[SIDEBAR TEXT]
CHASE VISTA SELECT TAX FREE FUNDS
[END SIDEBAR TEXT]
[CHASE VISTA LOGO]
CHASE VISTA SELECT FUNDS(SM)
ANNUAL
REPORT
----------------------------------------
Chase Vista.(SM) Setting the Global Standard.
CHASE VISTA SELECT TAX FREE INCOME FUND
CHASE VISTA SELECT INTERMEDIATE
TAX FREE INCOME FUND
CHASE VISTA SELECT NEW YORK INTERMEDIATE
TAX FREE INCOME FUND
CHASE VISTA SELECT NEW JERSEY
TAX FREE INCOME FUND
August 31, 1998
<PAGE>
Highlights
During the reporting period, interest rates fell dramatically even though the
U.S. economy continued to grow steadily.
[bullet] As interest rates declined, many municipal bond issuers refinanced
existing debt, creating a sharp increase in new issuance.
[bullet] In the months ahead, the fundamentals for the municipal bond market
appear favorable and we expect the ratio between Treasury and municipal
bond yields to remain attractive.
- --------------------------------------------------------------------------------
CONTENTS
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<TABLE>
<S> <C>
Chairman's Letter 3
Chase Vista Select Tax Free Income Fund 4
Fund Commentary [bullet] Portfolio of Investments
Chase Vista Select Intermediate Tax Free Income Fund 21
Fund Commentary [bullet] Portfolio of Investments
Chase Vista Select New York Intermediate
Tax Free Income Fund 41
Fund Commentary [bullet] Portfolio of Investments
Chase Vista Select New Jersey Tax Free Income Fund 53
Fund Commentary [bullet] Portfolio of Investments
Financial Statements 62
Notes to Financial Statements 65
Financial Highlights 70
</TABLE>
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INVESTMENTS IN THE FUNDS ARE NOT DEPOSITS OF, OR GUARANTEED OR ENDORSED BY, THE
CHASE MANHATTAN BANK, AND THE SHARES ARE NOT INSURED BY THE FDIC, FEDERAL
RESERVE BOARD OR ANY OTHER GOVERNMENT AGENCY. INVESTMENTS IN MUTUAL FUNDS
INVOLVE RISK, INCLUDING POSSIBLE LOSS OF THE PRINCIPAL AMOUNT INVESTED.
- --------------------------------------------------------------------------------
<PAGE>
Chase Vista Select Funds
Chairman's Letter
October 1, 1998
Dear Shareholder:
We are pleased to present this annual report for Chase Vista Select Tax Free
FundsSM for the year ended August 31, 1998. Inside, you'll find information on
the performance of each fund along with a report from the portfolio management
team.
Interest Rates Trend Lower Despite Strong Economy
During the period, interest rates fell dramatically even though the U.S. economy
continued to grow steadily, fueled by high employment, rising wages and strong
consumer confidence. In this environment most municipalities enjoyed
higher-than-expected tax revenues due to favorable economic conditions. Since
the economy did not overheat, the Federal Reserve maintained its neutral
monetary policy, as it has for more than 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.
The decline in interest rates was largely due to two primary factors: benign
domestic inflation and concerns over a slowdown in global economic growth
brought on by economic and currency problems insoutheast Asia and Russia. As
interest rates declined, many municipalities refinanced existing debt, creating
a sharp increase in new issuance. For 1998, the dollar amount of new bonds on
the market is expected to exceed the new issuance record of $290 billion set in
1993. The increase in supply was largely responsible for the narrow difference
in yield between U.S. Treasuries and municipal bonds. Over the period, yields on
municipal bonds rose to approximately 90 percent of the yields on U.S.
Treasuries. The historical difference is usually around 80 percent. During the
flat tax scare in 1995, the ratio was 91%, which, in retrospect, proved to be an
excellent entry level for investors.
Looking ahead, our outlook for the tax-exempt fixed income market remains
positive. Economic and currency problems in Asia continue to pose a serious
threat to the global economy, which should keep interest rates trending lower.
Moreover, inflation does not appear to be a problem going forward, even though
the U.S. economy remains healthy. Given this backdrop, we would not be surprised
to see the Federal Reserve lower short-term interest rates in the months ahead.
Sincerely,
/s/ Fergus Reid
- ---------------
Fergus Reid
3
<PAGE>
Chase Vista Select Tax Free Income Fund
as of August 31, 1998
(unaudited)
Fund Facts
<TABLE>
<S> <C>
Objective Federal tax exempt income*
Primary investments Municipal bonds
Suggested investment time frame 3-5 years minimum
Market benchmark Lehman Municipal Bond Index
Lipper Funds category General Municipal Debt Funds Average
Inception date 1/1/97
Newspaper symbol TF Inc
Net assets $761 Million
Average maturity 19.2 years
Average duration 7.5 years
Average quality Aa/AA
</TABLE>
* A portion of the Fund's income may be subject to the Alternative Minimum Tax,
and some investors may be subject to certain state and local taxes.
[SQUARE CHART]
Average Maturity Quality: Long/High
[END SQUARE CHART]
Source: Morningstar
4
<PAGE>
Chase Vista Select Tax Free Income Fund
as of August 31, 1998
(unaudited)
How the Fund Performed
Chase Vista Select Tax Free Income Fund, which seeks to provide tax-exempt
income through a portfolio of higher quality municipal bonds of varying
maturities, had a total return 8.99% for the year ended August 31, 1998. (Class
A shares, without sales charge). This compares to a return of 8.20% for the
Lipper General Municipal Debt Funds Average and 8.65% for the unmanaged Lehman
Municipal Bond Index.
How the Fund Was Managed
Fund management's decision to maintain a slightly longer-than-average duration
during the period contributed favorably to performance, as interest rates
declined sharply. During the reporting period, the yield on the 30-year Treasury
bond, the key benchmark of long-term interest rate activity, declined from 6.61%
at the start of the period to a historic low of 5.26% on August 31, 1998.
In pursuit of the Fund's investment objective, we employed relative value
analysis to select individual securities, identify points of value on the yield
curve and target sectors for investment. In January and February, we effectively
reduced the Fund's duration when property casualty insurers slowed their
purchases of intermediate bonds, temporarily putting upward pressure on
intermediate term rates. We extended duration once the global economic crisis
began to show signs of slowing the domestic economy.
On a statewide basis, the Fund was underweighted in New York bonds during a
period of high supply. We increased our exposure to Puerto Rico and other U.S.
territorial paper, which are exempt from both federal and state income taxes.
This enabled us to reinvest assets at historically higher yields versus national
paper. We also reduced our exposure to the Pacific Northwest due to concerns
over the Asian economic crisis on that region's economy.
Where the Fund May Be Headed
Looking ahead, the fundamentals for the municipal bond market appear favorable.
With dealers still having difficulty placing new issues, the ratio between
Treasury and municipal bond yields should remain attractive in the months ahead.
Moreover, inflation remains under control and the Asian crisis is still a
concern to most investors.
Given this backdrop, we may lengthen the fund's duration near-term. As always,
we will continue to strive to provide shareholders with a relatively attractive
current yield while emphasizing a diversified portfolio among securities with
high credit characteristics.
5
<PAGE>
Chase Vista Select Tax Free Income Fund
as of August 31, 1998
(unaudited)
How Much of the Fund Was Invested
[PIE CHART]
Investments (95.5%)
Cash/Other (4.5%)
[END PIE CHART]
Average Annual Total Returns
This table shows the average annual total returns. This is where you can see the
Fund's short-term performance, which, as with the stock markets, tends to be
more volatile than the long-term trend.
<TABLE>
<CAPTION>
1 Year 5 Years 10 Years
------ ------- --------
<S> <C> <C> <C>
Premier Shares 8.99% 6.03% 7.99%
</TABLE>
Source: Lipper Analytical Services, Inc. Past performance is not predictive of
future performance. Investment return and principal value will fluctuate with
market conditions. When shares are redeemed, they may be worth more or less than
their original cost.
+ The quoted performance of Chase Vista Select Tax Free Income Fund includes
performance of a predecessor account for the period dating back to 8/31/88 and
prior to the fund's commencement of operations on 1/1/97. Returns are adjusted
to reflect historical expenses at the levels indicated (absent reimbursements)
in the Expense Summary for the Fund as disclosed in the Prospectus. The account
was not registered with the Securities and Exchange Commission and, therefore,
was not subject to the investment restrictions imposed by law on registered
mutual funds. If the account had been registered, the account's performance may
have been adversely affected. Also, the Fund is currently waiving certain fees.
This voluntary waiver may be modified or terminated at any time, which would
reduce returns.
6
<PAGE>
Chase Vista Select Tax Free Income Fund
as of August 31, 1998
(unaudited)
10-Year Performance
This chart shows what the long-term growth would have been of a hypothetical
$10,000 investment in the Chase Visa Select Tax Free Income Fund compared to its
key benchmarks. This is where you see the Fund's long-term trend. This chart is
for illustrative purposes only.
[LINE CHART]
<TABLE>
<CAPTION>
Chase Vista Lipper
Select Lehman General
Tax Free Muni Bond Muni Debt
Income Fund Index Funds Avg
<S> <C> <C> <C>
1988 10000 10000 10000
1989 11010 11098 11124
1990 11689 11811 11655
1991 13014 13205 13023
1992 14461 14682 14508
1993 16109 16471 16305
1994 16182 16495 16113
1995 17381 17958 17292
1996 18281 18897 18104
1997 19810 20648 19705
1998 21591 22434 21319
</TABLE>
[END LINE CHART]
Source: Lipper Analytical Services, Inc. Past performance is not predictive of
future performance. Investment return and principal value will fluctuate with
market conditions. When shares are redeemed, they may be worth more or less than
their original cost.
Any capital gain on the principal investment is subject to Federal income tax.
Some investors may also be subject to the Alternative Minimum Tax and certain
state and local taxes.
This chart illustrates comparative performance for $10,000 invested in shares of
Chase Vista Select Tax Free Income Fund, the Lehman Municipal Bond Index and the
Lipper General Municipal Debt Funds Average for the ten years ended August 31,
1998. The performance of the Fund assumes reinvestment of all dividends and
capital gains. The performance of the index has been adjusted to reflect
reinvestment of all dividends and capital gains on securities included in the
benchmark.
The unmanaged Lehman Municipal Bond Index is a broad-based total return
benchmark for the long-term, investment grade tax-exempt bond markets. Bonds
included in the Lehman Municipal Bond Index are representative of the market. An
individual cannot invest in the index.
The Lipper General Municipal Debt Funds Average represents the average
performance of a universe of 258 actively-managed municipal bond funds. Lipper
is an independent mutual fund performance monitor whose results are based on
total return and do not reflect a sales charge.
+ The quoted performance of Chase Vista Select Tax Free Income Fund includes
performance of a predecessor account for the period dating back to 8/31/88 and
prior to the fund's commencement of operations on 1/1/97. Returns are adjusted
to reflect historical expenses at the levels indicated (absent reimbursements)
in the Expense Summary for the Fund as disclosed in the Prospectus. The account
was not registered with the Securities and Exchange Commission and, therefore,
was not subject to the investment restrictions imposed by law on registered
mutual funds. If the account had been registered, the account's performance may
have been adversely affected. Also, the Fund is currently waiving certain fees.
This voluntary waiver may be modified or terminated at any time, which would
reduce returns.
7
<PAGE>
Chase Vista Select Tax Free Income Fund
Portfolio of Investments August 31, 1998
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
- ----------------------------------------------------------------------
Long-Term Municipal Bonds -- 98.3%
- ----------------------------------------------------------------------
<S> <C> <C>
Arizona -- 0.9%
$5,300,000 Pima County, Arizona, Unified
School District, No. 1, Tucson,
Insured, GO, 7.50%, 07/01/10 $ 6,774,195
------------
California -- 5.9%
6,000,000 California Statewide Community
Development Authority, Sherman
Oaks Project, Series A, Rev.,
5.00%, 08/01/22 6,041,520
California State
2,000,000 Insured, GO, 6.50%, 11/01/09 2,384,840
3,950,000 GO, 10.00%, 09/01/99 4,202,287
1,000,000 Series B, GO, 10.00%, 08/01/02 1,221,560
1,000,000 Veterans Bond, Series AM, GO,
9.00%, 10/01/05 1,301,400
4,000,000 Los Angeles, California, Harbor
Department, Escrowed to Maturity,
Rev., 7.60%, 10/01/18 5,184,200
Modesto, California Irrigation
District, Financing Authority,
3,000,000 Series A, Insured, Rev., 6.00%,
10/01/15 3,309,390
4,300,000 86 Geysers Geo, Insured, COP,
5.00%, 10/01/17 4,301,505
9,930,000 Pomona, California, Unified School
District, Series A, Insured, GO,
6.15%, 08/01/15 11,602,907
5,000,000 Valley Health Systems, California,
Hospital Improvement Project,
Series A, Rev., 6.50%, 05/15/15 5,422,000
------------
44,971,609
------------
Colorado -- 3.7%
1,190,000 Adams County, Colorado School
District No. 012, Insured, GO,
6.20%, 12/15/10 1,304,097
</TABLE>
See notes to financial statements.
8
<PAGE>
Chase Vista Select Tax Free Income Fund
Portfolio of Investments August 31, 1998 (continued)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
- ----------------------------------------------------------------------
Long-Term Municipal Bonds -- (continued)
- ----------------------------------------------------------------------
<S> <C> <C>
$6,000,000 Garfield Pitkin & Eagle Counties
Colorado School District No. Re 1
Roarge, Insured, Prerefunded, GO,
6.60%, 06/01/04 $ 6,849,600
1,000,000 Jefferson County Colorado School
District No. R-001, 1985 Series B,
GO, 9.00%, 12/15/99 1,068,820
Platte River Power Authority,
Colorado, Series DD, Insured,
Rev.,
3,050,000 6.00%, 06/01/05 3,386,568
4,400,000 6.00%, 06/01/06 4,915,900
1,620,000 6.00%, 06/01/07 1,823,974
8,295,000 Westminster, Colorado Special
Purpose Post Project, Series B,
Insured, Rev., 5.13%, 12/01/16 8,446,051
------------
27,795,010
------------
Connecticut -- 0.7%
4,975,000 Connecticut State Housing Finance
Authority, Housing Mortgage
Financing Program, Series C1,
Rev., 6.60%, 11/15/23 5,344,095
------------
Delaware -- 0.8%
5,000,000 Delaware State Economic
Development Authority,
Osteopathic Hospital Association of
Delaware, Series A, Rev., 6.90%,
01/01/18 6,136,400
120,000 Sussex County, Delaware, Single
Family Mortgage, Residential,
Insured, Rev., 9.38%, 02/01/17 120,591
------------
6,256,991
------------
Florida -- 4.9%
4,440,000 Broward County, Florida Resource
Recovery, SES Broward Co. LP
South Project,
Rev., 7.95%, 12/01/08 4,761,012
</TABLE>
See notes to financial statements.
9
<PAGE>
Chase Vista Select Tax Free Income Fund
Portfolio of Investments August 31, 1998 (continued)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
- ----------------------------------------------------------------------
Long-Term Municipal Bonds -- (continued)
- ----------------------------------------------------------------------
<S> <C> <C>
$ 2,200,000 Dade County, Florida Special
Obligation, Miami Beach
Convention Center Project,
Insured, Special Tax, 8.63%,
12/01/07 $ 2,813,822
5,000,000 Daytona Beach, Florida Water &
Sewer, Series 1978, Escrowed to
Maturity, Rev., 6.75%, 11/15/07 5,599,700
3,670,000 Greater Orlando Aviation Authority,
Orlando Florida Airport Facilities,
Series A, Rev., 6.50%, 10/01/12 4,026,614
3,205,000 Hillsborough County Florida Aviation
Authority, Tampa International
Airport, Series B, Insured, Rev.,
6.00%, 10/01/18 3,670,046
Orange County, Florida Health
Facilities Authority, Orlando
Regional Health Care,
4,425,000 Series A, Rev., 6.25%, 10/01/12 5,175,480
2,310,000 Series C, Rev., 6.25%, 10/01/12 2,701,776
3,000,000 Orange County, Florida Tourist
Development, Series A, Insured,
Rev., 6.50%, 10/01/10 3,315,300
5,000,000 Orlando & Orange County, Florida,
Expressway Authority, Florida
Expressway, Junior Lien, Insured,
Rev., 5.00%, 07/01/21 4,972,700
------------
37,036,450
------------
Georgia -- 9.4%
5,000,000 Burke County, Georgia, Development
Authority PCR, Oglethorpe Power
Co., Bogtle, Insured, Rev., 8.00%,
01/01/22 5,934,350
10,000,000 Dalton, Georgia, Development
Authority, Insured, Rev.,
5.50%, 08/15/26 10,859,600
</TABLE>
See notes to financial statements.
10
<PAGE>
Chase Vista Select Tax Free Income Fund
Portfolio of Investments August 31, 1998 (continued)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
- ----------------------------------------------------------------------
Long-Term Municipal Bonds -- (continued)
- ----------------------------------------------------------------------
<S> <C> <C>
$ 7,660,000 De Kalb County, Georgia, Housing
Authority Apartment Development,
Fox Hollow Apartment, Prerefunded,
Rev., 7.00%, 05/15/07 $ 9,172,697
13,000,000 Fulton County, Georgia,
Development Authority, Special
Facilities, Delta Airlines Inc.,
Project, Rev., 5.45%, 05/01/23 13,008,970
15,000 Georgia State Residential Financing
Authority Single Family Insured
Mortgage, Series A, Insured, Rev.,
8.40%, 12/01/18 15,033
5,000,000 Metropolitan Atlanta Rapid Transit
Authority, Georgia, Second
Indenture, Series A, Insured, Rev.,
6.90%, 07/01/20 5,829,600
10,485,000 Metropolitan Atlanta Rapid Transit
Authority, Georgia, Series P,
Insured, Rev., 6.25%, 07/01/20 12,408,264
13,985,000 Richmond County, Georgia, Board of
Education, GO, 5.95%, 11/01/26 14,036,185
------------
71,264,699
------------
Hawaii -- 0.8%
5,000,000 Honolulu, Hawaii City & County,
Series A, GO, 7.35%, 07/01/08 6,153,200
------------
Illinois -- 0.8%
Illinois Health Facilities Authority,
862,000 Series A, Escrowed to Maturity,
Rev., 7.90%, 08/15/03 985,895
1,554,000 Series A, Insured, Rev., 7.90%,
08/15/03 1,574,917
3,250,000 Illinois Housing Development
Authority, Multifamily Housing,
Series 1991-A, Rev., 8.25%,
07/01/16 3,519,035
------------
6,079,847
------------
</TABLE>
See notes to financial statements.
11
<PAGE>
Chase Vista Select Tax Free Income Fund
Portfolio of Investments August 31, 1998 (continued)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
- ----------------------------------------------------------------------
Long-Term Municipal Bonds -- (continued)
- ----------------------------------------------------------------------
<S> <C> <C>
Kansas -- 1.1%
$ 7,500,000 Kansas State, Department of
Transportation Highway Authority,
Rev., 5.50%, 09/01/10 $ 8,240,775
------------
Kentucky -- 1.2%
8,000,000 Louisville & Jefferson County,
Kentucky, Metropolitan Sewer
District & Drain System, Series A,
Insured, Rev., 6.50%, 05/15/24 9,218,800
------------
Louisiana -- 1.3%
Orleans Parish, Louisiana School
Board,
4,000,000 Insured, GO, 7.50%, 09/01/20 4,823,040
2,000,000 Defeased, Escrowed to Maturity,
Rev., 8.85%, 02/01/06 2,597,380
2,000,000 Defeased, Escrowed to Maturity,
Rev., 8.90%, 02/01/07 2,659,220
------------
10,079,640
------------
Massachusetts -- 6.1%
3,500,000 Chelsea, Massachusetts, School
Project Loan Act 1948, Insured,
GO, 6.50%, 06/15/12 4,005,540
2,750,000 Haverhill, Massachusetts, Unlimited
Tax, Series A, Insured, GO, 7.00%,
06/15/12 3,102,165
Massachusetts State, Consolidated
Loan, Series C, GO,
7,000,000 5.00%, 08/01/17 7,011,410
5,000,000 5.25%, 08/01/12 5,255,450
10,000,000 Insured, 5.25%, 08/01/17 10,503,900
4,000,000 Massachusetts State, Port Authority,
Series A, Rev., 5.00%, 07/01/27 3,927,800
10,000,000 Massachusetts State, Turnpike
Authority, Metropolitan Highway
System, Series B, Insured, Rev.,
5.13%, 01/01/37 9,974,300
</TABLE>
See notes to financial statements.
12
<PAGE>
Chase Vista Select Tax Free Income Fund
Portfolio of Investments August 31, 1998 (continued)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
- ----------------------------------------------------------------------
Long-Term Municipal Bonds -- (continued)
- ----------------------------------------------------------------------
<S> <C> <C>
$ 2,015,000 South Essex, Massachusetts, Sewer
District, Series B, Insured, GO,
6.75%, 06/01/15 $ 2,330,186
------------
46,110,751
------------
Michigan -- 2.3%
8,750,000 Michigan, Western Michigan
University, Insured, Rev., 5.13%,
11/15/17 8,844,062
Wayne Charter County, Michigan,
Detroit Metropolitan Wayne
County, Series A, Insured, Rev.,
5,000,000 5.00%, 12/01/22 4,889,650
3,870,000 5.00%, 12/01/28 3,769,611
------------
17,503,323
------------
Montana -- 1.5%
Montana State, Long Range Building
Program,
2,320,000 Series B, GO, 4.50%, 08/01/15 2,250,377
2,435,000 Series B, GO, 4.50%, 08/01/16 2,347,778
2,555,000 Series C, GO, 4.50%, 08/01/17 2,445,007
2,005,000 Series D, GO, 5.38%, 08/01/13 2,119,305
2,120,000 Series D, GO, 5.38%, 08/01/14 2,232,212
------------
11,394,679
------------
New Jersey -- 7.2%
5,215,000 New Jersey State, Economic
Development Authority,
Educational Testing Service, Series
B, Insured, Rev., 6.25%, 05/15/25 5,844,242
5,000,000 New Jersey State, Highway Authority,
Garden State Parkway General,
Rev., 6.20%, 01/01/10 5,767,050
11,460,000 New Jersey State, Housing &
Mortgage Finance Agency, Trust
Fund, Series A, Insured, Rev.,
5.75%, 04/01/18 12,034,604
15,700,000 New Jersey State, Series D,
GO, 8.00%, 02/15/07 19,908,856
</TABLE>
See notes to financial statements.
13
<PAGE>
Chase Vista Select Tax Free Income Fund
Portfolio of Investments August 31, 1998 (continued)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
- ----------------------------------------------------------------------
Long-Term Municipal Bonds -- (continued)
- ----------------------------------------------------------------------
<S> <C> <C>
New Jersey State, Sports &
Exposition,
$ 3,470,000 Series A, Rev., 6.50%, 03/01/19 $ 3,803,953
1,500,000 State Guaranteed, Escrowed to
Maturity, Rev., 8.30%, 01/01/03 1,757,415
5,000,000 New Jersey State, Transportation Trust
Fund Authority, Transportation
Systems, Series B, Insured, Rev.,
6.50%, 06/15/10 5,942,100
------------
55,058,220
------------
New York -- 25.1%
1,450,000 Albany County, New York, South
Mall, Series P, Escrowed to
Maturity, Rev., 9.70%, 10/01/98 1,457,424
2,250,000 Dutchess County, New York Resource
Recovery Agency, Solid Waste
Management, Series A, Insured,
Rev., 7.50%, 01/01/09 2,405,678
4,000,000 Long Island Power Authority, New
York, Electric Systems, Series A,
Insured, Rev., 5.50%, 12/01/13 4,386,520
3,450,000 Metropolitan Transportation
Authority of New York, Commuter
Facilities, Series A, Insured, Rev.,
6.00%, 07/01/16 3,788,790
3,000,000 Nassau County, New York, IDA,
Civic Facilities, Hofstra University
Project, Rev., 6.75%, 08/01/11 3,302,820
3,500,000 New York City, New York, IDA,
Brooklyn Navy Yard Cogen
Partners, Rev., 6.20%, 10/01/22 3,925,530
New York City, New York,
12,000,000 Series A, Insured, GO,
6.25%, 08/01/08 13,701,480
4,000,000 Series B, Insured, GO,
6.50%, 08/15/10 4,648,720
20,000,000 Series F, Insured, GO,
5.25%, 09/15/10 21,306,800
</TABLE>
See notes to financial statements.
14
<PAGE>
Chase Vista Select Tax Free Income Fund
Portfolio of Investments August 31, 1998 (continued)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
- ----------------------------------------------------------------------
Long-Term Municipal Bonds -- (continued)
- ----------------------------------------------------------------------
<S> <C> <C>
$10,000,000 Series F, Insured, GO,
5.38%, 08/01/09 $ 10,770,900
5,000,000 New York City, New York, Trust
Cultural Resources, Solomon R
Guggenheim Foundation, Series A,
Rev., 7.25%, 12/01/15 5,371,500
4,100,000 New York State, GO, 6.30%,
09/15/11 4,537,757
New York State, Dorm Authority,
4,000,000 Fordham University, Rev., 5.00%,
07/01/28 3,944,800
4,500,000 University of Rochester, Series A,
Rev., 6.40%, 07/01/13 5,035,500
New York State, Energy Research &
Development Authority, PCR,
2,000,000 Central Hudson Gas, Series B-1,
Insured, Rev., 7.38%, 10/01/14 2,128,260
6,000,000 Niagara Mohwak Power Corp.,
Series A, Insured, Rev., 7.20%,
07/01/29 6,911,760
New York State, Environmental
Facilities Corp., PCR,
2,000,000 State Water Revolving Fund, Series B,
Rev., 7.10%, 09/15/11 2,163,340
2,650,000 State Water Revolving Fund, Series D,
Rev., 6.85%, 11/15/11 3,045,698
3,000,000 New York State, Environmental
Quality, GO, 6.50%, 12/01/14 3,450,540
New York State, Housing Finance
Agency, Health Facilities,
620,000 Monroe County, Series A, Rev.,
7.63%, 05/01/05 672,793
4,000,000 State University Construction, Series A,
Insured, Rev., 7.90%, 11/01/06 4,755,160
New York State, Local Government
Assistance Corp.,
2,340,000 Series A, Rev., 7.00%, 04/01/08 2,628,592
</TABLE>
See notes to financial statements.
15
<PAGE>
Chase Vista Select Tax Free Income Fund
Portfolio of Investments August 31, 1998 (continued)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
- ----------------------------------------------------------------------
Long-Term Municipal Bonds -- (continued)
- ----------------------------------------------------------------------
<S> <C> <C>
$ 5,500,000 Series C, Prerefunded, Rev., 7.00%,
04/01/10 $ 6,040,210
3,000,000 Series D, Rev., 7.00%, 04/01/11 3,369,990
New York State, Medical Care
Facilities Financing Agency,
2,780,000 Hospital & Nursing Home,
Insured Mortgage, Series C,
Rev., 6.25%, 08/15/12 2,989,501
4,000,000 Montefiore Medical Center, Insured
Mortgage, Series A, Insured,
Rev., 5.75%, 02/15/25 4,232,960
2,000,000 Special Obligation, Mental Health
Services Facilities Improvement,
Series A, Rev., 8.30%, 05/01/04 2,411,760
4,000,000 New York State, Mortgage Agency,
Home Ownership Mortgage, Series
JJ, Rev., 7.50%, 10/01/17 4,177,200
5,500,000 New York State, Thruway Authority,
General Purpose, Series C, Insured,
Rev., 6.00%, 01/01/05 6,185,410
Port Authority of New York & New
Jersey, Consolidated, Rev.,
1,100,000 52nd Series, 9.00%, 11/01/14 1,165,912
6,270,000 78th Series, 6.50%, 04/15/11 6,823,328
16,000,000 93rd Series, 6.13%, 06/01/94 18,822,400
4,000,000 109th Series, 5.38%, 01/15/32 4,116,760
6,000,000 111th Series, 5.00%, 10/01/32 5,893,740
9,000,000 Triborough Bridge & Tunnel
Authority, New York, Convention
Center Project, Series E, Rev.,
7.25%, 01/01/10 10,735,920
------------
191,305,453
------------
North Dakota -- 0.8%
5,000,000 Mercer County, North Dakota, PCR,
Antelope Valley Station, Insured,
Rev., 7.20%, 06/30/13 6,244,250
------------
</TABLE>
See notes to financial statements.
16
<PAGE>
Chase Vista Select Tax Free Income Fund
Portfolio of Investments August 31, 1998 (continued)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
- ----------------------------------------------------------------------
Long-Term Municipal Bonds -- (continued)
- ----------------------------------------------------------------------
<S> <C> <C>
Ohio -- 1.6%
$ 7,000,000 Cleveland Ohio Public Power System
First Mortgage--Series A, Insured,
t, Rev., 7.00%, 11/15/24 $ 8,248,660
4,000,000 Ohio Housing Financing Agency,
Mortgage, Residential, Series C,
Rev., 5.75%, 09/01/28 4,138,480
------------
12,387,140
------------
Oklahoma -- 1.1%
3,000,000 Grand River Dam Authority,
Oklahoma, Insured, Rev., 5.50%,
06/01/09 3,288,120
5,000,000 Tulsa, Oklahoma, Metropolitan
Utility Authority, Insured, Rev.,
5.75%, 09/01/19 5,347,600
------------
8,635,720
------------
Oregon -- 3.3%
Oregon State,
300,000 GO, 11.00%, 12/01/98 305,559
5,780,000 Higher Education Building, Series A,
GO, 6.45%, 08/01/24 6,578,102
Portland, Oregon, Sewer Systems,
6,300,000 Series A, Insured, Rev., 5.00%,
06/01/14 6,420,267
11,565,000 Series A, Insured, Rev., 5.00%,
06/01/15 11,719,624
------------
25,023,552
------------
Pennsylvania -- 2.3%
12,000,000 Delaware Valley, Pennsylvania,
Regional Finance Authority, Local
Government, Series A, Insured,
Rev., 5.50%, 08/01/28 13,163,640
3,885,000 Pennsylvania State Higher Education
Assistance Agency, Student Loan,
Series A, Insured, Rev., 6.80%,
12/01/00 4,111,185
------------
17,274,825
------------
</TABLE>
See notes to financial statements.
17
<PAGE>
Chase Vista Select Tax Free Income Fund
Portfolio of Investments August 31, 1998 (continued)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
- ----------------------------------------------------------------------
Long-Term Municipal Bonds -- (continued)
- ----------------------------------------------------------------------
<S> <C> <C>
Puerto Rico -- 5.4%
Puerto Rico Commonwealth,
$ 2,500,000 MBIA Insured, GO, 6.25%,
07/01/11 $ 2,938,875
1,500,000 Highway & Transportation Authority,
Refunded Balance, Series T, Rev.,
6.63%, 07/01/18 1,670,925
7,000,000 Highway & Transportation Authority,
Series A, Rev., 4.75%, 07/01/38 6,768,860
10,000,000 Public Finance Corp., Appropriation,
Series A, Rev., 5.00%, 06/01/26 9,807,900
5,000,000 Puerto Rico Electric Power Authority,
Series Y, Insured, Rev., 7.00%,
07/01/07 6,028,050
Puerto Rico Industrial, Medical &
Environmental PCFA,
6,675,000 PepsiCo Inc. Project, Series A, Rev.,
6.25%, 11/15/13 7,307,924
3,000,000 Warner Lambert Co. Project, Rev.,
7.60%, 05/01/14 3,160,980
3,000,000 Puerto Rico Public Buildings
Authority, Guaranteed,
Government Facilities, Series A,
Insured, Rev., 6.25%, 07/01/11 3,526,650
------------
41,210,164
------------
South Carolina -- 3.1%
1,080,000 Piedmont Municipal Power Agency,
South Carolina Electric, Series A,
Insured, Rev., 5.25%, 01/01/12 1,148,213
6,000,000 Richland County, South Carolina
School District No. 001, GO,
4.63%, 03/01/22 5,667,240
South Carolina State, Housing
Finance & Development Authority,
4,050,000 Home Ownership Mortgage Purchase,
Series B, Rev., 7.80%, 07/01/09 4,184,582
2,000,000 Series B, Rev., 7.88%, 07/01/15 2,067,840
</TABLE>
See notes to financial statements.
18
<PAGE>
Chase Vista Select Tax Free Income Fund
Portfolio of Investments August 31, 1998 (continued)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
- ----------------------------------------------------------------------
Long-Term Municipal Bonds -- (continued)
- ----------------------------------------------------------------------
<S> <C> <C>
$5,000,000 South Carolina State, Public Service
Authority, Series A, Insured, Rev.,
6.25%, 01/01/22 $ 5,636,650
5,000,000 Spartanburg, South Carolina,
Waterworks, Insured, Rev.,
5.00%, 06/01/27 4,939,500
------------
23,644,025
------------
South Dakota -- 0.5%
3,000,000 Heartland Consumers Power District,
Escrowed to Maturity, Rev.,
7.00%, 01/01/16 3,618,540
410,000 South Dakota State Building
Authority, Escrowed to Maturity,
Rev., 10.50%, 09/01/00 457,417
------------
4,075,957
------------
Tennessee -- 0.7%
3,000,000 Metropolitan Government of
Nashville & Davidson County,
Tennessee, Water & Sewer
Authority, Insured, Rev.,
5.20%, 01/01/13 3,177,480
2,000,000 Tennessee Energy Acquisition Corp.,
Series B, Insured, Rev., 5.00%,
09/01/07 2,100,520
------------
5,278,000
------------
Texas -- 5.5%
6,245,000 Arlington, Texas Independent School
District, GO, 5.00%, 02/15/19 6,244,875
Austin, Texas Utility System,
6,500,000 Rev., 6.00%, 11/15/13 7,448,480
2,000,000 Combined, Series A, Prerefunded,
Rev., 9.50%, 05/15/01 2,190,520
2,000,000 Series A, Prerefunded, Rev.,
8.00%, 05/15/01 2,214,960
Dallas-Fort Worth Texas Regional
Airport, Series A, Insured, Rev.,
2,115,000 7.38%, 11/01/08 2,489,630
</TABLE>
See notes to financial statements.
19
<PAGE>
Chase Vista Select Tax Free Income Fund
Portfolio of Investments August 31, 1998 (continued)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
- ----------------------------------------------------------------------
Long-Term Municipal Bonds -- (continued)
- ----------------------------------------------------------------------
<S> <C> <C>
$ 2,945,000 7.38%, 11/01/09 $ 3,466,648
2,000,000 7.38%, 11/01/11 2,347,600
Houston, Texas Water Conveyance
System, Contract, Series F, Insured,
COP,
2,500,000 7.20%, 12/15/05 2,953,775
2,000,000 7.20%, 12/15/06 2,389,240
10,000,000 Pearland, Texas, Independent School
District, PSF Guaranteed, Insured,
GO, 5.00%, 02/15/22 9,890,800
------------
41,636,528
------------
Utah -- 0.2%
1,000,000 Sevier County, Utah School District
Sevier School District, Insured,
GO, 9.20%, 05/01/03 1,222,330
------------
Wisconsin -- 0.1%
840,000 Wisconsin Housing & Economic
Development Authority, Home
Ownership, Series D, Rev., 7.90%,
09/01/05 840,000
------------
Total Long Term Municipal Bonds
(Cost $702,705,592) 748,060,228
- ----------------------------------------------------------------------
Short Term Investments -- 1.3%
- ----------------------------------------------------------------------
Shares
- ----------------------------------------------------------------------
Money Market Funds--1.3%
4,400,496 Provident Municipal Cash Money
Market Fund 4,400,496
5,247,499 Provident Municipal Money Market
Fund 5,247,499
------------
Total Money Market Funds
(Cost $9,647,995) 9,647,995
- ----------------------------------------------------------------------
Total Short Term Investments
(Cost $9,647,995) 9,647,995
- ----------------------------------------------------------------------
Total Investments-- 99.6%
(Cost $712,353,587) $757,708,223
- ----------------------------------------------------------------------
</TABLE>
See notes to financial statements.
20
<PAGE>
Chase Vista Select
Intermediate Tax Free Income Fund
as of August 31, 1998
(unaudited)
Fund Facts
<TABLE>
<S> <C>
Objective Income exempt from federal taxes*
Primary investments Municipal bonds
Suggested investment time frame 3-5 years minimum
Market benchmark Lehman Municipal Bond Index
Lehman 10 Year Municipal
Bond Index
Lipper Funds category Lipper Intermediate Municipal Debt
Funds Average
Inception date 1/1/97
Newspaper symbol IntmdTF
Net assets $717 Million
Average maturity 7.3 years
Average duration 5.3 years
Average quality Aa/AA
</TABLE>
* A portion of the Fund's income may be subject to the Alternative Minimum Tax,
and some investors may be subject to certain state and local taxes.
[SQUARE CHART]
Average Maturity/
Quality: Int. High
[END SQUARE CHART]
Source: Morningstar
21
<PAGE>
Chase Vista Select
Intermediate Tax Free Income Fund
as of August 31, 1998
(unaudited)
How the Fund Performed
Chase Vista Select Intermediate Tax Free Income Fund, which seeks to provide
monthly dividends that are excluded from federal income tax through a portfolio
of higher-quality, intermediate-term municipal bonds, had a total return of
8.08% for the one-year period ended August 31, 1998. This compares to a return
of 7.01% for the Lipper Intermediate Term Municipal Debt Funds Average, 8.58%
for the unmanaged Lehman 10-Year Municipal Bond Index and 8.65% for the Lehman
Municipal Bond Index.
How the Fund Was Managed
Throughout much of the period, management took advantage of periodic increases
in interest rates and extended the Fund's average duration, which bolstered the
Fund's yield. This strategy was employed due to our belief that rates would
eventually decline given investor concerns over the economic and currency crisis
in Asia.
We also enhanced the Fund's yield by increasing our exposure to specific states,
such as New York, where supply was heavy and yields were relatively attractive
compared to the national average. We increased our exposure to Puerto Rico and
other U.S. territorial paper, which is exempt from both federal and state income
taxes.
Specific strategies also played an important role in the Fund's performance. In
January, for example, we shortened duration when rates declined and then
extended the duration in March and April when rates increased. This move proved
rewarding as rates trended lower throughout the remainder of the period.
Where the Fund May Be Headed
In the months ahead, we do not anticipate a dramatic change in interest rates
along the intermediate portion of the yield curve. Any signs that the U.S.
economy is showing signs of strength are likely to be offset by the ongoing
threat of slowing global economic growth brought on by the problems in Asia and
Russia.
We do expect markets to continue to be volatile given the current economic and
political uncertainty both here in the U.S. and abroad. The markets were
especially volatile late in the period due to gyrations in the value of the
dollar, uncertainty in the equity market, a slowing U.S. economy and a worsening
trade balance.
22
<PAGE>
Chase Vista Select
Intermediate Tax Free Income Fund
as of August 31, 1998
(unaudited)
How Much of the Fund Was Invested
[PIE CHART]
Investments (98.2%)
Cash/Other (1.8%)
[END PIE CHART]
Average Annual Total Returns
This table shows the average annual total returns. This is where you can see the
Fund's short-term performance, which, as with the stock markets, tends to be
more volatile than the long-term trend.
<TABLE>
<CAPTION>
1 Year 5 Years 10 Years
------------- -------------- ---------------
<S> <C> <C> <C>
Premier Shares 8.08% 5.77% 7.92%
</TABLE>
Source: Lipper Analytical Services, Inc. Past performance is not predictive of
future performance. Investment return and principal value will fluctuate with
market conditions. When shares are redeemed, they may be worth more or less than
their original cost.
+ The quoted performance of Chase Vista Select Intermediate Tax Free Income
Fund includes performance of a predecessor account for the period dating back to
8/31/88 and prior to the Fund's commencement of operations on 1/1/97. Returns
are adjusted to reflect historical expenses at the levels indicated (absent
reimbursements) in the Expense Summary for the Fund as disclosed in the
Prospectus. The account was not registered with the Securities and Exchange
Commission and, therefore, was not subject to the investment restrictions
imposed by law on registered mutual funds. If the account had been registered,
the account's performance may have been adversely affected. Also, the Fund is
currently waiving certain fees. This voluntary waiver may be modified or
terminated at any time, which would reduce returns.
23
<PAGE>
Chase Vista Select
Intermediate Tax Free Income Fund
as of August 31, 1998
(unaudited)
10-Year Performance
This chart shows what the long-term growth would have been of a hypothetical
$10,000 investment in the Chase Vista Select Intermediate Tax Free Income Fund
compared to its key benchmarks. This is where you see the Fund's long-term
trend. This chart is for illustrative purposes only.
[LINE CHART]
<TABLE>
<CAPTION>
Chase Vista
Select Lehman Lehman Lipper
Intermediate 10 Year Muni Intermediate
Tax Free Muni Bond Bond Muni Debt
Income Fund Index Index Funds Avg.
<S> <C> <C> <C> <C>
1988 10000 10000 10000 10000
1989 11033 10953 11098 10821
1990 11650 11625 11811 11432
1991 13054 13014 13204 12573
1992 14525 14437 14681 13801
1993 16190 16294 16471 15257
1994 16325 16413 16495 15406
1995 17626 17989 17958 16484
1996 18379 18786 18896 17130
1997 19833 20522 20647 18325
1998 21435 22282 22737 19606
</TABLE>
[END LINE CHART]
Source: Lipper Analytical Services, Inc. Past performance is not predictive of
future performance. Investment return and principal value will fluctuate with
market conditions. When shares are redeemed, they may be worth more or less than
their original cost.
Any capital gain on the principal investment is subject to Federal income tax.
Some investors may also be subject to the Federal Alternative Minimum Tax and
certain state and local taxes. This chart illustrates comparative performance
for $10,000 invested in shares of Chase Vista Select Intermediate Tax Free
Income Fund, the Lehman Municipal Bond Index, the Lehman 10 Year Municipal Bond
Index and the Lipper Intermediate Municipal Debt Funds Average for the ten years
ended August 31, 1998. The performance of the Fund assumes reinvestment of all
dividends and capital gains. The performance of the index has been adjusted to
reflect reinvestment of all dividends on securities included in the benchmark.
The unmanaged Lehman Municipal Bond Index is a broad-based total return
benchmark for the long-term, investment grade tax-exempt bond markets. Bonds
included in the Lehman Municipal Bond Index are representative of the market. An
individual cannot invest in the index.
The unmanaged Lehman 10 Year Municipal Bond Index is a total return benchmark
for the intermediate-term, investment grade tax-exempt bond market. Bonds
included in the Lehman 10 Year Municipal Bond Index are representative of the
market. An individual cannot invest in the index.
The Lipper Intermediate Municipal Debt Funds Average represents the performance
of 150 actively-managed tax-exempt intermediate municipal bond funds. Lipper is
an independent mutual fund performance monitor whose results are based on total
return and do not reflect a sales charge.
+ The quoted performance of Chase Vista Select Intermediate Tax Free Income Fund
includes performance of a predecessor account for the period dating back to
8/31/88 and prior to the Fund's commencement of operations on 1/1/97. Returns
are adjusted to reflect historical expenses at the levels indicated (absent
reimbursements) in the Expense Summary for the Fund as disclosed in the
Prospectus. The account was not registered with the Securities and Exchange
Commission and, therefore, was not subject to the investment restrictions
imposed by law on registered mutual funds. If the account had been registered,
the account's performance may have been adversely affected. Also, the Fund is
currently waiving certain fees. This voluntary waiver may be modified or
terminated at any time, which would reduce returns.
24
<PAGE>
Chase Vista Select Intermediate Tax Free Income Fund
Portfolio of Investments August 31, 1998
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
- ---------------------------------------------------------------------
Long-Term Municipal Bonds -- 100.3%
- ---------------------------------------------------------------------
<S> <C> <C>
Alabama -- 0.3%
$ 660,000 Alabama State, GO, 7.00%, 08/01/05 $ 710,515
1,320,000 Shelby County, Alabama Board of
Education, Capital Outlay School,
Insured, Warrants, 5.70%,
02/01/09 1,434,167
-----------
2,144,682
-----------
Arizona -- 2.3%
3,000,000 Maricopa County, Arizona School
District No. 4, Mesa Unit, Series
A, Insured, GO, 5.50%, 07/01/09 3,242,880
11,370,000 Salt River Project, Arizona
Agriculture, Series B, Rev., 7.00%,
01/01/05 13,185,107
-----------
16,427,987
-----------
California -- 0.8%
5,000,000 Los Angeles County, California Public
Works Financing Authority,
Regional Park & Open Space
District, Insured+, Prerefunded,
Rev., 6.00%, 10/01/04 5,651,350
-----------
Colorado -- 2.7%
13,975,000 Denver Colorado, City & County,
Series A, GO, 5.25%, 08/01/04 14,871,636
4,000,000 Eagle Garfield & Routt Counties
Colorado School District No.
Re 50J, Insured, GO, 6.13%,
12/01/09 4,469,080
-----------
19,340,716
-----------
Connecticut--0.7%
4,735,000 Connecticut State Special Tax
Obligation, Transportation
Infrastructure, Series A, Insured,
Rev., 5.40%, 06/01/09 5,067,397
-----------
</TABLE>
See notes to financial statements.
25
<PAGE>
Chase Vista Select Intermediate Tax Free Income Fund
Portfolio of Investments August 31, 1998 (continued)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
- ---------------------------------------------------------------------
Long-Term Municipal Bonds -- (continued)
- ---------------------------------------------------------------------
<S> <C> <C>
Delaware -- 0.6%
$ 3,070,000 Delaware State, Series A, Insured,
GO, 5.50%, 07/01/07 $ 3,357,076
635,000 Delaware Transportation Authority,
Transportation System, Rev.,
5.63%, 07/01/05 679,393
-----------
4,036,469
-----------
Florida -- 3.4%
2,000,000 Dade County Florida Aviation,
Series B, Insured, Rev.,
6.40%, 10/01/06 2,268,500
Florida State, Board of Education,
Capital Outlay, Public Education,
Series B, GO,
10,000,000 5.00%, 06/01/06 10,571,400
2,235,000 6.50%, 06/01/05 2,555,410
2,675,000 Florida State, Broward County
Expressway Authority, Series A,
GO, 6.50%, 07/01/03 2,681,286
2,000,000 Florida State, Department of
Corrections, Okeechobee
Correctional, Insured, COP,
6.00%, 03/01/08 2,228,620
1,000,000 Miami-Dade County, Florida,
Aviation, Series A, Insured, Rev.,
5.25%, 10/01/07 1,065,360
Tampa, Florida, Health Systems,
Catholic Health, Insured,
1,000,000 Series A-1, Rev., 5.25%, 11/15/03 1,059,600
1,500,000 Series A-3, Rev., 5.50%, 11/15/03 1,606,875
-----------
24,037,051
-----------
Georgia -- 1.4%
2,000,000 Dalton, Georgia, Building Authority,
Northwest Georgia, Trade &
Convention, Prerefunded, Rev.,
7.10%, 11/15/01 2,213,000
</TABLE>
See notes to financial statements.
26
<PAGE>
Chase Vista Select Intermediate Tax Free Income Fund
Portfolio of Investments August 31, 1998 (continued)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
- ---------------------------------------------------------------------
Long-Term Municipal Bonds -- (continued)
- ---------------------------------------------------------------------
<S> <C> <C>
$ 1,485,000 Fulco, Georgia, Hospital Authority,
Health Systems, Catholic Health
East, Series A, Insured, Rev.,
5.00%, 11/15/01 $ 1,538,683
5,000,000 Georgia, Municipal Electric Authority,
Power, Series DD, Insured, t, Rev.,
7.00%, 01/01/08 5,969,000
-----------
9,720,683
-----------
Hawaii -- 0.8%
660,000 Hawaii County, Hawaii, Series A,
Insured, GO, 5.20%, 05/01/04 698,735
Honolulu, Hawaii, City & County,
Series A, GO,
2,500,000 7.30%, 07/01/03 2,853,700
2,000,000 7.35%, 07/01/06 2,402,320
-----------
5,954,755
-----------
Illinois -- 6.2%
Chicago, Illinois, Metropolitan Water
Reclamation District, Greater
Chicago,
7,200,000 GO, 5.95%, 12/01/07 8,115,840
1,500,000 Partialy Escrowed to Maturity,
GO, 7.00%, 01/01/08 1,803,420
Chicago, Illinois, O'Hare
International Airport,
3,000,000 General Airport, Second Lien,
Series A, Insured, Rev., 6.75%,
01/01/06 3,461,940
6,055,000 Passenger Facilities Charge,
Series A, Insured, Rev., 5.38%,
01/01/07 6,497,680
2,100,000 Chicago, Illinois, Sales Tax Revenue,
Insured, Rev., 5.00%, 01/01/08 2,198,742
Cook County, Illinois, Series A,
Insured, Prerefunded, GO,
1,500,000 6.38%, 11/15/02 1,671,210
3,350,000 6.60%, 11/15/02 3,761,380
</TABLE>
See notes to financial statements.
27
<PAGE>
Chase Vista Select Intermediate Tax Free Income Fund
Portfolio of Investments August 31, 1998 (continued)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
- ---------------------------------------------------------------------
Long-Term Municipal Bonds -- (continued)
- ---------------------------------------------------------------------
<S> <C> <C>
$ 5,000,000 Illinois Educational Facilities
Authority, Northwestern University,
Prerefunded, Rev., 6.80%,
12/01/01 $ 5,544,250
Illinois State, GO,
8,000,000 5.25%, 04/01/07 8,546,320
1,320,000 5.50%, 08/01/06 1,426,775
660,000 6.40%, 08/01/01 688,875
790,000 Kane County, Illinois Community
United School District No. 304,
Geneva, Insured, GO, 6.10%,
06/01/06 887,249
-----------
44,603,681
-----------
Indiana -- 2.6%
2,485,000 Indiana State Office Building
Community Facilities, Series A,
Rev., 5.00%, 07/01/04 2,601,174
Indianapolis, Indiana, Gas Utility
Distribution Systems, Series A,
Insured, Rev.,
6,920,000 5.75%, 08/15/07 7,637,466
7,315,000 5.75%, 08/15/08 8,103,996
-----------
18,342,636
-----------
Kansas -- 0.4%
2,360,000 Wichita, Kansas, Water & Sewer
Utilities, Insured, Rev., 7.75%,
10/01/02 2,702,979
-----------
Kentucky -- 0.8%
4,400,000 Kentucky State, Property & Buildings
Community, Project No. 60, Rev.,
5.50%, 10/01/08 4,820,596
735,000 Owensboro Kentucky, Electric Light
& Power, Escrowed to Maturity,
Rev., 10.50%, 01/01/04 838,870
-----------
5,659,466
-----------
</TABLE>
See notes to financial statements.
28
<PAGE>
Chase Vista Select Intermediate Tax Free Income Fund
Portfolio of Investments August 31, 1998 (continued)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
- ---------------------------------------------------------------------
Long-Term Municipal Bonds -- (continued)
- ---------------------------------------------------------------------
<S> <C> <C>
Louisiana -- 0.2%
$ 1,275,000 Louisiana Public Facilities Authority,
Tulane University, Series A-1,
Insured, Prerefunded, Rev., 6.00%,
02/15/03 $ 1,404,425
-----------
Maryland -- 3.3%
Anne Arundel County, Maryland,
Consolidated General
Improvement, GO,
2,510,000 6.00%, 08/01/07 2,795,888
2,510,000 6.00%, 08/01/08 2,784,744
Maryland State Stadium Authority,
Lease, Convention Center
Expansion, Insured, Rev.,
3,335,000 5.75%, 12/15/08 3,659,496
3,535,000 5.80%, 12/15/09 3,880,370
6,500,000 Maryland State Transportation
Authority, Transportation Facilities
Project, Rev., 5.80%, 07/01/06 7,196,865
3,055,000 Prince Georges County, Maryland,
Consolidated Public Improvements,
Insured, GO, 5.00%, 04/15/06 3,221,009
-----------
23,538,372
-----------
Massachusetts--7.0%
5,000,000 Chelsea, Massachusetts, School
Project Loan Act 1948, Insured,
Prerefunded, GO, 5.90%,
06/15/04 5,568,500
Massachusetts Bay Transportation
Authority, General Transportation
Systems, Series A, Rev.,
11,360,000 Insured, 5.40%, 03/01/08,+ 12,316,966
4,275,000 Insured, 6.00%, 03/01/06 4,774,448
1,000,000 7.00%, 03/01/08 1,205,290
Massachusetts State, Consolidated
Loan, Series C, GO,
5,000,000 5.25%, 08/01/08 5,384,200
</TABLE>
See notes to financial statements.
29
<PAGE>
Chase Vista Select Intermediate Tax Free Income Fund
Portfolio of Investments August 31, 1998 (continued)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
- ---------------------------------------------------------------------
Long-Term Municipal Bonds -- (continued)
- ---------------------------------------------------------------------
<S> <C> <C>
$ 3,600,000 Insured, Prerefunded, 6.70%,
11/01/04 $ 4,156,632
3,000,000 Massachusetts State, Housing Finance
Agency, Residential Development,
Series C, FNMA Collateral, Rev.,
6.45%, 05/15/04 3,238,620
Massachusetts State, Series B, GO,
3,165,000 Insured, 5.80%, 08/01/09 3,461,529
4,400,000 6.50%, 08/01/08 5,178,536
1,320,000 Massachusetts State, Water Research
Authority, Series A, Insured, Rev.,
5.70%, 08/01/08 1,431,698
Southeastern Massachusetts University
Building Authority Project, Insured,
Series A, Rev.,
1,980,000 5.90%, 05/01/09 2,179,485
1,000,000 5.90%, 05/01/10 1,098,130
-----------
49,994,034
-----------
Michigan--3.8%
3,930,000 Michigan State, Comprehensive
Transportation, Series A, Insured,
Rev., 5.00%, 11/01/06 4,142,456
Michigan State, Underground Storage
Tank Financial Assurance
Authority, Insured, Series I, Rev.,
3,565,000 5.75%, 05/01/10 3,889,201
5,000,000 6.00%, 05/01/04 5,494,250
Wayne Charter County, Michigan,
Detroit Metropolitan Wayne
County, Insured, Series A, Rev.,
10,000,000 5.25%, 12/01/06 10,639,700
3,780,000 5.50%, 12/01/07 4,101,867
-----------
28,267,474
-----------
Minnesota--1.1%
5,000,000 Minnesota State, Prerefunded, GO,
6.00%, 08/01/02 5,389,100
</TABLE>
See notes to financial statements.
30
<PAGE>
Chase Vista Select Intermediate Tax Free Income Fund
Portfolio of Investments August 31, 1998 (continued)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
- ---------------------------------------------------------------------
Long-Term Municipal Bonds -- (continued)
- ---------------------------------------------------------------------
<S> <C> <C>
$ 2,000,000 Northern Municipal Power Agency,
Minnesota Electric Systems, Series
A, Insured, Prerefunded, Rev.,
5.80%, 01/01/03 $ 2,183,880
-----------
7,572,980
-----------
Montana--0.5%
3,000,000 Montana State Board Investment,
Payroll Tax, Workers Compensation
Project, Insured, Escrowed to
Maturity, Rev., 6.50%, 06/01/03 3,335,010
-----------
Nebraska--2.1%
Omaha Public Power District,
Nebraska Electric,
2,500,000 Series A, Prerefunded, +, Rev.,
6.25%, 02/01/02 2,723,200
660,000 Series A, Prerefunded, Rev., 6.30%,
02/01/02 719,968
11,000,000 Series C, +, Rev., 5.40%, 02/01/08 11,928,400
-----------
15,371,568
-----------
Nevada--3.9%
Clark County, Nevada,
1,500,000 Insured, GO, 6.00%, 06/01/02 1,611,510
8,735,000 Series A, GO, 5.25%, 11/01/03 9,227,130
4,415,000 Henderson, Nevada, Water and Sewer,
Series A, Insured, GO 5.50%,
09/01/08 4,830,672
Nevada State, Municipal Bond Book,
1,000,000 GO, 7.20%, 11/01/04 1,097,780
1,660,000 Project, No 20-23-A, Escrowed to
Maturity, GO, 7.00%, 07/01/00 1,710,713
1,000,000 Project, No 20-23-A, Escrowed to
Maturity, GO, 7.20%, 07/01/02 1,044,690
Nevada State, GO
1,000,000 6.75%, 07/01/03 1,044,980
5,000,000 Series A, 5.60%, 07/15/06 5,397,150
2,000,000 Series C, 6.50%, 05/01/05 2,274,880
-----------
28,239,505
-----------
</TABLE>
See notes to financial statements.
31
<PAGE>
Chase Vista Select Intermediate Tax Free Income Fund
Portfolio of Investments August 31, 1998 (continued)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
- ---------------------------------------------------------------------
Long-Term Municipal Bonds -- (continued)
- ---------------------------------------------------------------------
<S> <C> <C>
New Hampshire-- 1.1%
New Hampshire Municipal Bond
Bank,
$1,195,000 Series A, Rev., 7.10%, 07/15/99 $ 1,222,162
4,535,000 Series C, Insured, Rev., 5.75%,
08/15/10 5,001,742
1,250,000 Series C, Insured, Rev., 5.75%,
08/15/11 1,376,350
-----------
7,600,254
-----------
New Jersey--10.5%
2,000,000 Atlantic City, New Jersey, Insured,
GO, 7.05%, 01/01/01 2,142,720
3,245,000 Elizabeth, New Jersey, General
Improvement, Insured, GO,
6.25%, 08/15/08 3,684,860
New Jersey Economic Development
Authority, Market Transition
Facility, Sr. Lien, Series A, Insured,
Rev.,+
955,000 5.80%, 07/01/08 1,045,649
8,800,000 5.80%, 07/01/09 9,635,296
7,180,000 New Jersey State, Higher Educational
Facilities Authority, Higher
Educational Facilities Trust Fund,
Series A, Insured, Rev., 5.13%,
09/01/03 7,566,069
New Jersey State, Transportation Trust
Fund, Transportation Systems,
Insured Rev.,
5,000,000 Series A, 6.50%, 06/15/05 5,704,450
7,000,000 Series B, +, 5.50%, 06/15/09 7,564,270
5,000,000 Series B, 6.25%, 06/15/03 5,499,250
New Jersey State, Turnpike Authority,
Escrowed to Maturity, Rev.,
3,490,000 5.70%, 05/01/13 3,793,351
870,000 10.38%, 01/01/03 996,420
</TABLE>
See notes to financial statements.
32
<PAGE>
Chase Vista Select Intermediate Tax Free Income Fund
Portfolio of Investments August 31, 1998 (continued)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
- ---------------------------------------------------------------------
Long-Term Municipal Bonds -- (continued)
- ---------------------------------------------------------------------
<S> <C> <C>
$2,500,000 Series G, 5.75%, 01/01/09 $ 2,694,425
New Jersey State, Wastewater
Treatment Trust,
2,545,000 Series A, Insured, Rev., 7.00%,
05/15/06 3,007,910
2,910,000 Series A, Insured, Rev., 7.00%,
05/15/08 3,525,261
3,120,000 Series A, Insured, Rev., 7.00%,
05/15/09 3,809,364
4,995,000 Series C, Insured, Rev., 6.25%,
05/15/05 5,628,066
5,520,000 Series C, Rev., 6.88%, 06/15/07 6,577,466
2,000,000 Trenton, New Jersey, Insured, GO,
6.25%, 08/15/03 2,200,380
-----------
75,075,207
-----------
New Mexico--0.3%
2,075,000 Gallup, New Mexico, PCR, Plains
Electric Generation, Insured, Rev.,
6.40%, 08/15/05 2,275,736
-----------
New York--20.9%
Long Island Power Authority, New
York, Electric Systems, Series A,
Insured, Rev.,
4,000,000 5.50%, 12/01/12 4,386,160
4,000,000 5.50%, 12/01/08 4,390,760
Metropolitan Transportation
Authority of New York,
Transportation Facilities,
4,000,000 Series J, Insured, Prerefunded, Rev.,
6.38%, 07/01/02 4,431,680
5,000,000 Series K, Insured, Rev., 6.25%,
07/01/05 5,625,150
Municipal Assistance Corp. for New
York City,
2,125,000 Series 68, Insured, Prerefunded,
Rev., 7.30%, 07/01/99 2,233,481
3,250,000 Series E, Rev., 6.00%, 07/01/06 3,639,155
</TABLE>
See notes to financial statements.
33
<PAGE>
Chase Vista Select Intermediate Tax Free Income Fund
Portfolio of Investments August 31, 1998 (continued)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
- ---------------------------------------------------------------------
Long-Term Municipal Bonds -- (continued)
- ---------------------------------------------------------------------
<S> <C> <C>
$3,000,000 Series H, Rev., 5.00%, 07/01/08 $3,166,770
2,180,000 Series J, Rev., 6.00%, 07/01/05 2,425,904
5,000,000 Series M, Rev., 5.25%, 07/01/06 5,350,500
2,000,000 Sub-Series J, Rev., 5.75%,
07/01/03 2,159,620
Nassau County, New York, Combined
Sewer Districts, Insured, Series A,
GO,
1,125,000 6.75%, 07/01/01 1,236,060
1,130,000 Prerefunded, 6.70%, 07/01/01 1,240,051
2,260,000 Nassau County, New York, IDA,
Civic Facilities, Hofstra University
Project, Insured, Prerefunded, Rev.,
6.60%, 08/01/01 2,478,836
4,000,000 Nassau County, New York, Series A,
Insured, GO, 5.00%, 07/01/05 4,205,120
3,500,000 New York City, New York, Housing
Development Corp., Growth &
Income Sector, Residential, Royal
Charter, Insured, Prerefunded, Rev.,
9.75%, 04/01/00 3,858,820
3,000,000 New York City, New York,
Transitional Finance Authority,
Future Tax, 2nd Series A, Rev.,
5.50%, 08/15/07 3,262,860
New York State, Dorm Authority,
945,000 Pooled Capital Program, Insured,
Rev., 7.80%, 12/01/05 971,980
State University Educational Facilities,
2,800,000 Series A, Rev., 5.50%, 05/15/06 3,016,300
3,455,000 Series A, Insured, Prerefunded,
Rev., 6.25%, 05/15/03 3,863,105
690,000 Series A, Prerefunded, Rev., 7.00%,
05/15/99 720,526
165,000 Series A, Prerefunded, Rev., 7.00%,
05/15/99 172,300
1,000,000 Series A, Insured, Rev., 7.00%,
05/15/03 1,042,910
</TABLE>
See notes to financial statements.
34
<PAGE>
Chase Vista Select Intermediate Tax Free Income Fund
Portfolio of Investments August 31, 1998 (continued)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
- ---------------------------------------------------------------------
Long-Term Municipal Bonds -- (continued)
- ---------------------------------------------------------------------
<S> <C> <C>
$ 205,000 Series A, Prerefunded, Rev., 7.00%,
05/15/99 $ 214,069
3,500,000 Series B, Rev., 5.00%, 05/15/07 3,652,880
2,000,000 St. John's University, Insured, Rev.,
6.70%, 07/01/04 2,186,820
New York State, Environmental
Facilities Corp., PCR, State Water
Revolving Fund,+
6,000,000 Series A, Rev., 5.75%, 06/15/08 6,688,740
230,000 Series A, Rev., 6.90%, 06/15/02 252,423
2,000,000 Series B, Rev., 6.70%, 09/15/04 2,150,260
1,200,000 Series D, Rev., 6.55%, 03/15/08 1,296,072
5,000,000 Series E, Insured, Rev., 5.50%,
06/15/04 5,367,800
5,000,000 Series F, GO, 5.00%, 09/15/06 5,259,950
4,915,000 New York State, Housing Finance
Agency, Housing Project Mortgage,
Series A, Insured, Rev., 5.40%,
11/01/05 5,160,357
660,000 New York State, Local Government
Assistance Corp., Series A, Rev.,
5.70%, 04/01/08 719,651
180,000 New York State, Medical Care
Facilities Financing Agency,
Insured, Rev., 7.38%, 08/15/03 186,586
940,000 New York State, Mortgage Agency,
Homeowner Mortgage, Series
EE-3, Rev., 7.70%, 10/01/10 989,547
735,000 New York State, Power Authority,
General Purpose, Series C,
Escrowed to Maturity, Rev.,
9.50%, 01/01/01 772,463
New York State, Series B, GO,
6,000,000 5.60%, 08/15/07 6,516,660
5,000,000 5.70%, 08/15/10 5,450,300
</TABLE>
See notes to financial statements.
35
<PAGE>
Chase Vista Select Intermediate Tax Free Income Fund
Portfolio of Investments August 31, 1998 (continued)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
- ---------------------------------------------------------------------
Long-Term Municipal Bonds -- (continued)
- ---------------------------------------------------------------------
<S> <C> <C>
New York State, Thruway Authority,
Highway & Bridge Trust Fund,
$1,320,000 Series A, Insured, Rev., 5.30%,
04/01/07 $ 1,415,819
4,000,000 Series A, Insured, Prerefunded,
Rev., 5.60%, 04/01/04 4,322,760
5,700,000 Series B, Insured, Rev., 6.00%,
04/01/08 6,365,703
New York State, Thruway Authority,
Service Contract, Local Highway &
Bridge Transportation Fund,
8,000,000 Rev., 5.00%, 04/01/02 8,245,440
5,000,000 Rev., 5.10%, 04/01/08 5,219,400
2,500,000 Rev., 5.25%, 04/01/03 2,612,550
5,000,000 Series A, Rev., 6.25%, 04/01/05 5,605,350
3,910,000 Port Authority, New York & New
Jersey, 112th Series, Rev., 5.00%,
12/01/05 4,103,506
990,000 Westchester County, New York, IDA,
Resource Recovery, Resco Co.
Project, Series A, Insured, Rev.,
5.60%, 07/01/07 1,064,498
-----------
149,697,652
-----------
Ohio--3.3%
4,000,000 Montgomery County, Ohio, Solid
Waste, Insured, Rev., 5.50%,
11/01/10 4,320,600
Ohio State, Building Authority,
3,360,000 Adult Correctional, Series A,
Insured, Rev., 5.75%, 10/01/08 3,647,918
1,420,000 State Facilities, Administration
Building Fund, Series A, Rev.,
6.00%, 10/01/06 1,592,573
Ohio State, Turnpike, Insured, Series
A, Rev.,
6,000,000 5.40%, 02/15/09 6,475,320
4,275,000 6.00%, 02/15/07 4,811,342
</TABLE>
See notes to financial statements.
36
<PAGE>
Chase Vista Select Intermediate Tax Free Income Fund
Portfolio of Investments August 31, 1998 (continued)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
- ----------------------------------------------------------------------
Long-Term Municipal Bonds -- (continued)
- ----------------------------------------------------------------------
<S> <C> <C>
$ 2,010,000 Ohio, Water Development Authority,
PCF, Water Quality, Series A,
Insured, Rev., 6.00%, 06/01/05 $ 2,238,075
660,000 Olentangy Local School District,
Ohio, Series A, GO, 5.85%,
12/01/07 726,766
-----------
23,812,594
-----------
Oregon--0.5%
3,500,000 Washington County, Oregon School
District, No. 003, Hillsboro,
Insured, Prerefunded, GO, 6.00%,
11/01/05 3,927,595
-----------
Pennsylvania--1.7%
2,690,000 Delaware County, Pennsylvania
Authority, Catholic Health East,
Series A, Insured, Rev., 5.50%,
11/15/02 2,848,871
Pennsylvania Infrastructure
Investment Authority, Pennvest
Loan Pool Program, Series A, Rev.,
5,000,000 5.00%, 09/01/06 5,283,350
3,945,000 5.00%, 09/01/09 4,144,617
-----------
12,276,838
-----------
Puerto Rico--2.6%
Puerto Rico Commonwealth, Insured,
+, GO
10,000,000 5.50%, 07/01/08 11,037,800
5,500,000 5.50%, 07/01/09 6,066,445
1,595,000 Puerto Rico Industrial Medical &
Environmental PCF Financing
Authority, Renasa Inc., Squibb
Corp. Project, Rev., 6.50%,
07/01/04 1,617,968
-----------
18,722,213
-----------
</TABLE>
See notes to financial statements.
37
<PAGE>
Chase Vista Select Intermediate Tax Free Income Fund
Portfolio of Investments August 31, 1998 (continued)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
- ----------------------------------------------------------------------
Long-Term Municipal Bonds -- (continued)
- ----------------------------------------------------------------------
<S> <C> <C>
Rhode Island--1.5%
Rhode Island State,
$ 5,120,000 Construction Capital Development
Loan, Insured, GO, 5.25%,
08/01/03 $ 5,409,946
5,000,000 Series A, Insured, GO, 6.10%,
06/15/03 5,456,300
-----------
10,866,246
-----------
Tennessee--0.1%
660,000 Shelby County, Tennessee, School
Bonds, GO, 5.63%, 03/01/07 695,363
-----------
Texas--7.7%
2,000,000 Conroe, Texas, Independent School
District, Lot A-1997, Prerefunded,
GO, 6.00%, 02/01/02 2,136,360
10,195,000 Houston, Texas, Series A, GO,
5.50%, 03/01/06 11,026,504
Houston, Texas, Water & Sewer
Systems, Series B, Insured, Rev.,
4,975,000 Prerefunded, 6.40%, 12/01/02 5,519,066
25,000 6.40%, 12/01/09 27,901
2,550,000 North East Independent School
District, Texas, GO, 6.50%,
02/01/04 2,844,474
4,000,000 San Antonio, Texas, GO, 8.00%,
08/01/01 4,457,160
5,000,000 Tarrant County, Texas, Health
Facilities Development Corp., Texas
Health Resources Systems, Series A,
Insured, Rev., 5.50%, 02/15/06 5,385,750
7,500,000 Texas State, Series A, +, GO 6.00%,
10/01/09 8,557,500
4,265,000 Texas State, University Systems,
Financing Systems, Series A,
Insured, Rev., 5.50%, 03/15/06 4,608,588
</TABLE>
See notes to financial statements.
38
<PAGE>
Chase Vista Select Intermediate Tax Free Income Fund
Portfolio of Investments August 31, 1998 (continued)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
- ----------------------------------------------------------------------
Long-Term Municipal Bonds -- (continued)
- ----------------------------------------------------------------------
<S> <C> <C>
Texas Water Development Board,
State Revolving Fund, Senior Lien,
$3,000,000 Series A, Rev., 5.25%, 07/15/09 $ 3,207,210
1,320,000 Rev., 6.20%, 07/15/05 1,442,800
5,775,000 Trinity River Authority, Texas
Regional Wastewater Systems,
Sewer Improvements, Series B,
Insured, Rev., 5.50%, 08/01/08 6,309,996
-----------
55,523,309
-----------
Utah--0.6%
3,915,000 Utah State Building Ownership
Authority, State Facilities Master
Lease Program, Series C, Insured,
Rev., 5.50%, 05/15/08 4,271,343
-----------
Vermont--2.3%
4,100,000 Burlington, Vermont, Electric, Series
A, Insured, Rev., 6.38%, 07/01/09 4,803,108
3,475,000 Vermont Municipal Bond Book,
Series 1, Insured, Rev., 5.40%,
12/01/07 3,780,557
Vermont State, Series A, Prerefunded, GO,
3,510,000 6.40%, 01/15/05 4,012,702
3,510,000 6.50%, 01/15/05 4,032,183
-----------
16,628,550
-----------
Virgin Islands--1.2%
5,000,000 Virgin Islands Public Finance
Authority, Series C, Rev., 5.50%,
10/01/06 5,314,600
3,070,000 Virgin Islands Water & Power
Authority Electric System, Rev.,
5.25%, 07/01/07 3,216,715
-----------
8,531,315
-----------
Virginia--0.8%
5,515,000 Chesapeake Bay Bridge & Tunnel
Commonwealth of Virginia,
General Resolution, Insured, Rev.,
5.75%, 07/01/08 6,066,278
-----------
</TABLE>
See notes to financial statements.
39
<PAGE>
Chase Vista Select Intermediate Tax Free Income Fund
Portfolio of Investments August 31, 1998 (continued)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
- ----------------------------------------------------------------------
Long-Term Municipal Bonds -- (continued)
- ----------------------------------------------------------------------
<S> <C> <C>
Washington--0.3%
$ 1,800,000 Snohomish County, Washington,
Series A, Insured, GO, 6.00%,
12/01/05 $ 2,010,095
------------
Total Long Term Municipal Bonds
(Cost $680,078,461) 719,393,808
- ----------------------------------------------------------------------
Short Term Investments- 7.1%
- ----------------------------------------------------------------------
Floating Rate Demand Notes--3.1%
11,100,000 Burke County, Georgia, Development
Authority, PCR, Georgia Power
Co. Plant, Bogtle Project, Rev.,
3.25%, 09/01/98 11,100,000
1,100,000 Nassau County, New York, IDA,
Civic Facilities, Cold Spring
Harbor Lab Project, Rev., 3.25%,
09/01/98 1,100,000
9,800,000 New York State, Energy Research &
Development Authority, PCR,
Niagara Power Corp. Project, Series
B, Rev., 3.85%, 09/01/98 9,800,000
-----------
Total Floating Rate Demand Notes
(Cost $22,000,000) 22,000,000
- ----------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
Shares Value
- ----------------------------------------------------------------------
<S> <C> <C>
Money Market Funds--4.0%
12,685,087 Provident Municipal Cash Money
Market Fund $ 12,685,087
15,923,403 Provident Municipal Money Market
Fund 15,923,403
-----------
Total Money Market Funds
(Cost $28,608,490) 28,608,490
- ---------------------------------------------------------------------
Total Short Term Investments
(Cost $50,608,490) 50,608,490
- ---------------------------------------------------------------------
Total Investments--107.4%
(Cost $730,686,951) $770,002,298
- ---------------------------------------------------------------------
</TABLE>
See notes to financial statements.
40
<PAGE>
Chase Vista Select
New York Intermediate Tax Free Income Fund
as of August 31, 1998
(unaudited)
Fund Facts
<TABLE>
<S> <C>
Objective Income exempt from federal, New York
state and New York City taxes*
Primary investments New York municipal bonds
Suggested investment time frame 3-5 years minimum
Market benchmark Lehman Municipal Bond Index
Lipper Funds category New York Intermediate Municipal Debt
Funds Average
Inception date 1/1/97
Newspaper symbol NY TF
Net assets $283 Million
Average maturity 9.6 years
Average duration 5.8 years
Average quality Aa/AA
</TABLE>
* A portion of the Fund's income may be subject to the Alternative Minimum Tax,
and some investors may be subject to certain state and local taxes.
[SQUARE CHART]
Average Maturity
Quality: Low/High
[END SQUARE CHART]
Source: Morningstar
41
<PAGE>
Chase Vista Select
New York Intermediate Tax Free Income Fund
as of August 31, 1998
(unaudited)
How the Fund Performed
Chase Vista Select New York Intermediate Tax Free Income Fund, which seeks to
provide triple tax-exempt income through a portfolio of higher-quality, longer
term municipal bonds, had a total return of 8.37% for the year ended August 31,
1998. This compares to a return of 8.27% for the Lipper New York Intermediate
Municipal Debt Funds Average and 8.65% for the unmanaged Lehman Municipal Bond
Index.
How the Fund Was Managed
In May, prior to $3 billion issuance of new securities by the Long Island Power
Authority (LIPA), we overweighted the portfolio in anticipation of a supply glut
in New York. We used this opportunity to purchase some of the better quality
credits at relatively inexpensive prices.
We also upgraded the portfolio's call protection. Additionally, the Fund earned
attractive yields by maintaining an overweighting in Puerto Rico general
obligation bonds and other U.S. territorial paper, both of which are exempt from
federal income taxes and New York City and New York State income taxes.
Finally, management's decision to extend the Fund's average maturity proved to
be a sound strategy. During the period, most notably from the beginning of May
through the end of August, long-term interest rates declined sharply, increasing
the value of fixed-income instruments.
Where the Fund May Be Headed
Looking ahead, the New York calendar remains heavy, which should provide an
opportunity to purchase securities with attractive yields compared with other
tax-exempt bonds. As more supply emerges, we expect municipal/Treasury ratios to
increase.
Finally, if the current crisis in Asia remains a factor in the global economy,
we do not anticipate a significant increase in interest rates anytime soon.
Given this belief, we intend to maintain the Fund's above-average duration
compared to the benchmark in the months ahead.
42
<PAGE>
Chase Vista Select
New York Intermediate Tax Free Income Fund
as of August 31, 1998
(unaudited)
How Much of the Fund Was Invested
[PIE CHART]
Investments (95.5%)
Cash/Other (4.5%)
[END PIE CHART]
Average Annual Total Returns
This table shows the average annual total returns. This is where you can see
the Fund's short-term performance, which, as with the stock markets, tends to be
more volatile than the long-term trend.
<TABLE>
<CAPTION>
1 Year 5 Years 10 Years
------------- -------------- ---------------
<S> <C> <C> <C>
Premier Shares 8.37% 5.34% 7.85%
</TABLE>
Source: Lipper Analytical Services, Inc. Past performance is not predictive of
future performance. Investment return and principal value will fluctuate with
market conditions. When shares are redeemed, they may be worth more or less
than their original cost.
+ The quoted performance of Chase Vista Select New York Intermediate Tax Free
Income Fund includes performance of a predecessor account for the period dating
back to 8/31/88 and prior to the Fund's commencement of operations on 1/1/97.
Returns are adjusted to reflect historical expenses at the levels indicated
(absent reimbursements) in the Expense Summary for the Fund as disclosed in the
Prospectus. The account was not registered with the Securities and Exchange
Commission and, therefore, was not subject to the investment restrictions
imposed by law on registered mutual funds. If the account had been registered,
the account's performance may have been adversely affected. Also, the Fund is
currently waiving certain fees. This voluntary waiver may be modified or
terminated at any time, which would reduce returns.
43
<PAGE>
Chase Vista Select
New York Intermediate Tax Free Income Fund
as of August 31, 1998
(unaudited)
10-Year Performance
This chart shows what the long-term growth would have been of a hypothetical
$10,000 investment in the Chase New York Intermediate Tax Free Income Fund
compared to its key benchmarks. This is where you see the Fund's long-term
trend. This chart is for illustrative purposes only.
[LINE CHART]
<TABLE>
<CAPTION>
Chase Vista
Select Lipper
New York New York
Intermediate Lehman Intermediate
Tax Free Muni Bond Muni Debt
Income Fund Index Funds Avg
<S> <C> <C> <C>
1988 10000 10000 10000
1989 11159 11098 10820
1990 11784 11811 11421
1991 13202 13205 12533
1992 14754 14681 13733
1993 16420 16471 15104
1994 16323 16495 15234
1995 17425 19958 16285
1996 18278 18897 16866
1997 19654 20648 18092
1998 21299 22434 19341
</TABLE>
[END LINE CHART]
Source: Lipper Analytical Services, Inc. Past performance is not predictive of
future performance. Investment return and principal value will fluctuate with
market conditions. When shares are redeemed, they may be worth more or less than
their original cost.
Any capital gain on the principal investment is subject to Federal income tax.
Some investors may also be subject to the Federal Alternative Minimum Tax and
certain state and local taxes. This chart illustrates comparative performance
for $10,000 invested in shares of Chase Vista Select New York Intermediate Tax
Free Income Fund, the Lehman Municipal Bond Index and the Lipper New York
Intermediate Municipal Debt Funds Average for the ten years ended August 31,
1998. The performance of the Fund assumes reinvestment of all dividends and
capital gains. The performance of the index has been adjusted to reflect
reinvestment of all dividends on securities included in the benchmark.
The unmanaged Lehman Municipal Bond Index is a broad-based total return
benchmark for the long-term, investment grade tax-exempt bond market. Bonds
included in the Lehman Municipal Bond Index are representative of the market. An
individual cannot invest in the index.
The Lipper New York Intermediate Municipal Debt Funds Average represents the
performance of a universe of 20 actively-managed New York tax-exempt
intermediate municipal bond funds. Lipper is an independent mutual fund
performance monitor whose results are based on total return and do no reflect a
sales charge.
+ The quoted performance of Chase Vista Select New York Intermediate Tax Free
Income Fund includes performance of a predecessor account for the period dating
back to 8/31/88 and prior to the Fund's commencement of operations on 1/1/97.
Returns are adjusted to reflect historical expenses at the levels indicated
(absent reimbursements) in the Expense Summary for the Fund as disclosed in the
Prospectus. The account was not registered with the Securities and Exchange
Commission and, therefore, was not subject to the investment restrictions
imposed by law on registered mutual funds. If the account had been registered,
the account's performance may have been adversely affected. Also, the Fund is
currently waiving certain fees. This voluntary waiver may be modified or
terminated at any time, which would reduce returns.
44
<PAGE>
Chase Vista Select New York Intermediate Tax Free Income Fund
Portfolio of Investments August 31, 1998
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
- ---------------------------------------------------------------------
Long-Term Municipal Bonds -- 94.5%
- ---------------------------------------------------------------------
<S> <C> <C>
$2,000,000 Albany County, New York, Airport
Authority, Insured, Rev., 5.30%,
12/15/15 $ 2,056,000
1,120,000 Allegany County, New York, IDA,
Alfred University Civic Facility,
Insured, Rev., 5.25%, 08/01/11 1,174,914
2,000,000 Battery Park City Authority, New
York, Series A, Insured, Rev.,
5.50%, 11/01/26 2,101,580
1,150,000 Broome County, New York, GO,
7.13%, 03/01/99 1,170,562
1,250,000 Dutchess County, New York Resource
Recovery Agency, Solid Waste
Management, Series A, Insured,
Rev., 7.50%, 01/01/09 1,336,488
Erie County, New York,
885,000 Public Improvement, Insured, GO,
6.00%, 01/15/05 955,756
855,000 Series B, Insured, GO, 6.00%,
03/15/06 925,751
2,000,000 Water Authority Improvement &
Extension, Escrowed to
Maturity, +, Rev., 5.75%,
12/01/08 2,141,640
Longwood Central School District at
Middle Island, New York, Insured,
GO,
1,100,000 4.75%, 06/15/10 1,122,352
1,055,000 4.80%, 06/15/11 1,073,969
1,315,000 4.80%, 06/15/13 1,322,206
Metropolitan Transportation
Authority of New York, Rev.,
500,000 Commuter Facilities, Series B,
Insured, 6.10%, 07/01/09 573,515
1,500,000 Commuter Facilities, Service
Contract, Series O, 5.10%,
07/01/00 1,533,345
2,000,000 Dedicated Tax Fund, Series A,
Insured, 5.50%, 04/01/16 2,115,100
</TABLE>
See notes to financial statements.
45
<PAGE>
Chase Vista Select New York Intermediate Tax Free Income Fund
Portfolio of Investments August 31, 1998 (continued)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
- ---------------------------------------------------------------------
Long-Term Municipal Bonds -- (continued)
- ---------------------------------------------------------------------
<S> <C> <C>
Monroe County, New York, Public
Improvement,
$4,400,000 Escrowed to Maturity, GO, 6.00%,
03/01/01 $4,637,380
100,000 Insured, GO, 6.00%, 03/01/01 105,427
1,230,000 Series A, GO, 6.00%, 03/01/12 1,407,095
1,000,000 Series A, GO, 6.00%, 03/01/18 1,148,100
1,000,000 Series A, GO, 6.00%, 03/01/19 1,151,180
Municipal Assistance Corp. for City
of New York,
2,400,000 Series E, Rev., 6.00%, 07/01/05 2,670,720
8,000,000 Series E, Rev., 6.00%, 07/01/06 8,957,920
6,500,000 Series G, Rev., 6.00%, 07/01/08 7,383,675
Nassau County, New York, General
Improvements,
2,000,000 Series Q, Insured, GO, 5.20%,
08/01/12 2,108,120
1,800,000 Series R, Insured, GO, 5.13%,
11/01/03 1,898,730
Nassau County, New York, IDA,
Civic Facilities, Hofstra University
Project, Insured, Rev.,
1,705,000 5.00%, 07/01/06 1,793,984
4,740,000 5.25%, 07/01/09 5,100,856
New York City, New York, City
Municipal Water Financing
Authority Water & Sewer Systems,
505,000 Series A, Insured, Rev., 7.00%,
06/15/09 553,015
495,000 Series A, Insured, Rev., 7.00%,
06/15/09 540,134
2,000,000 Series B, Insured, Rev., 5.50%,
06/15/27 2,097,020
1,000,000 New York City, New York, IDA, Civil
Facilities, New School for Social
Research, Series A, Insured, Rev.,
5.75%, 09/01/15 1,081,460
</TABLE>
See notes to financial statements.
46
<PAGE>
Chase Vista Select New York Intermediate Tax Free Income Fund
Portfolio of Investments August 31, 1998 (continued)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
- ---------------------------------------------------------------------
Long-Term Municipal Bonds -- (continued)
- ---------------------------------------------------------------------
<S> <C> <C>
$5,000,000 New York City, New York, Municipal
Assistance Corp., Series G, Rev.,
5.00%, 07/01/03 $5,235,400
New York City, New York,
1,245,000 GO, 5.25%, 03/01/09 1,325,240
1,025,000 Series A, GO, 6.38%, 08/01/05 1,118,931
2,300,000 Series A, Prerefunded, GO, 8.00%,
08/15/01 2,602,611
475,000 Series A, Prerefunded, GO, 6.38%,
08/01/02 524,519
1,500,000 Series C, GO, 6.10%, 08/01/02 1,612,530
60,000 Series D, GO, 7.65%, 02/01/06 68,001
940,000 Series D, Prerefunded, GO, 7.65%,
02/01/02 1,066,317
2,500,000 Series E, GO, 6.00%, 08/01/07 2,807,500
4,450,000 Series F, GO, 5.70%, 08/01/07 4,860,335
240,000 Series F, GO, 8.25%, 11/15/02 273,060
1,205,000 Series F, Prerefunded, GO, 8.25%,
11/15/01 1,382,497
2,500,000 Series G, GO, 5.75%, 02/01/04 2,683,400
885,000 Series H, Escrowed to Maturity,
GO, 6.88%, 02/01/02 971,093
115,000 Series H, GO, 6.88%, 02/01/02 125,341
60,000 Series H, GO, 7.00%, 02/01/06 66,154
35,000 Series H, GO, 7.10%, 02/01/12 38,700
440,000 Series H, Prerefunded, GO, 7.00%,
02/01/02 489,900
965,000 Series H, Prerefunded, GO, 7.10%,
02/01/02 1,077,374
1,750,000 New York City, New York, Trust
Cultural Resources, Museum of
Modern Art, Series A, Insured,
Rev., 5.40%, 01/01/12 1,833,493
New York State, Dorm Authority,
City University System
Consolidation,
3,500,000 3rd General Reserve, Series 2,
Insured, Rev., 5.50%, 07/0116 3,704,085
</TABLE>
See notes to financial statements.
47
<PAGE>
Chase Vista Select New York Intermediate Tax Free Income Fund
Portfolio of Investments August 31, 1998 (continued)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
- ---------------------------------------------------------------------
Long-Term Municipal Bonds -- (continued)
- ---------------------------------------------------------------------
<S> <C> <C>
$2,000,000 3rd Generation, Series 1, Insured,
Rev., 5.25%, 07/01/08 $2,136,780
2,000,000 Series B, Insured, Rev., 5.75%,
07/01/07 2,218,900
1,545,000 Series D, Rev., 5.75%, 07/01/06 1,677,576
5,590,000 Series D, Insured, Rev., 7.00%,
07/01/09 6,831,315
1,000,000 Series F, Rev., 5.00%, 07/01/20 988,150
New York State, Dorm Authority,
1,000,000 Fordham University, Insured, Rev.,
7.20%, 07/01/05 1,081,650
1,680,000 Hospital Special Surgery, Insured,
Rev., 4.90%, 08/01/11 1,716,523
2,290,000 Hospital Special Surgery, Insured,
Rev., 5.00%, 08/01/12 2,339,922
1,000,000 Memorial Sloan Kittering Cancer
Center, Insured, Rev., 5.50%,
07/01/09 1,088,520
2,750,000 New York University, Insured, Rev.,
6.38%, 07/01/07 2,979,240
2,000,000 New York University, Series A,
Insured, Rev., 5.75%, 07/01/09 2,237,880
1,000,000 New York University, Series A,
Insured, Rev., 5.75%, 07/01/15 1,119,260
1,035,000 North Shore University Hospital
Plainview, Insured, Rev., 5.50%,
11/01/10 1,127,032
2,015,000 Rockefeller University, Rev., 5.00%,
07/01/12 2,087,802
2,065,000 State Service Contract, Albany
County, Rev., 5.25%, 04/01/12 2,124,534
840,000 State Service Contract, Albany
County, Rev., 5.50%, 04/01/08 901,387
3,500,000 State University Educational
Facilities, Series A, Insured, Rev.,
5.50%, 05/15/10 3,802,225
2,380,000 State University Educational
Facilities, Series A, Insured, Rev.,
5.50%, 05/15/06 2,580,087
</TABLE>
See notes to financial statements.
48
<PAGE>
Chase Vista Select New York Intermediate Tax Free Income Fund
Portfolio of Investments August 31, 1998 (continued)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
- -----------------------------------------------------------------------
Long-Term Municipal Bonds -- (continued)
- -----------------------------------------------------------------------
<S> <C> <C>
$1,250,000 State University Educational Facilities,
Series A, Rev., 7.30%, 05/15/00 $1,322,488
2,000,000 State University Educational Facilities,
Series C, Rev., 7.38%, 05/15/10 2,437,780
1,000,000 St. Agnes Hospital, Series A, Rev.,
5.10%, 02/15/10 1,031,700
1,000,000 St. Agnes Hospital, Series A, Rev.,
5.20%, 02/15/11 1,032,770
3,000,000 The New York Presbyterian Hospital,
Insured, Rev., 5.50%, 08/01/04 3,216,930
1,000,000 Vassar College, Rev., 7.10%,
07/01/04 1,079,960
1,000,000 Vassar College, Rev., 7.13%,
07/01/10 1,080,380
5,000,000 New York State, Energy Research &
Development Authority, PCR, New
York State Electric & Gas Corp.,
Series E, Insured, Rev., 5.90%,
12/01/06 5,583,450
New York State, Environmental
Facilities Corp., PCR, State Water,
Revolving Fund,
7,000,000 New York City Municipal Water
Authority Rev., 5.75%, 06/15/12 7,822,290
720,000 Series A, Rev., 7.25%, 06/15/10 792,799
New York State, Environmental
Facilities Corp., PCR, State Water,
Sub Revolving Fund,
2,000,000 Series E, Insured, Rev., 5.50%,
06/15/04 2,147,120
5,415,000 Series E, Insured, Rev., 6.00%,
06/15/12 6,206,240
New York State, Housing Finance
Agency,
835,000 Rev., 8.00%, 11/01/08 925,013
165,000 Rev., 8.00%, 11/01/08 179,772
1,830,000 Health Facilities, Monroe County,
Series A, Rev., 7.63%, 05/01/05 1,985,825
</TABLE>
See notes to financial statements.
49
<PAGE>
Chase Vista Select New York Intermediate Tax Free Income Fund
Portfolio of Investments August 31, 1998 (continued)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
- ---------------------------------------------------------------------
Long-Term Municipal Bonds -- (continued)
- ---------------------------------------------------------------------
<S> <C> <C>
$ 650,000 Service Contract Obligation, Series A,
Prerefunded, Rev., 7.38%,
03/15/02 $ 737,055
1,550,000 State University Construction, Series
A, Escrowed to Maturity, Rev.,
8.00%, 05/01/11 2,020,658
New York State, Local Government
Assistance Corp.,
5,000,000 Series A, Insured, Rev., 5.25%,
04/01/14 5,232,950
2,000,000 Series A, Rev., 6.00%, 04/01/07 2,240,280
5,000,000 Series E, Insured, Rev., 5.50%,
04/01/04 5,361,450
New York State, Medical Care
Facilities Financing Agency,
165,000 Rev., 7.70%, 08/15/03 179,472
360,000 Prerefunded, Rev., 7.70%, 08/15/00 393,926
1,010,000 Project A, Insured, Rev., 5.40%,
08/15/04 1,078,185
345,000 Project, 1995, Series C, Insured,
Rev., 5.40%, 08/15/05 364,413
5,400,000 New York State, Mortgage Agency,
Series 19, Mandatory Put, Rev.,
4.45%, 10/01/15 5,407,776
New York State,
1,000,000 Insured, GO, 2.75%, 07/01/04 930,560
5,000,000 Insured, GO, 6.00%, 03/01/06 5,573,900
1,000,000 Insured, GO, 7.10%, 03/01/05 1,096,350
600,000 Insured, GO, 7.50%, 11/15/00 647,220
4,000,000 Series F, GO, 5.00%, 09/15/07 4,213,920
5,000,000 Series F, GO, 5.25%, 09/15/11 5,307,100
3,000,000 Special Bonds, GO, 7.00%, 11/15/03 3,263,490
1,500,000 Special Bonds, GO, 7.10%, 11/15/04 1,636,095
1,000,000 Special Bonds, GO, 7.13%, 11/15/06 1,091,230
5,000,000 New York State, Thruway Authority,
General, Series D, Rev., 5.25%,
01/01/21 5,067,300
</TABLE>
See notes to financial statements.
50
<PAGE>
Chase Vista Select New York Intermediate Tax Free Income Fund
Portfolio of Investments August 31, 1998 (continued)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
- ----------------------------------------------------------------------
Long-Term Municipal Bonds -- (continued)
- ----------------------------------------------------------------------
<S> <C> <C>
$1,045,000 Oneida County, New York, Insured,
GO, 5.50%, 03/15/11 $ 1,143,240
Puerto Rico Commonwealth,
1,960,000 Insured, GO, 6.90%, 07/01/00 2,072,132
2,105,000 Highway & Transportation
Authority, Series Z, Insured,
Rev., 6.25%, 07/01/07 2,428,981
Puerto Rico Electric Power Authority,
3,400,000 Series DD, Insured, Rev., 5.25%,
07/01/14 3,580,676
2,795,000 Series X, Insured, Rev., 5.25%,
07/01/14 2,943,526
1,800,000 Series X, Insured, Rev., 6.00%,
07/01/11 1,972,584
2,180,000 Rochester, New York, Series A,
Insured, GO, 5.70%, 08/15/04 2,371,012
5,000,000 Suffolk County, New York, Southwest
Sewer District, Insured, GO,
6.00%, 02/01/05 5,522,150
1,065,000 Sullivan County, New York, Public
Improvement, Insured, GO,
5.00%, 03/15/08 1,106,471
Triborough Bridge & Tunnel
Authority, New York,
7,125,000 General Purpose, Series Y, Rev.,
6.00%, 01/01/12 8,133,401
2,000,000 Series A, Insured, Rev., 5.25%,
01/01/10 2,123,220
1,000,000 Series B, Rev., 5.00%, 01/01/20 1,014,400
2,500,000 Special Obligation, Series B, Rev.,
6.88%, 01/01/15 2,703,426
Virgin Islands, Public Finance
Authority, Series C, Rev.,
1,000,000 5.00%, 10/01/00 1,019,260
2,000,000 5.00%, 10/01/01 2,049,820
3,075,000 5.00%, 10/01/02 3,163,990
- ----------------------------------------------------------------------
Total Long Term Municipal Bonds
(Cost $253,227,937) $267,179,394
- ----------------------------------------------------------------------
</TABLE>
See notes to financial statements.
51
<PAGE>
Chase Vista Select New York Intermediate Tax Free Income Fund
Portfolio of Investments August 31, 1998 (continued)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
- ----------------------------------------------------------------------
Short Term Investments -- 5.1%
- ----------------------------------------------------------------------
<S> <C> <C>
Floating Rate Demand Notes--4.6%
$6,000,000 Long Island Power Authority, New
York, Electric Systems, Series 1,
Rev., 3.15%, 09/02/98 $ 6,000,000
1,400,000 New York State Dorm Authority,
Cornell University, Series B, Rev.,
3.20%, 09/01/98 1,400,000
1,200,000 New York State, Energy Research &
Development Authority, PCR,
Niagara Mohawk Power Corp.,
Project A, Rev., 3.20%, 09/01/98 1,200,000
1,490,000 New York State, Job Development
Authority, Special Purpose Series
A-1 through A-25, Rev., 3.25%,
09/01/98 1,490,000
2,000,000 Port Authority, New York & New
Jersey, Special Obligation, Versatile
Structure, Obligation 3, Rev.,
3.35%, 09/01/98 2,000,000
1,000,000 Syracuse New York IDA Civic
Facility, Multi-Modal Syracuse
University Project, Rev., 3.20%,
09/01/98 1,000,000
------------
Total Floating Rate Demand Notes
(Cost $13,090,000) 13,090,000
- ----------------------------------------------------------------------
Shares
- ----------------------------------------------------------------------
Money Market Fund--0.5%
1,326,553 Provident New York Money Market
Fund,
(Cost $1,326,553) 1,326,553
- ----------------------------------------------------------------------
Total Short Term Investments
(Cost $14,416,553) 14,416,553
- ----------------------------------------------------------------------
Total Investments--99.6%
(Cost $267,644,490) $281,595,947
- ----------------------------------------------------------------------
</TABLE>
See notes to financial statements.
52
<PAGE>
Chase Vista Select
New Jersey Tax Free Income Fund
as of August 31, 1998
(unaudited)
Fund Facts
<TABLE>
<S> <C>
Objective Income exempt from federal and New
Jersey state taxes*
Primary investments New Jersey municipal bonds
Suggested investment time frame 3-5 years minimum
Market benchmark Lehman Municipal Bond Index
Lehman 7 Year Municipal Bond Index
Lipper Funds Category Lipper New Jersey Municipal Debt Funds
Average
Inception date 1/1/97
Newspaper symbol NJ TF
Net assets $71 Million
Average maturity 12.4 years
Average duration 5.8 years
Average quality Aa/AA
</TABLE>
* A portion of the Fund's income may be subject to the Alternative Minimum Tax,
and some investors may be subject to certain state and local taxes.
[SQUARE CHART]
Average Maturity/Quality: Int./High
[END SQUARE CHART]
Source: Morningstar
53
<PAGE>
Chase Vista Select
New Jersey Tax Free Income Fund
as of August 31, 1998
(unaudited)
How the Fund Performed
Chase Vista Select New Jersey Tax Free Income Fund, which seeks to provide
monthly dividends excluded from gross income for federal tax purposes and exempt
from New Jersey personal income tax, had a total return of 7.82% for the
one-year period ended August 31, 1998. This compares to a return of 8.02% for
the Lipper New Jersey Municipal Debt Funds Average and 7.62% for the unmanaged
Lehman 7 Year Municipal Bond Index.
How the Fund Was Managed
During the period, good sector positioning and superior bond selection,
particularly along the intermediate term part of the yield curve, contributed
favorably to the Fund's investment results. The Fund also benefitted from its
overweighting in Puerto Rico general obligation bonds and other U.S. territorial
paper, both of which are exempt from federal income taxes and New Jersey state
income tax.
The Fund's decision to maintain a slightly higher-than-average duration
throughout the period also boosted performance, as long-term interest rates
trended lower. During the reporting period, long-term interest rates, as
measured by the benchmark 30-year Treasury bond, declined from 6.61% to 5.26%.
The New Jersey bond market was further bolstered by relatively low supply
compared to most other states. Most New Jersey municipalities have not been
issuing bonds because they met their financing needs when rates were low in 1993
or have completed their projects.
Where the Fund May Be Headed
Our outlook for the New Jersey bond market is positive. New Jersey's economy
continues to be on solid ground, and the supply of bonds remains relatively low.
In fact, the supply-demand dynamics are more attractive now than they were
earlier in 1998.
With the prospects of lower interest rates still good due to the economic and
currency problems in Asia, we intend to maintain our above-average duration
strategy going forward. In fact, any upturn in interest rates will be viewed as
a potential opportunity to further extend duration.
54
<PAGE>
Chase Vista Select
New Jersey Tax Free Income Fund
as of August 31, 1998
(unaudited)
How Much of the Fund Was Invested
[PIE CHART]
Investments (98.9%)
Cash/Other (1.1%)
[END PIE CHART]
Average Annual Total Returns
This table shows the average annual total returns. This is where you can see
the Fund's short-term performance, which, as with the stock markets, tends to be
more volatile than the long-term trend.
<TABLE>
<CAPTION>
Since Inception
1 Year 5 Years (5/1/90)
------------ ------------- ---------------
<S> <C> <C> <C>
Premier Shares 7.82% 5.33% 6.75%
</TABLE>
Source: Lipper Analytical Services, Inc. Past performance is not predictive of
future performance. Investment return and principal value will fluctuate with
market conditions. When shares are redeemed, they may be worth more or less
than their original cost.
+ The quoted performance of Chase Vista Select New Jersey Tax Free Income Fund
includes performance of a predecessor account for the period dating back to
5/1/90 and prior to the Fund's commencement of operations on 1/1/97. Returns are
adjusted to reflect historical expenses at the levels indicated (absent
reimbursements) in the Expense Summary for the Fund as disclosed in the
Prospectus. The account was not registered with the Securities and Exchange
Commission and, therefore, was not subject to the investment restrictions
imposed by law on registered mutual funds. If the account had been registered,
the account's performance may have been adversely affected. Also, the Fund is
currently waiving certain fees. This voluntary waiver may be modified or
terminated at any time, which would reduce returns.
55
<PAGE>
Chase Vista Select
New Jersey Tax Free Income Fund
as of August 31, 1998
(unaudited)
Life of Fund Performance
This chart shows what the long-term growth would have been of a hypothetical
$10,000 investment in the Chase Vista Select New Jersey Tax Free Income Fund
compared to its key benchmarks. This is where you see the Fund's long-term
trend. This chart is for illustrative purposes only.
[LINE CHART]
<TABLE>
<CAPTION>
Chase Vista
Select Lehman Lipper
New Jersey Lehman 7 Year New Jersey
Tax Free Muni Bond Muni Bond Muni Debt
Income Fund Index Index Funds Avg.
<S> <C> <C> <C> <C>
5/90 10000 10000 10000 10000
1990 10154 10087 10137 10046
1991 11114 11277 11240 11323
1992 12176 12539 12411 12559
1993 13227 14067 13729 14141
1994 13420 14088 13923 13939
1995 14420 15337 15147 14919
1996 14992 16139 15737 15609
1997 15906 17635 16963 16888
1998 17150 18065 17884 18240
</TABLE>
[END LINE CHART]
Source: Lipper Analytical Services, Inc. Past performance is not predictive of
future performance. Investment return and principal value will fluctuate with
market conditions. When shares are redeemed, they may be worth more or less than
their original cost.
Any capital gain on the principal investment is subject to Federal income tax.
Some investors may also be subject to the Federal Alternative Minimum Tax and
certain state and local taxes. This chart illustrates comparative performance
for $10,000 invested in shares of Chase Vista Select New Jersey Tax Free Income
Fund, the Lehman Municipal Bond Index, the Lehman 7 Year Municipal Bond Index
and the Lipper New Jersey Municipal Debt Funds Average from May 31, 1990 through
August 31, 1998. The performance of the Fund assumes reinvestment of all
dividends and capital gains. The performance of the index has been adjusted to
reflect reinvestment of all dividends on securities included in the benchmark.
The unmanaged Lehman Municipal Bond Index is a broad-based total return
benchmark for the long-term, investment grade tax-exempt bond markets. Bonds
included in the Lehman Municipal Bond Index are representative of the market. An
individual cannot invest in the index.
The unmanaged Lehman 7 Year Municipal Bond Index is a total return benchmark for
the long-term, investment grade tax-exempt bond market. Bonds included in the
Lehman Municipal Bond Index are representative of the market. An individual
cannot invest in the index.
The Lipper New Jersey Municipal Debt Funds Average represents the performance of
a universe of 59 actively-managed New Jersey tax-exempt muncipal bond funds.
Lipper is an independent mutual fund performance monitor whose results are based
on total return and do not reflect a sales charge.
+ The quoted performance of Chase Vista Select New Jersey Tax Free Income Fund
includes performance of a predecessor account for the period dating back to
5/1/90 and prior to the Fund's commencement of operations on 1/1/97. Returns are
adjusted to reflect historical expenses at the levels indicated (absent
reimbursements) in the Expense Summary for the Fund as disclosed in the
Prospectus. The account was not registered with the Securities and Exchange
Commission and, therefore, was not subject to the investment restrictions
imposed by law on registered mutual funds. If the account had been registered,
the account's performance may have been adversely affected. Also, the Fund is
currently waiving certain fees. This voluntary waiver may be modified or
terminated at any time, which would reduce returns.
56
<PAGE>
Chase Vista Select New Jersey Tax Free Income Fund
Portfolio of Investments August 31, 1998
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
- ----------------------------------------------------------------------
Long-Term Municipal Bonds -- 103.3%
- ----------------------------------------------------------------------
<S> <C> <C>
$2,000,000 Atlantic City, New Jersey, Insured,
GO, 4.75%, 08/15/10 $2,034,260
1,000,000 Bergen County, New Jersey, Utilities
Authority, Water Pollution Control,
Series B, Insured, Rev., 5.75%,
12/15/05 1,104,970
1,550,000 Burlington County, New Jersey,
General Improvement, GO, 4.85%,
07/15/05 1,617,053
Camden County, New Jersey IAR,
Health Systems, Catholic Health
East, Insured, Series B, Rev.,
1,000,000 5.25%, 11/15/11 1,059,190
500,000 5.25%, 11/15/12 526,810
570,000 Camden County, New Jersey, Insured,
Prerefunded, GO, 7.00%, 06/01/99 584,957
1,000,000 Cherry Hill Township, New Jersey,
GO, 6.10%, 06/01/07 1,089,000
1,000,000 Delaware River & Bay Authority,
Delaware Authority, Insured, Rev.,
5.20%, 01/01/10 1,055,620
825,000 East Orange, New Jersey, Board of
Education, Insured, COP, 5.50%,
08/01/12 894,465
570,000 Edison Township, New Jersey, School,
GO, 6.50%, 06/01/04 639,711
1,140,000 Hamilton Township, Atlantic County,
New Jersey School District,
Insured, GO, 5.88%, 12/15/07 1,241,460
1,000,000 Hunterdon, New Jersey Central
Regional High School District,
Insured, GO, 5.40%, 05/01/09 1,074,480
2,060,000 Jersey City, New Jersey, General
Improvement, Series A, Insured,
GO, 6.00%, 10/01/05 2,295,746
700,000 Middletown Township, New Jersey,
Board of Education, Insured, GO,
5.70%, 08/01/04 760,970
</TABLE>
See notes to financial statements.
57
<PAGE>
Chase Vista Select New Jersey Tax Free Income Fund
Portfolio of Investments August 31, 1998 (continued)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
- ---------------------------------------------------------------------
Long-Term Municipal Bonds -- (continued)
- ---------------------------------------------------------------------
<S> <C> <C>
$1,555,000 Monmouth County, New Jersey,
Improvement Authority,
Recreational Facilities, Insured,
Prerefunded, Rev., 6.63%,
12/01/99 $1,644,008
570,000 New Jersey State Transportation Corp.,
Insured, COP, 6.20%, 10/01/02 620,417
500,000 New Jersey State Transportation Trust
Fund, Transportation Systems, Series
A, Insured, Rev., 5.50%, 06/15/11 537,430
New Jersey State Turnpike Authority,
1,140,000 Series A, Rev., 5.80%, 01/01/02 1,201,549
1,140,000 Series A, Rev., 6.40%, 01/01/02 1,222,456
1,000,000 Series C, Rev., 6.25%, 01/01/10 1,062,800
2,000,000 Series C, Insured, Rev., 6.50%,
01/01/08 2,333,520
2,500,000 New Jersey State, Building Authority,
State Building, Rev., 6.00%,
06/15/07 2,814,000
New Jersey State, Economic
Development Authority, Market
Transition Facility, Sr. Lien, Series
A, Insured, Rev.,
1,710,000 5.80%, 07/01/08 1,872,313
1,200,000 5.80%, 07/01/09 1,313,904
1,300,000 New Jersey State, Economic
Development Authority, Trenton
Office Complex, Insured, Rev.,
5.00%, 06/15/05 1,368,640
New Jersey State, Educational
Facilities Authority,
2,545,000 Drew University Issue, Series C,
Insured, Rev., 5.25%, 07/01/13 2,680,292
600,000 Fairleigh Dickinson University,
Series G, Rev., 4.88%, 07/01/04 600,324
1,000,000 Fairleigh Dickinson University,
Series G, Rev., 5.70%, 07/01/28 997,060
</TABLE>
See notes to financial statements.
58
<PAGE>
Chase Vista Select New Jersey Tax Free Income Fund
Portfolio of Investments August 31, 1998 (continued)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
- ----------------------------------------------------------------------
Long-Term Municipal Bonds -- (continued)
- ----------------------------------------------------------------------
<S> <C> <C>
$1,600,000 Stevens Institute of Technology,
Series I, Rev., 5.00%, 07/01/28 $1,568,288
845,000 Cathedral Healthcare Services, Series
A, Insured, Rev., 6.95%, 02/15/01 906,415
New Jersey State, Health Care
Facilities Financing Authority,
1,055,000 Cathedral Healthcare Services,
Series D, Insured, Rev., 5.25%,
02/01/10 1,119,281
1,000,000 Community Medical Center,
Kimball Medical Center and
Kensington Manor Care Center,
Insured, Rev., 5.25%, 07/01/11 1,053,160
1,345,000 JFK Medical Center, Hartwick,
Insured, Rev., 4.80%, 07/01/11 1,368,026
570,000 Society of the Valley Hospital, Series
C, Insured, Rev., 6.60%, 07/01/00 594,943
2,000,000 St. Barnabas Medical Center, Series A,
Insured, Rev., 5.25%, 07/01/11 2,118,560
1,170,000 St. Elizabeth Hospital Obligation
Group, Rev., 6.00%, 07/01/14 1,237,240
New Jersey State,
1,140,000 Series B, GO, 6.25%, 01/15/04 1,265,161
2,195,000 Series D, GO, 5.75%, 02/15/06 2,427,077
1,255,000 Sports & Exposition, Series A,
Rev., 6.20%, 03/01/03 1,368,866
800,000 Sports & Exposition, Series A,
Rev., 6.50%, 03/01/07 878,376
1,570,000 North Bergen Township, New Jersey,
GO, 5.00%, 08/15/11 1,627,289
1,140,000 North Jersey District Water Supply,
Wanaque South Project, Insured,
Rev., 5.50%, 07/01/03 1,219,059
1,140,000 Northwest Bergen County, New
Jersey Utilities Authority, Rev.,
6.00%, 07/15/07 1,255,026
</TABLE>
See notes to financial statements.
59
<PAGE>
Chase Vista Select New Jersey Tax Free Income Fund
Portfolio of Investments August 31, 1998 (continued)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
- ----------------------------------------------------------------------
Long-Term Municipal Bonds -- (continued)
- ----------------------------------------------------------------------
<S> <C> <C>
Ocean County, New Jersey,
$ 570,000 General Improvement, GO, 6.38%,
04/15/03 $ 629,998
570,000 Series A, GO, 6.25%, 10/01/04 619,180
Port Authority, New York &
New Jersey, Consolidated, Rev.,
1,140,000 79th Series, 6.00%, 07/15/05 1,268,512
1,500,000 93rd Series, 6.13%, 06/01/94 1,764,600
Port Authority, New York &
New Jersey, Insured, Rev.,
2,000,000 JFK International Airport Terminal 6,
6.25%, 12/01/08 2,298,900
3,000,000 Special Obligation, JFK International
Air Terminal 6, +, 6.25%,
12/01/09 3,459,240
1,200,000 Puerto Rico Commonwealth,
Highway & Transportation
Authority, Insured, Rev., 5.50%,
07/01/15 1,313,664
Sussex County, New Jersey, General
Improvement, Insured, GO,
1,000,000 6.00%, 04/01/09 1,083,120
1,000,000 6.00%, 04/01/08 1,083,120
1,101,000 Union County, New Jersey, General
Improvement, GO, 4.75%,
12/15/15 1,101,881
2,000,000 Virgin Islands Public Finance
Authority, Series A Rev., +, 5.50%,
10/01/22 2,042,600
- ----------------------------------------------------------------------
Total Long Term Municipal Bonds
(Cost $69,411,016) 72,918,987
- ----------------------------------------------------------------------
</TABLE>
See notes to financial statements.
60
<PAGE>
Chase Vista Select New Jersey Tax Free Income Fund
Portfolio of Investments August 31, 1998 (continued)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
- ----------------------------------------------------------------------
Short Term Investments -- 1.2%
- ----------------------------------------------------------------------
<S> <C> <C>
Floating Rate Demand Notes -- 0.3%
$200,000 New Jersey Economic Development
Authority, Water Facilities, United
Water New Jersey Project, Series C,
Rev., 3.15% 09/01/98
(Cost $200,000) $ 200,000
- ----------------------------------------------------------------------
Shares
Money Market Fund -- 0.9%
639,440 Provident New Jersey Money Market
Fund
(Cost $639,440) 639,440
- ----------------------------------------------------------------------
Total Short Term Investments
(Cost $839,440) 839,440
- ----------------------------------------------------------------------
Total Investments-- 104.5%
(Cost $70,250,456) $ 73,758,427
- ----------------------------------------------------------------------
</TABLE>
Short Futures
<TABLE>
<CAPTION>
Number of Expiration Original Value at Unrealized
Contracts Description Date Cost 08/31/98 Depreciation
- ------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
22 US September $2,668,697 $2,796,750 ($128,053)
Treasury 1998
Bond
- ------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
Abbreviation Definition
<S> <C> <C>
+ = All or a portion of this security is pledged.
COP = Certificate of Participation
Dorm = Dormitory
FNMA = Federal National Mortgage Association
GO = General Obligation
IAR = Improvement Authority Revenue
IDA = Industrial Development Authority
PCF = Pollution Control Facilities
PCFA = Pollution Control Finance Agency
PCR = Pollution Control Revenue
Prerefunded = The maturity date shown is the date of the prerefunded call.
Rev. = Revenue Bond
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.
</TABLE>
See notes to financial statements.
61
<PAGE>
Chase Vista Funds
Statement of Assets and Liabilities August 31, 1998
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Chase Vista Select
----------------------------------------------------------------------
New York
Intermediate Intermediate New Jersey
Tax Free Tax Free Tax Free Tax Free
Income Fund Income Fund Income Fund Income Fund
----------------- ----------------- ----------------- ----------------
<S> <C> <C> <C> <C>
ASSETS:
Investment securities, at
value (Note 1) ................ $757,708,223 $770,002,298 $281,595,947 $73,758,427
Other assets ................... 99,944 43,514 15,369 5,703
Receivables:
Investment securities
sold ......................... 23,759,181 5,244,478 9,766,344 --
Interest ...................... 10,278,150 8,662,715 3,283,469 816,398
Receivable from affiliate...... 13,625 12,209 10,000 20,577
Fund shares sold .............. 1,390,000 355,000 91,241 --
------------ ------------ ------------ -----------
Total Assets ................. 793,249,123 784,320,214 294,762,370 74,601,105
------------ ------------ ------------ -----------
LIABILITIES:
Payables: ......................
Investment securities
purchased .................... 28,712,468 64,273,506 9,739,244 3,610,945
Fund shares redeemed .......... -- -- 982,920 98,304
Dividends ..................... 3,387,206 2,943,222 1,170,224 295,371
Variation margin .............. -- -- -- 13,062
Other ......................... 879 210 -- --
Accrued liabilities: 96,882 81,769 58,034 19,090
------------ ------------ ------------ -----------
Total Liabilities ........... 32,197,435 67,298,707 11,950,422 4,036,772
------------ ------------ ------------ -----------
NET ASSETS:
Paid in capital ............... 712,285,829 672,037,484 266,780,334 66,017,818
Accumulated
undistributed net
investment income ............ 18,717 16,769 7,116 2,784
Accumulated net realized
gain on investment
and futures
transactions ................. 3,392,506 5,651,907 2,073,041 1,163,813
Net unrealized
appreciation of
investments and
futures ...................... 45,354,636 39,315,347 13,951,457 3,379,918
------------ ------------ ------------ -----------
Net Assets: .................... $761,051,688 $717,021,507 $282,811,948 $70,564,333
============ ============ ============ ===========
Shares of beneficial interest
outstanding ($.001 par
value; unlimited number
of shares authorized) ......... 115,386,293 65,622,079 38,817,753 6,892,653
Net asset value, maximum
offering price and
redemption price per
share (net assets/shares
outstanding) .................. $ 6.60 $ 10.93 $ 7.29 $ 10.24
============ ============ ============ ===========
Cost of investments ........... $712,353,587 $730,686,951 $267,644,490 $70,250,456
============ ============ ============ ===========
</TABLE>
See notes to financial statements.
62
<PAGE>
Chase Vista Funds
Statement of Operations For the year ended August 31, 1998
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Chase Vista Select
----------------------------------------------------------------
New York
Intermediate Intermediate New Jersey
Tax Free Tax Free Tax Free Tax Free
Income Fund Income Fund Income Fund Income Fund
--------------- -------------- -------------- ------------
<S> <C> <C> <C> <C>
INTEREST INCOME:
(Note 1C) ........................... $38,870,817 $33,905,615 $13,123,716 $3,487,513
----------- ----------- ----------- ----------
EXPENSES: (Note 2)
Investment advisory fees ........... 2,147,587 1,982,640 767,510 201,511
Administration fees ................ 1,073,794 991,320 383,755 100,755
Custodian fees ..................... 123,137 127,633 79,969 54,467
Printing and postage ............... 44,169 41,232 14,528 3,936
Professional fees .................. 52,921 48,542 34,942 20,946
Registration costs ................. 6,982 1,322 12,379 2,119
Transfer agent fees ................ 34,316 35,379 25,477 8,082
Trustees fees and expenses ......... 35,793 33,044 12,792 3,359
Other .............................. 55,964 64,011 36,762 27,489
----------- ----------- ----------- ----------
Total expenses .................... 3,574,663 3,325,123 1,368,114 422,664
----------- ----------- ----------- ----------
Less amounts waived
(Note 2) ............................ 3,344,518 3,101,593 1,231,234 356,733
Less amounts borne by
Chase ............................... 86,978 104,572 60,129 55,184
----------- ----------- ----------- ----------
Net expenses ....................... 143,167 118,958 76,751 10,747
----------- ----------- ----------- ----------
Net investment income ............. 38,727,650 33,786,657 13,046,965 3,476,766
----------- ----------- ----------- ----------
REALIZED AND UNREALIZED GAIN (LOSS)
ON INVESTMENTS AND FUTURES
Net realized gain on
investment transactions ........... 4,638,461 6,734,078 3,432,787 1,216,113
Net realized (loss) on
futures transactions .............. (144,706) -- -- --
Change in net unrealized
appreciation on
investments and futures ........... 18,244,245 10,692,161 4,055,350 390,857
----------- ----------- ----------- ----------
Net realized and unrealized
gain on investments and
futures ........................... 22,738,000 17,426,239 7,488,137 1,606,970
----------- ----------- ----------- ----------
Net increase in net assets
from operations ................... $61,465,650 $51,212,896 $20,535,102 $5,083,736
=========== =========== =========== ==========
</TABLE>
See notes to financial statements.
63
<PAGE>
Chase Vista Funds
Statement of Changes in Net Assets For the periods indicated
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Chase Vista Select
-------------------------------------------------------------------
Intermediate
Tax Free Tax Free
Income Fund Income Fund
--------------------------------- ---------------------------------
Year ended 01/01/97 * Year ended 01/01/97 *
August 31, through August 31, through
1998 08/31/97 1998 08/31/97
---------------- ---------------- ---------------- ----------------
<S> <C> <C> <C> <C>
INCREASE (DECREASE) IN NET ASSETS
FROM OPERATIONS:
Net investment income ............................ $ 38,727,650 $ 25,275,094 $ 33,786,657 $ 22,346,626
Net realized gain on investments and futures
transactions .................................... 4,493,755 5,333,959 6,734,078 11,278,543
Change in net unrealized appreciation/
depreciation on investments ..................... 18,244,245 644,740 10,692,161 (5,547,725)
------------ ------------ ------------ ------------
Increase in net assets from operations ........... 61,465,650 31,253,793 51,212,896 28,077,444
------------ ------------ ------------ ------------
DISTRIBUTIONS TO SHAREHOLDERS
FROM:
Net investment income ............................ (38,728,244) (25,274,906) (33,786,346) (22,346,674)
Net realized gain on investment transactions ..... (6,435,208) -- (12,360,714) --
------------ ------------ ------------ ------------
Total dividends and distributions ................ (45,163,452) (25,274,906) (46,147,060) (22,346,674)
------------ ------------ ------------ ------------
Increase from capital share transactions
(Note 5) ........................................ 67,447,873 671,322,730 80,654,688 625,570,213
------------ ------------ ------------ ------------
Total increase .................................. 83,750,071 677,301,617 85,720,524 631,300,983
NET ASSETS:
Beginning of period .............................. 677,301,617 -- 631,300,983 --
------------ ------------ ------------ ------------
End of period .................................... $761,051,688 $677,301,617 $717,021,507 $631,300,983
============ ============ ============ ============
<CAPTION>
Chase Vista Select
----------------------------------------------------------------
New York
Intermediate New Jersey
Tax Free Tax Free
Income Fund Income Fund
-------------------------------- -------------------------------
Year ended 01/01/97 * Year ended 01/01/97*
August 31, through August 31, through
1998 08/31/97 1998 08/31/97
---------------- --------------- --------------- ---------------
<S> <C> <C> <C> <C>
INCREASE (DECREASE) IN NET ASSETS
FROM OPERATIONS:
Net investment income ............................ $ 13,046,965 $ 8,147,066 $ 3,476,766 $ 2,203,805
Net realized gain on investments and futures
transactions .................................... 3,432,787 1,105,720 1,216,113 210,573
Change in net unrealized appreciation/
depreciation on investments ..................... 4,055,350 893,683 390,857 84,470
------------ ------------ ----------- -----------
Increase in net assets from operations ........... 20,535,102 10,146,469 5,083,736 2,498,848
------------ ------------ ----------- -----------
DISTRIBUTIONS TO SHAREHOLDERS
FROM:
Net investment income ............................ (13,046,604) (8,147,133) (3,476,773) (2,203,799)
Net realized gain on investment transactions ..... (2,465,466) -- (262,873) --
------------ ------------ ----------- -----------
Total dividends and distributions ................ (15,512,070) (8,147,133) (3,739,646) (2,203,799)
------------ ------------ ----------- -----------
Increase from capital share transactions
(Note 5) ........................................ 42,345,147 233,444,433 5,002,604 63,922,590
------------ ------------ ----------- -----------
Total increase .................................. 47,368,179 235,443,769 6,346,694 64,217,639
NET ASSETS:
Beginning of period .............................. 235,443,769 -- 64,217,639 --
------------ ------------ ----------- -----------
End of period .................................... $282,811,948 $235,443,769 $70,564,333 $64,217,639
============ ============ =========== ===========
</TABLE>
- -------
* Funds commenced operations January 1, 1997.
64
<PAGE>
Chase Vista Funds
Notes to Financial Statements
- --------------------------------------------------------------------------------
1. Organization and Significant Accounting Policies -- Mutual Fund Select Trust
(the "Trust") was organized as a Massachusetts business trust, and is registered
under the Investment Company Act of 1940, as amended, as an open-end,
non-diversified management investment company. Effective March 16, 1998, the
Vista Family of Mutual Funds changed its name to the Chase Vista Funds. Select
Tax Free Income Fund ("CVTFI"), Select Intermediate Tax Free Income Fund
("CVITFI"), Select New York Intermediate Tax Free Income Fund ("CVNYTFI"), and
Select New Jersey Tax Free Income Fund ("CVNJTFI") (collectively, the "Funds"),
are four separate portfolios of The Trust.
The Funds were established in December 1996 for the conversion of the Chase
Manhattan Bank Common Trust Funds. Effective January 1, 1997, the Chase Common
Trust Funds contributed securities and other assets in exchange for shares of
the newly created Funds in a tax-free exchange.
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 -- Fixed income securities (other than short-term
obligations), including listed issues, are valued using matrix pricing
systems of a major dealer in bonds which take in to account factors such as
institutional-size trading in similar groups of securities, yield, quality,
coupon rate, maturity, type of issue, trading characteristics and other
market data, without exclusive reliance upon quoted exchange or
over-the-counter prices. Short-term debt securities with 61 days or more to
maturity at time of purchase are valued, through the 61st day prior to
maturity, at market value based on quotations obtained from market makers or
other appropriate sources; thereafter, the value on the 61st day is amortized
on a straight-line basis over the remaining number of days to maturity.
Short-term investments with 60 days or less to maturity at time of purchase
are valued at amortized cost, which approximates market.
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,
sub-custodian or a bank with which the custodian bank has entered into a
sub-custodian 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 an insolvency proceeding,
realization of the collateral may be delayed or limited.
C. Security transactions and investment income -- Investment transactions are
accounted for on the trade date (the date the order to buy or sell is
executed). Securities gains and losses are calculated on the identified cost
basis. Interest income is determined on the basis of coupon interest accrued,
adjusted for amortization of premiums and accretion of discount.
D. Futures contracts -- When a Fund enters into a futures contract, it makes
an initial margin deposit in a segregated account, either in cash or liquid
securities. Thereafter, the futures contract is marked to market and the Fund
makes (or receives) additional cash payments daily to (from) the broker.
Changes in the value of the contract are recorded as unrealized
appreciation/depreciation until the contract is closed or settled.
The Funds invest in U.S. Treasury and/or Municipal Bond futures contracts as
a hedge to modify the duration of the portfolio holdings.
The Funds may enter into futures contracts only on exchanges or boards of
trade. The exchange or board of trade acts as the counterparty to each
futures transaction, therefore, the Fund's credit risk is limited to failure
of the exchange or board of trade.
65
<PAGE>
Chase Vista Funds
Notes to Financial Statements (continued)
- --------------------------------------------------------------------------------
As of August 31, 1998, the Funds held futures positions as listed on the
respective Portfolio of Investments.
E. Federal income taxes -- Each Fund is treated as a separate taxable entity
for Federal income tax purposes. The Trust's policy is to comply with the
provisions of the Internal Revenue Code applicable to regulated investment
companies and to distribute to shareholders all of its distributable net
investment income, and 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.
F. Distributions to shareholders -- Dividends are declared daily and
distributed in the form of additional shares of the fund or, at the election
of the shareholder, in cash (subject to the policies of the Shareholder
Servicing Agent) on the last business day of the month. The net investment
income of each Fund is determined daily and (substantially all) is declared
as a dividend to shareholders of record at the time of such declaration. 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 will result from other than timing of recognition --"temporary
differences") such amounts are reclassified within the capital accounts based
on their Federal 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.
G. Allocation of expenses -- Expenses directly attributable to a Fund are
charged to that Fund; other expenses are allocated proportionately among each
Fund within the Trust in relation to the net assets of each Fund or on
another reasonable basis.
H. Organization costs -- Organization and initial registration costs incurred
in connection with establishing each of the Funds have been deferred and are
being amortized on a straight-line basis over a sixty month period beginning
with the commencement of operations of each Fund.
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 advisor to the Funds. Chase is a direct wholly-owned subsidiary of
The Chase Manhattan Corporation. As Investment Adviser, Chase supervises the
investments of the Funds and for such services is paid a fee. The fee is
computed daily and paid monthly at an annual rate equal to 0.30% of each
Fund's average daily net assets. The Advisor voluntarily waived all of its
fees for the year ended August 31, 1998.
Chase Asset Management, Inc. ("CAM"), a registered investment advisor, is the
sub-investment advisor to each 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 0.15% of each Fund's average daily net assets.
66
<PAGE>
Chase Vista Funds
Notes to Financial Statements (continued)
- --------------------------------------------------------------------------------
B. Distribution and Sub-administration fees -- Pursuant to a
Sub-administration Agreement, Vista Fund Distributors, Inc. ("VFD" or the
"Distributor"), a wholly-owned subsidiary of the BISYS Group, Inc. ("BISYS"),
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 Distributor voluntarily waived all of its Sub-administration fees for the
year ended August 31, 1998.
C. Administration fee -- Pursuant to an Administration Agreement, Chase (the
"Administrator") provides certain administration services to the Trust at an
annual fee computed daily and paid monthly of 0.10% of the respective Fund's
average daily net assets. The Administrator voluntarily waived all of its
administration fees for the year ended August 31, 1998.
D. Assumption of expenses -- For the year ended August 31, 1998, Chase
voluntarily assumed the following expenses for CVTFI, CVITFI, CVNYTFI and
CVNJTFI: $86,978; $104,572; $60,129 and $55,184, respectively.
E. Other -- Certain officers of the Trust are officers of VFD or of its
parent corporation, BISYS.
Chase provides portfolio accounting and custody services for the Funds.
Compensation for such services is presented in the Statement of Operations as
custodian fees. Chase voluntarily waived all of its custodian fees for the
year ended August 31, 1998.
3. Investment Transactions -- The cost of purchases and proceeds from sales of
investments (excluding short-term investments) were as follows:
<TABLE>
<CAPTION>
New York
Intermediate Intermediate New Jersey
Tax Free Tax Free Tax Free Tax Free
Income Fund Income Fund Income Fund Income Fund
--------------- -------------- -------------- --------------
<S> <C> <C> <C> <C>
Purchases (Excluding
U.S. Govt.) ......... $383,289,838 $550,064,403 $197,591,133 $49,469,327
Sales (Excluding
U.S. Govt.) ......... 327,048,726 464,366,998 162,304,672 39,983,607
</TABLE>
4. Federal Income Tax Matters -- For Federal income tax purposes, the cost and
unrealized appreciation/(depreciation) in value of the investment securities at
August 31, 1998, are as follows:
<TABLE>
<CAPTION>
New York
Intermediate Intermediate New Jersey
Tax Free Tax Free Tax Free Tax Free
Income Fund Income Fund Income Fund Income Fund
--------------- -------------- -------------- --------------
<S> <C> <C> <C> <C>
Aggregate cost ......... $712,353,587 $730,686,951 $267,644,490 $70,250,456
------------ ------------ ------------ -----------
Gross unrealized
appreciation ......... $45,374,951 $ 39,315,278 $ 13,951,457 $ 3,507,971
Gross unrealized
depreciation ......... (20,315) -- -- --
------------ ------------ ------------ -----------
Net unrealized
appreciation ......... $45,354,636 $ 39,315,278 $ 13,951,457 $ 3,507,971
============ ============ ============ ===========
</TABLE>
67
<PAGE>
Chase Vista Funds
Notes to Financial Statements (continued)
- --------------------------------------------------------------------------------
5. Transactions in Shares of Beneficial Interest -- Transactions in Shares of
Beneficial Interest were as follows:
<TABLE>
<CAPTION>
Select Tax Free Income Fund
----------------------------------------------------------------
Year Ended August 31, 1998 1/1/97* Through 8/31/97
-------------------------------- -------------------------------
Amount Shares Amount Shares
---------------- --------------- ---------------- --------------
<S> <C> <C> <C> <C>
Shares sold .............. $ 94,078,684 14,420,982 $ 56,049,529 8,785,900
Shares issued in exchange
for Common Trust
Fund Assets (see Note 1) -- -- 657,822,512 102,945,620
Shares issued in
reinvestment of
distributions .......... 6,156,365 941,347 2,958,341 465,140
Shares redeemed .......... (32,787,176) (5,030,242) (45,507,652) (7,142,454)
------------ ---------- ------------ -----------
Net increase (decrease)
in Trust shares
outstanding ............ $ 67,447,873 10,332,087 $671,322,730 105,054,206
============ ========== ============ ===========
</TABLE>
<TABLE>
<CAPTION>
Select Intermediate Tax Free Income Fund
----------------------------------------------------------------
Year Ended August 31, 1998 1/1/97* Through 8/31/97
------------------------------- --------------------------------
Amount Shares Amount Shares
--------------- --------------- ---------------- ---------------
<S> <C> <C> <C> <C>
Shares sold .............. $100,052,976 9,244,342 $ 43,474,104 4,040,010
Shares issued in exchange
for Common Trust
Fund Assets (see Note 1) -- -- 623,967,733 58,043,510
Shares issued in
reinvestment of
distributions .......... 12,355,803 1,141,935 2,891,919 269,514
Shares redeemed .......... (31,754,091) (2,932,319) (44,763,543) (4,184,913)
------------ ---------- ------------- -----------
Net increase (decrease)
in Trust shares
outstanding ............ $ 80,654,688 7,453,958 $625,570,213 58,168,121
============ ========== ============ ==========
</TABLE>
<TABLE>
<CAPTION>
Select New York Intermediate Tax Free Income Fund
-----------------------------------------------------------------
Year Ended August 31, 1998 1/1/97* Through 8/31/97
-------------------------------- --------------------------------
Amount Shares Amount Shares
---------------- --------------- ---------------- ---------------
<S> <C> <C> <C> <C>
Shares sold .............. $ 58,621,258 8,143,920 $ 44,574,872 6,303,649
Shares issued in exchange
for Common Trust
Fund Assets (see Note 1) -- -- 203,444,466 28,694,565
Shares issued in
reinvestment of
distributions .......... 1,047,139 145,235 336,396 47,513
Shares redeemed .......... (17,323,250) (2,405,932) (14,911,301) (2,111,197)
------------- ---------- ------------- ----------
Net increase (decrease)
in Trust shares
outstanding ............ $ 42,345,147 5,883,223 $233,444,433 32,934,530
============ ========= ============ ==========
</TABLE>
- --------------
* Commencement of operations.
68
<PAGE>
Chase Vista Funds
Notes to Financial Statements (continued)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Select New Jersey Tax Free Income Fund
----------------------------------------------------------
Year Ended August 31, 1998 1/1/97* Through 8/31/97
----------------------------- ----------------------------
Amount Shares Amount Shares
--------------- ------------- --------------- ------------
<S> <C> <C> C> <C>
Shares sold .............. $ 7,947,245 785,712 $ 8,147,090 815,047
Shares issued in exchange
for Common Trust
Fund Assets (see Note 1) -- -- 56,929,494 5,698,648
Shares issued in
reinvestment of
distributions .......... 264,276 26,037 265,589 26,639
Shares redeemed .......... (3,208,917) (317,073) (1,419,583) (142,357)
----------- -------- ----------- ---------
Net increase (decrease)
in Trust shares
outstanding ............ $ 5,002,604 494,676 $63,922,590 6,397,977
=========== ======== =========== =========
</TABLE>
- --------------
* Commencement of operations.
6. Concentration of Credit Risk -- The Funds invest substantially all of their
assets in a diversified portfolio of debt obligations issued by states,
territories and possessions of the United States and by the District of
Columbia, and by their political subdivisions and duly constituted authorities.
CVNYTFI and CVNJTFI primarily invest in issuers in the States of New York and
New Jersey, respectively. CVTFI and CVITFI invested approximately 25% and 21%,
respectively, of its net assets in issuers in the State of New York. The
issuer's abilities to meet their obligations may be affected by economic or
political developments in a specific state or region.
7. Trustee Compensation -- The Funds have adopted an unfunded noncontributory
defined benefit pension plan covering all independent trustees of the Funds who
will have served as an independent trustee for at least five years at the time
of retirement. Benefits under this plan are based on compensation and years of
service. Pension expenses for the year ended August 31, 1998, included in
Trustees Fees and Expenses in the Statement of Operations, and accrued pension
liability included in Other Accrued Liabilities, in the Statement of Assets and
Liabilities were as follows:
<TABLE>
<CAPTION>
Accrued
Pension Pension
Expenses Liability
---------- ----------
<S> <C> <C>
CVTFI ........... $13,973 $33,191
CVITFI .......... 12,766 30,933
CVNYTFI ......... 4,833 11,307
CVNJTFI ......... 1,324 3,063
</TABLE>
69
<PAGE>
Chase Vista Funds
Financial Highlights
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Chase Vista Select
-------------------------------------------------------------
Intermediate
Tax Free Tax Free
Income Fund Income Fund
------------------------------ ------------------------------
Year Ended 1/1/97*- Year Ended 1/1/97*-
August 31, 1998 8/31/97 August 31, 1998 8/31/97
----------------- ------------ ----------------- ------------
<S> <C> <C> <C> <C>
Per Share Operating Performance
Net Asset Value, Beginning of Period ............................. $ 6.45 $ 6.39 $ 10.85 $ 10.75
------- ------- ------- -------
Income from Investment Operations:
Net investment income .......................................... 0.353 0.243 0.555 0.386
Net Gain or Losses in Securities (both realized and unrealized) 0.210 0.060 0.291 0.100
-------- -------- -------- --------
Total from Investment Operations ............................... 0.563 0.303 0.846 0.486
-------- -------- -------- --------
Less Distributions:
Dividends from net investment income ........................... 0.353 0.243 0.555 0.386
Distributions from Capital Gains ................................. 0.060 -- 0.211 --
-------- -------- -------- --------
Total Distributions ............................................ 0.413 0.243 0.766 0.386
-------- -------- -------- --------
Net Asset Value, End of Period ................................... $ 6.60 $ 6.45 $ 10.93 $ 10.85
======== ======== ======== ========
Total Return 8.99% 4.86% 8.08% 4.58%
Ratios/Supplemental Data
Net Assets, End of Period (000 omitted) .......................... $761,052 $677,302 $717,022 $631,301
Ratios to Average Net Assets#:
Expenses ....................................................... 0.02% 0.02% 0.02% 0.02%
Net Investment Income .......................................... 5.39% 5.73% 5.10% 5.40%
Expenses Without Waivers and Assumption of Expenses ............ 0.50% 0.49% 0.50% 0.50%
Net Investment Income Without Waivers and Assumption of
Expenses ...................................................... 4.91% 5.26% 4.62% 4.92%
Portfolio Turnover Rate .......................................... 47% 48% 71% 60%
<CAPTION>
------------------------------------------------------------
New York
Intermediate New Jersey
Tax Free Tax Free
Income Fund Income Fund
------------------------------ -----------------------------
Year Ended 1/1/97*- Year Ended 1/1/97*-
August 31, 1998 8/31/97 August 31, 1998 8/31/97
----------------- ------------ ----------------- -----------
<S> <C> <C> <C> <C>
Per Share Operating Performance
Net Asset Value, Beginning of Period ............................. $ 7.15 $ 7.09 $ 10.04 $ 9.99
------- ------- ------- -------
Income from Investment Operations:
Net investment income .......................................... 0.367 0.260 0.524 0.366
Net Gain or Losses in Securities (both realized and unrealized) 0.213 0.060 0.240 0.050
-------- -------- ------- -------
Total from Investment Operations ............................... 0.580 0.320 0.764 0.416
-------- -------- ------- -------
Less Distributions:
Dividends from net investment income ........................... 0.367 0.260 0.524 0.366
Distributions from Capital Gains ................................. 0.073 -- 0.040 --
-------- -------- ------- -------
Total Distributions ............................................ 0.440 0.260 0.564 0.366
-------- -------- ------- -------
Net Asset Value, End of Period ................................... $ 7.29 $ 7.15 $ 10.24 $ 10.04
======== ======== ======= =======
Total Return 8.37% 4.62% 7.82% 4.20%
Ratios/Supplemental Data
Net Assets, End of Period (000 omitted) .......................... $282,812 $235,444 $70,564 $64,218
Ratios to Average Net Assets#:
Expenses ....................................................... 0.03% 0.03% 0.02% 0.02%
Net Investment Income .......................................... 5.08% 5.52% 5.16% 5.52%
Expenses Without Waivers and Assumption of Expenses ............ 0.53% 0.53% 0.63% 0.57%
Net Investment Income Without Waivers and Assumption of
Expenses ...................................................... 4.58% 5.02% 4.55% 4.97%
Portfolio Turnover Rate .......................................... 66% 32% 60% 14%
</TABLE>
- -------
* Commencement of operations.
# Short periods have been annualized.
See notes to financial statements.
70
<PAGE>
Chase Vista Funds
Notes to Financial Statements
- --------------------------------------------------------------------------------
To the Trustees and Shareholders of
Mutual Fund Select 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 Select Tax Free Income
Fund, Chase Vista Select Intermediate Tax Free Income Fund, Chase Vista Select
New York Intermediate Tax Free Income Fund, and Chase Vista Select New Jersey
Tax Free Income Fund (separate portfolios of Mutual Fund Select 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 and
the financial highlights for the year then ended and for the period January 1,
1997 (commencement of operations) through August 31, 1997, 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.
PricewaterhouseCoopers LLP
1177 Avenue of the Americas
New York, New York 10036
October 9, 1998
71
<PAGE>
Chase Vista Funds
Notes to Financial Statements (continued)
- --------------------------------------------------------------------------------
Unaudited
Chase Vista Select Tax Free Income (CVTFI)
Chase Vista Select Intermediate Tax Free Income Fund (CVITFI)
Chase Vista Select New York Tax Free Income Fund (CVNYTFI)
Chase Vista Select New Jersey Tax Free Income Fund (CVCNJTFI)
- --------------------------------------------------------------------------------
Certain tax information regarding the Chase Vista Select 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.
FOR THE FISCAL YEAR ENDED AUGUST 31, 1998
[BULLET] All of the dividends paid from net investment income are
100% exempt from Federal income tax for CVTFI, CVITFI,
CVNYTFI and CVNJTFI, respectively.
[BULLET] For shareholders who are subject to the Alternative
Minimum Tax, the income from private activities bond
issued after August 7, 1986, which may be considered a
tax preference item, was 3.46%, 0.00%, 0.78%, and 5.88%
for CVTFI, CVITFI, CVNYTFI and CVNJTFI, respectively.
72
<PAGE>
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<PAGE>
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<PAGE>
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<PAGE>
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 Select 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 Select 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 Select 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) CVSTF-2-1098
