FEBRUARY 29, 2000 (UNAUDITED)
Chase Vista
Money Market Funds
100% U.S. TREASURY SEMI-ANNUAL REPORT
SECURITIES MONEY
MARKET FUND
U.S. GOVERNMENT
MONEY MARKET FUND
TREASURY PLUS MONEY
MARKET FUND
FEDERAL MONEY
MARKET FUND
CASH MANAGEMENT
FUND
PRIME MONEY
MARKET FUND
TAX FREE MONEY
MARKET FUND
NEW YORK TAX FREE
MONEY MARKET FUND
CALIFORNIA TAX FREE
MONEY MARKET FUND
[CHASE
THE RIGHT RELATIONSHIP IS EVERYTHING[RegTM}LOGO]
<PAGE>
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------
Contents
- --------------------------------------------------------------------------------
<S> <C>
Chairman's Letter 1
- --------------------------------------------------------------------------------
Chase Vista 100% U.S. Treasury Securities
Money Market Fund 2
Fund Commentary
- --------------------------------------------------------------------------------
Chase Vista U.S. Government
Money Market Fund 3
Fund Commentary
- --------------------------------------------------------------------------------
Chase Vista Treasury Plus Money Market Fund 4
Fund Commentary
- --------------------------------------------------------------------------------
Chase Vista Federal Money Market Fund 5
Fund Commentary
- --------------------------------------------------------------------------------
Chase Vista Cash Management Fund 6
Fund Commentary
- --------------------------------------------------------------------------------
Chase Vista Prime Money Market Fund 7
Fund Commentary
- --------------------------------------------------------------------------------
Chase Vista Tax Free Money Market Fund 8
Fund Commentary
- --------------------------------------------------------------------------------
Chase Vista New York Tax Free
Money Market Fund 9
Fund Commentary
- --------------------------------------------------------------------------------
Chase Vista California Tax Free
Money Market Fund 10
Fund Commentary
- --------------------------------------------------------------------------------
Portfolios of Investments 11
- --------------------------------------------------------------------------------
Financial Statements 59
- --------------------------------------------------------------------------------
Notes to Financial Statements 71
</TABLE>
Highlights
o Short-term interest rates edged higher in an environment punctuated by
strong economic data.
o The Federal Reserve Board maintained its tightening monetary policy to keep
the economy from growing too rapidly.
o Inflation fears remained a concern among investors, but for the period, the
rise in the cost of living was relatively benign.
----------------------|-------------------------------------------
NOT FDIC INSURED | May lose value / No bank guarantee
----------------------|-------------------------------------------
Chase Vista Funds are distributed by Vista Fund Distributors, Inc.
<PAGE>
- --------------------------------------------------------------------------------
CHASE VISTA MONEY MARKET FUNDS
- --------------------------------------------------------------------------------
Chairman's Letter
April 10, 2000
Dear Shareholder:
We are pleased to present this semi-annual report on each of the Chase Vista
Money Market Funds(SM). Inside, you will find current seven-day yields for each
fund as of February 29, 2000, as well as listings of current holdings.
Economy Remains Robust, While Inflation Stays Low
The U.S. economy remained robust, as evidenced by the steady flow of
stronger-than-expected economic data throughout the period. While inflation
remained a threat, it proved to be relatively benign throughout much of the
period. The persistent worries over inflation, however, led the Federal Reserve
to maintain its tightening monetary policy. The Fed raised rates in November
and again in February. The November rate hike was the third in 1999,
effectively offsetting the three rate reductions made in 1998 during the wake
of the global economic crisis.
Looking ahead, we expect further rate increases by the Federal Reserve, given
the current strength of the economy and recent comments made by Federal Reserve
Board chairman Alan Greenspan. Late in the period, during a speech before a
House committee, Mr. Greenspan warned of imbalances, such as the tightening
labor market. We believe further Fed rate hikes will ultimately slow the
economy and ease inflation concerns.
On behalf of the management team and everyone at Chase Vista, I thank you for
the confidence you've placed in us. We look forward to serving your investment
needs in the period ahead.
Sincerely yours,
/s/ Fergus Reid
Fergus Reid
Chairman
1
<PAGE>
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CHASE VISTA 100% U.S. TREASURY SECURITIES MONEY MARKET FUND
As of February 29, 2000 (Unaudited)
- --------------------------------------------------------------------------------
Fund Facts
<TABLE>
<S> <C>
- --------------------------------------------------------------------------------
Objective High current income consistent with
capital preservation
- --------------------------------------------------------------------------------
Primary investments Direct obligations of the U.S. Treasury
including Treasury bills, bonds and notes
- --------------------------------------------------------------------------------
Suggested investment time frame Short-term
- --------------------------------------------------------------------------------
Share classes offered Vista, Premier and Institutional Shares
- --------------------------------------------------------------------------------
Net assets $4.2 Billion
- --------------------------------------------------------------------------------
Average maturity 81 days
- --------------------------------------------------------------------------------
S&P Rating Not Rated
- --------------------------------------------------------------------------------
Moody's Rating Not Rated
- --------------------------------------------------------------------------------
NAIC Rating Not Rated
- --------------------------------------------------------------------------------
</TABLE>
Maturity Schedule
<TABLE>
<S> <C>
- -----------------------------
1-14 days 3.64%
- -----------------------------
15-30 days 3.63%
- -----------------------------
31-60 days 45.30%
- -----------------------------
61-90 days 20.04%
- -----------------------------
91-180 days 17.17%
- -----------------------------
181-270 days 10.22%
- -----------------------------
271+ days 0.00%
- -----------------------------
</TABLE>
7-Day SEC Yield(1)
<TABLE>
<S> <C>
- -------------------------------------
Vista Shares 4.93%
- -------------------------------------
Premier Shares 5.02%
- -------------------------------------
Institutional Shares 5.27%
- -------------------------------------
</TABLE>
Past performance is not a guarantee of future results. Yields will fluctuate.
An investment in a money market fund is not insured by the FDIC or any other
government agency. Although money market funds strive to preserve the value of
the investment at $1.00 per share, it is possible to lose money by investing in
a money market fund.
(1) The yields for Vista Shares, Premier Shares and Institutional Shares reflect
the voluntary waiver of certain expenses and the assumption of certain expenses
otherwise payable by the Fund. Without waivers, the yields for Vista Shares
would have been 4.81%, for Premier Shares 4.98% and for Institutional Shares
5.18%. This voluntary waiver may be modified or terminated at any time, which
would reduce the fund's performance.
2
<PAGE>
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CHASE VISTA U.S. GOVERNMENT MONEY MARKET FUND
As of February 29, 2000 (Unaudited)
- --------------------------------------------------------------------------------
Fund Facts
<TABLE>
<S> <C>
- --------------------------------------------------------------------------------
Objective High current income consistent with
capital preservation
- --------------------------------------------------------------------------------
Primary investments Direct obligations of the U.S. Treasury and its
Agencies including Treasury bills, bonds, notes
and repurchase agreements
- --------------------------------------------------------------------------------
Suggested investment time frame Short-term
- --------------------------------------------------------------------------------
Share classes offered Vista, Premier and Institutional Shares
- --------------------------------------------------------------------------------
Net assets $6.9 Billion
- --------------------------------------------------------------------------------
Average maturity 41 days
- --------------------------------------------------------------------------------
S&P Rating* AAA
- --------------------------------------------------------------------------------
Moody's Rating* Aaa
- --------------------------------------------------------------------------------
NAIC Rating* Class 1
- --------------------------------------------------------------------------------
</TABLE>
* 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.
The National Association of Insurance Commissioners' (NAIC's) Class 1 status
indicates that the Fund meets certain pricing and quality guidelines.
Maturity Schedule
<TABLE>
<S> <C>
- -----------------------------
1-14 days 57.71%
- -----------------------------
15-30 days 16.52%
- -----------------------------
31-60 days 3.39%
- -----------------------------
61-90 days 7.81%
- -----------------------------
91-180 days 9.33%
- -----------------------------
181-270 days 1.51%
- -----------------------------
271+ days 3.73%
- -----------------------------
</TABLE>
7-Day SEC Yield(1)
<TABLE>
<S> <C>
- -------------------------------------
Vista Shares 5.23%
- -------------------------------------
Premier Shares 5.37%
- -------------------------------------
Institutional Shares 5.56%
- -------------------------------------
</TABLE>
Past performance is not a guarantee of future results. Yields will fluctuate.
An investment in a money market fund is not insured by the FDIC or any other
government agency. Although money market funds strive to preserve the value of
the investment at $1.00 per share, it is possible to lose money by investing in
a money market fund.
(1) The yields for Vista Shares, Premier Shares and Institutional Shares reflect
the voluntary waiver of certain expenses and the assumption of certain expenses
otherwise payable by the Fund. Without waivers, the yields would have been
5.13% for Vista Shares, 5.24% for Premier Shares and 5.49% for Institutional
Shares. This voluntary waiver may be modified or terminated at any time, which
would reduce the fund's performance.
3
<PAGE>
- --------------------------------------------------------------------------------
CHASE VISTA TREASURY PLUS MONEY MARKET FUND
As of February 29, 2000 (Unaudited)
- --------------------------------------------------------------------------------
Fund Facts
<TABLE>
<S> <C>
- --------------------------------------------------------------------------------
Objective High current income consistent with
capital preservation
- --------------------------------------------------------------------------------
Primary investments Direct obligations of the U.S. Treasury
including Treasury bills, bonds and notes
as well as repurchase agreements which
are fully collateralized by obligations
issued or guaranteed by the U.S. Treasury
- --------------------------------------------------------------------------------
Suggested investment time frame Short-term
- --------------------------------------------------------------------------------
Share classes offered Vista, Premier and Institutional Shares
- --------------------------------------------------------------------------------
Net assets $3.4 Billion
- --------------------------------------------------------------------------------
Average maturity 20 days
- --------------------------------------------------------------------------------
S&P Rating* AAA
- --------------------------------------------------------------------------------
Moody's Rating* Aaa
- --------------------------------------------------------------------------------
NAIC Rating* Exempt
- --------------------------------------------------------------------------------
</TABLE>
* 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.
The National Association of Insurance Commissioners' (NAIC's) "exempt" status
indicates that the Fund meets certain pricing and quality guidelines.
Maturity Schedule
<TABLE>
<S> <C>
- -----------------------------
1-14 days 72.04%
- -----------------------------
15-30 days 10.19%
- -----------------------------
31-60 days 11.44%
- -----------------------------
61-90 days 6.33%
- -----------------------------
91-180 days 0.00%
- -----------------------------
181-270 days 0.00%
- -----------------------------
271+ days 0.00%
- -----------------------------
</TABLE>
7-Day SEC Yield(1)
<TABLE>
<S> <C>
- -------------------------------------
Vista Shares 5.01%
- -------------------------------------
Premier Shares 5.15%
- -------------------------------------
Institutional Shares 5.35%
- -------------------------------------
</TABLE>
Past performance is not a guarantee of future results. Yields will fluctuate.
An investment in a money market fund is not insured by the FDIC or any other
government agency. Although money market funds strive to preserve the value of
the investment at $1.00 per share, it is possible to lose money by investing in
a money market fund.
(1) The yields for Vista Shares, Premier Shares and Institutional Shares reflect
the voluntary waiver of certain expenses and the assumption of certain expenses
otherwise payable by the Fund. Without waivers, the yields would have been
4.88% for Vista Shares, 5.08% for Premier Shares and 5.24% for Institutional
Shares. This voluntary waiver may be modified or terminated at any time, which
would reduce the fund's performance.
4
<PAGE>
- --------------------------------------------------------------------------------
CHASE VISTA FEDERAL MONEY MARKET FUND
As of February 29, 2000 (Unaudited)
- --------------------------------------------------------------------------------
Fund Facts
<TABLE>
<S> <C>
- --------------------------------------------------------------------------------
Objective High current income consistent with
capital preservation
- --------------------------------------------------------------------------------
Primary investments Direct obligations of the U.S. Treasury including
Treasury bills, bonds and notes as well as
obligations issued or guaranteed by the U.S.
Treasury and its Agencies
- --------------------------------------------------------------------------------
Suggested investment time frame Short-term
- --------------------------------------------------------------------------------
Share classes offered Vista, Premier and Institutional Shares
- --------------------------------------------------------------------------------
Net assets $1.1 Billion
- --------------------------------------------------------------------------------
Average maturity 76 days
- --------------------------------------------------------------------------------
S&P Rating Not Rated
- --------------------------------------------------------------------------------
Moody's Rating Not Rated
- --------------------------------------------------------------------------------
NAIC Rating Not Rated
- --------------------------------------------------------------------------------
</TABLE>
Maturity Schedule
<TABLE>
<S> <C>
- -----------------------------
1-14 days 41.52%
- -----------------------------
15-30 days 11.71%
- -----------------------------
31-60 days 11.99%
- -----------------------------
61-90 days 10.19%
- -----------------------------
91-180 days 9.10%
- -----------------------------
181-270 days 4.38%
- -----------------------------
271+ days 11.11%
- -----------------------------
</TABLE>
7-Day SEC Yield(1)
<TABLE>
<S> <C>
- -------------------------------------
Vista Shares 5.03%
- -------------------------------------
Premier Shares 5.23%
- -------------------------------------
Institutional Shares 5.47%
- -------------------------------------
</TABLE>
Past performance is not a guarantee of future results. Yields will fluctuate.
An investment in a money market fund is not insured by the FDIC or any other
government agency. Although money market funds strive to preserve the value of
the investment at $1.00 per share, it is possible to lose money by investing in
a money market fund.
(1) The yields for Vista Shares and Institutional Shares reflect the voluntary
waiver of certain expenses and the assumption of certain expenses otherwise
payable by the Fund. Without waivers, the yields would have been 4.98% for
Vista Shares and 5.40% for Institutional Shares. This voluntary waiver may be
modified or terminated at any time, which would reduce the fund's performance.
5
<PAGE>
- --------------------------------------------------------------------------------
CHASE VISTA CASH MANAGEMENT FUND
As of February 29, 2000 (Unaudited)
- --------------------------------------------------------------------------------
Fund Facts
<TABLE>
<S> <C>
- --------------------------------------------------------------------------------
Objective High current income consistent with
capital preservation
- --------------------------------------------------------------------------------
Primary investments High quality, short-term, U.S. dollar-
denominated money market instruments
- --------------------------------------------------------------------------------
Suggested investment time frame Short-term
- --------------------------------------------------------------------------------
Share classes offered Vista, Premier and Institutional Shares
- --------------------------------------------------------------------------------
Net assets $9.3 Billion
- --------------------------------------------------------------------------------
Average maturity 51 days
- --------------------------------------------------------------------------------
S&P Rating Not Rated
- --------------------------------------------------------------------------------
Moody's Rating Not Rated
- --------------------------------------------------------------------------------
NAIC Rating Not Rated
- --------------------------------------------------------------------------------
</TABLE>
Maturity Schedule
<TABLE>
<S> <C>
- -----------------------------
1-14 days 34.92%
- -----------------------------
15-30 days 25.97%
- -----------------------------
31-60 days 12.98%
- -----------------------------
61-90 days 12.24%
- -----------------------------
91-180 days 6.13%
- -----------------------------
181-270 days 2.72%
- -----------------------------
271+ days 5.04%
- -----------------------------
</TABLE>
7-Day SEC Yield(1)
<TABLE>
<S> <C>
- -------------------------------------
Vista Shares 5.34%
- -------------------------------------
Premier Shares 5.48%
- -------------------------------------
Institutional Shares 5.67%
- -------------------------------------
</TABLE>
Past performance is not a guarantee of future results. Yields will fluctuate.
An investment in a money market fund is not insured by the FDIC or any other
government agency. Although money market funds strive to preserve the value of
the investment at $1.00 per share, it is possible to lose money by investing in
a money market fund.
(1) The yields for Vista Shares, Premier Shares and Institutional Shares reflect
the voluntary waiver of certain expenses and the assumption of certain expenses
otherwise payable by the Fund. Without waivers, the yields would have been
5.32% for Vista Shares, 5.43% for Premier Shares and 5.60% for Institutional
Shares. This voluntary waiver may be modified or terminated at any time, which
would reduce the fund's performance.
6
<PAGE>
- --------------------------------------------------------------------------------
CHASE VISTA PRIME MONEY MARKET FUND
As of February 29, 2000 (Unaudited)
- --------------------------------------------------------------------------------
Fund Facts
<TABLE>
<S> <C>
- --------------------------------------------------------------------------------
Objective High current income consistent with
capital preservation
- --------------------------------------------------------------------------------
Primary investments High quality, short-term, U.S. dollar-
denominated money market instruments
- --------------------------------------------------------------------------------
Suggested investment time frame Short-term
- --------------------------------------------------------------------------------
Share classes offered Vista, Premier, Institutional, B and C Shares
- --------------------------------------------------------------------------------
Net assets $9.5 Billion
- --------------------------------------------------------------------------------
Average maturity 54 days
- --------------------------------------------------------------------------------
S&P Rating* AAA
- --------------------------------------------------------------------------------
Moody's Rating* Aaa
- --------------------------------------------------------------------------------
NAIC Rating* Class 1
- --------------------------------------------------------------------------------
</TABLE>
* 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.
The National Association of Insurance Commissioners' (NAIC's) Class 1 status
indicates that the Fund meets certain pricing and quality guidelines.
Maturity Schedule
<TABLE>
<S> <C>
- -----------------------------
1-14 days 39.03%
- -----------------------------
15-30 days 28.84%
- -----------------------------
31-60 days 7.70%
- -----------------------------
61-90 days 8.38%
- -----------------------------
91-180 days 5.05%
- -----------------------------
181-270 days 4.84%
- -----------------------------
271+ days 6.16%
- -----------------------------
</TABLE>
7-Day SEC Yield(1)
<TABLE>
<S> <C>
- -------------------------------------
B Shares 4.73%
- -------------------------------------
C Shares 4.70%
- -------------------------------------
Vista Shares 5.37%
- -------------------------------------
Premier Shares 5.53%
- -------------------------------------
Institutional Shares 5.72%
- -------------------------------------
</TABLE>
Past performance is not a guarantee of future results. Yields will fluctuate.
An investment in a money market fund is not insured by the FDIC or any other
government agency. Although money market funds strive to preserve the value of
the investment at $1.00 per share, it is possible to lose money by investing in
a money market fund.
(1) The yields for B Shares, Vista Shares, Premier Shares and Institutional
Shares reflect the voluntary waiver of certain expenses and the assumption of
certain expenses otherwise payable by the Fund. Without waivers, the yields
would have been 4.72% for B Shares, 5.35% for Vista Shares, 5.49% for Premier
Shares and 5.65% for Institutional Shares. This voluntary waiver may be
modified or terminated at any time, which would reduce the fund's performance.
7
<PAGE>
- --------------------------------------------------------------------------------
CHASE VISTA TAX FREE MONEY MARKET FUND
As of February 29, 2000 (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 $1.7 Billion
- --------------------------------------------------------------------------------
Average maturity 39 days
- --------------------------------------------------------------------------------
S&P Rating** AAA
- --------------------------------------------------------------------------------
Moody's Rating Not rated
- --------------------------------------------------------------------------------
NAIC Rating Not rated
- --------------------------------------------------------------------------------
</TABLE>
** This rating is historical and is based upon the Fund's credit quality,
market price exposure and management. It signifies that the Fund's safety is
excellent and that it has superior capacity to maintain a $1 Net Asset Value
per share.
Maturity Schedule
<TABLE>
<S> <C>
- -----------------------------
1-7 days 70.55%
- -----------------------------
8-30 days 1.16%
- -----------------------------
31-90 days 6.66%
- -----------------------------
91-180 days 16.23%
- -----------------------------
181-270 days 4.21%
- -----------------------------
271+ days 1.19%
- -----------------------------
</TABLE>
Yields
<TABLE>
<CAPTION>
Taxable
7-Day Equivalent
SEC Yield(1) Yield(2)
<S> <C> <C>
- ----------------------------------------------------
Vista Shares 3.30% 5.46%
- ----------------------------------------------------
Premier Shares 3.34% 5.53%
- ----------------------------------------------------
Institutional Shares 3.63% 6.01%
- ----------------------------------------------------
</TABLE>
Past performance is not a guarantee of future results. Yields will fluctuate.
An investment in a money market fund is not insured by the FDIC or any other
government agency. Although money market funds strive to preserve the value of
the investment at $1.00 per share, it is possible to lose money by investing in
a money market fund.
(1) The yield for Vista Shares, Premier Shares and Institutional 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 3.14%, 3.30% for Premier Shares and 3.50% 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.
8
<PAGE>
- --------------------------------------------------------------------------------
CHASE VISTA NEW YORK TAX FREE MONEY MARKET FUND
As of February 29, 2000 (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 $1.7 Billion
- --------------------------------------------------------------------------------
Average maturity 40 days
- --------------------------------------------------------------------------------
S&P Rating Not rated
- --------------------------------------------------------------------------------
Moody's Rating Not rated
- --------------------------------------------------------------------------------
NAIC Rating Not rated
- --------------------------------------------------------------------------------
</TABLE>
Maturity Schedule
<TABLE>
<S> <C>
- -----------------------------
1-7 days 70.57%
- -----------------------------
8-30 days 1.49%
- -----------------------------
31-90 days 5.71%
- -----------------------------
91-180 days 18.72%
- -----------------------------
181-270 days 2.03%
- -----------------------------
271+ days 1.48%
- -----------------------------
</TABLE>
Yields
<TABLE>
<CAPTION>
Taxable
7-Day Equivalent
SEC Yield(1) Yield(2)
<S> <C> <C>
- ----------------------------------------------------
Vista Shares 3.18% 5.89%
- ----------------------------------------------------
</TABLE>
Past performance is not a guarantee of future results. Yields will fluctuate.
An investment in a money market fund is not insured by the FDIC or any other
government agency. Although money market funds strive to preserve the value of
the investment at $1.00 per share, it is possible to lose money by investing in
a money market fund.
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 3.08%. 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 46.05%.
* 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.
9
<PAGE>
- --------------------------------------------------------------------------------
CHASE VISTA CALIFORNIA TAX FREE MONEY MARKET FUND
As of February 29, 2000 (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 $67.2 Million
- --------------------------------------------------------------------------------
Average maturity 41 days
- --------------------------------------------------------------------------------
S&P Rating Not rated
- --------------------------------------------------------------------------------
Moody's Rating Not rated
- --------------------------------------------------------------------------------
NAIC Rating Not rated
- --------------------------------------------------------------------------------
</TABLE>
Maturity Schedule
<TABLE>
<S> <C>
- -----------------------------
1-7 days 76.08%
- -----------------------------
8-30 days 0.00%
- -----------------------------
31-90 days 4.21%
- -----------------------------
91-180 days 11.14%
- -----------------------------
181-270 days 6.59%
- -----------------------------
271+ days 1.98%
- -----------------------------
</TABLE>
Yields
<TABLE>
<CAPTION>
Taxable
7-Day Equivalent
SEC Yield(1) Yield(2)
<S> <C> <C>
- -------------------------------------------------
Vista Share s 2.45% 4.47%
- -------------------------------------------------
</TABLE>
Past performance is not a guarantee of future results. Yields will fluctuate.
An investment in a money market fund is not insured by the FDIC or any other
government agency. Although money market funds strive to preserve the value of
the investment at $1.00 per share, it is possible to lose money by investing in
a money market fund.
(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 2.08%. 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 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.
10
<PAGE>
- --------------------------------------------------------------------------------
CHASE VISTA 100% TREASURY SECURITIES MONEY MARKET FUND
Portfolio of Investments
- --------------------------------------------------------------------------------
As of February 29, 2000 (unaudited)
(Amounts in thousands)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
- -------------------------------------------------------------------
Money Market Instruments -- 99.1%
- -------------------------------------------------------------------
<S> <C> <C>
U.S. Treasury Securities -- 99.1%
---------------------------------
U.S. Treasury Bills,
$ 50,000 5.00%, 03/02/00 $ 49,993
100,000 5.03%, 03/09/00 99,888
150,000 5.26%, 03/30/00 149,367
125,000 5.49%, 04/13/00 124,186
200,000 5.64%, 05/11/00 197,799
100,000 5.70%, 04/20/00 99,215
100,000 5.71%, 06/01/00 98,561
120,300 5.71%, 07/06/00 117,923
740,000 5.76%, 04/27/00 733,326
U.S. Treasury Notes,
300,000 4.00%, 10/31/00 295,924
572,186 5.50%, 03/31/00 572,238
476,050 5.63%, 04/30/00 476,295
125,000 5.75%, 11/15/00 124,646
300,000 6.13%, 07/31/00 300,347
189,000 6.25%, 05/31/00 189,327
150,000 6.38%, 05/15/00 150,322
334,000 6.88%, 03/31/00 334,382
- -------------------------------------------------------------------
Total Investments -- 99.1% $4,113,739
(Cost $4,113,739)*
- -------------------------------------------------------------------
</TABLE>
See notes to financial statements.
11
<PAGE>
- --------------------------------------------------------------------------------
CHASE VISTA U.S. GOVERNMENT MONEY MARKET FUND
Portfolio of Investments
- --------------------------------------------------------------------------------
As of February 29, 2000 (unaudited)
(Amounts in thousands)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
- ---------------------------------------------------------------------------
Money Market Instruments -- 108.0%
- ---------------------------------------------------------------------------
<S> <C> <C>
U.S. Treasury Security -- 0.9%
------------------------------
$ 60,000 U.S. Treasury Note, 6.13%, 07/31/00 $ 60,031
(Cost $60,031)
U.S. Government Agency Securities -- 102.7%
-------------------------------------------
Federal Farm Credit Bank -- 6.4%
Federal Farm Credit Bank,
75,000 5.43%, 06/21/00 75,000
100,000 5.62%, 03/01/00 100,000
10,000 5.94%, 06/01/00 10,000
43,059 DN, 5.72%, 03/01/00 43,059
125,000 FRN, 5.81%, 06/22/00 124,985
90,000 FRN, 6.17%, 03/01/01 90,000
---------
443,044
Federal Home Loan Bank -- 42.1%
Federal Home Loan Bank,
150,000 5.09%, 03/03/00 150,000
138,000 5.15%, 05/10/00 138,000
84,000 5.21%, 05/24/00 84,000
125,000 5.22%, 03/17/00 125,000
100,000 5.25%, 03/30/00 100,000
75,000 5.51%, 06/22/00 75,000
75,000 5.91%, 08/23/00 75,000
111,600 6.04%, 10/25/00 111,600
100,000 6.55%, 02/15/01 100,000
100,000 6.70%, 03/01/01 100,000
75,000 6.75%, 03/01/01 75,000
125,000 DN, 5.61%, 03/29/00 124,470
104,580 DN, 5.64%, 03/17/00 104,318
15,859 DN, 5.72%, 03/01/00 15,859
100,000 FRN, 5.80%, 04/05/00 99,995
200,000 FRN, 5.80%, 05/05/00 199,983
500,000 FRN, 5.80%, 05/17/00 499,947
250,000 FRN, 5.84%, 10/10/00 249,869
205,500 FRN, 5.87%, 05/12/00 205,466
200,000 FRN, 5.93%, 03/01/00 200,000
65,000 FRN, 6.23%, 03/06/01 64,968
---------
2,898,475
Federal Home Loan Mortgage Corp. -- 1.3%
89,880 Federal Home Loan Mortgage Corp., DN,
5.70%, 03/01/00 89,880
Federal National Mortgage Association -- 47.1%
Federal National Mortgage Association,
75,000 5.06%, 03/15/00 74,999
150,000 DN, 5.66%, 05/03/00 148,556
100,000 DN, 5.68%, 03/15/00 99,785
250,000 DN, 5.82%, 03/16/00 249,401
100,000 DN, 5.86%, 06/15/00 98,322
200,000 DN, 6.09%, 08/10/00 194,686
115,000 FRN, 5.69%, 03/24/00 114,995
</TABLE>
See notes to financial statements.
12
<PAGE>
CHASE VISTA U.S. GOVERNMENT MONEY MARKET FUND
Portfolio of Investments (Continued)
As of February 29, 2000 (unaudited)
(Amounts in thousands)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
- ----------------------------------------------------------------------------------
Money Market Instruments -- Continued
- ----------------------------------------------------------------------------------
<S> <C> <C>
Federal National Mortgage Association -- Continued
$ 250,000 FRN, 5.69%, 12/08/00 $ 249,811
225,000 FRN, 5.70%, 03/15/00 224,995
250,000 FRN, 5.85%, 03/01/01 249,800
340,000 FRN, 5.87%, 07/17/00 339,938
350,000 FRN, 5.87%, 08/07/00 349,924
200,000 FRN, 5.87%, 09/05/00 199,960
150,000 FRN, 5.90%, 11/06/00 149,908
500,000 FRN, 5.94%, 09/18/00 499,945
----------
3,245,025
Student Loan Marketing Association -- 5.8%
Student Loan Marketing Association,
100,000 5.30%, 06/16/00 100,000
100,000 FRN, 5.85%, 08/18/00 99,977
200,000 FRN, 6.27%, 03/05/01 199,901
- ---------------------------------------------------------------------------------
399,878
- ---------------------------------------------------------------------------------
Total U.S. Government Agency Securities 7,076,302
(Cost $7,076,302)
-----------------------------------------------------------------
Repurchase Agreement -- 4.4%
----------------------------
300,000 Merrill Lynch & Co., Inc., 5.79%, due 03/01/00
(Dated 02/22/00, Proceeds $300,386, Secured by U.S.
Government Agency Obligations, $323,088, 3.50%
through 7.50%, due 11/25/07 through 01/25/30;
Market Value $306,004) 300,000
(Cost $300,000)
-----------------------------------------------------------------
Total Investments -- 108.0% $7,436,333
(Cost $7,436,333)*
-----------------------------------------------------------------
</TABLE>
See notes to financial statements.
13
<PAGE>
- --------------------------------------------------------------------------------
CHASE VISTA TREASURY PLUS MONEY MARKET FUND
Portfolio of Investments
- --------------------------------------------------------------------------------
As of February 29, 2000 (unaudited)
(Amounts in thousands)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
- ------------------------------------------------------------------------------------------
Money Market Instruments -- 99.7%
- ------------------------------------------------------------------------------------------
<S> <C> <C>
U.S. Treasury Securities -- 27.9%
---------------------------------
U.S. Treasury Bills,
$ 160,000 5.65%, 05/04/00 $ 158,410
75,000 5.67%, 05/18/00 74,089
100,000 5.74%, 04/27/00 99,099
U.S. Treasury Notes,
160,000 5.63%, 04/30/00 159,902
112,000 6.13%, 07/31/00 112,070
105,000 6.25%, 05/31/00 105,198
250,000 6.88%, 03/31/00 250,404
--------------------------------------------------------------------------
Total U.S. Treasury Securities 959,172
(Cost $959,172)
--------------------------------------------------------------------------
Repurchase Agreements -- 71.8%
------------------------------
300,000 Deutsche Bank Securities, Tri Party, 5.42%, due 03/01/00
(Dated 02/29/00, Proceeds $300,045, Secured by USTR
and U.S. Government Agency Obligations, $282,954,
3.63% through 9.38%, due 04/13/00 through 2/15/23;
Market Value $305,644) 300,000
500,000 Deutsche Bank Securities, Tri Party, 5.62%, due 03/01/00
(Dated 02/29/00, Proceeds $500,078, Secured by USTR
and U.S. Government Agency Obligations, $471,589,
3.63% through 9.38%, due 04/13/00 through
02/15/23; Market Value $509,407) 500,000
400,000 Goldman Sachs & Co., Tri Party, 5.55%, due 03/01/00
(Dated 02/29/00, Proceeds $400,062, Secured by USTR,
$368,236, 5.10% through 14.00%, due 10/12/00
through 02/15/29; Market Value $408,000) 400,000
420,190 Goldman Sachs & Co., Tri Party, 5.70%, due 03/01/00
(Dated 02/29,00, Proceeds $420,257, Secured by USTR,
$386,822, 5.10% through 14.00%, due 10/12/00
through 02/15/29; Market Value $428,594) 420,190
100,875 Merrill Lynch & Co., Inc., Tri Party, 5.48%, due 03/01/00
(Dated 02/29/00. Proceeds $100,890. Secured by USTR,
$100,000, 4.50%, due 09/30/00; Market Value
$101,037) 100,875
500,000 Merrill Lynch & Co., Inc., 5.60%, due 03/01/00 (Dated
02/29/00, Proceeds $500,078, Secured by USTR,
$445,144, 5.25% through 14.00%, due 04/15/00
through 02/15/29; Market Value $509,269) 500,000
250,000 Morgan Stanley Dean Witter & Co., Tri Party, 5.75%,
due 03/01/00 (Dated 02/29/00, Proceeds $250,040,
Secured by U.S. Government Agency Obligations,
$448,014, 5.10% through 10.00%, due 03/15/01
through 02/15/30; Market Value $257,953) 250,000
--------------------------------------------------------------------------
Total Repurchase Agreements 2,471,065
(Cost $2,471,065)
--------------------------------------------------------------------------
Total Investments -- 99.7% $3,430,237
(Cost $3,430,237)*
--------------------------------------------------------------------------
</TABLE>
See notes to financial statements.
14
<PAGE>
- --------------------------------------------------------------------------------
CHASE VISTA FEDERAL MONEY MARKET FUND
Portfolio of Investments
- --------------------------------------------------------------------------------
As of February 29, 2000 (unaudited)
(Amounts in thousands)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
- -------------------------------------------------------------------------
Money Market Instruments -- 103.2%
- -------------------------------------------------------------------------
<S> <C> <C>
U.S. Government Agency Securities -- 98.8%
------------------------------------------
Federal Farm Credit Bank -- 29.8%
Federal Farm Credit Bank,
$ 25,000 5.43%, 06/21/00 $ 25,000
50,000 DN, 4.95%, 04/25/00 49,639
25,000 DN, 5.56%, 05/26/00 24,684
21,941 DN, 5.72%, 03/01/00 21,941
10,000 DN, 5.91%, 10/26/00 9,630
20,000 FRN, 5.70%, 03/10/00 20,000
100,000 FRN, 5.70%, 03/23/00 99,998
50,000 FRN, 5.80%, 04/27/00 49,996
40,000 FRN, 5.81%, 05/25/00 39,995
----------
340,883
Federal Home Loan Bank -- 69.0%
Federal Home Loan Bank,
25,000 5.22%, 03/17/00 25,000
25,000 6.75%, 03/01/01 25,000
40,000 DN, 4.94%, 03/31/00 39,843
21,061 DN, 5.04%, 03/03/00 21,055
10,000 DN, 5.48%, 07/07/00 9,815
25,000 DN, 5.52%, 06/16/00 24,611
22,500 DN, 5.56%, 07/21/00 22,032
40,000 DN, 5.66%, 03/08/00 39,956
50,000 DN, 5.66%, 05/26/00 49,343
25,000 DN, 5.68%, 07/28/00 24,443
11,284 DN, 5.70%, 03/15/00 11,260
50,000 DN, 5.72%, 03/01/00 50,000
20,000 DN, 5.89%, 10/27/00 19,259
8,000 DN, 5.91%, 10/06/00 7,728
15,000 DN, 5.93%, 11/24/00 14,375
20,000 DN, 6.03%, 12/08/00 19,109
25,000 DN, 6.13%, 12/22/00 23,812
15,000 DN, 6.32%, 01/08/01 14,224
25,000 DN, 6.48%, 02/20/01 23,494
25,000 DN, 6.50%, 02/01/01 23,572
15,500 DN, 6.79%, 06/13/00 15,495
50,000 FRN, 5.73%, 07/06/00 49,991
50,000 FRN, 5.84%, 10/10/00 49,973
65,000 FRN, 5.86%, 04/14/00 64,996
44,500 FRN, 5.87%, 05/12/00 44,493
75,000 FRN, 5.91%, 09/22/00 74,989
----------
787,868
Student Loan Marketing Association -- 4.4%
50,000 Student Loan Marketing Association, FRN,
5.80%, 04/05/00 49,998
--------------------------------------------------------
Total Investments -- 103.2% $1,178,749
(Cost $1,178,749)*
--------------------------------------------------------
</TABLE>
See notes to financial statements.
15
<PAGE>
- --------------------------------------------------------------------------------
CHASE VISTA CASH MANAGEMENT FUND
Portfolio of Investments
- --------------------------------------------------------------------------------
As of February 29, 2000 (unaudited)
(Amounts in thousands)
<TABLE>
<CAPTION>
Principal
Amount
(USD) Issuer Value
- ----------------------------------------------------------------------------------
Money Market Instruments -- 102.1%
- ----------------------------------------------------------------------------------
<S> <C> <C>
U.S. Government Agency Securities -- 2.4%
-----------------------------------------
Federal Home Loan Bank,
$ 40,000 5.06%, 03/09/00 $40,000
34,000 DN, 5.66%, 05/26/00 33,553
35,000 DN, 5.93%, 11/24/00 33,541
93,900 DN, 5.93%, 12/01/00 89,884
25,000 DN, 6.50%, 02/01/01 23,572
----------------------------------------------------------------
Total U.S. Government Agency Securities 220,550
(Cost $220,550)
----------------------------------------------------------------
State and Municipal Obligations -- 1.6%
---------------------------------------
California -- 1.1%
61,200 California Housing Finance Agency, Home Mortgage,
Ser. M, FRDO, +, 5.83%, 03/06/00 61,200
20,000 California Pollution Control Financing Authority,
Environmental Improvement, Shell Oil Co., Project B,
FRDO, 5.89%, 03/01/00 20,000
22,000 Sacramento County, California, FRDO, 5.85%, 03/06/00 22,000
-------
103,200
Missouri -- 0.2%
16,200 SSM Healthcare, Missouri Health Facilities, Ser. E,
FRDO, +, 5.95%, 03/07/00 16,200
Texas -- 0.3%
27,500 Texas State, Veterans Housing, Ser. A-2, FRDO,
5.85%, 03/06/00 27,500
----------------------------------------------------------------
Total State and Municipal Obligations 146,900
(Cost $146,900)
----------------------------------------------------------------
Corporate Notes & Bonds -- 56.6%
--------------------------------
Asset Backed Securities -- 8.9%
Asset Backed Capital LTD (Channel Islands),
50,000 MTN, #, 5.28%, 06/01/00 50,000
50,000 MTN, FRN, #, 6.02%, 05/15/00 50,000
50,000 MTN, FRN, #, 6.04%, 04/24/00 50,000
Beta Finance Corp., Inc., (Channel Islands),
23,000 MTN, #, 5.20%, 03/01/00 23,000
30,000 MTN, #, 5.22%, 03/06/00 30,000
45,000 MTN, #, 5.27%, 05/15/00 45,000
CC USA, Inc., (Centauri Corp.),
50,000 MTN, #, 5.18%, 04/25/00 50,000
24,000 MTN, #, 5.68%, 06/15/00 24,000
Certificates Linked to Asset Backed Certificates,
50,000 FRN, #, 5.90%, 04/18/00 50,000
100,000 Ser. 1998-4, FRN, #, 5.88%, 08/18/00 100,000
Liberty Lighthouse U.S. Capital Co.,
120,000 FRN, #, 6.07%, 03/05/01 120,000
65,000 FRN, #, 6.21%, 11/06/00 65,002
100,000 Sigma Finance Corp., (Channel Islands), FRN,
6.29%, 04/25/00 100,000
</TABLE>
See notes to financial statements.
16
<PAGE>
CHASE VISTA CASH MANAGEMENT FUND
Portfolio of Investments (Continued)
As of February 29, 2000 (unaudited)
(Amounts in thousands)
<TABLE>
<CAPTION>
Principal
Amount
(USD) Issuer Value
- -----------------------------------------------------------------------------------
Money Market Instruments -- Continued
- -----------------------------------------------------------------------------------
<S> <C> <C>
Asset Backed Securities -- Continued
$ 75,000 Structured Products Asset Return Certificates, Ser.
1998-1, FRN, #, 6.16%, 11/27/00 $ 75,000
---------
832,002
Automotive -- 10.8%
66,000 Chrysler Financial Co., LLC, MTN, 5.85%, 05/15/00 66,098
200,000 Daimler Chrysler North America Holding Corp., MTN,
FRN, 5.98%, 02/22/01 199,851
Ford Motor Credit Co.,
75,000 MTN, FRN, 6.17%, 10/02/00 74,957
27,000 MTN, FRN, 6.51%, 09/25/00 27,041
13,980 Ford Motor Holdings Co., 9.25%, 03/01/00 13,980
250,000 General Motors Acceptance Corp., MTN, FRN,
6.03%, 12/14/00 249,828
PACCAR Financial Corp.,
3,000 MTN, 6.23%, 03/15/00 3,001
25,000 MTN, FRN, 5.99%, 02/14/01 24,986
Toyota Motor Credit Corp.,
46,000 MTN, 5.76%, 07/06/00 46,000
134,000 MTN, FRN, 6.05%, 08/18/00 134,000
140,000 MTN, FRN, 6.06%, 10/12/00 140,000
25,000 VW Credit Inc., MTN, #, 5.67%, 07/13/00 24,992
---------
1,004,734
Banking -- 7.7%
American Express Centurion Bank,
50,000 5.89%, 03/29/00 50,000
100,000 FRN, 5.84%, 02/28/01 100,000
50,000 FRN, 5.97%, 06/08/00 49,982
100,000 FRN, 6.10%, 04/20/00 100,000
43,000 FRN, 6.10%, 05/16/00 43,000
55,000 Bank One Corp., FRN, 6.11%, 11/17/00 54,983
5,000 BankAmerica Corp., 9.70%, 08/01/00 5,073
75,000 Credit Suisse First Boston International (Guernsey),
(Switzerland), FRN, #, 6.08%, 10/02/00 75,019
50,000 FCC National Bank, FRN, 5.95%, 05/26/00 49,994
42,000 U.S. Central Credit Union, MTN, 5.08%, 04/19/00 41,997
Wells Fargo Bank, NA,
100,000 MTN, 5.31%, 03/31/00 99,996
50,000 MTN, 5.31%, 04/03/00 49,997
---------
720,041
Diversified -- 0.5%
General Electric Capital Corp.,
20,000 6.66%, 05/01/00 20,013
23,500 MTN, 5.93%, 05/01/00 23,499
---------
43,512
Financial Services -- 14.7%
8,800 Associates Corp. of North America, 9.13%, 04/01/00 8,827
200,000 Bear Stearns Co., Inc., MTN, FRN, 5.94%, 02/23/01 200,001
CIT Group, Inc.,
80,000 MTN, FRN, 5.80%, 09/15/00 79,970
30,000 MTN, FRN, 6.42%, 11/13/00 30,059
10,000 Commercial Credit Co., 6.13%, 03/01/00 10,000
</TABLE>
See notes to financial statements.
17
<PAGE>
CHASE VISTA CASH MANAGEMENT FUND
Portfolio of Investments (Continued)
As of February 29, 2000 (unaudited)
(Amounts in thousands)
<TABLE>
<CAPTION>
Principal
Amount
(USD)
Issuer Value
- ------------------------------------------------------------------------------------
Money Market Instruments -- Continued
- ------------------------------------------------------------------------------------
<S> <C> <C>
Financial Services -- Continued
Goldman Sachs Group, Inc.,
$ 148,000 FRN, #, 6.12%, 05/12/00 $ 148,001
75,000 MTN, FRN, 6.06%, 08/07/00 75,000
30,000 MTN, FRN, 6.10%, 09/07/00 30,000
50,000 HomeSide Lending, Inc., FRN, #, 6.29%, 08/16/00 50,003
International Lease Finance Corp.,
22,150 6.63%, 08/15/00 22,206
38,000 MTN, 5.35%, 03/06/00 38,000
Merrill Lynch & Co., Inc.,
94,000 MTN, 5.56%, 06/30/00 94,000
200,000 MTN, FRN, 5.88%, 03/06/01 199,981
50,000 MTN, FRN, 6.15%, 08/04/00 50,008
20,000 MTN, FRN, 6.23%, 09/25/00 19,997
12,000 MTN, FRN, 6.39%, 08/03/00 12,014
Morgan Stanley Dean Witter & Co.,
110,000 FRN, 5.96%, 03/07/00 110,000
50,000 MTN, FRN, 6.16%, 01/22/01 50,067
25,000 MTN, FRN, 6.22%, 03/15/01 25,000
25,000 Sanwa Business Credit Corp., FRN, #, 6.16%, 03/13/00 25,001
92,000 U.S. Central Credit Union, MTN, 5.14%, 04/24/00 91,999
---------
1,370,134
Food/Beverage Products -- 0.2%
15,000 Sara Lee Corp., MTN, 6.50%, 05/16/00 15,013
Insurance -- 5.4%
50,000 AIG Funding Inc., FRN, 6.03%, 10/02/00 50,000
100,000 G E Financial Assurance, FRN, 5.57%, 03/01/00 100,000
100,000 Jackson National Life Insurance Co., FRN,
6.12%, 01/18/01 100,000
50,000 MetLife Funding Inc., FRN, #, 5.49%, 06/01/00 50,000
30,000 Prudential Funding Corp., FRN, 6.13%, 12/21/00 29,983
75,000 Security Life of Denver Insurance Co., FRN,
5.57%, 06/24/00 75,000
50,000 Travelers Insurance Co., FRN, 5.91%, 04/24/00 50,000
50,000 United of Omaha Life Insurance Company, FRN,
5.95%, 05/17/02 50,000
---------
504,983
Machinery & Engineering Equipment -- 1.9%
Caterpillar Financial Services Corp.,
30,000 FRN, 5.47%, 05/18/00 30,003
48,000 MTN, 5.72%, 07/07/00 48,000
5,000 MTN, 5.80%, 03/15/00 5,001
75,000 MTN, FRN, 6.03%, 07/07/00 75,000
14,500 MTN, FRN, 6.06%, 03/10/00 14,501
---------
172,505
Office/Business Equipment -- 0.6%
53,000 Xerox Credit Corp., MTN, 5.83%, 05/08/00 52,983
Real Estate -- 0.9%
84,000 Main Place Real Estate Investment Corp., FRN,
6.21%, 10/25/00 84,034
Retailing -- 0.1%
5,360 Wal-Mart Stores Inc., 5.85%, 06/01/00 5,363
</TABLE>
See notes to financial statements.
18
<PAGE>
CHASE VISTA CASH MANAGEMENT FUND
Portfolio of Investments (Continued)
As of February 29, 2000 (unaudited)
(Amounts in thousands)
<TABLE>
<CAPTION>
Principal
Amount
(USD) Issuer Value
- ----------------------------------------------------------------------------------------
Money Market Instruments -- Continued
- ----------------------------------------------------------------------------------------
<S> <C> <C>
Telecommunications -- 2.2%
$ 30,000 AT&T Capital Corp., MTN, FRN, 6.73%, 12/01/00 $ 30,143
175,000 AT&T Corp., MTN, FRN, #, 5.99%, 07/13/00 174,943
---------
205,086
Utilities -- 2.7%
62,000 Baltimore Gas & Electric Co., FRDO, 6.11%, 03/01/00 62,002
190,000 National Rural Utilities Co., Ser. C., MTN, FRN,,
6.06%, 09/08/00 190,000
---------
252,002
------------------------------------------------------------------------
Total Corporate Notes & Bonds 5,262,392
(Cost $5,262,392)
------------------------------------------------------------------------
Commercial Paper -- 16.6%
-------------------------
Asset Backed Securities -- 12.0%
50,000 Compass Securitization LLC, 5.84%, 03/24/00 49,814
150,189 Concord Minutemen Capital Co., LLC, 5.84%, 03/17/00 149,800
100,000 Falcon Asset Securitization Corp., 5.86%, 03/27/00 99,580
International Securitization Corp.,
65,760 5.84%, 03/16/00 65,601
60,000 5.85%, 03/20/00 59,816
125,000 Intrepid Funding Master Trust, Ser. 1999-A,
6.28%, 09/05/00 121,031
Lexington Parker Capital Corp.,
100,000 5.84%, 03/14/00 99,790
61,961 5.85%, 03/13/00 61,841
Montauk Funding Corp.,
41,000 5.83%, 03/15/00 40,908
55,250 5.88%, 03/01/00 55,250
Moriarty LLC,
60,000 6.05%, 03/08/00 59,930
40,000 6.27%, 08/17/00 38,858
70,499 Parthenon Receivables Funding LLC, 5.84%, 03/20/00 70,283
25,000 Sigma Finance Corp., (Channel Islands), #,
6.28%, 08/16/00 24,288
56,662 Thames Asset Global Securitization (TAGS), #,
5.85%, 03/27/00 56,424
55,000 Windmill Funding Corp., 5.83%, 03/13/00 54,894
---------
1,108,108
Banking -- 1.7%
40,000 Banca Serfin SA, (United Kingdom), 6.05%, 03/07/00 39,960
100,000 Banco Rio De La Plata SA, (Argentina), 6.04%, 03/09/00 99,868
20,000 Credit Suisse First Boston, (Switzerland), 5.94%, 03/09/00 19,974
---------
159,802
Consumer Products -- 0.5%
Florens Container Inc.,
25,000 6.04%, 03/07/00 24,975
25,000 6.04%, 03/08/00 24,971
---------
49,946
Diversified -- 0.5%
50,000 General Electric Capital Services Inc., 6.03%, 03/15/00 49,886
</TABLE>
See notes to financial statements.
19
<PAGE>
CHASE VISTA CASH MANAGEMENT FUND
Portfolio of Investments (Continued)
As of February 29, 2000 (unaudited)
(Amounts in thousands)
<TABLE>
<CAPTION>
Principal
Amount
(USD) Issuer Value
- ----------------------------------------------------------------------------------
Money Market Instruments -- Continued
- ----------------------------------------------------------------------------------
<S> <C> <C>
Financial Services -- 0.5%
$ 50,000 Associates First Capital Corp., 5.88%, 03/01/00 $ 50,000
Food/Beverage Products -- 1.4%
Archer Daniels Midland Co.,
77,350 5.90%, 03/24/00 77,067
50,000 5.96%, 03/22/00 49,833
---------
126,900
------------------------------------------------------------------
Total Commercial Paper 1,544,642
(Cost $1,544,642)
------------------------------------------------------------------
Certificates of Deposit -- 21.3%
--------------------------------
Bank Austria AG (Austria), (Yankee),
50,000 6.55%, 02/01/01 49,978
50,000 6.71%, 02/05/01 49,978
110,000 Banque Nationale De Paris, (France), (Yankee), 5.98%,
05/01/00 110,000
190,000 Bayerische Hypo- und Vereinsbank AG, Floating Rate,
(Germany), (Yankee), 5.80%, 02/28/01 189,908
130,000 Bayerische Landesbank Girozentrale, Floating Rate,
(Germany), (Yankee), 5.81%, 12/15/00 129,923
Commerzbank AG (Germany), (Yankee),
27,000 5.12%, 04/25/00 26,997
90,000 6.52%, 01/08/01 89,978
First Union National Bank, Floating Rate,
100,000 6.08%, 03/01/00 100,000
54,000 6.16%, 05/17/00 54,000
95,000 6.27%, 03/29/00 95,000
Fleet National Bank, Floating Rate,
73,000 5.97%, 04/17/00 72,996
100,000 6.04%, 10/26/00 99,974
50,000 National Westminster Bank PLC, (United Kingdom),
(Yankee), 5.28%, 04/03/00 49,999
50,000 Norddeutsche Landesbank Girozentrale, (Germany),
(Yankee), 6.55%, 01/16/01 49,979
Rabobank Nederland NV (Netherlands), (Yankee),
50,000 5.18%, 03/28/00 49,998
150,000 5.88%, 03/01/00 150,000
75,000 6.50%, 01/29/01 74,967
175,000 Regions Bank, 5.88%, 03/01/00 175,000
96,000 Royal Bank of Canada, (Canada), (Yankee), 5.12%,
03/20/00 95,999
Svenska Handelsbanken, Inc., (Sweden), (Yankee),
18,000 5.23%, 03/01/00 18,000
50,000 6.75%, 02/14/01 49,976
UBS Finance, Inc., (Switzerland), (Yankee),
60,000 5.41%, 06/01/00 59,993
40,000 5.53%, 06/06/00 39,996
99,000 5.76%, 07/06/00 98,987
------------------------------------------------------------------
Total Certificates of Deposit 1,981,626
(Cost $1,981,626)
------------------------------------------------------------------
</TABLE>
See notes to financial statements.
20
<PAGE>
CHASE VISTA CASH MANAGEMENT FUND
Portfolio of Investments (Continued)
As of February 29, 2000 (unaudited)
(Amounts in thousands)
<TABLE>
<CAPTION>
Principal
Amount
(USD) Issuer Value
- -------------------------------------------------------------------------------
Money Market Instruments -- Continued
- -------------------------------------------------------------------------------
<S> <C> <C>
Time Deposits -- 3.6%
$ 135,566 Deutsche Bank AG, (Germany), 5.88%, 03/01/00 $ 135,566
200,000 National City Bank, 5.88%, 03/01/00 200,000
---------------------------------------------------------------
Total Time Deposits 335,566
(Cost $335,566)
- --------------------------------------------------------------------------------
Total Investments -- 102.1% $9,491,676
(Cost $9,491,676)*
- --------------------------------------------------------------------------------
</TABLE>
See notes to financial statements.
21
<PAGE>
- --------------------------------------------------------------------------------
CHASE VISTA PRIME MONEY MARKET FUND
Portfolio of Investments
- --------------------------------------------------------------------------------
As of February 29, 2000 (unaudited)
(Amounts in thousands)
<TABLE>
<CAPTION>
Principal
Amount
(USD) Issuer Value
- --------------------------------------------------------------------------------
Money Market Instruments -- 101.2%
- --------------------------------------------------------------------------------
<S> <C> <C>
U.S. Government Agency Securities -- 2.9%
-----------------------------------------
Federal Home Loan Bank,
$ 60,000 DN, 5.66%, 05/26/00 $59,211
25,000 DN, 5.70%, 03/15/00 24,947
35,000 DN, 5.85%, 11/17/00 33,597
50,000 DN, 5.93%, 11/24/00 47,916
55,000 DN, 6.03%, 12/08/00 52,549
15,000 DN, 6.13%, 12/22/00 14,287
25,000 DN, 6.32%, 01/08/01 23,707
25,000 DN, 6.50%, 02/01/01 23,572
--------------------------------------------------------------
Total U.S. Government Agency Securities 279,786
(Cost $279,786)
--------------------------------------------------------------
State and Municipal Obligations -- 0.1%
---------------------------------------
Michigan -- 0.1%
5,056 Sault Ste Marie Michigan Tribe Building Authority,
Taxable, FRDO, 6.46%, 06/01/00 5,056
Texas -- 0.0%
3,600 Texas State, Taxable, Medical Options Period, FRDO,
5.99%, 03/01/00 3,600
--------------------------------------------------------------
Total State and Municipal Obligations 8,656
(Cost $8,656)
--------------------------------------------------------------
Corporate Notes & Bonds -- 37.9%
--------------------------------
Asset Backed Securities -- 23.9%
75,000 Bavaria TRR Corp., (Germany), FRN, 6.01%, 03/23/00 74,999
Beta Finance Corp., Inc., (Channel Islands),
60,000 MTN, #, 6.02%, 08/15/00 60,000
65,000 MTN, #, 6.87%, 02/26/01 65,000
70,000 MTN, FRN, #, 6.06%, 07/27/00 70,000
CC USA Inc. (Centauri Corp.),
60,000 MTN, #, 5.75%, 07/20/00 60,000
60,000 MTN, #, 6.10%, 09/07/00 60,000
50,000 MTN, FRN, #, 5.85%, 04/26/00 49,999
100,000 MTN, FRN, #, 5.96%, 05/22/00 99,998
127,000 Corporate Asset Funding, FRN, 5.91%, 03/15/00 127,000
Dorada Finance Inc.,
35,000 MTN, #, 5.60%, 06/07/00 35,000
70,000 MTN, FRN, #, 5.87%, 07/17/00 69,991
75,000 MTN, FRN, #, 6.12%, 09/05/00 75,000
K2 (USA) LLC,
50,000 FRN, 6.03%, 03/29/00 50,000
50,000 FRN, 6.04%, 03/15/00 50,000
25,000 MTN, #, 5.60%, 06/12/00 25,000
35,000 MTN, #, 5.68%, 06/15/00 35,000
70,000 MTN, FRN, #, 5.97%, 05/30/00 70,000
100,000 MTN, FRN, #, 5.99%, 08/15/00 100,000
25,000 MTN, FRN, #, 6.11%, 07/17/00 25,000
50,000 MTN, FRN, #, 6.11%, 10/16/00 50,000
Restructured Asset Securities with Enhanced Returns
(RACERS),
100,000 1999 Ser. MM-16, FRN, #, 5.91%, 06/02/00 100,000
37,000 1999 Ser. MM-35, FRN, #, 5.99%, 12/15/00 37,000
</TABLE>
See notes to financial statements.
22
<PAGE>
CHASE VISTA PRIME MONEY MARKET FUND
Portfolio of Investments (Continued)
As of February 29, 2000 (unaudited)
(Amounts in thousands)
<TABLE>
<CAPTION>
Principal
Amount
(USD) Issuer Value
- --------------------------------------------------------------------------------------
Money Market Instruments -- Continued
- --------------------------------------------------------------------------------------
<S> <C> <C>
Asset Backed Securities -- Continued
$ 25,000 Short Term Repackage Asset Trust Securities (STRATS),
1999, Ser. C, FRN, #, 5.95%, 04/13/00 $ 25,000
Sigma Finance Corp., (Channel Islands),
35,000 FRN, #, 6.22%, 03/15/00 35,000
50,000 MTN, 5.38%, 03/13/00 50,000
75,000 MTN, FRN, #, 5.92%, 03/05/01 75,000
25,000 MTN, FRN, #, 5.97%, 05/25/00 24,999
25,000 MTN, FRN, #, 5.98%, 04/25/00 25,000
50,000 MTN, FRN, #, 6.11%, 06/11/00 50,000
70,000 MTN, FRN, #, 6.15%, 09/15/00 70,000
100,000 MTN, FRN, #, 6.51%, 06/30/00 100,000
SMM Trust,
50,000 1999 Ser. B, #, 5.45%, 03/15/00 50,000
80,000 1999 Ser. B, FRN, #, 6.18%, 03/15/00 80,000
35,000 1999 Ser. E, #, 5.36%, 04/05/00 35,000
40,000 1999 Ser. E, FRN, #, 6.02%, 04/05/00 40,000
136,957 1999 Ser. G, FRN, #, 5.99%, 06/05/00 136,956
Structured Enhanced Return Trust, (STEERS),
42,400 1998 Ser. A-39, MTN, FRN, #, 5.87%, 04/25/00 42,400
43,447 1998 Ser. A-42, MTN, FRN, #, 6.06%, 08/25/00 43,447
14,003 UCP LLC, 1999 Ser. A-1, 6.17%, 09/23/00 14,001
---------
2,285,790
Automotive -- 0.2%
20,000 Toyota Motor Credit Corp., MTN, FRN, 6.91%, 10/25/00 20,012
Banking -- 3.5%
25,000 Abbey National Treasury Services PLC, (United
Kingdom), (Yankee), MTN, 5.24%, 03/01/00 25,000
16,000 American Express Centurion Bank, FRN, 5.96%, 05/25/00 16,000
70,000 BankAmerica Corp., FRN, 5.92%, 03/16/00 69,999
Barclays Bank PLC, (United Kingdom),
70,000 FRN, 5.89%, 03/15/00 69,998
100,000 FRN, 5.89%, 05/12/00 99,989
50,000 U.S. Central Credit Union, MTN, 5.08%, 04/19/00 49,996
---------
330,982
Diversified -- 2.8%
General Electric Capital Corp.,
140,000 MTN, FRN, 6.04%, 05/03/00 140,000
130,000 MTN, FRN, 6.05%, 05/12/00 129,998
---------
269,998
Financial Services -- 6.2%
90,000 Goldman Sachs Group LP, FRN, 6.12%, 06/13/00 90,000
60,000 HomeSide Lending Inc., MTN, FRN, 6.14%, 03/20/00 59,993
150,000 Merrill Lynch & Co., Inc., MTN, FRN, 5.88%, 03/06/01 149,985
Morgan Stanley Dean Witter & Co.
150,000 FRN, 5.96%, 08/07/00 150,000
55,000 MTN, FRN, 5.96%, 05/15/01 55,003
35,000 MTN, FRN, 6.22%, 03/13/01 35,000
50,000 MTN, FRN, 6.22%, 03/15/01 50,000
---------
589,981
</TABLE>
See notes to financial statements.
23
<PAGE>
CHASE VISTA PRIME MONEY MARKET FUND
Portfolio of Investments (Continued)
As of February 29, 2000 (unaudited)
(Amounts in thousands)
<TABLE>
<CAPTION>
Principal
Amount
(USD) Issuer Value
- ---------------------------------------------------------------------------------------
Money Market Instruments -- Continued
- ---------------------------------------------------------------------------------------
<S> <C> <C>
Insurance -- 1.2%
$ 73,200 First Allmerica Financial Life Insurance Co., FRN, 6.03%,
04/07/00 $ 73,200
42,900 Jackson National Life Insurance Co., FRN, 6.20%,
09/01/03 42,900
---------
116,100
Utilities -- 0.1%
9,000 Hydro Quebec (Canada), MTN, FRN, 5.98%, 01/15/22 9,000
----------------------------------------------------------------------
Total Corporate Notes & Bonds 3,621,863
(Cost $3,621,863)
----------------------------------------------------------------------
Commercial Paper -- 31.6%
-------------------------
Asset Backed Securities -- 23.4%
60,000 ACE Overseas Corp., 6.04%, 03/01/00 60,000
Alpine Securitization Corp.,
72,451 5.83%, 03/14/00 72,299
100,000 5.83%, 03/23/00 99,646
Amsterdam Funding Corp.,
75,000 5.85%, 03/06/00 74,939
49,652 5.85%, 03/24/00 49,467
37,000 Aquinas Funding LLC, #, 6.05%, 03/08/00 36,957
50,000 Atlantis One Funding, 6.00%, 03/28/00 49,782
47,000 Bavaria Universal Funding, 5.87%, 03/22/00 46,840
35,000 Beta Finance Corp., Inc., (Channel Islands), 6.00%,
03/20/00 34,892
Compass Securitization LLC,
72,950 5.84%, 03/17/00 72,762
64,000 5.84%, 03/24/00 63,762
50,000 5.85%, 03/16/00 49,879
Dorada Finance Inc.,
60,000 #, 5.83%, 04/28/00 59,460
65,000 #, 6.00%, 05/05/00 64,326
Falcon Asset Securitization Corp.,
66,808 5.85%, 03/31/00 66,484
38,985 5.86%, 03/28/00 38,815
26,267 Forrestal Funding Master Trust, 5.85%, 03/27/00 26,157
Galaxy Funding Inc.,
85,000 5.86%, 03/28/00 84,628
54,600 5.87%, 03/13/00 54,494
45,000 5.87%, 03/15/00 44,898
40,000 Govco Inc., 6.04%, 05/25/00 39,438
International Securitization Corp.,
97,980 5.84%, 03/17/00 97,727
85,000 5.85%, 03/20/00 84,739
150,000 Intrepid Funding Master Trust, Ser. 1999-A, 6.28%,
09/05/00 145,238
75,585 Monte Rosa Capital Corp., #, 6.02%, 05/15/00 74,650
Moriarty LLC,
60,000 6.05%, 03/08/00 59,930
40,000 6.27%, 08/17/00 38,858
85,000 6.29%, 08/22/00 82,494
</TABLE>
See notes to financial statements.
24
<PAGE>
CHASE VISTA PRIME MONEY MARKET FUND
Portfolio of Investments (Continued)
As of February 29, 2000 (unaudited)
(Amounts in thousands)
<TABLE>
<CAPTION>
Principal
Amount
(USD) Issuer Value
- ------------------------------------------------------------------------------------
Money Market Instruments -- Continued
- ------------------------------------------------------------------------------------
<S> <C> <C>
Asset Backed Securities -- Continued
Sheffield Receivables Corp.,
$ 51,300 #, 5.84%, 03/20/00 $ 51,143
80,000 #, 5.85%, 03/29/00 79,638
50,000 Sigma Finance Corp., (Channel Islands), #, 6.33%,
09/01/00 48,433
88,699 Three Rivers Funding Corp., 5.82%, 03/10/00 88,570
86,215 Tulip Funding Corp., 5.84%, 03/13/00 86,048
40,000 Twin Towers Inc., #, 5.85%, 03/24/00 39,851
55,000 WCP Funding Inc., #, 5.85%, 03/14/00 54,884
---------
2,222,128
Banking -- 4.9%
50,000 Banco Bozano Simonsen SA (Brazil), 5.93%, 06/15/00 49,176
20,000 Banco Itau SA (Cayman Islands), 6.05%, 05/12/00 19,768
80,000 Banco Rio De La Plata SA, (Argentina), 5.87%, 03/09/00 79,896
Banco Santander Puerto Rico,
100,000 5.83%, 03/14/00 99,791
54,450 5.84%, 03/10/00 54,371
90,000 Cregem North America Inc., 5.89%, 04/10/00 89,425
75,000 CSN Overseas, 6.08%, 03/03/00 74,975
---------
467,402
Consumer Products -- 0.3%
32,500 Florens Container Inc., 6.09%, 05/04/00 32,159
Hotels/Other Lodging -- 0.5%
50,000 Accor SA, (France), 6.04%, 03/07/00 49,950
Telecommunications -- 0.9%
85,000 British Telecommunications PLC, (United Kingdom),
6.27%, 08/31/00 82,373
Utilities -- 1.6%
Comision Federal De Electricidad, (Mexico),
55,000 6.00%, 03/28/00 54,760
100,000 6.01%, 03/27/00 99,579
---------
154,339
--------------------------------------------------------------------
Total Commercial Paper 3,008,351
(Cost $3,008,351)
--------------------------------------------------------------------
Certificates of Deposit -- 21.7%
35,000 Banco Bilboa Vizcaya SA (Spain), (Yankee), 5.62%,
06/14/00 34,996
Bank Austria AG (Austria), (Yankee),
50,000 5.20%, 05/08/00 49,996
50,000 6.55%, 02/01/01 49,978
59,000 6.71%, 02/05/01 58,974
130,000 Banque Nationale De Paris, (France), (Yankee), 5.98%,
05/01/00 130,002
Bayerische Landesbank Girozentrale, Floating Rate,
(Germany), (Yankee),
50,000 5.78%, 04/10/00 49,996
190,000 5.80%, 03/01/01 189,908
135,000 5.81%, 12/15/00 134,921
120,000 6.00%, 08/02/00 119,975
</TABLE>
See notes to financial statements.
25
<PAGE>
CHASE VISTA PRIME MONEY MARKET FUND
Portfolio of Investments (Continued)
As of February 29, 2000 (unaudited)
(Amounts in thousands)
<TABLE>
<CAPTION>
Principal
Amount
(USD) Issuer Value
- ------------------------------------------------------------------------------------
Money Market Instruments -- Continued
- ------------------------------------------------------------------------------------
Certificates of Deposit -- Continued
<S> <C> <C>
Credit Communal De Belgique S.A., (Belgium), (Yankee),
$ 25,000 5.96%, 10/02/00 $ 24,976
100,000 Floating Rate, 5.79%, 03/01/01 99,951
Deutsche Bank AG, (Germany), (Yankee),
50,000 5.08%, 04/12/00 49,996
50,000 Floating Rate, 5.88%, 04/26/00 49,995
Landesbank Baden-Wuerttemberg, (Germany), (Yankee),
100,000 6.03%, 03/02/00 100,000
40,000 6.04%, 03/06/00 40,000
50,000 (Principal in Euro), 6.03%, 05/03/00 50,001
50,000 Norddeutsche Landesbank Girozentrale, (Germany),
(Yankee), 6.55%, 01/16/01 49,979
75,000 Rabobank Nederland NV (Netherlands), (Yankee),
6.50%, 01/29/01 74,967
110,000 Regions Bank, 5.88%, 03/01/00 110,000
68,000 Svenska Handelsbanken Inc., (Sweden), (Yankee),
6.75%, 02/14/01 67,968
UBS Finance Inc., (Switzerland), (Yankee),
50,000 5.25%, 03/10/00 49,999
50,000 5.70%, 07/10/00 49,991
100,000 6.50%, 01/08/01 99,959
Westdeutsche Landesbank Girozentrale, (Germany),
(Yankee),
70,000 5.99%, 03/01/00 70,000
260,000 Floating Rate, 5.80%, 02/28/01 259,873
--------------------------------------------------------------------
Total Certificates of Deposit 2,066,401
(Cost $2,066,401)
--------------------------------------------------------------------
Time Deposits -- 4.9%
---------------------
64,294 Branch Banking & Trust Co., 5.81%, 03/01/00 64,294
200,000 Rabobank, New York, (Principal in Euro), 5.88%,
03/01/00 200,000
200,000 Sun Trust Bank, Atlanta, 5.84%, 03/01/00 200,000
--------------------------------------------------------------------
Total Time Deposits 464,294
(Cost $464,294)
--------------------------------------------------------------------
Repurchase Agreement -- 2.1%
----------------------------
200,000 Greenwich Capital Markets, Inc., 5.87%, due 03/01/00
(Dated 02/29/00, Proceeds $200,033, Secured by USTR
and U.S. Government Agency Obligations, $273,470,
2.41% through 11.88%, due 04/27/00 through
11/25/29; Market Value $204,005) 200,000
(Cost $200,000)
--------------------------------------------------------------------
Total Investments -- 101.2% $9,649,351
(Cost $9,649,351)*
--------------------------------------------------------------------
</TABLE>
See notes to financial statements.
26
<PAGE>
- --------------------------------------------------------------------------------
CHASE VISTA TAX FREE MONEY MARKET FUND
Portfolio of Investments
- --------------------------------------------------------------------------------
As of February 29, 2000 (unaudited)
(Amounts in thousands)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
- -------------------------------------------------------------------------------------
Money Market Instruments -- 100.1%
- -------------------------------------------------------------------------------------
<S> <C> <C>
U.S. Government Agency Securities -- 1.2%
-----------------------------------------
$ 19,300 Federal Home Loan Bank, DN, 5.72%, 03/01/00 $19,300
(Cost $19,300)
---------------------------------------------------------------------
Municipal Securities -- 98.9%
-----------------------------
Alabama -- 4.4%
Alabama State, Public School & College Authority,
11,985 Ser. 101, PUTTERS, FRDO, 3.96%, 03/04/00 11,985
3,820 Ser. 124, PUTTERS, FRDO, 3.96%, 03/02/00 3,820
Birmingham, Alabama,
9,000 Capital Improvement Warrants, Ser. A, GO, FRDO,
3.87%, 03/07/00 9,000
5,000 GO, FRDO, 3.87%, 03/03/00 5,000
3,450 Ser. A, Warrants, FRDO, 3.87%, 03/02/00 3,450
6,650 Daphine, Alabama, Special Care Facilities Financing
Authority, Presbyterian Retirement, Ser. A, Rev., FRDO,
+, 3.87%, 03/02/00 6,650
3,000 Infirmary Health Systems, Special Care Facilities
Financing Authority, Mobile, Alabama, Infirmary Health
Systems Inc., Ser. A, Rev., FRDO, 3.87%, 03/07/00 3,000
5,000 Jefferson County, Alabama, Warrants, GO, FRDO, 3.91%,
03/06/00 5,000
1,195 Marshall County, Alabama, Special Obligation, Warrants,
FRDO, 3.95%, 03/06/00 1,195
6,400 North Alabama Environmental Improvement Authority,
Alabama, PCR, Reynold Metals, Rev., FRDO, 3.75%,
03/01/00 6,400
14,730 Port City Medical Clinic Board, Mobile, Alabama,
Infirmary Health Systems, Ser. B, Rev., FRDO, +, 3.87%,
03/02/00 14,730
3,100 University of Alabama, Ser. B, Rev., FRDO, 3.85%,
03/03/00 3,100
-------
73,330
Alaska -- 0.3%
4,635 North Slope Boro, Alaska, Ser. B, GO, +, 6.75%, 06/30/00 4,676
Arizona -- 0.4%
3,000 Arizona Educational Loan Marketing Corp., Educational
Loan, Ser. A, Rev., 6.70%, 03/01/00 3,000
2,200 Coconino County, Arizona, Pollution Control Corp.,
Arizona Public Service Co. Project, Rev., FRDO, 3.90%,
03/01/00 2,200
1,000 Maricopa County, Arizona, IDA, Health Facilities, St.
Josephs Care Center Project, Ser. A, Rev., +, ~, 7.75%,
07/01/00 1,032
-------
6,232
Arkansas -- 1.5%
Arkansas Hospital Equipment Finance Authority,
3,600 AHA Pooled Financing Program, Rev., FRDO, 3.95%,
03/01/00 3,600
3,000 Baptist Health Project, Rev., FRDO, +, 3.91%, 03/03/00 3,000
</TABLE>
See notes to financial statements.
27
<PAGE>
CHASE VISTA TAX FREE MONEY MARKET FUND
Portfolio of Investments (Continued)
As of February 29, 2000 (unaudited)
(Amounts in thousands)
<TABLE>
<CAPTION>
<S> <C> <C>
Principal
Amount Issuer Value
- -----------------------------------------------------------------------------------
Money Market Instruments -- Continued
- -----------------------------------------------------------------------------------
Arkansas -- Continued
$ 4,000 Arkansas State, Development Finance Authority, IDR,
Stratton Seed Co. Project, Rev., FRDO, 4.05%, 03/06/00 $4,000
5,500 Columbia County, Arkansas, Solid Waste Disposal,
Albemarle Corp. Project, Rev., FRDO, 4.05%, 03/02/00 5,500
8,750 Miller County, Arkansas, Solid Waste Disposal, Tyson
Foods Inc. Project, Rev., FRDO, 3.96%, 03/06/00 8,750
------
24,850
California -- 0.7%
20 California State Economic Development Financing
Authority, IDR, Standard Abrasives Manufacturing
Project, Rev., FRDO, 2.65%, 03/01/00 20
7,600 Los Angeles, California, Regional Airports Improvement
Corp., Sublease, Los Angeles International Airport, Rev.,
FRDO, 3.75%, 03/01/00 7,600
900 San Diego, California, IDR, Kaiser Aerospace & Electric,
Ser. A, Rev., FRDO, 2.65%, 03/06/00 900
4,000 Student Education Loan Marketing Corp., California,
Student Loan, Ser. A, Rev., FRDO, 3.25%, 06/01/00 4,000
------
12,520
Colorado -- 3.8%
Colorado Student Obligation Bond Authority,
Student Loan,
5,000 Senior Lien, Ser. A-2, Rev., FRDO, +, 3.95%, 03/01/00 5,000
2,500 Senior Lien, Ser. A-3, Rev., FRDO, +, 3.95%, 03/01/00 2,500
Denver, Colorado, City & County Airport,
22,230 Floating Rate Certificates, Ser. 136, Rev., FRDO, +,
3.96%, 03/06/00 22,230
15,580 Floating Rate Certificates, Ser. 153, Rev., FRDO, +,
3.94%, 03/06/00 15,580
18,000 Jefferson County, Colorado School District No. R-001,
Rev., TAN, 4.50%, 06/30/00 18,028
------
63,338
Delaware -- 0.1%
2,000 Delaware State, Ser. B, GO, 5.00%, 05/01/00 2,004
District of Columbia -- 1.1%
District of Columbia,
1,400 George Washington University, Ser. A, Rev., FRDO,
3.95%, 03/02/00 1,400
4,315 Pooled Loan Program, Ser. A, Rev., FRDO, 3.90%,
03/07/00 4,315
1,000 Ser. A, GO, +, ~, 7.50%, 06/01/00 1,028
4,755 District of Columbia, Water & Sewer Authority, Public
Utility, Rev., FRDO, 3.96%, 03/03/00 4,755
6,155 Eagle Tax Exempt Trust, Weekly Option Mode, Water &
Sewer Rev., District of Columbia, Ser. 98-5202, FRDO, #,
3.96%, 03/02/00 6,155
------
17,653
Florida -- 6.3%
Dade County, Florida, Housing Finance Authority,
Multi-Family Housing,
2,745 Kendall Ct. Apartments, Rev., FRDO, 3.85%, 03/04/00 2,745
2,045 Star Creek Apartments, Rev., FRDO, 3.85%, 03/02/00 2,045
</TABLE>
See notes to financial statements.
28
<PAGE>
CHASE VISTA TAX FREE MONEY MARKET FUND
Portfolio of Investments (Continued)
As of February 29, 2000 (unaudited)
(Amounts in thousands)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
- -------------------------------------------------------------------------------------
Money Market Instruments -- Continued
- -------------------------------------------------------------------------------------
<S> <C> <C>
Florida -- Continued
$ 6,805 Eagle Tax-Exempt Trust, Weekly Option Mode,
Jacksonville, Florida, Ser. 96C-0915, #, 4.00%, 03/02/00 $ 6,805
Florida Housing Finance Corp.,
7,185 Multi-Family Housing, Beneva Project, Ser. C, Rev.,
FRDO, 3.89%, 03/03/00 7,185
5,000 Multi-Family Housing, Kings Project, Ser. D, Rev.,
FRDO, 3.96%, 03/02/00 5,000
1,300 Multi-Family Housing, South Pointe Project, Ser. J,
Rev., FRDO, 3.88%, 03/05/00 1,300
4,000 Multi-Family Housing, Twin Colony Project, Ser. EE,
Rev., FRDO, 3.95%, 03/01/00 4,000
2,235 Timberline Apartments, Ser. P, Rev., FRDO, 3.95%,
03/03/00 2,235
14,600 Florida State, Board of Education, Capital Outlay,
Municipal Securities Trust Receipts, Ser. SGA-67, GO,
FRDO, 3.90%, 03/01/00 14,602
Gulf Breeze, Florida, Local Government Loan Program,
10,315 Ser. B, Rev., FRDO, +, 3.85%, 03/05/00 10,315
12,450 Ser. C, Rev., FRDO, +, 3.85%, 03/05/00 12,450
10,000 Jacksonville, Florida, Capital Project, Ser. 2, Rev., FRDO,
+, 4.00%, 03/01/00 10,000
8,000 Jacksonville, Florida, Educational Facilities, Jacksonville
University Project, Rev., FRDO, 3.05%, 03/06/00 8,000
1,000 Jacksonville, Florida, Health Facilities Authority, River
Garden Project, Rev., FRDO, 3.85%, 03/05/00 1,000
4,700 Orange County, Florida, Health Facilities Authority,
Presbyterian Retirement Project, Rev., FRDO, 3.95%,
03/02/00 4,700
4,000 Orange County, Florida, Housing Finance Authority,
Rev., 3.40%, 06/01/00 4,000
4,500 The University of North Florida Foundation Inc., Parking
System, Rev., FRDO, 4.00%, 03/03/00 4,500
5,490 Volusia County, Florida, Health Facilities Authority,
Southwest Volusia Health, Ser. A, Rev., FRDO, 3.85%,
03/06/00 5,490
-------
106,372
Georgia -- 6.2%
6,600 Atlanta, Georgia, Urban Residential Finance Authority,
Multi-Family Housing, The Park at Lakewood, Rev.,
FRDO, 4.00%, 03/06/00 6,600
1,180 Atlanta, Georgia, Water & Wastewater, Municipal
Securities Trust Receipts, Ser. SGA-86, Rev., FRDO, +,
4.00%, 03/02/00 1,180
1,000 Bibb County, Georgia, Class A Certificates, Ser. C, FRDO,
4.08%, 03/04/00 1,000
5,000 Burke County, Georgia, Development Authority PCR,
Rev., +, 3.70%, 04/25/00 5,000
2,335 Carroll County, Georgia, School District, GO, 3.10%,
04/01/00 2,335
6,900 Crisp County, Georgia, Solid Waste Management
Authority, Rev., FRDO, +, 4.01%, 03/07/00 6,900
15,100 Eagle Tax Exempt Trust, Weekly Option Mode, Ser.
97C-1002, FRDO, #, 3.96%, 03/01/00 15,100
</TABLE>
See notes to financial statements.
29
<PAGE>
CHASE VISTA TAX FREE MONEY MARKET FUND
Portfolio of Investments (Continued)
As of February 29, 2000 (unaudited)
(Amounts in thousands)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
- ---------------------------------------------------------------------------------------
Money Market Instruments -- Continued
- ---------------------------------------------------------------------------------------
<S> <C> <C>
Georgia -- Continued
$ 2,200 Elbert County & Elberton & Bowman, Georgia,
Development Authority, IDR, Seaboard Farms, Rev.,
FRDO, 3.90%, 03/07/00 $ 2,200
3,240 Fayette County, Georgia, School District, GO, 4.50%,
03/01/00 3,240
5,000 Fulco, Georgia, Hospital Authority, Piedmont Hospital
Project, Revenue Anticipation Certificates, FRDO, 3.95%,
03/06/00 5,000
1,000 Fulton County, Georgia, Development Authority,
Arthritis Foundation Inc. Project, Rev., FRDO, 3.95%,
03/02/00 1,000
Fulton County, Georgia, Housing Authority, Multi-Family
Housing,
13,860 Champion's Green Apartments, Ser. A, Rev., FRDO,
3.95%, 03/07/00 13,860
7,000 Hampton Hills Apartments Project, Rev., FRDO, 3.90%,
03/06/00 7,000
8,300 Holcomb's Landing Apartments, Rev., FRDO, 3.90%,
03/02/00 8,300
3,000 Georgia Local Government, COP, FLOATS, Ser. PT-1060,
FRDO, 3.98%, 03/07/00 3,000
3,946 Georgia Municipal Association Pooled Bond, COP, FRDO,
+, 3.90%, 03/01/00 3,946
2,085 Georgia State, Residential Finance Authority, Home
Ownership Mortgage, Ser. A, Rev., FRDO, 4.00%,
06/01/00 2,095
4,755 Macon-Bibb County, Georgia, Hospital Authority,
Medical Center of Central Georgia, Rev., FRDO, 3.95%,
03/05/00 4,755
6,225 Marietta, Georgia, Housing Authority, Multi-Family
Housing, Concepts 21 Apartments, Rev., FRDO, 3.80%,
03/06/00 6,225
5,000 Richmond County, Georgia, Hospital Authority,
University Health Services Inc. Project, Revenue
Anticipation Certificates, FRDO, 3.95%, 03/01/00 5,000
-------
103,736
Hawaii -- 0.2%
2,000 Hawaii State, Airports System, Second Ser., Rev., +,
5.45%, 07/01/00 2,013
1,805 Hawaii State, Housing Finance & Development Corp.,
Single Family Mortgage, FLOATS, Ser. PA-73A, Rev.,
FRDO, 4.06%, 03/03/00 1,806
-------
3,819
Idaho -- 0.3%
5,000 Idaho State, GO, TAN, 4.25%, 06/30/00 5,014
Illinois -- 4.9%
6,000 Central Lake County, Illinois, Ser. A, Rev., +, ~, 7.00%,
05/01/00 6,149
2,625 Chicago, Illinois, Floating Rate Certificates, Ser. 126, GO,
FRDO, +, 3.96%, 03/04/00 2,625
6,815 Elmhurst, Illinois, Joint Commission Accredation, Rev.,
FRDO, 3.95%, 03/07/00 6,815
</TABLE>
See notes to financial statements.
30
<PAGE>
CHASE VISTA TAX FREE MONEY MARKET FUND
Portfolio of Investments (Continued)
As of February 29, 2000 (unaudited)
(Amounts in thousands)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
- ------------------------------------------------------------------------------------
Money Market Instruments -- Continued
- ------------------------------------------------------------------------------------
<S> <C> <C>
Illinois -- Continued
Illinois Development Finance Authority,
$ 3,405 IDR, CFC International Inc. Project, Rev., FRDO, 3.95%,
03/06/00 $3,405
2,000 IDR, Valspar Corp. Project, Special Tax, FRDO, 4.05%,
03/01/00 2,000
5,000 Local Government Financing Program, Ser. A, Rev.,
FRDO, +, 3.95%, 03/01/00 5,000
10,700 PCR, Illinois Power Co., Ser. D, ACES, Rev., FRDO,
4.00%, 03/06/00 10,700
1,935 Toughy LTD Partnership Project, Rev., FRDO, 3.95%,
03/06/00 1,935
Illinois Health Facilities Authority,
1,000 Lutheran Social Services Project, Ser. A, Rev., ~, 7.65%,
08/01/00 1,034
1,020 Series 1985-D, Rev., 3.85%, 04/05/00 1,020
6,900 Swedish Covenant Hospital Project, Rev., FRDO, +,
3.92%, 03/07/00 6,900
2,035 SwedishAmerican Hospital, Rev., +, ~, 7.40%, 04/01/00 2,083
3,600 Illinois Housing Development Authority, Multi-Family
Housing, Camelot, Rev., FRDO, +, 3.95%, 03/06/00 3,600
1,000 Illinois State, GO, 4.35%, 07/01/00 1,001
20,000 Illinois State, Toll Highway Authority, Toll Highway
Priority, Ser. B, Rev., FRDO, +, 3.85%, 03/02/00 20,000
2,660 Libertyville, Illinois, Industrial Revenue, Libertyville
Manor Project, Rev., FRDO, 3.85%, 03/01/00 2,660
3,400 Naperville, Illinois, Heritage YMCA Group Inc., Rev.,
FRDO, 3.85%, 03/06/00 3,400
1,315 Northwest Suburban Municipal Joint Action Water
Agency, Illinois, Water Supply Systems, Rev., +, 4.25%,
05/01/00 1,315
------
81,642
Indiana -- 3.0%
7,500 Indiana Health Facilities Financing Authority,
Community Hospitals Project, Ser. B, Rev., FRDO, 3.95%,
03/07/00 7,500
Indiana State, Development Finance Authority, PCR,
9,000 Southern Indiana Gas & Electric, Ser. A, Rev., FRDO,
3.00%, 03/01/00 9,000
22,200 Southern Indiana Gas & Electric Co., Ser. C, Rev.,
FRDO, 3.05%, 03/01/00 22,200
1,435 Lafayette, Indiana, Economic Development, Health
Quest Realty Project, Rev., FRDO, 3.95%, 03/06/00 1,435
660 Muncie, Indiana, Economic Development, Health Quest
Realty Project, Rev., FRDO, 3.95%, 03/06/00 660
3,305 Municipal Securities Trust Certificates, Ser. 1997-19A,
Class A, Rev., FRDO, #, +, ~, 3.95%, 03/03/00 3,305
5,400 Sullivan, Indiana, PCR, Rev., FRDO, 3.60%, 03/07/00 5,400
------
49,500
Iowa -- 0.3%
2,715 Davenport, Iowa, St. Lukes Hospital, Ser. A, Rev., +, ~,
7.40%, 07/01/00 2,798
1,500 Iowa Student Loan Liquidity Corp., Student Loan, Ser. C,
Rev., 6.38%, 03/01/00 1,500
------
4,298
</TABLE>
See notes to financial statements.
31
<PAGE>
CHASE VISTA TAX FREE MONEY MARKET FUND
Portfolio of Investments (Continued)
As of February 29, 2000 (unaudited)
(Amounts in thousands)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
- ----------------------------------------------------------------------------------
Money Market Instruments -- Continued
- ----------------------------------------------------------------------------------
<S> <C> <C>
Kansas -- 0.5%
$ 2,000 Eagle Tax-Exempt Trust, Weekly Option Mode, Ser.
2000-1601, FRDO, #, 3.96%, 03/01/00 $2,000
2,150 Spring Hill, Kansas, Industrial Revenue, Abrasive
Engineering Project, Rev., FRDO, 3.95%, 03/07/00 2,150
1,650 Wichita, Kansas, Airport Facilities, Cessna Citation
Center Project, Ser. III, Rev., FRDO, 4.00%, 03/07/00 1,650
1,800 Wichita, Kansas, Hospital, Facilities Improvement,
Riverside, Ser. IV, Rev., FRDO, 3.95%, 03/03/00 1,800
------
7,600
Kentucky -- 1.7%
4,110 Clark County, Kentucky, PCR, Rev., FRDO, +, 3.70%,
04/15/00 4,110
9,000 Kentucky Asset Liability Commission, 1999 Road Fund
Project, 3.65%, 03/02/00 9,000
15,000 Kentucky Interlocal School Transportation Association,
COP, TRAN, 4.00%, 06/30/00 14,996
1,000 Kentucky State, Turnpike Authority, Economic
Development, Road Revitalization Projects, Rev., ~,
7.45%, 05/15/00 1,022
------
29,128
Louisiana -- 2.9%
3,400 East Baton Rouge Parish, Louisiana, PCR, Exxon Project,
Rev., FRDO, 3.80%, 03/01/00 3,400
2,930 Iberia Parish, Louisiana, Industrial Development Board
Inc., Cuming Insulation Corp. Project, Rev., FRDO, 4.10%,
03/02/00 2,930
Jefferson Parish, Louisiana, Home Mortgage Authority,
Single Family Mortgage,
2,255 Ser. A-2, Rev., 3.65%, 06/01/00 2,255
2,745 Ser. B-2, Rev., 3.65%, 06/30/00 2,745
Louisiana Housing Finance Agency,
2,000 Ser. A-52, Rev., FRDO, 3.40%, 03/02/00 2,000
2,470 Single Family, Class A, Series F, Rev., FRDO, 4.04%,
03/05/00 2,471
7,285 Single Family, Ser. C, Rev., FRDO, 3.35%, 06/01/00 7,285
5,575 Louisiana Public Facilities Authority, Tiger Athletic
Foundation Project, Rev., FRDO, 3.91%, 03/02/00 5,575
17,650 Louisiana State, Ser. A, GO, +, ~, 6.00%, 08/01/00 17,796
1,675 New Orleans, Louisiana, Aviation Board, Ser. A, Rev.,
FRDO, +, 3.90%, 03/01/00 1,675
------
48,132
Maine -- 0.1%
1,300 Maine Educational Loan Marketing Corp., Student Loan,
Ser. A-1, Rev., 5.80%, 05/01/00 1,303
Maryland -- 1.2%
4,900 Baltimore County, Maryland, Revenue Authority, Golf
Systems, Rev., FRDO, 3.85%, 03/06/00 4,900
8,605 Howard County, Maryland, Multi-Family Housing,
Sherwood Crossing LTD, Rev., FRDO, 3.30%, 06/01/00 8,605
2,180 Maryland State, FLOATS, Ser. PA-319, FRDO, 3.98%,
03/04/00 2,180
</TABLE>
See notes to financial statements.
32
<PAGE>
CHASE VISTA TAX FREE MONEY MARKET FUND
Portfolio of Investments (Continued)
As of February 29, 2000 (unaudited)
(Amounts in thousands)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
- ----------------------------------------------------------------------------------
Money Market Instruments -- Continued
- ----------------------------------------------------------------------------------
<S> <C> <C>
Maryland -- Continued
$ 5,000 Maryland State, Stadium Authority, Sports Facilities
Lease, Rev., FRDO, 3.95%, 03/01/00 $5,000
------
20,685
Massachusetts -- 2.4%
14,175 Massachusetts Bay Transportation Authority, PUTTERS,
Ser. 112, FRDO, 3.23%, 03/01/00 14,175
2,635 Massachusetts Municipal Wholesale Electric Co., Power
Supply System, Ser. A, Rev., +, 6.30%, 07/01/00 2,654
Massachusetts State,
3,750 Consolidated Loan, Ser. B, GO, 4.80%, 07/01/00 3,760
4,500 Ser. B, GO, 9.25%, 07/01/00 4,585
900 Trust Receipts, Ser. A-36, FRDO, 4.05%, 03/07/00 900
3,700 Massachusetts State, Health & Educational Facilities
Authority, Municipal Securities Trust Receipts, Ser.
SGA-65, Rev., FRDO, 3.90%, 03/01/00 3,701
6,000 Massachusetts State, Water Pollution Abatement Trust,
Municipal Securities Trust Receipts, Ser. SGA-87, Rev.,
FRDO, 3.90%, 03/01/00 6,001
4,500 Massachusetts State, Water Resource Authority, Ser. A,
Rev., ~, 7.50%, 04/01/00 4,606
------
40,382
Michigan -- 1.7%
5,900 Delta County, Michigan, Economic Development Corp.,
Environmental Improvement, Mead Escanaba Paper, Ser.
C, Rev., FRDO, 3.80%, 03/01/00 5,900
1,000 Haslett, Michigan, Public School District, GO, ~, 7.40%,
05/01/00 1,015
Michigan State, Hospital Finance Authority,
1,300 Mt. Clemens Hospital, Rev., FRDO, 3.90%, 03/06/00 1,300
3,000 Oakwood Hospital, Ser. B, Rev., +, ~, 7.20%, 08/01/00 3,104
1,915 Oakwood Hospital Obligated Group, Rev., +, ~,
7.00%, 07/01/00 1,971
4,000 Rev., FRDO, 4.00%, 05/15/00 4,000
Michigan State, Strategic Fund LTD,
7,495 FLOATS, Ser. PT-237, Rev., FRDO, 3.98%, 03/07/00 7,495
1,175 Wayne Disposal, Oakland Project, Rev., FRDO, 4.00%,
03/01/00 1,175
2,000 Rockford, Michigan, Public Schools, GO, ~, 7.38%,
05/01/00 2,031
------
27,991
Minnesota -- 0.3%
3,300 Minnesota State, GO, FRDO, 3.96%, 03/06/00 3,300
1,915 Seaway Port Authority, Duluth, Minnesota, IDR, St.
Lawrence Cement Project, Ser. H, Rev., 4.55%, 05/01/00 1,917
------
5,217
Mississippi -- 0.5%
3,360 Mississippi Business Finance Corp., IDR, Choctaw Maid
Farms, Inc. Project, Rev., FRDO, 4.05%, 03/06/00 3,360
4,840 Mississippi Home Corp., Single Family, Class A
Certificates, Ser. I, Rev., FRDO, 4.04%, 03/07/00 4,840
------
8,200
</TABLE>
See notes to financial statements.
33
<PAGE>
CHASE VISTA TAX FREE MONEY MARKET FUND
Portfolio of Investments (Continued)
As of February 29, 2000 (unaudited)
(Amounts in thousands)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
- -----------------------------------------------------------------------------------
Money Market Instruments -- Continued
- -----------------------------------------------------------------------------------
<S> <C> <C>
Missouri -- 2.3%
$ 5,010 Independence, Missouri, IDA, Multi-Family Housing,
FLOATS, Ser. PT-314, Rev., FRDO, 3.98%, 03/04/00 $5,010
Kansas City, Missouri, IDA,
3,500 IDR, Livers Bronze Co. Project, Rev., FRDO, 4.05%,
03/04/00 3,500
4,045 Multi-Family Housing, Woodlands Partners Project,
Rev., FRDO, 3.92%, 03/02/00 4,045
1,000 Macon, Missouri, IDA, Health Care Realty Macon, Rev.,
FRDO, 3.80%, 03/01/00 1,000
1,600 Missouri Higher Education Loan Authority, Student
Loan, Ser. B, Rev., FRDO, +, 4.00%, 03/06/00 1,600
Missouri State, Health & Educational Facilities Authority,
3,500 Health Facilities, SSM Health Care, Ser. AA, Rev., +,
5.40%, 06/01/00 3,511
3,500 School District, Advance Funding Program, Saint
Charles R-6 School, Ser. J, GO, 4.25%, 09/19/00 3,509
1,900 School District, Advance Funding Program, Webster
Groves School, Ser. K, GO, 4.25%, 09/19/00 1,905
Missouri State, Housing Development Commission,
9,050 FLOATS, Ser. PT-223, Rev., FRDO, 4.04%, 03/06/00 9,050
4,000 Ser. A-64, Rev., FRDO, 4.10%, 03/01/00 4,001
1,000 Osage Beach, Missouri, IDA, Health Care Realty Osage,
Rev., FRDO, 3.71%, 03/01/00 1,000
------
38,131
Nebraska -- 0.1%
1,800 Sidney, Nebraska, IDR, Pennington Seed Inc. Project,
Rev., FRDO, 4.05%, 03/07/00 1,800
Nevada -- 1.8%
1,000 Carson City, Nevada, School District, GO, +, ~, 6.80%,
04/01/00 1,023
4,000 Clark County, Nevada, Airport, Ser. B-2, Rev., FRDO,
3.70%, 03/01/00 3,999
1,000 Clark County, Nevada, School District, Computer
Equipment, Ser. A, GO, +, 7.50%, 06/15/00 1,010
19,800 Eagle Tax Exempt Trust, Weekly Option Mode, Clark
County, Ser. 98-2801, FRDO, #, 3.96%, 03/05/00 19,799
4,400 Nevada State, Municipal Securities Trust Receipts, Ser.
SGB-31, GO, FRDO, 3.96%, 03/01/00 4,400
------
30,231
New Hampshire -- 0.2%
1,655 New Hampshire State, Business Finance Authority,
Industrial Facilities, Nickerson Assembly Co., Rev., FRDO,
4.05%, 03/01/00 1,655
2,430 New Hampshire State, Housing Finance Authority, Single
Family, FLOATS, Ser. PT-115, Rev., FRDO, 4.06%, 03/07/00 2,430
------
4,085
New Jersey -- 0.2%
New Jersey Economic Development Authority,
2,700 Danic Urban Renewal, Rev., FRDO, 3.45%, 03/02/00 2,700
1,000 Water Facilities, United Water New Jersey Project,
Ser. C., Rev., FRDO, +, 3.85%, 03/01/00 1,000
------
3,700
</TABLE>
See notes to financial statements.
34
<PAGE>
CHASE VISTA TAX FREE MONEY MARKET FUND
Portfolio of Investments (Continued)
As of February 29, 2000 (unaudited)
(Amounts in thousands)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
- -------------------------------------------------------------------------------------
Money Market Instruments -- Continued
- -------------------------------------------------------------------------------------
<S> <C> <C>
New Mexico -- 0.8%
$ 2,000 Albuquerque, New Mexico, Joint Water & Sewer
Systems, Ser. A, Rev., 4.10%, 07/01/00 $2,004
8,000 New Mexico Finance Authority, Administrative Fee, Ser.
A, Rev., FRDO, 3.90%, 03/01/00 8,000
3,500 New Mexico State, Rev., TRAN, 4.50%, 06/30/00 3,506
------
13,510
New York -- 4.4%
12,220 IBM Tax Exempt Grantor Trust, IBM Project, FLOATS,
Weekly Receipt, FRDO, 3.90%, 03/01/00 12,220
1,520 Monroe County, New York, Airport Authority, FLOATS,
Ser. PA-585, Rev., FRDO, 4.04%, 03/04/00 1,520
3,865 Municipal Securities Trust Certificates, Ser. 1999-86,
Class A, Rev., FRDO, +, 3.90%, 03/01/00 3,865
New York City, New York,
1,500 Ser. B, Sub. Ser. B-4, GO, FRDO, +, 3.80%, 03/01/00 1,500
6,550 Sub. Ser. E-5, GO, FRDO, 3.80%, 03/01/00 6,550
1,500 New York City, New York, Housing Development Corp.,
Multi-Family Rental Housing, Monterey, Ser. A, Rev.,
FRDO, 3.75%, 03/06/00 1,500
New York City, New York, Municipal Water Finance
Authority, Water & Sewer Systems,
1,500 FLOATS, Ser. PA-454, Rev., FRDO, +, 3.98%, 03/07/00 1,500
3,800 Ser. C, Rev., FRDO, +, 3.80%, 03/01/00 3,800
5,000 Ser. G, Rev., FRDO, +, 3.75%, 03/01/00 5,000
5,000 New York State, Dorm Authority, State University
Educational Facilities, Ser. B, Rev., +, ~, 7.25%, 05/15/00 5,133
3,000 New York State, Environmental Quality, Ser. G, GO,
FRDO, 3.90%, 10/05/00 3,000
600 New York State, Job Development Authority, Special
Purpose, Ser. B-1 Through B-9, Rev., FRDO, 3.75%,
03/01/00 600
18,100 New York State, Thruway Authority, Floating Rate
Receipts, Ser. SGA-119, FRDO, 3.70%, 03/01/00 18,100
5,000 Suffolk County, New York, Ser. I, GO, TAN, 4.50%,
08/10/00 5,011
4,200 Triborough Bridge & Tunnel Authority, New York,
FLOATS, Ser. SG-41, Rev., FRDO, 3.98%, 03/04/00 4,200
------
73,499
North Carolina -- 1.7%
2,000 Gaston County, North Carolina Industrial Facilities &
Pollution Control Financing Authority, Quality Metal
Project, Rev., FRDO, 4.00%, 03/07/00 2,000
900 Guilford County, North Carolina, Industrial Facilities &
Pollution Control Financing Authority, Neal
Manufacturing, Rev., FRDO, 4.00%, 03/06/00 900
7,200 Mecklenburg County, North Carolina, Public
Improvement, Ser. C, GO, FRDO, 3.95%, 03/01/00 7,200
5,800 North Carolina, Medical Care Commission, Lutheran
Retirement Project, Rev., FRDO, 3.90%, 03/06/00 5,800
</TABLE>
See notes to financial statements.
35
<PAGE>
CHASE VISTA TAX FREE MONEY MARKET FUND
Portfolio of Investments (Continued)
As of February 29, 2000 (unaudited)
(Amounts in thousands)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
- ---------------------------------------------------------------------------------------
Money Market Instruments -- Continued
- ---------------------------------------------------------------------------------------
<S> <C> <C>
North Carolina -- Continued
$ 5,200 Wake County, North Carolina, Industrial Facilities &
Pollution Control Financing Authority, Carolina P & L Co.
Project, Ser. A, Rev., FRDO, 3.65%, 03/01/00 $5,200
6,700 Winston, Salem, North Carolina, Municipal Leasing
Corp., COP, FRDO, 3.90%, 03/06/00 6,700
------
27,800
Ohio -- 2.4%
8,950 Clinton County, Ohio, Ohio Hospital, Ohio Hospital
Capital Inc., Pooled, Rev., FRDO, 3.95%, 03/01/00 8,950
5,000 Columbus, Ohio, Ser. 1, GO, FRDO, 3.70%, 03/02/00 5,000
Ohio Housing Finance Agency,
1,000 Residential Mortgage, Ser. A-2, Rev., 4.25%, 09/01/00 1,000
4,105 Single Family Mortgage, FLOATS, Ser. PT-71, Rev.,
FRDO, 4.06%, 03/03/00 4,110
Ohio State, Public Facilities Commission,
9,500 Higher Education Capital Facilities, Ser. II-B, Rev., +,
4.50%, 06/01/00 9,513
1,000 Higher Education Capital Facilities, Ser. II-B, Rev., +,
4.50%, 11/01/00 1,002
5,000 Mental Health Capital Facilities, Ser. II-A, Rev., +,
4.50%, 06/01/00 5,006
4,250 Ohio State, Special Obligation, Elementary & Secondary
Education, Capital Facilities, Ser. A, Rev., 4.50%, 06/01/00 4,255
1,200 Ohio State, Water Development Authority,
Environmental Mead Co., Ser. B, Rev., FRDO, 3.65%,
03/01/00 1,200
------
40,036
Oklahoma -- 1.3%
3,000 Oklahoma City, Oklahoma, Industrial & Cultural Facilities
Trust, SSM Health Care, Ser. A, Rev., +, 5.00%, 06/01/00 3,007
8,000 Oklahoma Development Finance Authority, Oklahoma
Hospital Association, Ser. A, Rev., FRDO, 3.95%, 03/01/00 8,000
3,800 Oklahoma State, Industries Authority, Integris Baptist,
Ser. B, Rev., FRDO, +, 3.80%, 03/01/00 3,800
7,000 Oklahoma State, Water Resource Board, State Loan
Program, Rev., FRDO, 4.05%, 03/01/00 7,000
------
21,807
Pennsylvania -- 3.2%
12,725 Allegheny County, Pennsylvania, Port Authority, Grant
Anticipation Notes, Rev., 4.00%, 06/30/00 12,754
16,000 Delaware River Port Authority, Pennsylvania & New
Jersey, FLOATS, Ser. PA-606, Rev., FRDO, 3.81%, 07/01/00 16,000
100 Delaware Valley, Pennsylvania, Regional Finance
Authority, Local Government, Rev., FRDO, 3.90%,
03/01/00 100
2,000 Harrisburg, Pennsylvania, Water Authority, Municipal
Securities Trust Receipts, Ser. SGA-80, Rev., FRDO, +,
3.95%, 03/05/00 2,000
</TABLE>
See notes to financial statements.
36
<PAGE>
CHASE VISTA TAX FREE MONEY MARKET FUND
Portfolio of Investments (Continued)
As of February 29, 2000 (unaudited)
(Amounts in thousands)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
- ------------------------------------------------------------------------------------
Money Market Instruments -- Continued
- ------------------------------------------------------------------------------------
<S> <C> <C>
Pennsylvania -- Continued
$ 3,040 Montgomery County, Pennsylvania, Higher Education &
Health Authority, Philadelphia Presbyterian Project, Rev.,
FRDO, 3.95%, 03/01/00 $3,040
Pennsylvania Intergovernmental Cooperative Authority,
4,000 Special Tax, City of Philadelphia Funding Program,
Rev., +, 5.75%, 06/15/00 4,020
2,500 Special Tax, City of Philadelphia Funding Program, +,
~, 6.00%, 06/15/00 2,514
3,370 Pennsylvania State, Ser. A, GO, ~, 7.00%, 05/01/00 3,441
2,035 Philadelphia, Pennsylvania, Hospitals & Higher
Education Facilities Authority, Jefferson Health Systems,
Ser. A, Rev., +, ~, 5.00%, 05/15/00 2,042
4,425 Philadelphia, Pennsylvania, Redevelopment Authority,
Multi-Family Housing, Courts Project, Ser. A, Rev., FRDO,
3.85%, 03/07/00 4,425
4,000 Philadelphia, Pennsylvania, School District, Ser. B, GO,
TRAN, 4.00%, 06/30/00 4,007
------
54,343
Rhode Island -- 0.6%
5,200 Rhode Island State, Consolidated Capital Development
Loan, Ser. B, GO, ~, 6.13%, 05/15/00 5,327
1,280 Rhode Island State, Health & Educational Building Corp.,
Johnson & Wales University, Rev., ~, 8.38%, 04/01/00 1,311
3,700 Rhode Island State, Industrial Facilities Corp., Blackstone
Valley Electric Co., Rev., FRDO, 3.80%, 03/07/00 3,700
------
10,338
South Carolina -- 2.6%
1,000 Greenville County, South Carolina, School District, GO,
4.13%, 03/01/00 1,000
4,500 Kershaw County, South Carolina, IDR, New South Inc.
Project, Rev., FRDO, 3.95%, 03/01/00 4,500
5,600 Piedmont Municipal Power Agency, South Carolina,
Electric, Ser. D, Rev., FRDO, +, 3.85%, 03/02/00 5,600
South Carolina State, Public Service Authority,
1,000 Municipal Trust Receipts, Ser. SG-32, Rev., FRDO, ~,
3.98%, 03/04/00 1,001
4,500 Ser. A, Rev., 4.50%, 01/01/01 4,509
2,860 Ser. A, Rev., 4.80%, 07/01/00 2,872
1,000 South Carolina State, Ser. W, GO, ~, 6.25%, 05/01/00 1,025
South Carolina, Jobs Economic Development Authority,
4,500 Catholic Diocese, South Carolina Project, Rev., FRDO,
3.95%, 03/02/00 4,500
10,000 Health Facilities, Greenville Baptist Project, Rev.,
FRDO, 3.95%, 03/03/00 10,000
8,500 Seeber USA LLP Project, Rev., FRDO, 4.10%, 03/02/00 8,500
------
43,507
Tennessee -- 7.0%
6,900 Clarksville, Tennessee, Public Building Authority, Pooled
Financing, Tennessee Municipal Bond Fund, Rev., FRDO,
3.90%, 03/06/00 6,900
3,500 Knoxville, Tennessee, Utilities Board, Electric Systems,
Rev., FRDO, +, 3.80%, 03/01/00 3,500
</TABLE>
See notes to financial statements.
37
<PAGE>
CHASE VISTA TAX FREE MONEY MARKET FUND
Portfolio of Investments (Continued)
As of February 29, 2000 (unaudited)
(Amounts in thousands)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
- ------------------------------------------------------------------------------------
Money Market Instruments -- Continued
- ------------------------------------------------------------------------------------
<S> <C> <C>
Tennessee -- Continued
Metropolitan Government of Nashville & Davidson
Counties, Tennessee,
$ 2,500 Health & Education Facilities Board, Vanderbilt
University, Ser. 85-A, Rev., FRDO, 4.15%, 01/15/01 $ 2,500
7,500 Industrial Development Board, Country Music Hall
of Fame, Rev., FRDO, 3.85%, 03/07/00 7,500
Sevier County, Tennessee, Public Building Authority,
Local Government Public Improvement,
11,300 Ser. II-A-1, Rev., FRDO, +, 3.85%, 03/07/00 11,300
2,500 Ser. II-A-2, Rev., FRDO, +, 3.85%, 03/07/00 2,500
1,205 Ser. II-D-3, Rev., FRDO, +, 3.85%, 03/05/00 1,205
10,000 Ser. III-D-3, Rev., FRDO, 3.85%, 03/06/00 10,000
5,000 Ser. III-E-2, Rev., FRDO, 3.85%, 03/06/00 5,000
2,500 Ser. III-E-3, Rev., FRDO, 3.85%, 03/06/00 2,500
7,000 Ser. III-G-1, Rev., FRDO, +, 3.85%, 03/01/00 7,000
5,500 Ser. III-G-2, Rev., FRDO, +, 3.85%, 03/01/00 5,500
5,000 Shelby County, Tennessee, GO, 3.60%, 03/07/00 5,000
6,155 Shelby County, Tennessee, Health, Educational &
Housing Facilities Board, Multi-Family Housing, Arbor
Lake, Rev., FRDO, 4.05%, 03/04/00 6,155
800 South Pittsburgh, Tennessee, Industrial Development
Board, Lodge Manufacturing Co. Project, Rev., FRDO,
4.05%, 03/01/00 800
6,615 Tennessee State, Ser. 108, PUTTERS, GO, FRDO, 3.94%,
03/06/00 6,615
Tennessee, Housing Development Agency,
19,205 FLOATS, Ser. PT-279, Rev., FRDO, 3.55%, 04/06/00 19,205
15,000 Homeownership Program, Ser. 1B, Rev., FRDO, 3.25%,
06/15/00 15,000
-------
118,180
Texas -- 12.8%
1,500 Addison, Texas, GO, +, 6.25%, 09/01/00 1,501
1,000 Arlington, Texas, GO, +, 6.85%, 08/01/00 1,002
4,050 Bell County, Texas, Health Facilities Development Corp.,
Southern Healthcare Systems Project, Ser. C, Rev., FRDO,
3.90%, 03/07/00 4,050
Brazos River Authority, Texas, PCR,
5,000 TXU Electric Co., Ser. C, Rev., FRDO, 3.90%, 03/01/00 5,000
800 Utilities Electric Co., Ser. B, Rev., FRDO, +, 3.95%,
03/01/00 800
9,400 Carroll, Texas, Independent School District, GO, FRDO,
3.85%, 03/02/00 9,400
3,500 City of Dallas, Texas, Water, Rev., 3.85%, 03/02/00 3,500
9,250 Dallas County, Texas, Ser. C, GO, FRDO, 3.30%, 06/15/00 9,250
2,000 Dallas, Texas, Area Rapid Transit, North Central Light
Rail, Rev., FRDO, 3.85%, 03/01/00 2,000
5,000 Dallas-Fort Worth, Texas, International Airport Facilities
Improvement Corp., Flight Safety Project, Rev., FRDO,
4.05%, 03/03/00 5,000
Dallas-Fort Worth, Texas, Regional Airport,
1,855 Municipal Securities Trust Receipts, Ser. SGA-49, Rev.,
FRDO, +, 3.90%, 03/01/00 1,855
5,000 Ser. A-CR-103, Rev., FRDO, +, 4.05%, 05/01/00 5,000
</TABLE>
See notes to financial statements.
38
<PAGE>
CHASE VISTA TAX FREE MONEY MARKET FUND
Portfolio of Investments (Continued)
As of February 29, 2000 (unaudited)
(Amounts in thousands)
<TABLE>
<CAPTION>
<S> <C> <C>
Principal
Amount Issuer Value
- -----------------------------------------------------------------------------------
Money Market Instruments -- Continued
- -----------------------------------------------------------------------------------
Texas -- Continued
Dallas-Fort Worth, Texas, Regional Airport (continued)
$ 5,000 Ser. A-CR-104, Rev., FRDO, +, 4.05%, 05/01/00 $5,000
2,500 Ser. A-CR-107, Rev., FRDO, +, 4.05%, 05/01/00 2,500
3,910 Eagle Tax Exempt Trust, Weekly Option Mode, Ser.
99-4302, FRDO, #, 3.96%, 05/15/00 3,910
8,400 Greater East Texas, Higher Education, Ser. B, Rev., FRDO,
4.15%, 09/01/00 8,400
Greater Texas, Student Loan Corp., Student Loan,
10,000 Ser. A, Rev., 3.00%, 08/01/00 10,000
2,125 Ser. B, GO, FRDO, 3.25%, 03/01/00 2,125
3,000 Guadalupe Blanco River Authority, Texas, IDC, IDR, The
BOC Group Inc. Project, Rev., FRDO, 3.95%, 03/07/00 3,000
Gulf Coast Waste Disposal Authority, Texas,
4,600 Amoco Oil Co. Project, Rev., FRDO, 3.75%, 04/01/00 4,600
1,400 Environmental Facilities, Amoco Oil Co. Project, Rev.,
FRDO, 3.90%, 03/01/00 1,400
3,700 Harris County, Texas, Health Facilities Development
Corp., Methodist Hospital, Rev., FRDO, 3.80%, 03/01/00 3,700
Houston, Texas,
2,500 Public Improvement, Ser. A, GO, +, 4.75%, 03/01/00 2,500
8,000 Rev., TRAN, 4.25%, 06/30/00 8,004
Houston, Texas, Water & Sewer System,
5,000 GO, 3.70%, 03/09/00 5,000
3,000 GO, 3.75%, 03/06/00 3,000
2,930 Humble, Texas, Independent School District, GO, 6.50%,
02/15/01 2,992
4,000 Katy, Texas, Independent School District, Ser. A, GO,
FRDO, 3.85%, 03/01/00 4,000
4,200 Longview, Texas, Industrial Corp., Collins Industries Inc.
Project, Rev., FRDO, 4.05%, 03/04/00 4,200
14,815 Lower Colorado River Authority, Texas, FLOATS, Ser.
PA-590, Rev., FRDO, +, 3.98%, 03/02/00 14,816
3,500 Matagorda County, Texas, Navigation District No. 1, PCR,
Central P & L Co. Project, Rev., +, ~, 7.50%, 03/01/00 3,570
1,470 Midland, Texas, Independent School District, GO, FRDO,
3.85%, 03/06/00 1,470
3,700 Port Corpus Christi Authority, Texas, Nueces County,
Solid Waste Disposal, Koch Petroleum Group, Rev.,
FRDO, 0.00%, 03/02/00 3,700
4,800 Richardson, Texas, Independent School District, Ser. A,
GO, FRDO, 3.85%, 03/02/00 4,800
7,320 San Angelo, Texas, Independent School District, GO,
FRDO, 3.90%, 03/02/00 7,320
5,000 San Antonio, Texas, Water Revenue, Municipal Securities
Trust Receipts, Ser. SGA-42, Rev., FRDO, +, 3.95%,
03/06/00 5,000
3,400 Southwest, Texas, Higher Education Authority Inc.,
Southern Methodist University, Rev., FRDO, 3.80%,
03/01/00 3,400
Texas State,
4,945 FLOATS, Ser. PT-1991, Rev., FRDO, 4.04%, 03/01/00 4,945
34,700 Ser. A, Rev., TRAN, 4.50%, 08/31/00 34,832
4,400 Veteran's Housing Assistance, Ser. A-1, GO, FRDO,
4.05%, 03/07/00 4,400
</TABLE>
See notes to financial statements.
39
<PAGE>
CHASE VISTA TAX FREE MONEY MARKET FUND
Portfolio of Investments (Continued)
As of February 29, 2000 (unaudited)
(Amounts in thousands)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
- --------------------------------------------------------------------------------------
Money Market Instruments -- Continued
- --------------------------------------------------------------------------------------
<S> <C> <C>
Texas -- Continued
$ 2,000 Texas State, Department of Housing & Community
Affairs, Residential Mortgage, Ser. B-2, Rev., FRDO,
3.90%, 05/01/00 $ 2,000
3,000 Texas State, Turnpike Authority, Dallas North Thruway,
Floating Rate Receipts, Ser. SG-70, Rev., FRDO, 3.98%,
03/02/00 3,000
1,000 Texas Water Development Board, State Revolving Fund,
Senior Lien, Rev., 5.50%, 07/15/00 1,005
-------
216,947
Utah -- 1.5%
9,000 Central Utah, Water Conservancy District, Ser. E, GO,
FRDO, +, 3.90%, 03/06/00 9,000
3,200 Davis County, Utah, School District, Utah School Board
Guarantee Program, Project, GO, 3.30%, 06/01/00 3,199
8,500 Intermountain Power Agency, Utah, Power Supply,
Ser. E, Rev., FRDO, +, 3.63%, 03/01/00 8,500
Utah State Board of Regents,
3,100 Student Loan, Ser. B, Rev., FRDO, +, 3.90%, 03/02/00 3,100
2,100 Student Loan, Ser. C, Rev., FRDO, +, 4.00%, 03/02/00 2,100
-------
25,899
Virginia -- 1.7%
Alexandria, Virginia, IDA,
2,230 Exempt Facilities, Rev., FRDO, 3.85%, 03/01/00 2,230
5,500 Resource Recovery, Rev., FRDO, 3.90%, 03/01/00 5,500
2,000 Harrisonburg, Virginia, Redevelopment & Housing
Authority, Multi-Family Housing, Misty Ridge Project,
Ser. A, Rev., FRDO, 3.95%, 03/06/00 2,000
4,870 King George County, Virginia, IDA, Exempt Facilities,
Birchwood Power Partners, Ser. B, Rev., FRDO, 3.95%,
03/01/00 4,870
1,100 Lynchburg, Virginia, IDA, Hospital Facilities, First
Mortgage, VHA Mid Atlantic/Cap, Ser. E, Rev., FRDO, +,
3.95%, 03/04/00 1,100
2,185 Petersburg, Virginia, Hospital Authority, Hospital
Facilities, Southside Regional, Rev., FRDO, 3.85%,
03/01/00 2,185
2,385 Spotsylvania County, Virginia, IDA, Residential Care
Facilities, Chancellor's Village Project, Rev., FRDO, 3.25%,
03/06/00 2,385
8,385 Virginia State, Public School Authority, Ser. 109,
PUTTERS, Rev., FRDO, 3.96%, 03/05/00 8,385
-------
28,655
Washington -- 4.2%
Eagle Tax Exempt Trust, Weekly Option Mode,
15,265 Ser. 96C-4705, FRDO, #, 3.96%, 03/06/00 15,265
12,150 Ser. A, FRDO, #, 3.96%, 03/02/00 12,150
4,620 King County, Washington, Floating Rate Certificates,
Ser. 47, GO, FRDO, +, 3.96%, 03/03/00 4,620
950 King County, Washington, Housing Authority, Auburn
Court Apartments Project, Rev., FRDO, 4.15%, 03/01/00 950
6,900 Metropolitan, Washington, Airport, Rev., 4.00%,
05/26/00 6,900
</TABLE>
See notes to financial statements.
40
<PAGE>
CHASE VISTA TAX FREE MONEY MARKET FUND
Portfolio of Investments (Continued)
As of February 29, 2000 (unaudited)
(Amounts in thousands)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
- ----------------------------------------------------------------------------------
Money Market Instruments -- Continued
- ----------------------------------------------------------------------------------
<S> <C> <C>
Washington -- Continued
$ 2,000 Port Townsend, Washington, Industrial Development,
Port Townsend Paper Corp., Ser. A, Rev., FRDO, 4.00%,
03/06/00 $2,000
1,350 Redmond, Washington, Public Corp., Industrial Revenue,
Integrated Circuits Project, Rev., FRDO, 3.85%, 03/02/00 1,350
1,315 Seattle, Washington, Housing Authority, Low Income
Housing Assistance, Bayview Manor Project, Ser. B, Rev.,
FRDO, 3.75%, 03/01/00 1,315
11,515 Seattle, Washington, Water Systems, Municipal
Securities Trust Receipts, Ser. SGA-90, Rev., FRDO, +,
3.95%, 03/02/00 11,516
2,000 Washington State, Health Care Facilities Authority,
Sisters of Providence, Rev., ~, 8.25%, 10/01/00 2,085
3,000 Washington State, Housing Finance Commission, Single
Family Program, Ser. 1-A-S, Rev., 4.20%, 02/01/01 3,000
Washington State, Public Power Supply Systems,
4,590 Nuclear Project No. 2, Ser. A, Rev., ~, 7.38%, 07/01/00 4,731
5,080 Nuclear Project No. 2, Ser. B, Rev., ~, 7.00%, 07/01/00 5,229
------
71,111
West Virginia -- 1.6%
15,800 West Virginia Public Energy Authority, Morgantown
Association Project, Ser. A, Rev., 3.80%, 06/01/00 15,800
5,000 West Virginia School Building Authority, Capital
Improvements, Ser. B, Rev., +, ~, 6.75%, 07/01/00 5,142
5,765 West Virginia State, Building Commission, FLOATS,
Ser. PA-520, Rev., FRDO, 4.01%, 03/02/00 5,765
------
26,707
Wisconsin -- 2.5%
6,500 Byron, Wisconsin, IDR, Ocean Spray Inc. Project, Rev.,
FRDO, 3.95%, 03/06/00 6,500
Eagle Tax Exempt Trust, Weekly Option Mode,
9,800 Ser. 94-4904, FRDO, #, 3.98%, 03/06/00 9,799
1,395 Ser. 96C-4901, FRDO, #, 3.90%, 03/02/00 1,395
1,160 Milwaukee, Wisconsin, IDR, Longview Fibre Co. Project,
Rev., FRDO, 4.15%, 03/03/00 1,160
3,250 Wisconsin Housing & Economic Development Authority,
Home Ownership, Floating Rate Trust Receipts, Ser. 18,
Rev., FRDO, 4.20%, 03/05/00 3,250
Wisconsin State,
3,000 GO, 3.65%, 03/06/00 3,000
3,170 Ser. A, GO, 4.20%, 05/01/00 3,175
2,785 Ser. D, GO, 4.00%, 05/01/00 2,786
Wisconsin State, Health & Educational Facilities
Authority,
1,400 Alverno College Project, Rev., FRDO, 3.90%, 03/01/00 1,400
3,375 FLOATS, Ser. PA-183, Rev., FRDO, 3.98%, 03/05/00 3,377
3,200 SSM Health Care Projects, Ser. B, Rev., +, ~, 7.00%,
06/01/00 3,286
</TABLE>
See notes to financial statements.
41
<PAGE>
CHASE VISTA TAX FREE MONEY MARKET FUND
Portfolio of Investments (Continued)
As of February 29, 2000 (unaudited)
(Amounts in thousands)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
- -------------------------------------------------------------------------------------
Money Market Instruments -- Continued
- -------------------------------------------------------------------------------------
<S> <C> <C>
Wisconsin -- Continued
$ 2,470 Wisconsin State, Transportation, Ser. B, Rev., +, 4.25%,
07/01/00 $ 2,472
----------
41,600
Wyoming -- 1.2%
700 Lincoln County, Wyoming, PCR, Exxon Project, Ser. B,
Rev., FRDO, 3.65%, 03/01/00 700
4,000 Uinta County, Wyoming, PCR, Chevron USA Inc. Project,
Rev., FRDO, 3.85%, 05/01/00 4,000
15,000 Wyoming State, General Fund, Rev., TRAN, 4.00%,
06/27/00 14,996
----------
19,696
----------------------------------------------------------------------
Total Municipal Securities 1,659,204
(Cost $1,659,204)
- -------------------------------------------------------------------------------------
Total Investments -- 100.1% $1,678,504
(Cost $1,678,504)*
- -------------------------------------------------------------------------------------
</TABLE>
See notes to financial statements.
42
<PAGE>
- --------------------------------------------------------------------------------
CHASE VISTA NEW YORK TAX FREE MONEY MARKET FUND
Portfolio of Investments
- --------------------------------------------------------------------------------
As of February 29, 2000 (unaudited)
(Amounts in thousands)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
- -----------------------------------------------------------------------------------
Municipal Securities -- 100.5%
- -----------------------------------------------------------------------------------
<S> <C> <C>
California -- 0.0%
$ 200 Chula Vista, California, Multi-Family Housing, Terra
November Association, Ser. A, Rev., FRDO, 2.40%,
03/07/00 $ 200
Georgia -- 0.5%
9,400 Atlanta, Georgia, Water & Wastewater, Municipal
Securities Trust Receipts, Ser. SGA-86, Rev., FRDO, +,
4.00%, 03/01/00 9,400
New York -- 99.9%
21,402 ABN AMRO Munitops, Certificates Trust, New York, Ser.
1999-3, FRDO, #, 3.96%, 03/01/00 21,402
12,000 New York, Ser. 1999-13, FRDO, #, 3.80%, 03/08/00 12,000
2,000 Akron, New York, Central School District, GO, BAN,
4.00%, 06/30/00 2,002
590 Albany, New York, IDA, IDR, Newkirk Productions Inc.
Project, Ser. A, Rev., FRDO, 3.80%, 03/06/00 590
1,355 Argyle, New York, Central School District, GO, +, 4.75%,
06/15/00 1,358
8,915 Attica, New York, Central School District, GO, BAN,
3.90%, 07/07/00 8,925
8,900 Avon, New York, Central School District, GO, BAN,
4.00%, 07/14/00 8,912
Babylon, New York, IDA,
1,600 IDR, Edwin Berger/Lambro Industries, Rev., FRDO,
3.90%, 03/01/00 1,600
200 Resource Recovery, OFS Equity Babylon Project, Rev.,
FRDO, 3.70%, 03/01/00 200
1,150 Baldwin, New York, Union Free School District, GO, TAN,
4.00%, 06/30/00 1,151
1,690 Beacon, New York, GO, BAN, 4.75%, 02/15/01 1,697
4,500 Binghamton, New York, City School District, GO, RAN,
4.50%, 06/30/00 4,506
7,000 Board of Cooperative Educational Services, New York,
Second Supervisory District, Rev., RAN, 4.50%, 07/25/00 7,010
750 Brookhaven, New York, GO, +, 4.30%, 06/01/00 751
2,906 Brookhaven, New York, IDA, IDR, Waverly Association
LLC, Rev., FRDO, 4.00%, 03/03/00 2,906
2,000 Brookhaven-Comsewogue, New York, Union Free School
District, GO, TAN, 4.25%, 06/30/00 2,003
850 Broome County, New York, IDA, IDR, Binghamton Realty
Project, Rev., FRDO, 3.80%, 03/02/00 850
7,000 Buffalo, New York, Ser. A, GO, BAN, 5.50%, 11/15/00 7,041
3,600 Camden, New York, Central School District, GO, RAN,
4.00%, 06/30/00 3,604
1,300 Chautauqua Lake, New York, Central School District,
GO, +, 5.13%, 06/15/00 1,304
445 Cheektowaga-Maryvale, New York, Union Free School
District, GO, + 4.90%, 06/15/00 447
1,750 Chenango Forks, New York, Central School District, GO,
BAN, 4.25%, 09/08/00 1,754
2,600 Chittenango, New York, Central School District, GO,
RAN, 4.00%, 06/30/00 2,603
</TABLE>
See notes to financial statements.
43
<PAGE>
CHASE VISTA NEW YORK TAX FREE MONEY MARKET FUND
Portfolio of Investments (Continued)
As of February 29, 2000 (unaudited)
(Amounts in thousands)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
- ----------------------------------------------------------------------------------
Municipal Securities -- Continued
- ----------------------------------------------------------------------------------
<S> <C> <C>
New York -- Continued
$ 288 Clarkstown, New York, Central School District, GO,
+,6.00%, 04/01/00 $ 289
2,250 Cobleskill-Richmondville, New York, Central School
District, GO, BAN, 4.25%, 06/15/00 2,253
2,000 Commack, New York, Union Free School District, GO,
TAN, 4.25%, 06/29/00 2,004
445 Connetquot Central School District, Islip, New York, GO,
+, 4.90%, 06/15/00 447
2,000 Corning, New York, Community College, Rev., RAN,
4.25%, 08/18/00 2,005
850 Corning, New York, GO, +, 4.70%, 09/01/00 854
1,700 Cortland, New York, City School District, GO, +, 4.40%,
06/15/00 1,702
400 Dalton-Nunda, New York, Central School District, GO, +,
5.25%, 06/15/00 402
10,000 Dansville, New York, Central School District, GO, BAN,
3.25%, 03/16/00 10,001
Dutchess County, New York, IDA,
7,500 Civic Facility, Marist College, Ser. A, Rev., FRDO,
3.70%, 03/06/00 7,500
2,580 IDR, Laerdal Medical Corp. Project, Rev., FRDO, 4.00%,
03/01/00 2,580
1,130 Dutchess County, New York, Resource Recovery Agency,
Solid Waste Systems, Ser. A, Rev., +, 4.45%, 01/01/01 1,132
Eagle Tax Exempt Trust, Weekly Option Mode,
10,000 Ser. 94-3203, Class A, FRDO, #, 4.00%, 03/02/00 10,000
8,805 Ser. 94-3205, Class A, FRDO, #, 4.00%, 03/02/00 8,805
9,910 Ser. 94-3208, Class A, FRDO, #, 4.00%, 03/01/00 9,910
20,880 Ser. 95-3202, Class A, FRDO, #, 4.00%, 03/07/00 20,880
18,900 Ser. 95-3203, Class A, FRDO, #, 4.00%, 03/05/00 18,900
6,755 Ser. 96-3207, Class A, FRDO, #, 3.82%, 03/06/00 6,755
11,000 Ser. 96C-3203, Class A, FRDO, #, 4.00%, 03/07/00 11,000
14,850 Ser. 96C-3208, Class A, FRDO, #, 4.00%, 03/07/00 14,850
9,300 East Greenbush, New York, Central School District, GO,
BAN, 3.75%, 06/28/00 9,309
16,000 East Islip, New York, New York, Union Free School
District, GO, TAN, 3.85%, 06/26/00 16,021
170 East Meadow, New York, Union Free School District, GO,
+, 4.90%, 06/15/00 171
1,500 East Quogue, New York, Union Free School District, GO,
TAN, 4.25%, 06/29/00 1,502
5,400 Elmira City, New York, School District, GO, BAN, 4.00%,
07/21/00 5,407
2,000 Elmont, New York, Union Free School District, GO, TAN,
4.00%, 06/29/00 1,997
Erie County, New York, Water Authority,
2,700 Ser. A, Rev., FRDO, +, 3.65%, 03/07/00 2,700
400 Ser. B, Rev., FRDO, +, 3.65%, 03/07/00 400
478 Fayetteville-Manlius, New York, Central School District,
GO, +, 4.70%, 06/15/00 480
2,085 Fort Edward, New York, Union Free School District, GO,
BAN, 3.75%, 06/23/00 2,088
4,000 Fredonia, New York, Central School District, GO, BAN,
4.75%, 02/08/01 4,018
</TABLE>
See notes to financial statements.
44
<PAGE>
CHASE VISTA NEW YORK TAX FREE MONEY MARKET FUND
Portfolio of Investments (Continued)
As of February 29, 2000 (unaudited)
(Amounts in thousands)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
- -----------------------------------------------------------------------------------
Municipal Securities -- Continued
- -----------------------------------------------------------------------------------
<S> <C> <C>
New York -- Continued
Freeport, New York, BAN,
$ 2,490 3.75%, 03/02/00 $2,490
9,347 Ser. B, 3.88%, 06/15/00 9,358
375 Garden City, New York, GO, 4.00%, 05/01/00 375
365 Geneva, New York, GO, +, 4.40%, 05/15/00 366
4,900 Glens Falls, New York, City School District, GO, RAN,
3.75%, 06/30/00 4,904
725 Glens Falls, New York, IDA, IDR, Broad Street Center
Project, Rev., FRDO, 3.85%, 03/07/00 725
4,210 Great Neck North, New York, Water Authority, Water
System, Ser. A, Rev., FRDO, +, 3.75%, 03/06/00 4,210
1,200 Greenwich, New York, Central School District, GO,
5.30%, 06/15/00 1,203
300 Guilderland, New York, IDA, IDR, Northeastern Industrial
Park, Ser. A, Rev., FRDO, 3.80%, 03/06/00 300
575 Harrison, New York, Central School District, GO, +,
6.50%, 03/15/00 576
2,000 Hempstead, New York, IDA, IDR, Trigen-Nassau Energy,
Rev., FRDO, 3.80%, 03/06/00 2,000
Hempstead, New York, Union Free School District,
GO, TAN,
17,300 3.75%, 06/29/00 17,310
4,000 4.00%, 06/29/00 3,994
1,850 Heuvelton, New York, Central School District, GO, +,
4.70%, 06/15/00 1,855
4,900 Homer, New York, Central School District, GO, RAN,
4.00%, 06/29/00 4,905
2,300 Hoosick Valley, New York, Central School District, GO,
BAN, 4.13%, 08/25/00 2,303
300 Horseheads, New York, Central School District, GO, +,
5.00%, 06/15/00 301
2,000 Islip, New York, IDA, Brentwood Distribution Co. Facility,
Rev., FRDO, 3.85%, 03/01/00 2,000
1,166 Ithaca, New York, GO, BAN, 4.00%, 08/11/00 1,166
1,200 Johnson City, New York, GO, BAN, 3.75%, 05/30/00 1,201
6,000 Levittown, New York, Union Free School District, GO,
TAN, 3.75%, 06/21/00 6,006
800 Lewis County, New York, IDA, IDR, Climax
Manufacturing Co. Project, Rev., FRDO, 3.90%, 03/01/00 800
250 Liverpool, New York, Central School District, GO, +,
7.75%, 07/15/00 254
Long Island Power Authority, New York, Electric
Systems,
8,780 Floating Rate Receipts, Ser. SG-125, Rev., FRDO,
3.98%, 03/01/00 8,780
6,900 FLOATS, Ser. PA-368, Rev., FRDO, 4.12%, 03/07/00 6,900
5,000 FLOATS, Ser. PA-420, Rev., FRDO, 3.98%, 03/07/00 5,000
10,200 Sub. Ser. 5, Rev., FRDO, 3.75%, 03/01/00 10,200
1,200 Sub. Ser. 6, Rev., FRDO, 3.70%, 03/01/00 1,200
1,100 Sub. Ser. 7, Sub. Ser. 7-A, Rev., FRDO, +, 3.82%,
03/06/00 1,100
26,200 Sub. Ser. 7, Sub. Ser. 7-B, Rev., FRDO, +, 3.80%,
03/06/00 26,200
</TABLE>
See notes to financial statements.
45
<PAGE>
CHASE VISTA NEW YORK TAX FREE MONEY MARKET FUND
Portfolio of Investments (Continued)
As of February 29, 2000 (unaudited)
(Amounts in thousands)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
- --------------------------------------------------------------------------------------
Municipal Securities -- Continued
- --------------------------------------------------------------------------------------
<S> <C> <C>
New York -- Continued
$ 21,500 Longwood Central School District, Suffolk County, New
York, GO, TAN, 4.00%, 06/30/00 $21,524
2,575 Mahopac, New York, Central School District, Ser. A, GO,
BAN, 4.00%, 03/01/00 2,575
560 Mattituck-Cutchogue, New York, Union Free School
District, GO, +, 4.90%, 06/15/00 562
Mayfield, New York, Central School District, GO, BAN,
4,195 3.75%, 06/28/00 4,200
6,800 4.25%, 06/28/00 6,809
Metropolitan Transportation Authority, New York,
3,000 Municipal Securities Trust Receipts, Ser. SAK-4, Rev.,
FRDO, +, 4.07%, 03/06/00 3,000
3,985 Municipal Securities Trust Receipts, Ser. SGA-82, Rev.,
FRDO, +, 3.95%, 03/04/00 3,985
2,800 Service Contract, Commuter Facilities, Ser. 3, Rev., ~,
7.50%, 07/01/00 2,888
13,700 Transportation Facilities, Rev., 3.60%, 05/05/00 13,700
2,800 Transportation Facilities, Rev., 3.60%, 06/01/00 2,800
4,237 Mexico, New York, Central School District, GO, RAN,
4.00%, 06/21/00 4,241
325 Middle Country, Central School District, New York,
Centerreach, GO, +, 5.00%, 06/15/00 326
4,695 Middletown, New York, GO, BAN, 4.00%, 09/01/00 4,700
2,228 Milford, New York, Central School District, GO, BAN,
4.25%, 09/28/00 2,234
Monroe County, New York, IDA,
3,050 Columbia Sussex, Rev., FRDO, 5.00%, 03/06/00 3,050
1,600 Public Improvements, Canal Ponds Park, Ser. D, Rev.,
FRDO, 3.90%, 03/03/00 1,600
Municipal Assistance Corp. for New York City,
1,000 Ser. D, Rev., +, 6.00%, 07/01/00 1,007
10,000 Ser. J, Rev., 5.50%, 07/01/00 10,051
1,095 Ser. M, Rev., 4.00%, 07/01/00 1,096
2,000 Ser. M, Rev., 5.00%, 07/01/00 2,010
21,835 Municipal Securities Trust Certificates, Ser. 1998-66,
Class A, Rev., FRDO, +, #, 3.15%, 03/01/00 21,835
Nassau County, New York, IDA,
2,945 Civic Facility, St. Mary's Children Project, Rev., FRDO,
3.95%, 03/03/00 2,945
4,000 Civic Facility, Winthrop, University Hospital Association
Project, Rev., FRDO, 3.75%, 03/01/00 4,000
Nassau County, New York, TAN,
8,000 Ser. A, 4.85%, 04/28/00 8,012
7,200 Ser. B, 4.75%, 08/31/00 7,226
260 New Castle, New York, Public Improvement, GO, 6.00%,
05/15/00 261
New York City, New York,
7,500 FLOATS, Ser. PA-442, GO, FRDO, 3.98%, 03/05/00 7,500
34,000 FLOATS, Ser. PT-1038, GO, FRDO, 3.98%, 03/04/00 34,000
9,000 Municipal Securities Trust Receipts, Ser. SAK-1, GO,
FRDO, 4.07%, 03/02/00 9,000
5,000 Municipal Securities Trust Receipts, Ser. SAK-2, GO,
FRDO, +, 4.07%, 03/02/00 5,000
</TABLE>
See notes to financial statements.
46
<PAGE>
CHASE VISTA NEW YORK TAX FREE MONEY MARKET FUND
Portfolio of Investments (Continued)
As of February 29, 2000 (unaudited)
(Amounts in thousands)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
- ----------------------------------------------------------------------------------
Municipal Securities -- Continued
- ----------------------------------------------------------------------------------
<S> <C> <C>
New York -- Continued
New York City, New York (continued)
$ 3,605 Municipal Securities Trust Receipts, Ser. SGA-63, GO,
FRDO, +, 3.90%, 03/01/00 $3,606
800 Municipal Securities Trust Receipts, Ser. SGB-33, GO,
FRDO, +, 3.93%, 03/06/00 800
13,200 Municipal Securities Trust Receipts, Ser. SGB-35, GO,
FRDO, +, 3.90%, 03/07/00 13,200
10,365 Municipal Securities Trust Receipts, Ser. SGB-36, GO,
FRDO, +, 3.90%, 03/07/00 10,365
7,000 Ser. A-51, GO, FRDO, 4.05%, 04/14/00 7,000
2,000 Ser. B, Sub. Ser. B-2, GO, FRDO, +, 3.80%, 03/01/00 2,000
700 Ser. B, Sub. Ser. B-4, GO, FRDO, +, 3.80%, 03/01/00 700
1,100 Ser. B, Sub. Ser. B-8, GO, FRDO, 3.75%, 03/02/00 1,100
6,000 Ser. D, GO, FRDO, +, 3.65%, 03/01/00 6,000
1,000 Ser. F-3, GO, FRDO, 3.80%, 03/04/00 1,000
6,350 Ser. F-5, GO, FRDO, 3.75%, 03/04/00 6,350
2,700 Ser. J, Sub. Ser. J-2, GO, FRDO, 3.80%, 03/07/00 2,700
200 Sub. Ser. A-5, GO, FRDO, 3.80%, 03/01/00 200
6,900 Sub. Ser. A-7, GO, FRDO, 3.80%, 03/01/00 6,900
500 Sub. Ser. A-8, GO, FRDO, 3.80%, 03/01/00 500
3,900 Sub. Ser. E-2, GO, FRDO, 3.80%, 03/01/00 3,900
5,700 Sub. Ser. E-5, GO, FRDO, 3.80%, 03/01/00 5,700
3,700 Sub. Ser. E-6, GO, FRDO, +, 3.80%, 03/01/00 3,700
14,490 New York City, New York, Health & Hospital Corp.,
Health Systems, Ser. F, Rev., FRDO, 3.75%, 03/06/00 14,490
New York City, New York, Housing Development Corp.,
3,800 Multi-Family Housing, 2nd Avenue, Ser. A, Rev., FRDO,
3.80%, 03/06/00 3,800
2,100 Multi-Family Housing, Columbus Apartments, Ser. A,
Rev., FRDO, 3.65%, 03/02/00 2,100
3,370 Multi-Family Housing, Columbus Apartments, Ser. A,
Rev., FRDO, 3.70%, 03/06/00 3,370
8,700 Multi-Family Housing, James Tower Development,
Ser. A, Rev., FRDO, 3.75%, 03/06/00 8,700
2,900 Multi-Family Housing, Spring Creek III Project, Ser. A,
Rev., FRDO, 3.80%, 03/06/00 2,900
1,300 Multi-Family Housing, Sullivan Street Project, Ser. A,
Rev., FRDO, 3.80%, 03/06/00 1,300
3,400 Multi-Family Rental Housing, 100 Jane Street
Development, Ser. A, Rev., FRDO, 3.80%, 03/02/00 3,400
41,300 Multi-Family Rental Housing, Monterey, Ser. A, Rev.,
FRDO, 3.75%, 03/06/00 41,299
6,000 Multi-Family Rental Housing, Parkgate Development,
Ser. A, Rev., FRDO, 3.60%, 03/02/00 6,000
New York City, New York, IDA,
3,000 Civic Facility, Calhoun School Inc. Project, Rev., FRDO,
3.85%, 03/02/00 3,000
3,600 IDR, DXB Videotape Inc. Project, Rev., FRDO, 3.80%,
03/01/00 3,600
500 IDR, Rev., FRDO, 3.80%, 03/01/00 500
150 IDR, Ser. D, Rev., FRDO, 3.80%, 03/01/00 150
1,500 IDR, Ser. K, Rev., FRDO, 3.80%, 03/01/00 1,500
</TABLE>
See notes to financial statements.
47
<PAGE>
CHASE VISTA NEW YORK TAX FREE MONEY MARKET FUND
Portfolio of Investments (Continued)
As of February 29, 2000 (unaudited)
(Amounts in thousands)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
- ---------------------------------------------------------------------------------
Municipal Securities -- Continued
- ---------------------------------------------------------------------------------
<S> <C> <C>
New York -- Continued
New York City, New York, Municipal Water Finance
Authority, Water & Sewer Systems,
$ 3,000 FLOATS, Ser. PT-1032, Rev., FRDO, 3.98%, 03/06/00 $3,000
9,685 Municipal Securities Trust Receipts, Ser. SGA-12, Rev.,
FRDO, 3.90%, 03/01/00 9,685
7,255 Municipal Securities Trust Receipts, Ser. SGA-13, Rev.,
FRDO, 3.90%, 03/02/00 7,255
2,390 Municipal Securities Trust Receipts, Ser. SGB-25, Rev.,
FRDO, +, 3.93%, 03/07/00 2,390
28,200 Municipal Securities Trust Receipts, Ser. SGB-26, Rev.,
FRDO, +, 3.93%, 03/05/00 28,200
11,000 Municipal Securities Trust Receipts, Ser. SGB-27,
Rev., FRDO, +, 3.93%, 03/06/00 11,011
7,500 Rev., 3.85%, 04/27/00 7,500
500 Ser. A, Rev., +, ~, 7.25%, 06/15/00 513
3,415 Ser. A, Rev., +, ~, 7.50%, 06/15/00 3,500
8,000 Ser. C, Rev., FRDO, +, 3.80%, 03/01/00 8,000
2,100 Ser. G, Rev., FRDO, +, 3.75%, 03/01/00 2,100
New York City, New York, Transitional Finance Authority,
40,100 Future Tax Secured, Ser. A-2, Rev., FRDO, 3.75%,
03/06/00 40,100
3,450 Municipal Securities Trust Receipts, Ser. SGA-74, Rev.,
FRDO, 3.90%, 03/01/00 3,450
3,000 Ser. A-46, Rev., FRDO, 4.05%, 03/01/00 3,000
3,000 Ser, A-48, Rev., FRDO, 4.05%, 03/01/00 3,000
New York City, New York, Trust Cultural Resources,
3,800 American Museum of Natural History, Ser. B, Rev.,
FRDO, +, 3.65%, 03/01/00 3,800
2,672 Carnegie Hall, Rev., FRDO, 3.70%, 03/06/00 2,672
1,300 Soloman R. Guggenheim, Ser. B, GO, FRDO,
3.70%, 03/01/00 1,300
New York State,
15,000 GO, 3.60%, 05/04/00 15,000
4,300 Environmental Quality, Ser. G, GO, FRDO, 3.90%,
10/05/00 4,300
New York State, Dorm Authority,
2,500 City University Systems, Ser. F, Rev., +, ~, 7.50%,
07/01/00 2,577
9,645 FLOATS, Ser. PA-409, Rev., FRDO, 3.98%, 03/06/00 9,645
4,870 FLOATS, Ser. PA-419, Rev., FRDO, 3.98%, 03/06/00 4,870
8,425 FLOATS, Ser. PA-428, Rev., FRDO, 3.98%, 03/05/00 8,425
3,545 FLOATS, Ser. PA-449, Rev., FRDO, 3.98%, 03/03/00 3,545
990 FLOATS, Ser. PT-130, Rev., FRDO, 3.98%, 03/05/00 990
2,400 FLOATS, Ser. PT-1067, Rev., FRDO, 3.98%, 03/02/00 2,400
1,115 Good Samaritan Hospital Medical Center, Ser. A,
Rev., +, 3.75%, 07/01/00 1,115
1,800 Manhattanville College, Rev., +, ~, 7.50%, 07/01/00 1,855
2,865 Municipal Securities Trust Receipts, Ser. SAK-17, Rev.,
FRDO, 4.07%, 03/01/00 2,865
4,800 New York Public Library, Ser. A, Rev., FRDO, +, 3.75%,
03/07/00 4,800
11,100 Oxford University Press Inc., Rev., FRDO, 3.80%,
03/01/00 11,100
5,500 Ser. A-55, Rev., FRDO, 4.05%, 03/04/00 5,500
</TABLE>
See notes to financial statements.
48
<PAGE>
CHASE VISTA NEW YORK TAX FREE MONEY MARKET FUND
Portfolio of Investments (Continued)
As of February 29, 2000 (unaudited)
(Amounts in thousands)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
- ------------------------------------------------------------------------------------------------
Municipal Securities -- Continued
- ------------------------------------------------------------------------------------------------
<S> <C> <C>
New York -- Continued
New York State, Dorm Authority (continued)
$ 860 St. Francis Hospital, Ser. A, Rev., +, 3.75%, 07/01/00 $ 860
9,380 State University Educational Facilities, Rev., 7.00%,
05/15/00 9,683
2,250 State University Educational Facilities, Ser. A, Rev., ~,
6.50%, 05/15/00 2,265
3,425 State University Educational Facilities, Ser. A, Rev., ~,
7.63%, 05/15/00 3,523
8,800 State University Educational Facilities, Ser. A, Rev., ~,
7.70%, 05/15/00 9,041
3,175 State University Educational Facilities, Ser. B, Rev., +, ~,
7.25%, 05/15/00 3,258
3,660 State University Educational Facilities, Ser. B, Rev., ~,
7.25%, 05/15/00 3,756
New York State, Energy Research & Development
Authority,
6,600 Facilities, Con Edison Co., Sub. Ser. A-1, Rev., FRDO,
3.85%, 03/01/00 6,600
5,600 Facilities, FLOATS, Ser. PA-411, Rev., FRDO, 3.98%,
03/06/00 5,600
5,260 PCR, New York State Electric & Gas, Annual Tender,
Rev., FRDO, 3.00%, 03/15/00 5,256
600 PCR, New York State Electric & Gas, Ser. B, Rev., FRDO,
3.80%, 03/01/00 600
6,700 PCR, New York State Electric & Gas, Ser. D. Rev., FRDO,
3.65%, 03/01/00 6,700
4,560 PCR, Niagara Mohawk Power Corp. Project, Ser. A,
Rev., FRDO, 3.75%, 03/01/00 4,560
2,100 PCR, Niagara Mohawk Power Corp. Project, Ser. A,
Rev., FRDO, 3.90%, 03/01/00 2,100
5,800 PCR, Orange & Rockland Utilities Project, Ser. A, Rev.,
FRDO, +, 3.65%, 03/03/00 5,800
6,100 PCR, Orange & Rockland Utilities Project, Ser. A, Rev.,
FRDO, +, 3.65%, 03/06/00 6,100
3,000 PCR, Rochester Gas & Electric Corp., Ser. B, Rev., FRDO,
+, 3.80%, 03/07/00 3,000
1,200 New York State, Environmental Facilities Corp., OFS
Equity Huntington Project, Rev., FRDO, 3.90%, 03/01/00 1,200
New York State, Housing Finance Agency,
21,150 101 West End Ave. Housing, Ser. A, Rev., FRDO,
3.85%, 03/02/00 21,150
21,100 101 West End Ave. Housing, Ser. A, Rev., FRDO,
3.85%, 03/06/00 21,100
15,000 150 East 44th Street Housing, Ser. A, Rev., FRDO,
3.85%, 03/07/00 15,000
14,400 345 East 94th Street Housing, Ser. A, Rev., FRDO,
3.85%, 03/06/00 14,400
4,900 70 Battery Place Housing, Ser. A, Rev., FRDO,
3.80%,03/06/00 4,900
20,000 750 Sixth Ave. Housing Ser. A, Rev., FRDO, 3.80%,
03/02/00 20,000
9,500 750 Sixth Ave. Housing Ser. A, Rev., FRDO, 3.80%,
03/06/00 9,500
</TABLE>
See notes to financial statements.
49
<PAGE>
CHASE VISTA NEW YORK TAX FREE MONEY MARKET FUND
Portfolio of Investments (Continued)
As of February 29, 2000 (unaudited)
(Amounts in thousands)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
- -------------------------------------------------------------------------------------
Municipal Securities -- Continued
- -------------------------------------------------------------------------------------
<S> <C> <C>
New York -- Continued
New York State, Housing Finance Agency (continued)
$ 25,400 East 39th Street Housing, Ser. A, Rev., FRDO, 2.80%,
03/01/00 $25,400
2,495 FLOATS, Ser. PA-143, Rev., FRDO, 4.12%, 03/04/00 2,495
3,300 Multi-Family Housing, Ser. A, Rev., FRDO, +, 3.90%,
03/07/00 3,300
5,100 Residential, Ser. A, Rev., FRDO, +, 3.90%, 03/01/00 5,100
6,800 Ser. A, Rev., FRDO, 3.75%, 03/01/00 6,800
9,200 Ser. A, Rev., FRDO, 3.80%, 03/01/00 9,200
5,300 Service Contract Obligation, Ser. A, Rev., FRDO, Rev.,
3.70%, 03/02/00 5,300
20,900 Tribeca, Ser. A, Rev., FRDO, 3.75%, 03/07/00 20,900
26,800 Union Square South Housing, Rev., FRDO, 3.70%,
03/02/00 26,800
New York State, Job Development Authority, State
Guaranteed,
6,995 Ser. A-1 through A-42, Rev., FRDO, 3.75%, 03/01/00 6,995
8,575 Ser. B-1 through B-21, Rev., FRDO, 3.75%, 03/01/00 8,575
2,230 Special Purpose, Ser. A-1 through A-13, Rev., FRDO,
3.75%, 03/01/00 2,230
4,400 Special Purpose, Ser. A-1 through A-25, Rev., FRDO,
3.85%, 03/01/00 4,400
530 Special Purpose, Ser. B-1 through B-2, Rev., FRDO,
3.85%, 03/01/00 530
New York State, Local Government Assistance Corp.,
5,800 Floating Rate Receipts, Ser. SG-99, Rev., FRDO, 3.98%,
03/01/00 5,801
16,200 FLOATS, Ser. PT-1040, Rev., FRDO, 3.98%, 03/02/00 16,200
700 Municipal Securities Trust Receipts, Ser. SGA-59, Rev.,
FRDO, 3.90%, 03/01/00 700
12,085 Ser. A, Rev., ~, 7.25%, 03/01/00 12,704
36,585 Ser. A, Rev., FRDO, 3.70%, 03/06/00 36,584
7,900 Ser. B, Rev., ~, 7.50%, 03/01/00 8,326
3,500 Ser. B, Rev., FRDO, 3.75%, 03/03/00 3,500
11,500 Ser. D, Rev., FRDO, 3.70%, 03/07/00 11,500
4,700 Ser. E, Rev., FRDO, 3.70%, 03/07/00 4,700
New York State, Medical Care Facilities Finance Agency,
8,200 FLOATS, Ser. PA-113, Rev., FRDO, 3.98%, 03/02/00 8,200
14,235 FLOATS, Ser. PT-100, Rev., FRDO, 3.98%, 03/03/00 14,235
6,065 FLOATS, Ser. PT-109, Rev., FRDO, 3.98%, 03/03/00 6,065
8,355 FLOATS, Ser. PT-145A, Rev., FRDO, 3.98%, 03/05/00 8,355
2,265 Municipal Securities Trust Receipts, Ser. SG-1, Rev.,
FRDO, 3.98%, 03/06/00 2,265
3,625 North Shore University Hospital, Rev., +, ~, 7.20%,
11/01/00 3,772
New York State, Mortgage Agency,
5,250 FLOATS, Ser. PT-260, Rev., FRDO, 2.90%, 03/02/00 5,250
9,995 FLOATS, Ser. PT-289, Rev., FRDO, 3.98%, 03/02/00 9,995
8,190 FLOATS, Ser. PT-322, Rev., FRDO, 4.30%, 03/02/00 8,190
6,925 FLOATS, Ser. PT-1190, Rev., FRDO, 3.98%, 03/02/00 6,925
1,130 Homeowner Mortgage, Ser. 79, Rev., 3.25%, 04/01/00 1,130
100 Homeowner Mortgage, Ser. 87, Rev., 3.70%, 04/01/00 100
200 Homeowner Mortgage, Ser. 87, Rev., 3.80%, 10/01/00 200
</TABLE>
See notes to financial statements.
50
<PAGE>
CHASE VISTA NEW YORK TAX FREE MONEY MARKET FUND
Portfolio of Investments (Continued)
As of February 29, 2000 (unaudited)
(Amounts in thousands)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
- -------------------------------------------------------------------------------------
Municipal Securities -- Continued
- -------------------------------------------------------------------------------------
<S> <C> <C>
New York -- Continued
New York State, Power Authority,
$ 10,000 Rev., 3.80%, 06/06/00 $10,000
2,900 Revenue & General Purpose, Ser. Y, Rev., ~, 6.75%,
01/01/01 3,017
New York State, Thruway Authority,
16,600 Floating Rate Receipts, Ser. SGA-119, FRDO, 3.70%,
03/01/00 16,600
21,415 FLOATS, Ser. PA-532, Rev., FRDO, 3.98%, 03/02/00 21,415
2,375 Highway & Bridge Trust Fund, Ser. A, Rev., +, 6.00%,
04/01/00 2,381
1,015 Municipal Securities Trust Receipts, Ser. SGA-66, Rev.,
FRDO, 3.90%, 03/03/00 1,015
4,600 Service Contract, Local Highway & Bridge, Rev., ~,
6.00%, 01/01/01 4,669
3,900 New York State, Urban Development Corp., FLOATS, Ser.
PA-429, Rev., FRDO, 3.98%, 03/03/00 3,902
2,400 Niagara County, New York, GO, BAN, 3.60%, 06/30/00 2,401
Niagara County, New York, IDA, Solid Waste Disposal,
1,000 American Refunding, Fuel Co., Ser. A, Rev., FRDO,
3.80%, 03/03/00 1,000
1,000 American Refunding, Fuel Co., Ser. B, Rev., FRDO,
3.90%, 03/03/00 1,000
Niagara Falls, New York, Bridge Commission,
4,995 FLOATS, Ser. PA-530, Rev., FRDO, 3.98%, 03/03/00 4,995
9,500 Ser. A, Rev., FRDO, 3.65%, 03/03/00 9,500
North Babylon, New York, Union Free School District,
3,000 GO, BAN, 4.00%, 07/06/00 2,995
13,500 GO, TAN, 4.00%, 06/29/00 13,511
North Hempstead, New York,
1,270 GO, BAN, 4.50%, 07/27/00 1,273
1,245 Ser. B, GO, 6.50%, 07/15/00 1,257
4,220 North Rose-Wolcott, New York, Central School District,
GO, BAN, 3.40%, 04/06/00 4,221
3,000 NorthPort-East Northport, New York, Union Free School
District, GO, BAN, 4.25%, 06/02/00 3,004
12,000 Oceanside, New York, Union Free School District, GO,
TAN, 4.00%, 06/27/00 11,996
5,000 Ogdensburg, New York, Enlarged City School District,
GO, RAN, 4.00%, 06/30/00 5,004
623 Orchard Park, New York, Central School District, Go, +,
4.35%, 06/01/00 625
200 Palmyra, New York, Public Improvements, GO, +, 4.30%,
05/15/00 200
4,400 Patchogue-Medford, New York, Union Free School
District, GO, TAN, 4.25%, 06/28/00 4,408
395 Pavilion, New York, Central School District, GO, +,
5.10%, 06/15/00 397
Port Authority of New York & New Jersey,
3,180 Consolidated Bonds 117th Series, 1st Installment, Rev.,
4.00%, 11/15/00 3,180
2,950 Equipment Notes, Ser. 3, Rev., FRDO, 4.05%, 03/01/00 2,950
3,405 FLOATS, Ser. PA-518, Rev., FRDO, 3.81%, 03/01/00 3,405
1,365 Port Jervis, New York, IDA, The Future Home Tech Inc.,
Rev., FRDO, 4.00%, 03/01/00 1,365
</TABLE>
See notes to financial statements.
51
<PAGE>
CHASE VISTA NEW YORK TAX FREE MONEY MARKET FUND
Portfolio of Investments (Continued)
As of February 29, 2000 (unaudited)
(Amounts in thousands)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
- -------------------------------------------------------------------------------------
Municipal Securities -- Continued
- -------------------------------------------------------------------------------------
<S> <C> <C>
New York -- Continued
$ 9,390 Putnam Valley, New York, Central School District, GO,
BAN, 3.25%, 03/03/00 $9,390
5,000 Rochester, New York, Ser. I, GO, BAN, 3.50%, 03/08/00 5,000
1,330 Rockland County, New York, GO, 4.00%, 05/01/00 1,332
Rockland County, New York, IDA,
800 IDR, X Products Corp. Project, Rev., FRDO, 3.90%,
03/07/00 800
2,290 Shock Technical Inc. Project, Rev., FRDO, 3.90%,
03/01/00 2,290
410 Rotterdam, New York, Public Improvements, GO, +, 411
1,530 Sandy Creek, New York, Central School District, GO,
BAN, 4.00%, 07/14/00 1,532
325 Silver Creek, New York, Central School District, 1999 Ser.,
GO, +, 4.70%, 06/15/00 326
4,000 South Orangetown, New York, Central School District,
GO, TAN, 3.75%, 06/30/00 4,002
1,805 Southeast Town, New York, GO, BAN, 3.50%, 03/24/00 1,805
2,250 Spencer Van Etten, New York, Central School District,
GO, RAN, 4.00%, 07/06/00 2,253
500 St. Lawrence County, New York, IDA, PCR, Reynolds
Metals, Rev., FRDO, 3.80%, 03/01/00 500
Suffolk County, New York,
2,445 Public Improvement, Ser. A, GO, +, 4.80%, 08/15/00 2,454
1,000 Ser. B, GO, +, ~, 6.90%, 04/01/00 1,023
5,500 Ser. I, GO, TAN, 4.50%, 08/10/00 5,512
2,400 Suffolk County, New York, Water Authority, BAN, FRDO,
3.75%, 03/01/00 2,400
584 Sullivan County, New York, Ser. B, GO, BAN, 3.50%,
03/17/00 584
Tompkins-Seneca-Tioga, New York, Board of
Cooperative Educational Services,
5,500 GO, RAN, 4.25%, 06/30/00 5,508
6,000 GO, RAN, 4.75%, 06/30/00 6,009
Triborough Bridge & Tunnel Authority, New York,
1,475 FLOATS, Ser. PA-200, Rev., FRDO, 3.98%, 03/02/00 1,475
6,500 General Purpose, Ser. C, Rev., FRDO, +, 3.80%,
03/04/00 6,500
3,900 Tully, New York, Central School District, GO, RAN,
3.85%, 06/29/00 3,904
3,300 Tupper Lake, New York, Central School District, GO,
BAN, 5.00%, 02/23/01 3,319
2,800 Walton, New York, Central School District, GO, RAN,
4.00%, 06/30/00 2,803
Waverly, New York, Central School District,
350 GO, +, 4.80%, 06/15/00 351
5,000 GO, RAN, 3.75%, 06/23/00 5,003
4,000 Wayne-Finger Lakes, New York, Board of Cooperative
Educational Services, RAN, 4.00%, 06/29/00 4,005
8,415 Webb, New York, Union Free School District, GO, BAN,
3.63%, 06/16/00 8,423
4,150 Westchester County, New York, IDA, Civic Facility,
Northern Westchester Hospital, Rev., FRDO, 3.70%,
03/01/00 4,150
</TABLE>
See notes to financial statements.
52
<PAGE>
CHASE VISTA NEW YORK TAX FREE MONEY MARKET FUND
Portfolio of Investments (Continued)
As of February 29, 2000 (unaudited)
(Amounts in thousands)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
- -------------------------------------------------------------------------------------
Municipal Securities -- Continued
- -------------------------------------------------------------------------------------
<S> <C> <C>
New York -- Continued
$ 4,340 William Floyd, Union Free School District, Mastics-
Moriches-Shirley, GO, TAN, 4.00%, 06/30/00 $ 4,346
Yonkers, New York, IDA, Civic Facility,
2,000 Consumers Union Facility, Rev., FRDO, 3.75%, 03/01/00 2,000
8,100 Sarah Lawrence College Project, Rev., FRDO, +, 3.75%,
03/01/00 8,100
----------
1,720,260
Puerto Rico -- 0.1%
1,000 Puerto Rico Commonwealth, Highway & Transportation
Authority, FLOATS, Ser. PA-472, Rev., FRDO, 3.11%,
03/02/00 1,000
- ------------------------------------------------------------------------------------
Total Investments -- 100.5% $1,730,860
(Cost $1,730,860)*
- ------------------------------------------------------------------------------------
</TABLE>
See notes to financial statements.
53
<PAGE>
- --------------------------------------------------------------------------------
CHASE VISTA CALIFORNIA TAX FREE MONEY MARKET FUND
Portfolio of Investments
- --------------------------------------------------------------------------------
As of February 29, 2000 (unaudited)
(Amounts in thousands)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
- ---------------------------------------------------------------------------------------
Municipal Securities -- 101.5%
- ---------------------------------------------------------------------------------------
<S> <C> <C>
California -- 94.0%
$ 1,000 ABAG Finance Authority for Nonprofit Corporations,
California, Episcopal Homes Foundation, COP, FRDO,
2.30%, 03/01/00 $1,000
500 Alameda County, California, Multi-Family Housing,
Quail, Ser. A, Rev., FRDO, 2.35%, 03/04/00 500
Alameda-Contra Costa, California, Schools Financing
Authority,
300 Capital Improvements Financing Projects, COP, Rev.,
FRDO, 2.30%, 03/07/00 300
500 Capital Improvements Financing Projects, COP, Ser. A,
Rev., FRDO, 2.30%, 03/06/00 500
835 California Educational Facilities Authority, University of
Southern California, Ser. A, Rev., 5.60%, 10/01/00 844
California Housing Finance Agency,
960 FLOATS, Ser. PA-112-A, Rev., FRDO, 3.16%, 03/03/00 960
500 Home Mortgage, Ser. E-1, Rev., 5.40%, 08/01/00 503
1,000 Multi-Unit Rental Housing, Ser. A, Rev., FRDO, 3.75%,
03/06/00 1,001
California State,
1,495 FLOATS, Ser. PA-464, GO, FRDO, 3.55%, 03/07/00 1,495
800 FLOATS, Ser. PT-1070, GO, FRDO, 3.11%, 03/06/00 800
900 FLOATS, Ser. PT-1072, GO, FRDO, 3.11%, 03/06/00 900
2,000 Municipal Securities Trust Receipts, Ser. SGA-40, GO,
FRDO, +, 3.02%, 03/06/00 2,000
2,800 Municipal Securities Trust Receipts, Ser. SGA-55, GO,
FRDO, +, 3.02%, 03/07/00 2,799
375 California State, Department Water Resources Center,
Valley Project, Ser. I, Rev., ~, 6.60%, 06/01/00 384
California State, Economic Development Financing
Authority, IDR,
2,000 Provena Foods Inc. Project, Rev., FRDO, 2.70%,
03/06/00 2,000
1,780 Standard Abrasives Manufacturing Project, Rev.,
FRDO, 2.65%, 03/01/00 1,780
400 Volk Enterprises Inc. Project, Rev., FRDO, 2.45%,
03/06/00 400
California Statewide Communities Development
Authority,
605 Industrial Development, Florestone, Rev., FRDO,
2.60%, 03/07/00 605
1,000 Ser. A-1, Rev., TRAN, +, 4.00%, 06/30/00 1,003
1,800 Sutter Health Obligation Group, COP, FRDO, +, 3.25%,
03/01/00 1,800
1,000 Central Valley Schools Financing Authority, California,
Ser. A-45, FRDO, 2.45%, 03/03/00 1,000
245 Coachella Valley, California, County Water District,
Improvement District No. 55, GO, +, 4.25%, 08/01/00 246
1,000 Elsinore Valley, California, Municipal Water District, Ser.
A, COP, FRDO, +, 2.40%, 03/01/00 1,000
100 Fremont, California, Multi-Family Housing, Durham
Greens Project, Ser. A, Rev., 4.70%, 07/01/00 100
</TABLE>
See notes to financial statements.
54
<PAGE>
CHASE VISTA CALIFORNIA TAX FREE MONEY MARKET FUND
Portfolio of Investments (Continued)
As of February 29, 2000 (unaudited)
(Amounts in thousands)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
- --------------------------------------------------------------------------------------
Municipal Securities -- Continued
- --------------------------------------------------------------------------------------
<S> <C> <C>
California -- Continued
Irvine Ranch, California, Water District,
$ 3,800 Capital Improvement Project, COP, FRDO, 3.05%,
03/01/00 $3,799
400 Consolidated Bonds, Rev., FRDO, 3.25%, 03/01/00 400
500 District No. 102, 103, 105 & 106, Rev., FRDO, 3.25%,
03/01/00 500
800 District No. 105, 140, 240 & 250, GO, FRDO, 3.05%,
03/01/00 800
500 District No. 105, 140, 240 & 250, Rev., FRDO, 3.25%,
03/01/00 500
Irvine, California, Improvement Bond Act of 1915,
2,495 Assessment District No. 89-10, Special Assessment,
FRDO, 3.25%, 03/01/00 2,495
600 Assessment District No. 94-13, Special Assessment,
FRDO, 3.25%, 03/01/00 600
400 Assessment District No. 95-12, Ser. A, Special
Assessment, FRDO, 3.25%, 03/01/00 400
400 Assessment District No. 97-17, Special Assessment,
FRDO, 3.25%, 03/01/00 400
400 Kern County, California, Kern Public Facilities Project,
Ser. C, COP, FRDO, 2.40%, 03/01/00 400
300 Livermore, California, Multi-Family Housing, Park, Ser. A,
Rev., FRDO, 2.35%, 03/04/00 300
2,650 Long Beach, California, Harbor, Rev., 7.15%, 05/15/00 2,670
500 Los Angeles County, California, GO, TRAN, 4.00%,
06/30/00 501
300 Los Angeles County, California, IDA, IDR, Hon Industries
Inc. Project, Rev., FRDO, 2.35%, 03/02/00 300
Los Angeles County, California, Metropolitan
Transportation Authority, Sales Tax,
100 Proposition C, Second Ser., Ser. A, Rev., FRDO, +,
2.40%, 03/04/00 100
250 Proposition C, Second Ser., Ser. B, Rev., +, 8.00%,
07/01/00 254
500 Los Angeles County, California, Pension Obligation, Ser.
B, Rev., FRDO, +, 2.45%, 03/07/00 500
1,000 Los Angeles County, California, Public Works Financing
Authority, Ser. A-62, Rev., FRDO, 2.45%, 03/01/00 1,000
400 Los Angeles, California, Community Redevelopment
Agency, CMC Medical Plaza Partner, COP, FRDO, 2.60%,
03/04/00 400
700 M-S-R Public Power Agency, California, San Juan Project,
Sub-Lien, Ser. E, Rev., FRDO, +, 2.40%, 03/07/00 700
Metropolitan Water District, Southern California,
Waterworks,
200 Rev., 5.00%, 07/01/00 201
500 Ser. B, Rev., FRDO, 3.65%, 06/01/00 500
250 Milpitas, California, Unified School District, GO, +,
7.50%, 09/01/00 255
200 Modesto, California, Irrigation District Financing
Authority, Ser. A, Rev., +, 4.70%, 10/01/00 201
1,000 Monrovia, California, Unified School District, Municipal
Securities Trust Receipt, Ser. SGA-70, Rev., FRDO, +,
3.00%, 03/05/00 1,000
</TABLE>
See notes to financial statements.
55
<PAGE>
CHASE VISTA CALIFORNIA TAX FREE MONEY MARKET FUND
Portfolio of Investments (Continued)
As of February 29, 2000 (unaudited)
(Amounts in thousands)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
- ----------------------------------------------------------------------------------
Municipal Securities -- Continued
- ----------------------------------------------------------------------------------
<S> <C> <C>
California -- Continued
$ 800 Monterey Peninsula, California, Water Management
District, Wastewater Reclamation Project, COP, FRDO,
2.55%, 03/03/00 $ 800
500 National City, California, Community Development
Commission, Tax Allocation, Downtown Redevelopment
Project, Ser. A, +, ~, 5.90%, 08/01/00 504
100 Northern California Power Agency, Public Power,
Geothermal Project No. 3, Ser. B, Rev., +, 5.50%,
07/01/00 101
600 Oakland, California, GO, TRAN, 4.25%, 09/29/00 602
1,700 Oakland, California, Joint Powers Financing Authority,
Ser. A-2, Rev., FRDO, +, 2.40%, 03/06/00 1,700
100 Ontario, California, Redevelopment Agency, IDR,
Safariland Project, Rev., FRDO, 2.30%, 03/03/00 100
500 Orange County, California, Sanitation Districts No. 1-3,
5-7, 11, 13 & 14, COP, FRDO, 3.25%, 03/01/00 500
1,005 Oxnard, California, Harbor District, Rev., +, 6.60%,
08/01/00 1,017
2,440 Oxnard, California, Industrial Development Financing
Authority, IDR, Accurate Engineering Project, Rev.,
FRDO, 2.65%, 03/06/00 2,440
200 Pasadena, California, COP, ~, 6.75%, 08/01/00 207
700 Riverside County, California, IDA, IDR, Design Time Inc.
Project, Ser. I, Rev., FRDO, 2.60%, 03/07/00 700
200 Riverside County, California, Public Financing Authority,
Special Tax, Menifee Village Project, Senior Lien, Ser. A,
Rev., +, 4.00%, 09/01/00 200
888 Riverside County, California, Riverside County Public
Facilities, Ser. B, COP, FRDO, 2.75%, 03/02/00 888
250 Riverside County, California, Transportation Commission,
Sales Tax, Ser. A, Rev., +, 5.00%, 06/01/00 251
330 Salinas, California, Elementary School District, COP, +,
4.25%, 06/01/00 331
550 San Bernardino County, California, Housing Authority,
Multi-Family Housing, Victoria Terrace Project, Ser. A,
Rev., FRDO, 2.50%, 03/06/00 550
San Bernardino County, California, IDA,
100 Aqua-Service, Rev., FRDO, 2.60%, 03/01/00 100
90 Master Halco Inc., Ser. II, Rev., FRDO, 2.55%, 03/03/00 90
155 San Bernardino County, California, Transportation
Authority, Sales Tax, Ser. A, Rev., +, 5.00%, 03/01/00 155
215 San Bernardino, California, Joint Powers Financing
Authority, Tax Allocation, +, 3.20%, 05/01/00 215
1,340 San Diego, California, Area Local Government, Ser. C,
COP, TRAN, 4.50%, 09/29/00 1,346
300 San Diego, California, IDR, Kaiser Aerospace & Electric,
Ser. A, Rev., FRDO, 2.65%, 03/06/00 300
San Diego, California, Unified School District,
100 Capital Projects, Phase XIII, Ser. A, COP, 5.00%, 07/01/00 100
250 Ser. A, GO, TRAN, 4.25%, 09/29/00 251
115 San Francisco, California, City & County, Parking
Authority, Parking Meters, Ser. 1, Rev., +, 4.00%,
06/01/00 115
</TABLE>
See notes to financial statements.
56
<PAGE>
CHASE VISTA CALIFORNIA TAX FREE MONEY MARKET FUND
Portfolio of Investments (Continued)
As of February 29, 2000 (unaudited)
(Amounts in thousands)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
- -----------------------------------------------------------------------------------
Municipal Securities -- Continued
- -----------------------------------------------------------------------------------
<S> <C> <C>
California -- Continued
$ 300 San Francisco, California, City & County, Redevelopment
Agency, Multi-Family Housing, 3rd & Mission, Ser. C,
Rev., FRDO, 2.45%, 03/01/00 $ 300
1,000 San Juan, California, Unified School District, Ser. A-41,
Rev., FRDO, 2.45%, 03/03/00 1,000
250 Santa Barbara County, California, Ser. A, GO, TRAN,
4.25%, 09/29/00 251
625 Santa Clara County-El Camino, California, Hospital
District, Hospital Facilities Authority, ACES, Lease, Valley
Medical Center Project, Ser. B, Rev., FRDO, 2.30%,
03/03/00 625
Santa Clara, California, Electric,
195 Ser. B, Rev., FRDO, +, ~, 3.30%, 03/06/00 195
290 Ser. C, Rev., FRDO, +, ~, 3.30%, 08/02/00 290
260 Simi Valley, California, Public Financing Authority, Rev.,
+, 4.00%, 09/01/00 260
500 Solano County, California, Ser. B, GO, TRAN, 4.50%,
12/15/00 503
600 Southeast Resource Recovery Facilities Authority,
California, Ser. A, Rev., FRDO, 2.30%, 03/03/00 600
600 Three Valleys Municipal Water District, California,
Miramar Water Treatment, COP, FRDO, 2.70%, 03/01/00 600
425 Upland, California, Community Redevelopment Agency,
Multi-Family Housing, Northwoods Project, Ser. 168-A,
Rev., FRDO, 2.65%, 03/01/00 425
115 Ventura, California, Unified School District, Ser. C, GO, +,
7.60%, 08/01/00 117
100 West Basin, California, Municipal Water District, COP, +,
~, 6.85%, 08/01/00 103
850 West Contra Costa, California, Unified School District,
Rev., TRAN, 4.50%, 12/06/00 854
400 Western Riverside County, California, Regional
Wastewater Authority, Regional Wastewater Treatment,
Rev., FRDO, 3.25%, 03/01/00 400
------
63,182
Pennsylvania -- 0.1%
100 Delaware Valley, Pennsylvania, Regional Finance
Authority, Local Government, Rev., FRDO, 3.90%,
03/01/00 100
Puerto Rico -- 7.2%
Puerto Rico Commonwealth,
1,000 Ser. A-1, GO, FRDO, 2.00%, 03/01/00 1,000
1,000 FLOATS, Ser. PT-1025, GO, FRDO, 3.11%, 03/01/00 1,000
Puerto Rico Commonwealth, Highway & Transportation
Authority,
1,000 FLOATS, Ser. PA-472, Rev., FRDO, 3.11%, 03/02/00 1,000
1,800 Ser. Q, Rev., ~, 7.75%, 07/01/00 1,859
------
4,859
</TABLE>
See notes to financial statements.
57
<PAGE>
CHASE VISTA CALIFORNIA TAX FREE MONEY MARKET FUND
Portfolio of Investments (Continued)
As of February 29, 2000 (unaudited)
(Amounts in thousands)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
- ----------------------------------------------------------------------------------
Municipal Securities -- Continued
- ----------------------------------------------------------------------------------
<S> <C> <C>
Virgin Islands -- 0.2%
$ 100 Virgin Islands Public Finance Authority, Ser. A, Rev., ~,
7.30%, 10/01/00 $ 103
- -----------------------------------------------------------------------------------
Total Investments -- 101.5% $68,244
(Cost $68,244)*
- -----------------------------------------------------------------------------------
</TABLE>
INDEX:
* -- The cost of securities is substantially the same for federal income
tax purposes.
# -- Security may only be sold to qualified institutional buyers.
+ -- Insured.
~ -- Security is prerefunded or escrowed to maturity. The maturity date
shown is the date of the prerefunded call.
ACES -- Auction Rate Securities.
BAN -- Bond Anticipation Notes.
COP -- Certificates of Participation.
DN -- Discount Note: The rate shown is the effective yield at the date of
purchase.
FLOATS -- Floating Auction Tax-Exempts.
FRDO -- Floating Rate Demand Obligation: The maturity date shown is the later
of the next interest reset date or the put date; the rate shown is
the rate in effect at February 29, 2000.
FRN -- Floating Rate Note: The maturity date is the actual maturity date;
the rate shown is the rate in effect at February 29, 2000.
GO -- General Obligation.
IDA -- Industrial Development Authority.
IDR -- Industrial Development Revenue.
MTN -- Medium Term Notes.
PCR -- Pollution Control Revenue.
PUTTERS -- Putable Tax Exempt Receipts.
RAN -- Revenue Anticipation Notes.
Rev. -- Revenue Bond.
TAN -- Tax Anticipation Notes.
TRAN -- Tax & Revenue Anticipation Notes.
USTR -- United States Treasury Notes, Bonds and Bills.
See notes to financial statements.
58
<PAGE>
- --------------------------------------------------------------------------------
STATEMENT OF ASSETS AND LIABILITIES February 29, 2000 (unaudited)
- --------------------------------------------------------------------------------
(Amounts in Thousands, Except Per Share Amounts)
<TABLE>
<CAPTION>
100% U.S.
Treasury U.S.
Securities Government Treasury Plus
Money Market Money Market Money Market
Fund Fund Fund
<S> <C> <C> <C>
- ---------------------------------------------------------------------------------------
ASSETS:
Investment securities, at value
(Note 1) .............................. $4,113,739 $7,436,333 $3,430,237
Cash .................................. 3 5 3
Other assets .......................... 36 65 27
Receivables:
Interest ............................. 45,159 68,955 12,801
Investment securities sold ........... -- 18,594 --
Fund shares sold ..................... 378 322 --
Other ................................ 34 -- --
- ---------------------------------------------------------------------------------------
Total Assets ....................... 4,159,349 7,524,274 3,443,068
- ---------------------------------------------------------------------------------------
LIABILITIES:
Payables:
Investment securities purchased -- 608,362 --
Fund shares redeemed ................. -- 10,146 --
Dividends ............................ 3,919 14,335 2,791
Accrued liabilities: (Note 2)
Investment advisory fees ............. 327 561 201
Administration fees .................. 196 561 121
Shareholder servicing fees ........... 803 901 96
Distribution fees .................... 174 330 105
Custodian fees ....................... 45 103 6
Other ................................ 840 1,380 422
- ---------------------------------------------------------------------------------------
Total Liabilities .................. 6,304 636,679 3,742
- ---------------------------------------------------------------------------------------
NET ASSETS:
Paid in capital ....................... 4,153,196 6,887,667 3,439,284
Accumulated undistributed
(distributions in excess of) net
investment income ..................... (106) 39 (53)
Accumulated net realized gain
(loss) on investment transactions ..... (45) (111) 95
- ---------------------------------------------------------------------------------------
Net Assets ......................... $4,153,045 $6,887,595 $3,439,326
- ---------------------------------------------------------------------------------------
Shares of beneficial interest
outstanding ($.001 par value;
unlimited number of shares
authorized)
Vista Shares .......................... 3,202,415 3,359,650 1,361,107
Premier Shares ........................ 76,890 988,653 304,111
Institutional Shares .................. 873,980 2,539,465 1,774,164
Net asset value, offering and
redemption price per share
(all classes) .......................... $ 1.00 $ 1.00 $ 1.00
- ---------------------------------------------------------------------------------------
Cost of investments .................... $4,113,739 $7,436,333 $3,430,237
- ---------------------------------------------------------------------------------------
</TABLE>
See notes to financial statements.
59
<PAGE>
STATEMENT OF ASSETS AND LIABILITIES February 29, 2000 (unaudited)
(Amounts in Thousands, Except Per Share Amounts)
<TABLE>
<CAPTION>
Federal Cash Prime
Money Market Management Money Market
Fund Fund Fund
- -----------------------------------------------------------------------------------------
<S> <C> <C> <C>
ASSETS:
Investment securities, at value
(Note 1) .............................. $1,178,749 $9,491,676 $9,649,351
Cash .................................. -- -- 658
Other assets .......................... 10 65 80
Receivables:
Interest ............................. 5,879 82,389 57,384
Fund shares sold ..................... 676 8,935 78,479
- -----------------------------------------------------------------------------------------
Total Assets ....................... 1,185,314 9,583,065 9,785,952
- -----------------------------------------------------------------------------------------
LIABILITIES:
Payables:
Investment securities purchased 40,495 199,980 224,985
Fund shares redeemed ................. 134 79,899 8,040
Dividends ............................ 1,241 5,476 15,919
Accrued liabilities: (Note 2)
Investment advisory fees ............. 91 745 849
Administration fees .................. 91 745 849
Shareholder servicing fees ........... 197 1,820 694
Distribution fees .................... 44 -- 14
Custodian fees ....................... 64 118 137
Other ................................ 519 1,476 1,621
- -----------------------------------------------------------------------------------------
Total Liabilities .................. 42,876 290,259 253,108
- -----------------------------------------------------------------------------------------
NET ASSETS:
Paid in capital ....................... 1,142,508 9,293,632 9,532,894
Accumulated undistributed
(distributions in excess of) net
investment income ..................... (1) 32 (60)
Accumulated net realized gain
(loss) on investment transactions ..... (69) (858) 10
- -----------------------------------------------------------------------------------------
Net Assets ......................... $1,142,438 $9,292,806 $9,532,844
- -----------------------------------------------------------------------------------------
Shares of beneficial interest
outstanding ($.001 par value;
unlimited number of shares
authorized)
Vista Shares .......................... 574,850 6,374,224 1,150,643
Premier Shares ........................ 279,626 360,691 1,092,926
Institutional Shares .................. 288,032 2,558,729 7,271,405
B Shares* ............................. -- -- 17,759
C Shares* ............................. -- -- 161
Net asset value, offering and
redemption price per share
(all classes) .......................... $ 1.00 $ 1.00 $ 1.00
- -----------------------------------------------------------------------------------------
Cost of investments .................... $1,178,749 $9,491,676 $9,649,351
- -----------------------------------------------------------------------------------------
</TABLE>
*Redemption price may be reduced by contingent deferred sales charge.
See notes to financial statements.
60
<PAGE>
STATEMENT OF ASSETS AND LIABILITIES February 29, 2000 (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) ............................ $1,678,504 $1,730,860 $68,244
Cash ................................ 1,491 603 --
Other assets ........................ 12 13 --
Receivables:
Interest ........................... 14,444 15,508 458
Fund shares sold ................... 3,508 169 --
Expense reimbursement from
Distributor ........................ 60 -- --
- ------------------------------------------------------------------------------------
Total Assets ..................... 1,698,019 1,747,153 68,702
- ------------------------------------------------------------------------------------
LIABILITIES:
Payables:
To Custodian ....................... -- -- 1,343
Investment securities purchased 18,154 22,833 --
Fund shares redeemed ............... 112 68 --
Dividends .......................... 2,313 1,224 56
Accrued liabilities: (Note 2)
Investment advisory fees ........... 126 135 --
Administration fees ................ 88 80 5
Shareholder servicing fees ......... 179 469 6
Distribution fees .................. 69 54 2
Custodian fees ..................... 46 54 15
Other .............................. 350 373 38
- ------------------------------------------------------------------------------------
Total Liabilities ................ 21,437 25,290 1,465
- ------------------------------------------------------------------------------------
NET ASSETS:
Paid in capital ..................... 1,677,014 1,721,867 67,253
Accumulated undistributed
(distributions in excess of) net
investment income ................... (34) 55 (2)
Accumulated net realized loss on
investment transactions ............. (398) (59) (14)
- ------------------------------------------------------------------------------------
Net Assets ....................... $1,676,582 $1,721,863 $67,237
- ------------------------------------------------------------------------------------
Shares of beneficial interest
outstanding ($.001 par value;
unlimited number of shares
authorized)
Vista Shares ........................ 880,588 1,721,981 67,253
Premier Shares ...................... 138,064 -- --
Institutional Shares ................ 658,384 -- --
Net asset value, offering and
redemption price per share
(all classes) ........................ $ 1.00 $ 1.00 $ 1.00
- ------------------------------------------------------------------------------------
Cost of investments .................. $1,678,504 $1,730,860 $68,244
- ------------------------------------------------------------------------------------
</TABLE>
See notes to financial statements.
61
<PAGE>
- --------------------------------------------------------------------------------
STATEMENT OF OPERATIONS For the six months ended February 29, 2000
(unaudited)
- --------------------------------------------------------------------------------
(Amounts in Thousands)
<TABLE>
<CAPTION>
100% U.S.
Treasury U.S.
Securities Government Treasury Plus
Money Market Money Market Money Market
Fund Fund Fund
<S> <C> <C> <C>
- -----------------------------------------------------------------------------------------
INTEREST INCOME: (Note 1C) ............... $105,916 $201,963 $75,105
- -----------------------------------------------------------------------------------------
EXPENSES: (Note 2)
Investment advisory fees ................ 2,074 3,668 1,424
Administration fees ..................... 2,074 3,668 1,424
Shareholder servicing fees .............. 6,152 8,884 3,803
Distribution fees ....................... 1,616 2,300 834
Custodian fees .......................... 119 228 64
Printing and postage .................... 22 26 14
Professional fees ....................... 72 111 53
Registration costs ...................... 481 281 361
Transfer agent fees ..................... 321 379 144
Trustees' fees .......................... 104 183 71
Other ................................... 27 22 20
- -----------------------------------------------------------------------------------------
Total expenses ........................ 13,062 19,750 8,212
- -----------------------------------------------------------------------------------------
Less amounts waived (Note 2E) ........... 2,303 3,363 1,411
Less earnings credits (Note 2F) ......... 16 8 33
- -----------------------------------------------------------------------------------------
Net expenses .......................... 10,743 16,379 6,768
- -----------------------------------------------------------------------------------------
Net investment income ................. 95,173 185,584 68,337
- -----------------------------------------------------------------------------------------
REALIZED AND UNREALIZED
GAIN (LOSS) ON INVESTMENTS:
Net realized gain (loss) on
investment transactions ................. (35) (67) 96
Change in net unrealized
appreciation/depreciation on
investments ............................. -- -- --
- -----------------------------------------------------------------------------------------
Net realized and unrealized gain
(loss) on investments ................... (35) (67) 96
- -----------------------------------------------------------------------------------------
Net increase in net assets from
operations .............................. $95,138 $185,517 $68,433
- -----------------------------------------------------------------------------------------
</TABLE>
See notes to financial statements.
62
<PAGE>
STATEMENT OF OPERATIONS For the six months ended February 29, 2000
(unaudited)
(Amounts in Thousands)
<TABLE>
<CAPTION>
Federal Cash Prime
Money Market Management Money Market
Fund Fund Fund
<S> <C> <C> <C>
- --------------------------------------------------------------------------------------
INTEREST INCOME: (Note 1C) ............... $30,883 $244,225 $306,232
- --------------------------------------------------------------------------------------
EXPENSES: (Note 2)
Investment advisory fees ................ 562 4,255 5,323
Administration fees ..................... 562 4,255 5,323
Shareholder servicing fees .............. 1,469 12,052 7,310
Distribution fees ....................... 277 -- 105
Custodian fees .......................... 83 165 265
Printing and postage .................... 6 33 54
Professional fees ....................... 37 148 172
Registration costs ...................... 51 733 1,172
Transfer agent fees ..................... 243 983 220
Trustees' fees .......................... 28 213 266
Other ................................... 4 26 98
- --------------------------------------------------------------------------------------
Total expenses ........................ 3,322 22,863 20,308
- --------------------------------------------------------------------------------------
Less amounts waived (Note 2E) ........... 258 1,440 3,750
Less earnings credits (Note 2F) ......... 41 90 35
- --------------------------------------------------------------------------------------
Net expenses .......................... 3,023 21,333 16,523
- --------------------------------------------------------------------------------------
Net investment income ................. 27,860 222,892 289,709
- --------------------------------------------------------------------------------------
REALIZED AND UNREALIZED
GAIN (LOSS) ON INVESTMENTS:
Net realized gain (loss) on
investment transactions ................. (22) (198) 11
Change in net unrealized
appreciation/depreciation on
investments ............................. -- 1,650 3,884
- --------------------------------------------------------------------------------------
Net realized and unrealized gain
(loss) on investments ................... (22) 1,452 3,895
- --------------------------------------------------------------------------------------
Net increase in net assets from
operations .............................. $27,838 $224,344 $293,604
- --------------------------------------------------------------------------------------
</TABLE>
See notes to financial statements.
63
<PAGE>
STATEMENT OF OPERATIONS For the six months ended February 29, 2000
(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) .............. $26,374 $27,561 $796
- -------------------------------------------------------------------------------------------
EXPENSES: (Note 2)
Investment advisory fees ............... 736 780 25
Administration fees .................... 736 780 25
Shareholder servicing fees ............. 1,830 2,732 87
Distribution fees ...................... 398 780 25
Custodian fees ......................... 92 100 32
Printing and postage ................... 24 21 1
Professional fees ...................... 40 39 15
Registration costs ..................... 480 8 --
Transfer agent fees .................... 110 201 17
Trustees' fees ......................... 37 39 1
Other .................................. 19 33 2
- -------------------------------------------------------------------------------------------
Total expenses ....................... 4,502 5,513 230
- -------------------------------------------------------------------------------------------
Less amounts waived (Note 2E) .......... 1,016 883 92
Less earnings credits (Note 2F) ........ 65 25 1
- -------------------------------------------------------------------------------------------
Net expenses ......................... 3,421 4,605 137
- -------------------------------------------------------------------------------------------
Net investment income ................ 22,953 22,956 659
- -------------------------------------------------------------------------------------------
REALIZED AND UNREALIZED
GAIN (LOSS) ON INVESTMENTS:
Net realized gain (loss) on
investment transactions ................ (4) 2 --
Change in net unrealized
appreciation/depreciation on
investments ............................ -- -- --
- -------------------------------------------------------------------------------------------
Net realized and unrealized gain
(loss) on investments .................. (4) 2 --
- -------------------------------------------------------------------------------------------
Net increase in net assets
from operations ........................ $22,949 $22,958 $659
- -------------------------------------------------------------------------------------------
</TABLE>
See notes to financial statements.
64
<PAGE>
- --------------------------------------------------------------------------------
STATEMENT OF CHANGES IN NET ASSETS For the periods indicated (unaudited)
- --------------------------------------------------------------------------------
(Amounts in Thousands)
<TABLE>
<CAPTION>
100% U.S. Treasury U.S. Government
Money Market Money Market
Fund Fund
09/01/99 Year 09/01/99 Year
through Ended through Ended
02/29/00 08/31/99 02/29/00 08/31/99
- ----------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
INCREASE (DECREASE) IN
NET ASSETS FROM
OPERATIONS:
Net investment income ........... $ 95,173 $ 187,621 $ 185,584 $ 335,206
Net realized gain (loss) on
investments ..................... (35) 2,072 (67) 27
Change in net unrealized
appreciation/depreciation
on investments .................. -- -- -- --
- ----------------------------------------------------------------------------------------------------
Increase in net assets
from operations ................ 95,138 189,693 185,517 335,233
- ----------------------------------------------------------------------------------------------------
DISTRIBUTIONS TO
SHAREHOLDERS FROM:
Net investment income ........... (95,173) (187,727) (185,591) (335,181)
Net realized gain on
investment transactions ......... (39) (2,956) -- --
- ----------------------------------------------------------------------------------------------------
Total distributions to
shareholders .................. (95,212) (190,683) (185,591) (335,181)
- ----------------------------------------------------------------------------------------------------
INCREASE (DECREASE)
FROM CAPITAL SHARE
TRANSACTIONS: #
Proceeds from shares
issued
Vista Shares ................... 6,519,270 13,705,921 10,635,830 16,404,385
Premier Shares ................. 207,821 152,506 3,906,729 7,944,261
Institutional Shares ........... 2,945,276 5,004,382 11,969,849 23,799,456
- ----------------------------------------------------------------------------------------------------
9,672,367 18,862,809 26,512,408 48,148,102
- ----------------------------------------------------------------------------------------------------
Proceeds from
reinvestment of dividends
Vista Shares ................... 56,192 112,062 45,388 74,078
Premier Shares ................. 1,051 1,084 13,301 25,108
Institutional Shares ........... 13,613 27,526 35,954 79,090
- ----------------------------------------------------------------------------------------------------
70,856 140,672 94,643 178,276
- ----------------------------------------------------------------------------------------------------
Cost of shares redeemed
Vista Shares ................... (6,686,035) (13,555,840) (10,860,035) (15,973,405)
Premier Shares ................. (155,848) (151,462) (3,853,382) (8,130,974)
Institutional Shares ........... (2,979,692) (5,932,433) (12,379,016) (23,763,028)
- ----------------------------------------------------------------------------------------------------
(9,821,575) (19,639,735) (27,092,433) (47,867,407)
- ----------------------------------------------------------------------------------------------------
Net increase (decrease)
from capital share
transactions ................... (78,352) (636,254) (485,382) 458,971
- ----------------------------------------------------------------------------------------------------
Total increase
(decrease) in net
assets ........................ (78,426) (637,244) (485,456) 459,023
NET ASSETS:
Beginning of period ............. 4,231,471 4,868,715 7,373,051 6,914,028
- ----------------------------------------------------------------------------------------------------
End of period ................... $4,153,045 $ 4,231,471 $ 6,887,595 $ 7,373,051
- ----------------------------------------------------------------------------------------------------
</TABLE>
# At $1.00 per share.
See notes to financial statements.
65
<PAGE>
STATEMENT OF CHANGES IN NET ASSETS For the periods indicated (unaudited)
(Amounts in Thousands)
<TABLE>
<CAPTION>
Treasury Plus Federal
Money Market Money Market
Fund Fund
09/01/99 Year 09/01/99 Year
through Ended through Ended
02/29/00 08/31/99 02/29/00 08/31/99
- ----------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
INCREASE (DECREASE) IN
NET ASSETS FROM
OPERATIONS:
Net investment income ........... $ 68,337 $ 125,763 $ 27,860 $ 46,821
Net realized gain (loss) on
investments ..................... 96 789 (22) 95
Change in net unrealized
appreciation/depreciation
on investments .................. -- -- -- --
- ----------------------------------------------------------------------------------------------------
Increase in net assets
from operations ................ 68,433 126,552 27,838 46,916
- ----------------------------------------------------------------------------------------------------
DISTRIBUTIONS TO
SHAREHOLDERS FROM:
Net investment income ........... (68,345) (125,782) (27,860) (46,814)
Net realized gain on
investment transactions ......... (62) (798) -- (112)
- ----------------------------------------------------------------------------------------------------
Total distributions to
shareholders .................. (68,407) (126,580) (27,860) (46,926)
- ----------------------------------------------------------------------------------------------------
INCREASE (DECREASE)
FROM CAPITAL SHARE
TRANSACTIONS: #
Proceeds from shares
issued
Vista Shares ................... 5,771,656 13,476,115 708,064 1,297,509
Premier Shares ................. 1,459,003 2,362,876 196,478 372,508
Institutional Shares ........... 5,993,538 12,537,826 2,015,516 3,327,807
- ----------------------------------------------------------------------------------------------------
13,224,197 28,376,817 2,920,058 4,997,824
- ----------------------------------------------------------------------------------------------------
Proceeds from
reinvestment of dividends
Vista Shares ................... 27,390 41,118 9,685 18,183
Premier Shares ................. 2,706 3,990 5,790 11,931
Institutional Shares ........... 16,795 35,134 1,812 5,462
- ----------------------------------------------------------------------------------------------------
46,891 80,242 17,287 35,576
- ----------------------------------------------------------------------------------------------------
Cost of shares redeemed
Vista Shares ................... (6,172,354) (13,099,202) (692,929) (1,124,759)
Premier Shares ................. (1,633,895) (2,046,068) (220,851) (399,355)
Institutional Shares ........... (5,215,460) (12,469,834) (1,977,592) (3,282,935)
- ----------------------------------------------------------------------------------------------------
(13,021,709) (27,615,104) (2,891,372) (4,807,049)
- ----------------------------------------------------------------------------------------------------
Net increase from
capital share
transactions ................... 249,379 841,955 45,973 226,351
- ----------------------------------------------------------------------------------------------------
Total increase
in net assets ................. 249,405 841,927 45,951 226,341
NET ASSETS:
Beginning of period ............. 3,189,921 2,347,994 1,096,487 870,146
- ----------------------------------------------------------------------------------------------------
End of period ................... $ 3,439,326 $ 3,189,921 $1,142,438 $1,096,487
- ----------------------------------------------------------------------------------------------------
</TABLE>
# At $1.00 per share.
See notes to financial statements.
66
<PAGE>
STATEMENT OF CHANGES IN NET ASSETS For the periods indicated (unaudited)
(Amounts in Thousands)
<TABLE>
<CAPTION>
Cash Management
Fund
09/01/99 Year
through Ended
02/29/00 08/31/99
- ------------------------------------------------------------------------------------
<S> <C> <C>
INCREASE (DECREASE) IN NET ASSETS FROM
OPERATIONS:
Net investment income ............................ $ 222,892 $ 317,595
Net realized loss on investments ................. (198) (329)
Change in net unrealized appreciation/
depreciation on investments ...................... 1,650 (1,650)
- ------------------------------------------------------------------------------------
Increase in net assets from operations .......... 224,344 315,616
- ------------------------------------------------------------------------------------
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income ............................ (222,881) (317,818)
Net realized gain on investment transactions ..... -- (117)
- ------------------------------------------------------------------------------------
Total distributions to shareholders ............ (222,881) (317,935)
- ------------------------------------------------------------------------------------
INCREASE (DECREASE) FROM CAPITAL SHARE
TRANSACTIONS: #
Proceeds from shares issued
Vista Shares .................................... 13,805,234 26,474,726
Premier Shares .................................. 2,420,713 4,894,950
Institutional Shares ............................ 7,083,199 10,132,124
- ------------------------------------------------------------------------------------
23,309,146 41,501,800
- ------------------------------------------------------------------------------------
Proceeds from reinvestment of dividends
Vista Shares .................................... 129,396 187,928
Premier Shares .................................. 9,261 16,857
Institutional Shares ............................ 51,410 63,365
- ------------------------------------------------------------------------------------
190,067 268,150
- ------------------------------------------------------------------------------------
Cost of shares redeemed
Vista Shares .................................... (13,241,201) (24,623,550)
Premier Shares .................................. (2,531,873) (4,864,551)
Institutional Shares ............................ (6,123,378) (9,707,967)
- ------------------------------------------------------------------------------------
(21,896,452) (39,196,068)
- ------------------------------------------------------------------------------------
Net increase from capital share
transactions .................................... 1,602,761 2,573,882
- ------------------------------------------------------------------------------------
Total increase in net assets ................... 1,604,224 2,571,563
NET ASSETS:
Beginning of period .............................. 7,688,582 5,117,019
- ------------------------------------------------------------------------------------
End of period .................................... $ 9,292,806 $ 7,688,582
- ------------------------------------------------------------------------------------
</TABLE>
# At $1.00 per share.
See notes to financial statements.
67
<PAGE>
STATEMENT OF CHANGES IN NET ASSETS For the periods indicated (unaudited)
(Amounts in Thousands)
<TABLE>
<CAPTION>
Prime
Money Market
Fund
09/01/99 Year
through Ended
02/29/00 08/31/99
- -----------------------------------------------------------------------------------
<S> <C> <C>
INCREASE (DECREASE) IN NET ASSETS FROM
OPERATIONS:
Net investment income ............................ $ 289,709 $ 382,831
Net realized gain on investments ................. 11 327
Change in net unrealized appreciation/
depreciation on investments ...................... 3,884 (3,884)
- -----------------------------------------------------------------------------------
Increase in net assets from operations .......... 293,604 379,274
- -----------------------------------------------------------------------------------
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income ............................ (289,716) (382,895)
Net realized gain on investment transactions ..... (121) (271)
- -----------------------------------------------------------------------------------
Total distributions to shareholders ............ (289,837) (383,166)
- -----------------------------------------------------------------------------------
INCREASE (DECREASE) FROM CAPITAL SHARE
TRANSACTIONS: #
Proceeds from shares issued
Vista Shares* ................................... 2,388,883 1,051,476
Premier Shares .................................. 6,212,965 11,380,971
Institutional Shares ............................ 40,781,832 61,694,665
B Shares ........................................ 72,110 143,459
C Shares ........................................ 3,678 4,653
- -----------------------------------------------------------------------------------
49,459,468 74,275,224
- -----------------------------------------------------------------------------------
Proceeds from reinvestment of dividends
Vista Shares* ................................... 15,283 4,244
Premier Shares .................................. 17,114 24,988
Institutional Shares ............................ 169,392 229,886
B Shares ........................................ 487 771
C Shares ........................................ 6 5
- -----------------------------------------------------------------------------------
202,282 259,894
- -----------------------------------------------------------------------------------
Cost of shares redeemed
Vista Shares* ................................... (1,768,662) (540,581)
Premier Shares .................................. (6,231,766) (10,901,491)
Institutional Shares ............................ (41,843,952) (58,482,409)
B Shares ........................................ (91,167) (136,601)
C Shares ........................................ (3,667) (4,584)
- -----------------------------------------------------------------------------------
(49,939,214) (70,065,666)
- -----------------------------------------------------------------------------------
Net increase (decrease) from capital
share transactions .............................. (277,464) 4,469,452
- -----------------------------------------------------------------------------------
Total increase (decrease) in net assets ........ (273,697) 4,465,560
NET ASSETS:
Beginning of period .............................. 9,806,541 5,340,981
- -----------------------------------------------------------------------------------
End of period .................................... $ 9,532,844 $ 9,806,541
- -----------------------------------------------------------------------------------
</TABLE>
# At $1.00 per share.
* PRM Vista Shares commencement of offering, 10/1/98.
See notes to financial statements.
68
<PAGE>
STATEMENT OF CHANGES IN NET ASSETS For the periods indicated (unaudited)
(Amounts in Thousands)
<TABLE>
<CAPTION>
Tax Free New York Tax Free
Money Market Money Market
Fund Fund
09/01/99 Year 09/01/99 Year
through Ended through Ended
02/29/00 08/31/99 02/29/00 08/31/99
- ---------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
INCREASE (DECREASE) IN
NET ASSETS FROM
OPERATIONS:
Net investment income ........... $ 22,953 $ 36,759 $ 22,956 $ 37,793
Net realized gain (loss) on
investments ..................... (4) 59 2 61
Change in net unrealized
appreciation/depreciation
on investments .................. -- -- -- --
- ---------------------------------------------------------------------------------------------------
Increase in net assets
from operations ................ 22,949 36,818 22,958 37,854
- ---------------------------------------------------------------------------------------------------
DISTRIBUTIONS TO
SHAREHOLDERS FROM:
Net investment income ........... (22,923) (36,827) (22,953) (37,841)
Net realized gain on
investment transactions ......... -- -- -- --
- ---------------------------------------------------------------------------------------------------
Total distributions to
shareholders .................. (22,923) (36,827) (22,953) (37,841)
- ---------------------------------------------------------------------------------------------------
INCREASE (DECREASE)
FROM CAPITAL SHARE
TRANSACTIONS: #
Proceeds from shares
issued
Vista Shares ................... 856,962 2,100,524 1,610,006 3,260,482
Premier Shares ................. 161,833 385,299 -- --
Institutional Shares ........... 1,411,534 2,526,660 -- --
- ---------------------------------------------------------------------------------------------------
2,430,329 5,012,483 1,610,006 3,260,482
- ---------------------------------------------------------------------------------------------------
Proceeds from
reinvestment of dividends
Vista Shares ................... 4,899 8,397 15,886 25,347
Premier Shares ................. 1,312 2,257 -- --
Institutional Shares ........... 3,684 5,196 -- --
- ---------------------------------------------------------------------------------------------------
9,895 15,850 15,886 25,347
- ---------------------------------------------------------------------------------------------------
Cost of shares redeemed
Vista Shares ................... (735,475) (2,088,092) (1,408,545) (3,153,158)
Premier Shares ................. (155,105) (390,878) -- --
Institutional Shares ........... (1,233,354) (2,465,756) -- --
- ---------------------------------------------------------------------------------------------------
(2,123,934) (4,944,726) (1,408,545) (3,153,158)
- ---------------------------------------------------------------------------------------------------
Net increase from capital
share transactions .............. 316,290 83,607 217,347 132,671
- ---------------------------------------------------------------------------------------------------
Total increase
in net assets ................. 316,316 83,598 217,352 132,684
- ---------------------------------------------------------------------------------------------------
NET ASSETS:
Beginning of period ............. 1,360,266 1,276,668 1,504,511 1,371,827
- ---------------------------------------------------------------------------------------------------
End of period ................... $ 1,676,582 $1,360,266 $1,721,863 $1,504,511
- ---------------------------------------------------------------------------------------------------
</TABLE>
# At $1.00 per share.
See notes to financial statements.
69
<PAGE>
STATEMENT OF CHANGES IN NET ASSETS For the periods indicated (unaudited)
(Amounts in Thousands)
<TABLE>
<CAPTION>
California Tax Free
Money Market
Fund
09/01/99 Year
through Ended
02/29/00 08/31/99
- -------------------------------------------------------------------------------------------
<S> <C> <C>
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income ....................................... $ 659 $ 1,181
Net realized gain on investments ............................ -- 4
Change in net unrealized appreciation/depreciation on
investments ................................................. -- --
- -------------------------------------------------------------------------------------------
Increase in net assets from operations ..................... 659 1,185
- -------------------------------------------------------------------------------------------
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income ....................................... (659) (1,200)
Net realized gain on investment transactions ................ -- --
- -------------------------------------------------------------------------------------------
Total distributions to shareholders ....................... (659) (1,200)
- -------------------------------------------------------------------------------------------
INCREASE (DECREASE) FROM CAPITAL SHARE
TRANSACTIONS: #
Proceeds from shares issued (Vista Shares) .................. 104,185 329,610
Proceeds from reinvestment of dividends (Vista Shares) ...... 291 474
Cost of shares redeemed (Vista Shares) ...................... (104,879) (312,828)
- -------------------------------------------------------------------------------------------
Net increase (decrease) from capital share transactions ..... (403) 17,256
- -------------------------------------------------------------------------------------------
Total increase (decrease) in net assets ................... (403) 17,241
NET ASSETS:
Beginning of period ......................................... 67,640 50,399
- -------------------------------------------------------------------------------------------
End of period ............................................... $ 67,237 $ 67,640
- -------------------------------------------------------------------------------------------
</TABLE>
# At $1.00 per share.
See notes to financial statements.
70
<PAGE>
- --------------------------------------------------------------------------------
CHASE VISTA FUNDS NOTES TO FINANCIAL STATEMENTS (unaudited)
- --------------------------------------------------------------------------------
1. Organization and Significant Accounting Policies
Mutual Fund Trust (the "Trust") was organized as a Massachusetts business
trust, and is registered under the Investment Company Act of 1940, as amended
(the "1940 Act"), as an open-end, management investment company. 100% U.S.
Treasury Securities Money Market Fund ("USTS"), U.S. Government Money Market
Fund ("USG"), Treasury Plus Money Market Fund ("TP"), Federal Money Market Fund
("FED"), Cash Management Fund ("CM"), Prime Money Market Fund ("PRM"), Tax Free
Money Market Fund ("TF"), New York Tax Free Money Market Fund ("NYTF") and
California Tax Free Money Market Fund ("CTF") (collectively, the "Funds") are
nine separate portfolios of the Trust.
The Funds offer various classes of shares as follows:
<TABLE>
<CAPTION>
Fund Classes Offered
- --------------------------------------------------------------------------------
<S> <C>
USTS Vista, Premier, Institutional
USG Vista, Premier, Institutional
TP Vista, Premier, Institutional
FED Vista, Premier, Institutional
CM Vista, Premier, Institutional
PRM Vista, Premier, Institutional, B Shares, C Shares
TF Vista, Premier, Institutional
NYTF Vista
CTF 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,
subcustodian or a bank in which the custodian bank has entered into a
subcustodian 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
71
<PAGE>
CHASE VISTA FUNDS NOTES TO FINANCIAL STATEMENTS (unaudited) (continued)
basis. Interest income consists of coupon interest accrued and amortization
of premium and discount earned.
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 its
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 -- Dividends and distributions paid to
shareholders are recorded on the ex-dividend date. The amount of dividends
and distributions from net investment income and net realized capital gains
is determined in accordance with Federal income tax regulations, which may
differ from generally accepted accounting principles. To the extent these
"book/tax" differences are permanent in nature (i.e., that they result from
other than timing of recognition--"temporary differences"), such amounts
are reclassified within the capital accounts based on their Federal income
tax-basis treatment. Dividends and distributions which exceed net
investment income or net realized capital gains for financial reporting
purposes but not for tax purposes are reported as distributions in excess
of net investment income or net realized capital gains.
F. Income and Expenses -- Expenses directly attributable to a Fund are
charged to that Fund; other expenses are allocated proportionately among
each of the Funds within the Trust in relation to the net assets of each
Fund or on another reasonable basis. Expenses directly attributable to a
particular class are charged directly to such class. 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 "Adviser") acts as the
investment adviser to the Funds. Chase is a direct wholly-owned subsidiary
of The Chase Manhattan Corporation. As investment adviser, Chase supervises
the investments of 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 CM and TF, pursuant to
a Sub-Investment Advisory Agreement between CAM and Chase. CAM is a
wholly-owned subsidiary of Chase and is entitled
72
<PAGE>
CHASE VISTA FUNDS NOTES TO FINANCIAL STATEMENTS (unaudited) (continued)
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 CM and TF pursuant to a Sub-Investment Advisory Agreement
between Chase and CBT. CBT is a wholly-owned subsidiary of Chase and is
entitled to receive a fee, payable by Chase from its advisory fee, at an
annual rate equal to 0.03% of the Fund's average daily net assets.
B. Shareholder and Fund servicing fees -- The Trust adopted Administrative
Service Plans which, among other things, provide 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%, of
the average daily net assets of the Vista Class, 0.25% of the average daily
net assets of the Premier, B Shares and C Shares Classes, and 0.10% of the
average daily net assets of the Institutional Class of each Fund.
Chase and certain of its affiliates are 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-administrations fees -- Pursuant to a Distribution
and Sub-Administration Agreement, Vista Fund Distributors, Inc. ("VFD" or
the "Distributor"), a wholly-owned subsidiary of The BISYS Group, Inc.
("BISYS"), acts as the Trust's exclusive underwriter and promotes and
arranges for the sale of each Fund's shares. In addition, the Distributor
provides certain sub-administration services to the Trust, including
providing officers, clerical staff and office space for an annual fee
computed daily and paid monthly, of 0.05% of the average daily net assets
of each Fund.
The Trustees have adopted plans of distribution under the 1940 Act for the
Premier Shares of USG (the "Premier Plan"), for the Vista Shares (the
"Vista Plan") except for CM and PRM, and for the B Shares and C Shares of
the PRM (the "B Plan" and "C Plan", respectively). There are no
distribution plans for the Institutional Shares. The Premier, Vista, B and
C Share Plans pay 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 the Vista Class of each Fund (except CM and PRM), 0.10% of the
average daily net assets of the USG Premier Class and 0.75% of the average
daily net assets of the B Shares and C Shares of PRM.
The Distributor voluntarily waived all or a portion of its distribution
fees as outlined in Note 2.E. below.
D. Administration fee -- Pursuant to the 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.
73
<PAGE>
CHASE VISTA FUNDS NOTES TO FINANCIAL STATEMENTS (unaudited) (continued)
The Administrator voluntarily waived all or a portion of the administration
fees as outlined in Note 2.E. below.
E. Waiver of fees -- For the six months ended February 29, 2000, the
Funds' vendors voluntarily waived fees for each of the Funds as follows
(amounts in thousands):
<TABLE>
<CAPTION>
Investment Shareholder
Advisory Administration Servicing Distribution
- --------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
USTS.......... $-- $829 $ 989 $485
USG .......... -- -- 3,149 214
TP ........... -- 570 841 --
FED .......... -- -- 258 --
CM ........... -- -- 1,440 --
PRM .......... -- -- 3,750 --
TF ........... -- 221 795 --
NYTF......... -- 377 -- 506
CTF .......... 25 -- 55 12
</TABLE>
F. Other --Certain officers of the Trust are officers of VFD or of its
parent corporation, BISYS.
Chase provides portfolio accounting and custody services for the Funds.
Such amounts are presented in the Statement of Operations as custodian
fees. Custodian fees are subject to reduction by credits earned by each
Fund, based on cash balances held by Chase as custodian. Such earnings
credits are presented separately in the Statement of Operations. The Funds
could have invested the cash balances utilized in connection with the
earnings credit arrangements in income producing assets if they had not
entered into such arrangements.
3. Concentration of Credit Risk
As of February 29, 2000, CM and PRM invested 75.6% and 91.8%, respectively, of
their net assets in securities issued by institutions in the financial services
industry including banks, broker dealers and insurance companies. General
economic conditions, as well as exposure to credit losses arising from possible
financial difficulties of borrowers, play an important role in the operation of
the financial services industry.
TF, NYTF and CTF 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 NYTF primarily investing in
issuers in the State of New York, and CTF primarily investing in issuers in the
State of California. 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 29, 2000,
74
<PAGE>
CHASE VISTA FUNDS NOTES TO FINANCIAL STATEMENTS (unaudited) (continued)
included in Trustees Fees in the Statement of Operations, and accrued pension
liability included in Other Accrued Liabilities in the Statement of Assets and
Liabilities were as follows (in thousands):
<TABLE>
<CAPTION>
Pension Accrued
Fund Expenses Pension Liability
- --------------------------------------------------------------------------------
<S> <C> <C>
USTS ......... $36 $291
USG .......... 64 563
TP ........... 25 220
FED .......... 10 83
CM ........... 68 425
PRM .......... 87 374
TF ........... 12 107
NYTF ......... 13 110
CTF .......... 1 5
</TABLE>
75
<PAGE>
- --------------------------------------------------------------------------------
CHASE VISTA FUNDS FINANCIAL HIGHLIGHTS (unaudited)
- --------------------------------------------------------------------------------
FINANCIAL HIGHLIGHTS (unaudited)
<TABLE>
<CAPTION>
100% U.S. Treasury Securities Money Market Fund
---------------------------------------------------------------------------------
Vista Shares
---------------------------------------------------------------------------------
9/1/99 Year Ended 12/1/95++ Year Ended
Through August 31, Through November 30,
-------------------------- ------------
2/29/00 1999 1998 1997 8/31/96 1995 1994
---------- -------- ---- ---- ---------- -------- ----
<S> <C> <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 $ 1.00
---------- -------- ------ ------ ---------- -------- ------
Income from Investment Operations:
Net Investment Income .................... 0.02 0.04 0.05 0.05 0.04 0.05 0.03
Less Dividends from Net
Investment Income ....................... 0.02 0.04 0.05 0.05 0.04 0.05 0.03
---------- -------- ------ ------ ---------- -------- ------
Net Asset Value, End of Period ............ $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
========== ======== ====== ====== ========== ======== ======
Total Return .............................. 2.27% 4.31% 4.92% 4.87% 3.50% 5.15% 3.32%
Ratios/Supplemental Data:
Net Assets, End of Period (millions) ..... $ 3,202 $3,312 $3,051 $2,376 $ 1,672 $1,338 $1,024
Ratios to Average Net Assets#:
Expenses ................................. 0.59% 0.59% 0.59% 0.59% 0.60% 0.58% 0.59%
Net Investment Income .................... 4.52% 4.15% 4.78% 4.74% 4.58% 4.99% 3.26%
Expenses Without Waivers, Assumption
of Expenses and Earnings Credits ......... 0.71% 0.71% 0.71% 0.71% 0.68% 0.61% 0.62%
Net Investment Income Without
Waivers, Assumption of Expenses and
Earnings Credits ......................... 4.40% 4.03% 4.66% 4.62% 4.50% 4.96% 3.23%
<CAPTION>
100% U.S. Treasury Securities Money Market Fund
--------------------------------------------------------
Premier Shares
--------------------------------------------------------
9/1/99 Year Ended 6/3/96*
Through August 31, Through
--------------------------
2/29/00 1999 1998 1997 8/31/96
---------- -------- ---- ---- --------
<S> <C> <C> <C> <C> <C>
Per Share Operating Performance
Net Asset Value, Beginning of Period ...... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
---------- -------- ------- ------- ---------
Income from Investment Operations:
Net Investment Income .................... 0.02 0.04 0.05 0.05 0.01
Less Dividends from Net
Investment Income ....................... 0.02 0.04 0.05 0.05 0.01
---------- -------- ------- ------- ---------
Net Asset Value, End of Period ............ $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
========== ======== ======= ======= =========
Total Return .............................. 2.32% 4.40% 5.00% 4.91% 1.11%
Ratios/Supplemental Data:
Net Assets, End of Period (millions) ..... $ 77 $ 24 $ 22 $ 6 $ 1
Ratios to Average Net Assets#:
Expenses ................................. 0.50% 0.50% 0.51% 0.55% 0.42%
Net Investment Income .................... 4.69% 4.22% 4.99% 4.80% 3.45%
Expenses Without Waivers, Assumption
of Expenses and Earnings Credits ......... 0.54% 0.56% 0.78% 0.80% 0.42%
Net Investment Income Without
Waivers, Assumption of Expenses and
Earnings Credits ......................... 4.65% 4.16% 4.72% 4.55% 3.45%
- --------------------------------------------------------------------------------------------------------------------------
</TABLE>
++ In 1996, the Fund changed its fiscal year-end from November 30 to August 31.
* Commencement of offering of class of shares.
# Short periods have been annualized.
See notes to financial statements
76
<PAGE>
CHASE VISTA FUNDS FINANCIAL HIGHLIGHTS (unaudited)
FINANCIAL HIGHLIGHTS (unaudited)
<TABLE>
<CAPTION>
100% U.S. Treasury Securities Money Market Fund
-----------------------------------------------------------
Institutional Shares
-----------------------------------------------------------
9/1/99 Year Ended 6/3/96*
Through August 31, Through
--------------------------
2/29/00 1999 1998 1997 8/31/96
----------- -------- ---- ---- -------
<S> <C> <C> <C> <C> <C>
Per Share Operating Performance
Net Asset Value, Beginning of Period ............. $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
----------- -------- ------ ------- --------
Income from Investment Operations:
Net Investment Income ............................ 0.02 0.05 0.05 0.05 0.01
Less Dividends from Net
Investment Income .............................. 0.02 0.05 0.05 0.05 0.01
----------- -------- ------ ------- --------
Net Asset Value, End of Period ................... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
=========== ======== ====== ======= ========
Total Return ..................................... 2.45% 4.67% 5.30% 5.20% 1.23%
Ratios/Supplemental Data:
Net Assets, End of Period (millions) ............ $ 874 $ 895 $1,796 $ 81 $ 1
Ratios to Average Net Assets#:
Expenses ........................................ 0.25% 0.24% 0.21% 0.27% 0.21%
Net Investment Income ........................... 4.87% 4.51% 5.13% 5.06% 3.65%
Expenses Without Waivers, Assumption of
Expenses and Earnings Credits ................... 0.34% 0.32% 0.25% 0.27% 0.21%
Net Investment Income Without Waivers,
Assumption of Expenses and Earnings Credits ..... 4.78% 4.43% 5.09% 5.06% 3.65%
- -----------------------------------------------------------------------------------------------------------
</TABLE>
* Commencement of offering of class of shares.
# Short periods have been annualized.
See notes to financial statements.
77
<PAGE>
CHASE VISTA FUNDS FINANCIAL HIGHLIGHTS (unaudited)
FINANCIAL HIGHLIGHTS (unaudited)
<TABLE>
<CAPTION>
U.S. Government Money Market Fund
-----------------------------------------------------------------
Vista Shares
-----------------------------------------------------------------
9/1/99 Year Ended August 31,
Through ------------------------------------------------------
2/29/00 1999 1998 1997 1996 1995
---------- ---------- ---------- ---------- ---------- ----------
<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 ............................... 0.02 0.04 0.05 0.05 0.05 0.05
Less Dividends from Net Investment Income .......... 0.02 0.04 0.05 0.05 0.05 0.05
------ ------ ------ ------ ------ ------
Net Asset Value, End of Period ....................... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
====== ====== ====== ====== ====== ======
Total Return ......................................... 2.48% 4.55% 5.14% 5.04% 4.97% 5.05%
Ratios/Supplemental Data:
Net Assets, End of Period (millions) ................ $3,360 $3,538 $3,033 $2,139 $2,057 $ 341
Ratios to Average Net Assets:#
Expenses ............................................ 0.59% 0.59% 0.59% 0.59% 0.65% 0.80%
Net Investment Income ............................... 4.93% 4.46% 5.01% 4.93% 4.83% 4.93%
Expenses Without Waivers, Assumption of
Expenses and Earnings Credits ....................... 0.69% 0.69% 0.70% 0.72% 0.73% 0.80%
Net Investment Income Without Waivers,
Assumption of Expenses and Earnings Credits ......... 4.83% 4.36% 4.90% 4.80% 4.75% 4.93%
- ----------------------------------------------------------------------------------------------------------------------
</TABLE>
# Short periods have been annualized.
See notes to financial statements.
78
<PAGE>
CHASE VISTA FUNDS FINANCIAL HIGHLIGHTS (unaudited)
FINANCIAL HIGHLIGHTS (unaudited)
<TABLE>
<CAPTION>
U.S. Government Money Market Fund
----------------------------------------------------------------
Premier Shares
----------------------------------------------------------------
9/1/99 Year Ended August 31,
Through ------------------------------------------------------
2/29/00 1999 1998 1997 1996 1995
--------- ---------- ---------- ---------- ---------- ----------
<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 ............................... 0.03 0.05 0.05 0.05 0.05 0.05
Less Dividends from Net Investment Income .......... 0.03 0.05 0.05 0.05 0.05 0.05
------ ------ ------ ------ ------ ------
Net Asset Value, End of Period ....................... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
====== ====== ====== ====== ====== ======
Total Return ......................................... 2.55% 4.70% 5.25% 5.08% 5.15% 5.31%
Ratios/Supplemental Data:
Net Assets, End of Period (millions) ................ $ 989 $ 922 $1,084 $ 837 $ 802 $ 764
Ratios to Average Net Assets:#
Expenses ............................................ 0.45% 0.45% 0.48% 0.55% 0.55% 0.55%
Net Investment Income ............................... 5.07% 4.60% 5.12% 4.97% 5.04% 5.22%
Expenses Without Waivers, Assumption of
Expenses and Earnings Credits ....................... 0.58% 0.58% 0.60% 0.60% 0.59% 0.59%
Net Investment Income Without Waivers,
Assumption of Expenses and Earnings Credits ......... 4.94% 4.47% 5.00% 4.92% 5.00% 5.18%
- ---------------------------------------------------------------------------------------------------------------------
<CAPTION>
U.S. Government Money Market Fund
-----------------------------------------------------------------
Institutional Shares
-----------------------------------------------------------------
9/1/99 Year Ended August 31,
Through ------------------------------------------------------
2/29/00 1999 1998 1997 1996 1995
---------- ---------- ---------- ---------- ---------- ----------
<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 ............................... 0.03 0.05 0.05 0.05 0.05 0.05
Less Dividends from Net Investment Income .......... 0.03 0.05 0.05 0.05 0.05 0.05
------ ------ ------ ------ ------ ------
Net Asset Value, End of Period ....................... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
====== ====== ====== ====== ====== ======
Total Return ......................................... 2.64% 4.92% 5.51% 5.40% 5.45% 5.60%
Ratios/Supplemental Data:
Net Assets, End of Period (millions) ................ $2,539 $2,913 $2,797 $2,955 $1,182 $ 466
Ratios to Average Net Assets:#
Expenses ............................................ 0.26% 0.25% 0.24% 0.24% 0.27% 0.27%
Net Investment Income ............................... 5.34% 4.80% 5.36% 5.29% 5.30% 5.58%
Expenses Without Waivers, Assumption of
Expenses and Earnings Credits ....................... 0.33% 0.31% 0.24% 0.24% 0.27% 0.28%
Net Investment Income Without Waivers,
Assumption of Expenses and Earnings Credits ......... 5.27% 4.74% 5.36% 5.29% 5.30% 5.57%
- -----------------------------------------------------------------------------------------------------------------------
</TABLE>
# Short periods have been annualized.
See notes to financial statements.
79
<PAGE>
CHASE VISTA FUNDS FINANCIAL HIGHLIGHTS (unaudited)
FINANCIAL HIGHLIGHTS (unaudited)
<TABLE>
<CAPTION>
Treasury Plus Money Market Fund
------------------------------------------------------
Vista Shares
------------------------------------------------------
Year Ended
9/1/99 August 31, 5/6/96*
Through -------------------------------- Through
2/29/00 1999 1998 1997 8/31/96
---------- ---------- ---------- ---------- ----------
<S> <C> <C> <C> <C> <C>
Per Share Operating Performance
Net Asset Value, Beginning of Period ............. $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
------ ------ ------ ------ ------
Income from Investment Operations:
Net Investment Income ........................... 0.02 0.04 0.05 0.05 0.02
Less Dividends from Net
Investment Income .............................. 0.02 0.04 0.05 0.05 0.02
------ ------ ------ ------ ------
Net Asset Value, End of Period ................... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
====== ====== ====== ====== ======
Total Return ..................................... 2.36% 4.39% 5.05% 4.89% 1.50%
Ratios/Supplemental Data:
Net Assets, End of Period (millions) ............ $1,361 $1,734 $1,316 $1,606 $1,382
Ratios to Average Net Assets:#
Expenses ........................................ 0.59% 0.59% 0.59% 0.59% 0.59%
Net Investment Income ........................... 4.69% 4.27% 4.92% 4.79% 4.63%
Expenses Without Waivers, Assumption of
Expenses and Earnings Credits ................... 0.70% 0.69% 0.70% 0.70% 0.73%
Net Investment Income Without Waivers,
Assumption of Expenses and Earnings Credits ..... 4.58% 4.17% 4.81% 4.68% 4.49%
- --------------------------------------------------------------------------------------------------------
<CAPTION>
Treasury Plus Money Market Fund
----------------------------------------------------------------
Premier Shares
----------------------------------------------------------------
9/1/99 Year Ended August 31,
Through ------------------------------------------------------
2/29/00 1999 1998 1997 1996 1995
--------- ---------- ---------- ---------- ---------- ----------
<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 ........................... 0.02 0.04 0.05 0.05 0.05 0.05
Less Dividends from Net
Investment Income .............................. 0.02 0.04 0.05 0.05 0.05 0.05
------ ------ ------ ------ ------ ------
Net Asset Value, End of Period ................... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
====== ====== ====== ====== ====== ======
Total Return ..................................... 2.43% 4.54% 5.18% 4.98% 5.07% 5.17%
Ratios/Supplemental Data:
Net Assets, End of Period (millions) ............ $ 304 $ 476 $ 155 $ 131 $ 106 $ 19
Ratios to Average Net Assets:#
Expenses ........................................ 0.45% 0.45% 0.46% 0.51% 0.52% 0.50%
Net Investment Income ........................... 4.83% 4.42% 5.06% 4.88% 4.85% 5.23%
Expenses Without Waivers, Assumption of
Expenses and Earnings Credits ................... 0.50% 0.50% 0.50% 0.53% 0.63% 1.57%
Net Investment Income Without Waivers,
Assumption of Expenses and Earnings Credits ..... 4.78% 4.37% 5.02% 4.86% 4.74% 4.16%
- --------------------------------------------------------------------------------------------------------------------
</TABLE>
# Short periods have been annualized.
* Commencement of offering of class of shares.
80
See notes to financial statements.
<PAGE>
CHASE VISTA FUNDS FINANCIAL HIGHLIGHTS (unaudited)
FINANCIAL HIGHLIGHTS (unaudited)
<TABLE>
<CAPTION>
Treasury Plus Money Market Fund
-----------------------------------------------------------------
Institutional Shares
-----------------------------------------------------------------
9/1/99 Year Ended August 31,
Through ------------------------------------------------------
2/29/00 1999 1998 1997 1996 1995
---------- ---------- ---------- ---------- ---------- ----------
<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 ............................... 0.03 0.05 0.05 0.05 0.05 0.05
Less Dividends from Net Investment Income .......... 0.03 0.05 0.05 0.05 0.05 0.05
------ ------ ------ ------ ------ ------
Net Asset Value, End of Period ....................... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
====== ====== ====== ====== ====== ======
Total Return ......................................... 2.54% 4.75% 5.44% 5.24% 5.29% 5.36%
Ratios/Supplemental Data:
Net Assets, End of Period (millions) ................ $1,774 $ 980 $ 876 $ 292 $ 189 $ 18
Ratios to Average Net Assets:#
Expenses ............................................ 0.25% 0.24% 0.21% 0.26% 0.30% 0.32%
Net Investment Income ............................... 5.04% 4.61% 5.29% 5.16% 5.11% 5.21%
Expenses Without Waivers, Assumption
of Expenses and Earnings Credits .................... 0.35% 0.31% 0.25% 0.26% 0.38% 0.89%
Net Investment Income Without Waivers,
Assumption of Expenses and Earnings Credits ......... 4.94% 4.54% 5.25% 5.16% 5.03% 4.64%
- ----------------------------------------------------------------------------------------------------------------------
</TABLE>
# Short periods have been annualized.
See notes to financial statements.
81
<PAGE>
CHASE VISTA FUNDS FINANCIAL HIGHLIGHTS (unaudited)
FINANCIAL HIGHLIGHTS (unaudited)
<TABLE>
<CAPTION>
Federal Money Market Fund
------------------------------------------------------------------
Vista Shares
------------------------------------------------------
9/1/99 Year Ended August 31,
Through ------------------------------------------------------
2/29/00 1999 1998 1997 1996 1995
------- ---- ---- ---- ---- ----
<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 .............................. 0.02 0.04 0.05 0.05 0.05 0.05
Less Dividends from Net Investment Income .......... 0.02 0.04 0.05 0.05 0.05 0.05
--------- ------- ------- ------- ------- -------
Net Asset Value, End of Period ....................... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
========= ======= ======= ======= ======= =======
Total Return ......................................... 2.41% 4.46% 4.94% 4.91% 4.83% 5.20%
Ratios/Supplemental Data:
Net Assets, End of Period (millions) ................ $ 575 $ 550 $ 359 $ 301 $ 353 $ 203
Ratios to Average Net Assets:#
Expenses ............................................ 0.70% 0.70% 0.70% 0.70% 0.70% 0.69%
Net Investment Income ............................... 4.80% 4.35% 4.88% 4.79% 4.79% 5.16%
Expenses Without Waivers, Assumption
of Expenses and Earnings Credits .................... 0.76% 0.78% 0.84% 0.82% 0.93% 0.93%
Net Investment Income Without Waivers,
Assumption of Expenses and Earnings Credits ......... 4.74% 4.27% 4.74% 4.67% 4.56% 4.92%
- -----------------------------------------------------------------------------------------------------------------------
<CAPTION>
Federal Money Market Fund
------------------------------------------------------------------
Premier Shares
------------------------------------------------------
9/1/99 Year Ended August 31,
Through ------------------------------------------------------
2/29/00 1999 1998 1997 1996 1995
------- ---- ---- ---- ---- ----
<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 .............................. 0.02 0.05 0.05 0.05 0.05 0.05
Less Dividends from Net Investment Income .......... 0.02 0.05 0.05 0.05 0.05 0.05
--------- ------- ------- ------- ------- -------
Net Asset Value, End of Period ....................... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
========= ======= ======= ======= ======= =======
Total Return ......................................... 2.51% 4.67% 5.22% 5.12% 5.14% 5.40%
Ratios/Supplemental Data:
Net Assets, End of Period (millions) ................ $ 279 $ 298 $ 313 $ 400 $ 249 $ 149
Ratios to Average Net Assets:#
Expenses ............................................ 0.50% 0.50% 0.50% 0.50% 0.50% 0.49%
Net Investment Income ............................... 5.00% 4.56% 5.07% 5.01% 4.99% 5.32%
Expenses Without Waivers, Assumption
of Expenses and Earnings Credits .................... 0.51% 0.50% 0.51% 0.52% 0.52% 0.59%
Net Investment Income Without Waivers,
Assumption of Expenses and Earnings Credits ......... 4.99% 4.56% 5.06% 4.99% 4.97% 5.22%
- -----------------------------------------------------------------------------------------------------------------------
</TABLE>
# Short periods have been annualized.
See notes to financial statements.
82
<PAGE>
CHASE VISTA FUNDS FINANCIAL HIGHLIGHTS (unaudited)
FINANCIAL HIGHLIGHTS (unaudited)
<TABLE>
<CAPTION>
Federal Money Market Fund
------------------------------------------------------------------
Institutional Shares
------------------------------------------------------------------
9/1/99 Year Ended August 31,
Through -------------------------------------------------------
2/29/00 1999 1998 1997 1996 1995
------- -------- ---- ---- ---- ----
<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 ............................... 0.03 0.05 0.05 0.05 0.05 0.05
Less Dividends from Net Investment Income .......... 0.03 0.05 0.05 0.05 0.05 0.05
-------- -------- ------- ------- ------- -------
Net Asset Value, End of Period ....................... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
======== ======== ======= ======= ======= =======
Total Return ......................................... 2.63% 4.92% 5.46% 5.35% 5.35% 5.57%
Ratios/Supplemental Data:
Net Assets, End of Period (millions) ................ $ 288 $ 248 $ 198 $ 131 $ 141 $ 114
Ratios to Average Net Assets:#
Expenses ............................................ 0.26% 0.26% 0.27% 0.27% 0.30% 0.31%
Net Investment Income ............................... 5.25% 4.79% 5.32% 5.23% 5.20% 5.45%
Expenses Without Waivers, Assumption
of Expenses and Earnings Credits .................... 0.34% 0.34% 0.27% 0.27% 0.30% 0.37%
Net Investment Income Without Waivers,
Assumption of Expenses and Earnings Credits ......... 5.17% 4.71% 5.32% 5.23% 5.20% 5.39%
- -----------------------------------------------------------------------------------------------------------------------
</TABLE>
# Short periods have been annualized.
See notes to financial statements.
83
<PAGE>
CHASE VISTA FUNDS FINANCIAL HIGHLIGHTS (unaudited)
FINANCIAL HIGHLIGHTS (unaudited)
<TABLE>
<CAPTION>
Cash Management Fund
---------------------------------
Vista Shares
---------------------------------
9/1/99 Year Ended August 31,
Through ---------------------
2/29/00 1999 1998
-------- -------- --------
<S> <C> <C> <C>
Per Share Operating Performance
Net Asset Value, Beginning of Period ................. $ 1.00 $ 1.00 $ 1.00
--------- -------- ------
Income from Investment Operations:
Net Investment Income ............................... 0.03 0.05 0.05
Less Dividends from Net
Investment Income .................................. 0.03 0.05 0.05
--------- -------- ------
Net Asset Value, End of Period ....................... $ 1.00 $ 1.00 $ 1.00
========= ======== ======
Total Return ......................................... 2.59% 4.74% 5.23%
Ratios/Supplemental Data:
Net Assets, End of Period (millions) ................ $ 6,374 $5,679 $3,642
Ratios to Average Net Assets:#
Expenses ............................................ 0.59% 0.59% 0.59%
Net Investment Income ............................... 5.16% 4.61% 5.09%
Expenses Without Waivers, Assumption
of Expenses and Earnings Credits .................... 0.62% 0.62% 0.61%
Net Investment Income Without Waivers,
Assumption of Expenses and Earnings Credits ......... 5.13% 4.58% 5.07%
- ---------------------------------------------------------------------------------------
<CAPTION>
Cash Management Fund
----------------------------------------------
Vista Shares
----------------------------------------------
Year Ended
12/1/95++ November 30,
Through ---------------------
1997 8/31/96 1995 1994
---- ---------- -------- --------
<S> <C> <C> <C> <C>
Per Share Operating Performance
Net Asset Value, Beginning of Period ................. $ 1.00 $ 1.00 $ 1.00 $ 1.00
------ ---------- -------- -------
Income from Investment Operations:
Net Investment Income ............................... 0.05 0.04 0.05 0.04
Less Dividends from Net
Investment Income .................................. 0.05 0.04 0.05 0.04
------ ---------- -------- -------
Net Asset Value, End of Period ....................... $ 1.00 $ 1.00 $ 1.00 $ 1.00
====== ========== ======== =======
Total Return ......................................... 5.09% 3.69% 5.49% 3.62%
Ratios/Supplemental Data:
Net Assets, End of Period (millions) ................ $2,576 $1,621 $1,634 $ 990
Ratios to Average Net Assets:#
Expenses ............................................ 0.59% 0.60% 0.58% 0.58%
Net Investment Income ............................... 4.99% 4.91% 5.35% 3.62%
Expenses Without Waivers, Assumption
of Expenses and Earnings Credits .................... 0.62% 0.63% 0.62% 0.62%
Net Investment Income Without Waivers,
Assumption of Expenses and Earnings Credits ......... 4.96% 4.88% 5.31% 3.58%
- ----------------------------------------------------------------------------------------------------
</TABLE>
++ In 1996, the Fund changed its fiscal year-end from November 30 to August
31.
# Short periods have been annualized.
See notes to financial statements.
84
<PAGE>
CHASE VISTA FUNDS FINANCIAL HIGHLIGHTS (unaudited)
FINANCIAL HIGHLIGHTS (unaudited)
<TABLE>
<CAPTION>
Cash Management Fund
--------------------------------------------------------
Premier Shares
--------------------------------------------------------
Year Ended August 31,
9/1/99 ------------------------------ 5/6/96*
Through Through
2/29/00 1999 1998 1997 8/31/96
-------- -------- -------- -------- --------
<S> <C> <C> <C> <C> <C>
Per Share Operating Performance
Net Asset Value, Beginning of Period ............. $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
--------- -------- ------- ------- ---------
Income from Investment Operations:
Net Investment Income ........................... 0.03 0.05 0.05 0.05 0.02
Less Dividends from Net Investment Income ...... 0.03 0.05 0.05 0.05 0.02
--------- -------- ------- ------- ---------
Net Asset Value, End of Period ................... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
========= ======== ======= ======= =========
Total Return ..................................... 2.66% 4.89% 5.35% 5.18% 1.61%
Ratios/Supplemental Data:
Net Assets, End of Period (millions) ............ $ 361 $ 463 $ 415 $ 375 $ 433
Ratios to Average Net Assets:#
Expenses ........................................ 0.45% 0.45% 0.47% 0.50% 0.50%
Net Investment Income ........................... 5.28% 4.77% 5.22% 5.07% 4.93%
Expenses Without Waivers, Assumption of
Expenses and Earnings Credits ................... 0.50% 0.50% 0.52% 0.51% 0.52%
Net Investment Income Without Waivers,
Assumption of Expenses and Earnings Credits ..... 5.23% 4.72% 5.17% 5.06% 4.91%
- ----------------------------------------------------------------------------------------------------------
<CAPTION>
Cash Management Fund
--------------------------------------------------------
Institutional Shares
--------------------------------------------------------
Year Ended August 31,
9/1/99 -------------------------------- 5/6/96*
Through Through
2/29/00 1999 1998 1997 8/31/96
-------- -------- -------- -------- --------
<S> <C> <C> <C> <C> <C>
Per Share Operating Performance
Net Asset Value, Beginning of Period ............. $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
--------- -------- ------ ------- ---------
Income from Investment Operations:
Net Investment Income ........................... 0.03 0.05 0.06 0.05 0.02
Less Dividends from Net Investment Income ...... 0.03 0.05 0.06 0.05 0.02
--------- -------- ------ ------- ---------
Net Asset Value, End of Period ................... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
========= ======== ====== ======= =========
Total Return ..................................... 2.76% 5.09% 5.59% 5.45% 1.69%
Ratios/Supplemental Data:
Net Assets, End of Period (millions) ............ $2,558 $1,547 $1,060 $ 924 $ 657
Ratios to Average Net Assets:#
Expenses ........................................ 0.26% 0.26% 0.24% 0.24% 0.25%
Net Investment Income ........................... 5.50% 4.95% 5.45% 5.34% 5.22%
Expenses Without Waivers, Assumption of
Expenses and Earnings Credits ................... 0.33% 0.32% 0.24% 0.24% 0.25%
Net Investment Income Without Waivers,
Assumption of Expenses and Earnings Credits ..... 5.43% 4.89% 5.45% 5.34% 5.22%
- ----------------------------------------------------------------------------------------------------------
</TABLE>
* Commencement of offering of class of shares.
# Short periods have been annualized.
See notes to financial statements.
85
<PAGE>
CHASE VISTA FUNDS FINANCIAL HIGHLIGHTS (unaudited)
FINANCIAL HIGHLIGHTS (unaudited)
<TABLE>
<CAPTION>
Prime Money Market Fund
------------------------------------------------------------------
Premier Shares
------------------------------------------------------------------
9/1/99 Year Ended August 31,
Through ------------------------------------------------------
2/29/00 1999 1998 1997 1996 1995
------- -------- ------- -------- -------- --------
<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 ............................... 0.03 0.05 0.05 0.05 0.05 0.05
Less Dividends from Net Investment Income .......... 0.03 0.05 0.05 0.05 0.05 0.05
-------- -------- ------- ------- ------- -------
Net Asset Value, End of Period ....................... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
======== ======== ======= ======= ======= =======
Total Return ......................................... 2.67% 4.90% 5.44% 5.34% 5.32% 5.44%
Ratios/Supplemental Data:
Net Assets, End of Period (millions) ................ $1,093 $1,094 $ 590 $ 499 $ 419 $ 63
Ratios to Average Net Assets:#
Expenses ............................................ 0.45% 0.45% 0.45% 0.45% 0.45% 0.45%
Net Investment Income ............................... 5.30% 4.77% 5.29% 5.17% 5.18% 5.24%
Expenses Without Waivers, Assumption of
Expenses and Earnings Credits ....................... 0.50% 0.49% 0.51% 0.53% 0.51% 0.65%
Net Investment Income Without Waivers,
Assumption of Expenses and Earnings Credits ......... 5.25% 4.73% 5.23% 5.09% 5.12% 5.04%
- -----------------------------------------------------------------------------------------------------------------------
</TABLE>
# Short periods have been annualized.
See notes to financial statements.
86
<PAGE>
CHASE VISTA FUNDS FINANCIAL HIGHLIGHTS (unaudited)
FINANCIAL HIGHLIGHTS (unaudited)
<TABLE>
<CAPTION>
Prime Money Market Fund
------------------------------------------------------------------
Institutional Shares
------------------------------------------------------------------
9/1/99
Through Year Ended August 31,
-------------------------------------------------------
2/29/00 1999 1998 1997 1996 1995
------- -------- ---- ---- ---- ----
<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 ............................... 0.03 0.05 0.06 0.05 0.05 0.06
Less Dividends from Net Investment Income .......... 0.03 0.05 0.06 0.05 0.05 0.06
-------- -------- ------ ------ ------- -------
Net Asset Value, End of Period ....................... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
======== ======== ====== ====== ======= =======
Total Return ......................................... 2.77% 5.10% 5.65% 5.49% 5.51% 5.62%
Ratios/Supplemental Data:
Net Assets, End of Period (millions) ................ $ 7,275 $8,161 $4,722 $1,348 $ 725 $ 186
Ratios to Average Net Assets:#
Expenses ............................................ 0.26% 0.26% 0.24% 0.25% 0.26% 0.27%
Net Investment Income ............................... 5.50% 4.96% 5.50% 5.37% 5.33% 5.57%
Expenses Without Waivers, Assumption of
Expenses and Earnings Credits ....................... 0.34% 0.33% 0.24% 0.25% 0.26% 0.35%
Net Investment Income Without Waivers,
Assumption of Expenses and Earnings Credits ......... 5.42% 4.89% 5.50% 5.37% 5.33% 5.49%
- ------------------------------------------------------------------------------------------------------------------------
</TABLE>
# Short periods have been annualized.
See notes to financial statements.
87
<PAGE>
CHASE VISTA FUNDS FINANCIAL HIGHLIGHTS (unaudited)
FINANCIAL HIGHLIGHTS (unaudited)
<TABLE>
<CAPTION>
Prime Money Market Fund
------------------------------------------------------------------
B Shares
------------------------------------------------------------------
9/1/99 Year Ended August 31,
Through -------------------------------------------------------
2/29/00 1999 1998 1997 1996 1995
------- -------- -------- -------- -------- --------
<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 ............................... 0.02 0.04 0.05 0.04 0.04 0.04
Less Dividends from Net Investment Income .......... 0.02 0.04 0.05 0.04 0.04 0.04
-------- -------- ------- ------- ------- -------
Net Asset Value, End of Period ....................... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
======== ======== ======= ======= ======= =======
Total Return ......................................... 2.26% 4.07% 4.60% 4.33% 4.25% 4.37%
Ratios/Supplemental Data:
Net Assets, End of Period (millions) ................ $ 17 $ 36 $ 29 $ 10 $ 16 $ 5
Ratios to Average Net Assets:#
Expenses ............................................ 1.25% 1.25% 1.25% 1.35% 1.47% 1.47%
Net Investment Income ............................... 4.47% 4.00% 4.49% 4.27% 4.17% 4.33%
Expenses Without Waivers, Assumption of
Expenses and Earnings Credits ....................... 1.28% 1.47% 1.50% 1.53% 1.71% 2.53%
Net Investment Income Without Waivers,
Assumption of Expenses and Earnings Credits ......... 4.44% 3.78% 4.24% 4.09% 3.93% 3.27%
- -----------------------------------------------------------------------------------------------------------------------
</TABLE>
# Short periods have been annualized.
See notes to financial statements.
88
<PAGE>
CHASE VISTA FUNDS FINANCIAL HIGHLIGHTS (unaudited)
FINANCIAL HIGHLIGHTS (unaudited)
<TABLE>
<CAPTION>
Prime Money Market Fund
---------------------------------------------------------------------
C Shares Vista Shares
---------------------------------------- --------------------------
9/1/99 Year 5/14/98* 9/1/99 10/1/98*
Through Ended Through Through Through
2/29/00 8/31/99 8/31/98 2/29/00 8/31/99
------- ------- -------- ------- --------
<S> <C> <C> <C> <C> <C>
Per Share Operating Performance
Net Asset Value, Beginning of Period ................. $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
-------- -------- --------- -------- ---------
Income from Investment Operations:
Net Investment Income ............................... 0.02 0.04 0.01 0.03 0.04
Less Dividends from Net Investment Income .......... 0.02 0.04 0.01 0.03 0.04
-------- -------- --------- -------- ---------
Net Asset Value, End of Period ....................... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
======== ======== ========= ======== =========
Total Return ......................................... 2.25% 3.85% 1.29% 2.60% 4.26%
Ratios/Supplemental Data:
Net Assets, End of Period (millions) ................ $ 1 $ 1 $ 1 $ 1,147 $ 515
Ratios to Average Net Assets:#
Expenses ............................................ 1.28% 1.45% 1.50% 0.59% 0.59%
Net Investment Income ............................... 4.49% 3.75% 4.21% 5.22% 4.61%
Expenses Without Waivers, Assumption of
Expenses and Earnings Credits ....................... 1.28% 1.45% 1.50% 0.63% 0.72%
Net Investment Income Without Waivers,
Assumption of Expenses and Earnings Credits ......... 4.49% 3.75% 4.21% 5.18% 4.48%
- ----------------------------------------------------------------------------------------------------------------------------
</TABLE>
# Short periods have been annualized.
* Commencement of offering of classes of shares.
See notes to financial statements.
89
<PAGE>
CHASE VISTA FUNDS FINANCIAL HIGHLIGHTS (unaudited)
FINANCIAL HIGHLIGHTS (unaudited)
<TABLE>
<CAPTION>
Tax Free Money Market Fund
------------------------------------------------------------------
Vista Shares
------------------------------------------------------------------
9/1/99 Year Ended August 31,
Through -------------------------------------------------------
2/29/00 1999 1998 1997 1996 1995
------- -------- -------- -------- -------- --------
<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 0.03
Less Dividends from Net Investment Income .......... 0.01 0.03 0.03 0.03 0.03 0.03
-------- -------- ------- ------- ------- -------
Net Asset Value, End of Period ....................... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
======== ======== ======= ======= ======= =======
Total Return ......................................... 1.50% 2.73% 3.10% 3.12% 2.92% 2.99%
Ratios/Supplemental Data:
Net Assets, End of Period (millions) ................ $ 880 $ 754 $ 733 $ 566 $ 574 $ 167
Ratios to Average Net Assets:#
Expenses ............................................ 0.59% 0.59% 0.59% 0.59% 0.69% 0.86%
Net Investment Income ............................... 3.01% 2.68% 3.05% 3.08% 2.89% 2.96%
Expenses Without Waivers, Assumption of
Expenses and Earnings Credits ....................... 0.76% 0.73% 0.72% 0.73% 0.80% 0.94%
Net Investment Income Without Waivers,
Assumption of Expenses and Earnings Credits ......... 2.84% 2.54% 2.92% 2.94% 2.78% 2.88%
- -----------------------------------------------------------------------------------------------------------------------
</TABLE>
# Short periods have been annualized.
See notes to financial statements.
90
<PAGE>
CHASE VISTA FUNDS FINANCIAL HIGHLIGHTS (unaudited)
FINANCIAL HIGHLIGHTS (unaudited)
<TABLE>
<CAPTION>
Tax Free Money Market Fund
------------------------------------------------------------------
Premier Shares
------------------------------------------------------------------
9/1/99 Year Ended August 31,
Through -------------------------------------------------------
2/29/00 1999 1998 1997 1996 1995
------- -------- -------- -------- -------- --------
<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 ............................... 0.02 0.03 0.03 0.03 0.03 0.03
Less Dividends from Net Investment Income .......... 0.02 0.03 0.03 0.03 0.03 0.03
-------- -------- ------- ------- ------- -------
Net Asset Value, End of Period ....................... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
======== ======== ======= ======= ======= =======
Total Return ......................................... 1.52% 2.78% 3.17% 3.19% 3.12% 3.29%
Ratios/Supplemental Data:
Net Assets, End of Period (millions) ................ $ 138 $ 130 $ 133 $ 105 $ 145 $ 148
Ratio to Average Net Assets:#
Expenses ............................................ 0.55% 0.54% 0.53% 0.53% 0.58% 0.56%
Net Investment Income ............................... 3.04% 2.74% 3.10% 3.13% 3.08% 3.21%
Expenses Without Waivers, Assumption of
Expenses and Earnings Credits ....................... 0.60% 0.56% 0.53% 0.53% 0.73% 0.84%
Net Investment Income Without Waivers,
Assumption of Expenses and Earnings Credits ......... 2.99% 2.72% 3.10% 3.13% 2.93% 2.93%
- -----------------------------------------------------------------------------------------------------------------------
</TABLE>
# Short periods have been annualized.
See notes to financial statements.
91
<PAGE>
CHASE VISTA FUNDS FINANCIAL HIGHLIGHTS (unaudited)
FINANCIAL HIGHLIGHTS (unaudited)
<TABLE>
<CAPTION>
Tax Free Money Market Fund
------------------------------------------------------------------
Institutional Shares
------------------------------------------------------------------
9/1/99 Year Ended August 31,
Through -------------------------------------------------------
2/29/00 1999 1998 1997 1996 1995
------- -------- -------- -------- -------- --------
<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 ............................... 0.02 0.03 0.03 0.04 0.03 0.04
Less Dividends from Net Investment Income .......... 0.02 0.03 0.03 0.04 0.03 0.04
-------- -------- ------- ------- ------- -------
Net Asset Value, End of Period ....................... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
======== ======== ======= ======= ======= =======
Total Return ......................................... 1.67% 3.07% 3.45% 3.45% 3.40% 3.53%
Ratios/Supplemental Data:
Net Assets, End of Period (millions) ................ $ 659 $ 476 $ 410 $ 286 $ 149 $ 108
Ratio to Average Net Assets:#
Expenses ............................................ 0.26% 0.26% 0.26% 0.26% 0.31% 0.33%
Net Investment Income ............................... 3.30% 3.01% 3.37% 3.41% 3.33% 3.46%
Expenses Without Waivers, Assumption of
Expenses and Earnings Credits ....................... 0.40% 0.35% 0.26% 0.26% 0.31% 0.34%
Net Investment Income Without Waivers,
Assumption of Expenses and Earnings Credits ......... 3.16% 2.92% 3.37% 3.41% 3.33% 3.45%
- -----------------------------------------------------------------------------------------------------------------------
</TABLE>
# Short periods have been annualized.
See notes to financial statements.
92
<PAGE>
CHASE VISTA FUNDS FINANCIAL HIGHLIGHTS (unaudited)
FINANCIAL HIGHLIGHTS (unaudited)
<TABLE>
<CAPTION>
New York Tax Free Money Market Fund
------------------------------------------------------------------
Vista Shares
------------------------------------------------------------------
9/1/99 Year Ended August 31,
Through -------------------------------------------------------
2/29/00 1999 1998 1997 1996 1995
------- -------- -------- -------- -------- --------
<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 0.03
Less Dividends from Net Investment Income ...... 0.01 0.03 0.03 0.03 0.03 0.03
-------- -------- ------ ------- ------- -------
Net Asset Value, End of Period ................... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
======== ======== ====== ======= ======= =======
Total Return ..................................... 1.47% 2.66% 3.03% 3.02% 2.85% 2.88%
Ratios/Supplemental Data:
Net Assets, End of Period (millions) ............. $ 1,722 $1,505 $1,372 $ 957 $ 890 $ 378
Ratio to Average Net Assets:#
Expenses ........................................ 0.59% 0.59% 0.59% 0.59% 0.74% 0.86%
Net Investment Income ........................... 2.95% 2.61% 2.97% 2.97% 2.79% 2.84%
Expenses Without Waivers, Assumption of
Expenses and Earnings Credits ................... 0.70% 0.71% 0.72% 0.73% 0.83% 0.95%
Net Investment Income Without Waivers,
Assumption of Expenses and Earnings Credits ..... 2.84% 2.49% 2.84% 2.83% 2.70% 2.75%
- -----------------------------------------------------------------------------------------------------------------------
</TABLE>
# Short periods have been annualized.
See notes to financial statements.
93
<PAGE>
CHASE VISTA FUNDS FINANCIAL HIGHLIGHTS (unaudited)
FINANCIAL HIGHLIGHTS (unaudited)
<TABLE>
<CAPTION>
California Tax Free Money Market Fund
------------------------------------------------------------------
Vista Shares
------------------------------------------------------------------
9/1/99 Year Ended August 31,
Through -------------------------------------------------------
2/29/00 1999 1998 1997 1996 1995
------- -------- -------- -------- -------- --------
<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 0.03
Less Dividends from Net Investment Income ...... 0.01 0.03 0.03 0.03 0.03 0.03
-------- -------- ------- ------- ------- -------
Net Asset Value, End of Period ................... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
======== ======== ======= ======= ======= =======
Total Return ..................................... 1.33% 2.66% 2.97% 3.02% 3.06% 3.32%
Ratios/Supplemental Data:
Net Assets, End of Period (millions) ............. $ 67 $ 68 $ 50 $ 46 $ 43 $ 58
Ratio of Average Net Assets:#
Expenses ........................................ 0.55% 0.55% 0.55% 0.56% 0.56% 0.48%
Net Investment Income ........................... 2.66% 2.55% 2.89% 2.99% 3.03% 3.25%
Expenses Without Waivers, Assumption of
Expenses and Earnings Credits ................... 0.93% 0.94% 0.93% 0.86% 1.02% 1.07%
Net Investment Income Without Waivers,
Assumption of Expenses and Earnings Credits ..... 2.28% 2.16% 2.51% 2.69% 2.57% 2.66%
- -----------------------------------------------------------------------------------------------------------------------
</TABLE>
# Short periods have been annualized.
See notes to financial statements.
94
<PAGE>
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<PAGE>
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<PAGE>
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<PAGE>
CHASE VISTA MONEY MARKET FUNDS SEMI-ANNUAL REPORT
- ------------------------------------------------------------------------------
Investment Adviser, Administrator,
Shareholder and Fund Servicing
Agent and Custodian
The Chase Manhattan Bank
Distributor
Vista Fund Distributors, Inc.
Transfer Agent
DST Systems, Inc.
Legal Counsel
Simpson Thacher & Bartlett
Independent Accountants
PricwaterhouseCoopers LLP
Chase Vista Funds are distributed by
Vista Fund Distributors, Inc., which is
unaffiliated with The Chase Manhattan
Bank. Chase and its respective affiliates
receive compensation from Chase Vista
Funds for providing investment
advisory and other services.
This report is submitted for the general
information of the shareholders of
the funds. It is not authorized for
distribution to prospective investors
in the funds unless preceded or
accompanied by a prospectus.
The financial information in this report
has been taken from the books and
records of the funds without examina-
tion by independent accountants, who
express no opinion thereto.
To obtain a prospectus for any
of the Chase Vista Funds, call
1-800-34-VISTA. The prospectus
contains more complete information,
including charges and expenses.
Please read it carefully before you
investment or send money.
(C) The Chase Manhattan Corporation, 2000. All Rights Reserved.
April 2000
[LOGO]
CHASE VISTA FUNDS(SM)
Chase Vista Funds Fulfillment Center
393 Manley Street
West Bridgewater, MA 02379-1039
