VISTA SOUTHEAST ASIAN FUND
VISTA JAPAN FUND
VISTA EUROPEAN FUND
SUPPLEMENT DATED MAY 30, 1996
TO THE PROSPECTUS DATED MAY 6, 1996
The table set forth below provides selected per share data and
ratios for both Class A and Class B shares outstanding
throughout the periods shown. This information is supplement-
ed by financial statements and accompanying notes appear-
ing in the Funds' SermiAnnual Report to Shareholders for the
period from commencement of operations through April 30, 1996.
Shareholders may reeive a copy of this Semi-Annual Report
by contacting the Fund or their Shareholder Servicing Agent.
The statements and financial notes have not been audited by
independent accountants.
Vista Mutual Funds
Selected Per Share Data and Ratios for
a Share of Beneficial Interest Out-
standing Throughout Each Period Indicated
<TABLE>
Vista Vista
European Southeast Asian
Fund Fund
Class A* Class B** Class A* Class B**
11/02/95 11/03/95 11/02/95 11/03/95
through through through through
04/30/96 04/30/96 04/30/96 04/30/96
-------- -------- -------- --------
<S> <C> <C> <C> <C>
PER SHARE OPERATING PERFORMANCE
Net Asset Value, Beginning of Period
$10.00 $9.97 $10.00 $10.01
------- ------ ------ -------
Income From Investment Operations:
Net Investment Income 0.036 0.009 (0.002) (0.005)
Net Gains or (Losses) in Securities
(both realized and unrealized) 1.137 1.161 2.072 2.025
------- ------ ------- ------
Total from Investment Operations 1.173 1.140 2.070 2.030
------- ------ ------- ------
Less Distributions:
Dividends from Net Investment Income 0.003 0.000 0.000 0.000
Distributions from Capital Gains 0.000 0.000 0.000 0.000
----- ------ ------ ------
Total Distributions 0.003 0 0 0
Net Asset Value, End of Period $11.17 $11.14 $12.07 $12.03
====== ====== ======= =======
Total Return (1) 11.73% 11.74% 20.70% 20.18%
Ratios/Supplemental Data:
Net Assets, End of Period (000 omitted) $5,424 $52 $8,263 $635
Ratios to Average Net Assets:#
Ratio of Expenses to Average Net Assets# 1.75% 2.47% 1.75% 2.46%
Ratio of Net Investment Income to Average Net 1.13% 3.26% -0.05% -0.26%
Ratio of expenses without waivers and assumption
of expenses to average net assets # 2.75% 3.48% 2.52% 3.25%
Ratio of net investment income without waivers
and assumptions of expenses
to average net assets # 0.13% 2.25% -0.82% -1.04%
Portfolio Turnover Rate 94% 94% 68% 68%
Vista
Japan
Fund
Class A* Class B**
11/02/95 11/03/95
through through
PER SHARE OPERATING PERFORMANCE 04/30/96 04/30/96
--------- ---------
Net Asset Value, Beginning of Period $10.00 $10.00
------ ------
Income From Investment Operations: (0.034) 0.047
Net Investment Income 1.204 1.082
Net Gains or (Losses) in Securities ------- --------
(both realized and unrealized) 1.170 1.129
------- --------
Total from Investment Operations
Less Distributions:
Dividends from Net Investment Income 0.000 0.000
Distributions from Capital Gains 0.000 0.000
------ ------
Total Distributions 0.000 0.000
Net Asset Value, End of Period $11.17 $11.13%
======== ========
Total Return (1) 11.60% 11.30%
Ratios/Supplemental Data:
Net Assets, End of Period (000 omitted) $5,676 $136
Ratios to Average Net Assets:#
Ratio of Expenses to Average Net Assets# 1.75% 2.45%
Ratio of Net Investment Income to Average Net
Assets #: -0.87% 2.30%
Ratio of expenses without waivers and assumption
of expenses to Average Net Assets # 2.88% 3.59%
Ratio of net investment income without waivers
to average net assets # -2.00% 1.16%
Portfolio Turnover Rate 67% 67%
(1) Total return figures do not include effect of any sales load.
* Commencement of operations.
** Commencement of offering of class of
shares.
# Short periods have been annualized.
</TABLE>
