-----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, G4T9ydYuA50ExPDOTNt+K7buDeEOKrecDf44op9aZgpGlIVvc2fu5Ol08HaTL0e2 4c9xc7hte2adoRmfkBdJtw== 0000950146-98-001764.txt : 19981029 0000950146-98-001764.hdr.sgml : 19981029 ACCESSION NUMBER: 0000950146-98-001764 CONFORMED SUBMISSION TYPE: N-30D PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 19980831 FILED AS OF DATE: 19981028 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: 98732328 BUSINESS ADDRESS: STREET 1: 1 CHASE MANHATTAN PLAZA STREET 2: 3RD FLOOR CITY: NEW YORK STATE: NY ZIP: 10081 MAIL ADDRESS: STREET 1: ONE CHASE SQUARE 7TH FLOOR CITY: ROCHESTER STATE: NY ZIP: 14643 N-30D 1 CHASE VISTA ANNUAL REPORT [COVER] CHASE VISTA MONEY MARKET FUNDS [LOGO] CHASE VISTA FUNDS(SM) ANNUAL REPORT ----------------------------- Chase Vista.(SM) Setting the Global Standard. U.S. GOVERNMENT MONEY MARKET FUNDS: CHASE VISTA 100% U.S. TREASURY SECURITIES MONEY MARKET FUND CHASE VISTA U.S. GOVERNMENT MONEY MARKET FUND CHASE VISTA TREASURY PLUS MONEY MARKET FUND CHASE VISTA FEDERAL MONEY MARKET FUND DIVERSIFIED MONEY MARKET FUNDS: CHASE VISTA CASH MANAGEMENT FUND CHASE VISTA PRIME MONEY MARKET FUND August 31, 1998 Highlights During the reporting period, the Asian economic and currency crisis was the major event in the U.S. fixed income markets. [bullet] Long-term interest rates fell dramatically even though the U.S. economy continued to grow steadily. [bullet] In this environment, the Federal Reserve Board left the Federal Funds rate unchanged at 5.5%. CONTENTS Chairman's Letter 3 Chase Vista 100% U.S. Treasury Securities Money Market Fund 4 Fund Facts [bullet] Portfolio of Investments Chase Vista U.S. Government Money Market Fund 7 Fund Facts [bullet] Portfolio of Investments Chase Vista Treasury Plus Money Market Fund 12 Fund Facts [bullet] Portfolio of Investments Chase Vista Federal Money Market Fund 15 Fund Facts [bullet] Portfolio of Investments Chase Vista Cash Management Fund 19 Fund Facts [bullet] Portfolio of Investments Chase Vista Prime Money Market Fund 30 Fund Facts [bullet] Portfolio of Investments Financial Statements 42 Notes to Financial Statements 48 Financial Highlights 58 - ------------------------------------------------------------------------------- INVESTMENTS IN THE FUNDS ARE NOT DEPOSITS OF, OR GUARANTEED OR ENDORSED BY, THE CHASE MANHATTAN BANK, AND THE SHARES ARE NOT INSURED BY THE FDIC, FEDERAL RESERVE BOARD OR ANY OTHER GOVERNMENT AGENCY. INVESTMENTS IN MUTUAL FUNDS INVOLVE RISK, INCLUDING POSSIBLE LOSS OF THE PRINCIPAL AMOUNT INVESTED. - ------------------------------------------------------------------------------- Chase Vista Money Market Funds Chairman's Letter October 1, 1998 Dear Shareholder: We are pleased to present this annual report on each of the taxable Chase Vista Money Market Funds(SM). Inside, you will find current seven-day yields for each fund as of August 31, 1998 as well as listings of current holdings. Asian Economic Crisis Keeps Rates Low The reporting period began with the economic and currency problems in Asia pushing interest rates lower, despite continuing signs of a robust U.S. economy. The problems in Asia subsided in early 1998, which kept interest rates relatively stable, but those concerns re-surfaced in April, which put pressure on rates throughout the summer. During the reporting period, short-term interest rates showed only a modest change compared to long-term interest rates. In fact, the decline in long-term interest rates was so steep, it created a virtual flattening of the yield curve, meaning the difference between short- and long-term interest rates was minimal. In this environment, the Federal Reserve maintained its neutral monetary policy, as it has for roughly a year and a half. The Fed has not raised short-term interest rates since March, 1997 and has not lowered them since December, 1996. In anticipation of lower interest rates due to the economic and currency problems in southeast Asia, Vista's money management team maintained a slightly higher average duration throughout much of the period. As always, the management team invested solely in high quality securities. Looking ahead, the Asian economy is likely to continue placing downward pressure on interest rates, despite signs the U.S. economy remains in good shape. To help ensure the domestic economy does not weaken in the face of the uncertainty in Asia, we would not be surprised to see the Federal Reserve lower interest rates in the months ahead. Sincerely, /s/ Fergus Reid - --------------- Fergus Reid 3 Chase Vista 100% U.S. Treasury Securities Money Market Fund as of August 31, 1998 (unaudited) 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 Suggested investment time frame Short-term Share classes offered Vista, Premier and Institutional Shares Net assets $4.9 Billion S&P Rating Not Rated Moody's Rating Not Rated NAIC Rating Not Rated
Maturity Schedule 1-14 days .......... 0.00% 15-30 days ......... 53.57% 31-60 days ......... 7.99% 61-90 days ......... 0.22% 91+ days ........... 38.22%
4 Chase Vista 100% U.S. Treasury Securities Money Market Fund as of August 31, 1998 (unaudited) How Much of the Fund Was Invested [PIE CHART] Investments (96.9%) Cash/Other (3.1%) [END PIE CHART] Yields
7-Day SEC Yield(1) ------------------ Vista Shares 4.67% Premier Shares 4.76% Institutional Shares 5.06%
Past performance is not a guarantee of future results. Yields will fluctuate. An investment is neither insured nor guaranteed by the U.S. government and there can be no assurance that the fund will maintain a stable Net Asset Value of $1.00 per share. (1) The yields for Vista Shares, Premier Shares and Institutional Shares reflect the voluntary waiver of certain expenses and the assumption of certain expenses otherwise payable by the Fund. Without waivers, the yields for Vista Shares would have been 4.55%, for Premier Shares 4.62% and for Institutional Shares 5.02%. This voluntary waiver may be modified or terminated at any time, which would reduce the fund's performance. 5 Chase Vista 100% U.S. Treasury Securities Money Market Fund Portfolio of Investments August 31, 1998
Principal Amount Issuer Value - ------------------------------------------------------------------------- U.S. Treasury Securities -- 101.2% - ------------------------------------------------------------------------- U.S. Treasury Bill -- 39.5% --------------------------- $1,927,825,000 5.48%,09/15/98 $1,923,715,042 -------------- U.S. Treasury Notes -- 61.7% ---------------------------- 154,600,000 4.75%, 09/30/98 154,537,107 562,026,000 6.00%, 09/30/98 562,313,027 392,761,000 7.13%, 10/15/98 393,694,386 10,865,000 5.88%, 10/31/98 10,870,810 100,000,000 5.13%, 11/30/98 99,990,939 525,000,000 5.63%, 11/30/98 525,384,969 417,000,000 5.75%, 12/31/98 417,791,622 50,000,000 8.88%, 02/15/99 50,752,939 12,000,000 5.88%, 02/28/99 12,035,608 275,000,000 6.38%, 04/30/99 276,729,369 10,000,000 6.50%, 04/30/99 10,068,009 408,000,000 6.38%, 05/15/99 410,770,715 80,000,000 6.25%, 05/31/99 80,597,802 -------------- 3,005,537,302 - ------------------------------------------------------------------------- Total Investments -- 101.2% (Cost $4,929,252,344)** $4,929,252,344 - -------------------------------------------------------------------------
6 See notes to financial statements. Chase Vista U.S. Government Money Market Fund as of August 31, 1998 (unaudited) Fund Facts Objective High current income consistent with capital preservation Primary investments Direct obligations of the U.S. Treasury and its Agencies including Treasury bills, bonds, notes and repurchase agreements Suggested investment time frame Short-term Share classes offered Vista, Premier and Institutional Shares Net assets $6.9 Billion S&P Rating* AAA Moody's Rating* Aaa NAIC Rating* Class 1
* 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 1-14 days .......... 57.62% 15-30 days ......... 18.27% 31-60 days ......... 1.28% 61-90 days ......... 0.00% 91+ days ........... 22.83%
7 Chase Vista U.S. Government Money Market Fund as of August 31, 1998 (unaudited) How Much of the Fund Was Invested [PIE CHART] Investments (93.8%) Cash/Other (6.2%) [END PIE CHART] Yields
7-Day SEC Yield(1) ------------------ Vista Shares 4.99% Premier Shares 5.13% Institutional Shares 5.35%
Past performance is not a guarantee of future results. Yields will fluctuate. An investment is neither insured nor guaranteed by the U.S. government and there can be no assurance that the fund will maintain a stable Net Asset Value of $1.00 per share. (1) The yields for Vista and Premier Shares reflect the voluntary waiver of certain expenses and the assumption of certain expenses otherwise payable by the Fund. Without waivers, the yields would have been 4.89% for Vista Shares and 4.99% for Premier Shares. This voluntary waiver may be modified or terminated at any time, which would reduce the fund's performance. 8 Chase Vista U.S. Government Money Market Fund Portfolio of Investments August 31, 1998
Principal Amount Issuer Value - ----------------------------------------------------------------- U.S. Treasury Securities -- 16.2% --------------------------------- U.S. Treasury Bill--14.4% $500,000,000 5.40%, 09/15/98 $ 498,950,000 500,000,000 5.50%, 09/15/98 498,929,583 ------------- 997,879,583 ------------- U.S. Treasury Note--1.8% 120,000,000 6.00%, 09/30/98 120,074,442 - ----------------------------------------------------------------- Total U.S. Treasury Securities (Cost $1,117,954,025) 1,117,954,025 ------------------------------------------------ U.S. Government Agency Obligations -- 71.1% ------------------------------------------------ Federal Farm Credit Bank, Debentures, 0.4% 25,000,000 5.75%, 09/11/98 24,999,377 ------------- Federal Farm Credit Bank, FRN -- 1.8% 75,000,000 5.48%, 09/01/98 74,964,357 50,000,000 5.52%, 09/01/98 49,994,361 ------------- 124,958,718 ------------- Federal Home Loan Bank, DN -- 3.5% 240,000,000 5.70%, 09/01/98 240,000,000 ------------- Federal Home Loan Bank, Debentures -- 15.1% 50,000,000 5.61%, 01/29/99 50,000,000 45,000,000 5.61%, 03/02/99 45,000,000 85,000,000 5.62%, 03/12/99 85,000,000 93,000,000 5.63%, 03/12/99 92,990,274 50,000,000 5.63%, 03/23/99 50,000,000 50,000,000 5.63%, 08/27/99 50,000,000 100,000,000 5.68%, 03/16/99 100,000,000 25,000,000 5.68%, 08/04/99 24,996,393 83,000,000 5.69%, 10/02/98 83,013,621 36,000,000 5.70%, 03/17/99 36,000,000 100,000,000 5.70%, 04/15/99 100,000,000 29,615,000 5.70%, 07/07/99 29,611,083 50,000,000 5.70%, 07/22/99 50,000,000 88,500,000 5.72%, 03/26/99 88,500,000 35,000,000 5.72%, 04/23/99 35,000,000 75,000,000 5.73%, 07/07/99 75,000,000 50,000,000 5.75%, 04/27/99 50,000,000 ------------- 1,045,111,371 -------------
9 See notes to financial statements. Chase Vista U.S. Government Money Market Fund Portfolio of Investments August 31, 1998 (continued)
Principal Amount Issuer Value - ------------------------------------------------------------------ Federal Home Loan Bank, FRN, + -- 5.4% $ 75,000,000 5.41%, 09/02/98 $ 74,986,144 100,000,000 5.44%, 09/02/98 99,994,213 50,000,000 5.45%, 09/05/98 49,974,926 100,000,000 5.49%, 09/01/98 99,953,239 45,000,000 5.52%, 09/02/98 44,998,242 ------------- 369,906,764 ------------- Federal Home Loan Mortgage Corp., DN -- 14.5% 1,000,000,000 5.70%, 09/01/98 1,000,000,000 ------------- Federal National Mortgage Association, DN -- 6.4% 150,000,000 5.35%, 01/26/99 146,723,125 300,000,000 5.70%, 09/01/98 300,000,000 ------------- 446,723,125 ------------- Federal National Mortgage Association, Debenture -- 5.0% 50,000,000 5.36%, 02/19/99 49,970,709 25,000,000 5.38%, 02/09/99 24,987,284 150,000,000 5.52%, 03/26/99 149,954,478 50,000,000 5.75%, 12/10/98 50,003,757 75,000,000 6.10%, 09/04/98 75,002,008 ------------- 349,918,236 ------------- Federal National Mortgage Association, FRN -- 8.4% 87,500,000 5.14%, 09/01/98 87,431,366 50,000,000 5.44%, 09/01/98 49,990,274 175,000,000 5.45%, 09/01/98 174,899,143 70,000,000 5.45%, 09/15/98 69,951,344 50,000,000 5.50%, 09/01/98 49,972,149 150,000,000 5.52%, 09/01/98 149,926,198 ------------- 582,170,474 ------------- Student Loan Marketing Association, Debentures -- 1.4% 46,800,000 5.56%, 01/27/99 46,788,107 54,005,000 5.63%, 02/12/99 53,998,401 ------------- 100,786,508 -------------
10 See notes to financial statements. Chase Vista U.S. Government Money Market Fund Portfolio of Investments August 31, 1998 (continued)
Principal Amount Issuer Value - ----------------------------------------------------------------------- Student Loan Marketing Association, DN -- 7.8% $ 540,000,000 5.70%, 09/01/98 $ 540,000,000 -------------- Student Loan Marketing Association, FRN -- 1.4% 25,000,000 5.24%, 09/01/98 24,999,516 44,000,000 5.26%, 09/01/98 44,000,769 25,000,000 5.27%, 09/01/98 25,000,000 -------------- 94,000,285 - ----------------------------------------------------------------------- Total U.S. Government Agency Obligations (Cost $4,918,574,858) 4,918,574,858 - ----------------------------------------------------------------------- Repurchase Agreements -- 6.7% ----------------------------- 64,791,000 Merrill Lynch, 6.00%, due 09/01/98, (Dated 08/31/98, Proceeds $64,801,799, Secured by U.S. Treasury Note, $64,060,000 at 5.63%, due 12/31/02; Market $ 66,088,588) 64,791,000 400,000,000 Greenwich Capital Markets, 5.80%, due 09/01/98, (Dated 08/31/98, Proceeds $400,064,444, Secured by U.S. Treasury Bond, $248,420,000 at 11.25%, due 02/15/15; Market $408,002,853) 400,000,000 - ----------------------------------------------------------------------- Total Repurchase Agreements (Cost $464,791,000) 464,791,000 - ----------------------------------------------------------------------- Total Investments -- 94.0% (Cost $6,501,319,883)** $6,501,319,883 - -----------------------------------------------------------------------
11 See notes to financial statements. Chase Vista Treasury Plus Money Market Fund as of August 31, 1998 (unaudited) 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 repurchase agreements which are fully collateralized by obligations issued or guaranteed by the U.S. Treasury Suggested investment time frame Short-term Share classes offered Vista, Premier and Institutional Shares Net assets $2.3 Billion S&P Rating* AAA Moody's Rating* Aaa NAIC Rating* NAIC-exempt
* 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 1-14 days .......... 18.24% 15-30 days ......... 54.83% 31-60 days ......... 0.00% 61-90 days ......... 0.00% 91+ days ........... 26.93%
12 Chase Vista Treasury Plus Money Market Fund as of August 31, 1998 (unaudited) How Much of the Fund Was Invested [PIE CHART] Investments (99.6%) Cash/Other (0.4%) [END PIE CHART] Yields
7-Day SEC Yield(1) ------------------ Vista Shares 4.92% Premier Shares 5.06% Institutional Shares 5.31%
Past performance is not a guarantee of future results. Yields will fluctuate. An investment is neither insured nor guaranteed by the U.S. government and there can be no assurance that the fund will maintain a stable Net Asset Value of $1.00 per share. (1) The yield for Vista Shares, Premier Shares and Institutional Shares reflect the voluntary waiver of certain expenses and the assumption of certain expenses otherwise payable by the Fund. Without waivers, the yield would have been 4.82% for Vista Shares, 5.02% for Premier Shares and 5.27% for Institutional Shares. This voluntary waiver may be modified or terminated at any time, which would reduce the fund's performance. 13 Chase Vista Treasury Plus Money Market Fund Portfolio of Investments August 31, 1998
Principal Amount Issuer Value - --------------------------------------------------------------------- U.S. Treasury Securities--91.9% ------------------------------- U.S. Treasury Bill -- 61.6% $1,450,000,000 5.51%, 09/15/98 $1,446,937,013 -------------- U.S. Treasury Notes -- 30.3% 78,000,000 5.13%, 11/30/98 77,994,346 192,000,000 5.50%, 02/28/99 192,322,500 69,000,000 6.25%, 03/31/99 69,433,807 250,000,000 6.38%, 04/30/99 251,812,269 18,000,000 6.38%, 05/15/99 18,128,817 100,000,000 6.50%, 04/30/99 100,882,813 -------------- 710,574,552 - --------------------------------------------------------------------- Total U.S. Treasury Securities (Cost $2,157,511,565) 2,157,511,565 - --------------------------------------------------------------------- Repurchase Agreements -- 20.5% ------------------------------ 70,000,000 Merrill Lynch & Co., Inc., 6.00%, due 09/01/98, (Dated 08/31/98, Proceeds $70,011,667, Secured by U.S. Treasury Strips, $196,566,000, due 11/15/15 through 02/15/17; Market $71,401,326) 70,000,000 411,238,000 Goldman Sachs & Co., 5.77%, due 09/01/98, (Dated 08/31/98, Proceeds $411,303,912, Secured by U.S. Treasury Bill, $60,098,000 due 02/25/99; U.S. Treasury Notes & Bonds, $321,600,000, 5.50% through 11.875%, due 5/31/99 through 08/15/19; Market $419,463,978) 411,238,000 - --------------------------------------------------------------------- Total Repurchase Agreements (Cost $481,238,000) 481,238,000 - --------------------------------------------------------------------- Total Investments -- 112.4% (Cost $2,638,749,565)** $2,638,749,565 - ---------------------------------------------------------------------
14 See notes to financial statements. Chase Vista Federal Money Market Fund as of August 31, 1998 (unaudited) 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 Short-term time frame Share classes offered Vista, Premier and Institutional Shares Net assets $870 Million S&P Rating Not Rated Moody's Rating Not Rated NAIC Rating Not Rated
Maturity Schedule 1-14 days .......... 6.20% 15-30 days ......... 0.00% 31-60 days ......... 0.00% 61-90 days ......... 0.00% 91+ days ........... 93.80%
15 Chase Vista Federal Money Market Fund as of August 31, 1998 (unaudited) How Much of the Fund Was Invested [PIE CHART] Investments (91.5%) Cash/Other (8.5%) [END PIE CHART] Yields
7-Day SEC Yield(1) ------------------ Vista Shares 4.89% Premier Shares 5.09% Institutional Shares 5.33%
Past performance is not a guarantee of future results. Yields will fluctuate. An investment is neither insured nor guaranteed by the U.S. government and there can be no assurance that the funds will maintain a stable Net Asset Value of $1.00 per share. (1) The yields for Vista Shares and Premier Shares reflect the voluntary waiver of certain expenses and the assumption of certain expenses otherwise payable by the Fund. Without waivers, the yields for Vista Shares would have been 4.77% and 5.09% for Premier Shares. This voluntary waiver may be modified or terminated at any time, which would reduce the fund's performance. 16 Chase Vista Federal Money Market Fund Portfolio of Investments August 31, 1998
Principal Amount Issuer Value - -------------------------------------------------------------------------- U.S. Government Agency Obligations -- 102.0% --------------------------------------------- Federal Farm Credit Bank, DN -- 9.7% $ 25,000,000 5.10%, 08/31/99 $ 23,710,833 50,000,000 5.25%, 07/28/99 47,593,750 13,176,000 5.29%, 05/25/99 12,660,987 ----------- 83,965,570 ----------- Federal Farm Credit Bank, Debenture -- 1.7% 15,000,000 5.70%, 09/02/98 14,999,944 ----------- Federal Farm Credit Bank, FRN, + -- 28.7% 50,000,000 5.43%, 09/24/98 49,960,241 50,000,000 5.44%, 09/20/98 49,973,543 25,000,000 5.48%, 09/22/98 24,988,119 75,000,000 5.49%, 09/01/98 74,984,005 50,000,000 5.52%, 09/01/98 49,994,361 ----------- 249,900,269 ----------- Federal Home Loan Bank, Debentures -- 12.2% 50,000,000 5.61%, 03/02/99 49,982,015 15,500,000 5.61%, 04/08/99 15,492,882 25,000,000 5.70%, 03/17/99 25,000,000 16,000,000 5.70%, 07/22/99 16,000,000 ----------- 106,474,897 ----------- Federal Home Loan Bank, DN -- 5.6% 50,000,000 5.28%, 03/29/99 48,467,333 ----------- Federal Home Loan Bank, FRN, + -- 26.4% 115,000,000 5.45%, 09/01/98 114,931,498 50,000,000 5.45%, 09/05/98 49,973,378 25,000,000 5.49%, 09/01/98 24,995,505 40,000,000 5.61%, 09/01/98 40,000,000 ----------- 229,900,381 -----------
17 See notes to financial statements. Chase Vista Federal Money Market Fund Portfolio of Investments August 31, 1998 (continued)
Principal Amount Issuer Value - --------------------------------------------------------------------- Student Loan Marketing Association, FRN, + -- 17.7% $15,050,000 5.25%, 09/01/98 $ 15,050,989 4,025,000 5.26%, 09/01/98 4,024,979 10,000,000 5.40%, 09/01/98 10,000,000 50,000,000 5.48%, 09/01/98 50,000,000 75,000,000 5.50%, 09/10/98 74,940,000 ------------ 154,015,968 - --------------------------------------------------------------------- Total Investments --102.0% (Cost $887,724,362)** $887,724,362 - ---------------------------------------------------------------------
18 See notes to financial statements. Chase Vista Cash Management Fund as of August 31, 1998 (unaudited) 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 Net assets $5.1 Billion S&P Rating Not Rated Moody's Rating Not Rated NAIC Rating Not Rated
Maturity Schedule 1-14 days .......... 12.95% 15-30 days ......... 16.63% 31-60 days ......... 5.80% 61-90 days ......... 11.41% 91+ days ........... 53.21%
19 Chase Vista Cash Management Fund as of August 31, 1998 (unaudited) How Much of the Fund Was Invested [PIE CHART] Investments (99.4%) Cash/Other (0.6%) [END PIE CHART] Yields
7-Day SEC Yield(1) ------------------ Vista Shares 5.07% Premier Shares 5.21% Institutional Shares 5.42%
Past performance is not a guarantee of future results. Yields will fluctuate. An investment is neither insured nor guaranteed by the U.S. government and there can be no assurance that the fund will maintain a stable Net Asset Value of $1.00 per share. (1) The yields for Vista and Premier Shares reflect the voluntary waiver of certain expenses and the assumption of certain expenses otherwise payable by the Fund. Without waivers, the yields would have been 5.05% for Vista Shares and 5.15% for Premier Shares. This voluntary waiver may be modified or terminated at any time, which would reduce the fund's performance. 20 Chase Vista Cash Management Fund Portfolio of Investments August 31, 1998
Principal Amount Value (USD) Issuer (USD) - --------------------------------------------------------------- Notes & Bonds -- 8.5% - --------------------------------------------------------------- State & Municipal Obligations -- 0.1% -------------------------------------- $ 6,700,000 Virginia State, Housing Development Authority, MultiFamily Housing, Ser. A, Rev., 5.68%, 11/01/98 (Cost $6,699,510) $ 6,699,510 ----------- Corporate Notes & Bonds -- 8.4% ------------------------------- Banking -- 0.7% 20,000,000 Bankers Trust Co. of New York, 5.69%, 01/08/99 19,998,643 1,000,000 Citicorp, 9.75%, 08/01/99 1,034,562 9,510,000 National Australia Bank--New York, (Yankee) 9.70%, 10/15/98 9,553,490 7,200,000 Northwest Corp., 5.75%, 11/16/98 7,198,245 ----------- 37,784,940 ----------- Computers/Computer Hardware -- 0.2% 10,000,000 International Business Machines, Corp., 5.81%, 10/01/98 9,999,778 ----------- Financial Services -- 7.5% Beta Finance Corp., Inc., 28,000,000 5.70%, 03/31/99 # 28,000,000 22,000,000 5.75%, 03/16/99 # 21,999,409 25,000,000 Beta Finance Corp., Ltd., (Cayman Islands) 5.69%, 03/02/99 # 25,000,000 9,000,000 British Telecommunications Finance, (United Kingdom) 9.38%, 02/15/99 9,144,935 5,000,000 Caterpillar Financial Services Corp., 6.76%, 01/15/99 5,016,773 24,000,000 CC USA Inc., (Centauri Corp.), # (Cayman Islands) 5.88%, 05/04/99 24,000,000 32,000,000 Centauri Corp., 5.70%, 03/02/99 # 32,000,000 International Business Machines Credit Corp., 25,500,000 5.47%, 02/10/99 25,486,648 19,000,000 5.80%, 11/06/98 18,997,554 3,500,000 John Deere Capital Corp., 6.00%, 02/01/99 3,500,769
21 See notes to financial statements. Chase Vista Cash Management Fund Portfolio of Investments August 31, 1998 (continued)
Principal Amount Value (USD) Issuer (USD) - -------------------------------------------------------------- Notes & Bonds -- (continued) - -------------------------------------------------------------- Merrill Lynch & Co., Inc., $ 7,000,000 5.57%, 02/16/99 $ 6,999,680 15,000,000 5.79%, 04/28/99 15,000,000 24,500,000 5.89%, 12/01/98 24,500,000 5,000,000 Paccar Financial Corp., 6.25%, 01/15/99 5,009,989 Sigma Finance Corp., (United Kingdom), # 14,000,000 5.70%, 03/02/99 14,000,000 34,000,000 5.72%, 03/30/99 34,000,000 50,000,000 5.75%, 03/09/99 50,000,000 25,000,000 5.76%, 03/31/99 25,000,000 12,000,000 5.94%, 11/17/98 12,001,935 ----------- 379,657,692 - ---------------------------------------------------------------- Total Corporate Notes & Bonds (Cost $427,442,410) 427,442,410 - ---------------------------------------------------------------- Total Notes & Bonds (Cost $434,141,920) 434,141,920 - ---------------------------------------------------------------- Commercial Paper -- 54.8% - ---------------------------------------------------------------- State & Municipal Commercial Paper -- 1.7% ------------------------------------------ California -- 1.3% 56,900,000 Anaheim City, California, 5.65%, 09/01/98 56,900,000 12,600,000 Oakland-Alameda County, California, Coliseum Authority, Ser. A, 5.59%, 09/15/98 12,600,000 ----------- 69,500,000 ----------- Nebraska -- 0.4% 20,000,000 Nebraska Public Power District, 5.68%, 09/23/98 20,000,000 - ---------------------------------------------------------------- Total State & Municipal Commercial Paper (Cost $89,500,000) 89,500,000 - ----------------------------------------------------------------
22 See notes to financial statements. Chase Vista Cash Management Fund Portfolio of Investments August 31, 1998 (continued)
Principal Amount Value (USD) Issuer (USD) - -------------------------------------------------------------------- Commercial Paper -- (continued) - -------------------------------------------------------------------- Corporate Commercial Paper -- 53.1% ----------------------------------- $25,000,000 Associates Corp. of North America, 5.85%, 09/01/98 $25,000,000 14,000,000 Associates First Capital Corp., 5.52%, 09/18/98 13,963,507 20,000,000 Beta Finance Corp., Ltd., (Caymon Islands) 5.99%, 10/28/98 # 20,000,597 BTAB Holdings Funding Corp., 10,000,000 5.44%, 02/11/99 9,753,689 90,000,000 5.47%, 12/07/98 88,673,525 42,606,000 China Merchants Bank, (China) 5.50%, 11/17/98 42,104,788 Corporate Receivables Corp., 50,000,000 5.52%, 09/16/98 49,885,000 25,000,000 5.52%, 09/18/98 24,934,833 75,000,000 5.53%, 09/18/98 74,804,146 30,000,000 Credit Suisse, (Switzerland) 5.52%, 11/05/98 29,701,000 25,000,000 Credito Ilaliano, (Italy) 5.47%, 12/11/98 24,616,340 78,000,000 Cregem North America Inc., (Belgium) 5.48%, 12/18/98 76,718,850 30,000,000 CS First Boston, Inc., (Switzerland) 5.47%, 12/03/98 29,576,075 CXC Inc., 50,000,000 5.51%, 10/30/98 49,548,486 50,000,000 5.52%, 09/22/98 49,839,000 50,000,000 5.57%, 09/09/98 49,938,111 Daimier-Benz North America Corp., (Germany) 27,000,000 5.45%, 02/25/99 26,276,513 1,000,000 5.46%, 10/21/98 992,417 50,000,000 5.49%, 09/25/98 49,817,000 75,000,000 5.49%, 11/30/98 73,971,563 19,910,000 5.50%, 09/09/98 19,885,666 50,000,000 5.51%, 09/23/98 49,831,639
23 See notes to financial statements. Chase Vista Cash Management Fund Portfolio of Investments August 31, 1998 (continued)
Principal Amount Value (USD) Issuer (USD) - ---------------------------------------------------------------- Commercial Paper -- (continued) - ---------------------------------------------------------------- Den Danske Corp., (Denmark) $ 41,000,000 5.44%, 04/01/99 $39,686,542 25,000,000 5.46%, 12/17/98 24,594,663 Diageo Capital PLC, (United Kingdom) 70,000,000 5.48%, 11/30/98 69,041,000 24,000,000 5.49%, 12/21/98 23,593,740 16,296,000 DuPont EI De Nemours Co., 5.49%, 10/21/98 16,171,743 50,000,000 Edison Asset Securitization, LLC, 5.51%, 11/13/98 49,441,347 100,000,000 Ford Motor Credit Co., 5.48%, 12/04/98 98,569,111 Ford Credit Europe PLC, 25,000,000 5.48%, 09/18/98 24,935,306 50,000,000 5.50%, 09/17/98 49,877,778 24,783,000 General RE Corp., 5.49%, 11/17/98 24,491,986 Generale Bank, (Belgium) 20,000,000 5.47%, 12/07/98 19,705,228 80,000,000 5.47%, 12/09/98 78,796,600 100,000,000 5.49%, 12/02/98 98,597,639 Greyhawk Funding LLC, # 45,000,000 5.51%, 11/06/98 44,545,425 81,000,000 5.52%, 09/22/98 80,739,180 45,000,000 Halifax PLC, (United Kingdom) 5.50%, 09/18/98 44,883,125 Lexington Parker Capital, Corp. 35,000,000 5.47%, 02/05/99 34,165,065 45,840,000 5.49%, 11/06/98 45,378,620 35,000,000 5.49%, 02/17/99 34,097,963 20,000,000 5.50%, 01/19/99 19,572,222 65,000,000 5.51%, 11/06/98 64,343,392 25,000,000 Merrill Lynch & Co., Inc., 5.52%, 10/30/98 24,773,833 39,196,000 MetLife Funding Inc., 5.54%, 09/09/98 39,147,745
24 See notes to financial statements. Chase Vista Cash Management Fund Portfolio of Investments August 31, 1998 (continued)
Principal Amount Value (USD) Issuer (USD) - ------------------------------------------------------------------ Commercial Paper -- (continued) - ------------------------------------------------------------------ National Rural Utilities Cooperative Finance Corp., $25,000,000 5.50%, 09/22/98 $24,919,792 45,000,000 5.50%, 09/28/98 44,814,375 Nationwide Building Society, (United Kingdom) 47,850,000 5.48%, 11/24/98 47,238,158 25,000,000 5.49%, 12/16/98 24,595,875 62,000,000 5.50%, 11/13/98 61,308,528 50,000,000 5.50%, 11/19/98 49,396,528 8,000,000 5.50%, 12/11/98 7,876,556 47,529,000 Redwood Receivables Corp., 5.55%, 09/11/98 47,455,726 50,000,000 Rio Tinto America Inc., (United Kingdom) 5.51%, 09/25/98 49,816,333 27,000,000 San Paolo US Financial Co., (Italy) 5.49%, 11/23/98 26,658,248 17,000,000 Sigma Finance Inc., (United Kingdom) 5.51%, 11/23/98 16,784,039 Silver Tower US Funding, LLC, 12,300,000 5.46%, 02/19/99 11,981,000 37,500,000 5.47%, 02/16/99 36,542,750 Svenska Handelsbanken Inc., (Sweden) 26,000,000 5.50%, 09/22/98 25,916,583 45,000,000 5.50%, 10/08/98 44,745,625 60,000,000 5.51%, 09/10/98 59,917,350 18,500,000 Swiss Bank Corp., (Switzerland) (Yankee) 5.75%, 05/07/99 18,493,081 23,000,000 Thames Asset Global Securitization, Inc., 5.53%, 09/08/98 # 22,975,269 24,239,000 Three Rivers Funding Corp., 5.55%, 09/17/98 # 24,179,210 50,000,000 Trident Capital Finance, (France) 5.50%, 10/08/98 49,717,361 8,786,000 Triple A One Funding Corp., 5.54%, 09/21/98 8,758,959
25 See notes to financial statements. Chase Vista Cash Management Fund Portfolio of Investments August 31, 1998 (continued)
Principal Amount Value (USD) Issuer (USD) - -------------------------------------------------------------------- Commercial Paper -- (continued) - -------------------------------------------------------------------- $13,041,000 Twin Towers Inc., 5.52%, 09/08/98 # $ 13,027,003 20,100,000 US Borax Inc., (United Kingdom) 5.51%, 09/24/98 20,029,242 50,000,000 Windmill Funding Corp., 5.54%, 09/18/98 49,869,194 - -------------------------------------------------------------------- Total Corporate Commercial Paper (Cost $2,715,998,783) 2,715,998,783 - -------------------------------------------------------------------- Total Commercial Paper (Cost $2,805,498,783) 2,805,498,783 - -------------------------------------------------------------------- Floating Rate Notes & Bonds -- 26.4% - -------------------------------------------------------------------- U.S. Government Agency Obligations (FRN) -- 2.1% ------------------------- Student Loan Marketing Association, 59,200,000 5.26%, 09/01/98 59,201,797 49,000,000 5.27%, 09/01/98 49,000,000 - -------------------------------------------------------------------- Total U.S. Government Agency Obligations (FRN) (Cost $108,201,797) 108,201,797 - -------------------------------------------------------------------- State & Municipal Obligations (FRDN) -- 2.9% -------------------------------------------- California -- 2.3% California Housing Finance Agency, Home Mortgage, Series M, Rev., 76,000,000 5.62%, 09/02/98 76,000,000 20,000,000 California Pollution Control Financing Authority, Environmental Improvement, Shell Oil Company, Project B, Rev., 5.63%, 09/02/98 20,000,000 22,000,000 Sacramento County, California, Rev., 5.67%, 09/02/98 22,000,000 ------------- 118,000,000 -------------
26 See notes to financial statements. Chase Vista Cash Management Fund Portfolio of Investments August 31, 1998 (continued)
Principal Amount Value (USD) Issuer (USD) - ----------------------------------------------------------------- Floating Rate Notes & Bonds -- (continued) - ----------------------------------------------------------------- Illinois -- 0.1% $ 6,900,000 Illinois Health Facilities Authority, Taxable, LOYOLA Universal Health, Ser. C, Rev., 5.65%, 09/01/98 $ 6,900,000 ----------- Missouri -- 0.3% 16,200,000 SSM Healthcare, Missouri Health Facilities, Rev., 5.70%, 09/02/98 16,200,000 ----------- Texas -- 0.2% 10,000,000 Travis County, Texas, Certificates of Obligation, GO, 5.59%, 09/02/98 10,000,000 - ----------------------------------------------------------------- Total State & Municipal Obligations (FRDN) (Cost $151,100,000) 151,100,000 - ----------------------------------------------------------------- Corporate Notes & Bonds (FRN) -- 20.7% -------------------------------------- Banking -- 0.3% 17,000,000 American Express Centurion Bank, 5.59%, 09/11/98 17,000,000 ----------- Financial Services -- 19.2% 25,000,000 Asset Backed Capital Finance, Inc. # 5.64%, 11/16/98 25,000,000 35,000,000 Bear Stearns Co., Inc., 5.63%, 09/01/98 35,000,000 Caterpillar Financial Services Corp., 47,000,000 5.61%, 10/13/98 47,000,000 50,000,000 5.62%, 09/16/98 50,000,000 75,000,000 5.62%, 10/07/98 74,968,973 30,000,000 Centauri Corp., 5.61%, 10/17/98 # 30,000,000 Goldman Sachs Group, 148,000,000 5.69%, 10/15/98 # 148,000,000 20,000,000 5.74%, 11/24/98 # 20,008,061 42,000,000 International Business Machines, Credit Corp., 5.51%, 09/15/98 41,999,250 Merrill Lynch & Co., 25,000,000 5.61%, 10/13/98 25,000,000 100,000,000 5.65%, 09/30/98 100,000,000
27 See notes to financial statements. Chase Vista Cash Management Fund Portfolio of Investments August 31, 1998 (continued)
Principal Amount Value (USD) Issuer (USD) - ------------------------------------------------------------------- Floating Rate Notes & Bonds -- (continued) - ------------------------------------------------------------------- $ 25,000,000 Morgan Stanley Group, 5.79%, 09/15/98 $ 25,000,000 81,000,000 Sigma Finance, 5.63%, 10/20/98 # 81,000,000 Structured Enhanced Return Trust (Steers), 50,000,000 1997 Ser. B-71, # 5.63%, 10/15/98 50,000,000 50,841,444 1998 Ser. A-39, # 5.67%, 09/25/98 50,841,444 75,000,000 Structured Product Asset Return Certificate, Series 98-1, # 5.74%, 11/27/98 75,000,000 100,000,000 Toyota Motor Credit Corp., 5.56%, 11/18/98 99,975,054 ------------- 978,792,782 ------------- Utilities -- 1.2% 62,000,000 Baltimore Gas & Electric Co., 5.62%, 09/01/98 62,002,554 - ------------------------------------------------------------------- Total Corporate Notes & Bonds (FRN) (Cost $1,057,795,336) 1,057,795,336 - ------------------------------------------------------------------- Asset-Backed Securities (FRN) -- 0.7% -------------------------------------- Financial Services 35,000,000 Triangle Funding Ltd., Ser. 1997-1X, Class 1, # 5.69%, 11/15/98 (Cost $35,000,000) 35,000,000 - ------------------------------------------------------------------- Total Floating Rate Notes & Bonds (Cost $1,352,097,133) 1,352,097,133 - ------------------------------------------------------------------- Deposits -- 4.3% - ------------------------------------------------------------------- Time Deposit -- 0.2% -------------------- 10,479,000 First Union National Bank, 5.81%, 09/01/98 10,479,000 ------------- Certificate of Deposits -- 1.2% -------------------------------- 35,000,000 Bankers Trust Co. of New York, 5.97%, 10/27/98 34,998,167 25,000,000 CS First Boston, 5.79%, 04/27/99 25,000,000 ------------- 59,998,167 -------------
28 See notes to financial statements. Chase Vista Cash Management Fund Portfolio of Investments August 31, 1998 (continued)
Principal Amount Value (USD) Issuer (USD) - --------------------------------------------------------------------- Deposits -- (continued) - --------------------------------------------------------------------- Certificate of Deposits (Euro Deposits) -- 2.9% ----------------------------------------------- $ 25,000,000 Bank of Austria of New York, 5.64%, 02/25/99 $ 24,994,633 10,000,000 Bank of Nova Scotia, (Canada) 5.89%, 09/16/98 10,000,807 25,000,000 Bayerische Vereinsbank, (Germany) 5.68%, 01/21/99 25,000,000 35,000,000 Canadian Imperial Bank, (Canada) 5.75%, 04/01/99 34,990,267 Deutsche Bank AG, (Germany) 10,000,000 5.73%, 04/14/99 9,997,032 11,500,000 5.75%, 04/27/99 11,496,410 10,000,000 Deutsche Bank Financial, 5.95%, 10/26/98 9,999,280 24,000,000 Swiss Bank Corp., New York, (Yankee) 5.64%, 02/25/99 23,993,986 -------------- 150,472,415 - ---------------------------------------------------------------------- Total Deposits (Cost $220,949,582) 220,949,582 - ---------------------------------------------------------------------- Repurchase Agreements -- 5.5% - ---------------------------------------------------------------------- 150,000,000 Greenwich Capital Markets, 5.80%, due 09/01/98, (Dated 08/31/98, Proceeds $150,024,167, Secured by FNMA REMICS, $184,502,662, 6.50% through 7.19%, 02/18/12 through 04/18/28; Market $153,002,291) 150,000,000 130,000,000 Lehman Brothers Inc., 5.90%, due 09/01/98, (Dated 08/31/98, Proceeds $130,021,306, Secured by U.S. Treasury Notes, $128,690,000 at 5.75%, due 09/30/99; Market $132,607,727) 130,000,000 - ---------------------------------------------------------------------- Total Repurchase Agreements (Cost $280,000,000) 280,000,000 - ---------------------------------------------------------------------- Total Investments -- 99.5% (Cost $5,092,687,418)** $5,092,687,418 - ----------------------------------------------------------------------
29 See notes to financial statements. Chase Vista Prime Money Market Fund as of August 31, 1998 (unaudited) 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, B and C Shares Net assets $5.3 Billion 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 1-14 days .......... 25.59% 15-30 days ......... 8.15% 31-60 days ......... 6.84% 61-90 days ......... 3.33% 91+ days ........... 56.09%
30 Chase Vista Prime Money Market Fund as of August 31, 1998 (unaudited) How Much of the Fund Was Invested [PIE CHART] Investments (98.3%) Cash/Other (1.7%) [END PIE CHART] Yields
7-Day SEC Yield1 ---------------- B Shares 4.47% C Shares 4.22% Premier Shares 5.27% Institutional Shares 5.48%
Past performance is not a guarantee of future results. Yields will fluctuate. An investment is neither insured nor guaranteed by the U.S. government and there can be no assurance that the fund will maintain a stable Net Asset Value of $1.00 per share. (1) The yields for B Shares and Premier Shares reflect the voluntary waiver of certain expenses and the assumption of certain expenses otherwise payable by the Fund. Without waivers, the yields would have been 4.22% for B Shares and 5.22% for Premier Shares. This voluntary waiver may be modified or terminated at any time, which would reduce the fund's performance. 31 Chase Vista Prime Money Market Fund Portfolio of Investments August 31, 1998
Principal Amount Value (USD) Issuer (USD) - ---------------------------------------------------------------------- Corporate Notes & Bonds -- 5.8% - ---------------------------------------------------------------------- Financial Services -- 5.8% -------------------------- Beta Finance Inc., # $25,000,000 5.69%, 03/02/99 $ 24,998,753 17,000,000 5.87%, 11/12/98 17,000,000 CC USA Inc.(Centauri Corp.), (Cayman Islands) # 25,000,000 5.70%, 03/04/99 25,000,000 40,000,000 5.72%, 03/30/99 40,000,000 35,000,000 5.80%, 04/30/99 35,000,000 25,000,000 5.80%, 06/10/99 25,000,000 25,000,000 5.82%, 04/30/99 25,000,000 Sigma Finance Corp., (United Kingdom) # 25,000,000 5.70%, 02/26/99 25,000,000 25,000,000 5.76%, 03/09/99 25,000,000 25,000,000 5.92%, 10/15/98 25,000,000 7,000,000 5.97%, 11/16/98 7,000,000 15,000,000 6.00%, 09/15/98 15,000,000 21,500,000 Tokai Financial Services, # 6.20%, 06/18/99 21,567,463 - ---------------------------------------------------------------------- Total Corporate Notes & Bonds (Cost $310,566,216) 310,566,216 - ---------------------------------------------------------------------- Commercial Paper -- 30.1% - ---------------------------------------------------------------------- State & Municipal Commercial Paper -- 2.6% ------------------------------------------ California -- 1.2% 62,327,000 Northern California Transmission, 5.53%, 10/06/98 61,991,906 ----------- New York -- 1.1% Mount Sinai, New York, Union Free School District, 47,269,000 5.55%, 09/14/98 47,174,265 10,500,000 5.56%, 09/14/98 10,478,918 ----------- 57,653,183 -----------
32 See notes to financial statements. Chase Vista Prime Money Market Fund Portfolio of Investments August 31, 1998 (continued)
Principal Amount Value (USD) Issuer (USD) - --------------------------------------------------------------------- Commercial Paper -- (continued) - --------------------------------------------------------------------- Texas -- 0.3% $ 14,075,000 Trinity River Authority of Texas, Ser. 96B, 5.56%, 11/16/98 $ 14,075,000 - --------------------------------------------------------------------- Total State & Municipal Commercial Paper (Cost $133,720,089) 133,720,089 - --------------------------------------------------------------------- Corporate Commercial Paper -- 27.5% ----------------------------------- 20,000,000 Banco BCN Barclays (Bahamas), Ltd., 5.38%, 11/06/98 19,802,917 5,000,000 Banco Itau SA, (Germany) 5.60%, 09/11/98 4,992,222 20,000,000 Banco Mercantil del Norte SA, (Banorte), Ser. A, (Cayman Islands) 5.65%, 09/09/98 19,974,911 52,500,000 Banco Nacional De Mexico SA, (Mexico) 5.56%, 10/19/98 52,110,800 Banner Receiveables Corp., 25,434,000 5.64%, 09/25/98 25,338,368 47,000,000 5.65%, 09/11/98 46,926,236 24,992,000 5.65%, 09/14/98 24,941,009 38,276,000 5.66%, 09/08/98 38,233,875 30,433,000 5.66%, 09/14/98 30,370,798 10,000,000 5.66%, 09/17/98 9,974,844 5,348,000 5.67%, 09/03/98 5,346,315 47,371,000 5.67%, 09/08/98 47,318,773 23,000,000 5.68%, 09/03/98 22,992,742 145,000,000 Bavaria Universal Funding, # 5.57%, 09/18/98 144,618,610 Bayerische Landesbank, Girozentrale, (Germany) 10,000,000 5.72%, 09/10/98 9,985,700 10,000,000 5.72%, 09/11/98 9,984,111 35,000,000 Centric Funding Corp., 5.54%, 09/23/98 34,881,506
33 See notes to financial statements. Chase Vista Prime Money Market Fund Portfolio of Investments August 31, 1998 (continued)
Principal Amount Value (USD) Issuer (USD) - -------------------------------------------------------------------- Commercial Paper -- (continued) - -------------------------------------------------------------------- China Merchants Bank, (China) $ 48,000,000 5.52%, 11/17/98 $ 47,433,280 55,000,000 5.56%, 09/08/98 54,940,539 11,500,000 COFCO Capital Corp., Ser. A, (China) 5.57%, 09/16/98 11,473,311 Comision Federal De Electricidad, (Germany) 34,000,000 5.55%, 09/09/98 33,958,067 50,000,000 5.55%, 09/21/98 49,845,833 50,000,000 Dixie Overseas Ltd., Ser. B, (France) 5.54%, 11/16/98 49,415,222 Galicia Buenos Aires Funding, (Germany) 40,000,000 5.50%, 03/09/99 38,845,000 75,000,000 5.51%, 03/09/99 72,830,438 Glencore Finance, Ser. A,(Netherlands) 50,000,000 5.56%, 09/09/98 49,938,222 110,000,000 5.56%, 09/14/98 109,779,144 5,000,000 Gotham Funding Corp., (Japan) 5.67%, 09/10/98 4,992,913 23,304,000 Greyhawk Funding, LLC, 5.57%, 09/22/98 23,228,281 20,000,000 Interperu Funding Ltd., (Netherlands) 5.55%, 09/29/98 19,913,667 10,000,000 Mitsubushi Motors Credit Acceptance, (MMCA) 5.90%, 10/02/98 9,949,195 50,000,000 Nacional Financiera SNC (Cayman Islands) 5.50%, 02/16/99 48,716,667 31,400,000 Special Purpose Accounts Receivable Cooperative Corp., 5.60%, 09/02/98 31,395,116 TEB Funding Corp, I, (France) 8,250,000 5.55%, 09/03/98 8,247,456 21,250,000 5.55%, 09/11/98 21,217,240
34 See notes to financial statements. Chase Vista Prime Money Market Fund Portfolio of Investments August 31, 1998 (continued)
Principal Amount Value (USD) Issuer (USD) - ------------------------------------------------------------------- Commercial Paper -- (continued) - ------------------------------------------------------------------- $ 6,250,000 TEB Funding Corp, I, (France) 5.55%, 09/03/98 $ 6,248,073 10,000,000 Temple Physicians, Inc., Ser. 1997, (Canada) 5.59%, 09/15/98 9,978,261 Towson Town Center Inc., (Japan) 50,556,000 5.68%, 09/09/98 50,492,187 31,000,000 5.68%, 09/10/98 30,955,980 17,000,000 Transportadora De Gas Del Sur SA, (Argentina) 5.59%, 09/24/98 16,939,286 125,000,000 Tulip Funding Corp., (Netherlands) 5.56%, 10/26/98 123,938,195 - ------------------------------------------------------------------- Total Corporate Commercial Paper (Cost $1,472,465,310) 1,472,465,310 - ------------------------------------------------------------------- Total Commercial Paper (Cost $1,606,185,399) 1,606,185,399 - ------------------------------------------------------------------- Floating Rate Notes & Bonds -- 50.6% - ------------------------------------------------------------------- U.S. Government Agency Obligations (FRN) -- 0.8% ------------------------------------------------ 44,000,000 Student Loan Marketing Association, 5.27%, 09/01/98 (Cost $44,000,000) 44,000,000 - ------------------------------------------------------------------- State & Municipal Obligations (FRDN) -- 1.9% -------------------------------------------- California -- 0.4% 17,000,000 Kern County, California Pension Obligation, Taxable, Medical Options Period, Cr-7T, Rev., 5.76%, 09/01/98 17,000,000 2,900,000 Stanislaus County, California Pension Obligation, Medical Options Period, Taxable, Rev., 5.76%, 09/01/98 2,900,000 ------------- 19,900,000 -------------
35 See notes to financial statements. Chase Vista Prime Money Market Fund Portfolio of Investments August 31, 1998 (continued)
Principal Amount Value (USD) Issuer (USD) - ----------------------------------------------------------------- Floating Rate Notes & Bonds -- (continued) - ----------------------------------------------------------------- Illinois -- 1.2% $ 16,635,000 Illinois Housing Development Authority, Multifamily Housing, Ser. A, Rev., 5.61%, 09/02/98 $ 16,635,000 Illinois Student Assistance Commission, 20,600,000 Ser. B, 5.61%, 09/02/98 20,600,000 27,200,000 Ser. D, 5.61%, 09/02/98 27,200,000 ------------ 64,435,000 ------------ New York -- 0.2% New York State Housing Finance Agency Service, Contract Obligation, Ser. B, Rev., 15,600,000 5.65%, 09/02/98 15,600,000 ------------ Texas -- 0.1% 3,600,000 Texas State, Taxable, Medical Options Period, Rev., 5.76%, 09/01/98 3,600,000 - ------------------------------------------------------------------ Total State & Municipal Obligations (FRDN) (Cost $103,535,000) 103,535,000 - ------------------------------------------------------------------ Corporate Notes & Bonds (FRN) -- 47.9% --------------------------------------- Banking -- 7.1% 32,000,000 Bank of Montreal, Chicago, (Yankee) 5.56%, 09/01/98 31,983,354 250,000,000 Bayerische Landesbank, (Germany) 5.51%, 09/22/98 249,838,067 75,000,000 Deutsche Bank of New York, (Yankee) 5.51%, 09/16/98 74,950,531 25,000,000 First USA Bank, 5.97%, 09/17/98 25,003,235 ------------ 381,775,187 ------------ Diversified -- 4.4% 240,000,000 Restructured Asset Securities, # (RACERS), 1998 Ser. MM-7 1, 5.64%, 09/17/98 240,000,000 ------------
36 See notes to financial statements. Chase Vista Prime Money Market Fund Portfolio of Investments August 31, 1998 (continued)
Principal Amount Value (USD) Issuer (USD) - --------------------------------------------------------------- Floating Rate Notes & Bonds -- (continued) - --------------------------------------------------------------- Financial Services -- 28.2% Beta Finance Inc., # $ 25,000,000 5.59%, 09/25/98 $ 25,000,000 80,000,000 5.61%, 09/01/98 80,000,000 24,000,000 5.67%, 09/01/98 24,000,000 25,000,000 5.88%, 09/20/98 25,000,000 CC USA Inc. (Centauri Corp.), (Cayman Islands) # 25,000,000 5.54%, 09/08/98 25,000,000 25,000,000 5.59%, 09/15/98 25,000,000 30,000,000 5.59%, 09/27/98 30,000,000 45,000,000 5.88%, 09/20/98 45,000,000 75,000,000 First AllAmerica Financial Life Funding, 5.73%, 09/01/98 75,000,000 General Electric Capital Corp., MTN 100,000,000 5.54%, 09/08/98 99,966,070 50,000,000 5.54%, 09/09/98 49,984,834 55,000,000 Goldman Sachs Group, 5.69%, 10/14/98 # 55,000,000 21,895,000 Health Care Funding LLC, 5.60%, 09/03/98 21,895,000 Morgan Stanley Group, Inc., 35,000,000 5.79%, 09/12/98 35,000,000 50,000,000 5.79%, 09/15/98 50,000,000 36,000,000 Racetrac Capital LLC, Series 1998A, 5.59%, 09/02/98 36,000,000 35,000,000 Sanwa Business Credit Corp., 5.63%, 11/20/98 # 34,998,498 7,266,000 Sault Ste Marie Tribe Building, 6.15%, 12/01/98 7,266,000 Sigma Finance Corp., (United Kingdom) # 75,000,000 5.63%, 09/01/98 75,000,000 50,000,000 5.67%, 09/01/98 50,000,000 50,000,000 5.68%, 09/01/98 50,000,000 125,000,000 SMM Trust 1998, Ser. B, 5.65%, 09/07/98 # 1 25,000,000
37 See notes to financial statements. Chase Vista Prime Money Market Fund Portfolio of Investments August 31, 1998 (continued)
Principal Amount Value (USD) Issuer (USD) - ------------------------------------------------------------------ Floating Rate Notes & Bonds -- (continued) - ------------------------------------------------------------------ Structured Enhanced Return Trust, (Steers) $ 73,481,415 1997 Ser. A-31, # 5.68%, 09/25/98 $ 73,476,257 70,000,000 1997 Ser. B-71, # 5.64%, 09/15/98 69,998,719 25,000,000 1998 Ser. A-38, # 5.70%, 09/23/98 25,000,000 62,000,000 1998 Ser. A-42, # 5.68%, 09/25/98 62,000,000 30,000,000 Short Term Repackage Asset Trust Securities (Strat), 1997-A, # 5.67%, 09/16/98 30,000,000 200,000,000 Toyota Motor Credit Corp., 5.57%, 09/01/98 199,856,229 ------------- 1,504,441,607 ------------- Health Care -- 0.2% 9,400,000 Oakwood Medical, Ser. 88-A, 5.66%, 09/02/98 9,400,000 ------------- Insurance -- 7.5% General American Life Insurance Co., 75,000,000 5.76%, 09/01/98 75,000,000 50,000,000 5.76%, 10/01/98 50,000,000 141,400,000 5.83%, 09/01/98 141,400,000 135,000,000 Jackson National Life Insurance Co., 5.73%, 09/01/98 135,000,000 ------------- 401,400,000 ------------- Other Government Obligations -- 0.2% 9,000,000 Hydro-Quebec, (Yankee Sector) 5.76%, 09/01/98 9,000,000 ------------- Special Purpose -- 0.3% 14,000,000 Edward Obligation Group, Ser. 97B, 5.61%, 09/02/98 14,000,000 - - ----------------------------------------------------------------- Total Corporate Notes & Bonds (FRN) (Cost $2,560,016,794) 2,560,016,794 - ------------------------------------------------------------------
38 See notes to financial statements. Chase Vista Prime Money Market Fund Portfolio of Investments August 31, 1998 (continued)
Principal Amount Value (USD) Issuer (USD) - ----------------------------------------------------------------------- Floating Rate Notes & Bonds -- (continued) - ----------------------------------------------------------------------- Total Floating Rate Notes & Bonds (Cost $2,707,551,794) $2,707,551,794 - ----------------------------------------------------------------------- Deposits -- 5.8% - ----------------------------------------------------------------------- Time Deposits -- 2.4% --------------------- Bank of Tokyo-Mitsubishi, Ltd., (Japan) $50,000,000 5.70%, 09/24/98 50,000,000 80,000,000 5.75%, 09/14/98 80,000,000 -------------- 130,000,000 -------------- Certificate of Deposit -- 0.6% ------------------------------ $35,000,000 Swiss Bank Corp., 5.74%, 06/11/99 34,984,396 -------------- Certificate of Deposits (Euro Deposits) -- 0.8% ----------------------------------------------- 15,000,000 Bayerische Landesbank, (Germany) 5.72%, 05/06/99 14,989,825 25,000,000 Rabobank Nederland -- Cooeperatieve Centrale Raiffeisen-Boerenleenbank B.A. (Netherlands) 5.69%, 04/16/99 24,989,567 -------------- 39,979,392 -------------- Certificate of Deposits (Yankee) -- 2.0% ---------------------------------------- 25,000,000 Bank Austria AG, (Austria) 5.69%, 08/03/99 24,985,669 20,000,000 Bayerische Landesbank, (Germany) 5.64%, 03/15/99 19,986,914 35,000,000 Norddeutsche Landesbank, (Germany) 5.66%, 07/27/99 34,981,860 25,000,000 Union Bank of Switzerland, (Switzerland) 5.68%, 06/25/99 24,988,936 -------------- 104,943,379 - ----------------------------------------------------------------------- Total Deposits (Cost $309,907,167) 309,907,167 - -----------------------------------------------------------------------
39 See notes to financial statements. Chase Vista Prime Money Market Fund Portfolio of Investments August 31, 1998 (continued)
Principal Amount Value (USD) Issuer (USD) - -------------------------------------------------------------------- Repurchase Agreements -- 8.1% - -------------------------------------------------------------------- $150,000,000 Credit Suisse First Boston Corp., 5.92%, due 09/01/98, (Dated 08/31/98, Proceeds $150,024,667, Secured by; GNMA ARM Pools, $208,920,060, 5.50% through 8.00%, due 03/20/26 through 03/20/28; GNMA Pools, $27,016,235, 7.50% through 9.50%, due 05/20/03 through 05/20/28; Market $154,436,695) $ 150,000,000 155,000,000 Greenwich Funding Corp., 5.85%, due 09/01/98, (Dated 08/31/98, Proceeds $155,025,188, Secured by FNMA Ser. 1998-49, Class B, $155,705,000, at 6.50%, due 08/18/28; Market $158,101,492) 155,000,000 125,530,000 Lehman Brothers, Inc., 5.95%, due 09/01/98, (Dated 08/31/98, Proceeds $125,550,747, Secured by; FHLBs, $51,485,000, 5.61% through 7.02%, due 10/08/98 through 05/06/13; FNMAs, $73,275,000, 5.09% through 7.19%, due 02/08/99 through 08/27/12; Market $127,940,546) 125,530,000 - -------------------------------------------------------------------- Total Repurchase Agreements (Cost $430,530,000) 430,530,000 - -------------------------------------------------------------------- Total Investments -- 100.4% (Cost $5,364,740,576)** $5,364,740,576 - --------------------------------------------------------------------
40 See notes to financial statements. Chase Vista Funds Portfolio of Investments August 31, 1998 (continued) Index # --Security may only be sold to qualified institutional buyers. **--The cost of securities is substantially the same for federal income tax purposes. +--All or a portion of this security is held in a segregated account. ARM--Adjustable Rate Mortgage DN--Discount Note FHLB--Federal Home Loan Bank FNMA--Federal National Mortgage Association FRDN--Floating Rate Demand Note: The maturity date shown is the next interest reset date; the rate shown is the rate in effect at August 31, 1998. FRN--Floating Rate Note: The maturity date shown is the next interest reset date; the rate shown is the rate in effect at August 31, 1998. GNMA--Government National Mortgage Association GO--General Obligation MTN--Medium Term Note REMIC--Real Estate Mortgage Investment Conduit REV--Revenue Bond 41 See notes to financial statements. Chase Vista Funds Statement of Assets and Liabilities August 31, 1998 - --------------------------------------------------------------------------------
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) ................................ $ 4,929,252,344 $6,501,319,883 $2,638,749,565 Cash ..................................... 10,158 -- 500,656 Other assets ............................. 56,590 78,842 28,029 Receivables: Investment securities sold .............. 100,367,792 384,809,138 -- Interest ................................ 56,340,275 43,745,598 10,847,821 Fund shares sold ........................ 74,348 178,384 -- Other ................................... 2,785 3,162 -- --------------- -------------- -------------- Total Assets .......................... 5,086,104,292 6,930,135,007 2,650,126,071 --------------- -------------- -------------- LIABILITIES: Payables: Investment securities purchased ......... 207,004,885 -- 295,424,701 Fund shares redeemed .................... 9,502 296,106 1,583,059 Dividends ............................... 7,744,295 11,954,194 3,702,871 Accrued liabilities: (Note 2) Investment advisory fees ................ 400,776 565,255 204,012 Administration fees ..................... 341,657 565,255 122,408 Shareholder servicing fees .............. 583,694 769,305 365,252 Distribution fees ....................... 252,955 307,722 113,046 Custody fees ............................ 77,044 117,002 46,853 Other ................................... 974,931 1,531,695 569,530 --------------- -------------- -------------- Total Liabilities ..................... 217,389,739 16,106,534 302,131,732 --------------- -------------- -------------- NET ASSETS: Paid in capital .......................... 4,867,802,084 6,914,078,537 2,347,950,002 Accumulated undistributed net investment income ....................... -- 20,677 (25,713) Accumulated net realized gain (loss) on investment transactions .............. 912,469 (70,741) 70,050 --------------- -------------- -------------- Net Assets ................................. $ 4,868,714,553 $6,914,028,473 $2,347,994,339 =============== ============== ============== Shares of beneficial interest outstanding ($.001 par value; unlimited number of shares authorized): Vista Shares ............................. 3,050,844,790 3,033,409,231 1,316,384,237 Premier Shares ........................... 21,737,740 1,083,610,419 155,498,390 Institutional Shares ..................... 1,795,308,328 2,797,159,637 876,165,344 B Shares* ................................ -- -- -- C Shares* ................................ -- -- -- Net asset value, offering and redemption price per share .............. $ 1.00 $ 1.00 $ 1.00 =============== ============== ============== Cost of investments ...................... $ 4,929,252,344 $6,501,319,883 $2,638,749,565 =============== ============== ==============
- -------------- *Redemption price may be reduced by contingent deferred sales charge. 42 See notes to financial statements. Chase Vista Funds Statement of Assets and Liabilities August 31, 1998 - --------------------------------------------------------------------------------
Federal Cash Prime Money Market Management Money Market Fund Fund Fund ------------ -------------- -------------- ASSETS: Investment securities, at value (Note 1) ................................. $887,724,362 $5,092,687,418 $5,364,740,576 Cash ...................................... 375 311 4,444,244 Other assets .............................. 10,489 62,652 64,979 Receivables: Investment securities sold ............... 74,698,425 305,165 62,005,007 Interest ................................. 7,702,244 29,834,596 24,799,515 Fund shares sold ......................... 647,114 1,280,539 2,279,753 Other .................................... -- 46,846 -- ------------ -------------- -------------- Total Assets ........................... 970,783,009 5,124,217,527 5,458,334,074 ------------ -------------- -------------- LIABILITIES: Payables: Investment securities purchased .......... 98,650,833 -- 108,406,900 Fund shares redeemed ..................... 202,199 654,173 54,801 Dividends ................................ 1,018,364 3,542,404 6,695,972 Accrued liabilities: (Note 2) Investment advisory fees ................. 73,729 438,140 456,089 Administration fees ...................... 73,729 438,140 456,089 Shareholder servicing fees ............... 133,914 1,082,752 107,862 Distribution fees ........................ 30,044 -- 15,136 Custody fees ............................. 42,084 93,307 93,723 Other .................................... 412,394 949,650 1,066,416 ------------ -------------- -------------- Total Liabilities ...................... 100,637,290 7,198,566 117,352,988 ------------ -------------- -------------- NET ASSETS: Paid in capital ........................... 870,184,299 5,116,988,742 5,340,906,088 Accumulated undistributed net investment income ........................ (8,594) 244,275 11,080 Accumulated net realized gain (loss) on investment transactions ............... (29,986) (214,056) 63,918 ------------ -------------- -------------- Net Assets .................................. $870,145,719 $5,117,018,961 $5,340,981,086 ============ ============== ============== Shares of beneficial interest outstanding ($.001 par value; unlimited number of shares authorized): Vista Shares .............................. 359,096,867 3,641,690,744 -- Premier Shares ............................ 313,125,208 415,333,922 590,144,769 Institutional Shares ...................... 197,962,224 1,059,976,383 4,721,991,009 B Shares* ................................. -- -- 28,699,739 C Shares* ................................. -- -- 70,571 Net asset value, offering and redemption price per share ............... $ 1.00 $ 1.00 $ 1.00 ============ ============== ============== Cost of investments ....................... $887,724,362 $5,092,687,418 $5,364,740,576 ============ ============== ==============
- -------------- *Redemption price may be reduced by contingent deferred sales charge. 43 See notes to financial statements. Chase Vista Funds Statement of Operations For the year ended August 31, 1998 - --------------------------------------------------------------------------------
100% U.S. U.S. Treasury Securities Government Treasury Plus Money Market Money Market Money Market Fund Fund Fund ------------------- -------------- ------------- INTEREST INCOME: (Note 1C) $189,833,295 $364,706,638 $131,681,870 ------------ ------------ ------------ EXPENSES: (Note 2) Investment advisory fees ............. 3,534,288 6,498,006 2,384,985 Administration fees .................. 1,767,144 3,249,003 1,192,493 Shareholder servicing fees ........... 9,299,355 11,949,130 6,202,356 Distribution fees .................... 2,649,087 3,693,140 1,631,868 Sub-administration fees .............. 1,767,144 3,249,003 1,192,493 Custodian fees ....................... 258,779 411,325 165,846 Printing and postage ................. 33,356 119,672 29,917 Professional fees .................... 135,946 266,695 101,467 Registration costs ................... 762,192 603,288 365,479 Transfer agent fees .................. 649,245 956,027 366,883 Trustees fees and expenses ........... 176,714 324,900 119,249 Other ................................ 54,453 221,071 65,539 ------------ ------------ ------------ Total expenses .................... 21,087,703 31,541,260 13,818,575 Less amounts waived (Note 2B) .......... 3,580,131 4,183,860 2,116,342 Less expenses borne by the Distributor ......................... 1,494 -- -- ------------ ------------ ------------ Net expenses ......................... 17,506,078 27,357,400 11,702,233 ------------ ------------ ------------ Net investment income ................ 172,327,217 337,349,238 119,979,637 ------------ ------------ ------------ REALIZED GAIN (LOSS) ON INVESTMENTS Net realized gain (loss) on investment transactions ........................ 2,715,579 (61,447) 412,087 ------------ ------------ ------------ Net increase in net assets from operations .......................... $175,042,796 $337,287,791 $120,391,724 ============ ============ ============
44 See notes to financial statements. Chase Vista Funds Statement of Operations For the year ended August 31, 1998 - --------------------------------------------------------------------------------
Federal Cash Prime Money Market Management Money Market Fund Fund Fund -------------- --------------- --------------- INTEREST INCOME: (Note 1C) $44,393,833 $261,773,564 $213,307,923 ----------- ------------ ------------ EXPENSES: (Note 2) Investment advisory fees ............. 793,764 4,595,098 3,711,416 Administration fees .................. 396,882 2,297,549 1,855,708 Shareholder servicing fees ........... 1,823,892 11,817,000 1,824,117 Distribution fees .................... 296,366 -- 99,828 Sub-administration fees .............. 396,882 2,297,549 1,855,708 Custodian fees ....................... 129,530 390,219 290,384 Printing and postage ................. 14,975 59,834 31,232 Professional fees .................... 48,767 167,769 140,465 Registration costs ................... 107,426 648,459 713,341 Transfer agent fees .................. 524,019 1,034,820 354,700 Trustees fees and expenses ........... 39,688 229,755 185,571 Other ................................ 9,687 42,089 120,883 ----------- ------------ ------------ Total expenses .................... 4,581,878 23,580,141 11,183,353 Less amounts waived (Note 2B) .......... 444,106 845,300 471,154 Less expenses borne by the Distributor ......................... -- -- 27,918 ----------- ------------ ------------ Net expenses ......................... 4,137,772 22,734,841 10,684,281 ----------- ------------ ------------ Net investment income ................ 40,256,061 239,038,723 202,623,642 ----------- ------------ ------------ REALIZED GAIN (LOSS) ON INVESTMENTS Net realized gain (loss) on investment transactions ........................ (29,986) (214,056) 140,745 ----------- ------------ ------------ Net increase in net assets from operations .......................... $40,226,075 $238,824,667 $202,764,387 =========== ============ ============
45 See notes to financial statements. Chase Vista Funds Statement of Changes in Net Assets For the year ended August 31, - --------------------------------------------------------------------------------
100% U.S. Treasury Securities Money Market Fund ---------------------------------- 1998 1997 --------------- --------------- INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS: Net investment income ................................... $ 172,327,217 $ 95,373,722 Net realized gain (loss) on investment transactions ..... 2,715,579 608,194 -------------- -------------- Increase in net assets from operations .................. 175,042,796 95,981,916 -------------- -------------- DISTRIBUTIONS TO SHAREHOLDERS FROM: Net investment income ................................... (172,327,217) (95,373,722) Net realized gain on investment transactions ............ (1,816,967) (896,002) -------------- -------------- Total dividends and distributions ....................... (174,144,184) (96,269,724) -------------- -------------- Increase from capital share transactions ................ 2,404,686,040 791,586,677 -------------- -------------- Total increase ......................................... 2,405,584,652 791,298,869 NET ASSETS: Beginning of period ..................................... 2,463,129,901 1,671,831,032 -------------- -------------- End of period ........................................... $4,868,714,553 $2,463,129,901 ============== ============== U.S. Government Money Market Treasury Plus Fund Money Market Fund ----------------------------------- ----------------------------------- 1998 1997 1998 1997 -------------- -------------- -------------- -------------- INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS: Net investment income ................................... $ 337,349,238 $ 262,809,271 $ 119,979,637 $ 96,104,018 Net realized gain (loss) on investment transactions ..... (61,447) 493,637 412,087 245,215 -------------- -------------- -------------- -------------- Increase in net assets from operations .................. 337,287,791 263,302,908 120,391,724 96,349,233 -------------- -------------- -------------- -------------- DISTRIBUTIONS TO SHAREHOLDERS FROM: Net investment income ................................... (337,349,238) (262,809,271) (119,996,628) (96,120,887) Net realized gain on investment transactions ............ (18,900) (465,957) (342,037) (166,314) -------------- -------------- -------------- -------------- Total dividends and distributions ....................... (337,368,138) (263,275,228) (120,338,665) (96,287,201) -------------- -------------- -------------- -------------- Increase from capital share transactions ................ 983,014,510 1,890,616,058 319,216,119 351,955,824 -------------- -------------- -------------- -------------- Total increase ......................................... 982,934,163 1,890,643,738 319,269,178 352,017,856 NET ASSETS: Beginning of period ..................................... 5,931,094,310 4,040,450,572 2,028,725,161 1,676,707,305 -------------- -------------- -------------- -------------- End of period ........................................... $6,914,028,473 $5,931,094,310 $2,347,994,339 $2,028,725,161 ============== ============== ============== ==============
46 See notes to financial statements. Chase Vista Funds Statement of Changes in Net Assets For the year ended August 31, - --------------------------------------------------------------------------------
Federal Cash Management Money Market Fund Fund ------------------------------ -------------------------------- 1998 1997 1998 1997 ------------- ------------- -------------- -------------- INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS: Net investment income ................................... $ 40,256,061 $ 38,641,291 $ 239,038,723 $ 160,620,718 Net realized gain (loss) on investment transactions ..... (29,986) 54,317 (214,056) 12,811 ------------- ------------- -------------- -------------- Increase in net assets from operations .................. 40,226,075 38,695,608 238,824,667 160,633,529 ------------- ------------- -------------- -------------- DISTRIBUTIONS TO SHAREHOLDERS FROM: Net investment income ................................... (40,256,060) (38,641,291) (238,815,273) (160,620,718) Net realized gain on investment transactions ............ -- (106,779) -- -- ------------- ------------- -------------- -------------- Total dividends and distributions ....................... (40,256,060) (38,748,070) (238,815,273) (160,620,718) ------------- ------------- -------------- -------------- Increase from capital share transactions ................ 38,841,327 88,383,952 1,241,283,513 1,164,197,068 ------------- ------------- -------------- -------------- Total increase ......................................... 38,811,342 88,331,490 1,241,292,907 1,164,209,879 NET ASSETS: Beginning of period ..................................... 831,334,377 743,002,887 3,875,726,054 2,711,516,175 ------------- ------------- -------------- -------------- End of period ........................................... $ 870,145,719 $ 831,334,377 $5,117,018,961 $3,875,726,054 ============= ============= ============== ============== Prime Money Market Fund ---------------------------------- 1998 1997 -------------- -------------- INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS: Net investment income ................................... $ 202,623,642 $ 84,411,689 Net realized gain (loss) on investment transactions ..... 140,745 179,950 -------------- -------------- Increase in net assets from operations .................. 202,764,387 84,591,639 -------------- -------------- DISTRIBUTIONS TO SHAREHOLDERS FROM: Net investment income ................................... (202,623,643) (84,411,688) Net realized gain on investment transactions ............ (66,187) (179,510) -------------- -------------- Total dividends and distributions ....................... (202,689,830) (84,591,198) -------------- -------------- Increase from capital share transactions ................ 3,483,678,181 698,281,185 -------------- -------------- Total increase ......................................... 3,483,752,738 698,281,626 NET ASSETS: Beginning of period ..................................... 1,857,228,348 1,158,946,722 -------------- -------------- End of period ........................................... $5,340,981,086 $1,857,228,348 ============== ==============
47 See notes to financial statements. Chase Vista Funds Notes to Financial Statements - -------------------------------------------------------------------------------- 1. Organization and Significant Accounting Policies -- Mutual Fund Trust ("MFT") (the "Trust") is organized as a Massachusetts business trust, and registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end, management investment company. Effective March 16, 1998, the Vista Family of Mutual Funds changed its name to the Chase Vista Funds. 100% U.S. Treasury Securities Money Market Fund ("CVUSTS"), U.S. Government Money Market Fund ("CVUSG"), Treasury Plus Money Market Fund ("CVTP"), Federal Money Market Fund ("CVF"), Cash Management Fund ("CVCM"), and Prime Money Market Fund ("CVP"), are separate portfolios of MFT. Collectively all of these funds are referred to as "Money Market Funds" or individually as the "Fund". The Funds offer various classes of shares as follows:
Fund Classes Offered ---- --------------- CVUSTS ........ Vista, Premier, Institutional CVUSG ......... Vista, Premier, Institutional CVTP .......... Vista, Premier, Institutional CVF ........... Vista, Premier, Institutional CVCM .......... Vista, Premier, Institutional CVP ........... Premier, Institutional, B Shares, C Shares
All classes of shares have equal rights as to earnings, assets and voting privileges except that each class may bear different transfer agent, distribution and shareholder servicing expenses, and each class has exclusive voting rights with respect to its distribution plan and shareholder servicing agreement. The following is a summary of significant accounting policies followed by the Funds: The preparation of financial statements in accordance with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates. A. Valuation of investments -- Money market instruments are valued at amortized cost which approximates market value. The Trust's use of amortized cost is subject to the Trust's compliance with certain conditions as specified under Rule 2a-7 of the 1940 Act. B. Repurchase agreements -- It is the Trust's policy that repurchase agreements are fully collateralized by U.S. Treasury and Government agency securities. All collateral is held by the Trust's custodian bank, subcustodian or a bank in which the custodian bank has entered into a subcustodian agreement or is segregated in the Federal Reserve Book Entry System. If the seller of a repurchase agreement defaults and the value of the collateral declines, or if the seller enters into an insolvency proceeding, realization of the collateral may be delayed or limited. In the event the buyer of securities under a reverse repurchase agreement files for bankruptcy or becomes insolvent, the Fund's use of proceeds of the agreement may be restricted pending a determination by the other party, or its trustee or receiver, whether to enforce the Fund's obligation to repurchase the securities. The Fund's use of the proceeds of the reverse repurchase agreement may also effectively be restricted pending such decision. At August 31, 1998, there were no open reverse repurchase agreements. C. Security transactions and investment income -- Investment transactions are accounted for on the trade date (the date the order to buy or sell is executed). Securities gains and losses are calculated on the identified cost basis. Interest income consists of coupon interest accrued and amortization of premium and discount earned. D. Federal income taxes -- Each Fund is treated as a separate taxable entity for Federal income tax purposes. The Trust's policy is to comply with the provisions of 48 Chase Vista Funds Notes to Financial Statements (continued) - -------------------------------------------------------------------------------- the Internal Revenue Code applicable to regulated investment companies and to distribute to shareholders all of a Fund's distributable net income, including net realized gain on investments. In addition, the Trust intends to make distributions as required to avoid excise taxes. Accordingly, no provision for Federal income or excise tax is necessary. E. Distributions to shareholders -- Each Fund declares and records a dividend of substantially all of its net investment income on each business day. Such dividends are paid or re-invested monthly in each respective Fund's shares on the payable dates. The amount of dividends and distributions from net investment income and net realized capital gains is determined in accordance with Federal income tax regulations, which may differ from generally accepted accounting principles. To the extent these "book/tax" differences are permanent in nature (i.e., that they result from other than timing of recognition -- "temporary differences"), such amounts are reclassified within the capital accounts based on their Federal income tax-basis treatment. Dividends and distributions which exceed net investment income or net realized capital gains for financial reporting purposes but not for tax purposes are reported as distributions in excess of net investment income or net realized capital gains. F. Income and Expenses -- Expenses directly attributable to a Fund are charged to that Fund; expenses directly attributable to a particular class are charged directly to such class. Other expenses are allocated proportionately among the Funds within the Trust in relation to the net assets of each Fund or on another reasonable basis. In calculating net asset value per share of each class, investment income, realized and unrealized gains and losses and expenses other than class specific expenses, are allocated daily to each class of shares based upon the proportion of net assets of each class at the beginning of each day. 2. Fees and Other Transactions with Affiliates A. Investment advisory fee -- Pursuant to separate Investment Advisory Agreements, The Chase Manhattan Bank ("Chase" or "Advisor") acts as the investment adviser to the Funds. Chase is a direct wholly-owned subsidiary of The Chase Manhattan Corporation. As investment adviser, Chase supervises the investments of each Fund and for such services is paid a fee. The fee is accrued daily and paid monthly at an annual rate equal to 0.10% of the average daily net assets for each respective Fund. Chase Asset Management, Inc. ("CAM"), a registered investment adviser, is the sub-investment adviser to each Fund, other than the Chase Vista Cash Management Fund, pursuant to a Sub-Investment Advisory Agreement between CAM and Chase. CAM is a wholly owned subsidiary of Chase and is entitled to receive a fee, payable by Chase from its advisory fee, at an annual rate equal to 0.03% of each Fund's average daily net assets. Chase Bank of Texas, National Association ("CBT") is the sub-investment adviser to the Cash Management Fund pursuant to a Sub-Investment Advisory Agreement between Chase and CBT. CBT is a wholly-owned subsidiary of Chase and is entitled to receive a fee, payable by Chase from its advisory fee, at an annual rate equal to 0.03% of the Fund's average daily net assets. B. Shareholder and Fund servicing fees -- The Trust adopted Administrative Service Plans which, among other things, provide that the Trust on behalf of the Funds may obtain the services of one or more Shareholder Servicing Agents. For its services, each Shareholder Servicing Agent receives a fee. The fee is computed daily and paid monthly at an annual rate of 0.35%, of the average daily net assets of the Vista Class, and 0.25% of the average daily net assets of the Premier, B Shares and C Shares Classes of each Fund. The Shareholder Servicing Agents voluntarily waived fees in the amount of $3,204,158, $3,879,907, $1,344,998, $444,106, $845,300 and $471,154 for the CVUSTS, CVUSG, CVTP, CVF, CVCM and CVP, respectively. 49 Chase Vista Funds Notes to Financial Statements (continued) - -------------------------------------------------------------------------------- No Shareholder Servicing fee was paid for the Institutional Shares. Chase and certain of its affiliates are the only Shareholder Servicing Agents. C. Distribution and sub-administrations fees -- Pursuant to the Distribution and Sub-Administration Agreements, Vista Fund Distributors, Inc. ("VFD" or the "Distributor"), a wholly-owned subsidiary of the BISYS Group, Inc. ("BISYS"), acts as the Trust's exclusive underwriter and promotes and arranges for the sale of each Fund's shares. In addition, the Distributor provides certain sub-administration services to the Trust, including providing officers, clerical staff and office space for an annual fee computed daily and paid monthly, of 0.05% of the average daily net assets of each Fund. The Trustees have adopted plans of distribution under the 1940 Act for the Premier Shares of CVUSG (the "Premier Plan"), for the Vista Shares (the "Vista Plan") except for CVCM, and for the B Shares and C Shares of the CVP (the "B Plan" and "C Plan", respectively). There are no distribution plans for the Institutional Shares. The Premier, Vista, B and C Share Plans pay the Distributor a distribution fee. The fee is computed daily and paid monthly at an annual rate of: 0.10% of the average daily net assets of the Vista Class of each Fund (except CVCM), 0.10% of the average daily net assets of the CVUSG Premier Class and 0.75% of the average daily net assets of the B Shares and C Shares of CVP. The Distributor and Sub-Administrator voluntarily waived fees in the amount of $375,973, $303,953 and $771,344 for CVUSTS, CVUSG and CVTP respectively. D. Administration fee -- Pursuant to the Administration Agreement, Chase (the "Administrator") provides certain administration services and facilities to each Fund at a fee computed daily and paid monthly at the annual rate equal to 0.05% of the respective Fund's average daily net assets. Certain officers of the Trust are officers of VFD or of its parent corporation, BISYS. In addition, Chase provides portfolio accounting and custody services for the Funds. Such amounts are presented in the Statement of Operations as custodian fees. 50 Chase Vista Funds Notes to Financial Statements (continued) - -------------------------------------------------------------------------------- 3. Transactions in Shares of Beneficial Interest
100% U.S. Treasury Securities Money Market Fund ---------------------------------------------------------------------------- Vista Class ---------------------------------------------------------------------------- Year ended August 31, 1998 1997 -------------------------------------- ---------------------------------- Amount Shares Amount Shares ---------------- --------------- --------------- -------------- Shares sold ................ $ 13,787,560,359 13,787,560,359 $10,261,243,364 10,261,243,364 Shares issued in reinvestment of distributions ......... 97,208,118 97,208,118 70,133,085 70,133,085 Shares redeemed ............ (13,210,197,905) (13,210,197,905) (9,626,493,212) (9,626,493,212) ---------------- --------------- --------------- -------------- Net increase (decrease) in Trust shares outstanding .............. $ 674,570,572 674,570,572 $ 704,883,237 704,883,237 ================ =============== =============== ==============
Premier Class --------------------------------------------------------------------------- Year ended August 31, 1998 1997 ------------------------------------- ---------------------------------- Amount Shares Amount Shares ---------------- --------------- --------------- -------------- Shares sold ............... $ 366,059,494 366,059,494 $ 17,838,413 17,838,413 Shares issued in reinvestment of distributions ........... 462,190 462,190 141,705 141,705 Shares redeemed ........... (350,426,953) (350,426,953) (12,564,059) (12,564,059) ------------- ------------- ------------ -------------- Net increase (decrease) in Trust shares outstanding ............. $ 16,094,731 16,094,731 $ 5,416,059 5,416,059 ============= ============= ============ ==============
Institutional Class --------------------------------------------------------------------------- Year ended August 31, 1998 1997 ------------------------------------- ---------------------------------- Amount Shares Amount Shares ---------------- --------------- --------------- -------------- Shares sold ............... $ 3,028,038,996 3,028,038,996 $ 891,053,171 891,053,171 Shares issued in reinvestment of distributions ........... 13,071,976 13,071,976 4,278,994 4,278,994 Shares redeemed ........... (1,327,090,236) (1,327,090,236) (814,044,784) (814,044,784) --------------- -------------- ------------- -------------- Net increase (decrease) in Trust shares outstanding ............. $ 1,714,020,736 1,714,020,736 $ 81,287,381 81,287,381 =============== ============== ============= ==============
51 Chase Vista Funds Notes to Financial Statements (continued) - --------------------------------------------------------------------------------
U.S. Government Money Market Fund ------------------------------------------------------------------------------ Vista Class ------------------------------------------------------------------------------ Year ended August 31, 1998 1997 ------------------------------------ ------------------------------------ Amount Shares Amount Shares --------------- --------------- --------------- --------------- Shares sold ................ $14,882,808,712 14,882,808,712 $14,989,063,773 14,989,063,773 Shares issued in reinvestment of distributions ......... 64,695,945 64,695,945 56,051,339 56,051,339 Shares redeemed ............ (14,053,544,980) (14,053,544,980) (14,962,787,753) (14,962,787,753) --------------- --------------- --------------- --------------- Net increase (decrease) in Trust shares outstanding .............. $ 893,959,677 893,959,677 $ 82,327,359 82,327,359 =============== =============== =============== ===============
Premier Class ------------------------------------------------------------------------------ Year ended August 31, 1998 1997 ------------------------------------ ------------------------------------ Amount Shares Amount Shares --------------- --------------- --------------- --------------- Shares sold ............. $ 7,812,783,220 7,812,783,220 $ 5,613,865,551 5,613,865,551 Shares issued in reinvestment of distributions ......... 29,817,216 29,817,216 24,031,128 24,031,128 Shares redeemed ......... (7,595,504,817) (7,595,504,817) (5,603,046,417) (5,603,046,417) --------------- -------------- --------------- -------------- Net increase (decrease) in Trust shares outstanding ........... $ 247,095,619 247,095,619 $ 34,850,262 34,850,262 =============== ============== =============== ==============
Institutional Class ------------------------------------------------------------------------------ Year ended August 31, 1998 1997 ------------------------------------ ------------------------------------ Amount Shares Amount Shares --------------- --------------- --------------- --------------- Shares sold ............. $21,267,721,218 21,267,721,218 $19,688,867,100 19,688,867,100 Shares issued in reinvestment of distributions ......... 87,942,027 87,942,027 68,490,796 68,490,796 Shares redeemed ......... (21,513,704,031) (21,513,704,031) (17,983,919,459) (17,983,919,459) --------------- --------------- --------------- --------------- Net increase (decrease) in Trust shares outstanding ........... $ (158,040,786) (158,040,786) $ 1,773,438,437 1,773,438,437 =============== =============== =============== ===============
52 Chase Vista Funds Notes to Financial Statements (continued) - --------------------------------------------------------------------------------
Treasury Plus Money Market Fund ------------------------------------------------------------------------------ Vista Class ------------------------------------------------------------------------------ Year ended August 31, 1998 1997 ------------------------------------ ------------------------------------ Amount Shares Amount Shares --------------- --------------- --------------- --------------- Shares sold ................ $16,312,404,830 16,312,404,830 $16,488,613,526 16,488,613,526 Shares issued in reinvestment of distributions ......... 51,053,931 51,053,931 42,612,199 42,612,199 Shares redeemed ............ (16,653,021,012) (16,653,021,012) (16,307,623,845) (16,307,623,845) --------------- --------------- --------------- --------------- Net increase (decrease) in Trust shares outstanding .............. $ (289,562,251) (289,562,251) $ 223,601,880 223,601,880 =============== =============== =============== ===============
Premier Class ------------------------------------------------------------------------------ Year ended August 31, 1998 1997 ------------------------------------ ------------------------------------ Amount Shares Amount Shares --------------- --------------- --------------- --------------- Shares sold ............... $2,478,766,486 2,478,766,486 $ 630,055,851 630,055,851 Shares issued in reinvestment of distributions ........... 5,055,521 5,055,521 1,403,706 1,403,706 Shares redeemed ........... (2,459,664,344) (2,459,664,344) (606,144,080) (606,144,080) -------------- -------------- ------------- -------------- Net increase (decrease) in Trust shares outstanding ............. $ 24,157,663 24,157,663 $ 25,315,477 25,315,477 =============== ============== ============= ==============
Institutional Class ------------------------------------------------------------------------------ Year ended August 31, 1998 1997 ------------------------------------ ------------------------------------ Amount Shares Amount Shares --------------- --------------- --------------- --------------- Shares sold ............... $ 9,241,704,864 9,241,704,864 $ 7,439,790,648 7,439,790,648 Shares issued in reinvestment of distributions ........... 17,672,706 17,672,706 10,198,531 10,198,531 Shares redeemed ........... (8,674,756,863) (8,674,756,863) (7,346,950,712) (7,346,950,712) --------------- -------------- --------------- -------------- Net increase (decrease) in Trust shares outstanding ............. $ 584,620,707 584,620,707 $ 103,038,467 103,038,467 =============== ============== =============== ==============
53 Chase Vista Funds Notes to Financial Statements (continued) - --------------------------------------------------------------------------------
Federal Money Market Fund ------------------------------------------------------------------------ Vista Class ------------------------------------------------------------------------ Year ended August 31, 1998 1997 -------------------------------- -------------------------------- Amount Shares Amount Shares ------------ ------------ ------------ ------------ Shares sold ................ $887,154,692 887,154,692 $487,721,133 487,721,133 Shares issued in reinvestment of distributions ......... 12,556,069 12,556,069 13,600,878 13,600,878 Shares redeemed ............ (841,656,329) (841,656,329) (553,201,237) (553,201,237) ------------ ------------ ------------ ------------ Net increase (decrease) in Trust shares outstanding .............. $ 58,054,432 58,054,432 $(51,879,226) (51,879,226) ============ ============ ============ ============
Premier Class ------------------------------------------------------------------------ Year ended August 31, 1998 1997 -------------------------------- -------------------------------- Amount Shares Amount Shares ------------ ------------ ------------ ------------ Shares sold ............. $464,266,935 464,266,935 $884,820,051 884,820,051 Shares issued in reinvestment of distributions ......... 13,753,867 13,753,867 13,139,597 13,139,597 Shares redeemed ......... (564,547,292) (564,547,292) (747,052,298) (747,052,298) ------------ ------------ ------------ ------------ Net increase (decrease) in Trust shares outstanding ........... $(86,526,490) (86,526,490) $150,907,350 150,907,350 ============ ============ ============ ============
Institutional Class ------------------------------------------------------------------------ Year ended August 31, 1998 1997 -------------------------------- -------------------------------- Amount Shares Amount Shares ------------ ------------ ------------ ------------ Shares sold ............. $1,635,260,419 1,635,260,419 $809,559,898 809,559,898 Shares issued in reinvestment of distributions ......... 2,739,838 2,739,838 1,781,683 1,781,683 Shares redeemed ......... (1,570,686,872) (1,570,686,872) (821,985,753) (821,985,753) -------------- -------------- ------------ ------------ Net increase (decrease) in Trust shares outstanding ........... $ 67,313,385 67,313,385 $(10,644,172) (10,644,172) ============== ============== ============ ============
54 Chase Vista Funds Notes to Financial Statements (continued) - --------------------------------------------------------------------------------
Cash Management Fund ------------------------------------------------------------------------------ Vista Class ------------------------------------------------------------------------------ Year ended August 31, 1998 1997 ------------------------------------ ------------------------------------ Amount Shares Amount Shares --------------- --------------- --------------- --------------- Shares sold ................ $19,574,831,398 19,574,831,398 $14,045,422,722 14,045,422,722 Shares issued in reinvestment of distributions ......... 123,345,017 123,345,017 71,043,177 71,043,177 Shares redeemed ............ (18,632,660,917) (18,632,660,917) (13,161,544,235) (13,161,544,235) --------------- --------------- --------------- --------------- Net increase (decrease) in Trust shares outstanding .............. $ 1,065,515,498 1,065,515,498 $ 954,921,664 954,921,664 =============== =============== =============== ===============
Premier Class ------------------------------------------------------------------------------ Year ended August 31, 1998 1997 ------------------------------------ ------------------------------------ Amount Shares Amount Shares --------------- --------------- --------------- --------------- Shares sold ............. $4,145,937,183 4,145,937,183 $2,333,244,771 2,333,244,771 Shares issued in reinvestment of distributions ......... 18,943,263 18,943,263 16,341,167 16,341,167 Shares redeemed ......... (4,124,974,934) (4,124,974,934) (2,407,404,922) (2,407,404,922) -------------- -------------- -------------- -------------- Net increase (decrease) in Trust shares outstanding ........... $ 39,905,512 39,905,512 $ (57,818,984) (57,818,984) ============== ============== ============== ==============
Institutional Class ------------------------------------------------------------------------------ Year ended August 31, 1998 1997 ------------------------------------ ------------------------------------ Amount Shares Amount Shares --------------- --------------- --------------- --------------- Shares sold ............. $5,180,985,034 5,180,985,034 $4,596,074,525 4,596,074,525 Shares issued in reinvestment of distributions ......... 54,406,644 54,406,644 32,378,220 32,378,220 Shares redeemed ......... (5,099,529,175) (5,099,529,175) (4,361,358,357) (4,361,358,357) -------------- -------------- -------------- -------------- Net increase (decrease) in Trust shares outstanding ........... $ 135,862,503 135,862,503 $ 267,094,388 267,094,388 ============== ============== ============== ==============
55 Chase Vista Funds Notes to Financial Statements (continued) - --------------------------------------------------------------------------------
Prime Money Market Fund ----------------------------------------------------------------------------- Premier Class ----------------------------------------------------------------------------- Year ended August 31, 1998 1997 ------------------------------------- ----------------------------------- Amount Shares Amount Shares ---------------- --------------- --------------- -------------- Shares sold .............. $ 11,781,627,592 11,781,627,592 $ 4,080,531,934 4,080,531,934 Shares issued in reinvestment of distributions .......... 18,578,501 18,578,501 7,415,483 7,415,483 Shares redeemed .......... (11,709,369,119) (11,709,369,119) (4,007,315,047) (4,007,315,047) ---------------- --------------- --------------- -------------- Net increase (decrease) in Trust shares outstanding ............ $ 90,836,974 90,836,974 $ 80,632,370 80,632,370 ================ =============== =============== ==============
Institutional Class ----------------------------------------------------------------------------- Year ended August 31, 1998 1997 ------------------------------------- ----------------------------------- Amount Shares Amount Shares ---------------- --------------- --------------- -------------- Shares sold ............. $ 32,438,410,879 32,438,410,879 $16,454,322,258 16,454,322,258 Shares issued in reinvestment of distributions ......... 95,986,386 95,986,386 26,707,134 26,707,134 Shares redeemed ......... (29,160,057,227) (29,160,057,227) (15,857,981,095) (15,857,981,095) --------------- --------------- --------------- --------------- Net increase (decrease) in Trust shares outstanding ........... $ 3,374,340,038 3,374,340,038 $ 623,048,297 623,048,297 =============== =============== =============== ===============
B Shares ----------------------------------------------------------------------------- Year ended August 31, 1998 1997 ------------------------------------- ----------------------------------- Amount Shares Amount Shares ---------------- --------------- --------------- -------------- Shares sold ............... $ 103,074,736 103,074,736 $ 49,461,663 49,461,663 Shares issued in reinvestment of distributions ........ 484,432 484,432 381,174 381,174 Shares redeemed ........... (85,128,570) (85,128,570) (55,242,319) (55,242,319) --------------- -------------- --------------- -------------- Net increase (decrease) in Trust shares outstanding ............. $ 18,430,598 18,430,598 $ (5,399,482) (5,399,482) =============== ============== =============== ==============
C Shares ----------------------------------- 05/14/98* Through 08/31/98 ----------------------------------- Amount Shares --------------- -------------- Shares sold ............... $ 71,340 71,340 Shares issued in reinvestment of distributions ........ 439 439 Shares redeemed ........... (1,208) (1,208) --------------- -------------- Net increase (decrease) in Trust shares outstanding ............. $ 70,571 70,571 =============== ==============
- -------------- *Commencement of class of shares. 56 Chase Vista Funds Notes to Financial Statements (continued) - -------------------------------------------------------------------------------- 5. Concentration of Credit Risk -- As of August 31, 1998. CVCM invested 81.6% of its net assets in financial institutions, of which 10.8% was invested in Broker Dealers, 21.4% in Banking and 49.4% in other financial service providers. CVP invested 85.3% of its net assets in financial institutions, of which 5.0% was invested in Broker Dealers, 24.7% in Banking and 55.6% in other financial service providers. General economic conditions, as well as exposure to credit losses arising from possible financial difficulties of borrowers, play an important role in the operation of the financial services industry. 6. Trustee Compensation -- The Funds have adopted an unfunded noncontributory defined benefit pension plan covering all independent trustees of the Funds who will have served as an independent trustee for at least five years at the time of retirement. Benefits under this plan are based on compensation and years of service. Pension expenses for the year ended August 31, 1998, included in Trustees Fees and Expenses in the Statement of Operations, and accrued pension liability included in Other Accrued Liabilities in the Statement of Assets and Liabilities were as follows:
Pension Accrued Pension Fund Expenses Liability - ---------------- ---------- ---------------- CVUSTS ......... $ 55,110 $194,879 CVUSG .......... 122,027 385,976 CVTP ........... 43,715 152,118 CVF ............ 15,564 59,008 CVCM ........... 80,591 257,824 CVP ............ 48,313 166,274
57 Chase Vista Funds Financial Highlights - --------------------------------------------------------------------------------
100% U.S. Treasury Securities Money Market Fund ---------------------------------------------------------------------- Vista Shares ---------------------------------------------------------------------- Year Ended Year Ended August 31, 12/1/95++ November 30, ------------------------- Through ------------------------- 1998 1997 8/31/96 1995 1994 ---------- ---------- ---------- ---------- ---------- Per Share Operating Performance Net Asset Value, Beginning of Period ..... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 ---------- ---------- ---------- ---------- ---------- Income from Investment Operations: Net Investment Income .................. 0.048 0.048 0.035 0.050 0.033 ---------- ---------- ---------- ---------- ---------- Less Dividends from Net Investment Income ...................... 0.048 0.048 0.035 0.050 0.033 ---------- ---------- ---------- ---------- ---------- Net Asset Value, End of Period ........... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 ========== ========== ========== ========== ========== Total Return ............................. 4.92% 4.87% 3.50% 5.15% 3.32% Ratios/Supplemental Data: Net Assets, End of Period (000 omitted) ........................... $3,051,358 $2,376,214 $1,671,603 $1,337,549 $1,024,125 Ratios to Average Net Assets#: Expenses ................................ 0.59% 0.59% 0.60% 0.58% 0.59% Net Investment Income ................... 4.78% 4.74% 4.58% 4.99% 3.26% Expenses Without Waivers and Assumption of Expenses ................. 0.71% 0.71% 0.68% 0.61% 0.62% Net Investment Income Without Waivers and Assumption of Expenses ............................... 4.66% 4.62% 4.50% 4.96% 3.23% 100% U.S. Treasury Securities Money Market Fund ---------------------------------------------------------------------- Premier Shares Institutional Shares -------------------------------- ----------------------------------- Year Ended Year Ended August 31, 6/3/96* August 31, 6/3/96* -------------------- Through ---------------------- Through 1998 1997 8/31/96 1998 1997 8/31/96 -------- ------- -------- ---------- ------- ------- Per Share Operating Performance Net Asset Value, Beginning of Period ..... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 -------- ------- -------- ---------- ------- ------- Income from Investment Operations: Net Investment Income .................. 0.049 0.048 0.011 0.052 0.051 0.012 -------- ------- -------- ---------- ------- ------- Less Dividends from Net Investment Income ...................... 0.049 0.048 0.011 0.052 0.051 0.012 -------- ------- -------- ---------- ------- ------- Net Asset Value, End of Period ........... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 ======== ======= ======== ========== ======= ======= Total Return ............................. 5.00% 4.91% 1.11% 5.30% 5.20% 1.23% Ratios/Supplemental Data: Net Assets, End of Period (000 omitted) ........................... $ 21,744 $ 5,643 $ 227 $1,795,613 $81,273 $ 1 Ratios to Average Net Assets#: Expenses ................................ 0.51% 0.55% 0.42% 0.21% 0.27% 0.21% Net Investment Income ................... 4.99% 4.80% 3.45% 5.13% 5.06% 3.65% Expenses Without Waivers and Assumption of Expenses ................. 0.78% 0.80% 0.42% 0.25% 0.27% 0.21% Net Investment Income Without Waivers and Assumption of Expenses ............................... 4.72% 4.55% 3.45% 5.09% 5.06% 3.65%
- ------- ++ In 1996, the Fund changed its fiscal year-end from November 30 to August 31. * Commencement of offering class of shares. # Short periods have been annualized. 58 See notes to financial statements. Chase Vista Funds Financial Highlights (continued) - --------------------------------------------------------------------------------
U.S. Government Money Market Fund ------------------------------------------------------------------ Vista Shares ------------------------------------------------------------------ Year Ended August 31, 11/1/93 ------------------------------------------------------ Through 1998 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 ............................... 0.050 0.049 0.049 0.049 0.025 ---------- ---------- ---------- -------- -------- Less Dividends from Net Investment Income ........... 0.050 0.049 0.049 0.049 0.025 ---------- ---------- ---------- -------- -------- Net Asset Value, End of Period ........................ $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 ========== ========== ========== ======== ======== Total Return .......................................... 5.14% 5.04% 4.97% 5.05% 2.48% Ratios/Supplemental Data Net Assets, End of Period (000 omitted) ............... $3,033,296 $2,139,368 $2,057,023 $341,336 $335,365 Ratios to Average Net Assets#: Expenses ............................................. 0.59% 0.59% 0.65% 0.80% 0.80% Net Investment Income ................................ 5.01% 4.93% 4.83% 4.93% 2.94% Expenses Without Waivers and Assumption of Expenses .. 0.70% 0.72% 0.73% 0.80% 0.80% Net Investment Income Without Waivers and Assumption of Expenses ......................................... 4.90% 4.80% 4.75% 4.93% 2.94%
- ------- # Short periods have been annualized. ++ In 1994, the Fund changed its fiscal year-end from October 31 to August 31. 59 See notes to financial statements. Chase Vista Funds Financial Highlights (continued) - --------------------------------------------------------------------------------
U.S. Government Money Market Fund ---------------------------------------------------------------- Premier Shares ---------------------------------------------------------------- Year Ended August 31, 11/1/93 --------------------------------------------------- Through 1998 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 .................. 0.051 0.050 0.050 0.052 0.027 ---------- -------- -------- -------- -------- Less Dividends from Net Investment Income ................................. 0.051 0.050 0.050 0.052 0.027 ---------- -------- -------- -------- -------- Net Asset Value, End of Period ........... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 ========== ======== ======== ======== ======== Total Return ............................. 5.25% 5.08% 5.15% 5.31% 2.70% Ratios/Supplemental Data Net Assets, End of Period (000 omitted) .. $1,083,605 $836,520 $801,665 $763,609 $545,999 Ratios to Average Net Assets#: Expenses ................................ 0.48% 0.55% 0.55% 0.55% 0.55% Net Investment Income ................... 5.12% 4.97% 5.04% 5.22% 3.13% Expenses Without Waivers and Assumption of Expenses ................. 0.60% 0.60% 0.59% 0.59% 0.61% Net Investment Income Without Waivers and Assumption of Expenses ..... 5.00% 4.92% 5.00% 5.18% 3.07% U.S. Government Money Market Fund ------------------------------------------------------------------------- Institutional Shares ------------------------------------------------------------------------- Year Ended August 31, 12/10/93* ---------------------------------------------------------- Through 1998 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 .................. 0.054 0.053 0.053 0.055 0.026 ---------- ----------- ----------- --------- --------- Less Dividends from Net Investment Income ................................. 0.054 0.053 0.053 0.055 0.026 ---------- ----------- ----------- --------- --------- Net Asset Value, End of Period ........... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 ========== ========== ========== ========= ========= Total Return ............................. 5.51% 5.40% 5.45% 5.60% 2.61% Ratios/Supplemental Data Net Assets, End of Period (000 omitted) .. $2,797,127 $2,955,206 $1,181,763 $466,083 $212,810 Ratios to Average Net Assets#: Expenses ................................ 0.24% 0.24% 0.27% 0.27% 0.27% Net Investment Income ................... 5.36% 5.29% 5.30% 5.58% 3.81% Expenses Without Waivers and Assumption of Expenses ................. 0.24% 0.24% 0.27% 0.28% 0.27% Net Investment Income Without Waivers and Assumption of Expenses ..... 5.36% 5.29% 5.30% 5.57% 3.81%
- ------- * Commencement of offering class of shares. # Short periods have been annualized. ++ In 1994, the Fund changed its fiscal year-end from October 31 to August 31. 60 See notes to financial statements. Chase Vista Funds Financial Highlights (continued) - --------------------------------------------------------------------------------
Treasury Plus Money Market Fund ---------------------------------------- Vista Shares ---------------------------------------- Year Ended August 31, 5/6/96* ------------------------- Through 1998 1997 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 ...................... 0.049 0.048 0.015 ---------- ---------- ---------- Less Dividends from Net Investment Income .......................... 0.049 0.048 0.015 ---------- ---------- ---------- Net Asset Value, End of Period ............... $ 1.00 $ 1.00 $ 1.00 ========== ========== ========== Total Return ................................. 5.05% 4.89% 1.50% Ratios/Supplemental Data: Net Assets, End of Period (000 omitted) ............................... $1,316,289 $1,605,845 $1,382,184 Ratios to Average Net Assets#: Expenses .................................... 0.59% 0.59% 0.59% Net Investment Income ....................... 4.92% 4.79% 4.63% Expenses Without Waivers and Assumption of Expenses ..................... 0.70% 0.70% 0.73% Net Investment Income Without Waivers and Assumption of Expenses ......... 4.81% 4.68% 4.49% Treasury Plus Money Market Fund ---------------------------------------------------------------- Premier Shares ---------------------------------------------------------------- Year Ended August 31, 4/22/94* ------------------------------------------------- Through 1998 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 ...................... 0.051 0.049 0.050 0.050 0.014 -------- -------- -------- ------- ------- Less Dividends from Net Investment Income .......................... 0.051 0.049 0.050 0.050 0.014 -------- -------- -------- ------- ------- Net Asset Value, End of Period ............... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 ======== ======== ======== ======= ======= Total Return ................................. 5.18% 4.98% 5.07% 5.17% 1.37% Ratios/Supplemental Data: Net Assets, End of Period (000 omitted) ............................... $155,498 $131,334 $106,011 $18,572 $ 36 Ratios to Average Net Assets#: Expenses .................................... 0.46% 0.51% 0.52% 0.50% 0.49% Net Investment Income ....................... 5.06% 4.88% 4.85% 5.23% 3.85% Expenses Without Waivers and Assumption of Expenses ..................... 0.50% 0.53% 0.63% 1.57% 0.89% Net Investment Income Without Waivers and Assumption of Expenses ......... 5.02% 4.86% 4.74% 4.16% 3.46% Treasury Plus Money Market Fund ---------------------------------------------------------- Institutional Shares ---------------------------------------------------------- Year Ended August 31, 4/20/94** ----------------------------------------------- Through 1998 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 ...................... 0.053 0.051 0.052 0.053 0.014 -------- -------- -------- ------- ------- Less Dividends from Net Investment Income .......................... 0.053 0.051 0.052 0.053 0.014 -------- -------- -------- ------- ------- Net Asset Value, End of Period ............... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 ======== ======== ======== ======= ======= Total Return ................................. 5.44% 5.24% 5.29% 5.36% 1.45% Ratios/Supplemental Data: Net Assets, End of Period (000 omitted) ............................... $876,207 $291,546 $188,513 $17,636 $14,976 Ratios to Average Net Assets#: Expenses .................................... 0.21% 0.26% 0.30% 0.32% 0.32% Net Investment Income ....................... 5.29% 5.16% 5.11% 5.21% 3.93% Expenses Without Waivers and Assumption of Expenses ..................... 0.25% 0.26% 0.38% 0.89% 0.53% Net Investment Income Without Waivers and Assumption of Expenses ......... 5.25% 5.16% 5.03% 4.64% 3.72%
- ------- # Short periods have been annualized. * Commencement of offering of classes of shares. ** Commencement of operations. 61 Chase Vista Funds Financial Highlights (continued) - --------------------------------------------------------------------------------
Federal Money Market Fund ------------------------------------------------------------- Vista Shares ------------------------------------------------------------- Year Ended August 31, 5/9/94* ------------------------------------------------ Through 1998 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 ................... 0.049 0.048 0.048 0.051 0.013 -------- -------- -------- -------- ------- Less Dividends from Net Investment Income .................................. 0.049 0.048 0.048 0.051 0.013 -------- -------- -------- -------- ------- Net Asset Value, End of Period ........... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 ======== ======== ======== ======== ======= Total Return ............................. 4.94% 4.91% 4.83% 5.20% 1.26% Ratios/Supplemental Data: Net Assets, End of Period (000 omitted) ........................... $359,073 $301,031 $352,934 $203,399 $19,995 Ratios to Average Net Assets#: Expenses ................................ 0.70% 0.70% 0.70% 0.69% 0.40% Net Investment Income ................... 4.88% 4.79% 4.79% 5.16% 4.36% Expenses Without Waivers and Assumption of Expenses ................. 0.84% 0.82% 0.93% 0.93% 1.02% Net Investment Income Without Waivers and Assumption of Expenses ............................... 4.74% 4.67% 4.56% 4.92% 3.74% Federal Money Market Fund ------------------------------------------------------------------ Premier Shares ------------------------------------------------------------------ Year Ended August 31, 4/22/94* ----------------------------------------------------- Through 1998 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 ................... 0.051 0.050 0.050 0.053 0.015 -------- --------- --------- -------- ------- Less Dividends from Net Investment Income .................................. 0.051 0.050 0.050 0.053 0.015 -------- --------- --------- -------- ------- Net Asset Value, End of Period ........... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 ======== ======== ======== ======== ======= Total Return ............................. 5.22% 5.12% 5.14% 5.40% 1.47% Ratios/Supplemental Data: Net Assets, End of Period (000 omitted) ........................... $313,107 $399,644 $248,757 $148,512 $55,768 Ratios to Average Net Assets#: Expenses ................................ 0.50% 0.50% 0.50% 0.49% 0.35% Net Investment Income ................... 5.07% 5.01% 4.99% 5.32% 4.38% Expenses Without Waivers and Assumption of Expenses ................. 0.51% 0.52% 0.52% 0.59% 0.74% Net Investment Income Without Waivers and Assumption of Expenses ............................... 5.06% 4.99% 4.97% 5.22% 4.00%
- ------- # Short periods have been annualized. * Commencement of offering of classes of shares. 62 See notes to financial statements. Chase Vista Funds Financial Highlights (continued) - --------------------------------------------------------------------------------
Federal Money Market Fund -------------------------------------------------------------- Institutional Shares -------------------------------------------------------------- Year Ended August 31, 4/20/94** --------------------------------------------------- Through 1998 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 .......................... 0.053 0.052 0.052 0.054 0.015 Net Realized Loss on Securities ................ -- -- -- -- -- -------- -------- -------- -------- -------- Total Income from Investment Operations ........ 0.053 0.052 0.052 0.054 0.015 -------- -------- -------- -------- -------- Voluntary Capital Contribution ................. Less Dividends from Net Investment Income ...... 0.053 0.052 0.052 0.054 0.015 -------- -------- -------- -------- -------- Net Asset Value, End of Period .................. $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 ======== ======== ======== ======== ======== Total Return .................................... 5.46% 5.35% 5.35% 5.57% 1.54% Ratios/Supplemental Data: Net Assets, End of Period (000 omitted) ......... $197,966 $130,659 $141,312 $113,591 $117,364 Ratios to Average Net Assets#: Expenses ....................................... 0.27% 0.27% 0.30% 0.31% 0.30% Net Investment Income .......................... 5.32% 5.23% 5.20% 5.45% 4.26% Expenses Without Waivers and Assumption of Expenses ...................................... 0.27% 0.27% 0.30% 0.37% 0.49% Net Investment Income Without Waivers and Assumption of Expenses ........................ 5.32% 5.23% 5.20% 5.39% 4.06% Prime Money Market Fund -------------------------------------------------------------- Premier Shares -------------------------------------------------------------- Year Ended August 31, 11/15/93** ------------------------------------------------- Through 1998 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 .......................... 0.053 0.052 0.052 0.053 0.027 Net Realized Loss on Securities ................ -- -- -- (0.003) -- -------- -------- -------- ------- ------- Total Income from Investment Operations ........ 0.053 0.052 0.052 0.050 0.027 -------- -------- -------- ------- ------- Voluntary Capital Contribution ................. -- -- -- 0.003 -- Less Dividends from Net Investment Income ...... 0.053 0.052 0.052 0.053 0.027 -------- -------- -------- ------- ------- Net Asset Value, End of Period .................. $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 ======== ======== ======== ======= ======= Total Return .................................... 5.44% 5.34% 5.32% 5.44% 2.75% Ratios/Supplemental Data: Net Assets, End of Period (000 omitted) ......... $590,220 $499,308 $418,736 $62,737 $73,253 Ratios to Average Net Assets#: Expenses ....................................... 0.45% 0.45% 0.45% 0.45% 0.45% Net Investment Income .......................... 5.29% 5.17% 5.18% 5.24% 3.15% Expenses Without Waivers and Assumption of Expenses ...................................... 0.51% 0.53% 0.51% 0.65% 0.56% Net Investment Income Without Waivers and Assumption of Expenses ........................ 5.23% 5.09% 5.12% 5.04% 3.04%
- ------- # Short periods have been annualized. * Commencement of offering of classes of shares. ** Commencement of operations. 63 See notes to financial statements. Chase Vista Funds Financial Highlights (continued) - --------------------------------------------------------------------------------
Prime Money Market Fund --------------------------------------------------------------- Institutional Shares --------------------------------------------------------------- Year Ended August 31, 4/26/94* ----------------------------------------------------- Through 1998 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 ............................. 0.055 0.054 0.054 0.055 0.014 Net Realized Loss on Securities ................... -- -- -- (0.003) -- ---------- ---------- -------- -------- ------- Total Income from Investment Operations ........... 0.055 0.054 0.054 0.052 0.014 ---------- ---------- -------- -------- ------- Voluntary Capital Contribution .................... -- -- -- 0.003 -- Less Dividends from Net Investment Income ......... 0.055 0.054 0.054 0.055 0.014 ---------- ---------- -------- -------- ------- Net Asset Value, End of Period ..................... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 ========== ========== ======== ======== ======= Total Return ....................................... 5.65% 5.49% 5.51% 5.62% 1.50% Ratios/Supplemental Data: Net Assets, End of Period (000 omitted) ............ $4,721,991 $1,347,651 $724,544 $185,640 $57,961 Ratios to Average Net Assets#: Expenses .......................................... 0.24% 0.25% 0.26% 0.27% 0.27% Net Investment Income ............................. 5.50% 5.37% 5.33% 5.57% 4.21% Expenses Without Waivers and Assumption of Expenses ...................................... 0.24% 0.25% 0.26% 0.35% 0.37% Net Investment Income Without Waivers and Assumption of Expenses ....................... 5.50% 5.37% 5.33% 5.49% 4.11% Prime Money Market Fund ---------------------------------------------------------------------- B Shares C Shares ----------------------------------------------------------- --------- Year Ended August 31, 4/21/94* 5/14/98* ------------------------------------------------ Through Through 1998 1997 1996 1995 8/31/94 8/31/98 ------- ------- ------- ------ ------ ------ Per Share Operating Performance Net Asset Value, Beginning of Period ............... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 ------- ------- ------- ------ ------ ------ Income from Investment Operations: Net Investment Income ............................. 0.045 0.043 0.042 0.043 0.011 0.013 Net Realized Loss on Securities ................... -- -- -- (0.003) -- -- ------- ------- ------- ------ ------ ------ Total Income from Investment Operations ........... 0.045 0.043 0.042 0.040 0.011 0.013 ------- ------- ------- ------ ------ ------ Voluntary Capital Contribution .................... -- -- -- 0.003 -- -- Less Dividends from Net Investment Income ......... 0.045 0.043 0.042 0.043 0.011 0.013 ------- ------- ------- ------ ------ ------ Net Asset Value, End of Period ..................... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 ======= ======= ======= ====== ====== ====== Total Return ....................................... 4.60% 4.33% 4.25% 4.37% 1.11% 1.29% Ratios/Supplemental Data: Net Assets, End of Period (000 omitted) ............ $28,699 $10,269 $15,667 $4,880 $1,452 $ 71 Ratios to Average Net Assets#: Expenses .......................................... 1.25% 1.35% 1.47% 1.47% 1.47% 1.50% Net Investment Income ............................. 4.49% 4.27% 4.17% 4.33% 2.96% 4.21% Expenses Without Waivers and Assumption of Expenses ...................................... 1.50% 1.53% 1.71% 2.53% 1.67% 1.50% Net Investment Income Without Waivers and Assumption of Expenses ....................... 4.24% 4.09% 3.93% 3.27% 2.76% 4.21%
- ------- # Short periods have been annualized. ** Commencement of operations. * Commencement of offering of classes of shares. 64 See notes to financial statements. Chase Vista Funds Financial Highlights (continued) - --------------------------------------------------------------------------------
Cash Management Fund ------------------------------------------------------------------- Vista Shares ------------------------------------------------------------------- Year Ended August 31, 12/1/95++ Year Ended November 30, ------------------------- Through ----------------------- 1998 1997 8/31/96 1995 1994 ---------- ---------- ---------- ---------- -------- Per Share Operating Performance Net Asset Value, Beginning of Period ................... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 --------- ---------- ---------- ---------- -------- Income from Investment Operations: Net Investment Income ................................. 0.051 0.050 0.037 0.054 0.036 ---------- --------- ---------- ---------- -------- Less Dividends from Net Investment Income ............. 0.051 0.050 0.037 0.054 0.036 ---------- --------- ---------- ---------- -------- Net Asset Value, End of Period ......................... $ 1.00 $ 1.000 $ 1.00 $ 1.00 $ 1.000 ========== ========= ========== ========== ======== Total Return ........................................... 5.23% 5.09% 3.69% 5.49% 3.62% Ratios/Supplemental Data Net Assets, End of Period (000 omitted) ................ $3,641,663 $2,576,142 $1,621,212 $1,634,493 $990,045 Ratios to Average Net Assets#: Expenses .............................................. 0.59% 0.59% 0.60% 0.58% 0.58% Net Investment Income ................................. 5.09% 4.99% 4.91% 5.35% 3.62% Expenses Without Waivers and Assumptions of Expenses .. 0.61% 0.62% 0.63% 0.62% 0.62% Net Investment Income Without Waivers and Assumption of Expenses ......................................... 5.07% 4.96% 4.88% 5.31% 3.58%
- ------- ++ In 1996, the Fund changed its fiscal year-end from November 30 to August 31. # Short periods have been annualized. 65 See notes to financial statements. Chase Vista Funds Financial Highlights (continued) - --------------------------------------------------------------------------------
Cash Management Fund ---------------------------------------------------------------------- Premier Shares Institutional Shares ---------------------------------------------------------------------- Year Ended August 31, 5/6/96* Year Ended August 31, 5/6/96* ---------------------- Through --------------------- Through 1998 1997 8/31/96 1998 1997 8/31/96 -------- ------- -------- ---------- -------- -------- Per Share Operating Performance Net Asset Value, Beginning of Period .................. $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 -------- ------- -------- ---------- -------- -------- Income from Investment Operations: Net Investment Income ................................ 0.052 0.051 0.016 0.055 0.053 0.017 -------- -------- -------- ---------- -------- -------- Less Dividends from Net Investment Income ........... 0.052 0.051 0.016 0.055 0.053 0.017 -------- -------- -------- ---------- -------- -------- Net Asset Value, End of Period ........................ $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 ======== ======== ======== ========== ======== ======== Total Return .......................................... 5.35% 5.18% 1.61% 5.59% 5.45% 1.69% Ratios/Supplemental Data Net Assets, End of Period (000 omitted) ............... $415,389 $375,485 $433,302 $1,059,967 $924,099 $657,002 Ratios to Average Net Assets#: Expenses ............................................. 0.47% 0.50% 0.50% 0.24% 0.24% 0.25% Net Investment Income ................................ 5.22% 5.07% 4.93% 5.45% 5.34% 5.22% Expenses Without Waivers and Assumption of Expenses .. 0.52% 0.51% 0.52% 0.24% 0.24% 0.25% Net Investment Income Without Waivers and Assumption of Expenses ........................................ 5.17% 5.06% 4.91% 5.45% 5.34% 5.22%
- ------- * Commencement of offering class of shares. # Short periods have been annualized. 66 See notes to financial statements. Report of Independent Accountants - -------------------------------------------------------------------------------- To the Trustees and Shareholders of Mutual Fund Trust In our opinion, the accompanying statement of assets and liabilities, including the portfolios of investments, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of Chase Vista 100% U.S. Treasury Securities Money Market Fund, Chase Vista U.S. Government Money Market Fund, Chase Vista Treasury Plus Money Market Fund, Chase Vista Federal Money Market Fund, Chase Vista Cash Management Fund and Chase Vista Prime Money Market Fund (separate portfolios of Mutual Fund Trust, hereafter referred to as the "Trust") at August 31, 1998, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period then ended, and the financial highlights for each of the periods presented (for the two years in the period ended August 31, 1998 and for the period December 1, 1995 through August 31, 1996 for Chase Vista Cash Management Fund and Chase Vista 100% U.S. Treasury Securities Money Market Fund), in conformity with generally accepted accounting principles. These financial statements and financial highlights (hereafter referred to as "financial statements") are the responsibility of the Trust's management; our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with generally accepted auditing standards which require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities at August 31, 1998 by correspondence with the custodian and brokers, provide a reasonable basis for the opinion expressed above. The financial highlights of Chase Vista Cash Management Fund and Chase Vista 100% U.S. Treasury Securities Money Market Fund for each of the two years in the period ended November 30, 1995 were audited by other independent accountants whose report dated January 19, 1996 expressed an unqualified opinion on these financial highlights. PricewaterhouseCoopers LLP 1177 Avenue of the Americas New York, New York 10036 October 9, 1998 67 (unaudited) Chase Vista 100% U.S. Treasury Securities Money Market Fund (CVUSTS) Chase Vista U.S. Government Money Market Fund (CVUSG) Chase Vista Treasury Plus Money Market Fund (CVTP) Chase Vista Federal Money Market Fund (CVF) Chase Vista Cash Management Fund (CVCM) Chase Vista Prime Money Market Fund (CVP) - -------------------------------------------------------------------------------- Certain tax information regarding the Chase Vista Mutual Funds is required to be provided to shareholders based upon the Funds income and distributions for the taxable year ended August 31, 1998. The information and distributions reported in this letter may differ from the information and distributions taxable to the shareholders for the calendar year ending December 31, 1998. The information necessary to complete your income tax returns for the calendar year ending December 31, 1998 will be received under separate cover. The following schedules present the source and percentage of income from government obligations for the fiscal year ended August 31, 1998.
CVUSTS CVUSG CVTP CVF CVCM CVP ------ ----- ----- ----- ---- ---- U.S. Treasury Obligations 100.00% 0.49% 29.45% 2.04% -- 0.02% Federal Farm Credit Bank -- 8.83% -- 17.16% -- -- Federal Home Loan Bank -- 20.37% -- 69.21% -- 0.02% Student Loan Marketing Association -- 4.82% -- 11.53% 2.43% -- Tennessee Valley Authority -- -- -- 0.03% -- -- Federal Home Loan Mortgage Corporation -- 1.89% -- 0.03% -- -- Federal National Mortgage Association -- 13.11% -- -- 0.03% 0.15%
68 [THIS PAGE INTENTIONALLY LEFT BLANK] [THIS PAGE INTENTIONALLY LEFT BLANK] [THIS PAGE INTENTIONALLY LEFT BLANK] [back cover] Chase Vista Funds Service Center P.O. Box 419392 Kansas City, MO 64179 Investment Adviser, Administrator, Shareholder and Fund Servicing Agent and Custodian The Chase Manhattan Bank Distributor Vista Fund Distributors, Inc. Transfer Agent DST Systems, Inc. Legal Counsel Simpson Thacher & Bartlett Independent Accountants PricewaterhouseCoopers LLP Chase Vista Funds are distributed by Vista Fund Distributors, Inc., which is unaffiliated with The Chase Manhattan Bank. Chase and its respective affiliates receive compensation from Chase Vista Funds for providing investment advisory and other services. This report is submitted for the general information of the shareholders of the funds. It is not authorized for distribution to prospective investors in the funds unless preceded or accompanied by a prospectus. To obtain a prospectus for any of the Chase Vista Funds, call 1-800-34-VISTA. The prospectus contains more complete information, including charges and expenses. Please read it carefully before you invest or send money. October 1998 (unaudited) CVMM-2-1098 -----END PRIVACY-ENHANCED MESSAGE-----