers
and Assumption of Expenses ............. 0.80% 0.80% 0.42% 0.26% 0.27% 0.21%
Ratio of Net Investment Income
Without Waivers and Assumption
of Expenses ............................ 4.96% 4.55% 3.45% 5.18% 5.06% 3.65%
</TABLE>
- -------
* In 1996, the Fund changed its fiscal year-end from November 30 to August 31.
** Commencement of offering class of shares.
# Short periods have been annualized.
See notes to financial statements.
59
<PAGE>
Chase Vista Mutual Funds
Financial Highlights (unaudited)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
U.S. Government Money Market Fund
---------------------------------------------------------
Vista Shares
---------------------------------------------------------
09/01/97 Year Ended August 31,
Through ------------------------------------------
02/28/98 1997 1996 1995
-------------- -------------- -------------- ------------
<S> <C> <C> <C> <C>
Per Share Operating Performance
Net Asset Value, Beginning of Period ................... $ 1.00 $ 1.00 $ 1.00 $ 1.00
--------- --------- --------- -------
Income from Investment Operations:
Net Investment Income ................................ 0.025 0.049 0.049 0.049
---------- ---------- ---------- --------
Less Dividends from Net Investment Income ............ 0.025 0.049 0.049 0.049
---------- ---------- ---------- --------
Net Asset Value, End of Period ......................... $ 1.00 $ 1.00 $ 1.00 $ 1.00
========== ========== ========== ========
Total Return ........................................... 2.52% 5.04% 4.97% 5.05%
Ratios/Supplemental Data
Net Assets, End of Period (000 omitted) ............... $2,631,939 $2,139,368 $2,057,023 $341,336
Ratios to average net assets#:
Ratio of Expenses ..................................... 0.59% 0.59% 0.65% 0.80%
Ratio of Net Investment Income ........................ 5.04% 4.93% 4.83% 4.93%
Ratio of Expenses Without Waivers and Assumption of
Expenses ............................................. 0.71% 0.72% 0.73% 0.80%
Ratio of Net Investment Income Without Waivers and
Assumption of Expenses ............................... 4.92% 4.80% 4.75% 4.93%
<CAPTION>
U.S. Government Money
Market Fund
-------------------------
Vista Shares
-------------------------
11/1/93 1/1/93*
Through Through
8/31/94++ 10/31/93
------------ ------------
<S> <C> <C>
Per Share Operating Performance
Net Asset Value, Beginning of Period ................... $ 1.00 $ 1.00
-------- -------
Income from Investment Operations:
Net Investment Income ................................ 0.025 0.019
-------- --------
Less Dividends from Net Investment Income ............ 0.025 0.019
-------- --------
Net Asset Value, End of Period ......................... $ 1.00 $ 1.00
======== ========
Total Return ........................................... 2.48% 2.02%
Ratios/Supplemental Data
Net Assets, End of Period (000 omitted) ............... $335,365 $323,498
Ratios to average net assets#:
Ratio of Expenses ..................................... 0.80% 0.82%
Ratio of Net Investment Income ........................ 2.94% 2.39%
Ratio of Expenses Without Waivers and Assumption of
Expenses ............................................. 0.80% 0.82%
Ratio of Net Investment Income Without Waivers and
Assumption of Expenses ............................... 2.94% 2.39%
</TABLE>
- -------
* Commencement of sale of shares.
# Short periods have been annualized.
++ In 1994 USGMM changed its fiscal year-end from October 31 to August 31.
See notes to financial statements.
60
<PAGE>
Chase Vista Mutual Funds
Financial Highlights (unaudited) (continued)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
U.S. Government Money Market Fund
-------------------------------------------------------------------------------
Premier Shares
-------------------------------------------------------------------------------
09/01/97 Year Ended August 31, 11/1/93 Year
Through -------------------------------------- Through Ended
02/28/98 1997 1996 1995 8/31/94++ 10/31/93
------------ ------------ ------------ ------------ ------------ --------------
<S> <C> <C> <C> <C> <C> <C>
Per Share Operating Performance
Net Asset Value, Beginning of Period ........ $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
-------- ------- ------- ------- ------- ---------
Income from Investment Operations:
Net Investment Income ..................... 0.025 0.050 0.050 0.052 0.027 0.027
-------- -------- -------- -------- -------- ----------
Less Dividends from Net Investment
Income .................................... 0.025 0.050 0.050 0.052 0.027 0.027
-------- -------- -------- -------- -------- ----------
Net Asset Value, End of Period .............. $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
======== ======== ======== ======== ======== ==========
Total Return ................................ 2.56% 5.08% 5.15% 5.31% 2.70% 2.70%
Ratios/Supplemental Data
Net Assets, End of Period (000 omitted) .... $876,735 $836,520 $801,665 $763,609 $545,999 $1,069,704
Ratios to average net assets:
Ratio of Expenses .......................... 0.52% 0.55% 0.55% 0.55% 0.55% 0.55%
Ratio of Net Investment Income ............. 5.11% 4.97% 5.04% 5.22% 3.13% 2.66%
Ratio of Expenses Without Waivers and
Assumption of Expenses .................... 0.60% 0.60% 0.59% 0.59% 0.61% 0.67%
Ratio of Net Investment Income Without
Waivers and Assumption of Expenses ........ 5.03% 4.92% 5.00% 5.18% 3.07% 2.54%
<CAPTION>
U.S. Government Money Market Fund
----------------------------------------------------------------------
Institutional Shares
----------------------------------------------------------------------
09/01/97 Year Ended August 31, 12/10/93*
Through ------------------------------------------ Through
02/28/98 1997 1996 1995 8/31/94++
-------------- -------------- -------------- ------------ ------------
<S> <C> <C> <C> <C> <C>
Per Share Operating Performance
Net Asset Value, Beginning of Period ........ $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
---------- --------- --------- ------- -------
Income from Investment Operations:
Net Investment Income ..................... 0.027 0.053 0.053 0.055 0.026
---------- ---------- ---------- -------- --------
Less Dividends from Net Investment
Income .................................... 0.027 0.053 0.053 0.055 0.026
---------- ---------- ---------- -------- --------
Net Asset Value, End of Period .............. $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
========== ========== ========== ======== ========
Total Return ................................ 2.70% 5.40% 5.45% 5.60% 2.61%
Ratios/Supplemental Data
Net Assets, End of Period (000 omitted) .... $2,936,560 $2,955,206 $1,181,763 $466,083 $212,810
Ratios to average net assets:
Ratio of Expenses .......................... 0.24% 0.24% 0.27% 0.27% 0.27%
Ratio of Net Investment Income ............. 5.38% 5.29% 5.30% 5.58% 3.81%
Ratio of Expenses Without Waivers and
Assumption of Expenses .................... 0.24% 0.24% 0.27% 0.28% 0.27%
Ratio of Net Investment Income Without
Waivers and Assumption of Expenses ........ 5.38% 5.29% 5.30% 5.57% 3.81%
</TABLE>
- -------
* Commencement of sale of shares.
# Short periods have been annualized.
++ In 1994 USGMM changed its fiscal year-end from October 31 to August 31.
See notes to financial statements.
61
<PAGE>
Chase Vista Mutual Funds
Financial Highlights (unaudited) (continued)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Treasury Plus Money Market Fund
--------------------------------------------
Vista Shares
--------------------------------------------
09/01/97 Year 5/6/96*
Through Ended Through
02/28/98 8/31/97 8/31/96
-------------- -------------- --------------
<S> <C> <C> <C>
Per Share Operating Performance
Net Asset Value, Beginning of Period ......... $ 1.00 $ 1.00 $ 1.00
---------- --------- ---------
Income from Investment Operations:
Net Investment Income ...................... 0.025 0.048 0.015
---------- ---------- ----------
Less Dividends from Net
Investment Income .......................... 0.025 0.048 0.015
---------- ---------- ----------
Net Asset Value, End of Period ............... $ 1.00 $ 1.00 $ 1.00
========== ========== ==========
Total Return ................................. 2.49% 4.89% 1.50%
Ratios/Supplemental Data:
Net Assets, End of Period
(000 omitted) .............................. $1,761,667 $1,605,845 $1,382,184
Ratios to average net assets#:
Ratio of Expenses ........................... 0.59% 0.59% 0.59%
Ratio of Net Investment Income .............. 4.96% 4.79% 4.63%
Ratio of Expenses Without Waivers
and Assumption of Expenses ................. 0.71% 0.70% 0.73%
Ratio of Net Investment Income
Without Waivers and Assumption
of Expenses ................................ 4.84% 4.68% 4.49%
<CAPTION>
Treasury Plus Money Market Fund
-----------------------------------------------------------------------------
Institutional
Premier Shares Shares
------------------------------------------------------------- --------------
09/01/97 Year Ended August 31, 4/22/94* 09/01/97
Through ------------------------------------- Through Through
02/28/98 1997 1996 1995 8/31/94 02/28/98
------------ ------------ ------------ ----------- ---------- --------------
<S> <C> <C> <C> <C> <C> <C>
Per Share Operating Performance
Net Asset Value, Beginning of Period ......... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
-------- ------- ------- ------ ------ --------
Income from Investment Operations:
Net Investment Income ...................... 0.025 0.049 0.050 0.050 0.014 0.018
-------- -------- -------- ------- ------- ---------
Less Dividends from Net
Investment Income .......................... 0.025 0.049 0.050 0.050 0.014 0.018
-------- -------- -------- ------- ------- ---------
Net Asset Value, End of Period ............... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
======== ======== ======== ======= ======= =========
Total Return ................................. 2.55% 4.98% 5.07% 5.17% 1.37% 2.67%
Ratios/Supplemental Data:
Net Assets, End of Period
(000 omitted) .............................. $206,618 $131,334 $106,011 $18,572 $ 36 $ 542.619
Ratios to average net assets#:
Ratio of Expenses ........................... 0.47% 0.51% 0.52% 0.50% 0.49% 0.23%
Ratio of Net Investment Income .............. 5.09% 4.88% 4.85% 5.23% 3.85% 5.32%
Ratio of Expenses Without Waivers
and Assumption of Expenses ................. 0.50% 0.53% 0.63% 1.57% 0.89% 0.25%
Ratio of Net Investment Income
Without Waivers and Assumption
of Expenses ................................ 5.06% 4.86% 4.74% 4.16% 3.46% 5.30%
<CAPTION>
Treasury Plus Money Market Fund
------------------------------------------------
Institutional Shares
------------------------------------------------
Year Ended August 31, 4/20/94**
------------------------------------- Through
1997 1996 1995 8/31/94
------------ ------------ ----------- ----------
<S> <C> <C> <C> <C>
Per Share Operating Performance
Net Asset Value, Beginning of Period ......... $ 1.00 $ 1.00 $ 1.00 $ 1.00
-------- ------- ------ -------
Income from Investment Operations:
Net Investment Income ...................... 0.051 0.052 0.053 0.014
-------- -------- ------- -------
Less Dividends from Net
Investment Income .......................... 0.051 0.052 0.053 0.014
-------- -------- ------- -------
Net Asset Value, End of Period ............... $ 1.00 $ 1.00 $ 1.00 $ 1.00
======== ======== ======= =======
Total Return ................................. 5.24% 5.29% 5.36% 1.45%
Ratios/Supplemental Data:
Net Assets, End of Period
(000 omitted) .............................. $291,546 $188,513 $17,636 $14,976
Ratios to average net assets#:
Ratio of Expenses ........................... 0.26% 0.30% 0.32% 0.32%
Ratio of Net Investment Income .............. 5.16% 5.11% 5.21% 3.93%
Ratio of Expenses Without Waivers
and Assumption of Expenses ................. 0.26% 0.38% 0.89% 0.53%
Ratio of Net Investment Income
Without Waivers and Assumption
of Expenses ................................ 5.16% 5.03% 4.64% 3.72%
</TABLE>
- -------
# Short periods have been annualized.
* Commencement of offering of classes of shares.
** Commencement of operations.
See notes to financial statements.
62
<PAGE>
Chase Vista Mutual Funds
Financial Highlights (unaudited) (continued)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Federal Money Market Fund
---------------------------------------------------------------
Vista Shares
---------------------------------------------------------------
09/01/97 Year Ended August 31, 5/9/94*
Through -------------------------------------- Through
02/28/98 1997 1996 1995 8/31/94
------------ ------------ ------------ ------------ -----------
<S> <C> <C> <C> <C> <C>
Per Share Operating Performance
Net Asset Value, Beginning of Period ..... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
-------- ------- ------- ------- ------
Income from Investment Operations:
Net Investment Income ................... 0.024 0.048 0.048 0.051 0.013
-------- -------- -------- -------- -------
Less Dividends from Net Investment
Income .................................. 0.024 0.048 0.048 0.051 0.013
-------- -------- -------- -------- -------
Net Asset Value, End of Period ........... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
======== ======== ======== ======== =======
Total Return ............................. 2.46% 4.91% 4.83% 5.20% 1.26%
Ratios/Supplemental Data:
Net Assets, End of Period
(000 omitted) ........................... $286,554 $301,031 $352,934 $203,399 $19,995
Ratios to average net assets #:
Ratio of Expenses to Average
Net Assets # ............................ 0.70% 0.70% 0.70% 0.69% 0.40%
Ratio of Net Investment Income .......... 4.91% 4.79% 4.79% 5.16% 4.36%
Ratio of Expenses Without
Waivers and Assumption
of Expenses ............................ 0.84% 0.82% 0.93% 0.93% 1.02%
Ratio of Net Investment
Income Without Waivers and
Assumption of Expenses ................ 4.77% 4.67% 4.56% 4.92% 3.74%
<CAPTION>
Federal Money Market Fund
---------------------------------------------------------------
Premier Shares
---------------------------------------------------------------
09/01/97 Year Ended August 31, 4/22/94*
Through -------------------------------------- Through
02/28/98 1997 1996 1995 8/31/94
------------ ------------ ------------ ------------ -----------
<S> <C> <C> <C> <C> <C>
Per Share Operating Performance
Net Asset Value, Beginning of Period ..... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
-------- ------- ------- ------- ------
Income from Investment Operations:
Net Investment Income ................... 0.025 0.050 0.050 0.053 0.015
-------- -------- -------- -------- -------
Less Dividends from Net Investment
Income .................................. 0.025 0.050 0.050 0.053 0.015
-------- -------- -------- -------- -------
Net Asset Value, End of Period ........... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
======== ======== ======== ======== =======
Total Return ............................. 2.57% 5.12% 5.14% 5.40% 1.47%
Ratios/Supplemental Data:
Net Assets, End of Period
(000 omitted) ........................... $298,209 $399,644 $248,757 $148,512 $55,768
Ratios to average net assets #:
Ratio of Expenses to Average
Net Assets # ............................ 0.50% 0.50% 0.50% 0.49% 0.35%
Ratio of Net Investment Income .......... 5.12% 5.01% 4.99% 5.32% 4.38%
Ratio of Expenses Without
Waivers and Assumption
of Expenses ............................ 0.51% 0.52% 0.52% 0.59% 0.74%
Ratio of Net Investment
Income Without Waivers and
Assumption of Expenses ................ 5.11% 4.99% 4.97% 5.22% 4.00%
</TABLE>
- -------
# Short periods have been annualized.
* Commencement of offering of classes of shares.
** Commencement of operations.
See notes to financial statements.
63
<PAGE>
Chase Vista Mutual Funds
Financial Highlights (unaudited) (continued)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Federal Money Market Fund
------------------------------------------------------------------
Institutional Shares
------------------------------------------------------------------
09/01/97 Year Ended August 31, 4/20/94**
Through -------------------------------------- Through
02/28/98 1997 1996 1995 8/31/94
------------ ------------ ------------ ------------ -----------
<S> <C> <C> <C> <C> <C>
Per Share Operating Performance
Net Asset Value, Beginning of Period ............................ $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
------- ------- ------- ------- -------
Income from Investment Operations:
Net Investment Income .......................................... 0.027 0.052 0.052 0.054 0.015
Net Realized Loss on Securities ................................ -- -- -- -- --
-------- ------- ------- ------- -------
Total Income from Investment Operations ........................ 0.027 0.052 0.052 0.054 0.015
------- ------- ------- ------- -------
Voluntary Capital Contribution .................................
Less Dividends from Net Investment Income ...................... 0.027 0.052 0.052 0.054 0.015
------- ------- ------- ------- -------
Net Asset Value, End of Period .................................. $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
======= ======= ======= ======= =======
Total Return .................................................... 2.68% 5.35% 5.35% 5.57% 1.54%
Ratios/Supplemental Data:
Net Assets, End of Period (000 omitted) ........................ $155,928 $130,659 $141,312 $113,591 $117,364
Ratio of Expenses to Average Net Assets:# ...................... 0.27% 0.27% 0.30% 0.31% 0.30%
Ratio of Net Investment Income to Average Net Assets # ......... 5.35% 5.23% 5.20% 5.45% 4.26%
Ratio of Expenses Without Waivers and Assumption of
Expenses to Average Net Assets # .............................. 0.27% 0.27% 0.30% 0.37% 0.49%
Ratio of Net Investment Income Without Waivers and
Assumption of Expenses to Average Net Assets # ................ 5.35% 5.23% 5.20% 5.39% 4.06%
<CAPTION>
Prime Money Market Fund
------------------------------------------------------------------
Premier Shares
------------------------------------------------------------------
09/01/97 Year Ended August 31, 11/15/93**
Through -------------------------------------- Through
02/28/98 1997 1996 1995 8/31/94
------------ ------------ ------------ ------------ -----------
<S> <C> <C> <C> <C> <C>
Per Share Operating Performance
Net Asset Value, Beginning of Period ......................... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
-------- ------ ------- ------- -------
Income from Investment Operations:
Net Investment Income ....................................... 0.026 0.052 0.052 0.053 0.027
Net Realized Loss on Securities ............................. -- -- -- (0.003) --
-------- -------- ------- -------- -------
Total Income from Investment Operations ..................... 0.026 0.052 0.052 0.050 0.027
-------- -------- ------- -------- -------
Voluntary Capital Contribution .............................. -- -- -- 0.003 --
Less Dividends from Net Investment Income ................... 0.026 0.052 0.052 0.053 0.027
-------- -------- ------- -------- -------
Net Asset Value, End of Period ............................... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
======== ======== ======== ======== =======
Total Return ................................................. 2.68% 5.34% 5.32% 5.44% 2.75%
Ratios/Supplemental Data:
Net Assets, End of Period (000 omitted) ..................... $485,339 $499,308 $418,736 $ 62,737 $73,253
Ratio of Expenses to Average Net Assets:# ................... 0.45% 0.45% 0.45% 0.45% 0.45%
Ratio of Net Investment Income to Average Net Assets # ...... 5.34% 5.17% 5.18% 5.24% 3.15%
Ratio of Expenses Without Waivers and Assumption of
Expenses to Average Net Assets # ........................... 0.52% 0.53% 0.51% 0.65% 0.56%
Ratio of Net Investment Income Without Waivers and
Assumption of Expenses to Average Net Assets # ............. 5.27% 5.09% 5.12% 5.04% 3.04%
</TABLE>
- -------
# Short periods have been annualized.
* Commencement of offering of classes of shares.
** Commencement of operations.
See notes to financial statements.
64
<PAGE>
Chase Vista Mutual Funds
Financial Highlights (unaudited) (continued)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Prime Money Market Fund
-------------------------------------------------------------------
Institutional Shares
-------------------------------------------------------------------
09/01/97 Year Ended August 31, 4/26/94*
Through ---------------------------------------- Through
02/28/98 1997 1996 1995 8/31/94
-------------- -------------- ------------ ------------ -----------
<S> <C> <C> <C> <C> <C>
Per Share Operating Performance
Net Asset Value, Beginning of Period .................... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
---------- --------- ------- ------- ------
Income from Investment Operations:
Net Investment Income .................................. 0.027 0.054 0.054 0.055 0.014
Net Realized Loss on Securities ........................ -- -- -- (0.003) --
---------- ---------- -------- -------- -------
Total Income from Investment Operations ................ 0.027 0.054 0.054 0.052 0.014
---------- ---------- -------- -------- -------
Voluntary Capital Contribution ......................... -- -- 0.003 -- --
Less Dividends from Net Investment Income .............. 0.027 0.054 0.054 0.055 0.014
---------- ---------- -------- -------- -------
Net Asset Value, End of Period .......................... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
========== ========== ======== ======== =======
Total Return ............................................ 2.78% 5.49% 5.51% 5.62% 1.50%
Ratios/Supplemental Data:
Net Assets, End of Period (000 omitted) ................ $3,808,945 $1,347,651 $724,544 $185,640 $57,961
Ratio of Expenses to Average Net Assets:# .............. 0.25% 0.25% 0.26% 0.27% 0.27%
Ratio of Net Investment Income to Average
Net Assets # .......................................... 5.55% 5.37% 5.33% 5.57% 4.21%
Ratio of Expenses Without Waivers and Assumption
of Expenses to Average Net Assets # ................... 0.25% 0.25% 0.26% 0.35% 0.37%
Ratio of Net Investment Income Without Waivers
and Assumption of Expenses to Average Net Assets # .... 5.55% 5.37% 5.33% 5.49% 4.11%
<CAPTION>
Prime Money Market Fund
--------------------------------------------------------
B Shares
--------------------------------------------------------
09/01/97 Year Ended August 31, 4/21/94*
Through ----------------------------------- Through
02/28/98 1997 1996 1995 8/31/94
---------- ----------- ----------- ----------- ---------
<S> <C> <C> <C> <C> <C>
Per Share Operating Performance
Net Asset Value, Beginning of Period .................... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
------ ------- ------ ------- ------
Income from Investment Operations:
Net Investment Income .................................. 0.023 0.043 0.042 0.043 0.011
Net Realized Loss on Securities ........................ -- -- -- (0.003) --
------ ------- ------- --------- ------
Total Income from Investment Operations ................ 0.023 0.043 0.042 0.040 0.011
------ ------- ------- --------- ------
Voluntary Capital Contribution ......................... -- -- 0.003 -- --
Less Dividends from Net Investment Income .............. 0.023 0.043 0.042 0.043 0.011
------ ------- ------- --------- ------
Net Asset Value, End of Period .......................... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
====== ======= ======= ========= ======
Total Return ............................................ 2.27% 4.33% 4.25% 4.37% 1.11%
Ratios/Supplemental Data:
Net Assets, End of Period (000 omitted) ................ $8,498 $10,269 $15,667 $ 4,880 $1,452
Ratio of Expenses to Average Net Assets:# .............. 1.25% 1.35% 1.47% 1.47% 1.47%
Ratio of Net Investment Income to Average
Net Assets # .......................................... 4.54% 4.27% 4.17% 4.33% 2.96%
Ratio of Expenses Without Waivers and Assumption
of Expenses to Average Net Assets # ................... 1.50% 1.53% 1.71% 2.53% 1.67%
Ratio of Net Investment Income Without Waivers
and Assumption of Expenses to Average Net Assets # .... 4.29% 4.09% 3.93% 3.27% 2.76%
</TABLE>
- -------
# Short periods have been annualized.
* Commencement of offering of classes of shares.
** Commencement of operations.
See notes to financial statements.
65
<PAGE>
Chase Vista Mutual Funds
Financial Highlights (unaudited) (continued)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Cash Management Fund
------------------------------
Vista Shares
------------------------------
09/01/97 Year
Through Ended
02/28/98 8/31/97
-------------- ---------------
<S> <C> <C>
Per Share Operating Performance
Net Asset Value, Beginning of Period ............................ $ 1.00 $ 1.00
---------- --------
Income from Investment Operations:
Net Investment Income .......................................... 0.026 0.050
---------- ---------
Net Realized Loss on Securities ................................ 0.026 0.050
---------- ---------
Total Income from Investment Operations ........................ -- --
Voluntary Capital Contributions ................................ -- --
Less Dividends from Net Investment Income ...................... -- --
Net Asset Value, End of Period .................................. $ 1.00 $ 1.000
========== =========
Total Return .................................................... 2.58% 5.09%
Ratios/Supplemental Data#:
Net Assets, End of Period (000 omitted) ........................ $2,967,197 $2,576,142
Ratios to average net assets #:
Ratio of Expenses .............................................. 0.59% 0.59%
Ratio of Net Investment Income ................................. 5.25% 5.07%
Ratio of Expenses Without Waivers and Assumption of Expenses ... 0.61% 0.62%
Ratio of Net Investment Income Without Waivers and Assumption of
Expenses ...................................................... 5.12% 4.96%
<CAPTION>
Cash Management Fund
--------------------------------------------------------
Vista Shares
--------------------------------------------------------
12/1/95* Year Ended November 30,
Through ------------------------------------------
8/31/96 1995 1994 1993
-------------- -------------- ------------- ------------
<S> <C> <C> <C> <C>
Per Share Operating Performance
Net Asset Value, Beginning of Period ............................ $ 1.00 $ 1.00 $ 1.00 $ 1.00
---------- -------- ------ -------
Income from Investment Operations:
Net Investment Income .......................................... 0.037 0.054 0.036 0.027
---------- -------- ------- --------
Net Realized Loss on Securities ................................ 0.037 0.054 0.036 0.027
---------- -------- ------- --------
Total Income from Investment Operations ........................ -- -- -- --
Voluntary Capital Contributions ................................ -- -- -- --
Less Dividends from Net Investment Income ...................... -- -- -- --
Net Asset Value, End of Period .................................. $ 1.00 $ 1.00 $ 1.000 $ 1.00
========== ========== ======= ========
Total Return .................................................... 3.69% 5.49% 3.62% 2.74%
Ratios/Supplemental Data#:
Net Assets, End of Period (000 omitted) ........................ $1,621,212 $1,634,493 $990,045 $861,025
Ratios to average net assets #:
Ratio of Expenses .............................................. 0.60% 0.58% 0.58% 0.61%
Ratio of Net Investment Income ................................. 4.93% 5.14% 4.99% 4.91%
Ratio of Expenses Without Waivers and Assumption of Expenses ... 0.63% 0.62% 0.62% 0.64%
Ratio of Net Investment Income Without Waivers and Assumption of
Expenses ...................................................... 4.88% 5.31% 3.58% 2.67%
</TABLE>
- -------
* In 1996, the Fund changed its fiscal year-end from November 30 to August 31,
see Note 7.
** Commencement of offering class of shares.
# Short periods have been annualized.
See notes to financial statements.
66
<PAGE>
Chase Vista Mutual Funds
Financial Highlights (unaudited) (continued)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Cash Management Fund
--------------------------------------
Premier Shares
--------------------------------------
09/01/97 Year 5/6/96**
Through Ended Through
02/28/98 8/31/97 8/31/96
------------ ------------ ------------
<S> <C> <C> <C>
Per Share Operating Performance
Net Asset Value, Beginning of Period ............................ $ 1.00 $ 1.00 $ 1.00
-------- ------- -------
Income from Investment Operations:
Net Investment Income ......................................... 0.026 0.051 0.016
-------- -------- --------
Less Dividends from Net Investment Income ..................... 0.026 0.051 0.016
-------- -------- --------
Net Asset Value, End of Period .................................. $ 1.00 $ 1.00 $ 1.00
======== ======== ========
Total Return .................................................... 2.63% 5.18% 1.61%
Ratios/Supplemental Data#:
Net Assets, End of Period (000 omitted) ........................ $515,995 $375,485 $433,302
Ratios to average net assets #:
Ratio of Expenses .............................................. 0.48% 0.50% 0.50%
Ratio of Net Investment Income ................................. 5.25% 5.07% 4.93%
Ratio of Expenses Without Waivers and Assumption of Expenses ... 0.52% 0.51% 0.52%
Ratio of Net Investment Income Without Waivers and Assumption of
Expenses ...................................................... 5.21% 5.06% 4.91%
<CAPTION>
Cash Management Fund
--------------------------------------
Institutional Shares
--------------------------------------
09/01/97 Year 5/6/96**
Through Ended Through
02/28/98 8/31/97 8/31/96
------------ ------------ ------------
<S> <C> <C> <C>
Per Share Operating Performance
Net Asset Value, Beginning of Period ............................ $ 1.00 $ 1.00 $ 1.00
-------- ------- -------
Income from Investment Operations:
Net Investment Income ......................................... 0.026 0.053 0.017
-------- -------- --------
Less Dividends from Net Investment Income ..................... 0.027 0.053 0.017
-------- -------- --------
Net Asset Value, End of Period .................................. $ 1.00 $ 1.00 $ 1.00
======== ======== ========
Total Return .................................................... 2.75% 5.45% 1.69%
Ratios/Supplemental Data#:
Net Assets, End of Period (000 omitted) ........................ $955,672 $924,099 $657,002
Ratios to average net assets #:
Ratio of Expenses .............................................. 0.24% 0.24% 0.25%
Ratio of Net Investment Income ................................. 5.50% 5.34% 5.22%
Ratio of Expenses Without Waivers and Assumption of Expenses ... 0.24% 0.24% 0.25%
Ratio of Net Investment Income Without Waivers and Assumption of
Expenses ...................................................... 5.50% 5.34% 5.22%
</TABLE>
- -------
* In 1996, the Fund changed its fiscal year-end from November 30 to August 31,
see Note 7.
** Commencement of offering class of shares.
# Short periods have been annualized.
See notes to financial statements.
67
<PAGE>
Chase Vista Service Center
P.O. Box 419392
Kansas City, MO 64179
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
Price Waterhouse LLP
Chase Vista Funds are distributed by Vista Fund Distributors, Inc., which is
unaffiliated with The Chase Manhattan Bank. Chase and its respective affiliates
receive compensation from Chase Vista Funds for providing investment advisory
and other services.
This report is submitted for the general information of the shareholders of the
funds. It is not authorized for distribution to prospective investors in the
funds unless preceded or accompanied by a prospectus.
The financial information in this report has been taken from the books and
records of the Funds without examination by independent accountants, who express
no opinion thereto.
To obtain a prospectus for any of the Chase Vista Funds, call 1-800-34-VISTA.
The prospectus contains more complete information, including charges and
expenses. Please read it carefully before you invest or send money.
April 1998 CVMM-3-498
