Chase Vista Taxable Money Market Funds
Chairman's Letter
April 10, 1999
Dear Shareholder:
We are pleased to present this semi-annual report on each of the taxable Chase
Vista Money Market FundsSM. Inside, you will find current seven-day yields for
each fund as of February 28, 1999 as well as listings of current holdings.
Taxable Fixed Income Markets Move Higher Amidst Market Volatility
At the start of the period, concerns about fiscal difficulties in southeast
Asia were replaced by worries over mounting economic and currency problems in
Russia. Fearing a global liquidity crisis, investors turned their attention
from stocks to bonds, sending prices markedly higher and interest rates sharply
lower.
To keep the U.S. economy from receding during this period, the Federal Reserve
Board reduced short-term interest rates in September, the first rate change by
the central bank since March, 1997. The Fed trimmed rates again in the following
two months, which reduced fears of a worldwide economic retreat.
In January, global economic worries hit the market again--albeit briefly--due
to financial difficulties in Brazil. A robust Gross Domestic Product report
released at month's end had little impact on interest rates due to fears that
China might devalue its currency and Brazil's problems would linger.
In February, however, Brazil's economic troubles abated and another round of
stronger-than-expected economic reports caused interest rates to rise
significantly.
Despite the U.S. economy's robust showing in recent months--and a near-term
outlook that calls for potentially more of the same, we believe the economy
will begin to slow as the year progresses. It's worth noting that this
sentiment was shared by Fed Chairman Alan Greenspan during his semi-annual
Humphery-Hawkins testimony in February.
Sincerely,
/s/ Fergus Reid
Fergus Reid
3
<PAGE>
Chase Vista 100% U.S. Treasury Securities Money Market Fund
as of February 28, 1999
(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 $4.6 Billion
Average maturity 69 days
S&P Rating Not Rated
Moody's Rating Not Rated
NAIC Rating Not Rated
</TABLE>
Maturity Schedule
<TABLE>
<S> <C>
1-14 days ............ 13.85%
15-30 days ........... 0.00%
31-60 days ........... 28.23%
61-90 days ........... 33.00%
91-180 days .......... 17.93%
181-270 days ......... 6.99%
270+ days ............ 0.00%
</TABLE>
4
<PAGE>
Chase Vista 100% U.S. Treasury Securities Money Market Fund
as of February 28, 1999
(unaudited)
How Much of the Fund Was Invested
[PIE CHART OMITTED]
Investments 97.7%
Cash/Other 2.3%
Yields
<TABLE>
<CAPTION>
7-Day SEC Yield(1)
------------------
<S> <C>
Vista Shares 4.05%
Premier Shares 4.14%
Institutional Shares 4.39%
</TABLE>
Past performance is not a guarantee of future results. Yields will fluctuate.
An investment in a money market fund is not FDIC insured nor guaranteed by the
U.S. government or any other agency 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 3.93%, for Premier Shares 4.10% and for Institutional Shares
4.30%. 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 Money Market Fund
Portfolio of Investments February 28, 1999 (unaudited)
(Amounts in Thousands)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
- ---------------------------------------------------------------
<S> <C> <C>
U.S. Treasury Securities -- 111.6%
- ---------------------------------------------------------------
U.S. Treasury Bills -- 30.6%
$ 308,790 4.17%, 03/04/99 $ 308,682
22,840 4.32%, 04/08/99 22,736
189,980 4.49%, 04/22/99 188,744
615,438 4.74%, 04/22/99 611,244
183,575 4.48%, 05/13/99 181,917
100,000 4.50%, 05/20/99 99,000
----------
1,412,323
----------
U.S. Treasury Notes -- 81.0%
292,053 5.50%, 02/28/99 292,053
112,090 5.88%, 02/28/99 112,090
359,440 6.25%, 03/31/99 359,953
269,824 7.00%, 04/15/99 270,582
782,955 6.38%, 04/30/99 784,965
150,000 6.50%, 04/30/99 150,473
481,165 6.38%, 05/15/99 482,524
360,000 6.25%, 05/31/99 361,405
100,000 6.75%, 05/31/99 100,509
281,770 6.00%, 06/30/99 283,088
177,270 6.75%, 06/30/99 178,484
207,000 6.88%, 08/31/99 209,230
150,000 5.75%, 09/30/99 150,885
----------
3,736,241
- ---------------------------------------------------------------
Total Investments -- 111.6% $5,148,564
(Cost $5,148,564)**
- ---------------------------------------------------------------
</TABLE>
**--The cost of securities is substanitally the same for federal income tax
purposes.
See notes to financial statements.
6
<PAGE>
Chase Vista U.S. Government Money Market Fund
as of February 28, 1999
(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 $7.7 Billion
Average maturity 56 days
S&P Rating* AAA
Moody's Rating* Aaa
NAIC Rating* Class 1
</TABLE>
* This rating is historical and is based upon the Fund's credit quality, market
price exposure and management. It signifies that the Fund's safety is excellent
and that it has superior capacity to maintain a $1 Net Asset Value per share.
The National Association of Insurance Commissioners' (NAIC's) Class 1 status
indicates that the Fund meets certain pricing and quality guidelines.
Maturity Schedule
<TABLE>
<S> <C>
1-14 days ............ 79.40%
15-30 days ........... 4.44%
31-60 days ........... 0.00%
61-90 days ........... 0.91%
91-180 days .......... 0.00%
181-270 days ......... 0.69%
270+ days ............ 14.56%
</TABLE>
7
<PAGE>
Chase Vista U.S. Government Money Market Fund
as of February 28, 1999
(unaudited)
How Much of the Fund Was Invested
[PIE CHART OMITTED]
Investments 95.8%
Cash/Other 4.2%
Yields
<TABLE>
<CAPTION>
7-Day SEC Yield(1)
------------------
<S> <C>
Vista Shares 4.40%
Premier Shares 4.54%
Institutional Shares 4.73%
</TABLE>
Past performance is not a guarantee of future results. Yields will fluctuate.
An investment in a money market fund is not FDIC insured nor guaranteed by the
U.S. government or any other agency 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 4.30% for Vista Shares,
4.41% for Premier Shares and 4.66% for Institutional Shares. This voluntary
waiver may be modified or terminated at any time, which would reduce the fund's
performance.
8
<PAGE>
Chase Vista U.S. Government Money Market Fund
Portfolio of Investments February 28, 1999 (unaudited)
(Amounts in Thousands)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
- ---------------------------------------------------------------------
<S> <C> <C>
U.S. Government Agency Obligations -- 93.1%
- ---------------------------------------------------------------------
Federal Farm Credit Bank, Interest -- 1.0%
$ 50,000 4.87%, 04/01/99 $50,000
30,000 5.48%, 03/01/99 30,000
-------
80,000
-------
Federal Farm Credit Bank, FRN -- 1.4%
75,000 4.73%, 06/22/99 74,986
30,000 4.78%, 03/02/99 30,000
-------
104,986
-------
Federal Home Loan Bank, Debentures -- 8.7%
67,000 4.85%, 01/27/00 66,995
100,000 4.90%, 01/14/00 100,008
80,000 4.90%, 02/04/00 79,992
100,000 4.91%, 02/09/00 99,977
50,000 4.92%, 01/13/00 50,003
100,000 4.97%, 02/16/00 100,000
43,750 5.00%, 02/24/00 43,750
35,000 5.00%, 02/26/00 35,000
5,000 5.00%, 10/28/99 5,000
40,000 5.03%, 02/25/00 40,000
50,000 5.25%, 12/30/99 50,000
-------
670,725
-------
Federal Home Loan Bank, Discount Notes -- 3.9%
100,000 4.72%, 03/12/99 99,856
200,000 4.93%, 03/31/99 199,178
-------
299,034
-------
Federal Home Loan Bank, FRN -- 5.5%
48,000 4.84%, 02/04/00 47,996
75,000 4.87%, 06/17/99 74,995
100,000 4.89%, 11/09/99 99,952
50,000 5.04%, 08/12/99 49,987
50,000 5.08%, 04/01/99 49,997
100,000 5.11%, 08/19/99 99,966
-------
422,893
-------
</TABLE>
See notes to financial statements.
9
<PAGE>
Chase Vista U.S. Government Money Market Fund
Portfolio of Investments February 28, 1999 (unaudited) (continued)
(Amounts in Thousands)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
- ------------------------------------------------------------------
<S> <C> <C>
Federal Home Loan Mortgage Corp. -- 1.0%
$ 75,000 5.20%, 12/03/99 $ 75,000
----------
Federal Home Loan Mortgage Corp.,
Discount Note -- 40.5%
175,000 4.70%, 03/01/99 175,000
100,000 4.71%, 05/03/99 99,176
139,950 4.73%, 03/26/99 139,490
300,000 4.74%, 03/30/99 298,854
350,000 4.74%, 03/31/99 348,617
559,099 4.75%, 03/15/99 558,067
250,000 4.75%, 03/18/99 249,439
149,200 4.75%, 05/14/99 147,743
200,000 4.76%, 04/14/99 198,836
150,000 4.77%, 03/26/99 149,503
100,860 4.79%, 03/31/99 100,457
248,000 4.93%, 03/12/99 247,624
398,208 4.94%, 03/30/99 396,626
----------
3,109,432
----------
Federal National Mortgage
Association, Discount Note -- 15.6%
302,637 4.74%, 03/15/99 302,079
110,000 4.75%, 03/15/99 109,797
100,000 4.77%, 04/08/99 99,497
480,000 4.78%, 04/06/99 477,712
41,000 4.97%, 03/29/99 40,842
85,122 5.00%, 03/01/99 85,122
81,000 5.00%, 03/03/99 80,978
----------
1,196,027
----------
Federal National Mortgage
Association, MTN -- 3.0%
150,000 5.52%, 03/26/99 149,995
81,000 5.53%, 03/16/99 81,013
----------
231,008
----------
</TABLE>
See notes to financial statements.
10
<PAGE>
Chase Vista U.S. Government Money Market Fund
Portfolio of Investments February 28, 1999 (unaudited) (continued)
(Amounts in Thousands)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
- ---------------------------------------------------------------------
<S> <C> <C>
Federal National Mortgage
Association, FRN -- 5.6%
$ 50,500 4.60%, 06/02/99 $ 50,492
37,000 4.60%, 09/22/99 36,976
50,000 4.73%, 05/05/99 49,993
175,000 4.83%, 05/28/99 174,967
50,000 4.88%, 05/21/99 49,991
70,000 4.98%, 06/15/99 69,982
---------
432,401
---------
Student Loan Marketing Association -- 1.6%
48,000 4.90%, 10/29/99 48,000
75,000 5.00%, 01/27/00 75,000
---------
123,000
---------
Student Loan Marketing Association, FRN -- 5.3%
130,000 4.76%, 12/03/99 129,936
200,000 4.83%, 02/10/00 199,926
25,000 4.87%, 08/02/99 25,000
50,000 5.60%, 04/15/99 49,997
---------
404,859
- ---------------------------------------------------------------------
U. S. Government Agency 7,149,365
Obligations (Cost $7,149,365)
- ---------------------------------------------------------------------
Repurchase Agreements -- 3.0%
- ---------------------------------------------------------------------
83,941 Lehman Brothers Inc., 4.65%, due
03/01/99, (dated 02/26/99,
Proceeds $83,974, Secured by:
FNMA Pools, 7.00% through
12.00%, due 04/01/01 through
07/01/26; Market Value
$85,620) 83,941
150,000 Morgan Stanley & Co., Inc.,
4.84%, due 03/01/99, (Dated
02/26/99, Proceeds $150,061,
Secured by FNMA Pools, 5.94%
through 7.50%, due 11/01/27
through 04/01/35; Market Value
$154,843) 150,000
- ---------------------------------------------------------------------
</TABLE>
See notes to financial statements.
11
<PAGE>
Chase Vista U.S. Government Money Market Fund
Portfolio of Investments February 28, 1999 (unaudited) (continued)
(Amounts in Thousands)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
- ---------------------------------------------------
<S> <C> <C>
Total Repurchase Agreements $ 233,941
(Cost $233,941)
- ---------------------------------------------------
Total Investments -- 96.1% $7,383,306
(Cost $7,383,306)**
- ---------------------------------------------------
</TABLE>
** -- The cost of securities is substanitally the same for federal income tax
purposes.
FNMA -- Federal National Mortgage Association
FRN -- Floating Rate Note: The maturity date shown is the actual maturity
date; the rate shown is the rate in effect at February 28,1999.
MTN -- Medium Term Note
See notes to financial statements.
12
<PAGE>
Chase Vista Treasury Plus Money Market Fund
as of February 28, 1999
(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 $2.9 Billion
Average maturity 41 days
S&P Rating* AAA
Moody's Rating* Aaa
NAIC Rating* NAIC-exempt
</TABLE>
* This rating is historical and is based upon the Fund's credit quality, market
price exposure and management. It signifies that the Fund's safety is excellent
and that it has superior capacity to maintain a $1 Net Asset Value per share.
The National Association of Insurance Commissioners' (NAIC's) "approved" status
indicates that the Fund meets certain pricing and quality guidelines.
Maturity Schedule
<TABLE>
<S> <C>
1-14 days ............ 62.16%
15-30 days ........... 0.00%
31-60 days ........... 12.25%
61-90 days ........... 4.34%
91-180 days .......... 15.05%
181-270 days ......... 4.65%
270+ days ............ 1.55%
</TABLE>
13
<PAGE>
Chase Vista Treasury Plus Money Market Fund
as of February 28, 1999
(unaudited)
How Much of the Fund Was Invested
[PIE CHART OMITTED]
Investments 99.5%
Cash/Other 0.5%
Yields
<TABLE>
<CAPTION>
7-Day SEC Yield1(1)
------------------
<S> <C>
Vista Shares 4.05%
Premier Shares 4.19%
Institutional Shares
4.39%
</TABLE>
Past performance is not a guarantee of future results. Yields will fluctuate.
An investment in a money market fund is not FDIC insured nor guaranteed by the
U.S. government or any other agency 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 4.01%
for Vista Shares, 4.15% for Premier Shares and 4.31% for Institutional Shares.
This voluntary waiver may be modified or terminated at any time, which would
reduce the fund's performance.
14
<PAGE>
Chase Vista Treasury Plus Money Market Fund
Portfolio of Investments February 28, 1999 (unaudited)
(Amounts in Thousands)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
- --------------------------------------------------------------
<S> <C> <C>
U.S. Treasury Securities -- 77.7%
- --------------------------------------------------------------
U.S. Treasury Bills -- 46.5%
$ 732,775 4.10%, 03/04/99 $ 732,526
400,000 4.72%, 04/22/99 397,279
200,000 4.73%, 04/22/99 198,634
---------
1,328,439
---------
U.S. Treasury Notes -- 31.2%
50,000 5.50%, 02/29/00 50,366
62,000 5.50%, 02/28/99 62,000
40,000 6.38%, 04/30/99 40,136
100,000 6.50%, 04/30/99 100,362
150,000 6.25%, 05/31/99 150,565
234,000 6.75%, 05/31/99 235,263
102,000 6.00%, 06/30/99 102,474
150,000 5.75%, 09/30/99 150,882
---------
892,048
- --------------------------------------------------------------
Total U. S. Treasury Obligations 2,220,487
(Cost $2,220,487)
- --------------------------------------------------------------
Repurchase Agreements -- 42.7%
- --------------------------------------------------------------
400,000 Bear, Stearns & Co., Inc., 4.75%,
due 03/01/99, (Dated 02/26/99,
Proceeds $400,159, Secured by
USTR, 0.00% through 9.25%,
due 03/11/99 through 11/15/27;
TIPS, 3.78% through 3.88%,
due 7/15/02 through 04/15/28;
Market Value $412,011) 400,000
300,000 Greenwich Capital Markets,
4.77%, due 03/01/99, (Dated
02/26/99, Proceeds $300,119,
Secured by USTR, 5.13%
through 14.00%, due 06/30/99
through 11/15/28; Market Value
$305,508) 300,000
</TABLE>
See notes to financial statements.
15
<PAGE>
Chase Vista Treasury Plus Money Market Fund
Portfolio of Investments February 28, 1999 (unaudited) (continued)
(Amounts in Thousands)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
- --------------------------------------------------------------
<S> <C> <C>
$ 20,000 Lehman Brothers Inc., 4.65%, due
03/01/99, (dated 02/26/99,
Proceeds $20,007, Secured by:
USTR, 6.38%, due 08/15/27;
Market Value $20,402) $ 20,000
51,871 Lehman Brothers Inc., 4.75%, due
03/01/99, (dated 02/26/99,
Proceeds $51,892, Secured by:
USTR, 6.38% through 10.75%,
due 02/15/03 through 08/15/27;
Market Value $52,915) 51,871
450,000 Morgan Stanley & Co., Inc.,
4.83%, 03/01/99, (Dated
02/26/99, Proceeds $450,181,
Secured by GNMA Pools,
5.50% through 11.00%, due
06/15/01 through 02/15/29;
GNMA-II Pool, at 6.50%, due
02/20/29; Market Value
$459,405) 450,000
- --------------------------------------------------------------
Total Repurchase Agreements 1,221,871
(Cost $1,221,871)
- --------------------------------------------------------------
Total Investments--120.4% $3,442,358
(Cost $3,442,358)**
- --------------------------------------------------------------
</TABLE>
** -- The cost of securities is substanitally the same for federal income tax
purposes.
USTR -- U. S. Treasury Notes and Bonds
TIPS -- U. S. Treasury Inflationary Index, Notes and Bonds
See notes to financial statements.
16
<PAGE>
Chase Vista Federal Money Market Fund
as of February 28, 1999
(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 $1.0 Billion
Average maturity 62 days
S&P Rating Not Rated
Moody's Rating Not Rated
NAIC Rating Not Rated
</TABLE>
Maturity Schedule
<TABLE>
<S> <C>
1-14 days ............ 53.55%
15-30 days ........... 14.52%
31-60 days ........... 6.35%
61-90 days ........... 1.92%
91-180 days .......... 7.13%
181-270 days ......... 11.34%
270+ days ............ 5.19%
</TABLE>
17
<PAGE>
Chase Vista Federal Money Market Fund
as of February 28, 1999
(unaudited)
How Much of the Fund Was Invested
[PIE CHART OMITTED]
Investments 99.0%
Cash/Other 1.0%
Yields
<TABLE>
<CAPTION>
7-Day SEC Yield(1)
------------------
<S> <C>
Vista Shares 4.19%
Premier Shares 4.39%
Institutional Shares 4.63%
</TABLE>
Past performance is not a guarantee of future results. Yields will fluctuate.
An investment in a money market fund is not FDIC insured nor guaranteed by the
U.S. government or any other agency 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 4.11%,
4.39% for Premier Shares and 4.54% for Institutional Shares. This voluntary
waiver may be modified or terminated at any time, which would reduce the fund's
performance.
18
<PAGE>
Chase Vista Federal Money Market Fund
Portfolio of Investments February 28, 1999 (unaudited)
(Amounts in Thousands)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
- ---------------------------------------------------------
<S> <C> <C>
U.S. Government Agency Obligations -- 99.0%
- ---------------------------------------------------------
Federal Farm Cerdit Bank, FRN -- 12.0%
$ 50,000 4.72%, 08/24/99 $ 49,980
50,000 4.73%, 05/20/99 49,992
25,000 4.73%, 06/22/99 24,994
----------
124,966
----------
Federal Farm Credit Bank, Debenture -- 6.0%
50,000 4.87%, 04/01/99 50,000
15,500 5.61%, 04/08/99 15,499
----------
65,499
----------
Federal Farm Credit Bank, Discount Note -- 16.0%
45,000 4.56%, 11/08/99 43,564
30,000 4.59%, 11/08/99 29,036
25,000 4.60%, 06/02/99 24,703
20,000 4.75%, 05/03/99 19,834
50,000 5.25%, 07/28/99 48,913
----------
166,050
----------
Federal Home Loan Bank, Debenture -- 3.4%
20,000 4.90%, 02/04/00 19,998
15,000 5.15%, 09/30/99 15,000
----------
34,998
----------
Federal Home Loan Bank, Discount Note -- 24.1%
4,500 4.30%, 10/22/99 4,374
10,000 4.55%, 01/24/00 9,584
25,000 4.60%, 01/28/00 23,936
100,000 4.68%, 03/01/99 100,000
62,568 4.73%, 03/01/99 62,568
50,000 5.28%, 03/29/99 49,795
----------
250,257
----------
Federal Home Loan Bank, FRN -- 23.1%
15,000 4.65%, 06/02/99 14,997
100,000 4.67%, 06/03/99 99,980
50,000 4.73%, 05/05/99 49,993
25,000 4.85%, 01/26/00 25,000
50,000 4.89%, 11/09/99 49,976
----------
239,946
----------
</TABLE>
See notes to financial statements.
19
<PAGE>
Chase Vista Federal Money Market Fund
Portfolio of Investments February 28, 1999 (unaudited) (continued)
(Amounts in Thousands)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
- ---------------------------------------------------------------
<S> <C> <C>
Student Loan Marketing Association -- 2.4%
$ 25,000 4.90%, 10/27/99 $ 25,000
----------
Student Loan Marketing Association,
FRN -- 12.0%
25,000 4.76%, 12/03/99 24,988
25,000 4.83%, 02/10/00 24,991
75,000 4.84%, 09/15/99 74,968
----------
124,947
- ---------------------------------------------------------------
Total Investments -- 99.0% $1,031,663
(Cost $1,031,663)**
- ---------------------------------------------------------------
</TABLE>
** -- The cost of securities is substanitally the same for federal income tax
purposes.
FRN -- Floating Rate Note: The maturity date shown is the actual maturity date;
the rate shown is the rate in effect at February 28,1999.
See notes to financial statements.
20
<PAGE>
Chase Vista Cash Management Fund
as of February 28, 1999
(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 $6.5 Billion
Average maturity 58 days
S&P Rating Not Rated
Moody's Rating Not Rated
NAIC Rating Not Rated
</TABLE>
Maturity Schedule
<TABLE>
<S> <C>
1-14 days ............ 20.77%
15-30 days ........... 22.41%
31-60 days ........... 33.28%
61-90 days ........... 14.80%
91-180 days .......... 2.85%
181-270 days ......... 0.64%
270+ days ............ 5.25%
</TABLE>
21
<PAGE>
Chase Vista Cash Management Fund
as of February 28, 1999
(unaudited)
How Much of the Fund Was Invested
[PIE CHART OMITTED]
Investments 99.5%
Cash/Other 0.5%
Yields
<TABLE>
<CAPTION>
7-Day SEC Yield(1)
------------------
<S> <C>
Vista Shares 4.47%
Premier Shares 4.61%
Institutional Shares 4.80%
</TABLE>
Past performance is not a guarantee of future results. Yields will fluctuate.
An investment in a money market fund is not FDIC insured nor guaranteed by the
U.S. government or any other agency 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 4.44% for Vista Shares,
4.56% for Premier Shares and 4.73% for Institutional Shares. This voluntary
waiver may be modified or terminated at any time, which would reduce the fund's
performance.
22
<PAGE>
Chase Vista Cash Management Fund
Portfolio of Investments February 28, 1999 (unaudited)
(Amounts in Thousands)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
- -----------------------------------------------------------------
<S> <C> <C>
Notes & Bonds -- 6.3%
- -----------------------------------------------------------------
U.S. Government Agency Obligations -- 0.6%
------------------------------------------
$ 40,000 Federal Home Loan Bank, Interest,
5.06%, 03/09/00 $ 40,000
----------
(Cost $40,000)
State & Municipal Obligations -- 0.9%
-------------------------------------
59,100 Virginia State Housing
Development Authority,
Commonwealth Mortgage,
Taxable, Ser. F, Sub-Ser. F, Stem
V, Rev., 5.10%, 04/16/99 59,100
----------
(Cost $59,100)
Corporate Notes & Bonds -- 4.8%
-------------------------------
Automotive -- 0.4%
Ford Motor Credit Co.,
13,000 7.50%, 11/15/99 13,213
11,245 9.25%, 03/01/00 11,690
4,000 Paccar Financial Corp.,
5.49%, 11/01/99 4,012
----------
28,915
----------
Banking -- 0.2%
10,000 American Express Centurion Bank,
8.50%, 06/15/99 10,096
1,000 Citicorp, 9.75%, 08/01/99 1,016
----------
11,112
----------
Construction Machinery -- 0.1%
5,000 Caterpillar Financial Services Corp.,
5.80%, 03/15/00 5,024
----------
Financial Services -- 3.5%
33,425 Associates Corp. of North America,
6.38%, 08/15/99 33,649
Beta Finance Corp., Inc.,
23,000 5.20%, 03/01/00 23,000
30,000 5.22%, 03/06/00 30,000
24,000 Centauri Corp. (Cayman Islands),
# 5.88%, 05/04/99 24,000
</TABLE>
See notes to financial statements.
23
<PAGE>
Chase Vista Cash Management Fund
Portfolio of Investments February 28, 1999 (unaudited) (continued)
(Amounts in Thousands)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
- ----------------------------------------------------------------
<S> <C> <C>
Notes & Bonds -- (continued)
- ----------------------------------------------------------------
$ 10,000 Commercial Credit Co., 6.13%,
03/01/00 $ 10,096
32,00 CS First Boston, 4.95%,
08/11/99 32,000
Sigma Finance Corp. (United
Kingdom), #
14,000 5.70%, 03/02/99 14,000
34,000 5.72%, 03/30/99 34,000
25,000 5.76%, 03/31/99 25,000
----------
225,745
----------
Insurance -- 0.4%
25,000 International Lease Finance Corp.,
4.85%, 11/08/99 24,989
----------
Machinery & Equipment -- 0.2%
13,000 John Deere Capital Corp., Ser. C,
MTN, 6.43%, 08/09/99 13,093
----------
Total Corporate Notes & Bonds 308,878
(Cost $308,878)
- -----------------------------------------------------------------
Total Notes & Bonds 407,978
(Cost $407,978)
- -----------------------------------------------------------------
Corporate Commercial Paper -- 33.5%
- -----------------------------------------------------------------
50,000 ANZ (Delaware) Inc.,
4.77%, 04/20/99 49,669
Archer Daniels Midland Co.,
13,162 4.80%, 05/18/99 13,025
9,800 4.80%, 05/25/99 9,689
20,000 5.05%, 03/05/99 19,989
25,000 Banco Nacional De Comercio
Exterior Ser. B (United
Kingdom), 4.95%, 04/12/99 24,856
45,000 BIL North America Inc.,
4.89%, 03/19/99 44,890
24,000 Bradford & Bingley Building
Society (United Kingdom),
4.82%, 03/03/99 24,393
</TABLE>
See notes to financial statements.
24
<PAGE>
Chase Vista Cash Management Fund
Portfolio of Investments February 28, 1999 (unaudited) (continued)
(Amounts in Thousands)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
- --------------------------------------------------------------
<S> <C> <C>
Corporate Commercial Paper -- (continued)
- --------------------------------------------------------------
$ 75,000 Cargill Global, Inc., #
4.69%, 04/21/99 $ 74,502
46,272 Concord Minutemen Capital Co.,
4.81%, 05/06/99 45,864
75,000 Corporate Receivables Corp.,
4.82%, 04/16/99 74,538
CXC Inc.,
40,000 4.82%, 04/08/99 39,796
50,000 4.83%, 04/06/99 49,759
Daimler-Benz North America
Corp. (Germany),
21,810 4.73%, 04/27/99 21,647
45,000 4.80%, 06/07/99 44,412
20,400 4.90%, 05/04/99 20,222
1,000 4.96%, 05/21/99 989
48,400 5.00%, 03/26/99 48,232
24,000 5.00%, 05/17/99 23,743
34,370 5.02%, 03/26/99 34,250
41,000 Den Danske Corp. (Denmark),
5.44%, 04/01/99 40,808
45,000 Diageo PLC, 4.80%, 03/23/99 44,868
Edison Asset Securitization, LLC,
28,549 4.76%, 08/02/99 27,968
30,000 5.06%, 03/17/99 29,933
31,656 5.06%, 03/18/99 31,580
125,000 Ford Motor Credit Co.,
4.82%, 03/01/99 125,000
25,000 Ford Motor Credit Co. of Puerto
Rico, 4.81%, 04/09/99 24,870
100,000 General Electric Capital Corp.,
4.88%, 03/08/99 99,905
25,000 General Electric Capital Services
Inc., 4.67%, 04/27/99 24,815
50,000 Goldman Sachs Group LP, #
5.06%, 05/14/99 49,480
19,700 ING America Insurance Holdings,
Inc., 5.05%, 03/02/99 19,697
</TABLE>
See notes to financial statements.
25
<PAGE>
Chase Vista Cash Management Fund
Portfolio of Investments February 28, 1999 (unaudited) (continued)
(Amounts in Thousands)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
- -----------------------------------------------------------------
<S> <C> <C>
Corporate Commercial Paper -- (continued)
- -----------------------------------------------------------------
$ 45,800 International Lease Finance Corp.,
4.82%, 03/08/99 $ 45,757
33,189 International Securitization Corp.,
5.30%, 03/01/99 33,189
50,000 Kitty Hawk Funding Corp.,
#5.12%, 03/22/99 49,851
Lexington Parker Capital,
72,000 4.81%, 04/20/99 71,519
40,636 4.83%, 05/06/99 40,276
25,000 4.88%, 08/16/99 24,431
80,205 5.18%, 03/02/99 80,194
19,000 Nationwide Building Society
(United Kingdom),
5.08%, 03/15/99 18,962
24,000 Quebec Province (Canada), 5.01%,
03/04/99
23,990
San Paolo US Financial Co. (Italy),
45,000 4.74%, 04/16/99 44,727
50,000 4.82%, 04/05/99 49,766
Sigma Finance Corp. (United
Kingdom), #
75,000 4.83%, 04/21/99 74,487
57,000 4.86%, 04/12/99 56,677
84,050 Special Purpose Accounts
Receivable Cooperative Corp., #
5.20%, 03/12/99 83,916
25,000 Stateoil (Norway), 4.80%,
03/18/99 24,943
62,300 Tasmanian Public Finance
(Australia), #4.89%, 05/20/99 61,623
Thames Asset Global Sec. (TAGS),
25,953 4.86%, 04/30/99 25,743
24,269 4.86%, 05/05/99 24,056
3,315 Three Rivers Funding Corp.,
4.86%, 03/16/99 3,308
50,000 Trident Capital Finance (France),
4.82%, 05/07/99 49,552
</TABLE>
See notes to financial statements.
26
<PAGE>
Chase Vista Cash Management Fund
Portfolio of Investments February 28, 1999 (unaudited) (continued)
(Amounts in Thousands)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
- -------------------------------------------------------------------
<S> <C> <C>
Corporate Commercial Paper -- (continued)
- -------------------------------------------------------------------
$ 54,267 Twin Towers Inc.,
4.86%, 03/09/99 $ 54,208
25,000 UBS Finance (DE) Inc.,
4.85%, 03/29/99 24,906
29,000 Windmill Funding Corp.,
4.85%, 04/09/99 28,848
- -------------------------------------------------------------------
Total Corporate Commercial Paper 2,178,318
(Cost $2,178,318)
- -------------------------------------------------------------------
Floating Rate Notes & Bonds -- 54.7%
- -------------------------------------------------------------------
U.S. Government Agency
Obligations (FRN) -- 0.8%
-------------------------
49,000 Student Loan Marketing
Association, 4.87%, 03/02/99 49,000
----------
(Cost $49,000)
State & Municipal Obligations (FRDN) -- 2.3%
--------------------------------------------
California -- 1.8%
California Housing Finance Agency,
Home Mortgage, Series M,
41,955 4.91%, 03/03/99 41,955
33,530 4.91%, 04/20/99 33,530
20,000 California Pollution Control
Financing Authority,
Environmental Improvement,
Shell Oil Co., Project B,
4.88%, 03/03/99 20,000
22,000 Sacramento County, California,
Rev., 5.67%, 04/01/99 22,000
----------
117,485
----------
Illinois -- 0.1%
6,900 Illinois Health Facilities Authority,
Taxable, Loyola University
Health, Ser. C, 5.65%, 03/01/99 6,900
----------
Missouri -- 0.3%
16,200 SSM Healthcare, Missouri Health
Facilities, 4.98%, 03/03/99 16,200
----------
</TABLE>
See notes to financial statements.
27
<PAGE>
Chase Vista Cash Management Fund
Portfolio of Investments February 28, 1999 (unaudited) (continued)
(Amounts in Thousands)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
- ------------------------------------------------------------------
<S> <C> <C>
Floating Rate Notes & Bonds -- (continued)
- ------------------------------------------------------------------
Texas -- 0.1%
$ 10,000 Travis County, Texas, Certificates of
Obligation, 4.91%, 03/03/99 $ 10,000
----------
Total State & Municipal
Obligations (FRDN) 150,585
----------
(Cost $150,585)
Corporate Notes & Bonds (FRN) -- 47.0%
--------------------------------------
Asset Backed Securities -- 4.6%
25,000 Asset Backed Capital LTD
(Cayman Islands), #
4.95%, 08/16/99 25,000
50,000 Centauri Corp. (Cayman Islands),
#5.02%, 01/18/00 49,979
81,000 Sigma Finance Corp. (United
Kingdom), # 4.91%, 07/20/99 81,000
100,000 Special Purpose Accounts
Receivable Cooperative Corp.,
5.47%, 05/24/99 100,000
45,465 Structured Enhanced Return Trust
(STEERS) 1998, Ser. A-39, #
4.97%, 04/26/99 45,465
----------
301,444
----------
Automotive -- 3.6%
10,000 Ford Motor Credit Co., 5.51%,
06/01/99 10,007
45,000 Paccar Financial Corp., 4.92%,
11/08/99 44,981
Toyota Motor Credit Corp., MTN,
92,000 4.91%, 09/23/99 92,000
10,000 5.01%, 10/19/99 10,000
35,000 5.03%, 10/06/99 34,994
40,000 5.22%, 09/29/99 40,000
----------
231,982
----------
</TABLE>
See notes to financial statements.
28
<PAGE>
Chase Vista Cash Management Fund
Portfolio of Investments February 28, 1999 (unaudited) (continued)
(Amounts in Thousands)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
- -------------------------------------------------------------------
<S> <C> <C>
Floating Rate Notes & Bonds -- (continued)
- -------------------------------------------------------------------
Banking -- 13.0%
$ 100,000 Abbey National Treasury Services
PLC (United Kingdom), #
4.90%, 11/17/99 $ 99,916
American Express Centurion Bank,
17,000 4.88%, 05/11/99 17,000
75,000 4.90%, 09/21/99 75,000
100,000 4.95%, 11/16/99 100,000
100,000 Banc One Corp., 4.88%,
10/01/99 99,981
95,000 Comerica Bank, 4.99%, 11/09/99 95,000
Fleet National Bank,
50,000 4.97%, 12/06/99 49,982
140,000 5.00%, 10/22/99 140,000
95,000 Norwest Corp., 4.99%, 10/28/99 95,000
52,000 PNC Bank, NA, 4.96%,
10/14/99 52,000
13,000 U.S. Bank NA, 5.09%, 08/18/99 13,008
10,000 Wells Fargo Bank, NA, 5.42%,
11/12/99 10,032
----------
846,919
----------
Construction Machinery -- 4.1%
Caterpillar Financial Services Corp.,
40,000 4.97%, 11/02/99 40,000
75,000 4.98%, 10/28/99 75,000
75,000 4.99%, 07/07/99 74,987
15,000 5.00%, 11/16/99 14,999
50,000 5.15%, 07/01/99 50,000
14,500 5.64%, 03/10/00 14,528
----------
269,514
----------
Financial Services -- 10.3%
66,000 Associates Corp. of North America,
4.97%, 04/05/99 66,000
Bear Stearns Co., Inc.,
30,000 4.91%, 07/30/99 29,996
25,000 5.03%, 11/12/99 25,014
</TABLE>
See notes to financial statements.
29
<PAGE>
Chase Vista Cash Management Fund
Portfolio of Investments February 28, 1999 (unaudited) (continued)
(Amounts in Thousands)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
- ---------------------------------------------------------------
<S> <C> <C>
Floating Rate Notes & Bonds -- (continued)
- ---------------------------------------------------------------
Goldman Sachs Group LP,
$ 42,000 5.06%, 01/26/00 $ 42,000
55,000 5.26%, 01/07/00 55,000
148,000 Ser. A, #5.03%, 03/14/00 148,000
Merrill Lynch & Co., Inc.,
20,000 5.05%, 01/31/00 20,015
100,000 5.25%, 06/30/99 100,000
32,100 5.40%, 02/15/00 32,228
15,000 5.79%, 04/28/99 15,000
25,000 Morgan Stanley Group, Inc.,
5.32%, 03/15/01 25,000
10,000 Prudential Funding Corp., 4.97%,
04/29/99 9,998
25,000 Sanwa Business Credit Corp.,
5.28%, 03/13/00 25,023
75,000 Structured Product Asset Return
Certificate, Series 98-1
(Switzerland), #
5.25%, 11/27/00 75,000
----------
668,274
----------
Insurance -- 6.7%
50,000 AIG Funding Inc.,
5.34%, 10/01/99 50,000
100,000 First AllAmerica Financial Life
Funding, 5.10%, 02/19/00 100,000
General American Life Insurance Co.,
100,000 5.06%, 12/09/99 100,000
75,000 5.10%, 02/17/00 75,000
10,000 International Lease Finance Corp.,
5.83%, 06/02/99 10,006
100,000 Jackson National Life Insurance
Co., 5.11%, 01/18/00 100,000
----------
435,006
----------
</TABLE>
See notes to financial statements.
30
<PAGE>
Chase Vista Cash Management Fund
Portfolio of Investments February 28, 1999 (unaudited) (continued)
(Amounts in Thousands)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
- ----------------------------------------------------------------
<S> <C> <C>
Floating Rate Notes & Bonds -- (continued)
- ----------------------------------------------------------------
Other Foreign Public Sector -- 1.5%
Restructured Asset Securities with
Enhanced Returns, # (RACERS)
(France),
$ 50,000 1998 Ser. MM 2, Class A-1,
5.14%, 07/06/99 $ 50,000
50,000 1998 Ser. MM 2, Class A-2,
5.14%, 06/07/99 50,000
----------
100,000
----------
Retailing -- 0.1%
10,000 Wal-Mart Stores, Inc.,
5.65%, 01/02/00 10,047
----------
Utilities -- 3.1%
62,000 Baltimore Gas & Electric Co.,
5.18%, 09/01/06 62,002
142,000 National Rural Utilities Co.,
Ser. C, MTN, 4.98%, 11/23/99 142,000
----------
204,002
----------
Total Corporate Notes & Bonds (FRN)
(Cost $3,067,188) 3,067,188
----------
Asset Backed Securities -- 4.6%
-------------------------------
Certificates Linked to Asset Backed
Certificates, #
50,000 Ser. 1998-3, Class 1,
4.94%, 01/15/00 50,000
100,000 Ser. 1998-4, Class 1,
4.96%, 02/18/00 100,000
50,000 Ser. 1998-5, Class 1,
4.96%, 09/20/99 50,000
100,000 Triangle Funding LTD,
Ser. 1998-1A, Class 1, # FRN,
5.35%, 10/15/99 100,000
----------
Total Asset Backed Securities
(Cost $300,000) 300,000
- ----------------------------------------------------------------
Total Floating Rate Notes & Bonds
(Cost $3,566,773) 3,566,773
- ----------------------------------------------------------------
</TABLE>
See notes to financial statements.
31
<PAGE>
Chase Vista Cash Management Fund
Portfolio of Investments February 28, 1999 (unaudited) (continued)
(Amounts in Thousands)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
- -------------------------------------------------------------
<S> <C> <C>
Deposits -- 6.6%
- -------------------------------------------------------------
Time Deposit -- 1.7%
--------------------
$ 110,980 Banque National de Paris, New
York, 4.75%, 03/01/99 $ 110,980
----------
Certificates of Deposit -- 1.5%
------------------------------
75,000 Canadian Imperial Bank of
Commerce (Canada),
5.23%, 02/29/00 74,978
25,000 CS First Boston, FRN, 5.79%,
04/27/99 25,000
----------
99,978
----------
Certificates of Deposit (Euro Deposits) -- 0.9%
-----------------------------------------------
35,000 Canadian Imperial Bank of
Commerce (Canada),
5.75%, 04/01/99 34,999
10,000 Deutsche Bank AG (Germany),
5.73%, 04/14/99 9,999
11,500 Deutsche Bank AG (Germany),
5.75%, 04/27/99 11,499
----------
56,497
----------
Certificates of Deposit (Yankee) -- 2.5%
----------------------------------------
50,000 Deutsche Bank AG (Germany),
5.12%, 02/18/00 49,986
96,000 Royal Bank of Scotland Group,
PLC, 5.12%, 03/20/00 95,971
18,500 Swiss Bank Corp. (Switzerland),
5.75%, 05/07/99 18,498
----------
164,455
- -------------------------------------------------------------
Total Deposits 431,910
(Cost $431,910)
- -------------------------------------------------------------
Total Investments -- 101.1% $6,584,979
(Cost $6,584,979)**
- -------------------------------------------------------------
</TABLE>
See notes to financial statements.
32
<PAGE>
Chase Vista Cash Management Fund
Portfolio of Investments February 28, 1999 (unaudited) (continued)
(Amounts in Thousands)
** -- The cost of securities is substanitally the same for federal income tax
purposes.
# -- Security may only be sold to qualified institutional buyers.
FRN -- Floating Rate Note: The maturity date shown is the actual maturity
date; the rate shown is the rate in effect at February 28, 1999.
MTN -- Medium Term Note
FRDN -- Floating Rate Demand Note: The maturity date shown is the next interest
reset date; the rate shown is the rate in effect at February 28,
1999.
Rev. -- Revenue Bond
See notes to financial statements.
33
<PAGE>
Chase Vista Prime Money Market Fund
as of February 28, 1999
(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, Institutional, B and C Shares
Net assets $7.5 Billion
Average maturity 52 days
S&P Rating* AAA
Moody's Rating* Aaa
NAIC Rating* Class 1
</TABLE>
* This rating is historical and is based upon the Fund's credit quality, market
price exposure and management. It signifies that the Fund's safety is excellent
and that it has superior capacity to maintain a $1 Net Asset Value per share.
The National Association of Insurance Commissioners' (NAIC's) Class 1 status
indicates that the Fund meets certain pricing and quality guidelines.
Maturity Schedule
<TABLE>
<S> <C>
1-14 days ............ 39.78%
15-30 days ........... 29.50%
31-60 days ........... 14.74%
61-90 days ........... 2.15%
91-180 days .......... 5.02%
181-270 days ......... 0.00%
271+ days ............ 8.81%
</TABLE>
34
<PAGE>
Chase Vista Prime Money Market Fund
as of February 28, 1999
(unaudited)
How Much of the Fund Was Invested
[PIE CHART OMITTED]
Investments 98.2%
Cash/Other 1.8%
Yields
<TABLE>
<CAPTION>
7-Day SEC Yield(1)
------------------
<S> <C>
B Shares 3.85%
C Shares 3.60%
Premier Shares 4.65%
Institutional Shares 4.84%
Vista Shares 4.51%
</TABLE>
Past performance is not a guarantee of future results. Yields will fluctuate.
An investment in a money market fund is not FDIC insured nor guaranteed by the
U.S. government or any other agency 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 3.60% for B Shares and C
Shares, 4.61% for Premier Shares, 4.76% for Institutional Shares and 4.16% for
Vista Shares. This voluntary waiver may be modified or terminated at any time,
which would reduce the fund's performance.
35
<PAGE>
Chase Vista Prime Money Market Fund
Portfolio of Investments February 28, 1999 (unaudited)
(Amounts in Thousands)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
- ---------------------------------------------------------------
<S> <C> <C>
Notes & Bonds -- 7.5%
- ---------------------------------------------------------------
U.S. Government Agency Obligations -- 0.2%
------------------------------------------
$ 15,000 Federal Home Loan Bank,
Discount Note, 4.66%,
02/07/00 $ 14,334
----------
(Cost $14,334)
Corporate Notes & Bonds -- 7.3%
-------------------------------
Asset Backed Securities --6.7%
Beta Finance Corp., Inc., #
50,000 5.08%, 02/10/00 50,000
50,000 5.13%, 01/11/00 50,000
25,000 5.69%, 03/02/99 25,000
Centauri Corp. (Channel Islands), #
75,000 5.09%, 02/10/00 75,000
25,000 5.70%, 03/04/99 25,000
40,000 5.72%, 03/30/99 40,000
35,000 5.80%, 04/30/99 35,000
25,000 5.80%, 06/10/99 25,000
25,000 5.82%, 04/30/99 25,000
Sigma Finance Corp. (United
Kingdom), #
50,000 5.14%, 02/10/00 50,000
30,000 5.19%, 02/25/00 30,000
25,000 5.76%, 03/09/99 25,000
Variable Funding Capital Corp.,
50,000 4.88%, 03/22/99 49,858
----------
504,858
----------
Banking -- 0.3%
25,000 Abbey National Treasury Services
PLC (United Kingdom)
(Yankee), 5.24%, 03/01/00 24,985
----------
Financial Services -- 0.3%
21,500 Tokai Financial Services, Inc., #
6.20%, 06/18/99 21,525
----------
</TABLE>
See notes to financial statements.
36
<PAGE>
Chase Vista Prime Money Market Fund
Portfolio of Investments February 28, 1999 (unaudited) (continued)
(Amounts in Thousands)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
- --------------------------------------------------------------
<S> <C> <C>
Total Corporate Notes & Bonds $ 551,368
(Cost $551,368)
- --------------------------------------------------------------
Total Notes & Bonds 565,702
(Cost $565,702)
- --------------------------------------------------------------
Commercial Paper -- 28.1%
- --------------------------------------------------------------
State & Municipal -- 1.5%
-------------------------
California -- 1.1%
61,657 Northern California Transmission,
Rev., 5.02%, 04/07/99 61,339
18,483 Port of Oakland, California,
5.21%, 03/12/99 18,454
----------
79,793
----------
New York -- 0.4%
34,500 Mount Sinai, New York, Union
Free School District, TAN,
5.25%, 03/11/99 34,450
----------
Total State & Municipal 114,243
----------
(Cost $114,243)
Corporate Commercial Paper -- 26.6%
-----------------------------------
50,000 Atlantis One Funding Corp.,
5.39%, 03/25/99 49,820
Banco Itau SA (Germany),
32,400 4.80%, 06/07/99 31,977
35,000 5.15%, 03/11/99 34,950
15,000 5.27%, 03/11/99 14,978
25,000 Banco Mercantil del Norte SA,
(Banorte), Ser. A (Germany),
5.17%, 06/04/99 24,659
36,500 Banco Santander, SA (Spain),
4.92%, 03/12/99 36,445
100,000 BankAmerica Corp.,
4.75%, 04/14/99 99,419
Banque ET Caisse D'Epargne
De L'Etat (Luxembourg),
50,000 4.84%, 06/08/99 49,335
50,000 4.90%, 05/27/99 49,408
</TABLE>
See notes to financial statements.
37
<PAGE>
Chase Vista Prime Money Market Fund
Portfolio of Investments February 28, 1999 (unaudited) (continued)
(Amounts in Thousands)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
- -------------------------------------------------------------
<S> <C> <C>
Commercial Paper -- (continued)
- -------------------------------------------------------------
$ 75,000 5.01%, 03/30/99 $ 74,697
70,000 Bavaria TRR Corp., #
4.93%, 03/18/99 69,837
Bavaria Universal Funding, #
125,000 4.88%, 03/22/99 124,644
100,000 4.88%, 03/18/99 99,770
18,200 4.92%, 03/25/99 18,140
32,500 Centric Capital Corp.,
5.10%, 03/22/99 32,403
55,000 China Merchants Inc.
(Netherlands), 5.20%, 03/15/99 54,889
90,000 Comision Federal De Electricidad
(Germany), 5.25%, 03/26/99 89,672
Contifinancial Corp.,
30,000 4.90%, 03/25/99 29,902
30,000 4.90%, 03/29/99 29,886
24,000 4.90%, 06/10/99 23,670
76,000 CXC Inc., 4.90%, 03/22/99 75,783
44,386 Dakota Certificate Program
(Citibank Credit Card Master
Trust 1), 4.90%, 03/01/99 44,386
55,000 Dixie Overseas Ltd., Ser. B
(France), 4.90%, 03/05/99 54,970
160,000 Four Winds Funding Corp.,
4.90%, 03/29/99 159,390
Galicia Buenos Aires Funding
(Germany), #
40,000 5.50%, 03/09/99 39,951
75,000 5.51%, 03/09/99 74,908
20,000 Interperu Funding Ltd.
(Netherlands), 5.07%, 04/12/99 19,882
80,000 Lloyds Bank of Canada,
5.05%, 03/18/99 79,809
58,524 Monte Rosa Capital Corp.,
4.90%, 03/25/99 58,333
38,613 Parthenon Receivable Funding
LLC, # 4.87%, 03/15/99 38,540
</TABLE>
See notes to financial statements.
38
<PAGE>
Chase Vista Prime Money Market Fund
Portfolio of Investments February 28, 1999 (unaudited) (continued)
(Amounts in Thousands)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
- ---------------------------------------------------------------
<S> <C> <C>
Commercial Paper -- (continued)
- ---------------------------------------------------------------
$ 40,000 Reseau Ferre de France (France),
5.07%, 03/10/99 $ 39,949
50,000 Shell Finance PLC (United
Kingdom), 5.03%, 03/24/99 49,839
40,000 Special Pupose Accounts Receivable
Cooperative Corp., #
4.89%, 03/04/99 39,984
76,472 Thames Asset Global Sec. (TAGS),
4.88%, 03/24/99 76,234
52,106 Tulip Funding Corp. (Netherlands),
# 4.90%, 03/04/99 52,085
Unibanco, Grand Caymon, Ser. A
(Germany),
25,000 4.99%, 06/28/99 24,588
30,000 5.00%, 06/28/99 29,504
---------
Total Corporate Commercial Paper 1,996,636
(Cost $1,996,636)
- ---------------------------------------------------------------
Total Commercial Paper 2,110,879
(Cost $2,110,879)
- ---------------------------------------------------------------
Floating Rate Notes & Bonds -- 46.3%
- ---------------------------------------------------------------
U.S. Government Agency
Obligations (FRN) -- 0.6%
-------------------------
44,000 Student Loan Marketing
Association, Corp. Note,
4.87%, 08/02/99 44,000
---------
(Cost $44,000)
State & Municipal Obligations (FRDN) -- 0.3%
--------------------------------------------
California -- 0.2%
17,000 Kern County, California Pension
Obligation, Taxable, Medical
Options Period, Cr-7T,
5.04%, 03/01/99 17,000
2,760 Stanislaus County, California
Pension Obligation, Medical
Options Period, Taxable, 5.04%,
03/01/99 2,760
---------
19,760
---------
</TABLE>
See notes to financial statements.
39
<PAGE>
Chase Vista Prime Money Market Fund
Portfolio of Investments February 28, 1999 (unaudited) (continued)
(Amounts in Thousands)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
- -------------------------------------------------------------
<S> <C> <C>
Floating Rate Notes & Bonds -- (continued)
- -------------------------------------------------------------
Texas -- 0.1%
$ 3,600 Texas State, Taxable, Medical
Options Period,
5.04%, 03/01/99 $ 3,600
----------
Total State & Municipal Obligations (FRDN)
(Cost $26,360) 23,360
----------
Corporate Notes & Bonds (FRN), 45.4%
------------------------------------
Asset Backed Securities -- 10.6%
Beta Finance Corp., Inc., #
80,000 4.83%, 07/15/99 80,000
25,000 4.88%, 06/25/99 25,000
25,000 4.88%, 07/02/99 25,000
50,000 4.96%, 10/26/99 49,974
Centauri Corp. (Channel Islands), #
25,000 4.88%, 06/17/99 25,000
30,000 4.88%, 06/28/99 30,000
45,000 4.88%, 07/20/99 45,000
30,000 4.93%, 10/22/99 29,983
30,000 4.96%, 10/26/99 29,984
18,389 First Sierra Equipment Trust
1998-1, 5.22%, 01/12/00 18,390
Sigma Finance Corp. (United
Kingdom), #
45,000 4.85%, 07/01/99 45,000
50,000 4.90%, 06/29/99 50,000
50,000 4.91%, 07/15/99 50,000
75,000 5.05%, 01/26/00 75,000
35,000 5.12%, 10/12/99 35,000
Structured Enhanced Return Trust,
(STEERS),
101,597 1997 Ser. A-31, 5.05%,
01/25/00 101,598
25,000 1998 Ser. A-38, 4.99%,
03/23/99 25,000
57,904 1998 Ser. A-42, 4.97%,
08/25/99 57,904
----------
797,833
----------
</TABLE>
See notes to financial statements.
40
<PAGE>
Chase Vista Prime Money Market Fund
Portfolio of Investments February 28, 1999 (unaudited) (continued)
(Amounts in Thousands)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
- ---------------------------------------------------------------
<S> <C> <C>
Floating Rate Notes & Bonds -- (continued)
- ---------------------------------------------------------------
Automotive -- 3.4%
Toyota Motor Credit Corp.
(Japan),
$ 200,000 4.80%, 08/03/99 $ 199,934
55,000 5.06%, 10/07/99 55,000
----------
254,934
----------
Banking -- 3.9%
32,000 Bank of Montreal, Chicago
(Yankee), 4.78%, 07/22/99 31,993
75,000 Deutsche Bank of New York
(Yankee), 4.81%, 08/16/99 74,976
117,000 Morgan Guaranty Trust Co. of
New York, 4.89%, 09/27/99 116,967
70,000 SMM Trust 1999, Ser. C,
5.05%, 01/26/00 70,000
----------
293,936
----------
Electronics & Electrical Equipment -- 0.7%
50,000 General Electric Capital Corp.,
MTN, 4.83%, 06/09/99 49,995
----------
Financial Services -- 13.0%
250,000 Bayerische Landesbank
Girozentrale, 4.80%, 07/22/99 249,929
100,000 General Electric Capital Corp.,
MTN, 4.82%, 06/08/99 99,988
Goldman Sachs Group LP,
200,000 4.96%, 11/05/99 200,000
55,000 5.03%, 06/14/99 55,000
70,000 5.05%, 01/31/00 70,000
Morgan Stanley Dean Witter & Co.,
55,000 5.01%, 05/15/01 55,005
50,000 5.32%, 03/15/01 50,000
35,000 5.34%, 03/13/01 35,000
35,000 Sanwa Business Credit Corp.
(Japan), # 4.94%, 05/20/99 35,000
6,531 Sault Ste Marie Tribe Building,
5.55%, 06/01/03 6,531
</TABLE>
See notes to financial statements.
41
<PAGE>
Chase Vista Prime Money Market Fund
Portfolio of Investments February 28, 1999 (unaudited) (continued)
(Amounts in Thousands)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
- ---------------------------------------------------------------
<S> <C> <C>
Floating Rate Notes & Bonds -- (continued)
- ---------------------------------------------------------------
$ 125,000 SMM Trust 1998 Ser. B,
4.94%, 03/05/99 $ 125,000
---------
981,453
---------
Insurance -- 7.8%
75,000 First AllAmerica Financial Life
Funding, 5.01%, 04/07/99 75,000
General American Life Insurance Co.,
75,000 5.05%, 07/07/99 75,000
50,000 5.05%, 09/01/99 50,000
249,900 5.12%, 07/07/99 249,900
135,000 Jackson National Life Insurance Co.,
4.95%, 09/01/03 135,000
---------
584,900
---------
Other Foreign Government Issue -- 0.1%
9,000 Hydro Quebec, Quebec (Yankee),
5.04%, 01/15/22 9,000
---------
Other Foreign Public Sector -- 5.9%
Restructured Asset Securities with
Enhanced Returns, # (RACERS)
(France),
240,000 1998 Ser. MM-7, Act 1,
4.93%, 08/13/99 240,000
150,000 1998 Ser. MM-12, Act 1,
5.47%, 01/12/00 150,000
50,000 1998 Ser. MM-12, Act 2,
5.14%, 06/07/99 50,001
---------
440,001
---------
Total Coporate Notes & Bonds (FRN) 3,412,052
(Cost $3,412,052)
- ---------------------------------------------------------------
Total Floating Rate Notes & Bonds 3,479,412
(Cost $3,479,412)
- ---------------------------------------------------------------
</TABLE>
See notes to financial statements.
42
<PAGE>
Chase Vista Prime Money Market Fund
Portfolio of Investments February 28, 1999 (unaudited) (continued)
(Amounts in Thousands)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
- -------------------------------------------------------------
<S> <C> <C>
Asset Backed Securities -- 3.2%
- -------------------------------------------------------------
$ 242,200 Triangle Funding LTD, Ser.
1998-1A, Class 1, # FRN,
5.07%, 10/15/99 $ 242,200
(Cost $242,200)
- -------------------------------------------------------------
Deposits -- 13.5%
- -------------------------------------------------------------
Time Deposit -- 2.4%
--------------------
180,849 Norwest Bank of Minnesota, NA,
4.88%, 03/01/99 180,849
----------
(Cost $180,849)
Certificates of Deposit -- 2.2%
--------------------------------
30,000 First Tennessee Bank, 4.90%,
03/15/99 30,000
35,000 Swiss Bank Corp. (Switzerland),
5.74%, 06/11/99 34,994
100,000 Union Bank of Switzerland
(Switzerland), 4.88%,
04/14/99 100,001
----------
Total Certificates of Deposit
(Cost $164,995) 164,995
----------
Certificates of Deposit (Euro Deposit) -- 3.1%
----------------------------------------------
15,000 Bayerische Landesbank
Girozentrale, 5.72%, 05/06/99 14,997
Rabobank Nederland --
Cooeperatieve Centrale
Raiffeisen-Boerenleenbank B.A.
(Netherlands),
47,000 5.11%, 02/16/00 46,987
25,000 5.69%, 04/16/99 24,998
50,000 Sudwestdeutsche Landesbank GZ
(Germany), 5.00%, 06/14/99 50,002
97,000 Westdeutsche Landesbank
Girozentrale (Germany),
6.47%, 03/01/99 97,000
----------
Total Certificates of Deposit
(Euro Deposit)
(Cost $233,984) $ 233,984
----------
</TABLE>
See notes to financial statements.
43
<PAGE>
Chase Vista Prime Money Market Fund
Portfolio of Investments February 28, 1999 (unaudited) (continued)
(Amounts in Thousands)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
- ---------------------------------------------------------------
<S> <C> <C>
Deposits -- (continued)
- ---------------------------------------------------------------
Certificate of Deposit (Yankee) -- 5.8%
---------------------------------------
$ 70,000 ABN-AMRO North America
Finance Inc. (Netherlands),
5.10%, 02/23/00 69,973
70,000 Banco Popolare di Milano (Italy),
5.25%, 03/18/99 70,001
25,000 Bank Austria AG (Austria),
5.69%, 08/03/99 24,993
20,000 Bayerische Landesbank Girozentrale
(Germany), 5.64%, 03/15/99 19,999
83,500 Landesbank Hessen-Thuringen
Girozentrale (Germany), 5.19%,
02/29/00 83,468
50,000 Rabobank Nederland--
Cooeperatieve Centrale
Raiffeisen-Boerenleenbank B.A.
(Netherlands), 5.02%, 01/11/00 49,987
90,000 UBS Finance (DE) Inc.
(Switzerland), 5.12%, 02/23/00 89,974
25,000 Union Bank of Switzerland
(Switzerland), 5.68%, 06/25/99 24,996
------
Certificates of Deposit (Yankee) 433,391
(Cost $433,391)
- ---------------------------------------------------------------
Total Deposits 1,013,219
(Cost $1,013,219)
- ---------------------------------------------------------------
Total Investments -- 98.6% $7,411,412
(Cost $7,411,412)**
- ---------------------------------------------------------------
</TABLE>
See notes to financial statements.
44
<PAGE>
Chase Vista Prime Money Market Fund
Portfolio of Investments February 28, 1999 (unaudited) (continued)
(Amounts in Thousands)
** -- The cost of securities is substanitally the same for federal income tax
purposes.
# -- Security may only be sold to qualified institutional buyers.
FRN -- Floating Rate Note: The maturity date shown is the actual maturity
date; the rate shown is the rate in effect at February 28,1999.
FRDN -- Floating Rate Demand Note: The maturity date shown is the next interest
reset date; the rate shown is the rate in effect at February 28,1999.
MTN -- Medium Term Note
Rev., -- Revenue Note
TAN -- Tax Anticipation Note
See notes to financial statements.
45
<PAGE>
Chase Vista Funds
Statement of Assets and Liabilities February 28, 1999 (unaudited)
- --------------------------------------------------------------------------------
(Amounts in Thousands, Except Per Share Amounts)
<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) ................................ $5,148,564 $7,383,306 $3,442,358
Cash ..................................... 41,364 -- 1
Other assets ............................. 57 79 28
Receivables:
Investment securities sold .............. -- 298,100 --
Interest ................................ 79,586 21,614 17,503
Fund shares sold ........................ 169 632 2
Other ................................... 3 30 --
---------- ---------- ----------
Total Assets .......................... 5,269,743 7,703,761 3,459,892
---------- ---------- ----------
LIABILITIES:
Payables:
Investment securities purchased ......... 595,906 -- 595,912
Fund shares redeemed .................... 54,602 5,162 33
Dividends ............................... 3,095 12,434 3,193
Other liabilities ....................... -- 90 --
Accrued liabilities: (Note 2)
Investment advisory fees ................ 365 606 217
Administration fees ..................... 327 606 152
Shareholder servicing fees .............. 678 902 403
Distribution fees ....................... 272 324 115
Custody fees ............................ 77 125 79
Other ................................... 455 1,106 290
---------- ---------- ----------
Total Liabilities ..................... 655,777 21,355 600,394
---------- ---------- ----------
NET ASSETS:
Paid in capital .......................... 4,614,253 7,682,390 2,859,614
Accumulated undistributed net
investment income ....................... (106) 21 (44)
Accumulated net realized gain (loss)
on investment transactions .............. (181) (5) (72)
---------- ---------- ----------
Net Assets ................................. $4,613,966 $7,682,406 $2,859,498
========== ========== ==========
Shares of beneficial interest outstanding
($.001 par value; unlimited number
of shares authorized):
Vista Shares ............................. 3,493,980 3,566,560 1,506,049
Premier Shares ........................... 46,674 1,059,787 203,861
Institutional Shares ..................... 1,073,688 3,056,143 1,149,805
B Shares* ................................ -- -- --
C Shares* ................................ -- -- --
Net asset value, offering and
redemption price per share .............. $ 1.00 $ 1.00 $ 1.00
========== ========== ==========
Cost of investments ...................... $5,148,564 $7,383,306 $3,442,358
========== ========== ==========
</TABLE>
- --------------
*Redemption price may be reduced by contingent deferred sales charge.
See notes to financial statements.
46
<PAGE>
Chase Vista Funds
Statement of Assets and Liabilities February 28, 1999 (unaudited)
- --------------------------------------------------------------------------------
(Amounts in Thousands, Except Per Share Amounts)
<TABLE>
<CAPTION>
Federal Cash Prime
Money Market Management Money Market
Fund Fund Fund
-------------- -------------- -------------
<S> <C> <C> <C>
ASSETS:
Investment securities, at value
(Note 1) ................................. $1,031,663 $6,584,979 $7,411,412
Cash ...................................... -- 2,585 3,466
Other assets .............................. 10 63 65
Receivables:
Investment securities sold ............... -- -- 72,094
Interest ................................. 4,435 30,628 45,482
Fund shares sold ......................... 5,849 1,155 17,872
Other .................................... -- -- 3
---------- ---------- ----------
Total Assets ........................... 1,041,957 6,619,410 7,550,394
---------- ---------- ----------
LIABILITIES:
Payables:
Investment securities purchased .......... -- 98,147 24,986
Fund shares redeemed ..................... 232 1,348 123
Dividends ................................ 813 3,597 8,811
Other liabilities ........................ -- -- 3
Accrued liabilities: (Note 2)
Investment advisory fees ................. 76 520 612
Administration fees ...................... 76 520 612
Shareholder servicing fees ............... 154 1,363 249
Distribution fees ........................ 37 -- 16
Custody fees ............................. 40 108 118
Other .................................... 454 859 591
---------- ---------- ----------
Total Liabilities ...................... 1,882 106,462 36,121
---------- ---------- ----------
NET ASSETS:
Paid in capital ........................... 1,040,097 6,512,966 7,514,330
Accumulated undistributed net
investment income ........................ (10) 21 (90)
Accumulated net realized gain (loss)
on investment transactions ............... (12) (39) 33
---------- ---------- ----------
Net Assets .................................. $1,040,075 $6,512,948 $7,514,273
========== ========== ==========
Shares of beneficial interest outstanding
($.001 par value; unlimited number
of shares authorized):
Vista Shares .............................. 489,826 5,106,024 9,905
Premier Shares ............................ 299,239 348,287 811,237
Institutional Shares ...................... 251,032 1,058,668 6,661,371
B Shares* ................................. -- -- 31,521
C Shares* ................................. -- -- 296
Net asset value, offering and
redemption price per share ............... $ 1.00 $ 1.00 $ 1.00
========== ========== ==========
Cost of investments ....................... $1,031,663 $6,584,979 $7,411,412
========== ========== ==========
</TABLE>
- --------------
*Redemption price may be reduced by contingent deferred sales charge.
See notes to financial statements.
47
<PAGE>
Chase Vista Funds
Statement of Operations For the six months ended February 28, 1999 (unaudited)
- --------------------------------------------------------------------------------
(Amounts in Thousands)
<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) $106,780 $189,806 $66,062
-------- -------- -------
EXPENSES: (Note 2)
Investment advisory fees ................. 2,206 3,700 1,351
Administration fees ...................... 2,206 3,700 1,352
Shareholder servicing fees ............... 6,375 8,070 3,207
Distribution fees ........................ 1,726 2,159 752
Custodian fees ........................... 154 208 101
Interest expense ......................... -- -- --
Printing and postage ..................... 25 69 15
Professional fees ........................ 84 166 55
Registration costs ....................... 454 260 73
Transfer agent fees ...................... 381 282 133
Trustees fees and expenses ............... 110 294 68
Other .................................... 33 27 45
-------- -------- -------
Total expenses ........................ 13,754 18,935 7,152
Less amounts waived (Note 2) ............... 2,416 3,114 1,109
Less expenses borne by the Distributor ..... -- -- --
-------- -------- -------
Net expenses ............................. 11,338 15,821 6,043
-------- -------- -------
Net investment income .................... 95,442 173,985 60,019
-------- -------- -------
REALIZED GAIN ON INVESTMENTS
Net realized gain on investment
transactions ............................ 1,461 66 615
-------- -------- -------
Net increase in net assets from
operations .............................. $ 96,903 $174,051 $60,634
======== ======== =======
</TABLE>
See notes to financial statements.
48
<PAGE>
Chase Vista Funds
Statement of Operations For the six months ended February 28, 1999 (unaudited)
- --------------------------------------------------------------------------------
(Amounts in Thousands)
<TABLE>
<CAPTION>
Federal Cash Prime
Money Market Management Money Market
Fund Fund Fund
-------------- ------------ -------------
<S> <C> <C> <C>
INTEREST INCOME: (Note 1C) $24,114 $161,374 $178,941
------- -------- --------
EXPENSES: (Note 2)
Investment advisory fees ................. 472 3,028 3,357
Administration fees ...................... 472 3,028 3,356
Shareholder servicing fees ............... 1,171 8,652 3,166
Distribution fees ........................ 210 -- 85
Custodian fees ........................... 63 210 223
Interest expense ......................... -- -- 44
Printing and postage ..................... 7 30 27
Professional fees ........................ 31 110 116
Registration costs ....................... 59 383 631
Transfer agent fees ...................... 235 810 154
Trustees fees and expenses ............... 23 151 168
Other .................................... 4 77 52
------- -------- --------
Total expenses ........................ 2,747 16,479 11,379
Less amounts waived (Note 2) ............... 253 982 1,858
Less expenses borne by the Distributor ..... -- -- 12
------- -------- --------
Net expenses ............................. 2,494 15,497 9,509
------- -------- --------
Net investment income .................... 21,620 145,877 169,432
------- -------- --------
REALIZED GAIN ON INVESTMENTS
Net realized gain on investment
transactions ............................ 130 292 240
------- -------- --------
Net increase in net assets from
operations .............................. $21,750 $146,169 $169,672
======= ======== ========
</TABLE>
See notes to financial statements.
49
<PAGE>
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Chase Vista Funds
Statement of Changes in Net Assets For the periods indicated (unaudited)
(Amounts in Thousands)
See notes to financial statements.
100%
U.S. Treasury Securities U.S. Government
Money Market Money Market Treasury Plus
Fund Fund Money Market Fund
-------------------------- ------------------------- -------------------------
Six months Six months Six months
ended Year ended ended Year ended ended Year ended
2/28/99 8/31/98 2/28/99 8/31/98 2/28/99 8/31/98
----------- ----------- ----------- ----------- ----------- -----------
<S> <C> <C> <C> <C> <C> <C>
INCREASE (DECREASE) IN NET ASSETS
FROM OPERATIONS:
Net investment income .................... $ 95,442 $ 172,327 $ 173,985 $ 337,349 $ 60,019 $ 119,980
Net realized gain (loss) on investment
transactions ............................ 1,461 2,716 66 (61) 615 412
----------- ----------- ----------- ----------- ----------- -----------
Increase in net assets from operations ... 96,903 175,043 174,051 337,288 60,634 120,392
----------- ----------- ----------- ----------- ----------- -----------
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income .................... (95,549) (172,327) (173,985) (337,349) (60,038) (119,997)
Net realized gain on investment
transactions ............................ 2,554) (1,817) -- (19) (758) (342)
----------- ----------- ----------- ----------- ----------- -----------
Total dividends and distributions ........ (98,103) (174,144) (173,985) (337,368) (60,796) (120,339)
----------- ----------- ----------- ----------- ----------- -----------
Shares of beneficial interest
transactions#
Proceeds from shares issued
Vista Shares** ........................... 7,248,954 13,787,560 7,813,902 14,882,809 6,637,917 16,312,405
Premier Shares ........................... 89,917 366,060 3,916,188 7,812,783 511,532 2,478,766
Institutional Shares ..................... 3,200,286 3,028,039 12,457,934 21,267,721 6,171,579 9,241,705
B Shares ................................. -- -- -- -- -- --
C Shares* ................................ -- -- -- -- -- --
----------- ----------- ----------- ----------- ----------- -----------
10,539,157 17,181,659 24,188,024 43,963,313 13,321,028 28,032,876
----------- ----------- ----------- ----------- ----------- -----------
Proceeds from reinvestment of dividends
Vista Shares** ........................... 56,999 97,208 35,540 64,696 18,890 51,054
Premier Shares ........................... 608 462 14,008 29,817 1,858 5,055
Institutional Shares ..................... 13,372 13,072 43,327 87,942 15,444 17,673
B Shares ................................. -- -- -- -- -- --
C Shares* ................................ -- -- -- -- -- --
----------- ----------- ----------- ----------- ----------- -----------
70,979 110,742 92,875 182,455 36,192 73,782
----------- ----------- ----------- ----------- ----------- -----------
</TABLE>
See notes to financial statements.
50
<PAGE>
Chase Vista Funds
Statement of Changes in Net Assets For the periods indicated (continued)
(unaudited)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
100%
U.S. Treasury Securities U.S. Government
Money Market Money Market Treasury Plus
Fund Fund Money Market Fund
--------------------------- --------------------------- --------------------------
Six months Six months Six months
ended Year ended ended Year ended ended Year ended
2/28/99 8/31/98 2/28/99 8/31/98 2/28/99 8/31/98
------------ ------------ ------------ ------------ ------------ ------------
<S> <C> <C> <C> <C> <C> <C>
Cost of shares redeemed
Vista Shares** .......................... (6,862,818) (13,210,198) (7,316,290) (14,053,545) (6,467,142) (16,653,021)
Premier Shares .......................... (65,589) (350,427) (3,954,019) (7,595,505) (465,027) (2,459,664)
Institutional Shares .................... (3,935,278) (1,327,090) (12,242,278) (21,513,704) (5,913,385) (8,674,757)
B Shares ................................ -- -- -- -- -- --
C Shares* ............................... -- -- -- -- -- --
------------ ------------ ------------ ------------ ------------ ------------
(10,863,685) (14,887,715) (23,512,587) (43,162,754) (12,845,554) (27,787,442)
------------ ------------ ------------ ------------ ------------ ------------
Net increase (decrease) in net assets
from shares of beneficial interest ..... (253,549) 2,404,686 768,312 983,014 511,666 319,216
------------ ------------ ------------ ------------ ------------ ------------
Total increase (decrease) ............... (254,749) 2,405,585 768,378 982,934 511,504 319,269
NET ASSETS:
Beginning of period ..................... 4,868,715 2,463,130 6,914,028 5,931,094 2,347,994 2,028,725
------------ ------------ ------------ ------------ ------------ ------------
End of period ........................... $ 4,613,966 $ 4,868,715 $ 7,682,406 $ 6,914,028 $ 2,859,498 $ 2,347,994
============ ============ ============ ============ ============ ============
</TABLE>
See notes to financial statements.
- -------
# At $1.00 per share.
* Commencement of operations, 05/14/98.
** CVP, Vista Shares; commencement of operations, 10/01/98.
51
<PAGE>
Chase Vista Funds
Statement of Changes in Net Assets For the periods indicated (unaudited)
(Amounts in Thousands)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Federal Cash Management Money Market
Money Market Fund Fund Fund
--------------------------- --------------------------- --------------------------
Six months Six months Six months
ended Year ended ended Year ended ended Year ended
2/28/99 8/31/98 2/28/99 8/31/98 2/28/99 8/31/98
------------ ------------ ------------ ------------ ------------ ------------
<S> <C> <C> <C> <C> <C> <C>
INCREASE (DECREASE) IN NET ASSETS
FROM OPERATIONS:
Net investment income .................... $ 21,620 $ 40,256 $ 145,877 $ 239,039 $ 169,432 $ 202,624
Net realized gain (loss) on
investment transactions ................. 130 (30) 292 (214) 240 141
---------- ---------- ----------- ----------- ----------- -----------
Increase in net assets from operations ... 21,750 40,226 146,169 238,825 169,672 202,765
---------- ---------- ----------- ----------- ----------- -----------
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income .................... (21,621) (40,256) (146,101) (238,815) (169,533) (202,624)
Net realized gain on investment
transactions (112) -- (117) -- (271) (66)
---------- ---------- ----------- ----------- ----------- -----------
Total dividends and distributions ........ (21,733) (40,256) (146,218) (238,815) (169,804) (202,690)
---------- ---------- ----------- ----------- ----------- -----------
Shares of beneficial interest
transactions#
Proceeds from shares issued
Vista Shares** ........................... 550,216 887,155 12,753,620 19,574,831 13,118 --
Premier Shares ........................... 161,340 464,267 2,108,802 4,145,937 5,002,670 11,781,628
Institutional Shares ..................... 1,160,852 1,635,260 4,632,710 5,180,985 26,417,199 32,438,411
B Shares ................................. -- -- -- -- 54,912 103,075
C Shares* ................................ -- -- -- -- 1,303 71
---------- ---------- ----------- ----------- ----------- -----------
1,872,408 2,986,682 19,495,132 28,901,753 31,489,202 44,323,185
---------- ---------- ----------- ----------- ----------- -----------
Proceeds from reinvestment of dividends
Vista Shares** ........................... 8,216 12,556 85,517 123,345 55 --
Premier Shares ........................... 5,898 13,754 8,282 18,943 11,857 18,579
Institutional Shares ..................... 2,120 2,740 28,172 54,407 103,023 95,986
B Shares ................................. -- -- -- -- 381 484
C Shares* ................................ -- -- -- -- 3 --
---------- ---------- ----------- ----------- ----------- -----------
16,234 29,050 121,971 196,695 115,319 115,049
---------- ---------- ----------- ----------- ----------- -----------
</TABLE>
See notes to financial statements.
52
<PAGE>
Chase Vista Funds
Statement of Changes in Net Assets For the periods indicated (continued)
(unaudited)
- --------------------------------------------------------------------------------
(Amounts in Thousands)
<TABLE>
<CAPTION>
Federal Cash Management Money Market
Money Market Fund Fund Fund
--------------------------- --------------------------- --------------------------
Six months Six months Six months
ended Year ended ended Year ended ended Year ended
2/28/99 8/31/98 2/28/99 8/31/98 2/28/99 8/31/98
------------ ------------ ------------ ------------ ------------ ------------
<S> <C> <C> <C> <C> <C> <C>
Cost of shares redeemed
Vista Shares** ........................ (427,703) (841,656) (11,374,805) (18,632,661) (3,268) --
Premier Shares ........................ (181,125) (564,547) (2,184,130) (4,124,975) (4,793,435) (11,709,369)
Institutional Shares .................. (1,109,902) (1,570,687) (4,662,190) (5,099,529) (24,580,841) (29,160,057)
B Shares .............................. -- -- -- -- (52,472) (85,129)
C Shares* ............................. -- -- -- -- (1,081) (1)
----------- ----------- ------------ ------------ ------------ ------------
(1,718,730) (2,976,890) (18,221,125) (27,857,165) (29,431,097) (40,954,556)
----------- ----------- ------------ ------------ ------------ ------------
Net increase (decrease) in net assets
from shares of beneficial interest ... 169,912 38,842 1,395,978 1,241,283 2,173,424 3,483,678
----------- ----------- ------------ ------------ ------------ ------------
Total increase (decrease) ............ 169,929 38,812 1,395,929 1,241,293 2,173,292 3,483,753
NET ASSETS:
Beginning of period ................... 870,146 831,334 5,117,019 3,875,726 5,340,981 1,857,228
----------- ----------- ------------ ------------ ------------ ------------
End of period ......................... $ 1,040,075 $ 870,146 $ 6,512,948 $ 5,117,019 $ 7,514,273 $ 5,340,981
=========== =========== ============ ============ ============ ============
</TABLE>
- -------
#At $1.00 per share.
*Commencement of operations, 05/14/98.
**CVP, Vista Shares; commencement of operations, 10/01/98.
53
<PAGE>
Chase Vista Funds
Notes to Financial Statements (unaudited)
- --------------------------------------------------------------------------------
1. Organization and Significant Accounting Policies -- Mutual Fund Trust
("MFT") (the "Trust") is organized as a Massachusetts business trust, and
registered under the Investment Company Act of 1940, as amended (the "1940
Act"), as an open-end, management investment company. Effective March 16, 1998,
the Vista Family of Mutual Funds changed its name to the Chase Vista 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 .......... Vista, 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 Fund's policy that repurchase
agreements are fully collateralized by U.S. Treasury and Government agency
securities. All collateral is held by the Fund's custodian bank,
subcustodian or a bank 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.
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 Fund's policy is to comply with
the provisions of the Internal Revenue Code applicable to regulated
investment companies and to distribute to shareholders all of a Fund's
distributable net income, including net realized gain on investments. In
addition, the Fund intends to make distributions as required to avoid
excise taxes. Accordingly, no provision for Federal income or excise tax is
necessary.
54
<PAGE>
Chase Vista Funds
Notes to Financial Statements (continued) (unaudited)
- --------------------------------------------------------------------------------
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
(e.g. transfer agent), 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 $2,225, $2,891, $703, $253, $982 and $1,858 for the CVUSTS,
CVUSG, CVTP, CVF, CVCM and CVP, in thousands, respectively.
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
55
<PAGE>
Chase Vista Funds
Notes to Financial Statements (continued) (unaudited)
- --------------------------------------------------------------------------------
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 $191, $223 and $406 for CVUSTS, CVUSG and CVTP, in thousands,
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.
3. Concentration of Credit Risk -- As of February 28, 1999. CVCM invested 52.0%
of its net assets in financial institutions, of which 8.3% was invested in
Broker Dealers, 25.6% in Banking and 18.1% in other financial service providers.
CVP invested 46.8% of its net assets in financial institutions, of which 6.2%
was invested in Broker Dealers, 29.4% in Banking and 11.2% 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.
4. Trustee Compensation -- The Funds have adopted an unfunded noncontributory
defined benefit pension plan covering all independent trustees of the Funds who
will have served as an independent trustee for at least five years at the time
of retirement. Benefits under this plan are based on compensation and years of
service. Pension expenses for the six months ended February 28, 1999, included
in Trustees Fees and Expenses in the Statement of Operations, and accrued
pension liability included in Other Accrued Liabilities in the Statement of
Assets and Liabilities were as follows (in thousands):
<TABLE>
<CAPTION>
Pension Accrued Pension
Fund Expenses Liability
- ---------------- ---------- ----------------
<S> <C> <C>
CVUSTS ......... $45 $240
CVUSG .......... 66 452
CVTP ........... 23 175
CVF ............ 8 67
CVCM ........... 51 309
CVP ............ 55 221
</TABLE>
56
<PAGE>
Chase Vista Funds
Financial Highlights (unaudited)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
100% U.S. Treasury Securities Money Market Fund
------------------------------------------------------------------
Vista Shares
------------------------------------------------------------------
Year Ended Year Ended
August 31, 12/1/95++ November 30,
9/1/98 --------------------- Through ---------------------
Through
2/28/99 1998 1997 8/31/96 1995 1994
---------- ---------- ---------- ----------- ---------- ----------
<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 .................. 0.02 0.05 0.05 0.04 0.05 0.03
Less Dividends from Net
Investment Income ...................... 0.02 0.05 0.05 0.04 0.05 0.03
------ ------ ------ ------ ------ ------
Net Asset Value, End of Period ........... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
====== ====== ====== ====== ====== ======
Total Return ............................. 2.13% 4.92% 4.87% 3.50% 5.15% 3.32%
Ratios/Supplemental Data:
Net Assets, End of Period (millions) ..... $3,493 $3,051 $2,376 $1,672 $1,338 $1,024
Ratios to Average Net Assets#:
Expenses ................................ 0.59% 0.59% 0.59% 0.60% 0.58% 0.59%
Net Investment Income ................... 4.25% 4.78% 4.74% 4.58% 4.99% 3.26%
Expenses Without Waivers and
Assumption of Expenses ................. 0.71% 0.71% 0.71% 0.68% 0.61% 0.62%
Net Investment Income Without
Waivers and Assumption of
Expenses ............................... 4.13% 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
9/1/98 August 31, 6/3/96* 9/1/98 August 31, 6/3/96*
Through ----------------------- Through Through --------------------- Through
2/28/99 1998 1997 8/31/96 2/28/99 1998 1997 8/31/96
----------- ----------- ----------- ---------- ---------- ---------- ---------- ---------
<S> <C> <C> <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 $ 1.00 $ 1.00
------- ------- ------- ------- ------ ------ ------- ------
Income from Investment Operations:
Net Investment Income ................ 0.02 0.05 0.05 0.01 0.02 0.05 0.05 0.01
Less Dividends from Net
Investment Income .................... 0.02 0.05 0.05 0.01 0.02 0.05 0.05 0.01
------- ------- ------- ------- ------ ------ ------- ------
Net Asset Value, End of Period ......... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
======= ======= ======= ======= ====== ====== ======= ======
Total Return ........................... 2.18% 5.00% 4.91% 1.11% 2.31% 5.30% 5.20% 1.23%
Ratios/Supplemental Data:
Net Assets, End of Period (millions) ... $ 47 $ 22 $ 6 $ 1 $1,074 $1,796 $ 81 $ 1
Ratios to Average Net Assets#:
Expenses .............................. 0.50% 0.51% 0.55% 0.42% 0.23% 0.21% 0.27% 0.21%
Net Investment Income ................. 4.30% 4.99% 4.80% 3.45% 4.63% 5.13% 5.06% 3.65%
Expenses Without Waivers and
Assumption of Expenses ............... 0.58% 0.78% 0.80% 0.42% 0.30% 0.25% 0.27% 0.21%
Net Investment Income Without
Waivers and Assumption of
Expenses ............................. 4.22% 4.72% 4.55% 3.45% 4.56% 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.
See notes to financial statements.
57
<PAGE>
<TABLE>
<CAPTION>
Chase Vista Funds
Financial Highlights (continued) (unaudited)
See notes to financial statements.
U.S. Government Money Market Fund
-----------------------------------------------------------------
Vista Shares
------------------------------------------------------ ----------
9/1/98 Year Ended August 31, 11/1/93
Through ------------------------------------------- Through
2/28/99 1998 1997 1996 1995 8/31/94++
---------- ---------- ---------- ---------- ---------- ----------
<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 .......................................... 0.02 0.05 0.05 0.05 0.05 0.03
Less Dividends from Net Investment Income ...................... 0.02 0.05 0.05 0.05 0.05 0.03
------ ------ ------ ------ ------ ------
Net Asset Value, End of Period ................................... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
====== ====== ====== ====== ====== ======
Total Return ..................................................... 2.28% 5.14% 5.04% 4.97% 5.05% 2.48%
Ratios/Supplemental Data
Net Assets, End of Period (millions) ............................. $3,567 $3,033 $2,139 $2,057 $ 341 $ 335
Ratios to Average Net Assets#:
Expenses ........................................................ 0.59% 0.59% 0.59% 0.65% 0.80% 0.80%
Net Investment Income ........................................... 4.54% 5.01% 4.93% 4.83% 4.93% 2.94%
Expenses Without Waivers and Assumption of Expenses ............. 0.69% 0.70% 0.72% 0.73% 0.80% 0.80%
Net Investment Income Without Waivers and Assumption of Expenses 4.44% 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.
58
<PAGE>
Chase Vista Funds
Financial Highlights (continued) (unaudited)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
U.S. Government Money Market Fund
------------------------------------------------------------------
Premier Shares
------------------------------------------------------------------
Year Ended August 31, 11/1/93
9/1/98 ------------------------------------------- Through
Through
2/28/99 1998 1997 1996 1995 8/31/94++
---------- ---------- ---------- ---------- ---------- -----------
<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 ......................... 0.02 0.05 0.05 0.05 0.05 0.03
Less Dividends from Net Investment Income ..... 0.02 0.05
0.05 0.05 0.05 0.03
------ ------ ------ ------ ------ ------
Net Asset Value, End of Period .................. $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
====== ====== ====== ====== ====== ======
Total Return .................................... 2.35% 5.25% 5.08% 5.15% 5.31% 2.70%
Ratios/Supplemental Data
Net Assets, End of Period (millions) ............ $1,060 $1,084 $ 837 $ 802 $ 764 $ 546
Ratios to Average Net Assets#:
Expenses ....................................... 0.45% 0.48% 0.55% 0.55% 0.55% 0.55%
Net Investment Income .......................... 4.68% 5.12% 4.97% 5.04% 5.22% 3.13%
Expenses Without Waivers and Assumption
of Expenses ................................... 0.59% 0.60% 0.60% 0.59% 0.59% 0.61%
Net Investment Income Without Waivers
and Assumption of Expenses .................... 4.54% 5.00% 4.92% 5.00% 5.18% 3.07%
<CAPTION>
Chase Vista Funds
Financial Highlights (continued) (unaudited)
See notes to financial statements.
U.S. Government Money Market Fund
-----------------------------------------------------------------------
Institutional Shares
-----------------------------------------------------------------------
9/1/98 Year Ended August 31, 12/10/93*
Through ----------------------------------------------- Through
2/28/99 1998 1997 1996 1995 8/31/94++
----------- ----------- ----------- ----------- ----------- -----------
<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 ......................... 0.02 0.05 0.05 0.05 0.05 0.03
Less Dividends from Net Investment Income ..... 0.02 0.05 0.05 0.05 0.05 0.03
------- ------- ------- ------- ------- -------
Net Asset Value, End of Period .................. $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
======= ======= ======= ======= ======= =======
Total Return .................................... 2.45% 5.51% 5.40% 5.45% 5.60% 2.61%
Ratios/Supplemental Data
Net Assets, End of Period (millions) ............ $ 3,056 $ 2,797 $ 2,955 $ 1,182 $ 466 $ 213
Ratios to Average Net Assets#:
Expenses ....................................... 0.25% 0.24% 0.24% 0.27% 0.27% 0.27%
Net Investment Income .......................... 4.88% 5.36% 5.29% 5.30% 5.58% 3.81%
Expenses Without Waivers and Assumption
of Expenses ................................... 0.30% 0.24% 0.24% 0.27% 0.28% 0.27%
Net Investment Income Without Waivers
and Assumption of Expenses .................... 4.83% 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.
See notes to financial statements.
59
<PAGE>
Chase Vista Funds
Financial Highlights (continued) (unaudited)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Treasury Plus Money Market Fund
-------------------------------------------
Vista Shares
-------------------------------------------
Year Ended
9/1/98 August 31, 5/6/96*
Through --------------------- Through
2/28/99 1998 1997 8/31/96
---------- ---------- ---------- ----------
<S> <C> <C> <C> <C>
Per Share Operating Performance
Net Asset Value, Beginning of Period $ 1.00 $ 1.00 $ 1.00 $ 1.00
------ ------ ------ ------
Income from Investment Operations:
Net Investment Income .................. 0.02 0.05 0.05 0.02
Less Dividends from Net
Investment Income ...................... 0.02 0.05 0.05 0.02
------ ------ ------ ------
Net Asset Value, End of Period ........... $ 1.00 $ 1.00 $ 1.00 $ 1.00
====== ====== ====== ======
Total Return ............................. 2.16% 5.05% 4.89% 1.50%
Ratios/Supplemental Data:
Net Assets, End of Period (millions) ..... $1,506 $1,316 $1,606 $1,382
Ratios to Average Net Assets#:
Expenses ................................ 0.59% 0.59% 0.59% 0.59%
Net Investment Income ................... 4.30% 4.92% 4.79% 4.63%
Expenses Without Waivers and
Assumption of Expenses ................. 0.69% 0.70% 0.70% 0.73%
Net Investment Income Without
Waivers and Assumption of
Expenses ................................ 4.20% 4.81% 4.68% 4.49%
<CAPTION>
Treasury Plus Money Market Fund
------------------------------------------------------------------------
Premier Shares
------------------------------------------------------------------------
9/1/98 Year Ended August 31, 4/22/94*
Through ----------------------------------------------- Through
2/28/99 1998 1997 1996 1995 8/31/94
----------- ----------- ----------- ----------- ----------- -----------
<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 .................. 0.02 0.05 0.05 0.05 0.05 0.01
Less Dividends from Net
Investment Income ...................... 0.02 0.05 0.05 0.05 0.05 0.01
------- ------- ------- ------- ------- -------
Net Asset Value, End of Period ........... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
======= ======= ======= ======= ======= =======
Total Return ............................. 2.23% 5.18% 4.98% 5.07% 5.17% 1.37%
Ratios/Supplemental Data:
Net Assets, End of Period (millions) ..... $ 204 $ 155 $ 131 $ 106 $ 19 $ 1
Ratios to Average Net Assets#:
Expenses ................................ 0.46% 0.46% 0.51% 0.52% 0.50% 0.49%
Net Investment Income ................... 4.43% 5.06% 4.88% 4.85% 5.23% 3.85%
Expenses Without Waivers and
Assumption of Expenses ................. 0.50% 0.50% 0.53% 0.63% 1.57% 0.89%
Net Investment Income Without
Waivers and Assumption of
Expenses ................................ 4.39% 5.02% 4.86% 4.74% 4.16% 3.45%
<CAPTION>
Treasury Plus Money Market Fund
-----------------------------------------------------------------
Institutional Shares
-----------------------------------------------------------------
9/1/98 Year Ended August 31,
Through -------------------------------------------------------
2/28/99 1998 1997 1996 1995 8/31/94
--------- ---------- ---------- ---------- ---------- ----------
<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 .................. 0.02 0.05 0.05 0.05 0.05 0.01
Less Dividends from Net
Investment Income ...................... 0.02 0.05 0.05 0.05 0.05 0.01
------ ------ ------ ------ ------ ------
Net Asset Value, End of Period ........... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
====== ====== ====== ====== ====== ======
Total Return ............................. 2.34% 5.44% 5.24% 5.29% 5.36% 1.45%
Ratios/Supplemental Data:
Net Assets, End of Period (millions) ..... $1,150 $ 876 $ 292 $ 189 $ 18 $ 15
Ratios to Average Net Assets#:
Expenses ................................ 0.23% 0.21% 0.26% 0.30% 0.32% 0.32%
Net Investment Income ................... 4.66% 5.29% 5.16% 5.11% 5.21% 3.93%
Expenses Without Waivers and
Assumption of Expenses ................. 0.30% 0.25% 0.26% 0.38% 0.89% 0.53%
Net Investment Income Without
Waivers and Assumption of
Expenses ................................ 4.59% 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.
60
<PAGE>
Chase Vista Funds
Financial Highlights (continued) (unaudited)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Federal Money Market Fund
---------------------------------------------------------------
Vista Shares
---------------------------------------------------------------
9/1/98 Year Ended August 31, 5/9/94*
Through ------------------------------------------- Through
2/28/99 1998 1997 1996 1995 8/31/94
--------- ---------- ---------- ---------- ---------- ---------
<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 ........................ 0.02 0.05 0.05 0.05 0.05 0.01
Less Dividends from Net Investment Income .... 0.02 0.05 0.05 0.05 0.05 0.01
------ ------ ------ ------ ------ ------
Net Asset Value, End of Period ................ $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
====== ====== ====== ====== ====== ======
Total Return .................................. 2.21% 4.94% 4.91% 4.83% 5.20% 1.26%
Ratios/Supplemental Data:
Net Assets, End of Period (millions) .......... $ 490 $ 359 $ 301 $ 353 $ 203 $ 20
Ratios to Average Net Assets#:
Expenses ..................................... 0.70% 0.70% 0.70% 0.70% 0.69% 0.40%
Net Investment Income ........................ 4.40% 4.88% 4.79% 4.79% 5.16% 4.36%
Expenses Without Waivers and Assumption
of Expenses 0.79% ........................... 0.79% 0.84% 0.82% 0.93% 0.93% 1.02%
Net Investment Income Without Waivers
and Assumption of Expenses .................. 4.31% 4.74% 4.67% 4.56% 4.92% 3.74%
<CAPTION>
Federal Money Market Fund
----------------------------------------------------------------------
Premier Shares
----------------------------------------------------------------------
9/1/98 Year Ended August 31, 4/22/94*
Through ----------------------------------------------- Through
2/28/99 1998 1997 1996 1995 8/31/94
----------- ----------- ----------- ----------- ----------- ----------
<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 ........................ 0.02 0.05 0.05 0.05 0.05 0.01
Less Dividends from Net Investment Income .... 0.02 0.05 0.05 0.05 0.05 0.01
------- ------- ------- ------- ------- -------
Net Asset Value, End of Period ................ $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
======= ======= ======= ======= ======= =======
Total Return .................................. 2.31% 5.22% 5.12% 5.14% 5.40% 1.47%
Ratios/Supplemental Data:
Net Assets, End of Period (millions) .......... $ 299 $ 313 $ 400 $ 249 $ 149 $ 56
Ratios to Average Net Assets#:
Expenses ..................................... 0.50% 0.50% 0.50% 0.50% 0.49% 0.35%
Net Investment Income ........................ 4.62% 5.07% 5.01% 4.99% 5.32% 4.38%
Expenses Without Waivers and Assumption
of Expenses 0.79% ........................... 0.50% 0.51% 0.52% 0.52% 0.59% 0.74%
Net Investment Income Without Waivers
and Assumption of Expenses .................. 4.62% 5.06% 4.99% 4.97% 5.22% 3.99%
</TABLE>
- -------
# Short periods have been annualized.
* Commencement of offering of classes of shares.
See notes to financial statements.
61
<PAGE>
Chase Vista Funds
Financial Highlights (continued) (unaudited)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Federal Money Market Fund
----------------------------------------------------------------
Institutional Shares
----------------------------------------------------------------
Year Ended August 31, 4/20/94*
9/1/98 ------------------------------------------- Through
Through
2/28/99 1998 1997 1996 1995 8/31/94
--------- ---------- ---------- ---------- ---------- ----------
<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
------ ------ ------ ------ ------ ------
Net Investment Income ............................. 0.02 0.05 0.05 0.05 0.05 0.02
Less Dividends from Net Investment Income ......... 0.02 0.05 0.05 0.05 0.05 0.02
------ ------ ------ ------ ------ ------
Net Asset Value, End of Period ..................... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
====== ====== ====== ====== ====== ======
Total Return ....................................... 2.43% 5.46% 5.35% 5.35% 5.57% 1.54%
Ratios/Supplemental Data:
Net Assets, End of Period (millions) ............... $ 251 $ 198 $ 131 $ 141 $ 114 $ 117
Ratios to Average Net Assets#:
Expenses .......................................... 0.26% 0.27% 0.27% 0.30% 0.31% 0.30%
Net Investment Income ............................. 4.85% 5.32% 5.23% 5.20% 5.45% 4.26%
Expenses Without Waivers and Assumption
of Expenses ...................................... 0.32% 0.27% 0.27% 0.30% 0.37% 0.49%
Net Investment Income Without Waivers and
Assumption of Expenses ........................... 4.79% 5.32% 5.23% 5.20% 5.39% 4.07%
Chase Vista Funds
Financial Highlights (continued) (unaudited)
<CAPTION>
See notes to financial statements.
Cash Management Fund
-----------------------------------------------------------------------
Vista Shares
-----------------------------------------------------------------------
9/1/98 Year Ended August 31, 12/1/95++ Year Ended November 30,
Through ----------------------- Through -----------------------
2/28/99 1998 1997 8/31/96 1995 1994
----------- ----------- ----------- ----------- ----------- -----------
<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
------- ------- ------- ------- ------- -------
Net Investment Income ............................. 0.02 0.05 0.05 0.04 0.05 0.04
Less Dividends from Net Investment Income ......... 0.02 0.05 0.05 0.04 0.05 0.04
------- ------- ------- ------- ------- -------
Net Asset Value, End of Period ..................... $ 1.00 $ 1.00 $ 1.000 $ 1.00 $ 1.00 $ 1.000
======= ======= ======= ======= ======= =======
Total Return ....................................... 2.39% 5.23% 5.09% 3.69% 5.49% 3.62%
Ratios/Supplemental Data:
Net Assets, End of Period (millions) ............... $ 5,106 $ 3,642 $ 2,576 $ 1,621 $ 1,634 $ 990
Ratios to Average Net Assets#:
Expenses .......................................... 0.59% 0.59% 0.59% 0.60% 0.58% 0.58%
Net Investment Income ............................. 4.74% 5.09% 4.99% 4.91% 5.35% 3.62%
Expenses Without Waivers and Assumption
of Expenses ...................................... 0.62% 0.61% 0.62% 0.63% 0.62% 0.62%
Net Investment Income Without Waivers and
Assumption of Expenses ........................... 4.71% 5.07% 4.96% 4.88% 5.31% 3.58%
</TABLE>
- -------
# Short periods have been annualized.
* Commencement of offering of classes of shares.
** Commencement of operations.
See notes to financial statements.
62
<PAGE>
Chase Vista Funds
Financial Highlights (continued) (unaudited)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Cash Management Fund
-------------------------------------------------------------------------------------
Premier Shares Institutional Shares
---------------------------------------- --------------------------------------------
9/1/98 Year Ended August 31, 5/6/96* 9/1/98 Year Ended August 31, 5/6/96*
Through --------------------- Through Through ----------------------- Through
2/28/99 1998 1997 8/31/96 2/28/99 1998 1997 8/31/96
--------- ---------- ---------- -------- ---------- ----------- ----------- ---------
<S> <C> <C> <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 $ 1.00 $ 1.00
------ ------ ------ ------ ------- ------- ------- -------
Income from Investment Operations:
Net Investment Income ........................ 0.02 0.05 0.05 0.02 0.03 0.06 0.05 0.02
Less Dividends from Net Investment Income ... 0.02 0.05 0.05 0.02 0.03 0.06 0.05 0.02
------ ------ ------ ------ ------- ------- ------- -------
Net Asset Value, End of Period ................ $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
====== ====== ====== ====== ======= ======= ======= =======
Total Return .................................. 2.46% 5.35% 5.18% 1.61% 2.56% 5.59% 5.45% 1.69%
Ratios/Supplemental Data
Net Assets, End of Period (millions) .......... $ 348 $ 415 $ 375 $ 433 $ 1,059 $ 1,060 $ 924 $ 657
Ratios to Average Net Assets#:
Expenses ..................................... 0.45% 0.47% 0.50% 0.50% 0.25% 0.24% 0.24% 0.25%
Net Investment Income ........................ 4.90% 5.22% 5.07% 4.93% 5.08% 5.45% 5.34% 5.22%
Expenses Without Waivers and Assumption
of Expenses ................................. 0.50% 0.52% 0.51% 0.52% 0.30% 0.24% 0.24% 0.25%
Net Investment Income Without Waivers
and Assumption of Expenses 4.85% 5.17% 5.06% 4.91% 5.04% 5.45% 5.34% 5.22%
</TABLE>
- -------
* Commencement of offering class of shares.
# Short periods have been annualized.
See notes to financial statements.
63
<PAGE>
Chase Vista Funds
Financial Highlights (continued) (unaudited)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Prime Money Market Fund
-------------------------------------------------------------------------
Premier Shares
-------------------------------------------------------------------------
9/1/98 Year Ended August 31, 11/15/93**
Through ----------------------------------------------- Through
2/28/99 1998 1997 1996 1995 8/31/94
----------- ----------- ----------- ----------- ----------- -------------
<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
------- ------- ------- ------- ------- -------
Net Investment Income ......................... 0.02 0.05 0.05 0.05 0.05 0.03
Less Dividends from Net Investment Income ..... 0.02 0.05 0.05 0.05 0.05 0.03
------- ------- ------- ------- ------- -------
Net Asset Value, End of Period ................. $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
======= ======= ======= ======= ======= =======
Total Return ................................... 2.46% 5.44% 5.34% 5.32% 5.44% 2.75%
Ratios/Supplemental Data:
Net Assets, End of Period (millions) ........... $ 811 $ 590 $ 499 $ 419 $ 63 $ 73
Ratios to Average Net Assets#:
Expenses ...................................... 0.45% 0.45% 0.45% 0.45% 0.45% 0.45%
Net Investment Income ......................... 4.89% 5.29% 5.17% 5.18% 5.24% 3.15%
Expenses Without Waivers and Assumption
of Expenses .................................. 0.49% 0.51% 0.53% 0.51% 0.65% 0.56%
Net Investment Income Without Waivers and
Assumption of Expenses ....................... 4.85% 5.23% 5.09% 5.12% 5.04% 3.04%
<CAPTION>
Prime Money Market Fund
----------------------------------------------------------------
Institutional Shares
----------------------------------------------------------------
9/1/98 Year Ended August 31, 4/26/94*
Through ------------------------------------------- Through
2/28/99 1998 1997 1996 1995 3/31/94
---------- ---------- ---------- ---------- ---------- ---------
<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
------ ------ ------ ------ ------ ------
Net Investment Income ......................... 0.03 0.06 0.05 0.05 0.06 0.01
Less Dividends from Net Investment Income ..... 0.03 0.06 0.05 0.05 0.06 0.01
------ ------ ------ ------ ------ ------
Net Asset Value, End of Period ................. $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
====== ====== ====== ====== ====== ======
Total Return ................................... 2.56% 5.65% 5.49% 5.51% 5.62% 1.50%
Ratios/Supplemental Data:
Net Assets, End of Period (millions) ........... $6,661 $4,722 $1,348 $ 725 $ 186 $ 58
Ratios to Average Net Assets#:
Expenses ...................................... 0.25% 0.24% 0.25% 0.26% 0.27% 0.27%
Net Investment Income ......................... 5.07% 5.50% 5.37% 5.33% 5.57% 4.21%
Expenses Without Waivers and Assumption
of Expenses .................................. 0.31% 0.24% 0.25% 0.26% 0.35% 0.37%
Net Investment Income Without Waivers and
Assumption of Expenses ....................... 5.01% 5.50% 5.37% 5.33% 5.49% 4.11%
</TABLE>
- -------
# Short periods have been annualized.
* Commencement of offering of classes of shares.
** Commencement of operations.
See notes to financial statements.
64
<PAGE>
Chase Vista Funds
Financial Highlights (continued) (unaudited)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Prime Money Market Fund
----------------------------------------------------------
B Shares
----------------------------------------------------------
9/1/98 Year Ended August 31,
Through -----------------------------------------------
2/28/99 1998 1997 1996 1995
---------- ----------- ----------- ----------- -----------
<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
------- ------- ------- ------- -------
Net Investment Income ........................... 0.02 0.05 0.04 0.04 0.04
Less Dividends from Net Investment Income ....... 0.02 0.05 0.04 0.04 0.04
------- ------- ------- ------- -------
Net Asset Value, End of Period ................... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
======= ======= ======= ======= =======
Total Return ..................................... 2.05% 4.60% 4.33% 4.25% 4.37%
Ratios/Supplemental Data:
Net Assets, End of Period (millions) ............. $ 32 $ 29 $ 10 $ 16 $ 5
Ratios to Average Net Assets#:
Expenses ........................................ 1.25% 1.25% 1.35% 1.47% 1.47%
Net Investment Income ........................... 4.12% 4.49% 4.27% 4.17% 4.33%
Expenses Without Waivers and Assumption of
Expenses ........................................ 1.50% 1.50% 1.53% 1.71% 2.53%
Net Investment Income Without Waivers
and Assumption of Expenses ..................... 3.87% 4.24% 4.09% 3.93% 3.27%
<CAPTION>
Prime Money Market Fund
-----------------------------------------------
B Shares Vista Shares
----------- --------------
4/21/94* 9/1/98 5/14/98* 10/1/98
Through Through Through Through
8/31/94 2/28/99 8/31/98 2/28/99
----------- --------- ---------- --------------
<S> <C> <C> <C> <C>
Per Share Operating Performance
Net Asset Value,
Beginning of Period ............................ $ 1.00 $ 1.00 $ 1.00 $ 1.00
------- ------ ------ -------
Net Investment Income ........................... 0.01 0.02 0.01 0.02
Less Dividends from Net Investment Income ....... 0.01 0.02 0.01 0.02
------- ------ ------ -------
Net Asset Value, End of Period ................... $ 1.00 $ 1.00 $ 1.00 $ 1.00
======= ====== ====== =======
Total Return ..................................... 1.11% 1.93% 1.29% 2.25%
Ratios/Supplemental Data:
Net Assets, End of Period (millions) ............. $ 1 $ 1 $ 1 $ 10
Ratios to Average Net Assets#:
Expenses ........................................ 1.47% 1.50% 1.50% 0.59%
Net Investment Income ........................... 2.96% 3.78% 4.21% 4.60%
Expenses Without Waivers and Assumption of
Expenses ........................................ 1.67% 1.50% 1.50% 0.94%
Net Investment Income Without Waivers
and Assumption of Expenses ..................... 2.76% 3.78% 4.21% 4.25%
</TABLE>
- -------
# Short periods have been annualized.
** Commencement of operations.
* Commencement of offering of classes of shares.
See notes to financial statements.
65
