Chase Vista Funds
Chairman's Letter
April 10, 1999
Dear Shareholder:
We are pleased to present this semi-annual report for each of the Chase Vista
Tax-Exempt Money Market FundsSM. Inside, you will find current seven-day yields
for each Fund as of February 28, 1999 as well as listings of current holdings.
Tax-Free Fixed Income Markets Move Higher Amidst Market Volatility
At the start of the period, concerns about fiscal difficulties in southeast
Asia were replaced by worries over mounting economic and currency problems in
Russia. Fearing a global liquidity crisis, investors turned their attention
from stocks to bonds, sending prices markedly higher and interest rates sharply
lower.
To keep the U.S. economy from receding during this period, the Federal Reserve
Board reduced short-term interest rates in September, the first rate change by
the central bank since March, 1997. The Fed trimmed rates again in the following
two months, which reduced fears of a worldwide economic retreat.
In January, global economic worries hit the market again--albeit briefly--due
to financial difficulties in Brazil. A robust Gross Domestic Product report
released at month's end had little impact on interest rates due to fears that
China might devalue its currency and Brazil's problems would linger.
In February, however, Brazil's economic troubles abated and another round of
stronger-than-expected economic reports caused interest rates to rise
significantly. This put the most pressure on the fixed-income markets since the
Fed raised interest rates eight times in 1994.
Despite the U.S. economy's robust showing in recent months--and a near-term
outlook that calls for potentially more of the same--we believe the economy
will begin to slow as the year progresses. It's worth noting that this
sentiment was shared by Fed chairman Alan Greenspan during his semi-annual
Humphery-Hawkins testimony in February.
Sincerely,
/s/ Fergus Reid
Fergus Reid
3
<PAGE>
Chase Vista Tax Free Money Market Fund
as of February 28, 1999
(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 44 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>
1-14 days .......... 74.81%
15-30 days ......... 1.18%
31-60 days ......... 4.39%
61-90 days ......... 2.48%
91+ days ........... 17.16%
</TABLE>
4
<PAGE>
Chase Vista Tax Free Money Market Fund
as of February 28, 1999
(unaudited)
How Much of the Fund Was Invested
[PIE CHART OMITTED]
Investments 97.8%
Cash/Other 2.2%
Yields
<TABLE>
<CAPTION>
7-Day Taxable
SEC Yield(1) Equivalent Yield(2)
<S> <C> <C>
Vista Shares 2.50% 4.14%
Premier Shares 2.56% 4.24%
5
Institutional Shares 2.83% 4.69%
</TABLE>
Past performance is not a guarantee of future results. Yields will fluctuate.
An investment in a money market fund is not FDIC insured nor guaranteed by the
U.S. government or any other agency 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 for Vista Shares would have been 2.37%, 2.55% for Premier
Shares and 2.73% for Institutional Shares. 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 February 28, 1999 (unaudited)
(amounts in thousands)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
- ------------ ------------------------------------------ ---------
<S> <C> <C>
State & Municipal Obligations -- 97.8%
- ------------------------------------------------------------------
Alabama -- 2.8%
$ 9,000 Birmingham, Alabama, Capital
Improvement, Ser. A, FRDN, 3.20%,
03/04/99 $9,000
2,650 Birmingham, Alabama, Ser. A, FRDN,
3.90%, 03/04/99 2,650
6,650 Daphine, Alabama, Special Care Facilities
Financing Authority, Presbyterian
Retirement, Ser. A, FRDN, 2.95%,
03/04/99 6,650
3,445 Demopolis, Alabama, Industrial
Development Board, IDR, McClain,
Alabama Inc. Project, FRDN, 3.01%,
03/04/99 3,445
4,500 Oxford, Alabama, Municipal Securities
Trust Receipts, FRDN, 3.07%,
03/04/99 4,500
8,000 Port City Medical Clinic Board, Mobile
Alabama, Infirmary Health Systems, Ser.
B, FRDN, 2.95%, 03/04/99 8,000
1,500 St. Claire County, Alabama, IDB, National
Cement Co., Inc., Project II, FRDN,
2.95%, 03/04/99 1,500
------
35,745
------
Alaska -- 0.5%
5,000 North Slope, Boro, Alaska, Capital
Appreciation, Ser. A, GO, 3.17%,
06/30/99 4,948
2,000 North Slope, Boro, Alaska, Capital
Appreciation, Ser. A, GO, 3.65%,
06/30/99 1,976
------
6,924
------
Arizona -- 0.4%
5,000 Salt River Project, Arizona, Agriculture
Improvement & Power District, Electric
Systems, Salt River Project, Ser. A, Rev,
5.50%, 01/01/00 5,095
------
</TABLE>
See notes to financial statements.
6
<PAGE>
Chase Vista Tax Free Money Market Fund
Portfolio of Investments February 28, 1999 (unaudited) (continued)
(amounts in thousands)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
- ------------ -------------------------------------------- ---------
<S> <C> <C>
State & Municipal Obligations -- continued
- --------------------------------------------------------------------
Arkansas -- 1.2%
$ 8,750 Miller County, Arkansas, Solid Waste
Disposal, Tyson Foods Inc., Project,
FRDN, 3.10%, 03/04/99 $8,750
7,250 Pulaski County, Arkansas, Public Facilities
Board, MultiFamily Housing, Little Rock
Residential, Rev, 4.13%, 04/01/99 7,250
------
16,000
------
California -- 2.0%
10,000 California Higher Education Loan
Authority Student Loan, Ser. D-1,
Rev, 3.63%, 08/01/99 10,000
7,850 California Higher Education Loan
Authority, Ser. A, Rev, 3.80%,
05/01/99 7,850
3,000 Student Education Loan Marketing Corp.,
California Student Loan, Series A,
Rev, 3.80%, 06/01/99 3,000
5,000 Student Education Loan Marketing Corp.,
California Student Loan, Series A,
FRDN, 3.05%, 03/04/99 5,000
------
25,850
------
Colorado -- 0.5%
6,000 Adams County, Colorado, IDR, Clear
Creek Business, FRDN, 3.00%,
03/04/99 6,000
------
Delaware -- 0.7%
6,155 Delaware State Transit Authority Transit
System, FRDN, 3.63%, 03/04/99 6,155
3,000 Delaware Valley, Pennsylvania, Regional
Financing Authority, Local Government,
Ser. A, FRDN, 3.00%, 03/04/99 3,000
------
9,155
------
District of Columbia -- 0.2%
1,500 District of Columbia, George Washington
University, Series A, FRDN, 2.95%,
03/04/99 1,500
</TABLE>
See notes to financial statements.
7
<PAGE>
Chase Vista Tax Free Money Market Fund
Portfolio of Investments February 28, 1999 (unaudited) (continued)
(amounts in thousands)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
- ------------ -------------------------------------------- ---------
<S> <C> <C>
State & Municipal Obligations -- continued
- -------------------------------------------------------------------
$ 1,500 District of Columbia, Pooled Loan
Program, Ser. A, FRDN, 2.95%,
03/04/99 $1,500
------
3,000
------
Florida -- 8.5%
5,000 Capital Finance Authority, Florida Hospital
Association, Capital Projects Loan, Series
A, FRDN, 3.10%, 03/04/99 5,000
4,700 Florida Housing Finance Agency, Multi-
Family Housing, Sarasota, Ser. C, FRDN,
3.00%, 03/04/99 4,700
5,000 Florida Housing Finance Authority, Multi-
Family Housing, Kings Project, Series D,
FRDN, 3.00%, 03/04/99 5,000
4,000 Florida Housing Financing Agency, Multi-
Family Housing, Lakeside, Ser. B,
FRDN, 3.00%, 03/04/99 4,000
9,000 Greater Orlando Aviation Authority CP,
3.05%, 04/26/99 9,000
18,540 Gulf Breeze, Florida, Local Government
Loan Program, Ser. B, FRDN, 2.95%,
03/04/99 18,540
17,105 Gulf Breeze, Florida, Local Government
Loan Program, Ser. C, FRDN, 2.95%,
03/04/99@ 17,105
10,100 Jacksonville, Florida, FRDN, 3.60%,
03/04/99 10,100
5,000 Orange County, Florida, Health Facilities
Authority, Presbyterian Retirement
Project, FRDN, 3.00%, 03/04/99 5,000
3,000 Palm Beach County, Florida, HFA, Single
Family Mortgage, Series B, GO, 3.75%,
07/01/99 3,000
5,000 Polk County, Florida, IDA, Farmland
Hydro LP Project, FRDN, 3.05%,
03/04/99 5,000
</TABLE>
See notes to financial statements.
8
<PAGE>
Chase Vista Tax Free Money Market Fund
Portfolio of Investments February 28, 1999 (unaudited) (continued)
(amounts in thousands)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
- ------------ ---------------------------------------------- ----------
<S> <C> <C>
State & Municipal Obligations -- continued
- ----------------------------------------------------------------------
$ 5,800 St. Lucie County, Florida, PCR, Florida
Power & Light Co. Project, FRDN,
3.20%, 03/01/99 $ 5,800
7,000 Sunshine State, Series 98A, CP, 2.80%,
06/15/99 7,000
4,500 The University of North Florida
Foundation Inc., Florida Parking System,
FRDN, 2.95%, 03/04/99 4,500
5,580 Volusia County, Florida, Health Facilities,
Hospital S.W. Volusia Health, Series A,
FRDN, 2.90%, 03/04/99 5,580
-------
109,325
-------
Georgia -- 10.8%
1,100 Atlanta, Georgia, Airport Facilities, Ser. B,
Rev, 5.25%, 01/01/00 1,119
2,200 Bartow County, Georgia, Development
Authority, PC, Georgia Power Co., Plant
Bowen Project, FRDN, 1.60%,
03/01/99 2,200
3,640 Carroll County, Georgia, School District,
GO, 3.70%, 04/01/99 3,642
9,900 Columbia County, Georgia, Elderly
Authority, Residential Care Facilities,
Augusta Resource Center on Aging,
FRDN, 3.00%, 03/04/99 9,900
7,000 Crisp County, Georgia, Solid Waste
Management Authority, FRDN, 3.40%,
03/04/99 7,000
2,200 Elbert County & Elberton & Bowman
Georgia Development Authority, IDR,
Seaboard Farms, FRDN, 2.95%,
03/04/99 2,200
2,600 Fulco, Georgia, Hospital Authority,
Piedmont Hospital Project, FRDN,
3.00%, 03/04/99 2,600
1,000 Fulton County, Georgia Development
Authority, Arthritis Foundation Inc.
Project, FRDN, 3.00%, 03/04/99 1,000
</TABLE>
See notes to financial statements.
9
<PAGE>
Chase Vista Tax Free Money Market Fund
Portfolio of Investments February 28, 1999 (unaudited) (continued)
(amounts in thousands)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
- ------------ ------------------------------------------ ---------
<S> <C> <C>
State & Municipal Obligations -- continued
- -----------------------------------------------------------------
$ 1,600 Fulton County, Georgia Development
Authority, ID, American Graphics
Project, FRDN, 3.05%, 03/04/99 $1,600
7,000 Fulton County, Georgia, Housing
Authority, MultiFamily Housing,
Hampton Hills Apartment Project,
FRDN, 3.10%, 03/04/99 7,000
8,400 Fulton County, Georgia, Housing
Authority, MultiFamily Housing,
Holcomb Landing Apartments, FRDN,
3.00%, 03/04/99 8,400
13,860 Fulton County, Georgia, Housing
Authority, Residential Revenue
Construction, FRDN, 3.40%,
03/04/99@ 13,860
17,584 Georgia Municipal Association Pooled Bond
FRDN, 2.90%, 03/04/99 17,584
5,300 Georgia Municipal Gas Authority, Gas
Portfolio II Project, Ser. A, FRDN,
2.95%, 03/04/99 5,300
19,500 Georgia Municipal Gas Authority, Gas
Portfolio II Project, Ser. B, FRDN,
2.95%, 03/04/99 19,500
3,415 Georgia Municipal Gas Authority, Gas
Portfolio II Project, Ser. C, FRDN,
2.95%, 03/04/99 3,415
5,345 Macon-Bibb County, Georgia, Hospital
Authority, Medical Center of Central
Georgia, FRDN, 3.00%, 04/01/99 5,345
11,225 Marietta Georgia Housing Authority
MultiFamily, Winterset Apartments P,
FRDN, 3.00%, 03/04/99 11,225
6,325 Marietta Georgia, Housing Authority
MultiFamily, Concepts 21 Apartments,
FRDN, 3.00%, 03/04/99 6,325
</TABLE>
See notes to financial statements.
10
<PAGE>
Chase Vista Tax Free Money Market Fund
Portfolio of Investments February 28, 1999 (unaudited) (continued)
(amounts in thousands)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
- ------------ ------------------------------------------- ----------
<S> <C> <C>
State & Municipal Obligations -- continued
- -------------------------------------------------------------------
$ 9,600 Monroe County, Georgia, Development
Authority PCR, Georgia Power Co.
Plant, Scherer, FRDN, 3.15%,
03/01/99 $ 9,600
-------
138,815
-------
Hawaii -- 1.9%
1,000 Hawaii State Airports Systems, Rev, 7.10%,
07/01/99 1,011
8,225 Hawaii State, Series 2, FRDN, 3.46%,
03/04/99 8,225
14,755 Hawaii State, Series 6, FRDN, 3.75%,
03/04/99@ 14,755
-------
23,991
-------
Idaho -- 0.3%
3,800 Port Lewiston Port Facilities Idaho Rev.,
Fribourg Investment Co., FRDN, 3.50%,
03/04/99 3,800
-------
Illinois -- 5.0%
7,635 Chicago, Illinois, FLOATS, PT 1034,
FRDN, 2.97%, 03/04/99 7,635
5,200 Chicago, Illinois, O'Hare International
Airport, General Airport, Second Lien,
Ser. C, FRDN, 3.00%, 03/04/99 5,200
2,850 Cook County, Illinois, IDR, Little Lady
Foods, Inc. Project, FRDN, 3.01%,
03/04/99 2,850
2,000 Illinois Development Financing Authority,
IDR, Balspar Corp. Project, FRDN,
3.05%, 03/04/99 2,000
3,605 Illinois Development Financing Authority,
IDR, CFC International Inc. Project,
FRDN, 3.40%, 03/04/99 3,605
4,825 Illinois Development Financing Authority,
IDR, Foundation for Safety & Health,
FRDN, 2.79%, 03/04/99 4,825
</TABLE>
See notes to financial statements.
11
<PAGE>
Chase Vista Tax Free Money Market Fund
Portfolio of Investments February 28, 1999 (unaudited) (continued)
(amounts in thousands)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
- ------------ ------------------------------------------------ ---------
<S> <C> <C>
State & Municipal Obligations -- continued
- -----------------------------------------------------------------------
$ 1,735 Illinois Development Financing Authority,
IDR, Revcor Inc. Project, FRDN,
3.40%, 03/04/99 $1,735
2,035 Illinois Development Financing Authority,
IDR, Toughy Ltd. Partnership Project,
FRDN, 3.01%, 03/04/99- 2,035
10,500 Illinois Health Facilities Authority, St. Lukes
Medical Center Obligation, Ser. B,
FRDN, 3.00%, 03/04/99 10,500
2,995 Libertyville, Illinois, ID, Libertyville Manor
Project, FRDN, 3.00%, 03/04/99 2,995
8,500 Lisle, Illinois, MultiFamily, Ashley of Lisle
Project, FRDN, 3.00%, 03/04/99 8,500
6,300 Plainfield Illinois, IDR, Plainfield Molding
Project, FRDN, 3.01%, 03/04/99 6,300
3,000 Schaumburg, Illinois, MultiFamily Housing,
Windsong Apartments Project, FRDN,
3.28%, 03/04/99 3,000
2,425 Tinley Park, Illinois, MultiFamily,
Edgewater Walk IIIA & IIIB, FRDN,
3.28%, 03/04/99 2,425
------
63,605
------
Indiana--2.5%
11,100 Indiana State Development Finance
Authority, PC, Southern Indiana Gas &
Electric Co., Rev, 3.70%, 03/15/99 11,100
1,745 Lafayette Indiana Economic Development,
Health Quest Realty XI, FRDN, 3.00%,
03/04/99 1,745
6,900 Monroe County, Indiana, Hospital
Authority, FRDN, 3.10%, 03/04/99 6,900
765 Muncie Indiana Econmic Development,
Health Quest Realty Project, FRDN,
3.00%, 03/04/99 765
11,500 Sullivan, Indiana, PCR, National Rural,
Hoosier, CP, 2.85%, 06/16/99 11,500
------
32,010
------
</TABLE>
See notes to financial statements.
12
<PAGE>
Chase Vista Tax Free Money Market Fund
Portfolio of Investments February 28, 1999 (unaudited) (continued)
(amounts in thousands)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
- ------------ -------------------------------------------- ---------
<S> <C> <C>
State & Municipal Obligations -- continued
- -------------------------------------------------------------------
Iowa -- 0.3%
$ 3,700 Iowa Financing Authority, Solid Waste
Disposal, Cedar River Paper Co. Project,
Ser. A, FRDN, 3.25%, 03/04/99 $3,700
------
Kansas -- 0.3%
2,150 Spring Hill, Kansas IRB, Abrasive
Engineering Project, FRDN, 3.01%,
03/04/99 2,150
1,650 Wichita, Kansas, Airport Facilities, Cessna
Citation Center Project, Ser III, FRDN,
3.55%, 03/04/99 1,650
------
3,800
------
Kentucky -- 0.2%
1,950 Kentucky Higher Education Student Loan
Corp., Ser. D, Rev, 6.55%, 12/01/99 1,997
------
Louisiana -- 1.7%
7,785 Louisiana Public Facilities Authority,
Supplemental Student Loan, Ser. B,
Rev, 8.13%, 12/01/99 8,077
6,800 Louisiana State, Offshore Term Authority
Deepwater Port, 1st State A, Loop Inc.,
FRDN, 3.20%, 03/01/99 6,800
1,775 New Orleans, Louisiana, Aviation Board,
Series A, FRDN, 3.00%, 03/04/99 1,775
5,000 New Orleans, Louisiana, Home Mortgage
Authority, Single Family Mortgage,
Ser. 2, Rev, 3.55%, 03/01/99 5,000
------
21,652
------
Maryland -- 3.0%
4,300 Anne Arundel County, Maryland,
Ser. 97-A, CP, 3.00%, 03/05/99 4,300
725 Baltimore County, Maryland, Golf Systems,
FRDN, 3.00%, 03/04/99 725
5,805 Howard County, Maryland MultiFamily
Housing, Sherwood Crossing Ltd,
Rev, 3.85%, 06/01/99 5,805
</TABLE>
See notes to financial statements.
13
<PAGE>
Chase Vista Tax Free Money Market Fund
Portfolio of Investments February 28, 1999 (unaudited) (continued)
(amounts in thousands)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
- ------------ ------------------------------------------- ---------
<S> <C> <C>
State & Municipal Obligations -- continued
- ------------------------------------------------------------------
$ 4,600 Maryland State, Health & Higher
Educational Facilities Authority, John
Hopkins Hospital, Ser. A, FRDN,
2.90%, 03/04/99 $4,600
22,905 Maryland State, Municipal Transportation
Certificates, MTC No. 14, Class A,
FRDN, 3.35%, 03/04/99 22,905
------
38,335
------
Massachusetts -- 0.2%
1,185 Massachusetts State, Housing Finance
Agency, Housing Development, Ser. A,
Rev, 3.85%, 12/01/99 1,190
1,000 Massachusetts State, Industrial Finance
Agency, America Inc., Rev, 5.10%,
03/01/99 1,000
------
2,190
------
Michigan -- 1.6%
10,000 Detroit, Michigan, Sewer Disposal, Ser. A,
FRDN, 3.00%, 03/04/99 10,000
1,570 Michigan State Housing Development
Authority, Rental Housing, Series A,
Rev, 4.60%, 04/01/99 1,571
1,175 Michigan State Strategic Fund Ltd.,
Obligation Rev., Wayne Disposal,
Oakland Project, FRDN, 3.00%,
03/04/99 1,175
8,300 Michigan State Trunk Line Floating
Certificates, Ser. 21, FRDN, 3.72%,
03/04/99 8,300
------
21,046
------
Minnesota--0.5%
2,700 Duluth, Economic Development Authority,
Health Care Facilities, Miller-Dwan
Medical Center Project, FRDN, 3.35%,
03/01/99 2,700
</TABLE>
See notes to financial statements.
14
<PAGE>
Chase Vista Tax Free Money Market Fund
Portfolio of Investments February 28, 1999 (unaudited) (continued)
(amounts in thousands)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
- ------------ --------------------------------------------- ---------
<S> <C> <C>
State & Municipal Obligations -- continued
- --------------------------------------------------------------------
$ 3,300 Minnesota State, FRDN, 3.05%,
03/04/99 $3,300
------
6,000
------
Mississippi -- 1.6%
3,820 Mississippi Business Financial Corp., IDR,
Choctaw Maid Farms, Inc. Project,
FRDN, 3.10%, 03/04/99 3,820
33,000 Mississippi State, Highway Rev. for Ser. 39,
Capital Appreciation, Rev, 0.00%,
02/01/00- 15,138
1,800 Perry County, Mississippi PC, Leaf River
Forest Project, FRDN, 2.95%,
03/04/99 1,800
------
20,758
------
Missouri -- 0.4%
4,045 Kansas City, Missouri, IDA, MultiFamily
Housing, Woodlands Partners Project,
FRDN, 3.90%, 03/04/99 4,045
1,000 Macon, Missouri IDA, Health Care Realty
Macon, FRDN, 2.95%, 03/04/99 1,000
------
5,045
------
Montana -- 0.1%
1,000 Osage Beach Montana, IDA, Health Care
Realty Osage, FRDN, 2.95%, 03/04/99 1,000
------
Nebraska -- 0.4%
3,000 Omaha, Public Power District, Nebraska
Electric, Ser. D, Rev, 4.40%, 02/01/00 3,036
2,100 Sidney, Nebraska, IDR, Pennington Seed,
Inc. Project, FRDN, 3.10%, 03/04/99 2,100
------
5,136
------
Nevada -- 1.4%
4,400 Nevada State, Municipal Securities, Trust
Receipts, Series SGB 31, FRDN, 3.07%,
03/04/99 4,400
</TABLE>
See notes to financial statements.
15
<PAGE>
Chase Vista Tax Free Money Market Fund
Portfolio of Investments February 28, 1999 (unaudited) (continued)
(amounts in thousands)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
- ------------ ------------------------------------------- ---------
<S> <C> <C>
State & Municipal Obligations -- continued
- ------------------------------------------------------------------
$ 4,440 Nevada State, Series 8, FRDN, 3.90%,
03/04/99 $4,440
8,500 Nevada State, Series 9, FRDN, 3.90%,
03/04/99 8,500
------
17,340
------
New Hampshire -- 0.1%
1,760 New Hampshire State Business Financing
Authority Industrial Facilities, Nickerson
Assembly Co., FRDN, 3.10%, 03/04/99 1,760
------
New Jersey -- 0.1%
1,500 New Jersey State, GO, 7.25%, 04/15/99- 1,511
------
New Mexico -- 1.7%
6,000 New Mexico State Highway Community,
Sub Lien, FRDN, 2.90%, 03/04/99 6,000
1,500 New Mexico, Mortgage Financing
Authority, Single Family Mortgage,
Issue 1, Rev, 3.13%, 08/03/99 1,500
4,000 New Mexico, Mortgage Financing
Authority, Single Family Mortgage,
Issue 2, Rev, 3.05%, 08/03/99 4,000
10,000 Santa Fe, New Mexico, Gross Receipts Tax,
Wastewater Systems, Ser. B, FRDN,
2.95%, 03/04/99 10,000
------
21,500
------
New York--5.2%
15,100 Eagle Tax Exempt Trust, Weekly Option
Mode, Certificate, Ser. 97-C1002, Class
A, FRDN, 3.70%, 08/05/99# 15,100
19,800 Eagle Tax Exempt Trust, Weekly Option
Mode, Certificate, Ser. 98-2801, Class A,
FRDN, 3.35%, 04/01/99# 19,800
9,800 Eagle Tax-Exempt Trust, Weekly Option
Mode, Certificate, Ser. 94-4904, Class A,
FRDN, 3.56%, 03/04/99# 9,800
</TABLE>
See notes to financial statements.
16
<PAGE>
Chase Vista Tax Free Money Market Fund
Portfolio of Investments February 28, 1999 (unaudited) (continued)
(amounts in thousands)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
- ------------ ---------------------------------------------- ---------
<S> <C> <C>
State & Municipal Obligations -- continued
- ---------------------------------------------------------------------
$ 4,800 Eagle Tax-Exempt Trust, Weekly Option
Mode, Certificate, Ser. 96-C4402, Class
A, FRDN, 3.33%, 03/04/99# $4,800
3,300 New York City, New York, Sub-Series E2,
FRDN, 3.20%, 03/01/99 3,300
14,430 New York State, Dorm Authority, FLOATS,
Certificates, St. John's University, Ser. 45,
FRDN, 3.30%, 03/04/99 14,430
------
67,230
------
North Carolina--1.4%
900 Guilford County, North Carolina, Industrial
Facilities & Pollution Control Financing
Authority, Neal Manufacturing, FRDN,
3.40%, 03/04/99 900
4,500 Mecklenburg County, North Carolina,
Ser. C, FRDN, 2.85%, 03/04/99 4,500
2,440 North Carolina Medical Care Community,
Carolina Meadows Inc. Project, FRDN,
3.35%, 03/01/99 2,440
3,000 North Carolina, Medical Care Community,
Lutheran Retirement Project, FRDN,
2.95%, 03/04/99 3,000
6,700 Winston Salem, North Carolina, Municipal
Leasing Corp., FRDN, 3.40%, 03/04/99 6,700
------
17,540
------
Ohio -- 2.9%
5,000 Clinton County, Ohio, Ohio Hospital
Capital Inc., FRDN, 3.00%, 03/04/99 5,000
7,335 Franklin County, Ohio, Ohio Hospital,
U.S. Health Corp., Ser. A, FRDN,
2.95%, 03/04/99 7,335
1,500 Montgomery County, Ohio, MultiFamily
Housing, Pedcor Investments, Lyons
Gate, Ser. A, FRDN, 3.00%, 03/04/99 1,500
19,000 Ohio, HFA, Residential Notes Ser. A-2,
Rev, 3.80%, 03/01/99 19,000
</TABLE>
See notes to financial statements.
17
<PAGE>
Chase Vista Tax Free Money Market Fund
Portfolio of Investments February 28, 1999 (unaudited) (continued)
(amounts in thousands)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
- ------------ ----------------------------------------- ---------
<S> <C> <C>
State & Municipal Obligations -- continued
- ----------------------------------------------------------------
$ 3,900 Ohio State, Air Quality Development
Authority, JMG FDG Ltd. Partnership,
Ser. A, FRDN, 2.95%, 03/04/99 $3,900
------
36,735
------
Pennsylvania -- 5.1%
4,000 Beaver County, Pennsylvania, IDA, PCR,
Ohio Edison Co., Ser. A, Rev, 4.05%,
04/01/99 4,002
15,000 Berks County, Pennsylvania, IDA, Health
Care-Lutheran Services, Ser. A, FRDN,
3.75%, 03/04/99 15,000
16,000 Dauphin County, Pennsylvania, General
Authority, Allhealth Pooled Financing
Program, Ser. A, FRDN, 3.00%,
03/01/99 16,000
5,000 Dauphin County, Pennsylvania, General
Authority, Allhealth Pooled Financing
Program, Ser. PG-B, FRDN, 3.00%,
03/01/99 5,000
15,850 Emmaus, Pennsylvania, General Authority,
FRDN, 2.90%, 03/04/99 15,850
3,135 Montgomery County, Pennsylvania, Higher
Education Authority, Philadelphia
Presbyterian Project, FRDN, 3.00%,
03/04/99 3,135
2,000 York, Pennsylvania, General Authority,
Pooled Financing, FRDN, 2.95%,
03/04/99 2,000
4,000 York, Pennsylvania, General Authority,
Pooled Financing, Sub. Ser. A, FRDN,
3.15%, 03/04/99 4,000
------
64,987
------
Rhode Island -- 0.6%
3,960 Rhode Island State, Health & Educational
Building Corp., Women & Infants
Hospital, Rev, 3.55%, 09/01/99 3,960
</TABLE>
See notes to financial statements.
18
<PAGE>
Chase Vista Tax Free Money Market Fund
Portfolio of Investments February 28, 1999 (unaudited) (continued)
(amounts in thousands)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
- ------------ ------------------------------------------- ---------
<S> <C> <C>
State & Municipal Obligations -- continued
- ------------------------------------------------------------------
$ 3,700 Rhode Island State, Industrial Facilities
Corp., Blackstone Valley Electric Co.,
FRDN, 2.95%, 03/04/99 $3,700
------
7,660
------
South Carolina -- 1.8%
9,000 Berkeley County, South Carolina, Pollution
Control Facilities, Alumas Project,
FRDN, 3.00%, 03/04/99 9,000
4,500 South Carolina, Jobs Economic
Development Authority, Catholic
Diocese, South Carolina Project, FRDN,
3.00%, 03/04/99 4,500
10,000 South Carolina, Jobs Economic
Development Authority, Health Facilities,
Greenville Baptist Project, FRDN,
2.95%, 03/04/99 10,000
------
23,500
------
Tennessee--3.6%
9,165 Chattanooga Tennessee, Series 1, FRDN,
3.46%, 03/04/99 9,165
12,000 Clarksville, Tennessee, Public Building
Authority, Pooled Financing, Tennessee
Municipal Bond Fund, FRDN, 3.00%,
03/04/99 12,000
2,500 Metropolitan Government of Nashville &
Davidson County, Tennessee, Health &
Educational Board, Vanderbilt University,
Ser. 85-A, Rev, 3.10%, 01/15/00 2,500
10,000 Sevier County, Tennessee, Public Building
Authority, Local Government Public
Improvement, Ser. III-D-3, FRDN,
2.90%, 03/04/99 10,000
6,000 Shelby County, Ser. 98A, CP, 2.80%,
06/15/99 6,000
</TABLE>
See notes to financial statements.
19
<PAGE>
Chase Vista Tax Free Money Market Fund
Portfolio of Investments February 28, 1999 (unaudited) (continued)
(amounts in thousands)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
- ------------ --------------------------------------------- ---------
<S> <C> <C>
State & Municipal Obligations -- continued
- --------------------------------------------------------------------
$ 6,155 Shelby County, Tennessee Health
Educational & Housing Facilities Board,
MultiFamily Housing, Arbor Lake,
FRDN, 3.10%, 03/04/99 $6,155
900 South Pittsburgh, Tennessee ID, Lodge
Manufacturing Co. Project, FRDN,
3.10%, 03/04/99 900
------
46,720
------
Texas -- 19.1%
10,000 Austin, Texas, Municipal Trust Certificates,
Medium Term Certificates, No 26-A,
Rev, 3.30%, 11/12/99 10,000
4,150 Bell County, Texas, Health Facilities
Development Corp., Souther Healthcare
Systems, Project C, FRDN, 2.95%,
03/04/99 4,150
1,900 Bell County, Texas, IDA, Franklin
Industries, FRDN, 2.92%, 03/04/99 1,900
9,230 Bexar County Texas, Housing Finance
Corp., MultiFamily Housing, Shallow
Creek Apartments Project, FRDN,
3.76%, 03/04/99 9,230
7,600 Brazos, Texas, Higher Education Authority
Inc., Ser. C-1, Rev, 5.15%, 06/01/99 7,638
4,000 Calhoun County, Texas, Navigation
District, CP, 2.85%, 04/12/99 4,000
19,600 Carroll, Texas, Independent School District,
FRDN, 3.00%, 03/04/99 19,600
3,000 Coastal Bend Health Facilities Development
Corp., Texas Incarnate Word Health
System Updates, Ser. B, FRDN, 2.95%,
03/04/99 3,000
2,000 Collin County, Texas, GO, 4.00%,
03/01/99 2,000
15,255 Colorado River, Texas, Municipal Water
District, Ser. 119, FRDN, 3.02%,
03/01/99 15,255
</TABLE>
See notes to financial statements.
20
<PAGE>
Chase Vista Tax Free Money Market Fund
Portfolio of Investments February 28, 1999 (unaudited) (continued)
(amounts in thousands)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
- ---------- --------------------------------------------- ---------
<S> <C> <C>
State & Municipal Obligations -- continued
- ------------------------------------------------------------------
$ 300 Dallas-Fort Worth, Texas, Regional Airport,
Series A-CR-103, Rev, 3.15%,
05/01/99 $ 300
5,000 Dallas-Fort Worth, Texas, Regional Airport,
Series A-CR-104, Rev, 3.15%,
05/01/99 5,000
5,065 Dallas-Fort Worth, Texas, Regional Airport,
Series A-CR-105, Rev, 3.15%,
05/01/99 5,065
1,000 Dallas-Fort Worth, Texas, Regional Airport,
Series A-CR-107, Rev, 3.15%,
05/01/99 1,000
5,000 Dallas, Texas, Area Rapid Transit, Ser. 95A,
CP, 2.70%, 04/06/99 5,000
3,615 Dallas, Texas, Ser. C, GO, 3.70%,
06/15/99 3,615
6,300 Denton City, Texas, IDR, Hydro Conduit
Corp., FRDN, 2.75%, 03/04/99 6,300
8,400 Greater East Texas, Higher Education,
Ser. B, Rev, 3.60%, 09/01/99 8,400
12,500 Greater East Texas, Higher Education,
Ser. B, Rev, 3.80%, 05/01/99 12,500
10,000 Greater Texas Student Loan Corp., Ser. A,
Rev, 3.00%, 02/01/00 10,000
6,000 Greater Texas Student Loan Corp., Ser. A,
FRDN, 3.60%, 03/03/99 6,000
4,250 Greater Texas, Student Loan Corp., Ser. B,
GO, 3.80%, 06/01/99 4,250
3,000 Guadalupe Blanco River Authority Texas,
ID, IDR, The BOC Group Inc. Project,
FRDN, 2.95%, 03/04/99 3,000
3,900 Harris County, Texas, ID, Shell Oil Co.
Project, FRDN, 3.20%, 03/01/99 3,900
3,700 Katy, Texas, Independent School District,
Ser. A, FRDN, 3.00%, 03/04/99 3,700
6,600 Lower Colorado River Authority, Texas,
Junior Lien, 3rd Supplemental Ser.,
FRDN, 2.95%, 03/04/99 6,600
</TABLE>
See notes to financial statements.
21
<PAGE>
Chase Vista Tax Free Money Market Fund
Portfolio of Investments February 28, 1999 (unaudited) (continued)
(amounts in thousands)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
- ---------- ------------------------------------------- ----------
<S> <C> <C>
State & Municipal Obligations -- continued
- -----------------------------------------------------------------
$ 2,450 Lubbock, Texas, Health Facilities
Development Corp., St. Joseph Health
Systems, Rev, 5.00%, 07/01/99 $ 2,465
3,600 Midland, Texas, Independent School
District, FRDN, 3.00%, 03/04/99 3,600
7,800 Plano, Texas, Independent School District,
GO, 3.65%, 03/04/99 7,800
9,250 Port Corpus Christi Authority, Texas,
Nueces County, Solid Waste Disposal,
Koch Refining Co., FRDN, 3.35%,
03/04/99 9,250
4,900 Richardson, Texas, Independent School
District, Ser. A, FRDN, 3.00%,
03/04/99 4,900
7,660 San Angelo, Texas, Independent School
District, FRDN, 2.85%, 03/04/99 7,660
9,000 Texas State, TRAN, 4.50%, 08/31/99 9,071
3,000 Texas State, Turnpike Authority, Dallas
Northway, FRDN, 2.97%, 03/04/99 3,000
4,015 Texas State, University Systems, Financing
Systems, Ser. B, Rev, 4.50%, 03/15/99 4,016
4,500 Texas State, Veterans Housing Assistance,
Ser. A-1, FRDN, 2.95%, 03/04/99 4,500
9,620 Texas, Water Development Board, FLOATS,
Ser. PA-286, FRDN, 2.97%, 03/04/99 9,620
18,000 University of Texas, Permanent University
Funding, Ser. A, CP, 2.95%, 03/02/99 18,000
-------
245,285
-------
Utah -- 1.2%
15,000 Central Utah, Water Conservancy District,
Ser. E, FRDN, 2.95%, 03/04/99 15,000
-------
Virginia -- 0.2%
3,100 Roanoke Valley, Virginia, IDA, Roanoke
Memorial Hospital, Ser. B, FRDN,
3.25%, 03/01/99 3,100
-------
</TABLE>
See notes to financial statements.
22
<PAGE>
Chase Vista Tax Free Money Market Fund
Portfolio of Investments February 28, 1999 (unaudited) (continued)
(amounts in thousands)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
- ---------- ------------------------------------------ ----------
<S> <C> <C>
State & Municipal Obligations -- continued
- ----------------------------------------------------------------
Washington -- 4.3%
$ 11,395 Clark County, Washington School District,
No. 037, Vancouver Municipal Trust
Certificates, Ser. A, GO, 3.30%,
10/27/99 $11,395
12,150 Eagle Tax Exempt Trust, Weekly Option
Mode, Certificate, Ser. 98-5202, Class A,
FRDN, 3.63%, 03/04/99# 12,150
15,265 Eagle Tax-Exempt Trust, Weekly Option
Mode, Certificate, Ser. 96-C4704,
FRDN, 3.12%, 07/22/99# 15,266
11,995 King County, Washington, Floater
Certificates, Ser. 47, FRDN, 3.30%,
03/04/99# 11,995
1,600 Redmond Washington Public Corp.
Industrial, Intergrated Circuits Project
FRDN, 2.90%, 03/04/99 1,601
2,750 Spokane, Washington, RAN, 3.50%,
01/31/00 2,763
-------
55,170
-------
Wisconsin -- 1.1%
6,500 Byron Wisconsin IDR, Ocean Spray Inc.,
FRDN, 2.95%, 03/01/99 6,500
2,000 Menomonee Falls Wisconsin IDA, Butler
Paper Co. Project, FRDN, 2.95%,
03/04/99 2,000
600 Wisconsin State, Health & Educational
Facilities, Alverno College Project,
FRDN, 3.40%, 03/01/99 600
4,500 Wisconsin State, Health & Educational
Facilities, Wheaton Franciscan Services,
FRDN, 2.95%, 03/04/99 4,500
-------
13,600
-------
Wyoming -- 0.4%
1,800 Green River Wyoming PCR, Texas Gulf
Project, FRDN, 3.00%, 03/04/99 1,800
</TABLE>
See notes to financial statements.
23
<PAGE>
Chase Vista Tax Free Money Market Fund
Portfolio of Investments February 28, 1999 (unaudited) (continued)
(amounts in thousands)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
- ------------ ---------------------------------- ----------
<S> <C> <C>
State & Municipal Obligations -- continued
- ----------------------------------------------------------
$ 3,400 Sweetwater County, Wyoming, PCR,
Pacificorp Project, Ser. A, FRDN,
2.90%, 03/04/99 $ 3,400
----------
5,200
----------
Total State & Municipal
Obligations
(Cost $1,253,812) $1,253,812
- ----------------------------------------------------------
Money Market Fund -- 0.5%
- ----------------------------------------------------------
Shares
- ----------------------------------------------------------
6,037 AIM Tax Free Investment Trust 6,037
----------
(Cost $6,037)
- ----------------------------------------------------------
Total Investments--98.3% $1,259,849
----------
(Cost $1,259,849)**
- ----------------------------------------------------------
</TABLE>
Index
- - -- The maturity date shown is the date of the prerefunded call.
@ -- All or a portion of this security is segregated.
** -- The cost of securities is substantially the same for federal income
tax purposes.
# -- Security may only be sold to qualified institutional buyers.
COP -- Certificate of Participation
CP -- Commercial Paper.
Dorm -- Dormitory
Floating Rate Demand Note -- The maturity date shown is the next interest reset
date; the rate shown is the rate in effect at February 28, 1999.
FLOATS -- Floating Auction Tax-exempts.
GO, -- General Obligation Bond.
HFA -- Housing Finance Agency.
ID -- Industrial Development.
IDA -- Industrial Development Agency.
IDB -- Industrial Development Bond.
IDR -- Industrial Development Revenue.
MTC -- Medium Term Certificate.
PC -- Pollution Control.
PCR -- Pollution Control Revenue.
RAN -- Revenue Anticipation Note.
Rev, -- Revenue Bond
TRAN, -- Tax & Revenue Anticipation Note.
See notes to financial statements.
24
<PAGE>
Chase Vista New York Tax Free Money Market Fund
as of February 28, 1999
(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 $1.6 Billion
Average maturity 45 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 ............. 71.96%
8-30 days ............ 1.34%
31-90 days ........... 2.36%
91-180 days .......... 18.62%
181-270 days ......... 2.02%
271+ days ............ 3.70%
</TABLE>
25
<PAGE>
Chase Vista New York Tax Free Money Market Fund
as of February 28, 1999
(unaudited)
How Much of the Fund Was Invested
[PIE CHART OMITTED]
Investments 97.9%
Cash/Other 2.1%
Yields
<TABLE>
<S> <C> <C>
7-Day Taxable
SEC Yield(1) Equivalent Yield(2)
Vista Shares 2.38% 4.44%
</TABLE>
Past performance is not a guarantee of future results. Yields will fluctuate.
An investment in a money market fund is not FDIC insured nor guaranteed by the
U.S. government or any other agency 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 2.26%. 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.
26
<PAGE>
Chase Vista New York Tax Free Money Market Fund
Portfolio of Investments February 28, 1999 (unaudited)
(amounts in thousands)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
- ------------ ------------------------------------------- -----------
<S> <C> <C>
State & Municipal Obligations -- 100.0%
- --------------------------------------------------------------------
Bond Anticipation Notes -- 5.4%
-------------------------------
$ 2,955 Batavia, New York, 3.50%, 10/15/99 $ 2,962
3,276 Batavia, New York, 3.50%, 12/08/99 3,285
2,350 Buffalo, New York, Ser. A, 3.50%,
02/24/00 2,362
1,200 Buffalo, New York, Ser. A, 3.75%,
07/27/99 1,204
2,325 Elmira City, New York, 4.00%, 05/18/99 2,327
6,200 Geneva New York, Series A, 4.00%,
06/03/99 6,204
4,950 Jamestown, New York, City School District,
3.50%, 11/05/99 4,960
4,300 Livingston County, New York, 4.00%,
03/05/99 4,300
4,000 Monroe County, New York, 4.00%,
07/23/99 4,006
5,000 Oswego County, New York, 4.00%,
05/06/99 5,002
9,390 Putnam Valley, New York, Central School
District, 3.25%, 03/03/00 9,414
5,876 Sharon Springs, New York, Central School
District, 3.75%, 06/30/99 5,881
3,624 Smithtown, New York, 4.00%, 06/15/99 3,629
2,310 South Glens Falls, New York, Central
School District, 4.00%, 07/15/99 2,313
6,847 Sullivan County, New York, 3.60%,
03/19/99 6,847
6,300 Sullivan County, New York, 4.00%,
03/19/99 6,301
4,200 Ulster County, New York, 3.50%,
10/14/99 4,205
4,325 Ulster County, New York, 4.25%,
05/14/99 4,328
8,000 Union Endicott, New York, Central School
District, 4.00%, 06/22/99 8,006
--------
Total Bond Anticipation Notes 87,536
--------
(Cost $87,536)
</TABLE>
See notes to financial statements.
27
<PAGE>
Chase Vista New York Tax Free Money Market Fund
Portfolio of Investments February 28, 1999 (unaudited) (continued)
(amounts in thousands)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
- ------------ ------------------------------------------ -----------
<S> <C> <C>
State & Municipal Obligations -- continued
- -------------------------------------------------------------------
Commercial Paper--0.3%
----------------------
$ 5,300 New York State, Dorm Authority,
Ser. 1996, 2.95%, 03/01/99 $ 5,300
--------
(Cost $5,300)
General Obligation--1.2%
------------------------
1,925 Albany, New York, City School District,
Ser. A, 3.75%, 07/01/99 1,927
2,650 Allegany-Limestone, New York, Central
School District, 3.90%, 06/15/99 2,656
565 Brookhaven-Comsewogue, New York,
Union Free School District, 3.13%,
06/15/99 565
243 Brookhaven, New York, South Country
Central School District, 4.30%,
02/01/00 245
2,013 Cohoes, New York, City School District,
School Improvements, 3.90%,
06/15/99@ 2,018
525 Jefferson County, New York, 4.00%,
09/15/99 527
350 Lansingburgh, New York, Central School
District, 4.30%, 06/15/99 351
1,340 New Paltz, New York, Central School
District, 4.48%, 06/15/99 1,344
960 Oneida County, New York, 4.00%,
03/15/99@ 960
450 Perry, New York, Central School District,
4.30%, 06/15/99 451
1,200 Perry, New York, Central School District,
4.40%, 06/15/99 1,204
364 Plattsburgh, New York, City School
District, 4.10%, 02/15/00 367
480 Riverhead, New York, Central School
District, 4.25%, 12/01/99 484
1,810 Sherburne Earleville, New York, Central
School District, 3.80%, 06/15/99 1,814
</TABLE>
See notes to financial statements.
28
<PAGE>
Chase Vista New York Tax Free Money Market Fund
Portfolio of Investments February 28, 1999 (unaudited) (continued)
(amounts in thousands)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
- ------------ ------------------------------------------- -----------
<S> <C> <C>
State & Municipal Obligations -- continued
- --------------------------------------------------------------------
$ 1,660 Suffolk County, New York, Ser. B, 4.75%,
11/01/99 $ 1,678
340 Syracuse, New York, Public Improvements,
Ser. E, 6.75%, 12/15/99 350
950 Taconic Hills, New York, Central School
District at Craryville, 4.20%, 06/15/99 953
445 Uniondale, New York, Union Free School
District, 3.88%, 06/01/99 446
1,425 Wayne County, New York, Central School
District, 3.60%, 06/15/99 1,427
--------
Total General Obligation 19,767
--------
(Cost $19,767)
Revenue Anticipation Notes -- 4.8%
----------------------------------
9,000 Board of Cooperative Educational Services,
New York Sole Supervisory District,
3.50%, 06/30/99 9,007
11,600 Board of Cooperative Educational Services,
New York Sole Supervisory District,
Ser. B, 4.00%, 06/29/99 11,611
2,600 Chittenango, New York, Central School
District, 4.00%, 06/25/99 2,603
2,500 Erie County, New York, 4.00%, 10/13/99 2,515
1,740 Homer, New York, Central School District,
4.00%, 06/29/99@ 1,742
2,200 Mexico, New York, Central School District,
4.00%, 06/23/99@ 2,201
7,500 Nassau County, New York, Ser. B, 4.00%,
03/10/99 7,502
12,000 Nassau County, New York, Ser. C, 4.00%,
04/13/99 12,006
4,585 Ogdensburg, New York, Enlarged City
School District, 3.83%, 06/29/99 4,590
1,800 Port Byron, New York, Central School
District, 3.86%, 06/30/99 1,802
8,000 Syracuse, New York, Ser. D, 3.65%,
06/30/99 8,004
</TABLE>
See notes to financial statements.
29
<PAGE>
Chase Vista New York Tax Free Money Market Fund
Portfolio of Investments February 28, 1999 (unaudited) (continued)
(amounts in thousands)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
- ------------ -------------------------------------------- -----------
<S> <C> <C>
State & Municipal Obligations -- continued
- ---------------------------------------------------------------------
$ 4,900 Syracuse, New York, Ser. D, 4.00%,
06/30/99 $ 4,909
4,600 Tompkins-Senca-Tioga, New York, Board of
Cooperative Educational Services, 3.60%,
06/30/99 4,605
4,348 Waverly, New York, Central School District,
4.00%, 06/25/99 4,352
--------
Total Revenue Anticipation Notes 77,449
--------
(Cost $77,449)
Revenue Bonds--5.9%
-------------------
875 Albany County, New York, Airport
Authority, Ser. C, 3.50%, 12/15/99 877
385 Bemus Point, New York, Central School
District, 3.50%, 06/15/99 385
473 Clarence, New York, 3.90%, 12/01/99 476
664 Dunkirk, New York, School District,
4.30%, 03/01/99 664
2,000 Dutchess County, New York Resource
Recovery Agency, Solid Waste
Management, Ser. A, 7.50%, 01/01/00- 2,113
1,000 Metropolitan Transportation Authority,
New York, Transportation Facilities,
Ser. K, 5.50%, 07/01/99 1,008
2,500 Municipal Assistance Corp. for New York
City, Ser. 67, 7.50%, 07/01/99- 2,586
3,650 Municipal Assistance Corp. for New York
City, Ser. 67, 7.60%, 07/01/99- 3,777
4,110 Municipal Assistance Corp. for New York
City, Ser. 67, 7.63%, 07/01/99- 4,249
1,750 Municipal Assistance Corp. for New York
City, Ser. 68, 7.00%, 07/01/99 1,769
4,875 Municipal Assistance Corp. for New York
City, Ser. 68, 7.30%, 07/01/99- 5,035
19,000 Municipal Assistance Corp. for New York
City, Ser. J, 5.50%, 07/01/99 19,117
</TABLE>
See notes to financial statements.
30
<PAGE>
Chase Vista New York Tax Free Money Market Fund
Portfolio of Investments February 28, 1999 (unaudited) (continued)
(amounts in thousands)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
- ------------ -------------------------------------------- -----------
<S> <C> <C>
State & Municipal Obligations -- continued
- ---------------------------------------------------------------------
$ 1,700 New York City, Educational Construction
Fund, Ser. A, 7.00%, 10/01/99- $ 1,763
2,000 New York City, Educational Construction
Fund, Ser. A, 7.13%, 10/01/99- 2,076
1,500 New York City, Housing Development
Corp., MultiFamily, Ser. A, 4.40%,
11/01/99 1,514
2,900 New York City, Municipal Water Finance
Authority, Water & Sewer, Series A,
6.00%, 06/15/99- 2,925
1,710 New York City, Municipal Water Finance
Authority, Water & Sewer, Series A,
6.75%, 06/15/99- 1,750
2,000 New York City, Municipal Water Finance
Authority, Water & Sewer, Series A,
7.38%, 06/15/99- 2,051
7,500 New York City, Transportation Authority,
Transportation Facilities, Livingston Plaza
Project, 7.50%, 01/01/00- 7,955
1,515 New York State, Dorm Authority, City
University Systems, Ser. B, 6.90%,
07/01/99 1,535
1,000 New York State, Dorm Authority, New York
University, Ser. A, 4.20%, 07/01/99 1,004
1,000 New York State, Dorm Authority, State
University Educational, Ser. A, 6.75%,
05/15/99- 1,008
1,250 New York State, Dorm Authority, State
University Educational, Ser. A, 7.00%,
05/15/99- 1,285
2,000 New York State, Dorm Authority, State
University Educational, Ser. A, 7.13%,
05/15/99- 2,053
1,030 New York State, Medical Care Facilities
Financing Agency, North General
Hospital, 7.35%, 08/15/99- 1,068
</TABLE>
See notes to financial statements.
31
<PAGE>
Chase Vista New York Tax Free Money Market Fund
Portfolio of Investments February 28, 1999 (unaudited) (continued)
(amounts in thousands)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
- ---------- ------------------------------------------- -----------
<S> <C> <C>
State & Municipal Obligations -- continued
- ------------------------------------------------------------------
$ 525 New York State, Mortgage Agency,
Homeowner Mortgage, Ser. 50, 4.70%,
10/01/99 $ 528
3,990 New York State, Thruway Authority, Service
Contract, Local Highway & Bridge
Transportation Fund, Series A, 4.75%,
04/01/99 3,994
2,000 New York State, Urban Development Corp.,
Alfred Technology Research Inc. Project,
7.88%, 01/01/00- 2,115
1,500 New York State, Urban Development Corp.,
Correctional Facilities, Ser. 1, 7.50%,
01/01/00- 1,583
2,475 New York State, Urban Development Corp.,
Correctional Facilities, Ser. 1, 7.75%,
01/01/00- 2,617
1,000 New York State, Urban Development Corp.,
Correctional Facilities, Ser. G, 7.25%,
01/01/00- 1,053
5,000 Triborough Bridge & Tunnel Authority,
New York, General Purpose, Ser. A,
5.00%, 01/01/00 5,076
7,190 Triborough Bridge & Tunnel Authority,
New York, Special Obligation, Mortgage
Recording Tax, Ser. A, 7.13%,
01/01/00- 7,499
--------
Total Revenue Bonds 94,508
--------
(Cost $94,508)
Tax Anticipation Notes -- 11.1%
-------------------------------
10,000 Brentwood, New York, Union Free School
District, 4.00%, 06/30/99 10,013
6,000 Clarence, New York, Central School
District, 4.00%, 06/30/99 6,007
3,300 East Rockaway, New York, Union Free
School District, 3.90%, 06/24/99 3,304
4,000 Elmont, New York, Union Free School
District, 3.90%, 06/29/99 4,010
</TABLE>
See notes to financial statements.
32
<PAGE>
Chase Vista New York Tax Free Money Market Fund
Portfolio of Investments February 28, 1999 (unaudited) (continued)
(amounts in thousands)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
- ------------ ------------------------------------------ -----------
<S> <C> <C>
State & Municipal Obligations -- continued
- -------------------------------------------------------------------
$ 1,000 Half Hollow Hills, New York, Central
School District, Huntington & Babylon,
3.90%, 06/25/99@ $ 1,001
6,000 Haverstraw Stony Point, New York, Central
School District, 4.00%, 04/30/99 6,004
1,000 Herricks, New York, Union Free School
District, 4.00%, 06/29/99 1,001
8,000 Huntington, New York, Union Free School
District, 4.00%, 06/29/99 8,012
16,000 Lindenhurst, New York, Union Free School
District, 4.00%, 06/24/99 16,016
4,000 Mount Sinai, New York, Union Free School
District, 4.00%, 06/30/99 4,005
5,000 Nassau County, New York, Ser. B, 3.50%,
08/18/99 5,010
13,000 Nassau County, New York, Ser. C, 3.50%,
12/22/99 13,041
7,000 North Babylon, New York, Union Free
School District, 4.00%, 06/29/99 7,007
6,000 Northport-East Northport, New York,
Union Free School District, 4.00%,
06/30/99 6,008
9,000 Oceanside, New York, Union Free School
District, 3.75%, 06/25/99 9,004
2,900 Oceanside, New York, Union Free School
District, 3.90%, 06/25/99 2,903
1,000 Oceanside, New York, Union Free School
District, 4.00%, 06/25/99 1,001
2,000 Patchogue-Medford, New York, Union Free
School District, 3.78%, 06/29/99 2,001
10,000 Riverhead, New York, Central School
District, 3.75%, 06/25/99 10,002
3,600 Rockville Center, New York, Union Free
School District, 4.00%, 06/29/99 3,609
8,000 Smithtown, New York, Central School
District, 3.90%, 06/25/99 8,007
3,400 Southold, New York, Union Free School
District, 4.00%, 06/29/99 3,405
</TABLE>
See notes to financial statements.
33
<PAGE>
Chase Vista New York Tax Free Money Market Fund
Portfolio of Investments February 28, 1999 (unaudited) (continued)
(amounts in thousands)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
- ------------ ------------------------------------------ ----------
<S> <C> <C>
State & Municipal Obligations -- continued
- ------------------------------------------------------------------
$ 10,000 Suffolk County, New York, Ser. II, 3.75%,
09/09/99 $10,020
12,660 Valley Stream, New York, Central High
School District, 4.00%, 06/30/99 12,668
2,000 Wantagh, New York, Union Free School
District, 3.38%, 06/30/99 2,002
1,500 Wantagh, New York, Union Free School
District, 3.45%, 06/30/99 1,502
3,000 West Islip, New York, Union Free School
District, 4.00%, 06/30/99 3,003
5,000 William Floyd Union Free School District,
Mastics-Moriches-Shirley, 3.50%,
06/30/99 5,004
15,000 William Floyd Union Free School District,
Mastics-Moriches-Shirley, 3.75%,
06/30/99 15,025
-------
Total Tax Anticipation Notes 179,595
-------
(Cost $179,595)
Floating Rate Demand Notes -- 70.8%
-----------------------------------
710 Albany, New York, IDA, Newkirk
Productions Inc. Project, Ser. A, 2.95%,
03/04/99 710
1,750 Babylon, New York, IDA, Edwin Verger/
Lambro Industries, 2.90%, 03/04/99 1,750
1,050 Broome County, New York, IDA,
Binghamton Realty Project, 2.80%,
03/04/99 1,050
685 California, Community Development
Corp., IDR, Instrument Specialties Co.,
2.65%, 03/04/99 685
200 California, Community Development
Corp., IDR, Tri-Valley Growers, Series F,
2.60%, 03/04/99 200
600 California, Economic Development
Financing Authority, IDR, Provena Foods
Inc. Project, 2.75%, 03/01/99 600
</TABLE>
See notes to financial statements.
34
<PAGE>
Chase Vista New York Tax Free Money Market Fund
Portfolio of Investments February 28, 1999 (unaudited) (continued)
(amounts in thousands)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
- ------------ --------------------------------------------- -----------
<S> <C> <C>
State & Municipal Obligations -- continued
- ----------------------------------------------------------------------
$ 1,845 California, Economic Development
Financing Authority, IDR, Standard
Abrasives Manufacturing Project, 2.75%,
03/04/99 $ 1,845
300 California, Health Facilities Financing
Authority, Floating-Pooled Loan Program,
Ser. B, 2.10%, 03/04/99 300
1,120 California, Housing Financing Agency,
Ser. 112-A, 2.77%, 03/04/99 1,120
1,200 California, Municipal Securities Trust
Receipts, SGA 55, 2.85%, 03/04/99# 1,200
7,500 Dutchess County, New York, IDA, Civic
Facilities, Marist College Civic Facilities,
Ser. A, 2.70%, 03/04/99 7,500
2,610 Dutchess County, New York, IDA, Laerdal
Medical Corp., Project, 3.05%, 03/04/99 2,610
1,820 Dutchess County, New York, IDA, MR
Association Facility, 2.70%, 03/04/99 1,820
10,000 Eagle Tax Exempt Trust, Weekly Option
Mode, Certificate, Class A, 2.89%,
03/04/99# 10,000
8,805 Eagle Tax Exempt Trust, Weekly Option
Mode, Certificate, Ser. 94-3205 2.89%,
03/04/99# 8,805
7,000 Eagle Tax Exempt Trust, Weekly Option
Mode, Certificate, Ser. 95-3202, Class A,
2.89%, 03/04/99# 7,000
29,900 Eagle Tax Exempt Trust, Weekly Option
Mode, Certificate, Ser. 95-3203, Class A,
2.89%, 03/04/99# 29,900
14,850 Eagle Tax Exempt Trust, Weekly Option
Mode, Certificate, Ser. 96C3208, Class
A, 2.89%, 03/04/99# 14,850
9,910 Eagle Tax Exempt Trust, Weekly Option
Mode, Certificate, Ser. 985202, Class A,
2.89%, 03/04/99# 9,910
</TABLE>
See notes to financial statements.
35
<PAGE>
Chase Vista New York Tax Free Money Market Fund
Portfolio of Investments February 28, 1999 (unaudited) (continued)
(amounts in thousands)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
- ------------ ------------------------------------------ -----------
<S> <C> <C>
State & Municipal Obligations -- continued
- --------------------------------------------------------------------
$ 2,700 Erie County, New York, Water Authority,
Ser. A, 2.65%, 03/04/99 $ 2,700
400 Erie County, New York, Water Authority,
Ser. B, 2.65%, 03/04/99 400
860 Glens Falls, New York, IDA, Broad Street
Center Project, 2.70%, 03/04/99 860
4,310 Great Neck North, New York, Water
Authority, Water System, Series A,
2.80%, 03/04/99 4,310
300 Guilderland, New York, IDA, Northeastern
Industrial Park, Ser. A, 2.80%, 03/04/99 300
2,000 Islip, New York, IDA, Brentwood
Distributor Co. Facility, 2.90%,
03/04/99 2,000
400 Kern County, California, Kern Public
Facilities Project, Series D, 2.60%,
03/04/99 400
1,000 Lewis County, New York, IDA, Climax
Manufacturing Co. Project, 2.40%,
03/04/99 1,000
2,000 Long Island Power Authority, New York,
Electric Systems, FLOATS, Ser. PA-287,
3.01%, 03/04/99 2,000
6,900 Long Island Power Authority, New York,
Electric Systems, FLOATS, Ser. PA-368,
3.04%, 03/04/99 6,900
5,300 Long Island Power Authority, New York,
Electric Systems, Series 43A, 2.89%,
03/04/99 5,300
1,100 Long Island Power Authority, New York,
Electric Systems, Series 43B, 2.89%,
03/04/99 1,100
5,300 Long Island Power Authority, New York,
Electric Systems, Series 43C, 2.89%,
03/04/99 5,300
</TABLE>
See notes to financial statements.
36
<PAGE>
Chase Vista New York Tax Free Money Market Fund
Portfolio of Investments February 28, 1999 (unaudited) (continued)
(amounts in thousands)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
- ------------ ------------------------------------------ -----------
<S> <C> <C>
State & Municipal Obligations -- continued
- --------------------------------------------------------------------
$ 5,300 Long Island Power Authority, New York,
Electric Systems, Series 43D, 2.89%,
03/04/99 $ 5,300
2,500 Long Island Power Authority, New York,
Electric Systems, Series 6, 3.20%,
03/01/99 2,500
800 Long Island Power Authority, New York,
Electric Systems, Sub. Ser. 2, 2.90%,
03/04/99 800
1,000 Long Island Power Authority, New York,
Electric Systems, Sub. Ser. 6, 2.90%,
03/04/99 1,000
600 Los Angeles County, California Community
Redevelopment Agency, 2.55%,
03/04/99 600
700 Los Angeles County, California, Pension
Obligation, Ser. B, 2.50%, 03/04/99 700
6,195 Metropolitan Transit Authority, New York,
Commuter Facilities, PT 1052A, 2.97%,
03/04/99 6,195
3,000 Metropolitan Transit Authority, New York,
Commuter Facilities, Municipal Secuities
Trust Receipt, Ser. SAK 4, 3.15%,
03/04/99 3,000
9,900 Metropolitan Transit Authority, New York,
Transportation Facilities, FLOATS, Ser.
PT-1052B, 3.00%, 03/04/99 9,900
3,425 Monroe County, New York, IDA,
Columbia Sussex Corp., 5.00%,
03/04/99 3,424
3,800 Monroe County, New York, IDA, Public
Improvement, Canal Ponds Park, Ser. D,
2.70%, 03/04/99 3,800
400 Montgomery, New York, IDA, Service
Merchandise Co., 2.75%, 03/04/99 400
5,000 Municipal Assistance Corp. for New York
City, New York, Ser. F, 2.70%, 03/04/99 5,000
</TABLE>
See notes to financial statements.
37
<PAGE>
Chase Vista New York Tax Free Money Market Fund
Portfolio of Investments February 28, 1999 (unaudited) (continued)
(amounts in thousands)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
- ------------ ----------------------------------------- -----------
<S> <C> <C>
State & Municipal Obligations -- continued
- ------------------------------------------------------------------
$ 3,200 Municipal Assistance Corp. for New York
City, New York, Sub-Ser. K-1, 2.45%,
03/04/99 $ 3,200
9,800 Municipal Assistance Corp. for New York
City, New York, Sub-Ser. K-3, 2.65%,
03/04/99 9,800
18,450 Municipal Assistance Corp., for New York
City, Sub. Ser. K-2, 2.65%, 03/04/99 18,450
12,000 Municipal Assistance Corp., for New York
City, Tender Option Certificates, 3.05%,
03/04/99 12,000
21,835 Municipal Securities Trust Certificates,
1998-66, Class A, Metro Transportation
Authority of New York, 3.50%,
03/04/99@,# 21,835
6,900 Nassau County, New York, 2.97%,
03/04/99 6,900
100 Nassau County, New York, IDA, Civic
Facilities, Cold Spring Habor Lab
Project, 3.15%, 03/01/99 100
3,100 Nassau County, New York, IDA, Civic
Facilities, St. Mary's Children Project,
3.50%, 03/04/99 3,100
33,300 New York City, 3.01%, 03/04/99 33,300
2,672 New York City, Carnegie Hall, 2.70%,
03/04/99 2,672
3,900 New York City, FLOATS, Ser. PA-277,
3.04%, 03/04/99 3,900
5,000 New York City, FLOATS, Ser. PA-442,
2.94%, 03/04/99 5,000
2,600 New York City, Health & Hospital Corp.,
Health Systems, Ser. A, 2.80%, 03/04/99 2,600
5,900 New York City, Housing Development
Corp., MultiFamily, Columbus
Apartments, Ser. A, 2.70%, 03/04/99 5,900
</TABLE>
See notes to financial statements.
38
<PAGE>
Chase Vista New York Tax Free Money Market Fund
Portfolio of Investments February 28, 1999 (unaudited) (continued)
(amounts in thousands)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
- ------------ ---------------------------------------- -----------
<S> <C> <C>
State & Municipal Obligations -- continued
- -----------------------------------------------------------------
$ 2,100 New York City, Housing Development
Corp., MultiFamily, Columbus, Ser. A,
2.60%, 03/04/99 $ 2,100
9,100 New York City, Housing Development
Corp., MultiFamily, James Tower, 2.70%,
03/04/99 9,100
3,400 New York City, Housing Development
Corp., MultiFamily, Rent Housing, 100
Jane Street Development LP, Ser. A,
2.70%, 03/04/99 3,400
6,300 New York City, Housing Development
Corp., MultiFamily, Rent Housing,
Carnegie Park, Ser. A, 2.70%,
03/04/99 6,300
3,700 New York City, Housing Development
Corp., MultiFamily, Rent Housing,
Columbus Green, Ser. A, 2.70%,
03/04/99 3,700
11,000 New York City, Housing Development
Corp., MultiFamily, Rent Housing, One
Columbus Place Development, Ser. A,
2.45%, 03/04/99 11,000
6,000 New York City, Housing Development
Corp., MultiFamily, Rent Housing,
Parkgate Development, Ser. A, 2.65%,
03/04/99 6,000
5,000 New York City, Housing Development
Corp., MultiFamily, Rent Housing,
Ser. A, 2.90%, 03/04/99 5,000
2,900 New York City, Housing Development
Corp., MultiFamily, Ser. A, 2.75%,
03/04/99 2,900
5,950 New York City, Housing Development
Corp., Special Obligation, Upper 5th
Ave. Project, Ser. A, 2.65%, 03/04/99 5,950
2,700 New York City, IDA, Civil Facility,
Calhoun School Inc. Project, 2.45%,
03/04/99 2,700
</TABLE>
See notes to financial statements.
39
<PAGE>
Chase Vista New York Tax Free Money Market Fund
Portfolio of Investments February 28, 1999 (unaudited) (continued)
(amounts in thousands)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
- ------------ ------------------------------------------ -----------
<S> <C> <C>
State & Municipal Obligations -- continued
- -------------------------------------------------------------------
$ 4,000 New York City, IDA, Civil Facility,
Childrens Oncology Society, 2.60%,
03/04/99 $ 4,000
3,600 New York City, IDA, Civil Facility,
National Audubon Society, 3.10%,
03/01/99 3,600
300 New York City, IDA, Ser. D, 3.00%,
03/04/99 300
400 New York City, IDA, Ser. F, Marion Glass
and Window Shade Corp., 3.00%,
03/04/99 400
2,040 New York City, IDA, Ser. G, Monarch
Construction Corp., 3.00%, 03/04/99 2,040
600 New York City, IDA, Ser. I, 3.00%,
03/04/99 600
1,600 New York City, IDA, Ser. K, 3.00%,
03/04/99 1,600
8,900 New York City, IDA, Special Facilities,
Korean Air Lines, Co., Ser. C, 2.65%,
03/04/99 8,900
3,800 New York City, IDA, Videotape Inc.,
Project, 2.95%, 03/04/99 3,800
10,700 New York City, Municipal Securities Trust
Receipts, Ser. 35, 3.10%, 03/04/99 10,700
9,000 New York City, Municipal Securities Trust
Receipts, Ser. SAK 1, 3.15%, 03/04/99 9,000
800 New York City, Municipal Securities Trust
Receipts, Ser. SGB 33, 3.07%, 03/04/99 800
10,365 New York City, Municipal Securities Trust
Receipts, Ser. SGB 36, 3.10%,
03/04/99 10,365
6,000 New York City, Municipal Securities,Trust
Receipts, Ser. SGA 63, 3.25%,
03/01/99 6,000
5,000 New York City, Municipal Securities,Trust
Receipts, Ser. SGA 74, 3.25%,
03/01/99 5,000
</TABLE>
See notes to financial statements.
40
<PAGE>
Chase Vista New York Tax Free Money Market Fund
Portfolio of Investments February 28, 1999 (unaudited) (continued)
(amounts in thousands)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
- ------------ ------------------------------------------ -----------
<S> <C> <C>
State & Municipal Obligations -- continued
- -------------------------------------------------------------------
$ 3,700 New York City, Municipal Water Financing
Authority, 3.07%, 03/04/99 $ 3,700
7,300 New York City, Municipal Water Financing
Authority, Ser. C, 3.15%, 03/03/99 7,300
3,000 New York City, Municipal Water Financing
Authority, Water & Sewer Systems,
FLOATS, Ser. PA-444, 2.90%,
03/04/99 3,000
12,890 New York City, Municipal Water Financing
Authority, Water & Sewer Systems,
Municipal Securities Trust Receipts,
3.07%, 03/04/99 12,890
3,300 New York City, Municipal Water Financing
Authority, Water & Sewer Systems,
Municipal Securities Trust Receipts,
Ser. 12, 3.10%, 03/04/99 3,300
28,200 New York City, Municipal Water Financing
Authority, Water & Sewer Systems,
Municipal Securities Trust Receipts,
Ser. 26, 3.07%, 03/04/99 28,200
7,255 New York City, Municipal Water Financing
Authority, Water & Sewer Systems,
Municipal Securities Trust Receipts,
Ser. SGA 13, 3.10%, 03/04/99 7,255
4,000 New York City, Municipal Water Financing
Authority, Water & Sewer Systems,
Ser. A, 3.60%, 03/01/99 4,000
9,350 New York City, Municipal Water Financing
Authority, Water & Sewer Systems,
Ser. C, 3.15%, 03/01/99 9,350
11,475 New York City, Ser. A-9, 2.80%, 03/04/99 11,475
5,000 New York City, Ser. A, 3.15%, 03/04/99 5,000
12,900 New York City, Ser. B through Sub-Ser.
B-10, 2.70%, 03/04/99@ 12,900
6,100 New York City, Ser. B through Sub-Ser.
B-8, 2.90%, 03/04/99 6,100
</TABLE>
See notes to financial statements.
41
<PAGE>
Chase Vista New York Tax Free Money Market Fund
Portfolio of Investments February 28, 1999 (unaudited) (continued)
(amounts in thousands)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
- ------------ ----------------------------------------- -----------
<S> <C> <C>
State & Municipal Obligations -- continued
- ------------------------------------------------------------------
$ 2,100 New York City, Ser. B, Sub-Ser. B-4,
3.15%, 03/01/99 $ 2,100
1,600 New York City, Ser. D, 2.65%, 03/04/99 1,600
6,000 New York City, Ser. D, 2.75%, 03/04/99 6,000
1,000 New York City, Ser. F-3, 2.80%,
03/04/99 1,000
1,000 New York City, Ser. F-5, 2.90%,
03/04/99 1,000
8,500 New York City, Ser. F-6, 2.80%,
03/04/99 8,500
8,015 New York City, Sub-Ser. A-6, 2.80%,
03/04/99 8,015
7,400 New York City, Sub-Ser. A-7, 3.20%,
03/01/99 7,400
1,300 New York City, Sub-Ser. A-8, 3.15%,
03/03/99 1,300
1,600 New York City, Sub-Ser. B-2, 3.65%,
03/01/99 1,600
4,900 New York City, Sub-Ser. B8 2.35%,
03/01/99 4,900
6,800 New York City, Sub-Ser. E2, 3.20%,
03/04/99 6,800
1,500 New York City, Sub-Ser. E-4, 3.20%,
03/01/99 1,500
2,600 New York City, Sub-Ser. E-5, 3.20%,
03/04/99 2,600
200 New York City, Sub-Ser. F-5, 3.20%,
03/01/99 200
46,300 New York City, Transitional Financing
Authority, Future Tax Secured, Ser. A-2,
3.13%, 03/04/99 46,300
3,800 New York City, Trust Cultural Resources,
American Museum of Natural History,
Ser. B, 2.65%, 03/04/99 3,800
5,515 New York State, Dorm Authority, 2.97%,
03/04/99 5,515
9,645 New York State, Dorm Authority, FLOATS,
Ser. PA-409, 2.97%, 03/04/99 9,645
</TABLE>
See notes to financial statements.
42
<PAGE>
Chase Vista New York Tax Free Money Market Fund
Portfolio of Investments February 28, 1999 (unaudited) (continued)
(amounts in thousands)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
- ------------ -------------------------------------------- -----------
<S> <C> <C>
State & Municipal Obligations -- continued
- ---------------------------------------------------------------------
$ 4,870 New York State, Dorm Authority, FLOATS,
Ser. PA-419, 2.97%, 03/04/99 $ 4,870
1,000 New York State, Dorm Authority, FLOATS,
Ser. PT-130, 2.97%, 03/04/99 1,000
2,865 New York State, Dorm Authority,
Municipal Securities Trust Receipts, Series
SAK 17, 3.15%, 03/04/99 2,865
1,300 New York State, Dorm Authority, Ser. 28,
3.05%, 03/04/99 1,300
4,380 New York State, Dorm Authority, Ser. PA
390, 2.97%, 03/04/99 4,380
9,500 New York State, Dorm Authority, Ser.
PUTTERS-14A, 3.07%, 03/04/99 9,500
4,100 New York State, Energy Research &
Development Authority, Brooklyn Union
Gas Project, Ser. A-1, 2.80%, 03/04/99 4,100
8,100 New York State, Energy Research &
Development Authority, Brooklyn Union
Gas Project, Ser. A-2, 2.70%, 03/04/99 8,100
14,500 New York State, Energy Research &
Development Authority, Brooklyn Union
Gas Project, Ser. A-3, 2.60%, 03/04/99 14,500
4,100 New York State, Energy Research &
Development Authority, FLOATS,
Ser. PA-411, 3.55%, 03/04/99 4,100
3,100 New York State, Energy Research &
Development Authority, PCR, New York
Electric & Gas, Ser. D, 3.25%, 03/01/99 3,100
5,600 New York State, Energy Research &
Development Authority, PCR, Central
Hudson Gas & Electric Co. Ser. B,
2.35%, 03/04/99 5,600
6,500 New York State, Energy Research &
Development Authority, PCR, Central
Hudson Gas & Electric Co. Ser. B,
2.74%, 03/04/99 6,500
</TABLE>
See notes to financial statements.
43
<PAGE>
Chase Vista New York Tax Free Money Market Fund
Portfolio of Investments February 28, 1999 (unaudited) (continued)
(amounts in thousands)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
- ------------ -------------------------------------- -----------
<S> <C> <C>
State & Municipal Obligations -- continued
- ---------------------------------------------------------------
$ 17,900 New York State, Energy Research &
Development Authority, PCR, Central
Hudson Gas & Electric Co., 2.45%,
03/04/99 $ 17,900
1,700 New York State, Energy Research &
Development Authority, PCR, New York
State Electric & Gas, Ser. B, 3.15%,
03/04/99 1,700
9,015 New York State, Energy Research &
Development Authority, PCR, New York
State Electric & Gas, Ser. C, 3.25%,
03/01/99- 9,015
5,500 New York State, Energy Research &
Development Authority, PCR, New York
State Electric & Gas, Ser. D, 3.00%,
03/04/99 5,500
2,100 New York State, Energy Research &
Development Authority, PCR, Niagara
Mohawk Power, Ser. A, 3.55%,
03/04/99 2,100
8,500 New York State, Energy Research &
Development Authority, PCR, Niagara
Mohawk Power, Ser. B, 3.60%,
03/01/99 8,500
20,300 New York State, Energy Research &
Development Authority, PCR, Orange &
Rockland Project, Ser. A, 2.65%,
03/04/99 20,300
3,000 New York State, Energy Research &
Development Authority, PCR, Rochester
Gas & Electric Corp., Ser. B, 2.50%,
03/04/99 3,000
14,300 New York State, Energy Research &
Development Authority, PCR, Rochester
Gas & Electric Corp., Ser. C, 2.65%,
03/04/99 14,300
</TABLE>
See notes to financial statements.
44
<PAGE>
Chase Vista New York Tax Free Money Market Fund
Portfolio of Investments February 28, 1999 (unaudited) (continued)
(amounts in thousands)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
- ------------ ----------------------------------------- -----------
<S> <C> <C>
State & Municipal Obligations -- continued
- ------------------------------------------------------------------
$ 10,320 New York State, Environmental Facilities
Corp., PCR, FLOATS, Ser. PA-271,
2.97%, 03/04/99 $ 10,320
1,200 New York State, Environmental Facilities
Corp., Resource Recovery, OFS Equity
Huntington Project, 3.20%, 03/04/99 1,200
15,000 New York State, Environmental Facilities
Corp., State Clean Water & Drinking,
FLOATS, Ser, OT-1075, 2.97%,
03/04/99 15,000
4,000 New York State, Housing Finance Agency,
101 West End Ave. Housing, Ser. A,
2.65%, 03/04/99 4,000
16,000 New York State, Housing Finance Agency,
101 West End Ave. Housing, Ser. A,
3.85%, 03/04/99 16,000
8,700 New York State, Housing Finance Agency,
345 East 94th Street Housing, Ser. A,
2.75%, 03/04/99 8,700
8,500 New York State, Housing Finance Agency,
345 East 94th Street Housing, Ser. A,
2.80%, 03/04/99 8,500
10,000 New York State, Housing Finance Agency,
70 Barrery Place Housing, Ser. A, 2.80%,
03/04/99 10,000
8,800 New York State, Housing Finance Agency,
750 Sixth Ave. Housing, Ser. A, 2.60%,
03/04/99 8,800
2,495 New York State, Housing Finance Agency,
FLOATS, Ser. PA-143, 2.94%,
03/04/99 2,495
3,300 New York State, Housing Finance Agency,
MultiFamily Housing, Ser. A, 3.15%,
03/04/99 3,300
1,060 New York State, Housing Finance Agency,
MultiFamily Housing, Ser. E, 3.15%,
03/04/99 1,060
</TABLE>
See notes to financial statements.
45
<PAGE>
Chase Vista New York Tax Free Money Market Fund
Portfolio of Investments February 28, 1999 (unaudited) (continued)
(amounts in thousands)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
- ------------ ----------------------------------------- -----------
<S> <C> <C>
State & Municipal Obligations -- continued
- ------------------------------------------------------------------
$ 12,900 New York State, Housing Finance Agency,
Normandte Court II, Ser. A, 2.70%,
03/04/99 $ 12,900
5,100 New York State, Housing Finance Agency,
Residential, Ser. A, 3.15%, 03/04/99- 5,100
13,300 New York State, Housing Finance Agency,
Service Contract Obligation, Ser. A,
2.55%, 03/04/99 13,300
10,000 New York State, Housing Finance Agency,
Tribeca Landing Housing, Ser. A, 2.95%,
03/04/99- 10,000
12,700 New York State, Housing Finance Agency,
Tribeca Park Housing, Ser. A, 2.80%,
03/04/99 12,700
10,000 New York State, Housing Finance Agency,
Union Square South Housing, 2.80%,
03/03/99 10,000
4,885 New York State, Job Development
Authority, Ser. A-1 through A-42, 3.30%,
03/01/99 4,885
2,400 New York State, Job Development
Authority, Special Purpose, Ser. A-1
through A-13, 3.30%, 03/01/99 2,400
4,600 New York State, Local Government
Assistance Corp, TRS, Series 27, Reg D,
3.05%, 03/04/99 4,600
31,975 New York State, Local Government
Assistance Corp., 2.80%, 03/01/99 31,974
3,000 New York State, Local Government
Assistance Corp., Ser. B, 2.70%,
03/04/99 3,000
11,700 New York State, Local Government
Assistance Corp., Ser. D, 2.65%,
03/04/99 11,700
4,800 New York State, Local Government
Assistance Corp., Ser. F, 2.65%,
03/04/99 4,800
</TABLE>
See notes to financial statements.
46
<PAGE>
Chase Vista New York Tax Free Money Market Fund
Portfolio of Investments February 28, 1999 (unaudited) (continued)
(amounts in thousands)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
- ------------ ------------------------------------------- -----------
<S> <C> <C>
State & Municipal Obligations -- continued
- --------------------------------------------------------------------
$ 10,480 New York State, Local Government
Assistance Corp., Ser. F, 2.70%,
03/04/99 $ 10,480
13,600 New York State, Local Government
Assistance Corp., Ser. G, 2.60%,
03/04/99 13,600
2,355 New York State, Medical Care Facilities,
Financing Agency, Municipal Trust
Receipts, Ser. SG1, 2.97%, 03/04/99 2,355
4,000 New York State, Medical Care Facilities,
Financing Agency, New York Hospital,
Ser. A, 2.89%, 03/04/99 4,000
5,000 New York State, Power Authority, General
Purpose, Municipal Trust Receipts,
Ser. SG-4, 2.97%, 03/04/99 5,000
7,900 New York State, Thruway Authority,
Ser. PA 272, 2.97%, 03/04/99 7,900
13,400 New York State, Thruway Authority,
Ser. SG 119, 3.40%, 03/01/99 13,400
1,000 Niagara County, IDA, Solid Waste
Disposal, American Refunding, Fuel Co.,
Ser. A, 2.85%, 03/04/99 1,000
1,000 Niagara County, IDA, Solid Waste
Disposal, American Refunding, Fuel Co.,
Ser. B, 2.90%, 03/04/99 1,000
7,500 Niagara Falls, Bridge Commission, Ser. A,
2.65%, 03/04/99 7,500
1,100 Ontario, California, Redevelopment Agency,
IDR, Safariland Project, 2.65%,
03/04/99 1,100
200 Orange County, California, Apartment
Development, Jess L. Frost, Issue B,
2.60%, 03/04/99 200
2,500 Oxnard, California, Industrial Development
Financing Authority, IDR, Accurate
Engineering Project, 2.75%, 03/04/99 2,500
</TABLE>
See notes to financial statements.
47
<PAGE>
Chase Vista New York Tax Free Money Market Fund
Portfolio of Investments February 28, 1999 (unaudited) (continued)
(amounts in thousands)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
- ------------ ------------------------------------------- -----------
<S> <C> <C>
State & Municipal Obligations -- continued
- --------------------------------------------------------------------
$ 2,950 Port Authority of New York & New Jersey,
Equipment Notes, Ser. 3, 3.00%,
03/04/99 $ 2,950
2,000 Puerto Rico Commonwealth, Government
Development Bank, 2.40%, 03/04/99 2,000
2,450 Rockland County, New York, IDA, Shock
Technical Inc. Project, 2.95%, 03/04/99 2,450
900 Rockland County, New York, IDA, X
Products Corp. Project, 2.95%, 03/04/99 900
1,000 San Jose, California, MultiFamily Housing,
Timberwood, Series A, 2.45%, 03/04/99 1,000
1,000 Santa Clara County, California, El Camino
California Hospital District, Hospital
Facilities Authority, Valley Medical
Center Project, Series A, 2.20%,
03/04/99 1,000
200 Simi Valley, California, Public Finance
Authority, 2.40%, 03/04/99 200
700 South San Francisco, California,
MultiFamily, Magnolia Plaza Apartments,
Ser. A, 2.70%, 03/04/99 700
5,750 Suffolk County, New York, 2.97%,
03/04/99 5,750
2,400 Suffolk County, New York, Water
Authority, 2.70%, 03/04/99 2,400
1,490 Triborough Bridge & Tunnel Authority,
New York, Series PA 200, 2.97%,
03/04/99 1,490
365 Walnut, California Improvement Agency,
IDA, Fairway Molds Project, 2.65%,
03/04/99 364
4,245 Westchester County, New York, IDA, Civic
Facilities, Northern Westchester Hospital,
2.70%, 03/04/99 4,244
</TABLE>
See notes to financial statements.
48
<PAGE>
Chase Vista New York Tax Free Money Market Fund
Portfolio of Investments February 28, 1999 (unaudited) (continued)
(amounts in thousands)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
- ------------ ------------------------------------------ ----------
<S> <C> <C>
State & Municipal Obligations -- continued
- ------------------------------------------------------------------
$ 2,200 Yonkers, New York, IDA, Civic Facilities,
Consumers Union Facility, 2.60%,
03/04/99- $ 2,200
8,100 Yonkers, New York, IDA, Civic Facilities,
Sarah Laurence College Project, 2.55%,
03/04/99@ 8,100
----------
Total Floating Rate Demand Notes 1,140,048
----------
(Cost $1,140,048)
U. S. Government Agency
Obligations--0.5%
7,000 Federal Home Loan Bank, Discount Note
Obligations, 4.68%, 03/01/99 7,000
----------
(Cost $7,000)
- ------------------------------------------------------------------
Total Investments--100.0%
(Cost $1,611,203)** $1,611,203
- ------------------------------------------------------------------
</TABLE>
Index
- -The maturity date shown is the date of the prerefunded call.
@All or a portion of this security is segregated.
**The cost of securities is substantially the same for federal income tax
purposes.
#Security may only be sold to qualified institutional buyers.
Dorm--Dormitory
Floating Rate Demand Note--The maturity date shown is the next interest reset
date; the rate shown is the rate in effect at February 28, 1999.
FLOATS--Floating Auction Tax-exempts.
IDA--Industrial Development Agency.
IDR--Industrial Development Revenue.
PCR--Pollution Control Revenue.
PUTTERS--Putable Tax Exempt Receipts.
See notes to financial statements.
49
<PAGE>
Chase Vista California Tax Free Money Market Fund
as of February 28, 1999
(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 $0.06 Billion
Average maturity 42 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>
1-30 days ............ 74.38%
31-90 days ........... 2.76%
91-180 days .......... 13.86%
181-270 days ......... 7.53%
271+ days ............ 1.47%
</TABLE>
50
<PAGE>
Chase Vista California Tax Free Money Market Fund
as of February 28, 1999
(unaudited)
How Much of the Fund Was Invested
[PIE CHART OMITTED]
Investments 95.9%
Cash/Other 4.1%
Yields
<TABLE>
<S> <C> <C>
7-Day Taxable
SEC Yield(1) Equivalent Yield(2)
Vista Shares 2.39% 4.36%
</TABLE>
Past performance is not a guarantee of future results. Yields will fluctuate.
An investment in a money market fund is not FDIC insured nor guaranteed by the
U.S. government or any other agency 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 2.02%. 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.
51
<PAGE>
Chase Vista California Tax Free Money Market Fund
Portfolio of Investments February 28, 1999 (unaudited)
(amounts in thousands)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
- ---------- ----------------------------------------------- -----------
<S> <C> <C>
State & Municipal Obligations -- 97.3%
- ----------------------------------------------------------------------
Certificates of Participation -- 0.9%
-------------------------------------
$ 190 La Habra, California, Park La Habra &
Viewpark, Ser. A, 4.00%, 09/01/99 $ 191
140 La Habra, California, Redevelopment
Refunding Program, Ser. B, 4.00%,
09/01/99 140
200 Snowline, California, Joint Unified School
District, Ser. A, 3.75%, 07/01/99 200
--------
Total Certificates of Participation 531
--------
(Cost $531)
General Obligations -- 1.2%
-----------------------------------------------
145 Bakersfield, California, City School District,
5.00%, 08/01/99 146
140 Escondido, California, Unified High School
District, 5.15%, 05/01/99 140
115 Escondido, California, Unified High School
District, 5.15%, 11/01/99 117
100 Puerto Rico Commonwealth, 4.00%,
07/01/99 100
100 Puerto Rico Commonwealth, Public
Improvements, 5.75%, 07/01/99 101
--------
Total General Obligations 604
--------
(Cost $604)
Revenue Bonds--13.6%
--------------------
400 California State, Department Water
Resources Center, VY Project, Water
Systems, Ser. J-2, 5.20%, 12/01/99 406
750 California, Health Facilities Financing
Authority, Health Facility, Catholic
Health, Ser. A, 7.00%, 07/01/99 774
320 Chula Vista, California, Community
Hospital, 7.50%, 01/01/1900 331
375 Los Angeles, California Community
Redevelopment Agency, Little Tokyo,
Class B, 6.90%, 07/01/99 387
1,500 Los Angeles, California, Department of
Airports, Los Angeles International
Airport, Series D, 6.00%, 05/15/99 1,507
</TABLE>
See notes to financial statements.
52
<PAGE>
Chase Vista California Tax Free Money Market Fund
Portfolio of Investments February 28, 1999 (unaudited) (continued)
(amounts in thousands)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
- ---------- --------------------------------------------- -----------
<S> <C> <C>
State & Municipal Obligations -- continued
- --------------------------------------------------------------------
$ 400 Los Angeles, California, Municipal
Improvement Corp., Lease, 7.30%,
09/01/99 $ 409
150 Metropolitan Water District, Southern
California, Ser. A, 4.00%, 03/01/99 150
300 Metropolitan Water District, Southern
California, Waterworks, Ser. C, 5.00%,
07/01/99 302
2,200 Metropolitan Water District, Southern
California, Ser. G, 5.75%, 03/01/99 2,222
235 Palm Desert, California, Financing
Authority, Tax Allocation, Housing
Set Aside, 4.00%, 10/01/99 236
150 Puerto Rico Electric Power Authority,
Ser. N, 7.18%, 07/01/99- 153
150 Riverside County, California, Asset Leasing
Corp., Leasehold Improvements,
Riverside County Hospital Project,
Ser. A, 7.40%, 06/01/99- 156
390 Sacramento, California, Municipal Utilities
District, Electric, Ser. H, 6.30%,
10/01/99 398
155 San Bernadino County, California,
Transition Authority, Sales Tax, Ser. A,
5.00%, 03/01/00 158
110 San Mateo County, California, Joint Powers
Authority, Lease, Capital Projects, Ser. A,
3.00%, 07/15/99 110
100 Santa Cruz County, California, Public
Financing Authority, Tax Allocation,
Sub-Loan, Ser. B, 7.63%, 09/01/99 105
250 Southern California, Public Power
Authority, Transmission Project, Sub.
Ser. A, 4.38%, 07/01/99 251
400 Tustin, California, Unified School District,
Special Tax, Community Facilities
District, No 88-1, 4.00%, 09/01/99 402
--------
Total Revenue Bonds 8,457
--------
(Cost $8,457)
</TABLE>
See notes to financial statements.
53
<PAGE>
Chase Vista California Tax Free Money Market Fund
Portfolio of Investments February 28, 1999 (unaudited) (continued)
(amounts in thousands)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
- ---------- ---------------------------------------------- ----------
<S> <C> <C>
State & Municipal Obligations -- continued
- --------------------------------------------------------------------
Tax Anticipation Notes--3.3%
----------------------------
$ 2,000 Antioch, California, Unified School District,
3.70%, 09/15/99 $ 2,000
-------
(Cost $2,000)
Tax & Revenue Anticipation Notes--10.0%
---------------------------------------
2,000 Fotana California, United School District,
3.68%, 07/09/99 2,002
2,700 Kern County, California, Board of
Education, 4.25%, 06/30/99 2,706
900 Los Angeles, California, 4.50%, 06/30/99 902
500 San Diego, California, Unified School
District, Ser. A, 4.50%, 10/01/99 504
-------
Total Tax & Revenue Anticipation Notes 6,114
-------
(Cost $6,114)
Floating Rate Demand Notes--68.3%
---------------------------------
500 Alameda-Contra Costa, California Schools
Financing Authority, Capital
Improvements Financing Projects, Ser. A,
2.40%, 03/04/99 500
3,700 California Health Facilities Financing
Authority, Insured, Hospital, Adventist,
Ser. B, 3.10%, 03/01/99 3,700
340 California Housing Financing Authority,
FLOATS, Ser. PA-58, 2.72%,
03/04/99 340
3,100 California PCFA, PCR, Pacific Gas &
Electric, Ser. C, 3.15%, 03/01/99 3,100
2,000 California PCFA, PCR, Shell Oil Comp
Project, Ser. A, 3.00%, 03/01/99 2,000
4,000 California PCFA, Solid Waste Disposal,
Shell Martinez Refining, Ser. A, 3.00%,
03/01/99 4,000
800 California State, 2.75%, 03/04/99 800
900 California State, 2.75%, 03/04/99 900
200 California State, Community Development
Corp., IDR, Tri-Valley Growers, Series F,
2.60%, 03/03/99 200
</TABLE>
See notes to financial statements.
54
<PAGE>
Chase Vista California Tax Free Money Market Fund
Portfolio of Investments February 28, 1999 (unaudited) (continued)
(amounts in thousands)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
- ---------- --------------------------------------------- -----------
<S> <C> <C>
State & Municipal Obligations -- continued
- ---------------------------------------------------------------------
$ 2,500 California State, Community Development
Corp., John Muir, Mt. Diablo Health,
3.00%, 03/01/99 $ 2,500
1,000 California State, Economic Development
Financing Authority, California
Independent Systems Project, Series A,
3.10%, 03/01/99 1,000
500 California State, Economic Development
Financing Authority, California
Independent Systems, Project B, 3.00%,
03/01/99 500
1,400 California State, Economic Development
Financing Authority, IDR, Provena Foods
Inc. Project, 2.75%, 03/03/99 1,400
55 California State, Economic Development
Financing Authority, IDR, Standard
Abrasives Manufacturing Project, 2.75%,
03/03/99 55
2,000 California State, Municipal Securities Trust
Receipts, SGA 40, 2.85%, 03/03/99 2,000
1,600 California State, Municipal Securities Trust
Receipts, SGA 55, 2.85%, 03/03/99# 1,600
500 Corona, California MultiFamily Housing,
Country Hills Project, Ser. B, 2.45%,
03/04/99 500
1,400 Irvine Ranch, California, Water District,
Consolidated Improvement Districts,
3.00%, 03/01/99 1,400
600 Irvine Ranch, California, Water District,
Consolidated Improvement Districts,
3.10%, 03/01/99 600
2,500 Irvine Ranch, California, Water District,
No, 105, 140, 240 & 250, 3.10%,
03/01/99 2,500
2,500 Irvine, California, Improvement Bond Act
of 1915, Assessment District No. 97-17,
3.10%, 03/01/99 2,500
100 Kern County, California, Kern Public
Facilities Project, Series D, 2.60%,
03/03/99 100
</TABLE>
See notes to financial statements.
55
<PAGE>
Chase Vista California Tax Free Money Market Fund
Portfolio of Investments February 28, 1999 (unaudited) (continued)
(amounts in thousands)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
- ---------- -------------------------------------------- -----------
<S> <C> <C>
State & Municipal Obligations -- continued
- -------------------------------------------------------------------
$ 400 Los Angeles County, California,
Community Redevelopment Agency,
2.55%, 03/03/99 $ 400
400 Los Angeles County, California,
Community Redevelopment Agency,
COP, CMC Medical Plaza Partner,
2.40%, 03/04/99 400
300 Los Angeles County, California, IDA, IDR,
Hon Industries Inc. Project, 2.50%,
03/01/99 300
100 Los Angeles County, California,
Metropolitan Transportation Authority,
Proposal C, Second Sr. Ser. A, 2.60%,
03/04/99 100
900 Los Angeles County, California, United
School District, Belmont Learning
Complex, Series A, 2.50%, 03/03/99 900
1,000 Monrovia, California, Unified School
District, Municipal Securities Trust
Receipt, Ser. 70, 2.83%, 03/03/99 1,000
200 Moorpark California MultiFamily, Le Club
Apartments Project, Ser. A, 2.65%,
03/04/99 200
1,300 Oakland, California, Joint Powers Financing
Authority, Series A-2, 2.45%,
03/04/99 1,300
100 Ontario, California, Redevelopment Agency,
IDR, Safariland Project, 2.65%,
03/04/99 100
400 Rancho Mirage, California, Redevelopment
Agency, Rancho Mirage, 2.65%,
03/04/99 400
700 Riverside County, California, IDA, IDR,
Design Time Inc. Project, Ser. I, 2.30%,
03/03/99 700
100 San Bernardino County, California, County
Center Refinancing Project, 2.55%,
03/03/99 100
100 San Bernardino County, California, IDA,
Aqua-Service, 2.65%, 03/04/99 100
</TABLE>
See notes to financial statements.
56
<PAGE>
Chase Vista California Tax Free Money Market Fund
Portfolio of Investments February 28, 1999 (unaudited) (continued)
(amounts in thousands)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
- ---------- ------------------------------------------- -------
<S> <C> <C>
State & Municipal Obligations -- continued
- --------------------------------------------------------------
$ 100 San Bernardino County, California, IDA,
Ser. II, Master Halco Inc., 2.30%,
03/04/99 $ 100
300 San Diego, California, IDA, Kaiser
Aerospace & Electric, 2.75%,
03/04/99 300
100 Santa Clara, California, Electric Revenue,
Ser. B, 2.55%, 03/03/99 100
600 Three Valleys Municipal Water District,
Miramar Water Treatment, 2.45%,
03/03/99 600
2,500 Western Riverside County, California
Regional Wastewater Authority, Regional
Wastewater Treatment, 3.10%,
03/01/99 2,500
-------
Total Floating Rate Demand Notes
(Cost $41,795) 41,795
- --------------------------------------------------------------
Total Investments--97.3%
(Cost $59,501)** $59,501
- --------------------------------------------------------------
</TABLE>
Index
- -The maturity date shown is the date of the prerefunded call.
@All or a portion of this security is segregated.
**The cost of securities is substantially the same for federal income tax
purposes.
#Security may only be sold to qualified institutional buyers.
COP--Certificates of Participation.
Dorm--Dormitory
Floating Rate Demand Note--The maturity date shown is the next interest reset
date; the rate shown is the rate in effect at February 28, 1999.
FLOATS--Floating Auction Tax-exempts.
IDA--Industrial Development Agency.
IDR--Industrial Development Revenue.
PCFA--Pollution Control Finance Authority.
PCR--Pollution Control Revenue.
See notes to financial statements.
57
<PAGE>
Chase Vista Funds
Statement of Assets and Liabilities February 28, 1999 (unaudited)
(Amounts in Thousands, Except Per Share Amounts)
- --------------------------------------------------------------------------------
<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) ........................... $1,259,849 $1,611,203 $59,501
Cash ................................ 3,455 -- 1,384
Other assets ........................ 58 1,316 1
Receivables:
Investment securities sold ......... 15,711 21,397 --
Interest ........................... 7,150 12,225 474
Fund shares sold ................... 1,435 -- 702
---------- ---------- -------
Total Assets ...................... 1,287,658 1,646,141 62,062
---------- ---------- -------
LIABILITIES:
Payables:
Investment securities purchased .... 3,306 31,646 796
Fund shares redeemed ............... 162 208 --
Payable to Custodian ............... -- 1,263 --
Dividends .......................... 1,448 786 40
Accrued liabilities: (Note 2)
Investment advisory fees ........... 101 117 --
Administration fees ................ 101 59 3
Shareholder servicing fees ......... 160 328 4
Distribution fees .................. 64 117 2
Custody fees ....................... 39 47 15
Other .............................. 16 227 37
---------- ---------- -------
Total Liabilities ................. 5,397 34,798 897
---------- ---------- -------
NET ASSETS:
Paid in capital ..................... 1,282,687 1,611,407 61,183
Accumulated undistributed net
investment income .................. (64) 52 (4)
Accumulated net realized gain (loss)
on investment transactions ......... (362) (116) (14)
---------- ---------- -------
Net Assets ........................... $1,282,261 $1,611,343 $61,165
========== ========== =======
Shares of beneficial interest
outstanding ($.001 par value;
unlimited number of shares
authorized):
Vista Shares ...................... 823,024 1,611,520 61,183
Premier Shares .................... 99,420 -- --
Institutional Shares .............. 360,265 -- --
Net asset value, offering and
redemption price per share ......... $ 1.00 $ 1.00 $ 1.00
========== ========== =======
Cost of investments .................. $1,259,849 $1,611,203 $59,501
========== ========== =======
</TABLE>
See notes to financial statements.
58
<PAGE>
Chase Vista Funds
Statement of Operations For the six months ended February 28, 1999 (unaudited)
- --------------------------------------------------------------------------------
(Amounts in thousands)
<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) ......... $20,794 $22,311 $682
------- ------- ----
EXPENSES: (Note 2)
Investment advisory fees .......... 628 695 22
Shareholder servicing fees ........ 1,562 2,433 77
Administration fees ............... 628 695 22
Distribution fees ................. 382 695 22
Custodian fees .................... 106 86 33
Printing and postage .............. 28 30 --
Professional fees ................. 34 34 13
Registration costs ................ 86 84 --
Transfer agent fees ............... 103 139 11
Trustees fees and expenses ........ 31 35 1
Other ............................. 54 9 1
------- ------- ----
Total expenses ................... 3,642 4,935 202
Less amounts waived (Note 2E) ...... 600 834 81
------- ------- ----
Net expenses ...................... 3,042 4,101 121
------- ------- ----
Net investment income ............ 17,752 18,210 561
------- ------- ----
REALIZED AND UNREALIZED
GAIN ON INVESTMENTS
Net realized gain on investment
transactions ...................... 91 6 5
------- ------- ----
Net increase in net assets from
operations ........................ $17,843 $18,216 $566
======= ======= ====
</TABLE>
See notes to financial statements.
59
<PAGE>
Chase Vista Funds
Statement of Changes in Net Assets For the periods indicated (unaudited)
- --------------------------------------------------------------------------------
(Amounts in Thousands)
<TABLE>
<CAPTION>
Tax Free New York California
Money Market Tax Free Tax Free
Fund Money Market Fund Money Market Fund
-------------------------- -------------------------- -------------------------
Six months Year ended Six months Year ended Six months Year ended
ended 2/28/99 8/31/98 ended 2/28/99 8/31/98 ended 2/28/99 8/31/98
------------- ---------- ------------- ------------ ------------- ----------
<S> <C> <C> <C> <C> <C> <C>
INCREASE (DECREASE) IN NET ASSETS
FROM OPERATIONS:
Net investment income .......................... $ 17,752 $ 35,342 $ 18,210 $ 33,002 $ 561 $ 1,443
Net realized gain (loss) on investment
transactions ................................... 91 (34) 6 (27) 5 (3)
---------- ---------- ---------- ---------- -------- ---------
Increase in net assets from operations ........ 17,843 35,308 18,216 32,975 566 1,440
---------- ---------- ---------- ---------- -------- --------
DISTRIBUTIONS TO SHAREHOLDERS
FROM:
Net investment income .......................... (17,819) (35,342) (18,258) (33,002) (583) (1,443)
Net realized gain on investment transactions ... -- -- -- -- -- --
---------- ---------- ---------- ---------- -------- --------
Total dividends and distributions ............. (17,819) (35,342) (18,258) (33,002) (583) (1,443)
---------- ---------- ---------- ---------- -------- --------
Shares of beneficial interest transactions # ....
Proceeds from shares issued
Vista Shares .................................. 975,388 2,109,048 1,577,728 2,920,461 180,439 365,375
Premier Shares ................................ 164,000 386,933 -- -- -- --
Institutional Shares .......................... 1,076,243 2,916,751 -- -- -- --
---------- ---------- ---------- ---------- -------- --------
2,215,631 5,412,732 1,577,728 2,920,461 180,439 365,375
---------- ---------- ---------- ---------- -------- --------
Proceeds from reinvestment of dividends
Vista Shares .................................. 4,172 8,530 12,009 20,181 238 804
Premier Shares ................................ 1,036 2,206 -- -- -- --
Institutional Shares .......................... 2,431 5,252 -- -- -- --
---------- ---------- ---------- ---------- -------- --------
7,639 15,988 12,009 20,181 238 804
---------- ---------- ---------- ---------- -------- --------
</TABLE>
See notes to financial statements.
60
<PAGE>
Chase Vista Funds
Statement of Changes in Net Assets For the periods indicated (unaudited)
(continued)
- --------------------------------------------------------------------------------
(Amounts in Thousands)
<TABLE>
<CAPTION>
Tax Free New York California
Money Market Tax Free Tax Free
Fund Money Market Fund Money Market Fund
-------------------------- -------------------------- --------------------------
Six months Year ended Six months Year ended Six months Year ended
ended 2/28/99 8/31/98 ended 2/28/99 8/31/98 ended 2/28/99 8/31/98
------------- ---------- ------------- ---------- ------------- ----------
<S> <C> <C> <C> <C> <C> <C>
Cost of shares redeemed
Vista Shares ............................. $ (889,910) $(1,950,253) $(1,350,179) $(2,525,554) $(169,894) $(361,286)
Premier Shares ........................... (198,962) (360,517) -- -- -- --
Institutional Shares ..................... (1,128,829) (2,797,836) -- -- -- --
----------- ----------- ----------- ----------- --------- ---------
(2,217,701) (5,108,606) (1,350,179) (2,525,554) (169,894) (361,286)
----------- ----------- ----------- ----------- --------- ---------
Net increase in net assets from shares of
beneficial interest transactions ......... 5,569 320,114 239,558 415,088 10,783 4,893
----------- ----------- ----------- ----------- --------- ---------
Total increase (decrease) ................ 5,593 320,080 239,516 415,061 10,766 4,890
NET ASSETS:
Beginning of period ....................... 1,276,668 956,588 1,371,827 956,766 50,399 45,509
----------- ----------- ----------- ----------- --------- ---------
End of period ............................. $ 1,282,261 $ 1,276,668 $ 1,611,343 $ 1,371,827 $ 61,165 $ 50,399
=========== =========== =========== =========== ========= =========
</TABLE>
# At $1.00 per share.
See notes to financial statements.
61
<PAGE>
Chase Vista Funds
Notes to Financial Statements (unaudited)
- --------------------------------------------------------------------------------
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 Fund's policy that repurchase
agreements are fully collateralized by U.S. Treasury and Government agency
securities. All collateral is held by the Fund's custodian bank,
sub-custodian or a bank 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 Fund's policy is to comply with
the provisions of the Internal Revenue Code applicable to regulated
investment companies and to distribute to shareholders all of a Fund's
distributable net income, including net realized gain on investments. In
addition, the Fund intends to make distributions as required to avoid
excise taxes. Accordingly, no provision for Federal income or excise tax is
necessary.
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
62
<PAGE>
Chase Vista Funds
Notes to Financial Statements (continued) (unaudited)
- --------------------------------------------------------------------------------
"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
(e.g. transfer agent fees), 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.
63
<PAGE>
Chase Vista Funds
Notes to Financial Statements (continued) (unaudited)
- --------------------------------------------------------------------------------
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 six months ended February 28, 1999, the
Adviser, Administrator, Shareholder Servicing Agent and Distributor
voluntarily waived fees for each of the Funds as follows (amounts in
thousands):
<TABLE>
<CAPTION>
CVTF CVNYTF CVCTF
------ -------- ------
<S> <C> <C> <C>
Advisory ...................... $ -- $ -- $22
Administration ................ -- 348 --
Shareholder Servicing ......... 600 486 48
Distribution .................. -- -- 11
---- ---- ---
$600 $834 $81
==== ==== ===
</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. 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 February 28, 1999, CVTF invested
approximately 19.1% 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.
4. Trustee Compensation -- The Funds have adopted an unfunded
noncontributory defined benefit pension plan covering all independent
trustees of the Funds who will have served as an independent trustee for at
least five years at the time of retirement. Benefits under this plan are
based on compensation and years of service. Pension expenses for the six
months ended February 28, 1999, included in Trustees Fees and Expenses in
the Statement of Operations, and accrued pension liability included in
other accrued liabilities, in the Statement of Assets and Liabilities were
as follows (amounts in thousands):
<TABLE>
<CAPTION>
Accrued
Pension Pension
Expenses Liability
---------- ----------
<S> <C> <C>
CVTF ........... $ 11.4 $ 89.0
CVNYTF ......... 12.8 90.7
CVCTF .......... 0.4 4.2
</TABLE>
64
<PAGE>
Chase Vista Funds
Financial Highlights (unaudited)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Tax Free Money Market Fund
------------------------------------------------------------------
Vista Shares
------------------------------------------------------------------
09/01/98 Year Ended August 31, 11/1/93
Through ------------------------------------------- Through
02/28/99 1998 1997 1996 1995 8/31/94++
---------- ---------- ---------- ---------- ---------- ----------
<S> <C> <C> <C> <C> <C> <C>
Per Share Operating Performance
Net Asset Value, Beginning of Period ............................ $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
------ ------ ------ ------ ------ ------
Income from Investment Operations
Net Investment Income ......................................... 0.01 0.03 0.03 0.03 0.03 0.02
Less Dividends from Net Investment Income ..................... 0.01 0.03 0.03 0.03 0.03 0.02
------ ------ ------ ------ ------ ------
Net Asset Value, End of Period .................................. $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
====== ====== ====== ====== ====== ======
Total Return .................................................... 1.37% 3.10% 3.12% 2.92% 2.99% 1.54%
Ratios/Supplemental Data
Net Assets, End of Period (millions) ............................ $ 823 $ 733 $ 566 $ 574 $ 167 $ 122
Ratios to Average Net Assets#:
Expenses ....................................................... 0.59% 0.59% 0.59% 0.69% 0.86% 0.85%
Net Investment Income .......................................... 2.72% 3.05% 3.08% 2.89% 2.96% 1.82%
Expenses Without Waivers and Assumption of Expenses ............ 0.72% 0.72% 0.73% 0.80% 0.94% 0.85%
Net Investment Income Without Waivers and Assumption
of Expenses .................................................. 2.59% 2.92% 2.94% 2.78% 2.88% 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.
65
<PAGE>
Chase Vista Funds
Financial Highlights (continued) (unaudited)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Tax Free Money Market Fund
------------------------------------------------------------------
Premier Shares
------------------------------------------------------------------
Year Ended August 31,
09/01/98 ------------------------------------------- 11/1/93
Through Through
02/28/99 1998 1997 1996 1995 8/31/94++
---------- ---------- ---------- ---------- ---------- -----------
<S> <C> <C> <C> <C> <C> <C>
Per Share Operating Performance
Net Asset Value, Beginning of Period ........... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
------ ------ ------ ------ ------ ------
Income from Investment Operations:
Net Investment Income ........................ 0.01 0.03 0.03 0.03 0.03 0.02
Less Dividends from Net Investment Income .... 0.01 0.03 0.03 0.03 0.03 0.02
------ ------ ------ ------ ------ ------
Net Asset Value, End of Period ................. $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
====== ====== ====== ====== ====== ======
Total Return ................................... 1.40% 3.17% 3.19% 3.12% 3.29% 1.79%
Ratios/Supplemental Data
Net Assets, End of Period (millions) ........... $ 99 $ 133 $ 105 $ 145 $ 148 $ 229
Ratio to Average Net Assets#:
Expenses ...................................... 0.53% 0.53% 0.53% 0.58% 0.56% 0.55%
Net Investment Income ......................... 2.79% 3.10% 3.13% 3.08% 3.21% 2.11%
Expenses Without Waivers and Assumption
of Expenses .................................. 0.53% 0.53% 0.53% 0.73% 0.84% 0.78%
Net Investment Income Without Waivers and
Assumption of Expenses ....................... 2.79% 3.10% 3.13% 2.93% 2.93% 1.88%
<CAPTION>
Tax Free Money Market Fund
-----------------------------------------------------------------------
Institutional Shares
-----------------------------------------------------------------------
09/01/98 Year Ended August 31, 11/14/93*
Through ----------------------------------------------- Through
02/28/99 1998 1997 1996 1995 8/31/94++
----------- ----------- ----------- ----------- ----------- -----------
<S> <C> <C> <C> <C> <C> <C>
Per Share Operating Performance
Net Asset Value, Beginning of Period ........... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
------- ------- ------- ------- ------- -------
Income from Investment Operations:
Net Investment Income ........................ 0.01 0.03 0.04 0.03 0.04 0.02
Less Dividends from Net Investment Income .... 0.01 0.03 0.04 0.03 0.04 0.02
------- ------- ------- ------- ------- -------
Net Asset Value, End of Period ................. $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
======= ======= ======= ======= ======= =======
Total Return ................................... 1.53% 3.45% 3.45% 3.40% 3.53% 1.95%
Ratios/Supplemental Data
Net Assets, End of Period (millions) ........... $ 360 $ 410 $ 286 $ 149 $ 108 $ 110
Ratio to Average Net Assets#:
Expenses ...................................... 0.26% 0.26% 0.26% 0.31% 0.33% 0.34%
Net Investment Income ......................... 3.06% 3.37% 3.41% 3.33% 3.46% 2.38%
Expenses Without Waivers and Assumption
of Expenses .................................. 0.32% 0.26% 0.26% 0.31% 0.34% 0.34%
Net Investment Income Without Waivers and
Assumption of Expenses ....................... 3.00% 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.
66
<PAGE>
Chase Vista Funds
Financial Highlights (continued) (unaudited)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
New York Tax Free Money Market Fund
------------------------------------------------------------------
Vista Shares
------------------------------------------------------ ----------
09/01/98 Year Ended August 31, 11/1/93
Through ------------------------------------------- Through
02/28/99 1998 1997 1996 1995 8/31/94++
---------- ---------- ---------- ---------- ---------- ----------
<S> <C> <C> <C> <C> <C> <C>
Per Share Operating Performance
Net Asset Value, Beginning of Period ............................ $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
------ ------ ------ ------ ------ ------
Income from Investment Operations
Net Investment Income ......................................... 0.01 0.03 0.03 0.03 0.03 0.02
Less Dividends from Net Investment Income ..................... 0.01 0.03 0.03 0.03 0.03 0.02
------ ------ ------ ------ ------ ------
Net Asset Value, End of Period .................................. $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
====== ====== ====== ====== ====== ======
Total Return .................................................... 1.31% 3.03% 3.02% 2.85% 2.88% 1.48%
Ratios/Supplemental Data
Net Assets, End of Period (millions) ............................ $1,611 $1,372 $ 957 $ 890 $ 378 $ 366
Ratio to Average Net Assets#:
Expenses ....................................................... 0.59% 0.59% 0.59% 0.74% 0.86% 0.85%
Net Investment Income .......................................... 2.62% 2.97% 2.97% 2.79% 2.84% 1.77%
Expenses Without Waivers and Assumption of Expenses ............ 0.71% 0.72% 0.73% 0.83% 0.95% 0.85%
Net Investment Income Without Waivers and Assumption
of Expenses .................................................. 2.50% 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.
67
<PAGE>
Chase Vista Funds
Financial Highlights (continued) (unaudited)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
California Tax Free Money Market Fund
-----------------------------------------------------------------
Vista Shares
-----------------------------------------------------------------
09/01/98 Year Ended August 31, 11/1/93
Through ------------------------------------------- Through
02/28/99 1998 1997 1996 1995 8/31/94++
---------- ---------- ---------- ---------- ---------- ----------
<S> <C> <C> <C> <C> <C> <C>
Per Share Operating Performance
Net Asset Value, Beginning of Period ............................. $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
------ ------ ------ ------ ------ ------
Income from Investment Operations
Net Investment Income .......................................... 0.01 0.03 0.03 0.03 0.03 0.02
Less Dividends from Net Investment Income ...................... 0.01 0.03 0.03 0.03 0.03 0.02
------ ------ ------ ------ ------ ------
Net Asset Value, End of Period ................................... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
====== ====== ====== ====== ====== ======
Total Return ..................................................... 1.34% 2.97% 3.02% 3.06% 3.32% 1.82%
Ratios/Supplemental Data
Net Assets, End of Period (millions) ............................. $ 61 $ 50 $ 46 $ 43 $ 58 $ 64
Ratio of Average Net Assets#:
Expenses ........................................................ 0.55% 0.55% 0.56% 0.56% 0.48% 0.46%
Net Investment Income ........................................... 2.55% 2.89% 2.99% 3.03% 3.25% 2.17%
Expenses Without Waivers and Assumption of Expenses ............. 0.92% 0.93% 0.86% 1.02% 1.07% 0.94%
Net Investment Income Without Waivers and Assumption
of Expenses ................................................... 2.18% 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.
68
