[Back Cover]
Chase Vista Service Center
P.O. Box 419392
Kansas City, MO 64179
Investment Adviser, Administrator,
Shareholder and Fund Servicing Agent
and Custodian
The Chase Manhattan Bank
Distributor
Vista Fund Distributors, Inc.
Transfer Agent
DST Systems, Inc.
Legal Counsel
Simpson Thacher & Bartlett
Independent Accountants
Price Waterhouse LLP
Chase Vista 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.
The financial information in this report has been taken from the books and
records of the funds without examination by independent accountants, who express
no opinion thereto.
To obtain a prospectus for any of the Chase Vista 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.
April 1998 CVSTF-3-498
<PAGE>
[Front Cover]
S E L E C T T A X F R E E F U N D S
[Chase Vista Logo]
CHASE VISTA SELECT FUNDS(SM)
SEMI-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
February 28, 1998
(unaudited)
<PAGE>
[Inside front cover]
HIGHLIGHTS
Supply and demand issues dominated the municipal bond market during the
reporting period.
[bullet] Municipal bond issuers took advantage of falling interest rates to
refund higher-rate bonds, creating more supply than the market could
comfortably absorb.
[bullet] Narrow interest rate spreads between municipal bonds of lower and
higher quality provided the opportunity to upgrade quality and improve
call protection.
CONTENTS
Chairman's Letter 3
Chase Vista Select Tax Free Income Fund
Fund Commentary o Portfolio of Investments 4
Chase Vista Select Intermediate Tax Free Income Fund
Fund Commentary o Portfolio of Investments 23
Chase Vista Select New York Intermediate
Tax Free Income Fund
Fund Commentary o Portfolio of Investments 45
Chase Vista Select New Jersey Tax Free Income Fund
Fund Commentary o Portfolio of Investments 58
Financial Statements 67
Notes to Financial Statements 70
Financial Highlights 75
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
April 10, 1998
Dear Shareholder:
We are pleased to present this semi-annual report for Chase Vista Select Tax
Free Funds(SM) for the six months ended February 28, 1998. Inside, you'll find
information on the performance of each of the four funds along with a report
from the portfolio management team.
Falling Interest Rates Created Heavy New Supply
Entering the reporting period, most market participants assumed that the strong
U.S. economy would lead the Federal Reserve Board to raise interest rates as a
preemptive strike against inflation. However, the Asian crisis intervened, and
the resulting global flight to U.S. Treasury bonds led domestic interest rates
on a sharp downward path. Additionally, investors began to assume that the Asian
crisis would act as a damper on inflation, because Asian goods would be cheaper
in the U.S. and because our exports to the region would fall, curbing our strong
economy.
The positive effects of these changing views on inflation in the taxable bond
market were not fully realized in the municipal bond market, however, as many
municipal issuers chose to take advantage of the lower rates to refund and
pre-refund existing bonds. The resulting increase in supply was difficult for
the market to absorb, causing municipals to underperform Treasury securities.
Additionally, demand from property/casualty insurers, which had been a strong
support in the market in late 1997, fell as these companies shored up reserves
in light of damage caused by el nino-related storms.
In this challenging environment, your portfolio management team was able to
provide positive total returns while upgrading the quality of the portfolios in
anticipation of a better supply/demand picture ahead. On behalf of the
management team and everyone at Chase Vista, I thank you for the confidence
you've placed in us, and look forward to continuing to serve your investment
needs.
Sincerely,
/s/ Fergus Reid
- ----------------
Fergus Reid
Chairman
3
<PAGE>
About Your Fund
CHASE VISTA SELECT TAX FREE INCOME FUND
- --------------------------------------------------------------------------------
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
As of February 28, 1998
Net assets: $721.6 Million
Average maturity: 19.2 years
Average duration: 7.3 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.
4
<PAGE>
About Your Fund
CHASE VISTA SELECT TAX FREE INCOME FUND
PERFORMANCE
Chase Vista Select Tax Free Income Fund, which seeks to provide federal
tax-exempt income through a portfolio of higher-quality municipal bonds of
varying maturities, had a total return of 5.11% for the six month period ended
February 28, 1998. This compares to a return of 4.99% for the Lipper General
Municipal Debt Funds Average and 5.04% for the unmanaged Lehman Municipal Bond
Index.
STRATEGY
In attempting to deliver high current tax-free income, your management team
uses a relative value analysis to select individual securities, identify points
of value on the yield curve and target sectors for investment. During this
reporting period, however, the high level of new supply and the resulting
narrowing of quality spreads made it difficult to shift among securities and
sectors. Therefore, the management team focused on increasing coupon rates and
call protection, which resulted in a higher-quality, better-structured
portfolio.
Overall, the management team maintained its relatively-neutral duration by
extending call protection. But it took more of a barbell approach when
property-casualty insurers slowed down their purchases in the intermediate part
of the yield curve, which put upward pressure on intermediate-term rates.
Additionally, in January and early February, the management team took advantage
of the relatively-flat yield curve by moving out of some 30- and 40-year issues
and into 20-year bonds, thereby reducing risk without giving up much yield.
On a state level, the Fund was underweighted in New York due to extremely heavy
supply and it also cut exposure to the Pacific Northwest given the potential
economic impact of weakening Pacific Rim economies on the region. The Fund did
take advantage of price-compression opportunities in states such as Kansas,
which normally trade at a price premium, buying these bonds at
relatively-attractive prices.
OUTLOOK
As the period ended, the supply of new issues had begun to shrink to more
manageable levels, creating a better supply and demand picture. This, combined
with the expectation that interest rates will fall later in the year, has led
the management team to begin carefully increasing the Fund's duration, with an
eye on the potential for volatility in rates over the short term. Given the
shape of the yield curve, 15-year maturities have begun to look relatively
attractive and the Fund expects to continue to selectively invest in this area.
Overall, state finances continue to improve and, with supply decreasing, the
management team has a positive outlook for the next six months.
5
<PAGE>
About Your Fund
CHASE VISTA SELECT TAX FREE INCOME FUND
- -------------------------------- PIE CHART -------------------------------------
CHASE VISTA SELECT TAX FREE INCOME FUND
COMPOSITION OF TOTAL ASSETS AS OF 2/28/98
<TABLE>
<S> <C>
Investments 97.3%
Cash/Other 2.7%
</TABLE>
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
AVERAGE ANNUAL TOTAL RETURNS AS OF 2/28/98+
- --------------------------------------------------------------------------------
<TABLE>
<S> <C>
One Year 9.33%
Five Years 6.10%
Ten Years 7.83%
</TABLE>
- --------------------------------------------------------------------------------
Source: Lipper Analytical Services, Inc. Past performance is not predicative 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 2/28/88 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>
About Your Fund
CHASE VISTA SELECT TAX FREE INCOME FUND
- -------------------------------- [LINE CHART] ----------------------------------
GROWTH OF HYPOTHETICAL $10,000 INVESTMENT IN
CHASE VISTA SELECT TAX FREE INCOME FUND+
AND ITS KEY BENCHMARKS
<TABLE>
<CAPTION>
Chase Vista Lipper
Select General
Tax Free Lehman Muni Muni Debt
Income Fund Bond Index Funds Avg.
----------- ---------- ----------
<S> <C> <C> <C>
2/88 10000 10000 10000
2/89 10702 10619 10679
2/90 11635 11709 11624
2/91 12720 12788 12567
2/92 13940 14066 13845
2/93 15814 16004 15821
2/94 16679 16889 16656
2/95 16944 17207 16754
2/96 18682 19109 18405
2/97 19452 20162 19232
2/98 21266 22008 20974
</TABLE>
- --------------------------------------------------------------------------------
Source: Lipper Analytical Services, Inc. Past performance is not predicative 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
February 28, 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 Bond Funds Average represents the average
performance of a universe of 248 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 2/28/88 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 February 28, 1998 (unaudited)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
- --------------------------------------------------------------------
<S> <C> <C>
Long-Term Municipal Bonds -- 99.7%
- --------------------------------------------------------------------
Alaska -- 0.2%
$ 1,600,000 Alaska North Slope, GO, 8.35%,
06/30/98 $ 1,623,712
----------
Arizona -- 3.4%
5,300,000 Pima County, Arizona, Unified
School District, No. 1, Tucson,
GO, 7.50%, 07/01/10 6,724,375
15,000,000 Salt River Project, Arizona
Agriculture, Ser. B, Rev., 7.00%,
01/01/05 17,456,250
----------
24,180,625
----------
California -- 9.3%
10,000,000 California Statewide Communities
Development Authority, Special
Facilities United Airlines Inc., L.A.,
Rev., 5.63%, 10/01/34 10,125,000
3,950,000 California State, GO, 10.00%,
09/01/99 4,300,562
2,000,000 California State, GO, 6.50%,
11/01/09 2,375,000
1,000,000 California State, Ser. B, GO, 10.00%,
08/01/02 1,235,000
1,000,000 California State, Veterans Bond, Ser.
AM, GO, 9.00%, 10/01/05 1,300,000
3,455,000 Kern, California High School
District, Ser, A, GO, 6.40%,
02/01/13 4,055,306
3,435,000 Kern, California High School
District, Ser. A, GO, 6.40%,
08/01/13 4,031,831
3,240,000 Kern, California High School
District, Ser. A, GO, 6.50%,
02/01/15 3,798,900
3,225,000 Kern, California High School
District, Ser. A, GO, 6.50%,
08/01/15 3,781,313
</TABLE>
See notes to financial statements.
8
<PAGE>
Chase Vista Select Tax Free Income Fund
Portfolio of Investments February 28, 1998 (unaudited) (continued)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
- ----------------------------------------------------------------------
<S> <C> <C>
Long-Term Municipal Bonds -- (continued)
- ----------------------------------------------------------------------
$4,000,000 Los Angeles, California, Harbor
Department, Rev., 7.60%,
10/01/18 $ 5,155,000
2,500,000 Los Angeles, California, Public Works
Financing Authority, Multiple
Capital Facilities Project V, Ser. A,
Rev., 5.13%, 06/01/17 2,493,750
3,000,000 Modesto, California Irrigation District
Financing Authority, Ser. A, Rev.,
6.00%, 10/01/15 3,285,000
4,300,000 Modesto, California Irrigation
District, COP, 86 Geysers Geo,
COP 5.00%, 10/01/17 4,214,000
9,930,000 Pomona, California, Unified School
District, Ser. A, GO, 6.15%,
08/01/15 11,481,563
5,000,000 Valley Health Systems, California,
Hospital Improvement Project, Ser.
A, Rev., 6.50%, 05/15/15 5,456,250
----------
67,088,475
----------
Colorado -- 3.8%
1,190,000 Adams County, Colorado School
District No. 012, GO, 6.20%,
12/15/10 1,294,125
6,000,000 Garfield Pitkin & Eagle Counties
Colorado School District No. Re 1
Roarge Fk, GO 6.60%, 12/15/14 6,870,000
1,000,000 Jefferson County Colorado School
District No. R-001, 1985 Ser. B,
GO, 9.00%, 12/15/99 1,088,750
3,050,000 Platte River Power Authority,
Colorado, Ser. DD, Rev., 6.00%,
06/01/05 3,385,500
4,400,000 Platte River Power Authority,
Colorado, Ser. DD, Rev., 6.00%,
06/01/06 4,922,500
</TABLE>
See notes to financial statements.
9
<PAGE>
Chase Vista Select Tax Free Income Fund
Portfolio of Investments February 28, 1998 (unaudited) (continued)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
- ------------------------------------------------------------------
<S> <C> <C>
Long-Term Municipal Bonds -- (continued)
- ------------------------------------------------------------------
$1,620,000 Platte River Power Authority,
Colorado, Ser. DD, Rev., 6.00%,
06/01/07 $1,830,600
8,295,000 Westminster, Colorado Special
Purpose Post Project, Ser. B, Rev.
5.13%, 12/01/16 8,336,475
----------
27,727,950
----------
Connecticut -- 0.7%
4,975,000 Connecticut State Housing Finance
Authority, Housing Mortgage
Financing Program, C1, Rev.,
6.60%, 11/15/23 5,341,906
----------
Delaware -- 0.9%
5,000,000 Delaware State Economic
Development Authority,
Osteopathic Hospital Association of
Delaware, Ser. A, Rev. 6.90%,
01/01/18 6,093,750
155,000 Sussex County, Delaware, Single
Family Mortgage, Residential, Rev.
9.38%, 02/01/17 158,114
----------
6,251,864
----------
District of Columbia -- 1.0%
4,000,000 Georgetown University, District of
Columbia, Ser. A, Exchanged, Rev.
8.25%, 04/01/18 4,092,120
3,285,000 Georgetown University, District of
Columbia, Ser. A, Exchanged, Rev.
8.13%, 04/01/08 3,360,916
----------
7,453,036
----------
Florida -- 5.2%
4,440,000 Broward County, Florida Resource
Recovery, Ser. Broward Co. LP
South Project, Rev., 7.95%,
12/01/08 4,834,050
</TABLE>
See notes to financial statements.
10
<PAGE>
Chase Vista Select Tax Free Income Fund
Portfolio of Investments February 28, 1998 (unaudited) (continued)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
- ------------------------------------------------------------------
<S> <C> <C>
Long-Term Municipal Bonds -- (continued)
- ------------------------------------------------------------------
$ 2,200,000 Dade County, Florida Special
Obligation, Miami Beach
Convention Center Project, Special
Tax 8.63%, 12/01/07 $ 2,824,250
5,000,000 Daytona Beach, Florida Water &
Sewer, Ser. 1978, Rev. 6.75%,
11/15/07 5,850,000
3,670,000 Greater Orlando Aviation Authority,
Orlando Florida Airport Facilities,
Ser. A, Rev., 6.50%, 10/01/1 4,059,937
3,205,000 Hillsborough County Florida Aviation
Authority, Tampa International
Airport, Ser. B, Rev., 6.00%,
10/01/18 3,617,644
4,425,000 Orange County, Florida Health
Facilities Authority, Orlando
Regional Health Care, Ser. A, Rev.,
6.25%, 10/01/12 5,110,875
2,310,000 Orange County, Florida Health
Facilities Authority, Orlando
Regional Health Care, Ser. C, Rev.,
6.25%, 10/01/12 2,670,938
3,000,000 Orange County, Florida Tourist
Development, Ser. A, Rev., 6.50%,
10/01/10 3,330,000
5,000,000 Orange County, Florida, Tourist
Development Tax, Rev., 5.00%,
10/01/19 4,937,500
----------
37,235,194
----------
Georgia -- 8.5%
5,000,000 Burke County, Georgia, Development
Authority PCR, Oglethorpe Power
Co., Bogtle, Rev., 8.00%, 01/01/2 5,956,250
10,000,000 Dalton, Georgia, Development
Authority, Rev., 5.50%, 08/15/26 10,762,500
</TABLE>
See notes to financial statements.
11
<PAGE>
Chase Vista Select Tax Free Income Fund
Portfolio of Investments February 28, 1998 (unaudited) (continued)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
- -------------------------------------------------------------------
<S> <C> <C>
Long-Term Municipal Bonds -- (continued)
- -------------------------------------------------------------------
$ 7,660,000 De Kalb County, Georgia, Housing
Authority Apartment Development,
Fox Hollow Apartment, Rev.
7.00%, 08/15/22 $8,713,250
15,000 Georgia State Residential Financing
Authority Single Family Insured
Mortgage, Ser. A, Rev. 8.40%,
12/01/18 15,131
5,000,000 Metropolitan Atlanta Rapid Transit
Authority, Georgia, Second
Indenture, Ser. A, Rev., 6.90%,
07/01/20 5,837,500
10,485,000 Metropolitan Atlanta Rapid Transit
Authority, Georgia, Ser. P, Rev.,
6.25%, 07/01/20 12,188,813
17,500,000 Richmond County, Georgia, Board of
Education, GO, 5.95%, 11/01/26 17,550,750
----------
61,024,194
----------
Hawaii -- 0.8%
5,000,000 Honolulu, Hawaii City & County,
Ser. A, GO, 7.35%, 07/01/08 6,162,500
----------
Illinois -- 0.9%
862,000 Illinois Health Facilities Authority,
Refunded, Ser. A, Rev., 7.90%,
08/15/03 999,920
1,736,000 Illinois Health Facilities Authority,
Balance, Ser. A, Rev., 7.90%,
08/15/03 1,761,588
3,250,000 Illinois Housing Development
Authority, Multi-Family, Ser.
1991-A, Rev., 8.25%, 07/01/16 3,534,375
----------
6,295,883
----------
Kentucky -- 1.3%
8,000,000 Louisville & Jefferson County,
Kentucky, Metropolitan Sewer
District & Drain System, Ser. A,
Rev., 6.50%, 05/15/24 9,180,000
----------
</TABLE>
See notes to financial statements.
12
<PAGE>
Chase Vista Select Tax Free Income Fund
Portfolio of Investments February 28, 1998 (unaudited) (continued)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
- -------------------------------------------------------------------
<S> <C> <C>
Long-Term Municipal Bonds -- (continued)
- ------------------------------------------------------------------
Louisiana -- 1.4%
$4,000,000 Orleans Parish, Louisiana School
Board, GO, 7.50%, 09/01/20 $4,720,000
2,000,000 Orleans Parish, Louisiana School
Board, Rev., 8.85%, 02/01/06 2,627,500
2,000,000 Orleans Parish, Louisiana School
Board, Rev., 8.90%, 02/01/07 2,650,000
----------
9,997,500
----------
Massachusetts -- 3.2%
3,500,000 Chelsea, Massachusetts, School
Project Loan Act 1948, GO,
6.50%, 06/15/12 3,911,250
2,750,000 Haverhill, Massachusetts, Unlimited
Tax, Ser. A, GO, 7.00%, 06/15/12 3,110,937
7,000,000 Massachusetts Bay Transportation
Authority, General Transportation
Systems, Ser. C, Rev., 5.00%,
03/01/24 6,746,250
7,000,000 Massachusetts State, Consolidated
Loan, Ser. C, GO, 5.00%,
08/01/17 6,895,000
2,015,000 South Essex, Massachusetts, Sewer
District, Ser. B, GO, 6.75%,
06/01/15 2,332,363
----------
22,995,800
----------
Michigan -- 1.8%
8,750,000 Michigan, Western Michigan
University, Rev., 5.13%, 11/15/17 8,717,188
4,000,000 Royal Oak, Michigan, Hospital
Financing Authority, William
Beaumont Hospital, Rev., 5.25%,
01/01/20 3,985,000
----------
12,702,188
----------
Montana -- 1.5%
2,320,000 Montana State, Long Range Building
Program, Ser. B, GO 4.50%,
08/01/15 2,215,600
</TABLE>
See notes to financial statements.
13
<PAGE>
Chase Vista Select Tax Free Income Fund
Portfolio of Investments February 28, 1998 (unaudited) (continued)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
- -------------------------------------------------------------------
<S> <C> <C>
Long-Term Municipal Bonds -- (continued)
- -------------------------------------------------------------------
$ 2,435,000 Montana State, Long Range Building
Program, Ser. B, GO 4.50%,
08/01/16 $2,307,162
2,555,000 Montana State, Long Range Building
Program, Ser. C, GO 4.50%,
08/01/17 2,401,700
2,005,000 Montana State, Long-Range Building
Program, Ser. D, GO, 5.38%,
08/01/13 2,075,175
2,120,000 Montana State, Long-Range Building
Program, Ser. D, GO, 5.38%,
08/01/14 2,186,250
----------
11,185,887
----------
New Jersey -- 8.1%
5,215,000 New Jersey Economic Development
Authority, Educational Testing
Service, Ser. B, Rev., 6.25%,
05/15/25 5,769,094
1,500,000 New Jersey Sports & Exposition,
State Guaranteed, Rev., 8.30%,
01/01/03 1,771,875
3,470,000 New Jersey Sports & Exposition, Ser.
A, Rev., 6.50%, 03/01/19 3,790,975
5,000,000 New Jersey State Highway Authority,
Garden State Parkway General,
Rev., 6.20%, 01/01/10 5,687,500
5,000,000 New Jersey State Transportation Trust
Fund Authority, Transportation
Systems, Ser. B, Rev. 6.50%,
06/15/10 5,962,500
11,460,000 New Jersey State, Educational
Facilities Authority, Higher
Education Facilities Trust Fund,
Ser. A, Rev., 5.75%, 04/01/18 11,918,400
15,700,000 New Jersey State, Ser. D, GO, 8.00%,
02/15/07 19,899,750
</TABLE>
See notes to financial statements.
14
<PAGE>
Chase Vista Select Tax Free Income Fund
Portfolio of Investments February 28, 1998 (unaudited) (continued)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
- -------------------------------------------------------------------
<S> <C> <C>
Long-Term Municipal Bonds -- (continued)
- ------------------------------------------------------------------
$ 20,000 New Jersey Wastewater Treatment
Trust, Insured, Ser. A, Rev. 7.38%,
05/15/07 $ 20,534
1,730,000 New Jersey Wastewater Treatment
Trust, Ser. A, Rev. 7.38%,
05/15/07 1,777,108
1,600,000 North Bergen Township, New Jersey,
GO, 5.00%, 08/15/12 1,632,000
----------
58,229,736
----------
New York -- 23.6%
1,450,000 Albany County, New York, South
Mall, Ser. P, Rev., 9.70%, 10/01/98 1,499,126
2,250,000 Dutchess County, New York Resource
Recovery Agency, Solid Waste
Management, Ser. A, Rev. 7.50%,
01/01/09 2,418,750
3,450,000 Metropolitan Transportation
Authority of New York, Commuter
Facilities, Ser. A, Rev., 6.00%,
07/01/16 3,782,063
3,000,000 Nassau County, New York, IDA,
Civic Facilities, Hofstra University
Project, Rev., 6.75%, 08/01/11 3,281,250
5,000,000 New York City, New York Trust
Cultural Resources, Solomon R
Guggenheim Foundation, Ser. A,
Rev. 7.25%, 12/01/15 5,437,500
3,500,000 New York City, New York, Industrial
Development Agency, Brooklyn
Navy Yard Cogen Partners, Rev.,
6.20%, 10/01/22 3,880,625
10,000,000 New York City, New York, Municipal
Water Financing Authority Water
& Sewer Systems, Ser. B, Rev.,
5.75%, 06/15/26 10,537,500
12,000,000 New York City, New York, Ser A,
GO, 6.25%, 08/01/08 13,605,000
</TABLE>
See notes to financial statements.
15
<PAGE>
Chase Vista Select Tax Free Income Fund
Portfolio of Investments February 28, 1998 (unaudited) (continued)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
- -------------------------------------------------------------------
<S> <C> <C>
Long-Term Municipal Bonds -- (continued)
- ------------------------------------------------------------------
$ 4,500,000 New York State Dorm Authority,
Rochester University, Ser. A, Rev.,
6.40%, 07/01/13 $4,983,750
2,500,000 New York State Dorm Authority,
Rockefeller University, Rev. 7.38%,
07/01/14 2,578,175
9,390,000 New York State Dorm Authority,
State University Educational
Facilities, Ser. B, Rev., 5.25%,
05/15/10 9,836,025
2,000,000 New York State Energy Research &
Development Authority, PCR,
Central Hudson Gas, Ser. B-1,
Rev., 7.38%, 10/01/14 2,157,500
6,000,000 New York State Energy Research &
Development Authority, PCR,
Niagara Mohawk Power Corp., Ser.
A, Rev., 7.20%, 07/01/29 6,937,500
2,000,000 New York State Environmental
Facilities Corp., PCR, State Water
Revolving Fund, Ser. B, Rev.,
7.10%, 09/15/11 2,180,000
2,650,000 New York State Environmental
Facilities Corp., PCR, State Water
Revolving Fund, Ser. D, Rev.,
6.85%, 11/15/11 3,037,563
3,000,000 New York State Environmental
Quality, GO 6.50%, 12/01/14 3,345,000
655,000 New York State Housing Finance
Agency, Health Facilities, Monroe
County, Ser. A, Rev., 7.63%,
05/01/05 700,031
4,000,000 New York State Housing Finance
Agency, State University
Construction, Ser. A, Rev., 7.90%,
11/01/06 4,800,000
</TABLE>
See notes to financial statements.
16
<PAGE>
Chase Vista Select Tax Free Income Fund
Portfolio of Investments February 28, 1998 (unaudited) (continued)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
- -------------------------------------------------------------------
<S> <C> <C>
Long-Term Municipal Bonds -- (continued)
- -------------------------------------------------------------------
$ 5,500,000 New York State Local Government
Assistance Corp., Rev., 7.00%,
04/01/10 $6,070,625
2,340,000 New York State Local Government
Assistance Corp., Ser. A, Rev.,
7.00%, 04/01/08 2,635,425
3,000,000 New York State Local Government
Assistance Corp., Ser. D, Rev.,
7.00%, 04/01/11 3,378,750
2,780,000 New York State Medical Care
Facilities Financing Agency,
Hospital & Nursing Home,
Insured Mortgage, Ser. C, Rev.,
6.25%, 08/15/12 2,964,175
4,000,000 New York State Medical Care
Facilities Financing Agency,
Montefiore Medical Center, Insured
Mortgage, Ser. A, Rev., 5.75%,
02/15/25 4,155,000
2,000,000 New York State Medical Care
Facilities Financing Agency, Special
Obligation, Mental Health Services
Facilities Improvement, Ser. A,
Rev., 8.30%, 05/01/04 2,447,500
4,000,000 New York State Mortgage Agency,
Homeownership Mortgage, Ser. JJ,
Rev., 7.50%, 10/01/17 4,195,000
3,000,000 New York State Thruway Authority,
General Purpose, Ser. C, Rev.,
5.63%, 04/01/08 3,255,000
5,500,000 New York State Thruway Authority,
General Purpose, Ser. C, Rev.,
6.00%, 01/01/15 5,974,375
4,085,000 New York State, GO 6.30%,
09/15/10 4,432,225
4,100,000 New York State, GO 6.30%,
09/15/11 4,448,500
</TABLE>
See notes to financial statements.
17
<PAGE>
Chase Vista Select Tax Free Income Fund
Portfolio of Investments February 28, 1998 (unaudited) (continued)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
- -------------------------------------------------------------------
<S> <C> <C>
Long-Term Municipal Bonds -- (continued)
- --------------------------------------------------------------------
$6,270,000 Port Authority, New York & New
Jersey, Consolidated 78th Ser., Rev.,
6.50%, 04/15/11 $ 6,740,250
1,100,000 Port Authority, New York & New
Jersey, Consolidated Bonds, 52nd
Ser., Rev., 9.00%, 11/01/14 1,186,625
16,000,000 Port Authority, New York & New
Jersey, Consolidated Ninety-Third
Ser., Rev., 6.13%, 06/01/94 18,520,000
4,000,000 Port Authority, New York & New
Jersey, Consolidated One Hundred
Ninth Ser. Rev., 5.38%, 01/15/32 4,070,000
285,000 Suffolk County, New York Water
Authority, Waterworks, Balance
1993, Rev. 7.38%, 06/01/12 295,947
9,000,000 Triborough Bridge & Tunnel
Authority, New York, Convention
Center Project, Ser. E, Rev. 7.25%,
01/01/10 10,867,500
-----------
170,634,255
-----------
North Dakota -- 0.9%
5,000,000 Mercer County, North Dakota, PCR,
Antelope Valley Station, Rev.,
7.20%, 06/30/13 6,237,500
-----------
Ohio -- 1.7%
7,000,000 Cleveland Ohio Public Power System
First Mortgage--Ser. A, Rev.,
7.00%, 11/15/24 8,260,000
4,000,000 Ohio Housing Financing Agency,
Mortgage, Residential, Ser. C, Rev.,
5.75%, 09/01/28 4,110,000
-----------
12,370,000
-----------
Oklahoma -- 1.2%
3,000,000 Grand River Dam Authority,
Oklahoma, Rev., 5.50%, 06/01/09 3,273,750
</TABLE>
See notes to financial statements.
18
<PAGE>
Chase Vista Select Tax Free Income Fund
Portfolio of Investments February 28, 1998 (unaudited) (continued)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
- -------------------------------------------------------------------
<S> <C> <C>
Long-Term Municipal Bonds -- (continued)
- -------------------------------------------------------------------
$ 5,000,000 Tulsa, Oklahoma, Metropolitan
Utility Authority, Rev., 5.75%,
09/01/19 $5,275,000
----------
8,548,750
----------
Oregon -- 3.4%
300,000 Oregon State, GO, 11.00%,
12/01/98 316,134
5,780,000 Oregon State, Higher Education
Building, Ser. A, GO, 6.45%,
08/01/24 6,581,975
6,300,000 Portland, Oregon, Sewer Systems, Ser.
A, Rev., 5.00%, 06/01/14 6,300,000
11,565,000 Portland, Oregon, Sewer Systems, Ser.
A, Rev., 5.00%, 06/01/15 11,492,719
----------
24,690,828
----------
Pennsylvania -- 0.6%
3,885,000 Pennsylvania State Higher Education
Assistance Agency, Student Loan,
Ser. A, Rev., 6.80%, 12/01/00 4,142,381
----------
Puerto Rico -- 5.9%
2,500,000 Puerto Rico Commonwealth, GO,
6.25%, 07/01/11 2,903,125
3,000,000 Puerto Rico Commonwealth,
Aqueduct & Sewer Authority, Ser.
A, Rev., 7.88%, 07/01/17 3,101,220
1,500,000 Puerto Rico Commonwealth,
Highway & Transportation
Authority, Refunded Balance, Ser.
T, Rev., 6.63%, 07/01/18 1,676,250
16,000,000 Puerto Rico Commonwealth,
Highway & Transportation
Authority, Ser. A, Rev., 4.75%,
07/01/38 14,760,000
5,000,000 Puerto Rico Electric Power Authority,
Ser. Y, Rev., 7.00%, 07/01/07 6,037,500
</TABLE>
See notes to financial statements.
19
<PAGE>
Chase Vista Select Tax Free Income Fund
Portfolio of Investments February 28, 1998 (unaudited) (continued)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
- -------------------------------------------------------------------
<S> <C> <C>
Long-Term Municipal Bonds -- (continued)
- -------------------------------------------------------------------
$6,675,000 Puerto Rico Industrial, Medical &
Environmental PCFA, PepsiCo Inc.
Project, Ser. A, Rev., 6.25%,
11/15/13 $7,342,500
3,000,000 Puerto Rico Industrial, Medical &
Environmental PCFA, Warner
Lambert Co. Project, Rev., 7.60%,
05/01/14 3,210,000
3,000,000 Puerto Rico Public Buildings
Authority, Guaranteed,
Government Facilities, Ser. A, Rev.,
6.25%, 07/01/11 3,480,000
----------
42,510,595
----------
South Carolina -- 3.2%
1,080,000 Piedmont Municipal Power Agency,
South Carolina Electric, Ser. A,
Rev., 5.25%, 01/01/12 1,129,950
6,000,000 Richland County, South Carolina
School District No. 001, GO,
4.63%, 03/01/22 5,565,000
4,050,000 South Carolina Housing Finance &
Development Authority, Ser. B,
Rev., 7.80%, 07/01/09 4,201,875
2,000,000 South Carolina State Housing Finance
& Development Authority,
Homeownership Mortgage
Purchase, Ser. B, Rev., 7.88%,
07/01/15 2,077,500
5,000,000 South Carolina State Public Service
Authority, Ser. A, Rev., 6.25%,
01/01/22 5,518,750
5,000,000 Spartanburg, South Carolina,
Waterworks, Rev., 5.00%,
06/01/27 4,900,000
----------
23,393,075
----------
</TABLE>
See notes to financial statements.
20
<PAGE>
Chase Vista Select Tax Free Income Fund
Portfolio of Investments February 28, 1998 (unaudited) (continued)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
- -------------------------------------------------------------------
<S> <C> <C>
Long-Term Municipal Bonds -- (continued)
- --------------------------------------------------------------------
South Dakota -- 0.6%
$3,000,000 South Dakota Heartland Consumers
Power District, Rev., 7.00%,
01/01/16 $3,592,500
410,000 South Dakota State Building
Authority, Rev., 10.50%, 09/01/00 417,073
----------
4,009,573
----------
Tennessee -- 0.4%
3,000,000 Metropolitan Government of
Nashville & Davidson County,
Tennessee, Water & Sewer
Authority, Rev., 5.20%, 01/01/13 3,150,000
----------
Texas -- 5.9%
6,245,000 Arlington, Texas Independent School
District, GO, 5.00%, 02/15/19 6,127,906
6,540,000 Austin, Texas Utility System, Rev.,
5.13%, 11/15/17 6,540,000
6,500,000 Austin, Texas Utility System, Rev.,
6.00%, 11/15/13 7,353,125
2,000,000 Austin, Texas Utility System,
Combined, Ser. A, Rev., 9.50%,
05/15/15 2,230,000
2,000,000 Austin, Texas Utility System, Ser. A,
Big Book Entry, Rev., 8.00%,
11/15/16 2,235,000
2,115,000 Dallas-Fort Worth Texas Regional
Airport, Ser. A, Rev., 7.38%,
11/01/08 2,477,194
2,945,000 Dallas-Fort Worth Texas Regional
Airport, Ser. A, Rev., 7.38%,
11/01/09 3,449,331
2,000,000 Dallas-Fort Worth Texas Regional
Airport, Ser. A, Rev., 7.38%,
11/01/11 2,342,500
2,500,000 Houston, Texas Water Conveyance
System, Contract, Ser. F, COP
7.20%, 12/15/05 2,953,125
</TABLE>
See notes to financial statements.
<
21
<PAGE>
Chase Vista Select Tax Free Income Fund
Portfolio of Investments February 28, 1998 (unaudited) (continued)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
- -------------------------------------------------------------------
<S> <C> <C>
Long-Term Municipal Bonds -- (continued)
- -------------------------------------------------------------------
2,000,000 Houston, Texas Water Conveyance
System, Contract, Ser. F, COP
7.20%, 12/15/06 $ 2,392,500
4,845,000 Texas State, Public Financing
Authority, Building, Ser. A, Rev.,
5.00%, 08/01/16 4,845,000
-----------
42,945,681
-----------
Utah -- 0.2%
1,000,000 Sevier County, Utah School District
Sevier School District, GO, 9.20%,
05/01/03 1,230,000
-----------
Wisconsin -- 0.1%
855,000 Wisconsin Housing & Economic
Development Authority, Home
Ownership, Ser. D, Rev. 7.90%,
09/01/05 879,726
-----------
Total Long Term Investments 719,418,814
(Cost $678,464,558)
- -------------------------------------------------------------------
Short-Term Investments -- 0.9%
- -------------------------------------------------------------------
Floating Rate Demand Note
1,300,000 Texas Water Development Board, Ser.
A, FRDN 3.65%, 03/02/98 1,300,000
(Cost $1,300,000)
- -------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
Shares
- -------------
<S> <C> <C>
Money Market Funds
3,363,188 Provident Municipal Money Market
Fund 3,363,188
2,187,297 Provident Municipal Cash Money
Market Fund 2,187,296
---------
Total Money Market Funds
(Cost $5,550,484) 5,550,484
- -------------------------------------------------------------------
Total Short Term Investments
(Cost $6,850,484) 6,850,484
- -------------------------------------------------------------------
Total Investments--100.6%
(Cost $685,315,042) $726,269,298
- -------------------------------------------------------------------
</TABLE>
See notes to financial statements.
22
<PAGE>
About Your Fund
CHASE VISTA SELECT
INTERMEDIATE TAX FREE INCOME FUND
- --------------------------------------------------------------------------------
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
As of February 28, 1998
Net assets: $660.8 Million
Average maturity: 7.2 years
Average duration: 5.2 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.
23
<PAGE>
About Your Fund
CHASE VISTA SELECT
INTERMEDIATE TAX FREE INCOME FUND
PERFORMANCE
Chase Vista Select Intermediate Tax Free Income Fund, which seeks to provide
monthly dividends which are excluded from federal income tax through a
portfolio of higher-quality, intermediate-term municipal bonds, had a total
return of 4.41% for the six month period ended February 28, 1998. This compares
to a return of 4.07% for the Lipper Intermediate Term Municipal Debt Funds
Average and 5.04% for the unmanaged Lehman 10-Year Municipal Bond Index.
STRATEGY
In attempting to deliver high current tax-free income, your management team
uses a relative value analysis to select individual securities, identify points
of value on the yield curve and target sectors for investment. During this
reporting period, however, high new supply levels and the narrowing of quality
spreads that resulted made it difficult to shift among securities and sectors.
Therefore, the management team focused on maintaining the higher than average
coupon rates that provide for its primary objective, which is higher income.
As the market rallied in early January, the management team allowed the Fund's
duration to run down and sold some bonds given its belief that the rally had
gone too far. As yields subsequently rose, the Fund bought slightly-longer term
bonds, but kept overall duration relatively short given the high yield levels
in the intermediate part of the curve.
On a state level, the Fund was underweighted in New York due to extremely heavy
supply and it also cut exposure to the Pacific Northwest given the potential
economic impact of weakening Pacific Rim economies on the region. The Fund did
take advantage of price-compression opportunities in states such as Kansas,
which normally trade at a price premium, buying these bonds at
relatively-attractive prices.
OUTLOOK
As the period ended, the supply of new issues had begun to shrink to more
manageable levels, creating a better supply and demand picture. This, combined
with the expectation that interest rates will fall later in the year, has led
the management team to begin carefully increasing the Fund's duration, with an
eye on the potential for volatility in rates over the short term. Given the
shape of the yield curve, 15-year maturities have begun to look relatively
attractive and the Fund expects to continue to selectively invest in this area.
Overall, state finances continue to improve and, with supply decreasing, the
management team has a positive outlook for the next six months.
24
<PAGE>
About Your Fund
CHASE VISTA SELECT
INTERMEDIATE TAX FREE INCOME FUND
- ------------------------------- [PIE CHART] ------------------------------------
CHASE VISTA SELECT INTERMEDIATE TAX FREE INCOME FUND
COMPOSITION OF TOTAL ASSETS AS OF 2/28/98
<TABLE>
<S> <C>
Investments 98.6%
Cash/Other 1.4%
</TABLE>
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
AVERAGE ANNUAL TOTAL RETURNS AS OF 2/28/98+
- --------------------------------------------------------------------------------
<TABLE>
<S> <C>
One Year 8.03%
Five Years 5.73%
Ten Years 7.72%
</TABLE>
- --------------------------------------------------------------------------------
Source: Lipper Analytical Services, Inc. Past performance is not predicative 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 2/28/88 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.
25
<PAGE>
About Your Fund
CHASE VISTA SELECT
INTERMEDIATE TAX FREE INCOME FUND
- -------------------------------- [LINE CHART] ----------------------------------
GROWTH OF HYPOTHETICAL $10,000 INVESTMENT IN
CHASE VISTA SELECT INTERMEDIATE TAX FREE INCOME FUND+
AND ITS KEY BENCHMARKS
<TABLE>
<CAPTION>
Chase Vista Lipper
Select Lehman Intermediate
Intermediate 10 Year Muni
Tax Free Lehman Muni Muni Debt Funds
Income Fund Bond Index Bond Index Avg.
----------- ---------- ---------- ------------
<S> <C> <C> <C> <C>
2/88 10000 10000 10000 10000
2/89 10630 10619 10494 10445
2/90 11631 11709 11517 11287
2/91 12742 12788 12618 12220
2/92 13918 14066 13806 13281
2/93 15926 16004 15840 14898
2/94 16689 16889 16682 15595
2/95 17045 17207 17022 15846
2/96 18777 19109 19017 17273
2/97 19478 20162 20026 17984
2/98 21042 22008 21825 19257
</TABLE>
- --------------------------------------------------------------------------------
Source: Lipper Analytical Services, Inc. Past performance is not predicative 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 February 28, 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 147 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
2/28/88 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. It 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.
26
<PAGE>
Chase Vista Select Intermediate Tax Free Income Fund
Portfolio of Investments February 28, 1998 (unaudited)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
- -----------------------------------------------------------------
<S> <C> <C>
Long-Term Municipal Bonds -- 99.4%
- -----------------------------------------------------------------
Alabama -- 0.9%
$ 660,000 Alabama State, GO, 7.00%, 08/01/05 $ 718,575
3,875,000 Alabama State, Public School &
College Authority, Capital
Improvement, Rev., 5.00%,
11/01/04 4,073,593
1,320,000 Shelby County, Alabama Board of
Education, Capital Outlay School,
Warrants 5.70%, 02/01/09 1,423,950
---------
6,216,118
---------
Alaska -- 0.3%
2,000,000 Anchorage, Alaska, Ser. B, GO,
6.00%, 10/01/04 2,202,500
---------
Arizona -- 0.6%
3,000,000 Maricopa County, Arizona School
District No. 4, Mesa Unit, Ser. A,
GO, 5.50%, 07/01/09 3,221,250
660,000 Phoenix, Arizona Street & Highway
User, Rev., 6.75%, 07/01/99 685,575
---------
3,906,825
---------
California -- 0.9%
5,000,000 Los Angeles County, California Public
Works Financing Authority,
Regional Park & Open Space
District, Rev., 6.00%, 10/01/08 5,618,750
---------
Colorado -- 0.7%
4,000,000 Eagle Garfield & Routt Counties
Colorado School District No. Re
50J, GO, 6.13%, 12/01/09 4,440,000
---------
Connecticut -- 1.0%
1,320,000 Connecticut State Housing Finance
Authority, Housing Mortgage
Financing Program, Ser. B4--Sub.
B4, Rev. 6.80%, 11/15/98 1,342,862
</TABLE>
See notes to financial statements.
27
<PAGE>
Chase Vista Select Intermediate Tax Free Income Fund
Portfolio of Investments February 28, 1998 (unaudited) (continued)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
- ------------------------------------------------------------------
<S> <C> <C>
Long-Term Municipal Bonds -- (continued)
- ------------------------------------------------------------------
$4,735,000 Connecticut State Special Tax
Obligation, Transportation
Infrastructure, Ser. A, Rev. 5.40%,
06/01/09 $5,007,262
----------
6,350,124
----------
Delaware -- 0.1%
635,000 Delaware Transportation Authority,
Transportation System, Rev.,
5.63%, 07/01/05 678,656
----------
Florida -- 3.8%
2,000,000 Dade County Florida Aviation, Ser.
B, Rev. 6.40%, 10/01/06 2,272,500
660,000 Florida School Boards Association
Inc., Orange County School Board
Project, Rev., 6.25%, 07/01/05 694,650
2,000,000 Florida State Department of
Corrections COP, Okeechobee
Correctional, COP 6.00%,
03/01/08 2,222,500
2,520,000 Florida State, Board of Education
Capital Outlay Public Education,
Ser. B, GO, 6.50%, 06/01/01 2,709,000
3,585,000 Florida State, Board of Education
Capital Outlay Public Education,
Ser. B, GO, 6.50%, 06/01/04 4,037,606
2,235,000 Florida State, Board of Education
Capital Outlay Public Education,
Ser. B, GO, 6.50%, 06/01/05 2,547,900
4,425,000 Florida State, Board of Education
Capital Outlay Public Education,
Ser. B, GO, 6.50%, 04/01/06 5,099,813
2,675,000 Florida State, Broward County
Expressway Authority, Ser. A, GO,
6.50%, 07/01/03 2,699,904
1,000,000 Tampa, Florida, Health Systems,
Catholic Health, Ser. A-1, Rev.,
5.25%, 11/15/03 1,051,250
</TABLE>
See notes to financial statements.
28
<PAGE>
Chase Vista Select Intermediate Tax Free Income Fund
Portfolio of Investments February 28, 1998 (unaudited) (continued)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
- -----------------------------------------------------------------------
<S> <C> <C>
Long-Term Municipal Bonds -- (continued)
- -----------------------------------------------------------------------
$1,500,000 Tampa, Florida, Health Systems,
Catholic Health, Ser. A-3, Rev.,
5.50%, 11/15/03 $ 1,595,625
----------
24,930,748
----------
Georgia -- 1.6%
2,000,000 Dalton, Georgia, Building Authority,
Northwest Georgia, Trade &
Convention, Rev. 7.10%, 07/01/11 2,220,000
1,485,000 Fulco, Georgia, Hospital Authority,
Health Systems, Catholic Health
East, Ser. A, Rev. Anticipation
Certificates, Rev., 5.00%, 11/15/01 1,529,550
660,000 Georgia State, Ser. A, GO, 6.00%,
03/01/04 723,525
5,000,000 Municipal Electric Authority, Georgia,
Special Obligation, Sixth Crossover
Project #1, Rev., 7.00%, 01/01/08 6,000,000
----------
10,473,075
----------
Hawaii -- 1.0%
660,000 Hawaii County, Hawaii, Ser. A, GO,
5.20%, 05/01/04 694,650
660,000 Hawaii State, Ser. BP, GO, 5.75%,
08/01/08 670,157
2,000,000 Honolulu, Hawaii, City & County,
Ser. A, GO, 7.35%, 07/01/06 2,417,500
2,500,000 Honolulu, Hawaii, City & County,
Ser. A, GO, 7.30%, 07/01/03 2,865,625
----------
6,647,932
----------
Illinois -- 3.8%
1,500,000 Chicago, Illinois, Metropolitan Water
Reclamation District, Greater
Chicago Capital Improvement
Bonds, GO 7.00%, 01/01/08 1,798,125
2,800,000 Chicago, Illinois, Sales Tax Rev., Rev.,
5.75%, 01/01/10 3,045,000
</TABLE>
See notes to financial statements.
29
<PAGE>
Chase Vista Select Intermediate Tax Free Income Fund
Portfolio of Investments February 28, 1998 (unaudited) (continued)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
- ---------------------------------------------------------------------
<S> <C> <C>
Long-Term Municipal Bonds -- (continued)
- ---------------------------------------------------------------------
$6,055,000 Chicago, Illinois, O'Hare
International Airport, Passenger
Facilities Charge, Ser. A, Rev.
5.38%, 01/01/07 $6,448,575
3,350,000 Cook County, Illinois, Ser. A, GO
6.60%, 11/15/22 3,760,375
1,500,000 Cook County, Illinois, Ser. A, GO
6.38%, 11/15/05 1,668,750
5,000,000 Illinois Educational Facilities
Authority, Northwestern University,
Remarketed, Rev., 6.80%,
12/01/11 5,543,750
1,320,000 Illinois State, Rev., 5.50%, 08/01/06 1,420,650
660,000 Illinois State, Rev., 6.40%, 08/01/01 693,000
790,000 Kane County, Illinois Community
United School District No. 304,
Geneva, GO, 6.10%, 06/01/06 887,763
----------
25,265,988
----------
Indiana -- 0.4%
2,485,000 Indiana State Office Building
Community Facilities, Ser. A, Rev.,
5.00%, 07/01/04 2,584,400
----------
Kansas -- 0.4%
2,360,000 Wichita, Kansas, Water & Sewer
Utilities, Rev., 7.75%, 10/01/02 2,711,050
----------
Kentucky -- 0.1%
735,000 Owensboro Kentucky, Electric Light
& Power, Rev., 10.50%, 01/01/04 879,244
----------
Louisiana -- 0.2%
1,275,000 Louisiana Public Facilities Authority,
Prerefunded, Tulane University, Ser.
A-1, Rev., 6.00%, 02/15/07 1,397,719
----------
Maryland -- 2.5%
2,510,000 Anne Arundel County, Maryland,
Consolidate General Improvement,
GO 6.00%, 08/01/07 2,811,200
</TABLE>
See notes to financial statements.
30
<PAGE>
Chase Vista Select Intermediate Tax Free Income Fund
Portfolio of Investments February 28, 1998 (unaudited) (continued)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
- ------------------------------------------------------------------
<S> <C> <C>
Long-Term Municipal Bonds -- (continued)
- ------------------------------------------------------------------
$ 2,510,000 Anne Arundel County, Maryland,
Consolidate General Improvement,
GO 6.00%, 08/01/08 $ 2,795,512
660,000 Maryland State, First Ser., GO,
6.80%, 03/01/03 689,746
2,390,000 Maryland State, Fourth Ser.--AL,
GO, 7.00%, 10/15/02 2,584,188
3,535,000 Maryland State, Stadium Authority,
Lease, Convention Center
Expansion, Rev., 5.80%, 12/15/09 3,853,150
3,335,000 Maryland State, Stadium Authority,
Lease, Convention Center
Expansion, Rev., 5.75%, 12/15/08 3,647,656
----------
16,381,452
----------
Massachusetts -- 7.7%
5,000,000 Chelsea, Massachusetts, School
Project Loan Act 1948, GO
5.90%, 06/15/08 5,456,250
11,360,000 Massachusetts Bay Transportation
Authority, General Transportation
Systems, Ser. A, Rev. 5.40%,
03/01/08 12,197,800
1,000,000 Massachusetts Bay Transportation
Authority, General Transportation
Systems, Ser. A, Rev., 7.00%,
03/01/08 1,195,000
3,650,000 Massachusetts Bay Transportation
Authority, General Transportation
Systems, Ser. D, Rev., 5.50%,
03/01/05 3,896,375
3,600,000 Massachusetts State, Consolidated
Loan, Ser. C, GO 6.70%,
11/01/09 4,158,000
3,000,000 Massachusetts State, Housing Finance
Agency, Residential Development,
FNMA Collection, Ser. C, Rev.
6.45%, 05/15/04 3,262,500
</TABLE>
See notes to financial statements.
31
<PAGE>
Chase Vista Select Intermediate Tax Free Income Fund
Portfolio of Investments February 28, 1998 (unaudited) (continued)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
- ---------------------------------------------------------------------
<S> <C> <C>
Long-Term Municipal Bonds -- (continued)
- ---------------------------------------------------------------------
$4,215,000 Massachusetts State, Insured, Ser. A,
GO 5.00%, 08/01/01 $ 4,336,181
3,000,000 Massachusetts State, Ser. A, GO
6.00%, 07/01/05 3,322,500
4,400,000 Massachusetts State, Ser. B, GO,
6.50%, 08/01/08 5,109,500
3,165,000 Massachusetts State, Ser. B, GO
5.80%, 08/01/09 3,434,025
1,320,000 Massachusetts State, Water Research
Authority, Ser. A, Rev. 5.70%,
08/01/08 1,430,550
1,980,000 Southeastern Massachusetts University
Building Authority Project, Ser. A,
Rev., 5.90%, 05/01/09 2,165,625
1,000,000 Southeastern Massachusetts University
Building Authority Project, Ser. A,
Rev., 5.90%, 05/01/10 1,087,500
----------
51,051,806
----------
Michigan -- 0.8%
3,565,000 Michigan State Underground Storage
Tank Final Assurance Authority,
Ser. I, Rev. 5.75%, 05/01/10 3,845,744
1,000,000 Pontiac Michigan General Building
Authority, GO, 6.88%, 04/01/06 1,091,250
----------
4,936,994
----------
Minnesota -- 2.5%
990,000 Metropolitan Council, Minnesota,
Minneapolis-St. Paul Metropolitan
Area, Ser. D, GO 6.60%, 09/01/04 1,050,638
7,500,000 Minnesota Public Facilities Authority,
Water Pollution Control, Rev.,
5.00%, 03/01/05 7,884,375
5,000,000 Minnesota State, GO 6.00%, 08/01/06 5,387,500
2,000,000 Northern Municipal Power Agency
Minnesota Electric Systems, Ser. A,
Rev. 5.80%, 01/01/06 2,180,000
----------
16,502,513
----------
</TABLE>
See notes to financial statements.
32
<PAGE>
Chase Vista Select Intermediate Tax Free Income Fund
Portfolio of Investments February 28, 1998 (unaudited) (continued)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
- -----------------------------------------------------------------
<S> <C> <C>
Long-Term Municipal Bonds -- (continued)
- -----------------------------------------------------------------
Montana -- 1.0%
$ 3,000,000 Montana State, Board Investment,
Payroll Tax, Workers Compensation
Project, Rev., 6.50%, 06/01/03 $ 3,345,000
3,000,000 Montana State, Long Range Building
Program, Ser. C, GO 5.00%,
08/01/01 3,097,500
----------
6,442,500
----------
Nebraska -- 2.3%
2,500,000 Omaha Public Power District,
Nebraska Electric, Ser. A, Rev.,
6.25%, 02/01/06 2,725,000
660,000 Omaha Public Power District,
Nebraska Electric, Ser. A, Rev.,
6.30%, 02/01/07 720,225
11,000,000 Omaha Public Power District,
Nebraska Electric, Ser. C, Rev.,
5.40%, 02/01/08 11,797,500
----------
15,242,725
----------
Nevada -- 1.7%
1,500,000 Clark County, Nevada, GO 6.00%,
06/01/02 1,610,625
2,670,000 Clark County, Nevada School
District, Ser. A, GO 7.30%,
03/01/99 2,729,968
1,000,000 Nevada State, Rev. 6.75%, 07/01/03 1,053,750
1,660,000 Nevada State, Municipal Bond Book
Project, No 20 A, GO 7.00%,
07/01/00 1,696,454
1,000,000 Nevada State, Municipal Bond Book
Project, No 20 A, GO 7.20%,
07/01/02 1,021,960
1,000,000 Nevada State, Municipal Bond Book,
GO 7.20%, 11/01/04 1,096,250
2,000,000 Nevada State, Ser. C, GO, 6.50%,
05/01/05 2,272,500
----------
11,481,507
----------
</TABLE>
See notes to financial statements.
33
<PAGE>
Chase Vista Select Intermediate Tax Free Income Fund
Portfolio of Investments February 28, 1998 (unaudited) (continued)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
- -------------------------------------------------------------------
<S> <C> <C>
Long-Term Municipal Bonds -- (continued)
- -------------------------------------------------------------------
New Hampshire -- 1.4%
$1,195,000 New Hampshire Municipal Bond
Bank, Ser. A, Rev. 7.10%,
07/15/99 $1,232,917
1,390,000 New Hampshire Municipal Bond
Bank, Ser. A, Rev. 7.30%,
07/15/01 1,435,578
4,535,000 New Hampshire Municipal Bond
Bank, Ser. C, Rev. 5.75%,
08/15/10 4,920,475
1,250,000 New Hampshire Municipal Bond
Bank, Ser. C, Rev. 5.75%,
08/15/11 1,350,000
----------
8,938,970
----------
New Jersey -- 10.5%
2,000,000 Atlantic City, New Jersey, GO 7.05%,
01/01/01 2,165,000
3,245,000 Elizabeth, New Jersey, General
Improvement, GO, 6.25%,
08/15/08 3,674,963
955,000 New Jersey Economic Development
Authority, Market Transition
Facility, Sr. Lien, Ser. A, Rev.
5.80%, 07/01/08 1,037,369
8,800,000 New Jersey Economic Development
Authority, Market Transition
Facility, Sr. Lien, Ser. A, Rev.
5.80%, 07/01/09 9,592,000
1,000,000 New Jersey State, Educational
Facilities Authority, Institutional
Advanced Study, Ser. G, Rev.,
5.13%, 09/01/01 1,037,500
7,180,000 New Jersey State, Higher Educational
Facilities Authority, Higher
Educational Facilities Trust Fund,
Ser. A, Rev., 5.13%, 09/01/03 7,539,000
</TABLE>
See notes to financial statements.
34
<PAGE>
Chase Vista Select Intermediate Tax Free Income Fund
Portfolio of Investments February 28, 1998 (unaudited) (continued)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
- ---------------------------------------------------------------------
<S> <C> <C>
Long-Term Municipal Bonds -- (continued)
- ---------------------------------------------------------------------
$5,000,000 New Jersey State, Transportation Trust
Fund, Ser. A, Rev., 6.00%,
06/15/01 $ 5,300,000
5,000,000 New Jersey State, Transportation Trust
Fund, Transportation Systems, Ser.
A, Rev. 6.50%, 06/15/05 5,712,500
7,000,000 New Jersey State, Transportation Trust
Fund, Transportation Systems, Ser.
B, Rev. 5.50%, 06/15/09 7,525,000
5,000,000 New Jersey State, Transportation Trust
Fund, Transportation Systems, Ser.
B, Rev. 6.25%, 06/15/03 5,500,000
870,000 New Jersey State, Turnpike Authority,
Rev. 10.38%, 01/01/03 1,016,813
2,545,000 New Jersey Wastewater Treatment
Trust, Insured, Ser. A, Rev. 7.00%,
05/15/06 3,022,188
2,910,000 New Jersey Wastewater Treatment
Trust, Insured, Ser. A, Rev. 7.00%,
05/15/08 3,542,925
3,120,000 New Jersey Wastewater Treatment
Trust, Insured, Ser. A, Rev. 7.00%,
05/15/09 3,818,100
5,520,000 New Jersey Wastewater Treatment
Trust, Ser. C, Rev. 6.88%,
06/15/07 6,575,700
2,000,000 Trenton, New Jersey, GO, 6.25%,
08/15/03 2,217,500
----------
69,276,558
----------
New Mexico -- 0.4%
2,075,000 Gallup, New Mexico, PCR, Plains
Electric Generation, Rev. 6.40%,
08/15/05 2,279,906
----------
New York -- 21.5%
4,000,000 Metropolitan Transportation
Authority of New York,
Transportation Facilities, Ser. J,
Rev. 6.38%, 07/01/10 4,435,000
</TABLE>
See notes to financial statements.
35
<PAGE>
Chase Vista Select Intermediate Tax Free Income Fund
Portfolio of Investments February 28, 1998 (unaudited) (continued)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
- -------------------------------------------------------------------
<S> <C> <C>
Long-Term Municipal Bonds -- (continued)
- -------------------------------------------------------------------
$5,000,000 Metropolitan Transportation
Authority of New York,
Transportation Facilities, Ser. K,
Rev. 6.25%, 07/01/05 $5,606,250
2,125,000 Municipal Assistance Corp. for City
of New York, New York, Ser. 68,
Rev. 7.30%, 07/01/08 2,263,125
3,030,000 Municipal Assistance Corp. for City
of New York, New York, Ser. E,
Rev., 6.00%, 07/01/05 3,348,150
1,130,000 Nassau County, New York, Combined
Sewer Districts, Ser. A, GO 6.70%,
07/01/05 1,243,000
1,125,000 Nassau County, New York, Combined
Sewer Districts, Ser. A, GO 6.75%,
07/01/06 1,238,906
2,260,000 Nassau County, New York, IDA,
Civic Facilities, Hofstra University
Project, Rev. 6.60%, 08/01/05 2,466,225
4,000,000 Nassau County, New York, Ser. A,
GO 5.00%, 07/01/05 4,175,000
3,500,000 New York City, New York, Housing
Development Corp., Growth &
Income Sector, Residential, Royal,
Rev., 9.75%, 04/01/00 3,941,875
4,000,000 New York City, New York, Municipal
Assistance Corp., Sub. Ser. J, Rev.,
5.25%, 07/01/01 4,145,000
2,000,000 New York City, New York, Municipal
Assistance Corp., Sub. Ser. J, Rev.,
5.75%, 07/01/03 2,147,500
2,180,000 New York City, New York, Municipal
Assistance Corp., Ser. J, Rev.,
6.00%, 07/01/05 2,408,900
6,565,000 New York City, New York, Municipal
Assistance Corp., Ser. L, Rev.,
6.00%, 07/01/04 7,196,881
</TABLE>
See notes to financial statements.
36
<PAGE>
Chase Vista Select Intermediate Tax Free Income Fund
Portfolio of Investments February 28, 1998 (unaudited) (continued)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
- ------------------------------------------------------------------
<S> <C> <C>
Long-Term Municipal Bonds -- (continued)
- ------------------------------------------------------------------
$1,085,000 New York State Dorm Authority,
Pooled Capital Program, Rev.
7.80%, 12/01/05 $1,130,158
690,000 New York State Dorm Authority,
State University Educational
Facilities, Ser. A, Rev. 7.00%,
05/15/02 729,675
165,000 New York State Dorm Authority,
State University Educational
Facilities, Ser. A, Rev. 7.00%,
05/15/03 174,488
205,000 New York State Dorm Authority,
State University Educational
Facilities, Ser. A, Rev. 7.00%,
05/15/04 216,788
3,455,000 New York State Dorm Authority,
State University Education, Ser. A,
Rev. 6.25%, 05/15/09 3,856,644
1,000,000 New York State Dorm Authority,
State University Education, Ser. A,
Rev. 7.00%, 05/15/03 1,053,750
2,000,000 New York State Dorm Authority, St.
John University, Rev. 6.70%,
07/01/04 2,192,500
6,000,000 New York State Environmental
Facilities Corp., PCR, State Water
Revolving Fund, New York City
Municipal, Ser. A, Rev. 5.75%,
06/15/08 6,712,500
1,000,000 New York State Environmental
Facilities Corp., PCR, State Water
Revolving Fund, Ser. A, Rev.
7.25%, 06/15/00 1,072,500
2,000,000 New York State Environmental
Facilities Corp., PCR, State Water
Revolving Fund, Ser. B, Rev.
6.70%, 09/15/04 2,165,000
</TABLE>
See notes to financial statements.
37
<PAGE>
Chase Vista Select Intermediate Tax Free Income Fund
Portfolio of Investments February 28, 1998 (unaudited) (continued)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
- ------------------------------------------------------------------
<S> <C> <C>
Long-Term Municipal Bonds -- (continued)
- ------------------------------------------------------------------
$ 1,200,000 New York State Environmental
Facilities Corp., PCR, State Water
Revolving Fund, Ser. D, Rev.
6.55%, 03/15/08 $1,302,000
230,000 New York State Environmental
Facilities Corp., Pollution Control,
State Water, Revolving Fund, Ser.
A, Rev., 6.90%, 06/15/02 253,863
770,000 New York State Environmental
Facilities Corp., Pollution Control,
State Water, Revolving Fund, Ser.
A, Rev., 6.90%, 06/15/02 851,813
870,000 New York State Environmental
Facilities Corp., Pollution Control,
State Water, Revolving Fund, Ser. E
Rev., 6.30%, 06/15/02 949,388
1,130,000 New York State Environmental
Facilities Corp., Pollution Control,
State Water, Revolving Fund, Ser.
E, Rev., 6.30%, 06/15/02 1,230,288
5,000,000 New York State Environmental
Facilities Corp., Pollution Control,
State Water, Sub-Revolving Fund,
Ser. E, Rev., 5.50%, 06/15/04 5,350,000
5,000,000 New York State Housing Finance
Agency, Housing Project Mortgage,
Ser. A, Rev. 5.40%, 11/01/05 5,275,000
2,500,000 New York State Local Assistance
Corp., Ser. C, Rev. 6.70%,
04/01/04 2,734,375
10,000,000 New York State Local Government
Assistance Corp., Ser. A, Rev.,
5.50%, 04/01/05 10,737,500
660,000 New York State Local Government
Assistance Corp., Ser. A, Rev.
5.70%, 04/01/08 712,800
</TABLE>
See notes to financial statements.
38
<PAGE>
Chase Vista Select Intermediate Tax Free Income Fund
Portfolio of Investments February 28, 1998 (unaudited) (continued)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
- -----------------------------------------------------------------
<S> <C> <C>
Long-Term Municipal Bonds -- (continued)
- -----------------------------------------------------------------
$2,500,000 New York State Local Government
Assistance Corp., Ser. B, Rev.,
5.25%, 04/01/05 $ 2,643,750
180,000 New York State Medical Care
Facilities Financing Agency, Rev.
7.38%, 08/15/03 189,139
955,000 New York State Mortgage Agency,
Homeowner Mortgage, Ser. EE-3,
Rev. 7.70%, 10/01/10 1,000,363
735,000 New York State Power Authority,
General Purpose, Ser. C, Rev.
9.50%, 01/01/01 780,938
5,100,000 New York State Thruway Authority &
Bridge Trust Fund, , Ser. B, Rev.,
6.00%, 04/01/04 5,597,250
1,320,000 New York State Thruway Authority,
Highway & Bridge Trust Fund, Ser.
A, Rev. 5.30%, 04/01/07 1,405,800
4,000,000 New York State Thruway Authority,
Highway & Bridge Trust Fund, Ser.
A, Rev. 5.60%, 04/01/07 4,315,000
5,700,000 New York State Thruway Authority,
Highway & Bridge Trust Fund, Ser.
B, Rev. 6.00%, 04/01/08 6,270,000
8,000,000 New York State Thruway Authority,
Service Contract, Local Highway &
Bridges, Rev., 5.00%, 04/01/02 8,190,000
2,500,000 New York State Thruway Authority,
Service Contract, Local Highway &
Bridges, Rev., 5.25%, 04/01/03 2,596,875
6,000,000 New York State, Ser. B, GO 5.60%,
08/15/07 6,480,000
5,000,000 New York State, Ser. B, GO 5.70%,
08/15/10 5,343,750
2,625,000 Pennsylvania, New York, Convention
Center Authority, Ser. A, Rev.,
6.60%, 09/01/00 2,789,063
</TABLE>
See notes to financial statements.
39
<PAGE>
Chase Vista Select Intermediate Tax Free Income Fund
Portfolio of Investments February 28, 1998 (unaudited) (continued)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
- -------------------------------------------------------------------
<S> <C> <C>
Long-Term Municipal Bonds -- (continued)
- -------------------------------------------------------------------
$ 990,000 Westchester County, New York, IDA,
Resource Recovery, Resco Co.
Project, Ser. A, Rev., 5.60%,
07/01/07 $ 1,058,062
-----------
141,976,832
-----------
Ohio -- 3.6%
2,000,000 Columbus, Ohio, Ser. 1, GO 6.80%,
09/15/04 2,177,500
3,490,000 Franklin County, Ohio, GO, 6.38%,
12/01/20 3,825,913
4,000,000 Montgomery County, Ohio, Solid
Waste, Rev., 5.50%, 11/01/10 4,275,000
3,360,000 Ohio State, Building Authority, Adult
Correctional, Ser. A, Rev. 5.75%,
10/01/08 3,628,800
1,420,000 Ohio State, Building Authority, State
Facilities, Administration Building
Fund, Ser. A, Rev., 6.00%,
10/01/06 1,586,850
1,320,000 Ohio State, Higher Educational
Facility, Higher Education Capital
Facilities Bonds, Ser. 11-1990-A,
Rev., 6.70%, 05/01/02 1,414,050
6,000,000 Ohio State, Turnpike Comm., Ser. A,
Rev., 5.40%, 02/15/09 6,397,500
660,000 Olentangy Local School District,
Ohio, Ser. A, GO, 5.85%,
12/01/07 724,350
-----------
24,029,963
-----------
Oregon -- 1.3%
3,500,000 Washington County, Oregon School
District, No. 003, Hillsboro, GO,
6.00%, 11/01/08 3,920,000
4,590,000 Washington County, Oregon, Uni
Sewer Agency, Sub Lien, Ser. One,
Rev., 5.50%, 10/01/05 4,962,937
-----------
8,882,937
-----------
</TABLE>
See notes to financial statements.
40
<PAGE>
Chase Vista Select Intermediate Tax Free Income Fund
Portfolio of Investments February 28, 1998 (unaudited) (continued)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
- -------------------------------------------------------------------
<S> <C> <C>
Long-Term Municipal Bonds -- (continued)
- -------------------------------------------------------------------
Pennsylvania -- 1.4%
$ 2,690,000 Delaware County, Pennsylvania
Authority, Catholic Health East,
Ser. A, Rev., 5.50%, 11/15/02 $ 2,827,863
6,190,000 Pennsylvania State, GO, 5.13%,
09/15/02 6,468,550
----------
9,296,413
----------
Puerto Rico -- 3.6%
10,000,000 Puerto Rico Commonwealth, GO,
5.50%, 07/01/08 10,900,000
5,500,000 Puerto Rico Commonwealth, GO,
5.50%, 07/01/09 5,988,125
5,000,000 Puerto Rico Electric Power Authority,
Ser. M, Rev., 6.90%, 07/01/98 5,054,250
1,740,000 Puerto Rico Industrial Medical &
Environmental PCFA , Renasa Inc.,
Squibb Corp. Project, (AFICA),
Rev., 6.50%, 07/01/04 1,756,478
----------
23,698,853
----------
Rhode Island -- 1.6%
5,120,000 Rhode Island State, Construction
Capital Development Loan, GO,
5.25%, 08/01/03 5,382,400
5,000,000 Rhode Island State, Ser. A, GO,
6.10%, 06/15/03 5,437,500
----------
10,819,900
----------
South Carolina -- 0.1%
660,000 South Carolina State, Ser. W, GO,
6.30%, 05/01/04 704,550
----------
Tennessee -- 0.4%
2,170,000 Memphis, Tennessee, Ser. A, GO
6.40%, 07/01/04 2,221,538
660,000 Shelby County, Tennessee, School
Bonds, GO, 5.63%, 03/01/07 692,175
----------
2,913,713
----------
</TABLE>
See notes to financial statements.
41
<PAGE>
Chase Vista Select Intermediate Tax Free Income Fund
Portfolio of Investments February 28, 1998 (unaudited) (continued)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
- ------------------------------------------------------------------
<S> <C> <C>
Long-Term Municipal Bonds -- (continued)
- ------------------------------------------------------------------
Texas -- 9.7%
$ 440,000 Arlington, Texas, Independent School
District, School Building &
Referendum, GO 7.00%,
08/15/98 $ 446,498
2,000,000 Conroe, Texas, Independent School
District, Prerefunded, Lot A-1997,
GO 6.00%, 08/01/15 2,135,000
10,000,000 Houston, Texas, Water & Sewer
Systems, Ser A, Rev., 6.20%,
12/01/25 11,312,500
5,000,000 Houston, Texas, Water & Sewer
Systems, Ser. B, Rev., 6.40%,
12/01/09 5,525,250
2,550,000 North East Independent School
District, Texas, GO, 6.50%,
02/01/04 2,849,625
4,000,000 San Antonio, Texas, GO, 8.00%,
08/01/01 4,495,000
5,000,000 Tarrant County, Texas, Health
Facilities Development Corp., Texas
Health Resources Systems, Ser. A,
Rev., 5.50%, 02/15/06 5,356,250
6,500,000 Texas A & M University Permanent
University Fund, Rev., 5.40%,
07/01/03 6,906,250
7,665,000 Texas A&M University, Financing
Systems, Rev., 6.00%, 05/15/04 8,421,918
660,000 Texas State, Public Financing
Authority, GO, 6.50%, 10/01/05 700,425
7,500,000 Texas State, Ser. A, GO, 6.00%,
10/01/09 8,456,250
1,320,000 Texas Water Development Board,
State Revolving Fund, Sr. Lien,
Rev., 6.20%, 07/15/05 1,448,700
6,090,000 Travis County Texas, Certificates of
Obligation, GO 5.00%, 03/01/02 6,272,700
----------
64,326,366
----------
</TABLE>
See notes to financial statements.
42
<PAGE>
Chase Vista Select Intermediate Tax Free Income Fund
Portfolio of Investments February 28, 1998 (unaudited) (continued)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
- ---------------------------------------------------------------------
<S> <C> <C>
Long-Term Municipal Bonds -- (continued)
- ---------------------------------------------------------------------
Vermont -- 2.5%
$4,100,000 Burlington, Vermont, Electric, Ser. A,
Rev. 6.38%, 07/01/09 $ 4,750,875
3,475,000 Vermont Municipal Bond Book, Ser.
1, Rev., 5.40%, 12/01/07 3,735,625
3,510,000 Vermont State, Ser. A, GO, 6.40%,
01/15/08 3,970,687
3,510,000 Vermont State, Ser. A, GO, 6.50%,
01/15/09 3,979,462
----------
16,436,649
----------
Virginia -- 1.0%
5,515,000 Chesapeake Bay Bridge & Tunnel
Commonwealth of Virginia,
General Resolution, Rev. 5.75%,
07/01/08 6,052,712
660,000 Norfolk, Virginia, GO 6.75%,
10/01/00 684,710
----------
6,737,422
----------
Washington -- 2.3%
3,900,000 King County, Washington, Ser. A,
GO, 7.00%, 12/01/07 4,202,250
3,025,000 Snohomish County, Washington,
Public Utility District No. 001, Ser.
B, Rev., 6.40%, 01/01/00 3,149,781
1,800,000 Snohomish County, Washington, Ser.
A, GO, 6.00%, 12/01/05 2,002,500
2,125,000 Washington State, Ser. A, GO,
6.30%, 03/01/05 2,257,812
3,300,000 Washington State, Ser. C, GO,
6.50%, 01/01/04 3,687,750
----------
15,300,093
----------
Wisconsin -- 3.8%
2,850,000 Milwaukee County, Wisconsin, Ser.
A, GO 5.25%, 10/01/01 2,971,125
4,625,000 Milwaukee County, Wisconsin, Ser.
A, GO 6.50%, 12/01/05 5,006,563
</TABLE>
See notes to financial statements.
43
<PAGE>
Chase Vista Select Intermediate Tax Free Income Fund
Portfolio of Investments February 28, 1998 (unaudited) (continued)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
- ---------------------------------------------------------------------
<S> <C> <C>
Long-Term Municipal Bonds -- (continued)
- ---------------------------------------------------------------------
$3,200,000 Wisconsin State, Clean Water, Ser. 1,
Rev., 6.75%, 06/01/08 $ 3,512,000
4,930,000 Wisconsin State, Ser. A, GO, 5.80%,
05/01/01 5,188,825
6,145,000 Wisconsin State, Ser. B, GO, 7.00%,
05/01/04 7,059,068
990,000 Wisconsin State, Ser. E, GO, 6.55%,
05/01/00 1,004,345
-----------
24,741,926
- ---------------------------------------------------------------------
Total Long Term Investments 656,703,677
(Cost $619,915,142)
- ---------------------------------------------------------------------
Short-Term Investments -- 1.1%
- ---------------------------------------------------------------------
Floating Rate Demand Note
Illinois
2,100,000 Chicago, Illinois, O'Hare
International Airport, American
Airlines, Ser. A, FDRN., 3.65%
03/02/98 2,100,000
-----------
(Cost $2,100,000)
- ---------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
Shares
- ---------------------------------------------------------------------
<S> <C> <C>
Money Market Funds
2,120,654 Provident Municipal Cash Money
Market Fund 2,120,653
2,863,185 Provident Municipal Money Market
Fund 2,863,185
---------
Total Money Market Funds 4,983,838
(Cost $4,983,838)
=====================================================================
Total Short Term Investments 7,083,838
(Cost $7,083,838)
=====================================================================
Total Investments--100.5% $663,787,515
(Cost $626,998,980)
=====================================================================
</TABLE>
See notes to financial statements.
44
<PAGE>
About Your Fund
CHASE VISTA SELECT
NEW YORK INTERMEDIATE TAX FREE INCOME FUND
- --------------------------------------------------------------------------------
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
As of February 28, 1998
Net assets: $253.6 Million
Average maturity: 9.4 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.
45
<PAGE>
About Your Fund
CHASE VISTA SELECT
NEW YORK INTERMEDIATE TAX FREE INCOME FUND
PERFORMANCE
Chase Vista Select New York Intermediate Tax Free Income Fund, which seeks to
provide triple tax-exempt income through a portfolio of higher-quality,
intermediate-term municipal bonds, had a total return of 4.17% for the six
month period ended February 28, 1998. This compares to a return of 4.01% for
the Lipper New York Intermediate Municipal Debt Funds Average and 5.04% for the
unmanaged Lehman Municipal Bond Index.
STRATEGY
In attempting to deliver high current tax-free income, your management team uses
a relative value analysis to select individual securities, identify points of
value on the yield curve and target sectors for investment. During this
reporting period, however, high new supply levels and the narrowing of quality
spreads that resulted made it difficult to shift among securities and sectors.
Therefore, the management team took advantage of the opportunity to upgrade the
portfolio from a credit and call protection standpoint, without giving up
significant yield.
In early 1998, concerns about the effect of el-nino related storms caused
property casualty insurance companies to shore up their reserves and
effectively cut back on their traditional purchases in the 15-year area of the
yield curve. As a result, the management team adopted a barbell-type approach
that avoided this maturity range. In other major moves, the Fund increased its
exposure to New York City obligations, which proved beneficial when the City's
bonds received credit upgrades in February. The Fund also took an overweight
position in Puerto Rico general obligation and power bonds, earning
relatively-attractive yields that are exempt from New York City and New York
State taxes.
OUTLOOK
As the period ended, the supply of new issues had begun to shrink to more
manageable levels, creating a better supply and demand picture. This, combined
with the expectation that interest rates will fall later in the year, has led
the management team to begin carefully increasing the Fund's duration, with an
eye on the potential for volatility in rates over the short term. The
management team is also considering reducing its overweight position in New
York City obligations given the recent compression in spreads. Overall,
municipal finances throughout New York continue to improve and, with supply
decreasing, the management team has a positive outlook for the next six months.
46
<PAGE>
About Your Fund
CHASE VISTA SELECT
NEW YORK INTERMEDIATE TAX FREE INCOME FUND
- --------------------------------- [PIE CHART] ----------------------------------
CHASE VISTA SELECT NEW YORK INTERMEDIATE TAX FREE INCOME FUND
COMPOSITION OF TOTAL ASSETS AS OF 2/28/98
<TABLE>
<S> <C>
Investments 98.6%
Cash/Other 1.4%
</TABLE>
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
AVERAGE ANNUAL TOTAL RETURNS AS OF 2/28/98+
- --------------------------------------------------------------------------------
<TABLE>
<S> <C>
One Year 8.02%
Five Years 5.38%
Ten Years 7.54%
</TABLE>
- --------------------------------------------------------------------------------
Source: Lipper Analytical Services, Inc. Past performance is not predicative 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 2/28/88 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.
47
<PAGE>
About Your Fund
CHASE VISTA SELECT
NEW YORK INTERMEDIATE TAX FREE INCOME FUND
- --------------------------------- [LINE CHART] ---------------------------------
GROWTH OF HYPOTHETICAL $10,000 INVESTMENT IN CHASE VISTA SELECT NEW YORK
INTERMEDIATE TAX FREE INCOME FUND+ AND ITS KEY BENCHMARKS
<TABLE>
<CAPTION>
Chase Vista
Select Lipper
New York New York
Intermediate Intermediate
Tax Free Lehman Muni Muni Debt
Income Fund Bond Index Funds Avg.
----------- ---------- ----------
<S> <C> <C> <C>
2/88 10000 10000 10000
2/89 10626 10619 10377
2/90 11678 11709 11206
2/91 12852 12788 12111
2/92 13883 14066 13122
2/93 15929 16004 14681
2/94 16645 16889 15338
2/95 16692 17207 15549
2/96 18420 19109 16922
2/97 19170 20162 17609
2/98 20708 22008 18901
</TABLE>
- --------------------------------------------------------------------------------
Source: Lipper Analytical Services, Inc. Past performance is not indicative 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 February 28, 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 101 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 2/28/88 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.
48
<PAGE>
Chase Vista Select New York Intermediate
Tax Free Income Fund
Portfolio of Investments February 28, 1998 (unaudited)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
- ------------------------------------------------------------------
<S> <C> <C>
Long-Term Municipal Bonds -- 97.5%
- ------------------------------------------------------------------
$2,000,000 Albany County, New York, Airport
Authority, Rev., 5.30%, 12/15/15 $2,022,500
2,000,000 Battery Park City Authority, New
York, Ser. A, Rev., 5.50%,
11/01/26 2,060,000
1,150,000 Broome County, New York, GO,
7.13%, 03/01/99 1,187,432
1,250,000 Dutchess County, New York Resource
Recovery Agency, Solid Waste
Management, Ser. A, Rev., 7.50%,
01/01/09 1,343,750
2,000,000 Erie County, New York Water
Authority Improvement &
Extension, Rev., 5.75%, 12/01/08 2,157,500
885,000 Erie County, New York, Public
Improvement, GO, 6.00%,
01/15/05 958,012
855,000 Erie County, New York, Ser. B, GO,
6.00%, 03/15/06 927,675
500,000 Metropolitan Transportation
Authority of New York, Commuter
Facilities, Ser. B, Rev., 6.10%,
07/01/09 566,875
1,500,000 Metropolitan Transportation
Authority of New York, Service
Contract, Commuter Facilities, Ser.
O, Rev., 5.10%, 07/01/00 1,530,000
2,000,000 Metropolitan Transportation
Authority, New York, Dedicated
Tax Fund, Ser. A, Rev., 5.50%,
04/01/16 2,097,500
730,000 Monroe County, New York, Public
Improvement, GO, 6.00%,
03/01/01 771,062
3,770,000 Monroe County, New York, Public
Improvement, GO, 6.00%,
03/01/01 3,991,487
</TABLE>
See notes to financial statements.
49
<PAGE>
Chase Vista Select New York Intermediate
Tax Free Income Fund
Portfolio of Investments February 28, 1998 (unaudited) (continued)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
- ------------------------------------------------------------------
<S> <C> <C>
Long-Term Municipal Bonds -- (continued)
- ------------------------------------------------------------------
$1,230,000 Monroe County, New York, Public
Improvement, Ser. A, GO, 6.00%,
03/01/12 $1,389,900
1,000,000 Monroe County, New York, Public
Improvement, Ser. A, GO, 6.00%,
03/01/18 1,130,000
1,000,000 Monroe County, New York, Public
Improvement, Ser. A, GO, 6.00%,
03/01/19 1,125,000
500,000 Municipal Assistance Corp. for City
of New York, New York, Ser. 68,
Rev. 7.30%, 07/01/08 532,500
2,400,000 Municipal Assistance Corp. for City
of New York, New York, Ser. E,
Rev., 6.00%, 07/01/05 2,652,000
8,000,000 Municipal Assistance Corp. for City
of New York, New York, Ser. E,
Rev., 6.00%, 07/01/06 8,900,000
6,500,000 Municipal Assistance Corp. for City
of New York, New York, Ser. G,
Rev. 6.00%, 07/01/08 7,336,875
2,000,000 Nassau County, New York, General
Improvements, Ser. Q, GO 5.20%,
08/01/12 2,072,500
1,800,000 Nassau County, New York, General
Improvement, Ser. R, GO, 5.13%,
11/01/03 1,892,250
1,750,000 New York City New York ,Trust
Cultural Resources, Museum of
Modern Art, Ser. A, Rev., 5.40%,
01/01/12 1,787,188
500,000 New York City, New York, GO,
7.00%, 02/01/06 549,375
505,000 New York City, New York, City
Municipal Water Financing
Authority Water & Sewer Systems,
Ser. A, Rev., 7.00%, 06/15/09 556,131
</TABLE>
See notes to financial statements.
50
<PAGE>
Chase Vista Select New York Intermediate
Tax Free Income Fund
Portfolio of Investments February 28, 1998 (unaudited) (continued)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
- ---------------------------------------------------------------
<S> <C> <C>
Long-Term Municipal Bonds -- (continued)
- ---------------------------------------------------------------
$ 495,000 New York City, New York, City
Municipal Water Financing
Authority Water & Sewer Systems,
Ser. A, Rev., 7.00%, 06/15/09 $ 542,025
1,000,000 New York City, New York, IDA, Civil
Facilities, New School for Social
Research, Ser. A, Rev., 5.75%,
09/01/15 1,053,750
5,000,000 New York City, New York, Municipal
Assistance Corp., Ser. G, Rev.,
5.00%, 07/01/03 5,193,750
25,000 New York City, New York, Ser. A,
GO 8.00%, 08/15/18 28,094
1,500,000 New York City, New York, Ser. A,
GO 6.38%, 08/01/05 1,627,500
2,275,000 New York City, New York, Ser. A,
GO 8.00%, 08/15/18 2,593,500
1,500,000 New York City, New York, Ser. C,
GO 6.10%, 08/01/02 1,605,000
60,000 New York City, New York, Ser. D,
GO, 7.65%, 02/01/06 67,275
940,000 New York City, New York, Ser. D,
GO, 7.65%, 02/01/06 1,072,775
1,935,000 New York City, New York, Ser. E,
GO, 7.00%, 02/01/99 1,992,644
2,500,000 New York City, New York, Ser. E,
GO, 6.00%, 08/01/07 2,790,625
4,450,000 New York City, New York, Ser. F,
GO, 5.70%, 08/01/07 4,755,938
1,215,000 New York City, New York, Ser. F,
GO, 8.25%, 11/15/02 1,389,656
230,000 New York City, New York, Ser. F,
GO, 8.25%, 11/15/02 265,650
2,500,000 New York City, New York, Ser. G,
GO, 5.75%, 02/01/04 2,656,250
35,000 New York City, New York, Ser. H,
GO, 7.10%, 02/01/12 38,544
</TABLE>
See notes to financial statements.
51
<PAGE>
Chase Vista Select New York Intermediate
Tax Free Income Fund
Portfolio of Investments February 28, 1998 (unaudited) (continued)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
- ----------------------------------------------------------------
<S> <C> <C>
Long-Term Municipal Bonds -- (continued)
- ----------------------------------------------------------------
$ 965,000 New York City, New York, Ser. H,
GO, 7.10%, 02/01/12 $1,080,800
850,000 New York City, New York, Ser. H,
GO, 6.88%, 02/01/02 926,500
150,000 New York City, New York, Ser. H,
GO, 6.88%, 02/01/02 165,188
4,000,000 New York City, New York,
Transitional Financing Authority,
Future Tax Secured. Ser. B, Rev.,
5.00%, 11/15/10 4,100,000
2,000,000 New York State Dorm Authority, City
University System Consolidation,
Ser. B, Rev. 5.75%, 07/01/07 2,195,000
2,470,000 New York State Dorm Authority, City
University System Consolidation,
Ser. D, Rev. 7.00%, 07/01/09 2,997,963
2,000,000 New York State Dorm Authority, City
University System Consolidation,
3rd Generation, Ser. 1, Rev.
5.25%, 07/01/08 2,100,000
1,545,000 New York State Dorm Authority, City
University System, Ser. D, Rev.
5.75%, 07/01/06 1,653,150
3,120,000 New York State Dorm Authority, City
University Systems, Consolidated,
Ser. D, Rev., 7.00%, 07/01/09 3,786,900
1,000,000 New York State Dorm Authority,
Fordham University, Rev. 7.20%,
07/01/07 1,083,750
2,010,000 New York State Dorm Authority,
Manhattan Eye, Ear & Throat
Hospital, Rev., 5.13%, 07/01/07 2,025,075
2,750,000 New York State Dorm Authority,
New York University, Rev. 6.38%,
07/01/07 2,966,563
2,065,000 New York State Dorm Authority,
State Service Contract, Albany
County, Rev., 5.25%, 04/01/12 2,065,000
</TABLE>
See notes to financial statements.
52
<PAGE>
Chase Vista Select New York Intermediate
Tax Free Income Fund
Portfolio of Investments February 28, 1998 (unaudited) (continued)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
- -------------------------------------------------------------------
<S> <C> <C>
Long-Term Municipal Bonds -- (continued)
- -------------------------------------------------------------------
$2,380,000 New York State Dorm Authority,
State University Educational
Facilities, Ser. A, Rev. 5.50%,
05/15/06 $2,567,425
2,000,000 New York State Dorm Authority,
State University Educational
Facilities, Ser. C, Rev. 7.38%,
05/15/10 2,467,500
1,250,000 New York State Dorm Authority,
State University Educational
Facilities, Ser. A, Rev. 7.30%,
05/15/00 1,335,938
1,000,000 New York State Dorm Authority, St.
Agnes Hospital, Ser. A, Rev.,
5.10%, 02/15/10 1,000,000
1,000,000 New York State Dorm Authority, St.
Agnes Hospital, Ser. A, Rev.,
5.20%, 02/15/11 1,000,000
1,000,000 New York State Dorm Authority,
Vassar College, Rev. 7.10%,
07/01/04 1,088,750
1,000,000 New York State Dorm Authority,
Vassar College, Rev. 7.13%,
07/01/10 1,090,000
3,500,000 New York State Dormitory Authority,
City University Systems, 3rd
General Reserve, Ser. 2, Rev.,
5.50%, 07/01/16 3,644,375
1,000,000 New York State Dormitory Authority,
City University, Ser. F, Rev. 5.00%,
07/01/20 971,250
840,000 New York State Dormitory Authority,
State Service Contract, Albany
County, Rev., 5.50%, 04/01/08 885,150
3,500,000 New York State Dormitory Authority,
State University Educational
Facilities, Ser. A, Rev., 5.50%,
05/15/10 3,718,750
</TABLE>
See notes to financial statements.
53
<PAGE>
Chase Vista Select New York Intermediate
Tax Free Income Fund
Portfolio of Investments February 28, 1998 (unaudited) (continued)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
- -------------------------------------------------------------------
<S> <C> <C>
Long-Term Municipal Bonds -- (continued)
- -------------------------------------------------------------------
$3,000,000 New York State Dormitory Authority,
The New York Presbyterian
Hospital, Rev., 5.50%, 08/01/04 $3,202,500
5,000,000 New York State Energy Research &
Development Authority, PCR, New
York State Electric & Gas Corp.,
Ser. E, Rev., 5.90%, 12/01/06 5,562,500
5,415,000 New York State Environmental
Facilities Corp., Pollution Control,
State Water, Sub Revolving Fund,
Ser. E, Rev., 6.00%, 06/15/12 6,085,106
2,000,000 New York State Environmental
Facilities Corp., Pollution Control,
State Water, Sub-Revolving Fund,
Ser. E, Rev., 4.80%, 06/15/09 2,012,500
2,000,000 New York State Environmental
Facilities Corp., Pollution Control,
State Water, Sub-Revolving Fund,
Ser. E, Rev., 5.50%, 06/15/04 2,140,000
5,000,000 New York State Environmental
Facilities, Rev., 7.25%, 06/15/10 5,556,250
650,000 New York State Housing Finance
Agency Service, Contract
Obligation, Ser. A, Rev. 7.38%,
09/15/21 741,000
835,000 New York State Housing Finance
Agency, Rev. 8.00%, 11/01/08 936,244
165,000 New York State Housing Finance
Agency, Rev. 8.00%, 11/01/08 182,119
1,925,000 New York State Housing Finance
Agency, Health Facilities, Monroe
County, Ser. A, Rev. 7.63%,
05/01/05 2,057,344
1,500,000 New York State Housing Finance
Agency, State University
Construction, Ser. A, Rev. 7.90%,
11/01/06 1,800,000
</TABLE>
See notes to financial statements.
54
<PAGE>
Chase Vista Select New York Intermediate
Tax Free Income Fund
Portfolio of Investments February 28, 1998 (unaudited) (continued)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
- ----------------------------------------------------------------
<S> <C> <C>
Long-Term Municipal Bonds -- (continued)
- ----------------------------------------------------------------
$1,550,000 New York State Housing Finance
Agency, State University
Construction, Ser. A, Rev. 8.00%,
05/01/11 $1,982,063
2,000,000 New York State Local Assistance
Corp., Ser. A, Rev., 7.25%,
04/01/18 2,222,500
5,000,000 New York State Local Government
Assistance Corp., Ser. A, Rev.,
5.25%, 04/01/14 5,106,250
2,000,000 New York State Local Government
Assistance Corp., Ser. A, Rev.
6.00%, 04/01/07 2,222,500
5,000,000 New York State Local Government
Assistance Corp., Ser. E, Rev.,
5.50%, 04/01/04 5,331,250
165,000 New York State Medical Care
Facilities Financing Agency, Rev.
7.70%, 08/15/03 180,469
360,000 New York State Medical Care
Facilities Financing Agency, Rev.
7.70%, 08/15/03 398,250
1,500,000 New York State Medical Care
Facilities Financing Agency, FHA
Insured Mortgage Project A, Rev.
5.40%, 08/15/04 1,593,750
495,000 New York State Medical Care
Facilities Financing Agency, FHA
Insured Mortgage Project, 1995,
Ser. C, Rev. 5.40%, 08/15/05 512,325
340,000 New York State Mortgage Agency,
Rev., 8.00%, 10/01/17 349,309
5,400,000 New York State Mortgage Agency,
Ser. 19, Rev., 4.45%, 10/01/15 5,447,250
5,000,000 New York State, GO 6.00%,
03/01/06 5,575,000
1,000,000 New York State, Rev., 2.75%,
07/01/04 907,500
</TABLE>
See notes to financial statements.
55
<PAGE>
Chase Vista Select New York Intermediate
Tax Free Income Fund
Portfolio of Investments February 28, 1998 (unaudited) (continued)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
- -------------------------------------------------------------------
<S> <C> <C>
Long-Term Municipal Bonds -- (continued)
- -------------------------------------------------------------------
$ 1,000,000 New York State, GO, 7.10%,
03/01/05 $ 1,103,750
600,000 New York State, Rev., 7.50%,
11/15/00 653,250
10,000,000 New York State, Ser. C, GO, 6.00%,
10/01/04 10,962,500
3,000,000 New York State, Special Bonds, GO,
7.00%, 11/15/03 3,288,750
1,500,000 New York State, Special Bonds, GO,
7.10%, 11/15/04 1,648,125
1,000,000 New York State, Special Bonds, GO,
7.13%, 11/15/06 1,098,750
5,000,000 New York State, Thruway Authority,
General, Ser. D, Rev., 5.25%,
01/01/21 5,012,500
4,400,000 New York State, Thruway Authority,
Service Contract, Local Highway &
Bridges, Rev., 6.25%, 04/01/07 4,796,000
1,960,000 Puerto Rico Commonwealth, GO
6.90%, 07/01/00 2,092,300
5,000,000 Puerto Rico Commonwealth,
Aqueduct & Sewer Authority, Ser.
A, Rev. 7.90%, 07/01/07 5,169,950
2,105,000 Puerto Rico Commonwealth,
Highway & Transportation
Authority, Ser, Z, Rev. 6.25%,
07/01/07 2,423,381
1,800,000 Puerto Rico Electric Power Authority,
Ser. X, Rev. 6.00%, 07/01/11 1,946,250
2,180,000 Rochester, New York, Ser. A, GO,
5.70%, 08/15/04 2,368,025
5,000,000 Suffolk County, New York, Southwest
Sewer District, GO, 6.00%,
02/01/05 5,481,250
1,065,000 Sullivan County, New York, Public
Improvement, GO 5.00%,
03/15/08 1,095,618
</TABLE>
See notes to financial statements.
56
<PAGE>
Chase Vista Select New York Intermediate
Tax Free Income Fund
Portfolio of Investments February 28, 1998 (unaudited) (continued)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
- --------------------------------------------------------------------
<S> <C> <C>
Long-Term Municipal Bonds -- (continued)
- --------------------------------------------------------------------
$1,000,000 Triborough Bridge & Tunnel
Authority, New York, General
Purpose, Ser. O, Rev. 7.40%,
01/01/05 $ 1,044,850
7,125,000 Triborough Bridge & Tunnel
Authority, New York, General
Purpose, Ser. Y, Rev. 6.00%,
01/01/12 7,971,093
2,500,000 Triborough Bridge & Tunnel
Authority, New York, Special
Obligation, Ser. B, Rev. 6.88%,
01/01/15 2,715,625
-------------------------------------------------------------------
Total Long Term Investments $247,101,461
(Cost $235,457,727)
-------------------------------------------------------------------
Short Term Investments -- 1.5%
- --------------------------------------------------------------------
Floating Rate Demand Note
2,000,000 New York City, New York, IDA, Civil
Facility, National Audubon Society,
3.65% 12/01/13 2,000,000
------------
(Cost $2,000,000)
- --------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
Shares
- --------------------------------------------------------------------
<S> <C> <C>
Money Market Funds
1,824,249 Provident New York Money Market
Fund 1,824,249
------------
(Cost $1,824,249)
- --------------------------------------------------------------------
Total Short Term Investments 3,824,249
(Cost $3,824,249)
- --------------------------------------------------------------------
Total Investments -- 99.0% $250,925,710
(Cost $239,281,976)
- --------------------------------------------------------------------
</TABLE>
See notes to financial statements.
57
<PAGE>
About Your Fund
CHASE VISTA SELECT
NEW JERSEY TAX FREE INCOME FUND
- --------------------------------------------------------------------------------
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
As of February 28, 1998
Net assets: $67.7 Million
Average maturity: 9.8 years
Average duration: 5.9 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.
58
<PAGE>
About Your Fund
CHASE VISTA SELECT
NEW JERSEY TAX FREE INCOME FUND
PERFORMANCE
Chase Vista Select New Jersey Tax Free Fund, which seeks to provide monthly
dividends which are excluded from gross income for federal tax purposes and
exempt from New Jersey personal income tax, had a total return of 4.51% for the
six months ended February 28, 1998. This compares to a return of 4.70% for the
Lipper New Jersey Municipal Debt Funds Average and 4.45% for the unmanaged
Lehman 7 Year Municipal Bond Index.
STRATEGY
In attempting to deliver high current tax-free income, your management team
uses a relative value analysis to select individual securities, identify points
of value on the yield curve and target sectors for investment. During this
reporting period, however, high new supply levels and the narrowing of quality
spreads that resulted made it difficult to shift among securities
and sectors. Therefore, the management team focused on increasing call
protection and making yield curve modifications that effectively extended the
Fund's maturity.
The management team also increased quality by moving into more essential
services bonds and avoided creating taxable income by holding onto the higher
coupon bonds in the portfolio. In early 1998, concerns about the effects of
el-nino related storms caused property casualty insurance companies to shore up
their reserves and effectively cut back on their traditional purchases in the
15-year area of the yield curve. As a result, the management team adopted a
barbell-type approach that avoided these securities. In other major moves, the
Fund purchased Puerto Rico general obligation and power bonds, earning
relatively-attractive yields that are exempt from New Jersey state income tax.
OUTLOOK
As the period ended, the supply of new issues had begun to shrink to more
manageable levels, creating a better supply and demand picture. This, combined
with the expectation that interest rates will fall later in the year, has led
the management team to begin carefully increasing the Fund's duration through
select investments in the 15-year area of the curve, with an eye on the
potential for volatility in rates over the short term. Overall, municipal
finances throughout New Jersey continue to improve and, with supply decreasing,
the management team has a positive outlook for the next six months.
59
<PAGE>
About Your Fund
CHASE VISTA SELECT
NEW JERSEY TAX FREE INCOME FUND
- ------------------------------- [PIE CHART] ------------------------------------
CHASE VISTA SELECT NEW JERSEY TAX FREE INCOME FUND
COMPOSITION OF TOTAL ASSETS AS OF 2/28/98
<TABLE>
<S> <C>
Investments 97.1%
Cash/Other 2.9%
</TABLE>
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
AVERAGE ANNUAL TOTAL RETURNS AS OF 2/28/98+
- --------------------------------------------------------------------------------
<TABLE>
<S> <C>
One Year 7.49%
Five Years 5.14%
Since Inception (5/1/90) 6.73%
</TABLE>
- --------------------------------------------------------------------------------
Source: Lipper Analytical Services, Inc. Past performance is not predicative 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.
60
<PAGE>
About Your Fund
CHASE VISTA SELECT
NEW JERSEY TAX FREE INCOME FUND
- --------------------------------- [LINE CHART] ---------------------------------
GROWTH OF HYPOTHETICAL $10,000 INVESTMENT IN
CHASE VISTA SELECT NEW JERSEY TAX FREE INCOME FUND+
AND ITS KEY BENCHMARKS
<TABLE>
<CAPTION>
Chase Vista
Select Lehman Lipper
New Jersey 7 Year New Jersey
Tax Free Lehman Muni Muni Muni Debt
Income Fund Bond Index Bond Index Funds Avg.
----------- ---------- ---------- ----------
<S> <C> <C> <C> <C>
5/90 10000 11881 10000 10000
2/91 10788 12788 10816 10774
2/92 11575 14066 11802 11838
2/93 12893 16004 13299 13510
2/94 13434 16889 13887 14202
2/95 13747 17207 14227 14251
2/96 14983 19109 15686 15612
2/97 15416 20162 16463 16305
2/98 16570 22008 17718 17678
</TABLE>
- --------------------------------------------------------------------------------
Source: Lipper Analytical Services, Inc. Past performance is not predicative 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 February 28, 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.
61
<PAGE>
Chase Vista Select New Jersey Tax Free Income Fund
Portfolio of Investments February 28, 1998 (unaudited)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
- ------------------------------------------------------------------
<S> <C> <C>
Long-Term Municipal Bonds -- 99.3%
- ------------------------------------------------------------------
$1,000,000 Camden County, New Jersey IAR,
Health Systems, Catholic Health
East, Ser. A, Rev., 5.00%, 11/15/18 $ 976,250
1,000,000 Camden County, New Jersey IAR,
Health Systems, Catholic Health
East, Ser. A, Rev., 5.25%, 11/15/11 1,030,000
500,000 Camden County, New Jersey IAR,
Health Systems, Catholic Health
East, Ser. A, Rev., 5.25%, 11/15/12 510,625
570,000 Camden County, New Jersey, GO,
7.00%, 12/01/05 592,800
1,000,000 Cherry Hill Township, New Jersey,
GO, 6.10%, 06/01/07 1,085,000
1,000,000 Delaware River & Bay Authority,
Delaware Authority, Rev., 5.20%,
01/01/10 1,045,000
710,000 Dover Township, New Jersey, GO,
6.10%, 10/15/04 781,888
570,000 Edison Township, New Jersey, School,
GO, 6.50%, 06/01/04 640,538
1,140,000 Hamilton Township, Atlantic County,
New Jersey School District, GO,
5.88%, 12/15/07 1,235,475
1,000,000 Hunterdon, New Jersey Central
Regional High School District,
GO, 5.40%, 05/01/09 1,058,750
2,060,000 Jersey City, New Jersey, General
Improvement, Ser. A, GO, 6.00%,
10/01/05 2,289,175
1,255,000 Middlesex County, New Jersey,
Utilities Authority, Rev., 6.10%,
12/01/01 1,347,556
1,035,000 Monmouth County, New Jersey,
Improvement Authority,
Governmental Loan, Rev., 5.50%,
12/01/06 1,115,213
</TABLE>
See notes to financial statements.
62
<PAGE>
Chase Vista Select New Jersey Tax Free Income Fund
Portfolio of Investments February 28, 1998 (unaudited) (continued)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
- --------------------------------------------------------------------
<S> <C> <C>
Long-Term Municipal Bonds -- (Continued)
- --------------------------------------------------------------------
$1,555,000 Monmouth County, New Jersey,
Improvement Authority,
Recreational Facilities, Rev., 6.63%,
12/01/05 $1,659,963
570,000 Monmouth County, New Jersey,
Utilities, GO, 6.90%, 08/01/04 617,025
1,710,000 New Jersey Economic Development
Authority, Market Transition
Facility, Sr. Lien, Ser. A, Rev.,
5.80%, 07/01/08 1,857,487
1,200,000 New Jersey Economic Development
Authority, Market Transition
Facility, Sr. Lien, Ser. A, Rev.,
5.80%, 07/01/09 1,308,000
1,000,000 New Jersey Health Care Facilities
Financing Authority, Community
Medical Center, Kimball Ets., Rev.,
5.25%, 07/01/11 1,036,250
845,000 New Jersey Health Care Facilities
Financing Authority, FHA Insured,
Cathedral Health, Ser. A, Rev.,
6.95%, 02/15/01 914,712
570,000 New Jersey Health Care Facilities
Financing Authority, Society of the
Valley Hospital, Ser. C, Rev.,
6.60%, 07/01/00 600,638
1,170,000 New Jersey Health Care Facilities
Financing Authority, St. Elizabeth
Hospital Obligation Group, Rev.
6.00%, 07/01/14 1,235,813
1,010,000 New Jersey Municipal Utilities
Authority, Water Systems, Rev.,
5.00%, 01/01/12 1,012,525
1,255,000 New Jersey Sports & Exposition, Ser.
A, Rev., 6.20%, 03/01/03 1,375,793
800,000 New Jersey Sports & Exposition, Ser.
A, Rev., 6.50%, 03/01/07 884,000
</TABLE>
See notes to financial statements.
63
<PAGE>
Chase Vista Select New Jersey Tax Free Income Fund
Portfolio of Investments February 28, 1998 (unaudited) (continued)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
- ----------------------------------------------------------------------
<S> <C> <C>
Long-Term Municipal Bonds -- (Continued)
- ----------------------------------------------------------------------
$2,500,000 New Jersey State Building Authority,
State Building, Rev., 6.00%,
06/15/07 $2,815,625
1,500,000 New Jersey State Economic
Development Authority, Market
Transition Facilities, Senior Lien,
Ser. A, Rev., 7.00%, 07/01/04 1,719,375
2,850,000 New Jersey State Educational Facilities
Authority, University Medicine &
Dentistry, Ser. B, Rev., 5.25%,
12/01/21 2,857,125
2,000,000 New Jersey State Educational Facilities
Authority, University of Medicine
& Dentistry, Ser. B, Rev., 5.25%,
12/01/17 2,022,500
570,000 New Jersey State Transportation
Corp., COP 6.20%, 10/01/02 621,300
500,000 New Jersey State Transportation Trust
Fund, Transportation Systems, Ser.
A, Rev., 5.50%, 06/15/11 528,125
1,140,000 New Jersey State Turnpike Authority,
Ser. A, Rev., 5.80%, 01/01/02 1,201,275
1,140,000 New Jersey State Turnpike Authority,
Ser. A, Rev., 6.40%, 01/01/02 1,222,650
2,000,000 New Jersey State Turnpike Authority,
Ser. C, Rev., 6.50%, 01/01/08 2,322,500
1,000,000 New Jersey State Turnpike Authority,
Ser. C, Rev., 6.25%, 01/01/10 1,066,250
1,140,000 New Jersey State, Ser. B, GO, 6.25%,
01/15/04 1,262,550
2,195,000 New Jersey State, Ser. D, GO, 5.75%,
02/15/06 2,414,500
1,570,000 North Bergen Township, New Jersey,
GO, 5.00%, 08/15/11 1,611,212
1,140,000 North Jersey District Water Supply,
Wanaque South Project, Rev.,
5.50%, 07/01/03 1,214,100
</TABLE>
See notes to financial statements.
64
<PAGE>
Chase Vista Select New Jersey Tax Free Income Fund
Portfolio of Investments February 28, 1998 (unaudited) (continued)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
- -------------------------------------------------------------------
<S> <C> <C>
Long-Term Municipal Bonds -- (Continued)
- -------------------------------------------------------------------
$1,140,000 Northwest Bergen County, New
Jersey Utilities Authority, Rev.,
6.00%, 07/15/07 $1,245,450
570,000 Ocean County, New Jersey, General
Improvement, GO, 6.38%, 04/15/03 628,425
570,000 Ocean County, New Jersey, Ser. A,
GO, 6.25%, 10/01/04 619,163
1,000,000 Port Authority, New York & New
Jersey, Consolidated Bonds, 102nd
Ser., Rev., 5.50%, 10/15/10 1,042,500
355,000 Port Authority, New York & New
Jersey, Consolidated Bonds, 78th
Ser., Rev., 6.10%, 10/15/02 384,287
1,140,000 Port Authority, New York & New
Jersey, Consolidated Bonds, 79th
Ser., Rev., 6.00%, 07/15/05 1,261,125
3,000,000 Port Authority, New York & New
Jersey, Special Obligation, JFK
International Air Terminal #6, Rev.,
6.25%, 12/01/09 3,457,500
1,200,000 Puerto Rico Commonwealth,
Highway & Transportation
Authority, Rev., 5.50%, 07/01/15 1,293,000
685,000 Rutgers State University, New Jersey,
Rev., 6.70%, 05/01/01 720,962
1,000,000 Sussex County, New Jersey, General
Improvement, GO, 6.00%, 04/01/08 1,077,500
1,000,000 Sussex County, New Jersey, General
Improvement, GO, 6.00%,
04/01/09 1,072,500
3,970,000 Trenton, New Jersey, GO 5.50%,
08/15/09 4,317,375
1,101,000 Union County, New Jersey, General
Improvement, GO, 4.75%,
12/15/15 1,067,970
- --------------------------------------------------------------------
Total Long-Term Investments $67,277,320
(Cost $64,187,995)
- --------------------------------------------------------------------
</TABLE>
See notes to financial statements.
65
<PAGE>
Chase Vista Select New Jersey Tax Free Income Fund
Portfolio of Investments February 28, 1998 (unaudited) (continued)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
- ------------------------------------------------------------
<S> <C> <C>
Short-Term Investments -- 5.2%
- ------------------------------------------------------------
Floating Rate Demand Note
$500,000 New Jersey State, Economic
Development Authority, Water
Facilities, United Water of New
Jersey, Inc., Project B, FRDN.,
3.35%, 03/02/98
(Cost $500,000) $ 500,000
- -------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
Shares
- -------------------------------------------------------------
<S> <C> <C>
Money Market Funds
2,999,652 Provident New Jersey Money Market
Fund
(Cost $2,999,652) 2,999,652
- -------------------------------------------------------------
Total Short-Term Investments
(Cost $3,499,652) 3,499,652
- -------------------------------------------------------------
Total Investments--104.5%
(Cost $67,687,647) $70,776,972
- -------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
Abbreviation Definition
<S> <C> <C>
COP = Certificate of Participation
FHA = Federal Housing Authority
FNMA = Federal National Mortgage Association
FRDN = Floating Rate Demand Note: The maturity date
shown is the next interest reset date; the rate
shown is the rate in effect at February 28, 1998.
GO = General Obligation
IAR = Improvement Authority Revenue
IDA = Industrial Development Authority
PCFA = Pollution Control Financing Authority
PCR = Pollution Control Revenue
Rev. = Revenue Bond
Special Tax = Special Tax Assessment
</TABLE>
See notes to financial statements.
66
<PAGE>
Chase Vista Mutual Funds
Statement of Assets and Liabilities February 28, 1998 (unaudited)
- --------------------------------------------------------------------------------
<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) ............................ $ 726,269,298 $ 663,787,515 $ 250,925,710 $ 70,776,972
Other assets ......................... 53,591 53,055 18,996 7,043
Receivables:
Investment securities sold .......... 8,862,245 -- -- 1,253,718
Interest ............................ 10,308,822 9,077,933 3,459,980 811,242
Receivable from affiliate ........... 3,625 14,178 1,578 20,704
Fund shares sold .................... 1,131,100 115,000 208,927 50,000
------------- ------------- ------------- ------------
Total Assets ....................... 746,628,681 673,047,681 254,615,191 72,919,679
------------- ------------- ------------- ------------
LIABILITIES:
Payable for investment securities
purchased ........................... 21,826,116 9,454,604 -- 4,904,412
Payable for Fund shares
redeemed ............................ -- 2,112 -- 18,000
Dividends payable .................... 3,099,987 2,675,091 1,022,321 274,288
Other liabilities .................... 2,609 11,002 -- 1,485
Accrued liabilities (Note 2) .........
Other ............................... 80,059 67,177 43,422 16,660
------------- ------------- ------------- ------------
Total Liabilities ................. 25,008,771 12,209,986 1,065,743 5,214,845
------------- ------------- ------------- ------------
NET ASSETS:
Paid in capital ...................... 679,953,620 622,055,906 240,730,623 63,799,345
Accumulated undistributed net
investment income ................... 16,808 8,087 9,549 328
Accumulated net realized gain on
investment transactions ............. 695,226 1,985,167 1,165,542 815,836
Net unrealized appreciation of
investments ......................... 40,954,256 36,788,535 11,643,734 3,089,325
------------- ------------- ------------- ------------
Net Assets: ............................ $ 721,619,910 $ 660,837,695 $ 253,549,448 $ 67,704,834
============= ============= ============= ============
Shares of beneficial interest
outstanding ($.001 par value;
unlimited number of shares
authorized) .......................... 110,419,975 60,991,420 35,187,667 6,672,697
Net asset value, maximum offering
price and redemption price per
share (net assets/shares
outstanding) ......................... $ 6.54 $ 10.83 $ 7.21 $ 10.15
============= ============= ============= ============
Cost of investments .................. $ 685,315,042 $ 626,998,980 $ 239,281,976 $ 67,687,647
============= ============= ============= ============
</TABLE>
See notes to financial statements.
67
<PAGE>
Chase Vista Mutual Funds
Statement of Operations For the six months ended February 28, 1998 (unaudited)
- --------------------------------------------------------------------------------
<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) ............................. $18,983,283 $16,691,910 $ 6,347,783 $1,738,548
----------- ----------- ----------- ----------
EXPENSES: (Note 2)
Administration fees .................. 520,073 478,910 181,085 49,070
Investment advisory fees ............. 1,040,145 957,820 362,171 98,141
Custodian fees ....................... 53,109 53,560 35,151 23,733
Printing and postage ................. 25,294 26,365 9,410 4,206
Professional fees .................... 20,099 21,152 12,477 5,175
Registration costs ................... 5,735 1,322 9,872 --
Transfer agent fees .................. 19,551 18,692 15,594 5,271
Trustees fees and expenses ........... 17,336 15,964 6,036 1,636
Other ................................ 26,088 24,280 16,842 16,253
----------- ----------- ----------- ----------
Total expenses ..................... 1,727,430 1,598,065 648,638 203,485
----------- ----------- ----------- ----------
Less amounts waived (Note 2) ........... 1,613,327 1,490,290 578,407 170,944
Less amounts borne by Chase ............ 44,765 50,306 34,014 27,307
----------- ----------- ----------- ----------
Net expenses ........................ 69,338 57,469 36,217 5,234
----------- ----------- ----------- ----------
Net investment income .............. 18,913,945 16,634,441 6,311,566 1,733,314
----------- ----------- ----------- ----------
REALIZED AND UNREALIZED
GAIN ON INVESTMENTS
Net realized gain on investment
transactions .......................... 1,796,474 3,067,339 2,525,288 868,136
Change in net unrealized
appreciation on investments ......... 13,843,865 8,165,349 1,747,627 100,264
----------- ----------- ----------- ----------
Net realized and unrealized gain
on investments ...................... 15,640,339 11,232,688 4,272,915 968,400
----------- ----------- ----------- ----------
Net increase in net assets from
operations .......................... $34,554,284 $27,867,129 $10,584,481 $2,701,714
=========== =========== =========== ==========
</TABLE>
See notes to financial statements.
68
<PAGE>
Chase Vista Mutual 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
-------------------------------- --------------------------------
Six months January 1, Six months January 1,
ended 1997* Through ended 1997* Through
February 28, August 31, February 28, August 31,
1998 1997 1998 1997
---------------- --------------- ---------------- ---------------
<S> <C> <C> <C> <C>
INCREASE (DECREASE) IN NET ASSETS
FROM OPERATIONS:
Net investment income ................................ $ 18,913,945 $ 25,275,094 $ 16,634,441 $ 22,346,626
Net realized gain on investments ..................... 1,796,474 5,333,959 3,067,339 11,278,543
Change in net unrealized appreciation/
depreciation on investments ......................... 13,843,865 644,740 8,165,349 (5,547,725)
------------- ------------- ------------- -------------
Increase in net assets from operations ............... 34,554,284 31,253,793 27,867,129 28,077,444
------------- ------------- ------------- -------------
DISTRIBUTIONS TO SHAREHOLDERS
FROM:
Net investment income ................................ (25,340,840) (25,274,906) (16,632,635) (22,346,674)
Net realized gain on investment transactions ......... -- -- (12,360,714) --
------------- ------------- ------------- -------------
Total dividends and distributions .................... (25,340,840) (25,274,906) (28,993,349) (22,346,674)
------------- ------------- ------------- -------------
Increase from capital share transactions
(Note 5) ............................................ 35,104,849 671,322,730 30,662,932 625,570,213
------------- ------------- ------------- -------------
Total increase ..................................... 44,318,293 677,301,617 29,536,712 631,300,983
NET ASSETS:
Beginning of period .................................. 677,301,617 -- 631,300,983 --
------------- ------------- ------------- -------------
End of period ........................................ $ 721,619,910 $ 677,301,617 $ 660,837,695 $ 631,300,983
============= ============= ============= =============
<CAPTION>
Chase Vista Select
--------------------------------------------------------------
New York
Intermediate New Jersey
Tax Free Tax Free
Income Fund Income Fund
-------------------------------- -----------------------------
Six months January 1, Six months January 1,
ended 1997* Through ended 1997* Through
February 28, August 31, February 28, August 31,
1998 1997 1998 1997
---------------- --------------- -------------- --------------
<S> <C> <C> <C> <C>
INCREASE (DECREASE) IN NET ASSETS
FROM OPERATIONS:
Net investment income ................................ $ 6,311,566 $ 8,147,066 $ 1,733,314 $ 2,203,805
Net realized gain on investments ..................... 2,525,288 1,105,720 868,136 210,573
Change in net unrealized appreciation/
depreciation on investments ......................... 1,747,627 893,683 100,264 84,470
------------ ------------ ------------ ------------
Increase in net assets from operations ............... 10,584,481 10,146,469 2,701,714 2,498,848
------------ ------------ ------------ ------------
DISTRIBUTIONS TO SHAREHOLDERS
FROM:
Net investment income ................................ (6,304,466) (8,147,133) (1,734,083) (2,203,799)
Net realized gain on investment transactions ......... (2,465,465) -- (262,873) --
------------ ------------ ------------ ------------
Total dividends and distributions .................... (8,769,931) (8,147,133) (1,996,956) (2,203,799)
------------ ------------ ------------ ------------
Increase from capital share transactions
(Note 5) ............................................ 16,291,129 233,444,433 2,782,437 63,922,590
------------ ------------ ------------ ------------
Total increase ..................................... 18,105,679 235,443,769 3,487,195 64,217,639
NET ASSETS:
Beginning of period .................................. 235,443,769 -- 64,217,639 --
------------ ------------ ------------ ------------
End of period ........................................ $253,549,448 $235,443,769 $ 67,704,834 $ 64,217,639
============ ============ ============ ============
</TABLE>
- -------
* Funds commenced operations January 1, 1997.
See notes to financial statements.
69
<PAGE>
Chase Vista Mutual Funds
Notes to Financial Statements (unaudited)
- --------------------------------------------------------------------------------
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
Family of Mutual Funds. Select Tax Free Income Fund ("TFI"), Select
Intermediate Tax Free Income Fund ("ITFI"), Select New York Intermediate Tax
Free Income Fund ("NYTFI"), and Select New Jersey Tax Free Income Fund
("NJTFI") (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. In connection with transactions in repurchase agreements, if the
seller defaults and the value of the collateral declines, or if the seller
enters an insolvency proceeding, realization of the collateral by the Trust
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 the broker.
Changes in the value of the contract are recorded as unrealized
appreciation/depreciation until the contract is closed or settled.
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.
As of February 28, 1998, the Funds had no outstanding futures contracts.
70
<PAGE>
Chase Vista Mutual Funds
Notes to Financial Statements (unaudited) (continued)
- --------------------------------------------------------------------------------
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 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 six month period ended February 28, 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.
71
<PAGE>
Chase Vista Mutual Funds
Notes to Financial Statements (unaudited) (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 six month period ended February 28, 1998.
C. Administration fee -- Pursuant to an Administration Agreement, Chase
(the "Administrator") provides certain administration services to the Trust
at a fee computed at an annual rate computed daily and paid monthly equal
to 0.10% of the respective Fund's average daily net assets. The
Administrator voluntarily waived all of its administration fees for the six
month period ended February 28, 1998.
D. Assumption of expenses -- For the six month period ended February 28,
1998, Chase voluntarily assumed the following expenses for TFI, ITFI, NYTFI
and NJTFI: $44,765, $50,306, $34,014 and $27,307, 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 six month period ended February 28, 1998.
3. Investment Transactions -- Purchases and 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.) ......... $192,769,885 $200,707,450 $112,255,373 $22,267,036
Sales (Excluding
U.S. Govt.) ......... 159,350,254 172,969,240 94,463,203 17,779,076
</TABLE>
4. Federal Income Tax Matters -- For Federal income tax purposes, the cost and
unrealized appreciation/(depreciation) in value of the investment securites at
February 28, 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 ......... $685,315,042 $626,998,980 $239,281,976 $67,687,647
------------ ------------ ------------ -----------
Gross unrealized
appreciation ......... $41,213,101 $36,944,577 $11,797,657 $3,146,527
Gross unrealized
depreciation ......... (258,845) (156,042) (153,923) (57,202)
------------ ------------ ------------ -----------
Net unrealized
appreciation ......... $40,954,256 $36,788,535 $11,643,734 $3,089,325
============ ============ ============ ===========
</TABLE>
72
<PAGE>
Chase Vista Mutual Funds
Notes to Financial Statements (unaudited) (continued)
- --------------------------------------------------------------------------------
5. Transactions in Shares of Beneficial Interest -- Transactions in Shares of
Beneficial Interest were as follows:
<TABLE>
<CAPTION>
Select Tax Free Income Fund
----------------------------------------------------------------
9/1/97 Through 2/28/98 1/1/97* Through 8/31/97
-------------------------------- -------------------------------
Amount Shares Amount Shares
---------------- --------------- ---------------- --------------
<S> <C> <C> <C> <C>
Shares sold ................. $ 42,957,137 6,566,966 $ 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 ............. 6,147,041 939,917 2,958,341 465,140
Shares redeemed ............. (13,999,329) (2,141,114) (45,507,652) (7,142,454)
------------- ---------- ------------- -----------
Net increase (decrease)
in Trust shares
outstanding ............... $ 35,104,849 5,365,769 $ 671,322,730 105,054,206
============= ========== ============= ===========
</TABLE>
<TABLE>
<CAPTION>
Select Intermediate Tax Free Income Fund
---------------------------------------------------------------------
9/1/97 Through 2/28/98 1/1/97* Through 8/31/97
-------------------------------- ----------------------------------
Amount Shares Amount Shares
---------------- ------------- ---------------- ---------------
<S> <C> <C> <C> <C>
Shares sold .............. $28,542,368 2,619,863 $ 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 .......... 12,324,081 1,139,000 2,891,919 269,514
Shares redeemed .......... (10,203,516) (935,564) (44,763,543) (4,184,913)
----------- --------- ------------ ----------
Net increase (decrease)
in Trust shares
outstanding ............ $30,662,933 2,823,299 $625,570,213 58,168,121
=========== ========= ============ ==========
</TABLE>
<TABLE>
<CAPTION>
Select New York Intermediate Tax Free Income Fund
---------------------------------------------------------------------
9/1/97 Through 2/28/98 1/1/97* Through 8/31/97
-------------------------------- ----------------------------------
Amount Shares Amount Shares
-------------- --------------- ---------------- ---------------
<S> <C> <C> <C> <C>
Shares sold .............. $22,872,458 3,166,416 $ 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 .......... 1,046,443 145,138 336,396 47,513
Shares redeemed .......... (7,627,772) (1,058,417) (14,911,301) (2,111,197)
----------- ---------- ------------ ----------
Net increase (decrease)
in Trust shares
outstanding ............ $16,291,129 2,253,137 $233,444,433 32,934,530
=========== ========== ============ ==========
</TABLE>
- --------------
* Commencement of operations.
73
<PAGE>
Chase Vista Mutual Funds
Notes to Financial Statements (unaudited) (continued)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Select New Jersey Tax Free Income Fund
-------------------------------------------------------------
9/1/97 Through 2/28/98 1/1/97* Through 8/31/97
---------------------------- ------------------------------
Amount Shares Amount Shares
------------- ------------ --------------- ------------
<S> <C> <C> <C> <C>
Shares sold .............. $3,592,372 354,625 $ 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 .......... 704 69 265,589 26,639
Shares redeemed .......... (810,639) (79,974) (1,419,583) (142,357)
---------- ------- ----------- ---------
Net increase (decrease)
in Trust shares
outstanding ............ $2,782,437 274,720 $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.
NYTFI and NJTFI primarily invest in issuers in the States of New York and New
Jersey, respectively. TFI and ITFI invested approximately 23.6% and 21.5%,
respectively, of its 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 six months ended February 28, 1998, included
in Trustees Fees and Expenses in the Statement of Operations, and accrued
pension liability included in Other Accrued Liabilities, in the Statement of
Assets and Liabilities were as follows:
<TABLE>
<CAPTION>
Accrued
Pension Pension
Expenses Liability
---------- ----------
<S> <C> <C>
TFI ........... $7,085 $41,483
ITFI .......... 6,475 37,928
NYTFI ......... 2,451 14,357
NJTFI ......... 669 3,907
</TABLE>
74
<PAGE>
- --------------------------------------------------------------------------------
Chase Vista Mutual Funds
Financial Highlights (unaudited)
<TABLE>
<CAPTION>
Chase Vista Select
---------------------------------------------------
Intermediate
Tax Free Tax Free
Income Fund Income Fund
------------------------- -------------------------
9/1/97- 1/1/97*- 9/1/97- 1/1/97*-
2/28/98 8/31/97 2/28/98 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 ............................................... 0.177 0.243 0.282 0.386
Net Gain or Losses in Securities (both realized and unrealized) ..... 0.150 0.060 0.191 0.100
-------- -------- -------- --------
Total from Investment Operations .................................... 0.327 0.303 0.473 0.486
-------- -------- -------- --------
Less Distributions:
Dividends from net investment income ................................ 0.180 0.243 0.282 0.386
Distributions from Capital Gains ...................................... 0.060 -- 0.211 --
-------- -------- -------- --------
Total Distributions ................................................. 0.240 0.243 0.493 0.386
-------- -------- -------- --------
Net Asset Value, End of Period ........................................ $ 6.54 $ 6.45 $ 10.83 $ 10.85
======== ======== ======== ========
Total Return 5.11% 4.86% 4.41% 4.58%
Ratios/Supplemental Data:
Net Assets, End of Period (000 omitted) .............................. $721,620 $677,302 $660,838 $631,301
Ratios to Average Net Assets#:
Ratio of Expenses .................................................... 0.02% 0.02% 0.02% 0.02%
Ratio of Net Investment Income ....................................... 5.92% 5.73% 5.21% 5.40%
Ratio of Expenses Without Waivers and Assumption of Expenses ......... 0.49% 0.49% 0.49% 0.50%
Ratio of Net Investment Income Without Waivers and Assumption of
Expenses ............................................................ 5.45% 5.26% 4.74% 4.92%
Portfolio Turnover Rate ............................................... 23% 48% 27% 60%
<CAPTION>
Chase Vista Select
-------------------------------------------------
New York
Intermediate New Jersey
Tax Free Tax Free
Income Fund Income Fund
------------------------- -----------------------
9/1/97- 1/1/97*- 9/1/97- 1/1/97*-
2/28/98 8/31/97 2/28/98 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 ............................................... 0.187 0.260 0.266 0.366
Net Gain or Losses in Securities (both realized and unrealized) ..... 0.133 0.060 0.150 0.050
-------- -------- ------- -------
Total from Investment Operations .................................... 0.320 0.320 0.416 0.416
-------- -------- ------- -------
Less Distributions:
Dividends from net investment income ................................ 0.187 0.260 0.266 0.366
Distributions from Capital Gains ...................................... 0.073 -- 0.040 --
-------- -------- ------- -------
Total Distributions ................................................. 0.260 0.260 0.306 0.366
-------- -------- ------- -------
Net Asset Value, End of Period ........................................ $ 7.21 $ 7.15 $ 10.15 $ 10.04
======== ======== ======= =======
Total Return 4.17% 4.62% 4.51% 4.20%
Ratios/Supplemental Data:
Net Assets, End of Period (000 omitted) .............................. $253,549 $235,444 $67,705 $64,218
Ratios to Average Net Assets#:
Ratio of Expenses .................................................... 0.03% 0.03% 0.02% 0.02%
Ratio of Net Investment Income ....................................... 5.23% 5.52% 5.30% 5.52%
Ratio of Expenses Without Waivers and Assumption of Expenses ......... 0.51% 0.35% 0.55% 0.57%
Ratio of Net Investment Income Without Waivers and Assumption of
Expenses ............................................................ 4.75% 5.02% 4.77% 4.97%
Portfolio Turnover Rate ............................................... 40% 23% 27% 14%
</TABLE>
- -------
* Commencement of operations.
# Short periods have been annualized.
See notes to financial statements.
75
