EX-99.17(F) 7 a2044765zex-99_17f.txt EXHIBIT 99.17(F) -------------------------------------------------------------------------------- AUGUST 31, 2000 -------------------------------------------------------------------------------- Chase Vista Select Tax Free Funds ANNUAL REPORT SELECT TAX FREE INCOME FUND SELECT INTERMEDIATE TAX FREE INCOME FUND SELECT NEW YORK INTERMEDIATE TAX FREE INCOME FUND SELECT NEW JERSEY TAX FREE INCOME FUND [CHASE LOGO] ANSTF-2-1000 Contents Chairman's Letter 1 Chase Vista Select Tax Free Income Fund 2 Fund Commentary Chase Vista Select Intermediate Tax Free Income Fund 4 Fund Commentary Chase Vista Select New York Intermediate Tax Free Income Fund 6 Fund Commentary Chase Vista Select New Jersey Tax Free Income Fund 8 Fund Commentary Portfolio of Investments 10 Financial Statements 38 Notes to Financial Statements 42 Highlights o The yield on the average AAA-rated municipal bond rose from 5.70% on September 1, 1999 to 5.90% on February 29, 2000. A rally during the final months of the reporting year pushed the yield down to 5.50% on August 31, 2000. o Other than a bulge in new supply at the end of October 1999, there was very little new issuance during the reporting year. o With the U.S. economy slowing at the same time municipal yields became most attractive relative to other fixed income securities, cross-over buyers such as institutions and insurance companies entered the markets and led the rally at the end of the reporting year. NOT FDIC INSURED May lose value / No bank guarantee Chase Vista Select Funds are distributed by Vista Fund Distributors, Inc. -------------------------------------------------------------------------------- CHASE VISTA SELECT TAX FREE FUNDS -------------------------------------------------------------------------------- Chairman's Letter October 2, 2000 Dear Shareholder: We are pleased to present this annual report for Chase Vista Select Tax Free Funds for the year ended August 31, 2000. Inside, you will find information on the performance of each Fund along with a report from the portfolio management team. After Extended Burst of Growth, U.S. Economy Appears to Slow For the great majority of the reporting year, the United States economy continued to expand at a rapid pace, with GDP growth soaring well in excess of the 3.5% that many analysts consider to be the Federal Reserve Board's maximum non-inflationary trend rate. In response, the Fed continued its policy of short-term interest rate increases, creating a generally negative backdrop for the fixed-income markets. The exception was the long-term U.S. Treasury market, which benefited from the February announcement and subsequent implementation of a plan by the United States Treasury department to use proceeds of the budget surplus to "buy back" longer-term Treasuries. In June, with shifting economic data showing a slowing economy, investors decided that the six Fed rate increases over the previous year had begun to take effect. As evidence of a slowdown continued to arrive, the bullish view has been that the Fed would achieve another "soft landing" in which growth moderated but did not disappear. However, with several potentially troubling issues on the horizon--including the price of crude oil rising to all-time highs--investors are eagerly awaiting the upcoming third quarter GDP figures to understand the full extent of the economy's slowdown. Municipal Bonds Rally at End of Reporting Year Beyond the general issues facing the fixed-income markets, municipal bond performance was driven by a variety of factors, especially supply and demand. Specifically, there was a supply bulge at the end of October, followed by a dearth of new supply at the end of 1999 and into 2000. Despite the lack of supply, municipals generally underperformed Treasuries due to the dislocation caused by the Treasury buyback program. However, as yields on municipals became ever-more attractive, non-traditional and crossover buyers joined retail investors in the market, with the resulting demand combining with the low new supply to lead to four months of strong performance relative to other fixed- income securities at the end of the reporting period. In this environment, your portfolio managers did an excellent job, maintaining good relative performance while taking advantage of market tightness to upgrade quality and call protection, moves which were continuing to pay off as the reporting period ended. All of us at Chase thank you for your continued investment and look forward to helping you reach your financial goals for many years to come. Sincerely yours, /s/ Fergus Reid --------------- Fergus Reid Chairman 1 -------------------------------------------------------------------------------- CHASE VISTA SELECT TAX FREE INCOME FUND As of August 31, 2000 (Unaudited) -------------------------------------------------------------------------------- How the Fund Performed Chase Vista Select 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 6.11% for the year ended August 31, 2000. This compares to the 6.77% return from the Lehman Municipal Bond Index. How the Fund Was Managed As the reporting year began, the management team allowed the Fund's duration (a measure of interest-rate sensitivity) to shorten relative to its peer group, and this proved beneficial in the rising interest-rate environment of late 1999. As supply began to shrink dramatically in early 2000, the Fund performed well as the management team had built a portfolio overweight in better-structured, non-callable bonds which were attractive to corporate purchasers looking for longer-dated maturities in the wake of the U.S. Treasury's buyback program. With the ongoing dearth of new supply causing the yield differential 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 policy of focusing on high quality securities and improving security structure. Despite the low supply, some of the Fund's municipals underperformed due to the dislocation caused by the Treasury buyback program. As the reporting year progressed, the Fund's focus on high-quality, well- structured and non-callable bonds began to pay off. For instance, the Fund was able to take profits on its Puerto Rico holdings as these bonds, which enjoy special tax-free status in all 50 states, began to trade in line with California bonds given the extreme lack of California supply. At the end of the year, the Fund's strategy involved buying what little new issuance there was and selling to the retail market in specialty states which had the narrowest supply. The Fund also benefited in the final months of the reporting year by having a longer-than-benchmark duration as rates headed down. Where the Fund May Be Headed In the management team's view, the slowdown in the U.S. economy is real and this, combined with a technical downturn in Treasuries as the buyback program takes a breather until February, may create an opportunity in lower-quality, lower coupon bonds. The management team is therefore extending duration (and interest-rate sensitivity) a bit as new supply comes on the market and waiting for the moment when spreads decompress sufficiently to make it worthwhile on a yield basis to reverse the strategy that was so successful in the past reporting year. 2 CHASE VISTA SELECT TAX FREE INCOME FUND As of August 31, 2000 (Unaudited) Average Annual Total Returns
1 Year 5 Years 10 Years 6.11% 5.54% 6.90%
10-Year Performance [Begin plot points]
Chase Vista Select Lehman Muni Lipper General Muni Tax Free Income Fund Bond Index Debt Funds Avg. "8/90" 10000 10000 10000 "8/91" 11136.1 11179.7 11173.8 "8/92" 12374.8 12429.9 12477.5 "8/93" 13784.7 13902.9 13989.5 "8/94" 13847 13923.2 13824.5 "8/95" 14873.2 15158.1 14836.3 "8/96" 15643.8 15950.5 15532.5 "8/97" 16952.1 17428.3 16906.2 "8/98" 18475.6 18936.1 18291.3 "8/99" 18358.4 19030.4 17989.6 "8/00" 19480 20316 18892
[End plot points] 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. Returns include performance of a predecessor account for the period dating back to 8/31/90, prior to the Fund's commencement of operations on 1/1/97. Returns are adjusted to reflect historical expenses at the levels indicated (absent reimbursements) in the Expense Summary as disclosed in the prospectus at the Fund's commencement of operations. The account was not registered with the Securities and Exchange Commission and, therefore, was not subject to the investment restrictions imposed by law on registered mutual funds. If it had been registered, the performance may have been adversely affected. The Fund is currently waiving fees. The waiver may be terminated, which would reduce performance. The graph illustrates comparative performance of $10,000 and assumes reinvestment of all distributions. Performance of the unmanaged average and index 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 -------------------------------------------------------------------------------- CHASE VISTA SELECT INTERMEDIATE TAX FREE INCOME FUND As of August 31, 2000 (Unaudited) -------------------------------------------------------------------------------- How the Fund Performed Chase Vista Select Intermediate Tax Free Income Fund, which seeks to provide monthly dividends that are excluded from federal income tax through a portfolio of higher-quality, intermediate-term municipal bonds, had a total return of 5.54% for the year ended August 31, 2000. This compares to returns of 6.36% from the Lehman Municipal Intermediate Mutual Fund Index and 5.99% from the Lehman Municipal Bond 3-10 Year Blend Index. How the Fund Was Managed The management team took advantage of rising rates in December to lock in higher yields and effectively extend duration closer to its benchmark. This was achieved by selling securities with one- to two-year maturities and purchasing those in the six- to seven-year range. As supply began to shrink dramatically in early 2000, the Fund was underweight in bonds in the 10- to 15-year part of the curve that proved to be attractive to insurance company buyers. However, as the low supply caused the yield differential between higher- and lower-quality municipals to compress, the management team maintained its discipline, selling high yield (and hence lower quality) issues into the strong market and focusing on the value in securities with maturities in 2004-2006. Moving into the second half of the reporting year, the Fund benefited from an overweight position in New York given the low New York supply as well as an absence of BBB bonds as significant yield compression took place in bonds rated A-AAA. Taking advantage of the compression, the management team traded into General Obligation bonds with premium structures. At the end of the year, the Fund's strategy involved buying what little new issuance there was and selling to the retail market in specialty states which had the narrowest supply. The Fund also benefited in the final months of the reporting year by having a longer-than-benchmark duration as rates headed down. Where the Fund May Be Headed In the management team's view, the slowdown in the U.S. economy is real and this, combined with a technical downturn in Treasuries as the buyback program takes a breather until February, may create an opportunity in lower quality, lower coupon bonds. The management team is therefore extending duration (and interest-rate sensitivity) a bit as new supply comes on the market and waiting for the moment when spreads decompress sufficiently to make it worthwhile on a yield basis to reverse the strategy that was so successful in the past reporting year. 4 CHASE VISTA SELECT INTERMEDIATE TAX FREE INCOME FUND As of August 31, 2000 (Unaudited) Average Annual Total Returns
1 Year 5 Years 10 Years 5.54% 5.35% 6.99%
10-Year Performance [Begin plot points]
Chase Vista Select Lehman 10 Year Lehman Muni Bond Lipper Intermediate Intermediate Muni Bond 3-10 Year Bond Muni Debt Tax Free Income Fund Index Index Funds Avg. "8/90" 10000 10000 10000 10000 "8/91" 11210.1 11194.2 11045.7 10998.4 "8/92" 12473.5 12418.2 12139.2 12072.5 "8/93" 14163.8 14188.2 13321.3 13497 "8/94" 14018.6 14118.6 13509.5 13476.4 "8/95" 15136.2 15473.5 14661.8 14419.4 "8/96" 15782.7 16159.3 15256.7 14983.8 "8/97" 17030.9 17652.7 16417.1 16029.1 "8/98" 18407 19166.9 17609.7 17150 "8/99" 18618.6 19239.8 17994.2 17193 "8/00" 19650 20634 19004 18055
[End plot points] 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. Returns include performance of a predecessor account for the period dating back to 8/31/90, prior to the Fund's commencement of operations on 1/1/97. Returns are adjusted to reflect historical expenses at the levels indicated (absent reimbursements) in the Expense Summary as disclosed in the prospectus at the Fund's commencement of operations. The account was not registered with the Securities and Exchange Commission and, therefore, was not subject to the investment restrictions imposed by law on registered mutual funds. If it had been registered, the performance may have been adversely affected. The Fund is currently waiving fees. The waiver may be terminated, which would reduce performance. The graph illustrates comparative performance of $10,000 and assumes reinvestment of all distributions. Performance of the unmanaged average and indices does not include sales charges, but includes reinvestment of all distributions. Comparison of Fund performance to the Lehman Municipal Intermediate Mutual Funds Index is not presented as the Index lacks 10 years of history. The Lehman Municipal Bond 3-10 year Blend Index replicates the 3, 5, 7 and 10 year term investment grade tax-exempt bond market. The Lehman 10-Year Municipal Bond Index replicates the intermediate-term, investment grade tax-exempt bond market. The Lipper Average consists of funds that invest in intermediate 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 -------------------------------------------------------------------------------- CHASE VISTA SELECT NEW YORK INTERMEDIATE TAX FREE INCOME FUND As of August 31, 2000 (Unaudited) -------------------------------------------------------------------------------- How the Fund Performed Chase Vista Select New York Intermediate 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 6.13% for the year ended August 31, 2000. This is roughly in line with the 6.50% return from the Lehman Intermediate New York Municipal Bond Index and the 6.77% return from the Lehman Municipal Bond Index. How the Fund Was Managed The management team allowed the Fund's duration--and therefore its interest-rate sensitivity--to shorten relative to its peer group in the final months of 1999 by actively trading in the secondary market, and this proved to have a positive impact on performance in a rising-rate environment. Further, the Fund added to its high yield positions as quality spreads widened in late 1999 and also raised cash to be in a position to take advantage of values in early 2000. As 2000 began, 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- to 15-year maturity range. The Fund benefited when bonds in this portion of the yield curve subsequently became the focus of attention for non-traditional insurance buyers. As the supply drought began to take hold, the management team began to sell small pieces into the retail market, taking advantage of the strong retail bid. The high yield positions which had been purchased earlier in the reporting year, and which had benefited from yield compression, were the targets of the sales. The Fund subsequently took profits on its Puerto Rico holdings as these bonds, which enjoy special tax-free status in all 50 states, began to trade in line with California bonds given the extreme lack of California supply. With yields on bonds rated A and higher compressing dramatically, the management team took the opportunity to upgrade to AAA where possible without giving up much yield. At the end of the reporting year, the Fund's strategy involved buying what little new issuance there was and selling into the retail market where demand was highest. In one specific transaction in June, the Fund purchased a significant amount of insured school bonds at attractive levels, selling off generic lower quality bonds in the process. The Fund also benefited in the final months of the reporting year by having a longer-than-benchmark duration as rates headed down. Where the Fund May Be Headed In the management team's view, the slowdown in the U.S. economy is real and this, combined with a technical downturn in Treasuries as the buyback program takes a breather until February, may create an opportunity in lower quality, lower coupon bonds. The management team is therefore extending duration (and interest-rate sensitivity) a bit as new supply comes on the market and waiting for the moment when quality spreads decompress sufficiently to make it worthwhile on a yield basis to reverse the strategy that was so successful in the past reporting year. 6 CHASE VISTA SELECT NEW YORK INTERMEDIATE TAX FREE INCOME FUND As of August 31, 2000 (Unaudited) Average Annual Total Returns
1 Year 5 Years 10 Years 6.13% 5.42% 6.77%
10-Year Performance [Begin plot points]
Chase Vista Select Lipper New York New York Intermediate Lehman Muni Intermediate Muni Tax Free Income Fund Bond Index Debt Funds Avg. "8/90" 10000 10000 10000 "8/91" 11214.7 11179.7 10973.7 "8/92" 12532.6 12429.9 12023.9 "8/93" 13948 13902.9 13224.5 "8/94" 13865.6 13923.2 13337.9 "8/95" 14801.9 15158.1 14257.9 "8/96" 15526.4 15950.5 14767.2 "8/97" 16695 17428.3 15840.4 "8/98" 18092.3 18936.1 16933.8 "8/99" 18161.6 19030.4 16999.8 "8/00" 19259 20316 17965
[End plot points] 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. Returns include performance of a predecessor account for the period dating back to 8/31/90, prior to the Fund's commencement of operations on 1/1/97. Returns are adjusted to reflect historical expenses at the levels indicated (absent reimbursements) in the Expense Summary as disclosed in the prospectus at the Fund's commencement of operations. The account was not registered with the Securities and Exchange Commission and, therefore, was not subject to the investment restrictions imposed by law on registered mutual funds. If it had been registered, the performance may have been adversely affected. The Fund is currently waiving fees. The waiver may be terminated, which would reduce performance. The graph illustrates comparative performance of $10,000 and assumes reinvestment of all distributions. Performance of the unmanaged average and index does not include sales charges, but includes reinvestment of all distributions. Comparison of Fund performance to the Lehman Intermediate New York Municipal Bond Index is not presented as the Index lacks ten years of history. 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 intermediate 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. 7 -------------------------------------------------------------------------------- CHASE VISTA SELECT NEW JERSEY TAX FREE INCOME FUND As of August 31, 2000 (Unaudited) -------------------------------------------------------------------------------- How the Fund Performed Chase Vista Select New Jersey Tax Free Income Fund, which seeks to provide monthly dividends excluded from gross income for federal tax purposes and exempt from New Jersey personal income tax, had a total return of 6.08% for the year ended August 31, 2000. This compares to the 5.98% return from the Lehman Quality Intermediate Index and 6.77% return from the Lehman Municipal Bond Index. How the Fund Was Managed As the reporting year began, the management team allowed the Fund's duration (a measure of interest-rate sensitivity) to shorten relative to its peer group, and this proved beneficial in the rising interest rate environment of late 1999. Further, the Fund added to its high yield positions as quality spreads widened in late 1999 and also raised cash to be in a position to take advantage of values in early 2000. With cash on hand, the management team was able to make purchases when the market was illiquid in late 1999, and this subsequently proved beneficial when the market rallied in early 2000. As the supply drought began to take hold of the market, the management team began to sell small pieces into the retail market, specifically targeting high yield issues which had benefited from the sharp compression in credit-quality spreads. In the spring, the team lengthened the Fund's duration relative to its peer group, a positive performance factor, and also took profits on its Puerto Rico holdings as these bonds, which enjoy special tax-free status in all 50 states, began to trade in line with California bonds given the extreme lack of California supply. Also, in an effort to increase yield, par bonds were sold into the retail market in favor of premium structured new issues. As the year came to an end, there was hardly any new New Jersey supply, so the Fund focused on upgrading quality and increasing coupon, swapping out of the retail range (inside of 10 years) and buying securities in the 12- to 15-year range. Where the Fund May Be Headed In the management team's view, the slowdown in the U.S. economy is real and this, combined with a technical downturn in Treasuries as the buyback program takes a breather until February, may create an opportunity in lower quality, lower coupon bonds. The management team is therefore extending duration (and interest-rate sensitivity) a bit as new supply comes on the market and waiting for the moment when quality spreads decompress sufficiently to make it worthwhile on a yield basis to reverse the strategy that was so successful in the past reporting year. 8 CHASE VISTA SELECT NEW JERSEY TAX FREE INCOME FUND As of August 31, 2000 (Unaudited) Average Annual Total Returns
1 Year 5 Years 10 Years 6.08% 4.84% 6.04%
10-Year Performance [Begin plot points]
Chase Vista Select Lehman Lehman Lipper New Jersey New Jersy Muni Bond 7 Year Muni Bond Muni Debt Tax Free Income Fund Index Index Funds Avg. "8/90" 10000 10000 10000 10000 "8/91" 10945 11179.7 11087.9 11270.5 "8/92" 11990.9 12429.9 12423.3 12500.9 "8/93" 13026.1 13902.9 13543.2 14075.2 "8/94" 13215.9 13923.2 13734.4 13874.7 "8/95" 14200.3 15158.1 14942.5 14850.4 "8/96" 14764.1 15950.5 15524.6 15537.1 "8/97" 15663.8 17428.3 16733.8 16809.9 "8/98" 16888.6 18936.1 18010.8 18155.1 "8/99" 16951.7 19030.4 18280.2 17942.1 "8/00" 17981 20316 19412 18801
[End plot points] 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. Returns include performance of a predecessor account for the period dating back to 8/31/90, prior to the Fund's commencement of operations on 1/1/97. Returns are adjusted to reflect historical expenses at the levels indicated (absent reimbursements) in the Expense Summary as disclosed in the prospectus at the Fund's commencement of operations. The account was not registered with the Securities and Exchange Commission and, therefore, was not subject to the investment restrictions imposed by law on registered mutual funds. If it had been registered, the performance may have been adversely affected. The Fund is currently waiving fees. The waiver may be terminated, which would reduce performance. The graph illustrates comparative performance of $10,000 and assumes reinvestment of all distributions. Performance of the unmanaged average and indices does not include sales charges, but includes reinvestment of all distributions. Comparison of Fund performance to the Lehman Quality Intermediate Index is not presented as the Index lacks ten years of history. The Lehman Municipal Bond Index is a broad-based index that replicates the long-term, investment grade tax-exempt bond market. The Lehman 7-Year Municipal Bond Index replicates the intermediate-term, investment grade tax-exempt bond market. The Lipper Average consists of funds that invest in New Jersey 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. 9 -------------------------------------------------------------------------------- CHASE VISTA SELECT TAX FREE INCOME FUND Portfolio of Investments -------------------------------------------------------------------------------- As of August 31, 2000 (Amounts in thousands)
Principal Amount Issuer Value ------------------------------------------------------------------------------------- Long-Term Municipal Securities -- 98.3% ------------------------------------------------------------------------------------- Alabama -- 0.5% $ 4,000 Jefferson County, Alabama, Sewer, Ser. D, Warrants, Rev., 5.75%, 02/01/22 $ 4,043 Arizona -- 0.9% 5,300 Pima County, Arizona, Unified School District No. 1, Tucson, GO, 7.50%, 07/01/10 6,455 Arkansas -- 1.4% 10,000 Arkansas State, Federal Highway Grant Anticipation, Ser. A, GO, 5.25%, 08/01/05 10,376 California -- 8.2% 5,000 California State, GO, 5.75%, 05/01/30 5,152 2,000 California State, GO, 6.50%, 11/01/09 2,334 1,000 California State, Ser. B, GO, 10.00%, 08/01/02 1,108 1,000 California State, Veterans Bonds, Ser. AM, GO, 9.00%, 10/01/05 1,214 21,000 California Statewide Communities Development Authority, Sherman Oaks Project, Ser. A, Rev., 5.00%, 08/01/22 19,978 7,000 Corona, California, Public Financing Authority, Water Utility Improvements, Rev., 4.75%, 09/01/28 6,273 4,000 Los Angeles, California, Harbor Department, Rev., -, 7.60%, 10/01/18 5,021 1,235 Metropolitan Water District of Southern California, Ser. A, GO, 5.25%, 03/01/14 1,283 5,000 Metropolitan Water District of Southern California, Ser. A, Rev., 5.00%, 07/01/26 4,723 3,000 Modesto, California, Irrigation District Financing Authority, Ser. A, Rev., 6.00%, 10/01/15 3,238 9,930 Pomona, California, Unified School District, Ser. A, GO, 6.15%, 08/01/15 11,178 -------- 61,502 Colorado -- 4.8% 1,190 Adams County, Colorado, School District No. 12, GO, 6.20%, 12/15/10 1,245 1,145 Colorado Water Resources & Power Development Authority, Drinking Water, Ser. A, Rev., 5.25%, 09/01/11 1,188 1,560 Colorado Water Resources & Power Development Authority, Drinking Water, Ser. A, Rev., 5.25%, 09/01/13 1,590 14,580 Denver, Colorado, City & County Airport, Ser. A, Rev., 6.00%, 11/15/16 15,245 1,000 Douglas County, Colorado, Sales & Use Tax, Open Space, Rev., 5.35%, 10/15/14 1,014 6,000 Garfield, Pitkin & Eagle Counties, Colorado, School District No. Re 1 Roarge, GO, -, 6.60%, 06/15/04 6,502 3,050 Platte River Power Authority, Colorado, Ser. DD, Rev., 6.00%, 06/01/05 3,238 4,400 Platte River Power Authority, Colorado, Ser. DD, Rev., 6.00%, 06/01/06 4,715 1,620 Platte River Power Authority, Colorado, Ser. DD, Rev., 6.00%, 06/01/07 1,748 -------- 36,485
See notes to financial statements. 10 CHASE VISTA SELECT TAX FREE INCOME FUND Portfolio of Investments (Continued) As of August 31, 2000 (Amounts in thousands)
Principal Amount Issuer Value -------------------------------------------------------------------------------------- Long-Term Municipal Securities -- Continued -------------------------------------------------------------------------------------- Connecticut -- 0.6% $ 4,455 Connecticut State, Housing Finance Authority, Housing Mortgage Finance Program, Ser. C1, Rev., 6.60%, 11/15/23 $ 4,616 Delaware -- 0.8% 5,000 Delaware State, Economic Development Authority, Osteopathic Hospital Association of Delaware, Ser. A, Rev., -, 6.90%, 01/01/18 5,774 5 Sussex County, Delaware, Single Family Mortgage, Residential, Rev., 9.38%, 02/01/17 5 -------- 5,779 Florida -- 5.5% 3,985 Broward County, Florida, Resource Recovery, SES Broward Co. LP South Project, Rev., 7.95%, 12/01/08 4,113 2,200 Dade County, Florida, Special Obligation, Miami Beach Convention Center Project, Special Tax, -, 8.63%, 12/01/07 2,626 5,000 Daytona Beach, Florida, Water & Sewer, Ser. 1978, Rev., -, 6.75%, 11/15/07 5,285 5,000 Florida State, Board of Education, Lottery, Ser. C, Rev., 4.50%, 07/01/18 4,379 3,000 Florida State, Division of Bond Finance Dept., General Services, Department of Environmental Protection, Preservation 2000, Ser. A, Rev., 5.38%, 07/01/11 3,134 3,670 Greater Orlando Aviation Authority, Orlando, Florida, Airport Facilities, Ser. A, Rev., 6.50%, 10/01/12 3,865 3,205 Hillsborough County, Florida, Aviation Authority, Tampa International Airport, Ser. B, Rev., 6.00%, 10/01/18 3,464 3,800 Lakeland, Florida, Electric & Water, First Lien, Ser. B, Rev., 6.05%, 10/01/14 4,167 1,295 Orange County, Florida, Health Facilities Authority, Ser. A, Rev., 6.25%, 10/01/12 1,447 3,130 Orange County, Florida, Health Facilities Authority, Ser. A, Rev., -, 6.25%, 10/01/12 3,506 680 Orange County, Florida, Health Facilities Authority, Ser. C, Rev., 6.25%, 10/01/12 760 1,630 Orange County, Florida, Health Facilities Authority, Ser. C, Rev., -, 6.25%, 10/01/12 1,826 3,000 Orange County, Florida, Tourist Development, Ser. A, Rev., 6.50%, 10/01/10 3,171 -------- 41,743 Georgia -- 6.9% 5,000 Burke County, Georgia, Development Authority PCR, Oglethorpe Power Co., Rev., -, 8.00%, 01/01/03 5,534 10,000 Dalton, Georgia, Development Authority, Rev., 5.50%, 08/15/26 10,013 7,645 De Kalb County, Georgia, Housing Authority, Apartment Development, Fox Hollow Apartments, Rev., -, 7.00%, 05/15/07 8,641 7,000 Georgia Municipal Electric Authority, Power, Ser. Z, Rev., 5.50%, 01/01/20 7,128 15 Georgia State, Residential Finance Authority, Single Family Mortgage, Ser. A, Rev., 8.40%, 12/01/18 15
See notes to financial statements. 11 CHASE VISTA SELECT TAX FREE INCOME FUND Portfolio of Investments (Continued) As of August 31, 2000 (Amounts in thousands)
Principal Amount Issuer Value ---------------------------------------------------------------------------------------- Long-Term Municipal Securities -- Continued ---------------------------------------------------------------------------------------- Georgia -- Continued $ 5,000 Metropolitan Atlanta Rapid Transit Authority, Georgia, Sales Tax, Second Indenture, Ser. A, Rev., -, 6.90%, 07/01/04 $ 5,518 10,485 Metropolitan Atlanta Rapid Transit Authority, Georgia, Sales Tax, Ser. P, Rev., 6.25%, 07/01/20 11,602 3,110 Savannah, Georgia, Economic Development Authority, College of Art & Design Inc. Project, Rev., 6.60%, 10/01/15 3,207 -------- 51,658 Hawaii -- 0.8% 5,000 Honolulu, Hawaii, City & County, Ser. A, GO, 7.35%, 07/01/08 5,831 Illinois -- 1.4% 3,990 Cook County, Illinois, Community High School District No. 219, Niles Township, GO, 8.00%, 12/01/15 5,136 862 Illinois Health Facilities Authority, Ser. A, Rev., -, 7.90%, 08/15/03 921 1,363 Illinois Health Facilities Authority, Ser. A, Rev., 7.90%, 08/15/03 1,367 3,250 Illinois Housing Development Authority, Multi-Family Housing, Ser. 1991-A, Rev., 8.25%, 07/01/16 3,390 -------- 10,814 Indiana -- 1.2% 9,615 Indianapolis, Indiana, Airport Authority, Special Facilities, United Airlines Project, Ser. A, Rev., 6.50%, 11/15/31 9,206 Kentucky -- 1.2% 8,000 Louisville & Jefferson County, Kentucky, Metropolitan Sewer District, Sewer & Drain System, Ser. A, Rev., -, 6.50%, 11/15/04 8,768 Louisiana -- 1.3% 2,000 Orleans Parish, Louisiana, School Board, Defeased, Rev., -, 8.85%, 02/01/06 2,410 2,000 Orleans Parish, Louisiana, School Board, Defeased, Rev., -, 8.90%, 02/01/07 2,473 4,000 Orleans Parish, Louisiana, School Board, GO, -, 7.50%, 09/01/05 4,534 -------- 9,417 Massachusetts -- 3.7% 3,500 Chelsea, Massachusetts, School Project Loan Act of 1948, GO, -, 6.50%, 06/15/04 3,817 2,750 Haverhill, Massachusetts, Unlimited Tax, Ser. A, GO, -, 7.00%, 06/15/02 2,927 10,000 Massachusetts State, Consolidated Loan, Ser. C, GO, 5.25%, 08/01/17 9,977 9,000 Massachusetts State, Port Authority, Ser. B, Rev., 5.50%, 07/01/13 9,136 2,015 South Essex, Massachusetts, Sewer District, Ser. B, GO, -, 6.75%, 06/01/04 2,213 -------- 28,070
See notes to financial statements. 12 CHASE VISTA SELECT TAX FREE INCOME FUND Portfolio of Investments (Continued) As of August 31, 2000 (Amounts in thousands)
Principal Amount Issuer Value ----------------------------------------------------------------------------------- Long-Term Municipal Securities -- Continued ----------------------------------------------------------------------------------- Montana --0.9% $ 2,320 Montana State, Long-Range Building Program, Ser. B, GO, 4.50%, 08/01/15 $ 2,121 2,435 Montana State, Long-Range Building Program, Ser. B, GO, 4.50%, 08/01/16 2,200 2,555 Montana State, Long-Range Building Program, Ser. B, GO, 4.50%, 08/01/17 2,286 ------ 6,607 New Jersey --3.5% 4,200 Freehold, New Jersey, Regional High School, GO, 5.60%, 03/01/16 4,345 5,215 New Jersey Economic Development Authority, Educational Testing Service, Ser. B, Rev., -, 6.25%, 05/15/05 5,692 1,500 New Jersey Sports & Exposition Authority, Rev., -, 8.30%, 01/01/03 1,629 565 New Jersey Sports & Exposition Authority, Ser. A, Rev., -, 6.50%, 03/01/02 593 2,905 New Jersey Sports & Exposition Authority, Ser. A, Rev., 6.50%, 03/01/19 3,034 5,000 New Jersey State, Highway Authority, Garden State Parkway, Rev., 6.20%, 01/01/10 5,557 5,000 New Jersey State, Transportation Trust Fund Authority, Transportation Systems, Ser. B, Rev., 6.50%, 06/15/10 5,703 ------ 26,553 New York -- 28.3% 5,000 Long Island Power Authority, New York, Electric Systems, Ser. A, Rev., 5.50%, 12/01/29 4,872 6,000 Municipal Assistance Corp. for New York City, Ser. G, Rev., 6.00%, 07/01/05 6,397 3,000 Nassau County, New York, IDA, Civic Facility, Hofstra University Project, Rev., -, 6.75%, 08/01/01 3,125 3,500 New York City, New York, IDA, IDR, Brooklyn Navy Yard Cogen Partners Project, Rev., 6.20%, 10/01/22 3,507 5,000 New York City, New York, IDA, Special Facilities, British Airways PLC Project, Rev., 5.25%, 12/01/32 4,300 8,250 New York City, New York, Municipal Water Finance Authority, Water & Sewer Systems, Ser. A, Rev., 5.50%, 06/15/23 8,165 5,000 New York City, New York, Municipal Water Finance Authority, Water & Sewer Systems, Ser. B, Rev., 6.00%, 06/15/33 5,193 2,000 New York City, New York, Ser. A, GO, 5.38%, 08/01/15 2,001 12,000 New York City, New York, Ser. A, GO, 6.25%, 08/01/08 13,055 4,000 New York City, New York, Ser. B, GO, 6.50%, 08/15/10 4,550 10,000 New York City, New York, Ser. F, GO, 5.38%, 08/01/09 10,487 8,000 New York City, New York, Transitional Finance Authority, Future Tax Secured, Ser. C, Rev., 5.50%, 11/01/24 7,904 9,000 New York City, New York, Transitional Finance Authority, Future Tax Secured, Ser. C, Rev., 5.50%, 11/01/29 8,833 2,160 New York State, Dorm Authority, City University System, 3rd General Reserve, Ser. 2, Rev., 5.00%, 07/01/18 2,059 5,000 New York State, Dorm Authority, City University System, Ser. A, Rev., 5.75%, 07/01/13 5,362
See notes to financial statements. 13 CHASE VISTA SELECT TAX FREE INCOME FUND Portfolio of Investments (Continued) As of August 31, 2000 (Amounts in thousands)
Principal Amount Issuer Value -------------------------------------------------------------------------------------- Long-Term Municipal Securities -- Continued -------------------------------------------------------------------------------------- New York -- Continued $ 2,000 New York State, Dorm Authority, Pratt Institute, Rev., 6.00%, 07/01/28 $ 2,054 4,500 New York State, Dorm Authority, University of Rochester, Ser. A, Rev., 6.40%, 07/01/13 4,809 6,000 New York State, Energy Research & Development Authority, PCR, Niagara Mohawk Power Corp., Ser. A, Rev., 7.20%, 07/01/29 6,558 2,000 New York State, Environmental Facilities Corp., PCR, Ser. B, Rev., 7.10%, 09/15/11 2,044 2,650 New York State, Environmental Facilities Corp., PCR, Ser. D, Rev., 6.85%, 11/15/11 2,907 4,100 New York State, GO, -, 6.30%, 09/15/02 4,336 3,000 New York State, GO, Ser. B, 6.25%, 08/15/05 3,231 16,000 New York State, GO, Ser. F, 5.25%, 09/15/10 16,567 475 New York State, Housing Finance Agency, Health Facilities, Monroe County, Ser. A, Rev., 7.63%, 05/01/05 487 4,000 New York State, Housing Finance Agency, State University Construction, Ser. A, Rev., -, 7.90%, 11/01/06 4,465 5,500 New York State, Local Government Assistance Corp., Ser. C, Rev., -, 7.00%, 04/01/01 5,695 2,780 New York State, Medical Care Facilities Finance Agency, Hospital and Nursing Home, Ser. C, Rev., -, 6.25%, 08/15/02 2,969 2,000 New York State, Medical Care Facilities Finance Agency, Special Obligation, Mental Health Services Improvement Facilities, Ser. A, Rev., -, 8.30%, 05/01/04 2,243 10,155 New York State, Mortgage Agency, Homeowner Mortgage, Ser. 85, Rev., 5.70%, 10/01/17 10,265 5,500 New York State, Thruway Authority, Ser. C, Rev., -, 6.00%, 01/01/05 5,934 2,500 New York State, Urban Development Corp., Correctional Capital Facilities, Rev., 5.70%, 01/01/27 2,520 6,270 Port Authority of New York & New Jersey, Consolidated Bonds 78th Ser., Rev., 6.50%, 04/15/11 6,509 16,000 Port Authority of New York & New Jersey, Consolidated Bonds 93rd Ser., Rev., 6.13%, 06/01/94 17,292 4,000 Port Authority of New York & New Jersey, Consolidated Bonds 109th Ser., Rev., 5.38%, 01/15/32 3,896 10,000 Port Authority of New York & New Jersey, Consolidated Bonds 114th Ser., Rev., 4.75%, 08/01/33 8,701 9,000 Triborough Bridge & Tunnel Authority, New York, Convention Center Project, Ser. E, Rev., @, 7.25%, 01/01/10 10,183 ------- 213,475 North Dakota -- 0.8% 5,000 Mercer County, North Dakota, PCR, Antelope Valley Station, Rev., 7.20%, 06/30/13 5,932 Ohio -- 2.5% 7,000 Cleveland, Ohio, Public Power System, First Mortgage, Ser. A, Rev., -, 7.00%, 11/15/04 7,805 2,000 Dublin, Ohio, Refunding & Public Improvement, Ser. A, GO, 5.25%, 12/01/14 2,022 4,000 Ohio State, Higher Education Facilities, Ser. A, GO, 5.25%, 02/01/12 4,098
See notes to financial statements. 14 CHASE VISTA SELECT TAX FREE INCOME FUND Portfolio of Investments (Continued) As of August 31, 2000 (Amounts in thousands)
Principal Amount Issuer Value --------------------------------------------------------------------------------------- Long-Term Municipal Securities -- Continued --------------------------------------------------------------------------------------- Ohio -- Continued $ 4,850 Ohio State, Public Facilities Commission, Higher Education Capital Facilities, Ser. II-C, Rev., 4.38%, 06/01/11 $ 4,563 -------- 18,488 Oklahoma -- 1.7% 7,500 Oklahoma State, Turnpike Authority, Second Ser., Ser. A, Rev., 5.25%, 01/01/13 7,621 5,000 Tulsa, Oklahoma, Metropolitan Utility Authority, Rev., 5.75%, 09/01/19 5,078 -------- 12,699 Oregon -- 3.9% 5,780 Oregon State, Higher Education Building, Ser. A, GO, -, 6.45%, 08/01/04 6,253 2,300 Portland, Oregon, Sewer Systems, Ser. A, Rev., 5.00%, 06/01/14 2,275 11,565 Portland, Oregon, Sewer Systems, Ser. A, Rev., 5.00%, 06/01/15 11,363 4,000 Salem, Oregon, Hospital Facilities Authority, Salem Hospital, Rev., 5.25%, 08/15/14 3,953 5,000 Washington County, Oregon, Sewer Agency, Senior Lien, Ser. A, Rev., 5.75%, 10/01/10 5,405 -------- 29,249 Pennsylvania -- 3.6% 2,255 Allegheny County, Pennsylvania, Hospital Development Authority, South Hills Health, Ser. B, Rev., 6.75%, 05/01/25 2,326 1,000 Allegheny County, Pennsylvania, IDA, Health Care Facilities, Presbyterian Senior Care, Rev., 5.75%, 01/01/23 816 3,190 Carbon County, Pennsylvania, IDA, Panther Creek Partners Project, Rev., 6.65%, 05/01/10 3,232 20,500 Delaware Valley, Pennsylvania, Regional Finance Authority, Local Government, Ser. A, Rev., 5.50%, 08/01/28 20,423 -------- 26,797 Puerto Rico -- 5.8% 5,655 Puerto Rico Commonwealth, GO, 6.00%, 07/01/16 6,222 4,000 Puerto Rico Commonwealth, Highway & Transportation Authority, Ser. B, Rev., 6.00%, 07/01/39 4,210 1,500 Puerto Rico Commonwealth, Highway & Transportation Authority, Ser. T, Rev., -, 6.63%, 07/01/02 1,589 8,000 Puerto Rico Electric Power Authority, Ser. HH, Rev., 5.25%, 07/01/29 7,791 5,000 Puerto Rico Electric Power Authority, Ser. Y, Rev., 7.00%, 07/01/07 5,788 14,500 Puerto Rico Municipal Finance Agency, Ser. A, GO, 5.00%, 08/01/01 14,602 3,000 Puerto Rico Public Buildings Authority, Government Facilities, Ser. A, Rev., 6.25%, 07/01/11 3,399 -------- 43,601 South Carolina -- 1.4% 6,000 Richland County, South Carolina, School District No. 1, GO, 4.63%, 03/01/22 5,227
See notes to financial statements. 15 CHASE VISTA SELECT TAX FREE INCOME FUND Portfolio of Investments (Continued) As of August 31, 2000 (Amounts in thousands)
Principal Amount Issuer Value ------------------------------------------------------------------------------------- Long-Term Municipal Securities -- Continued ------------------------------------------------------------------------------------- South Carolina -- Continued $ 5,000 South Carolina State, Public Service Authority, Ser. A, Rev., 6.25%, 01/01/22 $ 5,273 -------- 10,500 South Dakota -- 0.5% 3,000 Heartland Consumers Power District, Rev., -, 7.00%, 01/01/16 3,445 365 South Dakota State, Building Authority, Rev., -, 10.50%, 09/01/00 365 -------- 3,810 Tennessee -- 0.7% 3,000 Knox County, Tennessee, Health, Educational & Housing Facilities Board, University Health Systems Inc., Rev., 5.63%, 04/01/29 2,545 3,000 Metropolitan Government of Nashville & Davidson Counties, Tennessee, Water & Sewer, Rev., 5.20%, 01/01/13 3,046 -------- 5,591 Texas -- 5.4% 6,500 Austin, Texas, Utility System, Rev., 6.00%, 11/15/13 7,083 2,000 Austin, Texas, Utility System, Ser. A, Rev., -, 8.00%, 05/15/01 2,051 7,000 Dallas-Fort Worth, Texas, International Airport Facilities Improvement Corp., American Airlines Inc., Rev., 6.38%, 05/01/35 6,843 2,115 Dallas-Fort Worth, Texas, Regional Airport, Ser. A, 7.38%, 11/01/08 2,348 2,945 Dallas-Fort Worth, Texas, Regional Airport, Ser. A, 7.38%, 11/01/09 3,270 2,000 Dallas-Fort Worth, Texas, Regional Airport, Ser. A, 7.38%, 11/01/11 2,210 2,500 Houston, Texas, Water Conveyance System, Ser. F, COP, 7.20%, 12/15/05 2,788 2,000 Houston, Texas, Water Conveyance System, Ser. F, COP, 7.20%, 12/15/06 2,264 1,000 Klein, Texas, Independent School District, Ser. A, GO, 5.00%, 08/01/16 968 2,400 Klein, Texas, Independent School District, Ser. A, GO, 5.00%, 08/01/17 2,299 8,500 Texas Water Development Board, State Revolving Fund, Senior Lien, Ser. B, Rev., 5.13%, 07/15/18 8,186 -------- 40,310 Utah -- 0.1% 1,000 Sevier County, Utah, Sevier School District, GO, -, 9.20%, 05/01/03 1,120 ------------------------------------------------------------------------------------- Total Long-Term Municipal Securities 739,495 (Cost $721,973) Short-Term Investments -- 0.6% ------------------------------------------------------------------------------------- Municipal Securities -- 0.6% ---------------------------- California -- 0.2% 200 California PCFA, Resource Recovery, OMS Equity Stanislaus Project, Rev., FRDO, 3.45%, 09/01/00 200
See notes to financial statements. 16 CHASE VISTA SELECT TAX FREE INCOME FUND Portfolio of Investments (Continued) As of August 31, 2000 (Amounts in thousands)
Principal Amount Issuer Value ----------------------------------------------------------------------------------------- Short-Term Investments -- Continued ----------------------------------------------------------------------------------------- California -- Continued $ 300 Chula Vista, California, IDR, San Diego Gas, Ser. A, Rev., FRDO, 3.35%, 09/01/00 $ 300 800 Irvine Ranch, California, Water District, Capital Improvement Project, COP, FRDO, 3.35%, 09/01/00 800 100 Irvine Ranch, California, Water District, Consolidated Bonds, Rev., FRDO, 3.60%, 09/01/00 100 100 Irvine Ranch, California, Water District, District No. 105, 140, 240 & 250, GO, FRDO, 3.35%, 09/01/00 100 100 Irvine Ranch, California, Water District, District No. 182, Ser. A, GO, FRDO, 3.35%, 09/01/00 100 -------- 1,600 New York -- 0.4% 700 New York City, New York, Ser. B, Sub. Ser. B-7, GO, FRDO, 4.15%, 09/01/00 700 600 Port Authority of New York & New Jersey, Special Obligation, Versatile Structure Obligation, Ser. 2, Rev., FRDO, 4.05%, 09/01/00 600 1,950 Port Authority of New York & New Jersey, Special Obligation, Versatile Structure Obligation, Ser. 6, Rev., FRDO, 4.15%, 09/01/00 1,950 -------- 3,250 ----------------------------------------------------------------------------------------- Total Municipal Securities 4,850 (Cost $4,850) ----------------------------------------------------------------------- Shares Money Market Funds -- 0.0% -------------------------- 168 Provident Municipal Cash Money Market Fund 168 54 Provident Municipal Money Market Fund 54 ----------------------------------------------------------------------- Total Money Market Funds 222 (Cost $222) ----------------------------------------------------------------------------------------- Total Short-Term Investments 5,072 (Cost $5,072) ----------------------------------------------------------------------------------------- Total Investments -- 98.9% $744,567 (Cost $727,045) -----------------------------------------------------------------------------------------
Notional Number Original Value at Unrealized of Expiration Notional 08/31/00 Appreciation Contracts Description Date Value (USD) (USD) (USD) ----------------------------------------------------------------------------------------- Long Futures Outstanding -------------------------- December, 350 U.S. Treasury Bonds 2000 $34,877 $35,153 $276
See notes to financial statements. 17 -------------------------------------------------------------------------------- CHASE VISTA SELECT INTERMEDIATE TAX FREE INCOME FUND Portfolio of Investments -------------------------------------------------------------------------------- As of August 31, 2000 (Amounts in thousands)
Principal Amount Issuer Value ------------------------------------------------------------------------------------- Long-Term Municipal Securities -- 99.6% ------------------------------------------------------------------------------------- Alabama -- 1.3% $ 7,650 Alabama State, Ser. A, GO, 5.50%, 10/01/02 $ 7,815 1,000 Shelby County, Alabama, Board of Education, Capital Outlay School Warrants, 5.70%, 02/01/09 1,054 -------- 8,869 Arizona -- 0.9% 2,300 Maricopa County, Arizona, School District No. 4, Mesa, Ser. E, GO, -, 5.40%, 07/01/02 2,386 3,675 Maricopa County, Arizona, Unified High School District No. 210, Phoenix, Project of 1995, Ser. B, GO, -, 5.50%, 07/01/06 3,892 -------- 6,278 California -- 0.8% 5,000 Los Angeles County, California, Public Works Financing Authority, Regional Park & Open Space District, Ser. A, Rev., -, @, 6.00%, 10/01/04 5,448 Colorado -- 1.3% 4,370 Colorado Department of Transportation, Rev., RAN, 6.00%, 06/15/08 4,746 4,000 Eagle, Garfield & Routt Counties, Colorado, School District No. Re 50J, GO, -, 6.13%, 12/01/04 4,328 -------- 9,074 Connecticut -- 0.7% 4,735 Connecticut State, Special Tax Obligation, Transportation Infrastructure, Ser. A, Rev., 5.40%, 06/01/09 4,929 Delaware -- 0.5% 3,000 Delaware Transportation Authority, Transportation System, Rev., 6.00%, 07/01/05 3,188 Florida -- 1.9% 2,000 Dade County, Florida, Aviation, Ser. B, Rev., 6.40%, 10/01/06 2,165 1,725 Florida State, Board of Education, Capital Outlay, Public Education, Ser. A, GO, +, 5.00%, 06/01/06 1,768 2,000 Florida State, Board of Education, Capital Outlay, Public Education, Ser. A, GO, 5.00%, 06/01/07 2,051 2,675 Florida State, Broward County Expressway Authority, Ser. A, GO, 6.50%, 07/01/03 2,679 2,000 Florida State, Department of Corrections, Okeechobee Correctional, COP, 6.00%, 03/01/08 2,140 2,350 Miami-Dade County, Florida, Aviation, Ser. A, Rev., 5.25%, 10/01/07 2,417 -------- 13,220 Georgia -- 1.9% 5,000 Georgia Municipal Electric Authority, Ser. DD, Rev., *, 7.00%, 01/01/08 5,683 3,300 Henry County, Georgia, School District, GO, 5.75%, 08/01/06 3,510 3,700 Metropolitan Atlanta Rapid Transit Authority, Georgia, Sales Tax, Second Indenture, Ser. A, Rev., -, 6.90%, 07/01/04 4,083 -------- 13,276
See notes to financial statements. 18 CHASE VISTA SELECT INTERMEDIATE TAX FREE INCOME FUND Portfolio of Investments (Continued) As of August 31, 2000 (Amounts in thousands)
Principal Amount Issuer Value -------------------------------------------------------------------------------------- Long-Term Municipal Securities -- Continued -------------------------------------------------------------------------------------- Hawaii -- 1.0% $ 4,405 Hawaii State, Ser. CK, GO, -, 5.25%, 09/01/05 $ 4,557 2,000 Honolulu, Hawaii, City & County, Ser. A, GO, 7.35%, 07/01/06 2,272 -------- 6,829 Illinois -- 9.1% 1,500 Chicago, Illinois, Metropolitan Water Reclamation District, Greater Chicago, Capital Improvement Bonds, GO, -, 7.00%, 01/01/08 1,711 5,000 Chicago, Illinois, Metropolitan Water Reclamation District, Greater Chicago, GO, 5.50%, 12/01/08 5,278 10,025 Chicago, Illinois, Metropolitan Water Reclamation District, Greater Chicago, GO, 5.50%, 12/01/09 10,597 7,200 Chicago, Illinois, Metropolitan Water Reclamation District, Greater Chicago, GO, 5.95%, 12/01/07 7,781 3,000 Chicago, Illinois, O'Hare International Airport, General Airport, Second Lien, Ser. A, Rev., 6.75%, 01/01/06 3,294 6,055 Chicago, Illinois, O'Hare International Airport, Passenger Facilities Charge, Ser. A, Rev., 5.38%, 01/01/07 6,283 1,810 Illinois State, 1st Ser., GO, 5.25%, 08/01/05 1,864 2,565 Illinois State, 1st Ser., GO, 5.50%, 08/01/06 2,683 4,000 Illinois State, 1st Ser., GO, 5.50%, 08/01/07 4,199 5,485 Illinois State, GO, 5.25%, 04/01/04 5,618 2,000 Illinois State, GO, 5.25%, 06/01/10 2,069 1,320 Illinois State, GO, 5.50%, 08/01/06 1,380 10,000 Illinois State, GO, 5.50%, 04/01/10 10,510 -------- 63,267 Indiana -- 3.2% 2,600 Indiana Municipal Power Agency, Power Supply Systems, Ser. B, Rev., 5.63%, 01/01/05 2,704 5,500 Indiana Municipal Power Agency, Power Supply Systems, Ser. B, Rev., 5.80%, 01/01/08 5,854 2,485 Indiana State, Office Building Commission Facilities, Ser. A, Rev., 5.00%, 07/01/04 2,524 7,315 Indianapolis, Indiana, Gas Utility, Distribution Systems, Ser. A, Rev., 5.75%, 08/15/08 7,805 3,000 Indianapolis, Indiana, Local Public Improvements Bond Bank, Ser. A, Rev., 6.50%, 01/01/08 3,320 -------- 22,207 Kansas -- 0.3% 2,175 Kansas State, Department of Transportation, Highway, Rev., 5.00%, 09/01/03 2,212 Kentucky -- 0.1% 440 Owensboro, Kentucky, Electric Light & Power, Rev., -, 10.50%, 01/01/04 470 Louisiana -- 0.5% 3,500 Lake Charles, Louisiana, Harbor & Terminal District, Reynolds Metals Co. Project, Rev., 5.50%, 05/01/06 3,523 Maryland -- 4.4% 3,335 Maryland State, Stadium Authority, Rev., 5.75%, 12/15/08 3,529 3,535 Maryland State, Stadium Authority, Rev., 5.80%, 12/15/09 3,741
See notes to financial statements. 19 CHASE VISTA SELECT INTERMEDIATE TAX FREE INCOME FUND Portfolio of Investments (Continued) As of August 31, 2000 (Amounts in thousands)
Principal Amount Issuer Value -------------------------------------------------------------------------------------- Long-Term Municipal Securities -- Continued -------------------------------------------------------------------------------------- Maryland -- Continued $15,640 Maryland State, State & Local Facilities Loan, Third Ser., GO, 5.80%, 10/15/08 $16,560 6,500 Maryland State, Transportation Authority, Transportation Facilities Project, Rev., 5.80%, 07/01/06 6,915 ------- 30,745 Massachusetts -- 3.9% 5,000 Chelsea, Massachusetts, School Project Loan Act of 1948, GO, -, 5.90%, 06/15/04 5,349 5,000 Massachusetts State, Consolidated Loan, Ser. A, GO, 5.75%, 02/01/08 5,358 3,000 Massachusetts State, Housing Finance Agency, Residential Development, Ser. C, Rev., 6.45%, 05/15/04 3,128 10,000 Massachusetts State, Turnpike Authority, Ser. A, Rev., -, 5.00%, 01/01/13 10,027 1,980 Southeastern Massachusetts University Building Authority Project, Ser. A, Rev., 5.90%, 05/01/09 2,109 1,000 Southeastern Massachusetts University, Building Authority Project, Ser. A, Rev., 5.90%, 05/01/10 1,062 ------- 27,033 Michigan -- 3.2% 4,000 Michigan State, Trunk Line, Ser. A, Rev., 5.25%, 11/01/15 4,025 3,565 Michigan State, Underground Storage Tank Financial Assurance Authority, Ser. I, Rev., 5.75%, 05/01/10 3,746 10,000 Wayne Charter County, Michigan, Airport, Ser. A, Rev., 5.25%, 12/01/06 10,272 3,780 Wayne Charter County, Michigan, Airport, Ser. A, Rev., 5.50%, 12/01/07 3,933 ------- 21,976 Minnesota -- 0.7% 5,000 Minnesota State, GO, -, 6.00%, 08/01/02 5,151 Mississippi -- 0.6% 4,000 Mississippi State, Capital Improvements Issue, Ser. I, GO, 5.50%, 11/01/06 4,195 Nebraska -- 2.0% 2,635 American Public Energy Agency, Nebraska, Gas Supply, Public Gas Agency Project, Ser. A, Rev., 5.25%, 06/01/11 2,460 11,000 Omaha Public Power District, Nebraska, Electric, Ser. C, Rev., *, 5.40%, 02/01/08 11,490 ------- 13,950 Nevada -- 2.7% 2,415 Henderson, Nevada, Water & Sewer, Ser. A, GO, 5.50%, 09/01/08 2,538 1,000 Nevada State, GO, 6.75%, 07/01/03 1,012 5,390 Nevada State, GO, Ser. A, 5.00%, 07/01/10 5,447 5,000 Nevada State, GO, Ser. A, 5.60%, 07/15/06 5,211 2,000 Nevada State, GO, Ser. C, 6.50%, 05/01/05 2,159 1,000 Nevada State, Municipal Bond Bank, GO, -, 7.20%, 11/01/04 1,025 1,000 Nevada State, Municipal Bond Bank, Project No. 20-23A, GO, -, 7.20%, 07/01/02 1,007 ------- 18,399
See notes to financial statements. 20 CHASE VISTA SELECT INTERMEDIATE TAX FREE INCOME FUND Portfolio of Investments (Continued) As of August 31, 2000 (Amounts in thousands)
Principal Amount Issuer Value --------------------------------------------------------------------------------- Long-Term Municipal Securities -- Continued --------------------------------------------------------------------------------- New Jersey -- 12.8% $ 3,245 Elizabeth, New Jersey, GO, 6.25%, 08/15/08 $ 3,526 10,000 New Jersey Building Authority, State Building, Rev., 5.75%, 06/15/09 10,762 955 New Jersey Economic Development Authority, Market Transition Facility, Senior Lien, Ser. A, Rev., 5.80%, 07/01/08 1,010 8,800 New Jersey Economic Development Authority, Market Transition Facility, Senior Lien, Ser. A, Rev., 5.80%, 07/01/09 9,289 7,000 New Jersey State, Transportation Trust Fund Authority, Ser. B, Rev., 5.50%, 06/15/09 7,338 3,660 New Jersey State, Transportation Trust Fund Authority, Transportation Systems, Ser. A, Rev., 5.75%, 06/15/15 3,885 4,190 New Jersey State, Turnpike Authority, Rev., -, 5.70%, 05/01/13 4,391 575 New Jersey State, Turnpike Authority, Rev., -, 10.38%, 01/01/03 620 10,215 New Jersey State, Turnpike Authority, Ser. A, Rev., 5.50%, 01/01/08 10,788 10,000 New Jersey State, Turnpike Authority, Ser. A, Rev., 5.75%, 01/01/10 10,792 4,175 New Jersey State, Turnpike Authority, Ser. G, Rev., -, 5.75%, 01/01/09 4,367 2,545 New Jersey Wastewater Treatment Trust, Ser. A, Rev., 7.00%, 05/15/06 2,859 2,910 New Jersey Wastewater Treatment Trust, Ser. A, Rev., 7.00%, 05/15/08 3,357 3,120 New Jersey Wastewater Treatment Trust, Ser. A, Rev., 7.00%, 05/15/09 3,642 4,995 New Jersey Wastewater Treatment Trust, Ser. C, Rev., 6.25%, 05/15/05 5,366 5,520 New Jersey Wastewater Treatment Trust, Ser. C, Rev., 6.88%, 06/15/07 6,241 -------- 88,233 New Mexico -- 0.3% 2,075 Gallup, New Mexico, PCR, Plains Electric Generation, Rev., 6.40%, 08/15/05 2,176 New York -- 11.9% 4,000 Long Island Power Authority, New York, Electric Systems, Ser. A, Rev., 5.50%, 12/01/08 4,222 500 Long Island Power Authority, New York, Electric Systems, Ser. A, Rev., 5.50%, 12/01/13 524 2,500 Long Island Power Authority, New York, Electric Systems, Ser. A, Rev., 6.00%, 12/01/07 2,710 2,000 New York City, New York, IDA, Special Facilities, Terminal One Group Association Project, Rev., 5.50%, 01/01/02 2,022 155 New York State, Dorm Authority, Pooled Capital Program, Rev., -, 7.80%, 12/01/05 158 770 New York State, Dorm Authority, St. John's University, Rev., 6.70%, 07/01/04 799 5,500 New York State, Dorm Authority, State University Educational Facilities, Rev., 5.50%, 05/15/06 5,731
See notes to financial statements. 21 CHASE VISTA SELECT INTERMEDIATE TAX FREE INCOME FUND Portfolio of Investments (Continued) As of August 31, 2000 (Amounts in thousands)
Principal Amount Issuer Value ---------------------------------------------------------------------------------- Long-Term Municipal Securities -- Continued ---------------------------------------------------------------------------------- New York -- Continued $ 2,800 New York State, Dorm Authority, State University Educational Facilities, Ser. A, Rev., 5.50%, 05/15/06 $ 2,918 5,525 New York State, Dorm Authority, State University Educational Facilities, Ser. A, Rev., 5.50%, 05/15/13 5,794 1,200 New York State, Environmental Facilities Corp., PCR, State Water Revolving Fund, Ser. D, Rev., 6.55%, 03/15/08 1,237 4,915 New York State, Housing Finance Agency, Housing Project Mortgage, Ser. A, Rev., 5.40%, 11/01/05 5,025 165 New York State, Medical Care Facilities Finance Agency, Rev., 7.38%, 08/15/03 167 6,000 New York State, Ser. B, GO, 5.60%, 08/15/07 6,308 5,000 New York State, Ser. B, GO, 5.70%, 08/15/10 5,238 4,000 New York State, Thruway Authority, Highway & Bridge Trust Fund, Ser. A, Rev., -, 5.60%, 04/01/04 4,231 5,700 New York State, Thruway Authority, Highway & Bridge Trust Fund, Ser. B, Rev., -, 6.00%, 04/01/04 6,104 5,000 New York State, Thruway Authority, Service Contract, Local Highway & Bridge, Rev., 5.10%, 04/01/08 5,088 10,000 New York State, Thruway Authority, Service Contract, Local Highway & Bridge, Rev., 5.20%, 04/01/09 10,222 7,500 New York State, Thruway Authority, Service Contract, Local Highway & Bridge, Rev., 5.25%, 04/01/03 7,625 3,910 Port Authority of New York & New Jersey, Consolidated Bonds 112th Ser., Rev., 5.00%, 12/01/05 3,962 1,500 Suffolk County, New York, IDA, IDR, Nissequogue Cogen Partners Facility, Rev., 4.88%, 01/01/08 1,433 990 Westchester County, New York, IDA, Resource Recovery, Resco Co. Project, Ser. A, Rev., 5.60%, 07/01/07 1,032 -------- 82,550 North Carolina -- 0.7% 4,505 North Carolina State, Public Improvement, Ser. A, +, 5.00%, 09/01/05 4,621 Ohio -- 3.6% 4,000 Montgomery County, Ohio, Solid Waste, Rev., 5.50%, 11/01/10 4,178 1,420 Ohio State, Building Authority, State Facilities, Administration Building Fund, Ser. A, Rev., 6.00%, 10/01/06 1,528 3,360 Ohio State, Building Authority, State Facilities, Adult Correctional, Ser. A, Rev., 5.75%, 10/01/08 3,524 5,000 Ohio State, Infrastructure Improvement, Ser. B, GO, 5.25%, 02/01/14 5,092 6,000 Ohio State, Turnpike Commission, Ser. A, Rev., 5.40%, 02/15/09 6,261 4,275 Ohio State, Turnpike Commission, Ser. A, Rev., 6.00%, 02/15/07 4,603 -------- 25,186 Oregon -- 1.4% 5,300 Oregon State, State Board of Higher Education, Ser. A, GO, -, 6.00%, 08/01/06 5,790
See notes to financial statements. 22 CHASE VISTA SELECT INTERMEDIATE TAX FREE INCOME FUND Portfolio of Investments (Continued) As of August 31, 2000 (Amounts in thousands)
Principal Amount Issuer Value ----------------------------------------------------------------------------------- Long-Term Municipal Securities -- Continued ----------------------------------------------------------------------------------- Oregon -- Continued $ 3,500 Washington County, Oregon, School District No. 3, Hillsboro, GO, -, 6.00%, 11/01/05 $ 3,751 -------- 9,541 Pennsylvania -- 0.4% 3,000 Carbon County, Pennsylvania, IDA, Panther Creek Partners Project, Rev., 6.65%, 05/01/10 3,040 Puerto Rico -- 2.6% 10,000 Puerto Rico Commonwealth, GO, *, 5.50%, 07/01/08 10,777 5,500 Puerto Rico Commonwealth, GO, 5.50%, 07/01/09 5,947 1,140 Puerto Rico Industrial, Medical & Environmental PCFFA, Renasa Inc., Squibb Corp Project, Rev., 6.50%, 07/01/04 1,150 -------- 17,874 Tennessee -- 1.1% 2,765 Metropolitan Government of Nashville & Davidson Counties, Tennessee, Water & Sewer, Ser. B, Rev., 5.00%, 01/01/06 2,821 5,335 Tennergy Corp., Tennessee, Gas, Rev., 5.00%, 06/01/09 4,969 -------- 7,790 Texas -- 11.2% 5,255 Austin, Texas, Utility Systems, Rev., 5.80%, 11/15/06 5,589 6,200 Dallas, Texas, Civic Center, Improvement, Rev., 5.25%, 08/15/07 6,415 6,220 Harris County, Texas, GO, 5.88%, 10/01/07 6,687 4,940 Houston, Texas, Ser. A, GO, 5.50%, 03/01/04 5,100 8,675 Houston, Texas, Ser. A, GO, 5.50%, 03/01/08 9,121 4,975 Houston, Texas, Water & Sewer Systems, Ser. B, Rev., 6.40%, 12/01/09 5,259 5,300 North East Independent School District, Texas, GO, 6.50%, 10/01/09 5,982 5,000 Texas Municipal Power Agency, Rev., -, 6.10%, 09/01/09 5,524 5,650 Texas State, Ser. A, GO, 6.00%, 10/01/05 6,015 7,500 Texas State, Ser. A, GO, *, 6.00%, 10/01/09 8,185 1,320 Texas Water Development Board, State Revolving Fund, Senior Lien, Rev., 6.20%, 07/15/05 1,383 4,700 Texas Water Development Board, State Revolving Fund, Senior Lien, Ser. A, Rev., 5.00%, 07/15/07 4,798 3,000 Texas Water Development Board, State Revolving Fund, Senior Lien, Ser. A, Rev., 5.25%, 07/15/09 3,097 1,000 Texas Water Development Board, State Revolving Fund, Senior Lien, Ser. A, Rev., 5.63%, 07/15/11 1,052 3,175 Texas Water Development Board, State Revolving Fund, Senior Lien, Ser. B, Rev., 5.25%, 07/15/08 3,291 -------- 77,498 Utah -- 1.6% 3,800 Intermountain Power Agency, Utah, Power Supply, Ser. B, Rev., 6.50%, 07/01/10 4,295 2,850 Salt Lake City, Utah, GO, 5.50%, 06/15/11 2,993 3,915 Utah State, Building Ownership Authority, State Facilities Master Lease Program, Ser. C, Rev., 5.50%, 05/15/08 4,113 -------- 11,401
See notes to financial statements. 23 CHASE VISTA SELECT INTERMEDIATE TAX FREE INCOME FUND Portfolio of Investments (Continued) As of August 31, 2000 (Amounts in thousands)
Principal Amount Issuer Value ---------------------------------------------------------------------------------------- Long-Term Municipal Securities -- Continued ---------------------------------------------------------------------------------------- Vermont -- 1.8% $ 4,100 Burlington, Vermont, Electric, Ser. A, Rev., 6.38%, 07/01/09 $ 4,580 3,510 Vermont State, Ser. A, GO, -, 6.40%, 01/15/05 3,831 3,510 Vermont State, Ser. A, GO, -, 6.50%, 01/15/05 3,845 -------- 12,256 Virgin Islands -- 1.5% 2,500 Virgin Islands Public Finance Authority, Gross Receipts, Taxes Lien Notes, Ser. A, Rev., 5.63%, 10/01/10 2,556 5,000 Virgin Islands Public Finance Authority, Senior Lien, Fund Lien Notes, Ser. C, Rev., 5.50%, 10/01/06 5,101 3,070 Virgin Islands Water & Power Authority, Electric Systems, Rev., 5.25%, 07/01/07 3,094 -------- 10,751 Virginia -- 0.8% 5,515 Chesapeake Bay Bridge & Tunnel Commission, Virginia, General Resolution, Rev., 5.75%, 07/01/08 5,870 Washington -- 1.8% 4,340 Grant County, Washington, Public Utilities District No. 2, Electric, Ser. G, Rev., 5.25%, 01/01/08 4,481 5,000 Washington State, Ser. B, GO, 5.00%, 01/01/07 5,100 3,000 Washington State, Ser. S-4, GO, 5.00%, 01/01/07 3,060 -------- 12,641 Wisconsin -- 5.1% 3,025 Milwaukee County, Wisconsin, Corporate Purpose, Ser. A, GO, 5.38%, 09/01/05 3,136 2,350 Milwaukee County, Wisconsin, Corporate Purpose, Ser. A, GO, 5.63%, 09/01/10 2,487 5,000 Wisconsin State, Clean Water, Ser. 2, Rev., 5.50%, 06/01/11 5,261 3,585 Wisconsin State, Clean Water, Ser. 2, Rev., 6.13%, 06/01/06 3,858 6,000 Wisconsin State, GO, 6.20%, 05/01/06 6,480 2,775 Wisconsin State, GO, Ser. 1, 5.00%, 11/01/07 2,839 6,275 Wisconsin State, GO, Ser. 1, 5.50%, 11/01/11 6,617 4,450 Wisconsin State, GO, Ser. 3, 5.20%, 11/01/09 4,607 -------- 35,285 ---------------------------------------------------------------------------------------- Total Long-Term Municipal Securities 690,952 (Cost $674,980) ---------------------------------------------------------------------------------------- Short-Term Investments -- 0.5% ---------------------------------------------------------------------------------------- Municipal Security -- 0.4% -------------------------- New York -- 0.4% 3,000 Port Authority of New York & New Jersey, Special Obligation, Versatile Structure Obligation, Ser. 2, Rev., FRDO, 4.05%, 05/01/19 3,000 (Cost $3,000)
See notes to financial statements. 24 CHASE VISTA SELECT INTERMEDIATE TAX FREE INCOME FUND Portfolio of Investments (Continued) As of August 31, 2000 (Amounts in thousands)
Shares Issuer Value --------------------------------------------------------------------- Short-Term Investments -- Continued --------------------------------------------------------------------- Money Market Funds -- 0.1% -------------------------- 189 Provident Municipal Cash Money Market Fund $ 189 418 Provident Municipal Money Market Fund 418 ------------------------------------------------------- Total Money Market Funds 607 (Cost $607) --------------------------------------------------------------------- Total Short-Term Investments 3,607 (Cost $3,607) --------------------------------------------------------------------- Total Investments -- 100.1% $694,559 (Cost $678,587) ---------------------------------------------------------------------
Notional Number Original Value at Unrealized of Expiration Notional 08/31/00 Appreciation Contracts Description Date Value(USD) (USD) (USD) -------------------------------------------------------------------------------------- Long Futures Outstanding ------------------------- December, 50 U.S. Treasury Bonds 2000 $4,982 $5,022 $40
See notes to financial statements. 25 -------------------------------------------------------------------------------- CHASE VISTA SELECT NEW YORK INTERMEDIATE TAX FREE INCOME FUND Portfolio of Investments -------------------------------------------------------------------------------- As of August 31, 2000 (Amounts in thousands)
Principal Amount Issuer Value ----------------------------------------------------------------------------------- Long-Term Municipal Securities -- 97.9% ----------------------------------------------------------------------------------- New York -- 86.8% $2,000 Albany County, New York, Airport Authority, Rev., 5.30%, 12/15/15 $ 1,979 1,120 Allegany County, New York, IDA, Civic Facility, Alfred University, Rev., 5.25%, 08/01/11 1,154 1,290 Amherst, New York, IDA, Civic Facility, Faculty Student Housing, Ser. B, Rev., 5.75%, 08/01/15 1,361 250 Arkport, New York, Central School District, GO, 5.20%, 06/15/09 259 350 Arkport, New York, Central School District, GO, 5.20%, 06/15/10 361 645 Barker, New York, Central School District, GO, 5.13%, 06/01/04 660 1,000 Barker, New York, Central School District, GO, 5.15%, 06/01/06 1,031 2,000 Battery Park City Authority, New York, Ser. A, Rev., 5.50%, 11/01/26 1,970 1,040 Beacon, New York, City School District, GO, 5.50%, 07/15/11 1,100 250 Brentwood, New York, Union Free School District, GO, 5.63%, 06/15/11 266 100 Brentwood, New York, Union Free School District, GO, 5.63%, 06/15/12 106 650 Brentwood, New York, Union Free School District, GO, 5.63%, 06/15/13 684 590 Burnt Hills-Ballston Lake, New York, Central School District, GO, 5.40%, 07/15/16 598 305 Burnt Hills-Ballston Lake, New York, Central School District, GO, 5.50%, 07/15/17 310 375 Burnt Hills-Ballston Lake, New York, Central School District, GO, 5.50%, 07/15/18 380 250 Chenango Forks, New York, Central School District, GO, 5.63%, 06/15/11 266 850 Chenango Forks, New York, Central School District, GO, 5.70%, 06/15/12 904 1,655 Cleveland Hill, New York, Union Free School District, Cheektowaga, GO, 5.50%, 10/15/13 1,724 1,730 Cleveland Hill, New York, Union Free School District, Cheektowaga, GO, 5.50%, 10/15/14 1,790 175 Colonie, New York, Public Improvement, Ser. B, GO, 5.20%, 04/01/04 179 375 Colonie, New York, Public Improvement, Ser. B, GO, 5.20%, 04/01/05 386 225 East Meadow, New York, Fire District, GO, 5.30%, 04/01/04 231 250 East Meadow, New York, Fire District, GO, 5.30%, 04/01/05 258 250 East Meadow, New York, Fire District, GO, 5.30%, 04/01/06 259 885 Erie County, New York, Public Improvement, GO, 6.00%, 01/15/05 920 855 Erie County, New York, Ser. B, GO, 6.00%, 03/15/06 890 1,845 Erie County, New York, Water Authority, Improvement & Extension, Rev., 5.75%, 12/01/08 1,926
See notes to financial statements. 26 CHASE VISTA SELECT NEW YORK INTERMEDIATE TAX FREE INCOME FUND Portfolio of Investments (Continued) As of August 31, 2000 (Amounts in thousands) Principal Amount Issuer Value ------------------------------------------------------------------------------------- Long-Term Municipal Securities -- Continued ------------------------------------------------------------------------------------- New York -- Continued $ 1,070 Lindenhurst, New York, Union Free School District, GO, 5.25%, 07/15/12 $ 1,099 1,295 Lindenhurst, New York, Union Free School District, GO, 5.25%, 07/15/16 1,302 1,460 Lindenhurst, New York, Union Free School District, GO, 5.25%, 07/15/17 1,460 5,000 Long Island Power Authority, New York, Electric Systems, Ser. A, Rev., 5.50%, 12/01/11 5,283 405 Longwood Central School District at Middle Island, New York, GO, 4.80%, 06/15/11 404 1,315 Longwood Central School District at Middle Island, New York, GO, 4.80%, 06/15/13 1,283 525 Mahopac, New York, Central School District, Ser. B, GO, 5.60%, 06/15/14 551 815 Mahopac, New York, Central School District, Ser. B, GO, 5.60%, 06/15/15 850 1,090 Massapequa, New York, Union Free School District, Ser. A, GO, 5.38%, 06/15/09 1,145 2,180 Massapequa, New York, Union Free School District, Ser. A, GO, 5.38%, 06/15/12 2,268 2,485 Massapequa, New York, Union Free School District, Ser. A, GO, 5.40%, 06/15/13 2,570 3,135 Massapequa, New York, Union Free School District, Ser. A, GO, 5.70%, 06/15/16 3,268 500 Metropolitan Transportation Authority, New York, Commuter Facilities, Ser. B, Rev., 6.10%, 07/01/09 548 2,000 Metropolitan Transportation Authority, New York, Dedicated Tax Fund, Ser. A, Rev., 5.50%, 04/01/16 2,031 250 Metropolitan Transportation Authority, New York, Transportation Facilities, Ser. C, Rev., 4.75%, 07/01/16 233 510 Metropolitan Transportation Authority, New York, Transportation Facilities, Ser. C, Rev., 5.25%, 07/01/10 529 2,150 Monroe County, New York, Public Improvement, GO, 4.50%, 06/01/09 2,122 1,150 Monroe County, New York, Public Improvement, GO, 4.50%, 06/01/10 1,127 100 Monroe County, New York, Public Improvement, GO, 6.00%, 03/01/01 101 1,230 Monroe County, New York, Public Improvement, GO, 6.00%, 03/01/12 1,351 1,000 Monroe County, New York, Public Improvement, GO, 6.00%, 03/01/14 1,090 1,000 Monroe County, New York, Public Improvement, GO, 6.00%, 03/01/18 1,084 1,000 Monroe County, New York, Public Improvement, GO, 6.00%, 03/01/19 1,084 1,020 Monticello, New York, Central School District, GO, 5.63%, 06/15/06 1,078 2,400 Municipal Assistance Corp. for New York City, Ser. E, Rev., 6.00%, 07/01/05 2,559 6,740 Municipal Assistance Corp. for New York City, Ser. E, Rev., 6.00%, 07/01/06 7,246
See notes to financial statements. 27 CHASE VISTA SELECT NEW YORK INTERMEDIATE TAX FREE INCOME FUND Portfolio of Investments (Continued) As of August 31, 2000 (Amounts in thousands)
Principal Amount Issuer Value ----------------------------------------------------------------------------------- Long-Term Municipal Securities -- Continued ----------------------------------------------------------------------------------- New York -- Continued $ 6,500 Municipal Assistance Corp. for New York City, Ser. G, Rev., 6.00%, 07/01/08 $ 7,070 2,000 Nassau County, New York, General Improvement, Ser. Q, GO, 5.20%, 08/01/12 2,037 1,800 Nassau County, New York, General Improvement, Ser. R, GO, 5.13%, 11/01/03 1,838 2,010 Nassau County, New York, IDA, Civic Facilities, Hofstra University Project, Rev., 5.00%, 07/01/03 2,044 1,705 Nassau County, New York, IDA, Civic Facilities, Hofstra University Project, Rev., 5.00%, 07/01/06 1,748 4,740 Nassau County, New York, IDA, Civic Facilities, Hofstra University Project, Rev., 5.25%, 07/01/09 4,926 1,000 New York City, New York, IDA, Civic Facility, New School for Social Research, Ser. A, Rev., 5.75%, 09/01/15 1,033 3,625 New York City, New York, Municipal Water Finance Authority, Water & Sewer Systems, Ser. A, Rev., -, 6.00%, 06/15/05 3,904 595 New York City, New York, Municipal Water Finance Authority, Water & Sewer Systems, Ser. A, Rev., -, 7.00%, 06/15/01 613 405 New York City, New York, Municipal Water Finance Authority, Water & Sewer Systems, Ser. A, Rev., 7.00%, 06/15/09 417 2,000 New York City, New York, Municipal Water Finance Authority, Water & Sewer Systems, Ser. B, Rev., 5.50%, 06/15/27 1,968 2,000 New York City, New York, Ser. A, GO, 5.88%, 08/01/03 2,073 500 New York City, New York, Ser. A, GO, 6.10%, 08/01/02 515 1,000 New York City, New York, Ser. A, GO, 6.25%, 08/01/03 1,045 475 New York City, New York, Ser. A, GO, -, 6.38%, 08/01/02 500 1,025 New York City, New York, Ser. A, GO, 6.38%, 08/01/05 1,071 1,000 New York City, New York, Ser. A, GO, -, 7.75%, 08/15/01 1,047 30 New York City, New York, Ser. D, GO, -, 7.65%, 02/01/02 32 30 New York City, New York, Ser. D, GO, 7.65%, 02/01/06 32 2,500 New York City, New York, Ser. E, GO, 6.00%, 08/01/07 2,708 1,000 New York City, New York, Ser. F, GO, -, 8.25%, 11/15/01 1,061 240 New York City, New York, Ser. F, GO, 8.25%, 11/15/02 254 2,000 New York City, New York, Ser. G, GO, 5.75%, 11/15/15 2,074 75 New York City, New York, Ser. H, GO, 6.88%, 02/01/02 77 925 New York City, New York, Ser. H, GO, -, 6.88%, 02/01/02 958 40 New York City, New York, Ser. H, GO, -, 7.00%,02/01/02 42 460 New York City, New York, Ser. H, GO, 7.00%, 02/01/06 484 25 New York City, New York, Ser. H, GO, -, 7.10%, 02/01/02 26 975 New York City, New York, Ser. H, GO, 7.10%, 02/01/12 1,026 4,580 New York City, New York, Ser. H, Sub. Ser. H-1, GO, 5.50%, 08/01/01 4,628 1,000 New York City, New York, Transit Authority, Metropolitan Transportation Authority, Triborough, Ser. A, COP, 5.63%, 01/01/12 1,058 1,650 New York City, New York, Trust Cultural Resources, Museum of Modern Art, Ser. A, Rev., 5.40%, 01/01/12 1,677 1,000 New York State, Dorm Authority, City University System, 3rd General Reserve, Ser. 1, Rev., 5.25%, 07/01/08 1,033
See notes to financial statements. 28 CHASE VISTA SELECT NEW YORK INTERMEDIATE TAX FREE INCOME FUND Portfolio of Investments (Continued) As of August 31, 2000 (Amounts in thousands)
Principal Amount Issuer Value ------------------------------------------------------------------------------------ Long-Term Municipal Securities -- Continued ------------------------------------------------------------------------------------ New York -- Continued $ 2,500 New York State, Dorm Authority, City University System, 3rd General Reserve, Ser. 2, Rev., 5.38%, 07/01/13 $ 2,566 1,545 New York State, Dorm Authority, City University System, Ser. D, Rev., 5.75%, 07/01/06 1,639 2,000 New York State, Dorm Authority, City University System, Ser. B, Rev., 5.75%, 07/01/07 2,131 5,590 New York State, Dorm Authority, City University System, Ser. D, Rev., 7.00%, 07/01/09 6,245 470 New York State, Dorm Authority, Long Island University, Rev., 5.00%, 09/01/12 470 1,020 New York State, Dorm Authority, Long Island University, Rev., 5.13%, 09/01/10 1,045 1,000 New York State, Dorm Authority, Long Island University, Rev., 5.25%, 09/01/11 1,028 1,000 New York State, Dorm Authority, Memorial Sloan Kettering Cancer Center, Ser. C, Rev., 5.50%, 07/01/09 1,053 1,215 New York State, Dorm Authority, Mental Health Services, Facilities Improvement, Ser. B, Rev., 5.50%, 02/15/12 1,268 1,665 New York State, Dorm Authority, Mental Health Services, Facilities Improvement, Ser. B, Rev., 5.60%, 08/15/13 1,739 2,750 New York State, Dorm Authority, New York University, Rev., 6.38%, 07/01/07 2,846 2,000 New York State, Dorm Authority, New York University, Ser. A, Rev., 5.75%, 07/01/09 2,149 1,000 New York State, Dorm Authority, New York University, Ser. A, Rev., 5.75%, 07/01/15 1,059 2,015 New York State, Dorm Authority, Rockefeller University, Rev., 5.00%, 07/01/12 2,041 1,400 New York State, Dorm Authority, Rockefeller University, Rev., 5.00%, 07/01/28 1,298 1,305 New York State, Dorm Authority, Special Act, School Districts Program, Rev., 5.30%, 07/01/11 1,353 2,065 New York State, Dorm Authority, State Service Contract, Albany County, Rev., 5.25%, 04/01/12 2,074 840 New York State, Dorm Authority, State Service Contract, Albany County, Rev., 5.50%, 04/01/08 872 1,000 New York State, Dorm Authority, State University Educational Facilities, Ser. A, Rev., 5.25%, 05/15/11 1,029 2,380 New York State, Dorm Authority, State University Educational Facilities, Ser. A, Rev., 5.50%, 05/15/06 2,497 6,500 New York State, Dorm Authority, State University Educational Facilities, Ser. A, Rev., 5.50%, 05/15/13 6,815 5,000 New York State, Dorm Authority, State University Educational Facilities, Ser. A, Rev., -, 6.00%, 05/15/05 5,422 2,000 New York State, Dorm Authority, State University Educational Facilities, Ser. C, Rev., 7.38%, 05/15/10 2,305 5,000 New York State, Energy Research & Development Authority, PCR, New York State Electric and Gas Corp., Ser. E, Rev., 5.90%, 12/01/06 5,376 7,000 New York State, Environmental Facilities Corp., PCR, State Water Revolving Fund, New York City Municipal Water, Rev., 5.75%, 06/15/12 7,521
See notes to financial statements. 29 CHASE VISTA SELECT NEW YORK INTERMEDIATE TAX FREE INCOME FUND Portfolio of Investments (Continued) As of August 31, 2000 (Amounts in thousands) Principal Amount Issuer Value ----------------------------------------------------------------------------------- Long-Term Municipal Securities -- Continued ----------------------------------------------------------------------------------- New York -- Continued $ 720 New York State, Environmental Facilities Corp., PCR, State Water Revolving Fund, Ser. A, Rev., 7.25%, 06/15/10 $ 749 5,415 New York State, Environmental Facilities Corp., PCR, State Water Revolving Fund, Ser. E, Rev., 6.00%, 06/15/12 5,958 1,000 New York State, GO, 2.75%, 07/01/04 941 995 New York State, GO, 5.25%, 03/01/09 1,029 600 New York State, GO, 7.50%, 11/15/00 604 1,395 New York State, Housing Finance Agency, Health Facilities, Monroe County, Ser. A, Rev., 7.63%, 05/01/05 1,429 835 New York State, Housing Finance Agency, Rev., -, 8.00%, 11/01/00 857 130 New York State, Housing Finance Agency, Rev., 8.00%, 11/01/08 133 650 New York State, Housing Finance Agency, Service Contract Obligation, Ser. A, Rev., -, 7.38%, 03/15/02 692 1,550 New York State, Housing Finance Agency, State University Construction, Ser. A, Rev., -, 8.00%, 05/01/1 1,909 360 New York State, Medical Care Facilities Finance Agency, Mortgage Project, Ser. A, Rev., 5.40%, 08/15/04 372 165 New York State, Medical Care Facilities Finance Agency, Rev., 7.70%, 08/15/03 169 3,365 New York State, Mortgage Agency, Ser. 19, Rev., Mandatory Tender, 4.45%, 10/01/01 3,350 120 New York State, Thruway Authority, Highway & Bridge Trust Fund, Ser. B, Rev., 5.00%, 04/01/08 123 3,000 New York State, Thruway Authority, Ser. D, Rev., 5.25%, 01/01/21 2,891 3,315 New York State, Thruway Authority, Service Contract, Local Highway & Bridge, 6.00%, 04/01/11 3,542 250 New York State, Urban Development Corp., Ser. B, Rev., 5.60%, 04/01/11 261 95 New York State, Urban Development Corp., Ser. B, Rev., 5.88%, 04/01/14 100 1,045 Oneida County, New York, GO, 5.50%, 03/15/11 1,101 275 Randolph, New York, Central School District, GO, 5.00%, 06/15/06 283 2,180 Rochester, New York, Ser. A, GO, 5.70%, 08/15/04 2,285 1,905 Rome, New York, City School District, GO, 5.50%, 06/15/13 1,984 1,050 Scotia Glenville, New York, Central School District, GO, 5.40%, 06/15/12 1,095 1,050 Scotia Glenville, New York, Central School District, GO, 5.50%, 06/15/13 1,096 1,025 Scotia Glenville, New York, Central School District, GO, 5.50%, 06/15/14 1,062 275 Shenendehowa Central School District, Clifton Park, New York, GO, 5.25%, 07/15/11 291 500 Stillwater, New York, Central School District, GO, 5.20%, 06/15/11 515 1,000 Suffolk County, New York, IDA, IDR, Nissequogue Cogen Partners Facility, Rev., 5.30%, 01/01/13 903 1,910 Suffolk County, New York, Public Improvement, Ser. C, GO, 5.10%, 11/01/02 1,941
See notes to financial statements. 30 CHASE VISTA SELECT NEW YORK INTERMEDIATE TAX FREE INCOME FUND Portfolio of Investments (Continued) As of August 31, 2000 (Amounts in thousands)
Principal Amount Issuer Value ------------------------------------------------------------------------------------- Long-Term Municipal Securities -- Continued ------------------------------------------------------------------------------------- New York -- Continued $ 5,000 Suffolk County, New York, Southwest Sewer District, GO, 6.00%, 02/01/05 $ 5,305 1,065 Sullivan County, New York, Public Improvement, GO, 5.00%, 03/15/08 1,082 7,125 Triborough Bridge & Tunnel Authority, New York, General Purpose, Ser. Y, Rev., 6.00%, 01/01/12 7,793 440 Utica, New York, Public Improvement, GO, 6.00%, 01/15/03 450 465 Utica, New York, Public Improvement, GO, 6.00%, 01/15/04 479 565 Warwick Valley, Central School District, New York, GO, 5.50%, 01/15/14 585 600 Watertown, New York, City School District, GO, 5.63%, 06/15/16 619 1,365 Watertown, New York, City School District, GO, 5.63%, 06/15/17 1,400 1,245 Watertown, New York, City School District, GO, 5.63%, 06/15/18 1,270 1,000 Windsor, New York, Central School District, GO, 5.50%, 06/15/13 1,049 1,170 Windsor, New York, Central School District, GO, 5.50%, 06/15/14 1,219 650 Windsor, New York, Central School District, GO, 5.50%, 06/15/15 672 -------- 240,066 Northern Mariana Islands -- 0.2% 500 Northern Mariana Islands, Public School System Project, Ser. A, GO, 3.70%, 10/01/03 485 Puerto Rico -- 7.4% 1,565 Puerto Rico Electric Power Authority, Ser. AA, Rev., 4.80%, 07/01/01 1,573 4,390 Puerto Rico Electric Power Authority, Ser. AA, Rev., 5.40%, 07/01/13 4,588 1,300 Puerto Rico Electric Power Authority, Ser. AA, Rev., 6.25%, 07/01/10 1,485 3,225 Puerto Rico Electric Power Authority, Ser. HH, Rev., 5.25%, 07/01/09 3,428 1,300 Puerto Rico Electric Power Authority, Ser. HH, Rev., 5.50%, 07/01/10 1,408 1,800 Puerto Rico Electric Power Authority, Ser. X, Rev., 6.00%, 07/01/11 1,932 5,000 Puerto Rico Municipal Finance Agency, Ser. A, GO, 5.00%, 08/01/01 5,035 1,000 Puerto Rico Municipal Finance Agency, Ser. A, GO, 5.00%, 08/01/02 1,013 -------- 20,462 Virgin Islands -- 3.5% 1,390 Virgin Islands Public Finance Authority, Gross Receipts, Taxes Lien Notes, Ser. A, Rev., 5.00%, 10/01/03 1,400 1,090 Virgin Islands Public Finance Authority, Gross Receipts, Taxes Lien Notes, Ser. A, Rev., 5.25%, 10/01/01 1,098 1,000 Virgin Islands Public Finance Authority, Gross Receipts, Taxes Lien Notes, Ser. A, Rev., 5.50%, 10/01/02 1,017 1,000 Virgin Islands Public Finance Authority, Senior Lien, Fund Lien Notes, Ser. C, Rev., 5.00%, 10/01/00 1,001
See notes to financial statements. 31 CHASE VISTA SELECT NEW YORK INTERMEDIATE TAX FREE INCOME FUND Portfolio of Investments (Continued) As of August 31, 2000 (Amounts in thousands)
Principal Amount Issuer Value --------------------------------------------------------------------------------------- Long-Term Municipal Securities -- Continued --------------------------------------------------------------------------------------- Virgin Islands -- Continued $ 2,000 Virgin Islands Public Finance Authority, Senior Lien, Fund Lien Notes, Ser. C, Rev., 5.00%, 10/01/01 $ 2,006 3,075 Virgin Islands Public Finance Authority, Senior Lien, Fund Lien Notes, Ser. C, Rev., 5.00%, 10/01/02 3,088 -------- 9,610 --------------------------------------------------------------------------------------- Total Long-Term Municipal Securities 270,623 (Cost $264,380) --------------------------------------------------------------------------------------- Short-Term Investments -- 1.3% --------------------------------------------------------------------------------------- Municipal Securities -- 1.2% ---------------------------- New York -- 1.2% 600 New York City, New York, Municipal Water Finance Authority, Water & Sewer Systems, Ser. C, Rev., FRDO, 4.15%, 09/01/00 600 300 New York City, New York, Ser. B, Sub. Ser. B-4, GO, FRDO, 4.15%, 09/01/00 300 785 New York State, Job Development Authority, Special Purpose, Ser. A-1 through A-13, Rev., FRDO, 4.40%, 09/01/00 785 320 New York State, Job Development Authority, Special Purpose, Ser. A-1 through A-25, Rev., FRDO, 4.40% 09/01/00 320 605 New York State, Job Development Authority, Special Purpose, Ser. B-1 Through B-9, Rev., FRDO, 4.40%, 09/01/00 605 800 Port Authority of New York & New Jersey, Special Obligation, Versatile Structure Obligation, Ser. 2, Rev., FRDO, 4.05%, 09/01/00 800 --------------------------------------------------------------------- Total Municipal Securities 3,410 (Cost $3,410) --------------------------------------------------------------------- Shares Money Market Fund -- 0.1% ------------------------- 383 Provident New York Money Market Fund 383 (Cost $383) --------------------------------------------------------------------------------------- Total Short-Term Investments 3,793 (Cost $3,793) --------------------------------------------------------------------------------------- Total Investments -- 99.2% $274,416 (Cost $268,173) ---------------------------------------------------------------------------------------
See notes to financial statements. 32 CHASE VISTA SELECT NEW JERSEY TAX FREE INCOME FUND Portfolio of Investments As of August 31, 2000 (Amounts in thousands)
Principal Amount Issuer Value ----------------------------------------------------------------------------------------- Long-Term Municipal Securities -- 98.1% ----------------------------------------------------------------------------------------- New Jersey -- 87.0% $ 105 Asbury Park, New Jersey, Board of Education, GO, 5.50%, 08/01/11 $ 111 495 Bayshore Regional Sewer Authority, New Jersey, Rev., 5.50%, 04/01/12 514 1,000 Bergen County, New Jersey, Utilities Authority, Water Pollution Control, Ser. B, Rev., 5.75%, 12/15/05 1,061 935 Bloomfield Township, New Jersey, GO, 5.20%, 06/15/11 967 510 Bloomfield Township, New Jersey, GO, 5.20%, 06/15/12 523 270 Brick Township, New Jersey, Improvement, GO, 5.40%, 05/01/07 284 570 Brick Township, New Jersey, Improvement, GO, 5.40%, 05/01/09 603 250 Camden County, New Jersey, IAR, Health Systems, Catholic Health East, Ser. B, Rev., 5.25%, 11/15/12 255 345 Cinnaminson Township, New Jersey, School District, GO, 5.20%, 08/01/10 358 900 Delaware River & Bay Authority, New Jersey, Rev., 5.20%, 01/01/10 927 555 Delaware River & Bay Authority, New Jersey, Ser. A, Rev., 5.50%, 01/01/16 570 500 Delaware River & Bay Authority, New Jersey, Ser. A, Rev., 5.70%, 01/01/20 516 1,700 Delaware River Port Authority of Pennsylvania & New Jersey, Port District Project, Ser. B, Rev., 5.70%, 01/01/1 1,741 370 East Orange, New Jersey, Capital Improvement, GO, 5.50%, 07/15/10 393 570 Edison Township, New Jersey, School District, GO, 6.50%, 06/01/04 610 215 Gloucester County, New Jersey, Improvement Authority, County Guaranteed, Ser. A, Rev., 5.35%, 08/01/09 226 220 Gloucester County, New Jersey, Improvement Authority, County Guaranteed, Ser. A, Rev., 5.55%, 08/01/12 232 225 Gloucester County, New Jersey, Improvement Authority, County Guaranteed, Ser. A, Rev., 5.70%, 08/01/15 236 1,140 Hamilton Township, Atlantic County, New Jersey, School District, GO, 5.88%, 12/15/07 1,194 500 Hunterdon, New Jersey, Central Regional High School District, GO, 5.40%, 05/01/09 522 360 Jersey City, New Jersey, General Improvement, Ser. A, GO, 6.00%, 10/01/05 384 175 Long Hill Township, New Jersey, GO, 5.15%, 08/15/05 180 175 Long Hill Township, New Jersey, GO, 5.15%, 08/15/06 181 275 Long Hill Township, New Jersey, GO, 5.15%, 08/15/07 285 275 Long Hill Township, New Jersey, GO, 5.15%, 08/15/08 285 380 Lopatcong Township, New Jersey, Board of Education, GO, 5.63%, 07/15/13 401 400 Lopatcong Township, New Jersey, Board of Education, GO, 5.70%, 07/15/16 418 500 Lopatcong Township, New Jersey, Board of Education, GO, 5.70%, 07/15/23 512 100 Mainland, New Jersey, Regional High School District, GO, 5.20%, 11/15/06 104
See notes to financial statements. 33 CHASE VISTA SELECT NEW JERSEY TAX FREE INCOME FUND Portfolio of Investments (Continued) As of August 31, 2000 (Amounts in thousands) Principal Amount Issuer Value ------------------------------------------------------------------------------------ Long-Term Municipal Securities -- Continued ------------------------------------------------------------------------------------ New Jersey -- Continued $ 105 Mainland, New Jersey, Regional High School District, GO, 5.20%, 11/15/07 $ 109 110 Mainland, New Jersey, Regional High School District, GO, 5.25%, 11/15/08 115 110 Mainland, New Jersey, Regional High School District, GO, 5.25%, 11/15/09 115 115 Mainland, New Jersey, Regional High School District, GO, 5.25%, 11/15/10 119 120 Mainland, New Jersey, Regional High School District, GO, 5.25%, 11/15/11 123 125 Mainland, New Jersey, Regional High School District, GO, 5.25%, 11/15/12 128 1,330 Marlboro Township, New Jersey, Board of Education, GO, 4.90%, 07/15/05 1,358 1,460 Marlboro Township, New Jersey, Board of Education, GO, 5.00%, 07/15/06 1,500 200 Medford Township, New Jersey, GO, 5.30%, 07/15/07 209 300 Medford Township, New Jersey, GO, 5.30%, 07/15/08 315 400 Medford Township, New Jersey, GO, 5.30%, 07/15/09 420 575 Middletown Township, New Jersey, Board of Education, GO, 5.70%, 08/01/04 601 2,000 Middletown Township, New Jersey, Board of Education, GO, 5.85%, 08/01/27 2,058 1,710 New Jersey Economic Development Authority, Market Transition Facility, Senior Lien, Ser. A, Rev., 5.80%, 07/01/08 1,808 1,200 New Jersey Economic Development Authority, Market Transition Facility, Senior Lien, Ser. A, Rev., 5.80%, 07/01/09 1,267 1,060 New Jersey Economic Development Authority, New Jersey Performing Arts Center Project, Ser. A, Rev., 6.00%, 06/15/08 1,155 590 New Jersey Health Care Facilities, Financing Authority, St. Elizabeth Hospital Obligation Group, Rev., 6.00%, 07/01/14 544 670 New Jersey Sports & Exposition Authority, Ser. A, Rev., 6.50%, 03/01/07 701 720 New Jersey State, Educational Facilities Authority, Capital Improvement Fund, Ser. A, Rev., 5.00%, 09/01/08 740 2,545 New Jersey State, Educational Facilities Authority, Drew University Issue, Ser. C, Rev., 5.25%, 07/01/13 2,587 435 New Jersey State, Educational Facilities Authority, Fairleigh Dickinson University, Ser. G, Rev., 4.88%, 07/01/04 428 1,000 New Jersey State, Educational Facilities Authority, Fairleigh Dickinson University, Ser. G, Rev., 5.70%, 07/01/28 920 1,000 New Jersey State, Educational Facilities Authority, Princeton University, Ser. E, Rev., 5.25%, 07/01/13 1,024 1,140 New Jersey State, Ser. B, GO, 6.25%, 01/15/04 1,204 2,195 New Jersey State, Ser. D, GO, 5.75%, 02/15/06 2,326 1,000 New Jersey State, Ser. F, GO, 5.25%, 08/01/09 1,044
See notes to financial statements. 34 CHASE VISTA SELECT NEW JERSEY TAX FREE INCOME FUND Portfolio of Investments (Continued) As of August 31, 2000 (Amounts in thousands)
Principal Amount Issuer Value -------------------------------------------------------------------------------- Long-Term Municipal Securities -- Continued -------------------------------------------------------------------------------- New Jersey -- Continued $ 100 New Jersey State, Transportation Corp., COP, 6.20%, 10/01/02 $ 104 110 New Jersey State, Transportation Trust Fund Authority, Transportation Systems, Ser. A, Rev., 5.00%, 06/15/12 110 1,000 New Jersey State, Transportation Trust Fund Authority, Transportation Systems, Ser. A, Rev., 5.75%, 06/15/16 1,058 205 New Jersey State, Turnpike Authority, Ser. A, Rev., 5.80%, 01/01/02 208 935 New Jersey State, Turnpike Authority, Ser. A, Rev., -, 5.80%, 01/01/02 952 1,000 New Jersey State, Turnpike Authority, Ser. C, Rev., -, 6.25%, 01/01/01 1,021 1,570 North Bergen Township, New Jersey, GO, 5.00%, 08/15/11 1,594 225 North Brunswick Township, New Jersey, GO, 5.25%, 04/01/04 232 1,140 North Jersey District Water Supply, Wanaque South Project, Rev., 5.50%, 07/01/03 1,174 1,140 Northwest Bergen County, New Jersey, Utilities Authority, Utilities System, Rev., 6.00%, 07/15/07 1,202 570 Ocean County, New Jersey, General Improvement, GO, 6.38%, 04/15/03 598 1,500 Port Authority of New York & New Jersey, Consolidated Bonds 93rd Ser., Rev., 6.13%, 06/01/94 1,621 2,435 Port Authority of New York & New Jersey, Consolidated Bonds 114th Ser., Rev., 4.75%, 08/01/33 2,119 1,550 Port Authority of New York & New Jersey, Special Obligation, JFK International Airport Terminal #6, Rev., 6.25%, 12/01/08 1,705 3,000 Port Authority of New York & New Jersey, Special Obligation, JFK International Airport Terminal #6, Rev., 6.25%, 12/01/09 3,321 305 Rahway, New Jersey, COP, 5.00%, 02/15/06 313 430 Rahway, New Jersey, COP, 5.30%, 02/15/11 449 435 Summit, New Jersey, GO, 5.70%, 06/01/10 468 1,105 Summit, New Jersey, GO, 5.70%, 06/01/11 1,183 1,000 Sussex County, New Jersey, General Improvement, GO, -, 6.00%, 04/01/02 1,044 880 Sussex County, New Jersey, GO, 5.00%, 07/15/06 904 785 Union County Improvement Authority, Plainfield Board of Education Project, Rev., 6.25%, 08/01/07 861 1,101 Union County, New Jersey, General Improvement, GO, 4.75%, 12/15/15 1,048 1,100 West Orange, New Jersey, GO, 5.45%, 02/15/15 1,122 1,100 West Orange, New Jersey, GO, 5.45%, 02/15/16 1,116 ------- 63,038 Puerto Rico -- 6.2% 1,200 Puerto Rico Commonwealth, Highway & Transportation Authority, Ser. W, Rev., 5.50%, 07/01/15 1,264 1,000 Puerto Rico Electric Power Authority, Ser. AA, Rev., 6.25%, 07/01/10 1,142 1,000 Puerto Rico Electric Power Authority, Ser. HH, Rev., 5.25%, 07/01/09 1,063
See notes to financial statements. 35 CHASE VISTA SELECT NEW JERSEY TAX FREE INCOME FUND Portfolio of Investments (Continued) As of August 31, 2000 (Amounts in thousands)
Principal Amount Issuer Value -------------------------------------------------------------------------------------- Long-Term Municipal Securities -- Continued -------------------------------------------------------------------------------------- Puerto Rico -- Continued $ 1,000 University of Puerto Rico, Ser. O, Rev., 5.75%, 06/01/17 $ 1,056 ------- 4,525 Virgin Islands -- 4.9% 1,155 Virgin Islands Public Finance Authority, Gross Receipts, Tax Lien Notes, Ser. A, Rev., 5.50%, 10/01/02 1,175 500 Virgin Islands Public Finance Authority, Gross Receipts, Taxes Lien Notes, Ser. A, Rev., 6.38%, 10/01/19 515 2,000 Virgin Islands Public Finance Authority, Senior Lien, Ser. A, Rev., @ 5.50%, 10/01/22 1,883 ------- 3,573 -------------------------------------------------------------------------------------- Total Long-Term Municipal Securities 71,136 (Cost $69,948) -------------------------------------------------------------------------------------- Short-Term Investments -- 1.6% -------------------------------------------------------------------------------------- Municipal Security -- 0.4% -------------------------- New Jersey -- 0.4% 300 New Jersey Economic Development Authority, Water Facilities, United Water New Jersey Inc. Project, Ser. B, Rev., FRDO, 4.30%, 09/01/00 300 (Cost $300) Shares Money Market Fund -- 1.2% ------------------------- 837 Provident New Jersey Money Market Fund 837 (Cost $837) -------------------------------------------------------------------------------------- Total Short-Term Investments 1,137 (Cost $1,137) -------------------------------------------------------------------------------------- Total Investments -- 99.7% $72,273 (Cost $71,085) --------------------------------------------------------------------------------------
Notional Number Original Value at Unrealized of Expiration Notional 08/31/00 Appreciation Contracts Description Date Value (USD) (USD) (USD) -------------------------------------------------------------------------------------- Long Futures Outstanding ------------------------ December, 57 U.S. Treasury Bonds 2000 $5,685 $5,725 $ 40
See notes to financial statements. 36 CHASE VISTA SELECT FUNDS Portfolio of Investments (Continued) As of August 31, 2000 INDEX: + -- When issued or delayed delivery security. * -- All or portion of this security is segregated for when issued or delayed delivery securities. - - -- Security is prerefunded or escrowed to maturity. The maturity date shown is the date of the prerefunded call. @ -- All or a portion of the security is segregated for futures. COP -- Certificates of Participation. Dorm -- Dormitory. FRDO -- Floating Rate Demand Obligation. The maturity date shown is the next interest reset date. The interest rate shown is the rate in effect at August 31, 2000. GO -- General Obligation. IAR -- Improvement Authority Revenue. IDA -- Industrial Development Authority. IDR -- Industrial Development Revenue. PCFA -- Pollution Control Financing Authority. PCFFA -- Pollution Control Facilities Financing Authority. PCR -- Pollution Control Revenue. RAN -- Revenue Anticipation Notes. Rev. -- Revenue Bond. Ser. -- Series. See notes to financial statements. 37 -------------------------------------------------------------------------------- STATEMENT OF ASSETS AND LIABILITIES August 31, 2000 -------------------------------------------------------------------------------- (Amounts in Thousands, Except Per Share Amounts)
New York Intermediate Intermediate New Jersey Tax Free Tax Free Tax Free Tax Free Income Fund Income Fund Income Fund Income Fund ------------------------------------------------------------------------------------------- ASSETS: Investment securities, at value (Note 1) ............... $744,567 $694,559 $274,416 $72,273 Other assets ................. 19 19 7 2 Receivables: Investment securities sold 122 -- -- -- Interest .................... 10,047 9,371 3,439 750 Fund shares sold ............ 1,077 69 64 -- Margin account for futures contracts ........... 615 36 -- 41 --------------------------------------------------------------------------------------- Total Assets .............. 756,447 704,054 277,926 73,066 --------------------------------------------------------------------------------------- LIABILITIES: Payables: Investment securities purchased ................... -- 6,388 -- -- Fund shares redeemed 20 403 83 209 Dividends ................... 2,986 2,493 1,004 270 Accrued liabilities: (Note 2) Investment advisory fees . 190 177 70 18 Administration fees ......... 95 88 29 7 Shareholder servicing fees . 158 147 59 6 Custodian fees .............. 49 32 16 5 Other ....................... 144 152 86 32 --------------------------------------------------------------------------------------- Total Liabilities ......... 3,642 9,880 1,347 547 --------------------------------------------------------------------------------------- NET ASSETS: Paid in capital .............. 744,706 682,026 272,560 71,402 Accumulated undistributed (distributions in excess of) net investment income 11 49 (79) (67) Accumulated net realized loss on investments and futures transactions ................. (9,710) (3,913) (2,145) (44) Net unrealized appreciation of investments and futures contracts .................... 17,798 16,012 6,243 1,228 --------------------------------------------------------------------------------------- Net Assets .................... $752,805 $694,174 $276,579 $72,519 --------------------------------------------------------------------------------------- Shares of beneficial interest outstanding ($.001 par value; unlimited number of shares authorized) ................... 120,377 66,356 39,467 7,451 Net Asset Value, maximum offering and redemption price per share ............... $ 6.25 $ 10.46 $ 7.01 $ 9.73 Cost of investments ........... $727,045 $678,587 $268,173 $71,085 ---------------------------------------------------------------------------------------
See notes to financial statements. 38 -------------------------------------------------------------------------------- STATEMENT OF OPERATIONS For the year ended August 31, 2000 -------------------------------------------------------------------------------- (Amounts in Thousands)
New York Intermediate Intermediate New Jersey Tax Free Tax Free Tax Free Tax Free Income Fund Income Fund Income Fund Income Fund INTEREST INCOME: (Note 1C) $40,697 $35,542 $14,386 $3,544 ------------------------------------------------------------------------------------- EXPENSES: (Note 2) Investment advisory fees ..... 2,201 2,110 854 202 Administration fees .......... 1,101 1,055 427 101 Shareholder servicing fees 1,218 1,156 468 112 Custodian fees ............... 151 136 108 54 Printing and postage ......... 21 21 9 3 Professional fees ............ 56 59 40 34 Registration expenses ........ 19 27 8 17 Transfer agent fees .......... 13 14 14 17 Trustees' fees ............... 37 35 14 3 Other ........................ 59 44 34 10 ------------------------------------------------------------------------------------- Total expenses ............. 4,876 4,657 1,976 553 ------------------------------------------------------------------------------------- Less amounts waived (Note 2F) .................... 667 658 332 140 Less expense reimbursements (Note 2G) .................... -- -- -- 13 Less earnings credits (Note 2E) .................... 10 1 1 -- ------------------------------------------------------------------------------------- Net expenses ................ 4,199 3,998 1,643 400 ------------------------------------------------------------------------------------- Net investment income ..................... 36,498 31,544 12,743 3,144 ------------------------------------------------------------------------------------- REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS: Net realized gain (loss) on: Investments ................. (9,111) (4,138) (2,145) (14) Futures transactions ........ 329 235 -- 40 Change in net unrealized appreciation/depreciation of: Investments ................. 16,042 10,103 5,793 910 Futures ..................... 276 40 -- 40 ------------------------------------------------------------------------------------- Net realized and unrealized gain on investments and futures transactions ................. 7,536 6,240 3,648 976 ------------------------------------------------------------------------------------- Net increase in net assets from operations ....... $44,034 $37,784 $16,391 $4,120
See notes to financial statements. 39 STATEMENT OF CHANGES IN NET ASSETS For the year ended August 31, (Amounts in Thousands)
Tax Free Income Fund ----------------------- 2000 1999 ------------------------------------------------------------------------------------------------------- INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS: Net investment income ....................................................... $ 36,498 $ 40,150 Net realized gain (loss) on investments and futures transactions ............ (8,782) (282) Change in net unrealized appreciation/depreciation of investments and futures ..................................................................... 16,318 (43,875) ------------------------------------------------------------------------------------------------------- Increase (decrease) in net assets from operations ......................... 44,034 (4,007) ------------------------------------------------------------------------------------------------------- DISTRIBUTIONS TO SHAREHOLDERS FROM: Net investment income ....................................................... (36,500) (40,149) Net realized gain on investment transactions ................................ -- (4,060) ------------------------------------------------------------------------------------------------------- Total distributions to shareholders ....................................... (36,500) (44,209) ------------------------------------------------------------------------------------------------------- INCREASE (DECREASE) FROM CAPITAL SHARE TRANSACTIONS: Proceeds from shares issued ................................................. 94,232 83,194 Dividends reinvested ........................................................ 55 55 Cost of shares redeemed ..................................................... (93,114) (51,987) ------------------------------------------------------------------------------------------------------- Net increase (decrease) in net assets from capital share transactions ..... 1,173 31,262 ------------------------------------------------------------------------------------------------------- Total increase (decrease) in net assets ................................. 8,707 (16,954) ------------------------------------------------------------------------------------------------------- NET ASSETS: Beginning of period ......................................................... 744,098 761,052 ------------------------------------------------------------------------------------------------------- End of period ............................................................... $752,805 $744,098 ------------------------------------------------------------------------------------------------------- Share Transactions: Issued ...................................................................... 15,513 12,829 Reinvested .................................................................. 9 9 Redeemed .................................................................... (15,332) (8,037) ------------------------------------------------------------------------------------------------------- Change in shares ............................................................. 190 4,801 ------------------------------------------------------------------------------------------------------- Intermediate Tax Free Income Fund ----------------------- 2000 1999 ------------------------------------------------------------------------------------------------------- INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS: Net investment income ....................................................... $ 31,544 $ 35,249 Net realized gain (loss) on investments and futures transactions ............ (3,903) 6,211 Change in net unrealized appreciation/depreciation of investments and futures ..................................................................... 10,143 (33,446) ------------------------------------------------------------------------------------------------------- Increase (decrease) in net assets from operations ......................... 37,784 8,014 ------------------------------------------------------------------------------------------------------- DISTRIBUTIONS TO SHAREHOLDERS FROM: Net investment income ....................................................... (31,525) (35,250) Net realized gain on investment transactions ................................ (3,807) (8,069) ------------------------------------------------------------------------------------------------------- Total distributions to shareholders ....................................... (35,332) (43,319) ------------------------------------------------------------------------------------------------------- INCREASE (DECREASE) FROM CAPITAL SHARE TRANSACTIONS: Proceeds from shares issued ................................................. 66,780 104,889 Dividends reinvested ........................................................ 3,806 8,063 Cost of shares redeemed ..................................................... (107,611) (65,922) ------------------------------------------------------------------------------------------------------- Net increase (decrease) in net assets from capital share transactions ..... (37,025) 47,030 ------------------------------------------------------------------------------------------------------- Total increase (decrease) in net assets ................................. (34,573) 11,725 ------------------------------------------------------------------------------------------------------- NET ASSETS: Beginning of period ......................................................... 728,747 717,022 ------------------------------------------------------------------------------------------------------- End of period ............................................................... $694,174 $728,747 ------------------------------------------------------------------------------------------------------- Share Transactions: Issued ...................................................................... 6,521 9,728 Reinvested .................................................................. 372 744 Redeemed .................................................................... (10,502) (6,129) ------------------------------------------------------------------------------------------------------- Change in shares ............................................................. (3,609) 4,343 -------------------------------------------------------------------------------------------------------
See notes to financial statements. 40 STATEMENT OF CHANGES IN NET ASSETS For the periods indicated (continued)
New York Intermediate New Jersey Tax Free Tax Free Income Fund Income Fund ------------------------- -------------------- 2000 1999 2000 1999 ------------------------------------------------------------------------------------------------------------------------------- INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS: Net investment income ....................................................... $ 12,743 $ 14,213 $ 3,144 $ 3,452 Net realized gain (loss) on investments and futures transactions ............ (2,145) 566 26 (78) Change in net unrealized appreciation/depreciation of investments and futures ..................................................................... 5,793 (13,501) 950 (3,102) ------------------------------------------------------------------------------------------------------------------------------- Increase in net assets from operations .................................... 16,391 1,278 4,120 272 ------------------------------------------------------------------------------------------------------------------------------- DISTRIBUTIONS TO SHAREHOLDERS FROM: Net investment income ....................................................... (12,793) (14,214) (3,149) (3,452) Net realized gain on investment transactions ................................ (83) (2,596) -- (1,222) ------------------------------------------------------------------------------------------------------------------------------- Total distributions to shareholders ....................................... (12,876) (16,810) (3,149) (4,674) ------------------------------------------------------------------------------------------------------------------------------- INCREASE (DECREASE) FROM CAPITAL SHARE TRANSACTIONS: Proceeds from shares issued ................................................. 42,794 49,190 12,035 5,638 Dividends reinvested ........................................................ 89 2,365 6 1,219 Cost of shares redeemed ..................................................... (64,427) (24,227) (8,140) (5,372) ------------------------------------------------------------------------------------------------------------------------------- Net increase (decrease) in net assets from capital share transactions ..... (21,544) 27,328 3,901 1,485 ------------------------------------------------------------------------------------------------------------------------------- Total increase (decrease) in net assets ................................. (18,029) 11,796 4,872 (2,917) ------------------------------------------------------------------------------------------------------------------------------- NET ASSETS: Beginning of period ......................................................... 294,608 282,812 67,647 70,564 ------------------------------------------------------------------------------------------------------------------------------- End of period ............................................................... $276,579 $294,608 $72,519 $67,647 ------------------------------------------------------------------------------------------------------------------------------- Share Transactions: Issued ...................................................................... 6,259 6,850 1,271 564 Reinvested .................................................................. 13 327 1 121 Redeemed .................................................................... (9,421) (3,379) (862) (537) ------------------------------------------------------------------------------------------------------------------------------- Change in shares ............................................................. (3,149) 3,798 410 148 -------------------------------------------------------------------------------------------------------------------------------
See notes to financial statements. 41 -------------------------------------------------------------------------------- CHASE VISTA FUNDS NOTES TO FINANCIAL STATEMENTS -------------------------------------------------------------------------------- 1. Organization and Significant Accounting Policies Mutual Fund Select Trust (the "Trust") was organized as a Massachusetts business trust, and is registered under the Investment Company Act of 1940, as amended, as an open-end, non-diversified management investment company. Select Tax Free Income Fund ("TFI"), Select Intermediate Tax Free Income Fund ("ITFI"), Select New York Intermediate Tax Free Income Fund ("NYTFI") and Select New Jersey Tax Free Income Fund ("NJTFI") (collectively, the "Funds") are four separate portfolios of the Trust. The Funds were established in December 1996 for the conversion of the Chase Manhattan Bank Common Trust Funds. Effective January 1, 1997, the Chase Common Trust Funds contributed securities and other assets in exchange for shares of the newly created Funds in a tax-free exchange. 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 in to 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 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. 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 42 CHASE VISTA FUNDS NOTES TO FINANCIAL STATEMENTS (continued) 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 (or 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 August 31, 2000, the Funds had open futures contracts as shown on the Portfolios of Investments. 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 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. H. Organization costs -- Organization and initial registration costs incurred in connection with establishing each of the Funds have been deferred and are being amortized on a straight-line basis over a sixty month period beginning with the commencement of operations of each Fund. 43 CHASE VISTA FUNDS NOTES TO FINANCIAL STATEMENTS (continued) 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 computed daily and paid monthly at an annual rate equal to 0.30% of each Fund's average daily net assets. For the year ended August 31, 2000, the Adviser voluntarily waived fees as outlined in Note 2.F. 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 -- Effective January 3, 2000, the Trust 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 fees as outlined in Note 2.F. below. C. 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. For the year ended August 31, 2000, the Distributor voluntarily waived fees as outlined in Note 2.F. below. D. Administration fee -- Pursuant to an Administration Agreement, Chase (the "Administrator") provides certain administration services to the Trust at an annual fee computed daily and paid monthly of 0.10% of the respective Fund's average daily net assets. For the year ended August 31, 2000, the Administrator voluntarily waived fees as outlined in Note 2.F. below. E. Custodian and accounting fees -- Chase provides portfolio accounting and custody services for the Funds. Compensation for such services is presented in the Statement of Operations as custodian fees. For the year ended August 31, 2000, Chase voluntarily waived a portion of its custodian fees as outlined in Note 2.F. below. In addition, custodian fees 44 CHASE VISTA FUNDS NOTES TO FINANCIAL STATEMENTS (continued) are subject to reduction by credits earned by each Fund, based on cash balances held by Chase as custodian. Such earnings credits are presented separately in the Statement of Operations. The Funds could have invested the cash balances utilized in connection with the earnings credit arrangements in income producing assets if they had not entered into such arrangements. F. Waivers of fees -- For the year ended August 31, 2000, the Funds' vendors voluntarily waived fees for each of the Funds as follows (in thousands):
Investment Shareholder Advisory Administration Servicing Custody --------------------------------------------------------------------------- TFI ................. $438 $209 $-- $20 ITFI ................ 429 205 -- 24 NYTFI ............... 174 136 -- 22 NJTFI ............... 40 38 51 11
G. Other -- Certain officers of the Trust are officers of VFD or of its parent corporation, BISYS. Deferred organization costs are included in Other assets in the Statement of Assets and Liabilities, and amortization of such costs is included in Other expenses in the Statement of Operations. The Distributor voluntarily reimbursed expenses of the Funds in the amounts as shown on the Statement of Operations. 3. Investment Transactions The cost of purchases and proceeds from sales of investments (excluding short-term investments) for the year ended August 31, 2000, were as follows (amounts in thousands):
TFI ITF I NYTFI NJTFI --------------------------------------------------------------------------- Purchases ................ $260,394 $411,297 $122,265 $36,738 Sales .................... 247,183 430,884 127,906 31,083
4. Federal Income Tax Matters For Federal income tax purposes, the cost and unrealized appreciation/ (depreciation) in value of the investment securities at August 31, 2000, are as follows (amounts in thousands):
TFI ITFI NYTFI NJTFI ------------------------------------------------------------------------------------- Aggregate cost ......................... $727,045 $678,597 $268,173 $71,085 -------- -------- -------- ------- Gross unrealized appreciation.......... $ 24,031 $ 19,382 $ 6,818 $ 1,682 Gross unrealized depreciation.......... (6,509) (3,420) (575) (494) -------- -------- -------- ------- Net unrealized appreciation .......... $ 17,522 $ 15,962 $ 6,243 $ 1,188 ======== ======== ======== =======
At August 31, 2000, TFI, ITFI, NYTFI and NJTFI had net capital loss carryovers of $3,923,866, $1,684,817, $566,672 and $3,760, respectively, which will be available to offset capital gans arising through August 31, 2008. To the extent that any net capital loss carryovers are used to offset future capital gains, it is probable that the gains so offset will not be distributed to shareholders. 45 CHASE VISTA FUNDS NOTES TO FINANCIAL STATEMENTS (continued) 5. Concentration of Credit Risk The Funds 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 NJTFI primarily invest in issuers in the States of New York and New Jersey, respectively. TFI invested approximately 28.7% of its net assets in 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 year ended August 31, 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 (in thousands):
Accrued Pension Pension Expenses Liability ----------------------------------------------- TFI ................. $13 $55 ITFI ................ 13 52 NYTFI ............... 5 20 NJTFI ............... 1 5
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 August 31, 2000, nor at any time during the year then ended. 8. Subsequent Event Effective September 5, 2000, CAM changed its name to Chase Fleming Asset Management (USA) Inc. 46 -------------------------------------------------------------------------------- CHASE VISTA FUNDS FINANCIAL HIGHLIGHTS -------------------------------------------------------------------------------- FINANCIAL HIGHLIGHTS
Chase Vista Select ---------------------------------------------- Tax Free Income Fund ---------------------------------------------- Year Ended 1/1/97* ---------------------------------- Through 8/31/00 8/31/99 8/31/98 8/31/97 ---------- ------- ------- ------- Per share operating performance Net asset value, beginning of period .......... $6.19 $ 6.60 $6.45 $6.39 ------- ------ ------ ------ Income from investment operations: Net investment income ........................ 0.30 0.34 0.35 0.24 Net gain or losses in securities (both realized and unrealized) ............... 0.06 (0.37) 0.21 0.06 ------- ------ ------ ------ Total from investment operations ............ 0.36 (0.03) 0.56 0.30 ------- ------ ------ ------ Less Distributions: Dividends from net investment income ......... 0.30 0.34 0.35 0.24 Distributions from capital gains ............. -- 0.04 0.06 -- ------- ------ ------ ------ Total distributions ......................... 0.30 0.38 0.41 0.24 ------- ------ ------ ------ Net asset value, end of period ................ $6.25 $ 6.19 $6.60 $6.45 ======= ====== ====== ====== Total return 6.11% (0.63%) 8.99% 4.86% Ratios/supplemental data Net assets, end of period (millions) .......... $ 753 $ 744 $ 761 $ 677 Ratios to average net assets#: Expenses ..................................... 0.57% 0.03% 0.02% 0.02% Net investment income ........................ 4.98% 5.25% 5.39% 5.73% Expenses without waivers, reimbursements and earnings credits ............................. 0.66% 0.50% 0.50% 0.49% Net investment income without waivers, reimbursements and earnings credits .......... 4.89% 4.78% 4.91% 5.26% Portfolio turnover rate ....................... 35% 39% 47% 48% Intermediate Tax Free Income Fund -------------------------------------------- Year Ended -------------------------------- 1/1/97* Through 8/31/00 8/31/99 8/31/98 8/31/97 -------- ------- ------- -------- Per share operating performance Net asset value, beginning of period .......... $10.42 $10.93 $10.85 $10.75 -------- ------- ------- ------- Income from investment operations: Net investment income ........................ 0.46 0.52 0.56 0.39 Net gain or losses in securities (both realized and unrealized) ............... 0.10 (0.39) 0.29 0.10 -------- ------- ------- ------- Total from investment operations ............ 0.56 0.13 0.85 0.49 -------- ------- ------- ------- Less Distributions: Dividends from net investment income ......... 0.46 0.52 0.56 0.39 Distributions from capital gains ............. 0.06 0.12 0.21 -- -------- ------- ------- ------- Total distributions ......................... 0.52 0.64 0.77 0.39 -------- ------- ------- ------- Net asset value, end of period ................ $10.46 $10.42 $10.93 $10.85 ======== ======= ======= ======= Total return 5.54% 1.15% 8.08% 4.58% Ratios/supplemental data Net assets, end of period (millions) .......... $ 694 $ 729 $ 717 $ 631 Ratios to average net assets#: Expenses ..................................... 0.57% 0.03% 0.02% 0.02% Net investment income ........................ 4.49% 4.81% 5.10% 5.40% Expenses without waivers, reimbursements and earnings credits ............................. 0.66% 0.50% 0.50% 0.50% Net investment income without waivers, reimbursements and earnings credits .......... 4.40% 4.34% 4.62% 4.92% Portfolio turnover rate ....................... 60% 62% 71% 60%
* Commencement of operations. # Short periods have been annualized. See notes to financial statements. 47 FINANCIAL HIGHLIGHTS (continued)
Chase Vista Select -------------------------------------------- New York Intermediate Tax Free Income Fund -------------------------------------------- Year Ended 1/1/97* --------------------------------- Through 8/31/00 8/31/99 8/31/98 8/31/97 -------- ------- ------- ------- Per share operating performance Net asset value, beginning of period .......... $6.91 $7.29 $7.15 $7.09 ------- ------ ------ ------ Income from investment operations: Net investment income ........................ 0.31 0.35 0.37 0.26 Net gain or losses in securities (both realized and unrealized) ............... 0.10 (0.31) 0.21 0.06 ------- ------ ------ ------ Total from investment operations ............ 0.41 0.04 0.58 0.32 ------- ------ ------ ------ Less distributions: Dividends from net investment income ......... 0.31 0.35 0.37 0.26 Distributions from capital gains ............. -- 0.07 0.07 -- ------- ------ ------ ------ Total distributions ......................... 0.31 0.42 0.44 0.26 ------- ------ ------ ------ Net asset value, end of period ................ $7.01 $6.91 $7.29 $7.15 ======= ====== ====== ====== Total return .................................. 6.13% 0.38% 8.37% 4.62% Ratios/supplemental data Net assets, end of period (millions) .......... $ 277 $ 295 $ 283 $ 235 Ratios to average net assets#: Expenses ..................................... 0.58% 0.04% 0.03% 0.03% Net investment income ........................ 4.48% 4.85% 5.08% 5.52% Expenses without waivers, reimbursements and earnings credits ............................. 0.70% 0.53% 0.53% 0.53% Net investment income without waivers, reimbursements and earnings credits .......... 4.36% 4.36% 4.58% 5.02% Portfolio turnover rate ....................... 46% 39% 66% 32% New Jersey Tax Free Income Fund ------------------------------------------- Year Ended ------------------------------- 1/1/97* Through 8/31/00 8/31/99 8/31/98 8/31/97 ------- ------- ------- ------- Per share operating performance Net asset value, beginning of period .......... $9.61 $10.24 $10.04 $ 9.99 ------ ------- ------- ------ Income from investment operations: Net investment income ........................ 0.44 0.49 0.52 0.37 Net gain or losses in securities (both realized and unrealized) ............... 0.12 (0.45) 0.24 0.05 ------ ------- ------- ------ Total from investment operations ............ 0.56 0.04 0.76 0.42 ------ ------- ------- ------ Less distributions: Dividends from net investment income ......... 0.44 0.49 0.52 0.37 Distributions from capital gains ............. -- 0.18 0.04 -- ------ ------- ------- ------ Total distributions ......................... 0.44 0.67 0.56 0.37 ------ ------- ------- ------ Net asset value, end of period ................ $9.73 $ 9.61 $10.24 $10.04 ====== ======= ======= ====== Total return .................................. 6.08% 0.37% 7.82% 4.20% Ratios/supplemental data Net assets, end of period (millions) .......... $ 73 $ 68 $ 71 $ 64 Ratios to average net assets#: Expenses ..................................... 0.59% 0.04% 0.02% 0.02% Net investment income ........................ 4.67% 4.94% 5.16% 5.52% Expenses without waivers, reimbursements and earnings credits ............................. 0.82% 0.63% 0.63% 0.57% Net investment income without waivers, reimbursements and earnings credits .......... 4.44% 4.35% 4.55% 4.97% Portfolio turnover rate ....................... 48% 24% 60% 14%
* Commencement of operations. # Short periods have been annualized. See notes to financial statements. 48 -------------------------------------------------------------------------------- REPORT OF INDEPENDENT ACCOUNTANTS -------------------------------------------------------------------------------- To the Trustees and Shareholders of Mutual Fund Select 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 Select Tax Free Income Fund, Chase Vista Select Intermediate Tax Free Income Fund, Chase Vista Select New York Intermediate Tax Free Income Fund and Chase Vista Select New Jersey Tax Free Income Fund (separate portfolios constituting Mutual Fund Select Trust, hereafter referred to as the "Trust") at August 31, 2000, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period then ended and the financial highlights for each of the periods presented, in conformity with accounting principles generally accepted in the United States of America. 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 auditing standards generally accepted in the United States of America, 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, 2000 by correspondence with the custodian and brokers, provide a reasonable basis for our opinion. PricewaterhouseCoopers LLP 1177 Avenue of the Americas New York, New York 10036 October 11, 2000 49 -------------------------------------------------------------------------------- TAX LETTER (UNAUDITED) -------------------------------------------------------------------------------- Chase Vista Select Tax Free Income Fund (TFI) Chase Vista Select Intermediate Tax Free Income Fund (ITFI) Chase Vista Select New York Tax Free Income Fund (NYTFI) Chase Vista Select New Jersey Tax Free Fund (NJTFI) -------------------------------------------------------------------------------- Certain tax information regarding the Chase Vista Select Mutual Funds is required to be provided to shareholders based upon the Funds income and distributions for the taxable year ended August 31, 2000. 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, 2000. The information necessary to complete your income tax returns for the calendar year ending December 31, 2000 will be received under separate cover. FOR THE FISCAL YEAR ENDED AUGUST 31, 2000: o The dividends paid from net investment income are 100.00%, 100.00%, 100.00% and 100.00% exempt from Federal income tax for TFI, ITFI, NYTFI and NJTFI, respectively. o For shareholders who are subject to the Alternative Minimum Tax, the percentage of income from private activity bonds issued after August 7, 1986, which may be considered a tax preference item, was 7.04%, 3.63%, 2.10% and 8.53% for TFI, ITFI, NYTFI and NJTFI, respectively. o Long-term capital gain distributions were $0.055 and $0.002 per share for ITFI and NYTFI, respectively. 50 [This page intentionally left blank] [This page intentionally left blank] [This page intentionally left blank] CHASE VISTA SELECT TAX FREE 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. [copyright] The Chase Manhattan Corporation, 2000. All Rights Reserved. October 2000 [Chase Logo] Chase Vista Funds Fulfillment Center 393 Manley Street West Bridgewater, MA 02379-1039