-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, DKoznFtMeT05EE/FuLh93RYEA6+kE0rKIJcjfGlru16UyxQF/0d8xOnTyKfPzjWr qIJOsIkJ7iHNj8nvpUHO7w== 0000950146-98-000749.txt : 19980504 0000950146-98-000749.hdr.sgml : 19980504 ACCESSION NUMBER: 0000950146-98-000749 CONFORMED SUBMISSION TYPE: N-30D PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 19980228 FILED AS OF DATE: 19980501 SROS: NONE FILER: COMPANY DATA: COMPANY CONFORMED NAME: MUTUAL FUND TRUST CENTRAL INDEX KEY: 0000919034 STANDARD INDUSTRIAL CLASSIFICATION: [] STATE OF INCORPORATION: MA FISCAL YEAR END: 0831 FILING VALUES: FORM TYPE: N-30D SEC ACT: SEC FILE NUMBER: 811-08358 FILM NUMBER: 98608205 BUSINESS ADDRESS: STREET 1: 125 WEST 55TH ST CITY: NEW YORK STATE: NY ZIP: 10019 N-30D 1 SEMI-ANNUAL REPORT MONEY MARKET FUNDS [Chase Vista Funds Logo] SEMI-ANNUAL REPORT Chase Vista(SM) Setting the Global Standard. U.S. GOVERNMENT MONEY MARKET FUNDS: CHASE VISTA 100% U.S. TREASURY SECURITIES MONEY MARKET FUND CHASE VISTA U.S. GOVERNMENT MONEY MARKET FUND CHASE VISTA TREASURY PLUS MONEY MARKET FUND CHASE VISTA FEDERAL MONEY MARKET FUND DIVERSIFIED MONEY MARKET FUNDS: CHASE VISTA CASH MANAGEMENT FUND CHASE VISTA PRIME MONEY MARKET FUND February 28, 1998 (Unaudited) HIGHLIGHTS The onset of the Asian economic and currency crisis was the major event in U.S. fixed income markets during the reporting period. o The Federal Reserve Board left the Federal Funds rate unchanged at 5.5%. o The yield on the one-year U.S. Treasury bill remained relatively stable in the face of sharply declining long-term yields. Contents Chairman's Letter 3 Chase Vista 100% U.S. Treasury Securities Money Market Fund Fund Facts o Portfolio of Investments 4 Chase Vista U.S. Government Money Market Fund Fund Facts o Portfolio of Investments 7 Chase Vista Treasury Plus Money Market Fund Fund Facts o Portfolio of Investments 13 Chase Vista Federal Money Market Fund Fund Facts o Portfolio of Investments 17 Chase Vista Cash Management Fund Fund Facts o Portfolio of Investments 21 Chase Vista Prime Money Market Fund Fund Facts o Portfolio of Investments 32 Financial Statements 43 Notes to Financial Statements 49 Financial Highlights 59 INVESTMENTS IN THE FUNDS ARE NOT DEPOSITS OF, OR GUARANTEED OR ENDORSED BY, THE CHASE MANHATTAN BANK, AND THE SHARES ARE NOT INSURED BY THE FDIC, FEDERAL RESERVE BOARD OR ANY OTHER GOVERNMENT AGENCY. INVESTMENTS IN MUTUAL FUNDS INVOLVE RISK, INCLUDING POSSIBLE LOSS OF THE PRINCIPAL AMOUNT INVESTED. CHAIRMAN'S LETTER April 10, 1998 Dear Shareholder: We are pleased to present this semi-annual report on each of the taxable Chase Vista Money Market Funds(SM). Inside, you'll find current seven-day yields for each fund as of February 28, 1998 as well as listings of current holdings. Asian Crisis Proved Beneficial to U.S. Fixed Income Markets As the reporting period began, a consensus was building that the Federal Reserve Board would raise short-term interest rates as a preemptive strike against potential inflationary pressures in a buoyant U.S. economy. As so often happens, however, the conventional thinking was overwhelmed by an outside event, in this case the onset of the currency and economic crisis in Asia. While the Asian crisis had a negative short-term effect on world stock markets, its consequences for U.S. fixed income markets proved highly beneficial because it changed the inflation paradigm. Specifically, the markets assumed that the rapidly-deteriorating currencies of our Asian trading partners would make their goods cheaper here, therefore holding down prices. On the other side of the import-export coin, most market participants came to the belief that slowing exports to Asia would cut into U.S. economic growth, allowing the Fed to remain on the sidelines. Finally, the market generally benefited from a strong inflow of dollars from investors seeking a safe haven in U.S. government securities. While the Fed did, in fact, change from a tightening to a neutral stance in December, short-term interest rates remained relatively flat even as long-term rates fell sharply. Over the reporting period, the yield on the 1-year U.S. Treasury bill changed only slightly, from 5.56% to 5.40%. In this environment, your portfolio management team once again provided you with competitive yields and stability. On behalf of the management team and everyone at Chase Vista, I thank you for the confidence you've placed in us and look forward to continuing to serve your investment needs. Sincerely, /s/ Fergus Reid Fergus Reid Chairman 3 About Your Fund CHASE VISTA 100% U.S. TREASURY SECURITIES MONEY MARKET FUND - -------------------------------------------------------------------------------- FUND FACTS
Objective: High current income consistent with capital preservation Primary investments: Direct oblligations of the U.S Tresury inccluding Tresury bills, bonds and notes Suggested investment time frame: Short term Share classes offered: Vista, Premier and Institutional Shares As of February 28, 1998 Net assets: $3.1 Billion Average days to maturity: 82 days S&P Rating: Not Rated Moody's Rating: Not Rated NAIC Rating: Not Rated
MATURITY SCHEDULE AS OF 2/28/98 1-14 days ........................... 0.14% 15-30 days .......................... 0.00% 31-60 days .......................... 40.08% 61-90 days .......................... 34.17% 91+ days ............................ 25.61%
4 About Your Fund CHASE VISTA 100% U.S. TREASURY SECURITIES MONEY MARKET FUND CHASE VISTA 100% U.S. TREASURY SECURITIES MONEY MARKET FUND COMPOSITION OF TOTAL ASSETS AS OF 2/28/98 [PIE CHART OMITTED]
. Composition of Total Assets as of 2/28/98 -------------------- Cash/Other 17.4% Investments 82.6%
CHASE VISTA 100% U.S. TREASURY SECURITIES MONEY MARKET FUND AS OF 2/28/98(1)
7-Day SEC Yield(2) ---------- Vista Shares 4.85% Premier Shares 4.94% Institutional Shares 5.23%
(1) Past performance is not a guarantee of future results. Yields will fluctuate. An investment is neither insured nor guaranteed by the U.S. government and there can be no assurance that the fund will maintain a stable Net Asset Value of $1.00 per share. (2) The yields for Vista Shares, Premier Shares and Institutional Shares reflect the voluntary waiver of certain expenses and the assumption of certain expenses otherwise payable by the Fund. Without waivers, the yields for Vista Shares would have been 4.73%, for Premier Shares 4.64% and for Institutional Shares 5.18%. This voluntary waiver may be modified or terminated at any time, which would reduce the fund's performance. 5 Chase Vista 100% U.S. Treasury Securities Money Market Fund Portfolio of Investments February 28, 1998 (unaudited)
Principal Amount Issuer Value - ----------------------------------------------------------------- U.S. Treasury Securities -- 105.8% - ----------------------------------------------------------------- U.S. Treasury Bills -- 28.3% -------------------------------- $ 5,960,000 4.80%, 03/05/98 $ 5,957,616 850,000,000 5.35%, 04/16/98 844,443,167 21,270,000 5.23%, 04/23/98 21,109,317 -------------- 871,510,100 -------------- U.S. Treasury Notes -- 77.5% -------------------------------- 350,000,000 6.13%, 03/31/98 350,130,519 100,000,000 7.88%, 04/15/98 100,278,501 100,000,000 5.13%, 04/30/98 99,927,447 450,250,000 5.88%, 04/30/98 450,514,816 486,675,000 6.13%, 05/15/98 487,286,598 100,000,000 6.25%, 06/30/98 100,290,826 600,000,000 6.25%, 07/31/98 602,178,013 150,000,000 6.00%, 09/30/98 150,432,034 50,000,000 5.75%, 12/31/98 50,092,834 -------------- 2,391,131,588 ============================================================== Total U.S. Treasury Securities--105.8% $3,262,641,688 (Cost $3,262,641,688)** ==============================================================
See notes to financial statements. 6 About Your Fund CHASE VISTA U.S. GOVERNMENT MONEY MARKET FUND - -------------------------------------------------------------------------------- FUND FACTS
Objective: High current income consistent with capital presevation Primary investments: Direct obligations of the U.S. Treasury and its Agencies including Tresury bills, bonds, notes, and repurchase agreements. Suggested investment Short-Term time frame: Share classes offered: Vista, premier and Institutional Shares As of February 28, 1998 Net assets: $6.5 Billion Average days to maturity: 50 days S&P Rating*: AAA Moody's Rating*: Aaa NAIC Rating*: Class 1
* This rating is historical and is based upon the Fund's credit quality, market price exposure and management. It signifies that the Fund's safety is excellent and that it has superior capacity to maintain a $1 Net Asset Value per share. The National Association of Insurance Commissioners' (NAIC's) Class 1 status indicates that the Fund meets certain pricing and quality guidelines. MUTURITY SCHEDULE AS OF 2/28/98
1-14 days ................... 57.59% 15-30 days .................. 4.10% 31-60 days .................. 0.50% 61-90 days .................. 11.14% 91+ days .................... 26.67%
7 About Your Fund CHASE VISTA U.S. GOVERNMENT MONEY MARKET FUND CHASE VISTA U.S. GOVERNMENT MONEY MARKET FUND COMPOSITION OF TOTAL ASSETS AS OF 2/28/98 [PIE CHART OMITTED]
Composition of Total Assets as of 2/28/98 -------------------- Cash/Other 0.9% Investments 99.1%
CHASE VISTA U.S. GOVERNMENT MONEY MARKET FUND AS OF 2/28/98(1)
7-Day SEC Yield(2) ----------- Vista Shares 5.01% Premier Shares 5.15% Institutional Shares 5.36%
(1) Past performance is not a guarantee of future results. Yields will fluctuate. An investment is neither insured nor guaranteed by the U.S. government and there can be no assurance that the fund will maintain a stable Net Asset Value of $1.00 per share. (2) The yields for Vista and Premier Shares reflect the voluntary waiver of certain expenses and the assumption of certain expenses otherwise payable by the Fund. Without waivers, the yields would have been 4.89% for Vista Shares and 5.00% for Premier Shares. This voluntary waiver may be modified or terminated at any time, which would reduce the fund's performance. 8 Chase Vista U.S. Government Money Market Fund Portfolio of Investments February 28, 1998 (unaudited)
Principal Amount Issuer Value ================================================================================ U.S. Government Agency Obligations -- 80.2% --------------------------------------------- Federal Farm Credit Bank, Debentures -- 4.0% $108,250,000 5.55%, 03/02/98 $ 108,250,000 25,000,000 5.75%, 09/11/98 24,987,972 57,000,000 5.80%, 08/21/98 57,000,000 66,500,000 6.05%, 05/01/98 66,537,124 ------------- 256,775,096 ------------- Federal Farm Credit Bank, FRN -- 6.3% 40,000,000 5.47%, 03/02/98 40,000,000 50,000,000 5.52%, 03/02/98 49,987,093 125,000,000 5.53%, 03/02/98 124,977,590 95,000,000 5.54%, 03/02/98 94,987,006 95,000,000 5.55%, 03/02/98 94,987,934 ------------- 404,939,623 ------------- Federal Home Loan Bank, DN -- 19.9% 25,000,000 5.11%, 02/04/99 23,797,021 399,000 5.36%, 03/25/98 397,634 111,834,000 5.40%, 03/13/98 111,649,474 15,484,000 5.42%, 03/06/98 15,474,675 92,325,000 5.44%, 02/02/99 92,238,826 150,000,000 5.45%, 05/15/98 148,321,125 317,000 5.58%, 03/04/98 316,902 392,020,000 5.59%, 03/02/98 392,020,000 200,000,000 5.63%, 03/10/98 199,749,778 45,000,000 5.69%, 10/02/98 45,050,390 38,000,000 5.69%, 10/02/98 38,043,635 50,000,000 5.85%, 03/17/98 50,000,000 31,195,000 5.93%, 12/23/98 31,177,101 33,000,000 5.93%, 04/02/98 33,000,000 100,000,000 6.00%, 12/30/98 100,000,000 ------------- 1,281,236,561 ------------- Federal Home Loan Bank, Debentures -- 1.2% 50,000,000 5.61%, 01/29/99 50,000,000 26,085,000 5.67%, 03/05/98 26,084,933 ------------- 76,084,933 -------------
See notes to financial statements. 9 Chase Vista U.S. Government Money Market Fund Portfolio of Investments February 28, 1998 (unaudited) (continued)
================================================================================ Principal Amount Issuer Value ================================================================================ Federal Home Loan Bank, FRN -- 3.6% $50,000,000 5.40%, 03/07/98 $ 49,982,845 100,000,000 5.41%, 03/02/98 99,960,049 39,500,000 5.41%, 03/18/98 39,486,335 45,000,000 5.75%, 03/04/98 44,991,677 -------------- 234,420,906 -------------- Federal Home Loan Mortgage Corp., DN -- 10.9% 100,000,000 5.58%, 03/06/98 99,938,000 600,000,000 5.61%, 03/02/98 600,000,000 -------------- 699,938,000 -------------- Federal National Mortgage Association -- 2.3% 150,000,000 5.35%, 07/16/98 150,000,000 -------------- Federal National Mortgage Association, DN -- 12.3% 50,000,000 5.40%, 03/23/98 49,842,500 53,000,000 5.40%, 03/24/98 52,825,100 100,000,000 5.46%, 05/18/98 98,832,167 188,600,000 5.58%, 03/06/98 188,483,068 400,000,000 5.61%, 03/02/98 400,000,000 -------------- 789,982,835 -------------- Federal National Mortgage Association, MTN -- 5.0% 50,000,000 5.36%, 02/19/99 49,939,363 25,000,000 5.38%, 02/09/99 24,972,829 75,000,000 5.89%, 05/21/98 74,991,452 100,000,000 6.08%, 05/06/98 100,055,714 75,000,000 6.10%, 09/04/98 75,124,484 -------------- 325,083,842 -------------- Federal National Mortgage Association, FRN -- 2.9% 25,000,000 5.24%, 03/03/98 25,000,000 25,500,000 5.24%, 03/03/98 25,460,717 37,000,000 5.24%, 03/03/98 36,933,546 50,000,000 5.67%, 03/03/98 49,977,740 50,000,000 5.74%, 03/03/98 49,986,175 -------------- 187,358,178 --------------
See notes to financial statements. 10 Chase Vista U.S. Government Money Market Fund Portfolio of Investments February 28, 1998 (unaudited) (continued)
================================================================================ Principal Amount Issuer Value ================================================================================ Student Loan Marketing Association, DN -- 6.2% $400,000,000 5.59%, 03/02/98 $ 400,000,000 ------------- Student Loan Marketing Association, MTN -- 3.8% 46,800,000 5.56%, 01/27/99 46,773,402 101,005,000 5.63%, 02/12/99 100,991,037 50,000,000 5.75%, 06/30/98 49,976,364 45,000,000 5.91%, 12/04/98 45,000,000 ------------- 242,740,803 ------------- Student Loan Marketing Association, FRN -- 1.8% 25,000,000 5.47%, 03/03/98 24,998,252 5,000,000 5.49%, 03/03/98 5,000,000 15,000,000 5.49%, 03/03/98 15,000,575 24,000,000 5.49%, 03/03/98 24,001,127 25,000,000 5.50%, 03/03/98 25,000,000 25,000,000 5.68%, 03/03/98 25,000,000 ------------- 118,999,954 ================================================================================ Total U.S. Government Agency Obligations 5,167,560,731 (Cost $5,167,560,731) ================================================================================ Repurchase Agreements -- 19.6% ------------------------------ 400,000,000 Morgan Stanley & Co., Inc., 5.53%, due 03/02/98, (Dated 02/27/98, Proceeds $400,184,333, Secured by; FNMA Pools $402,413,326, 6.14% through 8.05%, due 04/01/19 through 08/01/36; Market $410,000,609) 400,000,000 400,000,000 Morgan Stanley & Co., Inc., 5.56%, due 03/02/98, (Dated 02/27/98, Proceeds $400,185,333, Secured by; FNMA Pools, $406,087,384, 6.00% through 9.00%, due 01/01/09 through 08/01/37; Market $410,305,327) 400,000,000
See notes to financial statements. 11 Chase Vista U.S. Government Money Market Fund Portfolio of Investments February 28, 1998 (unaudited) (continued)
================================================================================ Principal Amount Issuer Value ================================================================================ $61,706,000 Goldman Sachs & Co., 5.64%, due 03/02/98, (Dated 02/27/98, Proceeds $61,735,002, Secured by; US Treasury Note, $61,465,872 at 5.88%, due 09/30/02; Market $ 62,940,949) $ 61,706,000 400,000,000 Credit Suisse First Boston Corp., 5.50%, due 03/06/98, (Dated 02/25/98, Proceeds $400,550,000, Secured by GNMA Pools, $268,876,308, 6.95% through 9.00%, 05/15/98 through 09/15/37; GNMA II Pool, $85,221,883 at 7.50%, due 01/20/28; GNMA II ARM, $ 41,210,879 at 5.50%, due 01/20/28; Market $411,023,379) 400,000,000 ================================================================================ Total Repurchase Agreements 1,261,706,000 (Cost $1,261,706,000) ================================================================================ Total Investments -- 99.8% $6,429,266,731 (Cost $6,429,266,731)** ================================================================================
See notes to financial statements. 12 About Your Fund CHASE VISTA TREASURY PLUS MONEY MARKET FUND - -------------------------------------------------------------------------------- FUND FACTS Objective High current income consistent with captial preservation Primary investments: Direct obligations of the U.S. Treasury including Treasury bills, bonds and notes as well as repurchase agreements which are fully collateralized by obligations issued or guaranteed by the U.S. Treasury Suggested investment time frame: Short-term Share classes offered: Vista, Premier and Institutional Shares As of February 28, 1998 Net assets: $2.5 Billion Average days to maturity: 53 days S & P Rating*: AAA Moody's Rating*: Aaa NAIC Rating*: NAIC-exempt
* This rating is historical and is based upon the Fund's credit quality, market price exposure and management. It signifies that the Fund's safety is excellent and that it has superior capacity to maintain a $1 Net Asset Value per share. The National Association of insurance commissioners' (NAIC's) "approved" status indicates that the Fund meets certain pricing and quality guidelines. MATURITY SCHEDULE AS OF 2/28/98
1-14 days ................... 70.16% 15-30 days .................. 0.00% 31-60 days .................. 0.00% 61-90 days .................. 0.00% 91+ days .................... 29.84%
13 About Your Fund CHASE VISTA TREASURY PLUS MONEY MARKET FUND CHASE VISTA TREASURY PLUS MONEY MARKET FUND COMPOSITION OF TOTAL ASSETS AS OF 2/28/98 [PIE CHART OMITTED]
Composition of Total Assets as of 2/28/98 -------------------- Cash/Other 7.3% Investments 92.7%
CHASE VISTA TREASURY PLUS MONEY MARKET FUND AS OF 2/28/98(1)
7-Day SEC Yield(2) Vista Shares 4.92% Premier Shares 5.06% Institutional Shares 5.31%
(1) Past performance is not a guarantee of future results. Yields will fluctuate. An investment is neither insured nor guaranteed by the U.S. government and there can be no assurance that the fund will maintain a stable Net Asset Value of $1.00 per share. (2) The yield for Vista Shares, Premier Shares and Institutional Shares reflect the voluntary waiver of certain expenses and the assumption of certain expenses otherwise payable by the Fund. Without waivers, the yield would have been 4.81% for Vista Shares, 5.01% for Premier Shares and 5.26% for Institutional Shares. This voluntary waiver may be modified or terminated at any time, which would reduce the fund's performance. 14 Chase Vista Treasury Plus Money Market Fund Portfolio of Investments February 28, 1998 (unaudited)
Principal Amount Issuer Value ================================================================================ U.S. Treasury Securities--61.8% ---------------------------------- U.S. Treasury Bills -- 30.5% $569,000,000 4.90%, 03/05/98 $ 568,767,928 200,000,000 5.35%, 04/16/98 198,692,222 ------------- 767,460,150 ------------- U.S. Treasury Notes -- 31.3% 328,000,000 6.25%, 06/30/98 328,975,716 300,000,000 6.25%, 07/31/98 301,105,085 50,000,000 6.00%, 09/30/98 50,145,689 50,000,000 5.75%, 12/31/98 50,092,834 55,000,000 5.00%, 02/15/99 54,716,444 ------------- 785,035,768 ================================================================================ Total U.S. Treasury Securities (Cost $1,552,495,918) 1,552,495,918 ================================================================================ Repurchase Agreements -- 42.1% ------------------------------ 355,760,000 Goldman Sachs & Co., 5.57%, due 03/02/98, (Dated 02/27/98, Proceeds $355,925,032, Secured by US Treasury Notes, $250,012,000, 6.38% through 10.63%, due 04/30/99 through 08/15/15; Market $365,935,200) 355,760,000 300,000,000 Credit Suisse First Boston Corp., 5.63%, due 03/02/98, (Dated 02/27/98, Proceeds $300,140,750, Secured by; U.S. Treasury Notes, $297,499,000, 5.75% through 6.25%, due 06/30/99 through 08/15/07; Market $307,502,268) 300,000,000
See notes to financial statements. 15 Chase Vista Treasury Plus Money Market Fund Portfolio of Investments February 28, 1998 (unaudited) (continued)
================================================================================ Principal Amount Issuer Value ================================================================================ $400,000,000 Morgan Stanley & Co., Inc., 5.52%, due 03/02/98, (Dated 02/27/98, Proceeds $400,184,000, Secured by; GNMA Pools, $304,325,354, 7.00% through 12.00%, due 09/15/08 through 10/15/27; GNMA II Pools, $91,757,613, 6.50% through 7.38%, due 04/20/24 through 07/20/27; Market $411,752,694) $ 400,000,000 ================================================================================ Total Repurchase Agreements $1,055,760,000 (Cost $1,055,760,000) ================================================================================ Total Investments--103.9% $2,608,255,918 (Cost $2,608,255,918)** ================================================================================
See notes to financial statements. 16 About Your Fund CHASE VISTA FEDERAL MONEY MARKET FUND FUND FACTS Objective: High current income consistent with capital preservation Primary investments: Direct obligations of the U.S. Treasury including Treasury bills, bonds and notes as well as obligations issued or guaranteed by the U.S. Treasury and its Agencies Suggested investment time frame: Short-term Share classes offered: Vista, Premier and Institutional Shares As of February 28, 1998 Net assets: $741 Million Average days to maturity: 59 days S&P Rating: Not Rated Moody's Rating: Not Rated NAIC Rating: Not Rated
MATURITY SCHEDULE AS OF 2/28/98
1-14 days ................... 8.35% 15-30 days .................. 3.22% 31-60 days .................. 9.23% 61-90 days .................. 1.83% 91+ days .................... 77.37%
17 About Your Fund CHASE VISTA FEDERAL MONEY MARKET FUND CHASE VISTA FEDERAL MONEY MARKET FUND COMPOSITION OF TOTAL ASSETS AS OF 2/28/98 [PIE CHART OMITTED]
Composition of Total Assets as of 2/28/98 -------------------- Cash/Other 1.9% Investments 98.1%
CHASE VISTA FEDERAL MONEY MARKET FUND AS OF 2/28/98(1)
7-Day SEC Yield(2) Vista Shares 4.88% Premier Shares 5.08% Institutional Shares 5.31%
(1) Past performance is not a guarantee of future results. Yields will fluctuate. An investment is neither insured nor guaranteed by the U.S. government and there can be no assurance that the funds will maintain a stable Net Asset Value of $1.00 per share. (2) The yields for Vista Shares and Premier Shares reflect the voluntary waiver of certain expenses and the assumption of certain expenses otherwise payable by the Fund. Without waivers, the yields for Vista Shares would have been 4.73% and 5.07% for Premier Shares. This voluntary waiver may be modified or terminated at any time, which would reduce the fund's performance. 18 Chase Vista Federal Money Market Fund Portfolio of Investments February 28, 1998 (unaudited)
Principal Amount Issuer Value ================================================================================ U.S. Government Agency Obligations -- 102.7% --------------------------------------------- Federal Farm Credit Bank, DN -- 6.8% $25,000,000 5.45%, 03/03/98 $24,999,837 25,000,000 5.70%, 09/02/98 24,982,770 ----------- 49,982,607 ----------- Federal Farm Credit Bank, Debentures -- 1.3% 10,000,000 5.55%, 03/02/98 10,000,000 ----------- Federal Farm Credit Bank, FRN -- 16.9% 25,000,000 5.49%, 02/05/99 24,991,000 50,000,000 5.49%, 02/25/99 49,975,919 50,000,000 5.52%, 01/21/99 49,987,093 ----------- 124,954,012 ----------- Federal Home Loan Bank, DN -- 24.5% 25,000,000 5.11%, 02/04/99 23,797,021 25,000,000 5.14%, 01/06/99 23,893,472 100,000 5.32%, 05/06/98 99,039 4,545,000 5.36%, 03/25/98 4,529,436 4,740,000 5.37%, 04/07/98 4,714,546 12,000,000 5.37%, 06/08/98 11,824,580 25,000,000 5.37%, 06/23/98 24,578,604 20,860,000 5.39%, 07/29/98 20,394,642 21,008,000 5.40%, 04/16/98 20,866,196 14,000,000 5.40%, 05/01/98 13,874,000 25,000,000 5.41%, 04/22/98 24,808,396 7,980,000 5.59%, 03/02/98 7,980,000 ----------- 181,359,932 ----------- Federal Home Loan Bank, Debentures -- 6.1% 25,000,000 5.61%, 03/02/99 25,000,000 20,000,000 6.03%, 04/15/98 19,996,910 ----------- 44,996,910 ----------- Federal Home Loan Bank, FRN -- 35.1% 50,000,000 5.41%, 07/02/98 49,985,181 20,000,000 5.45%, 03/24/98 19,998,947 25,000,000 5.45%, 03/06/98 24,999,811 100,000,000 5.54%, 07/07/98 99,969,409 40,000,000 5.56%, 09/04/98 40,000,000
See notes to financial statements. 19 Chase Vista Federal Money Market Fund Portfolio of Investments February 28, 1998 (unaudited) (continued)
- -------------- ------------------------------------------------- ----------- Principal Amount Issuer Value - ---------------------------------------------------------------------------- $25,000,000 5.59%, 12/22/98 $24,988,160 ----------- 259,941,508 ----------- Student Loan Marketing Association, FRN -- 12.0% 15,050,000 5.48%, 02/22/99 15,052,030 750,000 5.49%, 01/13/99 750,043 3,275,000 5.49%, 02/08/99 3,274,917 20,000,000 5.59%, 07/16/98 20,000,000 50,000,000 5.71%, 12/18/98 50,000,000 ----------- 89,076,990 - ---------------------------------------------------------------------------- Total Investments--102.7% $760,311,959 (Cost $760,311,959)** - ----------------------------------------------------------------------------
See notes to financial statements. 20 About Your Fund CHASE VISTA CASH MANAGEMENT FUND - -------------------------------------------------------------------------------- FUND FACTS - -------------------------------------------------------------------------------- Objective: High current income consistent with capital preservation Primary investments: High quality, short-term, U.S. dollar- denominated money market instruments Suggested investment time frame: Short-term Share classes offered: Vista, Premier and Institutional Shares As of February 28, 1998 Net assets: $4.4 Billion Average days to maturity: 68 days S&P Rating: Not Rated Moody's Rating: Not Rated NAIC Rating: Not Rated
MATURITY SCHEDULE AS OF 2/28/98
1-14 days .............................................. 12.96% 15-30 days ............................................. 19.27% 31-60 days ............................................. 15.24% 61-90 days ............................................. 10.86% 91+ days ............................................... 41.67%
21 About Your Fund CHASE VISTA CASH MANAGEMENT FUND CHASE VISTA CASH MANAGEMENT FUND COMPOSITION OF TOTAL ASSETS AS OF 2/28/98 [PIE CHART OMITTED]
Composition of total assets as of 2/28/98 -------------------- Cash/Other 1.4% Investments 98.6%
CHASE VISTA CASH MANAGEMENT FUND AS OF 2/28/98(1)
7-Day SEC Yield(2) Vista Shares 5.12% Premier Shares 5.27% Institutional Shares 5.47%
(1) Past performance is not a guarantee of future results. Yields will fluctuate. An investment is neither insured nor guaranteed by the U.S. government and there can be no assurance that the fund will maintain a stable Net Asset Value of $1.00 per share. (2) The yields for Vista and Premier Shares reflect the voluntary waiver of certain expenses and the assumption of certain expenses otherwise payable by the Fund. Without waivers, the yields would have been 5.10% for Vista Shares and 5.20% for Premier Shares. This voluntary waiver may be modified or terminated at any time, which would reduce the fund's performance. 22 Chase Vista Cash Management Fund Portfolio of Investments February 28, 1998 (unaudited)
Principal Amount Value (USD) Issuer (USD) - -------------------------------------------------------------------------------- Notes & Bonds -- 10.2% - -------------------------------------------------------------------------------- State & Municipal Obligations -- 0.4% -------------------------------------- $10,400,000 Richmond County, Georgia, IDA, 6.20%, 06/01/98 $10,400,000 6,700,000 Virginia State Housing Development Authority, Multi-Family, Ser A, 5.68%, 11/01/98 6,698,459 - -------------------------------------------------------------------------------- Total State & Municipal Obligations (Cost $17,098,459) 17,098,459 - -------------------------------------------------------------------------------- Corporate Notes & Bonds -- 9.8% ------------------------------- Banking -- 0.6% 20,000,000 Bankers Trust Co. of New York, 5.69%, 01/08/99 19,996,718 7,200,000 Northwest Corp., 5.75%, 11/16/98 7,194,021 ----------- 27,190,739 ----------- Computers/Computer Hardware -- 0.2% 10,000,000 International Business Machines Corp., 5.81%, 10/01/98 9,998,424 ----------- Financial Services -- 8.9% Beta Finance Corp., Inc. (Cayman Islands), 15,000,000 5.90%, 07/24/98 15,000,000 25,000,000 5.69%, 03/02/99 25,000,000 9,000,000 British Telecommunications Finance, 9.38%, 02/15/99 9,303,756 Centauri Corp., 32,000,000 5.70%, 03/02/99 32,000,000 15,000,000 6.36%, 05/01/98 15,003,416 11,000,000 Ford Motor Credit Corp., 9.25%, 06/15/98 11,092,225 15,000,000 General Electric Capital Corp., Ser. A, 7.13%, 04/06/98 15,016,670 5,000,000 Diageo, PLC (United Kingdom), 5.36%, 03/13/98 4,998,728
See notes to financial statements. 23 Chase Vista Cash Management Fund Portfolio of Investments February 28, 1998 (unaudited) (continued)
Principal Amount Value (USD) Issuer (USD) - -------------- ------------------------------------- -------------- Notes & Bonds -- (continued) - -------------------------------------------------------------------- International Business Machines Credit Corp., $25,500,000 5.47%, 02/10/99 $25,471,566 44,000,000 5.80%, 11/06/98 43,980,559 23,000,000 6.12%, 05/11/98 23,000,132 4,000,000 6.38%, 05/11/98 4,001,396 International Lease Financing Corp., 8,200,000 5.83%, 03/12/98 8,200,014 9,000,000 6.04%, 05/06/98 8,997,997 5,275,000 6.25%, 06/15/98 5,276,332 2,605,000 7.00%, 06/01/98 2,609,842 1,900,000 7.15%, 04/20/98 1,902,365 3,500,000 John Deer Capital Corp., 6.00%, 02/01/99 3,501,689 Merrill Lynch & Co., Inc., 7,000,000 5.57%, 02/16/99 6,999,332 25,000,000 5.88%, 07/22/98 25,000,000 24,500,000 5.89%, 12/01/98 24,500,000 25,000,000 6.00%, 10/09/98 25,000,000 2,500,000 National Rural Utilities Coop, Financing Coop, 5.98%, 07/10/98 2,500,000 5,000,000 Paccar Financial Corp., 6.25%, 01/15/99 5,023,431 Sigma Finance Corp. (United Kingdom), 14,000,000 5.70%, 03/02/99 14,000,000 11,000,000 6.00%, 09/15/98 10,998,245 25,000,000 6.00%, 09/15/98 25,000,000 ----------- 393,377,695 ----------- Insurance -- 0.1% 2,715,000 Travelers Group, Inc., 5.75%, 04/15/98 2,714,395 - -------------------------------------------------------------------------------- Total Corporate Notes & Bonds (Cost $433,281,253) 433,281,253 - -------------------------------------------------------------------------------- Total Notes & Bonds (Cost $450,379,712) 450,379,712 - --------------------------------------------------------------------------------
See notes to financial statements. 24 Chase Vista Cash Management Fund Portfolio of Investments February 28, 1998 (unaudited) (continued)
Principal Amount Value (USD) Issuer (USD) - -------------------------------------------------------------------------------- Commercial Paper -- 48.5% - -------------------------------------------------------------------------------- State & Municipal Obligations -- 1.9% -------------------------------------- $56,900,000 Anaheim City, California, 5.89%, 03/02/98 $56,900,000 16,310,000 Baltimore Gas & Electric Co., 5.48%, 03/20/98 16,265,310 12,600,000 Oakland-Alameda County, California, 5.58%, 05/13/98 12,600,000 - -------------------------------------------------------------------------------- Total State & Municipal Obligations (Cost $85,765,310) 85,765,310 - -------------------------------------------------------------------------------- Corporate Notes & Bonds -- 46.6% -------------------------------------- 51,750,000 Asset Backed Capital LTD (Cayman Islands), 5.48%, 05/15/98 51,167,065 30,000,000 Barton Capital Corp., 5.49%, 04/14/98 29,803,275 20,000,000 Beta Finance Corp., Inc., 5.99%, 10/28/98 20,002,512 25,000,000 BIL North America Inc., 5.65%, 06/15/98 24,588,021 25,000,000 BNP U.S. Finance Corp., 5.51%, 04/06/98 24,866,076 BP America Inc., 50,000,000 5.48%, 03/19/98 49,870,729 20,000,000 5.48%, 03/09/98 19,978,689 Cades BE (France), 24,500,000 5.58%, 03/23/98 24,420,252 25,000,000 5.58%, 03/27/98 24,903,125 Caterpillar Financial Services, 17,895,000 5.55%, 04/22/98 17,754,300 15,000,000 5.57%, 04/02/98 14,928,054 21,000,000 Ciesco L.P., 5.50%, 04/03/98 20,897,333 Daimler-Benz North America Corp., (Germany), 25,000,000 5.44%, 03/19/98 24,935,778 50,000,000 5.56%, 03/27/98 49,806,944 23,000,000 5.57%, 03/18/98 22,943,062
See notes to financial statements. 25 Chase Vista Cash Management Fund Portfolio of Investments February 28, 1998 (unaudited) (continued)
Principal Amount Value (USD) Issuer (USD) - -------------- ---------------------------------------- -------------- Commercial Paper -- (continued) - ----------------------------------------------------------------------- $25,000,000 5.60%, 03/17/98 $24,941,666 10,000,000 5.60%, 04/28/98 9,911,333 24,000,000 5.55%, 03/27/98 23,907,500 Den Danske Corp., (Denmark), 15,000,000 5.56%, 05/15/98 14,828,567 100,000,000 5.65%, 04/08/98 99,419,819 Diageo PLC, (United Kingdom), 50,000,000 5.39%, 05/28/98 49,349,312 51,000,000 5.47%, 04/02/98 50,759,776 Ford Motor Credit Corp., 49,000,000 5.46%, 04/24/98 48,606,122 20,000,000 5.47%, 03/20/98 19,945,300 24,000,000 5.47%, 04/03/98 23,883,307 19,000,000 5.55%, 03/03/98 18,997,071 15,000,000 General Electric Capital Services Inc., 5.55%, 04/23/98 14,879,750 Goldman Sachs & Co., 50,000,000 5.52%, 05/15/98 49,432,667 50,000,000 5.70%, 05/14/98 49,422,083 42,792,000 Hewlett-Packard Finance, 5.45%, 03/30/98 42,610,609 Lucent Technologies, Inc., 50,000,000 5.47%, 03/30/98 49,787,472 46,500,000 5.49%, 03/05/98 46,478,726 50,000,000 5.49%, 03/06/98 49,969,500 13,000,000 Merrill Lynch & Co., Inc., 5.50%, 04/17/98 12,908,639 MetLife Funding Inc., 13,668,000 5.47%, 03/13/98 13,645,155 60,296,000 5.47%, 03/16/98 60,167,737 27,734,000 5.48%, 03/10/98 27,700,226 47,124,000 5.48%, 03/17/98 47,016,400 22,201,000 5.72%, 03/24/98 22,123,395 50,000,000 Monte Rosa Capital Corp., 5.52%, 03/18/98 49,877,333 25,000,000 National Australia Funding (DE) Inc. (Australia), 5.45%, 04/23/98 24,803,194
See notes to financial statements. 26 Chase Vista Cash Management Fund Portfolio of Investments February 28, 1998 (unaudited) (continued)
Principal Amount Value (USD) Issuer (USD) - -------------------------------------------------------------------------------- Commercial Paper -- (continued) - -------------------------------------------------------------------------------- $25,000,000 National Rural Utilities Cooperative Finance Corp., 5.68%, 04/28/98 $24,775,167 11,000,000 Pooled Accounts Receivable Capital Corp., 5.51%, 03/12/98 10,983,164 19,000,000 Prudential Funding Corp., 5.48%, 04/14/98 18,875,634 Redwood Receivable Capital Corp., 19,897,000 5.50%, 03/18/98 19,848,363 24,000,000 5.50%, 04/09/98 23,860,667 10,270,000 5.52%, 03/18/98 10,244,804 Rio Tinto America Inc., 48,700,000 5.45%, 05/15/98 48,154,425 15,000,000 5.48%, 04/06/98 14,920,083 ROSE Funding Corp., (United Kingdom), 34,660,000 5.55%, 03/03/98 34,654,657 45,000,000 5.73%, 03/02/98 45,000,000 16,000,000 5.50%, 04/28/98 15,860,667 34,413,000 5.50%, 04/28/98 34,113,320 45,000,000 Royal Bank of Canada (Canada), 5.39%, 08/03/98 43,963,388 25,000,000 San Paolo US Financial Co. (Italy), 5.65%, 04/30/98 24,768,507 34,000,000 Sheffield Receivables Corp., 5.50%, 03/24/98 33,885,722 51,000,000 Sigma Finance Corp. (United Kingdom), 5.59%, 05/05/98 50,493,173 50,000,000 Svenska Handelsbanken Inc. (Sweden), 5.49%, 03/19/98 49,870,375 25,000,000 Thames Asset Global Sec., (United Kingdom), 5.47%, 04/15/98 24,832,861 30,000,000 Trident Capital Finance, (France), 5.66%, 03/13/98 29,948,117 Windmill Funding Corp., 49,758,000 5.53%, 03/06/98 49,727,426 21,352,000 5.60%, 04/17/98 21,199,215 50,000,000 5.73%, 03/13/98 49,912,458 21,816,000 5.77%, 03/20/98 21,753,061 - ----------- -------------------------------------- -----------
See notes to financial statements. 27 Chase Vista Cash Management Fund Portfolio of Investments February 28, 1998 (unaudited) (continued)
Principal Amount Value (USD) Issuer (USD) - -------------------------------------------------------------------------------- Total Corporate Obligations (Cost $2,067,883,128) $2,067,883,128 ------------------------------------------------------------ Total Commercial Paper (Cost $2,153,648,438) 2,153,648,438 - -------------------------------------------------------------------------------- Floating Rate Notes & Bonds -- 27.2% - -------------------------------------------------------------------------------- U.S. Government Agency Obligations (FRDN) -- 2.7% --------------------------------------------- Student Loan Marketing Association, $18,500,000 5.48%, 03/03/98 18,501,093 40,700,000 5.48%, 03/03/98 40,703,044 10,525,000 5.46%, 03/03/98 10,525,000 49,000,000 5.49%, 03/03/98 49,000,000 - -------------------------------------------------------------------------------- Total U.S. Government Agency Obligations (FRDN) (Cost $118,729,137) 118,729,137 - -------------------------------------------------------------------------------- State & Municipal Obligations (FRDN) -- 0.4% --------------------------------------------- 7,000,000 Illinois Health Facilities Authority, Taxable, LOYOLA University Health, Ser. C, 5.65%, 03/03/98 7,000,000 10,000,000 Travis County, Texas, Certificates of Obligation, 5.90%, 03/03/98 10,000,000 - -------------------------------------------------------------------------------- Total State & Municipal Obligations (FRDN) (Cost $17,000,000) (17,000,000) - -------------------------------------------------------------------------------- Corporate Notes & Bonds (FRN)--24.1% --------------------------------------------- Business Services -- 4.4% PHH Corp., 90,000,000 5.80%, 03/03/98 89,982,478 35,000,000 5.52%, 04/16/98 34,993,459 50,000,000 5.52%, 04/30/98 49,989,251 20,000,000 5.83%, 03/10/98 19,995,348 ----------- 194,960,536 -----------
See notes to financial statements. 28 Chase Vista Cash Management Fund Portfolio of Investments February 28, 1998 (unaudited) (continued)
Principal Amount Value (USD) Issuer (USD) - -------------------------------------------------------------------------------- Floating Rate Notes & Bonds -- (continued) - -------------------------------------------------------------------------------- Computers/Computer Hardware -- 0.9% $42,000,000 International Business Machines, Corp., 5.49%, 05/15/98 $41,989,449 ----------- Financial Services -- 17.4% 50,000,000 ABT 1995, Ser. A-2, # 5.62%, 03/03/98 50,000,000 Bear Stearns Co., Inc., 12,000,000 5.83%, 03/16/98 12,000,709 25,000,000 5.61%, 03/13/98 25,000,000 37,000,000 5.61%, 03/11/98 37,000,000 35,000,000 5.98%, 03/03/98 35,000,000 Caterpillar Financial Services Corp., 47,000,000 5.61%, 04/13/98 47,000,000 1,000,000 6.06%, 03/18/98 1,000,457 30,000,000 Centauri Corp., 5.54%, 04/17/98 30,000,000 38,500,000 Ford Motor Credit Co., 5.90%, 05/01/98 38,528,453 20,000,000 Goldman Sachs Group, 5.68%, 05/26/98 20,016,443 Merrill Lynch & Co., 78,000,000 5.55%, 05/21/98 78,000,000 25,000,000 5.61%, 04/13/98 25,000,000 25,000,000 Morgan Stanley Group, Inc., 6.04%, 03/16/98 25,000,000 45,000,000 Paccar Financial Corp., MTN, 5.53%, 03/26/98 44,998,521 45,000,000 Sigma Finance, Inc., 5.55%, 05/19/98 45,000,000 50,000,000 Steers 1997 Ser. B-71, # 5.63%, 03/03/98 50,000,000 75,000,000 Structured Product Asset Group, 5.78%, 05/27/98 75,000,000 100,000,000 Toyota Motor Credit Corp., 5.50%, 05/19/98 99,948,201 35,000,000 Triangle Funding Ltd., Ser. 1997-1X, Class 1, # 5.75%, 03/03/98 35,000,000 ----------- 773,492,784 -----------
See notes to financial statements. 29 Chase Vista Cash Management Fund Portfolio of Investments February 28, 1998 (unaudited) (continued)
Principal Amount Value (USD) Issuer (USD) - -------------------------------------------------------------------------------- Floating Rate Notes & Bonds -- (continued) - -------------------------------------------------------------------------------- Utilities -- 1.4% $62,000,000 Baltimore Gas & Electric Co., 5.80%, 03/02/98 $ 62,002,715 - -------------------------------------------------------------------------------- Total Corporate Notes & Bonds (FRN) (Cost $1,072,445,484) 1,072,445,484 - -------------------------------------------------------------------------------- Total Floating Rate Notes & Bonds (Cost $1,208,174,621) 1,208,174,621 - -------------------------------------------------------------------------------- Deposits -- 11.3% - ------------------------------------------------------------------------------- Time Deposits -- 1.2% ---------------------------------------------- 4,152,000 First Union Corp., 5.54%, 03/02/98 4,152,000 50,000,000 Windmill Funding Corp., 5.49%, 04/24/98 49,595,875 ------------- 53,747,875 ------------- Certificates of Deposit -- 2.9% ---------------------------------------------- 15,000,000 Bank of America State Bank, 6.15%, 05/06/98 15,000,000 Bankers Trust Co. of New York, 25,000,000 5.91%, 08/07/98 25,003,052 35,000,000 5.97%, 10/27/98 34,992,178 Bankers Trust Security Corp., 6,000,000 6.24%, 04/02/98 5,999,854 1,000,000 6.16%, 05/21/98 1,000,079 25,000,000 5.83%, 07/24/98 24,996,225 21,000,000 5.97%, 08/28/98 20,998,023 ------------- 127,989,411 ------------- Certificates of Deposit (Euro Deposits)--7.2% ---------------------------------------------- 25,000,000 Bank Austria of New York, 5.64%, 02/26/99 24,989,115 10,000,000 Bank of Nova Scotia, 5.89%, 09/16/98 10,010,655 10,000,000 Bankers Trust Security Corp., 5.89%, 03/04/98 10,000,000 15,000,000 Banque National de Paris, New York, 6.07%, 03/24/98 14,999,732
See notes to financial statements. 30 Chase Vista Cash Management Fund Portfolio of Investments February 28, 1998 (unaudited) (continued)
Principal Amount Value (USD) Issuer (USD) - -------------------------------------------------------------------------------- Certificates of Deposits -- (continued) - -------------------------------------------------------------------------------- $25,000,000 Bayerische Vereinsbank, (Yankee), 5.68%, 01/21/99 $ 25,000,000 Canadian Imperial Bank, 15,000,000 5.94%, 03/17/98 14,999,823 39,000,000 5.52%, 05/20/98 39,000,844 10,000,000 Deutsche Bank Financial, 5.95%, 10/26/98 9,996,885 10,000,000 Landesbank H. Thuringen, 6.13%, 04/01/98 9,999,600 Societe Generale (France), 11,000,000 5.85%, 03/03/98 10,999,988 27,000,000 5.91%, 10/15/98 26,994,867 10,000,000 5.92%, 10/21/98 9,995,729 90,000,000 Swiss Bank Corp., 5.76%, 03/26/98 90,000,589 24,000,000 Swiss Bank Corp., New York, (Yankee), 5.64%, 02/26/99 23,987,804 -------------- 320,975,631 - -------------------------------------------------------------------------------- Total Deposits (Cost $502,712,917) 502,712,917 - -------------------------------------------------------------------------------- Repurchase Agreement -- 3.8% - -------------------------------------------------------------------------------- 170,000,000 Goldman Sachs & Co., 5.55%, due 03/02/98, (Dated 02/27/98, Proceeds $170,078,625, Secured by: FNMA, $184,107,000 at 7.00%, due 05/01/11; Market Value $177,186,805) (Cost $170,000,000) 170,000,000 - -------------------------------------------------------------------------------- Total Investments -- 101.0% (Cost $4,484,915,688) $4,484,915,688 - --------------------------------------------------------------------------------
See notes to financial statements. 31 About Your Fund CHASE VISTA PRIME MONEY MARKET FUND - -------------------------------------------------------------------------------- FUND FACTS - -------------------------------------------------------------------------------- Objective: High current income consistent with capital preservation Primary investments: High quality short-term U.S. dollar-denominated money market instruments Suggested investment time frame: Short-term Share classes offered: Premier, Institutional and B Shares As of February 28, 1998 Net assets: $4.3 Billion Average days to maturity: 36 days S&P Rating*: AAA Moody's Rating*: Aaa NAIC Rating*: Class 1
* This rating is historical and is based upon the Fund's credit quality, market price exposure and management. It signifies that the Fund's safety is excellent and that it has superior capacity to maintain a $1 Net Asset Value per share. The National Association of Insurance Commissioners' (NAIC's) Class 1 status indicates that the Fund meets certain pricing and quality guidelines. MATURITY SCHEDULE AS OF 2/28/98 1-14 days ............ 33.28% 15-30 days ........... 18.49% 31-60 days ........... 11.14% 61-90 days ........... 8.14% 91+ days ............. 28.95%
32 About Your Fund CHASE VISTA PRIME MONEY MARKET FUND CHASE VISTA PRIME MONEY MARKET FUND COMPOSITION OF TOTAL ASSETS AS OF 2/28/98 [PIE CHART OMITTED]
Composition of Total Assets as of 2/28/98 -------------------- Cash/Other 0.3% Investments 99.7%
7-Day SEC Yield(2) B Shares 4.51% Premier Shares 5.32% Institutional Shares 5.52%
(1) Past performance is not a guarantee of future results. Yields will fluctuate. An investment is neither insured nor guaranteed by the U.S. government and there can be no assurance that the fund will maintain a stable Net Asset Value of $1.00 per share. (2) The yields for B Shares and Premier Shares reflect the voluntary waiver of certain expenses and the assumption of certain expenses otherwise payable by the Fund. Without waivers, the yields would have been 4.26% for B Shares and 5.25% for Premier Shares. This voluntary waiver may be modified or terminated at any time, which would reduce the fund's performance. 33 Chase Vista Prime Money Market Fund Portfolio of Investments February 28, 1998 (unaudited)
Principal Amount Value (USD) Issuer (USD) - -------------------------------------------------------------------------------- Corporate Notes & Bonds -- 4.5% - -------------------------------------------------------------------------------- Financial Services ----------------------------------- Beta Finance Inc., $25,000,000 5.69%, 03/02/99 $24,997,500 17,000,000 5.87%, 11/12/98 17,000,000 25,000,000 CC USA Inc. (Centauri Corp.) (Cayman Islands), 5.70%, 03/04/99 25,000,000 13,000,000 Centauri Corp. (Cayman Islands), 6.35%, 04/30/98 13,000,000 5,000,000 KFW International Finance, 8.25%, 03/18/98 5,005,463 Sigma Finance Corp. (United Kingdom), 25,000,000 5.70%, 02/26/99 25,000,000 25,000,000 5.92%, 10/15/98 25,000,000 20,000,000 5.94%, 08/07/98 20,000,000 7,000,000 5.97%, 11/16/98 7,000,000 15,000,000 6.00%, 09/15/98 15,000,000 15,000,000 6.20%, 06/03/98 15,000,000 - -------------------------------------------------------------------------------- Total Corporate Notes & Bonds (Cost $192,002,963) 192,002,963 - -------------------------------------------------------------------------------- Commercial Paper -- 53.1% - -------------------------------------------------------------------------------- Corporate Obligations ----------------------------------- 17,000,000 Alfa-Russia Finance BV, 5.70%, 08/07/98 16,574,716 55,000,000 Atlantis One Funding Corp., 5.59%, 03/25/98 54,803,573 Banco BCN Barclays Bahamas Ltd., 20,000,000 5.38%, 11/06/98 19,256,458 25,000,000 5.40%, 08/24/98 24,343,750 Banco Bozano Simonsen (Cayman Islands), 20,000,000 5.50%, 03/31/98 19,911,389 25,000,000 5.52%, 04/22/98 24,804,500 10,000,000 5.53%, 03/23/98 9,967,742 15,000,000 5.53%, 03/30/98 14,935,483 25,000,000 5.75%, 03/02/98 25,000,000
See notes to financial statements. 34 Chase Vista Prime Money Market Fund Portfolio of Investments February 28, 1998 (unaudited) (continued)
Principal Amount Value (USD) Issuer (USD) - -------------------------------------------------------------------------------- Commercial Paper -- (continued) - -------------------------------------------------------------------------------- $10,000,000 5.80%, 03/16/98 $9,977,444 5,000,000 Banco Itau SA (Germany), 5.54%, 04/07/98 4,972,300 20,000,000 Banco Mercantil Del Norte SA, (Banorte), Ser. A, 5.65%, 09/09/98 19,401,003 29,000,000 Banco Rio De La Plata SA (Brazil), 5.52%, 03/13/98 28,951,087 25,000,000 Bancomer SA (Canada), 5.80%, 04/22/98 24,794,583 75,000,000 Bancomext (France), 5.82%, 03/23/98 74,745,594 Banner Receivables Corp., 30,000,000 5.62%, 03/10/98 29,962,533 20,266,000 5.64%, 03/13/98 20,231,075 50,000,000 5.64%, 03/19/98 49,866,833 50,000,000 5.69%, 03/16/98 49,889,361 30,000,000 5.74%, 03/18/98 29,923,467 35,976,000 5.74%, 03/20/98 35,872,749 64,706,000 Bavaria TRR Corp., 5.51%, 04/28/98 64,141,494 Bayerische Landesbank, Girozentrale (Germany), 20,000,000 5.60%, 04/24/98 19,835,111 10,000,000 5.72%, 09/10/98 9,694,933 10,000,000 5.72%, 09/11/98 9,693,344 23,350,000 Beal Cayman Ltd., (Brazil), 5.80%, 03/18/98 23,289,809 CC USA Inc. (Centauri Corp.) (Cayman Islands), 10,550,000 5.76%, 03/20/98 10,519,616 25,000,000 5.80%, 03/24/98 24,911,389 Centric Funding Corp., 15,000,000 5.60%, 03/10/98 14,981,333 23,000,000 5.75%, 08/05/98 22,426,917 15,000,000 5.82%, 03/19/98 14,958,775 China Merchants Bank, (China), 20,000,000 5.75%, 03/02/98 20,000,000 16,250,000 5.75%, 05/29/98 16,021,597
See notes to financial statements. 35 Chase Vista Prime Money Market Fund Portfolio of Investments February 28, 1998 (unaudited) (continued)
Principal Amount Value (USD) Issuer (USD) - -------------------------------------------------------------------------------- Commercial Paper -- (continued) - -------------------------------------------------------------------------------- Citgo Petroleum Corp., Ser. A, $11,000,000 5.88%, 04/07/98 $11,000,000 Citibank N.A., 50,000,000 5.55%, 03/23/98 49,838,125 50,000,000 5.60%, 03/20/98 49,860,000 50,000,000 Comision Federal De Electricidad, (Germany), 5.55%, 03/30/98 49,784,167 25,000,000 Dixie Overseas Ltd., Ser. B, 5.77%, 03/16/98 24,943,903 Dresdner Bank AG, (Germany), 17,000,000 5.57%, 03/30/98 16,926,352 25,000,000 5.62%, 06/12/98 24,601,917 35,000,000 5.75%, 06/12/98 34,430,288 9,350,000 Garanti Funding Corp., (Germany), 5.58%, 03/31/98 9,307,972 25,000,000 Girsa Funding Corp., (France), 5.50%, 05/04/98 24,759,375 Glencore Finance (Bermuda) Ser. B, 45,000,000 5.48%, 05/08/98 44,541,050 39,650,000 5.52%, 03/02/98 39,650,000 Guangdong Enter Holdings, (Hong Kong) 10,000,000 5.74%, 03/13/98 9,982,461 Interperu Funding Ltd., 20,000,000 5.52%, 04/15/98 19,865,067 20,000,000 5.52%, 04/20/98 19,849,733 14,000,000 5.73%, 06/01/98 13,797,222 28,500,000 5.75%, 06/01/98 28,086,121 100,174,000 Kitty Hawk Funding Corp., 5.70%, 03/10/98 100,047,113 30,000,000 KOC Funding Corp., 5.50%, 05/14/98 29,665,417 29,700,000 Landesbank H. Thuringen, 5.81%, 03/11/98 29,656,861 Mitsubishi International Corp., 50,000,000 5.50%, 04/17/98 49,648,611 58,000,000 5.52%, 04/22/98 57,546,440 19,500,000 5.52%, 05/01/98 19,320,600
See notes to financial statements. 36 Chase Vista Prime Money Market Fund Portfolio of Investments February 28, 1998 (unaudited) (continued)
Principal Amount Value (USD) Issuer (USD) - -------------------------------------------------------------------------------- Commercial Paper -- (continued) - -------------------------------------------------------------------------------- $49,200,000 5.65%, 04/06/98 $48,929,742 10,000,000 Orix America Inc., 5.71%, 06/15/98 9,833,458 50,000,000 Pemex Capital Corp., (Mexico), 5.71%, 05/08/98 49,468,653 Petroleo Brasileiro SA, Petrobras, (Brazil) 34,000,000 5.75%, 03/02/98 34,000,000 10,000,000 5.75%, 03/18/98 9,974,444 ROSE Funding Corp., (United Kingdom), 46,710,000 5.50%, 04/28/98 46,303,234 20,000,000 5.80%, 03/03/98 19,996,778 60,000,000 Sigma Finance Corp., (United Kingdom), 5.50%, 04/30/98 59,459,167 40,000,000 Stellar Capital Corp., (Japan), 5.67%, 03/23/98 39,867,700 10,000,000 Temple Physicians, Inc., (Canada), 5.87%, 03/13/98 9,982,064 Towson Town Center Inc., (Japan), 31,000,000 5.73%, 03/19/98 30,916,119 45,556,000 5.73%, 03/24/98 45,396,478 14,075,000 Trinity River Authority of Texas, 5.95%, 03/13/98 14,075,000 Tulip Funding Corp., (Netherlands), 50,000,000 5.55%, 03/23/98 49,838,125 15,000,000 5.60%, 03/04/98 14,995,333 50,000,000 Twin Towers Inc., 5.52%, 03/16/98 49,892,667 Unibanco, (Grand Cayman), 18,000,000 5.76%, 03/16/98 17,959,680 22,000,000 5.76%, 04/14/98 21,848,640 25,000,000 5.76%, 04/15/98 24,824,000 90,697,000 Windmill Funding Corp., 5.65%, 03/16/98 90,497,719 - -------------------------------------------------------------------------------- Total Commercial Paper (Cost $2,283,827,754) 2,283,827,754 - --------------------------------------------------------------------------------
See notes to financial statements. 37 Chase Vista Prime Money Market Fund Portfolio of Investments February 28, 1998 (unaudited) (continued)
Principal Amount Value (USD) Issuer (USD) - -------------------------------------------------------------------------------- Floating Rate Notes & Bonds -- 21.6% - -------------------------------------------------------------------------------- U.S. Government Agency Obligation (FRDN) -- 1.0% ------------------------------------------------- $44,000,000 Student Loan Marketing Association, 5.50%, 03/03/98 $44,000,000 ----------- (Cost $44,000,000) - -------------------------------------------------------------------------------- State & Municipal Obligations (FRDN) -- 2.5% ------------------------------------------------- 19,535,000 Illinois Housing Development Authority, Multifamily, Rev., Ser. A, 5.58%, 03/04/98 19,535,000 Illinois Student Assistance Commission, Taxable, 20,600,000 Ser. B, 5.58%, 03/04/98 20,600,000 27,200,000 Ser. D, 5.58%, 03/04/98 27,200,000 17,000,000 Kern County, California Pension Obligation, Taxable, Rev., Medical Opt Period, Cr-7T, 5.70%, 03/02/98 17,000,000 935,000 New Orleans Louisiana, Aviation Board, 5.55%, 03/04/98 935,000 New York State Housing Finance Agency Service, Rev., Contract Obligation, 14,400,000 Ser. A, 5.61%, 03/04/98 14,400,000 2,000,000 Ser. B, 5.61%, 03/04/98 2,000,000 2,900,000 Stanislaus County, California Pension Obligation, Rev., Medical Options Period, Taxable, 5.70%, 03/02/98 2,900,000 3,600,000 Texas State, Taxable, Rev., Medical Options Period, 5.70%, 03/02/98 3,600,000 - -------------------------------------------------------------------------------- Total State & Municipal Obligations (Cost $108,170,000) 108,170,000 - -------------------------------------------------------------------------------- Corporate Notes & Bonds (FRN)-- 18.1% ------------------------------------- Banking -- 2.2% ------------------------------------------------- 30,000,000 Abbey National Treasury Services PLC, (United Kingdom), 5.50%, 03/16/98 29,993,154 25,000,000 First USA Bank, 5.96%, 03/17/98 25,040,235
See notes to financial statements. 38 Chase Vista Prime Money Market Fund Portfolio of Investments February 28, 1998 (unaudited) (continued)
Principal Amount Value (USD) Issuer (USD) - -------------------------------------------------------------------------------- Floating Rate Notes & Bonds -- (continued) - -------------------------------------------------------------------------------- $ 9,400,000 Mellon Bank, 5.63%, 03/04/98 $ 9,400,000 30,000,000 Nationsbank Corp., 6.06%, 03/27/98 30,003,523 ----------- 94,436,912 ----------- Financial Services -- 12.7% ---------------------------------------- 24,000,000 Beta Finance Inc., 5.90%, 03/03/98 24,000,000 25,000,000 CC USA Inc.(Centauri Corp.) (Cayman Islands), 5.89%, 03/04/98 25,000,000 16,500,000 Goldman Sachs Group, 6.18%, 03/02/98 16,509,979 15,000,000 Morgan Guaranty Trust of New York, 5.77%, 03/02/98 15,000,000 Morgan Stanley Group, Inc., 15,000,000 5.92%, 03/02/98 15,003,818 50,000,000 6.04%, 03/15/98 50,000,000 7,921,000 Sault Ste Marie Tribe Building, 6.31%, 06/01/98 7,921,000 30,000,000 Sigma Finance Corp. (United Kingdom), 5.83%, 03/02/98 30,000,000 125,000,000 SMM Trust 1998 Ser. B, 5.63%, 03/05/98 125,000,000 Societe Generale (France), 18,000,000 5.71%, 03/02/98 17,997,595 10,000,000 5.71%, 03/02/98 9,998,290 Steers 1997 92,836,863 Ser. A-31, # 5.66%, 03/25/98 92,822,178 70,000,000 Ser. B-71, # 5.62%, 03/16/98 69,993,388 30,000,000 Strat Trust, 1997-A, # 5.65%, 03/16/98 30,000,000 17,000,000 Tiers Trust 1997-A, # 5.65%, 03/16/98 17,000,000 ----------- 546,246,248 ----------- Government Issue -- 0.2% ---------------------------------------- 9,000,000 Hydro-Quebec, (Canada) (Yankee), 5.70%, 03/02/98 9,000,000 -----------
See notes to financial statements. 39 Chase Vista Prime Money Market Fund Portfolio of Investments February 28, 1998 (unaudited) (continued)
Principal Amount Value (USD) Issuer (USD) - -------------------------------------------------------------------------------- Floating Rate Notes & Bonds -- (continued) - -------------------------------------------------------------------------------- Insurance -- 2.7% ------------------------------------- $115,000,000 General American Life Insurance Co., 6.12%, 03/02/98 $115,000,000 Special Purpose -- 0.3% ------------------------------------- 14,000,000 Edward Obligation Group, Ser. 97B, 5.58%, 03/04/98 14,000,000 - -------------------------------------------------------------------------------- Total Corporate Notes & Bonds (FRN) (Cost $778,683,160) 778,683,160 - -------------------------------------------------------------------------------- Total Floating Rate Notes & Bonds (Cost $930,853,160) 930,853,160 - -------------------------------------------------------------------------------- Certificates of Deposit -- 2.6% - -------------------------------------------------------------------------------- 52,000,000 Bank of Tokyo-Mitsubishi, Ltd. (Japan), 5.75%, 03/11/98 52,000,129 35,000,000 Deutsche Bank AG (Germany), 5.75%, 02/03/99 35,000,000 5,000,000 Landesbank H. Thuringen, 6.13%, 04/01/98 4,999,530 10,000,000 Rabobank Nederland--Cooeperatieve Centrale Raiffeisen-Boerenleenbank BA, 6.07%, 03/26/98 9,999,749 10,000,000 Wachovia Bank of North Carolina, N.A., 6.15%, 05/06/98 9,998,012 - -------------------------------------------------------------------------------- Total Certificates of Deposit (Cost $111,997,420) 111,997,420 - -------------------------------------------------------------------------------- Repurchase Agreements -- 19.9% - -------------------------------------------------------------------------------- 130,583,000 Goldman Sachs & Co., 5.53%, due 03/02/98, (Dated 02/27/98, Proceeds $130,643,177, Secured by FHLMC, $14,748,975 at 7.00%, due 10/01/27; FNMA, $117,746,749 at 7.44% due 08/01/25; Market $133,194,661) 130,583,000
See notes to financial statements. 40 Chase Vista Prime Money Market Fund Portfolio of Investments February 28, 1998 (unaudited) (continued)
Principal Amount Value (USD) Issuer (USD) - -------------------------------------------------------------------------------- Repurchase Agreements -- (continued) - -------------------------------------------------------------------------------- $200,000,000 Morgan Stanley, Dean Witter, Discover & Co., 5.70%, due 03/02/98, (Dated 02/27/98, Proceeds $200,095,000, Secured by FHLMCs, $204,279,335, 6.20% through 7.81%, due 01/01/24 through 01/01/35; Market Value $205,716,609) $ 200,000,000 525,000,000 Morgan Stanley, Dean Witter, Discover & Co., 5.71%, due 03/02/98, (Dated 02/27/98, Proceeds $525,249,812, Secured by FHLMCs, $422,328,986, 5.00% through 9.50%, due 03/01/98 through 02/01/28; PC Golds, $112,557,653, 5.93% through 6.20%, due 08/01/24 through 08/01/34; Markket Value $540,750,586) 525,000,000 - -------------------------------------------------------------------------------- Total Repurchase Agreements 855,583,000 (Cost $855,583,000) - -------------------------------------------------------------------------------- Total Investments--101.7% $4,374,264,297 (Cost $4,374,264,297)** - --------------------------------------------------------------------------------
See notes to financial statements. 41 Chase Vista Prime Money Market Fund Portfolio of Investments February 28, 1998 (unaudited)
** -- The cost of securities is substantially the same for federal income tax purposes. DN -- Discount Note FHLMC -- Federal Home Loan Mortgage Corp. FNMA -- Federal National Mortgage Association FRDN -- Floating Rate Demand Note: The maturity date shown is the next interest reset date; the rate shown is the rate in effect at February 28, 1998. FRN -- Floating Rate Note: The maturity date shown is the next interest reset date; the rate shown is the rate in effect at February 28, 1998. GNMA -- Government National Mortgage Association IDA -- Industrial Development Authority MTN -- Medium Term Note ARM -- Adjustable Rate Mortgage REV -- Revenue Bond
See notes to financial statements. 42 Chase Vista Mutual Funds Statement of Assets and Liabilities February 28, 1998 (unaudited) - --------------------------------------------------------------------------------
100% U.S. U.S. Treasury Securities Government Treasury Plus Money Market Money Market Money Market Fund Fund Fund --------------------- ------------------- ----------------- ASSETS: Investment securities, at value (Note 1) ................................. $ 3,262,641,688 $6,429,266,731 $2,608,255,918 Cash ...................................... 1,433 1,345,584 135 Other assets .............................. 46,836 108,878 39,096 Receivables: Investment securities sold ............... 645,129,146 24,998,438 198,498,333 Interest ................................. 39,877,671 29,433,554 7,429,221 Fund shares sold ......................... 2,250,000 1,704,918 13,206 Other .................................... -- -- -- --------------- -------------- -------------- Total Assets ........................... 3,949,946,774 6,486,858,103 2,814,235,909 --------------- -------------- -------------- LIABILITIES: Payable for investment securities purchased ................................ 844,443,167 25,000,000 297,949,181 Payable for Fund shares redeemed .......... 15,201,721 1,683,660 250,000 Payable to custodian ...................... -- -- -- Dividends payable ......................... 3,594,918 11,771,836 3,745,167 Other liabilities ......................... 166,525 238,847 53,762 Accrued liabilities: (Note 2) Administration fees ...................... 215,048 497,274 93,224 Distribution fees ........................ 199,344 231,028 133,086 Investment advisory fees ................. 230,752 497,273 186,448 Shareholder servicing fees ............... 458,491 554,030 439,884 Custody fees ............................. 54,858 117,344 80,291 Other .................................... 396,244 1,033,144 400,566 --------------- -------------- -------------- Total Liabilities ...................... 864,961,068 41,624,436 303,331,609 --------------- -------------- -------------- NET ASSETS: Paid in capital ........................... 3,084,910,135 6,445,220,416 2,510,991,185 Accumulated undistributed net investment income ........................ -- -- (44,946) Accumulated net realized gain (loss) on investment transactions ............... 75,571 13,251 (41,939) --------------- -------------- -------------- Net Assets .................................. $ 3,084,985,706 $6,445,233,667 $2,510,904,300 =============== ============== ============== Shares of beneficial interest outstanding ($.001 par value; unlimited number of shares authorized): Vista Shares .............................. 2,570,607,186 2,632,027,408 1,761,824,383 Premier Shares ............................ 8,134,656 876,732,609 206,629,869 Institutional Shares ...................... 506,257,068 2,936,561,149 542,634,900 B Shares .................................. Net asset value, offering and redemption price per share, all classes (net assets/shares) .............. $ 1.00 $ 1.00 $ 1.00 =============== ============== ============== Cost of investments ....................... $ 3,262,641,688 $6,429,266,731 $2,608,255,918 =============== ============== ==============
See notes to financial statements. 43 Chase Vista Mutual Funds Statement of Assets and Liabilities February 28, 1998 (unaudited) - --------------------------------------------------------------------------------
Federal Cash Prime Money Market Management Money Market Fund Fund Fund ---------------- ------------------- ----------------- ASSETS: Investment securities, at value (Note 1) ................................ $760,311,959 $4,484,915,688 $4,374,264,297 Cash ..................................... -- 709 251,899 Other assets ............................. 15,842 68,715 29,058 Receivables: Investment securities sold .............. -- 15,006,400 -- Interest ................................ 5,716,681 27,249,425 11,888,936 Fund shares sold ........................ 1,211,853 19,966,326 2,520,026 Other ................................... 7,976,582 -- -- ------------ -------------- -------------- Total Assets .......................... 775,232,917 4,547,207,263 4,388,954,216 ------------ -------------- -------------- LIABILITIES: Payable for investment securities purchased ............................... 25,000,000 101,701,302 75,133,639 Payable for Fund shares redeemed ......... 127,014 283,091 -- Payable to custodian ..................... 7,974,473 -- -- Dividends payable ........................ 836,822 4,096,648 9,651,727 Other liabilities ........................ 15,842 68,715 88,038 Accrued liabilities: (Note 2) Administration fees ..................... 57,822 352,714 305,184 Distribution fees ....................... 21,640 -- 4,868 Investment advisory fees ................ 57,821 352,715 305,184 Shareholder servicing fees .............. 97,610 837,929 89,881 Custody fees ............................ 42,556 85,550 78,687 Other ................................... 309,691 564,438 514,446 ------------ -------------- -------------- Total Liabilities ..................... 34,541,291 108,343,102 86,171,654 ------------ -------------- -------------- NET ASSETS: Paid in capital .......................... 740,695,384 4,438,819,648 4,302,782,562 Accumulated undistributed net investment income ....................... (10,839) 8,014 11,081 Accumulated net realized gain (loss) on investment transactions .............. 7,081 36,499 (11,081) ------------ -------------- -------------- Net Assets ................................. $740,691,626 $4,438,864,161 $4,302,782,562 ============ ============== ============== Shares of beneficial interest outstanding ($.001 par value; unlimited number of shares authorized): Vista Shares ............................. 286,563,884 2,967,214,121 -- Premier Shares ........................... 298,213,142 515,936,208 485,339,076 Institutional Shares ..................... 155,918,358 955,681,626 3,808,945,280 B Shares ................................. 8,498,016 Net asset value, offering and redemption price per share, all classes (net assets/shares) ............. $ 1.00 $ 1.00 $ 1.00 ============ ============== ============== Cost of investments ...................... $760,311,959 $4,484,915,688 $4,374,264,297 ============ ============== ==============
See notes to financial statements. 44 Chase Vista Mutual Funds Statement of Operations For the six months ended Feb. 28, 1998 (unaudited) - --------------------------------------------------------------------------------
100% U.S. U.S. Treasury Securities Government Treasury Plus Money Market Money Market Money Market Fund Fund Fund --------------------- -------------- -------------- INTEREST INCOME: (Note 1C) $75,338,811 $179,323,751 $64,494,348 ----------- ------------ ----------- EXPENSES: (Note 2) Shareholder servicing fees .......... 4,373,650 5,639,118 3,375,375 Distribution fees ................... 1,246,336 1,743,483 885,666 Administration fees ................. 693,537 1,593,210 581,007 Investment advisory fees ............ 1,387,075 3,186,419 1,162,013 Sub-administration fees ............. 693,537 1,593,210 581,007 Custodian fees ...................... 107,737 212,629 92,467 Printing and postage ................ 12,397 59,507 14,876 Professional fees ................... 56,489 147,293 49,737 Registration costs .................. 300,959 319,315 165,205 Transfer agent fees ................. 295,479 567,849 244,463 Trustees fees and expenses .......... 69,354 159,321 58,101 Other ............................... 7,900 111,042 17,944 ----------- ------------ ----------- Total expenses ................... 9,244,450 15,332,396 7,227,861 Less amounts waived (Note 2B) ......... 1,539,909 1,914,119 1,097,569 ----------- ------------ ----------- Net expenses ........................ 7,704,541 13,418,277 6,130,292 ----------- ------------ ----------- Net investment income ............... 67,634,270 165,905,474 58,364,056 ----------- ------------ ----------- REALIZED GAIN ON INVESTMENTS Net realized gain on investment transactions ....................... 526,169 1,868 79,722 ----------- ------------ ----------- Net increase in net assets from operations ......................... $68,160,439 $165,907,342 $58,443,778 =========== ============ ===========
See notes to financial statements. 45 Chase Vista Mutual Funds Statement of Operations For the six months ended Feb. 28, 1998 (unaudited) - --------------------------------------------------------------------------------
Federal Cash Prime Money Market Management Money Market Fund Fund Fund -------------- --------------- ------------- INTEREST INCOME: (Note 1C) $21,802,890 $122,602,790 $81,698,529 ----------- ------------ ----------- EXPENSES: (Note 2) Shareholder servicing fees .......... 889,984 5,372,218 725,847 Distribution fees ................... 135,387 -- 38,727 Administration fees ................. 194,065 1,069,079 705,096 Investment advisory fees ............ 388,129 2,138,158 1,410,193 Sub-administration fees ............. 194,065 1,069,079 705,096 Custodian fees ...................... 69,374 184,744 132,285 Printing and postage ................ 7,454 29,753 12,397 Professional fees ................... 24,065 79,021 56,388 Registration costs .................. 47,261 272,433 252,657 Transfer agent fees ................. 247,124 520,030 195,611 Trustees fees and expenses .......... 19,406 106,908 70,510 Other ............................... 7,099 5,335 55,193 ----------- ------------ ----------- Total expenses ................... 2,223,413 10,846,758 4,360,000 Less amounts waived (Note 2B) ......... 210,460 367,183 212,532 ----------- ------------ ----------- Net expenses ........................ 2,012,953 10,479,575 4,147,468 ----------- ------------ ----------- Net investment income ............... 19,789,937 112,123,215 77,551,061 ----------- ------------ ----------- REALIZED GAIN ON INVESTMENTS Net realized gain on investment transactions ....................... 4,837 23,688 59,371 ----------- ------------ ----------- Net increase in net assets from operations ......................... $19,794,774 $112,146,903 $77,610,432 =========== ============ ===========
See notes to financial statements. 46 Chase Vista Mutual Funds Statement of Changes in Net Assets For the periods indicated - --------------------------------------------------------------------------------
100% U.S. Treasury Securities Money Market Fund ----------------------------------- Six Months Year Ended Ended 02/28/98 08/31/97 ------------------ ---------------- INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS: Net investment income ................................... $ 67,634,270 $ 95,373,722 Net realized gain on investment transactions ............ 526,169 608,194 -------------- -------------- Increase in net assets from operations .................. 68,160,439 95,981,916 -------------- -------------- DISTRIBUTIONS TO SHAREHOLDERS FROM: Net investment income ................................... (67,634,270) (95,373,722) Net realized gain on investment transactions ............ (464,455) (896,002) -------------- -------------- Total dividends and distributions ....................... (68,098,725) (96,269,724) -------------- -------------- Increase (Decrease) from capital share transactions ..... 621,794,091 791,586,677 -------------- -------------- Total increase (decrease) .............................. 621,855,805 791,298,869 NET ASSETS: Beginning of period ..................................... 2,463,129,901 1,671,831,032 -------------- -------------- End of period ........................................... $3,084,985,706 $2,463,129,901 ============== ============== U.S. Government Money Market Fund ----------------------------------- Six Months Year Ended Ended 02/28/98 08/31/97 ----------------- ----------------- INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS: Net investment income ................................... $ 165,905,474 $ 262,809,271 Net realized gain on investment transactions ............ 1,868 493,637 -------------- -------------- Increase in net assets from operations .................. 165,907,342 263,302,908 -------------- -------------- DISTRIBUTIONS TO SHAREHOLDERS FROM: Net investment income ................................... (165,905,474) (262,809,271) Net realized gain on investment transactions ............ (18,900) (465,957) -------------- -------------- Total dividends and distributions ....................... (165,924,374) (263,275,228) -------------- -------------- Increase (Decrease) from capital share transactions ..... 514,156,389 1,890,616,058 -------------- -------------- Total increase (decrease) .............................. 514,139,357 1,890,643,738 NET ASSETS: Beginning of period ..................................... 5,931,094,310 4,040,450,572 -------------- -------------- End of period ........................................... $6,445,233,667 $5,931,094,310 ============== ============== Treasury Plus Money Market Fund -------------------------------------- Six Months Year Ended Ended 02/28/98 08/31/97 ------------------ ------------------ INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS: Net investment income ................................... $ 58,364,056 $ 96,104,018 Net realized gain on investment transactions ............ 79,722 245,215 -------------- -------------- Increase in net assets from operations .................. 58,443,778 96,349,233 -------------- -------------- DISTRIBUTIONS TO SHAREHOLDERS FROM: Net investment income ................................... (58,400,280) (96,120,887) Net realized gain on investment transactions ............ (121,661) (166,314) -------------- -------------- Total dividends and distributions ....................... (58,521,941) (96,287,201) -------------- -------------- Increase (Decrease) from capital share transactions ..... 482,257,302 351,955,824 -------------- -------------- Total increase (decrease) .............................. 482,179,139 352,017,856 NET ASSETS: Beginning of period ..................................... 2,028,725,161 1,676,707,305 -------------- -------------- End of period ........................................... $2,510,904,300 $2,028,725,161 ============== ==============
See notes to financial statements. 47 Chase Vista Mutual Funds Statement of Changes in Net Assets For the periods indicated - --------------------------------------------------------------------------------
Federal Cash Management Money Market Fund Fund --------------------------------- ----------------------------------- Six Months Year Six Months Year Ended Ended Ended Ended 02/28/98 08/31/97 02/28/98 08/31/97 ---------------- ---------------- ----------------- ----------------- INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS: Net investment income ................................... $ 19,789,937 $ 38,641,291 $ 112,123,215 $ 160,620,718 Net realized gain on investment transactions ............ 4,837 54,317 23,688 12,811 ------------- ------------- -------------- -------------- Increase in net assets from operations .................. 19,794,774 38,695,608 112,146,903 160,633,529 ------------- ------------- -------------- -------------- DISTRIBUTIONS TO SHAREHOLDERS FROM: Net investment income ................................... (19,789,937) (38,641,291) (112,123,215) (160,620,718) Net realized gain on investment transactions ............ -- (106,779) -- -- ------------- ------------- -------------- -------------- Total dividends and distributions ....................... (19,789,937) (38,748,070) (112,123,215) (160,620,718) ------------- ------------- -------------- -------------- Increase (Decrease) from capital share transactions ..... (90,647,588) 88,383,952 563,114,419 1,164,197,068 ------------- ------------- -------------- -------------- Total increase (decrease) .............................. (90,642,751) 88,331,490 563,138,107 1,164,209,879 NET ASSETS: Beginning of period ..................................... 831,334,377 743,002,887 3,875,726,054 2,711,516,175 ------------- ------------- -------------- -------------- End of period ........................................... $ 740,691,626 $ 831,334,377 $4,438,864,161 $3,875,726,054 ============= ============= ============== ============== Prime Money Market Fund ------------------------------------- Six Months Year Ended Ended 02/28/98 08/31/97 ------------------ ------------------ INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS: Net investment income ................................... $ 77,551,061 $ 84,411,689 Net realized gain on investment transactions ............ 59,371 179,950 -------------- -------------- Increase in net assets from operations .................. 77,610,432 84,591,639 -------------- -------------- DISTRIBUTIONS TO SHAREHOLDERS FROM: Net investment income ................................... (77,551,061) (84,411,688) Net realized gain on investment transactions ............ (59,812) (179,510) -------------- -------------- Total dividends and distributions ....................... (77,610,873) (84,591,198) -------------- -------------- Increase (Decrease) from capital share transactions ..... 2,445,554,655 698,281,185 -------------- -------------- Total increase (decrease) .............................. 2,445,554,214 698,281,626 NET ASSETS: Beginning of period ..................................... 1,857,228,348 1,158,946,722 -------------- -------------- End of period ........................................... $4,302,782,562 $1,857,228,348 ============== ==============
See notes to financial statements. 48 Chase Vista Mutual Funds Notes to Financial Statements (Unaudited) - -------------------------------------------------------------------------------- 1. Organization and Significant Accounting Policies -- Mutual Fund Trust ("MFT") (the "Trust") is organized as a Massachusetts business trust, and registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end, management investment company. Effective March 16, 1998, the Vista Family of Mutual Funds changed its name to the Chase Vista Family of Mutual Funds. 100% U.S. Treasury Securities Money Market Fund ("USTSMM"), U.S. Government Money Market Fund ("USGMM"), Treasury Plus Money Market Fund ("TPMM"), Federal Money Market Fund ("FMM"), Cash Management Fund ("CMMM"), and Prime Money Market Fund ("PMM"), are separate portfolios of MFT. Collectively all of these funds are referred to as "Money Market Funds" or individually as the "Fund". The Funds offer various classes of shares as follows:
Fund Classes Offered - -------------- --------------------------------- USTSMM ......... Vista, Premier, Institutional USGMM ......... Vista, Premier, Institutional TPMM ......... Vista, Premier, Institutional FMM ......... Vista, Premier, Institutional CMMM ......... Vista, Premier, Institutional PMM ......... Premier, Institutional, B Shares
All classes of shares have equal rights as to earnings, assets and voting privileges except that each class may bear different transfer agent, distribution, shareholder servicing and fund servicing expenses, and each class has exclusive voting rights with respect to its distribution plan and shareholder servicing agreement. The following is a summary of significant accounting policies followed by the Funds: The preparation of financial statements in accordance with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates. A. Valuation of investments -- Money market instruments are valued at amortized cost which approximates market value. The Trust's use of amortized cost is subject to the Trust's compliance with certain conditions as specified under Rule 2a-7 of the 1940 Act. B. Repurchase agreements -- It is the Trust's policy that repurchase agreements are fully collateralized by U.S. Treasury and Government agency securities. All collateral is held by the Trust's custodian bank, subcustodian or a bank in which the custodian bank has entered into a subcustodian agreement or is segregated in the Federal Reserve Book Entry System. In connection with transactions in repurchase agreements, if the seller defaults and the value of the collateral declines, or if the seller enters into an insolvency proceeding, realization of the collateral by the Trust may be delayed or limited. In the event the buyer of securities under a reverse repurchase agreement files for bankruptcy or becomes insolvent, the Trust's use of proceeds of the agreement may be restricted pending a determination by the other party, or its trustee or receiver, whether to enforce the Trust's obligation to repurchase the securities. The Trust's use of the proceeds of the reverse repurchase agreement may also effectively be restricted pending such decision. At February 28, 1998, there were no open reverse repurchase agreements. C. Security transactions and investment income -- Investment transactions are accounted for on the trade date (the date the order to buy or sell is executed). Securities gains and losses are calculated on the identified cost basis. Interest income consists of coupon interest accrued and amortization of premium and discount earned. 49 Chase Vista Mutual Funds Notes to Financial Statements (unaudited) (continued) - -------------------------------------------------------------------------------- D. Federal income taxes -- Each Fund is treated as a separate taxable entity for Federal income tax purposes. The Trust's policy is to comply with the provisions of the Internal Revenue Code applicable to regulated investment companies and to distribute to shareholders all of a Fund's distributable net income, including net realized gain on investments. In addition, the Trust intends to make distributions as required to avoid excise taxes. Accordingly, no provision for Federal income or excise tax is necessary. E. Distributions to shareholders -- Each Fund declares and records a dividend of substantially all of its net investment income on each business day. Such dividends are paid or re-invested monthly in each respective Fund's shares on the payable dates. The amount of dividends and distributions from net investment income and net realized capital gains is determined in accordance with Federal income tax regulations, which may differ from generally accepted accounting principles. To the extent these "book/tax" differences are permanent in nature (i.e., that they result from other than timing of recognition -- "temporary differences"), such amounts are reclassified within the capital accounts based on their Federal income tax-basis treatment. Dividends and distributions which exceed net investment income or net realized capital gains for financial reporting purposes but not for tax purposes are reported as distributions in excess of net investment income or net realized capital gains. F. Income and Expenses -- Expenses directly attributable to a Fund are charged to that Fund; expenses directly attributable to a particular class are charged directly to such class. Other expenses are allocated proportionately among the Funds within the Trust in relation to the net assets of each Fund or on another reasonable basis. In calculating net asset value per share of each class, investment income, realized and unrealized gains and losses and expenses other than class specific expenses, are allocated daily to each class of shares based upon the proportion of net assets of each class at the beginning of each day. 2. Fees and Other Transactions with Affiliates A. Investment advisory fee -- Pursuant to separate Investment Advisory Agreements, The Chase Manhattan Bank ("Chase" or "Advisor") acts as the investment adviser to the Funds. Chase is a direct wholly-owned subsidiary of The Chase Manhattan Corporation. As investment adviser, Chase supervises the investments of each Fund and for such services is paid a fee. The fee is accrued daily and paid monthly at an annual rate equal to 0.10% of the average daily net assets for each respective Fund. Chase Asset Management, Inc. ("CAM"), a registered investment adviser, is the sub-investment adviser to each Fund, other than the Vista Cash Management Fund, pursuant to a Sub-Investment Advisory Agreement between CAM and Chase. CAM is a wholly owned subsidiary of Chase and is entitled to receive a fee, payable by Chase from its advisory fee, at an annual rate equal to 0.03% of each Fund's average daily net assets. Chase Bank of Texas, National Association ("CBT") is the sub-investment adviser to the Cash Management Fund pursuant to a Sub-Investment Advisory Agreement between Chase and CBT. CBT is a wholly-owned subsidiary of Chase and is entitled to receive a fee, payable by Chase from its advisory fee, at an annual rate equal to 0.03% of the Fund's average daily net assets. B. Shareholder and Fund servicing fees -- The Trust adopted Administrative Service Plans which, among other things, provide that the Trust on behalf of the Funds may obtain the services of one or more Shareholder Servicing Agents. For its services, each Shareholder Servicing Agent receives a fee. The fee is computed daily and paid monthly at an annual rate of 0.35%, 0.25% and 0.25% of the average daily net assets of the Vista, Premier and B Shares Class of each Fund. The Shareholder Servicing Agents voluntarily waived fees in the amount of $1,507,280, $1,841,009, $900,709, 50 Chase Vista Mutual Funds Notes to Financial Statements (unaudited) (continued) - -------------------------------------------------------------------------------- $210,460, $367,183 and $212,532 for the USTSMM, USGMM, TPMM, FMM, CMMM and PMM, respectively. No Shareholder Servicing fee was paid for the Institutional Shares. Since inception of the Trust (except as described below), Chase and certain of its affiliates have been the only Shareholder Servicing Agents. Certain Premier Shareholders of the CMMM and FMM entered into a Shareholder Servicing arrangement with Capital Network Services and Charles Schwab & Co. C. Distribution and sub-administrations fees -- Pursuant to the Distribution and Sub-Administration Agreements, Vista Fund Distributors, Inc. ("VFD" or the "Distributor"), a wholly-owned subsidiary of the BISYS Group, Inc. ("BISYS"), acts as the Trust's exclusive underwriter and promotes and arranges for the sale of each Fund's shares. In addition, the Distributor provides certain sub-administration services to the Trust, including providing officers, clerical staff and office space for an annual fee computed daily and paid monthly, of 0.05% of the average daily net assets of each Fund. The Trustees have adopted plans of distribution under the 1940 Act for the Premier Shares of USGMM (the "Premier Plan"), for the Vista Shares (the "Vista Plan") except for CMMM, and for the B Shares of the PMM (the "B Plan"). There are no distribution plans for the Institutional Shares. The Premier, Vista and B Shares Plans pay the Distributor a distribution fee. The fee is computed daily and paid monthly at an annual rate of: 0.10% of the average daily net assets of the Vista Class of each Fund (except CMMM), 0.10% of the average daily net assets of the USGMM Premier Class and 0.75% of the average daily net assets of the B Shares of PMM. The Distributor and Sub-Administrator voluntarily waived fees in the amount of $32,629, $73,110, and $196,860 for USTSMM, USGMM and TPMM respectively. D. Administration fee -- Pursuant to the Administration Agreement, Chase (the "Administrator") provides certain administration services and facilities to each Fund at a fee computed daily and paid monthly at the annual rate equal to 0.05% of the respective Fund's average daily net assets. Certain officers of the Trust are officers of VFD or of its parent corporation, BISYS. In addition, Chase provides portfolio accounting and custody services for the Funds. Such amounts are presented in the Statement of Operations as custodian fees. 51 Chase Vista Mutual Funds Notes to Financial Statements (unaudited) (continued) - -------------------------------------------------------------------------------- 3. Transactions in Shares of Beneficial Interest
100% U.S. Treasury Securities Money Market Fund ------------------------------------------------------------------------------ Vista Class ------------------------------------------------------------------------------ 09/01/97 Through 02/28/98 Year Ended August 31, 1997 --------------------------------------- --------------------------------------- Amount Shares Amount Shares ------------------- ------------------- ------------------ ------------------- Shares sold ................ $6,831,937,391 6,831,937,391 $10,261,243,364 10,261,243,364 Shares issued in reinvestment of distributions ......... 45,133,443 45,133,443 70,133,085 70,133,085 Shares redeemed ............ (6,682,737,864) (6,682,737,864) (9,626,493,212) (9,626,493,212) -------------- -------------- --------------- -------------- Net increase (decrease) in Trust shares outstanding .............. $ 194,332,970 194,332,970 $ 704,883,237 704,883,237 ============== ============== =============== ==============
Premier Class ------------------------------------------------------------------------ 09/01/97 Through 02/28/98 Year Ended August 31, 1997 ------------------------------------ ----------------------------------- Amount Shares Amount Shares ------------------ ----------------- ----------------- ----------------- Shares sold ............. $ 266,646,377 266,646,377 $ 17,838,413 17,838,413 Shares issued in reinvestment of distributions ......... 227,890 227,890 141,705 141,705 Shares redeemed ......... (264,382,621) (264,382,621) (12,564,059) (12,564,059) --------------- ------------- -------------- -------------- Net increase (decrease) in Trust shares outstanding ........... $ 2,491,646 2,491,646 $ 5,416,059 5,416,059 =============== ============= ============== ==============
Institutional Class ------------------------------------------------------------------------- 09/01/97 Through 02/28/98 Year Ended August 31, 1997 ------------------------------------ ------------------------------------ Amount Shares Amount Shares ------------------ ----------------- ------------------ ----------------- Shares sold ............. $ 832,036,043 832,036,043 $ 891,053,171 891,053,171 Shares issued in reinvestment of distributions ......... 2,675,035 2,675,035 4,278,994 4,278,994 Shares redeemed ......... (409,741,603) (409,741,603) (814,044,784) (814,044,784) --------------- ------------- --------------- -------------- Net increase (decrease) in Trust shares outstanding ........... $ 424,969,475 424,969,475 $ 81,287,381 81,287,381 =============== ============= =============== ==============
52 Chase Vista Mutual Funds Notes to Financial Statements (unaudited) (continued) - --------------------------------------------------------------------------------
U.S. Government Money Market Fund --------------------------------------------------------------------------------- Vista Class --------------------------------------------------------------------------------- 09/01/97 Through 02/28/98 Year Ended August 31, 1997 --------------------------------------- ----------------------------------------- Amount Shares Amount Shares ------------------- ------------------- -------------------- -------------------- Shares sold ................ $7,410,125,791 7,410,125,791 $14,989,063,773 14,989,063,773 Shares issued in reinvestment of distributions ......... 29,405,523 29,405,523 56,051,339 56,051,339 Shares redeemed ............ (6,946,953,461) (6,946,953,461) (14,962,787,753) (14,962,787,753) -------------- -------------- --------------- --------------- Net increase (decrease) in Trust shares outstanding .............. $ 492,577,853 492,577,853 $ 82,327,359 82,327,359 ============== ============== =============== ===============
Premier Class ------------------------------------------------------------------------------ 09/01/97 Through 02/28/98 Year Ended August 31, 1997 -------------------------------------- --------------------------------------- Amount Shares Amount Shares ------------------ ------------------- ------------------- ------------------- Shares sold ............. $3,629,891,146 3,629,891,146 $5,613,865,551 5,613,865,551 Shares issued in reinvestment of distributions ......... 13,595,393 13,595,393 24,031,128 24,031,128 Shares redeemed ......... (3,603,268,730) (3,603,268,730) (5,603,046,417) (5,603,046,417) --------------- -------------- -------------- -------------- Net increase (decrease) in Trust shares outstanding ........... $ 40,217,809 40,217,809 $ 34,850,262 34,850,262 =============== ============== ============== ==============
Institutional Class ----------------------------------------------------------------------------------- 09/01/97 Through 02/28/98 Year Ended August 31, 1997 ----------------------------------------- ----------------------------------------- Amount Shares Amount Shares -------------------- -------------------- -------------------- -------------------- Shares sold ............. $11,605,248,331 11,605,248,331 $19,688,867,100 19,688,867,100 Shares issued in reinvestment of distributions ......... 43,714,215 43,714,215 68,490,796 68,490,796 Shares redeemed ......... (11,667,601,819) (11,667,601,819) (17,983,919,459) (17,983,919,459) --------------- --------------- --------------- --------------- Net increase (decrease) in Trust shares outstanding ........... $ (18,639,273) (18,639,273) $ 1,773,438,437 1,773,438,437 =============== =============== =============== ===============
53 Chase Vista Mutual Funds Notes to Financial Statements (unaudited) (continued) - --------------------------------------------------------------------------------
Treasury Plus Money Market Fund --------------------------------------------------------------------------------- Vista Class --------------------------------------------------------------------------------- 09/01/97 Through 02/28/98 Year Ended August 31, 1997 --------------------------------------- ----------------------------------------- Amount Shares Amount Shares ------------------- ------------------- -------------------- -------------------- Shares sold ................ $9,311,866,744 9,311,866,744 $16,488,613,526 16,488,613,526 Shares issued in reinvestment of distributions ......... 28,237,412 28,237,412 42,612,199 42,612,199 Shares redeemed ............ (9,184,226,260) (9,184,226,260) (16,307,623,845) (16,307,623,845) -------------- -------------- --------------- --------------- Net increase (decrease) in Trust shares outstanding .............. $ 155,877,896 155,877,896 $ 223,601,880 223,601,880 ============== ============== =============== ===============
Premier Class ----------------------------------------------------------------------------- 09/01/97 Through 02/28/98 Year Ended August 31, 1997 --------------------------------------- ------------------------------------- Amount Shares Amount Shares ------------------- ------------------- ------------------- ----------------- Shares sold ............. $ 1,111,021,357 1,111,021,357 $ 630,055,851 630,055,851 Shares issued in reinvestment of distributions ......... 3,122,157 3,122,157 1,403,706 1,403,706 Shares redeemed ......... (1,038,854,372) (1,038,854,372) (606,144,080) (606,144,080) ---------------- -------------- ---------------- -------------- Net increase (decrease) in Trust shares outstanding ........... $ 75,289,142 75,289,142 $ 25,315,477 25,315,477 ================ ============== ================ ==============
Institutional Class ------------------------------------------------------------------------------- 09/01/97 Through 02/28/98 Year Ended August 31, 1997 --------------------------------------- --------------------------------------- Amount Shares Amount Shares ------------------- ------------------- ------------------- ------------------- Shares sold ............. $ 4,135,735,821 4,135,735,821 $ 7,439,790,648 7,439,790,648 Shares issued in reinvestment of distributions ......... 4,968,864 4,968,864 10,198,531 10,198,531 Shares redeemed ......... (3,889,614,421) (3,889,614,421) (7,346,950,712) (7,346,950,712) ---------------- -------------- ---------------- -------------- Net increase (decrease) in Trust shares outstanding ........... $ 251,090,264 251,090,264 $ 103,038,467 103,038,467 ================ ============== ================ ==============
54 Chase Vista Mutual Funds Notes to Financial Statements (unaudited) (continued) - --------------------------------------------------------------------------------
Federal Money Market Fund ----------------------------------------------------------------------------- Vista Class ----------------------------------------------------------------------------- 09/01/97 Through 02/28/98 Year Ended August 31, 1997 ------------------------------------- ------------------------------------- Amount Shares Amount Shares ----------------- ----------------- ----------------- ----------------- Shares sold ................ $410,764,331 410,764,331 $487,721,133 487,721,133 Shares issued in reinvestment of distributions ......... 5,705,164 5,705,164 13,600,878 13,600,878 Shares redeemed ............ (430,948,046) (430,948,046) (553,201,237) (553,201,237) ------------ ------------ -------------- ------------ Net increase (decrease) in Trust shares outstanding .............. $(14,478,551) (14,478,551) ($51,879,226) (51,879,226) ============ ============ ============== ============
Premier Class ----------------------------------------------------------------------------- 09/01/97 Through 02/28/98 Year Ended August 31, 1997 ------------------------------------- ------------------------------------- Amount Shares Amount Shares ----------------- ----------------- ----------------- ----------------- Shares sold ............. $ 206,030,332 206,030,332 $884,820,051 884,820,051 Shares issued in reinvestment of distributions ......... 6,809,435 6,809,435 13,139,597 13,139,597 Shares redeemed ......... (314,278,323) (314,278,323) (747,052,298) (747,052,298) ------------- ------------ ------------ ------------ Net increase (decrease) in Trust shares outstanding ........... $(101,438,556) (101,438,556) $150,907,350 150,907,350 ============= ============ ============ ============
Institutional Class ----------------------------------------------------------------------------- 02/01/97 Through 02/28/98 Year Ended August 31, 1997 ------------------------------------- ------------------------------------- Amount Shares Amount Shares ----------------- ----------------- ----------------- ----------------- Shares sold ............. $651,410,143 651,410,143 $809,559,898 809,559,898 Shares issued in reinvestment of distributions ......... 1,087,540 1,087,540 1,781,683 1,781,683 Shares redeemed ......... (627,228,164) (627,228,164) (821,985,753) (821,985,753) ------------ ------------ ------------ ------------ Net increase (decrease) in Trust shares outstanding ........... $ 25,269,519 25,269,519 $(10,644,172) (10,644,172) ============ ============ ============ ============
55 Chase Vista Mutual Funds Notes to Financial Statements (unaudited) (continued) - --------------------------------------------------------------------------------
Cash Management Fund --------------------------------------------------------------------------------- Vista Class --------------------------------------------------------------------------------- 09/01/97 Through 02/28/98 Year Ended August 31, 1997 --------------------------------------- ----------------------------------------- Amount Shares Amount Shares ------------------- ------------------- -------------------- -------------------- Shares sold ................ $9,110,182,665 9,110,182,665 $14,045,422,722 14,045,422,722 Shares issued in reinvestment of distributions ......... 54,620,686 54,620,686 71,043,177 71,043,177 Shares redeemed ............ (8,773,764,476) (8,773,764,476) (13,161,544,235) (13,161,544,235) -------------- -------------- --------------- --------------- Net increase (decrease) in Trust shares outstanding .............. $ 391,038,875 391,038,875 $ 954,921,664 954,921,664 ============== ============== =============== ===============
Premier Class ------------------------------------------------------------------------------- 09/01/97 Through 02/28/98 Year Ended August 31, 1997 --------------------------------------- --------------------------------------- Amount Shares Amount Shares ------------------- ------------------- ------------------- ------------------- Shares sold ............. $ 2,062,344,100 2,062,344,100 $ 2,333,244,771 2,333,244,771 Shares issued in reinvestment of distributions ......... 9,599,928 9,599,928 16,341,167 16,341,167 Shares redeemed ......... (1,931,436,230) (1,931,436,230) (2,407,404,922) (2,407,404,922) ---------------- -------------- ---------------- -------------- Net increase (decrease) in Trust shares outstanding ........... $ 140,507,798 140,507,798 $ (57,818,984) (57,818,984) ================ ============== ================ ==============
Institutional Class ------------------------------------------------------------------------------- 09/01/97 Through 02/28/98 Year Ended August 31, 1997 --------------------------------------- --------------------------------------- Amount Shares Amount Shares ------------------- ------------------- ------------------- ------------------- Shares sold ............. $ 2,928,327,319 2,928,327,319 $ 4,596,074,525 4,596,074,525 Shares issued in reinvestment of distributions ......... 27,186,763 27,186,763 32,378,220 32,378,220 Shares redeemed ......... (2,923,946,336) (2,923,946,336) (4,361,358,357) (4,361,358,357) ---------------- -------------- ---------------- -------------- Net increase (decrease) in Trust shares outstanding ........... $ 31,567,746 31,567,746 $ 267,094,388 267,094,388 ================ ============== ================ ==============
56 Chase Vista Mutual Funds Notes to Financial Statements (unaudited) (continued) - --------------------------------------------------------------------------------
Prime Money Market Fund ------------------------------------------------------------------------- B Shares ------------------------------------------------------------------------- 09/01/97 Through 02/28/98 Year Ended August 31, 1997 ----------------------------------- ----------------------------------- Amount Shares Amount Shares ---------------- ---------------- ---------------- ---------------- Shares sold ................ $44,137,189 44,137,189 $49,461,663 49,461,663 Shares issued in reinvestment of distributions ......... 176,541 176,541 381,174 381,174 Shares redeemed ............ (46,084,855) (46,084,855) (55,242,319) (55,242,319) ----------- ----------- ----------- ----------- Net increase (decrease) in Trust shares outstanding .............. $(1,771,125) (1,771,125) $(5,399,482) (5,399,482) =========== =========== =========== ===========
Premier Class ------------------------------------------------------------------------------- 09/01/97 Through 02/28/98 Year Ended August 31, 1997 --------------------------------------- --------------------------------------- Amount Shares Amount Shares ------------------- ------------------- ------------------- ------------------- Shares sold ............. $ 2,830,296,132 2,830,296,132 $ 4,080,531,934 4,080,531,934 Shares issued in reinvestment of distributions ......... 7,808,999 7,808,999 7,415,483 7,415,483 Shares redeemed ......... (2,852,073,850) (2,852,073,850) (4,007,315,047) (4,007,315,047) ---------------- -------------- ---------------- -------------- Net increase (decrease) in Trust shares outstanding ........... $ (13,968,719) (13,968,719) $ 80,632,370 80,632,370 ================ ============== ================ ==============
Institutional Class ----------------------------------------------------------------------------------- 09/01/97 Through 02/28/98 Year Ended August 31, 1997 ----------------------------------------- ----------------------------------------- Amount Shares Amount Shares -------------------- -------------------- -------------------- -------------------- Shares sold ............. $13,138,364,441 13,138,364,441 $16,454,322,258 16,454,322,258 Shares issued in reinvestment of distributions ......... 30,778,785 30,778,785 26,707,134 26,707,134 Shares redeemed ......... (10,707,848,727) (10,707,848,727) (15,857,981,095) (15,857,981,095) --------------- --------------- --------------- --------------- Net increase (decrease) in Trust shares outstanding ........... $ 2,461,294,499 2,461,294,499 $ 623,048,297 623,048,297 =============== =============== =============== ===============
5. Concentration of Credit Risk -- As of February 28, 1998. CMMM invested 75.6% of its net assets in financial institutions, of which 10.1% was invested in Broker Dealers, 25.2% in Banking and 40.3% in other financial service providers. PMM invested 94.7% of its net assets in financial institutions, of which 22.7% was invested in Broker Dealers, 28.7% in Banking and 43.3% in other financial service providers. General economic conditions, as well as exposure to credit losses arising from possible financial difficulties of borrowers, play an important role in the operation of the financial services industry. 57 Chase Vista Mutual Funds Notes to Financial Statements (unaudited) (continued) - -------------------------------------------------------------------------------- 6. Trustee Compensation -- The Funds have adopted an unfunded noncontributory defined benefit pension plan covering all independent trustees of the Funds who will have served as an independent trustee for at least five years at the time of retirement. Benefits under this plan are based on compensation and years of service. Pension expenses for the six month period ended February 28, 1998, included in Trustees Fees and Expenses in the Statement of Operations, and accrued pension liability included in Other Accrued Liabilities in the Statement of Assets and Liabilities were as follows:
Pension Accrued Pension Fund Expenses Liability - ---------------- ---------- ---------------- USTSMM ......... $25,751 $140,431 USGMM .......... 60,100 343,550 TPMM ........... 21,555 123,336 FMM ............ 8,197 49,439 CMMM ........... 38,825 217,715 PMM ............ 19,976 95,625
58 Chase Vista Mutual Funds Financial Highlights (unaudited) - --------------------------------------------------------------------------------
100% U.S. Treasury Securities Money Market Fund ---------------------------------------------------------------------------------------- Vista Shares ---------------------------------------------------------------------------------------- 09/01/97 Year 12/1/95* Year Ended November 30, Through Ended Through ------------------------------------------- 02/28/98 8/31/97 8/31/96 1995 1994 1993 -------------- -------------- -------------- -------------- -------------- ------------ Per Share Operating Performance Net Asset Value, Beginning of Period ..... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 ---------- --------- --------- --------- --------- ------- Income from Investment Operations: Net Investment Income .................. 0.024 0.048 0.035 0.050 0.033 0.026 ---------- ---------- ---------- ---------- ---------- -------- Less Dividends from Net Investment Income ...................... 0.024 0.048 0.035 0.050 0.033 0.026 ---------- ---------- ---------- ---------- ---------- -------- Net Asset Value, End of Period ........... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 ========== ========== ========== ========== ========== ======== Total Return ............................. 2.44% 4.78% 3.50% 5.15% 3.32% 2.62% Ratios/Supplemental Data: Net Assets, End of Period (000 omitted) .......................... $2,570,607 $2,376,214 $1,671,603 $1,337,549 $1,024,125 $873,631 Ratios to average net assets#: Ratio of Expenses ....................... 0.59% 0.59% 0.60% 0.58% 0.59% 0.58% Ratio of Net Investment Income to Average Net Assets # .................... 4.84% 4.74% 4.58% 4.99% 3.26% 2.58% Ratio of Expenses Without Waivers and Assumption of Expenses ............. 0.71% 0.71% 0.68% 0.61% 0.62% 0.61% Ratio of Net Investment Income Without Waivers and Assumption of Expenses ............................ 4.72% 4.62% 4.50% 4.96% 3.23% 2.55% 100% U.S. Treasury Securities Money Market Fund ------------------------------------------------------------------- Premier Shares Institutional Shares -------------------------------- ---------------------------------- 09/01/97 Year 6/3/96** 09/01/97 Year 6/3/96** Through Ended Through Through Ended Through 02/28/98 8/31/97 8/31/96 02/28/98 8/31/97 8/31/96 ---------- ---------- ---------- ------------ ----------- --------- Per Share Operating Performance Net Asset Value, Beginning of Period ..... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 ------ ------ ------ ------- ------ ------ Income from Investment Operations: Net Investment Income .................. 0.024 0.048 0.011 0.026 0.051 0.012 ------ ------ ------- -------- ------- ------- Less Dividends from Net Investment Income ...................... 0.024 0.048 0.011 0.026 0.051 0.012 ------ ------ ------- -------- ------- ------- Net Asset Value, End of Period ........... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 ====== ====== ======= ======== ======= ======= Total Return ............................. 2.47% 4.91% 1.11% 2.61% 5.20% 1.23% Ratios/Supplemental Data: Net Assets, End of Period (000 omitted) .......................... $8,135 $5,643 $ 227 $506,257 $81,273 $ 1 Ratios to average net assets#: Ratio of Expenses ....................... 0.53% 0.55% 0.42% 0.24% 0.27% 0.21% Ratio of Net Investment Income to Average Net Assets # .................... 5.23% 4.80% 3.45% 5.20% 5.06% 3.65% Ratio of Expenses Without Waivers and Assumption of Expenses ............. 0.80% 0.80% 0.42% 0.26% 0.27% 0.21% Ratio of Net Investment Income Without Waivers and Assumption of Expenses ............................ 4.96% 4.55% 3.45% 5.18% 5.06% 3.65%
- ------- * In 1996, the Fund changed its fiscal year-end from November 30 to August 31. ** Commencement of offering class of shares. # Short periods have been annualized. See notes to financial statements. 59 Chase Vista Mutual Funds Financial Highlights (unaudited) - --------------------------------------------------------------------------------
U.S. Government Money Market Fund --------------------------------------------------------- Vista Shares --------------------------------------------------------- 09/01/97 Year Ended August 31, Through ------------------------------------------ 02/28/98 1997 1996 1995 -------------- -------------- -------------- ------------ Per Share Operating Performance Net Asset Value, Beginning of Period ................... $ 1.00 $ 1.00 $ 1.00 $ 1.00 --------- --------- --------- ------- Income from Investment Operations: Net Investment Income ................................ 0.025 0.049 0.049 0.049 ---------- ---------- ---------- -------- Less Dividends from Net Investment Income ............ 0.025 0.049 0.049 0.049 ---------- ---------- ---------- -------- Net Asset Value, End of Period ......................... $ 1.00 $ 1.00 $ 1.00 $ 1.00 ========== ========== ========== ======== Total Return ........................................... 2.52% 5.04% 4.97% 5.05% Ratios/Supplemental Data Net Assets, End of Period (000 omitted) ............... $2,631,939 $2,139,368 $2,057,023 $341,336 Ratios to average net assets#: Ratio of Expenses ..................................... 0.59% 0.59% 0.65% 0.80% Ratio of Net Investment Income ........................ 5.04% 4.93% 4.83% 4.93% Ratio of Expenses Without Waivers and Assumption of Expenses ............................................. 0.71% 0.72% 0.73% 0.80% Ratio of Net Investment Income Without Waivers and Assumption of Expenses ............................... 4.92% 4.80% 4.75% 4.93% U.S. Government Money Market Fund ------------------------- Vista Shares ------------------------- 11/1/93 1/1/93* Through Through 8/31/94++ 10/31/93 ------------ ------------ Per Share Operating Performance Net Asset Value, Beginning of Period ................... $ 1.00 $ 1.00 -------- ------- Income from Investment Operations: Net Investment Income ................................ 0.025 0.019 -------- -------- Less Dividends from Net Investment Income ............ 0.025 0.019 -------- -------- Net Asset Value, End of Period ......................... $ 1.00 $ 1.00 ======== ======== Total Return ........................................... 2.48% 2.02% Ratios/Supplemental Data Net Assets, End of Period (000 omitted) ............... $335,365 $323,498 Ratios to average net assets#: Ratio of Expenses ..................................... 0.80% 0.82% Ratio of Net Investment Income ........................ 2.94% 2.39% Ratio of Expenses Without Waivers and Assumption of Expenses ............................................. 0.80% 0.82% Ratio of Net Investment Income Without Waivers and Assumption of Expenses ............................... 2.94% 2.39%
- ------- * Commencement of sale of shares. # Short periods have been annualized. ++ In 1994 USGMM changed its fiscal year-end from October 31 to August 31. See notes to financial statements. 60 Chase Vista Mutual Funds Financial Highlights (unaudited) (continued) - --------------------------------------------------------------------------------
U.S. Government Money Market Fund ------------------------------------------------------------------------------- Premier Shares ------------------------------------------------------------------------------- 09/01/97 Year Ended August 31, 11/1/93 Year Through -------------------------------------- Through Ended 02/28/98 1997 1996 1995 8/31/94++ 10/31/93 ------------ ------------ ------------ ------------ ------------ -------------- Per Share Operating Performance Net Asset Value, Beginning of Period ........ $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 -------- ------- ------- ------- ------- --------- Income from Investment Operations: Net Investment Income ..................... 0.025 0.050 0.050 0.052 0.027 0.027 -------- -------- -------- -------- -------- ---------- Less Dividends from Net Investment Income .................................... 0.025 0.050 0.050 0.052 0.027 0.027 -------- -------- -------- -------- -------- ---------- Net Asset Value, End of Period .............. $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 ======== ======== ======== ======== ======== ========== Total Return ................................ 2.56% 5.08% 5.15% 5.31% 2.70% 2.70% Ratios/Supplemental Data Net Assets, End of Period (000 omitted) .... $876,735 $836,520 $801,665 $763,609 $545,999 $1,069,704 Ratios to average net assets: Ratio of Expenses .......................... 0.52% 0.55% 0.55% 0.55% 0.55% 0.55% Ratio of Net Investment Income ............. 5.11% 4.97% 5.04% 5.22% 3.13% 2.66% Ratio of Expenses Without Waivers and Assumption of Expenses .................... 0.60% 0.60% 0.59% 0.59% 0.61% 0.67% Ratio of Net Investment Income Without Waivers and Assumption of Expenses ........ 5.03% 4.92% 5.00% 5.18% 3.07% 2.54% U.S. Government Money Market Fund ---------------------------------------------------------------------- Institutional Shares ---------------------------------------------------------------------- 09/01/97 Year Ended August 31, 12/10/93* Through ------------------------------------------ Through 02/28/98 1997 1996 1995 8/31/94++ -------------- -------------- -------------- ------------ ------------ Per Share Operating Performance Net Asset Value, Beginning of Period ........ $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 ---------- --------- --------- ------- ------- Income from Investment Operations: Net Investment Income ..................... 0.027 0.053 0.053 0.055 0.026 ---------- ---------- ---------- -------- -------- Less Dividends from Net Investment Income .................................... 0.027 0.053 0.053 0.055 0.026 ---------- ---------- ---------- -------- -------- Net Asset Value, End of Period .............. $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 ========== ========== ========== ======== ======== Total Return ................................ 2.70% 5.40% 5.45% 5.60% 2.61% Ratios/Supplemental Data Net Assets, End of Period (000 omitted) .... $2,936,560 $2,955,206 $1,181,763 $466,083 $212,810 Ratios to average net assets: Ratio of Expenses .......................... 0.24% 0.24% 0.27% 0.27% 0.27% Ratio of Net Investment Income ............. 5.38% 5.29% 5.30% 5.58% 3.81% Ratio of Expenses Without Waivers and Assumption of Expenses .................... 0.24% 0.24% 0.27% 0.28% 0.27% Ratio of Net Investment Income Without Waivers and Assumption of Expenses ........ 5.38% 5.29% 5.30% 5.57% 3.81%
- ------- * Commencement of sale of shares. # Short periods have been annualized. ++ In 1994 USGMM changed its fiscal year-end from October 31 to August 31. See notes to financial statements. 61 Chase Vista Mutual Funds Financial Highlights (unaudited) (continued) - --------------------------------------------------------------------------------
Treasury Plus Money Market Fund -------------------------------------------- Vista Shares -------------------------------------------- 09/01/97 Year 5/6/96* Through Ended Through 02/28/98 8/31/97 8/31/96 -------------- -------------- -------------- Per Share Operating Performance Net Asset Value, Beginning of Period ......... $ 1.00 $ 1.00 $ 1.00 ---------- --------- --------- Income from Investment Operations: Net Investment Income ...................... 0.025 0.048 0.015 ---------- ---------- ---------- Less Dividends from Net Investment Income .......................... 0.025 0.048 0.015 ---------- ---------- ---------- Net Asset Value, End of Period ............... $ 1.00 $ 1.00 $ 1.00 ========== ========== ========== Total Return ................................. 2.49% 4.89% 1.50% Ratios/Supplemental Data: Net Assets, End of Period (000 omitted) .............................. $1,761,667 $1,605,845 $1,382,184 Ratios to average net assets#: Ratio of Expenses ........................... 0.59% 0.59% 0.59% Ratio of Net Investment Income .............. 4.96% 4.79% 4.63% Ratio of Expenses Without Waivers and Assumption of Expenses ................. 0.71% 0.70% 0.73% Ratio of Net Investment Income Without Waivers and Assumption of Expenses ................................ 4.84% 4.68% 4.49% Treasury Plus Money Market Fund ----------------------------------------------------------------------------- Institutional Premier Shares Shares ------------------------------------------------------------- -------------- 09/01/97 Year Ended August 31, 4/22/94* 09/01/97 Through ------------------------------------- Through Through 02/28/98 1997 1996 1995 8/31/94 02/28/98 ------------ ------------ ------------ ----------- ---------- -------------- Per Share Operating Performance Net Asset Value, Beginning of Period ......... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 -------- ------- ------- ------ ------ -------- Income from Investment Operations: Net Investment Income ...................... 0.025 0.049 0.050 0.050 0.014 0.018 -------- -------- -------- ------- ------- --------- Less Dividends from Net Investment Income .......................... 0.025 0.049 0.050 0.050 0.014 0.018 -------- -------- -------- ------- ------- --------- Net Asset Value, End of Period ............... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 ======== ======== ======== ======= ======= ========= Total Return ................................. 2.55% 4.98% 5.07% 5.17% 1.37% 2.67% Ratios/Supplemental Data: Net Assets, End of Period (000 omitted) .............................. $206,618 $131,334 $106,011 $18,572 $ 36 $ 542.619 Ratios to average net assets#: Ratio of Expenses ........................... 0.47% 0.51% 0.52% 0.50% 0.49% 0.23% Ratio of Net Investment Income .............. 5.09% 4.88% 4.85% 5.23% 3.85% 5.32% Ratio of Expenses Without Waivers and Assumption of Expenses ................. 0.50% 0.53% 0.63% 1.57% 0.89% 0.25% Ratio of Net Investment Income Without Waivers and Assumption of Expenses ................................ 5.06% 4.86% 4.74% 4.16% 3.46% 5.30% Treasury Plus Money Market Fund ------------------------------------------------ Institutional Shares ------------------------------------------------ Year Ended August 31, 4/20/94** ------------------------------------- Through 1997 1996 1995 8/31/94 ------------ ------------ ----------- ---------- Per Share Operating Performance Net Asset Value, Beginning of Period ......... $ 1.00 $ 1.00 $ 1.00 $ 1.00 -------- ------- ------ ------- Income from Investment Operations: Net Investment Income ...................... 0.051 0.052 0.053 0.014 -------- -------- ------- ------- Less Dividends from Net Investment Income .......................... 0.051 0.052 0.053 0.014 -------- -------- ------- ------- Net Asset Value, End of Period ............... $ 1.00 $ 1.00 $ 1.00 $ 1.00 ======== ======== ======= ======= Total Return ................................. 5.24% 5.29% 5.36% 1.45% Ratios/Supplemental Data: Net Assets, End of Period (000 omitted) .............................. $291,546 $188,513 $17,636 $14,976 Ratios to average net assets#: Ratio of Expenses ........................... 0.26% 0.30% 0.32% 0.32% Ratio of Net Investment Income .............. 5.16% 5.11% 5.21% 3.93% Ratio of Expenses Without Waivers and Assumption of Expenses ................. 0.26% 0.38% 0.89% 0.53% Ratio of Net Investment Income Without Waivers and Assumption of Expenses ................................ 5.16% 5.03% 4.64% 3.72%
- ------- # Short periods have been annualized. * Commencement of offering of classes of shares. ** Commencement of operations. See notes to financial statements. 62 Chase Vista Mutual Funds Financial Highlights (unaudited) (continued) - --------------------------------------------------------------------------------
Federal Money Market Fund --------------------------------------------------------------- Vista Shares --------------------------------------------------------------- 09/01/97 Year Ended August 31, 5/9/94* Through -------------------------------------- Through 02/28/98 1997 1996 1995 8/31/94 ------------ ------------ ------------ ------------ ----------- Per Share Operating Performance Net Asset Value, Beginning of Period ..... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 -------- ------- ------- ------- ------ Income from Investment Operations: Net Investment Income ................... 0.024 0.048 0.048 0.051 0.013 -------- -------- -------- -------- ------- Less Dividends from Net Investment Income .................................. 0.024 0.048 0.048 0.051 0.013 -------- -------- -------- -------- ------- Net Asset Value, End of Period ........... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 ======== ======== ======== ======== ======= Total Return ............................. 2.46% 4.91% 4.83% 5.20% 1.26% Ratios/Supplemental Data: Net Assets, End of Period (000 omitted) ........................... $286,554 $301,031 $352,934 $203,399 $19,995 Ratios to average net assets #: Ratio of Expenses to Average Net Assets # ............................ 0.70% 0.70% 0.70% 0.69% 0.40% Ratio of Net Investment Income .......... 4.91% 4.79% 4.79% 5.16% 4.36% Ratio of Expenses Without Waivers and Assumption of Expenses ............................ 0.84% 0.82% 0.93% 0.93% 1.02% Ratio of Net Investment Income Without Waivers and Assumption of Expenses ................ 4.77% 4.67% 4.56% 4.92% 3.74% Federal Money Market Fund --------------------------------------------------------------- Premier Shares --------------------------------------------------------------- 09/01/97 Year Ended August 31, 4/22/94* Through -------------------------------------- Through 02/28/98 1997 1996 1995 8/31/94 ------------ ------------ ------------ ------------ ----------- Per Share Operating Performance Net Asset Value, Beginning of Period ..... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 -------- ------- ------- ------- ------ Income from Investment Operations: Net Investment Income ................... 0.025 0.050 0.050 0.053 0.015 -------- -------- -------- -------- ------- Less Dividends from Net Investment Income .................................. 0.025 0.050 0.050 0.053 0.015 -------- -------- -------- -------- ------- Net Asset Value, End of Period ........... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 ======== ======== ======== ======== ======= Total Return ............................. 2.57% 5.12% 5.14% 5.40% 1.47% Ratios/Supplemental Data: Net Assets, End of Period (000 omitted) ........................... $298,209 $399,644 $248,757 $148,512 $55,768 Ratios to average net assets #: Ratio of Expenses to Average Net Assets # ............................ 0.50% 0.50% 0.50% 0.49% 0.35% Ratio of Net Investment Income .......... 5.12% 5.01% 4.99% 5.32% 4.38% Ratio of Expenses Without Waivers and Assumption of Expenses ............................ 0.51% 0.52% 0.52% 0.59% 0.74% Ratio of Net Investment Income Without Waivers and Assumption of Expenses ................ 5.11% 4.99% 4.97% 5.22% 4.00%
- ------- # Short periods have been annualized. * Commencement of offering of classes of shares. ** Commencement of operations. See notes to financial statements. 63 Chase Vista Mutual Funds Financial Highlights (unaudited) (continued) - --------------------------------------------------------------------------------
Federal Money Market Fund ------------------------------------------------------------------ Institutional Shares ------------------------------------------------------------------ 09/01/97 Year Ended August 31, 4/20/94** Through -------------------------------------- Through 02/28/98 1997 1996 1995 8/31/94 ------------ ------------ ------------ ------------ ----------- Per Share Operating Performance Net Asset Value, Beginning of Period ............................ $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 ------- ------- ------- ------- ------- Income from Investment Operations: Net Investment Income .......................................... 0.027 0.052 0.052 0.054 0.015 Net Realized Loss on Securities ................................ -- -- -- -- -- -------- ------- ------- ------- ------- Total Income from Investment Operations ........................ 0.027 0.052 0.052 0.054 0.015 ------- ------- ------- ------- ------- Voluntary Capital Contribution ................................. Less Dividends from Net Investment Income ...................... 0.027 0.052 0.052 0.054 0.015 ------- ------- ------- ------- ------- Net Asset Value, End of Period .................................. $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 ======= ======= ======= ======= ======= Total Return .................................................... 2.68% 5.35% 5.35% 5.57% 1.54% Ratios/Supplemental Data: Net Assets, End of Period (000 omitted) ........................ $155,928 $130,659 $141,312 $113,591 $117,364 Ratio of Expenses to Average Net Assets:# ...................... 0.27% 0.27% 0.30% 0.31% 0.30% Ratio of Net Investment Income to Average Net Assets # ......... 5.35% 5.23% 5.20% 5.45% 4.26% Ratio of Expenses Without Waivers and Assumption of Expenses to Average Net Assets # .............................. 0.27% 0.27% 0.30% 0.37% 0.49% Ratio of Net Investment Income Without Waivers and Assumption of Expenses to Average Net Assets # ................ 5.35% 5.23% 5.20% 5.39% 4.06% Prime Money Market Fund ------------------------------------------------------------------ Premier Shares ------------------------------------------------------------------ 09/01/97 Year Ended August 31, 11/15/93** Through -------------------------------------- Through 02/28/98 1997 1996 1995 8/31/94 ------------ ------------ ------------ ------------ ----------- Per Share Operating Performance Net Asset Value, Beginning of Period ......................... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 -------- ------ ------- ------- ------- Income from Investment Operations: Net Investment Income ....................................... 0.026 0.052 0.052 0.053 0.027 Net Realized Loss on Securities ............................. -- -- -- (0.003) -- -------- -------- ------- -------- ------- Total Income from Investment Operations ..................... 0.026 0.052 0.052 0.050 0.027 -------- -------- ------- -------- ------- Voluntary Capital Contribution .............................. -- -- -- 0.003 -- Less Dividends from Net Investment Income ................... 0.026 0.052 0.052 0.053 0.027 -------- -------- ------- -------- ------- Net Asset Value, End of Period ............................... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 ======== ======== ======== ======== ======= Total Return ................................................. 2.68% 5.34% 5.32% 5.44% 2.75% Ratios/Supplemental Data: Net Assets, End of Period (000 omitted) ..................... $485,339 $499,308 $418,736 $ 62,737 $73,253 Ratio of Expenses to Average Net Assets:# ................... 0.45% 0.45% 0.45% 0.45% 0.45% Ratio of Net Investment Income to Average Net Assets # ...... 5.34% 5.17% 5.18% 5.24% 3.15% Ratio of Expenses Without Waivers and Assumption of Expenses to Average Net Assets # ........................... 0.52% 0.53% 0.51% 0.65% 0.56% Ratio of Net Investment Income Without Waivers and Assumption of Expenses to Average Net Assets # ............. 5.27% 5.09% 5.12% 5.04% 3.04%
- ------- # Short periods have been annualized. * Commencement of offering of classes of shares. ** Commencement of operations. See notes to financial statements. 64 Chase Vista Mutual Funds Financial Highlights (unaudited) (continued) - --------------------------------------------------------------------------------
Prime Money Market Fund ------------------------------------------------------------------- Institutional Shares ------------------------------------------------------------------- 09/01/97 Year Ended August 31, 4/26/94* Through ---------------------------------------- Through 02/28/98 1997 1996 1995 8/31/94 -------------- -------------- ------------ ------------ ----------- Per Share Operating Performance Net Asset Value, Beginning of Period .................... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 ---------- --------- ------- ------- ------ Income from Investment Operations: Net Investment Income .................................. 0.027 0.054 0.054 0.055 0.014 Net Realized Loss on Securities ........................ -- -- -- (0.003) -- ---------- ---------- -------- -------- ------- Total Income from Investment Operations ................ 0.027 0.054 0.054 0.052 0.014 ---------- ---------- -------- -------- ------- Voluntary Capital Contribution ......................... -- -- 0.003 -- -- Less Dividends from Net Investment Income .............. 0.027 0.054 0.054 0.055 0.014 ---------- ---------- -------- -------- ------- Net Asset Value, End of Period .......................... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 ========== ========== ======== ======== ======= Total Return ............................................ 2.78% 5.49% 5.51% 5.62% 1.50% Ratios/Supplemental Data: Net Assets, End of Period (000 omitted) ................ $3,808,945 $1,347,651 $724,544 $185,640 $57,961 Ratio of Expenses to Average Net Assets:# .............. 0.25% 0.25% 0.26% 0.27% 0.27% Ratio of Net Investment Income to Average Net Assets # .......................................... 5.55% 5.37% 5.33% 5.57% 4.21% Ratio of Expenses Without Waivers and Assumption of Expenses to Average Net Assets # ................... 0.25% 0.25% 0.26% 0.35% 0.37% Ratio of Net Investment Income Without Waivers and Assumption of Expenses to Average Net Assets # .... 5.55% 5.37% 5.33% 5.49% 4.11% Prime Money Market Fund -------------------------------------------------------- B Shares -------------------------------------------------------- 09/01/97 Year Ended August 31, 4/21/94* Through ----------------------------------- Through 02/28/98 1997 1996 1995 8/31/94 ---------- ----------- ----------- ----------- --------- Per Share Operating Performance Net Asset Value, Beginning of Period .................... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 ------ ------- ------ ------- ------ Income from Investment Operations: Net Investment Income .................................. 0.023 0.043 0.042 0.043 0.011 Net Realized Loss on Securities ........................ -- -- -- (0.003) -- ------ ------- ------- --------- ------ Total Income from Investment Operations ................ 0.023 0.043 0.042 0.040 0.011 ------ ------- ------- --------- ------ Voluntary Capital Contribution ......................... -- -- 0.003 -- -- Less Dividends from Net Investment Income .............. 0.023 0.043 0.042 0.043 0.011 ------ ------- ------- --------- ------ Net Asset Value, End of Period .......................... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 ====== ======= ======= ========= ====== Total Return ............................................ 2.27% 4.33% 4.25% 4.37% 1.11% Ratios/Supplemental Data: Net Assets, End of Period (000 omitted) ................ $8,498 $10,269 $15,667 $ 4,880 $1,452 Ratio of Expenses to Average Net Assets:# .............. 1.25% 1.35% 1.47% 1.47% 1.47% Ratio of Net Investment Income to Average Net Assets # .......................................... 4.54% 4.27% 4.17% 4.33% 2.96% Ratio of Expenses Without Waivers and Assumption of Expenses to Average Net Assets # ................... 1.50% 1.53% 1.71% 2.53% 1.67% Ratio of Net Investment Income Without Waivers and Assumption of Expenses to Average Net Assets # .... 4.29% 4.09% 3.93% 3.27% 2.76%
- ------- # Short periods have been annualized. * Commencement of offering of classes of shares. ** Commencement of operations. See notes to financial statements. 65 Chase Vista Mutual Funds Financial Highlights (unaudited) (continued) - --------------------------------------------------------------------------------
Cash Management Fund ------------------------------ Vista Shares ------------------------------ 09/01/97 Year Through Ended 02/28/98 8/31/97 -------------- --------------- Per Share Operating Performance Net Asset Value, Beginning of Period ............................ $ 1.00 $ 1.00 ---------- -------- Income from Investment Operations: Net Investment Income .......................................... 0.026 0.050 ---------- --------- Net Realized Loss on Securities ................................ 0.026 0.050 ---------- --------- Total Income from Investment Operations ........................ -- -- Voluntary Capital Contributions ................................ -- -- Less Dividends from Net Investment Income ...................... -- -- Net Asset Value, End of Period .................................. $ 1.00 $ 1.000 ========== ========= Total Return .................................................... 2.58% 5.09% Ratios/Supplemental Data#: Net Assets, End of Period (000 omitted) ........................ $2,967,197 $2,576,142 Ratios to average net assets #: Ratio of Expenses .............................................. 0.59% 0.59% Ratio of Net Investment Income ................................. 5.25% 5.07% Ratio of Expenses Without Waivers and Assumption of Expenses ... 0.61% 0.62% Ratio of Net Investment Income Without Waivers and Assumption of Expenses ...................................................... 5.12% 4.96% Cash Management Fund -------------------------------------------------------- Vista Shares -------------------------------------------------------- 12/1/95* Year Ended November 30, Through ------------------------------------------ 8/31/96 1995 1994 1993 -------------- -------------- ------------- ------------ Per Share Operating Performance Net Asset Value, Beginning of Period ............................ $ 1.00 $ 1.00 $ 1.00 $ 1.00 ---------- -------- ------ ------- Income from Investment Operations: Net Investment Income .......................................... 0.037 0.054 0.036 0.027 ---------- -------- ------- -------- Net Realized Loss on Securities ................................ 0.037 0.054 0.036 0.027 ---------- -------- ------- -------- Total Income from Investment Operations ........................ -- -- -- -- Voluntary Capital Contributions ................................ -- -- -- -- Less Dividends from Net Investment Income ...................... -- -- -- -- Net Asset Value, End of Period .................................. $ 1.00 $ 1.00 $ 1.000 $ 1.00 ========== ========== ======= ======== Total Return .................................................... 3.69% 5.49% 3.62% 2.74% Ratios/Supplemental Data#: Net Assets, End of Period (000 omitted) ........................ $1,621,212 $1,634,493 $990,045 $861,025 Ratios to average net assets #: Ratio of Expenses .............................................. 0.60% 0.58% 0.58% 0.61% Ratio of Net Investment Income ................................. 4.93% 5.14% 4.99% 4.91% Ratio of Expenses Without Waivers and Assumption of Expenses ... 0.63% 0.62% 0.62% 0.64% Ratio of Net Investment Income Without Waivers and Assumption of Expenses ...................................................... 4.88% 5.31% 3.58% 2.67%
- ------- * In 1996, the Fund changed its fiscal year-end from November 30 to August 31, see Note 7. ** Commencement of offering class of shares. # Short periods have been annualized. See notes to financial statements. 66 Chase Vista Mutual Funds Financial Highlights (unaudited) (continued) - --------------------------------------------------------------------------------
Cash Management Fund -------------------------------------- Premier Shares -------------------------------------- 09/01/97 Year 5/6/96** Through Ended Through 02/28/98 8/31/97 8/31/96 ------------ ------------ ------------ Per Share Operating Performance Net Asset Value, Beginning of Period ............................ $ 1.00 $ 1.00 $ 1.00 -------- ------- ------- Income from Investment Operations: Net Investment Income ......................................... 0.026 0.051 0.016 -------- -------- -------- Less Dividends from Net Investment Income ..................... 0.026 0.051 0.016 -------- -------- -------- Net Asset Value, End of Period .................................. $ 1.00 $ 1.00 $ 1.00 ======== ======== ======== Total Return .................................................... 2.63% 5.18% 1.61% Ratios/Supplemental Data#: Net Assets, End of Period (000 omitted) ........................ $515,995 $375,485 $433,302 Ratios to average net assets #: Ratio of Expenses .............................................. 0.48% 0.50% 0.50% Ratio of Net Investment Income ................................. 5.25% 5.07% 4.93% Ratio of Expenses Without Waivers and Assumption of Expenses ... 0.52% 0.51% 0.52% Ratio of Net Investment Income Without Waivers and Assumption of Expenses ...................................................... 5.21% 5.06% 4.91% Cash Management Fund -------------------------------------- Institutional Shares -------------------------------------- 09/01/97 Year 5/6/96** Through Ended Through 02/28/98 8/31/97 8/31/96 ------------ ------------ ------------ Per Share Operating Performance Net Asset Value, Beginning of Period ............................ $ 1.00 $ 1.00 $ 1.00 -------- ------- ------- Income from Investment Operations: Net Investment Income ......................................... 0.026 0.053 0.017 -------- -------- -------- Less Dividends from Net Investment Income ..................... 0.027 0.053 0.017 -------- -------- -------- Net Asset Value, End of Period .................................. $ 1.00 $ 1.00 $ 1.00 ======== ======== ======== Total Return .................................................... 2.75% 5.45% 1.69% Ratios/Supplemental Data#: Net Assets, End of Period (000 omitted) ........................ $955,672 $924,099 $657,002 Ratios to average net assets #: Ratio of Expenses .............................................. 0.24% 0.24% 0.25% Ratio of Net Investment Income ................................. 5.50% 5.34% 5.22% Ratio of Expenses Without Waivers and Assumption of Expenses ... 0.24% 0.24% 0.25% Ratio of Net Investment Income Without Waivers and Assumption of Expenses ...................................................... 5.50% 5.34% 5.22%
- ------- * In 1996, the Fund changed its fiscal year-end from November 30 to August 31, see Note 7. ** Commencement of offering class of shares. # Short periods have been annualized. See notes to financial statements. 67 Chase Vista Service Center P.O. Box 419392 Kansas City, MO 64179 Investment Adviser, Administrator, Shareholder and Fund Servicing Agent and Custodian The Chase Manhattan Bank Distributor Vista Fund Distributors, Inc. Transfer Agent DST Systems, Inc. Legal Counsel Simpson Thacher & Bartlett Independent Accountants Price Waterhouse LLP Chase Vista Funds are distributed by Vista Fund Distributors, Inc., which is unaffiliated with The Chase Manhattan Bank. Chase and its respective affiliates receive compensation from Chase Vista Funds for providing investment advisory and other services. This report is submitted for the general information of the shareholders of the funds. It is not authorized for distribution to prospective investors in the funds unless preceded or accompanied by a prospectus. The financial information in this report has been taken from the books and records of the Funds without examination by independent accountants, who express no opinion thereto. To obtain a prospectus for any of the Chase Vista Funds, call 1-800-34-VISTA. The prospectus contains more complete information, including charges and expenses. Please read it carefully before you invest or send money. April 1998 CVMM-3-498 -----END PRIVACY-ENHANCED MESSAGE-----