-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, GEPTO6cVKWx/OIaWekeTsUgMuXRbTpY7RFVKRodHaNEUBtQG8EspWXwWop0ziRbm 03Ovk/LsDYkbaFgHpEv2Pg== 0000950146-98-000746.txt : 19980504 0000950146-98-000746.hdr.sgml : 19980504 ACCESSION NUMBER: 0000950146-98-000746 CONFORMED SUBMISSION TYPE: N-30D PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 19980228 FILED AS OF DATE: 19980501 SROS: NONE FILER: COMPANY DATA: COMPANY CONFORMED NAME: MUTUAL FUND TRUST CENTRAL INDEX KEY: 0000919034 STANDARD INDUSTRIAL CLASSIFICATION: [] STATE OF INCORPORATION: MA FISCAL YEAR END: 0831 FILING VALUES: FORM TYPE: N-30D SEC ACT: SEC FILE NUMBER: 811-08358 FILM NUMBER: 98607864 BUSINESS ADDRESS: STREET 1: 125 WEST 55TH ST CITY: NEW YORK STATE: NY ZIP: 10019 N-30D 1 SEMI-ANNUAL REPORT [CHASE VISTA FUNDS LOGO] SEMI-ANNUAL REPORT --------------------------------------- Chase Vista(SM) Setting the Global Standard. CHASE VISTA TAX FREE MONEY MARKET FUND CHASE VISTA NEW YORK TAX FREE MONEY MARKET FUND CHASE VISTA CALIFORNIA TAX FREE MONEY MARKET FUND February 28, 1998 (Unaudited) HIGHLIGHTS The onset of the Asian economic and currency crisis was the major event in U.S. fixed income markets during the reporting period. o Supply and demand issues continued to dominate the short-term tax-free market. o The Federal Reserve Board left the Federal Funds rate unchanged at 5.5%, and the yield on the one-year U.S. Treasury bill remained relatively stable. - -------------------------------------------------------------------------------- CONTENTS - -------------------------------------------------------------------------------- Chairman's Letter 3 Chase Vista Tax Free Money Market Fund Fund Facts o Portfolio of Investments 4 Chase Vista New York Tax Free Money Market Fund Fund Facts o Portfolio of Investments 26 Chase Vista California Tax Free Money Market Fund Fund Facts o Portfolio of Investments 48 Financial Statements 56 Notes to Financial Statements 59 Financial Highlights 64 - -------------------------------------------------------------------------------- INVESTMENTS IN THE FUNDS ARE NOT DEPOSITS OF, OR GUARANTEED OR ENDORSED BY, THE CHASE MANHATTAN BANK, AND THE SHARES ARE NOT INSURED BY THE FDIC, FEDERAL RESERVE BOARD OR ANY OTHER GOVERNMENT AGENCY. INVESTMENTS IN MUTUAL FUNDS INVOLVE RISK, INCLUDING POSSIBLE LOSS OF THE PRINCIPAL AMOUNT INVESTED. Chase Vista Funds CHAIRMAN'S LETTER April 10, 1998 Dear Shareholder: We are pleased to present this semi-annual report on each of the Chase Vista Tax-Free Money Market Funds(SM). Inside, you'll find current seven-day yields for each fund as of February 28, 1998 as well as listings of current holdings. Asian Crisis Proved Beneficial to U.S. Fixed Income Markets As the reporting period began, a consensus was building that the Federal Reserve Board would raise short-term interest rates as a preemptive strike against potential inflationary pressures in a buoyant U.S. economy. As so often happens, however, the conventional thinking was overwhelmed by an outside event, in this case the onset of the currency and economic crisis in Asia. While the Asian crisis had a negative short-term effect on world stock markets, its consequences for U.S. fixed income markets proved highly beneficial because it changed the inflation paradigm. Specifically, the markets assumed that the rapidly-deteriorating currencies of our Asian trading partners would make their goods cheaper here, therefore holding down prices. On the other side of the import-export coin, most market participants came to the belief that slowing exports to Asia would cut into U.S. economic growth, allowing the Fed to remain on the sidelines. While the Fed did, in fact, change from a tightening to a neutral stance in December, short-term interest rates remained relatively flat even as long-term rates fell sharply. As always, supply and demand issues proved challenging throughout the period as investors continued to use the Funds as a short-term home for assets ultimately intended for taxes or long-term investments. In this environment, your portfolio management team once again provided you with competitive yields and stability. On behalf of the management team and everyone at Chase Vista, I thank you for the confidence you've placed in us and look forward to continuing to serve your investment needs. Sincerely, /s/ Fergus Reid Fergus Reid Chairman | 3 About Your Fund CHASE VISTA TAX FREE MONEY MARKET FUND ================================================================================ FUND FACTS Objective: High current tax free income consistent with capital preservation* Primary investments: Short-term municipal obligations Suggested investment time frame: Short-term Share classes offered: Vista, Premier and Institutional Shares As of February 28, 1998 Net assets: $1.1 Billion Average maturity: 50 days S&P Rating**: AAA Moody's Rating: Not rated NAIC Rating: Not rated
================================================================================ * A portion of the Fund's income may be subject to the Alternative Minimum Tax (AMT), and some investors may be subject to certain state and local taxes. **This rating is historical and is based upon the Fund's credit quality, market price exposure and management. It signifies that the Fund's safety is excellent and that it has superior capacity to maintain a $1 Net Asset Value per share. ================================================================================ MATURITY SCHEDULE AS OF 2/28/98 1-7 days .. ....................................................... 65.44% 8-14 days ......................................................... 2.63% 15-21 days ........................................................ 1.39% 22-30 days ........................................................ 0.18% 31-60 days ........................................................ 2.40% 61-90 days ........................................................ 5.63% 91+ days .......................................................... 22.33%
================================================================================ 4 | About Your Fund CHASE VISTA TAX FREE MONEY MARKET FUND CHASE VISTA TAX FREE MONEY MARKET FUND COMPOSITION OF TOTAL ASSETS AS OF 2/28/98 [Pie Chart Omitted] Composition of Total Assets as of 2/28/98 ------------- Cash/Other 0.8% Investments 99.2% - -------------------------------------------------------------------------------- CHASE VISTA TAX FREE MONEY MARKET FUND AS OF 2/28/98(1) 7-Day Taxable SEC Yield(2) Equivalent Yield(3) ------------ ------------------- Vista Shares 2.89% 4.79% Premier Shares 2.96% 4.90% Institutional Shares 3.23% 5.35%
================================================================================ (1) Past performance is not a guarantee of future results. Yields will fluctuate. An investment is neither insured nor guaranteed by the U.S. government and there can be no assurance that the fund will maintain a stable Net Asset Value of $1.00 per share. (2) The yield for Vista Shares reflects the voluntary waiver of certain expenses and the assumption of certain expenses otherwise payable by the Fund. Without waivers, the yield would have been 2.76%. This voluntary waiver may be modified or terminated at any time, which would reduce performance. (3) Taxable equivalent yields are calculated based on the SEC yield divided by 1 minus the effective tax rate. The effective federal tax rate used for this illustration is 39.6% A portion of the Fund's income may be subject to the Alternative Minimum Tax (AMT), and some investors may be subject to certain state and local taxes. |5 Chase Vista Tax Free Money Market Fund Portfolio of Investments February 28, 1998 (unaudited)
Principal Amount Issuer Value =================================================================== State & Municipal Obligations -- 99.1% =================================================================== Alabama -- 0.8% $2,650,000 Birmingham, Alabama, Ser. A, FRDN, Warrants, 3.90%, 03/06/98 $2,650,000 5,000,000 Huntsville, Alabama, Health Care Authority, Ser. A, FRDN, Rev., 3.35%, 03/05/98 5,000,000 1,500,000 St. Clair County, Alabama, IDB, National Cement Co., Inc., Project II, FRDN, Rev., 3.20%, 03/06/98 1,500,000 ---------- 9,150,000 ---------- Arizona -- 1.6% 7,200,000 Naricopa County, Arizona, School District No. 006, Washington Elementary Projects of 1996, Ser. B, GO, 5.63%, 07/01/98 7,242,827 4,100,000 Phoenix Arizona IDA, Multifamily Housing, Southwest Villages Project A, FRDN, Rev., 3.20%, 03/05/98 4,100,000 4,000,000 Phoenix, Arizona, Civic Improvement Corp., Airport Term Excise Tax, Rev., 8.38%, 07/01/98 4,099,880 2,500,000 Yavapai County, Arizona Industrial Development Authority, Kachina Pointe, FRDN, Rev., 3.35%, 03/02/98 2,500,000 ---------- 17,942,707 ---------- Arkansas -- 2.4% 10,100,000 Fayetteville, Arkansas, Public Facilities Board, Butterfield Trail Village, FRDN, Rev., 3.45%, 03/05/98 10,100,000 16,400,000 University of Arkansas, UAMS Campus, FRDN, Rev., 3.60%, 03/05/98 16,400,000 ---------- 26,500,000 ----------
See notes to financial statements. 6 | Chase Vista Tax Free Money Market Fund Portfolio of Investments February 28, 1998 (unaudited) (continued)
Principal Amount Issuer Value =================================================================== State & Municipal Obligations -- (continued) =================================================================== California -- 2.4% $8,250,000 Butte County, California, Office of Education, TRAN, 4.50%, 07/31/98 $8,271,024 10,550,000 California Higher Education Loan Authority Inc., Student Loan, Ser. A, Rev., 3.95%, 06/01/98 10,550,000 6,200,000 Irvine Ranch, California, Water District, Improvement District No. 284, Ser. A, FRDN, GO 3.50%, 03/02/98 6,200,000 1,900,000 Student Education Loan Marketing Corp., California, Ser. A, Rev., 3.85%, 10/01/98 1,900,000 ---------- 26,921,024 ---------- Colorado -- 3.5% 10,000,000 Arapahoe County, Colorado, School District No. 005, Cherry Creek, TAN, 4.50%, 06/30/98 10,020,789 2,400,000 Colorado Health Facilities Authority, North Colorado Medical Center, FRDN, 3.40%, 03/02/98 2,400,000 8,700,000 Colorado Springs, Colorado Utilities, Ser., SGB 28A, FRDN, Rev., 3.55%, 03/05/98 8,700,000 2,500,000 Denver, Colorado, City & County Airport, Sub-Ser. C, FRDN, Rev., 3.40%, 03/05/98 2,500,000 12,900,000 Smith Creek Metropolitan District, Colorado, FRDN, Rev. 3.45%, 03/05/98 12,900,000 2,970,000 University of Colorado Hospital Authority, Colorado, Ser A, Rev., 4.25%, 11/15/98 2,978,940 ---------- 39,499,729 ----------
See notes to financial statements. | 7 Chase Vista Tax Free Money Market Fund Portfolio of Investments February 28, 1998 (unaudited) (continued)
Principal Amount Issuer Value =================================================================== State & Municipal Obligations -- (continued) =================================================================== Delaware -- 3.2% $25,000,000 Delaware State, Economic Development Authority, IDR, Delaware Clean Power Project, Ser. A, FRDN, Rev., 3.45%, 03/05/98 $25,000,000 11,000,000 Delaware State, Economic Development Authority, IDR, Delaware Clean Power Project, Ser. C, FRDN, Rev., 3.45%, 03/05/98 11,000,000 ----------- 36,000,000 ----------- District of Columbia -- 0.3% 3,300,000 District of Columbia, Ser. C, TRAN, 5.00%, 09/30/98 3,321,316 ----------- Florida -- 4.3% 5,000,000 Broward County, Florida Housing Finance Authority, Multifamily Housing, Landings Inverrary AP, FRDN, Rev., 3.40%, 03/02/98 5,000,000 6,135,000 Dade County, Florida, IDA, PCR, Florida Power & Light Co. Project, FRDN, Rev., 3.45%, 03/02/98 6,135,000 4,700,000 Florida Housing Finance Agency, Multifamily Housing, Sarasota, Ser. C, FRDN, Rev., 3.50%, 03/05/98 4,700,000 4,000,000 Florida Housing Financing Agency, Multifamily Housing, Lakeside, Ser. B, FRDN, Rev., 3.55%, 03/05/98 4,000,000 8,575,000 Gulf Breeze, Florida, Local Government Loan Program, Ser. B, FRDN, Rev., 3.35%, 03/05/98 8,575,000 9,600,000 Jacksonville, Florida, FRDN, Rev., 3.66%, 03/05/98 9,600,000 6,900,000 Jacksonville, Florida, Commercial Paper, 3.50%, 03/18/98 6,900,000
See notes to financial statements. 8 | Chase Vista Tax Free Money Market Fund Portfolio of Investments February 28, 1998 (unaudited) (continued)
Principal Amount Issuer Value =================================================================== State & Municipal Obligations -- (continued) =================================================================== $3,000,000 Orange County, Florida, Health Facilities Authority, Ser. 1985 Pooled Hospital Loan Program, Commercial Paper, 3.30%, 04/27/98 $3,000,000 ---------- 47,910,000 ---------- Georgia -- 9.8% 10,100,000 Columbia County, Georgia, Elderly Authority, Residential Care Facilities, Augusta Resource Center on Aging, FRDN, Rev., 3.50%, 03/04/98 10,100,000 3,100,000 Dougherty County, Georgia, School District, GO, 3.55%, 09/01/98 3,100,000 1,600,000 Dougherty County, Georgia, School District, GO, 3.65%, 03/01/99 1,600,000 2,200,000 Elbert County & Elberton & Bowman Georgia Development Authority, IDR, Seaboard Farms, FRDN, Rev., 3.50%, 03/05/98 2,200,000 2,800,000 Fulco, Georgia, Hospital Authority, Piedmont Hospital Project, FRDN, Rev., 3.50%, 03/04/98 2,800,000 1,000,000 Fulton County, Georgia Development Authority, Arthritis Foundation Inc. Project, FRDN, Rev., 3.50%, 03/04/98 1,000,000 1,600,000 Fulton County, Georgia IDA, American Graphics Project, FRDN, Rev., 3.60%, 03/05/98 1,600,000 15,000,000 Fulton County, Georgia Housing Authority, Multifamily Housing, Spring Creed Crossing, FRDN, Rev., 3.60%, 03/04/98 15,000,000 8,500,000 Fulton County, Georgia, Housing Authority, Multifamily, Holcomb Landing Apartments, FRDN, Rev., 3.60%, 03/04/98 8,500,000
See notes to financial statements. | 9 Chase Vista Tax Free Money Market Fund Portfolio of Investments February 28, 1998 (unaudited) (continued)
Principal Amount Issuer Value =================================================================== State & Municipal Obligations -- (continued) =================================================================== $13,860,000 Fulton County, Georgia, Housing Authority, Residential Revenue Construction, FRDN, Rev., 3.65%, 03/04/98 $13,860,000 5,000,000 Georgia Municipal Gas Authority, Rev., 3.35%, 03/04/98 5,000,000 10,000,000 Georgia Municipal Gas Authority, Rev., 3.35%, 03/04/98 10,000,000 5,275,000 Georgia State, GO, 6.75%, 03/01/98 5,275,000 6,360,000 Georgia State, Ser. C, GO, 6.25%, 08/01/98 6,423,495 5,945,000 Macon-Bibb County, Georgia, Hospital Authority, Medical Center of Central Georgia, FRDN, Rev., 3.50%, 03/05/98 5,945,000 11,225,000 Marietta Georgia Housing Authority Multifamily, Winterset Apartments Project, FRDN, Rev., 3.60%, 03/04/98 11,225,000 6,325,000 Marietta Georgia, Housing Authority Multifamily, Concepts 21 Apartments, FRDN, Rev., 3.55%, 03/04/98 6,325,000 ----------- 109,953,495 ----------- Idaho -- 0.3% 3,800,000 Port Lewiston Port Facilities Idaho Rev., Fribourg Investment Co., FRDN, Rev., 3.83%, 03/03/98 3,800,000 ----------- Illinois -- 5.0% 6,000,000 Chicago, Illinois, GO, 4.40%, 06/01/98 6,008,656 7,200,000 Chicago, Illinois, Multi-Family Housing, Waveland Associates Project, Ser. E, FRDN, Rev., 3.30%, 03/04/98 7,200,000 1,435,000 Chicago, Illinois, Park District, GO, 5.50%, 01/01/99 1,456,554
See notes to financial statements. 10 | Chase Vista Tax Free Money Market Fund Portfolio of Investments February 28, 1998 (unaudited) (continued)
Principal Amount Issuer Value ====================================================================== State & Municipal Obligations -- (continued) ====================================================================== $ 7,055,000 Franklin Park, Illinois, Ser. SGB 14, FRDN, Rev., 3.55%, 03/04/98 $ 7,055,000 2,000,000 Illinois Development Financial Authority, IDR, Balspar Corp. Project, FRDN, Rev., 3.60%, 03/05/98 2,000,000 3,805,000 Illinois Development Financing Authority, IDR, CFC International Inc. Project, FRDN, Rev., 3.35%, 03/04/98 3,805,000 1,800,000 Illinois Development Financing Authority, IDR, Revcor Inc. Project, FRDN, Rev., 3.35%, 03/05/98 1,800,000 2,115,000 Illinois Development Financing Authority, IDR, Toughy Ltd. Partnership Project, FRDN, 3.50%, 03/04/98 2,115,000 5,300,000 Illinois Health Facilities Authority, Rehab Institution of Chicago Project, FRDN, Rev., 3.75%, 03/05/98 5,300,000 1,500,000 Illinois State, Sales Tax, Ser. H, Rev., 7.63%, 06/15/98 1,545,574 3,330,000 Libertyville, Illinois, IDA, Libertyville Manor Project, FRDN, Rev., 3.45%, 03/05/98 3,330,000 8,500,000 Lisle, Illinois, Multi-Family, Ashley of Lisle Project, FRDN, Rev., 3.45%, 03/04/98 8,500,000 3,000,000 Schaumburg, Illinois, Multifamily Housing, Windsong Apartments Project, FRDN, Rev., 3.35%, 03/04/98 3,000,000 1,080,000 Springfield Illinois Electric, Jr. Lien, Rev., 4.00%, 03/01/98 1,080,000
See notes to financial statements. | 11 Chase Vista Tax Free Money Market Fund Portfolio of Investments February 28, 1998 (unaudited) (continued)
Principal Amount Issuer Value ================================================================== State & Municipal Obligations -- (continued) ================================================================== $2,425,000 Tinley Park, Illinois, Multi-Family, Edgewater Walk IIIA & IIIB, FRDN, Rev., 3.35%, 03/04/98 $2,425,000 ---------- 56,620,784 ---------- Indiana -- 2.5% 2,025,000 Lafayette Indiana Economic Development, Health Quest Realty XI, FRDN, Rev., 3.45%, 03/05/98 2,025,000 865,000 Muncie Indiana Economic Development Rev., Health Quest Realty Project, FRDN, Rev., 3.45%, 03/05/98 865,000 1,000,000 Princeton, Indiana, PCR, PSI Energy Inc. Project, FRDN, Rev., 3.50%, 03/02/98 1,000,000 10,800,000 Sullivan, Indiana PCR, National Rural, Hoosier Commercial Paper, 3.60%, 05/20/98 10,800,000 1,250,000 Sullivan, Indiana PCR, National Rural, Hoosier, Commercial Paper, 3.50%, 04/06/98 1,250,000 3,450,000 Sullivan, Indiana PCR, National Rural, Hoosier, Commercial Paper, 3.55%, 05/12/98 3,450,000 3,500,000 Sullivan, Indiana PCR, National Rural, Hoosier, Commercial Paper, 3.60%, 05/04/98 3,500,000 1,000,000 Sullivan, Indiana PCR, National Rural, Hoosier, Commercial Paper, 3.60%, 05/04/98 1,000,000 3,655,000 Sullivan, Indiana PCR, National Rural, Hoosier, Commercial Paper, 3.60%, 05/20/98 3,655,000 ---------- 27,545,000 ----------
See notes to financial statements. 12 | Chase Vista Tax Free Money Market Fund Portfolio of Investments February 28, 1998 (unaudited) (continued)
Principal Amount Issuer Value ================================================================== State & Municipal Obligations -- (continued) ================================================================== Iowa -- 0.3% $3,700,000 Iowa Financing Authority, Solid Waste Disposal, Cedar River Paper Co. Project, Ser. A, FRDN, Rev., 3.65%, 03/04/98 $3,700,000 ---------- Kansas -- 0.7% 3,900,000 Burlington, Kansas PC, K C Power & Light Project, Ser. A, Commercial Paper, 3.50%, 05/04/98 3,900,000 2,150,000 Spring Hill, Kansas Industrial Rev., Abrasive Engineering Project, FRDN, Rev., 3.50%, 03/05/98 2,150,000 1,250,000 Wichita, Kansas, Airport Facilities, Cessna Citation Center Project, Ser III, FRDN, Rev., 3.80%, 03/05/98 1,250,000 ---------- 7,300,000 ---------- Kentucky -- 1.8% 4,700,000 Boone County, Kentucky IDR, Curtin Matheson Science Inc., FRDN, Rev., 3.30%, 03/04/98 4,700,000 13,800,000 Kentucky Asset/Liability Community General Fund, Ser. A, TRAN, 4.50%, 06/25/98 13,827,206 2,100,000 Lexington-Fayette Urban County Government, Kentucky, Residential Facilities, Richmond Place Association PL Project, FRDN, Rev., 3.90%, 04/01/98 2,100,000 ---------- 20,627,206 ---------- Louisiana -- 4.2% 10,375,000 New Orleans, Louisiana, Home Mortgage Authority, Single Family Mortgage, FNMA & GNMA, Ser. 2, Rev., 3.92%, 06/01/98 10,375,000 37,070,000 New Orleans, Louisiana Aviation Board, Ser. B, FRDN, Rev., 3.55%, 03/04/98 37,070,000 ---------- 47,445,000 ----------
See notes to financial statements. | 13 Chase Vista Tax Free Money Market Fund Portfolio of Investments February 28, 1998 (unaudited) (continued)
Principal Amount Issuer Value ==================================================================== State & Municipal Obligations -- (continued) ==================================================================== Maryland -- 3.8% $ 9,000,000 Baltimore County, Maryland, Commercial Paper, 3.80%, 03/16/98 $9,000,000 725,000 Baltimore County, Maryland, Golf Systems, FRDN, Rev., 3.50%, 03/04/98 725,000 3,000,000 Howard County, Maryland Multi- family Housing, Sherwood Crossing Ltd, FRDN, Rev., 3.95%, 06/01/98 3,000,000 1,000,000 Maryland State, Board of Environmental Resource Recovery, Colstrip Project, FRDN, Rev., 3.40%, 03/04/98 1,000,000 2,000,000 Maryland State, Department of Transportation, Second Issue, Rev., 6.70%, 11/15/98 2,054,601 2,000,000 Maryland State, Department of Transportation, Second Issue, Rev., 6.80%, 11/15/98 2,065,537 8,100,000 Maryland State, Health & Higher Educational Facilities Authority, Deaton Special Hospital & Home Project, FRDN, Rev., 3.45%, 03/04/98 8,100,000 5,000,000 Maryland State, Health & Higher Educational Facilities Authority, Helix Health Hospital Issue, Ser. A, FRDN, Rev., 3.45%, 03/05/98 5,000,000 4,000,000 Maryland State, Health & Higher Educational Facilities Authority, Loyola College, Issue B, FRDN, Rev., 3.40%, 03/05/98 4,000,000 7,600,000 Montgomery County, Maryland, Housing Opportunities, Community Housing, Multifamily Grosvenor, Ser., A, FRDN, Rev., 3.45%, 03/04/98 7,600,000 ---------- 42,545,138 ----------
See notes to financial statements. 14 | Chase Vista Tax Free Money Market Fund Portfolio of Investments February 28, 1998 (unaudited) (continued)
Principal Amount Issuer Value =================================================================== State & Municipal Obligations -- (continued) =================================================================== Massachusetts -- 0.4% $4,400,000 Massachusetts State, Port Authority, Multi-Modal, Ser. B, FRDN, Rev., 3.70%, 03/02/98 $4,400,000 ---------- Michigan -- 0.8% 6,000,000 Michigan State, Building Authority, Rev., Commercial Paper, 3.40%, 03/02/98 6,000,000 2,250,000 Michigan State, Building Authority, Rev., Commercial Paper, 3.75%, 03/02/98 2,250,000 1,175,000 Michigan State, Strategic Fund Ltd., Obligation Rev., Wayne Disposal, Oakland Project, FRDN, Rev., 3.55%, 03/04/98 1,175,000 ---------- 9,425,000 ---------- Minnesota -- 1.4% 13,005,000 Eden Prairie, Minnesota, Multifamily, Park at City West Project, FRDN, Rev., 3.30%, 03/06/98 13,005,000 2,800,000 Minneapolis & St. Paul, Minnesota, Housing & Redevelopment Authority, Health Care Systems, Children's Health Care, Ser. B, FRDN, Rev., 3.50%, 03/02/98 2,800,000 ---------- 15,805,000 ---------- Mississippi -- 0.6% 4,380,000 Mississippi Business Financial Corp., IDR, Choctaw Maid Farms, Inc. Project, FRDN, Rev., 3.60%, 03/04/98 4,380,000 1,800,000 Perry County, Mississippi Pollution Control, Leaf River Forest Project, FRDN, Rev., 3.50%, 03/05/98 1,800,000 ---------- 6,180,000 ----------
See notes to financial statements. | 15 Chase Vista Tax Free Money Market Fund Portfolio of Investments February 28, 1998 (unaudited) (continued)
Principal Amount Issuer Value =================================================================== State & Municipal Obligations -- (continued) =================================================================== Missouri -- 2.0% $ 4,045,000 Kansas City, Missouri, Industrial Development Authority, Multifamily Housing, Woodlands Partners Project, FRDN, Rev., 3.50%, 03/05/98 $4,045,000 1,000,000 Macon, Missouri, IDA, Health Care Realty Macon, FRDN, Rev., 3.75%, 03/30/98 1,000,000 2,600,000 Missouri, Higher Education Loan Authority, Student Loan, Senior Lien, Ser A, FRDN, Rev., 5.38%, 02/15/99 2,640,463 7,100,000 Missouri, Higher Education Loan Authority, Student Loan, Ser. B, FRDN, Rev., 3.50%, 03/04/98 7,100,000 4,000,000 Missouri State, Health & Educational Facilities Authority, The Washington University, Ser. D, FRDN, Rev., 3.55%, 03/02/98 4,000,000 3,300,000 Missouri State, Housing Development & St. Louis County, Missouri Single Family Housing, FRDN, Rev., 3.50%, 03/09/98 3,300,000 ---------- 22,085,463 ---------- Montana -- 0.3% 2,000,000 Montana State, Board Investment, Municipal Financing Consolidation, Intercap Program, Rev., 3.65%, 03/01/98 2,000,000 1,000,000 Osage Beach, Montana, IDA, Health Care Realty Osage, FRDN, Rev., 3.75%, 03/30/98 1,000,000 ---------- 3,000,000 ---------- Nebraska -- 0.3% 1,500,000 Omaha Public Power District, Nebraska Electric, Ser. D, Rev., 4.25%, 02/01/99 1,508,695
See notes to financial statements. 16 | Chase Vista Tax Free Money Market Fund Portfolio of Investments February 28, 1998 (unaudited) (continued)
Principal Amount Issuer Value =================================================================== State & Municipal Obligations -- (continued) =================================================================== $2,400,000 Sidney, Nebraska, IDR, Pennington Seed, Inc. Project, FRDN, Rev., 3.60%, 03/04/98 $2,400,000 ---------- 3,908,695 ---------- New Hampshire -- 0.9% 1,860,000 New Hampshire State, Business Financing Authority Industrial Facilities, Nickerson Assembly Co., FRDN, Rev., 3.75%, 03/05/98 1,860,000 6,800,000 New Hampshire State, Business Financing Authority, Resource Recovery, Wheelabrator, Ser. A, FRDN, Rev., 3.40%, 03/04/98 6,800,000 1,200,000 New Hampshire State, Business Financing Authority, Resource Recovery, Wheelabrator, Ser. B, FRDN, Rev., 3.55%, 03/04/98 1,200,000 ---------- 9,860,000 ---------- New Mexico -- 2.2% 2,900,000 Albuquerque, New Mexico, Airport, Sub. Lien, Ser, A, FRDN, Rev., 3.50%, 03/04/98 2,900,000 3,650,000 Albuquerque, New Mexico, Municipal School District, No. 012, GO, 4.50%, 08/01/98 3,659,272 18,500,000 New Mexico State, TRAN, 4.50%, 06/30/98 18,539,364 ---------- 25,098,636 ---------- New York -- 7.6% 15,100,000 Eagle Tax Exempt Trust, Weekly Options Mode, Certificate, Ser. 97C1002, Class A, # Certificates of Participation, 3.51%, 03/05/98 15,100,000 9,800,000 Eagle Tax-Exempt Trust, Weekly Options Mode, Certificate, Ser. 94-4904, # Certificates of Participation, 3.61%, 03/05/98 9,800,000
See notes to financial statements. | 17 Chase Vista Tax Free Money Market Fund Portfolio of Investments February 28, 1998 (unaudited) (continued)
Principal Amount Issuer Value =================================================================== State & Municipal Obligations -- (continued) =================================================================== $4,000,000 Eagle Tax-Exempt Trust, Weekly Options Mode, Certificate, Ser. 95-3202, Class A, # Certificates of Participation, 3.51%, 03/05/98 $4,000,000 5,700,000 Nassau County, New York, Ser. A, RAN, 4.50%, 03/10/98 5,700,986 25,900,000 New York City Municipal Water Financing Authority, FRDN, Rev., 3.65%, 03/04/98 25,900,000 5,000,000 New York City Municipal Water Financing Authority, Water & Sewer Systems, Municipal Securities Trust Receipts, FRDN, Rev., 3.65%, 03/05/98 5,000,000 9,050,000 New York City New York -- Sub-Ser. E2, FRDN, Rev., 3.60%, 03/02/98 9,050,000 9,000,000 New York City New York, Commercial Paper, 3.65%, 06/02/98 9,000,000 2,000,000 New York City Revenue Anticipation Notes, FRDN, Rev., 3.50%, 03/04/98 2,000,000 ---------- 85,550,986 ---------- North Carolina -- 0.4% 1,000,000 Guilford County, North Carolina, Industrial Facilities & Pollution Control Financing Authority, Neal Manufacturing, FRDN, Rev., 3.55%, 03/05/98 1,000,000 3,485,000 Haywood Regional Medical Center, North Carolina, FRDN, Rev., 3.35%, 03/05/98 3,485,000 ---------- 4,485,000 ---------- Ohio -- 4.2% 3,000,000 Cleveland, Ohio, Airport Systems, Ser. D, FRDN, Rev., 3.55%, 03/04/98 3,000,000
See notes to financial statements. 18 | Chase Vista Tax Free Money Market Fund Portfolio of Investments February 28, 1998 (unaudited) (continued)
Principal Amount Issuer Value =================================================================== State & Municipal Obligations -- (continued) =================================================================== $12,300,000 Columbus, Ohio, Ser. 1, FRDN, Rev., 3.25%, 03/05/98 $12,300,000 7,600,000 Franklin County, Ohio, U.S. Health Corp., Ser. A, FRDN, Rev., 3.40%, 03/05/98 7,600,000 1,500,000 Montgomery County, Ohio, Multifamily Housing, Pedcor Investments, Lyons Gate, Ser. A, FRDN, Rev., 3.55%, 03/05/98 1,500,000 17,000,000 Ohio, Housing Financing Agency, Residential Notes Ser. A-2, Rev., 3.80%, 03/01/99 17,000,000 3,900,000 Ohio State, Air Quality Development Authority, JMG FDG Ltd. Partnership, Ser. A, FRDN, Rev., 3.60%, 03/04/98 3,900,000 1,650,000 Ohio State, Building Authority, State Facilities, Arts Facilities Building Fund, Ser. A, Rev., 5.00%, 10/01/98 1,661,193 ----------- 46,961,193 ----------- Oregon -- 0.3% 3,000,000 Klamath Falls, Oregon, Salt Caves HydroElectric, Ser. A, Rev., 4.50%, 05/01/98 3,002,380 ----------- Pennsylvania -- 2.5% 5,000,000 Dauphin County, Pennsylvania, General Authority, Allhealth Pooled Financing Program, Ser. A, FRDN, Rev., 3.75%, 03/05/98 5,000,000 4,000,000 Pennsylvania Economic Development Financing Authority, Exempt Facilities, Natural Gypsum Co. Project, Ser. B, FRDN, Rev., 4.10%, 03/02/98 4,000,000 10,000,000 Pennsylvania State, TAN, 4.50%, 06/30/98 10,027,732
See notes to financial statements. | 19 Chase Vista Tax Free Money Market Fund Portfolio of Investments February 28, 1998 (unaudited) (continued)
Principal Amount Issuer Value =================================================================== State & Municipal Obligations -- (continued) =================================================================== $ 4,300,000 York, Pennsylvania, General Authority Pooled Financing, FRDN, Rev., 3.45%, 03/05/98 $4,300,000 5,000,000 York, Pennsylvania, General Authority Pooled Financing, FRDN, Rev., 3.45%, 03/05/98 5,000,000 ---------- 28,327,732 ---------- Rhode Island -- 0.2% 2,200,000 Rhode Island State, Industrial Facilities Corp., Blackstone Valley Electric Co., FRDN, Rev., 3.50%, 03/04/98 2,200,000 ---------- Tennessee -- 1.6% 2,000,000 Hendersonville, Tennessee IDB, Multi-Family Housing, Windsor Park Project, FRDN, Rev., 2.80%, 03/04/98 2,000,000 1,800,000 Memphis Tennessee, Ser. A, FRDN, GO 3.50%, 03/05/98 1,800,000 7,000,000 Metropolitan Government of Nashville & Davidson County, Tennessee, Health & Educational Board, Vanderbilt University, Ser. 85-A, FRDN, Rev., 3.75%, 01/15/99 7,000,000 6,155,000 Shelby County Tennessee Health Educational & Housing Facilities Board, Multifamily Housing, Arbor Lake, FRDN, Rev., 3.60%, 03/04/98 6,155,000 1,000,000 South Pittsburgh Tennessee Industrial Development, Lodge Manufacturing Co. Project, FRDN, Rev. 3.60%, 03/04/98 1,000,000 ---------- 17,955,000 ---------- Texas -- 20.4% 4,000,000 Austin, Texas, Airport Systems, Ser. A, FRDN, Rev., 3.70%, 03/04/98 4,000,000
See notes to financial statements. 20 | Chase Vista Tax Free Money Market Fund Portfolio of Investments February 28, 1998 (unaudited) (continued)
Principal Amount Issuer Value =================================================================== State & Municipal Obligations -- (continued) =================================================================== $4,000,000 Austin, Texas, Utilities System, Ser. 1, Rev., 3.55%, 05/13/98 $4,000,000 2,000,000 Austin, Texas, Utilities System, Ser. 1, Rev., 3.55%, 05/20/98 2,000,000 2,000,000 Bell County Texas, IDA, Franklin Industries, FRDN, 3.35%, 03/05/98 2,000,000 4,250,000 Bell County, Texas Health Facilities Development Corp., Southern Healthcare Systems, Project C, FRDN, Rev., 3.45%, 03/05/98 4,250,000 2,300,000 Bexar County, Texas, Housing Finance Corp., Multi-Family, Shallow Creek Apartments Project, FRDN, Rev., 3.50%, 03/05/98 2,300,000 1,000,000 Carroll, Texas, Independent School District, GO, 3.45%, 03/04/98 1,000,000 19,000,000 Carroll, Texas, Independent School District, GO, 3.45%, 03/04/98 19,000,000 9,000,000 Greater Texas Student Loan Corp., Student Loan, Ser. A, FRDN, Rev., 3.70%, 03/01/98 9,000,000 3,000,000 Guadalupe Blanco River Authority Texas Industrial Development Corp. IDR, The BOC Group Inc. Project, FRDN, Rev., 3.50%, 03/04/98 3,000,000 7,500,000 Harris County, Texas, Health Facilities Development Corp., St. Lukes Episcopal Hospital, Ser. A, FRDN, Rev., 3.60%, 03/02/98 7,500,000 4,050,000 Houston, Texas, GO, 5.80%, 03/01/98 4,050,000 3,600,000 Houston, Texas, Water & Sewer Systems, Ser. 93-A, Commercial Paper, 3.15%, 03/12/98 3,600,000 2,400,000 Houston, Texas, Water & Sewer Systems, Ser. 93-A, Commercial Paper, 3.15%, 03/12/98 2,400,000
See notes to financial statements. | 21 Chase Vista Tax Free Money Market Fund Portfolio of Investments February 28, 1998 (unaudited) (continued)
Principal Amount Issuer Value =================================================================== State & Municipal Obligations -- (continued) =================================================================== $9,000,000 Houston, Texas, Ser. 93-A, Commercial Paper, 3.55%, 05/12/98 $9,000,000 5,290,000 Lower Neches Valley Authority, Texas, NRTC Project, Rev., 3.88%, 11/01/98 5,291,199 8,000,000 Plano, Texas, Independent School District, FRDN, GO, 3.55%, 08/11/98 8,000,000 2,265,000 Port Development Corp., Texas, Marine Terminals, Stolt Terminals Project, FRDN, Rev., 3.40%, 03/04/98 2,265,000 5,000,000 Richardson, Texas, Independent School District, Ser. A, FRDN, GO, 3.45%, 03/05/98 5,000,000 1,000,000 Sabine River Authority, Texas, PCR, Texas Utilities Electric Co., Ser. B, FRDN, Rev., 3.60%, 03/02/98 1,000,000 4,100,000 San Antonio, Texas, Housing Finance Corp., Eagles Nest Apartments Project, FRDN, Rev., 3.50%, 03/04/98 4,100,000 13,680,000 San Antonio, Texas, Independent School District, GO, 7.00%, 08/15/98 13,873,345 9,000,000 Texas State Public Financing Corp., Commercial Paper, 3.70%, 04/09/98 9,000,000 5,300,000 Texas State, Department of Housing & Community Affairs, Multifamily Housing, Remington Hill, Ser. B, FRDN, Rev., 3.45%, 03/04/98 5,300,000 7,000,000 Texas State, Public Financing Authority, Commercial Paper, 3.55%, 04/22/98 7,000,000 10,000,000 Texas State, Public Financing Authority, Commercial Paper, 3.55%, 05/07/98 10,000,000
See notes to financial statements. 22 | Chase Vista Tax Free Money Market Fund Portfolio of Investments February 28, 1998 (unaudited) (continued)
Principal Amount Issuer Value =================================================================== State & Municipal Obligations -- (continued) =================================================================== $15,000,000 Texas State, Public Financing Authority, Commercial Paper, 3.75%, 03/12/98 $15,000,000 5,000,000 Texas State, Public Financing Authority, Commercial Paper, 3.75%, 04/08/98 5,000,000 42,100,000 Texas State, Ser, A, TRAN, 4.75%, 08/31/98 42,338,531 9,600,000 Texas State, Veterans Housing Assistance, Ser. A-1, FRDN, GO, 3.40%, 03/04/98 9,600,000 10,000,000 University of Texas, Commercial Paper, 3.60%, 05/04/98 10,000,000 1,000,000 University of Texas, Rev., 6.00%, 07/01/98 1,007,176 ----------- 230,875,251 ----------- Utah -- 0.4% 4,000,000 Salt Lake County, Utah, GO, 4.00%, 12/15/98 4,009,111 ----------- Virginia -- 0.5% 1,000,000 Henrico County, Virginia, GO, 6.80%, 10/01/98 1,029,224 4,500,000 Roanoke Valley, Virginia, Industrial Development Authority, Roanoke Memorial Hospital, Ser. B, FRDN, Rev., 3.40%, 03/04/98 4,500,000 ----------- 5,529,224 ----------- Washington -- 3.9% 14,700,000 King County, Washington, Ser. A, FRDN, Rev., 3.51%, 03/05/98 14,700,000 5,800,000 Port Seattle, Washington IDC, Alaska Airlines Inc., FRDN, Rev., 3.40%, 03/04/98 5,800,000 1,825,000 Redmond Washington Public Corp. Industrial, Integrated Circuits Project, FRDN, Rev., 3.40%, 03/05/98 1,825,000
See notes to financial statements. | 23 Chase Vista Tax Free Money Market Fund Portfolio of Investments February 28, 1998 (unaudited) (continued)
Principal Amount Issuer Value =================================================================== State & Municipal Obligations -- (continued) =================================================================== $ 5,800,000 Student Loan Financing Association, Washington, Guaranteed, Ser. B, FRDN, 3.40%, 03/05/98 $5,800,000 2,645,000 Washington State, Health Care Facilities Authority, Virginia Mason Medical Center, Ser. A, Rev., 4.25%, 08/15/98 2,649,074 9,800,000 Washington State, Public Power Supply Systems, Nuclear Project No. 3, Ser. 3A-1, FRDN, Rev., 3.35%, 03/04/98 9,800,000 2,985,000 Washington State, Public Power Supply Systems, Nuclear Project No. 3, FRDN, Rev., 3.25%, 03/04/98 2,985,000 ---------- 43,559,074 ---------- West Virginia -- 0.1% 1,200,000 Marion County, West Virginia, County Community Solid Waste Disposal Facility, Granttown Project, Ser. A, FRDN, Rev., 3.55%, 03/04/98 1,200,000 ---------- Wisconsin -- 1.0% 6,500,000 Byron Wisconsin IDR, Ocean Spray Inc., FRDN, Rev., 3.50%, 03/02/98 6,500,000 1,030,000 Elkhorn, Wisconsin, Area School District, BAN, 4.25%, 04/01/98 1,030,219 1,000,000 Fairwater Wisconsin, IDR, Dean Foods Co. Project, FRDN, Rev., 3.50%, 03/05/98 1,000,000 480,000 Grand Chute, Wisconsin Industrial Revenue, Kent Paper Co., FRDN, 3.60%, 03/04/98 480,000 2,000,000 Menomonee Falls Wisconsin, IDA, Butler Paper Co. Project, FRDN, Rev., 3.50%, 03/05/98 2,000,000 ---------- 11,010,219 ----------
See notes to financial statements. 24 | Chase Vista Tax Free Money Market Fund Portfolio of Investments February 28, 1998 (unaudited) (continued)
Principal Amount Issuer Value =============================================================== State & Municipal Obligations -- (continued) =============================================================== Wyoming -- 0.2% $ 1,800,000 Green River, Wyoming, PCR, Texas Gulf Project, FRDN, Rev., 3.35%, 03/05/98 $ 1,800,000 =============================================================== Total State & Municipal Obligations -- $1,113,009,363 (Cost $1,113,009,363) =============================================================== Shares =============================================================== Money Market Funds -- 2.7% =============================================================== 24,971,000 AIM Tax Free Investment Trust, 24,971,000 5,000,000 Provident Municipal Fund, 5,000,000 -------------- Total Money Market Funds 29,971,000 (Cost $29,971,000) =============================================================== Total Investments -- 101.8% $1,142,980,363 (Cost $1,142,980,363)** ===============================================================
See notes to financial statements. | 25 About Your Fund CHASE VISTA NEW YORK TAX FREE MONEY MARKET FUND ================================================================================ FUND FACTS Objective: High current tax free income consistent with capital preservation* Primary investments: New York short-term municipal obligations Suggested investment time frame: Short-term Share classes offered: Vista Shares As of February 28, 1998 Net assets: $1.1 Billion Average maturity: 55 days S&P Rating: Not rated Moody's Rating: Not rated NAIC Rating: Not rated
================================================================================ * A portion of the Fund's income may be subject to the Alternative Minimum Tax (AMT), and some investors may be subject to certain state and local taxes. ================================================================================ MATURITY SCHEDULE AS OF 2/28/98 1-7 days ....................................................... 53.37% 8-14 days ...................................................... 4.42% 15-21 days ..................................................... 2.35% 22-30 days ..................................................... 1.39% 31-60 days ..................................................... 4.02% 61-90 days ..................................................... 5.45% 91+ days ....................................................... 29.00%
================================================================================ 26 | About Your Fund CHASE VISTA NEW YORK TAX FREE MONEY MARKET FUND CHASE VISTA NEW YORK TAX FREE MONEY MARKET FUND COMPOSITION OF TOTAL ASSETS AS OF 2/28/98 [Pie Chart Omitted]
Composition of Total Assets as of 2/28/98 --------------- Cash/Other 0.8% Investments 99.2%
================================================================================ CHASE VISTA NEW YORK TAX FREE MONEY MARKET FUND AS OF 2/28/98(1) 7-Day Taxable SEC Yield(2) Equivalent Yield(3) Vista Shares 2.80% 5.24%
================================================================================ (1) Past performance is not a guarantee of future results. Yields will fluctuate. An investment is neither insured nor guaranteed by the U.S. government and there can be no assurance that the fund will maintain a stable Net Asset Value of $1.00 per share. (2) The yield for Vista Shares reflects the voluntary waiver of certain expenses and the assumption of certain expenses otherwise payable by the Fund. Without waivers, the yield would have been 2.66%. This voluntary waiver may be modified or terminated at any time, which would reduce performance. (3) Taxable Equivalent Yields are calculated based on the SEC yield divided by 1 minus the effective tax rate. The effective combined federal, state and local tax rate used for this illustration is 46.6% A portion of the Fund's income may be subject to the Alternative Minimum Tax (AMT), and some investors may be subject to certain state and local taxes. | 27 Chase Vista New York Tax Free Money Market Fund Portfolio of Investments February 28, 1998 (unaudited)
Principal Amount Issuer Value ================================================================ Bond Anticipation Notes -- 4.5% --------------------------------------- $4,000,000 Albany, New York, City School District, 4.00%, 12/04/98 $4,005,828 5,000,000 Bedford, New York, Central School District, 4.25%, 12/17/98 5,019,108 3,600,000 Clarence, New York, 4.25%, 12/18/98 3,609,641 9,728,000 Commack, New York, Union Free School District, 4.50%, 06/26/98 9,747,934 1,325,000 Irvington, New York, 4.25%, 06/18/98 1,326,698 4,300,000 Livingston County, New York, 4.00%, 03/05/99 4,317,372 6,000,000 Nassau County, New York, Ser. A, 4.25%, 08/17/98 6,018,786 8,000,000 Nassau County, New York, Ser. C, 4.25%, 03/17/98 8,001,621 1,000,000 Nassau County, New York, Ser. D, 4.00%, 03/17/98 1,000,121 1,256,000 Ossining Village, New York, 4.50%, 05/08/98 1,257,107 615,000 Oyster Bay, New York, 4.00%, 05/01/98 615,299 1,067,000 Palmyra-Macedon, New York, Central School District, 4.38%, 06/12/98 1,068,363 5,000,000 Rochester, New York, Ser. I, 4.00%, 03/10/98 5,000,249 ---------- Total Bond Anticipation Notes 50,988,127 (Cost $50,988,127) ---------- Certificates of Participation -- 5.1% --------------------------------------- 13,000,000 Eagle Tax Exempt Trust, Weekly Options Mode, Certificate #, 3.51%, 03/05/98 13,000,000 14,200,000 Eagle Tax Exempt Trust, Weekly Options Mode, Certificate #, 3.51%, 03/05/98 14,200,000 4,000,000 Eagle Tax-Exempt Trust, Weekly Options Mode, Certificate #, 3.51%, 03/05/98 4,000,000
See notes to financial statements. 28 | Chase Vista New York Tax Free Money Market Fund Portfolio of Investments February 28, 1998 (unaudited) (continued)
Principal Amount Issuer Value ============================================================== $7,000,000 Eagle Tax Exempt Trust, Weekly Options Mode, Certificate #, 3.51%, 03/05/98 $7,000,000 11,000,000 Eagle Tax Exempt Trust, Weekly Options Mode, Certificate #, 3.51%, 03/05/98 11,000,000 8,000,000 New York State Environmental Facility Corp., Capital Guarantee Ser. 943205 #, 3.51%, 03/05/98 8,000,000 ---------- Total Certificates of Participation 57,200,000 (Cost $57,200,000) ---------- Commercial Paper -- 21.1% ------------------------------------- 3,700,000 Government Development Bank, Puerto Rico, 3.20%, 05/04/98 3,700,000 1,000,000 Metropolitan Transportation Authority, New York, Dedicated Tax Fund, Ser. A, 4.50%, 04/01/98 1,000,595 5,000,000 Municipal Assistance Corp., New York City, 3.25%, 05/21/98 5,000,000 3,000,000 Municipal Assistance Corp., New York City, 3.30%, 05/18/98 3,000,000 1,200,000 Municipal Assistance Corp., New York City, 3.30%, 05/21/98 1,200,000 2,700,000 New York City, GO, 3.15%, 04/06/98 2,700,000 9,800,000 New York City, GO, 3.40%, 03/10/98 9,800,000 5,000,000 New York City, GO, 3.40%, 04/22/98 5,000,000 10,000,000 New York City, GO, 3.45%, 05/29/98 10,000,000 1,000,000 New York City, GO, 3.45%, 06/25/98 1,000,000 14,100,000 New York City, GO, 3.50%, 03/02/98 14,100,000 8,700,000 New York City, GO, 3.50%, 03/18/98 8,700,000 2,100,000 New York City, GO, 3.50%, 05/20/98 2,100,000 10,000,000 New York City, GO, 3.50%, 08/12/98 10,000,000 4,500,000 New York City, GO, 3.60%, 06/09/98 4,500,000 5,000,000 New York City, GO, 3.60%, 06/17/98 5,000,000 2,300,000 New York City, GO, 3.65%, 04/08/98 2,300,000 1,500,000 New York City, GO, 3.65%, 04/09/98 1,500,000
See notes to financial statements. | 29 Chase Vista New York Tax Free Money Market Fund Portfolio of Investments February 28, 1998 (unaudited) (continued)
Principal Amount Issuer Value ============================================================== $7,500,000 New York City, GO, Bond Anticipation Notes, 3.15%, 03/17/98 $7,500,000 8,600,000 New York City, GO, Bond Anticipation Notes, 3.20%, 03/02/98 8,600,000 1,000,000 New York City, GO, Bond Anticipation Notes, 3.20%, 03/17/98 1,000,000 10,000,000 New York City, GO, Bond Anticipation Notes, 3.25%, 05/13/98 10,000,000 200,000 New York City, GO, Bond Anticipation Notes, 3.75%, 05/18/98 200,000 5,000,000 New York City, GO, Bond Anticipation Notes, Ser. U, 3.30%, 05/21/98 5,000,000 2,000,000 New York City, GO, Ser. H-3, 3.30%, 05/07/98 2,000,000 1,000,000 New York City, GO, Ser. H-3, 3.60%, 06/24/98 1,000,000 4,000,000 New York City, GO, Ser. H-3, 3.80%, 03/09/98 4,000,000 5,000,000 New York City, GO, Ser. J2, 3.50%, 04/08/98 5,000,000 1,000,000 New York City, GO, Ser. J2, 3.75%, 05/18/98 1,000,000 5,000,000 New York City, GO, Ser. J3 3.50%, 04/20/98 5,000,000 4,000,000 New York City, Municipal Assistance Corp., 3.45%, 05/20/98 4,000,000 7,300,000 New York City, Municipal Water Financing Authority, 3.50%, 03/25/98 7,300,000 3,700,000 New York City, Municipal Water Financing Authority, 3.65%, 03/04/98 3,700,000 6,000,000 New York City, Municipal Water Financing Authority, 3.75%, 04/07/98 6,000,000
See notes to financial statements. 30 | Chase Vista New York Tax Free Money Market Fund Portfolio of Investments February 28, 1998 (unaudited) (continued)
Principal Amount Issuer Value ============================================================== $1,500,000 New York City, Municipal Water Financing Authority, 3.80%, 03/09/98 $1,500,000 5,000,000 New York City, Municipal Water Financing Authority, 3.80%, 03/11/98 5,000,000 4,500,000 New York City, Municipal Water Financing Authority, 3.80%, 03/11/98 4,500,000 8,000,000 New York City, Municipal Water Financing Authority, Water & Sewer Systems, Ser. 4, 3.50%, 06/11/98 8,000,000 8,500,000 New York City, Municipal Water Financing Authority, Water & Sewer Systems, Ser. 5, 3.20%, 03/25/98 8,500,000 5,000,000 New York City, Municipal Water Financing Authority, Water & Sewer Systems, Ser. 5, 3.25%, 03/09/98 5,000,000 10,000,000 New York City, Municipal Water Financing Authority, Water & Sewer Systems, Ser. 5, 3.30%, 03/12/98 10,000,000 5,000,000 New York State Power Authority, 3.25%, 05/06/98 5,000,000 5,500,000 New York State Power Authority, 3.45%, 03/12/98 5,500,000 4,000,000 New York State, Environmental Quality, Ser. 1998 A, 3.50%, 06/03/98 4,000,000 5,000,000 New York State, GO, Bond Anticipation Notes, Ser. T, 3.30%, 05/21/98 5,000,000 1,000,000 New York State, GO, Bond Anticipation Notes, Ser. T, 3.50%, 04/08/98 1,000,000
See notes to financial statements. | 31 Chase Vista New York Tax Free Money Market Fund Portfolio of Investments February 28, 1998 (unaudited) (continued)
Principal Amount Issuer Value ================================================================= $ 5,000,000 New York State, GO, Ser. 1997 A, 3.30%, 05/22/98 $ 5,000,000 5,000,000 New York State, Power Authority, 3.45%, 03/05/98 5,000,000 1,000,000 New York State, Power Authority, Ser. 2, 3.45%, 05/20/98 1,000,000 980,000 Port Authority of New York & New Jersey, 3.45%, 05/13/98 980,000 ----------- Total Commercial Paper 236,880,595 (Cost $236,880,595) ----------- General Obligations -- 1.4% -------------------------------------- 1,070,000 Averill Park, New York, Central School District, 4.13%, 06/15/98 1,071,835 850,000 Buffalo, New York, General Improvement, Ser. A, 3.70%, 02/01/99 850,000 2,000,000 Erie County New York Water Authority, Ser. A, 3.15%, 03/05/98 2,000,000 1,620,000 Erie County, New York, Ser. B, 4.75%, 08/15/98 1,626,635 505,000 Erie County, New York, Ser. C, 4.75%, 03/15/98 505,165 1,000,000 Islip, New York, 4.63%, 07/15/98 1,003,912 1,100,000 Nassau County, New York, General Improvement, Ser. S, 5.00%, 03/01/98 1,100,000 2,500,000 New York City, New York, Ser. A, 3.50%, 03/05/98 2,500,000 690,000 Oneida, New York, Oneida City School District, 4.13%, 06/15/98 690,984 1,000,000 Puerto Rico Commonwealth, Public Improvements, 7.75%, 07/01/98 1,033,330 500,000 Suffolk County, New York, 7.38%, 03/01/98 500,000 2,020,000 Suffolk County, New York, Ser. B, 4.50%, 11/01/98 2,029,132
See notes to financial statements. 32 | Chase Vista New York Tax Free Money Market Fund Portfolio of Investments February 28, 1998 (unaudited) (continued)
Principal Amount Issuer Value ============================================================ $ 425,000 Wallkill, New York State, 4.25%, 03/01/98 $ 425,000 ---------- Total General Obligations 15,335,993 (Cost $15,335,993) ---------- Revenue Anticipation Notes -- 5.1% ----------------------------------- 3,000,000 Board Coop Educational Services, New York, Sole Supervisory District, 4.38%, 06/30/98 3,002,598 8,000,000 Board Coop Educational Services, New York, Sole Supervisory District, 4.50%, 06/26/98 8,012,220 1,985,000 Greece, New York, Central School District, 4.25%, 06/26/98 1,987,331 4,580,000 Ithaca City, New York, City School District, 4.50%, 06/22/98 4,589,201 5,000,000 Nassau County, New York, Ser. B, 4.50%, 04/10/98 5,003,370 21,000,000 New York City, New York, Ser A, 4.50%, 06/30/98 21,065,954 2,500,000 Pulaski, New York, Central School District, 4.25%, 06/30/98 2,501,974 3,639,000 South Jefferson, New York, Central School District, 4.00%, 06/23/98 3,639,755 4,200,000 Tompkins-Seneca-Tioga, New York, Board of Cooperative Educational Services, Sole Supervisory, 4.25%, 06/30/98 4,203,408 3,295,000 Tully, New York, Central School District, 4.25%, 06/26/98 3,299,073 ---------- Total Revenue Anticipation Notes 57,304,884 (Cost $57,304,884) ---------- Revenue Bonds -- 5.7% ----------------------------------- 3,000,000 Babylon, New York, ID, Research Recovery, Odgen Martin Systems Babylon Inc., Ser. B, 8.50%, 07/01/98 3,133,889
See notes to financial statements. | 33 Chase Vista New York Tax Free Money Market Fund Portfolio of Investments February 28, 1998 (unaudited) (continued)
Principal Amount Issuer Value =============================================================== $4,845,000 Babylon, New York, Industrial Development Agency, Resource Recovery, Ogden Martin System Babylon Inc., Ser. C, 8.50%, 07/01/98 $5,064,002 8,090,000 Babylon, New York, Industrial Development Agency, Resource Recovery, Ogden Martin Systems, Babylon Inc, Ser. A, 8.50%, 07/01/98 8,457,933 1,045,000 Clarence, New York, Central School District, 5.25%, 06/01/98 1,048,959 1,175,000 Geneva, New York, IDA, Civic Facility, Colleges Seneca Civic Facility, 4.00%, 03/01/98 1,175,000 4,300,000 Metropolitan Transportation Authority, New York, Service Contract, Commuter Facilities, Ser. L, 7.50%, 07/01/98 4,436,723 6,230,000 Nassau County, New York, General Improvement, Ser. V, 5.13%, 03/01/98 6,230,000 2,000,000 Nassau County, New York, IDA, Hofstra University Project, 8.25%, 07/01/98 2,029,540 3,000,000 New York City, New York, Municipal Assistance Corp., Ser. 67, 7.10%, 07/01/98 3,033,027 12,000,000 New York City, New York, Municipal Assistance Corp., Tender Option Certificates, 3.45%, 03/05/98 12,000,000 830,000 New York City, New York, Municipal Water Financing Authority Water & Sewer Systems, Ser. B, 7.63%, 06/15/98 851,281 7,645,000 New York State Dormitory Authority, Hospital Insured Mortgage, Ser. A, 4.50%, 08/15/98 7,672,178
See notes to financial statements. 34 | Chase Vista New York Tax Free Money Market Fund Portfolio of Investments February 28, 1998 (unaudited) (continued)
Principal Amount Issuer Value =============================================================== $1,150,000 New York State Environmental Facilities Corp., PCR, State Water Revolving Fund, Ser. C, 3.30%, 05/18/98 $1,150,000 1,200,000 New York State Environmental Facilities Corp., PCR, State Water Revolving Fund, Ser. E, 5.90%, 06/15/98 1,207,848 1,000,000 New York State Environmental Facility Corp., Pollution Control, State Water, Revolving Fund, Ser. A, 3.55%, 06/15/98 1,000,000 2,500,000 New York State Medical Care Facilities Financing Agency, Hospital & Nursing Home, Insured Mortgage, Ser. C, 4.80%, 08/15/98 2,514,053 1,250,000 New York State Thruway Authority, Highway & Bridge Trust Fund, Ser. A, 5.00%, 04/01/98 1,251,500 1,500,000 Suffolk County, New York Water Authority, Waterworks, 7.38%, 06/01/98 1,557,795 ---------- Total Revenue Bonds 63,813,728 (Cost $63,813,728) ---------- Tax Anticipation Notes -- 13.5% ------------------------------------- 8,000,000 Binghamton, New York, City School District, 4.00%, 06/19/98 8,007,539 11,000,000 Brentwood, New York, Union Free School District, 4.25%, 06/30/98 11,012,835 805,000 Connetquot Central School District, New York, Islip, 4.25%, 06/25/98 805,855 4,800,000 East Rochester, New York, Tax Anticipation Notes, 3.75%, 05/27/98 4,803,669 500,000 Half Hollow Hills Central School District, New York, Huntington & Babylon, 4.25%, 06/26/98 500,598
See notes to financial statements. | 35 Chase Vista New York Tax Free Money Market Fund Portfolio of Investments February 28, 1998 (unaudited) (continued)
Principal Amount Issuer Value ================================================================ $5,100,000 Levittown, New York, Union Free School District, 4.10%, 06/24/98 $5,103,260 5,000,000 Levittown, New York, Union Free School District, 4.50%, 06/24/98 5,009,469 7,400,000 Long Beach, New York City, School District, 4.25%, 06/30/98 7,406,387 4,050,000 Massapequa, New York, Union Free School District, 4.25%, 06/30/98 4,055,517 2,500,000 Middletown, New York, Tax Anticipation Notes, Ser. A, 3.90%, 02/26/99 2,506,676 3,500,000 Mount Sinai, New York, Union Free School District, 4.00%, 06/25/98 3,501,802 10,000,000 Nassau County, New York, Ser. A, 4.25%, 03/31/98 10,004,143 2,885,000 Nassau County, New York, Ser. B, 4.25%, 08/31/98 2,894,540 20,000,000 Nassau County, New York, Ser. B, 4.25%, 08/31/98 20,060,955 15,000,000 Nassau County, New York, Ser. C, 4.25%, 12/22/98 15,060,056 5,000,000 Oceanside, New York, Union Free School District, 4.25%, 06/26/98 5,006,888 11,750,000 Port Washington, New York, Union Free School District, 4.25%, 06/25/98 11,766,041 4,850,000 Putnam County, New York, 4.25%, 08/25/98 4,860,256 3,200,000 Sag Harbor, New York, Union Free School District, 4.25%, 06/30/98 3,204,392 4,000,000 Sayville, New York, Union Free School District 4.50%, 06/29/98 4,008,166 5,000,000 Smithtown, New York, Central School District, 4.25%, 06/29/98 5,004,703 3,000,000 Smithtown, New York, Central School District, 4.50%, 06/29/98 3,005,654 5,000,000 Suffolk County, New York, Ser. II, 4.50%, 09/10/98 5,016,968 4,500,000 Suffolk County, New York, Ser. RA-1, 4.25%, 08/13/98 4,512,855
See notes to financial statements. 36 | Chase Vista New York Tax Free Money Market Fund Portfolio of Investments February 28, 1998 (unaudited) (continued)
Principal Amount Issuer Value ================================================================== $ 5,000,000 West Islip, New York, Union Free School District, Tax Anticipation Notes, 4.25%, 06/30/98 $ 5,005,742 ----------- Total Tax Anticipation Notes 152,124,966 (Cost $152,124,996) ----------- Tax Revenue Anticipation Notes -- 0.5% --------------------------------------- 5,000,000 Puerto Rico Commonwealth, Ser. A, 4.50%, 07/30/98 5,015,094 (Cost $5,015,094) ----------- Floating Rate Demand Notes -- 44.5% --------------------------------------- 810,000 Albany, New York IDA, Newkirk Productions Inc. Project, Ser. A, 3.45%, 03/05/98 810,000 300,000 Babylon, New York IDA, Resource Recovery, OFS Equity Babylon Project, 3.55%, 03/02/98 300,000 1,900,000 Babylon, New York, IDA, Edwin Verger/Lambro Industries, 3.60%, 03/05/98 1,900,000 1,200,000 Broome County, New York IDA, Binghamton Realty Project, 3.55%, 03/05/98 1,200,000 855,000 California Educational Facilities Authority, Stanford University, Ser. L, 2.90%, 03/05/98 855,000 600,000 California Pollution Control Financing Authority, Resource Recovery, Burney Forest Products Project, Ser. A, 3.65%, 03/02/98 600,000 1,800,000 California Pollution Control Financing PCR, Pacific Gas & Electric, Ser. F. 3.60%, 03/02/98 1,800,000 100,000 California Statewide Communities Development Authority, Apartment Development, Sub. Ser. A-1, 3.00%, 03/05/98 100,000
See notes to financial statements. | 37 Chase Vista New York Tax Free Money Market Fund Portfolio of Investments February 28, 1998 (unaudited) (continued)
Principal Amount Issuer Value ============================================================= $ 300,000 California Statewide Community Development Corp., IDC, J. Michelle Ser. B, 3.50%, 03/04/98 $ 300,000 1,300,000 California State, Pollution Control Financing Authority, Pollution Control, Pacific Gas & Electric, Ser. B, 3.10%, 03/05/98 1,300,000 100,000 California State, Pollution Control Financing Authority, Pollution Control, Pacific Gas & Electric, Ser. B, 3.10%, 03/05/98 100,000 664,000 Dunkirk, New York, School District, 4.30%, 03/01/99 667,772 1,820,000 Dutchess County, New York, IDA, IDR, MR Association Facility, 3.25%, 03/05/98 1,820,000 1,500,000 Dutchess County, New York, IDA, Laerdal Medical Corp., Project, 3.60%, 03/05/98 1,500,000 1,240,000 Dutchess County, New York, IDA, Laerdal Medical Corp., Project, 3.60%, 03/05/98 1,240,000 350,000 Glens Falls New York IDA, Rev., Broad Street Center Project, 3.40%, 03/05/98 350,000 300,000 Guilderland, New York, Industrial Development Agency, Northeastern Industrial Park, Ser. A, 3.55%, 03/05/98 300,000 2,000,000 Islip, New York, IDA, Brentwood Distributor Co. Facility, 3.35%, 03/05/98 2,000,000 1,000,000 Lewis County New York IDA, Climax Manufacturing Co. Project, 3.80%, 03/05/98 1,000,000 400,000 Lewis County New York IDA, Climax Manufacturing Co. Project, 3.80%, 03/05/98 400,000
See notes to financial statements. 38 | Chase Vista New York Tax Free Money Market Fund Portfolio of Investments February 28, 1998 (unaudited) (continued)
Principal Amount Issuer Value ============================================================== $ 300,000 Lincoln County, New York, Pollution Control EXXON Project, Ser. C, 3.95%, 03/05/98 $ 300,000 300,000 Los Angeles California Community Redevelopment Agency, 3.05%, 03/05/98 300,000 100,000 Los Angeles County California Metropolitan Transportation Authority, Proposal C, Second Sr. Ser. A, 2.90%, 03/05/98 100,000 200,000 Los Angeles County, California, Pension Obligation, Ser. C, 3.00%, 03/05/98 200,000 3,000,000 Metropolitan Transportation Authority, New York, Commuter Facilities, Municipal Securities Trust Receipt, Ser. SAK 4 3.50%, 03/05/98 3,000,000 3,775,000 Monroe County IDA, Columbia Sussex Corp., 5.00%, 03/05/98 3,774,059 3,900,000 Monroe County, New York, IDA, Public Improvement, Canal Ponds Park, Ser. D, 3.40%, 03/05/98 3,900,000 400,000 Montgomery New York IDA, Service Merchandise Co., 3.40%, 03/05/98 400,000 2,000,000 M-S-R Public Power Agency, California, San Juan Project, Ser. G, 3.00%, 03/05/98 2,000,000 450,000 New York City IDA, Ser. F, Marion Glass and Window Shade Corp., 3.15%, 03/05/98 450,000 450,000 New York City IDA, Ser. G, Monarch Construction Corp., 3.15%, 03/05/98 450,000 350,000 New York City IDA, Ser. N, Spreading Machine Exchange, Inc., 3.15%, 03/05/98 350,000 15,000,000 New York City, GO, Ser. D, 2.60%, 03/05/98 15,000,000
See notes to financial statements. | 39 Chase Vista New York Tax Free Money Market Fund Portfolio of Investments February 28, 1998 (unaudited) (continued)
Principal Amount Issuer Value ============================================================ $2,000,000 New York City, GO, Ser. D, 2.60%, 03/05/98 $2,000,000 900,000 New York City, GO, Subseries A-10, 3.50%, 03/02/98 900,000 1,000,000 New York City, New York City Trust for Cultural Resources, Soloman R. Guggenheim, Ser. B, 3.65%, 03/05/98 1,000,000 9,400,000 New York City, New York, City Housing Development Corp., Multifamily, James Tower, 3.40%, 03/05/98 9,400,000 11,500,000 New York City, New York, GO, Ser. B through Sub-Ser. B-10, 3.10%, 03/05/98 11,500,000 11,800,000 New York City, New York, GO, Ser. B through Sub-Ser. B-8, 3.10%, 03/05/98 11,800,000 1,000,000 New York City, New York, GO, Ser. B, Sub. Ser. B-3, 3.65%, 03/02/98 1,000,000 6,000,000 New York City, New York, GO, Ser. D, 3.30%, 03/05/98 6,000,000 600,000 New York City, New York, GO, Sub-Ser. B-3, 3.90%, 03/02/98 600,000 1,800,000 New York City, New York, GO, Sub-Ser., A-5, 3.65%, 03/02/98 1,800,000 6,400,000 New York City, New York, GO, Sub. Ser. A-6, 3.45%, 03/05/98 6,400,000 500,000 New York City, New York, GO, Sub. Ser. B-4, 3.90%, 03/02/98 500,000 4,900,000 New York City, New York, GO, Sub. Ser. B8, 3.18%, 03/04/98 4,900,000 2,100,000 New York City, New York, Housing Development Corp. Mortgage, Multifamily Columbus, Ser. A, 3.20%, 03/05/98 2,100,000
See notes to financial statements. 40 | Chase Vista New York Tax Free Money Market Fund Portfolio of Investments February 28, 1998 (unaudited) (continued)
Principal Amount Issuer Value ============================================================== $ 5,900,000 New York City, New York, Housing Development Corp. Mortgage, Multifamily, Columbus Apartments, Ser. A, 3.20%, 03/05/98 $5,900,000 6,710,000 New York City, New York, Housing Development Corp., Mortgage Rev., Parkgate Tower, Ser. 1, 3.20%, 03/05/98 6,710,000 5,000,000 New York City, New York, Housing Development Corp., Multi-Family Rent Housing, Carnegie Park, Ser. A, 3.20%, 03/05/98 5,000,000 1,500,000 New York City, New York, Housing Development Corp., Multi-Family Rent Housing, Columbus Green, Ser. A, 3.20%, 03/05/98 1,500,000 6,450,000 New York City, New York, Housing Development Corp., Special Obligation, Upper 5th Ave. Project, Ser. A, 2.95%, 03/05/98 6,450,000 1,100,000 New York City, New York, IDA, Bears, Andin International, Inc., 3.15%, 03/05/98 1,100,000 2,800,000 New York City, New York, IDA, Civil Facilities, Calhoun School Inc. Project, 3.00%, 03/05/98 2,800,000 700,000 New York City, New York, IDA, Civil Facility, Childrens Oncology Society, 3.20%, 03/05/98 700,000 900,000 New York City, New York, IDA, Civil Facility, National Audubon Society, 3.65%, 03/05/98 900,000 700,000 New York City, New York, IDA, IDR Ser. D, 3.15%, 03/05/98 700,000 4,000,000 New York City, New York, IDA, IDR, Videotape Inc., Project, 3.45%, 03/05/98 4,000,000
See notes to financial statements. | 41 Chase Vista New York Tax Free Money Market Fund Portfolio of Investments February 28, 1998 (unaudited) (continued)
Principal Amount Issuer Value =============================================================== $ 450,000 New York City, New York, IDA, Ser. D, 3.15%, 03/05/98 $ 450,000 15,500,000 New York City, New York, IDA, Special Facilities, Korean Air Lines, Co., Ser. A, 3.20%, 03/05/98 15,500,000 15,900,000 New York City, New York, Municipal Assistance Corp., Sub. Ser. K-2, 3.15%, 03/05/98 15,900,000 11,800,000 New York City, New York, Municipal Assistance Corp., Sub. Ser. L, 3.15%, 03/05/98 11,800,000 800,000 New York City, New York, Municipal Securities Trust Receipts, SGB 33, 3.65%, 03/05/98 800,000 5,000,000 New York City, New York, Municipal Securities Trust, Ser. SAK 1, 3.50%, 03/05/98 5,000,000 3,200,000 New York City, New York, Municipal Water Financing Authority Water & Sewer Systems, Municipal Securities Trust Receipts, Ser. 26, 3.65%, 03/05/98 3,200,000 1,800,000 New York City, New York, Municipal Water Financing Authority Water & Sewer Systems, Ser. 5, 3.65%, 03/05/98 1,800,000 5,500,000 New York City, New York, Municipal Water Financing Authority, Water & Sewer Systems, Municipal Securities Trust Receipts, 3.65%, 03/05/98 5,500,000 7,255,000 New York City, New York, Municipal Water Financing Authority, Water & Sewer Systems, Municipal Securities Trust Receipts, Ser. SGA 13.40%, 03/05/98 7,255,000
See notes to financial statements. 42 | Chase Vista New York Tax Free Money Market Fund Portfolio of Investments February 28, 1998 (unaudited) (continued)
Principal Amount Issuer Value ============================================================== $ 200,000 New York City, New York, Municipal Water Financing Authority, Water & Sewer Systems, Ser. A, 3.90%, 03/02/98 $ 200,000 11,475,000 New York City, New York, Ser. A-9, 3.45%, 03/05/98 11,475,000 2,100,000 New York City, New York, Ser. B, Dai Ichi Kangyo, 3.90%, 03/02/98 2,100,000 3,800,000 New York City, New York, Trust Cultural Resources, American Museum of Natural History, Ser. B, 3.15%, 03/05/98 3,800,000 2,865,000 New York State Dorm Authority, Municipal Securities Trust Receipts, SAK 17, 3.50%, 03/05/98 2,865,000 5,500,000 New York State Dormitory Authority, Ser. 28, 3.65%, 03/05/98 5,500,000 11,700,000 New York State Energy Research & Development Authority PCR, Orange & Rockland Project, Ser. A, 3.15%, 03/05/98 11,700,000 800,000 New York State Energy Research & Development Authority Pollution Control Rev. New York Electric & Gas, Ser. D, 3.46%, 03/02/98 800,000 4,100,000 New York State Energy Research & Development Authority, Gas Facilities, Brooklyn Union Gas Project, Ser. A-1, 3.45%, 03/05/98 4,100,000 8,100,000 New York State Energy Research & Development Authority, Gas Facilities, Brooklyn Union Gas Project, Ser. A-2, 3.30%, 03/05/98 8,100,000 14,500,000 New York State Energy Research & Development Authority, Gas Facilities, Brooklyn Union Gas Project, Ser. A-3, 3.40%, 03/05/98 14,500,000
See notes to financial statements. | 43 Chase Vista New York Tax Free Money Market Fund Portfolio of Investments February 28, 1998 (unaudited) (continued)
Principal Amount Issuer Value ============================================================== $5,200,000 New York State Energy Research & Development Authority, PCR, Cent Hudson Gas & Electric Co. Ser. B, 3.00%, 03/05/98 $5,200,000 8,900,000 New York State Energy Research & Development Authority, PCR, Cent Hudson Gas & Electric, Co. Ser. B, 3.20%, 03/05/98 8,900,000 2,200,000 New York State Energy Research & Development Authority, PCR, Orange/Rockland Utilities, Ser. A, 3.15%, 03/05/98 2,200,000 11,400,000 New York State Energy Research & Development Authority, PCR, Rochester Gas & Electric Corp., Ser. C, 3.15%, 03/05/98 11,400,000 2,600,000 New York State Energy Research & Development Authority, Pollution Control, Rochester Gas & Electric Corp., Ser. B, 3.45%, 03/05/98 2,600,000 1,200,000 New York State Environmental Facilities Corp., Resource Recovery, OFS Equity Huntington Project, 3.70%, 03/05/98 1,200,000 1,060,000 New York State Housing Finance Agency, Multifamily, Ser. E, 3.25%, 03/05/98 1,060,000 2,500,000 New York State Housing Finance Agency, Normandte Court II, Ser. A, 3.25%, 03/05/98 2,500,000 10,700,000 New York State Housing Finance Agency, Normandte Court II, Ser. A, 3.25%, 03/05/98 10,700,000 650,000 New York State Housing Finance Agency, Residential Insured, Ser. A, 3.25%, 03/05/98 650,000 3,100,000 New York State Housing Finance Agency, Residential Insured, Ser. A, 3.25%, 03/05/98 3,100,000
See notes to financial statements. 44 | Chase Vista New York Tax Free Money Market Fund Portfolio of Investments February 28, 1998 (unaudited) (continued)
Principal Amount Issuer Value ============================================================== $1,400,000 New York State Housing Finance Agency, Residential Insured, Ser. A, 3.25%, 03/05/98 $1,400,000 5,000,000 New York State Housing Finance Agency, Tribeca Landing Housing, Ser. A, 3.15%, 03/05/98 5,000,000 5,000,000 New York State Housing Finance Agency, Tribeca Landing Housing, Ser. A, 3.15%, 03/05/98 5,000,000 1,500,000 New York State Housing Finance Agency, Tribeca Park Housing, Ser. A, 3.30%, 03/05/98 1,500,000 5,000,000 New York State Housing Finance Agency, Union Square South Housing, 3.30%, 03/05/98 5,000,000 40,000 New York State Job Development Authority, Ser. A-1 through A-21, 4.00%, 03/05/98 40,000 500,000 New York State Job Development Authority, Special Purpose, Ser. A-1 through A-13, 4.00%, 03/02/98 500,000 26,730,000 New York State Local Assistance Corp., 3.10%, 03/05/98 26,730,000 11,000,000 New York State Local Assistance Corp., Ser. B, 3.15%, 03/05/98 11,000,000 1,000,000 New York State Local Assistance Corp., Ser. B, 3.15%, 03/05/98 1,000,000 11,900,000 New York State Local Government Assistance Corp., Ser. D, 3.15%, 03/05/98 11,900,000 4,800,000 New York State Local Government Assistance Corp., Ser. E, 3.15%, 03/05/98 4,800,000 18,800,000 New York State Local Government Assistance Corp., Ser. G, 3.25%, 03/05/98 18,800,000 2,000,000 New York State Local Government Assistance Corp., Trust Receipts, Ser. 22, 3.65%, 03/05/98 2,000,000
See notes to financial statements. | 45 Chase Vista New York Tax Free Money Market Fund Portfolio of Investments February 28, 1998 (unaudited) (continued)
Principal Amount Issuer Value ============================================================ $2,800,000 New York State Mortgage Agency, Trust Receipts, Ser. 24, 3.80%, 03/05/98 $2,800,000 2,200,000 New York State Mortgage Agency, Trust Receipts, Ser. 24, 3.80%, 03/05/98 2,200,000 1,300,000 New York State Research & Development Authority, PCR, Niagara Mohawk Power Corp., 3.60%, 03/02/98 1,300,000 8,500,000 New York, New York, Ser. F-6, 3.30%, 03/05/98 8,500,000 4,200,000 Niagara Falls New York Bridge Commission, Ser. A, 3.15%, 03/05/98 4,200,000 2,950,000 Port Authority of New York & New Jersey, Equipment Notes, Ser. 3, 3.60%, 03/05/98 2,950,000 2,000,000 Puerto Rico Commonwealth, Government Development Bank, 2.90%, 03/05/98 2,000,000 5,100,000 Puerto Rico Industrial, Medical, & Environmental, Higher Education--Ana G. Mendez Educational Found, 4.10%, 03/05/98 5,100,000 900,000 Rockland County New York IDA, X Products Corp. Project, 3.50%, 03/05/98 900,000 7,000,000 Schenectady, New York, City School District, Ser. B, 4.25%, 06/30/98 7,006,785 3,700,000 Suffolk County New York IDA, Nissequogue Cogen Partners, 3.30%, 03/05/98 3,700,000 1,700,000 Suffolk County New York IDA, Nissequogue Cogen Partners, 3.30%, 03/05/98 1,700,000 12,100,000 Suffolk County, New York Water Authority, 3.20%, 03/05/98 12,100,000
See notes to financial statements. 46 | Chase Vista New York Tax Free Money Market Fund Portfolio of Investments February 28, 1998 (unaudited) (continued)
Principal Amount Issuer Value ================================================================= $14,100,000 Triborough Bridge & Tunnel Authority of New York, Special Obligation, 3.15%, 03/05/98 $ 14,100,000 700,000 Yonkers New York IDA Civic Facilities, Consumers Union Facility, 3.20%, 03/05/98 700,000 1,600,000 Yonkers, New York, IDA, Civic Facilities, Consumers Union Facility, 3.20%, 03/05/98 1,600,000 8,100,000 Yonkers, New York, IDA, Civic Facilities, Sarah Laurence College Project, 3.00%, 03/05/98 8,100,000 -------------- Total Floating Rate Demand Notes 499,908,616 (Cost $499,908,616) -------------- ================================================================= Total Investments -- 101.4% $1,138,572,003 (Cost $1,138,572,003)** =================================================================
See notes to financial statements. | 47 About Your Fund CHASE VISTA CALIFORNIA TAX FREE MONEY MARKET FUND ================================================================================ FUND FACTS Objective: High current tax free income consistent with capital preservation* Primary investments: California short-term municipal obligations Suggested investment time frame: Short-term Share Classes Offered : Vista Shares As of February 28, 1998 Net assets: $52.6 million Average maturity: 59 days S&P Rating: Not rated Moody's Rating: Not rated NAIC Rating: Not rated
* A portion of the Fund's income may be subject to the Alternative Minimum Tax (AMT), and some investors may be subject to certain state and local taxes. =============================================================================== =============================================================================== MATURITY SCHEDULE AS OF 2/28/98 1-7 days ..................................................... 60.29% 8-14 days .................................................... 2.89% 15-21 days ................................................... 0.00% 22-30 days ................................................... 0.00% 31-60 days ................................................... 0.00% 61-90 days ................................................... 3.86% 91+ days ..................................................... 32.96%
=============================================================================== 48 | About Your Fund CHASE VISTA CALIFORNIA TAX FREE MONEY MARKET FUND CHASE VISTA CALIFORNIA TAX FREE MONEY MARKET FUND COMPOSITION OF TOTAL ASSETS AS OF 2/28/98 [Pie Chart Omitted]
Composition of Total Assets as of 2/28/98 ------------- Cash/Other 1.4% Investments 98.6%
- -------------------------------------------------------------------------------- CHASE VISTA CALIFORNIA TAX FREE MONEY MARKET FUND AS OF 2/28/98(1) 7-Day Taxable SEC Yield(2) Equivalent Yield(3) ------------ ------------------- Vista Shares 2.78% 5.17%
(1) Past performance is not a guarantee of future results. Yields will fluctuate. An investment is neither insured nor guaranteed by the U.S. government and there can be no assurance that the fund will maintain a stable Net Asset Value of $1.00 per share. (2) The yield for Vista Shares reflects the voluntary waiver of certain expenses and the assumption of certain expenses otherwise payable by the Fund. Without waivers, the yield would have been 2.38%. This voluntary waiver may be modified or terminated at any time, which would reduce performance. (3) Taxable equivalent yields are calculated based on the SEC Yield divided by 1 minus the effective tax rate. The effective combined federal, and state tax rate used for this illustration is 46.24%. A portion of the Fund's income may be subject to the Alternative Minimum Tax (AMT), and some investors may be subject to certain state and local taxes. | 49 Chase Vista California Tax Free Money Market Fund Portfolio of Investments February 28, 1998 (unaudited)
Principal Amount Issuer Value ================================================================= General Obligation -- 6.5% --------------------------------------- $ 2,300,000 California State, Municipal Securities Trust Receipts, Ser. 7, 3.40%, 09/01/18 $2,300,000 1,080,000 Modesto, California, High School District, Stanislaus County, 7.00%, 08/01/98 1,095,285 ---------- Total General Obligations 3,395,285 (Cost $3,395,285) ---------- Revenue Anticipation Note -- 5.2% --------------------------------------- 2,700,000 California State, 4.50%, 06/30/98 2,707,183 (Cost $2,707,183) ---------- Revenue Bonds -- 14.9% --------------------------------------- 750,000 Alameda County, California, Transportation Authority, Sales Tax, 5.00%, 09/01/98 752,373 1,000,000 California School Cash Reserve Program Authority Pool, Ser. A, 4.75%, 07/02/98 1,003,350 1,000,000 California School Cash Reserve Program Authority Pool, Ser. A, 4.75%, 07/02/98 1,002,970 500,000 California State, Statewide Communities Development Authority, Ser B, 4.75%, 09/30/98 502,495 1,000,000 Northern California, Power Agency, Public Power, Ser. B-1, 8.00%, 07/01/98 1,013,489 1,000,000 Puerto Rico Commonwealth, Aqueduct & Sewer Authority, Ser. A, 7.90%, 07/01/98 1,034,066 2,500,000 San Jose, California, Multifamily Housing, Almaden Lake Village Apartments, Ser, A, 3.20%, 03/02/98 2,500,000 ---------- Total Revenue Bonds 7,808,743 (Cost $7,808,743) ----------
See notes to financial statements. 50 | Chase Vista California Tax Free Money Market Fund Portfolio of Investments February 28, 1998 (unaudited) (continued)
Principal Amount Issuer Value ================================================================== Tax and Revenue Anticipation Notes -- 17.3% --------------------------------------- $ 2,000,000 Fontana, California Union School District, 4.50%, 07/10/98 $ 2,004,800 250,000 Kern County, California, 4.75%, 10/01/98 251,255 1,000,000 Los Angeles County, California, Ser. A, 4.50%, 06/30/98 1,002,203 1,500,000 Oakland California, Tax & Revenue Anticipation Notes, 4.50%, 06/30/98 1,504,359 1,000,000 San Bernardino County, California, Ser. A, 4.50%, 06/30/98 1,002,057 1,000,000 San Diego County, California, 4.50%, 09/30/98 1,003,960 2,300,000 Stanislaus County, California, Office of Education, 4.50%, 11/04/98 2,312,931 ----------- Total Tax and Revenue Anticipation 9,081,565 Notes (Cost $9,081,565) ----------- Floating Rate Demand Note -- 52.0% --------------------------------------- 900,000 Anaheim, California, Certificates of Participation, 1993 Referendum Projects, 3.00%, 03/04/98 900,000 2,400,000 Babylon, New York IDA, Resource Recovery, OFS Equity Babylon Project, 3.65%, 03/02/98 2,400,000 1,200,000 California Educational Facilities Authority, Stanford University, Ser. L, 2.90%, 03/04/98 1,200,000 300,000 California Health Facilities Financing Authority, Floating-Pooled Loan Program, Ser. B, 3.35%, 03/05/98 300,000 1,000,000 California PCFA, PCR, Chevron USA, Inc. Project, 4.00%, 03/05/98 1,000,294 200,000 California Pollution Control Financing Authority, Resource Recovery, Burney Forest Products Project, Ser. A, 3.70%, 03/02/98 200,000
See notes to financial statements. | 51 Chase Vista California Tax Free Money Market Fund Portfolio of Investments February 28, 1998 (unaudited) (continued)
Principal Amount Issuer Value ================================================================== $ 700,000 California Statewide Communities Development Authority, Apartment Development, Sub. Ser. A-1, 3.00%, 03/04/98 $ 700,000 100,000 California Statewide Communities Development Corp., 3.60%, 03/04/98 100,000 455,000 California Statewide Communities Development Corp., IDR, Evapco Inc. Project, 3.20%, 03/04/98 455,000 800,000 California Statewide Communities Development Corp., Peet's Coffee, Ser. E, 3.15%, 03/04/98 800,000 1,100,000 California State, Pollution Control Financing Authority, Pollution Control, Pacific Gas & Electric, Ser. B, 3.10%, 03/04/98 1,100,000 2,000,000 California State, Municipal Securities Trust Receipts, SGA 40, 3.40%, 03/04/98 2,000,000 2,000,000 California State, Municipal Trust Receipts, Ser. 7, 3.40%, 03/05/98 2,000,000 815,000 California State, Statewide Communities Development Corp., Industrial Development, J. Michelle, Ser. B, 3.15%, 03/04/98 815,000 300,000 Los Angeles California, Community Redevelopment Agency, 3.05%, 03/04/98 300,000 600,000 Los Angeles California, Community Redevelopment Agency, COP, Baldwin Hills Public Park, 3.05%, 03/04/98 600,000 500,000 Los Angeles California, Community Redevelopment Agency, COP, CMC Medical Plaza Partner, 3.10%, 03/05/98 500,000
See notes to financial statements. 52 | Chase Vista California Tax Free Money Market Fund Portfolio of Investments February 28, 1998 (unaudited) (continued)
Principal Amount Issuer Value ================================================================== $ 1,800,000 Los Angeles California, Metropolitan Transportation Authority, Proposal C, Second Sr. Ser. A, 2.90%, 03/05/98 $ 1,800,000 700,000 Los Angeles California, Pension Obligation, Ser. B, 3.00%, 03/04/98 700,000 300,000 Los Angeles County, California IDA, IDR, Hon Industries Inc. Project, 3.05%, 03/04/98 300,000 1,000,000 Monrovia, California, Unified School District, Municipal Securities Trust Receipt, Ser. 70, 3.35%, 03/04/98 1,000,000 1,500,000 Moorpark California Multifamily, Le Club Apartments Project, Ser. A, 2.95%, 03/05/98 1,500,000 400,000 New York State, Energy Research & Development Authority, Pollution Control, Rochester Gas & Electric Corp., Ser. B, 3.45%, 03/04/98 400,000 500,000 Orange County California, Sanitation Districts 1, 2, & 3, COP, 3.60%, 03/02/98 500,000 200,000 Orange County California, Water District, Project B, 3.60%, 03/02/98 200,000 400,000 Palm Springs California Community Redevelopment Agency, 3.15%, 03/04/98 400,000 700,000 Palm Springs California Community Redevelopment Agency, 3.15%, 03/04/98 700,000 200,000 Palm Springs California Community Redevelopment Agency, 3.15%, 03/04/98 200,000 100,000 Palm Springs California Community Redevelopment Agency, COP, Headquarters Hot, Ser. 7, 3.15%, 03/04/98 100,000
See notes to financial statements. 53 | Chase Vista California Tax Free Money Market Fund Portfolio of Investments February 28, 1998 (unaudited) (continued)
Principal Amount Issuer Value =============================================================== $ 400,000 Rancho Mirage, California, Redevelopment Agency, COP, Rancho Mirage, 3.20%, 03/05/98 $ 400,000 700,000 Riverside County, California, IDA, IDR, Design Time Inc. Project, Ser. I, 3.10%, 03/04/98 700,000 700,000 San Bernardino County, California, Certificates of Participation, County Center Refinancing Project, 3.05%, 03/04/98 700,000 100,000 San Bernardino County, California, IDA, Industrial Development, Aqua-Service, 3.15%, 03/04/98 100,000 300,000 San Bernardino County, California, IDA, Ser. II, Master Halco Inc., 3.10%, 03/04/98 300,000 300,000 San Diego California IDA, Kaiser Aerospace & Electric, 3.40%, 03/05/98 300,000 100,000 Santa Clara California Electric Revenue, Ser. B, 3.05%, 03/04/98 100,000 700,000 South San Francisco, California, Multifamily, Magnolia Plaza Apartments, Ser. A, 3.20%, 03/04/98 700,000 600,000 Three Valleys Municipal Water District, Miramar Water Treatment, 3.30%, 03/04/98 600,000 375,000 Walnut, California Improvement Agency, IDA, IDR, Fairway Molds Project, 3.15%, 03/04/98 375,000 ---------- Total Floating Rate Demand Notes 27,445,294 (Cost $27,445,294) ---------- Commercial Paper -- 2.9% ------------------------------------- 1,500,000 Long Beach California Harbor, Commercial Paper Notes, Ser. A, 3.00%, 03/09/98 1,500,000 ----------
See notes to financial statements. 54 | Chase Vista California Tax Free Money Market Fund Portfolio of Investments February 28, 1998 (unaudited) (continued)
Principal Amount Issuer Value ================================================================== Total Commercial Paper (Cost $1,500,000) ================================================================== Total Investments -- 98.8% $51,938,070 (Cost $51,938,070)** ==================================================================
abrv description # -- Security may only be sold to qualified institutional buyers. BAN -- Bond Anticipation Note COP -- Certificate of Participation FNMA -- Federal National Mortgage Association FRDN -- Floating Rate Demand Note: The maturity date shown is the next interest reset date; the rate shown is the rate in effect at February 28, 1998. GNMA -- Government National Mortgage Association GO -- General Obligation ID -- Industrial Development IDA -- Industrial Development Authority IDB -- Industrial Development Board IDC -- Industrial Development Corp. IDR -- Industrial Development Revenue IRB -- Industrial Revenue Bond PC -- Pollution Control PCFA -- Pollution Control Finance Authority PCR -- Pollution Control Revenue RAN -- Revenue Anticipation Note Rev. -- Revenue Bond TAN -- Tax Anticipation Note TRAN -- Tax & Revenue Anticipation Note ** The cost of securities is substantially the same for federal income tax purposes. See notes to financial statements. | 55 Chase Vista Mutual Funds Statement of Assets and Liabilities February 28, 1998 (unaudited) - --------------------------------------------------------------------------------
New York California Tax Free Tax Free Tax Free Money Market Money Market Money Market Fund Fund Fund ----------------- --------------- --------------- ASSETS: Investment securities, at value (Note 1) .................................. $1,142,980,363 $1,138,572,003 $51,938,070 Cash ....................................... 1,113,937 -- 51,234 Other assets ............................... 17,108 16,300 853 Receivables: Interest .................................. 7,740,519 9,395,788 622,122 Fund shares sold .......................... 100,375 277,496 57,100 -------------- -------------- ----------- Total Assets ............................. 1,151,952,302 1,148,261,587 52,669,379 -------------- -------------- ----------- LIABILITIES: Payable for investment securities purchased ................................. 10,156,644 23,378,937 -- Payable for Fund shares redeemed ........... 138,288 95,324 -- Payable to custodian ....................... -- 15,880 -- Dividends payable .......................... 1,581,768 1,010,702 40,588 Accrued liabilities: (Note 2) Administration fees ....................... 88,088 42,370 4,028 Distribution fees ......................... 56,289 84,739 2,014 Investment advisory fees .................. 88,087 84,739 -- Shareholder servicing fees ................ 145,997 220,322 4,029 Custody fees .............................. 55,357 47,777 16,571 Other ..................................... 160,358 213,869 50,181 -------------- -------------- ----------- Total Liabilities ........................ 12,470,876 25,194,659 117,411 -------------- -------------- ----------- NET ASSETS: Paid in capital ............................ 1,139,893,870 1,123,057,525 52,550,098 Accumulated undistributed net investment income ......................... 3,672 99,873 16,646 Accumulated net realized gain (loss) on investment transactions ......... (416,116) (90,470) (14,776) -------------- -------------- ----------- Net Assets .................................. $1,139,481,426 $1,123,066,928 $52,551,968 ============== ============== =========== Shares of beneficial interest outstanding ($.001 par value; unlimited number of shares authorized): Vista Shares ............................. 735,486,381 1,123,171,413 52,550,099 Premier Shares ........................... 119,480,022 -- -- Institutional Shares ..................... 284,949,163 -- -- Net asset value, offering and redemption price per share, all classes (net assets/shares) ............... $ 1.00 $ 1.00 $ 1.00 ============== ============== =========== Cost of investments ......................... $1,142,980,363 $1,138,572,003 $51,938,070 ============== ============== ===========
See notes to financial statements. 56 | Chase Vista Mutual Funds Statement of Operations February 28, 1998 (unaudited) - --------------------------------------------------------------------------------
New York California Tax Free Tax Free Tax Free Money Market Money Market Money Market Fund Fund Fund -------------- -------------- ------------- INTEREST INCOME: (Note 1C) ............ $19,650,772 $18,541,649 $788,360 ----------- ----------- -------- EXPENSES: (Note 2) Shareholder servicing fees ........... 1,292,767 1,787,788 77,467 Distribution fees .................... 329,950 510,797 22,133 Administration fees .................. 536,474 510,797 22,133 Investment advisory fees ............. 536,474 510,797 22,133 Custodian fees ....................... 109,577 101,398 30,392 Printing and postage ................. 9,030 15,616 1,000 Professional fees .................... 31,325 31,204 8,911 Registration costs ................... 60,894 19,479 -- Transfer agent fees .................. 124,502 200,561 17,546 Trustees fees and expenses ........... 26,823 25,540 1,107 Other ................................ 3,762 14,838 1,706 ----------- ----------- -------- Total expenses ...................... 3,061,578 3,728,815 204,528 Less amounts waived (Note 2E) ......... 428,935 715,115 82,794 ----------- ----------- -------- Net expenses .......................... 2,632,643 3,013,700 121,734 ----------- ----------- -------- Net investment income ............... 17,018,129 15,527,949 666,626 ----------- ----------- -------- REALIZED GAIN ON INVESTMENTS Net realized gain on investment transactions ......................... 2,695 4,163 945 ----------- ----------- -------- Net increase in net assets from operations ........................... $17,020,824 $15,532,112 $667,571 =========== =========== ========
See notes to financial statements. | 57 Chase Vista Mutual Funds Statement of Changes in Net Assets (unaudited) - --------------------------------------------------------------------------------
Tax Free New York California Money Market Tax Free Tax-Free Fund Money Market Fund Money Market Fund ------------------------------ --------------------------------- ----------------------------- Six Months Ended Year Ended Six Months Ended Year Ended Six Months Ended Year Ended February 28, August 31, February 28, August 31, February 28, August 31, 1998 1997 1998 1997 1998 1997 ---------------- ------------ ----------------- ------------- ---------------- ------------ INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS: Net investment income ............ $ 17,018,129 $ 28,310,216 $ 15,527,949 $ 26,553,722 $ 666,626 $ 1,334,831 Net realized gain (loss) on investment transactions ...... 2,695 (3,727) 4,163 (44,446) 945 (643) -------------- ------------ -------------- ------------ ----------- ----------- Increase in net assets from operations ................. 17,020,824 28,306,489 15,532,112 26,509,276 667,571 1,334,188 -------------- ------------ -------------- ------------ ----------- ----------- Distributions to shareholders from net investment income ....... (17,018,129) (28,350,083) (15,527,949) (26,537,487) (666,626) (1,328,093) Increase from capital share transactions ............... 182,891,016 88,760,159 166,296,411 66,381,087 7,042,014 2,684,361 -------------- ------------ -------------- ------------ ----------- ----------- Total increase ................... 182,893,711 88,716,565 166,300,574 66,352,876 7,042,959 2,690,456 NET ASSETS: Beginning of period .............. 956,587,715 867,871,150 956,766,354 890,413,478 45,509,009 42,818,553 -------------- ------------ -------------- ------------ ----------- ----------- End of period .................... $1,139,481,426 $956,587,715 $1,123,066,928 $956,766,354 $52,551,968 $45,509,009 ============== ============ ============== ============ =========== ===========
See notes to financial statements. |58 Vista Mutual Funds Notes to Financial Statements - -------------------------------------------------------------------------------- 1. Organization and Significant Accounting Policies -- Mutual Fund Trust ("MFT") (the "Trust") is organized as a Massachusetts business trust, and registered under the Investment Company Act of 1940 as amended (the "1940 Act"), as an open-end, management investment company. Effective March 16, 1998, the Vista Family of Mutual Funds changed its name to the Chase Vista Family of Mutual Funds. Tax Free Money Market Fund ("TFMM"), New York Tax Free Money Market Fund ("NYTFMM") and California Tax Free Money Market Fund ("CATFMM") are separate portfolios of MFT. Collectively all of these funds are referred to as "Money Market Funds" or individually as the "Fund". The funds offer various classes of shares as follows:
Fund Classes Offered - -------- ------------------------------ TFMM Vista, Premier, Institutional NYTFMM Vista CATFMM Vista
All classes of shares have equal rights as to earnings, assets and voting privileges except that each class may bear different transfer agent, distribution, shareholder servicing and fund servicing expenses, and each class has exclusive voting rights with respect to its distribution plan and shareholder servicing agreement. The following is a summary of significant accounting policies followed by the Funds: The preparation of financial statements in accordance with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates. A. Valuation of investments -- Money market instruments are valued at amortized cost which approximates market value. The Trust's use of amortized cost is subject to the Trust's compliance with certain conditions as specified under Rule 2a-7 of the 1940 Act. B. Repurchase agreements -- It is the Trust's policy that repurchase agreements are fully collateralized by U.S. Treasury and Government agency securities. All collateral is held by the Trust's custodian bank, sub-custodian or a bank in which the custodian bank has entered into a sub-custodian agreement or is segregated in the Federal Reserve Book Entry System. In connection with transactions in repurchase agreements, if the seller defaults and the value of the collateral declines, or if the seller enters into an insolvency proceeding, realization of the collateral by the Trust may be delayed or limited. C. Security transactions and investment income -- Investment transactions are accounted for on the trade date (the date the order to buy or sell is executed). Securities gains and losses are calculated on the identified cost basis. Interest income consists of coupon interest accrued less the amortization of any premiums on the investments of the Funds. D. Federal income taxes -- Each Fund is treated as a separate taxable entity for Federal income tax purposes. The Trust's policy is to comply with the provisions of the Internal Revenue Code applicable to regulated investment companies and to distribute to shareholders all of a Fund's distributable net income, including net realized gain on investments. In addition, the Trust intends to make distributions as required to avoid excise taxes. Accordingly, no provision for Federal income or excise tax is necessary. E. Distributions to shareholders -- Each Fund declares and records a dividend of substantially all of its net investment income on each business day. Such dividends are paid or re-invested monthly in each respective Fund's shares on the payable dates. The amount of dividends and distributions from net investment income and net realized capital gains is determined in accordance with Federal income tax regulations, which may differ from generally accepted accounting principles. To the extent these "book/tax" differences are permanent in nature (i.e., that they result from other than |59 Vista Mutual Funds Notes to Financial Statements (continued) - -------------------------------------------------------------------------------- timing of recognition -- "temporary differences"), such amounts are reclassified within the capital accounts based on their Federal income tax-basis treatment. Dividends and distributions which exceed net investment income or net realized capital gains for financial reporting purposes but not for tax purposes are reported as distributions in excess of net investment income or net realized capital gains. F. Income and expenses -- Expenses directly attributable to a Fund are charged to that Fund; expenses directly attributable to a particular class are charged directly to such class. Other expenses are allocated proportionately among the Funds within the Trust in relation to the net assets of each Fund or on another reasonable basis. In calculating net asset value per share of each class, investment income, realized and unrealized gains and losses and expenses other than class specific expenses, are allocated daily to each class of shares based upon the proportion of net assets of each class at the beginning of each day. 2. Fees and Other Transactions with Affiliates A. Investment advisory fee -- Pursuant to separate Investment Advisory Agreements, The Chase Manhattan Bank ("Chase" or "Advisor"), acts as the investment adviser to the Funds. Chase is a direct wholly-owned subsidiary of The Chase Manhattan Corporation. As investment adviser, Chase supervises the investments of each Fund and for such services is paid a fee. The fee is accrued daily and paid monthly at an annual rate equal to 0.10% of the average daily net assets for each respective Fund. The Advisor voluntarily waived all or a portion of its fees as outlined in Note 2.E. below. Chase Asset Management, Inc. ("CAM"), a registered investment adviser, is the sub-investment adviser to each Fund, other than the Vista Tax Free Money Market Fund, pursuant to a Sub-Investment Advisory Agreement between CAM and Chase. CAM is a wholly owned subsidiary of Chase and is entitled to receive a fee, payable by Chase from its advisory fee, at an annual rate equal to 0.03% of each Fund's average daily net assets. Chase Bank of Texas, National Association ("CBT") is the sub-investment adviser to the Tax Free Money Market Fund pursuant to a Sub-Investment Advisory Agreement between Chase and CBT. CBT is a wholly owned subsidiary of Chase and is entitled to receive a fee, payable by Chase from its advisory fee, at an annual rate equal to 0.03% of the Fund's average daily net assets. B. Shareholder and Fund servicing fees -- The Trust adopted an Administrative Service Plan which, among other things, provides that the Trust on behalf of the Funds may obtain the services of one or more Shareholder Servicing Agents. For its services, each Shareholder Servicing Agent receives a fee. The fee is computed daily and paid monthly at an annual rate of 0.35% and 0.25% of the average daily net assets of the Vista Class and Premier Class, respectively. No Shareholder Servicing fee was paid for the Institutional Shares. Since inception of the Trust, Chase and certain of its affiliates have been the only Shareholder Servicing Agents. The Shareholder Servicing Agents have voluntarily waived all or a portion of their fees as outlined in Note 2.E. below. C. Distribution and sub-administration fees -- Pursuant to the Distribution and Sub-administration Agreements, Vista Fund Distributors, Inc. ("VFD" or the "Distributor"), a wholly-owned subsidiary of the BISYS Group, Inc. ("BISYS"), acts as the Trust's exclusive underwriter and promotes and arranges for the sale of each Fund's shares. In addition, the Distributor provides certain sub-administration services to the Trust, including providing officers, clerical staff and office space for an annual fee, computed daily and paid monthly, of 0.05% of the average daily net assets of each Fund. The Trustees have adopted plans of distribution under the 1940 Act for the Vista Shares (the "Vista Plan"). There are no distribution plans for the Premier or 60 | Vista Mutual Funds Notes to Financial Statements (continued) - -------------------------------------------------------------------------------- Institutional Shares. Vista Plan pays the Distributor a distribution fee. The fee is computed daily and paid monthly at an annual rate of 0.10% of the average daily net assets of Vista Class of each Fund. D. Administration fee -- Pursuant to an Administration Agreement, Chase (the "Administrator") provides certain administration services and facilities to each Fund at a fee computed daily and paid monthly at the annual rate equal to 0.05% of the respective Fund's average daily net assets. E. Waivers of fees -- For the six months ended February 28, 1998, the Advisor, Shareholder and Fund Servicing Agents voluntarily waived fees for each of the Funds as follows:
TFMM NYTFMM CATFMM ---------- ---------- ---------- Advisory ...................... $ -- $ -- $19,991 Administration ................ -- 255,171 -- Shareholder Servicing ......... 428,935 459,944 55,291 Distribution .................. -- -- 7,512 -------- -------- ------- $428,935 $715,115 $82,794 ======== ======== =======
F. Other -- Certain officers of the Trust are officers of VFD or of its parent corporation, BISYS. In addition, Chase provides portfolio accounting and custody services for the Funds. Such amounts are presented in the Statement of Operations as custodian fees. 3. Transactions in Shares of Beneficial Interest
Tax Free Money Market Fund ---------------------------------------------------------------------- Vista Class ---------------------------------------------------------------------- 9/1/97 Through 2/28/98 Year Ended August 31, 1997 ------------------------------- ---------------------------------- Amount Shares Amount Shares -------------- ------------- -------------- -------------- Shares sold ............. $1,080,394,249 1,080,394,249 $1,655,124,829 1,655,124,829 Shares issued in reinvestment of distributions 3,917,704 3,917,704 5,624,366 5,624,366 Shares redeemed ......... (914,873,614) (914,873,614) (1,669,216,613) (1,669,216,613) -------------- ------------- -------------- -------------- Net increase (decrease) in Trust shares outstanding ........... $ 169,438,339 169,438,339 $ (8,467,418) (8,467,418) ============== ============= ============== ==============
|61 Vista Mutual Funds Notes to Financial Statements (continued) - --------------------------------------------------------------------------------
Tax Free Money Market Fund ----------------------------------------------------------------------------- Premier Class ----------------------------------------------------------------------------- 09/01/97 Through 02/28/98 Year Ended August 31, 1997 ------------------------------------- ------------------------------------- Amount Shares Amount Shares ----------------- ----------------- ----------------- ----------------- Shares sold ............. $164,841,431 164,841,431 $531,017,184 531,017,184 Shares issued in reinvestment of distributions ......... 1,016,050 1,016,050 2,032,501 2,032,501 Shares redeemed ......... (151,101,721) (151,101,721) (573,533,495) (573,533,495) ------------ ------------ ------------ ------------ Net increase (decrease) in Trust shares outstanding ........... $ 14,755,760 14,755,760 $(40,483,810) (40,483,810) ============ ============ ============ ============
Institutional Class ------------------------------------------------------------------------------- 09/01/97 Through 02/28/98 Year Ended August 31, 1997 --------------------------------------- --------------------------------------- Amount Shares Amount Shares ------------------- ------------------- ------------------- ------------------- Shares sold ......... $1,492,510,995 1,492,510,995 $2,181,302,254 2,181,302,254 Shares issued in reinvestment of distributions ..... 2,768,304 2,768,304 2,961,145 2,961,145 Shares redeemed...... (1,496,582,382) (1,496,582,382) (2,046,552,012) (2,046,552,012) -------------- -------------- -------------- -------------- Net increase (decrease) in Trust shares outstanding ....... $ (1,303,083) (1,303,083) $ 137,711,387 137,711,387 ============== ============== ============== ==============
New York Tax Free Money Market Fund ------------------------------------------------------------------------------- Vista Class ------------------------------------------------------------------------------- 09/01/97 Through 02/28/98 Year Ended August 31, 1997 --------------------------------------- --------------------------------------- Amount Shares Amount Shares ------------------- ------------------- ------------------- ------------------- Shares sold ......... $1,291,890,770 1,291,890,770 $2,483,570,728 2,483,570,728 Shares issued in reinvestment of distributions ..... 9,149,136 9,149,136 13,960,319 13,960,319 Shares redeemed...... (1,134,743,495) (1,134,743,495) (2,431,149,960) (2,431,149,960) -------------- -------------- -------------- -------------- Net increase (decrease) in Trust shares outstanding ....... $ 166,296,411 166,296,411 $ 66,381,087 66,381,087 ============== ============== ============== ==============
62 | Vista Mutual Funds Notes to Financial Statements (continued) - --------------------------------------------------------------------------------
California Tax Free Money Market Fund ----------------------------------------------------------------------------- Vista Class ----------------------------------------------------------------------------- 09/01/97 Through 02/28/98 Year Ended August 31, 1997 ------------------------------------- ------------------------------------- Amount Shares Amount Shares ----------------- ----------------- ----------------- ----------------- Shares sold ............. $139,536,557 139,536,557 $301,855,774 301,855,774 Shares issued in reinvestment of distributions ...... 396,802 396,802 798,792 798,792 Shares redeemed ......... (132,891,345) (132,891,345) (299,970,205) (299,970,205) ------------ ------------ ------------ ------------ Net increase (decrease) in Trust shares outstanding ........... $ 7,042,014 7,032,014 $ 2,684,361 2,684,361 ============ ============ ============ ============
5. Concentration of Credit Risk -- TFMM, NYTFMM and CATFMM invest substantially all of their assets in a diversified portfolio of debt obligations issued by states, territories and possessions of the United States and by the District of Columbia, and by their political subdivisions and duly constituted authorities, with NYTFMM primarily investing in issuers in the State of New York, and CATFMM primarily investing in issuers in the State of California. As of February 28, 1998, TFMM invested approximately 20.4% of its assets in issuers in the state of Texas. The issuers' abilities to meet their obligations may be affected by economic or political developments in a specific state or region. 6. Trustee Compensation -- The Funds have adopted an unfunded noncontributory defined benefit pension plan covering all independent trustees of the Funds who will have served as an independent trustee for at least five years at the time of retirement. Benefits under this plan are based on compensation and years of service. Pension expenses for the six months ended February 28, 1998, included in Trustees Fees and Expenses in the Statement of Operations, and accrued pension liability included in other accrued liabilities, in the Statement of Assets and Liabilities were as follows:
Accrued Pension Pension Expenses Liability ---------- ---------- TFMM ............................................... $9,838 $54,376 NYTFMM ............................................. 9,331 51,767 CATFMM ............................................. 439 2,659
| 63 Financial Highlights (unaudited) - --------------------------------------------------------------------------------
Tax Free Money Market Fund --------------------------------------------------- Vista Shares --------------------------------------------------- 09/01/97 Year Ended August 31, Through -------------------------------------- 02/28/98 1997 1996 1995 ------------ ------------ ------------ ------------ Per Share Operating Performance Net Asset Value, Beginning of Period ............................ $ 1.00 $ 1.00 $ 1.00 $ 1.00 ------- ------- ------- ------- Income from Investment Operations Net Investment Income ......................................... 0.015 0.031 0.029 0.029 -------- -------- -------- -------- Less Dividends from Net Investment Income ..................... 0.015 0.031 0.029 0.029 -------- -------- -------- -------- Net Asset Value, End of Period .................................. $ 1.00 $ 1.00 $ 1.00 $ 1.00 ======== ======== ======== ======== Total Return .................................................... 1.54% 3.12% 2.92% 2.99% Ratios/Supplemental Data: Net Assets, End of Period (000 omitted) ......................... $735,065 $565,625 $574,115 $166,915 Ratios to average net assets#: Ratio of Expenses .............................................. 0.59% 0.59% 0.69% 0.86% Ratio of Net Investment Income ................................. 3.07% 3.08% 2.89% 2.96% Ratio of Expenses Without Waivers and Assumption of Expenses ... 0.72% 0.73% 0.80% 0.94% Ratio of Net Investment Income Without Waivers and Assumption of Expenses ...................................................... 2.94% 2.94% 2.78% 2.87% Tax Free Money Market Fund -------------------------- Vista Shares ------------------------- 11/1/93 Year Through Ended 8/31/94++ 10/31/93 ------------ ------------ Per Share Operating Performance Net Asset Value, Beginning of Period ............................ $ 1.00 $ 1.00 ------- ------- Income from Investment Operations Net Investment Income ......................................... 0.015 0.019 -------- -------- Less Dividends from Net Investment Income ..................... 0.015 0.019 -------- -------- Net Asset Value, End of Period .................................. $ 1.00 $ 1.00 ======== ======== Total Return .................................................... 1.54% 1.90% Ratios/Supplemental Data: Net Assets, End of Period (000 omitted) ......................... $121,710 $160,497 Ratios to average net assets#: Ratio of Expenses .............................................. 0.85% 0.85% Ratio of Net Investment Income ................................. 1.82% 1.88% Ratio of Expenses Without Waivers and Assumption of Expenses ... 0.85% 0.91% Ratio of Net Investment Income Without Waivers and Assumption of Expenses ...................................................... 1.82% 1.83%
- ------- # Short periods have been annualized. ++ In 1994 TFMM changed its fiscal year-end from October 31 to August 31. See notes to financial statements. 64 | Financial Highlights (unaudited) (continued) - --------------------------------------------------------------------------------
Tax Free Money Market Fund ----------------------------------------------------------------------------- Premier Shares ----------------------------------------------------------------------------- Year Ended August 31, 09/01/97 -------------------------------------- 11/1/93 Year Through Through Ended 02/28/98 1997 1996 1995 8/31/94++ 10/31/93 ------------ ------------ ------------ ------------ ------------ ------------ Per Share Operating Performance Net Asset Value, Beginning of Period ............ $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 ------- ------- ------- ------- ------- ------- Income from Investment Operations: Net Investment Income ......................... 0.016 0.032 0.031 0.032 0.018 0.022 -------- -------- -------- -------- -------- -------- Less Dividends from Net Investment Income ..... 0.016 0.032 0.031 0.032 0.018 0.022 -------- -------- -------- -------- -------- -------- Net Asset Value, End of Period .................. $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 ======== ======== ======== ======== ======== ======== Total Return .................................... 1.57% 3.19% 3.12% 3.29% 1.79% 2.21% Ratios/Supplemental Data: Net Assets, End of Period (000 omitted) ......... $119,515 $104,759 $145,221 $148,436 $229,306 $225,791 Ratio to average net assets#: Ratio of Expenses .............................. 0.53% 0.53% 0.58% 0.56% 0.55% 0.55% Ratio of Net Investment Income ................. 3.14% 3.13% 3.08% 3.21% 2.11% 2.16% Ratio of Expenses Without Waivers and Assumption of Expenses ........................ 0.53% 0.53% 0.73% 0.84% 0.78% 0.79% Ratio of Net Investment Income Without Waivers and Assumption of Expenses ............ 3.14% 3.13% 2.92% 2.93% 1.89% 1.92% Tax Free Money Market Fund ---------------------------------------------------------------- Institutional Shares ---------------------------------------------------------------- Year Ended August 31, 09/01/97 -------------------------------------- 11/14/93* Through Through 02/28/98 1997 1996 1995 8/31/94++ ------------ ------------ ------------ ------------ ------------ Per Share Operating Performance Net Asset Value, Beginning of Period ............ $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 ------- ------- ------- ------- ------- Income from Investment Operations: Net Investment Income ......................... 0.011 0.036 0.034 0.035 0.019 -------- -------- -------- -------- -------- Less Dividends from Net Investment Income ..... 0.011 0.036 0.034 0.035 0.019 -------- -------- -------- -------- -------- Net Asset Value, End of Period .................. $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 ======== ======== ======== ======== ======== Total Return .................................... 1.70% 3.45% 3.40% 3.53% 1.95% Ratios/Supplemental Data: Net Assets, End of Period (000 omitted) ......... $284,902 $286,204 $148,536 $108,494 $110,332 Ratio to average net assets#: Ratio of Expenses .............................. 0.26% 0.26% 0.31% 0.33% 0.34% Ratio of Net Investment Income ................. 3.41% 3.41% 3.33% 3.46% 2.38% Ratio of Expenses Without Waivers and Assumption of Expenses ........................ 0.26% 0.26% 0.31% 0.34% 0.34% Ratio of Net Investment Income Without Waivers and Assumption of Expenses ............ 3.41% 3.41% 3.33% 3.45% 2.38%
- ------- # Short periods have been annualized. ++ In 1994 TFMM changed its fiscal year-end from October 31 to August 31. * Commencement of offering class of shares. See notes to financial statements. | 65 Financial Highlights (unaudited) (continued) - --------------------------------------------------------------------------------
New York Tax Free Money Market Fund --------------------------- Vista Shares --------------------------- Year Ended 09/01/97 August 31, Through ------------ 02/28/98 1997 -------------- ------------ Per Share Operating Performance Net Asset Value, Beginning of Period ........................................... $ 1.00 $ 1.00 --------- ------- Income from Investment Operations Net Investment Income ........................................................ 0.015 0.030 ---------- -------- Less Dividends from Net Investment Income .................................... 0.015 0.030 ---------- -------- Net Asset Value, End of Period ................................................. $ 1.00 $ 1.00 ========== ======== Total Return ................................................................... 1.52% 3.02% Ratios/Supplemental Data: Net Assets, End of Period (000 omitted) ........................................ $1,123,067 $956,766 Ratio to average net assets#: Ratio of Expenses ............................................................. 0.59% 0.59% Ratio of Net Investment Income ................................................ 3.04% 2.97% Ratio of Expenses Without Waivers and Assumption of Expenses .................. 0.73% 0.73% Ratio of Net Investment Income Without Waivers and Assumption of Expenses ..... 2.90% 2.83% New York Tax Free Money Market Fund --------------------------------------------------- Vista Shares --------------------------------------------------- Year Ended August 31, ------------------------- 11/1/93 Year Through Ended 1996 1995 8/31/94++ 10/31/93 ------------ ------------ ------------ ----------- Per Share Operating Performance Net Asset Value, Beginning of Period ........................................... $ 1.00 $ 1.00 $ 1.00 $ 1.00 ------- ------- ------- ------- Income from Investment Operations Net Investment Income ........................................................ 0.028 0.028 0.015 0.017 -------- -------- -------- -------- Less Dividends from Net Investment Income .................................... 0.028 0.028 0.015 0.017 -------- -------- -------- -------- Net Asset Value, End of Period ................................................. $ 1.00 $ 1.00 $ 1.00 $ 1.00 ======== ======== ======== ======== Total Return ................................................................... 2.85% 2.88% 1.48% 1.75% Ratios/Supplemental Data: Net Assets, End of Period (000 omitted) ........................................ $890,413 $378,400 $365,669 $300,425 Ratio to average net assets#: Ratio of Expenses ............................................................. 0.74% 0.86% 0.85% 0.85% Ratio of Net Investment Income ................................................ 2.79% 2.84% 1.77% 1.72% Ratio of Expenses Without Waivers and Assumption of Expenses .................. 0.83% 0.95% 0.85% 0.89% Ratio of Net Investment Income Without Waivers and Assumption of Expenses ..... 2.70% 2.75% 1.77% 1.68%
- ------- # Short periods have been annualized. ++ In 1994 NYTFMM changed its fiscal year-ends from October 31 to August 31. See notes to financial statements. 66 | Financial Highlights (unaudited) (continued) - --------------------------------------------------------------------------------
California Tax Free Money Market Fund ----------------------------------------------- Vista Shares ----------------------------------------------- 09/01/97 Year Ended August 31, Through ----------------------------------- 02/28/98 1997 1996 1995 ----------- ----------- ----------- ----------- Per Share Operating Performance Net Asset Value, Beginning of Period ....................................... $ 1.00 $ 1.00 $ 1.00 $ 1.00 ------ ------ ------ ------ Income from Investment Operations Net Investment Income .................................................... 0.015 0.300 0.030 0.033 ------- ------- ------- ------- Less Dividends from Net Investment Income ................................ 0.015 0.300 0.030 0.033 ------- ------- ------- ------- Net Asset Value, End of Period ............................................. $ 1.00 $ 1.00 $ 1.00 $ 1.00 ======= ======= ======= ======= Total Return ............................................................... 1.51% 3.02% 3.06% 3.32% Ratios/Supplemental Data: Net Assets, End of Period (000 omitted) .................................... $52,552 $45,509 $42,819 $58,315 Ratio of average net assets#: Ratio of Expenses ......................................................... 0.55% 0.56% 0.56% 0.48% Ratio of Net Investment Income ............................................ 3.01% 2.99% 3.03% 3.25% Ratio of Expenses Without Waivers and Assumption of Expenses .............. 0.92% 0.86% 1.02% 1.07% Ratio of Net Investment Income Without Waivers and Assumption of Expenses 2.64% 2.69% 2.57% 2.66% California Tax Free Money Market Fund ----------------------- Vista Shares ----------------------- 11/1/93 Year Through Ended 8/31/94++ 10/31/93 ----------- ----------- Per Share Operating Performance Net Asset Value, Beginning of Period ....................................... $ 1.00 $ 1.00 ------ ------ Income from Investment Operations Net Investment Income .................................................... 0.018 0.023 ------- ------- Less Dividends from Net Investment Income ................................ 0.018 0.023 ------- ------- Net Asset Value, End of Period ............................................. $ 1.00 $ 1.00 ======= ======= Total Return ............................................................... 1.82% 2.30% Ratios/Supplemental Data: Net Assets, End of Period (000 omitted) .................................... $64,423 $45,346 Ratio of average net assets#: Ratio of Expenses ......................................................... 0.46% 0.42% Ratio of Net Investment Income ............................................ 2.17% 2.26% Ratio of Expenses Without Waivers and Assumption of Expenses .............. 0.94% 1.02% Ratio of Net Investment Income Without Waivers and Assumption of Expenses 1.69% 1.66%
- ------- # Short periods have been annualized. ++ In 1994 CATFMM changed its fiscal year-end from October 31 to August 31. ** Commencement of operations. See notes to financial statements. | 67 Chase Vista Service Center P.O. Box 419392 Kansas City, MO 64179 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 Price Waterhouse LLP Chase Vista Funds are distributed by Vista Fund Distributors, Inc. which is unaffiliated with The Chase Manhattan Bank. Chase and its respective affiliates receive compensation from Chase Vista Funds for providing investment advisory and other services. This report is submitted for the general information of the shareholders of the Funds. It is not authorized for distribution to prospective investors in the funds unless preceded or accompanied by a prospectus. The financial information in this report has been taken from the books and records of the Funds without examination by independent accountants, who express no opinion thereto. To obtain a prospectus for any of the Chase Vista Funds, call 1-800-34-VISTA. The prospectus contains more complete information, including charges and expenses. Please read it carefully before you invest or send money. April 1998 CVTFMM-3-498 -----END PRIVACY-ENHANCED MESSAGE-----