EX-99.B17(D) 8 0008.txt ANNUAL REPORT Exhibit 17(d) [Front cover] AUGUST 31, 1999 Chase Vista Money Market Funds ANNUAL REPORT 100% U.S. TREASURY SECURITIES MONEY MARKET FUND U.S. GOVERNMENT MONEY MARKET FUND TREASURY PLUS MONEY MARKET FUND FEDERAL MONEY MARKET FUND CASH MANAGEMENT FUND PRIME MONEY MARKET FUND TAX FREE MONEY MARKET FUND NEW YORK TAX FREE MONEY MARKET FUND CALIFORNIA TAX FREE MONEY MARKET FUND [Graphic: Globe] [Logo: CHASE VISTA FUNDS(SM)] ANMM-2-1099 Highlights o The Federal Reserve's decision to cut interest rates in late 1998 helped bolster global economic activity and raise yields on tax-exempt securities. o As the period progressed, stronger-than-expected economic data outweighed benign inflation news. o To keep inflation under control, the Fed adopted a tightening monetary policy late in the period by raising interest rates on two separate occasions.
-------------------------------------------------------------------------------- CONTENTS -------------------------------------------------------------------------------- Chairman's Letter 3 Chase Vista 100% U.S. Treasury Securities Money Market Fund Fund Facts o Portfolio of Investments 4 Chase Vista U.S. Government Money Market Fund Fund Facts o Portfolio of Investments 7 Chase Vista Treasury Plus Money Market Fund Fund Facts o Portfolio of Investments 12 Chase Vista Federal Money Market Fund Fund Facts o Portfolio of Investments 16 Chase Vista Cash Management Fund Fund Facts o Portfolio of Investments 20 Chase Vista Prime Money Market Fund Fund Facts o Portfolio of Investments 33 Chase Vista Tax Free Money Market Fund Fund Facts o Portfolio of Investments 45 Chase Vista New York Tax Free Money Market Fund Fund Facts o Portfolio of Investments 67 Chase Vista California Tax Free Money Market Fund Fund Facts o Portfolio of Investments 86 Financial Statements 95 Notes to Financial Statements 106 Financial Highlights 110
-------------------------------------------------------------------------------- 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 Money Market Funds Chairman's Letter October 10, 1999 Dear Shareholder: We are pleased to present this annual report on each of the taxable and tax-exempt Chase Vista Money Market FundsSM. Inside, you will find current seven-day yields for each fund as of August 31, 1999 as well as listings of current holdings. Yields Rise As Interest Rates Trend Higher The fiscal year was a tale of two stories. Early in the period, investors were concerned about the global economy following the near-collapse of Russia's economy. By the end of the fiscal year, however, investors were worried that the strength of the global economy might lead to higher inflation. Between these two points in time, several developments had a major effect on short-term interest rates. In late 1998, the Federal Reserve Board adopted an easing monetary policy to stem fears of a global economic meltdown. The central bank reduced rates in September, the first rate cut since December, 1996, and trimmed rates two more times before year-end, 1998. The three rate reductions had a positive effect on domestic and global economic conditions. By early 1999, economic problems in Russia were abating and the global economy was starting to accelerate. Worries about the global economy resurfaced briefly with the revelation of Brazil's financial problems, but these concerns quickly waned. By February, fears of a major global economic slowdown were replaced by worries of potential economic overheating. Domestically, some of the data that fueled these concerns included the best consumer confidence report ever, the lowest unemployment rate in a generation and a revised Gross Domestic Product report for the fourth quarter of 1998 that was the best in more than two years. As the year progressed, strong economic reports outweighed benign economic data, enabling yields on taxable and tax-exempt money market funds to rise. However, the strength of the U.S. economy raised fears of higher inflation, which eventually caused the Fed to reverse its monetary policy. On June 30th, the Fed lifted short-term interest rates for the first time since March, 1997. On August 24th, the central bank followed with another rate hike. The period ended with much speculation that the Fed would raise rates a third time before year-end, effectively taking back all of the rate cuts that were made in late 1998. Looking ahead, we continue to have a favorable outlook for the economy. Despite the recent pickup in economic activity and the Fed's latest shift in monetary policy, we expect the economy to slow later in 1999 and into the year 2000. Moreover, we believe inflation will remain under control. Sincerely, /s/ Fergus Reid --------------- Fergus Reid 3 Chase Vista 100% U.S. Treasury Securities Money Market Fund as of August 31, 1999 (unaudited) Fund Facts Objective High current income consistent with capital preservation Primary investments Direct obligations of the U.S. Treasury including Treasury bills, bonds and notes Suggested investment time frame Short-term Share classes offered Vista, Premier and Institutional Shares Net assets $4.2 Billion Average maturity 84 days S&P Rating Not Rated Moody's Rating Not Rated NAIC Rating Not Rated
Maturity Schedule 1-14 days ............ 1.31% 15-30 days ........... 50.56% 31-60 days ........... 0.00% 61-90 days ........... 2.39% 91-180 days .......... 33.72% 181-270 days ......... 9.46% 270+ days ............ 2.56%
4 Chase Vista 100% U.S. Treasury Securities Money Market Fund as of August 31, 1999 (unaudited) How Much of the Fund Was Invested [PIE CHART PLOT POINTS] Investments (99.0%) Cash/Other (1.06%) [END PLOT POINTS] Yields
7-Day SEC Yield(1) ---------------- Vista Shares 4.21% Premier Shares 4.30% Institutional Shares 4.55%
Past performance is not a guarantee of future results. Yields will fluctuate. An investment in a money market fund is not FDIC insured nor guaranteed by the U.S. government or any other agency and there can be no assurance that the fund will maintain a stable Net Asset Value of $1.00 per share. (1) The yields for Vista Shares, Premier Shares and Institutional Shares reflect the voluntary waiver of certain expenses and the assumption of certain expenses otherwise payable by the Fund. Without waivers, the yields for Vista Shares would have been 4.09%, for Premier Shares 4.26% and for Institutional Shares 4.46%. This voluntary waiver may be modified or terminated at any time, which would reduce the fund's performance. 5 Chase Vista 100% U.S. Treasury Securities Money Market Fund Portfolio of Investments August 31, 1999 (Amounts in Thousands)
Principal Amount Issuer Value =========================================================== U.S. Treasury Securities -- 99.3% ----------------------------------------------------------- U.S. Treasury Bills -- 37.5% $ 55,189 4.65%, 09/09/99 $ 55,136 2,325 4.80%, 09/16/99 2,320 1,533,265 5.17%, 09/15/99 1,530,167 ---------- 1,587,623 ---------- U.S. Treasury Notes -- 61.8% 571,000 5.38%, 01/31/00 571,510 100,000 5.50%, 03/31/00 100,393 100,000 5.63%, 11/30/99 100,201 125,000 5.63%, 12/31/99 125,361 61,050 5.63%, 04/30/00 61,299 276,264 5.75%, 09/30/99 276,502 100,000 5.88%, 11/15/99 100,205 107,000 6.25%, 05/31/00 107,735 150,000 6.38%, 05/15/00 151,102 84,000 6.88%, 03/31/00 84,744 313,668 7.13%, 09/30/99 314,221 200,000 7.75%, 11/30/99 201,449 337,677 7.75%, 12/31/99 340,535 76,686 7.75%, 01/31/00 77,474 ---------- 2,612,731 =========================================================== Total Investments -- 99.3% $4,200,354 (Cost $4,200,354)* ===========================================================
*--The cost of securities is substantially the same for federal income tax purposes. See notes to financial statements. 6 Chase Vista U.S. Government Money Market Fund as of August 31, 1999 (unaudited) Fund Facts Objective High current income consistent with capital preservation Primary investments Direct obligations of the U.S. Treasury and its Agencies including Treasury bills, bonds, notes and repurchase agreements Suggested investment time frame Short-term Share classes offered Vista, Premier and Institutional Shares Net assets $7.4 Billion Average maturity 48 days S&P Rating* AAA Moody's Rating* Aaa NAIC Rating* Class 1
* This rating is historical and is based upon the Fund's credit quality, market price exposure and management. It signifies that the Fund's safety is excellent and that it has superior capacity to maintain a $1 Net Asset Value per share. The National Association of Insurance Commissioners' (NAIC's) Class 1 status indicates that the Fund meets certain pricing and quality guidelines. Maturity Schedule 1-14 days ............ 68.31% 15-30 days ........... 8.45% 31-60 days ........... 0.07% 61-90 days ........... 2.71% 91-180 days .......... 7.28% 181-270 days ......... 8.88% 270+ days ............ 4.30%
7 Chase Vista U.S. Government Money Market Fund as of August 31, 1999 (unaudited) How Much of the Fund Was Invested [PIE CHART PLOT POINTS] Investments (99.4%) Cash/Other (0.6%) Yields
7-Day SEC Yield(1) ---------------- Vista Shares 4.72% Premier Shares 4.86% Institutional Shares 5.05%
Past performance is not a guarantee of future results. Yields will fluctuate. An investment in a money market fund is not FDIC insured nor guaranteed by the U.S. government or any other agency and there can be no assurance that the fund will maintain a stable Net Asset Value of $1.00 per share. (1) The yields for Vista Shares, Premier Shares and Institutional Shares reflect the voluntary waiver of certain expenses and the assumption of certain expenses otherwise payable by the Fund. Without waivers, the yields would have been 4.62% for Vista Shares, 4.73% for Premier Shares and 4.98% for Institutional Shares. This voluntary waiver may be modified or terminated at any time, which would reduce the fund's performance. 8 Chase Vista U.S. Government Money Market Fund Portfolio of Investments August 31, 1999 (Amounts in Thousands)
Principal Amount Issuer Value =========================================================== U.S. Treasury Securities -- 4.0% ----------------------------------------------------------- U.S. Treasury Bill -- 4.0% $ 300,000 5.19%, 09/15/99 $ 299,395 =========================================================== Total U.S. Treasury Securities 299,395 (Cost $299,395) =========================================================== U.S. Government Agency Obligations -- 93.5% =========================================================== Federal Farm Credit Bank, Debentures -- 1.2% 10,000 5.25%, 01/18/00 10,000 75,000 5.43%, 06/21/00 75,000 --------- 85,000 --------- Federal Farm Credit Bank, Discount Note -- 1.4% 100,000 5.40%, 09/01/99 100,000 --------- Federal Farm Credit Bank, FRN -- 1.7% 125,000 5.31%, 06/22/00 124,960 --------- Federal Home Loan Bank, Debentures -- 16.5% 67,000 4.85%, 01/27/00 66,998 80,000 4.89%, 02/04/00 79,996 100,000 4.90%, 01/14/00 100,003 50,000 4.91%, 01/13/00 50,001 50,000 4.91%, 02/09/00 49,995 5,000 5.00%, 10/28/99 5,000 43,750 5.00%, 02/24/00 43,750 35,000 5.00%, 02/25/00 35,000 40,000 5.02%, 02/25/00 40,000 150,000 5.09%, 03/03/00 150,000 138,000 5.15%, 05/10/00 138,000 84,000 5.21%, 05/24/00 84,000 125,000 5.22%, 03/17/00 125,000 100,000 5.24%, 03/30/00 100,000 75,000 5.51%, 06/22/00 75,000 75,000 5.91%, 08/23/00 75,000 --------- 1,217,743 --------- Federal Home Loan Bank, Discount Note -- 6.8% 500,000 5.40%, 09/01/99 500,000 ---------
See notes to financial statements. 9 Chase Vista U.S. Government Money Market Fund Portfolio of Investments August 31, 1999 (continued) (Amounts in Thousands)
Principal Amount Issuer Value ===================================================================== U.S. Government Agency Obligations -- (continued) ===================================================================== Federal Home Loan Bank, FRN -- 15.6% $ 205,500 5.21%, 05/12/00 $ 205,379 100,000 5.30%, 04/05/00 99,971 200,000 5.30%, 05/05/00 199,934 500,000 5.30%, 05/17/00 499,827 48,000 5.34%, 02/04/00 47,998 100,000 5.37%, 11/09/99 99,987 ---------- 1,153,096 ---------- Federal Home Loan Mortgage Corp., Discount Note -- 10.2% 750,000 5.42%, 09/01/99 750,000 ---------- Federal National Mortgage Association, Debenture -- 1.0% 75,000 5.06%, 03/15/00 74,992 ---------- Federal National Mortgage Association, Discount Note -- 9.5% 700,000 5.42%, 09/01/99 700,000 ---------- Federal National Mortgage Association, FRN -- 16.0% 225,000 5.08%, 03/15/00 224,931 115,000 5.17%, 03/24/00 114,955 37,000 5.20%, 09/22/99 36,998 350,000 5.37%, 08/07/00 349,837 200,000 5.38%, 09/05/00 199,921 255,000 5.43%, 07/17/00 254,889 ---------- 1,181,531 ---------- Student Loan Marketing Association, Debentures -- 2.4% 75,000 5.00%, 01/27/00 75,000 100,000 5.30%, 06/16/00 100,000 ---------- 175,000 ---------- Student Loan Marketing Association, Discount Note -- 5.4% 400,000 5.40%, 09/01/99 400,000 ----------
See notes to financial statements. 10 Chase Vista U.S. Government Money Market Fund Portfolio of Investments August 31, 1999 (continued) (Amounts in Thousands)
Principal Amount Issuer Value ================================================================= U.S. Government Agency Obligations -- (continued) ================================================================= Student Loan Marketing Association, FRN -- 5.8% $ 130,000 5.01%, 12/03/99 $ 129,978 100,000 5.32%, 02/10/00 99,983 100,000 5.33%, 02/10/00 99,983 100,000 5.35%, 08/18/00 99,953 ---------- 429,897 ========== Total U.S. Government Agency 6,892,219 Obligations (Cost $6,892,219) ================================================================= Repurchase Agreements -- 5.1% ----------------------------------------------------------------- 174,321 Goldman Sachs & Co., 5.00%, due 09/01/99 (Dated 08/31/99, Proceeds $174,345, Secured by USTR, 5.75% through 14.00%, due 11/15/00 through 08/15/28, Market Value $177,808) 174,321 200,000 Morgan Stanley Dean Witter, 5.50%, due 09/01/99 (Dated 08/31/99, Proceeds $200,031, Secured by USTR, 5.50% through 6.00%, due 08/15/00 through 11/30/01, Market Value $204,024) 200,000 ================================================================= Total Repurchase Agreements 374,321 (Cost $374,321) ================================================================= Total Investments -- 102.6% $7,565,935 (Cost $7,565,935)* =================================================================
Index: * -- The cost of securities is substantially the same for federal income tax purposes. FRN -- Floating Rate Note: The maturity date shown is the actual maturity date; the rate shown is the rate in effect at August 31, 1999. USTR -- U.S. Treasury Notes & Bonds. See notes to financial statements. 11 Chase Vista Treasury Plus Money Market Fund as of August 31, 1999 (unaudited) Fund Facts Objective High current income consistent with capital preservation Primary investments Direct obligations of the U.S. Treasury including Treasury bills, bonds and notes as well as repurchase agreements which are fully collateralized by obligations issued or guaranteed by the U.S. Treasury Suggested investment time frame Short-term Share classes offered Vista, Premier and Institutional Shares Net assets $3.2 Billion Average maturity 41 days S&P Rating* AAA Moody's Rating* Aaa NAIC Rating* NAIC-exempt
* This rating is historical and is based upon the Fund's credit quality, market price exposure and management. It signifies that the Fund's safety is excellent and that it has superior capacity to maintain a $1 Net Asset Value per share. The National Association of Insurance Commissioners' (NAIC's) "approved" status indicates that the Fund meets certain pricing and quality guidelines. Maturity Schedule 1-14 days ............ 40.31% 15-30 days ........... 42.39% 31-60 days ........... 0.00% 61-90 days ........... 0.00% 91-180 days .......... 3.15% 181-270 days ......... 13.51% 270+ days ............ 0.64%
12 Chase Vista Treasury Plus Money Market Fund as of August 31, 1999 (unaudited) How Much of the Fund Was Invested [PIE CHART PLOT POINTS] Investments (99.5%) Cash/Other (0.5%) [END PLOT POINTS] Yields
7-Day SEC Yield(1) ---------------- Vista Shares 4.57% Premier Shares 4.71% Institutional Shares 4.91%
Past performance is not a guarantee of future results. Yields will fluctuate. An investment in a money market fund is not FDIC insured nor guaranteed by the U.S. government or any other agency and there can be no assurance that the fund will maintain a stable Net Asset Value of $1.00 per share. (1) The yield for Vista Shares, Premier Shares and Institutional Shares reflect the voluntary waiver of certain expenses and the assumption of certain expenses otherwise payable by the Fund. Without waivers, the yield would have been 4.46% for Vista Shares, 4.65% for Premier Shares and 4.82% for Institutional Shares. This voluntary waiver may be modified or terminated at any time, which would reduce the fund's performance. 13 Chase Vista Treasury Plus Money Market Fund Portfolio of Investments August 31, 1999 (Amounts in Thousands)
Principal Amount Issuer Value ========================================================== U.S. Treasury Securities -- 62.7% ---------------------------------------------------------- U.S. Treasury Bills -- 45.5% $ 39,652 4.22%, 09/09/99 $ 39,615 63,000 4.88%, 09/02/99 62,991 1,350,000 5.20%, 09/15/99 1,347,272 --------- 1,449,878 --------- U.S. Treasury Notes -- 17.2% 100,000 5.38%, 01/31/00 100,057 50,000 5.50%, 02/29/00 50,182 20,000 6.25%, 05/31/00 20,195 250,000 6.88%, 03/31/00 252,862 125,000 7.13%, 02/29/00 126,366 --------- 549,662 ========= Total U.S. Treasury Securities 1,999,540 (Cost $1,999,540) ========================================================== Repurchase Agreements -- 36.9% ---------------------------------------------------------- 378,225 Goldman Sachs & Co., 5.40%, due 09/01/99 (Dated 08/31/99, Proceeds $378,282, Secured by USTR, 5.63% through 14.00%, due 03/31/00 through 02/15/28, Market Value $385,790) 378,225 400,000 Merrill Lynch & Co., Inc., 5.40%, due 09/01/99 (Dated 08/31/99, Proceeds $400,060, Secured by USTR, 5.25% through 14.00%, due 12/31/99 through 11/15/28, Market Value $407,081) 400,000 200,000 Morgan Stanley Dean Witter, 5.50%, due 09/01/99 (Dated 08/31/99, Proceeds $200,031 Secured by USTR, 7.88% through 12.00%, due 11/15/04 through 08/15/13, Market Value $205,000) 200,000
See notes to financial statements. 14 Chase Vista Treasury Plus Money Market Fund Portfolio of Investments August 31, 1999 (continued) (Amounts in Thousands)
Principal Amount Issuer Value ================================================================= Repurchase Agreements -- (continued) ================================================================= $ 200,000 Salomon Smith Barney, Inc., 5.30%, due 09/01/99 (Dated 08/31/99, Proceeds $200,029, Secured by USTR, 5.50% through 8.50%, due 05/31/00 through 08/15/05, Market Value $204,086) $ 200,000 ================================================================= Total Repurchase Agreements 1,178,225 (Cost $1,178,225) ================================================================= Total Investments -- 99.6% $3,177,765 (Cost $3,177,765)* =================================================================
Index: * -- The cost of securities is substantially the same for federal income tax purposes. USTR -- U.S. Treasury Notes & Bonds. See notes to financial statements. 15 Chase Vista Federal Money Market Fund as of August 31, 1999 (unaudited) Fund Facts Objective High current income consistent with capital preservation Primary investments Direct obligations of the U.S. Treasury including Treasury bills, bonds and notes as well as obligations issued or guaranteed by the U.S. Treasury and its Agencies Suggested investment Short-term time frame Share classes offered Vista, Premier and Institutional Shares Net assets $1.1 Billion Average maturity 84 days S&P Rating Not Rated Moody's Rating Not Rated NAIC Rating Not Rated
Maturity Schedule 1-14 days ............ 51.90% 15-30 days ........... 9.19% 31-60 days ........... 2.71% 61-90 days ........... 4.09% 91-180 days .......... 7.29% 181-270 days ......... 14.42% 270+ days ............ 10.40%
16 Chase Vista Federal Money Market Fund as of August 31, 1999 (unaudited) How Much of the Fund Was Invested [PIE CHART PLOT POINTS] Investments (99.0%) Cash/Other (1.0%) [END PLOT POINTS] Yields
7-Day SEC Yield(1) ---------------- Vista Shares 4.61% Premier Shares 4.81% Institutional Shares 5.05%
Past performance is not a guarantee of future results. Yields will fluctuate. An investment in a money market fund is not FDIC insured nor guaranteed by the U.S. government or any other agency and there can be no assurance that the funds will maintain a stable Net Asset Value of $1.00 per share. (1) The yields for Vista Shares and Institutional Shares reflect the voluntary waiver of certain expenses and the assumption of certain expenses otherwise payable by the Fund. Without waivers, the yields would have been 4.55% for Vista Shares and 4.97% for Institutional Shares. This voluntary waiver may be modified or terminated at any time, which would reduce the fund's performance. 17 Chase Vista Federal Money Market Fund Portfolio of Investments August 31, 1999 (Amounts in Thousands)
Principal Amount Issuer Value ================================================================= U.S. Government Agency ----------------------------------------------------------------- Obligations -- 99.3% ----------------------------------------------------------------- Federal Farm Credit Bank, Debenture -- 2.3% $ 25,000 5.43%, 06/21/00 $ 25,000 ---------- Federal Farm Credit Bank, Discount Notes -- 6.6% 50,000 4.72%, 04/25/00 48,446 25,000 5.29%, 05/26/00 24,015 ---------- 72,461 ---------- Federal Farm Credit Bank, FRN -- 19.1% 20,000 5.02%, 03/10/00 19,994 100,000 5.14%, 03/23/00 99,973 50,000 5.30%, 04/27/00 49,984 40,000 5.31%, 05/25/00 39,986 ---------- 209,937 ---------- Federal Home Loan Bank, Debentures -- 6.4% 20,000 4.90%, 02/04/00 19,999 25,000 4.95%, 02/24/00 24,965 25,000 5.22%, 03/17/00 25,000 ---------- 69,964 ---------- Federal Home Loan Bank, Discount Notes -- 18.4% 4,500 4.30%, 10/22/99 4,473 10,000 4.55%, 01/24/00 9,817 25,000 4.60%, 01/28/00 24,524 40,000 4.71%, 03/31/00 38,891 21,061 4.80%, 03/03/00 20,544 10,000 5.20%, 07/07/00 9,552 25,000 5.23%, 06/16/00 23,950 22,500 5.27%, 07/21/00 21,433 25,000 5.38%, 07/28/00 23,763 15,177 5.40%, 09/01/99 15,177 10,000 5.47%, 08/25/00 9,455 ---------- 201,579 ----------
See notes to financial statements. 18 Chase Vista Federal Money Market Fund Portfolio of Investments August 31, 1999 (continued) (Amounts in Thousands)
Principal Amount Issuer Value ================================================================= U.S. Government Agency Obligations -- (continued) ================================================================= Federal Home Loan Bank, FRN -- 28.2% $ 50,000 5.04%, 07/06/00 $ 49,979 44,500 5.22%, 05/12/00 44,474 50,000 5.24%, 11/09/99 49,994 65,000 5.29%, 04/14/00 64,980 75,000 5.30%, 03/17/00 74,980 25,000 5.35%, 01/26/00 25,000 ---------- 309,407 ---------- Student Loan Marketing Association, Debenture -- 2.3% 25,000 4.90%, 10/27/99 25,000 ---------- Student Loan Marketing Association, FRN -- 16.0% 25,000 5.02%, 12/03/99 24,996 75,000 5.19%, 09/15/99 74,998 50,000 5.30%, 04/05/00 49,985 25,000 5.33%, 02/10/00 24,996 ---------- 174,975 ================================================================= Total Investments -- 99.3% $1,088,323 (Cost $1,088,323)* =================================================================
Index: * -- The cost of securities is substantially the same for federal income tax purposes. FRN -- Floating Rate Notes: The maturity date shown is the actual maturity date; the rate shown is the rate in effect at August 31, 1999. See notes to financial statements. 19 Chase Vista Cash Management Fund as of August 31, 1999 (unaudited) Fund Facts Objective High current income consistent with capital preservation Primary investments High quality, short-term, U.S. dollar- denominated money market instruments Suggested investment time frame Short-term Share classes offered Vista, Premier and Institutional Shares Net assets $7.7 Billion Average maturity 83 days S&P Rating Not Rated Moody's Rating Not Rated NAIC Rating Not Rated
Maturity Schedule 1-14 days ............ 26.68% 15-30 days ........... 13.65% 31-60 days ........... 17.68% 61-90 days ........... 12.07% 91-180 days .......... 9.84% 181-270 days ......... 12.51% 270+ days ............ 7.57%
20 Chase Vista Cash Management Fund as of August 31, 1999 (unaudited) How Much of the Fund Was Invested [PIE CHART PLOT POINTS] Investments (98.0%) Cash/Other (2.0%) [END PLOT POINTS] Yields
7-Day SEC Yield(1) ------------------ Vista Shares 4.86% Premier Shares 5.00% Institutional Shares 5.19%
Past performance is not a guarantee of future results. Yields will fluctuate. An investment in a money market fund is not FDIC insured nor guaranteed by the U.S. government or any other agency and there can be no assurance that the fund will maintain a stable Net Asset Value of $1.00 per share. (1) The yields for Vista Shares, Premier Shares and Institutional Shares reflect the voluntary waiver of certain expenses and the assumption of certain expenses otherwise payable by the Fund. Without waivers, the yields would have been 4.83% for Vista Shares, 4.95% for Premier Shares and 5.12% for Institutional Shares. This voluntary waiver may be modified or terminated at any time, which would reduce the fund's performance. 21 Chase Vista Cash Management Fund Portfolio of Investments August 31, 1999 (Amounts in Thousands)
Principal Amount (USD) Issuer Value ================================================================= Notes & Bonds -- 13.7% ================================================================= U.S. Government Agency Obligations -- 1.5% ------------------------------------------- $ 40,000 Federal Home Loan Bank, 5.06%, 03/09/00 $ 40,000 75,000 Federal Home Loan Mortgage Corp., Discount Note, 4.95%, 09/10/99 74,908 ---------- Total U.S. Government Agency Obligations 114,908 ---------- (Cost $114,908) State & Municipal Obligations -- 0.2% ------------------------------------- 16,000 Racine, Wisconsin, Unified School District, TAN, 5.55%, 10/15/99 16,000 ---------- (Cost $16,000) Corporate Notes & Bonds -- 12.0% -------------------------------- Asset Backed Securities -- 2.9% 50,000 Asset Backed Capital LTD (Channel Islands), #, 5.28%, 06/01/00 50,000 Beta Finance Corp., Inc., (Channel Islands), #, 23,000 5.20%, 03/01/00 23,000 30,000 5.22%, 03/06/00 30,000 45,000 5.27%, 05/15/00 45,000 CC USA Inc. (Centauri Corp.), #, 50,000 5.18%, 04/25/00 50,000 24,000 5.68%, 06/15/00 24,000 ---------- 222,000 ---------- Automotive -- 2.2% 66,000 Chrysler Financial Co., LLC, 5.85%, 05/15/00 66,334 Ford Motor Credit Co., 13,000 7.50%, 11/15/99 13,062 13,980 9.25%, 03/01/00 14,253 PACCAR Financial Corp., 4,000 5.49%, 11/01/99 4,003 3,000 6.23%, 03/15/00 3,016
See notes to financial statements. 22 Chase Vista Cash Management Fund Portfolio of Investments August 31, 1999 (continued) (Amounts in Thousands)
Principal Amount (USD) Issuer Value ================================================================= Notes & Bonds -- (continued) ================================================================= $ 46,000 Toyota Motor Credit Corp., 5.76%, 07/06/00 $ 46,000 25,000 VW Credit Inc., #, 5.67%, 07/13/00 24,982 ---------- 171,650 ---------- Banking -- 2.0% 5,000 BankAmerica Corp., 9.70%, 08/01/00 5,159 Wells Fargo Bank, N.A., 100,000 5.31%, 03/31/00 99,971 50,000 5.31%, 04/03/00 49,982 ---------- 155,112 ---------- Construction Machinery -- 0.7% Caterpillar Financial Services Corp., 48,000 5.72%, 07/07/00 48,000 5,000 5.80%, 03/15/00 5,013 ---------- 53,013 ---------- Financial Services -- 4.0% 8,800 Associates Corp. of North America, 9.13%, 04/01/00 8,988 10,000 Commercial Credit Co., 6.13%, 03/01/00 10,048 International Lease Finance Corp., 38,000 5.35%, 03/06/00 38,000 22,150 6.63%, 08/15/00 22,268 94,000 Merrill Lynch & Co., Inc., 5.56%, 06/30/00 94,000 U.S. Central Credit Union, MTN, 42,000 5.08%, 04/19/00 41,985 92,000 5.14%, 04/24/00 91,996 ---------- 307,285 ---------- Retailing -- 0.2% Wal-Mart Stores Inc., 10,000 5.65%, 02/01/00 10,022 5,360 5.85%, 06/01/00 5,369 ---------- 15,391 ----------
See notes to financial statements. 23 Chase Vista Cash Management Fund Portfolio of Investments August 31, 1999 (continued) (Amounts in Thousands)
Principal Amount (USD) Issuer Value ================================================================= Notes & Bonds -- (continued) ================================================================= Total Corporate Notes & Bonds $ 924,451 (Cost $924,451) ================================================================= Total Notes & Bonds 1,055,359 (Cost $1,055,359) ================================================================= Corporate Commercial Paper -- 21.5% ================================================================= Asset Backed Securities -- 8.1% Alpine Security Corp., $ 100,000 5.15%, 09/02/99 99,986 65,000 5.17%, 09/20/99 64,824 14,263 Asset Backed Capital LTD (Channel Islands), 4.85%, 10/01/99 14,205 21,500 CC USA Inc. (Centauri Corp.), #, 5.30%, 09/29/99 21,413 Edison Asset Securitization LLC, 39,301 5.12%, 09/01/99 39,301 50,000 5.12%, 09/10/99 49,936 155,000 Moriarty LLC, 5.31%, 09/23/99 154,504 50,000 Redwood Receivable Corp., 5.37%, 10/07/99 49,733 91,951 Westways Funding LTD, 5.25%, 09/13/99 91,792 34,000 Variable Funding Capital Corp., #, 5.23%, 09/10/99 33,956 ---------- 619,650 ---------- Automotive -- 3.1% Daimler-Chrysler North America Corp., (Germany), 40,000 4.79%, 09/08/99 39,963 50,000 5.36%, 12/10/99 49,268 50,000 5.81%, 02/15/00 48,690 100,000 Ford Motor Credit Co., 5.35%, 12/03/99 98,641 ---------- 236,562 ----------
See notes to financial statements. 24 Chase Vista Cash Management Fund Portfolio of Investments August 31, 1999 (continued) (Amounts in Thousands)
Principal Amount (USD) Issuer Value ================================================================= Corporate Commercial Paper -- (continued) ================================================================= Banking -- 1.4% $ 50,000 Abbey National Treasury Services PLC, (United Kingdom), 5.25%, 12/15/99 $ 49,250 25,000 Credit Suisse First Boston (Switzerland), 4.83%, 10/05/99 24,886 36,000 San Paolo U.S. Financial Co., (Italy), 4.93%, 09/08/99 35,965 ---------- 110,101 ---------- Construction Machinery -- 0.4% 33,000 Caterpillar Financial Services Corp., 5.36%, 11/29/99 32,569 ---------- Financial Services -- 8.0% 30,000 American Express Credit Corp., 5.15%, 09/08/99 29,970 100,000 Associates Corp. of North America, 5.58%, 09/01/99 100,000 Associates First Capital Corp., 50,000 5.40%, 12/09/99 49,268 50,000 5.40%, 12/10/99 49,261 Cargill Inc., 14,000 5.58%, 01/13/00, # 13,718 25,000 5.82%, 01/25/00 24,424 37,173 Enterprise Funding Corp., 5.30%, 09/16/99 37,091 200,000 General Electric Capital Corp., 5.60%, 09/01/99 200,000 USAA Capital Corp., 38,300 5.26%, 09/28/99 38,150 25,000 5.84%, 02/16/00 24,337 Nationwide Building Society, (United Kingdom), 30,000 5.26%, 12/17/99 29,541 24,000 5.49%, 01/14/00 23,519 ---------- 619,279 ----------
See notes to financial statements. 25 Chase Vista Cash Management Fund Portfolio of Investments August 31, 1999 (continued) (Amounts in Thousands)
Principal Amount (USD) Issuer Value ================================================================= Corporate Commercial Paper -- (continued) ================================================================= Telecommunications -- 0.5% Lucent Technologies Inc., $ 23,570 5.25%, 09/30/99 $ 23,471 13,550 5.78%, 02/28/00 13,169 ---------- 36,640 ================================================================= Total Corporate Commercial Paper 1,654,801 (Cost $1,654,801) ================================================================= Floating Rate Notes & Bonds -- 49.6% ================================================================= U. S. Government Agency Obligations (FRN) -- 1.3% ------------- 100,000 Federal Home Loan Bank, 5.38%, 09/02/00 99,971 ---------- (Cost $99,971) State & Municipal Obligations (FRDN) -- 1.8% -------------------------------------------- California -- 1.4% 66,690 California Housing Finance Agency, Home Mortgage, Ser. M, Rev., 5.40%, 09/01/99 66,690 20,000 California Pollution Control Financing Authority, Environmental Improvement, Shell Oil Co., Project B, Rev., 5.32%, 09/01/99 20,000 22,000 Sacramento County, California, Rev., 5.30%, 09/01/99 22,000 ---------- 108,690 ---------- Illinois -- 0.1% 6,100 Illinois Health Facilities Authority, Taxable, Loyola University Health, Ser. C, Rev., 5.25%, 09/01/99 6,100 ---------- Missouri -- 0.2% 16,200 SSM Healthcare, Missouri Health Facilities, Ser. E, Rev., 5.53%, 09/01/99 16,200 ----------
See notes to financial statements. 26 Chase Vista Cash Management Fund Portfolio of Investments August 31, 1999 (continued) (Amounts in Thousands)
Principal Amount (USD) Issuer Value ================================================================= Floating Rate Notes & Bonds -- (continued) ================================================================= Texas -- 0.1% $ 10,000 Texas, Veterans Housing, Fund II, Ser. B-2, GO, 5.31%, 09/01/99 $ 10,000 ---------- Total State & Municipal Obligations (FRDN) 140,990 ---------- (Cost $140,990) Corporate Notes & Bonds (FRN) -- 46.5% -------------------------------------- Asset Backed Securities -- 6.8% Asset Backed Capital LTD (Channel Islands), #, 50,000 5.27%, 04/24/00 50,000 50,000 5.58%, 05/15/00 50,000 50,000 CC USA Inc. (Centauri Corp.), #, 5.30%, 01/18/00 49,991 Certificates Linked to Asset Backed Certificates, (LINCS), #, 50,000 Ser. 1998-3, 5.32%, 01/15/00 50,000 100,000 Ser. 1998-4, Class 1, 5.28%, 02/18/00 100,000 50,000 Ser. 1999-2, 5.31%, 04/15/00 50,000 75,000 Structured Products Asset Return Certificate, Series 98-1, #, 5.55%, 11/27/00 75,000 100,000 Triangle Funding LTD, Ser. 1998-1A, Class 1, #, 5.35%, 10/15/99 100,000 ---------- 524,991 ---------- Automotive--6.8% Ford Motor Credit Co., 178,000 5.49%, 08/18/00 177,898 27,000 5.52%, 09/25/00 27,078 45,000 PACCAR Financial Corp., 5.19%, 11/08/99 44,995
See notes to financial statements. 27 Chase Vista Cash Management Fund Portfolio of Investments August 31, 1999 (continued) (Amounts in Thousands)
Principal Amount (USD) Issuer Value ================================================================= Floating Rate Notes & Bonds -- (continued) ================================================================= Toyota Motor Credit Corp., $ 35,000 5.28%, 10/06/99 $ 34,999 92,000 5.29%, 09/23/99 92,000 10,000 5.35%, 10/19/99 10,000 134,000 5.50%, 08/18/00 134,000 ---------- 520,970 ---------- Banking -- 10.1% 100,000 Abbey National Treasury Services PLC, (United Kingdom), 5.37%, 11/17/99 99,975 American Express Centurion Bank, 75,000 5.28%, 09/21/99 75,000 100,000 5.28%, 11/16/99 100,000 43,000 5.60%, 05/16/00 43,000 100,000 Bank One Corp., 5.12%, 10/01/99 99,997 95,000 Comerica Bank, 5.38%, 11/09/99 95,000 50,000 FCC National Bank, 5.51%, 05/26/00 49,983 54,000 First Union National Bank, 5.57%, 08/29/00 54,000 95,000 Norwest Financial Inc., 5.33%, 10/28/99 95,000 52,000 PNC Bank, NA, 5.29%, 10/14/99 52,000 10,000 Wells Fargo Bank, N.A., 5.76%, 11/02/99 10,008 ---------- 773,963 ---------- Construction Machinery -- 3.2% Caterpillar Financial Services Corp., 14,500 5.20%, 03/10/00 14,514 40,000 5.31%, 11/02/99 40,000 75,000 5.31%, 07/07/00 75,000 75,000 5.32%, 10/28/99 75,000 15,000 5.45%, 11/16/99 15,000 30,000 5.47%, 05/18/00 30,011 ---------- 249,525 ----------
See notes to financial statements. 28 Chase Vista Cash Management Fund Portfolio of Investments August 31, 1999 (continued) (Amounts in Thousands)
Principal Amount (USD) Issuer Value ================================================================= Floating Rate Notes & Bonds -- (continued) ================================================================= Financial Services -- 6.9% $ 25,000 Bear Stearns Co., Inc., 5.35%, 11/12/99 $ 25,004 Goldman Sachs Group, Inc., MTN, 75,000 5.31%, 08/07/00 75,000 42,000 5.38%, 01/26/00 42,000 148,000 Ser. A, #, 5.39%, 04/11/00 148,000 55,000 5.51%, 01/07/00 55,000 25,000 International Lease Finance Corp., 4.85%, 11/08/99 24,997 Merrill Lynch & Co., Inc., 20,000 5.39%, 01/31/00 20,007 50,000 5.41%, 08/04/00 50,017 12,000 5.64%, 08/03/00 12,031 32,100 5.85%, 02/15/00 32,161 25,000 Morgan Stanley Dean Witter, 5.24%, 09/15/99 25,000 25,000 Sanwa Business Credit Corp., #, 5.17%, 03/13/00 25,012 ---------- 534,229 ---------- Insurance -- 7.7% 50,000 AIG Funding Inc., 5.38%, 10/01/99 50,000 100,000 G E Financial Assurance, 5.12%, 03/01/00 100,000 General American Life Insurance Co., 75,000 5.33%, 02/17/00 74,250 90,000 5.34%, 12/09/99 89,100 100,000 Jackson National Life Insurance Co., 5.43%, 01/18/00 100,000 50,000 MetLife Funding Inc., #, 5.04%, 06/01/00 50,000 75,000 Security Life of Denver Insurance Co., 5.14%, 03/24/00 75,000 50,000 Travelers Insurance Co., 5.36%, 04/24/00 50,000 ---------- 588,350 ----------
See notes to financial statements. 29 Chase Vista Cash Management Fund Portfolio of Investments August 31, 1999 (continued) (Amounts in Thousands)
Principal Amount (USD) Issuer Value =================================================================== Floating Rate Notes & Bonds -- (continued) =================================================================== Telecommunications -- 2.3% $ 175,000 AT&T Corp., 5.27%, 07/13/00 $ 174,867 ---------- Utilities -- 2.7% 62,000 Baltimore Gas & Electric Co., 4.97%, 09/01/99 62,002 142,000 National Rural Utilities Co., Ser. C, MTN, 5.32%, 11/23/99 142,000 ---------- 204,002 ---------- Total Corporate Notes & Bonds (FRN) 3,570,897 (Cost $3,572,547) =================================================================== Total Floating Rate Notes & Bonds 3,811,858 (Cost $3,813,508) =================================================================== Deposits -- 13.6% =================================================================== Time Deposit -- 2.1% -------------------- 158,803 BNP U.S. Finance Corp., (France), 5.56%, 09/01/99 158,803 ---------- (Cost $158,803) Certificates of Deposit -- 4.7% ------------------------------- FCC National Bank, 50,000 5.23%, 12/16/99 50,000 50,000 5.23%, 12/17/99 50,000 Fleet National Bank, FRN, 140,000 5.34%, 10/22/99 140,000 50,000 5.37%, 12/06/99 49,994 73,000 5.53%, 04/17/00 72,982 ---------- Total Certificates of Deposit 362,976 ---------- (Cost $362,976) Certificates of Deposit (Yankee) -- 6.8% ---------------------------------------- 75,000 Canadian Imperial Bank of Commerce (Canada), 5.20%, 02/29/00 74,989 27,000 Commerzbank AG (Germany), 5.12%, 04/25/00 26,988 10,000 Credit Suisse First Boston (Switzerland), 5.60%, 01/25/00 10,000
See notes to financial statements. 30 Chase Vista Cash Management Fund Portfolio of Investments August 31, 1999 (continued) (Amounts in Thousands)
Principal Amount (USD) Issuer Value =================================================================== Deposits -- (continued) =================================================================== $ 50,000 National Westminster Bank PLC, (United Kingdom), 5.28%, 04/03/00 $ 49,995 50,000 Rabobank Nederland--Cooeperatieve Centrale Raiffeisen-Boerenleenbank B.A. (Netherlands), 5.18%, 03/28/00 49,986 96,000 Royal Bank of Canada, (Canada), 5.12%, 03/20/00 95,985 18,000 Svenska Handelsbanken Inc., (Sweden), 5.23%, 03/01/00 18,003 UBS Finance Inc., (Switzerland), FRN, 60,000 5.41%, 06/01/00 59,978 40,000 5.53%, 06/06/00 39,988 99,000 5.76%, 07/06/00 98,968 ---------- Total Certificates of Deposit (Yankee) 524,880 (Cost $524,880) =================================================================== Total Deposits 1,046,659 (Cost $1,046,659) =================================================================== Repurchase Agreements -- 1.3% 100,000 Merrill Lynch & Co., Inc., 5.50%, due 09/01/99 (Dated 8/31/99, Proceeds $100,015, Secured by U.S. Government Agency Obligations, 5.63% through 8.50%, 03/15/01 through 01/13/14, Market Value $102,004) 100,000 (Cost $100,000) =================================================================== Total Investments -- 99.7% $7,668,677 (Cost $7,670,327)* ===================================================================
See notes to financial statements. 31 Chase Vista Cash Management Fund Portfolio of Investments August 31, 1999 (continued) (Amounts in Thousands) Index: * -- The cost of securities is substantially the same for federal income tax purposes. # -- Security may only be sold to qualified institutional buyers. FRDN -- Floating Rate Demand Note: The maturity date shown is the next interest reset date; the rate shown is the rate in effect at August 31, 1999. FRN -- Floating Rate Note: The maturity date shown is the actual maturity date; the rate shown is the rate in effect at August 31, 1999. GO -- General Obligation Bond. TAN -- Tax Anticipation Notes. MTN -- Medium Term Note. Rev. -- Revenue Bond. See notes to financial statements. 32 Chase Vista Prime Money Market Fund as of August 31, 1999 (unaudited) Fund Facts Objective High current income consistent with capital preservation Primary investments High quality, short-term, U.S. dollar- denominated money market instruments Suggested investment time frame Short-term Share classes offered Vista, Premier, Institutional, B and C Shares Net assets $9.8 Billion Average maturity 53 days S&P Rating* AAA Moody's Rating* Aaa NAIC Rating* Class 1
* This rating is historical and is based upon the Fund's credit quality, market price exposure and management. It signifies that the Fund's safety is excellent and that it has superior capacity to maintain a $1 Net Asset Value per share. The National Association of Insurance Commissioners' (NAIC's) Class 1 status indicates that the Fund meets certain pricing and quality guidelines. Maturity Schedule 1-14 days ............ 45.90% 15-30 days ........... 22.80% 31-60 days ........... 10.42% 61-90 days ........... 2.47% 91-180 days .......... 8.40% 181-270 days ......... 5.89% 271+ days ............ 4.12%
33 Chase Vista Prime Money Market Fund as of August 31, 1999 (unaudited) How Much of the Fund Was Invested [PIE CHART PLOT POINTS] Investments (99.3%) Cash/Other (0.7%) [END PLOT POINTS] Yields
7-Day SEC Yield(1) --------------- B Shares 4.17% C Shares 4.13% Vista Shares 4.83% Premier Shares 4.97% Institutional Shares 5.16%
Past performance is not a guarantee of future results. Yields will fluctuate. An investment in a money market fund is not FDIC insured nor guaranteed by the U.S. government or any other agency and there can be no assurance that the fund will maintain a stable Net Asset Value of $1.00 per share. (1) The yields for B Shares, Vista Shares, Premium Shares and Institutional Shares reflect the voluntary waiver of certain expenses and the assumption of certain expenses otherwise payable by the Fund. Without waivers, the yields would have been 4.13% for B Shares, 4.78% for Vista Shares, 4.92% for Premier Shares, and 5.08% for Institutional Shares. This voluntary waiver may be modified or terminated at any time, which would reduce the fund's performance. 34 Chase Vista Prime Money Market Fund Portfolio of Investments August 31, 1999 (Amounts in Thousands)
Principal Amount (USD) Issuer Value ================================================================= Notes & Bonds -- 6.2% ================================================================= U.S. Government Agency Obligations -- 0.1% ------------------------------------------ $ 15,000 Federal Home Loan Bank, Discount Note, 4.66%, 02/07/00 $ 14,691 ---------- (Cost $14,691) Corporate Notes & Bonds -- 6.1% ------------------------------- Asset Backed Securities -- 5.3% Beta Finance Corp., Inc., (Channel Islands), #, 50,000 5.08%, 02/10/00 50,000 50,000 5.13%, 01/11/00 50,000 60,000 6.02%, 08/15/00 60,000 CC USA Inc. (Centauri Corp.), #, 75,000 5.09%, 02/10/00 75,000 60,000 5.75%, 07/20/00 60,000 35,000 Dorada Finance Inc., #, 5.60%, 06/07/00 35,000 K2 (USA) LLC, #, 25,000 5.60%, 06/12/00 25,000 35,000 5.68%, 06/15/00 35,000 Sigma Finance Corp., (Channel Islands), #, 50,000 5.14%, 02/10/00 50,000 30,000 5.19%, 02/25/00 30,000 50,000 5.38%, 03/13/00 50,000 ---------- 520,000 ---------- Banking -- 0.3% 25,000 Abbey National Treasury Services PLC, (United Kingdom), (Yankee), 5.24%, 03/01/00 24,993 ---------- Financial Services -- 0.5% 50,000 U.S. Central Credit Union, MTN, 5.08%, 04/19/00 49,982 ----------
See notes to financial statements. 35 Chase Vista Prime Money Market Fund Portfolio of Investments August 31, 1999 (continued) (Amounts in Thousands)
Principal Amount (USD) Issuer Value ================================================================= Notes & Bonds -- (continued) ================================================================= Total Corporate Notes & Bonds $ 594,975 (Cost $594,975) ================================================================= Total Notes & Bonds 609,666 (Cost $609,666) ================================================================= Corporate Commercial Paper -- 34.2% ================================================================= Asset Backed Securities -- 23.8% Alpine Security Corp., $ 100,481 5.17%, 09/07/99 100,394 43,921 5.25%, 09/01/99 43,921 72,958 5.30%, 09/10/99 72,861 Atlantis One Funding, 50,000 5.77%, 02/25/00 48,582 35,000 5.85%, 02/14/00 34,056 73,375 Bavaria TRR Corp., (Germany), #, 5.20%, 09/10/99 73,280 24,500 Bavaria Universal Funding, #, 4.87%, 09/01/99 24,500 35,000 Beta Finance Corp., Inc., (Channel Islands), #, 5.00%, 02/07/00 34,227 Blue Ridge Asset Funding Corp., 33,000 5.18%, 09/03/99 32,991 225,000 5.33%, 09/20/99 224,367 110,000 Dakota Certificate Program (Citibank Credit Card Master Trust 1), 5.18%, 09/07/99 109,905 Dorada Finance Inc., #, 60,000 5.59%, 04/28/00 57,764 65,000 5.74%, 05/05/00 62,439 Giro Funding Corp., 50,241 5.18%, 09/07/99 50,198 70,000 5.18%, 09/13/99 69,879 Grand Funding Corp., 50,000 5.32%, 09/22/99 49,845 50,000 5.79%, 02/14/00, # 48,665 16,081 Greenwich Funding Corp., 5.25%, 09/01/99 16,081
See notes to financial statements. 36 Chase Vista Prime Money Market Fund Portfolio of Investments August 31, 1999 (continued) (Amounts in Thousands)
Principal Amount (USD) Issuer Value ================================================================= Corporate Commercial Paper -- (continued) ================================================================= $ 46,240 International Securitization Corp., 5.27%, 09/23/99 $ 46,091 Montauk Funding Corp., 125,000 5.31%, 09/22/99 124,613 150,000 5.32%, 09/13/99 149,734 80,000 Moriarty LLC, 5.30%, 09/24/99 79,729 73,000 Parthenon Receivable Funding LLC, #, 5.22%, 09/10/99 72,905 Sheffield Receivables Corp., 100,000 5.18%, 09/03/99 99,971 150,200 5.30%, 09/21/99 149,758 74,700 5.33%, 09/24/99 74,446 50,000 Silver Tower US Funding LLC, #, 5.30%, 09/24/99 49,831 Special Purpose Accounts Receivable Cooperative Corp., #, 61,550 5.23%, 09/07/99 61,496 236,000 5.33%, 09/22/99 235,266 37,104 Victory Receivables, 5.28%, 09/01/99 37,104 ---------- 2,334,899 ---------- Banking -- 1.3% 50,000 Banco Bozano Simonsen SA (Spain), 5.60%, 06/15/00 47,760 20,000 Banco Itau SA (Cayman Islands), 5.80%, 05/12/00 19,182 60,000 United Mexican States, 5.18%, 12/01/99 59,214 ---------- 126,156 ---------- Financial Services -- 5.8% 75,000 CXC Inc., 5.17%, 09/13/99 74,871 45,466 Kitty Hawk Funding Corp., 5.26%, 09/01/99 45,466 50,000 Nacional Financiera, S.N.C., (United Kingdom), 5.00%, 11/19/99 49,451
See notes to financial statements. 37 Chase Vista Prime Money Market Fund Portfolio of Investments August 31, 1999 (continued) (Amounts in Thousands)
Principal Amount (USD) Issuer Value ================================================================= Corporate Commercial Paper -- (continued) ================================================================= $ 131,569 Three Rivers Funding Corp., 5.33%, 09/20/99 $ 131,199 129,200 Trident Capital Finance (France), 5.17%, 09/13/99 128,977 Tulip Funding Corp. (Netherlands), 87,906 5.20%, 09/07/99 87,830 50,000 5.22%, 09/10/99, # 49,935 ---------- 567,729 ---------- Hotels/Other Lodging -- 0.5% 50,000 Accor SA (France), 5.21%, 09/07/99 49,957 ---------- Oil & Gas -- 0.8% 75,000 BP Capital PLC (United Kingdom), 5.38%, 02/07/00 73,218 ---------- Sovereign/Other -- 2.0% Comision Federal De Electricidad (Germany), 50,000 5.20%, 09/07/99 49,957 75,000 5.35%, 09/15/99 74,844 75,000 5.35%, 09/20/99 74,788 ---------- 199,589 ---------- Total Corporate Commercial Paper 3,351,548 (Cost $3,351,548) ================================================================= Floating Rate Notes & Bonds -- 43.2% ================================================================= State & Municipal Obligations (FRDN) -- 0.3% -------------------------------------------- California -- 0.2% 17,000 Kern County, California Pension Obligation, Taxable, Medical Options Period, Cr-7T, Rev., 5.29%, 09/01/99 17,000 2,645 Stanislaus County, California Pension Obligation, Medical Options Period, Taxable, Rev., 5.29%, 09/01/99 2,645 ---------- 19,645 ----------
See notes to financial statements. 38 Chase Vista Prime Money Market Fund Portfolio of Investments August 31, 1999 (continued) (Amounts in Thousands)
Principal Amount (USD) Issuer Value ============================================================= Floating Rate Notes & Bonds -- (continued) =============================================================- Michigan -- 0.1% $ 5,796 Sault Ste Marie Michigan Tribe Building Authority, Taxable, Rev., 5.65%, 09/01/99 $ 5,796 ---------- Texas -- 0.0% 3,600 Texas State, Taxable, Medical Options Period, Rev., 5.29%, 09/01/99 3,600 ---------- Total State & Municipal Obligations (FRDN) 29,041 ---------- (Cost $29,041) Corporate Notes & Bonds (FRN) -- 42.9% -------------------------------------- Asset Backed Securities -- 25.2% 75,000 Asset Securitization Coop Corp. (ASCC), 5.60%, 02/25/00 75,000 75,000 Bavaria Universal Funding, #, 5.35%, 02/11/00 74,993 Beta Finance Corp., Inc., (Channel Islands), #, 50,000 5.28%, 10/26/99 49,994 70,000 5.57%, 07/27/00 70,000 CC USA Inc. (Centauri Corp.), #, 30,000 5.21%, 10/26/99 29,996 30,000 5.25%, 10/22/99 29,996 50,000 5.31%, 04/26/00 49,997 100,000 5.46%, 05/22/00 99,993 60,000 6.10%, 09/07/00 60,000 127,000 Corporate Asset Funding, 5.29%, 03/15/00 127,000 Dorada Finance Inc., #, 70,000 5.27%, 07/17/00 69,979 75,000 5.62%, 09/05/00 75,000 100,000 Four Winds Funding Corp., #, 5.47%, 02/18/00 100,000 K2 (USA) LLC, #, 100,000 5.37%, 08/15/00 100,000 70,000 5.48%, 05/30/00 70,000
See notes to financial statements. 39 Chase Vista Prime Money Market Fund Portfolio of Investments August 31, 1999 (continued) (Amounts in Thousands)
Principal Amount (USD) Issuer Value ================================================================= Floating Rate Notes & Bonds -- (continued) ================================================================= Restructured Asset Securities with Enhanced Returns, (RACERS), #, $ 136,000 1998 Ser. MM-12, Act 1, 5.56%, 01/12/00 $ 136,000 100,000 1999 Ser. MM-16 (France), 5.20%, 06/02/00 100,000 25,000 Short Term Repackage Asset Trust Securities (STRATS), 1999, Ser. C., #, 5.32%, 04/13/00 25,000 Sigma Finance Corp., (Channel Islands), #, 35,000 5.36%, 10/12/99 35,000 100,000 5.38%, 06/30/00 100,000 25,000 5.47%, 05/25/00 24,995 25,000 5.48%, 04/25/00 25,000 75,000 5.55%, 01/26/00 75,000 SMM Trust, #, 80,000 1999 Ser. B, 5.20%, 03/15/00 80,000 70,000 1999 Ser. C, 5.37%, 01/26/00 70,000 40,000 1999 Ser. E, 5.32%, 04/05/00 40,000 35,000 1999 Ser. E, 5.36%, 04/05/00 35,000 50,000 1999 Ser. E, 5.45%, 03/15/00 50,000 136,957 1999 Ser. G, 5.27%, 06/05/00 136,957 25,000 Special Purpose Accounts Receivable Cooperative Corp., #, 5.44%, 02/22/00 25,000 Structured Enhanced Return Trust, (STEERS), #, 62,820 1997 Ser. A-31, 5.45%, 01/25/00 62,820 25,000 1998 Ser. A-38, 5.40%, 03/23/00 25,000 52,783 1998 Ser. A-39, 5.40%, 04/25/00 52,783 49,960 1998 Ser. A-42, 5.59%, 08/25/00 49,960
See notes to financial statements. 40 Chase Vista Prime Money Market Fund Portfolio of Investments August 31, 1999 (continued) (Amounts in Thousands)
Principal Amount (USD) Issuer Value =================================================================== Floating Rate Notes & Bonds -- (continued) =================================================================== $ 242,200 Triangle Funding LTD, Ser. 1998-1A, Class 1, #, 5.35%, 10/15/99 $ 242,200 ---------- 2,472,663 ---------- Automotive -- 0.6% 55,000 Toyota Motor Credit Corp. (Japan), 5.31%, 10/07/99 55,000 ---------- Banking -- 2.6% 16,000 American Express Centurion Bank, 5.46%, 05/25/00 16,000 70,000 BankAmerica Corp., 5.42%, 03/16/00 69,989 120,000 Bayerische Landesbank Girozentrale, (Germany), 5.50%, 08/02/00 119,945 50,000 Deutsche Bank AG (Germany), 5.08%, 04/12/00 49,979 ---------- 255,913 ---------- Financial Services -- 14.4% General Electric Capital Corp., 140,000 5.29%, 05/03/00 140,000 120,000 5.39%, 05/12/00 120,000 Goldman Sachs Group LP, #, 90,000 5.05%, 08/11/00 90,000 200,000 5.23%, 11/05/99 200,000 70,000 5.39%, 01/31/00 70,000 Morgan Stanley Dean Witter, 35,000 5.23%, 03/13/01 35,000 50,000 5.24%, 03/15/01 50,000 55,000 5.34%, 05/15/01 55,004 150,000 5.67%, 02/04/00 150,000 73,200 First Allmerica Financial Life Insurance Co., 5.25%, 04/07/00 73,200 General American Life Insurance Co., 45,000 5.28%, 09/01/99 44,550 67,500 5.28%, 09/01/00 66,825
See notes to financial statements. 41 Chase Vista Prime Money Market Fund Portfolio of Investments August 31, 1999 (continued) (Amounts in Thousands)
Principal Amount (USD) Issuer Value =================================================================== Floating Rate Notes & Bonds -- (continued) =================================================================== General American Life Insurance Co., $ 22,500 5.35%, 02/17/00 $ 22,275 252,440 5.40%, 03/01/00 249,916 1,000 5.40%, 04/07/00 990 46,500 Jackson National Life Insurance Co., 5.66%, 09/01/03 46,500 ---------- 1,414,260 ---------- Utilities -- 0.1% 9,000 Hydro Quebec (Canada), 5.29%, 01/15/22 9,000 ---------- Total Corporate Notes & Bonds (FRN) 4,206,836 (Cost $4,210,720) =================================================================== Total Floating Rate Notes & Bonds 4,235,877 (Cost $4,239,761) ------------------------------------------------------------------- Deposits -- 17.2% =================================================================== Time Deposits -- 5.0% --------------------- 190,000 Norwest Bank of Minnesota, NA, 5.69%, 09/01/99 190,000 104,687 Societe Generale (France), 5.56%, 09/01/99 104,687 200,000 SouthTrust Bank NA, 5.63%, 09/01/99 200,000 ---------- Total Time Deposits 494,687 ---------- (Cost $494,687) Certificates of Deposit (Yankee) -- 12.2% ----------------------------------------- 70,000 ABN AMRO North America Finance Inc. (Netherlands), 5.10%, 02/23/00 69,987 35,000 Banco Bilboa Vizcaya SA (Spain), 5.62%, 06/14/00 34,989 100,000 Banco Popolare di Milano (Italy), 5.35%, 09/27/99 100,001 50,000 Bank Austria AG (Austria), 5.20%, 05/08/00 49,983
See notes to financial statements. 42 Chase Vista Prime Money Market Fund Portfolio of Investments August 31, 1999 (continued) (Amounts in Thousands)
Principal Amount (USD) Issuer Value =================================================================== Deposits -- (continued) =================================================================== Barclays Bank PLC, FRN, (United Kingdom), $ 70,000 5.39%, 03/15/00 $ 69,978 100,000 5.39%, 05/12/00 99,959 Bayerische Landesbank Girozentrale, FRN, (Germany), 50,000 5.10%, 04/10/00 49,979 200,000 5.39%, 04/12/00 199,934 50,000 Deutsche Bank AG, FRN, (Germany), 5.38%, 04/26/00 49,980 Landesbank Hessen-Thuringen Girozentrale (Germany), 83,500 5.19%, 02/29/00 83,484 100,000 5.25%, 09/07/99 100,002 Rabobank Nederland-- Cooeperatieve Centrale Raiffeisen-Boerenleenbank B.A. (Netherlands), 50,000 5.02%, 01/11/00 49,995 47,000 5.11%, 02/16/00 46,994 90,000 UBS Finance Inc., (Switzerland), 5.12%, 02/23/00 89,988 Union Bank of Switzerland (Switzerland), 50,000 5.25%, 03/10/00 49,987 50,000 5.70%, 07/10/00 49,979 ---------- Total Certificates of Deposit (Yankee) 1,195,219 (Cost $1,195,219) =================================================================== Total Deposits 1,689,906 (Cost $1,689,906) =================================================================== Total Investments -- 100.8% $9,886,997 (Cost $9,890,881)* ===================================================================
See notes to financial statements. 43 Chase Vista Prime Money Market Fund Portfolio of Investments August 31, 1999 (continued) (Amounts in Thousands) Index: * -- The cost of securities is substantially the same for federal income tax purposes. # -- Security may only be sold to qualified institutional buyers. FRN -- Floating Rate Note: The maturity date is the actual maturity date; the rate in effect at August 31, 1999. FRDN -- Floating Rate Demand Note: The maturity date shown is the next interest reset date; the rate shown is the rate in effect at August 31, 1999. MTN -- Medium Term Note. Rev -- Revenue Note. See notes to financial statements. 44 Chase Vista Tax Free Money Market Fund as of August 31, 1999 (unaudited) 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 Net assets $1.4 Billion Average maturity 44 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 1-14 days .......... 74.79% 15-30 days ......... 1.18% 31-60 days ......... 4.39% 61-90 days ......... 2.48% 91+ days ........... 17.16%
45 Chase Vista Tax Free Money Market Fund as of August 31, 1999 (unaudited) How Much of the Fund Was Invested [PIE CHART PLOT POINTS] Investments (99.2%) Cash/Other (0.8%) [END PLOT POINTS] Yields
7-Day Taxable SEC Yield(1) Equivalent Yield(2) Vista Shares 2.71% 4.49% Premier Shares 2.75% 4.55% Institutional Shares 3.04% 5.03%
Past performance is not a guarantee of future results. Yields will fluctuate. An investment in a money market fund is not FDIC insured nor guaranteed by the U.S. government or any other agency and there can be no assurance that the fund will maintain a stable Net Asset Value of $1.00 per share. (1) The yield for Vista Shares, Premier Shares and Institutional Shares reflects the voluntary waiver of certain expenses and the assumption of certain expenses otherwise payable by the Fund. Without waivers, the yield for Vista Shares would have been 2.55%, 2.71% for Premier Shares and 2.91% for Institutional Shares. This voluntary waiver may be modified or terminated at any time, which would reduce performance. (2) Taxable equivalent yields are calculated based on the SEC yield divided by 1 minus the effective tax rate. The effective federal tax rate used for this illustration is 39.6% A portion of the Fund's income may be subject to the Alternative Minimum Tax (AMT), and some investors may be subject to certain state and local taxes. 46 Chase Vista Tax Free Money Market Fund Portfolio of Investments August 31, 1999 (Amounts in Thousands)
Principal Amount Issuer Value ======================================================================= State & Municipal Obligations -- 98.6% ======================================================================= Alabama -- 4.3% $ 12,000 Alabama State, Public School & College Authority, Ser. 101, PUTTERS, FRDN, 3.34%, 09/02/99 $ 12,000 Birmingham, Alabama, 5,000 FRDN, 3.20%, 09/02/99 5,000 3,450 Ser. A, FRDN, 3.20%, 09/02/99 3,450 9,000 Ser. A, FRDN, 3.25%, 09/02/99 9,000 Columbia, Alabama, IDB, PCR, Alabama Power Co., 5,050 Ser. A, FRDN, 2.95%, 09/01/99 5,050 1,200 Ser. C, FRDN, 3.25%, 09/01/99 1,200 6,650 Daphine, Alabama, Special Care Facilities Financing Authority, Presbyterian Retirement, Ser. A, FRDN, 3.20%, 09/02/99 6,650 12,900 Port City Medical Clinic Board, Mobile, Alabama, Infirmary Health Systems, Ser. B, FRDN, 3.20%, 09/02/99 12,900 3,300 University of Alabama, Ser. B, FRDN, 3.20%, 09/01/99 3,300 ---------- 58,550 ---------- Arizona -- 0.6% 2,500 Arizona Educational Loan Marketing Corp., Sr. Ser., Rev., 5.75%, 09/01/99 2,500 5,000 Salt River Project, Arizona, Ser. A, Rev., 5.50%, 01/01/00 5,038 ---------- 7,538 ---------- Arkansas -- 1.8% Arkansas Hospital Equipment Financing Authority, 3,000 Baptist Health Project, FRDN, 3.30%, 09/02/99 3,000 3,600 Pooled Financing Program, FRDN, 3.35%, 09/01/99 3,600 4,000 Arkansas State, IDR, Stratton Seed Co. Project, FRDN, 3.45%, 09/02/99 4,000
See notes to financial statements. 47 Chase Vista Tax Free Money Market Fund Portfolio of Investments August 31, 1999 (continued) (Amounts in Thousands)
Principal Amount Issuer Value =================================================================== State & Municipal Obligations -- (continued) =================================================================== $ 5,500 Columbia County, Arkansas, Solid Waste Disposal, Albemarle Corp. Project, FRDN, 3.45%, 09/02/99 $ 5,500 8,750 Miller County, Arkansas, Solid Waste Disposal, Tyson Foods Inc. Project, FRDN, 3.35%, 09/02/99 8,750 ---------- 24,850 ---------- California -- 1.0% Student Education Loan Marketing Corp., California Student Loan, 4,000 Ser. A, FRDN, 3.25%, 06/01/00 4,000 9,000 Ser. A, FRDN, 3.30%, 09/02/99 9,000 ---------- 13,000 ---------- Colorado -- 3.3% Colorado Student Obligation Board Authority, 5,000 Ser. A-2, FRDN, 3.35%, 09/01/99 5,000 2,500 Ser. A-3, FRDN, 3.35%, 09/01/99 2,500 Denver, Colorado, City & County Airport, 22,230 Ser. 136, FRDN, 3.34%, 09/02/99 22,230 15,580 Ser. 153, FRDN, 3.34%, 09/02/99 15,580 ---------- 45,310 ---------- District of Columbia -- 1.3% District of Columbia, 1,400 George Washington University, Ser. A, FRDN, 3.35%, 09/01/99 1,400 4,470 Pooled Loan Program, Ser. A, FRDN, 3.30%, 09/02/99 4,470 4,755 Water & Sewer Authority, FRDN, 3.34%, 09/02/99 4,755 Eagle Tax Exempt Trust, Weekly Option Mode, Certificate, Water & Sewer Rev., District of Columbia, Ser. 98-5202, FRDN, #, 6,155 3.34%, 09/02/99 6,155 ---------- 16,780 ----------
See notes to financial statements. 48 Chase Vista Tax Free Money Market Fund Portfolio of Investments August 31, 1999 (continued) (Amounts in Thousands)
Principal Amount Issuer Value ========================================================================== State & Municipal Obligations -- (continued) ========================================================================== Florida -- 10.5% $ 15,000 Capital Finance Authority, Florida Hospital Association, Ser. A, FRDN, 3.30%, 09/01/99 $ 15,000 Dade County, Florida, Housing Finance Authority, 2,770 Kendall Ct. Apartments, FRDN, 3.25%, 09/02/99 2,770 2,070 Star Creek Apartments, FRDN, 3.25%, 09/02/99 2,070 Eagle Tax Exempt Trust, Weekly Option Mode, Certificate, #, 10,100 Jacksonville, Florida, Ser. 96-0902, FRDN, 3.39%, 09/02/99 10,100 6,805 Jacksonville, Florida, Ser. 96C-0915, FRDN, 3.25%, 12/01/99 6,805 Florida Housing Finance Agency, Multi-Family Housing, 4,700 Beneva Project, Ser. C, FRDN, 3.30%, 09/02/99 4,700 5,000 Kings Project, Ser. D, FRDN, 3.30%, 09/02/99 5,000 1,300 South Pointe Project, Ser. J, FRDN, 3.24%, 09/01/99 1,300 4,000 Twin Colony Project, Ser. EE, FRDN, 3.30%, 09/01/99 4,000 4,000 Greater Orlando Aviation, CP, 3.54%, 12/15/99 4,000 Gulf Breeze, Florida, Local Government Loan Program, 18,540 Ser. B, FRDN, 3.25%, 09/02/99 18,540 17,105 Ser. C, FRDN, 3.25%, 09/02/99 17,105 8,000 Jacksonville, Florida, Educational Facilities, Jacksonville University Project, FRDN, 3.25%, 09/02/99 8,000 1,000 Jacksonville, Florida, Health Facilities, River Garden Project, FRDN, 3.25%, 09/01/99 1,000
See notes to financial statements. 49 Chase Vista Tax Free Money Market Fund Portfolio of Investments August 31, 1999 (continued) (Amounts in Thousands)
Principal Amount Issuer Value ====================================================================== State & Municipal Obligations -- (continued) ====================================================================== $ 5,000 Orange County, Florida, Health Facilities Authority, Presbyterian Retirement Project, FRDN, 3.35%, 09/02/99 $ 5,000 4,000 Orange County, Florida, Housing Finance Authority, Ser. A-3, 3.40%, 06/01/00 4,000 7,500 Pasco County, Florida, School Board, FRDN, 3.20%, 09/02/99 7,500 5,000 Polk County, Florida, IDA, Farmland Hydro LP Project, FRDN, 3.30%, 09/02/99 5,000 5,000 Sunshine State, CP, 3.50%, 02/17/00 5,000 4,500 The University of North Florida Foundation Inc., FRDN, 3.35%, 09/02/99 4,500 5,600 University Athletic Association, University of Florida Stadium Project, FRDN, 3.10%, 09/01/99 5,600 5,580 Volusia County, Florida, Health Facilities Authority, Ser. A, FRDN, 3.25%, 09/02/99 5,580 ---------- 142,570 ---------- Georgia -- 10.5% 1,100 Atlanta, Georgia, Airport Facilities, Ser. B, 5.25%, 01/01/00 1,108 1,000 Bibb County, Georgia, Ser. C, FRDN, 3.42%, 09/02/99 1,000 2,335 Carroll County, Georgia, School District, 3.10%, 04/01/00 2,335 9,900 Columbia County, Georgia, Elderly Authority, FRDN, 3.30%, 09/01/99 9,900 7,000 Crisp County, Georgia, Solid Waste Management Authority, FRDN, 3.40%, 09/02/99 7,000 15,100 Eagle Tax Exempt Trust Weekly Option Mode, Certificate, Ser. 97C-1002, FRDN, #, 3.34%, 09/02/99 15,100 2,200 Elbert County & Elberton & Bowman Georgia Development Authority, IDR, FRDN, 3.25%, 09/02/99 2,200
See notes to financial statements. 50 Chase Vista Tax Free Money Market Fund Portfolio of Investments August 31, 1999 (continued) (Amounts in Thousands)
Principal Amount Issuer Value ================================================================== State & Municipal Obligations -- (continued) ================================================================== $ 3,240 Fayette County, Georgia, School District, GO, 4.50%, 03/01/00 $ 3,260 10,000 Fulco, Georgia, Hospital Authority, Piedmont Hospital Project, FRDN, 3.30%, 09/01/99 10,000 Fulton County, Georgia, Development Authority, 1,000 Arthritis Foundation Inc. Project, FRDN, 3.30%, 09/01/99 1,000 1,600 FRDN, Rev., 3.35%, 09/02/99 1,600 Fulton County, Georgia, Housing Authority, Multi-Family Housing, 7,000 Hampton Hills Apartments Project, FRDN, 3.25%, 09/01/99 7,000 8,400 Holcomb Landing Apartments, FRDN, 3.30%, 09/01/99 8,400 13,860 Residential Revenue Construction, FRDN, 3.30%, 09/01/99 13,860 4,215 Georgia Municipal Association Pooled Bond, FRDN, 3.30%, 09/01/99 4,215 28,000 Georgia Municipal Gas Authority, Gas Portfolio II Project, Ser. C, FRDN, 3.75%, 09/01/99 28,000 4,755 Macon-Bibb County, Georgia, Hospital Authority, Medical Center of Centra Georgia, FRDN, 3.30%, 09/01/99 4,755 6,325 Marietta Georgia, Housing Authority Multi-Family, Concepts 21 Apartments, FRDN, 3.20%, 09/01/99 6,325 15,000 Richmond County, Georgia, Hospital Authority, University Health Services Inc. Project, FRDN, 3.30%, 09/01/99 15,000 ---------- 142,058 ---------- Hawaii -- 0.1% 2,000 Hawaii State Airports Systems, Ser. 2, 5.45%, 07/01/00 2,034 ----------
See notes to financial statements. 51 Chase Vista Tax Free Money Market Fund Portfolio of Investments August 31, 1999 (continued) (Amounts in Thousands)
Principal Amount Issuer Value ====================================================================== State & Municipal Obligations -- (continued) ====================================================================== Idaho -- 0.4% $ 5,000 Idaho State, TAN, 4.25%, 06/30/00 $ 5,034 ---------- Illinois -- 2.5% Chicago, Illinois, 2,625 Floating Rate Certificates, Ser. 126, FRDN, 3.34%, 09/02/99 2,625 4,000 Single Family Mortgage, Ser. B, Rev., 3.25%, 04/01/00 4,000 3,000 Cook County, Illinois, GO, 7.38%, 11/01/99- 3,080 Illinois Development Financing Authority, IDR, 3,405 CFC International Inc. Project, FRDN, 3.37%, 09/02/99 3,405 1,500 Revcor Inc. Project, FRDN, 3.37%, 09/01/99 1,500 1,935 Toughy LTD Partnership Project, FRDN, 3.37%, 09/01/99 1,935 2,000 Valspar Corp. Project, FRDN, 3.35%, 09/02/99 2,000 2,035 Illinois Health Facilities Authority, SwedishAmerican Hospital, 7.40%, 04/01/00- 2,125 2,000 Kane County, Illinois, GO, 6.63%, 12/01/99 2,017 2,995 Libertyville, Illinois, Industrial Revenue, Libertyville Manor Project, FRDN, 3.30%, 09/02/99 2,995 8,500 Lisle, Illinois, Multi-Family, Ashley of Lisle Project, FRDN, 3.25%, 09/01/99 8,500 ---------- 34,182 ---------- Indiana -- 3.1% 7,500 Indiana Health Facilities Financing Authority, Community Hospitals Project, Ser. B, FRDN, 3.31%, 09/02/99 7,500
See notes to financial statements. 52 Chase Vista Tax Free Money Market Fund Portfolio of Investments August 31, 1999 (continued) (Amounts in Thousands)
Principal Amount Issuer Value ================================================================== State & Municipal Obligations -- (continued) ================================================================== $ 22,200 Indiana State Development Finance Authority, PCR, Southern Indiana Gas & Electric Co., Ser. C, FRDN, 3.05%, 03/01/00 $ 22,200 1,595 Lafayette Indiana Economic Development, Health Quest Realty XI, FRDN, 3.31%, 09/02/99 1,595 5,000 Mount Vernon, Indiana, CP, 3.40%, 09/07/99 5,000 715 Muncie Indiana Economic Development, Health Quest Realty Project, FRDN, 3.31%, 09/02/99 715 5,400 Sullivan, Indiana, PCR, National Rural, CP, 3.35%, 09/02/99 5,400 ---------- 42,410 ---------- Iowa -- 0.6% Iowa Student Loan Liquidity Corp., 6,000 Ser. A, Rev., 4.10%, 12/01/99 6,013 1,500 Ser. C, Rev., 6.38%, 03/01/00 1,518 ---------- 7,531 ---------- Kansas -- 0.3% 2,150 Spring Hill, Kansas, IRB, Abrasive Engineering Project, FRDN, 3.37%, 09/02/99 2,150 1,650 Wichita, Kansas, Airport Facilities, Cessna Citation Center Project, Ser III, FRDN, 3.40%, 09/01/99 1,650 ---------- 3,800 ---------- Kentucky -- 0.1% 1,950 Kentucky Higher Education Student Loan Corp., Insured Student Loan, Ser. D, 6.55%, 12/01/99 1,966 ----------
See notes to financial statements. 53 Chase Vista Tax Free Money Market Fund Portfolio of Investments August 31, 1999 (continued) (Amounts in Thousands)
Principal Amount Issuer Value ============================================================== State & Municipal Obligations -- (continued) ============================================================== Louisiana -- 2.6% Jefferson Parish, Louisiana, Home Mortgage Authority, $ 2,255 Ser. A-2, Rev., 3.65%, 06/30/00 $ 2,255 2,745 Ser. B-2, Rev., 3.65%, 06/30/00 2,745 9,175 Louisiana Housing Finance Agency Mortgage, Single Family, Ser. C, FRDN, 3.35%, 06/01/00 9,175 Louisiana Public Facilities Authority, 7,785 Supplemental Student Loan, Ser. B, Rev., 8.13%, 12/01/99 7,882 5,575 Tiger Athletic Foundation Project, FRDN, 3.29%, 09/02/99 5,575 1,675 New Orleans, Louisiana, Aviation Board, Ser. A, FRDN, 3.30%, 09/01/99 1,675 6,525 New Orleans, Louisiana, Home Mortgage Authority, Single Family Mortgage, Ser. 2, FRDN, 3.15%, 12/01/99 6,525 ---------- 35,832 ---------- Maryland -- 0.6% 8,605 Howard County, Maryland, Multi-Family Housing, Sherwood Crossing LTD, FRDN, 3.30%, 06/01/00 8,605 ---------- Massachusetts -- 1.8% 14,170 Massachusetts Bay Transportation Authority, Ser. 112, PUTTERS, FRDN, 3.24%, 09/02/99 14,170 4,500 Massachusetts State, Ser. B, GO, 9.25%, 07/01/00 4,712 1,185 Massachusetts State, Housing Finance Agency, Housing Development, Ser. A, Rev., 3.85%, 12/01/99 1,187 4,500 Massachusetts State, Water Resources Authority, Ser. A, Rev., 7.50%, 04/01/00- 4,701 ---------- 24,770 ----------
See notes to financial statements. 54 Chase Vista Tax Free Money Market Fund Portfolio of Investments August 31, 1999 (continued) (Amounts in Thousands)
Principal Amount Issuer Value =============================================================== State & Municipal Obligations -- (continued) =============================================================== Michigan -- 0.7% $ 4,100 Delta County, Michigan Economic Development Corp., Environmental Improvement, Mead Escanaba Paper, Ser. D, FRDN, 3.15%, 09/01/99 $ 4,100 1,000 Grand Rapids, Michigan Sanitation Sewer System, Rev., 7.00%, 01/01/00- 1,032 3,000 Michigan State, Hospital Finance Authority, Oakwood Hospital, Ser. B, Rev., 7.20%, 08/01/00- 3,155 1,175 Michigan State, Strategic Fund LTD, Wayne Disposal, Oakland Project, FRDN, 3.30%, 09/01/99 1,175 ---------- 9,462 ---------- Minnesota -- 0.2% 3,300 Minnesota State, FRDN, 3.34%, 09/02/99 3,300 ---------- Mississippi -- 1.8% 3,590 Mississippi Business Financial Corp., IDR, Choctaw Maid Farms, Inc. Project, FRDN, 3.40%, 09/01/99 3,590 2,755 Mississippi Higher Education, Ser. B, Rev., 4.95%, 09/01/99 2,755 40,000 Mississippi State, Highway Revenue, Ser. 39, Capital Appreciation, Rev., 0.00%, 02/01/00- 18,636 ---------- 24,981 ---------- Missouri -- 1.7% Kansas City, Missouri, IDA, 3,500 Livers Bronze Co. Project, FRDN, 3.45%, 09/01/99 3,500 4,045 Multi-Family Housing, Woodlands Partners Project, FRDN, 3.25%, 09/02/99 4,045 1,000 Macon, Missouri, IDA, Health Care Realty Macon, FRDN, 3.35%, 09/01/99 1,000
See notes to financial statements. 55 Chase Vista Tax Free Money Market Fund Portfolio of Investments August 31, 1999 (continued) (Amounts in Thousands)
Principal Amount Issuer Value =============================================================== State & Municipal Obligations -- (continued) =============================================================== $ 1,600 Missouri Higher Education Loan Authority, Ser. B, FRDN, 3.50%, 09/01/99 $ 1,600 Missouri State, Health & Educational Facilities Authority, 3,500 Charles R-6 School, Ser. J, GO, 4.25%, 09/19/00 3,518 6,900 Washington University, Ser. C, FRDN, 3.00%, 09/01/99 6,900 1,900 Webster Groves School, Ser. K, GO, 4.25%, 09/19/00 1,910 1,000 Osage Beach, Missouri, IDA, Health Care Realty Osage, FRDN, 3.35%, 09/01/99 1,000 ---------- 23,473 ---------- Montana -- 0.1% 2,000 Montana, Higher Education Student Loan, Ser. B, Rev., 4.90%, 12/01/99 2,008 ---------- Nebraska -- 0.4% 3,000 Omaha, Nebraska, Public Power District, Nebraska Electric, Ser. D, Rev., 4.40%, 02/01/00 3,016 2,100 Sidney, Nebraska, IDR, Pennington Seed, Inc. Project, FRDN, 3.40%, 09/01/99 2,100 ---------- 5,116 ---------- Nevada -- 2.0% 1,000 Carson City, Nevada, School District, GO, 6.80%, 04/01/00- 1,038 19,800 Eagle Tax Exempt Trust, Weekly Option Mode, Certificate, Clark County, Ser. 98-2801, FRDN, #, 3.34%, 09/02/99 19,800 1,975 Nevada Housing Division, Single-Family Program, Ser. C-2, FRDN, 3.40%, 10/01/99 1,975
See notes to financial statements. 56 Chase Vista Tax Free Money Market Fund Portfolio of Investments August 31, 1999 (continued) (Amounts in Thousands)
Principal Amount Issuer Value ================================================================ State & Municipal Obligations -- (continued) ================================================================ $ 4,400 Nevada State, Municipal Securities Trust Receipts, Ser. SGB-31, FRDN, 3.34%, 09/02/99 $ 4,400 ---------- 27,213 ---------- New Hampshire -- 0.1% 1,655 New Hampshire State Business Financing Authority Industrial Facilities, Nickerson Assembly Co., FRDN, 3.50%, 09/01/99 1,655 ---------- New Mexico -- 0.9% 2,000 Albuquerque, New Mexico, Water & Sewer Systems, Ser. A, Rev., 4.10%, 07/01/00 2,009 10,000 Santa Fe, New Mexico, Gross Receipts Tax, Wastewater Systems, Ser. B, FRDN, 3.30%, 09/01/99 10,000 ---------- 12,009 ---------- New York -- 2.8% New York City, New York, 4,000 Sub-Ser. A-7, FRDN, 3.10%, 09/01/99 4,000 4,500 Sub-Ser. E-2, FRDN, 3.10%, 09/01/99 4,500 4,450 Sub-Ser. E-5, FRDN, 3.10%, 09/01/99 4,450 14,430 New York State, Dorm Authority, Floating Rate Certificates, Insured, St. John's University, Ser. 45, FRDN, 3.29%, 09/02/99 14,430 10,000 New York State, Local Government Assistance Corp., Ser. B, FRDN, 3.15%, 09/01/99 10,000 ---------- 37,380 ---------- North Carolina -- 0.9% 2,000 Gaston County, North Carolina, Industrial Facilities & Pollution Control Financing Authority, Quality Metal Project, FRDN, 3.40%, 09/02/99 2,000
See notes to financial statements. 57 Chase Vista Tax Free Money Market Fund Portfolio of Investments August 31, 1999 (continued) (Amounts in Thousands)
Principal Amount Issuer Value ================================================================ State & Municipal Obligations -- (continued) ================================================================ $ 900 Guilford County, North Carolina, Industrial Facilities & Pollution Control Financing Authority, Neal Manufacturing, FRDN, 3.40%, 09/02/99 $ 900 3,000 North Carolina, Medical Care Community, Lutheran Retirement Project, FRDN, 3.30%, 09/02/99 3,000 6,700 Winston Salem, North Carolina, Municipal Leasing Corp., FRDN, 3.20%, 09/02/99 6,700 ---------- 12,600 ---------- Ohio -- 2.5% 3,660 Clermont County, Ohio, Hospital Facilities Mercy Health, Ser. A, Rev., 7.50%, 09/01/99~ 3,733 Cleveland, Ohio, 1,500 Airport Systems, Ser. D, FRDN, 3.30%, 09/01/99 1,500 7,000 Income Tax, FRDN, 3.30%, 09/01/99 7,000 10,000 Clinton County, Ohio, Ohio Hospital Capital Inc., FRDN, 3.35%, 09/01/99 10,000 3,700 Columbus, Ohio, Ser. 1, FRDN, 3.15%, 09/02/99 3,700 7,230 Franklin County Ohio Hospital, U.S. Health Corp., Ser. A, Rev., 3.25%, 09/02/99 7,230 1,500 Montgomery County, Ohio, Multi-Family Housing, Pedcor Investments, Lyons Gate, Ser. A, FRDN, 3.30%, 09/02/99 1,500 ---------- 34,663 ---------- Oklahoma -- 0.4% 5,000 Oklahoma, Development Finance Authority, Oklahoma Hospital Association, Ser. A, FRDN, 3.35%, 09/01/99 5,000 ----------
See notes to financial statements. 58 Chase Vista Tax Free Money Market Fund Portfolio of Investments August 31, 1999 (continued) (Amounts in Thousands)
Principal Amount Issuer Value ================================================================ State & Municipal Obligations -- (continued) ================================================================ Oregon -- 0.3% $ 4,700 Oregon State, Ser. 73-E, FRDN, 3.00%, 09/01/99 $ 4,700 ---------- Pennsylvania -- 4.8% 12,725 Allegheny County, Pennsylvania, Port Authority Grant, Anticipation Notes, RAN, 4.00%, 06/30/00 12,798 15,000 Berks County, Pennsylvania, IDA, Health Care-Lutheran Services, Ser. A, FRDN, 3.25%, 09/01/99 15,000 15,850 Emmaus, Pennsylvania, General Authority, FRDN, 3.25%, 09/02/99 15,850 Montgomery County, Pennsylvania, Higher Education & Health Authority, 1,610 Bryn Mawr Hospital Project, Rev., 7.38%, 12/01/99~ 1,658 3,040 Philadelphia Presbyterian Project, FRDN, 3.30%, 09/02/99 3,040 Philadelphia, Pennsylvania, 2,035 Hospitals & Higher Education Facilities Authority, Ser. A, Rev., 5.00%, 05/15/00 2,059 4,425 Redevelopment Authority, Housing, Multi-Family Courts Project A, FRDN, 3.25%, 09/02/99 4,425 4,000 School District, Ser. B, TRAN, 4.00%, 06/30/00 4,018 1,000 Pocono Mountain, Pennsylvania, School District, Ser. AA, GO, 5.45%, 10/01/99 1,002 York, Pennsylvania, General Authority, 1,000 FRDN, 3.30%, 09/02/99 1,000 4,000 Sub-Ser. A, FRDN, 3.25%, 09/02/99 4,000 ---------- 64,850 ----------
See notes to financial statements. 59 Chase Vista Tax Free Money Market Fund Portfolio of Investments August 31, 1999 (continued) (Amounts in Thousands)
Principal Amount Issuer Value ================================================================= State & Municipal Obligations -- (continued) ================================================================= Rhode Island -- 0.7% $ 3,700 Rhode Island, Industrial Facilities Corp., Blackstone Valley Electric Co., FRDN, 3.35%, 09/07/99 $ 3,700 Rhode Island State, Health & Educational Building Corp., 1,280 Johnson & Wales University, Rev, 8.38%, 04/01/00- 1,342 3,960 Women & Infants Hospital, FRDN, 3.55%, 09/01/99 3,960 ---------- 9,002 ---------- South Carolina -- 2.4% 1,000 Greenville County, South Carolina, School District, GO, 4.13%, 03/01/00 1,004 5,000 Kershaw County, South Carolina, IDR, New South Inc. Project, FRDN, 3.35%, 09/02/99 5,000 South Carolina, Jobs Economic Development Authority, 4,500 Catholic Diocese, South Carolina Project, FRDN, 3.35%, 09/02/99 4,500 10,000 Health Facilities, Greenville Baptist Project, FRDN, 3.25%, 09/02/99 10,000 8,500 Seeber USA Project, FRDN, 3.40%, 09/02/99 8,500 1,000 South Carolina State, Ser. W, GO, 6.25%, 05/01/00~ 1,039 2,860 South Carolina State, Public Service Authority, Ser. A, 4.80%, 07/01/00 2,891 ---------- 32,934 ----------
See notes to financial statements. 60 Chase Vista Tax Free Money Market Fund Portfolio of Investments August 31, 1999 (continued) (Amounts in Thousands)
Principal Amount Issuer Value =================================================================== State & Municipal Obligations -- (continued) =================================================================== Tennessee -- 7.5% $ 6,900 Clarksville, Tennessee, Public Building Authority, FRDN, 3.30%, 09/02/99 $ 6,900 Metropolitan Government of Nashville & Davidson County, 7,500 Country Music Hall Of Fame, FRDN, 3.25%, 09/02/99 7,500 2,500 Vanderbilt University, Ser. 85-A, FRDN, 3.10%, 11/15/00 2,500 Sevier County, Tennessee, Public Building Authority, Local Government Public Improvement, 11,300 Ser. II-A-1, FRDN, 3.25%, 09/02/99 11,300 2,500 Ser. II-A-2, FRDN, 3.25%, 09/02/99 2,500 10,000 Ser. III-D-3, FRDN, 3.25%, 09/02/99 10,000 5,000 Ser. III-E-2, FRDN, 3.25%, 09/02/99 5,000 2,500 Ser. III-E-3, FRDN, 3.25%, 09/02/99 2,500 5,500 Ser. III-G-2, FRDN, 3.25%, 09/02/99 5,500 6,155 Shelby County, Tennessee, Health Educational & Housing Facilities Board, Multi-Family Housing, Arbor Lake, FRDN, 3.40%, 09/01/99 6,155 800 South Pittsburgh, Tennessee, Industrial Development, Lodge Manufacturing Co. Project, FRDN, 3.40%, 09/01/99 800 Tennessee, Housing Development Agency, 19,205 FLOATS, Ser. 279, 3.55%, 04/06/00 19,205 15,000 Ser. 1B, FRDN, 3.25%, 06/15/00 15,000 6,625 Tennessee State, Ser. 108, PUTTERS, FRDN, 3.32%, 09/02/99 6,625 ---------- 101,485 ---------- Texas -- 15.7% 1,940 Allen, Texas, Independent School District, Ser. A, GO, 6.00%, 02/15/00 1,964 10,000 Austin, Texas, Municipal Trust Certificates, Medium Term Certificates, No 26-A, FRDN, 3.30%, 09/02/99 10,000
See notes to financial statements. 61 Chase Vista Tax Free Money Market Fund Portfolio of Investments August 31, 1999 (continued) (Amounts in Thousands)
Principal Amount Issuer Value =================================================================== State & Municipal Obligations -- (continued) =================================================================== $ 4,150 Bell County, Texas Health Facilities Development Corp., Southern Healthcare Systems Project C, FRDN, 3.25%, 09/02/99 $ 4,150 3,000 Calhoun County, Texas, Navigation District, CP, 3.10%, 09/02/99 3,000 9,400 Carroll, Texas, Independent School District, FRDN, 3.25%, 09/02/99 9,400 3,000 Coastal Bend Health Facilities Development Corp., Texas Incarnate Word Health System Updates, Ser. B, FRDN, 3.32%, 09/01/99 3,000 15,255 Colorado River, Texas, Municipal Water District, Floating Rate Certificates, Ser. 119, FRDN, 3.29%, 09/02/99 15,255 9,250 Dallas County, Texas, Ser. C, FRDN, 3.30%, 06/15/00 9,250 Dallas-Fort Worth, Texas, 5,000 International Airport, Flight safety Project, FRDN, 3.35%, 09/02/99 5,000 2,300 Regional Airport, Ser. A-CR-103, FRDN, 3.30%, 11/01/99 2,300 5,000 Regional Airport, Ser. A-CR-104, FRDN, 3.30%, 11/01/99 5,000 5,365 Regional Airport, Ser. A-CR-105, FRDN, 3.30%, 11/01/99 5,365 1,000 Regional Airport, Ser. A-CR-107, FRDN, 3.30%, 11/01/99 1,000 6,300 Denton City, Texas, IDR, Hydro Conduit Corp., FRDN, 3.35%, 09/01/99 6,300 8,250 Eagle Tax Exempt Trust, Weekly Option Mode, Certificate, Bexar County, Texas, Ser. 94C-4301, FRDN, #, 3.39%, 09/02/99 8,250 Greater East Texas, Higher Education, 8,400 Ser. B, FRDN, 3.60%, 09/01/00 8,400 8,400 Ser. B, FRDN, 3.85%, 09/01/00 8,400
See notes to financial statements. 62 Chase Vista Tax Free Money Market Fund Portfolio of Investments August 31, 1999 (continued) (Amounts in Thousands)
Principal Amount Issuer Value ==================================================================== State & Municipal Obligations -- (continued) ==================================================================== Greater Texas, Student Loan Corp., $ 10,000 Ser. A, Rev., 3.00%, 02/01/00 $ 10,000 2,125 Ser. B, GO, 3.25%, 06/01/00 2,125 3,000 Guadalupe Blanco River Authority Texas Industrial Development Corp. IDR, The BOC Group Inc. Project, FRDN, 3.25%, 09/02/99 3,000 12,065 Gulf Coast, Texas, IDA, Marine Term, Amoco Oil Co. Project, FRDN, 3.15%, 12/01/99 12,065 3,000 Houston, Texas, CP, 3.20%, 09/02/99 3,000 1,000 Houston, Texas, Water Conveyance Systems, Ser. F, COP, 7.20%, 12/15/99 1,011 4,000 Katy Texas Independent School District, Ser. A, FRDN, 3.25%, 09/02/99 4,000 4,200 Longview, Texas, Collins Industrial Inc. Project, FRDN, 3.45%, 09/02/99 4,200 1,470 Midland, Texas, Independent School District, FRDN, 3.25%, 09/02/99 1,470 4,800 Richardson, Texas, Independent School District, Ser. A, FRDN, 3.25%, 09/02/99 4,800 7,320 San Angelo, Texas, Independent School District, FRDN,3.25%, 09/02/99 7,320 South Texas, Higher Education Authority, 5,000 FRDN, 3.30%, 09/01/99 5,000 2,000 Ser. A-1, Rev., 4.65%, 12/01/99 2,006 4,200 Tarrant, Texas, Housing Finance Corp., Sierra Project, FRDN, 3.25%, 09/01/99 4,200 Texas State, 5,000 Ser. A, TRAN, 4.50%, 08/31/00 5,038 3,400 Public Finance Authority, Ser. B, GO, 7.10%, 10/01/99~ 3,410 3,600 Public Finance Authority, Ser. B, GO, 7.15%, 10/01/99~ 3,611 1,925 Public Finance Authority, Ser. C, GO, 7.00%, 10/01/99 1,931
See notes to financial statements. 63 Chase Vista Tax Free Money Market Fund Portfolio of Investments August 31, 1999 (continued) (Amounts in Thousands)
Principal Amount Issuer Value ==================================================================== State & Municipal Obligations -- (continued) ==================================================================== Texas State, $ 3,000 Turnpike Authority, Floating Rate Receipts, Dallas Northway, FRDN, 3.32%, 09/02/99 $ 3,000 4,500 Veterans Housing Assistance, Ser. A-1, FRDN, 3.40%, 09/01/99 4,500 12,025 Veterans Land, Ser. A, FRDN, 3.35%, 09/01/99 12,025 9,620 Texas Water Development Board, FLOATS, Ser. PA-286, FRDN, 3.32%, 09/02/99 9,620 ---------- 213,366 ---------- Utah -- 1.4% 15,000 Central Utah, Water Conservancy District, Ser. E, FRDN, 3.30%, 09/01/99 15,000 3,200 Davis County, Utah, School District, GO, 3.30%, 06/01/00 3,196 1,000 Salt Lake City, Utah, Airport, Ser. C, Rev., 4.15%, 12/01/99 1,002 ---------- 19,198 ---------- Virginia -- 0.9% 2,380 Alexandria, Virginia, IDA, FRDN, Rev., 3.20%, 09/02/99 2,380 2,000 Harrisonburg, Virginia, Redevelopment & Housing Authority, Misty Ridge Project, Ser. A, FRDN, 3.31%, 09/02/99 2,000 1,000 Roanoke, Virginia, IDA, Hospital, Carilion Health Systems, Ser. B, FRDN, 3.25%, 09/01/99 1,000 2,465 Spotsylvania County, Virginia, IDA, Chancellors Project, FRDN, 3.25%, 09/02/99 2,465 4,390 Virginia State, Public School Authority, Ser. 109, PUTTERS, FRDN, 3.32%, 09/02/99 4,390 ---------- 12,235 ----------
See notes to financial statements. 64 Chase Vista Tax Free Money Market Fund Portfolio of Investments August 31, 1999 (continued) (Amounts in Thousands)
Principal Amount Issuer Value ============================================================= State & Municipal Obligations -- (continued) ============================================================= Washington -- 3.6% Eagle Tax Exempt Trust, Weekly Option Mode, Certificate, #, $ 15,265 Ser. 96C-4705, FRDN, 3.34%, 09/02/99 $ 15,265 12,150 Ser. 98-4704, FRDN, 3.34%, 09/02/99 12,150 11,995 King County, Washington, Floater Certificates, Ser. 47, FRDN, 3.31%, 09/02/99 11,995 1,050 King County, Washington, Housing Authority, Rev., Auburn Court Apartments Project, FRDN, 3.35%, 09/02/99 1,050 3,600 Port Townsend, Washington, IDR, Ser. A, FRDN, 3.20%, 09/02/99 3,600 1,350 Redmond, Washington Public Corp., Integrated Circuits Project, FRDN, 3.20%, 09/02/99 1,350 2,750 Spokane, Washington, RAN, 3.50%, 01/31/00 2,755 ---------- 48,165 ---------- Wisconsin -- 1.4% 6,500 Byron Wisconsin IDR, Ocean Spray Inc., FRDN, 3.25%, 09/02/99 6,500 9,800 Eagle Tax Exempt Trust, Weekly Option Mode, Certificate, Ser. 94-4904, FRDN, #, 3.39%, 09/02/99 9,800 3,170 Wisconsin State, Ser. A, GO, 4.20%, 05/01/00 3,188 ---------- 19,488 ---------- Total State & Municipal Obligations $1,341,103 (Cost $1,341,103) =============================================================
See notes to financial statements. 65 Chase Vista Tax Free Money Market Fund Portfolio of Investments August 31, 1999 (continued) (Amounts in Thousands)
Shares Issuer Value ============================================================= Money Market Fund -- 1.7% ============================================================= $ 23,400 AIM Tax Free Investment Trust $ 23,400 (Cost $23,400) ============================================================= Total Investments -- 100.3% $1,364,503 (Cost $1,364,503)* =============================================================
Index: ~ -- The maturity date shown is the date of the prerefunded call. * -- The cost of securities is substantially the same for federal income tax purposes. # -- Security may only be sold to qualified institutional buyers. COP -- Certificate of Participation. CP -- Commercial Paper. Dorm -- Dormitory. FLOATS -- Floating Auction Tax-exempts. FRDN -- Floating Rate Demand Note: The maturity date shown is the later of the next interest reset date or the put date; the rate shown is the rate in effect at August 31, 1999. GO -- General Obligation Bond. ID -- Industrial Development. IDA -- Industrial Development Authority. IDB -- Industrial Development Bond. IDR -- Industrial Development Revenue. IRB -- Industrial Revenue Bond. PCR -- Pollution Control Revenue. PUTTERS -- Putable Tax Exempt Receipts. RAN -- Revenue Anticipation Note. Rev. -- Revenue Bond. TAN -- Tax Anticipation Note. TRAN -- Tax & Revenue Anticipation Note. See notes to financial statements. 66 Chase Vista New York Tax Free Money Market Fund as of August 31, 1999 (unaudited) 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 Net assets $1.5 Billion Average maturity 62 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 1-7 days ............. 70.46% 8-30 days ............ 1.81% 31-90 days ........... 4.21% 91-180 days .......... 6.43% 181-270 days ......... 3.51% 271+ days ............ 13.58%
67 Chase Vista New York Tax Free Money Market Fund as of August 31, 1999 (unaudited) How Much of the Fund Was Invested [PIE CHART PLOT POINTS] Investments (99.0%) Cash/Other (1.0%) [END PLOT POINTS] Yields
7-Day Taxable SEC Yield(1) Equivalent Yield(2) Vista Shares 2.65% 4.95%
Past performance is not a guarantee of future results. Yields will fluctuate. An investment in a money market fund is not FDIC insured nor guaranteed by the U.S. government or any other agency and there can be no assurance that the fund will maintain a stable Net Asset Value of $1.00 per share. (1) The yield for Vista Shares reflects the voluntary waiver of certain expenses and the assumption of certain expenses otherwise payable by the Fund. Without waivers, the yield would have been 2.53%. This voluntary waiver may be modified or terminated at any time, which would reduce performance. (2) Taxable Equivalent Yields are calculated based on the SEC yield divided by 1 minus the effective tax rate. The effective combined federal, state and local tax rate used for this illustration is 46.43% A portion of the Fund's income may be subject to the Alternative Minimum Tax (AMT), and some investors may be subject to certain state and local taxes. 68 Chase Vista New York Tax Free Money Market Fund Portfolio of Investments August 31, 1999 (Amounts in Thousands)
Principal Amount Issuer Value ===================================================================== State & Municipal Obligations -- 99.8% ===================================================================== Bond Anticipation Notes -- 10.1% -------------------------------- $ 2,000 Akron, New York, Central School District, 4.00%, 06/30/00 $ 2,005 8,915 Attica, New York, Central School District, 3.90%, 07/07/00 8,939 8,900 Avon, New York, Central School District, 4.00%, 07/14/00 8,928 Batavia, New York, 2,955 3.50%, 10/15/99 2,956 3,276 3.50%, 12/08/99 3,279 2,350 Buffalo, New York, Ser. A, 3.50%, 02/24/00 2,356 10,000 Dansville, New York, Central School District, 3.25%, 03/16/00 10,009 9,300 East Greenbush, New York, Central School District, 3.75%, 06/28/00 9,324 5,400 Elmira City, New York, School District, 4.00%, 07/21/00 5,416 2,085 Fort Edward, New York, Union Free School District, 3.75%, 06/23/00 2,092 Freeport, New York, 2,490 3.75%, 03/02/00 2,493 9,347 Ser. B, 3.88%, 06/15/00 9,377 4,950 Jamestown, New York, City School District, 3.50%, 11/05/99 4,953 1,200 Johnson City, New York, 3.75%, 05/30/00 1,204 4,195 Mayfield, New York, Central School District, 3.75%, 06/28/00 4,207 2,400 Niagara County, New York, 3.60%, 06/30/00 2,402 18,526 North Hempstead, New York, 4.00%, 01/25/00 18,554 4,220 North Rose-Wolcott, New York, Central School District, 3.40%, 04/06/00 4,225 6,000 North Salem, New York, Central School District, 3.60%, 10/14/99 6,001 9,390 Putnam Valley, New York Central School District, 3.25%, 03/03/00 9,402
See notes to financial statements. 69 Chase Vista New York Tax Free Money Market Fund Portfolio of Investments August 31, 1999 (continued) (Amounts in Thousands)
Principal Amount Issuer Value ================================================================= State & Municipal Obligations -- (continued) ================================================================= $ 5,000 Rochester, New York, Ser. I, 3.50%, 03/08/00 $ 5,013 1,530 Sandy Creek, New York, Central School District, 4.00%, 07/14/00 1,534 5,010 South Glens Falls, New York, Central School District, 3.75%, 09/01/99 5,010 1,805 Southeast Twin, New York, 3.50%, 03/24/00 1,809 Sullivan County, New York, 6,625 Ser. A, 3.25%, 09/17/99 6,625 584 Ser. B, 3.50%, 03/17/00 585 4,200 Ulster County, New York, 3.50%, 10/14/99 4,201 8,415 Webb, New York, Union Free School District, 3.63%, 06/16/00 8,436 ---------- Total Bond Anticipation Notes 151,335 ---------- (Cost $151,335) Commercial Paper -- 1.6% ------------------------ Long Island Power Authority, New York State, Electric Systems, 4,000 3.15%, 09/13/99 4,000 4,900 3.40%, 10/07/99 4,900 New York City, New York 6,000 3.40%, 09/10/99 6,000 9,000 3.40%, 10/07/99 9,000 ---------- Total Commercial Paper 23,900 ---------- (Cost $23,900) General Obligations -- 1.2% --------------------------- 575 Amherst, New York, 4.20%, 12/15/99 577 Brookhaven, New York, 750 4.30%, 06/01/00 755 243 South Country Central School District, 4.30%, 02/01/00 244 445 Cheektowaga-Maryvale, New York, Union Free School District, 4.90%, 06/15/00 450 473 Clarence, New York, 3.90%, 12/01/99 474 288 Clarkstown, New York, Central School District, 6.00%, 04/01/00 292
See notes to financial statements. 70 Chase Vista New York Tax Free Money Market Fund Portfolio of Investments August 31, 1999 (continued) (Amounts in Thousands)
Principal Amount Issuer Value ======================================================================= State & Municipal Obligations -- (continued) ======================================================================= $ 445 Connetquot, New York, Central School District, 4.90%, 06/15/00 $ 450 850 Corning, New York, 4.70%, 09/01/00 858 478 Fayetteville-Manlius, New York, Central School District, 4.70%, 06/15/00 483 375 Garden City, New York, 4.00%, 05/01/00 377 365 Geneva, New York, 4.40%, 05/15/00 368 575 Harrison, New York, Central School District, 6.50%, 03/15/00 585 525 Jefferson County, New York, 4.00%, 09/15/99 525 250 Liverpool, New York, Central School District, 7.75%, 07/15/00 259 203 Mamaroneck Village, New York, Public Improvements, 6.00%, 02/01/00 205 560 Mattituck-Cutchogue, New York, Union Free School District, 4.90%, 06/15/00 567 1,100 Nassau County, New York, Ser. H, 7.20%, 10/15/99 1,105 260 New Castle, New York, Public Improvements, 6.00%, 05/15/00 265 1,000 New York City, New York, Ser. E, 5.00%, 02/15/00 1,008 227 Niskayuna, New York, Public Improvements, 4.20%, 02/01/00 228 623 Orchard Park, New York, Central School District, 4.35%, 06/01/00 628 445 Ossining, New York, Union Free School District, 3.50%, 10/01/99 445 210 Otsego County, New York, Public Improvements, 3.30%, 02/15/00 210 200 Palmyra, New York, Public Improvements, 4.30%, 05/15/00 201 395 Pavilion, New York, Central School District, 5.10%, 06/15/00 400 364 Plattsburgh, New York, City School District, 4.10%, 02/15/00 366
See notes to financial statements. 71 Chase Vista New York Tax Free Money Market Fund Portfolio of Investments August 31, 1999 (continued) (Amounts in Thousands)
Principal Amount Issuer Value ======================================================================= State & Municipal Obligations -- (continued) ======================================================================= $ 480 Riverhead, New York, Central School District, 4.25%, 12/01/99 $ 481 1,330 Rockland County, New York, 4.00%, 05/01/00 1,337 410 Rotterdam, New York, Public Improvements, 4.63%, 06/15/00 414 325 Silver Creek, New York, Central School District, 4.70%, 06/15/00 327 1,660 Suffolk County, New York, Ser. B, 4.75%, 11/01/99 1,665 Syracuse, New York, 650 Ser. B, 4.00%, 10/01/99 650 340 Ser. E, 6.75%, 12/15/99 343 400 Town of Hempstead, New York, Ser. C, 6.30%, 02/15/00 406 575 Wappingers, New York, Central School District, 4.00%, 12/01/99 576 ---------- Total General Obligations 18,524 ---------- (Cost $18,524) Revenue Anticipation Notes -- 3.9% ---------------------------------- 5,800 Binghamton, New York, City School District, 3.63%, 10/01/99 5,801 3,600 Camden, New York, Central School District, 4.00%, 06/30/00 3,610 2,600 Chittenango, New York, Central School District, 4.00%, 06/30/00 2,607 2,000 Corning, New York, Community College, 4.25%, 08/18/00 2,010 2,500 Erie County, New York, 4.00%, 10/13/99 2,503 4,900 Glens Falls, New York, City School District, 3.75%, 06/30/00 4,910 4,900 Homer, New York, Central School District, 4.00%, 06/29/00 4,914 4,237 Mexico, New York, Central School District, 4.00%, 06/21/00 4,248 5,000 Ogdensburg, New York, Enlarged City School District, 4.00%, 06/30/00 5,009
See notes to financial statements. 72 Chase Vista New York Tax Free Money Market Fund Portfolio of Investments August 31, 1999 (continued) (Amounts in Thousands)
Principal Amount Issuer Value ====================================================================== State & Municipal Obligations -- (continued) ====================================================================== $ 2,250 Spencer Van Etten, New York, Central School District, 4.00%, 07/06/00 $ 2,258 5,500 Tompkins-Seneca-Tioga, New York, Board of Cooperative Educational Services, 4.25%, 06/30/00 5,520 3,900 Tully, New York, Central School District, 3.85%, 06/29/00 3,909 2,800 Walton, New York, Central School District, 4.00%, 06/30/00 2,808 5,000 Waverly, New York, Central School District, 3.75%, 06/23/00 5,008 4,000 Wayne-Finger Lakes, New York, Board of Cooperative Educational Services, 4.00%, 06/29/00 4,013 ---------- Total Revenue Anticipation Notes 59,128 ---------- (Cost $59,128) Revenue Bonds -- 4.4% --------------------- 875 Albany County, New York, Airport Authority, Ser. C, 3.50%, 12/15/99 876 2,000 Dutchess County, New York Resource Recovery Agency, Solid Waste Management, Ser. A, 7.50%, 01/01/00- 2,069 New York City, Educational Construction Fund, 1,700 Ser. A, 7.00%, 10/01/99~ 1,731 2,000 Ser. A, 7.13%, 10/01/99~ 2,036 1,450 New York City, Housing Development Corp., MultiFamily, Ser. A, 4.40%, 11/01/99 1,453 2,000 New York City, Municipal Assistance Corp., Ser. M, 5.00%, 07/01/00 2,026 500 New York City, Municipal Water Finance Authority, Water & Sewer Systems, Ser. A, 7.25%, 06/15/00~ 522 7,500 New York City, Transportation Authority, Transportation Facilities, Livingston Plaza Project, 7.50%, 01/01/00~ 7,754
See notes to financial statements. 73 Chase Vista New York Tax Free Money Market Fund Portfolio of Investments August 31, 1999 (continued) (Amounts in Thousands)
Principal Amount Issuer Value ===================================================================== State & Municipal Obligations -- (continued) ===================================================================== New York State, Dorm Authority, $ 2,000 Hospital Insured Mortgage, Ser. A, 4.75%, 02/15/00 $ 2,012 2,250 State University Educational, Ser. A, 6.50%, 05/15/00~ 2,302 3,425 State University Educational, Ser. A, 7.63%, 05/15/00~ 3,596 New York State, Medical Care Facilities, Finance Authority, 715 New York Hospital, Ser. A, 6.85%, 02/15/00 727 3,000 St. Lukes Hospital, Ser. B, 7.45%, 02/15/00- 3,117 New York State, Mortgage Agency, Homeowner Mortgage, 525 Ser. 50, 4.70%, 10/01/99 525 1,130 Ser. 79, 3.25%, 04/01/00 1,130 2,375 New York State, Thruway Authority, Service Contract, Local Highway & Bridge Transportation Fund, Ser. A, 6.00%, 04/01/00 2,414 New York State, Urban Development Corp., 1,010 5.00%, 01/01/00 1,016 2,000 Alfred Technology Research Inc. Project, 7.88%, 01/01/00~ 2,070 1,000 Correctional Facilities, Ser. G, 7.25%, 01/01/00~ 1,033 2,925 Correctional Capital Facilities, Ser. 1, 7.50%, 01/01/00~ 3,024 3,975 Correctional Capital Facilities, Ser. 1, 7.75%, 01/01/00~ 4,113 4,690 Port Authority of New York & New Jersey, Ser. 112, 4.50%, 12/01/99 4,699 1,035 Suffolk County, New York, IDA, Ogden Martin System Huntington, 5.15%, 10/01/99 1,036
See notes to financial statements. 74 Chase Vista New York Tax Free Money Market Fund Portfolio of Investments August 31, 1999 (continued) (Amounts in Thousands)
Principal Amount Issuer Value ================================================================== State & Municipal Obligations -- (continued) ================================================================== Triborough Bridge & Tunnel Authority, New York, $ 5,000 General Purpose, Ser. A, 5.00%, 01/01/00 $ 5,030 1,800 Ser. R, 7.10%, 01/01/00~ 1,850 7,190 Special Obligation, Mortgage Recording Tax, Ser. A, 7.13%, 01/01/00~ 7,357 ---------- Total Revenue Bonds 65,518 ---------- (Cost $65,518) Tax Anticipation Notes -- 8.1% ------------------------------ 1,150 Baldwin, New York, Union Free School District, 4.00%, 06/30/00 1,153 2,000 Commack, New York, Union Free School District, 4.25%, 06/29/00 2,009 16,000 East Islip, New York, Union Free School District, 3.85%, 06/26/00 16,053 6,500 Greenburgh, New York, Central School District, 3.65%, 10/12/99 6,502 17,300 Hempstead, New York, 3.75%, 06/29/00 17,325 6,000 Levittown, New York, Union Free School District, 3.75%, 06/21/00 6,016 13,000 Nassau County, New York, Ser. C, 3.50%, 12/22/99 13,015 11,500 North Babylon, New York, Union Free School District, 4.00%, 06/29/00 11,535 2,500 Nyack, New York, Union Free School District, 3.75%, 01/14/00 2,503 5,987 Oswego, New York, City School District, 3.50%, 12/22/99 5,990 4,000 South Orangetown, New York, Central School District, 3.75%, 06/30/00 4,005 Suffolk County, New York, 21,500 Longwood Central School District, 4.00%, 06/30/00 21,561 10,000 Ser. II, 3.75%, 09/09/99 10,001
See notes to financial statements. 75 Chase Vista New York Tax Free Money Market Fund Portfolio of Investments August 31, 1999 (continued) (Amounts in Thousands)
Principal Amount Issuer Value ===================================================================== State & Municipal Obligations -- (continued) ===================================================================== $ 4,340 William Floyd, Union Free School District, Mastics-Moriches-Shirley, 4.00%, 06/30/00 $ 4,354 ---------- Total Tax Anticipation Notes 122,022 ---------- (Cost $122,022) Floating Rate Demand Notes -- 70.5% ----------------------------------- 21,402 ABN AMRO Munitops, Certificates Trust, New York, Ser. 1999-3, #, 3.36%, 09/01/99 21,402 710 Albany, New York, IDA, Newkirk Productions Inc. Project, Ser. A, Rev., 3.30%, 09/02/99 710 1,750 Babylon, New York, IDA, Edwin Verger/Lambro Industries, Rev., 3.25%, 09/01/99 1,750 2,906 Brookhaven, New York, IDA, Waverly Association LLC, Rev., 3.35%, 09/01/99 2,906 1,050 Broome County, New York, IDA, Binghamton Realty Project, Rev., 3.15%, 09/01/99 1,050 Dutchess County, New York, IDA, 7,500 Civic Facilities, Marist College Civic Facilities, Ser. A, Rev., 3.10%, 09/01/99 7,500 2,710 Laerdal Medical Corp., Project, Rev., 3.35%, 09/01/99 2,710 Eagle Tax Exempt Trust, Weekly Option Mode, 10,000 Ser. 94-3203, Class A, #, 3.27%, 09/02/99 10,000 8,805 Ser. 94-3205, Class A, #, 3.27%, 09/02/99 8,805 9,910 Ser. 94-3208, Class A, #, 3.27%, 09/02/99 9,910 20,880 Ser. 95-3202, Class A, #, 3.27%, 09/02/99 20,880 18,900 Ser. 95-3203, Class A, #, 3.27%, 09/02/99 18,900
See notes to financial statements. 76 Chase Vista New York Tax Free Money Market Fund Portfolio of Investments August 31, 1999 (continued) (Amounts in Thousands)
Principal Amount Issuer Value ===================================================================== State & Municipal Obligations -- (continued) ===================================================================== Eagle Tax Exempt Trust, Weekly Option Mode, $ 11,000 Ser. 96-3203, Class A, #, 3.27%, 09/02/99 $ 11,000 14,850 Ser. 96C-3208, Class A, #, 3.27%, 09/02/99 14,850 Erie County, New York, Water Authority, 2,700 Ser. A, Rev., 3.10%, 09/01/99 2,700 400 Ser. B, Rev., 3.10%, 09/01/99 400 725 Glens Falls, New York, IDA, Broad Street Center Project, Rev., 3.25%, 09/01/99 725 4,310 Great Neck North, New York, Water Authority, Water System, Ser. A, Rev., 3.20%, 09/01/99 4,310 300 Guilderland, New York, IDA, Northeastern Industrial Park, Ser. A, Rev., 3.15%, 09/02/99 300 2,000 Islip, New York, IDA, Brentwood Distributor Co. Facility, 3.30%, 09/02/99 2,000 1,000 Lewis County, New York, IDA, Climax Manufacturing Co. Project, Rev., 3.25%, 09/01/99 1,000 Long Island Power Authority, New York State, Electric Systems, 6,900 FLOATS, Ser. PA-368, Rev., 3.39%, 09/02/99 6,900 4,000 FLOATS, Ser. PA-420, Rev., 3.32%, 09/02/99 4,000 4,175 FLOATS, Ser. PA-458, Rev., 3.39%, 09/02/99 4,175 7,100 FLOATS, Ser. PT-1043, Rev., 3.32%, 09/02/99 7,100 5,300 PUTTERS, Ser. 43B, Rev., 3.32%, 09/02/99 5,300 3,000 Sub. Ser. 1, Rev., 3.10%, 09/01/99 3,000 33,500 Sub. Ser. 2, Rev., 3.05%, 09/01/99 33,500 2,500 Sub. Ser. 6, Rev., 3.15%, 09/01/99 2,500
See notes to financial statements. 77 Chase Vista New York Tax Free Money Market Fund Portfolio of Investments August 31, 1999 (continued) (Amounts in Thousands)
Principal Amount Issuer Value ===================================================================== State & Municipal Obligations -- (continued) ===================================================================== Metropolitan Transportation Authority, New York, Commuter Facilities, $ 3,000 Municipal Securities Trust Receipt, Ser. SAK 4, Rev., 3.45%, 09/01/99 $ 3,000 21,835 Municipal Securities Trust Certificates, Ser. 1998-66, Class A, Rev., 3.15%, 09/02/99 21,835 1,760 Transportation Facilities, FLOATS, Ser. PT-126, Rev., 3.32%, 09/02/99 1,760 Monroe County, New York, IDA, 3,425 Columbia Sussex Corp., Rev., 5.00%, 09/02/99 3,424 1,800 Public Improvements, Canal Ponds Park, Ser. D, Rev., 3.30%, 09/01/99 1,800 3,100 Nassau County, New York, IDA, Civic Facilities, St. Mary's Children Project, Rev., 3.35%, 09/01/99 3,100 2,600 New York City, Health & Hospital Corp., Health Systems, Ser. A, Rev., 3.05%, 09/01/99 2,600 New York City, Housing Development Corp., Multi-Family Housing, 10,000 Broadway Development LLC, Ser. A, Rev., 3.20%, 09/01/99 10,000 2,800 Columbus Apartments, Ser. A, Rev., 3.00%, 09/01/99 2,800 2,100 Columbus Apartments, Ser. A, Rev., 3.05%, 09/01/99 2,100 8,900 James Tower Development, Ser. A, Rev., 3.20%, 09/01/99 8,900 2,000 Jennings Street, Rev., 3.20%, 09/01/99 2,000 3,400 Rent Housing, 100 Jane Street Development LP, Ser. A, Rev., 3.25%, 09/01/99 3,400 5,600 Rent Housing, Brittany Development, Ser. A, Rev., 3.25%, 09/01/99 5,600 4,200 Rent Housing, Carnegie Park, Ser. A, Rev., 3.00%, 09/01/99 4,200
See notes to financial statements. 78 Chase Vista New York Tax Free Money Market Fund Portfolio of Investments August 31, 1999 (continued) (Amounts in Thousands)
Principal Amount Issuer Value ===================================================================== State & Municipal Obligations -- (continued) ===================================================================== New York City, Housing Development Corp., Multi-Family Housing, $ 9,000 Rent Housing, Monterey, Ser. A, Rev., 3.00%, 09/01/99 $ 9,000 6,000 Rent Housing, Parkgate Development, Ser. A, Rev., 3.00%, 09/01/99 6,000 10,450 Rent Housing, West 43rd Street Development, Ser. A, Rev., 3.20%, 09/01/99 10,450 3,800 Ser. A, Rev., 3.20%, 09/01/99 3,800 New York City, IDA, 3,000 Civic Facility, Calhoun School Inc. Project, Rev., 3.30%, 09/01/99 3,000 3,600 IDR, DXB Videotape Inc., Project, Rev., 3.25%, 09/01/99 3,600 550 IDR, Rev., 3.20%, 09/01/99 550 300 IDR, Ser. D, Rev., 3.20%, 09/01/99 300 2,040 IDR, Ser. G, Rev., 3.20%, 09/01/99 2,040 1,600 IDR, Ser. K, Rev., 3.20%, 09/01/99 1,600 600 IDR, Ser. O, Rev., 3.20%, 09/01/99 600 8,900 Special Facilities, Korean Air Lines Co., Ser. C, Rev., 3.15%, 09/01/99 8,900 New York City, Municipal Securities Trust Receipts, 9,000 Ser. SAK 1, GO, 3.45%, 09/01/99 9,000 2,450 Ser. SGA 74, GO, 3.25%, 09/01/99 2,450 800 Ser. SGB 33, GO, 3.29%, 09/02/99 800 13,200 Ser. SGB 35, GO, 3.25%, 09/02/99 13,200 10,365 Ser. SGB 36, GO, 3.25%, 09/02/99 10,365 New York City, Municipal Water Financing Authority, Water & Sewer Systems, 6,000 FLOATS, PA-454, Rev., 3.32%, 09/01/99 6,000 3,000 FLOATS, PT-1032, Rev., 3.32%, 09/01/99 3,000 9,685 Municipal Securities Trust Receipts, Ser. SGA 12, Rev., 3.25%, 09/01/99 9,685
See notes to financial statements. 79 Chase Vista New York Tax Free Money Market Fund Portfolio of Investments August 31, 1999 (continued) (Amounts in Thousands)
Principal Amount Issuer Value ===================================================================== State & Municipal Obligations -- (continued) ===================================================================== New York City, Municipal Water Financing Authority, Water & Sewer Systems, $ 7,255 Municipal Securities Trust Receipts, Ser. SGA 13, Rev., 3.25%, 09/01/99 $ 7,255 12,890 Municipal Securities Trust Receipts, Ser. SGB 25, Rev., 3.29%, 09/02/99 12,890 28,200 Municipal Securities Trust Receipts, Ser. SGB 26, Rev., 3.29%, 09/02/99 28,200 3,700 Municipal Securities Trust Receipts, Ser. SGB 27, Rev., 3.29%, 09/02/99 3,700 7,900 Ser. C, Rev., 3.20%, 09/01/99 7,900 New York City, New York, 5,000 FLOATS, Ser. PA-442, 3.32%, 09/02/99 5,000 33,300 FLOATS, Ser. PT-1038, 3.32%, 09/02/99 33,300 2,255 FLOATS, Ser. PT-206, 3.32%, 09/02/99 2,255 9,750 FLOATS, Sub. Ser. J2, GO, 3.15%, 09/01/99 9,750 5,000 Ser. A, GO, 3.45%, 09/01/99 5,000 6,000 Ser. D, GO, 3.00%, 09/01/99 6,000 1,000 Ser. F-3, GO, 3.10%, 09/01/99 1,000 6,350 Ser. F-5, GO, 3.15%, 09/01/99 6,350 250 Sub. Ser. E-5, GO, 3.10%, 09/01/99 250 New York City, Transitional Financing Authority, Future Tax Secured, 39,200 Ser. A-2, Rev., 3.15%, 09/01/99 39,200 2,750 Ser. B-1, Rev., 2.90%, 09/01/99 2,748 New York City, Trust Cultural Resources, 3,800 American Museum of Natural History, Ser. B, Rev., 3.10%, 09/01/99 3,800 2,672 Carnegie Hall, Rev., 3.00%, 09/01/99 2,672 New York State, Dorm Authority, 9,645 FLOATS, Ser. PA-409, Rev., 3.32%, 09/02/99 9,645 4,870 FLOATS, Ser. PA-419, Rev., 3.32%, 09/02/99 4,870 1,575 FLOATS, Ser. PA-433, Rev., 3.32%, 09/02/99 1,575
See notes to financial statements. 80 Chase Vista New York Tax Free Money Market Fund Portfolio of Investments August 31, 1999 (continued) (Amounts in Thousands)
Principal Amount Issuer Value ==================================================================== State & Municipal Obligations -- (continued) ==================================================================== New York State, Dorm Authority, $ 3,545 FLOATS, Ser. PA-449, Rev., 3.32%, 09/02/99 $ 3,545 7,495 FLOATS, Ser. PA-537, Rev., 3.32%, 09/02/99 7,495 990 FLOATS, Ser. PT-130, Rev., 3.32%, 09/02/99 990 2,400 FLOATS, Ser. PT-1067, Rev., 3.32%, 09/02/99 2,400 2,865 Municipal Securities Trust Receipts, Ser. SAK 17, Rev., 3.45%, 09/01/99 2,865 New York State, Energy Research & Development Authority, 4,100 Brooklyn Union Gas Project, Ser. A-1, Rev., 3.20%, 09/01/99 4,100 8,100 Brooklyn Union Gas Project, Ser. A-2, Rev., 3.15%, 09/01/99 8,100 8,500 Brooklyn Union Gas Project, Ser. A-3, Rev., 3.10%, 09/01/99 8,500 4,100 FLOATS, Ser. PA-411, Rev., 3.32%, 09/02/99 4,100 New York State, Energy Research & Development Authority, PCR, 14,500 Central Hudson Gas & Electric Co., Rev., 3.40%, 09/02/99 14,500 6,500 Central Hudson Gas & Electric Co., Ser. B, Rev., 3.10%, 09/02/99 6,500 5,600 Central Hudson Gas & Electric Co., Ser. B, Rev., 3.30%, 09/02/99 5,600 3,000 Con Edison, Sub. Ser. A-1, Rev., 3.20%, 09/01/99 3,000 4,000 New York State Electric & Gas, Ser. C, Rev., 3.00%, 09/01/99 4,000 5,500 New York State Electric & Gas, Ser. D, Rev., 3.00%, 09/01/99 5,500 5,060 Niagara Mohawk Power, Ser. A, Rev., 3.15%, 09/01/99 5,060
See notes to financial statements. 81 Chase Vista New York Tax Free Money Market Fund Portfolio of Investments August 31, 1999 (continued) (Amounts in Thousands)
Principal Amount Issuer Value =================================================================== State & Municipal Obligations -- (continued) =================================================================== New York State, Energy Research & Development Authority, PCR, $ 16,100 Orange & Rockland Project, Ser. A, Rev., 3.10%, 09/01/99 $ 16,100 3,300 Orange & Rockland Utilities, Ser. A, Rev., 3.10%, 09/01/99 3,300 3,000 Rochester Gas & Electric Corp., Ser. B, Rev., 3.15%, 09/01/99 3,000 1,200 New York State, Environmental Facilities Corp., Resource Recovery, OFS Equity Huntington Project, Rev., 2.90%, 09/01/99 1,200 New York State, Housing Finance Agency, 11,300 70 Battery Place Housing, Ser. A, Rev., 3.20%, 09/01/99 11,300 48,050 101 West End Ave. Housing, Ser. A, Rev., 3.25%, 09/01/99 48,050 17,200 345 East 94th Street Housing, Ser. A, Rev., 3.25%, 09/01/99 17,200 37,500 750 Sixth Ave. Housing, Ser. A, Rev., 3.10%, 09/01/99 37,500 2,495 FLOATS, Ser. PA-143, Rev., 3.42%, 09/02/99 2,495 3,300 Multi-Family Housing, Ser. A, Rev., 3.40%, 09/01/99 3,300 12,900 Normandie Court II, Ser. A, Rev., 3.15%, 09/02/99 12,900 2,895 Nursing Home & Health Care Project, Ser. A, Rev., 3.60%, 09/01/99 2,896 5,100 Residential, Ser. A, Rev., 3.40%, 09/01/99 5,100 6,800 Ser. A, Rev., 3.05%, 09/01/99 6,800 5,300 Service Contract Obligation, Ser. A, Rev., 3.05%, 09/01/99 5,300
See notes to financial statements. 82 Chase Vista New York Tax Free Money Market Fund Portfolio of Investments August 31, 1999 (continued) (Amounts in Thousands)
Principal Amount Issuer Value ==================================================================== State & Municipal Obligations -- (continued) ==================================================================== New York State, Housing Finance Agency, $ 10,000 Tribeca Landing Housing, Ser. A, Rev., 3.20%, 09/01/99 $ 10,000 7,700 Tribeca Park Housing, Ser. A, Rev., 3.10%, 09/01/99 7,700 26,800 Union Square South Housing, Rev., 3.10%, 09/01/99 26,800 New York State, Job Development Authority, 2,400 Ser. A-1 through A-21, Rev., 2.80%, 09/01/99 2,400 1,110 Ser. A-1 through A-36, Rev., 3.20%, 09/01/99 1,110 2,750 Ser. B-1 through B-9, Rev., 2.80%, 09/01/99 2,750 995 Ser. B-1 through B-21, Rev., 3.20%, 09/01/99 995 500 Special Purpose, Ser. A-1 through A-25, Rev., 2.80%, 09/01/99 500 530 Special Purpose, Ser. B-1 through B-2, Rev., 2.80%, 09/01/99 530 600 Special Purpose, Ser. B-1 through B-9, Rev., 3.20%, 09/01/99 600 New York State, Local Assistance Corp., 21,585 Ser. A, Rev., 3.05%, 09/01/99 21,585 10,000 Ser. B, Rev., 3.10%, 09/01/99 10,000 New York State, Local Government Assistance Corp., 1,520 FLOATS, Ser. PA-445, 3.32%, 09/02/99 1,520 2,500 Municipal Securities Trust Receipts, Ser. SGA 59, Rev., 3.10%, 09/01/99 2,500 4,600 Ser. 27, Reg D, Rev., 3.35%, 09/01/99 4,600 11,500 Ser. D, Rev., 3.10%, 09/01/99 11,500 4,700 Ser. E, Rev., 3.10%, 09/01/99 4,700 4,800 Ser. F, Rev., 3.10%, 09/01/99 4,800 5,900 Ser. G, Rev., 3.05%, 09/01/99 5,900
See notes to financial statements. 83 Chase Vista New York Tax Free Money Market Fund Portfolio of Investments August 31, 1999 (continued) (Amounts in Thousands)
Principal Amount Issuer Value ================================================================== State & Municipal Obligations -- (continued) ================================================================== New York State, Medical Care Facilities Finance Agency, Municipal Securities Trust Receipts, $ 7,960 Ser. PT-100, Rev., 3.32%, 09/02/99 $ 7,960 8,355 Ser. PT-145A, Rev., 3.32%, 09/02/99 8,355 2,360 Ser. SG1, Rev., 3.32%, 09/02/99 2,360 5,440 New York State, Mortgage Agency, Ser. PT-260, Rev., 3.55%, 09/02/99 5,440 New York State, Thruway Authority, 21,415 Ser. PA-532, Rev., 3.32%, 09/01/99 21,415 3,900 Ser. SG-119, Rev., 3.25%, 09/01/99 3,900 1,015 Municipal Securities Trust Receipts, Ser. 66, Rev., 3.25%, 09/01/99 1,015 Niagara County, IDA, Solid Waste Disposal, American Refunding, Fuel Co., 1,000 Ser. A, Rev., 3.25%, 09/01/99 1,000 1,000 Ser. B, Rev., 3.30%, 09/01/99 1,000 Niagara Falls, New York, Bridge Commission, 4,995 FLOATS, Ser. PA-530, Rev., 3.32%, 09/01/99 4,995 7,300 Ser. A, Rev., 3.10%, 09/01/99 7,300 2,950 Port Authority of New York & New Jersey, Equipment Notes, Ser. 3, Rev., 3.40%, 09/01/99 2,950 1,365 Port Jervis, New York, IDA, The Future Home Tech Inc., Rev., 3.35%, 09/01/99 1,365 2,000 Puerto Rico Commonwealth, Highway & Trust, FLOATS, Ser. PA-472, Rev., 3.00%, 09/02/99 2,000 Rockland County, New York, IDA, 2,450 Shock Technical Inc. Project, Rev., 3.25%, 09/01/99 2,450 900 X Products Corp. Project, Rev., 3.25%, 09/02/99 900 2,400 Suffolk County, New York, Water Authority, Rev., 3.20%, 09/01/99 2,400
See notes to financial statements. 84 Chase Vista New York Tax Free Money Market Fund Portfolio of Investments August 31, 1999 (continued) (Amounts in Thousands)
Principal Amount Issuer Value ==================================================================== State & Municipal Obligations -- (continued) ==================================================================== $ 200 Syracuse, New York, IDA, Civic Facility, Multi-Modal Syracuse University Project, Rev., 3.15%, 09/01/99 $ 200 1,490 Triborough Bridge & Tunnel Authority, New York, Ser. PA-200, Rev., 3.32%, 09/02/99 1,490 4,245 Westchester County, New York, IDA, Civic Facilities, Northern Westchester Hospital, Rev., 3.10%, 09/01/99 4,245 Yonkers, New York, IDA, Civic Facilities, 2,000 Consumers Union Facility, Rev., 3.10%, 09/01/99 2,000 8,100 Sarah Laurence College Project, Rev., 3.20%, 09/01/99 8,100 ---------- Total Floating Rate Demand Notes 1,060,528 (Cost $1,060,528) ==================================================================== Total Investments -- 99.8% $1,500,955 (Cost $1,500,955)* ====================================================================
Index: * -- The cost of securities is substantially the same for federal income tax purposes. ~ -- The maturity date shown is the date of the prerefunded call. # -- Security may only be sold to qualified institutional buyers. Dorm -- Dormitory. Floating Rate Demand Notes -- The maturity date shown is the next interest reset date; the rate shown is the rate in effect at August 31, 1999. FLOATS -- Floating Auction Tax-exempts. GO -- General Obligation Bond. IDA -- Industrial Development Authority. IDR -- Industrial Development Revenue. PCR -- Pollution Control Revenue. PUTTERS -- Putable Tax Exempt Receipts. Rev. -- Revenue Bond. See notes to financial statements. 85 Chase Vista California Tax Free Money Market Fund as of August 31, 1999 (unaudited) 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 Net assets $67.6 Million Average maturity 33 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 1-7 days ............. 82.92% 8-30 days ............ 3.72% 31-90 days ........... 2.15% 91-180 days .......... 1.82% 181-270 days ......... 4.50% 271+ days ............ 4.89%
86 Chase Vista California Tax Free Money Market Fund as of August 31, 1999 (unaudited) How Much of the Fund Was Invested [PIE CHART PLOT POINTS] Investments (99.3%) Cash/Other (0.7%) [END PLOT POINTS] Yields
7-Day Taxable SEC Yield(1) Equivalent Yield(2) Vista Shares 2.47% 4.51%
Past performance is not a guarantee of future results. Yields will fluctuate. An investment in a money market fund is not FDIC insured nor guaranteed by the U.S. government or any other agency and there can be no assurance that the fund will maintain a stable Net Asset Value of $1.00 per share. (1) The yield for Vista Shares reflects the voluntary waiver of certain expenses and the assumption of certain expenses otherwise payable by the Fund. Without waivers, the yield would have been 2.02%. This voluntary waiver may be modified or terminated at any time, which would reduce performance. (2) Taxable equivalent yields are calculated based on the SEC Yield divided by 1 minus the effective tax rate. The effective combined federal, and state tax rate used for this illustration is 45.22% A portion of the Fund's income may be subject to the Alternative Minimum Tax (AMT), and some investors may be subject to certain state and local taxes. 87 Chase Vista California Tax Free Money Market Fund Portfolio of Investments August 31, 1999 (Amounts in Thousands)
Principal Amount Issuer Value ==================================================================== State & Municipal Obligations -- 99.5% ==================================================================== General Obligations -- 1.2% --------------------------- $ 245 Coachella Valley, California, County Water District No. 55, 4.25%, 08/01/00 $ 246 115 Escondido, California, Unified High School District, 5.15%, 11/01/99 115 330 Salinas, California, Elementary School District, COP, 4.25%, 06/01/00 332 115 Ventura, California, Unified School District, Series C, 7.60%, 08/01/00 119 ------- Total General Obligations 812 ------- (Cost $812) Revenue Bonds -- 11.1% ---------------------- California State, Department Water Resources Center, VY Project, 375 Ser. I, 6.60%, 06/01/00~ 389 400 Ser. J-2, 5.20%, 12/01/99 402 320 Chula Vista, California, Community Hospital, 7.50%, 01/01/00 324 La Habra, California, 190 Park La Habra & Viewpark, Ser. A, COP, 4.00%, 09/01/99 190 140 Redevelopment Refunding Program, Ser. B, COP, 4.00%, 09/01/99 140 2,650 Long Beach, California, Harbor Revenue, 7.15%, 05/15/00 2,720 400 Los Angeles, California, Municipal Improvement Corp., Lease, 7.30%, 09/01/99 400 500 Los Angeles, California, Waste Water Systems, Ser. A, 6.90%, 02/01/00~ 518 250 Los Angeles County, California, Metropolitan Transportation Authority, Proposal C, Second Ser., Ser. B, 8.00%, 07/01/00 259 200 Mountain View, California, School District Community Facilities, Special Tax, Ser. A, 4.00%, 10/01/99 200
See notes to financial statements. 88 Chase Vista California Tax Free Money Market Fund Portfolio of Investments August 31, 1999 (continued) (Amounts in Thousands)
Principal Amount Issuer Value ==================================================================== State & Municipal Obligations -- (continued) ==================================================================== $ 235 Palm Desert, California, Financing Authority, Tax Allocation, Housing Set Aside, 4.00%, 10/01/99 $ 235 250 Riverside County, California, Transition Commission, Sales Tax, Ser. A, 5.00%, 06/01/00 253 390 Sacramento, California, Municipal Utilities District, Electric, Ser. H, 6.30%, 10/01/99 391 215 San Bernardino, California, Joint Powers Financing Authority, Tax Allocation, 3.20%, 05/01/00 215 155 San Bernardino County, California, Transition Authority, Sales Tax, Ser. A, 5.00%, 03/01/00 156 115 San Francisco, California, City & County Parking Authority, Ser. 1, 4.00%, 06/01/00 116 100 Santa Cruz County, California, Public Financing Authority, Tax Allocation, Sub-Lien, Ser. B, 7.63%, 09/01/99~ 103 400 Tustin, California, Unified School District, Special Tax, Community Facilities District No. 88-1, 4.00%, 09/01/99 400 100 West Basin, California, Municipal Water District, COP, 6.85%, 08/01/00~ 105 ------- Total Revenue Bonds 7,516 ------- (Cost $7,516) Tax Anticipation Notes -- 0.8% ------------------------------ 500 San Diego, California, Ser. A, 4.50%, 09/30/99 501 ------- (Cost $501) Tax & Revenue Anticipation Notes -- 5.9% ---------------------------------------- 2,000 Antioch, California, Unified School District, 3.70%, 09/15/99 2,000 1,000 California, Statewide Communities Development Authority, Ser. A-1, 4.00%, 06/30/00 1,007
See notes to financial statements. 89 Chase Vista California Tax Free Money Market Fund Portfolio of Investments August 31, 1999 (continued) (Amounts in Thousands)
Principal Amount Issuer Value =============================================================== State & Municipal Obligations -- (continued) =============================================================== $ 500 Los Angeles County, California, 4.00%, 06/30/00 $ 503 500 San Diego, California, Unified School District, Ser. A, 4.50%, 10/01/99 501 ------- Total Tax & Revenue Anticipation Notes 4,011 ------- (Cost $4,011) Floating Rate Demand Notes -- 80.5% ------------------------------------ Alameda-Contra Costa, California Schools Financing Authority, Capital Improvements Financing Projects, 500 Ser. A, Rev., 2.95%, 09/02/99 500 300 COP, 2.95%, 09/02/99 300 2,300 California Health Facilities Financing Authority, Sutter Health, Ser. A, Rev., 2.40%, 09/01/99 2,300 California Housing Financing Agency, 1,230 Multi-Family, Ser. A, Rev., 2.70%, 09/01/99 1,230 300 FLOATS, Ser. PA-58, 3.04%, 09/02/99 300 1,040 FLOATS, Ser. PA-112-A, 3.09%, 09/02/99 1,040 California PCFA, PCR, 500 Pacific Gas & Electric, Ser. A, Rev., 2.65%, 09/01/99 500 500 Pacific Gas & Electric, Ser. C, Rev., 2.70%, 09/01/99 500 2,575 Pacific Gas & Electric, Ser. F. Rev., 2.65%, 09/01/99 2,575 600 Shell Oil Comp Project, Ser. A, Rev., 2.80%, 09/01/99 600 2,900 California PCFA, Solid Waste Disposal, Shell Martinez Refining, Ser. A, Rev., 2.55%, 09/01/99 2,900 California State, 800 FLOATS, Ser. PT-1070, 3.04%, 09/02/99 800 900 FLOATS, Ser. PT-1072, 3.04%, 09/02/99 900
See notes to financial statements. 90 Chase Vista California Tax Free Money Market Fund Portfolio of Investments August 31, 1999 (continued) (Amounts in Thousands)
Principal Amount Issuer Value =================================================================== State & Municipal Obligations -- (continued) =================================================================== California State Economic Development Financing Authority, $ 1,000 California Independent Systems Project, Ser. A, Rev., 2.55%, 09/01/99 $ 1,000 2,800 California Independent Systems Project, Ser. B, Rev., 2.55%, 09/01/99 2,800 2,000 IDR, Provena Foods Inc. Project, Rev., 3.05%, 09/01/99 2,000 1,800 IDR, Standard Abrasives Manufacturing Project, Rev., 3.00%, 09/01/99 1,800 1,000 California State, Floating Rate Receipts, SG 86, 3.00%, 09/01/99 1,000 California State, Municipal Securities Trust Receipts, 2,000 SGA 40, GO, 3.12%, 09/01/99 2,000 2,800 SGA 55, GO, #, 3.12%, 09/01/99 2,800 300 Chula Vista, California, San Diego Gas, Ser. A, Rev., 2.60%, 09/01/99 300 Irvine Ranch, California, Water District, 1,600 Consolidated Bonds, Rev., 2.40%, 09/01/99 1,600 1,000 District No. 102, 103, 105 & 106, GO, 2.40%, 09/01/99 1,000 500 District No. 105, 140, 240 & 250, GO, 2.40%, 09/01/99 500 Irvine, California, Improvement Bond Act of 1915, 100 Assessment District No. 87-8, Special Assessment, 2.40%, 09/01/99 100 3,500 Assessment District No. 97-17, Special Assessment, 2.40%, 09/01/99 3,500 400 Kern County, California, Kern Public Facilities Project, Ser. C, COP, 2.75%, 09/01/99 400 400 Los Angeles, California, Community Redevelopment Agency, CMC Medical Plaza Partner, COP, 2.80%, 09/02/99 400
See notes to financial statements. 91 Chase Vista California Tax Free Money Market Fund Portfolio of Investments August 31, 1999 (continued) (Amounts in Thousands)
Principal Amount Issuer Value ================================================================== State & Municipal Obligations -- (continued) ================================================================== $ 300 Los Angeles County, California, IDA, IDR, Hon Industries Inc., Project, Rev., 2.85%, 09/01/99 $ 300 100 Los Angeles County, California, Metropolitan Transportation Authority, Proposal C, 2nd Ser., Ser. A, Rev., 2.75%, 09/02/99 100 2,500 Los Angeles County, California, Pension Obligation, Ser. B, Rev., 2.80%, 09/01/99 2,500 1,000 Monrovia, California, Unified School District, Municipal Securities Trust Receipt, Ser. 70, GO, 3.10%, 09/01/99 1,000 700 M-S-R Public Power Agency, California, San Juan Project, Sub-Lien, Ser. E, Rev., 2.75%, 09/02/99 700 1,700 Oakland, California, Joint Powers Financing Authority, Ser. A-2, 2.75%, 09/02/99 1,700 100 Ontario, California, Redevelopment Agency, IDR, Safariland Project, Rev., 2.85%, 09/01/99 100 Orange County, California, 1,400 Sanitation Districts No. 1-3, 5-7 & 11, COP, 2.40%, 09/01/99 1,400 1,800 Sanitation Districts No. 1-3, 5-7, 11, 13 & 14, COP, 2.40%, 09/01/99 1,800 1,000 Orange County, California, Water District, Project B, COP, 2.85%, 09/01/99 1,000 2,500 Oxnard County, California, Industrial Development Financing Authority, IDR, Accurate Engineering Project, Rev., 3.00%, 09/01/99 2,500 700 Riverside County, California, IDA, IDR, Design Time Inc. Project, Ser. I, Rev., 2.85%, 09/01/99 700 888 Riverside County, California, Riverside County Public Facilities, Ser. B, COP, 2.75%, 09/07/99 888
See notes to financial statements. 92 Chase Vista California Tax Free Money Market Fund Portfolio of Investments August 31, 1999 (continued) (Amounts in Thousands)
Principal Amount Issuer Value ================================================================ State & Municipal Obligations -- (continued) ================================================================ $ 1,000 Sacramento County, California, Multi- Family Housing, Ser. C, Rev., 3.25%, 09/02/99 $ 1,000 San Bernardino County, California, IDA, 100 Aqua-Service, Rev., 3.05%, 09/01/99 100 100 Ser. II, Master Halco Inc., Rev., 2.85%, 09/07/99 100 300 San Diego, California, IDR, Kaiser Aerospace & Electric, Ser. A, Rev., 3.00%, 09/02/99 300 San Francisco, California, City & County, Multi-Family Housing, 300 Redevelopment Agency, Ser. C, Rev., 2.80%, 09/01/99 300 1,500 Winterland Project, Ser. 85-C, Rev., 2.90%, 09/07/99 1,500 600 Three Valleys Municipal Water District, California, Miramar Water Treatment, COP, 2.90%, 09/01/99 600 200 Western Riverside County, California, Regional Wastewater Authority, Regional Wastewater Treatment, Rev., 2.85%, 09/01/99 200 ------- Total Floating Rate Demand Notes 54,433 (Cost $54,433) ================================================================ Total Investments -- 99.5% $67,273 (Cost $67,273)* ================================================================
See notes to financial statements. 93 Chase Vista California Tax Free Money Market Fund Portfolio of Investments August 31, 1999 (continued) (Amounts in Thousands) Index: * -- The cost of securities is substantially the same for federal income tax purposes. ~ -- The maturity date shown is the date of the prerefunded call. COP -- Certificates of Participation. Dorm -- Dormitory. Floating Rate Demand Notes -- The maturity date shown is the next interest reset date; the rate shown is the rate in effect at August 31, 1999. FLOATS -- Floating Auction Tax-exempts. GO -- General Obligation Bond. IDA -- Industrial Development Authority. IDR -- Industrial Development Revenue. PCFA -- Pollution Control Financing Authority. PCR -- Pollution Control Revenue. Rev. -- Revenue Bond. See notes to financial statements. 94 Chase Vista Funds Statement of Assets and Liabilities August 31, 1999 -------------------------------------------------------------------------------- (Amounts in Thousands, Except Per Share Amounts)
100% U.S. U.S. Treasury Securities Government Treasury Plus Money Market Money Market Money Market Fund Fund Fund ------------------- ------------ ------------- ASSETS: Investment securities, at value (Note 1) ................................. $4,200,354 $7,565,935 $3,177,765 Cash ...................................... -- 2,351 9,266 Other assets .............................. 36 65 27 Receivables: Investment securities sold ............... -- 5,000 -- Interest ................................. 42,498 35,227 8,225 Fund shares sold ......................... 59 867 50 Expense reimbursement from Distributor ............................. -- -- -- ---------- ---------- ---------- Total Assets ........................... 4,242,947 7,609,445 3,195,333 ---------- ---------- ---------- LIABILITIES: Payables: Investment securities purchased .......... -- 204,921 -- Fund shares redeemed ..................... 5,386 14,769 149 Dividends ................................ 3,660 12,806 3,723 Other .................................... -- -- -- Accrued liabilities: (Note 2) Investment advisory fees ................. 361 619 284 Administration fees ...................... 217 619 171 Shareholder servicing fees ............... 897 959 564 Distribution fees ........................ 200 348 151 Custody fees ............................. 85 112 47 Other .................................... 670 1,241 323 ---------- ---------- ---------- Total Liabilities ...................... 11,476 236,394 5,412 ---------- ---------- ---------- NET ASSETS: Paid in capital ........................... 4,231,548 7,373,049 3,189,905 Accumulated undistributed/ (overdistributed) net investment income ................................... (106) 46 (45) Accumulated net realized gain (loss) on investment transactions ............... 29 (44) 61 Net unrealized depreciation of investments .............................. -- -- -- ---------- ---------- ---------- Total Net Assets ....................... $4,231,471 $7,373,051 $3,189,921 ========== ========== ========== Shares of beneficial interest outstanding ($.001 par value; unlimited number of shares authorized) Vista Shares .............................. 3,312,988 3,538,467 1,734,415 Premier Shares ............................ 23,866 922,005 476,297 Institutional Shares ...................... 894,783 2,912,678 979,291 B Shares* ................................. -- -- -- C Shares* ................................. -- -- -- Net asset value, offering and redemption price per share (all classes) ............................ $ 1.00 $ 1.00 $ 1.00 ========== ========== ========== Cost of investments ....................... $4,200,354 $7,565,935 $3,177,765 ========== ========== ==========
-------------- *Redemption price may be reduced by contingent deferred sales charge. See notes to financial statements. 95 Chase Vista Funds Statement of Assets and Liabilities August 31, 1999 -------------------------------------------------------------------------------- (Amounts in Thousands, Except Per Share Amounts)
Federal Cash Prime Money Market Management Money Market Fund Fund Fund ------------ ---------- ------------ ASSETS: Investment securities, at value (Note 1) ................................ $1,088,323 $7,668,677 $9,886,997 Cash ..................................... -- 977 -- Other assets ............................. 10 65 80 Receivables: Investment securities sold .............. -- 101,270 15,000 Interest ................................ 5,127 48,407 51,441 Fund shares sold ........................ 6,299 7,720 4,830 Expense reimbursement from Distributor ............................ -- -- -- ---------- ---------- ---------- Total Assets .......................... 1,099,759 7,827,116 9,958,348 ---------- ---------- ---------- LIABILITIES: Payables: Investment securities purchased ......... -- 127,342 135,000 Fund shares redeemed .................... 1,227 2,047 -- Dividends ............................... 1,040 4,010 12,799 Other ................................... -- 631 -- Accrued liabilities: (Note 2) Investment advisory fees ................ 98 646 852 Administration fees ..................... 98 646 852 Shareholder servicing fees .............. 201 1,643 482 Distribution fees ....................... 46 -- 20 Custody fees ............................ 51 142 223 Other ................................... 511 1,427 1,579 ---------- ---------- ---------- Total Liabilities ..................... 3,272 138,534 151,807 ---------- ---------- ---------- NET ASSETS: Paid in capital .......................... 1,096,535 7,690,871 9,810,358 Accumulated undistributed/ (overdistributed) net investment income .................................. (1) 21 (53) Accumulated net realized gain (loss) on investment transactions .............. (47) (660) 120 Net unrealized depreciation of investments ............................. -- (1,650) (3,884) ---------- ---------- ---------- Total Net Assets ...................... $1,096,487 $7,688,582 $9,806,541 ========== ========== ========== Shares of beneficial interest outstanding ($.001 par value; unlimited number of shares authorized) Vista Shares ............................. 550,030 5,680,795 515,139 Premier Shares ........................... 298,209 462,590 1,094,613 Institutional Shares ..................... 248,296 1,547,498 8,164,133 B Shares* ................................ -- -- 36,329 C Shares* ................................ -- -- 144 Net asset value, offering and redemption price per share (all classes) ........................... $ 1.00 $ 1.00 $ 1.00 ========== ========== ========== Cost of investments ...................... $1,088,323 $7,670,327 $9,890,881 ========== ========== ==========
-------------- *Redemption price may be reduced by contingent deferred sales charge. See notes to financial statements. 96 Chase Vista Funds Statement of Assets and Liabilities August 31, 1999 -------------------------------------------------------------------------------- (Amounts in Thousands, Except Per Share Amounts)
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) ................................. $1,364,503 $1,500,955 $67,273 Cash ...................................... 485 29 73 Other assets .............................. 12 13 -- Receivables: Investment securities sold ............... -- 5,703 -- Interest ................................. 8,137 8,983 408 Fund shares sold ......................... 2,972 244 22 Expense reimbursement from Distributor ............................. 60 -- -- ---------- ---------- ------- Total Assets ........................... 1,376,169 1,515,927 67,776 ---------- ---------- ------- LIABILITIES: Payables: Investment securities purchased .......... 13,439 8,772 -- Fund shares redeemed ..................... 66 513 -- Dividends ................................ 1,806 1,075 62 Other .................................... -- -- -- Accrued liabilities: (Note 2) Investment advisory fees ................. 118 129 -- Administration fees ...................... 83 64 5 Shareholder servicing fees ............... 172 450 3 Distribution fees ........................ 67 39 3 Custody fees ............................. 25 33 18 Other .................................... 127 341 45 ---------- ---------- ------- Total Liabilities ...................... 15,903 11,416 136 ---------- ---------- ------- NET ASSETS: Paid in capital ........................... 1,360,724 1,504,520 67,656 Accumulated undistributed/ (overdistributed) net investment income ................................... (64) 52 (2) Accumulated net realized gain (loss) on investment transactions ............... (394) (61) (14) Net unrealized depreciation of investments .............................. -- -- -- ---------- ---------- ------- Total Net Assets ....................... $1,360,266 $1,504,511 $67,640 ========== ========== ======= Shares of beneficial interest outstanding ($.001 par value; unlimited number of shares authorized) Vista Shares .............................. 754,202 1,504,634 67,656 Premier Shares ............................ 130,024 -- -- Institutional Shares ...................... 476,520 -- -- B Shares* ................................. -- -- -- C Shares* ................................. -- -- -- Net asset value, offering and redemption price per share (all classes) ............................ $ 1.00 $ 1.00 $ 1.00 ========== ========== ======= Cost of investments ....................... $1,364,503 $1,500,955 $67,273 ========== ========== =======
-------------- *Redemption price may be reduced by contingent deferred sales charge. See notes to financial statements. 97 Chase Vista Funds Statement of Operations For the year ended August 31, 1999 -------------------------------------------------------------------------------- (Amounts in Thousands)
100% U.S. U.S. Treasury Securities Government Treasury Plus Money Market Money Market Money Market Fund Fund Fund ------------------- ------------ ------------- INTEREST INCOME: (Note 1C) $210,519 $366,896 $138,520 -------- -------- -------- EXPENSES: (Note 2) Investment advisory fees .............. 4,440 7,265 2,850 Administration fees ................... 4,440 7,265 2,850 Shareholder servicing fees ............ 12,997 16,665 6,892 Distribution fees ..................... 3,472 4,375 1,535 Custodian fees ........................ 322 422 206 Interest expense ...................... -- -- -- Printing and postage .................. 50 118 30 Professional fees ..................... 171 293 116 Registration costs .................... 899 458 205 Transfer agent fees ................... 760 626 296 Trustees' fees and expenses ........... 222 535 143 Other ................................. 68 42 64 -------- -------- -------- Total expenses ..................... 27,841 38,064 15,187 -------- -------- -------- Less amounts waived (Note 2E) ........... 4,943 6,374 2,430 Less expenses reimbursed by Distributor -- -- -- -------- -------- -------- Net expenses .......................... 22,898 31,690 12,757 -------- -------- -------- Net investment income ................. 187,621 335,206 125,763 -------- -------- -------- REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS: Net realized gain (loss) on investment 98 transactions ......................... 2,072 27 789 Change in net unrealized depreciation on investments ....................... -- -- -- -------- -------- -------- Net realized and unrealized gain (loss) on investments ....................... 2,072 27 789 -------- -------- -------- Net increase in net assets from operations ........................... $189,693 $335,233 $126,552 ======== ======== ========
See notes to financial statements. 98 Chase Vista Funds Statement of Operations For the year ended August 31, 1999 -------------------------------------------------------------------------------- (Amounts in Thousands)
Federal Cash Prime Money Market Management Money Market Fund Fund Fund ------------ ---------- ------------ INTEREST INCOME: (Note 1C) $52,286 $352,252 $405,345 ------- -------- -------- EXPENSES: (Note 2) Investment advisory fees .............. 1,035 6,767 7,769 Administration fees ................... 1,035 6,767 7,769 Shareholder servicing fees ............ 2,609 19,554 8,696 Distribution fees ..................... 475 -- 178 Custodian fees ........................ 136 434 496 Interest expense ...................... -- -- 46 Printing and postage .................. 15 60 127 Professional fees ..................... 68 247 288 Registration costs .................... 112 814 1,570 Transfer agent fees ................... 484 1,975 336 Trustees' fees and expenses ........... 52 338 388 Other ................................. 14 152 69 ------- -------- -------- Total expenses ..................... 6,035 37,108 27,732 ------- -------- -------- Less amounts waived (Note 2E) ........... 570 2,451 5,210 Less expenses reimbursed by Distributor -- -- 8 ------- -------- -------- Net expenses .......................... 5,465 34,657 22,514 ------- -------- -------- Net investment income ................. 46,821 317,595 382,831 ------- -------- -------- REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS: Net realized gain (loss) on investment transactions ......................... 95 (329) 327 Change in net unrealized depreciation on investments ....................... -- (1,650) (3,884) ------- -------- -------- Net realized and unrealized gain (loss) on investments ....................... 95 (1,979) (3,557) ------- -------- -------- Net increase in net assets from operations ........................... $46,916 $315,616 $379,274 ======= ======== ========
See notes to financial statements. 99 Chase Vista Funds Statement of Operations For the year ended August, 1999 -------------------------------------------------------------------------------- (Amounts in Thousands)
New York California Tax Free Tax Free Tax Free Money Market Money Market Money Market Fund Fund Fund ------------ ------------ ------------ INTEREST INCOME: (Note 1C) $43,103 $46,320 $1,436 ------- ------- ------ EXPENSES: (Note 2) Investment advisory fees .............. 1,317 1,445 46 Administration fees ................... 1,317 1,445 46 Shareholder servicing fees ............ 3,391 5,058 162 Distribution fees ..................... 785 1,445 46 Custodian fees ........................ 184 176 74 Interest expense ...................... -- -- -- Printing and postage .................. 47 60 -- Professional fees ..................... 68 77 29 Registration costs .................... 379 133 -- Transfer agent fees ................... 206 326 32 Trustees' fees and expenses ........... 66 73 2 Other ................................. 92 23 -- ------- ------- ------ Total expenses ..................... 7,852 10,261 437 ------- ------- ------ Less amounts waived (Note 2E) ........... 1,448 1,734 182 Less expenses reimbursed by Distributor 60 -- -- ------- ------- ------ Net expenses .......................... 6,344 8,527 255 ------- ------- ------ Net investment income ................. 36,759 37,793 1,181 ------- ------- ------ REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS: Net realized gain (loss) on investment transactions ......................... 59 61 4 Change in net unrealized depreciation on investments ....................... -- -- -- ------- ------- ------ Net realized and unrealized gain (loss) on investments ....................... 59 61 4 ------- ------- ------ Net increase in net assets from operations ........................... $36,818 $37,854 $1,185 ======= ======= ======
See notes to financial statements. 100 Chase Vista Funds Statement of Changes in Net Assets For the year ended August 31, -------------------------------------------------------------------------------- (Amounts in Thousands)
100% U.S. Treasury Securities U.S. Government Money Market Money Market Fund Fund ------------------------------ ------------------------------ 1999 1998 1999 1998 ------------- ------------- ------------- ------------- INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS: Net investment income ............. $ 187,621 $ 172,327 $ 335,206 $ 337,349 Net realized gain (loss) on investments ...................... 2,072 2,716 27 (61) Change in net unrealized depreciation on investments ...... -- -- -- -- ------------- ------------- ------------- ------------- Increase in net assets from operations ....................... 189,693 175,043 335,233 337,288 ------------- ------------- ------------- ------------- DISTRIBUTIONS TO SHAREHOLDERS FROM: Net investment income ............. (187,727) (172,327) (335,181) (337,349) Net realized gain on investment transactions ..................... (2,956) (1,817) -- (19) ------------- ------------- ------------- ------------- Total distributions to shareholders ..................... (190,683) (174,144) (335,181) (337,368) ------------- ------------- ------------- ------------- INCREASE (DECREASE) FROM CAPITAL SHARE TRANSACTIONS:# Proceeds from shares issued Vista Shares ...................... 13,705,921 13,787,560 16,404,385 14,882,809 Premier Shares .................... 152,506 366,060 7,944,261 7,812,783 Institutional Shares .............. 5,004,382 3,028,039 23,799,456 21,267,721 B Shares .......................... -- -- -- -- C Shares .......................... -- -- -- -- ------------- ------------- ------------- ------------- 18,862,809 17,181,659 48,148,102 43,963,313 ------------- ------------- ------------- ------------- Proceeds from reinvestment of dividends Vista Shares ...................... 112,062 97,208 74,078 64,696 Premier Shares .................... 1,084 462 25,108 29,817 Institutional Shares .............. 27,526 13,072 79,090 87,942 B Shares .......................... -- -- -- -- C Shares .......................... -- -- -- -- ------------- ------------- ------------- ------------- 140,672 110,742 178,276 182,455 ------------- ------------- ------------- ------------- Cost of shares redeemed Vista Shares ...................... (13,555,840) (13,210,198) (15,973,405) (14,053,545) Premier Shares .................... (151,462) (350,427) (8,130,974) (7,595,505) Institutional Shares .............. (5,932,433) (1,327,090) (23,763,028) (21,513,704) B Shares .......................... -- -- -- -- C Shares .......................... -- -- -- -- ------------- ------------- ------------- ------------- (19,639,735) (14,887,715) (47,867,407) (43,162,754) ------------- ------------- ------------- ------------- Net increase (decrease) from capital share transactions ....... (636,254) 2,404,686 458,971 983,014 ------------- ------------- ------------- ------------- Total increase (decrease) in net assets ....................... (637,244) 2,405,585 459,023 982,934 NET ASSETS: Beginning of period ............... 4,868,715 2,463,130 6,914,028 5,931,094 ------------- ------------- ------------- ------------- End of period ..................... $ 4,231,471 $ 4,868,715 $ 7,373,051 $ 6,914,028 ============= ============= ============= =============
-------------- #At $1.00 per share. See notes to financial statements. 101 Chase Vista Funds Statement of Changes in Net Assets For the year ended August 31, -------------------------------------------------------------------------------- (Amounts in Thousands)
Treasury Plus Federal Money Market Money Market Fund Fund ------------------------------ ---------------------------- 1999 1998 1999 1998 ----------- ----------- ---------- ---------- INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS: Net investment income ........................... $ 125,763 $ 119,980 $ 46,821 $ 40,256 Net realized gain (loss) on investments .................................... 789 412 95 (30) Change in net unrealized depreciation on investments .................... -- -- -- -- ----------- ----------- ---------- ---------- Increase in net assets from operations ..................................... 126,552 120,392 46,916 40,226 ----------- ----------- ---------- ---------- DISTRIBUTIONS TO SHAREHOLDERS FROM: Net investment income ........................... (125,782) (119,997) (46,814) (40,256) Net realized gain on investment transactions ................................... (798) (342) (112) -- ----------- ----------- ---------- ---------- Total distributions to shareholders ................................... (126,580) (120,339) (46,926) (40,256) ----------- ----------- ---------- ---------- INCREASE (DECREASE) FROM CAPITAL SHARE TRANSACTIONS:# Proceeds from shares issued Vista Shares .................................... 13,476,115 16,312,405 1,297,509 887,155 Premier Shares .................................. 2,362,876 2,478,766 372,508 464,267 Institutional Shares ............................ 12,537,826 9,241,705 3,327,807 1,635,260 B Shares ........................................ -- -- -- -- C Shares ........................................ -- -- -- -- ----------- ----------- ---------- ---------- 28,376,817 28,032,876 4,997,824 2,986,682 ----------- ----------- ---------- ---------- Proceeds from reinvestment of dividends Vista Shares .................................... 41,118 51,054 18,183 12,556 Premier Shares .................................. 3,990 5,055 11,931 13,754 Institutional Shares ............................ 35,134 17,673 5,462 2,740 B Shares ........................................ -- -- -- -- C Shares ........................................ -- -- -- -- ----------- ----------- ---------- ---------- 80,242 73,782 35,576 29,050 ----------- ----------- ---------- ---------- Cost of shares redeemed Vista Shares .................................... (13,099,202) (16,653,021) (1,124,759) (841,656) Premier Shares .................................. (2,046,068) (2,459,664) (399,355) (564,547) Institutional Shares ............................ (12,469,834) (8,674,757) (3,282,935) (1,570,687) B Shares ........................................ -- -- -- -- C Shares ........................................ -- -- -- -- ----------- ----------- ---------- ---------- (27,615,104) (27,787,442) (4,807,049) (2,976,890) ----------- ----------- ---------- ---------- Net increase (decrease) from capital share transactions ..................... 841,955 319,216 226,351 38,842 ----------- ----------- ---------- ---------- Total increase (decrease) in net assets ..................................... 841,927 319,269 226,341 38,812 NET ASSETS: Beginning of period ............................. 2,347,994 2,028,725 870,146 831,334 ----------- ----------- ---------- ---------- End of period ................................... $ 3,189,921 $ 2,347,994 $1,096,487 $ 870,146 =========== =========== ========== ==========
-------------- #At $1.00 per share. See notes to financial statements. 102 Chase Vista Funds Statement of Changes in Net Assets For the year ended August 31, -------------------------------------------------------------------------------- (Amounts in Thousands)
Cash Prime Management Money Market Fund Fund ------------------------------ ------------------------------ 1999 1998 1999 1998 ------------- ------------- ------------- ------------ INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS: Net investment income ............. $ 317,595 $ 239,039 $ 382,831 $ 202,624 Net realized gain (loss) on investments ...................... (329) (214) 327 141 Change in net unrealized depreciation on investments ...... (1,650) -- (3,884) -- ------------- ------------- ------------- ------------ Increase in net assets from operations ....................... 315,616 238,825 379,274 202,765 ------------- ------------- ------------- ------------ DISTRIBUTIONS TO SHAREHOLDERS FROM: Net investment income ............. (317,818) (238,815) (382,895) (202,624) Net realized gain on investment transactions ..................... (117) -- (271) (66) ------------- ------------- ------------- ------------ Total distributions to shareholders ..................... (317,935) (238,815) (383,166) (202,690) ------------- ------------- ------------- ------------ INCREASE (DECREASE) FROM CAPITAL SHARE TRANSACTIONS:# Proceeds from shares issued Vista Shares** .................... 26,474,726 19,574,831 1,051,476 -- Premier Shares .................... 4,894,950 4,145,937 11,380,971 11,781,628 Institutional Shares .............. 10,132,124 5,180,985 61,694,665 32,438,411 B Shares .......................... -- -- 143,459 103,075 C Shares* ......................... -- -- 4,653 71 ------------- ------------- ------------- ------------ 41,501,800 28,901,753 74,275,224 44,323,185 ------------- ------------- ------------- ------------ Proceeds from reinvestment of dividends Vista Shares** .................... 187,928 123,345 4,244 -- Premier Shares .................... 16,857 18,943 24,988 18,579 Institutional Shares .............. 63,365 54,407 229,886 95,986 B Shares .......................... -- -- 771 484 C Shares* ......................... -- -- 5 -- ------------- ------------- ------------- ------------ 268,150 196,695 259,894 115,049 ------------- ------------- ------------- ------------ Cost of shares redeemed Vista Shares** .................... (24,623,550) (18,632,661) (540,581) -- Premier Shares .................... (4,864,551) (4,124,975) (10,901,491) (11,709,369) Institutional Shares .............. (9,707,967) (5,099,529) (58,482,409) (29,160,057) B Shares .......................... -- -- (136,601) (85,129) C Shares* ......................... -- -- (4,584) (1) ------------- ------------- ------------- ------------ (39,196,068) (27,857,165) (70,065,666) (40,954,556) ------------- ------------- ------------- ------------ Net increase (decrease) from capital share transactions ....... 2,573,882 1,241,283 4,469,452 3,483,678 ------------- ------------- ------------- ------------ Total increase (decrease) in net assets .................... 2,571,563 1,241,293 4,465,560 3,483,753 NET ASSETS: Beginning of period ............... 5,117,019 3,875,726 5,340,981 1,857,228 ------------- ------------- ------------- ------------ End of period ..................... $ 7,688,582 $ 5,117,019 $ 9,806,541 $ 5,340,981 ============= ============= ============= ============
-------------- #At $1.00 per share. *CVP C Shares commencement of offering, 5/14/98. **CVP Vista Shares commencement of offering, 10/1/98. See notes to financial statements. 103 Chase Vista Funds Statement of Changes in Net Assets For the year ended August 31, -------------------------------------------------------------------------------- (Amounts in Thousands)
Tax Free New York Tax Free Money Market Fund Money Market Fund ---------------------------- ---------------------------- 1999 1998 1999 1998 ---------- ---------- ---------- ---------- INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS: Net investment income ............................ $ 36,759 $ 35,342 $ 37,793 $ 33,002 Net realized gain (loss) on investments ..................................... 59 (34) 61 (27) Change in net unrealized depreciation on investments ..................... -- -- -- -- ---------- ---------- ---------- ---------- Increase in net assets from operations ...................................... 36,818 35,308 37,854 32,975 ---------- ---------- ---------- ---------- DISTRIBUTIONS TO SHAREHOLDERS FROM: Net investment income ............................ (36,827) (35,342) (37,841) (33,002) Net realized gain on investment transactions .................................... -- -- -- -- ---------- ---------- ---------- ---------- Total distributions to shareholders .................................... (36,827) (35,342) (37,841) (33,002) ---------- ---------- ---------- ---------- INCREASE (DECREASE) FROM CAPITAL SHARE TRANSACTIONS:# Proceeds from shares issued Vista Shares ..................................... 2,100,524 2,109,048 3,260,482 2,920,461 Premier Shares ................................... 385,299 386,933 -- -- Institutional Shares ............................. 2,526,660 2,916,751 -- -- B Shares ......................................... -- -- -- -- C Shares ......................................... -- -- -- -- ---------- ---------- ---------- ---------- 5,012,483 5,412,732 3,260,482 2,920,461 ---------- ---------- ---------- ---------- Proceeds from reinvestment of dividends Vista Shares ..................................... 8,397 8,530 25,347 20,181 Premier Shares ................................... 2,257 2,206 -- -- Institutional Shares ............................. 5,196 5,252 -- -- B Shares ......................................... -- -- -- -- C Shares ......................................... -- -- -- -- ---------- ---------- ---------- ---------- 15,850 15,988 25,347 20,181 ---------- ---------- ---------- ---------- Cost of shares redeemed Vista Shares ..................................... (2,088,092) (1,950,253) (3,153,158) (2,525,554) Premier Shares ................................... (390,878) (360,517) -- -- Institutional Shares ............................. (2,465,756) (2,797,836) -- -- B Shares ......................................... -- -- -- -- C Shares ......................................... -- -- -- -- ---------- ---------- ---------- ---------- (4,944,726) (5,108,606) (3,153,158) (2,525,554) ---------- ---------- ---------- ---------- Net increase (decrease) from capital share transactions ...................... 83,607 320,114 132,671 415,088 ---------- ---------- ---------- ---------- Total increase (decrease) in net assets ................................... 83,598 320,080 132,684 415,061 NET ASSETS: Beginning of period .............................. 1,276,668 956,588 1,371,827 956,766 ---------- ---------- ---------- ---------- End of period .................................... $1,360,266 $1,276,668 $1,504,511 $1,371,827 ========== ========== ========== ==========
-------------- #At $1.00 per share. See notes to financial statements. 104 Chase Vista Funds Statement of Changes in Net Assets For the year ended August 31, -------------------------------------------------------------------------------- (Amounts in Thousands)
California Tax Free Money Market Fund -------------------------- 1999 1998 ---------- --------- INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS: Net investment income ............................................ $ 1,181 $ 1,443 Net realized gain (loss) on investments .......................... 4 (3) Change in net unrealized depreciation on investments ............. -- -- ---------- --------- Increase in net assets from operations ........................... 1,185 1,440 ---------- --------- DISTRIBUTIONS TO SHAREHOLDERS FROM: Net investment income ............................................ (1,200) (1,443) Net realized gain on investment transactions ..................... -- -- ---------- --------- Total distributions to shareholders .............................. (1,200) (1,443) ---------- --------- INCREASE (DECREASE) FROM CAPITAL SHARE TRANSACTIONS:# Proceeds from shares issued Vista Shares ..................................................... 329,610 365,375 Premier Shares ................................................... -- -- Institutional Shares ............................................. -- -- B Shares ......................................................... -- -- C Shares ......................................................... -- -- ---------- --------- 329,610 365,375 ---------- --------- Proceeds from reinvestment of dividends Vista Shares ..................................................... 474 804 Premier Shares ................................................... -- -- Institutional Shares ............................................. -- -- B Shares ......................................................... -- -- C Shares ......................................................... -- -- ---------- --------- 474 804 ---------- --------- Cost of shares redeemed Vista Shares ..................................................... (312,828) (361,286) Premier Shares ................................................... -- -- Institutional Shares ............................................. -- -- B Shares ......................................................... -- -- C Shares ......................................................... -- -- ---------- --------- (312,828) (361,286) ---------- --------- Net increase (decrease) from capital share transactions .......... 17,256 4,893 ---------- --------- Total increase (decrease) in net assets ......................... 17,241 4,890 NET ASSETS: Beginning of period .............................................. 50,399 45,509 ---------- --------- End of period .................................................... $ 67,640 $ 50,399 ========== =========
-------------- #At $1.00 per share. See notes to financial statements. 105 Chase Vista Funds Notes to Financial Statements -------------------------------------------------------------------------------- 1. Organization and Significant Accounting Policies -- Mutual Fund Trust (the "Trust") was organized as a Massachusetts business trust, and is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end, management investment company. 100% U.S. Treasury Securities Money Market Fund ("CVUSTS"), U.S. Government Money Market Fund ("CVUSG"), Treasury Plus Money Market Fund ("CVTP"), Federal Money Market Fund ("CVF"), Cash Management Fund ("CVCM"), Prime Money Market Fund ("CVP"), Tax Free Money Market Fund ("CVTF"), New York Tax Free Money Market Fund ("CVNYTF") and California Tax Free Money Market Fund ("CVCTF") (collectively, the "Funds") are nine separate portfolios of the Trust. The Funds offer various classes of shares as follows:
Fund Classes Offered ---- --------------- CVUSTS ....... Vista, Premier, Institutional CVUSG ........ Vista, Premier, Institutional CVTP ......... Vista, Premier, Institutional CVF .......... Vista, Premier, Institutional CVCM ......... Vista, Premier, Institutional CVP .......... Vista, Premier, Institutional, B Shares, C Shares CVTF ......... Vista, Premier, Institutional CVNYTF ....... Vista CVCTF ........ Vista
All classes of shares have equal rights as to earnings, assets and voting privileges except that each class may bear different transfer agent, distribution and shareholder servicing expenses, and each class has exclusive voting rights with respect to its distribution plan and shareholder servicing agreement. The following is a summary of significant accounting policies followed by the Funds: The preparation of financial statements in accordance with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates. A. Valuation of investments -- Money market instruments are valued at amortized cost which approximates market value. The Trust's use of amortized cost is subject to the Trust's compliance with certain conditions as specified under Rule 2a-7 of the 1940 Act. B. Repurchase agreements -- It is the Fund's policy that repurchase agreements are fully collateralized by U.S. Treasury and Government agency securities. All collateral is held by the Fund's custodian bank, subcustodian or a bank in which the custodian bank has entered into a subcustodian agreement or is segregated in the Federal Reserve Book Entry System. If the seller of a repurchase agreement defaults and the value of the collateral declines, or if the seller enters into an insolvency proceeding, realization of the collateral may be delayed or limited. In the event the buyer of securities under a reverse repurchase agreement files for bankruptcy or becomes insolvent, the Fund's use of proceeds of the agreement may be restricted pending a determination by the other party, or its trustee or receiver, whether to enforce the Fund's obligation to repurchase the securities. The Fund's use of the proceeds of the reverse repurchase agreement may also effectively be restricted pending such decisions. During the year ended August 31, 1999, CVP entered into one overnight reverse repurchase agreement amounting to $18,538,000 at 4.75%. Interest expense totaled $2,446. The Funds had no open reverse repurchase agreements at August 31, 1999. C. Security transactions and investment income -- Investment transactions are accounted for on the trade date (the date the order to buy or sell is executed). 106 Chase Vista Funds Notes to Financial Statements (continued) -------------------------------------------------------------------------------- Securities gains and losses are calculated on the identified cost basis. Interest income consists of coupon interest accrued and amortization of premium and discount earned. D. Federal income taxes -- Each Fund is treated as a separate taxable entity for Federal income tax purposes. The Fund's policy is to comply with the provisions of the Internal Revenue Code applicable to regulated investment companies and to distribute to shareholders all of its distributable net income, including net realized gain on investments. In addition, the Fund intends to make distributions as required to avoid excise taxes. Accordingly, no provision for Federal income or excise tax is necessary. E. Distributions to shareholders -- Dividends and distributions paid to shareholders are recorded on the ex-dividend date. The amount of dividends and distributions from net investment income and net realized capital gains is determined in accordance with Federal income tax regulations, which may differ from generally accepted accounting principles. To the extent these "book/tax" differences are permanent in nature (i.e., that they result from other than timing of recognition -- "temporary differences"), such amounts are reclassified within the capital accounts based on their Federal income tax-basis treatment. Dividends and distributions which exceed net investment income or net realized capital gains for financial reporting purposes but not for tax purposes are reported as distributions in excess of net investment income or net realized capital gains. F. Income and Expenses -- Expenses directly attributable to a Fund are charged to that Fund; expenses directly attributable to a particular class are charged directly to such class. Other expenses are allocated proportionately among each of the Funds within the Trust in relation to the net assets of each Fund or on another reasonable basis. In calculating net asset value per share of each class, investment income, realized and unrealized gains and losses and expenses other than class specific expenses (e.g. transfer agent fees), are allocated daily to each class of shares based upon the proportion of net assets of each class at the beginning of each day. 2. Fees and Other Transactions with Affiliates A. Investment advisory fee -- Pursuant to separate Investment Advisory Agreements, The Chase Manhattan Bank ("Chase" or "Adviser") acts as the investment adviser to the Funds. Chase is a direct wholly-owned subsidiary of The Chase Manhattan Corporation. As investment adviser, Chase supervises the investments of each Fund and for such services is paid a fee. The fee is accrued daily and paid monthly at an annual rate equal to 0.10% of the average daily net assets for each respective Fund. The Adviser voluntarily waived all or a portion of its fees as outlined in Note 2.E. below. Chase Asset Management, Inc. ("CAM"), a registered investment adviser, is the sub-investment adviser to each Fund, other than CVCM and CVTF , pursuant to a Sub-Investment Advisory Agreement between CAM and Chase. CAM is a wholly owned subsidiary of Chase and is entitled to receive a fee, payable by Chase from its advisory fee, at an annual rate equal to 0.03% of each Fund's average daily net assets. Chase Bank of Texas, National Association ("CBT") is the sub-investment adviser to CVCM and CVTF pursuant to a Sub-Investment Advisory Agreement between Chase and CBT. CBT is a wholly-owned subsidiary of Chase and is entitled to receive a fee, payable by Chase from its advisory fee, at an annual rate equal to 0.03% of the Fund's average daily net assets. B. Shareholder and Fund servicing fees -- The Trust adopted Administrative Service Plans which, among other things, provide that the Trust on behalf of the Funds may obtain the services of one or more Shareholder Servicing Agents. For its services, each Shareholder Servicing Agent receives a fee. The fee is computed daily and paid monthly at an annual rate of 0.35%, of the average daily net assets of the Vista Class, 107 Chase Vista Funds Notes to Financial Statements (continued) -------------------------------------------------------------------------------- 0.25% of the average daily net assets of the Premier, B Shares and C Shares Classes, and effective November 1, 1998, 0.10% of the average daily net assets of the Institutional Class of each Fund. Chase and certain of its affiliates are the only Shareholder Servicing Agents. The Shareholder Servicing Agents have voluntarily waived all or a portion of their fees as outlined in Note 2.E. below. C. Distribution and sub-administrations fees -- Pursuant to a Distribution and Sub-Administration Agreement, Vista Fund Distributors, Inc. ("VFD" or the "Distributor"), a wholly-owned subsidiary of The BISYS Group, Inc. ("BISYS"), acts as the Trust's exclusive underwriter and promotes and arranges for the sale of each Fund's shares. In addition, the Distributor provides certain sub-administration services to the Trust, including providing officers, clerical staff and office space for an annual fee computed daily and paid monthly, of 0.05% of the average daily net assets of each Fund. The Trustees have adopted plans of distribution under the 1940 Act for the Premier Shares of CVUSG (the "Premier Plan"), for the Vista Shares (the "Vista Plan") except for CVCM and CVP, and for the B Shares and C Shares of the CVP (the "B Plan" and "C Plan", respectively). There are no distribution plans for the Institutional Shares. The Premier, Vista, B and C Share Plans pay the Distributor a distribution fee. The fee is computed daily and paid monthly at an annual rate of: 0.10% of the average daily net assets of the Vista Class of each Fund (except CVCM and CVP), 0.10% of the average daily net assets of the CVUSG Premier Class and 0.75% of the average daily net assets of the B Shares and C Shares of CVP. The Distributor voluntarily waived all or a portion of its distribution fees as outlined in Note 2.E. below. D. Administration fee -- Pursuant to the Administration Agreement, Chase (the "Administrator") provides certain administration services and facilities to each Fund at a fee computed daily and paid monthly at the annual rate equal to 0.05% of the respective Fund's average daily net assets. The Administrator voluntarily waived all or a portion of the administration fees as outlined in Note 2.E. below. E. Waiver of fees -- For the year ended August 31, 1999, the Adviser, Administrator, Shareholder Servicing Agents and Distributor voluntarily waived fees for each of the Funds as follows (amounts in thousands):
CVUSTS CVUSG CVTP ------ ----- ---- Investment Advisory ........... $ -- $ -- $ -- Administration ................ 1,776 -- 883 Shareholder Servicing ......... 2,126 5,946 1,547 Distribution .................. 1,041 428 -- ------ ------ ------ $4,943 $6,374 $2,430 ====== ====== ====== CVF CVCM CVP --- ---- --- Investment Advisory ........... $ -- $ -- $ -- Administration ................ -- -- -- Shareholder Servicing ......... 570 2,451 5,210 Distribution .................. -- -- -- ---- ------ ------ $570 $2,451 $5,210 ==== ====== ======
108 Chase Vista Funds Notes to Financial Statements (continued) --------------------------------------------------------------------------------
CVTF CVNYTF CVCTF ---- ------ ----- Investment Advisory ........... $ -- $ -- $ 46 Administration ................ 93 723 -- Shareholder Servicing ......... 1,355 -- 113 Distribution .................. -- 1,011 23 ------ ------ ---- $1,448 $1,734 $182 ====== ====== ====
F. Other --Certain officers of the Trust are officers of VFD or of its parent corporation, BISYS. In addition, Chase provides portfolio accounting and custody services for the Funds. Such amounts are presented in the Statement of Operations as custodian fees. 3. Federal Income Tax Matters -- At August 31, 1999, CVTF, CVNYTF and CVCTF had net capital loss carryovers of approximately $394,509, $61,468 and $14,469, respectively. Such losses will be available to offset future capital gains and will expire between August 31, 2001 and 2006. To the extent that any net capital losses are used to offset future capital gains, it is probable that the gains so offset will not be distributed to shareholders. 4. Concentration of Credit Risk -- As of August 31, 1999. CVCM invested 79.9% of its net assets in financial institutions, of which 8.8% was invested in Broker Dealers, 24.1% in Banking and 47.0% in other financial service providers. CVP invested 91.9% of its net assets in financial institutions, of which 6.6% was invested in Broker Dealers, 20.5% in Banking and 64.8% in other financial service providers. General economic conditions, as well as exposure to credit losses arising from possible financial difficulties of borrowers, play an important role in the operation of the financial services industry. CVTF, CVNYTF and CVCTF invest substantially all of their assets in a diversified portfolio of debt obligations issued by states, territories and possessions of the United States and by the District of Columbia, and by their political subdivisions and duly constituted authorities, with CVNYTF primarily investing in issuers in the State of New York, and CVCTF primarily investing in issuers in the State of California. As of August 31, 1999, CVTF invested approximately 15.7% of its net assets in issuers in the State of Texas. The issuers' abilities to meet their obligations may be affected by economic or political developments in a specific state or region. 5. Trustee Compensation -- The Funds have adopted an unfunded noncontributory defined benefit pension plan covering all independent trustees of the Funds who will have served as an independent trustee for at least five years at the time of retirement. Benefits under this plan are based on compensation and years of service. Pension expenses for the year ended August 31, 1999, included in Trustees Fees and Expenses in the Statement of Operations, and accrued pension liability included in Other Accrued Liabilities in the Statement of Assets and Liabilities were as follows (in thousands):
Pension Accrued Pension Fund Expenses Liability ---------------- -------- --------------- CVUSTS ......... $ 81 $255 CVUSG .......... 126 498 CVTP ........... 44 195 CVF ............ 15 73 CVCM ........... 96 356 CVP ............ 105 287 CVTF ........... 20 94 CVNYTF ......... 23 97 CVCTF .......... 1 4
109 Chase Vista Funds Financial Highlights --------------------------------------------------------------------------------
100% U.S. Treasury Securities Money Market Fund -------------------------------------------------------------- Vista Shares -------------------------------------------------------------- Year Ended Year Ended August 31, 12/1/95++ November 30, ---------------------------- Through ----------------- 1999 1998 1997 8/31/96 1995 1994 ------ ------ ------ --------- ------ ------ Per Share Operating Performance Net Asset Value, Beginning of Period $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 ------ ------ ------ ------ ------ ------ Income from Investment Operations: Net Investment Income ................. 0.04 0.05 0.05 0.04 0.05 0.03 Less Dividends from Net Investment Income .................... 0.04 0.05 0.05 0.04 0.05 0.03 ------ ------ ------ ------ ------ ------ Net Asset Value, End of Period .......... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 ====== ====== ====== ====== ====== ====== Total Return ............................ 4.31% 4.92% 4.87% 3.50% 5.15% 3.32% Ratios/Supplemental Data: Net Assets, End of Period (millions) .... $3,312 $3,051 $2,376 $1,672 $1,338 $1,024 Ratios to Average Net Assets#: Expenses ............................... 0.59% 0.59% 0.59% 0.60% 0.58% 0.59% Net Investment Income .................. 4.15% 4.78% 4.74% 4.58% 4.99% 3.26% Expenses Without Waivers and Assumption of Expenses ................ 0.71% 0.71% 0.71% 0.68% 0.61% 0.62% Net Investment Income Without Waivers and Assumption of Expenses .............................. 4.03% 4.66% 4.62% 4.50% 4.96% 3.23% 100% U.S. Treasury Securities Money Market Fund ----------------------------------------------- Premier Shares ------------------------------------------- Year Ended August 31, 6/3/96* ------------------------------ Through 1999 1998 1997 8/31/96 ------ ------ ------ -------- Per Share Operating Performance Net Asset Value, Beginning of Period $ 1.00 $ 1.00 $ 1.00 $ 1.00 ------ ------ ------ ------ Income from Investment Operations: Net Investment Income ................. 0.04 0.05 0.05 0.01 Less Dividends from Net Investment Income .................... 0.04 0.05 0.05 0.01 ------ ------ ------ ------ Net Asset Value, End of Period .......... $ 1.00 $ 1.00 $ 1.00 $ 1.00 ====== ====== ====== ====== Total Return ............................ 4.40% 5.00% 4.91% 1.11% Ratios/Supplemental Data: Net Assets, End of Period (millions) .... $ 24 $ 22 $ 6 $ 1 Ratios to Average Net Assets#: Expenses ............................... 0.50% 0.51% 0.55% 0.42% Net Investment Income .................. 4.22% 4.99% 4.80% 3.45% Expenses Without Waivers and Assumption of Expenses ................ 0.56% 0.78% 0.80% 0.42% Net Investment Income Without Waivers and Assumption of Expenses .............................. 4.16% 4.72% 4.55% 3.45% 100% U.S. Treasury Securities Money Market Fund ------------------------------------------ Institutional Shares ----------------------------------------- Year Ended August 31, 6/3/96* ----------------------------- Through 1999 1998 1997 8/31/96 ------ ------ ------ ------- Per Share Operating Performance Net Asset Value, Beginning of Period $ 1.00 $ 1.00 $ 1.00 $ 1.00 ------ ------ ------ ------ Income from Investment Operations: Net Investment Income ................. 0.05 0.05 0.05 0.01 Less Dividends from Net Investment Income .................... 0.05 0.05 0.05 0.01 ------ ------ ------ ------ Net Asset Value, End of Period .......... $ 1.00 $ 1.00 $ 1.00 $ 1.00 ====== ====== ====== ====== Total Return ............................ 4.67% 5.30% 5.20% 1.23% Ratios/Supplemental Data: Net Assets, End of Period (millions) .... $ 895 $1,796 $ 81 $ 1 Ratios to Average Net Assets#: Expenses ............................... 0.24% 0.21% 0.27% 0.21% Net Investment Income .................. 4.51% 5.13% 5.06% 3.65% Expenses Without Waivers and Assumption of Expenses ................ 0.32% 0.25% 0.27% 0.21% Net Investment Income Without Waivers and Assumption of Expenses .............................. 4.43% 5.09% 5.06% 3.65%
------- ++ In 1996, the Fund changed its fiscal year-end from November 30 to August 31. * Commencement of offering of class of shares. # Short periods have been annualized. See notes to financial statements. 110 Chase Vista Funds Financial Highlights (continued) --------------------------------------------------------------------------------
U.S. Government Money Market Fund ------------------------------------------------- Vista Shares ------------------------------------------------- Year Ended August 31, ------------------------------------------------- 1999 1998 1997 1996 1995 ------ ------ ------ ------ ------ Per Share Operating Performance Net Asset Value, Beginning of Period ............................ $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 ------ ------ ------ ------ ------ Income from Investment Operations: Net Investment Income .......................................... 0.04 0.05 0.05 0.05 0.05 Less Dividends from Net Investment Income ...................... 0.04 0.05 0.05 0.05 0.05 ------ ------ ------ ------ ------ Net Asset Value, End of Period ................................... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 ====== ====== ====== ====== ====== Total Return ..................................................... 4.55% 5.14% 5.04% 4.97% 5.05% Ratios/Supplemental Data: Net Assets, End of Period (millions) ............................. $3,538 $3,033 $2,139 $2,057 $ 341 Ratios to Average Net Assets: Expenses ........................................................ 0.59% 0.59% 0.59% 0.65% 0.80% Net Investment Income ........................................... 4.46% 5.01% 4.93% 4.83% 4.93% Expenses Without Waivers and Assumption of Expenses ............. 0.69% 0.70% 0.72% 0.73% 0.80% Net Investment Income Without Waivers and Assumption of Expenses 4.36% 4.90% 4.80% 4.75% 4.93%
See notes to financial statements. 111 Chase Vista Funds Financial Highlights (continued) --------------------------------------------------------------------------------
U.S. Government Money Market Fund ------------------------------------------------- Premier Shares ------------------------------------------------- Year Ended August 31, ------------------------------------------------- 1999 1998 1997 1996 1995 ------ ------ ------ ------ ------ Per Share Operating Performance Net Asset Value, Beginning of Period ........... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 ------ ------ ------ ------ ------ Income from Investment Operations: Net Investment Income ......................... 0.05 0.05 0.05 0.05 0.05 Less Dividends from Net Investment Income ..... 0.05 0.05 0.05 0.05 0.05 ------ ------ ------ ------ ------ Net Asset Value, End of Period .................. $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 ====== ====== ====== ====== ====== Total Return .................................... 4.70% 5.25% 5.08% 5.15% 5.31% Ratios/Supplemental Data: Net Assets, End of Period (millions) ............ $ 922 $1,084 $ 837 $ 802 $ 764 Ratios to Average Net Assets: Expenses ....................................... 0.45% 0.48% 0.55% 0.55% 0.55% Net Investment Income .......................... 4.60% 5.12% 4.97% 5.04% 5.22% Expenses Without Waivers and Assumption of Expenses ................................... 0.58% 0.60% 0.60% 0.59% 0.59% Net Investment Income Without Waivers and Assumption of Expenses .................... 4.47% 5.00% 4.92% 5.00% 5.18% U.S. Government Money Market Fund ------------------------------------------------------ Institutional Shares ------------------------------------------------------ Year Ended August 31, ------------------------------------------------------ 1999 1998 1997 1996 1995 ------- ------- ------- ------- ------ Per Share Operating Performance Net Asset Value, Beginning of Period ........... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 ------- ------- ------- ------- ------ Income from Investment Operations: Net Investment Income ......................... 0.05 0.05 0.05 0.05 0.05 Less Dividends from Net Investment Income ..... 0.05 0.05 0.05 0.05 0.05 ------- ------- ------- ------- ------ Net Asset Value, End of Period .................. $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 ======= ======= ======= ======= ====== Total Return .................................... 4.92% 5.51% 5.40% 5.45% 5.60% Ratios/Supplemental Data: Net Assets, End of Period (millions) ............ $ 2,913 $ 2,797 $ 2,955 $ 1,182 $ 466 Ratios to Average Net Assets: Expenses ....................................... 0.25% 0.24% 0.24% 0.27% 0.27% Net Investment Income .......................... 4.80% 5.36% 5.29% 5.30% 5.58% Expenses Without Waivers and Assumption of Expenses ................................... 0.31% 0.24% 0.24% 0.27% 0.28% Net Investment Income Without Waivers and Assumption of Expenses .................... 4.74% 5.36% 5.29% 5.30% 5.57%
See notes to financial statements. 112 Chase Vista Funds Financial Highlights (continued) --------------------------------------------------------------------------------
Treasury Plus Money Market Fund -------------------------------------------------------------- Vista Shares Premier Shares ---------------------------------------- ------------------ Year Ended Year Ended August August 31, 5/6/96* 31, ---------------------------- Through ------------------ 1999 1998 1997 8/31/96 1999 1998 ------ ------ ------ ------- ------ ------ Per Share Operating Performance Net Asset Value, Beginning of Period ................................. $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 ------ ------ ------ ------ ------ ------ Income from Investment Operations: Net Investment Income .................. 0.04 0.05 0.05 0.02 0.04 0.05 Less Dividends from Net Investment Income ..................... 0.04 0.05 0.05 0.02 0.04 0.05 ------ ------ ------ ------ ------ ------ Net Asset Value, End of Period ........... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 ====== ====== ====== ====== ====== ====== Total Return ............................. 4.39% 5.05% 4.89% 1.50% 4.54% 5.18% Ratios/Supplemental Data: Net Assets, End of Period (millions) ..... $1,734 $1,316 $1,606 $1,382 $ 476 $ 155 Ratios to Average Net Assets:# Expenses ................................ 0.59% 0.59% 0.59% 0.59% 0.45% 0.46% Net Investment Income ................... 4.27% 4.92% 4.79% 4.63% 4.42% 5.06% Expenses Without Waivers and Assumption of Expenses ................. 0.69% 0.70% 0.70% 0.73% 0.50% 0.50% Net Investment Income Without Waivers and Assumption of Expenses .............................. 4.17% 4.81% 4.68% 4.49% 4.37% 5.02% Treasury Plus Money Market Fund ------------------------------- Premier Shares ------------------------------ Year Ended August 31, ------------------------------ 1997 1996 1995 ------ ------ ------ Per Share Operating Performance Net Asset Value, Beginning of Period ................................. $ 1.00 $ 1.00 $ 1.00 ------ ------ ------ Income from Investment Operations: Net Investment Income .................. 0.05 0.05 0.05 Less Dividends from Net Investment Income ..................... 0.05 0.05 0.05 ------ ------ ------ Net Asset Value, End of Period ........... $ 1.00 $ 1.00 $ 1.00 ====== ====== ====== Total Return ............................. 4.98% 5.07% 5.17% Ratios/Supplemental Data: Net Assets, End of Period (millions) ..... $ 131 $ 106 $ 19 Ratios to Average Net Assets:# Expenses ................................ 0.51% 0.52% 0.50% Net Investment Income ................... 4.88% 4.85% 5.23% Expenses Without Waivers and Assumption of Expenses ................. 0.53% 0.63% 1.57% Net Investment Income Without Waivers and Assumption of Expenses .............................. 4.86% 4.74% 4.16% Treasury Plus Money Market Fund -------------------------------------------------- Institutional Shares -------------------------------------------------- Year Ended August 31, -------------------------------------------------- 1999 1998 1997 1996 1995 ------ ------ ------ ------ ------ Per Share Operating Performance Net Asset Value, Beginning of Period ................................. $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 ------ ------ ------ ------ ------ Income from Investment Operations: Net Investment Income .................. 0.05 0.05 0.05 0.05 0.05 Less Dividends from Net Investment Income ..................... 0.05 0.05 0.05 0.05 0.05 ------ ------ ------ ------ ------ Net Asset Value, End of Period ........... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 ====== ====== ====== ====== ====== Total Return ............................. 4.75% 5.44% 5.24% 5.29% 5.36% Ratios/Supplemental Data: Net Assets, End of Period (millions) ..... $ 980 $ 876 $ 292 $ 189 $ 18 Ratios to Average Net Assets:# Expenses ................................ 0.24% 0.21% 0.26% 0.30% 0.32% Net Investment Income ................... 4.61% 5.29% 5.16% 5.11% 5.21% Expenses Without Waivers and Assumption of Expenses ................. 0.31% 0.25% 0.26% 0.38% 0.89% Net Investment Income Without Waivers and Assumption of Expenses .............................. 4.54% 5.25% 5.16% 5.03% 4.64%
------- # Short periods have been annualized. * Commencement of offering of class of shares. See notes to financial statements. 113 Chase Vista Funds Financial Highlights (continued) --------------------------------------------------------------------------------
Federal Money Market Fund -------------------------------------------------- Vista Shares -------------------------------------------------- Year Ended August 31, -------------------------------------------------- 1999 1998 1997 1996 1995 ------ ------ ------ ------ ------ Per Share Operating Performance Net Asset Value, Beginning of Period .......... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 ------ ------ ------ ------ ------ Income from Investment Operations: Net Investment Income ........................ 0.04 0.05 0.05 0.05 0.05 Less Dividends from Net Investment Income 0.04 0.05 0.05 0.05 0.05 ------ ------ ------ ------ ------ Net Asset Value, End of Period ................. $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 ====== ====== ====== ====== ====== Total Return ................................... 4.46% 4.94% 4.91% 4.83% 5.20% Ratios/Supplemental Data: Net Assets, End of Period (millions) ........... $ 550 $ 359 $ 301 $ 353 $ 203 Ratios to Average Net Assets: Expenses ...................................... 0.70% 0.70% 0.70% 0.70% 0.69% Net Investment Income ......................... 4.35% 4.88% 4.79% 4.79% 5.16% Expenses Without Waivers and Assumption of Expenses .................................. 0.78% 0.84% 0.82% 0.93% 0.93% Net Investment Income Without Waivers and Assumption of Expenses ................... 4.27% 4.74% 4.67% 4.56% 4.92% Federal Money Market Fund ------------------------------------------------------ Premier Shares ------------------------------------------------------ Year Ended August 31, ------------------------------------------------------ 1999 1998 1997 1996 1995 ------ ------ ------ ------ ------ Per Share Operating Performance Net Asset Value, Beginning of Period .......... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 ------ ------ ------ ------ ------ Income from Investment Operations: Net Investment Income ........................ 0.05 0.05 0.05 0.05 0.05 Less Dividends from Net Investment Income 0.05 0.05 0.05 0.05 0.05 ------ ------ ------ ------ ------ Net Asset Value, End of Period ................. $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 ====== ====== ====== ====== ====== Total Return ................................... 4.67% 5.22% 5.12% 5.14% 5.40% Ratios/Supplemental Data: Net Assets, End of Period (millions) ........... $ 298 $ 313 $ 400 $ 249 $ 149 Ratios to Average Net Assets: Expenses ...................................... 0.50% 0.50% 0.50% 0.50% 0.49% Net Investment Income ......................... 4.56% 5.07% 5.01% 4.99% 5.32% Expenses Without Waivers and Assumption of Expenses .................................. 0.50% 0.51% 0.52% 0.52% 0.59% Net Investment Income Without Waivers and Assumption of Expenses ................... 4.56% 5.06% 4.99% 4.97% 5.22%
See notes to financial statements. 114 Chase Vista Funds Financial Highlights (continued) --------------------------------------------------------------------------------
Federal Money Market Fund -------------------------------------------------- Institutional Shares -------------------------------------------------- Year Ended August 31, -------------------------------------------------- 1999 1998 1997 1996 1995 ------ ------ ------ ------ ------ Per Share Operating Performance Net Asset Value, Beginning of Period .......... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 ------ ------ ------ ------ ------ Income from Investment Operations: Net Investment Income ........................ 0.05 0.05 0.05 0.05 0.05 Less Dividends from Net Investment Income..... 0.05 0.05 0.05 0.05 0.05 ------ ------ ------ ------ ------ Net Asset Value, End of Period ................. $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 ====== ====== ====== ====== ====== Total Return ................................... 4.92% 5.46% 5.35% 5.35% 5.57% Ratios/Supplemental Data: Net Assets, End of Period (millions) ........... $ 248 $ 198 $ 131 $ 141 $ 114 Ratios to Average Net Assets:# Expenses ...................................... 0.26% 0.27% 0.27% 0.30% 0.31% Net Investment Income ......................... 4.79% 5.32% 5.23% 5.20% 5.45% Expenses Without Waivers and Assumption of Expenses .................................. 0.34% 0.27% 0.27% 0.30% 0.37% Net Investment Income Without Waivers and Assumption of Expenses ....................... 4.71% 5.32% 5.23% 5.20% 5.39% Cash Management Fund -------------------------------------------------------------------- Vista Shares -------------------------------------------------------------------- Year Ended August 31, 12/1/95++ Year Ended November 30, -------------------------------- Through ----------------------- 1999 1998 1997 8/31/96 1995 1994 ------- ------- ------ --------- ------- ------- Per Share Operating Performance Net Asset Value, Beginning of Period .......... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 ------- ------- ------ ------- ------- ------- Income from Investment Operations: Net Investment Income ........................ 0.05 0.05 0.05 0.04 0.05 0.04 Less Dividends from Net Investment Income..... 0.05 0.05 0.05 0.04 0.05 0.04 ------- ------- ------ ------- ------- ------- Net Asset Value, End of Period ................. $ 1.00 $ 1.00 $1.000 $ 1.00 $ 1.00 $ 1.000 ======= ======= ====== ======= ======= ======= Total Return ................................... 4.74% 5.23% 5.09% 3.69% 5.49% 3.62% Ratios/Supplemental Data: Net Assets, End of Period (millions) ........... $ 5,679 $ 3,642 $2,576 $ 1,621 $ 1,634 $ 990 Ratios to Average Net Assets:# Expenses ...................................... 0.59% 0.59% 0.59% 0.60% 0.58% 0.58% Net Investment Income ......................... 4.61% 5.09% 4.99% 4.91% 5.35% 3.62% Expenses Without Waivers and Assumption of Expenses .................................. 0.62% 0.61% 0.62% 0.63% 0.62% 0.62% Net Investment Income Without Waivers and Assumption of Expenses ....................... 4.58% 5.07% 4.96% 4.88% 5.31% 3.58%
------- ++ In 1996, the Fund changed its fiscal year-end from November 30 to August 31. # Short periods have been annualized. See notes to financial statements. 115 Chase Vista Funds Financial Highlights (continued) --------------------------------------------------------------------------------
Cash Management Fund --------------------------------------- Premier Shares --------------------------------------- Year Ended August 31, ---------------------------- 5/6/96* Through 1999 1998 1997 8/31/96 ------ ------ ------ ------- Per Share Operating Performance Net Asset Value, Beginning of Period ................................ $ 1.00 $ 1.00 $ 1.00 $ 1.00 ------ ------ ------ ------ Income from Investment Operations: Net Investment Income .............................................. 0.05 0.05 0.05 0.02 Less Dividends from Net Investment Income .......................... 0.05 0.05 0.05 0.02 ------ ------ ------ ------ Net Asset Value, End of Period ....................................... $ 1.00 $ 1.00 $ 1.00 $ 1.00 ====== ====== ====== ====== Total Return ......................................................... 4.89% 5.35% 5.18% 1.61% Ratios/Supplemental Data: Net Assets, End of Period (millions) ................................. $ 463 $ 415 $ 375 $ 433 Ratios to Average Net Assets:# Expenses ............................................................ 0.45% 0.47% 0.50% 0.50% Net Investment Income ............................................... 4.77% 5.22% 5.07% 4.93% Expenses Without Waivers and Assumption of Expenses ................. 0.50% 0.52% 0.51% 0.52% Net Investment Income Without Waivers and Assumption of Expenses .... 4.72% 5.17% 5.06% 4.91% Cash Management Fund ------------------------------------------ Institutional Shares ------------------------------------------ Year Ended August 31, 5/6/96* ------------------------------ Through 1999 1998 1997 8/31/96 ------- ------- ------- ------- Per Share Operating Performance Net Asset Value, Beginning of Period ................................ $ 1.00 $ 1.00 $ 1.00 $ 1.00 ------- ------- ------- ------- Income from Investment Operations: Net Investment Income .............................................. 0.05 0.06 0.05 0.02 Less Dividends from Net Investment Income .......................... 0.05 0.06 0.05 0.02 ------- ------- ------- ------- Net Asset Value, End of Period ....................................... $ 1.00 $ 1.00 $ 1.00 $ 1.00 ======= ======= ======= ======= Total Return ......................................................... 5.09% 5.59% 5.45% 1.69% Ratios/Supplemental Data: Net Assets, End of Period (millions) ................................. $ 1,547 $ 1,060 $ 924 $ 657 Ratios to Average Net Assets:# Expenses ............................................................ 0.26% 0.24% 0.24% 0.25% Net Investment Income ............................................... 4.95% 5.45% 5.34% 5.22% Expenses Without Waivers and Assumption of Expenses ................. 0.32% 0.24% 0.24% 0.25% Net Investment Income Without Waivers and Assumption of Expenses .... 4.89% 5.45% 5.34% 5.22%
------- * Commencement of offering of class of shares. # Short periods have been annualized. See notes to financial statements. 116 Chase Vista Funds Financial Highlights (continued) --------------------------------------------------------------------------------
Prime Money Market Fund ------------------------------------------------------ Premier Shares ------------------------------------------------------ Year Ended August 31, ------------------------------------------------------ 1999 1998 1997 1996 1995 ------- ------- ------- ------- ------- Per Share Operating Performance Net Asset Value, Beginning of Period .......... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 ------- ------- ------- ------- ------- Income from Investment Operations: Net Investment Income ........................ 0.05 0.05 0.05 0.05 0.05 Less Dividends from Net Investment Income..... 0.05 0.05 0.05 0.05 0.05 ------- ------- ------- ------- ------- Net Asset Value, End of Period ................. $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 ======= ======= ======= ======= ======= Total Return ................................... 4.90% 5.44% 5.34% 5.32% 5.44% Ratios/Supplemental Data: Net Assets, End of Period (millions) ........... $ 1,094 $ 590 $ 499 $ 419 $ 63 Ratios to Average Net Assets: Expenses ...................................... 0.45% 0.45% 0.45% 0.45% 0.45% Net Investment Income ......................... 4.77% 5.29% 5.17% 5.18% 5.24% Expenses Without Waivers and Assumption of Expenses .................................. 0.49% 0.51% 0.53% 0.51% 0.65% Net Investment Income Without Waivers and Assumption of Expenses ....................... 4.73% 5.23% 5.09% 5.12% 5.04% Prime Money Market Fund ------------------------------------------------- Institutional Shares ------------------------------------------------- Year Ended August 31, ------------------------------------------------- 1999 1998 1997 1996 1995 ------ ------ ------ ------ ------ Per Share Operating Performance Net Asset Value, Beginning of Period .......... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 ------ ------ ------ ------ ------ Income from Investment Operations: Net Investment Income ........................ 0.05 0.06 0.05 0.05 0.06 Less Dividends from Net Investment Income..... 0.05 0.06 0.05 0.05 0.06 ------ ------ ------ ------ ------ Net Asset Value, End of Period ................. $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 ====== ====== ====== ====== ====== Total Return ................................... 5.10% 5.65% 5.49% 5.51% 5.62% Ratios/Supplemental Data: Net Assets, End of Period (millions) ........... $8,161 $4,722 $1,348 $ 725 $ 186 Ratios to Average Net Assets: Expenses ...................................... 0.26% 0.24% 0.25% 0.26% 0.27% Net Investment Income ......................... 4.96% 5.50% 5.37% 5.33% 5.57% Expenses Without Waivers and Assumption of Expenses .................................. 0.33% 0.24% 0.25% 0.26% 0.35% Net Investment Income Without Waivers and Assumption of Expenses ....................... 4.89% 5.50% 5.37% 5.33% 5.49%
See notes to financial statements. 117 Chase Vista Funds Financial Highlights (continued) --------------------------------------------------------------------------------
Prime Money Market Fund ------------------------------------------------------ B Shares ------------------------------------------------------ Year Ended August 31, ------------------------------------------------------ 1999 1998 1997 1996 1995 ------ ------ ------ ------ ------ Per Share Operating Performance Net Asset Value, Beginning of Period ............. $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 ------ ------ ------ ------ ------ Income from Investment Operations: Net Investment Income ........................... 0.04 0.05 0.04 0.04 0.04 Less Dividends from Net Investment Income ....... 0.04 0.05 0.04 0.04 0.04 ------ ------ ------ ------ ------ Net Asset Value, End of Period .................... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 ====== ====== ====== ====== ====== Total Return ...................................... 4.07% 4.60% 4.33% 4.25% 4.37% Ratios/Supplemental Data: Net Assets, End of Period (millions) .............. $ 36 $ 29 $ 10 $ 16 $ 5 Ratios to Average Net Assets:# Expenses ......................................... 1.25% 1.25% 1.35% 1.47% 1.47% Net Investment Income ............................ 4.00% 4.49% 4.27% 4.17% 4.33% Expenses Without Waivers and Assumption of Expenses ........................................ 1.47% 1.50% 1.53% 1.71% 2.53% Net Investment Income Without Waivers and Assumption of Expenses ...................... 3.78% 4.24% 4.09% 3.93% 3.27% Prime Money Market Fund --------------------------------- C Shares Vista Shares ----------------- ------------ Year 5/14/98* 10/1/98* Ended Through Through 8/31/99 8/31/98 8/31/99 ------- -------- -------- Per Share Operating Performance Net Asset Value, Beginning of Period ............. $ 1.00 $ 1.00 $ 1.00 ------ ------ ------ Income from Investment Operations: Net Investment Income ........................... 0.04 0.01 0.04 Less Dividends from Net Investment Income ....... 0.04 0.01 0.04 ------ ------ ------ Net Asset Value, End of Period .................... $ 1.00 $ 1.00 $ 1.00 ====== ====== ====== Total Return ...................................... 3.85% 1.29% 4.26% Ratios/Supplemental Data: Net Assets, End of Period (millions) .............. $ 1 $ 1 $ 515 Ratios to Average Net Assets:# Expenses ......................................... 1.45% 1.50% 0.59% Net Investment Income ............................ 3.75% 4.21% 4.61% Expenses Without Waivers and Assumption of Expenses ........................................ 1.45% 1.50% 0.72% Net Investment Income Without Waivers and Assumption of Expenses ...................... 3.75% 4.21% 4.48%
------- # Short periods have been annualized. * Commencement of offering of classes of shares. See notes to financial statements. 118 Chase Vista Funds Financial Highlights (continued) --------------------------------------------------------------------------------
Tax Free Money Market Fund -------------------------------------------------- Vista Shares -------------------------------------------------- Year Ended August 31, -------------------------------------------------- 1999 1998 1997 1996 1995 ------ ------ ------ ------ ------ Per Share Operating Performance Net Asset Value, Beginning of Period ............................. $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 ------ ------ ------ ------ ------ Income from Investment Operations: Net Investment Income ........................................... 0.03 0.03 0.03 0.03 0.03 Less Dividends from Net Investment Income ....................... 0.03 0.03 0.03 0.03 0.03 ------ ------ ------ ------ ------ Net Asset Value, End of Period .................................... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 ====== ====== ====== ====== ====== Total Return ...................................................... 2.73% 3.10% 3.12% 2.92% 2.99% Ratios/Supplemental Data: Net Assets, End of Period (millions) .............................. $ 754 $ 733 $ 566 $ 574 $ 167 Ratios to Average Net Assets: Expenses ......................................................... 0.59% 0.59% 0.59% 0.69% 0.86% Net Investment Income ............................................ 2.68% 3.05% 3.08% 2.89% 2.96% Expenses Without Waivers and Assumption of Expenses .............. 0.73% 0.72% 0.73% 0.80% 0.94% Net Investment Income Without Waivers and Assumption of Expenses . 2.54% 2.92% 2.94% 2.78% 2.88%
See notes to financial statements. 119 Chase Vista Funds Financial Highlights (continued) --------------------------------------------------------------------------------
Tax Free Money Market Fund -------------------------------------------------- Premier Shares -------------------------------------------------- Year Ended August 31, -------------------------------------------------- 1999 1998 1997 1996 1995 ------ ------ ------ ------ ------ Per Share Operating Performance Net Asset Value, Beginning of Period ....... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 ------ ------ ------ ------ ------ Income from Investment Operations: Net Investment Income ..................... 0.03 0.03 0.03 0.03 0.03 Less Dividends from Net Investment Income 0.03 0.03 0.03 0.03 0.03 ------ ------ ------ ------ ------ Net Asset Value, End of Period .............. $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 ====== ====== ====== ====== ====== Total Return ................................ 2.78% 3.17% 3.19% 3.12% 3.29% Ratios/Supplemental Data: Net Assets, End of Period (millions) ........ $ 130 $ 133 $ 105 $ 145 $ 148 Ratio to Average Net Assets: Expenses ................................... 0.54% 0.53% 0.53% 0.58% 0.56% Net Investment Income ...................... 2.74% 3.10% 3.13% 3.08% 3.21% Expenses Without Waivers and Assumption of Expenses ............................... 0.56% 0.53% 0.53% 0.73% 0.84% Net Investment Income Without Waivers and Assumption of Expenses .................... 2.72% 3.10% 3.13% 2.93% 2.93% Tax Free Money Market Fund ------------------------------------------------------ Institutional Shares ------------------------------------------------------ Year Ended August 31, ------------------------------------------------------ 1999 1998 1997 1996 1995 ------ ------ ------ ------ ------ Per Share Operating Performance Net Asset Value, Beginning of Period ....... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 ------ ------ ------ ------ ------ Income from Investment Operations: Net Investment Income ..................... 0.03 0.03 0.04 0.03 0.04 Less Dividends from Net Investment Income 0.03 0.03 0.04 0.03 0.04 ------ ------ ------ ------ ------ Net Asset Value, End of Period .............. $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 ====== ====== ====== ====== ====== Total Return ................................ 3.07% 3.45% 3.45% 3.40% 3.53% Ratios/Supplemental Data: Net Assets, End of Period (millions) ........ $ 476 $ 410 $ 286 $ 149 $ 108 Ratio to Average Net Assets: Expenses ................................... 0.26% 0.26% 0.26% 0.31% 0.33% Net Investment Income ...................... 3.01% 3.37% 3.41% 3.33% 3.46% Expenses Without Waivers and Assumption of Expenses ............................... 0.35% 0.26% 0.26% 0.31% 0.34% Net Investment Income Without Waivers and Assumption of Expenses .................... 2.92% 3.37% 3.41% 3.33% 3.45%
See notes to financial statements. 120 Chase Vista Funds Financial Highlights (continued) --------------------------------------------------------------------------------
New York Tax Free Money Market Fund ------------------------------------------------- Vista Shares ------------------------------------------------- Year Ended August 31, ------------------------------------------------- 1999 1998 1997 1996 1995 ------ ------ ------ ------ ------ Per Share Operating Performance Net Asset Value, Beginning of Period .................................. $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 ------ ------ ------ ------ ------ Income from Investment Operations: Net Investment Income ................................................ 0.03 0.03 0.03 0.03 0.03 Less Dividends from Net Investment Income ............................ 0.03 0.03 0.03 0.03 0.03 ------ ------ ------ ------ ------ Net Asset Value, End of Period ......................................... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 ====== ====== ====== ====== ====== Total Return ........................................................... 2.66% 3.03% 3.02% 2.85% 2.88% Ratios/Supplemental Data: Net Assets, End of Period (millions) ................................... $1,505 $1,372 $ 957 $ 890 $ 378 Ratio to Average Net Assets: Expenses .............................................................. 0.59% 0.59% 0.59% 0.74% 0.86% Net Investment Income ................................................. 2.61% 2.97% 2.97% 2.79% 2.84% Expenses Without Waivers and Assumption of Expenses ................... 0.71% 0.72% 0.73% 0.83% 0.95% Net Investment Income Without Waivers and Assumption of Expenses ...... 2.49% 2.84% 2.83% 2.70% 2.75%
See notes to financial statements. 121 Chase Vista Funds Financial Highlights (continued) --------------------------------------------------------------------------------
California Tax Free Money Market Fund -------------------------------------------------- Vista Shares -------------------------------------------------- Year Ended August 31, -------------------------------------------------- 1999 1998 1997 1996 1995 ------ ------ ------ ------ ------ Per Share Operating Performance Net Asset Value, Beginning of Period .................................. $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 ------ ------ ------ ------ ------ Income from Investment Operations: Net Investment Income ................................................ 0.03 0.03 0.03 0.03 0.03 Less Dividends from Net Investment Income ............................ 0.03 0.03 0.03 0.03 0.03 ------ ------ ------ ------ ------ Net Asset Value, End of Period ......................................... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 ====== ====== ====== ====== ====== Total Return ........................................................... 2.66% 2.97% 3.02% 3.06% 3.32% Ratios/Supplemental Data: Net Assets, End of Period (millions) ................................... $ 68 $ 50 $ 46 $ 43 $ 58 Ratio of Average Net Assets: Expenses .............................................................. 0.55% 0.55% 0.56% 0.56% 0.48% Net Investment Income ................................................. 2.55% 2.89% 2.99% 3.03% 3.25% Expenses Without Waivers and Assumption of Expenses ................... 0.94% 0.93% 0.86% 1.02% 1.07% Net Investment Income Without Waivers and Assumption of Expenses ...... 2.16% 2.51% 2.69% 2.57% 2.66%
See notes to financial statements. 122 Report of Independent Accountants -------------------------------------------------------------------------------- To the Trustees and Shareholders of Mutual Fund Trust In our opinion, the accompanying statements of assets and liabilities, including the portfolios of investments, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of Chase Vista 100% U.S. Treasury Securities Money Market Fund, Chase Vista U.S. Government Money Market Fund, Chase Vista Treasury Plus Money Market Fund, Chase Vista Federal Money Market Fund, Chase Vista Cash Management Fund, Chase Vista Prime Money Market Fund, Chase Vista Tax Free Money Market Fund, Chase Vista New York Tax Free Money Market Fund, Chase Vista California Tax Free Money Market Fund (separate portfolios of Mutual Fund Trust, hereafter referred to as the "Trust") at August 31, 1999, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period then ended, and the financial highlights for each of the periods presented (for each of the three years in the period ended August 31, 1999 and for the period December 1, 1995 through August 31, 1996 for Chase Vista 100% U.S. Treasury Securities Money Market Fund and Chase Vista Cash Management Fund), in conformity with generally accepted accounting principles. These financial statements and financial highlights (hereafter referred to as "financial statements") are the responsibility of the Trust's management; our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with generally accepted auditing standards which require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities at August 31, 1999 by correspondence with the custodian and brokers, provide a reasonable basis for the opinion expressed above. The financial highlights of Chase Vista 100% U.S. Treasury Securities Money Market Fund and Chase Vista Cash Management Fund for each of the two years in the period ended November 30, 1995 were audited by other independent accountants whose report dated January 19, 1996 expressed an unqualified opinion on these financial highlights. PricewaterhouseCoopers LLP 1177 Avenue of the Americas New York, New York 10036 October 11, 1999 123 (unaudited) Chase Vista 100% U.S. Treasury Securities Money Market Fund (CVUSTS) Chase Vista U.S. Government Money Market Fund (CVUSG) Chase Vista Treasury Plus Money Market Fund (CVTP) Chase Vista Federal Money Market Fund (CVF) Chase Vista Cash Management Fund (CVCM) Chase Vista Prime Money Market Fund (CVP) Chase Vista Tax Free Money Market Fund (CVTF) Chase Vista New York Tax Free Money Market Fund (CVNYTF) Chase Vista California Tax Free Money Market Fund (CVCTF) -------------------------------------------------------------------------------- Certain tax information regarding the Chase Vista Mutual Funds is required to be provided to shareholders based upon the Funds income and distributions for the taxable year ended August 31, 1999. The information and distributions reported in this letter may differ from the information and distributions taxable to the shareholders for the calendar year ending December 31, 1999. The information necessary to complete your income tax returns for the calendar year ending December 31, 1999 will be received under separate cover. The following schedule presents the source and percentage of income from government obligations for the fiscal year ended August 31, 1999.
CVUSTS CVUSG CVTP CVF CVCM CVP ------ ----- ---- --- ---- --- U.S. Treasury Obligations 100.00% 0.57% 27.54% 2.58% -- -- Federal Farm Credit Bank -- 2.36% -- 34.39% -- 0.11% Federal Home Loan Bank -- 23.96% -- 45.84% 0.27% 0.11% Student Loan Marketing Association -- 5.95% -- 17.15% 0.92% 0.50% Tennessee Valley Authority -- -- -- 0.04% -- -- Federal Home Loan Mortgage Corporation -- 13.97% -- -- 0.25% 0.05% Federal National Mortgage Association -- 20.08% -- -- -- 0.02%
Also, for the fiscal year ended August 31, 1999: o The dividends paid from net investment income are 100.00%, 99.64% and 99.75% exempt from Federal income tax for CVTF, CVNYTF and CVCTF, respectively. o For shareholders who are subject to the Alternative Minimum Tax, the income from private activity bonds issued after August 7, 1986, which may be considered a tax preference item, was 18.00%, 11.60%, and 19.06% for CVTF, CVNYTF, and CVCTF, respectively. 124 [THIS PAGE INTENTIONALLY LEFT BLANK] [THIS PAGE INTENTIONALLY LEFT BLANK] [Back cover] CHASE VISTA MONEY MARKET FUNDS ANNUAL REPORT Investment Adviser, Administrator, Shareholder and Fund Servicing Agent and Custodian The Chase Manhattan Bank Distributor Vista Fund Distributors, Inc. Transfer Agent DST Systems, Inc. Legal Counsel Simpson Thacher & Bartlett Independent Accountants PricewaterhouseCoopers LLP Chase Vista Funds are distributed by Vista Fund Distributors, Inc., which is unaffiliated with The Chase Manhattan Bank. Chase and its respective affiliates receive compensation from Chase Vista Funds for providing investment advisory and other services. This report is submitted for the general information of the shareholders of the funds. It is not authorized for distribution to prospective investors in the funds unless preceded or accompanied by a prospectus. To obtain a prospectus for any of the Chase Vista Funds, call 1-800-34-VISTA. The prospectus contains more complete information, including charges and expenses. Please read it carefully before you invest or send money. (C) The Chase Manhattan Corporation, 1999, 2000. All Rights Reserved. October 1999 [Graphic: Globe] [Logo: CHASE VISTA FUNDS(SM)] Chase Vista Funds Fulfillment Center 393 Manley Street West Bridgewater, MA 02379-1039