Chase Vista Select Funds
Chairman's Letter
April 10, 1999
Dear Shareholder:
We are pleased to present this semi-annual report for Chase Vista Select Tax
Free Income Fund, Chase Vista Select Intermediate Tax Free Income Fund, Chase
Vista Select New York Intermediate Tax Free Income Fund and Chase Vista Select
New Jersey Tax Free Income Fund for the six-month period ended February 28,
1999. Inside you will find information on the performance of each Fund along
with a report from the portfolio management team.
Tax-Free Income Markets Advance Despite Volatile Market
Early in the period, interest rates declined sharply, due to investor fears of a
major global economic slowdown ignited by Russia's financial troubles. Rates
stabilized in early October following the Federal Reserve Board's decision to
abandon its neutral monetary policy for the first time in roughly one and half
years. The Fed cut rates in September, October and November.
The Russian financial crisis waned late in 1998, but in January economic and
currency problems in Brazil surfaced. This time, however, a stream of
stronger-than-expected domestic economic data kept rates from falling
dramatically as they had earlier in the period.
In February, with concerns over Brazil's difficulties fading, the continuing
release of strong economic data pushed interest rates sharply higher--as much
as four-tenths of one percent higher during the first two weeks of February
alone. Fittingly, February was capped off with the release of the strongest
Gross Domestic Product report in more than two years.
If there was a glimmer of hope for bond investors late in the period, it could
be found in Fed Chairman Alan Greenspan's semi-annual Humphery-Hawkins
testimony. Mr. Greenspan noted that he expects the longest running peacetime
economic expansion to moderate later in the year, which should help bond prices
rebound in the months ahead.
Sincerely,
/s/ Fergus Reid
Fergus Reid
3
<PAGE>
Chase Vista Select Tax Free Income Fund
as of February 28, 1999
(unaudited)
Fund Facts
<TABLE>
<S> <C>
Objective Federal tax exempt income*
Primary investments Municipal bonds
Suggested investment time frame 3-5 years minimum
Market benchmark Lehman Municipal Bond Index
Lipper Funds category General Municipal Debt Funds Average
Inception date 1/1/97
Newspaper symbol TF Inc
Net assets $771 Million
Average maturity 16.9 years
Average duration 7.8 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.
Average Maturity/Quality
[BOX CHART OMITTED]
+---+---+---+
| | | X |
+---+---+---+
| | | |
+---+---+---+
| | | |
+---+---+---+
Source: Morningstar
4
<PAGE>
Chase Vista Select Tax Free Income Fund
as of February 28, 1999
(unaudited)
How the Fund Performed
Chase Vista Select Tax Free Income Fund, which seeks to provide tax-exempt
income through a portfolio of higher quality municipal bonds of varying
maturities, had a total return 2.35% for the six-month period ended February
28, 1999. (Class A shares, without sales charge). This compares to a return of
1.76% for the Lipper General Municipal Debt Funds Average and 2.62% for the
unmanaged Lehman Municipal Bond Index.
How the Fund Was Managed
The period was punctuated by high market volatility and a slight upward move in
interest rates. For the six months ended February 28, 1999, the yield on the
30-year Treasury bond, the key benchmark of long-term interest rate activity,
rose from 5.34% to 5.57%.
Late last summer, our decision to maintain a longer-than-average maturity helped
performance, as interest rates fell sharply. The decline in rates was due to
concerns over a major slowdown in global economic growth brought on by the
Russian financial crisis. As these worries subsided and rates edged higher, we
shortened the Fund's average maturity, which helped protect shareholder capital.
This strategy also benefited shareholders in February, when a spate of
stronger-than-expected economic data pushed interest rates to their highest
levels during the period.
Our decision to overweight the Fund in California municipal bonds contributed
favorably to performance. Throughout much of the period, these securities
recorded good investment results due to the lack of supply and relatively
strong demand. Our underweighting in New York municipal bonds also proved
beneficial to shareholders. Late in 1998, these securities came under pressure
due to heavy supply. During the period, we maintained our neutral weighting in
Puerto Rico bonds and U.S. territorial paper.
Where the Fund May Be Headed
Near-term, we expect interest rates to remain in a trading range. While
economic growth may continue to be buoyant, economic and currency concerns
outside the U.S. remain a threat to global economic growth. Moreover, domestic
inflation does not appear to be a problem. Given this backdrop, we do not
believe the Federal Reserve will abandon its neutral monetary policy.
As for our strategy, we intend to use any meaningful increase in interest rates
as an opportunity to extend the Fund's average maturity and increase income to
shareholders. As always, we will continue to focus on high-quality securities
that meet our strict investment criteria.
5
<PAGE>
Chase Vista Select Tax Free Income Fund
as of February 28, 1999
(unaudited)
How Much of the Fund Was Invested
[PIE CHART OMITTED]
Investments 98.7%
Cash/Other 1.3%
Average Annual Total Returns
This table shows the average annual total returns. This is where you can see the
Fund's short-term performance, which, as with the stock markets, tends to be
more volatile than the long-term trend.
<TABLE>
<CAPTION>
1 Year 5 Years 10 Years
------ ------- --------
<S> <C> <C> <C>
6.11% 6.23% 7.74%
</TABLE>
Source: Lipper Analytical Services, Inc. Past performance is not predictive of
future performance. Investment return and principal value will fluctuate with
market conditions. When shares are redeemed, they may be worth more or less
than their original cost.
The quoted performance of Chase Vista Select Tax Free Income Fund includes
performance of a predecessor account for the period dating back to 2/28/89 and
prior to the fund's commencement of operations on 1/1/97. Returns are adjusted
to reflect historical expenses at the levels indicated (absent reimbursements)
in the Expense Summary for the Fund as disclosed in the Prospectus. The account
was not registered with the Securities and Exchange Commission and, therefore,
was not subject to the investment restrictions imposed by law on registered
mutual funds. If the account had been registered, the account's performance may
have been adversely affected. Also, the Fund is currently waiving certain fees.
This voluntary waiver may be modified or terminated at any time, which would
reduce returns.
6
<PAGE>
Chase Vista Select Tax Free Income Fund
as of February 28, 1999
(unaudited)
10-Year Performance
This chart shows what the long-term growth would have been of a hypothetical
$10,000 investment in the Chase Visa Select Tax Free Income Fund compared to
its key benchmarks. This is where you see the Fund's long-term trend. This
chart is for illustrative purposes only.
[LINE CHART OMITTED]
[PLOT POINTS FOR LINE GRAPH]
Chase Vista Select
Tax Free Lehman Muni Lipper General
Date Income Fund Bond Index Muni Debt
2/28/89 10000.00 10000.00 10000.00
2/28/90 10871.34 11025.88 10885.09
2/28/91 11885.97 12042.41 11767.87
2/29/92 13025.91 13245.89 12964.78
2/28/93 14776.77 15070.88 14814.52
2/28/94 15585.11 15903.81 15596.37
2/28/95 15832.09 16203.92 15687.99
2/29/96 17456.33 17994.53 17234.60
2/28/97 18176.35 18986.03 18008.47
2/28/98 19874.40 20724.61 19640.02
2/28/99 21089.16 21998.88 20596.65
Source: Lipper Analytical Services, Inc. Past performance is not predictive of
future performance. Investment return and principal
value will fluctuate with market conditions. When shares are redeemed, they may
be worth more or less than their original cost.
Any capital gain on the principal investment is subject to Federal income tax.
Some investors may also be subject to the Alternative Minimum Tax and certain
state and local taxes.
This chart illustrates comparative performance for $10,000 invested in shares of
Chase Vista Select Tax Free Income Fund, the Lehman Municipal Bond Index and the
Lipper General Municipal Debt Funds Average for the ten years ended February 28,
1999. The performance of the Fund assumes reinvestment of all dividends and
capital gains. The performance of the index has been adjusted to reflect
reinvestment of all dividends and capital gains on securities included in the
benchmark.
The unmanaged Lehman Municipal Bond Index is a broad-based total return
benchmark for the long-term, investment grade tax-exempt bond markets. Bonds
included in the Lehman Municipal Bond Index are representative of the market.
An individual cannot invest in the index.
The Lipper General Municipal Debt Funds Average represents the average
performance of a universe of 267 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 2/28/89 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, 1999 (unaudited)
(amounts in thousands)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
- ------------ ---------------------------------------- ---------
<S> <C> <C>
Long-Term Municipal Bonds -- 97.8%
- ---------------------------------------------------------------
Arizona -- 0.9%
$ 5,300 Pima County, Arizona, Unified
School District, No. 1, Tucson,
GO, 7.50%, 07/01/10 $6,760
------
California -- 7.0%
6,000 California Statewide Community
Development Authority, Sherman
Oaks Project, Series A, Rev, 5.00%,
08/01/22 6,041
2,000 California State, GO, 6.50%,
11/01/09 2,389
3,950 California State, GO, 10.00%,
09/01/99 4,092
1,000 California State, Ser. B, GO, 10.00%,
08/01/02 1,204
1,000 California State, Veterans Bond, Ser.
AM, GO, 9.00%, 10/01/05 1,291
7,000 Corona, California, Public Financing
Authority Water Utility
Improvements, Rev, 4.75%,
09/01/28 6,711
4,000 Los Angeles, California, Harbor
Department, Rev, 7.60%,
10/01/18 5,219
6,235 Metropolitan Water District, Southern
California, Ser. A, GO, 5.25%,
03/01/14 6,587
3,000 Modesto, California Irrigation District
Financing Authority, Ser. A, Rev,
6.00%, 10/01/15 3,311
9,930 Pomona, California, Unified School
District, Ser. A, GO, 6.15%,
08/01/15 11,420
5,000 Valley Health Systems, California,
Hospital Improvement Project, Ser.
A, Rev, 6.50%, 05/15/15 5,353
------
53,618
------
</TABLE>
See notes to financial statements.
8
<PAGE>
Chase Vista Select Tax Free Income Fund
Portfolio of Investments February 28, 1999 (unaudited) (continued)
(amounts in thousands)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
- ------------ ------------------------------------ ---------
<S> <C> <C>
Long-Term Municipal Bonds -- (continued)
- -----------------------------------------------------------
Colorado -- 3.4%
$ 1,190 Adams County, Colorado School
District No. 012, GO, 6.20%,
12/15/10 $1,301
6,000 Garfield Pitkin & Eagle Counties
Colorado School District No. Re 1
Roarge, GO, 6.60%,
06/15/04- 6,846
1,000 Jefferson County Colorado School
District No. R-001, 1985 Ser. B,
GO, 9.00%, 12/15/99 1,047
3,050 Platte River Power Authority,
Colorado, Ser. DD, Rev, 6.00%,
06/01/05 3,388
4,400 Platte River Power Authority,
Colorado, Ser. DD, Rev, 6.00%,
06/01/06 4,923
1,620 Platte River Power Authority,
Colorado, Ser. DD, Rev, 6.00%,
06/01/07 1,823
7,000 Westminster, Colorado Special
Purpose Post Project, Ser. B, Rev,
5.13%, 12/01/16 7,128
------
26,456
------
Connecticut -- 0.7%
4,975 Connecticut State Housing Finance
Authority, Housing Mortgage
Financing Program, C1, Rev,
6.60%, 11/15/23 5,335
------
Delaware -- 0.8%
5,000 Delaware State Economic
Development Authority,
Osteopathic Hospital Association of
Delaware, Ser. A, Rev, 6.90%,
01/01/18 6,111
</TABLE>
See notes to financial statements.
9
<PAGE>
Chase Vista Select Tax Free Income Fund
Portfolio of Investments February 28, 1999 (unaudited) (continued)
(amounts in thousands)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
- ---------- ------------------------------------- --------
<S> <C> <C>
Long-Term Municipal Bonds -- (continued)
- ---------------------------------------------------------
$ 90 Sussex County, Delaware, Single
Family Mortgage, Residential, Rev,
9.38%, 02/01/17 $ 90
-----
6,201
-----
Florida -- 5.1%
4,225 Broward County, Florida Resource
Recovery, Ser Broward Co. LP
South Project, Rev, 7.95%,
12/01/08 4,472
2,200 Dade County, Florida Special
Obligation, Miami Beach
Convention Center Project, Rev,
8.63%, 12/01/07 2,795
5,000 Daytona Beach, Florida Water &
Sewer, Ser. 1978, Rev, 6.75%,
11/15/07 5,589
3,670 Greater Orlando Aviation Authority,
Orlando Florida Airport Facilities,
Ser. A, Rev, 6.50%, 10/01/12 4,033
3,205 Hillsborough County Florida Aviation
Authority, Tampa International
Airport, Ser. B, Rev, 6.00%,
10/01/18 3,650
4,425 Orange County, Florida Health
Facilities Authority, Orlando
Regional Health Care, Ser. A, Rev,
6.25%, 10/01/12 5,191
2,310 Orange County, Florida Health
Facilities Authority, Orlando
Regional Health Care, Ser. C, Rev,
6.25%, 10/01/12 2,710
3,000 Orange County, Florida Tourist
Development, Ser. A, Rev, 6.50%,
10/01/10 3,320
3,980 Reedy Creek Improvement District,
Florida, Ser. A, GO, 5.25%,
06/01/11 4,229
</TABLE>
See notes to financial statements.
10
<PAGE>
Chase Vista Select Tax Free Income Fund
Portfolio of Investments February 28, 1999 (unaudited) (continued)
(amounts in thousands)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
- ------------ ------------------------------------ ---------
<S> <C> <C>
Long-Term Municipal Bonds -- (continued)
- -----------------------------------------------------------
$ 3,185 Reedy Creek Improvement District,
Florida, Ser. A, GO, 5.25%,
06/01/12 $3,364
------
39,353
------
Georgia -- 6.9%
5,000 Burke County, Georgia, Development
Authority PCR, Oglethorpe Power
Co., Bogtle, Rev, 8.00%, 01/01/
1922 5,888
10,000 Dalton, Georgia, Development
Authority, Rev, 5.50%, 08/15/
1926@ 10,711
7,655 De Kalb County, Georgia, Housing
Authority Apartment Development,
Fox Hollow Apartment, Rev,
7.00%, 08/15/22 9,131
9,000 Fulton County, Georgia,
Development Authority, Special
Facilities, Delta Airlines Inc.,
Project Rev, 5.45%, 05/01/23 8,969
15 Georgia State Residential Financing
Authority Single Family Insured
Mortgage, Ser. A, Rev, 8.40%,
12/01/18 15
5,000 Metropolitan Atlanta Rapid Transit
Authority, Georgia, Second
Indenture, Ser. A, Rev, 6.90%,
07/01/04- 5,817
10,485 Metropolitan Atlanta Rapid Transit
Authority, Georgia, Ser. P, Rev,
6.25%, 07/01/20 12,283
------
52,814
------
Hawaii -- 0.8%
5,000 Honolulu, Hawaii City & County,
Ser. A, GO, 7.35%, 07/01/08 6,140
------
</TABLE>
See notes to financial statements.
11
<PAGE>
Chase Vista Select Tax Free Income Fund
Portfolio of Investments February 28, 1999 (unaudited) (continued)
(amounts in thousands)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
- ---------- -------------------------------------- --------
<S> <C> <C>
Long-Term Municipal Bonds -- (continued)
- ----------------------------------------------------------
Illinois -- 0.8%
$ 862 Illinois Health Facilities Authority,
Ser. A, Rev, 7.90%, 08/15/03- $ 981
1,554 Illinois Health Facilities Authority,
Unrefunded Balance, Ser. A, Rev,
7.90%, 08/15/03 1,576
3,250 Illinois Housing Development
Authority, Multi-Family, Ser.
1991-A, Rev, 8.25%, 07/01/16 3,567
-----
6,124
-----
Kansas -- 0.4%
1,685 Kansas State, Development Finance
Authority, Public Water Supply,
Revolving Loan Ser. 2, Rev, 5.25%,
04/01/10 1,773
1,000 Kansas State, Development Finance
Authority, Public Water Supply,
Revolving Loan Ser. 2, Rev, 5.25%,
04/01/11 1,047
-----
2,820
-----
Kentucky -- 1.2%
8,000 Louisville & Jefferson County,
Kentucky, Metropolitan Sewer
District & Drain System, Ser. A,
Rev, 6.50%, 05/15/24 9,220
-----
Louisiana -- 2.0%
5,000 Louisiana, Local Government
Environment Facilities Community
Development Authority, Capital
Projects & Equipment Acquisition,
Rev, 5.25%, 12/01/18 5,155
4,000 Orleans Parish, Louisiana School
Board, GO, 7.50%, 09/01/20 4,809
2,000 Orleans Parish, Louisiana, School
Board, Defeased, Rev, 8.85%,
02/01/06 2,573
</TABLE>
See notes to financial statements.
12
<PAGE>
Chase Vista Select Tax Free Income Fund
Portfolio of Investments February 28, 1999 (unaudited) (continued)
(amounts in thousands)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
- ------------ ------------------------------------ ---------
<S> <C> <C>
Long-Term Municipal Bonds -- (continued)
- ------------------------------------------------------------
$ 2,000 Orleans Parish, Louisiana, School
Board, Defeased, Rev, 8.90%,
02/01/07 $2,635
------
15,172
------
Massachusetts -- 3.9%
3,500 Chelsea, Massachusetts, School
Project Loan Act 1948, GO,
6.50%, 06/15/12 4,003
2,750 Haverhill, Massachusetts, Unlimited
Tax, Ser. A, GO, 7.00%,
06/15/02- 3,086
10,000 Massachusetts State Turnpike
Authority, Metropolitan Highway
System, Series B, Rev, 5.13%,
01/01/37 9,843
10,000 Massachusetts State, Consolidated
Loan, Ser. C, GO, 5.25%,
08/01/17 10,471
2,015 South Essex, Massachusetts, Sewer
District, Ser. B, GO, 6.75%,
06/01/15 2,327
------
29,730
------
Michigan -- 1.1%
8,750 Michigan, Western Michigan
University, Rev, 5.13%,
11/15/17 8,859
------
Montana -- 1.5%
2,320 Montana State, Long-Range Building
Program, Ser. B, GO, 4.50%,
08/01/15 2,252
2,435 Montana State, Long-Range Building
Program, Ser. B, GO, 4.50%,
08/01/16 2,347
2,555 Montana State, Long-Range Building
Program, Ser. C, GO, 4.50%,
08/01/17 2,444
</TABLE>
See notes to financial statements.
13
<PAGE>
Chase Vista Select Tax Free Income Fund
Portfolio of Investments February 28, 1999 (unaudited) (continued)
(amounts in thousands)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
- ------------ ---------------------------------------- ---------
<S> <C> <C>
Long-Term Municipal Bonds -- (continued)
- ---------------------------------------------------------------
$ 2,005 Montana State, Long-Range Building
Program, Ser. D, GO, 5.38%,
08/01/13 $2,126
2,120 Montana State, Long-Range Building
Program, Ser. D, GO, 5.38%,
08/01/14 2,241
------
11,410
------
Nevada -- 0.7%
5,085 Nevada State, University Projects, Ser.
A, GO, 5.00%, 08/01/11 5,263
------
New Jersey -- 7.1%
5,215 New Jersey Economic Development
Authority, Educational Testing
Service, Ser. B, Rev, 6.25%,
05/15/25 5,961
1,500 New Jersey Sports & Exposition,
State Guaranteed, Rev, 8.30%,
01/01/03 1,741
565 New Jersey Sports & Exposition
Authority, State Contract, Ser. A,
Rev, 6.50%, 03/01/02- 621
2,905 New Jersey Sports & Exposition
Authority, State Contract,
Unrefunded Balance, Ser. A, Rev,
6.50%, 03/01/19 3,162
11,460 New Jersey State, Educational
Facilities Authority, Higher
Education Facilities Trust Fund,
Ser. A, Rev, 5.75%, 04/01/18 12,025
5,000 New Jersey State, Highway Authority,
Garden State Parkway General,
Rev, 6.20%, 01/01/10 5,765
15,700 New Jersey State, Ser. D, GO, 8.00%,
02/15/07 19,729
5,000 New Jersey State, Transportation Trust
Fund Authority, Transportation Systems,
Ser. B, Rev, 6.50%, 06/15/10 5,951
------
54,955
------
</TABLE>
See notes to financial statements.
14
<PAGE>
Chase Vista Select Tax Free Income Fund
Portfolio of Investments February 28, 1999 (unaudited) (continued)
(amounts in thousands)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
- ------------ ------------------------------------- ---------
<S> <C> <C>
Long-Term Municipal Bonds -- (continued)
- -------------------------------------------------------------
New York -- 24.5%
$ 2,250 Dutchess County, New York Resource
Recovery Agency, Solid Waste
Management, Ser. A, Rev, 7.50%,
01/01/09 $2,376
4,000 Long Island Power Authority, New
York, Electric Systems, Series A,
Rev, 5.50%, 12/01/13 4,373
3,450 Metropolitan Transportation
Authority of New York, Commuter
Facilities, Ser. A, Rev, 6.00%,
07/01/16 3,775
3,000 Nassau County, New York, IDA,
Civic Facilities, Hofstra University
Project, Rev, 6.75%, 08/01/11 3,288
5,000 New York City, New York, IDA,
Special Facilities, British Airways
Place Project, Rev, 5.25%,
12/01/32 4,964
3,500 New York City, New York, IDA,
Brooklyn Navy Yard Cogen
Partners, Rev, 6.20%, 10/01/22 3,911
5,000 New York City, New York, Municipal
Water Financing Authority, Water
& Sewer Systems, Ser. A, Rev,
4.75%, 06/15/31 4,716
2,000 New York City, New York, Ser. A,
GO, 5.38%, 08/01/15 2,084
12,000 New York City, New York, Ser. A,
GO, 6.25%, 08/01/08 13,671
4,000 New York City, New York, Ser. B,
GO, 6.50%, 08/15/10 4,633
20,000 New York City, New York, Ser. F,
GO, 5.25%, 09/15/10 21,462
10,000 New York City, New York, Ser. F,
GO, 5.38%, 08/01/09 10,804
</TABLE>
See notes to financial statements.
15
<PAGE>
Chase Vista Select Tax Free Income Fund
Portfolio of Investments February 28, 1999 (unaudited) (continued)
(amounts in thousands)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
- ------------ ----------------------------------- ---------
<S> <C> <C>
Long-Term Municipal Bonds -- (continued)
- ----------------------------------------------------------
$ 4,500 New York State Dorm Authority,
University of Rochester, Ser. A,
Rev, 6.40%, 07/01/13 $5,007
2,000 New York State Energy Research &
Development Authority, PCR,
Central Hudson Gas, Ser. B-1, Rev,
7.38%, 10/01/14 2,106
6,000 New York State Energy Research &
Development Authority, PCR,
Niagara Mohwak Power Corp., Ser.
A, Rev, 7.20%, 07/01/29 6,925
2,000 New York State Environmental
Facilities Corp., PCR, State Water
Revolving Fund, Ser. B, Rev,
7.10%, 09/15/11 2,145
2,650 New York State Environmental
Facilities Corp., PCR, State Water
Revolving Fund, Ser. D, Rev,
6.85%, 11/15/11 3,054
3,000 New York State Environmental
Quality, GO, 6.50%, 12/01/14 3,460
585 New York State Housing Finance
Agency, Health Facilities, Monroe
County, Ser. A, Rev, 7.63%,
05/01/05 633
4,000 New York State Housing Finance
Agency, State University
Construction, Ser. A, Rev, 7.90%,
11/01/06 4,743
5,500 New York State Local Government
Assistance Corp., TAN, 7.00%,
04/01/10 6,000
3,115 New York State Local Government
Assistance Corp., Ser. A, Rev,
5.00%, 04/01/15 3,159
2,340 New York State Local Government
Assistance Corp., Ser. A, Rev,
7.00%, 04/01/08 2,612
</TABLE>
See notes to financial statements.
16
<PAGE>
Chase Vista Select Tax Free Income Fund
Portfolio of Investments February 28, 1999 (unaudited) (continued)
(amounts in thousands)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
- ------------ ------------------------------------- ---------
<S> <C> <C>
Long-Term Municipal Bonds -- (continued)
- ------------------------------------------------------------
$ 3,000 New York State Local Government
Assistance Corp., Ser. D, Rev,
7.00%, 04/01/11 $3,349
2,780 New York State Medical Care
Facilities Financing Agency,
Hospital & Nursing Home, Ser. C,
Rev, 6.25%, 08/15/12 2,969
4,000 New York State Medical Care
Facilities Financing Agency,
Montefiore Medical Center, Ser. A,
Rev, 5.75%, 02/15/25 4,198
2,000 New York State Medical Care
Facilities Financing Agency, Special
Obligation, Mental Health Services
Facilities Improvement, Ser. A, Rev,
8.30%, 05/01/04 2,399
4,000 New York State Mortgage Agency,
Homeownership Mortgage, Ser. JJ,
Rev, 7.50%, 10/01/17 4,134
5,500 New York State Thruway Authority,
General Purpose, Ser. C, Rev,
6.00%, 01/01/05 6,192
4,100 New York State, GO, 6.30%,
09/15/11 4,531
6,270 Port Authority of New York & New
Jersey, Consolidated 78th Ser., Rev,
6.50%, 04/15/11 6,798
4,000 Port Authority, New York & New
Jersey, Consolidated Bonds, 109th
Ser., Rev, 5.38%, 01/15/32 4,125
1,100 Port Authority, New York & New
Jersey, Consolidated Bonds, 52nd
Ser., Rev, 9.00%, 11/01/14 1,143
16,000 Port Authority, New York & New
Jersey, Consolidated Bonds, 93rd
Ser., Rev, 6.13%, 06/01/94@ 18,464
</TABLE>
See notes to financial statements.
17
<PAGE>
Chase Vista Select Tax Free Income Fund
Portfolio of Investments February 28, 1999 (unaudited) (continued)
(amounts in thousands)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
- ------------ ------------------------------------ ----------
<S> <C> <C>
Long-Term Municipal Bonds -- (continued)
- ------------------------------------------------------------
$ 9,000 Triborough Bridge & Tunnel
Authority, New York, Convention
Center Project, Ser. E, Rev, 7.25%,
01/01/10 $10,642
-------
188,845
-------
North Carolina -- 0.8%
6,145 North Carolina, Medical Care
Community Hospital, Pitt County
Memorial Hospital, Ser. A, Rev,
4.75%, 12/01/28 5,799
-------
North Dakota -- 0.8%
5,000 Mercer County, North Dakota, PCR,
Antelope Valley Station, Rev,
7.20%, 06/30/13 6,246
-------
Ohio -- 3.7%
7,000 Cleveland Ohio Public Power System
First Mortgage--Ser. A, Rev,
7.00%, 11/15/04@- 8,246
2,000 Dublin, Ohio, Refunding & Public
Improvement, Ser. A, GO, 5.25%,
12/01/14 2,100
3,950 Ohio Housing Financing Agency,
Mortgage, Residential, Ser. C, Rev,
5.75%, 09/01/28 4,089
6,500 Ohio State, Public Facilities
Community Higher Education,
Capital Facilities, Ser. II-C, Rev,
4.38%, 06/01/11 6,439
7,000 Ohio State, Turnpike Commission,
Ser. A, Rev, 5.50%, 02/15/24 7,548
-------
28,422
-------
</TABLE>
See notes to financial statements.
18
<PAGE>
Chase Vista Select Tax Free Income Fund
Portfolio of Investments February 28, 1999 (unaudited) (continued)
(amounts in thousands)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
- ------------ -------------------------------------- ---------
<S> <C> <C>
Long-Term Municipal Bonds -- (continued)
- -------------------------------------------------------------
Oklahoma -- 2.3%
$ 3,000 Grand River Dam Authority,
Oklahoma, Rev, 5.50%, 06/01/09 $3,299
8,500 Oklahoma State, Turnpike Authority,
Second Ser., Ser. A, Rev, 5.25%,
01/01/13 8,968
5,000 Tulsa, Oklahoma, Metropolitan
Utility Authority, Rev, 5.75%,
09/01/19 5,349
------
17,616
------
Oregon -- 3.7%
5,780 Oregon State, Higher Education
Building, Ser. A, GO, 6.45%,
08/01/24 6,572
6,300 Portland, Oregon, Sewer Systems, Ser.
A, Rev, 5.00%, 06/01/14 6,406
11,565 Portland, Oregon, Sewer Systems, Ser.
A, Rev, 5.00%, 06/01/15 11,697
4,000 Salem, Oregon, Hospital Facilities
Authority, Salem Hospital, Rev,
5.25%, 08/15/14 4,125
------
28,800
------
Pennsylvania -- 1.8%
1,000 Allegheny County, Pennsylvania, IDA,
Health Care Facilities, Presbyterian
Senior Care, Rev, 5.75%, 01/01/23 978
12,000 Delaware Valley, Pennsylvania,
Regional Finance Authority, Local
Government, Ser. A, Rev, 5.50%,
08/01/28 12,997
------
13,975
------
</TABLE>
See notes to financial statements.
19
<PAGE>
Chase Vista Select Tax Free Income Fund
Portfolio of Investments February 28, 1999 (unaudited) (continued)
(amounts in thousands)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
- ------------ -------------------------------------- ---------
<S> <C> <C>
Long-Term Municipal Bonds -- (continued)
- -------------------------------------------------------------
Puerto Rico -- 4.0%
$ 1,500 Puerto Rico Commonwealth Highway
& Transportation Authority, Ser. T,
Rev, 6.63%, 07/01/02- $1,665
2,500 Puerto Rico Commonwealth, GO,
6.25%, 07/01/11 2,942
7,000 Puerto Rico Commonwealth,
Highway & Transportation
Authority, Ser. A, Rev, 4.75%,
07/01/38 6,631
5,000 Puerto Rico Electric Power Authority,
Ser. Y, Rev, 7.00%, 07/01/07 6,004
6,675 Puerto Rico Industrial, Medical &
Environmental PCFA, PepsiCo Inc.
Project, Ser. A, Rev, 6.25%,
11/15/13 7,315
3,000 Puerto Rico Industrial, Medical &
Environmental PCFA, Warner
Lambert Co. Project, Rev, 7.60%,
05/01/14 3,113
3,000 Puerto Rico Public Buildings
Authority, Guaranteed,
Government Facilities, Ser. A, Rev,
6.25%, 07/01/11 3,530
------
31,200
------
South Carolina -- 2.8%
3,200 Charleston, South Carolina,
Waterworks & Sewer, Capital
Improvements, Rev, 4.00%,
01/01/07 3,168
1,080 Piedmont Municipal Power Agency,
South Carolina Electric, Ser. A,
Rev, 5.25%, 01/01/12 1,147
6,000 Richland County, South Carolina
School District No. 001, GO,
4.63%, 03/01/22 5,616
</TABLE>
See notes to financial statements.
20
<PAGE>
Chase Vista Select Tax Free Income Fund
Portfolio of Investments February 28, 1999 (unaudited) (continued)
(amounts in thousands)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
- ------------ ------------------------------------ ---------
<S> <C> <C>
Long-Term Municipal Bonds -- (continued)
- -----------------------------------------------------------
$ 4,050 South Carolina Housing Finance &
Development Authority, Ser. B,
Rev, 7.80%, 07/01/09 $4,145
2,000 South Carolina Housing Finance &
Development Authority,
Homeownership Mortgage
Purchase, Ser. B, Rev, 7.88%,
07/01/15 2,047
5,000 South Carolina Public Service
Authority, Ser. A, Rev, 6.25%,
01/01/22 5,603
------
21,726
------
South Dakota -- 0.5%
3,000 Heartland Consumers Power District,
Rev, 7.00%, 01/01/16 3,638
385 South Dakota Building Authority,
Rev, 10.50%, 09/01/00 423
------
4,061
------
Tennessee -- 0.7%
3,000 Metropolitan Government of
Nashville & Davidson County,
Tennessee, Water & Sewer
Authority, Rev, 5.20%, 01/01/13 3,176
2,500 Shelbly County, Tennessee, Public
Improvements & School, Ser. A,
GO, 4.75%, 05/01/21 2,394
------
5,570
------
Texas -- 5.5%
6,245 Arlington, Texas Independent School
District, GO, 5.00%, 02/15/19 6,206
6,500 Austin, Texas Utility System, Rev,
6.00%, 11/15/13 7,450
2,000 Austin, Texas Utility System,
Combined, Ser. A, Rev, 9.50%,
05/15/00- 2,149
</TABLE>
See notes to financial statements.
21
<PAGE>
Chase Vista Select Tax Free Income Fund
Portfolio of Investments February 28, 1999 (unaudited) (continued)
(amounts in thousands)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
- ------------ -------------------------------------- ---------
<S> <C> <C>
Long-Term Municipal Bonds -- (continued)
- -------------------------------------------------------------
$ 2,000 Austin, Texas Utility System, Ser. A,
Big Book Entry, Rev, 8.00%,
11/15/01- $2,194
5,000 Brazos River Authority, Texas, PCR,
Coll-Utilities Electric Co., Ser. C,
Rev, 5.55%, 06/01/30 4,958
2,115 Dallas-Fort Worth Texas Regional
Airport, Ser. A, Rev, 7.38%,
11/01/08 2,478
2,945 Dallas-Fort Worth Texas Regional
Airport, Ser. A, Rev, 7.38%,
11/01/09 3,451
2,000 Dallas-Fort Worth Texas Regional
Airport, Ser. A, Rev, 7.38%,
11/01/11 2,328
6,320 Dallas, Texas, Special Tax, Ser. A,
Recreational Facilities
Improvements, Rev, 4.75%,
08/15/27 5,980
2,500 Houston, Texas Water Conveyance
System, Contract, Ser. F, COP,
7.20%, 12/15/05 2,943
2,000 Houston, Texas Water Conveyance
System, Contract, Ser. F, COP,
7.20%, 12/15/06 2,381
------
42,518
------
Utah -- 0.1%
1,000 Sevier County, Utah School District
Sevier School District, GO, 9.20%,
05/01/03 1,209
------
Washington -- 2.3%
2,500 Central Puget Sound, Washington
Regional Transportation Authority,
Sales Tax & Motor Vehicle Tax,
Rev, 4.75%, 02/01/28 2,347
</TABLE>
See notes to financial statements.
22
<PAGE>
Chase Vista Select Tax Free Income Fund
Portfolio of Investments February 28, 1999 (unaudited) (continued)
(amounts in thousands)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
- ----------------------------------------------------------
<S> <C> <C>
Long-Term Municipal Bonds -- (continued)
- ----------------------------------------------------------
$ 15,000 Central Puget Sound, Washington
Regional Transportation Authority,
Sales Tax & Motor Vehicle Tax,
Rev, 5.25%, 02/01/21 $ 15,597
--------
17,944
--------
Total Long Term Municipal Bonds
(Cost $713,283) 754,161
- ----------------------------------------------------------
Short Term Investments -- 1.3%
- ----------------------------------------------------------
Shares
- ----------------------------------------------------------
Money Market Funds -- 1.3%
6,531 Provident Municipal Cash Money
Market Fund 6,531
3,799 Provident Municipal Money Market
Fund 3,799
--------
Money Market Funds
(Cost $10,330) 10,330
- ----------------------------------------------------------
Total Short Term Investments
(Cost $10,330) 10,330
- ----------------------------------------------------------
Total Investments -- 99.1%
(Cost $723,613) $764,491
- ----------------------------------------------------------
</TABLE>
Index
- - --The maturity date shown is the date of the prerefunded call.
@--All or a portion of this security is segregated.
COP--Certificate of Participation.
Dorm--Dormitory
GO--General Obligation Bond.
IDA--Industrial Development Agency.
PCR--Pollution Control Revenue.
PCFA--Pollution Control Finance Authority.
Rev.--Revenue Bond
TAN--Tax Anticipation Note.
See notes to financial statements.
23
<PAGE>
Chase Vista Select
Intermediate Tax Free Income Fund
as of February 28, 1999
(unaudited)
Fund Facts
<TABLE>
<S> <C>
Objective Income exempt from federal taxes*
Primary investments Municipal bonds
Suggested investment time frame 3-5 years minimum
Market benchmark Lehman Municipal Bond Index
Lehman 10 Year Municipal
Bond Index
Lipper Funds category Lipper Intermediate Municipal Debt
Funds Average
Inception date 1/1/97
Newspaper symbol IntmdTF
Net assets $744 Million
Average maturity 7.6 years
Average duration 5.4 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.
Average Maturity/Quality
[BOX CHART OMITTED]
+---+---+---+
| | X | |
+---+---+---+
| | | |
+---+---+---+
| | | |
+---+---+---+
Source: Morningstar
24
<PAGE>
Chase Vista Select
Intermediate Tax Free Income Fund
as of February 28, 1999
(unaudited)
How the Fund Performed
Chase Vista Select Intermediate Tax Free Income Fund, which seeks to provide
monthly dividends that are excluded from federal income tax through a portfolio
of higher-quality, intermediate-term municipal bonds, had a total return of
2.70% for the six-month period ended February 28, 1999. This compares to a
return of 2.16% for the Lipper Intermediate Municipal Debt Funds Average, 2.79%
for the unmanaged Lehman 10-Year Municipal Bond Index and 2.62% for the Lehman
Municipal Bond Index.
How the Fund Was Managed
Although interest rates were highly volatile throughout much of the period,
they edged up only slightly for the six months ended February 28, 1999. Over
that time frame, the yield on the 10-year Treasury bond, a key benchmark of
intermediate-term interest rate activity, rose from 5.06% to 5.28%.
During the period, the Fund employed several strategies that proved beneficial
to shareholders. In September, with the Russian financial crisis pushing global
interest rates lower, our decision to lengthen the Fund's average maturity
contributed favorably to performance.
The Fund also benefited from its exposure to water and sewer revenue bonds as
well as insured municipals.
In the final weeks of the period, the Fund's shorter-than-average maturity
protected shareholders as interest rates soared following the release of
several strong economic reports. These included the best consumer confidence
data in the 30-plus years that the Conference Board has been keeping these
statistics and the best Gross Domestic Product in more than two years.
Where the Fund May Be Headed
Our outlook for intermediate-term bonds remains positive. Despite the recent
rise in interest rates, we don't expect rates to continue to rise sharply in
the months ahead. While economic troubles outside the U.S. have abated, they
still pose a threat to global economic growth. Moreover, domestic inflation,
which is hovering near its lowest level in approximately 30 years, remains
under control. That said, we intend to use further weakness in the bond market
to extend the Fund's average maturity in high-quality fixed-income securities
with attractive yields.
25
<PAGE>
Chase Vista Select
Intermediate Tax Free Income Fund
as of February 28, 1999
(unaudited)
How Much of the Fund Was Invested
[PIE CHART OMITTED]
Investments 97.9%
Cash/Other 2.1%
Average Annual Total Returns
This table shows the average annual total returns. This is where you can see the
Fund's short-term performance, which, as with the stock markets, tends to be
more volatile than the long-term trend.
<TABLE>
<CAPTION>
<S> <C> <C> <C>
1 Year 5 Years 10 Years
------ ------- --------
6.29% 6.03% 7.72%
</TABLE>
Source: Lipper Analytical Services, Inc. Past performance is not predictive of
future performance. Investment return and principal value will fluctuate with
market conditions. When shares are redeemed, they may be worth more or less
than their original cost.
The quoted performance of Chase Vista Select Intermediate Tax Free Income Fund
includes performance of a predecessor account for the period dating back to
2/28/89 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.
26
<PAGE>
Chase Vista Select
Intermediate Tax Free Income Fund
as of February 28, 1999
(unaudited)
10-Year Performance
This chart shows what the long-term growth would have been of a hypothetical
$10,000 investment in the Chase Vista Select Intermediate Tax Free Income Fund
compared to its key benchmarks. This is where you see the Fund's long-term
trend. This chart is for illustrative purposes only.
[LINE CHART OMITTED]
[PLOT POINTS FOR LINE GRAPH]
Chase Vista Select
Intermediate Lehman Lehman Lipper
Tax Free 10-Year Muni Muni Intermediate
Date Income Fund Bond Index Bond Index Muni
2/28/89 10000.00 10000.00 10000.00 10000.00
2/28/90 10943.45 10974.90 11025.88 10806.15
2/28/91 11986.95 12023.85 12042.41 11699.43
2/29/92 13093.56 13155.60 13245.89 12714.66
2/28/93 14982.55 15093.69 15070.88 14262.79
2/28/94 15700.23 15896.85 15903.81 14930.00
2/28/95 16035.13 16220.13 16203.92 15170.86
2/29/96 17664.10 18121.51 17994.53 16536.77
2/28/97 18323.94 19083.55 18986.03 17217.79
2/28/98 19798.44 20797.34 20724.61 18436.17
2/28/99 21044.68 22030.72 21998.88 19089.66
Source: Lipper Analytical Services, Inc. Past performance is not predictive of
future performance. Investment return and principal value will fluctuate with
market conditions. When shares are redeemed, they may be worth more or less than
their original cost.
Any capital gain on the principal investment is subject to Federal income tax.
Some investors may also be subject to the Federal Alternative Minimum Tax and
certain state and local taxes.
This chart illustrates comparative performance for $10,000 invested in shares
of Chase Vista Select Intermediate Tax Free Income Fund, the Lehman Municipal
Bond Index, the Lehman 10 Year Municipal Bond Index and the Lipper Intermediate
Municipal Debt Funds Average for the ten years ended February 28, 1999. 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 145 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
2/28/89 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.
27
<PAGE>
Chase Vista Select Intermediate Tax Free Income Fund
Portfolio of Investments February 28, 1999 (unaudited)
(amounts in thousands)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
- ---------- -------------------------------------- ---------
<S> <C> <C>
Long-Term Municipal Bonds -- 95.9%
- -----------------------------------------------------------
Alabama -- 0.3%
$ 660 Alabama State, GO, 7.00%, 08/01/05 $ 703
1,320 Shelby County, Alabama Board of
Education, Capital Outlay School
Warrants, 5.70%, 02/01/09 1,446
------
2,149
------
Arizona -- 2.8%
3,000 Maricopa County, Arizona School
District No. 4, Mesa University,
Ser. A, GO, 5.50%, 07/01/09 3,307
3,630 Maricopa County, Arizona, School
District No. 4, Mesa University
Project of 1995, Ser. D, GO,
6.00%, 07/01/07 4,091
11,370 Salt River Project, Arizona
Agriculture, Ser. B, Rev, 7.00%,
01/01/05 13,126
------
20,524
------
California -- 1.9%
7,105 California State, GO, 6.50%,
09/01/10 8,506
5,000 Los Angeles County, California Public
Works Financing Authority,
Regional Park & Open Space
District, Rev, 6.00%, 10/01/08@ 5,674
------
14,180
------
Colorado -- 0.6%
4,000 Eagle Garfield & Routt Counties
Colorado School District No. Re
50J, GO, 6.13%, 12/01/09 4,477
------
Connecticut -- 1.5%
4,735 Connecticut State Special Tax
Obligation, Transportation
Infrastructure, Ser. A, Rev, 5.40%,
06/01/09 5,102
</TABLE>
See notes to financial statements.
28
<PAGE>
Chase Vista Select Intermediate Tax Free Income Fund
Portfolio of Investments February 28, 1999 (unaudited) (continued)
(amounts in thousands)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
- ------------ --------------------------------------- ---------
<S> <C> <C>
Long-Term Municipal Bonds -- (continued)
- --------------------------------------------------------------
$ 5,000 Connecticut State Special Tax
Obligation, Transportation
Infrastructure, Ser. B, Rev, 6.50%,
10/01/10 $5,971
------
11,073
------
Delaware -- 0.1%
635 Delaware Transportation Authority,
Transportation System, Rev, 5.63%,
07/01/05 681
------
Florida -- 2.4%
2,000 Dade County Florida Aviation, Ser.
B, Rev, 6.40%, 10/01/06 2,267
2,000 Florida State Department of
Corrections, Okeechobee
Correctional Facilities, COP,
6.00%, 03/01/08 2,230
2,235 Florida State, Board of Education
Capital Outlay Public Education,
Ser. B, GO, 6.50%, 06/01/05 2,547
5,245 Florida State, Board of Education
Capital Outlay Public Education,
Ser. B, GO, 6.00%, 06/01/06 5,886
2,675 Florida State, Broward County
Expressway Authority, Ser. A, GO,
6.50%, 07/01/03 2,682
2,350 Miami-Dade County, Florida,
Aviation, Series A, Rev, 5.25%,
10/01/07 2,514
------
18,126
------
Georgia -- 0.8%
5,000 Georgia, Municipal Electric Authority,
Power, Series DD, Rev, 7.00%,
01/01/08@ 5,972
------
Hawaii -- 0.7%
2,500 Honolulu, Hawaii, City & County,
Ser. A, GO, 7.30%, 07/01/03 2,837
</TABLE>
See notes to financial statements.
29
<PAGE>
Chase Vista Select Intermediate Tax Free Income Fund
Portfolio of Investments February 28, 1999 (unaudited) (continued)
(amounts in thousands)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
- ------------ ---------------------------------------- ---------
<S> <C> <C>
Long-Term Municipal Bonds -- (continued)
- ---------------------------------------------------------------
$ 2,000 Honolulu, Hawaii, City & County,
Ser. A, GO, 7.35%, 07/01/06 $2,394
------
5,231
------
Illinois -- 4.1%
2,100 Chicago, Illinois Rev, 5.00%,
01/01/08 2,206
1,500 Chicago, Illinois, Metropolitan Water
Reclamation District, Greater
Chicago Capital Improvement
Bonds, GO, 7.00%, 01/01/08 1,805
4,400 Chicago, Illinois, Metropolitan Water
Reclamation District, Greater
Chicago, GO, 5.50%, 12/01/08 4,839
7,200 Chicago, Illinois, Metropolitan Water
Reclamation District, Greater
Chicago, GO, 5.95%, 12/01/07 8,120
3,000 Chicago, Illinois, O'Hare
International Airport, General
Airport, Second Lien, Series A,
Rev, 6.75%, 01/01/06 3,453
6,055 Chicago, Illinois, O'Hare
International Airport, Passenger
Facilities Charge, Ser. A, Rev,
5.38%, 01/01/07 6,501
1,320 Illinois State, GO, 5.50%, 08/01/06 1,430
660 Illinois State, GO, 6.40%, 08/01/01 682
1,000 Regional Transit Authority of Illinois,
Ser. A, Rev, 7.30%, 11/01/09 1,085
------
30,121
------
Indiana -- 3.8%
5,500 Indiana Municipal Power Agency,
Power Supply Systems, Ser. B, Rev,
5.80%, 01/01/08 6,143
2,485 Indiana State Office Building
Community Facilities, Ser. A, Rev,
5.00%, 07/01/04 2,616
</TABLE>
See notes to financial statements.
30
<PAGE>
Chase Vista Select Intermediate Tax Free Income Fund
Portfolio of Investments February 28, 1999 (unaudited) (continued)
(amounts in thousands)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
- ------------ --------------------------------------- ---------
<S> <C> <C>
Long-Term Municipal Bonds -- (continued)
- --------------------------------------------------------------
$ 6,920 Indianapolis, Indiana, Gas Utility
Distribution Systems, Ser. A, Rev,
5.75%, 08/15/07 $7,672
7,315 Indianapolis, Indiana, Gas Utility
Distribution Systems, Ser. A, Rev,
5.75%, 08/15/08 8,145
3,000 Indianapolis, Indiana, Local Public
Improvements Board Bank, Ser. A,
Rev, 6.50%, 01/01/08 3,498
------
28,074
------
Kansas -- 0.4%
2,360 Wichita, Kansas, Water & Sewer
Utilities, Rev, 7.75%, 10/01/02 2,680
------
Kentucky -- 0.7%
4,400 Kentucky State, Property & Buildings
Community, Project No. 60, Rev,
5.50%, 10/01/08 4,811
590 Owensboro Kentucky, Electric Light
& Power, Rev, 10.50%, 01/01/04 661
------
5,472
------
Louisiana -- 0.2%
1,275 Louisiana Public Facilities Authority,
Tulane University, Ser. A-1, Rev,
6.00%, 02/15/03- 1,402
------
Maryland -- 2.7%
2,510 Anne Arundel County, Maryland,
Consolidated General
Improvement, GO, 6.00%,
08/01/07 2,793
2,300 Anne Arundel County, Maryland,
Consolidated General
Improvement, GO, 6.00%,
08/01/08 2,553
3,335 Maryland State Stadium Authority,
Lease, Convention Center
Expansion, Rev, 5.75%, 12/15/08 3,678
</TABLE>
See notes to financial statements.
31
<PAGE>
Chase Vista Select Intermediate Tax Free Income Fund
Portfolio of Investments February 28, 1999 (unaudited) (continued)
(amounts in thousands)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
- ------------ ------------------------------------- ---------
<S> <C> <C>
Long-Term Municipal Bonds -- (continued)
- -------------------------------------------------------------
$ 3,535 Maryland State Stadium Authority,
Lease, Convention Center
Expansion, Rev, 5.80%, 12/15/09 $3,908
6,500 Maryland State Transportation
Authority, Transportation Facilities
Project Rev, 5.80%, 07/01/06 7,225
------
20,157
------
Massachusetts -- 5.4%
5,000 Chelsea, Massachusetts, School
Project Loan Act 1948, GO,
5.90%, 06/15/08 5,576
10,360 Massachusetts Bay Transportation
Authority, General Transportation
Systems, Ser. A, Rev, 5.40%,
03/01/08@ 11,301
1,425 Massachusetts Bay Transportation
Authority, General Transportation
System, Series A, Rev, 6.00%,
03/01/06 1,594
1,000 Massachusetts Bay Transportation
Authority, General Transportation
Systems, Ser. A, Rev, 7.00%,
03/01/08 1,201
3,600 Massachusetts State Consolidated
Loan, Ser. C, GO, 6.70%,
11/01/09 4,154
3,000 Massachusetts State Housing Finance
Agency, Residential Development,
FNMA Collection, Ser. C, Rev,
6.45%, 05/15/04 3,218
3,165 Massachusetts State Ser. B, GO,
5.80%, 08/01/09 3,521
4,400 Massachusetts State Ser. B, GO,
6.50%, 08/01/08 5,161
1,320 Massachusetts State Water Research
Authority, Ser. A, Rev, 5.70%,
08/01/08 1,457
</TABLE>
See notes to financial statements.
32
<PAGE>
Chase Vista Select Intermediate Tax Free Income Fund
Portfolio of Investments February 28, 1999 (unaudited) (continued)
(amounts in thousands)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
- ------------ -------------------------------------- ---------
<S> <C> <C>
Long-Term Municipal Bonds -- (continued)
- -------------------------------------------------------------
$ 1,980 Southeastern Massachusetts University
Building Authority Project, Ser. A,
Rev, 5.90%, 05/01/09 $2,200
1,000 Southeastern Massachusetts University
Building Authority Project, Ser. A,
Rev, 5.90%, 05/01/10 1,111
------
40,494
------
Michigan -- 3.3%
3,565 Michigan State Underground Storage
Tank Final Assurance Authority,
Ser. I, Rev, 5.75%, 05/01/10 3,917
5,000 Michigan State, Underground Storage
Tank Financial Assurance
Authority, Series I, Rev, 6.00%,
05/01/04 5,495
10,000 Wayne Charter County, Michigan,
Detroit Metropolitan Wayne
County, Series A, Rev, 5.25%,
12/01/06 10,668
3,780 Wayne Charter County, Michigan,
Detroit Metropolitan Wayne
County, Series A, Rev, 5.50%,
12/01/07 4,099
------
24,179
------
Minnesota -- 1.0%
5,000 Minnesota State, GO, 6.00%,
08/01/02- 5,384
2,000 Northern Municipal Power Agency,
Minnesota Electric Systems, Ser. A,
Rev, 5.80%, 01/01/06 2,183
------
7,567
------
Mississippi -- 0.5%
3,210 Mississippi State, Capital
Improvements, Ser. B, GO, 5.25%,
11/01/07 3,455
------
</TABLE>
See notes to financial statements.
33
<PAGE>
Chase Vista Select Intermediate Tax Free Income Fund
Portfolio of Investments February 28, 1999 (unaudited) (continued)
(amounts in thousands)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
- ------------ ------------------------------------ ---------
<S> <C> <C>
Long-Term Municipal Bonds -- (continued)
- -----------------------------------------------------------
Montana -- 0.4%
$ 3,000 Montana State Board Investment,
Payroll Tax, Workers Compensation
Project, Rev, 6.50%, 06/01/03 $3,246
------
Nebraska -- 3.5%
4,700 Omaha Public Power District,
Nebraska Electric, Ser. A, Rev,
5.50%, 02/01/07 5,118
2,500 Omaha Public Power District,
Nebraska Electric, Ser. A, Rev,
6.25%, 02/01/06@ 2,715
11,000 Omaha Public Power District,
Nebraska Electric, Ser. C, Rev,
5.40%, 02/01/08@ 11,957
6,210 University of Nebraska, Facilities
Corp., Deferred Maintenance
Project, Rev, 5.00%, 07/15/08 6,567
------
26,357
------
Nevada -- 2.3%
4,415 Henderson, Nevada, Water and Sewer,
Series A GO, 5.50%, 09/01/08 4,843
1,000 Nevada State, Rev, 6.75%, 07/01/03 1,032
1,660 Nevada State, Municipal Bond Book
Project, No 20 A, GO, 7.00%,
07/01/00 1,704
1,000 Nevada State, Municipal Bond Book
Project, No 20 A, GO, 7.20%,
07/01/02 1,041
1,000 Nevada State, Municipal Bond Book,
GO, 7.20%, 11/01/04 1,094
5,000 Nevada State, Ser. A, GO, 5.60%,
07/15/06 5,406
2,000 Nevada State, Ser. C, GO, 6.50%,
05/01/05 2,269
------
17,389
------
</TABLE>
See notes to financial statements.
34
<PAGE>
Chase Vista Select Intermediate Tax Free Income Fund
Portfolio of Investments February 28, 1999 (unaudited) (continued)
(amounts in thousands)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
- --------------------------------------------------------------
<S> <C> <C>
Long-Term Municipal Bonds -- (continued)
- --------------------------------------------------------------
New Hampshire -- 1.0%
$ 1,195 New Hampshire Municipal Bond
Bank, Ser. A, Rev, 7.10%,
07/15/99 $1,213
4,535 New Hampshire Municipal Bond
Bank, Ser. C, Rev, 5.75%,
08/15/10 5,030
1,250 New Hampshire Municipal Bond
Bank, Ser. C, Rev, 5.75%,
08/15/11 1,376
------
7,619
------
New Jersey -- 1.2%
5,000 New Jersey State Transportation Trust
Fund, Transportation Systems, Ser.
A, Rev, 6.50%, 06/15/05 5,696
2,545 New Jersey Wastewater Treatment
Trust, Insured, Ser. A, Rev, 7.00%,
05/15/06 3,002
------
8,698
------
New Jersey -- 9.1%
3,245 Elizabeth, New Jersey, General
Improvement, GO, 6.25%,
08/15/08 3,682
955 New Jersey Economic Development
Authority, Market Transition
Facility, Sr. Lien, Ser. A, Rev,
5.80%, 07/01/08 1,050
8,800 New Jersey Economic Development
Authority, Market Transition
Facility, Sr. Lien, Ser. A, Rev,
5.80%, 07/01/09 9,680
2,615 New Jersey State, State Turnpike
Authority, Series G, Rev, 5.75%,
01/01/09 2,826
7,000 New Jersey State, Transportation Trust
Fund, Transportation Systems, Ser.
B, Rev, 5.50%, 06/15/09 7,607
</TABLE>
See notes to financial statements.
35
<PAGE>
Chase Vista Select Intermediate Tax Free Income Fund
Portfolio of Investments February 28, 1999 (unaudited) (continued)
(amounts in thousands)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
- --------------------------------------------------------------
<S> <C> <C>
Long-Term Municipal Bonds -- (continued)
- --------------------------------------------------------------
$ 6,455 New Jersey State, Transportation Trust
Fund Authority, Transportation
Systems, Ser. B, Rev, 6.00%,
06/15/07 $7,267
3,490 New Jersey State, Turnpike Authority,
Rev, 5.70%, 05/01/13 3,802
730 New Jersey State, Turnpike Authority,
Rev, 10.38%, 01/01/03 839
2,910 New Jersey Wastewater Treatment
Trust, Ser. A, Rev, 7.00%,
05/15/08 3,527
3,120 New Jersey Wastewater Treatment
Trust, Ser. A, Rev, 7.00%,
05/15/09 3,813
3,450 New Jersey, Wastewater Treatment
Trust, Ser. C, Rev, 5.00%,
07/01/09 3,641
4,995 New Jersey State, Wastewater
Treatment Trust, Series C, Rev,
6.25%, 05/15/05 5,626
5,520 New Jersey Wastewater Treatment
Trust, Ser. C, Rev, 6.88%,
06/15/07 6,561
10,000 New Jersey, Building Authority, State
Building, Rev, 5.75%, 06/15/09 11,136
2,000 Trenton, New Jersey, GO, 6.25%,
08/15/03 2,196
------
73,253
------
New Mexico -- 0.3%
2,075 Gallup, New Mexico, PCR, Plains
Electric Generation, Rev, 6.40%,
08/15/05 2,254
------
New York -- 21.2%
7,500 Long Island Power Authority, New
York State, Electric Systems, Rev,
5.25%, 04/01/10 8,030
</TABLE>
See notes to financial statements.
36
<PAGE>
Chase Vista Select Intermediate Tax Free Income Fund
Portfolio of Investments February 28, 1999 (unaudited) (continued)
(amounts in thousands)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
- -----------------------------------------------------------
<S> <C> <C>
Long-Term Municipal Bonds -- (continued)
- -----------------------------------------------------------
$ 4,000 Long Island Power Authority, New
York State, Series A, Rev, 5.50%,
12/01/08 $4,396
4,000 Long Island Power Authority, New
York, Electric Systems, Series A,
Rev, 5.50%, 12/01/12 4,390
4,000 Metropolitan Transportation
Authority of New York,
Transportation Facilities, Ser. J,
Rev, 6.38%, 07/01/10 4,417
5,000 Metropolitan Transportation
Authority of New York,
Transportation Facilities, Ser. K,
Rev, 6.25%, 07/01/05 5,631
2,750 Municipal Assistance Corp. New York
City, New York, Ser. E, Rev,
6.00%, 07/01/04 3,028
2,180 Municipal Assistance Corp., New
York City, New York, Ser. J, Rev,
6.00%, 07/01/05 2,423
11,020 Municipal Assistance Corp. New York
City, New York, Ser. E, Rev,
6.00%, 07/01/06 12,336
3,000 Municipal Assistance Corp. New York
City, New York, Ser. H, Rev,
5.00%, 07/01/08 3,174
2,000 Municipal Assistance Corp. New York
City, New York, Ser. N, Rev,
5.25%, 07/01/07 2,149
3,500 New York City, New York, Housing
Development Corp., Growth &
Income Sector, Residential, Royal
Charter, Rev, 9.75%, 04/01/00- 3,778
2,000 New York City, New York, IDA,
Special Facilities, Terminal One
Group Association Project, Rev,
5.50%, 01/01/02 2,076
</TABLE>
See notes to financial statements.
37
<PAGE>
Chase Vista Select Intermediate Tax Free Income Fund
Portfolio of Investments February 28, 1999 (unaudited) (continued)
(amounts in thousands)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
- ---------------------------------------------------------
<S> <C> <C>
Long-Term Municipal Bonds -- (continued)
- ---------------------------------------------------------
$ 150 New York State Dorm Authority,
Insured, St. John's University, Rev,
6.70%, 07/01/01- $ 164
8,300 New York State Dorm Authority,
State University Educational
Facilities, Series A, Rev, 5.50%,
05/15/06 8,976
2,800 New York State Dorm Authority,
State University Educational
Facilities, Series A, Rev, 5.50%,
05/15/06 3,028
3,455 New York State Dorm Authority,
State University Educational
Facilities, Series A, Rev, 6.25%,
05/15/09 3,857
1,000 New York State Dorm Authority,
State University Educational
Facilities, Series A, Rev, 7.00%,
05/15/03 1,028
770 New York State Dorm Authority, St.
John's University, Rev, 6.70%,
07/01/04 837
6,000 New York State Environmental
Facilities Corp., PCR, State Water
Revolving Fund, Ser. A, Rev,
5.75%, 06/15/08 6,685
230 New York State Environmental
Facilities Corp., PCR, State Water,
Revolving Fund, Ser. A, Rev,
6.90%, 06/15/02 250
2,000 New York State Environmental
Facilities Corp., PCR, State Water
Revolving Fund, Ser. B, Rev,
6.70%, 09/15/04 2,135
1,200 New York State Environmental
Facilities Corp., PCR, State Water
Revolving Fund, Ser. D, Rev,
6.55%, 03/15/08 1,290
</TABLE>
See notes to financial statements.
38
<PAGE>
Chase Vista Select Intermediate Tax Free Income Fund
Portfolio of Investments February 28, 1999 (unaudited) (continued)
(amounts in thousands)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
- ----------------------------------------------------------
<S> <C> <C>
Long-Term Municipal Bonds -- (continued)
- ----------------------------------------------------------
$ 4,915 New York State Housing Finance
Agency, Housing Project Mortgage,
Ser. A, Rev, 5.40%, 11/01/05 $5,213
6,000 New York State Local Government
Assistance Corp., Ser. A, Rev,
6.00%, 04/01/08 6,786
180 New York State Medical Care
Facilities Financing Agency,
Unrefunded Balance, Rev, 7.38%,
08/15/03 184
925 New York State Mortgage Agency,
Homeowner Mortgage, Ser. EE-3,
Rev, 7.70%, 10/01/10 966
400 New York State Power Authority,
General Purpose, Ser. C, Rev,
9.50%, 01/01/01 410
1,320 New York State Thruway Authority,
Highway & Bridge Trust Fund, Ser.
A, Rev, 5.30%, 04/01/07 1,420
4,000 New York State Thruway Authority,
Highway & Bridge Trust Fund, Ser.
A, Rev, 5.60%, 04/01/07 4,340
2,000 New York State Thruway Authority,
Highway & Bridge Trust Fund, Ser.
B, Rev, 6.00%, 04/01/05 2,217
5,700 New York State Thruway Authority,
Highway & Bridge Trust Fund, Ser.
B, Rev, 6.00%, 04/01/08 6,376
8,000 New York State Thruway Authority,
Service Contract, Local Highway &
Bridge Transportation, Rev, 5.00%,
04/01/02 8,254
5,000 New York State Thruway Authority,
Service Contract, Local Highway &
Bridge Transportation, Rev, 5.10%,
04/01/08 5,256
</TABLE>
See notes to financial statements.
39
<PAGE>
Chase Vista Select Intermediate Tax Free Income Fund
Portfolio of Investments February 28, 1999 (unaudited) (continued)
(amounts in thousands)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
- -----------------------------------------------------------
<S> <C> <C>
Long-Term Municipal Bonds -- (continued)
- -----------------------------------------------------------
$ 3,200 New York State Thruway Authority,
Service Contract, Local Highway &
Bridge Transportation, Rev, 5.25%,
04/01/02 $ 3,325
7,500 New York State Thruway Authority,
Service Contract, Local Highway &
Bridge Transportation, Rev, 5.25%,
04/01/03 7,851
6,000 New York State, Ser. B, GO, 5.60%,
08/15/07 6,528
5,000 New York State, Ser. B, GO, 5.70%,
08/15/10 5,465
3,910 Port Authority, New York & New
Jersey, 112th Series, Rev, 5.00%,
12/01/05 4,123
1,500 Suffolk County, New York, IDA,
Nissequogue Cogen Partners
Facility, Rev, 4.88%, 01/01/08 1,487
990 Westchester County, New York, IDA,
Resource Recovery, Resco Co.
Project, Ser. A, Rev, 5.60%,
07/01/07 1,065
-------
152,589
-------
North Dakota -- 0.8%
1,055 North Dakota State, Municipal Bond
Bank, State Revolving Fund
Program, Ser. A, Rev, 5.50%,
10/01/04 1,141
1,380 North Dakota State, Municipal Bond
Bank, State Revolving Fund
Program, Ser. A, Rev, 5.50%,
10/01/05 1,501
1,450 North Dakota State, Municipal Bond
Bank, State Revolving Fund
Program, Ser. A, Rev, 5.50%,
10/01/06 1,581
</TABLE>
See notes to financial statements.
40
<PAGE>
Chase Vista Select Intermediate Tax Free Income Fund
Portfolio of Investments February 28, 1999 (unaudited) (continued)
(amounts in thousands)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
- -------------------------------------------------------------
<S> <C> <C>
Long-Term Municipal Bonds -- (continued)
- -------------------------------------------------------------
$ 1,535 North Dakota State, Municipal Bond
Bank, State Revolving Fund
Program, Ser. A, Rev, 5.50%,
10/01/07 $1,678
------
5,901
------
Ohio -- 2.9%
4,000 Montgomery County, Ohio, Solid
Waste, Rev, 5.50%, 11/01/10 4,322
3,360 Ohio State, Building Authority, Adult
Correctional Facilities, Ser. A, Rev,
5.75%, 10/01/08 3,667
1,420 Ohio State, Building Authority, State
Facilities, Administration Building
Fund, Ser. A, Rev, 6.00%,
10/01/06 1,596
6,000 Ohio State, Turnpike Commission,
Ser. A, Rev, 5.40%, 02/15/09 6,479
4,275 Ohio State, Turnpike Commission,
Ser. A, Rev, 6.00%, 02/15/07 4,798
660 Olentangy Local School District,
Ohio, Ser. A, GO, 5.85%,
12/01/07 726
------
21,588
------
Oklahoma -- 1.3%
8,760 Oklahoma State Turnpike Authority,
Second Series, Ser. B, Rev, 5.50%,
01/01/08 9,635
------
Oregon -- 0.5%
3,500 Washington County, Oregon School
District, No. 003, Hillsboro, GO,
6.00%, 11/01/08 3,928
------
Pennsylvania -- 0.6%
3,945 Pennsylvania Infrastructure
Investment Authority, Pennvest
Loan Pool Program, Ser. A, Rev,
5.00%, 09/01/09 4,146
------
</TABLE>
See notes to financial statements.
41
<PAGE>
Chase Vista Select Intermediate Tax Free Income Fund
Portfolio of Investments February 28, 1999 (unaudited) (continued)
(amounts in thousands)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
- ------------------------------------------------------------
<S> <C> <C>
Long-Term Municipal Bonds -- (continued)
- ------------------------------------------------------------
Puerto Rico -- 2.5%
$ 10,000 Puerto Rico Commonwealth, GO,
5.50%, 07/01/08@ $11,061
5,500 Puerto Rico Commonwealth, GO,
5.50%, 07/01/09 6,090
1,595 Puerto Rico Industrial Medical &
Environmental PCFA, Renasa Inc.,
Squibb Corp. Project, Rev, 6.50%,
07/01/04 1,637
-------
18,788
-------
Rhode Island -- 0.7%
5,000 Rhode Island State, Ser. A, GO,
6.10%, 06/15/03 5,447
-------
Tennessee -- 0.1%
660 Shelby County, Tennessee, School
Bonds, GO, 5.63%, 03/01/07 703
-------
Texas -- 4.5%
25 Houston, Texas, Water & Sewer
Systems, Ser. B, Rev, 6.40%,
12/01/02- 28
4,975 Houston, Texas, Water & Sewer
Systems, Ser. B, Rev, 6.40%,
12/01/09 5,507
3,650 North East Independent School
District, Texas, GO, 5.25%,
10/01/07 3,929
5,300 North East Independent School
District, Texas, GO, 6.50%,
10/01/09 6,254
4,000 San Antonio, Texas, GO, 8.00%,
08/01/01 4,411
7,500 Texas State, Ser. A, GO, 6.00%,
10/01/09@ 8,583
3,000 Texas Water Development Board,
State Revolving Fund, Senior Lien,
Ser. A, Rev, 5.25%, 07/15/09 3,220
</TABLE>
See notes to financial statements.
42
<PAGE>
Chase Vista Select Intermediate Tax Free Income Fund
Portfolio of Investments February 28, 1999 (unaudited) (continued)
(amounts in thousands)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
- ------------ --------------------------------------- ---------
<S> <C> <C>
Long-Term Municipal Bonds -- (continued)
- ---------------------------------------------------------------
$ 1,320 Texas Water Development Board,
State Revolving Fund, Senior Lien,
Rev, 6.20%, 07/15/05 $1,440
------
33,372
------
Utah -- 0.6%
3,915 Utah State Building Ownership
Authority, State Facilities Master
Lease Program, Ser. C, Rev, 5.50%,
05/15/08 4,275
------
Vermont -- 2.2%
4,100 Burlington, Vermont, Electric, Ser. A,
Rev, 6.38%, 07/01/09 4,782
3,475 Vermont Municipal Bond Book, Ser.
1, Rev, 5.40%, 12/01/07 3,786
3,510 Vermont State, Ser. A, GO, 6.40%,
01/15/08 4,018
3,510 Vermont State, Ser. A, GO, 6.50%,
01/15/09 4,036
------
16,622
------
Virgin Islands -- 1.2%
5,000 Virgin Islands Public Finance
Authority, Series C, Rev, 5.50%,
10/01/06 5,295
3,070 Virgin Islands Water & Power
Authority Electric System, Rev,
5.25%, 07/01/07 3,255
------
8,550
------
Virginia -- 0.8%
5,515 Chesapeake Bay Bridge & Tunnel
Commonwealth of Virginia,
General Resolution, Rev, 5.75%,
07/01/08 6,094
------
</TABLE>
See notes to financial statements.
43
<PAGE>
Chase Vista Select Intermediate Tax Free Income Fund
Portfolio of Investments February 28, 1999 (unaudited) (continued)
(amounts in thousands)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
- -----------------------------------------------------------
<S> <C> <C>
Long-Term Municipal Bonds -- (continued)
- -----------------------------------------------------------
Washington -- 2.7%
$ 4,340 Grant County, Washington, Public
Utilities District No. 002, Electric,
Ser. G, Rev, 5.25%, 01/01/08 $ 4,647
1,800 Snohomish County, Washington, Ser.
A, GO, 6.00%, 12/01/05 2,011
12,000 Washington State, GO, 5.75%,
09/01/07 13,402
-------
20,060
-------
Wisconsin -- 2.3%
4,355 Milwaukee, Wisconsin, Metropolitan
Sewer District, Ser. A, GO, 5.50%,
10/01/08 4,802
3,585 Wisconsin State, Clean Water, Ser. 2,
Rev, 6.13%, 06/01/06 4,038
2,790 Wisconsin State, Transportation, Ser.
A, Rev, 5.00%, 07/01/08 2,941
5,170 Wisconsin State, Transportation, Ser.
B, Rev, 5.25%, 07/01/09 5,549
-------
17,330
-------
Total Long Term Municipal Bonds
(Cost $677,566) 713,858
- -----------------------------------------------------------
</TABLE>
See notes to financial statements.
44
<PAGE>
Chase Vista Select Intermediate Tax Free Income Fund
Portfolio of Investments February 28, 1999 (unaudited) (continued)
(amounts in thousands)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
- ---------------------------------------------------------------------
<S> <C> <C>
Short Term Investments -- 5.5%
- ---------------------------------------------------------------------
Floating Rate Demand Notes -- 2.5%
$ 1,400 Harris County, Texas, Health Facilities
Development Corp., St. Luke's
Episcopal Hospital, Ser. A, Rev,
3.35%, 03/01/99 $1,400
6,000 Maricopa County, Arizona, Pollution
Control Corp., PCR, Arizona
Public Service Co., Ser. D, Rev,
3.10%, 03/01/99 6,000
3,800 Michigan State, Strategic Fund
Limited Obligation, Reserve 1, Rev,
3.15%, 03/01/99 3,800
2,700 Princeton, Indiana, PCR, PSI Energy
Inc. Project, Rev, 3.20%, 03/01/99 2,700
1,000 Sabine River Authority, Texas, PCR,
Collective Utilities Electric Co.,
Ser. B, Rev, 3.60%, 03/01/99 1,000
1,600 South Fork, Municipal Authority,
Pennsylvania Hospital, Conemaugh
Health Systems, Ser. A, Rev,
3.25%, 03/01/99 1,600
2,300 West Jefferson, Alabama, Industrial
Development Board, PCR,
Alabama Power Co., Project, Rev,
3.15%, 03/01/99 2,300
------
Total Floating Rate Demand Notes
(Cost $18,800) 18,800
- ---------------------------------------------------------------------
Shares
- ---------------------------------------------------------------------
Money Market Funds -- 3.0%
12,570 Provident Municipal Cash Money
Market Fund 12,570
9,552 Provident Municipal Money Market
Fund 9,552
------
Total Money Market Funds
(Cost $22,122) 22,122
- ---------------------------------------------------------------------
</TABLE>
See notes to financial statements.
45
<PAGE>
Chase Vista Select Intermediate Tax Free Income Fund
Portfolio of Investments February 28, 1999 (unaudited) (continued)
(amounts in thousands)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
- -------------------------------------------------
<S> <C> <C>
Total Short Term Investments
(Cost $40,922) 40,922
- -------------------------------------------------
Total Investments -- 101.4%
(Cost $718,488) $754,780
- -------------------------------------------------
</TABLE>
Index
- ---The maturity date shown is the date of the prerefunded call.
@--All or a portion of this security is segregated.
COP--Certificate of Participation.
Dorm--Dormitory
Floating Rate Demand Note--The maturity date shown is the next interest reset
date; the rate shown is the rate in effect at February 28, 1999.
FNMA--Federal Noational Mortgage Association.
GO--General Obligation Bond.
IDA--Industrial Development Agency.
PCR--Pollution Control Revenue.
PCFA--Pollution Control Finance Authority.
Rev.--Revenue Bond
See notes to financial statements.
46
<PAGE>
Chase Vista Select
New York Intermediate Tax Free Income Fund
as of February 28, 1999
(unaudited)
Fund Facts
<TABLE>
<S> <C>
Objective Income exempt from federal, New York
state and New York City taxes*
Primary investments New York municipal bonds
Suggested investment time frame 3-5 years minimum
Market benchmark Lehman Municipal Bond Index
Lipper Funds category New York Intermediate Municipal Debt
Funds Average
Inception date 1/1/97
Newspaper symbol NY TF
Net assets $300 Million
Average maturity 9.9 years
Average duration 6.1 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.
Average Maturity/Quality
+---+---+---+
| | X | |
+---+---+---+
| | | |
+---+---+---+
| | | |
+---+---+---+
Source: Morningstar
47
<PAGE>
Chase Vista Select
New York Intermediate Tax Free Income Fund
as of February 28, 1999
(unaudited)
How the Fund Performed
Chase Vista Select New York Intermediate Tax Free Income Fund, which seeks to
provide triple tax-exempt income through a portfolio of higher-quality, longer
term municipal bonds, had a total return of 2.50% for the six-month period
ended February 28, 1999 (Class A shares, without sales charge). This compares
to a return of 2.31% for the Lipper New York Intermediate Municipal Debt Funds
Average and 2.62% for the unmanaged Lehman Municipal Bond Index.
How the Fund Was Managed
The six-month period ended February 28, 1999 was punctuated by market
volatility and a slight upward move in interest rates. During that time frame,
the yield on the 30-year Treasury bond, the key benchmark of long-term interest
rate activity, rose from 5.34% to 5.57%.
Early in the period, the Fund benefited from management's decision to lengthen
the portfolio's average maturity. Thanks to the economic and currency crisis in
Russia, interest rates fell sharply during September and part of October,
sending bond prices markedly higher.
Another strategy that helped performance was management's decision to shorten
the Fund's average maturity prior to a sharp upturn in interest rates in
February. The rise in rates was due to a spate of stronger-than-expected
economic data, which included low unemployment, high consumer confidence and
the most benign inflation rate in roughly 30 years.
The main detractor from performance occurred late in 1998 when New York
municipal bonds came under pressure due to high new issue supply volume.
For the period, the Fund emphasized high-quality securities and maintained a
relatively neutral weighting in Puerto Rico general obligation bonds and other
U.S. territorial paper, both of which are exempt from federal income taxes as
well as New York City and New York State income taxes.
Where the Fund May Be Headed
Looking ahead, we expect interest rates to remain in a trading range. While the
economy may continue to show strength, we believe the lingering threat of
further economic troubles outside the U.S. will keep rates from rising
significantly. Additionally, the inflationary environment remains subdued.
Given this forecast, we intend to view any meaningful upturn in rates as
potential buying opportunities. As always, we will continue to strive to
provide shareholders with a relatively attractive current yield while
emphasizing a diversified portfolio among securities with high credit
characteristics.
48
<PAGE>
Chase Vista Select
New York Intermediate Tax Free Income Fund
as of February 28, 1999
(unaudited)
How Much of the Fund Was Invested
[PIE CHART OMITTED]
Investments 98.7%
Cash/Other 1.3%
Average Annual Total Returns
This table shows the average annual total returns. This is where you can see the
Fund's short-term performance, which, as with the stock markets, tends to be
more volatile than the long-term trend.
<TABLE>
<CAPTION>
1 Year 5 Years 10 Years
------ ------- --------
<S> <C> <C> <C>
6.26% 5.74% 7.55%
</TABLE>
Source: Lipper Analytical Services, Inc. Past performance is not predictive of
future performance. Investment return and principal value will fluctuate with
market conditions. When shares are redeemed, they may be worth more or less
than their original cost.
The quoted performance of Chase Vista Select New York Intermediate Tax Free
Income Fund includes performance of a predecessor account for the period dating
back to 2/28/89 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.
49
<PAGE>
Chase Vista Select
New York Intermediate Tax Free Income Fund
as of February 28, 1999
(unaudited)
10-Year Performance
This chart shows what the long-term growth would have been of a hypothetical
$10,000 investment in the Chase Vista Select New York Intermediate Tax Free
Income Fund compared to its key benchmarks. This is where you see the Fund's
long-term trend. This chart is for illustrative purposes only.
[LINE CHART OMITTED]
[PLOT POINTS FOR LINE GRAPH]
Chase Vista Select
New York Intermediate
Tax Free Lehman Muni Lipper New York
Date Income Fund Bond Index Intermediate
2/28/89 10000.00 10000.00 10000.00
2/28/90 10990.11 11025.88 10799.49
2/28/91 12094.55 12042.41 11671.57
2/29/92 13065.03 13245.89 12645.67
2/28/93 14990.65 15070.88 14147.97
2/28/94 15664.35 15903.81 14781.20
2/28/95 15708.43 16203.92 14984.31
2/29/96 17335.39 17994.53 16307.31
2/28/97 18040.45 18986.03 16970.04
2/28/98 19490.50 20724.61 18215.17
2/28/99 20711.29 21998.88 18861.82
Source: Lipper Analytical Services, Inc. Past performance is not predictive of
future performance. Investment return and principal value will fluctuate with
market conditions. When shares are redeemed, they may be worth more or less than
their original cost.
Any capital gain on the principal investment is subject to Federal income tax.
Some investors may also be subject to the Federal Alternative Minimum Tax and
certain state and local taxes.
This chart illustrates comparative performance for $10,000 invested in shares of
Chase Vista Select New York Intermediate Tax Free Income Fund, the Lehman
Municipal Bond Index and the Lipper New York Intermediate Municipal Debt Funds
Average for the ten years ended February 28, 1999. 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 17 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 2/28/89 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.
50
<PAGE>
Chase Vista Select New York Tax Free Income Fund
Portfolio of Investments February 28, 1999 (unaudited)
(amounts in thousands)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
- -----------------------------------------------------------
<S> <C> <C>
Long-Term Municipal Bonds -- 96.9%
- -----------------------------------------------------------
$ 2,000 Albany County, New York, Airport
Authority, Rev, 5.30%, 12/15/15 $2,063
1,120 Allegany County, New York, IDA,
Alfred University Civic Facility,
Rev, 5.25%, 08/01/11 1,197
2,000 Battery Park City Authority, New
York, Ser. A, Rev, 5.50%, 11/01/26 2,101
1,150 Broome County, New York, GO,
7.13%, 03/01/99 1,151
1,250 Dutchess County, New York Resource
Recovery Agency, Solid Waste
Management, Ser. A, Rev, 7.50%,
01/01/09 1,320
2,000 Erie County, New York Water
Authority Improvement &
Extension, Rev, 5.75%, 12/01/08 2,148
250 Erie County, New York, GO, 4.75%,
11/01/13 249
885 Erie County, New York, Public
Improvement, GO, 6.00%,
01/15/05 954
855 Erie County, New York, Ser. B, GO,
6.00%, 03/15/06 924
6,700 Long Island Power Authority, New
York, Electric Systems, Rev, 5.00%,
04/01/09 7,064
7,500 Long Island Power Authority, New
York, Electric Systems, Rev, 5.13%,
04/01/11 7,897
2,500 Long Island Power Authority, New
York, Electric Systems, Rev, 5.25%,
04/01/10 2,677
1,100 Longwood Central School District at
Middle Island, New York, GO,
4.75%, 06/15/10 1,135
1,055 Longwood Central School District at
Middle Island, New York, GO,
4.80%, 06/15/11 1,083
</TABLE>
See notes to financial statements.
51
<PAGE>
Chase Vista Select New York Tax Free Income Fund
Portfolio of Investments February 28, 1999 (unaudited) (continued)
(amounts in thousands)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
- -------------------------------------------------------------
<S> <C> <C>
Long-Term Municipal Bonds -- (continued)
- -------------------------------------------------------------
$ 1,315 Longwood Central School District at
Middle Island, New York, GO,
4.80%, 06/15/13 $1,328
250 Metropolitan Transit Authority, New
York, Transportation Facilities, Ser.
C, Rev, 4.75%, 07/01/16 244
5,000 Metropolitan Transit Authority, New
York, Transportation Facilities, Ser.
C, Rev, 5.25%, 07/01/10 5,368
500 Metropolitan Transportation
Authority of New York, Commuter
Facilities, Ser. B, Rev, 6.10%,
07/01/09 574
1,500 Metropolitan Transportation
Authority of New York, Service
Contract, Commuter Facilities, Ser.
O, Rev, 5.10%, 07/01/00 1,533
2,000 Metropolitan Transportation
Authority, New York, Dedicated
Tax Fund, Ser. A, Rev, 5.50%,
04/01/16 2,105
100 Monroe County, New York, Public
Improvement, GO, 6.00%,
03/01/01- 105
4,500 Monroe County, New York, Public
Improvement, GO, 6.00%,
03/01/01- 4,726
1,230 Monroe County, New York, Public
Improvement, Ser. A, GO, 6.00%,
03/01/12 1,409
1,000 Monroe County, New York, Public
Improvement, Ser. A, GO, 6.00%,
03/01/18 1,138
1,000 Monroe County, New York, Public
Improvement, Ser. A, GO, 6.00%,
03/01/19 1,138
</TABLE>
See notes to financial statements.
52
<PAGE>
Chase Vista Select New York Tax Free Income Fund
Portfolio of Investments February 28, 1999 (unaudited) (continued)
(amounts in thousands)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
- ------------------------------------------------------------
<S> <C> <C>
Long-Term Municipal Bonds -- (continued)
- ------------------------------------------------------------
$ 2,400 Municipal Assistance Corp. for City
of New York, New York, Ser. E,
Rev, 6.00%, 07/01/05 $2,668
6,740 Municipal Assistance Corp. for City
of New York, New York, Ser. E,
Rev, 6.00%, 07/01/06 7,545
1,400 New York City, New York, Municipal
Assistance Corp., Ser. G, Rev,
5.00%, 07/01/03 1,468
6,500 Municipal Assistance Corp. for City
of New York, New York, Ser. G,
Rev, 6.00%, 07/01/08 7,370
3,500 Municipal Assistance Corp. for City
of New York, New York, Ser. I,
Rev, 6.25%, 07/01/08 4,035
2,000 Nassau County, New York, General
Improvements, Ser. Q, GO,
5.20%, 08/01/12 2,115
1,800 Nassau County, New York, General
Improvement, Ser. R, GO, 5.13%,
11/01/03 1,904
2,010 Nassau County, New York, IDA,
Civic Facilities, Hofstra University
Project Rev, 5.00%, 07/01/03 2,111
1,705 Nassau County, New York, IDA,
Civic Facilities, Hofstra University
Project Rev, 5.00%, 07/01/06 1,808
4,740 Nassau County, New York, IDA,
Civic Facilities, Hofstra University
Project Rev, 5.25%, 07/01/09 5,109
1,750 New York City, New York Trust
Cultural Resources, Museum of
Modern Art, Ser. A, Rev, 5.40%,
01/01/12 1,856
2,000 New York City, New York, Municipal
Water Finance Authority, Series B,
Rev, 5.50%, 06/15/27 2,098
</TABLE>
See notes to financial statements.
53
<PAGE>
Chase Vista Select New York Tax Free Income Fund
Portfolio of Investments February 28, 1999 (unaudited) (continued)
(amounts in thousands)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
- ---------------------------------------------------------
<S> <C> <C>
Long-Term Municipal Bonds -- (continued)
- ---------------------------------------------------------
$ 505 New York City, New York, City
Municipal Water Financing
Authority Water & Sewer Systems,
Ser. A, Rev, 7.00%, 06/15/01- $ 550
495 New York City, New York, City
Municipal Water Financing
Authority Water & Sewer Systems,
Unrefunded Balance, Ser. A, Rev,
7.00%, 06/15/09 537
1,000 New York City, New York, IDA, Civil
Facilities, New School for Social
Research, Ser. A, Rev, 5.75%,
09/01/15 1,077
885 New York City, Escrowed to Maturity,
Ser. H, GO, 6.88%, 02/01/02- 965
1,245 New York City, GO, 5.25%,
03/01/09 1,331
475 New York City, Ser. A, GO, 6.38%,
08/01/02- 523
1,025 New York City, Ser. A, GO, 6.38%,
08/01/05 1,116
500 New York City, Ser. C, GO, 6.10%,
08/01/02 536
60 New York City, Ser. D, GO, 7.65%,
02/01/06 67
2,500 New York City, Ser. E, GO, 6.00%,
08/01/07 2,804
240 New York City, Ser. F, GO, 8.25%,
11/15/02 270
2,500 New York City, Ser. G, GO, 5.75%,
02/01/04 2,693
115 New York City, Unrefunded Balance,
Ser. H, GO, 6.88%, 02/01/02- 125
440 New York City, Ser. H, GO, 7.00%,
02/01/02- 486
60 New York City, Ser. H, GO, 7.00%,
02/01/06 66
</TABLE>
See notes to financial statements.
54
<PAGE>
Chase Vista Select New York Tax Free Income Fund
Portfolio of Investments February 28, 1999 (unaudited) (continued)
(amounts in thousands)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
- ---------------------------------------------------------
<S> <C> <C>
Long-Term Municipal Bonds -- (continued)
- ---------------------------------------------------------
$ 965 New York City, Ser. H, GO, 7.10%,
02/01/02- $1,070
35 New York City, Ser. H, GO, 7.10%,
02/01/12 38
2,000 New York State Dorm Authority, City
University System Consolidation,
Ser. B, Rev, 5.75%, 07/01/07 2,240
2,500 New York State Dorm Authority, City
University Systems, 3rd General
Reserve, Ser. 2, Rev, 5.38%,
07/01/13 2,646
2,000 New York State Dorm Authority, City
University Systems Consolidation,
3rd Generation, Ser. 1, Rev,
5.25%, 07/01/08 2,144
3,000 New York State Dorm Authority, City
University Systems, 3rd General
Reserve, Ser. 2, Rev, 5.50%,
07/01/16 3,161
3,120 New York State Dorm Authority, City
University Systems, Consolidated,
Ser. D, Rev, 7.00%, 07/01/09 3,702
2,470 New York State Dorm Authority, City
University Systems Consolidation,
Ser. D, Rev, 7.00%, 07/01/09 2,870
1,545 New York State Dorm Authority, City
University, Ser. B, Special
Obligations, Rev, 5.75%, 07/01/06 1,702
1,000 New York State Dorm Authority,
Fordham University, Rev, 7.20%,
07/01/05 1,071
1,680 New York State Dorm Authority,
Hospital Special Surgery, Rev,
4.90%, 08/01/11 1,718
1,690 New York State Dorm Authority,
Hospital Special Surgery, Rev,
5.00%, 08/01/12 1,731
</TABLE>
See notes to financial statements.
55
<PAGE>
Chase Vista Select New York Tax Free Income Fund
Portfolio of Investments February 28, 1999 (unaudited) (continued)
(amounts in thousands)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
- -----------------------------------------------------------
<S> <C> <C>
Long-Term Municipal Bonds -- (continued)
- -----------------------------------------------------------
$ 1,000 New York State Dorm Authority,
Memorial Sloan Kittering Cancer
Center, Rev, 5.50%, 07/01/09 $1,092
2,750 New York State Dorm Authority,
New York University, Rev, 6.38%,
07/01/07 2,970
2,000 New York State Dorm Authority,
New York University, Series A, Rev,
5.75%, 07/01/09 2,244
1,000 New York State Dorm Authority,
New York University, Series A, Rev,
5.75%, 07/01/15 1,113
2,015 New York State Dorm Authority,
Rockefeller University, Rev, 5.00%,
07/01/12 2,098
2,065 New York State Dorm Authority,
State Service Contract, Albany
County, Rev, 5.25%, 04/01/12 2,153
840 New York State Dorm Authority,
State Service Contract, Albany
County, Rev, 5.50%, 04/01/08 907
2,380 New York State Dorm Authority,
State University Educational
Facilities, Ser. A, Rev, 5.50%,
05/15/06 2,596
1,000 New York State Dorm Authority,
State University Educational
Facilities, Ser. A, Rev, 5.25%,
01/15/11 1,064
3,500 New York State Dorm Authority,
State University Educational
Facilities, Ser. A, Rev, 5.50%,
05/15/10 3,809
1,250 New York State Dorm Authority,
State University Educational
Facilities, Ser. A, Rev, 7.30%,
05/15/00 1,309
</TABLE>
See notes to financial statements.
56
<PAGE>
Chase Vista Select New York Tax Free Income Fund
Portfolio of Investments February 28, 1999 (unaudited) (continued)
(amounts in thousands)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
- ----------------------------------------------------------
<S> <C> <C>
Long-Term Municipal Bonds -- (continued)
- ----------------------------------------------------------
$ 2,000 New York State Dorm Authority,
State University Educational
Facilities, Ser.C, Rev, 7.38%,
05/15/10 $2,416
1,000 New York State Dorm Authority, St.
Agnes Hospital, Ser. A, Rev,
5.10%, 02/15/10 1,038
1,000 New York State Dorm Authority, St.
Agnes Hospital, Ser. A, Rev,
5.20%, 02/15/11 1,040
1,400 New York State Dorm Authority, The
New York Presbyterian Hospital,
Rev, 5.50%, 08/01/04 1,504
1,000 New York State Dorm Authority,
Vassar College, Rev, 7.10%,
07/01/00- 1,070
1,000 New York State Dorm Authority,
Vassar College, Rev, 7.13%,
07/01/00- 1,070
5,000 New York State Energy Research &
Development Authority, PCR, New
York State Electric & Gas Corp.,
Ser. E, Rev, 5.90%, 12/01/06 5,613
7,000 New York State Environmental
Facilities Corp., PC, State Water
Revolving Fund, New York City
Municipal Water Authority, Rev,
5.75%, 06/15/12@ 7,838
720 New York State Environmental
Facilities Corp., PC, State Water,
Revolving Fund, Ser. A, Rev,
7.25%, 06/15/10 788
2,000 New York State Environmental
Facilities Corp., PC, State Water,
Sub-Revolving Fund, Ser. E, Rev,
5.50%, 06/15/04 2,159
</TABLE>
See notes to financial statements.
57
<PAGE>
Chase Vista Select New York Tax Free Income Fund
Portfolio of Investments February 28, 1999 (unaudited) (continued)
(amounts in thousands)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
- ------------------------------------------------------------
<S> <C> <C>
Long-Term Municipal Bonds -- (continued)
- ------------------------------------------------------------
$ 5,415 New York State Environmental
Facilities Corp., PC, State Water,
Sub-Revolving Fund, Ser. E, Rev,
6.00%, 06/15/12@ $6,215
835 New York State Housing Finance
Agency, Rev, 8.00%, 11/01/19- 915
1,725 New York State Housing Finance
Agency, Health Facilities, Monroe
County, Ser. A, Rev, 7.63%,
05/01/05 1,867
650 New York State Housing Finance
Agency, Service Contract
Obligation, Ser. A, Rev, 7.38%,
09/15/02- 730
1,550 New York State Housing Finance
Agency, State University
Construction, Ser. A, Rev, 8.00%,
05/01/11 2,025
165 New York State Housing Finance
Agency, Unrefunded Balance, Rev,
8.00%, 11/01/08 177
5,000 New York State Local Government
Assistance Corp., Ser. A, Rev,
5.25%, 04/01/14 5,238
2,000 New York State Local Government
Assistance Corp., Ser. A, Rev,
6.00%, 04/01/07 2,238
360 New York State Medical Care
Facilities Financing Agency, Rev,
7.70%, 08/15/00- 390
195 New York State Medical Care
Facilities Financing Agency, 1995,
Ser. C, Rev, 5.40%, 08/15/05 205
865 New York State Medical Care
Facilities Financing Agency, Project
A, Rev, 5.40%, 08/15/04 925
</TABLE>
See notes to financial statements.
58
<PAGE>
Chase Vista Select New York Tax Free Income Fund
Portfolio of Investments February 28, 1999 (unaudited) (continued)
(amounts in thousands)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
- -----------------------------------------------------------
<S> <C> <C>
Long-Term Municipal Bonds -- (continued)
- -----------------------------------------------------------
$ 165 New York State Medical Care
Facilities Financing Agency,
Unrefunded Balance, Rev, 7.70%,
08/15/03 $ 178
5,400 New York State Mortgage Agency,
Ser. 19, Rev, 4.45%, 10/01/15 5,402
3,400 New York State Municipal Bond
Bank Agency, Special Program,
Rochester, Ser. A, Rev, 6.63%,
03/15/06 3,728
5,000 New York State Thruway Authority,
General, Ser. D, Rev, 5.25%,
01/01/21 5,053
15,000 New York State Thruway Authority,
Service Contract, Local Highway &
Bridge, Ser. B, Rev, 5.38%, 04/01/14 15,783
1,000 New York State, GO, 2.75%, 07/01/04 948
1,000 New York State, GO, 7.10%, 03/01/05 1,089
600 New York State, GO, 7.50%, 11/15/00 641
5,000 New York State, Ser. F GO, 5.25%,
09/15/11 5,329
3,000 New York State, Special Bonds, GO,
7.00%, 11/15/03 3,244
1,500 New York State, Special Bonds, GO,
7.10%, 11/15/04 1,624
1,000 New York State, Special Bonds, GO,
7.13%, 11/15/06 1,083
1,045 Oneida County, New York, GO,
5.50%, 03/15/11 1,143
2,105 Puerto Rico Commonwealth,
Highway & Transportation
Authority, Ser, 2, Rev, 6.25%,
07/01/07 2,427
2,000 Puerto Rico Commonwealth, Public
Improvements, GO, 5.00%,
07/01/05 2,108
</TABLE>
See notes to financial statements.
59
<PAGE>
Chase Vista Select New York Tax Free Income Fund
Portfolio of Investments February 28, 1999 (unaudited) (continued)
(amounts in thousands)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
- -------------------------------------------------------------
<S> <C> <C>
Long-Term Municipal Bonds -- (continued)
- -------------------------------------------------------------
$ 3,400 Puerto Rico Electric Power Authority,
Ser. DD, Rev, 5.25%, 07/01/14 $3,587
5,000 Puerto Rico Electric Power Authority,
Ser. GG, Rev, 5.13%, 07/01/16@ 5,164
2,795 Puerto Rico Electric Power Authority,
Ser. X, Rev, 5.25%, 07/01/14 2,949
1,800 Puerto Rico Electric Power Authority,
Ser. X, Rev, 6.00%, 07/01/11 1,977
2,180 Rochester, New York, Ser. A, GO,
5.70%, 08/15/04 2,382
1,000 Suffolk County, New York, IDA,
Nissequogue Cogen Partners
Facility, Rev, 5.30%, 01/01/13 998
5,000 Suffolk County, New York, Southwest
Sewer District, GO, 6.00%, 02/01/05 5,529
1,065 Sullivan County, New York, Public
Improvement, GO, 5.00%, 03/15/08 1,111
1,525 Taconic Hills, New York, Central
School District at Craryville, GO,
4.35%, 06/15/04 1,563
1,250 Taconic Hills, New York, Central
School District at Craryville, GO,
4.35%, 06/15/05 1,279
1,650 Taconic Hills, New York, Central
School District at Craryville, GO,
4.35%, 06/15/06 1,683
7,125 Triborough Bridge & Tunnel
Authority, New York, General
Purpose, Ser. Y, Rev, 6.00%,
01/01/12 8,144
2,000 Triborough Bridge & Tunnel
Authority, New York, Series A, Rev,
5.25%, 01/01/10 2,138
1,000 Triborough Bridge & Tunnel
Authority, New York, Series B, Rev,
5.00%, 01/01/20 1,005
</TABLE>
See notes to financial statements.
60
<PAGE>
Chase Vista Select New York Tax Free Income Fund
Portfolio of Investments February 28, 1999 (unaudited) (continued)
(amounts in thousands)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
- ----------------------------------------------------------------
<S> <C> <C>
Long-Term Municipal Bonds -- (continued)
- ----------------------------------------------------------------
$ 1,000 Virgin Islands, Public Finance
Authority, Series C, Rev, 5.00%,
10/01/00 $ 1,018
2,000 Virgin Islands, Public Finance
Authority, Series C, Rev, 5.00%,
10/01/01 2,046
3,075 Virgin Islands, Public Finance
Authority, Series C, Rev, 5.00%,
10/01/02 3,158
--------
Total Long Term Municipal Bonds
(Cost $278,564) 291,179
- ----------------------------------------------------------------
Short Term Investments -- 2.1%
- ----------------------------------------------------------------
Floating Rate Demand Note -- 0.1%
390 New York State Job Development
Authority, Special Purpose Ser. A-1
through A-25, Rev, 3.30%, 03/01/99
(Cost $390) 390
--------
Shares
Money Market Fund -- 2.0%
5,972 Provident New York Money
Market Fund
(Cost $5,972) 5,972
- ----------------------------------------------------------------
Total Short Term Investments
(Cost $6,362) 6,362
- ----------------------------------------------------------------
Total Investments -- 99.0%
(Cost $284,926) $297,541
- ----------------------------------------------------------------
</TABLE>
Index:
- ---The maturity date shown is the date of the prerefunded call.
@--All or a portion of this security is segregated.
Dorm--Dormitory
Floating Rate Demand Note--The maturity date shown is the next interest reset
date; the rate shown is the rate in effect at February 28, 1999.
GO--General Obligation Bond.
IDA--Industrial Development Agency.
PC--Pollution Control.
PCR--Pollution Control Revenue.
Rev.--Revenue Bond
See notes to financial statements.
61
<PAGE>
Chase Vista Select
New Jersey Tax Free Income Fund
as of February 28, 1999
(unaudited)
Fund Facts
<TABLE>
<S> <C>
Objective Income exempt from federal and New
Jersey state taxes*
Primary investments New Jersey municipal bonds
Suggested investment time frame 3-5 years minimum
Market benchmark Lehman Municipal Bond Index
Lehman 7 Year Municipal Bond Index
Lipper Funds Category Lipper New Jersey Municipal Debt Funds
Average
Inception date 1/1/97
Newspaper symbol NJ TF
Net assets $70 Million
Average maturity 12.1 years
Average duration 6.5 years
Average quality Aa/AA
</TABLE>
* A portion of the Fund's income may be subject to the Alternative Minimum Tax,
and some investors may be subject to certain state and local taxes.
Average Maturity/Quality
[BOX CHART OMITTED]
+---+---+---+
| | X | |
+---+---+---+
| | | |
+---+---+---+
| | | |
+---+---+---+
Source: Morningstar
62
<PAGE>
Chase Vista Select
New Jersey Tax Free Income Fund
as of February 28, 1999
(unaudited)
How the Fund Performed
Chase Vista Select New Jersey Tax Free Income Fund, which seeks to provide
monthly dividends excluded from gross income for federal tax purposes and
exempt from New Jersey personal income tax, had a total return of 2.27% for the
six-month period ended February 28, 1999. This compares to a return of 1.97%
for the Lipper New Jersey Municipal Debt Funds Average and 2.83% for the Lehman
7 Year Municipal Bond Index.
How the Fund Was Managed
The period was highlighted by increased market volatility and a slight upward
move in interest rates. For the six months ended February 28, 1999, the yield
on the 10-year Treasury bond, a key benchmark of intermediate-term interest
rate activity, rose from 5.06% to 5.28%.
Generally good performance from the Fund's New Jersey bond holdings were largely
responsible for performance. Adding slightly to our investment results was the
Fund's exposure to Puerto Rico general obligation bonds and other U.S.
territorial paper, both of which are exempt from federal income taxes and New
Jersey state income tax.
The New Jersey bond market continued to benefit from generally weak supply.
This condition has existed for some time in New Jersey because most
municipalities within the state met their financing needs during favorable
interest-rate environments earlier in this decade.
Specific strategies added to the Fund's investment results. Early in the
period, we maintained a slightly higher-than-average maturity in anticipation
that rates would decline. This strategy proved successful, as rates fell
sharply due to concerns over a major slowdown in global economic growth ignited
by the Russian financial crisis.
Our decision to extend the Fund's average maturity late in the period also
contributed positively to performance. In February rates rose sharply on
unexpected economic strength, which included the best consumer confidence
report ever and the most robust Gross Domestic Product (for the fourth quarter
of 1998) in more than two years.
Where the Fund May Be Headed
Looking ahead, we continue to have a favorable outlook for the New Jersey bond
market. Barring a significant decline in interest rates, supply is likely to
remain favorable. Additionally, inflation continues to be under control and the
economy, while strong, is unlikely to push rates markedly higher as long as the
possibility of further economic tremors from outside the U.S. persist.
That said, we intend to maintain our current strategy, emphasizing high-quality
bonds that meet our strict criteria for investment.
63
<PAGE>
Chase Vista Select
New Jersey Tax Free Income Fund
as of February 28, 1999
(unaudited)
How Much of the Fund Was Invested
[PIE CHART OMITTED]
Investments 98.9%
Cash/Other 1.1%
Average Annual Total Returns
This table shows the average annual total returns. This is where you can see the
Fund's short-term performance, which, as with the stock markets, tends to be
more volatile than the long-term trend.
<TABLE>
<CAPTION>
<S> <C> <C> <C>
Since Inception
1 Year 5 Years (5/1/90)
------ ------- ---------------
5.83% 5.48% 6.63%
</TABLE>
Source: Lipper Analytical Services, Inc. Past performance is not predictive of
future performance. Investment return and principal value will fluctuate with
market conditions. When shares are redeemed, they may be worth more or less
than their original cost.
The quoted performance of Chase Vista Select New Jersey Tax Free Income Fund
includes performance of a predecessor account for the period dating back to
5/1/90 and prior to the Fund's commencement of operations on 1/1/97. Returns
are adjusted to reflect historical expenses at the levels indicated (absent
reimbursements) in the Expense Summary for the Fund as disclosed in the
Prospectus. The account was not registered with the Securities and Exchange
Commission and, therefore, was not subject to the investment restrictions
imposed by law on registered mutual funds. If the account had been registered,
the account's performance may have been adversely affected. Also, the Fund is
currently waiving certain fees. This voluntary waiver may be modified or
terminated at any time, which would reduce returns.
64
<PAGE>
Chase Vista Select
New Jersey Tax Free Income Fund
as of February 28, 1999
(unaudited)
Life of Fund Performance
This chart shows what the long-term growth would have been of a hypothetical
$10,000 investment in the Chase Vista Select New Jersey Tax Free Income Fund
compared to its key benchmarks. This is where you see the Fund's long-term
trend. This chart is for illustrative purposes only.
[LINE CHART OMITTED]
[PLOT POINTS FOR LINE GRAPH]
Chase Vista Select
New Jersey Lehman Lehman Lipper
Tax Free Muni 7-Year Muni Intermediate
Date Income Fund Bond Index Bond Index Muni
5/31/90 10000.00 10000.00 10000.00 10000.00
5/31/91 10892.68 11007.82 10999.45 11040.61
5/31/92 11729.34 12090.00 11987.25 12113.03
5/31/93 12850.42 13537.20 13245.44 13585.19
5/31/94 13307.12 13871.46 13683.16 13726.49
5/31/95 14182.87 15134.68 14796.71 14825.16
5/31/96 14764.94 15826.43 15481.30 15331.26
5/31/97 15536.22 17139.16 16538.85 16451.38
5/31/98 16753.71 18748.01 17875.71 17861.64
2/28/99 17539.85 19662.07 19988.02 20039.04
Source: Lipper Analytical Services, Inc. Past performance is not predictive of
future performance. Investment return and principal value will fluctuate with
market conditions. When shares are redeemed, they may be worth more or less than
their original cost.
Any capital gain on the principal investment is subject to Federal income tax.
Some investors may also be subject to the Federal Alternative Minimum Tax and
certain state and local taxes.
This chart illustrates comparative performance for $10,000 invested in shares
of Chase Vista Select New Jersey Tax Free Income Fund, the Lehman Municipal
Bond Index, the Lehman 7 Year Municipal Bond Index and the Lipper New Jersey
Municipal Debt Funds Average from May 1, 1990 through February 28, 1999. 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 57 actively-managed New Jersey tax-exempt 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 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.
65
<PAGE>
Chase Vista Select New Jersey Tax Free Income Fund
Portfolio of Investments February 28, 1999 (unaudited)
(amounts in thousands)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
- ------------------------------------------------------------
<S> <C> <C>
Long-Term Municipal Bonds -- 100.9%
- ------------------------------------------------------------
$ 1,500 Atlantic City, New Jersey, GO,
4.75%, 08/15/10 $1,538
1,000 Bergen County, New Jersey, Utilities
Authority, Water Pollution Control,
Series B, Rev., 5.75%, 12/15/05 1,108
1,000 Camden County, New Jersey IAR,
Health Systems, Catholic Health
East, Ser. A, Rev., 5.25%, 11/15/11 1,057
500 Camden County, New Jersey IAR,
Health Systems, Catholic Health
East, Ser. A, Rev., 5.25%, 11/15/12 525
1,000 Cherry Hill Township, New Jersey,
GO, 6.10%, 06/01/07 1,086
1,000 Delaware River & Bay Authority,
Delaware Authority, Rev., 5.20%,
01/01/10 1,060
825 East Orange, New Jersey, Board of
Education, COP, 5.50%, 08/01/12 895
570 Edison Township, New Jersey, School,
GO, 6.50%, 06/01/04 640
1,140 Hamilton Township, Atlantic County,
New Jersey School District, GO,
5.88%, 12/15/07 1,241
1,000 Hunterdon, New Jersey Central
Regional High School District,
GO, 5.40%, 05/01/09 1,078
2,060 Jersey City, New Jersey, General
Improvement, Ser. A, GO, 6.00%,
10/01/05 2,298
700 Middletown Township, New Jersey,
Board of Education, GO, 5.70%,
08/01/04 763
1,000 Monmouth County, New Jersey,
Improvement Authority, Pooled
Governmental Loan, Rev., 4.75%,
12/01/13 1,006
</TABLE>
See notes to financial statements.
66
<PAGE>
Chase Vista Select New Jersey Tax Free Income Fund
Portfolio of Investments February 28, 1999 (unaudited) (continued)
(amounts in thousands)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
- ------------------------------------------------------------
<S> <C> <C>
Long-Term Municipal Bonds -- (continued)
- ------------------------------------------------------------
$ 1,710 New Jersey Economic Development
Authority, Market Transition
Facility, Sr. Lien, Ser. A, Rev.,
5.80%, 07/01/08 $1,881
1,200 New Jersey Economic Development
Authority, Market Transition
Facility, Sr. Lien, Ser. A, Rev.,
5.80%, 07/01/09 1,320
1,055 New Jersey, Health Care Facilities
Financing Authority, Cathedral
Healthcare Services, Rev., 5.25%,
02/01/10 1,121
845 New Jersey Health Care Facilities
Financing Authority, Cathedral
Health, Ser. A, Rev., 6.95%,
02/15/01 900
1,000 New Jersey Health Care Facilities
Financing Authority, Community
Medical Center, Kimball Ets., Rev.,
5.25%, 07/01/11 1,054
570 New Jersey Health Care Facilities
Financing Authority, Society of the
Valley Hospital, Ser. C, Rev.,
6.60%, 07/01/00 588
2,000 New Jersey, Health Care Facilities
Financing Authority, St. Barnabas
Medical Center, Series A, Rev.,
5.25%, 07/01/11 2,119
1,170 New Jersey Health Care Facilities
Financing Authority, St. Elizabeth
Hospital Obligation Group, Rev.,
6.00%, 07/01/14 1,219
1,255 New Jersey Sports & Exposition, Ser.
A, Rev., 6.20%, 03/01/02 - 1,363
800 New Jersey Sports & Exposition, Ser.
A, Rev., 6.50%, 03/01/02 - 875
570 New Jersey State Transportation
Corp., COP, 6.20%, 10/01/02 619
</TABLE>
See notes to financial statements.
67
<PAGE>
Chase Vista Select New Jersey Tax Free Income Fund
Portfolio of Investments February 28, 1999 (unaudited) (continued)
(amounts in thousands)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
- ----------------------------------------------------------
<S> <C> <C>
Long-Term Municipal Bonds -- (continued)
- ----------------------------------------------------------
$ 500 New Jersey State Transportation Trust
Fund, Transportation Systems, Ser.
A, Rev., 5.50%, 06/15/11 $ 538
1,140 New Jersey State Turnpike Authority,
Ser. A, Rev., 5.80%, 01/01/02 1,197
1,140 New Jersey State Turnpike Authority,
Ser. A, Rev., 6.40%, 01/01/02 1,215
1,000 New Jersey State Turnpike Authority,
Ser. C, Rev., 6.25%, 01/01/10 1,059
2,000 New Jersey State Turnpike Authority,
Ser. C, Rev., 6.50%, 01/01/08 2,329
2,545 New Jersey State, Educational
Facilities Authority, Drew
University Issue, Series C, Rev.,
5.25%, 07/01/13 2,684
600 New Jersey State, Educational
Facilities Authority, Fairleigh
Dickinson University, Series G,
Rev., 4.88%, 07/01/04 606
1,000 New Jersey State, Educational
Facilities Authority, Fairleigh
Dickinson University, Series G,
Rev., 5.70%, 07/01/28 991
1,140 New Jersey State, Ser. B, GO, 6.25%,
01/15/04 1,262
2,195 New Jersey State, Ser. D, GO, 5.75%,
02/15/06 2,427
1,300 New Jersey, Economic Development
Authority, Trenton Office Complex,
Rev., 5.00%, 06/15/05 1,376
1,570 North Bergen Township, New Jersey,
GO, 5.00%, 08/15/11 1,637
1,140 North Jersey District Water Supply,
Wanaque South Project, Rev.,
5.50%, 07/01/03 1,220
</TABLE>
See notes to financial statements.
68
<PAGE>
Chase Vista Select New Jersey Tax Free Income Fund
Portfolio of Investments February 28, 1999 (unaudited) (continued)
(amounts in thousands)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
- --------------------------------------------------------------
<S> <C> <C>
Long-Term Municipal Bonds -- (continued)
- --------------------------------------------------------------
$ 1,140 Northwest Bergen County, New
Jersey Utilities Authority, Rev.,
6.00%, 07/15/07 $1,253
570 Ocean County, New Jersey, General
Improvement, GO, 6.38%,
04/15/03 628
1,000 Ocean County, New Jersey, Utilities
Authority, Wastewater, Ser. A, Rev.,
4.00%, 01/01/07 992
1,140 Port Authority, New York & New
Jersey, Consolidated Bonds, 79th
Ser., Rev., 6.00%, 07/15/05 1,271
1,500 Port Authority, New York & New
Jersey, Consolidated Bonds, 93rd.
Ser., Rev., 6.13%, 06/01/94 1,731
1,600 Port Authority, New York & New
Jersey, Special Obligation, JFK
International Air Terminal #6, Rev.,
6.25%, 12/01/08 1,841
3,000 Port Authority, New York & New
Jersey, Special Obligation, JFK
International Air Terminal #6, Rev.,
6.25%, 12/01/09@ 3,466
1,200 Puerto Rico Commonwealth,
Highway & Transportation
Authority, Rev., 5.50%, 07/01/15@ 1,313
2,035 Puerto Rico, Electric Power Authority,
Ser. GG, Rev., 5.13%, 07/01/16@ 2,102
1,000 Sparta Township, New Jersey, School
District, GO, 4.20%, 09/01/09 997
1,065 Sparta Township, New Jersey, School
District, GO, 4.60%, 09/01/13 1,061
1,000 Sussex County, New Jersey, General
Improvement, GO, 6.00%,
04/01/08 1,081
1,000 Sussex County, New Jersey, General
Improvement, GO, 6.00%,
04/01/09 1,081
</TABLE>
See notes to financial statements.
69
<PAGE>
Chase Vista Select New Jersey Tax Free Income Fund
Portfolio of Investments February 28, 1999 (unaudited) (continued)
(amounts in thousands)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
- -------------------------------------------------------------
<S> <C> <C>
Long-Term Municipal Bonds -- (continued)
- -------------------------------------------------------------
$ 785 Union County Improvement
Authority, Plainfield Board of
Education Project, Rev., 6.25%,
08/01/07 $ 900
1,101 Union County, New Jersey, General
Improvement, GO, 4.75%,
12/15/15 1,100
2,000 Virgin Islands Public Finance
Authority, Series B, Rev., 5.50%,
10/01/22 2,029
1,500 Woodbridge Township, New Jersey,
GO, 5.00%, 08/15/05 1,592
Total Long Term Municipal Bonds
(Cost $67,100) 70,333
- -------------------------------------------------------------
Short Term Investments -- 1.3%
- -------------------------------------------------------------
Shares
- -------------------------------------------------------------
Money Market Fund -- 1.3%
903 Provident New Jersey Money
Market Fund
(Cost $903) 903
- -------------------------------------------------------------
Total Short Term Investments
(Cost $903) 903
- -------------------------------------------------------------
Total Investments -- 102.2%
(Cost $68,003) $71,236
- -------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
Current
Opening Market
Number of Positions Value
Contracts Contract Type (000) (000)
- --------- --------------------------------------------------- ---------- -------
<S> <C> <C> <C>
20 U.S. 5 Year Treasury Note, June 1999 Futures $2,236 $2,219
5 U.S. Treasury Notes, Long Bond, June 1999 Futures 601 605
------ ------
$2,837 $2,824
====== ======
</TABLE>
Index:
<TABLE>
<S> <C>
- - -- The maturity date shown is the date of the prerefunded call.
@ -- All or a portion of this security is segregated.
COP -- Certificate of Participation.
GO -- General Obligation Bond.
IAR -- Improvement Authority Revenue.
Rev. -- Revenue Bond
</TABLE>
See notes to financial statements.
70
<PAGE>
Chase Vista Funds
Statement of Assets and Liabilities February 28, 1999 (unaudited)
- --------------------------------------------------------------------------------
(Amounts in Thousands, Except Per Share Amounts)
<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) ................... $ 764,491 $ 754,780 $ 297,541 $71,236
Other assets ...................... 194 164 30 5
Receivables:
Investment securities
sold ............................. -- 6,375 -- --
Interest ......................... 9,716 9,322 3,930 760
Variation margin ................. -- -- -- 9
Receivable from affiliate......... 3 29 10 4
Fund shares sold ................. 198 245 58 --
---------- ---------- ---------- --------
Total Assets .................... 774,602 770,915 301,569 72,014
---------- ---------- ---------- --------
LIABILITIES:
Payables:
Investment securities
purchased ....................... -- 23,931 -- 2,059
Fund shares redeemed ............. 560 114 -- --
Dividends ........................ 3,056 2,677 1,116 262
Accrued liabilities: (Note 2)...... 93 97 52 8
---------- ---------- ---------- --------
Total Liabilities .............. 3,709 26,819 1,168 2,329
---------- ---------- ---------- --------
NET ASSETS:
Paid in capital .................. 727,804 704,571 286,660 66,482
Accumulated
undistributed net
investment income ................ 14 17 7 3
Accumulated net realized
gain (loss) on
investment
transactions .................... 2,197 3,216 1,119 (20)
Net unrealized
appreciation of
investments ..................... 40,878 36,292 12,615 3,220
---------- ---------- ---------- --------
Net Assets: ....................... $ 770,893 $ 744,096 $ 300,401 $69,685
========= ========= ========= =======
Shares of beneficial interest
outstanding ($.001 par
value; unlimited number
of shares authorized) ............ 117,744 68,617 41,550 6,941
Net asset value, maximum
offering price and
redemption price per
share (net assets/shares
outstanding) ..................... $ 6.55 $ 10.84 $ 7.23 $ 10.04
---------- ---------- ---------- --------
Cost of investments .............. $ 723,613 $ 718,488 $ 284,926 $68,003
========= ========= ========= =======
</TABLE>
See notes to financial statements.
71
<PAGE>
Chase Vista Funds
Statement of Operations For the six months ended February 28, 1999
(unaudited)
- --------------------------------------------------------------------------------
(Amounts in Thousands)
<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) ............................ $ 19,737 $ 17,332 $ 7,033 $1,719
-------- -------- -------- ------
EXPENSES: (Note 2)
Investment advisory fees ............ 1,142 1,081 432 104
Administration fees ................. 571 541 216 52
Custodian fees ...................... 63 68 41 31
Printing and postage ................ 17 15 7 1
Professional fees ................... 22 23 20 3
Registration costs .................. 19 23 14 2
Transfer agent fees ................. 15 20 10 9
Trustees fees and expenses .......... 19 18 7 1
Organizational fees ................. 5 5 2 1
Other ............................... 16 29 13 12
-------- -------- -------- ------
Total expenses ..................... 1,889 1,823 762 216
-------- -------- -------- ------
Less amounts waived
(Note 2) ............................. 1,769 1,680 689 184
Less amounts borne by
Chase ................................ 35 68 26 25
-------- -------- -------- ------
Net expenses ........................ 85 75 47 7
-------- -------- -------- ------
Net investment income .............. 19,652 17,257 6,986 1,712
-------- -------- -------- ------
REALIZED AND UNREALIZED GAIN (LOSS)
ON INVESTMENTS
Net realized gain on
investment transactions ............ 2,936 5,705 1,753 357
Net realized gain (loss) on
futures transactions ............... (72) (72) (112) (319)
Change in net unrealized
appreciation/depreciation
on investments and
futures ............................ (4,476) (3,024) (1,337) (160)
-------- -------- -------- ------
Net realized and unrealized
gain (loss) on
investments ........................ (1,612) 2,609 304 (122)
-------- -------- -------- ------
Net increase in net assets
from operations .................... $ 18,040 $ 19,866 $ 7,290 $1,590
======== ======== ======== ======
</TABLE>
See notes to financial statements.
72
<PAGE>
Chase Vista Funds
Statement of Changes in Net Assets (unaudited) For the periods indicated
- --------------------------------------------------------------------------------
(Amounts in Thousands)
<TABLE>
<CAPTION>
Chase Vista Select
--------------------------------------------------
Intermediate
Tax Free Tax Free
Income Fund Income Fund
------------------------ ------------------------
09/01/98 Year 09/01/98 Year
Through ended Through ended
02/28/99 8/31/98 02/28/99 8/31/98
------------ ----------- ------------ -----------
<S> <C> <C> <C> <C>
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income .......................................................... $ 19,652 $ 38,728 $ 17,257 $ 33,787
Net realized gain on investments and futures transactions ...................... 2,864 4,494 5,633 6,734
Change in net unrealized appreciation/depreciation on investments .............. (4,476) 18,244 (3,024) 10,692
--------- --------- --------- ---------
Increase in net assets from operations ......................................... 18,040 61,466 19,866 51,213
--------- --------- --------- ---------
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income .......................................................... (19,657) (38,729) (17,257) (33,786)
Net realized gain on investment transactions ................................... (4,060) (6,435) (8,069) (12,361)
--------- --------- --------- ---------
Total dividends and distributions .............................................. (23,717) (45,164) (25,326) (46,147)
--------- --------- --------- ---------
INCREASE FROM CAPITAL SHARE TRANSACTIONS
Proceeds from shares issued .................................................... 35,851 94,079 48,398 100,053
Dividends reinvested ........................................................... 23 6,156 8,033 12,356
Cost of shares redeemed ........................................................ (20,356) (32,787) (23,897) (31,754)
--------- --------- --------- ---------
Net increase in net assets from shares of beneficial interest transactions ..... 15,518 67,448 32,534 80,655
--------- --------- --------- ---------
Total increase (decrease) ..................................................... 9,841 83,750 27,074 85,721
NET ASSETS:
Beginning of period ............................................................ 761,052 677,302 717,022 631,301
--------- --------- --------- ---------
End of period .................................................................. $ 770,893 $ 761,052 $ 744,096 $ 717,022
========= ========= ========= =========
Share Transactions:
Issued ......................................................................... 5,442 14,421 4,437 9,244
Reinvested ..................................................................... 3 941 741 1,142
Redeemed ....................................................................... (3,088) (5,030) (2,183) (2,932)
--------- --------- --------- ---------
Change in shares ................................................................ 2,357 10,332 2,995 7,454
========= ========= ========= =========
<CAPTION>
Chase Vista Select
--------------------------------------------------
New York
Intermediate New Jersey
Tax Free Tax Free
Income Fund Income Fund
------------------------- -----------------------
09/01/98 Year 09/01/98 Year
Through ended Through ended
02/28/99 8/31/98 02/28/99 8/31/98
------------ ------------ ----------- -----------
<S> <C> <C> <C> <C>
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income .......................................................... $ 6,986 $ 13,047 $ 1,712 $ 3,477
Net realized gain on investments and futures transactions ...................... 1,641 3,433 38 1,216
Change in net unrealized appreciation/depreciation on investments .............. (1,337) 4,055 (160) 391
-------- --------- -------- --------
Increase in net assets from operations ......................................... 7,290 20,535 1,590 5,084
-------- --------- -------- --------
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income .......................................................... (6,986) (13,047) (1,712) (3,477)
Net realized gain on investment transactions ................................... (2,595) (2,465) (1,222) (263)
-------- --------- -------- --------
Total dividends and distributions .............................................. (9,581) (15,512) (2,934) (3,740)
-------- --------- -------- --------
INCREASE FROM CAPITAL SHARE TRANSACTIONS
Proceeds from shares issued .................................................... 24,380 58,621 2,281 7,947
Dividends reinvested ........................................................... 2,365 1,047 1,217 264
Cost of shares redeemed ........................................................ (6,865) (17,323) (3,033) (3,209)
-------- --------- -------- --------
Net increase in net assets from shares of beneficial interest transactions ..... 19,880 42,345 465 5,002
-------- --------- -------- --------
Total increase (decrease) ..................................................... 17,589 47,368 (879) 6,346
NET ASSETS:
Beginning of period ............................................................ 282,812 235,444 70,564 64,218
-------- --------- -------- --------
End of period .................................................................. $300,401 $ 282,812 $ 69,685 $ 70,564
======== ========= ======== ========
Share Transactions:
Issued ......................................................................... 3,346 8,144 224 786
Reinvested ..................................................................... 327 145 121 26
Redeemed ....................................................................... (941) (2,406) (297) (317)
-------- --------- -------- --------
Change in shares ................................................................ 2,732 5,883 48 495
======== ========= ======== ========
</TABLE>
See notes to financial statements.
73
<PAGE>
Chase Vista 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
Funds. Select Tax Free Income Fund ("CVTFI"), Select Intermediate Tax Free
Income Fund ("CVITFI"), Select New York Intermediate Tax Free Income Fund
("CVNYTFI"), and Select New Jersey Tax Free Income Fund ("CVNJTFI")
(collectively, the "Funds"), are four separate portfolios of The Trust.
The Funds were established in December 1996 for the conversion of the Chase
Manhattan Bank Common Trust Funds. Effective January 1, 1997, the Chase Common
Trust Funds contributed securities and other assets in exchange for shares of
the newly created Funds in a tax-free exchange.
The following is a summary of significant accounting policies followed by the
Funds:
The preparation of financial statements in accordance with generally accepted
accounting principles requires management to make estimates and assumptions
that affect the reported amounts and disclosures in the financial statements.
Actual results could differ from those estimates.
A. Valuation of investments -- Fixed income securities (other than short-term
obligations), including listed issues, are valued using matrix pricing
systems of a major dealer in bonds which take in to account factors such as
institutional-size trading in similar groups of securities, yield, quality,
coupon rate, maturity, type of issue, trading characteristics and other
market data, without exclusive reliance upon quoted exchange or
over-the-counter prices. Short-term debt securities with 61 days or more to
maturity at time of purchase are valued, through the 61st day prior to
maturity, at market value based on quotations obtained from market makers or
other appropriate sources; thereafter, the value on the 61st day is amortized
on a straight-line basis over the remaining number of days to maturity.
Short-term investments with 60 days or less to maturity at time of purchase
are valued at amortized cost, which approximates market.
B. Repurchase agreements -- It is the Fund's policy that repurchase
agreements are fully collateralized by U.S. Treasury and Government Agency
securities. All collateral is held by the Fund's custodian bank,
sub-custodian or a bank with which the custodian bank has entered into a
sub-custodian agreement or is segregated in the Federal Reserve Book Entry
System. If the seller of a repurchase agreement defaults and the value of
the collateral declines, or if the seller enters an insolvency proceeding,
realization of the collateral may be delayed or limited.
C. Security transactions and investment income -- Investment transactions
are accounted for on the trade date (the date the order to buy or sell is
executed). Securities gains and losses are calculated on the identified
cost basis. Interest income is determined on the basis of coupon interest
accrued, adjusted for amortization of premiums and accretion of discount.
D. Futures contracts -- When a Fund enters into a futures contract, it
makes an initial margin deposit in a segregated account, either in cash or
liquid securities. Thereafter, the futures contract is marked to market and
the Fund makes (or receives) additional cash payments daily to (from) the
broker. Changes in the value of the contract are recorded as unrealized
appreciation/depreciation until the contract is closed or settled.
The Funds invest in U.S. Treasury and/or Municipal Bond futures contracts
as a hedge to modify the duration of the portfolio holdings.
The Funds may enter into futures contracts only on exchanges or boards of
trade. The exchange or board of trade acts as the counterparty to each
futures transaction, therefore, the Fund's credit risk is limited to
failure of the exchange or board of trade.
74
<PAGE>
Chase Vista Funds
Notes to Financial Statements (continued) (unaudited)
- --------------------------------------------------------------------------------
As of February 28, 1999, the Funds held futures positions as listed on the
respective Portfolio of Investments.
E. Federal income taxes -- Each Fund is treated as a separate taxable
entity for Federal income tax purposes. The Trust's policy is to comply
with the provisions of the Internal Revenue Code applicable to regulated
investment companies and to distribute to shareholders all of its
distributable net investment income, and net realized gain on investments.
In addition, the Trust intends to make distributions as required to avoid
excise taxes. Accordingly, no provision for Federal income or excise tax is
necessary.
F. Distributions to shareholders -- Dividends are declared daily and
distributed in the form of additional shares of the fund or, at the
election of the shareholder, in cash (subject to the policies of the
Shareholder Servicing Agent) on the last business day of the month. The net
investment income of each Fund is determined daily and (substantially all)
is declared as a dividend to shareholders of record at the time of such
declaration. The amount of dividends and distributions from net investment
income and net realized capital gains is determined in accordance with
Federal income tax regulations, which may differ from generally accepted
accounting principles. To the extent these "book/tax" differences are
permanent in nature, (i.e., that they will result from other than timing of
recognition --"temporary differences") such amounts are reclassified within
the capital accounts based on their Federal tax-basis treatment. Dividends
and distributions which exceed net investment income or net realized
capital gains for financial reporting purposes but not for tax purposes are
reported as distributions in excess of net investment income or net
realized capital gains.
G. Allocation of expenses -- Expenses directly attributable to a Fund are
charged to that Fund; other expenses are allocated proportionately among
each Fund within the Trust in relation to the net assets of each Fund or on
another reasonable basis.
H. Organization costs -- Organization and initial registration costs
incurred in connection with establishing each of the Funds have been
deferred and are being amortized on a straight-line basis over a sixty
month period beginning with the commencement of operations of each Fund.
2. Fees and Other Transactions with Affiliates
A. Investment advisory fee -- Pursuant to separate Investment Advisory
Agreements, The Chase Manhattan Bank ("Chase" or "Advisor") acts as the
investment advisor to the Funds. Chase is a direct wholly-owned subsidiary
of The Chase Manhattan Corporation. As Investment Adviser, Chase supervises
the investments of the Funds and for such services is paid a fee. The fee
is computed daily and paid monthly at an annual rate equal to 0.30% of each
Fund's average daily net assets. The Advisor voluntarily waived all of its
fees for the six month period ended February 28, 1999.
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.
75
<PAGE>
Chase Vista Funds
Notes to Financial Statements (continued) (unaudited)
- --------------------------------------------------------------------------------
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 Sub-administration fees for the six
months ended February 28, 1999 for CVTFI, CVITFI, CVNYTFI and CVNSTFI:
$186; $176; $70; and $17 respectively (in thousands).
C. Administration fee -- Pursuant to an Administration Agreement, Chase
(the "Administrator") provides certain administration services to the Trust
at an annual fee computed daily and paid monthly of 0.10% of the respective
Fund's average daily net assets. The Administrator voluntarily waived all
of its administration fees for the six months ended February 28, 1999.
D. Assumption of expenses -- For the six months ended February 28, 1999,
Chase voluntarily assumed the following expenses for CVTFI, CVITFI, CVNYTFI
and CVNJTFI: $35; $68; $26; and $25, respectively (in thousands).
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 months ended February 28, 1999.
3. Investment Transactions -- The cost of purchases and proceeds from sales
of investments (excluding short-term investments) were as follows (amounts in
thousands):
<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.) ......... $153,632 $259,882 $71,264 $ 8,625
Sales (Excluding
U.S. Govt.) ......... 144,881 266,570 47,237 11,209
</TABLE>
4. Federal Income Tax Matters -- For Federal income tax purposes, the cost and
unrealized appreciation/(depreciation) in value of the investment securities at
February 28, 1999, are as follows (amounts in thousands):
<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 ......... $723,613 $718,488 $284,926 $68,003
-------- -------- -------- -------
Gross unrealized
appreciation ......... $ 41,307 $ 36,822 $ 12,714 $ 3,238
Gross unrealized
depreciation ......... (429) (530) (99) (5)
-------- -------- -------- -------
Net unrealized
appreciation ......... $ 40,878 $ 36,292 $ 12,615 $ 3,233
======== ======== ======== =======
</TABLE>
76
<PAGE>
Chase Vista Funds
Notes to Financial Statements (continued) (unaudited)
- --------------------------------------------------------------------------------
5. Concentration of Credit Risk -- The Funds invest substantially all of their
assets in a diversified portfolio of debt obligations issued by states,
territories and possessions of the United States and by the District of
Columbia, and by their political subdivisions and duly constituted authorities.
CVNYTFI and CVNJTFI primarily invest in issuers in the States of New York and
New Jersey, respectively. CVTFI and CVITFI invested approximately 24.5% and
21.2%, respectively, of its net assets in issuers in the State of New York. The
issuer's abilities to meet their obligations may be affected by economic or
political developments in a specific state or region.
6. Trustee Compensation -- The Funds have adopted an unfunded noncontributory
defined benefit pension plan covering all independent trustees of the Funds who
will have served as an independent trustee for at least five years at the time
of retirement. Benefits under this plan are based on compensation and years of
service. Pension expenses for the six month period ended February 28, 1999,
included in Trustees Fees and Expenses in the Statement of Operations, and
accrued pension liability included in Other Accrued Liabilities, in the
Statement of Assets and Liabilities were as follows (in thousands):
<TABLE>
<CAPTION>
Accrued
Pension Pension
Expenses Liability
---------- ----------
<S> <C> <C>
CVTFI ........... $7 $40
CVITFI .......... 7 38
CVNYTFI ......... 3 14
CVNJTFI ......... 1 4
</TABLE>
7. Bank Borrowings -- The Funds may borrow money for temporary or emergency
purposes. Any borrowings representing more than 5% of a Fund's total assets must
be repaid before the Fund may make additional investments. The funds have
entered into an agreement, enabling them to participate with other Chase Vista
Funds in an unsecured line of credit with a syndicate of banks, which permits
borrowings up to $350 million, collectively. Interest is charged to each fund
based on its borrowings at an annual rate equal to the sum of the Federal Funds
Rate plus 0.35%. The Funds also pay a commitment fee of 0.075% per annum on the
average daily amount of the available commitment, which is allocated on a
pro-rate basis to the funds. The commitment fee is included in Other expenses on
the Statement of Operations. Borrowings are payable on demand.
The Funds had no borrowings outstanding at February 28, 1999.
77
<PAGE>
Chase Vista Funds
Financial Highlights (unaudited)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Chase Vista Select
-----------------------------------------------------------------
Intermediate
Tax Free Tax Free
Income Fund Income Fund
------------------------------ ----------------------------------
09/01/98 Year 1/1/97* 09/01/98 Year 1/1/97*
Through Ended Through Through Ended Through
02/28/99 8/31/98 8/31/97 02/28/99 8/31/98 8/31/97
---------- --------- --------- ---------- ----------- -----------
<S> <C> <C> <C> <C> <C> <C>
Per Share Operating Performance
Net Asset Value, Beginning of Period .... $ 6.60 $ 6.45 $ 6.39 $ 10.93 $ 10.85 $ 10.75
------ ------ ------ ------- ------- -------
Income from Investment Operations:
Net investment income ................. 0.17 0.35 0.24 0.26 0.56 0.39
Net Gain or Losses in Securities
(both realized and unrealized) ....... (0.01) 0.21 0.06 0.03 0.29 0.10
------- ------ ------ ------- ------- -------
Total from Investment Operations 0.16 0.56 0.30 0.29 0.85 0.49
------- ------ ------ ------- ------- -------
Less Distributions:
Dividends from net investment
income ............................... 0.17 0.35 0.24 0.26 0.56 0.39
Distributions from Capital Gains ........ 0.04 0.06 -- 0.12 0.21 --
------- ------ ------ ------- ------- -------
Total Distributions ................... 0.21 0.41 0.24 0.38 0.77 0.39
------- ------ ------ ------- ------- -------
Net Asset Value, End of Period .......... $ 6.55 $ 6.60 $ 6.45 $ 10.84 $ 10.93 $ 10.85
======= ====== ====== ======= ======= =======
Total Return 2.35% 8.99% 4.86% 2.70% 8.08% 4.58%
Ratios/Supplemental Data
Net Assets, End of Period (millions) .... $ 771 $ 761 $ 677 $ 744 $ 717 $ 631
Ratios to Average Net Assets#:
Expenses .............................. 0.02% 0.02% 0.02% 0.02% 0.02% 0.02%
Net Investment Income ................. 5.16% 5.39% 5.73% 4.79% 5.10% 5.40%
Expenses Without Waivers and
Assumption of Expenses ............... 0.47% 0.50% 0.49% 0.51% 0.50% 0.50%
Net Investment Income Without
Waivers and Assumption of
Expenses ............................. 4.71% 4.91% 5.26% 4.30% 4.62% 4.92%
Portfolio Turnover Rate ................. 19% 47% 48% 36% 71% 60%
<CAPTION>
Chase Vista Select
----------------------------------------------------------------
New York
Intermediate New Jersey
Tax Free Tax Free
Income Fund Income Fund
------------------------------ ---------------------------------
09/01/98 Year 1/1/97* 09/01/98 Year 1/1/97*
Through Ended Through Through Ended Through
02/28/99 8/31/98 8/31/97 02/28/99 8/31/98 8/31/97
---------- --------- --------- ---------- ----------- ----------
<S> <C> <C> <C> <C> <C> <C>
Per Share Operating Performance
Net Asset Value, Beginning of Period .... $ 7.29 $ 7.15 $ 7.09 $ 10.24 $ 10.04 $ 9.99
------ ------ ------ ------- ------- -------
Income from Investment Operations:
Net investment income ................. 0.18 0.37 0.26 0.25 0.52 0.37
Net Gain or Losses in Securities
(both realized and unrealized) ....... 0.00 0.21 0.06 (0.02) 0.24 0.05
------ ------ ------ -------- ------- -------
Total from Investment Operations 0.18 0.58 0.32 0.23 0.76 0.42
------ ------ ------ -------- ------- -------
Less Distributions:
Dividends from net investment
income ............................... 0.18 0.37 0.26 0.25 0.52 0.37
Distributions from Capital Gains ........ 0.06 0.07 -- 0.18 0.04 --
------ ------ ------- -------- ------- -------
Total Distributions ................... 0.24 0.44 0.26 0.43 0.56 0.37
------ ------ ------- -------- ------- -------
Net Asset Value, End of Period .......... $ 7.23 $ 7.29 $ 7.15 $ 10.04 $ 10.24 $ 10.04
====== ====== ======= ======== ======= =======
Total Return 2.50% 8.37% 4.62% 2.27% 7.82% 4.20%
Ratios/Supplemental Data
Net Assets, End of Period (millions) .... $ 300 $ 283 $ 235 $ 70 $ 71 $ 64
Ratios to Average Net Assets#:
Expenses .............................. 0.03% 0.03% 0.03% 0.02% 0.02% 0.02%
Net Investment Income ................. 4.84% 5.08% 5.52% 4.93% 5.16% 5.52%
Expenses Without Waivers and
Assumption of Expenses ............... 0.53% 0.53% 0.53% 0.66% 0.63% 0.57%
Net Investment Income Without
Waivers and Assumption of
Expenses ............................. 4.34% 4.58% 5.02% 4.29% 4.55% 4.97%
Portfolio Turnover Rate ................. 17% 66% 32% 12% 60% 14%
</TABLE>
- -------
* Commencement of operations.
# Short periods have been annualized.
See notes to financial statements.
78
