<PAGE> 1
- ---------------------------------------------------------------
VISTA(SM) FAMILY OF MUTUAL FUNDS
CHAIRMAN'S LETTER
June 17, 1996
Dear Shareholder:
We are pleased to present this Semi-Annual Report for the following
Vista equity funds for the six months ended April 30, 1996:
- - Balanced Fund
- - Capital Growth Fund
- - Equity Fund
- - Equity Income Fund
- - Growth and Income Fund
- - Small Cap Equity Fund
During this reporting period, stock prices continued to climb with the
Standard & Poor's stock index recording a total return of 13.2%. However, bond
prices declined as interest rates rose sharply from February through April. The
Lehman Aggregate Bond Index -- a broad measure of corporate, government and
mortgage-related bond issues with maturities ranging from one to 30 years --
posted a 0.5% total return for the six-month period ended April 30, 1996. This
positive total return occurred as interest rates earned on bonds modestly
offset the decline in bond prices.
For shareholders with long-term goals and perseverance, the Vista funds
have proven to be a strong long-term investment through a variety of economic
and market conditions. Although past performance is no guarantee of future
results, we will strive to continue this record.
If you have any questions, please call us at 1-800-34-VISTA. We look
forward to hearing from you.
Sincerely,
/S/ FERGUS REID
---------------
Fergus Reid
Chairman
INVESTMENTS IN MUTUAL FUNDS ARE SUBJECT TO RISK, INCLUDING THE POSSIBLE
LOSS OF PRINCIPAL. IN ADDITION, THEY ARE NOT DEPOSITS, OBLIGATIONS OF, ENDORSED
OR GUARANTEED BY CHASE, AND ARE NOT INSURED BY THE FDIC, THE FEDERAL RESERVE
BOARD OR ANY OTHER GOVERNMENT AGENCY.
- -------------------------------------
<TABLE>
<CAPTION>
<S> <C>
CONTENTS
CHAIRMAN'S LETTER 1
FUND COMMENTARIES 2-7
PORTFOLIO OF INVESTMENTS 8-18
FINANCIAL STATEMENTS 19-24
NOTES TO FINANCIAL
STATEMENTS 25-32
PER SHARE DATA 33-37
PORTFOLIO OF
INVESTMENTS 38-44
FINANCIAL STATEMENTS 45-47
NOTES TO FINANCIAL
STATEMENTS 48-50
</TABLE>
1
<PAGE> 2
- ---------------------------------------------------------------
FUND COMMENTARY
VISTA BALANCED FUND
OBJECTIVE: LONG-TERM CAPITAL GROWTH AND MONTHLY INCOME
For the six months ended April 30, 1996, the Vista Balanced Fund had a
total return (A Shares, without sales charge) of 9.39%.
At year-end 1995, the Fund posted gains from its holdings in energy,
capital goods and utilities, but its consumer cyclical and financial holdings
came under pressure, as worries of a wakening economy and discord over the
budget hurt these sectors. As the year came to a close, the Fund was
positioning its portfolio in anticipation of bonds gaining value, since at the
time, the investment community believed there would be further cuts in the
Federal funds rate.
Expectations of a rate decrease was reversed in March when a
surprisingly positive employment report and a higher-than-expected economic
growth rate was announced. Nevertheless, the Fund benefited in the first four
months of the year from its strong performance in corporate bonds and also
added value through its mortgage allocation. Underlying the Fund's current
fixed income strategy is the belief that there is value in the bond market. On
the equity side, the Fund also benefited from its modest cyclical bias. As
valuations allow, the portfolio will seek to increase equity exposure in the
months ahead if the opportunity arises.
<TABLE>
<CAPTION>
AVERAGE ANNUAL TOTAL RETURN#
WITHOUT WITH SALES
CLASS A SHARES SALES CHARGE CHARGE
<S> <C> <C>
One Year 21.56% 16.05%
Since Inception (11/4/92) 13.15% 1.56%
<CAPTION>
CLASS B SHARES WITHOUT CDSC WITH CDSC*
<S> <C> <C>
One Year 20.84% 15.84%
Since Inception (11/4/93) 11.21% 10.17%
* Assumes a 5% CDSC for the one year period and a 3%
CDSC for the period since inception.
# Assumes dividend reinvestment and reflects fee
waivers. Without such waivers, performance would
have been reduced.
</TABLE>
- ---------------------------------------------
GROWTH OF $10,000
[GRAPH]
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.
THIS CHART ILLUSTRATES COMPARATIVE PERFORMANCE FOR $10,000 INVESTED IN
CLASS A SHARES OF THE VISTA BALANCED FUND AND THE LIPPER BALANCED FUND INDEX
FROM NOVEMBER 20, 1992 THROUGH APRIL 30, 1996. THE FUND'S PERFORMANCE INCLUDES
A 4.50% SALES CHARGE AND ASSUMES THE REINVESTMENT OF ALL DIVIDENDS AND CAPITAL
GAINS AND REFLECTS WAIVERS WITHOUT WHICH PERFORMANCE WOULD HAVE BEEN REDUCED.
THE INDEX'S PERFORMANCE DOES NOT INCLUDE A SALES CHARGE AND HAS BEEN ADJUSTED
TO REFLECT REINVESTMENT OF ALL DIVIDENDS AND CAPITAL GAINS ON MUTUAL FUNDS
INCLUDED IN THE BENCHMARK.
THE LIPPER BALANCED FUND INDEX, AN EQUALLY-WEIGHTED PERFORMANCE
INDICATOR, TRACKS THE TOTAL RETURNS OF THE 30 LARGEST BALANCED FUNDS IN THE
INDUSTRY. FUNDS INCLUDED IN THE INDEX ARE REPRESENTATIVE OF THE MARKET.
- -------------------------------------------------------------------
2
<PAGE> 3
- --------------------------------------------------------------------------------
FUND COMMENTARY
VISTA CAPITAL GROWTH FUND
OBJECTIVE: LONG TERM CAPITAL GROWTH
For the six months ended April 30, 1996, the Vista Capital Growth Fund
had a total return (A Shares, without sales charge) of 14.45%.
For remaining months of 1995, utilities, financials and the defensive
sectors, such as health care, consumer staples and energy, performed strongly,
while cyclical sectors underperformed. The technology sector, which throughout
most of the year performed exceptionally, became volatile during the second
half of the last quarter of 1995. Overall, the Fund benefited from consumer
staples and selected issues in capital goods. Portfolio positions in health
care and cyclical issues dampened performance slightly, although credit
cyclical holdings increased in value.
Strong performance for the first four months of the year was led by
overweight positions in consumer cyclicals and capital goods, both of which
outperformed the general market. The Fund underweighted technology in the
quarter, which benefited the Fund as the sector lagged. The late- quarter trend
toward smaller stocks bodes well for the Fund, and we believe small- and
mid-caps have the potential to outperform large-cap issues moving forward.
<TABLE>
<CAPTION>
AVERAGE ANNUAL TOTAL RETURN#
WITHOUT SALES WITH SALES
CLASS A SHARES CHARGE CHARGE
<S> <C> <C>
One Year 24.17% 18.21%
Five Years 20.32% 19.16%
Since Inception (9/23/87) 20.92% 20.23%
<CAPTION>
CLASS B SHARES WITHOUT CDSC WITH CDSC*
<S> <C> <C>
One Year 23.57% 18.57%
Since Inception (11/5/93) 12.77% 11.76%
</TABLE>
* Assumes a 5% CDSC for the one year period and a 3% CDSC
for the period since inception.
# Assumes dividend reinvestment.
- ------------------------------------------
GROWTH OF $10,000
[GRAPHIC]
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.
THIS CHART ILLUSTRATES COMPARATIVE PERFORMANCE FOR $10,000 INVESTED IN
CLASS A SHARES OF THE VISTA CAPITAL GROWTH FUND AND THE LIPPER MID-CAP FUND
INDEX FROM SEPTEMBER 30, 1987 THROUGH APRIL 30, 1996. THE FUND'S PERFORMANCE
INCLUDES A 4.75% SALES CHARGE AND ASSUMES THE REINVESTMENT OF ALL DIVIDENDS AND
CAPITAL GAINS. THE INDEX'S PERFORMANCE DOES NOT INCLUDE A SALES CHARGE AND HAS
BEEN ADJUSTED TO REFLECT REINVESTMENT OF ALL DIVIDENDS AND CAPITAL GAINS ON
MUTUAL FUNDS INCLUDED IN THE BENCHMARK.
THE LIPPER MID-CAP FUND INDEX, AN EQUALLY-WEIGHTED PERFORMANCE
INDICATOR, TRACKS THE TOTAL RETURNS OF THE 30 LARGEST MID-CAP FUNDS IN THE
INDUSTRY. FUNDS INCLUDED IN THE INDEX ARE REPRESENTATIVE OF THE MARKET.
- --------------------------------------------
3
<PAGE> 4
- ---------------------------------------------------------------
FUND COMMENTARY
VISTA EQUITY FUND
OBJECTIVE: LONG-TERM CAPITAL GROWTH
For the six months ended April 30, 1996, the Vista Equity Fund had a
total return of 15.31%.
Toward the end of 1995, utilities, financials and the defensive
sectors, such as health care, consumer staples and energy, performed strongly,
while cyclical sectors underperformed. The technology sector, which throughout
most of the year performed exceptionally, became volatile during the second
half of the last quarter. Overall, the Fund benefited from consumer staples and
selected areas in capital goods. But an underweighting in health care hindered
the Fund, as well as portfolio positions in cyclical issues, particularly basic
industries, and a lack of exposure to the defensive sectors. On the other hand,
the Fund benefited from its large capitalization focus, given the fact that the
past year was defensive growth-oriented.
For the first four months of 1996, the Fund benefited strongly from its
cyclical bias. Overweight positions in basic industries, capital goods and
consumer cyclicals all added to performance, as did underweight positions in
the below-market performing consumer staples and health care sectors. An
above-market weighting in electric utilities hurt performance. While we intend
to maintain our cyclical bias, we will take appropriate opportunities to trim
these holdings and take gains in anticipation of market rotation. The Fund will
continue to follow its five-step stock management process, which has been the
foundation for all the Vista equity funds.
Note: On May 6, 1996, the Vista Equity Fund changed its name to the
Vista Large Cap Equity Fund.
<TABLE>
<CAPTION>
AVERAGE ANNUAL TOTAL RETURN#
SINCE INCEPTION
1 YEAR 5 YEARS 11/30/90
<S> <C> <C>
29.33% 13.66% 15.79%
</TABLE>
# Assumes dividend reinvestment and reflects
fee waivers. Without such waivers, performance
would have been reduced.
- ---------------------------------------------
GROWTH OF $10,000
[GRAPH]
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.
THIS CHART ILLUSTRATES COMPARATIVE PERFORMANCE FOR $10,000 INVESTED IN
THE VISTA EQUITY INCOME FUND AND THE LIPPER GROWTH FUND INDEX FROM NOVEMBER 30,
1990 TO APRIL 30, 1996. THE FUND ASSUMES THE REINVESTMENT OF ALL DIVIDENDS AND
CAPITAL GAINS AND REFLECTS WAIVERS WITHOUT WHICH PERFORMANCE WOULD HAVE BEEN
REDUCED. THE INDEX'S PERFORMANCE HAS BEEN ADJUSTED TO REFLECT REINVESTMENT OF
ALL DIVIDENDS AND CAPITAL GAINS ON MUTUAL FUNDS INCLUDED IN THE BENCHMARK.
THE LIPPER GROWTH FUND INDEX, AN EQUALLY-WEIGHTED PERFORMANCE
INDICATOR, TRACKS THE TOTAL RETURNS OF THE 30 LARGEST GROWTH FUNDS IN THE
INDUSTRY. FUNDS INCLUDED IN THE INDEX ARE REPRESENTATIVE OF THE MARKET.
- -------------------------------------------------------------------
4
<PAGE> 5
- --------------------------------------------------------------------------------
FUND COMMENTARY
VISTA EQUITY INCOME FUND
OBJECTIVE: QUARTERLY INCOME
For the six months ended April 30, 1996, the Vista Equity Income Fund
had a total return (A Shares, without sales charge) of 19.20%.
At year-end 1995, the Fund posted gains from its holdings in energy,
capital goods and utilities, but its consumer cyclical and financial holdings
came under strain, as fears of a weakening economy and conflict over the budget
hurt these areas. Health care benefited from a rotation into defensive sectors,
but the Fund's weighting in this sector was modest. Also, the Fund's slight
overweighting in technology and basic industry hindered performance, as these
strong performing areas gave back some of their gains.
The first four months of 1996 proved to be different for many of the
sectors that came under pressure in the latter part of 1995. For example, the
Fund benefited strongly from its cyclical bias and its overweight positions in
basic industries, capital goods and consumer cyclicals. Also, the Fund's
underweight positions in the below-market performing consumer staples and
health care sectors added to performance. The only sector that hindered
performance slightly in the first part of 1996 was the Fund's weightings in
financials and income-producing utilities -- the first quarter's worst
performing sector. Management took profits in electric utilities and
established a 5% weighting in real estate investment trusts (REITs), which
should bode well for the Fund in the coming months.
<TABLE>
<CAPTION>
AVERAGE ANNUAL TOTAL RETURN#
WITHOUT SALES WITH SALES
CLASS A SHARES CHARGE CHARGE
<S> <C> <C>
One Year 34.24% 28.11%
Since Inception (7/15/93) 14.76% 12.88%
</TABLE>
# Assumes dividend reinvestment and reflects fee waivers. Without such
waivers, performance would have been reduced.
- ------------------------------------------
GROWTH OF $10,000
[GRAPH]
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.
THIS CHART ILLUSTRATES COMPARATIVE PERFORMANCE FOR $10,000 INVESTED IN
CLASS A SHARES OF THE VISTA EQUITY INCOME FUND AND THE LIPPER EQUITY INCOME FUND
INDEX FROM JULY 31, 1993 THROUGH APRIL 30, 1996. THE FUND'S PERFORMANCE INCLUDES
A 4.50% SALES CHARGE AND ASSUMES THE REINVESTMENT OF ALL DIVIDENDS AND CAPITAL
GAINS AND REFLECTS WAIVERS WITHOUT WHICH PERFORMANCE WOULD HAVE BEEN REDUCED.
THE INDEX'S PERFORMANCE DOES NOT INCLUDE A SALES CHARGE AND HAS BEEN ADJUSTED TO
REFLECT REINVESTMENT OF ALL DIVIDENDS AND CAPITAL GAINS ON MUTUAL FUNDS INCLUDED
IN THE BENCHMARK.
THE LIPPER EQUITY INCOME FUND INDEX, AN EQUALLY-WEIGHTED PERFORMANCE
INDICATOR, TRACKS THE TOTAL RETURNS OF THE 30 LARGEST EQUITY INCOME FUNDS IN THE
INDUSTRY. FUNDS INCLUDED IN THE INDEX ARE REPRESENTATIVE OF THE MARKET.
- --------------------------------------------
5
<PAGE> 6
- ---------------------------------------------------------------
FUND COMMENTARY
VISTA GROWTH AND INCOME FUND
OBJECTIVE: CAPITAL APPRECIATION AND DIVIDEND INCOME
For the six months ended April 30, 1996, the Vista Growth and Income
Fund had a total return (A Shares, without sales charge) of 12.82%.
Overall, the Fund benefited from its overweights in technology and
transportation, as well as financial and select capital goods holdings. But
portfolio positions in cyclical issues dampened performance, and a lack of
exposure to the defensive sectors prevented higher returns. Overall for 1995,
the capital goods, financial and defensive sectors, particularly health care,
had strong returns, while, as stated before, technology overall helped to
support portfolio performance. The Fund, which is value-oriented, had to manage
money during a growth-oriented time during 1995.
The Fund benefited strongly from its cyclical bias in the first four
months of 1996. Overweight positions in basic industries, capital goods and
consumer cyclicals all added to performance, as did underweight positions in
the below-market performing consumer staples and health care sectors. While we
intend to maintain our cyclical bias, we will take appropriate opportunities to
trim these holdings and take gains in anticipation of market rotation. In
addition, the Fund intends to maintain its 10% position in convertible
securities, keep an average cash holding of 6% to 7%, and continue following
its five-step stock selection process, which has been the foundation for the
Vista equity funds.
<TABLE>
<CAPTION>
AVERAGE ANNUAL TOTAL RETURN#
WITHOUT WITH SALES
CLASS A SHARES SALES CHARGE CHARGE
<S> <C> <C>
One Year 25.71% 19.68%
Five Years 15.60% 14.48%
Since Inception (9/23/87) 23.26% 22.57%
<CAPTION>
CLASS B SHARES WITHOUT CDSC WITH CDSC*
<S> <C> <C>
One Year 25.13% 20.13%
Since Inception (11/5/93) 12.56% 11.54%
</TABLE>
* Assumes a 5% CDSC for the one year period and a 3% CDSC for the
period since inception.
# Assumes dividend reinvestment.
- ----------------------------------------
GROWTH OF $10,000
[GRAPH]
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.
THIS CHART ILLUSTRATES COMPARATIVE PERFORMANCE FOR $10,000 INVESTED IN
CLASS A SHARES OF THE VISTA GROWTH AND INCOME FUND AND THE LIPPER GROWTH AND
INCOME FUND INDEX FROM SEPTEMBER 30, 1987 TO APRIL 30, 1996. THE FUND'S
PERFORMANCE INCLUDES A 4.75% SALES CHARGE AND ASSUMES THE REINVESTMENT OF ALL
DIVIDENDS AND CAPITAL GAINS. THE INDEX'S PERFORMANCE DOES NOT INCLUDE A SALES
CHARGE AND HAS BEEN ADJUSTED TO REFLECT REINVESTMENT OF ALL DIVIDENDS AND
CAPITAL GAINS ON MUTUAL FUNDS INCLUDED IN THE BENCHMARK.
THE LIPPER GROWTH AND INCOME FUND INDEX, AN EQUALLY-WEIGHTED
PERFORMANCE INDICATOR, TRACKS THE TOTAL RETURNS OF THE 30 LARGEST GROWTH AND
INCOME FUNDS IN THE INDUSTRY. FUNDS INCLUDED IN THE INDEX ARE REPRESENTATIVE OF
THE MARKET.
- -------------------------------------------------------------------
6
<PAGE> 7
- --------------------------------------------------------------------------------
FUND COMMENTARY
VISTA SMALL CAP EQUITY FUND
OBJECTIVE: LONG-TERM CAPITAL GROWTH
For the six months ended April 30, 1996, the Vista Small Cap Equity
Fund had a total return (A Shares, without sales charge) of 24.15%.
As corporate profitability overall began to slow at year-end 1995, the
Fund continued to find pockets of opportunity in the small-cap area. This was
due to the broad-based sell-off in technology that presented an opportunity to
buy the attractive companies at depressed prices. Secondly, relative earnings
momentum among smaller companies looked favorable versus large capitalization
indices. Finally, the decline in interest rates provided support for some of
the more domestically sensitive issues.
The Fund continued to do well in the first four months of 1996 as
performance was led by overweighted positions in consumer cyclicals and capital
goods, both of which outperformed the general market. We underweighted
technology during this period, which benefited the Fund as the sector lagged.
The late-quarter trend towards smaller stocks bodes well for the Fund,
and we expect small-cap stock to outperform large cap stock issues moving
forward. With our strong focus on individual stock selection, we've begun to
actively seek growth opportunities in the technology sector. While we intend to
maintain our bias toward cyclical stocks, we will take appropriate
opportunities to trim these holdings and take gains in anticipation of market
rotation. The Fund continues to look favorably at growth prospects for small
cap companies in the latter part of 1996.
Note: Small capitalization funds typically carry additional risks,
since smaller companies generally have a higher risk of failure, and,
historically, smaller companies' stocks have experienced a greater degree of
market volatility than average.
<TABLE>
<CAPTION>
AVERAGE ANNUAL TOTAL RETURN#
WITHOUT SALES WITH SALES
CLASS A SHARES CHARGE CHARGE
<S> <C> <C>
One Year 57.68% 50.02%
Since Inception (12/20/94) 58.70% 53.14%
<CAPTION>
CLASS B SHARES WITHOUT CDSC WITH CDSC*
<C> <C> <C>
One Year 56.39% 51.39%
Since Inception (3/28/95) 56.40% 52.90%
</TABLE>
* Assumes a 5% CDSC for the one year period and a 4% CDSC for the
period since inception.
# Assumes dividend reinvestment and reflects fee waivers. Without such
waivers, performance would have been reduced.
- ------------------------------------------
GROWTH OF $10,000
[GRAPHIC]
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.
THIS CHART ILLUSTRATES COMPARATIVE PERFORMANCE FOR $10,000 INVESTED IN
CLASS A SHARES OF THE VISTA SMALL CAP EQUITY FUND AND THE LIPPER SMALL COMPANY
FUND INDEX FROM DECEMBER 31, 1994 TO APRIL 30, 1996. THE FUND'S PERFORMANCE
INCLUDES A 4.75% SALES CHARGE AND ASSUMES THE REINVESTMENT OF ALL DIVIDENDS AND
CAPITAL GAINS AND REFLECTS WAIVERS WITHOUT WHICH PERFORMANCE WOULD HAVE BEEN
REDUCED. THE INDEX'S PERFORMANCE DOES NOT INCLUDE A SALES CHARGE AND HAS BEEN
ADJUSTED TO REFLECT REINVESTMENT OF ALL DIVIDENDS AND CAPITAL GAINS ON MUTUAL
FUNDS INCLUDED IN THE BENCHMARK.
THE LIPPER SMALL COMPANY FUND INDEX, AN EQUALLY-WEIGHTED PERFORMANCE
INDICATOR, TRACKS THE TOTAL RETURNS OF THE 30 LARGEST SMALL COMPANY FUNDS IN
THE INDUSTRY. FUNDS INCLUDED IN THE INDEX ARE REPRESENTATIVE OF THE MARKET.
- --------------------------------------------
7
<PAGE> 8
VISTA SMALL CAP EQUITY FUND
PORTFOLIO OF INVESTMENTS April 30, 1996 (unaudited)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Issuer Shares Value
- ---------------------------------------- -------- -------------
<S> <C> <C>
LONG-TERM INVESTMENTS -- 79.4%
COMMON STOCK -- 76.4%
Advertising -- 0.1%
Outdoor Systems, Inc.*.................. 5,000 $ 115,000
-------------
Aerospace -- 0.9%
Rohr Industries, Inc.*.................. 72,000 1,314,000
-------------
Agriculture -- 0.5%
AGCO Corp. ............................. 30,000 757,500
-------------
Airlines -- 0.8%
America West Airlines, Inc., Class B*... 58,000 1,218,000
-------------
Banking -- 0.7%
Mountain Parks Financial Corp.*......... 47,500 1,056,875
-------------
Biotechnology -- 1.3%
ESC Medical Systems Ltd.*............... 15,000 660,000
Integra Lifesciences Corp.*............. 25,000 318,750
Pharmaceutical Product Development,
Inc.*.................................. 5,200 219,700
Physio-Control International Corp.*..... 37,500 731,250
-------------
1,929,700
-------------
Broadcasting -- 1.0%
Chancellor Corp.*....................... 25,000 637,500
Granite Broadcasting Corp.*............. 65,000 828,750
-------------
1,466,250
-------------
Business Services -- 3.4%
Barrett Business Services, Inc.*........ 45,000 787,500
CDI Corp.*.............................. 50,000 1,475,000
Data Processing Resources Corp.*........ 4,400 111,100
DeVRY, Inc.*............................ 20,000 745,000
ITT Educational Services, Inc.*......... 30,000 930,000
PIA Merchandising Services, Inc.*....... 30,500 800,625
-------------
4,849,225
-------------
Chemicals -- 1.0%
Cambrex Corp. .......................... 23,000 989,000
Mississippi Chemical.................... 25,000 503,125
-------------
1,492,125
-------------
Computer Software -- 11.9%
Adept Technology, Inc.*................. 85,000 1,636,250
American Management Systems, Inc.*...... 45,000 1,198,125
Baan Company, N.V.*..................... 4,400 264,000
Computervision Corp.*................... 90,000 1,091,250
Comshare, Inc.*......................... 48,000 1,152,000
Cylink Corp.*........................... 20,000 365,000
Datastream Systems, Inc.*............... 50,000 1,625,000
FileNet Corp.*.......................... 25,000 1,400,000
Forte Software, Inc.*................... 10,000 617,500
HMT Technology Corp.*................... 123,000 2,721,375
Hummingbird Communications Ltd.*........ 31,000 1,294,250
Hyperion Software Corp.*................ 50,000 625,000
i2 Technologies, Inc.*.................. 500 20,375
Softdesk, Inc.*......................... 20,000 285,000
Transition Systems, Inc.*............... 5,200 126,100
<CAPTION>
Issuer Shares Value
- ---------------------------------------- -------- -------------
<S> <C> <C>
Vanstar Corp.*.......................... 50,000 $ 681,250
Wind River Systems*..................... 37,500 1,462,500
Xylan Corp.*............................ 5,900 377,969
-------------
16,942,944
-------------
Computers/Computer Hardware -- 0.8%
Applied Magnetics Corp.*................ 35,000 721,875
Fair Issac & Company, Inc. ............. 10,000 425,000
-------------
1,146,875
-------------
Construction Materials -- 2.5%
Apogee Enterprises, Inc. ............... 60,000 1,575,000
Southdown, Inc. ........................ 57,000 1,339,500
Texas Industries Inc. .................. 10,000 640,000
-------------
3,554,500
-------------
Consumer Products -- 0.9%
Furniture Brands International, Inc.*... 125,000 1,234,375
-------------
Diversified -- 1.0%
Allied Products Corp. .................. 52,000 1,371,500
-------------
Electronics/Electrical Equipment -- 7.6%
Ametek, Inc. ........................... 30,000 577,500
Berg Electronics Corp.*................. 50,000 1,331,250
C.P. Clare Corp.*....................... 60,000 1,267,500
Esterline Technologies Corp.*........... 35,000 805,000
Harman International Industries,
Inc. .................................. 20,000 945,000
ITI Technologies, Inc.*................. 60,000 1,657,500
Microchip Technology, Inc.*............. 33,000 841,500
Perceptron Inc.*........................ 60,000 1,995,000
Teleflex, Inc. ......................... 5,000 231,875
Tencor Instruments*..................... 50,000 1,237,500
-------------
10,889,625
-------------
Entertainment/Leisure -- 3.2%
Anthony Industries, Inc. ............... 66,000 1,881,000
Bally Entertainment Corp.*.............. 60,000 1,252,500
Cinar Films, Inc., Class B*............. 60,000 1,035,000
Platinum Entertainment, Inc.*........... 27,000 334,125
-------------
4,502,625
-------------
Environmental Services -- 2.6%
Newpark Resources, Inc.*................ 49,800 1,562,475
Sanifill, Inc.*......................... 32,000 1,388,000
United Waste Systems, Inc.*............. 15,000 825,000
-------------
3,775,475
-------------
Financial Services -- 1.8%
Aames Financial Corp. .................. 10,000 441,250
First USD Paymentech, Inc.*............. 12,750 554,625
SEI Corp. .............................. 50,000 1,181,250
WFS Financial, Inc.*.................... 21,300 426,000
-------------
2,603,125
-------------
Food/Beverage Products -- 1.4%
GoodMark Foods, Inc. ................... 25,000 403,125
Morningstar Group, Inc.*................ 100,000 1,000,000
Smithfield Foods, Inc.*................. 20,000 590,000
-------------
1,993,125
-------------
</TABLE>
See notes to financial statements.
8
<PAGE> 9
VISTA SMALL CAP EQUITY FUND
PORTFOLIO OF INVESTMENTS April 30, 1996 (unaudited) (continued)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Issuer Shares Value
- ---------------------------------------- -------- -------------
<S> <C> <C>
Health Care -- 6.8%
Conmed Corp.*........................... 85,200 $ 2,534,700
Emeritus Corp.*......................... 25,000 515,625
First Commonwealth, Inc.*............... 5,000 136,250
Integrated Health Services, Inc. ....... 40,000 1,100,000
Housecall Medical Resources, Inc.*...... 25,000 543,750
NCS HealthCare, Inc.*................... 15,000 502,500
Optical Sensors, Inc.*.................. 35,000 459,375
OrNda Healthcorp*....................... 45,000 1,237,500
Sterling House Corp.*................... 77,000 1,424,500
Universal Health Services, Inc., Class
B*..................................... 23,000 1,276,500
-------------
9,730,700
-------------
Hotels/Other Lodging -- 0.9%
Red Roof Inns, Inc.*.................... 50,000 750,000
Renaissance Hotel Group N.V.*........... 25,000 475,000
-------------
1,225,000
-------------
Insurance -- 2.9%
American Bankers Insurance Group,
Inc. .................................. 35,000 1,382,500
American Travellers Corp.*.............. 37,500 731,250
Prudential Reinsurance Holdings,
Inc. .................................. 26,000 591,500
PXRE Corp. ............................. 25,000 637,500
Renaissancere Holdings Ltd. ............ 30,000 817,500
-------------
4,160,250
-------------
Machinery & Engineering Equipment -- 1.9%
Applied Power, Inc., Class A............ 47,000 1,474,625
Precision Castparts Corp. .............. 27,500 1,192,813
-------------
2,667,438
-------------
Manufacturing -- 2.5%
Albany International Corp., Class A..... 35,000 752,500
JLG Industries, Inc. ................... 13,000 708,500
Oakley, Inc.*........................... 14,100 648,600
Paragon Trade Brands, Inc.*............. 60,000 1,402,500
-------------
3,512,100
-------------
Metal/Mining -- 0.9%
Valmont Industries...................... 39,000 1,248,000
-------------
Oil & Gas -- 1.5%
Smith International*.................... 70,000 2,082,500
-------------
Pharmaceuticals -- 0.4%
Alpharma, Inc. ......................... 25,000 612,500
-------------
Printing & Publishing -- 1.3%
Pulitzer Publishing..................... 25,000 1,425,000
Cadmus Communications Corp. ............ 25,000 450,000
-------------
1,875,000
-------------
Real Estate Investment Trust -- 1.1%
Innkeepers USA Trust.................... 70,000 673,750
NHP, Inc.*.............................. 30,000 581,250
Oasis Residential, Inc. ................ 12,000 270,000
-------------
1,525,000
-------------
<CAPTION>
Issuer Shares Value
- ---------------------------------------- -------- -------------
<S> <C> <C>
Retailing -- 2.7%
Casey's General Stores, Inc. ........... 7,500 $ 161,719
Henry Schein, Inc.*..................... 15,800 568,800
Hollywood Entertainment Corp.*.......... 55,000 907,500
Nieman-Marcus Group, Inc.*.............. 65,000 1,560,000
Williams-Sonoma, Inc.*.................. 25,000 625,000
-------------
3,823,019
-------------
Shipping/Transportation -- 0.9%
Landstar System, Inc.*.................. 27,000 742,500
Mark VII, Inc.*......................... 25,000 501,562
-------------
1,244,062
-------------
Steel -- 0.2%
Northwestern Steel & Wire Co.*.......... 40,000 270,000
-------------
Telecommunications -- 4.7%
Aspect Telecommunications Corp.*........ 25,000 1,437,500
InterVoice, Inc.*....................... 35,000 980,000
Network Equipment Technologies, Inc.*... 60,000 1,530,000
Omnipoint Corp.*........................ 12,800 384,000
Periphonics Corp.*...................... 35,000 787,500
Premiere Technologies, Inc.*............ 5,500 207,625
Teltrend, Inc.*......................... 18,000 888,750
Westell Technologies, Inc., Class A*.... 6,200 445,625
-------------
6,661,000
-------------
Telemarketing -- 0.6%
Sitel Corp.*............................ 15,000 828,750
-------------
Textile Mill Products -- 0.5%
St. John Knits, Inc. ................... 12,500 742,187
-------------
Utilities -- 1.6%
Bangor Hydro-Electric Co. .............. 30,000 303,750
Oklahoma Gas & Electric Co. ............ 17,500 660,625
TNP Enterprises, Inc. .................. 54,000 1,282,500
-------------
2,246,875
-------------
Wholesaling -- 1.6%
Barnett, Inc.*.......................... 51,000 1,198,500
MSC Industrial Direct Co., Inc.*........ 25,000 909,375
Wilmar Industries, Inc.*................ 6,500 154,375
-------------
2,262,250
-------------
TOTAL COMMON STOCK
(Cost $84,710,788).................... 108,929,475
-------------
</TABLE>
See notes to financial statements.
9
<PAGE> 10
VISTA SMALL CAP EQUITY FUND
PORTFOLIO OF INVESTMENTS April 30, 1996 (unaudited) (continued)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Principal
Amount Value
---------- -------------
<S> <C> <C>
CONVERTIBLE CORPORATE BONDS &
NOTES -- 3.0%
Computers/Computer Hardware -- 0.9%
Applied Magnetics Corp.#
7.00%, due 03/15/06................ $1,000,000 $ 1,282,340
-------------
Computer Software -- 0.4%
Softkey International Inc.#
5.50%, due 11/01/00................ 500,000 430,025
Spectrum Holobyte, Inc.#
6.50%, due 09/15/02................ 250,000 172,497
-------------
602,522
-------------
Health Care -- 0.3%
Assisted Living Concepts#
7.00%, due 08/15/05................ 250,000 350,000
-------------
Insurance -- 0.5%
American Travellers Corp.
6.50%, due 10/01/05................ 500,000 730,000
-------------
Wholesaling -- 0.9%
US Office Products Co.
5.50%, due 02/01/01................ 1,000,000 1,355,000
-------------
TOTAL CONVERTIBLE CORPORATE BONDS &
NOTES
(Cost $3,500,000)................. 4,319,862
-------------
TOTAL LONG-TERM INVESTMENTS
(Cost $88,210,788)................ 113,249,337
-------------
SHORT-TERM INVESTMENTS -- 19.3%
U.S. GOVERNMENT AND AGENCY
OBLIGATIONS -- 2.9%
Federal Home Loan Mortgage Corp.,+
Discount Note
5.23%, due 05/13/96............... 4,000,000 3,993,027
U.S. Treasury Bill,
4.75%, due 05/09/96................ 20,000 19,979
U.S. Treasury Bill,
4.92%, due 07/11/96................ 40,000 39,612
<CAPTION>
Principal
Amount Value
---------- -------------
<S> <C> <C>
U.S. Treasury Bill,
4.83%, due 07/18/96................ $ 60,000 $ 59,372
U.S. Treasury Bill,
4.92%, due 07/25/96................ 35,000 34,593
U.S. Treasury Bill,
4.88%, due 06/06/96................ 64,000 63,688
U.S. Treasury Bill,
4.96%, due 07/25/96................ 35,000 34,590
-------------
TOTAL U.S. GOVERNMENT AND AGENCY
OBLIGATIONS
(Cost $4,244,861)................. 4,244,861
-------------
COMMERCIAL PAPER -- 16.4%
Chemicals -- 1.4%
DuPont (El) de Nemours & Co.+
5.30%, due 05/20/96................ 2,000,000 1,994,406
-------------
Financial Services -- 12.2%
Household Finance Corp.
5.20%, due 05/01/96................ 9,361,000 9,361,000
Merrill Lynch & Co., Inc.
5.33%, due 05/15/96................ 2,000,000 1,995,854
Receivables Capital Corp.#+
5.32%, due 05/15/96................ 4,000,000 3,991,724
Triple A-One Funding Corp.#+
5.30%, due 05/03/96................ 2,000,000 1,999,411
-------------
17,347,989
-------------
Telecommunications -- 2.8%
AT & T Corp.
5.26%, due 05/20/96................ 4,000,000 3,988,896
-------------
TOTAL COMMERCIAL PAPER
(Cost $23,331,291)................ 23,331,291
-------------
TOTAL SHORT-TERM INVESTMENTS
(Cost $27,576,152)................ 27,576,152
-------------
TOTAL INVESTMENTS --
(COST $115,786,940)............... 98.7% $ 140,825,489
=============
</TABLE>
PURCHASED INDEX FUTURES OUTSTANDING
<TABLE>
<CAPTION>
Number Original Nominal
Expiration of Nominal Value at Unrealized
Description Date Contracts Value 04/30/96 Appreciation
- -------------------------------------------------- ----------- ---------- ----------- ----------- ------------
<S> <C> <C> <C> <C> <C>
Russell 2000...................................... 06/20/96 70 $11,678,065 $12,267,500 $589,435
</TABLE>
See notes to financial statements.
10
<PAGE> 11
VISTA EQUITY INCOME FUND
PORTFOLIO OF INVESTMENTS April 30, 1996 (unaudited)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Issuer Shares Value
- ----------------------------------------- -------- ------------
<S> <C> <C>
LONG-TERM INVESTMENTS -- 96.9%
COMMON STOCK -- 82.2%
Aerospace -- 3.4%
Allied-Signal, Inc. ..................... 3,800 $ 220,875
Sundstrand Corp. ........................ 3,600 132,300
United Technologies, Corp. .............. 1,000 110,500
------------
463,675
------------
Automotive -- 2.0%
Chrysler Corp. .......................... 3,300 207,075
Dana Corp. .............................. 2,100 69,825
------------
276,900
------------
Banking -- 3.8%
Bank of Boston Corp. .................... 2,500 120,938
Bank of New York Company, Inc. .......... 2,700 130,950
First Union Corp. ....................... 1,000 61,500
NationsBank Corp. ....................... 2,500 199,375
------------
512,763
------------
Broadcasting -- 0.2%
U.S. West Media Group*................... 1,700 33,150
------------
Business Services -- 1.5%
ServiceMaster L.P.*...................... 6,300 200,025
------------
Chemicals -- 2.6%
duPont (EI) deNemours.................... 2,200 176,825
Eastman Chemical Co. .................... 1,300 87,425
Union Carbide Corp. ..................... 2,000 91,000
------------
355,250
------------
Computers/Computer Hardware -- 1.8%
Digital Equipment Corp.*................. 2,000 119,500
International Business Machines Corp. ... 1,100 118,250
------------
237,750
------------
Consumer Products -- 2.4%
Philip Morris Companies, Inc. ........... 1,400 126,175
RJR Nabisco Holdings Corp. .............. 6,500 194,188
------------
320,363
------------
Diversified -- 2.7%
Aluminum Co. of America (ALCOA).......... 2,200 137,225
Textron, Inc. ........................... 2,600 222,950
------------
360,175
------------
Electronics/Electrical Equipment -- 2.9%
ADT Ltd.*................................ 8,000 136,000
General Motors Class H................... 4,200 256,725
------------
392,725
------------
Entertainment/Leisure -- 1.4%
Carnival Corp., Class A.................. 6,500 188,500
------------
Financial Services -- 5.5%
American Express Co. .................... 4,700 227,950
Federal National Mortgage Assoc. ........ 6,000 183,750
First USD Paymentech, Inc.*.............. 7,750 337,125
------------
748,825
------------
<CAPTION>
Issuer Shares Value
- ----------------------------------------- -------- ------------
<S> <C> <C>
Food/Beverage Products -- 1.9%
ConAgra, Inc. ........................... 3,000 $ 115,875
Unilever NV, NY Shares................... 1,000 136,500
------------
252,375
------------
Health Care -- 3.2%
Baxter International Inc. ............... 4,500 199,125
Humana, Inc.*............................ 4,500 110,813
Tenet Healthcare Corp.*.................. 6,000 123,000
------------
432,938
------------
Insurance -- 4.9%
Allstate Corp. .......................... 3,200 124,400
Chubb Corp. ............................. 800 75,700
Cigna Corp. ............................. 900 102,038
GCR Holdings, Ltd. ...................... 6,000 153,000
Mid Ocean, Ltd. ......................... 2,400 85,800
Travelers/Aetna Property Casualty
Corp.*.................................. 4,500 124,313
------------
665,251
------------
Manufacturing -- 1.9%
Johnson Controls......................... 3,500 250,250
------------
Metals/Mining -- 0.9%
Phelps Dodge Corp. ...................... 1,600 117,600
------------
Oil & Gas -- 6.5%
Amoco Corp. ............................. 2,500 182,500
Halliburton Company...................... 2,100 120,488
Mobil Corp. ............................. 1,700 195,500
PanEnergy Corp. ......................... 4,400 143,550
Williams Companies, Inc. ................ 4,700 240,288
------------
882,326
------------
Paper/Forest Products -- 0.5%
Willamette Industries.................... 1,000 61,500
------------
Pharmaceuticals -- 4.6%
American Home Products Corp. ............ 1,900 200,450
Bristol-Myers Squibb Co. ................ 1,600 131,600
Glaxo Wellcome Plc....................... 4,700 113,387
Schering-Plough Corp. ................... 3,000 172,125
------------
617,562
------------
Real Estate Investment Trust -- 7.0%
Bay Apartment Communities, Inc. ......... 3,800 95,475
Beacon Properties Corp. ................. 5,000 128,125
Equity Residential Properties Trust...... 4,500 145,125
Hospitality Properties Trust............. 6,000 153,000
Liberty Property Trust................... 3,700 76,312
Post Properties, Inc. ................... 6,000 201,750
ROC Communities, Inc. ................... 6,000 141,750
------------
941,537
------------
Retailing -- 2.3%
Dayton-Hudson Corp. ..................... 2,500 238,750
Dillard Department Stores, Inc., Class
A....................................... 1,800 72,225
------------
310,975
------------
</TABLE>
See notes to financial statements.
11
<PAGE> 12
VISTA EQUITY INCOME FUND
PORTFOLIO OF INVESTMENTS April 30, 1996 (unaudited) (continued)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Issuer Shares Value
- ----------------------------------------- -------- ------------
<S> <C> <C>
Shipping/Transportation -- 4.2%
Canadian National Railway Comp. ......... 16,000 $ 304,000
Consolidated Railway, Inc. .............. 1,500 104,625
CSX Corp. ............................... 3,200 164,000
------------
572,625
------------
Steel -- 0.7%
USX-US Steel Group, Inc. ................ 3,000 99,000
------------
Telecommunications -- 8.6%
360 Communications Co.*.................. 1,066 25,048
AT & T Corp. ............................ 4,800 294,000
Frontier Corp. .......................... 5,400 170,775
GTE Corp. ............................... 2,700 117,112
Sprint Corp. ............................ 3,200 134,800
Telecomunicacoes Brasileiros SA, ADR..... 2,500 135,312
Telefonica de Espana, ADR................ 4,400 231,550
U S West, Inc. .......................... 1,700 55,675
------------
1,164,272
------------
Textile Mill Products -- 0.6%
Springs Industries, Inc., Class A........ 1,900 87,400
------------
Utilities -- 4.2%
CINergy Corp. ........................... 3,500 101,500
CMS Energy Corp. ........................ 4,200 122,325
FPL Group Inc. .......................... 3,400 146,625
IPALCO Enterprises, Inc. ................ 4,050 102,262
Oklahoma Gas & Electric Co. ............. 2,500 94,375
------------
567,087
------------
TOTAL COMMON STOCK
(Cost $8,952,252)...................... 11,112,799
------------
CONVERTIBLE PREFERRED STOCK -- 10.3%
Consumer Products -- 1.2%
Westinghouse Electric, $1.30#............ 9,000 162,000
------------
Entertainment -- 1.0%
Bally Entertainment Corp.
8.00%, 10/03/99 Ser. ................... 7,000 141,750
------------
Financial Services -- 2.0%
St. Paul Capital LLC,
6.00%, 05/31/25 Ser. ................... 5,000 270,000
------------
Health Care -- 2.0%
U.S. Surgical Corp.,
$2.20, Ser. A#.......................... 7,500 274,687
------------
Metals/Mining -- 0.7%
Coeur D'Alene Mines Corp.,
7.00%, 03/15/00 Ser. ................... 5,000 99,375
------------
<CAPTION>
Issuer Shares Value
- ----------------------------------------- -------- ------------
<S> <C> <C>
Oil & Gas -- 1.0%
Enron Corp.,
6.25% Exchange Notes, 12/13/98, ACES.... 5,000 $ 128,125
------------
Paper/Forest Products -- 0.7%
International Paper Capital Corp.,#
5.25%................................... 2,000 91,750
------------
Steel -- 1.7%
WHX Corp., Ser. B, $3.75................. 5,000 223,125
------------
TOTAL CONVERTIBLE PREFERRED STOCK
(Cost $1,248,502)...................... 1,390,812
------------
</TABLE>
<TABLE>
<CAPTION>
Principal
Amount
---------
<S> <C> <C>
CONVERTIBLE CORPORATE BONDS &
NOTES -- 4.4%
Health Care -- 1.0%
Assisted Living Concepts#
7.00%, due 08/15/05.................. $100,000 140,000
------------
Shipping/Transportation -- 1.9%
Airborne Freight
6.75%, due 08/15/01.................. 250,000 249,375
------------
Wholesaling -- 1.5%
US Office Products Co.
5.50%, due 02/01/01.................. 150,000 203,250
------------
TOTAL CONVERTIBLE CORPORATE BONDS &
NOTES
(Cost $480,191)..................... 592,625
------------
TOTAL LONG-TERM INVESTMENTS
(Cost $10,680,945).................. 13,096,236
------------
SHORT-TERM INVESTMENTS -- 2.8%
COMMERCIAL PAPER -- 2.8%
Financial Services
Household Finance Corp.
5.20%, due 05/01/96
(Cost $373,000)...................... 373,000 373,000
------------
TOTAL INVESTMENTS --
(COST $11,053,945).................. 99.7% $ 13,469,236
============
</TABLE>
See notes to financial statements.
12
<PAGE> 13
VISTA EQUITY FUND
PORTFOLIO OF INVESTMENTS April 30, 1996 (unaudited)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Issuer Shares Value
- ------------------------------------------- ------- ------------
<S> <C> <C>
LONG-TERM INVESTMENTS -- 99.9%
COMMON STOCK -- 99.9%
Aerospace -- 2.7%
Allied-Signal, Inc. ....................... 10,000 $ 581,250
General Motors Class H..................... 7,600 464,550
United Technologies, Corp. ................ 4,800 530,400
------------
1,576,200
------------
Agriculture -- 1.9%
Case Corp. ................................ 10,500 530,250
Deere & Co. ............................... 14,600 567,575
------------
1,097,825
------------
Airlines -- 0.8%
AMR Corp.*................................. 5,100 455,175
------------
Automotive -- 2.8%
Chrysler Corp. ............................ 7,602 477,026
Echlin, Inc. .............................. 12,000 412,500
Ford Motor Company......................... 10,000 358,750
General Motors............................. 7,300 396,025
------------
1,644,301
------------
Banking -- 6.1%
Bank of Boston Corp. ...................... 11,300 546,638
Bank of New York Company, Inc. ............ 8,500 412,250
BankAmerica Corp. ......................... 8,000 606,000
Citicorp................................... 6,600 519,750
NationsBank Corp. ......................... 8,800 701,800
Norwest Corp. ............................. 12,500 451,563
Wells Fargo & Co. ......................... 1,333 323,419
------------
3,561,420
------------
Broadcasting -- 0.2%
U.S. West Media Group*..................... 7,000 136,500
------------
Chemicals -- 4.5%
Air Products and Chemicals, Inc. .......... 5,700 325,613
Dow Chemical Co. .......................... 7,500 666,563
duPont (EI) deNemours...................... 7,800 626,925
Eastman Chemical Co. ...................... 8,200 551,450
Union Carbide Corp. ....................... 9,800 445,900
------------
2,616,451
------------
Computer Software -- 2.2%
Computer Associates International.......... 9,750 715,406
General Motors Corp., Class E.............. 5,600 315,700
Microsoft Corp.*........................... 2,300 260,763
------------
1,291,869
------------
Computers/Computer Hardware -- 4.8%
Compaq Computer*........................... 11,500 536,188
Digital Equipment Corp.*................... 5,000 298,750
Hewlett-Packard Co. ....................... 6,000 635,250
International Business Machines Corp. ..... 6,000 645,000
Sun Microsystems, Inc.*.................... 13,100 710,675
------------
2,825,863
------------
Construction Machinery -- 0.7%
Caterpillar Inc. .......................... 6,500 416,000
------------
<CAPTION>
Issuer Shares Value
- ------------------------------------------- ------- ------------
<S> <C> <C>
Consumer Products -- 4.8%
Black & Decker Corp. ...................... 17,100 $ 688,275
Nike, Inc., Class B........................ 4,000 350,000
Philip Morris Companies, Inc. ............. 5,900 531,738
Procter & Gamble Co. ...................... 6,200 523,900
RJR Nabisco Holdings Corp. ................ 12,900 385,388
Whirlpool Corp. ........................... 5,500 330,688
------------
2,809,989
------------
Diversified -- 2.6%
General Electric Co. ...................... 5,400 418,500
TRW Inc. .................................. 5,500 516,313
Textron, Inc. ............................. 6,500 557,375
------------
1,492,188
------------
Electronics/Electrical Equipment -- 2.3%
Applied Materials, Inc.*................... 8,000 320,000
Intel Corp. ............................... 4,600 311,650
Texas Instruments.......................... 12,500 706,250
------------
1,337,900
------------
Entertainment/Leisure -- 0.8%
Carnival Corp., Class A.................... 16,000 464,000
------------
Financial Services -- 3.1%
American Express Co. ...................... 6,200 300,700
Dean Witter, Discover & Co. ............... 8,300 452,350
Federal Home Loan Mortgage Corp. .......... 5,000 416,875
Federal National Mortgage Assoc. .......... 22,000 673,750
------------
1,843,675
------------
Food/Beverage Products -- 5.7%
Archer Daniels Midland..................... 16,275 307,191
Coca-Cola Co. ............................. 4,800 391,200
Coca-Cola Enterprises, Inc. ............... 13,800 407,100
ConAgra, Inc. ............................. 11,500 444,188
Heinz (H.J.) Co. .......................... 9,600 325,200
PepsiCo., Inc. ............................ 10,200 647,700
Sara Lee Corp. ............................ 10,700 331,700
Unilever NV, NY Shares..................... 3,600 491,400
------------
3,345,679
------------
Health Care -- 4.8%
Baxter International Inc. ................. 10,000 442,500
Columbia/HCA Healthcare Corp. ............. 9,000 478,125
HEALTHSOUTH Corp.*......................... 10,300 382,387
Humana, Inc. .............................. 12,500 307,812
Manor Care, Inc. .......................... 7,800 312,975
Medtronic, Inc. ........................... 6,800 361,250
Tenet Healthcare Corp.*.................... 27,000 553,500
------------
2,838,549
------------
Hotels/Other Lodging -- 0.5%
ITT Corp.*................................. 4,500 273,938
------------
</TABLE>
See notes to financial statements.
13
<PAGE> 14
VISTA EQUITY FUND
PORTFOLIO OF INVESTMENTS April 30, 1996 (unaudited) (continued)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Issuer Shares Value
- ------------------------------------------- ------- ------------
<S> <C> <C>
Insurance -- 4.4%
Allstate Corp. ............................ 10,806 $ 420,083
American International Group............... 4,400 402,050
Chubb Corp. ............................... 4,500 425,813
Providian Corp. ........................... 14,000 645,750
St. Paul Companies, Inc. .................. 7,300 387,813
Travelers/Aetna Property Casualty Corp.*... 11,500 317,688
------------
2,599,197
------------
Manufacturing -- 3.9%
Ingersoll-Rand Co. ........................ 14,000 542,500
ITT Industries, Inc. ...................... 2,600 71,500
Johnson Controls........................... 8,800 629,200
Parker Hannifin Corp. ..................... 16,000 676,000
Varity Corp.*.............................. 9,200 392,150
------------
2,311,350
------------
Metals/Mining -- 2.0%
Aluminum Co. of America (ALCOA)............ 12,800 798,400
Inco, Ltd. ................................ 11,700 393,412
------------
1,191,812
------------
Office/Business Equipment -- 0.6%
Xerox Corp. ............................... 2,500 366,250
------------
Oil & Gas -- 9.0%
Amoco Corp. ............................... 8,000 584,000
British Petroleum PLC, ADR................. 5,000 546,250
Halliburton Company........................ 12,200 699,975
Mobil Corp. ............................... 6,800 782,000
Occidental Petroleum Corp. ................ 12,000 309,000
PanEnergy Corp. ........................... 29,100 949,387
Phillips Petroleum Co. .................... 8,500 352,750
Unocal Corp. .............................. 14,800 475,450
Williams Companies, Inc. .................. 11,600 593,050
------------
5,291,862
------------
Paper/Forest Products -- 1.6%
Champion International Corp. .............. 6,400 308,800
Mead Corp. ................................ 6,300 350,437
Willamette Industries...................... 5,000 307,500
------------
966,737
------------
Pharmaceuticals -- 3.8%
Abbot Laboratories,........................ 7,500 304,687
Allergan Inc. ............................. 13,000 459,875
Glaxo Wellcome Plc. ....................... 10,000 241,250
Johnson & Johnson.......................... 4,500 416,250
Pfizer, Inc. .............................. 5,500 378,812
Schering-Plough Corp. ..................... 8,000 459,000
------------
2,259,874
------------
Printing & Publishing -- 0.8%
Harcourt General, Inc. .................... 10,000 440,000
------------
<CAPTION>
Issuer Shares Value
- ------------------------------------------- ------- ------------
<S> <C> <C>
Restaurants/Food Service -- 0.7%
McDonald's Corp. .......................... 9,100 $ 435,662
------------
Retailing -- 7.3%
American Stores Co. ....................... 10,000 333,750
AutoZone, Inc.*............................ 8,700 317,550
Circuit City Stores, Inc. ................. 7,000 222,250
Dayton-Hudson Corp. ....................... 5,500 525,250
Dillard Department Stores, Inc., Class A... 12,900 517,612
Gap, Inc. ................................. 16,600 500,075
Kroger Co.*................................ 17,000 699,125
May Department Stores...................... 9,000 459,000
Mercantile Stores.......................... 5,500 343,062
Sears Roebuck & Co. ....................... 8,000 399,000
------------
4,316,674
------------
Shipping/Transportation -- 2.3%
Consolidated Railway, Inc. ................ 4,300 299,925
CSX Corp. ................................. 14,000 717,500
Ryder System............................... 12,000 349,500
------------
1,366,925
------------
Steel -- 0.6%
USX-US Steel Group, Inc. .................. 10,400 343,200
------------
Telecommunications -- 6.4%
Ameritech Corp. ........................... 5,500 321,062
AT&T Corp. ................................ 7,400 453,250
Frontier Corp. ............................ 12,500 395,312
GTE Corp. ................................. 12,900 559,537
Lucent Technologies, Inc.*................. 12,000 421,500
MCI Communications......................... 10,000 294,375
NYNEX Corp. ............................... 6,800 334,050
Sprint Corp. .............................. 7,400 311,725
Tele-Communications, Class A*.............. 14,200 271,575
U S West, Inc. ............................ 13,000 425,750
------------
3,788,136
------------
Toys & Games -- 0.9%
Mattel, Inc. .............................. 21,250 552,500
------------
Utilities -- 4.3%
CMS Energy Corp. .......................... 17,000 495,125
Entergy Corp. ............................. 11,200 296,800
FPL Group Inc. ............................ 14,000 603,750
NIPSCO Industries Inc. .................... 7,500 269,062
Pinnacle West Capital Corp. ............... 19,300 513,862
Southern Co. .............................. 15,000 330,000
------------
2,508,599
------------
TOTAL INVESTMENTS --
(COST $44,667,577)....................... 99.9% $ 58,766,300
============
</TABLE>
See notes to financial statements.
14
<PAGE> 15
VISTA BALANCED FUND
PORTFOLIO OF INVESTMENTS April 30, 1996 (unaudited)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Issuer Shares Value
- ------------------------------------------- ------- ------------
<S> <C> <C>
LONG-TERM INVESTMENTS -- 94.7%
COMMON STOCK -- 49.6%
Aerospace -- 1.6%
Allied-Signal, Inc. ....................... 4,000 $ 232,500
General Motors Class H..................... 2,600 158,925
Lockheed Martin Corp. ..................... 1,300 104,813
Sundstrand Corp. .......................... 2,400 88,200
United Technologies, Corp. ................ 1,600 176,800
------------
761,238
------------
Agriculture -- 0.8%
AGCO Corp. ................................ 5,000 126,250
Case Corp. ................................ 4,800 242,400
------------
368,650
------------
Airlines -- 0.4%
AMR Corp.*................................. 1,700 151,725
Western Pacific Airlines, Inc. ............ 3,000 47,250
------------
198,975
------------
Automotive -- 0.8%
Chrysler Corp. ............................ 1,825 114,519
Echlin, Inc. .............................. 4,100 140,938
General Motors............................. 2,100 113,925
------------
369,382
------------
Banking -- 2.2%
Bank of Boston Corp. ...................... 4,200 203,175
Bank of New York Company, Inc. ............ 3,100 150,350
Citicorp................................... 2,900 228,375
NationsBank Corp. ......................... 3,800 303,050
Norwest Corp. ............................. 4,700 169,788
------------
1,054,738
------------
Broadcasting -- 0.4%
Tele-Communications, Liberty Media Group,
Class A*.................................. 500 13,688
Tele-Communications, TCI Group, Class A*... 4,800 91,800
U.S. West Media Group*..................... 4,700 91,650
------------
197,138
------------
Chemicals -- 2.7%
Air Products and Chemicals, Inc. .......... 2,800 159,950
Arcadian Corp.*............................ 5,700 114,000
Cabot Corp. ............................... 2,400 64,200
Dow Chemical Co. .......................... 2,500 222,188
duPont (EI) deNemours...................... 3,300 265,238
Eastman Chemical Co. ...................... 2,300 154,675
Praxair Inc. .............................. 2,700 104,288
Union Carbide Corp. ....................... 3,600 163,800
------------
1,248,339
------------
Computer Software -- 2.0%
Amisys Managed Care Systems................ 2,000 42,000
Computer Associates International.......... 2,250 165,094
General Motors Corp., Class E.............. 1,900 107,113
Microsoft Corp.*........................... 1,000 113,375
Reynolds & Reynolds, Inc., Class A......... 2,000 92,500
Sterling Commerce, Inc.*................... 11,750 411,250
------------
931,332
------------
<CAPTION>
Issuer Shares Value
- ------------------------------------------- ------- ------------
<S> <C> <C>
Computers/Computer Hardware -- 1.6%
Comdisco, Inc. ............................ 3,150 $ 77,569
Compaq Computer*........................... 3,300 153,863
Hewlett-Packard Co. ....................... 1,000 105,875
International Business Machines Corp. ..... 2,000 215,000
Sun Microsystems, Inc.*.................... 3,900 211,575
------------
763,882
------------
Construction Machinery -- 0.3%
Caterpillar Inc. .......................... 2,300 147,200
------------
Consumer Products -- 2.7%
Adidas AG.................................. 8,500 322,864
Black & Decker Corp. ...................... 5,500 221,375
Nike, Inc., Class B........................ 1,500 131,250
Philip Morris Companies, Inc. ............. 2,400 216,300
Procter & Gamble Co. ...................... 1,700 143,650
RJR Nabisco Holdings Corp. ................ 4,700 140,413
Whirlpool Corp. ........................... 1,500 90,188
------------
1,266,040
------------
Diversified -- 0.7%
Textron, Inc. ............................. 1,700 145,775
TRW Inc. .................................. 2,000 187,750
------------
333,525
------------
Electronics/Electrical Equipment -- 0.6%
Applied Materials, Inc.*................... 1,700 68,000
Lam Research Corp.*........................ 1,500 60,750
Texas Instruments.......................... 2,800 158,200
------------
286,950
------------
Entertainment/Leisure -- 0.8%
Carnival Corp., Class A.................... 4,000 116,000
Penske Motorsports, Inc.*.................. 5,000 151,250
Time Warner, Inc. ......................... 2,200 89,925
------------
357,175
------------
Financial Services -- 1.3%
American Express Co. ...................... 1,800 87,300
Dean Witter, Discover & Co. ............... 3,000 163,500
Federal National Mortgage Assoc. .......... 6,000 183,750
Household International, Inc. ............. 1,100 76,038
Standard Federal Bancorporation............ 2,100 83,213
------------
593,801
------------
Food/Beverage Products -- 2.3%
Archer Daniels Midland..................... 5,400 101,925
Coca-Cola Enterprises, Inc. ............... 8,000 236,000
ConAgra, Inc. ............................. 3,400 131,325
CPC International, Inc. ................... 1,500 103,688
Heinz (H.J.) Co. .......................... 4,800 162,600
PepsiCo., Inc. ............................ 2,900 184,150
Unilever NV, NY Shares..................... 1,200 163,800
------------
1,083,488
------------
</TABLE>
See notes to financial statements.
15
<PAGE> 16
VISTA BALANCED FUND
PORTFOLIO OF INVESTMENTS April 30, 1996 (unaudited) (continued)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Issuer Shares Value
- ------------------------------------------- ------- ------------
<S> <C> <C>
Health Care -- 2.7%
American Oncology Resources, Inc.*......... 1,900 $ 90,725
Apria Healthcare Group, Inc.*.............. 3,400 115,600
Baxter International Inc. ................. 3,000 132,750
Beverly Enterprises*....................... 4,500 54,562
Columbia/HCA Healthcare Corp. ............. 4,000 212,500
FHP International Corp.*................... 2,000 59,000
HEALTHSOUTH Corp.*......................... 3,500 129,937
Humana, Inc.*.............................. 5,000 123,125
Medtronic, Inc. ........................... 1,900 100,938
OrNda Healthcorp*.......................... 3,500 96,250
Tenet Healthcare Corp.*.................... 7,400 151,700
------------
1,267,087
------------
Hotels/Other Lodging -- 0.7%
Bristol Hotel Co.*......................... 5,000 146,875
Red Roof Inns, Inc.*....................... 11,000 165,000
------------
311,875
------------
Insurance -- 3.0%
Allstate Corp. ............................ 2,700 104,963
American International Group............... 1,950 178,181
Chubb Corp. ............................... 2,000 189,250
GCR Holdings, Ltd.#........................ 6,000 153,000
Mid Ocean, Ltd. ........................... 2,200 78,650
Providian Corp. ........................... 5,800 267,525
St. Paul Companies, Inc. .................. 2,900 154,062
Transatlantic Holdings, Inc. .............. 1,200 78,600
Travelers/Aetna Property Casualty Corp.*... 6,800 187,850
------------
1,392,081
------------
Manufacturing -- 2.1%
Ingersoll-Rand Co. ........................ 5,000 193,750
Johnson Controls........................... 3,000 214,500
Kennametal Inc. ........................... 2,200 83,325
Modine Manufacturing Co. .................. 2,000 54,500
Parker Hannifin Corp. ..................... 6,000 253,500
Varity Corp.*.............................. 4,100 174,762
------------
974,337
------------
Metals/Mining -- 0.6%
Aluminum Co. of America (ALCOA)............ 3,000 187,125
Inco, Ltd. ................................ 3,200 107,600
------------
294,725
------------
Office/Business Equipment -- 0.3%
Xerox Corp. ............................... 1,000 146,500
------------
Oil & Gas -- 4.4%
Amoco Corp. ............................... 2,200 160,600
Ashland Inc. .............................. 2,700 111,037
Halliburton Company........................ 4,000 229,500
Mobil Corp. ............................... 2,000 230,000
NGC Corp. ................................. 12,800 192,000
PanEnergy Corp. ........................... 7,400 241,425
Phillips Petroleum Co. .................... 3,500 145,250
Royal Dutch Petroleum Co. ................. 1,000 143,250
<CAPTION>
Issuer Shares Value
- ------------------------------------------- ------- ------------
<S> <C> <C>
Smith International*....................... 8,100 $ 240,975
Triton Energy Ltd*......................... 1,300 71,500
Unocal Corp. .............................. 3,500 112,437
Williams Companies, Inc. .................. 3,300 168,712
------------
2,046,686
------------
Paper/Forest Products -- 0.9%
Boise Cascade Corp. ....................... 2,100 97,650
Champion International Corp. .............. 2,400 115,800
Mead Corp. ................................ 1,500 83,437
Willamette Industries...................... 2,000 123,000
------------
419,887
------------
Pharmaceuticals -- 1.5%
Allergan Inc. ............................. 4,500 159,187
American Home Products Corp. .............. 2,000 211,000
Bristol-Myers Squibb Co. .................. 1,400 115,150
Glaxo Wellcome Plc......................... 4,000 96,500
Schering-Plough Corp. ..................... 2,000 114,750
------------
696,587
------------
Printing & Publishing -- 0.4%
Harcourt General, Inc. .................... 3,200 140,800
Tribune Co. ............................... 1,000 69,750
------------
210,550
------------
Real Estate Investment Trust -- 0.4%
Bay Apartment Communities, Inc. ........... 4,000 100,500
Beacon Properties Corp. ................... 3,000 76,875
------------
177,375
------------
Restaurants/Food Services -- 0.2%
Wendy's International, Inc. ............... 5,500 105,187
------------
Retailing -- 4.2%
American Stores Co. ....................... 3,600 120,150
AutoZone, Inc.*............................ 4,000 146,000
Circuit City Stores, Inc. ................. 5,200 165,100
Dayton-Hudson Corp. ....................... 2,400 229,200
Dillard Department Stores, Inc., Class A... 4,900 196,612
Eckerd Corp.*.............................. 3,400 162,350
Ethan Allen Interiors, Inc.*............... 3,100 80,600
Gap, Inc. ................................. 5,800 174,725
Kroger Co.*................................ 6,300 259,087
May Department Stores...................... 4,400 224,400
MSC Industrial Direct Co., Inc.*........... 5,800 210,975
------------
1,969,199
------------
Shipping/Transportation -- 1.1%
Canadian National Railway Co. ............. 9,100 172,900
CSX Corp. ................................. 4,800 246,000
Ryder System............................... 3,100 90,287
------------
509,187
------------
Steel -- 0.3%
USX-US Steel Group, Inc. .................. 3,600 118,800
------------
</TABLE>
See notes to financial statements.
16
<PAGE> 17
VISTA BALANCED FUND
PORTFOLIO OF INVESTMENTS April 30, 1996 (unaudited) (continued)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Issuer Shares Value
- ------------------------------------------- ------- ------------
<S> <C> <C>
Telecommunications -- 2.8%
360 Communications Co.*.................... 1,494 $ 35,109
AT&T Corp. ................................ 2,600 159,250
GTE Corp. ................................. 4,200 182,175
Lucent Technologies, Inc.*................. 5,000 175,625
NYNEX Corp. ............................... 2,900 142,462
Omnipoint Corp.*........................... 7,000 210,000
Sprint Corp. .............................. 4,784 201,526
U S West, Inc. ............................ 5,800 189,950
------------
1,296,097
------------
Textile Mill Products -- 0.2%
Springs Industries, Inc., Class A.......... 1,900 87,400
------------
Toys & Games -- 0.3%
Mattel, Inc. .............................. 6,250 162,500
------------
Utilities -- 2.3%
CMS Energy Corp. .......................... 4,600 133,975
DQE, Inc. ................................. 2,750 72,875
Entergy Corp. ............................. 5,000 132,500
FPL Group Inc. ............................ 4,700 202,687
NIPSCO Industries Inc. .................... 4,600 165,025
PECO Energy Co. ........................... 3,000 74,625
Pinnacle West Capital Corp. ............... 6,600 175,725
Portland General Corp. .................... 3,200 94,000
Public Service Co. of Colorado............. 2,000 66,250
------------
1,117,662
------------
TOTAL COMMON STOCK
(Cost $18,482,492)....................... 23,265,575
------------
CONVERTIBLE PREFERRED STOCK -- 2.3%
Electronics/Electrical Equipment -- 0.3%
Westinghouse Electric, #$1.30.............. 9,000 162,000
------------
Financial Services -- 0.8%
American General Delaware $3.00, Ser. A.... 2,000 103,000
St. Paul Capital Corp., 6.00%.............. 5,000 270,000
------------
373,000
------------
Food/Beverage Products -- 0.3%
RJR Nabisco Holdings Corp., $0.6012, Ser.
C......................................... 20,000 120,000
------------
Health Care -- 0.6%
U.S. Surgical Corp. $2.20, Ser. A#......... 7,500 274,687
------------
Oil & Gas -- 0.3%
Enron Corp., 6.25% Exchange Notes,
12/13/98, ACES............................ 6,500 166,562
------------
TOTAL CONVERTIBLE
PREFERRED STOCK
(Cost $964,762).......................... 1,096,249
------------
</TABLE>
<TABLE>
<CAPTION>
Principal
Amount Value
---------- ------------
<S> <C> <C>
CONVERTIBLE CORPORATE BONDS &
NOTES -- 2.2%
Computers/Computer Hardware -- 0.4%
SCI Systems Inc.#
5.00%, due 05/11/06.................. $ 150,000 $ 164,250
------------
Health Care -- 0.5%
Assisted Living Concepts#
7.00%, due 08/15/05.................. 150,000 210,000
------------
Insurance -- 0.6%
American Travellers Corp.
6.50%, due 10/01/05.................. 200,000 292,000
------------
Manufacturing -- 0.3%
3 Com Corp#
10.25%, due 11/01/01................. 100,000 154,750
------------
Wholesaling -- 0.4%
US Office Products Co.
5.50%, due 02/01/01.................. 150,000 203,250
------------
TOTAL CONVERTIBLE CORPORATE BONDS &
NOTES
(Cost $750,000)..................... 1,024,250
------------
CORPORATE BONDS & NOTES -- 9.5%
Financial Services -- 9.5%
Broken Hill Proprietary. Co.,
BHP Finance USA,
6.42%, due 03/01/26.................. 500,000 483,555
Donaldson Lufkin & Jen
5.63%, due 02/15/16.................. 500,000 475,000
Ford Capital BV
9.00%, due 08/15/98.................. 400,000 420,592
General Electric Capital Corp., MTN
9.18%, due 12/30/08.................. 500,000 590,060
General Motors Acceptance Corp.
8.63%, due 06/15/99.................. 650,000 684,411
Goldman Sachs Group#
6.20%, due 02/15/01.................. 700,000 675,465
Household Finance Corp.
7.75%, due 06/15/97.................. 500,000 507,975
Security Pacific Corp.
10.30%, due 05/15/01................. 550,000 628,056
------------
TOTAL CORPORATE BONDS & NOTES
(Cost $4,588,186)................... 4,465,114
------------
VARIABLE RATE NOTES -- 2.1%
Financial Services -- 2.1%
Goldman Sachs & Co.#
5.23%, due 07/22/96 (Cost
$1,000,000).......................... 1,000,000 1,000,000
------------
</TABLE>
See notes to financial statements.
17
<PAGE> 18
VISTA BALANCED FUND
PORTFOLIO OF INVESTMENTS April 30, 1996 (unaudited) (continued)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Principal
Amount Value
---------- ------------
<S> <C> <C>
U.S.GOVERNMENT OBLIGATIONS -- 10.7%
U.S. Treasury Bond,
7.50%, due 11/15/24................. $ 700,000 $ 738,829
U.S. Treasury Note,
6.13%, due 09/30/00.................. 700,000 692,783
U.S. Treasury Note,
8.50%, due 02/15/20.................. 1,400,000 1,623,118
U.S. Treasury Note,
5.13%, due 02/28/98.................. 2,000,000 1,969,060
------------
TOTAL U.S. GOVERNMENT OBLIGATIONS
(Cost $5,145,991)................... 5,023,790
------------
U.S. GOVERNMENT AGENCY
OBLIGATIONS -- 18.3%
Federal National Mortgage Assoc.,
6.50%, due 04/01/26................. 2,900,000 2,719,649
Federal National Mortgage Assoc.,
6.00%, due 04/01/11.................. 4,000,000 3,787,480
Government National Mortgage Assoc.
7.50%, due 05/15/26.................. 1,100,000 1,087,273
Tennessee Valley Authority,
6.24%, due 07/15/45.................. 1,000,000 988,000
------------
TOTAL U.S. GOVERNMENT AGENCY
OBLIGATIONS
(Cost $8,683,493)................... 8,582,402
------------
TOTAL LONG-TERM INVESTMENTS
(Cost $39,614,924).................. 44,457,380
------------
SHORT-TERM INVESTMENTS -- 21.2%
U.S. GOVERNMENT AGENCY
OBLIGATIONS -- 4.2%
Federal National Mortgage Assoc.,
Discount Note,
5.18%, due 06/20/96 (Cost
$1,985,611)......................... 2,000,000 1,985,611
------------
<CAPTION>
Principal
Amount Value
---------- ------------
<S> <C> <C>
COMMERCIAL PAPER -- 17.0%
Financial Services -- 17.0%
Household Finance Corp.
5.20%, due 05/01/96.................. $3,975,000 $ 3,975,000
Merrill Lynch & Co., Inc.
5.30%, due 05/20/96.................. 2,000,000 1,994,406
Tripel A-One Funding Corp.#
5.31%, due 05/17/96.................. 2,000,000 1,995,280
------------
TOTAL COMMERCIAL PAPER
(Cost $7,964,686)................... 7,964,686
------------
TOTAL SHORT-TERM INVESTMENTS
(Cost $9,950,297)................... 9,950,297
------------
TOTAL INVESTMENTS --
(COST $49,565,221).................. 115.9% $ 54,407,677
============
</TABLE>
- ---------------
# Security may only be sold to qualified institutional buyers.
* Non income producing security.
ACES = Automatic Common Exchange Securities.
ADR = American Depositary Receipt.
Note: Rates indicated for floating rate investments are rates in effect at April
30, 1996.
+ = All or a portion of this security is pledged to cover financial futures
contracts.
See notes to financial statements.
18
<PAGE> 19
VISTA MUTUAL FUNDS
STATEMENT OF ASSETS AND LIABILITIES April 30, 1996 (unaudited)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Vista Vista
Growth & Capital
Income Growth
Fund Fund
-------------- --------------
<S> <C> <C>
ASSETS:
Investment in Portfolio, at value (Note 1)..................................... $2,000,476,265 $1,094,154,812
Receivable for Trust shares sold............................................... 4,355,021 2,197,488
-------------- --------------
Total assets............................................................... 2,004,831,286 1,096,352,300
-------------- --------------
LIABILITIES:
Payable for Trust shares redeemed.............................................. 4,471,960 1,304,381
Accrued liabilities: (Note 2)
Administration fees.......................................................... 80,946 43,972
Distribution fees............................................................ 665,843 397,471
Shareholder servicing fees................................................... 404,729 215,632
Sub-administration fees...................................................... 80,946 43,717
Other........................................................................ 1,158,669 773,553
-------------- --------------
Total Liabilities.......................................................... 6,863,093 2,778,726
-------------- --------------
NET ASSETS:
Paid in capital................................................................ 1,570,200,737 849,077,224
Accumulated undistributed net investment income................................ 1,012,108 91,188
Accumulated undistributed net realized gain on investment transactions......... 91,489,498 52,197,678
Net unrealized appreciation from Portfolio..................................... 335,265,850 192,207,484
-------------- --------------
Net Assets:.................................................................. $1,997,968,193 $1,093,573,574
============== ==============
Class A Shares............................................................. $1,636,521,219 $ 757,777,621
Class B Shares............................................................. $ 337,593,323 $ 308,596,871
Class I Shares............................................................. $ 23,853,651 $ 27,199,082
Shares of beneficial interest outstanding (no par value; unlimited number of
shares authorized):
Class A Shares............................................................... 43,859,481 19,304,003
Class B Shares............................................................... 9,091,241 7,926,952
Class I Shares............................................................... 638,853 691,876
Class A Shares:
Net asset value and redemption price per share (net assets/shares
outstanding)................................................................ $37.31 $39.25
============== ==============
Maximum offering price per share (net asset value per share/95.25%).......... $39.18 $41.21
============== ==============
Class B Shares:
Net asset value and offering price per share (net assets/shares
outstanding)................................................................ $37.13 $38.93
============== ==============
Class I Shares:
Net asset value and offering price per share (net assets/shares
outstanding)................................................................ $37.34 $39.31
============== ==============
</TABLE>
See notes to financial statements.
19
<PAGE> 20
VISTA MUTUAL FUNDS
STATEMENT OF ASSETS AND LIABILITIES April 30, 1996 (unaudited) (continued)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Vista Vista
Small Cap Equity Vista Vista
Equity Income Equity Balanced
Fund Fund Fund Fund
------------- ------------ ------------ ------------
<S> <C> <C> <C> <C>
ASSETS:
Investment securities, at value (Note 1)...................... $ 140,825,489 $ 13,469,236 $ 58,766,300 $ 54,407,677
Cash.......................................................... 815 -- -- 982
Receivables:
Investment securities sold.................................. -- 53,244 154,192 --
Variation margin............................................ 14,000 -- -- --
Interest and dividends...................................... 57,388 31,753 69,617 243,113
Trust shares sold........................................... 2,124,387 23,652 88,083 219,033
Unamortized organization costs (Note 1)....................... 26,427 -- -- --
------------- ------------ ------------ ------------
Total assets.............................................. 143,048,506 13,577,885 59,078,192 54,870,805
------------- ------------ ------------ ------------
LIABILITIES:
Payable for investment securities purchased................... 10,000 -- -- 7,714,403
Payable for Trust shares redeemed............................. 82,961 -- 76,696 58,518
Payable to custodian.......................................... -- 432 92,473 --
Accrued liabilities: (Note 2)
Administration fees......................................... 10,343 -- -- 1,895
Distribution fees........................................... 48,946 -- 8,622 11,070
Investment advisory fees.................................... 67,228 -- -- 5,683
Shareholder servicing fees.................................. 8,783 -- -- 3,165
Sub-administration fees..................................... 5,171 544 2,391 1,895
Custodian................................................... 24,000 8,742 -- 20,000
Other....................................................... 143,105 56,622 65,548 115,752
------------- ------------ ------------ ------------
Total Liabilities......................................... 400,537 66,340 245,730 7,932,381
------------- ------------ ------------ ------------
NET ASSETS:
Paid in capital............................................... 113,013,920 10,112,724 40,134,438 41,161,757
Accumulated undistributed net investment income (loss)........ (56,782) 26,372 138,577 8,876
Accumulated undistributed net realized gain on investment
transactions................................................ 4,068,366 957,158 4,460,725 925,336
Net unrealized appreciation of investments and futures........ 25,627,984 2,415,291 14,098,722 4,842,455
------------- ------------ ------------ ------------
Net Assets:................................................. $ 142,653,488 $ 13,511,545 $ 58,832,462 $ 46,938,424
============= ============ ============ ============
Class A Shares............................................ $ 94,681,293 $ 13,511,545 $ 39,031,282
Class B Shares............................................ $ 47,972,195 $ 7,907,142
Class Vista Shares........................................ $ 58,832,462
Shares of beneficial interest outstanding (no par value;
unlimited number of
shares authorized):
Class A Shares.............................................. 5,129,867 910,887 2,976,484
Class B Shares.............................................. 2,615,014 608,025
Class Vista Shares.......................................... 4,791,713
Class A Shares:
Net asset value and redemption price per share (net
assets/shares outstanding)................................ $18.46 $14.83 $13.11
============= ============ ============
Maximum offering price per share (net asset value per
share/95.25%, 95.5% for VBAL)............................. $19.38 $15.53 $13.73
============= ============ ============
Class B Shares:
Net asset value and offering price per share (net
assets/shares outstanding)................................ $18.34 $13.00
============= ============
Class Vista Shares:
Net asset value and offering price per share (net
assets/shares outstanding)................................ $12.28
============
Cost of Investments........................................... $ 115,786,940 $ 11,053,945 $ 44,667,577 $ 49,565,221
============= ============ ============ ============
</TABLE>
See notes to financial statements.
20
<PAGE> 21
VISTA MUTUAL FUNDS
STATEMENT OF OPERATIONS
For the six months ended April 30, 1996 (unaudited)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Vista Vista
Growth & Capital
Income Growth
Fund Fund
------------- -------------
<S> <C> <C>
INVESTMENT INCOME:
Investment income from Portfolio................................................. $ 27,124,373 $ 8,882,876
Foreign taxes withheld........................................................... (67,136) (7,308)
Expenses from Portfolio.......................................................... (4,488,646) (2,488,282)
------------- -------------
Total investment income........................................................ 22,568,591 6,387,286
------------- -------------
EXPENSES: (Note 2)
Shareholder servicing fees:
Class A Shares................................................................. 1,986,516 926,068
Class B Shares................................................................. 382,088 353,468
Class I Shares................................................................. 14,984 14,241
Distribution fees:
Class A Shares................................................................. 1,986,516 926,069
Class B Shares................................................................. 1,146,263 1,060,404
Administration fees.............................................................. 476,718 258,756
Sub-administration fees.......................................................... 476,718 258,756
Printing and postage............................................................. 39,891 42,932
Professional fees................................................................ 103,270 64,351
Registration costs............................................................... 53,972 58,082
Transfer agent fees.............................................................. 2,245,335 1,310,874
Trustees fees.................................................................... 27,293 19,811
Other............................................................................ 106,809 132,148
------------- -------------
Total expenses................................................................. 9,046,373 5,425,960
------------- -------------
Net investment income...................................................... 13,522,218 961,326
------------- -------------
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:
Net realized gain on:
Investments.................................................................... 82,138,746 52,415,647
Futures transactions........................................................... 11,088,965 --
Change in net unrealized appreciation/depreciation on:
Investments.................................................................... 130,246,026 88,880,471
Futures transactions........................................................... (4,039,001) --
------------- -------------
Net realized and unrealized gain on investments.................................. 219,434,736 141,296,118
------------- -------------
Net increase in net assets from operations....................................... $ 232,956,954 $ 142,257,444
============= =============
</TABLE>
See notes to financial statements.
21
<PAGE> 22
VISTA MUTUAL FUNDS
STATEMENT OF OPERATIONS
For the six months ended April 30, 1996 (unaudited)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Vista Vista
Small Cap Equity Vista Vista
Equity Income Equity Balanced
Fund Fund Fund Fund
------------ ----------- ----------- -----------
<S> <C> <C> <C> <C>
INVESTMENT INCOME:
Dividend.................................................. $ 157,139 $ 199,106 $ 582,737 $ 224,612
Interest.................................................. 718,543 43,894 34,558 644,575
Foreign taxes withheld.................................... (205) (464) (2,271) (563)
------------ ----------- ----------- -----------
Total investment income................................. 875,477 242,536 615,024 868,624
------------ ----------- ----------- -----------
EXPENSES: (Note 2)
Shareholder servicing fees:
Class A Shares.......................................... -- 15,689 -- 45,402
Class B Shares.......................................... 39,996 -- -- 8,912
Distribution fees:
Class A Shares.......................................... 76,637 15,689 -- 45,402
Class B Shares.......................................... 119,988 -- -- 26,737
Class Vista Shares...................................... -- -- 71,707 --
Investment Advisory fees.................................. 303,245 25,102 114,732 108,628
Administration fees....................................... 46,653 6,275 28,683 21,726
Sub-administration fees................................... 23,327 3,138 14,341 10,863
Custodian fees............................................ 36,502 19,591 -- 32,270
Amortization of organization costs (Note 1)............... 3,624 -- 305 --
Printing and postage...................................... 9,716 410 500 2,573
Professional fees......................................... 9,039 14,946 9,029 14,749
Registration costs........................................ 37,305 19,587 298 41,039
Transfer agent fees....................................... 142,005 27,971 8,473 70,969
Trustees fees............................................. 3,015 399 1,272 1,382
Other..................................................... 11,067 2,249 804 13,730
------------ ----------- ----------- -----------
Total expenses.......................................... 862,119 151,046 250,144 444,382
------------ ----------- ----------- -----------
Less amounts waived (Note 2E)............................... 42,325 56,913 163,493 146,074
------------ ----------- ----------- -----------
Net expenses............................................ 819,794 94,133 86,651 298,308
------------ ----------- ----------- -----------
Net investment income............................... 55,683 148,403 528,373 570,316
------------ ----------- ----------- -----------
REALIZED AND UNREALIZED GAIN ON INVESTMENTS:
Net realized gain on:
Investments............................................. 3,769,947 957,907 4,482,452 975,310
Futures transactions.................................... 228,284 -- -- --
Change in net unrealized appreciation/depreciation on:
Investments............................................. 18,162,467 1,080,769 3,213,272 2,286,942
Futures transactions.................................... 867,177 -- -- --
------------ ----------- ----------- -----------
Net realized and unrealized gain on investments........... 23,027,875 2,038,676 7,695,724 3,262,252
------------ ----------- ----------- -----------
Net increase in net assets from operations................ $ 23,083,558 $ 2,187,079 $ 8,224,097 $ 3,832,568
============ =========== =========== ===========
</TABLE>
See notes to financial statements.
22
<PAGE> 23
VISTA MUTUAL FUNDS
STATEMENTS OF CHANGES IN NET ASSETS For the periods indicated (unaudited)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Vista Vista Vista
Growth & Income Capital Growth Small Cap Equity
Fund Fund Fund
------------------------------- ------------------------------- ----------------------------
11/01/95 Year 11/01/95 Year 11/01/95 Year
through ended through ended through ended
04/30/96 10/31/95 04/30/96 10/31/95 04/30/96 10/31/95
-------------- -------------- -------------- -------------- ------------- ------------
<S> <C> <C> <C> <C> <C> <C>
INCREASE IN NET ASSETS FROM
OPERATIONS:
Net investment income........ $ 13,522,218 $ 30,940,408 $ 961,326 $ 3,692,366 $ 55,683 $ 58,219
Net realized gain on
investments and futures
transactions............... 93,227,711 93,343,085 52,415,647 37,651,492 3,998,231 1,003,383
Change in net unrealized
appreciation on investments
and futures................ 126,207,025 148,638,515 88,880,471 81,591,993 19,029,644 6,598,340
-------------- -------------- -------------- -------------- ------------- ------------
Increase in net assets from
operations................. 232,956,954 272,922,008 142,257,444 122,935,851 23,083,558 7,659,942
-------------- -------------- -------------- -------------- ------------- ------------
NET EQUALIZATION CREDITS
(DEBITS) (Note 1C):............ -- (295,049) -- 245,128 -- 43,982
-------------- -------------- -------------- -------------- ------------- ------------
DIVIDENDS AND DISTRIBUTIONS TO
SHAREHOLDERS FROM: (Note 1C):
Net investment income:
Class A.................... (12,558,307) (27,751,120) (1,211,124) (3,663,589) (111,900) (41,658)
Class B.................... (1,750,948) (3,129,991) -- (610,166) (565) (16,561)
Class I/Vista.............. (122,762) -- -- -- -- --
Net realized gain on
investment transactions:
Class A.................... (76,249,943) -- (27,424,692) (12,038,185) (608,095) (4,461)
Class B.................... (14,254,756) -- (10,223,674) (3,140,097) (318,397) (2,295)
-------------- -------------- -------------- -------------- ------------- ------------
Total dividends and
distributions........... (104,936,716) (30,881,111) (38,859,490) (19,452,037) (1,038,957) (64,975)
-------------- -------------- -------------- -------------- ------------- ------------
TRANSACTIONS IN SHARES OF
BENEFICIAL INTEREST:
Proceeds from shares sold:
Class A Shares............. 166,356,890 337,830,616 503,456,470 1,239,572,225 48,505,559 40,671,733
Class B Shares............. 44,712,978 98,186,608 37,984,376 135,751,317 21,156,313 19,979,829
Class I Shares/Vista....... 29,190,281 -- 26,934,374 -- -- --
Reinvestment of
distributions:
Class A Shares............. 82,060,089 24,946,995 27,040,115 14,790,541 686,467 43,355
Class B Shares............. 15,149,782 2,937,427 9,795,328 3,597,211 306,325 17,854
Class I Shares/Vista....... 122,762 -- -- -- -- --
Payment for shares redeemed:
Class A Shares............. (240,563,938) (464,207,149) (594,214,134) (1,136,103,052) (12,814,377) (2,447,710)
Class B Shares............. (16,385,612) (20,539,855) (27,473,680) (27,020,386) (2,594,694) (540,716)
Class I Shares............. (5,869,957) -- (1,298,210) -- -- --
-------------- -------------- -------------- -------------- ------------- ------------
Net increase (decrease)
in net assets from
shares of beneficial
interest transactions... 74,773,275 (20,845,358) (17,775,361) 230,587,856 55,245,593 57,724,345
-------------- -------------- -------------- -------------- ------------- ------------
Total increase (decrease)
in net assets........... 202,793,513 220,900,490 85,622,593 334,316,798 77,290,194 65,363,294
NET ASSETS:
Beginning of period............ 1,795,174,680 1,574,274,190 1,007,950,981 673,634,183 65,363,294 --
-------------- -------------- -------------- -------------- ------------- ------------
End of period.................. $1,997,968,193 $1,795,174,680 $1,093,573,574 $1,007,950,981 $ 142,653,488 $ 65,363,294
============== ============== ============== ============== ============= ============
</TABLE>
See notes to financial statements.
23
<PAGE> 24
VISTA MUTUAL FUNDS
STATEMENTS OF CHANGES IN NET ASSETS For the periods indicated (unaudited)
(continued)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Vista Vista Vista
Equity Income Equity Balanced
Fund Fund Fund
--------------------------- --------------------------- ---------------------------
11/01/95 Year 11/01/95 Year 11/01/95 Year
through ended through ended through ended
04/30/96 10/31/95 04/30/96 10/31/95 04/30/96 10/31/95
------------ ------------ ------------ ------------ ------------ ------------
<S> <C> <C> <C> <C> <C> <C>
INCREASE IN NET ASSETS FROM OPERATIONS:
Net investment income................. $ 148,403 $ 311,627 $ 528,373 $ 1,508,268 $ 570,316 $ 974,732
Net realized gain on investments and
futures transactions................ 957,907 737,043 4,482,452 6,905,243 975,310 1,024,866
Change in net unrealized appreciation
on investments and futures.......... 1,080,769 778,380 3,213,272 3,304,651 2,286,942 2,769,570
------------ ------------ ------------ ------------ ------------ ------------
Increase in net assets from
operations.......................... 2,187,079 1,827,050 8,224,097 11,718,162 3,832,568 4,769,168
------------ ------------ ------------ ------------ ------------ ------------
NET EQUALIZATION CREDITS (DEBITS) (Note
1C):.................................... -- (4,769) -- (67,743) -- 20,792
------------ ------------ ------------ ------------ ------------ ------------
DIVIDENDS AND DISTRIBUTIONS TO
SHAREHOLDERS FROM: (Note 1C):
Net investment income:
Class A............................. (148,666) (325,585) -- -- (483,407) (842,171)
Class B............................. -- -- -- -- (78,036) (144,259)
Class I/Vista....................... -- -- (544,626) (1,473,768) -- --
Net realized gain on investment
transactions:
Class A............................. (736,934) (365,232) -- -- (873,395) (257,809)
Class B............................. -- -- -- -- (172,132) (44,501)
Class I/Vista....................... -- -- (6,908,375) (12,783,335) -- --
------------ ------------ ------------ ------------ ------------ ------------
Total dividends and
distributions.................... (885,600) (690,817) (7,453,001) (14,257,103) (1,606,970) (1,288,740)
------------ ------------ ------------ ------------ ------------ ------------
TRANSACTIONS IN SHARES OF BENEFICIAL
INTEREST:
Proceeds from shares sold:
Class A Shares...................... 928,896 1,418,840 -- -- 5,574,483 13,619,762
Class B Shares...................... -- -- -- -- 1,409,273 2,522,739
Class I Shares/Vista................ -- -- 3,024,585 8,812,141 -- --
Reinvestment of distributions:
Class A Shares...................... 752,340 576,869 -- -- 1,340,428 1,074,605
Class B Shares...................... -- -- -- -- 240,589 180,001
Class I Shares/Vista................ -- -- 6,920,031 13,164,314 -- --
Payment for shares redeemed:
Class A Shares...................... (1,208,335) (2,798,836) -- -- (3,483,535) (5,578,221)
Class B Shares...................... -- -- -- -- (436,944) (498,972)
Class I Shares...................... -- -- (7,300,473) (31,770,485) -- --
------------ ------------ ------------ ------------ ------------ ------------
Net increase (decrease) in net
assets from shares of beneficial
interest transactions............ 472,901 (803,127) 2,644,143 (9,794,030) 4,644,294 11,319,914
------------ ------------ ------------ ------------ ------------ ------------
Total increase (decrease) in net
assets........................... 1,774,380 328,337 3,415,239 (12,400,714) 6,869,892 14,821,134
NET ASSETS:
Beginning of period..................... 11,737,165 11,408,828 55,417,223 67,817,937 40,068,532 25,247,398
------------ ------------ ------------ ------------ ------------ ------------
End of period........................... $ 13,511,545 $ 11,737,165 $ 58,832,462 $ 55,417,223 $ 46,938,424 $ 40,068,532
============ ============ ============ ============ ============ ============
</TABLE>
See notes to financial statements.
24
<PAGE> 25
VISTA MUTUAL FUNDS
NOTES TO FINANCIAL STATEMENTS April 30, 1996 (unaudited)
- --------------------------------------------------------------------------------
1. ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES -- Mutual Fund Group ( the
"Trust") was organized on May 11, 1987 as a Massachusetts Business Trust, and is
registered under the Investment Company Act of 1940, as amended, (the "1940
Act") as an open-end management investment company. Vista Growth and Income Fund
("VGIF"), Vista Capital Growth Fund ("VCGF"), Vista Small Cap Equity Fund
("VSCEF"), Vista Equity Income Fund ("VEIF"), Vista Equity Fund ("VEF") and
Vista Balanced Fund ("VBAL"), collectively, the "Funds", are six separate series
of The Trust. The Funds offer various classes of shares as follows:
<TABLE>
<CAPTION>
Fund Classes Offered
- ------ ---------------------------------------------
<S> <C>
VGIF Class A, Class B, Institutional*
VCGF Class A, Class B, Institutional*
VSCEF Class A, Class B, Institutional*
VEIF Class A
VEF Vista**
VBAL Class A, Class B
</TABLE>
- -----------------------
* Institutional Class first offered November 1, 1995.
** Only one class currently offered, no sales charges are assessed.
Class A shares generally provide for a front-end sales charge while Class B
shares provide for a contingent deferred sales charge. All classes of shares
have equal rights as to earnings, assets and voting privileges except that each
class may bear different distribution fees and each class has exclusive voting
rights with respect to its distribution plan. No sales charges are assessed with
respect to the Institutional Class.
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:
INVESTMENT OBJECTIVES AND POLICIES
The investment objectives for each of the funds are discussed in the respective
Fund Commentaries included elsewhere in this report.
A. VGIF AND VCGF
Effective November 29, 1993, VGIF and VCGF adopted the Master Feeder Fund
structure through the contribution of their investment assets to their
respective portfolios in exchange for beneficial interests in such portfolios of
an equal value. Prior thereto each Fund owned individual investment securities.
VGIF and VCGF seek to achieve their investment objective by investing all of
their investable assets of the corresponding Fund in the Growth and Income
Portfolio and the Capital Growth Portfolio (the "Portfolios") which like the
Funds, are open-end management investment companies having the same investment
objectives as the Funds. As of April 30, 1996 VGIF and VCGF owned 95.95% and
99.85% of the Growth and Income Portfolio, and of the Capital Growth Portfolio,
respectively. The financial
25
<PAGE> 26
VISTA MUTUAL FUNDS
NOTES TO FINANCIAL STATEMENTS April 30, 1996 (unaudited) (continued)
- --------------------------------------------------------------------------------
statements of each Portfolio, including the portfolio of investments, are
included elsewhere in this report and should be read in conjunction with the
financial statements of the Funds.
1. Valuation of investments -- VGIF and VCGF record their investments in
their respective Portfolios at value. Securities of the Portfolios are
recorded at value as more fully discussed in the notes to those financial
statements.
2. Investment income and expenses -- VGIF and VCGF record daily their
pro-rata share of the respective Portfolio's income, expenses, and realized
and unrealized gains and losses. In addition, the Funds accrue their own
expenses daily as incurred. 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. In calculating the net asset value per share of
each class, investment income, realized and unrealized gains and losses and
expenses other than class specific expenses, are allocated daily to each
class of shares based upon the proportion of net assets of each class at
the beginning of each day.
B. VSCEF, VEF, VEIF, AND VBAL
1. 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 by
matrix pricing systems of a major dealer in bonds. 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.
2. 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,
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
enters an insolvency proceeding, realization of the collateral by the Trust
may be delayed or limited.
3. 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.
26
<PAGE> 27
VISTA MUTUAL FUNDS
NOTES TO FINANCIAL STATEMENTS April 30, 1996 (unaudited) (continued)
- --------------------------------------------------------------------------------
The VSCEF invests in stock index futures contracts, for the purpose of
hedging the Fund against share price volatility, which purpose may or may
not be achieved. When the Fund is not fully invested in the securities
market, and a significant market advance is expected, it may enter into
"long" positions in futures or options contracts in order to gain rapid
market exposure that may in part or entirely offset increases in the cost
of securities intended for purchase. Use of futures contracts subject the
Fund 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 futures contracts as
shown in the Portfolio of Investments at April 30, 1996.
The Fund 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.
4. Written options -- When a Fund writes an option on a futures contract,
an amount equal to the premium received by the fund is included in the
fund'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 fund realizes a
gain (or loss if the cost of the closing transaction exceeds the premium
received when the option was written).
The VSCEF writes options on stock index securities futures. These options
are settled for cash and subject the Fund to market risk in excess of the
amounts that are reflected in the Statement of Assets and Liabilities. The
Fund, 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 Funds had no outstanding written options.
5. 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.
C. GENERAL POLICIES
1. Organization costs -- Organization and initial registration costs
incurred in connection with establishing the Funds 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 Fund.
2. 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.
27
<PAGE> 28
VISTA MUTUAL FUNDS
NOTES TO FINANCIAL STATEMENTS April 30, 1996 (unaudited) (continued)
- --------------------------------------------------------------------------------
3. Distributions to shareholders -- Dividends and distributions paid to
shareholders are recorded on the ex-dividend date. The amount of dividends
and distributions from net investment income and net realized capital gains
is determined in accordance with Federal income tax regulations, which may
differ from generally accepted accounting principles. To the extent these
"book/tax" differences are permanent in nature, (i.e., that they result
from other than timing of recognition -- "temporary differences") such
amounts are reclassified within the capital accounts based on their Federal
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.
4. Equalization -- In prior years, the Funds followed the practice of
equalization by which a portion of proceeds from sales and cost of
redemptions of Fund shares is credited or charged to undistributed net
investment income. In the current fiscal period ending April 30, 1996, the
Funds discontinued the practice of equalization, resulting in
reclassifications from undistributed net investment income of $185,023,
$152,267, $12,284, $515, $5,464 and $2,376 to accumulated paid-in capital
for VGIF, VCGF, VSCEF, VEIF, VEF, and VBAL, respectively.
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 VSCEF, VEIF, VEF, and VBAL. Chase is a
direct wholly-owned subsidiary of The Chase Manhattan Corporation. As
Investment Adviser, Chase supervises the investments of the Funds and for
such services is paid a fee. The fee is computed daily and paid monthly at
an annual rate equal to 0.50% for VBAL, 0.65% for VSCEF, and 0.40% for VEIF
and for VEF of the average daily net assets. The Adviser, voluntarily
waived all or a portion of its fees as outlined in Note 2.E. below.
B. Shareholder servicing fees -- The Trust has adopted an Administrative
Services Plan which, among other things, provides that the Trust on behalf
of the Funds may obtain the services of one or more Shareholder Servicing
Agents. For its services, the Shareholder Servicing Agents receive a fee
that is computed daily and paid monthly at an annual rate equal to 0.25% of
the average daily net assets of Class A shares of VGIF, VCGF, VEIF, VBAL
and Class B shares of VGIF, VCGF, VSCEF, and VBAL, Since inception, Chase,
and certain affiliates have been the only Shareholder Servicing Agents of
the VSCEF, VEIF, and VBAL. No Shareholder Servicing fees have been charged
for VEF or Class A Shares of the VSCEF, since inception. For the period
ended April 30, 1996, Chase's Shareholder servicing charges amounted to
$2,382,338 and $1,271,942 for VGIF and VCGF respectively. The Shareholder
Servicing Agents have voluntarily waived all or a portion of their fees as
outlined in Note 2.E. below.
C. Distribution and sub-administration fees -- Pursuant to a Distribution
and Sub-Administration Agreement, Vista Fund Distributors, Inc. (the
"Distributor"), a wholly owned subsidiary of The BISYS Group, Inc., acts as
the Trust's exclusive underwriter and promotes and arranges for the sale of
each Fund's shares. In addition, the Distributor provides certain
sub-administration services to the Trust, including providing officers,
clerical staff and office space for an annual fee of 0.05% of the average
daily net assets of each Fund.
28
<PAGE> 29
VISTA MUTUAL FUNDS
NOTES TO FINANCIAL STATEMENTS April 30, 1996 (unaudited) (continued)
- --------------------------------------------------------------------------------
The Trustees have adopted Distribution Plans (the "Distribution Plans") for
Class A and B for the VGIF, VCGF, VSCEF, VEIF, and VBAL; and for the Vista
class of shares for VEF in accordance with Rule 12b-1 under the 1940 Act.
There is no Distribution Plan for the Institutional Classes. The Class A
and the Vista Class Distribution Plans provide that each Fund shall pay
distribution fees, including payments to the Distributor, at annual rates
not to exceed 0.20% of the average daily net assets of the Class A and
Vista Shares of each Fund for distribution services. The Class B
Distribution Plan provides that each Fund shall pay distribution fees,
including payments to the Distributor, at an annual rate not to exceed
0.75% of the average annual net assets of the Class B Shares for
distribution services.
Under Class A and Vista Class Distribution Plans, the Class A and Vista
shares are also permitted to pay an additional fee at an annual rate not to
exceed 0.05% of its average daily net assets in anticipation of, or as
reimbursement for, expenses incurred in connection with print or electronic
media advertising in connection with the sale of Fund shares. When such
expenses are incurred, the maximum compensation paid by the Class A and
Vista shares under the Class A and Vista Distribution Plan would be at an
annual rate of 0.25% of its average daily net assets.
The Distributor voluntarily waived all or a portion of distribution fees
and sub-administration fees as outlined in Note 2.E. below.
D. Administration fee -- Pursuant to an Administration Agreement, Chase
(the "Administrator") provides certain administration services to the
Trust. For these services and facilities, the Administrator receives from
VSCEF, VEIF, VBAL and VEF a fee computed at the annual rate equal to 0.10%
of the respective Fund's average daily net assets and from VGIF and VCGF, a
fee computed at the annual rate equal to 0.05% of the respective Fund's
average daily net assets. The Administrator voluntarily waived all or a
portion of the administration fees as outlined in Note 2.E. below.
E. Waivers of fees -- For the period ended April 30, 1996, the
Administrator and Distributor, Investment Adviser, Shareholder Servicing
Agent, and Sub-Administrator voluntarily waived fees for each of the Funds
as follows:
<TABLE>
<CAPTION>
Fee VSCEF VEIF VEF VBAL
---------------------------------------- -------- -------- --------- ---------
<S> <C> <C> <C> <C>
Administration.......................... $ 6,152 $ 5,873 $ 28,683 $ 14,689
Distribution............................ -- 11,667 20,078 9,081
Investment Advisory..................... 36,173 23,684 114,732 84,301
Shareholder Servicing................... -- 15,689 -- 36,323
Sub-Administration...................... -- -- -- 1,680
-------- -------- --------- ---------
Total.............................. $ 42,325 $ 56,913 $ 163,493 $ 146,074
======== ======== ========= =========
</TABLE>
F. Other -- Certain officers of the Trust are officers of Vista Fund
Distributors, Inc. or of its parent corporation, BISYS.
Chase provides portfolio accounting and custody services for VSCEF, VEIF,
VEF and VBAL. Compensation for such services are presented in the Statement
of Operations as custodian fees.
29
<PAGE> 30
VISTA MUTUAL FUNDS
NOTES TO FINANCIAL STATEMENTS April 30, 1996 (unaudited) (continued)
- --------------------------------------------------------------------------------
3. INVESTMENT TRANSACTIONS -- For the six month period ended April 30, 1996,
purchases and sales of investments (excluding short-term investments) were as
follows:
<TABLE>
<CAPTION>
VSCEF VEIF VEF VBAL
-------------- -------------- ------------ ------------
<S> <C> <C> <C> <C>
Purchases (excluding U.S.
Government)................... $ 73,790,082 $ 7,345,525 $ 15,349,545 $ 11,552,860
Sales (excluding U.S.
Government)................... 27,325,205 7,235,411 13,384,695 7,346,743
Purchases of U.S. Government.... -- -- -- 21,890,520
Sales of U.S. Government........ -- -- -- 12,944,744
<CAPTION>
VGIF VCGF
-------------- --------------
<S> <C> <C>
Increase in Portfolio
Investment.................... $ 233,045,960 $ 543,166,996
Decrease in Portfolio
Investment.................... (258,418,371) (629,526,725)
</TABLE>
4. FEDERAL INCOME TAX MATTERS -- For Federal income tax purposes, the cost and
unrealized appreciation (depreciation) in value of the investment securities at
April 30, 1996 are as follows:
<TABLE>
<CAPTION>
VSCEF VEIF VEF VBAL
------------- ------------ ------------ ------------
<S> <C> <C> <C> <C>
Aggregate cost..................... $ 115,786,940 $ 11,053,945 $ 44,667,577 $ 49,565,221
------------- ------------ ------------ ------------
Gross unrealized appreciation...... $ 26,745,303 $ 2,570,747 $ 14,279,072 $ 5,388,072
Gross unrealized depreciation...... (1,706,754) (9,155,456) (180,350) (545,617)
------------- ------------ ------------ ------------
Net unrealized appreciation........ $ 25,038,549 $ 2,415,291 $ 14,098,722 $ 4,842,455
============= ============ ============ ============
</TABLE>
30
<PAGE> 31
VISTA MUTUAL FUNDS
NOTES TO FINANCIAL STATEMENTS April 30, 1996 (unaudited) (continued)
- --------------------------------------------------------------------------------
5. TRANSACTIONS IN SHARES OF BENEFICIAL INTEREST -- Transactions in Shares of
Beneficial Interest were as follows:
<TABLE>
<CAPTION>
GIF CGF VSCEF
--------------------------- ---------------------------- -----------------------
Class A Class A Class A
--------------------------- ---------------------------- -----------------------
11/01/95 Year 11/01/95 Year 11/01/95 12/20/94*
through ended through ended through through
04/30/96 10/31/95 04/30/96 10/31/95 04/30/96 10/31/95
----------- ------------ ------------ ------------ --------- ----------
<S> <C> <C> <C> <C> <C> <C>
Shares sold................... 4,642,097 10,674,446 13,710,917 37,056,900 2,987,509 3,072,528
Shares issued in reinvestment
of distributions............ 2,417,353 781,341 994,550 476,453 43,639 3,317
Shares redeemed............... (6,726,367) (14,660,747) (16,370,586) (33,640,091) (803,492) (173,634)
---------- ----------- ----------- ------------ --------- ---------
Net increase in shares of
beneficial interest
outstanding................. 333,083 (3,204,960) (1,665,119) 3,893,262 2,227,656 2,902,211
Outstanding shares at:
Beginning of period......... 43,526,398 46,731,358 20,969,122 17,075,860 2,902,211 --
---------- ----------- ----------- ------------ --------- ---------
End of period............... 43,859,481 43,526,398 19,304,003 20,969,122 5,129,867 2,902,211
========== =========== =========== =========== ========= =========
<CAPTION>
11/01/95 Year 11/01/95 Year 11/01/95 03/28/95**
through ended through ended through ended
Class B: 04/30/96 10/31/95 04/30/96 10/31/95 04/30/96 10/31/95
- ------------------------------ ----------- ------------ ------------ ------------ --------- ----------
<S> <C> <C> <C> <C> <C> <C>
Shares sold................... 1,251,482 3,087,386 1,046,583 4,172,672 1,312,533 1,477,956
Shares issued in reinvestment
of distributions............ 432,595 92,139 269,532 117,362 19,536 1,358
Shares redeemed............... (456,225) (637,757) (745,758) (812,120) (157,793) (38,576)
---------- ----------- ----------- ----------- --------- ---------
Net increase in shares of
beneficial interest
outstanding................. 1,227,852 2,541,768 570,357 3,477,914 1,174,276 1,440,738
Outstanding shares at:
Beginning of period......... 7,863,389 5,321,621 7,356,595 3,878,681 1,440,738 --
---------- ----------- ----------- ----------- --------- ---------
End of period............... 9,091,241 7,863,389 7,926,952 7,356,595 2,615,014 1,440,738
========== =========== =========== =========== ========= =========
<CAPTION>
01/25/96** 01/25/96**
through through
Class I: 04/30/96 04/30/96
- ------------------------------ ----------- ------------
<S> <C> <C>
Shares sold................... 793,916 726,429
Shares issued in reinvestment
of distributions............ 3,336 --
Shares redeemed............... (158,399) (34,553)
---------- -----------
Net increase in shares of
beneficial interest
outstanding................. 638,853 691,876
Outstanding shares at:
Beginning of period......... -- --
---------- -----------
End of period............... 638,853 691,876
========== ===========
</TABLE>
- ---------------
* Commencement of operations.
** Commenced offering class of shares.
31
<PAGE> 32
VISTA MUTUAL FUNDS
NOTES TO FINANCIAL STATEMENTS April 30, 1996 (unaudited) (continued)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
VEIF VBAL
--------------------- ----------------------
Class A VEF Class A
--------------------- ------------------------ ----------------------
11/01/95 Year 11/01/95 Year 11/01/95 Year
through ended through ended through ended
04/30/96 10/31/95 04/30/96 10/31/95 04/30/96 10/31/95
-------- --------- --------- ----------- --------- ---------
<S> <C> <C> <C> <C> <C> <C>
Shares sold............................. 65,137 117,176 252,735 760,959 431,347 1,147,533
Shares issued in reinvestment of
distributions......................... 55,254 49,758 609,358 1,297,064 105,265 94,732
Shares redeemed......................... (85,767) (231,862) (598,826) (2,684,018) (270,487) (489,732)
------- -------- --------- ---------- --------- ---------
Net increase in shares of beneficial
interest outstanding.................. 34,624 (64,928) 263,267 (625,995) 266,125 752,533
Outstanding shares at:
Beginning of period................... 876,263 941,191 4,528,446 5,154,441 2,710,359 1,957,826
------- -------- --------- ---------- --------- ---------
End of period......................... 910,887 876,263 4,791,713 4,528,446 2,976,484 2,710,359
======= ======== ========= ========== ========= =========
<CAPTION>
11/01/95 Year
through ended
Class B: 04/30/96 10/31/95
- ---------------------------------------- --------- ---------
<S> <C> <C>
Shares sold............................. 110,451 219,604
Shares issued in reinvestment of
distributions......................... 19,040 15,917
Shares redeemed......................... (34,038) (44,230)
--------- ---------
Net increase in shares of beneficial
interest outstanding.................. 95,453 191,291
Outstanding shares at:
Beginning of period................... 512,572 321,281
--------- ---------
End of period......................... 608,025 512,572
========= =========
</TABLE>
6. RETIREMENT PLAN -- During the year ended October 31, 1995, the Trust
adopted an unfunded noncontributory defined benefit pension plan covering all
independent directors of the Trust who have served as an independent director of
the Trust, or other Vista Funds, 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.
7. SUBSEQUENT EVENTS -- 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. In connection with the merger, the
series funds of The Hanover Investment Funds, Inc., an open-end management
investment company formerly advised by affiliates of Chemical Banking
Corporation, merged into certain series of the Trust on May 6, 1996.
32
<PAGE> 33
VISTA MUTUAL FUNDS
SELECTED PER SHARE DATA AND RATIOS FOR A SHARE OF BENEFICIAL INTEREST
OUTSTANDING
Throughout each period indicated (unaudited)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Vista Growth & Income Fund
--------------------------------------------------------------------------------------
Class A Class B
-------------------------------------------------------------------------- --------
11/01/95 Year ended 11/01/95
through ------------------------------------------------------------ through
04/30/96 10/31/95 10/31/94 10/31/93 10/31/92 10/31/91 04/30/96
--------- --------- --------- -------- -------- -------- --------
<S> <C> <C> <C> <C> <C> <C> <C>
Per Share Operating Performance
Net Asset Value, Beginning of Period........ $ 34.96 $ 30.26 $ 30.99 $ 26.60 $ 25.49 $ 16.49 $ 34.81
---------- ---------- ---------- -------- -------- -------- --------
Income From Investment Operations
Net Investment Income.................... 0.285 0.614 0.466 0.341 0.313 0.388 0.193
Net Gains or (Losses) in Securities (both
realized and unrealized)............... 4.120 4.710 (0.429) 5.007 2.702 9.521 4.100
---------- ---------- ---------- -------- -------- -------- --------
Total from Investment Operations......... 4.405 5.324 0.037 5.348 3.015 9.909 4.293
---------- ---------- ---------- -------- -------- -------- --------
Less Distributions
Dividends from net investment income..... 0.293 0.621 0.422 0.338 0.313 0.339 0.207
Distributions from capital gains......... 1.762 -- 0.345 0.620 1.587 0.574 1.762
---------- ---------- ---------- -------- -------- -------- --------
Total Distributions...................... 2.055 0.621 0.767 0.958 1.900 0.913 1.969
---------- ---------- ---------- -------- -------- -------- --------
Net Asset Value, End of Period.............. $ 37.31 $ 34.96 $ 30.26 $ 30.99 $ 26.60 $ 25.49 $ 37.13
========== ========== ========== ======== ======== ======= ========
Total Return (1)............................ 12.82% 17.79% 0.15% 20.47% 12.34% 62.60% 12.53%
========== ========== ========== ======== ======== ======= ========
Ratios/Supplemental Data
Net Assets, End of Period (000 omitted).... $1,636,521 $1,521,489 $1,413,899 $949,465 $149,506 $43,261 $337,593
Ratio of Expenses to Average Net
Assets #................................. 1.35% 1.43% 1.40% 1.39% 1.43% 1.25% 1.85%
Ratio of Net Investment Income to Average
Net Assets #............................. 1.51% 1.93% 1.60% 1.07% 1.19% 1.24% 0.99%
Ratio of expenses without waivers and
assumption of expenses to Average Net
Assets #................................. 1.35% 1.45% 1.40% 1.39% 1.46% 1.76% 1.85%
Ratio of net investment income without
waivers and assumptions of expenses #.... 1.51% 1.91% 1.60% 1.07% 1.16% 0.73% 0.99%
Portfolio Turnover Rate..................... 41% 56% 103%
<CAPTION>
Vista Growth & Income Fund
Class B Class I
-------------------- ----------
Year 11/04/93** 01/25/96**
ended through through
10/31/95 10/31/94 04/30/96
-------- ---------- ----------
<S> <<C> <C> <C>
Per Share Operating Performance
Net Asset Value, Beginning of Period........ $ 30.12 $ 30.39 $ 34.80
-------- -------- --------
Income From Investment Operations
Net Investment Income.................... 0.463 0.336 0.128
Net Gains or (Losses) in Securities (both
realized and unrealized)............... 4.700 0.109 2.570
-------- -------- --------
Total from Investment Operations......... 5.163 0.445 2.698
-------- -------- --------
Less Distributions
Dividends from net investment income..... 0.470 0.370 0.162
Distributions from capital gains......... -- 0.345 --
-------- -------- --------
Total Distributions...................... 0.470 0.715 0.162
-------- -------- --------
Net Asset Value, End of Period.............. $ 34.81 $ 30.12 $ 37.34
======== ======== ========
Total Return (1)............................ 17.21% 1.55% 6.74%
======== ======== ========
Ratios/Supplemental Data
Net Assets, End of Period (000 omitted).... $273,685 $160,375 $ 23,854
Ratio of Expenses to Average Net
Assets #................................. 1.93% 1.89% 1.07%
Ratio of Net Investment Income to Average
Net Assets #............................. 1.38% 1.21% 1.72%
Ratio of expenses without waivers and
assumption of expenses to Average Net
Assets #................................. 1.94% 1.89% 1.07%
Ratio of net investment income without
waivers and assumptions of expenses #.... 1.37% 1.21% 1.72%
Portfolio Turnover Rate.....................
</TABLE>
- ---------------
** Commencement of offering of class of shares.
# Short periods have been annualized
(1) Total return figures do not include the effect of any sales load.
See notes to financial statements.
33
<PAGE> 34
VISTA MUTUAL FUNDS
SELECTED PER SHARE DATA AND RATIOS FOR A SHARE OF BENEFICIAL INTEREST
OUTSTANDING
Throughout each period indicated (unaudited)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Vista Capital Growth Fund
--------------------------------------------------------------------------------
Class A Class B
-------------------------------------------------------------------- --------
11/01/95 Year ended 11/01/95
through -------------------------------------------------------- through
04/30/96 10/31/95 10/31/94 10/31/93 10/31/92 10/31/91 04/30/96
-------- -------- -------- -------- -------- -------- --------
<S> <C> <C> <C> <C> <C> <C> <C>
Per Share Operating Performance
Net Asset Value, Beginning of Period............. $ 35.65 $ 32.17 $ 32.01 $ 25.12 $ 22.02 $ 12.33 $ 35.39
Income From Investment Operations
Net Investment Income......................... 0.055 0.189 0.099@ 0.064 0.078 (0.011) (0.034)
Net Gains or (Losses) in Securities (both
realized and unrealized).................... 4.960 4.160 0.719 7.173 3.044 9.805 4.930
-------- -------- -------- -------- -------- -------- --------
Total from Investment Operations.............. 5.015 4.349 0.818 7.237 3.122 9.794 4.896
-------- -------- -------- -------- -------- -------- --------
Less Distributions
Dividends from net investment income.......... 0.060 0.189 0.027 0.093 0.017 0.109 --
Distributions from capital gains.............. 1.355 0.676 0.631 0.257 -- -- 1.355
-------- -------- -------- -------- -------- -------- --------
Total Distributions........................... 1.415 0.865 0.658 0.350 0.017 0.109 1.355
-------- -------- -------- -------- -------- -------- --------
Net Asset Value, End of Period................... $ 39.25 $ 35.65 $ 32.17 $ 32.01 $ 25.12 $ 22.02 $ 38.93
======== ======== ======== ======== ======= ======= ========
Total Return (1)................................. 14.45% 13.89% 2.62% 29.06% 14.16% 79.96% 14.20%
======== ======== ======== ======== ======= ======= ========
Ratios/Supplemental Data
Net Assets, End of Period (000 omitted)......... $757,777 $747,575 $549,411 $225,235 $39,836 $ 9,334 $308,597
Ratio of Expenses to Average Net Assets #....... 1.39% 1.51% 1.49% 1.49% 1.40% 1.27% 1.85%
Ratio of Net Investment Income to Average Net
Assets #...................................... 0.32% 0.54% 0.33% 0.12% 0.32% (0.09%) (0.181%)
Ratio of expenses without waivers and assumption
of expenses to Average Net Assets #........... 1.39% 1.53% 1.50% 1.49% 1.77% 3.44% 1.85%
Ratio of net investment income without waivers
and assumptions of expenses #................. 0.32% 0.52% 0.32% 0.12% (0.05%) (2.26%) (0.181%)
Portfolio Turnover Rate.......................... 43% 67% 83%
<CAPTION>
Vista Capital Growth Fund
-----------------------------------
Class B Class I
---------------------- ----------
Year 11/04/93** 01/25/96**
ended through through
10/31/95 10/31/94 04/30/96
-------- ---------- ----------
<S> <C> <C> <C>
Per Share Operating Performance
Net Asset Value, Beginning of Period............. $ 32.03 $ 31.38 $ 35.26
Income From Investment Operations
Net Investment Income......................... 0.044 0.011@ 0.040
Net Gains or (Losses) in Securities (both
realized and unrealized).................... 4.100 1.296 4.010
-------- -------- --------
Total from Investment Operations.............. 4.144 1.307 4.050
-------- -------- --------
Less Distributions
Dividends from net investment income.......... 0.111 0.026 --
Distributions from capital gains.............. 0.676 0.631 --
-------- -------- --------
Total Distributions........................... 0.787 0.657 --
-------- -------- --------
Net Asset Value, End of Period................... $ 35.39 $ 32.03 $ 39.31
======== ======== ========
Total Return (1)................................. 13.34% 4.19% 11.14%
======== ======== ========
Ratios/Supplemental Data
Net Assets, End of Period (000 omitted)......... $260,376 $124,223 $ 27,199
Ratio of Expenses to Average Net Assets #....... 2.01% 2.00% 1.00%
Ratio of Net Investment Income to Average Net
Assets #...................................... 0.02% (0.09%) (0.50%)
Ratio of expenses without waivers and assumption
of expenses to Average Net Assets #........... 2.02% 2.02% 1.00%
Ratio of net investment income without waivers
and assumptions of expenses #................. 0.01% (0.11%) (0.50%)
Portfolio Turnover Rate..........................
</TABLE>
- ---------------
** Commencement of offering of class of shares.
# Short periods have been annualized
@ Calculated based upon average shares outstanding.
(1) Total return figures do not include the effect of any sales load.
See notes to financial statements.
34
<PAGE> 35
SELECTED PER SHARE DATA AND RATIOS FOR A SHARE OF BENEFICIAL INTEREST
OUTSTANDING
Throughout each period indicated (unaudited)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Vista Small Cap Equity Fund
----------------------------------------------
Class A Class B
---------------------- --------------------
11/01/95 12/20/94* Period 3/28/95**
through through ended through
04/30/96 10/31/95 04/30/96 10/31/95
-------- --------- -------- ---------
<S> <C> <C> <C> <<C>
Per Share Operating Performance
Net asset value, beginning of period.............................................. $ 15.07 $ 10.00 $ 15.01 $ 11.39
------- -------- ------- --------
Income from Investment Operations:
Net investment income.......................................................... 0.026 0.060 (0.039) (0.018)
Net gains or (losses) in securities (both realized and unrealized)............. 3.580 5.056 3.550 3.669
------- -------- ------- --------
Total from Investment Operations............................................... 3,606 5.116 3.511 3.651
------- -------- ------- --------
Less Distributions:
Dividends from net investment income........................................... 0.033 0.042 -- 0.027
Distributions from capital gains............................................... 0.180 0.004 0.180 0.004
------- -------- ------- --------
Total Distributions............................................................ 0.213 0.046 0.180 0.031
------- -------- ------- --------
Net Asset Value, End of Period.................................................... $ 18.46 $ 15.07 $ 18.34 $ 15.01
======= ======== ======= ========
Total Return(1)................................................................... 24.15% 51.25% 23.59% 32.09%
======= ======== ======= ========
Ratios/Supplemental Data:
Net Assets, End of Period (000 omitted).......................................... $94,681 $43,739 $47,972 $21,624
Ratio of expenses to average net assets #........................................ 1.50% 1.51% 2.259 2.24%
Ratio of net investment income to average net assets #........................... 0.37% 0.52% (0.37%) (0.25%)
Ratio of expenses without waivers and assumption of expenses to average net
assets #....................................................................... 1.57% 2.67% 2.32% 3.23%
Ratio of net investment income without waivers and assumptions of expenses #..... 0.30% (0.64%) (0.44%) (1.24%)
Portfolio turnover rate........................................................... 32% 75% 32% 75%
</TABLE>
<TABLE>
<CAPTION>
Vista Equity Income Fund
-----------------------------------------------
11/01/95 Year ended 7/15/92*
through --------------------- through
04/30/96 10/31/95 10/31/94 10/31/93
-------- -------- -------- --------
<S> <C> <C> <C> <<C>
Per Share Operating Performance
Net Asset Value, Beginning of Period.............................................. $ 13.39 $ 12.12 $ 13.84 $ 13.14
------- ------- ------- --------
Income From Investment Operations:
Net investment income.......................................................... 0.169 0.347 0.290 0.078
Net gains or (losses) in securities (both realized and unrealized)............. 2.304 1.698 (0.477) 0.700
------- ------- ------- --------
Total from investment operations............................................... 2.473 2.045 (0.187) 0.778
------- ------- ------- --------
Less Distributions:
Dividends from net investment income........................................... 0.170 0.366 0.258 0.078
Distributions from capital gains............................................... 0.863 0.410 1.275 --
------- ------- ------- --------
Total Distributions............................................................ 1.033 0.776 1.533 0.078
------- ------- ------- --------
Net Asset Value, End of Period.................................................... $ 14.83 $ 13.39 $ 12.12 $ 13.84
======= ======= ======= ========
Total Return(1)................................................................... 19.20% 17.97% (1.35%) 5.91%
======= ======= ======= ========
Ratios/Supplemental Data:
Net Assets, End of Period (000 omitted).......................................... $13,512 $11,737 $11,409 $ 15,321
Ratio of expenses to average net assets #........................................ 1.50% 1.50% 1.50% 1.50%
Ratio of net investment income to average net assets #........................... 2.37% 2.81% 2.31% 1.72%
Ratio of expenses without waivers and assumption of expenses to average net
assets #....................................................................... 2.41% 2.19% 2.02% 2.40%
Ratio of net investment income without waivers and assumptions of expenses #..... 1.46% 2.12% 1.79% 0.82%
Portfolio turnover rate........................................................... 59% 91% 75% 54%
</TABLE>
- ---------------
* Commencement of operations.
** Commencement of offering of class of shares.
# Short periods have been annualized.
(1) Total return figures do not include the effect of any sales load.
See notes to financial statements.
35
<PAGE> 36
SELECTED PER SHARE DATA AND RATIOS FOR A SHARE OF BENEFICIAL INTEREST
OUTSTANDING
Throughout each period indicated (unaudited) (continued)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Vista Equity Fund
-----------------------------------------------------------------
11/01/95 Year ended 7/1/92(2) Year
through ------------------------------ through ended
04/30/96 10/31/95 10/31/94 10/31/93 10/31/92 06/30/92
-------- -------- -------- -------- ---------- --------
<S> <C> <C> <C> <C> <C> <C>
Per Share Operating Performance
Net asset value, beginning of period......................... $ 12.24 $ 13.16 $ 13.65 $ 12.56 $ 12.50 $ 11.43
------- ------- ------- ------- --------- -------
Income from Investment Operations:
Net investment income..................................... 0.114 0.277 0.298 0.302 0.080 0.240
Net gains or (losses) in securities (both realized and
unrealized)............................................. 1.614 1.744 0.263 1.153 0.500 1.230
------- ------- ------- ------- --------- -------
Total from Investment Operations.......................... 1.728 2.021 0.561 1.455 0.580 1.470
------- ------- ------- ------- --------- -------
Less Distributions:
Dividends from Net Investment Income...................... 0.118 0.282 0.290 0.304 0.140 0.290
Distributions from Capital Gains.......................... 1.570 2.659 0.761 0.062 0.380 0.110
------- ------- ------- ------- --------- -------
Total Distributions....................................... 1.688 2.941 1.051 0.366 0.520 0.400
------- ------- ------- ------- --------- -------
Net Asset Value, End of Period............................... $ 12.28 $ 12.24 $ 13.16 $ 13.65 $ 12.56 $ 12.50
======= ====== ======= ======= ======== =======
Total Return................................................. 15.31% 20.41% 4.37% 11.73% 4.78% 12.99%
======= ====== ======= ======= ======== =======
Ratios/Supplemental Data:
Net Assets, End of Period (000 omitted)..................... $58,832 $55,417 $67,818 $120,635 $106,088 $92,261
Ratio of expenses to average net assets #................... 0.30% 0.31% 0.31% 0.31% 0.30% 0.30%
Ratio of net investment income to average net assets #...... 1.84% 2.41% 2.30% 2.30% 1.96% 2.29%
Ratio of expenses without waivers and assumption of expenses
to average net assets #................................... 0.87% 0.90% 0.95% 0.88% 0.80% 1.02%
Ratio of net investment income without waivers and
assumptions of expenses #................................. 1.27% 1.82% 1.66% 1.73% 1.46% 1.57%
Portfolio turnover rate...................................... 24% 45% 53% 33% 5% 14%
</TABLE>
- ---------------
# Short periods have been annualized.
(2) In 1992, the Fund's fiscal year-end was changed from June 30 to October 31.
See notes to financial statements.
36
<PAGE> 37
SELECTED PER SHARE DATA AND RATIOS FOR A SHARE OF BENEFICIAL INTEREST
OUTSTANDING
Throughout each period indicated (unaudited) (continued)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Vista Balanced Fund
----------------------------------------------------------------------------
Class A Class B
----------------------------------------- --------------------------------
11/01/95 Year ended 11/4/92* 11/01/95 Year 11/04/93**
through ------------------- through through ended through
04/30/96 10/31/95 10/31/94 10/31/93 04/30/96 10/31/95 10/31/94
-------- -------- -------- -------- -------- -------- ----------
<S> <C> <C> <C> <C> <C> <C> <C>
Per Share Operating Performance
Net asset value, beginning of period.............. $ 12.45 $ 11.09 $ 11.38 $ 10.00 $12.36 $11.03 $11.22
------- ------- ------- ------- ------- ------- -------
Income from Investment Operations:
Net investment income.......................... 0.177 0.382 0.356 0.410 0.130 0.309 0.345
Net gains or (losses) in securities (both
realized and unrealized)..................... 0.975 1.517 (0.187) 1.344 0.969 1.502 (0.117)
------- ------- ------- ------- ------- ------- -------
Total from Investment Operations............... 1.152 1.899 0.169 1.754 1.099 1.811 0.228
------- ------- ------- ------- ------- ------- -------
Less Distributions:
Dividends from Net Investment Income........... 0.172 0.408 0.359 0.375 0.139 0.131 0.318
Distributions from Capital Gains............... 0.320 0.131 0.100 -- 0.320 0.350 0.100
------- ------- ------- ------- ------- ------- -------
Total Distributions............................ 0.492 0.539 0.459 0.375 0.459 0.481 0.418
------- ------- ------- ------- ------- ------- -------
Net Asset Value, End of Period.................... $ 13.11 $ 12.45 $ 11.09 $ 11.38 $13.00 $12.36 $11.03
======= ====== ======= ======= ====== ====== =======
Total Return(1)................................... 9.39% 17.70% 1.56% 17.74% 9.02% 16.93% 2.17%
======= ====== ======= ======= ====== ====== =======
Ratios/Supplemental Data:
Net Assets, End of Period (000 omitted).......... $39,031 $33,733 $21,705 $13,920 $7,907 $6,336 $3,543
Ratio of expenses to average net assets #........ 1.25% 1.06% 0.58% -- 2.00% 1.82% 1.50%
Ratio of net investment income to average net
assets #....................................... 2.75% 3.48% 3.21% 3.87% 1.99% 2.68% 2.46%
Ratio of expenses without waivers and assumption
of expenses to average net assets #............ 1.97% 2.20% 2.20% 3.07% 2.46% 2.72% 2.69%
Ratio of net investment income without waivers
and assumptions of expenses #.................. 2.03% 2.34% 1.59% 0.80% 1.53% 1.78% 1.27%
Portfolio turnover rate........................... 53% 68% 77% 65% 53% 68% 77%
</TABLE>
- ---------------
* Commencement of operations.
** Commencement of offering of class of shares.
# Short periods have been annualized.
(1) Total return figures do not include the effect of any sales load.
See notes to financial statements.
37
<PAGE> 38
VISTA GROWTH AND INCOME PORTFOLIO
PORTFOLIO OF INVESTMENTS April 30, 1996 (unaudited)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Issuer Shares Value
- -------------------------------------- --------- --------------
<S> <C> <C>
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
--------------
<CAPTION>
Issuer Shares Value
- -------------------------------------- --------- --------------
<S> <C> <C>
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
--------------
</TABLE>
See notes to financial statements.
38
<PAGE> 39
VISTA GROWTH AND INCOME PORTFOLIO
PORTFOLIO OF INVESTMENTS April 30, 1996 (unaudited) (continued)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Issuer Shares Value
- -------------------------------------- --------- --------------
<S> <C> <C>
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
--------------
<CAPTION>
Issuer Shares Value
- -------------------------------------- --------- --------------
<S> <C> <C>
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
--------------
</TABLE>
See notes to financial statements.
39
<PAGE> 40
VISTA GROWTH AND INCOME PORTFOLIO
PORTFOLIO OF INVESTMENTS April 30, 1996 (unaudited) (continued)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Issuer Shares Value
- -------------------------------------- --------- --------------
<S> <C> <C>
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
--------------
<CAPTION>
Issuer Shares Value
- -------------------------------------- --------- --------------
<S> <C> <C>
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
--------------
</TABLE>
<TABLE>
<CAPTION>
Principal
Amount
-----------
<S> <C> <C>
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
--------------
</TABLE>
See notes to financial statements.
40
<PAGE> 41
VISTA GROWTH AND INCOME PORTFOLIO
PORTFOLIO OF INVESTMENTS April 30, 1996 (unaudited) (continued)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Principal
Amount Value
----------- --------------
<S> <C> <C>
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
--------------
<CAPTION>
Principal
Amount Value
----------- --------------
<S> <C> <C>
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
==============
</TABLE>
- ---------------
# 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
<TABLE>
<CAPTION>
Number Original Nominal Unrealized
Expiration of Nominal Value at Appreciation
Description Date Contracts Value 04/30/96 (Depreciation)
- -------------------------------------------------- ----------- ---------- ----------- ----------- ------------
<S> <C> <C> <C> <C> <C>
S&P 500 Future.................................... 06/21/96 300 $99,467,421 $98,227,500 ($ 1,239,921)
</TABLE>
See notes to financial statements.
41
<PAGE> 42
VISTA CAPITAL GROWTH PORTFOLIO
PORTFOLIO OF INVESTMENTS April 30, 1996 (unaudited)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Issuer Shares Value
- ----------------------------------- ------------ --------------
<S> <C> <C>
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
--------------
<CAPTION>
Issuer Shares Value
- ----------------------------------- ------------ --------------
<S> <C> <C>
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
--------------
</TABLE>
See notes to financial statements.
42
<PAGE> 43
VISTA CAPITAL GROWTH PORTFOLIO
PORTFOLIO OF INVESTMENTS April 30, 1996 (unaudited) (continued)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Issuer Shares Value
- ----------------------------------- ------------ --------------
<S> <C> <C>
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
--------------
<CAPTION>
Issuer Shares Value
- ----------------------------------- ------------ --------------
<S> <C> <C>
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
--------------
</TABLE>
<TABLE>
<CAPTION>
Principal
Amount
-----------
<S> <C> <C>
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
--------------
</TABLE>
See notes to financial statements.
43
<PAGE> 44
VISTA CAPITAL GROWTH PORTFOLIO
PORTFOLIO OF INVESTMENTS April 30, 1996 (unaudited) (continued)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Principal
Amount Value
----------- --------------
<S> <C> <C>
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
--------------
<CAPTION>
Principal
Amount Value
----------- --------------
<S> <C> <C>
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
==============
</TABLE>
- ---------------
# 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
<PAGE> 45
VISTA MUTUAL FUNDS
STATEMENT OF ASSETS AND LIABILITIES April 30, 1996 (unaudited)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Vista
Growth & Vista
Income Capital Growth
Portfolio Portfolio
-------------- --------------
<S> <C> <C>
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
============== ==============
</TABLE>
See notes to financial statements.
45
<PAGE> 46
VISTA MUTUAL FUNDS
STATEMENT OF OPERATIONS
For the six months ended April 30, 1996 (unaudited)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Vista Vista
Growth & Income Capital Growth
Portfolio Portfolio
--------------- --------------
<S> <C> <C>
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
============= =============
</TABLE>
See notes to financial statements.
46
<PAGE> 47
VISTA MUTUAL FUNDS
STATEMENTS OF CHANGES IN NET ASSETS For the periods indicated (unaudited)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
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
-------------- -------------- -------------- --------------
<S> <C> <C> <C> <C>
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
============== ============== ============== ==============
</TABLE>
See notes to financial statements.
47
<PAGE> 48
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 29, 1993.
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 by
matrix pricing systems of a major dealer in bonds. 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
enters an insolvency 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
<PAGE> 49
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 realizes 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
<PAGE> 50
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:
<TABLE>
<CAPTION>
GIP CGP
------------- -------------
<S> <C> <C>
Purchases (excluding U.S. Government)......................... $ 568,532,694 $ 413,792,258
Sales (excluding U.S. Government)............................. 468,419,074 476,316,956
</TABLE>
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
<PAGE> 51
VISTA FAMILY OF MUTUAL FUNDS
SEMI-ANNUAL REPORT FOR THE SIX MONTHS ENDED APRIL 30, 1996
SHAREHOLDER MEETING RESULTS
Vista Balanced Fund, Vista Capital Growth Fund, Vista Equity Fund, Vista
Equity Income Fund, Vista Growth and Income Fund and Vista Small Cap Equity Fund
(each, a "Fund"; Vista Capital Growth Fund and Vista Growth and Income Fund,
each "Feeder Funds") are separate series of Mutual Fund Group, a Massachusetts
business trust (the "Trust"). A special meeting of shareholders of the Trust
(the "Meeting") was convened on April 2, 1996, and was adjourned as to certain
matters to April 16, 1996, April 25, 1996 and May 2, 1996.
At the Meeting, the shareholders of the Trust elected all of the Trustees
of the Trust then in office and three additional Trustees. The Trustees elected
were: Fergus Reid, III, Richard E. Ten Haken, William J. Armstrong, John R.H.
Blum, Joseph J. Harkins, H. Richard Vartabedian, Stuart W. Cragin, Jr., Irving
L. Thode, W. Perry Neff, Roland R. Eppley, Jr. and W.D. MacCallan.
Except as indicated, the shareholders of the Funds present at the Meeting,
in person or by proxy, each cast their votes on the following matters as follows
(all fractional shares rounded):
Approval or disapproval of an Interim Advisory Agreement between the Trust
and The Chase Manhattan Bank, N.A. (and the successor entity thereto) with
respect to each Fund other than the Feeder Funds, and, in the case of the Feeder
Funds, approval or disapproval of an Interim Advisory Agreement between each
Feeder Fund's Master Portfolio and The Chase Manhattan Bank, N.A. (and the
successor entity thereto):
<TABLE>
<S> <C> <C>
Vista Balanced Fund FOR: 2,263,665
AGAINST: 11,057
ABSTAINED: 36,134
Vista Equity Income Fund FOR: 447,904
AGAINST: 1,029
ABSTAINED: 18,969
Vista Capital Growth Fund FOR: 14,804,432
AGAINST: 150,494
ABSTAINED: 496,470
Vista Growth and Income Fund FOR: 33,185,033
AGAINST: 278,508
ABSTAINED: 1,038,622
Vista Equity Fund FOR: 4,516,956
AGAINST: 0
ABSTAINED: 5,894
Vista Small Cap Equity Fund FOR: 3,552,540
AGAINST: 19,977
ABSTAINED: 67,632
</TABLE>
51
<PAGE> 52
Approval or disapproval of a new Investment Advisory Agreement between the
Trust and The Chase Manhattan Bank, N.A. (and the successor entity thereto) with
respect to each Fund and a Sub-Advisory Agreement between The Chase Manhattan
Bank, N.A. (and the successor entity thereto) and Chase Asset Management, Inc.
other than the Feeder Funds, and, in the case of the Feeder Funds, approval or
disapproval of an Investment Advisory Agreement and a Sub-Advisory Agreement
between each Feeder Fund's Master Portfolio and The Chase Manhattan Bank, N.A.
(and the successor entity thereto):
<TABLE>
<S> <C> <C>
Vista Balanced Fund FOR: 2,262,513
AGAINST: 9,693
ABSTAINED: 38,650
Vista Equity Income Fund FOR: 447,274
AGAINST: 1,029
ABSTAINED: 19,599
Vista Capital Growth Fund FOR: 14,737,880
AGAINST: 208,311
ABSTAINED: 505,204
Vista Growth and Income Fund FOR: 33,121,051
AGAINST: 323,596
ABSTAINED: 1,057,516
Vista Equity Fund FOR: 4,516,956
AGAINST: 0
ABSTAINED: 5,894
Vista Small Cap Equity Fund FOR: 3,552,384
AGAINST: 17,739
ABSTAINED: 70,025
</TABLE>
Election of Trustees (results for shareholders of all series of the Trust
voting together):
<TABLE>
<S> <C> <C>
Fergus Reid, III FOR: 67,023,663
WITHHELD: 1,151,160
Richard E. Ten Haken FOR: 67,042,577
WITHHELD: 1,132,424
William J. Armstrong FOR: 67,009,901
WITHHELD: 1,164,262
John R.H. Blum FOR: 67,015,862
WITHHELD: 1,159,130
Joseph J. Harkins FOR: 67,029,129
WITHHELD: 1,144,902
H. Richard Vartabedian FOR: 67,032,821
WITHHELD: 1,142,179
</TABLE>
52
<PAGE> 53
<TABLE>
<S> <C> <C>
Stuart W. Cragin, Jr. FOR: 67,032,539
WITHHELD: 1,142,301
Irving L. Thode FOR: 66,997,633
WITHHELD: 1,176,603
W. Perry Neff FOR: 67,010,909
WITHHELD: 1,163,922
Roland R. Eppley, Jr. FOR: 67,003,376
WITHHELD: 1,171,580
W.D. MacCallan FOR: 65,992,011
WITHHELD: 2,182,813
</TABLE>
Ratification of Price Waterhouse LLP as independent public accountants for
each Fund, and, in the case of the Feeder Funds, for each Feeder Fund's Master
Portfolio:
<TABLE>
<S> <C> <C>
Vista Balanced Fund FOR: 2,274,418
AGAINST: 4,970
ABSTAINED: 31,469
Vista Equity Income Fund FOR: 426,755
AGAINST: 5,587
ABSTAINED: 35,560
Vista Capital Growth Fund FOR: 14,785,778
AGAINST: 188,319
ABSTAINED: 477,297
Vista Growth and Income Fund FOR: 33,231,975
AGAINST: 295,307
ABSTAINED: 974,881
Vista Equity Fund FOR: 4,522,850
AGAINST: 0
ABSTAINED: 0
Vista Small Cap Equity Fund FOR: 3,561,058
AGAINST: 15,425
ABSTAINED: 63,666
</TABLE>
Approval or disapproval of an amendment to the Trust's Declaration of Trust
(results for shareholders of all series of the Trust voting together):
<TABLE>
<S> <C> <C>
FOR: 64,265,095
AGAINST: 1,554,264
ABSTAINED: 2,355,465
</TABLE>
53
<PAGE> 54
Approval or disapproval of an amendment the Class A Rule 12b-1 Distribution
Plan for the Funds indicated:
<TABLE>
<S> <C> <C>
Vista Balanced Fund FOR: 1,898,712
AGAINST: 23,825
ABSTAINED: 24,401
Vista Equity Income Fund FOR: 438,220
AGAINST: 14,397
ABSTAINED: 37,994
Vista Equity Fund FOR: 4,515,474
AGAINST: 1,328
ABSTAINED: 6,048
Vista Small Cap Equity Fund FOR: 2,661,438
AGAINST: 61,094
ABSTAINED: 68,600
</TABLE>
Approval or disapproval of changes to the fundamental investment objectives
of Vista Balanced Fund and Vista Small Cap Equity Fund:
<TABLE>
<S> <C> <C>
Vista Balanced Fund FOR: 2,113,089
AGAINST: 22,548
ABSTAINED: 29,639
Vista Small Cap Equity Fund FOR: 2,643,626
AGAINST: 64,349
ABSTAINED: 122,330
</TABLE>
Approval or disapproval of an amendment to each Fund's (and, in the case of
each Feeder Fund, to its corresponding Master Portfolio's) fundamental
investment restriction concerning borrowing:
<TABLE>
<S> <C> <C>
Vista Balanced Fund FOR: 2,090,277
AGAINST: 42,925
ABSTAINED: 32,073
Vista Equity Income Fund FOR: 387,995
AGAINST: 14,575
ABSTAINED: 30,347
Vista Capital Growth Fund FOR: 12,861,715
AGAINST: 512,688
ABSTAINED: 1,328,213
Vista Growth and Income Fund FOR: 24,830,760
AGAINST: 949,836
ABSTAINED: 1,501,477
Vista Equity Fund FOR: 4,494,438
AGAINST: 154
ABSTAINED: 5,894
</TABLE>
54
<PAGE> 55
<TABLE>
<S> <C> <C>
Vista Small Cap Equity Fund FOR: 2,625,227
AGAINST: 70,504
ABSTAINED: 134,573
</TABLE>
Approval or disapproval of an amendment to each Fund's (and, in the case of
each Feeder Fund, to its corresponding Master Portfolio's) fundamental
investment restriction concerning investment for the purpose of exercising
control:
<TABLE>
<S> <C> <C>
Vista Balanced Fund FOR: 2,096,296
AGAINST: 33,942
ABSTAINED: 35,038
Vista Equity Income Fund FOR: 386,095
AGAINST: 12,850
ABSTAINED: 33,971
Vista Capital Growth Fund FOR: 12,817,196
AGAINST: 541,588
ABSTAINED: 1,342,197
Vista Growth and Income Fund FOR: 24,727,282
AGAINST: 1,026,248
ABSTAINED: 1,528,544
Vista Equity Fund FOR: 4,493,110
AGAINST: 1,482
ABSTAINED: 5,894
Vista Small Cap Equity Fund FOR: 2,215,219
AGAINST: 473,920
ABSTAINED: 141,166
</TABLE>
Approval or disapproval of an amendment to each Fund's (and, in the case of
each Feeder Fund, to its corresponding Master Portfolio's) fundamental
investment restriction concerning the making of loans:
<TABLE>
<S> <C> <C>
Vista Balanced Fund FOR: 2,099,001
AGAINST: 30,895
ABSTAINED: 35,380
Vista Equity Income Fund FOR: 389,784
AGAINST: 13,061
ABSTAINED: 30,070
Vista Capital Growth Fund FOR: 12,768,236
AGAINST: 581,705
ABSTAINED: 1,351,040
Vista Growth and Income Fund FOR: 24,672,097
AGAINST: 1,097,226
ABSTAINED: 1,512,749
</TABLE>
55
<PAGE> 56
<TABLE>
<S> <C> <C>
Vista Equity Fund FOR: 4,494,438
AGAINST: 154
ABSTAINED: 5,894
Vista Small Cap Equity Fund FOR: 2,611,333
AGAINST: 75,727
ABSTAINED: 143,245
</TABLE>
Approval or disapproval of an amendment to each Fund's (and, in the case of
each Feeder Fund, to its corresponding Master Portfolio's) fundamental
investment restriction concerning purchases of securities on margin:
<TABLE>
<S> <C> <C>
Vista Balanced Fund FOR: 2,100,451
AGAINST: 27,799
ABSTAINED: 37,026
Vista Equity Income Fund FOR: 385,771
AGAINST: 16,047
ABSTAINED: 31,098
Vista Capital Growth Fund FOR: 12,716,908
AGAINST: 644,640
ABSTAINED: 1,339,433
Vista Growth and Income Fund FOR: 24,578,763
AGAINST: 1,202,499
ABSTAINED: 150,812
Vista Equity Fund FOR: 4,493,264
AGAINST: 1,328
ABSTAINED: 5,894
Vista Small Cap Equity Fund FOR: 2,193,410
AGAINST: 500,033
ABSTAINED: 136,862
</TABLE>
Approval or disapproval of an amendment to each Fund's (and, in the case of
each Feeder Fund, to its corresponding Master Portfolio's) fundamental
investment restriction concerning concentration of investment:
<TABLE>
<S> <C> <C>
Vista Balanced Fund FOR: 2,101,213
AGAINST: 29,442
ABSTAINED: 34,620
Vista Equity Income Fund FOR: 389,984
AGAINST: 11,597
ABSTAINED: 31,335
Vista Capital Growth Fund FOR: 12,868,583
AGAINST: 485,798
ABSTAINED: 1,346,600
</TABLE>
56
<PAGE> 57
<TABLE>
<S> <C> <C>
Vista Growth and Income Fund FOR: 24,840,494
AGAINST: 931,639
ABSTAINED: 1,509,940
Vista Equity Fund FOR: 4,494,438
AGAINST: 154
ABSTAINED: 5,894
Vista Small Cap Equity Fund FOR: 2,621,324
AGAINST: 67,366
ABSTAINED: 141,617
</TABLE>
Approval or disapproval of an amendment to each Fund's (and, in the case of
each Feeder Fund, to its Master Portfolio's) fundamental investment restriction
concerning commodities and real estate:
<TABLE>
<S> <C> <C>
Vista Balanced Fund FOR: 2,102,828
AGAINST: 26,553
ABSTAINED: 35,895
Vista Equity Income Fund FOR: 387,143
AGAINST: 11,808
ABSTAINED: 33,966
Vista Capital Growth Fund FOR: 12,806,041
AGAINST: 545,365
ABSTAINED: 1,349,575
Vista Growth and Income Fund FOR: 24,672,063
AGAINST: 1,086,048
ABSTAINED: 1,523,163
Vista Equity Fund FOR: 4,493,110
AGAINST: 1,482
ABSTAINED: 5,894
Vista Small Cap Equity Fund FOR: 2,603,819
AGAINST: 78,291
ABSTAINED: 148,197
</TABLE>
Approval or disapproval of an amendment to each Fund's (and, in the case of
each Feeder Fund, to its corresponding Master Portfolio's) fundamental
investment restriction regarding investments in restricted and illiquid
securities:
<TABLE>
<S> <C> <C>
Vista Balanced Fund FOR: 2,098,146
AGAINST: 30,904
ABSTAINED: 36,226
Vista Equity Income Fund FOR: 389,858
AGAINST: 11,690
ABSTAINED: 31,367
</TABLE>
57
<PAGE> 58
<TABLE>
<S> <C> <C>
Vista Capital Growth Fund FOR: 12,711,602
AGAINST: 625,653
ABSTAINED: 1,363,726
Vista Growth and Income Fund FOR: 24,545,283
AGAINST: 1,191,039
ABSTAINED: 1,544,951
Vista Equity Fund FOR: 4,492,451
AGAINST: 1,482
ABSTAINED: 5,894
Vista Small Cap Equity Fund FOR: 2,601,720
AGAINST: 81,141
ABSTAINED: 147,446
</TABLE>
Approval or disapproval of the reclassification of each Fund's (and, in the
case of each Feeder Fund, of its corresponding Master Portfolio's) fundamental
restriction concerning the use of options:
<TABLE>
<S> <C> <C>
Vista Balanced Fund FOR: 2,104,250
AGAINST: 23,999
ABSTAINED: 37,027
Vista Equity Income Fund FOR: 390,282
AGAINST: 11,266
ABSTAINED: 31,367
Vista Capital Growth Fund FOR: 12,719,599
AGAINST: 614,360
ABSTAINED: 1,367,022
Vista Growth and Income Fund FOR: 24,632,179
AGAINST: 1,091,867
ABSTAINED: 1,557,227
Vista Equity Fund FOR: 4,492,451
AGAINST: 154
ABSTAINED: 7,881
Vista Small Cap Equity Fund FOR: 2,194,797
AGAINST: 485,695
ABSTAINED: 149,814
</TABLE>
Approval or disapproval of an amendment to each Fund's (and, in the case of
each Feeder Fund, to its corresponding Master Portfolio's) fundamental
investment restriction concerning senior securities:
<TABLE>
<S> <C> <C>
Vista Balanced Fund FOR: 2,143,630
AGAINST: 29,171
ABSTAINED: 39,015
</TABLE>
58
<PAGE> 59
<TABLE>
<S> <C> <C>
Vista Equity Income Fund FOR: 386,564
AGAINST: 15,884
ABSTAINED: 30,468
Vista Capital Growth Fund FOR: 12,789,881
AGAINST: 533,480
ABSTAINED: 1,377,619
Vista Growth and Income Fund FOR: 24,708,117
AGAINST: 985,796
ABSTAINED: 1,587,361
Vista Equity Fund FOR: 4,492,451
AGAINST: 0
ABSTAINED: 8,035
Vista Small Cap Equity Fund FOR: 2,226,542
AGAINST: 449,517
ABSTAINED: 154,248
</TABLE>
Approval or disapproval of an amendment to each Fund's (and, in the case of
each Feeder Fund, to its corresponding Master Portfolio's) fundamental
investment restriction regarding short sales of securities:
<TABLE>
<S> <C> <C>
Vista Balanced Fund FOR: 2,132,323
AGAINST: 29,606
ABSTAINED: 41,153
Vista Equity Income Fund FOR: 347,503
AGAINST: 17,673
ABSTAINED: 34,727
Vista Capital Growth Fund FOR: 12,712,045
AGAINST: 628,981
ABSTAINED: 1,359,954
Vista Growth and Income Fund FOR: 24,629,936
AGAINST: 1,109,314
ABSTAINED: 1,542,023
Vista Equity Fund FOR: 4,492,451
AGAINST: 154
ABSTAINED: 7,881
Vista Small Cap Equity Fund FOR: 2,240,990
AGAINST: 454,365
ABSTAINED: 134,953
</TABLE>
59
<PAGE> 60
Approval of a new fundamental investment policy permitting each Fund
indicated to invest all of its investable assets in another investment company:
<TABLE>
<S> <C> <C>
Vista Balanced Fund FOR: 2,13,257
AGAINST: 31,872
ABSTAINED: 37,953
Vista Equity Income Fund FOR: 355,018
AGAINST: 15,304
ABSTAINED: 29,581
Vista Equity Fund FOR: 4,489,265
AGAINST: 1,328
ABSTAINED: 9,893
Vista Small Cap Equity Fund FOR: 2,628,313
AGAINST: 71,901
ABSTAINED: 130,093
</TABLE>
60
<PAGE> 61
VISTA FAMILY OF MUTUAL FUNDS
Vista offers a wide variety of professionally managed mutual funds that can
help you meet your financial goals. For a brochure and prospectus containing
more complete information on sales charges or expenses, contact your
investment professional or call 1-800-34-VISTA. Please read the prospectus
carefully before you invest or send money:
<TABLE>
<S> <C>
VISTA EQUITY FUNDS VISTA FIXED INCOME FUNDS
Capital Growth Fund Bond Fund
Equity Fund Short-Term Bond Fund
Equity Income Fund U.S. Government Income Fund
Growth and Income Fund U.S. Treasury Income Fund
Growth Fund of Washington(1)
Small Cap Equity Fund VISTA MONEY MARKET FUNDS(2)
California Tax Free Money Market Fund
VISTA BALANCED FUND Federal Money Market Fund
Balanced Fund Global Money Market Fund
New York Tax Free Money Market Fund
VISTA INTERNATIONAL FUNDS
European Fund Prime Money Market Fund
Global Fixed Income Fund Select Shares of Connecticut Daily Tax Free Income Fund(3)
International Equity Fund Select Shares of New Jersey Daily Municipal Income Fund(3)
Japan Fund Tax Free Money Market Fund
Southeast Asian Fund Treasury Plus Money Market Fund
U.S. Government Money Market Fund
VISTA TAX FREE INCOME FUNDS 100% U.S. Treasury Securities Money Market Fund
California Intermediate Tax Free Fund
New York Tax Free Income Fund
Tax Free Income Fund
</TABLE>
Vista Fund Distributors, Inc. is the funds' distributor and is unaffiliated
with Chase. The Chase Manhattan Bank, N.A. is the funds' portfolio adviser
and provides other services to the funds.
(1) Washington Investment Advisors, Inc. is the fund's investment adviser.
(2) An investment in these funds is neither insured nor guaranteed by the
U.S. government, and there can be no assurance that these funds will be
able to maintain a stable Net Asset Value of $1.00 per share.
(3) Vista Select Shares of Connecticut Daily Tax Free Income Fund, Inc., and
Vista Select Shares of New Jersey Daily Municipal Income Fund, Inc., are
not part of, or affiliated with, the Vista Family of Mutual Funds. Reich
& Tang Distributors L.P. and New England Investment Companies L.P.,
which are unaffiliated with Chase, are the funds' distributor and
investment adviser, respectively. National bank subsidiaries of The
Chase Manhattan Corporation do, however, perform shareholder servicing
agent services for the funds, although they perform no other services
for the funds, such as serving as investment adviser, custodian or
administrator.
INVESTMENTS IN MUTUAL FUNDS ARE SUBJECT TO RISK, INCLUDING THE POSSIBLE LOSS OF
PRINCIPAL. IN ADDITION, THEY ARE NOT DEPOSITS, OBLIGATIONS OF, ENDORSED OR
GUARANTEED BY CHASE AND ARE NOT INSURED BY THE FDIC, THE FEDERAL RESERVE BOARD
OR ANY OTHER GOVERNMENT AGENCY.
<PAGE> 62
VISTA
FAMILY OF MUTUAL FUNDS
MANAGED BY CHASE MANHATTAN
- --------------------------------------------------------------------------------
SEMI-ANNUAL
-------------------------------------
REPORT
VISTA SERVICE CENTER
P.O. BOX 419392
KANSAS CITY, MO 64179
INVESTMENT ADVISER,
ADMINISTRATOR,
SHAREHOLDER SERVICING AGENT
AND CUSTODIAN
The Chase Manhattan Bank, N.A.
DISTRIBUTOR
Vista Fund Distributors, Inc.
TRANSFER AGENT
DST Systems, Inc.
LEGAL COUNSEL
Simpson Thacher & Bartlett
INDEPENDENT ACCOUNTANTS
Price Waterhouse LLP
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.
Vista Fund Distributors, Inc. is
the funds' distributor and is
unaffiliated with Chase. The
Chase Manhattan Bank, N.A. is
the funds' adviser.
This report is submitted for the
general information of the
shareholders of the funds. It is
not authorized for distribution
to prospective investors in the
funds unless preceded or
accompanied by a prospectus. To
obtain a prospectus for any of
the Vista funds, call
1-800-34-VISTA. The prospectus
contains more complete
information, including charges
and expenses. Please read it
carefully before you invest
or send money.
For more information about these
funds or your account, simply
call your investment
representative or the Vista
Service Center at
1-800-34-VISTA.
VEQTY-3-696
- --------------------------------------------------------------------------------
VISTA
BALANCED
FUND
VISTA
CAPITAL
GROWTH
FUND
VISTA
EQUITY
FUND
VISTA
EQUITY
INCOME
FUND
VISTA
GROWTH
AND INCOME
FUND
VISTA
SMALL CAP
EQUITY
FUND
FOR THE 6 MONTHS ENDED
APRIL 30, 1996
(UNAUDITED)
