<PAGE> 1
[VISTA LOGO]
- ---------------------------------------------------------------
- - VISTA SELECT TAX FREE INCOME FUND
- - VISTA SELECT INTERMEDIATE TAX FREE INCOME FUND
- - VISTA SELECT NEW YORK TAX FREE INCOME FUND
- - VISTA SELECT NEW JERSEY TAX FREE INCOME FUND
- ---------------------------------------------------------------
- --------------------------------------------------------------------------------
SEMIANNUAL REPORT
FEBRUARY 28, 1997
(unaudited)
<PAGE> 2
CONTENTS
Chairman's Letter 1
Fund Commentaries 2
Portfolio of Investments 10
Notes to Financial Statements 40
Per Share Data 45
<PAGE> 3
April 10, 1997
Dear Shareholder:
Welcome to The Vista Family of Mutual Funds, one of the country's
fastest-growing mutual fund providers.
AS YOU ARE AWARE, YOUR COMMON TRUST FUND INVESTMENT WAS CONVERTED INTO A MUTUAL
FUND REGISTERED AS VISTA SELECT MUTUAL FUNDS. THIS TAX-FREE EXCHANGE OF ASSETS
WAS MADE POSSIBLE BY THE SMALL BUSINESS JOB PROTECTION ACT, SIGNED INTO LAW IN
AUGUST 1996, AND WAS COMMUNICATED TO YOU IN A LETTER DATED JANUARY 27, 1997.
This conversion provides numerous advantages to you, including greater
liquidity. Shares of the Vista Select Mutual Funds may be purchased or sold on
any business day instead of only once a month. In addition, the conversion
provides you with the ability to monitor your Vista Select Mutual Fund
performance through semiannual and annual reports as well as daily price
quotations available nationally in electronic and print media. In addition, you
gain the portability of mutual fund shares when a trust account is moved or
distributed.
WE ARE PLEASED TO PRESENT THIS SEMIANNUAL REPORT FOR THE PERIOD ENDED FEBRUARY
28, 1997 FOR THE VISTA SELECT TAX FREE FUNDS. Inside, you'll find information on
the performance of each fund along with a market overview and portfolio
commentary. Please note that, although the Vista Select Tax Free Funds have only
a two-month history as of February 28, 1997, the commentary for this semiannual
report addresses the entire six-month period.
ECONOMIC GROWTH REPORTS CONTINUE TO DRIVE FIXED INCOME MARKETS
Over the period, the yield on the 30-year U.S. Treasury bond declined from 7.12%
to 6.87% as fixed income markets continued to be driven by concerns about the
strength of the economy. In the fall, markets rallied strongly on reports of a
slowing economy and the subsequent expectation that the Federal Reserve Board
would not raise short-term interest rates. However, by mid-February, signs of a
stronger economy emerged and long-term rates began trending upward. As the
six-month reporting period ended, most market participants expected the Fed to
raise the Federal Funds rate in a preemptive strike against potential inflation.
This expectation proved correct, as the Fed raised rates in late March.
MARKETS REACT TO IMPROVING STATE FINANCES & CONCERNS OVER WELFARE REFORM
Actions in Washington once again had a large impact on municipal bonds. Most
recently, the passage of Federal welfare reform has created concerns about the
ability of cities and counties with high welfare caseloads to meet their
obligations, especially in California and New York. When combined with improving
state finances, these concerns led many investors to favor state and
state-appropriated debt over that of cities and counties.
POSITIVE TOTAL RETURNS IN A VOLATILE ENVIRONMENT
Despite the volatile interest rate environment, each of the Vista Select Tax
Free Funds delivered a positive total return over the reporting period. This was
due in large part to the expertise and intensive work of our experienced team of
portfolio managers and analysts.
We appreciate the confidence you have placed in us and look forward to serving
your investment needs for many years to come.
Sincerely,
/s/ Fergus Reid
Fergus Reid
Chairman
INVESTMENTS IN THE FUNDS ARE NOT DEPOSITS OF, OR GUARANTEED OR ENDORSED BY, THE
CHASE MANHATTAN BANK, AND THE SHARES ARE NOT INSURED BY THE FDIC, FEDERAL
RESERVE BOARD OR ANY OTHER GOVERNMENT AGENCY. INVESTMENTS IN MUTUAL FUNDS
INVOLVE RISK, INCLUDING POSSIBLE LOSS OF THE PRINCIPAL AMOUNT INVESTED.
<PAGE> 4
VISTA SELECT TAX FREE INCOME FUND
Vista Select Tax-Free Income Fund, which seeks to provide tax-exempt income
through a portfolio of higher-quality municipal bonds of varying maturities,
finished the six months ended February 28, 1997 with a total return of 4.18%.
This positive performance was achieved during a period of rapidly-changing
interest rate expectations.
INTEREST RATES FALL, THEN RISE
The six months began with interest rates falling in response to reports of an
economic slowdown, and a slightly-long duration helped the Fund participate in
the market rally. As 1996 ended, however, the Fund's management team began
shortening duration with the expectation that economic growth would accelerate.
This stance proved to be correct.
While making slight adjustments to the portfolio in response to economic growth,
the management team's main emphasis remained on analyzing and finding value in
specific securities. In late 1996, for example, the management team sold off the
Fund's holdings in the bonds of high-cost electric power providers based on
credit concerns, a move which later proved beneficial for shareholders as many
of these securities were downgraded by the ratings agencies.
FUND FAVORS STATE DEBT
Two main factors led the management team to generally shift assets from city and
county bonds to state and state-appropriated debt. The first was an ongoing
concern over the effect welfare reform would have on the finances of cities and
counties, particularly in areas with high welfare rolls such as California and
New York. Additionally, states continued to benefit from higher-than-expected
tax revenues thanks to the expanding national economy, leading several states to
receive upgrades from the ratings agencies.
As the reporting period ended, the Fund's stance continued to reflect the
management team's cautious stance with regard to interest rates and was slightly
underweight in New York on a tactical basis due to the anticipated new supply of
in-state debt. Moving forward, the management team will continue to apply
in-depth research in search of high-quality securities it believes may provide
the most value for shareholders.
2
<PAGE> 5
- --------------------------------------------------------------------------------
AVERAGE ANNUAL TOTAL RETURNS AS OF 2/28/97+
<TABLE>
<S> <C>
One Year........................................................ 4.12%
Five Years...................................................... 6.89%
Ten Years....................................................... 7.35%
</TABLE>
- --------------------------------------------------------------------------------
GROWTH OF $10,000 INVESTMENTS IN VISTA SELECT TAX FREE INCOME FUND AND KEY
BENCHMARKS
<TABLE>
<CAPTION>
LIPPER
MEASUREMENT PERIOD SELECT TAX LEHMAN MUNI GENERAL MUNI
(FISCAL YEAR COVERED) FREE INCOME BOND INDEX AVG.
<S> <C> <C> <C>
2/28/87 10000 10000 10000
<CAPTION>
MEASUREMENT PERIOD
(FISCAL YEAR COVERED) 9982.49 9894 9938
MEASUREMENT PERIOD
(FISCAL YEAR COVERED) 9521.17 9397.32 9321.84
MEASUREMENT PERIOD
(FISCAL YEAR COVERED) 9505.01 9350.33 9235.15
MEASUREMENT PERIOD
(FISCAL YEAR COVERED) 9735.54 9625.23 9436.48
MEASUREMENT PERIOD
(FISCAL YEAR COVERED) 9854.43 9723.41 9530.84
MEASUREMENT PERIOD
(FISCAL YEAR COVERED) 9889.9 9745.78 9561.34
MEASUREMENT PERIOD
(FISCAL YEAR COVERED) 9545.19 9386.16 9149.25
MEASUREMENT PERIOD
(FISCAL YEAR COVERED) 9573.01 9419.95 9173.95
MEASUREMENT PERIOD
(FISCAL YEAR COVERED) 9839.02 9665.81 9413.39
MEASUREMENT PERIOD
(FISCAL YEAR COVERED) 9980.6 9805.96 9585.65
MEASUREMENT PERIOD
(FISCAL YEAR COVERED) 10331.3 10155 9965.25
MEASUREMENT PERIOD
(FISCAL YEAR COVERED) 10456.7 10262.7 10069.9
MEASUREMENT PERIOD
(FISCAL YEAR COVERED) 10372.4 10142.6 9871.51
MEASUREMENT PERIOD
(FISCAL YEAR COVERED) 10429.6 10219.7 9923.82
MEASUREMENT PERIOD
(FISCAL YEAR COVERED) 10432.7 10190.1 9941.69
MEASUREMENT PERIOD
(FISCAL YEAR COVERED) 10588.4 10338.9 10110.7
MEASUREMENT PERIOD
(FISCAL YEAR COVERED) 10656.8 10406 10174.4
MEASUREMENT PERIOD
(FISCAL YEAR COVERED) 10679.9 10414.4 10210
<CAPTION>
<S> <C> <C> <C>
SEP-88 10838.7 10602.9 10404
MEASUREMENT PERIOD
(FISCAL YEAR COVERED) 11023.9 10789.5 10619.4
MEASUREMENT PERIOD
(FISCAL YEAR COVERED) 10951.8 10691.3 10520.6
MEASUREMENT PERIOD
(FISCAL YEAR COVERED) 11077.7 10800.4 10681.6
MEASUREMENT PERIOD
(FISCAL YEAR COVERED) 11257.8 11023.9 10842.9
MEASUREMENT PERIOD
(FISCAL YEAR COVERED) 11190.8 10898.2 10753.9
MEASUREMENT PERIOD
(FISCAL YEAR COVERED) 11166.4 10872.1 10748.6
MEASUREMENT PERIOD
(FISCAL YEAR COVERED) 11367.7 11130.9 11010.8
MEASUREMENT PERIOD
(FISCAL YEAR COVERED) 11553.9 11361.2 11217.8
MEASUREMENT PERIOD
(FISCAL YEAR COVERED) 11696.9 11515.8 11363.7
MEASUREMENT PERIOD
(FISCAL YEAR COVERED) 11830.3 11672.4 11480.7
MEASUREMENT PERIOD
(FISCAL YEAR COVERED) 11759 11558 11357.9
MEASUREMENT PERIOD
(FISCAL YEAR COVERED) 11730 11523.3 11320.4
MEASUREMENT PERIOD
(FISCAL YEAR COVERED) 11845 11665 11456.2
MEASUREMENT PERIOD
(FISCAL YEAR COVERED) 12004.3 11869.2 11637.2
MEASUREMENT PERIOD
(FISCAL YEAR COVERED) 12118.5 11966.5 11716.4
<CAPTION>
<S> <C> <C> <C>
JAN-90 12039.8 11910.3 11591
MEASUREMENT PERIOD
(FISCAL YEAR COVERED) 12165.9 12016.3 11705.8
MEASUREMENT PERIOD
(FISCAL YEAR COVERED) 12182.9 12019.9 11701.1
MEASUREMENT PERIOD
(FISCAL YEAR COVERED) 12100.3 11933.3 11549
MEASUREMENT PERIOD
(FISCAL YEAR COVERED) 12320.9 12193.5 11851.5
MEASUREMENT PERIOD
(FISCAL YEAR COVERED) 12433.9 12300.8 11964.1
MEASUREMENT PERIOD
(FISCAL YEAR COVERED) 12626.8 12481.6 12162.7
MEASUREMENT PERIOD
(FISCAL YEAR COVERED) 12483.5 12300.6 11900
MEASUREMENT PERIOD
(FISCAL YEAR COVERED) 12526.7 12308 11916.7
MEASUREMENT PERIOD
(FISCAL YEAR COVERED) 12708.1 12532 12090.7
MEASUREMENT PERIOD
(FISCAL YEAR COVERED) 12940.6 12783.9 12374.8
MEASUREMENT PERIOD
(FISCAL YEAR COVERED) 13010.5 12838.9 12428
MEASUREMENT PERIOD
(FISCAL YEAR COVERED) 13157.3 13010.9 12580.9
MEASUREMENT PERIOD
(FISCAL YEAR COVERED) 13301.4 13124.1 12655.1
MEASUREMENT PERIOD
(FISCAL YEAR COVERED) 13303.1 13128 12679.1
MEASUREMENT PERIOD
(FISCAL YEAR COVERED) 13459.5 13304 12864.3
MEASUREMENT PERIOD
(FISCAL YEAR COVERED) 3594.5 13422.4 12980
<CAPTION>
<S> <C> <C> <C>
JUN-91 3563.1 13409 12941.1
MEASUREMENT PERIOD
(FISCAL YEAR COVERED) 13738.7 13572.5 13128.8
MEASUREMENT PERIOD
(FISCAL YEAR COVERED) 13898.5 13751.7 13296.8
MEASUREMENT PERIOD
(FISCAL YEAR COVERED) 14071.6 13930.5 13468.3
MEASUREMENT PERIOD
(FISCAL YEAR COVERED) 14243.2 14055.8 13589.5
MEASUREMENT PERIOD
(FISCAL YEAR COVERED) 14257.4 14095.2 13608.6
MEASUREMENT PERIOD
(FISCAL YEAR COVERED) 14504 14398.2 13929.7
MEASUREMENT PERIOD
(FISCAL YEAR COVERED) 14563.5 14431.4 13922.8
MEASUREMENT PERIOD
(FISCAL YEAR COVERED) 14577 14435.7 13942.2
MEASUREMENT PERIOD
(FISCAL YEAR COVERED) 14565 14441.5 13949.2
MEASUREMENT PERIOD
(FISCAL YEAR COVERED) 14705.2 14570 14077.6
MEASUREMENT PERIOD
(FISCAL YEAR COVERED) 14855.8 14741.9 14276
MEASUREMENT PERIOD
(FISCAL YEAR COVERED) 15128.6 14989.6 14535.9
MEASUREMENT PERIOD
(FISCAL YEAR COVERED) 15607.2 15439.3 15053.4
MEASUREMENT PERIOD
(FISCAL YEAR COVERED) 15444.4 15289.5 14812.5
MEASUREMENT PERIOD
(FISCAL YEAR COVERED) 15529.4 15388.9 14870.3
MEASUREMENT PERIOD
(FISCAL YEAR COVERED) 15344.1 15238.1 14602.6
<CAPTION>
<S> <C> <C> <C>
NOV-92 15673.3 15510.9 14975
MEASUR EMENT PERIOD
(FISCAL YEAR COVERED) 15827.6 15669.1 15160.7
MEASUREMENT PERIOD
(FISCAL YEAR COVERED) 16034.2 15850.8 15332
MEASUREMENT PERIOD
(FISCAL YEAR COVERED) 16536.4 16424.6 15931.5
MEASUREMENT PERIOD
(FISCAL YEAR COVERED) 16478.9 16250.5 15749.8
MEASUREMENT PERIOD
(FISCAL YEAR COVERED) 16579.7 16414.7 15921.5
MEASUREMENT PERIOD
(FISCAL YEAR COVERED) 16670.4 16506.6 16010.7
MEASUREMENT PERIOD
(FISCAL YEAR COVERED) 16873.5 16782.2 16286
MEASUREMENT PERIOD
(FISCAL YEAR COVERED) 16895.9 16804 16286
MEASUREMENT PERIOD
(FISCAL YEAR COVERED) 17204 17153.6 16647.6
MEASUREMENT PERIOD
(FISCAL YEAR COVERED) 17471.2 17349.1 16844
MEASUREMENT PERIOD
(FISCAL YEAR COVERED) 17477.8 17382.1 16876
MEASUREMENT PERIOD
(FISCAL YEAR COVERED) 17356.2 17229.1 16700.5
MEASUREMENT PERIOD
(FISCAL YEAR COVERED) 17620 17592.7 17034.5
MEASUREMENT PERIOD
(FISCAL YEAR COVERED) 17776.3 17793.2 17227
MEASUREMENT PERIOD
(FISCAL YEAR COVERED) 17441 17332.4 16772.2
MEASUREMENT PERIOD
(FISCAL YEAR COVERED) 17041.1 16626.9 16032.6
<CAPTION>
<S> <C> <C> <C>
APR-94 16991.5 16768.3 16088.7
MEASUREMENT PERIOD
(FISCAL YEAR COVERED) 17066.6 16914.2 16231.9
MEASUR EMENT PERIOD
(FISCAL YEAR COVERED) 17005.6 16811 16124.8
MEASUREMENT PERIOD
(FISCAL YEAR COVERED) 17169.9 17118.6 16410.2
MEASUREMENT PERIOD
(FISCAL YEAR COVERED) 17281.8 17178.5 16451.2
MEASUREMENT PERIOD
(FISCAL YEAR COVERED) 17130.7 16926 16181.4
MEASUREMENT PERIOD
(FISCAL YEAR COVERED) 16891.3 16624.7 15869.1
MEASUREMENT PERIOD
(FISCAL YEAR COVERED) 16503 16323.8 15531.1
MEASUREMENT PERIOD
(FISCAL YEAR COVERED) 16937 16682.9 15911.6
MEASUREMENT PERIOD
(FISCAL YEAR COVERED) 17318.7 17160.1 16387.3
MEASUREMENT PERIOD
(FISCAL YEAR COVERED) 17717.4 17659.4 16870.8
MEASUREMENT PERIOD
(FISCAL YEAR COVERED) 17906.4 17862.5 17024.3
MEASUREMENT PERIOD
(FISCAL YEAR COVERED) 18038.9 17884 17024.3
MEASUREMENT PERIOD
(FISCAL YEAR COVERED) 18409.3 18454.5 17550.3
MEASUREMENT PERIOD
(FISCAL YEAR COVERED) 18296.1 18293.9 17355.5
MEASUREMENT PERIOD
(FISCAL YEAR COVERED) 18453.4 18467.7 17464.9
MEASUREMENT PERIOD
(FISCAL YEAR COVERED) 18562.6 18702.2 17655.2
<CAPTION>
<S> <C> <C> <C>
SEP-95 18627.1 18820 17757.7
MEASUREMENT PERIOD
(FISCAL YEAR COVERED) 18911.5 19092.9 18032.9
MEASUREMENT PERIOD
(FISCAL YEAR COVERED) 19148.3 19409.9 18380.9
H]MEASUREMENT PERIOD
(FISCAL YEAR COVERED) 19383.1 19596.2 18588.6
MEASUREMENT PERIOD
(FISCAL YEAR COVERED) 19536.2 19745.2 18681.6
MEASUREMENT PERIOD
(FISCAL YEAR COVERED) 19535 19610.9 18534
MEASUREMENT PERIOD
(FISCAL YEAR COVERED) 19215.4 19359.9 18241.2
MEASUREMENT PERIOD
(FISCAL YEAR COVERED) 19152.9 19305.7 18157.2
MEASUREMENT PERIOD
(FISCAL YEAR COVERED) 19158.6 19297.9 18166.3
MEASUREMENT PERIOD
(FISCAL YEAR COVERED) 19320.1 19508.3 18335.3
MEASUREMENT PERIOD
(FISCAL YEAR COVERED) 19492.5 19683.9 18494.8
MEASUREMENT PERIOD
(FISCAL YEAR COVERED) 19524.3 19679.9 18483.7
MEASUREMENT PERIOD
(FISCAL YEAR COVERED) 19774.2 19955.4 18749.9
MEASUREMENT PERIOD
(FISCAL YEAR COVERED) 20002.3 20180.9 18952.3
MEASUREMENT PERIOD
(FISCAL YEAR COVERED) 20335.6 20550.2 19284
MEASUREMENT PERIOD
(FISCAL YEAR COVERED) 20176.7 20463.9 19199.2
MEASUREMENT PERIOD
(FISCAL YEAR COVERED) 20180.5 20502.8 19199.2
<S> <C> <C> <C>
2/28/97 20340.8 20691.4 19366.2
</TABLE>
Past performance is not predictive of future performance. Investment return and
principal value will fluctuate with market conditions. When shares are redeemed,
they may be worth more or less than their original cost.
Any capital gain on the principal investment is subject to Federal income tax.
Some investors may also be subject to the federal Alternative Minimum Tax and
certain state and local taxes.
This chart illustrates comparative performance for $10,000 invested in shares of
Vista Select Tax Free Income Fund, the Lehman Municipal Bond Index and the
Lipper General Municipal Funds Average for the ten years ended February 28,
1997. The performance of the Fund assumes reinvestment of all dividends and
capital gains. The performance of the index has been adjusted to reflect
reinvestment of all dividends on securities included in the benchmark.
The unmanaged Lehman Municipal Bond Index is a total return benchmark for
long-term, investment grade tax-exempt bond market. Bonds included in the Lehman
Municipal Bond Index are representative of the market.
The Lipper General Municipal Bond Funds Average represents the average
performance of a universe of 241 actively-managed municipal bond funds. Lipper
is an independent mutual fund performance monitor whose results do not reflect a
sales charge.
+ The quoted performance of Vista Select Tax Free Income Fund includes
performance of a predecessor account for the period dating back to 2/28/87 and
prior to the Fund's commencement of operations on 12/31/96. Returns are adjusted
to reflect historical expenses at the levels indicated (absent reimbursements)
in the Expense Summary for the Fund as disclosed in the Prospectus. The accounts
were not registered with the Securities and Exchange Commission and, therefore,
were not subject to the investment restrictions imposed by law on registered
mutual funds. If the account had been registered, the account's performance may
have been adversely affected. Also, the Fund is currently waiving certain fees.
This voluntary waiver may be modified or terminated at any time, which would
reduce returns.
3
<PAGE> 6
VISTA SELECT INTERMEDIATE TAX FREE INCOME FUND
For the six months ended February 28, 1997, the Vista Select Intermediate Tax
Free Income Fund provided shareholders with a total return of 4.29%. The Fund's
objective is to provide monthly dividends which are excluded from gross income
for federal tax purposes and to protect the value of its shareholders'
investment through a portfolio of higher-quality, intermediate-term municipal
bonds.
FUND BENEFITS FROM RELATIVELY-SHORT DURATION
Throughout the reporting period, the Fund maintained a shorter-than-benchmark
duration and emphasized high coupon, high premium bonds. The short duration
helped to protect principal during periods of volatility while the high levels
of income offset the effect of rising interest rates on total return for
shareholders who reinvested their income.
As the reporting period ended, the Fund manager was swapping out of shorter call
bonds and into longer issues that are non-callable or have more favorable call
provisions in an effort to lock in a premium price and reduce the probability of
reinvestment in a lower-rate environment.
DIVERSIFICATION WITH EMPHASIS ON STATE DEBT
Throughout the reporting period, the management team favored state- and
state-appropriated debt as well as the bonds of essential-service revenue
sectors. Among the reasons for this slight bias were the ongoing concern over
the potential effect of welfare reform on municipalities as well as the
improving finances of many states.
Expecting that interest rates will be volatile in the months ahead, the
management team ended the reporting period in search of credits that tend to be
more stable. Moving forward, the management team will continue to apply in-depth
research in search of high-quality securities it believes may provide the most
value for shareholders.
4
<PAGE> 7
- --------------------------------------------------------------------------------
AVERAGE ANNUAL TOTAL RETURNS AS OF 2/28/97+
<TABLE>
<S> <C>
One Year........................................................ 3.74%
Five Years...................................................... 6.95%
Ten Years....................................................... 6.98%
</TABLE>
- --------------------------------------------------------------------------------
GROWTH OF $10,000 INVESTMENTS IN VISTA SELECT INTERMEDIATE TAX FREE INCOME FUND
AND KEY BENCHMARKS
<TABLE>
<CAPTION>
SELECT LEHMAN 10 LIPPER
MEASUREMENT PERIOD INTERM. TAX YEAR MUNI INTERM. MUNI
(FISCAL YEAR COVERED) FREE INCOME BOND INDEX DEBT AVG.
<S> <C> <C> <C>
2/28/87 10000.00 10000.00 10000.00
<CAPTION>
MEASUREMENT PERIOD
(FISCAL YEAR COVERED) 9889.15 9942.00 9940.00
MEASUREMENT PERIOD
(FISCAL YEAR COVERED) 9248.46 9388.23 9516.56
MEASUREMENT PERIOD
(FISCAL YEAR COVERED) 9154.06 9436.11 9485.15
MEASUREMENT PERIOD
(FISCAL YEAR COVERED) 9405.24 9698.43 9659.68
MEASUREMENT PERIOD
(FISCAL YEAR COVERED) 9525.11 9830.33 9761.10
MEASUREMENT PERIOD
(FISCAL YEAR COVERED) 9525.17 9814.60 9774.77
MEASUREMENT PERIOD
(FISCAL YEAR COVERED) 9056.01 9470.11 9484.46
MEASUREMENT PERIOD
(FISCAL YEAR COVERED) 9100.54 9525.99 9533.78
MEASUREMENT PERIOD
(FISCAL YEAR COVERED) 9338.42 9726.03 9714.92
MEASUREMENT PERIOD
(FISCAL YEAR COVERED) 9594.40 9930.28 9857.73
MEASUREMENT PERIOD
(FISCAL YEAR COVERED) 10007.40 10263.90 10159.40
MEASUREMENT PERIOD
(FISCAL YEAR COVERED) 10083.90 10333.70 10214.20
MEASUREMENT PERIOD
(FISCAL YEAR COVERED) 9894.68 10228.30 10113.10
MEASUREMENT PERIOD
(FISCAL YEAR COVERED) 9994.98 10327.50 10162.70
MEASUREMENT PERIOD
(FISCAL YEAR COVERED) 9990.95 10228.40 10159.60
MEASUREMENT PERIOD
(FISCAL YEAR COVERED) 10168.30 10366.50 10256.10
MEASUREMENT PERIOD
(FISCAL YEAR COVERED) 10256.90 10465.00 10306.40
<CAPTION>
<S> <C> <C> <C>
AUG-88 10247.10 10462.90 10314.60
MEASUREMENT PERIOD
(FISCAL YEAR COVERED) 10418.40 10620.90 10447.70
MEASUREMENT PERIOD
(FISCAL YEAR COVERED) 10599.40 10785.50 10579.30
MEASUREMENT PERIOD
(FISCAL YEAR COVERED) 10479.20 10661.50 10511.60
MEASUREMENT PERIOD
(FISCAL YEAR COVERED) 10612.60 10706.20 10609.40
MEASUREMENT PERIOD
(FISCAL YEAR COVERED) 10804.80 10943.90 10737.80
MEASUREMENT PERIOD
(FISCAL YEAR COVERED) 10719.00 10844.30 10669.00
MEASUREMENT PERIOD
(FISCAL YEAR COVERED) 10656.60 10804.20 10639.20
MEASUREMENT PERIOD
(FISCAL YEAR COVERED) 10881.60 11010.50 10815.80
MEASUREMENT PERIOD
(FISCAL YEAR COVERED) 11118.10 11233.00 10971.50
MEASUREMENT PERIOD
(FISCAL YEAR COVERED) 11246.90 11364.40 11094.40
MEASUREMENT PERIOD
(FISCAL YEAR COVERED) 11425.70 11528.00 11216.40
MEASUREMENT PERIOD
(FISCAL YEAR COVERED) 11306.60 11460.00 11161.50
MEASUREMENT PERIOD
(FISCAL YEAR COVERED) 11253.70 11406.20 11144.70
MEASUREMENT PERIOD
(FISCAL YEAR COVERED) 11381.70 11536.20 11251.70
MEASUREMENT PERIOD
(FISCAL YEAR COVERED) 11593.80 11728.80 11386.80
MEASUREMENT PERIOD
(FISCAL YEAR COVERED) 11716.60 11849.60 11481.30
<CAPTION>
<S> <C> <C> <C>
JAN-90 11662.80 11814.10 11436.50
MEASUREMENT PERIOD
(FISCAL YEAR COVERED) 11730.30 11901.50 11529.10
MEASUREMENT PERIOD
(FISCAL YEAR COVERED) 11679.50 11882.50 11526.80
MEASUREMENT PERIOD
(FISCAL YEAR COVERED) 11612.30 11802.90 11458.80
MEASUREMENT PERIOD
(FISCAL YEAR COVERED) 11839.90 12059.00 11663.90
MEASUREMENT PERIOD
(FISCAL YEAR COVERED) 11943.80 12172.40 11760.70
MEASUREMENT PERIOD
(FISCAL YEAR COVERED) 12108.50 12341.50 11907.70
MEASUREMENT PERIOD
(FISCAL YEAR COVERED) 11938.00 12163.80 11792.20
MEASUREMENT PERIOD
(FISCAL YEAR COVERED) 11951.10 12166.30 11830.00
MEASUREMENT PERIOD
(FISCAL YEAR COVERED) 12196.60 12433.90 11987.30
MEASUREMENT PERIOD
(FISCAL YEAR COVERED) 12433.90 12687.60 12185.10
MEASUREMENT PERIOD
(FISCAL YEAR COVERED) 12503.60 12718.00 12233.80
MEASUREMENT PERIOD
(FISCAL YEAR COVERED) 12678.50 12927.90 12378.20
MEASUREMENT PERIOD
(FISCAL YEAR COVERED) 12848.80 13039.00 12482.20
MEASUREMENT PERIOD
(FISCAL YEAR COVERED) 12796.40 13032.50 12494.70
MEASUREMENT PERIOD
(FISCAL YEAR COVERED) 13010.20 13212.40 12633.40
MEASUREMENT PERIOD
(FISCAL YEAR COVERED) 13111.10 13311.50 12725.60
<CAPTION>
<S> <C> <C> <C>
JUN-91 13064.90 13295.50 12702.70
MEASUREMENT PERIOD
(FISCAL YEAR COVERED) 13222.50 13435.10 12836.00
MEASUREMENT PERIOD
(FISCAL YEAR COVERED) 13377.20 13616.50 12969.50
MEASUREMENT PERIOD
(FISCAL YEAR COVERED) 13592.70 13824.80 13112.20
MEASUREMENT PERIOD
(FISCAL YEAR COVERED) 13713.90 13936.80 13218.40
MEASUREMENT PERIOD
(FISCAL YEAR COVERED) 13748.20 13960.50 13255.40
MEASUREMENT PERIOD
(FISCAL YEAR COVERED) 14028.70 14257.80 13512.60
MEASUREMENT PERIOD
(FISCAL YEAR COVERED) 14094.20 14287.80 13550.40
MEASUREMENT PERIOD
(FISCAL YEAR COVERED) 14035.00 14266.30 13565.30
MEASUREMENT PERIOD
(FISCAL YEAR COVERED) 14020.00 14244.90 13542.30
MEASUREMENT PERIOD
(FISCAL YEAR COVERED) 14154.30 14380.30 13647.90
MEASUREMENT PERIOD
(FISCAL YEAR COVERED) 14327.30 14548.50 13796.60
MEASUREMENT PERIOD
(FISCAL YEAR COVERED) 14573.70 14800.20 13989.80
MEASUREMENT PERIOD
(FISCAL YEAR COVERED) 15107.00 15285.70 14382.90
MEASUREMENT PERIOD
(FISCAL YEAR COVERED) 14884.90 15105.30 14236.20
MEASUREMENT PERIOD
(FISCAL YE AR COVERED) 14963.60 15230.70 14321.60
MEASUREMENT PERIOD
(FISCAL YEAR COVERED) 14761.20 15075.30 14201.30
<CAPTION>
<S> <C> <C> <C>
NOV-92 15107.80 15351.20 14451.30
MEASUREMENT PERIOD
(FISCAL YEAR COVERED) 15250.20 15529.30 14603.00
MEASUREMENT PERIOD
(FISCAL YEAR COVERED) 15478.00 15790.10 14770.90
MEASUREMENT PERIOD
(FISCAL YEAR COVERED) 16059.80 16368.10 15217.00
MEASUREMENT PERIOD
(FISCAL YEAR COVERED) 15810.30 16129.10 15051.20
MEASUREMENT PERIOD
(FISCAL YEAR COVERED) 15928.20 16282.30 15174.60
MEASUREMENT PERIOD
(FISCAL YEAR COVERED) 16005.40 16339.30 15233.80
MEASUREMENT PERIOD
(FISCAL YEAR COVERED) 16259.50 16661.20 15453.10
MEASUREMENT PERIOD
(FISCAL YEAR COVERED) 16264.60 16702.80 15456.20
MEASUREMENT PERIOD
(FISCAL YEAR COVERED) 16590.70 17048.60 15737.50
MEASUREMENT PERIOD
(FISCAL YEAR COVERED) 16901.80 17258.30 15915.40
MEASUREMENT PERIOD
(FISCAL YEAR COVERED) 16887.10 17285.90 15947.20
MEASUREMENT PERIOD
(FISCAL YEAR COVERED) 16753.10 17144.20 15845.10
MEASUREMENT PERIOD
(FISCAL YEAR COVERED) 17047.20 17509.30 16111.30
MEASUREMENT PERIOD
(FISCAL YEAR COVERED) 17238.50 17724.70 16278.90
MEASUREMENT PERIOD
(FISCAL YEAR COVERED) 16829.00 17239.00 15928.90
MEASUREMENT PERIOD
(FISCAL YEAR COVERED) 16447.50 16580.50 15479.70
<CAPTION>
<S> <C> <C> <C>
APR-94 16479.90 16789.40 15557.10
MEASUREMENT PERIOD
(FISCAL YEAR COVERED) 16547.60 16896.90 15672.20
MEASUREMENT PERIOD
(FISCAL YEAR COVERED) 16490.80 16824.20 15628.30
MEASUREMENT PERIOD
(FISCAL YEAR COVERED) 16652.90 17106.90 15829.90
MEASUREMENT PERIOD
(FISCAL YEAR COVERED) 16728.60 17173.60 15891.70
MEASUREMENT PERIOD
(FISCAL YEAR COVERED) 16585.00 16941.70 15728.00
MEASUREMENT PERIOD
(FISCAL YEAR COVERED) 16357.30 16694.40 15545.50
MEASUREMENT PERIOD
(FISCAL YEAR COVERED) 15979.40 16378.90 15313.90
MEASUREMENT PERIOD
(FISCAL YEAR COVERED) 16372.00 16673.70 15545.10
MEASUREMENT PERIOD
(FISCAL YEAR COVERED) 16769.00 17105.50 15849.80
MEASUREMENT PERIOD
(FISCAL YEAR COVERED) 17188.00 17589.60 16185.90
MEASUREMENT PERIOD
(FISCAL YEAR COVERED) 17340.90 17827.10 16329.90
MEASUREMENT PERIOD
(FISCAL YEAR COVERED) 17459.80 17848.50 16360.90
MEASUREMENT PERIOD
(FISCAL YEAR COVERED) 17808.00 18414.30 16745.40
MEASUREMENT PERIOD
(FISCAL YEAR COVERED) 17705.40 18300.10 16681.80
MEASUREMENT PERIOD
(FISCAL YEAR COVERED) 17900.70 18569.10 16836.90
MEASUREMENT PERIOD
(FISCAL YEAR COVERED) 18062.20 18821.70 17003.60
<CAPTION>
<S> <C> <C> <C>
SEP-95 18114.40 18942.10 17081.80
MEASUREMENT PERIOD
(FISCAL YEAR COVERED) 18356.50 19160.00 17247.50
MEASUREMENT PERIOD
(FISCAL YEAR COVERED) 18547.20 19416.70 17437.20
MEASUREMENT PERIOD
(FISCAL YEAR COVERED) 18728.20 19535.10 17554.10
MEASUREMENT PERIOD
(FISCAL YEAR COVERED) 18974.20 19732.40 17698.00
MEASUREMENT PERIOD
(FISCAL YEAR COVERED) 18934.10 19651.50 17643.20
MEASUREMENT PERIOD
(FISCAL YEAR COVERED) 18597.30 19407.80 17443.80
MEASUREMENT PERIOD
(FISCAL YEAR COVERED) 18569.10 19339.90 17410.60
MEASUREMENT PERIOD
(FISCAL YEAR COVERED) 18526.90 19285.80 17405.40
MEASUREMENT PERIOD
(FISCAL YEAR COVERED) 18637.50 19469.00 17511.60
MEASUREMENT PERIOD
(FISCAL YEAR COVERED) 18854.70 19655.90 17665.70
MEASUREMENT PERIOD
(FISCAL YEAR COVERED) 18833.70 19655.90 17669.20
MEASUREMENT PERIOD
(FISCAL YEAR COVERED) 18994.60 19858.30 17819.40
MEASUREMENT PERIOD
(FISCAL YEAR COVERED) 19198.20 20108.60 17990.50
MEASUREMENT PERIOD
(FISCAL YEAR COVERED) 19536.70 20514.80 18253.10
MEASUREMENT PERIOD
(FISCAL YEAR COVERED) 19432.30 20422.40 18198.40
MEASUREMENT PERIOD
(FISCAL YEAR COVERED) 19481.80 20502.10 18236.60
<S> <C> <C> <C>
2/28/97 19641.40 20694.80 18369.70
</TABLE>
Past performance is not predictive of future performance. Investment return and
principal value will fluctuate with market conditions. When shares are redeemed,
they may be worth more or less than their original cost.
Any capital gain on the principal investment is subject to Federal income tax.
Some investors may also be subject to the federal Alternative Minimum Tax and
certain state and local taxes.
This chart illustrates comparative performance for $10,000 invested in shares of
Vista Select Intermediate Tax Free Income Fund, the Lehman 10 Year Municipal
Bond Index and the Lipper Intermediate Municipal Funds Average for the ten years
ended February 28, 1997. The performance of the Fund assumes reinvestment of all
dividends and capital gains. The performance of the index has been adjusted to
reflect reinvestment of all dividends on securities included in the benchmark.
The unmanaged Lehman Intermediate Municipal Bond Index is a total return
benchmark for intermediate-term, investment grade tax-exempt bond market. Bonds
included in the Lehman Intermediate Municipal Bond Index are representative of
the market.
The Lipper 10 Year Municipal Debt Funds Average represents the performance of
147 actively-managed tax-exempt municipal bond funds. Lipper is an independent
mutual fund performance monitor whose results do not reflect a sales charge.
+ The quoted performance of Vista Select Intermediate Tax Free Income Fund
includes performance of a predecessor account for the period dating back to
2/28/87 and prior to the Fund's commencement of operations on 12/31/96. Returns
are adjusted to reflect historical expenses at the levels indicated (absent
reimbursements) in the Expense Summary for the Fund as disclosed in the
Prospectus. The accounts were not registered with the Securities and Exchange
Commission and, therefore, were not subject to the investment restrictions
imposed by law on registered mutual funds. If the account had been registered,
the account's performance may have been adversely affected. Also, the Fund is
currently waiving certain fees. This voluntary waiver may be modified or
terminated at any time, which would reduce returns.
5
<PAGE> 8
VISTA SELECT NEW YORK TAX FREE INCOME FUND
Vista Select New York Tax-Free Income Fund, which seeks to provide tax-exempt
income through a portfolio of higher-quality, longer-term municipal bonds,
finished the six months ended February 28, 1997 with a total return of 4.03%.
This positive performance was achieved during a period of significant new supply
in the market and rapidly-changing interest rate expectations.
SCARCITY OF NEW ISSUES ENDS
Supply and demand factors, always important in the municipal bond market, played
a major role in the investment management team's decision-making. Throughout the
reporting period, there was significant new supply of New York issues, causing
state bonds to underperform the general municipals market.
Offsetting the negative impact of this new supply on bond prices were several
positive trends. These included strong demand from property and casualty
insurance companies, increased retail investor interest and improving state
finances. The management team took advantage of the new supply to upgrade the
overall credit quality of the portfolio with emphasis on water and sewer bonds
as well as state-appropriated debt.
MANAGEMENT TEAM ANTICIPATES VOLATILE RATE ENVIRONMENT
The six months began with interest rates falling in response to reports of an
economic slowdown, and a slightly-long duration helped the Fund participate in
the market rally. As 1996 ended, however, the Fund's management team began
shortening duration with the expectation that economic growth would accelerate.
Moving forward, there is a possibility that New York state general obligation
debt will be upgraded by the ratings agencies. Therefore, as the quarter ended,
the management team was actively searching for issues which would benefit from
improving credit quality trends in a supply-rich market.
6
<PAGE> 9
- --------------------------------------------------------------------------------
AVERAGE ANNUAL TOTAL RETURNS AS OF 2/28/97+
<TABLE>
<S> <C>
One Year........................................................ 4.07%
Five Years...................................................... 6.66%
Ten Years....................................................... 6.62%
</TABLE>
- --------------------------------------------------------------------------------
GROWTH OF $10,000 INVESTMENTS IN VISTA SELECT NY TAX FREE INCOME FUND AND KEY
BENCHMARKS
<TABLE>
<CAPTION>
SELECT NY
MEASUREMENT PERIOD TAX FREE LIPPER NY LEHMAN MUNI
(FISCAL YEAR COVERED) INCOME MUNI AVG. BOND INDEX
<S> <C> <C> <C>
2/28/87 10000 10000 10000
<CAPTION>
MEASUREMENT PERIOD
(FISCAL YEAR COVERED) 9959.67 9957 9894
MEASUREMENT PERIOD
(FISCAL YEAR COVERED) 9082.98 9253.04 9397.32
MEASUREMENT PERIOD
(FISCAL YEAR COVERED) 8992.92 9159.58 9350.33
MEASUREMENT PERIOD
(FISCAL YEAR COVERED) 9328.53 9380.33 9625.23
MEASUREMENT PERIOD
(FISCAL YEAR COVERED) 9318.55 9475.07 9723.41
MEASUREMENT PERIOD
(FISCAL YEAR COVERED) 9390.15 9511.08 9745.78
MEASUREMENT PERIOD
(FISCAL YEAR COVERED) 8952.09 9065.96 9386.16
MEASUREMENT PERIOD
(FISCAL YEAR COVERED) 8902.6 9106.76 9419.95
MEASUREMENT PERIOD
(FISCAL YEAR COVERED) 9066.96 9359.01 9665.81
MEASUREMENT PERIOD
(FISCAL YEAR COVERED) 9524.89 9555.55 9805.96
MEASUREMENT PERIOD
(FISCAL YEAR COVERED) 9881.31 9933 10155
MEASUREMENT PERIOD
(FISCAL YEAR COVERED) 9907.52 10028.4 10262.7
MEASUREMENT PERIOD
(FISCAL YEAR COVERED) 9702.99 9814.75 10142.6
MEASUREMENT PERIOD
(FISCAL YEAR COVERED) 9717.25 9861.86 10219.7
MEASUREMENT PERIOD
(FISCAL YEAR COVERED) 9712.41 9865.8 10190.1
MEASUREMENT PERIOD
(FISCAL YEAR COVERED) 9847.21 10020.7 10338.9
MEASUREMENT PERIOD
(FISCAL YEAR COVERED) 9974.4 10081.8 10406
MEASUREMENT PERIOD
(FISCAL YEAR COVERED) 9988 10117.1 10414.4
<CAPTION>
<S> <C> <C> <C>
SEP-88 10228.9 10309.3 10602.9
MEASUREMENT PERIOD
(FISCAL YEAR COVERED) 10405.4 10540.3 10789.5
MEASUREMENT PERIOD
(FISCAL YEAR COVERED) 10363.9 10412.7 10691.3
MEASUREMENT PERIOD
(FISCAL YEAR COVERED) 10412.7 10571 10800.4
MEASUREMENT PERIOD
(FISCAL YEAR COVERED) 10649.2 10726.4 11023.9
MEASUREMENT PERIOD
(FISCAL YEAR COVERED) 10527.7 10629.9 10898.2
MEASUREMENT PERIOD
(FISCAL YEAR COVERED) 10476.6 10615 10872.1
MEASUREMENT PERIOD
(FISCAL YEAR COVERED) 10792.7 10885.7 11130.9
MEASUREMENT PERIOD
(FISCAL YEAR COVERED) 11267.9 11092.5 11361.2
MEASUREMENT PERIOD
(FISCAL YEAR COVERED) 11207.4 11237.8 11515.8
MEASUREMENT PERIOD
(FISCAL YEAR COVERED) 11378 11356.9 11672.4
MEASUREMENT PERIOD
(FISCAL YEAR COVERED) 11145.2 11243.4 11558
MEASUREMENT PERIOD
(FISCAL YEAR COVERED) 11103.1 11192.8 11523.3
MEASUREMENT PERIOD
(FISCAL YEAR COVERED) 11209.5 11290.1 11665
MEASUREMENT PERIOD
(FISCAL YEAR COVERED) 11493.6 11462.9 11869.2
MEASUREMENT PERIOD
(FISCAL YEAR COVERED) 11701.3 11552.3 11966.5
<CAPTION>
<S> <C> <C> <C>
JAN-90 11484.8 11429.8 11910.3
MEASUREMENT PERIOD
(FISCAL YEAR COVERED) 11570.1 11528.1 12016.3
MEASUREMENT PERIOD
(FISCAL YEAR COVERED) 11477.4 11499.3 12019.9
MEASUREMENT PERIOD
(FISCAL YEAR COVERED) 11319.8 11354.4 11933.3
MEASUREMENT PERIOD
(FISCAL YEAR COVERED) 11759.6 11648.5 12193.5
MEASUREMENT PERIOD
(FISCAL YEAR COVERED) 11864.9 11785.9 12300.8
MEASUREMENT PERIOD
(FISCAL YEAR COVERED) 11978.3 12007.5 12481.6
MEASUREMENT PERIOD
(FISCAL YEAR COVERED) 11769.8 11757.8 12300.6
MEASUREMENT PERIOD
(FISCAL YEAR COVERED) 11736 11710.7 12308
MEASUREMENT PERIOD
(FISCAL YEAR COVERED) 11938.3 11830.2 12532
MEASUREMENT PERIOD
(FISCAL YEAR COVERED) 12306.2 12102.3 12783.9
MEASUREMENT PERIOD
(FISCAL YEAR COVERED) 12337.6 12139.8 12838.9
MEASUREMENT PERIOD
(FISCAL YEAR COVERED) 12463.4 12308.5 13010.9
MEASUREMENT PERIOD
(FISCAL YEAR COVERED) 12732.8 12377.5 13124.1
MEASUREMENT PERIOD
(FISCAL YEAR COVERED) 12531.3 12427 13128
MEASUREMENT PERIOD
(FISCAL YEAR COVERED) 12765.3 12629.5 13304
MEASUREMENT PERIOD
(FISCAL YEAR COVERED) 12995.1 12726.8 13422.4
<CAPTION>
<S> <C> <C> <C>
JUN-91 12855.2 12716.6 13409
MEASUREMENT PERIOD
(FISCAL YEAR COVERED) 12798.6 12930.2 13572.5
MEASUREMENT PERIOD
(FISCAL YEAR COVERED) 13186.6 13124.2 13751.7
MEASUREMENT PERIOD
(FISCAL YEAR COVERED) 13311.7 13328.9 13930.5
MEASUREMENT PERIOD
(FISCAL YEAR COVERED) 13499.7 13456.9 14055.8
MEASUREMENT PERIOD
(FISCAL YEAR COVERED) 13519.1 13473 14095.2
MEASUREMENT PERIOD
(FISCAL YEAR COVERED) 13796.3 13754.6 14398.2
MEASUREMENT PERIOD
(FISCAL YEAR COVERED) 13694 13670.7 14431.4
MEASUREMENT PERIOD
(FISCAL YEAR COVERED) 13754.5 13724 14435.7
MEASUREMENT PERIOD
(FISCAL YEAR COVERED) 13793.3 13769.3 14441.5
MEASUREMENT PERIOD
(FISCAL YEAR COVERED) 13920.8 13919.4 14570
MEASUREMENT PERIOD
(FISCAL YEAR COVERED) 14088.3 14133.8 14741.9
MEASUREMENT PERIOD
(FISCAL YEAR COVERED) 14454.8 14427.8 14989.6
MEASUREMENT PERIOD
(FISCAL YEAR COVERED) 14972.2 14964.5 15439.3
MEASUREMENT PERIOD
(FISCAL YEAR COVERED) 14736.3 14731 15289.5
MEASUREMENT PERIOD
(FISCAL YEAR COVERED) 14758.1 14773.7 15388.9
MEASUREMENT PERIOD
(FISCAL YEAR COVERED) 14556.8 14524.1 15238.1
<CAPTION>
<S> <C> <C> <C>
NOV-92 14866.3 14881.4 15510.9
MEASUREMENT PERIOD
(FISCAL YEAR COVERED) 15048.3 15068.9 15669.1
MEASUREMENT PERIOD
(FISCAL YEAR COVERED) 15246.5 15254.2 15850.8
MEASUREMENT PERIOD
(FISCAL YEAR COVERED) 15781.8 15862.8 16424.6
MEASUREMENT PERIOD
(FISCAL YEAR COVERED) 15650.4 15701 16250.5
MEASUREMENT PERIOD
(FISCAL YEAR COVERED) 15805.6 15873.8 16414.7
MEASUREMENT PERIOD
(FISCAL YEAR COVERED) 15883.4 15986.5 16506.6
MEASUREMENT PERIOD
(FISCAL YEAR COVERED) 16092.7 16258.2 16782.2
MEASUREMENT PERIOD
(FISCAL YEAR COVERED) 16089.4 16256.6 16804
MEASUREMENT PERIOD
(FISCAL YEAR COVERED) 16400.5 16611 17153.6
MEASUREMENT PERIOD
(FISCAL YEAR COVERED) 16592.7 16793.7 17349.1
MEASUREMENT PERIOD
(FISCAL YEAR COVERED) 16563.5 16825.6 17382.1
MEASUREMENT PERIOD
(FISCAL YEAR COVERED) 16483.3 16637.2 17229.1
MEASUREMENT PERIOD
(FISCAL YEAR COVERED) 16746.1 16986.6 17592.7
MEASUREMENT PERIOD
(FISCAL YEAR COVERED) 16930.7 17168.3 17793.2
MEASUREMENT PERIOD
(FISCAL YEAR COVERED) 16491 16735.7 17332.4
MEASUREMENT PERIOD
(FISCAL YEAR COVERED) 16030.4 15989.3 16626.9
<CAPTION>
<S> <C> <C> <C>
APR-94 15992 16002 16768.3
MEASUREMENT PERIOD
(FISCAL YEAR COVERED) 16077.3 16155.7 16914.2
]MEASUREMENT PERIOD
(FISCAL YEAR COVERED) 16006.9 16047.4 16811
MEASUREMENT PERIOD
(FISCAL YEAR COVERED) 16230.2 16323.5 17118.6
MEASUREMENT PERIOD
(FISCAL YEAR COVERED) 16303.7 16383.8 17178.5
MEASUREMENT PERIOD
(FISCAL YEAR COVERED) 16051.8 16067.6 16926
MEASUREMENT PERIOD
(FISCAL YEAR COVERED) 15808.9 15722.2 16624.7
MEASUREMENT PERIOD
(FISCAL YEAR COVERED) 15412.8 15297.7 16323.8
MEASUREMENT PERIOD
(FISCAL YEAR COVERED) 15773 15706.1 16682.9
MEASUREMENT PERIOD
(FISCAL YEAR COVERED) 16059.9 16136.5 17160.1
MEASUREMENT PERIOD
(FISCAL YEAR COVERED) 16537.4 16648 17659.4
MEASUREMENT PERIOD
(FISCAL YEAR COVERED) 16685.7 16786.2 17862.5
MEASUREMENT PERIOD
(FISCAL YEAR COVERED) 16789.8 16801.3 17884
MEASUREMENT PERIOD
(FISCAL YEAR COVERED) 17239 17345.7 18454.5
MEASUREMENT PERIOD
(FISCAL YEAR COVERED) 17070.8 17111.5 18293.9
MEASUREMENT PERIOD
(FISCAL YEAR COVERED) 17242.8 17217.6 18467.7
MEASUREMENT PERIOD
(FISCAL YEAR COVERED) 17404.5 17413.9 18702.2
<CAPTION>
<S> <C> <C> <C>
SEP-95 17506.5 17504.4 18820
MEASUREMENT PERIOD
(FISCAL YEAR COVERED) 17745.3 17791.5 19092.9
MEASUREMENT PERIOD
(FISCAL YEAR COVERED) 18031.4 18136.6 19409.9
MEASUREMENT PERIOD
(FISCAL YEAR COVERED) 18205.6 18327.1 19596.2
MEASUREMENT PERIOD
(FISCAL YEAR COVERED) 18313.8 18413.2 19745.2
MEASUREMENT PERIOD
(FISCAL YEAR COVERED) 18250.2 18254.8 19610.9
MEASUREMENT PERIOD
(FISCAL YEAR COVERED) 17973.2 17953.7 19359.9
MEASUREMENT PERIOD
(FISCAL YEAR COVERED) 17918.1 17876.5 19305.7
MEASUREMENT PERIOD
(FISCAL YEAR COVERED) 17916.8 17876.5 19297.9
MEASUREMENT PERIOD
(FISCAL YEAR COVERED) 18056.9 18067.7 19508.3
MEASUREMENT PERIOD
(FISCAL YEAR COVERED) 18279.4 18239.4 19683.9
MEASUREMENT PERIOD
(FISCAL YEAR COVERED) 18256.5 18195.6 19679.9
MEASUREMENT PERIOD
(FISCAL YEAR COVERED) 18455.8 18479.5 19955.4
MEASUREMENT PERIOD
(FISCAL YEAR COVERED) 18633.2 18664.2 20180.9
MEASUREMENT PERIOD
(FISCAL YEAR COVERED) 18949.3 18996.5 20550.2
MEASUREMENT PERIOD
(FISCAL YEAR COVERED) 18763.4 18899.6 20463.9
MEASUREMENT PERIOD
(FISCAL YEAR COVERED) 18830.8 18893.9 20502.8
<S> <C> <C> <C>
2/28/97 18992.5 19064 20691.4
</TABLE>
Past performance is not predictive of future performance. Investment return and
principal value will fluctuate with market conditions. When shares are redeemed,
they may be worth more or less than their original cost.
Any capital gain on the principal investment is subject to Federal income tax.
Some investors may also be subject to the federal Alternative Minimum Tax and
certain state and local taxes.
This chart illustrates comparative performance for $10,000 invested in shares of
Vista Select New York Tax Free Income Fund, the Lehman Municipal Bond Index and
the Lipper New York Municipal Funds Average for the ten years ended February 28,
1997. The performance of the Fund assumes reinvestment of all dividends and
capital gains. The performance of the index has been adjusted to reflect
reinvestment of all dividends on securities included in the benchmark.
The unmanaged Lehman Municipal Bond Index is a total return benchmark for
long-term, investment grade tax-exempt bond market. Bonds included in the Lehman
Municipal Bond Index are representative of the market.
The Lipper New York Municipal Debt Funds Average represents the average
performance of a universe of 100 actively-managed New York tax-exempt municipal
bond funds. Lipper is an independent mutual fund performance monitor whose
results do not reflect a sales charge.
+ The quoted performance of Vista Select NY Tax Free Income Fund includes
performance of a predecessor account for the period dating back to 2/28/87 and
prior to the Fund's commencement of operations on 12/31/96. Returns are adjusted
to reflect historical expenses at the levels indicated (absent reimbursements)
in the Expense Summary for the Fund as disclosed in the Prospectus. The accounts
were not registered with the Securities and Exchange Commission and, therefore,
were not subject to the investment restrictions imposed by law on registered
mutual funds. If the account had been registered, the account's performance may
have been adversely affected. Also, the Fund is currently waiving certain fees.
This voluntary waiver may be modified or terminated at any time, which would
reduce returns.
7
<PAGE> 10
VISTA SELECT NEW JERSEY TAX FREE INCOME FUND
For the six months ended February 28, 1997, the Vista Select New Jersey Tax Free
Income Fund provided shareholders with a total return of 2.83%. The Fund's
objective is to provide monthly dividends which are excluded from gross income
for federal tax purposes and exempt from New Jersey personal income tax.
FUND BENEFITS FROM RELATIVELY-SHORT DURATION
Throughout the reporting period, the Fund maintained a shorter-than-benchmark
duration, and emphasized high coupon, high premium bonds. The short duration
helped to protect principal during periods of volatility while the high levels
of income offset the effect of rising interest rates on total return for
shareholders who reinvested income.
As the reporting period ended, the Fund manager was swapping out of shorter call
bonds and into longer issues that are non-callable or have more favorable call
provisions in an effort to lock in a premium price and reduce the probability of
reinvestment in a lower-rate environment.
AN EMPHASIS ON STATE DEBT
Throughout the reporting period, the management team favored state- and
state-appropriated debt as well as the bonds of essential-service revenue
sectors. One important reason for this bias was the ongoing concern over the
potential effect of welfare reform on municipalities.
Expecting that interest rates will be volatile in the months ahead, the
management team ended the reporting period in search of credits that tend to be
more stable, such as high-quality housing bonds. Moving forward, the management
team will continue to apply in-depth research in search of high-quality
securities it believes may provide the most value for shareholders.
8
<PAGE> 11
- --------------------------------------------------------------------------------
AVERAGE ANNUAL TOTAL RETURNS AS OF 2/28/97+
<TABLE>
<S> <C>
One Year........................................................ 2.89%
Five Years...................................................... 5.89%
Since Inception (5/1/90)........................................ 6.62%
</TABLE>
- --------------------------------------------------------------------------------
GROWTH OF $10,000 INVESTMENTS IN VISTA SELECT NJ TAX FREE INCOME AND KEY
BENCHMARKS
<TABLE>
<CAPTION>
SELECT NJ LEHMAN 7 LIPPER NJ
MEASUREMENT PERIOD TAX FREE YEAR MUNI MUNI DEBT
(FISCAL YEAR COVERED) INCOME BOND INDEX AVG.
<S> <C> <C> <C>
5/31/90 10000 10000 10000
<CAPTION>
MEASUREMENT PERIOD
(FISCAL YEAR COVERED) 10127.1 10084 10096
MEASUREMENT PERIOD
(FISCAL YEAR COVERED) 10224.5 10218.1 10293.9
MEASUREMENT PERIOD
(FISCAL YEAR COVERED) 10154.7 10137.4 10046.8
MEASUREMENT PERIOD
(FISCAL YEAR COVERED) 10090.9 10152.6 10053.9
MEASUREMENT PERIOD
(FISCAL YEAR COVERED) 10257.3 10333.3 10254.9
MEASUREMENT PERIOD
(FISCAL YEAR COVERED) 10481 10512.1 10501.1
MEASUREMENT PERIOD
(FISCAL YEAR COVERED) 10514.8 10541.5 10533.6
MEASUREMENT PERIOD
(FISCAL YEAR COVERED) 10536.8 10704.9 10686.4
MEASUREMENT PERIOD
(FISCAL YEAR COVERED) 10781.8 10816.2 10774
MEASUREMENT PERIOD
(FISCAL YEAR COVERED) 10696.8 10792.5 10774
MEASUREMENT PERIOD
(FISCAL YEAR COVERED) 10777.8 10930.6 10927
MEASUREMENT PERIOD
(FISCAL YEAR COVERED) 10892.7 10999.5 11040.6
<CAPTION>
<S> <C> <C> <C>
JUN-91 10838.1 10978.5 10999.8
MEASUREMENT PERIOD
(FISCAL YEAR COVERED) 10962.3 11088.3 11179
MEASUREMENT PERIOD
(FISCAL YEAR COVERED) 11114.5 11240.2 11323.3
MEASUREMENT PERIOD
(FISCAL YEAR COVERED) 11206.7 11395.4 11454.6
MEASUREMENT PERIOD
(FISCAL YEAR COVERED) 11377.9 11487.7 11550.8
MEASUREMENT PERIOD
(FISCAL YEAR COVERED) 11387.5 11524.4 11564.7
MEASUREMENT PERIOD
(FISCAL YEAR COVERED) 11571.6 11771 11808.7
MEASUREMENT PERIOD
(FISCAL YEAR COVERED) 11616.5 11799.3 11815.8
MEASUREMENT PERIOD
(FISCAL YEAR COVERED) 11575.4 11801.7 11838.2
MEASUREMENT PERIOD
(FISCAL YEAR COVERED) 11556 11761.5 11831.1
MEASUREMENT PERIOD
(FISCAL YEAR COVERED) 11593.4 11865 11927
MEASUREMENT PERIOD
(FISCAL YEAR COVERED) 11729.3 11987.2 12113
MEASUREMENT PERIOD
(FISCAL YEAR COVERED) 11953.5 12177.8 12312.9
MEASUREMENT PERIOD
(FISCAL YEAR COVERED) 12286.3 12540.7 12736.5
MEASUREMENT PERIOD
(FISCAL YEAR COVERED) 12176.6 12411.6 12559.4
MEASUREMENT PERIOD
(FISCAL YEAR COVERED) 12195.2 12512.1 12599.6
MEASUREMENT PERIOD
(FISCAL YEAR COVERED) 12161.4 12428.3 12360.2
<CAPTION>
<S> <C> <C> <C>
NOV-92 1251.4 12613.5 12689
MEASUREMENT PERIOD
(FISCAL YEAR COVERED) 12347.2 12716.9 12851.4
MEASUREMENT PERIOD
(FISCAL YEAR COVERED) 12507.3 12902.5 13004.4
MEASUREMENT PERIOD
(FISCAL YEAR COVERED) 12892.7 13298.7 13510.2
MEAS UREMENT PERIOD
(FISCAL YEAR COVERED) 12714.4 13124.5 13341.4
MEASUREMENT PERIOD
(FISCAL YEAR COVERED) 12792.9 13205.8 13493.4
MEASUREMENT PERIOD
(FISCAL YEAR COVERED) 12850.4 13245.4 13585.2
MEASUREMENT PERIOD
(FISCAL YEAR COVERED) 13016.8 13487.8 13828.4
MEASUREMENT PERIOD
(FISCAL YEAR COVERED) 13017.1 13489.2 13836.7
MEASUREMENT PERIOD
(FISCAL YEAR COVERED) 13227.9 13729.3 14141.1
MEASUREMENT PERIOD
(FISCAL YEAR COVERED) 13442.1 13878.9 14299.5
MEASUREMENT PERIOD
(FISCAL YEAR COVERED) 13434.3 13915 14308
MEASUREMENT PERIOD
(FISCAL YEAR COVERED) 13364 13792.6 14154.9
MEASUREMENT PERIOD
(FISCAL YEAR COVERED) 13567.8 14046.4 14449.4
MEASUREMENT PERIOD
(FISCAL YEAR COVERED) 13678.8 14195.2 14605.4
MEASUREMENT PERIOD
(FISCAL YEAR COVERED) 13433.9 13887.2 14205.2
MEASUREMENT PERIOD
(FISCAL YEAR COVERED) 13215.6 13516.4 13566
<CAPTION>
<S> <C> <C> <C>
APR-94 13254.8 13616.4 13620.2
MEASUREMENT PERIOD
(FISCAL YEAR COVERED) 13307.1 13683.2 13726.5
MEASUREMENT PERIOD
(FISCAL YEAR COVERED) 13261.9 13658.5 13637.3
MEASUREMENT PERIOD
(FISCAL YEAR COVERED) 13370.8 13851.1 13882.7
MEASUREMENT PERIOD
(FISCAL YEAR COVERED) 13420.6 13923.1 13939.7
MEASUREMENT PERIOD
(FISCAL YEAR COVERED) 13349.9 13789.5 13711
MEASUREMENT PERIOD
(FISCAL YEAR COVERED) 13213.8 13651.6 13438.2
MEASUREMENT PERIOD
(FISCAL YEAR COVERED) 12976.3 13452.3 13134.5
MEASUREMENT PERIOD
(FISCAL YEAR COVERED) 13245.5 13656.8 13493.1
MEASUREMENT PERIOD
(FISCAL YEAR COVERED) 13490 13913.5 13885.7
MEASUREMENT PERIOD
(FISCAL YEAR COVERED) 13746.6 14226.5 14250.9
MEASUREMENT PERIOD
(FISCAL YEAR COVERED) 13868.3 14374.5 14376.3
MEASUREMENT PERIOD
(FISCAL YEAR COVERED) 13960.4 14413.3 14386.4
MEASUREMENT PERIOD
(FISCAL YEAR COVERED) 14182.9 14796.7 14825.2
MEASUREMENT PERIOD
(FISCAL YEAR COVERED) 14164.1 14783.4 14672.5
MEASUREMENT PERIOD
(FISCAL YEAR COVERED) 14296.5 14971.1 14764.9
MEASUREMENT PERIOD
(FISCAL YEAR COVERED) 14420.3 15147.8 14919.9
<CAPTION>
<S> <C> <C> <C>
SEP-95 14443.6 15205.4 15012.4
MEASUREMENT PERIOD
(FISCAL YEAR COVERED) 14576.7 15337.6 15233.1
MEASUREMENT PERIOD
(FISCAL YEAR COVERED) 14693.2 15506.4 15498.2
MEASUREMENT PERIOD
(FISCAL YEAR COVERED) 14797.3 15588.5 15659.4
MEASUREMENT PERIOD
(FISCAL YEAR COVERED) 14967.6 15739.8 15742.4
MEASUREMENT PERIOD
(FISCAL YEAR COVERED) 14983 15686.2 15611.7
MEASUREMENT PERIOD
(FISCAL YEAR COVERED) 14776.2 15532.5 15372.8
MEASUREMENT PERIOD
(FISCAL YEAR COVERED) 14772 15504.6 15314.4
MEASUREMENT PERIOD
(FISCAL YEAR COVERED) 14764.9 15481.3 15331.3
MEASUREMENT PERIOD
(FISCAL YEAR COVERED) 14852.2 15600.5 15475.4
MEASUREMENT PERIOD
(FISCAL YEAR COVERED) 15001.5 15728.4 15623.9
MEASUREMENT PERIOD
(FISCAL YEAR COVERED) 14992.7 15737.9 15609.9
MEASUREMENT PERIOD
(FISCAL YEAR COVERED) 15083.3 15879.5 15808.1
MEASUREMENT PERIOD
(FISCAL YEAR COVERED) 15216.5 16051 15967.8
MEASUREMENT PERIOD
(FISCAL YEAR COVERED) 15426.4 16319.1 16232.9
MEASUREMENT PERIOD
(FISCAL YEAR COVERED) 15264.6 16268.5 16164.7
MEASUREMENT PERIOD
(FISCAL YEAR COVERED) 15299.4 16327 16174.4
<S> <C> <C> <C>
2/28/97 15416.4 16462.5 16305.4
</TABLE>
Past performance is not predictive of future performance. Investment return and
principal value will fluctuate with market conditions. When shares are redeemed,
they may be worth more or less than their original cost.
Any capital gain on the principal investment is subject to Federal income tax.
Some investors may also be subject to the federal Alternative Minimum Tax and
certain state and local taxes.
This chart illustrates comparative performance for $10,000 invested in shares of
Vista Select New Jersey Tax Free Income Fund, the Lehman 7 Year Municipal Bond
Index and the Lipper New Jersey Municipal Debt Average from May 31, 1990 through
February 28, 1997. The performance of the Fund assumes reinvestment of all
dividends and capital gains. The performance of the index has been adjusted to
reflect reinvestment of all dividends on securities included in the benchmark.
The unmanaged Lehman 7-Year Municipal Bond Index is a total return benchmark for
the intermediate-term, investment grade tax-exempt bond market. Bonds included
in the Lehman 7-Year Municipal Bond Index are representative of the market.
The Lipper New Jersey Municipal Debt Funds Average represents the average
performance of a universe of 56 actively-managed New Jersey tax-exempt municipal
bond funds. Lipper is an independent mutual fund performance monitor whose
results do not reflect a sales charge.
+ The quoted performance of Vista Select NJ Tax Free Income Fund includes
performance of a predecessor account for the period dating back to 5/1/90 and
prior to the Fund's commencement of operations on 12/31/96. Returns are adjusted
to reflect historical expenses at the levels indicated (absent reimbursements)
in the Expense Summary for the Fund as disclosed in the Prospectus. The accounts
were not registered with the Securities and Exchange Commission and, therefore,
were not subject to the investment restrictions imposed by law on registered
mutual funds. If the account had been registered, the account's performance may
have been adversely affected. Also, the Fund is currently waiving certain fees.
This voluntary waiver may be modified or terminated at any time, which would
reduce returns.
9
<PAGE> 12
VISTA SELECT TAX FREE INCOME FUND
PORTFOLIO OF INVESTMENTS February 28, 1997 (unaudited)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
- ----------------------------------------------------------------------------------------
LONG-TERM MUNICIPAL BONDS -- 98.4%
- ----------------------------------------------------------------------------------------
<C> <S> <C>
ALASKA -- 0.3%
--------------------------------------------------------
$ 1,600,000 Alaska North Slope, GO, 8.350%, 06/30/98 $ 1,688,000
-------------
ARIZONA -- 3.6%
--------------------------------------------------------
5,300,000 Pima County, Arizona, Unified School District, No. 1, 6,485,875
Tucson, GO, 7.500%, 07/01/10
15,000,000 Salt River Project, Arizona Agriculture, Ser. B, Rev., 17,137,500
7.000%, 01/01/05
-------------
23,623,375
-------------
CALIFORNIA -- 9.1%
--------------------------------------------------------
California State
5,000,000 GO, 6.000%, 08/01/16 5,150,000
2,000,000 GO, 6.500%, 11/01/09 2,275,000
3,950,000 GO, 10.000%, 09/01/99 4,488,188
1,000,000 Ser. B, GO, 10.000%, 08/01/02 1,257,500
1,000,000 Veterans Bond, Ser. AM, GO, 9.000%, 10/01/05 1,288,750
1,735,000 Chico, California Public Financing Authority, 1,845,606
Southeast Chico Redevelopment Project, Ser. A, Rev.,
6.625%, 04/01/21
Kern, California High School District, Ser. A,
3,455,000 GO, 6.400%, 02/01/13 3,830,731
3,435,000 GO, 6.400%, 08/01/13 3,808,556
3,240,000 GO, 6.500%, 02/01/15 3,592,350
3,225,000 GO, 6.500%, 08/01/15 3,575,719
7,400,000 Los Angeles County, California Metropolitan 6,706,250
Transportation Authority Sales Tax Rev., 2nd Ser.,
Ser. A, Rev., 5.000%, 07/01/25
4,000,000 Los Angeles, California, Harbor Department, Rev., 4,955,000
7.600%, 10/01/18
4,000,000 Los Angeles, California, Ser. A, GO, 6.000%, 09/01/10 4,185,000
Modesto, California Irrigation District Financing
Authority,
3,000,000 Ser. A, Rev., 6.000%, 10/01/15 3,135,000
4,300,000 COP, 86 Geysers Geo, COP 5.000%, 10/01/17 3,929,125
5,400,000 Pasadena, California Electric, Rev., 5.375%, 08/01/12 5,373,000
-------------
59,395,775
-------------
COLORADO -- 4.7%
--------------------------------------------------------
1,190,000 Adams County, Colorado School District No. 012, GO, 1,262,888
6.200%, 12/15/10
4,000,000 Colorado Springs, Colorado Utilities, Rev., 6.100%, 4,140,000
11/15/24
6,000,000 Garfield Pitkin & Eagle Counties Colorado School 6,757,500
District No. Rev. 1 Roarge Fk, GO, 6.600%, 12/15/14
</TABLE>
See notes to financial statements.
10
<PAGE> 13
VISTA SELECT TAX FREE INCOME FUND
PORTFOLIO OF INVESTMENTS February 28, 1997 (unaudited) (continued)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
- ----------------------------------------------------------------------------------------
LONG-TERM MUNICIPAL BONDS -- (CONTINUED)
- ----------------------------------------------------------------------------------------
<C> <S> <C>
$ 1,000,000 Jefferson County Colorado School District No. R-001, $ 1,125,000
1985 Ser. B, GO, 9.000%, 12/15/99
Platte River Power Authority, Colorado, Ser. DD,
3,050,000 Rev., 6.000%, 06/01/05 3,317,424
4,400,000 Rev., 6.000%, 06/01/06 4,789,136
1,620,000 Rev., 6.000%, 06/01/07 1,761,750
8,295,000 Westminster, Colorado Special Purpose Post Project, 7,922,886
Ser. B, Rev., 5.125%, 12/01/16
-------------
31,076,584
-------------
CONNECTICUT -- 0.8%
--------------------------------------------------------
4,975,000 Connecticut State Housing Finance Authority, Housing 5,186,438
Mortgage Financing Program, C1, Rev., 6.600%, -------------
11/15/23
DELAWARE -- 0.9%
--------------------------------------------------------
5,000,000 Delaware State Economic Development Authority, 5,787,500
Osteopathic Hospital Association of Delaware, Ser.
A, Rev., 6.900%, 01/01/18
230,000 Sussex County, Delaware, Single Family Mortgage, 231,911
Residential, Rev., 9.375%, 02/01/17
-------------
6,019,411
-------------
DISTRICT OF COLUMBIA -- 1.2%
--------------------------------------------------------
Georgetown University, District of Columbia, Ser. A,
Exchanged,
3,285,000 Rev., 8.125%, 04/01/08 3,475,366
4,000,000 Rev., 8.250%, 04/01/18 4,235,680
-------------
7,711,046
-------------
FLORIDA -- 6.7%
-
4,635,000 Broward County, Florida Resource Recovery, Ses Broward 5,075,325
Co. LP South Project, Rev., 7.950%, 12/01/08
Dade County, Florida Special Obligation, Miami Beach
Convention Center,
2,200,000 Project, Special Tax, 8.625%, 12/01/07 2,783,000
1,000,000 Ser. A, Special Tax, 8.625%, 12/01/08 1,055,320
5,000,000 Daytona Beach, Florida Water & Sewer, Ser. 1978, Rev., 5,687,500
6.750%, 11/15/07
4,000,000 Florida State, Division Board Finance Department, 4,045,000
General Services, Dept. Environmental Preservation
2000, Ser. A, Rev., 5.250%, 07/01/09
3,670,000 Greater Orlando Aviation Authority, Orlando Florida 3,949,838
Airport Facilities, Ser. A, Rev., 6.500%, 10/01/12
3,205,000 Hillsborough County Florida Aviation Authority, Tampa 3,413,325
International Airport, Ser. B, Rev., 6.000%,
10/01/18
</TABLE>
See notes to financial statements.
11
<PAGE> 14
VISTA SELECT TAX FREE INCOME FUND
PORTFOLIO OF INVESTMENTS February 28, 1997 (unaudited) (continued)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
- -----------------------------------------------------------------------------------------
LONG-TERM MUNICIPAL BONDS -- (CONTINUED)
- -----------------------------------------------------------------------------------------
<C> <S> <C>
$ 2,565,000 Indian Trace Community Development District, Florida, $ 2,636,846
Basin 1 Water Management, Special Assessment,
8.750%, 05/01/07
Orange County, Florida Health Facilities Authority,
Orlando Regional Health Care,
4,425,000 Ser. A, Rev., 6.250%, 10/01/12 4,845,375
2,310,000 Ser. C, Rev., 6.250%, 10/01/12 2,529,450
3,000,000 Orange County, Florida Tourist Development, Ser. A, 3,273,750
Rev., 6.500%, 10/01/10
5,000,000 Palm Beach County, Florida, Parks & Recreation 4,812,500
Facilities, Rev., 5.250%, 11/01/16
-------------
44,107,229
-------------
GEORGIA -- 8.6%
--------------------------------------------------------
5,000,000 Burke County, Georgia, Development Authority PCR, 5,900,000
Oglethorpe Power Co., Bogtle, Rev., 8.000%, 01/01/22
7,665,000 De Kalb County, Georgia, Housing Authority Apartment 8,096,156
Development, Fox Hollow Apartment, Rev., 7.000%,
08/15/22
170,000 Georgia State Residential Financing Authority Single 174,888
Family Insured Mortgage, Ser. A, Rev., 8.400%,
12/01/18
5,975,000 Georgia State, Ser. D, GO, 7.400%, 08/01/08 7,244,688
Metropolitan Atlanta Rapid Transit Authority, Georgia,
5,000,000 Second Indenture, Ser. A, Rev., 6.900%, 07/01/20 5,762,500
10,485,000 Ser. P, Rev., 6.250%, 07/01/20 11,441,756
17,500,000 Richmond County, Georgia, Board of Education, GO, 17,543,750
5.950%, 11/01/26
-------------
56,163,738
-------------
HAWAII -- 1.4%
--------------------------------------------------------
3,265,000 Hawaii State, Airports System, Third Ser., Rev., 3,367,031
5.375%, 07/01/01
5,000,000 Honolulu, Hawaii City & County, Ser. A, GO, 7.350%, 6,018,750
07/01/08
-------------
9,385,781
-------------
ILLINOIS -- 2.7%
--------------------------------------------------------
10,160,000 Chicago, Illinois, O'Hare International Airport, 11,010,900
Special Facilities, United Air Lines, Ser. A, Rev.,
8.400%, 05/01/18
Illinois Health Facilities Authority,
862,000 Refunded, Ser. A, Rev., 7.900%, 08/15/03 998,843
2,182,000 Unrefunded Balance, Ser. A, Rev., 7.900%, 08/15/03 2,239,823
3,250,000 Illinois Housing Development Authority, Multi-Family, 3,522,188
Ser. 1991-A, Rev., 8.250%, 07/01/16
-------------
17,771,754
-------------
</TABLE>
See notes to financial statements.
12
<PAGE> 15
VISTA SELECT TAX FREE INCOME FUND
PORTFOLIO OF INVESTMENTS February 28, 1997 (unaudited) (continued)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
- ----------------------------------------------------------------------------------------
LONG-TERM MUNICIPAL BONDS -- (CONTINUED)
- ----------------------------------------------------------------------------------------
<C> <S> <C>
INDIANA -- 0.9%
--------------------------------------------------------
$ 5,000,000 Indianapolis, Indiana LOC Public Improvement Bond, $ 5,612,500
Ser. A, Rev., 6.500%, 01/01/12 -------------
KENTUCKY -- 1.5%
--------------------------------------------------------
1,000,000 Logan County, Kentucky, PCR, Atlantic Richfield Co. 1,027,810
Proj., Rev., 11.000%, 08/01/97
8,000,000 Louisville & Jefferson County, Kentucky, Metropolitan 8,760,000
Sewer District & Drain System, Ser. A, Rev., 6.500%,
05/15/24
-------------
9,787,810
-------------
LOUISIANA -- 1.9%
--------------------------------------------------------
2,390,000 Louisiana Public Facilities Authority, Single Family 2,504,123
Mortgage, GNMA Mortgage, Ser. C, Rev., 8.800%,
04/01/13
Orleans Parish, Louisiana School Board,
4,000,000 GO, 7.500%, 09/01/20 4,620,000
2,000,000 Rev., 8.850%, 02/01/06 2,580,000
2,000,000 Rev., 8.900%, 02/01/07 2,612,500
-------------
12,316,623
-------------
MARYLAND -- 0.1%
--------------------------------------------------------
605,000 Maryland State, Community Development Administration, 609,398
Multi-Family Housing, Insured Mortgage Loans, Ser. -------------
C, Rev., 9.000%, 05/15/05
MASSACHUSETTS -- 4.0%
--------------------------------------------------------
3,500,000 Chelsea, Massachusetts, School Project Loan Act 1948, 3,788,750
GO, 6.500%, 06/15/12
2,750,000 Haverlhill, Massachusetts, Unlimited Tax, Ser. A, GO, 3,011,250
7.000%, 06/15/12
9,500,000 Massachusetts State Water Resource Authority, Ser. A, 9,725,625
Rev., 6.000%, 08/01/20
7,985,000 Massachusetts State, Consolidated Loan, Ser. D, GO, 7,605,713
5.125%, 11/01/15
2,015,000 South Essex, Massachusetts, Sewer District, Ser. B, 2,307,175
GO, 6.750%, 06/01/15
-------------
26,438,513
-------------
</TABLE>
See notes to financial statements.
13
<PAGE> 16
VISTA SELECT TAX FREE INCOME FUND
PORTFOLIO OF INVESTMENTS February 28, 1997 (unaudited) (continued)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
- ----------------------------------------------------------------------------------------
LONG-TERM MUNICIPAL BONDS -- (CONTINUED)
- ----------------------------------------------------------------------------------------
<C> <S> <C>
MONTANA -- 1.3%
--------------------------------------------------------
Montana State, Long-Range Building Program, Ser. D,
$ 2,370,000 GO, 5.250%, 08/01/16 $ 2,322,600
2,005,000 GO, 5.375%, 08/01/13 2,010,012
2,120,000 GO, 5.375%, 08/01/14 2,125,300
2,240,000 GO, 5.375%, 08/01/15 2,237,200
-------------
8,695,112
-------------
NEVADA -- 0.6%
--------------------------------------------------------
3,900,000 Nevada State, Colorado River Commn, GO, 5.300%, 3,719,625
07/01/24 -------------
NEW JERSEY -- 5.5%
--------------------------------------------------------
5,215,000 New Jersey Economic Development Authority, Educational 5,514,862
Testing Service, Ser. B, Rev., 6.250%, 05/15/25
New Jersey Sports & Exposition,
1,500,000 State Guaranteed, Rev., 8.300%, 01/01/03 1,783,125
3,470,000 Ser. A, Rev., 6.500%, 03/01/19 3,682,538
5,000,000 New Jersey State Highway Authority, Garden State 5,468,750
Parkway General, Rev., 6.200%, 01/01/10
New Jersey State Transportation Trust Fund Authority,
Transportation Systems, Ser. B,
10,500,000 Rev., 5.250%, 06/15/14 10,224,375
5,000,000 Rev., 6.500%, 06/15/10 5,693,750
New Jersey Wastewater Treatment Trust,
1,730,000 Prerefunded, Ser. A, Rev., 7.375%, 05/15/07 1,835,962
20,000 Unrefunded Balance, Insured, Ser. A, Rev., 7.375%, 21,075
05/15/07
1,600,000 North Bergen Township, New Jersey, GO, 5.000%, 1,558,016
08/15/12
-------------
35,782,453
-------------
NEW YORK -- 20.0%
--------------------------------------------------------
1,450,000 Albany County, New York, South Mall, Ser. P, Rev., 1,576,875
9.700%, 10/01/98
2,250,000 Dutchess County, New York Resource Recovery Agency, 2,441,250
Solid Waste Management, Ser. A, Rev., 7.500%,
01/01/09
Metropolitan Transportation Authority of New York,
Commuter Facilities, Ser. A,
3,450,000 Rev., 6.000%, 07/01/16 3,583,687
5,000,000 Rev., 6.100%, 07/01/26 5,193,750
5,000,000 Municipal Assistance Corp. for City of New York, New 5,450,000
York, Ser. 67, Rev., 7.625%, 07/01/08
</TABLE>
See notes to financial statements.
14
<PAGE> 17
VISTA SELECT TAX FREE INCOME FUND
PORTFOLIO OF INVESTMENTS February 28, 1997 (unaudited) (continued)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
- ----------------------------------------------------------------------------------------
LONG-TERM MUNICIPAL BONDS -- (CONTINUED)
- ----------------------------------------------------------------------------------------
<C> <S> <C>
$ 3,000,000 Nassau County, New York, IDA, Civic Facilities, $ 3,273,750
Hofstra University Project, Rev., 6.750%, 08/01/11
5,000,000 New York City, New York Trust Cultural Resources, 5,443,750
Solomon R Guggenheim Foundation, Ser. A, Rev.,
7.250%, 12/01/15
12,000,000 New York City, New York, Ser. A, GO, 6.250%, 08/01/08 12,510,000
New York State Dormitory Authority,
4,500,000 Rochester University, Ser. A, Rev., 6.400%, 07/01/13 4,809,375
2,500,000 Rockefeller University, Rev., 7.375%, 07/01/14 2,653,125
New York State Energy Research & Development
Authority, PCR,
2,000,000 Central Hudson Gas, Ser. B-1, Rev., 7.375%, 10/01/14 2,185,000
6,000,000 Niagara Mohawk Power Corp., Ser. A, Rev., 7.200%, 6,817,500
07/01/29
2,000,000 State Water Revolving Fund, Ser. B, Rev., 7.100%, 2,195,000
09/15/11
2,650,000 State Water Revolving Fund, Ser. D, Rev., 6.850%, 2,958,062
11/15/11
3,000,000 New York State Environmental Quality, GO, 6.500%, 3,228,750
12/01/14
New York State Housing Finance Agency,
715,000 Health Facilities, Monroe County, Ser. A, Rev., 767,731
7.625%, 05/01/05
4,000,000 State University Construction, Ser. A, Rev., 7.900%, 4,745,000
11/01/06
New York State Local Government Assistance Corp.,
2,340,000 Ser. A, Rev., 7.000%, 04/01/08 2,585,700
5,000,000 Ser. B, Rev., 5.375%, 04/01/16 4,875,000
3,000,000 Ser. D, Rev., 7.000%, 04/01/11 3,390,000
5,500,000 TAN, 7.000%, 04/01/10 6,132,500
New York State Medical Care Facilities Financing
Agency,
2,780,000 Hospital & Nursing Home, Insured Mortgage, Ser. C, 2,873,825
Rev., 6.250%, 08/15/12
2,000,000 Special Obligation, Mental Health Services 2,432,500
Facilities Improvement, Ser. A, Rev., 8.300%,
05/01/04
4,000,000 New York State Mortgage Agency, Homeownership 4,215,000
Mortgage, Ser. JJ, Rev., 7.500%, 10/01/17
5,500,000 New York State Thruway Authority, General Purpose, 5,692,500
Ser. C, Rev., 6.000%, 01/01/15
4,085,000 New York State, GO, 6.300%, 09/15/10 4,309,675
</TABLE>
See notes to financial statements.
15
<PAGE> 18
VISTA SELECT TAX FREE INCOME FUND
PORTFOLIO OF INVESTMENTS February 28, 1997 (unaudited) (continued)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
- ----------------------------------------------------------------------------------------
LONG-TERM MUNICIPAL BONDS -- (CONTINUED)
- ----------------------------------------------------------------------------------------
<C> <S> <C>
$ 4,100,000 New York State, GO, 6.300%, 09/15/11 $ 4,371,625
Port Authority, New York & New Jersey, Consolidated
Bonds,
1,100,000 52nd Ser., Rev., 9.000%, 11/01/14 1,219,625
6,270,000 78th Ser., Rev., 6.500%, 04/15/11 6,661,875
2,100,000 94th Ser., Rev., 6.000%, 12/01/15 2,157,750
285,000 Suffolk County, New York Water Authority, Waterworks, 303,525
Unrefunded Balance 1993, Rev., 7.375%, 06/01/12
9,000,000 Triborough Bridge & Tunnel Authority, New York, 10,192,500
Convention Center Project, Ser. E, Rev., 7.250%,
01/01/10
-------------
131,246,205
-------------
NORTH DAKOTA -- 0.9%
--------------------------------------------------------
5,000,000 Mercer County, North Dakota, PCR, Antelope Valley 5,968,750
Station, Rev., 7.200%, 06/30/13 -------------
OHIO -- 4.3%
--------------------------------------------------------
Cleveland Ohio Public Power System First Mortgage,
7,000,000 Ser. A, Rev., 7.000%, 11/15/24 8,172,500
17,000,000 Sub. Ser. 1, Rev., 5.000%, 11/15/24 15,470,000
5,000,000 Cleveland, Ohio Parking Facilities, Rev., 5.500%, 4,900,000
09/15/22
-------------
28,542,500
-------------
OREGON -- 1.0%
--------------------------------------------------------
300,000 Oregon State, GO, 11.000%, 12/01/98 336,000
5,780,000 Oregon State, Higher Education Building, Ser. A, GO, 6,155,700
6.450%, 08/01/24
-------------
6,491,700
-------------
PENNSYLVANIA -- 0.6%
--------------------------------------------------------
3,885,000 Pennsylvania State Higher Education Assistance Agency, 4,147,237
Student Loan, Ser. A, Rev., 6.800%, 12/01/00
10,000 Pennsylvania State Public School Building Authority, 10,426
Rev., 10.300%, 11/01/97
-------------
4,157,663
-------------
PUERTO RICO -- 4.3%
--------------------------------------------------------
Puerto Rico Commonwealth Aqueduct & Sewer Authority,
Ser. A,
3,000,000 Rev., 7.875%, 07/01/17 3,221,250
1,000,000 Rev., 8.700%, 07/01/99 1,103,750
</TABLE>
See notes to financial statements.
16
<PAGE> 19
VISTA SELECT TAX FREE INCOME FUND
PORTFOLIO OF INVESTMENTS February 28, 1997 (unaudited) (continued)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
- ----------------------------------------------------------------------------------------
LONG-TERM MUNICIPAL BONDS -- (CONTINUED)
- ----------------------------------------------------------------------------------------
<C> <S> <C>
$ 1,500,000 Puerto Rico Commonwealth Highway & Transportation $ 1,678,125
Authority, Refunded Balance, Ser. T, Rev., 6.625%,
07/01/18
2,500,000 Puerto Rico Commonwealth, GO, 6.250%, 07/01/11 2,768,750
5,000,000 Puerto Rico Electric Power Authority, Ser. Y, Rev., 5,893,750
7.000%, 07/01/07
Puerto Rico Industrial, Medical & Environmental PCFFA,
6,675,000 PepsiCo Inc. Project, Ser. A, Rev., 6.250%, 11/15/13 7,150,594
3,000,000 Warner Lambert Co. Project, Rev., 7.600%, 05/01/14 3,262,500
3,000,000 Puerto Rico Public Buildings Authority, Guaranteed, 3,345,000
Government Facilities, Ser. A, Rev., 6.250%,
07/01/11
-------------
28,423,719
-------------
SOUTH CAROLINA -- 2.5%
--------------------------------------------------------
6,000,000 Richland County, South Carolina School District No. 5,242,500
001, GO, 4.625%, 03/01/22
South Carolina State Housing Finance & Development
Authority,
4,050,000 Ser. B (FHA Insured), Rev., 7.800%, 07/01/09 4,217,062
2,000,000 Homeownership Mortgage Purchase, Ser. B, Rev., 2,085,000
7.875%, 07/01/15
5,000,000 South Carolina State Public Service Authority, Ser. A, 5,250,000
Rev., 6.250%, 01/01/22
-------------
16,794,562
-------------
SOUTH DAKOTA -- 0.6%
--------------------------------------------------------
3,000,000 Heartland Consumers Power District, Rev., 7.000%, 3,442,500
01/01/16
435,000 South Dakota State Building Authority, Rev., 10.500%, 449,816
09/01/00
-------------
3,892,316
-------------
TEXAS -- 7.6%
--------------------------------------------------------
6,245,000 Arlington, Texas Independent School District, GO, 5,768,819
5.000%, 02/15/19
6,500,000 Austin, Texas Utility System, Rev., 6.000%, 11/15/13 6,946,875
2,000,000 Combined, Ser. A, Rev., 9.500%, 05/15/15 2,305,000
2,000,000 Ser. A, Big Book Entry, Rev., 8.000%, 11/15/16 2,267,500
Dallas-Fort Worth Texas Regional Airport, Ser. A,
2,115,000 Rev., 7.375%, 11/01/08 2,471,906
2,945,000 Rev., 7.375%, 11/01/09 3,441,969
2,000,000 Rev., 7.375%, 11/01/11 2,330,000
</TABLE>
See notes to financial statements.
17
<PAGE> 20
VISTA SELECT TAX FREE INCOME FUND
PORTFOLIO OF INVESTMENTS February 28, 1997 (unaudited) (continued)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
- ----------------------------------------------------------------------------------------
LONG-TERM MUNICIPAL BONDS -- (CONTINUED)
- ----------------------------------------------------------------------------------------
<C> <S> <C>
Houston, Texas Water Conveyance System, Contract,
$ 2,500,000 COP, Ser. F, COP 7.200%, 12/15/05 $ 2,925,000
2,000,000 COP, Ser. F, COP 7.200%, 12/15/06 2,355,000
16,000,000 Jr. Lien, Ser. C, Rev., 5.375%, 12/01/27 15,200,000
3,500,000 Texas State, Texas Public Financing Authority, Ser. B, 3,819,375
GO, 6.000%, 10/01/06
-------------
49,831,444
-------------
UTAH -- 0.2%
--------------------------------------------------------
1,000,000 Sevier County, Utah School District Sevier School 1,241,250
District, GO, 9.200%, 05/01/03 -------------
VIRGINIA -- 0.5%
--------------------------------------------------------
3,000,000 Fairfax County, Virginia, Water Authority, Rev., 3,078,750
6.000%, 04/01/22 -------------
WISCONSIN -- 0.1%
--------------------------------------------------------
855,000 Wisconsin Housing & Economic Development Authority, 888,131
Home Ownership, Ser. D, Rev., 7.900%, 09/01/05
- ----------------------------------------------------------------------------------------
TOTAL LONG-TERM MUNICIPAL BONDS 645,648,155
(COST $620,889,951)
- ----------------------------------------------------------------------------------------
SHORT-TERM INVESTMENTS -- 2.5%
- ----------------------------------------------------------------------------------------
16,806,000 Provident Municipal Money Market Fund, 3.174%, 03/03/97 16,806,000
(Cost $16,806,000)
- ------------------------------------------------------------------------------------
TOTAL INVESTMENTS -- 100.9% $ 662,454,155
(COST $637,695,951)
- ----------------------------------------------------------------------------------------
</TABLE>
See notes to financial statements.
18
<PAGE> 21
VISTA SELECT INTERMEDIATE TAX FREE INCOME FUND
PORTFOLIO OF INVESTMENTS February 28, 1997 (unaudited)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
- ----------------------------------------------------------------------------------------
LONG-TERM MUNICIPAL BONDS -- 96.0%
- ----------------------------------------------------------------------------------------
<C> <S> <C>
ALABAMA -- 0.3%
--------------------------------------------------------
$ 660,000 Alabama State, GO, 7.000%, 08/01/05 $ 721,875
1,320,000 Shelby County, Alabama Board of Education, Capital 1,369,500
Outlay School Warrants, 5.700%, 02/01/09
-------------
2,091,375
-------------
ARIZONA -- 0.6%
--------------------------------------------------------
3,000,000 Maricopa County, Arizona School District No. 4, Mesa 3,078,750
Unit, Ser. A, GO, 5.500%, 07/01/09
660,000 Phoenix, Arizona Street & Highway User, Rev., 6.750%, 699,600
07/01/99
-------------
3,778,350
-------------
CALIFORNIA -- 2.7%
--------------------------------------------------------
660,000 California State, GO, 6.500%, 11/01/06 745,800
5,000,000 Los Angeles County, California Public Works Financing 5,368,750
Authority, Regional Park & Open Space District,
Rev., 6.000%, 10/01/08
660,000 Los Angeles, California, Ser. A, GO, 5.800% , 09/01/07 701,250
5,000,000 Sacramento, California Municipal Utility District, 5,168,750
Electric, Ser. H, Rev., 5.750%, 01/01/10
4,920,000 San Francisco, California Bay Area Rapid Transit 5,055,300
District, Rev., 5.550%, 07/01/09
-------------
17,039,850
-------------
COLORADO -- 0.8%
--------------------------------------------------------
660,000 Boulder Valley, Colorado School District No. Re 2 701,250
Boulder, Ser. A, GO, 5.750%, 12/01/05
4,000,000 Eagle Garfield & Routt Counties Colorado School 4,275,000
District No. Re 50J, GO, 6.125%, 12/01/09
-------------
4,976,250
-------------
CONNECTICUT -- 3.4%
--------------------------------------------------------
Connecticut State,
660,000 GO, 6.800%, 08/01/00 699,600
1,000,000 Ser. B, GO, 6.750%, 07/15/03 1,093,750
1,320,000 Housing Finance Authority, Housing Mortgage 1,362,900
Financing Program, Ser. B4-Sub. B4, Rev., 6.800%,
11/15/98
Special Tax Obligation, Transportation Infrastructure,
3,730,000 Ser. A, Rev., 5.375%, 09/01/08 3,855,888
4,735,000 Ser. A, Rev., 5.400%, 06/01/09 4,817,863
1,050,000 Ser. B, Rev., 6.000%, 10/01/04 1,139,250
7,000,000 Ser. C, Rev., 6.250%, 10/01/03 7,673,750
660,000 Ser. C, Rev., 6.700%, 12/01/01 715,275
-------------
21,358,276
-------------
</TABLE>
See notes to financial statements.
19
<PAGE> 22
VISTA SELECT INTERMEDIATE TAX FREE INCOME FUND
PORTFOLIO OF INVESTMENTS February 28, 1997 (unaudited) (continued)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
- ----------------------------------------------------------------------------------------
LONG-TERM MUNICIPAL BONDS -- (CONTINUED)
- ----------------------------------------------------------------------------------------
<C> <S> <C>
DELAWARE -- 0.4 %
--------------------------------------------------------
Delaware Transportation Authority, Transportation
System,
$ 860,000 Rev., 5.625%, 07/01/05 $ 903,000
660,000 Rev., 6.750%, 07/01/98 683,100
990,000 New Castle County, Delaware, GO, 5.400%, 10/01/06 1,023,413
-------------
2,609,513
-------------
FLORIDA -- 5.0%
--------------------------------------------------------
Dade County Florida Aviation,
2,545,000 Ser. A, Rev., 6.000%, 10/01/09 2,723,150
2,000,000 Ser. B, Rev., 6.400%, 10/01/06 2,222,500
2,620,000 Ser. E, Rev., 6.000%, 10/01/09 2,852,525
660,000 Florida School Boards Association Inc., Orange County 691,350
School Board Project, Rev., 6.250%, 07/01/05
Florida State,
2,000,000 Department of Corrections COP, Okeechobee 2,152,500
Correctional, 6.000%, 03/01/08
2,675,000 Broward County Expressway Authority, Ser. A, GO, 2,723,418
6.500%, 07/01/03
Div. Board, Financial Department of General
Services, Department of Environmental Preservation
2000, Ser. A,
5,000,000 Rev., 5.250%, 07/01/07 5,137,500
8,000,000 Rev., 5.250%, 07/01/09 8,090,000
4,475,000 Rev., 5.700%, 07/01/09 4,665,188
-------------
31,258,131
-------------
GEORGIA -- 3.4%
--------------------------------------------------------
Georgia State,
6,000,000 GO, 6.000%, 09/01/07 6,562,500
660,000 Ser. A, GO, 6.000%, 03/01/04 716,100
5,000,000 Ser. F, GO, 6.500%, 12/01/07 5,687,500
2,285,000 Gwinnett County, Georgia, Recreational Authority, 2,427,813
Rev., 5.800%, 02/01/06
5,000,000 Municipal Electric Authority, Georgia, Special 5,800,000
Obligation, Sixth Crossover Project #1, Rev.,
7.000%, 01/01/08
-------------
21,193,913
-------------
</TABLE>
See notes to financial statements.
20
<PAGE> 23
VISTA SELECT INTERMEDIATE TAX FREE INCOME FUND
PORTFOLIO OF INVESTMENTS February 28, 1997 (unaudited) (continued)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
- ----------------------------------------------------------------------------------------
LONG-TERM MUNICIPAL BONDS -- (CONTINUED)
- ----------------------------------------------------------------------------------------
<C> <S> <C>
HAWAII -- 1.1%
--------------------------------------------------------
$ 660,000 Hawaii County, Hawaii, Ser. A, GO, 5.200%, 05/01/04 $ 679,800
660,000 Hawaii State, Ser. BP, GO, 5.750%, 08/01/08 669,075
Honolulu, Hawaii, City & County, Ser. A,
2,000,000 GO, 7.350%, 07/01/06 2,365,000
2,500,000 GO, 7.300%, 07/01/03 2,859,375
-------------
6,573,250
-------------
ILLINOIS -- 1.7%
--------------------------------------------------------
1,500,000 Chicago, Illinois, Metropolitan Water Reclamation 1,741,875
District, Greater Chicago Capital Improvement Bonds,
GO, 7.000%, 01/01/08
6,055,000 Chicago, Illinois, O'Hare International Airport, 6,213,944
Passenger Facilities Charge, Ser. A, Rev., 5.375%,
01/01/07
Illinois State,
1,320,000 5.500%, 08/01/06 1,366,200
660,000 6.400%, 08/01/01 699,600
790,000 Kane County, Illinois Community United School District 864,063
No. 304, Geneva, GO, 6.100%, 06/01/06
-------------
10,885,682
-------------
INDIANA -- 0.5%
--------------------------------------------------------
3,000,000 Indianapolis, Indiana, Local Public Improvement Bond, 3,352,500
Ser. A, Rev., 6.500%, 01/01/11 -------------
KANSAS -- 0.8%
--------------------------------------------------------
5,000,000 Kansas City, Kansas, Ser. B, GO, 5.625%, 09/01/09 5,193,750
-------------
KENTUCKY -- 0.7%
--------------------------------------------------------
3,000,000 Kentucky State Turnpike Authority, Economic 3,397,500
Development, Revitalization Projects, Rev., 6.500%,
07/01/08
860,000 Owensboro Kentucky, Electric Light & Power, Rev., 1,028,775
10.500%, 01/01/04
-------------
4,426,275
-------------
LOUISIANA -- 0.2%
--------------------------------------------------------
1,275,000 Louisiana Public Facilities Authority, Prerefunded, 1,383,375
Tulane University, Ser. A-1, Rev., 6.000%, 02/15/07 -------------
</TABLE>
See notes to financial statements.
21
<PAGE> 24
VISTA SELECT INTERMEDIATE TAX FREE INCOME FUND
PORTFOLIO OF INVESTMENTS February 28, 1997 (unaudited) (continued)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
- ----------------------------------------------------------------------------------------
LONG-TERM MUNICIPAL BONDS -- (CONTINUED)
- ----------------------------------------------------------------------------------------
<C> <S> <C>
MARYLAND -- 3.7%
--------------------------------------------------------
Anne Arundel County, Maryland,
$ 2,510,000 Consolidate General Improvement, GO, 6.000%, $ 2,720,213
08/01/08
2,510,000 Consolidate General Improvement, GO, 6.000% , 2,739,038
08/01/07
1,470,000 Ser. B, GO, 6.800%, 06/01/04 1,550,850
1,320,000 Maryland State Department of Transportation, Second 1,342,717
Issue, Rev., 6.300%, 11/01/97
Maryland State Stadium Authority, Lease, Convention
Center Expansion,
3,335,000 Rev., 5.750%, 12/15/08 3,505,919
3,535,000 Rev., 5.800%, 12/15/09 3,702,913
Maryland State,
660,000 First Ser., GO, 6.800%, 03/01/03 704,550
2,390,000 Fourth Ser. -- AL, GO, 7.000%, 10/15/02 2,617,050
660,000 Montgomery County, Maryland, Consolidated Public 700,425
Improvement, Ser. A, GO, 5.500%, 10/01/03
3,155,000 University of Maryland, Systems Auxiliary Facility & 3,214,156
Tuition, Ser. A, Rev., 5.600%, 04/01/11
-------------
22,797,831
-------------
MASSACHUSETTS -- 6.5%
--------------------------------------------------------
5,000,000 Chelsea, Massachusetts, School Project Loan Act 1948, 5,281,250
GO, 5.900%, 06/15/08
11,360,000 Massachusetts Bay Transportation Authority, General 11,658,200
Transportation Systems, Ser. A, Rev., 5.400%,
03/01/08
Massachusetts State,
3,000,000 Ser. A, GO, 6.000%, 07/01/05 3,243,750
3,165,000 Ser. B, GO, 5.800%, 08/01/09 3,307,425
5,000,000 Ser. C, GO, 6.000%, 08/01/09 5,393,750
3,600,000 Consolidated Loan, Ser. C, GO, 6.700%, 11/01/09 4,036,500
3,000,000 Housing Finance Agency, Residential Development, 3,217,500
FNMA Collection, Ser. C, Rev., 6.450%, 05/15/04
1,320,000 Water Research Authority, Ser. A, Rev., 5.700%, 1,384,350
08/01/08
Southeastern Massachusetts University Building
Authority Project, Ser. A,
1,000,000 Rev., 5.900%, 05/01/10 1,043,750
1,980,000 Rev., 5.900%, 05/01/09 2,081,475
-------------
40,647,950
-------------
</TABLE>
See notes to financial statements.
22
<PAGE> 25
VISTA SELECT INTERMEDIATE TAX FREE INCOME FUND
PORTFOLIO OF INVESTMENTS February 28, 1997 (unaudited) (continued)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
- ----------------------------------------------------------------------------------------
LONG-TERM MUNICIPAL BONDS -- (CONTINUED)
- ----------------------------------------------------------------------------------------
<C> <S> <C>
MICHIGAN -- 0.8%
--------------------------------------------------------
$ 3,565,000 Michigan State Underground Storage Tank Final $ 3,712,056
Assurance Authority, Ser. I, Rev., 5.750%, 05/01/10
1,000,000 Pontiac Michigan General Building Authority, GO, 1,086,250
6.875%, 04/01/06
-------------
4,798,306
-------------
MINNESOTA -- 3.6%
--------------------------------------------------------
990,000 Metropolitan Council, Minnesota, Minneapolis-St. Paul 1,056,825
Metropolitan Area, Ser. D, GO, 6.600%, 09/01/04
Minnesota State,
8,100,000 GO, 5.400%, 05/01/09 8,262,000
5,230,000 GO, 6.000%, 11/01/06 5,726,850
5,000,000 GO, 6.000%, 08/01/06 5,368,750
2,000,000 Northern Municipal Power Agency, Minnesota Electric 2,112,500
Systems, Ser. A, Rev., 5.800%, 01/01/06
-------------
22,526,925
-------------
MISSISSIPPI -- 0.5%
--------------------------------------------------------
Mississippi State,
2,500,000 GO, 6.500%, 09/01/05 2,815,625
-------------
MONTANA -- 0.5%
--------------------------------------------------------
3,000,000 Montana State Board Investment, Payroll Tax, Workers 3,322,500
Compensation Project, Rev., 6.500%, 06/01/03 -------------
NEBRASKA -- 2.4%
--------------------------------------------------------
Omaha Public Power District, Nebraska Electric,
2,500,000 Ser. A, Rev., 6.250%, 02/01/06 2,721,875
660,000 Ser. A, Rev., 6.300%, 02/01/07 719,400
11,000,000 Ser. C, Rev., 5.400%, 02/01/08 11,412,500
-------------
14,853,775
-------------
NEVADA -- 1.2%
--------------------------------------------------------
2,670,000 Clark County, Nevada School District, Ser. A, GO, 2,808,066
7.300%, 03/01/99
Nevada State,
1,000,000 Debenture 6.750%, 07/01/03 1,066,250
1,660,000 Municipal Bond Book Project, No 20-23-A, GO, 7.000%, 1,696,238
07/01/00
1,000,000 Municipal Bond Book Project, No 20-23-A, GO, 7.200%, 1,021,830
07/01/02
1,000,000 Municipal Bond Book, GO, 7.200%, 11/01/04 1,110,000
-------------
7,702,384
-------------
</TABLE>
See notes to financial statements.
23
<PAGE> 26
VISTA SELECT INTERMEDIATE TAX FREE INCOME FUND
PORTFOLIO OF INVESTMENTS February 28, 1997 (unaudited) (continued)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
- ----------------------------------------------------------------------------------------
LONG-TERM MUNICIPAL BONDS -- (CONTINUED)
- ----------------------------------------------------------------------------------------
<C> <S> <C>
NEW HAMPSHIRE -- 2.0%
--------------------------------------------------------
New Hampshire Municipal Bond Bank,
$ 1,195,000 Ser. A, Rev., 7.100%, 07/15/99 $ 1,263,713
1,390,000 Ser. A, Rev., 7.300%, 07/15/01 1,480,350
3,750,000 Ser. C, Rev., 5.625%, 08/15/07 3,937,500
1,250,000 Ser. C, REV 5.750%, 08/15/11 1,281,250
4,535,000 Ser. C, Rev., 5.750%, 08/15/10 4,688,056
-------------
12,650,869
-------------
NEW JERSEY -- 10.5%
--------------------------------------------------------
2,000,000 Atlantic City, New Jersey, GO, 7.050%, 01/01/01 2,182,500
3,245,000 Elizabeth, New Jersey, General Improvement, GO, 3,557,331
6.250%, 08/15/08
New Jersey Economic Development Authority, Market
Transition Facility, Sr. Lien, Ser. A,
955,000 Rev., 5.800%, 07/01/08 1,003,944
8,800,000 Rev., 5.800%, 07/01/09 9,185,000
4,000,000 New Jersey State Highway Authority, Garden State 4,005,000
Parkway General, Sr. Parkway, Rev., 5.200%, 01/01/09
New Jersey State Transportation Trust Fund,
Transportation Systems,
5,000,000 Ser. A, Rev., 6.500%, 06/15/05 5,593,750
7,000,000 Ser. B, Rev., 5.500%, 06/15/09 7,183,750
5,000,000 Ser. B, Rev., 6.250%, 06/15/03 5,450,000
New Jersey State Turnpike Authority,
1,000,000 Rev., 10.375%, 01/01/03 1,191,250
2,965,000 Ser. C, Rev., 6.500%, 01/01/08 3,346,744
1,090,000 New Jersey State, Governmental, GO, 6.000%, 08/01/05 1,174,475
New Jersey Wastewater Treatment Trust, Insured,
4,955,000 Ser. A, Rev., 7.000%, 05/15/06 5,729,890
3,120,000 Ser. A, Rev., 7.000%, 05/15/09 3,662,100
2,910,000 Ser. A, Rev., 7.000%, 05/15/08 3,411,975
5,520,000 Ser. C, Rev., 6.875%, 06/15/07 6,382,500
2,000,000 Trenton, New Jersey, GO, 6.250%, 08/15/03 2,195,000
-------------
65,255,209
-------------
NEW MEXICO -- 0.4%
--------------------------------------------------------
2,075,000 Gallup, New Mexico, PCR, Plains Electric Generation, 2,256,562
Rev., 6.400%, 08/15/05 -------------
</TABLE>
See notes to financial statements.
24
<PAGE> 27
VISTA SELECT INTERMEDIATE TAX FREE INCOME FUND
PORTFOLIO OF INVESTMENTS February 28, 1997 (unaudited) (continued)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
- ----------------------------------------------------------------------------------------
LONG-TERM MUNICIPAL BONDS -- (CONTINUED)
- ----------------------------------------------------------------------------------------
<C> <S> <C>
NEW YORK -- 16.1%
--------------------------------------------------------
Metropolitan Transportation Authority of New York,
$ 2,500,000 Commuter Facilities, Ser. A, Rev., 6.100%, 07/01/08 $ 2,759,375
4,000,000 Transportation Facilities, Ser. J, Rev., 6.375%, 4,290,000
07/01/10
5,000,000 Transportation Facilities, Ser. K, Rev., 6.250%, 5,531,250
07/01/05
Municipal Assistance Corp. for City of New York, New
York,
1,000,000 Ser. 62, Rev., 6.900%, 07/01/07 1,028,710
2,000,000 Ser. 65, Rev., 7.000%, 07/01/00 2,107,500
2,125,000 Ser. 68, Rev., 7.300%, 07/01/08 2,297,656
5,000,000 Ser. I, Rev., 6.250%, 07/01/07 5,495,900
1,000,000 TAN, 7.750%, 07/01/06 1,031,400
Nassau County, New York, Combined Sewer Districts,
Ser. A,
1,130,000 GO, 6.700%, 07/01/05 1,252,887
1,125,000 GO, 6.750%, 07/01/06 1,248,750
2,260,000 Nassau County, New York, IDA, Civic Facilities, 2,466,225
Hofstra University Project, Rev., 6.600%, 08/01/05
3,500,000 New York City, New York, Housing Development Corp., 3,998,750
Growth & Income Secured Residential, Rev., 9.750%,
10/01/10
New York State Dormitory Authority,
1,215,000 Pooled Capital Program, Rev., 7.800%, 12/01/05 1,292,456
3,750,000 State University Educational Facilities, Ser. B, 3,862,500
Rev., 5.375%, 05/15/07
3,455,000 State University Education, Ser. A, Rev., 6.250%, 3,727,081
05/15/09
1,000,000 State University Education, Ser. A, Rev., 7.000%, 1,071,250
05/15/03
1,095,000 State University Educational Facilities, Ser. R, 1,167,544
Rev., 7.400%, 07/01/06
690,000 Unrefunded Balance, State University Educational 735,712
Facilities, Ser. A, Rev., 7.000%, 05/15/02
165,000 Unrefunded Balance, State University Educational 175,519
Facilities, Ser. A, Rev., 7.000%, 05/15/03
205,000 Unrefunded Balance, State University Educational 217,556
Facilities, Ser. A, Rev., 7.000%, 05/15/04
2,000,000 St. John University, Rev., 6.700%, 07/01/04 2,200,000
New York State Environmental Facilities Corp., PCR,
State Water Revolving Fund,
6,000,000 New York City Municipal, Ser. A, Rev., 5.750%, 6,405,000
06/15/08
</TABLE>
See notes to financial statements.
25
<PAGE> 28
VISTA SELECT INTERMEDIATE TAX FREE INCOME FUND
PORTFOLIO OF INVESTMENTS February 28, 1997 (unaudited) (continued)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
- -----------------------------------------------------------------------------------------
LONG-TERM MUNICIPAL BONDS -- (CONTINUED)
- -----------------------------------------------------------------------------------------
<C> <S> <C>
New York City Municipal,
$ 1,000,000 Ser. A, Rev., 6.900% , 06/15/02 $ 1,098,750
1,000,000 Ser. A, Rev., 7.250%, 06/15/00 1,090,000
2,000,000 Ser. B, Rev., 6.700%, 09/15/04 2,172,500
1,200,000 Ser. D, Rev., 6.550%, 03/15/08 1,296,000
2,000,000 Ser. E, Rev., 6.300%, 06/15/02 2,175,000
5,000,000 New York State Housing Finance Agency, Housing Project 5,093,750
Mortgage, Ser. A, Rev., 5.400%, 11/01/05
New York State Local Assistance Corp.,
2,500,000 Ser. C, Rev., 6.700%, 04/01/04 2,721,875
660,000 Ser. A, Rev., 5.700%, 04/01/08 684,750
350,000 New York State Medical Care Facilities Financing 375,375
Agency, Unrefunded Balance, Rev., 7.375%, 08/15/03
975,000 New York State Mortgage Agency, Homeowner Mortgage, 1,014,000
Ser. EE-3, Rev., 7.700%, 10/01/10
1,090,000 New York State Power Authority, General Purpose, Ser. 1,178,562
C, Rev., 9.500%, 01/01/01
New York State Thruway Authority, Highway & Bridge
Trust Fund,
1,320,000 Ser. A, Rev., 5.300%, 04/01/07 1,351,350
4,000,000 Ser. A, Rev., 5.600%, 04/01/07 4,175,000
5,700,000 Ser. B, Rev., 6.000%, 04/01/08 6,077,625
New York State, Ser. B,
6,000,000 GO, 5.600%, 08/15/07 6,217,500
6,585,000 GO, 5.700%, 08/15/10 6,716,700
1,500,000 Port Authority, New York & New Jersey, Consolidated 1,524,375
Bonds, 102nd Ser., Rev., 5.500%, 10/15/10
990,000 Westchester County, New York, IDA, Resource Recovery, 1,032,075
Resco Co. Project, Ser. A, Rev., 5.600%, 07/01/07
-------------
100,358,208
-------------
OHIO -- 5.1%
--------------------------------------------------------
2,000,000 Columbus, Ohio, Ser. 1, GO, 6.800%, 09/15/04 2,200,000
4,000,000 Montgomery County, Ohio, Solid Waste, Rev., 5.500%, 4,080,000
11/01/10
3,360,000 Ohio State Building Authority, Adult Correctional, 3,519,600
Ser. A, Rev., 5.750%, 10/01/08
Ohio State Higher Educational Facility Commission,
2,255,000 Ser. A, Rev., 6.500%, 05/01/01 2,308,646
1,435,000 Ser. B, Rev., 6.400%, 05/01/00 1,469,038
1,320,000 Bonds, Ser. 11-1990-A, Rev., 6.700%, 05/01/02 1,432,200
5,365,000 Ohio State Infrastructure Improvement, GO, 5.250%, 5,552,775
08/01/05
</TABLE>
See notes to financial statements.
26
<PAGE> 29
VISTA SELECT INTERMEDIATE TAX FREE INCOME FUND
PORTFOLIO OF INVESTMENTS February 28, 1997 (unaudited) (continued)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
- ----------------------------------------------------------------------------------------
LONG-TERM MUNICIPAL BONDS -- (CONTINUED)
- ----------------------------------------------------------------------------------------
<C> <S> <C>
$ 1,370,000 Ohio State Public Facilities Commission, Mental $ 1,406,072
Health, Ser. A, Rev., 7.200%, 12/01/00
6,000,000 Ohio State Turnpike Commission, Ser. A, Rev., 5.400%, 6,120,000
02/15/09
2,500,000 Ohio State Water Development Authority, Safe Water 2,715,625
Ser., Rev., 6.000%, 06/01/07
660,000 Olentangy Local School District, Ohio, Ser. A, GO, 707,025
5.850%, 12/01/07
-------------
31,510,981
-------------
OREGON -- 1.4%
--------------------------------------------------------
5,000,000 Portland, Oregon, Sewer Systems, Ser. A, Rev., 5.850%, 5,300,000
06/01/07
3,500,000 Washington County, Oregon School District, No. 003, 3,745,000
Hillsboro, GO, 6.000%, 11/01/08
-------------
9,045,000
-------------
PENNSYLVANIA -- 1.6%
--------------------------------------------------------
2,625,000 Pennsylvania Convention Center Authority, Ser. A, 2,818,594
Rev., 6.600%, 09/01/00
Pennsylvania State,
2,000,000 1st Ser. A, GO, 6.600%, 01/01/01 2,155,000
5,000,000 1st Ser., GO, 5.375%, 05/15/09 5,087,500
-------------
10,061,094
-------------
PUERTO RICO -- 4.4%
--------------------------------------------------------
Puerto Rico Commonwealth,
5,500,000 GO, 5.500%, 07/01/09 5,706,250
10,000,000 GO, 5.500%, 07/01/08 10,437,500
4,045,000 Un-refunded Balance, 95, GO, 7.125%, 07/01/02 4,161,739
5,000,000 Puerto Rico Electric Power Authority, Ser. M, Rev., 5,206,250
6.900%, 07/01/98
1,930,000 Puerto Rico Industrial Medical & Environmental PCFA, 1,944,185
Renasa Inc., Squibb Corp. Project, (AFICA) , Rev.,
6.500%, 07/01/04
-------------
27,455,924
-------------
RHODE ISLAND -- 0.9%
--------------------------------------------------------
5,000,000 Rhode Island State, Ser. A, GO, 6.100%, 06/15/03 5,406,250
-------------
SOUTH CAROLINA -- 0.3%
--------------------------------------------------------
South Carolina State,
990,000 Ser. U-Sub. Ser. U-A, GO, 6.800%, 02/01/04 1,038,015
660,000 Ser. W, GO, 6.300%, 05/01/04 710,325
-------------
1,748,340
-------------
</TABLE>
See notes to financial statements.
27
<PAGE> 30
VISTA SELECT INTERMEDIATE TAX FREE INCOME FUND
PORTFOLIO OF INVESTMENTS February 28, 1997 (unaudited) (continued)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
- ----------------------------------------------------------------------------------------
LONG-TERM MUNICIPAL BONDS -- (CONTINUED)
- ----------------------------------------------------------------------------------------
<C> <S> <C>
TENNESSEE -- 0.8%
--------------------------------------------------------
Memphis, Tennessee,
$ 2,170,000 Ser. A, GO, 6.400%, 07/01/04 $ 2,273,075
2,025,000 Water, Rev., 6.900%, 01/01/02 2,138,906
660,000 Shelby County, Tennessee, School Bonds, GO, 5.625%, 684,750
03/01/07
-------------
5,096,731
-------------
TEXAS -- 4.9%
--------------------------------------------------------
660,000 Arlington, Texas, Independent School District, School 689,425
Building & Referendum, Prerefunded, GO, 7.000%,
08/15/98
5,775,000 Austin, Texas Independent School District, GO, 5.625%, 5,948,250
08/01/10
5,000,000 Houston, Texas Water & Sewer Systems, Rev., 6.400%, 5,418,750
12/01/09
7,665,000 Texas A&M University, Financing Systems, Rev., 6.000%, 8,268,619
05/15/04
660,000 Texas State, Public Financing Authority, GO, 6.500%, 706,200
10/01/05
7,500,000 Texas State, Ser. A, GO, 6.000%, 10/01/09 8,231,250
1,320,000 Texas Water Development Board, State Revolving Fund, 1,428,900
Sr. Lien, Rev., 6.200%, 07/15/05
-------------
30,691,394
-------------
VERMONT -- 3.1%
--------------------------------------------------------
4,100,000 Burlington, Vermont, Electric, Ser. A, Rev., 6.375%, 4,586,875
07/01/09
Vermont Municipal Bond Book, Ser. 1,
3,000,000 Rev., 5.300%, 12/01/06 3,093,750
3,475,000 Rev., 5.400%, 12/01/07 3,592,281
Vermont State, Ser. A,
3,510,000 GO, 6.400%, 01/15/08 3,882,937
3,510,000 GO, 6.500%, 01/15/09 3,891,712
-------------
19,047,555
-------------
VIRGINIA -- 1.0%
--------------------------------------------------------
5,515,000 Chesapeake Bay Bridge & Tunnel Commonwealth of 5,818,325
Virginia, General Resolution, Rev., 5.750%, 07/01/08
660,000 Norfolk, Virginia, GO, 6.750%, 10/01/00 702,075
-------------
6,520,400
-------------
</TABLE>
See notes to financial statements.
28
<PAGE> 31
VISTA SELECT INTERMEDIATE TAX FREE INCOME FUND
PORTFOLIO OF INVESTMENTS February 28, 1997 (unaudited) (continued)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
- ----------------------------------------------------------------------------------------
LONG-TERM MUNICIPAL BONDS -- (CONTINUED)
- ----------------------------------------------------------------------------------------
<S> <C> <C>
WASHINGTON -- 1.2%
--------------------------------------------------------
Washington State, Ser. C,
$ 3,090,000 GO, 6.500%, 01/01/03 $ 3,395,137
3,800,000 GO, 6.500%, 01/01/04 4,208,500
-------------
7,603,637
-------------
WISCONSIN -- 1.5%
--------------------------------------------------------
Wisconsin State,
3,625,000 Clean Water, Ser. 1, Rev., 6.000%, 06/01/06 3,942,187
660,000 Ser. A, GO, 5.000%, 11/01/00 677,325
3,145,000 Ser. B, GO, 7.000%, 05/01/04 3,589,231
990,000 Ser. E, GO, 6.550%, 05/01/00 1,030,838
-------------
9,239,581
- ----------------------------------------------------------------------------------------
TOTAL LONG-TERM MUNICIPAL BONDS 599,533,521
(COST $568,309,358)
- ----------------------------------------------------------------------------------------
SHORT-TERM INVESTMENTS -- 3.8%
- ----------------------------------------------------------------------------------------
23,705,000 Provident Municipal Money Market Fund, 3.174%, 03/03/97 23,705,000
(Cost $23,705,000)
========================================================================================
TOTAL INVESTMENTS -- 99.8% $ 623,238,521
(COST $592,014,358)
- ----------------------------------------------------------------------------------------
</TABLE>
See notes to financial statements.
29
<PAGE> 32
VISTA SELECT NEW YORK TAX FREE INCOME FUND
PORTFOLIO OF INVESTMENTS February 28, 1997 (unaudited)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
- ----------------------------------------------------------------------------------------
LONG-TERM MUNICIPAL BONDS -- 96.3%
- ----------------------------------------------------------------------------------------
<S> <C> <C>
GENERAL OBLIGATIONS -- 25.3%
--------------------------------------------------------
$ 1,150,000 Broome County, New York, 7.125%, 03/01/99 $ 1,210,375
Erie County, New York,
885,000 Public Improvement, 6.000%, 01/15/05 948,056
855,000 Ser. B, 6.000%, 03/15/06 913,781
1,500,000 Manhasset, New York, UFSD, 7.300%, 01/01/98 1,542,720
Monroe County, New York, Public Improvement,
3,770,000 Partially Prerefunded, 6.000%, 03/01/01 3,991,487
730,000 Prerefunded 1995, 6.000%, 03/01/01 773,800
1,230,000 Ser. A, 6.000%, 03/01/12 1,317,637
1,000,000 Ser. A, 6.000%, 03/01/18 1,060,000
1,000,000 Ser. A, 6.000%, 03/01/19 1,062,500
2,000,000 Nassau County, New York, General Improvements, Ser. Q, 1,947,500
5.200%, 08/01/12
New York City, New York,
150,000 Escrowed to Maturity, Ser. H, 6.875%, 02/01/02 165,937
2,275,000 Prerefunded, Ser. A, 8.000%, 08/15/18 2,630,469
1,500,000 Ser. A, 6.100%, 08/01/02 1,573,125
4,000,000 Ser. A, 6.250%, 08/01/08 4,170,000
1,500,000 Ser. A, 6.375%, 08/01/05 1,580,625
1,000,000 Ser. D, 7.650%, 02/01/06 1,117,500
2,500,000 Ser. E, 6.000%, 08/01/07 2,687,500
1,935,000 Ser. E, 7.000%, 02/01/99 2,024,494
1,445,000 Ser. F, 8.250%, 11/15/02 1,661,750
500,000 Ser. H, 7.000%, 02/01/06 538,750
1,000,000 Ser. H, 7.100%, 02/01/12 1,075,000
25,000 Unrefunded Balance, Ser. A, 8.000%, 08/15/18 28,313
850,000 Unrefunded Balance, Ser. H, 6.875%, 02/01/02 916,937
New York State,
1,000,000 Unrefunded, Ser. A, 7.100%, 03/01/05 1,112,500
3,000,000 Special Bonds, 7.000%, 11/15/03 3,318,750
1,500,000 Special Bonds, 7.100%, 11/15/04 1,665,000
1,000,000 Special Bonds, 7.125%, 11/15/06 1,111,250
1,770,000 Oyster Bay, New York, 5.000%, 02/15/04 1,798,762
Puerto Rico Commonwealth,
2,300,000 6.500%, 07/01/13 2,576,000
1,960,000 6.900%, 07/01/00 2,129,050
</TABLE>
See notes to financial statements.
30
<PAGE> 33
VISTA SELECT NEW YORK TAX FREE INCOME FUND
PORTFOLIO OF INVESTMENTS February 28, 1997 (unaudited) (continued)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
- ----------------------------------------------------------------------------------------
LONG-TERM MUNICIPAL BONDS -- (CONTINUED)
- ----------------------------------------------------------------------------------------
<S> <C> <C>
Rochester, New York, Ser. A,
$ 1,110,000 4.500%, 09/15/05 $ 1,087,800
1,180,000 4.500%, 09/15/06 1,144,600
1,170,000 4.500%, 09/15/07 1,123,200
1,050,000 4.500%, 09/15/08 992,250
480,000 4.625%, 09/15/09 453,000
1,065,000 Sullivan County, New York, Public Improvement, 1,057,012
5.000%, 03/15/08
TOTAL GENERAL OBLIGATIONS (COST $52,172,365) 54,507,430
REVENUE BONDS -- 70.8%
--------------------------------------------------------
2,000,000 Battery Park City Authority, New York, Ser. A, 5.500%, 1,957,500
11/01/26
1,250,000 Dutchess County, New York Resource Recovery Agency, 1,356,250
Solid Waste Management, Ser. A, 7.500%, 01/01/09
2,000,000 Erie County, New York Water Authority Improvement & 2,075,000
Extension, 5.750%, 12/01/08
Metropolitan Transportation Authority of New York,
500,000 Commuter Facilities, Ser. B, 6.100%, 07/01/09 550,000
1,500,000 Service Contract, Commuter Facilities, Ser. O, 1,522,500
5.100%, 07/01/00
Municipal Assistance Corp. for City of New York, New
York,
500,000 Ser. 68, 7.300%, 07/01/08 540,625
2,400,000 Ser. E, 6.000%, 07/01/05 2,601,000
6,500,000 Ser. G, 6.000%, 07/01/08 7,052,500
New York City, New York,
440,000 Transportation Authority, Facilities, Livingston 443,850
Plaza Project, 4.900%, 01/01/04
1,750,000 Trust Cultural Resources, Museum of Modern Art, Ser. 1,734,688
A, 5.400%, 01/01/12
1,000,000 IDA, Civil Facilities, New School for Social 1,003,750
Research, Ser. A, 5.750%, 09/01/15
New York City, New York, Municipal Water Financing
Authority Water & Sewer Systems,
505,000 Prerefunded, Ser. A, 7.000%, 06/15/09 561,181
495,000 Unrefunded Balance, Ser. A, 7.000%, 06/15/09 542,644
10,000,000 Ser. A, 5.500%, 06/15/24 9,562,500
New York State,
1,000,000 2.750%, 07/01/04 862,500
600,000 7.500%, 11/15/00 657,750
3,340,000 New York State Bridge Authority, 6.000%, 01/01/06 3,619,725
</TABLE>
See notes to financial statements.
31
<PAGE> 34
VISTA SELECT NEW YORK TAX FREE INCOME FUND
PORTFOLIO OF INVESTMENTS February 28, 1997 (unaudited) (continued)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
- ----------------------------------------------------------------------------------------
LONG-TERM MUNICIPAL BONDS -- (CONTINUED)
- ----------------------------------------------------------------------------------------
<S> <C> <C>
New York State, Dormitory Authority, City University
System Consolidation,
$ 2,000,000 Ser. B, 5.750%, 07/01/07 $ 2,127,500
5,590,000 Ser. D, 7.000%, 07/01/09 6,425,412
2,000,000 3rd Generation, Ser. 1, 5.250%, 07/01/08 2,015,000
New York State, Dormitory Authority,
1,545,000 City University System, Ser. D, 5.750%, 07/01/06 1,587,488
1,000,000 Fordham University, 7.200%, 07/01/07 1,095,000
2,750,000 New York University, 6.375%, 07/01/07 2,952,813
1,000,000 Vassar College, 7.100%, 07/01/04 1,105,000
1,000,000 Vassar College, 7.125%, 07/01/10 1,105,000
New York State Dormitory Authority, State University
Educational Facilities,
2,380,000 Ser. A, 5.500%, 05/15/06 2,493,050
3,500,000 Ser. A, 5.500%, 05/15/10 3,478,125
5,000,000 Ser. A, 5.500%, 05/15/26 4,712,500
1,250,000 Ser. A, 7.300%, 05/15/00 1,340,625
10,000,000 Ser. B, 5.250%, 05/15/11 9,650,000
2,000,000 Ser. C, 7.375%, 05/15/10 2,327,500
5,000,000 New York State Energy Research & Development 5,450,000
Authority, PCR, New York State Electric & Gas Corp.,
Ser. E, 5.900%, 12/01/06
5,000,000 New York State Environmental Facilities, 7.250%, 5,562,500
06/15/10
New York State Housing Finance Agency,
2,110,000 Health Facilities, Monroe County, Ser. A, 7.625%, 2,265,613
05/01/05
835,000 Pre-Refunded, 8.000%, 11/01/08 952,944
650,000 Service, Contract Obligation, Ser. A, 7.375%, 745,063
09/15/21
2,000,000 State University Construction, Ser. A, 7.150%, 2,011,500
05/01/97
1,500,000 State University Construction, Ser. A, 7.900%, 1,779,375
11/01/06
1,550,000 State University Construction, Ser. A, 8.000%, 1,914,250
05/01/11
165,000 Unrefunded Balance, 8.000%, 11/01/08 183,563
2,000,000 New York State Local Government Assistance Corp., Ser. 2,142,500
A, 6.000%, 04/01/07
New York State Medical Care Facilities Financing
Agency,
1,500,000 FHA Insured Mortgage Project A, 5.400%, 08/15/04 1,558,125
780,000 FHA Insured Mortgage Project, 1995, Ser. C, 5.400%, 796,575
08/15/05
3,335,000 Insured Mortgage Rev., 8.000%, 02/15/08 3,536,034
245,000 Prerefunded Balance, 7.700%, 08/15/03 275,931
280,000 Unrefunded Balance, 7.700%, 08/15/03 307,300
</TABLE>
See notes to financial statements.
32
<PAGE> 35
VISTA SELECT NEW YORK TAX FREE INCOME FUND
PORTFOLIO OF INVESTMENTS February 28, 1997 (unaudited) (continued)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
- ----------------------------------------------------------------------------------------
LONG-TERM MUNICIPAL BONDS -- (CONTINUED)
- ----------------------------------------------------------------------------------------
<S> <C> <C>
$ 340,000 New York State Mortgage Agency (FHA insured), 8.000%, $ 354,875
10/01/17
New York State Power Authority,
3,700,000 General Purpose, Ser. CC, 5.000%, 01/01/14 3,468,750
1,000,000 Ser. V, 7.600%, 01/01/03 1,044,180
1,550,000 New York State Thruway Authority, Service Contract, 1,594,563
Local Highways & Bridges, 5.800%, 04/01/00
5,000,000 New York State Urban Development Corp., Correctional 5,231,250
Capital Facilities, 5.625%, 01/01/07
5,000,000 Puerto Rico Commonwealth, Aqueduct & Sewer Authority, 5,368,750
Ser. A, 7.900%, 07/01/07
Puerto Rico Commonwealth, Highway & Transportation
Authority,
5,635,000 Ser. Y, 5.250%, 07/01/00 5,782,919
2,105,000 Ser. Z, 6.250%, 07/01/07 2,339,181
1,800,000 Puerto Rico Electric Power Authority, Ser. X, 6.000%, 1,867,500
07/01/11
2,000,000 Puerto Rico Public Buildings Authority, Rev. 2,207,500
Guaranteed, Government Facilities, Ser. A, 6.250%,
07/01/13
Triborough Bridge & Tunnel Authority, New York,
1,000,000 General Purpose, Ser. O, 7.400%, 01/01/05 1,072,500
7,125,000 General Purpose, Ser. Y, 6.000%, 01/01/12 7,632,655
2,000,000 Ser. L, 8.000%, 01/01/07 2,101,100
3,500,000 Special Obligation, Ser. B, 6.875%, 01/01/15 3,797,500
TOTAL REVENUE BONDS (COST $145,288,385) 152,403,472
TAX ANTICIPATION NOTE -- 0.2%
--------------------------------------------------------
500,000 Municipal Assistance Corp., City of New York, 7.750%, 515,700
07/01/06 (Cost $501,270)
- ----------------------------------------------------------------------------------------
TOTAL LONG-TERM MUNICIPAL BONDS 207,426,602
(COST $197,962,020)
- ----------------------------------------------------------------------------------------
SHORT-TERM INVESTMENTS -- 2.5%
- ----------------------------------------------------------------------------------------
5,420,000 Provident Municipal Fund of New York, 3.197%, 03/03/97 5,420,000
(Cost $5,420,000)
========================================================================================
TOTAL INVESTMENTS -- 98.8% $ 212,846,602
(COST $203,382,020)
- ----------------------------------------------------------------------------------------
</TABLE>
See notes to financial statements.
33
<PAGE> 36
VISTA SELECT NEW JERSEY TAX FREE INCOME FUND
PORTFOLIO OF INVESTMENTS February 28, 1997 (unaudited)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
- ----------------------------------------------------------------------------------------
LONG-TERM MUNICIPAL BONDS -- 99.1%
- ----------------------------------------------------------------------------------------
<S> <C> <C>
CERTIFICATES OF PARTICIPATION -- 1.1%
-----------------------------------------------------------
$ 570,000 New Jersey State Transportation Corp., COP, 6.200%, $ 619,163
10/01/02 (Cost $567,337) ------------
GENERAL OBLIGATIONS -- 39.2%
-----------------------------------------------------------
855,000 Bergen County, New Jersey, General Improvement, 6.250%, 916,988
11/15/00
570,000 Camden County, New Jersey, 7.000%, 12/01/05 605,625
1,140,000 Cherry Hill Township, New Jersey, 6.100%, 06/01/07 1,211,250
710,000 Dover Township, New Jersey, 6.100%, 10/15/04 774,788
500,000 East Windsor, New Jersey, Municipal Utility Authority, 506,250
5.000%, 12/01/06
570,000 Edison Township, New Jersey, School District, 6.500%, 633,413
06/01/04
1,140,000 Hamilton Township, Atlantic County, New Jersey, School 1,212,675
District, 5.875%, 12/15/07
1,000,000 Hunterdon, New Jersey, Central Regional High School 1,015,000
District, 5.400%, 05/01/09
2,060,000 Jersey City, New Jersey, General Improvement, Ser. A, 2,222,225
6.000%, 10/01/05
570,000 Monmouth County, New Jersey, Utilities, 6.900%, 08/01/04 621,300
New Jersey State,
1,425,000 Governmental, 6.000%, 08/01/03 1,530,094
1,535,000 Governmental, 6.250%, 08/01/06 1,675,069
1,140,000 Ser. B, 6.250%, 01/15/04 1,251,150
1,140,000 Ser. D, 5.750%, 02/15/06 1,219,800
1,570,000 North Bergen Township, New Jersey, 5.000%, 08/15/11 1,538,349
Ocean County, New Jersey,
570,000 6.800%, 06/15/00 612,750
570,000 General Improvement, 5.125%, 07/01/02 586,387
570,000 General Improvement, 6.375%, 04/15/03 623,438
570,000 Ser. A, 6.250%, 10/01/04 614,887
Sussex County, New Jersey,
570,000 6.750%, 08/01/00 604,200
1,000,000 General Improvement, 6.000%, 04/01/09 1,051,250
1,000,000 General Improvement, 6.000%, 04/01/08 1,057,500
625,000 Woodbridge Township, New Jersey, General Improvement, 675,781
6.650%, 08/01/04
------------
TOTAL GENERAL OBLIGATIONS (COST $21,594,629) 22,760,169
------------
REVENUE BONDS -- 58.8%
-----------------------------------------------------------
855,000 Atlantic City, New Jersey, Improvement Authority Luxury 888,131
Tax, Convention Center, 6.700%, 07/01/98
</TABLE>
See notes to financial statements.
34
<PAGE> 37
VISTA SELECT NEW JERSEY TAX FREE INCOME FUND
PORTFOLIO OF INVESTMENTS February 28, 1997 (unaudited) (continued)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
- -----------------------------------------------------------------------------------------
LONG-TERM MUNICIPAL BONDS -- (CONTINUED)
- -----------------------------------------------------------------------------------------
<S> <C> <C>
$ 2,110,000 Bergen County, New Jersey, Utility Authority, Ser. A, $ 2,247,150
6.000%, 06/15/01
2,000,000 Brick Township, New Jersey, Municipal Utilities 1,987,500
Authority, 5.200%, 12/01/10
1,000,000 Delaware River & Bay Authority, Delaware Authority, 996,250
5.200%, 01/01/10
Middlesex County, New Jersey, Utilities Authority
1,255,000 6.100%, 12/01/01 1,345,987
715,000 Ser. A, 6.100%, 09/15/00 757,006
1,555,000 Monmouth County, New Jersey, Improvement Authority, 1,663,850
Recreational Facilities, 6.625%, 12/01/05
New Jersey, Economic Development Authority,
1,710,000 Market Transition Facility, Sr. Lien, Ser. A, 5.800%, 1,797,637
07/01/08
1,200,000 Market Transition Facility, Sr. Lien, Ser. A, 5.800%, 1,252,500
07/01/09
855,000 Trenton Office Complex, 6.600%, 06/15/98 883,856
New Jersey, Health Care Facilities Financing Authority,
845,000 FHA Insured, Cathedral Health, Ser. A, 6.950%, 02/15/01 917,881
570,000 Society of the Valley Hospital, Ser. C, 6.600%, 609,900
07/01/00
1,170,000 St. Elizabeth Hospital Obligation Group, 6.000%, 1,164,150
07/01/14
835,000 St. Peters Medical Center, Ser. E, 6.500%, 07/01/06 918,500
New Jersey, Sports & Exposition, Ser. A,
1,255,000 6.200%, 03/01/03 1,372,656
800,000 6.500%, 03/01/07 880,000
570,000 New Jersey State, Educational Facilities Authority, 585,949
Princeton University, Ser. A, 6.450%, 07/01/99
1,500,000 New Jersey State, Transportation Trust Fund, 1,516,875
Transportation Systems, Ser. A, 5.500%, 06/15/11
New Jersey State, Turnpike Authority,
1,140,000 Ser. A, 5.800%, 01/01/02 1,184,175
1,140,000 Ser. A, 6.400%, 01/01/02 1,212,675
1,140,000 Ser. C, 6.250%, 01/01/10 1,197,000
New Jersey Wastewater,
570,000 Ser. B, 6.900%, 05/15/00 604,200
570,000 Treatment Trust, 6.875%, 06/15/06 621,300
1,140,000 North Jersey District Water Supply, Wanaque South 1,197,000
Project, 5.500%, 07/01/03
1,140,000 Northwest Bergen County, New Jersey, Utilities Authority, 1,221,225
6.000%, 07/15/07
</TABLE>
See notes to financial statements.
35
<PAGE> 38
VISTA SELECT NEW JERSEY TAX FREE INCOME FUND
PORTFOLIO OF INVESTMENTS February 28, 1997 (unaudited) (continued)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
- -----------------------------------------------------------------------------------------
LONG-TERM MUNICIPAL BONDS -- (CONTINUED)
- -----------------------------------------------------------------------------------------
<C> <S> <C>
$ 1,140,000 Ocean County, New Jersey, Utilities Authority, 6.300%, $ 1,162,800
01/01/00
Port Authority, New York & New Jersey, Consolidated
Bonds,
1,000,000 102nd Ser., 5.500%, 10/15/10 1,016,250
855,000 78th Ser., 6.100%, 10/15/02 924,469
1,140,000 79th Ser., 6.000%, 07/15/05 1,242,600
685,000 Rutgers State University, New Jersey, 6.700%, 05/01/01 734,662
------------
TOTAL REVENUE BONDS (COST $32,400,164) 34,104,134
- -----------------------------------------------------------------------------------------
TOTAL LONG-TERM MUNICIPAL BONDS 57,483,466
(COST $54,562,130)
- -----------------------------------------------------------------------------------------
SHORT-TERM INVESTMENTS -- 2.8%
------------------------------------------------------------------------------------
1,623,000 Provident New Jersey Money Market Fund, 3.072%, 03/01/97 1,623,000
(Cost $1,623,000)
- -----------------------------------------------------------------------------------------
TOTAL INVESTMENTS -- 101.9% $ 59,106,466
(COST $56,185,130)
- -----------------------------------------------------------------------------------------
COP = Certificate of Participation
FHA = Federal Housing Authority
FNMA = Federal National Mortgage Association
GNMA = Government National Mortgage Association
GO = General Obligation
IDA = Industrial Development Authority
PCFA = Pollution Control Financing Authority
PCR = Pollution Control Revenue
Rev. = Revenue Bond
Special Tax = Special Tax Assessment
TAN = Tax Anticipation Note
UFSD = Union Free School District
</TABLE>
See notes to financial statements.
36
<PAGE> 39
VISTA MUTUAL FUNDS
STATEMENT OF ASSETS AND LIABILITIES February 28, 1997 (unaudited)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Vista Select
--------------------------------------------------------
Intermediate New York New Jersey
Tax Free Tax Free Tax Free Tax Free
Income Fund Income Fund Income Fund Income Fund
------------ ------------ ------------ -----------
<S> <C> <C> <C> <C>
ASSETS:
Investment securities, at value (Note
1).................................... $662,454,155 $623,238,521 $212,846,602 $59,106,466
Cash.................................... 769 4 5,336 372
Other assets............................ 47,389 54,443 14,416 9,359
Unamortized organization costs.......... 53,133 40,466 16,083 6,973
Receivables:
Investment securities sold............ 10,433,696 10,314,650 -- --
Interest.............................. 9,597,886 7,812,245 2,810,350 767,692
Receivable from affiliate............. 13,140 14,310 7,005 7,451
Fund shares sold...................... 631,712 268,341 660,000 --
------------ ------------ ------------ -----------
Total Assets...................... 683,231,880 641,742,980 216,359,792 59,898,313
------------ ------------ ------------ -----------
LIABILITIES:
Payable for investment securities
purchased............................. 23,124,239 14,510,138 -- 1,545,763
Payable for Fund shares redeemed........ 607,360 -- 2,000 78,000
Dividends payable....................... 3,136,633 2,774,083 922,411 265,690
Organization costs payable.............. 45,325 22,474 11,397 3,878
Other liabilities....................... 3,146 3,875 -- 3,597
Accrued liabilities: (Note 2)
Custody fees.......................... 13,140 14,310 7,005 2,451
Other................................. 57,559 61,305 21,213 9,592
------------ ------------ ------------ -----------
Total Liabilities................. 26,987,402 17,386,185 964,026 1,908,971
------------ ------------ ------------ -----------
NET ASSETS:
Paid in capital......................... 630,687,045 588,223,359 205,681,106 55,017,090
Accumulated undistributed net investment
income................................ 49,594 (41,915) 25,549 (1,949)
Accumulated net realized gain on
investment transactions............... 749,635 4,951,188 224,529 52,865
Net unrealized appreciation of
investments and futures............... 24,758,204 31,224,163 9,464,582 2,921,336
------------ ------------ ------------ -----------
Net Assets:........................... $656,244,478 $624,356,795 $215,395,766 $57,989,342
============ ============ ============ ===========
Shares of beneficial interest outstanding
($.001 par value; unlimited number of
shares authorized)...................... 102,836,412 57,964,313 30,281,131 5,797,632
Net asset value, maximum offering price
and redemption price per share (net
assets/shares outstanding).............. $6.38 $10.77 $7.11 $10.00
============ ============ ============ ===========
Cost of investments...................... $637,695,951 $592,014,358 $203,382,020 $56,185,130
============ ============ ============ ===========
</TABLE>
See notes to financial statements.
37
<PAGE> 40
VISTA MUTUAL FUNDS
STATEMENT OF OPERATIONS
For the period ended February 28, 1997* (unaudited)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Vista Select
------------------------------------------------------
Intermediate New York New Jersey
Tax Free Tax Free Tax Free Tax Free
Income Fund Income Fund Income Fund Income Fund
----------- ------------ ----------- -----------
<S> <C> <C> <C> <C>
INTEREST INCOME: (Note 1C)................ $6,305,218 $ 5,638,967 $1,951,039 $ 530,110
----------- ----------- ----------- ----------
EXPENSES: (Note 2)
Administration fees...................... 159,093 151,410 50,740 13,831
Investment advisory fees................. 318,186 302,822 101,481 27,698
Custodian fees........................... 26,280 28,619 14,009 4,901
Printing and postage..................... 808 808 808 808
Professional fees........................ 5,442 4,288 2,667 2,537
Registration costs....................... 808 808 808 808
Transfer agent fees...................... 5,303 5,047 3,383 923
Trustees fees and expenses............... 5,303 5,047 1,691 461
Amortization of organization costs (Note
1H).................................... 2,009 1,530 608 264
Other.................................... 1,537 646 172 679
----------- ----------- ----------- ----------
Total expenses..................... 524,769 501,025 176,367 52,910
Less amounts waived (Note 2D)............ 477,279 454,232 152,221 41,529
Less amounts bourne by Chase............. 26,280 28,619 14,009 9,901
----------- ----------- ----------- ----------
Net expenses........................... 21,210 18,174 10,137 1,480
----------- ----------- ----------- ----------
Net investment income.................. 6,284,008 5,620,793 1,940,902 528,630
----------- ----------- ----------- ----------
REALIZED AND UNREALIZED GAIN (LOSS) ON
INVESTMENTS
Net realized gain on investment
transactions........................... 749,635 4,951,188 224,529 52,865
Change in net unrealized appreciation on
investments............................ 24,758,204 31,224,163 9,464,582 2,921,336
----------- ----------- ----------- ----------
Net realized and unrealized gain on
investments............................ 25,507,839 36,175,351 9,689,111 2,974,201
----------- ----------- ----------- ----------
Net increase in net assets from
operations............................ $31,791,847 $41,796,144 $11,630,013 $3,502,831
=========== =========== =========== ==========
</TABLE>
- ---------------
* Funds commenced operations January 1, 1997.
See notes to financial statements.
38
<PAGE> 41
VISTA MUTUAL FUNDS
STATEMENT OF CHANGES IN NET ASSETS
For the period January 1, 1997* through February 28, 1997 (unaudited)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Vista Select
--------------------------------------------------------
Intermediate New York New Jersey
Tax Free Tax Free Tax Free Tax Free
Income Fund Income Fund Income Fund Income Fund
------------ ------------ ------------ -----------
<S> <C> <C> <C> <C>
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS:
Net investment income................... $ 6,284,008 $ 5,620,793 $ 1,940,902 $ 528,630
Net realized gain on investments and
futures transactions.................. 749,635 4,951,188 224,529 52,865
Change in net unrealized appreciation on
investments and futures
transactions.......................... 24,758,204 31,224,163 9,464,582 2,921,336
------------ ------------ ------------ -----------
Increase in net assets from
operations............................ 31,791,847 41,796,144 11,630,013 3,502,831
------------ ------------ ------------ -----------
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income................... (6,234,414) (5,662,708) (1,915,353) (530,579)
------------ ------------ ------------ -----------
Increase from capital share transactions
(Note 5)................................ 630,687,045 588,223,359 205,681,106 55,017,090
------------ ------------ ------------ -----------
Total increase........................ 656,244,478 624,356,795 215,395,766 57,989,342
NET ASSETS:
Beginning of period..................... -- -- -- --
------------ ------------ ------------ -----------
End of period........................... $656,244,478 $624,356,795 $215,395,766 $57,989,342
============ ============ ============ ===========
</TABLE>
- ---------------
* Funds commenced operations January 1, 1997.
See notes to financial statements.
39
<PAGE> 42
VISTA MUTUAL FUNDS
NOTES TO FINANCIAL STATEMENTS (unaudited)
- --------------------------------------------------------------------------------
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. Vista Select Tax Free Income Fund
("TFI"), Vista Select Intermediate Tax Free Income Fund ("ITFI") Vista Select
New York Tax Free Income Fund ("NYTFI"), and Vista Select New Jersey Tax Free
Income Fund ("NJTFI") (collectively the "Funds"), are 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 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.
The following is a summary of significant accounting policies followed by
the Funds:
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 into 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 Trust's policy that repurchase
agreements are fully collateralized by U.S. Treasury and Government agency
securities. All collateral is held by the Trust's custodian bank,
sub-custodian or a bank with which the custodian bank has entered into a
sub-custodian agreement or is segregated in the Federal Reserve Book Entry
System. In connection with transactions in repurchase agreements, if the
seller defaults and the value of the collateral declines, or if the seller
enters into an insolvency proceeding, realization of the collateral by the
Trust may be delayed or limited.
C. Security transactions and investment income -- Investment transactions
are accounted for on the trade date (the date the order to buy or sell is
executed). Securities gains and losses are calculated on the identified cost
basis. Interest income is determined on the basis of coupon interest
accrued, adjusted for amortization of premiums and accretion of discount.
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 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.
As of February 28, 1997, the Funds had no outstanding futures contracts.
E. Federal income taxes -- Each Fund is treated as a separate taxable
entity for Federal income tax purposes. The Trust's policy is to comply with
the provisions of the Internal Revenue Code applicable to regulated
investment companies and to distribute to shareholders all of its
distributable net investment income, and net realized gain on investments.
In addition, the Trust intends to make distributions as required to avoid
excise taxes. Accordingly, no provision for Federal income or excise tax is
necessary.
40
<PAGE> 43
VISTA MUTUAL FUNDS
NOTES TO FINANCIAL STATEMENTS (unaudited) (continued)
- --------------------------------------------------------------------------------
F. Distributions to shareholders -- Dividends are distributed in the form
of additional shares of the Fund or, at the election of the shareholder, in
cash (subject to the policies of the Shareholder Servicing Agent) on the
last business day of the month. The net investment income of each Fund is
determined daily and (substantially all) is declared as a dividend to
shareholders of record at the time of such declaration. 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 will result from other than timing of recognition -- "temporary
differences") such amounts are reclassified within the capital accounts
based on their federal 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 Fund 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.
2. FEES AND OTHER TRANSACTIONS WITH AFFILIATES
A. Investment advisory fee -- Pursuant to separate Investment Advisory
Agreements, The Chase Manhattan Bank, ("Chase" or "Advisor") acts as the
investment advisor to the Funds. Chase is a direct wholly-owned subsidiary
of The Chase Manhattan Corporation. As investment advisor, Chase supervises
the investments of the Funds and for such services is paid a fee. The fee is
accrued daily and paid monthly at an annual rate equal to 0.30% of each
Fund's average daily net assets. The Adviser voluntarily waived all or a
portion of its fees as outlined in Note 2.D. 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.
The Advisor voluntarily waived all or a portion of advisory fees as outlined
in Note 2.D. below.
B. Distribution and Sub-administration fees -- Pursuant to a
Sub-administration Agreement, Vista Fund Distributors, Inc. ("VFD" or the
"Distributor"), a wholly-owned subsidiary of the BISYS Group Inc. (BISYS),
provides certain sub-administration services to the Trust, including
providing officers, clerical staff and office space for an annual fee of
0.05% of the average daily net assets of each Fund.
The Distributor voluntarily waived all or a portion of Sub-administration
fees as outlined in Note 2.D. below.
C. Administration fee -- Pursuant to an Administration Agreement, Chase
(the "Administrator") provides certain administration services to the Trust
at a fee computed at an annual rate equal to 0.10% of the respective Fund's
average daily net assets. The Administrator voluntarily waived all or a
portion of its administration fees as outlined in Note 2.D. below.
41
<PAGE> 44
VISTA MUTUAL FUNDS
NOTES TO FINANCIAL STATEMENTS (unaudited) (continued)
- --------------------------------------------------------------------------------
D. Waivers of fees -- For the two month period ended February 28, 1997,
the Advisor, Distributor and Administrator voluntarily waived fees for each
of the Funds as follows:
<TABLE>
<CAPTION>
TFI ITFI NYTFI NJTFI
--------- --------- --------- --------
<S> <C> <C> <C> <C>
Administration/Sub-administration... $ 159,093 $ 151,410 $ 50,740 $ 13,831
Advisory............................ 318,186 302,822 101,481 27,698
--------- --------- --------- --------
$ 477,279 $ 454,232 $ 152,221 $ 41,529
========= ========= ========= ========
Expense assumed by Chase: $ 26,280 $ 28,619 $ 14,009 $ 9,901
</TABLE>
E. Other -- Certain officers of the Trust are officers of VFD or of its
parent corporation, BISYS.
Chase provides portfolio accounting and custody services for the Funds.
Compensation for such services are presented in the Statement of Operations
as custodian fees.
3. INVESTMENT TRANSACTIONS -- Purchases and sales of investments (excluding
short-term investments) were as follows:
<TABLE>
<CAPTION>
TFI ITFI NYTFI NJTFI
------------ ------------- ------------ -----------
<S> <C> <C> <C> <C>
Purchases (Excluding U.S.
Govt.).................... $ 78,988,499 $ 109,751,471 $ 16,010,302 $ 2,714,881
Sales (Excluding U.S.
Govt.).................... 63,525,761 112,539,420 4,529,963 2,306,696
</TABLE>
4. FEDERAL INCOME TAX MATTERS -- For Federal income tax purposes, the cost and
unrealized appreciation/(depreciation) in value of the investment securities at
February 28, 1997, are as follows:
<TABLE>
<CAPTION>
TFI ITFI NYTFI NJTFI
------------- ------------- ------------- ------------
<S> <C> <C> <C> <C>
Aggregate cost......... $ 637,695,951 $ 592,014,358 $ 203,382,020 $ 56,185,130
------------- ------------- ------------- ------------
Gross unrealized
appreciation......... 25,880,393 31,315,264 9,657,569 2,922,929
Gross unrealized
depreciation......... (1,122,189) (91,101) (192,987) (1,593)
------------- ------------- ------------- ------------
Net unrealized
appreciation......... $ 24,758,204 $ 31,224,163 $ 9,464,582 $ 2,921,336
============= ============= ============= ===========
</TABLE>
5. TRANSACTIONS IN SHARES OF BENEFICIAL INTEREST -- Transactions in Shares of
Beneficial Interest were as follows:
<TABLE>
<CAPTION>
Vista Select
Tax Free
Income Fund
------------------------------
01/01/97* Through 2/28/97
------------------------------
Amount Shares
------------ -----------
<S> <C> <C>
Shares sold........................................... $650,227,785 105,918,763
Shares issued in reinvestment of distributions........ 2,955,081 464,635
Shares redeemed....................................... (22,495,821) (3,546,986)
------------ -----------
Net increase (decrease) in Trust shares outstanding... $630,687,045 102,836,412
============= ===========
</TABLE>
42
<PAGE> 45
VISTA MUTUAL FUNDS
NOTES TO FINANCIAL STATEMENTS (unaudited) (continued)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Vista Select
Intermediate Tax Free
Income Fund
-----------------------------
01/01/97* Through 2/28/97
-----------------------------
Amount Shares
------------ ----------
<S> <C> <C>
Shares sold............................................. $601,913,206 59,243,380
Shares issued in reinvestment of distributions.......... 2,888,625 269,210
Shares redeemed......................................... (16,578,472) (1,548,277)
------------ ----------
Net increase (decrease) in Trust shares outstanding..... $588,223,359 57,964,313
============= ==========
</TABLE>
<TABLE>
<CAPTION>
Vista Select
New York Tax Free
Income Fund
-----------------------------
01/01/97* Through 2/28/97
-----------------------------
Amount Shares
------------ ----------
<S> <C> <C>
Shares sold............................................. $209,320,179 30,795,344
Shares issued in reinvestment of distributions.......... 335,570 47,397
Shares redeemed......................................... (3,974,643) (561,610)
------------ ----------
Net increase (decrease) in Trust shares outstanding..... $205,681,106 30,281,131
============= ==========
</TABLE>
<TABLE>
<CAPTION>
Vista Select
New Jersey Tax Free
Income Fund
----------------------------
01/01/97* Through 2/28/97
----------------------------
Amount Shares
------------ ---------
<S> <C> <C>
Shares sold.............................................. $ 55,371,941 5,833,236
Shares issued in reinvestment of distributions........... 264,889 26,568
Shares redeemed.......................................... (619,740) (62,172)
------------ ---------
Net increase (decrease) in Trust shares outstanding...... $ 55,017,090 5,797,632
============= =========
</TABLE>
- ---------------
* Commencement of operations
6. 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 investing in issuers in the States of New York and New
Jersey, respectively. TFI invested approximately 20% of its assets in issuers in
the State of New York. The issuer's abilities to meet their obligations may be
affected by economic or political developments in a specific state or region.
43
<PAGE> 46
VISTA MUTUAL FUNDS
NOTES TO FINANCIAL STATEMENTS (unaudited) (continued)
- --------------------------------------------------------------------------------
7. 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 two months ended February 28, 1997, included
in Trustees Fees and Expenses in the Statement of Operations, and accrued
pension liability included in other accrued liabilities, in the Statement of
Assets and Liabilities were as follows:
<TABLE>
<CAPTION>
Accrued
Pension Pension
Expenses Liability
-------- -------
<S> <C> <C>
TFI.......................................................... $2,534 $40,894
ITFI......................................................... 2,396 38,651
NYTFI........................................................ 772 12,457
NJTFI........................................................ 224 3,600
</TABLE>
44
<PAGE> 47
SELECTED DATA AND RATIOS FOR A SHARE OF BENEFICIAL INTEREST OUTSTANDING
For the period January 1, 1997* through February 28, 1997 (unaudited)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Vista Select
--------------------------------------------------------
Intermediate New York New Jersey
Tax Free Tax Free Tax Free Tax Free
Income Fund Income Fund Income Fund Income Fund
----------- ----------- ----------- -----------
<S> <C> <C> <C> <C>
Per Share Operating Performance
Net Asset Value, Beginning of Period.................................. $ 6.35 $ 10.71 $ 7.06 $ 9.95
----------- ----------- ----------- -----------
Income from Investment Operations
Net Investment Income............................................. 0.061 0.097 0.066 0.092
Net Gains or Losses in Securities (both realized and
unrealized)..................................................... 0.030 0.060 0.050 0.050
----------- ----------- ----------- -----------
Total from Investment Operations.................................. 0.091 0.157 0.116 0.142
----------- ----------- ----------- -----------
Less Distributions:
Dividends from Net Investment Income.............................. 0.061 0.097 0.065 0.093
----------- ----------- ----------- -----------
Total Distributions............................................... 0.061 0.097 0.065 0.093
----------- ----------- ----------- -----------
Net Asset Value, End of Period........................................ $ 6.38 $ 10.77 $ 7.11 $ 10.00
========== ========== ========== ==========
Total Return.......................................................... 4.18% 4.29% 4.03% 2.83%
Ratios/Supplemental Data:
Net Assets, End of Period (000 omitted)............................. $ 656,244 $ 624,357 $ 215,396 $57,989
Ratios to Average Net Assets: #
Ratio of Expenses................................................. 0.02% 0.02% 0.03% 0.02%
Ratio of Net Investment Income.................................... 5.93% 5.57% 5.74% 5.72%
Ratio of Expenses Without Waivers and Assumption of Expenses...... 0.50% 0.50% 0.52% 0.57%
Ratio of Net Investment Income Without Waivers and Assumption of
Expenses........................................................ 5.45% 5.09% 5.25% 5.17%
Portfolio Turnover Rate............................................... 10% 18% 2% 4%
</TABLE>
- ---------------
* Commencement of operations.
# Short periods have been annualized.
See notes to financial statements.
45
<PAGE> 48
VISTA SERVICE CENTER
P.O. BOX 419392
KANSAS CITY, MO 64179
Investment Adviser, Administrator
and Custodian
The Chase Manhattan Bank
Distributor
Vista Fund Distributors, Inc.
Transfer Agent
DST Systems, Inc.
Legal Counsel
Simpson Thacher & Bartlett
Independent Accountants
Price Waterhouse LLP
Vista Mutual Funds are distributed by Vista Fund Distributors, Inc., which is
unaffiliated with The Chase Manhattan Bank. Chase and its respective affiliates
receive compensation from the 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 accompanies by a prospectus.
To obtain a prospectus for any of the Vista Funds, call 1-800-622-4273. The
prospectus contains more complete information, including charges and expenses.
Please read it carefully before you invest or send money.
The financial information in this report has been taken from the books and
records of the Funds without examination by independent accountants, who express
no opinion thereto.
VSTF-3-497
