FEBRUARY 29, 2000 (UNAUDITED)
SELECT TAX FREE
INCOME FUND
SELECT INTERMEDIATE
TAX FREE INCOME FUND
SELECT NEW YORK
INTERMEDIATE TAX
FREE INCOME FUND
SELECT NEW JERSEY
TAX FREE INCOME
FUND
Chase Vista
Select Tax Free Funds
SEMI-ANNUAL REPORT
[CHASE LOGO]
SASTF-3-400
<PAGE>
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Contents
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Chairman's Letter 1
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Chase Vista Select Tax Free Income Fund 2
Fund Commentary
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Chase Vista Select Intermediate Tax Free
Income Fund 4
Fund Commentary
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Chase Vista Select New York Intermediate
Tax Free Income Fund 6
Fund Commentary
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Chase Vista Select New Jersey Tax
Free Income Fund 8
Fund Commentary
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Portfolio of Investments 10
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Financial Statements 34
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Notes to Financial Statements 38
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Highlights
o The yield on the average AAA-rated 30-year municipal bond stood at 5.70% on
September 1, 1999 and at 5.90% on February 29, 2000.
o Anticipation of Y2K issues had a significant impact on the municipal bond
markets during the latter part of 1999, driving the prices of municipal
bonds lower and yields higher.
o Yields subsequently fell, and prices rose, due to a 39.5% dropoff in new
municipal bond issuance in the first two months of 2000.
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NOT FDIC INSURED | May lose value / No bank guarantee
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Chase Vista Funds are distributed by Vista Fund Distributors, Inc.
<PAGE>
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CHASE VISTA SELECT TAX FREE FUNDS
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Chairman's Letter
April 10, 2000
We are pleased to present this semi-annual report for Chase Vista Select Tax
Free Funds, for the six-month period ended February 29, 2000. Inside, you will
find information on the performance of each Fund along with a report from the
portfolio management team.
U.S. Fixed Income Markets React to Strong Economy
Economic growth in the United States continued unabated during the reporting
period, causing the Fed to continue its policy of raising short-term interest
rates in an effort to take the potentially-inflationary steam out of the
economy. Although inflation remained relatively tame, the Fed's policy helped
create negative sentiment in fixed income markets in the latter part of 1999,
and this was reflected in lower bond prices. While these concerns didn't change
in the first two months of 2000, the technical underpinnings of the fixed
income markets did, undergoing a serious transformation when the U.S. Treasury
announced that it would accelerate its program of repurchasing longer-dated
Treasuries. The resulting impression of future scarcity caused a sharp rally in
the long-term Treasury market, driving yields on the 30-year bond--which had
been approaching 7%--down towards 6%.
Supply and Y2K Issues Drive Municipals Market
Beyond the fundamental issues posed by the strong economy, inflationary fears
and the Treasury's buyback program, municipal bond prices were driven by a
variety of factors exclusive to the tax-free market. These included a rapidly-
changing supply picture under which there was a bulge of new issues at the end
of October and very little new supply through the end of 1999 and into 2000. In
fact, January/February new issuance was down 39.5% from the same period in
1999, and as a result the available supply became more expensive.
Two additional factors created a rather illiquid market environment in late
1999. The first was concern about Y2K, which left dealers unwilling to carry
municipal bonds over the year-end period. Also, a significant number of
individuals decided to offset capital gains in the stock market by selling
municipals. As stated above, however, this situation changed dramatically in
early 2000 as low supply and a hunger for longer-dated securities took hold in
the market.
On behalf of the management team, and everyone at Chase Vista Select Funds, I
thank you for your continued investment with us. We look forward to serving
your needs for many years to come.
Sincerely yours,
/s/ Fergus Reid
- ---------------
Fergus Reid
Chairman
1
<PAGE>
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CHASE VISTA SELECT TAX FREE INCOME FUND
As of February 29, 2000 (Unaudited)
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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 of -0.23% for the six month period ended
February 29, 2000. This compares to a return of -1.30% for the Lipper General
Municipal Debt Funds Average and -0.02% for the unmanaged Lehman Municipal Bond
Index.
How the Fund Was Managed
The Fund was able to outperform its peer group thanks to a strategy of active
management and a disciplined approach during periods of market volatility.
Early in the period, the management team allowed the Fund's duration to shorten
relative to its peer group, and this proved positive for performance in a
rising interest rate environment. After having taken advantage of heavy supply
in New York in the fall, the Fund maintained its overweight position throughout
1999 and also emphasized California issues. With an eye towards the inevitable
period when interest rates begin to decline, the management team also pursued
the opportunity to move into non-callable bonds when they became relatively
cheap.
As supply began to shrink dramatically in early 2000, the Fund continued to
outperform as the better structured, non-callable bonds benefited from an influx
of corporate purchasers looking for longer-dated maturities in the wake of the
Treasury's buyback program. With the low supply causing the yield difference
between higher and lower-quality municipal securities to compress--meaning that
investors were being paid very little in terms of extra yield for taking on
higher credit risk--the management team maintained its discipline, focusing on
the value in securities with maturities in 2004-2006 and avoiding joining the
rush to purchase lower-quality securities. Some of the gains from the spread
compression and New York/California overweights, however, were offset by a
slightly-short duration compared to the peer group in a rallying market.
Where the Fund May Be Headed
Moving forward, the management team intends to continue to take advantage of
the compression in quality spreads by selling lower-quality securities into the
strong retail market. With the proceeds, it has begun to increase exposure to
higher quality securities. The management team does not foresee any noticeable
decline in municipal prices in the near future, but given the presence of
non-traditional buyers and the strong retail preference for liquidity, the
focus will be on simple securities from well-known issuers as opposed to more
complex structures.
2
<PAGE>
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CHASE VISTA SELECT TAX FREE INCOME FUND
As of February 29, 2000 (Unaudited)
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Average Annual Total Returns
<TABLE>
<CAPTION>
1 Year 5 Years 10 Years
- ---------------------------------------------
<S> <C> <C>
-3.14% 5.23% 6.51%
- ---------------------------------------------
</TABLE>
[Line Chart Plot Points]
10 Year Performance
Chase Vista Lehman Lipper General
Select Tax Free Muni Bond Muni Debt
Income Fund Index Funds Avg.
2/90 10000 10000 10000
2/91 10933 10921 10811
2/92 11981 12013 11910
2/93 13592 13668 13609
2/94 14335 14424 14328
2/95 14563 14696 14412
2/96 16057 16320 15833
2/97 16719 17219 16544
7/98 18281 18796 18043
2/99 19398 19952 18921
2/00 18788 19534 18048
[End Line Chart Plot Points]
Source: Lipper Analytical Services. Past performance is not indicative of
future results. Investment return and principal value will fluctuate so that
shares, when redeemed, may be worth more or less than their original cost.
Returns include performance of a predecessor account for the period dating back
to 2/28/90, 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 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 it had been registered, the performance may have
been adversely affected. The Fund is currently waiving fees. The waiver may be
terminated, which would reduce performance.
The graph illustrates comparative performance of $10,000 and assumes
reinvestment of all distributions. Performance of the unmanaged average and
indices does not include sales charges, but includes reinvestment of all
distributions. The Lehman Municipal Bond Index is a broad-based index that
replicates the long-term, investment grade tax-exempt bond market. The Lipper
Average consists of funds that invest in municipal bonds. Investors cannot
invest directly in an index. Capital gains are subject to federal income tax, 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.
3
<PAGE>
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CHASE VISTA SELECT INTERMEDIATE TAX FREE INCOME FUND
As of February 29, 2000 (Unaudited)
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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
0.42% for the six month period ended February 29, 2000. This compares to a
return of -0.05% for the Lipper Intermediate Municipal Debt Funds Average, and
- -0.02% for the unmanaged Lehman Municipal Bond Index.
How the Fund Was Managed
The Fund was able to outperform its peer group thanks to a strategy of active
management and a disciplined approach during periods of market volatility.
After maintaining a duration shorter than its benchmark for most of the second
half of 1999, the management team took advantage of rising rates in December to
lock in higher yields and effectively extend duration closer to its benchmark.
This was achieved by selling securities with one-to-two year maturities and
purchasing those in the six-to-seven year range.
As supply began to shrink dramatically in early 2000, the Fund's shorter-
than-average duration began to hurt as it was underweight in bonds in the 10-15
year part of the curve that was so attractive to non-traditional insurance
company buyers. With the low supply causing the yield difference between higher-
and lower-quality municipal securities to compress--meaning that investors were
being paid very little in terms of extra yield for taking on higher credit
risk--the management team maintained its discipline, focusing on the value in
securities with maturities in 2004-2006 and avoiding joining the rush to
purchase lower-quality securities.
As the supply drought began to take hold of the market, the management team did
begin to sell small pieces into the retail market, taking advantage of a strong
retail bid. Specifically targeted for sales were high yield issues which had
benefited from the sharp compression in credit quality spreads.
Where the Fund May Be Headed
Moving forward, the management team intends to continue to take advantage of
the compression in quality spreads by selling lower-quality securities into the
strong retail market. With the proceeds, it has begun to increase exposure to
higher quality securities. The management team does not foresee any noticeable
decline in municipal prices in the near future, but given the presence of
non-traditional buyers and the strong retail preference for liquidity, the
focus will be on simple securities from well-known issuers as opposed to more
exotic structures.
4
<PAGE>
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CHASE VISTA SELECT INTERMEDIATE TAX FREE INCOME FUND
As of February 29, 2000 (Unaudited)
- --------------------------------------------------------------------------------
Average Annual Total Returns
<TABLE>
<CAPTION>
1 Year 5 Years 10 Years
- -----------------------------------------------
<S> <C> <C>
-1.10% 5.36% 6.64%
- -----------------------------------------------
</TABLE>
10-Year Performance
[Line Chart Plot Points]
Chase Vista
Select Lipper
Intermediate Lehman Lehman Intermediate
Tax Free 10 Year Muni Muni Bond Muni Debt
Income Fund Bond Index Index Funds Avg.
2/90 10000 10000 10000 10000
2/91 10953 10955 10921 10826
2/92 11964 11987 12012 11766
2/93 13690 13752 13668 13198
2/94 14346 14484 14424 13816
2/95 14652 14779 14696 14039
2/96 16141 16511 16320 15303
2/97 16744 17288 17219 15933
7/98 18091 18949 18796 17060
2/99 19230 20073 19952 17923
2/00 19026 19775 19534 17578
[End Line Chart Plot Points]
Source: Lipper Analytical Services. Past performance is not indicative of
future results. Investment return and principal value will fluctuate so that
shares, when redeemed, may be worth more or less than their original cost.
Returns include performance of a predecessor account for the period dating back
to 2/28/90, 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 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 it had been registered, the performance may have
been adversely affected. The Fund is currently waiving fees. The waiver may be
terminated, which would reduce performance.
The graph illustrates comparative performance of $10,000 and assumes
reinvestment of all distributions. Performance of the unmanaged average and
indices does not include sales charges, but includes reinvestment of all
distributions. The Lehman Municipal Bond Index is a broad-based index that
replicates the long-term, investment grade tax-exempt bond market. The Lehman
10-Year Municipal Bond Index replicates the intermediate-term, investment grade
tax-exempt bond market. The Lipper Average consists of funds that invest in
intermediate tax-exempt municipal bonds. Investors cannot invest directly in an
index. Capital gains are subject to federal income tax, 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.
5
<PAGE>
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CHASE VISTA SELECT NEW YORK INTERMEDIATE TAX FREE INCOME FUND
As of February 29, 2000 (Unaudited)
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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 0.58% for the six month
period ended February 29, 2000. This compares to a return of -0.06% for the
Lipper New York Intermediate Municipal Debt Funds Average, -0.02% for the
unmanaged Lehman Municipal Bond Index.
How the Fund Was Managed
The Fund was able to outperform its peer group thanks to a strategy of active
management and a disciplined approach during periods of market volatility. The
management team allowed the Fund's duration--and therefore its interest rate
sensitivity--to shorten relative to its peer group in the final months of 1999
by actively swapping, and this proved to have a positive impact on performance
in the rising-rate environment. Further, the Fund added to its high yield
positions as quality spreads widened in late 1999, bringing its position up
from underweight, and also raised cash to take advantage of values early in
2000.
By the beginning of 2000, the Fund had already begun lengthening duration as
the management team took advantage of market illiquidity in advance of Y2K to
purchase securities in the 10-15 year range. Bonds in this portion of the yield
curve became the focus of attention for non-traditional insurance buyers in
early 2000, thereby supporting the strong performance.
As the supply drought began to take hold of the market, the management team
began to sell small pieces into the retail market, taking advantage of a strong
retail bid. Specifically targeted for sales were high yield issues which had
benefited from the sharp compression in credit quality spreads.
Where the Fund May Be Headed
Moving forward, the management team intends to continue to take advantage of
the compression in quality spreads by selling lower-quality securities into the
strong retail market. With the proceeds, it is focusing on the 2004-2006
portion of the yield curve that currently presents the best value profile. The
management team does not foresee any noticeable decline in municipal prices in
the near future, but given the presence of non-traditional buyers and the
strong retail preference for liquidity, the focus will be on simple securities
from well-known issuers as opposed to more complex structures.
6
<PAGE>
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CHASE VISTA SELECT NEW YORK INTERMEDIATE TAX FREE INCOME FUND
As of February 29, 2000 (Unaudited)
- --------------------------------------------------------------------------------
Average Annual Total Returns
<TABLE>
<CAPTION>
1 Year 5 Years 10 Years
- ---------------------------------------------
<S> <C> <C>
-1.49% 5.37% 6.37%
</TABLE>
10-Year Performance
[Line Chart Plot Points]
Chase Vista Lipper
Select New York New York
Intermediate Lehman Intermediate
Tax Free Muni Bond Muni Debt
Income Fund Index Funds Avg.
2/90 10000 10000 10000
2/91 11004 10921 10807
2/92 11887 12013 11709
2/93 13640 13668 13100
2/94 14253 14424 13686
2/95 14293 14696 13874
2/96 15773 16320 15100
2/97 16415 17219 15713
7/98 17734 18796 16866
2/99 18845 19952 17730
2/00 18551 19534 17406
[End Line Chart Plot Points]
Source: Lipper Analytical Services. Past performance is not indicative of
future results. Investment return and principal value will fluctuate so that
shares, when redeemed, may be worth more or less than their original cost.
Returns include performance of a predecessor account for the period dating back
to 2/28/90, 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 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 it had been registered, the performance may have
been adversely affected. The Fund is currently waiving fees. The waiver may be
terminated, which would reduce performance.
The graph illustrates comparative performance of $10,000 and assumes
reinvestment of all distributions. Performance of the unmanaged average and
indices does not include sales charges, but includes reinvestment of all
distributions. The Lehman Municipal Bond Index is a broad-based index that
replicates the long-term, investment grade tax-exempt bond market. The Lipper
Average consists of funds that invest in New York intermediate tax-exempt
municipal bonds. Investors cannot invest directly in an index. Capital gains
are subject to federal income tax, 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.
7
<PAGE>
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CHASE VISTA SELECT NEW JERSEY TAX FREE INCOME FUND
As of February 29, 2000 (Unaudited)
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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 -0.13% for
the six month period ended February 29, 2000. This compares to a return of
- -1.70% for the Lipper New Jersey Municipal Debt Funds Average and -0.02% for
the unmanaged Lehman Municipal Bond Index.
How the Fund Was Managed
The Fund was able to outperform its Lipper peer group thanks to a strategy of
active management and a disciplined approach during periods of market
volatility. The management team allowed the Fund's duration--and therefore its
interest rate sensitivity--to shorten relative to its peer group in the final
months of 1999 by actively swapping, and this proved to have a positive impact
on performance in the rising-rate environment. Further, the Fund added to its
high yield positions as quality spreads widened in late 1999, bringing its
position up from underweight, and also raised cash to take advantage of values
early in 2000.
With cash on hand, the management team was able to make purchases when the
market was illiquid in late 1999, and this subsequently proved beneficial as
the market rallied in the first two months of 2000. However, the Fund's
shorter-than-peer group duration hindered performance in January and February,
as did its curve positioning given that it was not heavily invested in the
10-15 year range that became the focus of attention for non-traditional
insurance buyers in early 2000.
As the supply drought began to take hold of the market, the management team did
begin to sell small pieces into the retail market, taking advantage of a strong
retail bid. Specifically targeted for sales were high yield issues which had
benefited from the sharp compression in credit quality spreads.
Where the Fund May Be Headed
Moving forward, the management team intends to continue to take advantage of
the compression in quality spreads by selling lower-quality securities into the
strong retail market. With the proceeds, it has begun to increase exposure to
higher quality securities. The management team does not foresee any noticeable
decline in municipal prices in the near future, but given the presence of
non-traditional buyers and the strong retail preference for liquidity, the
focus will be on simple securities from well-known issuers as opposed to more
complex structures.
8
<PAGE>
- --------------------------------------------------------------------------------
CHASE VISTA SELECT NEW JERSEY TAX FREE INCOME FUND
As of February 29, 2000 (Unaudited)
- --------------------------------------------------------------------------------
Average Annual Total Returns
<TABLE>
<CAPTION>
Since
Inception
1 Year 5 Years (5/1/90)
- ----------------------------------------------
<S> <C> <C>
-1.99% 4.57% 5.72%
- ----------------------------------------------
</TABLE>
Life of Fund Performance
[Line Chart Plot Points]
Chase Vista
Select Lehman Lipper
New Jersey Lehman 7 Year New Jersey
Tax Free Muni Bond Muni Bond Muni Debt
Income Fund Index Index Funds Avg.
5/90 10000 10000 10000 10000
2/91 10781 10763 10816 10773
2/92 11575 11838 11801 11838
2/93 12892 13469 13298 13510
2/94 13433 14214 13887 14205
2/95 13746 14482 14226 14250
2/96 14983 16083 15686 15611
2/97 15416 16969 16462 16305
7/98 16572 18523 17717 17677
2/99 17539 19662 18772 18592
2/00 17191 19250 18613 17735
[End Line Chart Plot Points]
Source: Lipper Analytical Services. Past performance is not indicative of
future results. Investment return and principal value will fluctuate so that
shares, when redeemed, may be worth more or less than their original cost.
Returns include performance of a predecessor account for the period dating back
to 5/1/90, 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 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 it had been registered, the performance may have
been adversely affected. The Fund is currently waiving fees. The waiver may be
terminated, which would reduce performance.
The graph illustrates comparative performance of $10,000 and assumes
reinvestment of all distributions. Performance of the unmanaged average and
indices does not include sales charges, but includes reinvestment of all
distributions. The Lehman Municipal Bond Index is a broad-based index that
replicates the long-term, investment grade tax-exempt bond market. The Lehman
7-Year Municipal Bond Index replicates the intermediate-term, investment grade
tax-exempt bond market. The Lipper Average consists of funds that invest in New
Jersey tax-exempt municipal bonds. Investors cannot invest directly in an
index. Capital gains are subject to federal income tax, 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.
9
<PAGE>
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CHASE VISTA SELECT TAX FREE INCOME FUND
Portfolio of Investments
- --------------------------------------------------------------------------------
As of February 29, 2000 (unaudited)
(Amounts in thousands)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
- -------------------------------------------------------------------------------------
Long-Term Municipal Securities -- 95.5%
- -------------------------------------------------------------------------------------
<S> <C> <C>
Alabama -- 0.5%
$ 4,000 Jefferson County, Alabama, Sewer, Ser. D, Warrants,
Rev., +, 5.75%, 02/01/22 $ 3,888
Arizona -- 0.9%
5,300 Pima County, Arizona, Unified School District No. 1,
Tucson, GO, +, 7.50%, 07/01/10 6,211
California -- 9.0%
California State,
2,000 GO, +, 6.50%, 11/01/09 2,221
1,000 Ser. B, GO, 10.00%, 08/01/02 1,125
1,000 Veterans Bonds, Ser. AM, GO, 9.00%, 10/01/05 1,206
10,000 California State, Department Water Resource Center,
Valley Project, Water Systems, Ser. U, Rev., 5.00%,
12/01/29 8,510
21,000 California Statewide Communities Development
Authority, Sherman Oaks Project, Ser. A, Rev., +, 5.00%,
08/01/22 18,358
7,000 Corona, California, Public Financing Authority, Water
Utility Improvements, Rev., +, 4.75%, 09/01/28 5,716
4,000 Los Angeles, California, Harbor Department, Rev., ~,
7.60%, 10/01/18 4,798
Metropolitan Water District of Southern California,
1,235 Ser. A, GO, 5.25%, 03/01/14 1,216
10,000 Ser. A, Rev., 5.00%, 07/01/26 8,613
3,000 Modesto, California, Irrigation District Financing
Authority, Ser. A, Rev., +, 6.00%, 10/01/15 3,102
9,930 Pomona, California, Unified School District, Ser. A, GO,
+, 6.15%, 08/01/15 10,559
----------
65,424
Colorado -- 3.5%
1,190 Adams County, Colorado, School District No. 12, GO, +,
6.20%, 12/15/10 1,234
Colorado Water Resources & Power Development
Authority, Drinking Water,
1,145 Ser. A, Rev., 5.25%, 09/01/11 1,140
1,560 Ser. A, Rev., 5.25%, 09/01/13 1,526
6,000 Garfield Pitkin & Eagle Counties, Colorado, School
District No. Re 1 Roarge, GO, +, ~, 6.60%, 06/15/04 6,432
Platte River Power Authority, Colorado,
3,050 Ser. DD, Rev., +, 6.00%, 06/01/05 3,188
4,400 Ser. DD, Rev., +, 6.00%, 06/01/06 4,609
1,620 Ser. DD, Rev., +, 6.00%, 06/01/07 1,702
6,050 Westminster, Colorado, Special Purpose, Sales & Use Tax,
Post Project, Ser. B, Rev., +, 5.13%, 12/01/16 5,592
----------
25,423
Connecticut -- 0.6%
4,455 Connecticut State Housing Finance Authority, Housing
Mortgage Finance Program, Ser. C1, Rev., 6.60%,
11/15/23 4,598
</TABLE>
See notes to financial statements.
10
<PAGE>
CHASE VISTA SELECT TAX FREE INCOME FUND
Portfolio of Investments (Continued)
As of February 29, 2000 (unaudited)
(Amounts in thousands)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
- -------------------------------------------------------------------------------------
Long-Term Municipal Securities -- Continued
- -------------------------------------------------------------------------------------
<S> <C> <C>
Delaware -- 0.8%
$ 5,000 Delaware State, Economic Development Authority,
Osteopathic Hospital Association of Delaware, Ser. A,
Rev., ~, 6.90%, 01/01/18 $ 5,546
20 Sussex County, Delaware, Single Family Mortgage,
Residential, Rev., +, 9.38%, 02/01/17 20
----------
5,566
Florida -- 6.0%
3,985 Broward County, Florida, Resource Recovery, SES
Broward Co. LP South Project, Rev., 7.95%, 12/01/08 4,113
2,200 Dade County, Florida, Special Obligation, Miami Beach
Convention Center Project, Special Tax, +, ~, 8.63%,
12/01/07 2,582
5,000 Daytona Beach, Florida, Water & Sewer, Ser. 1978, Rev.,
~, 6.75%, 11/15/07 5,299
5,000 Florida State, Board of Education, Lottery, Ser. C, Rev., +,
4.50%, 07/01/18 4,100
3,000 Florida State, Division of Bond Finance Dept., General
Services, Department of Environmental Protection,
Preservation 2000, Ser. A, Rev., +, 5.38%, 07/01/11 3,010
3,670 Greater Orlando Aviation Authority, Orlando Florida
Airport Facilities, Ser. A, Rev., +, 6.50%, 10/01/12 3,857
3,205 Hillsborough County, Florida, Aviation Authority, Tampa
International Airport, Ser. B, Rev., +, 6.00%, 10/01/18 3,292
3,800 Lakeland, Florida, Electric & Water, First Lien, Ser. B,
Rev., +, 6.05%, 10/01/14 4,001
Orange County, Florida, Health Facilities Authority,
3,130 Ser. A, Rev., +, ~, 6.25%, 10/01/12 3,368
1,295 Ser. A, Rev., +, 6.25%, 10/01/12 1,388
1,630 Ser. C, Rev., +, ~, 6.25%, 10/01/12 1,754
680 Ser. C, Rev., +, 6.25%, 10/01/12 729
3,000 Orange County, Florida, Tourist Development, Ser. A,
Rev., +, 6.50%, 10/01/10 3,172
3,185 Reedy Creek Improvement District, Florida, Ser. A, GO, +,
5.25%, 06/01/12 3,148
----------
43,813
Georgia -- 6.8%
5,000 Burke County, Georgia, Development Authority PCR,
Oglethorpe Power Co., Rev., +, ~, 8.00%, 01/01/03 5,543
10,000 Dalton, Georgia, Development Authority, Rev., +, 5.50%,
08/15/26 9,316
7,650 De Kalb County, Georgia, Housing Authority, Apartment
Development, Fox Hollow Apartments, Rev., ~, 7.00%,
05/15/07 8,435
7,000 Georgia Municipal Electric Authority, Power, Ser. Z, Rev.,
+, 5.50%, 01/01/20 6,738
15 Georgia State Residential Finance Authority, Single
Family Mortgage, Ser. A, Rev., 8.40%, 12/01/18 15
Metropolitan Atlanta Rapid Transit Authority, Georgia,
Sales Tax,
5,000 Second Indenture, Ser. A, Rev., +, ~, 6.90%, 07/01/04 5,459
10,485 Ser. P, Rev., +, 6.25%, 07/01/20 10,992
3,110 Savannah, Georgia, Economic Development Authority,
College of Art & Design Inc. Project, Rev., 6.60%,
10/01/15 3,061
----------
49,559
</TABLE>
See notes to financial statements.
11
<PAGE>
CHASE VISTA SELECT TAX FREE INCOME FUND
Portfolio of Investments (Continued)
As of February 29, 2000 (unaudited)
(Amounts in thousands)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
- ----------------------------------------------------------------------------------------
Long-Term Municipal Securities -- Continued
- ----------------------------------------------------------------------------------------
<S> <C> <C>
Hawaii -- 0.8%
$ 5,000 Honolulu, Hawaii, City & County, Ser. A, GO, 7.35%,
07/01/08 $ 5,659
Illinois -- 0.8%
2,416 Illinois Health Facilities Authority,
Ser. A, Rev., +, ~, 7.90%, 08/15/03 2,483
3,250 Illinois Housing Development Authority, Multi-Family
Housing, Ser. 1991-A, Rev., 8.25%, 07/01/16 3,426
----------
5,909
Indiana -- 1.2%
9,615 Indianapolis, Indiana, Airport Authority, Special Facilities,
United Airlines Project, Ser. A, Rev., 6.50%, 11/15/31 8,964
Kentucky -- 1.2%
8,000 Louisville & Jefferson County, Kentucky, Metropolitan
Sewer District, Sewer & Drain System, Ser. A, Rev., +, ~,
6.50%, 11/15/04 8,644
Louisiana -- 1.3%
Orleans Parish, Louisiana, School Board,
2,000 Defeased, Rev., +, ~, 8.85%, 02/01/06 2,374
2,000 Defeased, Rev., +, ~, 8.90%, 02/01/07 2,426
4,000 GO, +, ~, 7.50%, 09/01/05 4,466
----------
9,266
Massachusetts -- 3.7%
3,500 Chelsea, Massachusetts, School Project Loan Act 1948,
GO, +, ~, 6.50%, 06/15/04 3,768
2,750 Haverhill, Massachusetts, Unlimited Tax, Ser. A, GO, +, ~,
7.00%, 06/15/02 2,936
10,000 Massachusetts State, Consolidated Loan, Ser. C, GO,
5.25%, 08/01/17 9,370
9,000 Massachusetts State, Port Authority, Ser. B, Rev., +,
5.50%, 07/01/13 8,833
2,015 South Essex, Massachusetts, Sewer District, Ser. B, GO, +,
~, 6.75%, 06/01/04 2,188
----------
27,095
Montana -- 0.8%
Montana State, Long-Range Building Program,
2,320 Ser. B, GO, 4.50%, 08/01/15 1,990
2,435 Ser. B, GO, 4.50%, 08/01/16 2,066
2,555 Ser. B, GO, 4.50%, 08/01/17 2,146
----------
6,202
New Jersey -- 6.7%
4,200 Freehold, New Jersey, Regional High School, GO, +,
5.60%, 03/01/16 4,164
5,215 New Jersey Economic Development Authority,
Educational Testing Service, Ser. B, Rev., +, ~, 6.25%,
05/15/05 5,576
New Jersey Sports & Exposition Authority,
1,500 Rev., ~, 8.30%, 01/01/03 1,634
565 Ser. A, Rev., ~, 6.50%, 03/01/02 595
2,905 Ser. A, Rev., 6.50%, 03/01/19 3,037
5,000 New Jersey State, Highway Authority, Garden State
Parkway, Rev., 6.20%, 01/01/10 5,345
</TABLE>
See notes to financial statements.
12
<PAGE>
CHASE VISTA SELECT TAX FREE INCOME FUND
Portfolio of Investments (Continued)
As of February 29, 2000 (unaudited)
(Amounts in thousands)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
- -----------------------------------------------------------------------------------
Long-Term Municipal Securities -- Continued
- -----------------------------------------------------------------------------------
<S> <C> <C>
New Jersey -- Continued
$ 5,000 New Jersey State, Housing & Mortgage Finance Agency,
Ser. U, Rev., +, 5.75%, 04/01/18 $ 4,874
15,700 New Jersey State, Ser. D, GO, 8.00%, 02/15/07 18,258
5,000 New Jersey State, Transportation Trust Fund Authority,
Transportation Systems, Ser. B, Rev., +, 6.50%, 06/15/10 5,467
----------
48,950
New York -- 25.7%
4,000 Long Island Power Authority, New York, Electric
Systems, Ser. A, Rev., +, 5.50%, 12/01/13 3,996
Metropolitan Transportation Authority, New York,
3,450 Commuter Facilities, Ser. A, Rev., 6.00%, 07/01/16 3,497
2,500 Dedicated Tax Fund, Ser. A, Rev., 4.75%, 04/01/28 2,020
3,000 Nassau County, New York, IDA, Civic Facility, Hofstra
University Project, Rev., +, ~, 6.75%, 08/01/01 3,151
New York City, New York,
2,000 Ser. A, GO, 5.38%, 08/01/15 1,887
12,000 Ser. A, GO, +, 6.25%, 08/01/08 12,742
4,000 Ser. B, GO, +, 6.50%, 08/15/10 4,305
10,000 Ser. F, GO, +, 5.38%, 08/01/09 10,069
2,000 Ser. H, GO, 5.40%, 08/01/04 2,024
8,250 New York City, New York, City Municipal Water Finance
Authority, Water & Sewer Systems, Ser. A, Rev., +,
5.50%, 06/15/23 7,677
New York City, New York, IDA,
3,500 IDR, Brooklyn Navy Yard Cogen Partners Project, Rev.,
6.20%, 10/01/22 3,342
5,000 Special Facilities, British Airways PLC Project, Rev.,
5.25%, 12/01/32 4,020
New York State,
3,000 Environmental Quality, GO, ~, 6.50%, 12/01/04 3,239
4,100 GO, ~, 6.30%, 09/15/02 4,323
3,000 Ser. B, GO, 6.25%, 08/15/05 3,165
20,000 Ser. F, GO, 5.25%, 09/15/10 19,809
New York State, Dorm Authority,
2,500 Mental Health Services Facilities, Ser. B, Rev., 5.00%,
02/15/24 2,074
2,000 Pratt Institute, Rev., +, 6.00%, 07/01/28 1,945
4,500 University of Rochester, Ser. A, Rev., 6.40%, 07/01/13 4,718
6,000 New York State, Energy Research & Development
Authority, PCR, Niagara Mohawk Power Corp., Ser. A,
Rev., +, 7.20%, 07/01/29 6,500
New York State, Environmental Facilities Corp., PCR,
State Water Revolving Fund,
2,000 Ser. B, Rev., 7.10%, 09/15/11 2,070
2,650 Ser. D, Rev., 6.85%, 11/15/11 2,875
New York State, Housing Finance Agency,
515 Health Facilities, Monroe County, Ser. A, Rev., 7.63%,
05/01/05 536
4,000 State University Construction, Ser. A, Rev., ~, 7.90%,
11/01/06 4,428
New York State, Local Government Assistance Corp.,
2,340 Ser. A, Rev., ~, 7.00%, 04/01/02 2,489
5,500 Ser. C, Rev., ~, 7.00%, 04/01/01 5,767
3,000 Ser. D, Rev., ~, 7.00%, 04/01/02 3,191
</TABLE>
See notes to financial statements.
13
<PAGE>
CHASE VISTA SELECT TAX FREE INCOME FUND
Portfolio of Investments (Continued)
As of February 29, 2000 (unaudited)
(Amounts in thousands)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
- ---------------------------------------------------------------------------------------
Long-Term Municipal Securities -- Continued
- ---------------------------------------------------------------------------------------
<S> <C> <C>
New York -- Continued
New York State, Medical Care Facilities Finance Agency,
$ 2,780 Hospital & Nursing Home, Ser. C, Rev., 6.25%, 08/15/12 $ 2,850
2,000 Special Obligation, Mental Health Services Facilities
Improvement, Ser. A, Rev., ~, 8.30%, 05/01/04 2,232
5,500 New York State, Thruway Authority, Ser. C, Rev., +, ~,
6.00%, 01/01/05 5,808
Port Authority of New York & New Jersey,
6,270 Consolidated Bonds 78th Ser., Rev., 6.50%, 04/15/11 6,523
16,000 Consolidated Bonds 93rd Ser., Rev., 6.13%, 06/01/94 16,397
4,000 Consolidated Bonds 109th Ser., Rev., 5.38%, 01/15/32 3,597
10,000 Consolidated Bonds 114th Ser., Rev., 4.75%, 08/01/33 7,941
Triborough Bridge & Tunnel Authority, New York,
9,000 Convention Center Project, Ser. E, Rev., 7.25%,
01/01/10 9,905
7,000 General Purpose, Ser. B, Rev., 5.50%, 01/01/30 6,408
----------
187,520
North Dakota -- 0.8%
5,000 Mercer County, North Dakota, PCR, Antelope Valley
Station, Rev., +, 7.20%, 06/30/13 5,724
Ohio -- 2.4%
7,000 Cleveland, Ohio, Public Power System, First Mortgage,
Ser. A, Rev., +, ~, 7.00%, 11/15/04 7,708
2,000 Dublin, Ohio, Refunding & Public Improvement, Ser. A,
GO, 5.25%, 12/01/14 1,934
4,000 Ohio State, Higher Education Facilities, Ser. A, GO,
5.25%, 02/01/12 3,951
4,850 Ohio State, Public Facilities Commission, Higher
Education Capital Facilities, Ser. II-C, Rev., +, 4.38%,
06/01/11 4,279
----------
17,872
Oklahoma -- 1.8%
8,500 Oklahoma State, Turnpike Authority, Second Ser., Ser. A,
Rev., +, 5.25%, 01/01/13 8,351
5,000 Tulsa, Oklahoma, Metropolitan Utility Authority, Rev., +,
5.75%, 09/01/19 4,869
----------
13,220
Oregon -- 3.8%
5,780 Oregon State, Higher Education Building, Ser. A, GO,
6.45%, 08/01/04 6,169
Portland, Oregon, Sewer Systems,
2,300 Ser. A, Rev., +, 5.00%, 06/01/14 2,148
11,565 Ser. A, Rev., +, 5.00%, 06/01/15 10,668
4,000 Salem, Oregon, Hospital Facilities Authority, Salem
Hospital, Rev., 5.25%, 08/15/14 3,746
5,000 Washington County, Oregon, Sewer Agency, Senior Lien,
Ser. A, Rev., +, 5.75%, 10/01/10 5,193
----------
27,924
Pennsylvania -- 3.4%
1,000 Allegheny County, Pennsylvania, IDA, Health Care
Facilities, Presbyterian Senior Care, Rev., 5.75%, 01/01/23 804
12,000 Delaware Valley, Pennsylvania, Regional Finance
Authority, Local Government, Ser. A, Rev., +, 5.50%,
08/01/28 11,176
</TABLE>
See notes to financial statements.
14
<PAGE>
CHASE VISTA SELECT TAX FREE INCOME FUND
Portfolio of Investments (Continued)
As of February 29, 2000 (unaudited)
(Amounts in thousands)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
- ---------------------------------------------------------------------------------------
Long-Term Municipal Securities -- Continued
- ---------------------------------------------------------------------------------------
<S> <C> <C>
Pennsylvania -- Continued
$12,975 Pennsylvania State, Second Ser., GO, 4.50%, 10/01/02 $ 12,913
----------
24,893
Puerto Rico -- 4.6%
Puerto Rico Commonwealth,
5,655 GO, +, 6.00%, 07/01/16 5,926
2,500 GO, +, 6.25%, 07/01/11 2,716
1,500 Puerto Rico Commonwealth, Highway & Transportation
Authority, Ser. T, Rev., ~, 6.63%, 07/01/02 1,591
5,000 Puerto Rico Electric Power Authority, Ser. Y, Rev., +,
7.00%, 07/01/07 5,598
14,500 Puerto Rico Municipal Finance Agency, Ser. A, GO,
5.00%, 08/01/01 14,576
3,000 Puerto Rico Public Buildings Authority, Government
Facilities, Ser. A, Rev., +, 6.25%, 07/01/11 3,259
----------
33,666
South Carolina -- 1.4%
6,000 Richland County, South Carolina, School District No. 1,
GO, 4.63%, 03/01/22 4,880
5,000 South Carolina State, Public Service Authority, Ser. A,
Rev., +, 6.25%, 01/01/22 5,083
----------
9,963
South Dakota -- 0.5%
3,000 Heartland Consumers Power District, Rev., ~, 7.00%,
01/01/16 3,330
365 South Dakota State, Building Authority, Rev., ~, 10.50%,
09/01/00 376
----------
3,706
Tennessee -- 0.7%
3,000 Knox County, Tennessee, Health, Educational & Housing
Facilities Board, University Health Systems Inc., Rev.,
5.63%, 04/01/29 2,477
3,000 Metropolitan Government of Nashville & Davidson
Counties, Tennessee, Water & Sewer, Rev., +, 5.20%,
01/01/13 2,911
----------
5,388
Texas -- 5.6%
Austin, Texas, Utility System,
6,500 Rev., +, 6.00%, 11/15/13 6,816
2,000 Ser. A, Rev., +, ~, 8.00%, 11/15/01 2,085
2,000 Ser. A, Rev., ~, 9.50%, 05/15/00 2,022
7,125 Dallas-Fort Worth, Texas, International Airport Facilities
Improvement Corp., American Airlines Inc., Rev., 6.38%,
05/01/35 6,641
Dallas-Fort Worth, Texas, Regional Airport,
2,115 Ser. A, +, 7.38%, 11/01/08 2,333
2,945 Ser. A, +, 7.38%, 11/01/09 3,248
2,000 Ser. A, +, 7.38%, 11/01/11 2,194
Houston, Texas, Water Conveyance System,
2,500 Ser. F, COP, 7.20%, 12/15/05 2,741
2,000 Ser. F, COP, 7.20%, 12/15/06 2,211
Klein, Texas, Independent School District,
1,000 Ser. A, GO, 5.00%, 08/01/16 912
2,400 Ser. A, GO, 5.00%, 08/01/17 2,169
</TABLE>
See notes to financial statements.
15
<PAGE>
CHASE VISTA SELECT TAX FREE INCOME FUND
Portfolio of Investments (Continued)
As of February 29, 2000 (unaudited)
(Amounts in thousands)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
- ---------------------------------------------------------------------------------------
Long-Term Municipal Securities -- Continued
- ---------------------------------------------------------------------------------------
<S> <C> <C>
Texas -- Continued
$ 8,500 Texas Water Development Board, State Revolving Fund,
Senior Lien, Ser. B, Rev., 5.13%, 07/15/18 $ 7,707
----------
41,079
Utah -- 0.2%
1,000 Sevier County, Utah, Sevier School District, GO, +, ~,
9.20%, 05/01/03 1,125
- ---------------------------------------------------------------------------------------
Total Long-Term Municipal Securities 697,251
(Cost $708,786)
- ---------------------------------------------------------------------------------------
Short-Term Investments -- 4.2%
- ---------------------------------------------------------------------------------------
Municipal Securities -- 2.9%
----------------------------
California -- 0.1%
800 Irvine Ranch, California, Water District, Capital
Improvement Project, COP, FRDO, 3.05%, 03/01/00 800
Massachusetts -- 0.4%
3,000 Massachusetts State, Health & Educational Facilities
Authority, Capital Assets Program, Ser. D, Rev., FRDO, +,
3.80%, 03/01/00 3,000
New Jersey -- 0.2%
New Jersey Economic Development Authority,
800 Airis Newark LLC Project, Rev., FRDO, +, 3.90%, 03/03/00 800
300 Water Facilities, United Water New Jersey Inc. Project,
Ser. B, Rev., FRDO, +, 3.80%, 03/01/00 300
New Mexico -- 0.5%
Farmington, New Mexico, PCR, Arizona Public Services Co.,
2,000 Ser. A, Rev., FRDO, 3.80%, 03/01/00 2,000
2,000 Ser. B, Rev., FRDO, 3.80%, 03/01/00 2,000
New York -- 1.7%
New York City, New York,
700 Ser. B, Sub. Ser. B-2, GO, FRDO +, 3.80%, 03/01/00 700
700 Ser. B, Sub. Ser. B-4, GO, FRDO, +, 3.80%, 03/01/00 700
200 Sub. Ser. A-8, GO, FRDO, 3.80%, 03/01/00 200
4,800 New York City, New York, Health & Hospital Corp.,
Health Systems, Ser. F, Rev., FRDO, 3.75%, 03/06/00 4,800
4,000 New York State, Housing Finance Agency, Union Square
South Housing, Rev., FRDO, 3.70%, 03/02/00 4,000
1,600 Port Authority of New York & New Jersey, Special
Obligation, Versatile Structure Obligation, Ser. 2,
Rev., FRDO, 3.75%, 03/01/00 1,600
-------------------------------------------------------------------------
Total Municipal Securities 20,900
(Cost $20,900)
-------------------------------------------------------------------------
Shares
Money Market Funds -- 1.3%
--------------------------
8,740 Provident Municipal Cash Money Market Fund 8,740
997 Provident Municipal Money Market Fund 997
-------------------------------------------------------------------------
Total Money Market Funds 9,737
(Cost $9,737)
-------------------------------------------------------------------------
</TABLE>
16
See notes to financial statements.
<PAGE>
CHASE VISTA SELECT TAX FREE INCOME FUND
Portfolio of Investments (Continued)
As of February 29, 2000 (unaudited)
(Amounts in thousands)
<TABLE>
Amount Issuer Value
- ---------------------------------------------------------------------------------------
Short-Term Investments -- Continued
- ---------------------------------------------------------------------------------------
<S> <C> <C>
Total Short-Term Investments $ 30,637
(Cost $30,637)
- ---------------------------------------------------------------------------------------
Total Investments -- 99.7% $727,888
(Cost $739,423)
- ---------------------------------------------------------------------------------------
</TABLE>
See notes to financial statements.
17
<PAGE>
- --------------------------------------------------------------------------------
CHASE VISTA SELECT INTERMEDIATE TAX FREE INCOME FUND
Portfolio of Investments
- --------------------------------------------------------------------------------
As of February 29, 2000 (unaudited)
(Amounts in thousands)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
- ---------------------------------------------------------------------------------
Long-Term Municipal Securities -- 98.3%
- ---------------------------------------------------------------------------------
<S> <C> <C>
Alabama -- 1.4%
Alabama State,
$ 660 GO, ~, 7.00%, 08/01/00 $ 681
7,650 Ser. A, GO, 5.50%, 10/01/02 7,796
1,000 Shelby County, Alabama, Board of Education, Capital
Outlay School Warrants, +, 5.70%, 02/01/09 1,023
----------
9,500
Arizona -- 0.9%
2,300 Maricopa County, Arizona, School District No. 4, Mesa,
Ser. E, GO, +, ~, 5.40%, 07/01/02 2,377
3,675 Maricopa County, Arizona, Unified High School District
No. 210, Phoenix, Project of 1995, Ser. B, GO, ~, 5.50%,
07/01/06 3,776
----------
6,153
California -- 0.8%
5,000 Los Angeles County, California, Public Works Financing
Authority, Regional Park & Open Space District, Ser. A,
Rev., +, ~, 6.00%, 10/01/04 5,355
Colorado -- 0.6%
4,000 Eagle, Garfield & Routt Counties, Colorado, School
District No. Re 50J, GO, +, ~, 6.13%, 12/01/04 4,261
Connecticut -- 0.7%
4,735 Connecticut State, Special Tax Obligation,
Transportation Infrastructure, Ser. A, Rev., +, 5.40%,
06/01/09 4,783
Delaware -- 0.4%
3,000 Delaware Transportation Authority, Transportation
System, Rev., +, 6.00%, 07/01/05 3,136
Florida -- 2.0%
2,000 Dade County, Florida, Aviation, Ser. B, Rev., +, 6.40%,
10/01/06 2,139
2,675 Florida State, Broward County Expressway Authority,
Ser. A, GO, 6.50%, 07/01/03 2,680
2,000 Florida State, Department of Corrections, Okeechobee
Correctional, COP, +, 6.00%, 03/01/08 2,095
5,000 Florida State, Division of Bond Finance Dept., General
Services, Environmental Protection Preservation,
Ser. A, Rev., +, 5.25%, 07/01/04 5,075
2,350 Miami-Dade County, Florida, Aviation, Ser. A, Rev., +,
5.25%, 10/01/07 2,350
----------
14,339
Georgia -- 2.1%
5,000 Georgia Municipal Electric Authority, Ser. DD, Rev., +,
7.00%, 01/01/08 5,515
8,100 Georgia State, Ser. C, GO, 7.25%, 07/01/05 8,942
----------
14,457
Hawaii -- 1.3%
4,405 Hawaii State, Ser CK, GO, +, ~, 5.25%, 09/01/05 4,451
Honolulu, Hawaii, City & County,
2,500 Ser. A, GO, 7.30%, 07/01/03 2,677
2,000 Ser. A, GO, 7.35%, 07/01/06 2,224
----------
9,352
</TABLE>
See notes to financial statements.
18
<PAGE>
CHASE VISTA SELECT INTERMEDIATE TAX FREE INCOME FUND
Portfolio of Investments (Continued)
As of February 29, 2000 (unaudited)
(Amounts in thousands)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
- ----------------------------------------------------------------------------------
Long-Term Municipal Securities -- Continued
- ----------------------------------------------------------------------------------
<S> <C> <C>
Illinois -- 6.1%
Chicago, Illinois, Metropolitan Water Reclamation
District, Greater Chicago,
$ 1,500 Capital Improvement Bonds, GO, ~, 7.00%, 01/01/08 $ 1,661
4,400 GO, 5.50%, 12/01/08 4,482
3,000 GO, 5.50%, 12/01/09 3,047
7,200 GO, 5.95%, 12/01/07 7,544
Chicago, Illinois, O'Hare International Airport,
3,000 General Airport, Second Lien, Ser. A, Rev., +, 6.75%,
01/01/06 3,224
6,055 Passenger Facilities Charge, Ser. A, Rev., +, 5.38%,
01/01/07 6,094
Illinois State,
5,485 GO, 5.25%, 04/01/04 5,539
1,320 GO, 5.50%, 08/01/06 1,344
10,000 GO, +, 5.50%, 04/01/10 10,131
----------
43,066
Indiana -- 3.4%
Indiana Municipal Power Agency, Power Supply
2,600 Ser. B, Rev., +, 5.63%, 01/01/05 2,662
5,500 Ser. B, Rev., +, 5.80%, 01/01/08 5,688
2,485 Indiana State, Office Building Commission Facilities,
Ser. A, Rev., 5.00%, 07/01/04 2,488
2,400 Indiana Transportation Finance Authority, Highway,
Ser. A, Rev., +, 5.00%, 12/01/06 2,379
7,315 Indianapolis, Indiana, Gas Utility, Distribution Systems,
Ser. A, Rev., +, 5.75%, 08/15/08 7,558
3,000 Indianapolis, Indiana, Local Public Improvements Bond
Bank, Ser. A, Rev., +, 6.50%, 01/01/08 3,236
----------
24,011
Kentucky -- 0.1%
440 Owensboro, Kentucky, Electric Light & Power, Rev., ~,
10.50%, 01/01/04 481
Louisiana -- 0.5%
3,500 Lake Charles, Louisiana, Harbor & Terminal District,
Reynolds Metals Co. Project, Rev., 5.50%, 05/01/06 3,469
Maryland -- 2.0%
Maryland State, Stadium Authority, Convention Center
Expansion,
3,335 Rev., +, 5.75%, 12/15/08 3,440
3,535 Rev., +, 5.80%, 12/15/09 3,643
6,500 Maryland State, Transportation Authority,
Transportation Facilities Project, Rev., 5.80%, 07/01/06 6,758
----------
13,841
Massachusetts -- 5.8%
5,000 Chelsea, Massachusetts, School Project Loan Act 1948,
GO, +, ~, 5.90%, 06/15/04 5,268
10,000 Massachusetts Bay Transportation Authority, General
Transportation Systems, Ser. A, Rev., +, 5.40%, 03/01/08 10,137
Massachusetts State,
5,000 Consolidated Loan, Ser. C, GO, 5.00%, 09/01/05 5,002
3,600 Consolidated Loan, Ser. C, GO, +, ~, 6.70%, 11/01/04 3,891
</TABLE>
See notes to financial statements.
19
<PAGE>
CHASE VISTA SELECT INTERMEDIATE TAX FREE INCOME FUND
Portfolio of Investments (Continued)
As of February 29, 2000 (unaudited)
(Amounts in thousands)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
- ------------------------------------------------------------------------------------
Long-Term Municipal Securities -- Continued
- ------------------------------------------------------------------------------------
<S> <C> <C>
Massachusetts -- Continued
Massachusetts State -- Continued
$ 4,400 Ser. B, GO, ~, 6.50%, 08/01/08 $ 4,769
3,000 Massachusetts State, Housing Finance Agency,
Residential Development, Ser. C, Rev., 6.45%, 05/15/04 3,128
5,000 Massachusetts State, Water Resource Authority, Ser. C,
Rev., ~, 5.25%, 12/01/04 5,147
Southeastern Massachusetts University Building
Authority Project,
1,980 Ser. A, Rev., +, 5.90%, 05/01/09 2,051
1,000 Ser. A, Rev., +, 5.90%, 05/01/10 1,033
----------
40,426
Michigan -- 3.0%
4,000 Michigan State, Trunk Line, Ser. A, Rev., +, 5.25%,
11/01/15 3,811
3,565 Michigan State, Underground Storage Tank Financial
Assurance Authority, Ser. I, Rev., +, 5.75%, 05/01/10 3,651
Wayne Charter County, Michigan, Airport, Detroit
Metropolitan Wayne County,
10,000 Ser. A, Rev., +, 5.25%, 12/01/06 9,982
3,780 Ser. A, Rev., +, 5.50%, 12/01/07 3,818
----------
21,262
Minnesota -- 0.7%
5,000 Minnesota State, GO, ~, 6.00%, 08/01/02 5,146
Mississippi -- 0.6%
4,110 Mississippi State, Ser. B, GO, 5.00%, 08/01/05 4,104
Nebraska -- 1.9%
2,635 American Public Energy Agency, Nebraska, Gas Supply,
Public Gas Agency Project, Ser. A, Rev., +, 5.25%,
06/01/11 2,475
11,000 Omaha Public Power District, Nebraska, Electric, Ser. C,
Rev., 5.40%, 02/01/08 11,133
----------
13,608
Nevada -- 2.8%
2,415 Henderson, Nevada, Water & Sewer, Ser. A, GO, +,
5.50%, 09/01/08 2,454
Nevada State,
1,000 GO, 6.75%, 07/01/03 1,022
1,000 Municipal Bond Bank, GO, ~, 7.20%, 11/01/04 1,040
1,660 Municipal Bond Bank, Project No. 20-23-A, GO, ~,
7.00%, 07/01/00 1,676
1,000 Municipal Bond Bank, Project No. 20-23-A, GO, ~,
7.20%, 07/01/02 1,010
5,390 Ser. A, GO, 5.00%, 07/01/10 5,205
5,000 Ser. A, GO, 5.60%, 07/15/06 5,104
2,000 Ser. C, GO, 6.50%, 05/01/05 2,127
----------
19,638
New Jersey -- 12.3%
3,245 Elizabeth, New Jersey, GO, +, 6.25%, 08/15/08 3,451
10,000 New Jersey Building Authority, State Building, Rev.,
5.75%, 06/15/09 10,362
New Jersey Economic Development Authority,
955 Market Transition Facility, Senior Lien, Ser. A, Rev., +,
5.80%, 07/01/08 986
</TABLE>
See notes to financial statements.
20
<PAGE>
CHASE VISTA SELECT INTERMEDIATE TAX FREE INCOME FUND
Portfolio of Investments (Continued)
As of February 29, 2000 (unaudited)
(Amounts in thousands)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
- --------------------------------------------------------------------------------------
Long-Term Municipal Securities -- Continued
- --------------------------------------------------------------------------------------
<S> <C> <C>
New Jersey -- Continued
New Jersey Economic Development Authority -- Continued
$ 8,800 Market Transition Facility, Senior Lien, Ser. A, Rev., +,
5.80%, 07/01/09 $ 9,056
New Jersey State, Transportation Trust Fund Authority,
Transportation Systems,
5,500 Ser. A, Rev., 5.00%, 06/15/09 5,396
3,660 Ser. A, Rev., 5.75%, 06/15/15 3,731
2,700 Ser. A, Rev., +, 6.00%, 06/15/04 2,815
6,340 Ser. B, Rev., 5.00%, 06/15/04 6,362
7,000 Ser. B, Rev., +, 5.50%, 06/15/09 7,109
6,455 Ser. B, Rev., 6.00%, 06/15/07 6,785
New Jersey State, Turnpike Authority,
4,125 Rev., ~, 5.70%, 05/01/13 4,189
575 Rev., ~, 10.38%, 01/01/03 632
3,965 Ser. G, Rev., ~, 5.75%, 01/01/09 4,047
New Jersey Wastewater Treatment Trust,
2,545 Ser. A, Rev., +, 7.00%, 05/15/06 2,804
2,910 Ser. A, Rev., +, 7.00%, 05/15/08 3,260
3,120 Ser. A, Rev., +, 7.00%, 05/15/09 3,522
4,995 Ser. C, Rev., +, 6.25%, 05/15/05 5,278
5,520 Ser. C, Rev., 6.88%, 06/15/07 6,089
----------
85,874
New Mexico -- 0.3%
2,075 Gallup, New Mexico, PCR, Plains Electric Generation,
Rev., +, 6.40%, 08/15/05 2,163
New York -- 20.3%
Long Island Power Authority, New York Electric Systems,
5,500 Rev., +, 5.25%, 04/01/10 5,453
4,000 Ser. A, Rev., +, 5.50%, 12/01/08 4,069
500 Ser. A, Rev., +, 5.50%, 12/01/13 499
4,595 Ser. A, Rev., +, 6.00%, 12/01/07 4,827
5,000 Metropolitan Transportation Authority of New York,
Transportation Facilities, Ser. K, Rev., +, 6.25%, 07/01/05 5,273
Municipal Assistance Corp. for New York City, New York,
7,020 Ser. E, Rev., 6.00%, 07/01/06 7,350
5,700 Ser. G, Rev., 6.00%, 07/01/05 5,953
2,000 Ser. N, Rev., 5.25%, 07/01/07 2,012
1,250 Ser. O, Rev., 5.25%, 07/01/07 1,257
2,000 New York City, New York, IDA, Special Facilities,
Terminal One Group Association Project, Rev.,
5.50%, 01/01/02 2,018
3,500 New York City, New York, Housing Development Corp.,
Growth & Income Sector, Residential, Royal Charter,
Rev., +, ~, 9.75%, 04/01/00 3,552
New York State,
6,000 Ser. B, GO, 5.60%, 08/15/07 6,124
5,000 Ser. B, GO, 5.70%, 08/15/10 5,085
New York State, Dorm Authority,
11,750 City University, 3rd General Reserve, Rev., ~, 6.00%,
07/01/06 12,442
195 Pooled Capital Program, Rev., +, ~, 7.80%, 12/01/05 200
770 St. John's University, Rev., +, 6.70%, 07/01/04 804
</TABLE>
See notes to financial statements.
21
<PAGE>
CHASE VISTA SELECT INTERMEDIATE TAX FREE INCOME FUND
Portfolio of Investments (Continued)
As of February 29, 2000 (unaudited)
(Amounts in thousands)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
- -----------------------------------------------------------------------------------
Long-Term Municipal Securities -- Continued
- -----------------------------------------------------------------------------------
<S> <C> <C>
New York -- Continued
New York State, Dorm Authority -- Continued
$ 3,000 State University Educational Facilities, Rev., 5.25%,
05/15/01 $ 3,028
5,500 State University Educational Facilities, Rev., 5.50%,
05/15/06 5,557
2,800 State University Educational Facilities, Ser. A, Rev.,
5.50%, 05/15/06 2,829
New York State, Environmental Facilities Corp., PCR,
State Water Revolving Fund,
5,000 New York City Municipal Water, Rev., 5.75%, 06/15/08 5,183
230 Ser. A, Rev., 6.90%, 06/15/02 241
1,200 Ser. D, Rev., 6.55%, 03/15/08 1,247
4,915 New York State, Housing Finance Agency, Housing
Project Mortgage, Ser. A, Rev., +, 5.40%, 11/01/05 4,971
180 New York State, Medical Care Facilities Finance Agency,
Rev., +, 7.38%, 08/15/03 182
885 New York State, Mortgage Agency, Homeowner
Mortgage, Ser. EE-3, Rev., 7.70%, 10/01/10 905
New York State, Thruway Authority,
1,320 Highway & Bridge Trust Fund, Ser. A, Rev., +, 5.30%,
04/01/07 1,329
4,000 Highway & Bridge Trust Fund, Ser. A, Rev., +, ~,
5.60%, 04/01/04 4,159
5,700 Highway & Bridge Trust Fund, Ser. B, Rev., +, ~, 6.00%,
04/01/04 6,010
8,000 Service Contract, Local Highway & Bridge, Rev.,
5.00%, 04/01/02 8,020
5,000 Service Contract, Local Highway & Bridge, Rev.,
5.10%, 04/01/08 4,876
10,000 Service Contract, Local Highway & Bridge, Rev.,
5.20%, 04/01/09 9,754
3,200 Service Contract, Local Highway & Bridge, Rev.,
5.25%, 04/01/02 3,223
7,500 Service Contract, Local Highway & Bridge, Rev.,
5.25%, 04/01/03 7,551
3,910 Port Authority of New York & New Jersey, Consolidated
Bonds 112th Ser., Rev., 5.00%, 12/01/05 3,865
1,500 Suffolk County, New York, IDA, IDR, Nissequogue Cogen
Partners Facility, Rev., 4.88%, 01/01/08 1,360
990 Westchester County, New York, IDA, Resource Recovery,
Resco Co. Project, Ser. A, Rev., +, 5.60%, 07/01/07 1,008
----------
142,216
North Dakota -- 0.2%
North Dakota State, Municipal Bond Bank, State
Revolving Fund Program,
1,100 Ser. A, Rev., 5.50%, 10/01/06 1,122
235 Ser. A, Rev., 5.50%, 10/01/07 239
----------
1,361
Ohio -- 3.9%
2,865 Franklin County, Ohio, GO, ~, 6.25%, 12/01/01 2,998
4,000 Montgomery County, Ohio, Solid Waste, Rev., +, 5.50%,
11/01/10 4,052
</TABLE>
See notes to financial statements.
22
<PAGE>
CHASE VISTA SELECT INTERMEDIATE TAX FREE INCOME FUND
Portfolio of Investments (Continued)
As of February 29, 2000 (unaudited)
(Amounts in thousands)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
- --------------------------------------------------------------------------------------
Long-Term Municipal Securities -- Continued
- --------------------------------------------------------------------------------------
<S> <C> <C>
Ohio -- Continued
Ohio State, Building Authority,
$ 3,360 State Facilities, Adult Correctional, Ser. A, Rev., +,
5.75%, 10/01/08 $ 3,464
1,420 State Facilities, Administration Building Fund, Ser. A,
Rev., 6.00%, 10/01/06 1,488
5,000 Ohio State, Infrastructure Improvement, Ser. B, GO,
5.25%, 02/01/14 4,865
Ohio State, Turnpike Commission,
6,000 Ser. A, Rev., +, 5.40%, 02/15/09 6,062
4,275 Ser. A, Rev., +, 6.00%, 02/15/07 4,490
----------
27,419
Oregon -- 1.3%
5,300 Oregon State, State Board of Higher Education, Ser. A,
GO, ~, 6.00%, 08/01/06 5,623
3,500 Washington County, Oregon, School District No. 3,
Hillsboro, GO, +, ~, 6.00%, 11/01/05 3,665
----------
9,288
Pennsylvania -- 0.7%
4,500 Pennsylvania State, GO, +, 5.38%, 11/15/04 4,581
Puerto Rico -- 2.5%
Puerto Rico Commonwealth,
10,000 GO, +, 5.50%, 07/01/08 10,303
5,500 GO, +, 5.50%, 07/01/09 5,653
1,440 Puerto Rico Industrial, Medical & Environmental PCFFA,
Renasa Inc., Squibb Corp Project, Rev., 6.50%, 07/01/04 1,463
----------
17,419
Tennessee -- 0.7%
5,335 Tennergy Corp., Tennessee, Gas, Rev., +, 5.00%, 06/01/09 5,207
Texas -- 9.0%
Houston, Texas,
4,940 Ser. A, GO, 5.50%, 03/01/04 5,038
5,110 Ser. B, GO, 4.80%, 04/01/02 5,114
Houston, Texas, Water & Sewer Systems,
9,750 Ser. A, Rev., +, ~, 6.20%, 12/01/05 10,312
4,975 Ser. B, Rev., +, 6.40%, 12/01/09 5,260
5,300 North East Independent School District, Texas, GO,
6.50%, 10/01/09 5,769
Texas State,
5,650 Ser. A, GO, 6.00%, 10/01/05 5,914
7,500 Ser. A, GO, 6.00%, 10/01/09 7,902
10,000 Texas Public Finance Authority, Ser. B, GO, 5.50%, 10/01/05 10,231
Texas Water Development Board, State Revolving Fund,
Senior Lien,
1,320 Rev., 6.20%, 07/15/05 1,378
3,000 Ser. A, Rev., 5.25%, 07/15/09 2,993
1,000 Ser. A, Rev., 5.63%, 07/15/11 1,016
2,000 University of Texas, Permanent University Fund, Rev.,
6.30%, 07/01/01 2,047
----------
62,974
Utah -- 1.7%
2,850 Salt Lake City, Utah, GO, 5.50%, 06/15/11 2,881
3,915 Utah State, Building Ownership Authority, State Facilities
Master Lease Program, Ser. C, Rev., +, 5.50%, 05/15/08 3,979
</TABLE>
See notes to financial statements.
23
<PAGE>
CHASE VISTA SELECT INTERMEDIATE TAX FREE INCOME FUND
Portfolio of Investments (Continued)
As of February 29, 2000 (unaudited)
(Amounts in thousands)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
- -------------------------------------------------------------------------------------
Long-Term Municipal Securities -- Continued
- -------------------------------------------------------------------------------------
<S> <C> <C>
Utah -- Continued
$ 5,000 Utah State, Ser. F, GO, 5.50%, 07/01/05 $ 5,118
---------
11,978
Vermont -- 1.7%
4,100 Burlington, Vermont, Electric, Ser. A, Rev., +, 6.38%,
07/01/09 4,423
Vermont State
3,510 Ser. A, GO, ~, 6.40%, 01/15/05 3,764
3,510 Ser. A, GO, ~, 6.50%, 01/15/05 3,779
---------
11,966
Virgin Islands -- 1.5%
Virgin Islands Public Finance Authority,
2,500 Gross Receipts, Taxes Lien Notes, Ser. A, Rev., 5.63%,
10/01/10 2,421
5,000 Senior Lien, Fund Lien Notes, Ser. C, Rev., 5.50%,
10/01/06 4,919
3,070 Virgin Islands Water & Power Authority, Electric Systems,
Rev., 5.25%, 07/01/07 2,970
---------
10,310
Virginia -- 0.8%
5,515 Chesapeake Bay Bridge & Tunnel Commission, Virginia,
General Resolution, Rev., +, 5.75%, 07/01/08 5,708
Washington -- 1.3%
4,340 Grant County, Washington, Public Utilities District No. 2,
Electric, Ser. G, Rev., +, 5.25%, 01/01/08 4,331
5,000 Washington State, Ser. B, GO, 5.00%, 01/01/07 4,940
---------
9,271
Wisconsin -- 3.0%
Milwaukee County, Wisconsin,
3,025 Corporate Purpose, Ser. A, GO, 5.38%, 09/01/05 3,072
2,875 Ser. A, GO, ~, 6.50%, 12/01/11 2,967
6,000 Wisconsin State, GO, 6.20%, 05/01/06 6,332
Wisconsin State,
5,000 Clean Water, Ser. 2, Rev., 5.50%, 06/01/11 5,033
3,585 Clean Water, Ser. 2, Rev., 6.13%, 06/01/06 3,768
---------
21,172
- -------------------------------------------------------------------------------------
Total Long-Term Municipal Securities 689,295
(Cost $692,252)
- -------------------------------------------------------------------------------------
Short-Term Investments -- 1.3%
- -------------------------------------------------------------------------------------
Municipal Securities -- 0.7%
----------------------------
New York -- 0.7%
1,500 New York State, Energy Research & Development
Authority, PCR, Rochester Gas & Electric Corp., Ser. C,
Rev., FRDO, +, 3.65%, 03/07/00 1,500
2,000 New York State, Housing Finance Agency, Union Square
South Housing, Rev., FRDO, 3.70%, 03/02/00 2,000
1,100 Port Authority of New York & New Jersey, Special
Obligation, Versatile Structure Obligation, Ser. 2, Rev.,
FRDO, 3.75%, 03/01/00 1,100
-------------------------------------------------------------------------
Total Municipal Securities 4,600
(Cost $4,600)
-------------------------------------------------------------------------
</TABLE>
See notes to financial statements.
24
<PAGE>
CHASE VISTA SELECT INTERMEDIATE TAX FREE INCOME FUND
Portfolio of Investments (Continued)
As of February 29, 2000 (unaudited)
(Amounts in thousands)
<TABLE>
<CAPTION>
Shares Issuer Value
- -----------------------------------------------------------------------
Short-Term Investments -- Continued
- -----------------------------------------------------------------------
<S> <C> <C>
Money Market Funds -- 0.6%
--------------------------
2,584 Provident Municipal Cash Money Market Fund $ 2,584
1,364 Provident Municipal Money Market Fund 1,364
---------------------------------------------------------
Total Money Market Funds 3,948
(Cost $3,948)
- -----------------------------------------------------------------------
Total Short-Term Investments 8,548
(Cost $8,548)
- -----------------------------------------------------------------------
Total Investments -- 99.6% $697,843
(Cost $700,800)
- -----------------------------------------------------------------------
</TABLE>
25
See notes to financial statements.
<PAGE>
- --------------------------------------------------------------------------------
CHASE VISTA SELECT NEW YORK INTERMEDIATE TAX FREE INCOME FUND
Portfolio of Investments
- --------------------------------------------------------------------------------
As of February 29, 2000 (unaudited)
(Amounts in thousands)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
- --------------------------------------------------------------------------------
Long-Term Municipal Securities -- 92.8%
- --------------------------------------------------------------------------------
<S> <C> <C>
New York -- 80.3%
$2,000 Albany County, New York, Airport Authority, Rev., +,
5.30%, 12/15/15 $ 1,867
1,120 Allegany County, New York, IDA, Civic Facility, Alfred
University, Rev., +, 5.25%, 08/01/11 1,105
2,000 Battery Park City Authority, New York, Ser. A, Rev., +,
5.50%, 11/01/26 1,843
Erie County, New York,
885 Public Improvement, GO, +, 6.00%, 01/15/05 915
855 Ser. B, GO, +, 6.00%, 03/15/06 882
1,845 Erie County, New York, Water Authority, Improvement
& Extension, Rev., 5.75%, 12/01/08 1,882
Lindenhurst, New York, Union Free School District,
1,070 GO, +, 5.25%, 07/15/12 1,050
1,295 GO, +, 5.25%, 07/15/15 1,224
1,460 GO, +, 5.25%, 07/15/16 1,368
5,000 Long Island Power Authority, New York, Electric
Systems, Rev., +, 5.00%, 04/01/09 4,886
Longwood Central School District at Middle Island,
New York,
1,055 GO, +, 4.80%, 06/15/11 980
1,315 GO, +, 4.80%, 06/15/13 1,186
Metropolitan Transportation Authority, New York,
500 Commuter Facilities, Ser. B, Rev., +, 6.10%, 07/01/09 529
2,000 Dedicated Tax Fund, Ser. A, Rev., +, 5.50%, 04/01/16 1,936
1,500 Service Contract, Ser. O, Rev., 5.10%, 07/01/00 1,505
250 Transportation Facilities, Ser. C, Rev., +, 4.75%,
07/01/16 217
4,325 Transportation Facilities, Ser. C, Rev., +, 5.25%,
07/01/10 4,291
Monroe County, New York, Public Improvement,
2,405 GO, 4.38%, 06/01/07 2,247
2,315 GO, 4.50%, 06/01/09 2,136
1,400 GO, 4.50%, 06/01/10 1,278
4,400 GO, +, ~, 6.00%, 03/01/01 4,478
100 GO, +, 6.00%, 03/01/01 102
1,230 GO, 6.00%, 03/01/12 1,300
1,000 GO, 6.00%, 03/01/18 1,032
1,000 GO, 6.00%, 03/01/19 1,028
Municipal Assistance Corp. for New York City, New York,
2,400 Ser. E, Rev., 6.00%, 07/01/05 2,506
6,740 Ser. E, Rev., 6.00%, 07/01/06 7,057
6,500 Ser. G, Rev., 6.00%, 07/01/08 6,839
Nassau County, New York, General Improvement,
2,000 Ser. Q, GO, +, 5.20%, 08/01/12 1,934
1,800 Ser. R, GO, +, 5.13%, 11/01/03 1,819
Nassau County, New York, IDA, Civic Facility,
2,010 Hofstra University Project, Rev., +, 5.00%, 07/01/03 2,025
1,705 Hofstra University Project, Rev., +, 5.00%, 07/01/06 1,698
4,740 Hofstra University Project, Rev., +, 5.25%, 07/01/09 4,736
New York City, New York,
2,000 Ser. A, GO, 5.88%, 08/01/03 2,055
500 Ser. A, GO, 6.10%, 08/01/02 514
475 Ser. A, GO, ~, 6.38%, 08/01/02 499
</TABLE>
See notes to financial statements.
26
<PAGE>
CHASE VISTA SELECT NEW YORK INTERMEDIATE TAX FREE INCOME FUND
Portfolio of Investments (Continued)
As of February 29, 2000 (unaudited)
(Amounts in thousands)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
- --------------------------------------------------------------------------------
Long-Term Municipal Securities -- Continued
- --------------------------------------------------------------------------------
<S> <C> <C>
New York -- Continued
New York City, New York -- Continued
$1,025 Ser. A, GO, 6.38%, 08/01/05 $1,070
1,000 Ser. A, GO, ~, 7.75%, 08/15/01 1,060
30 Ser. D, GO, ~, 7.65%, 02/01/02 32
30 Ser. D, GO, 7.65%, 02/01/06 32
2,500 Ser. E, GO, +, 6.00%, 08/01/07 2,625
1,000 Ser. F, GO, ~, 8.25%, 11/15/01 1,074
240 Ser. F, GO, 8.25%, 11/15/02 256
2,500 Ser. G, GO, 5.75%, 02/01/04 2,557
2,815 Ser. H, GO, 5.40%, 08/01/04 2,849
925 Ser. H, GO, ~, 6.88%, 02/01/02 962
75 Ser. H, GO, 6.88%, 02/01/02 78
460 Ser. H, GO, ~, 7.00%, 02/01/02 485
40 Ser. H, GO, 7.00%, 02/01/06 42
975 Ser. H, GO, ~, 7.10%, 02/01/02 1,030
25 Ser. H, GO, 7.10%, 02/01/12 26
4,580 Ser. H, Sub. Ser. H-1, GO, 5.50%, 08/01/01 4,639
1,000 New York City, New York, IDA, Civic Facility, New School
for Social Research, Ser. A, Rev., +, 5.75%, 09/01/15 993
New York City, New York, Municipal Water Finance
Authority, Water & Sewer Systems,
2,625 Ser. A, Rev., ~, 6.00%, 06/15/05 2,765
595 Ser. A, Rev., +, ~, 7.00%, 06/15/01 620
405 Ser. A, Rev., +, 7.00%, 06/15/09 421
5,000 Ser. B, Rev., +, 5.25%, 06/15/10 4,968
2,000 Ser. B, Rev., +, 5.50%, 06/15/27 1,840
1,000 New York City, New York, Transit Authority,
Metropolitan Transportation Authority Triborough,
Ser. A, COP, +, 5.63%, 01/01/12 1,012
New York City, New York, Transitional Finance Authority,
6,000 Future Tax, Second Ser., Ser. A, Rev., 5.25%, 11/15/12 5,864
1,475 Future Tax, Second Ser., Ser. C, Rev., +, 5.00%, 05/01/17 1,318
1,750 New York City, New York, Trust Cultural Resources,
Museum of Modern Art, Ser. A, Rev., +, 5.40%, 01/01/12 1,734
New York State,
1,000 GO, 2.75%, 07/01/04 918
1,245 GO, 5.25%, 03/01/09 1,241
1,000 GO, ~, 7.00%, 11/15/00 1,039
1,500 GO, ~, 7.10%, 11/15/00 1,560
1,000 GO, ~, 7.13%, 11/15/00 1,040
600 GO, 7.50%, 11/15/00 614
5,000 Ser. F, GO, 5.25%, 09/15/11 4,915
New York State, Dorm Authority,
2,000 City University System, 3rd General Reserve, Ser. 1,
Rev., +, 5.25%, 07/01/08 2,002
2,500 City University System, 3rd General Reserve, Ser. 2,
Rev., +, 5.38%, 07/01/13 2,434
2,000 City University System, Ser. B, Rev., +, 5.75%, 07/01/07 2,066
1,545 City University System, Ser. D, Rev., +, 5.75%, 07/01/06 1,591
5,590 City University System, Ser. D, Rev., +, 7.00%, 07/01/09 6,110
1,000 Fordham University, Rev., +, ~, 7.20%, 07/01/00 1,030
900 Long Island University, Rev., +, 5.00%, 09/01/12 843
1,020 Long Island University, Rev., +, 5.13%, 09/01/10 988
</TABLE>
See notes to financial statements.
27
<PAGE>
CHASE VISTA SELECT NEW YORK INTERMEDIATE TAX FREE INCOME FUND
Portfolio of Investments (Continued)
As of February 29, 2000 (unaudited)
(Amounts in thousands)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
- ----------------------------------------------------------------------------------
Long-Term Municipal Securities -- Continued
- ----------------------------------------------------------------------------------
<S> <C> <C>
New York -- Continued
New York State, Dorm Authority -- Continued
$1,000 Long Island University, Rev., +, 5.25%, 09/01/11 $ 974
1,000 Memorial Sloan Kettering Cancer Center, Ser. C, Rev.,
+, 5.50%, 07/01/09 1,006
2,750 New York University, Rev., +, 6.38%, 07/01/07 2,862
2,000 New York University, Ser. A, Rev., +, 5.75%, 07/01/09 2,068
1,000 New York University, Ser. A, Rev., +, 5.75%, 07/01/15 1,017
2,015 Rockefeller University, Rev., 5.00%, 07/01/12 1,939
1,305 Special Act, School Districts Program, Rev., +, 5.30%,
07/01/11 1,290
150 St. Agnes Hospital, Ser. A, Rev., 5.10%, 02/15/10 143
1,000 St. Johns University, Rev., +, ~, 6.88%, 07/01/01 1,050
2,065 State Service Contract, Albany County, Rev., 5.25%,
04/01/12 1,959
840 State Service Contract, Albany County, Rev., 5.50%,
04/01/08 839
1,000 State University Educational Facilities, Ser. A, Rev., +,
5.25%, 05/15/11 986
2,380 State University Educational Facilities, Ser. A, Rev., +,
5.50%, 05/15/06 2,429
5,000 State University Educational Facilities, Ser. A, Rev., ~,
6.00%, 05/15/05 5,301
1,250 State University Educational Facilities, Ser. A, Rev.,
7.30%, 05/15/00 1,258
2,000 State University Educational Facilities, Ser. C, Rev.,
7.38%, 05/15/10 2,232
1,000 Vassar College, Rev., ~, 7.10%, 07/01/00 1,030
1,000 Vassar College, Rev., ~, 7.13%, 07/01/00 1,030
5,000 New York State, Energy Research & Development
Authority, PCR, New York State Electric & Gas Corp., Ser.
E, Rev., +, 5.90%, 12/01/06 5,218
New York State, Environmental Facilities Corp., PCR,
State Water Revolving Fund,
7,000 New York City Municipal Water, Rev., 5.75%, 06/15/12 7,186
720 Ser. A, Rev., 7.25%, 06/15/10 757
105 Ser. E, Rev., +, 5.50%, 06/15/04 107
5,415 Ser. E, Rev., +, 6.00%, 06/15/12 5,729
New York State, Housing Finance Agency,
1,510 Health Facilities, Monroe County, Ser. A, Rev., 7.63%,
05/01/05 1,571
835 Rev., ~, 8.00%, 11/01/00 872
165 Rev., 8.00%, 11/01/08 170
650 Service Contract Obligation, Ser. A, Rev., ~, 7.38%,
12/31/02 695
1,550 State University Construction, Ser. A, Rev., ~, 8.00%,
05/01/11 1,848
2,000 New York State, Local Government Assistance Corp.,
Ser. A, Rev., 6.00%, 04/01/07 2,090
New York State, Medical Care Facilities Finance Agency,
555 Mortgage Project, Ser. A, Rev., +, 5.40%, 08/15/04 562
360 Rev., ~, 7.70%, 08/15/00 373
165 Rev., 7.70%, 08/15/03 171
</TABLE>
See notes to financial statements.
28
<PAGE>
CHASE VISTA SELECT NEW YORK INTERMEDIATE TAX FREE INCOME FUND
Portfolio of Investments (Continued)
As of February 29, 2000 (unaudited)
(Amounts in thousands)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
- --------------------------------------------------------------------------------
Long-Term Municipal Securities -- Continued
- --------------------------------------------------------------------------------
<S> <C> <C>
New York -- Continued
New York State, Thruway Authority,
$1,045 Highway & Bridge Trust Fund, Ser. B, Rev., +, 5.00%,
04/01/08 $ 1,030
3,000 Ser. D, Rev., 5.25%, 01/01/21 2,698
3,315 Service Contract, Local Highway & Bridge, 6.00%,
04/01/11 3,396
1,375 Service Contract, Local Highway & Bridge, Ser. A-2,
Rev., +, 5.25%, 04/01/07 1,382
New York State, Urban Development Corp., Youth
Facilities Services Contract,
210 Ser. B, Rev., 5.50%, 04/01/10 209
500 Ser. B, Rev., 5.60%, 04/01/11 499
295 Ser. B, Rev., 5.88%, 04/01/14 296
1,045 Oneida County, New York, GO, +, 5.50%, 03/15/11 1,052
2,180 Rochester, New York, Ser. A, GO, 5.70%, 08/15/04 2,249
Suffolk County, New York,
1,000 IDA, IDR, Nissequogue Cogen Partners Facility, Rev.,
5.30%, 01/01/13 883
2,410 Public Improvement, Ser. C, GO, +, 5.10%, 11/01/02 2,438
5,000 Southwest Sewer District, GO, +, 6.00%, 02/01/05 5,209
1,065 Sullivan County, New York, Public Improvement, GO, +,
5.00%, 03/15/08 1,052
7,125 Triborough Bridge & Tunnel Authority, New York,
General Purpose, Ser. Y, Rev., 6.00%, 01/01/12 7,468
----------
228,315
Northern Mariana Islands -- 0.2%
500 Northern Mariana Islands, Public School System Project,
Ser. A, GO, +, 3.70%, 10/01/03 472
Puerto Rico -- 8.9%
1,405 Puerto Rico Commonwealth, Highway & Transportation
Authority, Ser. Z, Rev., +, 6.25%, 07/01/07 1,512
2,000 Puerto Rico Commonwealth, Public Improvement, GO,
5.00%, 07/01/05 1,997
Puerto Rico Electric Power Authority,
1,565 Ser. AA, Rev., 4.80%, 07/01/01 1,570
5,000 Ser. AA, Rev., +, 5.40%, 07/01/13 4,990
1,300 Ser. AA, Rev., +, 6.25%, 07/01/10 1,411
1,400 Ser. DD, Rev., +, 5.25%, 07/01/14 1,361
2,200 Ser. GG, Rev., +, 5.13%, 07/01/16 2,065
1,800 Ser. X, Rev., 6.00%, 07/01/11 1,860
Puerto Rico Municipal Finance Agency,
5,000 Ser. A, GO, 5.00%, 08/01/01 5,028
1,000 Ser. A, GO, 5.00%, 08/01/02 1,004
2,500 Ser. A, GO, +, 5.75%, 08/01/13 2,567
----------
25,365
Virgin Islands -- 3.4%
Virgin Islands Public Finance Authority,
1,390 Gross Receipts, Taxes Lien Notes, Ser. A, Rev., 5.00%,
10/01/03 1,374
1,090 Gross Receipts, Taxes Lien Notes, Ser. A, Rev., 5.25%,
10/01/01 1,095
1,000 Gross Receipts, Taxes Lien Notes, Ser. A, Rev., 5.50%,
10/01/02 1,008
</TABLE>
See notes to financial statements.
29
<PAGE>
CHASE VISTA SELECT NEW YORK INTERMEDIATE TAX FREE INCOME FUND
Portfolio of Investments (Continued)
As of February 29, 2000 (unaudited)
(Amounts in thousands)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
- ----------------------------------------------------------------------------------
Long-Term Municipal Securities -- Continued
- ----------------------------------------------------------------------------------
<S> <C> <C>
Virgin Islands -- Continued
Virgin Islands Public Finance Authority -- Continued
$ 1,000 Senior Lien, Fund Lien Notes, Ser. C, Rev., 5.00%,
10/01/00 $ 1,003
2,000 Senior Lien, Fund Lien Notes, Ser. C, Rev., 5.00%,
10/01/01 1,998
3,075 Senior Lien, Fund Lien Notes, Ser. C, Rev., 5.00%,
10/01/02 3,050
----------
9,528
- ----------------------------------------------------------------------------------
Total Long-Term Municipal Securities 263,680
(Cost $267,091)
- ----------------------------------------------------------------------------------
Short-Term Investments -- 6.0%
- ----------------------------------------------------------------------------------
Municipal Securities -- 5.0%
----------------------------
New York -- 5.0%
1,700 Nassau County, New York, IDA, Civic Facility, Cold Spring
Harbor, Rev., FRDO, 3.75%, 03/01/00 1,700
4,200 New York City, New York, Municipal Water Finance
Authority, Water & Sewer Systems, Ser. C, Rev., FRDO, +,
3.80%, 03/01/00 4,200
New York State, Job Development Authority, State
Guaranteed,
880 Special Purpose, Ser. A-1 through A-13, Rev., FRDO,
3.75%, 03/01/00 880
355 Special Purpose, Ser. A-1 through A-25, Rev., FRDO,
3.85%, 03/01/00 355
705 Special Purpose, Ser. B-1 Through B-9, Rev., FRDO,
3.75%, 03/01/00 705
3,365 New York State, Mortgage Agency, Ser. 19, Rev., FRDO,
~, 4.45%, 10/01/00 3,350
600 New York State, Thruway Authority, Floating Rate
Receipts, Ser. SGA-119, FRDO, 3.70%, 03/01/00 600
Port Authority of New York & New Jersey, Special
Obligation, Versatile Structure Obligation,
400 Ser. 2, Rev., FRDO, 3.75%, 03/01/00 400
1,950 Ser. 6, Rev., FRDO, 3.85%, 03/01/00 1,950
---------------------------------------------------------------------
Total Municipal Securities 14,140
(Cost $14,140)
---------------------------------------------------------------------
Shares
Money Market Fund -- 1.0%
-------------------------
2,961 Provident New York Money Market Fund 2,961
(Cost $2,961)
- ----------------------------------------------------------------------------------
Total Short-Term Investments 17,101
(Cost $17,101)
- ----------------------------------------------------------------------------------
Total Investments -- 98.8% $280,781
(Cost $284,192)
- ----------------------------------------------------------------------------------
</TABLE>
See notes to financial statements.
30
<PAGE>
- --------------------------------------------------------------------------------
CHASE VISTA SELECT NEW JERSEY TAX FREE INCOME FUND
Portfolio of Investments
- --------------------------------------------------------------------------------
As of February 29, 2000 (unaudited)
(Amounts in thousands)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
- ----------------------------------------------------------------------------------
Long-Term Municipal Securities -- 96.2%
- ----------------------------------------------------------------------------------
<S> <C> <C>
Delaware -- 1.5%
$1,000 Delaware River & Bay Authority, Delaware, Rev., +,
5.20%, 01/01/10 $ 992
New Jersey -- 67.4%
1,000 Bergen County, New Jersey, Utilities Authority, Water
Pollution Control, Ser. B, Rev., +, 5.75%, 12/15/05 1,039
500 Camden County, New Jersey, IAR, Health Systems,
Catholic Health East, Ser. B, Rev., +, 5.25%, 11/15/12 488
Cherry Hill Township, New Jersey,
705 GO, ~, 6.10%, 06/01/02 738
295 GO, 6.10%, 06/01/07 306
825 East Orange, New Jersey, Board of Education, COP, +,
5.50%, 08/01/12 827
570 Edison Township, New Jersey, School District, GO,
6.50%, 06/01/04 605
1,140 Hamilton Township, Atlantic County, New Jersey, School
District, GO, +, 5.88%, 12/15/07 1,179
1,000 Hunterdon, New Jersey, Central Regional High School
District, GO, +, 5.40%, 05/01/09 1,014
2,060 Jersey City, New Jersey, General Improvement, Ser. A,
GO, +, 6.00%, 10/01/05 2,159
Middletown Township, New Jersey, Board of Education,
700 GO, +, 5.70%, 08/01/04 722
2,000 GO, +, 5.85%, 08/01/27 1,983
New Jersey Economic Development Authority,
1,710 Market Transition Facility, Senior Lien, Ser. A, Rev., +,
5.80%, 07/01/08 1,765
1,200 Market Transition Facility, Senior Lien, Ser. A, Rev., +,
5.80%, 07/01/09 1,235
1,300 Trenton Office Complex, Rev., +, 5.00%, 06/15/05 1,300
New Jersey Health Care Facilities, Financing Authority,
845 Cathedral Health, Ser. A, Rev., ~, 6.95%, 02/15/01 866
925 St. Elizabeth Hospital Obligation Group, Rev., 6.00%,
07/01/14 793
670 New Jersey Sports & Exposition Authority, Ser. A, Rev.,
6.50%, 03/01/07 703
New Jersey State,
1,140 Ser. B, GO, 6.25%, 01/15/04 1,196
2,195 Ser. D, GO, 5.75%, 02/15/06 2,274
New Jersey State, Educational Facilities Authority,
2,545 Drew University Issue, Ser. C, Rev., +, 5.25%, 07/01/13 2,476
565 Fairleigh Dickinson University, Ser. G, Rev., 4.88%,
07/01/04 542
1,000 Fairleigh Dickinson University, Ser. G, Rev., 5.70%,
07/01/28 845
570 New Jersey State, Transportation Corp., COP, +, 6.20%,
10/01/02 591
New Jersey State, Transportation Trust Fund Authority,
Transportation Systems,
160 Ser. A, Rev., 5.00%, 06/15/12 152
1,000 Ser. A, Rev., 5.50%, 06/15/10 1,015
1,000 Ser. A, Rev., 5.75%, 06/15/16 1,016
</TABLE>
See notes to financial statements.
31
<PAGE>
CHASE VISTA SELECT NEW JERSEY TAX FREE INCOME FUND
Portfolio of Investments (Continued)
As of February 29, 2000 (unaudited)
(Amounts in thousands)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
- ---------------------------------------------------------------------------------------
Long-Term Municipal Securities -- Continued
- ---------------------------------------------------------------------------------------
<S> <C> <C>
New Jersey -- Continued
New Jersey State, Turnpike Authority,
$1,140 Ser. A, Rev., 5.80%, 01/01/02 $ 1,158
1,140 Ser. A, Rev., 6.40%, 01/01/02 1,169
1,000 Ser. C, Rev., +, 6.25%, 01/01/10 1,030
2,000 Ser. C, Rev., +, 6.50%, 01/01/08 2,164
1,570 North Bergen Township, New Jersey, GO, +, 5.00%,
08/15/11 1,525
1,140 North Jersey District Water Supply, Wanaque South
Project, Rev., +, 5.50%, 07/01/03 1,166
1,140 Northwest Bergen County, New Jersey, Utilities
Authority, Utilities System, Rev., +, 6.00%, 07/15/07 1,185
570 Ocean County, New Jersey, General Improvement, GO,
6.38%, 04/15/03 597
2,000 Sussex County, New Jersey, General Improvement,
GO, +, ~, 6.00%, 04/01/02 2,088
785 Union County Improvement Authority, Plainfield Board
of Education Project, Rev., +, 6.25%, 08/01/07 837
1,101 Union County, New Jersey, General Improvement, GO,
4.75%, 12/15/15 976
1,500 Woodbridge Township, New Jersey, GO, +, 5.00%,
08/15/05 1,502
----------
43,226
New York -- 14.9%
Port Authority of New York & New Jersey,
1,140 Consolidated Bonds 79th Ser., Rev., 6.00%, 07/15/05 1,190
1,500 Consolidated Bonds 93rd Ser., Rev., 6.13%, 06/01/94 1,537
2,435 Consolidated Bonds 114th Ser., Rev., 4.75%, 08/01/33 1,934
1,600 Special Obligation, JFK International Airport Terminal
#6, Rev., +, 6.25%, 12/01/08 1,693
3,000 Special Obligation, JFK International Airport Terminal
#6, Rev., +, 6.25%, 12/01/09 3,179
----------
9,533
Pennsylvania -- 2.6%
1,700 Delaware River Port Authority, Pennsylvania & New
Jersey, Port District Project, Ser. B, Rev., 5.70%, 01/01/21 1,667
Puerto Rico -- 4.5%
1,200 Puerto Rico Commonwealth, Highway & Transportation
Authority, Ser. W, Rev., +, 5.50%, 07/01/15 1,199
Puerto Rico Electric Power Authority,
1,000 Ser. AA, Rev., +, 6.25%, 07/01/10 1,086
655 Ser. GG, Rev., +, 5.13%, 07/01/16 615
----------
2,900
Virgin Islands -- 5.3%
Virgin Islands Public Finance Authority,
1,155 Gross Receipts, Taxes Lien Notes, Ser. A, Rev., 5.50%,
10/01/02 1,165
500 Gross Receipts, Taxes Lien Notes, Ser. A, Rev., 6.38%,
10/01/19 490
2,000 Senior Lien, Ser. A, Rev., 5.50%, 10/01/22 1,735
----------
3,390
- ---------------------------------------------------------------------------------------
Total Long-Term Municipal Securities 61,708
(Cost $62,943)
- ---------------------------------------------------------------------------------------
</TABLE>
See notes to financial statements.
32
<PAGE>
CHASE VISTA SELECT NEW JERSEY TAX FREE INCOME FUND
Portfolio of Investments (Continued)
As of February 29, 2000 (unaudited)
(Amounts in thousands)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
- -----------------------------------------------------------------------------------
Short-Term Investments -- 3.0%
- -----------------------------------------------------------------------------------
<S> <C> <C>
Municipal Security -- 0.8%
--------------------------
New York -- 0.8%
$ 500 Port Authority of New York & New Jersey, Special
Obligation, Versatile Structure Obligation, Ser. 2, Rev.,
FRDO, 3.55%, 03/01/00 $ 500
(Cost $500)
Shares
Money Market Fund -- 2.2%
-------------------------
1,418 Provident New Jersey Money Market 1,418
(Cost $1,418)
- -----------------------------------------------------------------------------------
Total Short-Term Investments 1,918
(Cost $1,918)
- -----------------------------------------------------------------------------------
Total Investments -- 99.2% $63,626
(Cost $64,861)
- -----------------------------------------------------------------------------------
</TABLE>
INDEX:
+ -- Insured security.
- - -- Security is prerefunded or escrowed to maturity. The maturity date
shown
is the date of the prerefunded call.
COP -- Certificates of Participation.
Dorm -- Dormitory.
FRDO -- Floating Rate Demand Obligation: The maturity date shown is the next
interest reset date; the rate shown is the rate in effect at February
29, 2000.
GO -- General Obligation.
IAR -- Improvement Authority Revenue
IDA -- Industrial Development Authority.
IDR -- Industrial Development Revenue.
PCFFA -- Pollution Control Facilities Financing Authority.
PCR -- Pollution Control Revenue.
Rev. -- Revenue Bond.
See notes to financial statements.
33
<PAGE>
- --------------------------------------------------------------------------------
STATEMENT OF ASSETS AND LIABILITIES February 29, 2000 (unaudited)
- --------------------------------------------------------------------------------
(Amounts in Thousands, Except Per Share Amounts)
<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>
ASSETS:
Investment securities, at
value (Note 1) .............. $727,888 $697,843 $280,781 $63,626
Cash ........................ 1 -- -- --
Other assets ................ 26 25 11 4
Receivables:
Investment securities sold . -- 102 503 --
Interest ................... 9,823 9,709 3,681 743
Fund shares sold ........... 786 61 450 100
- -----------------------------------------------------------------------------------------
Total Assets ............. 738,524 707,740 285,426 64,473
- -----------------------------------------------------------------------------------------
LIABILITIES:
Payables:
To Custodian ............... -- -- 2 1
Investment securities
purchased .................. 4,169 3,070 -- --
Fund shares redeemed ....... 713 964 -- --
Dividends .................. 2,785 2,396 991 233
Accrued liabilities: (Note 2)
Investment advisory fees ... 173 166 67 15
Administration fees ........ 86 83 27 6
Shareholder servicing fees . 144 139 56 8
Custodian fees ............. 42 41 28 10
Other ...................... 128 126 83 30
- -----------------------------------------------------------------------------------------
Total Liabilities ........ 8,240 6,985 1,254 303
- -----------------------------------------------------------------------------------------
NET ASSETS:
Paid in capital ............. 750,438 708,179 288,974 65,718
Accumulated undistrib-
uted (distributions in
excess of) net investment
income ...................... 18 25 (42) (67)
Accumulated net realized
loss on investments ......... (8,637) (4,492) (1,349) (246)
Net unrealized deprecia-
tion of investments ......... (11,535) (2,957) (3,411) (1,235)
- -----------------------------------------------------------------------------------------
Net Assets ................... $730,284 $700,755 $284,172 $64,170
=========================================================================================
Shares of beneficial interest
outstanding ($.001 par
value; unlimited number of
shares authorized) ........... 121,327 68,905 41,877 6,851
Net Asset Value, maximum
offering and redemption
price per share .............. $ 6.02 $ 10.17 $ 6.79 $ 9.37
Cost of investments .......... $739,423 $700,800 $284,192 $64,861
=========================================================================================
</TABLE>
See notes to financial statements.
34
<PAGE>
- --------------------------------------------------------------------------------
STATEMENT OF OPERATIONS For the six months ended February 29, 2000
(unaudited)
- --------------------------------------------------------------------------------
(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>
INTEREST INCOME:
(Note 1C) $20,157 $17,913 $7,184 $1,727
- ------------------------------------------------------------------------------------------
EXPENSES: (Note 2)
Investment advisory fees ..... 1,095 1,069 431 99
Administration fees .......... 548 534 216 49
Shareholder servicing fees 296 288 116 25
Custodian fees ............... 78 74 57 24
Printing and postage ......... 10 10 4 1
Professional fees ............ 30 31 22 20
Registration costs ........... 5 7 1 1
Transfer agent fees .......... 4 5 7 7
Trustees' fees ............... 18 18 7 2
Other ........................ 28 27 18 11
- ------------------------------------------------------------------------------------------
Total expenses ............. 2,112 2,063 879 239
- ------------------------------------------------------------------------------------------
Less amounts waived
(Note 2) ..................... 667 658 293 84
Less earnings credits
(Note 2) ..................... 4 --* 1 --*
Less expense
reimbursements (Note 2) ...... -- -- -- 13
- ------------------------------------------------------------------------------------------
Net expenses ................ 1,441 1,405 585 142
- ------------------------------------------------------------------------------------------
Net investment
income ..................... 18,716 16,508 6,599 1,585
- ------------------------------------------------------------------------------------------
REALIZED AND
UNREALIZED GAIN (LOSS)
ON INVESTMENTS:
Net realized gain loss on
investment transactions ...... (7,687) (4,480) (1,309) (177)
Change in net unrealized
appreciation/depreciation
of investments ............... (13,015) (8,826) (3,861) (1,513)
- ------------------------------------------------------------------------------------------
Net realized and
unrealized loss on
investments .................. (20,702) (13,306) (5,170) (1,690)
- ------------------------------------------------------------------------------------------
Net increase (decrease) in
net assets from
operations ................... $(1,986) $ 3,202 $1,429 $ (105)
==========================================================================================
</TABLE>
*Amounts round to less than $1,000.
See notes to financial statements.
35
<PAGE>
- --------------------------------------------------------------------------------
STATEMENT OF CHANGES IN NET ASSETS For the periods indicated (unaudited)
- --------------------------------------------------------------------------------
STATEMENT OF CHANGES IN NET ASSETS For the periods indicated (unaudited)
(Amounts in Thousands)
<TABLE>
<CAPTION>
Intermediate
Tax Free Tax Free
Income Fund Income Fund
------------------------- -------------------------
09/01/99 Year 09/01/99 Year
through Ended through Ended
02/29/00 08/31/99 02/29/00 08/31/99
===================================================================================================================================
<S> <C> <C> <C> <C>
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income ..................................................... $ 18,716 $ 40,150 $ 16,508 $ 35,249
Net realized gain (loss) on investments and futures transactions .......... (7,687) (282) (4,480) 6,211
Change in net unrealized appreciation/depreciation of investments and
futures ................................................................... (13,015) (43,875) (8,826) (33,446)
- -----------------------------------------------------------------------------------------------------------------------------------
Increase (decrease) in net assets from operations ....................... (1,986) (4,007) 3,202 8,014
- -----------------------------------------------------------------------------------------------------------------------------------
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income ..................................................... (18,718) (40,149) (16,499) (35,250)
Net realized gain on investment transactions .............................. -- (4,060) (3,806) (8,069)
- -----------------------------------------------------------------------------------------------------------------------------------
Total distributions to shareholders ..................................... (18,718) (44,209) (20,305) (43,319)
- -----------------------------------------------------------------------------------------------------------------------------------
INCREASE (DECREASE) FROM CAPITAL SHARE TRANSACTIONS:
Proceeds from shares issued ............................................... 55,062 83,194 46,884 104,889
Dividends reinvested ...................................................... 30 55 26 8,063
Cost of shares redeemed ................................................... (48,202) (51,987) (57,799) (65,922)
- -----------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets from capital share transactions ..... 6,890 31,262 (10,889) 47,030
- -----------------------------------------------------------------------------------------------------------------------------------
Total increase (decrease) in net assets ................................. (13,814) (16,954) (27,992) 11,725
- -----------------------------------------------------------------------------------------------------------------------------------
NET ASSETS:
Beginning of period ....................................................... 744,098 761,052 728,747 717,022
- -----------------------------------------------------------------------------------------------------------------------------------
End of period ............................................................. $730,284 $744,098 $700,755 $728,747
===================================================================================================================================
Share Transactions:
Issued .................................................................... 9,110 12,829 4,579 9,728
Reinvested ................................................................ 5 9 3 744
Redeemed .................................................................. (7,975) (8,037) (5,642) (6,129)
- -----------------------------------------------------------------------------------------------------------------------------------
Change in shares ........................................................... 1,140 4,801 (1,060) 4,343
===================================================================================================================================
</TABLE>
See notes to financial statements.
36
<PAGE>
STATEMENT OF CHANGES IN NET ASSETS For the periods indicated
(unaudited)
STATEMENT OF CHANGES IN NET ASSETS For the periods indicated (unaudited)
(Amounts in Thousands)
<TABLE>
<CAPTION>
New York
Intermediate New Jersey
Tax Free Tax Free
Income Fund Income Fund
------------------------- -----------------------
09/01/99 Year 09/01/99 Year
through Ended through Ended
02/29/00 08/31/99 02/29/00 08/31/99
=================================================================================================================================
<S> <C> <C> <C> <C>
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income ..................................................... $ 6,599 $ 14,213 $ 1,585 $ 3,452
Net realized gain (loss) on investments and futures transactions .......... (1,309) 566 (177) (78)
Change in net unrealized appreciation/depreciation of investments and
futures ................................................................... (3,861) (13,501) (1,513) (3,102)
- ---------------------------------------------------------------------------------------------------------------------------------
Increase (decrease) in net assets from operations ....................... 1,429 1,278 (105) 272
- ---------------------------------------------------------------------------------------------------------------------------------
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income ..................................................... (6,647) (14,214) (1,588) (3,452)
Net realized gain on investment transactions .............................. (83) (2,596) -- (1,222)
- ---------------------------------------------------------------------------------------------------------------------------------
Total distributions to shareholders ..................................... (6,730) (16,810) (1,588) (4,674)
- ---------------------------------------------------------------------------------------------------------------------------------
INCREASE (DECREASE) FROM CAPITAL SHARE TRANSACTIONS:
Proceeds from shares issued ............................................... 18,781 49,190 4,587 5,638
Dividends reinvested ...................................................... 75 2,365 2 1,219
Cost of shares redeemed ................................................... (23,991) (24,227) (6,373) (5,372)
- ---------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets from capital share transactions ..... (5,135) 27,328 (1,784) 1,485
- ---------------------------------------------------------------------------------------------------------------------------------
Total increase (decrease) in net assets ................................. (10,436) 11,796 (3,477) (2,917)
- ---------------------------------------------------------------------------------------------------------------------------------
NET ASSETS:
Beginning of period ....................................................... 294,608 282,812 67,647 70,564
- ---------------------------------------------------------------------------------------------------------------------------------
End of period ............................................................. $284,172 $294,608 $64,170 $67,647
=================================================================================================================================
Share Transactions:
Issued .................................................................... 2,762 6,850 487 564
Reinvested ................................................................ 11 327 -- 121
Redeemed .................................................................. (3,512) (3,379) (677) (537)
- ---------------------------------------------------------------------------------------------------------------------------------
Change in shares ........................................................... (739) 3,798 (190) 148
=================================================================================================================================
</TABLE>
See notes to financial statements.
37
<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. Select
Tax Free Income Fund ("TFI"), Select Intermediate Tax Free Income Fund
("ITFI"), Select New York Intermediate Tax Free Income Fund ("NYTFI") and
Select New Jersey Tax Free Income Fund ("NJTFI") (collectively, the "Funds")
are four separate portfolios of the Trust.
The Funds were established in December 1996 for the conversion of the Chase
Manhattan Bank Common Trust Funds. Effective January 1, 1997, the Chase Common
Trust Funds contributed securities and other assets in exchange for shares of
the newly created Funds in a tax-free exchange.
The following is a summary of significant accounting policies followed by the
Funds:
The preparation of financial statements in accordance with generally accepted
accounting principles requires management to make estimates and assumptions
that affect the reported amounts and disclosures in the financial statements.
Actual results could differ from those estimates.
A. Valuation of investments -- Fixed income securities (other than short-term
obligations), including listed issues, are valued using matrix pricing
systems of a major dealer in bonds which take in to account factors such as
institutional-size trading in similar groups of securities, yield, quality,
coupon rate, maturity, type of issue, trading characteristics and other
market data, without exclusive reliance upon quoted exchange or over-
the-counter prices. Short-term debt securities with 61 days or more to
maturity at time of purchase are valued, through the 61st day prior to
maturity, at market value based on quotations obtained from market makers
or other appropriate sources; thereafter, the value on the 61st day is
amortized on a straight-line basis over the remaining number of days to
maturity. Short-term investments with 60 days or less to maturity at time
of purchase are valued at amortized cost, which approximates market.
B. Repurchase agreements -- It is the 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.
Dividend income is recorded on the ex-dividend date.
Purchases of when-issued or delayed delivery securities may be settled a
month or more after the trade date; interest income is not accrued until
38
<PAGE>
CHASE VISTA FUNDS NOTES TO FINANCIAL STATEMENTS (unaudited) (continued)
settlement date. Each Fund segregates assets with a current value at least
equal to the amount of its when-issued or delayed delivery purchase
commitments.
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 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.
The Funds invest in U.S. Treasury and/or Municipal Bond futures contracts
as a hedge to modify the duration of the portfolio holdings.
As of February 29, 2000, the Funds had no outstanding futures contracts.
E. Federal income taxes -- Each Fund is treated as a separate taxable
entity for Federal income tax purposes. The Fund'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 Fund 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 and distributions paid to
shareholders are recorded on the ex-dividend date. The amount of dividends
and distributions from net investment income and net realized capital gains
is determined in accordance with Federal income tax regulations, which may
differ from generally accepted accounting principles. To the extent these
"book/tax" differences are permanent in nature, (i.e., that they result
from other than timing of recognition -- "temporary differences") such
amounts are reclassified within the capital accounts based on their Federal
income tax-basis treatment. Dividends and distributions which exceed net
investment income or net realized capital gains for financial reporting
purposes but not for tax purposes are reported as distributions in excess
of net investment income or net realized capital gains.
G. Allocation of expenses -- Expenses directly attributable to a Fund are
charged to that Fund; other expenses are allocated proportionately among
each of the Funds 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.
39
<PAGE>
CHASE VISTA FUNDS NOTES TO FINANCIAL STATEMENTS (unaudited) (continued)
2. Fees and Other Transactions with Affiliates
A. Investment advisory fee -- Pursuant to separate Investment Advisory
Agreements, The Chase Manhattan Bank ("Chase" or "Adviser") acts as the
investment adviser to the Funds. Chase is a direct wholly-owned subsidiary
of The Chase Manhattan Corporation. As Investment Adviser, Chase supervises
the investments of 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. For the six months ended February 29,
2000, the Adviser voluntarily waived a portion of its fees as outlined in
Note 2.G. below.
Chase Asset Management, Inc. ("CAM"), a registered investment adviser, is
the sub-investment adviser 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.
B. Shareholder servicing fees -- Effective January 3, 2000, the Trust
adopted an Administrative Services Plan which, among other things, provides
that the Trust on behalf of the Funds may obtain the services of one or
more Shareholder Servicing Agents. For its services, each Shareholder
Servicing Agent receives a fee. The fee is computed daily and paid monthly
at an annual rate of 0.25% of the average daily net assets of each Fund.
Chase and certain affiliates are the only Shareholder Servicing Agents. The
Shareholder Servicing Agents voluntarily waived all or a portion of their
fees as outlined in Note 2.G. below.
C. Sub-administration fees -- Pursuant to a Distribution and Sub-
Administration Agreement, Vista Fund Distributors, Inc. ("VFD" or the
"Distributor"), a wholly-owned subsidiary of The BISYS Group, Inc.
("BISYS"), acts as the Trust's exclusive underwriter and promotes and
arranges for the sale of each Fund's shares. In addition, the Distributor
provides certain sub-administration services to the Trust, including
providing officers, clerical staff and office space for an annual fee
computed daily and paid monthly of 0.05% of the average daily net assets of
each Fund. For the six months ended February 29, 2000, the Distributor
voluntarily waived sub-administration fees as outlined in Note 2.G. below.
D. 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. For the six months ended February 29,
2000, the Administrator voluntarily waived a portion of its fees as
outlined in Note 2.G. below.
E. Assumption of expenses -- For the six months ended February 29, 2000,
Chase voluntarily assumed expenses of $12,840 for NJTFI.
F. Custodian and accounting fees -- Chase provides portfolio accounting and
custody services for the Funds. Compensation for such services
40
<PAGE>
CHASE VISTA FUNDS NOTES TO FINANCIAL STATEMENTS (unaudited) (continued)
is presented in the Statement of Operations as custodian fees. For the six
months ended February 29, 2000, Chase voluntarily waived a portion of its
custodian fees as outlined in Note 2.G. below. In addition, custodian fees
are subject to reduction by credits earned by each Fund, based on cash
balances held by Chase as custodian. Such earnings credits are presented
separately in the Statement of Operations. The Funds could have invested
the cash balances utilized in connection with the earnings credit
arrangements in income producing assets if they had not entered into such
arrangements.
G. Waivers of fees -- For the six months ended February 29, 2000, the
Funds' vendors voluntarily waived fees for each of the Funds as follows (in
thousands):
<TABLE>
<CAPTION>
Investment Shareholder
Advisory Administration Servicing Custody
============================================================================
<S> <C> <C> <C> <C>
TFI ................. $438 $209 $-- $20
ITFI ................ 429 205 -- 24
NYTFI ............... 174 97 -- 22
NJTFI ............... 40 24 10 10
</TABLE>
H. Other -- Certain officers of the Trust are officers of VFD or of its
parent corporation, BISYS.
Deferred organization costs are included in Other assets in the Statement
of Assets and Liabilities, and amortization of such costs is included in
Other expenses in the Statement of Operations.
3. Investment Transactions
The cost of purchases and proceeds from sales of investments (excluding
short-term investments) for the six months ended February 29, 2000, were as
follows (amounts in thousands):
<TABLE>
<CAPTION>
TFI ITFI NYTFI NJTFI
============================================================================
<S> <C> <C> <C> <C>
Purchases ................ $124,226 $215,882 $57,826 $6,654
Sales .................... 134,290 223,506 60,011 8,104
</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 29, 2000, are
as follows (amounts in thousands):
<TABLE>
<CAPTION>
TFI ITFI NYTFI NJTFI
=================================================================================
<S> <C> <C> <C> <C>
Aggregate cost ................. $739,423 $700,800 $284,192 $64,861
-------- -------- -------- -------
Gross unrealized appreciation.. $ 11,809 $ 10,267 $ 2,906 $ 768
Gross unrealized depreciation.. (23,344) (13,224) (6,317) (2,003)
-------- -------- -------- -------
Net unrealized depreciation .... $(11,535) $ (2,957) $ (3,411) $(1,235)
======== ======== ======== =======
</TABLE>
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
41
<PAGE>
CHASE VISTA FUNDS NOTES TO FINANCIAL STATEMENTS (unaudited) (continued)
and duly constituted authorities. NYTFI and NJTFI primarily invest in issuers
in the States of New York and New Jersey, respectively. TFI and ITFI invested
approximately 27.4% and 21.0%, respectively, of their 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 months ended February 29, 2000, included in Trustees Fees
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>
TFI ................. $6 $50
ITFI ................ 6 47
NYTFI ............... 3 18
NJTFI ............... 1 5
</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 0.50%. The
Funds also pay a commitment fee of 0.10% per annum on the average daily amount
of the available commitment, which is allocated on a pro-rata 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 29, 2000, nor at any time
during the six months then ended.
42
<PAGE>
- --------------------------------------------------------------------------------
CHASE VISTA FUNDS FINANCIAL HIGHLIGHTS
- --------------------------------------------------------------------------------
FINANCIAL HIGHLIGHTS (unaudited)
<TABLE>
<CAPTION>
Chase Vista Select
---------------------------------------------
Tax Free Income Fund
---------------------------------------------
9/1/99 Year Ended 1/1/97*
Through --------------------- Through
2/29/00 8/31/99 8/31/98 8/31/97
-------- ------- ------- -------
<S> <C> <C> <C> <C>
Per share operating performance
Net asset value, beginning of period ................. $ 6.19 $ 6.60 $6.45 $6.39
------ ------ ----- -----
Income from investment operations:
Net investment income ............................... 0.15 0.34 0.35 0.24
Net gain or losses in securities
(both realized and unrealized) ...................... (0.17) (0.37) 0.21 0.06
------ ------ ----- -----
Total from investment operations ................... (0.02) (0.03) 0.56 0.30
------ ------ ----- -----
Less Distributions:
Dividends from net investment income ................ 0.15 0.34 0.35 0.24
Distributions from capital gains .................... -- 0.04 0.06 --
------ ------ ----- -----
Total distributions ................................ 0.15 0.38 0.41 0.24
------ ------ ----- -----
Net asset value, end of period ....................... $ 6.02 $ 6.19 $6.60 $6.45
====== ====== ===== =====
Total return (0.23%) (0.63%) 8.99% 4.86%
Ratios/supplemental data
Net assets, end of period (millions) ................. $ 730 $ 744 $ 761 $ 677
Ratios to average net assets#:
Expenses ............................................ 0.40% 0.03% 0.02% 0.02%
Net investment income ............................... 5.14% 5.25% 5.39% 5.73%
Expenses without waivers, assumption of expenses and
earnings credits .................................... 0.58% 0.50% 0.50% 0.49%
Net investment income without waivers,
assumption of expenses and earnings credits ......... 4.96% 4.78% 4.91% 5.26%
Portfolio turnover rate .............................. 18% 39% 47% 48%
<CAPTION>
Chase Vista Select
------------------------------------------
Intermediate Tax Free Income Fund
------------------------------------------
9/1/99 Year Ended 1/1/97*
Through --------------------- Through
2/29/00 8/31/99 8/31/98 8/31/97
-------- -------- ------- --------
<S> <C> <C> <C> <C>
Per share operating performance
Net asset value, beginning of period ................. $10.42 $10.93 $10.85 $10.75
------ ------ ------ ------
Income from investment operations:
Net investment income ............................... 0.24 0.52 0.56 0.39
Net gain or losses in securities
(both realized and unrealized) ...................... (0.19) (0.39) 0.29 0.10
------ ------ ------ ------
Total from investment operations ................... 0.05 0.13 0.85 0.49
------ ------ ------ ------
Less Distributions:
Dividends from net investment income ................ 0.24 0.52 0.56 0.39
Distributions from capital gains .................... 0.06 0.12 0.21 --
------ ------ ------ ------
Total distributions ................................ 0.30 0.64 0.77 0.39
------ ------ ------ ------
Net asset value, end of period ....................... $10.17 $10.42 $10.93 $10.85
====== ====== ====== ======
Total return 0.42% 1.15% 8.08% 4.58%
Ratios/supplemental data
Net assets, end of period (millions) ................. $ 701 $ 729 $ 717 $ 631
Ratios to average net assets#:
Expenses ............................................ 0.40% 0.03% 0.02% 0.02%
Net investment income ............................... 4.64% 4.81% 5.10% 5.40%
Expenses without waivers, assumption of expenses and
earnings credits .................................... 0.58% 0.50% 0.50% 0.50%
Net investment income without waivers,
assumption of expenses and earnings credits ......... 4.46% 4.34% 4.62% 4.92%
Portfolio turnover rate .............................. 31% 62% 71% 60%
</TABLE>
* Commencement of operations.
# Short periods have been annualized.
See notes to financial statements.
43
<PAGE>
- -------------------------------------------------------------------------------
CHASE VISTA FUNDS FINANCIAL HIGHLIGHTS
- -------------------------------------------------------------------------------
FINANCIAL HIGHLIGHTS (unaudited)
<TABLE>
<CAPTION>
Chase Vista Select
---------------------------------------------
New York Intermediate Tax Free
---------------------------------------------
9/1/99 Year Ended 1/1/97*
Through --------------------- Through
2/29/00 8/31/99 8/31/98 8/31/97
-------- ------- ------- -------
<S> <C> <C> <C> <C>
Per share operating performance
Net asset value, beginning of period ................. $6.91 $7.29 $7.15 $7.09
------- ------- ------ ------
Income from investment operations:
Net investment income ............................... 0.16 0.35 0.37 0.26
Net gain or losses in securities
(both realized and unrealized) ...................... (0.12) (0.31) 0.21 0.06
------- ------- ------ ------
Total from investment operations ................... 0.04 0.04 0.58 0.32
------- ------- ------ ------
Less distributions:
Dividends from net investment income ................ 0.16 0.35 0.37 0.26
Distributions from capital gains .................... -- 0.07 0.07 --
------- ------- ------ ------
Total distributions ................................ 0.16 0.42 0.44 0.26
------- ------- ------ ------
Net asset value, end of period ....................... $6.79 $6.91 $7.29 $7.15
======= ======= ====== ======
Total return ......................................... 0.58% 0.38% 8.37% 4.62%
Ratios/supplemental data
Net assets, end of period (millions) ................. $ 284 $ 295 $ 283 $ 235
Ratios to average net assets#:
Expenses ............................................ 0.41% 0.04% 0.03% 0.03%
Net investment income ............................... 4.60% 4.85% 5.08% 5.52%
Expenses without waivers, assumption of expenses and
earnings credits .................................... 0.61% 0.53% 0.53% 0.53%
Net investment income without waivers,
assumption of expenses and earnings credits ......... 4.40% 4.36% 4.58% 5.02%
Portfolio turnover rate .............................. 22% 39% 66% 32%
<CAPTION>
Chase Vista Select
---------------------------------------------
New Jersey Tax Free Income Fund
---------------------------------------------
9/1/99 Year Ended 1/1/97*
Through --------------------- Through
2/29/00 8/31/99 8/31/98 8/31/97
-------- ------- ------- -------
<S> <C> <C> <C> <C>
Per share operating performance
Net asset value, beginning of period ................. $ 9.61 $10.24 $10.04 $ 9.99
------ ------ ------ ------
Income from investment operations:
Net investment income ............................... 0.23 0.49 0.52 0.37
Net gain or losses in securities
(both realized and unrealized) ...................... (0.24) (0.45) 0.24 0.05
------ ------ ------ ------
Total from investment operations ................... (0.01) 0.04 0.76 0.42
------ ------ ------ ------
Less distributions:
Dividends from net investment income ................ 0.23 0.49 0.52 0.37
Distributions from capital gains .................... -- 0.18 0.04 --
------ ------ ------ ------
Total distributions ................................ 0.23 0.67 0.56 0.37
------ ------ ------ ------
Net asset value, end of period ....................... $ 9.37 $ 9.61 $10.24 $10.04
====== ====== ====== ======
Total return ......................................... (0.13%) 0.37% 7.82% 4.20%
Ratios/supplemental data
Net assets, end of period (millions) ................. $ 64 $ 68 $ 71 $ 64
Ratios to average net assets#:
Expenses ............................................ 0.43% 0.04% 0.02% 0.02%
Net investment income ............................... 4.82% 4.94% 5.16% 5.52%
Expenses without waivers, assumption of expenses and
earnings credits .................................... 0.75% 0.63% 0.63% 0.57%
Net investment income without waivers,
assumption of expenses and earnings credits ......... 4.50% 4.35% 4.55% 4.97%
Portfolio turnover rate .............................. 20% 24% 60% 14%
</TABLE>
* Commencement of operations.
# Short periods have been annualized.
See notes to financial statements.
44
<PAGE>
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<PAGE>
CHASE VISTA SELECT TAX FREE FUNDS SEMI-ANNUAL REPORT
Investment Adviser, Administrator,
Shareholder and Fund Servicing
Agent and Custodian
The Chase Manhattan Bank
Distributor
Vista Fund Distributors, Inc.
Transfer Agent
DST Systems, Inc.
Legal Counsel
Simpson Thacher & Bartlett
Independent Accountants
PricewaterhouseCoopers LLP
Chase Vista Funds are distributed by Vista Fund Distributors, Inc., which is
unaffiliated with The Chase Manhattan Bank. Chase and its respective affiliates
receive compensation from Chase Vista Funds for providing investment advisory
and other services.
This report is submitted for the general information of the shareholders of the
funds. It is not authorized for distribution to prospective investors in the
funds unless preceded or accompanied by a prospectus.
The financial information in this report has been taken from the books and
records of the funds without examination by independent accountants, who express
no opinion thereto.
To obtain a prospectus for any of the Chase Vista Funds, call 1-800-34-VISTA.
The prospectus contains more complete information, including charges and
expenses. Please read it carefully before you invest or send money.
(C) The Chase Manhattan Corporation, 2000. All Rights Reserved. April 2000
[CHASE LOGO]
Chase Vista Funds Fulfillment Center
393 Manley Street
West Bridgewater, MA 02379-1039
