VISTA CAPITAL GROWTH FUND
SUPPLEMENT DATED MARCH 1, 1996
TO THE PROSPECTUS DATED MARCH 1, 1996
The Financial Highlights printed below supersede those found on page 5 of
the Prospectus. Please refer to this table for selected per share data and
ratios for both Class A and Class B shares outstanding throughout each period
shown.
FINANCIAL HIGHLIGHTS
The table set forth below provides selected per share data and ratios for
both Class A and Class B shares outstanding throughout each period shown. This
information is supplemented by and should be read in conjunction with financial
statements and accompanying notes appearing in the Fund's Annual Report to
Shareholders for the fiscal year ended October 31, 1995, which is incorporated
by reference into the Statement of Additional Information. Shareholders can
obtain a copy of this annual report by contacting the Fund or their Shareholder
Servicing Agent. The financial statements and notes, as well as the financial
information set forth in the table below for each of the five years in the
period ended October 31, 1995, have been audited by Price Waterhouse LLP,
independent accountants, whose report thereon is also included in the Annual
Report to Shareholders.
CAPITAL GROWTH FUND
<TABLE>
<CAPTION>
YEAR ENDED OCTOBER 31, 9/8/87*
-------------------------------------------------------------------------------------- TO
1995 1994 1993 1992 1991 1990 1989 1988 10/31/87
CLASS A CLASS A CLASS A CLASS A CLASS A CLASS A CLASS A CLASS A CLASS A
SHARES SHARES SHARES SHARES SHARES SHARES SHARES SHARES SHARES
-------- -------- -------- ------- ------- ------- ------- ------- --------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
PER SHARE OPERATING
PERFORMANCE
Net Asset Value,
Beginning of
Period............. $32.17 $32.01 $25.12 $22.02 $12.33 $16.23 $11.56 $10.00 $10.00
Income from
Investment
Operations:
Net Investment
Income
(loss)............. 0.189 0.099@ 0.064 0.078 (0.011 ) 0.436 0.500 0.117 0.000
Net Gains or
(Losses) in
Securities
(both realized
and
unrealized)........ 4.160 0.719 7.173 3.044 9.805 (3.141 ) 5.164 1.498 0.000
-------- -------- -------- ------- ------- ------- ------- ------- --------
Total from
Investment
Operations......... 4.349 0.818 7.237 3.122 9.794 (2.705 ) 5.664 1.615 0.000
-------- -------- -------- ------- ------- ------- ------- ------- --------
Less
Distributions:
Dividends from
net investment
income............. 0.189 0.027 0.093 0.017 0.109 0.592 0.320 0.055 0.000
Dividends in
excess of net
investment income.. -- -- -- -- -- -- -- -- --
Distributions
from capital
gains.............. 0.676 0.631 0.257 0.000 0.000 0.598 0.675 0.000 0.000
-------- -------- -------- ------- ------- ------- ------- ------- --------
Total
Distributions...... 0.865 0.658 0.350 0.017 0.109 1.190 0.995 0.055 0.000
-------- -------- -------- ------- ------- ------- ------- ------- --------
Net Asset Value,
End of Period..... $35.65 $32.17 $32.01 $25.12 $22.02 $12.33 $16.23 $11.56 $10.00
-------- -------- -------- ------- ------- ------- ------- ------- --------
-------- -------- -------- ------- ------- ------- ------- ------- --------
Total Return(1).... 13.89% 2.62% 29.06% 14.16% 79.96 % (18.11 %) 52.12 % 16.15 % 0.00%
Ratios/Supplemental
Data+
Net Assets, End
of Period (000
omitted)........... $747,575 $549,411 $225,235 $39,836 $9,334 $4,749 $4,652 $ 561 $ 13
Ratio of
Expenses to
Average Net
Assets............. 1.51% 1.49% 1.49% 1.40% 1.27 % 1.04 % 0.00 % 0.00 % 0.00%#
Ratio of Net
Investment
Income to
Average Net
Assets............. 0.54% 0.33% 0.12% 0.32% (0.09 %) 2.82 % 3.87 % 1.55 % 0.00%#
Ratio of
Expenses
without Waivers
and Assumption
of Expenses to
Average Net
Assets............. 1.53% 1.50% 1.49% 1.77% 3.44 % 2.50 % 2.50 % 2.00 % 2.00%#
Ratio of Net
Investment
Income without
Waivers and
Assumption of
Expenses to
Average Net
Assets............. 0.52% 0.32% 0.12% (0.05%) (2.26 %) 1.36 % 1.37 % (0.45 %) (2.00%#)
Portfolio
Turnover Rate...... -- -- 43% 67% 83 % 139 % 189 % 229 % 0%
<CAPTION>
YEAR 11/4/93**
ENDED THROUGH
10/31/95 10/31/94
CLASS B CLASS B
SHARES SHARES
-------- ---------
<S> <C> <C>
PER SHARE OPERATING
PERFORMANCE
Net Asset Value,
Beginning of
Period............. $32.03 $31.38
Income from
Investment
Operations:
Net Investment
Income
(loss)............. 0.044 0.011 @
Net Gains or
(Losses) in
Securities
(both realized
and
unrealized)........ 4.100 1.296
-------- ---------
Total from
Investment
Operations......... 4.144 1.307
-------- ---------
Less
Distributions:
Dividends from
net investment
income............. 0.111 --
Dividends in
excess of net
investment income.. -- 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
-------- ---------
-------- ---------
Total Return(1).... 13.34% 4.19 %
Ratios/Supplemental
Data+
Net Assets, End
of Period (000
omitted)........... $260,376 $124,223
Ratio of
Expenses to
Average Net
Assets............. 2.01% 2.00 %#
Ratio of Net
Investment
Income to
Average Net
Assets............. 0.02% (0.09 %)#
Ratio of
Expenses
without Waivers
and Assumption
of Expenses to
Average Net
Assets............. 2.02% 2.02 %#
Ratio of Net
Investment
Income without
Waivers and
Assumption of
Expenses to
Average Net
Assets............. 0.01% (0.11 %)#
Portfolio
Turnover Rate...... -- --
</TABLE>
- ------------
# Annualized.
* Commencement of operations.
** Commencement of offering of class of shares.
(1) Total return figures are calculated before taking into account the effect of
any front-end sales load on class A shares, or any contingent deferred sales
charge on class B shares.
+ Ratios include the Fund's share of Portfolio income and expenses, as
appropriate.
@ Calculated based upon average shares outstanding.
