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AUGUST 31, 2000
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Chase Vista
Select Tax Free Funds
ANNUAL REPORT
SELECT TAX FREE
INCOME FUND
SELECT INTERMEDIATE
TAX FREE INCOME FUND
SELECT NEW YORK
INTERMEDIATE TAX
FREE INCOME FUND
SELECT NEW JERSEY
TAX FREE INCOME
FUND
[CHASE LOGO]
ANSTF-2-1000
Contents
Chairman's Letter 1
Chase Vista Select Tax Free Income Fund 2
Fund Commentary
Chase Vista Select Intermediate Tax Free
Income Fund 4
Fund Commentary
Chase Vista Select New York Intermediate
Tax Free Income Fund 6
Fund Commentary
Chase Vista Select New Jersey Tax
Free Income Fund 8
Fund Commentary
Portfolio of Investments 10
Financial Statements 38
Notes to Financial Statements 42
Highlights
o The yield on the average AAA-rated municipal bond rose from 5.70% on
September 1, 1999 to 5.90% on February 29, 2000. A rally during the final
months of the reporting year pushed the yield down to 5.50% on August 31,
2000.
o Other than a bulge in new supply at the end of October 1999, there was very
little new issuance during the reporting year.
o With the U.S. economy slowing at the same time municipal yields became most
attractive relative to other fixed income securities, cross-over buyers
such as institutions and insurance companies entered the markets and led
the rally at the end of the reporting year.
NOT FDIC INSURED May lose value / No bank guarantee
Chase Vista Select Funds are distributed by Vista Fund Distributors, Inc.
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CHASE VISTA SELECT TAX FREE FUNDS
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Chairman's Letter
October 2, 2000
Dear Shareholder:
We are pleased to present this annual report for Chase Vista Select Tax Free
Funds for the year ended August 31, 2000. Inside, you will find information on
the performance of each Fund along with a report from the portfolio management
team.
After Extended Burst of Growth, U.S. Economy Appears to Slow
For the great majority of the reporting year, the United States economy
continued to expand at a rapid pace, with GDP growth soaring well in excess of
the 3.5% that many analysts consider to be the Federal Reserve Board's maximum
non-inflationary trend rate. In response, the Fed continued its policy of
short-term interest rate increases, creating a generally negative backdrop for
the fixed-income markets. The exception was the long-term U.S. Treasury market,
which benefited from the February announcement and subsequent implementation of
a plan by the United States Treasury department to use proceeds of the budget
surplus to "buy back" longer-term Treasuries.
In June, with shifting economic data showing a slowing economy, investors
decided that the six Fed rate increases over the previous year had begun to
take effect. As evidence of a slowdown continued to arrive, the bullish view
has been that the Fed would achieve another "soft landing" in which growth
moderated but did not disappear. However, with several potentially troubling
issues on the horizon--including the price of crude oil rising to all-time
highs--investors are eagerly awaiting the upcoming third quarter GDP figures to
understand the full extent of the economy's slowdown.
Municipal Bonds Rally at End of Reporting Year
Beyond the general issues facing the fixed-income markets, municipal bond
performance was driven by a variety of factors, especially supply and demand.
Specifically, there was a supply bulge at the end of October, followed by a
dearth of new supply at the end of 1999 and into 2000. Despite the lack of
supply, municipals generally underperformed Treasuries due to the dislocation
caused by the Treasury buyback program. However, as yields on municipals became
ever-more attractive, non-traditional and crossover buyers joined retail
investors in the market, with the resulting demand combining with the low new
supply to lead to four months of strong performance relative to other fixed-
income securities at the end of the reporting period.
In this environment, your portfolio managers did an excellent job, maintaining
good relative performance while taking advantage of market tightness to upgrade
quality and call protection, moves which were continuing to pay off as the
reporting period ended.
All of us at Chase thank you for your continued investment and look forward to
helping you reach your financial goals for many years to come.
Sincerely yours,
/s/ Fergus Reid
- ---------------
Fergus Reid
Chairman
1
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CHASE VISTA SELECT TAX FREE INCOME FUND
As of August 31, 2000 (Unaudited)
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How the Fund Performed
Chase Vista Select Tax Free Income Fund, which seeks to provide tax-exempt
income through a portfolio of higher-quality municipal bonds of varying
maturities, had a total return of 6.11% for the year ended August 31, 2000.
This compares to the 6.77% return from the Lehman Municipal Bond Index.
How the Fund Was Managed
As the reporting year began, the management team allowed the Fund's duration (a
measure of interest-rate sensitivity) to shorten relative to its peer group,
and this proved beneficial in the rising interest-rate environment of late
1999. As supply began to shrink dramatically in early 2000, the Fund performed
well as the management team had built a portfolio overweight in
better-structured, non-callable bonds which were attractive to corporate
purchasers looking for longer-dated maturities in the wake of the U.S.
Treasury's buyback program.
With the ongoing dearth of new supply causing the yield differential between
higher and lower quality municipal securities to compress--meaning that
investors were being paid very little in terms of extra yield for taking on
higher credit risk--the management team maintained its policy of focusing on
high quality securities and improving security structure. Despite the low
supply, some of the Fund's municipals underperformed due to the dislocation
caused by the Treasury buyback program.
As the reporting year progressed, the Fund's focus on high-quality, well-
structured and non-callable bonds began to pay off. For instance, the Fund was
able to take profits on its Puerto Rico holdings as these bonds, which enjoy
special tax-free status in all 50 states, began to trade in line with
California bonds given the extreme lack of California supply. At the end of the
year, the Fund's strategy involved buying what little new issuance there was
and selling to the retail market in specialty states which had the narrowest
supply. The Fund also benefited in the final months of the reporting year by
having a longer-than-benchmark duration as rates headed down.
Where the Fund May Be Headed
In the management team's view, the slowdown in the U.S. economy is real and
this, combined with a technical downturn in Treasuries as the buyback program
takes a breather until February, may create an opportunity in lower-quality,
lower coupon bonds. The management team is therefore extending duration (and
interest-rate sensitivity) a bit as new supply comes on the market and waiting
for the moment when spreads decompress sufficiently to make it worthwhile on a
yield basis to reverse the strategy that was so successful in the past
reporting year.
2
CHASE VISTA SELECT TAX FREE INCOME FUND
As of August 31, 2000 (Unaudited)
Average Annual Total Returns
1 Year 5 Years 10 Years
6.11% 5.54% 6.90%
10-Year Performance
[Begin plot points]
Chase Vista Select Lehman Muni Lipper General Muni
Tax Free Income Fund Bond Index Debt Funds Avg.
"8/90" 10000 10000 10000
"8/91" 11136.1 11179.7 11173.8
"8/92" 12374.8 12429.9 12477.5
"8/93" 13784.7 13902.9 13989.5
"8/94" 13847 13923.2 13824.5
"8/95" 14873.2 15158.1 14836.3
"8/96" 15643.8 15950.5 15532.5
"8/97" 16952.1 17428.3 16906.2
"8/98" 18475.6 18936.1 18291.3
"8/99" 18358.4 19030.4 17989.6
"8/00" 19480 20316 18892
[End plot points]
Source: Lipper Analytical Services. Past performance is not indicative of
future results. Investment return and principal value will fluctuate so that
shares, when redeemed, may be worth more or less than their original cost.
Returns include performance of a predecessor account for the period dating back
to 8/31/90, prior to the Fund's commencement of operations on 1/1/97. Returns
are adjusted to reflect historical expenses at the levels indicated (absent
reimbursements) in the Expense Summary as disclosed in the prospectus at the
Fund's commencement of operations. The account was not registered with the
Securities and Exchange Commission and, therefore, was not subject to the
investment restrictions imposed by law on registered mutual funds. If it had
been registered, the performance may have been adversely affected. The Fund is
currently waiving fees. The waiver may be terminated, which would reduce
performance.
The graph illustrates comparative performance of $10,000 and assumes
reinvestment of all distributions. Performance of the unmanaged average and
index does not include sales charges, but includes reinvestment of all
distributions. The Lehman Municipal Bond Index is a broad-based index that
replicates the long-term, investment grade tax-exempt bond market. The Lipper
Average consists of funds that invest in municipal bonds. Investors cannot
invest directly in an index. Capital gains are subject to federal income tax, a
portion of the Fund's income may be subject to the Alternative Minimum Tax and
some investors may be subject to certain state and local taxes.
3
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CHASE VISTA SELECT INTERMEDIATE TAX FREE INCOME FUND
As of August 31, 2000 (Unaudited)
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How the Fund Performed
Chase Vista Select Intermediate Tax Free Income Fund, which seeks to provide
monthly dividends that are excluded from federal income tax through a portfolio
of higher-quality, intermediate-term municipal bonds, had a total return of
5.54% for the year ended August 31, 2000. This compares to returns of 6.36%
from the Lehman Municipal Intermediate Mutual Fund Index and 5.99% from the
Lehman Municipal Bond 3-10 Year Blend Index.
How the Fund Was Managed
The management team took advantage of rising rates in December to lock in
higher yields and effectively extend duration closer to its benchmark. This was
achieved by selling securities with one- to two-year maturities and purchasing
those in the six- to seven-year range. As supply began to shrink dramatically
in early 2000, the Fund was underweight in bonds in the 10- to 15-year part of
the curve that proved to be attractive to insurance company buyers. However, as
the low supply caused the yield differential between higher- and lower-quality
municipals to compress, the management team maintained its discipline, selling
high yield (and hence lower quality) issues into the strong market and focusing
on the value in securities with maturities in 2004-2006.
Moving into the second half of the reporting year, the Fund benefited from an
overweight position in New York given the low New York supply as well as an
absence of BBB bonds as significant yield compression took place in bonds rated
A-AAA. Taking advantage of the compression, the management team traded into
General Obligation bonds with premium structures.
At the end of the year, the Fund's strategy involved buying what little new
issuance there was and selling to the retail market in specialty states which
had the narrowest supply. The Fund also benefited in the final months of the
reporting year by having a longer-than-benchmark duration as rates headed down.
Where the Fund May Be Headed
In the management team's view, the slowdown in the U.S. economy is real and
this, combined with a technical downturn in Treasuries as the buyback program
takes a breather until February, may create an opportunity in lower quality,
lower coupon bonds. The management team is therefore extending duration (and
interest-rate sensitivity) a bit as new supply comes on the market and waiting
for the moment when spreads decompress sufficiently to make it worthwhile on a
yield basis to reverse the strategy that was so successful in the past
reporting year.
4
CHASE VISTA SELECT INTERMEDIATE TAX FREE INCOME FUND
As of August 31, 2000 (Unaudited)
Average Annual Total Returns
1 Year 5 Years 10 Years
5.54% 5.35% 6.99%
10-Year Performance
[Begin plot points]
Chase Vista Select Lehman 10 Year Lehman Muni Bond Lipper Intermediate
Intermediate Muni Bond 3-10 Year Bond Muni Debt
Tax Free Income Fund Index Index Funds Avg.
"8/90" 10000 10000 10000 10000
"8/91" 11210.1 11194.2 11045.7 10998.4
"8/92" 12473.5 12418.2 12139.2 12072.5
"8/93" 14163.8 14188.2 13321.3 13497
"8/94" 14018.6 14118.6 13509.5 13476.4
"8/95" 15136.2 15473.5 14661.8 14419.4
"8/96" 15782.7 16159.3 15256.7 14983.8
"8/97" 17030.9 17652.7 16417.1 16029.1
"8/98" 18407 19166.9 17609.7 17150
"8/99" 18618.6 19239.8 17994.2 17193
"8/00" 19650 20634 19004 18055
[End plot points]
Source: Lipper Analytical Services. Past performance is not indicative of
future results. Investment return and principal value will fluctuate so that
shares, when redeemed, may be worth more or less than their original cost.
Returns include performance of a predecessor account for the period dating back
to 8/31/90, prior to the Fund's commencement of operations on 1/1/97. Returns
are adjusted to reflect historical expenses at the levels indicated (absent
reimbursements) in the Expense Summary as disclosed in the prospectus at the
Fund's commencement of operations. The account was not registered with the
Securities and Exchange Commission and, therefore, was not subject to the
investment restrictions imposed by law on registered mutual funds. If it had
been registered, the performance may have been adversely affected. The Fund is
currently waiving fees. The waiver may be terminated, which would reduce
performance.
The graph illustrates comparative performance of $10,000 and assumes
reinvestment of all distributions. Performance of the unmanaged average and
indices does not include sales charges, but includes reinvestment of all
distributions. Comparison of Fund performance to the Lehman Municipal
Intermediate Mutual Funds Index is not presented as the Index lacks 10 years of
history. The Lehman Municipal Bond 3-10 year Blend Index replicates the 3, 5, 7
and 10 year term investment grade tax-exempt bond market. The Lehman 10-Year
Municipal Bond Index replicates the intermediate-term, investment grade
tax-exempt bond market. The Lipper Average consists of funds that invest in
intermediate tax-exempt municipal bonds. Investors cannot invest directly in an
index. Capital gains are subject to federal income tax, a portion of the Fund's
income may be subject to the Alternative Minimum Tax and some investors may be
subject to certain state and local taxes.
5
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CHASE VISTA SELECT NEW YORK INTERMEDIATE TAX FREE INCOME FUND
As of August 31, 2000 (Unaudited)
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How the Fund Performed
Chase Vista Select New York Intermediate Tax Free Income Fund, which seeks to
provide triple tax-exempt income through a portfolio of higher-quality,
longer-term municipal bonds, had a total return of 6.13% for the year ended
August 31, 2000. This is roughly in line with the 6.50% return from the Lehman
Intermediate New York Municipal Bond Index and the 6.77% return from the Lehman
Municipal Bond Index.
How the Fund Was Managed
The management team allowed the Fund's duration--and therefore its
interest-rate sensitivity--to shorten relative to its peer group in the final
months of 1999 by actively trading in the secondary market, and this proved to
have a positive impact on performance in a rising-rate environment. Further,
the Fund added to its high yield positions as quality spreads widened in late
1999 and also raised cash to be in a position to take advantage of values in
early 2000.
As 2000 began, the Fund had already begun lengthening duration as the
management team took advantage of market illiquidity in advance of Y2K to
purchase securities in the 10- to 15-year maturity range. The Fund benefited
when bonds in this portion of the yield curve subsequently became the focus of
attention for non-traditional insurance buyers.
As the supply drought began to take hold, the management team began to sell
small pieces into the retail market, taking advantage of the strong retail bid.
The high yield positions which had been purchased earlier in the reporting
year, and which had benefited from yield compression, were the targets of the
sales. The Fund subsequently took profits on its Puerto Rico holdings as these
bonds, which enjoy special tax-free status in all 50 states, began to trade in
line with California bonds given the extreme lack of California supply. With
yields on bonds rated A and higher compressing dramatically, the management
team took the opportunity to upgrade to AAA where possible without giving up
much yield.
At the end of the reporting year, the Fund's strategy involved buying what
little new issuance there was and selling into the retail market where demand
was highest. In one specific transaction in June, the Fund purchased a
significant amount of insured school bonds at attractive levels, selling off
generic lower quality bonds in the process. The Fund also benefited in the
final months of the reporting year by having a longer-than-benchmark duration
as rates headed down.
Where the Fund May Be Headed
In the management team's view, the slowdown in the U.S. economy is real and
this, combined with a technical downturn in Treasuries as the buyback program
takes a breather until February, may create an opportunity in lower quality,
lower coupon bonds. The management team is therefore extending duration (and
interest-rate sensitivity) a bit as new supply comes on the market and waiting
for the moment when quality spreads decompress sufficiently to make it
worthwhile on a yield basis to reverse the strategy that was so successful in
the past reporting year.
6
CHASE VISTA SELECT NEW YORK INTERMEDIATE TAX FREE INCOME FUND
As of August 31, 2000 (Unaudited)
Average Annual Total Returns
1 Year 5 Years 10 Years
6.13% 5.42% 6.77%
10-Year Performance
[Begin plot points]
Chase Vista Select Lipper New York
New York Intermediate Lehman Muni Intermediate Muni
Tax Free Income Fund Bond Index Debt Funds Avg.
"8/90" 10000 10000 10000
"8/91" 11214.7 11179.7 10973.7
"8/92" 12532.6 12429.9 12023.9
"8/93" 13948 13902.9 13224.5
"8/94" 13865.6 13923.2 13337.9
"8/95" 14801.9 15158.1 14257.9
"8/96" 15526.4 15950.5 14767.2
"8/97" 16695 17428.3 15840.4
"8/98" 18092.3 18936.1 16933.8
"8/99" 18161.6 19030.4 16999.8
"8/00" 19259 20316 17965
[End plot points]
Source: Lipper Analytical Services. Past performance is not indicative of
future results. Investment return and principal value will fluctuate so that
shares, when redeemed, may be worth more or less than their original cost.
Returns include performance of a predecessor account for the period dating back
to 8/31/90, prior to the Fund's commencement of operations on 1/1/97. Returns
are adjusted to reflect historical expenses at the levels indicated (absent
reimbursements) in the Expense Summary as disclosed in the prospectus at the
Fund's commencement of operations. The account was not registered with the
Securities and Exchange Commission and, therefore, was not subject to the
investment restrictions imposed by law on registered mutual funds. If it had
been registered, the performance may have been adversely affected. The Fund is
currently waiving fees. The waiver may be terminated, which would reduce
performance.
The graph illustrates comparative performance of $10,000 and assumes
reinvestment of all distributions. Performance of the unmanaged average and
index does not include sales charges, but includes reinvestment of all
distributions. Comparison of Fund performance to the Lehman Intermediate New
York Municipal Bond Index is not presented as the Index lacks ten years of
history. The Lehman Municipal Bond Index is a broad-based index that replicates
the long-term, investment grade tax-exempt bond market. The Lipper Average
consists of funds that invest in New York intermediate tax-exempt municipal
bonds. Investors cannot invest directly in an index. Capital gains are subject
to federal income tax, a portion of the Fund's income may be subject to the
Alternative Minimum Tax and some investors may be subject to certain state and
local taxes.
7
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CHASE VISTA SELECT NEW JERSEY TAX FREE INCOME FUND
As of August 31, 2000 (Unaudited)
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How the Fund Performed
Chase Vista Select New Jersey Tax Free Income Fund, which seeks to provide
monthly dividends excluded from gross income for federal tax purposes and
exempt from New Jersey personal income tax, had a total return of 6.08% for the
year ended August 31, 2000. This compares to the 5.98% return from the Lehman
Quality Intermediate Index and 6.77% return from the Lehman Municipal Bond
Index.
How the Fund Was Managed
As the reporting year began, the management team allowed the Fund's duration (a
measure of interest-rate sensitivity) to shorten relative to its peer group,
and this proved beneficial in the rising interest rate environment of late
1999. Further, the Fund added to its high yield positions as quality spreads
widened in late 1999 and also raised cash to be in a position to take advantage
of values in early 2000. With cash on hand, the management team was able to
make purchases when the market was illiquid in late 1999, and this subsequently
proved beneficial when the market rallied in early 2000.
As the supply drought began to take hold of the market, the management team
began to sell small pieces into the retail market, specifically targeting high
yield issues which had benefited from the sharp compression in credit-quality
spreads. In the spring, the team lengthened the Fund's duration relative to its
peer group, a positive performance factor, and also took profits on its Puerto
Rico holdings as these bonds, which enjoy special tax-free status in all 50
states, began to trade in line with California bonds given the extreme lack of
California supply. Also, in an effort to increase yield, par bonds were sold
into the retail market in favor of premium structured new issues.
As the year came to an end, there was hardly any new New Jersey supply, so the
Fund focused on upgrading quality and increasing coupon, swapping out of the
retail range (inside of 10 years) and buying securities in the 12- to 15-year
range.
Where the Fund May Be Headed
In the management team's view, the slowdown in the U.S. economy is real and
this, combined with a technical downturn in Treasuries as the buyback program
takes a breather until February, may create an opportunity in lower quality,
lower coupon bonds. The management team is therefore extending duration (and
interest-rate sensitivity) a bit as new supply comes on the market and waiting
for the moment when quality spreads decompress sufficiently to make it
worthwhile on a yield basis to reverse the strategy that was so successful in
the past reporting year.
8
CHASE VISTA SELECT NEW JERSEY TAX FREE INCOME FUND
As of August 31, 2000 (Unaudited)
Average Annual Total Returns
1 Year 5 Years 10 Years
6.08% 4.84% 6.04%
10-Year Performance
[Begin plot points]
Chase Vista Select Lehman Lehman Lipper New Jersey
New Jersy Muni Bond 7 Year Muni Bond Muni Debt
Tax Free Income Fund Index Index Funds Avg.
"8/90" 10000 10000 10000 10000
"8/91" 10945 11179.7 11087.9 11270.5
"8/92" 11990.9 12429.9 12423.3 12500.9
"8/93" 13026.1 13902.9 13543.2 14075.2
"8/94" 13215.9 13923.2 13734.4 13874.7
"8/95" 14200.3 15158.1 14942.5 14850.4
"8/96" 14764.1 15950.5 15524.6 15537.1
"8/97" 15663.8 17428.3 16733.8 16809.9
"8/98" 16888.6 18936.1 18010.8 18155.1
"8/99" 16951.7 19030.4 18280.2 17942.1
"8/00" 17981 20316 19412 18801
[End plot points]
Source: Lipper Analytical Services. Past performance is not indicative of
future results. Investment return and principal value will fluctuate so that
shares, when redeemed, may be worth more or less than their original cost.
Returns include performance of a predecessor account for the period dating back
to 8/31/90, prior to the Fund's commencement of operations on 1/1/97. Returns
are adjusted to reflect historical expenses at the levels indicated (absent
reimbursements) in the Expense Summary as disclosed in the prospectus at the
Fund's commencement of operations. The account was not registered with the
Securities and Exchange Commission and, therefore, was not subject to the
investment restrictions imposed by law on registered mutual funds. If it had
been registered, the performance may have been adversely affected. The Fund is
currently waiving fees. The waiver may be terminated, which would reduce
performance.
The graph illustrates comparative performance of $10,000 and assumes
reinvestment of all distributions. Performance of the unmanaged average and
indices does not include sales charges, but includes reinvestment of all
distributions. Comparison of Fund performance to the Lehman Quality
Intermediate Index is not presented as the Index lacks ten years of history.
The Lehman Municipal Bond Index is a broad-based index that replicates the
long-term, investment grade tax-exempt bond market. The Lehman 7-Year Municipal
Bond Index replicates the intermediate-term, investment grade tax-exempt bond
market. The Lipper Average consists of funds that invest in New Jersey
tax-exempt municipal bonds. Investors cannot invest directly in an index.
Capital gains are subject to federal income tax, a portion of the Fund's income
may be subject to the Alternative Minimum Tax and some investors may be subject
to certain state and local taxes.
9
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CHASE VISTA SELECT TAX FREE INCOME FUND
Portfolio of Investments
- --------------------------------------------------------------------------------
As of August 31, 2000
(Amounts in thousands)
Principal
Amount Issuer Value
- -------------------------------------------------------------------------------------
Long-Term Municipal Securities -- 98.3%
- -------------------------------------------------------------------------------------
Alabama -- 0.5%
$ 4,000 Jefferson County, Alabama, Sewer, Ser. D, Warrants,
Rev., 5.75%, 02/01/22 $ 4,043
Arizona -- 0.9%
5,300 Pima County, Arizona, Unified School District
No. 1, Tucson, GO, 7.50%, 07/01/10 6,455
Arkansas -- 1.4%
10,000 Arkansas State, Federal Highway Grant Anticipation,
Ser. A, GO, 5.25%, 08/01/05 10,376
California -- 8.2%
5,000 California State, GO, 5.75%, 05/01/30 5,152
2,000 California State, GO, 6.50%, 11/01/09 2,334
1,000 California State, Ser. B, GO, 10.00%, 08/01/02 1,108
1,000 California State, Veterans Bonds, Ser. AM, GO, 9.00%,
10/01/05 1,214
21,000 California Statewide Communities Development
Authority, Sherman Oaks Project, Ser. A, Rev., 5.00%,
08/01/22 19,978
7,000 Corona, California, Public Financing Authority, Water
Utility Improvements, Rev., 4.75%, 09/01/28 6,273
4,000 Los Angeles, California, Harbor Department, Rev., -,
7.60%, 10/01/18 5,021
1,235 Metropolitan Water District of Southern California,
Ser. A, GO, 5.25%, 03/01/14 1,283
5,000 Metropolitan Water District of Southern California,
Ser. A, Rev., 5.00%, 07/01/26 4,723
3,000 Modesto, California, Irrigation District Financing
Authority, Ser. A, Rev., 6.00%, 10/01/15 3,238
9,930 Pomona, California, Unified School District, Ser. A, GO,
6.15%, 08/01/15 11,178
--------
61,502
Colorado -- 4.8%
1,190 Adams County, Colorado, School District No. 12, GO,
6.20%, 12/15/10 1,245
1,145 Colorado Water Resources & Power Development
Authority, Drinking Water, Ser. A, Rev., 5.25%, 09/01/11 1,188
1,560 Colorado Water Resources & Power Development
Authority, Drinking Water, Ser. A, Rev., 5.25%, 09/01/13 1,590
14,580 Denver, Colorado, City & County Airport, Ser. A, Rev.,
6.00%, 11/15/16 15,245
1,000 Douglas County, Colorado, Sales & Use Tax, Open Space,
Rev., 5.35%, 10/15/14 1,014
6,000 Garfield, Pitkin & Eagle Counties, Colorado, School
District No. Re 1 Roarge, GO, -, 6.60%, 06/15/04 6,502
3,050 Platte River Power Authority, Colorado, Ser. DD, Rev.,
6.00%, 06/01/05 3,238
4,400 Platte River Power Authority, Colorado, Ser. DD, Rev.,
6.00%, 06/01/06 4,715
1,620 Platte River Power Authority, Colorado, Ser. DD, Rev.,
6.00%, 06/01/07 1,748
--------
36,485
See notes to financial statements.
10
CHASE VISTA SELECT TAX FREE INCOME FUND
Portfolio of Investments (Continued)
As of August 31, 2000
(Amounts in thousands)
Principal
Amount Issuer Value
- --------------------------------------------------------------------------------------
Long-Term Municipal Securities -- Continued
- --------------------------------------------------------------------------------------
Connecticut -- 0.6%
$ 4,455 Connecticut State, Housing Finance Authority, Housing
Mortgage Finance Program, Ser. C1, Rev., 6.60%,
11/15/23 $ 4,616
Delaware -- 0.8%
5,000 Delaware State, Economic Development Authority,
Osteopathic Hospital Association of Delaware, Ser. A,
Rev., -, 6.90%, 01/01/18 5,774
5 Sussex County, Delaware, Single Family Mortgage,
Residential, Rev., 9.38%, 02/01/17 5
--------
5,779
Florida -- 5.5%
3,985 Broward County, Florida, Resource Recovery, SES
Broward Co. LP South Project, Rev., 7.95%, 12/01/08 4,113
2,200 Dade County, Florida, Special Obligation, Miami Beach
Convention Center Project, Special Tax, -, 8.63%,
12/01/07 2,626
5,000 Daytona Beach, Florida, Water & Sewer, Ser. 1978, Rev.,
-, 6.75%, 11/15/07 5,285
5,000 Florida State, Board of Education, Lottery, Ser. C, Rev.,
4.50%, 07/01/18 4,379
3,000 Florida State, Division of Bond Finance Dept., General
Services, Department of Environmental Protection,
Preservation 2000, Ser. A, Rev., 5.38%, 07/01/11 3,134
3,670 Greater Orlando Aviation Authority, Orlando, Florida,
Airport Facilities, Ser. A, Rev., 6.50%, 10/01/12 3,865
3,205 Hillsborough County, Florida, Aviation Authority, Tampa
International Airport, Ser. B, Rev., 6.00%, 10/01/18 3,464
3,800 Lakeland, Florida, Electric & Water, First Lien, Ser. B,
Rev., 6.05%, 10/01/14 4,167
1,295 Orange County, Florida, Health Facilities Authority,
Ser. A, Rev., 6.25%, 10/01/12 1,447
3,130 Orange County, Florida, Health Facilities Authority,
Ser. A, Rev., -, 6.25%, 10/01/12 3,506
680 Orange County, Florida, Health Facilities Authority,
Ser. C, Rev., 6.25%, 10/01/12 760
1,630 Orange County, Florida, Health Facilities Authority,
Ser. C, Rev., -, 6.25%, 10/01/12 1,826
3,000 Orange County, Florida, Tourist Development, Ser. A,
Rev., 6.50%, 10/01/10 3,171
--------
41,743
Georgia -- 6.9%
5,000 Burke County, Georgia, Development Authority PCR,
Oglethorpe Power Co., Rev., -, 8.00%, 01/01/03 5,534
10,000 Dalton, Georgia, Development Authority, Rev., 5.50%,
08/15/26 10,013
7,645 De Kalb County, Georgia, Housing Authority, Apartment
Development, Fox Hollow Apartments, Rev., -, 7.00%,
05/15/07 8,641
7,000 Georgia Municipal Electric Authority, Power, Ser. Z, Rev.,
5.50%, 01/01/20 7,128
15 Georgia State, Residential Finance Authority, Single
Family Mortgage, Ser. A, Rev., 8.40%, 12/01/18 15
See notes to financial statements.
11
CHASE VISTA SELECT TAX FREE INCOME FUND
Portfolio of Investments (Continued)
As of August 31, 2000
(Amounts in thousands)
Principal
Amount Issuer Value
- ----------------------------------------------------------------------------------------
Long-Term Municipal Securities -- Continued
- ----------------------------------------------------------------------------------------
Georgia -- Continued
$ 5,000 Metropolitan Atlanta Rapid Transit Authority, Georgia,
Sales Tax, Second Indenture, Ser. A, Rev., -, 6.90%,
07/01/04 $ 5,518
10,485 Metropolitan Atlanta Rapid Transit Authority, Georgia,
Sales Tax, Ser. P, Rev., 6.25%, 07/01/20 11,602
3,110 Savannah, Georgia, Economic Development Authority,
College of Art & Design Inc. Project, Rev., 6.60%,
10/01/15 3,207
--------
51,658
Hawaii -- 0.8%
5,000 Honolulu, Hawaii, City & County, Ser. A, GO, 7.35%,
07/01/08 5,831
Illinois -- 1.4%
3,990 Cook County, Illinois, Community High School District
No. 219, Niles Township, GO, 8.00%, 12/01/15 5,136
862 Illinois Health Facilities Authority, Ser. A, Rev., -, 7.90%,
08/15/03 921
1,363 Illinois Health Facilities Authority, Ser. A, Rev., 7.90%,
08/15/03 1,367
3,250 Illinois Housing Development Authority, Multi-Family
Housing, Ser. 1991-A, Rev., 8.25%, 07/01/16 3,390
--------
10,814
Indiana -- 1.2%
9,615 Indianapolis, Indiana, Airport Authority, Special
Facilities, United Airlines Project, Ser. A, Rev., 6.50%,
11/15/31 9,206
Kentucky -- 1.2%
8,000 Louisville & Jefferson County, Kentucky, Metropolitan
Sewer District, Sewer & Drain System, Ser. A, Rev., -,
6.50%, 11/15/04 8,768
Louisiana -- 1.3%
2,000 Orleans Parish, Louisiana, School Board, Defeased, Rev.,
-, 8.85%, 02/01/06 2,410
2,000 Orleans Parish, Louisiana, School Board, Defeased, Rev.,
-, 8.90%, 02/01/07 2,473
4,000 Orleans Parish, Louisiana, School Board, GO, -, 7.50%,
09/01/05 4,534
--------
9,417
Massachusetts -- 3.7%
3,500 Chelsea, Massachusetts, School Project Loan Act of 1948,
GO, -, 6.50%, 06/15/04 3,817
2,750 Haverhill, Massachusetts, Unlimited Tax, Ser. A, GO, -,
7.00%, 06/15/02 2,927
10,000 Massachusetts State, Consolidated Loan, Ser. C, GO,
5.25%, 08/01/17 9,977
9,000 Massachusetts State, Port Authority, Ser. B, Rev., 5.50%,
07/01/13 9,136
2,015 South Essex, Massachusetts, Sewer District, Ser. B, GO, -,
6.75%, 06/01/04 2,213
--------
28,070
See notes to financial statements.
12
CHASE VISTA SELECT TAX FREE INCOME FUND
Portfolio of Investments (Continued)
As of August 31, 2000
(Amounts in thousands)
Principal
Amount Issuer Value
- -----------------------------------------------------------------------------------
Long-Term Municipal Securities -- Continued
- -----------------------------------------------------------------------------------
Montana --0.9%
$ 2,320 Montana State, Long-Range Building Program, Ser. B,
GO, 4.50%, 08/01/15 $ 2,121
2,435 Montana State, Long-Range Building Program, Ser. B,
GO, 4.50%, 08/01/16 2,200
2,555 Montana State, Long-Range Building Program, Ser. B,
GO, 4.50%, 08/01/17 2,286
------
6,607
New Jersey --3.5%
4,200 Freehold, New Jersey, Regional High School, GO, 5.60%,
03/01/16 4,345
5,215 New Jersey Economic Development Authority,
Educational Testing Service, Ser. B, Rev., -, 6.25%,
05/15/05 5,692
1,500 New Jersey Sports & Exposition Authority, Rev., -,
8.30%, 01/01/03 1,629
565 New Jersey Sports & Exposition Authority, Ser. A, Rev., -,
6.50%, 03/01/02 593
2,905 New Jersey Sports & Exposition Authority, Ser. A, Rev.,
6.50%, 03/01/19 3,034
5,000 New Jersey State, Highway Authority, Garden State
Parkway, Rev., 6.20%, 01/01/10 5,557
5,000 New Jersey State, Transportation Trust Fund Authority,
Transportation Systems, Ser. B, Rev., 6.50%, 06/15/10 5,703
------
26,553
New York -- 28.3%
5,000 Long Island Power Authority, New York, Electric
Systems, Ser. A, Rev., 5.50%, 12/01/29 4,872
6,000 Municipal Assistance Corp. for New York City, Ser. G,
Rev., 6.00%, 07/01/05 6,397
3,000 Nassau County, New York, IDA, Civic Facility, Hofstra
University Project, Rev., -, 6.75%, 08/01/01 3,125
3,500 New York City, New York, IDA, IDR, Brooklyn Navy Yard
Cogen Partners Project, Rev., 6.20%, 10/01/22 3,507
5,000 New York City, New York, IDA, Special Facilities, British
Airways PLC Project, Rev., 5.25%, 12/01/32 4,300
8,250 New York City, New York, Municipal Water Finance
Authority, Water & Sewer Systems, Ser. A, Rev., 5.50%,
06/15/23 8,165
5,000 New York City, New York, Municipal Water Finance
Authority, Water & Sewer Systems, Ser. B, Rev., 6.00%,
06/15/33 5,193
2,000 New York City, New York, Ser. A, GO, 5.38%, 08/01/15 2,001
12,000 New York City, New York, Ser. A, GO, 6.25%, 08/01/08 13,055
4,000 New York City, New York, Ser. B, GO, 6.50%, 08/15/10 4,550
10,000 New York City, New York, Ser. F, GO, 5.38%, 08/01/09 10,487
8,000 New York City, New York, Transitional Finance Authority,
Future Tax Secured, Ser. C, Rev., 5.50%, 11/01/24 7,904
9,000 New York City, New York, Transitional Finance Authority,
Future Tax Secured, Ser. C, Rev., 5.50%, 11/01/29 8,833
2,160 New York State, Dorm Authority, City University System,
3rd General Reserve, Ser. 2, Rev., 5.00%, 07/01/18 2,059
5,000 New York State, Dorm Authority, City University System,
Ser. A, Rev., 5.75%, 07/01/13 5,362
See notes to financial statements.
13
CHASE VISTA SELECT TAX FREE INCOME FUND
Portfolio of Investments (Continued)
As of August 31, 2000
(Amounts in thousands)
Principal
Amount Issuer Value
- --------------------------------------------------------------------------------------
Long-Term Municipal Securities -- Continued
- --------------------------------------------------------------------------------------
New York -- Continued
$ 2,000 New York State, Dorm Authority, Pratt Institute, Rev.,
6.00%, 07/01/28 $ 2,054
4,500 New York State, Dorm Authority, University of
Rochester, Ser. A, Rev., 6.40%, 07/01/13 4,809
6,000 New York State, Energy Research & Development
Authority, PCR, Niagara Mohawk Power Corp., Ser. A,
Rev., 7.20%, 07/01/29 6,558
2,000 New York State, Environmental Facilities Corp., PCR,
Ser. B, Rev., 7.10%, 09/15/11 2,044
2,650 New York State, Environmental Facilities Corp., PCR,
Ser. D, Rev., 6.85%, 11/15/11 2,907
4,100 New York State, GO, -, 6.30%, 09/15/02 4,336
3,000 New York State, GO, Ser. B, 6.25%, 08/15/05 3,231
16,000 New York State, GO, Ser. F, 5.25%, 09/15/10 16,567
475 New York State, Housing Finance Agency, Health
Facilities, Monroe County, Ser. A, Rev., 7.63%, 05/01/05 487
4,000 New York State, Housing Finance Agency, State
University Construction, Ser. A, Rev., -, 7.90%, 11/01/06 4,465
5,500 New York State, Local Government Assistance Corp.,
Ser. C, Rev., -, 7.00%, 04/01/01 5,695
2,780 New York State, Medical Care Facilities Finance Agency,
Hospital and Nursing Home, Ser. C, Rev., -, 6.25%, 08/15/02 2,969
2,000 New York State, Medical Care Facilities Finance Agency,
Special Obligation, Mental Health Services
Improvement Facilities, Ser. A, Rev., -, 8.30%, 05/01/04 2,243
10,155 New York State, Mortgage Agency, Homeowner
Mortgage, Ser. 85, Rev., 5.70%, 10/01/17 10,265
5,500 New York State, Thruway Authority, Ser. C, Rev., -,
6.00%, 01/01/05 5,934
2,500 New York State, Urban Development Corp., Correctional
Capital Facilities, Rev., 5.70%, 01/01/27 2,520
6,270 Port Authority of New York & New Jersey, Consolidated
Bonds 78th Ser., Rev., 6.50%, 04/15/11 6,509
16,000 Port Authority of New York & New Jersey, Consolidated
Bonds 93rd Ser., Rev., 6.13%, 06/01/94 17,292
4,000 Port Authority of New York & New Jersey, Consolidated
Bonds 109th Ser., Rev., 5.38%, 01/15/32 3,896
10,000 Port Authority of New York & New Jersey, Consolidated
Bonds 114th Ser., Rev., 4.75%, 08/01/33 8,701
9,000 Triborough Bridge & Tunnel Authority, New York,
Convention Center Project, Ser. E, Rev., @, 7.25%,
01/01/10 10,183
-------
213,475
North Dakota -- 0.8%
5,000 Mercer County, North Dakota, PCR, Antelope Valley
Station, Rev., 7.20%, 06/30/13 5,932
Ohio -- 2.5%
7,000 Cleveland, Ohio, Public Power System, First Mortgage,
Ser. A, Rev., -, 7.00%, 11/15/04 7,805
2,000 Dublin, Ohio, Refunding & Public Improvement, Ser. A,
GO, 5.25%, 12/01/14 2,022
4,000 Ohio State, Higher Education Facilities, Ser. A, GO,
5.25%, 02/01/12 4,098
See notes to financial statements.
14
CHASE VISTA SELECT TAX FREE INCOME FUND
Portfolio of Investments (Continued)
As of August 31, 2000
(Amounts in thousands)
Principal
Amount Issuer Value
- ---------------------------------------------------------------------------------------
Long-Term Municipal Securities -- Continued
- ---------------------------------------------------------------------------------------
Ohio -- Continued
$ 4,850 Ohio State, Public Facilities Commission, Higher
Education Capital Facilities, Ser. II-C, Rev., 4.38%,
06/01/11 $ 4,563
--------
18,488
Oklahoma -- 1.7%
7,500 Oklahoma State, Turnpike Authority, Second Ser., Ser. A,
Rev., 5.25%, 01/01/13 7,621
5,000 Tulsa, Oklahoma, Metropolitan Utility Authority, Rev.,
5.75%, 09/01/19 5,078
--------
12,699
Oregon -- 3.9%
5,780 Oregon State, Higher Education Building, Ser. A, GO, -,
6.45%, 08/01/04 6,253
2,300 Portland, Oregon, Sewer Systems, Ser. A, Rev., 5.00%,
06/01/14 2,275
11,565 Portland, Oregon, Sewer Systems, Ser. A, Rev., 5.00%,
06/01/15 11,363
4,000 Salem, Oregon, Hospital Facilities Authority, Salem
Hospital, Rev., 5.25%, 08/15/14 3,953
5,000 Washington County, Oregon, Sewer Agency, Senior Lien,
Ser. A, Rev., 5.75%, 10/01/10 5,405
--------
29,249
Pennsylvania -- 3.6%
2,255 Allegheny County, Pennsylvania, Hospital Development
Authority, South Hills Health, Ser. B, Rev., 6.75%,
05/01/25 2,326
1,000 Allegheny County, Pennsylvania, IDA, Health Care
Facilities, Presbyterian Senior Care, Rev., 5.75%, 01/01/23 816
3,190 Carbon County, Pennsylvania, IDA, Panther Creek
Partners Project, Rev., 6.65%, 05/01/10 3,232
20,500 Delaware Valley, Pennsylvania, Regional Finance
Authority, Local Government, Ser. A, Rev., 5.50%,
08/01/28 20,423
--------
26,797
Puerto Rico -- 5.8%
5,655 Puerto Rico Commonwealth, GO, 6.00%, 07/01/16 6,222
4,000 Puerto Rico Commonwealth, Highway & Transportation
Authority, Ser. B, Rev., 6.00%, 07/01/39 4,210
1,500 Puerto Rico Commonwealth, Highway & Transportation
Authority, Ser. T, Rev., -, 6.63%, 07/01/02 1,589
8,000 Puerto Rico Electric Power Authority, Ser. HH, Rev.,
5.25%, 07/01/29 7,791
5,000 Puerto Rico Electric Power Authority, Ser. Y, Rev., 7.00%,
07/01/07 5,788
14,500 Puerto Rico Municipal Finance Agency, Ser. A, GO,
5.00%, 08/01/01 14,602
3,000 Puerto Rico Public Buildings Authority, Government
Facilities, Ser. A, Rev., 6.25%, 07/01/11 3,399
--------
43,601
South Carolina -- 1.4%
6,000 Richland County, South Carolina, School District No. 1,
GO, 4.63%, 03/01/22 5,227
See notes to financial statements.
15
CHASE VISTA SELECT TAX FREE INCOME FUND
Portfolio of Investments (Continued)
As of August 31, 2000
(Amounts in thousands)
Principal
Amount Issuer Value
- -------------------------------------------------------------------------------------
Long-Term Municipal Securities -- Continued
- -------------------------------------------------------------------------------------
South Carolina -- Continued
$ 5,000 South Carolina State, Public Service Authority, Ser. A,
Rev., 6.25%, 01/01/22 $ 5,273
--------
10,500
South Dakota -- 0.5%
3,000 Heartland Consumers Power District, Rev., -, 7.00%,
01/01/16 3,445
365 South Dakota State, Building Authority, Rev., -, 10.50%,
09/01/00 365
--------
3,810
Tennessee -- 0.7%
3,000 Knox County, Tennessee, Health, Educational & Housing
Facilities Board, University Health Systems Inc., Rev.,
5.63%, 04/01/29 2,545
3,000 Metropolitan Government of Nashville & Davidson
Counties, Tennessee, Water & Sewer, Rev., 5.20%,
01/01/13 3,046
--------
5,591
Texas -- 5.4%
6,500 Austin, Texas, Utility System, Rev., 6.00%, 11/15/13 7,083
2,000 Austin, Texas, Utility System, Ser. A, Rev., -, 8.00%,
05/15/01 2,051
7,000 Dallas-Fort Worth, Texas, International Airport Facilities
Improvement Corp., American Airlines Inc., Rev.,
6.38%, 05/01/35 6,843
2,115 Dallas-Fort Worth, Texas, Regional Airport, Ser. A,
7.38%, 11/01/08 2,348
2,945 Dallas-Fort Worth, Texas, Regional Airport, Ser. A,
7.38%, 11/01/09 3,270
2,000 Dallas-Fort Worth, Texas, Regional Airport, Ser. A,
7.38%, 11/01/11 2,210
2,500 Houston, Texas, Water Conveyance System, Ser. F, COP,
7.20%, 12/15/05 2,788
2,000 Houston, Texas, Water Conveyance System, Ser. F, COP,
7.20%, 12/15/06 2,264
1,000 Klein, Texas, Independent School District, Ser. A, GO,
5.00%, 08/01/16 968
2,400 Klein, Texas, Independent School District, Ser. A, GO,
5.00%, 08/01/17 2,299
8,500 Texas Water Development Board, State Revolving Fund,
Senior Lien, Ser. B, Rev., 5.13%, 07/15/18 8,186
--------
40,310
Utah -- 0.1%
1,000 Sevier County, Utah, Sevier School District, GO, -,
9.20%, 05/01/03 1,120
- -------------------------------------------------------------------------------------
Total Long-Term Municipal Securities 739,495
(Cost $721,973)
Short-Term Investments -- 0.6%
- -------------------------------------------------------------------------------------
Municipal Securities -- 0.6%
----------------------------
California -- 0.2%
200 California PCFA, Resource Recovery, OMS Equity
Stanislaus Project, Rev., FRDO, 3.45%, 09/01/00 200
See notes to financial statements.
16
CHASE VISTA SELECT TAX FREE INCOME FUND
Portfolio of Investments (Continued)
As of August 31, 2000
(Amounts in thousands)
Principal
Amount Issuer Value
- -----------------------------------------------------------------------------------------
Short-Term Investments -- Continued
- -----------------------------------------------------------------------------------------
California -- Continued
$ 300 Chula Vista, California, IDR, San Diego Gas, Ser. A, Rev.,
FRDO, 3.35%, 09/01/00 $ 300
800 Irvine Ranch, California, Water District, Capital
Improvement Project, COP, FRDO, 3.35%, 09/01/00 800
100 Irvine Ranch, California, Water District, Consolidated
Bonds, Rev., FRDO, 3.60%, 09/01/00 100
100 Irvine Ranch, California, Water District, District No. 105,
140, 240 & 250, GO, FRDO, 3.35%, 09/01/00 100
100 Irvine Ranch, California, Water District, District No. 182,
Ser. A, GO, FRDO, 3.35%, 09/01/00 100
--------
1,600
New York -- 0.4%
700 New York City, New York, Ser. B, Sub. Ser. B-7, GO,
FRDO, 4.15%, 09/01/00 700
600 Port Authority of New York & New Jersey, Special
Obligation, Versatile Structure Obligation, Ser. 2, Rev.,
FRDO, 4.05%, 09/01/00 600
1,950 Port Authority of New York & New Jersey, Special
Obligation, Versatile Structure Obligation, Ser. 6, Rev.,
FRDO, 4.15%, 09/01/00 1,950
--------
3,250
- -----------------------------------------------------------------------------------------
Total Municipal Securities 4,850
(Cost $4,850)
-----------------------------------------------------------------------
Shares
Money Market Funds -- 0.0%
--------------------------
168 Provident Municipal Cash Money Market Fund 168
54 Provident Municipal Money Market Fund 54
-----------------------------------------------------------------------
Total Money Market Funds 222
(Cost $222)
- -----------------------------------------------------------------------------------------
Total Short-Term Investments 5,072
(Cost $5,072)
- -----------------------------------------------------------------------------------------
Total Investments -- 98.9% $744,567
(Cost $727,045)
- -----------------------------------------------------------------------------------------
Notional
Number Original Value at Unrealized
of Expiration Notional 08/31/00 Appreciation
Contracts Description Date Value (USD) (USD) (USD)
- -----------------------------------------------------------------------------------------
Long Futures Outstanding
- --------------------------
December,
350 U.S. Treasury Bonds 2000 $34,877 $35,153 $276
See notes to financial statements.
17
- --------------------------------------------------------------------------------
CHASE VISTA SELECT INTERMEDIATE TAX FREE INCOME FUND
Portfolio of Investments
- --------------------------------------------------------------------------------
As of August 31, 2000
(Amounts in thousands)
Principal
Amount Issuer Value
- -------------------------------------------------------------------------------------
Long-Term Municipal Securities -- 99.6%
- -------------------------------------------------------------------------------------
Alabama -- 1.3%
$ 7,650 Alabama State, Ser. A, GO, 5.50%, 10/01/02 $ 7,815
1,000 Shelby County, Alabama, Board of Education, Capital
Outlay School Warrants, 5.70%, 02/01/09 1,054
--------
8,869
Arizona -- 0.9%
2,300 Maricopa County, Arizona, School District No. 4, Mesa,
Ser. E, GO, -, 5.40%, 07/01/02 2,386
3,675 Maricopa County, Arizona, Unified High School District
No. 210, Phoenix, Project of 1995, Ser. B, GO, -,
5.50%, 07/01/06 3,892
--------
6,278
California -- 0.8%
5,000 Los Angeles County, California, Public Works Financing
Authority, Regional Park & Open Space District,
Ser. A, Rev., -, @, 6.00%, 10/01/04 5,448
Colorado -- 1.3%
4,370 Colorado Department of Transportation, Rev., RAN,
6.00%, 06/15/08 4,746
4,000 Eagle, Garfield & Routt Counties, Colorado, School
District No. Re 50J, GO, -, 6.13%, 12/01/04 4,328
--------
9,074
Connecticut -- 0.7%
4,735 Connecticut State, Special Tax Obligation,
Transportation Infrastructure, Ser. A, Rev., 5.40%,
06/01/09 4,929
Delaware -- 0.5%
3,000 Delaware Transportation Authority, Transportation
System, Rev., 6.00%, 07/01/05 3,188
Florida -- 1.9%
2,000 Dade County, Florida, Aviation, Ser. B, Rev., 6.40%,
10/01/06 2,165
1,725 Florida State, Board of Education, Capital Outlay, Public
Education, Ser. A, GO, +, 5.00%, 06/01/06 1,768
2,000 Florida State, Board of Education, Capital Outlay, Public
Education, Ser. A, GO, 5.00%, 06/01/07 2,051
2,675 Florida State, Broward County Expressway Authority,
Ser. A, GO, 6.50%, 07/01/03 2,679
2,000 Florida State, Department of Corrections, Okeechobee
Correctional, COP, 6.00%, 03/01/08 2,140
2,350 Miami-Dade County, Florida, Aviation, Ser. A, Rev.,
5.25%, 10/01/07 2,417
--------
13,220
Georgia -- 1.9%
5,000 Georgia Municipal Electric Authority, Ser. DD, Rev., *,
7.00%, 01/01/08 5,683
3,300 Henry County, Georgia, School District, GO, 5.75%,
08/01/06 3,510
3,700 Metropolitan Atlanta Rapid Transit Authority, Georgia,
Sales Tax, Second Indenture, Ser. A, Rev., -, 6.90%,
07/01/04 4,083
--------
13,276
See notes to financial statements.
18
CHASE VISTA SELECT INTERMEDIATE TAX FREE INCOME FUND
Portfolio of Investments (Continued)
As of August 31, 2000
(Amounts in thousands)
Principal
Amount Issuer Value
- --------------------------------------------------------------------------------------
Long-Term Municipal Securities -- Continued
- --------------------------------------------------------------------------------------
Hawaii -- 1.0%
$ 4,405 Hawaii State, Ser. CK, GO, -, 5.25%, 09/01/05 $ 4,557
2,000 Honolulu, Hawaii, City & County, Ser. A, GO, 7.35%,
07/01/06 2,272
--------
6,829
Illinois -- 9.1%
1,500 Chicago, Illinois, Metropolitan Water Reclamation
District, Greater Chicago, Capital Improvement Bonds,
GO, -, 7.00%, 01/01/08 1,711
5,000 Chicago, Illinois, Metropolitan Water Reclamation
District, Greater Chicago, GO, 5.50%, 12/01/08 5,278
10,025 Chicago, Illinois, Metropolitan Water Reclamation
District, Greater Chicago, GO, 5.50%, 12/01/09 10,597
7,200 Chicago, Illinois, Metropolitan Water Reclamation
District, Greater Chicago, GO, 5.95%, 12/01/07 7,781
3,000 Chicago, Illinois, O'Hare International Airport, General
Airport, Second Lien, Ser. A, Rev., 6.75%, 01/01/06 3,294
6,055 Chicago, Illinois, O'Hare International Airport, Passenger
Facilities Charge, Ser. A, Rev., 5.38%, 01/01/07 6,283
1,810 Illinois State, 1st Ser., GO, 5.25%, 08/01/05 1,864
2,565 Illinois State, 1st Ser., GO, 5.50%, 08/01/06 2,683
4,000 Illinois State, 1st Ser., GO, 5.50%, 08/01/07 4,199
5,485 Illinois State, GO, 5.25%, 04/01/04 5,618
2,000 Illinois State, GO, 5.25%, 06/01/10 2,069
1,320 Illinois State, GO, 5.50%, 08/01/06 1,380
10,000 Illinois State, GO, 5.50%, 04/01/10 10,510
--------
63,267
Indiana -- 3.2%
2,600 Indiana Municipal Power Agency, Power Supply Systems,
Ser. B, Rev., 5.63%, 01/01/05 2,704
5,500 Indiana Municipal Power Agency, Power Supply Systems,
Ser. B, Rev., 5.80%, 01/01/08 5,854
2,485 Indiana State, Office Building Commission Facilities,
Ser. A, Rev., 5.00%, 07/01/04 2,524
7,315 Indianapolis, Indiana, Gas Utility, Distribution Systems,
Ser. A, Rev., 5.75%, 08/15/08 7,805
3,000 Indianapolis, Indiana, Local Public Improvements Bond
Bank, Ser. A, Rev., 6.50%, 01/01/08 3,320
--------
22,207
Kansas -- 0.3%
2,175 Kansas State, Department of Transportation, Highway,
Rev., 5.00%, 09/01/03 2,212
Kentucky -- 0.1%
440 Owensboro, Kentucky, Electric Light & Power, Rev., -,
10.50%, 01/01/04 470
Louisiana -- 0.5%
3,500 Lake Charles, Louisiana, Harbor & Terminal District,
Reynolds Metals Co. Project, Rev., 5.50%, 05/01/06 3,523
Maryland -- 4.4%
3,335 Maryland State, Stadium Authority, Rev., 5.75%, 12/15/08 3,529
3,535 Maryland State, Stadium Authority, Rev., 5.80%, 12/15/09 3,741
See notes to financial statements.
19
CHASE VISTA SELECT INTERMEDIATE TAX FREE INCOME FUND
Portfolio of Investments (Continued)
As of August 31, 2000
(Amounts in thousands)
Principal
Amount Issuer Value
- --------------------------------------------------------------------------------------
Long-Term Municipal Securities -- Continued
- --------------------------------------------------------------------------------------
Maryland -- Continued
$15,640 Maryland State, State & Local Facilities Loan, Third Ser.,
GO, 5.80%, 10/15/08 $16,560
6,500 Maryland State, Transportation Authority,
Transportation Facilities Project, Rev., 5.80%, 07/01/06 6,915
-------
30,745
Massachusetts -- 3.9%
5,000 Chelsea, Massachusetts, School Project Loan Act of 1948,
GO, -, 5.90%, 06/15/04 5,349
5,000 Massachusetts State, Consolidated Loan, Ser. A, GO,
5.75%, 02/01/08 5,358
3,000 Massachusetts State, Housing Finance Agency,
Residential Development, Ser. C, Rev., 6.45%, 05/15/04 3,128
10,000 Massachusetts State, Turnpike Authority, Ser. A, Rev., -,
5.00%, 01/01/13 10,027
1,980 Southeastern Massachusetts University Building
Authority Project, Ser. A, Rev., 5.90%, 05/01/09 2,109
1,000 Southeastern Massachusetts University, Building
Authority Project, Ser. A, Rev., 5.90%, 05/01/10 1,062
-------
27,033
Michigan -- 3.2%
4,000 Michigan State, Trunk Line, Ser. A, Rev., 5.25%, 11/01/15 4,025
3,565 Michigan State, Underground Storage Tank Financial
Assurance Authority, Ser. I, Rev., 5.75%, 05/01/10 3,746
10,000 Wayne Charter County, Michigan, Airport, Ser. A, Rev.,
5.25%, 12/01/06 10,272
3,780 Wayne Charter County, Michigan, Airport, Ser. A, Rev.,
5.50%, 12/01/07 3,933
-------
21,976
Minnesota -- 0.7%
5,000 Minnesota State, GO, -, 6.00%, 08/01/02 5,151
Mississippi -- 0.6%
4,000 Mississippi State, Capital Improvements Issue, Ser. I, GO,
5.50%, 11/01/06 4,195
Nebraska -- 2.0%
2,635 American Public Energy Agency, Nebraska, Gas Supply,
Public Gas Agency Project, Ser. A, Rev., 5.25%, 06/01/11 2,460
11,000 Omaha Public Power District, Nebraska, Electric, Ser. C,
Rev., *, 5.40%, 02/01/08 11,490
-------
13,950
Nevada -- 2.7%
2,415 Henderson, Nevada, Water & Sewer, Ser. A, GO, 5.50%,
09/01/08 2,538
1,000 Nevada State, GO, 6.75%, 07/01/03 1,012
5,390 Nevada State, GO, Ser. A, 5.00%, 07/01/10 5,447
5,000 Nevada State, GO, Ser. A, 5.60%, 07/15/06 5,211
2,000 Nevada State, GO, Ser. C, 6.50%, 05/01/05 2,159
1,000 Nevada State, Municipal Bond Bank, GO, -, 7.20%,
11/01/04 1,025
1,000 Nevada State, Municipal Bond Bank, Project No. 20-23A,
GO, -, 7.20%, 07/01/02 1,007
-------
18,399
See notes to financial statements.
20
CHASE VISTA SELECT INTERMEDIATE TAX FREE INCOME FUND
Portfolio of Investments (Continued)
As of August 31, 2000
(Amounts in thousands)
Principal
Amount Issuer Value
- ---------------------------------------------------------------------------------
Long-Term Municipal Securities -- Continued
- ---------------------------------------------------------------------------------
New Jersey -- 12.8%
$ 3,245 Elizabeth, New Jersey, GO, 6.25%, 08/15/08 $ 3,526
10,000 New Jersey Building Authority, State Building, Rev.,
5.75%, 06/15/09 10,762
955 New Jersey Economic Development Authority, Market
Transition Facility, Senior Lien, Ser. A, Rev., 5.80%,
07/01/08 1,010
8,800 New Jersey Economic Development Authority, Market
Transition Facility, Senior Lien, Ser. A, Rev., 5.80%,
07/01/09 9,289
7,000 New Jersey State, Transportation Trust Fund Authority,
Ser. B, Rev., 5.50%, 06/15/09 7,338
3,660 New Jersey State, Transportation Trust Fund Authority,
Transportation Systems, Ser. A, Rev., 5.75%, 06/15/15 3,885
4,190 New Jersey State, Turnpike Authority, Rev., -, 5.70%,
05/01/13 4,391
575 New Jersey State, Turnpike Authority, Rev., -, 10.38%,
01/01/03 620
10,215 New Jersey State, Turnpike Authority, Ser. A, Rev.,
5.50%, 01/01/08 10,788
10,000 New Jersey State, Turnpike Authority, Ser. A, Rev.,
5.75%, 01/01/10 10,792
4,175 New Jersey State, Turnpike Authority, Ser. G, Rev., -,
5.75%, 01/01/09 4,367
2,545 New Jersey Wastewater Treatment Trust, Ser. A, Rev.,
7.00%, 05/15/06 2,859
2,910 New Jersey Wastewater Treatment Trust, Ser. A, Rev.,
7.00%, 05/15/08 3,357
3,120 New Jersey Wastewater Treatment Trust, Ser. A, Rev.,
7.00%, 05/15/09 3,642
4,995 New Jersey Wastewater Treatment Trust, Ser. C, Rev.,
6.25%, 05/15/05 5,366
5,520 New Jersey Wastewater Treatment Trust, Ser. C, Rev.,
6.88%, 06/15/07 6,241
--------
88,233
New Mexico -- 0.3%
2,075 Gallup, New Mexico, PCR, Plains Electric Generation,
Rev., 6.40%, 08/15/05 2,176
New York -- 11.9%
4,000 Long Island Power Authority, New York, Electric
Systems, Ser. A, Rev., 5.50%, 12/01/08 4,222
500 Long Island Power Authority, New York, Electric
Systems, Ser. A, Rev., 5.50%, 12/01/13 524
2,500 Long Island Power Authority, New York, Electric
Systems, Ser. A, Rev., 6.00%, 12/01/07 2,710
2,000 New York City, New York, IDA, Special Facilities,
Terminal One Group Association Project, Rev., 5.50%,
01/01/02 2,022
155 New York State, Dorm Authority, Pooled Capital
Program, Rev., -, 7.80%, 12/01/05 158
770 New York State, Dorm Authority, St. John's University,
Rev., 6.70%, 07/01/04 799
5,500 New York State, Dorm Authority, State University
Educational Facilities, Rev., 5.50%, 05/15/06 5,731
See notes to financial statements.
21
CHASE VISTA SELECT INTERMEDIATE TAX FREE INCOME FUND
Portfolio of Investments (Continued)
As of August 31, 2000
(Amounts in thousands)
Principal
Amount Issuer Value
- ----------------------------------------------------------------------------------
Long-Term Municipal Securities -- Continued
- ----------------------------------------------------------------------------------
New York -- Continued
$ 2,800 New York State, Dorm Authority, State University
Educational Facilities, Ser. A, Rev., 5.50%, 05/15/06 $ 2,918
5,525 New York State, Dorm Authority, State University
Educational Facilities, Ser. A, Rev., 5.50%, 05/15/13 5,794
1,200 New York State, Environmental Facilities Corp., PCR,
State Water Revolving Fund, Ser. D, Rev., 6.55%,
03/15/08 1,237
4,915 New York State, Housing Finance Agency, Housing
Project Mortgage, Ser. A, Rev., 5.40%, 11/01/05 5,025
165 New York State, Medical Care Facilities Finance Agency,
Rev., 7.38%, 08/15/03 167
6,000 New York State, Ser. B, GO, 5.60%, 08/15/07 6,308
5,000 New York State, Ser. B, GO, 5.70%, 08/15/10 5,238
4,000 New York State, Thruway Authority, Highway & Bridge
Trust Fund, Ser. A, Rev., -, 5.60%, 04/01/04 4,231
5,700 New York State, Thruway Authority, Highway & Bridge
Trust Fund, Ser. B, Rev., -, 6.00%, 04/01/04 6,104
5,000 New York State, Thruway Authority, Service Contract,
Local Highway & Bridge, Rev., 5.10%, 04/01/08 5,088
10,000 New York State, Thruway Authority, Service Contract,
Local Highway & Bridge, Rev., 5.20%, 04/01/09 10,222
7,500 New York State, Thruway Authority, Service Contract,
Local Highway & Bridge, Rev., 5.25%, 04/01/03 7,625
3,910 Port Authority of New York & New Jersey, Consolidated
Bonds 112th Ser., Rev., 5.00%, 12/01/05 3,962
1,500 Suffolk County, New York, IDA, IDR, Nissequogue Cogen
Partners Facility, Rev., 4.88%, 01/01/08 1,433
990 Westchester County, New York, IDA, Resource Recovery,
Resco Co. Project, Ser. A, Rev., 5.60%, 07/01/07 1,032
--------
82,550
North Carolina -- 0.7%
4,505 North Carolina State, Public Improvement, Ser. A, +,
5.00%, 09/01/05 4,621
Ohio -- 3.6%
4,000 Montgomery County, Ohio, Solid Waste, Rev., 5.50%,
11/01/10 4,178
1,420 Ohio State, Building Authority, State Facilities,
Administration Building Fund, Ser. A, Rev., 6.00%,
10/01/06 1,528
3,360 Ohio State, Building Authority, State Facilities, Adult
Correctional, Ser. A, Rev., 5.75%, 10/01/08 3,524
5,000 Ohio State, Infrastructure Improvement, Ser. B, GO,
5.25%, 02/01/14 5,092
6,000 Ohio State, Turnpike Commission, Ser. A, Rev., 5.40%,
02/15/09 6,261
4,275 Ohio State, Turnpike Commission, Ser. A, Rev., 6.00%,
02/15/07 4,603
--------
25,186
Oregon -- 1.4%
5,300 Oregon State, State Board of Higher Education, Ser. A,
GO, -, 6.00%, 08/01/06 5,790
See notes to financial statements.
22
CHASE VISTA SELECT INTERMEDIATE TAX FREE INCOME FUND
Portfolio of Investments (Continued)
As of August 31, 2000
(Amounts in thousands)
Principal
Amount Issuer Value
- -----------------------------------------------------------------------------------
Long-Term Municipal Securities -- Continued
- -----------------------------------------------------------------------------------
Oregon -- Continued
$ 3,500 Washington County, Oregon, School District No. 3,
Hillsboro, GO, -, 6.00%, 11/01/05 $ 3,751
--------
9,541
Pennsylvania -- 0.4%
3,000 Carbon County, Pennsylvania, IDA, Panther Creek
Partners Project, Rev., 6.65%, 05/01/10 3,040
Puerto Rico -- 2.6%
10,000 Puerto Rico Commonwealth, GO, *, 5.50%, 07/01/08 10,777
5,500 Puerto Rico Commonwealth, GO, 5.50%, 07/01/09 5,947
1,140 Puerto Rico Industrial, Medical & Environmental PCFFA,
Renasa Inc., Squibb Corp Project, Rev., 6.50%, 07/01/04 1,150
--------
17,874
Tennessee -- 1.1%
2,765 Metropolitan Government of Nashville & Davidson
Counties, Tennessee, Water & Sewer, Ser. B, Rev.,
5.00%, 01/01/06 2,821
5,335 Tennergy Corp., Tennessee, Gas, Rev., 5.00%, 06/01/09 4,969
--------
7,790
Texas -- 11.2%
5,255 Austin, Texas, Utility Systems, Rev., 5.80%, 11/15/06 5,589
6,200 Dallas, Texas, Civic Center, Improvement, Rev., 5.25%,
08/15/07 6,415
6,220 Harris County, Texas, GO, 5.88%, 10/01/07 6,687
4,940 Houston, Texas, Ser. A, GO, 5.50%, 03/01/04 5,100
8,675 Houston, Texas, Ser. A, GO, 5.50%, 03/01/08 9,121
4,975 Houston, Texas, Water & Sewer Systems, Ser. B, Rev.,
6.40%, 12/01/09 5,259
5,300 North East Independent School District, Texas, GO,
6.50%, 10/01/09 5,982
5,000 Texas Municipal Power Agency, Rev., -, 6.10%, 09/01/09 5,524
5,650 Texas State, Ser. A, GO, 6.00%, 10/01/05 6,015
7,500 Texas State, Ser. A, GO, *, 6.00%, 10/01/09 8,185
1,320 Texas Water Development Board, State Revolving Fund,
Senior Lien, Rev., 6.20%, 07/15/05 1,383
4,700 Texas Water Development Board, State Revolving Fund,
Senior Lien, Ser. A, Rev., 5.00%, 07/15/07 4,798
3,000 Texas Water Development Board, State Revolving Fund,
Senior Lien, Ser. A, Rev., 5.25%, 07/15/09 3,097
1,000 Texas Water Development Board, State Revolving Fund,
Senior Lien, Ser. A, Rev., 5.63%, 07/15/11 1,052
3,175 Texas Water Development Board, State Revolving Fund,
Senior Lien, Ser. B, Rev., 5.25%, 07/15/08 3,291
--------
77,498
Utah -- 1.6%
3,800 Intermountain Power Agency, Utah, Power Supply,
Ser. B, Rev., 6.50%, 07/01/10 4,295
2,850 Salt Lake City, Utah, GO, 5.50%, 06/15/11 2,993
3,915 Utah State, Building Ownership Authority, State
Facilities Master Lease Program, Ser. C, Rev., 5.50%,
05/15/08 4,113
--------
11,401
See notes to financial statements.
23
CHASE VISTA SELECT INTERMEDIATE TAX FREE INCOME FUND
Portfolio of Investments (Continued)
As of August 31, 2000
(Amounts in thousands)
Principal
Amount Issuer Value
- ----------------------------------------------------------------------------------------
Long-Term Municipal Securities -- Continued
- ----------------------------------------------------------------------------------------
Vermont -- 1.8%
$ 4,100 Burlington, Vermont, Electric, Ser. A, Rev., 6.38%, 07/01/09 $ 4,580
3,510 Vermont State, Ser. A, GO, -, 6.40%, 01/15/05 3,831
3,510 Vermont State, Ser. A, GO, -, 6.50%, 01/15/05 3,845
--------
12,256
Virgin Islands -- 1.5%
2,500 Virgin Islands Public Finance Authority, Gross Receipts,
Taxes Lien Notes, Ser. A, Rev., 5.63%, 10/01/10 2,556
5,000 Virgin Islands Public Finance Authority, Senior Lien,
Fund Lien Notes, Ser. C, Rev., 5.50%, 10/01/06 5,101
3,070 Virgin Islands Water & Power Authority, Electric Systems,
Rev., 5.25%, 07/01/07 3,094
--------
10,751
Virginia -- 0.8%
5,515 Chesapeake Bay Bridge & Tunnel Commission, Virginia,
General Resolution, Rev., 5.75%, 07/01/08 5,870
Washington -- 1.8%
4,340 Grant County, Washington, Public Utilities District No. 2,
Electric, Ser. G, Rev., 5.25%, 01/01/08 4,481
5,000 Washington State, Ser. B, GO, 5.00%, 01/01/07 5,100
3,000 Washington State, Ser. S-4, GO, 5.00%, 01/01/07 3,060
--------
12,641
Wisconsin -- 5.1%
3,025 Milwaukee County, Wisconsin, Corporate Purpose,
Ser. A, GO, 5.38%, 09/01/05 3,136
2,350 Milwaukee County, Wisconsin, Corporate Purpose,
Ser. A, GO, 5.63%, 09/01/10 2,487
5,000 Wisconsin State, Clean Water, Ser. 2, Rev., 5.50%, 06/01/11 5,261
3,585 Wisconsin State, Clean Water, Ser. 2, Rev., 6.13%, 06/01/06 3,858
6,000 Wisconsin State, GO, 6.20%, 05/01/06 6,480
2,775 Wisconsin State, GO, Ser. 1, 5.00%, 11/01/07 2,839
6,275 Wisconsin State, GO, Ser. 1, 5.50%, 11/01/11 6,617
4,450 Wisconsin State, GO, Ser. 3, 5.20%, 11/01/09 4,607
--------
35,285
- ----------------------------------------------------------------------------------------
Total Long-Term Municipal Securities 690,952
(Cost $674,980)
- ----------------------------------------------------------------------------------------
Short-Term Investments -- 0.5%
- ----------------------------------------------------------------------------------------
Municipal Security -- 0.4%
--------------------------
New York -- 0.4%
3,000 Port Authority of New York & New Jersey, Special
Obligation, Versatile Structure Obligation, Ser. 2, Rev.,
FRDO, 4.05%, 05/01/19 3,000
(Cost $3,000)
See notes to financial statements.
24
CHASE VISTA SELECT INTERMEDIATE TAX FREE INCOME FUND
Portfolio of Investments (Continued)
As of August 31, 2000
(Amounts in thousands)
Shares Issuer Value
- ---------------------------------------------------------------------
Short-Term Investments -- Continued
- ---------------------------------------------------------------------
Money Market Funds -- 0.1%
--------------------------
189 Provident Municipal Cash Money Market Fund $ 189
418 Provident Municipal Money Market Fund 418
-------------------------------------------------------
Total Money Market Funds 607
(Cost $607)
- ---------------------------------------------------------------------
Total Short-Term Investments 3,607
(Cost $3,607)
- ---------------------------------------------------------------------
Total Investments -- 100.1% $694,559
(Cost $678,587)
- ---------------------------------------------------------------------
Notional
Number Original Value at Unrealized
of Expiration Notional 08/31/00 Appreciation
Contracts Description Date Value(USD) (USD) (USD)
- --------------------------------------------------------------------------------------
Long Futures Outstanding
- -------------------------
December,
50 U.S. Treasury Bonds 2000 $4,982 $5,022 $40
See notes to financial statements.
25
- --------------------------------------------------------------------------------
CHASE VISTA SELECT NEW YORK INTERMEDIATE TAX FREE INCOME FUND
Portfolio of Investments
- --------------------------------------------------------------------------------
As of August 31, 2000
(Amounts in thousands)
Principal
Amount Issuer Value
- -----------------------------------------------------------------------------------
Long-Term Municipal Securities -- 97.9%
- -----------------------------------------------------------------------------------
New York -- 86.8%
$2,000 Albany County, New York, Airport Authority, Rev.,
5.30%, 12/15/15 $ 1,979
1,120 Allegany County, New York, IDA, Civic Facility, Alfred
University, Rev., 5.25%, 08/01/11 1,154
1,290 Amherst, New York, IDA, Civic Facility, Faculty Student
Housing, Ser. B, Rev., 5.75%, 08/01/15 1,361
250 Arkport, New York, Central School District, GO, 5.20%,
06/15/09 259
350 Arkport, New York, Central School District, GO, 5.20%,
06/15/10 361
645 Barker, New York, Central School District, GO, 5.13%,
06/01/04 660
1,000 Barker, New York, Central School District, GO, 5.15%,
06/01/06 1,031
2,000 Battery Park City Authority, New York, Ser. A, Rev.,
5.50%, 11/01/26 1,970
1,040 Beacon, New York, City School District, GO, 5.50%,
07/15/11 1,100
250 Brentwood, New York, Union Free School District, GO,
5.63%, 06/15/11 266
100 Brentwood, New York, Union Free School District, GO,
5.63%, 06/15/12 106
650 Brentwood, New York, Union Free School District, GO,
5.63%, 06/15/13 684
590 Burnt Hills-Ballston Lake, New York, Central School
District, GO, 5.40%, 07/15/16 598
305 Burnt Hills-Ballston Lake, New York, Central School
District, GO, 5.50%, 07/15/17 310
375 Burnt Hills-Ballston Lake, New York, Central School
District, GO, 5.50%, 07/15/18 380
250 Chenango Forks, New York, Central School District, GO,
5.63%, 06/15/11 266
850 Chenango Forks, New York, Central School District, GO,
5.70%, 06/15/12 904
1,655 Cleveland Hill, New York, Union Free School District,
Cheektowaga, GO, 5.50%, 10/15/13 1,724
1,730 Cleveland Hill, New York, Union Free School District,
Cheektowaga, GO, 5.50%, 10/15/14 1,790
175 Colonie, New York, Public Improvement, Ser. B, GO,
5.20%, 04/01/04 179
375 Colonie, New York, Public Improvement, Ser. B, GO,
5.20%, 04/01/05 386
225 East Meadow, New York, Fire District, GO, 5.30%,
04/01/04 231
250 East Meadow, New York, Fire District, GO, 5.30%,
04/01/05 258
250 East Meadow, New York, Fire District, GO, 5.30%,
04/01/06 259
885 Erie County, New York, Public Improvement, GO, 6.00%,
01/15/05 920
855 Erie County, New York, Ser. B, GO, 6.00%, 03/15/06 890
1,845 Erie County, New York, Water Authority, Improvement
& Extension, Rev., 5.75%, 12/01/08 1,926
See notes to financial statements.
26
CHASE VISTA SELECT NEW YORK INTERMEDIATE TAX FREE INCOME FUND
Portfolio of Investments (Continued)
As of August 31, 2000
(Amounts in thousands)
Principal
Amount Issuer Value
- -------------------------------------------------------------------------------------
Long-Term Municipal Securities -- Continued
- -------------------------------------------------------------------------------------
New York -- Continued
$ 1,070 Lindenhurst, New York, Union Free School District, GO,
5.25%, 07/15/12 $ 1,099
1,295 Lindenhurst, New York, Union Free School District, GO,
5.25%, 07/15/16 1,302
1,460 Lindenhurst, New York, Union Free School District, GO,
5.25%, 07/15/17 1,460
5,000 Long Island Power Authority, New York, Electric
Systems, Ser. A, Rev., 5.50%, 12/01/11 5,283
405 Longwood Central School District at Middle Island, New
York, GO, 4.80%, 06/15/11 404
1,315 Longwood Central School District at Middle Island, New
York, GO, 4.80%, 06/15/13 1,283
525 Mahopac, New York, Central School District, Ser. B, GO,
5.60%, 06/15/14 551
815 Mahopac, New York, Central School District, Ser. B, GO,
5.60%, 06/15/15 850
1,090 Massapequa, New York, Union Free School District,
Ser. A, GO, 5.38%, 06/15/09 1,145
2,180 Massapequa, New York, Union Free School District,
Ser. A, GO, 5.38%, 06/15/12 2,268
2,485 Massapequa, New York, Union Free School District,
Ser. A, GO, 5.40%, 06/15/13 2,570
3,135 Massapequa, New York, Union Free School District,
Ser. A, GO, 5.70%, 06/15/16 3,268
500 Metropolitan Transportation Authority, New York,
Commuter Facilities, Ser. B, Rev., 6.10%, 07/01/09 548
2,000 Metropolitan Transportation Authority, New York,
Dedicated Tax Fund, Ser. A, Rev., 5.50%, 04/01/16 2,031
250 Metropolitan Transportation Authority, New York,
Transportation Facilities, Ser. C, Rev., 4.75%, 07/01/16 233
510 Metropolitan Transportation Authority, New York,
Transportation Facilities, Ser. C, Rev., 5.25%, 07/01/10 529
2,150 Monroe County, New York, Public Improvement, GO,
4.50%, 06/01/09 2,122
1,150 Monroe County, New York, Public Improvement, GO,
4.50%, 06/01/10 1,127
100 Monroe County, New York, Public Improvement, GO,
6.00%, 03/01/01 101
1,230 Monroe County, New York, Public Improvement, GO,
6.00%, 03/01/12 1,351
1,000 Monroe County, New York, Public Improvement, GO,
6.00%, 03/01/14 1,090
1,000 Monroe County, New York, Public Improvement, GO,
6.00%, 03/01/18 1,084
1,000 Monroe County, New York, Public Improvement, GO,
6.00%, 03/01/19 1,084
1,020 Monticello, New York, Central School District, GO,
5.63%, 06/15/06 1,078
2,400 Municipal Assistance Corp. for New York City, Ser. E,
Rev., 6.00%, 07/01/05 2,559
6,740 Municipal Assistance Corp. for New York City, Ser. E,
Rev., 6.00%, 07/01/06 7,246
See notes to financial statements.
27
CHASE VISTA SELECT NEW YORK INTERMEDIATE TAX FREE INCOME FUND
Portfolio of Investments (Continued)
As of August 31, 2000
(Amounts in thousands)
Principal
Amount Issuer Value
- -----------------------------------------------------------------------------------
Long-Term Municipal Securities -- Continued
- -----------------------------------------------------------------------------------
New York -- Continued
$ 6,500 Municipal Assistance Corp. for New York City, Ser. G,
Rev., 6.00%, 07/01/08 $ 7,070
2,000 Nassau County, New York, General Improvement, Ser. Q,
GO, 5.20%, 08/01/12 2,037
1,800 Nassau County, New York, General Improvement, Ser. R,
GO, 5.13%, 11/01/03 1,838
2,010 Nassau County, New York, IDA, Civic Facilities, Hofstra
University Project, Rev., 5.00%, 07/01/03 2,044
1,705 Nassau County, New York, IDA, Civic Facilities, Hofstra
University Project, Rev., 5.00%, 07/01/06 1,748
4,740 Nassau County, New York, IDA, Civic Facilities, Hofstra
University Project, Rev., 5.25%, 07/01/09 4,926
1,000 New York City, New York, IDA, Civic Facility, New School
for Social Research, Ser. A, Rev., 5.75%, 09/01/15 1,033
3,625 New York City, New York, Municipal Water Finance
Authority, Water & Sewer Systems, Ser. A, Rev., -,
6.00%, 06/15/05 3,904
595 New York City, New York, Municipal Water Finance
Authority, Water & Sewer Systems, Ser. A, Rev., -,
7.00%, 06/15/01 613
405 New York City, New York, Municipal Water Finance
Authority, Water & Sewer Systems, Ser. A, Rev., 7.00%,
06/15/09 417
2,000 New York City, New York, Municipal Water Finance
Authority, Water & Sewer Systems, Ser. B, Rev., 5.50%,
06/15/27 1,968
2,000 New York City, New York, Ser. A, GO, 5.88%, 08/01/03 2,073
500 New York City, New York, Ser. A, GO, 6.10%, 08/01/02 515
1,000 New York City, New York, Ser. A, GO, 6.25%, 08/01/03 1,045
475 New York City, New York, Ser. A, GO, -, 6.38%, 08/01/02 500
1,025 New York City, New York, Ser. A, GO, 6.38%, 08/01/05 1,071
1,000 New York City, New York, Ser. A, GO, -, 7.75%, 08/15/01 1,047
30 New York City, New York, Ser. D, GO, -, 7.65%, 02/01/02 32
30 New York City, New York, Ser. D, GO, 7.65%, 02/01/06 32
2,500 New York City, New York, Ser. E, GO, 6.00%, 08/01/07 2,708
1,000 New York City, New York, Ser. F, GO, -, 8.25%, 11/15/01 1,061
240 New York City, New York, Ser. F, GO, 8.25%, 11/15/02 254
2,000 New York City, New York, Ser. G, GO, 5.75%, 11/15/15 2,074
75 New York City, New York, Ser. H, GO, 6.88%, 02/01/02 77
925 New York City, New York, Ser. H, GO, -, 6.88%, 02/01/02 958
40 New York City, New York, Ser. H, GO, -, 7.00%,02/01/02 42
460 New York City, New York, Ser. H, GO, 7.00%, 02/01/06 484
25 New York City, New York, Ser. H, GO, -, 7.10%, 02/01/02 26
975 New York City, New York, Ser. H, GO, 7.10%, 02/01/12 1,026
4,580 New York City, New York, Ser. H, Sub. Ser. H-1, GO,
5.50%, 08/01/01 4,628
1,000 New York City, New York, Transit Authority,
Metropolitan Transportation Authority, Triborough,
Ser. A, COP, 5.63%, 01/01/12 1,058
1,650 New York City, New York, Trust Cultural Resources,
Museum of Modern Art, Ser. A, Rev., 5.40%, 01/01/12 1,677
1,000 New York State, Dorm Authority, City University System,
3rd General Reserve, Ser. 1, Rev., 5.25%, 07/01/08 1,033
See notes to financial statements.
28
CHASE VISTA SELECT NEW YORK INTERMEDIATE TAX FREE INCOME FUND
Portfolio of Investments (Continued)
As of August 31, 2000
(Amounts in thousands)
Principal
Amount Issuer Value
- ------------------------------------------------------------------------------------
Long-Term Municipal Securities -- Continued
- ------------------------------------------------------------------------------------
New York -- Continued
$ 2,500 New York State, Dorm Authority, City University System,
3rd General Reserve, Ser. 2, Rev., 5.38%, 07/01/13 $ 2,566
1,545 New York State, Dorm Authority, City University System,
Ser. D, Rev., 5.75%, 07/01/06 1,639
2,000 New York State, Dorm Authority, City University System,
Ser. B, Rev., 5.75%, 07/01/07 2,131
5,590 New York State, Dorm Authority, City University System,
Ser. D, Rev., 7.00%, 07/01/09 6,245
470 New York State, Dorm Authority, Long Island University,
Rev., 5.00%, 09/01/12 470
1,020 New York State, Dorm Authority, Long Island University,
Rev., 5.13%, 09/01/10 1,045
1,000 New York State, Dorm Authority, Long Island University,
Rev., 5.25%, 09/01/11 1,028
1,000 New York State, Dorm Authority, Memorial Sloan
Kettering Cancer Center, Ser. C, Rev., 5.50%, 07/01/09 1,053
1,215 New York State, Dorm Authority, Mental Health
Services, Facilities Improvement, Ser. B, Rev., 5.50%,
02/15/12 1,268
1,665 New York State, Dorm Authority, Mental Health
Services, Facilities Improvement, Ser. B, Rev., 5.60%,
08/15/13 1,739
2,750 New York State, Dorm Authority, New York University,
Rev., 6.38%, 07/01/07 2,846
2,000 New York State, Dorm Authority, New York University,
Ser. A, Rev., 5.75%, 07/01/09 2,149
1,000 New York State, Dorm Authority, New York University,
Ser. A, Rev., 5.75%, 07/01/15 1,059
2,015 New York State, Dorm Authority, Rockefeller University,
Rev., 5.00%, 07/01/12 2,041
1,400 New York State, Dorm Authority, Rockefeller University,
Rev., 5.00%, 07/01/28 1,298
1,305 New York State, Dorm Authority, Special Act, School
Districts Program, Rev., 5.30%, 07/01/11 1,353
2,065 New York State, Dorm Authority, State Service Contract,
Albany County, Rev., 5.25%, 04/01/12 2,074
840 New York State, Dorm Authority, State Service Contract,
Albany County, Rev., 5.50%, 04/01/08 872
1,000 New York State, Dorm Authority, State University
Educational Facilities, Ser. A, Rev., 5.25%, 05/15/11 1,029
2,380 New York State, Dorm Authority, State University
Educational Facilities, Ser. A, Rev., 5.50%, 05/15/06 2,497
6,500 New York State, Dorm Authority, State University
Educational Facilities, Ser. A, Rev., 5.50%, 05/15/13 6,815
5,000 New York State, Dorm Authority, State University
Educational Facilities, Ser. A, Rev., -, 6.00%, 05/15/05 5,422
2,000 New York State, Dorm Authority, State University
Educational Facilities, Ser. C, Rev., 7.38%, 05/15/10 2,305
5,000 New York State, Energy Research & Development
Authority, PCR, New York State Electric and Gas Corp.,
Ser. E, Rev., 5.90%, 12/01/06 5,376
7,000 New York State, Environmental Facilities Corp., PCR,
State Water Revolving Fund, New York City Municipal
Water, Rev., 5.75%, 06/15/12 7,521
See notes to financial statements.
29
CHASE VISTA SELECT NEW YORK INTERMEDIATE TAX FREE INCOME FUND
Portfolio of Investments (Continued)
As of August 31, 2000
(Amounts in thousands)
Principal
Amount Issuer Value
- -----------------------------------------------------------------------------------
Long-Term Municipal Securities -- Continued
- -----------------------------------------------------------------------------------
New York -- Continued
$ 720 New York State, Environmental Facilities Corp., PCR,
State Water Revolving Fund, Ser. A, Rev., 7.25%,
06/15/10 $ 749
5,415 New York State, Environmental Facilities Corp., PCR,
State Water Revolving Fund, Ser. E, Rev., 6.00%,
06/15/12 5,958
1,000 New York State, GO, 2.75%, 07/01/04 941
995 New York State, GO, 5.25%, 03/01/09 1,029
600 New York State, GO, 7.50%, 11/15/00 604
1,395 New York State, Housing Finance Agency, Health
Facilities, Monroe County, Ser. A, Rev., 7.63%, 05/01/05 1,429
835 New York State, Housing Finance Agency, Rev., -,
8.00%, 11/01/00 857
130 New York State, Housing Finance Agency, Rev., 8.00%,
11/01/08 133
650 New York State, Housing Finance Agency, Service
Contract Obligation, Ser. A, Rev., -, 7.38%, 03/15/02 692
1,550 New York State, Housing Finance Agency, State
University Construction, Ser. A, Rev., -, 8.00%, 05/01/1 1,909
360 New York State, Medical Care Facilities Finance Agency,
Mortgage Project, Ser. A, Rev., 5.40%, 08/15/04 372
165 New York State, Medical Care Facilities Finance Agency,
Rev., 7.70%, 08/15/03 169
3,365 New York State, Mortgage Agency, Ser. 19, Rev.,
Mandatory Tender, 4.45%, 10/01/01 3,350
120 New York State, Thruway Authority, Highway & Bridge
Trust Fund, Ser. B, Rev., 5.00%, 04/01/08 123
3,000 New York State, Thruway Authority, Ser. D, Rev., 5.25%,
01/01/21 2,891
3,315 New York State, Thruway Authority, Service Contract,
Local Highway & Bridge, 6.00%, 04/01/11 3,542
250 New York State, Urban Development Corp., Ser. B, Rev.,
5.60%, 04/01/11 261
95 New York State, Urban Development Corp., Ser. B, Rev.,
5.88%, 04/01/14 100
1,045 Oneida County, New York, GO, 5.50%, 03/15/11 1,101
275 Randolph, New York, Central School District, GO, 5.00%,
06/15/06 283
2,180 Rochester, New York, Ser. A, GO, 5.70%, 08/15/04 2,285
1,905 Rome, New York, City School District, GO, 5.50%, 06/15/13 1,984
1,050 Scotia Glenville, New York, Central School District, GO,
5.40%, 06/15/12 1,095
1,050 Scotia Glenville, New York, Central School District, GO,
5.50%, 06/15/13 1,096
1,025 Scotia Glenville, New York, Central School District, GO,
5.50%, 06/15/14 1,062
275 Shenendehowa Central School District, Clifton Park,
New York, GO, 5.25%, 07/15/11 291
500 Stillwater, New York, Central School District, GO, 5.20%,
06/15/11 515
1,000 Suffolk County, New York, IDA, IDR, Nissequogue Cogen
Partners Facility, Rev., 5.30%, 01/01/13 903
1,910 Suffolk County, New York, Public Improvement, Ser. C,
GO, 5.10%, 11/01/02 1,941
See notes to financial statements.
30
CHASE VISTA SELECT NEW YORK INTERMEDIATE TAX FREE INCOME FUND
Portfolio of Investments (Continued)
As of August 31, 2000
(Amounts in thousands)
Principal
Amount Issuer Value
- -------------------------------------------------------------------------------------
Long-Term Municipal Securities -- Continued
- -------------------------------------------------------------------------------------
New York -- Continued
$ 5,000 Suffolk County, New York, Southwest Sewer District,
GO, 6.00%, 02/01/05 $ 5,305
1,065 Sullivan County, New York, Public Improvement, GO,
5.00%, 03/15/08 1,082
7,125 Triborough Bridge & Tunnel Authority, New York,
General Purpose, Ser. Y, Rev., 6.00%, 01/01/12 7,793
440 Utica, New York, Public Improvement, GO, 6.00%, 01/15/03 450
465 Utica, New York, Public Improvement, GO, 6.00%, 01/15/04 479
565 Warwick Valley, Central School District, New York, GO,
5.50%, 01/15/14 585
600 Watertown, New York, City School District, GO, 5.63%,
06/15/16 619
1,365 Watertown, New York, City School District, GO, 5.63%,
06/15/17 1,400
1,245 Watertown, New York, City School District, GO, 5.63%,
06/15/18 1,270
1,000 Windsor, New York, Central School District, GO, 5.50%,
06/15/13 1,049
1,170 Windsor, New York, Central School District, GO, 5.50%,
06/15/14 1,219
650 Windsor, New York, Central School District, GO, 5.50%,
06/15/15 672
--------
240,066
Northern Mariana Islands -- 0.2%
500 Northern Mariana Islands, Public School System Project,
Ser. A, GO, 3.70%, 10/01/03 485
Puerto Rico -- 7.4%
1,565 Puerto Rico Electric Power Authority, Ser. AA, Rev.,
4.80%, 07/01/01 1,573
4,390 Puerto Rico Electric Power Authority, Ser. AA, Rev.,
5.40%, 07/01/13 4,588
1,300 Puerto Rico Electric Power Authority, Ser. AA, Rev.,
6.25%, 07/01/10 1,485
3,225 Puerto Rico Electric Power Authority, Ser. HH, Rev.,
5.25%, 07/01/09 3,428
1,300 Puerto Rico Electric Power Authority, Ser. HH, Rev.,
5.50%, 07/01/10 1,408
1,800 Puerto Rico Electric Power Authority, Ser. X, Rev., 6.00%,
07/01/11 1,932
5,000 Puerto Rico Municipal Finance Agency, Ser. A, GO,
5.00%, 08/01/01 5,035
1,000 Puerto Rico Municipal Finance Agency, Ser. A, GO,
5.00%, 08/01/02 1,013
--------
20,462
Virgin Islands -- 3.5%
1,390 Virgin Islands Public Finance Authority, Gross Receipts,
Taxes Lien Notes, Ser. A, Rev., 5.00%, 10/01/03 1,400
1,090 Virgin Islands Public Finance Authority, Gross Receipts,
Taxes Lien Notes, Ser. A, Rev., 5.25%, 10/01/01 1,098
1,000 Virgin Islands Public Finance Authority, Gross Receipts,
Taxes Lien Notes, Ser. A, Rev., 5.50%, 10/01/02 1,017
1,000 Virgin Islands Public Finance Authority, Senior Lien,
Fund Lien Notes, Ser. C, Rev., 5.00%, 10/01/00 1,001
See notes to financial statements.
31
CHASE VISTA SELECT NEW YORK INTERMEDIATE TAX FREE INCOME FUND
Portfolio of Investments (Continued)
As of August 31, 2000
(Amounts in thousands)
Principal
Amount Issuer Value
- ---------------------------------------------------------------------------------------
Long-Term Municipal Securities -- Continued
- ---------------------------------------------------------------------------------------
Virgin Islands -- Continued
$ 2,000 Virgin Islands Public Finance Authority, Senior Lien,
Fund Lien Notes, Ser. C, Rev., 5.00%, 10/01/01 $ 2,006
3,075 Virgin Islands Public Finance Authority, Senior Lien,
Fund Lien Notes, Ser. C, Rev., 5.00%, 10/01/02 3,088
--------
9,610
- ---------------------------------------------------------------------------------------
Total Long-Term Municipal Securities 270,623
(Cost $264,380)
- ---------------------------------------------------------------------------------------
Short-Term Investments -- 1.3%
- ---------------------------------------------------------------------------------------
Municipal Securities -- 1.2%
----------------------------
New York -- 1.2%
600 New York City, New York, Municipal Water Finance
Authority, Water & Sewer Systems, Ser. C, Rev., FRDO,
4.15%, 09/01/00 600
300 New York City, New York, Ser. B, Sub. Ser. B-4, GO,
FRDO, 4.15%, 09/01/00 300
785 New York State, Job Development Authority, Special
Purpose, Ser. A-1 through A-13, Rev., FRDO, 4.40%,
09/01/00 785
320 New York State, Job Development Authority, Special
Purpose, Ser. A-1 through A-25, Rev., FRDO, 4.40%
09/01/00 320
605 New York State, Job Development Authority, Special
Purpose, Ser. B-1 Through B-9, Rev., FRDO, 4.40%,
09/01/00 605
800 Port Authority of New York & New Jersey, Special
Obligation, Versatile Structure Obligation, Ser. 2, Rev.,
FRDO, 4.05%, 09/01/00 800
---------------------------------------------------------------------
Total Municipal Securities 3,410
(Cost $3,410)
---------------------------------------------------------------------
Shares
Money Market Fund -- 0.1%
-------------------------
383 Provident New York Money Market Fund 383
(Cost $383)
- ---------------------------------------------------------------------------------------
Total Short-Term Investments 3,793
(Cost $3,793)
- ---------------------------------------------------------------------------------------
Total Investments -- 99.2% $274,416
(Cost $268,173)
- ---------------------------------------------------------------------------------------
See notes to financial statements.
32
CHASE VISTA SELECT NEW JERSEY TAX FREE INCOME FUND
Portfolio of Investments
As of August 31, 2000
(Amounts in thousands)
Principal
Amount Issuer Value
- -----------------------------------------------------------------------------------------
Long-Term Municipal Securities -- 98.1%
- -----------------------------------------------------------------------------------------
New Jersey -- 87.0%
$ 105 Asbury Park, New Jersey, Board of Education, GO,
5.50%, 08/01/11 $ 111
495 Bayshore Regional Sewer Authority, New Jersey, Rev.,
5.50%, 04/01/12 514
1,000 Bergen County, New Jersey, Utilities Authority, Water
Pollution Control, Ser. B, Rev., 5.75%, 12/15/05 1,061
935 Bloomfield Township, New Jersey, GO, 5.20%, 06/15/11 967
510 Bloomfield Township, New Jersey, GO, 5.20%, 06/15/12 523
270 Brick Township, New Jersey, Improvement, GO, 5.40%,
05/01/07 284
570 Brick Township, New Jersey, Improvement, GO, 5.40%,
05/01/09 603
250 Camden County, New Jersey, IAR, Health Systems,
Catholic Health East, Ser. B, Rev., 5.25%, 11/15/12 255
345 Cinnaminson Township, New Jersey, School District, GO,
5.20%, 08/01/10 358
900 Delaware River & Bay Authority, New Jersey, Rev.,
5.20%, 01/01/10 927
555 Delaware River & Bay Authority, New Jersey, Ser. A, Rev.,
5.50%, 01/01/16 570
500 Delaware River & Bay Authority, New Jersey, Ser. A, Rev.,
5.70%, 01/01/20 516
1,700 Delaware River Port Authority of Pennsylvania & New
Jersey, Port District Project, Ser. B, Rev., 5.70%, 01/01/1 1,741
370 East Orange, New Jersey, Capital Improvement, GO,
5.50%, 07/15/10 393
570 Edison Township, New Jersey, School District, GO,
6.50%, 06/01/04 610
215 Gloucester County, New Jersey, Improvement Authority,
County Guaranteed, Ser. A, Rev., 5.35%, 08/01/09 226
220 Gloucester County, New Jersey, Improvement Authority,
County Guaranteed, Ser. A, Rev., 5.55%, 08/01/12 232
225 Gloucester County, New Jersey, Improvement Authority,
County Guaranteed, Ser. A, Rev., 5.70%, 08/01/15 236
1,140 Hamilton Township, Atlantic County, New Jersey, School
District, GO, 5.88%, 12/15/07 1,194
500 Hunterdon, New Jersey, Central Regional High School
District, GO, 5.40%, 05/01/09 522
360 Jersey City, New Jersey, General Improvement, Ser. A,
GO, 6.00%, 10/01/05 384
175 Long Hill Township, New Jersey, GO, 5.15%, 08/15/05 180
175 Long Hill Township, New Jersey, GO, 5.15%, 08/15/06 181
275 Long Hill Township, New Jersey, GO, 5.15%, 08/15/07 285
275 Long Hill Township, New Jersey, GO, 5.15%, 08/15/08 285
380 Lopatcong Township, New Jersey, Board of Education,
GO, 5.63%, 07/15/13 401
400 Lopatcong Township, New Jersey, Board of Education,
GO, 5.70%, 07/15/16 418
500 Lopatcong Township, New Jersey, Board of Education,
GO, 5.70%, 07/15/23 512
100 Mainland, New Jersey, Regional High School District,
GO, 5.20%, 11/15/06 104
See notes to financial statements.
33
CHASE VISTA SELECT NEW JERSEY TAX FREE INCOME FUND
Portfolio of Investments (Continued)
As of August 31, 2000
(Amounts in thousands)
Principal
Amount Issuer Value
- ------------------------------------------------------------------------------------
Long-Term Municipal Securities -- Continued
- ------------------------------------------------------------------------------------
New Jersey -- Continued
$ 105 Mainland, New Jersey, Regional High School District,
GO, 5.20%, 11/15/07 $ 109
110 Mainland, New Jersey, Regional High School District,
GO, 5.25%, 11/15/08 115
110 Mainland, New Jersey, Regional High School District,
GO, 5.25%, 11/15/09 115
115 Mainland, New Jersey, Regional High School District,
GO, 5.25%, 11/15/10 119
120 Mainland, New Jersey, Regional High School District,
GO, 5.25%, 11/15/11 123
125 Mainland, New Jersey, Regional High School District,
GO, 5.25%, 11/15/12 128
1,330 Marlboro Township, New Jersey, Board of Education,
GO, 4.90%, 07/15/05 1,358
1,460 Marlboro Township, New Jersey, Board of Education,
GO, 5.00%, 07/15/06 1,500
200 Medford Township, New Jersey, GO, 5.30%, 07/15/07 209
300 Medford Township, New Jersey, GO, 5.30%, 07/15/08 315
400 Medford Township, New Jersey, GO, 5.30%, 07/15/09 420
575 Middletown Township, New Jersey, Board of Education,
GO, 5.70%, 08/01/04 601
2,000 Middletown Township, New Jersey, Board of Education,
GO, 5.85%, 08/01/27 2,058
1,710 New Jersey Economic Development Authority, Market
Transition Facility, Senior Lien, Ser. A, Rev., 5.80%,
07/01/08 1,808
1,200 New Jersey Economic Development Authority, Market
Transition Facility, Senior Lien, Ser. A, Rev., 5.80%,
07/01/09 1,267
1,060 New Jersey Economic Development Authority, New
Jersey Performing Arts Center Project, Ser. A, Rev.,
6.00%, 06/15/08 1,155
590 New Jersey Health Care Facilities, Financing Authority,
St. Elizabeth Hospital Obligation Group, Rev., 6.00%,
07/01/14 544
670 New Jersey Sports & Exposition Authority, Ser. A, Rev.,
6.50%, 03/01/07 701
720 New Jersey State, Educational Facilities Authority,
Capital Improvement Fund, Ser. A, Rev., 5.00%,
09/01/08 740
2,545 New Jersey State, Educational Facilities Authority, Drew
University Issue, Ser. C, Rev., 5.25%, 07/01/13 2,587
435 New Jersey State, Educational Facilities Authority,
Fairleigh Dickinson University, Ser. G, Rev., 4.88%,
07/01/04 428
1,000 New Jersey State, Educational Facilities Authority,
Fairleigh Dickinson University, Ser. G, Rev., 5.70%,
07/01/28 920
1,000 New Jersey State, Educational Facilities Authority,
Princeton University, Ser. E, Rev., 5.25%, 07/01/13 1,024
1,140 New Jersey State, Ser. B, GO, 6.25%, 01/15/04 1,204
2,195 New Jersey State, Ser. D, GO, 5.75%, 02/15/06 2,326
1,000 New Jersey State, Ser. F, GO, 5.25%, 08/01/09 1,044
See notes to financial statements.
34
CHASE VISTA SELECT NEW JERSEY TAX FREE INCOME FUND
Portfolio of Investments (Continued)
As of August 31, 2000
(Amounts in thousands)
Principal
Amount Issuer Value
- --------------------------------------------------------------------------------
Long-Term Municipal Securities -- Continued
- --------------------------------------------------------------------------------
New Jersey -- Continued
$ 100 New Jersey State, Transportation Corp., COP, 6.20%,
10/01/02 $ 104
110 New Jersey State, Transportation Trust Fund Authority,
Transportation Systems, Ser. A, Rev., 5.00%, 06/15/12 110
1,000 New Jersey State, Transportation Trust Fund Authority,
Transportation Systems, Ser. A, Rev., 5.75%, 06/15/16 1,058
205 New Jersey State, Turnpike Authority, Ser. A, Rev.,
5.80%, 01/01/02 208
935 New Jersey State, Turnpike Authority, Ser. A, Rev., -,
5.80%, 01/01/02 952
1,000 New Jersey State, Turnpike Authority, Ser. C, Rev., -,
6.25%, 01/01/01 1,021
1,570 North Bergen Township, New Jersey, GO, 5.00%, 08/15/11 1,594
225 North Brunswick Township, New Jersey, GO, 5.25%,
04/01/04 232
1,140 North Jersey District Water Supply, Wanaque South
Project, Rev., 5.50%, 07/01/03 1,174
1,140 Northwest Bergen County, New Jersey, Utilities
Authority, Utilities System, Rev., 6.00%, 07/15/07 1,202
570 Ocean County, New Jersey, General Improvement, GO,
6.38%, 04/15/03 598
1,500 Port Authority of New York & New Jersey, Consolidated
Bonds 93rd Ser., Rev., 6.13%, 06/01/94 1,621
2,435 Port Authority of New York & New Jersey, Consolidated
Bonds 114th Ser., Rev., 4.75%, 08/01/33 2,119
1,550 Port Authority of New York & New Jersey, Special
Obligation, JFK International Airport Terminal #6,
Rev., 6.25%, 12/01/08 1,705
3,000 Port Authority of New York & New Jersey, Special
Obligation, JFK International Airport Terminal #6,
Rev., 6.25%, 12/01/09 3,321
305 Rahway, New Jersey, COP, 5.00%, 02/15/06 313
430 Rahway, New Jersey, COP, 5.30%, 02/15/11 449
435 Summit, New Jersey, GO, 5.70%, 06/01/10 468
1,105 Summit, New Jersey, GO, 5.70%, 06/01/11 1,183
1,000 Sussex County, New Jersey, General Improvement, GO,
-, 6.00%, 04/01/02 1,044
880 Sussex County, New Jersey, GO, 5.00%, 07/15/06 904
785 Union County Improvement Authority, Plainfield Board
of Education Project, Rev., 6.25%, 08/01/07 861
1,101 Union County, New Jersey, General Improvement, GO,
4.75%, 12/15/15 1,048
1,100 West Orange, New Jersey, GO, 5.45%, 02/15/15 1,122
1,100 West Orange, New Jersey, GO, 5.45%, 02/15/16 1,116
-------
63,038
Puerto Rico -- 6.2%
1,200 Puerto Rico Commonwealth, Highway & Transportation
Authority, Ser. W, Rev., 5.50%, 07/01/15 1,264
1,000 Puerto Rico Electric Power Authority, Ser. AA, Rev.,
6.25%, 07/01/10 1,142
1,000 Puerto Rico Electric Power Authority, Ser. HH, Rev.,
5.25%, 07/01/09 1,063
See notes to financial statements.
35
CHASE VISTA SELECT NEW JERSEY TAX FREE INCOME FUND
Portfolio of Investments (Continued)
As of August 31, 2000
(Amounts in thousands)
Principal
Amount Issuer Value
- --------------------------------------------------------------------------------------
Long-Term Municipal Securities -- Continued
- --------------------------------------------------------------------------------------
Puerto Rico -- Continued
$ 1,000 University of Puerto Rico, Ser. O, Rev., 5.75%, 06/01/17 $ 1,056
-------
4,525
Virgin Islands -- 4.9%
1,155 Virgin Islands Public Finance Authority, Gross Receipts,
Tax Lien Notes, Ser. A, Rev., 5.50%, 10/01/02 1,175
500 Virgin Islands Public Finance Authority, Gross Receipts,
Taxes Lien Notes, Ser. A, Rev., 6.38%, 10/01/19 515
2,000 Virgin Islands Public Finance Authority, Senior Lien,
Ser. A, Rev., @ 5.50%, 10/01/22 1,883
-------
3,573
- --------------------------------------------------------------------------------------
Total Long-Term Municipal Securities 71,136
(Cost $69,948)
- --------------------------------------------------------------------------------------
Short-Term Investments -- 1.6%
- --------------------------------------------------------------------------------------
Municipal Security -- 0.4%
--------------------------
New Jersey -- 0.4%
300 New Jersey Economic Development Authority, Water
Facilities, United Water New Jersey Inc. Project, Ser. B,
Rev., FRDO, 4.30%, 09/01/00 300
(Cost $300)
Shares
Money Market Fund -- 1.2%
-------------------------
837 Provident New Jersey Money Market Fund 837
(Cost $837)
- --------------------------------------------------------------------------------------
Total Short-Term Investments 1,137
(Cost $1,137)
- --------------------------------------------------------------------------------------
Total Investments -- 99.7% $72,273
(Cost $71,085)
- --------------------------------------------------------------------------------------
Notional
Number Original Value at Unrealized
of Expiration Notional 08/31/00 Appreciation
Contracts Description Date Value (USD) (USD) (USD)
- --------------------------------------------------------------------------------------
Long Futures Outstanding
- ------------------------
December,
57 U.S. Treasury Bonds 2000 $5,685 $5,725 $ 40
See notes to financial statements.
36
CHASE VISTA SELECT FUNDS
Portfolio of Investments (Continued)
As of August 31, 2000
INDEX:
+ -- When issued or delayed delivery security.
* -- All or portion of this security is segregated for when issued or
delayed delivery securities.
- - -- Security is prerefunded or escrowed to maturity. The maturity date
shown is the date of the prerefunded call.
@ -- All or a portion of the security is segregated for futures.
COP -- Certificates of Participation.
Dorm -- Dormitory.
FRDO -- Floating Rate Demand Obligation. The maturity date shown is the next
interest reset date. The interest rate shown is the rate in effect at
August 31, 2000.
GO -- General Obligation.
IAR -- Improvement Authority Revenue.
IDA -- Industrial Development Authority.
IDR -- Industrial Development Revenue.
PCFA -- Pollution Control Financing Authority.
PCFFA -- Pollution Control Facilities Financing Authority.
PCR -- Pollution Control Revenue.
RAN -- Revenue Anticipation Notes.
Rev. -- Revenue Bond.
Ser. -- Series.
See notes to financial statements.
37
- --------------------------------------------------------------------------------
STATEMENT OF ASSETS AND LIABILITIES August 31, 2000
- --------------------------------------------------------------------------------
(Amounts in Thousands, Except Per Share Amounts)
New York
Intermediate Intermediate New Jersey
Tax Free Tax Free Tax Free Tax Free
Income Fund Income Fund Income Fund Income Fund
- -------------------------------------------------------------------------------------------
ASSETS:
Investment securities, at
value (Note 1) ............... $744,567 $694,559 $274,416 $72,273
Other assets ................. 19 19 7 2
Receivables:
Investment securities sold 122 -- -- --
Interest .................... 10,047 9,371 3,439 750
Fund shares sold ............ 1,077 69 64 --
Margin account for
futures contracts ........... 615 36 -- 41
- ---------------------------------------------------------------------------------------
Total Assets .............. 756,447 704,054 277,926 73,066
- ---------------------------------------------------------------------------------------
LIABILITIES:
Payables:
Investment securities
purchased ................... -- 6,388 -- --
Fund shares redeemed 20 403 83 209
Dividends ................... 2,986 2,493 1,004 270
Accrued liabilities: (Note 2)
Investment advisory fees . 190 177 70 18
Administration fees ......... 95 88 29 7
Shareholder servicing fees . 158 147 59 6
Custodian fees .............. 49 32 16 5
Other ....................... 144 152 86 32
- ---------------------------------------------------------------------------------------
Total Liabilities ......... 3,642 9,880 1,347 547
- ---------------------------------------------------------------------------------------
NET ASSETS:
Paid in capital .............. 744,706 682,026 272,560 71,402
Accumulated undistributed
(distributions in excess
of) net investment income 11 49 (79) (67)
Accumulated net
realized loss on
investments and futures
transactions ................. (9,710) (3,913) (2,145) (44)
Net unrealized
appreciation of
investments and futures
contracts .................... 17,798 16,012 6,243 1,228
- ---------------------------------------------------------------------------------------
Net Assets .................... $752,805 $694,174 $276,579 $72,519
- ---------------------------------------------------------------------------------------
Shares of beneficial
interest outstanding ($.001
par value; unlimited
number of shares
authorized) ................... 120,377 66,356 39,467 7,451
Net Asset Value, maximum
offering and redemption
price per share ............... $ 6.25 $ 10.46 $ 7.01 $ 9.73
Cost of investments ........... $727,045 $678,587 $268,173 $71,085
- ---------------------------------------------------------------------------------------
See notes to financial statements.
38
- --------------------------------------------------------------------------------
STATEMENT OF OPERATIONS For the year ended August 31, 2000
- --------------------------------------------------------------------------------
(Amounts in Thousands)
New York
Intermediate Intermediate New Jersey
Tax Free Tax Free Tax Free Tax Free
Income Fund Income Fund Income Fund Income Fund
INTEREST INCOME:
(Note 1C) $40,697 $35,542 $14,386 $3,544
- -------------------------------------------------------------------------------------
EXPENSES: (Note 2)
Investment advisory fees ..... 2,201 2,110 854 202
Administration fees .......... 1,101 1,055 427 101
Shareholder servicing fees 1,218 1,156 468 112
Custodian fees ............... 151 136 108 54
Printing and postage ......... 21 21 9 3
Professional fees ............ 56 59 40 34
Registration expenses ........ 19 27 8 17
Transfer agent fees .......... 13 14 14 17
Trustees' fees ............... 37 35 14 3
Other ........................ 59 44 34 10
- -------------------------------------------------------------------------------------
Total expenses ............. 4,876 4,657 1,976 553
- -------------------------------------------------------------------------------------
Less amounts waived
(Note 2F) .................... 667 658 332 140
Less expense
reimbursements
(Note 2G) .................... -- -- -- 13
Less earnings credits
(Note 2E) .................... 10 1 1 --
- -------------------------------------------------------------------------------------
Net expenses ................ 4,199 3,998 1,643 400
- -------------------------------------------------------------------------------------
Net investment
income ..................... 36,498 31,544 12,743 3,144
- -------------------------------------------------------------------------------------
REALIZED AND
UNREALIZED GAIN (LOSS)
ON INVESTMENTS:
Net realized gain (loss) on:
Investments ................. (9,111) (4,138) (2,145) (14)
Futures transactions ........ 329 235 -- 40
Change in net unrealized
appreciation/depreciation of:
Investments ................. 16,042 10,103 5,793 910
Futures ..................... 276 40 -- 40
- -------------------------------------------------------------------------------------
Net realized and
unrealized gain on
investments and futures
transactions ................. 7,536 6,240 3,648 976
- -------------------------------------------------------------------------------------
Net increase in net
assets from operations ....... $44,034 $37,784 $16,391 $4,120
See notes to financial statements.
39
STATEMENT OF CHANGES IN NET ASSETS For the year ended August 31,
(Amounts in Thousands)
Tax Free
Income Fund
-----------------------
2000 1999
- -------------------------------------------------------------------------------------------------------
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income ....................................................... $ 36,498 $ 40,150
Net realized gain (loss) on investments and futures transactions ............ (8,782) (282)
Change in net unrealized appreciation/depreciation of investments and
futures ..................................................................... 16,318 (43,875)
- -------------------------------------------------------------------------------------------------------
Increase (decrease) in net assets from operations ......................... 44,034 (4,007)
- -------------------------------------------------------------------------------------------------------
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income ....................................................... (36,500) (40,149)
Net realized gain on investment transactions ................................ -- (4,060)
- -------------------------------------------------------------------------------------------------------
Total distributions to shareholders ....................................... (36,500) (44,209)
- -------------------------------------------------------------------------------------------------------
INCREASE (DECREASE) FROM CAPITAL SHARE TRANSACTIONS:
Proceeds from shares issued ................................................. 94,232 83,194
Dividends reinvested ........................................................ 55 55
Cost of shares redeemed ..................................................... (93,114) (51,987)
- -------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets from capital share transactions ..... 1,173 31,262
- -------------------------------------------------------------------------------------------------------
Total increase (decrease) in net assets ................................. 8,707 (16,954)
- -------------------------------------------------------------------------------------------------------
NET ASSETS:
Beginning of period ......................................................... 744,098 761,052
- -------------------------------------------------------------------------------------------------------
End of period ............................................................... $752,805 $744,098
- -------------------------------------------------------------------------------------------------------
Share Transactions:
Issued ...................................................................... 15,513 12,829
Reinvested .................................................................. 9 9
Redeemed .................................................................... (15,332) (8,037)
- -------------------------------------------------------------------------------------------------------
Change in shares ............................................................. 190 4,801
- -------------------------------------------------------------------------------------------------------
Intermediate
Tax Free
Income Fund
-----------------------
2000 1999
- -------------------------------------------------------------------------------------------------------
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income ....................................................... $ 31,544 $ 35,249
Net realized gain (loss) on investments and futures transactions ............ (3,903) 6,211
Change in net unrealized appreciation/depreciation of investments and
futures ..................................................................... 10,143 (33,446)
- -------------------------------------------------------------------------------------------------------
Increase (decrease) in net assets from operations ......................... 37,784 8,014
- -------------------------------------------------------------------------------------------------------
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income ....................................................... (31,525) (35,250)
Net realized gain on investment transactions ................................ (3,807) (8,069)
- -------------------------------------------------------------------------------------------------------
Total distributions to shareholders ....................................... (35,332) (43,319)
- -------------------------------------------------------------------------------------------------------
INCREASE (DECREASE) FROM CAPITAL SHARE TRANSACTIONS:
Proceeds from shares issued ................................................. 66,780 104,889
Dividends reinvested ........................................................ 3,806 8,063
Cost of shares redeemed ..................................................... (107,611) (65,922)
- -------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets from capital share transactions ..... (37,025) 47,030
- -------------------------------------------------------------------------------------------------------
Total increase (decrease) in net assets ................................. (34,573) 11,725
- -------------------------------------------------------------------------------------------------------
NET ASSETS:
Beginning of period ......................................................... 728,747 717,022
- -------------------------------------------------------------------------------------------------------
End of period ............................................................... $694,174 $728,747
- -------------------------------------------------------------------------------------------------------
Share Transactions:
Issued ...................................................................... 6,521 9,728
Reinvested .................................................................. 372 744
Redeemed .................................................................... (10,502) (6,129)
- -------------------------------------------------------------------------------------------------------
Change in shares ............................................................. (3,609) 4,343
- -------------------------------------------------------------------------------------------------------
See notes to financial statements.
40
STATEMENT OF CHANGES IN NET ASSETS For the periods indicated
(continued)
New York
Intermediate New Jersey
Tax Free Tax Free
Income Fund Income Fund
------------------------- --------------------
2000 1999 2000 1999
- -------------------------------------------------------------------------------------------------------------------------------
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income ....................................................... $ 12,743 $ 14,213 $ 3,144 $ 3,452
Net realized gain (loss) on investments and futures transactions ............ (2,145) 566 26 (78)
Change in net unrealized appreciation/depreciation of investments and
futures ..................................................................... 5,793 (13,501) 950 (3,102)
- -------------------------------------------------------------------------------------------------------------------------------
Increase in net assets from operations .................................... 16,391 1,278 4,120 272
- -------------------------------------------------------------------------------------------------------------------------------
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income ....................................................... (12,793) (14,214) (3,149) (3,452)
Net realized gain on investment transactions ................................ (83) (2,596) -- (1,222)
- -------------------------------------------------------------------------------------------------------------------------------
Total distributions to shareholders ....................................... (12,876) (16,810) (3,149) (4,674)
- -------------------------------------------------------------------------------------------------------------------------------
INCREASE (DECREASE) FROM CAPITAL SHARE TRANSACTIONS:
Proceeds from shares issued ................................................. 42,794 49,190 12,035 5,638
Dividends reinvested ........................................................ 89 2,365 6 1,219
Cost of shares redeemed ..................................................... (64,427) (24,227) (8,140) (5,372)
- -------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets from capital share transactions ..... (21,544) 27,328 3,901 1,485
- -------------------------------------------------------------------------------------------------------------------------------
Total increase (decrease) in net assets ................................. (18,029) 11,796 4,872 (2,917)
- -------------------------------------------------------------------------------------------------------------------------------
NET ASSETS:
Beginning of period ......................................................... 294,608 282,812 67,647 70,564
- -------------------------------------------------------------------------------------------------------------------------------
End of period ............................................................... $276,579 $294,608 $72,519 $67,647
- -------------------------------------------------------------------------------------------------------------------------------
Share Transactions:
Issued ...................................................................... 6,259 6,850 1,271 564
Reinvested .................................................................. 13 327 1 121
Redeemed .................................................................... (9,421) (3,379) (862) (537)
- -------------------------------------------------------------------------------------------------------------------------------
Change in shares ............................................................. (3,149) 3,798 410 148
- -------------------------------------------------------------------------------------------------------------------------------
See notes to financial statements.
41
- --------------------------------------------------------------------------------
CHASE VISTA FUNDS NOTES TO FINANCIAL STATEMENTS
- --------------------------------------------------------------------------------
1. Organization and Significant Accounting Policies
Mutual Fund Select Trust (the "Trust") was organized as a Massachusetts
business trust, and is registered under the Investment Company Act of 1940, as
amended, as an open-end, non-diversified management investment company. Select
Tax Free Income Fund ("TFI"), Select Intermediate Tax Free Income Fund
("ITFI"), Select New York Intermediate Tax Free Income Fund ("NYTFI") and
Select New Jersey Tax Free Income Fund ("NJTFI") (collectively, the "Funds")
are four separate portfolios of the Trust.
The Funds were established in December 1996 for the conversion of the Chase
Manhattan Bank Common Trust Funds. Effective January 1, 1997, the Chase Common
Trust Funds contributed securities and other assets in exchange for shares of
the newly created Funds in a tax-free exchange.
The following is a summary of significant accounting policies followed by the
Funds:
The preparation of financial statements in accordance with generally accepted
accounting principles requires management to make estimates and assumptions
that affect the reported amounts and disclosures in the financial statements.
Actual results could differ from those estimates.
A. Valuation of investments -- Fixed income securities (other than short-term
obligations), including listed issues, are valued using matrix pricing
systems of a major dealer in bonds which take in to account factors such as
institutional-size trading in similar groups of securities, yield, quality,
coupon rate, maturity, type of issue, trading characteristics and other
market data, without exclusive reliance upon quoted exchange or over-
the-counter prices. Short-term debt securities with 61 days or more to
maturity at time of purchase are valued, through the 61st day prior to
maturity, at market value based on quotations obtained from market makers
or other appropriate sources; thereafter, the value on the 61st day is
amortized on a straight-line basis over the remaining number of days to
maturity. Short-term investments with 60 days or less to maturity at time
of purchase are valued at amortized cost, which approximates market.
B. Repurchase agreements -- It is the Fund's policy that repurchase
agreements are fully collateralized by U.S. Treasury and Government Agency
securities. All collateral is held by the Fund's custodian bank,
sub-custodian or a bank with which the custodian bank has entered into a
sub-custodian agreement or is segregated in the Federal Reserve Book Entry
System. If the seller of a repurchase agreement defaults and the value of
the collateral declines, or if the seller enters an insolvency proceeding,
realization of the collateral may be delayed or limited.
C. Security transactions and investment income -- Investment transactions
are accounted for on the trade date (the date the order to buy or sell is
executed). Securities gains and losses are calculated on the identified
cost basis. Interest income is determined on the basis of coupon interest
accrued, adjusted for amortization of premiums and accretion of discount.
Dividend income is recorded on the ex-dividend date.
Purchases of when-issued or delayed delivery securities may be settled a
month or more after the trade date; interest income is not accrued until
42
CHASE VISTA FUNDS NOTES TO FINANCIAL STATEMENTS (continued)
settlement date. Each Fund segregates assets with a current value at least
equal to the amount of its when-issued or delayed delivery purchase
commitments.
D. Futures contracts -- When a Fund enters into a futures contract, it
makes an initial margin deposit in a segregated account, either in cash or
liquid securities. Thereafter, the futures contract is marked to market and
the Fund makes (or receives) additional cash payments daily to (or from)
the broker. Changes in the value of the contract are recorded as unrealized
appreciation/depreciation until the contract is closed or settled.
The Funds may enter into futures contracts only on exchanges or boards of
trade. The exchange or board of trade acts as the counterparty to each
futures transaction; therefore, the Fund's credit risk is limited to
failure of the exchange or board of trade.
The Funds invest in U.S. Treasury and/or municipal bond futures contracts
as a hedge to modify the duration of the portfolio holdings.
As of August 31, 2000, the Funds had open futures contracts as shown on the
Portfolios of Investments.
E. Federal income taxes -- Each Fund is treated as a separate taxable
entity for Federal income tax purposes. The Fund's policy is to comply with
the provisions of the Internal Revenue Code applicable to regulated
investment companies and to distribute to shareholders all of its
distributable net investment income and net realized gain on investments.
In addition, the Fund intends to make distributions as required to avoid
excise taxes. Accordingly, no provision for Federal income or excise tax is
necessary.
F. Distributions to shareholders -- Dividends and distributions paid to
shareholders are recorded on the ex-dividend date. The amount of dividends
and distributions from net investment income and net realized capital gains
is determined in accordance with Federal income tax regulations, which may
differ from generally accepted accounting principles. To the extent these
"book/tax" differences are permanent in nature, (i.e., that they result
from other than timing of recognition --"temporary differences") such
amounts are reclassified within the capital accounts based on their Federal
income tax-basis treatment. Dividends and distributions which exceed net
investment income or net realized capital gains for financial reporting
purposes but not for tax purposes are reported as distributions in excess
of net investment income or net realized capital gains.
G. Allocation of expenses -- Expenses directly attributable to a Fund are
charged to that Fund; other expenses are allocated proportionately among
each of the Funds within the Trust in relation to the net assets of each
Fund or on another reasonable basis.
H. Organization costs -- Organization and initial registration costs
incurred in connection with establishing each of the Funds have been
deferred and are being amortized on a straight-line basis over a sixty
month period beginning with the commencement of operations of each Fund.
43
CHASE VISTA FUNDS NOTES TO FINANCIAL STATEMENTS (continued)
2. Fees and Other Transactions with Affiliates
A. Investment advisory fee -- Pursuant to separate Investment Advisory
Agreements, The Chase Manhattan Bank ("Chase" or "Adviser") acts as the
investment adviser to the Funds. Chase is a direct wholly-owned subsidiary
of The Chase Manhattan Corporation. As Investment Adviser, Chase supervises
the investments of the Funds and for such services is paid a fee. The fee
is computed daily and paid monthly at an annual rate equal to 0.30% of each
Fund's average daily net assets. For the year ended August 31, 2000, the
Adviser voluntarily waived fees as outlined in Note 2.F. below.
Chase Asset Management, Inc. ("CAM"), a registered investment adviser, is
the sub-investment adviser to each Fund, pursuant to a Sub-Investment
Advisory Agreement between CAM and Chase. CAM is a wholly owned subsidiary
of Chase and is entitled to receive a fee, payable by Chase from its
advisory fee, at an annual rate equal to 0.15% of each Fund's average daily
net assets.
B. Shareholder servicing fees -- Effective January 3, 2000, the Trust
adopted an Administrative Services Plan which, among other things, provides
that the Trust on behalf of the Funds may obtain the services of one or
more Shareholder Servicing Agents. For its services, each Shareholder
Servicing Agent receives a fee. The fee is computed daily and paid monthly
at an annual rate of 0.25% of the average daily net assets of each Fund.
Chase and certain affiliates are the only Shareholder Servicing Agents. The
Shareholder Servicing Agents voluntarily waived fees as outlined in Note
2.F. below.
C. Sub-administration fees -- Pursuant to a Distribution and Sub-
Administration Agreement, Vista Fund Distributors, Inc. ("VFD" or the
"Distributor"), a wholly-owned subsidiary of The BISYS Group, Inc.
("BISYS"), acts as the Trust's exclusive underwriter and promotes and
arranges for the sale of each Fund's shares. In addition, the Distributor
provides certain sub-administration services to the Trust, including
providing officers, clerical staff and office space for an annual fee
computed daily and paid monthly of 0.05% of the average daily net assets of
each Fund. For the year ended August 31, 2000, the Distributor voluntarily
waived fees as outlined in Note 2.F. below.
D. Administration fee -- Pursuant to an Administration Agreement, Chase
(the "Administrator") provides certain administration services to the Trust
at an annual fee computed daily and paid monthly of 0.10% of the respective
Fund's average daily net assets. For the year ended August 31, 2000, the
Administrator voluntarily waived fees as outlined in Note 2.F. below.
E. Custodian and accounting fees -- Chase provides portfolio accounting and
custody services for the Funds. Compensation for such services is presented
in the Statement of Operations as custodian fees. For the year ended August
31, 2000, Chase voluntarily waived a portion of its custodian fees as
outlined in Note 2.F. below. In addition, custodian fees
44
CHASE VISTA FUNDS NOTES TO FINANCIAL STATEMENTS (continued)
are subject to reduction by credits earned by each Fund, based on cash
balances held by Chase as custodian. Such earnings credits are presented
separately in the Statement of Operations. The Funds could have invested
the cash balances utilized in connection with the earnings credit
arrangements in income producing assets if they had not entered into such
arrangements.
F. Waivers of fees -- For the year ended August 31, 2000, the Funds'
vendors voluntarily waived fees for each of the Funds as follows (in
thousands):
Investment Shareholder
Advisory Administration Servicing Custody
- ---------------------------------------------------------------------------
TFI ................. $438 $209 $-- $20
ITFI ................ 429 205 -- 24
NYTFI ............... 174 136 -- 22
NJTFI ............... 40 38 51 11
G. Other -- Certain officers of the Trust are officers of VFD or of its
parent corporation, BISYS.
Deferred organization costs are included in Other assets in the Statement
of Assets and Liabilities, and amortization of such costs is included in
Other expenses in the Statement of Operations.
The Distributor voluntarily reimbursed expenses of the Funds in the amounts
as shown on the Statement of Operations.
3. Investment Transactions
The cost of purchases and proceeds from sales of investments (excluding
short-term investments) for the year ended August 31, 2000, were as follows
(amounts in thousands):
TFI ITF I NYTFI NJTFI
---------------------------------------------------------------------------
Purchases ................ $260,394 $411,297 $122,265 $36,738
Sales .................... 247,183 430,884 127,906 31,083
4. Federal Income Tax Matters
For Federal income tax purposes, the cost and unrealized appreciation/
(depreciation) in value of the investment securities at August 31, 2000, are as
follows (amounts in thousands):
TFI ITFI NYTFI NJTFI
-------------------------------------------------------------------------------------
Aggregate cost ......................... $727,045 $678,597 $268,173 $71,085
-------- -------- -------- -------
Gross unrealized appreciation.......... $ 24,031 $ 19,382 $ 6,818 $ 1,682
Gross unrealized depreciation.......... (6,509) (3,420) (575) (494)
-------- -------- -------- -------
Net unrealized appreciation .......... $ 17,522 $ 15,962 $ 6,243 $ 1,188
======== ======== ======== =======
At August 31, 2000, TFI, ITFI, NYTFI and NJTFI had net capital loss carryovers
of $3,923,866, $1,684,817, $566,672 and $3,760, respectively, which will be
available to offset capital gans arising through August 31, 2008. To the extent
that any net capital loss carryovers are used to offset future capital gains,
it is probable that the gains so offset will not be distributed to
shareholders.
45
CHASE VISTA FUNDS NOTES TO FINANCIAL STATEMENTS (continued)
5. Concentration of Credit Risk
The Funds invest substantially all of their assets in a diversified portfolio
of debt obligations issued by states, territories and possessions of the United
States and by the District of Columbia, and by their political subdivisions and
duly constituted authorities. NYTFI and NJTFI primarily invest in issuers in
the States of New York and New Jersey, respectively. TFI invested approximately
28.7% of its net assets in issuers in New York State. The issuer's abilities to
meet their obligations may be affected by economic or political developments in
a specific state or region.
6. Trustee Compensation
The Funds have adopted an unfunded noncontributory defined benefit pension plan
covering all independent trustees of the Funds who will have served as an
independent trustee for at least five years at the time of retirement. Benefits
under this plan are based on compensation and years of service. Pension
expenses for the year ended August 31, 2000, included in Trustees Fees in the
Statement of Operations, and accrued pension liability included in Other
Accrued Liabilities, in the Statement of Assets and Liabilities were as follows
(in thousands):
Accrued
Pension Pension
Expenses Liability
- -----------------------------------------------
TFI ................. $13 $55
ITFI ................ 13 52
NYTFI ............... 5 20
NJTFI ............... 1 5
7. Bank Borrowings
The Funds may borrow money for temporary or emergency purposes. Any borrowings
representing more than 5% of a Fund's total assets must be repaid before the
Fund may make additional investments. The funds have entered into an agreement,
enabling them to participate with other Chase Vista Funds in an unsecured line
of credit with a syndicate of banks, which permits borrowings up to $350
million, collectively. Interest is charged to each fund based on its borrowings
at an annual rate equal to the sum of the Federal Funds Rate plus 0.50%. The
Funds also pay a commitment fee of 0.10% per annum on the average daily amount
of the available commitment, which is allocated on a pro-rata basis to the
Funds. The commitment fee is included in Other expenses on the Statement of
Operations. Borrowings are payable on demand.
The Funds had no borrowings outstanding at August 31, 2000, nor at any time
during the year then ended.
8. Subsequent Event
Effective September 5, 2000, CAM changed its name to Chase Fleming Asset
Management (USA) Inc.
46
- --------------------------------------------------------------------------------
CHASE VISTA FUNDS FINANCIAL HIGHLIGHTS
- --------------------------------------------------------------------------------
FINANCIAL HIGHLIGHTS
Chase Vista Select
----------------------------------------------
Tax Free Income Fund
----------------------------------------------
Year Ended 1/1/97*
---------------------------------- Through
8/31/00 8/31/99 8/31/98 8/31/97
---------- ------- ------- -------
Per share operating performance
Net asset value, beginning of period .......... $6.19 $ 6.60 $6.45 $6.39
------- ------ ------ ------
Income from investment operations:
Net investment income ........................ 0.30 0.34 0.35 0.24
Net gain or losses in securities
(both realized and unrealized) ............... 0.06 (0.37) 0.21 0.06
------- ------ ------ ------
Total from investment operations ............ 0.36 (0.03) 0.56 0.30
------- ------ ------ ------
Less Distributions:
Dividends from net investment income ......... 0.30 0.34 0.35 0.24
Distributions from capital gains ............. -- 0.04 0.06 --
------- ------ ------ ------
Total distributions ......................... 0.30 0.38 0.41 0.24
------- ------ ------ ------
Net asset value, end of period ................ $6.25 $ 6.19 $6.60 $6.45
======= ====== ====== ======
Total return 6.11% (0.63%) 8.99% 4.86%
Ratios/supplemental data
Net assets, end of period (millions) .......... $ 753 $ 744 $ 761 $ 677
Ratios to average net assets#:
Expenses ..................................... 0.57% 0.03% 0.02% 0.02%
Net investment income ........................ 4.98% 5.25% 5.39% 5.73%
Expenses without waivers, reimbursements and
earnings credits ............................. 0.66% 0.50% 0.50% 0.49%
Net investment income without waivers,
reimbursements and earnings credits .......... 4.89% 4.78% 4.91% 5.26%
Portfolio turnover rate ....................... 35% 39% 47% 48%
Intermediate Tax Free Income Fund
--------------------------------------------
Year Ended
-------------------------------- 1/1/97*
Through
8/31/00 8/31/99 8/31/98 8/31/97
-------- ------- ------- --------
Per share operating performance
Net asset value, beginning of period .......... $10.42 $10.93 $10.85 $10.75
-------- ------- ------- -------
Income from investment operations:
Net investment income ........................ 0.46 0.52 0.56 0.39
Net gain or losses in securities
(both realized and unrealized) ............... 0.10 (0.39) 0.29 0.10
-------- ------- ------- -------
Total from investment operations ............ 0.56 0.13 0.85 0.49
-------- ------- ------- -------
Less Distributions:
Dividends from net investment income ......... 0.46 0.52 0.56 0.39
Distributions from capital gains ............. 0.06 0.12 0.21 --
-------- ------- ------- -------
Total distributions ......................... 0.52 0.64 0.77 0.39
-------- ------- ------- -------
Net asset value, end of period ................ $10.46 $10.42 $10.93 $10.85
======== ======= ======= =======
Total return 5.54% 1.15% 8.08% 4.58%
Ratios/supplemental data
Net assets, end of period (millions) .......... $ 694 $ 729 $ 717 $ 631
Ratios to average net assets#:
Expenses ..................................... 0.57% 0.03% 0.02% 0.02%
Net investment income ........................ 4.49% 4.81% 5.10% 5.40%
Expenses without waivers, reimbursements and
earnings credits ............................. 0.66% 0.50% 0.50% 0.50%
Net investment income without waivers,
reimbursements and earnings credits .......... 4.40% 4.34% 4.62% 4.92%
Portfolio turnover rate ....................... 60% 62% 71% 60%
* Commencement of operations.
# Short periods have been annualized.
See notes to financial statements.
47
FINANCIAL HIGHLIGHTS (continued)
Chase Vista Select
--------------------------------------------
New York Intermediate Tax Free
Income Fund
--------------------------------------------
Year Ended 1/1/97*
--------------------------------- Through
8/31/00 8/31/99 8/31/98 8/31/97
-------- ------- ------- -------
Per share operating performance
Net asset value, beginning of period .......... $6.91 $7.29 $7.15 $7.09
------- ------ ------ ------
Income from investment operations:
Net investment income ........................ 0.31 0.35 0.37 0.26
Net gain or losses in securities
(both realized and unrealized) ............... 0.10 (0.31) 0.21 0.06
------- ------ ------ ------
Total from investment operations ............ 0.41 0.04 0.58 0.32
------- ------ ------ ------
Less distributions:
Dividends from net investment income ......... 0.31 0.35 0.37 0.26
Distributions from capital gains ............. -- 0.07 0.07 --
------- ------ ------ ------
Total distributions ......................... 0.31 0.42 0.44 0.26
------- ------ ------ ------
Net asset value, end of period ................ $7.01 $6.91 $7.29 $7.15
======= ====== ====== ======
Total return .................................. 6.13% 0.38% 8.37% 4.62%
Ratios/supplemental data
Net assets, end of period (millions) .......... $ 277 $ 295 $ 283 $ 235
Ratios to average net assets#:
Expenses ..................................... 0.58% 0.04% 0.03% 0.03%
Net investment income ........................ 4.48% 4.85% 5.08% 5.52%
Expenses without waivers, reimbursements and
earnings credits ............................. 0.70% 0.53% 0.53% 0.53%
Net investment income without waivers,
reimbursements and earnings credits .......... 4.36% 4.36% 4.58% 5.02%
Portfolio turnover rate ....................... 46% 39% 66% 32%
New Jersey Tax Free Income Fund
-------------------------------------------
Year Ended
------------------------------- 1/1/97*
Through
8/31/00 8/31/99 8/31/98 8/31/97
------- ------- ------- -------
Per share operating performance
Net asset value, beginning of period .......... $9.61 $10.24 $10.04 $ 9.99
------ ------- ------- ------
Income from investment operations:
Net investment income ........................ 0.44 0.49 0.52 0.37
Net gain or losses in securities
(both realized and unrealized) ............... 0.12 (0.45) 0.24 0.05
------ ------- ------- ------
Total from investment operations ............ 0.56 0.04 0.76 0.42
------ ------- ------- ------
Less distributions:
Dividends from net investment income ......... 0.44 0.49 0.52 0.37
Distributions from capital gains ............. -- 0.18 0.04 --
------ ------- ------- ------
Total distributions ......................... 0.44 0.67 0.56 0.37
------ ------- ------- ------
Net asset value, end of period ................ $9.73 $ 9.61 $10.24 $10.04
====== ======= ======= ======
Total return .................................. 6.08% 0.37% 7.82% 4.20%
Ratios/supplemental data
Net assets, end of period (millions) .......... $ 73 $ 68 $ 71 $ 64
Ratios to average net assets#:
Expenses ..................................... 0.59% 0.04% 0.02% 0.02%
Net investment income ........................ 4.67% 4.94% 5.16% 5.52%
Expenses without waivers, reimbursements and
earnings credits ............................. 0.82% 0.63% 0.63% 0.57%
Net investment income without waivers,
reimbursements and earnings credits .......... 4.44% 4.35% 4.55% 4.97%
Portfolio turnover rate ....................... 48% 24% 60% 14%
* Commencement of operations.
# Short periods have been annualized.
See notes to financial statements.
48
- --------------------------------------------------------------------------------
REPORT OF INDEPENDENT ACCOUNTANTS
- --------------------------------------------------------------------------------
To the Trustees and Shareholders of Mutual Fund Select Trust
In our opinion, the accompanying statements of assets and liabilities,
including the portfolios of investments, and the related statements of
operations and of changes in net assets and the financial highlights present
fairly, in all material respects, the financial position of Chase Vista Select
Tax Free Income Fund, Chase Vista Select Intermediate Tax Free Income Fund,
Chase Vista Select New York Intermediate Tax Free Income Fund and Chase Vista
Select New Jersey Tax Free Income Fund (separate portfolios constituting Mutual
Fund Select Trust, hereafter referred to as the "Trust") at August 31, 2000,
the results of each of their operations for the year then ended, the changes in
each of their net assets for each of the two years in the period then ended and
the financial highlights for each of the periods presented, in conformity with
accounting principles generally accepted in the United States of America. These
financial statements and financial highlights (hereafter referred to as
"financial statements") are the responsibility of the Trust's management; our
responsibility is to express an opinion on these financial statements based on
our audits. We conducted our audits of these financial statements in accordance
with auditing standards generally accepted in the United States of America,
which require that we plan and perform the audit to obtain reasonable assurance
about whether the financial statements are free of material misstatement. An
audit includes examining, on a test basis, evidence supporting the amounts and
disclosures in the financial statements, assessing the accounting principles
used and significant estimates made by management, and evaluating the overall
financial statement presentation. We believe that our audits, which included
confirmation of securities at August 31, 2000 by correspondence with the
custodian and brokers, provide a reasonable basis for our opinion.
PricewaterhouseCoopers LLP
1177 Avenue of the Americas
New York, New York 10036
October 11, 2000
49
- --------------------------------------------------------------------------------
TAX LETTER (UNAUDITED)
- --------------------------------------------------------------------------------
Chase Vista Select Tax Free Income Fund (TFI)
Chase Vista Select Intermediate Tax Free Income Fund (ITFI)
Chase Vista Select New York Tax Free Income Fund (NYTFI)
Chase Vista Select New Jersey Tax Free Fund (NJTFI)
- --------------------------------------------------------------------------------
Certain tax information regarding the Chase Vista Select Mutual Funds is
required to be provided to shareholders based upon the Funds income and
distributions for the taxable year ended August 31, 2000. The information and
distributions reported in this letter may differ from the information and
distributions taxable to the shareholders for the calendar year ending December
31, 2000. The information necessary to complete your income tax returns for the
calendar year ending December 31, 2000 will be received under separate cover.
FOR THE FISCAL YEAR ENDED AUGUST 31, 2000:
o The dividends paid from net investment income are 100.00%, 100.00%, 100.00%
and 100.00% exempt from Federal income tax for TFI, ITFI, NYTFI and NJTFI,
respectively.
o For shareholders who are subject to the Alternative Minimum Tax, the
percentage of income from private activity bonds issued after August 7,
1986, which may be considered a tax preference item, was 7.04%, 3.63%, 2.10%
and 8.53% for TFI, ITFI, NYTFI and NJTFI, respectively.
o Long-term capital gain distributions were $0.055 and $0.002 per share for
ITFI and NYTFI, respectively.
50
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CHASE VISTA SELECT TAX FREE FUNDS ANNUAL REPORT
Investment Adviser, Administrator,
Shareholder and Fund Servicing
Agent and Custodian
The Chase Manhattan Bank
Distributor
Vista Fund Distributors, Inc.
Transfer Agent
DST Systems, Inc.
Legal Counsel
Simpson Thacher & Bartlett
Independent Accountants
PricewaterhouseCoopers LLP
Chase Vista Funds are distributed by
Vista Fund Distributors, Inc., which is
unaffiliated with The Chase Manhattan
Bank. Chase and its respective affiliates
receive compensation from Chase Vista
Funds for providing investment
advisory and other services.
This report is submitted for the general
information of the shareholders of
the funds. It is not authorized for
distribution to prospective investors
in the funds unless preceded or
accompanied by a prospectus.
To obtain a prospectus for any
of the Chase-Vista Funds, call
1-800-34-VISTA. The prospectus
contains more complete information,
including charges and expenses.
Please read it carefully before you
invest or send money.
[copyright] The Chase Manhattan Corporation, 2000.
All Rights Reserved. October 2000
[Chase Logo]
Chase Vista Funds Fulfillment Center
393 Manley Street
West Bridgewater, MA 02379-1039