FEBRUARY 29, 2000 (UNAUDITED)
Chase Vista
Tax Free Funds
SEMI-ANNUAL REPORT
TAX FREE INCOME FUND
NEW YORK TAX FREE
INCOME FUND
CALIFORNIA
INTERMEDIATE TAX
FREE FUND
[CHASE LOGO]
THE RIGHT RELATIONSHIP IS EVERYTHING.(R)
SATF-3-400
<PAGE>
<TABLE>
<S> <C>
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Contents
- --------------------------------------------------------------------------------
Chairman's Letter 1
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Chase Vista Tax Free Income Fund 2
Fund Commentary
- --------------------------------------------------------------------------------
Chase Vista New York Tax Free Income Fund 4
Fund Commentary
- --------------------------------------------------------------------------------
Chase Vista California Intermediate
Tax Free Fund 6
Fund Commentary
- --------------------------------------------------------------------------------
Portfolio of Investments 8
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Financial Statements 16
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Notes to Financial Statements 22
</TABLE>
Highlights
o The yield on the average AAA-rated 30-year municipal bond stood at 5.70% on
September 1, 1999 and at 5.90% on February 29, 2000.
o Anticipation of Y2K issues had a significant impact on the municipal bond
markets during the latter part of 1999, driving the prices of municipal
bonds lower and yields higher.
o Yields subsequently fell, and prices rose, due to a 39.5% dropoff in new
municipal bond issuance in the first two months of 2000.
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| | |
| NOT FDIC INSURED | May lose value / No bank guarantee |
| | |
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Chase Vista Funds are distributed by Vista Fund Distributors, Inc.
<PAGE>
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CHASE VISTA TAX FREE FUNDS
- --------------------------------------------------------------------------------
Chairman's Letter
April 10, 2000
Dear Shareholder:
We are pleased to present this semi-annual report for Chase Vista Tax Free
Funds for the six-month period ended February 29, 2000. Inside, you will find
information on the performance of each Fund along with a report from the
portfolio management team.
U.S. Fixed Income Markets React to Strong Economy
Economic growth in the United States continued unabated during the reporting
period, causing the Fed to continue its policy of raising short-term interest
rates in an effort to take the potentially-inflationary steam out of the
economy. Although inflation remained relatively tame, the Fed's policy helped
create negative sentiment in fixed income markets in the latter part of 1999,
and this was reflected in lower bond prices. While these concerns didn't change
in the first two months of 2000, the technical underpinnings of the fixed
income markets did, undergoing a serious transformation when the U.S. Treasury
announced that it would accelerate its program of repurchasing longer-dated
Treasuries. The resulting impression of future scarcity caused a sharp rally in
the long-term Treasury market, driving yields on the 30-year bond--which had
been approaching 7%--down towards 6%.
Supply and Y2K Issues Drive Municipals Market
Beyond the fundamental issues posed by the strong economy, inflationary fears
and the Treasury's buyback program, municipal bond prices were driven by a
variety of factors exclusive to the tax-free market. These included a
rapidly-changing supply picture under which there was a bulge of new issues at
the end of October and very little new supply through the end of 1999 and into
2000.
Two additional factors created a rather illiquid market environment in late
1999. The first was concern about Y2K, which left dealers unwilling to carry
municipal bonds over the year-end period. Also, a significant number of
individuals decided to offset capital gains in the stock market by selling
municipals.
On behalf of the management team, and everyone at Chase Vista Funds, I thank
you for your continued investment with us. We look forward to serving your
needs for many years to come.
Sincerely yours,
/s/ Fergus Reid
Fergus Reid
Chairman
1
<PAGE>
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CHASE VISTA TAX FREE INCOME FUND
As of February 29, 2000 (Unaudited)
- --------------------------------------------------------------------------------
How the Fund Performed
Chase Vista Tax Free Income Fund, which seeks to provide tax-exempt income
through a portfolio of higher-quality municipal bonds of varying maturities,
had a total return of -0.87% (Class A Shares, without sales charges) for the
six-month period ended February 29, 2000. This compares to a return of -1.30%
for the Lipper General Municipal Debt Funds Average and -0.02% for the
unmanaged Lehman Municipal Bond Index.
How the Fund Was Managed
The Fund was able to outperform its peer group thanks to a strategy of active
management and a disciplined approach during periods of market volatility.
Early in the period, the management team allowed the Fund's duration to shorten
relative to its peer group, and this proved positive for performance in a
rising interest-rate environment. After having taken advantage of heavy supply
in New York in the fall, the Fund maintained its overweight position throughout
1999 and also emphasized California issues. With an eye towards the inevitable
period when interest rates begin to decline, the management team also pursued
the opportunity to move into non-callable bonds when they became relatively
cheap.
As supply began to shrink dramatically in early 2000, the Fund continued to
outperform as the better structured, non-callable bonds benefited from an
influx of corporate purchasers looking for longer-dated maturities in the wake
of the Treasury's buyback program. With the low supply causing the yield
difference between higher and lower quality municipal securities to
compress--meaning that investors were being paid very little in terms of extra
yield for taking on higher credit risk--the management team maintained its
discipline, focusing on higher-quality securities and avoiding joining the rush
to purchase lower-quality securities. Some of the gains from the spread
compression and New York/California overweights, however, were offset by a
slightly-short duration compared to the peer group in a rallying market.
Where the Fund May Be Headed
Moving forward, the management team intends to continue to take advantage of
the compression in quality spreads by selling lower-quality securities into the
strong retail market. With the proceeds, it has begun to increase exposure to
higher quality securities. The management team does not foresee any noticeable
decline in municipal prices in the near future, but given the presence of
non-traditional buyers and the strong retail preference for liquidity, the
focus will be on simple securities from well-known issuers as opposed to more
exotic structures.
2
<PAGE>
CHASE VISTA TAX FREE INCOME FUND
As of February 29, 2000 (Unaudited)
Average Annual Total Returns
<TABLE>
<CAPTION>
- ------------------------------------------------------------------
1 Year 5 Years 10 Years
- ------------------------------------------------------------------
<S> <C> <C> <C>
Class A Shares
Without Sales Charge -4.01% 5.05% 7.12%
With Sales Charge -8.33% 4.09% 6.63%
- ------------------------------------------------------------------
Class B Shares
Without CDSC -4.83% 4.19% 6.55%
With CDSC -9.41% 3.85% 6.55%
- ------------------------------------------------------------------
</TABLE>
10-Year Performance
[Start Mountain Chart Data]
<TABLE>
<CAPTION>
Chase Vista Lipper
Tax-Free General
Income Lehman Muni Muni Debt
Fund Bond Index Funds Avg.
<S> <C> <C> <C>
2/90 9550 10000 10000
2/91 10439 10921 10811
2/92 11719 12013 11910
2/93 14038 13668 13609
2/94 14798 14424 14328
2/95 14849 14696 14412
2/96 16316 16320 15833
2/97 17167 17219 16544
2/98 18736 18796 18043
2/99 19786 19952 18921
2/00 19000 19534 18048
</TABLE>
[End Mountain Chart Data]
Source: Lipper Analytical Services. Past performance is not indicative of
future results. Investment return and principal value will fluctuate so that
shares, when redeemed, may be worth more or less than their original cost.
Sales charge for Class A Shares: 4.50%. Class B Shares CDSC: 5% for the
one-year period, 2% for the five-year period and 0% for the 10-year period.
The Fund commenced operations on 9/8/87. Class B Shares were introduced on
11/4/93. Performance for Class B Shares is based on historical expenses of the
predecessor Class A Shares, which are lower than the expenses for Class B
Shares. The Fund is currently waiving fees. The waiver may be terminated, which
would reduce performance.
The graph illustrates comparative performance of $10,000 (Class A), assumes
reinvestment of all distributions and includes a 4.50% sales charge.
Performance of the unmanaged average and indices does not include sales
charges, but includes reinvestment of all distributions. The Lehman Municipal
Bond Index is a broad-based index that replicates the long-term, investment
grade tax-exempt bond market. The Lipper Average consists of funds that invest
in municipal bonds. Investors cannot invest directly in an index. Capital gains
are subject to federal income tax, a portion of the Fund's income may be
subject to the Alternative Minimum Tax and some investors may be subject to
certain state and local taxes.
3
<PAGE>
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CHASE VISTA NEW YORK TAX FREE INCOME FUND
As of February 29, 2000 (Unaudited)
- --------------------------------------------------------------------------------
How the Fund Performed
Chase Vista New York Tax Free Income Fund, which seeks to provide
triple tax-exempt income through a portfolio of higher-quality, longer-term
municipal bonds, had a total return of -1.31% (Class A Shares, without sales
charges) for the six month period ended February 29, 2000. This compares to a
return of -1.26% for the Lipper New York Tax Exempt Municipal Debt Funds
Average and -0.02% for the unmanaged Lehman Municipal Bond Index.
How the Fund Was Managed
In the final four months of 1999, the Fund used a strategy of shortening its
relative duration--and therefore its interest rate sensitivity--by actively
swapping. The Fund also added to its high yield positions as quality spreads
widened in the wake of heavy New York supply and increased its exposure to
non-callable select hospital issues.
Several factors had a negative impact on performance in the first two months of
2000. First of all, in order to meet redemptions from investors looking to
offset equity market capital gains, the management team was forced in the last
two months of 1999 to sell into the rather illiquid market caused by dealers'
Y2K-related unwillingness to hold municipals during the year-end period. As
credit spreads began to tighten in the new year, the management team did not
want to chase the move caused by heavy demand and diminishing New York supply
and, therefore, the Fund was left holding excess cash raised at year-end as the
market rallied. However, other non-callable issues held by the Fund did quite
well as non-traditional corporate buyers looking for longer-dated securities
showed a preference for these bonds.
Where the Fund May Be Headed
Moving forward, the management team intends to continue to take advantage of
the compression in quality spreads by selling lower-quality securities into the
strong retail market. The management team does not foresee any noticeable
decline in municipal prices in the near future, but given the presence of
non-traditional buyers and the strong retail preference for liquidity, the
focus will be on simple securities from well-known issuers as opposed to more
complex structures.
4
<PAGE>
CHASE VISTA NEW YORK TAX FREE INCOME FUND
As of February 29, 2000 (Unaudited)
Average Annual Total Returns
<TABLE>
<CAPTION>
1 Year 5 Years 10 Years
- ------------------------------------------------------------------
<S> <C> <C> <C>
Class A Shares
Without Sales Charge -4.78% 4.79% 6.55%
With Sales Charge -9.07% 3.83% 6.06%
- ------------------------------------------------------------------
Class B Shares
Without CDSC -5.65% 3.93% 6.01%
With CDSC -10.18% 3.59% 6.01%
- ------------------------------------------------------------------
</TABLE>
10-Year Performance
[Start Mountain Chart Data]
<TABLE>
<CAPTION>
Chase Vista
New York Lipper
Tax-Free New York
Income Lehman Muni Tax Exempt Muni
Fund Bond Index Debt Funds Average
<S> <C> <C> <C>
2/90 9550 10000 10000
2/91 10349 10921 10770
2/92 11447 12013 11942
2/93 13448 13668 13761
2/94 14160 14424 14518
2/95 14244 14696 14442
2/96 15614 16320 15836
2/97 16397 17219 16538
2/98 17941 18796 18010
2/99 18903 19952 18945
2/00 18007 19534 18051
</TABLE>
[End Mountain Chart Data]
Source: Lipper Analytical Services. Past performance is not indicative of
future results. Investment return and principal value will fluctuate, so that
shares, when redeemed, may be worth more or less than their original cost.
Sales charge for Class A Shares: 4.50%. Class B Shares CDSC: 5% for the
one-year period, 2% for the five-year period and 0% for the 10-period
The Fund commenced operations on 9/8/87. Class B Shares were introduced on
11/4/93. Performance for Class B Shares is based on historical expenses of the
predecessor Class A Shares, which are lower than the expenses for Class B
Shares. The Fund is currently waiving fees. The waiver may be terminated, which
would reduce performance.
The graph illustrates comparative performance of $10,000 (Class A), assumes
reinvestment of all distributions and includes a 4.50% sales charge.
Performance of the unmanaged average and indices does not include sales
charges, but includes reinvestment of all distributions. The Lehman Municipal
Bond Index is a broad-based index that replicates the long-term, investment
grade tax-exempt bond market. The Lipper Average consists of funds that invest
in New York tax-exempt municipal bonds. Investors cannot invest directly in an
index. Capital gains are subject to federal income tax, a portion of the Fund's
income may be subject to the Alternative Minimum Tax and some investors may be
subject to certain state and local taxes.
5
<PAGE>
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CHASE VISTA CALIFORNIA INTERMEDIATE TAX FREE FUND
As of February 29, 2000 (Unaudited)
- --------------------------------------------------------------------------------
How the Fund Performed
Chase Vista California Intermediate Tax Free Fund, which seeks to provide
double tax-exempt income through a portfolio of higher-quality,
intermediate-term municipal bonds, had a total return of 1.33% (Class A Shares,
without sales charges) for the six month period ended February 29, 2000. This
compares to a return of 0.49% for the Lipper California Intermediate Municipal
Debt Funds Average, -0.02% for the unmanaged Lehman Municipal Bond Index and
0.99% for the Lehman California Intermediate Municipal Bond Index.
How the Fund Was Managed
In one of the best-performing states for municipal bonds, the Fund was able to
outperform as several key management decisions paid off. Early in the period,
the management team allowed the Fund's duration to shorten relative to its peer
group, and this proved positive for performance in a rising interest rate
environment.
By the beginning of 2000, the Fund had already begun lengthening duration as
the management team took advantage of market illiquidity in advance of Y2K to
purchase securities in the 10-15 year range. Bonds in this portion of the yield
curve became the focus of attention for non-traditional insurance buyers in
early 2000, thereby supporting the strong performance.
With a supply drought taking hold of the market, the management team then began
to sell small pieces into the retail market, taking advantage of a strong
retail bid. Specifically targeted for sales were high yield issues which had
benefited from the sharp compression in credit quality spreads.
Where the Fund May Be Headed
In the supply-poor, demand-rich California market, the management team has
begun investing cash in higher-quality bonds issued by Puerto Rico and the U.S.
Virgin Islands. The management team does not foresee any noticeable decline in
municipal prices in the near future, but given the presence of non-traditional
buyers and the strong retail preference for liquidity, the focus will be on
simple securities from well-known issuers as opposed to more exotic structures.
6
<PAGE>
CHASE VISTA CALIFORNIA INTERMEDIATE TAX FREE FUND
As of February 29, 2000 (Unaudited)
Average Annual Total Returns
<TABLE>
<CAPTION>
Since
Inception
1 Year 5 Years 7/16/93
- ----------------------------------------------------------------
<S> <C> <C> <C>
Class A Shares
Without Sales Charge -0.85% 5.35% 4.63%
With Sales Charge -5.31% 4.38% 3.91%
- ----------------------------------------------------------------
</TABLE>
Life of Fund Performance
[Start Mountain Chart Data]
<TABLE>
<CAPTION>
Chase Vista Lehman Lipper
California California California
Intermediate Intermediate Intermediate
Tax Lehman Muni Muni Muni Debt
Free Fund Bond Index Bond Index Funds Avg.
<S> <C> <C> <C> <C>
7/93 9550 10000 10000 10000
2/94 9740 10296 10306 10287
2/95 9936 10490 10569 10396
2/96 10885 11649 11695 11346
2/97 11426 12291 12321 11835
2/98 12300 13417 13279 12706
2/99 12997 14242 14093 13358
2/00 12905 13944 14069 13207
</TABLE>
[End Mountain Chart Data]
Source: Lipper Analytical Services. Past performance is not indicative of
future results. Investment return and principal value will fluctuate so that
shares, when redeemed, may be worth more or less than their original cost.
Sales charge for Class A Shares: 4.50%.
The graph illustrates comparative performance of $10,000 (Class A), assumes
reinvestment of all distributions and includes a 4.50% sales charge.
Performance of the unmanaged average and indices does not include sales
charges, but includes reinvestment of all distributions. The Lehman Municipal
Bond Index is a broad-based index that replicates the long-term, investment
grade tax-exempt bond market. The Lehman California Intermediate Municipal Bond
Index replicates the California intermediate-term, investment grade tax-exempt
bond market. The Lipper Average consists of funds that invest in California
intermediate-term, investment-grade municipal bonds. Investors cannot invest
directly in an index. Capital gains are subject to federal income tax, a
portion of the Fund's income may be subject to the Alternative Minimum Tax and
some investors may be subject to certain state and local taxes.
7
<PAGE>
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CHASE VISTA TAX FREE INCOME FUND
Portfolio of Investments
- --------------------------------------------------------------------------------
As of February 29, 2000 (unaudited)
(Amounts in thousands)
<TABLE>
Principal
Amount Issuer Value
- ---------------------------------------------------------------------------------
Long-Term Municipal Securities -- 97.0%
- ---------------------------------------------------------------------------------
<S> <C> <C>
Alabama -- 11.6%
$7,000 Alabama State, Ser. A, GO, 5.50%, 10/01/01 $7,102
California -- 5.2%
150 California Educational Facilities Authority, Pepperdine
University, Rev., +, -, 7.20%, 11/01/00 156
150 California State, Public Works Board, Regents of The
University of California, Ser. A, Rev., -, 7.00%,
09/01/00 155
2,800 South Orange County, California, Public Financing
Authority, Special Tax, Senior Lien, Ser. A, +, 6.20%,
09/01/13 2,914
------
3,225
Connecticut -- 2.3%
1,700 Mashantucket Western Pequot Tribe, Connecticut,
Special Obligation, Sub.-Ser. A, Rev., 5.50%, 09/01/28 1,446
Georgia -- 5.9%
2,000 Fulton County, Georgia, School District, GO, 5.25%,
01/01/15 1,924
2,000 Georgia State, Ser. C, GO, 4.00%, 07/01/12 1,739
------
3,663
Illinois -- 0.1%
75 Chicago, Illinois, O'Hare International Airport, Ser. A,
Rev., 7.50%, 01/01/03 77
5 Illinois Housing Development Authority, Ser. A, Rev.,
8.00%, 06/01/26 5
------
82
Kansas -- 3.9%
2,355 Kansas City, Kansas, Utility System, Rev., +, 6.38%,
09/01/23 2,418
Maryland -- 0.1%
60 Maryland State, Community Development Administra-
tion, Department of Housing & Community Develop-
ment, Single Family Program, Second Ser., Rev., 7.60%,
04/01/23 61
Massachusetts -- 1.7%
1,000 New England Education Loan Marketing Corp.,
Massachusetts Student Loan, Sub-Issue H, Rev., 6.90%,
11/01/09 1,066
Michigan -- 2.6%
1,000 Michigan State, Housing Development Authority, Rental
Housing, Ser. B, Rev., +, 7.55%, 04/01/23 1,038
500 Wayne County, Michigan, Building Authority, Ser. A,
GO, -, 8.00%, 03/01/02 539
------
1,577
Missouri -- 1.2%
720 Sikeston, Missouri, Electric, Rev., +, 6.00%, 06/01/16 748
Nevada -- 0.1%
80 Nevada Housing Division, Single Family, Ser. A-3, Rev.,
8.20%, 10/01/19 81
</TABLE>
See notes to financial statements.
8
<PAGE>
CHASE VISTA TAX FREE INCOME FUND
Portfolio of Investments (Continued)
As of February 29, 2000 (unaudited)
(Amounts in thousands)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
- -----------------------------------------------------------------------------------
Long-Term Municipal Securities -- (continued)
- -----------------------------------------------------------------------------------
<S> <C> <C>
New Jersey -- 9.4%
$3,455 Middletown Township, New Jersey, Board of Education,
GO, +, 5.80%, 08/01/20 $3,439
1,500 New Jersey State, Educational Facilities Authority,
Fairleigh Dickinson University, Ser. G, Rev., 5.70%,
07/01/28 1,268
1,000 New Jersey State, Transportation Trust Fund Authority,
Transportation Systems, Ser. A, Rev., 5.75%, 06/15/15 1,019
------
5,726
New York -- 25.1%
2,000 Long Island Power Authority, New York, Electric
Systems, Ser. A, Rev., +, 5.50%, 12/01/13 1,998
2,450 New York City, New York, Ser. A, GO, +, 6.25%, 08/01/09 2,601
New York City, New York, IDA,
470 Civic Facility, Mt. St. Vincent College, Rev., 7.00%,
05/01/08 497
2,500 IDR, Brooklyn Navy Yard Cogen Partners Project, Rev.,
5.75%, 10/01/36 2,173
Port Authority of New York & New Jersey,
5,000 Consolidated Bonds 93rd Ser., Rev., 6.13%, 06/01/94 5,124
1,500 Consolidated Bonds 114th Ser., Rev., 4.75%, 08/01/33 1,191
2,000 Utica, New York, IDA, Civic Facility, Munson-Williams-
Proctor Institute Project, Ser. A, Rev., 5.38%, 07/15/19 1,828
------
15,412
Ohio -- 7.2%
4,000 Cleveland, Ohio, Public Power System, First Mortgage,
Ser. A, Rev., +, -, 7.00%, 11/15/04 4,405
Oklahoma -- 6.2%
2,000 Oklahoma Housing Finance Agency, Single Family, Ser.
B-2, Rev., 6.80%, 09/01/26 2,105
1,750 Oklahoma State, Turnpike Authority, Second Ser., Ser. A,
Rev., +, 5.25%, 01/01/13 1,719
------
3,824
Pennsylvania -- 4.5%
3,000 Delaware Valley, Pennsylvania, Regional Finance
Authority, Local Government, Ser. A, Rev., +, 5.50%,
08/01/28 2,794
Puerto Rico -- 4.3%
75 Puerto Rico Commonwealth, Urban Renewal & Housing
Corp., Rev., 7.88%, 10/01/04 77
2,500 Puerto Rico Municipal Finance Agency, Ser. A, GO, +,
6.00%, 08/01/15 2,598
------
2,675
South Carolina -- 0.4%
250 South Carolina State, Housing Finance & Development
Authority, Multi-Family Housing, Fairway Apartments
Project, Rev., 7.63%, 04/01/33 255
South Dakota -- 0.2%
100 South Dakota Housing Development Authority, Home-
ownership Mortgage, Ser. A, Rev., 5.88%, 05/01/12 101
Utah -- 0.4%
250 Utah State, Board of Regents, Student Loan, Ser. F,
Rev., +, 7.45%, 11/01/08 260
</TABLE>
See notes to financial statements.
9
<PAGE>
CHASE VISTA TAX FREE INCOME FUND
Portfolio of Investments (Continued)
As of February 29, 2000 (unaudited)
(Amounts in thousands)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
- ------------------------------------------------------------------------------
Long-Term Municipal Securities -- (continued)
- ------------------------------------------------------------------------------
<S> <C> <C>
Virgin Islands -- 4.2%
$3,000 Virgin Islands Public Finance Authority, Senior Lien,
Ser. A, Rev., 5.50%, 10/01/22 $2,603
Washington -- 0.4%
250 Washington State, Public Power Supply System, Nuclear
Project No. 1, Ser. B, Rev., 7.25%, 07/01/09 276
- ------------------------------------------------------------------------------
Total Long-Term Municipal Securities 59,800
(Cost $62,033)
- ------------------------------------------------------------------------------
Short-Term Investments -- 0.7%
- ------------------------------------------------------------------------------
Shares
Money Market Funds -- 0.7%
--------------------------
387 Provident Municipal Cash Money Market Fund 387
38 Provident Municipal Money Market Fund 38
----------------------------------------------------------------
Total Money Market Funds 425
(Cost $425)
- ------------------------------------------------------------------------------
Total Investments -- 97.7% $60,225
(Cost $62,458)
- ------------------------------------------------------------------------------
</TABLE>
See notes to financial statements.
10
<PAGE>
- --------------------------------------------------------------------------------
CHASE VISTA NEW YORK TAX FREE INCOME FUND
Portfolio of Investments
- --------------------------------------------------------------------------------
As of February 29, 2000 (unaudited)
(Amounts in thousands)
<TABLE>
Principal
Amount Issuer Value
- ------------------------------------------------------------------------------------
Long-Term Municipal Securities -- 94.4%
- ------------------------------------------------------------------------------------
<S> <C> <C>
New York -- 75.8%
$ 550 Monroe County, New York, IDA, Public Improvement,
Canal Ponds Park, Ser. A, Rev., 7.00%, 06/15/13 $ 579
6,925 Nassau County, New York,
Ser. P, GO, +, -, 6.40%, 11/01/04 7,469
New York City, New York,
1,000 Ser. A, GO, +, 6.25%, 08/01/08 1,062
1,000 Ser. B, GO, 7.50%, 02/01/03 1,057
160 Ser. F, GO, 8.25%, 11/15/02 171
New York City, New York, IDA,
475 Civic Facility, Mt. St. Vincent College, Rev., 7.00%,
05/01/08 502
1,430 Civic Facility, New York Blood Center Inc. Project,
Rev., -, 7.20%, 05/01/04 1,544
1,500 Civic Facility, YMCA Greater New York Project, Rev.,
5.80%, 08/01/16 1,444
3,010 IDR, Brooklyn Navy Yard Cogen Partners Project,
Rev., 6.20%, 10/01/22 2,875
New York City, New York, Municipal Water Finance
Authority, Water & Sewer Systems,
130 Ser. A, Rev., +, -, 7.00%, 06/15/01 135
605 Ser. A, Rev., +, 7.00%, 06/15/09 629
1,000 New York Convention Center, Operating Corp., Yale
Building Acquisition Project, COP, 6.50%, 12/01/01 996
2,550 New York State, Dorm Authority, Niagara Nursing
Home, Rev., +, 5.55%, 08/01/27 2,366
2,500 New York State, Energy Research & Development
Authority, Electric Facilities, Lilco Project, Ser. B, Rev.,
5.30%, 11/01/23 2,167
New York State, Environmental Facilities Corp., PCR,
State Water Revolving Fund,
3,000 New York City Municipal Water, Rev., 5.75%,
06/15/12 3,080
705 Ser. A, Rev., 7.25%, 06/15/10 741
New York State, Housing Finance Agency,
300 Multi-Family Housing, Ser. A, Rev., 6.95%, 08/15/12 314
860 Rev., 8.00%, 11/01/08 885
4,005 New York State, Local Government Assistance Corp.,
Ser. E, Rev., +, 5.25%, 04/01/16 3,813
745 New York State, Medical Care Facilities Finance Agency,
Rev., 7.88%, 08/15/20 770
1,000 New York State, Municipal Bond Bank Agency, Special
Program, Buffalo, Ser. A, Rev., 6.88%, 03/15/06 1,043
2,000 New York State, Thruway Authority, Service Contract,
Local Highway & Bridge, 6.00%, 04/01/11 2,049
2,205 New York State, Urban Development Corp., Center for
Individual Innovation Project, Rev., 5.50%, 01/01/13 2,159
4,540 Niagara, New York, Frontier Transportation Authority,
Greater Buffalo International Airport, Ser. B, Rev., +,
5.75%, 04/01/04 4,654
Port Authority of New York & New Jersey,
5,000 Consolidated Bonds 93rd Ser., Rev., 6.13%, 06/01/94 5,125
3,000 Special Obligation, 3rd Installment, Special Project,
KIAC-4, Rev., 7.00%, 10/01/07 3,113
</TABLE>
See notes to financial statements.
11
<PAGE>
CHASE VISTA NEW YORK TAX FREE INCOME FUND
Portfolio of Investments (Continued)
As of February 29, 2000 (unaudited)
(Amounts in thousands)
<TABLE>
Principal
Amount Issuer Value
- ------------------------------------------------------------------------------------
Long-Term Municipal Securities -- (continued)
- ------------------------------------------------------------------------------------
<S> <C> <C>
New York -- Continued
$ 5,000 Rensselaer, New York, Municipal Leasing Corp.,
Rensselaer County Nursing Home, Ser. A, Rev., 6.90%,
06/01/24 $ 5,000
5,000 Suffolk County, New York, IDA, IDR, Nissequogue Cogen
Partners Facility, Rev., 5.50%, 01/01/23 4,156
1,150 Westchester County, New York, GO, -, 6.70%, 11/01/06 1,260
Westchester County, New York, IDA,
775 AGR Realty Co. Project, Rev., -, 5.75%, 01/01/02 780
2,000 Civic Facility, Children's Village Project, Ser. A, Rev.,
5.30%, 03/15/14 1,855
1,000 Civic Facility, Rippowam-Cisqua School Project, Rev.,
5.75%, 06/01/29 902
2,000 Resource Recovery, Resco Co. Project, Ser. A, Rev., +,
5.70%, 07/01/08 2,048
-------
66,743
Puerto Rico -- 7.8%
3,500 Puerto Rico Commonwealth, Public Improvement, GO,
5.25%, 07/01/15 3,333
2,000 Puerto Rico Industrial, Medical & Environmental PCFFA,
Special Facilities, American Airlines, Ser. A, Rev., 6.45%,
12/01/25 1,968
1,500 Puerto Rico Municipal Finance Agency, Ser. A, GO, +,
6.00%, 08/01/15 1,559
-------
6,860
Virgin Islands -- 10.8%
Virgin Islands Public Finance Authority,
4,000 Gross Receipts, Taxes Lien Notes, Ser. A, Rev., 6.38%,
10/01/19 3,923
1,150 Matching Fund Lien Notes, Ser. A, Rev., -, 7.25%,
10/01/02 1,247
5,000 Senior Lien, Ser. A, Rev., 5.50%, 10/01/22 4,337
-------
9,507
-------
Total Long-Term Municipal Securities 83,110
(Cost $85,458)
- ------------------------------------------------------------------------------------
Short-Term Investments -- 4.2%
- ------------------------------------------------------------------------------------
Municipal Securities -- 1.5%
----------------------------
New York -- 1.5%
500 Long Island Power Authority, New York, Electric Sys-
tems, Sub. Ser. 5, Rev., FRDO, 3.75%, 03/01/00 500
New York City, New York,
300 Ser. B, Sub. Ser. B-4, GO, FRDO, +, 3.80%, 03/01/00 300
500 Ser. B, Sub. Ser. B-7, GO, FRDO, +, 3.80%, 03/01/00 500
----------------------------------------------------------------------
Total Municipal Securities 1,300
(Cost $1,300)
----------------------------------------------------------------------
Shares
Money Market Fund -- 2.7%
-------------------------
2,389 Provident New York Money Market Fund 2,389
(Cost $2,389)
- ------------------------------------------------------------------------------------
Total Short-Term Investments 3,689
(Cost $3,689)
- ------------------------------------------------------------------------------------
Total Investments -- 98.6% $86,799
(Cost $89,147)
- ------------------------------------------------------------------------------------
</TABLE>
See notes to financial statements.
12
<PAGE>
- --------------------------------------------------------------------------------
CHASE VISTA CALIFORNIA INTERMEDIATE TAX FREE FUND
Portfolio of Investments
- --------------------------------------------------------------------------------
As of February 29, 2000 (unaudited)
(Amounts in thousands)
<TABLE>
Principal
Amount Issuer Value
- ------------------------------------------------------------------------------------
Long-Term Municipal Securities -- 93.5%
- ------------------------------------------------------------------------------------
<S> <C> <C>
California--77.1%
$ 750 California Educational Facilities Authority, Stanford
University, Ser. P, Rev., 5.25%, 12/01/13 $ 751
California State,
700 GO, +, -, 6.25%, 10/01/02 742
200 GO, 6.40%, 09/01/08 220
250 California State, Public Works Board, Ser. A, Rev., 6.00%,
09/01/01 256
300 Chico, California, Unified School District, GO, +, 4.25%,
08/01/09 279
1,850 Contra Costa, California, Water District, Ser. G, Rev.,+,
5.75%, 10/01/14 1,879
1,000 Fallbrook, California, Unified High School District, San
Diego County, GO, +, 5.38%, 09/01/12 1,017
750 Foothill/Eastern Corridor Agency, California Toll Road,
Rev., 5.00%, 01/15/06 743
200 Los Angeles County, California, Metropolitan Transpor-
tation Authority, Sales Tax, Proposition A, First Tier, Ser.
A, Rev.,+, 5.25%, 07/01/13 197
900 Los Angeles County, California, Transportation
Commission, Sales Tax, Proposition C, 2nd Ser., Ser. A,
Rev., +, 5.88%, 07/01/02 930
Los Angeles, California, Unified School District,
375 Ser. A, GO, +, 6.00%, 07/01/15 395
190 Ser. B, GO, +, 5.38%, 07/01/12 192
Northern California Power Agency, Public Power,
340 Ser. A, +, -, 5.80%, 07/01/09 359
560 Ser. A, +, 5.80%, 07/01/09 590
700 Orange County, California, Local Transportation
Authority, Sales Tax, First Ser., Measure M, Rev., 5.60%,
02/15/02 716
700 Redwood City, California, Elementary School District,
GO, +, 5.00%, 08/01/16 648
35 Richmond, California, Wastewater, Rev., +, 5.20%,
08/01/11 35
220 Sacramento, California, City Unified School District,
Ser. A, GO, 5.00%, 07/01/02 223
900 Sacramento, California, Public Facilities Project, COP,
6.00%, 07/01/12 917
100 San Diego, California, Unified School District, Capital
Appreciation, Ser. A, GO, +, 0.00%, 07/01/09 61
325 San Francisco, California, City & County Airport Commis-
sion, International Airport, Second Ser., Issue 18A, Rev.,
+, 6.00%, 05/01/04 341
105 San Francisco, California, City & County Redevelopment
Agency, Hotel Tax, Rev., +, -, 6.75%, 07/01/04 115
1,000 Santa Clara County, California, Financing Authority,
Ser. A, Rev., +, 5.75%, 11/15/13 1,043
1,200 South Orange County, California, Public Financing
Authority, Special Tax, Senior Lien, Ser. A, +, 6.20%,
09/01/13 1,249
1,000 University of California, UC Medical Center, Rev., +,
10.00%, 07/01/06 1,273
------
15,171
</TABLE>
See notes to financial statements.
13
<PAGE>
CHASE VISTA CALIFORNIA INTERMEDIATE TAX FREE FUND
Portfolio of Investments (Continued)
As of February 29, 2000 (unaudited)
(Amounts in thousands)
<TABLE>
Principal
Amount Issuer Value
- ------------------------------------------------------------------------------------
Long-Term Municipal Securities -- (continued)
- ------------------------------------------------------------------------------------
<S> <C> <C>
Puerto Rico -- 11.5%
$ 770 Puerto Rico Commonwealth, GO, 5.30%, 07/01/04 $ 781
470 Puerto Rico Commonwealth, Highway & Transportation
Authority, Ser. W, Rev., +, 5.50%, 07/01/15 470
500 Puerto Rico Electric Power Authority, Ser. AA, Rev.,
4.80%, 07/01/01 502
500 Puerto Rico Municipal Finance Agency, Ser. A, GO, +,
5.75%, 08/01/13 513
-------
2,266
Virgin Islands -- 4.9%
1,000 Virgin Islands Public Finance Authority, Gross Receipts,
Taxes Lien Notes, Ser. A, Rev., 5.63%, 10/01/10 969
- ------------------------------------------------------------------------------------
Total Long-Term Municipal Securities 18,406
(Cost $18,388)
- ------------------------------------------------------------------------------------
Short-Term Investments -- 6.6%
- ------------------------------------------------------------------------------------
Municipal Securities -- 5.1%
----------------------------
California -- 5.1%
California PCFA,
100 PCR, Pacific Gas & Electric, Ser. F, Rev., FRDO, 3.20%,
03/01/00 100
200 Resource Recovery, OMS Equity Stanislaus Project,
Rev., FRDO, 3.15%, 03/01/00 200
300 Chula Vista, California, IDR, San Diego Gas, Ser. A, Rev.,
FRDO, 3.05%, 03/01/00 300
Irvine Ranch, California, Water District,
100 Consolidated Bonds, Rev., FRDO, 3.25%, 03/01/00 100
100 District No. 105, 140, 240 & 250, GO, FRDO, 3.05%,
03/01/00 100
100 District No. 182, Ser. A, GO, FRDO, 3.05%, 03/01/00 100
100 Los Angeles, California, Regional Airports Improvement
Corp., Terminal Facility, Los Angeles International Air-
port, Rev., FRDO, 3.80%, 03/01/00 100
----------------------------------------------------------------------
Total Municipal Securities 1,000
(Cost $1,000)
----------------------------------------------------------------------
Shares
Money Market Fund -- 1.5%
-------------------------
286 Provident California Money Market Fund 286
(Cost $286)
- ------------------------------------------------------------------------------------
Total Short-Term Investments 1,286
(Cost $1,286)
- ------------------------------------------------------------------------------------
Total Investments -- 100.1% $19,692
(Cost $19,674)
- ------------------------------------------------------------------------------------
</TABLE>
See notes to financial statements.
14
<PAGE>
CHASE VISTA CALIFORNIA INTERMEDIATE TAX FREE FUND
Portfolio of Investments (Continued) (Unaudited)
INDEX:
+ -- Insured security.
- - -- Security is prerefunded or escrowed to maturity. The maturity date
shown is the date of the prerefunded call.
COP -- Certificates of Participation.
Dorm -- Dormitory.
FRDO -- Floating Rate Demand Obligation: The maturity date shown is the next
interest reset date; the rate shown is the rate in effect at February
29, 2000.
GO -- General Obligation.
IDA -- Industrial Development Authority.
IDR -- Industrial Development Revenue.
PCFA -- Pollution Control Financing Authority.
PCFFA -- Pollution Control Facilities Financing Authority.
PCR -- Pollution Control Revenue.
Rev. -- Revenue Bond.
See notes to financial statements.
15
<PAGE>
- --------------------------------------------------------------------------------
STATEMENT OF ASSETS AND LIABILITIES As of February 29, 2000 (unaudited)
- --------------------------------------------------------------------------------
(Amounts in Thousands, Except Per Share Amounts)
<TABLE>
<CAPTION>
California
New York Intermediate
Tax Free Tax Free Tax Free
Income Fund Income Fund Fund
- ----------------------------------------------------------------------------------------
<S> <C> <C> <C>
ASSETS:
Investment securities, at value (Note 1) ..... $60,225 $86,799 $19,692
Cash ......................................... 3 15 --
Other assets ................................. 1 1 --
Receivables:
Interest .................................... 1,067 1,465 278
Fund shares sold ............................ 802 58 --
- ----------------------------------------------------------------------------------------
Total Assets .............................. 62,098 88,338 19,970
- ----------------------------------------------------------------------------------------
LIABILITIES:
Payables:
Investment securities purchased ............. -- -- 223
Fund shares redeemed ........................ 280 129 --
Dividends ................................... 68 106 33
Accrued liabilities: (Note 2) ................
Investment advisory fees .................... 2 11 --
Administration fees ......................... 7 11 --
Shareholder servicing fees .................. 7 9 --
Distribution fees ........................... 7 8 --
Custodian fees .............................. 11 12 10
Other ....................................... 52 32 29
- ----------------------------------------------------------------------------------------
Total Liabilities ......................... 434 318 295
- ----------------------------------------------------------------------------------------
NET ASSETS:
Paid in capital .............................. 64,381 92,000 19,642
Accumulated undistributed
(distributions in excess of)
net investment income ........................ (94) (51) 188
Accumulated net realized loss on
investment transactions ...................... (390) (1,581) (173)
Net unrealized appreciation
(depreciation) of investments ................ (2,233) (2,348) 18
- ----------------------------------------------------------------------------------------
Net Assets ................................ $61,664 $88,020 $19,675
- ----------------------------------------------------------------------------------------
Shares of beneficial interest outstanding
($.001 par value; unlimited number of
shares authorized) ............................
Class A Shares ............................... 4,287 6,893 2,048
Class B Shares ............................... 955 1,179 --
Class A:
Net asset value and redemption
price per share (net assets/ shares
outstanding) ................................. $ 11.77 $ 10.91 $ 9.61
Maximum offering price per share
(net asset value per share/95.5%) ............ $ 12.32 $ 11.42 $ 10.06
Class B:
Net asset value and maximum
offering price per share (net assets/
shares outstanding)* ......................... $ 11.71 $ 10.88 $ --
Cost of investments ........................... $62,458 $89,147 $19,674
- ----------------------------------------------------------------------------------------
</TABLE>
*Redemption may be subject to contingent deferred sales charge.
See notes to financial statements.
16
<PAGE>
- --------------------------------------------------------------------------------
STATEMENT OF OPERATIONS For the six months ended February 29, 2000
(unaudited)
- --------------------------------------------------------------------------------
(Amounts in Thousands)
<TABLE>
<CAPTION>
New York California
Tax Free Intermediate
Tax Free Income Tax Free
Income Fund Fund Fund
- -----------------------------------------------------------------------------------
<S> <C> <C> <C>
INTEREST INCOME: (Note 1C) ................ $1,793 $ 2,684 $ 493
- -----------------------------------------------------------------------------------
EXPENSES: (Note 2)
Investment advisory fees ................. 99 141 31
Administration fees ...................... 49 70 15
Shareholder servicing fees ............... 82 117 26
Distribution fees ........................ 114 152 26
Custodian fees ........................... 33 54 22
Printing and postage ..................... 14 14 3
Professional fees ........................ 17 16 14
Registration costs ....................... 13 1 4
Transfer agent fees ...................... 64 58 15
Trustees' fees ........................... 2 2 1
Other .................................... 1 2 2
- -----------------------------------------------------------------------------------
Total expenses ........................ 488 627 159
- -----------------------------------------------------------------------------------
Less amounts waived (Note 2E) ............ 186 218 98
- -----------------------------------------------------------------------------------
Net expenses .......................... 302 409 61
- -----------------------------------------------------------------------------------
Net investment income ................ 1,491 2,275 432
- -----------------------------------------------------------------------------------
REALIZED AND UNREALIZED GAIN
(LOSS) ON INVESTMENTS:
Net realized loss on investments ......... (390) (1,267) (173)
Change in net unrealized appreciation/
depreciation of investments .............. (1,719) (2,372) (3)
- -----------------------------------------------------------------------------------
Net realized and unrealized loss
on investments ........................... (2,109) (3,639) (176)
- -----------------------------------------------------------------------------------
Net increase (decrease) in net
assets from operations ................... $ (618) $(1,364) $ 256
- -----------------------------------------------------------------------------------
</TABLE>
See notes to financial statements.
17
<PAGE>
- --------------------------------------------------------------------------------
STATEMENT OF CHANGES IN NET ASSETS For the periods indicated (unaudited)
- --------------------------------------------------------------------------------
STATEMENT OF CHANGES IN NET ASSETS For the periods indicated (unaudited)
(Amounts in Thousands)
<TABLE>
<CAPTION>
New York California
Tax Free Tax Free Intermediate
Income Fund Income Fund Tax Free Fund
--------------------- ------------------------- -------------------------
09/01/99 Year 09/01/99 Year 09/01/99 Year
through Ended through Ended through Ended
02/29/00 08/31/99 02/29/00 08/31/99 02/29/00 08/31/99
- --------------------------------------------------------------------------------------------------------------------------------
INCREASE (DECREASE) IN NET ASSETS
FROM OPERATIONS:
<S> <C> <C> <C> <C> <C> <C>
Net investment income $ 1,491 $ 3,097 $ 2,275 $ 5,279 $ 432 $ 949
Net realized gain (loss) on investments and
futures transactions .............................. (390) 392 (1,267) (71) (173) 219
Change in net unrealized appreciation/
depreciation of investments and futures ........... (1,719) (4,490) (2,372) (6,828) (3) (1,056)
- --------------------------------------------------------------------------------------------------------------------------------
Increase (decrease) in net assets from
operations ...................................... (618) (1,001) (1,364) (1,620) 256 112
- --------------------------------------------------------------------------------------------------------------------------------
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income:
Class A .......................................... (1,252) (2,576) (1,990) (4,734) (433) (949)
Class B .......................................... (237) (520) (284) (542) -- --
Net realized gain on investment transactions:
Class A .......................................... (66) -- (180) (960) (217) (316)
Class B .......................................... (15) -- (33) (134) -- --
- --------------------------------------------------------------------------------------------------------------------------------
Total distributions to shareholders ............. (1,570) (3,096) (2,487) (6,370) (650) (1,265)
- --------------------------------------------------------------------------------------------------------------------------------
Decrease from capital share transactions # ......... (6,199) (2,228) (9,746) (16,066) (920) (1,854)
- --------------------------------------------------------------------------------------------------------------------------------
Total decrease in net assets .................... (8,387) (6,325) (13,597) (24,056) (1,314) (3,007)
NET ASSETS:
Beginning of period ............................... 70,051 76,376 101,617 125,673 20,989 23,996
- --------------------------------------------------------------------------------------------------------------------------------
End of period ..................................... $61,664 $70,051 $88,020 $101,617 $19,675 $20,989
- --------------------------------------------------------------------------------------------------------------------------------
</TABLE>
# See detailed Capital Share Transactions.
See notes to financial statements.
18
<PAGE>
- --------------------------------------------------------------------------------
CHASE VISTA TAX FREE INCOME FUND
Capital Share Transactions
- --------------------------------------------------------------------------------
TAX FREE INCOME FUND
Capital Share Transactions
For the periods indicated (unaudited) (Amounts in Thousands)
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------------------
Class A Class B
- -----------------------------------------------------------------------------------------------------------
Six Months Ended February 29, 2000
Amount Shares Amount Shares
- -----------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Shares sold $ 25,118 2,112 $ 727 69
Shares issued in reinvestment of distributions 920 77 179 15
Shares redeemed (30,177) (2,544) (2,966) (251)
- -----------------------------------------------------------------------------------------------------------
Net decrease in Fund shares outstanding $ (4,139) (355) $ (2,060) (167)
===========================================================================================================
</TABLE>
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------------------
Class A Class B
- -----------------------------------------------------------------------------------------------------------
Year Ended August 31, 1999
Amount Shares Amount Shares
- -----------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Shares sold $ 49,991 3,930 $ 4,030 316
Shares issued in reinvestment of distributions 1,705 134 360 28
Shares redeemed (52,915) (4,152) (5,399) (425)
- -----------------------------------------------------------------------------------------------------------
Net decrease in Fund shares outstanding $ (1,219) (88) $ (1,009) (81)
===========================================================================================================
</TABLE>
See notes to financial statements.
19
<PAGE>
- --------------------------------------------------------------------------------
CHASE VISTA NEW YORK TAX FREE INCOME FUND
Capital Share Transactions
- --------------------------------------------------------------------------------
NEW YORK TAX FREE INCOME FUND
Capital Share Transactions
For the periods indicated (unaudited) (Amounts in Thousands)
<TABLE>
<CAPTION>
- ---------------------------------------------------------------------------------------------------------------
Class A Class B
- ---------------------------------------------------------------------------------------------------------------
Six Months Ended February 29, 2000
Amount Shares Amount Shares
- ---------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Shares sold $ 14,506 1,318 $ 478 43
Shares issued in reinvestment of distributions 1,363 123 139 13
Shares redeemed (23,937) (2,163) (2,295) (208)
- ---------------------------------------------------------------------------------------------------------------
Net decrease in Fund shares outstanding $ (8,068) (722) $ (1,678) (152)
===============================================================================================================
</TABLE>
<TABLE>
<CAPTION>
- ---------------------------------------------------------------------------------------------------------------
Class A Class B
- ---------------------------------------------------------------------------------------------------------------
Year Ended August 31, 1999
Amount Shares Amount Shares
- ---------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Shares sold $ 40,533 3,372 $ 3,825 321
Shares issued in reinvestment of distributions 4,452 373 503 42
Shares redeemed (62,404) (5,230) (2,975) (249)
- ---------------------------------------------------------------------------------------------------------------
Net increase (decrease) in Fund shares outstanding $ (17,419) (1,485) $ 1,353 114
===============================================================================================================
</TABLE>
See notes to financial statements.
20
<PAGE>
- --------------------------------------------------------------------------------
CHASE VISTA CALIFORNIA INTERMEDIATE TAX FREE FUND
Capital Share Transactions
- --------------------------------------------------------------------------------
CALIFORNIA INTERMEDIATE TAX FREE FUND
Capital Share Transactions
For the periods indicated (unaudited) (Amounts in Thousands)
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------------
Amount Shares
- --------------------------------------------------------------------------------------
Six Months Ended February 29, 2000
<S> <C> <C>
Shares sold $ 549 57
Shares issued in reinvestment of distributions 185 19
Shares redeemed (1,654) (172)
- --------------------------------------------------------------------------------------
Net decrease in Fund shares outstanding $ (920) (96)
======================================================================================
</TABLE>
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------------
Amount Shares
- --------------------------------------------------------------------------------------
Year Ended August 31, 1999
<S> <C> <C>
Shares sold $ 4,457 435
Shares issued in reinvestment of distributions 490 48
Shares redeemed (6,801) (671)
- --------------------------------------------------------------------------------------
Net decrease in Fund shares outstanding $ (1,854) (188)
======================================================================================
</TABLE>
See notes to financial statements.
21
<PAGE>
- --------------------------------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS (unaudited)
- --------------------------------------------------------------------------------
1. Organization and Significant Accounting Policies
Mutual Fund Trust (the "Trust") was organized as a Massachusetts Business
Trust, and is registered under the Investment Company Act of 1940, as amended
(the "1940 Act"), as an open-end, non-diversified management investment
company. Chase Vista Tax Free Income Fund ("TFI"), Chase Vista New York Tax
Free Income Fund ("NYTFI") and Chase Vista California Intermediate Tax Free
Fund ("CITF") (collectively, the "Funds") are three separate portfolios of the
Trust.
TFI and NYTFI offer two classes of shares, referred to as Class A Shares and
Class B Shares. Class A Shares generally provide for a front-end sales charge
while Class B Shares provide for a contingent deferred sales charge. All
classes of shares have equal rights as to earnings, assets and voting
privileges, except that each class may bear different distribution expenses and
each class has exclusive voting rights with respect to its distribution plan.
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 -- Fixed income securities (other than short-term
obligations), including listed issues, are valued using matrix pricing
systems of a major dealer in bonds which take into account factors such as
institutional-size trading in similar groups of securities, yield, quality,
coupon rate, maturity, type of issue, trading characteristics and other
market data, without exclusive reliance upon quoted exchange or over-
the-counter prices. Short-term debt securities with 61 days or more to
maturity at time of purchase are valued, through the 61st day prior to
maturity, at market value based on quotations obtained from market makers
or other appropriate sources; thereafter, the value on the 61st day is
amortized on a straight-line basis over the remaining number of days to
maturity. Short-term investments with 60 days or less to maturity at time
of purchase are valued at amortized cost, which approximates market.
B. Repurchase agreements -- It is the Fund's policy that repurchase
agreements are fully collateralized by U.S. Treasury and Government Agency
securities. All collateral is held by the Fund's custodian bank,
sub-custodian or a bank with which the custodian bank has entered into a
sub-custodian agreement or is segregated in the Federal Reserve Book Entry
System. If the seller of a repurchase agreement defaults and the value of
the collateral declines, or if the seller enters into an insolvency
proceeding, realization of the collateral may be delayed or limited.
C. Security transactions and investment income -- Investment transactions
are accounted for on the trade date (the date the order to buy or sell is
executed). Securities gains and losses are calculated on the identified
cost basis. Interest income is determined on the basis of coupon interest
accrued, adjusted for amortization of premiums and accretion of discount.
Dividend income is recorded on the ex-dividend date.
22
<PAGE>
NOTES TO FINANCIAL STATEMENTS (unaudited) (continued)
Purchases of when-issued or delayed delivery securities may be settled a
month or more after the trade date; interest income is not accrued until
settlement date. Each Fund segregates assets with a current value at least
equal to the amount of its when-issued or delayed delivery purchase
commitments.
D. Futures contracts --When a Fund enters into a futures contract, it makes
an initial margin deposit in a segregated account, either in cash or liquid
securities. Thereafter, the futures contract is marked to market and the
fund makes (or receives) additional cash payments daily to (from) the
broker. Changes in the value of the contract are recorded as unrealized
appreciation/depreciation until the contract is closed or settled.
The Funds may enter into futures contracts only on exchanges or boards of
trade. The exchange or board of trade acts as the counterparty to each
futures transaction, therefore, the Fund's credit risk is limited to
failure of the exchange or board of trade.
The Funds invest in U.S. Treasury and/or Municipal Bond futures contracts
as a hedge to modify the duration of the portfolio holdings.
As of February 29, 2000, the Funds had no outstanding futures contracts.
E. 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 investment income, and 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.
F. 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.
G. Allocation of income and expenses -- Expenses directly attributable to a
Fund are charged to that Fund; other expenses are allocated proportionately
among each of the Funds within the Trust in relation to the net assets of
each Fund or on another reasonable basis. Expenses directly attributable to
a particular class are charged directly to such class. In calculating net
asset value per share of each class, investment income, realized and
unrealized gains and losses and expenses other than class specific expenses
(e.g. transfer agent fees), are allocated daily to each
23
<PAGE>
NOTES TO FINANCIAL STATEMENTS (unaudited) (continued)
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 the Funds and for such services is paid a fee. The fee
is accrued daily and paid monthly at an annual rate equal to 0.30% of each
Fund's average daily net assets. 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, 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 0.15% of each Fund's average daily
net assets.
B. Shareholder servicing fees -- The Trust has adopted an Administrative
Services Plan which, among other things, provides that the Trust on behalf
of the Funds may obtain the services of one or more Shareholder Servicing
Agents. For its services, each Shareholder Servicing Agent receives a fee.
The fee is computed daily and paid monthly at an annual rate of 0.25% of
the average daily net assets of each Fund.
Chase and certain affiliates are the only Shareholder Servicing Agents. The
Shareholder Servicing Agents voluntarily waived all or a portion of their
fees as outlined in Note 2.E. below.
C. Distribution and sub-administration 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 Distribution Plans (the "Distribution Plans") for
Class A for all Funds and Class B for TFI and NYTFI in accordance with Rule
12b-1 under the 1940 Act.
The Distribution Plans provide that each Fund shall pay distribution fees
at annual rates not to exceed 0.25% of each Fund's average daily net assets
for Class A Shares and 0.75% for Class B Shares. The Distributor
voluntarily waived all or a portion of distribution fees as outlined in
Note 2.E. below.
D. Administration fee -- Pursuant to an Administration Agreement, Chase
(the "Administrator") provides certain administration services to
24
<PAGE>
NOTES TO FINANCIAL STATEMENTS (unaudited) (continued)
the Trust at a fee computed at an annual rate equal to 0.10% of the
respective Fund's average daily net assets. The Administrator voluntarily
waived all or a portion of its administration fees as outlined in Note 2.E.
below.
E. Waivers of fees -- For the six months ended February 29, 2000, the
Funds' vendors voluntarily waived fees for each of the Funds as follows
(amounts in thousands):
<TABLE>
<CAPTION>
TFI NYTFI CITF
-----------------------------------------------------------
<S> <C> <C> <C>
Investment Advisory ............ $ 82 $ 62 $ 31
Administration ................. -- -- 15
Shareholder Servicing .......... 37 56 26
Distribution ................... 67 100 26
---- ----- ----
$186 $ 218 $ 98
==== ===== ====
</TABLE>
F. Other -- Certain officers of the Trust are officers of VFD or of its
parent corporation, BISYS.
Chase provides portfolio accounting and custody services for the Funds.
Compensation for such services are presented in the Statement of Operations
as custodian fees.
3. Investment Transactions
The cost of purchases and proceeds from sales of investments (excluding
short-term investments) for the six months ended February 29, 2000, were as
follows (amounts in thousands):
<TABLE>
<CAPTION>
TFI NYTFI CITF
--------------------------------------------------------
<S> <C> <C> <C>
Purchases ................ $2,595 $14,894 $16,214
Sales .................... 7,791 25,086 16,671
</TABLE>
4. Federal Income Tax Matters
For Federal income tax purposes, the cost and unrealized appreciation/
(depreciation) in value of the investment securities at February 29, 2000, are
as follows (amounts in thousands):
<TABLE>
TFI NYTFI CITF
---------------------------------------------------------------------------
<S> <C> <C> <C>
Aggregate cost ......................... $ 62,458 $ 89,147 $19,674
-------- -------- -------
Gross unrealized appreciation.......... $ 893 $ 885 $ 200
Gross unrealized depreciation.......... (3,126) (3,233) (182)
-------- -------- -------
Net unrealized appreciation/
(depreciation) ......................... $ (2,233) $ (2,348) $ 18
======== ======== =======
</TABLE>
5. Concentration of Credit Risk
TFI, NYTFI and CITF 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. NYTFI and CITF primarily invest
in issuers in the States of New York and California, respectively. As of
February 29, 2000, TFI invested approximately 25.1% of its net assets in
25
<PAGE>
NOTES TO FINANCIAL STATEMENTS (unaudited) (continued)
issuers in New York State. The issuer's abilities to meet their obligations may
be affected by economic or political developments in a specific state or
region.
6. Trustee Compensation
The Funds have adopted an unfunded noncontributory defined benefit pension plan
covering all independent trustees of the Funds who will have served as an
independent trustee for at least five years at the time of retirement. Benefits
under this plan are based on compensation and years of service. Pension
expenses for the six months ended February 29, 2000, included in Trustees Fees
in the Statement of Operations, and accrued pension liability included in Other
Accrued Liabilities in the Statement of Assets and Liabilities were as follows
(amounts in thousands):
<TABLE>
<CAPTION>
Pension Accrued
Expenses Pension Liability
---------------------------------------------------------
<S> <C> <C>
TFI ................. $1 $ 8
NYTFI ............... 1 11
CITF ................ 1 3
</TABLE>
7. Bank Borrowings
The Funds may borrow money for temporary or emergency purposes. Any borrowings
representing more than 5% of a Fund's total assets must be repaid before the
Fund may make additional investments. The Funds have entered into an agreement,
enabling them to participate with other Chase Vista Funds in an unsecured line
of credit with a syndicate of banks, which permits borrowings up to $350
million, collectively. Interest is charged to each fund based on its borrowings
at an annual rate equal to the sum of the Federal Funds Rate plus 0.50%. The
Funds also pay a commitment fee of 0.10% per annum on the average daily amount
of the available commitment, which is allocated on a pro-rata basis to the
Funds. The commitment fee is included in Other expenses on the Statement of
Operations. Borrowings are payable on demand.
The Funds had no borrowings outstanding at February 29, 2000, nor at any time
during the six months then ended.
26
<PAGE>
- --------------------------------------------------------------------------------
CHASE VISTA FUNDS FINANCIAL HIGHLIGHTS
- --------------------------------------------------------------------------------
FINANCIAL HIGHLIGHTS (unaudited)
<TABLE>
<CAPTION>
Tax Free Income Fund
------------------------------------------------------------------
Class A
------------------------------------------------------------------
9/1/99 Year Ended August 31,
Through -----------------------------------------------------
2/29/00 1999 1998 1997 1996 1995
------- ------ ------ ------ ------ ------
<S> <C> <C> <C> <C> <C> <C>
Per share operating performance
Net asset value, beginning of period ................ $12.17 $12.89 $12.32 $11.84 $11.85 $11.70
------ ------ ------ ------ ------ ------
Income from investment operations:
Net investment income .............................. 0.28 0.56 0.56 0.58 0.58 0.58
Net gains or losses in securities (both realized and
unrealized) ........................................ (0.38) (0.72) 0.57 0.48 (0.01) 0.15
------ ------ ------ ------ ------ ------
Total from investment operations .................. (0.10) (0.16) 1.13 1.06 0.57 0.73
------ ------ ------ ------ ------ ------
Less distributions:
Dividends from net investment income ................ 0.28 0.56 0.56 0.58 0.58 0.58
Distributions from capital gains ................... 0.02 -- -- -- -- --
------ ------ ------ ------ ------ ------
Total distributions ............................... 0.30 0.56 0.56 0.58 0.58 0.58
------ ------ ------ ------ ------ ------
Net asset value, end of period ...................... $11.77 $12.17 $12.89 $12.32 $11.84 $11.85
====== ====== ====== ====== ====== ======
Total return (1) .................................... (0.87%) (1.33%) 9.38% 9.14% 4.88% 6.53%
Ratios/supplemental data:
Net assets, end of period (millions) ................ $ 51 $ 56 $ 61 $ 63 $ 70 $ 89
Ratios to average net assets:#
Expenses ........................................... 0.75% 0.75% 0.80% 0.90% 0.90% 0.85%
Net investment income .............................. 4.71% 4.41% 4.44% 4.78% 4.83% 5.07%
Expenses without waivers and assumption of
expenses ........................................... 1.39% 1.37% 1.31% 1.29% 1.46% 1.47%
Net investment income without waivers and
assumption of expenses ............................. 4.07% 3.79% 3.93% 4.39% 4.27% 4.45%
Portfolio turnover rate ............................. 4% 102% 172% 147% 210% 233%
</TABLE>
<TABLE>
<CAPTION>
Tax Free Income Fund
----------------------------------------------------------------
Class B
----------------------------------------------------------------
9/1/99 Year Ended August 31,
Through ---------------------------------------------------
2/29/00 1999 1998 1997 1996 1995
------- ------ ------ ------ ------ ------
<S> <C> <C> <C> <C> <C> <C>
Per share operating performance
Net asset value, beginning of period ................ $12.10 $12.82 $12.25 $11.76 $11.77 $11.65
------ ------ ------ ------ ------ ------
Income from investment operations:
Net investment income .............................. 0.22 0.45 0.45 0.48 0.49 0.50
Net gains or losses in securities (both realized and
unrealized) ........................................ (0.37) (0.72) 0.57 0.48 (0.01) 0.14
------ ------ ------ ------ ------ ------
Total from investment operations .................. (0.15) (0.27) 1.02 0.96 0.48 0.64
------ ------ ------ ------ ------ ------
Less distributions:
Dividends from net investment income ................ 0.22 0.45 0.45 0.47 0.49 0.52
Distributions from capital gains ................... 0.02 -- -- -- -- --
------ ------ ------ ------ ------ ------
Total distributions ............................... 0.24 0.45 0.45 0.47 0.49 0.52
------ ------ ------ ------ ------ ------
Net asset value, end of period ...................... $11.71 $12.10 $12.82 $12.25 $11.76 $11.77
====== ====== ====== ====== ====== ======
Total return (1) .................................... (1.24%) (2.23%) 8.45% 8.30% 4.10% 5.70%
Ratios/supplemental data:
Net assets, end of period (millions) ................ $ 11 $ 14 $ 15 $ 14 $ 14 $ 14
Ratios to average net assets:#
Expenses ........................................... 1.64% 1.64% 1.64% 1.64% 1.65% 1.61%
Net investment income .............................. 3.82% 3.52% 3.60% 4.04% 4.08% 4.31%
Expenses without waivers and assumption of
expenses ........................................... 1.90% 1.87% 1.81% 1.79% 1.95% 1.97%
Net investment income without waivers and
assumption of expenses ............................. 3.56% 3.29% 3.43% 3.89% 3.78% 3.95%
Portfolio turnover rate ............................. 4% 102% 172% 147% 210% 233%
===========================================================================================================================
</TABLE>
(1) Total return figures do not include the effect of any sales load.
# Short periods have been annualized.
See notes to financial statements.
27
<PAGE>
- --------------------------------------------------------------------------------
CHASE VISTA FUNDS FINANCIAL HIGHLIGHTS
- --------------------------------------------------------------------------------
FINANCIAL HIGHLIGHTS (unaudited) (continued)
<TABLE>
<CAPTION>
New York Tax Free Income Fund
-----------------------------------------------------------------
Class A
-----------------------------------------------------------------
9/1/99 Year Ended August 31,
Through ----------------------------------------------------
2/29/00 1999 1998 1997 1996 1995
------- ------ ------ ------ ------ ------
<S> <C> <C> <C> <C> <C> <C>
Per share operating performance
Net asset value, beginning of period .......... $11.36 $12.18 $11.80 $11.39 $11.47 $11.30
------- ------ ------ ------ ------ ------
Income from investment operations:
Net investment income ........................ 0.28 0.53 0.54 0.56 0.56 0.57
Net gains or losses on securities
(both realized and unrealized) ............... (0.42) (0.71) 0.50 0.43 (0.08) 0.17
------- ------ ------ ------ ------ ------
Total from investment operations ............ (0.14) (0.18) 1.04 0.99 0.48 0.74
------- ------ ------ ------ ------ ------
Less distributions:
Dividends from net investment income ......... 0.28 0.53 0.54 0.56 0.56 0.57
Distributions from capital gains ............. 0.03 0.11 0.12 0.02 -- --
------- ------ ------ ------ ------ ------
Total distributions ......................... 0.31 0.64 0.66 0.58 0.56 0.57
------- ------ ------ ------ ------ ------
Net asset value, end of period ................ $10.91 $11.36 $12.18 $11.80 $11.39 $11.47
====== ====== ====== ====== ====== ======
Total return (1) .............................. (1.31%) (1.60%) 9.03% 8.85% 4.20% 6.82%
Ratios/Supplemental Data:
Net assets, end of period (millions) .......... $ 75 $ 87 $ 111 $ 83 $ 96 $ 104
Ratios to average net assets:#
Expenses ..................................... 0.74% 0.75% 0.79% 0.90% 0.90% 0.85%
Net investment income ........................ 4.99% 4.46% 4.52% 4.77% 4.76% 5.11%
Expenses without waivers and assumption of
Expenses ..................................... 1.26% 1.20% 1.21% 1.18% 1.27% 1.37%
Net investment income without waivers and
assumption of expenses ....................... 4.47% 4.01% 4.10% 4.49% 4.39% 4.59%
Portfolio turnover rate ....................... 17% 65% 91% 107% 156% 122%
=====================================================================================================================
</TABLE>
<TABLE>
<CAPTION>
New York Tax Free Income Fund
-----------------------------------------------------------------
Class B
-----------------------------------------------------------------
9/1/99 Year Ended August 31,
Through ----------------------------------------------------
2/29/00 1999 1998 1997 1996 1995
------- ------ ------ ------ ------ ------
<S> <C> <C> <C> <C> <C> <C>
Per share operating performance
Net asset value, beginning of period .......... $11.34 $12.16 $11.76 $11.33 $11.41 $11.27
------- ------ ------ ------ ------ ------
Income from investment operations:
Net investment income ........................ 0.23 0.43 0.44 0.46 0.47 0.49
Net gains or losses on securities
(both realized and unrealized) ............... (0.43) (0.71) 0.51 0.43 (0.09) 0.16
------- ------ ------ ------ ------ ------
Total from investment operations ............ (0.20) (0.28) 0.95 0.89 0.38 0.65
------- ------ ------ ------ ------ ------
Less distributions:
Dividends from net investment income ......... 0.23 0.43 0.43 0.44 0.46 0.51
Distributions from capital gains ............. 0.03 0.11 0.12 0.02 -- --
------- ------ ------ ------ ------ ------
Total distributions ......................... 0.26 0.54 0.55 0.46 0.46 0.51
------- ------ ------ ------ ------ ------
Net asset value, end of period ................ $10.88 $11.34 $12.16 $11.76 $11.33 $11.41
====== ====== ====== ====== ====== ======
Total return (1) .............................. (1.84%) (2.47%) 8.27% 8.03% 3.46% 5.99%
Ratios/Supplemental Data:
Net assets, end of period (millions) .......... $ 13 $ 15 $ 15 $ 14 $ 14 $ 11
Ratios to average net assets:#
Expenses ..................................... 1.63% 1.64% 1.64% 1.64% 1.65% 1.61%
Net investment income ........................ 4.10% 3.58% 3.68% 4.03% 4.01% 4.35%
Expenses without waivers and assumption of
Expenses ..................................... 1.77% 1.70% 1.71% 1.68% 1.76% 1.87%
Net investment income without waivers and
assumption of expenses ....................... 3.96% 3.52% 3.61% 3.99% 3.90% 4.09%
Portfolio turnover rate ....................... 17% 65% 91% 107% 156% 122%
=====================================================================================================================
</TABLE>
(1) Total return figures do not include the effect of any sales load.
# Short periods have been annualized.
28
<PAGE>
- ------------------------------------------------------------
CHASE VISTA FUNDS FINANCIAL HIGHLIGHTS
FINANCIAL HIGHLIGHTS (unaudited) (continued)
<TABLE>
<CAPTION>
California Intermediate Tax Free Fund
----------------------------------------------
9/1/99 Year Ended August 31,
Through ----------------------------------------------
2/29/00 1999 1998 1997 1996 1995
------- ---- ---- ---- ---- ----
<S> <C> <C> <C> <C> <C> <C>
Per share operating performance
Net asset value, beginning of period ............................... $9.79 $10.29 $10.07 $9.81 $9.89 $9.69
----- ------ ------ ----- ----- -----
Income from investment operations:
Net investment income ............................................. 0.20 0.41 0.45 0.46 0.48 0.51
Net gains or losses on securities (both realized and unrealized) .. (0.08) (0.37) 0.32 0.26 0.01 0.20
----- ------ ------ ----- ----- -----
Total from investment operations ................................. 0.12 0.04 0.77 0.72 0.49 0.71
----- ------ ------ ----- ----- -----
Less distributions:
Dividends from net investment income .............................. 0.20 0.41 0.45 0.33 0.48 0.51
Distributions from capital gains .................................. 0.10 0.13 0.10 0.13 0.09 -
----- ------ ------ ----- ----- -----
Total distributions .............................................. 0.30 0.54 0.55 0.46 0.57 0.51
----- ------ ------ ----- ----- -----
Net asset value, end of period ..................................... $9.61 $ 9.79 $10.29 $10.07 $9.81 $9.89
===== ====== ====== ====== ===== =====
Total return (1) ................................................... 1.33% 0.28% 7.81% 7.46% 5.00% 7.55%
Ratios/supplemental data:
Net assets, end of period (millions) ............................... $ 20 $ 21 $ 24 $ 26 $ 28 $ 33
Ratios to average net assets:#
Expenses .......................................................... 0.60% 0.60% 0.60% 0.60% 0.60% 0.52%
Net investment income ............................................. 4.24% 3.99% 4.38% 4.65% 4.77% 5.24%
Expenses without waivers and assumption of expenses ............... 1.56% 1.46% 1.44% 1.33% 1.47% 1.40%
Net investment income without waivers and assumption of expenses .. 3.28% 3.13% 3.54% 3.92% 3.90% 4.36%
Portfolio turnover rate ............................................ 90% 111% 44% 66% 188% 94%
===================================================================================================================================
</TABLE>
(1) Total return figures do not include the effect of any sales load.
# Short periods have been annualized.
See notes to financial statements.
29
<PAGE>
CHASE VISTA TAX FREE FUNDS SEMI-ANNUAL REPORT
<TABLE>
<S> <C>
Investment Adviser, Administrator, Funds for providing investment
advisory and other services.
Shareholder and Fund Servicing
This report is submitted for
Agent and Custodian the general information of the
shareholders of the funds. It
The Chase Manhattan Bank is not authorized for
distribution to prospective
investors in the funds unless
Distributor preceded or accompanied by a
prospectus.
Vista Fund Distributors, Inc.
The financial information in
this report has been taken
Transfer Agent from the books and records of
DST Systems, Inc. the funds without examination
by independent accountants,
who express no opinion
Legal Counsel thereto.
Simpson Thacher & Bartlett
To obtain a prospectus for any
of the Chase Vista Funds, call
Independent Accountants 1-800-34-VISTA. The prospectus
PricewaterhouseCoopers LLP contains more complete
information, including charges
Chase Vista Funds are and expenses. Please read it
distributed by Vista Fund carefully before you invest or
Distributors, Inc., which is send money.
unaffiliated with The Chase
Manhattan Bank. Chase and its
respective affiliates receive
compensation from Chase Vista
[& symbol]
Copy Right The Chase Manhattan Corporation, 2000. All Rights Reserved. April 2000
</TABLE>
[CHASE LOGO]
CHASE VISTA FUNDS(SM)
Chase Vista Funds Fulfillment Center
393 Manley Street
West Bridgewater, MA 02379-1039
