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CHASE VISTA MONEY MARKET FUNDS
[LOGO]
CHASE VISTA FUNDS(SM)
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
August 31, 1998
<PAGE>
Highlights
During the reporting period, the Asian economic
and currency crisis was the major event in the
U.S. fixed income markets.
[bullet] Long-term interest rates fell
dramatically even though the U.S. economy
continued to grow steadily.
[bullet] In this environment, the Federal Reserve
Board left the Federal Funds rate unchanged
at 5.5%.
CONTENTS
Chairman's Letter 3
Chase Vista 100% U.S. Treasury Securities
Money Market Fund 4
Fund Facts [bullet] Portfolio of Investments
Chase Vista U.S. Government Money Market Fund 7
Fund Facts [bullet] Portfolio of Investments
Chase Vista Treasury Plus Money Market Fund 12
Fund Facts [bullet] Portfolio of Investments
Chase Vista Federal Money Market Fund 15
Fund Facts [bullet] Portfolio of Investments
Chase Vista Cash Management Fund 19
Fund Facts [bullet] Portfolio of Investments
Chase Vista Prime Money Market Fund 30
Fund Facts [bullet] Portfolio of Investments
Financial Statements 42
Notes to Financial Statements 48
Financial Highlights 58
- -------------------------------------------------------------------------------
INVESTMENTS IN THE FUNDS ARE NOT DEPOSITS OF, OR GUARANTEED OR ENDORSED BY,
THE CHASE MANHATTAN BANK, AND THE SHARES ARE NOT INSURED BY THE FDIC, FEDERAL
RESERVE BOARD OR ANY OTHER GOVERNMENT AGENCY. INVESTMENTS IN MUTUAL FUNDS
INVOLVE RISK, INCLUDING POSSIBLE LOSS OF THE PRINCIPAL AMOUNT INVESTED.
- -------------------------------------------------------------------------------
<PAGE>
Chase Vista Money Market Funds
Chairman's Letter
October 1, 1998
Dear Shareholder:
We are pleased to present this annual report on each of the taxable Chase Vista
Money Market Funds(SM). Inside, you will find current seven-day yields for each
fund as of August 31, 1998 as well as listings of current holdings.
Asian Economic Crisis Keeps Rates Low
The reporting period began with the economic and currency problems in Asia
pushing interest rates lower, despite continuing signs of a robust U.S.
economy. The problems in Asia subsided in early 1998, which kept interest rates
relatively stable, but those concerns re-surfaced in April, which put pressure
on rates throughout the summer.
During the reporting period, short-term interest rates showed only a modest
change compared to long-term interest rates. In fact, the decline in long-term
interest rates was so steep, it created a virtual flattening of the yield curve,
meaning the difference between short- and long-term interest rates was minimal.
In this environment, the Federal Reserve maintained its neutral monetary
policy, as it has for roughly a year and a half. The Fed has not raised
short-term interest rates since March, 1997 and has not lowered them since
December, 1996.
In anticipation of lower interest rates due to the economic and currency
problems in southeast Asia, Vista's money management team maintained a slightly
higher average duration throughout much of the period. As always, the
management team invested solely in high quality securities.
Looking ahead, the Asian economy is likely to continue placing downward
pressure on interest rates, despite signs the U.S. economy remains in good
shape. To help ensure the domestic economy does not weaken in the face of the
uncertainty in Asia, we would not be surprised to see the Federal Reserve lower
interest rates in the months ahead.
Sincerely,
/s/ Fergus Reid
- ---------------
Fergus Reid
3
<PAGE>
Chase Vista 100% U.S. Treasury Securities Money Market Fund
as of August 31, 1998
(unaudited)
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
Suggested investment time frame Short-term
Share classes offered Vista, Premier and Institutional Shares
Net assets $4.9 Billion
S&P Rating Not Rated
Moody's Rating Not Rated
NAIC Rating Not Rated
</TABLE>
Maturity Schedule
<TABLE>
<S> <C>
1-14 days .......... 0.00%
15-30 days ......... 53.57%
31-60 days ......... 7.99%
61-90 days ......... 0.22%
91+ days ........... 38.22%
</TABLE>
4
<PAGE>
Chase Vista 100% U.S. Treasury Securities Money Market Fund
as of August 31, 1998
(unaudited)
How Much of the Fund Was Invested
[PIE CHART]
Investments (96.9%)
Cash/Other (3.1%)
[END PIE CHART]
Yields
<TABLE>
<CAPTION>
7-Day SEC Yield(1)
------------------
<S> <C>
Vista Shares 4.67%
Premier Shares 4.76%
Institutional Shares 5.06%
</TABLE>
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.
(1) 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 4.55%, for Premier Shares 4.62% and for Institutional Shares
5.02%. 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 August 31, 1998
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
- -------------------------------------------------------------------------
U.S. Treasury Securities -- 101.2%
- -------------------------------------------------------------------------
<S> <C> <C>
U.S. Treasury Bill -- 39.5%
---------------------------
$1,927,825,000 5.48%,09/15/98 $1,923,715,042
--------------
U.S. Treasury Notes -- 61.7%
----------------------------
154,600,000 4.75%, 09/30/98 154,537,107
562,026,000 6.00%, 09/30/98 562,313,027
392,761,000 7.13%, 10/15/98 393,694,386
10,865,000 5.88%, 10/31/98 10,870,810
100,000,000 5.13%, 11/30/98 99,990,939
525,000,000 5.63%, 11/30/98 525,384,969
417,000,000 5.75%, 12/31/98 417,791,622
50,000,000 8.88%, 02/15/99 50,752,939
12,000,000 5.88%, 02/28/99 12,035,608
275,000,000 6.38%, 04/30/99 276,729,369
10,000,000 6.50%, 04/30/99 10,068,009
408,000,000 6.38%, 05/15/99 410,770,715
80,000,000 6.25%, 05/31/99 80,597,802
--------------
3,005,537,302
- -------------------------------------------------------------------------
Total Investments -- 101.2%
(Cost $4,929,252,344)** $4,929,252,344
- -------------------------------------------------------------------------
</TABLE>
6
See notes to financial statements.
<PAGE>
Chase Vista U.S. Government Money Market Fund
as of August 31, 1998
(unaudited)
Fund Facts
<TABLE>
<S> <C>
Objective High current income consistent with
capital preservation
Primary investments Direct obligations of the U.S. Treasury
and its Agencies including Treasury bills,
bonds, notes and repurchase agreements
Suggested investment time frame Short-term
Share classes offered Vista, Premier and Institutional Shares
Net assets $6.9 Billion
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
<TABLE>
<S> <C>
1-14 days .......... 57.62%
15-30 days ......... 18.27%
31-60 days ......... 1.28%
61-90 days ......... 0.00%
91+ days ........... 22.83%
</TABLE>
7
<PAGE>
Chase Vista U.S. Government Money Market Fund
as of August 31, 1998
(unaudited)
How Much of the Fund Was Invested
[PIE CHART]
Investments (93.8%)
Cash/Other (6.2%)
[END PIE CHART]
Yields
<TABLE>
<CAPTION>
7-Day SEC Yield(1)
------------------
<S> <C>
Vista Shares 4.99%
Premier Shares 5.13%
Institutional Shares 5.35%
</TABLE>
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.
(1) 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 4.99% 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 August 31, 1998
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
- -----------------------------------------------------------------
<S> <C> <C>
U.S. Treasury Securities -- 16.2%
---------------------------------
U.S. Treasury Bill--14.4%
$500,000,000 5.40%, 09/15/98 $ 498,950,000
500,000,000 5.50%, 09/15/98 498,929,583
-------------
997,879,583
-------------
U.S. Treasury Note--1.8%
120,000,000 6.00%, 09/30/98 120,074,442
- -----------------------------------------------------------------
Total U.S. Treasury Securities
(Cost $1,117,954,025) 1,117,954,025
------------------------------------------------
U.S. Government Agency Obligations -- 71.1%
------------------------------------------------
Federal Farm Credit Bank, Debentures, 0.4%
25,000,000 5.75%, 09/11/98 24,999,377
-------------
Federal Farm Credit Bank, FRN -- 1.8%
75,000,000 5.48%, 09/01/98 74,964,357
50,000,000 5.52%, 09/01/98 49,994,361
-------------
124,958,718
-------------
Federal Home Loan Bank, DN -- 3.5%
240,000,000 5.70%, 09/01/98 240,000,000
-------------
Federal Home Loan Bank, Debentures -- 15.1%
50,000,000 5.61%, 01/29/99 50,000,000
45,000,000 5.61%, 03/02/99 45,000,000
85,000,000 5.62%, 03/12/99 85,000,000
93,000,000 5.63%, 03/12/99 92,990,274
50,000,000 5.63%, 03/23/99 50,000,000
50,000,000 5.63%, 08/27/99 50,000,000
100,000,000 5.68%, 03/16/99 100,000,000
25,000,000 5.68%, 08/04/99 24,996,393
83,000,000 5.69%, 10/02/98 83,013,621
36,000,000 5.70%, 03/17/99 36,000,000
100,000,000 5.70%, 04/15/99 100,000,000
29,615,000 5.70%, 07/07/99 29,611,083
50,000,000 5.70%, 07/22/99 50,000,000
88,500,000 5.72%, 03/26/99 88,500,000
35,000,000 5.72%, 04/23/99 35,000,000
75,000,000 5.73%, 07/07/99 75,000,000
50,000,000 5.75%, 04/27/99 50,000,000
-------------
1,045,111,371
-------------
</TABLE>
9
See notes to financial statements.
<PAGE>
Chase Vista U.S. Government Money Market Fund
Portfolio of Investments August 31, 1998 (continued)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
- ------------------------------------------------------------------
<S> <C> <C>
Federal Home Loan Bank, FRN, + -- 5.4%
$ 75,000,000 5.41%, 09/02/98 $ 74,986,144
100,000,000 5.44%, 09/02/98 99,994,213
50,000,000 5.45%, 09/05/98 49,974,926
100,000,000 5.49%, 09/01/98 99,953,239
45,000,000 5.52%, 09/02/98 44,998,242
-------------
369,906,764
-------------
Federal Home Loan Mortgage Corp., DN -- 14.5%
1,000,000,000 5.70%, 09/01/98 1,000,000,000
-------------
Federal National Mortgage Association, DN -- 6.4%
150,000,000 5.35%, 01/26/99 146,723,125
300,000,000 5.70%, 09/01/98 300,000,000
-------------
446,723,125
-------------
Federal National Mortgage Association,
Debenture -- 5.0%
50,000,000 5.36%, 02/19/99 49,970,709
25,000,000 5.38%, 02/09/99 24,987,284
150,000,000 5.52%, 03/26/99 149,954,478
50,000,000 5.75%, 12/10/98 50,003,757
75,000,000 6.10%, 09/04/98 75,002,008
-------------
349,918,236
-------------
Federal National Mortgage Association, FRN -- 8.4%
87,500,000 5.14%, 09/01/98 87,431,366
50,000,000 5.44%, 09/01/98 49,990,274
175,000,000 5.45%, 09/01/98 174,899,143
70,000,000 5.45%, 09/15/98 69,951,344
50,000,000 5.50%, 09/01/98 49,972,149
150,000,000 5.52%, 09/01/98 149,926,198
-------------
582,170,474
-------------
Student Loan Marketing Association, Debentures -- 1.4%
46,800,000 5.56%, 01/27/99 46,788,107
54,005,000 5.63%, 02/12/99 53,998,401
-------------
100,786,508
-------------
</TABLE>
10
See notes to financial statements.
<PAGE>
Chase Vista U.S. Government Money Market Fund
Portfolio of Investments August 31, 1998 (continued)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
- -----------------------------------------------------------------------
<S> <C> <C>
Student Loan Marketing Association, DN -- 7.8%
$ 540,000,000 5.70%, 09/01/98 $ 540,000,000
--------------
Student Loan Marketing Association, FRN -- 1.4%
25,000,000 5.24%, 09/01/98 24,999,516
44,000,000 5.26%, 09/01/98 44,000,769
25,000,000 5.27%, 09/01/98 25,000,000
--------------
94,000,285
- -----------------------------------------------------------------------
Total U.S. Government Agency
Obligations
(Cost $4,918,574,858) 4,918,574,858
- -----------------------------------------------------------------------
Repurchase Agreements -- 6.7%
-----------------------------
64,791,000 Merrill Lynch, 6.00%, due 09/01/98,
(Dated 08/31/98, Proceeds
$64,801,799, Secured by U.S.
Treasury Note, $64,060,000 at
5.63%, due 12/31/02; Market
$ 66,088,588) 64,791,000
400,000,000 Greenwich Capital Markets,
5.80%, due 09/01/98, (Dated
08/31/98, Proceeds
$400,064,444, Secured by U.S.
Treasury Bond, $248,420,000 at
11.25%, due 02/15/15; Market
$408,002,853) 400,000,000
- -----------------------------------------------------------------------
Total Repurchase Agreements
(Cost $464,791,000) 464,791,000
- -----------------------------------------------------------------------
Total Investments -- 94.0%
(Cost $6,501,319,883)** $6,501,319,883
- -----------------------------------------------------------------------
</TABLE>
11
See notes to financial statements.
<PAGE>
Chase Vista Treasury Plus Money Market Fund
as of August 31, 1998
(unaudited)
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 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
Net assets $2.3 Billion
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
<TABLE>
<S> <C>
1-14 days .......... 18.24%
15-30 days ......... 54.83%
31-60 days ......... 0.00%
61-90 days ......... 0.00%
91+ days ........... 26.93%
</TABLE>
12
<PAGE>
Chase Vista Treasury Plus Money Market Fund
as of August 31, 1998
(unaudited)
How Much of the Fund Was Invested
[PIE CHART]
Investments (99.6%)
Cash/Other (0.4%)
[END PIE CHART]
Yields
<TABLE>
<CAPTION>
7-Day SEC Yield(1)
------------------
<S> <C>
Vista Shares 4.92%
Premier Shares 5.06%
Institutional Shares 5.31%
</TABLE>
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.
(1) 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 4.82%
for Vista Shares, 5.02% for Premier Shares and 5.27% for Institutional Shares.
This voluntary waiver may be modified or terminated at any time, which would
reduce the fund's performance.
13
<PAGE>
Chase Vista Treasury Plus Money Market Fund
Portfolio of Investments August 31, 1998
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
- ---------------------------------------------------------------------
<S> <C> <C>
U.S. Treasury Securities--91.9%
-------------------------------
U.S. Treasury Bill -- 61.6%
$1,450,000,000 5.51%, 09/15/98 $1,446,937,013
--------------
U.S. Treasury Notes -- 30.3%
78,000,000 5.13%, 11/30/98 77,994,346
192,000,000 5.50%, 02/28/99 192,322,500
69,000,000 6.25%, 03/31/99 69,433,807
250,000,000 6.38%, 04/30/99 251,812,269
18,000,000 6.38%, 05/15/99 18,128,817
100,000,000 6.50%, 04/30/99 100,882,813
--------------
710,574,552
- ---------------------------------------------------------------------
Total U.S. Treasury Securities
(Cost $2,157,511,565) 2,157,511,565
- ---------------------------------------------------------------------
Repurchase Agreements -- 20.5%
------------------------------
70,000,000 Merrill Lynch & Co., Inc., 6.00%,
due 09/01/98, (Dated 08/31/98,
Proceeds $70,011,667, Secured
by U.S. Treasury Strips,
$196,566,000, due 11/15/15
through 02/15/17; Market
$71,401,326) 70,000,000
411,238,000 Goldman Sachs & Co., 5.77%,
due 09/01/98, (Dated 08/31/98,
Proceeds $411,303,912, Secured
by U.S. Treasury Bill,
$60,098,000 due 02/25/99; U.S.
Treasury Notes & Bonds,
$321,600,000, 5.50% through
11.875%, due 5/31/99 through
08/15/19; Market $419,463,978) 411,238,000
- ---------------------------------------------------------------------
Total Repurchase Agreements
(Cost $481,238,000) 481,238,000
- ---------------------------------------------------------------------
Total Investments -- 112.4%
(Cost $2,638,749,565)** $2,638,749,565
- ---------------------------------------------------------------------
</TABLE>
14
See notes to financial statements.
<PAGE>
Chase Vista Federal Money Market Fund
as of August 31, 1998
(unaudited)
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 Short-term
time frame
Share classes offered Vista, Premier and Institutional Shares
Net assets $870 Million
S&P Rating Not Rated
Moody's Rating Not Rated
NAIC Rating Not Rated
</TABLE>
Maturity Schedule
<TABLE>
<S> <C>
1-14 days .......... 6.20%
15-30 days ......... 0.00%
31-60 days ......... 0.00%
61-90 days ......... 0.00%
91+ days ........... 93.80%
</TABLE>
15
<PAGE>
Chase Vista Federal Money Market Fund
as of August 31, 1998
(unaudited)
How Much of the Fund Was Invested
[PIE CHART]
Investments (91.5%)
Cash/Other (8.5%)
[END PIE CHART]
Yields
<TABLE>
<CAPTION>
7-Day SEC Yield(1)
------------------
<S> <C>
Vista Shares 4.89%
Premier Shares 5.09%
Institutional Shares 5.33%
</TABLE>
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.
(1) 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 4.77%
and 5.09% for Premier Shares. This voluntary waiver may be modified or
terminated at any time, which would reduce the fund's performance.
16
<PAGE>
Chase Vista Federal Money Market Fund
Portfolio of Investments August 31, 1998
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
- --------------------------------------------------------------------------
<S> <C> <C>
U.S. Government Agency Obligations -- 102.0%
---------------------------------------------
Federal Farm Credit Bank, DN -- 9.7%
$ 25,000,000 5.10%, 08/31/99 $ 23,710,833
50,000,000 5.25%, 07/28/99 47,593,750
13,176,000 5.29%, 05/25/99 12,660,987
-----------
83,965,570
-----------
Federal Farm Credit Bank, Debenture -- 1.7%
15,000,000 5.70%, 09/02/98 14,999,944
-----------
Federal Farm Credit Bank, FRN, + -- 28.7%
50,000,000 5.43%, 09/24/98 49,960,241
50,000,000 5.44%, 09/20/98 49,973,543
25,000,000 5.48%, 09/22/98 24,988,119
75,000,000 5.49%, 09/01/98 74,984,005
50,000,000 5.52%, 09/01/98 49,994,361
-----------
249,900,269
-----------
Federal Home Loan Bank, Debentures -- 12.2%
50,000,000 5.61%, 03/02/99 49,982,015
15,500,000 5.61%, 04/08/99 15,492,882
25,000,000 5.70%, 03/17/99 25,000,000
16,000,000 5.70%, 07/22/99 16,000,000
-----------
106,474,897
-----------
Federal Home Loan Bank, DN -- 5.6%
50,000,000 5.28%, 03/29/99 48,467,333
-----------
Federal Home Loan Bank, FRN, + -- 26.4%
115,000,000 5.45%, 09/01/98 114,931,498
50,000,000 5.45%, 09/05/98 49,973,378
25,000,000 5.49%, 09/01/98 24,995,505
40,000,000 5.61%, 09/01/98 40,000,000
-----------
229,900,381
-----------
</TABLE>
17
See notes to financial statements.
<PAGE>
Chase Vista Federal Money Market Fund
Portfolio of Investments August 31, 1998 (continued)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
- ---------------------------------------------------------------------
<S> <C> <C>
Student Loan Marketing Association, FRN, + -- 17.7%
$15,050,000 5.25%, 09/01/98 $ 15,050,989
4,025,000 5.26%, 09/01/98 4,024,979
10,000,000 5.40%, 09/01/98 10,000,000
50,000,000 5.48%, 09/01/98 50,000,000
75,000,000 5.50%, 09/10/98 74,940,000
------------
154,015,968
- ---------------------------------------------------------------------
Total Investments --102.0%
(Cost $887,724,362)** $887,724,362
- ---------------------------------------------------------------------
</TABLE>
18
See notes to financial statements.
<PAGE>
Chase Vista Cash Management Fund
as of August 31, 1998
(unaudited)
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
Net assets $5.1 Billion
S&P Rating Not Rated
Moody's Rating Not Rated
NAIC Rating Not Rated
</TABLE>
Maturity Schedule
<TABLE>
<S> <C>
1-14 days .......... 12.95%
15-30 days ......... 16.63%
31-60 days ......... 5.80%
61-90 days ......... 11.41%
91+ days ........... 53.21%
</TABLE>
19
<PAGE>
Chase Vista Cash Management Fund
as of August 31, 1998
(unaudited)
How Much of the Fund Was Invested
[PIE CHART]
Investments (99.4%)
Cash/Other (0.6%)
[END PIE CHART]
Yields
<TABLE>
<CAPTION>
7-Day SEC Yield(1)
------------------
<S> <C>
Vista Shares 5.07%
Premier Shares 5.21%
Institutional Shares 5.42%
</TABLE>
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.
(1) 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 5.05% for Vista Shares
and 5.15% for Premier Shares. This voluntary waiver may be modified or
terminated at any time, which would reduce the fund's performance.
20
<PAGE>
Chase Vista Cash Management Fund
Portfolio of Investments August 31, 1998
<TABLE>
<CAPTION>
Principal
Amount Value
(USD) Issuer (USD)
- ---------------------------------------------------------------
Notes & Bonds -- 8.5%
- ---------------------------------------------------------------
<S> <C> <C>
State & Municipal Obligations -- 0.1%
--------------------------------------
$ 6,700,000 Virginia State, Housing Development
Authority, MultiFamily Housing,
Ser. A, Rev., 5.68%, 11/01/98
(Cost $6,699,510) $ 6,699,510
-----------
Corporate Notes & Bonds -- 8.4%
-------------------------------
Banking -- 0.7%
20,000,000 Bankers Trust Co. of New York,
5.69%, 01/08/99 19,998,643
1,000,000 Citicorp, 9.75%, 08/01/99 1,034,562
9,510,000 National Australia Bank--New York,
(Yankee) 9.70%, 10/15/98 9,553,490
7,200,000 Northwest Corp., 5.75%, 11/16/98 7,198,245
-----------
37,784,940
-----------
Computers/Computer Hardware -- 0.2%
10,000,000 International Business Machines,
Corp., 5.81%, 10/01/98 9,999,778
-----------
Financial Services -- 7.5%
Beta Finance Corp., Inc.,
28,000,000 5.70%, 03/31/99 # 28,000,000
22,000,000 5.75%, 03/16/99 # 21,999,409
25,000,000 Beta Finance Corp., Ltd., (Cayman
Islands) 5.69%, 03/02/99 # 25,000,000
9,000,000 British Telecommunications Finance,
(United Kingdom) 9.38%, 02/15/99 9,144,935
5,000,000 Caterpillar Financial Services Corp.,
6.76%, 01/15/99 5,016,773
24,000,000 CC USA Inc., (Centauri Corp.), #
(Cayman Islands) 5.88%, 05/04/99 24,000,000
32,000,000 Centauri Corp., 5.70%, 03/02/99 # 32,000,000
International Business Machines
Credit Corp.,
25,500,000 5.47%, 02/10/99 25,486,648
19,000,000 5.80%, 11/06/98 18,997,554
3,500,000 John Deere Capital Corp., 6.00%,
02/01/99 3,500,769
</TABLE>
21
See notes to financial statements.
<PAGE>
Chase Vista Cash Management Fund
Portfolio of Investments August 31, 1998 (continued)
<TABLE>
<CAPTION>
Principal
Amount Value
(USD) Issuer (USD)
- --------------------------------------------------------------
Notes & Bonds -- (continued)
- --------------------------------------------------------------
<S> <C> <C>
Merrill Lynch & Co., Inc.,
$ 7,000,000 5.57%, 02/16/99 $ 6,999,680
15,000,000 5.79%, 04/28/99 15,000,000
24,500,000 5.89%, 12/01/98 24,500,000
5,000,000 Paccar Financial Corp., 6.25%,
01/15/99 5,009,989
Sigma Finance Corp.,
(United Kingdom), #
14,000,000 5.70%, 03/02/99 14,000,000
34,000,000 5.72%, 03/30/99 34,000,000
50,000,000 5.75%, 03/09/99 50,000,000
25,000,000 5.76%, 03/31/99 25,000,000
12,000,000 5.94%, 11/17/98 12,001,935
-----------
379,657,692
- ----------------------------------------------------------------
Total Corporate Notes & Bonds
(Cost $427,442,410) 427,442,410
- ----------------------------------------------------------------
Total Notes & Bonds
(Cost $434,141,920) 434,141,920
- ----------------------------------------------------------------
Commercial Paper -- 54.8%
- ----------------------------------------------------------------
State & Municipal Commercial Paper -- 1.7%
------------------------------------------
California -- 1.3%
56,900,000 Anaheim City, California, 5.65%,
09/01/98 56,900,000
12,600,000 Oakland-Alameda County, California,
Coliseum Authority, Ser. A, 5.59%,
09/15/98 12,600,000
-----------
69,500,000
-----------
Nebraska -- 0.4%
20,000,000 Nebraska Public Power District,
5.68%, 09/23/98 20,000,000
- ----------------------------------------------------------------
Total State & Municipal
Commercial Paper
(Cost $89,500,000) 89,500,000
- ----------------------------------------------------------------
</TABLE>
22
See notes to financial statements.
<PAGE>
Chase Vista Cash Management Fund
Portfolio of Investments August 31, 1998 (continued)
<TABLE>
<CAPTION>
Principal
Amount Value
(USD) Issuer (USD)
- --------------------------------------------------------------------
Commercial Paper -- (continued)
- --------------------------------------------------------------------
<S> <C> <C>
Corporate Commercial Paper -- 53.1%
-----------------------------------
$25,000,000 Associates Corp. of North America,
5.85%, 09/01/98 $25,000,000
14,000,000 Associates First Capital Corp., 5.52%,
09/18/98 13,963,507
20,000,000 Beta Finance Corp., Ltd., (Caymon
Islands) 5.99%, 10/28/98 # 20,000,597
BTAB Holdings Funding Corp.,
10,000,000 5.44%, 02/11/99 9,753,689
90,000,000 5.47%, 12/07/98 88,673,525
42,606,000 China Merchants Bank, (China)
5.50%, 11/17/98 42,104,788
Corporate Receivables Corp.,
50,000,000 5.52%, 09/16/98 49,885,000
25,000,000 5.52%, 09/18/98 24,934,833
75,000,000 5.53%, 09/18/98 74,804,146
30,000,000 Credit Suisse, (Switzerland) 5.52%,
11/05/98 29,701,000
25,000,000 Credito Ilaliano, (Italy) 5.47%,
12/11/98 24,616,340
78,000,000 Cregem North America Inc.,
(Belgium) 5.48%, 12/18/98 76,718,850
30,000,000 CS First Boston, Inc., (Switzerland)
5.47%, 12/03/98 29,576,075
CXC Inc.,
50,000,000 5.51%, 10/30/98 49,548,486
50,000,000 5.52%, 09/22/98 49,839,000
50,000,000 5.57%, 09/09/98 49,938,111
Daimier-Benz North America Corp.,
(Germany)
27,000,000 5.45%, 02/25/99 26,276,513
1,000,000 5.46%, 10/21/98 992,417
50,000,000 5.49%, 09/25/98 49,817,000
75,000,000 5.49%, 11/30/98 73,971,563
19,910,000 5.50%, 09/09/98 19,885,666
50,000,000 5.51%, 09/23/98 49,831,639
</TABLE>
23
See notes to financial statements.
<PAGE>
Chase Vista Cash Management Fund
Portfolio of Investments August 31, 1998 (continued)
<TABLE>
<CAPTION>
Principal
Amount Value
(USD) Issuer (USD)
- ----------------------------------------------------------------
Commercial Paper -- (continued)
- ----------------------------------------------------------------
<S> <C> <C>
Den Danske Corp., (Denmark)
$ 41,000,000 5.44%, 04/01/99 $39,686,542
25,000,000 5.46%, 12/17/98 24,594,663
Diageo Capital PLC, (United Kingdom)
70,000,000 5.48%, 11/30/98 69,041,000
24,000,000 5.49%, 12/21/98 23,593,740
16,296,000 DuPont EI De Nemours Co., 5.49%,
10/21/98 16,171,743
50,000,000 Edison Asset Securitization, LLC,
5.51%, 11/13/98 49,441,347
100,000,000 Ford Motor Credit Co., 5.48%,
12/04/98 98,569,111
Ford Credit Europe PLC,
25,000,000 5.48%, 09/18/98 24,935,306
50,000,000 5.50%, 09/17/98 49,877,778
24,783,000 General RE Corp., 5.49%, 11/17/98 24,491,986
Generale Bank, (Belgium)
20,000,000 5.47%, 12/07/98 19,705,228
80,000,000 5.47%, 12/09/98 78,796,600
100,000,000 5.49%, 12/02/98 98,597,639
Greyhawk Funding LLC, #
45,000,000 5.51%, 11/06/98 44,545,425
81,000,000 5.52%, 09/22/98 80,739,180
45,000,000 Halifax PLC, (United Kingdom)
5.50%, 09/18/98 44,883,125
Lexington Parker Capital, Corp.
35,000,000 5.47%, 02/05/99 34,165,065
45,840,000 5.49%, 11/06/98 45,378,620
35,000,000 5.49%, 02/17/99 34,097,963
20,000,000 5.50%, 01/19/99 19,572,222
65,000,000 5.51%, 11/06/98 64,343,392
25,000,000 Merrill Lynch & Co., Inc., 5.52%,
10/30/98 24,773,833
39,196,000 MetLife Funding Inc., 5.54%,
09/09/98 39,147,745
</TABLE>
24
See notes to financial statements.
<PAGE>
Chase Vista Cash Management Fund
Portfolio of Investments August 31, 1998 (continued)
<TABLE>
<CAPTION>
Principal
Amount Value
(USD) Issuer (USD)
- ------------------------------------------------------------------
Commercial Paper -- (continued)
- ------------------------------------------------------------------
<S> <C> <C>
National Rural Utilities Cooperative
Finance Corp.,
$25,000,000 5.50%, 09/22/98 $24,919,792
45,000,000 5.50%, 09/28/98 44,814,375
Nationwide Building Society,
(United Kingdom)
47,850,000 5.48%, 11/24/98 47,238,158
25,000,000 5.49%, 12/16/98 24,595,875
62,000,000 5.50%, 11/13/98 61,308,528
50,000,000 5.50%, 11/19/98 49,396,528
8,000,000 5.50%, 12/11/98 7,876,556
47,529,000 Redwood Receivables Corp., 5.55%,
09/11/98 47,455,726
50,000,000 Rio Tinto America Inc., (United
Kingdom) 5.51%, 09/25/98 49,816,333
27,000,000 San Paolo US Financial Co., (Italy)
5.49%, 11/23/98 26,658,248
17,000,000 Sigma Finance Inc., (United
Kingdom) 5.51%, 11/23/98 16,784,039
Silver Tower US Funding, LLC,
12,300,000 5.46%, 02/19/99 11,981,000
37,500,000 5.47%, 02/16/99 36,542,750
Svenska Handelsbanken Inc., (Sweden)
26,000,000 5.50%, 09/22/98 25,916,583
45,000,000 5.50%, 10/08/98 44,745,625
60,000,000 5.51%, 09/10/98 59,917,350
18,500,000 Swiss Bank Corp., (Switzerland)
(Yankee) 5.75%, 05/07/99 18,493,081
23,000,000 Thames Asset Global Securitization,
Inc., 5.53%, 09/08/98 # 22,975,269
24,239,000 Three Rivers Funding Corp., 5.55%,
09/17/98 # 24,179,210
50,000,000 Trident Capital Finance, (France)
5.50%, 10/08/98 49,717,361
8,786,000 Triple A One Funding Corp., 5.54%,
09/21/98 8,758,959
</TABLE>
25
See notes to financial statements.
<PAGE>
Chase Vista Cash Management Fund
Portfolio of Investments August 31, 1998 (continued)
<TABLE>
<CAPTION>
Principal
Amount Value
(USD) Issuer (USD)
- --------------------------------------------------------------------
Commercial Paper -- (continued)
- --------------------------------------------------------------------
<S> <C> <C>
$13,041,000 Twin Towers Inc., 5.52%,
09/08/98 # $ 13,027,003
20,100,000 US Borax Inc., (United Kingdom)
5.51%, 09/24/98 20,029,242
50,000,000 Windmill Funding Corp., 5.54%,
09/18/98 49,869,194
- --------------------------------------------------------------------
Total Corporate Commercial Paper
(Cost $2,715,998,783) 2,715,998,783
- --------------------------------------------------------------------
Total Commercial Paper
(Cost $2,805,498,783) 2,805,498,783
- --------------------------------------------------------------------
Floating Rate Notes & Bonds -- 26.4%
- --------------------------------------------------------------------
U.S. Government Agency
Obligations (FRN) -- 2.1%
-------------------------
Student Loan Marketing Association,
59,200,000 5.26%, 09/01/98 59,201,797
49,000,000 5.27%, 09/01/98 49,000,000
- --------------------------------------------------------------------
Total U.S. Government Agency
Obligations (FRN)
(Cost $108,201,797) 108,201,797
- --------------------------------------------------------------------
State & Municipal Obligations (FRDN) -- 2.9%
--------------------------------------------
California -- 2.3%
California Housing Finance Agency,
Home Mortgage, Series M, Rev.,
76,000,000 5.62%, 09/02/98 76,000,000
20,000,000 California Pollution Control Financing
Authority, Environmental
Improvement, Shell Oil Company,
Project B, Rev., 5.63%, 09/02/98 20,000,000
22,000,000 Sacramento County, California, Rev.,
5.67%, 09/02/98 22,000,000
-------------
118,000,000
-------------
</TABLE>
26
See notes to financial statements.
<PAGE>
Chase Vista Cash Management Fund
Portfolio of Investments August 31, 1998 (continued)
<TABLE>
<CAPTION>
Principal
Amount Value
(USD) Issuer (USD)
- -----------------------------------------------------------------
Floating Rate Notes & Bonds -- (continued)
- -----------------------------------------------------------------
<S> <C> <C>
Illinois -- 0.1%
$ 6,900,000 Illinois Health Facilities Authority,
Taxable, LOYOLA Universal
Health, Ser. C, Rev., 5.65%,
09/01/98 $ 6,900,000
-----------
Missouri -- 0.3%
16,200,000 SSM Healthcare, Missouri Health
Facilities, Rev., 5.70%, 09/02/98 16,200,000
-----------
Texas -- 0.2%
10,000,000 Travis County, Texas, Certificates of
Obligation, GO, 5.59%, 09/02/98 10,000,000
- -----------------------------------------------------------------
Total State & Municipal
Obligations (FRDN)
(Cost $151,100,000) 151,100,000
- -----------------------------------------------------------------
Corporate Notes & Bonds (FRN) -- 20.7%
--------------------------------------
Banking -- 0.3%
17,000,000 American Express Centurion Bank,
5.59%, 09/11/98 17,000,000
-----------
Financial Services -- 19.2%
25,000,000 Asset Backed Capital Finance, Inc. #
5.64%, 11/16/98 25,000,000
35,000,000 Bear Stearns Co., Inc., 5.63%,
09/01/98 35,000,000
Caterpillar Financial Services Corp.,
47,000,000 5.61%, 10/13/98 47,000,000
50,000,000 5.62%, 09/16/98 50,000,000
75,000,000 5.62%, 10/07/98 74,968,973
30,000,000 Centauri Corp., 5.61%, 10/17/98 # 30,000,000
Goldman Sachs Group,
148,000,000 5.69%, 10/15/98 # 148,000,000
20,000,000 5.74%, 11/24/98 # 20,008,061
42,000,000 International Business Machines,
Credit Corp., 5.51%, 09/15/98 41,999,250
Merrill Lynch & Co.,
25,000,000 5.61%, 10/13/98 25,000,000
100,000,000 5.65%, 09/30/98 100,000,000
</TABLE>
27
See notes to financial statements.
<PAGE>
Chase Vista Cash Management Fund
Portfolio of Investments August 31, 1998 (continued)
<TABLE>
<CAPTION>
Principal
Amount Value
(USD) Issuer (USD)
- -------------------------------------------------------------------
Floating Rate Notes & Bonds -- (continued)
- -------------------------------------------------------------------
<S> <C> <C>
$ 25,000,000 Morgan Stanley Group, 5.79%,
09/15/98 $ 25,000,000
81,000,000 Sigma Finance, 5.63%, 10/20/98 # 81,000,000
Structured Enhanced Return Trust
(Steers),
50,000,000 1997 Ser. B-71, # 5.63%, 10/15/98 50,000,000
50,841,444 1998 Ser. A-39, # 5.67%, 09/25/98 50,841,444
75,000,000 Structured Product Asset Return
Certificate, Series 98-1, # 5.74%,
11/27/98 75,000,000
100,000,000 Toyota Motor Credit Corp., 5.56%,
11/18/98 99,975,054
-------------
978,792,782
-------------
Utilities -- 1.2%
62,000,000 Baltimore Gas & Electric Co.,
5.62%, 09/01/98 62,002,554
- -------------------------------------------------------------------
Total Corporate Notes &
Bonds (FRN)
(Cost $1,057,795,336) 1,057,795,336
- -------------------------------------------------------------------
Asset-Backed Securities (FRN) -- 0.7%
--------------------------------------
Financial Services
35,000,000 Triangle Funding Ltd., Ser. 1997-1X,
Class 1, # 5.69%, 11/15/98
(Cost $35,000,000) 35,000,000
- -------------------------------------------------------------------
Total Floating Rate Notes & Bonds
(Cost $1,352,097,133) 1,352,097,133
- -------------------------------------------------------------------
Deposits -- 4.3%
- -------------------------------------------------------------------
Time Deposit -- 0.2%
--------------------
10,479,000 First Union National Bank, 5.81%,
09/01/98 10,479,000
-------------
Certificate of Deposits -- 1.2%
--------------------------------
35,000,000 Bankers Trust Co. of New York,
5.97%, 10/27/98 34,998,167
25,000,000 CS First Boston, 5.79%, 04/27/99 25,000,000
-------------
59,998,167
-------------
</TABLE>
28
See notes to financial statements.
<PAGE>
Chase Vista Cash Management Fund
Portfolio of Investments August 31, 1998 (continued)
<TABLE>
<CAPTION>
Principal
Amount Value
(USD) Issuer (USD)
- ---------------------------------------------------------------------
Deposits -- (continued)
- ---------------------------------------------------------------------
<S> <C> <C>
Certificate of Deposits (Euro Deposits) -- 2.9%
-----------------------------------------------
$ 25,000,000 Bank of Austria of New York, 5.64%,
02/25/99 $ 24,994,633
10,000,000 Bank of Nova Scotia, (Canada)
5.89%, 09/16/98 10,000,807
25,000,000 Bayerische Vereinsbank, (Germany)
5.68%, 01/21/99 25,000,000
35,000,000 Canadian Imperial Bank, (Canada)
5.75%, 04/01/99 34,990,267
Deutsche Bank AG, (Germany)
10,000,000 5.73%, 04/14/99 9,997,032
11,500,000 5.75%, 04/27/99 11,496,410
10,000,000 Deutsche Bank Financial, 5.95%,
10/26/98 9,999,280
24,000,000 Swiss Bank Corp., New York,
(Yankee) 5.64%, 02/25/99 23,993,986
--------------
150,472,415
- ----------------------------------------------------------------------
Total Deposits
(Cost $220,949,582) 220,949,582
- ----------------------------------------------------------------------
Repurchase Agreements -- 5.5%
- ----------------------------------------------------------------------
150,000,000 Greenwich Capital Markets, 5.80%,
due 09/01/98, (Dated 08/31/98,
Proceeds $150,024,167, Secured by
FNMA REMICS, $184,502,662,
6.50% through 7.19%, 02/18/12
through 04/18/28; Market
$153,002,291) 150,000,000
130,000,000 Lehman Brothers Inc., 5.90%, due
09/01/98, (Dated 08/31/98, Proceeds
$130,021,306, Secured by U.S. Treasury
Notes, $128,690,000 at 5.75%, due
09/30/99; Market $132,607,727) 130,000,000
- ----------------------------------------------------------------------
Total Repurchase Agreements
(Cost $280,000,000) 280,000,000
- ----------------------------------------------------------------------
Total Investments -- 99.5%
(Cost $5,092,687,418)** $5,092,687,418
- ----------------------------------------------------------------------
</TABLE>
29
See notes to financial statements.
<PAGE>
Chase Vista Prime Money Market Fund
as of August 31, 1998
(unaudited)
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, B and C Shares
Net assets $5.3 Billion
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
<TABLE>
<S> <C>
1-14 days .......... 25.59%
15-30 days ......... 8.15%
31-60 days ......... 6.84%
61-90 days ......... 3.33%
91+ days ........... 56.09%
</TABLE>
30
<PAGE>
Chase Vista Prime Money Market Fund
as of August 31, 1998
(unaudited)
How Much of the Fund Was Invested
[PIE CHART]
Investments (98.3%)
Cash/Other (1.7%)
[END PIE CHART]
Yields
<TABLE>
<CAPTION>
7-Day SEC Yield1
----------------
<S> <C>
B Shares 4.47%
C Shares 4.22%
Premier Shares 5.27%
Institutional Shares 5.48%
</TABLE>
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.
(1) 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 4.22% for B Shares and
5.22% for Premier Shares. This voluntary waiver may be modified or terminated
at any time, which would reduce the fund's performance.
31
<PAGE>
Chase Vista Prime Money Market Fund
Portfolio of Investments August 31, 1998
<TABLE>
<CAPTION>
Principal
Amount Value
(USD) Issuer (USD)
- ----------------------------------------------------------------------
Corporate Notes & Bonds -- 5.8%
- ----------------------------------------------------------------------
<S> <C> <C>
Financial Services -- 5.8%
--------------------------
Beta Finance Inc., #
$25,000,000 5.69%, 03/02/99 $ 24,998,753
17,000,000 5.87%, 11/12/98 17,000,000
CC USA Inc.(Centauri Corp.),
(Cayman Islands) #
25,000,000 5.70%, 03/04/99 25,000,000
40,000,000 5.72%, 03/30/99 40,000,000
35,000,000 5.80%, 04/30/99 35,000,000
25,000,000 5.80%, 06/10/99 25,000,000
25,000,000 5.82%, 04/30/99 25,000,000
Sigma Finance Corp.,
(United Kingdom) #
25,000,000 5.70%, 02/26/99 25,000,000
25,000,000 5.76%, 03/09/99 25,000,000
25,000,000 5.92%, 10/15/98 25,000,000
7,000,000 5.97%, 11/16/98 7,000,000
15,000,000 6.00%, 09/15/98 15,000,000
21,500,000 Tokai Financial Services, # 6.20%,
06/18/99 21,567,463
- ----------------------------------------------------------------------
Total Corporate Notes & Bonds
(Cost $310,566,216) 310,566,216
- ----------------------------------------------------------------------
Commercial Paper -- 30.1%
- ----------------------------------------------------------------------
State & Municipal Commercial Paper -- 2.6%
------------------------------------------
California -- 1.2%
62,327,000 Northern California Transmission,
5.53%, 10/06/98 61,991,906
-----------
New York -- 1.1%
Mount Sinai, New York, Union Free
School District,
47,269,000 5.55%, 09/14/98 47,174,265
10,500,000 5.56%, 09/14/98 10,478,918
-----------
57,653,183
-----------
</TABLE>
32
See notes to financial statements.
<PAGE>
Chase Vista Prime Money Market Fund
Portfolio of Investments August 31, 1998 (continued)
<TABLE>
<CAPTION>
Principal
Amount Value
(USD) Issuer (USD)
- ---------------------------------------------------------------------
Commercial Paper -- (continued)
- ---------------------------------------------------------------------
<S> <C> <C>
Texas -- 0.3%
$ 14,075,000 Trinity River Authority of Texas, Ser.
96B, 5.56%, 11/16/98 $ 14,075,000
- ---------------------------------------------------------------------
Total State & Municipal
Commercial Paper
(Cost $133,720,089) 133,720,089
- ---------------------------------------------------------------------
Corporate Commercial Paper -- 27.5%
-----------------------------------
20,000,000 Banco BCN Barclays (Bahamas), Ltd.,
5.38%, 11/06/98 19,802,917
5,000,000 Banco Itau SA, (Germany) 5.60%,
09/11/98 4,992,222
20,000,000 Banco Mercantil del Norte SA,
(Banorte), Ser. A, (Cayman Islands)
5.65%, 09/09/98 19,974,911
52,500,000 Banco Nacional De Mexico SA,
(Mexico) 5.56%, 10/19/98 52,110,800
Banner Receiveables Corp.,
25,434,000 5.64%, 09/25/98 25,338,368
47,000,000 5.65%, 09/11/98 46,926,236
24,992,000 5.65%, 09/14/98 24,941,009
38,276,000 5.66%, 09/08/98 38,233,875
30,433,000 5.66%, 09/14/98 30,370,798
10,000,000 5.66%, 09/17/98 9,974,844
5,348,000 5.67%, 09/03/98 5,346,315
47,371,000 5.67%, 09/08/98 47,318,773
23,000,000 5.68%, 09/03/98 22,992,742
145,000,000 Bavaria Universal Funding, # 5.57%,
09/18/98 144,618,610
Bayerische Landesbank, Girozentrale,
(Germany)
10,000,000 5.72%, 09/10/98 9,985,700
10,000,000 5.72%, 09/11/98 9,984,111
35,000,000 Centric Funding Corp., 5.54%,
09/23/98 34,881,506
</TABLE>
33
See notes to financial statements.
<PAGE>
Chase Vista Prime Money Market Fund
Portfolio of Investments August 31, 1998 (continued)
<TABLE>
<CAPTION>
Principal
Amount Value
(USD) Issuer (USD)
- --------------------------------------------------------------------
Commercial Paper -- (continued)
- --------------------------------------------------------------------
<S> <C> <C>
China Merchants Bank, (China)
$ 48,000,000 5.52%, 11/17/98 $ 47,433,280
55,000,000 5.56%, 09/08/98 54,940,539
11,500,000 COFCO Capital Corp., Ser. A,
(China) 5.57%, 09/16/98 11,473,311
Comision Federal De Electricidad,
(Germany)
34,000,000 5.55%, 09/09/98 33,958,067
50,000,000 5.55%, 09/21/98 49,845,833
50,000,000 Dixie Overseas Ltd., Ser. B, (France)
5.54%, 11/16/98 49,415,222
Galicia Buenos Aires Funding,
(Germany)
40,000,000 5.50%, 03/09/99 38,845,000
75,000,000 5.51%, 03/09/99 72,830,438
Glencore Finance, Ser. A,(Netherlands)
50,000,000 5.56%, 09/09/98 49,938,222
110,000,000 5.56%, 09/14/98 109,779,144
5,000,000 Gotham Funding Corp., (Japan)
5.67%, 09/10/98 4,992,913
23,304,000 Greyhawk Funding, LLC, 5.57%,
09/22/98 23,228,281
20,000,000 Interperu Funding Ltd., (Netherlands)
5.55%, 09/29/98 19,913,667
10,000,000 Mitsubushi Motors Credit
Acceptance, (MMCA) 5.90%,
10/02/98 9,949,195
50,000,000 Nacional Financiera SNC (Cayman
Islands) 5.50%, 02/16/99 48,716,667
31,400,000 Special Purpose Accounts Receivable
Cooperative Corp., 5.60%,
09/02/98 31,395,116
TEB Funding Corp, I, (France)
8,250,000 5.55%, 09/03/98 8,247,456
21,250,000 5.55%, 09/11/98 21,217,240
</TABLE>
34
See notes to financial statements.
<PAGE>
Chase Vista Prime Money Market Fund
Portfolio of Investments August 31, 1998 (continued)
<TABLE>
<CAPTION>
Principal
Amount Value
(USD) Issuer (USD)
- -------------------------------------------------------------------
Commercial Paper -- (continued)
- -------------------------------------------------------------------
<S> <C> <C>
$ 6,250,000 TEB Funding Corp, I, (France)
5.55%, 09/03/98 $ 6,248,073
10,000,000 Temple Physicians, Inc., Ser. 1997,
(Canada) 5.59%, 09/15/98 9,978,261
Towson Town Center Inc., (Japan)
50,556,000 5.68%, 09/09/98 50,492,187
31,000,000 5.68%, 09/10/98 30,955,980
17,000,000 Transportadora De Gas Del Sur SA,
(Argentina) 5.59%, 09/24/98 16,939,286
125,000,000 Tulip Funding Corp., (Netherlands)
5.56%, 10/26/98 123,938,195
- -------------------------------------------------------------------
Total Corporate Commercial Paper
(Cost $1,472,465,310) 1,472,465,310
- -------------------------------------------------------------------
Total Commercial Paper
(Cost $1,606,185,399) 1,606,185,399
- -------------------------------------------------------------------
Floating Rate Notes & Bonds -- 50.6%
- -------------------------------------------------------------------
U.S. Government Agency Obligations (FRN) -- 0.8%
------------------------------------------------
44,000,000 Student Loan Marketing Association,
5.27%, 09/01/98
(Cost $44,000,000) 44,000,000
- -------------------------------------------------------------------
State & Municipal Obligations (FRDN) -- 1.9%
--------------------------------------------
California -- 0.4%
17,000,000 Kern County, California Pension
Obligation, Taxable, Medical
Options Period, Cr-7T, Rev.,
5.76%, 09/01/98 17,000,000
2,900,000 Stanislaus County, California Pension
Obligation, Medical Options
Period, Taxable, Rev., 5.76%,
09/01/98 2,900,000
-------------
19,900,000
-------------
</TABLE>
35
See notes to financial statements.
<PAGE>
Chase Vista Prime Money Market Fund
Portfolio of Investments August 31, 1998 (continued)
<TABLE>
<CAPTION>
Principal
Amount Value
(USD) Issuer (USD)
- -----------------------------------------------------------------
Floating Rate Notes & Bonds -- (continued)
- -----------------------------------------------------------------
<S> <C> <C>
Illinois -- 1.2%
$ 16,635,000 Illinois Housing Development
Authority, Multifamily Housing,
Ser. A, Rev., 5.61%, 09/02/98 $ 16,635,000
Illinois Student Assistance
Commission,
20,600,000 Ser. B, 5.61%, 09/02/98 20,600,000
27,200,000 Ser. D, 5.61%, 09/02/98 27,200,000
------------
64,435,000
------------
New York -- 0.2%
New York State Housing Finance
Agency Service, Contract
Obligation, Ser. B, Rev.,
15,600,000 5.65%, 09/02/98 15,600,000
------------
Texas -- 0.1%
3,600,000 Texas State, Taxable, Medical Options
Period, Rev., 5.76%, 09/01/98 3,600,000
- ------------------------------------------------------------------
Total State & Municipal Obligations
(FRDN)
(Cost $103,535,000) 103,535,000
- ------------------------------------------------------------------
Corporate Notes & Bonds (FRN) -- 47.9%
---------------------------------------
Banking -- 7.1%
32,000,000 Bank of Montreal, Chicago, (Yankee)
5.56%, 09/01/98 31,983,354
250,000,000 Bayerische Landesbank, (Germany)
5.51%, 09/22/98 249,838,067
75,000,000 Deutsche Bank of New York,
(Yankee) 5.51%, 09/16/98 74,950,531
25,000,000 First USA Bank, 5.97%, 09/17/98 25,003,235
------------
381,775,187
------------
Diversified -- 4.4%
240,000,000 Restructured Asset Securities, #
(RACERS), 1998 Ser. MM-7 1,
5.64%, 09/17/98 240,000,000
------------
</TABLE>
36
See notes to financial statements.
<PAGE>
Chase Vista Prime Money Market Fund
Portfolio of Investments August 31, 1998 (continued)
<TABLE>
<CAPTION>
Principal
Amount Value
(USD) Issuer (USD)
- ---------------------------------------------------------------
Floating Rate Notes & Bonds -- (continued)
- ---------------------------------------------------------------
<S> <C> <C>
Financial Services -- 28.2%
Beta Finance Inc., #
$ 25,000,000 5.59%, 09/25/98 $ 25,000,000
80,000,000 5.61%, 09/01/98 80,000,000
24,000,000 5.67%, 09/01/98 24,000,000
25,000,000 5.88%, 09/20/98 25,000,000
CC USA Inc. (Centauri Corp.),
(Cayman Islands) #
25,000,000 5.54%, 09/08/98 25,000,000
25,000,000 5.59%, 09/15/98 25,000,000
30,000,000 5.59%, 09/27/98 30,000,000
45,000,000 5.88%, 09/20/98 45,000,000
75,000,000 First AllAmerica Financial Life
Funding, 5.73%, 09/01/98 75,000,000
General Electric Capital Corp., MTN
100,000,000 5.54%, 09/08/98 99,966,070
50,000,000 5.54%, 09/09/98 49,984,834
55,000,000 Goldman Sachs Group, 5.69%,
10/14/98 # 55,000,000
21,895,000 Health Care Funding LLC, 5.60%,
09/03/98 21,895,000
Morgan Stanley Group, Inc.,
35,000,000 5.79%, 09/12/98 35,000,000
50,000,000 5.79%, 09/15/98 50,000,000
36,000,000 Racetrac Capital LLC, Series 1998A,
5.59%, 09/02/98 36,000,000
35,000,000 Sanwa Business Credit Corp., 5.63%,
11/20/98 # 34,998,498
7,266,000 Sault Ste Marie Tribe Building,
6.15%, 12/01/98 7,266,000
Sigma Finance Corp.,
(United Kingdom) #
75,000,000 5.63%, 09/01/98 75,000,000
50,000,000 5.67%, 09/01/98 50,000,000
50,000,000 5.68%, 09/01/98 50,000,000
125,000,000 SMM Trust 1998, Ser. B, 5.65%,
09/07/98 # 1 25,000,000
</TABLE>
37
See notes to financial statements.
<PAGE>
Chase Vista Prime Money Market Fund
Portfolio of Investments August 31, 1998 (continued)
<TABLE>
<CAPTION>
Principal
Amount Value
(USD) Issuer (USD)
- ------------------------------------------------------------------
Floating Rate Notes & Bonds -- (continued)
- ------------------------------------------------------------------
<S> <C> <C>
Structured Enhanced Return Trust,
(Steers)
$ 73,481,415 1997 Ser. A-31, # 5.68%,
09/25/98 $ 73,476,257
70,000,000 1997 Ser. B-71, # 5.64%,
09/15/98 69,998,719
25,000,000 1998 Ser. A-38, # 5.70%,
09/23/98 25,000,000
62,000,000 1998 Ser. A-42, # 5.68%,
09/25/98 62,000,000
30,000,000 Short Term Repackage Asset Trust
Securities (Strat), 1997-A, #
5.67%, 09/16/98 30,000,000
200,000,000 Toyota Motor Credit Corp., 5.57%,
09/01/98 199,856,229
-------------
1,504,441,607
-------------
Health Care -- 0.2%
9,400,000 Oakwood Medical, Ser. 88-A, 5.66%,
09/02/98 9,400,000
-------------
Insurance -- 7.5%
General American Life Insurance Co.,
75,000,000 5.76%, 09/01/98 75,000,000
50,000,000 5.76%, 10/01/98 50,000,000
141,400,000 5.83%, 09/01/98 141,400,000
135,000,000 Jackson National Life Insurance Co.,
5.73%, 09/01/98 135,000,000
-------------
401,400,000
-------------
Other Government Obligations -- 0.2%
9,000,000 Hydro-Quebec, (Yankee Sector)
5.76%, 09/01/98 9,000,000
-------------
Special Purpose -- 0.3%
14,000,000 Edward Obligation Group, Ser. 97B,
5.61%, 09/02/98 14,000,000
- - -----------------------------------------------------------------
Total Corporate Notes & Bonds
(FRN)
(Cost $2,560,016,794) 2,560,016,794
- ------------------------------------------------------------------
</TABLE>
38
See notes to financial statements.
<PAGE>
Chase Vista Prime Money Market Fund
Portfolio of Investments August 31, 1998 (continued)
<TABLE>
<CAPTION>
Principal
Amount Value
(USD) Issuer (USD)
- -----------------------------------------------------------------------
Floating Rate Notes & Bonds -- (continued)
- -----------------------------------------------------------------------
<S> <C> <C>
Total Floating Rate Notes & Bonds
(Cost $2,707,551,794) $2,707,551,794
- -----------------------------------------------------------------------
Deposits -- 5.8%
- -----------------------------------------------------------------------
Time Deposits -- 2.4%
---------------------
Bank of Tokyo-Mitsubishi, Ltd., (Japan)
$50,000,000 5.70%, 09/24/98 50,000,000
80,000,000 5.75%, 09/14/98 80,000,000
--------------
130,000,000
--------------
Certificate of Deposit -- 0.6%
------------------------------
$35,000,000 Swiss Bank Corp., 5.74%, 06/11/99 34,984,396
--------------
Certificate of Deposits (Euro Deposits) -- 0.8%
-----------------------------------------------
15,000,000 Bayerische Landesbank, (Germany)
5.72%, 05/06/99 14,989,825
25,000,000 Rabobank Nederland -- Cooeperatieve
Centrale Raiffeisen-Boerenleenbank
B.A. (Netherlands) 5.69%, 04/16/99 24,989,567
--------------
39,979,392
--------------
Certificate of Deposits (Yankee) -- 2.0%
----------------------------------------
25,000,000 Bank Austria AG, (Austria) 5.69%,
08/03/99 24,985,669
20,000,000 Bayerische Landesbank, (Germany)
5.64%, 03/15/99 19,986,914
35,000,000 Norddeutsche Landesbank,
(Germany) 5.66%, 07/27/99 34,981,860
25,000,000 Union Bank of Switzerland,
(Switzerland) 5.68%, 06/25/99 24,988,936
--------------
104,943,379
- -----------------------------------------------------------------------
Total Deposits
(Cost $309,907,167) 309,907,167
- -----------------------------------------------------------------------
</TABLE>
39
See notes to financial statements.
<PAGE>
Chase Vista Prime Money Market Fund
Portfolio of Investments August 31, 1998 (continued)
<TABLE>
<CAPTION>
Principal
Amount Value
(USD) Issuer (USD)
- --------------------------------------------------------------------
Repurchase Agreements -- 8.1%
- --------------------------------------------------------------------
<S> <C> <C>
$150,000,000 Credit Suisse First Boston Corp.,
5.92%, due 09/01/98, (Dated
08/31/98, Proceeds $150,024,667,
Secured by; GNMA ARM Pools,
$208,920,060, 5.50% through
8.00%, due 03/20/26 through
03/20/28; GNMA Pools,
$27,016,235, 7.50% through
9.50%, due 05/20/03 through
05/20/28; Market $154,436,695) $ 150,000,000
155,000,000 Greenwich Funding Corp., 5.85%, due
09/01/98, (Dated 08/31/98,
Proceeds $155,025,188, Secured by
FNMA Ser. 1998-49, Class B,
$155,705,000, at 6.50%, due
08/18/28; Market $158,101,492) 155,000,000
125,530,000 Lehman Brothers, Inc., 5.95%, due
09/01/98, (Dated 08/31/98,
Proceeds $125,550,747, Secured by;
FHLBs, $51,485,000, 5.61%
through 7.02%, due 10/08/98
through 05/06/13; FNMAs,
$73,275,000, 5.09% through 7.19%,
due 02/08/99 through 08/27/12;
Market $127,940,546) 125,530,000
- --------------------------------------------------------------------
Total Repurchase Agreements
(Cost $430,530,000) 430,530,000
- --------------------------------------------------------------------
Total Investments -- 100.4%
(Cost $5,364,740,576)** $5,364,740,576
- --------------------------------------------------------------------
</TABLE>
40
See notes to financial statements.
<PAGE>
Chase Vista Funds
Portfolio of Investments August 31, 1998 (continued)
Index
# --Security may only be sold to qualified institutional buyers.
**--The cost of securities is substantially the same for federal income tax
purposes.
+--All or a portion of this security is held in a segregated account.
ARM--Adjustable Rate Mortgage
DN--Discount Note
FHLB--Federal Home Loan Bank
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 August 31, 1998.
FRN--Floating Rate Note: The maturity date shown is the next interest reset
date; the rate shown is the rate in effect at August 31, 1998.
GNMA--Government National Mortgage Association
GO--General Obligation
MTN--Medium Term Note
REMIC--Real Estate Mortgage Investment Conduit
REV--Revenue Bond
41
See notes to financial statements.
<PAGE>
Chase Vista Funds
Statement of Assets and Liabilities August 31, 1998
- --------------------------------------------------------------------------------
<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) ................................ $ 4,929,252,344 $6,501,319,883 $2,638,749,565
Cash ..................................... 10,158 -- 500,656
Other assets ............................. 56,590 78,842 28,029
Receivables:
Investment securities sold .............. 100,367,792 384,809,138 --
Interest ................................ 56,340,275 43,745,598 10,847,821
Fund shares sold ........................ 74,348 178,384 --
Other ................................... 2,785 3,162 --
--------------- -------------- --------------
Total Assets .......................... 5,086,104,292 6,930,135,007 2,650,126,071
--------------- -------------- --------------
LIABILITIES:
Payables:
Investment securities purchased ......... 207,004,885 -- 295,424,701
Fund shares redeemed .................... 9,502 296,106 1,583,059
Dividends ............................... 7,744,295 11,954,194 3,702,871
Accrued liabilities: (Note 2)
Investment advisory fees ................ 400,776 565,255 204,012
Administration fees ..................... 341,657 565,255 122,408
Shareholder servicing fees .............. 583,694 769,305 365,252
Distribution fees ....................... 252,955 307,722 113,046
Custody fees ............................ 77,044 117,002 46,853
Other ................................... 974,931 1,531,695 569,530
--------------- -------------- --------------
Total Liabilities ..................... 217,389,739 16,106,534 302,131,732
--------------- -------------- --------------
NET ASSETS:
Paid in capital .......................... 4,867,802,084 6,914,078,537 2,347,950,002
Accumulated undistributed net
investment income ....................... -- 20,677 (25,713)
Accumulated net realized gain (loss)
on investment transactions .............. 912,469 (70,741) 70,050
--------------- -------------- --------------
Net Assets ................................. $ 4,868,714,553 $6,914,028,473 $2,347,994,339
=============== ============== ==============
Shares of beneficial interest outstanding
($.001 par value; unlimited number
of shares authorized):
Vista Shares ............................. 3,050,844,790 3,033,409,231 1,316,384,237
Premier Shares ........................... 21,737,740 1,083,610,419 155,498,390
Institutional Shares ..................... 1,795,308,328 2,797,159,637 876,165,344
B Shares* ................................ -- -- --
C Shares* ................................ -- -- --
Net asset value, offering and
redemption price per share .............. $ 1.00 $ 1.00 $ 1.00
=============== ============== ==============
Cost of investments ...................... $ 4,929,252,344 $6,501,319,883 $2,638,749,565
=============== ============== ==============
</TABLE>
- --------------
*Redemption price may be reduced by contingent deferred sales charge.
42
See notes to financial statements.
<PAGE>
Chase Vista Funds
Statement of Assets and Liabilities August 31, 1998
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Federal Cash Prime
Money Market Management Money Market
Fund Fund Fund
------------ -------------- --------------
<S> <C> <C> <C>
ASSETS:
Investment securities, at value
(Note 1) ................................. $887,724,362 $5,092,687,418 $5,364,740,576
Cash ...................................... 375 311 4,444,244
Other assets .............................. 10,489 62,652 64,979
Receivables:
Investment securities sold ............... 74,698,425 305,165 62,005,007
Interest ................................. 7,702,244 29,834,596 24,799,515
Fund shares sold ......................... 647,114 1,280,539 2,279,753
Other .................................... -- 46,846 --
------------ -------------- --------------
Total Assets ........................... 970,783,009 5,124,217,527 5,458,334,074
------------ -------------- --------------
LIABILITIES:
Payables:
Investment securities purchased .......... 98,650,833 -- 108,406,900
Fund shares redeemed ..................... 202,199 654,173 54,801
Dividends ................................ 1,018,364 3,542,404 6,695,972
Accrued liabilities: (Note 2)
Investment advisory fees ................. 73,729 438,140 456,089
Administration fees ...................... 73,729 438,140 456,089
Shareholder servicing fees ............... 133,914 1,082,752 107,862
Distribution fees ........................ 30,044 -- 15,136
Custody fees ............................. 42,084 93,307 93,723
Other .................................... 412,394 949,650 1,066,416
------------ -------------- --------------
Total Liabilities ...................... 100,637,290 7,198,566 117,352,988
------------ -------------- --------------
NET ASSETS:
Paid in capital ........................... 870,184,299 5,116,988,742 5,340,906,088
Accumulated undistributed net
investment income ........................ (8,594) 244,275 11,080
Accumulated net realized gain (loss)
on investment transactions ............... (29,986) (214,056) 63,918
------------ -------------- --------------
Net Assets .................................. $870,145,719 $5,117,018,961 $5,340,981,086
============ ============== ==============
Shares of beneficial interest outstanding
($.001 par value; unlimited number
of shares authorized):
Vista Shares .............................. 359,096,867 3,641,690,744 --
Premier Shares ............................ 313,125,208 415,333,922 590,144,769
Institutional Shares ...................... 197,962,224 1,059,976,383 4,721,991,009
B Shares* ................................. -- -- 28,699,739
C Shares* ................................. -- -- 70,571
Net asset value, offering and
redemption price per share ............... $ 1.00 $ 1.00 $ 1.00
============ ============== ==============
Cost of investments ....................... $887,724,362 $5,092,687,418 $5,364,740,576
============ ============== ==============
</TABLE>
- --------------
*Redemption price may be reduced by contingent deferred sales charge.
43
See notes to financial statements.
<PAGE>
Chase Vista Funds
Statement of Operations For the year ended August 31, 1998
- --------------------------------------------------------------------------------
<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) $189,833,295 $364,706,638 $131,681,870
------------ ------------ ------------
EXPENSES: (Note 2)
Investment advisory fees ............. 3,534,288 6,498,006 2,384,985
Administration fees .................. 1,767,144 3,249,003 1,192,493
Shareholder servicing fees ........... 9,299,355 11,949,130 6,202,356
Distribution fees .................... 2,649,087 3,693,140 1,631,868
Sub-administration fees .............. 1,767,144 3,249,003 1,192,493
Custodian fees ....................... 258,779 411,325 165,846
Printing and postage ................. 33,356 119,672 29,917
Professional fees .................... 135,946 266,695 101,467
Registration costs ................... 762,192 603,288 365,479
Transfer agent fees .................. 649,245 956,027 366,883
Trustees fees and expenses ........... 176,714 324,900 119,249
Other ................................ 54,453 221,071 65,539
------------ ------------ ------------
Total expenses .................... 21,087,703 31,541,260 13,818,575
Less amounts waived (Note 2B) .......... 3,580,131 4,183,860 2,116,342
Less expenses borne by the
Distributor ......................... 1,494 -- --
------------ ------------ ------------
Net expenses ......................... 17,506,078 27,357,400 11,702,233
------------ ------------ ------------
Net investment income ................ 172,327,217 337,349,238 119,979,637
------------ ------------ ------------
REALIZED GAIN (LOSS) ON INVESTMENTS
Net realized gain (loss) on investment
transactions ........................ 2,715,579 (61,447) 412,087
------------ ------------ ------------
Net increase in net assets from
operations .......................... $175,042,796 $337,287,791 $120,391,724
============ ============ ============
</TABLE>
44
See notes to financial statements.
<PAGE>
Chase Vista Funds
Statement of Operations For the year ended August 31, 1998
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Federal Cash Prime
Money Market Management Money Market
Fund Fund Fund
-------------- --------------- ---------------
<S> <C> <C> <C>
INTEREST INCOME: (Note 1C) $44,393,833 $261,773,564 $213,307,923
----------- ------------ ------------
EXPENSES: (Note 2)
Investment advisory fees ............. 793,764 4,595,098 3,711,416
Administration fees .................. 396,882 2,297,549 1,855,708
Shareholder servicing fees ........... 1,823,892 11,817,000 1,824,117
Distribution fees .................... 296,366 -- 99,828
Sub-administration fees .............. 396,882 2,297,549 1,855,708
Custodian fees ....................... 129,530 390,219 290,384
Printing and postage ................. 14,975 59,834 31,232
Professional fees .................... 48,767 167,769 140,465
Registration costs ................... 107,426 648,459 713,341
Transfer agent fees .................. 524,019 1,034,820 354,700
Trustees fees and expenses ........... 39,688 229,755 185,571
Other ................................ 9,687 42,089 120,883
----------- ------------ ------------
Total expenses .................... 4,581,878 23,580,141 11,183,353
Less amounts waived (Note 2B) .......... 444,106 845,300 471,154
Less expenses borne by the
Distributor ......................... -- -- 27,918
----------- ------------ ------------
Net expenses ......................... 4,137,772 22,734,841 10,684,281
----------- ------------ ------------
Net investment income ................ 40,256,061 239,038,723 202,623,642
----------- ------------ ------------
REALIZED GAIN (LOSS) ON INVESTMENTS
Net realized gain (loss) on investment
transactions ........................ (29,986) (214,056) 140,745
----------- ------------ ------------
Net increase in net assets from
operations .......................... $40,226,075 $238,824,667 $202,764,387
=========== ============ ============
</TABLE>
45
See notes to financial statements.
<PAGE>
Chase Vista Funds
Statement of Changes in Net Assets For the year ended August 31,
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
100% U.S. Treasury Securities
Money Market
Fund
----------------------------------
1998 1997
--------------- ---------------
<S> <C> <C>
INCREASE (DECREASE) IN NET ASSETS
FROM OPERATIONS:
Net investment income ................................... $ 172,327,217 $ 95,373,722
Net realized gain (loss) on investment transactions ..... 2,715,579 608,194
-------------- --------------
Increase in net assets from operations .................. 175,042,796 95,981,916
-------------- --------------
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income ................................... (172,327,217) (95,373,722)
Net realized gain on investment transactions ............ (1,816,967) (896,002)
-------------- --------------
Total dividends and distributions ....................... (174,144,184) (96,269,724)
-------------- --------------
Increase from capital share transactions ................ 2,404,686,040 791,586,677
-------------- --------------
Total increase ......................................... 2,405,584,652 791,298,869
NET ASSETS:
Beginning of period ..................................... 2,463,129,901 1,671,831,032
-------------- --------------
End of period ........................................... $4,868,714,553 $2,463,129,901
============== ==============
<CAPTION>
U.S. Government
Money Market Treasury Plus
Fund Money Market Fund
----------------------------------- -----------------------------------
1998 1997 1998 1997
-------------- -------------- -------------- --------------
<S> <C> <C> <C> <C>
INCREASE (DECREASE) IN NET ASSETS
FROM OPERATIONS:
Net investment income ................................... $ 337,349,238 $ 262,809,271 $ 119,979,637 $ 96,104,018
Net realized gain (loss) on investment transactions ..... (61,447) 493,637 412,087 245,215
-------------- -------------- -------------- --------------
Increase in net assets from operations .................. 337,287,791 263,302,908 120,391,724 96,349,233
-------------- -------------- -------------- --------------
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income ................................... (337,349,238) (262,809,271) (119,996,628) (96,120,887)
Net realized gain on investment transactions ............ (18,900) (465,957) (342,037) (166,314)
-------------- -------------- -------------- --------------
Total dividends and distributions ....................... (337,368,138) (263,275,228) (120,338,665) (96,287,201)
-------------- -------------- -------------- --------------
Increase from capital share transactions ................ 983,014,510 1,890,616,058 319,216,119 351,955,824
-------------- -------------- -------------- --------------
Total increase ......................................... 982,934,163 1,890,643,738 319,269,178 352,017,856
NET ASSETS:
Beginning of period ..................................... 5,931,094,310 4,040,450,572 2,028,725,161 1,676,707,305
-------------- -------------- -------------- --------------
End of period ........................................... $6,914,028,473 $5,931,094,310 $2,347,994,339 $2,028,725,161
============== ============== ============== ==============
</TABLE>
46
See notes to financial statements.
<PAGE>
Chase Vista Funds
Statement of Changes in Net Assets For the year ended August 31,
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Federal Cash Management
Money Market Fund Fund
------------------------------ --------------------------------
1998 1997 1998 1997
------------- ------------- -------------- --------------
<S> <C> <C> <C> <C>
INCREASE (DECREASE) IN NET ASSETS
FROM OPERATIONS:
Net investment income ................................... $ 40,256,061 $ 38,641,291 $ 239,038,723 $ 160,620,718
Net realized gain (loss) on investment transactions ..... (29,986) 54,317 (214,056) 12,811
------------- ------------- -------------- --------------
Increase in net assets from operations .................. 40,226,075 38,695,608 238,824,667 160,633,529
------------- ------------- -------------- --------------
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income ................................... (40,256,060) (38,641,291) (238,815,273) (160,620,718)
Net realized gain on investment transactions ............ -- (106,779) -- --
------------- ------------- -------------- --------------
Total dividends and distributions ....................... (40,256,060) (38,748,070) (238,815,273) (160,620,718)
------------- ------------- -------------- --------------
Increase from capital share transactions ................ 38,841,327 88,383,952 1,241,283,513 1,164,197,068
------------- ------------- -------------- --------------
Total increase ......................................... 38,811,342 88,331,490 1,241,292,907 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 ........................................... $ 870,145,719 $ 831,334,377 $5,117,018,961 $3,875,726,054
============= ============= ============== ==============
<CAPTION>
Prime
Money Market
Fund
----------------------------------
1998 1997
-------------- --------------
<S> <C> <C>
INCREASE (DECREASE) IN NET ASSETS
FROM OPERATIONS:
Net investment income ................................... $ 202,623,642 $ 84,411,689
Net realized gain (loss) on investment transactions ..... 140,745 179,950
-------------- --------------
Increase in net assets from operations .................. 202,764,387 84,591,639
-------------- --------------
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income ................................... (202,623,643) (84,411,688)
Net realized gain on investment transactions ............ (66,187) (179,510)
-------------- --------------
Total dividends and distributions ....................... (202,689,830) (84,591,198)
-------------- --------------
Increase from capital share transactions ................ 3,483,678,181 698,281,185
-------------- --------------
Total increase ......................................... 3,483,752,738 698,281,626
NET ASSETS:
Beginning of period ..................................... 1,857,228,348 1,158,946,722
-------------- --------------
End of period ........................................... $5,340,981,086 $1,857,228,348
============== ==============
</TABLE>
47
See notes to financial statements.
<PAGE>
Chase Vista Funds
Notes to Financial Statements
- --------------------------------------------------------------------------------
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 Funds.
100% U.S. Treasury Securities Money Market Fund ("CVUSTS"), U.S. Government
Money Market Fund ("CVUSG"), Treasury Plus Money Market Fund ("CVTP"), Federal
Money Market Fund ("CVF"), Cash Management Fund ("CVCM"), and Prime Money
Market Fund ("CVP"), 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>
CVUSTS ........ Vista, Premier, Institutional
CVUSG ......... Vista, Premier, Institutional
CVTP .......... Vista, Premier, Institutional
CVF ........... Vista, Premier, Institutional
CVCM .......... Vista, Premier, Institutional
CVP ........... Premier, Institutional, B Shares, C 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 and shareholder 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. If the seller of a repurchase agreement defaults and the value of
the collateral declines, or if the seller enters into an insolvency
proceeding, realization of the collateral may be delayed or limited. In the
event the buyer of securities under a reverse repurchase agreement files
for bankruptcy or becomes insolvent, the Fund'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 Fund's obligation to
repurchase the securities. The Fund's use of the proceeds of the reverse
repurchase agreement may also effectively be restricted pending such
decision.
At August 31, 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.
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
48
<PAGE>
Chase Vista Funds
Notes to Financial Statements (continued)
- --------------------------------------------------------------------------------
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 Chase 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%, of
the average daily net assets of the Vista Class, and 0.25% of the average
daily net assets of the Premier, B Shares and C Shares Classes of each
Fund. The Shareholder Servicing Agents voluntarily waived fees in the
amount of $3,204,158, $3,879,907, $1,344,998, $444,106, $845,300 and
$471,154 for the CVUSTS, CVUSG, CVTP, CVF, CVCM and CVP, respectively.
49
<PAGE>
Chase Vista Funds
Notes to Financial Statements (continued)
- --------------------------------------------------------------------------------
No Shareholder Servicing fee was paid for the Institutional Shares.
Chase and certain of its affiliates are the only Shareholder Servicing
Agents.
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 CVUSG (the "Premier Plan"), for the Vista Shares (the
"Vista Plan") except for CVCM, and for the B Shares and C Shares of the CVP
(the "B Plan" and "C Plan", respectively). There are no distribution plans
for the Institutional Shares. The Premier, Vista, B and C Share 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 CVCM), 0.10% of the average daily net
assets of the CVUSG Premier Class and 0.75% of the average daily net assets
of the B Shares and C Shares of CVP.
The Distributor and Sub-Administrator voluntarily waived fees in the amount
of $375,973, $303,953 and $771,344 for CVUSTS, CVUSG and CVTP 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.
50
<PAGE>
Chase Vista Funds
Notes to Financial Statements (continued)
- --------------------------------------------------------------------------------
3. Transactions in Shares of Beneficial Interest
<TABLE>
<CAPTION>
100% U.S. Treasury Securities Money Market Fund
----------------------------------------------------------------------------
Vista Class
----------------------------------------------------------------------------
Year ended August 31,
1998 1997
-------------------------------------- ----------------------------------
Amount Shares Amount Shares
---------------- --------------- --------------- --------------
<S> <C> <C> <C> <C>
Shares sold ................ $ 13,787,560,359 13,787,560,359 $10,261,243,364 10,261,243,364
Shares issued in
reinvestment
of distributions ......... 97,208,118 97,208,118 70,133,085 70,133,085
Shares redeemed ............ (13,210,197,905) (13,210,197,905) (9,626,493,212) (9,626,493,212)
---------------- --------------- --------------- --------------
Net increase (decrease)
in Trust shares
outstanding .............. $ 674,570,572 674,570,572 $ 704,883,237 704,883,237
================ =============== =============== ==============
</TABLE>
<TABLE>
<CAPTION>
Premier Class
---------------------------------------------------------------------------
Year ended August 31,
1998 1997
------------------------------------- ----------------------------------
Amount Shares Amount Shares
---------------- --------------- --------------- --------------
<S> <C> <C> <C> <C>
Shares sold ............... $ 366,059,494 366,059,494 $ 17,838,413 17,838,413
Shares issued in
reinvestment of
distributions ........... 462,190 462,190 141,705 141,705
Shares redeemed ........... (350,426,953) (350,426,953) (12,564,059) (12,564,059)
------------- ------------- ------------ --------------
Net increase (decrease)
in Trust shares
outstanding ............. $ 16,094,731 16,094,731 $ 5,416,059 5,416,059
============= ============= ============ ==============
</TABLE>
<TABLE>
<CAPTION>
Institutional Class
---------------------------------------------------------------------------
Year ended August 31,
1998 1997
------------------------------------- ----------------------------------
Amount Shares Amount Shares
---------------- --------------- --------------- --------------
<S> <C> <C> <C> <C>
Shares sold ............... $ 3,028,038,996 3,028,038,996 $ 891,053,171 891,053,171
Shares issued in
reinvestment of
distributions ........... 13,071,976 13,071,976 4,278,994 4,278,994
Shares redeemed ........... (1,327,090,236) (1,327,090,236) (814,044,784) (814,044,784)
--------------- -------------- ------------- --------------
Net increase (decrease)
in Trust shares
outstanding ............. $ 1,714,020,736 1,714,020,736 $ 81,287,381 81,287,381
=============== ============== ============= ==============
</TABLE>
51
<PAGE>
Chase Vista Funds
Notes to Financial Statements (continued)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
U.S. Government Money Market Fund
------------------------------------------------------------------------------
Vista Class
------------------------------------------------------------------------------
Year ended August 31,
1998 1997
------------------------------------ ------------------------------------
Amount Shares Amount Shares
--------------- --------------- --------------- ---------------
<S> <C> <C> <C> <C>
Shares sold ................ $14,882,808,712 14,882,808,712 $14,989,063,773 14,989,063,773
Shares issued in
reinvestment
of distributions ......... 64,695,945 64,695,945 56,051,339 56,051,339
Shares redeemed ............ (14,053,544,980) (14,053,544,980) (14,962,787,753) (14,962,787,753)
--------------- --------------- --------------- ---------------
Net increase (decrease)
in Trust shares
outstanding .............. $ 893,959,677 893,959,677 $ 82,327,359 82,327,359
=============== =============== =============== ===============
</TABLE>
<TABLE>
<CAPTION>
Premier Class
------------------------------------------------------------------------------
Year ended August 31,
1998 1997
------------------------------------ ------------------------------------
Amount Shares Amount Shares
--------------- --------------- --------------- ---------------
<S> <C> <C> <C> <C>
Shares sold ............. $ 7,812,783,220 7,812,783,220 $ 5,613,865,551 5,613,865,551
Shares issued in
reinvestment of
distributions ......... 29,817,216 29,817,216 24,031,128 24,031,128
Shares redeemed ......... (7,595,504,817) (7,595,504,817) (5,603,046,417) (5,603,046,417)
--------------- -------------- --------------- --------------
Net increase (decrease)
in Trust shares
outstanding ........... $ 247,095,619 247,095,619 $ 34,850,262 34,850,262
=============== ============== =============== ==============
</TABLE>
<TABLE>
<CAPTION>
Institutional Class
------------------------------------------------------------------------------
Year ended August 31,
1998 1997
------------------------------------ ------------------------------------
Amount Shares Amount Shares
--------------- --------------- --------------- ---------------
<S> <C> <C> <C> <C>
Shares sold ............. $21,267,721,218 21,267,721,218 $19,688,867,100 19,688,867,100
Shares issued in
reinvestment of
distributions ......... 87,942,027 87,942,027 68,490,796 68,490,796
Shares redeemed ......... (21,513,704,031) (21,513,704,031) (17,983,919,459) (17,983,919,459)
--------------- --------------- --------------- ---------------
Net increase (decrease)
in Trust shares
outstanding ........... $ (158,040,786) (158,040,786) $ 1,773,438,437 1,773,438,437
=============== =============== =============== ===============
</TABLE>
52
<PAGE>
Chase Vista Funds
Notes to Financial Statements (continued)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Treasury Plus Money Market Fund
------------------------------------------------------------------------------
Vista Class
------------------------------------------------------------------------------
Year ended August 31,
1998 1997
------------------------------------ ------------------------------------
Amount Shares Amount Shares
--------------- --------------- --------------- ---------------
<S> <C> <C> <C> <C>
Shares sold ................ $16,312,404,830 16,312,404,830 $16,488,613,526 16,488,613,526
Shares issued in
reinvestment
of distributions ......... 51,053,931 51,053,931 42,612,199 42,612,199
Shares redeemed ............ (16,653,021,012) (16,653,021,012) (16,307,623,845) (16,307,623,845)
--------------- --------------- --------------- ---------------
Net increase (decrease)
in Trust shares
outstanding .............. $ (289,562,251) (289,562,251) $ 223,601,880 223,601,880
=============== =============== =============== ===============
</TABLE>
<TABLE>
<CAPTION>
Premier Class
------------------------------------------------------------------------------
Year ended August 31,
1998 1997
------------------------------------ ------------------------------------
Amount Shares Amount Shares
--------------- --------------- --------------- ---------------
<S> <C> <C> <C> <C>
Shares sold ............... $2,478,766,486 2,478,766,486 $ 630,055,851 630,055,851
Shares issued in
reinvestment of
distributions ........... 5,055,521 5,055,521 1,403,706 1,403,706
Shares redeemed ........... (2,459,664,344) (2,459,664,344) (606,144,080) (606,144,080)
-------------- -------------- ------------- --------------
Net increase (decrease)
in Trust shares
outstanding ............. $ 24,157,663 24,157,663 $ 25,315,477 25,315,477
=============== ============== ============= ==============
</TABLE>
<TABLE>
<CAPTION>
Institutional Class
------------------------------------------------------------------------------
Year ended August 31,
1998 1997
------------------------------------ ------------------------------------
Amount Shares Amount Shares
--------------- --------------- --------------- ---------------
<S> <C> <C> <C> <C>
Shares sold ............... $ 9,241,704,864 9,241,704,864 $ 7,439,790,648 7,439,790,648
Shares issued in
reinvestment of
distributions ........... 17,672,706 17,672,706 10,198,531 10,198,531
Shares redeemed ........... (8,674,756,863) (8,674,756,863) (7,346,950,712) (7,346,950,712)
--------------- -------------- --------------- --------------
Net increase (decrease)
in Trust shares
outstanding ............. $ 584,620,707 584,620,707 $ 103,038,467 103,038,467
=============== ============== =============== ==============
</TABLE>
53
<PAGE>
Chase Vista Funds
Notes to Financial Statements (continued)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Federal Money Market Fund
------------------------------------------------------------------------
Vista Class
------------------------------------------------------------------------
Year ended August 31,
1998 1997
-------------------------------- --------------------------------
Amount Shares Amount Shares
------------ ------------ ------------ ------------
<S> <C> <C> <C> <C>
Shares sold ................ $887,154,692 887,154,692 $487,721,133 487,721,133
Shares issued in
reinvestment
of distributions ......... 12,556,069 12,556,069 13,600,878 13,600,878
Shares redeemed ............ (841,656,329) (841,656,329) (553,201,237) (553,201,237)
------------ ------------ ------------ ------------
Net increase (decrease)
in Trust shares
outstanding .............. $ 58,054,432 58,054,432 $(51,879,226) (51,879,226)
============ ============ ============ ============
</TABLE>
<TABLE>
<CAPTION>
Premier Class
------------------------------------------------------------------------
Year ended August 31,
1998 1997
-------------------------------- --------------------------------
Amount Shares Amount Shares
------------ ------------ ------------ ------------
<S> <C> <C> <C> <C>
Shares sold ............. $464,266,935 464,266,935 $884,820,051 884,820,051
Shares issued in
reinvestment of
distributions ......... 13,753,867 13,753,867 13,139,597 13,139,597
Shares redeemed ......... (564,547,292) (564,547,292) (747,052,298) (747,052,298)
------------ ------------ ------------ ------------
Net increase (decrease)
in Trust shares
outstanding ........... $(86,526,490) (86,526,490) $150,907,350 150,907,350
============ ============ ============ ============
</TABLE>
<TABLE>
<CAPTION>
Institutional Class
------------------------------------------------------------------------
Year ended August 31,
1998 1997
-------------------------------- --------------------------------
Amount Shares Amount Shares
------------ ------------ ------------ ------------
<S> <C> <C> <C> <C>
Shares sold ............. $1,635,260,419 1,635,260,419 $809,559,898 809,559,898
Shares issued in
reinvestment of
distributions ......... 2,739,838 2,739,838 1,781,683 1,781,683
Shares redeemed ......... (1,570,686,872) (1,570,686,872) (821,985,753) (821,985,753)
-------------- -------------- ------------ ------------
Net increase (decrease)
in Trust shares
outstanding ........... $ 67,313,385 67,313,385 $(10,644,172) (10,644,172)
============== ============== ============ ============
</TABLE>
54
<PAGE>
Chase Vista Funds
Notes to Financial Statements (continued)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Cash Management Fund
------------------------------------------------------------------------------
Vista Class
------------------------------------------------------------------------------
Year ended August 31,
1998 1997
------------------------------------ ------------------------------------
Amount Shares Amount Shares
--------------- --------------- --------------- ---------------
<S> <C> <C> <C> <C>
Shares sold ................ $19,574,831,398 19,574,831,398 $14,045,422,722 14,045,422,722
Shares issued in
reinvestment
of distributions ......... 123,345,017 123,345,017 71,043,177 71,043,177
Shares redeemed ............ (18,632,660,917) (18,632,660,917) (13,161,544,235) (13,161,544,235)
--------------- --------------- --------------- ---------------
Net increase (decrease)
in Trust shares
outstanding .............. $ 1,065,515,498 1,065,515,498 $ 954,921,664 954,921,664
=============== =============== =============== ===============
</TABLE>
<TABLE>
<CAPTION>
Premier Class
------------------------------------------------------------------------------
Year ended August 31,
1998 1997
------------------------------------ ------------------------------------
Amount Shares Amount Shares
--------------- --------------- --------------- ---------------
<S> <C> <C> <C> <C>
Shares sold ............. $4,145,937,183 4,145,937,183 $2,333,244,771 2,333,244,771
Shares issued in
reinvestment of
distributions ......... 18,943,263 18,943,263 16,341,167 16,341,167
Shares redeemed ......... (4,124,974,934) (4,124,974,934) (2,407,404,922) (2,407,404,922)
-------------- -------------- -------------- --------------
Net increase (decrease)
in Trust shares
outstanding ........... $ 39,905,512 39,905,512 $ (57,818,984) (57,818,984)
============== ============== ============== ==============
</TABLE>
<TABLE>
<CAPTION>
Institutional Class
------------------------------------------------------------------------------
Year ended August 31,
1998 1997
------------------------------------ ------------------------------------
Amount Shares Amount Shares
--------------- --------------- --------------- ---------------
<S> <C> <C> <C> <C>
Shares sold ............. $5,180,985,034 5,180,985,034 $4,596,074,525 4,596,074,525
Shares issued in
reinvestment of
distributions ......... 54,406,644 54,406,644 32,378,220 32,378,220
Shares redeemed ......... (5,099,529,175) (5,099,529,175) (4,361,358,357) (4,361,358,357)
-------------- -------------- -------------- --------------
Net increase (decrease)
in Trust shares
outstanding ........... $ 135,862,503 135,862,503 $ 267,094,388 267,094,388
============== ============== ============== ==============
</TABLE>
55
<PAGE>
Chase Vista Funds
Notes to Financial Statements (continued)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Prime Money Market Fund
-----------------------------------------------------------------------------
Premier Class
-----------------------------------------------------------------------------
Year ended August 31,
1998 1997
------------------------------------- -----------------------------------
Amount Shares Amount Shares
---------------- --------------- --------------- --------------
<S> <C> <C> <C> <C>
Shares sold .............. $ 11,781,627,592 11,781,627,592 $ 4,080,531,934 4,080,531,934
Shares issued in
reinvestment of
distributions .......... 18,578,501 18,578,501 7,415,483 7,415,483
Shares redeemed .......... (11,709,369,119) (11,709,369,119) (4,007,315,047) (4,007,315,047)
---------------- --------------- --------------- --------------
Net increase (decrease)
in Trust shares
outstanding ............ $ 90,836,974 90,836,974 $ 80,632,370 80,632,370
================ =============== =============== ==============
</TABLE>
<TABLE>
<CAPTION>
Institutional Class
-----------------------------------------------------------------------------
Year ended August 31,
1998 1997
------------------------------------- -----------------------------------
Amount Shares Amount Shares
---------------- --------------- --------------- --------------
<S> <C> <C> <C> <C>
Shares sold ............. $ 32,438,410,879 32,438,410,879 $16,454,322,258 16,454,322,258
Shares issued in
reinvestment of
distributions ......... 95,986,386 95,986,386 26,707,134 26,707,134
Shares redeemed ......... (29,160,057,227) (29,160,057,227) (15,857,981,095) (15,857,981,095)
--------------- --------------- --------------- ---------------
Net increase (decrease)
in Trust shares
outstanding ........... $ 3,374,340,038 3,374,340,038 $ 623,048,297 623,048,297
=============== =============== =============== ===============
</TABLE>
<TABLE>
<CAPTION>
B Shares
-----------------------------------------------------------------------------
Year ended August 31,
1998 1997
------------------------------------- -----------------------------------
Amount Shares Amount Shares
---------------- --------------- --------------- --------------
<S> <C> <C> <C> <C>
Shares sold ............... $ 103,074,736 103,074,736 $ 49,461,663 49,461,663
Shares issued in
reinvestment
of distributions ........ 484,432 484,432 381,174 381,174
Shares redeemed ........... (85,128,570) (85,128,570) (55,242,319) (55,242,319)
--------------- -------------- --------------- --------------
Net increase (decrease)
in Trust shares
outstanding ............. $ 18,430,598 18,430,598 $ (5,399,482) (5,399,482)
=============== ============== =============== ==============
</TABLE>
<TABLE>
<CAPTION>
C Shares
-----------------------------------
05/14/98* Through 08/31/98
-----------------------------------
Amount Shares
--------------- --------------
<S> <C> <C>
Shares sold ............... $ 71,340 71,340
Shares issued in
reinvestment
of distributions ........ 439 439
Shares redeemed ........... (1,208) (1,208)
--------------- --------------
Net increase (decrease)
in Trust shares
outstanding ............. $ 70,571 70,571
=============== ==============
</TABLE>
- --------------
*Commencement of class of shares.
56
<PAGE>
Chase Vista Funds
Notes to Financial Statements (continued)
- --------------------------------------------------------------------------------
5. Concentration of Credit Risk -- As of August 31, 1998. CVCM invested 81.6%
of its net assets in financial institutions, of which 10.8% was invested in
Broker Dealers, 21.4% in Banking and 49.4% in other financial service
providers. CVP invested 85.3% of its net assets in financial institutions, of
which 5.0% was invested in Broker Dealers, 24.7% in Banking and 55.6% 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.
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 year ended August 31, 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>
CVUSTS ......... $ 55,110 $194,879
CVUSG .......... 122,027 385,976
CVTP ........... 43,715 152,118
CVF ............ 15,564 59,008
CVCM ........... 80,591 257,824
CVP ............ 48,313 166,274
</TABLE>
57
<PAGE>
Chase Vista Funds
Financial Highlights
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
100% U.S. Treasury Securities Money Market Fund
----------------------------------------------------------------------
Vista Shares
----------------------------------------------------------------------
Year Ended Year Ended
August 31, 12/1/95++ November 30,
------------------------- Through -------------------------
1998 1997 8/31/96 1995 1994
---------- ---------- ---------- ---------- ----------
<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 .................. 0.048 0.048 0.035 0.050 0.033
---------- ---------- ---------- ---------- ----------
Less Dividends from Net
Investment Income ...................... 0.048 0.048 0.035 0.050 0.033
---------- ---------- ---------- ---------- ----------
Net Asset Value, End of Period ........... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
========== ========== ========== ========== ==========
Total Return ............................. 4.92% 4.87% 3.50% 5.15% 3.32%
Ratios/Supplemental Data:
Net Assets, End of Period
(000 omitted) ........................... $3,051,358 $2,376,214 $1,671,603 $1,337,549 $1,024,125
Ratios to Average Net Assets#:
Expenses ................................ 0.59% 0.59% 0.60% 0.58% 0.59%
Net Investment Income ................... 4.78% 4.74% 4.58% 4.99% 3.26%
Expenses Without Waivers and
Assumption of Expenses ................. 0.71% 0.71% 0.68% 0.61% 0.62%
Net Investment Income Without
Waivers and Assumption of
Expenses ............................... 4.66% 4.62% 4.50% 4.96% 3.23%
<CAPTION>
100% U.S. Treasury Securities Money Market Fund
----------------------------------------------------------------------
Premier Shares Institutional Shares
-------------------------------- -----------------------------------
Year Ended Year Ended
August 31, 6/3/96* August 31, 6/3/96*
-------------------- Through ---------------------- Through
1998 1997 8/31/96 1998 1997 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 .................. 0.049 0.048 0.011 0.052 0.051 0.012
-------- ------- -------- ---------- ------- -------
Less Dividends from Net
Investment Income ...................... 0.049 0.048 0.011 0.052 0.051 0.012
-------- ------- -------- ---------- ------- -------
Net Asset Value, End of Period ........... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
======== ======= ======== ========== ======= =======
Total Return ............................. 5.00% 4.91% 1.11% 5.30% 5.20% 1.23%
Ratios/Supplemental Data:
Net Assets, End of Period
(000 omitted) ........................... $ 21,744 $ 5,643 $ 227 $1,795,613 $81,273 $ 1
Ratios to Average Net Assets#:
Expenses ................................ 0.51% 0.55% 0.42% 0.21% 0.27% 0.21%
Net Investment Income ................... 4.99% 4.80% 3.45% 5.13% 5.06% 3.65%
Expenses Without Waivers and
Assumption of Expenses ................. 0.78% 0.80% 0.42% 0.25% 0.27% 0.21%
Net Investment Income Without
Waivers and Assumption of
Expenses ............................... 4.72% 4.55% 3.45% 5.09% 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.
58
See notes to financial statements.
<PAGE>
Chase Vista Funds
Financial Highlights (continued)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
U.S. Government Money Market Fund
------------------------------------------------------------------
Vista Shares
------------------------------------------------------------------
Year Ended August 31, 11/1/93
------------------------------------------------------ Through
1998 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 ............................... 0.050 0.049 0.049 0.049 0.025
---------- ---------- ---------- -------- --------
Less Dividends from Net Investment Income ........... 0.050 0.049 0.049 0.049 0.025
---------- ---------- ---------- -------- --------
Net Asset Value, End of Period ........................ $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
========== ========== ========== ======== ========
Total Return .......................................... 5.14% 5.04% 4.97% 5.05% 2.48%
Ratios/Supplemental Data
Net Assets, End of Period (000 omitted) ............... $3,033,296 $2,139,368 $2,057,023 $341,336 $335,365
Ratios to Average Net Assets#:
Expenses ............................................. 0.59% 0.59% 0.65% 0.80% 0.80%
Net Investment Income ................................ 5.01% 4.93% 4.83% 4.93% 2.94%
Expenses Without Waivers and Assumption of Expenses .. 0.70% 0.72% 0.73% 0.80% 0.80%
Net Investment Income Without Waivers and Assumption
of Expenses ......................................... 4.90% 4.80% 4.75% 4.93% 2.94%
</TABLE>
- -------
# Short periods have been annualized.
++ In 1994, the Fund changed its fiscal year-end from October 31 to August 31.
59
See notes to financial statements.
<PAGE>
Chase Vista Funds
Financial Highlights (continued)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
U.S. Government Money Market Fund
----------------------------------------------------------------
Premier Shares
----------------------------------------------------------------
Year Ended August 31, 11/1/93
--------------------------------------------------- Through
1998 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 .................. 0.051 0.050 0.050 0.052 0.027
---------- -------- -------- -------- --------
Less Dividends from Net Investment
Income ................................. 0.051 0.050 0.050 0.052 0.027
---------- -------- -------- -------- --------
Net Asset Value, End of Period ........... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
========== ======== ======== ======== ========
Total Return ............................. 5.25% 5.08% 5.15% 5.31% 2.70%
Ratios/Supplemental Data
Net Assets, End of Period (000 omitted) .. $1,083,605 $836,520 $801,665 $763,609 $545,999
Ratios to Average Net Assets#:
Expenses ................................ 0.48% 0.55% 0.55% 0.55% 0.55%
Net Investment Income ................... 5.12% 4.97% 5.04% 5.22% 3.13%
Expenses Without Waivers and
Assumption of Expenses ................. 0.60% 0.60% 0.59% 0.59% 0.61%
Net Investment Income Without
Waivers and Assumption of Expenses ..... 5.00% 4.92% 5.00% 5.18% 3.07%
<CAPTION>
U.S. Government Money Market Fund
-------------------------------------------------------------------------
Institutional Shares
-------------------------------------------------------------------------
Year Ended August 31, 12/10/93*
---------------------------------------------------------- Through
1998 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 .................. 0.054 0.053 0.053 0.055 0.026
---------- ----------- ----------- --------- ---------
Less Dividends from Net Investment
Income ................................. 0.054 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 ............................. 5.51% 5.40% 5.45% 5.60% 2.61%
Ratios/Supplemental Data
Net Assets, End of Period (000 omitted) .. $2,797,127 $2,955,206 $1,181,763 $466,083 $212,810
Ratios to Average Net Assets#:
Expenses ................................ 0.24% 0.24% 0.27% 0.27% 0.27%
Net Investment Income ................... 5.36% 5.29% 5.30% 5.58% 3.81%
Expenses Without Waivers and
Assumption of Expenses ................. 0.24% 0.24% 0.27% 0.28% 0.27%
Net Investment Income Without
Waivers and Assumption of Expenses ..... 5.36% 5.29% 5.30% 5.57% 3.81%
</TABLE>
- -------
* Commencement of offering class of shares.
# Short periods have been annualized.
++ In 1994, the Fund changed its fiscal year-end from October 31 to August 31.
60
See notes to financial statements.
<PAGE>
Chase Vista Funds
Financial Highlights (continued)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Treasury Plus Money Market Fund
----------------------------------------
Vista Shares
----------------------------------------
Year Ended
August 31, 5/6/96*
------------------------- Through
1998 1997 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 ...................... 0.049 0.048 0.015
---------- ---------- ----------
Less Dividends from Net
Investment Income .......................... 0.049 0.048 0.015
---------- ---------- ----------
Net Asset Value, End of Period ............... $ 1.00 $ 1.00 $ 1.00
========== ========== ==========
Total Return ................................. 5.05% 4.89% 1.50%
Ratios/Supplemental Data:
Net Assets, End of Period
(000 omitted) ............................... $1,316,289 $1,605,845 $1,382,184
Ratios to Average Net Assets#:
Expenses .................................... 0.59% 0.59% 0.59%
Net Investment Income ....................... 4.92% 4.79% 4.63%
Expenses Without Waivers and
Assumption of Expenses ..................... 0.70% 0.70% 0.73%
Net Investment Income Without
Waivers and Assumption of Expenses ......... 4.81% 4.68% 4.49%
<CAPTION>
Treasury Plus Money Market Fund
----------------------------------------------------------------
Premier Shares
----------------------------------------------------------------
Year Ended August 31, 4/22/94*
------------------------------------------------- Through
1998 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 ...................... 0.051 0.049 0.050 0.050 0.014
-------- -------- -------- ------- -------
Less Dividends from Net
Investment Income .......................... 0.051 0.049 0.050 0.050 0.014
-------- -------- -------- ------- -------
Net Asset Value, End of Period ............... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
======== ======== ======== ======= =======
Total Return ................................. 5.18% 4.98% 5.07% 5.17% 1.37%
Ratios/Supplemental Data:
Net Assets, End of Period
(000 omitted) ............................... $155,498 $131,334 $106,011 $18,572 $ 36
Ratios to Average Net Assets#:
Expenses .................................... 0.46% 0.51% 0.52% 0.50% 0.49%
Net Investment Income ....................... 5.06% 4.88% 4.85% 5.23% 3.85%
Expenses Without Waivers and
Assumption of Expenses ..................... 0.50% 0.53% 0.63% 1.57% 0.89%
Net Investment Income Without
Waivers and Assumption of Expenses ......... 5.02% 4.86% 4.74% 4.16% 3.46%
<CAPTION>
Treasury Plus Money Market Fund
----------------------------------------------------------
Institutional Shares
----------------------------------------------------------
Year Ended August 31, 4/20/94**
----------------------------------------------- Through
1998 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 ...................... 0.053 0.051 0.052 0.053 0.014
-------- -------- -------- ------- -------
Less Dividends from Net
Investment Income .......................... 0.053 0.051 0.052 0.053 0.014
-------- -------- -------- ------- -------
Net Asset Value, End of Period ............... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
======== ======== ======== ======= =======
Total Return ................................. 5.44% 5.24% 5.29% 5.36% 1.45%
Ratios/Supplemental Data:
Net Assets, End of Period
(000 omitted) ............................... $876,207 $291,546 $188,513 $17,636 $14,976
Ratios to Average Net Assets#:
Expenses .................................... 0.21% 0.26% 0.30% 0.32% 0.32%
Net Investment Income ....................... 5.29% 5.16% 5.11% 5.21% 3.93%
Expenses Without Waivers and
Assumption of Expenses ..................... 0.25% 0.26% 0.38% 0.89% 0.53%
Net Investment Income Without
Waivers and Assumption of Expenses ......... 5.25% 5.16% 5.03% 4.64% 3.72%
</TABLE>
- -------
# Short periods have been annualized.
* Commencement of offering of classes of shares.
** Commencement of operations.
61
<PAGE>
Chase Vista Funds
Financial Highlights (continued)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Federal Money Market Fund
-------------------------------------------------------------
Vista Shares
-------------------------------------------------------------
Year Ended August 31, 5/9/94*
------------------------------------------------ Through
1998 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 ................... 0.049 0.048 0.048 0.051 0.013
-------- -------- -------- -------- -------
Less Dividends from Net Investment
Income .................................. 0.049 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 ............................. 4.94% 4.91% 4.83% 5.20% 1.26%
Ratios/Supplemental Data:
Net Assets, End of Period
(000 omitted) ........................... $359,073 $301,031 $352,934 $203,399 $19,995
Ratios to Average Net Assets#:
Expenses ................................ 0.70% 0.70% 0.70% 0.69% 0.40%
Net Investment Income ................... 4.88% 4.79% 4.79% 5.16% 4.36%
Expenses Without Waivers and
Assumption of Expenses ................. 0.84% 0.82% 0.93% 0.93% 1.02%
Net Investment Income Without
Waivers and Assumption of
Expenses ............................... 4.74% 4.67% 4.56% 4.92% 3.74%
<CAPTION>
Federal Money Market Fund
------------------------------------------------------------------
Premier Shares
------------------------------------------------------------------
Year Ended August 31, 4/22/94*
----------------------------------------------------- Through
1998 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 ................... 0.051 0.050 0.050 0.053 0.015
-------- --------- --------- -------- -------
Less Dividends from Net Investment
Income .................................. 0.051 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 ............................. 5.22% 5.12% 5.14% 5.40% 1.47%
Ratios/Supplemental Data:
Net Assets, End of Period
(000 omitted) ........................... $313,107 $399,644 $248,757 $148,512 $55,768
Ratios to Average Net Assets#:
Expenses ................................ 0.50% 0.50% 0.50% 0.49% 0.35%
Net Investment Income ................... 5.07% 5.01% 4.99% 5.32% 4.38%
Expenses Without Waivers and
Assumption of Expenses ................. 0.51% 0.52% 0.52% 0.59% 0.74%
Net Investment Income Without
Waivers and Assumption of
Expenses ............................... 5.06% 4.99% 4.97% 5.22% 4.00%
</TABLE>
- -------
# Short periods have been annualized.
* Commencement of offering of classes of shares.
62
See notes to financial statements.
<PAGE>
Chase Vista Funds
Financial Highlights (continued)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Federal Money Market Fund
--------------------------------------------------------------
Institutional Shares
--------------------------------------------------------------
Year Ended August 31, 4/20/94**
--------------------------------------------------- Through
1998 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 .......................... 0.053 0.052 0.052 0.054 0.015
Net Realized Loss on Securities ................ -- -- -- -- --
-------- -------- -------- -------- --------
Total Income from Investment Operations ........ 0.053 0.052 0.052 0.054 0.015
-------- -------- -------- -------- --------
Voluntary Capital Contribution .................
Less Dividends from Net Investment Income ...... 0.053 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 .................................... 5.46% 5.35% 5.35% 5.57% 1.54%
Ratios/Supplemental Data:
Net Assets, End of Period (000 omitted) ......... $197,966 $130,659 $141,312 $113,591 $117,364
Ratios to Average Net Assets#:
Expenses ....................................... 0.27% 0.27% 0.30% 0.31% 0.30%
Net Investment Income .......................... 5.32% 5.23% 5.20% 5.45% 4.26%
Expenses Without Waivers and Assumption of
Expenses ...................................... 0.27% 0.27% 0.30% 0.37% 0.49%
Net Investment Income Without Waivers and
Assumption of Expenses ........................ 5.32% 5.23% 5.20% 5.39% 4.06%
<CAPTION>
Prime Money Market Fund
--------------------------------------------------------------
Premier Shares
--------------------------------------------------------------
Year Ended August 31, 11/15/93**
------------------------------------------------- Through
1998 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 .......................... 0.053 0.052 0.052 0.053 0.027
Net Realized Loss on Securities ................ -- -- -- (0.003) --
-------- -------- -------- ------- -------
Total Income from Investment Operations ........ 0.053 0.052 0.052 0.050 0.027
-------- -------- -------- ------- -------
Voluntary Capital Contribution ................. -- -- -- 0.003 --
Less Dividends from Net Investment Income ...... 0.053 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 .................................... 5.44% 5.34% 5.32% 5.44% 2.75%
Ratios/Supplemental Data:
Net Assets, End of Period (000 omitted) ......... $590,220 $499,308 $418,736 $62,737 $73,253
Ratios to Average Net Assets#:
Expenses ....................................... 0.45% 0.45% 0.45% 0.45% 0.45%
Net Investment Income .......................... 5.29% 5.17% 5.18% 5.24% 3.15%
Expenses Without Waivers and Assumption of
Expenses ...................................... 0.51% 0.53% 0.51% 0.65% 0.56%
Net Investment Income Without Waivers and
Assumption of Expenses ........................ 5.23% 5.09% 5.12% 5.04% 3.04%
</TABLE>
- -------
# Short periods have been annualized.
* Commencement of offering of classes of shares.
** Commencement of operations.
63
See notes to financial statements.
<PAGE>
Chase Vista Funds
Financial Highlights (continued)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Prime Money Market Fund
---------------------------------------------------------------
Institutional Shares
---------------------------------------------------------------
Year Ended August 31, 4/26/94*
----------------------------------------------------- Through
1998 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 ............................. 0.055 0.054 0.054 0.055 0.014
Net Realized Loss on Securities ................... -- -- -- (0.003) --
---------- ---------- -------- -------- -------
Total Income from Investment Operations ........... 0.055 0.054 0.054 0.052 0.014
---------- ---------- -------- -------- -------
Voluntary Capital Contribution .................... -- -- -- 0.003 --
Less Dividends from Net Investment Income ......... 0.055 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 ....................................... 5.65% 5.49% 5.51% 5.62% 1.50%
Ratios/Supplemental Data:
Net Assets, End of Period (000 omitted) ............ $4,721,991 $1,347,651 $724,544 $185,640 $57,961
Ratios to Average Net Assets#:
Expenses .......................................... 0.24% 0.25% 0.26% 0.27% 0.27%
Net Investment Income ............................. 5.50% 5.37% 5.33% 5.57% 4.21%
Expenses Without Waivers and Assumption
of Expenses ...................................... 0.24% 0.25% 0.26% 0.35% 0.37%
Net Investment Income Without Waivers
and Assumption of Expenses ....................... 5.50% 5.37% 5.33% 5.49% 4.11%
<CAPTION>
Prime Money Market Fund
----------------------------------------------------------------------
B Shares C Shares
----------------------------------------------------------- ---------
Year Ended August 31, 4/21/94* 5/14/98*
------------------------------------------------ Through Through
1998 1997 1996 1995 8/31/94 8/31/98
------- ------- ------- ------ ------ ------
<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 ............................. 0.045 0.043 0.042 0.043 0.011 0.013
Net Realized Loss on Securities ................... -- -- -- (0.003) -- --
------- ------- ------- ------ ------ ------
Total Income from Investment Operations ........... 0.045 0.043 0.042 0.040 0.011 0.013
------- ------- ------- ------ ------ ------
Voluntary Capital Contribution .................... -- -- -- 0.003 -- --
Less Dividends from Net Investment Income ......... 0.045 0.043 0.042 0.043 0.011 0.013
------- ------- ------- ------ ------ ------
Net Asset Value, End of Period ..................... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
======= ======= ======= ====== ====== ======
Total Return ....................................... 4.60% 4.33% 4.25% 4.37% 1.11% 1.29%
Ratios/Supplemental Data:
Net Assets, End of Period (000 omitted) ............ $28,699 $10,269 $15,667 $4,880 $1,452 $ 71
Ratios to Average Net Assets#:
Expenses .......................................... 1.25% 1.35% 1.47% 1.47% 1.47% 1.50%
Net Investment Income ............................. 4.49% 4.27% 4.17% 4.33% 2.96% 4.21%
Expenses Without Waivers and Assumption
of Expenses ...................................... 1.50% 1.53% 1.71% 2.53% 1.67% 1.50%
Net Investment Income Without Waivers
and Assumption of Expenses ....................... 4.24% 4.09% 3.93% 3.27% 2.76% 4.21%
</TABLE>
- -------
# Short periods have been annualized.
** Commencement of operations.
* Commencement of offering of classes of shares.
64
See notes to financial statements.
<PAGE>
Chase Vista Funds
Financial Highlights (continued)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Cash Management Fund
-------------------------------------------------------------------
Vista Shares
-------------------------------------------------------------------
Year Ended August 31, 12/1/95++ Year Ended November 30,
------------------------- Through -----------------------
1998 1997 8/31/96 1995 1994
---------- ---------- ---------- ---------- --------
<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 ................................. 0.051 0.050 0.037 0.054 0.036
---------- --------- ---------- ---------- --------
Less Dividends from Net Investment Income ............. 0.051 0.050 0.037 0.054 0.036
---------- --------- ---------- ---------- --------
Net Asset Value, End of Period ......................... $ 1.00 $ 1.000 $ 1.00 $ 1.00 $ 1.000
========== ========= ========== ========== ========
Total Return ........................................... 5.23% 5.09% 3.69% 5.49% 3.62%
Ratios/Supplemental Data
Net Assets, End of Period (000 omitted) ................ $3,641,663 $2,576,142 $1,621,212 $1,634,493 $990,045
Ratios to Average Net Assets#:
Expenses .............................................. 0.59% 0.59% 0.60% 0.58% 0.58%
Net Investment Income ................................. 5.09% 4.99% 4.91% 5.35% 3.62%
Expenses Without Waivers and Assumptions of Expenses .. 0.61% 0.62% 0.63% 0.62% 0.62%
Net Investment Income Without Waivers and Assumption
of Expenses ......................................... 5.07% 4.96% 4.88% 5.31% 3.58%
</TABLE>
- -------
++ In 1996, the Fund changed its fiscal year-end from November 30 to August 31.
# Short periods have been annualized.
65
See notes to financial statements.
<PAGE>
Chase Vista Funds
Financial Highlights (continued)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Cash Management Fund
----------------------------------------------------------------------
Premier Shares Institutional Shares
----------------------------------------------------------------------
Year Ended August 31, 5/6/96* Year Ended August 31, 5/6/96*
---------------------- Through --------------------- Through
1998 1997 8/31/96 1998 1997 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 ................................ 0.052 0.051 0.016 0.055 0.053 0.017
-------- -------- -------- ---------- -------- --------
Less Dividends from Net Investment Income ........... 0.052 0.051 0.016 0.055 0.053 0.017
-------- -------- -------- ---------- -------- --------
Net Asset Value, End of Period ........................ $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
======== ======== ======== ========== ======== ========
Total Return .......................................... 5.35% 5.18% 1.61% 5.59% 5.45% 1.69%
Ratios/Supplemental Data
Net Assets, End of Period (000 omitted) ............... $415,389 $375,485 $433,302 $1,059,967 $924,099 $657,002
Ratios to Average Net Assets#:
Expenses ............................................. 0.47% 0.50% 0.50% 0.24% 0.24% 0.25%
Net Investment Income ................................ 5.22% 5.07% 4.93% 5.45% 5.34% 5.22%
Expenses Without Waivers and Assumption of Expenses .. 0.52% 0.51% 0.52% 0.24% 0.24% 0.25%
Net Investment Income Without Waivers and Assumption
of Expenses ........................................ 5.17% 5.06% 4.91% 5.45% 5.34% 5.22%
</TABLE>
- -------
* Commencement of offering class of shares.
# Short periods have been annualized.
66
See notes to financial statements.
<PAGE>
Report of Independent Accountants
- --------------------------------------------------------------------------------
To the Trustees and Shareholders of
Mutual Fund Trust
In our opinion, the accompanying statement of assets and liabilities, including
the portfolios of investments, and the related statements of operations and of
changes in net assets and the financial highlights present fairly, in all
material respects, the financial position of Chase Vista 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, Chase Vista Cash Management Fund and Chase Vista Prime Money Market Fund
(separate portfolios of Mutual Fund Trust, hereafter referred to as the "Trust")
at August 31, 1998, the results of each of their operations for the year then
ended, the changes in each of their net assets for each of the two years in the
period then ended, and the financial highlights for each of the periods
presented (for the two years in the period ended August 31, 1998 and for the
period December 1, 1995 through August 31, 1996 for Chase Vista Cash Management
Fund and Chase Vista 100% U.S. Treasury Securities Money Market Fund), in
conformity with generally accepted accounting principles. These financial
statements and financial highlights (hereafter referred to as "financial
statements") are the responsibility of the Trust's management; our
responsibility is to express an opinion on these financial statements based on
our audits. We conducted our audits of these financial statements in accordance
with generally accepted auditing standards which require that we plan and
perform the audit to obtain reasonable assurance about whether the financial
statements are free of material misstatement. An audit includes examining, on a
test basis, evidence supporting the amounts and disclosures in the financial
statements, assessing the accounting principles used and significant estimates
made by management, and evaluating the overall financial statement presentation.
We believe that our audits, which included confirmation of securities at August
31, 1998 by correspondence with the custodian and brokers, provide a reasonable
basis for the opinion expressed above. The financial highlights of Chase Vista
Cash Management Fund and Chase Vista 100% U.S. Treasury Securities Money Market
Fund for each of the two years in the period ended November 30, 1995 were
audited by other independent accountants whose report dated January 19, 1996
expressed an unqualified opinion on these financial highlights.
PricewaterhouseCoopers LLP
1177 Avenue of the Americas
New York, New York 10036
October 9, 1998
67
<PAGE>
(unaudited)
Chase Vista 100% U.S. Treasury Securities Money Market
Fund (CVUSTS)
Chase Vista U.S. Government Money Market Fund (CVUSG)
Chase Vista Treasury Plus Money Market Fund (CVTP)
Chase Vista Federal Money Market Fund (CVF)
Chase Vista Cash Management Fund (CVCM)
Chase Vista Prime Money Market Fund (CVP)
- --------------------------------------------------------------------------------
Certain tax information regarding the Chase Vista Mutual Funds is required to
be provided to shareholders based upon the Funds income and distributions for
the taxable year ended August 31, 1998. The information and distributions
reported in this letter may differ from the information and distributions
taxable to the shareholders for the calendar year ending December 31, 1998. The
information necessary to complete your income tax returns for the calendar year
ending December 31, 1998 will be received under separate cover.
The following schedules present the source and percentage of income from
government obligations for the fiscal year ended August 31, 1998.
<TABLE>
<CAPTION>
CVUSTS CVUSG CVTP CVF CVCM CVP
------ ----- ----- ----- ---- ----
<S> <C> <C> <C> <C> <C> <C>
U.S. Treasury Obligations 100.00% 0.49% 29.45% 2.04% -- 0.02%
Federal Farm Credit Bank -- 8.83% -- 17.16% -- --
Federal Home Loan Bank -- 20.37% -- 69.21% -- 0.02%
Student Loan Marketing Association -- 4.82% -- 11.53% 2.43% --
Tennessee Valley Authority -- -- -- 0.03% -- --
Federal Home Loan Mortgage Corporation -- 1.89% -- 0.03% -- --
Federal National Mortgage Association -- 13.11% -- -- 0.03% 0.15%
</TABLE>
68
<PAGE>
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<PAGE>
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<PAGE>
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<PAGE>
[back cover]
Chase Vista Funds 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
PricewaterhouseCoopers LLP
Chase Vista Funds are distributed by Vista Fund Distributors, Inc., which is
unaffiliated with The Chase Manhattan Bank. Chase and its respective affiliates
receive compensation from Chase Vista Funds for providing investment advisory
and other services.
This report is submitted for the general information of the shareholders of the
funds. It is not authorized for distribution to prospective investors in the
funds unless preceded or accompanied by a prospectus.
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.
October 1998 (unaudited) CVMM-2-1098
