Vista Growth and Income Portfolio
Portfolio of Investments April 30, 1996 (unaudited)
- ------------------------------------------------------------------------------
Issuer Shares Value
- -------------------------------------- --------- --------------
LONG-TERM INVESTMENTS -- 92.1%
COMMON STOCK -- 81.6%
Aerospace -- 1.9%
Allied-Signal, Inc. .................. 305,000 $ 17,728,125
General Motors Class H................ 170,000 10,391,250
United Technologies, Corp. ........... 110,000 12,155,000
--------------
40,274,375
--------------
Agriculture -- 2.0%
AGCO Corp. ........................... 350,000 8,837,500
Case Corp. ........................... 355,000 17,927,500
Deere & Co. .......................... 400,000 15,550,000
--------------
42,315,000
--------------
Airlines -- 0.3%
AMR Corp.*............................ 63,300 5,649,525
--------------
Automotive -- 2.1%
Chrysler Corp. ....................... 214,027 13,430,194
Dana Corp. ........................... 300,000 9,975,000
Echlin, Inc. ......................... 300,000 10,312,500
General Motors........................ 200,000 10,850,000
--------------
44,567,694
--------------
Banking -- 4.3%
Bank of Boston Corp. ................. 350,000 16,931,250
Bank of New York Company, Inc. ....... 225,000 10,912,500
BankAmerica Corp. .................... 145,000 10,983,750
Citicorp.............................. 175,000 13,781,250
NationsBank Corp. .................... 275,000 21,931,250
Norwest Corp. ........................ 400,000 14,450,000
--------------
88,990,000
--------------
Biotechnology -- 0.4%
Amgen, Inc. .......................... 130,000 7,475,000
--------------
Broadcasting -- 0.3%
U.S. West Media Group*................ 350,000 6,825,000
--------------
Business Services -- 0.1%
Browning-Ferris, Inc. (BFI)........... 88,000 2,992,000
--------------
Chemicals -- 3.6%
Air Products and Chemicals, Inc. ..... 189,000 10,796,625
Dow Chemical Co. ..................... 130,000 11,553,750
duPont (EI) deNemours................. 230,000 18,486,250
Eastman Chemical Co. ................. 185,000 12,441,250
Praxair, Inc. ........................ 225,000 8,690,625
Union Carbide Corp. .................. 290,000 13,195,000
--------------
75,163,500
--------------
Computer Software -- 2.0%
Computer Associates International..... 160,000 11,740,000
General Motors Corp., Class E......... 180,000 10,147,500
Microsoft Corp.*...................... 90,000 10,203,750
Reynolds & Reynolds, Inc., Class A.... 223,000 10,313,750
--------------
42,405,000
--------------
Issuer Shares Value
- -------------------------------------- --------- --------------
Computers/Computer Hardware -- 4.0%
Comdisco, Inc. ....................... 270,000 $ 6,648,750
Compaq Computer*...................... 300,000 13,987,500
Digital Equipment Corp.*.............. 155,000 9,261,250
Hewlett-Packard Co. .................. 131,000 13,869,625
International Business Machines
Corp. ............................... 100,000 10,750,000
SCI Systems, Inc.*.................... 150,000 6,431,250
Seagate Technology, Inc.*............. 100,000 5,800,000
Sun Microsystems, Inc.*............... 300,000 16,275,000
--------------
83,023,375
--------------
Construction Machinery -- 0.6%
Caterpillar Inc. ..................... 180,000 11,520,000
--------------
Consumer Products -- 4.1%
Black & Decker Corp. ................. 325,000 13,081,250
Colgate-Palmolive Co. ................ 120,000 9,195,000
Nike, Inc., Class B................... 150,000 13,125,000
Philip Morris Companies, Inc. ........ 215,000 19,376,875
Procter & Gamble Co. ................. 165,000 13,942,500
RJR Nabisco Holdings Corp. ........... 306,000 9,141,750
Whirlpool Corp. ...................... 130,000 7,816,250
--------------
85,678,625
--------------
Diversified -- 1.4%
Textron, Inc. ........................ 130,000 11,147,500
TRW Inc. ............................. 200,000 18,775,000
--------------
29,922,500
--------------
Electronics/Electrical
Equipment -- 2.0%
Analog Devices, Inc.*................. 300,000 7,725,000
Applied Materials, Inc.*.............. 130,000 5,200,000
Intel Corp. .......................... 125,000 8,468,750
Lam Research Corp.*................... 130,000 5,265,000
Texas Instruments..................... 230,198 13,006,187
Xilinx, Inc.*......................... 48,800 1,799,500
--------------
41,464,437
--------------
Entertainment/Leisure -- 1.3%
Carnival Corp., Class A............... 550,000 15,950,000
Trump Hotels & Casino Resorts,
Inc.*................................ 325,000 10,521,875
--------------
26,471,875
--------------
Financial Services -- 2.0%
Advanta Corp., Class A................ 100,000 5,587,500
American Express Co. ................. 220,000 10,670,000
Dean Witter, Discover & Co. .......... 190,806 10,398,927
Federal National Mortgage Assoc. ..... 520,000 15,925,000
--------------
42,581,427
--------------
Food/Beverage Products -- 4.1%
Coca-Cola Enterprises, Inc. .......... 570,000 16,815,000
ConAgra, Inc. ........................ 285,000 11,008,125
CPC International, Inc. .............. 140,000 9,677,500
Heinz (H.J.) Co. ..................... 225,000 7,621,875
PepsiCo., Inc. ....................... 275,000 17,462,500
Seagram Company, Ltd. ................ 200,000 6,775,000
Unilever NV, NY Shares................ 115,000 15,697,500
--------------
85,057,500
--------------
See notes to financial statements.
38
Vista Growth and Income Portfolio
Portfolio of Investments April 30, 1996 (unaudited) (continued)
- ------------------------------------------------------------------------------
Issuer Shares Value
- -------------------------------------- --------- --------------
Health Care -- 3.7%
Baxter International Inc. ............ 300,000 $ 13,275,000
Columbia/HCA Healthcare Corp. ........ 295,000 15,671,875
FHP International Corp.*.............. 200,000 5,900,000
HEALTHSOUTH Corp. .................... 350,000 12,993,750
Humana, Inc. ......................... 375,000 9,234,375
Medtronic, Inc. ...................... 170,000 9,031,250
Tenet Healthcare Corp. ............... 500,000 10,250,000
--------------
76,356,250
--------------
Insurance -- 3.8%
Allstate Corp. ....................... 365,110 14,193,651
American International Group.......... 110,500 10,096,938
Chubb Corp. .......................... 115,000 10,881,875
Highlands Insurance Group*............ 40,000 760,000
Mid Ocean, Ltd. (Bermuda)............. 220,000 7,865,000
Providian Corp. ...................... 350,000 16,143,750
Reliastar Financial Corp. ............ 140,000 6,107,500
St. Paul Companies, Inc. ............. 200,000 10,625,000
Transport Holdings, Inc., Class A*.... 750 31,875
Travelers/Aetna Property Casualty
Corp.*............................... 125,000 3,453,125
--------------
80,158,714
--------------
Manufacturing -- 3.0%
Ingersoll-Rand Co. ................... 350,000 13,562,500
Johnson Controls...................... 200,000 14,300,000
Kennametal Inc. ...................... 175,000 6,628,125
Parker Hannifin Corp. ................ 410,000 17,322,500
Varity Corp.*......................... 275,000 11,721,875
--------------
63,535,000
--------------
Metals/Mining -- 1.3%
Aluminum Co. of America (ALCOA)....... 245,000 15,281,875
Inco, Ltd. ........................... 370,000 12,441,250
--------------
27,723,125
--------------
Office/Business Equipment -- 0.6%
Xerox Corp. .......................... 85,000 12,452,500
--------------
Oil & Gas -- 6.7%
Amoco Corp. .......................... 150,000 10,950,000
Ashland Inc. ......................... 250,000 10,281,250
Halliburton Company................... 350,000 20,081,250
Mobil Corp. .......................... 195,000 22,425,000
PanEnergy Corp. ...................... 661,500 21,581,438
Phillips Petroleum Co. ............... 355,000 14,732,500
Smith International*.................. 224,200 6,669,950
Triton Energy Ltd..................... 135,500 7,452,500
Unocal Corp. ......................... 250,000 8,031,250
Williams Companies, Inc. ............. 320,000 16,360,000
--------------
138,565,138
--------------
Paper/Forest Products -- 2.0%
Boise Cascade Corp. .................. 150,000 6,975,000
Champion International Corp. ......... 200,000 9,650,000
Fort Howard Corp.*.................... 325,000 7,150,000
Mead Corp. ........................... 150,000 8,343,750
Willamette Industries................. 150,000 9,225,000
--------------
41,343,750
--------------
Issuer Shares Value
- -------------------------------------- --------- --------------
Pharmaceuticals -- 3.2%
Allergan Inc. ........................ 150,000 $ 5,306,250
American Home Products Corp. ......... 135,000 14,242,500
Glaxo Wellcome Plc.................... 530,000 12,786,250
Johnson & Johnson..................... 140,000 12,950,000
Schering-Plough Corp. ................ 200,000 11,475,000
SmithKline Beecham Plc., ADR.......... 200,000 10,800,000
--------------
67,560,000
--------------
Printing & Publishing -- 1.2%
Harcourt General, Inc. ............... 200,000 8,800,000
New York Times Company, Class A....... 200,000 6,500,000
Tribune Co. .......................... 150,000 10,462,500
--------------
25,762,500
--------------
Real Estate Investment Trust -- 0.7%
Beacon Properties Corp. .............. 150,000 3,843,750
Equity Residential Properties Trust... 100,000 3,225,000
Hospitality Properties Trust.......... 280,000 7,140,000
--------------
14,208,750
--------------
Restaurants/Food Services -- 0.4%
Wendy's International, Inc. .......... 400,000 7,650,000
--------------
Retailing -- 5.9%
American Stores Co. .................. 370,000 12,348,750
AutoZone, Inc.*....................... 250,000 9,125,000
Circuit City Stores, Inc. ............ 320,000 10,160,000
Dayton-Hudson Corp. .................. 150,000 14,325,000
Dillard Department Stores, Inc.,
Class A.............................. 380,000 15,247,500
Gap, Inc. ............................ 432,000 13,014,000
Kroger Co.*........................... 542,500 22,310,313
May Department Stores................. 280,000 14,280,000
Sears Roebuck & Co. .................. 250,000 12,468,750
--------------
123,279,313
--------------
Shipping/Transportation -- 2.5%
Consolidated Railway, Inc. ........... 125,000 8,718,750
CSX Corp. ............................ 450,000 23,062,500
Federal Express Corp.*................ 130,000 10,497,500
Ryder System.......................... 300,000 8,737,500
--------------
51,016,250
--------------
Steel -- 0.5%
USX-US Steel Group, Inc. ............. 290,000 9,570,000
--------------
Telecommunications -- 4.3%
360 Communications Co.*............... 120,000 2,820,000
AT&T Corp. ........................... 225,000 13,781,250
Frontier Corp. ....................... 300,000 9,487,500
GTE Corp. ............................ 380,000 16,482,500
Loral Space & Communications Ltd.*.... 295,000 4,240,625
NYNEX Corp. .......................... 150,000 7,368,750
Sprint Corp. ......................... 425,000 17,903,125
Tele-Communications, Class A*......... 450,000 8,606,250
U S West, Inc. ....................... 270,000 8,842,500
--------------
89,532,500
--------------
See notes to financial statements.
39
Vista Growth and Income Portfolio
Portfolio of Investments April 30, 1996 (unaudited) (continued)
- ------------------------------------------------------------------------------
Issuer Shares Value
- -------------------------------------- --------- --------------
Toys & Games -- 0.8%
Mattel, Inc. ......................... 606,250 $ 15,762,500
--------------
Utilities -- 4.5%
CINergy Corp. ........................ 200,000 5,800,000
CMS Energy Corp. ..................... 375,000 10,921,875
Eastern Utilities Associates.......... 142,900 2,911,588
Entergy Corp. ........................ 510,000 13,515,000
FPL Group Inc. ....................... 320,000 13,800,000
General Public Utilities.............. 350,000 11,112,500
Northern States Power Co. ............ 120,000 5,610,000
Oklahoma Gas & Electric Co. .......... 150,000 5,662,500
PECO Energy Co. ...................... 309,100 7,688,862
Pinnacle West Capital Corp. .......... 500,000 13,312,500
Public Service Co. of Colorado........ 115,000 3,809,375
--------------
94,144,200
--------------
TOTAL COMMON STOCK
(Cost $1,378,901,909)............... 1,700,997,323
--------------
CONVERTIBLE PREFERRED STOCK -- 4.2%
Airlines -- 0.3%
Delta Airlines, Ser. C, $3.50......... 110,000 6,971,250
--------------
Automotive -- 0.3%
Ford Motor Co., Ser. A, 8.4%.......... 45,000 5,220,000
--------------
Computers/Computer Hardware -- 0.4%
Ceridian Corp., 5.5%.................. 75,000 7,800,000
--------------
Consumer Products -- 0.8%
Westinghouse Electric,# $1.30......... 960,000 17,280,000
--------------
Entertainment/Leisure -- 0.4%
Time Warner Financing Trust, $1.24.... 200,000 7,300,000
--------------
Financial Services -- 0.3%
American General Delaware, $3.00...... 118,000 6,077,000
--------------
Food/Beverage Products -- 0.2%
RJR Nabisco Holdings Corp., $0.6012... 700,000 4,200,000
--------------
Health Care -- 0.3%
FHP International Corp., Ser. A,
5.0%................................. 225,000 6,159,375
--------------
Metals/Mining -- 0.1%
Coeur D'Alene Mines Corp.,
7.00%, 03/15/00 Ser. ................ 145,000 3,026,875
--------------
Oil & Gas -- 0.7%
Diamond Shamrock, 5%#................. 90,000 5,883,750
Occidental Petroleum, $3.00........... 140,000 9,065,000
--------------
14,948,750
--------------
Issuer Shares Value
- -------------------------------------- --------- --------------
Paper/Forest Products -- 0.4%
International Paper Capital Corp.,#
5.25%................................ 200,000 $ 9,175,000
--------------
TOTAL CONVERTIBLE PREFERRED STOCK
(Cost $74,414,678).................. 88,158,250
--------------
Principal
Amount
-----------
CONVERTIBLE CORPORATE BONDS &
NOTES -- 4.4%
Airlines -- 0.3%
AMR, Corp.,
6.125%, due 11/01/24............. $ 5,000,000 5,648,650
--------------
Automotive -- 0.2%
Magna International Inc.,
5.00%, due 10/15/02.............. 4,500,000 4,640,625
--------------
Computers/Computer Hardware -- 0.5%
Applied Magnetics Corp.,*
7.00%, due 03/15/06.............. 4,000,000 5,129,360
Quantum Corp.,
5.00%, due 03/01/03.............. 5,000,000 5,547,100
--------------
10,676,460
--------------
Computer Software -- 0.3%
Softkey International Inc.,#
5.50%, due 11/01/00.............. 7,000,000 6,020,350
--------------
Electronics/Electrical Equipment -- 0.5%
SCI Systems Inc.,#
5.00%, due 05/01/06.............. 3,850,000 4,215,750
Xilinx Inc.,
5.25% due 11/01/02............... 7,000,000 6,852,720
--------------
11,068,470
--------------
Financial Services -- 1.0%
Aames Financial Corp.,
5.50%, due 03/15/06.............. 2,000,000 2,360,000
First Financial Management,
5.00%, due 12/15/99.............. 5,000,000 9,058,900
South African Pulp & Paper
Industries, BVI Finance Ltd.,
7.50%, due 08/01/02.............. 6,600,000 6,253,500
UBS Finance of Delaware,
2.00%, due 12/15/00.............. 2,000,000 1,994,980
--------------
19,667,380
--------------
Health Care -- 0.5%
Healthsource, Inc.,
5.00%, due 03/01/96.............. 5,000,000 4,852,100
Tenet Healthcare Corp.,
6.00%, due 12/01/05.............. 4,000,000 4,334,240
--------------
9,186,340
--------------
See notes to financial statements.
40
Vista Growth and Income Portfolio
Portfolio of Investments April 30, 1996 (unaudited) (continued)
- ------------------------------------------------------------------------------
Principal
Amount Value
----------- --------------
Manufacturing -- 0.5%
3 Com Corp.,#
10.25%, due 11/01/01............. $ 5,000,000 $ 7,737,500
Waban Inc.,
6.5%, due 07/01/02............... 3,000,000 3,240,000
--------------
10,977,500
--------------
Pharmaceuticals -- 0.4%
Ciba-Geigy AG,#
6.25%, due 03/15/16.............. 3,000,000 3,045,000
ICN Pharmaceutical,
8.50%, due 11/15/99.............. 5,000,000 5,809,400
--------------
8,854,400
--------------
Retailing -- 0.2%
Federated Department Stores,
5.00%, due 10/01/03.............. 4,000,000 4,533,920
--------------
TOTAL CONVERTIBLE CORPORATE BONDS
& NOTES
(Cost $80,176,029).............. 91,274,095
--------------
VARIABLE RATE NOTE -- 1.2%
Financial Services -- 1.2%
Goldman Sachs Variable Rate Note,#
5.38%, due 11/15/99 (Cost
$25,000,000)..................... 25,000,000 24,972,500
--------------
U.S. GOVERNMENT OBLIGATIONS -- 0.7%
U.S. Treasury Bond,
9.25%, due 02/15/16 (Cost
$14,430,500).................... 12,400,000 15,271,356
--------------
TOTAL LONG-TERM INVESTMENTS
(Cost $1,572,923,116)........... 1,920,673,524
--------------
SHORT-TERM INVESTMENTS -- 7.7%
U.S. GOVERNMENT OBLIGATIONS -- 0.2%
U.S. Treasury Bill,
4.90% due 05/23/96.............. 3,200,000 3,161,254
U.S. Treasury Bill,
4.97% due 06/13/96............... 750,000 740,635
--------------
TOTAL U.S. GOVERNMENT OBLIGATIONS
(Cost $3,901,889)............... 3,901,889
--------------
Principal
Amount Value
----------- --------------
U.S. GOVERNMENT AGENCY
OBLIGATIONS -- 3.3%
Federal Home Loan Bank Discount
Note,+
5.145%, due 06/24/96............ $35,000,000 $ 34,699,875
Federal National Mortgage
Association Discount Note,
5.18%, due 06/20/96.............. 35,000,000 34,642,436
--------------
TOTAL U.S. GOVERNMENT AGENCY
OBLIGATIONS
(Cost $69,342,311).............. 69,342,311
--------------
COMMERCIAL PAPER -- 4.2%
Banking -- 1.7%
J.P. Morgan & Co., Inc.,+
5.31%, due 05/08/96.............. 35,000,000 34,845,125
--------------
Financial Services -- 0.8%
Household Finance Corp.,
5.20%, due 05/01/96.............. 17,519,000 17,519,000
--------------
Telecommunications -- 1.7%
Lucent Technologies Inc.,+
5.31%, due 05/15/96.............. 35,000,000 34,788,337
--------------
TOTAL COMMERCIAL PAPER
(Cost $87,152,462).............. 87,152,462
--------------
TOTAL SHORT-TERM INVESTMENTS
(Cost $160,396,662)............. 160,396,662
--------------
TOTAL INVESTMENTS --
(Cost $1,733,319,778)........... 99.8% $2,081,070,186
=================
- ---------------
# Security may only be sold to qualified institutional buyers.
* Non income producing security.
+ Some or all of these securities are pledged to cover financial futures
contracts.
ADR = American Depositary Receipt.
Note: Rates indicated for floating rate investments are rates in effect at
April 30, 1996.
Purchased Index Futures Outstanding
Description Expiration Number of Original Nominal Unrealized
Date Contracts Nominal Value at Appreciation
Value 04/30/96 (Depreciation)
- ----------- ----------- ---------- ----------- ----------- ------------
S&P 500
Future 06/21/96 300 $99,467,421 $98,227,500 ($ 1,239,921)
See notes to financial statements.
41
Vista Capital Growth Portfolio
Portfolio of Investments April 30, 1996 (unaudited)
- ------------------------------------------------------------------------------
Issuer Shares Value
- ----------------------------------- ------------ --------------
LONG-TERM INVESTMENTS -- 89.9%
COMMON STOCK -- 87.5%
Aerospace -- 1.0%
Sundstrand Corp. .................. 300,000 $ 11,025,000
--------------
Agriculture -- 1.6%
AGCO Corp. ........................ 410,000 10,352,500
Case Corp. ........................ 153,500 7,751,750
--------------
18,104,250
--------------
Automotive -- 2.1%
Dana Corp. ........................ 175,000 5,818,750
Lear Seating Corp.*................ 200,000 6,600,000
Magna International, Inc. Class
A................................. 100,000 4,637,500
Masland Corp. ..................... 275,000 5,603,125
--------------
22,659,375
--------------
Banking -- 2.4%
BayBanks, Inc. .................... 100,000 10,475,000
Standard Federal Bancorporation.... 250,000 9,906,250
Zions Bancorporation............... 75,000 5,587,500
--------------
25,968,750
--------------
Business Services -- 2.0%
Equifax, Inc. ..................... 300,000 7,350,000
PHH Corp. ......................... 100,000 5,687,500
Primark Corp.*..................... 250,000 8,875,000
--------------
21,912,500
--------------
Chemicals -- 2.2%
Agrium, Inc. ...................... 625,000 8,046,875
Cytec Industries, Inc.*............ 90,000 7,458,750
Olin Corp. ........................ 100,000 8,850,000
--------------
24,355,625
--------------
Computers/Computer Hardware -- 4.3%
Comdisco, Inc. .................... 125,000 3,078,125
Gateway 2000 Inc.*................. 400,000 13,950,000
SCI Systems, Inc.*................. 440,000 18,865,000
Solectron Corp.*................... 256,000 11,392,000
--------------
47,285,125
--------------
Computer Software -- 7.1%
American Management Systems,
Inc.*............................. 300,000 7,987,500
Computervision Corp.*.............. 375,000 4,546,875
Comshare, Inc. .................... 200,000 4,800,000
DST Systems, Inc. ................. 314,500 11,557,875
FileNet Corp.*..................... 200,000 11,200,000
Reynolds & Reynolds, Inc., Class
A................................. 475,000 21,968,750
Sterling Software, Inc. ........... 75,000 5,800,150
Vanstar Corp.*..................... 750,000 10,218,750
--------------
78,079,900
--------------
Construction Materials -- 0.0%
Texas Industries Inc. ............. 7,100 454,400
--------------
Issuer Shares Value
- ----------------------------------- ------------ --------------
Consumer Products -- 3.9%
Black & Decker Corp. .............. 250,000 $ 10,062,500
Danaher Corp. ..................... 150,000 5,906,250
First Brands Corp. ................ 500,000 13,250,000
Lancaster Colony Corp. ............ 100,000 3,375,000
Leggett & Platt Inc. .............. 200,000 5,150,000
Toro Co. .......................... 150,000 4,781,250
--------------
42,525,000
--------------
Electronics/Electrical Equipment -- 8.3%
Adaptec, Inc.*..................... 235,000 13,512,500
ADT Ltd.*.......................... 700,000 11,900,000
Harman International Industries,
Inc. ............................. 152,500 7,205,625
Lam Research Corp.*................ 225,000 9,112,500
Linear Technology Corp. ........... 250,000 8,593,750
Microchip Technology, Inc.*........ 125,000 3,187,500
Tektronix Inc. .................... 100,000 3,962,500
Teleflex, Inc. .................... 25,000 1,159,375
Teradyne Inc,*..................... 500,000 10,250,000
UCAR International, Inc.*.......... 349,500 14,329,500
Watkins-Johnson.................... 50,000 1,687,500
Xilinx, Inc.*...................... 150,000 5,531,250
--------------
90,432,000
--------------
Entertainment/Leisure -- 3.0%
Bally Entertainment Corp.*......... 400,000 8,350,000
Carnival Corp., Class A............ 300,000 8,700,000
Integrity Music, Inc., Class A*.... 100,000 300,000
International Game Technology...... 300,000 4,650,000
Mirage Resorts, Inc.*.............. 200,000 10,475,000
--------------
32,475,000
--------------
Financial Services -- 3.1%
Advanta Corp., Class A............. 200,000 11,175,000
Finova Group, Inc. ................ 100,000 5,550,000
Green Tree Financial Corp. ........ 350,000 11,812,500
SEI Corp. ......................... 250,000 5,906,250
--------------
34,443,750
--------------
Health Care -- 9.8%
Beckman Instruments, Inc. ......... 300,000 11,100,000
Beverly Enterprises*............... 1,000,000 12,125,000
Foundation Health Corp.*........... 130,000 5,086,250
Health Systems International, Inc.
Class A*.......................... 150,000 4,631,250
HealthCare COMPARE*................ 100,000 4,712,500
HEALTHSOUTH Corp. ................. 300,000 11,137,500
OrNda Healthcorp*.................. 550,000 15,125,000
PhyCor, Inc. ...................... 100,000 4,925,000
Sybron International Corp.*........ 350,000 8,837,500
Tenet Healthcare Corp. ............ 500,000 10,250,000
Universal Health Services, Inc.,
Class B*.......................... 209,500 11,627,250
US Surgical Corp. ................. 200,000 7,400,000
--------------
106,957,250
--------------
Home Building Construction -- 0.8%
Oakwood Homes Corp. ............... 200,000 8,925,000
--------------
See notes to financial statements.
42
Vista Capital Growth Portfolio
Portfolio of Investments April 30, 1996 (unaudited) (continued)
- ------------------------------------------------------------------------------
Issuer Shares Value
- ----------------------------------- ------------ --------------
Insurance -- 5.9%
ACE, Ltd.#......................... 170,000 $ 7,480,000
American Re Corp. ................. 200,000 8,300,000
MGIC Investment Corp. ............. 150,000 8,137,500
Mid Ocean, Ltd. (Bermuda).......... 215,000 7,686,250
Orion Capital Corp. ............... 115,000 5,103,125
PXRE Corp. ........................ 103,500 2,639,250
Reliastar Financial Corp. ......... 325,000 14,178,125
SunAmerica, Inc. .................. 100,000 5,450,000
Transatlantic Holdings, Inc. ...... 90,000 5,895,000
--------------
64,869,250
--------------
Manufacturing -- 4.3%
Albany International Corp., Class
A................................. 28,300 608,450
Elsag Bailey Process Automation
N.V.*............................. 75,600 1,701,000
JLG Industries, Inc. .............. 100,000 5,450,000
Johnson Controls................... 85,000 6,077,500
Kennametal Inc. ................... 310,000 11,741,250
Mark IV Industries................. 157,500 3,268,125
NACCO Industries, Inc. Class A..... 100,000 6,312,500
Parker Hannifin Corp. ............. 150,000 6,337,500
Pentair, Inc. ..................... 200,000 5,450,000
--------------
46,946,325
--------------
Oil & Gas -- 5.9%
Coflexip SA, ADR................... 250,000 4,812,500
Diamond Shamrock#.................. 200,000 6,775,000
Noble Drilling Corp.*.............. 1 5
PanEnergy Corp. ................... 200,000 6,525,000
Seagull Energy Corp.*.............. 270,000 6,581,250
Smith International*............... 780,000 23,205,000
Tidewater, Inc. ................... 300,000 12,750,000
Union Texas Petroleum Holdings..... 225,000 4,359,375
--------------
65,008,130
--------------
Paper/Forest Products -- 1.7%
Boise Cascade Corp. ............... 300,000 13,950,000
Rayonier, Inc. .................... 125,000 4,484,375
--------------
18,434,375
--------------
Real Estate Investment
Trust -- 3.0%
Avalon Properties, Inc. ........... 200,000 4,200,000
Bay Apartment Communities, Inc. ... 150,000 3,768,750
Equity Residential Properties
Trust............................. 200,000 6,450,000
Evans Withycombe Residential,
Inc. ............................. 150,000 3,243,750
Home Properties of New York,
Inc. ............................. 222,400 4,503,600
Liberty Property Trust............. 200,000 4,125,000
Oasis Residential, Inc. ........... 200,000 4,500,000
ROC Communities, Inc. ............. 100,000 2,362,500
--------------
33,153,600
--------------
Restaurants/Food Services -- 0.5%
Wendy's International, Inc. ....... 275,000 5,259,375
--------------
Issuer Shares Value
- ----------------------------------- ------------ --------------
Retailing -- 6.7%
Casey's General Stores, Inc. ...... 225,000 $ 4,851,562
Circuit City Stores, Inc. ......... 200,000 6,350,000
Dillard Department Stores, Inc.,
Class A........................... 175,000 7,021,875
Eckerd Corp.*...................... 400,000 19,100,000
Ethan Allen Interiors, Inc.*....... 200,000 5,200,000
Kroger Co.*........................ 150,000 6,168,750
Mercantile Stores.................. 200,000 12,475,000
TJX Companies, Inc. ............... 400,000 11,800,000
--------------
72,967,187
--------------
Shipping/Transportation -- 0.9%
Pittston Burlington Group.......... 125,000 2,484,375
Pittston Services Group............ 250,000 6,968,750
--------------
9,453,125
--------------
Steel -- 1.0%
AK Steel Holding Corp. ............ 300,000 11,475,000
--------------
Telecommunications -- 2.2%
Aspect Telecommunications Corp.*... 251,700 14,472,750
Cincinnati Bell, Inc. ............. 30,300 1,492,275
Network Equipment Technologies,
Inc.*............................. 300,000 7,650,000
--------------
23,615,025
--------------
Textiles/Textile Mill
Products -- 1.2%
Springs Industries, Inc., Class
A................................. 125,000 5,750,000
Unifi, Inc. ....................... 110,000 2,956,250
Warnaco Group, Inc., Class A....... 190,000 4,987,500
--------------
13,693,750
--------------
Utilities -- 2.6%
CINergy Corp. ..................... 200,000 5,800,000
CMS Energy Corp. .................. 400,000 11,650,000
Pinnacle West Capital Corp. ....... 400,000 10,650,000
--------------
28,100,000
--------------
TOTAL COMMON STOCK
(Cost $764,872,671).............. 958,578,067
--------------
Principal
Amount
-----------
CONVERTIBLE CORPORATE BONDS &
NOTES -- 1.3%
Automotive -- 0.2%
Titan Wheel International,
4.75%, due 12/01/00.............. $ 1,500,000 1,965,030
--------------
Computer Software -- 0.4%
Softkey International Inc.,#
5.50%, due 11/01/00.............. 5,000,000 4,300,250
--------------
Electronics/Electrical Equipment -- 0.4%
Xilinx Inc.
5.25% due 11/01/02............... 5,000,000 4,894,800
--------------
See notes to financial statements.
43
Vista Capital Growth Portfolio
Portfolio of Investments April 30, 1996 (unaudited) (continued)
- ------------------------------------------------------------------------------
Principal
Amount Value
----------- --------------
Pharmaceutical -- 0.3%
ICN Pharmaceutical,
8.50%, due 11/15/99.............. $ 3,000,000 $ 3,485,640
--------------
TOTAL CONVERTIBLE CORPORATE BONDS
& NOTES
(Cost $14,505,545).............. 14,645,720
--------------
VARIABLE RATE NOTES --
Financial Services -- 1.1%
Goldman Sachs,#
5.38%, due 07/01/96
(Cost $12,000,000)............... 12,000,000 11,986,800
--------------
TOTAL LONG-TERM INVESTMENTS
(Cost $791,378,216)............. 985,210,587
--------------
SHORT-TERM INVESTMENTS -- 9.2%
COMMERCIAL PAPER -- 9.2%
Financial Services -- 5.6%
Delaware Funding Corp.,
5.30%, due 05/16/96.............. 20,000,000 19,920,500
Household Finance Corp.,
5.20%, due 05/01/96.............. 21,118,000 21,118,000
Merrill Lynch & Co., Inc.,
5.33%, due 05/15/96.............. 20,000,000 19,914,128
--------------
60,952,628
--------------
Principal
Amount Value
----------- --------------
Insurance -- 1.8%
Triple A-One Funding Corp.,#
5.30%, due 05/03/96.............. $20,000,000 $ 19,955,833
--------------
Telecommunications -- 1.8%
Lucent Technologies Inc.,
5.31%, due 05/09/96.............. 20,000,000 19,896,750
--------------
TOTAL SHORT-TERM INVESTMENTS
(Cost $100,805,211)............. 100,805,211
--------------
TOTAL INVESTMENTS --
(Cost $892,183,427)............. 99.1% $1,086,015,798
=================
- ---------------
# Security may only be sold to qualified institutional buyers.
* Non income producing security.
ADR = American Depositary Receipt.
Note: Rates indicated for floating rate investments are rates in effect at
April 30, 1996.
See notes to financial statements.
44
Vista Mutual Funds
Statement of Assets and Liabilities April 30, 1996 (unaudited)
- ------------------------------------------------------------------------------
Vista
Growth Vista
& Income Capital
Growth Growth
Portfolio Portfolio
-------------- --------------
ASSETS:
Investment securities,
at value (Note 1) $2,081,070,186 $1,086,015,798
Cash....................... 2,849 921
Receivables:
Investment securities sold......381,875 18,066,185
Interest and dividends........4,358,738 1,003,385
Unamortized organization costs
(Note 1)....... 20,012 20,012
-------------- --------------
Total assets............2,085,833,660 1,105,106,301
============ =============
LIABILITIES:
Payable for investment
securities purchased...... -- 8,863,084
Variation margin payable
on futures contracts...... 45,000 --
Accrued liabilities: (Note 2)
Administration fees..............84,655 44,008
Investment advisory fees.... ...676,243 352,059
Custodian........................22,465 16,031
Other........................... 43,269 45,149
-------------- --------------
Total liabilities......... 871,632 9,320,331
-------------- --------------
NET ASSETS APPLICABLE TO INVESTORS'
BENEFICIAL INTERESTS.......$2,084,962,028 $1,095,785,970
============== =============
Cost of Investments........$1,733,319,778 $ 892,183,427
============== =============
See notes to financial statements.
45
Vista Mutual Funds
Statement of Operations
For the six months ended April 30, 1996 (unaudited)
- ------------------------------------------------------------------------------
Vista Vista
Growth & Income Capital Growth
Portfolio Portfolio
--------------- -------------
INVESTMENT INCOME:
Dividend................... $ 18,752,998 $ 5,803,046
Interest...........................9,259,679 3,087,353
------------- --------------
Total investment income.........28,012,677 8,890,399
---------- --------------
EXPENSES: (Note 2)
Investment advisory fees...........3,956,862 2,077,015
Administration fees..................494,608 259,627
Custodian fees........................69,245 33,222
Amortization of organization costs
(Note 1)........................ 3,984 3,984
Professional fees.....................31,986 36,590
Trustees fees.........................52,232 32,205
Other.................................40,396 49,775
------------- --------------
Total expenses...................4,649,313 2,492,418
------------- --------------
Net investment income .....23,363,364 6,397,981
--------------- --------------
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:
Net realized gain on:
Investments.....................84,422,937 53,499,241
Futures transactions............11,470,316 --
Change in net unrealized appreciation/depreciation on:
Investments...............133,795,108 88,032,120
Futures transactions.......(2,602,500) --
------------- --------------
Net realized and unrealized gain (loss) on
investments 227,085,861 141,531,361
-------------- --------------
Net increase in net assets
from operations $ 250,449,225 $ 147,929,342
============ ===========
See notes to financial statements.
46
Vista Mutual Funds
Statements of Changes in Net Assets For the periods indicated (unaudited)
- ------------------------------------------------------------------------------
Vista Vista
Growth & Income Capital Growth
Portfolio Portfolio
- ------------------------------- -------------------------------
11/01/95 Year 11/01/95 Year
through ended through ended
04/30/96 10/31/95 04/30/96 10/31/95
- -------------- -------------- -------------- -------------
INCREASE (DECREASE) IN NET ASSETS FROM
OPERATIONS:
Net investment income
$ 23,363,364 $ 49,161,074 $ 6,397,981 $ 14,034,371
Net realized gain on investments and futures
transactions...............................
95,893,253 95,276,889 53,499,241 38,313,408
Change in net unrealized appreciation on
investments and futures....................
131,192,608 154,841,478 88,032,120 83,513,979
-------------- -------------- -------------- -----------
Increase in net assets from operations.....
250,449,225 299,279,441 147,929,342 135,861,758
-------------- -------------- -------------- -----------
TRANSACTIONS IN INVESTORS' BENEFICIAL INTEREST:
Contributions................................
264,611,335 511,820,403 559,653,226 1,403,653,138
Withdrawals..................................
(284,264,175) (542,453,501) (631,222,317) (1,217,251,104)
-------------- -------------- -------------- -----------
Net increase (decrease) from transactions in
investors' beneficial interests............
(19,652,840) (30,633,098) (71,569,091) 186,402,034
-------------- -------------- -------------- -----------
Net increase in net assets.................
230,796,385 268,646,343 76,360,251 322,263,792
NET ASSETS:
Beginning of period..........................
1,854,165,643 1,585,519,300 1,019,425,719 697,161,927
- -------------- -------------- -------------- -------------
End of period................................
$2,084,962,028 $1,854,165,643 $1,095,785,970 $1,019,425,719
============== ============== ============== =============
See notes to financial statements.
47
Vista Mutual Funds
Notes to Financial Statements April 30, 1996 (unaudited)
- ------------------------------------------------------------------------------
1. Organization and Significant Accounting Policies -- Growth and Income
Portfolio ("GIP") and Capital Growth Portfolio ("CGP"), (the "Portfolios")
are separately registered under the Investment Company Act of 1940, as
amended, as non-diversified, open end management investment companies
organized as trusts under the laws of the State of New York. Each declaration
of trust permits the Trustees to issue beneficial interests in the
respective Portfolios. The GIP and the CGP commenced operations on November
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 Portfolios:
A. Valuation of investments -- Equity securities, purchased options
and futures are valued at the last sale price on the exchange on which they
are primarily traded, including the NASDAQ National Market. Securities for
which sale prices are not available and other over-the-counter securities are
valued at the last quoted bid price. Bonds and other fixed income securities
(other than short-term obligations), including listed issues, are valued on
the basis of valuations supplied by pricing services or
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.
Portfolio securities for which there are no such quotations or valuations
are valued at fair value as determined in good faith by or at the direction
of the Trustees.
B. Repurchase agreements -- It is the Trusts' policy that repurchase
agreements are fully collateralized by U.S. Treasury and Government Agency
securities. All collateral is held by the Trusts' custodian bank,
subcustodian, or a bank with which the custodian bank has entered into a
subcustodian 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
ncy proceeding, realization of the collateral by the Trusts may be delayed
or limited.
C. Futures contracts -- When a portfolio 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 portfolio 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 GIP invested a portion of its liquid assets in long stock index futures
contracts to more fully participate in the market. Use of futures contracts
subject the Portfolio to risk of loss in excess of amounts shown on the
Statement of Assets and Liabilities, up to the amount of the value of the
contract.
48
Vista Mutual Funds
Notes to Financial Statements April 30, 1996 (unaudited)
- ------------------------------------------------------------------------------
The Portfolio 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 Portfolio's credit risk is limited to
failure of the exchange or board of trade.
D. Written options -- When a portfolio writes an option on a futures
contract, an amount equal to the premium received by the portfolio is
included in the portfolio's Statement of Assets and Liabilities as an asset
and corresponding liability. The amount of the liability is adjusted daily
to reflect the current market value of the written options and the change is
recorded in a corresponding unrealized gain or loss account. When a written
option expires on its stipulated expiration date, or when a closing
transaction is entered into, the related liability is extinguished and the
portfolio realized a gain (or loss if the cost of the closing transaction
exceeds the premium received when the option was written).
The GIP writes options on stock index securities futures. These options are
settled for cash and subject the Portfolio to market risk in excess of the
amounts that are reflected in the Statement of Assets and Liabilities. The
Portfolio, however, is not subject to credit risk on written options as the
counterparty has already performed its obligation by paying a premium at the
inception of the contract.
As of April 30, 1996 the Portfolios had no outstanding written options.
E. 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 accrued as earned. Dividend income
is recorded on the ex-dividend date.
F. Organization costs -- Organization and initial registration costs
incurred in connection with establishing the Portfolios have been deferred
and are being amortized on a straight-line basis over a sixty month period
beginning at the commencement of operations of each Portfolio.
G. Federal income taxes -- The Portfolios intend to qualify as
partnerships and therefore net income and net realized gains are taxed to
the partners. The investor in the Portfolios must take into account their
proportionate share of the Portfolios' income, gains, losses, deductions,
credits and tax preference items in computing their federal income tax
liability, without regard to whether they have received any cash
distributions from the Portfolio. The Portfolios do not intend to
distribute to investors their net investment income or their net realized
gains, if any. It is intended that the Portfolios will be managed in such a
way that investors in the portfolio will be able to satisfy the requirements
of subchapter M of the Internal Revenue Code to be taxed as regulated
investment companies.
2. Fees and Other Transactions with Affiliates
A. Investment advisory fee -- Pursuant to separate Investment
Advisory Agreements, The Chase Manhattan Bank, N.A. ("Chase" or the
"Adviser") acts as the Investment Adviser to the Portfolios. Chase is a
direct wholly-owned subsidiary of The Chase Manhattan Corporation. As
Investment Adviser, Chase supervises the investments of the Portfolios and
for such services is paid a fee.
49
Vista Mutual Funds
Notes to Financial Statements April 30, 1996 (unaudited)
- ------------------------------------------------------------------------------
The fee is computed daily and paid monthly at an annual rate equal to 0.40%
of the Portfolios' average daily net assets.
B. Custodial fees -- Chase, as Custodian provides safekeeping
services for the Portfolios' securities. Compensation for such services are
presented in the Statement of Operations as custodian fees.
C. Administration fee -- Pursuant to an Administration Agreement,
Chase (the "Administrator") provides certain administration services to the
Trusts. For these services and facilities, the Administrator receives from
each Portfolio a fee computed at the annual rate equal to 0.05% of the
respective Portfolio's average daily net assets.
D. Other -- Effective March 29, 1996, The Chase Manhattan Corporation
merged with Chemical Banking Corporation, pursuant to the Agreement and Plan
of Merger signed in August 1995.
3. Investment Transactions -- For the six month period ended
April 30, 1996, purchases and sales of investments (excluding short-term
investments) were as follows:
GIP CGP
------------- -------------
Purchases (excluding U.S.
Government).. $ 568,532,694 $ 413,792,258
Sales (excluding U.S.
Government)...... 468,419,074 476,316,956
The portfolio turnover rates of GIP and CGP for this period were 26.22% and
43.32%, respectively.
4. Retirement Plan -- During the year ended October 31, 1995, the Trusts
adopted an unfunded noncontributory defined benefit pension plan covering
all independent directors of the Trusts who have served as an independent
director of the Trusts, or other Vista Portfolios, for at least five years
at the time of retirement. Benefits under this plan are based on
compensation and years of service. Management has determined that the
accrual for prior service costs is not material.
50
MAXIM SERIES FUND, INC.
MAXIM VISTA GROWTH & INCOME PORTFOLIO
Financial Statements and Financial Highlights for
the Period from November 1, 1995 to April 30,
1996 and Independent Auditors Report
MAXIM SERIES FUND INC.
STATEMENT OF ASSETS AND LIABILITIES
APRIL 30, 1996
MAXIM VISTA
GROWTH
& INCOME
PORTFOLIO
ASSETS:
Investments in Hub - Growth and
Income Portfolio, at value $ 71,642,666
Receivable for investments sold 139,004
Total Assets 71,781,670
LIABILITIES:
Payable for redemptions 59,527
Other liabilities 109,349
Total Liabilities 168,876
NET ASSETS $ 71,612,794
NET ASSETS REPRESENTED BY:
Capital stock, $.10 par value $ 5,393,124
Additional paid-in capital 55,224,769
Net unrealized appreciation on
investments 6,956,829
Undistributed net investment income 4,130
Accumulated undistributed net
realized gain on investments 4,033,942
NET ASSETS $ 71,612,794
NET ASSET VALUE PER OUTSTANDING
SHARE $ 1.32785
SHARES OF CAPITAL STOCK:
Authorized 100,000,000
Outstanding 53,931,236
See notes to financial statements.
MAXIM SERIES FUND INC.
STATEMENT OF OPERATIONS
FOR THE PERIOD NOVEMBER 1, 1995 TO APRIL 30, 1996
MAXIM VISTA
GROWTH
& INCOME
PORTFOLIO
INVESTMENT INCOME:
Investment income from portfolio $ 826,030
Expenses from Hub portfolio (138,693)
Total investment income 687,337
EXPENSES:
Advisory fees 155,823
Total expenses 155,823
NET INVESTMENT INCOME 531,514
REALIZED AND UNREALIZED GAIN ON INVESTMENTS:
Net realized gain on investments 4,033,795
Change in net unrealized
appreciation on investments 2,567,363
Net change in realized and
unrealized appreciation on
investments 6,601,158
NET INCREASE IN NET ASSETS RESULTING
FROM OPERATIONS $ 7,132,672
See notes to financial statements.
MAXIM SERIES FUND, INC.
STATEMENT OF CHANGES IN NET ASSETS
FOR THE PERIOD NOVEMBER 1, 1995 TO APRIL 30, 1996
MAXIM VISTA
GROWTH
& INCOME
PORTFOLIO
INCREASE IN NET ASSETS:
OPERATIONS:
Net investment income $ 531,514
Net realized gain 4,033,795
Change in net unrealized appreciation 2,567,363
Net increase in net assets resulting
from operations 7,132,672
DISTRIBUTION TO SHAREHOLDERS:
From net investment income (527,727)
From long-term capital gain (1,414,314)
Total distribution (1,942,041)
SHARE TRANSACTIONS:
Net proceeds from sale of shares 24,329,116
Reinvestment of distribution 1,942,041
Cost of shares redeemed (9,252,157)
Net increase in net assets resulting
from share transactions 17,019,000
Total increase in net assets 22,209,631
NET ASSETS:
Beginning of period 49,403,163
End of period $71,612,794
See notes to financial statements.
MAXIM SERIES FUND, INC.
MAXIM VISTA GROWTH & INCOME PORTFOLIO
FINANCIAL HIGHLIGHTS
Selected data for a share of capital stock of the portfolio for the period
November 1, 1995 to April 30,1996 and December 21, 1994 [inception] to
October 31, 1995 were as follows:
Period Ended
April 30, 1996 October 31, 1995
Net Asset Value,
Beginning of Period $ 1.2133 $ 1.0000
Income From Investment
Operations
Net Investment Income 0.0108 0.0174
Net realized and unrealized
gain 0.1472 0.2133
Total Income From Investment
Operations 0.1580 0.2307
Less Distributions
From Net Investment Income (0.0107) (0.0174)
From net realized gain (0.0327)
Total Distributions (0.0434) (0.0174)
Net Asset Value, End of Period $1.3279 $1.2133
Total Return 25.98% * 27.30% *
Net Assets, End of Period $71,612,794 $49,403,163
Ratio of Expenses to Average
Net Assets 1.00% * 1.01% *
Ratio of Net Investment Income
to Average Net Assets 1.81% * 2.21% *
* Annualized
MAXIM SERIES FUND, INC.
MAXIM VISTA GROWTH & INCOME PORTFOLIO
NOTES TO FINANCIAL STATEMENTS
FOR THE PERIOD NOVEMBER 1, 1995 TO APRIL 30, 1996
1. HISTORY OF THE FUND
Maxim Series Fund, Inc. (the Fund) is a Maryland corporation organized on
December 7, 1981 as an open-end management investment company. The Maxim
Vista Growth & Income Portfolio (the Portfolio) is non-diversified. The
Portfolio commenced operations on December 21, 1994. Interests in the
Portfolio are represented by separate classes of beneficial interest of the
Fund. Shares of the Fund are sold only to FutureFunds Series Account II of
Great-West Life & Annuity Insurance Company (the Company), to fund
e shares are sold at a price equal to the respective net asset value per
share of each class of shares.
The Fund seeks to achieve the investment objective of the Portfolio through
the adoption of a Hub and Spoke structure. Contribution of Portfolio (i.e.,
the Spoke) investible funds to the Hub portfolio are made in exchange for
beneficial interests in the Hub portfolio of equal value. The Hub portfolio
is the Growth and Income Portfolio; a non-diversified open-end management
investment company organized as a trust under the laws of the State of New
York and registered under the Investment Company Act of 1940, as amended.
Financial statements of the Hub portfolio are presented following the
Portfolio's financial statements.
2. SIGNIFICANT ACCOUNTING POLICIES
The following is a summary of the significant accounting policies of the
Fund, which are in accordance with the accounting principles generally
accepted in the investment company industry:
Security Transactions
Security transactions are recorded at the earlier of trade date or the date
a commitment is made to buy or sell the related investment. The cost of
investments sold is determined on the basis of first in, first out.
Dividends from investment income of the Portfolio are declared and
reinvested quarterly and dividends from capital gains are declared and
reinvested annually.
Security Valuation
The Portfolio's investment in the Hub portfolio is valued at the last
reported net asset value of the Hub portfolio. The portfolio receives an
allocation of investment income and Hub expenses as well as realized and
unrealized gains and losses on a daily basis from the Hub.
Federal Income Taxes
For federal income tax purposes, the Portfolio qualifies as a regulated
investment company under the provisions of the Internal Revenue Code by
distributing substantially all of its taxable net income (both ordinary and
capital gain) to its shareholders and complying with the requirements for
regulated investment companies. Accordingly, no provision for federal
income taxes has been made.
3. INVESTMENT ADVISORY AGREEMENT
The Fund has entered into an investment advisory agreement with The
Great-West Life Assurance Company (parent of the Company). As compensation
for its services to the Fund with respect to the Maxim Vista Growth & Income
Portfolio, the investment advisor receives monthly compensation at the
annual rate of .53% of the average daily net assets of the Maxim Vista
Growth & Income Portfolio.
4. Investment Transactions - Increases and decreases in the Portfolio during
the period November 1, 1995 to April 30, 1996 were as follows:
Increases in Decreases in
Portfolio Investment Portfolio Investment
Maxim Vista Growth
& Income Portfolio $ 33,403,829 $ 11,194,198
The Portfolio's percentage interest in the Hub portfolio is 3.44% at April
30, 1996.
5. Transactions in Shares of Beneficial Interest during the period November
1, 1995 to April 30, 1996 were as follows:
Shares sold 18,843,675
Shares issued in reinvestment of distributions 1,547,895
Shares redeemed (7,177,529)
Net increase in shares of beneficial interest
outstanding 13,214,041
Outstanding shares at:
Beginning of period 40,717,195
End of Period 53,931,236
