-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, ExMp6lMrZkxyWcZhNTbJetc7Tbu5KkodAMNpINdRlcYrAruK+ylPNtG260HEBF9V TsPtEKJ91XZCTK0L5W5gQg== 0000950146-99-000990.txt : 19990504 0000950146-99-000990.hdr.sgml : 19990504 ACCESSION NUMBER: 0000950146-99-000990 CONFORMED SUBMISSION TYPE: N-30D PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 19990228 FILED AS OF DATE: 19990503 FILER: COMPANY DATA: COMPANY CONFORMED NAME: MUTUAL FUND TRUST CENTRAL INDEX KEY: 0000919034 STANDARD INDUSTRIAL CLASSIFICATION: [] STATE OF INCORPORATION: MA FISCAL YEAR END: 0831 FILING VALUES: FORM TYPE: N-30D SEC ACT: SEC FILE NUMBER: 811-08358 FILM NUMBER: 99608781 BUSINESS ADDRESS: STREET 1: 1 CHASE MANHATTAN PLAZA STREET 2: 3RD FLOOR CITY: NEW YORK STATE: NY ZIP: 10081 MAIL ADDRESS: STREET 1: ONE CHASE SQUARE 7TH FLOOR CITY: ROCHESTER STATE: NY ZIP: 14643 N-30D 1 Chase Vista Funds Chairman's Letter April 10, 1999 Dear Shareholder: We are pleased to present this semi-annual report for each of the Chase Vista Tax-Exempt Money Market FundsSM. Inside, you will find current seven-day yields for each Fund as of February 28, 1999 as well as listings of current holdings. Tax-Free Fixed Income Markets Move Higher Amidst Market Volatility At the start of the period, concerns about fiscal difficulties in southeast Asia were replaced by worries over mounting economic and currency problems in Russia. Fearing a global liquidity crisis, investors turned their attention from stocks to bonds, sending prices markedly higher and interest rates sharply lower. To keep the U.S. economy from receding during this period, the Federal Reserve Board reduced short-term interest rates in September, the first rate change by the central bank since March, 1997. The Fed trimmed rates again in the following two months, which reduced fears of a worldwide economic retreat. In January, global economic worries hit the market again--albeit briefly--due to financial difficulties in Brazil. A robust Gross Domestic Product report released at month's end had little impact on interest rates due to fears that China might devalue its currency and Brazil's problems would linger. In February, however, Brazil's economic troubles abated and another round of stronger-than-expected economic reports caused interest rates to rise significantly. This put the most pressure on the fixed-income markets since the Fed raised interest rates eight times in 1994. Despite the U.S. economy's robust showing in recent months--and a near-term outlook that calls for potentially more of the same--we believe the economy will begin to slow as the year progresses. It's worth noting that this sentiment was shared by Fed chairman Alan Greenspan during his semi-annual Humphery-Hawkins testimony in February. Sincerely, /s/ Fergus Reid Fergus Reid 3 Chase Vista Tax Free Money Market Fund as of February 28, 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 $1.3 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 .......... 74.81% 15-30 days ......... 1.18% 31-60 days ......... 4.39% 61-90 days ......... 2.48% 91+ days ........... 17.16%
4 Chase Vista Tax Free Money Market Fund as of February 28, 1999 (unaudited) How Much of the Fund Was Invested [PIE CHART OMITTED] Investments 97.8% Cash/Other 2.2% Yields
7-Day Taxable SEC Yield(1) Equivalent Yield(2) Vista Shares 2.50% 4.14% Premier Shares 2.56% 4.24% 5 Institutional Shares 2.83% 4.69%
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 for Vista Shares would have been 2.37%, 2.55% for Premier Shares and 2.73% 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. 5 Chase Vista Tax Free Money Market Fund Portfolio of Investments February 28, 1999 (unaudited) (amounts in thousands)
Principal Amount Issuer Value - ------------ ------------------------------------------ --------- State & Municipal Obligations -- 97.8% - ------------------------------------------------------------------ Alabama -- 2.8% $ 9,000 Birmingham, Alabama, Capital Improvement, Ser. A, FRDN, 3.20%, 03/04/99 $9,000 2,650 Birmingham, Alabama, Ser. A, FRDN, 3.90%, 03/04/99 2,650 6,650 Daphine, Alabama, Special Care Facilities Financing Authority, Presbyterian Retirement, Ser. A, FRDN, 2.95%, 03/04/99 6,650 3,445 Demopolis, Alabama, Industrial Development Board, IDR, McClain, Alabama Inc. Project, FRDN, 3.01%, 03/04/99 3,445 4,500 Oxford, Alabama, Municipal Securities Trust Receipts, FRDN, 3.07%, 03/04/99 4,500 8,000 Port City Medical Clinic Board, Mobile Alabama, Infirmary Health Systems, Ser. B, FRDN, 2.95%, 03/04/99 8,000 1,500 St. Claire County, Alabama, IDB, National Cement Co., Inc., Project II, FRDN, 2.95%, 03/04/99 1,500 ------ 35,745 ------ Alaska -- 0.5% 5,000 North Slope, Boro, Alaska, Capital Appreciation, Ser. A, GO, 3.17%, 06/30/99 4,948 2,000 North Slope, Boro, Alaska, Capital Appreciation, Ser. A, GO, 3.65%, 06/30/99 1,976 ------ 6,924 ------ Arizona -- 0.4% 5,000 Salt River Project, Arizona, Agriculture Improvement & Power District, Electric Systems, Salt River Project, Ser. A, Rev, 5.50%, 01/01/00 5,095 ------
See notes to financial statements. 6 Chase Vista Tax Free Money Market Fund Portfolio of Investments February 28, 1999 (unaudited) (continued) (amounts in thousands)
Principal Amount Issuer Value - ------------ -------------------------------------------- --------- State & Municipal Obligations -- continued - -------------------------------------------------------------------- Arkansas -- 1.2% $ 8,750 Miller County, Arkansas, Solid Waste Disposal, Tyson Foods Inc., Project, FRDN, 3.10%, 03/04/99 $8,750 7,250 Pulaski County, Arkansas, Public Facilities Board, MultiFamily Housing, Little Rock Residential, Rev, 4.13%, 04/01/99 7,250 ------ 16,000 ------ California -- 2.0% 10,000 California Higher Education Loan Authority Student Loan, Ser. D-1, Rev, 3.63%, 08/01/99 10,000 7,850 California Higher Education Loan Authority, Ser. A, Rev, 3.80%, 05/01/99 7,850 3,000 Student Education Loan Marketing Corp., California Student Loan, Series A, Rev, 3.80%, 06/01/99 3,000 5,000 Student Education Loan Marketing Corp., California Student Loan, Series A, FRDN, 3.05%, 03/04/99 5,000 ------ 25,850 ------ Colorado -- 0.5% 6,000 Adams County, Colorado, IDR, Clear Creek Business, FRDN, 3.00%, 03/04/99 6,000 ------ Delaware -- 0.7% 6,155 Delaware State Transit Authority Transit System, FRDN, 3.63%, 03/04/99 6,155 3,000 Delaware Valley, Pennsylvania, Regional Financing Authority, Local Government, Ser. A, FRDN, 3.00%, 03/04/99 3,000 ------ 9,155 ------ District of Columbia -- 0.2% 1,500 District of Columbia, George Washington University, Series A, FRDN, 2.95%, 03/04/99 1,500
See notes to financial statements. 7 Chase Vista Tax Free Money Market Fund Portfolio of Investments February 28, 1999 (unaudited) (continued) (amounts in thousands)
Principal Amount Issuer Value - ------------ -------------------------------------------- --------- State & Municipal Obligations -- continued - ------------------------------------------------------------------- $ 1,500 District of Columbia, Pooled Loan Program, Ser. A, FRDN, 2.95%, 03/04/99 $1,500 ------ 3,000 ------ Florida -- 8.5% 5,000 Capital Finance Authority, Florida Hospital Association, Capital Projects Loan, Series A, FRDN, 3.10%, 03/04/99 5,000 4,700 Florida Housing Finance Agency, Multi- Family Housing, Sarasota, Ser. C, FRDN, 3.00%, 03/04/99 4,700 5,000 Florida Housing Finance Authority, Multi- Family Housing, Kings Project, Series D, FRDN, 3.00%, 03/04/99 5,000 4,000 Florida Housing Financing Agency, Multi- Family Housing, Lakeside, Ser. B, FRDN, 3.00%, 03/04/99 4,000 9,000 Greater Orlando Aviation Authority CP, 3.05%, 04/26/99 9,000 18,540 Gulf Breeze, Florida, Local Government Loan Program, Ser. B, FRDN, 2.95%, 03/04/99 18,540 17,105 Gulf Breeze, Florida, Local Government Loan Program, Ser. C, FRDN, 2.95%, 03/04/99@ 17,105 10,100 Jacksonville, Florida, FRDN, 3.60%, 03/04/99 10,100 5,000 Orange County, Florida, Health Facilities Authority, Presbyterian Retirement Project, FRDN, 3.00%, 03/04/99 5,000 3,000 Palm Beach County, Florida, HFA, Single Family Mortgage, Series B, GO, 3.75%, 07/01/99 3,000 5,000 Polk County, Florida, IDA, Farmland Hydro LP Project, FRDN, 3.05%, 03/04/99 5,000
See notes to financial statements. 8 Chase Vista Tax Free Money Market Fund Portfolio of Investments February 28, 1999 (unaudited) (continued) (amounts in thousands)
Principal Amount Issuer Value - ------------ ---------------------------------------------- ---------- State & Municipal Obligations -- continued - ---------------------------------------------------------------------- $ 5,800 St. Lucie County, Florida, PCR, Florida Power & Light Co. Project, FRDN, 3.20%, 03/01/99 $ 5,800 7,000 Sunshine State, Series 98A, CP, 2.80%, 06/15/99 7,000 4,500 The University of North Florida Foundation Inc., Florida Parking System, FRDN, 2.95%, 03/04/99 4,500 5,580 Volusia County, Florida, Health Facilities, Hospital S.W. Volusia Health, Series A, FRDN, 2.90%, 03/04/99 5,580 ------- 109,325 ------- Georgia -- 10.8% 1,100 Atlanta, Georgia, Airport Facilities, Ser. B, Rev, 5.25%, 01/01/00 1,119 2,200 Bartow County, Georgia, Development Authority, PC, Georgia Power Co., Plant Bowen Project, FRDN, 1.60%, 03/01/99 2,200 3,640 Carroll County, Georgia, School District, GO, 3.70%, 04/01/99 3,642 9,900 Columbia County, Georgia, Elderly Authority, Residential Care Facilities, Augusta Resource Center on Aging, FRDN, 3.00%, 03/04/99 9,900 7,000 Crisp County, Georgia, Solid Waste Management Authority, FRDN, 3.40%, 03/04/99 7,000 2,200 Elbert County & Elberton & Bowman Georgia Development Authority, IDR, Seaboard Farms, FRDN, 2.95%, 03/04/99 2,200 2,600 Fulco, Georgia, Hospital Authority, Piedmont Hospital Project, FRDN, 3.00%, 03/04/99 2,600 1,000 Fulton County, Georgia Development Authority, Arthritis Foundation Inc. Project, FRDN, 3.00%, 03/04/99 1,000
See notes to financial statements. 9 Chase Vista Tax Free Money Market Fund Portfolio of Investments February 28, 1999 (unaudited) (continued) (amounts in thousands)
Principal Amount Issuer Value - ------------ ------------------------------------------ --------- State & Municipal Obligations -- continued - ----------------------------------------------------------------- $ 1,600 Fulton County, Georgia Development Authority, ID, American Graphics Project, FRDN, 3.05%, 03/04/99 $1,600 7,000 Fulton County, Georgia, Housing Authority, MultiFamily Housing, Hampton Hills Apartment Project, FRDN, 3.10%, 03/04/99 7,000 8,400 Fulton County, Georgia, Housing Authority, MultiFamily Housing, Holcomb Landing Apartments, FRDN, 3.00%, 03/04/99 8,400 13,860 Fulton County, Georgia, Housing Authority, Residential Revenue Construction, FRDN, 3.40%, 03/04/99@ 13,860 17,584 Georgia Municipal Association Pooled Bond FRDN, 2.90%, 03/04/99 17,584 5,300 Georgia Municipal Gas Authority, Gas Portfolio II Project, Ser. A, FRDN, 2.95%, 03/04/99 5,300 19,500 Georgia Municipal Gas Authority, Gas Portfolio II Project, Ser. B, FRDN, 2.95%, 03/04/99 19,500 3,415 Georgia Municipal Gas Authority, Gas Portfolio II Project, Ser. C, FRDN, 2.95%, 03/04/99 3,415 5,345 Macon-Bibb County, Georgia, Hospital Authority, Medical Center of Central Georgia, FRDN, 3.00%, 04/01/99 5,345 11,225 Marietta Georgia Housing Authority MultiFamily, Winterset Apartments P, FRDN, 3.00%, 03/04/99 11,225 6,325 Marietta Georgia, Housing Authority MultiFamily, Concepts 21 Apartments, FRDN, 3.00%, 03/04/99 6,325
See notes to financial statements. 10 Chase Vista Tax Free Money Market Fund Portfolio of Investments February 28, 1999 (unaudited) (continued) (amounts in thousands)
Principal Amount Issuer Value - ------------ ------------------------------------------- ---------- State & Municipal Obligations -- continued - ------------------------------------------------------------------- $ 9,600 Monroe County, Georgia, Development Authority PCR, Georgia Power Co. Plant, Scherer, FRDN, 3.15%, 03/01/99 $ 9,600 ------- 138,815 ------- Hawaii -- 1.9% 1,000 Hawaii State Airports Systems, Rev, 7.10%, 07/01/99 1,011 8,225 Hawaii State, Series 2, FRDN, 3.46%, 03/04/99 8,225 14,755 Hawaii State, Series 6, FRDN, 3.75%, 03/04/99@ 14,755 ------- 23,991 ------- Idaho -- 0.3% 3,800 Port Lewiston Port Facilities Idaho Rev., Fribourg Investment Co., FRDN, 3.50%, 03/04/99 3,800 ------- Illinois -- 5.0% 7,635 Chicago, Illinois, FLOATS, PT 1034, FRDN, 2.97%, 03/04/99 7,635 5,200 Chicago, Illinois, O'Hare International Airport, General Airport, Second Lien, Ser. C, FRDN, 3.00%, 03/04/99 5,200 2,850 Cook County, Illinois, IDR, Little Lady Foods, Inc. Project, FRDN, 3.01%, 03/04/99 2,850 2,000 Illinois Development Financing Authority, IDR, Balspar Corp. Project, FRDN, 3.05%, 03/04/99 2,000 3,605 Illinois Development Financing Authority, IDR, CFC International Inc. Project, FRDN, 3.40%, 03/04/99 3,605 4,825 Illinois Development Financing Authority, IDR, Foundation for Safety & Health, FRDN, 2.79%, 03/04/99 4,825
See notes to financial statements. 11 Chase Vista Tax Free Money Market Fund Portfolio of Investments February 28, 1999 (unaudited) (continued) (amounts in thousands)
Principal Amount Issuer Value - ------------ ------------------------------------------------ --------- State & Municipal Obligations -- continued - ----------------------------------------------------------------------- $ 1,735 Illinois Development Financing Authority, IDR, Revcor Inc. Project, FRDN, 3.40%, 03/04/99 $1,735 2,035 Illinois Development Financing Authority, IDR, Toughy Ltd. Partnership Project, FRDN, 3.01%, 03/04/99- 2,035 10,500 Illinois Health Facilities Authority, St. Lukes Medical Center Obligation, Ser. B, FRDN, 3.00%, 03/04/99 10,500 2,995 Libertyville, Illinois, ID, Libertyville Manor Project, FRDN, 3.00%, 03/04/99 2,995 8,500 Lisle, Illinois, MultiFamily, Ashley of Lisle Project, FRDN, 3.00%, 03/04/99 8,500 6,300 Plainfield Illinois, IDR, Plainfield Molding Project, FRDN, 3.01%, 03/04/99 6,300 3,000 Schaumburg, Illinois, MultiFamily Housing, Windsong Apartments Project, FRDN, 3.28%, 03/04/99 3,000 2,425 Tinley Park, Illinois, MultiFamily, Edgewater Walk IIIA & IIIB, FRDN, 3.28%, 03/04/99 2,425 ------ 63,605 ------ Indiana--2.5% 11,100 Indiana State Development Finance Authority, PC, Southern Indiana Gas & Electric Co., Rev, 3.70%, 03/15/99 11,100 1,745 Lafayette Indiana Economic Development, Health Quest Realty XI, FRDN, 3.00%, 03/04/99 1,745 6,900 Monroe County, Indiana, Hospital Authority, FRDN, 3.10%, 03/04/99 6,900 765 Muncie Indiana Econmic Development, Health Quest Realty Project, FRDN, 3.00%, 03/04/99 765 11,500 Sullivan, Indiana, PCR, National Rural, Hoosier, CP, 2.85%, 06/16/99 11,500 ------ 32,010 ------
See notes to financial statements. 12 Chase Vista Tax Free Money Market Fund Portfolio of Investments February 28, 1999 (unaudited) (continued) (amounts in thousands)
Principal Amount Issuer Value - ------------ -------------------------------------------- --------- State & Municipal Obligations -- continued - ------------------------------------------------------------------- Iowa -- 0.3% $ 3,700 Iowa Financing Authority, Solid Waste Disposal, Cedar River Paper Co. Project, Ser. A, FRDN, 3.25%, 03/04/99 $3,700 ------ Kansas -- 0.3% 2,150 Spring Hill, Kansas IRB, Abrasive Engineering Project, FRDN, 3.01%, 03/04/99 2,150 1,650 Wichita, Kansas, Airport Facilities, Cessna Citation Center Project, Ser III, FRDN, 3.55%, 03/04/99 1,650 ------ 3,800 ------ Kentucky -- 0.2% 1,950 Kentucky Higher Education Student Loan Corp., Ser. D, Rev, 6.55%, 12/01/99 1,997 ------ Louisiana -- 1.7% 7,785 Louisiana Public Facilities Authority, Supplemental Student Loan, Ser. B, Rev, 8.13%, 12/01/99 8,077 6,800 Louisiana State, Offshore Term Authority Deepwater Port, 1st State A, Loop Inc., FRDN, 3.20%, 03/01/99 6,800 1,775 New Orleans, Louisiana, Aviation Board, Series A, FRDN, 3.00%, 03/04/99 1,775 5,000 New Orleans, Louisiana, Home Mortgage Authority, Single Family Mortgage, Ser. 2, Rev, 3.55%, 03/01/99 5,000 ------ 21,652 ------ Maryland -- 3.0% 4,300 Anne Arundel County, Maryland, Ser. 97-A, CP, 3.00%, 03/05/99 4,300 725 Baltimore County, Maryland, Golf Systems, FRDN, 3.00%, 03/04/99 725 5,805 Howard County, Maryland MultiFamily Housing, Sherwood Crossing Ltd, Rev, 3.85%, 06/01/99 5,805
See notes to financial statements. 13 Chase Vista Tax Free Money Market Fund Portfolio of Investments February 28, 1999 (unaudited) (continued) (amounts in thousands)
Principal Amount Issuer Value - ------------ ------------------------------------------- --------- State & Municipal Obligations -- continued - ------------------------------------------------------------------ $ 4,600 Maryland State, Health & Higher Educational Facilities Authority, John Hopkins Hospital, Ser. A, FRDN, 2.90%, 03/04/99 $4,600 22,905 Maryland State, Municipal Transportation Certificates, MTC No. 14, Class A, FRDN, 3.35%, 03/04/99 22,905 ------ 38,335 ------ Massachusetts -- 0.2% 1,185 Massachusetts State, Housing Finance Agency, Housing Development, Ser. A, Rev, 3.85%, 12/01/99 1,190 1,000 Massachusetts State, Industrial Finance Agency, America Inc., Rev, 5.10%, 03/01/99 1,000 ------ 2,190 ------ Michigan -- 1.6% 10,000 Detroit, Michigan, Sewer Disposal, Ser. A, FRDN, 3.00%, 03/04/99 10,000 1,570 Michigan State Housing Development Authority, Rental Housing, Series A, Rev, 4.60%, 04/01/99 1,571 1,175 Michigan State Strategic Fund Ltd., Obligation Rev., Wayne Disposal, Oakland Project, FRDN, 3.00%, 03/04/99 1,175 8,300 Michigan State Trunk Line Floating Certificates, Ser. 21, FRDN, 3.72%, 03/04/99 8,300 ------ 21,046 ------ Minnesota--0.5% 2,700 Duluth, Economic Development Authority, Health Care Facilities, Miller-Dwan Medical Center Project, FRDN, 3.35%, 03/01/99 2,700
See notes to financial statements. 14 Chase Vista Tax Free Money Market Fund Portfolio of Investments February 28, 1999 (unaudited) (continued) (amounts in thousands)
Principal Amount Issuer Value - ------------ --------------------------------------------- --------- State & Municipal Obligations -- continued - -------------------------------------------------------------------- $ 3,300 Minnesota State, FRDN, 3.05%, 03/04/99 $3,300 ------ 6,000 ------ Mississippi -- 1.6% 3,820 Mississippi Business Financial Corp., IDR, Choctaw Maid Farms, Inc. Project, FRDN, 3.10%, 03/04/99 3,820 33,000 Mississippi State, Highway Rev. for Ser. 39, Capital Appreciation, Rev, 0.00%, 02/01/00- 15,138 1,800 Perry County, Mississippi PC, Leaf River Forest Project, FRDN, 2.95%, 03/04/99 1,800 ------ 20,758 ------ Missouri -- 0.4% 4,045 Kansas City, Missouri, IDA, MultiFamily Housing, Woodlands Partners Project, FRDN, 3.90%, 03/04/99 4,045 1,000 Macon, Missouri IDA, Health Care Realty Macon, FRDN, 2.95%, 03/04/99 1,000 ------ 5,045 ------ Montana -- 0.1% 1,000 Osage Beach Montana, IDA, Health Care Realty Osage, FRDN, 2.95%, 03/04/99 1,000 ------ Nebraska -- 0.4% 3,000 Omaha, Public Power District, Nebraska Electric, Ser. D, Rev, 4.40%, 02/01/00 3,036 2,100 Sidney, Nebraska, IDR, Pennington Seed, Inc. Project, FRDN, 3.10%, 03/04/99 2,100 ------ 5,136 ------ Nevada -- 1.4% 4,400 Nevada State, Municipal Securities, Trust Receipts, Series SGB 31, FRDN, 3.07%, 03/04/99 4,400
See notes to financial statements. 15 Chase Vista Tax Free Money Market Fund Portfolio of Investments February 28, 1999 (unaudited) (continued) (amounts in thousands)
Principal Amount Issuer Value - ------------ ------------------------------------------- --------- State & Municipal Obligations -- continued - ------------------------------------------------------------------ $ 4,440 Nevada State, Series 8, FRDN, 3.90%, 03/04/99 $4,440 8,500 Nevada State, Series 9, FRDN, 3.90%, 03/04/99 8,500 ------ 17,340 ------ New Hampshire -- 0.1% 1,760 New Hampshire State Business Financing Authority Industrial Facilities, Nickerson Assembly Co., FRDN, 3.10%, 03/04/99 1,760 ------ New Jersey -- 0.1% 1,500 New Jersey State, GO, 7.25%, 04/15/99- 1,511 ------ New Mexico -- 1.7% 6,000 New Mexico State Highway Community, Sub Lien, FRDN, 2.90%, 03/04/99 6,000 1,500 New Mexico, Mortgage Financing Authority, Single Family Mortgage, Issue 1, Rev, 3.13%, 08/03/99 1,500 4,000 New Mexico, Mortgage Financing Authority, Single Family Mortgage, Issue 2, Rev, 3.05%, 08/03/99 4,000 10,000 Santa Fe, New Mexico, Gross Receipts Tax, Wastewater Systems, Ser. B, FRDN, 2.95%, 03/04/99 10,000 ------ 21,500 ------ New York--5.2% 15,100 Eagle Tax Exempt Trust, Weekly Option Mode, Certificate, Ser. 97-C1002, Class A, FRDN, 3.70%, 08/05/99# 15,100 19,800 Eagle Tax Exempt Trust, Weekly Option Mode, Certificate, Ser. 98-2801, Class A, FRDN, 3.35%, 04/01/99# 19,800 9,800 Eagle Tax-Exempt Trust, Weekly Option Mode, Certificate, Ser. 94-4904, Class A, FRDN, 3.56%, 03/04/99# 9,800
See notes to financial statements. 16 Chase Vista Tax Free Money Market Fund Portfolio of Investments February 28, 1999 (unaudited) (continued) (amounts in thousands)
Principal Amount Issuer Value - ------------ ---------------------------------------------- --------- State & Municipal Obligations -- continued - --------------------------------------------------------------------- $ 4,800 Eagle Tax-Exempt Trust, Weekly Option Mode, Certificate, Ser. 96-C4402, Class A, FRDN, 3.33%, 03/04/99# $4,800 3,300 New York City, New York, Sub-Series E2, FRDN, 3.20%, 03/01/99 3,300 14,430 New York State, Dorm Authority, FLOATS, Certificates, St. John's University, Ser. 45, FRDN, 3.30%, 03/04/99 14,430 ------ 67,230 ------ North Carolina--1.4% 900 Guilford County, North Carolina, Industrial Facilities & Pollution Control Financing Authority, Neal Manufacturing, FRDN, 3.40%, 03/04/99 900 4,500 Mecklenburg County, North Carolina, Ser. C, FRDN, 2.85%, 03/04/99 4,500 2,440 North Carolina Medical Care Community, Carolina Meadows Inc. Project, FRDN, 3.35%, 03/01/99 2,440 3,000 North Carolina, Medical Care Community, Lutheran Retirement Project, FRDN, 2.95%, 03/04/99 3,000 6,700 Winston Salem, North Carolina, Municipal Leasing Corp., FRDN, 3.40%, 03/04/99 6,700 ------ 17,540 ------ Ohio -- 2.9% 5,000 Clinton County, Ohio, Ohio Hospital Capital Inc., FRDN, 3.00%, 03/04/99 5,000 7,335 Franklin County, Ohio, Ohio Hospital, U.S. Health Corp., Ser. A, FRDN, 2.95%, 03/04/99 7,335 1,500 Montgomery County, Ohio, MultiFamily Housing, Pedcor Investments, Lyons Gate, Ser. A, FRDN, 3.00%, 03/04/99 1,500 19,000 Ohio, HFA, Residential Notes Ser. A-2, Rev, 3.80%, 03/01/99 19,000
See notes to financial statements. 17 Chase Vista Tax Free Money Market Fund Portfolio of Investments February 28, 1999 (unaudited) (continued) (amounts in thousands)
Principal Amount Issuer Value - ------------ ----------------------------------------- --------- State & Municipal Obligations -- continued - ---------------------------------------------------------------- $ 3,900 Ohio State, Air Quality Development Authority, JMG FDG Ltd. Partnership, Ser. A, FRDN, 2.95%, 03/04/99 $3,900 ------ 36,735 ------ Pennsylvania -- 5.1% 4,000 Beaver County, Pennsylvania, IDA, PCR, Ohio Edison Co., Ser. A, Rev, 4.05%, 04/01/99 4,002 15,000 Berks County, Pennsylvania, IDA, Health Care-Lutheran Services, Ser. A, FRDN, 3.75%, 03/04/99 15,000 16,000 Dauphin County, Pennsylvania, General Authority, Allhealth Pooled Financing Program, Ser. A, FRDN, 3.00%, 03/01/99 16,000 5,000 Dauphin County, Pennsylvania, General Authority, Allhealth Pooled Financing Program, Ser. PG-B, FRDN, 3.00%, 03/01/99 5,000 15,850 Emmaus, Pennsylvania, General Authority, FRDN, 2.90%, 03/04/99 15,850 3,135 Montgomery County, Pennsylvania, Higher Education Authority, Philadelphia Presbyterian Project, FRDN, 3.00%, 03/04/99 3,135 2,000 York, Pennsylvania, General Authority, Pooled Financing, FRDN, 2.95%, 03/04/99 2,000 4,000 York, Pennsylvania, General Authority, Pooled Financing, Sub. Ser. A, FRDN, 3.15%, 03/04/99 4,000 ------ 64,987 ------ Rhode Island -- 0.6% 3,960 Rhode Island State, Health & Educational Building Corp., Women & Infants Hospital, Rev, 3.55%, 09/01/99 3,960
See notes to financial statements. 18 Chase Vista Tax Free Money Market Fund Portfolio of Investments February 28, 1999 (unaudited) (continued) (amounts in thousands)
Principal Amount Issuer Value - ------------ ------------------------------------------- --------- State & Municipal Obligations -- continued - ------------------------------------------------------------------ $ 3,700 Rhode Island State, Industrial Facilities Corp., Blackstone Valley Electric Co., FRDN, 2.95%, 03/04/99 $3,700 ------ 7,660 ------ South Carolina -- 1.8% 9,000 Berkeley County, South Carolina, Pollution Control Facilities, Alumas Project, FRDN, 3.00%, 03/04/99 9,000 4,500 South Carolina, Jobs Economic Development Authority, Catholic Diocese, South Carolina Project, FRDN, 3.00%, 03/04/99 4,500 10,000 South Carolina, Jobs Economic Development Authority, Health Facilities, Greenville Baptist Project, FRDN, 2.95%, 03/04/99 10,000 ------ 23,500 ------ Tennessee--3.6% 9,165 Chattanooga Tennessee, Series 1, FRDN, 3.46%, 03/04/99 9,165 12,000 Clarksville, Tennessee, Public Building Authority, Pooled Financing, Tennessee Municipal Bond Fund, FRDN, 3.00%, 03/04/99 12,000 2,500 Metropolitan Government of Nashville & Davidson County, Tennessee, Health & Educational Board, Vanderbilt University, Ser. 85-A, Rev, 3.10%, 01/15/00 2,500 10,000 Sevier County, Tennessee, Public Building Authority, Local Government Public Improvement, Ser. III-D-3, FRDN, 2.90%, 03/04/99 10,000 6,000 Shelby County, Ser. 98A, CP, 2.80%, 06/15/99 6,000
See notes to financial statements. 19 Chase Vista Tax Free Money Market Fund Portfolio of Investments February 28, 1999 (unaudited) (continued) (amounts in thousands)
Principal Amount Issuer Value - ------------ --------------------------------------------- --------- State & Municipal Obligations -- continued - -------------------------------------------------------------------- $ 6,155 Shelby County, Tennessee Health Educational & Housing Facilities Board, MultiFamily Housing, Arbor Lake, FRDN, 3.10%, 03/04/99 $6,155 900 South Pittsburgh, Tennessee ID, Lodge Manufacturing Co. Project, FRDN, 3.10%, 03/04/99 900 ------ 46,720 ------ Texas -- 19.1% 10,000 Austin, Texas, Municipal Trust Certificates, Medium Term Certificates, No 26-A, Rev, 3.30%, 11/12/99 10,000 4,150 Bell County, Texas, Health Facilities Development Corp., Souther Healthcare Systems, Project C, FRDN, 2.95%, 03/04/99 4,150 1,900 Bell County, Texas, IDA, Franklin Industries, FRDN, 2.92%, 03/04/99 1,900 9,230 Bexar County Texas, Housing Finance Corp., MultiFamily Housing, Shallow Creek Apartments Project, FRDN, 3.76%, 03/04/99 9,230 7,600 Brazos, Texas, Higher Education Authority Inc., Ser. C-1, Rev, 5.15%, 06/01/99 7,638 4,000 Calhoun County, Texas, Navigation District, CP, 2.85%, 04/12/99 4,000 19,600 Carroll, Texas, Independent School District, FRDN, 3.00%, 03/04/99 19,600 3,000 Coastal Bend Health Facilities Development Corp., Texas Incarnate Word Health System Updates, Ser. B, FRDN, 2.95%, 03/04/99 3,000 2,000 Collin County, Texas, GO, 4.00%, 03/01/99 2,000 15,255 Colorado River, Texas, Municipal Water District, Ser. 119, FRDN, 3.02%, 03/01/99 15,255
See notes to financial statements. 20 Chase Vista Tax Free Money Market Fund Portfolio of Investments February 28, 1999 (unaudited) (continued) (amounts in thousands)
Principal Amount Issuer Value - ---------- --------------------------------------------- --------- State & Municipal Obligations -- continued - ------------------------------------------------------------------ $ 300 Dallas-Fort Worth, Texas, Regional Airport, Series A-CR-103, Rev, 3.15%, 05/01/99 $ 300 5,000 Dallas-Fort Worth, Texas, Regional Airport, Series A-CR-104, Rev, 3.15%, 05/01/99 5,000 5,065 Dallas-Fort Worth, Texas, Regional Airport, Series A-CR-105, Rev, 3.15%, 05/01/99 5,065 1,000 Dallas-Fort Worth, Texas, Regional Airport, Series A-CR-107, Rev, 3.15%, 05/01/99 1,000 5,000 Dallas, Texas, Area Rapid Transit, Ser. 95A, CP, 2.70%, 04/06/99 5,000 3,615 Dallas, Texas, Ser. C, GO, 3.70%, 06/15/99 3,615 6,300 Denton City, Texas, IDR, Hydro Conduit Corp., FRDN, 2.75%, 03/04/99 6,300 8,400 Greater East Texas, Higher Education, Ser. B, Rev, 3.60%, 09/01/99 8,400 12,500 Greater East Texas, Higher Education, Ser. B, Rev, 3.80%, 05/01/99 12,500 10,000 Greater Texas Student Loan Corp., Ser. A, Rev, 3.00%, 02/01/00 10,000 6,000 Greater Texas Student Loan Corp., Ser. A, FRDN, 3.60%, 03/03/99 6,000 4,250 Greater Texas, Student Loan Corp., Ser. B, GO, 3.80%, 06/01/99 4,250 3,000 Guadalupe Blanco River Authority Texas, ID, IDR, The BOC Group Inc. Project, FRDN, 2.95%, 03/04/99 3,000 3,900 Harris County, Texas, ID, Shell Oil Co. Project, FRDN, 3.20%, 03/01/99 3,900 3,700 Katy, Texas, Independent School District, Ser. A, FRDN, 3.00%, 03/04/99 3,700 6,600 Lower Colorado River Authority, Texas, Junior Lien, 3rd Supplemental Ser., FRDN, 2.95%, 03/04/99 6,600
See notes to financial statements. 21 Chase Vista Tax Free Money Market Fund Portfolio of Investments February 28, 1999 (unaudited) (continued) (amounts in thousands)
Principal Amount Issuer Value - ---------- ------------------------------------------- ---------- State & Municipal Obligations -- continued - ----------------------------------------------------------------- $ 2,450 Lubbock, Texas, Health Facilities Development Corp., St. Joseph Health Systems, Rev, 5.00%, 07/01/99 $ 2,465 3,600 Midland, Texas, Independent School District, FRDN, 3.00%, 03/04/99 3,600 7,800 Plano, Texas, Independent School District, GO, 3.65%, 03/04/99 7,800 9,250 Port Corpus Christi Authority, Texas, Nueces County, Solid Waste Disposal, Koch Refining Co., FRDN, 3.35%, 03/04/99 9,250 4,900 Richardson, Texas, Independent School District, Ser. A, FRDN, 3.00%, 03/04/99 4,900 7,660 San Angelo, Texas, Independent School District, FRDN, 2.85%, 03/04/99 7,660 9,000 Texas State, TRAN, 4.50%, 08/31/99 9,071 3,000 Texas State, Turnpike Authority, Dallas Northway, FRDN, 2.97%, 03/04/99 3,000 4,015 Texas State, University Systems, Financing Systems, Ser. B, Rev, 4.50%, 03/15/99 4,016 4,500 Texas State, Veterans Housing Assistance, Ser. A-1, FRDN, 2.95%, 03/04/99 4,500 9,620 Texas, Water Development Board, FLOATS, Ser. PA-286, FRDN, 2.97%, 03/04/99 9,620 18,000 University of Texas, Permanent University Funding, Ser. A, CP, 2.95%, 03/02/99 18,000 ------- 245,285 ------- Utah -- 1.2% 15,000 Central Utah, Water Conservancy District, Ser. E, FRDN, 2.95%, 03/04/99 15,000 ------- Virginia -- 0.2% 3,100 Roanoke Valley, Virginia, IDA, Roanoke Memorial Hospital, Ser. B, FRDN, 3.25%, 03/01/99 3,100 -------
See notes to financial statements. 22 Chase Vista Tax Free Money Market Fund Portfolio of Investments February 28, 1999 (unaudited) (continued) (amounts in thousands)
Principal Amount Issuer Value - ---------- ------------------------------------------ ---------- State & Municipal Obligations -- continued - ---------------------------------------------------------------- Washington -- 4.3% $ 11,395 Clark County, Washington School District, No. 037, Vancouver Municipal Trust Certificates, Ser. A, GO, 3.30%, 10/27/99 $11,395 12,150 Eagle Tax Exempt Trust, Weekly Option Mode, Certificate, Ser. 98-5202, Class A, FRDN, 3.63%, 03/04/99# 12,150 15,265 Eagle Tax-Exempt Trust, Weekly Option Mode, Certificate, Ser. 96-C4704, FRDN, 3.12%, 07/22/99# 15,266 11,995 King County, Washington, Floater Certificates, Ser. 47, FRDN, 3.30%, 03/04/99# 11,995 1,600 Redmond Washington Public Corp. Industrial, Intergrated Circuits Project FRDN, 2.90%, 03/04/99 1,601 2,750 Spokane, Washington, RAN, 3.50%, 01/31/00 2,763 ------- 55,170 ------- Wisconsin -- 1.1% 6,500 Byron Wisconsin IDR, Ocean Spray Inc., FRDN, 2.95%, 03/01/99 6,500 2,000 Menomonee Falls Wisconsin IDA, Butler Paper Co. Project, FRDN, 2.95%, 03/04/99 2,000 600 Wisconsin State, Health & Educational Facilities, Alverno College Project, FRDN, 3.40%, 03/01/99 600 4,500 Wisconsin State, Health & Educational Facilities, Wheaton Franciscan Services, FRDN, 2.95%, 03/04/99 4,500 ------- 13,600 ------- Wyoming -- 0.4% 1,800 Green River Wyoming PCR, Texas Gulf Project, FRDN, 3.00%, 03/04/99 1,800
See notes to financial statements. 23 Chase Vista Tax Free Money Market Fund Portfolio of Investments February 28, 1999 (unaudited) (continued) (amounts in thousands)
Principal Amount Issuer Value - ------------ ---------------------------------- ---------- State & Municipal Obligations -- continued - ---------------------------------------------------------- $ 3,400 Sweetwater County, Wyoming, PCR, Pacificorp Project, Ser. A, FRDN, 2.90%, 03/04/99 $ 3,400 ---------- 5,200 ---------- Total State & Municipal Obligations (Cost $1,253,812) $1,253,812 - ---------------------------------------------------------- Money Market Fund -- 0.5% - ---------------------------------------------------------- Shares - ---------------------------------------------------------- 6,037 AIM Tax Free Investment Trust 6,037 ---------- (Cost $6,037) - ---------------------------------------------------------- Total Investments--98.3% $1,259,849 ---------- (Cost $1,259,849)** - ----------------------------------------------------------
Index - - -- The maturity date shown is the date of the prerefunded call. @ -- All or a portion of this security is segregated. ** -- 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 Floating Rate Demand Note -- The maturity date shown is the next interest reset date; the rate shown is the rate in effect at February 28, 1999. FLOATS -- Floating Auction Tax-exempts. GO, -- General Obligation Bond. HFA -- Housing Finance Agency. ID -- Industrial Development. IDA -- Industrial Development Agency. IDB -- Industrial Development Bond. IDR -- Industrial Development Revenue. MTC -- Medium Term Certificate. PC -- Pollution Control. PCR -- Pollution Control Revenue. RAN -- Revenue Anticipation Note. Rev, -- Revenue Bond TRAN, -- Tax & Revenue Anticipation Note. See notes to financial statements. 24 Chase Vista New York Tax Free Money Market Fund as of February 28, 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 $1.6 Billion Average maturity 45 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 ............. 71.96% 8-30 days ............ 1.34% 31-90 days ........... 2.36% 91-180 days .......... 18.62% 181-270 days ......... 2.02% 271+ days ............ 3.70%
25 Chase Vista New York Tax Free Money Market Fund as of February 28, 1999 (unaudited) How Much of the Fund Was Invested [PIE CHART OMITTED] Investments 97.9% Cash/Other 2.1% Yields 7-Day Taxable SEC Yield(1) Equivalent Yield(2) Vista Shares 2.38% 4.44%
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 2.26%. 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. 26 Chase Vista New York Tax Free Money Market Fund Portfolio of Investments February 28, 1999 (unaudited) (amounts in thousands)
Principal Amount Issuer Value - ------------ ------------------------------------------- ----------- State & Municipal Obligations -- 100.0% - -------------------------------------------------------------------- Bond Anticipation Notes -- 5.4% ------------------------------- $ 2,955 Batavia, New York, 3.50%, 10/15/99 $ 2,962 3,276 Batavia, New York, 3.50%, 12/08/99 3,285 2,350 Buffalo, New York, Ser. A, 3.50%, 02/24/00 2,362 1,200 Buffalo, New York, Ser. A, 3.75%, 07/27/99 1,204 2,325 Elmira City, New York, 4.00%, 05/18/99 2,327 6,200 Geneva New York, Series A, 4.00%, 06/03/99 6,204 4,950 Jamestown, New York, City School District, 3.50%, 11/05/99 4,960 4,300 Livingston County, New York, 4.00%, 03/05/99 4,300 4,000 Monroe County, New York, 4.00%, 07/23/99 4,006 5,000 Oswego County, New York, 4.00%, 05/06/99 5,002 9,390 Putnam Valley, New York, Central School District, 3.25%, 03/03/00 9,414 5,876 Sharon Springs, New York, Central School District, 3.75%, 06/30/99 5,881 3,624 Smithtown, New York, 4.00%, 06/15/99 3,629 2,310 South Glens Falls, New York, Central School District, 4.00%, 07/15/99 2,313 6,847 Sullivan County, New York, 3.60%, 03/19/99 6,847 6,300 Sullivan County, New York, 4.00%, 03/19/99 6,301 4,200 Ulster County, New York, 3.50%, 10/14/99 4,205 4,325 Ulster County, New York, 4.25%, 05/14/99 4,328 8,000 Union Endicott, New York, Central School District, 4.00%, 06/22/99 8,006 -------- Total Bond Anticipation Notes 87,536 -------- (Cost $87,536)
See notes to financial statements. 27 Chase Vista New York Tax Free Money Market Fund Portfolio of Investments February 28, 1999 (unaudited) (continued) (amounts in thousands)
Principal Amount Issuer Value - ------------ ------------------------------------------ ----------- State & Municipal Obligations -- continued - ------------------------------------------------------------------- Commercial Paper--0.3% ---------------------- $ 5,300 New York State, Dorm Authority, Ser. 1996, 2.95%, 03/01/99 $ 5,300 -------- (Cost $5,300) General Obligation--1.2% ------------------------ 1,925 Albany, New York, City School District, Ser. A, 3.75%, 07/01/99 1,927 2,650 Allegany-Limestone, New York, Central School District, 3.90%, 06/15/99 2,656 565 Brookhaven-Comsewogue, New York, Union Free School District, 3.13%, 06/15/99 565 243 Brookhaven, New York, South Country Central School District, 4.30%, 02/01/00 245 2,013 Cohoes, New York, City School District, School Improvements, 3.90%, 06/15/99@ 2,018 525 Jefferson County, New York, 4.00%, 09/15/99 527 350 Lansingburgh, New York, Central School District, 4.30%, 06/15/99 351 1,340 New Paltz, New York, Central School District, 4.48%, 06/15/99 1,344 960 Oneida County, New York, 4.00%, 03/15/99@ 960 450 Perry, New York, Central School District, 4.30%, 06/15/99 451 1,200 Perry, New York, Central School District, 4.40%, 06/15/99 1,204 364 Plattsburgh, New York, City School District, 4.10%, 02/15/00 367 480 Riverhead, New York, Central School District, 4.25%, 12/01/99 484 1,810 Sherburne Earleville, New York, Central School District, 3.80%, 06/15/99 1,814
See notes to financial statements. 28 Chase Vista New York Tax Free Money Market Fund Portfolio of Investments February 28, 1999 (unaudited) (continued) (amounts in thousands)
Principal Amount Issuer Value - ------------ ------------------------------------------- ----------- State & Municipal Obligations -- continued - -------------------------------------------------------------------- $ 1,660 Suffolk County, New York, Ser. B, 4.75%, 11/01/99 $ 1,678 340 Syracuse, New York, Public Improvements, Ser. E, 6.75%, 12/15/99 350 950 Taconic Hills, New York, Central School District at Craryville, 4.20%, 06/15/99 953 445 Uniondale, New York, Union Free School District, 3.88%, 06/01/99 446 1,425 Wayne County, New York, Central School District, 3.60%, 06/15/99 1,427 -------- Total General Obligation 19,767 -------- (Cost $19,767) Revenue Anticipation Notes -- 4.8% ---------------------------------- 9,000 Board of Cooperative Educational Services, New York Sole Supervisory District, 3.50%, 06/30/99 9,007 11,600 Board of Cooperative Educational Services, New York Sole Supervisory District, Ser. B, 4.00%, 06/29/99 11,611 2,600 Chittenango, New York, Central School District, 4.00%, 06/25/99 2,603 2,500 Erie County, New York, 4.00%, 10/13/99 2,515 1,740 Homer, New York, Central School District, 4.00%, 06/29/99@ 1,742 2,200 Mexico, New York, Central School District, 4.00%, 06/23/99@ 2,201 7,500 Nassau County, New York, Ser. B, 4.00%, 03/10/99 7,502 12,000 Nassau County, New York, Ser. C, 4.00%, 04/13/99 12,006 4,585 Ogdensburg, New York, Enlarged City School District, 3.83%, 06/29/99 4,590 1,800 Port Byron, New York, Central School District, 3.86%, 06/30/99 1,802 8,000 Syracuse, New York, Ser. D, 3.65%, 06/30/99 8,004
See notes to financial statements. 29 Chase Vista New York Tax Free Money Market Fund Portfolio of Investments February 28, 1999 (unaudited) (continued) (amounts in thousands)
Principal Amount Issuer Value - ------------ -------------------------------------------- ----------- State & Municipal Obligations -- continued - --------------------------------------------------------------------- $ 4,900 Syracuse, New York, Ser. D, 4.00%, 06/30/99 $ 4,909 4,600 Tompkins-Senca-Tioga, New York, Board of Cooperative Educational Services, 3.60%, 06/30/99 4,605 4,348 Waverly, New York, Central School District, 4.00%, 06/25/99 4,352 -------- Total Revenue Anticipation Notes 77,449 -------- (Cost $77,449) Revenue Bonds--5.9% ------------------- 875 Albany County, New York, Airport Authority, Ser. C, 3.50%, 12/15/99 877 385 Bemus Point, New York, Central School District, 3.50%, 06/15/99 385 473 Clarence, New York, 3.90%, 12/01/99 476 664 Dunkirk, New York, School District, 4.30%, 03/01/99 664 2,000 Dutchess County, New York Resource Recovery Agency, Solid Waste Management, Ser. A, 7.50%, 01/01/00- 2,113 1,000 Metropolitan Transportation Authority, New York, Transportation Facilities, Ser. K, 5.50%, 07/01/99 1,008 2,500 Municipal Assistance Corp. for New York City, Ser. 67, 7.50%, 07/01/99- 2,586 3,650 Municipal Assistance Corp. for New York City, Ser. 67, 7.60%, 07/01/99- 3,777 4,110 Municipal Assistance Corp. for New York City, Ser. 67, 7.63%, 07/01/99- 4,249 1,750 Municipal Assistance Corp. for New York City, Ser. 68, 7.00%, 07/01/99 1,769 4,875 Municipal Assistance Corp. for New York City, Ser. 68, 7.30%, 07/01/99- 5,035 19,000 Municipal Assistance Corp. for New York City, Ser. J, 5.50%, 07/01/99 19,117
See notes to financial statements. 30 Chase Vista New York Tax Free Money Market Fund Portfolio of Investments February 28, 1999 (unaudited) (continued) (amounts in thousands)
Principal Amount Issuer Value - ------------ -------------------------------------------- ----------- State & Municipal Obligations -- continued - --------------------------------------------------------------------- $ 1,700 New York City, Educational Construction Fund, Ser. A, 7.00%, 10/01/99- $ 1,763 2,000 New York City, Educational Construction Fund, Ser. A, 7.13%, 10/01/99- 2,076 1,500 New York City, Housing Development Corp., MultiFamily, Ser. A, 4.40%, 11/01/99 1,514 2,900 New York City, Municipal Water Finance Authority, Water & Sewer, Series A, 6.00%, 06/15/99- 2,925 1,710 New York City, Municipal Water Finance Authority, Water & Sewer, Series A, 6.75%, 06/15/99- 1,750 2,000 New York City, Municipal Water Finance Authority, Water & Sewer, Series A, 7.38%, 06/15/99- 2,051 7,500 New York City, Transportation Authority, Transportation Facilities, Livingston Plaza Project, 7.50%, 01/01/00- 7,955 1,515 New York State, Dorm Authority, City University Systems, Ser. B, 6.90%, 07/01/99 1,535 1,000 New York State, Dorm Authority, New York University, Ser. A, 4.20%, 07/01/99 1,004 1,000 New York State, Dorm Authority, State University Educational, Ser. A, 6.75%, 05/15/99- 1,008 1,250 New York State, Dorm Authority, State University Educational, Ser. A, 7.00%, 05/15/99- 1,285 2,000 New York State, Dorm Authority, State University Educational, Ser. A, 7.13%, 05/15/99- 2,053 1,030 New York State, Medical Care Facilities Financing Agency, North General Hospital, 7.35%, 08/15/99- 1,068
See notes to financial statements. 31 Chase Vista New York Tax Free Money Market Fund Portfolio of Investments February 28, 1999 (unaudited) (continued) (amounts in thousands)
Principal Amount Issuer Value - ---------- ------------------------------------------- ----------- State & Municipal Obligations -- continued - ------------------------------------------------------------------ $ 525 New York State, Mortgage Agency, Homeowner Mortgage, Ser. 50, 4.70%, 10/01/99 $ 528 3,990 New York State, Thruway Authority, Service Contract, Local Highway & Bridge Transportation Fund, Series A, 4.75%, 04/01/99 3,994 2,000 New York State, Urban Development Corp., Alfred Technology Research Inc. Project, 7.88%, 01/01/00- 2,115 1,500 New York State, Urban Development Corp., Correctional Facilities, Ser. 1, 7.50%, 01/01/00- 1,583 2,475 New York State, Urban Development Corp., Correctional Facilities, Ser. 1, 7.75%, 01/01/00- 2,617 1,000 New York State, Urban Development Corp., Correctional Facilities, Ser. G, 7.25%, 01/01/00- 1,053 5,000 Triborough Bridge & Tunnel Authority, New York, General Purpose, Ser. A, 5.00%, 01/01/00 5,076 7,190 Triborough Bridge & Tunnel Authority, New York, Special Obligation, Mortgage Recording Tax, Ser. A, 7.13%, 01/01/00- 7,499 -------- Total Revenue Bonds 94,508 -------- (Cost $94,508) Tax Anticipation Notes -- 11.1% ------------------------------- 10,000 Brentwood, New York, Union Free School District, 4.00%, 06/30/99 10,013 6,000 Clarence, New York, Central School District, 4.00%, 06/30/99 6,007 3,300 East Rockaway, New York, Union Free School District, 3.90%, 06/24/99 3,304 4,000 Elmont, New York, Union Free School District, 3.90%, 06/29/99 4,010
See notes to financial statements. 32 Chase Vista New York Tax Free Money Market Fund Portfolio of Investments February 28, 1999 (unaudited) (continued) (amounts in thousands)
Principal Amount Issuer Value - ------------ ------------------------------------------ ----------- State & Municipal Obligations -- continued - ------------------------------------------------------------------- $ 1,000 Half Hollow Hills, New York, Central School District, Huntington & Babylon, 3.90%, 06/25/99@ $ 1,001 6,000 Haverstraw Stony Point, New York, Central School District, 4.00%, 04/30/99 6,004 1,000 Herricks, New York, Union Free School District, 4.00%, 06/29/99 1,001 8,000 Huntington, New York, Union Free School District, 4.00%, 06/29/99 8,012 16,000 Lindenhurst, New York, Union Free School District, 4.00%, 06/24/99 16,016 4,000 Mount Sinai, New York, Union Free School District, 4.00%, 06/30/99 4,005 5,000 Nassau County, New York, Ser. B, 3.50%, 08/18/99 5,010 13,000 Nassau County, New York, Ser. C, 3.50%, 12/22/99 13,041 7,000 North Babylon, New York, Union Free School District, 4.00%, 06/29/99 7,007 6,000 Northport-East Northport, New York, Union Free School District, 4.00%, 06/30/99 6,008 9,000 Oceanside, New York, Union Free School District, 3.75%, 06/25/99 9,004 2,900 Oceanside, New York, Union Free School District, 3.90%, 06/25/99 2,903 1,000 Oceanside, New York, Union Free School District, 4.00%, 06/25/99 1,001 2,000 Patchogue-Medford, New York, Union Free School District, 3.78%, 06/29/99 2,001 10,000 Riverhead, New York, Central School District, 3.75%, 06/25/99 10,002 3,600 Rockville Center, New York, Union Free School District, 4.00%, 06/29/99 3,609 8,000 Smithtown, New York, Central School District, 3.90%, 06/25/99 8,007 3,400 Southold, New York, Union Free School District, 4.00%, 06/29/99 3,405
See notes to financial statements. 33 Chase Vista New York Tax Free Money Market Fund Portfolio of Investments February 28, 1999 (unaudited) (continued) (amounts in thousands)
Principal Amount Issuer Value - ------------ ------------------------------------------ ---------- State & Municipal Obligations -- continued - ------------------------------------------------------------------ $ 10,000 Suffolk County, New York, Ser. II, 3.75%, 09/09/99 $10,020 12,660 Valley Stream, New York, Central High School District, 4.00%, 06/30/99 12,668 2,000 Wantagh, New York, Union Free School District, 3.38%, 06/30/99 2,002 1,500 Wantagh, New York, Union Free School District, 3.45%, 06/30/99 1,502 3,000 West Islip, New York, Union Free School District, 4.00%, 06/30/99 3,003 5,000 William Floyd Union Free School District, Mastics-Moriches-Shirley, 3.50%, 06/30/99 5,004 15,000 William Floyd Union Free School District, Mastics-Moriches-Shirley, 3.75%, 06/30/99 15,025 ------- Total Tax Anticipation Notes 179,595 ------- (Cost $179,595) Floating Rate Demand Notes -- 70.8% ----------------------------------- 710 Albany, New York, IDA, Newkirk Productions Inc. Project, Ser. A, 2.95%, 03/04/99 710 1,750 Babylon, New York, IDA, Edwin Verger/ Lambro Industries, 2.90%, 03/04/99 1,750 1,050 Broome County, New York, IDA, Binghamton Realty Project, 2.80%, 03/04/99 1,050 685 California, Community Development Corp., IDR, Instrument Specialties Co., 2.65%, 03/04/99 685 200 California, Community Development Corp., IDR, Tri-Valley Growers, Series F, 2.60%, 03/04/99 200 600 California, Economic Development Financing Authority, IDR, Provena Foods Inc. Project, 2.75%, 03/01/99 600
See notes to financial statements. 34 Chase Vista New York Tax Free Money Market Fund Portfolio of Investments February 28, 1999 (unaudited) (continued) (amounts in thousands)
Principal Amount Issuer Value - ------------ --------------------------------------------- ----------- State & Municipal Obligations -- continued - ---------------------------------------------------------------------- $ 1,845 California, Economic Development Financing Authority, IDR, Standard Abrasives Manufacturing Project, 2.75%, 03/04/99 $ 1,845 300 California, Health Facilities Financing Authority, Floating-Pooled Loan Program, Ser. B, 2.10%, 03/04/99 300 1,120 California, Housing Financing Agency, Ser. 112-A, 2.77%, 03/04/99 1,120 1,200 California, Municipal Securities Trust Receipts, SGA 55, 2.85%, 03/04/99# 1,200 7,500 Dutchess County, New York, IDA, Civic Facilities, Marist College Civic Facilities, Ser. A, 2.70%, 03/04/99 7,500 2,610 Dutchess County, New York, IDA, Laerdal Medical Corp., Project, 3.05%, 03/04/99 2,610 1,820 Dutchess County, New York, IDA, MR Association Facility, 2.70%, 03/04/99 1,820 10,000 Eagle Tax Exempt Trust, Weekly Option Mode, Certificate, Class A, 2.89%, 03/04/99# 10,000 8,805 Eagle Tax Exempt Trust, Weekly Option Mode, Certificate, Ser. 94-3205 2.89%, 03/04/99# 8,805 7,000 Eagle Tax Exempt Trust, Weekly Option Mode, Certificate, Ser. 95-3202, Class A, 2.89%, 03/04/99# 7,000 29,900 Eagle Tax Exempt Trust, Weekly Option Mode, Certificate, Ser. 95-3203, Class A, 2.89%, 03/04/99# 29,900 14,850 Eagle Tax Exempt Trust, Weekly Option Mode, Certificate, Ser. 96C3208, Class A, 2.89%, 03/04/99# 14,850 9,910 Eagle Tax Exempt Trust, Weekly Option Mode, Certificate, Ser. 985202, Class A, 2.89%, 03/04/99# 9,910
See notes to financial statements. 35 Chase Vista New York Tax Free Money Market Fund Portfolio of Investments February 28, 1999 (unaudited) (continued) (amounts in thousands)
Principal Amount Issuer Value - ------------ ------------------------------------------ ----------- State & Municipal Obligations -- continued - -------------------------------------------------------------------- $ 2,700 Erie County, New York, Water Authority, Ser. A, 2.65%, 03/04/99 $ 2,700 400 Erie County, New York, Water Authority, Ser. B, 2.65%, 03/04/99 400 860 Glens Falls, New York, IDA, Broad Street Center Project, 2.70%, 03/04/99 860 4,310 Great Neck North, New York, Water Authority, Water System, Series A, 2.80%, 03/04/99 4,310 300 Guilderland, New York, IDA, Northeastern Industrial Park, Ser. A, 2.80%, 03/04/99 300 2,000 Islip, New York, IDA, Brentwood Distributor Co. Facility, 2.90%, 03/04/99 2,000 400 Kern County, California, Kern Public Facilities Project, Series D, 2.60%, 03/04/99 400 1,000 Lewis County, New York, IDA, Climax Manufacturing Co. Project, 2.40%, 03/04/99 1,000 2,000 Long Island Power Authority, New York, Electric Systems, FLOATS, Ser. PA-287, 3.01%, 03/04/99 2,000 6,900 Long Island Power Authority, New York, Electric Systems, FLOATS, Ser. PA-368, 3.04%, 03/04/99 6,900 5,300 Long Island Power Authority, New York, Electric Systems, Series 43A, 2.89%, 03/04/99 5,300 1,100 Long Island Power Authority, New York, Electric Systems, Series 43B, 2.89%, 03/04/99 1,100 5,300 Long Island Power Authority, New York, Electric Systems, Series 43C, 2.89%, 03/04/99 5,300
See notes to financial statements. 36 Chase Vista New York Tax Free Money Market Fund Portfolio of Investments February 28, 1999 (unaudited) (continued) (amounts in thousands)
Principal Amount Issuer Value - ------------ ------------------------------------------ ----------- State & Municipal Obligations -- continued - -------------------------------------------------------------------- $ 5,300 Long Island Power Authority, New York, Electric Systems, Series 43D, 2.89%, 03/04/99 $ 5,300 2,500 Long Island Power Authority, New York, Electric Systems, Series 6, 3.20%, 03/01/99 2,500 800 Long Island Power Authority, New York, Electric Systems, Sub. Ser. 2, 2.90%, 03/04/99 800 1,000 Long Island Power Authority, New York, Electric Systems, Sub. Ser. 6, 2.90%, 03/04/99 1,000 600 Los Angeles County, California Community Redevelopment Agency, 2.55%, 03/04/99 600 700 Los Angeles County, California, Pension Obligation, Ser. B, 2.50%, 03/04/99 700 6,195 Metropolitan Transit Authority, New York, Commuter Facilities, PT 1052A, 2.97%, 03/04/99 6,195 3,000 Metropolitan Transit Authority, New York, Commuter Facilities, Municipal Secuities Trust Receipt, Ser. SAK 4, 3.15%, 03/04/99 3,000 9,900 Metropolitan Transit Authority, New York, Transportation Facilities, FLOATS, Ser. PT-1052B, 3.00%, 03/04/99 9,900 3,425 Monroe County, New York, IDA, Columbia Sussex Corp., 5.00%, 03/04/99 3,424 3,800 Monroe County, New York, IDA, Public Improvement, Canal Ponds Park, Ser. D, 2.70%, 03/04/99 3,800 400 Montgomery, New York, IDA, Service Merchandise Co., 2.75%, 03/04/99 400 5,000 Municipal Assistance Corp. for New York City, New York, Ser. F, 2.70%, 03/04/99 5,000
See notes to financial statements. 37 Chase Vista New York Tax Free Money Market Fund Portfolio of Investments February 28, 1999 (unaudited) (continued) (amounts in thousands)
Principal Amount Issuer Value - ------------ ----------------------------------------- ----------- State & Municipal Obligations -- continued - ------------------------------------------------------------------ $ 3,200 Municipal Assistance Corp. for New York City, New York, Sub-Ser. K-1, 2.45%, 03/04/99 $ 3,200 9,800 Municipal Assistance Corp. for New York City, New York, Sub-Ser. K-3, 2.65%, 03/04/99 9,800 18,450 Municipal Assistance Corp., for New York City, Sub. Ser. K-2, 2.65%, 03/04/99 18,450 12,000 Municipal Assistance Corp., for New York City, Tender Option Certificates, 3.05%, 03/04/99 12,000 21,835 Municipal Securities Trust Certificates, 1998-66, Class A, Metro Transportation Authority of New York, 3.50%, 03/04/99@,# 21,835 6,900 Nassau County, New York, 2.97%, 03/04/99 6,900 100 Nassau County, New York, IDA, Civic Facilities, Cold Spring Habor Lab Project, 3.15%, 03/01/99 100 3,100 Nassau County, New York, IDA, Civic Facilities, St. Mary's Children Project, 3.50%, 03/04/99 3,100 33,300 New York City, 3.01%, 03/04/99 33,300 2,672 New York City, Carnegie Hall, 2.70%, 03/04/99 2,672 3,900 New York City, FLOATS, Ser. PA-277, 3.04%, 03/04/99 3,900 5,000 New York City, FLOATS, Ser. PA-442, 2.94%, 03/04/99 5,000 2,600 New York City, Health & Hospital Corp., Health Systems, Ser. A, 2.80%, 03/04/99 2,600 5,900 New York City, Housing Development Corp., MultiFamily, Columbus Apartments, Ser. A, 2.70%, 03/04/99 5,900
See notes to financial statements. 38 Chase Vista New York Tax Free Money Market Fund Portfolio of Investments February 28, 1999 (unaudited) (continued) (amounts in thousands)
Principal Amount Issuer Value - ------------ ---------------------------------------- ----------- State & Municipal Obligations -- continued - ----------------------------------------------------------------- $ 2,100 New York City, Housing Development Corp., MultiFamily, Columbus, Ser. A, 2.60%, 03/04/99 $ 2,100 9,100 New York City, Housing Development Corp., MultiFamily, James Tower, 2.70%, 03/04/99 9,100 3,400 New York City, Housing Development Corp., MultiFamily, Rent Housing, 100 Jane Street Development LP, Ser. A, 2.70%, 03/04/99 3,400 6,300 New York City, Housing Development Corp., MultiFamily, Rent Housing, Carnegie Park, Ser. A, 2.70%, 03/04/99 6,300 3,700 New York City, Housing Development Corp., MultiFamily, Rent Housing, Columbus Green, Ser. A, 2.70%, 03/04/99 3,700 11,000 New York City, Housing Development Corp., MultiFamily, Rent Housing, One Columbus Place Development, Ser. A, 2.45%, 03/04/99 11,000 6,000 New York City, Housing Development Corp., MultiFamily, Rent Housing, Parkgate Development, Ser. A, 2.65%, 03/04/99 6,000 5,000 New York City, Housing Development Corp., MultiFamily, Rent Housing, Ser. A, 2.90%, 03/04/99 5,000 2,900 New York City, Housing Development Corp., MultiFamily, Ser. A, 2.75%, 03/04/99 2,900 5,950 New York City, Housing Development Corp., Special Obligation, Upper 5th Ave. Project, Ser. A, 2.65%, 03/04/99 5,950 2,700 New York City, IDA, Civil Facility, Calhoun School Inc. Project, 2.45%, 03/04/99 2,700
See notes to financial statements. 39 Chase Vista New York Tax Free Money Market Fund Portfolio of Investments February 28, 1999 (unaudited) (continued) (amounts in thousands)
Principal Amount Issuer Value - ------------ ------------------------------------------ ----------- State & Municipal Obligations -- continued - ------------------------------------------------------------------- $ 4,000 New York City, IDA, Civil Facility, Childrens Oncology Society, 2.60%, 03/04/99 $ 4,000 3,600 New York City, IDA, Civil Facility, National Audubon Society, 3.10%, 03/01/99 3,600 300 New York City, IDA, Ser. D, 3.00%, 03/04/99 300 400 New York City, IDA, Ser. F, Marion Glass and Window Shade Corp., 3.00%, 03/04/99 400 2,040 New York City, IDA, Ser. G, Monarch Construction Corp., 3.00%, 03/04/99 2,040 600 New York City, IDA, Ser. I, 3.00%, 03/04/99 600 1,600 New York City, IDA, Ser. K, 3.00%, 03/04/99 1,600 8,900 New York City, IDA, Special Facilities, Korean Air Lines, Co., Ser. C, 2.65%, 03/04/99 8,900 3,800 New York City, IDA, Videotape Inc., Project, 2.95%, 03/04/99 3,800 10,700 New York City, Municipal Securities Trust Receipts, Ser. 35, 3.10%, 03/04/99 10,700 9,000 New York City, Municipal Securities Trust Receipts, Ser. SAK 1, 3.15%, 03/04/99 9,000 800 New York City, Municipal Securities Trust Receipts, Ser. SGB 33, 3.07%, 03/04/99 800 10,365 New York City, Municipal Securities Trust Receipts, Ser. SGB 36, 3.10%, 03/04/99 10,365 6,000 New York City, Municipal Securities,Trust Receipts, Ser. SGA 63, 3.25%, 03/01/99 6,000 5,000 New York City, Municipal Securities,Trust Receipts, Ser. SGA 74, 3.25%, 03/01/99 5,000
See notes to financial statements. 40 Chase Vista New York Tax Free Money Market Fund Portfolio of Investments February 28, 1999 (unaudited) (continued) (amounts in thousands)
Principal Amount Issuer Value - ------------ ------------------------------------------ ----------- State & Municipal Obligations -- continued - ------------------------------------------------------------------- $ 3,700 New York City, Municipal Water Financing Authority, 3.07%, 03/04/99 $ 3,700 7,300 New York City, Municipal Water Financing Authority, Ser. C, 3.15%, 03/03/99 7,300 3,000 New York City, Municipal Water Financing Authority, Water & Sewer Systems, FLOATS, Ser. PA-444, 2.90%, 03/04/99 3,000 12,890 New York City, Municipal Water Financing Authority, Water & Sewer Systems, Municipal Securities Trust Receipts, 3.07%, 03/04/99 12,890 3,300 New York City, Municipal Water Financing Authority, Water & Sewer Systems, Municipal Securities Trust Receipts, Ser. 12, 3.10%, 03/04/99 3,300 28,200 New York City, Municipal Water Financing Authority, Water & Sewer Systems, Municipal Securities Trust Receipts, Ser. 26, 3.07%, 03/04/99 28,200 7,255 New York City, Municipal Water Financing Authority, Water & Sewer Systems, Municipal Securities Trust Receipts, Ser. SGA 13, 3.10%, 03/04/99 7,255 4,000 New York City, Municipal Water Financing Authority, Water & Sewer Systems, Ser. A, 3.60%, 03/01/99 4,000 9,350 New York City, Municipal Water Financing Authority, Water & Sewer Systems, Ser. C, 3.15%, 03/01/99 9,350 11,475 New York City, Ser. A-9, 2.80%, 03/04/99 11,475 5,000 New York City, Ser. A, 3.15%, 03/04/99 5,000 12,900 New York City, Ser. B through Sub-Ser. B-10, 2.70%, 03/04/99@ 12,900 6,100 New York City, Ser. B through Sub-Ser. B-8, 2.90%, 03/04/99 6,100
See notes to financial statements. 41 Chase Vista New York Tax Free Money Market Fund Portfolio of Investments February 28, 1999 (unaudited) (continued) (amounts in thousands)
Principal Amount Issuer Value - ------------ ----------------------------------------- ----------- State & Municipal Obligations -- continued - ------------------------------------------------------------------ $ 2,100 New York City, Ser. B, Sub-Ser. B-4, 3.15%, 03/01/99 $ 2,100 1,600 New York City, Ser. D, 2.65%, 03/04/99 1,600 6,000 New York City, Ser. D, 2.75%, 03/04/99 6,000 1,000 New York City, Ser. F-3, 2.80%, 03/04/99 1,000 1,000 New York City, Ser. F-5, 2.90%, 03/04/99 1,000 8,500 New York City, Ser. F-6, 2.80%, 03/04/99 8,500 8,015 New York City, Sub-Ser. A-6, 2.80%, 03/04/99 8,015 7,400 New York City, Sub-Ser. A-7, 3.20%, 03/01/99 7,400 1,300 New York City, Sub-Ser. A-8, 3.15%, 03/03/99 1,300 1,600 New York City, Sub-Ser. B-2, 3.65%, 03/01/99 1,600 4,900 New York City, Sub-Ser. B8 2.35%, 03/01/99 4,900 6,800 New York City, Sub-Ser. E2, 3.20%, 03/04/99 6,800 1,500 New York City, Sub-Ser. E-4, 3.20%, 03/01/99 1,500 2,600 New York City, Sub-Ser. E-5, 3.20%, 03/04/99 2,600 200 New York City, Sub-Ser. F-5, 3.20%, 03/01/99 200 46,300 New York City, Transitional Financing Authority, Future Tax Secured, Ser. A-2, 3.13%, 03/04/99 46,300 3,800 New York City, Trust Cultural Resources, American Museum of Natural History, Ser. B, 2.65%, 03/04/99 3,800 5,515 New York State, Dorm Authority, 2.97%, 03/04/99 5,515 9,645 New York State, Dorm Authority, FLOATS, Ser. PA-409, 2.97%, 03/04/99 9,645
See notes to financial statements. 42 Chase Vista New York Tax Free Money Market Fund Portfolio of Investments February 28, 1999 (unaudited) (continued) (amounts in thousands)
Principal Amount Issuer Value - ------------ -------------------------------------------- ----------- State & Municipal Obligations -- continued - --------------------------------------------------------------------- $ 4,870 New York State, Dorm Authority, FLOATS, Ser. PA-419, 2.97%, 03/04/99 $ 4,870 1,000 New York State, Dorm Authority, FLOATS, Ser. PT-130, 2.97%, 03/04/99 1,000 2,865 New York State, Dorm Authority, Municipal Securities Trust Receipts, Series SAK 17, 3.15%, 03/04/99 2,865 1,300 New York State, Dorm Authority, Ser. 28, 3.05%, 03/04/99 1,300 4,380 New York State, Dorm Authority, Ser. PA 390, 2.97%, 03/04/99 4,380 9,500 New York State, Dorm Authority, Ser. PUTTERS-14A, 3.07%, 03/04/99 9,500 4,100 New York State, Energy Research & Development Authority, Brooklyn Union Gas Project, Ser. A-1, 2.80%, 03/04/99 4,100 8,100 New York State, Energy Research & Development Authority, Brooklyn Union Gas Project, Ser. A-2, 2.70%, 03/04/99 8,100 14,500 New York State, Energy Research & Development Authority, Brooklyn Union Gas Project, Ser. A-3, 2.60%, 03/04/99 14,500 4,100 New York State, Energy Research & Development Authority, FLOATS, Ser. PA-411, 3.55%, 03/04/99 4,100 3,100 New York State, Energy Research & Development Authority, PCR, New York Electric & Gas, Ser. D, 3.25%, 03/01/99 3,100 5,600 New York State, Energy Research & Development Authority, PCR, Central Hudson Gas & Electric Co. Ser. B, 2.35%, 03/04/99 5,600 6,500 New York State, Energy Research & Development Authority, PCR, Central Hudson Gas & Electric Co. Ser. B, 2.74%, 03/04/99 6,500
See notes to financial statements. 43 Chase Vista New York Tax Free Money Market Fund Portfolio of Investments February 28, 1999 (unaudited) (continued) (amounts in thousands)
Principal Amount Issuer Value - ------------ -------------------------------------- ----------- State & Municipal Obligations -- continued - --------------------------------------------------------------- $ 17,900 New York State, Energy Research & Development Authority, PCR, Central Hudson Gas & Electric Co., 2.45%, 03/04/99 $ 17,900 1,700 New York State, Energy Research & Development Authority, PCR, New York State Electric & Gas, Ser. B, 3.15%, 03/04/99 1,700 9,015 New York State, Energy Research & Development Authority, PCR, New York State Electric & Gas, Ser. C, 3.25%, 03/01/99- 9,015 5,500 New York State, Energy Research & Development Authority, PCR, New York State Electric & Gas, Ser. D, 3.00%, 03/04/99 5,500 2,100 New York State, Energy Research & Development Authority, PCR, Niagara Mohawk Power, Ser. A, 3.55%, 03/04/99 2,100 8,500 New York State, Energy Research & Development Authority, PCR, Niagara Mohawk Power, Ser. B, 3.60%, 03/01/99 8,500 20,300 New York State, Energy Research & Development Authority, PCR, Orange & Rockland Project, Ser. A, 2.65%, 03/04/99 20,300 3,000 New York State, Energy Research & Development Authority, PCR, Rochester Gas & Electric Corp., Ser. B, 2.50%, 03/04/99 3,000 14,300 New York State, Energy Research & Development Authority, PCR, Rochester Gas & Electric Corp., Ser. C, 2.65%, 03/04/99 14,300
See notes to financial statements. 44 Chase Vista New York Tax Free Money Market Fund Portfolio of Investments February 28, 1999 (unaudited) (continued) (amounts in thousands)
Principal Amount Issuer Value - ------------ ----------------------------------------- ----------- State & Municipal Obligations -- continued - ------------------------------------------------------------------ $ 10,320 New York State, Environmental Facilities Corp., PCR, FLOATS, Ser. PA-271, 2.97%, 03/04/99 $ 10,320 1,200 New York State, Environmental Facilities Corp., Resource Recovery, OFS Equity Huntington Project, 3.20%, 03/04/99 1,200 15,000 New York State, Environmental Facilities Corp., State Clean Water & Drinking, FLOATS, Ser, OT-1075, 2.97%, 03/04/99 15,000 4,000 New York State, Housing Finance Agency, 101 West End Ave. Housing, Ser. A, 2.65%, 03/04/99 4,000 16,000 New York State, Housing Finance Agency, 101 West End Ave. Housing, Ser. A, 3.85%, 03/04/99 16,000 8,700 New York State, Housing Finance Agency, 345 East 94th Street Housing, Ser. A, 2.75%, 03/04/99 8,700 8,500 New York State, Housing Finance Agency, 345 East 94th Street Housing, Ser. A, 2.80%, 03/04/99 8,500 10,000 New York State, Housing Finance Agency, 70 Barrery Place Housing, Ser. A, 2.80%, 03/04/99 10,000 8,800 New York State, Housing Finance Agency, 750 Sixth Ave. Housing, Ser. A, 2.60%, 03/04/99 8,800 2,495 New York State, Housing Finance Agency, FLOATS, Ser. PA-143, 2.94%, 03/04/99 2,495 3,300 New York State, Housing Finance Agency, MultiFamily Housing, Ser. A, 3.15%, 03/04/99 3,300 1,060 New York State, Housing Finance Agency, MultiFamily Housing, Ser. E, 3.15%, 03/04/99 1,060
See notes to financial statements. 45 Chase Vista New York Tax Free Money Market Fund Portfolio of Investments February 28, 1999 (unaudited) (continued) (amounts in thousands)
Principal Amount Issuer Value - ------------ ----------------------------------------- ----------- State & Municipal Obligations -- continued - ------------------------------------------------------------------ $ 12,900 New York State, Housing Finance Agency, Normandte Court II, Ser. A, 2.70%, 03/04/99 $ 12,900 5,100 New York State, Housing Finance Agency, Residential, Ser. A, 3.15%, 03/04/99- 5,100 13,300 New York State, Housing Finance Agency, Service Contract Obligation, Ser. A, 2.55%, 03/04/99 13,300 10,000 New York State, Housing Finance Agency, Tribeca Landing Housing, Ser. A, 2.95%, 03/04/99- 10,000 12,700 New York State, Housing Finance Agency, Tribeca Park Housing, Ser. A, 2.80%, 03/04/99 12,700 10,000 New York State, Housing Finance Agency, Union Square South Housing, 2.80%, 03/03/99 10,000 4,885 New York State, Job Development Authority, Ser. A-1 through A-42, 3.30%, 03/01/99 4,885 2,400 New York State, Job Development Authority, Special Purpose, Ser. A-1 through A-13, 3.30%, 03/01/99 2,400 4,600 New York State, Local Government Assistance Corp, TRS, Series 27, Reg D, 3.05%, 03/04/99 4,600 31,975 New York State, Local Government Assistance Corp., 2.80%, 03/01/99 31,974 3,000 New York State, Local Government Assistance Corp., Ser. B, 2.70%, 03/04/99 3,000 11,700 New York State, Local Government Assistance Corp., Ser. D, 2.65%, 03/04/99 11,700 4,800 New York State, Local Government Assistance Corp., Ser. F, 2.65%, 03/04/99 4,800
See notes to financial statements. 46 Chase Vista New York Tax Free Money Market Fund Portfolio of Investments February 28, 1999 (unaudited) (continued) (amounts in thousands)
Principal Amount Issuer Value - ------------ ------------------------------------------- ----------- State & Municipal Obligations -- continued - -------------------------------------------------------------------- $ 10,480 New York State, Local Government Assistance Corp., Ser. F, 2.70%, 03/04/99 $ 10,480 13,600 New York State, Local Government Assistance Corp., Ser. G, 2.60%, 03/04/99 13,600 2,355 New York State, Medical Care Facilities, Financing Agency, Municipal Trust Receipts, Ser. SG1, 2.97%, 03/04/99 2,355 4,000 New York State, Medical Care Facilities, Financing Agency, New York Hospital, Ser. A, 2.89%, 03/04/99 4,000 5,000 New York State, Power Authority, General Purpose, Municipal Trust Receipts, Ser. SG-4, 2.97%, 03/04/99 5,000 7,900 New York State, Thruway Authority, Ser. PA 272, 2.97%, 03/04/99 7,900 13,400 New York State, Thruway Authority, Ser. SG 119, 3.40%, 03/01/99 13,400 1,000 Niagara County, IDA, Solid Waste Disposal, American Refunding, Fuel Co., Ser. A, 2.85%, 03/04/99 1,000 1,000 Niagara County, IDA, Solid Waste Disposal, American Refunding, Fuel Co., Ser. B, 2.90%, 03/04/99 1,000 7,500 Niagara Falls, Bridge Commission, Ser. A, 2.65%, 03/04/99 7,500 1,100 Ontario, California, Redevelopment Agency, IDR, Safariland Project, 2.65%, 03/04/99 1,100 200 Orange County, California, Apartment Development, Jess L. Frost, Issue B, 2.60%, 03/04/99 200 2,500 Oxnard, California, Industrial Development Financing Authority, IDR, Accurate Engineering Project, 2.75%, 03/04/99 2,500
See notes to financial statements. 47 Chase Vista New York Tax Free Money Market Fund Portfolio of Investments February 28, 1999 (unaudited) (continued) (amounts in thousands)
Principal Amount Issuer Value - ------------ ------------------------------------------- ----------- State & Municipal Obligations -- continued - -------------------------------------------------------------------- $ 2,950 Port Authority of New York & New Jersey, Equipment Notes, Ser. 3, 3.00%, 03/04/99 $ 2,950 2,000 Puerto Rico Commonwealth, Government Development Bank, 2.40%, 03/04/99 2,000 2,450 Rockland County, New York, IDA, Shock Technical Inc. Project, 2.95%, 03/04/99 2,450 900 Rockland County, New York, IDA, X Products Corp. Project, 2.95%, 03/04/99 900 1,000 San Jose, California, MultiFamily Housing, Timberwood, Series A, 2.45%, 03/04/99 1,000 1,000 Santa Clara County, California, El Camino California Hospital District, Hospital Facilities Authority, Valley Medical Center Project, Series A, 2.20%, 03/04/99 1,000 200 Simi Valley, California, Public Finance Authority, 2.40%, 03/04/99 200 700 South San Francisco, California, MultiFamily, Magnolia Plaza Apartments, Ser. A, 2.70%, 03/04/99 700 5,750 Suffolk County, New York, 2.97%, 03/04/99 5,750 2,400 Suffolk County, New York, Water Authority, 2.70%, 03/04/99 2,400 1,490 Triborough Bridge & Tunnel Authority, New York, Series PA 200, 2.97%, 03/04/99 1,490 365 Walnut, California Improvement Agency, IDA, Fairway Molds Project, 2.65%, 03/04/99 364 4,245 Westchester County, New York, IDA, Civic Facilities, Northern Westchester Hospital, 2.70%, 03/04/99 4,244
See notes to financial statements. 48 Chase Vista New York Tax Free Money Market Fund Portfolio of Investments February 28, 1999 (unaudited) (continued) (amounts in thousands)
Principal Amount Issuer Value - ------------ ------------------------------------------ ---------- State & Municipal Obligations -- continued - ------------------------------------------------------------------ $ 2,200 Yonkers, New York, IDA, Civic Facilities, Consumers Union Facility, 2.60%, 03/04/99- $ 2,200 8,100 Yonkers, New York, IDA, Civic Facilities, Sarah Laurence College Project, 2.55%, 03/04/99@ 8,100 ---------- Total Floating Rate Demand Notes 1,140,048 ---------- (Cost $1,140,048) U. S. Government Agency Obligations--0.5% 7,000 Federal Home Loan Bank, Discount Note Obligations, 4.68%, 03/01/99 7,000 ---------- (Cost $7,000) - ------------------------------------------------------------------ Total Investments--100.0% (Cost $1,611,203)** $1,611,203 - ------------------------------------------------------------------
Index - -The maturity date shown is the date of the prerefunded call. @All or a portion of this security is segregated. **The cost of securities is substantially the same for federal income tax purposes. #Security may only be sold to qualified institutional buyers. Dorm--Dormitory Floating Rate Demand Note--The maturity date shown is the next interest reset date; the rate shown is the rate in effect at February 28, 1999. FLOATS--Floating Auction Tax-exempts. IDA--Industrial Development Agency. IDR--Industrial Development Revenue. PCR--Pollution Control Revenue. PUTTERS--Putable Tax Exempt Receipts. See notes to financial statements. 49 Chase Vista California Tax Free Money Market Fund as of February 28, 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 $0.06 Billion Average maturity 42 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 1-30 days ............ 74.38% 31-90 days ........... 2.76% 91-180 days .......... 13.86% 181-270 days ......... 7.53% 271+ days ............ 1.47%
50 Chase Vista California Tax Free Money Market Fund as of February 28, 1999 (unaudited) How Much of the Fund Was Invested [PIE CHART OMITTED] Investments 95.9% Cash/Other 4.1% Yields 7-Day Taxable SEC Yield(1) Equivalent Yield(2) Vista Shares 2.39% 4.36%
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. 51 Chase Vista California Tax Free Money Market Fund Portfolio of Investments February 28, 1999 (unaudited) (amounts in thousands)
Principal Amount Issuer Value - ---------- ----------------------------------------------- ----------- State & Municipal Obligations -- 97.3% - ---------------------------------------------------------------------- Certificates of Participation -- 0.9% ------------------------------------- $ 190 La Habra, California, Park La Habra & Viewpark, Ser. A, 4.00%, 09/01/99 $ 191 140 La Habra, California, Redevelopment Refunding Program, Ser. B, 4.00%, 09/01/99 140 200 Snowline, California, Joint Unified School District, Ser. A, 3.75%, 07/01/99 200 -------- Total Certificates of Participation 531 -------- (Cost $531) General Obligations -- 1.2% ----------------------------------------------- 145 Bakersfield, California, City School District, 5.00%, 08/01/99 146 140 Escondido, California, Unified High School District, 5.15%, 05/01/99 140 115 Escondido, California, Unified High School District, 5.15%, 11/01/99 117 100 Puerto Rico Commonwealth, 4.00%, 07/01/99 100 100 Puerto Rico Commonwealth, Public Improvements, 5.75%, 07/01/99 101 -------- Total General Obligations 604 -------- (Cost $604) Revenue Bonds--13.6% -------------------- 400 California State, Department Water Resources Center, VY Project, Water Systems, Ser. J-2, 5.20%, 12/01/99 406 750 California, Health Facilities Financing Authority, Health Facility, Catholic Health, Ser. A, 7.00%, 07/01/99 774 320 Chula Vista, California, Community Hospital, 7.50%, 01/01/1900 331 375 Los Angeles, California Community Redevelopment Agency, Little Tokyo, Class B, 6.90%, 07/01/99 387 1,500 Los Angeles, California, Department of Airports, Los Angeles International Airport, Series D, 6.00%, 05/15/99 1,507
See notes to financial statements. 52 Chase Vista California Tax Free Money Market Fund Portfolio of Investments February 28, 1999 (unaudited) (continued) (amounts in thousands)
Principal Amount Issuer Value - ---------- --------------------------------------------- ----------- State & Municipal Obligations -- continued - -------------------------------------------------------------------- $ 400 Los Angeles, California, Municipal Improvement Corp., Lease, 7.30%, 09/01/99 $ 409 150 Metropolitan Water District, Southern California, Ser. A, 4.00%, 03/01/99 150 300 Metropolitan Water District, Southern California, Waterworks, Ser. C, 5.00%, 07/01/99 302 2,200 Metropolitan Water District, Southern California, Ser. G, 5.75%, 03/01/99 2,222 235 Palm Desert, California, Financing Authority, Tax Allocation, Housing Set Aside, 4.00%, 10/01/99 236 150 Puerto Rico Electric Power Authority, Ser. N, 7.18%, 07/01/99- 153 150 Riverside County, California, Asset Leasing Corp., Leasehold Improvements, Riverside County Hospital Project, Ser. A, 7.40%, 06/01/99- 156 390 Sacramento, California, Municipal Utilities District, Electric, Ser. H, 6.30%, 10/01/99 398 155 San Bernadino County, California, Transition Authority, Sales Tax, Ser. A, 5.00%, 03/01/00 158 110 San Mateo County, California, Joint Powers Authority, Lease, Capital Projects, Ser. A, 3.00%, 07/15/99 110 100 Santa Cruz County, California, Public Financing Authority, Tax Allocation, Sub-Loan, Ser. B, 7.63%, 09/01/99 105 250 Southern California, Public Power Authority, Transmission Project, Sub. Ser. A, 4.38%, 07/01/99 251 400 Tustin, California, Unified School District, Special Tax, Community Facilities District, No 88-1, 4.00%, 09/01/99 402 -------- Total Revenue Bonds 8,457 -------- (Cost $8,457)
See notes to financial statements. 53 Chase Vista California Tax Free Money Market Fund Portfolio of Investments February 28, 1999 (unaudited) (continued) (amounts in thousands)
Principal Amount Issuer Value - ---------- ---------------------------------------------- ---------- State & Municipal Obligations -- continued - -------------------------------------------------------------------- Tax Anticipation Notes--3.3% ---------------------------- $ 2,000 Antioch, California, Unified School District, 3.70%, 09/15/99 $ 2,000 ------- (Cost $2,000) Tax & Revenue Anticipation Notes--10.0% --------------------------------------- 2,000 Fotana California, United School District, 3.68%, 07/09/99 2,002 2,700 Kern County, California, Board of Education, 4.25%, 06/30/99 2,706 900 Los Angeles, California, 4.50%, 06/30/99 902 500 San Diego, California, Unified School District, Ser. A, 4.50%, 10/01/99 504 ------- Total Tax & Revenue Anticipation Notes 6,114 ------- (Cost $6,114) Floating Rate Demand Notes--68.3% --------------------------------- 500 Alameda-Contra Costa, California Schools Financing Authority, Capital Improvements Financing Projects, Ser. A, 2.40%, 03/04/99 500 3,700 California Health Facilities Financing Authority, Insured, Hospital, Adventist, Ser. B, 3.10%, 03/01/99 3,700 340 California Housing Financing Authority, FLOATS, Ser. PA-58, 2.72%, 03/04/99 340 3,100 California PCFA, PCR, Pacific Gas & Electric, Ser. C, 3.15%, 03/01/99 3,100 2,000 California PCFA, PCR, Shell Oil Comp Project, Ser. A, 3.00%, 03/01/99 2,000 4,000 California PCFA, Solid Waste Disposal, Shell Martinez Refining, Ser. A, 3.00%, 03/01/99 4,000 800 California State, 2.75%, 03/04/99 800 900 California State, 2.75%, 03/04/99 900 200 California State, Community Development Corp., IDR, Tri-Valley Growers, Series F, 2.60%, 03/03/99 200
See notes to financial statements. 54 Chase Vista California Tax Free Money Market Fund Portfolio of Investments February 28, 1999 (unaudited) (continued) (amounts in thousands)
Principal Amount Issuer Value - ---------- --------------------------------------------- ----------- State & Municipal Obligations -- continued - --------------------------------------------------------------------- $ 2,500 California State, Community Development Corp., John Muir, Mt. Diablo Health, 3.00%, 03/01/99 $ 2,500 1,000 California State, Economic Development Financing Authority, California Independent Systems Project, Series A, 3.10%, 03/01/99 1,000 500 California State, Economic Development Financing Authority, California Independent Systems, Project B, 3.00%, 03/01/99 500 1,400 California State, Economic Development Financing Authority, IDR, Provena Foods Inc. Project, 2.75%, 03/03/99 1,400 55 California State, Economic Development Financing Authority, IDR, Standard Abrasives Manufacturing Project, 2.75%, 03/03/99 55 2,000 California State, Municipal Securities Trust Receipts, SGA 40, 2.85%, 03/03/99 2,000 1,600 California State, Municipal Securities Trust Receipts, SGA 55, 2.85%, 03/03/99# 1,600 500 Corona, California MultiFamily Housing, Country Hills Project, Ser. B, 2.45%, 03/04/99 500 1,400 Irvine Ranch, California, Water District, Consolidated Improvement Districts, 3.00%, 03/01/99 1,400 600 Irvine Ranch, California, Water District, Consolidated Improvement Districts, 3.10%, 03/01/99 600 2,500 Irvine Ranch, California, Water District, No, 105, 140, 240 & 250, 3.10%, 03/01/99 2,500 2,500 Irvine, California, Improvement Bond Act of 1915, Assessment District No. 97-17, 3.10%, 03/01/99 2,500 100 Kern County, California, Kern Public Facilities Project, Series D, 2.60%, 03/03/99 100
See notes to financial statements. 55 Chase Vista California Tax Free Money Market Fund Portfolio of Investments February 28, 1999 (unaudited) (continued) (amounts in thousands)
Principal Amount Issuer Value - ---------- -------------------------------------------- ----------- State & Municipal Obligations -- continued - ------------------------------------------------------------------- $ 400 Los Angeles County, California, Community Redevelopment Agency, 2.55%, 03/03/99 $ 400 400 Los Angeles County, California, Community Redevelopment Agency, COP, CMC Medical Plaza Partner, 2.40%, 03/04/99 400 300 Los Angeles County, California, IDA, IDR, Hon Industries Inc. Project, 2.50%, 03/01/99 300 100 Los Angeles County, California, Metropolitan Transportation Authority, Proposal C, Second Sr. Ser. A, 2.60%, 03/04/99 100 900 Los Angeles County, California, United School District, Belmont Learning Complex, Series A, 2.50%, 03/03/99 900 1,000 Monrovia, California, Unified School District, Municipal Securities Trust Receipt, Ser. 70, 2.83%, 03/03/99 1,000 200 Moorpark California MultiFamily, Le Club Apartments Project, Ser. A, 2.65%, 03/04/99 200 1,300 Oakland, California, Joint Powers Financing Authority, Series A-2, 2.45%, 03/04/99 1,300 100 Ontario, California, Redevelopment Agency, IDR, Safariland Project, 2.65%, 03/04/99 100 400 Rancho Mirage, California, Redevelopment Agency, Rancho Mirage, 2.65%, 03/04/99 400 700 Riverside County, California, IDA, IDR, Design Time Inc. Project, Ser. I, 2.30%, 03/03/99 700 100 San Bernardino County, California, County Center Refinancing Project, 2.55%, 03/03/99 100 100 San Bernardino County, California, IDA, Aqua-Service, 2.65%, 03/04/99 100
See notes to financial statements. 56 Chase Vista California Tax Free Money Market Fund Portfolio of Investments February 28, 1999 (unaudited) (continued) (amounts in thousands)
Principal Amount Issuer Value - ---------- ------------------------------------------- ------- State & Municipal Obligations -- continued - -------------------------------------------------------------- $ 100 San Bernardino County, California, IDA, Ser. II, Master Halco Inc., 2.30%, 03/04/99 $ 100 300 San Diego, California, IDA, Kaiser Aerospace & Electric, 2.75%, 03/04/99 300 100 Santa Clara, California, Electric Revenue, Ser. B, 2.55%, 03/03/99 100 600 Three Valleys Municipal Water District, Miramar Water Treatment, 2.45%, 03/03/99 600 2,500 Western Riverside County, California Regional Wastewater Authority, Regional Wastewater Treatment, 3.10%, 03/01/99 2,500 ------- Total Floating Rate Demand Notes (Cost $41,795) 41,795 - -------------------------------------------------------------- Total Investments--97.3% (Cost $59,501)** $59,501 - --------------------------------------------------------------
Index - -The maturity date shown is the date of the prerefunded call. @All or a portion of this security is segregated. **The cost of securities is substantially the same for federal income tax purposes. #Security may only be sold to qualified institutional buyers. COP--Certificates of Participation. Dorm--Dormitory Floating Rate Demand Note--The maturity date shown is the next interest reset date; the rate shown is the rate in effect at February 28, 1999. FLOATS--Floating Auction Tax-exempts. IDA--Industrial Development Agency. IDR--Industrial Development Revenue. PCFA--Pollution Control Finance Authority. PCR--Pollution Control Revenue. See notes to financial statements. 57 Chase Vista Funds Statement of Assets and Liabilities February 28, 1999 (unaudited) (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) ........................... $1,259,849 $1,611,203 $59,501 Cash ................................ 3,455 -- 1,384 Other assets ........................ 58 1,316 1 Receivables: Investment securities sold ......... 15,711 21,397 -- Interest ........................... 7,150 12,225 474 Fund shares sold ................... 1,435 -- 702 ---------- ---------- ------- Total Assets ...................... 1,287,658 1,646,141 62,062 ---------- ---------- ------- LIABILITIES: Payables: Investment securities purchased .... 3,306 31,646 796 Fund shares redeemed ............... 162 208 -- Payable to Custodian ............... -- 1,263 -- Dividends .......................... 1,448 786 40 Accrued liabilities: (Note 2) Investment advisory fees ........... 101 117 -- Administration fees ................ 101 59 3 Shareholder servicing fees ......... 160 328 4 Distribution fees .................. 64 117 2 Custody fees ....................... 39 47 15 Other .............................. 16 227 37 ---------- ---------- ------- Total Liabilities ................. 5,397 34,798 897 ---------- ---------- ------- NET ASSETS: Paid in capital ..................... 1,282,687 1,611,407 61,183 Accumulated undistributed net investment income .................. (64) 52 (4) Accumulated net realized gain (loss) on investment transactions ......... (362) (116) (14) ---------- ---------- ------- Net Assets ........................... $1,282,261 $1,611,343 $61,165 ========== ========== ======= Shares of beneficial interest outstanding ($.001 par value; unlimited number of shares authorized): Vista Shares ...................... 823,024 1,611,520 61,183 Premier Shares .................... 99,420 -- -- Institutional Shares .............. 360,265 -- -- Net asset value, offering and redemption price per share ......... $ 1.00 $ 1.00 $ 1.00 ========== ========== ======= Cost of investments .................. $1,259,849 $1,611,203 $59,501 ========== ========== =======
See notes to financial statements. 58 Chase Vista Funds Statement of Operations For the six months ended February 28, 1999 (unaudited) - -------------------------------------------------------------------------------- (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) ......... $20,794 $22,311 $682 ------- ------- ---- EXPENSES: (Note 2) Investment advisory fees .......... 628 695 22 Shareholder servicing fees ........ 1,562 2,433 77 Administration fees ............... 628 695 22 Distribution fees ................. 382 695 22 Custodian fees .................... 106 86 33 Printing and postage .............. 28 30 -- Professional fees ................. 34 34 13 Registration costs ................ 86 84 -- Transfer agent fees ............... 103 139 11 Trustees fees and expenses ........ 31 35 1 Other ............................. 54 9 1 ------- ------- ---- Total expenses ................... 3,642 4,935 202 Less amounts waived (Note 2E) ...... 600 834 81 ------- ------- ---- Net expenses ...................... 3,042 4,101 121 ------- ------- ---- Net investment income ............ 17,752 18,210 561 ------- ------- ---- REALIZED AND UNREALIZED GAIN ON INVESTMENTS Net realized gain on investment transactions ...................... 91 6 5 ------- ------- ---- Net increase in net assets from operations ........................ $17,843 $18,216 $566 ======= ======= ====
See notes to financial statements. 59 Chase Vista Funds Statement of Changes in Net Assets For the periods indicated (unaudited) - -------------------------------------------------------------------------------- (Amounts in Thousands)
Tax Free New York California Money Market Tax Free Tax Free Fund Money Market Fund Money Market Fund -------------------------- -------------------------- ------------------------- Six months Year ended Six months Year ended Six months Year ended ended 2/28/99 8/31/98 ended 2/28/99 8/31/98 ended 2/28/99 8/31/98 ------------- ---------- ------------- ------------ ------------- ---------- INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS: Net investment income .......................... $ 17,752 $ 35,342 $ 18,210 $ 33,002 $ 561 $ 1,443 Net realized gain (loss) on investment transactions ................................... 91 (34) 6 (27) 5 (3) ---------- ---------- ---------- ---------- -------- --------- Increase in net assets from operations ........ 17,843 35,308 18,216 32,975 566 1,440 ---------- ---------- ---------- ---------- -------- -------- DISTRIBUTIONS TO SHAREHOLDERS FROM: Net investment income .......................... (17,819) (35,342) (18,258) (33,002) (583) (1,443) Net realized gain on investment transactions ... -- -- -- -- -- -- ---------- ---------- ---------- ---------- -------- -------- Total dividends and distributions ............. (17,819) (35,342) (18,258) (33,002) (583) (1,443) ---------- ---------- ---------- ---------- -------- -------- Shares of beneficial interest transactions # .... Proceeds from shares issued Vista Shares .................................. 975,388 2,109,048 1,577,728 2,920,461 180,439 365,375 Premier Shares ................................ 164,000 386,933 -- -- -- -- Institutional Shares .......................... 1,076,243 2,916,751 -- -- -- -- ---------- ---------- ---------- ---------- -------- -------- 2,215,631 5,412,732 1,577,728 2,920,461 180,439 365,375 ---------- ---------- ---------- ---------- -------- -------- Proceeds from reinvestment of dividends Vista Shares .................................. 4,172 8,530 12,009 20,181 238 804 Premier Shares ................................ 1,036 2,206 -- -- -- -- Institutional Shares .......................... 2,431 5,252 -- -- -- -- ---------- ---------- ---------- ---------- -------- -------- 7,639 15,988 12,009 20,181 238 804 ---------- ---------- ---------- ---------- -------- --------
See notes to financial statements. 60 Chase Vista Funds Statement of Changes in Net Assets For the periods indicated (unaudited) (continued) - -------------------------------------------------------------------------------- (Amounts in Thousands)
Tax Free New York California Money Market Tax Free Tax Free Fund Money Market Fund Money Market Fund -------------------------- -------------------------- -------------------------- Six months Year ended Six months Year ended Six months Year ended ended 2/28/99 8/31/98 ended 2/28/99 8/31/98 ended 2/28/99 8/31/98 ------------- ---------- ------------- ---------- ------------- ---------- Cost of shares redeemed Vista Shares ............................. $ (889,910) $(1,950,253) $(1,350,179) $(2,525,554) $(169,894) $(361,286) Premier Shares ........................... (198,962) (360,517) -- -- -- -- Institutional Shares ..................... (1,128,829) (2,797,836) -- -- -- -- ----------- ----------- ----------- ----------- --------- --------- (2,217,701) (5,108,606) (1,350,179) (2,525,554) (169,894) (361,286) ----------- ----------- ----------- ----------- --------- --------- Net increase in net assets from shares of beneficial interest transactions ......... 5,569 320,114 239,558 415,088 10,783 4,893 ----------- ----------- ----------- ----------- --------- --------- Total increase (decrease) ................ 5,593 320,080 239,516 415,061 10,766 4,890 NET ASSETS: Beginning of period ....................... 1,276,668 956,588 1,371,827 956,766 50,399 45,509 ----------- ----------- ----------- ----------- --------- --------- End of period ............................. $ 1,282,261 $ 1,276,668 $ 1,611,343 $ 1,371,827 $ 61,165 $ 50,399 =========== =========== =========== =========== ========= =========
# At $1.00 per share. See notes to financial statements. 61 Chase Vista Funds Notes to Financial Statements (unaudited) - -------------------------------------------------------------------------------- 1. Organization and Significant Accounting Policies -- Mutual Fund Trust ("MFT") (the "Trust") is organized as a Massachusetts business trust, and registered under the Investment Company Act of 1940 as amended (the "1940 Act"), as an open-end, management investment company. Effective March 16, 1998, the Vista Family of Mutual Funds changed its name to the Chase Vista Funds. Tax Free Money Market Fund ("CVTF"), New York Tax Free Money Market Fund ("CVNYTF") and California Tax Free Money Market Fund ("CVCTF") are separate portfolios of MFT. Collectively all of these funds are referred to as "Money Market Funds" or individually as the "Fund". The funds offer various classes of shares as follows:
Fund Classes Offered - -------- ------------------------------ 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, sub-custodian or a bank in which the custodian bank has entered into a sub-custodian agreement or is segregated in the Federal Reserve Book Entry System. If the seller of a repurchase agreement defaults and the value of the collateral declines, or if the seller enters into an insolvency proceeding, realization of the collateral may be delayed or limited. C. Security transactions and investment income -- Investment transactions are accounted for on the trade date (the date the order to buy or sell is executed). Securities gains and losses are calculated on the identified cost basis. Interest income consists of coupon interest accrued less the amortization of any premiums on the investments of the Funds. D. Federal income taxes -- Each Fund is treated as a separate taxable entity for Federal income tax purposes. The 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 a Fund's 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 -- Each Fund declares and records a dividend of substantially all of its net investment income on each business day. Such dividends are paid or re-invested monthly in each respective Fund's shares on the payable dates. The amount of dividends and distributions from net investment income and net realized capital gains is determined in accordance with Federal income tax regulations, which may differ from generally accepted accounting principles. To the extent these 62 Chase Vista Funds Notes to Financial Statements (continued) (unaudited) - -------------------------------------------------------------------------------- "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 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 "Advisor"), acts as the investment adviser to the Funds. Chase is a direct wholly-owned subsidiary of The Chase Manhattan Corporation. As investment adviser, Chase supervises the investments of each Fund and for such services is paid a fee. The fee is accrued daily and paid monthly at an annual rate equal to 0.10% of the average daily net assets for each respective Fund. The 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 the Vista Tax Free Money Market Fund, pursuant to a Sub-Investment Advisory Agreement between CAM and Chase. CAM is a wholly owned subsidiary of Chase and is entitled to receive a fee, payable by Chase from its advisory fee, at an annual rate equal to 0.03% of each Fund's average daily net assets. Chase Bank of Texas, National Association ("CBT") is the sub-investment adviser to the Tax Free Money Market Fund pursuant to a Sub-Investment Advisory Agreement between Chase and CBT. CBT is a wholly owned subsidiary of Chase and is entitled to receive a fee, payable by Chase from its advisory fee, at an annual rate equal to 0.03% of the Fund's average daily net assets. B. Shareholder servicing fees -- The Trust adopted an Administrative Service Plan which, among other things, provides that the Trust on behalf of the Funds may obtain the services of one or more Shareholder Servicing Agents. For its services, each Shareholder Servicing Agent receives a fee. The fee is computed daily and paid monthly at an annual rate of 0.35% and 0.25% of the average daily net assets of the Vista Class and Premier Class, respectively. No Shareholder Servicing fee was paid for the Institutional Shares. Chase and certain of its affiliates have been the only Shareholder Servicing Agents. The Shareholder Servicing Agents have voluntarily waived all or a portion of their fees as outlined in Note 2.E. below. C. Distribution and sub-administration fees -- Pursuant to the Distribution and Sub-administration Agreements, Vista Fund Distributors, Inc. ("VFD" or the "Distributor"), a wholly-owned subsidiary of the BISYS Group, Inc. ("BISYS"), acts as the Trust's exclusive underwriter and promotes and arranges for the sale of each Fund's shares. In addition, the Distributor provides certain sub-administration services to the Trust, including providing officers, clerical staff and office space for an annual fee, computed daily and paid monthly, of 0.05% of the average daily net assets of each Fund. 63 Chase Vista Funds Notes to Financial Statements (continued) (unaudited) - -------------------------------------------------------------------------------- The Trustees have adopted plans of distribution under the 1940 Act for the Vista Shares (the "Vista Plan"). There are no distribution plans for the Premier or Institutional Shares. Vista Plan pays the Distributor a distribution fee. The fee is computed daily and paid monthly at an annual rate of 0.10% of the average daily net assets of Vista Class of each Fund. The Distributor voluntarily waived all or a portion of distribution fees as outlined in Note 2.E. below. D. Administration fee -- Pursuant to an Administration Agreement, Chase (the "Administrator") provides certain administration services 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. Waivers of fees -- For the six months ended February 28, 1999, the Adviser, Administrator, Shareholder Servicing Agent and Distributor voluntarily waived fees for each of the Funds as follows (amounts in thousands):
CVTF CVNYTF CVCTF ------ -------- ------ Advisory ...................... $ -- $ -- $22 Administration ................ -- 348 -- Shareholder Servicing ......... 600 486 48 Distribution .................. -- -- 11 ---- ---- --- $600 $834 $81 ==== ==== ===
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. Concentration of Credit Risk -- 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 February 28, 1999, CVTF invested approximately 19.1% 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. 4. Trustee Compensation -- The Funds have adopted an unfunded noncontributory defined benefit pension plan covering all independent trustees of the Funds who will have served as an independent trustee for at least five years at the time of retirement. Benefits under this plan are based on compensation and years of service. Pension expenses for the six months ended February 28, 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 (amounts in thousands):
Accrued Pension Pension Expenses Liability ---------- ---------- CVTF ........... $ 11.4 $ 89.0 CVNYTF ......... 12.8 90.7 CVCTF .......... 0.4 4.2
64 Chase Vista Funds Financial Highlights (unaudited) - --------------------------------------------------------------------------------
Tax Free Money Market Fund ------------------------------------------------------------------ Vista Shares ------------------------------------------------------------------ 09/01/98 Year Ended August 31, 11/1/93 Through ------------------------------------------- Through 02/28/99 1998 1997 1996 1995 8/31/94++ ---------- ---------- ---------- ---------- ---------- ---------- Per Share Operating Performance Net Asset Value, Beginning of Period ............................ $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 ------ ------ ------ ------ ------ ------ Income from Investment Operations Net Investment Income ......................................... 0.01 0.03 0.03 0.03 0.03 0.02 Less Dividends from Net Investment Income ..................... 0.01 0.03 0.03 0.03 0.03 0.02 ------ ------ ------ ------ ------ ------ Net Asset Value, End of Period .................................. $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 ====== ====== ====== ====== ====== ====== Total Return .................................................... 1.37% 3.10% 3.12% 2.92% 2.99% 1.54% Ratios/Supplemental Data Net Assets, End of Period (millions) ............................ $ 823 $ 733 $ 566 $ 574 $ 167 $ 122 Ratios to Average Net Assets#: Expenses ....................................................... 0.59% 0.59% 0.59% 0.69% 0.86% 0.85% Net Investment Income .......................................... 2.72% 3.05% 3.08% 2.89% 2.96% 1.82% Expenses Without Waivers and Assumption of Expenses ............ 0.72% 0.72% 0.73% 0.80% 0.94% 0.85% Net Investment Income Without Waivers and Assumption of Expenses .................................................. 2.59% 2.92% 2.94% 2.78% 2.88% 1.82%
- ------- # Short periods have been annualized. ++ In 1994 the Fund changed its fiscal year-end from October 31 to August 31. See notes to financial statements. 65 Chase Vista Funds Financial Highlights (continued) (unaudited) - --------------------------------------------------------------------------------
Tax Free Money Market Fund ------------------------------------------------------------------ Premier Shares ------------------------------------------------------------------ Year Ended August 31, 09/01/98 ------------------------------------------- 11/1/93 Through Through 02/28/99 1998 1997 1996 1995 8/31/94++ ---------- ---------- ---------- ---------- ---------- ----------- Per Share Operating Performance Net Asset Value, Beginning of Period ........... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 ------ ------ ------ ------ ------ ------ Income from Investment Operations: Net Investment Income ........................ 0.01 0.03 0.03 0.03 0.03 0.02 Less Dividends from Net Investment Income .... 0.01 0.03 0.03 0.03 0.03 0.02 ------ ------ ------ ------ ------ ------ Net Asset Value, End of Period ................. $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 ====== ====== ====== ====== ====== ====== Total Return ................................... 1.40% 3.17% 3.19% 3.12% 3.29% 1.79% Ratios/Supplemental Data Net Assets, End of Period (millions) ........... $ 99 $ 133 $ 105 $ 145 $ 148 $ 229 Ratio to Average Net Assets#: Expenses ...................................... 0.53% 0.53% 0.53% 0.58% 0.56% 0.55% Net Investment Income ......................... 2.79% 3.10% 3.13% 3.08% 3.21% 2.11% Expenses Without Waivers and Assumption of Expenses .................................. 0.53% 0.53% 0.53% 0.73% 0.84% 0.78% Net Investment Income Without Waivers and Assumption of Expenses ....................... 2.79% 3.10% 3.13% 2.93% 2.93% 1.88% Tax Free Money Market Fund ----------------------------------------------------------------------- Institutional Shares ----------------------------------------------------------------------- 09/01/98 Year Ended August 31, 11/14/93* Through ----------------------------------------------- Through 02/28/99 1998 1997 1996 1995 8/31/94++ ----------- ----------- ----------- ----------- ----------- ----------- Per Share Operating Performance Net Asset Value, Beginning of Period ........... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 ------- ------- ------- ------- ------- ------- Income from Investment Operations: Net Investment Income ........................ 0.01 0.03 0.04 0.03 0.04 0.02 Less Dividends from Net Investment Income .... 0.01 0.03 0.04 0.03 0.04 0.02 ------- ------- ------- ------- ------- ------- Net Asset Value, End of Period ................. $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 ======= ======= ======= ======= ======= ======= Total Return ................................... 1.53% 3.45% 3.45% 3.40% 3.53% 1.95% Ratios/Supplemental Data Net Assets, End of Period (millions) ........... $ 360 $ 410 $ 286 $ 149 $ 108 $ 110 Ratio to Average Net Assets#: Expenses ...................................... 0.26% 0.26% 0.26% 0.31% 0.33% 0.34% Net Investment Income ......................... 3.06% 3.37% 3.41% 3.33% 3.46% 2.38% Expenses Without Waivers and Assumption of Expenses .................................. 0.32% 0.26% 0.26% 0.31% 0.34% 0.34% Net Investment Income Without Waivers and Assumption of Expenses ....................... 3.00% 3.37% 3.41% 3.33% 3.45% 2.38%
- ------- # Short periods have been annualized. ++ In 1994 the Fund changed its fiscal year-end from October 31 to August 31. * Commencement of offering class of shares. See notes to financial statements. 66 Chase Vista Funds Financial Highlights (continued) (unaudited) - --------------------------------------------------------------------------------
New York Tax Free Money Market Fund ------------------------------------------------------------------ Vista Shares ------------------------------------------------------ ---------- 09/01/98 Year Ended August 31, 11/1/93 Through ------------------------------------------- Through 02/28/99 1998 1997 1996 1995 8/31/94++ ---------- ---------- ---------- ---------- ---------- ---------- Per Share Operating Performance Net Asset Value, Beginning of Period ............................ $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 ------ ------ ------ ------ ------ ------ Income from Investment Operations Net Investment Income ......................................... 0.01 0.03 0.03 0.03 0.03 0.02 Less Dividends from Net Investment Income ..................... 0.01 0.03 0.03 0.03 0.03 0.02 ------ ------ ------ ------ ------ ------ Net Asset Value, End of Period .................................. $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 ====== ====== ====== ====== ====== ====== Total Return .................................................... 1.31% 3.03% 3.02% 2.85% 2.88% 1.48% Ratios/Supplemental Data Net Assets, End of Period (millions) ............................ $1,611 $1,372 $ 957 $ 890 $ 378 $ 366 Ratio to Average Net Assets#: Expenses ....................................................... 0.59% 0.59% 0.59% 0.74% 0.86% 0.85% Net Investment Income .......................................... 2.62% 2.97% 2.97% 2.79% 2.84% 1.77% Expenses Without Waivers and Assumption of Expenses ............ 0.71% 0.72% 0.73% 0.83% 0.95% 0.85% Net Investment Income Without Waivers and Assumption of Expenses .................................................. 2.50% 2.84% 2.83% 2.70% 2.75% 1.77%
- ------- # Short periods have been annualized. ++ In 1994 the Fund changed its fiscal year-ends from October 31 to August 31. See notes to financial statements. 67 Chase Vista Funds Financial Highlights (continued) (unaudited) - --------------------------------------------------------------------------------
California Tax Free Money Market Fund ----------------------------------------------------------------- Vista Shares ----------------------------------------------------------------- 09/01/98 Year Ended August 31, 11/1/93 Through ------------------------------------------- Through 02/28/99 1998 1997 1996 1995 8/31/94++ ---------- ---------- ---------- ---------- ---------- ---------- Per Share Operating Performance Net Asset Value, Beginning of Period ............................. $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 ------ ------ ------ ------ ------ ------ Income from Investment Operations Net Investment Income .......................................... 0.01 0.03 0.03 0.03 0.03 0.02 Less Dividends from Net Investment Income ...................... 0.01 0.03 0.03 0.03 0.03 0.02 ------ ------ ------ ------ ------ ------ Net Asset Value, End of Period ................................... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 ====== ====== ====== ====== ====== ====== Total Return ..................................................... 1.34% 2.97% 3.02% 3.06% 3.32% 1.82% Ratios/Supplemental Data Net Assets, End of Period (millions) ............................. $ 61 $ 50 $ 46 $ 43 $ 58 $ 64 Ratio of Average Net Assets#: Expenses ........................................................ 0.55% 0.55% 0.56% 0.56% 0.48% 0.46% Net Investment Income ........................................... 2.55% 2.89% 2.99% 3.03% 3.25% 2.17% Expenses Without Waivers and Assumption of Expenses ............. 0.92% 0.93% 0.86% 1.02% 1.07% 0.94% Net Investment Income Without Waivers and Assumption of Expenses ................................................... 2.18% 2.51% 2.69% 2.57% 2.66% 1.69%
- ------- # Short periods have been annualized. ++ In 1994 the Fund changed its fiscal year-end from October 31 to August 31. See notes to financial statements. 68 -----END PRIVACY-ENHANCED MESSAGE-----