Exhibit 17(d)
[Front cover]
AUGUST 31, 1999
Chase Vista
Money Market Funds
ANNUAL REPORT
100% U.S. TREASURY
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
[Graphic: Globe]
[Logo: CHASE VISTA FUNDS(SM)]
ANMM-2-1099
<PAGE>
Highlights
o The Federal Reserve's decision to cut interest rates in late 1998 helped
bolster global economic activity and raise yields on tax-exempt securities.
o As the period progressed, stronger-than-expected economic data outweighed
benign inflation news.
o To keep inflation under control, the Fed adopted a tightening monetary policy
late in the period by raising interest rates on two separate occasions.
<TABLE>
<CAPTION>
--------------------------------------------------------------------------------
CONTENTS
--------------------------------------------------------------------------------
<S> <C>
Chairman's Letter 3
Chase Vista 100% U.S. Treasury Securities
Money Market Fund
Fund Facts o Portfolio of Investments 4
Chase Vista U.S. Government Money Market Fund
Fund Facts o Portfolio of Investments 7
Chase Vista Treasury Plus Money Market Fund
Fund Facts o Portfolio of Investments 12
Chase Vista Federal Money Market Fund
Fund Facts o Portfolio of Investments 16
Chase Vista Cash Management Fund
Fund Facts o Portfolio of Investments 20
Chase Vista Prime Money Market Fund
Fund Facts o Portfolio of Investments 33
Chase Vista Tax Free Money Market Fund
Fund Facts o Portfolio of Investments 45
Chase Vista New York Tax Free Money Market Fund
Fund Facts o Portfolio of Investments 67
Chase Vista California Tax Free Money Market Fund
Fund Facts o Portfolio of Investments 86
Financial Statements 95
Notes to Financial Statements 106
Financial Highlights 110
</TABLE>
--------------------------------------------------------------------------------
INVESTMENTS IN THE FUNDS ARE NOT DEPOSITS OF, OR GUARANTEED OR ENDORSED BY,
THE CHASE MANHATTAN BANK, AND THE SHARES ARE NOT INSURED BY THE FDIC, FEDERAL
RESERVE BOARD OR ANY OTHER GOVERNMENT AGENCY. INVESTMENTS IN MUTUAL FUNDS
INVOLVE RISK, INCLUDING POSSIBLE LOSS OF THE PRINCIPAL AMOUNT INVESTED.
--------------------------------------------------------------------------------
<PAGE>
Chase Vista Money Market Funds
Chairman's Letter
October 10, 1999
Dear Shareholder:
We are pleased to present this annual report on each of the taxable and
tax-exempt Chase Vista Money Market FundsSM. Inside, you will find current
seven-day yields for each fund as of August 31, 1999 as well as listings of
current holdings.
Yields Rise As Interest Rates Trend Higher
The fiscal year was a tale of two stories. Early in the period, investors were
concerned about the global economy following the near-collapse of Russia's
economy. By the end of the fiscal year, however, investors were worried that
the strength of the global economy might lead to higher inflation. Between
these two points in time, several developments had a major effect on short-term
interest rates.
In late 1998, the Federal Reserve Board adopted an easing monetary policy to
stem fears of a global economic meltdown. The central bank reduced rates in
September, the first rate cut since December, 1996, and trimmed rates two more
times before year-end, 1998. The three rate reductions had a positive effect on
domestic and global economic conditions.
By early 1999, economic problems in Russia were abating and the global economy
was starting to accelerate. Worries about the global economy resurfaced briefly
with the revelation of Brazil's financial problems, but these concerns quickly
waned.
By February, fears of a major global economic slowdown were replaced by worries
of potential economic overheating. Domestically, some of the data that fueled
these concerns included the best consumer confidence report ever, the lowest
unemployment rate in a generation and a revised Gross Domestic Product report
for the fourth quarter of 1998 that was the best in more than two years.
As the year progressed, strong economic reports outweighed benign economic
data, enabling yields on taxable and tax-exempt money market funds to rise.
However, the strength of the U.S. economy raised fears of higher inflation,
which eventually caused the Fed to reverse its monetary policy. On June 30th,
the Fed lifted short-term interest rates for the first time since March, 1997.
On August 24th, the central bank followed with another rate hike. The period
ended with much speculation that the Fed would raise rates a third time before
year-end, effectively taking back all of the rate cuts that were made in late
1998.
Looking ahead, we continue to have a favorable outlook for the economy. Despite
the recent pickup in economic activity and the Fed's latest shift in monetary
policy, we expect the economy to slow later in 1999 and into the year 2000.
Moreover, we believe inflation will remain under control.
Sincerely,
/s/ Fergus Reid
---------------
Fergus Reid
3
<PAGE>
Chase Vista 100% U.S. Treasury Securities Money Market Fund
as of August 31, 1999
(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 84 days
S&P Rating Not Rated
Moody's Rating Not Rated
NAIC Rating Not Rated
</TABLE>
Maturity Schedule
<TABLE>
<S> <C>
1-14 days ............ 1.31%
15-30 days ........... 50.56%
31-60 days ........... 0.00%
61-90 days ........... 2.39%
91-180 days .......... 33.72%
181-270 days ......... 9.46%
270+ days ............ 2.56%
</TABLE>
4
<PAGE>
Chase Vista 100% U.S. Treasury Securities Money Market Fund
as of August 31, 1999
(unaudited)
How Much of the Fund Was Invested
[PIE CHART PLOT POINTS]
Investments (99.0%)
Cash/Other (1.06%)
[END PLOT POINTS]
Yields
<TABLE>
<CAPTION>
7-Day SEC Yield(1)
----------------
<S> <C>
Vista Shares 4.21%
Premier Shares 4.30%
Institutional Shares 4.55%
</TABLE>
Past performance is not a guarantee of future results. Yields will fluctuate.
An investment in a money market fund is not FDIC insured nor guaranteed by the
U.S. government or any other agency and there can be no assurance that the fund
will maintain a stable Net Asset Value of $1.00 per share.
(1) The 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 4.09%, for Premier Shares 4.26% and for Institutional Shares
4.46%. This voluntary waiver may be modified or terminated at any time, which
would reduce the fund's performance.
5
<PAGE>
Chase Vista 100% U.S. Treasury Securities Money Market Fund
Portfolio of Investments August 31, 1999
(Amounts in Thousands)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
===========================================================
<S> <C> <C>
U.S. Treasury Securities -- 99.3%
-----------------------------------------------------------
U.S. Treasury Bills -- 37.5%
$ 55,189 4.65%, 09/09/99 $ 55,136
2,325 4.80%, 09/16/99 2,320
1,533,265 5.17%, 09/15/99 1,530,167
----------
1,587,623
----------
U.S. Treasury Notes -- 61.8%
571,000 5.38%, 01/31/00 571,510
100,000 5.50%, 03/31/00 100,393
100,000 5.63%, 11/30/99 100,201
125,000 5.63%, 12/31/99 125,361
61,050 5.63%, 04/30/00 61,299
276,264 5.75%, 09/30/99 276,502
100,000 5.88%, 11/15/99 100,205
107,000 6.25%, 05/31/00 107,735
150,000 6.38%, 05/15/00 151,102
84,000 6.88%, 03/31/00 84,744
313,668 7.13%, 09/30/99 314,221
200,000 7.75%, 11/30/99 201,449
337,677 7.75%, 12/31/99 340,535
76,686 7.75%, 01/31/00 77,474
----------
2,612,731
===========================================================
Total Investments -- 99.3% $4,200,354
(Cost $4,200,354)*
===========================================================
</TABLE>
*--The cost of securities is substantially the same for federal income tax
purposes.
See notes to financial statements.
6
<PAGE>
Chase Vista U.S. Government Money Market Fund
as of August 31, 1999
(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 $7.4 Billion
Average maturity 48 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 ............ 68.31%
15-30 days ........... 8.45%
31-60 days ........... 0.07%
61-90 days ........... 2.71%
91-180 days .......... 7.28%
181-270 days ......... 8.88%
270+ days ............ 4.30%
</TABLE>
7
<PAGE>
Chase Vista U.S. Government Money Market Fund
as of August 31, 1999
(unaudited)
How Much of the Fund Was Invested
[PIE CHART PLOT POINTS]
Investments (99.4%)
Cash/Other (0.6%)
Yields
<TABLE>
<CAPTION>
7-Day SEC Yield(1)
----------------
<S> <C>
Vista Shares 4.72%
Premier Shares 4.86%
Institutional Shares 5.05%
</TABLE>
Past performance is not a guarantee of future results. Yields will fluctuate.
An investment in a money market fund is not FDIC insured nor guaranteed by the
U.S. government or any other agency and there can be no assurance that the fund
will maintain a stable Net Asset Value of $1.00 per share.
(1) The 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
4.62% for Vista Shares, 4.73% for Premier Shares and 4.98% for Institutional
Shares. This voluntary waiver may be modified or terminated at any time, which
would reduce the fund's performance.
8
<PAGE>
Chase Vista U.S. Government Money Market Fund
Portfolio of Investments August 31, 1999
(Amounts in Thousands)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
===========================================================
<S> <C> <C>
U.S. Treasury Securities -- 4.0%
-----------------------------------------------------------
U.S. Treasury Bill -- 4.0%
$ 300,000 5.19%, 09/15/99 $ 299,395
===========================================================
Total U.S. Treasury Securities 299,395
(Cost $299,395)
===========================================================
U.S. Government Agency Obligations -- 93.5%
===========================================================
Federal Farm Credit Bank, Debentures -- 1.2%
10,000 5.25%, 01/18/00 10,000
75,000 5.43%, 06/21/00 75,000
---------
85,000
---------
Federal Farm Credit Bank, Discount Note -- 1.4%
100,000 5.40%, 09/01/99 100,000
---------
Federal Farm Credit Bank, FRN -- 1.7%
125,000 5.31%, 06/22/00 124,960
---------
Federal Home Loan Bank, Debentures -- 16.5%
67,000 4.85%, 01/27/00 66,998
80,000 4.89%, 02/04/00 79,996
100,000 4.90%, 01/14/00 100,003
50,000 4.91%, 01/13/00 50,001
50,000 4.91%, 02/09/00 49,995
5,000 5.00%, 10/28/99 5,000
43,750 5.00%, 02/24/00 43,750
35,000 5.00%, 02/25/00 35,000
40,000 5.02%, 02/25/00 40,000
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 5.24%, 03/30/00 100,000
75,000 5.51%, 06/22/00 75,000
75,000 5.91%, 08/23/00 75,000
---------
1,217,743
---------
Federal Home Loan Bank, Discount Note -- 6.8%
500,000 5.40%, 09/01/99 500,000
---------
</TABLE>
See notes to financial statements.
9
<PAGE>
Chase Vista U.S. Government Money Market Fund
Portfolio of Investments August 31, 1999 (continued)
(Amounts in Thousands)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
=====================================================================
U.S. Government Agency Obligations -- (continued)
=====================================================================
<S> <C> <C>
Federal Home Loan Bank, FRN -- 15.6%
$ 205,500 5.21%, 05/12/00 $ 205,379
100,000 5.30%, 04/05/00 99,971
200,000 5.30%, 05/05/00 199,934
500,000 5.30%, 05/17/00 499,827
48,000 5.34%, 02/04/00 47,998
100,000 5.37%, 11/09/99 99,987
----------
1,153,096
----------
Federal Home Loan Mortgage Corp.,
Discount Note -- 10.2%
750,000 5.42%, 09/01/99 750,000
----------
Federal National Mortgage Association,
Debenture -- 1.0%
75,000 5.06%, 03/15/00 74,992
----------
Federal National Mortgage Association,
Discount Note -- 9.5%
700,000 5.42%, 09/01/99 700,000
----------
Federal National Mortgage Association,
FRN -- 16.0%
225,000 5.08%, 03/15/00 224,931
115,000 5.17%, 03/24/00 114,955
37,000 5.20%, 09/22/99 36,998
350,000 5.37%, 08/07/00 349,837
200,000 5.38%, 09/05/00 199,921
255,000 5.43%, 07/17/00 254,889
----------
1,181,531
----------
Student Loan Marketing Association,
Debentures -- 2.4%
75,000 5.00%, 01/27/00 75,000
100,000 5.30%, 06/16/00 100,000
----------
175,000
----------
Student Loan Marketing Association,
Discount Note -- 5.4%
400,000 5.40%, 09/01/99 400,000
----------
</TABLE>
See notes to financial statements.
10
<PAGE>
Chase Vista U.S. Government Money Market Fund
Portfolio of Investments August 31, 1999 (continued)
(Amounts in Thousands)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
=================================================================
U.S. Government Agency Obligations -- (continued)
=================================================================
<S> <C> <C>
Student Loan Marketing Association, FRN -- 5.8%
$ 130,000 5.01%, 12/03/99 $ 129,978
100,000 5.32%, 02/10/00 99,983
100,000 5.33%, 02/10/00 99,983
100,000 5.35%, 08/18/00 99,953
----------
429,897
==========
Total U.S. Government Agency 6,892,219
Obligations (Cost $6,892,219)
=================================================================
Repurchase Agreements -- 5.1%
-----------------------------------------------------------------
174,321 Goldman Sachs & Co., 5.00%, due
09/01/99 (Dated 08/31/99,
Proceeds $174,345, Secured by
USTR, 5.75% through 14.00%,
due 11/15/00 through 08/15/28,
Market Value $177,808) 174,321
200,000 Morgan Stanley Dean Witter, 5.50%,
due 09/01/99 (Dated 08/31/99,
Proceeds $200,031, Secured by
USTR, 5.50% through 6.00%, due
08/15/00 through 11/30/01,
Market Value $204,024) 200,000
=================================================================
Total Repurchase Agreements 374,321
(Cost $374,321)
=================================================================
Total Investments -- 102.6% $7,565,935
(Cost $7,565,935)*
=================================================================
</TABLE>
Index:
* -- The cost of securities is substantially the same for federal income tax
purposes.
FRN -- Floating Rate Note: The maturity date shown is the actual maturity
date; the rate shown is the rate in effect at August 31, 1999.
USTR -- U.S. Treasury Notes & Bonds.
See notes to financial statements.
11
<PAGE>
Chase Vista Treasury Plus Money Market Fund
as of August 31, 1999
(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 $3.2 Billion
Average maturity 41 days
S&P Rating* AAA
Moody's Rating* Aaa
NAIC Rating* NAIC-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) "approved" status
indicates that the Fund meets certain pricing and quality guidelines.
Maturity Schedule
<TABLE>
<S> <C>
1-14 days ............ 40.31%
15-30 days ........... 42.39%
31-60 days ........... 0.00%
61-90 days ........... 0.00%
91-180 days .......... 3.15%
181-270 days ......... 13.51%
270+ days ............ 0.64%
</TABLE>
12
<PAGE>
Chase Vista Treasury Plus Money Market Fund
as of August 31, 1999
(unaudited)
How Much of the Fund Was Invested
[PIE CHART PLOT POINTS]
Investments (99.5%)
Cash/Other (0.5%)
[END PLOT POINTS]
Yields
<TABLE>
<CAPTION>
7-Day SEC Yield(1)
----------------
<S> <C>
Vista Shares 4.57%
Premier Shares 4.71%
Institutional Shares 4.91%
</TABLE>
Past performance is not a guarantee of future results. Yields will fluctuate.
An investment in a money market fund is not FDIC insured nor guaranteed by the
U.S. government or any other agency and there can be no assurance that the fund
will maintain a stable Net Asset Value of $1.00 per share.
(1) The yield for Vista Shares, 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 yield would have been 4.46%
for Vista Shares, 4.65% for Premier Shares and 4.82% for Institutional Shares.
This voluntary waiver may be modified or terminated at any time, which would
reduce the fund's performance.
13
<PAGE>
Chase Vista Treasury Plus Money Market Fund
Portfolio of Investments August 31, 1999
(Amounts in Thousands)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
==========================================================
<S> <C> <C>
U.S. Treasury Securities -- 62.7%
----------------------------------------------------------
U.S. Treasury Bills -- 45.5%
$ 39,652 4.22%, 09/09/99 $ 39,615
63,000 4.88%, 09/02/99 62,991
1,350,000 5.20%, 09/15/99 1,347,272
---------
1,449,878
---------
U.S. Treasury Notes -- 17.2%
100,000 5.38%, 01/31/00 100,057
50,000 5.50%, 02/29/00 50,182
20,000 6.25%, 05/31/00 20,195
250,000 6.88%, 03/31/00 252,862
125,000 7.13%, 02/29/00 126,366
---------
549,662
=========
Total U.S. Treasury Securities 1,999,540
(Cost $1,999,540)
==========================================================
Repurchase Agreements -- 36.9%
----------------------------------------------------------
378,225 Goldman Sachs & Co., 5.40%, due
09/01/99 (Dated 08/31/99,
Proceeds $378,282, Secured by
USTR, 5.63% through 14.00%,
due 03/31/00 through 02/15/28,
Market Value $385,790) 378,225
400,000 Merrill Lynch & Co., Inc., 5.40%,
due 09/01/99 (Dated 08/31/99,
Proceeds $400,060, Secured by
USTR, 5.25% through 14.00%,
due 12/31/99 through 11/15/28,
Market Value $407,081) 400,000
200,000 Morgan Stanley Dean Witter, 5.50%,
due 09/01/99 (Dated 08/31/99,
Proceeds $200,031 Secured by
USTR, 7.88% through 12.00%,
due 11/15/04 through 08/15/13,
Market Value $205,000) 200,000
</TABLE>
See notes to financial statements.
14
<PAGE>
Chase Vista Treasury Plus Money Market Fund
Portfolio of Investments August 31, 1999 (continued)
(Amounts in Thousands)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
=================================================================
Repurchase Agreements -- (continued)
=================================================================
<S> <C> <C>
$ 200,000 Salomon Smith Barney, Inc., 5.30%,
due 09/01/99 (Dated 08/31/99,
Proceeds $200,029, Secured by
USTR, 5.50% through 8.50%, due
05/31/00 through 08/15/05,
Market Value $204,086) $ 200,000
=================================================================
Total Repurchase Agreements 1,178,225
(Cost $1,178,225)
=================================================================
Total Investments -- 99.6% $3,177,765
(Cost $3,177,765)*
=================================================================
</TABLE>
Index:
* -- The cost of securities is substantially the same for federal income tax
purposes.
USTR -- U.S. Treasury Notes & Bonds.
See notes to financial statements.
15
<PAGE>
Chase Vista Federal Money Market Fund
as of August 31, 1999
(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 Short-term
time frame
Share classes offered Vista, Premier and Institutional Shares
Net assets $1.1 Billion
Average maturity 84 days
S&P Rating Not Rated
Moody's Rating Not Rated
NAIC Rating Not Rated
</TABLE>
Maturity Schedule
<TABLE>
<S> <C>
1-14 days ............ 51.90%
15-30 days ........... 9.19%
31-60 days ........... 2.71%
61-90 days ........... 4.09%
91-180 days .......... 7.29%
181-270 days ......... 14.42%
270+ days ............ 10.40%
</TABLE>
16
<PAGE>
Chase Vista Federal Money Market Fund
as of August 31, 1999
(unaudited)
How Much of the Fund Was Invested
[PIE CHART PLOT POINTS]
Investments (99.0%)
Cash/Other (1.0%)
[END PLOT POINTS]
Yields
<TABLE>
<CAPTION>
7-Day SEC Yield(1)
----------------
<S> <C>
Vista Shares 4.61%
Premier Shares 4.81%
Institutional Shares 5.05%
</TABLE>
Past performance is not a guarantee of future results. Yields will fluctuate.
An investment in a money market fund is not FDIC insured nor guaranteed by the
U.S. government or any other agency and there can be no assurance that the
funds will maintain a stable Net Asset Value of $1.00 per share.
(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 4.55% for
Vista Shares and 4.97% for Institutional Shares. This voluntary waiver may be
modified or terminated at any time, which would reduce the fund's performance.
17
<PAGE>
Chase Vista Federal Money Market Fund
Portfolio of Investments August 31, 1999
(Amounts in Thousands)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
=================================================================
<S> <C> <C>
U.S. Government Agency
-----------------------------------------------------------------
Obligations -- 99.3%
-----------------------------------------------------------------
Federal Farm Credit Bank, Debenture -- 2.3%
$ 25,000 5.43%, 06/21/00 $ 25,000
----------
Federal Farm Credit Bank,
Discount Notes -- 6.6%
50,000 4.72%, 04/25/00 48,446
25,000 5.29%, 05/26/00 24,015
----------
72,461
----------
Federal Farm Credit Bank, FRN -- 19.1%
20,000 5.02%, 03/10/00 19,994
100,000 5.14%, 03/23/00 99,973
50,000 5.30%, 04/27/00 49,984
40,000 5.31%, 05/25/00 39,986
----------
209,937
----------
Federal Home Loan Bank, Debentures -- 6.4%
20,000 4.90%, 02/04/00 19,999
25,000 4.95%, 02/24/00 24,965
25,000 5.22%, 03/17/00 25,000
----------
69,964
----------
Federal Home Loan Bank, Discount Notes -- 18.4%
4,500 4.30%, 10/22/99 4,473
10,000 4.55%, 01/24/00 9,817
25,000 4.60%, 01/28/00 24,524
40,000 4.71%, 03/31/00 38,891
21,061 4.80%, 03/03/00 20,544
10,000 5.20%, 07/07/00 9,552
25,000 5.23%, 06/16/00 23,950
22,500 5.27%, 07/21/00 21,433
25,000 5.38%, 07/28/00 23,763
15,177 5.40%, 09/01/99 15,177
10,000 5.47%, 08/25/00 9,455
----------
201,579
----------
</TABLE>
See notes to financial statements.
18
<PAGE>
Chase Vista Federal Money Market Fund
Portfolio of Investments August 31, 1999 (continued)
(Amounts in Thousands)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
=================================================================
U.S. Government Agency Obligations -- (continued)
=================================================================
<S> <C> <C>
Federal Home Loan Bank, FRN -- 28.2%
$ 50,000 5.04%, 07/06/00 $ 49,979
44,500 5.22%, 05/12/00 44,474
50,000 5.24%, 11/09/99 49,994
65,000 5.29%, 04/14/00 64,980
75,000 5.30%, 03/17/00 74,980
25,000 5.35%, 01/26/00 25,000
----------
309,407
----------
Student Loan Marketing Association,
Debenture -- 2.3%
25,000 4.90%, 10/27/99 25,000
----------
Student Loan Marketing Association,
FRN -- 16.0%
25,000 5.02%, 12/03/99 24,996
75,000 5.19%, 09/15/99 74,998
50,000 5.30%, 04/05/00 49,985
25,000 5.33%, 02/10/00 24,996
----------
174,975
=================================================================
Total Investments -- 99.3% $1,088,323
(Cost $1,088,323)*
=================================================================
</TABLE>
Index:
* -- The cost of securities is substantially the same for federal income tax
purposes.
FRN -- Floating Rate Notes: The maturity date shown is the actual maturity
date; the rate shown is the rate in effect at August 31, 1999.
See notes to financial statements.
19
<PAGE>
Chase Vista Cash Management Fund
as of August 31, 1999
(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 $7.7 Billion
Average maturity 83 days
S&P Rating Not Rated
Moody's Rating Not Rated
NAIC Rating Not Rated
</TABLE>
Maturity Schedule
<TABLE>
<S> <C>
1-14 days ............ 26.68%
15-30 days ........... 13.65%
31-60 days ........... 17.68%
61-90 days ........... 12.07%
91-180 days .......... 9.84%
181-270 days ......... 12.51%
270+ days ............ 7.57%
</TABLE>
20
<PAGE>
Chase Vista Cash Management Fund
as of August 31, 1999
(unaudited)
How Much of the Fund Was Invested
[PIE CHART PLOT POINTS]
Investments (98.0%)
Cash/Other (2.0%)
[END PLOT POINTS]
Yields
<TABLE>
<CAPTION>
7-Day SEC Yield(1)
------------------
<S> <C>
Vista Shares 4.86%
Premier Shares 5.00%
Institutional Shares 5.19%
</TABLE>
Past performance is not a guarantee of future results. Yields will fluctuate.
An investment in a money market fund is not FDIC insured nor guaranteed by the
U.S. government or any other agency and there can be no assurance that the fund
will maintain a stable Net Asset Value of $1.00 per share.
(1) The 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
4.83% for Vista Shares, 4.95% for Premier Shares and 5.12% for Institutional
Shares. This voluntary waiver may be modified or terminated at any time, which
would reduce the fund's performance.
21
<PAGE>
Chase Vista Cash Management Fund
Portfolio of Investments August 31, 1999
(Amounts in Thousands)
<TABLE>
<CAPTION>
Principal
Amount
(USD) Issuer Value
=================================================================
Notes & Bonds -- 13.7%
=================================================================
<S> <C> <C>
U.S. Government Agency Obligations -- 1.5%
-------------------------------------------
$ 40,000 Federal Home Loan Bank,
5.06%, 03/09/00 $ 40,000
75,000 Federal Home Loan Mortgage Corp.,
Discount Note,
4.95%, 09/10/99 74,908
----------
Total U.S. Government
Agency Obligations 114,908
----------
(Cost $114,908)
State & Municipal Obligations -- 0.2%
-------------------------------------
16,000 Racine, Wisconsin, Unified School
District, TAN, 5.55%, 10/15/99 16,000
----------
(Cost $16,000)
Corporate Notes & Bonds -- 12.0%
--------------------------------
Asset Backed Securities -- 2.9%
50,000 Asset Backed Capital LTD
(Channel Islands), #,
5.28%, 06/01/00 50,000
Beta Finance Corp., Inc.,
(Channel Islands), #,
23,000 5.20%, 03/01/00 23,000
30,000 5.22%, 03/06/00 30,000
45,000 5.27%, 05/15/00 45,000
CC USA Inc. (Centauri Corp.), #,
50,000 5.18%, 04/25/00 50,000
24,000 5.68%, 06/15/00 24,000
----------
222,000
----------
Automotive -- 2.2%
66,000 Chrysler Financial Co., LLC,
5.85%, 05/15/00 66,334
Ford Motor Credit Co.,
13,000 7.50%, 11/15/99 13,062
13,980 9.25%, 03/01/00 14,253
PACCAR Financial Corp.,
4,000 5.49%, 11/01/99 4,003
3,000 6.23%, 03/15/00 3,016
</TABLE>
See notes to financial statements.
22
<PAGE>
Chase Vista Cash Management Fund
Portfolio of Investments August 31, 1999 (continued)
(Amounts in Thousands)
<TABLE>
<CAPTION>
Principal
Amount
(USD) Issuer Value
=================================================================
Notes & Bonds -- (continued)
=================================================================
<S> <C> <C>
$ 46,000 Toyota Motor Credit Corp.,
5.76%, 07/06/00 $ 46,000
25,000 VW Credit Inc., #, 5.67%, 07/13/00 24,982
----------
171,650
----------
Banking -- 2.0%
5,000 BankAmerica Corp.,
9.70%, 08/01/00 5,159
Wells Fargo Bank, N.A.,
100,000 5.31%, 03/31/00 99,971
50,000 5.31%, 04/03/00 49,982
----------
155,112
----------
Construction Machinery -- 0.7%
Caterpillar Financial Services Corp.,
48,000 5.72%, 07/07/00 48,000
5,000 5.80%, 03/15/00 5,013
----------
53,013
----------
Financial Services -- 4.0%
8,800 Associates Corp. of North America,
9.13%, 04/01/00 8,988
10,000 Commercial Credit Co.,
6.13%, 03/01/00 10,048
International Lease Finance Corp.,
38,000 5.35%, 03/06/00 38,000
22,150 6.63%, 08/15/00 22,268
94,000 Merrill Lynch & Co., Inc.,
5.56%, 06/30/00 94,000
U.S. Central Credit Union, MTN,
42,000 5.08%, 04/19/00 41,985
92,000 5.14%, 04/24/00 91,996
----------
307,285
----------
Retailing -- 0.2%
Wal-Mart Stores Inc.,
10,000 5.65%, 02/01/00 10,022
5,360 5.85%, 06/01/00 5,369
----------
15,391
----------
</TABLE>
See notes to financial statements.
23
<PAGE>
Chase Vista Cash Management Fund
Portfolio of Investments August 31, 1999 (continued)
(Amounts in Thousands)
<TABLE>
<CAPTION>
Principal
Amount
(USD) Issuer Value
=================================================================
Notes & Bonds -- (continued)
=================================================================
<S> <C> <C>
Total Corporate Notes & Bonds $ 924,451
(Cost $924,451)
=================================================================
Total Notes & Bonds 1,055,359
(Cost $1,055,359)
=================================================================
Corporate Commercial Paper -- 21.5%
=================================================================
Asset Backed Securities -- 8.1%
Alpine Security Corp.,
$ 100,000 5.15%, 09/02/99 99,986
65,000 5.17%, 09/20/99 64,824
14,263 Asset Backed Capital LTD
(Channel Islands),
4.85%, 10/01/99 14,205
21,500 CC USA Inc. (Centauri Corp.), #,
5.30%, 09/29/99 21,413
Edison Asset Securitization LLC,
39,301 5.12%, 09/01/99 39,301
50,000 5.12%, 09/10/99 49,936
155,000 Moriarty LLC, 5.31%, 09/23/99 154,504
50,000 Redwood Receivable Corp.,
5.37%, 10/07/99 49,733
91,951 Westways Funding LTD,
5.25%, 09/13/99 91,792
34,000 Variable Funding Capital Corp., #,
5.23%, 09/10/99 33,956
----------
619,650
----------
Automotive -- 3.1%
Daimler-Chrysler North America
Corp., (Germany),
40,000 4.79%, 09/08/99 39,963
50,000 5.36%, 12/10/99 49,268
50,000 5.81%, 02/15/00 48,690
100,000 Ford Motor Credit Co.,
5.35%, 12/03/99 98,641
----------
236,562
----------
</TABLE>
See notes to financial statements.
24
<PAGE>
Chase Vista Cash Management Fund
Portfolio of Investments August 31, 1999 (continued)
(Amounts in Thousands)
<TABLE>
<CAPTION>
Principal
Amount
(USD) Issuer Value
=================================================================
Corporate Commercial Paper -- (continued)
=================================================================
<S> <C> <C>
Banking -- 1.4%
$ 50,000 Abbey National Treasury Services
PLC, (United Kingdom),
5.25%, 12/15/99 $ 49,250
25,000 Credit Suisse First Boston
(Switzerland), 4.83%, 10/05/99 24,886
36,000 San Paolo U.S. Financial Co., (Italy),
4.93%, 09/08/99 35,965
----------
110,101
----------
Construction Machinery -- 0.4%
33,000 Caterpillar Financial Services Corp.,
5.36%, 11/29/99 32,569
----------
Financial Services -- 8.0%
30,000 American Express Credit Corp.,
5.15%, 09/08/99 29,970
100,000 Associates Corp. of North America,
5.58%, 09/01/99 100,000
Associates First Capital Corp.,
50,000 5.40%, 12/09/99 49,268
50,000 5.40%, 12/10/99 49,261
Cargill Inc.,
14,000 5.58%, 01/13/00, # 13,718
25,000 5.82%, 01/25/00 24,424
37,173 Enterprise Funding Corp.,
5.30%, 09/16/99 37,091
200,000 General Electric Capital Corp.,
5.60%, 09/01/99 200,000
USAA Capital Corp.,
38,300 5.26%, 09/28/99 38,150
25,000 5.84%, 02/16/00 24,337
Nationwide Building Society, (United
Kingdom),
30,000 5.26%, 12/17/99 29,541
24,000 5.49%, 01/14/00 23,519
----------
619,279
----------
</TABLE>
See notes to financial statements.
25
<PAGE>
Chase Vista Cash Management Fund
Portfolio of Investments August 31, 1999 (continued)
(Amounts in Thousands)
<TABLE>
<CAPTION>
Principal
Amount
(USD) Issuer Value
=================================================================
Corporate Commercial Paper -- (continued)
=================================================================
<S> <C> <C>
Telecommunications -- 0.5%
Lucent Technologies Inc.,
$ 23,570 5.25%, 09/30/99 $ 23,471
13,550 5.78%, 02/28/00 13,169
----------
36,640
=================================================================
Total Corporate Commercial Paper 1,654,801
(Cost $1,654,801)
=================================================================
Floating Rate Notes & Bonds -- 49.6%
=================================================================
U. S. Government Agency Obligations
(FRN) -- 1.3%
-------------
100,000 Federal Home Loan Bank,
5.38%, 09/02/00 99,971
----------
(Cost $99,971)
State & Municipal Obligations (FRDN) -- 1.8%
--------------------------------------------
California -- 1.4%
66,690 California Housing Finance Agency,
Home Mortgage,
Ser. M, Rev., 5.40%, 09/01/99 66,690
20,000 California Pollution Control
Financing Authority,
Environmental Improvement, Shell
Oil Co., Project B, Rev., 5.32%,
09/01/99 20,000
22,000 Sacramento County, California, Rev.,
5.30%, 09/01/99 22,000
----------
108,690
----------
Illinois -- 0.1%
6,100 Illinois Health Facilities Authority,
Taxable, Loyola University Health,
Ser. C, Rev., 5.25%, 09/01/99 6,100
----------
Missouri -- 0.2%
16,200 SSM Healthcare, Missouri Health
Facilities, Ser. E, Rev., 5.53%,
09/01/99 16,200
----------
</TABLE>
See notes to financial statements.
26
<PAGE>
Chase Vista Cash Management Fund
Portfolio of Investments August 31, 1999 (continued)
(Amounts in Thousands)
<TABLE>
<CAPTION>
Principal
Amount
(USD) Issuer Value
=================================================================
Floating Rate Notes & Bonds -- (continued)
=================================================================
<S> <C> <C>
Texas -- 0.1%
$ 10,000 Texas, Veterans Housing, Fund II,
Ser. B-2, GO, 5.31%, 09/01/99 $ 10,000
----------
Total State & Municipal
Obligations (FRDN) 140,990
----------
(Cost $140,990)
Corporate Notes & Bonds (FRN) -- 46.5%
--------------------------------------
Asset Backed Securities -- 6.8%
Asset Backed Capital LTD (Channel
Islands), #,
50,000 5.27%, 04/24/00 50,000
50,000 5.58%, 05/15/00 50,000
50,000 CC USA Inc. (Centauri Corp.), #,
5.30%, 01/18/00 49,991
Certificates Linked to Asset Backed
Certificates, (LINCS), #,
50,000 Ser. 1998-3, 5.32%, 01/15/00 50,000
100,000 Ser. 1998-4, Class 1,
5.28%, 02/18/00 100,000
50,000 Ser. 1999-2, 5.31%, 04/15/00 50,000
75,000 Structured Products Asset Return
Certificate, Series 98-1, #, 5.55%,
11/27/00 75,000
100,000 Triangle Funding LTD, Ser.
1998-1A, Class 1, #,
5.35%, 10/15/99 100,000
----------
524,991
----------
Automotive--6.8%
Ford Motor Credit Co.,
178,000 5.49%, 08/18/00 177,898
27,000 5.52%, 09/25/00 27,078
45,000 PACCAR Financial Corp.,
5.19%, 11/08/99 44,995
</TABLE>
See notes to financial statements.
27
<PAGE>
Chase Vista Cash Management Fund
Portfolio of Investments August 31, 1999 (continued)
(Amounts in Thousands)
<TABLE>
<CAPTION>
Principal
Amount
(USD) Issuer Value
=================================================================
Floating Rate Notes & Bonds -- (continued)
=================================================================
<S> <C> <C>
Toyota Motor Credit Corp.,
$ 35,000 5.28%, 10/06/99 $ 34,999
92,000 5.29%, 09/23/99 92,000
10,000 5.35%, 10/19/99 10,000
134,000 5.50%, 08/18/00 134,000
----------
520,970
----------
Banking -- 10.1%
100,000 Abbey National Treasury Services
PLC, (United Kingdom),
5.37%, 11/17/99 99,975
American Express Centurion Bank,
75,000 5.28%, 09/21/99 75,000
100,000 5.28%, 11/16/99 100,000
43,000 5.60%, 05/16/00 43,000
100,000 Bank One Corp., 5.12%, 10/01/99 99,997
95,000 Comerica Bank, 5.38%, 11/09/99 95,000
50,000 FCC National Bank,
5.51%, 05/26/00 49,983
54,000 First Union National Bank,
5.57%, 08/29/00 54,000
95,000 Norwest Financial Inc.,
5.33%, 10/28/99 95,000
52,000 PNC Bank, NA, 5.29%, 10/14/99 52,000
10,000 Wells Fargo Bank, N.A.,
5.76%, 11/02/99 10,008
----------
773,963
----------
Construction Machinery -- 3.2%
Caterpillar Financial Services Corp.,
14,500 5.20%, 03/10/00 14,514
40,000 5.31%, 11/02/99 40,000
75,000 5.31%, 07/07/00 75,000
75,000 5.32%, 10/28/99 75,000
15,000 5.45%, 11/16/99 15,000
30,000 5.47%, 05/18/00 30,011
----------
249,525
----------
</TABLE>
See notes to financial statements.
28
<PAGE>
Chase Vista Cash Management Fund
Portfolio of Investments August 31, 1999 (continued)
(Amounts in Thousands)
<TABLE>
<CAPTION>
Principal
Amount
(USD) Issuer Value
=================================================================
Floating Rate Notes & Bonds -- (continued)
=================================================================
<S> <C> <C>
Financial Services -- 6.9%
$ 25,000 Bear Stearns Co., Inc.,
5.35%, 11/12/99 $ 25,004
Goldman Sachs Group, Inc., MTN,
75,000 5.31%, 08/07/00 75,000
42,000 5.38%, 01/26/00 42,000
148,000 Ser. A, #, 5.39%, 04/11/00 148,000
55,000 5.51%, 01/07/00 55,000
25,000 International Lease Finance Corp.,
4.85%, 11/08/99 24,997
Merrill Lynch & Co., Inc.,
20,000 5.39%, 01/31/00 20,007
50,000 5.41%, 08/04/00 50,017
12,000 5.64%, 08/03/00 12,031
32,100 5.85%, 02/15/00 32,161
25,000 Morgan Stanley Dean Witter, 5.24%,
09/15/99 25,000
25,000 Sanwa Business Credit Corp., #,
5.17%, 03/13/00 25,012
----------
534,229
----------
Insurance -- 7.7%
50,000 AIG Funding Inc.,
5.38%, 10/01/99 50,000
100,000 G E Financial Assurance,
5.12%, 03/01/00 100,000
General American Life Insurance Co.,
75,000 5.33%, 02/17/00 74,250
90,000 5.34%, 12/09/99 89,100
100,000 Jackson National Life Insurance Co.,
5.43%, 01/18/00 100,000
50,000 MetLife Funding Inc., #,
5.04%, 06/01/00 50,000
75,000 Security Life of Denver Insurance
Co., 5.14%, 03/24/00 75,000
50,000 Travelers Insurance Co.,
5.36%, 04/24/00 50,000
----------
588,350
----------
</TABLE>
See notes to financial statements.
29
<PAGE>
Chase Vista Cash Management Fund
Portfolio of Investments August 31, 1999 (continued)
(Amounts in Thousands)
<TABLE>
<CAPTION>
Principal
Amount
(USD) Issuer Value
===================================================================
Floating Rate Notes & Bonds -- (continued)
===================================================================
<S> <C> <C>
Telecommunications -- 2.3%
$ 175,000 AT&T Corp., 5.27%, 07/13/00 $ 174,867
----------
Utilities -- 2.7%
62,000 Baltimore Gas & Electric Co.,
4.97%, 09/01/99 62,002
142,000 National Rural Utilities Co., Ser. C,
MTN, 5.32%, 11/23/99 142,000
----------
204,002
----------
Total Corporate Notes & Bonds (FRN) 3,570,897
(Cost $3,572,547)
===================================================================
Total Floating Rate Notes & Bonds 3,811,858
(Cost $3,813,508)
===================================================================
Deposits -- 13.6%
===================================================================
Time Deposit -- 2.1%
--------------------
158,803 BNP U.S. Finance Corp., (France),
5.56%, 09/01/99 158,803
----------
(Cost $158,803)
Certificates of Deposit -- 4.7%
-------------------------------
FCC National Bank,
50,000 5.23%, 12/16/99 50,000
50,000 5.23%, 12/17/99 50,000
Fleet National Bank, FRN,
140,000 5.34%, 10/22/99 140,000
50,000 5.37%, 12/06/99 49,994
73,000 5.53%, 04/17/00 72,982
----------
Total Certificates of Deposit 362,976
----------
(Cost $362,976)
Certificates of Deposit (Yankee) -- 6.8%
----------------------------------------
75,000 Canadian Imperial Bank of
Commerce (Canada),
5.20%, 02/29/00 74,989
27,000 Commerzbank AG (Germany),
5.12%, 04/25/00 26,988
10,000 Credit Suisse First Boston
(Switzerland), 5.60%, 01/25/00 10,000
</TABLE>
See notes to financial statements.
30
<PAGE>
Chase Vista Cash Management Fund
Portfolio of Investments August 31, 1999 (continued)
(Amounts in Thousands)
<TABLE>
<CAPTION>
Principal
Amount
(USD) Issuer Value
===================================================================
Deposits -- (continued)
===================================================================
<S> <C> <C>
$ 50,000 National Westminster Bank PLC,
(United Kingdom),
5.28%, 04/03/00 $ 49,995
50,000 Rabobank Nederland--Cooeperatieve
Centrale Raiffeisen-Boerenleenbank
B.A. (Netherlands), 5.18%, 03/28/00 49,986
96,000 Royal Bank of Canada, (Canada),
5.12%, 03/20/00 95,985
18,000 Svenska Handelsbanken Inc.,
(Sweden), 5.23%, 03/01/00 18,003
UBS Finance Inc., (Switzerland), FRN,
60,000 5.41%, 06/01/00 59,978
40,000 5.53%, 06/06/00 39,988
99,000 5.76%, 07/06/00 98,968
----------
Total Certificates of Deposit (Yankee) 524,880
(Cost $524,880)
===================================================================
Total Deposits 1,046,659
(Cost $1,046,659)
===================================================================
Repurchase Agreements -- 1.3%
100,000 Merrill Lynch & Co., Inc., 5.50%,
due 09/01/99 (Dated 8/31/99,
Proceeds $100,015, Secured
by U.S. Government Agency
Obligations, 5.63% through 8.50%,
03/15/01 through 01/13/14,
Market Value $102,004) 100,000
(Cost $100,000)
===================================================================
Total Investments -- 99.7% $7,668,677
(Cost $7,670,327)*
===================================================================
</TABLE>
See notes to financial statements.
31
<PAGE>
Chase Vista Cash Management Fund
Portfolio of Investments August 31, 1999 (continued)
(Amounts in Thousands)
Index:
* -- The cost of securities is substantially the same for federal income tax
purposes.
# -- Security may only be sold to qualified institutional buyers.
FRDN -- Floating Rate Demand Note: The maturity date shown is the next interest
reset date; the rate shown is the rate in effect at August 31, 1999.
FRN -- Floating Rate Note: The maturity date shown is the actual maturity
date; the rate shown is the rate in effect at August 31, 1999.
GO -- General Obligation Bond.
TAN -- Tax Anticipation Notes.
MTN -- Medium Term Note.
Rev. -- Revenue Bond.
See notes to financial statements.
32
<PAGE>
Chase Vista Prime Money Market Fund
as of August 31, 1999
(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 $9.8 Billion
Average maturity 53 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 ............ 45.90%
15-30 days ........... 22.80%
31-60 days ........... 10.42%
61-90 days ........... 2.47%
91-180 days .......... 8.40%
181-270 days ......... 5.89%
271+ days ............ 4.12%
</TABLE>
33
<PAGE>
Chase Vista Prime Money Market Fund
as of August 31, 1999
(unaudited)
How Much of the Fund Was Invested
[PIE CHART PLOT POINTS]
Investments (99.3%)
Cash/Other (0.7%)
[END PLOT POINTS]
Yields
<TABLE>
<CAPTION>
7-Day SEC Yield(1)
---------------
<S> <C>
B Shares 4.17%
C Shares 4.13%
Vista Shares 4.83%
Premier Shares 4.97%
Institutional Shares 5.16%
</TABLE>
Past performance is not a guarantee of future results. Yields will fluctuate.
An investment in a money market fund is not FDIC insured nor guaranteed by the
U.S. government or any other agency and there can be no assurance that the fund
will maintain a stable Net Asset Value of $1.00 per share.
(1) The yields for B Shares, Vista Shares, Premium 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 4.13% for B Shares, 4.78% for Vista Shares, 4.92% for Premier
Shares, and 5.08% for Institutional Shares. This voluntary waiver may be
modified or terminated at any time, which would reduce the fund's performance.
34
<PAGE>
Chase Vista Prime Money Market Fund
Portfolio of Investments August 31, 1999
(Amounts in Thousands)
<TABLE>
<CAPTION>
Principal
Amount
(USD) Issuer Value
=================================================================
Notes & Bonds -- 6.2%
=================================================================
<S> <C> <C>
U.S. Government Agency Obligations -- 0.1%
------------------------------------------
$ 15,000 Federal Home Loan Bank,
Discount Note, 4.66%,
02/07/00 $ 14,691
----------
(Cost $14,691)
Corporate Notes & Bonds -- 6.1%
-------------------------------
Asset Backed Securities -- 5.3%
Beta Finance Corp., Inc.,
(Channel Islands), #,
50,000 5.08%, 02/10/00 50,000
50,000 5.13%, 01/11/00 50,000
60,000 6.02%, 08/15/00 60,000
CC USA Inc. (Centauri Corp.), #,
75,000 5.09%, 02/10/00 75,000
60,000 5.75%, 07/20/00 60,000
35,000 Dorada Finance Inc., #,
5.60%, 06/07/00 35,000
K2 (USA) LLC, #,
25,000 5.60%, 06/12/00 25,000
35,000 5.68%, 06/15/00 35,000
Sigma Finance Corp.,
(Channel Islands), #,
50,000 5.14%, 02/10/00 50,000
30,000 5.19%, 02/25/00 30,000
50,000 5.38%, 03/13/00 50,000
----------
520,000
----------
Banking -- 0.3%
25,000 Abbey National Treasury Services
PLC, (United Kingdom), (Yankee),
5.24%, 03/01/00 24,993
----------
Financial Services -- 0.5%
50,000 U.S. Central Credit Union, MTN,
5.08%, 04/19/00 49,982
----------
</TABLE>
See notes to financial statements.
35
<PAGE>
Chase Vista Prime Money Market Fund
Portfolio of Investments August 31, 1999 (continued)
(Amounts in Thousands)
<TABLE>
<CAPTION>
Principal
Amount
(USD) Issuer Value
=================================================================
Notes & Bonds -- (continued)
=================================================================
<S> <C> <C>
Total Corporate Notes & Bonds $ 594,975
(Cost $594,975)
=================================================================
Total Notes & Bonds 609,666
(Cost $609,666)
=================================================================
Corporate Commercial Paper -- 34.2%
=================================================================
Asset Backed Securities -- 23.8%
Alpine Security Corp.,
$ 100,481 5.17%, 09/07/99 100,394
43,921 5.25%, 09/01/99 43,921
72,958 5.30%, 09/10/99 72,861
Atlantis One Funding,
50,000 5.77%, 02/25/00 48,582
35,000 5.85%, 02/14/00 34,056
73,375 Bavaria TRR Corp., (Germany), #,
5.20%, 09/10/99 73,280
24,500 Bavaria Universal Funding, #,
4.87%, 09/01/99 24,500
35,000 Beta Finance Corp., Inc., (Channel
Islands), #, 5.00%, 02/07/00 34,227
Blue Ridge Asset Funding Corp.,
33,000 5.18%, 09/03/99 32,991
225,000 5.33%, 09/20/99 224,367
110,000 Dakota Certificate Program
(Citibank Credit Card Master
Trust 1), 5.18%, 09/07/99 109,905
Dorada Finance Inc., #,
60,000 5.59%, 04/28/00 57,764
65,000 5.74%, 05/05/00 62,439
Giro Funding Corp.,
50,241 5.18%, 09/07/99 50,198
70,000 5.18%, 09/13/99 69,879
Grand Funding Corp.,
50,000 5.32%, 09/22/99 49,845
50,000 5.79%, 02/14/00, # 48,665
16,081 Greenwich Funding Corp.,
5.25%, 09/01/99 16,081
</TABLE>
See notes to financial statements.
36
<PAGE>
Chase Vista Prime Money Market Fund
Portfolio of Investments August 31, 1999 (continued)
(Amounts in Thousands)
<TABLE>
<CAPTION>
Principal
Amount
(USD) Issuer Value
=================================================================
Corporate Commercial Paper -- (continued)
=================================================================
<S> <C> <C>
$ 46,240 International Securitization Corp.,
5.27%, 09/23/99 $ 46,091
Montauk Funding Corp.,
125,000 5.31%, 09/22/99 124,613
150,000 5.32%, 09/13/99 149,734
80,000 Moriarty LLC, 5.30%, 09/24/99 79,729
73,000 Parthenon Receivable Funding
LLC, #, 5.22%, 09/10/99 72,905
Sheffield Receivables Corp.,
100,000 5.18%, 09/03/99 99,971
150,200 5.30%, 09/21/99 149,758
74,700 5.33%, 09/24/99 74,446
50,000 Silver Tower US Funding LLC, #,
5.30%, 09/24/99 49,831
Special Purpose Accounts
Receivable Cooperative Corp., #,
61,550 5.23%, 09/07/99 61,496
236,000 5.33%, 09/22/99 235,266
37,104 Victory Receivables, 5.28%,
09/01/99 37,104
----------
2,334,899
----------
Banking -- 1.3%
50,000 Banco Bozano Simonsen SA
(Spain), 5.60%, 06/15/00 47,760
20,000 Banco Itau SA (Cayman Islands),
5.80%, 05/12/00 19,182
60,000 United Mexican States,
5.18%, 12/01/99 59,214
----------
126,156
----------
Financial Services -- 5.8%
75,000 CXC Inc., 5.17%, 09/13/99 74,871
45,466 Kitty Hawk Funding Corp.,
5.26%, 09/01/99 45,466
50,000 Nacional Financiera, S.N.C.,
(United Kingdom), 5.00%,
11/19/99 49,451
</TABLE>
See notes to financial statements.
37
<PAGE>
Chase Vista Prime Money Market Fund
Portfolio of Investments August 31, 1999 (continued)
(Amounts in Thousands)
<TABLE>
<CAPTION>
Principal
Amount
(USD) Issuer Value
=================================================================
Corporate Commercial Paper -- (continued)
=================================================================
<S> <C> <C>
$ 131,569 Three Rivers Funding Corp.,
5.33%, 09/20/99 $ 131,199
129,200 Trident Capital Finance (France),
5.17%, 09/13/99 128,977
Tulip Funding Corp. (Netherlands),
87,906 5.20%, 09/07/99 87,830
50,000 5.22%, 09/10/99, # 49,935
----------
567,729
----------
Hotels/Other Lodging -- 0.5%
50,000 Accor SA (France), 5.21%,
09/07/99 49,957
----------
Oil & Gas -- 0.8%
75,000 BP Capital PLC (United
Kingdom), 5.38%, 02/07/00 73,218
----------
Sovereign/Other -- 2.0%
Comision Federal De Electricidad
(Germany),
50,000 5.20%, 09/07/99 49,957
75,000 5.35%, 09/15/99 74,844
75,000 5.35%, 09/20/99 74,788
----------
199,589
----------
Total Corporate Commercial Paper 3,351,548
(Cost $3,351,548)
=================================================================
Floating Rate Notes & Bonds -- 43.2%
=================================================================
State & Municipal Obligations (FRDN) -- 0.3%
--------------------------------------------
California -- 0.2%
17,000 Kern County, California Pension
Obligation, Taxable, Medical
Options Period, Cr-7T, Rev.,
5.29%, 09/01/99 17,000
2,645 Stanislaus County, California
Pension Obligation, Medical
Options Period, Taxable, Rev.,
5.29%, 09/01/99 2,645
----------
19,645
----------
</TABLE>
See notes to financial statements.
38
<PAGE>
Chase Vista Prime Money Market Fund
Portfolio of Investments August 31, 1999 (continued)
(Amounts in Thousands)
<TABLE>
<CAPTION>
Principal
Amount
(USD) Issuer Value
=============================================================
Floating Rate Notes & Bonds -- (continued)
=============================================================-
<S> <C> <C>
Michigan -- 0.1%
$ 5,796 Sault Ste Marie Michigan Tribe
Building Authority, Taxable,
Rev., 5.65%, 09/01/99 $ 5,796
----------
Texas -- 0.0%
3,600 Texas State, Taxable, Medical
Options Period, Rev.,
5.29%, 09/01/99 3,600
----------
Total State & Municipal
Obligations (FRDN) 29,041
----------
(Cost $29,041)
Corporate Notes & Bonds (FRN) -- 42.9%
--------------------------------------
Asset Backed Securities -- 25.2%
75,000 Asset Securitization Coop Corp.
(ASCC), 5.60%, 02/25/00 75,000
75,000 Bavaria Universal Funding, #,
5.35%, 02/11/00 74,993
Beta Finance Corp., Inc.,
(Channel Islands), #,
50,000 5.28%, 10/26/99 49,994
70,000 5.57%, 07/27/00 70,000
CC USA Inc. (Centauri Corp.), #,
30,000 5.21%, 10/26/99 29,996
30,000 5.25%, 10/22/99 29,996
50,000 5.31%, 04/26/00 49,997
100,000 5.46%, 05/22/00 99,993
60,000 6.10%, 09/07/00 60,000
127,000 Corporate Asset Funding,
5.29%, 03/15/00 127,000
Dorada Finance Inc., #,
70,000 5.27%, 07/17/00 69,979
75,000 5.62%, 09/05/00 75,000
100,000 Four Winds Funding Corp., #,
5.47%, 02/18/00 100,000
K2 (USA) LLC, #,
100,000 5.37%, 08/15/00 100,000
70,000 5.48%, 05/30/00 70,000
</TABLE>
See notes to financial statements.
39
<PAGE>
Chase Vista Prime Money Market Fund
Portfolio of Investments August 31, 1999 (continued)
(Amounts in Thousands)
<TABLE>
<CAPTION>
Principal
Amount
(USD) Issuer Value
=================================================================
Floating Rate Notes & Bonds -- (continued)
=================================================================
<S> <C> <C>
Restructured Asset Securities with
Enhanced Returns, (RACERS), #,
$ 136,000 1998 Ser. MM-12, Act 1,
5.56%, 01/12/00 $ 136,000
100,000 1999 Ser. MM-16 (France),
5.20%, 06/02/00 100,000
25,000 Short Term Repackage Asset Trust
Securities (STRATS), 1999,
Ser. C., #, 5.32%, 04/13/00 25,000
Sigma Finance Corp.,
(Channel Islands), #,
35,000 5.36%, 10/12/99 35,000
100,000 5.38%, 06/30/00 100,000
25,000 5.47%, 05/25/00 24,995
25,000 5.48%, 04/25/00 25,000
75,000 5.55%, 01/26/00 75,000
SMM Trust, #,
80,000 1999 Ser. B, 5.20%, 03/15/00 80,000
70,000 1999 Ser. C, 5.37%, 01/26/00 70,000
40,000 1999 Ser. E, 5.32%, 04/05/00 40,000
35,000 1999 Ser. E, 5.36%, 04/05/00 35,000
50,000 1999 Ser. E, 5.45%, 03/15/00 50,000
136,957 1999 Ser. G, 5.27%, 06/05/00 136,957
25,000 Special Purpose Accounts
Receivable Cooperative Corp., #,
5.44%, 02/22/00 25,000
Structured Enhanced Return Trust,
(STEERS), #,
62,820 1997 Ser. A-31, 5.45%,
01/25/00 62,820
25,000 1998 Ser. A-38, 5.40%,
03/23/00 25,000
52,783 1998 Ser. A-39, 5.40%,
04/25/00 52,783
49,960 1998 Ser. A-42, 5.59%,
08/25/00 49,960
</TABLE>
See notes to financial statements.
40
<PAGE>
Chase Vista Prime Money Market Fund
Portfolio of Investments August 31, 1999 (continued)
(Amounts in Thousands)
<TABLE>
<CAPTION>
Principal
Amount
(USD) Issuer Value
===================================================================
Floating Rate Notes & Bonds -- (continued)
===================================================================
<S> <C> <C>
$ 242,200 Triangle Funding LTD, Ser.
1998-1A, Class 1, #, 5.35%,
10/15/99 $ 242,200
----------
2,472,663
----------
Automotive -- 0.6%
55,000 Toyota Motor Credit Corp.
(Japan), 5.31%, 10/07/99 55,000
----------
Banking -- 2.6%
16,000 American Express Centurion Bank,
5.46%, 05/25/00 16,000
70,000 BankAmerica Corp.,
5.42%, 03/16/00 69,989
120,000 Bayerische Landesbank
Girozentrale, (Germany),
5.50%, 08/02/00 119,945
50,000 Deutsche Bank AG (Germany),
5.08%, 04/12/00 49,979
----------
255,913
----------
Financial Services -- 14.4%
General Electric Capital Corp.,
140,000 5.29%, 05/03/00 140,000
120,000 5.39%, 05/12/00 120,000
Goldman Sachs Group LP, #,
90,000 5.05%, 08/11/00 90,000
200,000 5.23%, 11/05/99 200,000
70,000 5.39%, 01/31/00 70,000
Morgan Stanley Dean Witter,
35,000 5.23%, 03/13/01 35,000
50,000 5.24%, 03/15/01 50,000
55,000 5.34%, 05/15/01 55,004
150,000 5.67%, 02/04/00 150,000
73,200 First Allmerica Financial Life
Insurance Co., 5.25%, 04/07/00 73,200
General American Life Insurance Co.,
45,000 5.28%, 09/01/99 44,550
67,500 5.28%, 09/01/00 66,825
</TABLE>
See notes to financial statements.
41
<PAGE>
Chase Vista Prime Money Market Fund
Portfolio of Investments August 31, 1999 (continued)
(Amounts in Thousands)
<TABLE>
<CAPTION>
Principal
Amount
(USD) Issuer Value
===================================================================
Floating Rate Notes & Bonds -- (continued)
===================================================================
<S> <C> <C>
General American Life Insurance Co.,
$ 22,500 5.35%, 02/17/00 $ 22,275
252,440 5.40%, 03/01/00 249,916
1,000 5.40%, 04/07/00 990
46,500 Jackson National Life Insurance
Co., 5.66%, 09/01/03 46,500
----------
1,414,260
----------
Utilities -- 0.1%
9,000 Hydro Quebec (Canada),
5.29%, 01/15/22 9,000
----------
Total Corporate Notes & Bonds (FRN) 4,206,836
(Cost $4,210,720)
===================================================================
Total Floating Rate Notes & Bonds 4,235,877
(Cost $4,239,761)
-------------------------------------------------------------------
Deposits -- 17.2%
===================================================================
Time Deposits -- 5.0%
---------------------
190,000 Norwest Bank of Minnesota, NA,
5.69%, 09/01/99 190,000
104,687 Societe Generale (France), 5.56%,
09/01/99 104,687
200,000 SouthTrust Bank NA, 5.63%,
09/01/99 200,000
----------
Total Time Deposits 494,687
----------
(Cost $494,687)
Certificates of Deposit (Yankee) -- 12.2%
-----------------------------------------
70,000 ABN AMRO North America
Finance Inc. (Netherlands),
5.10%, 02/23/00 69,987
35,000 Banco Bilboa Vizcaya SA (Spain),
5.62%, 06/14/00 34,989
100,000 Banco Popolare di Milano (Italy),
5.35%, 09/27/99 100,001
50,000 Bank Austria AG (Austria),
5.20%, 05/08/00 49,983
</TABLE>
See notes to financial statements.
42
<PAGE>
Chase Vista Prime Money Market Fund
Portfolio of Investments August 31, 1999 (continued)
(Amounts in Thousands)
<TABLE>
<CAPTION>
Principal
Amount
(USD) Issuer Value
===================================================================
Deposits -- (continued)
===================================================================
<S> <C> <C>
Barclays Bank PLC, FRN, (United
Kingdom),
$ 70,000 5.39%, 03/15/00 $ 69,978
100,000 5.39%, 05/12/00 99,959
Bayerische Landesbank
Girozentrale, FRN, (Germany),
50,000 5.10%, 04/10/00 49,979
200,000 5.39%, 04/12/00 199,934
50,000 Deutsche Bank AG, FRN,
(Germany), 5.38%, 04/26/00 49,980
Landesbank Hessen-Thuringen
Girozentrale (Germany),
83,500 5.19%, 02/29/00 83,484
100,000 5.25%, 09/07/99 100,002
Rabobank Nederland--
Cooeperatieve Centrale
Raiffeisen-Boerenleenbank B.A.
(Netherlands),
50,000 5.02%, 01/11/00 49,995
47,000 5.11%, 02/16/00 46,994
90,000 UBS Finance Inc., (Switzerland),
5.12%, 02/23/00 89,988
Union Bank of Switzerland
(Switzerland),
50,000 5.25%, 03/10/00 49,987
50,000 5.70%, 07/10/00 49,979
----------
Total Certificates of Deposit (Yankee) 1,195,219
(Cost $1,195,219)
===================================================================
Total Deposits 1,689,906
(Cost $1,689,906)
===================================================================
Total Investments -- 100.8% $9,886,997
(Cost $9,890,881)*
===================================================================
</TABLE>
See notes to financial statements.
43
<PAGE>
Chase Vista Prime Money Market Fund
Portfolio of Investments August 31, 1999 (continued)
(Amounts in Thousands)
Index:
* -- The cost of securities is substantially the same for federal income tax
purposes.
# -- Security may only be sold to qualified institutional buyers.
FRN -- Floating Rate Note: The maturity date is the actual maturity date; the
rate in effect at August 31, 1999.
FRDN -- Floating Rate Demand Note: The maturity date shown is the next interest
reset date; the rate shown is the rate in effect at August 31, 1999.
MTN -- Medium Term Note.
Rev -- Revenue Note.
See notes to financial statements.
44
<PAGE>
Chase Vista Tax Free Money Market Fund
as of August 31, 1999
(unaudited)
Fund Facts
<TABLE>
<S> <C>
Objective High current tax free income consistent
with capital preservation*
Primary investments Short-term municipal obligations
Suggested investment time frame Short-term
Share classes offered Vista, Premier and Institutional Shares
Net assets $1.4 Billion
Average maturity 44 days
S&P Rating** AAA
Moody's Rating Not rated
NAIC Rating Not rated
</TABLE>
* A portion of the Fund's income may be subject to the Alternative Minimum Tax
(AMT), and some investors may be subject to certain state and local taxes.
**This rating is historical and is based upon the Fund's credit quality, market
price exposure and management. It signifies that the Fund's safety is excellent
and that it has superior capacity to maintain a $1 Net Asset Value per share.
Maturity Schedule
<TABLE>
<S> <C>
1-14 days .......... 74.79%
15-30 days ......... 1.18%
31-60 days ......... 4.39%
61-90 days ......... 2.48%
91+ days ........... 17.16%
</TABLE>
45
<PAGE>
Chase Vista Tax Free Money Market Fund
as of August 31, 1999
(unaudited)
How Much of the Fund Was Invested
[PIE CHART PLOT POINTS]
Investments (99.2%)
Cash/Other (0.8%)
[END PLOT POINTS]
Yields
<TABLE>
<CAPTION>
7-Day Taxable
SEC Yield(1) Equivalent Yield(2)
<S> <C> <C>
Vista Shares 2.71% 4.49%
Premier Shares 2.75% 4.55%
Institutional Shares 3.04% 5.03%
</TABLE>
Past performance is not a guarantee of future results. Yields will fluctuate.
An investment in a money market fund is not FDIC insured nor guaranteed by the
U.S. government or any other agency and there can be no assurance that the fund
will maintain a stable Net Asset Value of $1.00 per share.
(1) The yield for Vista Shares, 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 2.55%, 2.71% for Premier Shares and 2.91% 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.
46
<PAGE>
Chase Vista Tax Free Money Market Fund
Portfolio of Investments August 31, 1999
(Amounts in Thousands)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
=======================================================================
State & Municipal Obligations -- 98.6%
=======================================================================
<S> <C> <C>
Alabama -- 4.3%
$ 12,000 Alabama State, Public School & College
Authority, Ser. 101, PUTTERS, FRDN,
3.34%, 09/02/99 $ 12,000
Birmingham, Alabama,
5,000 FRDN, 3.20%, 09/02/99 5,000
3,450 Ser. A, FRDN, 3.20%, 09/02/99 3,450
9,000 Ser. A, FRDN, 3.25%, 09/02/99 9,000
Columbia, Alabama, IDB, PCR,
Alabama Power Co.,
5,050 Ser. A, FRDN, 2.95%, 09/01/99 5,050
1,200 Ser. C, FRDN, 3.25%, 09/01/99 1,200
6,650 Daphine, Alabama, Special Care Facilities
Financing Authority, Presbyterian
Retirement, Ser. A, FRDN, 3.20%,
09/02/99 6,650
12,900 Port City Medical Clinic Board, Mobile,
Alabama, Infirmary Health Systems,
Ser. B, FRDN, 3.20%, 09/02/99 12,900
3,300 University of Alabama, Ser. B, FRDN,
3.20%, 09/01/99 3,300
----------
58,550
----------
Arizona -- 0.6%
2,500 Arizona Educational Loan Marketing
Corp., Sr. Ser., Rev., 5.75%, 09/01/99 2,500
5,000 Salt River Project, Arizona, Ser. A, Rev.,
5.50%, 01/01/00 5,038
----------
7,538
----------
Arkansas -- 1.8%
Arkansas Hospital Equipment Financing
Authority,
3,000 Baptist Health Project, FRDN, 3.30%,
09/02/99 3,000
3,600 Pooled Financing Program, FRDN,
3.35%, 09/01/99 3,600
4,000 Arkansas State, IDR, Stratton Seed Co.
Project, FRDN, 3.45%, 09/02/99 4,000
</TABLE>
See notes to financial statements.
47
<PAGE>
Chase Vista Tax Free Money Market Fund
Portfolio of Investments August 31, 1999 (continued)
(Amounts in Thousands)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
===================================================================
State & Municipal Obligations -- (continued)
===================================================================
<S> <C> <C>
$ 5,500 Columbia County, Arkansas, Solid Waste
Disposal, Albemarle Corp. Project,
FRDN, 3.45%, 09/02/99 $ 5,500
8,750 Miller County, Arkansas, Solid Waste
Disposal, Tyson Foods Inc. Project,
FRDN, 3.35%, 09/02/99 8,750
----------
24,850
----------
California -- 1.0%
Student Education Loan Marketing
Corp., California Student Loan,
4,000 Ser. A, FRDN, 3.25%, 06/01/00 4,000
9,000 Ser. A, FRDN, 3.30%, 09/02/99 9,000
----------
13,000
----------
Colorado -- 3.3%
Colorado Student Obligation Board
Authority,
5,000 Ser. A-2, FRDN, 3.35%, 09/01/99 5,000
2,500 Ser. A-3, FRDN, 3.35%, 09/01/99 2,500
Denver, Colorado, City & County Airport,
22,230 Ser. 136, FRDN, 3.34%, 09/02/99 22,230
15,580 Ser. 153, FRDN, 3.34%, 09/02/99 15,580
----------
45,310
----------
District of Columbia -- 1.3%
District of Columbia,
1,400 George Washington University, Ser. A,
FRDN, 3.35%, 09/01/99 1,400
4,470 Pooled Loan Program, Ser. A, FRDN,
3.30%, 09/02/99 4,470
4,755 Water & Sewer Authority, FRDN,
3.34%, 09/02/99 4,755
Eagle Tax Exempt Trust, Weekly Option
Mode, Certificate, Water & Sewer Rev.,
District of Columbia, Ser. 98-5202,
FRDN, #,
6,155 3.34%, 09/02/99 6,155
----------
16,780
----------
</TABLE>
See notes to financial statements.
48
<PAGE>
Chase Vista Tax Free Money Market Fund
Portfolio of Investments August 31, 1999 (continued)
(Amounts in Thousands)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
==========================================================================
State & Municipal Obligations -- (continued)
==========================================================================
<S> <C> <C>
Florida -- 10.5%
$ 15,000 Capital Finance Authority, Florida
Hospital Association, Ser. A, FRDN,
3.30%, 09/01/99 $ 15,000
Dade County, Florida, Housing Finance
Authority,
2,770 Kendall Ct. Apartments, FRDN,
3.25%, 09/02/99 2,770
2,070 Star Creek Apartments, FRDN,
3.25%, 09/02/99 2,070
Eagle Tax Exempt Trust, Weekly Option
Mode, Certificate, #,
10,100 Jacksonville, Florida, Ser. 96-0902,
FRDN, 3.39%, 09/02/99 10,100
6,805 Jacksonville, Florida, Ser. 96C-0915,
FRDN, 3.25%, 12/01/99 6,805
Florida Housing Finance Agency,
Multi-Family Housing,
4,700 Beneva Project, Ser. C, FRDN,
3.30%, 09/02/99 4,700
5,000 Kings Project, Ser. D, FRDN,
3.30%, 09/02/99 5,000
1,300 South Pointe Project, Ser. J, FRDN,
3.24%, 09/01/99 1,300
4,000 Twin Colony Project, Ser. EE, FRDN,
3.30%, 09/01/99 4,000
4,000 Greater Orlando Aviation, CP,
3.54%, 12/15/99 4,000
Gulf Breeze, Florida, Local Government
Loan Program,
18,540 Ser. B, FRDN, 3.25%, 09/02/99 18,540
17,105 Ser. C, FRDN, 3.25%, 09/02/99 17,105
8,000 Jacksonville, Florida, Educational Facilities,
Jacksonville University Project, FRDN,
3.25%, 09/02/99 8,000
1,000 Jacksonville, Florida, Health Facilities, River
Garden Project, FRDN, 3.25%,
09/01/99 1,000
</TABLE>
See notes to financial statements.
49
<PAGE>
Chase Vista Tax Free Money Market Fund
Portfolio of Investments August 31, 1999 (continued)
(Amounts in Thousands)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
======================================================================
State & Municipal Obligations -- (continued)
======================================================================
<S> <C> <C>
$ 5,000 Orange County, Florida, Health Facilities
Authority, Presbyterian Retirement
Project, FRDN, 3.35%, 09/02/99 $ 5,000
4,000 Orange County, Florida, Housing Finance
Authority, Ser. A-3, 3.40%, 06/01/00 4,000
7,500 Pasco County, Florida, School Board,
FRDN, 3.20%, 09/02/99 7,500
5,000 Polk County, Florida, IDA, Farmland Hydro
LP Project, FRDN, 3.30%, 09/02/99 5,000
5,000 Sunshine State, CP, 3.50%, 02/17/00 5,000
4,500 The University of North Florida
Foundation Inc., FRDN, 3.35%,
09/02/99 4,500
5,600 University Athletic Association, University
of Florida Stadium Project, FRDN,
3.10%, 09/01/99 5,600
5,580 Volusia County, Florida, Health Facilities
Authority, Ser. A, FRDN, 3.25%,
09/02/99 5,580
----------
142,570
----------
Georgia -- 10.5%
1,100 Atlanta, Georgia, Airport Facilities,
Ser. B, 5.25%, 01/01/00 1,108
1,000 Bibb County, Georgia, Ser. C, FRDN,
3.42%, 09/02/99 1,000
2,335 Carroll County, Georgia, School District,
3.10%, 04/01/00 2,335
9,900 Columbia County, Georgia, Elderly
Authority, FRDN, 3.30%, 09/01/99 9,900
7,000 Crisp County, Georgia, Solid Waste
Management Authority, FRDN,
3.40%, 09/02/99 7,000
15,100 Eagle Tax Exempt Trust Weekly Option
Mode, Certificate, Ser. 97C-1002,
FRDN, #, 3.34%, 09/02/99 15,100
2,200 Elbert County & Elberton & Bowman
Georgia Development Authority, IDR,
FRDN, 3.25%, 09/02/99 2,200
</TABLE>
See notes to financial statements.
50
<PAGE>
Chase Vista Tax Free Money Market Fund
Portfolio of Investments August 31, 1999 (continued)
(Amounts in Thousands)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
==================================================================
State & Municipal Obligations -- (continued)
==================================================================
<S> <C> <C>
$ 3,240 Fayette County, Georgia, School District,
GO, 4.50%, 03/01/00 $ 3,260
10,000 Fulco, Georgia, Hospital Authority,
Piedmont Hospital Project, FRDN,
3.30%, 09/01/99 10,000
Fulton County, Georgia, Development
Authority,
1,000 Arthritis Foundation Inc. Project,
FRDN, 3.30%, 09/01/99 1,000
1,600 FRDN, Rev., 3.35%, 09/02/99 1,600
Fulton County, Georgia, Housing
Authority, Multi-Family Housing,
7,000 Hampton Hills Apartments Project,
FRDN, 3.25%, 09/01/99 7,000
8,400 Holcomb Landing Apartments,
FRDN, 3.30%, 09/01/99 8,400
13,860 Residential Revenue Construction,
FRDN, 3.30%, 09/01/99 13,860
4,215 Georgia Municipal Association Pooled
Bond, FRDN, 3.30%, 09/01/99 4,215
28,000 Georgia Municipal Gas Authority, Gas
Portfolio II Project, Ser. C, FRDN,
3.75%, 09/01/99 28,000
4,755 Macon-Bibb County, Georgia, Hospital
Authority, Medical Center of Centra
Georgia, FRDN, 3.30%, 09/01/99 4,755
6,325 Marietta Georgia, Housing Authority
Multi-Family, Concepts 21 Apartments,
FRDN, 3.20%, 09/01/99 6,325
15,000 Richmond County, Georgia, Hospital
Authority, University Health Services
Inc. Project, FRDN, 3.30%,
09/01/99 15,000
----------
142,058
----------
Hawaii -- 0.1%
2,000 Hawaii State Airports Systems, Ser. 2,
5.45%, 07/01/00 2,034
----------
</TABLE>
See notes to financial statements.
51
<PAGE>
Chase Vista Tax Free Money Market Fund
Portfolio of Investments August 31, 1999 (continued)
(Amounts in Thousands)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
======================================================================
State & Municipal Obligations -- (continued)
======================================================================
<S> <C> <C>
Idaho -- 0.4%
$ 5,000 Idaho State, TAN, 4.25%, 06/30/00 $ 5,034
----------
Illinois -- 2.5%
Chicago, Illinois,
2,625 Floating Rate Certificates, Ser. 126,
FRDN, 3.34%, 09/02/99 2,625
4,000 Single Family Mortgage, Ser. B, Rev.,
3.25%, 04/01/00 4,000
3,000 Cook County, Illinois, GO, 7.38%,
11/01/99- 3,080
Illinois Development Financing Authority,
IDR,
3,405 CFC International Inc. Project, FRDN,
3.37%, 09/02/99 3,405
1,500 Revcor Inc. Project, FRDN, 3.37%,
09/01/99 1,500
1,935 Toughy LTD Partnership Project,
FRDN, 3.37%, 09/01/99 1,935
2,000 Valspar Corp. Project, FRDN,
3.35%, 09/02/99 2,000
2,035 Illinois Health Facilities Authority,
SwedishAmerican Hospital, 7.40%,
04/01/00- 2,125
2,000 Kane County, Illinois, GO, 6.63%,
12/01/99 2,017
2,995 Libertyville, Illinois, Industrial Revenue,
Libertyville Manor Project, FRDN,
3.30%, 09/02/99 2,995
8,500 Lisle, Illinois, Multi-Family, Ashley of
Lisle Project, FRDN, 3.25%,
09/01/99 8,500
----------
34,182
----------
Indiana -- 3.1%
7,500 Indiana Health Facilities Financing
Authority, Community Hospitals
Project, Ser. B, FRDN,
3.31%, 09/02/99 7,500
</TABLE>
See notes to financial statements.
52
<PAGE>
Chase Vista Tax Free Money Market Fund
Portfolio of Investments August 31, 1999 (continued)
(Amounts in Thousands)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
==================================================================
State & Municipal Obligations -- (continued)
==================================================================
<S> <C> <C>
$ 22,200 Indiana State Development Finance
Authority, PCR, Southern Indiana
Gas & Electric Co., Ser. C, FRDN,
3.05%, 03/01/00 $ 22,200
1,595 Lafayette Indiana Economic Development,
Health Quest Realty XI, FRDN,
3.31%, 09/02/99 1,595
5,000 Mount Vernon, Indiana, CP, 3.40%,
09/07/99 5,000
715 Muncie Indiana Economic Development,
Health Quest Realty Project, FRDN,
3.31%, 09/02/99 715
5,400 Sullivan, Indiana, PCR, National Rural,
CP, 3.35%, 09/02/99 5,400
----------
42,410
----------
Iowa -- 0.6%
Iowa Student Loan Liquidity Corp.,
6,000 Ser. A, Rev., 4.10%, 12/01/99 6,013
1,500 Ser. C, Rev., 6.38%, 03/01/00 1,518
----------
7,531
----------
Kansas -- 0.3%
2,150 Spring Hill, Kansas, IRB, Abrasive
Engineering Project, FRDN,
3.37%, 09/02/99 2,150
1,650 Wichita, Kansas, Airport Facilities,
Cessna Citation Center Project,
Ser III, FRDN, 3.40%, 09/01/99 1,650
----------
3,800
----------
Kentucky -- 0.1%
1,950 Kentucky Higher Education Student
Loan Corp., Insured Student Loan,
Ser. D, 6.55%, 12/01/99 1,966
----------
</TABLE>
See notes to financial statements.
53
<PAGE>
Chase Vista Tax Free Money Market Fund
Portfolio of Investments August 31, 1999 (continued)
(Amounts in Thousands)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
==============================================================
<S> <C> <C>
State & Municipal Obligations -- (continued)
==============================================================
Louisiana -- 2.6%
Jefferson Parish, Louisiana, Home
Mortgage Authority,
$ 2,255 Ser. A-2, Rev., 3.65%, 06/30/00 $ 2,255
2,745 Ser. B-2, Rev., 3.65%, 06/30/00 2,745
9,175 Louisiana Housing Finance Agency
Mortgage, Single Family, Ser. C,
FRDN, 3.35%, 06/01/00 9,175
Louisiana Public Facilities Authority,
7,785 Supplemental Student Loan, Ser. B,
Rev., 8.13%, 12/01/99 7,882
5,575 Tiger Athletic Foundation Project,
FRDN, 3.29%, 09/02/99 5,575
1,675 New Orleans, Louisiana, Aviation Board,
Ser. A, FRDN, 3.30%, 09/01/99 1,675
6,525 New Orleans, Louisiana, Home Mortgage
Authority, Single Family Mortgage, Ser.
2, FRDN, 3.15%, 12/01/99 6,525
----------
35,832
----------
Maryland -- 0.6%
8,605 Howard County, Maryland, Multi-Family
Housing, Sherwood Crossing LTD,
FRDN, 3.30%, 06/01/00 8,605
----------
Massachusetts -- 1.8%
14,170 Massachusetts Bay Transportation
Authority, Ser. 112, PUTTERS,
FRDN, 3.24%, 09/02/99 14,170
4,500 Massachusetts State, Ser. B, GO, 9.25%,
07/01/00 4,712
1,185 Massachusetts State, Housing Finance
Agency, Housing Development, Ser. A,
Rev., 3.85%, 12/01/99 1,187
4,500 Massachusetts State, Water Resources
Authority, Ser. A, Rev., 7.50%,
04/01/00- 4,701
----------
24,770
----------
</TABLE>
See notes to financial statements.
54
<PAGE>
Chase Vista Tax Free Money Market Fund
Portfolio of Investments August 31, 1999 (continued)
(Amounts in Thousands)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
===============================================================
State & Municipal Obligations -- (continued)
===============================================================
<S> <C> <C>
Michigan -- 0.7%
$ 4,100 Delta County, Michigan Economic
Development Corp., Environmental
Improvement, Mead Escanaba Paper,
Ser. D, FRDN, 3.15%, 09/01/99 $ 4,100
1,000 Grand Rapids, Michigan Sanitation
Sewer System, Rev., 7.00%, 01/01/00- 1,032
3,000 Michigan State, Hospital Finance
Authority, Oakwood Hospital, Ser. B,
Rev., 7.20%, 08/01/00- 3,155
1,175 Michigan State, Strategic Fund LTD,
Wayne Disposal, Oakland Project,
FRDN, 3.30%, 09/01/99 1,175
----------
9,462
----------
Minnesota -- 0.2%
3,300 Minnesota State, FRDN, 3.34%,
09/02/99 3,300
----------
Mississippi -- 1.8%
3,590 Mississippi Business Financial Corp.,
IDR, Choctaw Maid Farms, Inc.
Project, FRDN, 3.40%, 09/01/99 3,590
2,755 Mississippi Higher Education, Ser. B,
Rev., 4.95%, 09/01/99 2,755
40,000 Mississippi State, Highway Revenue,
Ser. 39, Capital Appreciation, Rev.,
0.00%, 02/01/00- 18,636
----------
24,981
----------
Missouri -- 1.7%
Kansas City, Missouri, IDA,
3,500 Livers Bronze Co. Project, FRDN,
3.45%, 09/01/99 3,500
4,045 Multi-Family Housing, Woodlands
Partners Project, FRDN, 3.25%,
09/02/99 4,045
1,000 Macon, Missouri, IDA, Health Care Realty
Macon, FRDN, 3.35%, 09/01/99 1,000
</TABLE>
See notes to financial statements.
55
<PAGE>
Chase Vista Tax Free Money Market Fund
Portfolio of Investments August 31, 1999 (continued)
(Amounts in Thousands)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
===============================================================
State & Municipal Obligations -- (continued)
===============================================================
<S> <C> <C>
$ 1,600 Missouri Higher Education Loan
Authority, Ser. B, FRDN, 3.50%,
09/01/99 $ 1,600
Missouri State, Health & Educational
Facilities Authority,
3,500 Charles R-6 School, Ser. J, GO,
4.25%, 09/19/00 3,518
6,900 Washington University, Ser. C,
FRDN, 3.00%, 09/01/99 6,900
1,900 Webster Groves School, Ser. K, GO,
4.25%, 09/19/00 1,910
1,000 Osage Beach, Missouri, IDA, Health
Care Realty Osage, FRDN, 3.35%,
09/01/99 1,000
----------
23,473
----------
Montana -- 0.1%
2,000 Montana, Higher Education Student
Loan, Ser. B, Rev., 4.90%, 12/01/99 2,008
----------
Nebraska -- 0.4%
3,000 Omaha, Nebraska, Public Power District,
Nebraska Electric, Ser. D, Rev.,
4.40%, 02/01/00 3,016
2,100 Sidney, Nebraska, IDR, Pennington
Seed, Inc. Project, FRDN, 3.40%,
09/01/99 2,100
----------
5,116
----------
Nevada -- 2.0%
1,000 Carson City, Nevada, School District,
GO, 6.80%, 04/01/00- 1,038
19,800 Eagle Tax Exempt Trust, Weekly Option
Mode, Certificate, Clark County, Ser.
98-2801, FRDN, #, 3.34%, 09/02/99 19,800
1,975 Nevada Housing Division, Single-Family
Program, Ser. C-2, FRDN, 3.40%,
10/01/99 1,975
</TABLE>
See notes to financial statements.
56
<PAGE>
Chase Vista Tax Free Money Market Fund
Portfolio of Investments August 31, 1999 (continued)
(Amounts in Thousands)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
================================================================
State & Municipal Obligations -- (continued)
================================================================
<S> <C> <C>
$ 4,400 Nevada State, Municipal Securities
Trust Receipts, Ser. SGB-31, FRDN,
3.34%, 09/02/99 $ 4,400
----------
27,213
----------
New Hampshire -- 0.1%
1,655 New Hampshire State Business
Financing Authority Industrial
Facilities, Nickerson Assembly Co.,
FRDN, 3.50%, 09/01/99 1,655
----------
New Mexico -- 0.9%
2,000 Albuquerque, New Mexico, Water &
Sewer Systems, Ser. A, Rev., 4.10%,
07/01/00 2,009
10,000 Santa Fe, New Mexico, Gross Receipts
Tax, Wastewater Systems, Ser. B,
FRDN, 3.30%, 09/01/99 10,000
----------
12,009
----------
New York -- 2.8%
New York City, New York,
4,000 Sub-Ser. A-7, FRDN, 3.10%, 09/01/99 4,000
4,500 Sub-Ser. E-2, FRDN, 3.10%, 09/01/99 4,500
4,450 Sub-Ser. E-5, FRDN, 3.10%, 09/01/99 4,450
14,430 New York State, Dorm Authority, Floating
Rate Certificates, Insured, St. John's
University, Ser. 45, FRDN, 3.29%,
09/02/99 14,430
10,000 New York State, Local Government
Assistance Corp., Ser. B, FRDN,
3.15%, 09/01/99 10,000
----------
37,380
----------
North Carolina -- 0.9%
2,000 Gaston County, North Carolina, Industrial
Facilities & Pollution Control Financing
Authority, Quality Metal Project, FRDN,
3.40%, 09/02/99 2,000
</TABLE>
See notes to financial statements.
57
<PAGE>
Chase Vista Tax Free Money Market Fund
Portfolio of Investments August 31, 1999 (continued)
(Amounts in Thousands)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
================================================================
State & Municipal Obligations -- (continued)
================================================================
<S> <C> <C>
$ 900 Guilford County, North Carolina,
Industrial Facilities & Pollution
Control Financing Authority, Neal
Manufacturing, FRDN,
3.40%, 09/02/99 $ 900
3,000 North Carolina, Medical Care
Community, Lutheran Retirement
Project, FRDN, 3.30%, 09/02/99 3,000
6,700 Winston Salem, North Carolina,
Municipal Leasing Corp., FRDN,
3.20%, 09/02/99 6,700
----------
12,600
----------
Ohio -- 2.5%
3,660 Clermont County, Ohio, Hospital
Facilities Mercy Health, Ser. A, Rev.,
7.50%, 09/01/99~ 3,733
Cleveland, Ohio,
1,500 Airport Systems, Ser. D, FRDN,
3.30%, 09/01/99 1,500
7,000 Income Tax, FRDN, 3.30%, 09/01/99 7,000
10,000 Clinton County, Ohio, Ohio Hospital
Capital Inc., FRDN, 3.35%, 09/01/99 10,000
3,700 Columbus, Ohio, Ser. 1, FRDN, 3.15%,
09/02/99 3,700
7,230 Franklin County Ohio Hospital, U.S.
Health Corp., Ser. A, Rev., 3.25%,
09/02/99 7,230
1,500 Montgomery County, Ohio, Multi-Family
Housing, Pedcor Investments, Lyons
Gate, Ser. A, FRDN, 3.30%, 09/02/99 1,500
----------
34,663
----------
Oklahoma -- 0.4%
5,000 Oklahoma, Development Finance
Authority, Oklahoma Hospital
Association, Ser. A, FRDN,
3.35%, 09/01/99 5,000
----------
</TABLE>
See notes to financial statements.
58
<PAGE>
Chase Vista Tax Free Money Market Fund
Portfolio of Investments August 31, 1999 (continued)
(Amounts in Thousands)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
================================================================
State & Municipal Obligations -- (continued)
================================================================
<S> <C> <C>
Oregon -- 0.3%
$ 4,700 Oregon State, Ser. 73-E, FRDN, 3.00%,
09/01/99 $ 4,700
----------
Pennsylvania -- 4.8%
12,725 Allegheny County, Pennsylvania, Port
Authority Grant, Anticipation
Notes, RAN, 4.00%, 06/30/00 12,798
15,000 Berks County, Pennsylvania, IDA, Health
Care-Lutheran Services, Ser. A, FRDN,
3.25%, 09/01/99 15,000
15,850 Emmaus, Pennsylvania, General Authority,
FRDN, 3.25%, 09/02/99 15,850
Montgomery County, Pennsylvania, Higher
Education & Health Authority,
1,610 Bryn Mawr Hospital Project, Rev.,
7.38%, 12/01/99~ 1,658
3,040 Philadelphia Presbyterian Project, FRDN,
3.30%, 09/02/99 3,040
Philadelphia, Pennsylvania,
2,035 Hospitals & Higher Education Facilities
Authority, Ser. A, Rev., 5.00%,
05/15/00 2,059
4,425 Redevelopment Authority, Housing,
Multi-Family Courts Project A,
FRDN, 3.25%, 09/02/99 4,425
4,000 School District, Ser. B, TRAN,
4.00%, 06/30/00 4,018
1,000 Pocono Mountain, Pennsylvania, School
District, Ser. AA, GO, 5.45%,
10/01/99 1,002
York, Pennsylvania, General Authority,
1,000 FRDN, 3.30%, 09/02/99 1,000
4,000 Sub-Ser. A, FRDN, 3.25%, 09/02/99 4,000
----------
64,850
----------
</TABLE>
See notes to financial statements.
59
<PAGE>
Chase Vista Tax Free Money Market Fund
Portfolio of Investments August 31, 1999 (continued)
(Amounts in Thousands)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
=================================================================
State & Municipal Obligations -- (continued)
=================================================================
<S> <C> <C>
Rhode Island -- 0.7%
$ 3,700 Rhode Island, Industrial Facilities Corp.,
Blackstone Valley Electric Co., FRDN,
3.35%, 09/07/99 $ 3,700
Rhode Island State, Health & Educational
Building Corp.,
1,280 Johnson & Wales University, Rev,
8.38%, 04/01/00- 1,342
3,960 Women & Infants Hospital, FRDN,
3.55%, 09/01/99 3,960
----------
9,002
----------
South Carolina -- 2.4%
1,000 Greenville County, South Carolina,
School District, GO, 4.13%, 03/01/00 1,004
5,000 Kershaw County, South Carolina, IDR,
New South Inc. Project, FRDN,
3.35%, 09/02/99 5,000
South Carolina, Jobs Economic
Development Authority,
4,500 Catholic Diocese, South Carolina
Project, FRDN, 3.35%, 09/02/99 4,500
10,000 Health Facilities, Greenville Baptist
Project, FRDN, 3.25%, 09/02/99 10,000
8,500 Seeber USA Project, FRDN, 3.40%,
09/02/99 8,500
1,000 South Carolina State, Ser. W, GO,
6.25%, 05/01/00~ 1,039
2,860 South Carolina State, Public Service
Authority, Ser. A, 4.80%, 07/01/00 2,891
----------
32,934
----------
</TABLE>
See notes to financial statements.
60
<PAGE>
Chase Vista Tax Free Money Market Fund
Portfolio of Investments August 31, 1999 (continued)
(Amounts in Thousands)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
===================================================================
State & Municipal Obligations -- (continued)
===================================================================
<S> <C> <C>
Tennessee -- 7.5%
$ 6,900 Clarksville, Tennessee, Public Building
Authority, FRDN, 3.30%, 09/02/99 $ 6,900
Metropolitan Government of Nashville &
Davidson County,
7,500 Country Music Hall Of Fame, FRDN,
3.25%, 09/02/99 7,500
2,500 Vanderbilt University, Ser. 85-A, FRDN,
3.10%, 11/15/00 2,500
Sevier County, Tennessee, Public Building
Authority, Local Government Public
Improvement,
11,300 Ser. II-A-1, FRDN, 3.25%, 09/02/99 11,300
2,500 Ser. II-A-2, FRDN, 3.25%, 09/02/99 2,500
10,000 Ser. III-D-3, FRDN, 3.25%, 09/02/99 10,000
5,000 Ser. III-E-2, FRDN, 3.25%, 09/02/99 5,000
2,500 Ser. III-E-3, FRDN, 3.25%, 09/02/99 2,500
5,500 Ser. III-G-2, FRDN, 3.25%, 09/02/99 5,500
6,155 Shelby County, Tennessee, Health
Educational & Housing Facilities Board,
Multi-Family Housing, Arbor Lake,
FRDN, 3.40%, 09/01/99 6,155
800 South Pittsburgh, Tennessee, Industrial
Development, Lodge Manufacturing Co.
Project, FRDN, 3.40%, 09/01/99 800
Tennessee, Housing Development Agency,
19,205 FLOATS, Ser. 279, 3.55%, 04/06/00 19,205
15,000 Ser. 1B, FRDN, 3.25%, 06/15/00 15,000
6,625 Tennessee State, Ser. 108, PUTTERS,
FRDN, 3.32%, 09/02/99 6,625
----------
101,485
----------
Texas -- 15.7%
1,940 Allen, Texas, Independent School District,
Ser. A, GO, 6.00%, 02/15/00 1,964
10,000 Austin, Texas, Municipal Trust Certificates,
Medium Term Certificates, No 26-A,
FRDN, 3.30%, 09/02/99 10,000
</TABLE>
See notes to financial statements.
61
<PAGE>
Chase Vista Tax Free Money Market Fund
Portfolio of Investments August 31, 1999 (continued)
(Amounts in Thousands)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
===================================================================
State & Municipal Obligations -- (continued)
===================================================================
<S> <C> <C>
$ 4,150 Bell County, Texas Health Facilities
Development Corp., Southern
Healthcare Systems Project C, FRDN,
3.25%, 09/02/99 $ 4,150
3,000 Calhoun County, Texas, Navigation
District, CP, 3.10%, 09/02/99 3,000
9,400 Carroll, Texas, Independent School District,
FRDN, 3.25%, 09/02/99 9,400
3,000 Coastal Bend Health Facilities Development
Corp., Texas Incarnate Word Health
System Updates, Ser. B, FRDN, 3.32%,
09/01/99 3,000
15,255 Colorado River, Texas, Municipal Water
District, Floating Rate Certificates, Ser.
119, FRDN, 3.29%, 09/02/99 15,255
9,250 Dallas County, Texas, Ser. C, FRDN,
3.30%, 06/15/00 9,250
Dallas-Fort Worth, Texas,
5,000 International Airport, Flight safety
Project, FRDN, 3.35%, 09/02/99 5,000
2,300 Regional Airport, Ser. A-CR-103, FRDN,
3.30%, 11/01/99 2,300
5,000 Regional Airport, Ser. A-CR-104, FRDN,
3.30%, 11/01/99 5,000
5,365 Regional Airport, Ser. A-CR-105, FRDN,
3.30%, 11/01/99 5,365
1,000 Regional Airport, Ser. A-CR-107, FRDN,
3.30%, 11/01/99 1,000
6,300 Denton City, Texas, IDR, Hydro Conduit
Corp., FRDN, 3.35%, 09/01/99 6,300
8,250 Eagle Tax Exempt Trust, Weekly Option
Mode, Certificate, Bexar County, Texas,
Ser. 94C-4301, FRDN, #, 3.39%,
09/02/99 8,250
Greater East Texas, Higher Education,
8,400 Ser. B, FRDN, 3.60%, 09/01/00 8,400
8,400 Ser. B, FRDN, 3.85%, 09/01/00 8,400
</TABLE>
See notes to financial statements.
62
<PAGE>
Chase Vista Tax Free Money Market Fund
Portfolio of Investments August 31, 1999 (continued)
(Amounts in Thousands)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
====================================================================
State & Municipal Obligations -- (continued)
====================================================================
<S> <C> <C>
Greater Texas, Student Loan Corp.,
$ 10,000 Ser. A, Rev., 3.00%, 02/01/00 $ 10,000
2,125 Ser. B, GO, 3.25%, 06/01/00 2,125
3,000 Guadalupe Blanco River Authority Texas
Industrial Development Corp. IDR, The
BOC Group Inc. Project, FRDN, 3.25%,
09/02/99 3,000
12,065 Gulf Coast, Texas, IDA, Marine Term,
Amoco Oil Co. Project, FRDN, 3.15%,
12/01/99 12,065
3,000 Houston, Texas, CP, 3.20%, 09/02/99 3,000
1,000 Houston, Texas, Water Conveyance Systems,
Ser. F, COP, 7.20%, 12/15/99 1,011
4,000 Katy Texas Independent School District,
Ser. A, FRDN, 3.25%, 09/02/99 4,000
4,200 Longview, Texas, Collins Industrial Inc.
Project, FRDN, 3.45%, 09/02/99 4,200
1,470 Midland, Texas, Independent School
District, FRDN, 3.25%, 09/02/99 1,470
4,800 Richardson, Texas, Independent School
District, Ser. A, FRDN, 3.25%,
09/02/99 4,800
7,320 San Angelo, Texas, Independent School
District, FRDN,3.25%, 09/02/99 7,320
South Texas, Higher Education Authority,
5,000 FRDN, 3.30%, 09/01/99 5,000
2,000 Ser. A-1, Rev., 4.65%, 12/01/99 2,006
4,200 Tarrant, Texas, Housing Finance Corp.,
Sierra Project, FRDN, 3.25%, 09/01/99 4,200
Texas State,
5,000 Ser. A, TRAN, 4.50%, 08/31/00 5,038
3,400 Public Finance Authority, Ser. B,
GO, 7.10%, 10/01/99~ 3,410
3,600 Public Finance Authority, Ser. B,
GO, 7.15%, 10/01/99~ 3,611
1,925 Public Finance Authority, Ser. C,
GO, 7.00%, 10/01/99 1,931
</TABLE>
See notes to financial statements.
63
<PAGE>
Chase Vista Tax Free Money Market Fund
Portfolio of Investments August 31, 1999 (continued)
(Amounts in Thousands)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
====================================================================
State & Municipal Obligations -- (continued)
====================================================================
<S> <C> <C>
Texas State,
$ 3,000 Turnpike Authority, Floating Rate
Receipts, Dallas Northway,
FRDN, 3.32%, 09/02/99 $ 3,000
4,500 Veterans Housing Assistance, Ser. A-1,
FRDN, 3.40%, 09/01/99 4,500
12,025 Veterans Land, Ser. A, FRDN,
3.35%, 09/01/99 12,025
9,620 Texas Water Development Board, FLOATS,
Ser. PA-286, FRDN, 3.32%, 09/02/99 9,620
----------
213,366
----------
Utah -- 1.4%
15,000 Central Utah, Water Conservancy District,
Ser. E, FRDN, 3.30%, 09/01/99 15,000
3,200 Davis County, Utah, School District, GO,
3.30%, 06/01/00 3,196
1,000 Salt Lake City, Utah, Airport, Ser. C, Rev.,
4.15%, 12/01/99 1,002
----------
19,198
----------
Virginia -- 0.9%
2,380 Alexandria, Virginia, IDA, FRDN, Rev.,
3.20%, 09/02/99 2,380
2,000 Harrisonburg, Virginia, Redevelopment &
Housing Authority, Misty Ridge Project,
Ser. A, FRDN, 3.31%, 09/02/99 2,000
1,000 Roanoke, Virginia, IDA, Hospital, Carilion
Health Systems, Ser. B, FRDN, 3.25%,
09/01/99 1,000
2,465 Spotsylvania County, Virginia, IDA,
Chancellors Project, FRDN, 3.25%,
09/02/99 2,465
4,390 Virginia State, Public School Authority,
Ser. 109, PUTTERS, FRDN, 3.32%,
09/02/99 4,390
----------
12,235
----------
</TABLE>
See notes to financial statements.
64
<PAGE>
Chase Vista Tax Free Money Market Fund
Portfolio of Investments August 31, 1999 (continued)
(Amounts in Thousands)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
=============================================================
State & Municipal Obligations -- (continued)
=============================================================
<S> <C> <C>
Washington -- 3.6%
Eagle Tax Exempt Trust, Weekly Option
Mode, Certificate, #,
$ 15,265 Ser. 96C-4705, FRDN, 3.34%,
09/02/99 $ 15,265
12,150 Ser. 98-4704, FRDN, 3.34%,
09/02/99 12,150
11,995 King County, Washington, Floater
Certificates, Ser. 47, FRDN,
3.31%, 09/02/99 11,995
1,050 King County, Washington, Housing
Authority, Rev., Auburn Court
Apartments Project, FRDN, 3.35%,
09/02/99 1,050
3,600 Port Townsend, Washington, IDR,
Ser. A, FRDN, 3.20%, 09/02/99 3,600
1,350 Redmond, Washington Public Corp.,
Integrated Circuits Project, FRDN,
3.20%, 09/02/99 1,350
2,750 Spokane, Washington, RAN, 3.50%,
01/31/00 2,755
----------
48,165
----------
Wisconsin -- 1.4%
6,500 Byron Wisconsin IDR, Ocean Spray Inc.,
FRDN, 3.25%, 09/02/99 6,500
9,800 Eagle Tax Exempt Trust, Weekly Option
Mode, Certificate, Ser. 94-4904, FRDN,
#, 3.39%, 09/02/99 9,800
3,170 Wisconsin State, Ser. A, GO, 4.20%,
05/01/00 3,188
----------
19,488
----------
Total State & Municipal Obligations $1,341,103
(Cost $1,341,103)
=============================================================
</TABLE>
See notes to financial statements.
65
<PAGE>
Chase Vista Tax Free Money Market Fund
Portfolio of Investments August 31, 1999 (continued)
(Amounts in Thousands)
<TABLE>
<CAPTION>
Shares Issuer Value
=============================================================
Money Market Fund -- 1.7%
=============================================================
<S> <C> <C>
$ 23,400 AIM Tax Free Investment Trust $ 23,400
(Cost $23,400)
=============================================================
Total Investments -- 100.3% $1,364,503
(Cost $1,364,503)*
=============================================================
</TABLE>
Index:
~ -- The maturity date shown is the date of the prerefunded call.
* -- The cost of securities is substantially the same for federal income
tax purposes.
# -- Security may only be sold to qualified institutional buyers.
COP -- Certificate of Participation.
CP -- Commercial Paper.
Dorm -- Dormitory.
FLOATS -- Floating Auction Tax-exempts.
FRDN -- Floating Rate Demand Note: The maturity date shown is the later of
the next interest reset date or the put date; the rate shown is
the rate in effect at August 31, 1999.
GO -- General Obligation Bond.
ID -- Industrial Development.
IDA -- Industrial Development Authority.
IDB -- Industrial Development Bond.
IDR -- Industrial Development Revenue.
IRB -- Industrial Revenue Bond.
PCR -- Pollution Control Revenue.
PUTTERS -- Putable Tax Exempt Receipts.
RAN -- Revenue Anticipation Note.
Rev. -- Revenue Bond.
TAN -- Tax Anticipation Note.
TRAN -- Tax & Revenue Anticipation Note.
See notes to financial statements.
66
<PAGE>
Chase Vista New York Tax Free Money Market Fund
as of August 31, 1999
(unaudited)
Fund Facts
<TABLE>
<S> <C>
Objective High current tax free income consistent
with capital preservation*
Primary investments New York short-term municipal obligations
Suggested investment
time frame Short-term
Share classes offered Vista Shares
Net assets $1.5 Billion
Average maturity 62 days
S&P Rating Not rated
Moody's Rating Not rated
NAIC Rating Not rated
</TABLE>
* A portion of the Fund's income may be subject to the Alternative Minimum Tax
(AMT), and some investors may be subject to certain state and local taxes.
Maturity Schedule
<TABLE>
<S> <C>
1-7 days ............. 70.46%
8-30 days ............ 1.81%
31-90 days ........... 4.21%
91-180 days .......... 6.43%
181-270 days ......... 3.51%
271+ days ............ 13.58%
</TABLE>
67
<PAGE>
Chase Vista New York Tax Free Money Market Fund
as of August 31, 1999
(unaudited)
How Much of the Fund Was Invested
[PIE CHART PLOT POINTS]
Investments (99.0%)
Cash/Other (1.0%)
[END PLOT POINTS]
Yields
<TABLE>
<CAPTION>
7-Day Taxable
SEC Yield(1) Equivalent Yield(2)
<S> <C> <C>
Vista Shares 2.65% 4.95%
</TABLE>
Past performance is not a guarantee of future results. Yields will fluctuate.
An investment in a money market fund is not FDIC insured nor guaranteed by the
U.S. government or any other agency and there can be no assurance that the fund
will maintain a stable Net Asset Value of $1.00 per share.
(1) The yield for Vista Shares reflects the voluntary waiver of certain expenses
and the assumption of certain expenses otherwise payable by the Fund. Without
waivers, the yield would have been 2.53%. This voluntary waiver may be modified
or terminated at any time, which would reduce performance.
(2) Taxable Equivalent Yields are calculated based on the SEC yield divided by 1
minus the effective tax rate. The effective combined federal, state and local
tax rate used for this illustration is 46.43%
A portion of the Fund's income may be subject to the Alternative Minimum Tax
(AMT), and some investors may be subject to certain state and local taxes.
68
<PAGE>
Chase Vista New York Tax Free Money Market Fund
Portfolio of Investments August 31, 1999
(Amounts in Thousands)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
=====================================================================
<S> <C> <C>
State & Municipal Obligations -- 99.8%
=====================================================================
Bond Anticipation Notes -- 10.1%
--------------------------------
$ 2,000 Akron, New York, Central School District,
4.00%, 06/30/00 $ 2,005
8,915 Attica, New York, Central School District,
3.90%, 07/07/00 8,939
8,900 Avon, New York, Central School District,
4.00%, 07/14/00 8,928
Batavia, New York,
2,955 3.50%, 10/15/99 2,956
3,276 3.50%, 12/08/99 3,279
2,350 Buffalo, New York, Ser. A, 3.50%,
02/24/00 2,356
10,000 Dansville, New York, Central School
District, 3.25%, 03/16/00 10,009
9,300 East Greenbush, New York, Central School
District, 3.75%, 06/28/00 9,324
5,400 Elmira City, New York, School District,
4.00%, 07/21/00 5,416
2,085 Fort Edward, New York, Union Free School
District, 3.75%, 06/23/00 2,092
Freeport, New York,
2,490 3.75%, 03/02/00 2,493
9,347 Ser. B, 3.88%, 06/15/00 9,377
4,950 Jamestown, New York, City School District,
3.50%, 11/05/99 4,953
1,200 Johnson City, New York, 3.75%, 05/30/00 1,204
4,195 Mayfield, New York, Central School
District, 3.75%, 06/28/00 4,207
2,400 Niagara County, New York, 3.60%,
06/30/00 2,402
18,526 North Hempstead, New York, 4.00%,
01/25/00 18,554
4,220 North Rose-Wolcott, New York, Central
School District, 3.40%, 04/06/00 4,225
6,000 North Salem, New York, Central School
District, 3.60%, 10/14/99 6,001
9,390 Putnam Valley, New York Central School
District, 3.25%, 03/03/00 9,402
</TABLE>
See notes to financial statements.
69
<PAGE>
Chase Vista New York Tax Free Money Market Fund
Portfolio of Investments August 31, 1999 (continued)
(Amounts in Thousands)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
=================================================================
State & Municipal Obligations -- (continued)
=================================================================
<S> <C> <C>
$ 5,000 Rochester, New York, Ser. I, 3.50%,
03/08/00 $ 5,013
1,530 Sandy Creek, New York, Central School
District, 4.00%, 07/14/00 1,534
5,010 South Glens Falls, New York, Central
School District, 3.75%, 09/01/99 5,010
1,805 Southeast Twin, New York, 3.50%,
03/24/00 1,809
Sullivan County, New York,
6,625 Ser. A, 3.25%, 09/17/99 6,625
584 Ser. B, 3.50%, 03/17/00 585
4,200 Ulster County, New York, 3.50%, 10/14/99 4,201
8,415 Webb, New York, Union Free School
District, 3.63%, 06/16/00 8,436
----------
Total Bond Anticipation Notes 151,335
----------
(Cost $151,335)
Commercial Paper -- 1.6%
------------------------
Long Island Power Authority, New York
State, Electric Systems,
4,000 3.15%, 09/13/99 4,000
4,900 3.40%, 10/07/99 4,900
New York City, New York
6,000 3.40%, 09/10/99 6,000
9,000 3.40%, 10/07/99 9,000
----------
Total Commercial Paper 23,900
----------
(Cost $23,900)
General Obligations -- 1.2%
---------------------------
575 Amherst, New York, 4.20%, 12/15/99 577
Brookhaven, New York,
750 4.30%, 06/01/00 755
243 South Country Central School District,
4.30%, 02/01/00 244
445 Cheektowaga-Maryvale, New York, Union
Free School District, 4.90%, 06/15/00 450
473 Clarence, New York, 3.90%, 12/01/99 474
288 Clarkstown, New York, Central School
District, 6.00%, 04/01/00 292
</TABLE>
See notes to financial statements.
70
<PAGE>
Chase Vista New York Tax Free Money Market Fund
Portfolio of Investments August 31, 1999 (continued)
(Amounts in Thousands)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
=======================================================================
State & Municipal Obligations -- (continued)
=======================================================================
<S> <C> <C>
$ 445 Connetquot, New York, Central School
District, 4.90%, 06/15/00 $ 450
850 Corning, New York, 4.70%, 09/01/00 858
478 Fayetteville-Manlius, New York, Central
School District, 4.70%, 06/15/00 483
375 Garden City, New York, 4.00%, 05/01/00 377
365 Geneva, New York, 4.40%, 05/15/00 368
575 Harrison, New York, Central School
District, 6.50%, 03/15/00 585
525 Jefferson County, New York, 4.00%,
09/15/99 525
250 Liverpool, New York, Central School
District, 7.75%, 07/15/00 259
203 Mamaroneck Village, New York, Public
Improvements, 6.00%, 02/01/00 205
560 Mattituck-Cutchogue, New York, Union
Free School District, 4.90%, 06/15/00 567
1,100 Nassau County, New York, Ser. H, 7.20%,
10/15/99 1,105
260 New Castle, New York, Public
Improvements, 6.00%, 05/15/00 265
1,000 New York City, New York, Ser. E, 5.00%,
02/15/00 1,008
227 Niskayuna, New York, Public
Improvements, 4.20%, 02/01/00 228
623 Orchard Park, New York, Central School
District, 4.35%, 06/01/00 628
445 Ossining, New York, Union Free School
District, 3.50%, 10/01/99 445
210 Otsego County, New York, Public
Improvements, 3.30%, 02/15/00 210
200 Palmyra, New York, Public Improvements,
4.30%, 05/15/00 201
395 Pavilion, New York, Central School District,
5.10%, 06/15/00 400
364 Plattsburgh, New York, City School
District, 4.10%, 02/15/00 366
</TABLE>
See notes to financial statements.
71
<PAGE>
Chase Vista New York Tax Free Money Market Fund
Portfolio of Investments August 31, 1999 (continued)
(Amounts in Thousands)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
=======================================================================
State & Municipal Obligations -- (continued)
=======================================================================
<S> <C> <C>
$ 480 Riverhead, New York, Central School
District, 4.25%, 12/01/99 $ 481
1,330 Rockland County, New York, 4.00%,
05/01/00 1,337
410 Rotterdam, New York, Public
Improvements, 4.63%, 06/15/00 414
325 Silver Creek, New York, Central School
District, 4.70%, 06/15/00 327
1,660 Suffolk County, New York, Ser. B, 4.75%,
11/01/99 1,665
Syracuse, New York,
650 Ser. B, 4.00%, 10/01/99 650
340 Ser. E, 6.75%, 12/15/99 343
400 Town of Hempstead, New York, Ser. C,
6.30%, 02/15/00 406
575 Wappingers, New York, Central School
District, 4.00%, 12/01/99 576
----------
Total General Obligations 18,524
----------
(Cost $18,524)
Revenue Anticipation Notes -- 3.9%
----------------------------------
5,800 Binghamton, New York, City School
District, 3.63%, 10/01/99 5,801
3,600 Camden, New York, Central School
District, 4.00%, 06/30/00 3,610
2,600 Chittenango, New York, Central School
District, 4.00%, 06/30/00 2,607
2,000 Corning, New York, Community College,
4.25%, 08/18/00 2,010
2,500 Erie County, New York, 4.00%, 10/13/99 2,503
4,900 Glens Falls, New York, City School District,
3.75%, 06/30/00 4,910
4,900 Homer, New York, Central School District,
4.00%, 06/29/00 4,914
4,237 Mexico, New York, Central School District,
4.00%, 06/21/00 4,248
5,000 Ogdensburg, New York, Enlarged City
School District, 4.00%, 06/30/00 5,009
</TABLE>
See notes to financial statements.
72
<PAGE>
Chase Vista New York Tax Free Money Market Fund
Portfolio of Investments August 31, 1999 (continued)
(Amounts in Thousands)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
======================================================================
State & Municipal Obligations -- (continued)
======================================================================
<S> <C> <C>
$ 2,250 Spencer Van Etten, New York, Central
School District, 4.00%, 07/06/00 $ 2,258
5,500 Tompkins-Seneca-Tioga, New York,
Board of Cooperative Educational
Services, 4.25%, 06/30/00 5,520
3,900 Tully, New York, Central School
District, 3.85%, 06/29/00 3,909
2,800 Walton, New York, Central School
District, 4.00%, 06/30/00 2,808
5,000 Waverly, New York, Central School
District, 3.75%, 06/23/00 5,008
4,000 Wayne-Finger Lakes, New York, Board
of Cooperative Educational Services,
4.00%, 06/29/00 4,013
----------
Total Revenue Anticipation Notes 59,128
----------
(Cost $59,128)
Revenue Bonds -- 4.4%
---------------------
875 Albany County, New York, Airport
Authority, Ser. C, 3.50%, 12/15/99 876
2,000 Dutchess County, New York Resource
Recovery Agency, Solid Waste
Management, Ser. A, 7.50%, 01/01/00- 2,069
New York City, Educational Construction
Fund,
1,700 Ser. A, 7.00%, 10/01/99~ 1,731
2,000 Ser. A, 7.13%, 10/01/99~ 2,036
1,450 New York City, Housing Development
Corp., MultiFamily, Ser. A, 4.40%,
11/01/99 1,453
2,000 New York City, Municipal Assistance Corp.,
Ser. M, 5.00%, 07/01/00 2,026
500 New York City, Municipal Water Finance
Authority, Water & Sewer Systems,
Ser. A, 7.25%, 06/15/00~ 522
7,500 New York City, Transportation Authority,
Transportation Facilities, Livingston Plaza
Project, 7.50%, 01/01/00~ 7,754
</TABLE>
See notes to financial statements.
73
<PAGE>
Chase Vista New York Tax Free Money Market Fund
Portfolio of Investments August 31, 1999 (continued)
(Amounts in Thousands)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
=====================================================================
State & Municipal Obligations -- (continued)
=====================================================================
<S> <C> <C>
New York State, Dorm Authority,
$ 2,000 Hospital Insured Mortgage, Ser. A,
4.75%, 02/15/00 $ 2,012
2,250 State University Educational, Ser. A,
6.50%, 05/15/00~ 2,302
3,425 State University Educational, Ser. A,
7.63%, 05/15/00~ 3,596
New York State, Medical Care Facilities,
Finance Authority,
715 New York Hospital, Ser. A, 6.85%,
02/15/00 727
3,000 St. Lukes Hospital, Ser. B, 7.45%,
02/15/00- 3,117
New York State, Mortgage Agency,
Homeowner Mortgage,
525 Ser. 50, 4.70%, 10/01/99 525
1,130 Ser. 79, 3.25%, 04/01/00 1,130
2,375 New York State, Thruway Authority, Service
Contract, Local Highway & Bridge
Transportation Fund, Ser. A, 6.00%,
04/01/00 2,414
New York State, Urban Development Corp.,
1,010 5.00%, 01/01/00 1,016
2,000 Alfred Technology Research Inc. Project,
7.88%, 01/01/00~ 2,070
1,000 Correctional Facilities, Ser. G, 7.25%,
01/01/00~ 1,033
2,925 Correctional Capital Facilities, Ser. 1,
7.50%, 01/01/00~ 3,024
3,975 Correctional Capital Facilities, Ser. 1,
7.75%, 01/01/00~ 4,113
4,690 Port Authority of New York & New Jersey,
Ser. 112, 4.50%, 12/01/99 4,699
1,035 Suffolk County, New York, IDA, Ogden
Martin System Huntington, 5.15%,
10/01/99 1,036
</TABLE>
See notes to financial statements.
74
<PAGE>
Chase Vista New York Tax Free Money Market Fund
Portfolio of Investments August 31, 1999 (continued)
(Amounts in Thousands)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
==================================================================
State & Municipal Obligations -- (continued)
==================================================================
<S> <C> <C>
Triborough Bridge & Tunnel Authority,
New York,
$ 5,000 General Purpose, Ser. A, 5.00%,
01/01/00 $ 5,030
1,800 Ser. R, 7.10%, 01/01/00~ 1,850
7,190 Special Obligation, Mortgage Recording
Tax, Ser. A, 7.13%, 01/01/00~ 7,357
----------
Total Revenue Bonds 65,518
----------
(Cost $65,518)
Tax Anticipation Notes -- 8.1%
------------------------------
1,150 Baldwin, New York, Union Free School
District, 4.00%, 06/30/00 1,153
2,000 Commack, New York, Union Free School
District, 4.25%, 06/29/00 2,009
16,000 East Islip, New York, Union Free School
District, 3.85%, 06/26/00 16,053
6,500 Greenburgh, New York, Central School
District, 3.65%, 10/12/99 6,502
17,300 Hempstead, New York, 3.75%, 06/29/00 17,325
6,000 Levittown, New York, Union Free School
District, 3.75%, 06/21/00 6,016
13,000 Nassau County, New York, Ser. C, 3.50%,
12/22/99 13,015
11,500 North Babylon, New York, Union Free
School District, 4.00%, 06/29/00 11,535
2,500 Nyack, New York, Union Free School
District, 3.75%, 01/14/00 2,503
5,987 Oswego, New York, City School District,
3.50%, 12/22/99 5,990
4,000 South Orangetown, New York, Central
School District, 3.75%, 06/30/00 4,005
Suffolk County, New York,
21,500 Longwood Central School District,
4.00%, 06/30/00 21,561
10,000 Ser. II, 3.75%, 09/09/99 10,001
</TABLE>
See notes to financial statements.
75
<PAGE>
Chase Vista New York Tax Free Money Market Fund
Portfolio of Investments August 31, 1999 (continued)
(Amounts in Thousands)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
=====================================================================
State & Municipal Obligations -- (continued)
=====================================================================
<S> <C> <C>
$ 4,340 William Floyd, Union Free School District,
Mastics-Moriches-Shirley, 4.00%,
06/30/00 $ 4,354
----------
Total Tax Anticipation Notes 122,022
----------
(Cost $122,022)
Floating Rate Demand Notes -- 70.5%
-----------------------------------
21,402 ABN AMRO Munitops, Certificates Trust,
New York, Ser. 1999-3, #, 3.36%,
09/01/99 21,402
710 Albany, New York, IDA, Newkirk
Productions Inc. Project, Ser. A, Rev.,
3.30%, 09/02/99 710
1,750 Babylon, New York, IDA, Edwin
Verger/Lambro Industries, Rev.,
3.25%, 09/01/99 1,750
2,906 Brookhaven, New York, IDA, Waverly
Association LLC, Rev., 3.35%, 09/01/99 2,906
1,050 Broome County, New York, IDA,
Binghamton Realty Project, Rev., 3.15%,
09/01/99 1,050
Dutchess County, New York, IDA,
7,500 Civic Facilities, Marist College Civic
Facilities, Ser. A, Rev., 3.10%,
09/01/99 7,500
2,710 Laerdal Medical Corp., Project, Rev.,
3.35%, 09/01/99 2,710
Eagle Tax Exempt Trust, Weekly Option
Mode,
10,000 Ser. 94-3203, Class A, #, 3.27%,
09/02/99 10,000
8,805 Ser. 94-3205, Class A, #, 3.27%,
09/02/99 8,805
9,910 Ser. 94-3208, Class A, #, 3.27%,
09/02/99 9,910
20,880 Ser. 95-3202, Class A, #, 3.27%,
09/02/99 20,880
18,900 Ser. 95-3203, Class A, #, 3.27%,
09/02/99 18,900
</TABLE>
See notes to financial statements.
76
<PAGE>
Chase Vista New York Tax Free Money Market Fund
Portfolio of Investments August 31, 1999 (continued)
(Amounts in Thousands)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
=====================================================================
State & Municipal Obligations -- (continued)
=====================================================================
<S> <C> <C>
Eagle Tax Exempt Trust, Weekly Option
Mode,
$ 11,000 Ser. 96-3203, Class A, #, 3.27%,
09/02/99 $ 11,000
14,850 Ser. 96C-3208, Class A, #, 3.27%,
09/02/99 14,850
Erie County, New York, Water Authority,
2,700 Ser. A, Rev., 3.10%, 09/01/99 2,700
400 Ser. B, Rev., 3.10%, 09/01/99 400
725 Glens Falls, New York, IDA, Broad Street
Center Project, Rev., 3.25%, 09/01/99 725
4,310 Great Neck North, New York, Water
Authority, Water System, Ser. A, Rev.,
3.20%, 09/01/99 4,310
300 Guilderland, New York, IDA, Northeastern
Industrial Park, Ser. A, Rev., 3.15%,
09/02/99 300
2,000 Islip, New York, IDA, Brentwood
Distributor Co. Facility, 3.30%, 09/02/99 2,000
1,000 Lewis County, New York, IDA, Climax
Manufacturing Co. Project, Rev., 3.25%,
09/01/99 1,000
Long Island Power Authority, New York
State, Electric Systems,
6,900 FLOATS, Ser. PA-368, Rev., 3.39%,
09/02/99 6,900
4,000 FLOATS, Ser. PA-420, Rev., 3.32%,
09/02/99 4,000
4,175 FLOATS, Ser. PA-458, Rev., 3.39%,
09/02/99 4,175
7,100 FLOATS, Ser. PT-1043, Rev., 3.32%,
09/02/99 7,100
5,300 PUTTERS, Ser. 43B, Rev., 3.32%,
09/02/99 5,300
3,000 Sub. Ser. 1, Rev., 3.10%, 09/01/99 3,000
33,500 Sub. Ser. 2, Rev., 3.05%, 09/01/99 33,500
2,500 Sub. Ser. 6, Rev., 3.15%, 09/01/99 2,500
</TABLE>
See notes to financial statements.
77
<PAGE>
Chase Vista New York Tax Free Money Market Fund
Portfolio of Investments August 31, 1999 (continued)
(Amounts in Thousands)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
=====================================================================
State & Municipal Obligations -- (continued)
=====================================================================
<S> <C> <C>
Metropolitan Transportation Authority, New
York, Commuter Facilities,
$ 3,000 Municipal Securities Trust Receipt, Ser.
SAK 4, Rev., 3.45%, 09/01/99 $ 3,000
21,835 Municipal Securities Trust Certificates,
Ser. 1998-66, Class A, Rev., 3.15%,
09/02/99 21,835
1,760 Transportation Facilities, FLOATS, Ser.
PT-126, Rev., 3.32%, 09/02/99 1,760
Monroe County, New York, IDA,
3,425 Columbia Sussex Corp., Rev., 5.00%,
09/02/99 3,424
1,800 Public Improvements, Canal Ponds Park,
Ser. D, Rev., 3.30%, 09/01/99 1,800
3,100 Nassau County, New York, IDA, Civic
Facilities, St. Mary's Children Project,
Rev., 3.35%, 09/01/99 3,100
2,600 New York City, Health & Hospital Corp.,
Health Systems, Ser. A, Rev., 3.05%,
09/01/99 2,600
New York City, Housing Development
Corp., Multi-Family Housing,
10,000 Broadway Development LLC, Ser. A,
Rev., 3.20%, 09/01/99 10,000
2,800 Columbus Apartments, Ser. A, Rev.,
3.00%, 09/01/99 2,800
2,100 Columbus Apartments, Ser. A, Rev.,
3.05%, 09/01/99 2,100
8,900 James Tower Development, Ser. A, Rev.,
3.20%, 09/01/99 8,900
2,000 Jennings Street, Rev., 3.20%, 09/01/99 2,000
3,400 Rent Housing, 100 Jane Street
Development LP, Ser. A, Rev., 3.25%,
09/01/99 3,400
5,600 Rent Housing, Brittany Development,
Ser. A, Rev., 3.25%, 09/01/99 5,600
4,200 Rent Housing, Carnegie Park, Ser. A,
Rev., 3.00%, 09/01/99 4,200
</TABLE>
See notes to financial statements.
78
<PAGE>
Chase Vista New York Tax Free Money Market Fund
Portfolio of Investments August 31, 1999 (continued)
(Amounts in Thousands)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
=====================================================================
State & Municipal Obligations -- (continued)
=====================================================================
<S> <C> <C>
New York City, Housing Development
Corp., Multi-Family Housing,
$ 9,000 Rent Housing, Monterey, Ser. A, Rev.,
3.00%, 09/01/99 $ 9,000
6,000 Rent Housing, Parkgate Development,
Ser. A, Rev., 3.00%, 09/01/99 6,000
10,450 Rent Housing, West 43rd Street
Development, Ser. A, Rev., 3.20%,
09/01/99 10,450
3,800 Ser. A, Rev., 3.20%, 09/01/99 3,800
New York City, IDA,
3,000 Civic Facility, Calhoun School Inc.
Project, Rev., 3.30%, 09/01/99 3,000
3,600 IDR, DXB Videotape Inc., Project, Rev.,
3.25%, 09/01/99 3,600
550 IDR, Rev., 3.20%, 09/01/99 550
300 IDR, Ser. D, Rev., 3.20%, 09/01/99 300
2,040 IDR, Ser. G, Rev., 3.20%, 09/01/99 2,040
1,600 IDR, Ser. K, Rev., 3.20%, 09/01/99 1,600
600 IDR, Ser. O, Rev., 3.20%, 09/01/99 600
8,900 Special Facilities, Korean Air Lines Co.,
Ser. C, Rev., 3.15%, 09/01/99 8,900
New York City, Municipal Securities Trust
Receipts,
9,000 Ser. SAK 1, GO, 3.45%, 09/01/99 9,000
2,450 Ser. SGA 74, GO, 3.25%, 09/01/99 2,450
800 Ser. SGB 33, GO, 3.29%, 09/02/99 800
13,200 Ser. SGB 35, GO, 3.25%, 09/02/99 13,200
10,365 Ser. SGB 36, GO, 3.25%, 09/02/99 10,365
New York City, Municipal Water Financing
Authority, Water & Sewer Systems,
6,000 FLOATS, PA-454, Rev., 3.32%,
09/01/99 6,000
3,000 FLOATS, PT-1032, Rev., 3.32%,
09/01/99 3,000
9,685 Municipal Securities Trust Receipts, Ser.
SGA 12, Rev., 3.25%, 09/01/99 9,685
</TABLE>
See notes to financial statements.
79
<PAGE>
Chase Vista New York Tax Free Money Market Fund
Portfolio of Investments August 31, 1999 (continued)
(Amounts in Thousands)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
=====================================================================
State & Municipal Obligations -- (continued)
=====================================================================
<S> <C> <C>
New York City, Municipal Water Financing
Authority, Water & Sewer Systems,
$ 7,255 Municipal Securities Trust Receipts, Ser.
SGA 13, Rev., 3.25%, 09/01/99 $ 7,255
12,890 Municipal Securities Trust Receipts, Ser.
SGB 25, Rev., 3.29%, 09/02/99 12,890
28,200 Municipal Securities Trust Receipts, Ser.
SGB 26, Rev., 3.29%, 09/02/99 28,200
3,700 Municipal Securities Trust Receipts, Ser.
SGB 27, Rev., 3.29%, 09/02/99 3,700
7,900 Ser. C, Rev., 3.20%, 09/01/99 7,900
New York City, New York,
5,000 FLOATS, Ser. PA-442, 3.32%, 09/02/99 5,000
33,300 FLOATS, Ser. PT-1038, 3.32%,
09/02/99 33,300
2,255 FLOATS, Ser. PT-206, 3.32%, 09/02/99 2,255
9,750 FLOATS, Sub. Ser. J2, GO, 3.15%,
09/01/99 9,750
5,000 Ser. A, GO, 3.45%, 09/01/99 5,000
6,000 Ser. D, GO, 3.00%, 09/01/99 6,000
1,000 Ser. F-3, GO, 3.10%, 09/01/99 1,000
6,350 Ser. F-5, GO, 3.15%, 09/01/99 6,350
250 Sub. Ser. E-5, GO, 3.10%, 09/01/99 250
New York City, Transitional Financing
Authority, Future Tax Secured,
39,200 Ser. A-2, Rev., 3.15%, 09/01/99 39,200
2,750 Ser. B-1, Rev., 2.90%, 09/01/99 2,748
New York City, Trust Cultural Resources,
3,800 American Museum of Natural History,
Ser. B, Rev., 3.10%, 09/01/99 3,800
2,672 Carnegie Hall, Rev., 3.00%, 09/01/99 2,672
New York State, Dorm Authority,
9,645 FLOATS, Ser. PA-409, Rev., 3.32%,
09/02/99 9,645
4,870 FLOATS, Ser. PA-419, Rev., 3.32%,
09/02/99 4,870
1,575 FLOATS, Ser. PA-433, Rev., 3.32%,
09/02/99 1,575
</TABLE>
See notes to financial statements.
80
<PAGE>
Chase Vista New York Tax Free Money Market Fund
Portfolio of Investments August 31, 1999 (continued)
(Amounts in Thousands)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
====================================================================
<S> <C> <C>
State & Municipal Obligations -- (continued)
====================================================================
New York State, Dorm Authority,
$ 3,545 FLOATS, Ser. PA-449, Rev., 3.32%,
09/02/99 $ 3,545
7,495 FLOATS, Ser. PA-537, Rev., 3.32%,
09/02/99 7,495
990 FLOATS, Ser. PT-130, Rev., 3.32%,
09/02/99 990
2,400 FLOATS, Ser. PT-1067, Rev., 3.32%,
09/02/99 2,400
2,865 Municipal Securities Trust Receipts, Ser.
SAK 17, Rev., 3.45%, 09/01/99 2,865
New York State, Energy Research &
Development Authority,
4,100 Brooklyn Union Gas Project, Ser. A-1,
Rev., 3.20%, 09/01/99 4,100
8,100 Brooklyn Union Gas Project, Ser. A-2,
Rev., 3.15%, 09/01/99 8,100
8,500 Brooklyn Union Gas Project, Ser. A-3,
Rev., 3.10%, 09/01/99 8,500
4,100 FLOATS, Ser. PA-411, Rev., 3.32%,
09/02/99 4,100
New York State, Energy Research &
Development Authority, PCR,
14,500 Central Hudson Gas & Electric Co.,
Rev., 3.40%, 09/02/99 14,500
6,500 Central Hudson Gas & Electric Co.,
Ser. B, Rev., 3.10%, 09/02/99 6,500
5,600 Central Hudson Gas & Electric Co.,
Ser. B, Rev., 3.30%, 09/02/99 5,600
3,000 Con Edison, Sub. Ser. A-1, Rev., 3.20%,
09/01/99 3,000
4,000 New York State Electric & Gas, Ser. C,
Rev., 3.00%, 09/01/99 4,000
5,500 New York State Electric & Gas, Ser. D,
Rev., 3.00%, 09/01/99 5,500
5,060 Niagara Mohawk Power, Ser. A, Rev.,
3.15%, 09/01/99 5,060
</TABLE>
See notes to financial statements.
81
<PAGE>
Chase Vista New York Tax Free Money Market Fund
Portfolio of Investments August 31, 1999 (continued)
(Amounts in Thousands)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
===================================================================
<S> <C> <C>
State & Municipal Obligations -- (continued)
===================================================================
New York State, Energy Research &
Development Authority, PCR,
$ 16,100 Orange & Rockland Project, Ser. A, Rev.,
3.10%, 09/01/99 $ 16,100
3,300 Orange & Rockland Utilities, Ser. A,
Rev., 3.10%, 09/01/99 3,300
3,000 Rochester Gas & Electric Corp., Ser. B,
Rev., 3.15%, 09/01/99 3,000
1,200 New York State, Environmental Facilities
Corp., Resource Recovery, OFS Equity
Huntington Project, Rev., 2.90%,
09/01/99 1,200
New York State, Housing Finance Agency,
11,300 70 Battery Place Housing, Ser. A, Rev.,
3.20%, 09/01/99 11,300
48,050 101 West End Ave. Housing, Ser. A,
Rev., 3.25%, 09/01/99 48,050
17,200 345 East 94th Street Housing, Ser. A,
Rev., 3.25%, 09/01/99 17,200
37,500 750 Sixth Ave. Housing, Ser. A, Rev.,
3.10%, 09/01/99 37,500
2,495 FLOATS, Ser. PA-143, Rev., 3.42%,
09/02/99 2,495
3,300 Multi-Family Housing, Ser. A, Rev.,
3.40%, 09/01/99 3,300
12,900 Normandie Court II, Ser. A, Rev.,
3.15%, 09/02/99 12,900
2,895 Nursing Home & Health Care Project,
Ser. A, Rev., 3.60%, 09/01/99 2,896
5,100 Residential, Ser. A, Rev., 3.40%,
09/01/99 5,100
6,800 Ser. A, Rev., 3.05%, 09/01/99 6,800
5,300 Service Contract Obligation, Ser. A,
Rev., 3.05%, 09/01/99 5,300
</TABLE>
See notes to financial statements.
82
<PAGE>
Chase Vista New York Tax Free Money Market Fund
Portfolio of Investments August 31, 1999 (continued)
(Amounts in Thousands)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
====================================================================
<S> <C> <C>
State & Municipal Obligations -- (continued)
====================================================================
New York State, Housing Finance Agency,
$ 10,000 Tribeca Landing Housing, Ser. A, Rev.,
3.20%, 09/01/99 $ 10,000
7,700 Tribeca Park Housing, Ser. A, Rev.,
3.10%, 09/01/99 7,700
26,800 Union Square South Housing, Rev.,
3.10%, 09/01/99 26,800
New York State, Job Development
Authority,
2,400 Ser. A-1 through A-21, Rev., 2.80%,
09/01/99 2,400
1,110 Ser. A-1 through A-36, Rev., 3.20%,
09/01/99 1,110
2,750 Ser. B-1 through B-9, Rev., 2.80%,
09/01/99 2,750
995 Ser. B-1 through B-21, Rev., 3.20%,
09/01/99 995
500 Special Purpose, Ser. A-1 through A-25,
Rev., 2.80%, 09/01/99 500
530 Special Purpose, Ser. B-1 through B-2,
Rev., 2.80%, 09/01/99 530
600 Special Purpose, Ser. B-1 through B-9,
Rev., 3.20%, 09/01/99 600
New York State, Local Assistance Corp.,
21,585 Ser. A, Rev., 3.05%, 09/01/99 21,585
10,000 Ser. B, Rev., 3.10%, 09/01/99 10,000
New York State, Local Government
Assistance Corp.,
1,520 FLOATS, Ser. PA-445, 3.32%,
09/02/99 1,520
2,500 Municipal Securities Trust Receipts, Ser.
SGA 59, Rev., 3.10%, 09/01/99 2,500
4,600 Ser. 27, Reg D, Rev., 3.35%, 09/01/99 4,600
11,500 Ser. D, Rev., 3.10%, 09/01/99 11,500
4,700 Ser. E, Rev., 3.10%, 09/01/99 4,700
4,800 Ser. F, Rev., 3.10%, 09/01/99 4,800
5,900 Ser. G, Rev., 3.05%, 09/01/99 5,900
</TABLE>
See notes to financial statements.
83
<PAGE>
Chase Vista New York Tax Free Money Market Fund
Portfolio of Investments August 31, 1999 (continued)
(Amounts in Thousands)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
==================================================================
<S> <C> <C>
State & Municipal Obligations -- (continued)
==================================================================
New York State, Medical Care Facilities
Finance Agency, Municipal Securities
Trust Receipts,
$ 7,960 Ser. PT-100, Rev., 3.32%, 09/02/99 $ 7,960
8,355 Ser. PT-145A, Rev., 3.32%, 09/02/99 8,355
2,360 Ser. SG1, Rev., 3.32%, 09/02/99 2,360
5,440 New York State, Mortgage Agency, Ser.
PT-260, Rev., 3.55%, 09/02/99 5,440
New York State, Thruway Authority,
21,415 Ser. PA-532, Rev., 3.32%, 09/01/99 21,415
3,900 Ser. SG-119, Rev., 3.25%, 09/01/99 3,900
1,015 Municipal Securities Trust Receipts,
Ser. 66, Rev., 3.25%, 09/01/99 1,015
Niagara County, IDA, Solid Waste
Disposal, American Refunding, Fuel Co.,
1,000 Ser. A, Rev., 3.25%, 09/01/99 1,000
1,000 Ser. B, Rev., 3.30%, 09/01/99 1,000
Niagara Falls, New York, Bridge
Commission,
4,995 FLOATS, Ser. PA-530, Rev., 3.32%,
09/01/99 4,995
7,300 Ser. A, Rev., 3.10%, 09/01/99 7,300
2,950 Port Authority of New York & New Jersey,
Equipment Notes, Ser. 3, Rev., 3.40%,
09/01/99 2,950
1,365 Port Jervis, New York, IDA, The Future
Home Tech Inc., Rev., 3.35%, 09/01/99 1,365
2,000 Puerto Rico Commonwealth, Highway &
Trust, FLOATS, Ser. PA-472, Rev.,
3.00%, 09/02/99 2,000
Rockland County, New York, IDA,
2,450 Shock Technical Inc. Project, Rev.,
3.25%, 09/01/99 2,450
900 X Products Corp. Project, Rev., 3.25%,
09/02/99 900
2,400 Suffolk County, New York, Water
Authority, Rev., 3.20%, 09/01/99 2,400
</TABLE>
See notes to financial statements.
84
<PAGE>
Chase Vista New York Tax Free Money Market Fund
Portfolio of Investments August 31, 1999 (continued)
(Amounts in Thousands)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
====================================================================
<S> <C> <C>
State & Municipal Obligations -- (continued)
====================================================================
$ 200 Syracuse, New York, IDA, Civic Facility,
Multi-Modal Syracuse University Project,
Rev., 3.15%, 09/01/99 $ 200
1,490 Triborough Bridge & Tunnel Authority,
New York, Ser. PA-200, Rev., 3.32%,
09/02/99 1,490
4,245 Westchester County, New York, IDA, Civic
Facilities, Northern Westchester Hospital,
Rev., 3.10%, 09/01/99 4,245
Yonkers, New York, IDA, Civic Facilities,
2,000 Consumers Union Facility, Rev., 3.10%,
09/01/99 2,000
8,100 Sarah Laurence College Project, Rev.,
3.20%, 09/01/99 8,100
----------
Total Floating Rate Demand Notes 1,060,528
(Cost $1,060,528)
====================================================================
Total Investments -- 99.8% $1,500,955
(Cost $1,500,955)*
====================================================================
</TABLE>
Index:
* -- The cost of securities is substantially the same
for federal income tax purposes.
~ -- The maturity date shown is the date of the
prerefunded call.
# -- Security may only be sold to qualified
institutional buyers.
Dorm -- Dormitory.
Floating Rate Demand Notes -- The maturity date shown is the next interest reset
date; the rate shown is the rate in effect at
August 31, 1999.
FLOATS -- Floating Auction Tax-exempts.
GO -- General Obligation Bond.
IDA -- Industrial Development Authority.
IDR -- Industrial Development Revenue.
PCR -- Pollution Control Revenue.
PUTTERS -- Putable Tax Exempt Receipts.
Rev. -- Revenue Bond.
See notes to financial statements.
85
<PAGE>
Chase Vista California Tax Free Money Market Fund
as of August 31, 1999
(unaudited)
Fund Facts
<TABLE>
<S> <C>
Objective High current tax free income consistent
with capital preservation*
Primary investments California short-term municipal
obligations
Suggested investment time frame Short-term
Share Classes Offered Vista Shares
Net assets $67.6 Million
Average maturity 33 days
S&P Rating Not rated
Moody's Rating Not rated
NAIC Rating Not rated
</TABLE>
* A portion of the Fund's income may be subject to the Alternative Minimum Tax
(AMT), and some investors may be subject to certain state and local taxes.
Maturity Schedule
<TABLE>
<S> <C>
1-7 days ............. 82.92%
8-30 days ............ 3.72%
31-90 days ........... 2.15%
91-180 days .......... 1.82%
181-270 days ......... 4.50%
271+ days ............ 4.89%
</TABLE>
86
<PAGE>
Chase Vista California Tax Free Money Market Fund
as of August 31, 1999
(unaudited)
How Much of the Fund Was Invested
[PIE CHART PLOT POINTS]
Investments (99.3%)
Cash/Other (0.7%)
[END PLOT POINTS]
Yields
<TABLE>
<CAPTION>
7-Day Taxable
SEC Yield(1) Equivalent Yield(2)
<S> <C> <C>
Vista Shares 2.47% 4.51%
</TABLE>
Past performance is not a guarantee of future results. Yields will fluctuate.
An investment in a money market fund is not FDIC insured nor guaranteed by the
U.S. government or any other agency and there can be no assurance that the fund
will maintain a stable Net Asset Value of $1.00 per share.
(1) The yield for Vista Shares reflects the voluntary waiver of certain expenses
and the assumption of certain expenses otherwise payable by the Fund. Without
waivers, the yield would have been 2.02%. This voluntary waiver may be modified
or terminated at any time, which would reduce performance.
(2) Taxable equivalent yields are calculated based on the SEC Yield divided by 1
minus the effective tax rate. The effective combined federal, and state tax
rate used for this illustration is 45.22%
A portion of the Fund's income may be subject to the Alternative Minimum Tax
(AMT), and some investors may be subject to certain state and local taxes.
87
<PAGE>
Chase Vista California Tax Free Money Market Fund
Portfolio of Investments August 31, 1999
(Amounts in Thousands)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
====================================================================
<S> <C> <C>
State & Municipal Obligations -- 99.5%
====================================================================
General Obligations -- 1.2%
---------------------------
$ 245 Coachella Valley, California, County Water
District No. 55, 4.25%, 08/01/00 $ 246
115 Escondido, California, Unified High School
District, 5.15%, 11/01/99 115
330 Salinas, California, Elementary School
District, COP, 4.25%, 06/01/00 332
115 Ventura, California, Unified School District,
Series C, 7.60%, 08/01/00 119
-------
Total General Obligations 812
-------
(Cost $812)
Revenue Bonds -- 11.1%
----------------------
California State, Department Water
Resources Center, VY Project,
375 Ser. I, 6.60%, 06/01/00~ 389
400 Ser. J-2, 5.20%, 12/01/99 402
320 Chula Vista, California, Community
Hospital, 7.50%, 01/01/00 324
La Habra, California,
190 Park La Habra & Viewpark, Ser. A, COP,
4.00%, 09/01/99 190
140 Redevelopment Refunding Program, Ser.
B, COP, 4.00%, 09/01/99 140
2,650 Long Beach, California, Harbor Revenue,
7.15%, 05/15/00 2,720
400 Los Angeles, California, Municipal
Improvement Corp., Lease, 7.30%,
09/01/99 400
500 Los Angeles, California, Waste Water
Systems, Ser. A, 6.90%, 02/01/00~ 518
250 Los Angeles County, California,
Metropolitan Transportation Authority,
Proposal C, Second Ser., Ser. B, 8.00%,
07/01/00 259
200 Mountain View, California, School District
Community Facilities, Special Tax, Ser. A,
4.00%, 10/01/99 200
</TABLE>
See notes to financial statements.
88
<PAGE>
Chase Vista California Tax Free Money Market Fund
Portfolio of Investments August 31, 1999 (continued)
(Amounts in Thousands)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
====================================================================
<S> <C> <C>
State & Municipal Obligations -- (continued)
====================================================================
$ 235 Palm Desert, California, Financing
Authority, Tax Allocation, Housing Set
Aside, 4.00%, 10/01/99 $ 235
250 Riverside County, California, Transition
Commission, Sales Tax, Ser. A, 5.00%,
06/01/00 253
390 Sacramento, California, Municipal Utilities
District, Electric, Ser. H, 6.30%,
10/01/99 391
215 San Bernardino, California, Joint Powers
Financing Authority, Tax Allocation,
3.20%, 05/01/00 215
155 San Bernardino County, California,
Transition Authority, Sales Tax, Ser. A,
5.00%, 03/01/00 156
115 San Francisco, California, City & County
Parking Authority, Ser. 1, 4.00%,
06/01/00 116
100 Santa Cruz County, California, Public
Financing Authority, Tax Allocation,
Sub-Lien, Ser. B, 7.63%, 09/01/99~ 103
400 Tustin, California, Unified School District,
Special Tax, Community Facilities
District No. 88-1, 4.00%, 09/01/99 400
100 West Basin, California, Municipal Water
District, COP, 6.85%, 08/01/00~ 105
-------
Total Revenue Bonds 7,516
-------
(Cost $7,516)
Tax Anticipation Notes -- 0.8%
------------------------------
500 San Diego, California, Ser. A, 4.50%,
09/30/99 501
-------
(Cost $501)
Tax & Revenue Anticipation Notes -- 5.9%
----------------------------------------
2,000 Antioch, California, Unified School District,
3.70%, 09/15/99 2,000
1,000 California, Statewide Communities
Development Authority, Ser. A-1, 4.00%,
06/30/00 1,007
</TABLE>
See notes to financial statements.
89
<PAGE>
Chase Vista California Tax Free Money Market Fund
Portfolio of Investments August 31, 1999 (continued)
(Amounts in Thousands)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
===============================================================
<S> <C> <C>
State & Municipal Obligations -- (continued)
===============================================================
$ 500 Los Angeles County, California, 4.00%,
06/30/00 $ 503
500 San Diego, California, Unified School
District, Ser. A, 4.50%, 10/01/99 501
-------
Total Tax & Revenue Anticipation Notes 4,011
-------
(Cost $4,011)
Floating Rate Demand Notes -- 80.5%
------------------------------------
Alameda-Contra Costa, California Schools
Financing Authority, Capital
Improvements Financing Projects,
500 Ser. A, Rev., 2.95%, 09/02/99 500
300 COP, 2.95%, 09/02/99 300
2,300 California Health Facilities Financing
Authority, Sutter Health, Ser. A, Rev.,
2.40%, 09/01/99 2,300
California Housing Financing Agency,
1,230 Multi-Family, Ser. A, Rev., 2.70%,
09/01/99 1,230
300 FLOATS, Ser. PA-58, 3.04%, 09/02/99 300
1,040 FLOATS, Ser. PA-112-A, 3.09%,
09/02/99 1,040
California PCFA, PCR,
500 Pacific Gas & Electric, Ser. A, Rev.,
2.65%, 09/01/99 500
500 Pacific Gas & Electric, Ser. C, Rev.,
2.70%, 09/01/99 500
2,575 Pacific Gas & Electric, Ser. F. Rev.,
2.65%, 09/01/99 2,575
600 Shell Oil Comp Project, Ser. A, Rev.,
2.80%, 09/01/99 600
2,900 California PCFA, Solid Waste Disposal,
Shell Martinez Refining, Ser. A, Rev.,
2.55%, 09/01/99 2,900
California State,
800 FLOATS, Ser. PT-1070, 3.04%,
09/02/99 800
900 FLOATS, Ser. PT-1072, 3.04%,
09/02/99 900
</TABLE>
See notes to financial statements.
90
<PAGE>
Chase Vista California Tax Free Money Market Fund
Portfolio of Investments August 31, 1999 (continued)
(Amounts in Thousands)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
===================================================================
<S> <C> <C>
State & Municipal Obligations -- (continued)
===================================================================
California State Economic Development
Financing Authority,
$ 1,000 California Independent Systems Project,
Ser. A, Rev., 2.55%, 09/01/99 $ 1,000
2,800 California Independent Systems Project,
Ser. B, Rev., 2.55%, 09/01/99 2,800
2,000 IDR, Provena Foods Inc. Project, Rev.,
3.05%, 09/01/99 2,000
1,800 IDR, Standard Abrasives Manufacturing
Project, Rev., 3.00%, 09/01/99 1,800
1,000 California State, Floating Rate Receipts, SG
86, 3.00%, 09/01/99 1,000
California State, Municipal Securities Trust
Receipts,
2,000 SGA 40, GO, 3.12%, 09/01/99 2,000
2,800 SGA 55, GO, #, 3.12%, 09/01/99 2,800
300 Chula Vista, California, San Diego Gas, Ser.
A, Rev., 2.60%, 09/01/99 300
Irvine Ranch, California, Water District,
1,600 Consolidated Bonds, Rev., 2.40%,
09/01/99 1,600
1,000 District No. 102, 103, 105 & 106, GO,
2.40%, 09/01/99 1,000
500 District No. 105, 140, 240 & 250, GO,
2.40%, 09/01/99 500
Irvine, California, Improvement Bond Act
of 1915,
100 Assessment District No. 87-8, Special
Assessment, 2.40%, 09/01/99 100
3,500 Assessment District No. 97-17, Special
Assessment, 2.40%, 09/01/99 3,500
400 Kern County, California, Kern Public
Facilities Project, Ser. C, COP, 2.75%,
09/01/99 400
400 Los Angeles, California, Community
Redevelopment Agency, CMC Medical
Plaza Partner, COP, 2.80%, 09/02/99 400
</TABLE>
See notes to financial statements.
91
<PAGE>
Chase Vista California Tax Free Money Market Fund
Portfolio of Investments August 31, 1999 (continued)
(Amounts in Thousands)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
==================================================================
<S> <C> <C>
State & Municipal Obligations -- (continued)
==================================================================
$ 300 Los Angeles County, California, IDA, IDR,
Hon Industries Inc., Project, Rev.,
2.85%, 09/01/99 $ 300
100 Los Angeles County, California,
Metropolitan Transportation Authority,
Proposal C, 2nd Ser., Ser. A, Rev.,
2.75%, 09/02/99 100
2,500 Los Angeles County, California, Pension
Obligation, Ser. B, Rev., 2.80%,
09/01/99 2,500
1,000 Monrovia, California, Unified School
District, Municipal Securities Trust
Receipt, Ser. 70, GO, 3.10%, 09/01/99 1,000
700 M-S-R Public Power Agency, California,
San Juan Project, Sub-Lien, Ser. E, Rev.,
2.75%, 09/02/99 700
1,700 Oakland, California, Joint Powers Financing
Authority, Ser. A-2, 2.75%, 09/02/99 1,700
100 Ontario, California, Redevelopment Agency,
IDR, Safariland Project, Rev., 2.85%,
09/01/99 100
Orange County, California,
1,400 Sanitation Districts No. 1-3, 5-7 & 11,
COP, 2.40%, 09/01/99 1,400
1,800 Sanitation Districts No. 1-3, 5-7, 11,
13 & 14, COP, 2.40%, 09/01/99 1,800
1,000 Orange County, California, Water District,
Project B, COP, 2.85%, 09/01/99 1,000
2,500 Oxnard County, California, Industrial
Development Financing Authority, IDR,
Accurate Engineering Project, Rev.,
3.00%, 09/01/99 2,500
700 Riverside County, California, IDA, IDR,
Design Time Inc. Project, Ser. I, Rev.,
2.85%, 09/01/99 700
888 Riverside County, California, Riverside
County Public Facilities, Ser. B, COP,
2.75%, 09/07/99 888
</TABLE>
See notes to financial statements.
92
<PAGE>
Chase Vista California Tax Free Money Market Fund
Portfolio of Investments August 31, 1999 (continued)
(Amounts in Thousands)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
================================================================
<S> <C> <C>
State & Municipal Obligations -- (continued)
================================================================
$ 1,000 Sacramento County, California, Multi-
Family Housing, Ser. C, Rev., 3.25%,
09/02/99 $ 1,000
San Bernardino County, California, IDA,
100 Aqua-Service, Rev., 3.05%, 09/01/99 100
100 Ser. II, Master Halco Inc., Rev., 2.85%,
09/07/99 100
300 San Diego, California, IDR, Kaiser
Aerospace & Electric, Ser. A, Rev.,
3.00%, 09/02/99 300
San Francisco, California, City & County,
Multi-Family Housing,
300 Redevelopment Agency, Ser. C, Rev.,
2.80%, 09/01/99 300
1,500 Winterland Project, Ser. 85-C, Rev.,
2.90%, 09/07/99 1,500
600 Three Valleys Municipal Water District,
California, Miramar Water Treatment,
COP, 2.90%, 09/01/99 600
200 Western Riverside County, California,
Regional Wastewater Authority, Regional
Wastewater Treatment, Rev., 2.85%,
09/01/99 200
-------
Total Floating Rate Demand Notes 54,433
(Cost $54,433)
================================================================
Total Investments -- 99.5% $67,273
(Cost $67,273)*
================================================================
</TABLE>
See notes to financial statements.
93
<PAGE>
Chase Vista California Tax Free Money Market Fund
Portfolio of Investments August 31, 1999 (continued)
(Amounts in Thousands)
Index:
* -- The cost of securities is substantially the same
for federal income tax purposes.
~ -- The maturity date shown is the date of the
prerefunded call.
COP -- Certificates of Participation.
Dorm -- Dormitory.
Floating Rate Demand Notes -- The maturity date shown is the next interest reset
date; the rate shown is the rate in effect at
August 31, 1999.
FLOATS -- Floating Auction Tax-exempts.
GO -- General Obligation Bond.
IDA -- Industrial Development Authority.
IDR -- Industrial Development Revenue.
PCFA -- Pollution Control Financing Authority.
PCR -- Pollution Control Revenue.
Rev. -- Revenue Bond.
See notes to financial statements.
94
<PAGE>
Chase Vista Funds
Statement of Assets and Liabilities August 31, 1999
--------------------------------------------------------------------------------
(Amounts in Thousands, Except Per Share Amounts)
<TABLE>
<CAPTION>
100% U.S. U.S.
Treasury Securities Government Treasury Plus
Money Market Money Market Money Market
Fund Fund Fund
------------------- ------------ -------------
<S> <C> <C> <C>
ASSETS:
Investment securities, at value
(Note 1) ................................. $4,200,354 $7,565,935 $3,177,765
Cash ...................................... -- 2,351 9,266
Other assets .............................. 36 65 27
Receivables:
Investment securities sold ............... -- 5,000 --
Interest ................................. 42,498 35,227 8,225
Fund shares sold ......................... 59 867 50
Expense reimbursement from
Distributor ............................. -- -- --
---------- ---------- ----------
Total Assets ........................... 4,242,947 7,609,445 3,195,333
---------- ---------- ----------
LIABILITIES:
Payables:
Investment securities purchased .......... -- 204,921 --
Fund shares redeemed ..................... 5,386 14,769 149
Dividends ................................ 3,660 12,806 3,723
Other .................................... -- -- --
Accrued liabilities: (Note 2)
Investment advisory fees ................. 361 619 284
Administration fees ...................... 217 619 171
Shareholder servicing fees ............... 897 959 564
Distribution fees ........................ 200 348 151
Custody fees ............................. 85 112 47
Other .................................... 670 1,241 323
---------- ---------- ----------
Total Liabilities ...................... 11,476 236,394 5,412
---------- ---------- ----------
NET ASSETS:
Paid in capital ........................... 4,231,548 7,373,049 3,189,905
Accumulated undistributed/
(overdistributed) net investment
income ................................... (106) 46 (45)
Accumulated net realized gain (loss)
on investment transactions ............... 29 (44) 61
Net unrealized depreciation of
investments .............................. -- -- --
---------- ---------- ----------
Total Net Assets ....................... $4,231,471 $7,373,051 $3,189,921
========== ========== ==========
Shares of beneficial interest outstanding
($.001 par value; unlimited number
of shares authorized)
Vista Shares .............................. 3,312,988 3,538,467 1,734,415
Premier Shares ............................ 23,866 922,005 476,297
Institutional Shares ...................... 894,783 2,912,678 979,291
B Shares* ................................. -- -- --
C Shares* ................................. -- -- --
Net asset value, offering and
redemption price per share
(all classes) ............................ $ 1.00 $ 1.00 $ 1.00
========== ========== ==========
Cost of investments ....................... $4,200,354 $7,565,935 $3,177,765
========== ========== ==========
</TABLE>
--------------
*Redemption price may be reduced by contingent deferred sales charge.
See notes to financial statements.
95
<PAGE>
Chase Vista Funds
Statement of Assets and Liabilities August 31, 1999
--------------------------------------------------------------------------------
(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) ................................ $1,088,323 $7,668,677 $9,886,997
Cash ..................................... -- 977 --
Other assets ............................. 10 65 80
Receivables:
Investment securities sold .............. -- 101,270 15,000
Interest ................................ 5,127 48,407 51,441
Fund shares sold ........................ 6,299 7,720 4,830
Expense reimbursement from
Distributor ............................ -- -- --
---------- ---------- ----------
Total Assets .......................... 1,099,759 7,827,116 9,958,348
---------- ---------- ----------
LIABILITIES:
Payables:
Investment securities purchased ......... -- 127,342 135,000
Fund shares redeemed .................... 1,227 2,047 --
Dividends ............................... 1,040 4,010 12,799
Other ................................... -- 631 --
Accrued liabilities: (Note 2)
Investment advisory fees ................ 98 646 852
Administration fees ..................... 98 646 852
Shareholder servicing fees .............. 201 1,643 482
Distribution fees ....................... 46 -- 20
Custody fees ............................ 51 142 223
Other ................................... 511 1,427 1,579
---------- ---------- ----------
Total Liabilities ..................... 3,272 138,534 151,807
---------- ---------- ----------
NET ASSETS:
Paid in capital .......................... 1,096,535 7,690,871 9,810,358
Accumulated undistributed/
(overdistributed) net investment
income .................................. (1) 21 (53)
Accumulated net realized gain (loss)
on investment transactions .............. (47) (660) 120
Net unrealized depreciation of
investments ............................. -- (1,650) (3,884)
---------- ---------- ----------
Total Net Assets ...................... $1,096,487 $7,688,582 $9,806,541
========== ========== ==========
Shares of beneficial interest outstanding
($.001 par value; unlimited number
of shares authorized)
Vista Shares ............................. 550,030 5,680,795 515,139
Premier Shares ........................... 298,209 462,590 1,094,613
Institutional Shares ..................... 248,296 1,547,498 8,164,133
B Shares* ................................ -- -- 36,329
C Shares* ................................ -- -- 144
Net asset value, offering and
redemption price per share
(all classes) ........................... $ 1.00 $ 1.00 $ 1.00
========== ========== ==========
Cost of investments ...................... $1,088,323 $7,670,327 $9,890,881
========== ========== ==========
</TABLE>
--------------
*Redemption price may be reduced by contingent deferred sales charge.
See notes to financial statements.
96
<PAGE>
Chase Vista Funds
Statement of Assets and Liabilities August 31, 1999
--------------------------------------------------------------------------------
(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) ................................. $1,364,503 $1,500,955 $67,273
Cash ...................................... 485 29 73
Other assets .............................. 12 13 --
Receivables:
Investment securities sold ............... -- 5,703 --
Interest ................................. 8,137 8,983 408
Fund shares sold ......................... 2,972 244 22
Expense reimbursement from
Distributor ............................. 60 -- --
---------- ---------- -------
Total Assets ........................... 1,376,169 1,515,927 67,776
---------- ---------- -------
LIABILITIES:
Payables:
Investment securities purchased .......... 13,439 8,772 --
Fund shares redeemed ..................... 66 513 --
Dividends ................................ 1,806 1,075 62
Other .................................... -- -- --
Accrued liabilities: (Note 2)
Investment advisory fees ................. 118 129 --
Administration fees ...................... 83 64 5
Shareholder servicing fees ............... 172 450 3
Distribution fees ........................ 67 39 3
Custody fees ............................. 25 33 18
Other .................................... 127 341 45
---------- ---------- -------
Total Liabilities ...................... 15,903 11,416 136
---------- ---------- -------
NET ASSETS:
Paid in capital ........................... 1,360,724 1,504,520 67,656
Accumulated undistributed/
(overdistributed) net investment
income ................................... (64) 52 (2)
Accumulated net realized gain (loss)
on investment transactions ............... (394) (61) (14)
Net unrealized depreciation of
investments .............................. -- -- --
---------- ---------- -------
Total Net Assets ....................... $1,360,266 $1,504,511 $67,640
========== ========== =======
Shares of beneficial interest outstanding
($.001 par value; unlimited number
of shares authorized)
Vista Shares .............................. 754,202 1,504,634 67,656
Premier Shares ............................ 130,024 -- --
Institutional Shares ...................... 476,520 -- --
B Shares* ................................. -- -- --
C Shares* ................................. -- -- --
Net asset value, offering and
redemption price per share
(all classes) ............................ $ 1.00 $ 1.00 $ 1.00
========== ========== =======
Cost of investments ....................... $1,364,503 $1,500,955 $67,273
========== ========== =======
</TABLE>
--------------
*Redemption price may be reduced by contingent deferred sales charge.
See notes to financial statements.
97
<PAGE>
Chase Vista Funds
Statement of Operations For the year ended August 31, 1999
--------------------------------------------------------------------------------
(Amounts in Thousands)
<TABLE>
<CAPTION>
100% U.S. U.S.
Treasury Securities Government Treasury Plus
Money Market Money Market Money Market
Fund Fund Fund
------------------- ------------ -------------
<S> <C> <C> <C>
INTEREST INCOME: (Note 1C) $210,519 $366,896 $138,520
-------- -------- --------
EXPENSES: (Note 2)
Investment advisory fees .............. 4,440 7,265 2,850
Administration fees ................... 4,440 7,265 2,850
Shareholder servicing fees ............ 12,997 16,665 6,892
Distribution fees ..................... 3,472 4,375 1,535
Custodian fees ........................ 322 422 206
Interest expense ...................... -- -- --
Printing and postage .................. 50 118 30
Professional fees ..................... 171 293 116
Registration costs .................... 899 458 205
Transfer agent fees ................... 760 626 296
Trustees' fees and expenses ........... 222 535 143
Other ................................. 68 42 64
-------- -------- --------
Total expenses ..................... 27,841 38,064 15,187
-------- -------- --------
Less amounts waived (Note 2E) ........... 4,943 6,374 2,430
Less expenses reimbursed by Distributor -- -- --
-------- -------- --------
Net expenses .......................... 22,898 31,690 12,757
-------- -------- --------
Net investment income ................. 187,621 335,206 125,763
-------- -------- --------
REALIZED AND UNREALIZED
GAIN (LOSS) ON INVESTMENTS:
Net realized gain (loss) on investment
98
transactions ......................... 2,072 27 789
Change in net unrealized depreciation
on investments ....................... -- -- --
-------- -------- --------
Net realized and unrealized gain (loss)
on investments ....................... 2,072 27 789
-------- -------- --------
Net increase in net assets from
operations ........................... $189,693 $335,233 $126,552
======== ======== ========
</TABLE>
See notes to financial statements.
98
<PAGE>
Chase Vista Funds
Statement of Operations For the year ended August 31, 1999
--------------------------------------------------------------------------------
(Amounts in Thousands)
<TABLE>
<CAPTION>
Federal Cash Prime
Money Market Management Money Market
Fund Fund Fund
------------ ---------- ------------
<S> <C> <C> <C>
INTEREST INCOME: (Note 1C) $52,286 $352,252 $405,345
------- -------- --------
EXPENSES: (Note 2)
Investment advisory fees .............. 1,035 6,767 7,769
Administration fees ................... 1,035 6,767 7,769
Shareholder servicing fees ............ 2,609 19,554 8,696
Distribution fees ..................... 475 -- 178
Custodian fees ........................ 136 434 496
Interest expense ...................... -- -- 46
Printing and postage .................. 15 60 127
Professional fees ..................... 68 247 288
Registration costs .................... 112 814 1,570
Transfer agent fees ................... 484 1,975 336
Trustees' fees and expenses ........... 52 338 388
Other ................................. 14 152 69
------- -------- --------
Total expenses ..................... 6,035 37,108 27,732
------- -------- --------
Less amounts waived (Note 2E) ........... 570 2,451 5,210
Less expenses reimbursed by Distributor -- -- 8
------- -------- --------
Net expenses .......................... 5,465 34,657 22,514
------- -------- --------
Net investment income ................. 46,821 317,595 382,831
------- -------- --------
REALIZED AND UNREALIZED
GAIN (LOSS) ON INVESTMENTS:
Net realized gain (loss) on investment
transactions ......................... 95 (329) 327
Change in net unrealized depreciation
on investments ....................... -- (1,650) (3,884)
------- -------- --------
Net realized and unrealized gain (loss)
on investments ....................... 95 (1,979) (3,557)
------- -------- --------
Net increase in net assets from
operations ........................... $46,916 $315,616 $379,274
======= ======== ========
</TABLE>
See notes to financial statements.
99
<PAGE>
Chase Vista Funds
Statement of Operations For the year ended August, 1999
--------------------------------------------------------------------------------
(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) $43,103 $46,320 $1,436
------- ------- ------
EXPENSES: (Note 2)
Investment advisory fees .............. 1,317 1,445 46
Administration fees ................... 1,317 1,445 46
Shareholder servicing fees ............ 3,391 5,058 162
Distribution fees ..................... 785 1,445 46
Custodian fees ........................ 184 176 74
Interest expense ...................... -- -- --
Printing and postage .................. 47 60 --
Professional fees ..................... 68 77 29
Registration costs .................... 379 133 --
Transfer agent fees ................... 206 326 32
Trustees' fees and expenses ........... 66 73 2
Other ................................. 92 23 --
------- ------- ------
Total expenses ..................... 7,852 10,261 437
------- ------- ------
Less amounts waived (Note 2E) ........... 1,448 1,734 182
Less expenses reimbursed by Distributor 60 -- --
------- ------- ------
Net expenses .......................... 6,344 8,527 255
------- ------- ------
Net investment income ................. 36,759 37,793 1,181
------- ------- ------
REALIZED AND UNREALIZED
GAIN (LOSS) ON INVESTMENTS:
Net realized gain (loss) on investment
transactions ......................... 59 61 4
Change in net unrealized depreciation
on investments ....................... -- -- --
------- ------- ------
Net realized and unrealized gain (loss)
on investments ....................... 59 61 4
------- ------- ------
Net increase in net assets from
operations ........................... $36,818 $37,854 $1,185
======= ======= ======
</TABLE>
See notes to financial statements.
100
<PAGE>
Chase Vista Funds
Statement of Changes in Net Assets For the year ended August 31,
--------------------------------------------------------------------------------
(Amounts in Thousands)
<TABLE>
<CAPTION>
100% U.S. Treasury Securities U.S. Government
Money Market Money Market
Fund Fund
------------------------------ ------------------------------
1999 1998 1999 1998
------------- ------------- ------------- -------------
<S> <C> <C> <C> <C>
INCREASE (DECREASE)
IN NET ASSETS
FROM OPERATIONS:
Net investment income ............. $ 187,621 $ 172,327 $ 335,206 $ 337,349
Net realized gain (loss) on
investments ...................... 2,072 2,716 27 (61)
Change in net unrealized
depreciation on investments ...... -- -- -- --
------------- ------------- ------------- -------------
Increase in net assets from
operations ....................... 189,693 175,043 335,233 337,288
------------- ------------- ------------- -------------
DISTRIBUTIONS TO
SHAREHOLDERS FROM:
Net investment income ............. (187,727) (172,327) (335,181) (337,349)
Net realized gain on investment
transactions ..................... (2,956) (1,817) -- (19)
------------- ------------- ------------- -------------
Total distributions to
shareholders ..................... (190,683) (174,144) (335,181) (337,368)
------------- ------------- ------------- -------------
INCREASE (DECREASE) FROM
CAPITAL SHARE TRANSACTIONS:#
Proceeds from shares issued
Vista Shares ...................... 13,705,921 13,787,560 16,404,385 14,882,809
Premier Shares .................... 152,506 366,060 7,944,261 7,812,783
Institutional Shares .............. 5,004,382 3,028,039 23,799,456 21,267,721
B Shares .......................... -- -- -- --
C Shares .......................... -- -- -- --
------------- ------------- ------------- -------------
18,862,809 17,181,659 48,148,102 43,963,313
------------- ------------- ------------- -------------
Proceeds from reinvestment
of dividends
Vista Shares ...................... 112,062 97,208 74,078 64,696
Premier Shares .................... 1,084 462 25,108 29,817
Institutional Shares .............. 27,526 13,072 79,090 87,942
B Shares .......................... -- -- -- --
C Shares .......................... -- -- -- --
------------- ------------- ------------- -------------
140,672 110,742 178,276 182,455
------------- ------------- ------------- -------------
Cost of shares redeemed
Vista Shares ...................... (13,555,840) (13,210,198) (15,973,405) (14,053,545)
Premier Shares .................... (151,462) (350,427) (8,130,974) (7,595,505)
Institutional Shares .............. (5,932,433) (1,327,090) (23,763,028) (21,513,704)
B Shares .......................... -- -- -- --
C Shares .......................... -- -- -- --
------------- ------------- ------------- -------------
(19,639,735) (14,887,715) (47,867,407) (43,162,754)
------------- ------------- ------------- -------------
Net increase (decrease) from
capital share transactions ....... (636,254) 2,404,686 458,971 983,014
------------- ------------- ------------- -------------
Total increase (decrease) in
net assets ....................... (637,244) 2,405,585 459,023 982,934
NET ASSETS:
Beginning of period ............... 4,868,715 2,463,130 6,914,028 5,931,094
------------- ------------- ------------- -------------
End of period ..................... $ 4,231,471 $ 4,868,715 $ 7,373,051 $ 6,914,028
============= ============= ============= =============
</TABLE>
--------------
#At $1.00 per share.
See notes to financial statements.
101
<PAGE>
Chase Vista Funds
Statement of Changes in Net Assets For the year ended August 31,
--------------------------------------------------------------------------------
(Amounts in Thousands)
<TABLE>
<CAPTION>
Treasury Plus Federal
Money Market Money Market
Fund Fund
------------------------------ ----------------------------
1999 1998 1999 1998
----------- ----------- ---------- ----------
<S> <C> <C> <C> <C>
INCREASE (DECREASE)
IN NET ASSETS
FROM OPERATIONS:
Net investment income ........................... $ 125,763 $ 119,980 $ 46,821 $ 40,256
Net realized gain (loss) on
investments .................................... 789 412 95 (30)
Change in net unrealized
depreciation on investments .................... -- -- -- --
----------- ----------- ---------- ----------
Increase in net assets from
operations ..................................... 126,552 120,392 46,916 40,226
----------- ----------- ---------- ----------
DISTRIBUTIONS TO
SHAREHOLDERS FROM:
Net investment income ........................... (125,782) (119,997) (46,814) (40,256)
Net realized gain on investment
transactions ................................... (798) (342) (112) --
----------- ----------- ---------- ----------
Total distributions to
shareholders ................................... (126,580) (120,339) (46,926) (40,256)
----------- ----------- ---------- ----------
INCREASE (DECREASE) FROM
CAPITAL SHARE TRANSACTIONS:#
Proceeds from shares issued
Vista Shares .................................... 13,476,115 16,312,405 1,297,509 887,155
Premier Shares .................................. 2,362,876 2,478,766 372,508 464,267
Institutional Shares ............................ 12,537,826 9,241,705 3,327,807 1,635,260
B Shares ........................................ -- -- -- --
C Shares ........................................ -- -- -- --
----------- ----------- ---------- ----------
28,376,817 28,032,876 4,997,824 2,986,682
----------- ----------- ---------- ----------
Proceeds from reinvestment
of dividends
Vista Shares .................................... 41,118 51,054 18,183 12,556
Premier Shares .................................. 3,990 5,055 11,931 13,754
Institutional Shares ............................ 35,134 17,673 5,462 2,740
B Shares ........................................ -- -- -- --
C Shares ........................................ -- -- -- --
----------- ----------- ---------- ----------
80,242 73,782 35,576 29,050
----------- ----------- ---------- ----------
Cost of shares redeemed
Vista Shares .................................... (13,099,202) (16,653,021) (1,124,759) (841,656)
Premier Shares .................................. (2,046,068) (2,459,664) (399,355) (564,547)
Institutional Shares ............................ (12,469,834) (8,674,757) (3,282,935) (1,570,687)
B Shares ........................................ -- -- -- --
C Shares ........................................ -- -- -- --
----------- ----------- ---------- ----------
(27,615,104) (27,787,442) (4,807,049) (2,976,890)
----------- ----------- ---------- ----------
Net increase (decrease) from
capital share transactions ..................... 841,955 319,216 226,351 38,842
----------- ----------- ---------- ----------
Total increase (decrease) in
net assets ..................................... 841,927 319,269 226,341 38,812
NET ASSETS:
Beginning of period ............................. 2,347,994 2,028,725 870,146 831,334
----------- ----------- ---------- ----------
End of period ................................... $ 3,189,921 $ 2,347,994 $1,096,487 $ 870,146
=========== =========== ========== ==========
</TABLE>
--------------
#At $1.00 per share.
See notes to financial statements.
102
<PAGE>
Chase Vista Funds
Statement of Changes in Net Assets For the year ended August 31,
--------------------------------------------------------------------------------
(Amounts in Thousands)
<TABLE>
<CAPTION>
Cash Prime
Management Money Market
Fund Fund
------------------------------ ------------------------------
1999 1998 1999 1998
------------- ------------- ------------- ------------
<S> <C> <C> <C> <C>
INCREASE (DECREASE)
IN NET ASSETS
FROM OPERATIONS:
Net investment income ............. $ 317,595 $ 239,039 $ 382,831 $ 202,624
Net realized gain (loss) on
investments ...................... (329) (214) 327 141
Change in net unrealized
depreciation on investments ...... (1,650) -- (3,884) --
------------- ------------- ------------- ------------
Increase in net assets from
operations ....................... 315,616 238,825 379,274 202,765
------------- ------------- ------------- ------------
DISTRIBUTIONS TO
SHAREHOLDERS FROM:
Net investment income ............. (317,818) (238,815) (382,895) (202,624)
Net realized gain on investment
transactions ..................... (117) -- (271) (66)
------------- ------------- ------------- ------------
Total distributions to
shareholders ..................... (317,935) (238,815) (383,166) (202,690)
------------- ------------- ------------- ------------
INCREASE (DECREASE) FROM
CAPITAL SHARE TRANSACTIONS:#
Proceeds from shares issued
Vista Shares** .................... 26,474,726 19,574,831 1,051,476 --
Premier Shares .................... 4,894,950 4,145,937 11,380,971 11,781,628
Institutional Shares .............. 10,132,124 5,180,985 61,694,665 32,438,411
B Shares .......................... -- -- 143,459 103,075
C Shares* ......................... -- -- 4,653 71
------------- ------------- ------------- ------------
41,501,800 28,901,753 74,275,224 44,323,185
------------- ------------- ------------- ------------
Proceeds from reinvestment
of dividends
Vista Shares** .................... 187,928 123,345 4,244 --
Premier Shares .................... 16,857 18,943 24,988 18,579
Institutional Shares .............. 63,365 54,407 229,886 95,986
B Shares .......................... -- -- 771 484
C Shares* ......................... -- -- 5 --
------------- ------------- ------------- ------------
268,150 196,695 259,894 115,049
------------- ------------- ------------- ------------
Cost of shares redeemed
Vista Shares** .................... (24,623,550) (18,632,661) (540,581) --
Premier Shares .................... (4,864,551) (4,124,975) (10,901,491) (11,709,369)
Institutional Shares .............. (9,707,967) (5,099,529) (58,482,409) (29,160,057)
B Shares .......................... -- -- (136,601) (85,129)
C Shares* ......................... -- -- (4,584) (1)
------------- ------------- ------------- ------------
(39,196,068) (27,857,165) (70,065,666) (40,954,556)
------------- ------------- ------------- ------------
Net increase (decrease) from
capital share transactions ....... 2,573,882 1,241,283 4,469,452 3,483,678
------------- ------------- ------------- ------------
Total increase (decrease)
in net assets .................... 2,571,563 1,241,293 4,465,560 3,483,753
NET ASSETS:
Beginning of period ............... 5,117,019 3,875,726 5,340,981 1,857,228
------------- ------------- ------------- ------------
End of period ..................... $ 7,688,582 $ 5,117,019 $ 9,806,541 $ 5,340,981
============= ============= ============= ============
</TABLE>
--------------
#At $1.00 per share.
*CVP C Shares commencement of offering, 5/14/98.
**CVP Vista Shares commencement of offering, 10/1/98.
See notes to financial statements.
103
<PAGE>
Chase Vista Funds
Statement of Changes in Net Assets For the year ended August 31,
--------------------------------------------------------------------------------
(Amounts in Thousands)
<TABLE>
<CAPTION>
Tax Free New York Tax Free
Money Market Fund Money Market Fund
---------------------------- ----------------------------
1999 1998 1999 1998
---------- ---------- ---------- ----------
<S> <C> <C> <C> <C>
INCREASE (DECREASE)
IN NET ASSETS
FROM OPERATIONS:
Net investment income ............................ $ 36,759 $ 35,342 $ 37,793 $ 33,002
Net realized gain (loss) on
investments ..................................... 59 (34) 61 (27)
Change in net unrealized
depreciation on investments ..................... -- -- -- --
---------- ---------- ---------- ----------
Increase in net assets from
operations ...................................... 36,818 35,308 37,854 32,975
---------- ---------- ---------- ----------
DISTRIBUTIONS TO
SHAREHOLDERS FROM:
Net investment income ............................ (36,827) (35,342) (37,841) (33,002)
Net realized gain on investment
transactions .................................... -- -- -- --
---------- ---------- ---------- ----------
Total distributions to
shareholders .................................... (36,827) (35,342) (37,841) (33,002)
---------- ---------- ---------- ----------
INCREASE (DECREASE) FROM
CAPITAL SHARE TRANSACTIONS:#
Proceeds from shares issued
Vista Shares ..................................... 2,100,524 2,109,048 3,260,482 2,920,461
Premier Shares ................................... 385,299 386,933 -- --
Institutional Shares ............................. 2,526,660 2,916,751 -- --
B Shares ......................................... -- -- -- --
C Shares ......................................... -- -- -- --
---------- ---------- ---------- ----------
5,012,483 5,412,732 3,260,482 2,920,461
---------- ---------- ---------- ----------
Proceeds from reinvestment
of dividends
Vista Shares ..................................... 8,397 8,530 25,347 20,181
Premier Shares ................................... 2,257 2,206 -- --
Institutional Shares ............................. 5,196 5,252 -- --
B Shares ......................................... -- -- -- --
C Shares ......................................... -- -- -- --
---------- ---------- ---------- ----------
15,850 15,988 25,347 20,181
---------- ---------- ---------- ----------
Cost of shares redeemed
Vista Shares ..................................... (2,088,092) (1,950,253) (3,153,158) (2,525,554)
Premier Shares ................................... (390,878) (360,517) -- --
Institutional Shares ............................. (2,465,756) (2,797,836) -- --
B Shares ......................................... -- -- -- --
C Shares ......................................... -- -- -- --
---------- ---------- ---------- ----------
(4,944,726) (5,108,606) (3,153,158) (2,525,554)
---------- ---------- ---------- ----------
Net increase (decrease) from
capital share transactions ...................... 83,607 320,114 132,671 415,088
---------- ---------- ---------- ----------
Total increase (decrease)
in net assets ................................... 83,598 320,080 132,684 415,061
NET ASSETS:
Beginning of period .............................. 1,276,668 956,588 1,371,827 956,766
---------- ---------- ---------- ----------
End of period .................................... $1,360,266 $1,276,668 $1,504,511 $1,371,827
========== ========== ========== ==========
</TABLE>
--------------
#At $1.00 per share.
See notes to financial statements.
104
<PAGE>
Chase Vista Funds
Statement of Changes in Net Assets For the year ended August 31,
--------------------------------------------------------------------------------
(Amounts in Thousands)
<TABLE>
<CAPTION>
California Tax Free
Money Market Fund
--------------------------
1999 1998
---------- ---------
<S> <C> <C>
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income ............................................ $ 1,181 $ 1,443
Net realized gain (loss) on investments .......................... 4 (3)
Change in net unrealized depreciation on investments ............. -- --
---------- ---------
Increase in net assets from operations ........................... 1,185 1,440
---------- ---------
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income ............................................ (1,200) (1,443)
Net realized gain on investment transactions ..................... -- --
---------- ---------
Total distributions to shareholders .............................. (1,200) (1,443)
---------- ---------
INCREASE (DECREASE) FROM CAPITAL SHARE TRANSACTIONS:#
Proceeds from shares issued
Vista Shares ..................................................... 329,610 365,375
Premier Shares ................................................... -- --
Institutional Shares ............................................. -- --
B Shares ......................................................... -- --
C Shares ......................................................... -- --
---------- ---------
329,610 365,375
---------- ---------
Proceeds from reinvestment of dividends
Vista Shares ..................................................... 474 804
Premier Shares ................................................... -- --
Institutional Shares ............................................. -- --
B Shares ......................................................... -- --
C Shares ......................................................... -- --
---------- ---------
474 804
---------- ---------
Cost of shares redeemed
Vista Shares ..................................................... (312,828) (361,286)
Premier Shares ................................................... -- --
Institutional Shares ............................................. -- --
B Shares ......................................................... -- --
C Shares ......................................................... -- --
---------- ---------
(312,828) (361,286)
---------- ---------
Net increase (decrease) from capital share transactions .......... 17,256 4,893
---------- ---------
Total increase (decrease) in net assets ......................... 17,241 4,890
NET ASSETS:
Beginning of period .............................................. 50,399 45,509
---------- ---------
End of period .................................................... $ 67,640 $ 50,399
========== =========
</TABLE>
--------------
#At $1.00 per share.
See notes to financial statements.
105
<PAGE>
Chase Vista Funds
Notes to Financial Statements
--------------------------------------------------------------------------------
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 ("CVUSTS"), U.S. Government Money Market Fund ("CVUSG"), Treasury
Plus Money Market Fund ("CVTP"), Federal Money Market Fund ("CVF"), Cash
Management Fund ("CVCM"), Prime Money Market Fund ("CVP"), Tax Free Money Market
Fund ("CVTF"), New York Tax Free Money Market Fund ("CVNYTF") and California Tax
Free Money Market Fund ("CVCTF") (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>
CVUSTS ....... Vista, Premier, Institutional
CVUSG ........ Vista, Premier, Institutional
CVTP ......... Vista, Premier, Institutional
CVF .......... Vista, Premier, Institutional
CVCM ......... Vista, Premier, Institutional
CVP .......... Vista, Premier, Institutional, B Shares, C Shares
CVTF ......... Vista, Premier, Institutional
CVNYTF ....... Vista
CVCTF ........ Vista
</TABLE>
All classes of shares have equal rights as to earnings, assets and voting
privileges except that each class may bear different transfer agent,
distribution and shareholder servicing expenses, and each class has exclusive
voting rights with respect to its distribution plan and shareholder servicing
agreement.
The following is a summary of significant accounting policies followed by the
Funds:
The preparation of financial statements in accordance with generally accepted
accounting principles requires management to make estimates and assumptions that
affect the reported amounts and disclosures in the financial statements. Actual
results could differ from those estimates.
A. Valuation of investments -- Money market instruments are valued at
amortized cost which approximates market value. The Trust's use of
amortized cost is subject to the Trust's compliance with certain conditions
as specified under Rule 2a-7 of the 1940 Act.
B. Repurchase agreements -- It is the Fund's policy that repurchase
agreements are fully collateralized by U.S. Treasury and Government agency
securities. All collateral is held by the Fund's custodian bank,
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. In the
event the buyer of securities under a reverse repurchase agreement files
for bankruptcy or becomes insolvent, the Fund's use of proceeds of the
agreement may be restricted pending a determination by the other party, or
its trustee or receiver, whether to enforce the Fund's obligation to
repurchase the securities. The Fund's use of the proceeds of the reverse
repurchase agreement may also effectively be restricted pending such
decisions.
During the year ended August 31, 1999, CVP entered into one overnight
reverse repurchase agreement amounting to $18,538,000 at 4.75%. Interest
expense totaled $2,446. The Funds had no open reverse repurchase agreements
at August 31, 1999.
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).
106
<PAGE>
Chase Vista Funds
Notes to Financial Statements (continued)
--------------------------------------------------------------------------------
Securities gains and losses are calculated on the identified cost 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; expenses directly attributable to a particular class
are charged directly to such class. 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. 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 CVCM and CVTF ,
pursuant to a Sub-Investment Advisory Agreement between CAM and Chase. CAM
is a wholly owned subsidiary of Chase and is entitled to receive a fee,
payable by Chase from its advisory fee, at an annual rate equal to 0.03% of
each Fund's average daily net assets.
Chase Bank of Texas, National Association ("CBT") is the sub-investment
adviser to CVCM and CVTF 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,
107
<PAGE>
Chase Vista Funds
Notes to Financial Statements (continued)
--------------------------------------------------------------------------------
0.25% of the average daily net assets of the Premier, B Shares and C Shares
Classes, and effective November 1, 1998, 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 CVUSG (the "Premier Plan"), for the Vista Shares (the
"Vista Plan") except for CVCM and CVP, and for the B Shares and C Shares of
the CVP (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 CVCM and CVP), 0.10% of the
average daily net assets of the CVUSG Premier Class and 0.75% of the
average daily net assets of the B Shares and C Shares of CVP.
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.
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 year ended August 31, 1999, the Adviser,
Administrator, Shareholder Servicing Agents and Distributor voluntarily
waived fees for each of the Funds as follows (amounts in thousands):
<TABLE>
<CAPTION>
CVUSTS CVUSG CVTP
------ ----- ----
<S> <C> <C> <C>
Investment Advisory ........... $ -- $ -- $ --
Administration ................ 1,776 -- 883
Shareholder Servicing ......... 2,126 5,946 1,547
Distribution .................. 1,041 428 --
------ ------ ------
$4,943 $6,374 $2,430
====== ====== ======
<CAPTION>
CVF CVCM CVP
--- ---- ---
<S> <C> <C> <C>
Investment Advisory ........... $ -- $ -- $ --
Administration ................ -- -- --
Shareholder Servicing ......... 570 2,451 5,210
Distribution .................. -- -- --
---- ------ ------
$570 $2,451 $5,210
==== ====== ======
</TABLE>
108
<PAGE>
Chase Vista Funds
Notes to Financial Statements (continued)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
CVTF CVNYTF CVCTF
---- ------ -----
<S> <C> <C> <C>
Investment Advisory ........... $ -- $ -- $ 46
Administration ................ 93 723 --
Shareholder Servicing ......... 1,355 -- 113
Distribution .................. -- 1,011 23
------ ------ ----
$1,448 $1,734 $182
====== ====== ====
</TABLE>
F. Other --Certain officers of the Trust are officers of VFD or of its
parent corporation, BISYS.
In addition, Chase provides portfolio accounting and custody services for
the Funds. Such amounts are presented in the Statement of Operations as
custodian fees.
3. Federal Income Tax Matters -- At August 31, 1999, CVTF, CVNYTF and CVCTF had
net capital loss carryovers of approximately $394,509, $61,468 and $14,469,
respectively. Such losses will be available to offset future capital gains and
will expire between August 31, 2001 and 2006. To the extent that any net capital
losses are used to offset future capital gains, it is probable that the gains so
offset will not be distributed to shareholders.
4. Concentration of Credit Risk -- As of August 31, 1999. CVCM invested 79.9% of
its net assets in financial institutions, of which 8.8% was invested in Broker
Dealers, 24.1% in Banking and 47.0% in other financial service providers. CVP
invested 91.9% of its net assets in financial institutions, of which 6.6% was
invested in Broker Dealers, 20.5% in Banking and 64.8% in other financial
service providers. 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.
CVTF, CVNYTF and CVCTF invest substantially all of their assets in a diversified
portfolio of debt obligations issued by states, territories and possessions of
the United States and by the District of Columbia, and by their political
subdivisions and duly constituted authorities, with CVNYTF primarily investing
in issuers in the State of New York, and CVCTF primarily investing in issuers in
the State of California. As of August 31, 1999, CVTF invested approximately
15.7% of its net assets in issuers in the State of Texas. The issuers' abilities
to meet their obligations may be affected by economic or political developments
in a specific state or region.
5. Trustee Compensation -- The Funds have adopted an unfunded noncontributory
defined benefit pension plan covering all independent trustees of the Funds who
will have served as an independent trustee for at least five years at the time
of retirement. Benefits under this plan are based on compensation and years of
service. Pension expenses for the year ended August 31, 1999, included in
Trustees Fees and Expenses in the Statement of Operations, and accrued pension
liability included in Other Accrued Liabilities in the Statement of Assets and
Liabilities were as follows (in thousands):
<TABLE>
<CAPTION>
Pension Accrued Pension
Fund Expenses Liability
---------------- -------- ---------------
<S> <C> <C>
CVUSTS ......... $ 81 $255
CVUSG .......... 126 498
CVTP ........... 44 195
CVF ............ 15 73
CVCM ........... 96 356
CVP ............ 105 287
CVTF ........... 20 94
CVNYTF ......... 23 97
CVCTF .......... 1 4
</TABLE>
109
<PAGE>
Chase Vista Funds
Financial Highlights
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
100% U.S. Treasury Securities Money Market Fund
--------------------------------------------------------------
Vista Shares
--------------------------------------------------------------
Year Ended Year Ended
August 31, 12/1/95++ November 30,
---------------------------- Through -----------------
1999 1998 1997 8/31/96 1995 1994
------ ------ ------ --------- ------ ------
<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 ................. 0.04 0.05 0.05 0.04 0.05 0.03
Less Dividends from Net
Investment Income .................... 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
====== ====== ====== ====== ====== ======
Total Return ............................ 4.31% 4.92% 4.87% 3.50% 5.15% 3.32%
Ratios/Supplemental Data:
Net Assets, End of Period (millions) .... $3,312 $3,051 $2,376 $1,672 $1,338 $1,024
Ratios to Average Net Assets#:
Expenses ............................... 0.59% 0.59% 0.59% 0.60% 0.58% 0.59%
Net Investment Income .................. 4.15% 4.78% 4.74% 4.58% 4.99% 3.26%
Expenses Without Waivers and
Assumption of Expenses ................ 0.71% 0.71% 0.71% 0.68% 0.61% 0.62%
Net Investment Income Without
Waivers and Assumption of
Expenses .............................. 4.03% 4.66% 4.62% 4.50% 4.96% 3.23%
<CAPTION>
100% U.S. Treasury Securities Money Market Fund
-----------------------------------------------
Premier Shares
-------------------------------------------
Year Ended
August 31, 6/3/96*
------------------------------ Through
1999 1998 1997 8/31/96
------ ------ ------ --------
<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 ................. 0.04 0.05 0.05 0.01
Less Dividends from Net
Investment Income .................... 0.04 0.05 0.05 0.01
------ ------ ------ ------
Net Asset Value, End of Period .......... $ 1.00 $ 1.00 $ 1.00 $ 1.00
====== ====== ====== ======
Total Return ............................ 4.40% 5.00% 4.91% 1.11%
Ratios/Supplemental Data:
Net Assets, End of Period (millions) .... $ 24 $ 22 $ 6 $ 1
Ratios to Average Net Assets#:
Expenses ............................... 0.50% 0.51% 0.55% 0.42%
Net Investment Income .................. 4.22% 4.99% 4.80% 3.45%
Expenses Without Waivers and
Assumption of Expenses ................ 0.56% 0.78% 0.80% 0.42%
Net Investment Income Without
Waivers and Assumption of
Expenses .............................. 4.16% 4.72% 4.55% 3.45%
<CAPTION>
100% U.S. Treasury Securities Money Market
Fund
------------------------------------------
Institutional Shares
-----------------------------------------
Year Ended
August 31, 6/3/96*
----------------------------- Through
1999 1998 1997 8/31/96
------ ------ ------ -------
<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 0.05 0.05 0.01
Less Dividends from Net
Investment Income .................... 0.05 0.05 0.05 0.01
------ ------ ------ ------
Net Asset Value, End of Period .......... $ 1.00 $ 1.00 $ 1.00 $ 1.00
====== ====== ====== ======
Total Return ............................ 4.67% 5.30% 5.20% 1.23%
Ratios/Supplemental Data:
Net Assets, End of Period (millions) .... $ 895 $1,796 $ 81 $ 1
Ratios to Average Net Assets#:
Expenses ............................... 0.24% 0.21% 0.27% 0.21%
Net Investment Income .................. 4.51% 5.13% 5.06% 3.65%
Expenses Without Waivers and
Assumption of Expenses ................ 0.32% 0.25% 0.27% 0.21%
Net Investment Income Without
Waivers and Assumption of
Expenses .............................. 4.43% 5.09% 5.06% 3.65%
</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.
110
<PAGE>
Chase Vista Funds
Financial Highlights (continued)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
U.S. Government Money Market Fund
-------------------------------------------------
Vista Shares
-------------------------------------------------
Year Ended August 31,
-------------------------------------------------
1999 1998 1997 1996 1995
------ ------ ------ ------ ------
<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 .......................................... 0.04 0.05 0.05 0.05 0.05
Less Dividends from Net Investment Income ...................... 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
====== ====== ====== ====== ======
Total Return ..................................................... 4.55% 5.14% 5.04% 4.97% 5.05%
Ratios/Supplemental Data:
Net Assets, End of Period (millions) ............................. $3,538 $3,033 $2,139 $2,057 $ 341
Ratios to Average Net Assets:
Expenses ........................................................ 0.59% 0.59% 0.59% 0.65% 0.80%
Net Investment Income ........................................... 4.46% 5.01% 4.93% 4.83% 4.93%
Expenses Without Waivers and Assumption of Expenses ............. 0.69% 0.70% 0.72% 0.73% 0.80%
Net Investment Income Without Waivers and Assumption of Expenses 4.36% 4.90% 4.80% 4.75% 4.93%
</TABLE>
See notes to financial statements.
111
<PAGE>
Chase Vista Funds
Financial Highlights (continued)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
U.S. Government Money Market Fund
-------------------------------------------------
Premier Shares
-------------------------------------------------
Year Ended August 31,
-------------------------------------------------
1999 1998 1997 1996 1995
------ ------ ------ ------ ------
<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 ......................... 0.05 0.05 0.05 0.05 0.05
Less Dividends from Net Investment Income ..... 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
====== ====== ====== ====== ======
Total Return .................................... 4.70% 5.25% 5.08% 5.15% 5.31%
Ratios/Supplemental Data:
Net Assets, End of Period (millions) ............ $ 922 $1,084 $ 837 $ 802 $ 764
Ratios to Average Net Assets:
Expenses ....................................... 0.45% 0.48% 0.55% 0.55% 0.55%
Net Investment Income .......................... 4.60% 5.12% 4.97% 5.04% 5.22%
Expenses Without Waivers and Assumption
of Expenses ................................... 0.58% 0.60% 0.60% 0.59% 0.59%
Net Investment Income Without Waivers
and Assumption of Expenses .................... 4.47% 5.00% 4.92% 5.00% 5.18%
<CAPTION>
U.S. Government Money Market Fund
------------------------------------------------------
Institutional Shares
------------------------------------------------------
Year Ended August 31,
------------------------------------------------------
1999 1998 1997 1996 1995
------- ------- ------- ------- ------
<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 ......................... 0.05 0.05 0.05 0.05 0.05
Less Dividends from Net Investment Income ..... 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
======= ======= ======= ======= ======
Total Return .................................... 4.92% 5.51% 5.40% 5.45% 5.60%
Ratios/Supplemental Data:
Net Assets, End of Period (millions) ............ $ 2,913 $ 2,797 $ 2,955 $ 1,182 $ 466
Ratios to Average Net Assets:
Expenses ....................................... 0.25% 0.24% 0.24% 0.27% 0.27%
Net Investment Income .......................... 4.80% 5.36% 5.29% 5.30% 5.58%
Expenses Without Waivers and Assumption
of Expenses ................................... 0.31% 0.24% 0.24% 0.27% 0.28%
Net Investment Income Without Waivers
and Assumption of Expenses .................... 4.74% 5.36% 5.29% 5.30% 5.57%
</TABLE>
See notes to financial statements.
112
<PAGE>
Chase Vista Funds
Financial Highlights (continued)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Treasury Plus Money Market Fund
--------------------------------------------------------------
Vista Shares Premier Shares
---------------------------------------- ------------------
Year Ended Year Ended August
August 31, 5/6/96* 31,
---------------------------- Through ------------------
1999 1998 1997 8/31/96 1999 1998
------ ------ ------ ------- ------ ------
<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 .................. 0.04 0.05 0.05 0.02 0.04 0.05
Less Dividends from Net
Investment Income ..................... 0.04 0.05 0.05 0.02 0.04 0.05
------ ------ ------ ------ ------ ------
Net Asset Value, End of Period ........... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
====== ====== ====== ====== ====== ======
Total Return ............................. 4.39% 5.05% 4.89% 1.50% 4.54% 5.18%
Ratios/Supplemental Data:
Net Assets, End of Period (millions) ..... $1,734 $1,316 $1,606 $1,382 $ 476 $ 155
Ratios to Average Net Assets:#
Expenses ................................ 0.59% 0.59% 0.59% 0.59% 0.45% 0.46%
Net Investment Income ................... 4.27% 4.92% 4.79% 4.63% 4.42% 5.06%
Expenses Without Waivers and
Assumption of Expenses ................. 0.69% 0.70% 0.70% 0.73% 0.50% 0.50%
Net Investment Income Without
Waivers and Assumption of
Expenses .............................. 4.17% 4.81% 4.68% 4.49% 4.37% 5.02%
<CAPTION>
Treasury Plus Money Market Fund
-------------------------------
Premier Shares
------------------------------
Year Ended August 31,
------------------------------
1997 1996 1995
------ ------ ------
<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 .................. 0.05 0.05 0.05
Less Dividends from Net
Investment Income ..................... 0.05 0.05 0.05
------ ------ ------
Net Asset Value, End of Period ........... $ 1.00 $ 1.00 $ 1.00
====== ====== ======
Total Return ............................. 4.98% 5.07% 5.17%
Ratios/Supplemental Data:
Net Assets, End of Period (millions) ..... $ 131 $ 106 $ 19
Ratios to Average Net Assets:#
Expenses ................................ 0.51% 0.52% 0.50%
Net Investment Income ................... 4.88% 4.85% 5.23%
Expenses Without Waivers and
Assumption of Expenses ................. 0.53% 0.63% 1.57%
Net Investment Income Without
Waivers and Assumption of
Expenses .............................. 4.86% 4.74% 4.16%
<CAPTION>
Treasury Plus Money Market Fund
--------------------------------------------------
Institutional Shares
--------------------------------------------------
Year Ended August 31,
--------------------------------------------------
1999 1998 1997 1996 1995
------ ------ ------ ------ ------
<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 .................. 0.05 0.05 0.05 0.05 0.05
Less Dividends from Net
Investment Income ..................... 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
====== ====== ====== ====== ======
Total Return ............................. 4.75% 5.44% 5.24% 5.29% 5.36%
Ratios/Supplemental Data:
Net Assets, End of Period (millions) ..... $ 980 $ 876 $ 292 $ 189 $ 18
Ratios to Average Net Assets:#
Expenses ................................ 0.24% 0.21% 0.26% 0.30% 0.32%
Net Investment Income ................... 4.61% 5.29% 5.16% 5.11% 5.21%
Expenses Without Waivers and
Assumption of Expenses ................. 0.31% 0.25% 0.26% 0.38% 0.89%
Net Investment Income Without
Waivers and Assumption of
Expenses .............................. 4.54% 5.25% 5.16% 5.03% 4.64%
</TABLE>
-------
# Short periods have been annualized.
* Commencement of offering of class of shares.
See notes to financial statements.
113
<PAGE>
Chase Vista Funds
Financial Highlights (continued)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Federal Money Market Fund
--------------------------------------------------
Vista Shares
--------------------------------------------------
Year Ended August 31,
--------------------------------------------------
1999 1998 1997 1996 1995
------ ------ ------ ------ ------
<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 ........................ 0.04 0.05 0.05 0.05 0.05
Less Dividends from Net Investment Income 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
====== ====== ====== ====== ======
Total Return ................................... 4.46% 4.94% 4.91% 4.83% 5.20%
Ratios/Supplemental Data:
Net Assets, End of Period (millions) ........... $ 550 $ 359 $ 301 $ 353 $ 203
Ratios to Average Net Assets:
Expenses ...................................... 0.70% 0.70% 0.70% 0.70% 0.69%
Net Investment Income ......................... 4.35% 4.88% 4.79% 4.79% 5.16%
Expenses Without Waivers and Assumption
of Expenses .................................. 0.78% 0.84% 0.82% 0.93% 0.93%
Net Investment Income Without Waivers
and Assumption of Expenses ................... 4.27% 4.74% 4.67% 4.56% 4.92%
<CAPTION>
Federal Money Market Fund
------------------------------------------------------
Premier Shares
------------------------------------------------------
Year Ended August 31,
------------------------------------------------------
1999 1998 1997 1996 1995
------ ------ ------ ------ ------
<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 ........................ 0.05 0.05 0.05 0.05 0.05
Less Dividends from Net Investment Income 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
====== ====== ====== ====== ======
Total Return ................................... 4.67% 5.22% 5.12% 5.14% 5.40%
Ratios/Supplemental Data:
Net Assets, End of Period (millions) ........... $ 298 $ 313 $ 400 $ 249 $ 149
Ratios to Average Net Assets:
Expenses ...................................... 0.50% 0.50% 0.50% 0.50% 0.49%
Net Investment Income ......................... 4.56% 5.07% 5.01% 4.99% 5.32%
Expenses Without Waivers and Assumption
of Expenses .................................. 0.50% 0.51% 0.52% 0.52% 0.59%
Net Investment Income Without Waivers
and Assumption of Expenses ................... 4.56% 5.06% 4.99% 4.97% 5.22%
</TABLE>
See notes to financial statements.
114
<PAGE>
Chase Vista Funds
Financial Highlights (continued)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Federal Money Market Fund
--------------------------------------------------
Institutional Shares
--------------------------------------------------
Year Ended August 31,
--------------------------------------------------
1999 1998 1997 1996 1995
------ ------ ------ ------ ------
<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 ........................ 0.05 0.05 0.05 0.05 0.05
Less Dividends from Net Investment Income..... 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
====== ====== ====== ====== ======
Total Return ................................... 4.92% 5.46% 5.35% 5.35% 5.57%
Ratios/Supplemental Data:
Net Assets, End of Period (millions) ........... $ 248 $ 198 $ 131 $ 141 $ 114
Ratios to Average Net Assets:#
Expenses ...................................... 0.26% 0.27% 0.27% 0.30% 0.31%
Net Investment Income ......................... 4.79% 5.32% 5.23% 5.20% 5.45%
Expenses Without Waivers and Assumption
of Expenses .................................. 0.34% 0.27% 0.27% 0.30% 0.37%
Net Investment Income Without Waivers and
Assumption of Expenses ....................... 4.71% 5.32% 5.23% 5.20% 5.39%
<CAPTION>
Cash Management Fund
--------------------------------------------------------------------
Vista Shares
--------------------------------------------------------------------
Year Ended August 31, 12/1/95++ Year Ended November 30,
-------------------------------- Through -----------------------
1999 1998 1997 8/31/96 1995 1994
------- ------- ------ --------- ------- -------
<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 ........................ 0.05 0.05 0.05 0.04 0.05 0.04
Less Dividends from Net Investment Income..... 0.05 0.05 0.05 0.04 0.05 0.04
------- ------- ------ ------- ------- -------
Net Asset Value, End of Period ................. $ 1.00 $ 1.00 $1.000 $ 1.00 $ 1.00 $ 1.000
======= ======= ====== ======= ======= =======
Total Return ................................... 4.74% 5.23% 5.09% 3.69% 5.49% 3.62%
Ratios/Supplemental Data:
Net Assets, End of Period (millions) ........... $ 5,679 $ 3,642 $2,576 $ 1,621 $ 1,634 $ 990
Ratios to Average Net Assets:#
Expenses ...................................... 0.59% 0.59% 0.59% 0.60% 0.58% 0.58%
Net Investment Income ......................... 4.61% 5.09% 4.99% 4.91% 5.35% 3.62%
Expenses Without Waivers and Assumption
of Expenses .................................. 0.62% 0.61% 0.62% 0.63% 0.62% 0.62%
Net Investment Income Without Waivers and
Assumption of Expenses ....................... 4.58% 5.07% 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.
115
<PAGE>
Chase Vista Funds
Financial Highlights (continued)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Cash Management Fund
---------------------------------------
Premier Shares
---------------------------------------
Year Ended August 31,
---------------------------- 5/6/96*
Through
1999 1998 1997 8/31/96
------ ------ ------ -------
<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 0.05 0.05 0.02
Less Dividends from Net Investment Income .......................... 0.05 0.05 0.05 0.02
------ ------ ------ ------
Net Asset Value, End of Period ....................................... $ 1.00 $ 1.00 $ 1.00 $ 1.00
====== ====== ====== ======
Total Return ......................................................... 4.89% 5.35% 5.18% 1.61%
Ratios/Supplemental Data:
Net Assets, End of Period (millions) ................................. $ 463 $ 415 $ 375 $ 433
Ratios to Average Net Assets:#
Expenses ............................................................ 0.45% 0.47% 0.50% 0.50%
Net Investment Income ............................................... 4.77% 5.22% 5.07% 4.93%
Expenses Without Waivers and Assumption of Expenses ................. 0.50% 0.52% 0.51% 0.52%
Net Investment Income Without Waivers and Assumption of Expenses .... 4.72% 5.17% 5.06% 4.91%
<CAPTION>
Cash Management Fund
------------------------------------------
Institutional Shares
------------------------------------------
Year Ended August 31, 5/6/96*
------------------------------ Through
1999 1998 1997 8/31/96
------- ------- ------- -------
<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 0.06 0.05 0.02
Less Dividends from Net Investment Income .......................... 0.05 0.06 0.05 0.02
------- ------- ------- -------
Net Asset Value, End of Period ....................................... $ 1.00 $ 1.00 $ 1.00 $ 1.00
======= ======= ======= =======
Total Return ......................................................... 5.09% 5.59% 5.45% 1.69%
Ratios/Supplemental Data:
Net Assets, End of Period (millions) ................................. $ 1,547 $ 1,060 $ 924 $ 657
Ratios to Average Net Assets:#
Expenses ............................................................ 0.26% 0.24% 0.24% 0.25%
Net Investment Income ............................................... 4.95% 5.45% 5.34% 5.22%
Expenses Without Waivers and Assumption of Expenses ................. 0.32% 0.24% 0.24% 0.25%
Net Investment Income Without Waivers and Assumption of Expenses .... 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.
116
<PAGE>
Chase Vista Funds
Financial Highlights (continued)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Prime Money Market Fund
------------------------------------------------------
Premier Shares
------------------------------------------------------
Year Ended August 31,
------------------------------------------------------
1999 1998 1997 1996 1995
------- ------- ------- ------- -------
<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 ........................ 0.05 0.05 0.05 0.05 0.05
Less Dividends from Net Investment Income..... 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
======= ======= ======= ======= =======
Total Return ................................... 4.90% 5.44% 5.34% 5.32% 5.44%
Ratios/Supplemental Data:
Net Assets, End of Period (millions) ........... $ 1,094 $ 590 $ 499 $ 419 $ 63
Ratios to Average Net Assets:
Expenses ...................................... 0.45% 0.45% 0.45% 0.45% 0.45%
Net Investment Income ......................... 4.77% 5.29% 5.17% 5.18% 5.24%
Expenses Without Waivers and Assumption
of Expenses .................................. 0.49% 0.51% 0.53% 0.51% 0.65%
Net Investment Income Without Waivers and
Assumption of Expenses ....................... 4.73% 5.23% 5.09% 5.12% 5.04%
<CAPTION>
Prime Money Market Fund
-------------------------------------------------
Institutional Shares
-------------------------------------------------
Year Ended August 31,
-------------------------------------------------
1999 1998 1997 1996 1995
------ ------ ------ ------ ------
<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 ........................ 0.05 0.06 0.05 0.05 0.06
Less Dividends from Net Investment Income..... 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
====== ====== ====== ====== ======
Total Return ................................... 5.10% 5.65% 5.49% 5.51% 5.62%
Ratios/Supplemental Data:
Net Assets, End of Period (millions) ........... $8,161 $4,722 $1,348 $ 725 $ 186
Ratios to Average Net Assets:
Expenses ...................................... 0.26% 0.24% 0.25% 0.26% 0.27%
Net Investment Income ......................... 4.96% 5.50% 5.37% 5.33% 5.57%
Expenses Without Waivers and Assumption
of Expenses .................................. 0.33% 0.24% 0.25% 0.26% 0.35%
Net Investment Income Without Waivers and
Assumption of Expenses ....................... 4.89% 5.50% 5.37% 5.33% 5.49%
</TABLE>
See notes to financial statements.
117
<PAGE>
Chase Vista Funds
Financial Highlights (continued)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Prime Money Market Fund
------------------------------------------------------
B Shares
------------------------------------------------------
Year Ended August 31,
------------------------------------------------------
1999 1998 1997 1996 1995
------ ------ ------ ------ ------
<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 ........................... 0.04 0.05 0.04 0.04 0.04
Less Dividends from Net Investment Income ....... 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
====== ====== ====== ====== ======
Total Return ...................................... 4.07% 4.60% 4.33% 4.25% 4.37%
Ratios/Supplemental Data:
Net Assets, End of Period (millions) .............. $ 36 $ 29 $ 10 $ 16 $ 5
Ratios to Average Net Assets:#
Expenses ......................................... 1.25% 1.25% 1.35% 1.47% 1.47%
Net Investment Income ............................ 4.00% 4.49% 4.27% 4.17% 4.33%
Expenses Without Waivers and Assumption of
Expenses ........................................ 1.47% 1.50% 1.53% 1.71% 2.53%
Net Investment Income Without Waivers
and Assumption of Expenses ...................... 3.78% 4.24% 4.09% 3.93% 3.27%
<CAPTION>
Prime Money Market Fund
---------------------------------
C Shares Vista Shares
----------------- ------------
Year 5/14/98* 10/1/98*
Ended Through Through
8/31/99 8/31/98 8/31/99
------- -------- --------
<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 ........................... 0.04 0.01 0.04
Less Dividends from Net Investment Income ....... 0.04 0.01 0.04
------ ------ ------
Net Asset Value, End of Period .................... $ 1.00 $ 1.00 $ 1.00
====== ====== ======
Total Return ...................................... 3.85% 1.29% 4.26%
Ratios/Supplemental Data:
Net Assets, End of Period (millions) .............. $ 1 $ 1 $ 515
Ratios to Average Net Assets:#
Expenses ......................................... 1.45% 1.50% 0.59%
Net Investment Income ............................ 3.75% 4.21% 4.61%
Expenses Without Waivers and Assumption of
Expenses ........................................ 1.45% 1.50% 0.72%
Net Investment Income Without Waivers
and Assumption of Expenses ...................... 3.75% 4.21% 4.48%
</TABLE>
-------
# Short periods have been annualized.
* Commencement of offering of classes of shares.
See notes to financial statements.
118
<PAGE>
Chase Vista Funds
Financial Highlights (continued)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Tax Free Money Market Fund
--------------------------------------------------
Vista Shares
--------------------------------------------------
Year Ended August 31,
--------------------------------------------------
1999 1998 1997 1996 1995
------ ------ ------ ------ ------
<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 0.03 0.03 0.03 0.03
Less Dividends from Net Investment Income ....................... 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
====== ====== ====== ====== ======
Total Return ...................................................... 2.73% 3.10% 3.12% 2.92% 2.99%
Ratios/Supplemental Data:
Net Assets, End of Period (millions) .............................. $ 754 $ 733 $ 566 $ 574 $ 167
Ratios to Average Net Assets:
Expenses ......................................................... 0.59% 0.59% 0.59% 0.69% 0.86%
Net Investment Income ............................................ 2.68% 3.05% 3.08% 2.89% 2.96%
Expenses Without Waivers and Assumption of Expenses .............. 0.73% 0.72% 0.73% 0.80% 0.94%
Net Investment Income Without Waivers and Assumption of Expenses . 2.54% 2.92% 2.94% 2.78% 2.88%
</TABLE>
See notes to financial statements.
119
<PAGE>
Chase Vista Funds
Financial Highlights (continued)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Tax Free Money Market Fund
--------------------------------------------------
Premier Shares
--------------------------------------------------
Year Ended August 31,
--------------------------------------------------
1999 1998 1997 1996 1995
------ ------ ------ ------ ------
<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 0.03 0.03 0.03 0.03
Less Dividends from Net Investment Income 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
====== ====== ====== ====== ======
Total Return ................................ 2.78% 3.17% 3.19% 3.12% 3.29%
Ratios/Supplemental Data:
Net Assets, End of Period (millions) ........ $ 130 $ 133 $ 105 $ 145 $ 148
Ratio to Average Net Assets:
Expenses ................................... 0.54% 0.53% 0.53% 0.58% 0.56%
Net Investment Income ...................... 2.74% 3.10% 3.13% 3.08% 3.21%
Expenses Without Waivers and Assumption
of Expenses ............................... 0.56% 0.53% 0.53% 0.73% 0.84%
Net Investment Income Without Waivers and
Assumption of Expenses .................... 2.72% 3.10% 3.13% 2.93% 2.93%
<CAPTION>
Tax Free Money Market Fund
------------------------------------------------------
Institutional Shares
------------------------------------------------------
Year Ended August 31,
------------------------------------------------------
1999 1998 1997 1996 1995
------ ------ ------ ------ ------
<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 0.03 0.04 0.03 0.04
Less Dividends from Net Investment Income 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
====== ====== ====== ====== ======
Total Return ................................ 3.07% 3.45% 3.45% 3.40% 3.53%
Ratios/Supplemental Data:
Net Assets, End of Period (millions) ........ $ 476 $ 410 $ 286 $ 149 $ 108
Ratio to Average Net Assets:
Expenses ................................... 0.26% 0.26% 0.26% 0.31% 0.33%
Net Investment Income ...................... 3.01% 3.37% 3.41% 3.33% 3.46%
Expenses Without Waivers and Assumption
of Expenses ............................... 0.35% 0.26% 0.26% 0.31% 0.34%
Net Investment Income Without Waivers and
Assumption of Expenses .................... 2.92% 3.37% 3.41% 3.33% 3.45%
</TABLE>
See notes to financial statements.
120
<PAGE>
Chase Vista Funds
Financial Highlights (continued)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
New York Tax Free Money Market Fund
-------------------------------------------------
Vista Shares
-------------------------------------------------
Year Ended August 31,
-------------------------------------------------
1999 1998 1997 1996 1995
------ ------ ------ ------ ------
<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 0.03 0.03 0.03 0.03
Less Dividends from Net Investment Income ............................ 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
====== ====== ====== ====== ======
Total Return ........................................................... 2.66% 3.03% 3.02% 2.85% 2.88%
Ratios/Supplemental Data:
Net Assets, End of Period (millions) ................................... $1,505 $1,372 $ 957 $ 890 $ 378
Ratio to Average Net Assets:
Expenses .............................................................. 0.59% 0.59% 0.59% 0.74% 0.86%
Net Investment Income ................................................. 2.61% 2.97% 2.97% 2.79% 2.84%
Expenses Without Waivers and Assumption of Expenses ................... 0.71% 0.72% 0.73% 0.83% 0.95%
Net Investment Income Without Waivers and Assumption of Expenses ...... 2.49% 2.84% 2.83% 2.70% 2.75%
</TABLE>
See notes to financial statements.
121
<PAGE>
Chase Vista Funds
Financial Highlights (continued)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
California Tax Free Money Market Fund
--------------------------------------------------
Vista Shares
--------------------------------------------------
Year Ended August 31,
--------------------------------------------------
1999 1998 1997 1996 1995
------ ------ ------ ------ ------
<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 0.03 0.03 0.03 0.03
Less Dividends from Net Investment Income ............................ 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
====== ====== ====== ====== ======
Total Return ........................................................... 2.66% 2.97% 3.02% 3.06% 3.32%
Ratios/Supplemental Data:
Net Assets, End of Period (millions) ................................... $ 68 $ 50 $ 46 $ 43 $ 58
Ratio of Average Net Assets:
Expenses .............................................................. 0.55% 0.55% 0.56% 0.56% 0.48%
Net Investment Income ................................................. 2.55% 2.89% 2.99% 3.03% 3.25%
Expenses Without Waivers and Assumption of Expenses ................... 0.94% 0.93% 0.86% 1.02% 1.07%
Net Investment Income Without Waivers and Assumption of Expenses ...... 2.16% 2.51% 2.69% 2.57% 2.66%
</TABLE>
See notes to financial statements.
122
<PAGE>
Report of Independent Accountants
--------------------------------------------------------------------------------
To the Trustees and Shareholders of
Mutual Fund Trust
In our opinion, the accompanying statements of assets and liabilities, including
the portfolios of investments, and the related statements of operations and of
changes in net assets and the financial highlights present fairly, in all
material respects, the financial position of Chase Vista 100% U.S. Treasury
Securities Money Market Fund, Chase Vista U.S. Government Money Market Fund,
Chase Vista Treasury Plus Money Market Fund, Chase Vista Federal Money Market
Fund, Chase Vista Cash Management Fund, Chase Vista Prime Money Market Fund,
Chase Vista Tax Free Money Market Fund, Chase Vista New York Tax Free Money
Market Fund, Chase Vista California Tax Free Money Market Fund (separate
portfolios of Mutual Fund Trust, hereafter referred to as the "Trust") at August
31, 1999, the results of each of their operations for the year then ended, the
changes in each of their net assets for each of the two years in the period then
ended, and the financial highlights for each of the periods presented (for each
of the three years in the period ended August 31, 1999 and for the period
December 1, 1995 through August 31, 1996 for Chase Vista 100% U.S. Treasury
Securities Money Market Fund and Chase Vista Cash Management Fund), in
conformity with generally accepted accounting principles. These financial
statements and financial highlights (hereafter referred to as "financial
statements") are the responsibility of the Trust's management; our
responsibility is to express an opinion on these financial statements based on
our audits. We conducted our audits of these financial statements in accordance
with generally accepted auditing standards which require that we plan and
perform the audit to obtain reasonable assurance about whether the financial
statements are free of material misstatement. An audit includes examining, on a
test basis, evidence supporting the amounts and disclosures in the financial
statements, assessing the accounting principles used and significant estimates
made by management, and evaluating the overall financial statement presentation.
We believe that our audits, which included confirmation of securities at August
31, 1999 by correspondence with the custodian and brokers, provide a reasonable
basis for the opinion expressed above. The financial highlights of Chase Vista
100% U.S. Treasury Securities Money Market Fund and Chase Vista Cash Management
Fund for each of the two years in the period ended November 30, 1995 were
audited by other independent accountants whose report dated January 19, 1996
expressed an unqualified opinion on these financial highlights.
PricewaterhouseCoopers LLP
1177 Avenue of the Americas
New York, New York 10036
October 11, 1999
123
<PAGE>
(unaudited)
Chase Vista 100% U.S. Treasury Securities Money Market
Fund (CVUSTS)
Chase Vista U.S. Government Money Market Fund (CVUSG)
Chase Vista Treasury Plus Money Market Fund (CVTP)
Chase Vista Federal Money Market Fund (CVF)
Chase Vista Cash Management Fund (CVCM)
Chase Vista Prime Money Market Fund (CVP)
Chase Vista Tax Free Money Market Fund (CVTF)
Chase Vista New York Tax Free Money Market Fund (CVNYTF)
Chase Vista California Tax Free Money Market
Fund (CVCTF)
--------------------------------------------------------------------------------
Certain tax information regarding the Chase Vista Mutual Funds is required to be
provided to shareholders based upon the Funds income and distributions for the
taxable year ended August 31, 1999. The information and distributions reported
in this letter may differ from the information and distributions taxable to the
shareholders for the calendar year ending December 31, 1999. The information
necessary to complete your income tax returns for the calendar year ending
December 31, 1999 will be received under separate cover.
The following schedule presents the source and percentage of income from
government obligations for the fiscal year ended August 31, 1999.
<TABLE>
<CAPTION>
CVUSTS CVUSG CVTP CVF CVCM CVP
------ ----- ---- --- ---- ---
<S> <C> <C> <C> <C> <C> <C>
U.S. Treasury Obligations 100.00% 0.57% 27.54% 2.58% -- --
Federal Farm Credit Bank -- 2.36% -- 34.39% -- 0.11%
Federal Home Loan Bank -- 23.96% -- 45.84% 0.27% 0.11%
Student Loan Marketing Association -- 5.95% -- 17.15% 0.92% 0.50%
Tennessee Valley Authority -- -- -- 0.04% -- --
Federal Home Loan Mortgage
Corporation -- 13.97% -- -- 0.25% 0.05%
Federal National Mortgage
Association -- 20.08% -- -- -- 0.02%
</TABLE>
Also, for the fiscal year ended August 31, 1999:
o The dividends paid from net investment income are 100.00%, 99.64%
and 99.75% exempt from Federal income tax for CVTF, CVNYTF and
CVCTF, respectively.
o For shareholders who are subject to the Alternative Minimum Tax,
the income from private activity bonds issued after August 7,
1986, which may be considered a tax preference item, was 18.00%,
11.60%, and 19.06% for CVTF, CVNYTF, and CVCTF, respectively.
124
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<PAGE>
[Back cover]
CHASE VISTA MONEY MARKET FUNDS ANNUAL REPORT
Investment Adviser, Administrator,
Shareholder and Fund Servicing
Agent and Custodian
The Chase Manhattan Bank
Distributor
Vista Fund Distributors, Inc.
Transfer Agent
DST Systems, Inc.
Legal Counsel
Simpson Thacher & Bartlett
Independent Accountants
PricewaterhouseCoopers LLP
Chase Vista Funds are distributed by Vista Fund Distributors, Inc., which is
unaffiliated with The Chase Manhattan Bank. Chase and its respective affiliates
receive compensation from Chase Vista Funds for providing investment advisory
and other services.
This report is submitted for the general information of the shareholders of the
funds. It is not authorized for distribution to prospective investors in the
funds unless preceded or accompanied by a prospectus.
To obtain a prospectus for any of the Chase Vista Funds, call 1-800-34-VISTA.
The prospectus contains more complete information, including charges and
expenses. Please read it carefully before you invest or send money.
(C) The Chase Manhattan Corporation, 1999, 2000. All Rights Reserved. October
1999
[Graphic: Globe]
[Logo: CHASE VISTA FUNDS(SM)]
Chase Vista Funds Fulfillment Center
393 Manley Street
West Bridgewater, MA 02379-1039
