[SIDEBAR]
CHASE VISTA TAX FREE MONEY MARKET FUNDS
[GRAPHIC OMITTED]
[END SIDEBAR]
[CHASE VISTA LOGO]
CHASE VISTA FUNDS(SM)
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
August 31, 1998
<PAGE>
[GRAPHIC OMITTED]
Highlights
During the reporting period, the Asian economic and currency crisis was the
major event in the U.S. fixed income markets.
[bullet] Long-term interest rates fell dramatically even though the U.S. economy
continued to grow steadily.
[bullet] In this environment, the Federal Reserve Board left the Federal Funds
rate unchanged at 5.5%.
- --------------------------------------------------------------------------------
CONTENTS
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
<S> <C>
Chairman's Letter 3
Chase Vista Tax Free Money Market Fund 4
Fund Facts [bullet] Portfolio of Investments
Chase Vista New York Tax Free Money Market Fund 26
Fund Facts [bullet] Portfolio of Investments
Chase Vista California Tax Free Money Market Fund 44
Fund Facts [bullet] Portfolio of Investments
Financial Statements 52
Notes to Financial Statements 55
Financial Highlights 60
</TABLE>
- --------------------------------------------------------------------------------
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
October 1, 1998
Dear Shareholder:
We are pleased to present this annual report on each of the Chase Vista
Tax-Free Money Market Funds(SM). Inside, you will find current seven-day yields
for each fund as of August 31, 1998 as well as listings of current holdings.
Asian Economic Crisis Keeps Rates Low
The reporting period began with the economic and currency problems in Asia
pushing interest rates lower, despite continuing signs of a robust U.S.
economy. The problems in Asia subsided in early 1998, which kept interest rates
relatively stable, but those concerns re-surfaced in April, which put pressure
on rates throughout the summer.
During the reporting period, short-term interest rates showed only a modest
change compared to long-term interest rates. In fact, the decline in long-term
interest rates was so steep, it created a virtual flattening of the yield curve,
meaning the difference between short- and long-term interest rates was minimal.
In this environment, the Federal Reserve maintained its neutral monetary
policy, as it has for roughly a year and a half. The Fed has not raised
short-term interest rates since March, 1997 and has not lowered them since
December, 1996.
In anticipation of lower interest rates due to the economic and currency
problems in southeast Asia, Vista's money management team maintained a slightly
higher average duration throughout much of the period. As always, the
management team invested solely in high quality securities.
Looking ahead, the Asian economy is likely to continue placing downward
pressure on interest rates, despite signs the U.S. economy remains in good
shape. To help ensure the domestic economy does not weaken in the face of the
uncertainty in Asia, we would not be surprised to see the Federal Reserve lower
interest rates in the months ahead.
Sincerely,
/s/ Fergus Reid
Fergus Reid
3
<PAGE>
Chase Vista Tax Free Money Market Fund
as of August 31, 1998
(unaudited)
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
Net assets $1.3 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
<TABLE>
<S> <C>
1-7 days ................... 74.21%
8-14 days .................. 0.00%
15-21 days ................. 0.78%
22-30 days ................. 0.26%
31-60 days ................. 3.50%
61-90 days ................. 2.55%
91+ days ................... 18.70%
</TABLE>
4
<PAGE>
Chase Vista Tax Free Money Market Fund
as of August 31, 1998
(unaudited)
How Much of the Fund Was Invested
[PIE CHART]
<TABLE>
<S> <C>
Investments (99.3%)
Cash/Other (0.7%)
</TABLE>
[END PIE CHART]
Yields
<TABLE>
<CAPTION>
7-Day Taxable
SEC Yield(1) Equivalent Yield(2)
<S> <C> <C>
Vista Shares 2.87% 4.75%
Premier Shares 2.93% 4.85%
Institutional Shares 3.20% 5.30%
</TABLE>
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.
1 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 2.75%. This voluntary waiver may be modified
or terminated at any time, which would reduce performance.
2 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 August 31, 1998
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
- -------------------------------------------------------------------
State & Municipal Obligations -- 98.7%
- -------------------------------------------------------------------
<S> <C> <C>
Alabama -- 1.8%
$ 5,000,000 Birmingham, Alabama, Capital
Improvement, Series A, FRDN,
Warrants, 3.30%, 09/03/98 $5,000,000
2,650,000 Birmingham, Alabama, Series A,
FRDN, Warrants, 3.90%,
09/03/98 2,650,000
1,200,000 McIntosh, Alabama IDB, Solid Waste
Disposal, CIBA-Geigy Corp.,
FRDN, 3.30%, 09/02/98 1,200,000
8,000,000 Port City Medical Clinic Board,
Mobile Alabama, Infirmary Health
Systems, Series B, GO, 3.28%,
11/15/98 8,000,000
4,500,000 Oxford, Alabama, Municipal
Securities Trust Receipts, FRDN,
3.46%, 09/03/98 4,500,000
1,500,000 St. Claire County, Alabama, IDB,
National Cement Co., Inc., Project
II, FRDN, Rev., 3.35%, 09/03/98 1,500,000
----------
22,850,000
----------
Arizona -- 0.6%
4,100,000 Phoenix, Arizona, IDA, Multifamily
Housing, Southwest Village Project,
Series A, FRDN, Rev., 3.35%,
09/02/98 4,100,000
3,000,000 Yavapai County, Arizona, IDA,
Kachina Pointe, FRDN, Rev.,
3.20%, 09/02/98 3,000,000
----------
7,100,000
----------
Arkansas -- 2.2%
8,750,000 Miller County, Arkansas, Solid Waste
Disposal, Tyson Foods Inc. Project,
FRDN, Rev., 3.40%, 09/03/98 8,750,00
7,250,000 Pulaski County, Arkansas, Public
Facilities Board, Multifamily
Housing, Little Rock Residential,
Rev., 4.13%, 04/01/99 7,250,00
</TABLE>
See notes to financial statements.
6
<PAGE>
Chase Vista Tax Free Money Market Fund
Portfolio of Investments August 31, 1998 (continued)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
- --------------------------------------------------------------------
State & Municipal Obligations -- (continued)
- --------------------------------------------------------------------
<S> <C> <C>
$11,800,000 University of Arkansas, UAMS
Campus, FRDN, Rev., 3.30%,
09/01/98 $11,800,000
-----------
27,800,000
-----------
California -- 1.8%
California Higher Education Loan
Authority Student Loan,
7,850,000 Series A, Rev., 3.80%, 05/01/99 7,850,000
10,000,000 Series D-1, Rev., 3.63%, 08/01/99 10,000,000
Student Education Loan Marketing
Corp., California Student Loan,
Series A,
3,000,000 Rev., 3.80%, 06/01/99 3,000,000
1,900,000 Rev., 3.85%, 10/01/98 1,900,000
-----------
22,750,000
-----------
Colorado -- 1.0%
Denver, Colorado, City & County
Airport,
7,300,000 Sub-Series B, FRDN, Rev., 3.25%,
09/03/98 7,300,000
2,500,000 Sub-Series C, FRDN, Rev., 3.25%,
09/03/98 2,500,000
2,970,000 University of Colorado Hospital
Authority, Colorado, Series A, Rev.,
4.25%, 11/15/98 2,972,599
-----------
12,772,599
-----------
Delaware -- 1.3%
11,000,000 Delaware State, Economic
Development Authority, IDR,
Delaware Clean Power Project,
Series C, FRDN, Rev., 3.40%,
09/02/98 11,000,000
6,155,000 Delaware State, Transit Authority
Transit System, FRDN, Rev.,
3.63%, 09/03/98 6,155,000
-----------
17,155,000
-----------
</TABLE>
See notes to financial statements.
7
<PAGE>
Chase Vista Tax Free Money Market Fund
Portfolio of Investments August 31, 1998 (continued)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
- ----------------------------------------------------------------------
State & Municipal Obligations -- (continued)
- ----------------------------------------------------------------------
<S> <C> <C>
District of Columbia -- 0.4%
$1,500,000 District of Columbia, George
Washington University, Series A,
FRDN, Rev., 3.30%, 09/02/98 $1,500,000
3,300,000 District of Columbia, Series 1997 C,
TRAN, 5.00%, 09/30/98 3,302,916
----------
4,802,916
----------
Florida -- 7.7%
10,000,000 Capital Finance Authority, Florida
Hospital Association, Capital
Projects Loan, Series A, FRDN,
Rev., 3.25%, 09/02/98 10,000,000
Florida Housing Finance Agency,
Multifamily Housing,
5,000,000 Kings Project, Series D, FRDN,
Rev., 3.30%, 09/03/98 5,000,000
4,000,000 Lakeside, Series B, FRDN, Rev.,
3.30%, 09/03/98 4,000,000
4,700,000 Sarasota, Series C, FRDN, Rev.,
3.30%, 09/03/98 4,700,000
Gulf Breeze, Florida, Local
Government Loan Program,
13,540,000 Series B, FRDN, Rev., 3.25%,
09/03/98 13,540,000
16,850,000 Series C, FRDN, Rev., 3.25%,
09/03/98 16,850,000
9,600,000 Jacksonville, Florida, FRDN, Rev.,
3.60%, 09/03/98 9,600,000
11,500,000 Palm Beach County, Florida, Housing
Finance Agency, Single Family Mortgage,
Series B, GO, 3.75%, 07/01/99 11,500,000
3,480,000 Putnam County, Florida, Development
Authority, PCR, Florida Power &
Light Co., Project, FRDN, Rev.,
3.70%, 09/01/98 3,480,000
4,500,000 The University of North Florida
Foundation Inc., Florida Parking System,
FRDN, Rev., 3.25%, 09/03/98 4,500,000
</TABLE>
See notes to financial statements.
8
<PAGE>
Chase Vista Tax Free Money Market Fund
Portfolio of Investments August 31, 1998 (continued)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
- -------------------------------------------------------------------
State & Municipal Obligations -- (continued)
- -------------------------------------------------------------------
<S> <C> <C>
$9,700,000 University Athletic Association Inc.,
Florida Capital Improvement,
University of Florida Stadium
Project, FRDN, Rev., 3.70%,
09/01/98 $9,700,000
5,685,000 Volusia County, Florida, Health
Facilities, Hospital S.W. Volusia
Health, Series A, FRDN, Rev.,
3.20%, 09/03/98 5,685,000
----------
98,555,000
----------
Georgia -- 8.6%
3,300,000 Bartow County, Georgia,
Development Authority, Pollution
Control, Georgia Power Co., Plant
Bowen Project, FRDN, Rev.,
3.25%, 09/01/98 3,300,000
10,100,000 Columbia County, Georgia, Elderly
Authority, Residential Care
Facilities, Augusta Resource Center
on Aging, FRDN, Rev., 3.35%,
09/02/98 10,100,000
350,000 Dougherty County, Georgia, School
District, FRDN, GO, 3.55%,
09/01/98 350,000
2,200,000 Elbert County & Elberton &
Bowman Georgia Development
Authority, IDR, Seaboard Farms,
FRDN, Rev., 3.35%, 09/03/98 2,200,000
2,800,000 Fulco, Georgia, Hospital Authority,
Piedmont Hospital Project, FRDN,
Rev., 3.35%, 09/02/98 2,800,000
Fulton County, Georgia Development
Authority,
1,600,000 American Graphics Project, FRDN,
Rev., 3.45%, 09/03/98 1,600,000
1,000,000 Arthritis Foundation Inc. Project,
FRDN, Rev., 3.35%, 09/02/98 1,000,000
</TABLE>
See notes to financial statements.
9
<PAGE>
Chase Vista Tax Free Money Market Fund
Portfolio of Investments August 31, 1998 (continued)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
- -------------------------------------------------------------------
State & Municipal Obligations -- (continued)
- -------------------------------------------------------------------
<S> <C> <C>
Fulton County, Georgia Housing
Authority, Multifamily Housing,
$7,000,000 Hampton Hills Apartment Project,
FRDN, Rev., 3.40%, 09/02/98 $ 7,000,000
8,500,000 Holcomb Landing Apartments,
FRDN, Rev., 3.30%, 09/02/98 8,500,000
13,860,000 Residential Revenue Construction,
FRDN, Rev., 3.40%, 09/02/98 13,860,000
15,000,000 Spring Creed Crossing, FRDN,
Rev., 3.30%, 09/02/98 15,000,000
9,133,596 Georgia, Municipal Association
Pooled Bond, FRDN, COP,
3.20%, 09/03/98 9,133,596
Georgia State,
4,460,000 GO, 5.75%, 09/01/99 4,555,488
5,275,000 GO, 6.75%, 09/01/98 5,275,000
5,345,000 Macon-Bibb County, Georgia,
Hospital Authority, Medical Center
of Central Georgia, FRDN, Rev.,
3.35%, 09/03/98 5,345,000
Marietta Georgia Housing Authority,
Multifamily Housing,
6,325,000 Concepts 21 Apartments, FRDN,
Rev. 3.30%, 09/03/98 6,325,000
11,225,000 Winterset Apartments Project,
FRDN, Rev. 3.30%, 09/03/98 11,225,000
2,000,000 Monroe County, Georgia,
Development Authority, Pollution
Control, Georgia Power Co.,
Scherer, 1st Series, FRDN, Rev.,
3.60%, 09/01/98 2,000,000
-----------
109,569,084
-----------
Hawaii -- 5.1%
1,000,000 Hawaii State Airports Systems, Rev.,
7.10%, 07/01/99 1,027,270
16,000,000 Hawaii State, Highway
Improvements, FRDN, Rev.,
3.45%, 09/03/98 16,000,000
</TABLE>
See notes to financial statements.
10
<PAGE>
Chase Vista Tax Free Money Market Fund
Portfolio of Investments August 31, 1998 (continued)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
- -----------------------------------------------------------------------
<S> <C> <C>
State & Municipal Obligations -- (continued)
- -----------------------------------------------------------------------
Hawaii State,
$8,225,000 Series 2, FRDN, GO, 3.46%,
09/03/98 $8,225,000
14,755,000 Series 6, FRDN, GO, 3.75%,
09/03/98 14,755,000
25,635,000 Series 7, FRDN, GO, 3.77%,
09/03/98 25,635,000
----------
65,642,270
----------
Idaho -- 0.3%
3,800,000 Port Lewiston Port Facilities Idaho
Rev., Fribourg Investment Co.,
FRDN, Rev., 3.83%, 09/01/98 3,800,000
----------
Illinois -- 4.5%
5,000,000 Galesburg, Illinois, Knox College
Project, FRDN, Rev., 3.25%,
09/03/98 5,000,000
Illinois Development Financial
Authority, IDR,
2,000,000 Balspar Corp. Project, FRDN,
Rev., 3.45%, 09/03/98 2,000,000
3,605,000 CFC International Inc. Project,
FRDN, Rev., 3.40%, 09/03/98 3,605,000
4,990,000 Foundation for Safety & Health,
FRDN, Rev., 3.28%, 09/02/98 4,990,000
1,800,000 Revcor Inc. Project, FRDN, Rev.,
3.40%, 09/03/98 1,800,000
2,035,000 Toughy Ltd. Partnership Project,
FRDN, Rev., 3.40%, 09/02/98 2,035,000
Illinois Heath Care Facilities Authority,
5,300,000 Rehab Institution of Chicago
Project, FRDN, Rev., 3.75%,
09/03/98 5,300,000
10,000,000 The Carle Foundation, Series B,
FRDN, Rev., 3.25%, 09/03/98 10,000,000
3,330,000 Libertyville, Illinois, Industrial
Revenue, Libertyville Manor
Project, FRDN, Rev., 3.35%,
09/03/98 3,330,000
</TABLE>
See notes to financial statements.
11
<PAGE>
Chase Vista Tax Free Money Market Fund
Portfolio of Investments August 31, 1998 (continued)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
- -------------------------------------------------------------------
State & Municipal Obligations -- (continued)
- -------------------------------------------------------------------
<S> <C> <C>
$8,500,000 Lisle, Illinois, Multifamily Housing,
Ashley of Lisle Project, FRDN,
Rev., 3.35%, 09/02/98 $8,500,000
5,300,000 Plainfield Illinois, IDR, Plainfield
Molding Project, FRDN, Rev.,
3.40%, 09/03/98 5,300,000
3,000,000 Schaumburg, Illinois, Multifamily
Housing, Windsong Apartments
Project, FRDN, Rev., 3.28%,
09/02/98 3,000,000
2,425,000 Tinley Park, Illinois, Multifamily
Housing, Edgewater Walk IIIA &
IIIB, FRDN, Rev., 3.28%,
09/02/98 2,425,000
----------
57,285,000
----------
Indiana -- 1.6%
11,100,000 Indiana State Development Finance
Authority, Pollution Control,
Southern Indiana Gas & Electric
Co., Rev., 3.70%, 03/15/99 11,100,000
1,885,000 Lafayette Indiana Economic
Development, Health Quest Realty
XI, FRDN, Rev., 3.35%, 09/03/98 1,885,000
815,000 Muncie, Indiana, Economic
Development Rev., Health Quest
Realty Project, FRDN, Rev.,
3.35%, 09/03/98 815,000
Sullivan, Indiana, PCR, National
Rural, Hoosier,
2,000,000 Rev., 3.55%, 10/14/98 2,000,000
5,155,000 CP, 3.60%, 12/01/98 5,155,000
----------
20,955,000
----------
Iowa -- 0.3%
3,700,000 Iowa Financing Authority, Solid
Waste Disposal, Cedar River Paper
Co. Project, Series A, FRDN, Rev.,
3.75%, 09/02/98 3,700,000
----------
</TABLE>
See notes to financial statements.
12
<PAGE>
Chase Vista Tax Free Money Market Fund
Portfolio of Investments August 31, 1998 (continued)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
- ----------------------------------------------------------------------
State & Municipal Obligations -- (continued)
- ----------------------------------------------------------------------
<S> <C> <C>
Kansas -- 0.9%
$7,065,000 Kansas City, Kansas, Utilities System,
FRDN, Rev., 0.00%, 09/01/98 $7,065,000
2,150,000 Spring Hill, Kansas, Industrial Revenue,
Abrasive Engineering Project,
FRDN, Rev., 3.40%, 09/02/98 2,150,000
1,650,000 Wichita, Kansas, Airport Facilities,
Cessna Citation Center Project,
Series III, FRDN, Rev., 3.55%,
09/02/98 1,650,000
----------
10,865,000
----------
Kentucky -- 1.2%
4,700,000 Boone County, Kentucky IDR,
Curtin Matheson Science Inc.,
FRDN, 3.40%, 09/02/98 4,700,000
11,000,000 Jefferson County, Kentucky, Board of
Education, Series N, RANS,
3.66%, 06/30/99 11,001,734
----------
15,701,734
----------
Louisiana -- 5.0%
20,000,000 East Baton Rouge, Louisiana,
Mortgage Financing Authority,
Single Family Housing, Series C-4,
Rev., 3.55%, 12/03/98 20,000,000
New Orleans, Louisiana, Aviation Board,
1,775,000 Series A, FRDN, Rev., 3.30%,
09/02/98 1,775,000
22,730,000 Series B, FRDN, Rev., 3.30%,
09/02/98 22,730,000
19,475,000 New Orleans, Louisiana, Home
Mortgage Authority, Single Family
Mortgage, FNMA & GNMA,
Series 2, Rev., 3.70%, 09/01/98 19,475,000
----------
63,980,000
----------
Maryland -- 3.2%
725,000 Baltimore County, Maryland, Golf
Systems, FRDN, Rev., 3.30%,
09/02/98 725,000
</TABLE>
See notes to financial statements.
13
<PAGE>
Chase Vista Tax Free Money Market Fund
Portfolio of Investments August 31, 1998 (continued)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
- ------------------------------------------------------------------
State & Municipal Obligations -- (continued)
- ------------------------------------------------------------------
<S> <C> <C>
$5,805,000 Howard County, Maryland
Multifamily Housing, Sherwood
Crossing Ltd., Rev., 3.85%,
06/01/99 $5,805,000
2,500,000 Maryland State, Community
Development Administration,
Department of Housing &
Community Development,
Residential Series C, Rev., 3.80%,
04/01/99 2,500,000
4,000,000 Maryland State, Department of
Transportation, Second Issue, Rev.,
6.70%, 11/15/98 4,063,296
5,000,000 Maryland State, Health & Higher
Educational Facilities Authority,
Helix Health Hospital Issue, Series
A, FRDN, Rev. 3.25%, 09/03/98 5,000,000
22,905,000 Maryland State, MTC No. 14, Class
A, FRDN, GO, 3.72%, 09/03/98 22,905,000
----------
40,998,296
----------
Massachusetts -- 0.2%
1,070,000 Massachusetts State, Housing Finance
Agency, Housing Development,
Series A, Rev., 3.70%, 12/01/98 1,070,000
1,000,000 Massachusetts State, Industrial
Finance Agency, America Inc., Rev.,
5.10%, 03/01/99 1,005,333
----------
2,075,333
----------
Michigan -- 2.7%
3,600,000 Delta County, Michigan, Economic
Development Corp.,
Environmental Improvement,
Dates-Mead-Escanaba Paper, Series
E, FRDN, Rev., 3.25%, 09/01/98 3,600,000
</TABLE>
See notes to financial statements.
14
<PAGE>
Chase Vista Tax Free Money Market Fund
Portfolio of Investments August 31, 1998 (continued)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
- ----------------------------------------------------------------------
State & Municipal Obligations -- (continued)
- ----------------------------------------------------------------------
<S> <C> <C>
$20,000,000 Michigan State, Building Authority,
Rev., TRAN, 3.70%, 10/01/98 $20,000,000
1,570,000 Michigan State, Housing
Development Authority, Rental
Housing, Series A, Rev., 4.60%,
04/01/99 1,576,606
1,175,000 Michigan State, Strategic Fund Ltd.,
Obligation Rev., Wayne Disposal,
Oakland Project, FRDN, Rev.,
3.40%, 09/02/98 1,175,000
8,300,000 Michigan State, Trunk Line, Series 21,
FRDN, Rev., 3.72%, 09/03/98 8,300,000
-----------
34,651,606
-----------
Minnesota -- 2.4%
13,005,000 Eden Prairie, Minnesota, Multifamily
Housing, Park at City West
Project, FRDN, Rev., 3.35%,
09/04/98 13,005,000
7,000,000 Minnesota School Districts Tax &
Aid Anticipation Borrowing
Program, Series B, COP, 3.63%,
08/27/99 7,000,000
5,005,000 Minnesota State, Housing Finance
Agency, Single Family Mortgage,
Series H, Rev., 4.15%, 12/01/98 5,010,954
5,000,000 Rochester, Minnesota, Health Care
Facilities, MAYO Foundation,
MAYO Medical Center, Series C.,
Rev., 6.85%, 11/15/98 5,030,738
-----------
30,046,692
-----------
Mississippi -- 0.5%
4,050,000 Mississippi Business Financial Corp.,
IDR, Choctaw Maid Farms, Inc.
Project, FRDN, Rev., 3.45%,
09/02/98 4,050,000
</TABLE>
See notes to financial statements.
15
<PAGE>
Chase Vista Tax Free Money Market Fund
Portfolio of Investments August 31, 1998 (continued)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
- ------------------------------------------------------------------
State & Municipal Obligations -- (continued)
- ------------------------------------------------------------------
<S> <C> <C>
$1,800,000 Perry County, Mississippi Pollution
Control, Leaf River Forest Project,
FRDN, Rev., 3.35%, 09/03/98 $1,800,000
----------
5,850,000
----------
Missouri -- 2.7%
1,000,000 Macon, Missouri, IDA, Health Care
Realty Macon, FRDN, 3.68%,
09/01/98 1,000,000
4,045,000 Kansas City, Missouri, IDA,
Multifamily Housing, Woodlands
Partners Project, FRDN, Rev.,
3.90%, 09/03/98 4,045,000
Missouri Higher Education Loan
Authority, Student Loan,
2,600,000 Senior Lien, Series A, Rev., 5.38%,
02/15/99 2,619,307
10,200,000 Series B, FRDN, Rev., 3.50%,
09/02/98 10,200,000
12,860,000 Missouri State, Environmental
Improvements & Energy Research
Authority, PCR, Union Electric
Co., Series B, FRDN, Rev., 3.75%,
06/01/99 12,860,000
3,500,000 Missouri State, Health & Educational
Facilities Authority, St. Francis
Medical Center, Series A, FRDN,
Rev. 3.65%, 09/01/98 3,500,000
----------
34,224,307
----------
Montana -- 0.1%
1,000,000 Osage Beach Montana, IDA, Health
Care Realty Osage, FRDN, Rev.,
3.68%, 09/01/98 1,000,000
----------
Nebraska -- 0.3%
1,500,000 Omaha Public Power District,
Nebraska Electric, Series D, Rev.,
4.25%, 02/01/99 1,503,959
</TABLE>
See notes to financial statements.
16
<PAGE>
Chase Vista Tax Free Money Market Fund
Portfolio of Investments August 31, 1998 (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.
3.45%, 09/03/98 $2,400,000
----------
3,903,959
----------
Nevada -- 0.7%
4,400,000 Nevada State, Municipal Securities,
Trust Receipts, Series SGB 31,
FRDN, GO, 3.46%, 09/03/98 4,400,000
4,440,000 Nevada State, Series 8, FRDN, GO,
3.90%, 09/03/98 4,440,000
----------
8,840,000
----------
New Hampshire -- 0.1%
1,760,000 New Hampshire, State Business
Financing Authority Industrial
Facilities, Nickerson Assembly Co.,
FRDN, Rev., 3.40%, 09/03/98 1,760,000
----------
New Mexico -- 0.5%
6,000,000 New Mexico, State Highway
Community, Sub Lien, FRDN,
Rev., 3.30%, 09/02/98 6,000,000
----------
New York -- 5.3%
Eagle Tax Exempt Trust, Weekly
Option Mode,
9,800,000 Certificate, Series 94-4904, FRDN,
Rev., 3.56%, 09/03/98 9,800,000
14,600,000 Certificate, Series 95-3202, Class A,
FRDN, Rev., 3.46%, 09/01/98 14,600,000
15,100,000 Certificate, Series 97C1002, Class
A, FRDN, Rev., 3.70%, 08/05/99 15,100,000
New York City, New York,
2,200,000 Sub-Series E2, FRDN, GO,
3.50%, 09/01/98 2,200,000
5,200,000 Sub-Series E-3, FRDN, GO,
3.50%, 09/01/98 5,200,000
21,300,000 Sub-Series E-5, FRDN, GO,
3.50%, 09/01/98 21,300,000
----------
68,200,000
----------
</TABLE>
See notes to financial statements.
17
<PAGE>
Chase Vista Tax Free Money Market Fund
Portfolio of Investments August 31, 1998 (continued)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
- ---------------------------------------------------------------------
State & Municipal Obligations -- (continued)
- ---------------------------------------------------------------------
<S> <C> <C>
North Carolina -- 1.2%
$ 1,000,000 Guilford County, North Carolina,
Industrial Facilities & Pollution
Control Financing Authority,
Neal Manufacturing, FRDN,
Rev., 3.40%, 09/03/98 $1,000,000
7,755,000 North Carolina, Educational Facilities
Finance Agency, Brevard College
Corporation, FRDN, Rev., 3.30%,
09/02/98 7,755,000
6,700,000 Winston Salem, North Carolina,
Municipal Leasing Corp., FRDN,
COPS, 3.40%, 09/03/98 6,700,000
----------
15,455,000
----------
North Dakota -- 0.2%
2,500,000 Mercer County, North Dakota, Solid
Waste Disposal, National Rural
Utilities, United Power Project,
Rev., 3.75%, 12/01/98 2,500,000
----------
Ohio -- 2.9%
5,000,000 Clinton County, Ohio, Ohio Hospital
Capital Inc., FRDN, Rev., 3.35%,
09/02/98 5,000,000
7,465,000 Franklin County, Ohio Hospital, U.S.
Health Corp., Series A, FRDN,
Rev., 3.30%, 09/03/98 7,465,000
1,500,000 Montgomery County, Ohio,
Multifamily Housing, Pedcor
Investments, Lyons Gate, Series A,
FRDN, Rev. 3.40%, 09/03/98 1,500,000
3,900,000 Ohio State, Air Quality Development
Authority, JMG FDG Ltd.
Partnership, Series A, FRDN, Rev.,
3.35%, 09/02/98 3,900,000
1,650,000 Ohio State, Building Authority, State
Facilities, Arts Facilities Building
Fund, Series A, Rev., 5.00%,
10/01/98 1,651,577
</TABLE>
See notes to financial statements.
18
<PAGE>
Chase Vista Tax Free Money Market Fund
Portfolio of Investments August 31, 1998 (continued)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
- ---------------------------------------------------------------------
State & Municipal Obligations -- (continued)
- ---------------------------------------------------------------------
<S> <C> <C>
$17,000,000 Ohio State, Housing Financing
Agency, Residential Notes Series
A-2, Rev., 3.80%, 03/01/99 $17,000,000
-----------
36,516,577
-----------
Pennsylvania -- 6.2%
4,000,000 Beaver County, Pennsylvania, IDA,
PCR, Ohio Edison Co., Series A,
Rev., 4.05%, 04/01/99 4,010,777
12,000,000 Cambria County, Pennsylvania, IDA,
Cambria Cogen Co., Project, Series
V-1, FRDN, 3.45%, 09/03/98 12,000,000
Dauphin County, Pennsylvania,
General Authority, Allhealth Pooled
Financing Program,
5,000,000 Series A, FRDN, Rev., 3.75%,
09/02/98 5,000,000
25,000,00 0 Series PG-A, FRDN, Rev., 3.35%,
09/02/98 25,000,000
5,000,000 Series PG-B, FRDN, Rev., 3.35%,
09/01/98 5,000,000
10,700,000 Delaware Valley, Pennsylvania,
Regional Finance Authority, Local
Government Revenue, BMTF-
Mode 1, FRDN, Rev., 3.20%,
09/02/98 10,700,000
6,735,000 Emmaus, Pennsylvania, General
Authority, FRDN, Rev., 3.25%,
09/02/98 6,735,000
3,135,000 Montgomery County, Pennsylvania,
Higher Education Authority,
Philadelphia Presbyterian Project,
FRDN, Rev., 3.35%, 09/03/98 3,135,000
7,900,000 York, Pennsylvania, General Authority
Pooled Financing, FRDN, Rev.
3.30%, 09/03/98 7,900,000
-----------
79,480,777
-----------
</TABLE>
See notes to financial statements.
19
<PAGE>
Chase Vista Tax Free Money Market Fund
Portfolio of Investments August 31, 1998 (continued)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
- ---------------------------------------------------------------------
State & Municipal Obligations -- (continued)
- ---------------------------------------------------------------------
<S> <C> <C>
Rhode Island -- 1.1%
$3,700,000 Rhode Island State, Industrial
Facilities Corp., Blackstone Valley
Electric Co., FRDN, Rev., 3.40%,
09/02/98 $3,700,000
10,000,000 Rhode Island State, Multi-Modal,
FRDN, GO, 3.60%, 09/02/98 10,000,000
----------
13,700,000
----------
South Carolina -- 1.5%
9,000,000 Berkeley County, South Carolina,
PCF, Alumax Project, Rev., 3.30%,
05/01/99 9,000,000
10,000,000 South Carolina, Jobs Economic
Development Authority, Health
Facilities, Greenville Baptist Project,
FRDN, Rev., 3.35%, 09/03/98 10,000,000
----------
19,000,000
----------
Tennessee -- 1.8%
9,165,000 Chattanooga, Tennessee, Series 1,
FRDN, Rev., 3.46%, 09/03/98 9,165,000
7,000,000 Metropolitan Government of
Nashville & Davidson County,
Tennessee, Health & Educational
Board, Vanderbilt University,
Series 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., 3.45%,
09/02/98 6,155,000
900,000 South Pittsburgh Tennessee, Industrial
Development, Lodge Manufacturing
Co. Project, FRDN, Rev., 3.45%,
09/02/98 900,000
----------
23,220,000
----------
</TABLE>
See notes to financial statements.
20
<PAGE>
Chase Vista Tax Free Money Market Fund
Portfolio of Investments August 31, 1998 (continued)
<TABLE>
<CAPTION>
Principal
Amount Iissuer Value
- --------------------------------------------------------------------
State & Municipal Obligations -- (continued)
- --------------------------------------------------------------------
<S> <C> <C>
Texas -- 16.6%
$4,000,000 Austin, Texas, Airport Systems, Series
A, FRDN, Rev., 3.25%, 09/02/98 $4,000,000
5,120,000 Austin, Texas, Utility System, Series
A, Rev., 7.80%, 11/15/98 5,264,450
4,250,000 Bell County, Texas, Health Facilities
Development Corp., Southern
Healthcare Systems, Project C,
FRDN, Rev., 3.30%, 09/03/98 4,250,000
2,000,000 Bell County, Texas, IDA, Franklin
Industries, FRDN, 3.28%, 09/03/98 2,000,000
11,400,000 Bexar County, Texas, Housing
Finance Corp., Multifamily
Housing, Shallow Creek
Apartments Project, FRDN, Rev.,
3.80%, 09/03/98 11,400,000
1,245,000 Brazos, Texas, Higher Education
Authority, Inc., Series A-1, FRDN,
Rev., 5.50%, 12/01/98 1,250,694
19,600,000 Carroll, Texas, Independent School
District, FRDN, GO, 3.35%,
09/02/98 19,600,000
3,615,000 Dallas County, Texas, Series C, GO,
3.70%, 06/15/99 3,615,000
Dallas-Fort Worth, Texas, Regional
Airport,
300,000 Series A-CR-103, Rev., 3.75%,
11/01/98 300,000
4,000,000 Series A-CR-104, Rev., 3.75%,
11/01/98 4,000,000
5,065,000 Series A-CR-105, Rev., 3.75%,
11/01/98 5,065,000
1,000,000 Series A-CR-107, Rev., 3.75%,
11/01/98 1,000,000
6,300,000 Denton City, Texas, IDR, Hydro
Conduit Corp., FRDN, Rev.,
3.40%, 09/02/98 6,300,000
12,500,000 Greater East Texas, Higher Education,
Series B, Rev., 3.80%, 05/01/99 12,500,000
</TABLE>
See notes to financial statements.
21
<PAGE>
Chase Vista Tax Free Money Market Fund
Portfolio of Investments August 31, 1998 (continued)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
- ---------------------------------------------------------------------
State & Municipal Obligations -- (continued)
- ---------------------------------------------------------------------
<S> <C> <C>
Greater Texas Student Loan Corp.,
Student Loan,
$6,000,000 Series A, FRDN, GO, 3.60%,
09/03/98 $6,000,000
4,250,000 Series B, FRDN, GO, 3.80%,
09/03/98 4,250,000
3,000,000 Guadalupe Blanco River Authority,
Texas IDC, IDR, The BOC Group
Inc. Project, FRDN, Rev., 3.35%,
09/03/98 3,000,000
Harris County, Texas, Health Facilities
Development Corp., St. Luke's
Episcopal Hospital,
6,800,000 Series A, FRDN, Rev., 3.65%,
09/01/98 6,800,000
10,000,000 Series B, FRDN, Rev., 3.65%,
09/01/98 10,000,000
7,575,000 Harris County, Texas, Housing
Finance Corp., Multifamily
Housing, Mills Apartment Project,
FRDN, Rev., 3.40%, 09/02/98 7,575,000
10,000,000 Harris County, Texas, Sub-Lien Toll
Road, Series C, FRDN, Rev.,
3.20%, 09/01/98 10,000,000
11,800,000 Harris County, Texas, Highway
Improvements, Toll Road, Series F,
FRDN, Rev., 3.20%, 09/03/98 11,800,000
3,700,000 Katy, Texas, Independent School
District, Series A, FRDN, GO
3.20%, 09/03/98 3,700,000
5,290,000 Lower Neches Valley Authority, Texas,
NRTC Project, Rev., 3.88%,
11/01/98 5,290,300
3,600,000 Midland, Texas, Independant School
District, FRDN, GO, 3.20%,
09/03/98 3,600,000
7,800,000 Plano, Texas, Independent School
District, School Improvements,
FRDN, GO, 3.65%, 03/04/99 7,800,000
</TABLE>
See notes to financial statements.
22
<PAGE>
Chase Vista Tax Free Money Market Fund
Portfolio of Investments August 31, 1998 (continued)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
- ---------------------------------------------------------------------
State & Municipal Obligations -- (continued)
- ---------------------------------------------------------------------
<S> <C> <C>
$12,400,000 Port Corpus Christi Authority, Texas,
Mueces County Marine Terminal,
Reynolds Metals Co., FRDN, Rev.,
3.60%, 09/02/98 $12,400,000
4,900,000 Richardson, Texas, Independent
School District, Series A, FRDN,
GO, 3.20%, 09/03/98 4,900,000
8,000,000 San Angelo, Texas, Independent
School District, FRDN, GO,
3.35%, 09/02/98 8,000,000
4,100,000 San Antonio, Texas, Housing Finance
Corp., Eagles Nest Apartments
Project, FRDN, Rev., 3.40%,
09/03/98 4,100,000
7,500,000 Texas State, Series A, BAN, 6.50%,
10/01/98 7,517,700
4,015,000 Texas State, University Systems,
Financing Systems, Series B, Rev.,
4.50%, 03/15/99 4,033,027
10,000,000 University of Texas, Rev., 3.60%,
10/15/98 10,000,000
-----------
211,311,171
-----------
Utah -- 1.3%
10,000,000 Intermountain Power Agency, Utah,
Power Supply, Series F, FRDN,
Rev., 3.45%, 09/15/98 10,000,000
4,000,000 Salt Lake City, Utah, GO, 4.00%,
12/15/98 4,003,321
2,500,000 Weber County, Utah, Series A, TAN
3.68%, 12/31/98 2,500,632
-----------
16,503,953
-----------
Virginia -- 0.1%
1,000,000 Henrico County, Virginia, GO,
6.80%, 10/01/98 1,014,855
-----------
</TABLE>
See notes to financial statements.
23
<PAGE>
Chase Vista Tax Free Money Market Fund
Portfolio of Investments August 31, 1998 (continued)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
- ------------------------------------------------------------------
State & Municipal Obligations -- (continued)
- ------------------------------------------------------------------
<S> <C> <C>
Washington -- 1.5%
$12,150,000 Eagle Tax Exempt Trust, Weekly
Option Mode, Certificate, Series
98-4704, Class A, FRDN, Rev.,
3.63%, 09/03/98 $12,150,000
5,800,000 Port Seattle, Washington, IDC,
Alaska Airlines Inc., FRDN, Rev.,
3.55%, 09/02/98 5,800,000
1,600,000 Redmond, Washington, Public Corp.
Industrial Revenue, Integrated
Circuits Project, FRDN, Rev.,
3.25%, 09/03/98 1,600,000
-----------
19,550,000
-----------
Wisconsin -- 1.2%
6,500,000 Byron, Wisconsin, IDR, Ocean Spray
Inc., FRDN, 3.35%, 09/01/98 6,500,000
1,000,000 Fairwater, Wisconsin, IDR, Dean
Foods Co. Project, FRDN, Rev.,
3.35%, 09/03/98 1,000,000
2,000,000 Menomonee Falls, Wisconsin, IDA,
Butler Paper Co. Project, FRDN,
Rev., 3.35%, 09/03/98 2,000,000
1,000,000 Milwaukee, Wisconsin, Metropolitan
Sewer District, Series A, GO,
6.50%, 10/01/98 1,002,170
Wisconsin, State Health &
Educational Facilities,
600,000 Alverno College Project, FRDN,
Rev., 3.70%, 09/01/98 600,000
4,500,000 Wheaton Franciscan Services,
FRDN, Rev., 3.22%, 09/03/98 4,500,000
-----------
15,602,170
-----------
Wyoming -- 0.1%
1,800,000 Green River, Wyoming, PCR, Texas
Gulf Project, FRDN, Rev., 3.55%,
09/03/98 1,800,000
- ------------------------------------------------------------------
</TABLE>
See notes to financial statements.
24
<PAGE>
Chase Vista Tax Free Money Market Fund
Portfolio of Investments August 31, 1998 (continued)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
- ------------------------------------------------------------------
State & Municipal Obligations -- (continued)
- ------------------------------------------------------------------
<S> <C> <C>
Total State & Municipal
Obligations --
(Cost $1,258,488,299) $1,258,488,299
- ------------------------------------------------------------------
Shares
- ------------------------------------------------------------------
Money Market Funds -- 2.2%
- ------------------------------------------------------------------
24,180,000 AIM Tax Free Investment Trust 24,180,000
4,415,000 Provident Municipal Money Market
Fund 4,415,000
--------------
Total Money Market Funds
(Cost $28,595,000) 28,595,000
- ------------------------------------------------------------------
Total Investments -- 100.9%
(Cost $1,287,083,299)** $1,287,083,299
- ------------------------------------------------------------------
</TABLE>
See notes to financial statements.
25
<PAGE>
Chase Vista New York Tax Free Money Market Fund
as of August 31, 1998
(unaudited)
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
Net assets $1.4 Billion
Average maturity 61 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
<TABLE>
<S> <C>
1-7 days ...................... 67.82%
8-30 days ..................... 5.79%
31-90 days .................... 5.79%
91-180 days ................... 3.27%
181-270 days .................. 4.50%
271+ days ..................... 12.83%
</TABLE>
26
<PAGE>
Chase Vista New York Tax Free Money Market Fund
as of August 31, 1998
(unaudited)
How Much of the Fund Was Invested
[PIE CHART]
<TABLE>
<S> <C>
Investments (97.5%)
Cash/Other (2.5%)
</TABLE>
[END PIE CHART]
Yields
<TABLE>
<CAPTION>
7-Day Taxable
SEC Yield(1) Equivalent Yield(2)
<S> <C> <C>
Vista Shares 2.74% 5.11%
</TABLE>
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.
1 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 2.62%. This voluntary waiver may be modified
or terminated at any time, which would reduce performance.
2 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 46.43%
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 August 31, 1998
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
- ------------------------------------------------------------------
<S> <C> <C>
Bond Anticipation Notes -- 4.0%
-------------------------------
$4,000,000 Albany, New York, City School
District, 4.00%, 12/04/98 $4,001,978
5,000,000 Bedford, New York, Central School
District, 4.25%, 12/17/98 5,007,050
3,600,000 Clarence, New York, 4.25%, 12/18/98 3,603,578
2,325,000 Elmira City, New York, 4.00%, 05/18/99 2,331,396
6,200,335 Geneva, New York, Series A, 4.00%,
06/03/99 6,210,199
4,300,000 Livingston County, New York,
4.00%, 03/05/99 4,308,829
4,000,000 Monroe County, New York, 4.00%,
07/23/99 4,013,750
5,000,000 Oswego County, New York, 4.00%,
05/06/99 5,005,854
2,310,000 South Glens Falls, New York, Central
School District, 4.00%, 07/15/99 2,316,791
6,300,000 Sullivan County, New York, 4.00%,
03/19/99 6,308,358
4,325,000 Ulster County, New York, 4.25%,
05/14/99 4,336,635
8,000,000 Union Endicott, New York, Central
School District, 4.00%, 06/22/99 8,015,465
----------
Total Bond Anticipation Notes 55,459,883
(Cost $55,459,883) ----------
Commercial Paper -- 11.9%
-------------------------
5,000,000 Long Island Power Authority,
New York, Electric Systems 3.70%,
09/09/98 5,000,000
11,500,000 Municipal Assistance Corporation,
New York City, New York, 3.45%,
09/04/98 11,500,000
New York City, Municipal Water
Financing Authority Water &
Sewer Systems,
10,100,000 Series 3, 3.55%, 09/08/98 10,100,000
8,800,000 Series 4, 3.60%, 11/05/98 8,800,000
14,000,000 Series 5, 3.55%, 10/19/98 14,000,000
</TABLE>
See notes to financial statements.
28
<PAGE>
Chase Vista New York Tax Free Money Market Fund
Portfolio of Investments August 31, 1998 (continued)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
- ---------------------------------------------------------------
<S> <C> <C>
New York City, New York,
$9,800,000 Series 1997 A, 3.50%, 09/23/98 $ 9,800,000
1,000,000 Series 97-A, 3.40%, 09/14/98 1,000,000
3,600,000 Series H3, 3.35%, 09/01/98 3,600,000
1,000,000 Series H3, 3.40%, 09/23/98 1,000,000
1,000,000 Series H3, 3.45%, 02/04/99 1,000,000
2,300,000 Series H3, 3.50%, 02/04/99 2,300,000
8,000,000 Series H3, 3.60%, 09/09/98 8,000,000
10,000,000 Series H3, 3.70%, 11/23/98 10,000,000
2,000,000 Series H4, 3.55%, 09/23/98 2,000,000
1,500,000 Series H4, 3.60%, 09/09/98 1,500,000
2,700,000 Series H6, 3.45%, 02/04/99 2,700,000
1,200,000 Series H6, 3.45%, 11/06/98 1,200,000
4,000,000 Series J2, 3.65%, 10/30/98 4,000,000
3,500,000 Series J2, 3.40%, 09/23/98 3,500,000
10,000,000 Series J3, 3.40%, 09/14/98 10,000,000
4,000,000 Series U, 3.45%, 09/08/98 4,000,000
11,600,000 Series U, 3.45%, 09/09/98 11,600,000
New York State, Environmental
Facilities,
3,000,000 Series 1997 A, 3.35%, 09/01/98 3,000,000
4,000,000 Series 1998 A, 3.65%, 09/03/98 4,000,000
New York State, Power Authority,
14,800,000 Series 2, 3.45%, 09/02/98 14,800,000
10,000,000 Series 2, 3.60%, 10/08/98 10,000,000
5,000,000 Series 2, 3.65%, 09/03/98 5,000,000
-----------
Total Commercial Paper 163,400,000
(Cost $163,400,000) -----------
General Obligations -- 0.7%
---------------------------
850,000 Buffalo, New York, General
Improvement, Series A, 3.70%,
02/01/99 850,000
664,000 Dunkirk, New York, School District,
4.30%, 03/01/99 665,918
3,300,000 New York City, New York, Series E,
4.70%, 02/15/99 3,316,628
1,325,000 Nyack, New York, Union Free School
District, 4.00%, 12/15/98 1,326,664
</TABLE>
See notes to financial statements.
29
<PAGE>
Chase Vista New York Tax Free Money Market Fund
Portfolio of Investments August 31, 1998 (continued)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
- ----------------------------------------------------------------
<S> <C> <C>
$ 960,000 Oneida County, New York, 4.00%,
03/15/99 $ 961,284
2,020,000 Suffolk County, New York, Series B,
4.50%, 11/01/98 2,022,283
----------
Total General Obligations 9,142,757
(Cost $9,142,757) ----------
Revenue Anticipation Notes -- 5.3%
----------------------------------
7,000,000 Binghamton, New York, Central
School District, 4.00%, 10/01/98 7,001,979
11,600,000 Board of Cooperative Educational
Services, New York, Sole
Supervisory District, Series B,
4.00%, 06/29/99 11,627,734
2,600,000 Chittenango, New York, Central
School District, 4.00%, 06/25/99 2,606,728
1,740,000 Homer, New York, Central School
District, 4.00%, 06/29/99 1,744,838
2,200,000 Mexico, New York, Central School
District, 4.00%, 06/23/99 2,203,414
25,000,000 Nassau County, New York, Series C,
4.00%, 04/13/99 25,064,393
18,000,000 Syracuse, New York, Series B, 4.50%,
10/30/98 18,021,453
4,348,000 Waverly, New York, Central School
District, 4.00%, 06/25/99 4,359,246
----------
Total Revenue Anticipation Notes 72,629,785
(Cost $72,629,785) ----------
Revenue Bonds -- 3.0%
---------------------
2,000,000 Albany, New York, Parking Authority,
6.88%, 11/01/98 2,010,266
Municipal Assistance Corp. for City
of New York, New York,
1,000,000 Series 67, 7.63%, 07/01/99 1,051,677
1,750,000 Series 68, 7.00%, 07/01/99 1,797,031
16,500,000 Series J, 5.50%, 07/01/99 16,736,641
</TABLE>
See notes to financial statements.
30
<PAGE>
Chase Vista New York Tax Free Money Market Fund
Portfolio of Investments August 31, 1998 (continued)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
- ----------------------------------------------------------------
<S> <C> <C>
New York City, New York, Municipal
Water Finance Authority, Water &
Sewer,
$1,710,000 Series A, 6.75%, 06/15/99 $1,775,490
2,000,000 Series A, 7.38%, 06/15/99 2,086,924
New York State, Dorm Authority,
5,775,000 Long Island Medical Center,
Series A, 7.75%, 09/28/98 5,907,140
2,000,000 State University Educational,
Series A, 7.13%, 05/15/99 2,084,263
1,255,000 New York State, Housing Finance
Agency, State University
Construction Project, Series A,
8.10%, 11/01/98 1,289,158
1,560,000 New York State, Medical Care
Facilities Finance Agency, 7.40%,
02/15/99 1,617,655
3,990,000 New York State, Thruway Authority,
Service Contract, Local Highway &
Bridge Transportation Fund, Series
A, 4.75%, 04/01/99 4,017,096
1,150,000 Triborough Bridge & Tunnel
Authority, New York, Series 0,
7.40%, 01/01/99 1,181,230
----------
Total Revenue Bonds 41,554,571
(Cost $41,554,571) ----------
Tax Anticipation Notes -- 9.9%
------------------------------
10,000,000 Brentwood, New York, Union Free
School District, 4.00%, 06/30/99 10,031,901
6,000,000 Clarence, New York, Central School
District, 4.00%, 06/30/99 6,016,770
1,000,000 Half Hollow Hills, New York, Central
School District, Huntington &
Babylon Counties, 3.90%,
06/25/99 1,002,750
6,000,000 Haverstraw Stoney Point, New York,
Central School District, 4.00%,
04/30/99 6,017,342
</TABLE>
See notes to financial statements.
31
<PAGE>
Chase Vista New York Tax Free Money Market Fund
Portfolio of Investments August 31, 1998 (continued)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
- -------------------------------------------------------------------
<S> <C> <C>
$1,000,000 Herricks, New York, Union Free
School District, 4.00%, 06/29/99 $ 1,003,502
8,000,000 Huntington, New York, Union Free
School District, 4.00%, 06/29/99 8,028,800
16,000,000 Lindherst, New York, Union Free
School District, 4.00%, 06/24/99 16,040,084
2,500,000 Middletown, New York, Series A,
3.90%, 02/26/99 2,503,292
4,000,000 Mount Sinai, New York, Union Free
School District, 4.00%, 06/30/99 4,012,757
15,000,000 Nassau County, New York, Series C,
+, 4.25%, 12/22/98 15,022,801
7,000,000 North Babylon, New York, Union
Free School District, 4.00%,
06/29/99 7,016,524
6,000,000 Northport-East Northport, New York,
Union Free School District, 4.00%,
06/30/99 6,018,873
Oceanside, New York, Union Free
School District, +,
9,000,000 3.75%, 06/25/99 9,010,601
2,900,000 3.90%, 06/25/99 2,906,832
1,000,000 4.00%, 06/25/99 1,003,138
2,000,000 Patchogue-Medford, New York,
Union Free School District, 3.78%,
06/29/99 2,002,872
10,000,000 Riverhead, New York, Central School
District, 3.75%, 06/25/99 10,005,467
8,000,000 Smithtown, New York, Central
School District, 3.90%, 06/25/99 8,018,833
5,000,000 Suffolk County, New York, Series II,
4.50%, 09/10/98 5,000,795
12,660,000 Valley Stream, New York, Central High
School District, 4.00%, 06/30/99 12,679,967
3,000,000 West Islip, New York, Union Free
School District, 4.00%, 06/30/99 3,008,363
-----------
Total Tax Anticipation Notes 136,352,264
(Cost $136,352,264) -----------
</TABLE>
See notes to financial statements.
32
<PAGE>
Chase Vista New York Tax Free Money Market Fund
Portfolio of Investments August 31, 1998 (continued)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
- ------------------------------------------------------------------
<S> <C> <C>
Floating Rate Demand Notes -- 63.8%
-----------------------------------
$ 810,000 Albany, New York IDA, Newkirk
Productions Inc. Project, Series A,
3.15%, 09/03/98 $ 810,000
900,000 Anaheim, California, 1993
Referendum Projects, 2.25%,
09/03/98 900,000
1,900,000 Babylon, New York, IDA, Edwin
Verger/Lambro Industries, 3.15%,
09/03/98 1,900,000
1,200,000 Broome County, New York, IDA,
Binghamton Realty Project, 3.00%,
09/03/98 1,200,000
300,000 California Health Facilities Financing
Authority, Floating-Pooled Loan
Program, Series B, 2.40%,
09/03/98 300,000
California State Economic Development
Financing Authority, IDR,
600,000 California Independent Systems
Project, Series A, 3.50%, 09/03/98 600,000
2,000,000 Standard Abrasives Manufacturing
Project, 2.90%, 09/03/98 2,000,000
410,000 California Statewide Communities
Development Corp., IDR, Evapco
Inc. Project, 2.80%, 09/01/98 410,000
800,000 California State, Pollution Control
Financing Authority, Pollution
Control, Pacific Gas & Electric,
Series B, 2.45%, 09/03/98 800,000
Dutchess County, New York, IDA,
2,740,000 Laerdal Medical Corp., Project,
3.45%, 09/03/98 2,740,000
1,820,000 MR Association Facility, 3.20%,
09/03/98 1,820,000
Eagle Tax Exempt Trust, Weekly
Option Mode,
10,000,000 Series 94-3203, Class A, # 3.36%,
09/03/98 10,000,000
</TABLE>
See notes to financial statements.
33
<PAGE>
Chase Vista New York Tax Free Money Market Fund
Portfolio of Investments August 31, 1998 (continued)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
- -------------------------------------------------------------------
<S> <C> <C>
$8,805,000 Series 94-3205, Class A, 3.36%,
09/03/98 $8,805,000
9,910,000 Series 94-3208, Class A, 3.36%,
09/03/98 9,910,000
13,800,000 Series 95-3203, Class A, 3.36%,
09/03/98 13,800,000
14,850,000 Series 96-3208, Class A, 3.36%,
09/03/98 14,850,000
7,000,000 Series 96-3202, Class A, 3.36%,
09/03/98 7,000,000
11,000,000 Series 96C-3203, Class A,
3.36%, 09/03/98 11,000,000
Erie County, New York, Water
Authority,
2,700,000 Series A, 2.80%, 09/03/98 2,700,000
400,000 Series B, 2.80%, 09/03/98 400,000
860,000 Glens Falls, New York, IDA, Rev.,
Broad Street Center Project,
3.20%, 09/03/98 860,000
3,280,000 Great Neck North, New York, Water
Authority, Water System, Series A,
3.05%, 09/03/98 3,280,000
300,000 Guilderland, New York, IDA,
Northeastern Industrial Park, Series
A, 3.00%, 09/03/98 300,000
3,000,000 Hempstead, New York, IDA, Trigen-
Nassau Energy Corp., 3.10%,
09/03/98 3,000,000
2,000,000 Islip, New York, IDA, Brentwood
Distributor Co. Facility, 3.20%,
09/03/98 2,000,000
1,400,000 Lewis County, New York, IDA,
Climax Manufacturing Co. Project,
3.15%, 09/03/98 1,400,000
300,000 Lincoln County, Wyoming, PCR,
Exxon Project, Series C, 3.65%,
09/03/98 300,000
</TABLE>
See notes to financial statements.
34
<PAGE>
Chase Vista New York Tax Free Money Market Fund
Portfolio of Investments August 31, 1998 (continued)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
- ----------------------------------------------------------------
<S> <C> <C>
Long Island Power Authority,
New York State, Electric Systems,
$ 6,800,000 Series 1, 3.15%, 09/03/98 $6,800,000
900,000 Series 6, 3.60%, 09/01/98 900,000
5,300,000 Series 43A, 3.41%, 09/03/98 5,300,000
1,100,000 Series 43B, 3.41%, 09/03/98 1,100,000
5,300,000 Series 43C, 3.41%, 09/03/98 5,300,000
5,300,000 Series 43D, 3.41%, 09/03/98 5,300,000
5,300,000 Series 43F, 3.73%, 09/03/98 5,300,000
3,900,000 Series 43G, 3.41%, 09/03/98 3,900,000
4,000,000 Long Island Power Authority, New
York State, Municipal Securities
Trust Certificates 1998-52,
Class A, 3.45%, 09/03/98 4,000,000
Long Island Power Authority, New
York, Municipal Securities Trust
Certificates,
9,645,000 Series 1998-53, Class A, 3.45%,
09/03/98 9,645,000
4,130,000 Series 1998-56, Class A, 3.60%,
09/03/98 4,130,000
300,000 Los Angeles California Community
Redevelopment Agency, 2.50%,
09/03/98 300,000
700,000 Los Angeles County, California,
Pension Obligation, Series B,
2.25%, 09/03/98 700,000
Metropolitan Transportation
Authority, New York,
3,000,000 Commuter Facilities, Municipal
Securities Trust Receipt, Series
SAK 4, 3.40%, 09/03/98 3,000,000
6,195,000 Commuter Facilities, PT 1052A,
3.43%, 09/03/98 6,195,000
1,945,000 Transit Facilities, Series PA 356,
3.43%, 09/03/98 1,945,000
Monroe County, New York, IDA,
3,775,000 Columbia Sussex Corp., 5.00%,
09/03/98 3,774,059
</TABLE>
See notes to financial statements.
35
<PAGE>
Chase Vista New York Tax Free Money Market Fund
Portfolio of Investments August 31, 1998 (continued)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
- ---------------------------------------------------------------
<S> <C> <C>
$ 3,800,000 Public Improvement, Canal Ponds
Park, Series D, 3.20%, 09/03/98 $3,800,000
400,000 Montgomery, New York, IDA, Service
Merchandise Co., 3.55%, 09/03/98 400,000
1,000,000 M-S-R Public Power Agency,
California, San Juan Project,
Series G, 2.45%, 09/03/98 1,000,000
2,300,000 Nassau County, New York, IDA,
Civic Facilities, Cold Spring
Harbor Lab Project, 3.55%,
09/01/98 2,300,000
6,550,000 New York City, City Transitional
Finance Authority, Municipal
Securities Trust Receipts, Series
SGA 74, 3.75%, 09/01/98 6,550,000
New York City, City Trust for
Cultural Resource Recovery,
3,700,000 American Museum of Natural
History, Series B, 2.80%,
09/03/98 3,700,000
2,672,000 Carnegie Hall, 3.40%, 09/03/98 2,672,000
3,325,000 Solomon R. Guggenheim, Series B,
3.50%, 09/01/98 3,325,000
2,700,000 New York City, Health & Hospital
Corp., Health Systems, Series A,
2.80%, 09/03/98 2,700,000
New York City, Housing
Development Corp., Multifamily
Housing,
5,900,000 Columbus Apartments, Series A,
2.85%, 09/03/98 5,900,000
2,100,000 Columbus Apartments, Series A,
3.05%, 09/03/98 2,100,000
9,200,000 James Tower, 3.20%, 09/03/98 9,200,000
6,950,000 Parkgate Tower, Series 1, 3.15%,
09/03/98 6,950,000
5,000,000 Rent Housing, Carnegie Park,
Series A, 2.85%, 09/03/98 5,000,000
</TABLE>
See notes to financial statements.
36
<PAGE>
Chase Vista New York Tax Free Money Market Fund
Portfolio of Investments August 31, 1998 (continued)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
- --------------------------------------------------------------------
<S> <C> <C>
$1,500,000 Rent Housing, Columbus Green,
Series A, 2.85%, 09/03/98 $1,500,000
10,500,000 400 West 59th, Series A-1, 3.15%,
09/03/98 10,500,000
6,450,000 Special Obligation, Upper 5th Ave.
Project, Series A, 2.95%, 09/03/98 6,450,000
New York City, IDA,
2,800,000 Civil Facility, Calhoun School Inc.
Project, 2.90%, 09/03/98 2,800,000
1,500,000 Civil Facility, National Audubon
Society, 3.50%, 09/01/98 1,500,000
450,000 Series D, 2.95%, 09/03/98 450,000
700,000 Series D, 2.95%, 09/03/98 700,000
450,000 Series F, Marion Glass and
Window Shade Corp., 2.95%,
09/03/98 450,000
450,000 Series G, Monarch Construction
Corp., 2.95%, 09/03/98 450,000
700,000 Series I, 2.95%, 09/03/98 700,000
350,000 Series N, Spreading Machine
Exchange, Inc., 2.95%, 09/03/98 350,000
23,000,000 Special Facilities, Korean Air Lines,
Co., Series A, 3.00%, 09/03/98 23,000,000
3,800,000 Videotape Inc., Project, 3.20%,
09/03/98 3,800,000
New York City, Municipal Assistance
Corp.,
15,500,000 Sub. Series K-2, 2.75%, 09/03/98 15,500,000
12,700,000 Sub. Series L, 2.75%, 09/03/98 12,700,000
12,000,000 New York City, Municipal Assistance
Corp., Tender Option Certificates,
3.30%, 09/03/98 12,000,000
New York City, Municipal Securities
Trust Receipts,
9,000,000 Series SAK 1, 3.40%, 09/03/98 9,000,000
8,705,000 Series SGA 63, 3.75%, 09/01/98 8,705,000
800,000 Series SGB 33, 3.46%, 09/03/98 800,000
</TABLE>
See notes to financial statements.
37
<PAGE>
Chase Vista New York Tax Free Money Market Fund
Portfolio of Investments August 31, 1998 (continued)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
- ---------------------------------------------------------------------
<S> <C> <C>
New York City, Municipal Water
Financing Authority Water &
Sewer Systems,
$28,200,000 Municipal Securities Trust Receipts,
Series 26, +, 3.46%, 09/03/98 $28,200,000
7,255,000 Municipal Securities Trust Receipts,
Series SGA 13, 3.39%, 09/03/98 7,255,000
12,890,000 Municipal Securities Trust Receipts,
Series SGB 25, 3.46%, 09/03/98 12,890,000
3,700,000 Municipal Securities Trust Receipts,
Series SGB 27, 3.46%, 09/03/98 3,700,000
1,800,000 Series 5, 3.60%, 09/03/98 1,800,000
2,980,000 Series C, 3.65%, 09/01/98 2,980,000
3,100,000 Series C, 3.65%, 09/01/98 3,100,000
New York City, New York,
11,475,000 Series A-9, 3.05%, 09/03/98 11,475,000
5,000,000 Series A, 3.40%, 09/03/98 5,000,000
1,900,000 Series B through Sub-Series B-4,
3.65%, 09/01/98 1,900,000
12,900,000 Series B through Sub-Series B-10,
2.85%, 09/03/98 12,900,000
2,000,000 Series B through Sub-Series B-7,
3.65%, 09/03/98 2,000,000
11,800,000 Series B through Sub-Series B-8,
2.85%, 09/03/98 11,800,000
6,000,000 Series D, 3.15%, 09/03/98 6,000,000
17,300,000 Series D, 3.36%, 09/01/98 17,300,000
8,500,000 Series F-6, 3.20%, 09/03/98 8,500,000
10,000,000 Series PT 1038, 3.46%, 09/03/98 10,000,000
8,015,000 Sub-Series A-6, 3.05%, 09/03/98 8,015,000
1,400,000 Sub-Series A-8, 3.65%, 09/01/98 1,400,000
2,370,000 Sub-Series A-8, 3.65%, 09/01/98 2,370,000
4,900,000 Sub-Series B8, 2.85%, 09/02/98 4,900,000
8,800,000 Sub-Series E2, 3.30%, 09/01/98 8,800,000
1,000,000 Sub-Series E-5, 3.50%, 09/01/98 1,000,000
400,000 Sub-Series E-5, 3.50%, 09/01/98 400,000
New York State, Dorm Authority,
Municipal Securities Trust Receipts,
10,000,000 Series A13, Reg D, 3.60%, 09/03/98 10,000,000
</TABLE>
See notes to financial statements.
38
<PAGE>
Chase Vista New York Tax Free Money Market Fund
Portfolio of Investments August 31, 1998 (continued)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
- -----------------------------------------------------------------
<S> <C> <C>
$9,500,000 New York State, Dorm Authority,
Series A14, 3.41%, 07/01/08 $9,500,000
2,865,000 Series AK 17, 3.40%, 09/03/98 2,865,000
5,500,000 Series 28, 3.60%, 09/03/98 5,500,000
5,515,000 Series PA 279, 3.43%, 09/03/98 5,515,000
4,380,000 Series PA 390, 3.37%, 09/03/98 4,380,000
16,600,000 Wagner College, 3.00%, 09/02/98 16,600,000
New York State, Energy Research &
Development Authority, Gas
Facilities,
4,100,000 Brooklyn Union Gas Project, Series
A-1, 3.05%, 09/03/98 4,100,000
8,100,000 Brooklyn Union Gas Project, Series
A-2, 3.00%, 09/03/98 8,100,000
14,500,000 Brooklyn Union Gas Project, Series
A-3, 3.20%, 09/03/98 14,500,000
New York State, Energy Research &
Development Authority, PCR,
5,600,000 Central Hudson Gas & Electric
Co. Series B, 2.85%, 09/03/98 5,600,000
3,500,000 Central Hudson Gas & Electric,
Co. Series B, 3.00%, 09/03/98 3,500,000
10,600,000 Hudson Gas & Electric Co.,
3.00%, 09/03/98 10,600,000
1,700,000 New York State Electric & Gas,
Series B, 3.65%, 09/03/98 1,700,000
2,300,000 New York State Electric & Gas,
Series C, 3.55%, 09/01/98 2,300,000
2,200,000 Niagara Mohawk Power Corp.,
Project A, 3.50%, 09/01/98 2,200,000
12,100,000 Orange & Rockland Project,
Series A, 2.80%, 09/03/98 12,100,000
3,300,000 Orange & Rockland Utilities,
Series A, 2.80%, 09/03/98 3,300,000
3,000,000 Rochester Gas & Electric Corp.,
Series B, 3.05%, 09/03/98 3,000,000
14,100,000 Series C, 2.80%, 09/03/98 14,100,000
</TABLE>
See notes to financial statements.
39
<PAGE>
Chase Vista New York Tax Free Money Market Fund
Portfolio of Investments August 31, 1998 (continued)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
- ------------------------------------------------------------------
<S> <C> <C>
$1,200,000 New York State, Environmental
Facilities Corp., Resource Recovery,
OFS Equity Huntington Project,
3.70%, 09/03/98 $1,200,000
New York State, Housing Finance
Agency,
1,060,000 Multifamily Mortgage, Series E,
3.00%, 09/03/98 1,060,000
13,200,000 Normandte Court II, Series A,
3.00%, 09/03/98 13,200,000
5,150,000 Residential Insured, Series A,
3.00%, 09/03/98 5,150,000
10,000,000 Tribeca Landing Housing, Series A,
2.95%, 09/03/98 10,000,000
12,700,000 Tribeca Park Housing, Series A,
2.95%, 09/03/98 12,700,000
5,000,000 Union Square South Housing,
2.95%, 09/03/98 5,000,000
New York State, Job Development
Authority,
2,000,000 Series A-1 through A-42, 3.63%,
09/01/98 2,000,000
4,000,000 Series B-1 through B-21, 3.35%,
09/01/98 4,000,000
1,000,000 Series B-1 through B-9, 3.25%,
09/01/98 1,000,000
900,000 Special Purpose Series A-1 through
A-25, 3.70%, 09/01/98 900,000
New York State, Local Government
Assistance Corp.,
28,890,000 Series A, 2.85%, 09/03/98 28,890,000
1,000,000 Series B, 2.75%, 09/03/98 1,000,000
10,800,000 Series B, 2.75%, 09/03/98 10,800,000
11,700,000 Series D, 3.00%, 09/03/98 11,700,000
4,800,000 Series E, 3.00%, 09/03/98 4,800,000
5,680,000 Series F, 2.80%, 09/03/98 5,680,000
22,600,000 Series G, 2.75%, 09/03/98 22,600,000
2,000,000 Trust Receipts, Series 22, 3.60%,
09/03/98 2,000,000
</TABLE>
See notes to financial statements.
40
<PAGE>
Chase Vista New York Tax Free Money Market Fund
Portfolio of Investments August 31, 1998 (continued)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
- -----------------------------------------------------------------
<S> <C> <C>
$ 4,600,000 Trust Receipts, Series 27, Reg D,
3.60%, 09/03/98 $4,600,000
New York State, Medcare Facilities
Finance Agency,
1,800,000 Trust Receipts, Series PT-100,
3.75%, 09/01/98 1,800,000
4,000,000 New York Hospital, Series A,
3.36%, 09/02/98 4,000,000
2,200,000 Series 24, 3.75%, 09/03/98 2,200,000
2,800,000 New York State, Mortgage Agency,
Trust Receipts, Series 24, 3.75%,
09/03/98 2,800,000
7,900,000 New York State, Thruway Authority,
Series PA 272, 3.43%, 09/03/98 7,900,000
7,500,000 Niagara Falls, New York, Bridge
Commission, Series A, 2.80%,
09/03/98 7,500,000
500,000 Orange County, California,
Apartment Development, Jess L.
Frost, Issue B, 2.70%, 09/03/98 500,000
2,950,000 Port Authority of New York & New
Jersey, Equipment Notes, Series 3,
3.25%, 09/03/98 2,950,000
1,200,000 Puerto Rico Commonwealth,
Government Development Bank,
2.50%, 09/03/98 1,200,000
1,900,000 Puerto Rico Industrial, Medical, &
Environmental, Higher
Education--Ana G. Mendez
Educational Foundation, 3.50%,
09/03/98 1,900,000
900,000 Rockland County, New York, IDA, X
Products Corp. Project, 3.35%,
09/03/98 900,000
300,000 San Bernardino County, California,
County Center Refinancing Project,
2.30%, 09/03/98 300,000
</TABLE>
See notes to financial statements.
41
<PAGE>
Chase Vista New York Tax Free Money Market Fund
Portfolio of Investments August 31, 1998 (continued)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
- ---------------------------------------------------------------------
<S> <C> <C>
$2,500,000 San Jose, California, Multifamily
Housing, Almaden Lake Village
Apartments, Series A, 2.50%,
09/03/98 $2,500,000
1,000,000 Santa Clara County, California,
El Camino California Hospital
District, Hospital Facilities
Authority, Valley Medical Center
Project, Series A, 2.50%, 09/03/98 1,000,000
800,000 Southern California, Public Power
Authority, Transmission Project,
Southern Transmission, 2.25%,
09/03/98 800,000
5,200,000 Suffolk County, New York, IDA,
Nissequogue Cogen Partners,
3.00%, 09/03/98 5,200,000
5,750,000 Suffolk County, New York, Series PA
273, 3.43%, 09/03/98 5,750,000
2,400,000 Suffolk County, New York, Water
Authority, 2.90%, 09/03/98 2,400,000
3,380,000 Syracuse, New York, IDA Civic Facility,
Multi-Modal Syracuse University
Project, 3.50%, 09/03/98 3,380,000
Triborough Bridge & Tunnel
Authority of New York,
10,100,000 Special Obligation, 2.80%,
09/03/98 10,100,000
500,000 Series PA 200, 3.43%, 09/03/98 500,000
375,000 Walnut, California Improvement
Agency, IDA, IDR, Fairway Molds
Project, 2.75%, 09/03/98 375,000
Yonkers, New York, IDA,
1,500,000 Civic Facilities, Consumers Union
Facility, 3.00%, 09/03/98 1,500,000
700,000 Civic Facilities, Consumers Union
Facility, 3.00%, 09/03/98 700,000
</TABLE>
See notes to financial statements.
42
<PAGE>
Chase Vista New York Tax Free Money Market Fund
Portfolio of Investments August 31, 1998 (continued)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
- --------------------------------------------------------------------
<S> <C> <C>
$ 8,100,000 Civic Facilities, Sarah Lawrence
College Project, 3.00%,
09/03/98 $ 8,100,000
--------------
Total Floating Rate Demand Notes
(Cost $875,306,059) 875,306,059
- --------------------------------------------------------------------
Total Investments -- 98.6%
(Cost $1,353,845,319)** $1,353,845,319
- --------------------------------------------------------------------
</TABLE>
See notes to financial statements.
43
<PAGE>
Chase Vista California Tax Free Money Market Fund
as of August 31, 1998
(unaudited)
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
Net assets $50 million
Average maturity 68 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
<TABLE>
<S> <C>
1-7 days ...................... 63.96%
8-30 days ..................... 7.54%
31-90 days .................... 9.40%
91-180 days ................... 0.41%
181-270 days .................. 3.10%
271+ days ..................... 15.59%
</TABLE>
44
<PAGE>
Chase Vista California Tax Free Money Market Fund
as of August 31, 1998
(unaudited)
How Much of the Fund Was Invested
[PIE CHART]
<TABLE>
<CAPTION>
<S> <C>
Investments (95.8%)
Cash/Other (4.2%)
</TABLE>
[END PIE CHART]
Yields
<TABLE>
7-Day Taxable
SEC Yield(1) Equivalent Yield(2)
<S> <C> <C>
Vista Shares 2.48% 4.53%
</TABLE>
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.
1 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 2.11%. This voluntary waiver may be modified
or terminated at any time, which would reduce performance.
2 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 45.22%
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.
45
<PAGE>
Chase Vista California Tax Free Money Market Fund
Portfolio of Investments August 31, 1998
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
- ----------------------------------------------------------------------
<S> <C> <C>
Commercial Paper -- 3.0%
------------------------
$ 1,500,000 Long Beach California Harbor, Series
A, 3.25% 09/03/98 $1,500,000
(Cost $1,500,000) ----------
General Obligations -- 2.2%
---------------------------
100,000 Puerto Rico Commonwealth, Public
Improvements, 5.75% 07/01/99 101,861
1,000,000 San Francisco, California City &
County Union School District,
4.50% 10/30/98 1,002,286
----------
Total General Obligations 1,104,147
(Cost $1,104,147) ----------
Revenue Bonds -- 7.6%
---------------------
750,000 California, Health Facilities Financing
Authority, Health Facility, Catholic
Health, Series A, 7.00% 07/01/99 786,462
250,000 Kern County, California, 4.75%
10/01/98 250,177
1,500,000 Los Angeles, California, Department
of Airports, Los Angeles
International Airport, Series D,
6.00% 05/15/99 1,523,574
250,000 Modesto, California, Irrigation
District Financing Authority,
Domestic Water Project, Series C,
4.20% 09/01/98 250,000
1,000,000 San Bernardino County, California,
West Valley Detention Center
Project, 7.60% 11/01/98 1,026,125
----------
Total Revenue Bonds 3,836,338
(Cost $3,836,338) ----------
Tax Anticipation Notes -- 25.6%
-------------------------------
2,150,000 California Community College
Finance Authority, Series B, 4.50%
09/30/98 2,151,337
</TABLE>
See notes to financial statements.
46
<PAGE>
Chase Vista California Tax Free Money Market Fund
Portfolio of Investments August 31, 1998 (continued)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
- --------------------------------------------------------------------
<S> <C> <C>
$ 500,000 California, Statewide Communities
Development Authority, Series B,
4.75% 09/30/98 $ 500,341
2,000,000 Fontana California, United School
District, 3.68% 07/09/99 2,005,246
2,700,000 Kern County, California, Board of
Education, 4.25% 06/30/99 2,713,919
2,000,000 Los Angeles, California, Tax &
Revenue Anticipation Notes,
Series A 4.50% 06/30/99 2,013,242
1,000,000 San Diego County, California, 4.50%
09/30/98 1,000,541
200,000 San Marcos, California, Public
Facilities Authority, Tax Allocation,
Series A, 5.30% 01/01/99 201,287
2,300,000 Stanislaus County, California, Office
of Education, 4.50% 11/04/98 2,303,351
----------
Total Tax Anticipation Notes 12,889,264
(Cost $12,889,264) ----------
Floating Rate Demand Notes -- 58.0%
935,000 Anaheim, California, Housing
Authority, Multifamily Housing,
Heritage Village Apartments, Series
A, 2.35% 09/03/98 935,000
300,000 California Pollution Control
Financing Authority, Resource
Recovery, OMS Equity Stanislaus
Project 3.50% 09/03/98 300,000
California Statewide Communities
Development Corp., ID,
1,000,000 Karcher Property Project, Series C,
2.65% 09/02/98 1,000,000
800,000 Peet's Coffee, Series E, 2.75%
09/02/98 800,000
California Statewide Community
Development Corp., IDR,
685,000 Instrument Specialties Co., 2.75%
09/02/98 685,000
</TABLE>
See notes to financial statements.
47
<PAGE>
Chase Vista California Tax Free Money Market Fund
Portfolio of Investments August 31, 1998 (continued)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
- --------------------------------------------------------------------
<S> <C> <C>
$ 400,000 Tri-Valley Growers, Series F, 2.65%
09/02/98 $ 400,000
500,000 Corona, California Multifamily
Housing, Country Hills Project,
Series B, 2.60% 09/03/98 500,000
California State, Municipal Securities
Trust Receipts,
2,300,000 Series 7, +, 3.30% 09/02/98 2,300,000
2,000,000 Series SGA 40, 3.30% 09/02/98 2,000,000
100,000 California State, Pollution Control
Financing Authority, PCR, Pacific
Gas & Electric, Series B, 2.45%
09/02/98 100,000
California State,
1,500,000 Series A5 3.65% 09/02/98 1,500,000
800,000 Series PT 1070, 3.26% 09/02/98 800,000
1,000,000 Irvine, California, Public Facilities &
Infrastructure Authority, Lease,
Capital Improvements Project,
2.50% 09/03/98 1,000,000
500,000 Kern County, California, Kern Public
Facilities Project, Series D, 2.35%
09/02/98 500,000
300,000 Los Angeles County, California,
Community Redevelopment
Agency, 2.50% 09/02/98 300,000
400,000 Los Angeles, California, Community
Redevelopment Agency, CMC
Medical Plaza Partner, 2.25%
09/03/98 400,000
300,000 Los Angeles County, California, IDA,
IDR, Hon Industries Inc. Project,
2.50% 09/02/98 300,000
100,000 Los Angeles County, California,
Metropolitan Transportation
Authority, Proposal C, Second Sr.
Series A, 2.35% 09/03/98 100,000
</TABLE>
See notes to financial statements.
48
<PAGE>
Chase Vista California Tax Free Money Market Fund
Portfolio of Investments August 31, 1998 (continued)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
- ---------------------------------------------------------------------
<S> <C> <C>
$ 1,000,000 Los Angeles, California, United School
District, Belmont Learning Complex,
Series A, 2.50% 09/02/98 $1,000,000
1,000,000 Monrovia, California, Unified School
District, Municipal Securities Trust
Receipt, Series 70, 3.25% 09/02/98 1,000,000
200,000 Moorpark California Multifamily
Housing, Le Club Apartments
Project, Series A, 2.40% 09/03/98 200,000
300,000 M-S-R Public Power Agency,
California, San Juan Project,
Series G, 2.45% 09/03/98 300,000
1,300,000 Oakland, California, Joint Powers
Financing Authority, Series A-2,
2.35% 09/03/98 1,300,000
1,200,000 Ontario, California, Redevelopment
Agency, IDR, SafariLand Project,
2.75% 09/02/98 1,200,000
1,500,000 Orange County, California,
Apartment Development, Jess L.
Frost, Issue B, 2.70% 09/03/98 1,500,000
Palm Springs California Community
Redevelopment Agency,
400,000 Headquarters Hot, Series 2, 2.60%
09/02/98 400,000
200,000 Headquarters Hot, Series 5, 2.60%
09/02/98 200,000
100,000 Headquarters Hot, Series 7, 2.60%
09/02/98 100,000
800,000 Puerto Rico Commonwealth,
Government Development Bank,
2.50% 09/02/98 800,000
3,200,000 Puerto Rico Industrial, Medical, &
Environmental, Higher
Education--Ana G. Mendez
Educational Foundation, 3.50%
09/02/98 3,200,000
</TABLE>
See notes to financial statements.
49
<PAGE>
Chase Vista California Tax Free Money Market Fund
Portfolio of Investments August 31, 1998 (continued)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
- ------------------------------------------------------------------
<S> <C> <C>
$ 400,000 Rancho Mirage, California,
Redevelopment Agency, 2.75%
09/03/98 $ 400,000
700,000 Riverside County, California, IDA,
IDR, Design Time Inc. Project,
Series I, 2.40% 09/02/98 700,000
San Bernardino County, California,
IDA,
100,000 County Center Refinancing Project,
2.30% 09/02/98 100,000
100,000 Industrial Development, Aqua-
Service, 2.75% 09/02/98 100,000
100,000 Series II, Master Halco Inc., 2.60%
09/01/98 100,000
100,000 Santa Clara, California, Electric
Revenue, Series B, 2.30% 09/02/98 100,000
300,000 San Diego County, California IDA,
Kaiser Aerospace & Electric, 2.90%
09/03/98 300,000
1,000,000 San Jose, California, Multifamily
Housing, Timberwood, Series A,
2.55% 09/02/98 1,000,000
700,000 South San Francisco, California,
Multifamily Housing, Magnolia
Plaza Apartments, Series A, 2.75%
09/02/98 700,000
600,000 Three Valleys Municipal Water
District, Miramar Water Treatment,
2.55% 09/02/98 600,000
-----------
Total Floating Rate Demand Notes
(Cost $29,220,000) 29,220,000
- ------------------------------------------------------------------
Total Investments -- 96.4%
(Cost $48,549,749)** $48,549,749
- ------------------------------------------------------------------
</TABLE>
See notes to financial statements.
50
<PAGE>
Chase Vista Funds
Portfolio of Investments August 31, 1998 (continued)
Index
<TABLE>
<S> <C>
abrv--description
#--Security may only be sold to qualified institutional buyers.
**--The cost of securities is substantially the same for federal income tax purposes.
+--All or a portion of this security is segregated.
BAN--Bond Anticipation Note
COP--Certificate of Participation
CP--Commercial Paper
Dorm--Dormitory
FNMA--Federal National Mortgage Association
FRDN--Floating Rate Demand Note: The maturity date shown is the later of
the next interest reset date or the put date; the rate shown is the rate in effect at
August 31, 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
MTC--Municipal Transporation Certificates
PCR--Pollution Control Revenue
PCF--Pollution Control Facilities
RANS--Revenue Anticipation Note
Rev.--Revenue Bond
TAN--Tax Anticipation Note
TRAN--Tax & Revenue Anticipation Note
</TABLE>
See notes to financial statements.
51
<PAGE>
Chase Vista Funds
Statement of Assets and Liabilities August 31, 1998
- --------------------------------------------------------------------------------
<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) ................................ $1,287,083,299 $1,353,845,319 $48,549,749
Cash ..................................... 805,455 3,735,545 84,340
Other assets ............................. 14,767 16,295 631
Receivables:
Investment securities sold .............. -- 22,600,000 --
Interest ................................ 8,059,899 7,670,243 319,513
Fund shares sold ........................ 38,532 83,846 1,700,000
-------------- -------------- -----------
Total Assets ........................... 1,296,001,952 1,387,951,248 50,654,233
-------------- -------------- -----------
LIABILITIES:
Payables:
Investment securities purchased ......... 16,622,498 13,553,633 102,835
Fund shares redeemed .................... 166,516 310,559 --
Dividends ............................... 1,864,926 1,033,124 64,202
Other Liabilities ....................... -- 277,681 --
Accrued liabilities: (Note 2)
Investment advisory fees ................ 105,542 115,489 --
Administration fees ..................... 105,542 57,745 4,202
Shareholder servicing fees .............. 166,508 323,370 5,463
Distribution fees ....................... 61,402 115,489 2,101
Custody fees ............................ 53,840 48,989 16,642
Other ................................... 187,315 288,150 60,122
-------------- -------------- -----------
Total Liabilities ...................... 19,334,089 16,124,229 255,567
-------------- -------------- -----------
NET ASSETS:
Paid in capital .......................... 1,277,117,322 1,371,849,119 50,400,452
Accumulated undistributed net
investment income ....................... 3,672 99,873 16,646
Accumulated net realized gain (loss)
on investment transactions .............. (453,131) (121,973) (18,432)
-------------- -------------- -----------
Net Assets ................................ $1,276,667,863 $1,371,827,019 $50,398,666
============== ============== ===========
Shares of beneficial interest
outstanding ($.001 par value;
unlimited number of shares
authorized):
Vista Shares ........................... 733,373,439 1,371,963,007 50,400,452
Premier Shares ......................... 133,345,940 -- --
Institutional Shares ................... 410,419,640 -- --
Net asset value, offering and
redemption price per share, all
classes (net assets/shares) ............. $ 1.00 $ 1.00 $ 1.00
============== ============== ===========
Cost of investments ....................... $1,287,083,299 $1,353,845,319 $48,549,749
============== ============== ===========
</TABLE>
See notes to financial statements.
52
<PAGE>
Chase Vista Funds
Statement of Operations For the year ended August 31, 1998
- --------------------------------------------------------------------------------
<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) ............ $40,828,743 $39,532,749 $1,716,669
----------- ----------- ----------
EXPENSES: (Note 2)
Investment advisory fees ............. 1,120,701 1,106,906 49,823
Shareholder servicing fees ........... 2,687,438 3,874,170 174,380
Administration fees .................. 1,120,700 1,106,906 49,823
Distribution fees .................... 685,952 1,106,906 49,823
Custodian fees ....................... 226,423 182,650 64,188
Printing and postage ................. 24,071 44,876 501
Professional fees .................... 58,878 61,621 29,797
Registration costs ................... 131,059 72,767 501
Transfer agent fees .................. 241,683 357,370 39,704
Trustees fees and expenses ........... 56,035 55,345 2,491
Other ................................ 7,855 38,600 42
----------- ----------- ----------
Total expenses ...................... 6,360,795 8,008,117 461,073
Less amounts waived (Note 2E) ......... 873,791 1,477,374 187,047
----------- ----------- ----------
Net expenses ......................... 5,487,004 6,530,743 274,026
----------- ----------- ----------
Net investment income ............... 35,341,739 33,002,006 1,442,643
----------- ----------- ----------
REALIZED GAIN (LOSS) ON
INVESTMENTS
Net realized gain/(loss) on investment
transactions ......................... (34,321) (27,340) (2,710)
----------- ----------- ----------
Net increase in net assets from
operations ........................... $35,307,418 $32,974,666 $1,439,933
=========== =========== ==========
</TABLE>
See notes to financial statements.
53
<PAGE>
Chase Vista Funds
Statement of Changes in Net Assets For the year ended August 31,
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Tax Free
Money Market
Fund
-------------------------------
1998 1997
-------------- -------------
<S> <C> <C>
INCREASE (DECREASE) IN NET ASSETS
FROM OPERATIONS:
Net investment income .................... $ 35,341,739 $ 28,310,216
Net realized gain (loss) on investment
transactions ............................ (34,321) (3,727)
-------------- -------------
Increase in net assets from operations .. 35,307,418 28,306,489
-------------- -------------
Distributions to shareholders from:
Net investment income (Note 4) ........... (35,341,739) (28,350,083)
-------------- -------------
Increase from capital share transactions .. 320,114,469 88,760,159
-------------- -------------
Total increase .......................... 320,080,148 88,716,565
NET ASSETS:
Beginning of period ...................... 956,587,715 867,871,150
-------------- -------------
End of period ............................ $1,276,667,863 $ 956,587,715
============== =============
<CAPTION>
New York California
Tax Free Tax-Free
Money Market Fund Money Market Fund
------------------------------- ----------------------------
1998 1997 1998 1997
-------------- ------------- ------------ ------------
<S> <C> <C> <C> <C>
INCREASE (DECREASE) IN NET ASSETS
FROM OPERATIONS:
Net investment income .................... $ 33,002,006 $ 26,553,722 $ 1,442,643 $ 1,334,831
Net realized gain (loss) on investment
transactions ............................ (27,340) (44,446) (2,710) (643)
-------------- ------------- ------------ ------------
Increase in net assets from operations .. 32,974,666 26,509,276 1,439,933 1,334,188
-------------- ------------- ------------ ------------
Distributions to shareholders from:
Net investment income (Note 4) ........... (33,002,006) (26,537,487) (1,442,643) (1,328,093)
-------------- ------------- ------------ ------------
Increase from capital share transactions .. 415,088,005 66,381,087 4,892,367 2,684,361
-------------- ------------- ------------ ------------
Total increase .......................... 415,060,665 66,352,876 4,889,657 2,690,456
NET ASSETS:
Beginning of period ...................... 956,766,354 890,413,478 45,509,009 42,818,553
-------------- ------------- ------------ ------------
End of period ............................ $1,371,827,019 $ 956,766,354 $ 50,398,666 $ 45,509,009
============== ============= ============ ============
</TABLE>
See notes to financial statements.
54
<PAGE>
Chase Vista 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 Funds. Tax
Free Money Market Fund ("CVTF"), New York Tax Free Money Market Fund ("CVNYTF")
and California Tax Free Money Market Fund ("CVCTF") 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>
CVTF Vista, Premier, Institutional
CVNYTF Vista
CVCTF 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, and shareholder 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. If the seller of a repurchase agreement defaults and the value of
the collateral declines, or if the seller enters into an insolvency
proceeding, realization of the collateral may be delayed or limited.
C. Security transactions and investment income -- Investment transactions
are accounted for on the trade date (the date the order to buy or sell is
executed). Securities gains and losses are calculated on the identified
cost basis. Interest income 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
55
<PAGE>
Chase Vista Funds
Notes to Financial Statements (continued)
- --------------------------------------------------------------------------------
"book/tax" differences are permanent in nature (i.e., that they result from
other than timing of recognition -- "temporary differences"), such amounts
are reclassified within the capital accounts based on their Federal income
tax-basis treatment. Dividends and distributions which exceed net
investment income or net realized capital gains for financial reporting
purposes but not for tax purposes are reported as distributions in excess
of net investment income or net realized capital gains.
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 Adviser 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 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.
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.
56
<PAGE>
Chase Vista Funds
Notes to Financial Statements (continued)
- --------------------------------------------------------------------------------
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 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.
The Distributor voluntarily waived all or a portion of distribution fees as
outlined in Note 2.E. below.
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.
The Administrator voluntarily waived all or a portion of the administration
fees as outlined in Note 2.E. below.
E. Waivers of fees -- For the year ended August 31, 1998, the Adviser,
Administrator, Shareholder Servicing Agent and Distributor voluntarily
waived fees for each of the Funds as follows:
<TABLE>
<CAPTION>
CVTF CVNYTF CVCTF
---- ------ -----
<S> <C> <C> <C>
Advisory ...................... $ -- $ -- $ 47,823
Administration ................ -- 554,762 --
Shareholder Servicing ......... 873,791 922,612 117,795
Distribution .................. -- -- 21,429
-------- ---------- --------
$873,791 $1,477,374 $187,047
======== ========== ========
</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. Federal Income Tax Matters -- At August 31, 1998, Chase Vista Tax Free Money
Market Fund, Chase Vista New York Tax Free Money Market Fund and Chase Vista
California Tax Free Money Market Fund had net capital loss carryovers of
approximately $114,000, $97,000 and $16,000, respectively. Such losses will be
available to offset future capital gains and will expire between August 31,
2001 and 2006. To the extent that any net capital losses are used to offset
future capital gains, it is probable that the gains so offset will not be
distributed to shareholders.
4. Transactions in Shares of Beneficial Interest
<TABLE>
<CAPTION>
Tax Free Money Market Fund
--------------------------------------------------------------------------
Vista Class
--------------------------------------------------------------------------
Year Ended August 31,
1998 1997
---------------------------------- ----------------------------------
Amount Shares Amount Shares
-------------- -------------- -------------- -------------
<S> <C> <C> <C> <C>
Shares sold ......... $2,109,048,312 2,109,048,312 $1,655,124,829 1,655,124,829
Shares issued in
reinvestment of
distributions ..... 8,529,824 8,529,824 5,624,366 5,624,366
Shares redeemed...... (1,950,252,739) (1,950,252,739) (1,669,216,613) (1,669,216,613)
-------------- -------------- -------------- --------------
Net increase
(decrease) in
Trust shares
outstanding ....... $ 167,325,397 167,325,397 $ (8,467,418) (8,467,418)
============== ============== ============== ==============
</TABLE>
57
<PAGE>
Chase Vista Funds
Notes to Financial Statements (continued)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Tax Free Money Market Fund
-----------------------------------------------------------------------
Premier Class
------------------------------------------------------------------------
Year Ended August 31,
1998 1997
-------------------------------- --------------------------------
Amount Shares Amount Shares
------------ ------------ ------------ ------------
<S> <C> <C> <C> <C>
Shares sold ......... $386,932,513 386,932,513 $531,017,184 531,017,184
Shares issued in
reinvestment of
distributions ..... 2,206,409 2,206,409 2,032,501 2,032,501
Shares redeemed ..... (360,517,244) (360,517,244) (573,533,495) (573,533,495)
------------ ------------ ------------ ------------
Net increase
(decrease) in
Trust shares
outstanding ....... $ 28,621,678 28,621,678 $(40,483,810) (40,483,810)
============ ============ ============ ============
</TABLE>
<TABLE>
<CAPTION>
Institutional Class
--------------------------------------------------------------------------
Year Ended August 31,
1998 1997
---------------------------------- ----------------------------------
Amount Shares Amount Shares
-------------- -------------- -------------- --------------
<S> <C> <C> <C> <C>
Shares sold ......... $2,916,751,214 2,916,751,214 $2,181,302,254 2,181,302,254
Shares issued in
reinvestment of
distributions ..... 5,252,084 5,252,084 2,961,145 2,961,145
Shares redeemed...... (2,797,835,904) (2,797,835,904) (2,046,552,012) (2,046,552,012)
-------------- -------------- -------------- --------------
Net increase
(decrease) in
Trust shares
outstanding ....... $ 124,167,394 124,167,394 $ 137,711,387 137,711,387
============== ============== ============== ==============
</TABLE>
<TABLE>
<CAPTION>
New York Tax Free Money Market Fund
--------------------------------------------------------------------------
Vista Class
--------------------------------------------------------------------------
Year Ended August 31,
1998 1997
---------------------------------- ----------------------------------
Amount Shares Amount Shares
-------------- -------------- -------------- --------------
<S> <C> <C> <C> <C>
Shares sold ......... $2,920,460,395 2,920,460,395 $2,483,570,728 2,483,570,728
Shares issued in
reinvestment of
distributions ..... 20,181,217 20,181,217 13,960,319 13,960,319
Shares redeemed...... (2,525,553,607) (2,525,553,607) (2,431,149,960) (2,431,149,960)
-------------- -------------- -------------- --------------
Net increase
(decrease) in
Trust shares
outstanding ....... $ 415,088,005 415,088,005 $ 66,381,087 66,381,087
============== ============== ============== ==============
</TABLE>
58
<PAGE>
Chase Vista Funds
Notes to Financial Statements (continued)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
California Tax Free Money Market Fund
------------------------------------------------------------------------
Vista Class
------------------------------------------------------------------------
Year Ended August 31,
1998 1997
-------------------------------- --------------------------------
Amount Shares Amount Shares
------------ ------------ ------------ -----------
<S> <C> <C> <C> <C>
Shares sold ......... $365,374,339 365,374,339 $301,855,774 301,855,774
Shares issued in
reinvestment
of distributions 804,044 804,044 798,792 798,792
Shares redeemed ..... (361,286,016) (361,286,016) (299,970,205) (299,970,205)
------------ ------------ ------------ ------------
Net increase
(decrease) in
Trust shares
outstanding ....... $ 4,892,367 4,892,367 $ 2,684,361 2,684,361
============ ============ ============ ============
</TABLE>
5. Concentration of Credit Risk -- CVTF, CVNYTF and CVCTF 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 CVNYTF primarily investing in issuers in the State of New York, and CVCTF
primarily investing in issuers in the State of California. As of August 31,
1998, CVTF invested approximately 16.6% of its net 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 year ended August 31, 1998, included in
Trustees Fees and Expenses in the Statement of Operations, and accrued pension
liability included in other accrued liabilities, in the Statement of Assets and
Liabilities were as follows:
<TABLE>
<CAPTION>
Accrued
Pension Pension
Expenses Liability
-------- ---------
<S> <C> <C>
CVTF ........... $20,753 $77,605
CVNYTF ......... 19,601 77,824
CVCTF .......... 830 3,765
</TABLE>
59
<PAGE>
<TABLE>
<CAPTION>
Chase Vista Funds
Financial Highlights
- --------------------------------------------------------------------------------
Tax Free Money Market Fund
-----------------------------------------------------------
Vista Shares
-----------------------------------------------------------
Year Ended August 31, 11/1/93
---------------------------------------------- Through
1998 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 ............................................. 0.031 0.031 0.029 0.029 0.015
-------- -------- -------- -------- --------
Less Dividends from Net Investment Income ......................... 0.031 0.031 0.029 0.029 0.015
-------- -------- -------- -------- --------
Net Asset Value, End of Period ...................................... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
======== ======== ======== ======== ========
Total Return ........................................................ 3.10% 3.12% 2.92% 2.99% 1.54%
Ratios/Supplemental Data
Net Assets, End of Period (000 omitted) ............................. $732,929 $565,625 $574,115 $166,915 $121,710
Ratios to Average Net Assets#:
Expenses ........................................................... 0.59% 0.59% 0.69% 0.86% 0.85%
Net Investment Income .............................................. 3.05% 3.08% 2.89% 2.96% 1.82%
Expenses Without Waivers and Assumption of Expenses ................ 0.72% 0.73% 0.80% 0.94% 0.85%
Net Investment Income Without Waivers and Assumption of Expenses ... 2.92% 2.94% 2.78% 2.87% 1.82%
</TABLE>
- -------
# Short periods have been annualized.
++ In 1994 the Fund changed its fiscal year-end from October 31 to August 31.
See notes to financial statements.
60
<PAGE>
Chase Vista Funds
Financial Highlights (continued)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Tax Free Money Market Fund
----------------------------------------------------------------
Premier Shares
----------------------------------------------------------------
Year Ended August 31, 11/1/93
----------------------------------------------- Through
1998 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 ......................... 0.031 0.032 0.031 0.032 0.018
-------- -------- -------- -------- --------
Less Dividends from Net Investment Income ..... 0.031 0.032 0.031 0.032 0.018
-------- -------- -------- -------- --------
Net Asset Value, End of Period .................. $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
======== ======== ======== ======== ========
Total Return .................................... 3.17% 3.19% 3.12% 3.29% 1.79%
Ratios/Supplemental Data
Net Assets, End of Period (000 omitted) ......... $133,377 $104,759 $145,221 $148,436 $229,306
Ratio to Average Net Assets#:
Expenses ................................. ..... 0.53% 0.53% 0.58% 0.56% 0.55%
Net Investment Income .................... ..... 3.10% 3.13% 3.08% 3.21% 2.11%
Expenses Without Waivers and Assumption
of Expenses ................................... 0.53% 0.53% 0.73% 0.84% 0.78%
Net Investment Income Without Waivers and
Assumption of Expenses ........................ 3.10% 3.13% 2.92% 2.93% 1.89%
<CAPTION>
Tax Free Money Market Fund
------------------------------------------------------------------
Institutional Shares
------------------------------------------------------------------
Year Ended August 31, 11/14/93*
--------------------------------------------------- Through
1998 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 ......................... 0.034 0.036 0.034 0.035 0.019
--------- --------- --------- --------- ---------
Less Dividends from Net Investment Income ..... 0.034 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 .................................... 3.45% 3.45% 3.40% 3.53% 1.95%
Ratios/Supplemental Data
Net Assets, End of Period (000 omitted) ......... $ 410,362 $ 286,204 $ 148,536 $ 108,494 $ 110,332
Ratio to Average Net Assets#:
Expenses ................................. ..... 0.26% 0.26% 0.31% 0.33% 0.34%
Net Investment Income .................... ..... 3.37% 3.41% 3.33% 3.46% 2.38%
Expenses Without Waivers and Assumption
of Expenses ................................... 0.26% 0.26% 0.31% 0.34% 0.34%
Net Investment Income Without Waivers and
Assumption of Expenses ........................ 3.37% 3.41% 3.33% 3.45% 2.38%
</TABLE>
- -------
# Short periods have been annualized.
++ In 1994 the Fund changed its fiscal year-end from October 31 to August 31.
* Commencement of offering class of shares.
See notes to financial statements.
61
<PAGE>
Chase Vista Funds
Financial Highlights (continued)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
New York Tax Free Money Market Fund
---------------------------------------------------
Vista Shares
---------------------------------------------------
Year Ended August 31, 11/1/93
---------------------------------------------------- Through
1998 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 ............................................ 0.030 0.030 0.028 0.028 0.015
---------- -------- -------- -------- --------
Less Dividends from Net Investment Income ........................ 0.030 0.030 0.028 0.028 0.015
---------- -------- -------- -------- --------
Net Asset Value, End of Period ..................................... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
========== ======== ======== ======== ========
Total Return ....................................................... 3.03% 3.02% 2.85% 2.88% 1.48%
Ratios/Supplemental Data
Net Assets, End of Period (000 omitted) ............................ $1,371,827 $956,766 $890,413 $378,400 $365,669
Ratio to Average Net Assets#:
Expenses .......................................................... 0.59% 0.59% 0.74% 0.86% 0.85%
Net Investment Income ............................................. 2.97% 2.97% 2.79% 2.84% 1.77%
Expenses Without Waivers and Assumption of Expenses ............... 0.72% 0.73% 0.83% 0.95% 0.85%
Net Investment Income Without Waivers and Assumption of Expenses .. 2.84% 2.83% 2.70% 2.75% 1.77%
</TABLE>
- -------
# Short periods have been annualized.
++ In 1994 the Fund changed its fiscal year-ends from October 31 to August 31.
See notes to financial statements.
62
<PAGE>
Chase Vista Funds
Financial Highlights (continued)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
California Tax Free Money Market Fund
--------------------------------------------------------
Vista Shares
--------------------------------------------------------
Year Ended August 31, 11/1/93
------------------------------------------- Through
1998 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 .......................................... 0.029 0.03 0.030 0.033 0.018
------- ------ ------- ------- -------
Less Dividends from Net Investment Income ...................... 0.029 0.03 0.030 0.033 0.018
------- ------ ------- ------- -------
Net Asset Value, End of Period ................................... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
======= ====== ======= ======= =======
Total Return ..................................................... 2.97% 3.02% 3.06% 3.32% 1.82%
Ratios/Supplemental Data
Net Assets, End of Period (000 omitted) .......................... $50,399 $45,509 $42,819 $58,315 $64,423
Ratio of Average Net Assets#:
Expenses ....................................................... 0.55% 0.56% 0.56% 0.48% 0.46%
Net Investment Income .......................................... 2.89% 2.99% 3.03% 3.25% 2.17%
Expenses Without Waivers and Assumption of Expenses ............ 0.93% 0.86% 1.02% 1.07% 0.94%
Net Investment Income Without Waivers and Assumption of Expenses 2.51% 2.69% 2.57% 2.66% 1.69%
</TABLE>
- -------
# Short periods have been annualized.
++ In 1994 the Fund changed its fiscal year-end from October 31 to August 31.
See notes to financial statements.
63
<PAGE>
Report of Independent Accountants
- --------------------------------------------------------------------------------
To the Trustees and Shareholders of
Mutual Fund Trust
In our opinion, the accompanying statement of assets and liabilities, including
the portfolios of investments, and the related statements of operations and of
changes in net assets and the financial highlights present fairly, in all
material respects, the financial position of Chase Vista Tax Free Money Market
Fund, Chase Vista New York Tax Free Money Market Fund and Chase Vista
California Tax Free Money Market Fund (separate portfolios of Mutual Fund
Trust, hereafter referred to as the "Trust") at August 31, 1998, the results of
each of their operations for the year then ended, the changes in each of their
net assets for each of the two years in the period then ended, and the
financial highlights for each of the periods presented, in conformity with
generally accepted accounting principles. These financial statements and
financial highlights (hereafter referred to as "financial statements") are the
responsibility of the Trust's management; our responsibility is to express an
opinion on these financial statements based on our audits. We conducted our
audits of these financial statements in accordance with generally accepted
auditing standards which require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free of
material misstatement. An audit includes examining, on a test basis, evidence
supporting the amounts and disclosures in the financial statements, assessing
the accounting principles used and significant estimates made by management,
and evaluating the overall financial statement presentation. We believe that
our audits, which included confirmation of securities at August 31, 1998 by
correspondence with the custodian and brokers, provide a reasonable basis for
the opinion expressed above.
PricewaterhouseCoopers LLP
1177 Avenue of the Americas
New York, New York 10036
October 9, 1998
64
<PAGE>
Unaudited
Chase Vista Tax Free Money Market Fund (CVTF)
Chase Vista New York Tax Free Money Market Fund (CVNYTF)
Chase Vista California Tax Free Money Market Fund (CVCTF)
- --------------------------------------------------------------------------------
Certain tax information regarding the Chase Vista Mutual Funds is required to
be provided on shareholders based upon the Funds income and distributions for
the taxable year endeded August 31, 1998. The information and distributions
reported in this letter may differ from the information and distributions
taxable to the shareholders for the calendar year ending December 31, 1998. The
information necessary to complete your income tax returns for the calendar year
ending December 31, 1998 will be received under separate cover.
FOR THE FISCAL YEAR ENDED AUGUST 31, 1998
o The dividends paid from net investment income are 99.84%, 99.86% and
98.64% exempt from Federal income tax for CVTF, CVNYTF
and CVCTF, respectively.
o For shareholders who are subject to the Alternative Minimum Tax, the
income from private activity bonds issued after August
7, 1986, which may be considered a tax preference item,
was 15.99%, 10.83% and 11.66% for CVTF, CVNYTF, and
CVCTF, respectively.
65
<PAGE>
[THIS PAGE INTENTIONALLY LEFT BLANK]
<PAGE>
[THIS PAGE INTENTIONALLY LEFT BLANK]
<PAGE>
Chase Vista Funds Service Center
P.O. Box 419392
Kansas City, MO 64179
Investment Adviser, Administrator,
Shareholder and Fund Servicing Agent
and Custodian
The Chase Manhattan Bank
Distributor
Vista Fund Distributors, Inc.
Transfer Agent
DST Systems, Inc.
Legal Counsel
Simpson Thacher & Bartlett
Independent Accountants
PricewaterhouseCoopers LLP
Chase Vista 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.
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.
October 1998 (unaudited) CVTFMM-2-1098
