[CHASE VISTA FUNDS LOGO]
SEMI-ANNUAL
REPORT
---------------------------------------
Chase Vista(SM) Setting the Global Standard.
CHASE VISTA TAX FREE MONEY MARKET FUND
CHASE VISTA NEW YORK TAX FREE
MONEY MARKET FUND
CHASE VISTA CALIFORNIA TAX FREE
MONEY MARKET FUND
February 28, 1998
(Unaudited)
<PAGE>
HIGHLIGHTS
The onset of the Asian economic and currency
crisis was the major event in U.S. fixed income
markets during the reporting period.
o Supply and demand issues continued to
dominate the short-term tax-free market.
o The Federal Reserve Board left the Federal
Funds rate unchanged at 5.5%, and the yield
on the one-year U.S. Treasury bill remained
relatively stable.
- --------------------------------------------------------------------------------
CONTENTS
- --------------------------------------------------------------------------------
Chairman's Letter 3
Chase Vista Tax Free Money Market Fund
Fund Facts o Portfolio of Investments 4
Chase Vista New York Tax Free Money Market Fund
Fund Facts o Portfolio of Investments 26
Chase Vista California Tax Free Money Market Fund
Fund Facts o Portfolio of Investments 48
Financial Statements 56
Notes to Financial Statements 59
Financial Highlights 64
- --------------------------------------------------------------------------------
INVESTMENTS IN THE FUNDS ARE NOT DEPOSITS OF, OR GUARANTEED OR ENDORSED BY,
THE CHASE MANHATTAN BANK, AND THE SHARES ARE NOT INSURED BY THE FDIC, FEDERAL
RESERVE BOARD OR ANY OTHER GOVERNMENT AGENCY. INVESTMENTS IN MUTUAL FUNDS
INVOLVE RISK, INCLUDING POSSIBLE LOSS OF THE PRINCIPAL AMOUNT INVESTED.
<PAGE>
Chase Vista Funds
CHAIRMAN'S LETTER
April 10, 1998
Dear Shareholder:
We are pleased to present this semi-annual report on each of the Chase Vista
Tax-Free Money Market Funds(SM). Inside, you'll find current seven-day yields
for each fund as of February 28, 1998 as well as listings of current holdings.
Asian Crisis Proved Beneficial to U.S. Fixed Income Markets
As the reporting period began, a consensus was building that the Federal
Reserve Board would raise short-term interest rates as a preemptive strike
against potential inflationary pressures in a buoyant U.S. economy. As so often
happens, however, the conventional thinking was overwhelmed by an outside
event, in this case the onset of the currency and economic crisis in Asia.
While the Asian crisis had a negative short-term effect on world stock markets,
its consequences for U.S. fixed income markets proved highly beneficial because
it changed the inflation paradigm. Specifically, the markets assumed that the
rapidly-deteriorating currencies of our Asian trading partners would make their
goods cheaper here, therefore holding down prices. On the other side of the
import-export coin, most market participants came to the belief that slowing
exports to Asia would cut into U.S. economic growth, allowing the Fed to remain
on the sidelines. While the Fed did, in fact, change from a tightening to a
neutral stance in December, short-term interest rates remained relatively flat
even as long-term rates fell sharply.
As always, supply and demand issues proved challenging throughout the period as
investors continued to use the Funds as a short-term home for assets ultimately
intended for taxes or long-term investments. In this environment, your
portfolio management team once again provided you with competitive yields and
stability. On behalf of the management team and everyone at Chase Vista, I
thank you for the confidence you've placed in us and look forward to continuing
to serve your investment needs.
Sincerely,
/s/ Fergus Reid
Fergus Reid
Chairman
| 3
<PAGE>
About Your Fund
CHASE VISTA TAX FREE
MONEY MARKET FUND
================================================================================
FUND FACTS
<TABLE>
<S> <C>
Objective: High current tax free income consistent
with capital preservation*
Primary investments: Short-term municipal obligations
Suggested investment
time frame: Short-term
Share classes offered: Vista, Premier and Institutional Shares
As of February 28, 1998
Net assets: $1.1 Billion
Average maturity: 50 days
S&P Rating**: AAA
Moody's Rating: Not rated
NAIC Rating: Not rated
</TABLE>
================================================================================
* A portion of the Fund's income may be subject to the Alternative Minimum Tax
(AMT), and some investors may be subject to certain state and local taxes.
**This rating is historical and is based upon the Fund's credit quality, market
price exposure and management. It signifies that the Fund's safety is excellent
and that it has superior capacity to maintain a $1 Net Asset Value per share.
================================================================================
MATURITY SCHEDULE AS OF 2/28/98
<TABLE>
<S> <C>
1-7 days .. ....................................................... 65.44%
8-14 days ......................................................... 2.63%
15-21 days ........................................................ 1.39%
22-30 days ........................................................ 0.18%
31-60 days ........................................................ 2.40%
61-90 days ........................................................ 5.63%
91+ days .......................................................... 22.33%
</TABLE>
================================================================================
4 |
<PAGE>
About Your Fund
CHASE VISTA TAX FREE
MONEY MARKET FUND
CHASE VISTA TAX FREE MONEY MARKET FUND
COMPOSITION OF TOTAL ASSETS AS OF 2/28/98
[Pie Chart Omitted]
Composition of
Total Assets
as of 2/28/98
-------------
Cash/Other 0.8%
Investments 99.2%
- --------------------------------------------------------------------------------
CHASE VISTA TAX FREE MONEY MARKET FUND AS OF 2/28/98(1)
<TABLE>
7-Day Taxable
SEC Yield(2) Equivalent Yield(3)
------------ -------------------
<S> <C> <C>
Vista Shares 2.89% 4.79%
Premier Shares 2.96% 4.90%
Institutional Shares 3.23% 5.35%
</TABLE>
================================================================================
(1) Past performance is not a guarantee of future results. Yields will
fluctuate. An investment is neither insured nor guaranteed by the U.S.
government and there can be no assurance that the fund will maintain a stable
Net Asset Value of $1.00 per share.
(2) The yield for Vista Shares reflects the voluntary waiver of certain expenses
and the assumption of certain expenses otherwise payable by the Fund. Without
waivers, the yield would have been 2.76%. This voluntary waiver may be modified
or terminated at any time, which would reduce performance.
(3) Taxable equivalent yields are calculated based on the SEC yield divided by 1
minus the effective tax rate. The effective federal tax rate used for this
illustration is 39.6%
A portion of the Fund's income may be subject to the Alternative Minimum Tax
(AMT), and some investors may be subject to certain state and local taxes.
|5
<PAGE>
Chase Vista Tax Free Money Market Fund
Portfolio of Investments February 28, 1998 (unaudited)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
===================================================================
State & Municipal Obligations -- 99.1%
===================================================================
<S> <C> <C>
Alabama -- 0.8%
$2,650,000 Birmingham, Alabama, Ser. A,
FRDN, Warrants, 3.90%, 03/06/98 $2,650,000
5,000,000 Huntsville, Alabama, Health Care
Authority, Ser. A, FRDN, Rev.,
3.35%, 03/05/98 5,000,000
1,500,000 St. Clair County, Alabama, IDB,
National Cement Co., Inc., Project
II, FRDN, Rev., 3.20%, 03/06/98 1,500,000
----------
9,150,000
----------
Arizona -- 1.6%
7,200,000 Naricopa County, Arizona, School
District No. 006, Washington
Elementary Projects of 1996, Ser.
B, GO, 5.63%, 07/01/98 7,242,827
4,100,000 Phoenix Arizona IDA, Multifamily
Housing, Southwest Villages
Project A, FRDN, Rev., 3.20%,
03/05/98 4,100,000
4,000,000 Phoenix, Arizona, Civic Improvement
Corp., Airport Term Excise Tax,
Rev., 8.38%, 07/01/98 4,099,880
2,500,000 Yavapai County, Arizona Industrial
Development Authority, Kachina
Pointe, FRDN, Rev., 3.35%,
03/02/98 2,500,000
----------
17,942,707
----------
Arkansas -- 2.4%
10,100,000 Fayetteville, Arkansas, Public Facilities
Board, Butterfield Trail Village,
FRDN, Rev., 3.45%, 03/05/98 10,100,000
16,400,000 University of Arkansas, UAMS
Campus, FRDN, Rev., 3.60%,
03/05/98 16,400,000
----------
26,500,000
----------
</TABLE>
See notes to financial statements.
6 |
<PAGE>
Chase Vista Tax Free Money Market Fund
Portfolio of Investments February 28, 1998 (unaudited) (continued)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
===================================================================
State & Municipal Obligations -- (continued)
===================================================================
<S> <C> <C>
California -- 2.4%
$8,250,000 Butte County, California, Office of
Education, TRAN, 4.50%, 07/31/98 $8,271,024
10,550,000 California Higher Education Loan
Authority Inc., Student Loan, Ser.
A, Rev., 3.95%, 06/01/98 10,550,000
6,200,000 Irvine Ranch, California, Water
District, Improvement District No.
284, Ser. A, FRDN, GO 3.50%,
03/02/98 6,200,000
1,900,000 Student Education Loan Marketing
Corp., California, Ser. A, Rev.,
3.85%, 10/01/98 1,900,000
----------
26,921,024
----------
Colorado -- 3.5%
10,000,000 Arapahoe County, Colorado, School
District No. 005, Cherry Creek,
TAN, 4.50%, 06/30/98 10,020,789
2,400,000 Colorado Health Facilities Authority,
North Colorado Medical Center,
FRDN, 3.40%, 03/02/98 2,400,000
8,700,000 Colorado Springs, Colorado Utilities,
Ser., SGB 28A, FRDN, Rev.,
3.55%, 03/05/98 8,700,000
2,500,000 Denver, Colorado, City & County
Airport, Sub-Ser. C, FRDN, Rev.,
3.40%, 03/05/98 2,500,000
12,900,000 Smith Creek Metropolitan District,
Colorado, FRDN, Rev. 3.45%,
03/05/98 12,900,000
2,970,000 University of Colorado Hospital
Authority, Colorado, Ser A, Rev.,
4.25%, 11/15/98 2,978,940
----------
39,499,729
----------
</TABLE>
See notes to financial statements.
| 7
<PAGE>
Chase Vista Tax Free Money Market Fund
Portfolio of Investments February 28, 1998 (unaudited) (continued)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
===================================================================
State & Municipal Obligations -- (continued)
===================================================================
<S> <C> <C>
Delaware -- 3.2%
$25,000,000 Delaware State, Economic
Development Authority, IDR,
Delaware Clean Power Project, Ser.
A, FRDN, Rev., 3.45%, 03/05/98 $25,000,000
11,000,000 Delaware State, Economic
Development Authority, IDR,
Delaware Clean Power Project, Ser.
C, FRDN, Rev., 3.45%, 03/05/98 11,000,000
-----------
36,000,000
-----------
District of Columbia -- 0.3%
3,300,000 District of Columbia, Ser. C, TRAN,
5.00%, 09/30/98 3,321,316
-----------
Florida -- 4.3%
5,000,000 Broward County, Florida Housing
Finance Authority, Multifamily
Housing, Landings Inverrary AP,
FRDN, Rev., 3.40%, 03/02/98 5,000,000
6,135,000 Dade County, Florida, IDA, PCR,
Florida Power & Light Co. Project,
FRDN, Rev., 3.45%, 03/02/98 6,135,000
4,700,000 Florida Housing Finance Agency,
Multifamily Housing, Sarasota, Ser.
C, FRDN, Rev., 3.50%, 03/05/98 4,700,000
4,000,000 Florida Housing Financing Agency,
Multifamily Housing, Lakeside, Ser.
B, FRDN, Rev., 3.55%, 03/05/98 4,000,000
8,575,000 Gulf Breeze, Florida, Local
Government Loan Program, Ser. B,
FRDN, Rev., 3.35%, 03/05/98 8,575,000
9,600,000 Jacksonville, Florida, FRDN, Rev.,
3.66%, 03/05/98 9,600,000
6,900,000 Jacksonville, Florida, Commercial
Paper, 3.50%, 03/18/98 6,900,000
</TABLE>
See notes to financial statements.
8 |
<PAGE>
Chase Vista Tax Free Money Market Fund
Portfolio of Investments February 28, 1998 (unaudited) (continued)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
===================================================================
State & Municipal Obligations -- (continued)
===================================================================
<S> <C> <C>
$3,000,000 Orange County, Florida, Health
Facilities Authority, Ser. 1985
Pooled Hospital Loan Program,
Commercial Paper, 3.30%, 04/27/98 $3,000,000
----------
47,910,000
----------
Georgia -- 9.8%
10,100,000 Columbia County, Georgia, Elderly
Authority, Residential Care
Facilities, Augusta Resource Center
on Aging, FRDN, Rev., 3.50%,
03/04/98 10,100,000
3,100,000 Dougherty County, Georgia, School
District, GO, 3.55%, 09/01/98 3,100,000
1,600,000 Dougherty County, Georgia, School
District, GO, 3.65%, 03/01/99 1,600,000
2,200,000 Elbert County & Elberton &
Bowman Georgia Development
Authority, IDR, Seaboard Farms,
FRDN, Rev., 3.50%, 03/05/98 2,200,000
2,800,000 Fulco, Georgia, Hospital Authority,
Piedmont Hospital Project, FRDN,
Rev., 3.50%, 03/04/98 2,800,000
1,000,000 Fulton County, Georgia Development
Authority, Arthritis Foundation Inc.
Project, FRDN, Rev., 3.50%,
03/04/98 1,000,000
1,600,000 Fulton County, Georgia IDA,
American Graphics Project, FRDN,
Rev., 3.60%, 03/05/98 1,600,000
15,000,000 Fulton County, Georgia Housing
Authority, Multifamily Housing,
Spring Creed Crossing, FRDN,
Rev., 3.60%, 03/04/98 15,000,000
8,500,000 Fulton County, Georgia, Housing
Authority, Multifamily, Holcomb
Landing Apartments, FRDN, Rev.,
3.60%, 03/04/98 8,500,000
</TABLE>
See notes to financial statements.
| 9
<PAGE>
Chase Vista Tax Free Money Market Fund
Portfolio of Investments February 28, 1998 (unaudited) (continued)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
===================================================================
State & Municipal Obligations -- (continued)
===================================================================
<S> <C> <C>
$13,860,000 Fulton County, Georgia, Housing
Authority, Residential Revenue
Construction, FRDN, Rev.,
3.65%, 03/04/98 $13,860,000
5,000,000 Georgia Municipal Gas Authority,
Rev., 3.35%, 03/04/98 5,000,000
10,000,000 Georgia Municipal Gas Authority,
Rev., 3.35%, 03/04/98 10,000,000
5,275,000 Georgia State, GO, 6.75%, 03/01/98 5,275,000
6,360,000 Georgia State, Ser. C, GO, 6.25%,
08/01/98 6,423,495
5,945,000 Macon-Bibb County, Georgia,
Hospital Authority, Medical Center
of Central Georgia, FRDN, Rev.,
3.50%, 03/05/98 5,945,000
11,225,000 Marietta Georgia Housing Authority
Multifamily, Winterset Apartments
Project, FRDN, Rev., 3.60%,
03/04/98 11,225,000
6,325,000 Marietta Georgia, Housing Authority
Multifamily, Concepts 21
Apartments, FRDN, Rev., 3.55%,
03/04/98 6,325,000
-----------
109,953,495
-----------
Idaho -- 0.3%
3,800,000 Port Lewiston Port Facilities Idaho
Rev., Fribourg Investment Co.,
FRDN, Rev., 3.83%, 03/03/98 3,800,000
-----------
Illinois -- 5.0%
6,000,000 Chicago, Illinois, GO, 4.40%,
06/01/98 6,008,656
7,200,000 Chicago, Illinois, Multi-Family
Housing, Waveland Associates
Project, Ser. E, FRDN, Rev.,
3.30%, 03/04/98 7,200,000
1,435,000 Chicago, Illinois, Park District, GO,
5.50%, 01/01/99 1,456,554
</TABLE>
See notes to financial statements.
10 |
<PAGE>
Chase Vista Tax Free Money Market Fund
Portfolio of Investments February 28, 1998 (unaudited) (continued)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
======================================================================
State & Municipal Obligations -- (continued)
======================================================================
<S> <C> <C>
$ 7,055,000 Franklin Park, Illinois, Ser. SGB 14,
FRDN, Rev., 3.55%, 03/04/98 $ 7,055,000
2,000,000 Illinois Development Financial
Authority, IDR, Balspar Corp.
Project, FRDN, Rev., 3.60%,
03/05/98 2,000,000
3,805,000 Illinois Development Financing
Authority, IDR, CFC International
Inc. Project, FRDN, Rev., 3.35%,
03/04/98 3,805,000
1,800,000 Illinois Development Financing
Authority, IDR, Revcor Inc.
Project, FRDN, Rev., 3.35%,
03/05/98 1,800,000
2,115,000 Illinois Development Financing
Authority, IDR, Toughy Ltd.
Partnership Project, FRDN, 3.50%,
03/04/98 2,115,000
5,300,000 Illinois Health Facilities Authority,
Rehab Institution of Chicago
Project, FRDN, Rev., 3.75%,
03/05/98 5,300,000
1,500,000 Illinois State, Sales Tax, Ser. H, Rev.,
7.63%, 06/15/98 1,545,574
3,330,000 Libertyville, Illinois, IDA, Libertyville
Manor Project, FRDN, Rev.,
3.45%, 03/05/98 3,330,000
8,500,000 Lisle, Illinois, Multi-Family, Ashley of
Lisle Project, FRDN, Rev., 3.45%,
03/04/98 8,500,000
3,000,000 Schaumburg, Illinois, Multifamily
Housing, Windsong Apartments
Project, FRDN, Rev., 3.35%,
03/04/98 3,000,000
1,080,000 Springfield Illinois Electric, Jr. Lien,
Rev., 4.00%, 03/01/98 1,080,000
</TABLE>
See notes to financial statements.
| 11
<PAGE>
Chase Vista Tax Free Money Market Fund
Portfolio of Investments February 28, 1998 (unaudited) (continued)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
==================================================================
State & Municipal Obligations -- (continued)
==================================================================
<S> <C> <C>
$2,425,000 Tinley Park, Illinois, Multi-Family,
Edgewater Walk IIIA & IIIB,
FRDN, Rev., 3.35%, 03/04/98 $2,425,000
----------
56,620,784
----------
Indiana -- 2.5%
2,025,000 Lafayette Indiana Economic
Development, Health Quest Realty
XI, FRDN, Rev., 3.45%, 03/05/98 2,025,000
865,000 Muncie Indiana Economic
Development Rev., Health Quest
Realty Project, FRDN, Rev.,
3.45%, 03/05/98 865,000
1,000,000 Princeton, Indiana, PCR, PSI Energy
Inc. Project, FRDN, Rev., 3.50%,
03/02/98 1,000,000
10,800,000 Sullivan, Indiana PCR, National
Rural, Hoosier Commercial Paper,
3.60%, 05/20/98 10,800,000
1,250,000 Sullivan, Indiana PCR, National
Rural, Hoosier, Commercial Paper,
3.50%, 04/06/98 1,250,000
3,450,000 Sullivan, Indiana PCR, National
Rural, Hoosier, Commercial Paper,
3.55%, 05/12/98 3,450,000
3,500,000 Sullivan, Indiana PCR, National
Rural, Hoosier, Commercial Paper,
3.60%, 05/04/98 3,500,000
1,000,000 Sullivan, Indiana PCR, National
Rural, Hoosier, Commercial Paper,
3.60%, 05/04/98 1,000,000
3,655,000 Sullivan, Indiana PCR, National
Rural, Hoosier, Commercial Paper,
3.60%, 05/20/98 3,655,000
----------
27,545,000
----------
</TABLE>
See notes to financial statements.
12 |
<PAGE>
Chase Vista Tax Free Money Market Fund
Portfolio of Investments February 28, 1998 (unaudited) (continued)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
==================================================================
State & Municipal Obligations -- (continued)
==================================================================
<S> <C> <C>
Iowa -- 0.3%
$3,700,000 Iowa Financing Authority, Solid
Waste Disposal, Cedar River Paper
Co. Project, Ser. A, FRDN, Rev.,
3.65%, 03/04/98 $3,700,000
----------
Kansas -- 0.7%
3,900,000 Burlington, Kansas PC, K C Power &
Light Project, Ser. A, Commercial
Paper, 3.50%, 05/04/98 3,900,000
2,150,000 Spring Hill, Kansas Industrial Rev.,
Abrasive Engineering Project,
FRDN, Rev., 3.50%, 03/05/98 2,150,000
1,250,000 Wichita, Kansas, Airport Facilities,
Cessna Citation Center Project, Ser
III, FRDN, Rev., 3.80%, 03/05/98 1,250,000
----------
7,300,000
----------
Kentucky -- 1.8%
4,700,000 Boone County, Kentucky IDR,
Curtin Matheson Science Inc.,
FRDN, Rev., 3.30%, 03/04/98 4,700,000
13,800,000 Kentucky Asset/Liability Community
General Fund, Ser. A, TRAN,
4.50%, 06/25/98 13,827,206
2,100,000 Lexington-Fayette Urban County
Government, Kentucky, Residential
Facilities, Richmond Place
Association PL Project, FRDN,
Rev., 3.90%, 04/01/98 2,100,000
----------
20,627,206
----------
Louisiana -- 4.2%
10,375,000 New Orleans, Louisiana, Home
Mortgage Authority, Single Family
Mortgage, FNMA & GNMA,
Ser. 2, Rev., 3.92%, 06/01/98 10,375,000
37,070,000 New Orleans, Louisiana Aviation
Board, Ser. B, FRDN, Rev.,
3.55%, 03/04/98 37,070,000
----------
47,445,000
----------
</TABLE>
See notes to financial statements.
| 13
<PAGE>
Chase Vista Tax Free Money Market Fund
Portfolio of Investments February 28, 1998 (unaudited) (continued)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
====================================================================
State & Municipal Obligations -- (continued)
====================================================================
<S> <C> <C>
Maryland -- 3.8%
$ 9,000,000 Baltimore County, Maryland,
Commercial Paper, 3.80%, 03/16/98 $9,000,000
725,000 Baltimore County, Maryland, Golf
Systems, FRDN, Rev., 3.50%,
03/04/98 725,000
3,000,000 Howard County, Maryland Multi-
family Housing, Sherwood Crossing
Ltd, FRDN, Rev., 3.95%, 06/01/98 3,000,000
1,000,000 Maryland State, Board of
Environmental Resource Recovery,
Colstrip Project, FRDN, Rev.,
3.40%, 03/04/98 1,000,000
2,000,000 Maryland State, Department of
Transportation, Second Issue, Rev.,
6.70%, 11/15/98 2,054,601
2,000,000 Maryland State, Department of
Transportation, Second Issue, Rev.,
6.80%, 11/15/98 2,065,537
8,100,000 Maryland State, Health & Higher
Educational Facilities Authority,
Deaton Special Hospital & Home
Project, FRDN, Rev., 3.45%,
03/04/98 8,100,000
5,000,000 Maryland State, Health & Higher
Educational Facilities Authority,
Helix Health Hospital Issue, Ser. A,
FRDN, Rev., 3.45%, 03/05/98 5,000,000
4,000,000 Maryland State, Health & Higher
Educational Facilities Authority,
Loyola College, Issue B, FRDN,
Rev., 3.40%, 03/05/98 4,000,000
7,600,000 Montgomery County, Maryland,
Housing Opportunities,
Community Housing, Multifamily
Grosvenor, Ser., A, FRDN, Rev.,
3.45%, 03/04/98 7,600,000
----------
42,545,138
----------
</TABLE>
See notes to financial statements.
14 |
<PAGE>
Chase Vista Tax Free Money Market Fund
Portfolio of Investments February 28, 1998 (unaudited) (continued)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
===================================================================
State & Municipal Obligations -- (continued)
===================================================================
<S> <C> <C>
Massachusetts -- 0.4%
$4,400,000 Massachusetts State, Port Authority,
Multi-Modal, Ser. B, FRDN, Rev.,
3.70%, 03/02/98 $4,400,000
----------
Michigan -- 0.8%
6,000,000 Michigan State, Building Authority,
Rev., Commercial Paper, 3.40%,
03/02/98 6,000,000
2,250,000 Michigan State, Building Authority,
Rev., Commercial Paper, 3.75%,
03/02/98 2,250,000
1,175,000 Michigan State, Strategic Fund Ltd.,
Obligation Rev., Wayne Disposal,
Oakland Project, FRDN, Rev.,
3.55%, 03/04/98 1,175,000
----------
9,425,000
----------
Minnesota -- 1.4%
13,005,000 Eden Prairie, Minnesota, Multifamily,
Park at City West Project, FRDN,
Rev., 3.30%, 03/06/98 13,005,000
2,800,000 Minneapolis & St. Paul, Minnesota,
Housing & Redevelopment
Authority, Health Care Systems,
Children's Health Care, Ser. B,
FRDN, Rev., 3.50%, 03/02/98 2,800,000
----------
15,805,000
----------
Mississippi -- 0.6%
4,380,000 Mississippi Business Financial Corp.,
IDR, Choctaw Maid Farms, Inc.
Project, FRDN, Rev., 3.60%,
03/04/98 4,380,000
1,800,000 Perry County, Mississippi Pollution
Control, Leaf River Forest Project,
FRDN, Rev., 3.50%, 03/05/98 1,800,000
----------
6,180,000
----------
</TABLE>
See notes to financial statements.
| 15
<PAGE>
Chase Vista Tax Free Money Market Fund
Portfolio of Investments February 28, 1998 (unaudited) (continued)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
===================================================================
State & Municipal Obligations -- (continued)
===================================================================
<S> <C> <C>
Missouri -- 2.0%
$ 4,045,000 Kansas City, Missouri, Industrial
Development Authority,
Multifamily Housing, Woodlands
Partners Project, FRDN, Rev.,
3.50%, 03/05/98 $4,045,000
1,000,000 Macon, Missouri, IDA, Health Care
Realty Macon, FRDN, Rev.,
3.75%, 03/30/98 1,000,000
2,600,000 Missouri, Higher Education Loan
Authority, Student Loan, Senior
Lien, Ser A, FRDN, Rev., 5.38%,
02/15/99 2,640,463
7,100,000 Missouri, Higher Education Loan
Authority, Student Loan, Ser. B,
FRDN, Rev., 3.50%, 03/04/98 7,100,000
4,000,000 Missouri State, Health & Educational
Facilities Authority, The
Washington University, Ser. D,
FRDN, Rev., 3.55%, 03/02/98 4,000,000
3,300,000 Missouri State, Housing Development
& St. Louis County, Missouri
Single Family Housing, FRDN,
Rev., 3.50%, 03/09/98 3,300,000
----------
22,085,463
----------
Montana -- 0.3%
2,000,000 Montana State, Board Investment,
Municipal Financing
Consolidation, Intercap Program,
Rev., 3.65%, 03/01/98 2,000,000
1,000,000 Osage Beach, Montana, IDA, Health
Care Realty Osage, FRDN, Rev.,
3.75%, 03/30/98 1,000,000
----------
3,000,000
----------
Nebraska -- 0.3%
1,500,000 Omaha Public Power District,
Nebraska Electric, Ser. D, Rev.,
4.25%, 02/01/99 1,508,695
</TABLE>
See notes to financial statements.
16 |
<PAGE>
Chase Vista Tax Free Money Market Fund
Portfolio of Investments February 28, 1998 (unaudited) (continued)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
===================================================================
State & Municipal Obligations -- (continued)
===================================================================
<S> <C> <C>
$2,400,000 Sidney, Nebraska, IDR, Pennington
Seed, Inc. Project, FRDN, Rev.,
3.60%, 03/04/98 $2,400,000
----------
3,908,695
----------
New Hampshire -- 0.9%
1,860,000 New Hampshire State, Business
Financing Authority Industrial
Facilities, Nickerson Assembly Co.,
FRDN, Rev., 3.75%, 03/05/98 1,860,000
6,800,000 New Hampshire State, Business
Financing Authority, Resource
Recovery, Wheelabrator, Ser. A,
FRDN, Rev., 3.40%, 03/04/98 6,800,000
1,200,000 New Hampshire State, Business
Financing Authority, Resource
Recovery, Wheelabrator, Ser. B,
FRDN, Rev., 3.55%, 03/04/98 1,200,000
----------
9,860,000
----------
New Mexico -- 2.2%
2,900,000 Albuquerque, New Mexico, Airport,
Sub. Lien, Ser, A, FRDN, Rev.,
3.50%, 03/04/98 2,900,000
3,650,000 Albuquerque, New Mexico, Municipal
School District, No. 012, GO,
4.50%, 08/01/98 3,659,272
18,500,000 New Mexico State, TRAN, 4.50%,
06/30/98 18,539,364
----------
25,098,636
----------
New York -- 7.6%
15,100,000 Eagle Tax Exempt Trust, Weekly
Options Mode, Certificate, Ser.
97C1002, Class A, # Certificates of
Participation, 3.51%, 03/05/98 15,100,000
9,800,000 Eagle Tax-Exempt Trust, Weekly
Options Mode, Certificate, Ser.
94-4904, # Certificates of
Participation, 3.61%, 03/05/98 9,800,000
</TABLE>
See notes to financial statements.
| 17
<PAGE>
Chase Vista Tax Free Money Market Fund
Portfolio of Investments February 28, 1998 (unaudited) (continued)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
===================================================================
State & Municipal Obligations -- (continued)
===================================================================
<S> <C> <C>
$4,000,000 Eagle Tax-Exempt Trust, Weekly
Options Mode, Certificate, Ser.
95-3202, Class A, # Certificates of
Participation, 3.51%, 03/05/98 $4,000,000
5,700,000 Nassau County, New York, Ser. A,
RAN, 4.50%, 03/10/98 5,700,986
25,900,000 New York City Municipal Water
Financing Authority, FRDN, Rev.,
3.65%, 03/04/98 25,900,000
5,000,000 New York City Municipal Water
Financing Authority, Water &
Sewer Systems, Municipal Securities
Trust Receipts, FRDN, Rev.,
3.65%, 03/05/98 5,000,000
9,050,000 New York City New York -- Sub-Ser.
E2, FRDN, Rev., 3.60%, 03/02/98 9,050,000
9,000,000 New York City New York,
Commercial Paper, 3.65%, 06/02/98 9,000,000
2,000,000 New York City Revenue Anticipation
Notes, FRDN, Rev., 3.50%,
03/04/98 2,000,000
----------
85,550,986
----------
North Carolina -- 0.4%
1,000,000 Guilford County, North Carolina,
Industrial Facilities & Pollution
Control Financing Authority, Neal
Manufacturing, FRDN, Rev.,
3.55%, 03/05/98 1,000,000
3,485,000 Haywood Regional Medical Center,
North Carolina, FRDN, Rev.,
3.35%, 03/05/98 3,485,000
----------
4,485,000
----------
Ohio -- 4.2%
3,000,000 Cleveland, Ohio, Airport Systems,
Ser. D, FRDN, Rev., 3.55%,
03/04/98 3,000,000
</TABLE>
See notes to financial statements.
18 |
<PAGE>
Chase Vista Tax Free Money Market Fund
Portfolio of Investments February 28, 1998 (unaudited) (continued)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
===================================================================
State & Municipal Obligations -- (continued)
===================================================================
<S> <C> <C>
$12,300,000 Columbus, Ohio, Ser. 1, FRDN,
Rev., 3.25%, 03/05/98 $12,300,000
7,600,000 Franklin County, Ohio, U.S. Health
Corp., Ser. A, FRDN, Rev., 3.40%,
03/05/98 7,600,000
1,500,000 Montgomery County, Ohio,
Multifamily Housing, Pedcor
Investments, Lyons Gate, Ser. A,
FRDN, Rev., 3.55%, 03/05/98 1,500,000
17,000,000 Ohio, Housing Financing Agency,
Residential Notes Ser. A-2, Rev.,
3.80%, 03/01/99 17,000,000
3,900,000 Ohio State, Air Quality Development
Authority, JMG FDG Ltd.
Partnership, Ser. A, FRDN, Rev.,
3.60%, 03/04/98 3,900,000
1,650,000 Ohio State, Building Authority, State
Facilities, Arts Facilities Building
Fund, Ser. A, Rev., 5.00%, 10/01/98 1,661,193
-----------
46,961,193
-----------
Oregon -- 0.3%
3,000,000 Klamath Falls, Oregon, Salt Caves
HydroElectric, Ser. A, Rev., 4.50%,
05/01/98 3,002,380
-----------
Pennsylvania -- 2.5%
5,000,000 Dauphin County, Pennsylvania,
General Authority, Allhealth Pooled
Financing Program, Ser. A, FRDN,
Rev., 3.75%, 03/05/98 5,000,000
4,000,000 Pennsylvania Economic Development
Financing Authority, Exempt
Facilities, Natural Gypsum Co.
Project, Ser. B, FRDN, Rev.,
4.10%, 03/02/98 4,000,000
10,000,000 Pennsylvania State, TAN, 4.50%,
06/30/98 10,027,732
</TABLE>
See notes to financial statements.
| 19
<PAGE>
Chase Vista Tax Free Money Market Fund
Portfolio of Investments February 28, 1998 (unaudited) (continued)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
===================================================================
State & Municipal Obligations -- (continued)
===================================================================
<S> <C> <C>
$ 4,300,000 York, Pennsylvania, General Authority
Pooled Financing, FRDN, Rev.,
3.45%, 03/05/98 $4,300,000
5,000,000 York, Pennsylvania, General Authority
Pooled Financing, FRDN, Rev.,
3.45%, 03/05/98 5,000,000
----------
28,327,732
----------
Rhode Island -- 0.2%
2,200,000 Rhode Island State, Industrial
Facilities Corp., Blackstone Valley
Electric Co., FRDN, Rev., 3.50%,
03/04/98 2,200,000
----------
Tennessee -- 1.6%
2,000,000 Hendersonville, Tennessee IDB,
Multi-Family Housing, Windsor
Park Project, FRDN, Rev., 2.80%,
03/04/98 2,000,000
1,800,000 Memphis Tennessee, Ser. A, FRDN,
GO 3.50%, 03/05/98 1,800,000
7,000,000 Metropolitan Government of
Nashville & Davidson County,
Tennessee, Health & Educational
Board, Vanderbilt University, Ser.
85-A, FRDN, Rev., 3.75%, 01/15/99 7,000,000
6,155,000 Shelby County Tennessee Health
Educational & Housing Facilities
Board, Multifamily Housing, Arbor
Lake, FRDN, Rev., 3.60%, 03/04/98 6,155,000
1,000,000 South Pittsburgh Tennessee Industrial
Development, Lodge
Manufacturing Co. Project, FRDN,
Rev. 3.60%, 03/04/98 1,000,000
----------
17,955,000
----------
Texas -- 20.4%
4,000,000 Austin, Texas, Airport Systems, Ser. A,
FRDN, Rev., 3.70%, 03/04/98 4,000,000
</TABLE>
See notes to financial statements.
20 |
<PAGE>
Chase Vista Tax Free Money Market Fund
Portfolio of Investments February 28, 1998 (unaudited) (continued)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
===================================================================
State & Municipal Obligations -- (continued)
===================================================================
<S> <C> <C>
$4,000,000 Austin, Texas, Utilities System, Ser. 1,
Rev., 3.55%, 05/13/98 $4,000,000
2,000,000 Austin, Texas, Utilities System, Ser. 1,
Rev., 3.55%, 05/20/98 2,000,000
2,000,000 Bell County Texas, IDA, Franklin
Industries, FRDN, 3.35%, 03/05/98 2,000,000
4,250,000 Bell County, Texas Health Facilities
Development Corp., Southern
Healthcare Systems, Project C,
FRDN, Rev., 3.45%, 03/05/98 4,250,000
2,300,000 Bexar County, Texas, Housing
Finance Corp., Multi-Family,
Shallow Creek Apartments Project,
FRDN, Rev., 3.50%, 03/05/98 2,300,000
1,000,000 Carroll, Texas, Independent School
District, GO, 3.45%, 03/04/98 1,000,000
19,000,000 Carroll, Texas, Independent School
District, GO, 3.45%, 03/04/98 19,000,000
9,000,000 Greater Texas Student Loan Corp.,
Student Loan, Ser. A, FRDN, Rev.,
3.70%, 03/01/98 9,000,000
3,000,000 Guadalupe Blanco River Authority
Texas Industrial Development
Corp. IDR, The BOC Group Inc.
Project, FRDN, Rev., 3.50%,
03/04/98 3,000,000
7,500,000 Harris County, Texas, Health Facilities
Development Corp., St. Lukes
Episcopal Hospital, Ser. A, FRDN,
Rev., 3.60%, 03/02/98 7,500,000
4,050,000 Houston, Texas, GO, 5.80%, 03/01/98 4,050,000
3,600,000 Houston, Texas, Water & Sewer
Systems, Ser. 93-A, Commercial
Paper, 3.15%, 03/12/98 3,600,000
2,400,000 Houston, Texas, Water & Sewer
Systems, Ser. 93-A, Commercial
Paper, 3.15%, 03/12/98 2,400,000
</TABLE>
See notes to financial statements.
| 21
<PAGE>
Chase Vista Tax Free Money Market Fund
Portfolio of Investments February 28, 1998 (unaudited) (continued)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
===================================================================
State & Municipal Obligations -- (continued)
===================================================================
<S> <C> <C>
$9,000,000 Houston, Texas, Ser. 93-A,
Commercial Paper, 3.55%, 05/12/98 $9,000,000
5,290,000 Lower Neches Valley Authority, Texas,
NRTC Project, Rev., 3.88%,
11/01/98 5,291,199
8,000,000 Plano, Texas, Independent School
District, FRDN, GO, 3.55%,
08/11/98 8,000,000
2,265,000 Port Development Corp., Texas,
Marine Terminals, Stolt Terminals
Project, FRDN, Rev., 3.40%,
03/04/98 2,265,000
5,000,000 Richardson, Texas, Independent
School District, Ser. A, FRDN,
GO, 3.45%, 03/05/98 5,000,000
1,000,000 Sabine River Authority, Texas, PCR,
Texas Utilities Electric Co., Ser. B,
FRDN, Rev., 3.60%, 03/02/98 1,000,000
4,100,000 San Antonio, Texas, Housing Finance
Corp., Eagles Nest Apartments
Project, FRDN, Rev., 3.50%,
03/04/98 4,100,000
13,680,000 San Antonio, Texas, Independent
School District, GO, 7.00%,
08/15/98 13,873,345
9,000,000 Texas State Public Financing Corp.,
Commercial Paper, 3.70%, 04/09/98 9,000,000
5,300,000 Texas State, Department of Housing
& Community Affairs, Multifamily
Housing, Remington Hill, Ser. B,
FRDN, Rev., 3.45%, 03/04/98 5,300,000
7,000,000 Texas State, Public Financing
Authority, Commercial Paper,
3.55%, 04/22/98 7,000,000
10,000,000 Texas State, Public Financing
Authority, Commercial Paper,
3.55%, 05/07/98 10,000,000
</TABLE>
See notes to financial statements.
22 |
<PAGE>
Chase Vista Tax Free Money Market Fund
Portfolio of Investments February 28, 1998 (unaudited) (continued)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
===================================================================
State & Municipal Obligations -- (continued)
===================================================================
<S> <C> <C>
$15,000,000 Texas State, Public Financing
Authority, Commercial Paper,
3.75%, 03/12/98 $15,000,000
5,000,000 Texas State, Public Financing
Authority, Commercial Paper,
3.75%, 04/08/98 5,000,000
42,100,000 Texas State, Ser, A, TRAN, 4.75%,
08/31/98 42,338,531
9,600,000 Texas State, Veterans Housing
Assistance, Ser. A-1, FRDN, GO,
3.40%, 03/04/98 9,600,000
10,000,000 University of Texas, Commercial
Paper, 3.60%, 05/04/98 10,000,000
1,000,000 University of Texas, Rev., 6.00%,
07/01/98 1,007,176
-----------
230,875,251
-----------
Utah -- 0.4%
4,000,000 Salt Lake County, Utah, GO, 4.00%,
12/15/98 4,009,111
-----------
Virginia -- 0.5%
1,000,000 Henrico County, Virginia, GO,
6.80%, 10/01/98 1,029,224
4,500,000 Roanoke Valley, Virginia, Industrial
Development Authority, Roanoke
Memorial Hospital, Ser. B, FRDN,
Rev., 3.40%, 03/04/98 4,500,000
-----------
5,529,224
-----------
Washington -- 3.9%
14,700,000 King County, Washington, Ser. A,
FRDN, Rev., 3.51%, 03/05/98 14,700,000
5,800,000 Port Seattle, Washington IDC, Alaska
Airlines Inc., FRDN, Rev., 3.40%,
03/04/98 5,800,000
1,825,000 Redmond Washington Public Corp.
Industrial, Integrated Circuits
Project, FRDN, Rev., 3.40%,
03/05/98 1,825,000
</TABLE>
See notes to financial statements.
| 23
<PAGE>
Chase Vista Tax Free Money Market Fund
Portfolio of Investments February 28, 1998 (unaudited) (continued)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
===================================================================
State & Municipal Obligations -- (continued)
===================================================================
<S> <C> <C>
$ 5,800,000 Student Loan Financing Association,
Washington, Guaranteed, Ser. B,
FRDN, 3.40%, 03/05/98 $5,800,000
2,645,000 Washington State, Health Care
Facilities Authority, Virginia Mason
Medical Center, Ser. A, Rev.,
4.25%, 08/15/98 2,649,074
9,800,000 Washington State, Public Power
Supply Systems, Nuclear Project
No. 3, Ser. 3A-1, FRDN, Rev.,
3.35%, 03/04/98 9,800,000
2,985,000 Washington State, Public Power
Supply Systems, Nuclear Project
No. 3, FRDN, Rev., 3.25%,
03/04/98 2,985,000
----------
43,559,074
----------
West Virginia -- 0.1%
1,200,000 Marion County, West Virginia,
County Community Solid Waste
Disposal Facility, Granttown
Project, Ser. A, FRDN, Rev.,
3.55%, 03/04/98 1,200,000
----------
Wisconsin -- 1.0%
6,500,000 Byron Wisconsin IDR, Ocean Spray
Inc., FRDN, Rev., 3.50%,
03/02/98 6,500,000
1,030,000 Elkhorn, Wisconsin, Area School
District, BAN, 4.25%, 04/01/98 1,030,219
1,000,000 Fairwater Wisconsin, IDR, Dean
Foods Co. Project, FRDN, Rev.,
3.50%, 03/05/98 1,000,000
480,000 Grand Chute, Wisconsin Industrial
Revenue, Kent Paper Co., FRDN,
3.60%, 03/04/98 480,000
2,000,000 Menomonee Falls Wisconsin, IDA,
Butler Paper Co. Project, FRDN,
Rev., 3.50%, 03/05/98 2,000,000
----------
11,010,219
----------
</TABLE>
See notes to financial statements.
24 |
<PAGE>
Chase Vista Tax Free Money Market Fund
Portfolio of Investments February 28, 1998 (unaudited) (continued)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
===============================================================
State & Municipal Obligations -- (continued)
===============================================================
<S> <C> <C>
Wyoming -- 0.2%
$ 1,800,000 Green River, Wyoming, PCR, Texas
Gulf Project, FRDN, Rev., 3.35%,
03/05/98 $ 1,800,000
===============================================================
Total State & Municipal
Obligations -- $1,113,009,363
(Cost $1,113,009,363)
===============================================================
Shares
===============================================================
Money Market Funds -- 2.7%
===============================================================
24,971,000 AIM Tax Free Investment Trust, 24,971,000
5,000,000 Provident Municipal Fund, 5,000,000
--------------
Total Money Market Funds 29,971,000
(Cost $29,971,000)
===============================================================
Total Investments -- 101.8% $1,142,980,363
(Cost $1,142,980,363)**
===============================================================
</TABLE>
See notes to financial statements.
| 25
<PAGE>
About Your Fund
CHASE VISTA NEW YORK TAX FREE
MONEY MARKET FUND
================================================================================
FUND FACTS
<TABLE>
<S> <C>
Objective: High current tax free income consistent with
capital preservation*
Primary investments: New York short-term municipal obligations
Suggested investment
time frame: Short-term
Share classes offered: Vista Shares
As of February 28, 1998
Net assets: $1.1 Billion
Average maturity: 55 days
S&P Rating: Not rated
Moody's Rating: Not rated
NAIC Rating: Not rated
</TABLE>
================================================================================
* A portion of the Fund's income may be subject to the Alternative Minimum Tax
(AMT), and some investors may be subject to certain state and local taxes.
================================================================================
MATURITY SCHEDULE AS OF 2/28/98
<TABLE>
<S> <C>
1-7 days ....................................................... 53.37%
8-14 days ...................................................... 4.42%
15-21 days ..................................................... 2.35%
22-30 days ..................................................... 1.39%
31-60 days ..................................................... 4.02%
61-90 days ..................................................... 5.45%
91+ days ....................................................... 29.00%
</TABLE>
================================================================================
26 |
<PAGE>
About Your Fund
CHASE VISTA NEW YORK TAX FREE
MONEY MARKET FUND
CHASE VISTA NEW YORK TAX FREE MONEY MARKET FUND
COMPOSITION OF TOTAL ASSETS AS OF 2/28/98
[Pie Chart Omitted]
<TABLE>
<CAPTION>
Composition of
Total Assets as
of 2/28/98
---------------
<S> <C>
Cash/Other 0.8%
Investments 99.2%
</TABLE>
================================================================================
CHASE VISTA NEW YORK TAX FREE
MONEY MARKET FUND AS OF 2/28/98(1)
<TABLE>
7-Day Taxable
SEC Yield(2) Equivalent Yield(3)
<S> <C> <C>
Vista Shares 2.80% 5.24%
</TABLE>
================================================================================
(1) Past performance is not a guarantee of future results. Yields will
fluctuate. An investment is neither insured nor guaranteed by the U.S.
government and there can be no assurance that the fund will maintain a stable
Net Asset Value of $1.00 per share.
(2) The yield for Vista Shares reflects the voluntary waiver of certain expenses
and the assumption of certain expenses otherwise payable by the Fund. Without
waivers, the yield would have been 2.66%. This voluntary waiver may be modified
or terminated at any time, which would reduce performance.
(3) Taxable Equivalent Yields are calculated based on the SEC yield divided by 1
minus the effective tax rate. The effective combined federal, state and local
tax rate used for this illustration is 46.6%
A portion of the Fund's income may be subject to the Alternative Minimum Tax
(AMT), and some investors may be subject to certain state and local taxes.
| 27
<PAGE>
Chase Vista New York Tax Free Money Market Fund
Portfolio of Investments February 28, 1998 (unaudited)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
================================================================
<S> <C> <C>
Bond Anticipation Notes -- 4.5%
---------------------------------------
$4,000,000 Albany, New York, City School
District, 4.00%, 12/04/98 $4,005,828
5,000,000 Bedford, New York, Central School
District, 4.25%, 12/17/98 5,019,108
3,600,000 Clarence, New York, 4.25%, 12/18/98 3,609,641
9,728,000 Commack, New York, Union Free
School District, 4.50%, 06/26/98 9,747,934
1,325,000 Irvington, New York, 4.25%, 06/18/98 1,326,698
4,300,000 Livingston County, New York,
4.00%, 03/05/99 4,317,372
6,000,000 Nassau County, New York, Ser. A,
4.25%, 08/17/98 6,018,786
8,000,000 Nassau County, New York, Ser. C,
4.25%, 03/17/98 8,001,621
1,000,000 Nassau County, New York, Ser. D,
4.00%, 03/17/98 1,000,121
1,256,000 Ossining Village, New York, 4.50%,
05/08/98 1,257,107
615,000 Oyster Bay, New York, 4.00%, 05/01/98 615,299
1,067,000 Palmyra-Macedon, New York, Central
School District, 4.38%, 06/12/98 1,068,363
5,000,000 Rochester, New York, Ser. I, 4.00%,
03/10/98 5,000,249
----------
Total Bond Anticipation Notes 50,988,127
(Cost $50,988,127) ----------
Certificates of Participation -- 5.1%
---------------------------------------
13,000,000 Eagle Tax Exempt Trust, Weekly
Options Mode, Certificate #,
3.51%, 03/05/98 13,000,000
14,200,000 Eagle Tax Exempt Trust, Weekly
Options Mode, Certificate #,
3.51%, 03/05/98 14,200,000
4,000,000 Eagle Tax-Exempt Trust, Weekly
Options Mode, Certificate #,
3.51%, 03/05/98 4,000,000
</TABLE>
See notes to financial statements.
28 |
<PAGE>
Chase Vista New York Tax Free Money Market Fund
Portfolio of Investments February 28, 1998 (unaudited) (continued)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
==============================================================
<S> <C> <C>
$7,000,000 Eagle Tax Exempt Trust, Weekly
Options Mode, Certificate #,
3.51%, 03/05/98 $7,000,000
11,000,000 Eagle Tax Exempt Trust, Weekly
Options Mode, Certificate #,
3.51%, 03/05/98 11,000,000
8,000,000 New York State Environmental
Facility Corp., Capital Guarantee
Ser. 943205 #, 3.51%, 03/05/98 8,000,000
----------
Total Certificates of Participation 57,200,000
(Cost $57,200,000) ----------
Commercial Paper -- 21.1%
-------------------------------------
3,700,000 Government Development Bank,
Puerto Rico, 3.20%, 05/04/98 3,700,000
1,000,000 Metropolitan Transportation
Authority, New York, Dedicated
Tax Fund, Ser. A, 4.50%, 04/01/98 1,000,595
5,000,000 Municipal Assistance Corp., New
York City, 3.25%, 05/21/98 5,000,000
3,000,000 Municipal Assistance Corp., New
York City, 3.30%, 05/18/98 3,000,000
1,200,000 Municipal Assistance Corp., New
York City, 3.30%, 05/21/98 1,200,000
2,700,000 New York City, GO, 3.15%, 04/06/98 2,700,000
9,800,000 New York City, GO, 3.40%, 03/10/98 9,800,000
5,000,000 New York City, GO, 3.40%, 04/22/98 5,000,000
10,000,000 New York City, GO, 3.45%, 05/29/98 10,000,000
1,000,000 New York City, GO, 3.45%, 06/25/98 1,000,000
14,100,000 New York City, GO, 3.50%, 03/02/98 14,100,000
8,700,000 New York City, GO, 3.50%, 03/18/98 8,700,000
2,100,000 New York City, GO, 3.50%, 05/20/98 2,100,000
10,000,000 New York City, GO, 3.50%, 08/12/98 10,000,000
4,500,000 New York City, GO, 3.60%, 06/09/98 4,500,000
5,000,000 New York City, GO, 3.60%, 06/17/98 5,000,000
2,300,000 New York City, GO, 3.65%, 04/08/98 2,300,000
1,500,000 New York City, GO, 3.65%, 04/09/98 1,500,000
</TABLE>
See notes to financial statements.
| 29
<PAGE>
Chase Vista New York Tax Free Money Market Fund
Portfolio of Investments February 28, 1998 (unaudited) (continued)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
==============================================================
<S> <C> <C>
$7,500,000 New York City, GO, Bond
Anticipation Notes, 3.15%,
03/17/98 $7,500,000
8,600,000 New York City, GO, Bond
Anticipation Notes, 3.20%,
03/02/98 8,600,000
1,000,000 New York City, GO, Bond
Anticipation Notes, 3.20%, 03/17/98 1,000,000
10,000,000 New York City, GO, Bond
Anticipation Notes, 3.25%, 05/13/98 10,000,000
200,000 New York City, GO, Bond
Anticipation Notes, 3.75%, 05/18/98 200,000
5,000,000 New York City, GO, Bond
Anticipation Notes, Ser. U, 3.30%,
05/21/98 5,000,000
2,000,000 New York City, GO, Ser. H-3,
3.30%, 05/07/98 2,000,000
1,000,000 New York City, GO, Ser. H-3,
3.60%, 06/24/98 1,000,000
4,000,000 New York City, GO, Ser. H-3,
3.80%, 03/09/98 4,000,000
5,000,000 New York City, GO, Ser. J2, 3.50%,
04/08/98 5,000,000
1,000,000 New York City, GO, Ser. J2, 3.75%,
05/18/98 1,000,000
5,000,000 New York City, GO, Ser. J3 3.50%,
04/20/98 5,000,000
4,000,000 New York City, Municipal Assistance
Corp., 3.45%, 05/20/98 4,000,000
7,300,000 New York City, Municipal Water
Financing Authority, 3.50%,
03/25/98 7,300,000
3,700,000 New York City, Municipal Water
Financing Authority, 3.65%,
03/04/98 3,700,000
6,000,000 New York City, Municipal Water
Financing Authority, 3.75%,
04/07/98 6,000,000
</TABLE>
See notes to financial statements.
30 |
<PAGE>
Chase Vista New York Tax Free Money Market Fund
Portfolio of Investments February 28, 1998 (unaudited) (continued)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
==============================================================
<S> <C> <C>
$1,500,000 New York City, Municipal Water
Financing Authority, 3.80%,
03/09/98 $1,500,000
5,000,000 New York City, Municipal Water
Financing Authority, 3.80%,
03/11/98 5,000,000
4,500,000 New York City, Municipal Water
Financing Authority, 3.80%,
03/11/98 4,500,000
8,000,000 New York City, Municipal Water
Financing Authority, Water &
Sewer Systems, Ser. 4, 3.50%,
06/11/98 8,000,000
8,500,000 New York City, Municipal Water
Financing Authority, Water &
Sewer Systems, Ser. 5, 3.20%,
03/25/98 8,500,000
5,000,000 New York City, Municipal Water
Financing Authority, Water &
Sewer Systems, Ser. 5, 3.25%,
03/09/98 5,000,000
10,000,000 New York City, Municipal Water
Financing Authority, Water &
Sewer Systems, Ser. 5, 3.30%,
03/12/98 10,000,000
5,000,000 New York State Power Authority,
3.25%, 05/06/98 5,000,000
5,500,000 New York State Power Authority,
3.45%, 03/12/98 5,500,000
4,000,000 New York State, Environmental
Quality, Ser. 1998 A, 3.50%,
06/03/98 4,000,000
5,000,000 New York State, GO, Bond
Anticipation Notes, Ser. T,
3.30%, 05/21/98 5,000,000
1,000,000 New York State, GO, Bond
Anticipation Notes, Ser. T,
3.50%, 04/08/98 1,000,000
</TABLE>
See notes to financial statements.
| 31
<PAGE>
Chase Vista New York Tax Free Money Market Fund
Portfolio of Investments February 28, 1998 (unaudited) (continued)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
=================================================================
<S> <C> <C>
$ 5,000,000 New York State, GO, Ser. 1997 A,
3.30%, 05/22/98 $ 5,000,000
5,000,000 New York State, Power Authority,
3.45%, 03/05/98 5,000,000
1,000,000 New York State, Power Authority, Ser.
2, 3.45%, 05/20/98 1,000,000
980,000 Port Authority of New York & New
Jersey, 3.45%, 05/13/98 980,000
-----------
Total Commercial Paper 236,880,595
(Cost $236,880,595) -----------
General Obligations -- 1.4%
--------------------------------------
1,070,000 Averill Park, New York, Central
School District, 4.13%, 06/15/98 1,071,835
850,000 Buffalo, New York, General
Improvement, Ser. A, 3.70%,
02/01/99 850,000
2,000,000 Erie County New York Water
Authority, Ser. A, 3.15%, 03/05/98 2,000,000
1,620,000 Erie County, New York, Ser. B,
4.75%, 08/15/98 1,626,635
505,000 Erie County, New York, Ser. C,
4.75%, 03/15/98 505,165
1,000,000 Islip, New York, 4.63%, 07/15/98 1,003,912
1,100,000 Nassau County, New York, General
Improvement, Ser. S, 5.00%,
03/01/98 1,100,000
2,500,000 New York City, New York, Ser. A,
3.50%, 03/05/98 2,500,000
690,000 Oneida, New York, Oneida City
School District, 4.13%, 06/15/98 690,984
1,000,000 Puerto Rico Commonwealth,
Public Improvements, 7.75%,
07/01/98 1,033,330
500,000 Suffolk County, New York, 7.38%,
03/01/98 500,000
2,020,000 Suffolk County, New York, Ser. B,
4.50%, 11/01/98 2,029,132
</TABLE>
See notes to financial statements.
32 |
<PAGE>
Chase Vista New York Tax Free Money Market Fund
Portfolio of Investments February 28, 1998 (unaudited) (continued)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
============================================================
<S> <C> <C>
$ 425,000 Wallkill, New York State, 4.25%,
03/01/98 $ 425,000
----------
Total General Obligations 15,335,993
(Cost $15,335,993) ----------
Revenue Anticipation Notes -- 5.1%
-----------------------------------
3,000,000 Board Coop Educational Services,
New York, Sole Supervisory
District, 4.38%, 06/30/98 3,002,598
8,000,000 Board Coop Educational Services,
New York, Sole Supervisory
District, 4.50%, 06/26/98 8,012,220
1,985,000 Greece, New York, Central School
District, 4.25%, 06/26/98 1,987,331
4,580,000 Ithaca City, New York, City School
District, 4.50%, 06/22/98 4,589,201
5,000,000 Nassau County, New York, Ser. B,
4.50%, 04/10/98 5,003,370
21,000,000 New York City, New York, Ser A,
4.50%, 06/30/98 21,065,954
2,500,000 Pulaski, New York, Central School
District, 4.25%, 06/30/98 2,501,974
3,639,000 South Jefferson, New York, Central
School District, 4.00%, 06/23/98 3,639,755
4,200,000 Tompkins-Seneca-Tioga, New York,
Board of Cooperative Educational
Services, Sole Supervisory, 4.25%,
06/30/98 4,203,408
3,295,000 Tully, New York, Central School
District, 4.25%, 06/26/98 3,299,073
----------
Total Revenue Anticipation Notes 57,304,884
(Cost $57,304,884) ----------
Revenue Bonds -- 5.7%
-----------------------------------
3,000,000 Babylon, New York, ID, Research
Recovery, Odgen Martin Systems
Babylon Inc., Ser. B, 8.50%,
07/01/98 3,133,889
</TABLE>
See notes to financial statements.
| 33
<PAGE>
Chase Vista New York Tax Free Money Market Fund
Portfolio of Investments February 28, 1998 (unaudited) (continued)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
===============================================================
<S> <C> <C>
$4,845,000 Babylon, New York, Industrial
Development Agency, Resource
Recovery, Ogden Martin System
Babylon Inc., Ser. C, 8.50%,
07/01/98 $5,064,002
8,090,000 Babylon, New York, Industrial
Development Agency, Resource
Recovery, Ogden Martin Systems,
Babylon Inc, Ser. A, 8.50%, 07/01/98 8,457,933
1,045,000 Clarence, New York, Central School
District, 5.25%, 06/01/98 1,048,959
1,175,000 Geneva, New York, IDA, Civic
Facility, Colleges Seneca Civic
Facility, 4.00%, 03/01/98 1,175,000
4,300,000 Metropolitan Transportation
Authority, New York, Service
Contract, Commuter Facilities, Ser.
L, 7.50%, 07/01/98 4,436,723
6,230,000 Nassau County, New York, General
Improvement, Ser. V, 5.13%,
03/01/98 6,230,000
2,000,000 Nassau County, New York, IDA,
Hofstra University Project, 8.25%,
07/01/98 2,029,540
3,000,000 New York City, New York, Municipal
Assistance Corp., Ser. 67, 7.10%,
07/01/98 3,033,027
12,000,000 New York City, New York, Municipal
Assistance Corp., Tender Option
Certificates, 3.45%, 03/05/98 12,000,000
830,000 New York City, New York, Municipal
Water Financing Authority Water
& Sewer Systems, Ser. B, 7.63%,
06/15/98 851,281
7,645,000 New York State Dormitory Authority,
Hospital Insured Mortgage, Ser. A,
4.50%, 08/15/98 7,672,178
</TABLE>
See notes to financial statements.
34 |
<PAGE>
Chase Vista New York Tax Free Money Market Fund
Portfolio of Investments February 28, 1998 (unaudited) (continued)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
===============================================================
<S> <C> <C>
$1,150,000 New York State Environmental
Facilities Corp., PCR, State Water
Revolving Fund, Ser. C, 3.30%,
05/18/98 $1,150,000
1,200,000 New York State Environmental
Facilities Corp., PCR, State Water
Revolving Fund, Ser. E, 5.90%,
06/15/98 1,207,848
1,000,000 New York State Environmental
Facility Corp., Pollution Control,
State Water, Revolving Fund, Ser.
A, 3.55%, 06/15/98 1,000,000
2,500,000 New York State Medical Care
Facilities Financing Agency,
Hospital & Nursing Home,
Insured Mortgage, Ser. C, 4.80%,
08/15/98 2,514,053
1,250,000 New York State Thruway Authority,
Highway & Bridge Trust Fund, Ser.
A, 5.00%, 04/01/98 1,251,500
1,500,000 Suffolk County, New York Water
Authority, Waterworks, 7.38%,
06/01/98 1,557,795
----------
Total Revenue Bonds 63,813,728
(Cost $63,813,728) ----------
Tax Anticipation Notes -- 13.5%
-------------------------------------
8,000,000 Binghamton, New York, City School
District, 4.00%, 06/19/98 8,007,539
11,000,000 Brentwood, New York, Union Free
School District, 4.25%, 06/30/98 11,012,835
805,000 Connetquot Central School District,
New York, Islip, 4.25%, 06/25/98 805,855
4,800,000 East Rochester, New York, Tax
Anticipation Notes, 3.75%, 05/27/98 4,803,669
500,000 Half Hollow Hills Central School
District, New York, Huntington &
Babylon, 4.25%, 06/26/98 500,598
</TABLE>
See notes to financial statements.
| 35
<PAGE>
Chase Vista New York Tax Free Money Market Fund
Portfolio of Investments February 28, 1998 (unaudited) (continued)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
================================================================
<S> <C> <C>
$5,100,000 Levittown, New York, Union Free
School District, 4.10%, 06/24/98 $5,103,260
5,000,000 Levittown, New York, Union Free
School District, 4.50%, 06/24/98 5,009,469
7,400,000 Long Beach, New York City, School
District, 4.25%, 06/30/98 7,406,387
4,050,000 Massapequa, New York, Union Free
School District, 4.25%, 06/30/98 4,055,517
2,500,000 Middletown, New York, Tax
Anticipation Notes, Ser. A, 3.90%,
02/26/99 2,506,676
3,500,000 Mount Sinai, New York, Union Free
School District, 4.00%, 06/25/98 3,501,802
10,000,000 Nassau County, New York, Ser. A,
4.25%, 03/31/98 10,004,143
2,885,000 Nassau County, New York, Ser. B,
4.25%, 08/31/98 2,894,540
20,000,000 Nassau County, New York, Ser. B,
4.25%, 08/31/98 20,060,955
15,000,000 Nassau County, New York, Ser. C,
4.25%, 12/22/98 15,060,056
5,000,000 Oceanside, New York, Union Free
School District, 4.25%, 06/26/98 5,006,888
11,750,000 Port Washington, New York, Union
Free School District, 4.25%, 06/25/98 11,766,041
4,850,000 Putnam County, New York, 4.25%,
08/25/98 4,860,256
3,200,000 Sag Harbor, New York, Union Free
School District, 4.25%, 06/30/98 3,204,392
4,000,000 Sayville, New York, Union Free
School District 4.50%, 06/29/98 4,008,166
5,000,000 Smithtown, New York, Central
School District, 4.25%, 06/29/98 5,004,703
3,000,000 Smithtown, New York, Central
School District, 4.50%, 06/29/98 3,005,654
5,000,000 Suffolk County, New York, Ser. II,
4.50%, 09/10/98 5,016,968
4,500,000 Suffolk County, New York, Ser. RA-1,
4.25%, 08/13/98 4,512,855
</TABLE>
See notes to financial statements.
36 |
<PAGE>
Chase Vista New York Tax Free Money Market Fund
Portfolio of Investments February 28, 1998 (unaudited) (continued)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
==================================================================
<S> <C> <C>
$ 5,000,000 West Islip, New York, Union Free
School District, Tax Anticipation
Notes, 4.25%, 06/30/98 $ 5,005,742
-----------
Total Tax Anticipation Notes 152,124,966
(Cost $152,124,996) -----------
Tax Revenue Anticipation Notes -- 0.5%
---------------------------------------
5,000,000 Puerto Rico Commonwealth, Ser. A,
4.50%, 07/30/98 5,015,094
(Cost $5,015,094) -----------
Floating Rate Demand Notes -- 44.5%
---------------------------------------
810,000 Albany, New York IDA, Newkirk
Productions Inc. Project, Ser. A,
3.45%, 03/05/98 810,000
300,000 Babylon, New York IDA, Resource
Recovery, OFS Equity Babylon
Project, 3.55%, 03/02/98 300,000
1,900,000 Babylon, New York, IDA, Edwin
Verger/Lambro Industries, 3.60%,
03/05/98 1,900,000
1,200,000 Broome County, New York IDA,
Binghamton Realty Project, 3.55%,
03/05/98 1,200,000
855,000 California Educational Facilities
Authority, Stanford University, Ser.
L, 2.90%, 03/05/98 855,000
600,000 California Pollution Control
Financing Authority, Resource
Recovery, Burney Forest Products
Project, Ser. A, 3.65%, 03/02/98 600,000
1,800,000 California Pollution Control
Financing PCR, Pacific Gas &
Electric, Ser. F. 3.60%, 03/02/98 1,800,000
100,000 California Statewide Communities
Development Authority, Apartment
Development, Sub. Ser. A-1,
3.00%, 03/05/98 100,000
</TABLE>
See notes to financial statements.
| 37
<PAGE>
Chase Vista New York Tax Free Money Market Fund
Portfolio of Investments February 28, 1998 (unaudited) (continued)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
=============================================================
<S> <C> <C>
$ 300,000 California Statewide Community
Development Corp., IDC, J.
Michelle Ser. B, 3.50%, 03/04/98 $ 300,000
1,300,000 California State, Pollution Control
Financing Authority, Pollution
Control, Pacific Gas & Electric,
Ser. B, 3.10%, 03/05/98 1,300,000
100,000 California State, Pollution Control
Financing Authority, Pollution
Control, Pacific Gas & Electric,
Ser. B, 3.10%, 03/05/98 100,000
664,000 Dunkirk, New York, School District,
4.30%, 03/01/99 667,772
1,820,000 Dutchess County, New York, IDA,
IDR, MR Association Facility,
3.25%, 03/05/98 1,820,000
1,500,000 Dutchess County, New York, IDA,
Laerdal Medical Corp., Project,
3.60%, 03/05/98 1,500,000
1,240,000 Dutchess County, New York, IDA,
Laerdal Medical Corp., Project,
3.60%, 03/05/98 1,240,000
350,000 Glens Falls New York IDA, Rev.,
Broad Street Center Project,
3.40%, 03/05/98 350,000
300,000 Guilderland, New York, Industrial
Development Agency, Northeastern
Industrial Park, Ser. A, 3.55%,
03/05/98 300,000
2,000,000 Islip, New York, IDA, Brentwood
Distributor Co. Facility, 3.35%,
03/05/98 2,000,000
1,000,000 Lewis County New York IDA,
Climax Manufacturing Co. Project,
3.80%, 03/05/98 1,000,000
400,000 Lewis County New York IDA,
Climax Manufacturing Co. Project,
3.80%, 03/05/98 400,000
</TABLE>
See notes to financial statements.
38 |
<PAGE>
Chase Vista New York Tax Free Money Market Fund
Portfolio of Investments February 28, 1998 (unaudited) (continued)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
==============================================================
<S> <C> <C>
$ 300,000 Lincoln County, New York, Pollution
Control EXXON Project, Ser. C,
3.95%, 03/05/98 $ 300,000
300,000 Los Angeles California Community
Redevelopment Agency, 3.05%,
03/05/98 300,000
100,000 Los Angeles County California
Metropolitan Transportation
Authority, Proposal C, Second Sr.
Ser. A, 2.90%, 03/05/98 100,000
200,000 Los Angeles County, California,
Pension Obligation, Ser. C, 3.00%,
03/05/98 200,000
3,000,000 Metropolitan Transportation
Authority, New York, Commuter
Facilities, Municipal Securities
Trust Receipt, Ser. SAK 4 3.50%,
03/05/98 3,000,000
3,775,000 Monroe County IDA, Columbia
Sussex Corp., 5.00%, 03/05/98 3,774,059
3,900,000 Monroe County, New York, IDA,
Public Improvement, Canal Ponds
Park, Ser. D, 3.40%, 03/05/98 3,900,000
400,000 Montgomery New York IDA, Service
Merchandise Co., 3.40%, 03/05/98 400,000
2,000,000 M-S-R Public Power Agency,
California, San Juan Project, Ser.
G, 3.00%, 03/05/98 2,000,000
450,000 New York City IDA, Ser. F, Marion
Glass and Window Shade Corp.,
3.15%, 03/05/98 450,000
450,000 New York City IDA, Ser. G, Monarch
Construction Corp., 3.15%, 03/05/98 450,000
350,000 New York City IDA, Ser. N,
Spreading Machine Exchange, Inc.,
3.15%, 03/05/98 350,000
15,000,000 New York City, GO, Ser. D, 2.60%,
03/05/98 15,000,000
</TABLE>
See notes to financial statements.
| 39
<PAGE>
Chase Vista New York Tax Free Money Market Fund
Portfolio of Investments February 28, 1998 (unaudited) (continued)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
============================================================
<S> <C> <C>
$2,000,000 New York City, GO, Ser. D, 2.60%,
03/05/98 $2,000,000
900,000 New York City, GO, Subseries A-10,
3.50%, 03/02/98 900,000
1,000,000 New York City, New York City Trust
for Cultural Resources, Soloman R.
Guggenheim, Ser. B, 3.65%,
03/05/98 1,000,000
9,400,000 New York City, New York, City
Housing Development Corp.,
Multifamily, James Tower, 3.40%,
03/05/98 9,400,000
11,500,000 New York City, New York, GO, Ser.
B through Sub-Ser. B-10, 3.10%,
03/05/98 11,500,000
11,800,000 New York City, New York, GO, Ser.
B through Sub-Ser. B-8, 3.10%,
03/05/98 11,800,000
1,000,000 New York City, New York, GO, Ser.
B, Sub. Ser. B-3, 3.65%, 03/02/98 1,000,000
6,000,000 New York City, New York, GO, Ser.
D, 3.30%, 03/05/98 6,000,000
600,000 New York City, New York, GO,
Sub-Ser. B-3, 3.90%, 03/02/98 600,000
1,800,000 New York City, New York, GO,
Sub-Ser., A-5, 3.65%, 03/02/98 1,800,000
6,400,000 New York City, New York, GO, Sub.
Ser. A-6, 3.45%, 03/05/98 6,400,000
500,000 New York City, New York, GO, Sub.
Ser. B-4, 3.90%, 03/02/98 500,000
4,900,000 New York City, New York, GO, Sub.
Ser. B8, 3.18%, 03/04/98 4,900,000
2,100,000 New York City, New York, Housing
Development Corp. Mortgage,
Multifamily Columbus, Ser. A,
3.20%, 03/05/98 2,100,000
</TABLE>
See notes to financial statements.
40 |
<PAGE>
Chase Vista New York Tax Free Money Market Fund
Portfolio of Investments February 28, 1998 (unaudited) (continued)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
==============================================================
<S> <C> <C>
$ 5,900,000 New York City, New York, Housing
Development Corp. Mortgage,
Multifamily, Columbus
Apartments, Ser. A, 3.20%,
03/05/98 $5,900,000
6,710,000 New York City, New York, Housing
Development Corp., Mortgage
Rev., Parkgate Tower, Ser. 1,
3.20%, 03/05/98 6,710,000
5,000,000 New York City, New York, Housing
Development Corp., Multi-Family
Rent Housing, Carnegie Park, Ser.
A, 3.20%, 03/05/98 5,000,000
1,500,000 New York City, New York, Housing
Development Corp., Multi-Family
Rent Housing, Columbus Green,
Ser. A, 3.20%, 03/05/98 1,500,000
6,450,000 New York City, New York, Housing
Development Corp., Special
Obligation, Upper 5th Ave. Project,
Ser. A, 2.95%, 03/05/98 6,450,000
1,100,000 New York City, New York, IDA,
Bears, Andin International, Inc.,
3.15%, 03/05/98 1,100,000
2,800,000 New York City, New York, IDA, Civil
Facilities, Calhoun School Inc.
Project, 3.00%, 03/05/98 2,800,000
700,000 New York City, New York, IDA, Civil
Facility, Childrens Oncology
Society, 3.20%, 03/05/98 700,000
900,000 New York City, New York, IDA, Civil
Facility, National Audubon Society,
3.65%, 03/05/98 900,000
700,000 New York City, New York, IDA, IDR
Ser. D, 3.15%, 03/05/98 700,000
4,000,000 New York City, New York, IDA,
IDR, Videotape Inc., Project,
3.45%, 03/05/98 4,000,000
</TABLE>
See notes to financial statements.
| 41
<PAGE>
Chase Vista New York Tax Free Money Market Fund
Portfolio of Investments February 28, 1998 (unaudited) (continued)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
===============================================================
<S> <C> <C>
$ 450,000 New York City, New York, IDA, Ser.
D, 3.15%, 03/05/98 $ 450,000
15,500,000 New York City, New York, IDA,
Special Facilities, Korean Air Lines,
Co., Ser. A, 3.20%, 03/05/98 15,500,000
15,900,000 New York City, New York, Municipal
Assistance Corp., Sub. Ser. K-2,
3.15%, 03/05/98 15,900,000
11,800,000 New York City, New York, Municipal
Assistance Corp., Sub. Ser. L,
3.15%, 03/05/98 11,800,000
800,000 New York City, New York, Municipal
Securities Trust Receipts, SGB 33,
3.65%, 03/05/98 800,000
5,000,000 New York City, New York, Municipal
Securities Trust, Ser. SAK 1,
3.50%, 03/05/98 5,000,000
3,200,000 New York City, New York, Municipal
Water Financing Authority Water
& Sewer Systems, Municipal
Securities Trust Receipts, Ser. 26,
3.65%, 03/05/98 3,200,000
1,800,000 New York City, New York, Municipal
Water Financing Authority Water
& Sewer Systems, Ser. 5, 3.65%,
03/05/98 1,800,000
5,500,000 New York City, New York, Municipal
Water Financing Authority, Water
& Sewer Systems, Municipal
Securities Trust Receipts, 3.65%,
03/05/98 5,500,000
7,255,000 New York City, New York, Municipal
Water Financing Authority, Water
& Sewer Systems, Municipal
Securities Trust Receipts, Ser. SGA
13.40%, 03/05/98 7,255,000
</TABLE>
See notes to financial statements.
42 |
<PAGE>
Chase Vista New York Tax Free Money Market Fund
Portfolio of Investments February 28, 1998 (unaudited) (continued)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
==============================================================
<S> <C> <C>
$ 200,000 New York City, New York, Municipal
Water Financing Authority, Water
& Sewer Systems, Ser. A, 3.90%,
03/02/98 $ 200,000
11,475,000 New York City, New York, Ser. A-9,
3.45%, 03/05/98 11,475,000
2,100,000 New York City, New York, Ser. B,
Dai Ichi Kangyo, 3.90%, 03/02/98 2,100,000
3,800,000 New York City, New York, Trust
Cultural Resources, American
Museum of Natural History, Ser. B,
3.15%, 03/05/98 3,800,000
2,865,000 New York State Dorm Authority,
Municipal Securities Trust Receipts,
SAK 17, 3.50%, 03/05/98 2,865,000
5,500,000 New York State Dormitory Authority,
Ser. 28, 3.65%, 03/05/98 5,500,000
11,700,000 New York State Energy Research &
Development Authority PCR,
Orange & Rockland Project, Ser.
A, 3.15%, 03/05/98 11,700,000
800,000 New York State Energy Research &
Development Authority Pollution
Control Rev. New York Electric &
Gas, Ser. D, 3.46%, 03/02/98 800,000
4,100,000 New York State Energy Research &
Development Authority, Gas
Facilities, Brooklyn Union Gas
Project, Ser. A-1, 3.45%, 03/05/98 4,100,000
8,100,000 New York State Energy Research &
Development Authority, Gas
Facilities, Brooklyn Union Gas
Project, Ser. A-2, 3.30%, 03/05/98 8,100,000
14,500,000 New York State Energy Research &
Development Authority, Gas
Facilities, Brooklyn Union Gas
Project, Ser. A-3, 3.40%, 03/05/98 14,500,000
</TABLE>
See notes to financial statements.
| 43
<PAGE>
Chase Vista New York Tax Free Money Market Fund
Portfolio of Investments February 28, 1998 (unaudited) (continued)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
==============================================================
<S> <C> <C>
$5,200,000 New York State Energy Research &
Development Authority, PCR,
Cent Hudson Gas & Electric Co.
Ser. B, 3.00%, 03/05/98 $5,200,000
8,900,000 New York State Energy Research &
Development Authority, PCR,
Cent Hudson Gas & Electric, Co.
Ser. B, 3.20%, 03/05/98 8,900,000
2,200,000 New York State Energy Research &
Development Authority, PCR,
Orange/Rockland Utilities, Ser. A,
3.15%, 03/05/98 2,200,000
11,400,000 New York State Energy Research &
Development Authority, PCR,
Rochester Gas & Electric Corp.,
Ser. C, 3.15%, 03/05/98 11,400,000
2,600,000 New York State Energy Research &
Development Authority, Pollution
Control, Rochester Gas & Electric
Corp., Ser. B, 3.45%, 03/05/98 2,600,000
1,200,000 New York State Environmental
Facilities Corp., Resource Recovery,
OFS Equity Huntington Project,
3.70%, 03/05/98 1,200,000
1,060,000 New York State Housing Finance
Agency, Multifamily, Ser. E, 3.25%,
03/05/98 1,060,000
2,500,000 New York State Housing Finance
Agency, Normandte Court II, Ser.
A, 3.25%, 03/05/98 2,500,000
10,700,000 New York State Housing Finance
Agency, Normandte Court II, Ser.
A, 3.25%, 03/05/98 10,700,000
650,000 New York State Housing Finance
Agency, Residential Insured, Ser. A,
3.25%, 03/05/98 650,000
3,100,000 New York State Housing Finance
Agency, Residential Insured, Ser. A,
3.25%, 03/05/98 3,100,000
</TABLE>
See notes to financial statements.
44 |
<PAGE>
Chase Vista New York Tax Free Money Market Fund
Portfolio of Investments February 28, 1998 (unaudited) (continued)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
==============================================================
<S> <C> <C>
$1,400,000 New York State Housing Finance
Agency, Residential Insured, Ser. A,
3.25%, 03/05/98 $1,400,000
5,000,000 New York State Housing Finance
Agency, Tribeca Landing Housing,
Ser. A, 3.15%, 03/05/98 5,000,000
5,000,000 New York State Housing Finance
Agency, Tribeca Landing Housing,
Ser. A, 3.15%, 03/05/98 5,000,000
1,500,000 New York State Housing Finance
Agency, Tribeca Park Housing, Ser.
A, 3.30%, 03/05/98 1,500,000
5,000,000 New York State Housing Finance
Agency, Union Square South
Housing, 3.30%, 03/05/98 5,000,000
40,000 New York State Job Development
Authority, Ser. A-1 through A-21,
4.00%, 03/05/98 40,000
500,000 New York State Job Development
Authority, Special Purpose, Ser. A-1
through A-13, 4.00%, 03/02/98 500,000
26,730,000 New York State Local Assistance
Corp., 3.10%, 03/05/98 26,730,000
11,000,000 New York State Local Assistance
Corp., Ser. B, 3.15%, 03/05/98 11,000,000
1,000,000 New York State Local Assistance
Corp., Ser. B, 3.15%, 03/05/98 1,000,000
11,900,000 New York State Local Government
Assistance Corp., Ser. D, 3.15%,
03/05/98 11,900,000
4,800,000 New York State Local Government
Assistance Corp., Ser. E, 3.15%,
03/05/98 4,800,000
18,800,000 New York State Local Government
Assistance Corp., Ser. G, 3.25%,
03/05/98 18,800,000
2,000,000 New York State Local Government
Assistance Corp., Trust Receipts,
Ser. 22, 3.65%, 03/05/98 2,000,000
</TABLE>
See notes to financial statements.
| 45
<PAGE>
Chase Vista New York Tax Free Money Market Fund
Portfolio of Investments February 28, 1998 (unaudited) (continued)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
============================================================
<S> <C> <C>
$2,800,000 New York State Mortgage Agency,
Trust Receipts, Ser. 24, 3.80%,
03/05/98 $2,800,000
2,200,000 New York State Mortgage Agency,
Trust Receipts, Ser. 24, 3.80%,
03/05/98 2,200,000
1,300,000 New York State Research &
Development Authority, PCR,
Niagara Mohawk Power Corp.,
3.60%, 03/02/98 1,300,000
8,500,000 New York, New York, Ser. F-6,
3.30%, 03/05/98 8,500,000
4,200,000 Niagara Falls New York Bridge
Commission, Ser. A, 3.15%,
03/05/98 4,200,000
2,950,000 Port Authority of New York & New
Jersey, Equipment Notes, Ser. 3,
3.60%, 03/05/98 2,950,000
2,000,000 Puerto Rico Commonwealth,
Government Development Bank,
2.90%, 03/05/98 2,000,000
5,100,000 Puerto Rico Industrial, Medical, &
Environmental, Higher
Education--Ana G. Mendez
Educational Found, 4.10%,
03/05/98 5,100,000
900,000 Rockland County New York IDA, X
Products Corp. Project, 3.50%,
03/05/98 900,000
7,000,000 Schenectady, New York, City School
District, Ser. B, 4.25%, 06/30/98 7,006,785
3,700,000 Suffolk County New York IDA,
Nissequogue Cogen Partners,
3.30%, 03/05/98 3,700,000
1,700,000 Suffolk County New York IDA,
Nissequogue Cogen Partners,
3.30%, 03/05/98 1,700,000
12,100,000 Suffolk County, New York Water
Authority, 3.20%, 03/05/98 12,100,000
</TABLE>
See notes to financial statements.
46 |
<PAGE>
Chase Vista New York Tax Free Money Market Fund
Portfolio of Investments February 28, 1998 (unaudited) (continued)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
=================================================================
<S> <C> <C>
$14,100,000 Triborough Bridge & Tunnel
Authority of New York, Special
Obligation, 3.15%, 03/05/98 $ 14,100,000
700,000 Yonkers New York IDA Civic
Facilities, Consumers Union
Facility, 3.20%, 03/05/98 700,000
1,600,000 Yonkers, New York, IDA, Civic
Facilities, Consumers Union
Facility, 3.20%, 03/05/98 1,600,000
8,100,000 Yonkers, New York, IDA, Civic
Facilities, Sarah Laurence College
Project, 3.00%, 03/05/98 8,100,000
--------------
Total Floating Rate Demand Notes 499,908,616
(Cost $499,908,616) --------------
=================================================================
Total Investments -- 101.4% $1,138,572,003
(Cost $1,138,572,003)**
=================================================================
</TABLE>
See notes to financial statements.
| 47
<PAGE>
About Your Fund
CHASE VISTA CALIFORNIA TAX FREE
MONEY MARKET FUND
================================================================================
FUND FACTS
<TABLE>
<S> <C>
Objective: High current tax free income consistent with
capital preservation*
Primary investments: California short-term municipal obligations
Suggested investment
time frame: Short-term
Share Classes Offered : Vista Shares
As of February 28, 1998
Net assets: $52.6 million
Average maturity: 59 days
S&P Rating: Not rated
Moody's Rating: Not rated
NAIC Rating: Not rated
</TABLE>
* A portion of the Fund's income may be subject to the Alternative Minimum Tax
(AMT), and some investors may be subject to certain state and local taxes.
===============================================================================
===============================================================================
MATURITY SCHEDULE AS OF 2/28/98
<TABLE>
<S> <C>
1-7 days ..................................................... 60.29%
8-14 days .................................................... 2.89%
15-21 days ................................................... 0.00%
22-30 days ................................................... 0.00%
31-60 days ................................................... 0.00%
61-90 days ................................................... 3.86%
91+ days ..................................................... 32.96%
</TABLE>
===============================================================================
48 |
<PAGE>
About Your Fund
CHASE VISTA CALIFORNIA TAX FREE
MONEY MARKET FUND
CHASE VISTA CALIFORNIA TAX FREE MONEY MARKET FUND
COMPOSITION OF TOTAL ASSETS AS OF 2/28/98
[Pie Chart Omitted]
<TABLE>
<CAPTION>
Composition of
Total Assets
as of 2/28/98
-------------
<S> <C>
Cash/Other 1.4%
Investments 98.6%
</TABLE>
- --------------------------------------------------------------------------------
CHASE VISTA CALIFORNIA TAX FREE
MONEY MARKET FUND AS OF 2/28/98(1)
<TABLE>
7-Day Taxable
SEC Yield(2) Equivalent Yield(3)
------------ -------------------
<S> <C> <C>
Vista Shares 2.78% 5.17%
</TABLE>
(1) Past performance is not a guarantee of future results. Yields will
fluctuate. An investment is neither insured nor guaranteed by the U.S.
government and there can be no assurance that the fund will maintain a stable
Net Asset Value of $1.00 per share.
(2) The yield for Vista Shares reflects the voluntary waiver of certain expenses
and the assumption of certain expenses otherwise payable by the Fund. Without
waivers, the yield would have been 2.38%. This voluntary waiver may be modified
or terminated at any time, which would reduce performance.
(3) Taxable equivalent yields are calculated based on the SEC Yield divided by 1
minus the effective tax rate. The effective combined federal, and state tax rate
used for this illustration is 46.24%.
A portion of the Fund's income may be subject to the Alternative Minimum Tax
(AMT), and some investors may be subject to certain state and local taxes.
| 49
<PAGE>
Chase Vista California Tax Free Money Market Fund
Portfolio of Investments February 28, 1998 (unaudited)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
=================================================================
<S> <C> <C>
General Obligation -- 6.5%
---------------------------------------
$ 2,300,000 California State, Municipal Securities
Trust Receipts, Ser. 7, 3.40%,
09/01/18 $2,300,000
1,080,000 Modesto, California, High School
District, Stanislaus County, 7.00%,
08/01/98 1,095,285
----------
Total General Obligations 3,395,285
(Cost $3,395,285) ----------
Revenue Anticipation Note -- 5.2%
---------------------------------------
2,700,000 California State, 4.50%, 06/30/98 2,707,183
(Cost $2,707,183) ----------
Revenue Bonds -- 14.9%
---------------------------------------
750,000 Alameda County, California,
Transportation Authority, Sales Tax,
5.00%, 09/01/98 752,373
1,000,000 California School Cash Reserve
Program Authority Pool, Ser. A,
4.75%, 07/02/98 1,003,350
1,000,000 California School Cash Reserve
Program Authority Pool, Ser. A,
4.75%, 07/02/98 1,002,970
500,000 California State, Statewide
Communities Development
Authority, Ser B, 4.75%, 09/30/98 502,495
1,000,000 Northern California, Power Agency,
Public Power, Ser. B-1, 8.00%,
07/01/98 1,013,489
1,000,000 Puerto Rico Commonwealth,
Aqueduct & Sewer Authority, Ser.
A, 7.90%, 07/01/98 1,034,066
2,500,000 San Jose, California, Multifamily
Housing, Almaden Lake Village
Apartments, Ser, A, 3.20%, 03/02/98 2,500,000
----------
Total Revenue Bonds 7,808,743
(Cost $7,808,743) ----------
</TABLE>
See notes to financial statements.
50 |
<PAGE>
Chase Vista California Tax Free Money Market Fund
Portfolio of Investments February 28, 1998 (unaudited) (continued)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
==================================================================
<S> <C> <C>
Tax and Revenue Anticipation
Notes -- 17.3%
---------------------------------------
$ 2,000,000 Fontana, California Union School
District, 4.50%, 07/10/98 $ 2,004,800
250,000 Kern County, California, 4.75%,
10/01/98 251,255
1,000,000 Los Angeles County, California, Ser.
A, 4.50%, 06/30/98 1,002,203
1,500,000 Oakland California, Tax & Revenue
Anticipation Notes, 4.50%, 06/30/98 1,504,359
1,000,000 San Bernardino County, California,
Ser. A, 4.50%, 06/30/98 1,002,057
1,000,000 San Diego County, California,
4.50%, 09/30/98 1,003,960
2,300,000 Stanislaus County, California, Office
of Education, 4.50%, 11/04/98 2,312,931
-----------
Total Tax and Revenue Anticipation 9,081,565
Notes (Cost $9,081,565) -----------
Floating Rate Demand Note -- 52.0%
---------------------------------------
900,000 Anaheim, California, Certificates of
Participation, 1993 Referendum
Projects, 3.00%, 03/04/98 900,000
2,400,000 Babylon, New York IDA, Resource
Recovery, OFS Equity Babylon
Project, 3.65%, 03/02/98 2,400,000
1,200,000 California Educational Facilities
Authority, Stanford University, Ser.
L, 2.90%, 03/04/98 1,200,000
300,000 California Health Facilities Financing
Authority, Floating-Pooled Loan
Program, Ser. B, 3.35%, 03/05/98 300,000
1,000,000 California PCFA, PCR, Chevron
USA, Inc. Project, 4.00%, 03/05/98 1,000,294
200,000 California Pollution Control
Financing Authority, Resource
Recovery, Burney Forest Products
Project, Ser. A, 3.70%, 03/02/98 200,000
</TABLE>
See notes to financial statements.
| 51
<PAGE>
Chase Vista California Tax Free Money Market Fund
Portfolio of Investments February 28, 1998 (unaudited) (continued)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
==================================================================
<S> <C> <C>
$ 700,000 California Statewide Communities
Development Authority, Apartment
Development, Sub. Ser. A-1,
3.00%, 03/04/98 $ 700,000
100,000 California Statewide Communities
Development Corp., 3.60%,
03/04/98 100,000
455,000 California Statewide Communities
Development Corp., IDR, Evapco
Inc. Project, 3.20%, 03/04/98 455,000
800,000 California Statewide Communities
Development Corp., Peet's Coffee,
Ser. E, 3.15%, 03/04/98 800,000
1,100,000 California State, Pollution Control
Financing Authority, Pollution
Control, Pacific Gas & Electric,
Ser. B, 3.10%, 03/04/98 1,100,000
2,000,000 California State, Municipal Securities
Trust Receipts, SGA 40, 3.40%,
03/04/98 2,000,000
2,000,000 California State, Municipal Trust
Receipts, Ser. 7, 3.40%, 03/05/98 2,000,000
815,000 California State, Statewide
Communities Development Corp.,
Industrial Development, J.
Michelle, Ser. B, 3.15%, 03/04/98 815,000
300,000 Los Angeles California, Community
Redevelopment Agency, 3.05%,
03/04/98 300,000
600,000 Los Angeles California, Community
Redevelopment Agency, COP,
Baldwin Hills Public Park, 3.05%,
03/04/98 600,000
500,000 Los Angeles California, Community
Redevelopment Agency, COP,
CMC Medical Plaza Partner,
3.10%, 03/05/98 500,000
</TABLE>
See notes to financial statements.
52 |
<PAGE>
Chase Vista California Tax Free Money Market Fund
Portfolio of Investments February 28, 1998 (unaudited) (continued)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
==================================================================
<S> <C> <C>
$ 1,800,000 Los Angeles California, Metropolitan
Transportation Authority, Proposal
C, Second Sr. Ser. A, 2.90%,
03/05/98 $ 1,800,000
700,000 Los Angeles California, Pension
Obligation, Ser. B, 3.00%, 03/04/98 700,000
300,000 Los Angeles County, California IDA,
IDR, Hon Industries Inc. Project,
3.05%, 03/04/98 300,000
1,000,000 Monrovia, California, Unified School
District, Municipal Securities Trust
Receipt, Ser. 70, 3.35%, 03/04/98 1,000,000
1,500,000 Moorpark California Multifamily, Le
Club Apartments Project, Ser. A,
2.95%, 03/05/98 1,500,000
400,000 New York State, Energy Research &
Development Authority, Pollution
Control, Rochester Gas & Electric
Corp., Ser. B, 3.45%, 03/04/98 400,000
500,000 Orange County California, Sanitation
Districts 1, 2, & 3, COP, 3.60%,
03/02/98 500,000
200,000 Orange County California, Water
District, Project B, 3.60%, 03/02/98 200,000
400,000 Palm Springs California Community
Redevelopment Agency, 3.15%,
03/04/98 400,000
700,000 Palm Springs California Community
Redevelopment Agency, 3.15%,
03/04/98 700,000
200,000 Palm Springs California Community
Redevelopment Agency, 3.15%,
03/04/98 200,000
100,000 Palm Springs California Community
Redevelopment Agency, COP,
Headquarters Hot, Ser. 7, 3.15%,
03/04/98 100,000
</TABLE>
See notes to financial statements.
53 |
<PAGE>
Chase Vista California Tax Free Money Market Fund
Portfolio of Investments February 28, 1998 (unaudited) (continued)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
===============================================================
<S> <C> <C>
$ 400,000 Rancho Mirage, California,
Redevelopment Agency, COP,
Rancho Mirage, 3.20%, 03/05/98 $ 400,000
700,000 Riverside County, California, IDA,
IDR, Design Time Inc. Project,
Ser. I, 3.10%, 03/04/98 700,000
700,000 San Bernardino County, California,
Certificates of Participation,
County Center Refinancing Project,
3.05%, 03/04/98 700,000
100,000 San Bernardino County, California,
IDA, Industrial Development,
Aqua-Service, 3.15%, 03/04/98 100,000
300,000 San Bernardino County, California,
IDA, Ser. II, Master Halco Inc.,
3.10%, 03/04/98 300,000
300,000 San Diego California IDA, Kaiser
Aerospace & Electric, 3.40%,
03/05/98 300,000
100,000 Santa Clara California Electric
Revenue, Ser. B, 3.05%, 03/04/98 100,000
700,000 South San Francisco, California,
Multifamily, Magnolia Plaza
Apartments, Ser. A, 3.20%, 03/04/98 700,000
600,000 Three Valleys Municipal Water
District, Miramar Water Treatment,
3.30%, 03/04/98 600,000
375,000 Walnut, California Improvement
Agency, IDA, IDR, Fairway Molds
Project, 3.15%, 03/04/98 375,000
----------
Total Floating Rate Demand Notes 27,445,294
(Cost $27,445,294) ----------
Commercial Paper -- 2.9%
-------------------------------------
1,500,000 Long Beach California Harbor,
Commercial Paper Notes, Ser. A,
3.00%, 03/09/98 1,500,000
----------
</TABLE>
See notes to financial statements.
54 |
<PAGE>
Chase Vista California Tax Free Money Market Fund
Portfolio of Investments February 28, 1998 (unaudited) (continued)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
==================================================================
<S> <C> <C>
Total Commercial Paper
(Cost $1,500,000)
==================================================================
Total Investments -- 98.8% $51,938,070
(Cost $51,938,070)**
==================================================================
</TABLE>
abrv description
# -- Security may only be sold to qualified institutional buyers.
BAN -- Bond Anticipation Note
COP -- Certificate of Participation
FNMA -- Federal National Mortgage Association
FRDN -- Floating Rate Demand Note: The maturity date shown is the next
interest reset date; the rate shown is the rate in effect at February
28, 1998.
GNMA -- Government National Mortgage Association
GO -- General Obligation
ID -- Industrial Development
IDA -- Industrial Development Authority
IDB -- Industrial Development Board
IDC -- Industrial Development Corp.
IDR -- Industrial Development Revenue
IRB -- Industrial Revenue Bond
PC -- Pollution Control
PCFA -- Pollution Control Finance Authority
PCR -- Pollution Control Revenue
RAN -- Revenue Anticipation Note
Rev. -- Revenue Bond
TAN -- Tax Anticipation Note
TRAN -- Tax & Revenue Anticipation Note
** The cost of securities is substantially the same for federal income tax
purposes.
See notes to financial statements.
| 55
<PAGE>
Chase Vista Mutual Funds
Statement of Assets and Liabilities February 28, 1998 (unaudited)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
New York California
Tax Free Tax Free Tax Free
Money Market Money Market Money Market
Fund Fund Fund
----------------- --------------- ---------------
<S> <C> <C> <C>
ASSETS:
Investment securities, at value
(Note 1) .................................. $1,142,980,363 $1,138,572,003 $51,938,070
Cash ....................................... 1,113,937 -- 51,234
Other assets ............................... 17,108 16,300 853
Receivables:
Interest .................................. 7,740,519 9,395,788 622,122
Fund shares sold .......................... 100,375 277,496 57,100
-------------- -------------- -----------
Total Assets ............................. 1,151,952,302 1,148,261,587 52,669,379
-------------- -------------- -----------
LIABILITIES:
Payable for investment securities
purchased ................................. 10,156,644 23,378,937 --
Payable for Fund shares redeemed ........... 138,288 95,324 --
Payable to custodian ....................... -- 15,880 --
Dividends payable .......................... 1,581,768 1,010,702 40,588
Accrued liabilities: (Note 2)
Administration fees ....................... 88,088 42,370 4,028
Distribution fees ......................... 56,289 84,739 2,014
Investment advisory fees .................. 88,087 84,739 --
Shareholder servicing fees ................ 145,997 220,322 4,029
Custody fees .............................. 55,357 47,777 16,571
Other ..................................... 160,358 213,869 50,181
-------------- -------------- -----------
Total Liabilities ........................ 12,470,876 25,194,659 117,411
-------------- -------------- -----------
NET ASSETS:
Paid in capital ............................ 1,139,893,870 1,123,057,525 52,550,098
Accumulated undistributed net
investment income ......................... 3,672 99,873 16,646
Accumulated net realized gain
(loss) on investment transactions ......... (416,116) (90,470) (14,776)
-------------- -------------- -----------
Net Assets .................................. $1,139,481,426 $1,123,066,928 $52,551,968
============== ============== ===========
Shares of beneficial interest
outstanding ($.001 par value;
unlimited number of shares
authorized):
Vista Shares ............................. 735,486,381 1,123,171,413 52,550,099
Premier Shares ........................... 119,480,022 -- --
Institutional Shares ..................... 284,949,163 -- --
Net asset value, offering and
redemption price per share, all
classes (net assets/shares) ............... $ 1.00 $ 1.00 $ 1.00
============== ============== ===========
Cost of investments ......................... $1,142,980,363 $1,138,572,003 $51,938,070
============== ============== ===========
</TABLE>
See notes to financial statements.
56 |
<PAGE>
Chase Vista Mutual Funds
Statement of Operations February 28, 1998 (unaudited)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
New York California
Tax Free Tax Free Tax Free
Money Market Money Market Money Market
Fund Fund Fund
-------------- -------------- -------------
<S> <C> <C> <C>
INTEREST INCOME: (Note 1C) ............ $19,650,772 $18,541,649 $788,360
----------- ----------- --------
EXPENSES: (Note 2)
Shareholder servicing fees ........... 1,292,767 1,787,788 77,467
Distribution fees .................... 329,950 510,797 22,133
Administration fees .................. 536,474 510,797 22,133
Investment advisory fees ............. 536,474 510,797 22,133
Custodian fees ....................... 109,577 101,398 30,392
Printing and postage ................. 9,030 15,616 1,000
Professional fees .................... 31,325 31,204 8,911
Registration costs ................... 60,894 19,479 --
Transfer agent fees .................. 124,502 200,561 17,546
Trustees fees and expenses ........... 26,823 25,540 1,107
Other ................................ 3,762 14,838 1,706
----------- ----------- --------
Total expenses ...................... 3,061,578 3,728,815 204,528
Less amounts waived (Note 2E) ......... 428,935 715,115 82,794
----------- ----------- --------
Net expenses .......................... 2,632,643 3,013,700 121,734
----------- ----------- --------
Net investment income ............... 17,018,129 15,527,949 666,626
----------- ----------- --------
REALIZED GAIN ON
INVESTMENTS
Net realized gain on investment
transactions ......................... 2,695 4,163 945
----------- ----------- --------
Net increase in net assets from
operations ........................... $17,020,824 $15,532,112 $667,571
=========== =========== ========
</TABLE>
See notes to financial statements.
| 57
<PAGE>
Chase Vista Mutual Funds
Statement of Changes in Net Assets (unaudited)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Tax Free New York California
Money Market Tax Free Tax-Free
Fund Money Market Fund Money Market Fund
------------------------------ --------------------------------- -----------------------------
Six Months Ended Year Ended Six Months Ended Year Ended Six Months Ended Year Ended
February 28, August 31, February 28, August 31, February 28, August 31,
1998 1997 1998 1997 1998 1997
---------------- ------------ ----------------- ------------- ---------------- ------------
<S> <C> <C> <C> <C> <C> <C>
INCREASE (DECREASE) IN NET ASSETS
FROM OPERATIONS:
Net investment income ............ $ 17,018,129 $ 28,310,216 $ 15,527,949 $ 26,553,722 $ 666,626 $ 1,334,831
Net realized gain (loss)
on investment transactions ...... 2,695 (3,727) 4,163 (44,446) 945 (643)
-------------- ------------ -------------- ------------ ----------- -----------
Increase in net assets
from operations ................. 17,020,824 28,306,489 15,532,112 26,509,276 667,571 1,334,188
-------------- ------------ -------------- ------------ ----------- -----------
Distributions to shareholders
from net investment income ....... (17,018,129) (28,350,083) (15,527,949) (26,537,487) (666,626) (1,328,093)
Increase from capital
share transactions ............... 182,891,016 88,760,159 166,296,411 66,381,087 7,042,014 2,684,361
-------------- ------------ -------------- ------------ ----------- -----------
Total increase ................... 182,893,711 88,716,565 166,300,574 66,352,876 7,042,959 2,690,456
NET ASSETS:
Beginning of period .............. 956,587,715 867,871,150 956,766,354 890,413,478 45,509,009 42,818,553
-------------- ------------ -------------- ------------ ----------- -----------
End of period .................... $1,139,481,426 $956,587,715 $1,123,066,928 $956,766,354 $52,551,968 $45,509,009
============== ============ ============== ============ =========== ===========
</TABLE>
See notes to financial statements.
|58
<PAGE>
Vista Mutual Funds
Notes to Financial Statements
- --------------------------------------------------------------------------------
1. Organization and Significant Accounting Policies -- Mutual Fund Trust
("MFT") (the "Trust") is organized as a Massachusetts business trust, and
registered under the Investment Company Act of 1940 as amended (the "1940 Act"),
as an open-end, management investment company. Effective March 16, 1998, the
Vista Family of Mutual Funds changed its name to the Chase Vista Family of
Mutual Funds. Tax Free Money Market Fund ("TFMM"), New York Tax Free Money
Market Fund ("NYTFMM") and California Tax Free Money Market Fund ("CATFMM") are
separate portfolios of MFT. Collectively all of these funds are referred to as
"Money Market Funds" or individually as the "Fund".
The funds offer various classes of shares as follows:
<TABLE>
<CAPTION>
Fund Classes Offered
- -------- ------------------------------
<S> <C>
TFMM Vista, Premier, Institutional
NYTFMM Vista
CATFMM Vista
</TABLE>
All classes of shares have equal rights as to earnings, assets and voting
privileges except that each class may bear different transfer agent,
distribution, shareholder servicing and fund servicing expenses, and each class
has exclusive voting rights with respect to its distribution plan and
shareholder servicing agreement.
The following is a summary of significant accounting policies followed by the
Funds:
The preparation of financial statements in accordance with generally accepted
accounting principles requires management to make estimates and assumptions that
affect the reported amounts and disclosures in the financial statements. Actual
results could differ from those estimates.
A. Valuation of investments -- Money market instruments are valued at
amortized cost which approximates market value. The Trust's use of amortized
cost is subject to the Trust's compliance with certain conditions as
specified under Rule 2a-7 of the 1940 Act.
B. Repurchase agreements -- It is the Trust's policy that repurchase
agreements are fully collateralized by U.S. Treasury and Government agency
securities. All collateral is held by the Trust's custodian bank,
sub-custodian or a bank in which the custodian bank has entered into a
sub-custodian agreement or is segregated in the Federal Reserve Book Entry
System. In connection with transactions in repurchase agreements, if the
seller defaults and the value of the collateral declines, or if the seller
enters into an insolvency proceeding, realization of the collateral by the
Trust may be delayed or limited.
C. Security transactions and investment income -- Investment transactions
are accounted for on the trade date (the date the order to buy or sell is
executed). Securities gains and losses are calculated on the identified cost
basis. Interest income consists of coupon interest accrued less the
amortization of any premiums on the investments of the Funds.
D. Federal income taxes -- Each Fund is treated as a separate taxable
entity for Federal income tax purposes. The Trust's policy is to comply with
the provisions of the Internal Revenue Code applicable to regulated
investment companies and to distribute to shareholders all of a Fund's
distributable net income, including net realized gain on investments. In
addition, the Trust intends to make distributions as required to avoid
excise taxes. Accordingly, no provision for Federal income or excise tax is
necessary.
E. Distributions to shareholders -- Each Fund declares and records a
dividend of substantially all of its net investment income on each business
day. Such dividends are paid or re-invested monthly in each respective
Fund's shares on the payable dates. The amount of dividends and
distributions from net investment income and net realized capital gains is
determined in accordance with Federal income tax regulations, which may
differ from generally accepted accounting principles. To the extent these
"book/tax" differences are permanent in nature (i.e., that they result from
other than
|59
<PAGE>
Vista Mutual Funds
Notes to Financial Statements (continued)
- --------------------------------------------------------------------------------
timing of recognition -- "temporary differences"), such amounts are
reclassified within the capital accounts based on their Federal income
tax-basis treatment. Dividends and distributions which exceed net investment
income or net realized capital gains for financial reporting purposes but
not for tax purposes are reported as distributions in excess of net
investment income or net realized capital gains.
F. Income and expenses -- Expenses directly attributable to a Fund are
charged to that Fund; expenses directly attributable to a particular class
are charged directly to such class. Other expenses are allocated
proportionately among the Funds within the Trust in relation to the net
assets of each Fund or on another reasonable basis. In calculating net asset
value per share of each class, investment income, realized and unrealized
gains and losses and expenses other than class specific expenses, are
allocated daily to each class of shares based upon the proportion of net
assets of each class at the beginning of each day.
2. Fees and Other Transactions with Affiliates
A. Investment advisory fee -- Pursuant to separate Investment Advisory
Agreements, The Chase Manhattan Bank ("Chase" or "Advisor"), acts as the
investment adviser to the Funds. Chase is a direct wholly-owned subsidiary
of The Chase Manhattan Corporation. As investment adviser, Chase supervises
the investments of each Fund and for such services is paid a fee. The fee is
accrued daily and paid monthly at an annual rate equal to 0.10% of the
average daily net assets for each respective Fund. The Advisor voluntarily
waived all or a portion of its fees as outlined in Note 2.E. below.
Chase Asset Management, Inc. ("CAM"), a registered investment adviser, is
the sub-investment adviser to each Fund, other than the Vista Tax Free Money
Market Fund, pursuant to a Sub-Investment Advisory Agreement between CAM and
Chase. CAM is a wholly owned subsidiary of Chase and is entitled to receive
a fee, payable by Chase from its advisory fee, at an annual rate equal to
0.03% of each Fund's average daily net assets.
Chase Bank of Texas, National Association ("CBT") is the sub-investment
adviser to the Tax Free Money Market Fund pursuant to a Sub-Investment
Advisory Agreement between Chase and CBT. CBT is a wholly owned subsidiary
of Chase and is entitled to receive a fee, payable by Chase from its
advisory fee, at an annual rate equal to 0.03% of the Fund's average daily
net assets.
B. Shareholder and Fund servicing fees -- The Trust adopted an
Administrative Service 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 0.35% and 0.25% of the average daily net assets of the Vista
Class and Premier Class, respectively.
No Shareholder Servicing fee was paid for the Institutional Shares.
Since inception of the Trust, Chase and certain of its affiliates have been
the only Shareholder Servicing Agents. The Shareholder Servicing Agents have
voluntarily waived all or a portion of their fees as outlined in Note 2.E.
below.
C. Distribution and sub-administration fees -- Pursuant to the Distribution
and Sub-administration Agreements, Vista Fund Distributors, Inc. ("VFD" or
the "Distributor"), a wholly-owned subsidiary of the BISYS Group, Inc.
("BISYS"), acts as the Trust's exclusive underwriter and promotes and
arranges for the sale of each Fund's shares. In addition, the Distributor
provides certain sub-administration services to the Trust, including
providing officers, clerical staff and office space for an annual fee,
computed daily and paid monthly, of 0.05% of the average daily net assets of
each Fund.
The Trustees have adopted plans of distribution under the 1940 Act for the
Vista Shares (the "Vista Plan"). There are no distribution plans for the
Premier or
60 |
<PAGE>
Vista Mutual Funds
Notes to Financial Statements (continued)
- --------------------------------------------------------------------------------
Institutional Shares. Vista Plan pays the Distributor a distribution fee.
The fee is computed daily and paid monthly at an annual rate of 0.10% of the
average daily net assets of Vista Class of each Fund.
D. Administration fee -- Pursuant to an Administration Agreement, Chase
(the "Administrator") provides certain administration services and
facilities to each Fund at a fee computed daily and paid monthly at the
annual rate equal to 0.05% of the respective Fund's average daily net
assets.
E. Waivers of fees -- For the six months ended February 28, 1998, the
Advisor, Shareholder and Fund Servicing Agents voluntarily waived fees for
each of the Funds as follows:
<TABLE>
<CAPTION>
TFMM NYTFMM CATFMM
---------- ---------- ----------
<S> <C> <C> <C>
Advisory ...................... $ -- $ -- $19,991
Administration ................ -- 255,171 --
Shareholder Servicing ......... 428,935 459,944 55,291
Distribution .................. -- -- 7,512
-------- -------- -------
$428,935 $715,115 $82,794
======== ======== =======
</TABLE>
F. Other -- Certain officers of the Trust are officers of VFD or of its
parent corporation, BISYS.
In addition, Chase provides portfolio accounting and custody services for
the Funds. Such amounts are presented in the Statement of Operations as
custodian fees.
3. Transactions in Shares of Beneficial Interest
<TABLE>
<CAPTION>
Tax Free Money Market Fund
----------------------------------------------------------------------
Vista Class
----------------------------------------------------------------------
9/1/97 Through 2/28/98 Year Ended August 31, 1997
------------------------------- ----------------------------------
Amount Shares Amount Shares
-------------- ------------- -------------- --------------
<S> <C> <C> <C> <C>
Shares sold ............. $1,080,394,249 1,080,394,249 $1,655,124,829 1,655,124,829
Shares issued in
reinvestment
of distributions 3,917,704 3,917,704 5,624,366 5,624,366
Shares redeemed ......... (914,873,614) (914,873,614) (1,669,216,613) (1,669,216,613)
-------------- ------------- -------------- --------------
Net increase
(decrease) in
Trust shares
outstanding ........... $ 169,438,339 169,438,339 $ (8,467,418) (8,467,418)
============== ============= ============== ==============
</TABLE>
|61
<PAGE>
Vista Mutual Funds
Notes to Financial Statements (continued)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Tax Free Money Market Fund
-----------------------------------------------------------------------------
Premier Class
-----------------------------------------------------------------------------
09/01/97 Through 02/28/98 Year Ended August 31, 1997
------------------------------------- -------------------------------------
Amount Shares Amount Shares
----------------- ----------------- ----------------- -----------------
<S> <C> <C> <C> <C>
Shares sold ............. $164,841,431 164,841,431 $531,017,184 531,017,184
Shares issued in
reinvestment of
distributions ......... 1,016,050 1,016,050 2,032,501 2,032,501
Shares redeemed ......... (151,101,721) (151,101,721) (573,533,495) (573,533,495)
------------ ------------ ------------ ------------
Net increase
(decrease) in
Trust shares
outstanding ........... $ 14,755,760 14,755,760 $(40,483,810) (40,483,810)
============ ============ ============ ============
</TABLE>
<TABLE>
<CAPTION>
Institutional Class
-------------------------------------------------------------------------------
09/01/97 Through 02/28/98 Year Ended August 31, 1997
--------------------------------------- ---------------------------------------
Amount Shares Amount Shares
------------------- ------------------- ------------------- -------------------
<S> <C> <C> <C> <C>
Shares sold ......... $1,492,510,995 1,492,510,995 $2,181,302,254 2,181,302,254
Shares issued in
reinvestment of
distributions ..... 2,768,304 2,768,304 2,961,145 2,961,145
Shares redeemed...... (1,496,582,382) (1,496,582,382) (2,046,552,012) (2,046,552,012)
-------------- -------------- -------------- --------------
Net increase
(decrease) in
Trust shares
outstanding ....... $ (1,303,083) (1,303,083) $ 137,711,387 137,711,387
============== ============== ============== ==============
</TABLE>
<TABLE>
<CAPTION>
New York Tax Free Money Market Fund
-------------------------------------------------------------------------------
Vista Class
-------------------------------------------------------------------------------
09/01/97 Through 02/28/98 Year Ended August 31, 1997
--------------------------------------- ---------------------------------------
Amount Shares Amount Shares
------------------- ------------------- ------------------- -------------------
<S> <C> <C> <C> <C>
Shares sold ......... $1,291,890,770 1,291,890,770 $2,483,570,728 2,483,570,728
Shares issued in
reinvestment of
distributions ..... 9,149,136 9,149,136 13,960,319 13,960,319
Shares redeemed...... (1,134,743,495) (1,134,743,495) (2,431,149,960) (2,431,149,960)
-------------- -------------- -------------- --------------
Net increase
(decrease) in
Trust shares
outstanding ....... $ 166,296,411 166,296,411 $ 66,381,087 66,381,087
============== ============== ============== ==============
</TABLE>
62 |
<PAGE>
Vista Mutual Funds
Notes to Financial Statements (continued)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
California Tax Free Money Market Fund
-----------------------------------------------------------------------------
Vista Class
-----------------------------------------------------------------------------
09/01/97 Through 02/28/98 Year Ended August 31, 1997
------------------------------------- -------------------------------------
Amount Shares Amount Shares
----------------- ----------------- ----------------- -----------------
<S> <C> <C> <C> <C>
Shares sold ............. $139,536,557 139,536,557 $301,855,774 301,855,774
Shares issued in
reinvestment
of distributions ...... 396,802 396,802 798,792 798,792
Shares redeemed ......... (132,891,345) (132,891,345) (299,970,205) (299,970,205)
------------ ------------ ------------ ------------
Net increase
(decrease) in
Trust shares
outstanding ........... $ 7,042,014 7,032,014 $ 2,684,361 2,684,361
============ ============ ============ ============
</TABLE>
5. Concentration of Credit Risk -- TFMM, NYTFMM and CATFMM invest substantially
all of their assets in a diversified portfolio of debt obligations issued by
states, territories and possessions of the United States and by the District of
Columbia, and by their political subdivisions and duly constituted authorities,
with NYTFMM primarily investing in issuers in the State of New York, and CATFMM
primarily investing in issuers in the State of California. As of February 28,
1998, TFMM invested approximately 20.4% of its assets in issuers in the state
of Texas. The issuers' 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 28, 1998, included
in Trustees Fees and Expenses in the Statement of Operations, and accrued
pension liability included in other accrued liabilities, in the Statement of
Assets and Liabilities were as follows:
<TABLE>
<CAPTION>
Accrued
Pension Pension
Expenses Liability
---------- ----------
<S> <C> <C>
TFMM ............................................... $9,838 $54,376
NYTFMM ............................................. 9,331 51,767
CATFMM ............................................. 439 2,659
</TABLE>
| 63
<PAGE>
Financial Highlights (unaudited)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Tax Free Money Market Fund
---------------------------------------------------
Vista Shares
---------------------------------------------------
09/01/97 Year Ended August 31,
Through --------------------------------------
02/28/98 1997 1996 1995
------------ ------------ ------------ ------------
<S> <C> <C> <C> <C>
Per Share Operating Performance
Net Asset Value, Beginning of Period ............................ $ 1.00 $ 1.00 $ 1.00 $ 1.00
------- ------- ------- -------
Income from Investment Operations
Net Investment Income ......................................... 0.015 0.031 0.029 0.029
-------- -------- -------- --------
Less Dividends from Net Investment Income ..................... 0.015 0.031 0.029 0.029
-------- -------- -------- --------
Net Asset Value, End of Period .................................. $ 1.00 $ 1.00 $ 1.00 $ 1.00
======== ======== ======== ========
Total Return .................................................... 1.54% 3.12% 2.92% 2.99%
Ratios/Supplemental Data:
Net Assets, End of Period (000 omitted) ......................... $735,065 $565,625 $574,115 $166,915
Ratios to average net assets#:
Ratio of Expenses .............................................. 0.59% 0.59% 0.69% 0.86%
Ratio of Net Investment Income ................................. 3.07% 3.08% 2.89% 2.96%
Ratio of Expenses Without Waivers and Assumption of Expenses ... 0.72% 0.73% 0.80% 0.94%
Ratio of Net Investment Income Without Waivers and Assumption of
Expenses ...................................................... 2.94% 2.94% 2.78% 2.87%
<CAPTION>
Tax Free Money Market Fund
--------------------------
Vista Shares
-------------------------
11/1/93 Year
Through Ended
8/31/94++ 10/31/93
------------ ------------
<S> <C> <C>
Per Share Operating Performance
Net Asset Value, Beginning of Period ............................ $ 1.00 $ 1.00
------- -------
Income from Investment Operations
Net Investment Income ......................................... 0.015 0.019
-------- --------
Less Dividends from Net Investment Income ..................... 0.015 0.019
-------- --------
Net Asset Value, End of Period .................................. $ 1.00 $ 1.00
======== ========
Total Return .................................................... 1.54% 1.90%
Ratios/Supplemental Data:
Net Assets, End of Period (000 omitted) ......................... $121,710 $160,497
Ratios to average net assets#:
Ratio of Expenses .............................................. 0.85% 0.85%
Ratio of Net Investment Income ................................. 1.82% 1.88%
Ratio of Expenses Without Waivers and Assumption of Expenses ... 0.85% 0.91%
Ratio of Net Investment Income Without Waivers and Assumption of
Expenses ...................................................... 1.82% 1.83%
</TABLE>
- -------
# Short periods have been annualized.
++ In 1994 TFMM changed its fiscal year-end from October 31 to August 31.
See notes to financial statements.
64 |
<PAGE>
Financial Highlights (unaudited) (continued)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Tax Free Money Market Fund
-----------------------------------------------------------------------------
Premier Shares
-----------------------------------------------------------------------------
Year Ended August 31,
09/01/97 -------------------------------------- 11/1/93 Year
Through Through Ended
02/28/98 1997 1996 1995 8/31/94++ 10/31/93
------------ ------------ ------------ ------------ ------------ ------------
<S> <C> <C> <C> <C> <C> <C>
Per Share Operating Performance
Net Asset Value, Beginning of Period ............ $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
------- ------- ------- ------- ------- -------
Income from Investment Operations:
Net Investment Income ......................... 0.016 0.032 0.031 0.032 0.018 0.022
-------- -------- -------- -------- -------- --------
Less Dividends from Net Investment Income ..... 0.016 0.032 0.031 0.032 0.018 0.022
-------- -------- -------- -------- -------- --------
Net Asset Value, End of Period .................. $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
======== ======== ======== ======== ======== ========
Total Return .................................... 1.57% 3.19% 3.12% 3.29% 1.79% 2.21%
Ratios/Supplemental Data:
Net Assets, End of Period (000 omitted) ......... $119,515 $104,759 $145,221 $148,436 $229,306 $225,791
Ratio to average net assets#:
Ratio of Expenses .............................. 0.53% 0.53% 0.58% 0.56% 0.55% 0.55%
Ratio of Net Investment Income ................. 3.14% 3.13% 3.08% 3.21% 2.11% 2.16%
Ratio of Expenses Without Waivers and
Assumption of Expenses ........................ 0.53% 0.53% 0.73% 0.84% 0.78% 0.79%
Ratio of Net Investment Income Without
Waivers and Assumption of Expenses ............ 3.14% 3.13% 2.92% 2.93% 1.89% 1.92%
<CAPTION>
Tax Free Money Market Fund
----------------------------------------------------------------
Institutional Shares
----------------------------------------------------------------
Year Ended August 31,
09/01/97 -------------------------------------- 11/14/93*
Through Through
02/28/98 1997 1996 1995 8/31/94++
------------ ------------ ------------ ------------ ------------
<S> <C> <C> <C> <C> <C>
Per Share Operating Performance
Net Asset Value, Beginning of Period ............ $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
------- ------- ------- ------- -------
Income from Investment Operations:
Net Investment Income ......................... 0.011 0.036 0.034 0.035 0.019
-------- -------- -------- -------- --------
Less Dividends from Net Investment Income ..... 0.011 0.036 0.034 0.035 0.019
-------- -------- -------- -------- --------
Net Asset Value, End of Period .................. $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
======== ======== ======== ======== ========
Total Return .................................... 1.70% 3.45% 3.40% 3.53% 1.95%
Ratios/Supplemental Data:
Net Assets, End of Period (000 omitted) ......... $284,902 $286,204 $148,536 $108,494 $110,332
Ratio to average net assets#:
Ratio of Expenses .............................. 0.26% 0.26% 0.31% 0.33% 0.34%
Ratio of Net Investment Income ................. 3.41% 3.41% 3.33% 3.46% 2.38%
Ratio of Expenses Without Waivers and
Assumption of Expenses ........................ 0.26% 0.26% 0.31% 0.34% 0.34%
Ratio of Net Investment Income Without
Waivers and Assumption of Expenses ............ 3.41% 3.41% 3.33% 3.45% 2.38%
</TABLE>
- -------
# Short periods have been annualized.
++ In 1994 TFMM changed its fiscal year-end from October 31 to August 31.
* Commencement of offering class of shares.
See notes to financial statements.
| 65
<PAGE>
Financial Highlights (unaudited) (continued)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
New York Tax Free Money
Market Fund
---------------------------
Vista Shares
---------------------------
Year Ended
09/01/97 August 31,
Through ------------
02/28/98 1997
-------------- ------------
<S> <C> <C>
Per Share Operating Performance
Net Asset Value, Beginning of Period ........................................... $ 1.00 $ 1.00
--------- -------
Income from Investment Operations
Net Investment Income ........................................................ 0.015 0.030
---------- --------
Less Dividends from Net Investment Income .................................... 0.015 0.030
---------- --------
Net Asset Value, End of Period ................................................. $ 1.00 $ 1.00
========== ========
Total Return ................................................................... 1.52% 3.02%
Ratios/Supplemental Data:
Net Assets, End of Period (000 omitted) ........................................ $1,123,067 $956,766
Ratio to average net assets#:
Ratio of Expenses ............................................................. 0.59% 0.59%
Ratio of Net Investment Income ................................................ 3.04% 2.97%
Ratio of Expenses Without Waivers and Assumption of Expenses .................. 0.73% 0.73%
Ratio of Net Investment Income Without Waivers and Assumption of Expenses ..... 2.90% 2.83%
<CAPTION>
New York Tax Free Money Market Fund
---------------------------------------------------
Vista Shares
---------------------------------------------------
Year Ended August 31,
------------------------- 11/1/93 Year
Through Ended
1996 1995 8/31/94++ 10/31/93
------------ ------------ ------------ -----------
<S> <C> <C> <C> <C>
Per Share Operating Performance
Net Asset Value, Beginning of Period ........................................... $ 1.00 $ 1.00 $ 1.00 $ 1.00
------- ------- ------- -------
Income from Investment Operations
Net Investment Income ........................................................ 0.028 0.028 0.015 0.017
-------- -------- -------- --------
Less Dividends from Net Investment Income .................................... 0.028 0.028 0.015 0.017
-------- -------- -------- --------
Net Asset Value, End of Period ................................................. $ 1.00 $ 1.00 $ 1.00 $ 1.00
======== ======== ======== ========
Total Return ................................................................... 2.85% 2.88% 1.48% 1.75%
Ratios/Supplemental Data:
Net Assets, End of Period (000 omitted) ........................................ $890,413 $378,400 $365,669 $300,425
Ratio to average net assets#:
Ratio of Expenses ............................................................. 0.74% 0.86% 0.85% 0.85%
Ratio of Net Investment Income ................................................ 2.79% 2.84% 1.77% 1.72%
Ratio of Expenses Without Waivers and Assumption of Expenses .................. 0.83% 0.95% 0.85% 0.89%
Ratio of Net Investment Income Without Waivers and Assumption of Expenses ..... 2.70% 2.75% 1.77% 1.68%
</TABLE>
- -------
# Short periods have been annualized.
++ In 1994 NYTFMM changed its fiscal year-ends from October 31 to August 31.
See notes to financial statements.
66 |
<PAGE>
Financial Highlights (unaudited) (continued)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
California Tax Free Money Market Fund
-----------------------------------------------
Vista Shares
-----------------------------------------------
09/01/97 Year Ended August 31,
Through -----------------------------------
02/28/98 1997 1996 1995
----------- ----------- ----------- -----------
<S> <C> <C> <C> <C>
Per Share Operating Performance
Net Asset Value, Beginning of Period ....................................... $ 1.00 $ 1.00 $ 1.00 $ 1.00
------ ------ ------ ------
Income from Investment Operations
Net Investment Income .................................................... 0.015 0.300 0.030 0.033
------- ------- ------- -------
Less Dividends from Net Investment Income ................................ 0.015 0.300 0.030 0.033
------- ------- ------- -------
Net Asset Value, End of Period ............................................. $ 1.00 $ 1.00 $ 1.00 $ 1.00
======= ======= ======= =======
Total Return ............................................................... 1.51% 3.02% 3.06% 3.32%
Ratios/Supplemental Data:
Net Assets, End of Period (000 omitted) .................................... $52,552 $45,509 $42,819 $58,315
Ratio of average net assets#:
Ratio of Expenses ......................................................... 0.55% 0.56% 0.56% 0.48%
Ratio of Net Investment Income ............................................ 3.01% 2.99% 3.03% 3.25%
Ratio of Expenses Without Waivers and Assumption of Expenses .............. 0.92% 0.86% 1.02% 1.07%
Ratio of Net Investment Income Without Waivers and Assumption of Expenses 2.64% 2.69% 2.57% 2.66%
<CAPTION>
California Tax Free
Money Market
Fund
-----------------------
Vista Shares
-----------------------
11/1/93 Year
Through Ended
8/31/94++ 10/31/93
----------- -----------
<S> <C> <C>
Per Share Operating Performance
Net Asset Value, Beginning of Period ....................................... $ 1.00 $ 1.00
------ ------
Income from Investment Operations
Net Investment Income .................................................... 0.018 0.023
------- -------
Less Dividends from Net Investment Income ................................ 0.018 0.023
------- -------
Net Asset Value, End of Period ............................................. $ 1.00 $ 1.00
======= =======
Total Return ............................................................... 1.82% 2.30%
Ratios/Supplemental Data:
Net Assets, End of Period (000 omitted) .................................... $64,423 $45,346
Ratio of average net assets#:
Ratio of Expenses ......................................................... 0.46% 0.42%
Ratio of Net Investment Income ............................................ 2.17% 2.26%
Ratio of Expenses Without Waivers and Assumption of Expenses .............. 0.94% 1.02%
Ratio of Net Investment Income Without Waivers and Assumption of Expenses 1.69% 1.66%
</TABLE>
- -------
# Short periods have been annualized.
++ In 1994 CATFMM changed its fiscal year-end from October 31 to August 31.
** Commencement of operations.
See notes to financial statements.
| 67
<PAGE>
Chase Vista Service Center
P.O. Box 419392
Kansas City, MO 64179
Investment Adviser, Administrator,
Shareholder and Fund Servicing Agent
and Custodian
The Chase Manhattan Bank
Distributor
Vista Fund Distributors, Inc.
Transfer Agent
DST Systems, Inc.
Legal Counsel
Simpson Thacher & Bartlett
Independent Accountants
Price Waterhouse LLP
Chase Vista 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.
April 1998 CVTFMM-3-498
