<PAGE> 1
VISTA
FAMILY OF MUTUAL FUNDS
MANAGED BY CHASE MANHATTAN
- ------------------------------------------------------------------
U.S. Government Money Market Funds:
- - 100% Vista U.S. Treasury Securities Money Market Fund
(Vista, Premier and Institutional Shares)
- - Vista U.S. Government Money Market Fund
(Vista, Premier and Institutional Shares)
- - Vista Treasury Plus Money Market Fund
(Vista, Premier and Institutional Shares)
- - Vista Federal Money Market Fund
(Vista, Premier and Institutional Shares)
- ------------------------------------------------------------------
Diversified Money Market Funds:
- - Vista Cash Management Money Market Fund
(Vista, Premier and Institutional Shares)
- - Vista Prime Money Market Fund
(Premier, Institutional and B Shares)
- ------------------------------------------------------------------
Tax Free Money Market Funds:
- - Vista Tax Free Money Market Fund
(Vista, Premier and Institutional Shares)
- - Vista New York Tax Free Money Market Fund
(Vista Shares)
- - Vista California Tax Free Money Market Fund
(Vista Shares)
- ------------------------------------------------------------------
- --------------------------------------------------------------------------------
ANNUAL REPORT
AUGUST 31, 1996
<PAGE> 2
CONTENTS
Chairman's Letter 1
Money Market Fund Facts 2
Portfolio of Investments 3
Notes to Financial Statements 58
Per Share Data 71
<PAGE> 3
Vista is in the process of redesigning your Shareholder Reports to include even
more information about your fund, its current investment strategy and how it is
performing.
Watch for the completed redesign when you receive your next Semiannual Report.
October 28, 1996
Dear Shareholder:
We are pleased to provide you with this Annual Report on each of the Vista money
market funds. Inside, you'll find information on the performance of each fund
over the past year ended August 31, 1996 and its current holdings.
1995: YIELDS STABLE UNTIL END-OF-YEAR RATE CUT
Yields on money market instruments remained relatively stable from September
though mid-December 1995, when the Federal Reserve Board cut the Federal Funds
rate by 25 basis points. This action was followed by another 25 basis point cut
in the same rate on January 31, 1996 as well as a similar decrease in the
discount rate. These cuts, which sought to stimulate the apparently-weak
economy, caused steady declines in money market yields through the end of
February.
STRONGER-THAN-EXPECTED ECONOMY BOOSTS YIELDS
By the end of February, unexpected signs of stronger economic growth upset the
market's thinking about the direction of interest rates, and from that point
until the end of the reporting year yields tended to move higher. Markets were
volatile as participants reacted to decidedly mixed economic reports and,
although many expected the Fed would raise interest rates to rein in possible
inflation, no such action occurred during the reporting period.
OUTLOOK: ECONOMY EXPECTED TO SLOW FOR REMAINDER OF 1996
While economic data continue to make the markets volatile, our forecasts call
for a slowing economy for the remainder of 1996. While the Fed still may raise
interest rates if wage or other inflationary pressures appear, we believe that
the fear of sharp increases has subsided.
In managing your Fund throughout this volatile period, the objective of the
Vista money market management team has remained constant: to provide you with
stability, liquidity and attractive yields, prudently taking advantage of
opportunities while seeking to protect the principal value of your short-term
funds. We appreciate the confidence you have placed in us and encourage you to
call your investment representative or 1-800-34-VISTA if you have any questions.
Sincerely,
/s/ FERGUS REID
Fergus Reid
Chairman
INVESTMENTS IN THE FUNDS ARE NOT DEPOSITS OF, OR GUARANTEED OR ENDORSED BY, THE
CHASE MANHATTAN BANK, AND THE SHARES ARE NOT INSURED BY THE FDIC, FEDERAL
RESERVE BOARD OR ANY OTHER GOVERNMENT AGENCY. INVESTMENTS IN MUTUAL FUNDS
INVOLVE RISK, INCLUDING POSSIBLE LOSS OF THE PRINCIPAL AMOUNT INVESTED.
<PAGE> 4
MONEY MARKET FUND FACTS(1) (unaudited)
As of August 31, 1996
<TABLE>
<CAPTION>
- ---------------------------------------------------------------------------------------------
VISTA
100% VISTA VISTA
TREASURY U.S. TREASURY VISTA
SECURITIES GOVERNMENT PLUS FEDERAL
MONEY MONEY MONEY MONEY
MARKET(2) MARKET(2) MARKET(2) MARKET(2,3)
- ---------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
7-Day SEC Yield(1)
- ------------------
Vista 4.55% 4.78% 4.65% 4.78%
Premier 4.59% 4.82% 4.72% 4.98%
Institutional 4.87% 5.12% 4.97% 5.19%
Without Fee Waiver
- ------------------
Vista 4.42% 4.66% 4.52% 4.60%
Premier 4.59% 4.76% 4.72% 4.95%
Institutional 4.87% 5.12% 4.97% 5.19%
</TABLE>
<TABLE>
<CAPTION>
- ---------------------------------------------------------------------------------------------
VISTA VISTA VISTA
CASH VISTA VISTA NEW YORK TAX CALIFORNIA
MANAGEMENT PRIME TAX FREE FREE TAX FREE
MONEY MONEY MONEY MONEY MONEY
MARKET(2) MARKET(2) MARKET(2,3) MARKET(3) MARKET(3)
- ---------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
7-Day SEC Yield(1)
- ------------------
Vista 4.90% 4.07% 2.90% 2.81% 2.87%
(B Shares)
Premier 4.99% 5.09% 2.96% -- --
Institutional 5.24% 5.28% 3.21% -- --
Without Fee Waiver
- ------------------
Vista 4.86% 4.03% 2.76% 2.67% 2.60%
(B Shares)
Premier 4.97% 5.01% 2.96% -- --
Institutional 5.24% 5.28% 3.21% -- --
</TABLE>
- ---------------
(1) Past performance is not a guarantee of future results. Yields will
fluctuate. An investment is neither insured nor guaranteed by the U.S.
government and there can be no assurance that the funds will maintain a
stable Net Asset Value of $1.00 per share.
(2) No fees are being waived for the Premier Shares and Institutional Shares of
Vista 100% U.S. Treasury Securities Money Market Fund, Vista Treasury Plus
Money Market Fund, Vista Federal Money Market Fund and Vista Tax Free Money
Market Fund. No fees are being waived for the Institutional Shares of Vista
U.S. Government Money Market Fund, Vista Federal Money Market Fund, Vista
Cash Management Fund and Vista Prime Money Market Fund; all other yields
reflect the voluntary waiver of certain expenses and the assumption of
certain expenses otherwise payable by the Fund. This voluntary waiver may be
modified or terminated at any time, which would reduce the funds'
performance.
(3) A portion of the funds' income may be subject to the Alternative Minimum Tax
(AMT), and some investors may be subject to certain state and local taxes.
2
<PAGE> 5
VISTA 100% U.S. TREASURY SECURITIES MONEY MARKET FUND
PORTFOLIO OF INVESTMENTS August 31, 1996
<TABLE>
<CAPTION>
Principal
Amount Value
- ---------------------------------------------------------------------------------------
U.S. GOVERNMENT OBLIGATIONS -- 117.5%
- ---------------------------------------------------------------------------------------
<C> <S> <C>
U.S. Treasury Bills -- 83.7%
$ 240,970,000 4.80%, 09/05/96 $ 240,829,481
10,000,000 5.00%, 09/12/96 9,984,577
1,150,000,000 5.24%, 09/17/96 1,147,766,668
--------------
TOTAL U.S. TREASURY BILLS 1,398,580,726
U.S. Treasury Notes -- 33.8%
100,000,000 6.50%, 05/15/97 100,595,987
300,000,000 6.88%, 02/28/97 301,911,645
100,000,000 7.00%, 12/31/96 100,641,323
62,373,000 7.25%, 11/15/96 62,584,159
--------------
TOTAL U.S. TREASURY NOTES 565,733,114
- ---------------------------------------------------------------------------------------
TOTAL INVESTMENTS -- 117.5% $1,964,313,840
(COST $1,964,313,840)**
- ---------------------------------------------------------------------------------------
</TABLE>
See notes to financial statements.
3
<PAGE> 6
VISTA U.S. GOVERNMENT MONEY MARKET FUND
PORTFOLIO OF INVESTMENTS August 31, 1996
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
- ---------------------------------------------------------------------------------------
U.S. GOVERNMENT OBLIGATIONS -- 5.0%
- ---------------------------------------------------------------------------------------
<S> <C> <C>
U.S. Treasury Bill;
$ 25,000,000 5.03%, 02/06/97 $ 24,477,292
--------------
U.S. Treasury Notes;
50,000,000 6.50%, 05/15/97 50,234,748
50,000,000 6.50%, 08/15/97 50,302,672
25,000,000 6.88%, 03/31/97 25,222,186
50,000,000 7.50%, 01/31/97 50,468,145
--------------
176,227,751
- ---------------------------------------------------------------------------------------
TOTAL U.S. GOVERNMENT OBLIGATIONS -- 200,705,043
(COST $200,705,043)
- ---------------------------------------------------------------------------------------
<CAPTION>
U.S. GOVERNMENT AGENCY OBLIGATIONS -- 49.8%
- ---------------------------------------------------------------------------------------
<S> <C> <C>
Federal Farm Credit Bank, Debentures,
50,000,000 5.40%, 04/01/97 49,955,812
25,000,000 5.60%, 11/01/96 25,001,864
25,000,000 5.88%, 09/03/96 25,000,000
--------------
99,957,676
--------------
Federal Home Loan Bank, Discount Notes,
25,000,000 5.16%, 09/03/96 25,000,000
28,000,000 5.22%, 11/13/96 27,711,740
25,000,000 5.28%, 01/07/97 24,538,000
24,000,000 5.38%, 10/09/96 23,870,880
--------------
101,120,620
--------------
Federal Home Loan Bank, Debentures,
33,900,000 5.30%, 03/05/97 33,858,762
60,000,000 5.40%, 03/20/97 59,911,731
35,000,000 5.41%, 03/14/97 35,000,000
11,985,000 5.42%, 01/17/97 11,985,000
23,000,000 5.43%, 01/10/97 23,000,000
15,000,000 5.56%, 12/27/96 15,000,000
21,560,000 5.58%, 03/28/97 21,560,000
35,000,000 5.59%, 03/28/97 35,000,000
35,000,000 5.75%, 04/17/97 35,000,000
--------------
270,315,493
--------------
</TABLE>
See notes to financial statements.
4
<PAGE> 7
VISTA U.S. GOVERNMENT MONEY MARKET FUND
PORTFOLIO OF INVESTMENTS August 31, 1996 (continued)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
- ---------------------------------------------------------------------------------------
U.S. GOVERNMENT AGENCY OBLIGATIONS -- (CONTINUED)
- ---------------------------------------------------------------------------------------
<C> <S> <C>
Federal Home Loan Mortgage Corp., Discount Notes,
$ 200,000,000 5.18%, 09/03/96 $ 200,000,000
100,000,000 5.23%, 09/20/96 99,667,861
50,000,000 5.23%, 10/03/96 49,782,083
50,000,000 5.23%, 11/06/96 49,535,111
25,000,000 5.26%, 09/09/96 24,978,083
50,000,000 5.27%, 09/12/96 49,934,125
90,000,000 5.27%, 10/10/96 89,429,940
50,000,000 5.35%, 09/04/96 49,992,569
43,000,000 5.35%, 09/13/96 42,936,097
50,000,000 5.42%, 10/07/96 49,744,055
--------------
705,999,924
--------------
Federal National Mortgage Association, Discount
Notes,
75,000,000 5.24%, 01/13/97 73,496,198
25,000,000 5.24%, 01/15/97 24,512,389
15,900,000 5.25%, 11/20/96 15,719,137
25,000,000 5.27%, 09/12/96 24,967,062
25,000,000 5.27%, 01/29/97 24,458,361
50,000,000 5.30%, 02/26/97 48,704,444
25,000,000 5.30%, 02/27/97 24,348,542
50,000,000 5.36%, 10/24/96 49,620,333
--------------
285,826,466
--------------
Federal National Mortgage Association, FRDN,
25,000,000 5.37%, 09/04/96 25,000,000
100,000,000 5.41%, 09/04/96 99,954,955
75,000,000 5.47%, 09/20/96 74,948,654
--------------
199,903,609
--------------
Federal National Mortgage Association, MTN,
25,000,000 5.39%, 12/04/96 24,990,606
25,000,000 5.47%, 10/04/96 25,000,000
10,000,000 5.64%, 10/02/96 9,999,009
25,000,000 5.76%, 09/03/96 25,000,000
--------------
84,989,615
--------------
</TABLE>
See notes to financial statements.
5
<PAGE> 8
VISTA U.S. GOVERNMENT MONEY MARKET FUND
PORTFOLIO OF INVESTMENTS August 31, 1996 (continued)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
- ----------------------------------------------------------------------------------------
U.S. GOVERNMENT AGENCY OBLIGATIONS -- (CONTINUED)
- ----------------------------------------------------------------------------------------
<C> <S> <C>
Student Loan Marketing Association, FRDN
$ 75,000,000 5.33%, 09/04/96 $ 75,000,000
5,000,000 5.37%, 09/04/96 5,000,000
25,000,000 5.38%, 09/04/96 25,000,124
25,000,000 5.40%, 09/04/96 24,994,485
64,000,000 5.42%, 09/04/96 64,004,481
25,000,000 5.43%, 09/04/96 25,000,000
45,000,000 5.56%, 09/04/96 45,075,152
--------------
264,074,242
- ----------------------------------------------------------------------------------------
TOTAL U.S. GOVERNMENT AGENCY SPONSORED OBLIGATIONS 2,012,187,645
(COST $2,012,187,645)
- ----------------------------------------------------------------------------------------
<CAPTION>
REPURCHASE AGREEMENTS -- 45.0%
- ----------------------------------------------------------------------------------------
<C> <S> <C>
45,773,000 Goldman Sachs, 5.29%, due 09/05/96, (Dated 08/29/96, 45,773,000
Proceeds $45,820,083, Secured by FHLMC Pools;
$46,642,713 at 6.073% to 7.258%, due 01/01/25
through 01/01/30; Market Value $46,707,239)
354,227,000 Goldman Sachs, 5.29%, due 09/05/96, (Dated 08/29/96, 354,227,000
Proceeds $354,591,362, Secured by FNMA Pools;
$365,257,561 at 5.615% to 7.50%, due 11/01/17
through 12/01/35; Market Value $361,461,392)
350,000,000 J P Morgan, 5.32%, due 09/03/96, (Dated 08/30/96; 350,000,000
Proceeds $350,206,889, Secured by FHLMC Gold Pool;
$92,422,361 at 9.00%, due 05/01/26; FNMA Pool;
$284,400,000 at 7.00%, due 02/01/26; Market Value
$357,000,000)
25,000,000 Morgan Stanley & Co., Inc., 5.25%, due 09/03/96, 25,000,000
(Dated 08/30/96, Proceeds $25,014,583, Secured by
FNMA Pool; $16,277,123 at 7.50%, due 08/01/11, FHLMC
Gold Pool; $25,905,681 at 7.50%, due 10/01/25;
Market $42,043,736)
200,000,000 Morgan Stanley & Co., Inc., 5.28%, due 09/03/96, 200,000,000
(Dated 08/30/96, Proceeds $200,117,333, Secured by
FNMA REMIC Pools; $217,903,750 at 6.50% through
8.00%, due 02/25/07 through 12/25/23; Market Value
$205,201,605)
</TABLE>
See notes to financial statements.
6
<PAGE> 9
VISTA U.S. GOVERNMENT MONEY MARKET FUND
PORTFOLIO OF INVESTMENTS August 31, 1996 (continued)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
- ----------------------------------------------------------------------------------------
REPURCHASE AGREEMENTS -- (CONTINUED)
- ----------------------------------------------------------------------------------------
<C> <S> <C>
$ 100,000,000 Morgan Stanley & Co., Inc., 5.30%, due 09/05/96, $ 100,000,000
(Dated 08/29/96, Proceeds $100,103,056, Secured by
FNMA FRB REMICS, $80,057,679 at 5.41% through 6.88%,
resets 09/25/96, FHLMC Gold Pool; $23,670,451 at
8.00%, due 05/01/25; Market $102,500,205)
300,000,000 Morgan Stanley & Co., Inc., 5.31% due 09/04/96, (Dated 300,000,000
08/28/96, Proceeds $300,309,750, Secured by FHLMC
FRB REMIC Gold Pools; $302,017,816 at 4.08% through
7.00%, resets 09/01/96 through 09/25/96, FHLMC IO
REMIC Gold Pool; $32,286 resets 09/01/96, FHLMC-GNMA
FRB REMIC; $8,098,267 at 6.59%, resets 09/25/96;
Market Value $307,500,704)
395,000,000 Nikko Securities Co., International Inc., 5.280%, due 395,000,000
09/03/96, (Dated 08/29/96; Proceeds $395,463,467,
Secured by FNMA Pools, $364,274,462 at 6.073% to
7.989%, due 01/01/23 through 12/01/35; FHLMC Pools;
$54,243,936 at 6.091% to 8.000%, due 01/01/02
through 09/01/25; FHLMC Gold Pools; $25,306,315 at
7.00% to 9.00%, due 01/01/25 through 08/01/26;
Market Value $403,113,720)
50,000,000 Sanwa Bank, 5.28%, due 09/03/96, (Dated 08/30/96; 50,000,000
Proceeds $50,029,333, Secured by FHLMC; $210,000 at
7.785%, due 09/25/11; FHLMC Discount Note;
$10,455,000, due 9/3/96 through 9/11/96; FHLB;
$7,450,000 at 7.915% through 7.960%, due 01/17/97
through 05/05/04; FHLB Discount Notes; $20,350,000,
due 9/18/96 through 09/28/96; FHLB FRN; $10,000,000,
due 06/12/06; FFCB; $785,000 at 5.41% through 5.42%,
due 10/01/96 through 12/02/96; FFCB Discount Note;
$1,660,000, due 09/23/96; Market Value $50,814,256)
- ----------------------------------------------------------------------------------------
TOTAL REPURCHASE AGREEMENTS 1,820,000,000
(COST $1,820,000,000)
- ----------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------
TOTAL INVESTMENTS -- 99.8% $4,032,892,688
(COST $4,032,892,688)**
- ----------------------------------------------------------------------------------------
</TABLE>
See notes to financial statements.
7
<PAGE> 10
VISTA TREASURY PLUS MONEY MARKET FUND
PORTFOLIO OF INVESTMENTS August 31, 1996
<TABLE>
<CAPTION>
Principal
Amount Value
- ----------------------------------------------------------------------------------------
U.S. GOVERNMENT OBLIGATIONS -- 43.7%
- ----------------------------------------------------------------------------------------
<C> <S> <C>
U.S. Treasury Bills -- 21.6%
$ 61,460,000 4.80%, 09/05/96 $ 61,443,116
300,000,000 5.24%, 09/17/96 299,408,681
--------------
360,851,797
--------------
U.S. Treasury Notes -- 22.1%
50,000,000 4.99%, 01/13/97 50,462,491
3,500,000 5.26%, 03/31/97 3,533,410
100,000,000 6.50%, 05/15/97 100,637,835
203,000,000 6.875%, 02/28/97 204,397,900
5,000,000 7.50%, 12/31/96 5,034,088
7,000,000 7.50%, 01/31/97 7,070,866
--------------
371,136,590
- ----------------------------------------------------------------------------------------
TOTAL U.S. GOVERNMENT OBLIGATIONS 731,988,387
(COST $731,988,387)
- ----------------------------------------------------------------------------------------
<CAPTION>
REPURCHASE AGREEMENTS -- 74.6%
- ----------------------------------------------------------------------------------------
<C> <S> <C>
300,000,000 Aubry G. Lanston, 5.22%, 09/03/96, (Dated 08/30/96, 300,000,000
Proceeds $300,174,000, Secured by U.S. Treasury
Bills; $233,163,000, due 09/05/96 through 06/26/97,
U.S. Treasury Bonds; $19,488,000 at 6.00% to 12.50%,
due 08/15/14 through 08/15/26, U.S. Treasury Notes;
$54,041,000 at 5.50% to 8.50%, due 01/15/00 through
04/30/01, Market Value $303,743,886)
75,000,000 Bear Stearns, 5.10%, due 09/03/96; (Dated 08/30/96, 75,000,000
Proceeds $75,042,500, Secured by U.S. Treasury
Notes; $25,500,000 at 6%, due 11/30/97 and
$50,000,000 at 7%, due 07/15/06; Market Value
$76,552,205)
300,000,000 Bear Stearns, 5.22%, due 09/03/96; (Dated 08/30/96, 300,000,000
Proceeds $300,174,000, Secured by U.S. Treasury
Notes; $100,000,000 at 7.125%, due 02/29/00;
$120,000,000 at 6.75%, due 04/30/00; $50,000,000 at
6.125%, due 05/15/98 and by U.S. Treasury Bill;
$26,650,000 due 11/14/96; Market Value $305,080,375)
300,000,000 J P Morgan, 5.22%, due 09/03/96; (Dated 08/30/96, 300,000,000
Proceeds $300,174,000, Secured by U.S. Treasury
Notes; $50,000,000 at 7.375%, due 11/15/97,
$95,000,000 at 5.625%, due 10/31/97 and by
$158,082,000 at 5.25%, due 12/31/97; Market Value
$306,102,651)
75,000,000 J P Morgan, 5.25%, due 09/03/96; (Dated 08/30/96, 75,000,000
Proceeds $76,606,618, Secured by U.S. Treasury
Notes; $41,000,000 at 6.825%, due 07/31/99 and by
$34,252,000 at 7.5%, due 10/31/99; Market Value
$76,606,618)
</TABLE>
See notes to financial statements.
8
<PAGE> 11
VISTA TREASURY PLUS MONEY MARKET FUND
PORTFOLIO OF INVESTMENTS August 31, 1996 (continued)
<TABLE>
<CAPTION>
Principal
Amount Value
- ----------------------------------------------------------------------------------------
REPURCHASE AGREEMENTS -- (CONTINUED)
- ----------------------------------------------------------------------------------------
<C> <S> <C>
$ 200,997,500 Nomura, 5.23%, due 09/03/96; (Dated 08/30/96, Proceeds $ 200,997,500
$201,114,302, Secured by U.S. Treasury Notes;
$55,680,000 at 5.125%, due 04/30/98; $95,770,000 at
6.125%, due 05/15/98 and by $50,000,000 at 7.25%,
due 02/15/98; Market Value $204,216,606)
- ----------------------------------------------------------------------------------------
TOTAL REPURCHASE AGREEMENTS 1,250,997,500
(COST $1,250,997,500)
- ----------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------
TOTAL INVESTMENTS -- 118.3% $1,982,985,887
(COST $1,982,985,887)**
- ----------------------------------------------------------------------------------------
</TABLE>
See notes to financial statements.
9
<PAGE> 12
VISTA FEDERAL MONEY MARKET FUND
PORTFOLIO OF INVESTMENTS August 31, 1996
<TABLE>
<CAPTION>
Principal
Amount Value
- -------------------------------------------------------------------------------------
U.S. GOVERNMENT OBLIGATIONS -- 5.2%
- -------------------------------------------------------------------------------------
<C> <S> <C>
U.S. Treasury Notes;
$ 5,000,000 5.00%, 12/31/96 $ 5,031,805
25,000,000 6.875%, 02/28/97 25,216,191
5,000,000 7.50%, 12/31/96 5,034,088
3,000,000 7.50%, 01/31/97 3,030,371
- -------------------------------------------------------------------------------------
TOTAL U.S. TREASURY NOTES 38,312,455
(COST $38,312,455)
- -------------------------------------------------------------------------------------
<CAPTION>
U.S. AGENCY AND SPONSORED AGENCY OBLIGATIONS -- 94.0%
- -------------------------------------------------------------------------------------
<C> <S> <C>
Federal Farm Credit Bank, Debentures,
15,000,000 5.530%, 10/01/96 14,996,572
15,000,000 5.850%, 08/01/97 15,013,610
-------------
30,010,182
-------------
5,000,000 Federal Farm Credit Bank, Discount Note, 5.340%, 12/20/96 4,919,900
-------------
Federal Farm Credit Bank, Floating Rate Demand Notes,
25,000,000 5.210%, 09/03/96 24,987,056
50,000,000 5.218%, 09/26/96 49,958,974
30,000,000 5.230%, 09/03/96 29,979,325
30,000,000 5.230%, 09/17/96 29,982,813
1,000,000 5.510%, 09/03/96 1,000,444
-------------
135,908,612
-------------
Federal Home Loan Bank, Debentures,
5,000,000 4.250%, 06/30/97 4,928,995
25,000,000 4.860%, 02/07/97 24,989,662
75,000,000 5.160%, 09/03/96 75,000,000
25,000,000 5.250%, 09/04/96 24,996,354
25,000,000 5.250%, 10/31/96 24,788,542
14,990,000 5.310%, 12/27/96 14,990,000
10,000,000 5.350%, 03/14/97 9,977,500
10,000,000 5.405%, 03/28/97 9,979,065
9,175,000 5.450%, 04/22/97 8,854,143
15,000,000 5.560%, 10/25/96 14,995,887
42,000,000 5.680%, 05/09/97 42,020,464
-------------
255,520,612
-------------
</TABLE>
See notes to financial statements.
10
<PAGE> 13
VISTA FEDERAL MONEY MARKET FUND
PORTFOLIO OF INVESTMENTS August 31, 1996 (continued)
<TABLE>
<CAPTION>
Principal
Amount Value
- ---------------------------------------------------------------------------------------
U.S. AGENCY AND SPONSORED AGENCY OBLIGATIONS -- (CONTINUED)
- ---------------------------------------------------------------------------------------
<C> <S> <C>
Federal Home Loan Bank, Floating Rate Demand Notes,
$10,650,000 5.220%, 09/16/96 $ 10,648,536
10,000,000 5.240%, 09/03/96 9,989,529
25,000,000 5.250%, 09/19/96 24,968,851
35,000,000 5.250%, 09/27/96 34,971,774
10,000,000 5.260%, 09/03/96 9,997,221
25,000,000 5.270%, 09/05/96 24,974,104
35,000,000 5.420%, 09/14/96 34,972,974
1,000,000 5.670%, 09/05/96 1,000,781
5,000,000 5.680%, 09/03/96 5,000,116
-------------
156,523,886
-------------
14,500,000 Student Loan Marketing Association, Debenture, 5.160%, 14,500,000
09/03/96 -------------
Student Loan Marketing Association, Floating Rate Demand
Notes,
15,050,000 5.410%, 09/04/96 15,055,128
55,022,000 5.420%, 09/04/96 55,024,903
12,000,000 5.530%, 09/04/96 12,007,839
10,000,000 5.560%, 09/04/96 10,012,546
1,250,000 5.590%, 09/04/96 1,250,541
7,775,000 5.610%, 09/04/96 7,780,612
-------------
101,131,569
- ---------------------------------------------------------------------------------------
TOTAL U.S. AGENCY AND SPONSORED AGENCY OBLIGATIONS 698,514,761
(COST $698,514,761)
- ---------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------
TOTAL INVESTMENTS -- 99.2% $ 736,827,216
(COST $736,827,216)**
- ---------------------------------------------------------------------------------------
</TABLE>
See notes to financial statements.
11
<PAGE> 14
VISTA CASH MANAGEMENT MONEY MARKET FUND
PORTFOLIO OF INVESTMENTS August 31, 1996
<TABLE>
<CAPTION>
Principal Value
Amount (USD) Issuer (USD)
- ------------------------------------------------------------------------------------
BONDS AND NOTES -- 17.5%
- ------------------------------------------------------------------------------------
<C> <S> <C>
U.S. GOVERNMENT OBLIGATIONS -- 1.9%
------------------------------------------------------
U.S. Treasury Notes;
$ 15,000,000 6.875%, 02/28/97 $ 15,123,362
35,000,000 7.500%, 01/31/97 35,354,531
--------------
50,477,893
--------------
U.S. GOVERNMENT AGENCY SPONSORED OBLIGATIONS -- 1.2%
------------------------------------------------------
Federal Home Loan Bank,
8,500,000 5.750%, 04/18/97 8,500,000
24,000,000 Discount Note, 5.250%, 02/18/97 23,412,000
--------------
31,912,000
--------------
STATE & MUNICIPAL OBLIGATIONS -- 0.6%
------------------------------------------------------
7,845,000 Essex County, New Jersey, Ser. A., GO, 10.125%, 8,135,500
08/15/97
9,422,000 Rochester, New York, Ser. II, BAN, 6.000%, 9,424,117
10/31/96
--------------
17,559,617
--------------
CORPORATE BONDS & NOTES -- 13.8%
------------------------------------------------------
BANKING -- 2.4%
FCC National Bank,
5,000,000 5.700%, 10/02/96 4,999,544
11,500,000 6.000%, 07/18/97 11,493,850
1,180,000 NationsBank Corp., 7.500%, 02/15/97 1,192,486
10,400,000 Norwest Corp., 7.750%, 12/31/96 10,472,479
37,000,000 PNC Bank, N.A., 5.650%, 09/18/96 36,940,216
500,000 Security Pacific Corp., 7.750%, 12/01/96 502,280
--------------
65,600,855
--------------
FINANCE -- 11.0%
14,400,000 American Express Credit Corp., 7.250%, 02/11/97 14,491,356
Associates Corp. of North America,
4,000,000 5.875%, 08/15/97 3,990,860
5,000,000 6.750%, 07/15/97 5,039,329
15,000,000 6.800%, 06/02/97 15,095,880
1,000,000 7.500%, 10/15/96 1,001,806
5,800,000 8.700%, 01/01/97 5,863,920
Caterpillar Financial Services, Inc.,
1,400,000 5.050%, 01/15/97 1,397,716
25,000,000 7.960%, 07/01/97 25,362,119
</TABLE>
See notes to financial statements.
12
<PAGE> 15
VISTA CASH MANAGEMENT MONEY MARKET FUND
PORTFOLIO OF INVESTMENTS August 31, 1996 (continued)
<TABLE>
<CAPTION>
Principal Value
Amount (USD) Issuer (USD)
- -----------------------------------------------------------------------------------------
BONDS AND NOTES -- (CONTINUED)
- -----------------------------------------------------------------------------------------
<C> <S> <C>
Commercial Credit Corp.,
$ 14,500,000 6.750%, 01/15/97 $ 14,576,368
1,750,000 7.375%, 11/15/96 1,756,792
925,000 8.000%, 09/01/96 925,000
Ford Motor Credit Corp.,
1,000,000 4.650%, 09/03/96 1,000,000
4,500,000 5.300%, 07/01/97 4,477,796
5,746,000 5.625%, 03/03/97 5,761,365
17,545,000 7.875%, 10/15/96 17,596,551
1,650,000 8.000%, 10/01/96 1,652,742
1,000,000 8.000%, 12/01/96 1,005,625
GE Capital Corp.,
15,000,000 7.640%, 01/23/97 15,105,904
11,700,000 7.850%, 01/17/97 11,810,765
18,500,000 General Electric Credit Corp., 7.980%, 12/15/96 18,584,861
1,000,000 Goldman Sachs, 7.440%, 01/31/97 1,008,603
6,000,000 Household Finance Corp., 7.860%, 01/24/97 6,054,976
IBM Credit Corp.,
1,000,000 5.120%, 11/12/96 998,614
2,000,000 5.140%, 11/15/96 1,997,191
International Lease Finance Corp.,
3,000,000 4.750%, 01/15/97 2,995,985
11,000,000 6.375%, 11/01/96 11,008,586
2,750,000 6.800%, 09/30/96 2,752,003
3,500,000 7.600%, 11/29/96 3,513,518
5,000,000 7.630%, 02/13/97 5,051,601
4,000,000 7.700%, 11/29/96 4,023,331
2,000,000 7.900%, 10/01/96 2,003,341
35,000,000 John Deere Capital Corp., 5.730%, 06/11/97 34,888,540
Merrill Lynch & Co., Inc.,
6,500,000 5.000%, 12/15/96 6,487,947
25,000,000 6.000%, 08/05/97 24,931,905
12,500,000 Morgan Stanley Group, 7.320%, 01/15/97 12,593,004
3,300,000 Norwest Financial Inc., 4.970%, 10/29/96 3,296,071
6,000,000 Texaco Capital, Inc., 9.000%, 11/15/96 6,043,153
2,500,000 World Savings & Loan Association, 7.625%, 02/18/97 2,526,604
--------------
298,671,728
--------------
</TABLE>
See notes to financial statements.
13
<PAGE> 16
VISTA CASH MANAGEMENT MONEY MARKET FUND
PORTFOLIO OF INVESTMENTS August 31, 1996 (continued)
<TABLE>
<CAPTION>
Principal Value
Amount (USD) Issuer (USD)
- ----------------------------------------------------------------------------------------
BONDS AND NOTES -- (CONTINUED)
- ----------------------------------------------------------------------------------------
<C> <S> <C>
FOOD & BEVERAGE -- 0.4%
PepsiCo, Inc.,
$ 10,035,000 5.000%, 02/24/97 $ 10,034,406
300,000 7.000%, 11/15/96 300,711
--------------
10,335,117
--------------
INSURANCE -- 0.0%
1,110,000 Travelers, Inc., 7.625%, 01/15/97 1,117,803
--------------
TOTAL CORPORATE BONDS & NOTES 375,725,503
- ----------------------------------------------------------------------------------------
TOTAL BONDS & NOTES 475,675,013
(COST $475,675,013)
- ----------------------------------------------------------------------------------------
<CAPTION>
COMMERCIAL PAPER -- 41.9%
- ----------------------------------------------------------------------------------------
<C> <S> <C>
STATE & MUNICIPAL OBLIGATIONS -- 1.6%
------------------------------------------------------
30,000,000 Anaheim CA, 5.610%, 11/01/96 30,000,000
4,000,000 New York City, New York, IDA, LaGuardia 4,000,000
Association Project, 5.731%, 10/30/96
10,400,000 Richmond County, Georgia, IDA, 6.010%, 06/01/97 10,400,000
--------------
44,400,000
--------------
CORPORATE OBLIGATIONS -- 40.3%
------------------------------------------------------
23,900,000 AIG Funding Inc., 4.810%, 11/19/96 23,654,115
20,000,000 American Express Credit Corp., 5.240%, 09/09/96 19,982,533
Banco Boavista (Mexico),
5,000,000 5.270%, 09/10/96 4,994,876
15,000,000 5.280%, 09/11/96 14,982,400
Banco Bradesco (Brazil) (LOC, Barclays Bank PLC),
15,000,000 5.430%, 10/15/96 14,904,975
25,000,000 5.520%, 10/22/96 24,812,167
Banco Nacional de Mexico (Mexico) (LOC, Barclays
Bank PLC),
20,000,000 5.410%, 09/12/96 19,972,950
20,000,000 5.440%, 10/21/96 19,854,933
25,000,000 5.470%, 10/10/96 24,859,451
30,000,000 Bank Brussels Lambert (Netherlands), 5.320%, 29,658,633
11/19/96
27,000,000 Barton Capital Corp., 5.270%, 09/04/96 26,996,048
50,000,000 Bass Finance, 5.380%, 09/09/96 49,955,167
BIL North America Inc.,
10,000,000 5.310%, 11/08/96 9,902,650
25,000,000 5.420%, 11/01/96 24,777,931
</TABLE>
See notes to financial statements.
14
<PAGE> 17
VISTA CASH MANAGEMENT MONEY MARKET FUND
PORTFOLIO OF INVESTMENTS August 31, 1996 (continued)
<TABLE>
<CAPTION>
Principal Value
Amount (USD) Issuer (USD)
- -----------------------------------------------------------------------------------------
COMMERCIAL PAPER -- (CONTINUED)
- -----------------------------------------------------------------------------------------
<C> <S> <C>
Caisse D'Amortissement de la Dette Sociale
(France),
$ 26,500,000 5.340%, 12/06/96 $ 26,130,502
10,000,000 5.370%, 09/19/96 9,976,133
25,000,000 5.410%, 10/24/96 24,808,396
22,000,000 Cemex, 5.270%, 09/10/96 21,977,456
10,000,000 Cosco (Cayman) Co. Ltd., 5.470%, 10/31/96 9,911,872
40,000,000 Credit Suisse (Switzerland), 5.300%, 10/28/96 39,676,111
Daimier-Benz North America Corp.,
50,000,000 5.400%, 01/22/97 48,942,500
28,000,000 5.400%, 02/05/97 27,349,000
25,000,000 Dean Witter, Discover & Co., 5.380%, 01/31/97 24,439,583
20,449,000 Diamond Asset Funding, Corp., Ser. A (Japan), 20,430,698
5.370%, 09/09/96
23,000,000 Glaxo Wellcome PLC (United Kingdom), 5.290%, 22,753,280
11/15/96
50,000,000 Goldman Sachs Group L.P., 5.300%, 09/03/96 50,000,000
Greenwich Funding Corp.,
12,000,000 5.270%, 09/20/96 11,970,137
10,000,000 5.370%, 09/10/96 9,989,558
50,000,000 Household Finance Corp., 5.360%, 12/02/96 49,330,000
10,000,000 IMI Funding (USA), 5.490%, 11/04/96 9,905,450
International Lease Finance Corp.,
15,000,000 5.350%, 01/06/97 14,721,354
14,000,000 5.350%, 02/10/97 13,667,111
10,000,000 5.450%, 10/09/96 9,945,500
25,000,000 5.450%, 11/01/96 24,776,701
20,000,000 North Finance Limited, 5.330%, 09/19/96 19,952,622
23,413,000 Redwood Receivables Corp., 5.330%, 09/06/96 23,402,601
San Paolo US Financial Co.,
25,000,000 5.370%, 02/13/97 24,392,146
25,000,000 5.385%, 02/20/97 24,364,271
20,000,000 5.390%, 02/10/97 19,520,889
10,000,000 5.410%, 02/06/97 9,765,567
Sigma Finance Corp.,
10,000,000 5.420%, 09/16/96 9,980,428
20,000,000 5.450%, 09/16/96 19,960,639
</TABLE>
See notes to financial statements.
15
<PAGE> 18
VISTA CASH MANAGEMENT MONEY MARKET FUND
PORTFOLIO OF INVESTMENTS August 31, 1996 (continued)
<TABLE>
<CAPTION>
Principal Value
Amount (USD) Issuer (USD)
- ----------------------------------------------------------------------------------------
COMMERCIAL PAPER -- (CONTINUED)
- ----------------------------------------------------------------------------------------
Stellar Capital Corp.,
$ 9,000,000 5.480%, 09/09/96 $ 8,991,780
11,201,000 5.530%, 09/03/96 11,201,000
3,175,000 5.600%, 10/02/96 3,160,677
Svenska Handelsbanken Inc. (Sweden),
25,000,000 5.310%, 11/14/96 24,734,500
20,000,000 5.380%, 02/20/97 19,491,889
Thames Asset Global Sec. (United Kingdom),
7,000,000 5.350%, 11/13/96 6,926,140
20,000,000 5.520%, 10/15/96 19,871,200
21,000,000 Toyota Motor Credit Corp., 5.290%, 11/19/96 20,762,391
17,000,000 Transamerica Finance Corp., 5.280%, 11/25/96 16,793,053
Triple-A One Plus Funding Corp.,
11,421,000 5.250%, 09/05/96 11,417,669
17,312,000 5.250%, 09/10/96 17,294,327
--------------
1,091,993,960
- ----------------------------------------------------------------------------------------
TOTAL COMMERCIAL PAPER 1,136,393,960
(COST $1,136,393,960)
- ----------------------------------------------------------------------------------------
<CAPTION>
FLOATING RATE DEMAND NOTES -- 26.1%
- ----------------------------------------------------------------------------------------
<C> <S> <C>
U.S. GOVERNMENT AGENCY OBLIGATIONS -- 4.9%
-----------------------------------------------------------------------
Student Loan Marketing Association, Corp. Note,
10,000,000 5.360%, 09/04/96 9,999,991
45,375,000 5.420%, 09/04/96 45,383,277
49,000,000 5.430%, 09/04/96 49,000,000
Student Loan Marketing Association, Coupon Note,
10,525,000 5.400%, 09/04/96 10,525,000
18,500,000 5.420%, 09/04/96 18,502,828
--------------
133,411,096
--------------
STATE AND MUNICIPAL OBLIGATIONS -- 0.2%
------------------------------------------------------
4,300,000 Fairview Hospital & Healthcare Services, Ser. A, 4,300,000
Rev., 5.550%, 09/05/96 --------------
CORPORATE OBLIGATIONS -- 21.0%
------------------------------------------------------
BANKING -- 4.1%
American Express Centurian Bank,
10,000,000 5.360%, 09/04/96 9,999,443
5,000,000 5.396%, 09/13/96 5,000,000
40,000,000 5.403%, 09/24/96 40,000,000
</TABLE>
See notes to financial statements.
16
<PAGE> 19
VISTA CASH MANAGEMENT MONEY MARKET FUND
PORTFOLIO OF INVESTMENTS August 31, 1996 (continued)
<TABLE>
<CAPTION>
Principal Value
Amount (USD) Issuer (USD)
- ----------------------------------------------------------------------------------------
FLOATING RATE DEMAND NOTES -- (CONTINUED)
- ----------------------------------------------------------------------------------------
<C> <S> <C>
$ 20,000,000 FCC National Bank, 5.290%, 09/03/96 $ 19,992,664
PNC Bank, N.A.,
25,000,000 5.240%, 09/04/96 24,991,560
10,000,000 5.245%, 09/04/96 9,997,822
--------------
109,981,489
--------------
COMMERCIAL SERVICES -- 4.1%
PHH Corp.,
22,000,000 5.335%, 09/27/96 21,996,509
50,000,000 5.355%, 09/12/96 49,977,122
40,000,000 5.390%, 09/06/96 39,988,291
--------------
111,961,922
--------------
FINANCE -- 12.8%
Bear Stearns Co., Inc.,
15,000,000 5.468%, 09/16/96 15,000,000
30,000,000 5.490%, 09/06/96 30,002,291
20,000,000 5.519%, 09/03/96 20,001,728
15,000,000 5.560%, 09/04/96 15,000,000
45,000,000 CIT Group Holdings, 5.300%, 09/03/96 44,998,356
Dean Witter, Discover & Co.,
25,000,000 5.420%, 09/18/96 25,000,000
10,000,000 5.643%, 09/18/96 10,010,546
Ford Motor Credit Corp.,
32,000,000 5.530%, 09/03/96 32,009,990
10,000,000 5.650%, 11/18/96 10,006,151
Merrill Lynch & Co.,
50,000,000 5.445%, 09/29/96 50,000,000
47,000,000 5.475%, 09/04/96 46,994,515
25,000,000 Morgan Stanley Group, 5.709%, 09/13/96 25,000,000
22,000,000 SMM Trust 1996-V, 5.616%, 09/26/96 # 22,000,000
--------------
346,023,577
--------------
TOTAL CORPORATE FLOATING RATE DEMAND NOTES 567,966,988
- ----------------------------------------------------------------------------------------
TOTAL FLOATING RATE DEMAND NOTES 705,678,084
(COST $705,678,084)
- ----------------------------------------------------------------------------------------
</TABLE>
See notes to financial statements.
17
<PAGE> 20
VISTA CASH MANAGEMENT MONEY MARKET FUND
PORTFOLIO OF INVESTMENTS August 31, 1996 (continued)
<TABLE>
<CAPTION>
Principal Value
Amount (USD) Issuer (USD)
- ----------------------------------------------------------------------------------------
INTEREST BEARING DEPOSITS -- 6.6%
- ----------------------------------------------------------------------------------------
<S> <C> <C>
TIME DEPOSIT -- 0.1%
------------------------------------------------------
3,000,000 First Union Corp., 5.125%, 09/03/96 $ 3,000,000
--------------
CERTIFICATES OF DEPOSIT -- 6.5%
------------------------------------------------------
50,000,000 Bank of Nova Scotia (Canada), 5.440%, 09/20/96 50,001,216
Banque National De Paris (France),
10,000,000 5.550%, 10/15/96 10,000,230
20,000,000 5.740%, 04/09/97 20,001,145
20,000,000 Canadian Imperial Bank of Commerce (Canada), 20,000,317
5.400%, 11/05/96
20,000,000 Deutsche Bank AG (Germany), 5.530%, 04/02/97 19,976,130
Societe Generale (France),
20,000,000 5.650%, 04/01/97 19,989,371
15,000,000 5.770%, 04/10/97 14,995,611
22,000,000 Svenska Handelsbanken Inc. (Sweden), 5.690%, 22,001,380
11/12/96
--------------
176,965,400
- ----------------------------------------------------------------------------------------
TOTAL DEPOSITS 179,965,400
(COST $179,965,400)
- ----------------------------------------------------------------------------------------
<CAPTION>
REPURCHASE AGREEMENTS -- 7.2%
- ----------------------------------------------------------------------------------------
<S> <C> <C>
124,000,000 Goldman Sachs & Co., 5.27%, due 09/03/96, (Dated 124,000,000
08/30/96; Proceeds $124,072,609, Secured by FNMA
REMICS $126,610,200 at 8%, due 06/01/26; Market
Value $129,035,137)
70,000,000 Merrill Lynch & Co., Inc., 5.25%, due 09/03/96, (Dated 70,000,000
08/30/96; Proceeds $70,040,833, Secured by FHLMC
Gold $48,757,800 at 6.5%, due 03/01/11, $22,764,100
at 7%, due 12/01/07 and by FNMA MBS $1,986,900 at
8%, due 10/01/09; Market Value $73,194,305)
- ----------------------------------------------------------------------------------------
TOTAL REPURCHASE AGREEMENTS 194,000,000
(COST $194,000,000)
- ----------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------
TOTAL INVESTMENTS -- 99.3% $2,691,712,457
(COST $2,691,712,457)**
- ----------------------------------------------------------------------------------------
</TABLE>
See notes to financial statements.
18
<PAGE> 21
VISTA PRIME MONEY MARKET FUND
PORTFOLIO OF INVESTMENTS August 31, 1996
<TABLE>
<CAPTION>
Principal
Amount Value
(USD) Issuer (USD)
- ----------------------------------------------------------------------------------------
BONDS & NOTES -- 14.0%
- ----------------------------------------------------------------------------------------
<C> <S> <C>
U.S. GOVERNMENT OBLIGATIONS -- 2.6%
-------------------------------------------------------
U.S. Treasury Note
$ 10,000,000 6.63%, 03/31/97 $ 10,081,846
15,000,000 7.50%, 12/31/96 15,102,266
5,000,000 7.50%, 01/31/97 5,050,923
--------------
30,235,035
--------------
STATE & MUNICIPAL OBLIGATIONS -- .9%
-------------------------------------------------------
10,000,000 Sault Ste Marie Tribe Building, (Canada) 6.19%, 10,000,000
12/02/96
--------------
CORPORATE OBLIGATIONS -- 10.5%
-------------------------------------------------------
BANKING -- 1.4%
3,000,000 Deutsche Bank Financial, (Germany) 8.80%, 01/15/97 3,039,579
7,000,000 FCC National Bank, 6.00%, 07/18/97 6,993,816
200,000 NationsBank Corp., 8.50%, 11/01/96 200,845
5,900,000 Norwest Corp., 7.88%, 01/30/97 5,956,960
--------------
16,191,200
--------------
CHEMICALS -- 0.0%
500,000 duPont (El) deNemours, 8.45%, 10/15/96 501,541
--------------
FINANCIAL SERVICES -- 8.3%
American General Finance,
3,500,000 5.65%, 03/14/97 3,511,376
5,795,000 7.38%, 11/15/96 5,812,896
Associates Corp. of North America,
1,000,000 4.90%, 12/02/96 998,020
5,000,000 6.80%, 06/02/97 5,023,853
2,750,000 6.88%, 01/15/97 2,767,354
6,000,000 7.50%, 10/15/96 6,012,917
Ford Motor Credit Corp.,
7,045,000 5.63%, 03/03/97 7,066,212
General Electric Capital Corp.,
18,320,000 7.98%, 12/15/96 18,432,551
7,950,000 8.00%, 01/17/97 8,025,984
Merrill Lynch & Co., Inc.,
5,690,000 5.00%, 12/15/96 5,679,122
1,150,000 7.25%, 05/15/97 1,160,419
</TABLE>
See notes to financial statements.
19
<PAGE> 22
VISTA PRIME MONEY MARKET FUND
PORTFOLIO OF INVESTMENTS August 31, 1996 (continued)
<TABLE>
<CAPTION>
Principal
Amount Value
(USD) Issuer (USD)
- ----------------------------------------------------------------------------------------
BONDS & NOTES -- (CONTINUED)
- ----------------------------------------------------------------------------------------
<C> <S> <C>
Morgan Stanley Group, Inc.,
$ 2,000,000 7.32%, 01/15/97 $ 2,014,047
10,000,000 7.79%, 02/03/97 10,103,442
Toyota Motor Credit Corp.,
8,000,000 5.45%, 03/14/97 7,991,748
2,000,000 6.50%, 02/04/97 2,009,500
10,000,000 World Savings & Loan Association, 7.63%, 02/18/97 10,072,150
--------------
96,681,591
--------------
PHARMACEUTICALS -- 0.5%
6,000,000 Schering-Plough, 0.00%, 12/02/96 5,918,907
--------------
RESTAURANTS & FOOD SERVICE -- 0.3%
2,915,000 McDonald's Corp. 8.00%, 01/17/97 2,940,996
--------------
TOTAL CORPORATE OBLIGATIONS 122,234,235
- ----------------------------------------------------------------------------------------
TOTAL BONDS & NOTES -- 162,469,270
(COST $162,469,270)
- ----------------------------------------------------------------------------------------
<CAPTION>
COMMERCIAL PAPER -- 47.9%
- ----------------------------------------------------------------------------------------
<C> <S> <C>
11,400,000 Ascot Capital Corp. (Cayman Island), 5.35%, 11,400,000
09/03/96 #
Ban Co de Columbia Discount Institutional
Department Program, (LOC, Barclays Bank PLC),
15,000,000 5.37%, 10/15/96 14,906,025
15,000,000 5.37%, 10/21/96 14,892,600
Banco Nacional de Comercio Exterior SNC, Grand
Cayman (Cayman Islands), (LOC, Societe Generale),
9,948,000 5.50%, 12/05/96 9,806,655
5,000,000 5.50%, 12/09/96 4,925,903
15,000,000 5.58%, 12/09/96 14,774,475
Bank of Tokyo-Mitsubishi, Ltd. (Japan),
10,000,000 5.43%, 11/04/96 9,906,569
10,000,000 5.55%, 11/04/96 9,904,417
11,000,000 Barton Capital Corp., 5.30%, 09/03/96 11,000,000
Beal Cayman Ltd., Ser. B, (Brazil), (LOC,
Westdeutsche Landesbank Girozentrale),
9,895,000 5.35%, 09/11/96 9,883,236
23,000,000 5.35%, 09/12/96 22,941,900
</TABLE>
See notes to financial statements.
20
<PAGE> 23
VISTA PRIME MONEY MARKET FUND
PORTFOLIO OF INVESTMENTS August 31, 1996 (continued)
<TABLE>
<CAPTION>
Principal
Amount Value
(USD) Issuer (USD)
- -----------------------------------------------------------------------------------------
COMMERCIAL PAPER -- (CONTINUED)
- ----------------------------------------------------------------------------------------
<C> <S> <C>
$ 32,276,000 CAFCO, 5.25%, 09/03/96 $ 32,276,000
25,000,000 Calcasiev Parish Inc., California, IDB, 25,000,000
Environmental, Rev., Taxable, Ser. 1996, (LOC,
ABN-AMRO North America Finance Inc., 5.36%,
09/26/96
10,000,000 Cargill Inc., 5.30%, 09/03/96 10,000,000
45,964,000 Ciesco L.P., 5.25%, 09/03/96 45,936,662
15,000,000 Corporate Receivables Corp., 5.30%, 09/03/96 15,000,000
2,024,000 Diamond Asset Funding Corp., Ser. A (Japan), 5.55%. 1,984,996
01/06/97
10,000,000 Galicia Buenos Aires Funding Corp.,# (LOC, Dresdner 9,747,067
Bank AG), 5.42%, 02/18/97
Hahn Issuing Co., (LOC, Canadian Imperial Bank of
Commerce),
5,000,000 5.33%, 09/09/96 4,995,563
3,000,000 5.35%, 09/04/96 2,999,554
10,575,000 IMI Funding (USA), 5.39%, 11/12/96 10,464,168
9,085,000 Kingdom of Sweden (Sweden), 5.35%, 12/19/96 8,940,536
Nomura Holding America,
15,000,000 5.50%, 02/07/97 14,640,208
8,000,000 5.59%, 12/16/96 7,870,809
Oakland Alameda County, California, Coliseum, Rev.,
(LOC, Canadian Imperial Bank of Commerce),
26,000,000 5.39%, 09/06/96 26,000,000
10,000,000 5.47%, 10/01/96 10,000,000
32,162,000 Oyster Creek Fuel Corp., (LOC, Union Bank of 32,129,928
Switzerland), 5.30%, 09/04/96
15,298,000 Redwood Receivables Corp., 5.35%, 09/11/96 15,279,812
Sigma Finance Corp., #
29,114,000 5.25%, 09/03/96 29,114,000
10,000,000 5.42%, 02/18/97 9,747,067
7,000,000 5.43%, 02/07/97 6,834,234
15,000,000 Thames Asset Global Sec., 5.34%, 09/16/96 14,971,075
20,000,000 UBS Finance (DE) Inc., 5.28%, 09/03/96 20,000,000
15,000,000 UpJohn Co., 5.25%, 09/03/96 15,000,000
</TABLE>
See notes to financial statements.
21
<PAGE> 24
VISTA PRIME MONEY MARKET FUND
PORTFOLIO OF INVESTMENTS August 31, 1996 (continued)
<TABLE>
<CAPTION>
Principal
Amount Value
(USD) Issuer (USD)
- ----------------------------------------------------------------------------------------
COMMERCIAL PAPER -- (CONTINUED)
- ----------------------------------------------------------------------------------------
<C> <S> <C>
$ 20,000,000 Variable Funding Capital Corp., # 5.35%, 09/16/96 $ 19,961,361
31,983,000 Windmill Funding Corp., 5.32%, 09/06/96 31,941,484
- ----------------------------------------------------------------------------------------
TOTAL COMMERCIAL PAPER 555,176,304
(COST $555,176,304)
- ----------------------------------------------------------------------------------------
<CAPTION>
FLOATING RATE DEMAND NOTES -- 33.9%
- ----------------------------------------------------------------------------------------
<C> <S> <C>
U.S. GOVERNMENT AGENCY SPONSORED OBLIGATIONS -- 4.8%
-------------------------------------------------------
Student Loan Marketing Association, Corp. Note,
12,000,000 5.42%, 09/03/96 12,000,000
44,000,000 5.43%, 09/03/96 44,000,000
--------------
56,000,000
--------------
STATE & MUNICIPAL OBLIGATIONS -- 5.6%
-------------------------------------------------------
Illinois Student Assistance Commission,
16,900,000 Taxable Ser. B, LOC, FNB Chicago, 5.43%, 09/04/96 16,900,000
12,200,000 Taxable Ser. D, LOC, Bank America Corp., 5.43%, 12,200,000
09/04/96
17,000,000 Kern County, California Pension Obligation, 17,000,000
Taxable, Medical Opt Period, 5.57%, 09/03/96
12,635,000 New Orleans, Louisiana, Aviation Board, 5.55%, 12,635,000
09/04/96
2,900,000 Stanislaus County, California, Pension Obligation 2,900,000
Medical Option Period, 5.57%, 09/03/96
3,600,000 Texas State, Taxable, Medical OPT Period, 5.57%, 3,600,000
09/03/96
--------------
65,235,000
--------------
CORPORATE OBLIGATIONS -- 23.5%
-------------------------------------------------------
BANKING -- 5.6%
15,000,000 Branch Bank & Trust Co., 5.34%, 09/03/96 14,992,923
15,000,000 Comerica Bank of Detroit, 5.35%, 09/03/96 14,999,699
25,000,000 FCC National Bank, 5.29%, 09/03/96 24,990,830
10,000,000 PNC Bank, N.A., 5.25%, 09/03/96 9,997,822
--------------
64,981,274
--------------
</TABLE>
See notes to financial statements.
22
<PAGE> 25
VISTA PRIME MONEY MARKET FUND
PORTFOLIO OF INVESTMENTS August 31, 1996 (continued)
<TABLE>
<CAPTION>
Principal
Amount Value
(USD) Issuer (USD)
- ----------------------------------------------------------------------------------------
FLOATING RATE DEMAND NOTES -- (CONTINUED)
- ----------------------------------------------------------------------------------------
<C> <S> <C>
FINANCIAL SERVICES -- 17.1%
$ 34,000,000 Bear Stearns Co., Inc., 5.47%, 09/16/96 $ 34,000,000
16,000,000 Caterpillar Financial Services, Inc., 5.43%, 16,000,000
09/03/96
3,000,000 General Electric Capital Corp., 5.57%, 09/03/96 3,002,016
Merrill Lynch & Co., Inc.,
10,000,000 5.38%, 09/03/96 9,999,527
35,000,000 5.39%, 09/03/96 34,999,958
50,000,000 Morgan Stanley Group, Inc., 5.71%, 09/13/96 50,000,000
50,000,000 SMM Trust 1996-V, 5.62%, 09/26/96 # 50,000,000
--------------
198,001,501
--------------
UTILITY -- .8%
9,000,000 Hydro Quebec, Quebec, (Canada) 5.57%, 09/03/96 9,000,000
--------------
TOTAL CORPORATE OBLIGATIONS 271,982,775
- ----------------------------------------------------------------------------------------
TOTAL FLOATING RATE DEMAND NOTES 393,217,775
(COST $393,217,775)
- ----------------------------------------------------------------------------------------
<CAPTION>
INTEREST BEARING DEPOSITS -- 3.9%
- ----------------------------------------------------------------------------------------
<C> <S> <C>
TIME DEPOSITS -- 1.7%
-------------------------------------------------------
20,000,000 Bank of Tokyo-Mitsubishi, Ltd. (Japan), 5.56%, 20,000,000
11/04/96 --------------
CERTIFICATES OF DEPOSIT -- 2.2%
-------------------------------------------------------
7,000,000 Bank of Nova Scotia (Canada), 5.90%, 06/10/97 6,989,745
4,000,000 Landesbank H. Thuringen (Germany), 5.64%, 03/20/97 3,997,193
Societe Generale (France),
2,000,000 5.62%, 03/28/97 1,998,403
5,000,000 5.77%, 05/15/97 4,998,751
7,000,000 Westpac Banking Corp.(Australia), 5.97%, 06/06/97 6,998,482
--------------
24,982,574
- ----------------------------------------------------------------------------------------
TOTAL INTEREST BEARING DEPOSITS 44,982,574
(COST $44,982,574)
- ----------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------
TOTAL INVESTMENTS -- 99.7% $1,155,845,923
(COST $1,155,845,923)**
- ----------------------------------------------------------------------------------------
</TABLE>
See notes to financial statements.
23
<PAGE> 26
VISTA TAX FREE MONEY MARKET FUND
PORTFOLIO OF INVESTMENTS August 31, 1996
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
- ---------------------------------------------------------------------------------------
STATE AND MUNICIPAL OBLIGATIONS -- 99.5%
- ---------------------------------------------------------------------------------------
<C> <S> <C>
ALABAMA -- 2.8%
---------------------------------------------------------
Birmingham, Alabama --
$ 6,300,000 Ser. 1992-A, FRDN, 3.45%, 09/04/96 $ 6,300,000
3,000,000 Warrants, Ser. A, 3.40%, 09/05/96 3,000,000
1,800,000 Columbia, Alabama, IDB, PCR, Alabama Power Co. Project, 1,800,000
Ser. D, FRDN, 3.70%, 09/03/96
1,000,000 Mcintosh, Alabama, IDB, Solid Waste Disposal, CIBA- 1,000,000
Geigy Corp., FRDN, 3.45%, 09/04/96
4,850,000 Phenix County, Alabama, IDB, Environmental Improvement, 4,850,000
Georgia Kraft Project, FRDN, 3.75%, 09/03/96
1,500,000 St. Clair County, Alabama, IDB, National Cement Co., 1,500,000
Inc., Project II, FRDN, 3.50%, 09/05/96
5,500,000 University of Alabama, Ser. B, 3.40%, 09/04/96 5,500,000
-------------
23,950,000
-------------
ALASKA -- 0.2%
---------------------------------------------------------
1,600,000 Valdez, Alaska, Marine Term, Exxon Pipeline Co. Project 1,600,000
C, FRDN, 3.75%, 09/03/96 -------------
ARIZONA -- 4.0%
---------------------------------------------------------
14,100,000 Apache County, Arizona, IDA, Tucson Electric, 83C, 14,100,000
FRDN, 3.45%, 09/04/96
Maricopa County, Arizona, PCC, PCR, Arizona Public
Service Co. --
1,700,000 Ser. B, FRDN, 3.75%, 09/03/96 1,700,000
2,800,000 Ser. D, FRDN, 3.75%, 09/03/96 2,800,000
1,000,000 Maricopa County, Arizona, Union School District No. 1,008,005
097, Deer VY, Ser. A, GO, 5.00%, 07/01/97
Phoenix, Arizona, IDA, Multifamily Housing --
1,950,000 Paradise Shadows Apartments, FRDN, 3.50%, 09/04/96 1,950,000
3,000,000 Southwest Villages Project A, FRDN, 3.45%, 09/03/96 3,000,000
Pima County, Arizona, IDA, Tucson Electric Power
Project --
1,200,000 1983 Ser. A, FRDN, 3.50%, 09/04/96 1,200,000
1,300,000 Ser. A, FRDN, 3.50%, 09/04/96 1,300,000
8,000,000 Tucson Electric FRDN, 3.45%, 09/04/96 8,000,000
-------------
35,058,005
-------------
ARKANSAS -- 1.7%
---------------------------------------------------------
15,000,000 University of Arkansas, UAMS Campus, FRDN, 3.55%, 15,000,000
09/04/96 -------------
</TABLE>
See notes to financial statements.
24
<PAGE> 27
VISTA TAX FREE MONEY MARKET FUND
PORTFOLIO OF INVESTMENTS August 31, 1996 (continued)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
- ---------------------------------------------------------------------------------------
STATE AND MUNICIPAL OBLIGATIONS -- (CONTINUED)
- ---------------------------------------------------------------------------------------
<C> <S> <C>
CALIFORNIA -- 6.3%
---------------------------------------------------------
California Higher Education Loan Authority Inc.,
Student Loan --
$ 15,000,000 Ser. A, Rev., PUTS, 3.75%, 06/01/97 $ 15,000,000
12,500,000 Ser. C, Rev., PUTS, 3.75%, 06/01/97 12,500,000
2,500,000 California Housing Financing Agency, Home Mortgage, 2,500,000
Ser. E, 3 Rev., PUTS, 3.50%, 02/01/97
20,000,000 California School Cash Reserve Program Authority Pool, 20,144,912
Ser. A, Rev., 4.75%, 07/02/97
2,100,000 Regional Apartments Improvement Corp., Los Angeles, 2,100,000
California, Term Facilities, Los Angeles
International Airport, FRDN, 3.75%, 09/03/96
2,135,000 Turlock, California, Irrigation District, Ser. A, Rev., 2,137,707
4.00%, 01/01/97
-------------
54,382,619
-------------
COLORADO -- 2.4%
---------------------------------------------------------
15,000,000 Lower Colorado River Authority, Texas, Junior Lien, 3rd 15,000,000
Supplemental Ser., FRDN, 3.40%, 09/04/96
3,000,000 Moffat County, Colorado, PCR, Colorado UTE Electric, 3,000,000
FRDN, 3.55%, 09/04/96
3,200,000 Regional Transportation District, Colorado, Special 3,200,000
Passenger Fare, Ser. A, FRDN, 3.35%, 09/04/96
-------------
21,200,000
-------------
CONNECTICUT -- 0.3%
---------------------------------------------------------
Mashantucket Western Pequot,
2,000,000 CP, 3.40%, 10/24/96 2,000,000
1,000,000 CP, 3.60%, 10/17/96 1,000,000
-------------
3,000,000
-------------
DELAWARE -- 1.1%
---------------------------------------------------------
1,900,000 Delaware State, Economic Development Authority, Solid 1,900,000
Waste Disposal, Ciba-Geigy Corp. Project, Ser. A,
FRDN, 3.85%, 09/03/96
7,400,000 Sussex County, Delaware, Industrial Revenue, Perdue 7,400,000
Farms Inc. Project, FRDN, 3.75%, 09/05/96
-------------
9,300,000
-------------
FLORIDA -- 4.1%
---------------------------------------------------------
3,600,000 Broward County, Florida, Housing Finance Authority, 3,600,000
Palm Aire -- Oxford Ser. A, FRDN, 3.80%, 09/04/96
1,000,000 Florida State, Municipal Power Agency, St. Lucie 1,022,793
Project, Pre-Refunded Rev. Bond, 7.25%, 10/03/96
</TABLE>
See notes to financial statements.
25
<PAGE> 28
VISTA TAX FREE MONEY MARKET FUND
PORTFOLIO OF INVESTMENTS August 31, 1996 (continued)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
- ---------------------------------------------------------------------------------------
STATE AND MUNICIPAL OBLIGATIONS -- (CONTINUED)
- ---------------------------------------------------------------------------------------
<C> <S> <C>
Jacksonville, Florida --
$ 1,000,000 IDR, Trailer Marine, Crowly, FRDN, 3.70%, 09/04/96 $ 1,000,000
5,000,000 PCR, Florida Power & Light Co., Rev., PUTS, 3.65%, 5,000,000
10/01/96
8,600,000 PCR, Florida Power & Light Co., FRDN, 3.75%, 09/03/96 8,600,000
2,500,000 Monroe County, Florida, School District, GO, 3.60%, 2,500,000
06/04/97
1,800,000 Okaloosa County, Florida, Gulf Coast Treatment Center, 1,800,000
FRDN, 3.55%, 09/04/96
Orange County, Florida, Housing Finance Authority,
Westlake --
5,950,000 Westlake, FRDN, 3.80%, 09/04/96 5,950,000
700,000 Windscape, FRDN, 3.80%, 09/04/96 700,000
1,166,000 St. Johns City, Florida, IDA, IDR, Ser. A, Pre-Refunded 1,229,589
Rev. Bond, 9.50%, 02/01/97
3,000,000 St. Lucie County, Florida, PCR, Florida Power & Light 3,000,000
Co., CP, 3.60%, 09/05/96
1,225,000 Volusia County, Florida, Housing Finance Authority, Sun 1,225,000
Pointe Apts., Ser. H, FRDN, 3.50%, 09/03/96
-------------
35,627,382
-------------
GEORGIA -- 6.8%
---------------------------------------------------------
500,000 Atlanta, Georgia, Downtown Development Authority IDR, 511,361
Underground Atlanta Project., Pre-Refunded Rev. Bond,
7.75%, 10/01/96
1,793,000 Bartow County, Georgia, IDA, Princeton Carpets, Inc., 1,793,000
FRDN, 3.50%, 09/05/96
8,000,000 Bibb County, Georgia, Development Authority, 8,000,000
Environmental Improvement, Ser. IR-1, FRDN, 3.70%,
09/05/96
2,700,000 Clayton County, Georgia, Housing Authority, 2,700,000
Multifamily, Rainwood Development, FRDN, 3.63%,
09/05/96
2,500,000 Columbia County, Georgia, IDA, Dixie Bedding, Ser. P, 2,500,000
FRDN, 3.60%, 09/05/96
20,000 Columbus, Georgia, Development Authority, R P Real 20,000
Estate, Inc., FRDN, 3.95%, 09/05/96
2,200,000 Elbert County & Elberton & Bowman, Georgia, Development 2,200,000
Authority, IDR, Seaboard Farms, FRDN, 3.60%, 09/05/96
6,000,000 Fulco, Georgia, Hospital Authority, Piedmont Hospital 6,000,000
Project, FRDN, 3.50%, 09/04/96
</TABLE>
See notes to financial statements.
26
<PAGE> 29
VISTA TAX FREE MONEY MARKET FUND
PORTFOLIO OF INVESTMENTS August 31, 1996 (continued)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
- ---------------------------------------------------------------------------------------
STATE AND MUNICIPAL OBLIGATIONS -- (CONTINUED)
- ---------------------------------------------------------------------------------------
<C> <S> <C>
Fulton County, Georgia, Housing Authority, Multifamily
Housing --
$ 10,000,000 Spring Creed Crossing, FRDN, 3.55%, 09/04/96 $ 10,000,000
5,000,000 Union Columbus Landing Apartments, FRDN, 3.55%, 5,000,000
09/03/96
Marietta, Georgia, Housing Authority, Multifamily --
7,000,000 Winterset Apartments P, FRDN, 3.55%, 09/04/96 7,000,000
4,525,000 Concepts 21 Apartments, FRDN, 3.55%, 09/04/96 4,525,000
4,000,000 Municipal Electric Authority of Georgia, General 4,000,000
Resolution, Ser. C, CP, 3.60%, 09/10/96
3,575,000 Rockdale County, Georgia, IDR, Takahashi Works USA, 3,575,000
Inc. Project, FRDN, 3.85%, 09/04/96
1,605,000 Washington, Georgia, Wilkes Payroll Development 1,605,000
Authority, Pak Products, Inc., FRDN, 3.80%, 09/05/96
-------------
59,429,361
-------------
IDAHO -- 1.4%
---------------------------------------------------------
8,000,000 Nez Perce County, Idaho, PCR, Potlatch 84, FRDN, 3.45%, 8,000,000
09/05/96
3,800,000 Port Lewiston Port Facilities, Idaho, Fribourg 3,800,000
Investment Co., FRDN, 3.71%, 09/03/96
-------------
11,800,000
-------------
ILLINOIS -- 5.2%
---------------------------------------------------------
Chicago, Illinois --
2,000,000 Board of Education, School Reform Equipment 2,000,000
Acquisition, Rev., 3.70%, 12/01/96
5,500,000 O'Hare International Airport, General Airport, Second 5,500,000
Lien, Ser. C, FRDN, 3.50%, 09/04/96
1,000,000 Waterworks, Pre-Refunded Rev. Bond, 6.75%, 11/01/96 1,015,049
1,750,000 Waterworks, Pre-Refunded Rev. Bond, 7.00%, 11/01/96 1,776,268
1,000,000 Waterworks, Pre-Refunded Rev. Bond, 6.75%, 11/01/96 1,014,887
2,000,000 Du Page Water Commission of Illinois, Pre-Refunded Rev. 2,080,242
Bond, 6.80%, 05/01/97
Illinois Development Financing Authority --
2,000,000 IDR, Balspar Corp. Project, FRDN, 3.60%, 09/05/96 2,000,000
1,420,000 IDR, Big Bolt Corp. Project, FRDN, 3.70%, 09/04/96 1,420,000
4,005,000 IDR, CFC International Inc. Project, FRDN, 3.70%, 4,005,000
09/04/96
4,440,000 IDR, Deerfield Executive Center Project, Rev., 4.10%, 4,440,000
09/01/97
2,000,000 IDR, Revcor Inc. Project, FRDN, 3.70%, 09/04/96 2,000,000
2,180,000 IDR, Toughy Ltd. Partnership Project, FRDN, 3.70%, 2,180,000
09/04/96
</TABLE>
See notes to financial statements.
27
<PAGE> 30
VISTA TAX FREE MONEY MARKET FUND
PORTFOLIO OF INVESTMENTS August 31, 1996 (continued)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
- ---------------------------------------------------------------------------------------
STATE AND MUNICIPAL OBLIGATIONS -- (CONTINUED)
- ---------------------------------------------------------------------------------------
<C> <S> <C>
$ 5,000,000 PCR, Illinois Power Co., Ser. D, FRDN, 3.70%, $ 5,000,000
09/03/96
2,100,000 Illinois Health Facilities Authority, Childrens 2,100,000
Memorial Hospital Project B, FRDN, 3.50%, 09/04/96
7,000,000 Illinois State, GO, 5.38%, 05/01/97 7,077,403
1,600,000 Savanna, Illinois, ID, Metform Corp. Project C, FRDN, 1,600,000
3.50%, 09/04/96
-------------
45,208,849
-------------
INDIANA --2.0%
---------------------------------------------------------
Indiana State --
9,000,000 Bond Bank, Advanced Funding Notes, Rev., 4.25%, 9,015,693
01/09/97
1,500,000 Development Financing Authority, IDR, Goodwill 1,500,000
Industries Center Industrial Project, FRDN, 3.55%,
09/05/96
3,460,000 Health Facilities Financing Authority, Investment 3,460,000
Inc. Project A, FRDN, 3.55%, 09/05/96
2,390,000 Lafayette, Indiana, Economic Development, Health Quest 2,390,000
Realty XI, FRDN, 3.55%, 09/05/96
995,000 Muncie, Indiana, Economic Development, Health Quest 995,000
Realty Project, FRDN, 3.55%, 09/05/96
-------------
17,360,693
-------------
IOWA -- 0.2%
---------------------------------------------------------
1,600,000 Iowa, Financing Authority, Solid Waste Disposal, Cedar 1,600,000
River Paper Co., Ser. A, FRDN, 3.85%, 09/03/96 -------------
KENTUCKY -- 2.1%
---------------------------------------------------------
18,200,000 Kentucky, Higher Education Student Loan Corp., Insured 18,200,000
Student Loan, Ser. E, FRDN, 3.55%, 09/04/96 -------------
LOUISIANA -- 1.4%
---------------------------------------------------------
1,900,000 Louisiana Public Facilities Authority, PCR, CIBA-Geigy 1,900,000
Corp., FRDN, 3.40%, 09/04/96
Louisiana State, Offshore Term Authority Deepwater Port
Loop Inc., First State, A, FRDN, --
5,300,000 3.35%, 09/04/96 5,300,000
4,985,000 3.75%, 09/03/96 4,985,000
-------------
12,185,000
-------------
MAINE -- 0.5%
---------------------------------------------------------
3,125,000 Lewiston, Maine, Geiger Brothers Project, FRDN, 3.80%, 3,125,000
10/01/96
1,325,000 Portland, Maine, Oakhurst Dairy, FRDN, 3.70%, 09/04/96 1,325,000
-------------
4,450,000
-------------
</TABLE>
See notes to financial statements.
28
<PAGE> 31
VISTA TAX FREE MONEY MARKET FUND
PORTFOLIO OF INVESTMENTS August 31, 1996 (continued)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
- ---------------------------------------------------------------------------------------
STATE AND MUNICIPAL OBLIGATIONS -- (CONTINUED)
- ---------------------------------------------------------------------------------------
<C> <S> <C>
MARYLAND -- 2.2%
---------------------------------------------------------
$ 2,000,000 Anne Arundel County, Maryland, FRDN, 3.55%, 09/05/96 $ 2,000,000
3,500,000 Baltimore, Maryland, PCR, Modal, SCM Plants Project, 3,500,000
FRDN, 3.45%, 09/05/96
4,000,000 Howard County, Maryland, Multifamily Housing, Sherwood 4,000,000
Crossing Ltd., Rev., PUTS, 3.75%, 06/01/97
Maryland State --
1,000,000 Board of Environmental Resource Recovery, Colstrip 1,000,000
Project, FRDN, 3.50%, 09/04/96
2,500,000 Dept. of Housing & Community Development, Single 2,500,000
Family Program, 2nd Ser., Rev., 3.55%, 10/01/96
5,010,000 Montgomery County, Maryland, Housing Options Community, 5,010,000
Single Family Mortgage, Ser. C, Rev., PUTS, 3.70%,
03/17/97
1,500,000 Prince George's County, Maryland, Parsons Paper 1,500,000
Facility, FRDN, 3.55%, 09/13/96
-------------
19,510,000
-------------
MASSACHUSETTS -- 1.0%
---------------------------------------------------------
1,000,000 Massachusetts State, Consolidation Loan, Ser. A, GO, 1,013,849
7.10%, 02/01/97
Massachusetts State, Industrial Financing Agency --
1,200,000 Catamount Realty Trust, FRDN, 3.70%, 09/08/96 1,200,000
4,400,000 Showa Womens Institution, Inc., FRDN, 3.80%, 09/03/96 4,400,000
2,395,000 Taunton, Massachusetts, IDA, Realty Trust IX Project, 2,395,000
FRDN, 3.70%, 09/04/96
-------------
9,008,849
-------------
MICHIGAN -- 4.3%
---------------------------------------------------------
2,000,000 Allegan County, Michigan, Economic Development Corp., 2,000,000
Dean Foods Co. Project, FRDN, 3.55%, 09/05/96
9,200,000 Dearborn, Michigan, Economic Development Corp., 9,200,000
Oakbrook Common Proj., FRDN, 3.55%, 09/04/96
1,300,000 Delta County, Michigan, Economic Development Corp., 1,300,000
Environmental Improvement, Dates-Mead-Escanaba Paper,
Ser. E, FRDN, 3.75%, 09/03/96
3,300,000 Detroit, Michigan, Downtown Development Authority, 3,300,000
Millender Center Project, FRDN, 3.50%, 09/05/96
3,025,000 Farmington Hills, Michigan, Economic Development Corp., 3,025,000
Carrefour, FRDN, 3.63%, 09/05/96
1,300,000 Grand Rapids, Michigan, Economic Development Corp., 1,300,000
Amway Hotel, FRDN, 3.50%, 09/04/96
300,000 Jackson County, Michigan, Economic Development Corp., 300,000
Melling Tool Project, FRDN, 3.60%, 09/05/96
</TABLE>
See notes to financial statements.
29
<PAGE> 32
VISTA TAX FREE MONEY MARKET FUND
PORTFOLIO OF INVESTMENTS August 31, 1996 (continued)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
- ---------------------------------------------------------------------------------------
STATE AND MUNICIPAL OBLIGATIONS -- (CONTINUED)
- ---------------------------------------------------------------------------------------
<C> <S> <C>
Michigan State, Strategic Fund --
$ 2,000,000 IDR, Michigan Sugar Co., Croswell Project, FRDN, $ 2,000,000
3.50%, 09/05/96
1,320,000 Limited Obligation, Wayne Disposal, Oakland Project, 1,320,000
FRDN, 3.65%, 09/04/96
2,000,000 Lex Controls, Inc. Project, FRDN, 3.65%, 09/04/96 2,000,000
11,600,000 PCR, Consumers Power Project, FRDN, 3.75%, 09/03/96 11,600,000
-------------
37,345,000
-------------
MINNESOTA -- 0.6%
---------------------------------------------------------
1,900,000 Bloomington, Minnesota, Port Authority, Mall of America 1,900,000
Project, FRDN, 3.55%, 09/06/96
700,000 Duluth, Minnesota, Miller-Dwan Medical Center, Ser. A, 700,000
FRDN, 3.55%, 09/05/96
3,000,000 Minnesota State, Higher Educational Facilities 3,000,000
Authority, University of St. Thomas, Ser. 4-A2, FRDN,
3.70%, 09/04/96
-------------
5,600,000
-------------
MISSISSIPPI -- 1.0%
---------------------------------------------------------
1,700,000 Jackson County, Mississippi, PCR, Chevron USA Inc., 1,700,000
Project, FRDN, 3.80%, 09/03/96
5,270,000 Mississippi, Business Financial Corp., IDR, Choctaw 5,270,000
Maid Farms, Inc. Project, FRDN, 3.65%, 09/04/96
1,800,000 Perry County, Mississippi, PCR, Leaf River Forest 1,800,000
Project, FRDN, 3.50%, 09/05/96
-------------
8,770,000
-------------
MISSOURI -- 6.1%
---------------------------------------------------------
1,000,000 Macon, Missouri, IDA, Health Care Realty, FRDN, 3.35%, 1,000,000
10/01/96
760,000 Missouri State, Economic Development Export & 760,000
Infrastructure Board, ID, Marchem Coated Fabrics,
Ser. K, FRDN, 3.95%, 09/04/96
Missouri State, Environmental Improvements & Energy
Research Authority, PCR --
2,800,000 Monsanto Co. Project, FRDN, 3.45%, 09/04/96 2,800,000
10,000,000 Union Electric Co., Ser. A, Rev., 3.65%, 06/01/97 10,000,000
4,000,000 Union Electric Co., Ser. B, Rev., 3.65%, 06/01/97 4,000,000
</TABLE>
See notes to financial statements.
30
<PAGE> 33
VISTA TAX FREE MONEY MARKET FUND
PORTFOLIO OF INVESTMENTS August 31, 1996 (continued)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
- ---------------------------------------------------------------------------------------
STATE AND MUNICIPAL OBLIGATIONS -- (CONTINUED)
- ---------------------------------------------------------------------------------------
<C> <S> <C>
Missouri State, Health & Educational Facilities
Authority --
$ 6,800,000 St. Anthony's Medical Center, Ser. A, FRDN, 3.45%, $ 6,800,000
09/04/96
8,100,000 St. Anthony's Medical Center, Ser. B, FRDN, 3.45%, 8,100,000
09/04/96
4,300,000 The Washington University, Ser. B, FRDN, 3.80%, 4,300,000
09/03/96
3,100,000 The Washington University, Ser. C, FRDN, 3.85%, 3,100,000
09/03/96
2,300,000 The Washington University, Ser. D, FRDN, 3.85%, 2,300,000
09/03/96
7,500,000 SSM Health Care, Ser. C, CP, 3.45%, 10/10/96 7,500,000
2,000,000 St. Charles County, Missouri, IDA, Venture Stores Inc. 2,000,000
Project, FRDN, 3.55%, 09/04/96
-------------
52,660,000
-------------
MONTANA -- 0.1%
---------------------------------------------------------
1,000,000 Osage Beach, Montana, IDA, Health Care Realty Osage, 1,000,000
FRDN, 3.55%, 10/01/96 -------------
NEBRASKA -- 1.6%
---------------------------------------------------------
12,000,000 Lancaster County, Nebraska, Hospital Authority No. 1, 12,000,000
Bryan Memorial Hospital Project, FRDN, 3.35%,
09/04/96
2,000,000 Sidney, Nebraska, IDR, Pennington Seed, Inc. Project, 2,000,000
FRDN, 3.65%, 09/04/96
-------------
14,000,000
-------------
NEW HAMPSHIRE -- 0.2%
---------------------------------------------------------
1,955,000 New Hampshire State, Business Financing Authority, 1,955,000
Industrial Facilities, Nickerson Assembly Co., FRDN, -------------
3.70%, 09/04/96
NEW MEXICO -- 0.5%
---------------------------------------------------------
3,000,000 Albuquerque, New Mexico, Gross Receipts Tax, FRDN, 3,000,000
3.50%, 09/04/96
1,500,000 Farmington, New Mexico, PCR, Arizona Public Service 1,500,000
Co., Ser. A, FRDN, 3.75%, 09/03/96
-------------
4,500,000
-------------
NEW YORK -- 0.6%
---------------------------------------------------------
5,000,000 New York State, Energy Research & Development 5,000,931
Authority, LILCO Project, Ser. A, Rev., 3.25%, -------------
03/01/97
</TABLE>
See notes to financial statements.
31
<PAGE> 34
VISTA TAX FREE MONEY MARKET FUND
PORTFOLIO OF INVESTMENTS August 31, 1996 (continued)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
- ---------------------------------------------------------------------------------------
STATE AND MUNICIPAL OBLIGATIONS -- (CONTINUED)
- ---------------------------------------------------------------------------------------
<C> <S> <C>
NORTH CAROLINA -- 0.6%
---------------------------------------------------------
$ 1,400,000 Lenoir County, North Carolina, Industrial Facilities & $ 1,400,000
PCFA, Texas Gulf Inc., Ser. P, FRDN, 3.63%, 09/05/96
1,900,000 North Carolina, Educational Facilities Financing 1,900,000
Agency, Guilford College Project, FRDN, 3.70%,
09/03/96
North Carolina, Industrial Facilities & PCFA --
1,100,000 Scotland Container Corp., Rev., PUTS, 4.05%, 03/01/97 1,100,000
1,050,000 Athol Mfg. Corp., Rev., PUTS, 4.00%, 03/01/97 1,050,000
-------------
5,450,000
-------------
OHIO -- 3.3%
---------------------------------------------------------
6,300,000 Clermont County, Ohio, Hospital Facilities, Mercy 6,300,000
Health Systems, Ser. B, FRDN, 3.55%, 09/04/96
4,000,000 Dayton, Ohio, Special Facilities, Emery Air Freight, 4,000,000
Ser. F, FRDN, 3.70%, 09/04/96
5,400,000 Franklin County, Ohio, Holy Cross Health Systems, FRDN, 5,400,000
3.45%, 09/05/96
1,500,000 Montgomery County, Ohio, Multifamily Housing, Pedcor 1,500,000
Investments, Lyons Gate, Ser. A, FRDN, 3.55%,
09/05/96
Ohio State --
4,000,000 Housing Financing Agency, Single Family Mortgage, 4,000,000
Ser. FR-6, FRDN, 3.75%, 09/04/96
3,500,000 Pre-Refunded Rev. Bond, 7.30%, 09/03/96 3,517,920
3,500,000 Summit County, Ohio, Ser. B, GO, 4.00%, 06/05/97 3,508,887
-------------
28,226,807
-------------
OREGON -- 0.8%
---------------------------------------------------------
7,250,000 Port St. Helens, Oregon, PCR, Portland General Electric 7,250,000
Co., FRDN, 3.80%, 09/03/96 -------------
PENNSYLVANIA -- 1.6%
---------------------------------------------------------
1,550,000 Delaware County, Pennsylvania, IDA, PCR, BP Exploration 1,550,000
& Oil, FRDN, 3.75%, 09/03/96
Pennsylvania State --
2,400,000 Higher Education Assistance Agency, Student Loan, 2,400,000
Ser. A, FRDN, 3.55%, 09/04/96
5,860,000 First Ser., GO, 5.25%, 05/15/97 5,920,360
4,000,000 York, Pennsylvania, General Authority Pooled Financing, 4,000,000
FRDN, 3.55%, 09/05/96
-------------
13,870,360
-------------
</TABLE>
See notes to financial statements.
32
<PAGE> 35
VISTA TAX FREE MONEY MARKET FUND
PORTFOLIO OF INVESTMENTS August 31, 1996 (continued)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
- ---------------------------------------------------------------------------------------
STATE AND MUNICIPAL OBLIGATIONS -- (CONTINUED)
- ---------------------------------------------------------------------------------------
<C> <S> <C>
SOUTH CAROLINA -- 1.8%
---------------------------------------------------------
$ 1,000,000 Kershaw County, South Carolina, IDR, Deroyal Textiles $ 1,000,000
Inc. Project, FRDN, 3.65%, 09/04/96
South Carolina, Jobs & Economic Development
Authority --
1,025,000 Consolidated Fabricators, Rev., 4.13%, 12/01/96 1,025,000
2,300,000 Florence Housing Project, FRDN, 3.60%, 09/04/96 2,300,000
200,000 Phoenix Finishing Co., FRDN, 3.80%, 09/04/96 200,000
1,000,000 South Carolina State, Ports Authority, FRDN, 3.65%, 1,000,000
09/04/96
10,000,000 University of South Carolina, Athletic Facilities, BAN, 9,997,604
3.20%, 02/28/97
-------------
15,522,604
-------------
SOUTH DAKOTA -- 0.4%
---------------------------------------------------------
South Dakota State --
455,000 Building Authority, Ser. A, Rev., 6.25%, 09/03/96 455,000
2,900,000 Health & Education Facilities Board, Sioux Valley 2,900,000
Hospital, FRDN, 3.55%, 09/06/96
-------------
3,355,000
-------------
TENNESSEE -- 3.5%
---------------------------------------------------------
3,000,000 Carter County, Tennessee, IDB, Inland Container Corp. 3,000,000
Project, FRDN, 3.80%, 09/03/96
965,000 Franklin, Tennessee, Health & Education Facilities 965,000
Board, ID, Health Care Center, FRDN, 3.75%, 09/03/96
2,400,000 McMinn County, Tennessee, IRB, Thomas & Betts Corp. 2,400,000
Project, FRDN, 3.60%, 09/05/96
1,700,000 Memphis, Tennessee, Ser. A, FRDN, 3.45%, 09/04/96 1,700,000
Metropolitan Government of Nashville & Davidson County,
Tennessee, Health & Educational Facilities Board --
1,400,000 Modal Health Facilities at Richland, FRDN, 3.45%, 1,400,000
09/04/96
2,300,000 Vanderbilt University, Ser. B, Rev., FRDN, 3.70%, 2,300,000
05/01/97
Shelby County, Tennessee, Health, Educational & Housing
Facilities Board, Multifamily Housing --
6,155,000 Arbor Lake, FRDN, 3.65%, 09/04/96 6,155,000
7,635,000 Wyndridge, FRDN, 3.55%, 09/04/96 7,635,000
1,000,000 South Pittsburg, Tennessee, ID, Lodge Manufacturing Co. 1,000,000
Project, FRDN, 3.65%, 09/04/96
4,000,000 Tullahoma, Tennessee, IDA Board, Rock Tennessee 4,000,000
Converting, FRDN, 3.65%, 09/04/96
-------------
30,555,000
-------------
</TABLE>
See notes to financial statements.
33
<PAGE> 36
VISTA TAX FREE MONEY MARKET FUND
PORTFOLIO OF INVESTMENTS August 31, 1996 (continued)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
- ---------------------------------------------------------------------------------------
STATE AND MUNICIPAL OBLIGATIONS -- (CONTINUED)
- ---------------------------------------------------------------------------------------
<C> <S> <C>
TEXAS -- 18.5%
---------------------------------------------------------
Austin, Texas --
$ 4,000,000 Pre-Refunded Rev. Bond, 7.90%, 09/03/96 $ 4,000,000
1,500,000 Utilities System, Ser. 1, CP, 3.55%, 09/19/96 1,500,000
2,200,000 Bell County, Texas, IDA, Franklin Industries, FRDN, 2,200,000
3.60%, 09/05/96
1,800,000 Brazos River Authority, Texas, PCR, Monsanto Co. 1,800,000
Project, FRDN, 3.45%, 09/04/96
1,000,000 Corsicana, Texas, IDA, Kent Paper Co., FRDN, 3.65%, 1,000,000
09/04/96
1,955,000 Dallas, Texas, Waterworks & Sewer Systems, Ser. A, 1,961,845
Rev., 8.00%, 10/01/96
3,500,000 De Soto, Texas, IDA, IDR, Solar Turbines Inc. Project, 3,500,000
FRDN, 3.55%, 09/04/96
1,210,000 Denton, Texas, Independent School District, Ser. A, GO, 1,243,963
7.00%, 08/15/97
1,310,000 Fort Bend, Texas, Independent School District, GO, 1,311,437
3.75%, 02/15/97
1,100,000 Grapevine, Texas, IDC, Multiple Mode, American 1,100,000
Airlines, Ser. A1, FRDN, 3.70%, 09/03/96
7,000,000 Greater East Texas, Higher Education, Ser. A, FRDN, 7,000,000
3.50%, 09/05/96
3,000,000 Guadalupe Blanco River Authority, Texas, IDC, IDR, The 3,000,000
BOC Group Inc. Project, FRDN, 3.55%, 09/05/96
8,875,000 Gulf Coast Waste Disposal Authority, Texas, Pollution 8,875,000
Control, Monsanto Co. Project, FRDN, 3.45%, 09/04/96
Harris County, Texas, Health Facilities Developmental
Corp. --
2,400,000 Methodist Hospital, FRDN, 3.75%, 09/03/96 2,400,000
3,150,000 St. Lukes Episcopal Hospital, Ser. A, FRDN, 3.75%, 3,150,000
09/03/96
1,500,000 Harris County, Texas, IDC, PCR, FRDN, 3.75%, 09/03/96 1,500,000
Houston, Texas --
2,200,000 Sewer Systems, Pre-Refunded Rev. Bond, 9.00%, 2,228,642
10/01/96
11,100,000 Ser. A, CP, 3.50%, 09/27/96 11,100,000
19,500,000 Katy, Texas, Independent School District, Ser. A, FRDN, 19,500,000
GO, 3.50%, 09/04/96
6,500,000 North Texas, Higher Educational Authority Inc., Texas 6,500,000
Student Loan, Ser. A, FRDN, 3.55%, 09/04/96
Pasadena, Texas --
20,000,000 Independent School District, Ser. A, GO, 3.88%, 20,006,686
02/06/97
1,060,000 TAN, 6.20%, 02/15/97 1,071,488
</TABLE>
See notes to financial statements.
34
<PAGE> 37
VISTA TAX FREE MONEY MARKET FUND
PORTFOLIO OF INVESTMENTS August 31, 1996 (continued)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
- ---------------------------------------------------------------------------------------
STATE AND MUNICIPAL OBLIGATIONS -- (CONTINUED)
- ---------------------------------------------------------------------------------------
<C> <S> <C>
$ 2,810,000 Port Corpus Christi, Texas, Lantana Corp. Project, $ 2,810,000
FRDN, 3.55%, 09/05/96
1,470,000 San Angelo, Texas, Independent School District, GO, 1,490,356
7.00%, 02/15/97
4,200,000 Shenandoah, Texas, Health Facilities Development, 4,200,000
Southwood Ltd., I Project, FRDN, 3.85%, 09/05/96
1,300,000 Southwest Higher Education Authority Inc., Southern 1,300,000
Methodist University, FRDN, 3.75%, 09/03/96
5,000,000 Texas Association of School Boards, Certificates of 5,038,800
Participation, TAN, 4.75%, 08/29/97
1,060,000 Texas Housing, CP, 3.85%, 06/28/97 1,059,991
7,500,000 Texas Small Business Industrial Development Corp., 7,500,000
Texas Public Facilities Capital Access, FRDN, 3.55%,
09/04/96
24,650,000 Texas State, TRAN, 4.75%, 08/29/97 24,836,490
6,345,000 University of Texas, Arlington Combined Fee Rev., CP, 6,345,000
3.65%, 09/11/96
-------------
160,529,698
-------------
UTAH -- 2.2%
---------------------------------------------------------
7,500,000 Salt Lake City, Utah, TAN, 4.50%, 06/30/97 7,529,642
7,900,000 Utah State Board of Regents, Student Loan, Ser. L, 7,900,000
FRDN, 3.55%, 09/04/96
3,550,000 West Valley City, Utah, IDR, Johnson Matthey Inc. 3,550,000
Project, FRDN, 3.85%, 09/03/96
-------------
18,979,642
-------------
VIRGINIA -- 0.3%
---------------------------------------------------------
2,300,000 Peninsula Ports Authority, Virginia Coal Term, Dominion 2,300,000
Term Project, Ser. C, FRDN, 3.65%, 09/03/96 -------------
WASHINGTON -- 0.7%
---------------------------------------------------------
2,050,000 Redmond, Washington, Public Corp., ID, Integrated 2,050,000
Circuits Project, FRDN, 3.60%, 09/05/96
1,000,000 South Columbia, Basin Irrigation District, Rev., 5.15%, 1,003,910
12/01/96
Washington State, Public Power Supply Systems --
1,500,000 Nuclear Project No. 1, Ser. C, Rev., 7.25%, 07/01/97 1,534,078
1,350,000 Nuclear Project No. 3, Ser. B, Rev., 6.80%, 07/01/97 1,379,992
-------------
5,967,980
-------------
WEST VIRGINIA -- 0.2%
---------------------------------------------------------
1,300,000 Marion County, West Virginia, County Community Solid 1,300,000
Waste Disposal Facility, Granttown Project, Ser. A, -------------
FRDN, 3.60%, 09/04/96
</TABLE>
See notes to financial statements.
35
<PAGE> 38
VISTA TAX FREE MONEY MARKET FUND
PORTFOLIO OF INVESTMENTS August 31, 1996 (continued)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
- ---------------------------------------------------------------------------------------
STATE AND MUNICIPAL OBLIGATIONS -- (CONTINUED)
- ---------------------------------------------------------------------------------------
<C> <S> <C>
WISCONSIN -- 3.2%
---------------------------------------------------------
$ 5,600,000 Alma, Wisconsin, Pollution Control, FRDN, 3.80%, $ 5,600,000
10/01/96
3,800,000 Germantown, Wisconsin, IDA, Great Lakes Packaging 3,800,000
Corp., FRDN, 2.75%, 09/04/96
960,000 Grand Chute, Wisconsin, IDA, Kent Paper Co., FRDN, 960,000
3.65%, 09/04/96
1,900,000 Lacrosse, ID, Dairyland Power Coop Project, FRDN, 1,900,000
3.80%, 10/01/96
2,000,000 Menomonee Falls, Wisconsin, IDA, Butler Paper Co. 2,000,000
Project, FRDN, 3.50%, 09/05/96
3,600,000 Milwaukee, Wisconsin, Housing Authority, Yankee Hill 3,600,000
Apartments, FRDN, 3.45%, 09/03/96
9,800,000 State of Wisconsin, FRDN, 3.71%, 09/05/96 9,800,000
-------------
27,660,000
-------------
WYOMING -- 1.7%
---------------------------------------------------------
1,800,000 Green River, Wyoming, PCR, Texas Gulf Project, FRDN, 1,800,000
3.75%, 09/05/96
2,600,000 Lincoln County, Wyoming, PCR, Exxon Project, Ser. C, 2,600,000
FRDN, 3.90%, 09/03/96
4,750,000 Sweetwater County, Wyoming, School District No. 1, Rock 4,764,250
Springs, TAW, 4.25%, 06/30/97
5,305,000 Unita County, Wyoming, PCR, Chevron U.S.A. Inc. 5,305,000
Project, FRDN, 3.80%, 09/03/96
-------------
14,469,250
- ---------------------------------------------------------------------------------------
TOTAL STATE AND MUNICIPAL OBLIGATIONS 864,138,030
(COST $864,138,030)
- ---------------------------------------------------------------------------------------
MONEY MARKET FUND -- 1.2%
- ---------------------------------------------------------------------------------------
10,000,000 Provident Municipal Cash Money Market Fund, 10,000,000
(COST $10,000,000)
- ---------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------
TOTAL INVESTMENTS -- 100.7% $ 874,138,030
(COST $874,138,030)**
- ---------------------------------------------------------------------------------------
</TABLE>
See notes to financial statements.
36
<PAGE> 39
VISTA NEW YORK TAX FREE MONEY MARKET FUND
PORTFOLIO OF INVESTMENTS August 31, 1996
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
- ------------------------------------------------------------------------------------
BOND ANTICIPATION NOTES -- 6.7%
------------------------------------------------------------------------------------
<C> <S> <C>
$ 4,000,000 Albany, New York, City School District, 4.000%, 05/02/97 $ 4,007,633
6,500,000 Commack, New York, Union Free School District, 4.250%, 6,515,269
06/27/97
13,720,000 Hempstead Town, New York, Ser. A, 3.500%, 02/28/97 13,716,458
3,000,000 Honeoye Falls-Lima, New York, Central School District, 3,008,174
4.250%, 06/26/97
1,250,000 Irvington, New York, Union Free School District, 3.750%, 1,251,412
01/03/97
2,075,000 Irvington, New York, 4.000%, 11/14/96 2,076,474
10,000,000 Monroe County, New York, Ser. B, 4.000%, 12/12/96 10,018,210
Nassau County, New York,
5,000,000 Ser. B, 4.000%, 11/15/96 5,003,689
4,000,000 Ser. C, 4.250%, 03/14/97 4,010,059
4,000,000 Ser. C, 4.375%, 03/14/97 4,012,830
2,800,000 Rochester, New York, Ser. I, 4.500%, 10/31/96 2,804,628
3,092,000 Ulster, New York, 3.625%, 03/14/97 3,095,539
------------------------------------------------------------------------------------
TOTAL BOND ANTICIPATION NOTES 59,520,375
(COST $59,520,375)
------------------------------------------------------------------------------------
<CAPTION>
COMMERCIAL PAPER -- 24.1%
------------------------------------------------------------------------------------
<C> <S> <C>
Government Development Bank of Puerto Rico,
3,000,000 3.300%, 09/18/96 3,000,000
3,000,000 3.500%, 09/09/96 3,000,000
2,000,000 3.500%, 09/18/96 2,000,000
1,800,000 3.500%, 09/24/96 1,800,000
10,500,000 3.550%, 09/06/96 10,500,000
3,500,000 3.550%, 10/04/96 3,500,000
5,000,000 3.600%, 10/07/96 5,000,000
1,500,000 3.600%, 10/10/96 1,500,000
Municipal Assistance Corp. of New York,
3,000,000 3.400%, 10/21/96 3,000,000
3,000,000 3.400%, 10/23/96 3,000,000
6,700,000 3.450%, 10/23/96 6,700,000
4,000,000 3.550%, 09/18/96 4,000,000
</TABLE>
See notes to financial statements.
37
<PAGE> 40
VISTA NEW YORK TAX FREE MONEY MARKET FUND
PORTFOLIO OF INVESTMENTS August 31, 1996 (continued)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
- ------------------------------------------------------------------------------------
COMMERCIAL PAPER -- (CONTINUED)
------------------------------------------------------------------------------------
<C> <S> <C>
New York City, Municipal Water Financing Authority,
$ 3,000,000 3.400%, 10/03/96 $ 3,000,000
4,500,000 3.400%, 10/08/96 4,500,000
1,000,000 3.450%, 09/04/96 1,000,000
2,600,000 3.450%, 09/05/96 2,600,000
5,000,000 3.450%, 09/11/96 5,000,000
2,300,000 3.450%, 09/12/96 2,300,000
15,500,000 3.450%, 10/23/96 15,500,000
8,000,000 3.450%, 11/12/96 8,000,000
3,000,000 3.500%, 09/09/96 3,000,000
2,500,000 3.550%, 09/05/96 2,500,000
5,000,000 3.550%, 10/23/96 5,000,000
5,000,000 3.650%, 10/10/96 5,000,000
2,800,000 3.650%, 10/23/96 2,800,000
New York City, New York, GO,
3,500,000 Fiscal 1994, Ser. H-4, 3.450%, 10/09/96 3,500,000
2,500,000 Fiscal 1994, Ser. H-4, 3.550%, 11/20/96 2,500,000
5,000,000 Fiscal 1994, Ser. H-4, 3.600%, 11/20/96 5,000,000
5,150,000 Fiscal 1994, Ser. H-6, 3.550%, 10/08/96 5,150,000
7,000,000 Fiscal 1996, Ser. J-2, 3.500%, 09/17/96 7,000,000
4,000,000 Ser. J-3, 3.600%, 11/13/96 4,000,000
New York State, Dormitory Authority,
11,100,000 3.350%, 09/18/96 11,100,000
3,000,000 3.400%, 10/23/96 3,000,000
New York State, Environmental Facilities Corp., Solid
Waste Disposal, General Electric Company Project A,
1,900,000 3.300%, 09/23/96 1,900,000
2,750,000 3.450%, 09/25/96 2,750,000
2,500,000 3.450%, 11/19/96 2,500,000
2,500,000 3.550%, 09/25/96 2,500,000
</TABLE>
See notes to financial statements.
38
<PAGE> 41
VISTA NEW YORK TAX FREE MONEY MARKET FUND
PORTFOLIO OF INVESTMENTS August 31, 1996 (continued)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
- ------------------------------------------------------------------------------------
COMMERCIAL PAPER -- (CONTINUED)
------------------------------------------------------------------------------------
<C> <S> <C>
New York State, GO, BAN,
$ 1,600,000 Ser. R, 3.250%, 10/24/96 $ 1,600,000
1,000,000 Ser. R, 3.350%, 10/17/96 1,000,000
7,000,000 Ser. R, 3.350%, 10/23/96 7,000,000
4,000,000 Ser. R, 3.400%, 10/03/96 4,000,000
4,800,000 Ser. R, 3.450%, 10/09/96 4,800,000
3,000,000 Ser. R, 3.550%, 09/10/96 3,000,000
2,500,000 Ser. R, 3.550%, 10/24/96 2,500,000
11,500,000 Ser. S, 3.450%, 09/03/96 11,500,000
5,000,000 Ser. S, 3.450%, 10/16/96 5,000,000
4,000,000 Ser. S, 3.500%, 10/10/96 4,000,000
Port Authority of New York & New Jersey,
10,540,000 3.500%, 10/16/96 10,540,000
1,450,000 3.550%, 10/22/96 1,450,000
------------------------------------------------------------------------------------
TOTAL COMMERCIAL PAPER -- 214,490,000
(COST $214,490,000)
------------------------------------------------------------------------------------
<CAPTION>
GENERAL OBLIGATION NOTES -- 0.4%
------------------------------------------------------------------------------------
<C> <S> <C>
350,000 Amherst, New York, Central High School District, 7.300%, 350,000
09/03/96
3,500,000 Nassau County, New York, Ser. S, 5.000%, 03/01/97 3,529,312
------------------------------------------------------------------------------------
TOTAL GENERAL OBLIGATION NOTES -- 3,879,312
(COST $3,879,312)
------------------------------------------------------------------------------------
<CAPTION>
REVENUE ANTICIPATION NOTES -- 4.0%
------------------------------------------------------------------------------------
<C> <S> <C>
10,100,000 Erie County, New York, 4.500%, 09/20/96 10,106,056
3,000,000 Erie County, New York, Ser. A, 4.250%, 04/17/97 3,011,641
3,000,000 Greece, New York, Central School District, 4.250%, 3,009,945
06/30/97
4,387,000 Ithaca, New York, City School District, 4.250%, 06/20/97 4,400,736
Nassau County, New York,
5,000,000 Ser. A, 4.000%, 03/05/97 5,015,743
10,000,000 Ser. B, 4.250%, 04/15/97 10,034,168
------------------------------------------------------------------------------------
TOTAL REVENUE ANTICIPATION NOTES -- 35,578,289
(COST $35,578,289)
------------------------------------------------------------------------------------
</TABLE>
See notes to financial statements.
39
<PAGE> 42
VISTA NEW YORK TAX FREE MONEY MARKET FUND
PORTFOLIO OF INVESTMENTS August 31, 1996 (continued)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
- ------------------------------------------------------------------------------------
REVENUE BONDS -- 2.4%
------------------------------------------------------------------------------------
<S> <C> <C>
$ 1,750,000 Albany County, New York, South Mall Construction, Ser. $ 1,751,576
B, 4.350%, 10/01/96
860,000 Hudson, New York, IDA, Emsig Project, PUTS, 4.250%, 860,000
12/15/96
5,400,000 New York City, New York, Ser. A, 6.750%, 03/15/97 5,488,903
New York State, Dormitory Authority, Special Obligation,
State University Educational Facilities,
1,250,000 Ser. A, 6.500%, 05/01/97 1,272,632
1,000,000 Ser. B, 6.300%, 11/01/96 1,004,147
2,000,000 New York State, Energy Research & Development Authority, 2,000,000
PCR, New York State Electric & Gas, Ser. D, PUTS,
3.650%, 12/01/96
300,000 New York State, Housing Financing Agency, Health 301,936
Facilities, 7.750%, 11/01/96
New York State, Power Authority,
8,300,000 General Purpose, PUTS, 3.250%, 09/03/96 8,300,000
100,000 Ser. V, 6.900%, 01/01/97 101,052
100,000 New York State, Urban Development Corp., Correctional 100,858
Facilities, Ser. C, 6.700%, 01/01/97
------------------------------------------------------------------------------------
TOTAL REVENUE BONDS -- 21,181,104
(COST $21,181,104)
------------------------------------------------------------------------------------
<CAPTION>
TAX ANTICIPATION NOTES -- 12.8%
------------------------------------------------------------------------------------
<S> <C> <C>
3,500,000 Albany, New York, City School District, 4.000%, 10/30/96 3,502,415
3,400,000 Binghamton, New York, City School District, Ser. B, 3,403,249
4.000%, 11/27/96
4,000,000 Central Islip, New York, Union Free School District, 4,014,207
4.500%, 06/30/97
2,750,000 Clarkstown, New York, Central School District, 4.250%, 2,758,600
06/27/97
5,480,000 East Islip, New York, Union Free School District, 5,499,225
4.500%, 06/26/97
3,000,000 Edgemont, New York, Union Free School District, 3,003,818
Greenbutgh, 4.000%, 02/10/97
2,300,000 Elmont, New York, Union Free School District, 4.250%, 2,307,280
06/30/97
5,500,000 Garden City, New York, Union Free School District, 5,528,057
4.500%, 06/26/97
2,200,000 Irvington, New York, Union Free School District, 4.000%, 2,201,211
10/31/96
6,000,000 Levittown, New York, Union Free School District, 4.250%, 6,017,138
06/25/97
5,800,000 Manhasset, New York, Union Free School District, 4.250%, 5,822,668
06/26/97
</TABLE>
See notes to financial statements.
40
<PAGE> 43
VISTA NEW YORK TAX FREE MONEY MARKET FUND
PORTFOLIO OF INVESTMENTS August 31, 1996 (continued)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
- ------------------------------------------------------------------------------------
TAX ANTICIPATION NOTES -- (CONTINUED)
------------------------------------------------------------------------------------
<S> <C> <C>
$ 4,650,000 Massapequa, New York, Union Free School District, $ 4,666,551
4.250%, 06/30/97
14,900,000 New York City, New York, Ser. A, 4.500%, 02/12/97 14,952,421
2,500,000 Nyack, New York, Union Free School District, 4.250%, 2,504,873
01/03/97
3,800,000 Oswego, New York, City School District, 4.000%, 12/27/96 3,804,680
7,000,000 Riverhead, New York, Central School District, 4.250%, 7,016,349
06/26/97
4,500,000 Scarsdale, New York, Union Free School District, 4.250%, 4,512,278
06/26/97
4,000,000 Smithtown, New York, Central School District, 4.500%, 4,020,283
06/26/97
3,000,000 South Orangetown, New York, Central School District, 3,001,647
4.000%, 11/01/96
6,000,000 Suffolk County, New York, Ser. II, 4.500%, 09/12/96 6,000,959
West Babylon, New York, Union Free School District,
2,195,000 4.250%, 06/26/97 2,199,290
5,000,000 4.500%, 06/26/97 5,019,592
12,000,000 Westchester County, New York, 3.750%, 12/11/96 12,017,739
------------------------------------------------------------------------------------
TOTAL TAX ANTICIPATION NOTES -- 113,774,530
(COST $113,774,530)
------------------------------------------------------------------------------------
<CAPTION>
FLOATING RATE DEMAND NOTES -- 47.5%
------------------------------------------------------------------------------------
<S> <C> <C>
1,000,000 Albany, New York, IDA, Newkirk Productions Inc. Project, 1,000,000
Ser. A, Rev., 3.400%, 09/06/96
Babylon, New York, IDA,
2,200,000 Edwin Verger/Lambro Industries, Rev., 3.650%, 09/06/96 2,200,000
1,900,000 Resource Recovery, OFS Equity Babylon Project, Rev., 1,900,000
3.50%, 09/03/96
6,200,000 Babylon, New York, Ser. B, GO, 3.200%, 09/06/96 6,200,000
1,600,000 Broome County, New York, IDA, Binghamton Realty Project, 1,600,000
3.400%, 09/06/96
3,500,000 Clinton County, New York, IDA, Bombardier Corp. Project,
Ser. A, 3.550%, 09/06/96 3,500,000
1,115,000 Cortland County, New York, IDA, IDR, Saulsbury Fire 1,115,000
Equipment Corp., Rev., 3.650%, 09/06/96
5,100,000 Dutchess County, New York, IDA, Laerdal Medical Corp., 5,100,000
Project, Rev., 3.600%, 09/06/96
2,170,000 Erie County, New York, IDA, Rosina Food Products, Inc., 2,170,000
3.500%, 09/06/96
</TABLE>
See notes to financial statements.
41
<PAGE> 44
VISTA NEW YORK TAX FREE MONEY MARKET FUND
PORTFOLIO OF INVESTMENTS August 31, 1996 (continued)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
- ------------------------------------------------------------------------------------
FLOATING RATE DEMAND NOTES -- (CONTINUED)
------------------------------------------------------------------------------------
<S> <C> <C>
Glens Falls, New York, IDA,
$ 400,000 Broad Street Center Project, Rev., 3.350%, 09/06/96 $ 400,000
1,325,000 Broad Street Plaza Project, Rev., 3.500%, 09/06/96 1,325,000
1,910,000 Namic Project, Rev., 3.400%, 09/06/96 1,910,000
2,200,000 Lewis County, New York, IDA, Climax Manufacturing Co. 2,200,000
Project, Rev., 3.500%, 09/06/96
12,200,000 Metropolitan Transportation Authority, Commuter 12,200,000
Facilities, 3.300%, 09/06/96
4,395,000 Monroe County, New York, IDA, Columbia Sussex Corp., 4,393,965
5.000%, 09/06/96
400,000 Montgomery, New York, IDA, Service Merchandise Co., 400,000
3.550%, 09/06/96
2,095,000 Mount Pleasant, New York, IDA, PCR, General Motors Corp. 2,095,000
Project, Rev., 3.500%, 09/06/96
Nassau County, New York, IDA,
200,000 Civic Facilities, Cold Spring Habor Lab Project, Rev., 200,000
3.50%, 09/03/96
100,000 Research Facilities, Cold Spring Habor Lab Project, 100,000
Rev., 3.50%, 09/03/96
4,500,000 New York City, New York, Housing Development Authority, 4,500,000
East 96th Street Project, Ser. A, 3.450%, 09/06/96
New York City, New York, Housing Development Corp.,
4,300,000 Mortgage, Multifamily, Columbus Apartments, Ser. A, 4,300,000
Rev., 3.250%, 09/06/96
2,100,000 Mortgage, Multifamily, Columbus Apartments, Ser. A, 2,100,000
Rev., 3.400%, 09/06/96
4,300,000 Mortgage, Multifamily, Tribeca Towers, Ser. A, Rev., 4,300,000
3.350%, 09/06/96
4,600,000 Mortgage, Multifamily, James Tower, 3.350%, 09/06/96 4,600,000
3,920,000 Mortgage, Parkgate Tower, Ser. 1, Rev., 3.300%, 3,920,000
09/06/96
New York City, New York, IDA, Civil Facilities,
1,800,000 Calhoun School Inc. Project, Rev., 3.300%, 09/06/96 1,800,000
2,700,000 Children's Oncology Society, Rev., 3.250%, 09/06/96 2,700,000
500,000 National Audubon Society, Rev., 3.750%, 09/03/96 500,000
</TABLE>
See notes to financial statements.
42
<PAGE> 45
VISTA NEW YORK TAX FREE MONEY MARKET FUND
PORTFOLIO OF INVESTMENTS August 31, 1996 (continued)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
- ------------------------------------------------------------------------------------
FLOATING RATE DEMAND NOTES -- (CONTINUED)
------------------------------------------------------------------------------------
<S> <C> <C>
New York City, New York, IDA, IDR
$ 500,000 Bears, 3.350%, 09/06/96 $ 500,000
400,000 Ser. B, Tomsed Realty Corp., 3.350%, 09/06/96 400,000
1,500,000 Ser. D, Rev., 3.350%, 09/06/96 1,500,000
1,450,000 Ser. E, Rev., 3.350%, 09/06/96 1,450,000
550,000 Ser. F, Marion Glass and Window Shade Corp., 3.350%, 550,000
09/06/96
450,000 Ser. G, Monarch Construction Corp., 3.350%, 09/06/96 450,000
450,000 Ser. N, Spreading Machine Exchange, Inc., 3.350%, 450,000
09/06/96
500,000 White Plains Auto Project, Rev., 3.400%, 09/06/96 500,000
5,300,000 New York City, New York, Municipal Water Financing 5,300,000
Authority, Water & Sewer Systems, Ser. C, 3.800%,
09/03/96
New York City, New York,
2,000,000 Ser. A-7, 3.700%, 09/03/96 2,000,000
2,495,000 Ser. A-9, 3.300%, 09/06/96 2,495,000
500,000 Ser. B, GO, 4.000%, 09/03/96 500,000
1,000,000 Ser. B-2, GO, 4.000%, 09/03/96 1,000,000
3,600,000 Ser. B-4, 4.000%, 09/03/96 3,600,000
2,200,000 Ser. B, Dai Ichi Kangyo, 4.000%, 09/03/96 2,200,000
700,000 Ser. B, Sub-Ser. B-4, GO, 3.800%, 09/03/96 700,000
1,600,000 Ser. B, Sub-Ser. B-6, GO, 3.750%, 09/03/96 1,600,000
11,800,000 Ser. B, through Sub-Ser. B-8, GO, 3.300%, 09/06/96 11,800,000
10,000,000 Ser. B, through Sub-Ser. B-10, GO, 3.300%, 09/06/96 10,000,000
300,000 Ser. C, Sub-Ser. C-5, GO, 3.750%, 09/03/96 300,000
6,000,000 Ser. D, GO, 3.300%, 09/06/96 6,000,000
1,800,000 Sub-Ser. A-5, GO, 3.800%, 09/03/96 1,800,000
3,350,000 Sub-Ser. A-7, GO PUT, 3.700%, 09/03/96 3,350,000
3,065,000 Sub-Ser. A-8, GO, 3.800%, 09/03/96 3,065,000
2,500,000 Sub-Ser. A-8, GO PUT, 3.800%, 09/03/96 2,500,000
400,000 Sub-Ser. B-2, GO, 3.800%, 09/03/96 400,000
1,000,000 Sub-Ser. B-2, GO, 4.000%, 09/03/96 1,000,000
500,000 Sub-Ser. B-4 GO, 4.000%, 09/03/96 500,000
4,900,000 Sub-Ser. B-8, GO, 3.300%, 09/06/96 4,900,000
2,600,000 Sub-Ser. E-3, GO, 3.700%, 09/03/96 2,600,000
3,300,000 Sub-Ser. E-4, GO, 3.700%, 09/03/96 3,300,000
20,200,000 Sub-Ser. E-5, GO, 3.700%, 09/03/96 20,200,000
2,500,000 Sub-Ser. E-6, GO, 3.700%, 09/03/96 2,500,000
1,300,000 New York City, New York, Trust for Cultural Resources, 1,300,000
Soloman R Guggenheim, Ser. B, Rev., 3.750%, 09/03/96
</TABLE>
See notes to financial statements.
43
<PAGE> 46
VISTA NEW YORK TAX FREE MONEY MARKET FUND
PORTFOLIO OF INVESTMENTS August 31, 1996 (continued)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
- ------------------------------------------------------------------------------------
FLOATING RATE DEMAND NOTES -- (CONTINUED)
------------------------------------------------------------------------------------
<S> <C> <C>
$ 3,950,000 American Museum of Natural History, 3.050%, 09/06/96 $ 3,950,000
New York State, Energy Research & Development Authority,
PCR, Central Hudson Gas & Electric, Co., Ser. B
1,800,000 Rev., 3.100%, 09/06/96 1,800,000
9,300,000 Rev., 3.200%, 09/06/96 9,300,000
New York State, Energy Research & Development Authority,
PCR,
16,100,000 Orange & Rockland Project, Ser. A, Rev., 3.75%, 16,100,000
09/06/96
3,700,000 Orange & Rockland Utilities, Ser. A, Rev., 3.050%, 3,700,000
09/06/96
12,200,000 Hudson Gas & Electric Co., 3.200%, 09/06/96 12,200,000
5,810,000 New York State Electric & Gas, Ser. C, Rev., 3.500%, 5,810,000
09/03/96
8,600,000 New York State Electric & Gas, Ser. D, Rev., 3.750%, 8,600,000
09/03/96
6,100,000 Rochester Gas & Electric, 3.550%, 10/01/96 6,100,000
New York State, Housing Finance Agency,
1,100,000 Multifamily, Ser. E, Rev., 3.400%, 09/06/96 1,100,000
16,800,000 Normandie Court I Project, Rev., 3.350%, 09/06/96 16,800,000
2,900,000 Normandie Court II, Ser. A, 3.400%, 09/06/96 2,900,000
5,200,000 Residential Insured, Ser. A, Rev., 3.400%, 09/06/96 5,200,000
New York State, Job Development Authority,
4,790,000 Ser. A-1 through A-21, Rev., 3.900%, 09/03/96 4,790,000
2,740,000 Ser. A-1 through A-42, Rev., 3.850%, 09/03/96 2,740,000
5,080,000 Ser. B-1 through B-9, Rev., 3.900%, 09/03/96 5,080,000
2,200,000 Ser. B-1 through B-21, Rev., 3.850%, 09/03/96 2,200,000
1,775,000 Special Purpose, Ser. A-1 through A-13, Rev., 3.850%, 1,775,000
09/03/96
8,265,000 Special Purpose, Ser. A-1 through A-25, 3.900%, 8,265,000
09/03/96
600,000 State Guaranteed, Special Purpose, Ser. B-1 through 600,000
B-2, Rev., 3.900%, 09/03/96
2,325,000 Supplemental Purpose, Ser. B-1 thru B-9, 3.850%, 2,325,000
09/03/96
New York State, Local Government Assistance Corp.,
24,700,000 Ser. A, 3.250%, 09/06/96 24,700,000
7,800,000 Ser. B, 3.200%, 09/06/96 7,800,000
4,700,000 Ser. D, Rev., 3.350%, 09/06/96 4,700,000
4,900,000 Ser. E, Rev., 3.350%, 09/06/96 4,900,000
20,100,000 Ser. G, Rev., 3.150%, 09/06/96 20,100,000
4,000,000 New York State, Medical Care Facilities Financing 4,000,000
Agency, New York Hospital FHA Insured Mortgage, Ser.
A, 3.560%, 09/06/96
</TABLE>
See notes to financial statements.
44
<PAGE> 47
VISTA NEW YORK TAX FREE MONEY MARKET FUND
PORTFOLIO OF INVESTMENTS August 31, 1996 (continued)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
- ------------------------------------------------------------------------------------
FLOATING RATE DEMAND NOTES -- (CONTINUED)
------------------------------------------------------------------------------------
<S> <C> <C>
$ 1,900,000 Newburgh, New York, IDA, Civic Facility, Mt. St. Mary $ 1,900,000
College, Rev., 3.400%, 09/06/96
3,200,000 Niagara Falls, New York, Bridge Commission, Ser. A, 3,200,000
3.050%, 09/06/96
1,100,000 North Hempstead, New York, Solid Waste Management 1,100,000
Authority, Solid Waste Management, Ser. A, Rev.,
3.200%, 09/06/96
2,950,000 Port Authority of New York & New Jersey, Equipment 2,950,000
Notes, Ser. 3, 3.350%, 09/06/96
5,300,000 Puerto Rico, Industrial, Medical, & Environmental, 5,300,000
Higher Education, Ana G. Mendez Educational
Foundation, 3.550%, 09/06/96
1,075,000 Rockland County, New York, IDA, X Products Corp. 1,075,000
Project, Rev., 3.500%, 09/06/96
9,500,000 Seneca County, New York, IDA, Civic Facility, New York 9,500,000
Chiropractic College, Rev., 3.050%, 09/06/96
700,000 St. Lawrency County, New York, IDA, PCR, Reynolds 700,000
Metals, Rev., 3.800%, 09/03/96
Suffolk County, New York, IDA,
5,700,000 Nissequogue Cogen Partners, 3.250%, 09/06/96 5,700,000
1,200,000 Research Facility, Cold Spring Harbor Lab Project, 1,200,000
Rev., 3.850%, 09/03/96
15,800,000 Suffolk County, New York, Water Authority, BAN, 3.150%, 15,800,000
09/06/96
7,000,000 Triborough Bridge & Tunnel Authority of New York, 7,000,000
Special Obligation, Rev., 3.200%, 09/06/96
628,600 Warren & Washington Counties, New York, IDA, Stevens & 628,600
Thompson, Ser. C, 3.600%, 10/01/96
------------------------------------------------------------------------------------
TOTAL FLOATING RATE DEMAND NOTES 423,027,565
(COST $423,027,565)
------------------------------------------------------------------------------------
<CAPTION>
MONEY MARKET FUND -- 1.7%
------------------------------------------------------------------------------------
<S> <C> <C>
15,105,582 Provident New York Money Market Fund 15,105,582
(COST $15,105,582)
------------------------------------------------------------------------------------
------------------------------------------------------------------------------------
TOTAL INVESTMENTS -- 99.6% $ 886,556,757
(COST $886,556,757)**
------------------------------------------------------------------------------------
</TABLE>
See notes to financial statements.
45
<PAGE> 48
VISTA CALIFORNIA TAX FREE MONEY MARKET FUND
PORTFOLIO OF INVESTMENTS August 31, 1996
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
- ------------------------------------------------------------------------------------
STATE & MUNICIPAL OBLIGATIONS -- 28.3%
------------------------------------------------------------------------------------
<S> <C> <C>
$ 420,000 La Brea, California, Redevelopment Agency, Sub-Tax $ 431,244
Allocation, Redevelopment Project, Area AB, Pre-Refunded
Rev. Bond, 8.50%, 09/15/96
1,500,000 California, Community College Financing Authority, Ser. A, 1,510,824
TRAN, 4.75%, 07/02/97
Los Angeles County, California --
1,560,000 Local Educational Agencies Participation Certificates, 1,570,893
Pooled Program, Ser. A, TRAN 4.75%, 06/30/97
1,500,000 Ser. A, TRAN, 4.50%, 06/30/97 1,506,878
Los Angeles, California --
1,000,000 Department of Airports, Ser. A, Pre-Refunded Rev. Bond, 1,041,194
7.10%, 05/01/97
1,000,000 Department of Airports, Ser. B, Pre-Refunded Rev. Bond, 1,041,845
7.20%, 05/01/97
1,000,000 Unified School District, TRAN, 4.50%, 06/30/97 1,005,575
1,000,000 Sacramento, California, Redevelopment Agency Tax Allocation 1,004,061
Merged Downtown Redevelopment Project, Ser. A, Rev.,
6.20%, 11/01/96
2,000,000 San Francisco, California, City & County, TRAN, 4.75%, 2,000,803
09/19/96
1,000,000 Turlock, California, Irrigation District, Ser. A, Rev., 1,001,289
4.00%, 01/01/97
------------------------------------------------------------------------------------
TOTAL STATE & MUNICIPAL OBLIGATIONS 12,114,606
(COST $12,114,606)
------------------------------------------------------------------------------------
<CAPTION>
FLOATING RATE DEMAND NOTES -- 64.6%
------------------------------------------------------------------------------------
<S> <C> <C>
California Health Facilities Financing Authority --
300,000 Adventist Health Systems, Ser. A, 3.25%, 09/06/96 300,000
300,000 Floating-Pooled Loan Program, Ser. B, 3.35%, 09/06/96 300,000
1,100,000 Santa Barbara Cottage, Ser. C, 3.15%, 09/06/96 1,100,000
California PCFA --
400,000 PCR, Pacific Gas & Electric, Ser. F, 3.65%, 09/03/96 400,000
800,000 Resource Recovery, Burney Forest Products Project, Ser. 800,000
A, 3.70%, 09/03/96
100,000 Resource Recovery, Burney Forest Products, Ser. A, 3.55%, 100,000
09/03/96
2,000,000 California State, Ser. C-4, 3.25%, 09/06/96 2,000,000
California Statewide Communities Development Corp --
100,000 13th & I Association Project, 3.40%, 09/06/96 100,000
900,000 IDA, Kennerly Project, Ser. A, 3.40%, 09/06/96 900,000
1,000,000 IDA, Howard Ser. B, 3.50%, 09/06/96 1,000,000
750,000 IDR, Encore Video, 3.40%, 09/06/96 750,000
</TABLE>
See notes to financial statements.
46
<PAGE> 49
VISTA CALIFORNIA TAX FREE MONEY MARKET FUND
PORTFOLIO OF INVESTMENTS August 31, 1996 (continued)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
- ------------------------------------------------------------------------------------
FLOATING RATE DEMAND NOTES -- (CONTINUED)
------------------------------------------------------------------------------------
<S> <C> <C>
$ 455,000 IDR, Evapco Inc. Project, 3.40%, 09/06/96 $ 455,000
440,000 IDR, Florestone, 3.40%, 09/06/96 440,000
2,500,000 IDR, Nichirin, 3.55%, 09/06/96 2,500,000
1,000,000 IDR, Setton Properties, 3.50%, 09/06/96 1,000,000
400,000 IDR, South Bay Circle, 3.40%, 09/06/96 400,000
1,000,000 IDR, Veriflow Corp., 3.50%, 09/06/96 1,000,000
650,000 Irvine Ranch, California, Water District, Certificate of 650,000
Participation Fund, 3.60%, 09/03/96
1,600,000 Kern County, California, Certificates of Participation, 1,600,000
Kern Public Facilities Project, Ser. C, 3.25%, 09/06/96
Los Angeles County, California --
1,000,000 Metropolitan Transportation Authority, Proposal C, Second 1,000,000
Sr. Ser. A, 3.20%, 09/06/96
2,400,000 Pension Obligation, Ser. B, 3.20%, 09/06/96 2,400,000
Los Angeles, California --
600,000 Community Redevelopment Agency, Certificate of 600,000
Participation, Broadway Spring Center Project, 3.45%,
09/06/96
300,000 IDA, Hon Industries, Inc., Project, Ser. 1984, 3.35%, 300,000
09/06/96
600,000 Regional Airports Improvement Corp. Lease, American 600,000
Airlines, L.A. International, Ser. E, 3.70%, 09/03/96
2,000,000 Monterey Peninsula, California, Water Management District, 2,000,000
Certificate of Participation, Wastewater Reclamation
Project, 3.55%, 09/06/96
1,500,000 Palm Springs, California, Community Redevelopment Agency, 1,500,000
Certificate of Participation, 3.45%, 09/06/96
160,000 Richmond, California, Joint Powers Financing Authority, 160,000
Port Term Lease, 3.70%, 09/03/96
San Bernardino County, California,
1,000,000 Certificates of Participation, County Center Refinancing 1,000,000
Project, 3.30%, 09/06/96
100,000 IDA, Aqua-Service, 3.40%, 09/06/96 100,000
300,000 San Diego, California, IDA, Kaiser Aerospace & Electric, 300,000
3.70%, 09/06/96
1,000,000 Santa Ana, California, Union School District, Certificate 1,000,000
of Participation, 3.40%, 09/06/96
300,000 Santa Clara, California, Electric Revenue, Ser. B, 3.30%, 300,000
09/06/96
600,000 Three Valleys Municipal, Water District, Miramar Water 600,000
Treatment, 3.55%, 09/06/96
------------------------------------------------------------------------------------
TOTAL FLOATING RATE DEMAND NOTES 27,655,000
(COST $27,655,000)
------------------------------------------------------------------------------------
</TABLE>
See notes to financial statements.
47
<PAGE> 50
VISTA CALIFORNIA TAX FREE MONEY MARKET FUND
PORTFOLIO OF INVESTMENTS August 31, 1996 (continued)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
- ------------------------------------------------------------------------------------
COMMERCIAL PAPER -- 4.7%
------------------------------------------------------------------------------------
<S> <C> <C>
$ 2,000,000 Long Beach California Habor, Commercial Paper Notes, 3.40%, $ 2,000,000
09/12/96 (COST $2,000,000)
------------------------------------------------------------------------------------
<Capton>
MONEY MARKET FUND -- 1.8%
------------------------------------------------------------------------------------
<S> <C> <C>
785,181 Provident California Money Market Fund 785,181
(COST $785,181)
------------------------------------------------------------------------------------
------------------------------------------------------------------------------------
TOTAL INVESTMENTS -- 99.4% $ 42,554,787
(COST $42,554,787)**
------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<S> <C> <C>
# = Security may only be sold to qualified institutional buyers.
** = The cost of securities is substantially the same for federal income tax
purposes.
BAN = Bond Anticipation Note
COP = Certificates of Participation
CP = Commercial Paper
FFCB = Federal Farm Credit Bank
FHLB = Federal Home Loan Bank
FHLMC = Federal Home Loan Mortgage Corp.
FNMA = Federal National Mortgage Association
FRN = Floating Rate Note: The maturity date shown is the next interest reset
date; the rate shown is the rate in effect at August 31, 1996.
FRB = Floating Rate Bond: The maturity date shown is the next interest reset
date; the rate shown is the rate in effect at August 31, 1996.
FRDN = Floating Rate Demand Note: The maturity date shown is the next interest
reset date; the rate shown is the rate in effect at August 31, 1996.
GNMA = Government National Mortgage Association
GO = General Obligation
ID = Industrial Development
IDA = Industrial Development Authority
IDB = Industrial Development Bond
IDC = Industrial Development Corp.
IDR = Industrial Development Revenue
IO = Interest Only
IRB = Industrial Revenue Bond
LOC = Letter of Credit
MBS = Mortgage Backed Securities
MTN = Medium Term Note
PCC = Pollution Control Corp.
PCFA = Pollution Control Financing Authority
PCR = Pollution Control Revenue
REMIC = Real Estate Mortgage Investment Conduit
Rev. = Revenue Bond
TAN = Tax Anticipation Note
TAW = Tax Anticipation Warrant
TRAN = Tax & Revenue Anticipation Note
</TABLE>
See notes to financial statements.
48
<PAGE> 51
STATEMENT OF ASSETS AND LIABILITIES August 31, 1996
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Vista
100% U.S.
Treasury Vista Vista
Securities U.S. Government Treasury Plus
Money Market Money Market Money Market
Fund Fund Fund
-------------- --------------- --------------
<S> <C> <C> <C>
ASSETS:
Investment securities, at value (Note 1)....... $1,964,313,840 $4,032,892,688 $1,982,985,887
Cash........................................... 3,940 -- 11,945,202
Other assets................................... 111,304 250,258 113,971
Receivables:
Investment securities sold................... 992,608,902 -- 199,594,389
Interest..................................... 14,919,266 19,604,595 9,841,974
Fund shares sold............................. 2,943 21,595,684 166,381
Expense reimbursement from Distributor....... 2,019 -- --
-------------- -------------- --------------
Total Assets............................. 2,971,962,214 4,074,343,225 2,204,647,804
-------------- -------------- --------------
LIABILITIES:
Payable for investment securities purchased.... 1,297,465,083 -- 498,994,722
Payable for Fund shares redeemed............... 43,724 21,443,042 24,773,480
Payable to custodian........................... -- 2,156,188 --
Dividends payable.............................. 1,391,350 7,793,572 2,938,753
Other liabilities.............................. 63,572 -- 72,701
Accrued liabilities: (Note 2)
Administration fees.......................... 141,967 341,628 145,872
Distribution fees............................ 141,560 243,223 123,843
Investment advisory fees..................... 141,967 342,956 145,871
Shareholder/Fund servicing fees.............. 311,485 529,489 296,888
Custody fees................................. 57,609 116,120 65,482
Other........................................ 372,865 926,435 382,887
-------------- -------------- --------------
Total Liabilities........................ 1,300,131,182 33,892,653 527,940,499
-------------- -------------- --------------
NET ASSETS:
Paid in capital................................ 1,671,540,583 4,040,447,969 1,676,778,058
Accumulated undistributed net investment
income....................................... (6) -- 13,753
Accumulated net realized gain (loss) on
investment transactions...................... 290,455 2,603 (84,506)
-------------- -------------- --------------
Net Assets................................... $1,671,831,032 $4,040,450,572 $1,676,707,305
============== ============== ==============
Shares of beneficial interest outstanding
($.001 par value; unlimited number of shares
authorized):
Vista Shares............................... 1,671,390,980 2,057,122,195 1,382,344,606
Premier Shares............................. 226,950 801,664,539 106,025,250
Institutional Shares....................... 212 1,181,761,985 188,506,170
B Shares...................................
Net asset value, offering and redemption price
per share, all classes (net assets/shares)..... $1.00 $1.00 $1.00
============== ============== ==============
Cost of investments............................. $1,964,313,840 $4,032,892,688 $1,982,985,887
============== ============== ==============
</TABLE>
See notes to financial statements.
49
<PAGE> 52
STATEMENT OF ASSETS AND LIABILITIES August 31, 1996 (continued)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Vista Vista Vista
Federal Cash Management Prime
Money Market Money Market Money Market
Fund Fund Fund
------------ --------------- ---------------
<S> <C> <C> <C>
ASSETS:
Investment securities, at value (Note 1)....... $736,827,216 $2,691,712,457 $ 1,155,845,923
Cash........................................... -- 45,207,897 1,384
Other assets................................... 45,615 148,626 76,644
Receivables:
Investment securities sold................... -- -- --
Interest..................................... 5,090,696 16,214,127 6,994,772
Fund shares sold............................. 3,651,443 691,525 653,270
Expense reimbursement from Distributor....... -- -- --
------------ -------------- --------------
Total Assets............................. 745,614,970 2,753,974,632 1,163,571,993
------------ -------------- --------------
LIABILITIES:
Payable for investment securities purchased.... -- 34,459,296 --
Payable for Fund shares redeemed............... 402,877 3,358,048 75,780
Payable to custodian........................... 728,564 -- --
Dividends payable.............................. 802,582 2,917,129 3,765,727
Other liabilities.............................. -- 108,960 --
Accrued liabilities: (Note 2)
Administration fees.......................... 62,444 232,842 109,590
Distribution fees............................ 37,827 -- 10,240
Investment advisory fees..................... 62,444 232,840 109,589
Shareholder/Fund servicing fees.............. 96,014 506,037 63,064
Custody fees................................. 33,866 79,195 48,075
Other........................................ 385,465 564,110 443,206
------------ -------------- --------------
Total Liabilities........................ 2,612,083 42,458,457 4,625,271
------------ -------------- --------------
NET ASSETS:
Paid in capital................................ 742,959,020 2,711,409,891 1,158,946,722
Accumulated undistributed net investment
income....................................... -- -- --
Accumulated net realized gain (loss) on
investment transactions...................... 43,867 106,284 --
------------ -------------- --------------
Net Assets................................... $743,002,887 $2,711,516,175 $ 1,158,946,722
============ ============== ==============
Shares of beneficial interest outstanding
($.001 par value; unlimited number of shares
authorized):
Vista Shares............................... 352,921,661 1,621,253,582
Premier Shares............................. 248,744,348 433,247,394 418,675,425
Institutional Shares....................... 141,293,011 657,019,492 724,602,674
B Shares................................... 15,668,623
Net asset value, offering and redemption price
per share, all classes (net assets/shares)..... $1.00 $1.00 $1.00
============ ============== ==============
Cost of investments............................. $736,827,216 $2,691,712,457 $ 1,155,845,923
============ ============== ==============
</TABLE>
See notes to financial statements.
50
<PAGE> 53
STATEMENT OF ASSETS AND LIABILITIES August 31, 1996 (continued)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Vista Vista
Vista New York California
Tax Free Tax Free Tax Free
Money Market Money Market Money Market
Fund Fund Fund
------------ ------------ ------------
<S> <C> <C> <C>
ASSETS:
Investment securities, at value (Note 1)........... $874,138,030 $886,556,757 $42,554,787
Cash............................................... 11,632 51,542 81,367
Other assets....................................... 60,593 68,202 5,376
Receivables:
Investment securities sold....................... -- -- --
Interest......................................... 5,243,655 5,239,659 328,148
Fund shares sold................................. 3,949,520 517,312 --
Expense reimbursement from Distributor........... -- -- --
------------ ------------ ------------
Total Assets................................. 883,403,430 892,433,472 42,969,678
------------ ------------ ------------
LIABILITIES:
Payable for investment securities purchased........ 12,980,599 -- --
Payable for Fund shares redeemed................... 456,417 207,571 --
Payable to custodian............................... -- -- --
Dividends payable.................................. 1,426,162 1,166,679 46,565
Other liabilities.................................. 65,744 1,387 --
Accrued liabilities: (Note 2)
Administration fees.............................. 72,312 75,044 3,764
Distribution fees................................ 47,513 75,045 3,764
Investment advisory fees......................... 72,677 75,134 1,129
Shareholder/Fund servicing fees.................. 131,766 157,593 5,646
Custody fees..................................... 42,320 23,520 8,639
Other............................................ 236,770 238,021 81,618
------------ ------------ ------------
Total Liabilities............................ 15,532,280 2,019,994 151,125
------------ ------------ ------------
NET ASSETS:
Paid in capital.................................... 867,898,816 890,318,046 42,824,939
Accumulated undistributed net investment
income........................................... 43,539 83,638 9,908
Accumulated net realized gain (loss) on
investment transactions.......................... (71,205) 11,794 (16,294)
------------ ------------ ------------
Net Assets....................................... $867,871,150 $890,413,478 $42,818,553
============ ============ ============
Shares of beneficial interest outstanding
($.001 par value; unlimited number of shares
authorized):
Vista Shares................................... 574,515,460 890,493,915 42,823,724
Premier Shares................................. 145,208,072
Institutional Shares........................... 148,540,858
B Shares.......................................
Net asset value, offering and redemption price per
share, all classes (net assets/shares)............. $1.00 $1.00 $1.00
============ ============ ============
Cost of investments................................. $874,138,030 $886,556,757 $42,554,787
============ ============ ============
</TABLE>
See notes to financial statements.
51
<PAGE> 54
STATEMENT OF OPERATIONS For the year ended August 31, 1996
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Vista
100% U.S. Vista
Treasury Vista Treasury
Securities U.S. Government Plus
Money Market Money Market Money Market
Fund* Fund Fund
------------ --------------- ------------
<S> <C> <C> <C>
INTEREST INCOME: (Note 1C)........................ $61,546,348 $ 164,074,476 $35,058,699
----------- ------------ -----------
EXPENSES: (Note 2)
Shareholder/Fund servicing fees:
Vista Shares................................... 4,161,761 3,193,687 1,747,171
Premier Shares................................. 126 2,336,485 172,057
B Shares....................................... -- -- --
Distribution fees:
Vista Shares................................... 530,117 912,482 499,192
Premier Shares................................. -- 1,087,140 --
B Shares....................................... -- -- --
Administration fees.............................. 741,264 1,479,655 332,778
Investment advisory fees......................... 1,518,404 2,959,311 665,556
Sub-administration fees.......................... 265,361 1,479,655 332,778
Custodian fees................................... 235,508 563,233 188,791
Interest Expense................................. -- -- --
Printing and postage............................. 17,982 35,234 11,552
Professional fees................................ 69,903 137,855 46,948
Registration costs............................... 148,538 402,051 67,175
Transfer agent fees:
Vista Shares................................... 283,573 355,766 162,317
Premier Shares................................. 1,030 186,564 44,490
Institutional Shares........................... 1,124 114,577 31,958
B Shares....................................... -- -- --
Trustees fees and expenses....................... 57,204 225,317 59,857
Other............................................ 67,622 162,709 114,240
----------- ------------ -----------
Total expenses............................. 8,099,517 15,631,721 4,476,860
Less amounts waived (Note 2F).................... 1,001,498 1,193,586 865,330
Less expenses borne by Distributor............... 2,018 -- --
----------- ------------ -----------
Net expenses................................... 7,096,001 14,438,135 3,611,530
----------- ------------ -----------
Net investment income.......................... 54,450,347 149,636,341 31,447,169
----------- ------------ -----------
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS
Net realized gain (loss) on investment
transactions................................... 317,081 3,546 (84,507)
----------- ------------ -----------
Net increase in net assets from operations....... $54,767,428 $ 149,639,887 $31,362,662
=========== ============ ===========
</TABLE>
- ------------------
* In 1996 the fund changed its fiscal year end from November 30 to August 31.
The period shown is December 1, 1995 through August 31, 1996.
See notes to financial statements.
52
<PAGE> 55
STATEMENT OF OPERATIONS For the year ended August 31, 1996 (continued)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Vista Vista Vista
Federal Cash Management Prime
Money Market Money Market Money Market
Fund Fund* Fund
------------ --------------- ------------
<S> <C> <C> <C>
INTEREST INCOME: (Note 1C)....................... $32,401,854 $80,017,077 $61,684,144
----------- ----------- -----------
EXPENSES: (Note 2)
Shareholder/Fund servicing fees:
Vista Shares.................................. 880,856 4,086,512 --
Premier Shares................................ 455,489 368,896 910,639
B Shares...................................... -- -- 25,702
Distribution fees:
Vista Shares.................................. 251,673 -- --
Premier Shares................................ -- -- --
B Shares...................................... -- -- 65,891
Administration fees............................. 295,156 872,983 550,477
Investment advisory fees........................ 590,313 1,781,610 1,100,953
Sub-administration fees......................... 295,156 402,255 550,477
Custodian fees.................................. 186,428 268,638 255,532
Interest Expense................................ -- -- 7,741
Printing and postage............................ 22,959 13,536 10,572
Professional fees............................... 43,453 43,624 59,629
Registration costs.............................. 98,811 129,284 229,513
Transfer agent fees:
Vista Shares.................................. 520,316 186,634 --
Premier Shares................................ 53,170 44,268 108,326
Institutional Shares.......................... 30,897 14,078 54,823
B Shares...................................... -- -- 46,264
Trustees fees and expenses...................... 43,439 92,045 80,807
Other........................................... 50,122 114,935 60,224
----------- ----------- -----------
Total expenses............................ 3,818,238 8,419,298 4,117,570
Less amounts waived (Note 2F)................... 626,487 377,552 324,499
Less expenses borne by Distributor.............. -- -- 10,674
----------- ----------- -----------
Net expenses.................................. 3,191,751 8,041,746 3,782,397
----------- ----------- -----------
Net investment income......................... 29,210,103 71,975,331 57,901,747
----------- ----------- -----------
REALIZED AND UNREALIZED GAIN (LOSS) ON
INVESTMENTS
Net realized gain (loss) on investment
transactions.................................. 62,246 8,546 7,807
----------- ----------- -----------
Net increase in net assets from operations...... $29,272,349 $71,983,877 $57,909,554
=========== =========== ===========
</TABLE>
- ------------------
* In 1996 the fund changed its fiscal year end from November 30 to August 31.
The period shown is December 1, 1995 through August 31, 1996.
See notes to financial statements.
53
<PAGE> 56
STATEMENT OF OPERATIONS For the year ended August 31, 1996 (continued)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Vista Vista
Vista New York California
Tax Free Tax Free Tax Free
Money Market Money Market Money Market
Fund Fund Fund
------------ ------------ ------------
<S> <C> <C> <C>
INTEREST INCOME: (Note 1C).......................... $21,803,188 $19,915,828 $1,742,785
----------- ----------- -----------
EXPENSES: (Note 2)
Shareholder/Fund servicing fees:
Vista Shares..................................... 1,029,700 1,976,547 169,905
Premier Shares................................... 465,133 -- --
B Shares......................................... -- -- --
Distribution fees:
Vista Shares..................................... 452,351 988,412 97,471
Premier Shares................................... 219,460 -- --
B Shares......................................... -- -- --
Administration fees................................ 301,492 282,364 24,272
Investment advisory fees........................... 602,984 564,728 48,544
Sub-administration fees............................ 301,492 282,364 24,272
Custodian fees..................................... 221,648 181,195 39,030
Interest Expense................................... -- -- --
Printing and postage............................... 10,744 14,544 334
Professional fees.................................. 35,089 49,483 26,961
Registration costs................................. 55,034 1,716 7,008
Transfer agent fees:
Vista Shares..................................... 81,699 291,253 40,635
Premier Shares................................... 68,168 -- --
Institutional Shares............................. 52,702 -- --
B Shares......................................... -- -- --
Trustees fees and expenses......................... 46,757 43,984 3,452
Other.............................................. 52,051 31,411 10,640
----------- ----------- -----------
Total expenses............................... 3,996,504 4,708,001 492,524
Less amounts waived (Note 2F)...................... 565,772 557,131 221,089
Less expenses borne by Distributor................. -- -- --
----------- ----------- -----------
Net expenses..................................... 3,430,732 4,150,870 271,435
----------- ----------- -----------
Net investment income............................ 18,372,456 15,764,958 1,471,350
----------- ----------- -----------
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS
Net realized gain (loss) on investment
transactions..................................... (29,426) 11,794 (652)
----------- ----------- -----------
Net increase in net assets from operations......... $18,343,030 $15,776,752 $1,470,698
=========== =========== ===========
</TABLE>
See notes to financial statements.
54
<PAGE> 57
STATEMENT OF CHANGES IN NET ASSETS
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Vista
100% U.S. Vista
Treasury Securities U.S. Government
Money Market Fund Money Market Fund
------------------------------- -------------------------------
12/1/95 12/1/94 Year Year
Through Through Ended Ended
8/31/96* 11/30/95 8/31/96 8/31/95
-------------- -------------- -------------- --------------
<S> <C> <C> <C> <C>
INCREASE IN NET ASSETS FROM OPERATIONS:
Net investment income.................................... $ 54,450,347 $ 52,965,020 $ 149,636,341 $ 75,786,171
Net realized gain (loss) on investment transactions...... 317,081 286,897 3,546 1,453
-------------- -------------- -------------- --------------
Increase in net assets from operations................. 54,767,428 53,251,917 149,639,887 75,787,624
-------------- -------------- -------------- --------------
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income:
Vista Shares........................................... (54,422,678) (52,965,020) (44,095,024) (16,090,845)
Premier Shares......................................... (2,276) -- (54,756,525) (35,766,824)
Institutional Shares................................... (25,400) -- (50,784,792) (23,928,502)
B Shares............................................... -- -- -- --
Net realized gain on investment transactions:
Vista Shares........................................... (90,037) (287,803) (385) (18)
Premier Shares......................................... -- -- (1,125) (32)
Institutional Shares................................... -- -- (886) (20)
B Shares............................................... -- -- -- --
-------------- -------------- -------------- --------------
Total dividends and distributions.................. (54,540,391) (53,252,823) (149,638,737) (75,786,241)
-------------- -------------- -------------- --------------
Increase (decrease) from capital share transactions....... 334,055,174 313,424,549 2,469,421,386 476,852,416
-------------- -------------- -------------- --------------
Total increase (decrease).............................. 334,282,211 313,423,643 2,469,422,536 476,853,799
NET ASSETS:
Beginning of period...................................... 1,337,548,821 1,024,125,178 1,571,028,036 1,094,174,237
-------------- -------------- -------------- --------------
End of period............................................ $1,671,831,032 $1,337,548,821 $4,040,450,572 $1,571,028,036
============== ============== ============== ==============
<CAPTION>
Vista
Treasury Plus
Money Market Fund
-----------------------------
Year Year
Ended Ended
8/31/96 8/31/95
-------------- ------------
<S> <C> <C>
INCREASE IN NET ASSETS FROM OPERATIONS:
Net investment income.................................... $ 31,447,169 $ 1,181,888
Net realized gain (loss) on investment transactions...... (84,507) 3,586
-------------- -----------
Increase in net assets from operations................. 31,362,662 1,185,474
-------------- -----------
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income:
Vista Shares........................................... (31,353,233) (156,234)
Premier Shares......................................... -- (1,025,655)
Institutional Shares................................... -- --
B Shares............................................... -- --
Net realized gain on investment transactions:
Vista Shares........................................... (80,182) --
Premier Shares......................................... -- (540)
Institutional Shares................................... -- (665)
B Shares............................................... -- --
-------------- -----------
Total dividends and distributions.................. (31,433,415) (1,183,094)
-------------- -----------
Increase (decrease) from capital share transactions....... 1,640,570,579 21,193,706
-------------- -----------
Total increase (decrease).............................. 1,640,499,826 21,196,086
NET ASSETS:
Beginning of period...................................... 36,207,479 15,011,393
-------------- -----------
End of period............................................ $1,676,707,305 $ 36,207,479
============== ===========
</TABLE>
- ------------------
* In 1996 the fund changed its fiscal year end from November 30 to August 31.
The period shown is December 1, 1995 through August 31, 1996.
See notes to financial statements.
55
<PAGE> 58
STATEMENT OF CHANGES IN NET ASSETS (continued)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Vista Vista
Federal Cash Management
Money Market Fund Money Market Fund
----------------------------- -------------------------------
Year Year 12/1/95 12/1/94
Ended Ended Through Through
8/31/96 8/31/95 8/31/96* 11/30/95
------------- ------------- -------------- --------------
<S> <C> <C> <C> <C>
INCREASE IN NET ASSETS FROM OPERATIONS:
Net investment income...................................... $ 29,210,103 $ 20,667,434 $ 71,975,331 $ 61,709,929
Net realized gain (loss) on investment transactions........ 62,246 16,658 8,546 51,803
------------ ------------ -------------- --------------
Increase in net assets from operations................... 29,272,349 20,684,092 71,983,877 61,761,732
------------ ------------ -------------- --------------
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income:
Vista Shares............................................. (12,054,574) (7,330,996) (57,350,304) (61,709,929)
Premier Shares........................................... (10,347,406) (5,814,303) (7,270,693) --
Institutional Shares..................................... (6,808,123) (7,522,135) (7,354,335) --
B Shares................................................. -- -- --
Net realized gain on investment transactions:
Vista Shares............................................. (14,063) (8,559) (25,113) (51,803)
Premier Shares........................................... (10,721) (6,166) -- --
Institutional Shares..................................... (6,304) (9,992) -- --
B Shares................................................. -- -- -- --
------------ ------------ -------------- --------------
Total dividends and distributions.................... (29,241,191) (20,692,151) (72,000,445) (61,761,732)
------------ ------------ -------------- --------------
Increase (decrease) from capital share transactions......... 277,469,712 272,423,306 1,077,039,651 644,448,396
------------ ------------ -------------- --------------
Total increase (decrease)................................ 277,500,870 272,415,247 1,077,023,083 644,448,396
NET ASSETS:
Beginning of period........................................ 465,502,017 193,086,770 1,634,493,092 990,044,696
------------ ------------ -------------- --------------
End of period.............................................. $ 743,002,887 $ 465,502,017 $2,711,516,175 $1,634,493,092
============ ============ ============== ==============
<CAPTION>
Vista
Prime
Money Market Fund
------------------------------
Year Year
Ended Ended
8/31/96 8/31/95
-------------- -------------
<S> <C> <C>
INCREASE IN NET ASSETS FROM OPERATIONS:
Net investment income...................................... $ 57,901,747 $ 19,330,126
Net realized gain (loss) on investment transactions........ 7,807 (738,887)
-------------- ------------
Increase in net assets from operations................... 57,909,554 18,591,239
-------------- ------------
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income:
Vista Shares............................................. -- --
Premier Shares........................................... (21,552,314) (4,332,645)
Institutional Shares..................................... (35,985,057) (14,821,689)
B Shares................................................. (365,568) (174,601)
Net realized gain on investment transactions:
Vista Shares............................................. -- --
Premier Shares........................................... (2,870) (21,836)
Institutional Shares..................................... (4,713) (36,058)
B Shares................................................. (100) (705)
-------------- ------------
Total dividends and distributions.................... (57,910,622) (19,387,534)
-------------- ------------
Increase (decrease) from capital share transactions......... 905,690,709 121,387,507
-------------- ------------
Total increase (decrease)................................ 905,689,641 120,591,212
NET ASSETS:
Beginning of period........................................ 253,257,081 132,665,869
-------------- ------------
End of period.............................................. $1,158,946,722 $ 253,257,081
============== ============
</TABLE>
- ------------------
* In 1996 the fund changed its fiscal year end from November 30 to August 31.
The period shown is December 1, 1995 through August 31, 1996.
See notes to financial statements.
56
<PAGE> 59
STATEMENT OF CHANGES IN NET ASSETS (continued)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Vista
Vista New York
Tax Free Tax Free
Money Market Fund Money Market Fund
----------------------------- -----------------------------
Year Year Year Year
Ended Ended Ended Ended
8/31/96 8/31/95 8/31/96 8/31/95
------------- ------------- ------------- -------------
<S> <C> <C> <C> <C>
INCREASE IN NET ASSETS FROM OPERATIONS:
Net investment income............................................. $ 18,372,456 $ 14,063,223 $ 15,764,958 $ 10,839,168
Net realized gain (loss) on investment transactions............... (29,426) (31,361) 11,794 6,756
------------ ------------ ------------ ------------
Increase in net assets from operations.......................... 18,343,030 14,031,862 15,776,752 10,845,924
------------ ------------ ------------ ------------
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income:
Vista Shares.................................................... (8,489,379) (4,345,140) (15,770,908) (10,839,168)
Premier Shares.................................................. (5,037,903) (5,530,814) -- --
Institutional Shares............................................ (4,809,132) (4,183,445) -- --
B Shares........................................................ -- -- -- --
Net realized gain on investment transactions:
Vista Shares.................................................... -- -- (18,550) --
Premier Shares.................................................. -- -- -- --
Institutional Shares............................................ -- -- -- --
B Shares........................................................ -- -- -- --
------------ ------------ ------------ ------------
Total dividends and distributions........................... (18,336,414) (14,059,399) (15,789,458) (10,839,168)
------------ ------------ ------------ ------------
Increase (decrease) from capital share transactions................ 444,019,822 (37,476,155) 512,026,166 12,723,892
------------ ------------ ------------ ------------
Total increase (decrease)....................................... 444,026,438 (37,503,692) 512,013,460 12,730,648
NET ASSETS:
Beginning of period............................................... 423,844,712 461,348,404 378,400,018 365,669,370
------------ ------------ ------------ ------------
End of period..................................................... $ 867,871,150 $ 423,844,712 $ 890,413,478 $ 378,400,018
============ ============ ============ ============
<CAPTION>
Vista
California
Tax Free
Money Market Fund
----------------------------
Year Year
Ended Ended
8/31/96 8/31/95
------------- ------------
<S> <C> <C>
INCREASE IN NET ASSETS FROM OPERATIONS:
Net investment income............................................. $ 1,471,350 $ 1,817,271
Net realized gain (loss) on investment transactions............... (652) (8,932)
------------ ------------
Increase in net assets from operations.......................... 1,470,698 1,808,339
------------ ------------
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income:
Vista Shares.................................................... (1,461,441) (1,817,271)
Premier Shares.................................................. -- --
Institutional Shares............................................ -- --
B Shares........................................................ -- --
Net realized gain on investment transactions:
Vista Shares.................................................... -- --
Premier Shares.................................................. -- --
Institutional Shares............................................ -- --
B Shares........................................................ -- --
------------ ------------
Total dividends and distributions........................... (1,461,441) (1,817,271)
------------ ------------
Increase (decrease) from capital share transactions................ (15,505,296) (6,099,746)
------------ ------------
Total increase (decrease)....................................... (15,496,039) (6,108,678)
NET ASSETS:
Beginning of period............................................... 58,314,592 64,423,270
------------ ------------
End of period..................................................... $ 42,818,553 $ 58,314,592
============ ============
</TABLE>
See notes to financial statements.
57
<PAGE> 60
VISTA MUTUAL FUNDS
NOTES TO FINANCIAL STATEMENTS
- --------------------------------------------------------------------------------
1. ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES -- Mutual Fund Trust
("MFT") (the "Trust") is organized as a Massachusetts business trust, and
registered under the Investment Company Act of 1940, as amended (the "1940
Act"), as an open-end, management investment company. Vista 100% U.S. Treasury
Securities Money Market Fund ("USTSMM"), Vista U.S. Government Money Market Fund
("USGMM"), Vista Treasury Plus Money Market Fund ("TPMM"), Vista Federal Money
Market Fund ("FMM"), Vista Cash Management Money Market Fund ("CMMM"), Vista
Prime Money Market Fund ("PMM"), Vista Tax Free Money Market Fund ("TFMM"),
Vista New York Tax Free Money Market Fund ("NYTFMM") and Vista California Tax
Free Money Market Fund ("CATFMM") are separate portfolios of MFT. Collectively
all nine of these funds are referred to as "Money Market Funds" or individually
as the "Fund", while TFMM, NYTFMM and CATFMM are collectively referred to as the
"Tax Free Funds".
The funds offer various classes of shares as follows:
<TABLE>
<CAPTION>
Fund Classes Offered
- -------------------------------------------------- -----------------------------------
<S> <C>
USTSMM............................................ Vista, Premier**, Institutional**
USGMM............................................. Vista, Premier, Institutional
TPMM.............................................. Vista*, Premier, Institutional
FMM............................................... Vista, Premier, Institutional
CMMM.............................................. Vista, Premier*, Institutional*
PMM............................................... Premier, Institutional, B Shares
TFMM.............................................. Vista, Premier, Institutional
NYTFMM............................................ Vista
CATFMM............................................ Vista
</TABLE>
- ---------------
* Commenced May 6, 1996.
** Commenced June 3, 1996.
All classes of shares have equal rights as to earnings, assets and voting
privileges except that each class may bear different transfer agent,
distribution, shareholder servicing and fund servicing expenses, and each class
has exclusive voting rights with respect to its distribution plan and
shareholder servicing agreement.
The preparation of financial statements in accordance with generally accepted
accounting principles requires management to make estimates and assumptions that
affect the reported amounts and disclosures in the financial statements. Actual
results could differ from those estimates.
The following is a summary of significant accounting policies followed by the
Funds:
A. Valuation of investments -- Money market instruments are valued at
amortized cost which approximates market value. The Trust's use of amortized
cost is subject to the Trust's compliance with certain conditions as
specified under Rule 2a-7 of the 1940 Act.
B. Repurchase agreements -- It is the Trust's policy that repurchase
agreements are fully collateralized by U.S. Treasury and Government agency
securities. All collateral is held by the Trust's custodian bank,
sub-custodian or a bank in 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 into an insolvency proceeding, realization of the collateral by the
Trust may be delayed or limited. In the event the buyer of securities under
a reverse repurchase agreement files for bankruptcy or becomes insolvent,
the Trust's use of proceeds of the agreement may be restricted pending a
determination by the other party, or its trustee or receiver, whether to
enforce the Trust's obligation to repurchase the securities. The Trust's use
of the proceeds of the reverse repurchase agreement may also effectively be
restricted pending such decision.
At August 31, 1996, there were no open reverse repurchase agreements.
C. Security transactions and investment income -- Investment transactions
are accounted for on the trade date (the date the order to buy or sell is
executed). Securities gains and losses are calculated on the identified cost
basis. In the case of USTSMM, USGMM, TPMM, FMM, PMM and CMMM, interest
income consists of coupon interest
58
<PAGE> 61
VISTA MUTUAL FUNDS
NOTES TO FINANCIAL STATEMENTS (continued)
- --------------------------------------------------------------------------------
accrued and amortization of premium and discount earned. In the case of
TFMM, NYTFMM and CATFMM, interest income consists of coupon interest accrued
less the amortization of any premiums on the investments of the Funds.
D. 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 a Fund's
distributable net income, including 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.
E. Distributions to shareholders -- Each Fund declares and records a
dividend of substantially all of its net investment income on each business
day. Such dividends are paid or re-invested monthly in each respective
Fund's shares on the payable dates. 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 income
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.
F. Income and expenses -- Expenses directly attributable to a Fund are
charged to that Fund; expenses directly attributable to a particular class
are charged directly to such class. Other expenses are allocated
proportionately among the Funds within the Trust in relation to the net
assets of each Fund or on another reasonable basis. In calculating 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.
2. FEES AND OTHER TRANSACTIONS WITH AFFILIATES
A. Investment advisory fee -- Pursuant to separate Investment Advisory
Agreements, The Chase Manhattan Bank, ("Chase" or "Advisor") acts as the
investment adviser to the Funds. Chase is a direct wholly-owned subsidiary
of The Chase Manhattan Corporation. As investment adviser, Chase supervises
the investments of each Fund and for such services is paid a fee. The fee is
accrued daily and paid monthly at an annual rate equal to 0.10% of the
average daily net assets for each respective Fund. The Advisor voluntarily
waived all or a portion of its fees as outlined in Note 2.F. below.
Chase Asset Management, Inc. ("CAM"), a registered investment adviser, is
the sub-investment adviser to each Fund, other than the Vista Cash
Management Money Market Fund and the Vista Tax Fee Money Market Fund,
pursuant to a Sub-Investment Advisory Agreement between CAM and Chase. CAM
is a wholly owned subsidiary of Chase and is entitled to receive a fee,
payable by Chase from its advisory fee, at an annual rate equal to 0.03% of
each Fund's average daily net assets.
Texas Commerce Bank, National Association ("TCB") is the sub-investment
adviser to the Vista Cash Management Money Market Fund and the Vista Tax
Free Money Market Fund pursuant to a Sub-Investment Advisory Agreement
between Chase and TCB. TCB is a wholly owned subsidiary of Chase and is
entitled to receive a fee, payable by Chase from its advisory fee, at an
annual rate equal to 0.03% of each Fund's average daily net assets.
B. Shareholder and Fund servicing fees -- The Trust, on May 6, 1996,
adopted new Administrative Service Plans which, among other things, provide
that the Trust on behalf of the Funds may obtain the services of one or more
Shareholder Servicing Agents. For its services, each Shareholder Servicing
Agent receives a fee determined by a formula based upon the average number
of accounts serviced and the number of transactions processed by such
Shareholder Servicing Agent during the period for which payment is being
made and any out-of-pocket expenses incurred (see Note 2.D. for fee
schedule).
59
<PAGE> 62
VISTA MUTUAL FUNDS
NOTES TO FINANCIAL STATEMENTS (continued)
- --------------------------------------------------------------------------------
Prior to May 6, 1996, the Administrative Service Plans also provided for
Fund Servicing Agents. For its services, the Fund Servicing Agent was paid a
fee which accrued daily and paid monthly at an annual rate equal to 0.10%
for each of the Vista Shares and Premier Shares. No Fund Servicing fee was
paid for the Institutional Shares.
Since inception of the Trust, (except as described below) Chase and certain
of its affiliates have been the only Shareholder Servicing Agents. Certain
Premier Shareholders of the CMMM and FMM entered into a Shareholder
Servicing arrangement with Capital Network Services while certain Vista
Shareholders of FMM entered into a Shareholder Servicing arrangement with
Signet Financial Group. Chase's Shareholder Servicing charges amounted to
$549,609 and $4,280,425 for FMM and CMMM, respectively. The Shareholder
Servicing Agents have voluntarily waived all or a portion of their fees as
outlined in Note 2.F. below.
C. Distribution and sub-administration fees -- Pursuant to the
Distribution and Sub-administration Agreements, Vista Fund Distributors,
Inc. ("VFD" or the "Distributor"), a wholly-owned subsidiary of the BISYS
Group, Inc. ("BISYS"), 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.
As of May 6, 1996, the Trustees have adopted revised plans of distribution
under the 1940 Act for the Premier Shares of USGMM (the "Premier Plan"), for
the Vista Shares (the "Vista Plan") except for CMMM, and for the B Shares of
the PMM (the "B Plan"). There are no distribution plans for the
Institutional Shares. The Premier, Vista and B Shares Plans pay the
Distributor a distribution fee based upon each Fund's average daily net
assets for its services in connection with the distribution of each of the
respective Fund's shares (see Note 2.D. for fee schedule).
Prior to May 6, 1996, the Trust was also permitted to pay the Distributor
under each Plan an additional amount of 0.05% of the respective Tax Free
Fund's average daily net assets in anticipation of, or as reimbursement for,
advertising expenses incurred in connection with the sale of shares of the
Tax Free Funds. The Distributor voluntarily waived all or a portion of its
fees as outlined in Note 2.F. below.
D. Annualized distribution and shareholder servicing fees --
<TABLE>
<CAPTION>
Shareholder
Servicing Fee* Distribution Fee*
----------------- -----------------
9/1/95 5/6/96 9/1/95 5/6/96
Through Through Through Through
Fund Class 5/5/96 8/31/96 5/5/96 8/31/96
------- ------- ------- -------
<S> <C> <C> <C> <C>
USTSMM
Vista................................... 0.35% 0.35% 0.10% 0.10%
Premier................................. (1) 0.25% (1) N/P
Institutional........................... (1) N/P (1) N/P
USGMM
Vista................................... 0.25% 0.35% 0.10% 0.10%
Premier................................. 0.10% 0.25% 0.10% 0.10%
Institutional........................... N/P N/P N/P N/P
TPMM
Vista................................... (1) 0.35% (1) 0.10%
Premier................................. 0.10% 0.25% N/P N/P
Institutional........................... N/P N/P N/P N/P
FMM
Vista................................... 0.25% 0.35% 0.10% 0.10%
Premier................................. 0.10% 0.25% N/P N/P
Institutional........................... N/P N/P N/P N/P
</TABLE>
60
<PAGE> 63
VISTA MUTUAL FUNDS
NOTES TO FINANCIAL STATEMENTS (continued)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Shareholder
Servicing Fee* Distribution Fee*
----------------- -----------------
9/1/95 5/6/96 9/1/95 5/6/96
Through Through Through Through
Fund Class 5/5/96 8/31/96 5/5/96 8/31/96
------- ------- ------- -------
<S> <C> <C> <C> <C>
CMMM
Vista................................... 0.35% 0.35% 0.10% N/P
Premier................................. (1) 0.25% (1) N/P
Institutional........................... (1) N/P (1) N/P
PMM
B Shares................................ 0.25% 0.25% 0.75% 0.75%
Premier................................. 0.10% 0.25% N/P N/P
Institutional........................... N/P N/P N/P N/P
TFMM
Vista................................... 0.25% 0.35% 0.20% 0.10%
Premier................................. 0.20% 0.25% 0.15% N/P
Institutional........................... N/P N/P N/P N/P
NYTFMM
Vista................................... 0.25% 0.35% 0.20% 0.10%
CATFMM
Vista................................... 0.25% 0.35% 0.20% 0.10%
</TABLE>
-------------------
<TABLE>
<S> <C> <C>
(1) New class.
N/P = No plan exists for class of shares.
* = All fees are accrued daily, on the average daily net assets, at the annual
rate indicated.
</TABLE>
E. Administration fee -- Pursuant to the Administration Agreements, Chase
(the "Administrator") provides certain administration services and
facilities to each Fund at 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 its administration fees as outlined
in Note 2.F. below.
F. Waivers of fees -- For the period ended August 31, 1996, the Adviser,
Shareholder and Fund Servicing Agents, Administrator, Sub-Administrator and
Distributor voluntarily waived fees for each of the Funds as follows:
<TABLE>
<CAPTION>
USTSMM USGMM TPMM FMM CMMM
----------- ----------- --------- -------- --------
<S> <C> <C> <C> <C> <C>
Administration..................... -- -- $ 49,071 -- --
Advisory........................... $ 197,536 -- 65,952 -- $195,420
Distribution....................... -- -- -- -- --
Shareholder Servicing/Fund
Servicing......................... 803,962 $ 1,193,586 733,426 $626,487 182,132
Sub-Administration................. -- -- 16,881 -- --
----------- ----------- --------- -------- --------
$ 1,001,498 $ 1,193,586 $ 865,330 $626,487 $377,552
=========== =========== ========= ======== ========
</TABLE>
<TABLE>
<CAPTION>
PMM TFMM NYTFMM CATFMM
----------- ----------- --------- --------
<S> <C> <C> <C> <C>
Administration..................... $ 33,604 -- -- $ 15,097
Advisory........................... 50,805 -- -- 37,587
Distribution....................... -- $ 162,447 $ 141,228 16,309
Shareholder Servicing/Fund
Servicing......................... 240,090 403,325 415,903 152,096
Sub-Administration................. -- -- -- --
----------- ----------- --------- --------
$ 324,499 $ 565,772 $ 557,131 $221,089
=========== =========== ========= ========
</TABLE>
In addition, the Distributor assumed $2,018 and $10,674 of expenses for
USTSMM and PMM, respectively.
G. Other -- Certain officers of the Trust are officers of VFD or of its
parent corporation, BISYS.
61
<PAGE> 64
VISTA MUTUAL FUNDS
NOTES TO FINANCIAL STATEMENTS (continued)
- --------------------------------------------------------------------------------
In addition, Chase provides portfolio accounting and custody services for
the Funds. Such amounts are presented in the Statement of Operations as
custodian fees.
3. FEDERAL INCOME TAX MATTERS -- At August 31, 1996, Tax Free Money Market
Fund, New York Tax Free Money Market Fund, California Tax Free Money Market Fund
and Prime Money Market Fund had net capital loss carryovers of approximately
$386,000, $50,000, $16,000 and $11,000, respectively. Such losses will be
available to offset future capital gains and will expire between August 31, 2001
and 2004. During the fiscal year ended August 31, 1996, NYTFMM, PMM and TPMM
utilized capital loss carryovers of approximately $12,000, $8,000 and $85,000
respectively. To the extent that any net capital losses are used to offset
future capital gains, it is probable that the gains so offset will not be
distributed to shareholders.
4. TRANSACTIONS IN SHARES OF BENEFICIAL INTEREST
<TABLE>
<CAPTION>
Vista 100% U.S. Treasury Securities Money Market Fund
--------------------------------------------------------------------
Vista Class
--------------------------------------------------------------------
12/1/95 Through 08/31/96* Year Ended November 30, 1995
-------------------------------- --------------------------------
Amount Shares Amount Shares
--------------- -------------- --------------- --------------
<S> <C> <C> <C> <C>
Shares sold......... $ 7,409,194,967 7,409,194,967 $ 8,315,731,409 8,315,731,409
Shares issued in
reinvestment of
distributions..... 40,320,411 40,320,411 38,827,021 38,827,021
Shares redeemed..... (7,115,687,366) (7,115,687,366) (8,041,133,881) (8,041,133,881)
--------------- -------------- --------------- --------------
Net increase
(decrease) in
Trust shares
outstanding....... $ 333,828,012 333,828,012 $ 313,424,549 313,424,549
=============== ============== =============== ==============
</TABLE>
<TABLE>
<CAPTION>
Premier Class Institutional Class
-------------------------------- --------------------------------
6/3/96 Through 8/30/96** 6/3/96 Through 8/30/96**
-------------------------------- --------------------------------
Amount Shares Amount Shares
--------------- -------------- --------------- --------------
<S> <C> <C> <C> <C>
Shares sold......... $ 491,675 491,675 $ 22,275,210 22,275,210
Shares issued in
reinvestment of
distributions..... 2,269 2,269 2,557 2,557
Shares redeemed..... (266,994) (266,994) (22,277,555) (22,277,555)
--------------- -------------- --------------- --------------
Net increase
(decrease) in
Trust shares
outstanding....... $ 226,950 226,950 $ 212 212
=============== ============== =============== ==============
</TABLE>
- ---------------
* In 1996, the USTSMM changed its fiscal year end from November 30 to August
31.
** Commencement of offering of class of shares.
62
<PAGE> 65
VISTA MUTUAL FUNDS
NOTES TO FINANCIAL STATEMENTS (continued)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Vista U.S. Government Money Market Fund
-------------------------------------------------------------------
Vista Class
-------------------------------------------------------------------
Years Ended August 31,
-------------------------------------------------------------------
1996 1995
------------------------------- --------------------------------
Amount Shares Amount Shares
-------------- -------------- --------------- --------------
<S> <C> <C> <C> <C>
Shares sold.......... $6,258,795,986 6,258,795,986 $ 1,446,031,222 1,446,031,222
Shares issued in
reinvestment of
distributions...... 18,755,086 18,755,086 3,098,126 3,098,126
Shares redeemed...... (6,113,103,556) (6,113,103,556) (1,443,158,892) (1,443,158,892)
Shares acquired from
Hanover............ 1,551,238,481 1,551,339,231
-------------- -------------- --------------- --------------
Net increase
(decrease) in
Trust shares
outstanding........ $1,715,685,997 1,715,786,747 $ 5,970,456 5,970,456
============== ============== =============== ==============
</TABLE>
<TABLE>
<CAPTION>
Premier Class
--------------------------------------------------------------------
Years Ended August 31,
--------------------------------------------------------------------
1996 1995
-------------------------------- --------------------------------
Amount Shares Amount Shares
--------------- -------------- --------------- --------------
<S> <C> <C> <C> <C>
Shares sold......... $ 6,630,692,269 6,630,692,269 $ 4,409,929,013 4,409,929,013
Shares issued in
reinvestment of
distributions..... 33,440,739 33,440,739 27,880,195 27,880,195
Shares redeemed..... (6,626,077,145) (6,626,077,145) (4,220,199,300) (4,220,199,300)
--------------- -------------- --------------- --------------
Net increase
(decrease) in
Trust shares
outstanding....... $ 38,055,863 38,055,863 $ 217,609,908 217,609,908
=============== ============== =============== ==============
</TABLE>
<TABLE>
<CAPTION>
Institutional Class
--------------------------------------------------------------------
Years Ended August 31,
--------------------------------------------------------------------
1996 1995
-------------------------------- --------------------------------
Amount Shares Amount Shares
--------------- -------------- --------------- --------------
<S> <C> <C> <C> <C>
Shares sold......... $ 8,395,036,076 8,395,036,076 $ 3,373,764,277 3,373,764,277
Shares issued in
reinvestment of
distributions..... 21,171,054 21,171,054 14,535,485 14,535,485
Shares redeemed..... (7,700,527,604) (7,700,527,604) (3,135,027,710) (3,135,027,710)
--------------- -------------- --------------- --------------
Net increase
(decrease) in
Trust shares
outstanding....... $ 715,679,526 715,679,526 $ 253,272,052 253,272,052
=============== ============== =============== ==============
</TABLE>
63
<PAGE> 66
VISTA MUTUAL FUNDS
NOTES TO FINANCIAL STATEMENTS (continued)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Vista Treasury Plus Money Market Fund
-------------------------------------------------------------------
Vista Class
--------------------------------
5/6/96 Through 8/30/96*
--------------------------------
Amount Shares
--------------- --------------
<S> <C> <C>
Shares sold.......... $ 4,725,630,526 4,725,630,526
Shares issued in
reinvestment of
distributions...... 13,439,801 13,439,801
Shares redeemed...... (5,015,161,240) (5,015,161,240)
Hanover acquisition.. 1,658,337,551 1,658,435,519
--------------- --------------
Net increase
(decrease) in
Trust shares
outstanding........ $ 1,382,246,638 1,382,344,606
=============== ==============
</TABLE>
<TABLE>
<CAPTION>
Premier Class
--------------------------------------------------------------------
Years Ended August 31,
--------------------------------------------------------------------
1996 1995
-------------------------------- --------------------------------
Amount Shares Amount Shares
--------------- -------------- --------------- --------------
<S> <C> <C> <C> <C>
Shares sold......... $ 529,748,921 529,748,921 $ 48,322,661 48,322,661
Shares issued in
reinvestment of
distributions..... 745,012 745,012 126,708 126,708
Shares redeemed..... (443,040,963) (443,040,963) (29,912,841) (29,912,841)
--------------- -------------- --------------- --------------
Net increase
(decrease) in
Trust shares
outstanding....... $ 87,452,970 87,452,970 $ 18,536,528 18,536,528
=============== ============== =============== ==============
</TABLE>
<TABLE>
<CAPTION>
Institutional Class
--------------------------------------------------------------------
Years Ended August 31,
--------------------------------------------------------------------
1996 1995
-------------------------------- --------------------------------
Amount Shares Amount Shares
--------------- -------------- --------------- --------------
<S> <C> <C> <C> <C>
Shares sold......... $ 1,690,470,986 1,690,470,986 $ 263,199,315 263,199,315
Shares issued in
reinvestment of
distributions..... 1,414,045 1,414,045 803,526 803,526
Shares redeemed..... (1,521,014,060) (1,521,014,060) (261,345,663) (261,345,663)
--------------- -------------- --------------- --------------
Net increase
(decrease) in
Trust shares
outstanding....... $ 170,870,971 170,870,971 $ 2,657,178 2,657,178
=============== ============== =============== ==============
</TABLE>
- ---------------
* Commencement of offering of class of shares.
64
<PAGE> 67
VISTA MUTUAL FUNDS
NOTES TO FINANCIAL STATEMENTS (continued)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Vista Federal Money Market Fund
--------------------------------------------------------------------
Vista Class
--------------------------------------------------------------------
Years Ended August 31,
--------------------------------------------------------------------
1996 1995
-------------------------------- --------------------------------
Amount Shares Amount Shares
--------------- -------------- --------------- --------------
<S> <C> <C> <C> <C>
Shares sold......... $ 543,789,208 543,789,208 $ 543,870,213 543,870,213
Shares issued in
reinvestment of
distributions..... 8,492,776 8,492,776 4,634,727 4,634,727
Shares redeemed..... (402,761,910) (402,761,910) (365,056,773) (365,056,773)
--------------- -------------- --------------- --------------
Net increase
(decrease) in
Trust shares
outstanding....... $ 149,520,074 149,520,074 $ 183,448,167 183,448,167
=============== ============== =============== ==============
</TABLE>
<TABLE>
<CAPTION>
Premier Class
--------------------------------------------------------------------
Years Ended August 31,
--------------------------------------------------------------------
1996 1995
-------------------------------- --------------------------------
Amount Shares Amount Shares
--------------- -------------- --------------- --------------
<S> <C> <C> <C> <C>
Shares sold......... $ 449,345,979 449,345,979 $ 389,623,904 389,623,904
Shares issued in
reinvestment of
distributions..... 10,216,010 10,216,010 5,612,061 5,612,061
Shares redeemed..... (359,327,225) (359,327,225) (302,489,606) (302,489,606)
--------------- -------------- --------------- --------------
Net increase
(decrease) in
Trust shares
outstanding....... $ 100,234,764 100,234,764 $ 92,746,359 92,746,359
=============== ============== =============== ==============
</TABLE>
<TABLE>
<CAPTION>
Institutional Class
--------------------------------------------------------------------
Years Ended August 31,
--------------------------------------------------------------------
1996 1995
-------------------------------- --------------------------------
Amount Shares Amount Shares
--------------- -------------- --------------- --------------
<S> <C> <C> <C> <C>
Shares sold......... $ 1,125,386,751 1,125,386,751 $ 470,447,975 470,447,975
Shares issued in
reinvestment of
distributions..... 1,206,644 1,206,644 555,818 555,818
Shares redeemed..... (1,098,878,521) (1,098,878,521) (474,775,013) (474,775,013)
--------------- -------------- --------------- --------------
Net increase
(decrease) in
Trust shares
outstanding....... $ 27,714,874 27,714,874 ($ 3,771,220) (3,771,220)
=============== ============== =============== ==============
</TABLE>
65
<PAGE> 68
VISTA MUTUAL FUNDS
NOTES TO FINANCIAL STATEMENTS (continued)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Vista Cash Management Money Market Fund
--------------------------------------------------------------------
Vista Class
--------------------------------------------------------------------
12/1/95 Through 08/31/96* Year ended 11/30/95
-------------------------------- --------------------------------
Amount Shares Amount Shares
--------------- -------------- --------------- --------------
<S> <C> <C> <C> <C>
Shares sold......... $ 9,308,266,616 9,308,254,347 $10,290,191,626 10,290,191,626
Shares issued in
reinvestment of
distributions..... 37,220,903 37,220,903 36,322,846 36,322,846
Shares redeemed..... (9,475,678,051) (9,475,678,057) (9,682,066,076) (9,682,066,076)
Global Money Market
Fund
Acquisition....... 116,963,297 116,963,297 -- --
--------------- -------------- --------------- --------------
Net increase
(decrease) in
Trust shares
outstanding....... ($ 13,227,235) (13,239,510) $ 644,448,396 644,448,396
=============== ============== =============== ==============
</TABLE>
<TABLE>
<CAPTION>
Premier Class Institutional Class
-------------------------------- --------------------------------
5/6/96 Through 8/31/96** 5/6/96 Through 8/31/96**
-------------------------------- --------------------------------
Amount Shares Amount Shares
--------------- -------------- --------------- --------------
<S> <C> <C> <C> <C>
Shares sold......... $ 686,911,897 686,911,897 $ 1,438,773,670 1,438,773,670
Shares issued in
reinvestment of
distributions..... 6,444,891 6,444,891 5,302,026 5,302,026
Shares redeemed..... (714,261,726) (714,261,726) (1,134,258,632) (1,134,258,632)
Global Money Market
Fund
Acquisition....... 454,152,332 454,152,332 347,202,428 347,202,428
--------------- -------------- --------------- --------------
Net increase
(decrease) in
Trust shares
outstanding....... $ 433,247,394 433,247,394 $ 657,019,492 657,019,492
=============== ============== =============== ==============
</TABLE>
- ---------------
* In 1996, the CMMM changed its fiscal year end from November 30 to August 31.
** Commenced offering class of shares.
66
<PAGE> 69
VISTA MUTUAL FUNDS
NOTES TO FINANCIAL STATEMENTS (continued)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Vista Prime Money Market Fund
--------------------------------------------------------------------
B Shares
--------------------------------------------------------------------
Years Ended August 31,
--------------------------------------------------------------------
1996 1995
-------------------------------- --------------------------------
Amount Shares Amount Shares
--------------- -------------- --------------- --------------
<S> <C> <C> <C> <C>
Shares sold......... $ 35,409,443 35,409,443 $ 18,163,377 18,163,377
Shares issued in
reinvestment of
distributions..... 320,115 320,115 160,412 160,412
Shares redeemed..... (24,942,312) (24,942,312) (14,895,291) (14,895,291)
--------------- -------------- --------------- --------------
Net increase
(decrease) in
Trust shares
outstanding....... $ 10,787,246 10,787,246 $ 3,428,498 3,428,498
=============== ============== =============== ==============
</TABLE>
<TABLE>
<CAPTION>
Premier Class
--------------------------------------------------------------------
Years Ended August 31,
--------------------------------------------------------------------
1996 1995
-------------------------------- --------------------------------
Amount Shares Amount Shares
--------------- -------------- --------------- --------------
<S> <C> <C> <C> <C>
Shares sold......... $ 3,175,395,904 3,175,395,904 $ 1,352,833,421 1,352,833,421
Shares issued in
reinvestment of
distributions..... 5,091,960 5,091,960 4,132,568 4,132,568
Shares redeemed..... (2,824,488,570) (2,824,488,570) (1,367,449,851) (1,367,449,851)
--------------- -------------- --------------- --------------
Net increase
(decrease) in
Trust shares
outstanding....... $ 355,999,294 355,999,294 ($ 10,483,862) (10,483,862)
=============== ============== =============== ==============
</TABLE>
<TABLE>
<CAPTION>
Institutional Class
--------------------------------------------------------------------
Years Ended August 31,
--------------------------------------------------------------------
1996 1995
-------------------------------- --------------------------------
Amount Shares Amount Shares
--------------- -------------- --------------- --------------
<S> <C> <C> <C> <C>
Shares sold......... $ 9,553,681,410 9,553,681,410 $ 4,480,991,140 4,480,271,140
Shares issued in
reinvestment of
distributions..... 13,615,855 13,615,855 13,086,549 13,086,549
Shares redeemed..... (9,028,393,096) (9,028,393,096) (4,365,634,818) (4,365,634,818)
--------------- -------------- --------------- --------------
Net increase
(decrease) in
Trust shares
outstanding....... $ 538,904,169 538,904,169 $ 128,442,871 127,722,871
=============== ============== =============== ==============
</TABLE>
67
<PAGE> 70
VISTA MUTUAL FUNDS
NOTES TO FINANCIAL STATEMENTS (continued)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Vista Tax Free Money Market Fund
-------------------------------------------------------------------
Vista Class
-------------------------------------------------------------------
Years Ended August 31,
-------------------------------------------------------------------
1996 1995
------------------------------- --------------------------------
Amount Shares Amount Shares
-------------- -------------- --------------- --------------
<S> <C> <C> <C> <C>
Shares sold.......... $ 911,484,404 911,484,404 $ 594,733,368 594,733,368
Shares issued in
reinvestment of
distributions...... 1,934,142 1,934,142 314,721 314,721
Shares redeemed...... (857,212,288) (857,212,288) (549,836,451) (549,836,451)
Hanover
acquisition........ 350,999,688 351,365,964 -- --
-------------- -------------- --------------- --------------
Net increase
(decrease) in
Trust shares
outstanding........ $ 407,205,946 407,572,222 $ 45,211,638 45,211,638
============== ============== =============== ==============
</TABLE>
<TABLE>
<CAPTION>
Premier Class
-------------------------------------------------------------------
Years Ended August 31,
-------------------------------------------------------------------
1996 1995
------------------------------- --------------------------------
Amount Shares Amount Shares
-------------- -------------- --------------- --------------
<S> <C> <C> <C> <C>
Shares sold.......... $ 601,079,059 601,079,059 $ 566,749,866 566,749,866
Shares issued in
reinvestment of
distributions...... 2,903,967 2,903,967 2,649,029 2,649,029
Shares redeemed...... (607,206,287) (607,206,287) (650,255,932) (650,255,932)
-------------- -------------- --------------- --------------
Net increase
(decrease) in
Trust shares
outstanding........ ($ 3,223,261) (3,223,261) ($ 80,857,037) (80,857,037)
============== ============== =============== ==============
</TABLE>
<TABLE>
<CAPTION>
Institutional Class
--------------------------------------------------------------------
Years Ended August 31,
--------------------------------------------------------------------
1996 1995
-------------------------------- --------------------------------
Amount Shares Amount Shares
--------------- -------------- --------------- --------------
<S> <C> <C> <C> <C>
Shares sold......... $ 1,414,077,799 1,414,077,799 $ 711,916,679 711,916,679
Shares issued in
reinvestment of
distributions..... 2,017,342 2,017,342 1,756,634 1,756,634
Shares redeemed..... (1,376,058,005) (1,376,058,005) (715,504,069) (715,504,069)
--------------- -------------- --------------- --------------
Net increase
(decrease) in
Trust shares
outstanding....... $ 40,037,136 40,037,136 ($ 1,830,756) (1,830,756)
=============== ============== =============== ==============
</TABLE>
68
<PAGE> 71
VISTA MUTUAL FUNDS
NOTES TO FINANCIAL STATEMENTS (continued)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Vista New York Tax Free Money Market Fund
--------------------------------------------------------------------
Vista Class
--------------------------------------------------------------------
Years Ended August 31,
--------------------------------------------------------------------
1996 1995
-------------------------------- --------------------------------
Amount Shares Amount Shares
--------------- -------------- --------------- --------------
<S> <C> <C> <C> <C>
Shares sold......... $ 1,431,911,709 1,431,911,709 $ 814,220,664 814,220,664
Shares issued in
reinvestment of
distributions..... 6,680,348 6,680,348 3,909,825 3,909,825
Hanover
Acquisition....... 321,164,978 321,245,415 -- --
Shares redeemed..... (1,247,730,869) (1,247,730,869) (805,406,597) (805,406,597)
--------------- -------------- --------------- --------------
Net increase
(decrease) in
Trust shares
outstanding....... $ 512,026,166 512,106,603 $ 12,723,892 12,723,892
=============== ============== =============== ==============
</TABLE>
<TABLE>
<CAPTION>
Vista California Tax Free Money Market Fund
--------------------------------------------------------------------
Vista Class
--------------------------------------------------------------------
Years Ended August 31,
--------------------------------------------------------------------
1996 1995
-------------------------------- --------------------------------
Amount Shares Amount Shares
--------------- -------------- --------------- --------------
<S> <C> <C> <C> <C>
Shares sold......... $ 258,044,243 258,044,243 $ 281,632,333 281,632,333
Shares issued in
reinvestment of
distributions..... 808,478 808,478 674,659 674,659
Shares redeemed..... (274,358,017) (274,358,017) (288,406,738) (288,406,738)
--------------- -------------- --------------- --------------
Net increase
(decrease) in
Trust shares
outstanding....... ($ 15,505,296) (15,505,296 ($ 6,099,746) (6,099,746)
=============== ============== =============== ==============
</TABLE>
5. CONCENTRATION OF CREDIT RISK -- TFMM, NYTFMM and CATFMM, invest
substantially all of their assets in a diversified portfolio of debt obligations
issued by states, territories and possessions of the United States and by the
District of Columbia, and by their political subdivisions and duly constituted
authorities, with NYTFMM primarily investing in issuers in the State of New
York, and CATFMM primarily investing in issuers in the State of California. The
issuers' abilities to meet their obligations may be affected by economic or
political developments in a specific state or region.
As of August 31, 1996 CMMM invested 79.5% of its net assets in financial
institutions, of which 20.3% was invested in Broker Dealers, 24.7% in Banking
and 34.5% in other financial service providers. PMM invested 68.2% of its net
assets in financial institutions, of which 12.8% was invested in Broker Dealers,
18.5% in Banking and 36.9% in other financial service providers. General
economic conditions, as well as exposure to credit losses arising from possible
financial difficulties of borrowers, play an important role in the operation of
the financial services industry.
6. TRUSTEE COMPENSATION -- The Funds have adopted an unfunded noncontributory
defined benefit pension plan covering all independent trustees of the Funds who
will have served as an independent trustee for at least five years at the time
of retirement. Benefits under this plan are based on compensation and years of
service. Pension expenses for the
69
<PAGE> 72
VISTA MUTUAL FUNDS
NOTES TO FINANCIAL STATEMENTS (continued)
- --------------------------------------------------------------------------------
year ended August 31, 1996, included in Trustees Fees and Expenses in the
Statement of Operations, prepaid pension asset and accrued pension liability
included in other assets, and other accrued liabilities, respectively, in the
Statement of Assets and Liabilities were as follows:
<TABLE>
<CAPTION>
Prepaid Accrued
Pension Pension Pension
Fund Expenses Asset Liability
- ----------------------------------------------------- -------- -------- --------
<S> <C> <C> <C>
USTSMM............................................... $ 34,240 $ 106,125 $140,365
USGMM................................................ 78,496 243,293 321,789
TPMM................................................. 34,186 105,955 140,141
FMM.................................................. 14,567 45,151 59,718
CMMM................................................. 46,178 143,126 189,305
PMM.................................................. 20,722 64,227 84,949
TFMM................................................. 19,258 59,689 78,947
NYTFMM............................................... 17,725 54,937 72,662
CATFMM............................................... 1,098 3,404 4,502
</TABLE>
7. ACQUISITION -- On May 6, 1996, The Vista 100% U.S. Treasury Securities
Money Market Fund acquired the net assets of the Hanover 100% U.S. Treasury
Securities Fund in a tax-free reorganization. At the time of the reorganization,
the acquired Fund had approximately $321 million in net assets. The Vista Fund
had no assets prior to the acquisition.
Also on May 6, 1996, the Vista Treasury Plus Money Market Fund, the Vista U.S.
Government Money Market Fund, Vista Cash Management Money Market Fund, Vista Tax
Free Money Market Fund and Vista New York Tax Free Money Market Fund acquired
all the net assets of the following Hanover Money Market Funds: The U.S.
Treasury Fund, The Government Fund, The Cash Management Fund, The Tax Free Fund
and The New York Tax Free Fund, respectively, pursuant to a plan of
reorganization approved by Hanover Fund shareholders in April of 1996. The
acquisition was accomplished by a tax-free exchange of shares, at $1 per share,
as shown in the table below. With respect to the mergers of USTSMM and CMMM, the
accounting survivor was determined to be the respective Hanover Fund. The
information included in the financial statements for USTSMM and CMMM for the
period prior to May 6, 1996 relates to the predecessor Hanover Fund.
<TABLE>
<CAPTION>
The The The Cash The The New York
HANOVER MONEY U.S. Treasury Government Management Tax Free Tax Free
MARKET FUNDS Fund Fund Fund Fund Fund
-------------- --------------- -------------- -------------- --------------
<S> <C> <C> <C> <C> <C>
Hanover Shares
Exchanged.......... 1,658,435,519 1,551,339,231 1,521,305,012 351,365,964 321,245,415
-------------- --------------- -------------- -------------- --------------
</TABLE>
<TABLE>
<CAPTION>
Cash The
VISTA MONEY MARKET Treasury Plus U.S. Government Management Tax Free New York Tax
FUNDS Fund Fund Fund Fund Free Fund
-------------- --------------- -------------- -------------- --------------
<S> <C> <C> <C> <C> <C>
Vista Shares
Issued............. 1,658,435,519 1,551,339,231 1,521,305,012 351,365,964 321,245,415
Aggregate Net Assets
After
Acquisition........ $1,823,107,460 $4,130,007,607 $2,439,610,451 $ 857,136,490 $ 765,432,134
</TABLE>
70
<PAGE> 73
SELECTED PER SHARE DATA AND RATIOS FOR A SHARE OF BENEFICIAL INTEREST
OUTSTANDING
Throughout each period indicated
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Vista 100% U.S. Treasury Securities Money Market Fund
--------------------------------------------------------------------
Vista Shares
--------------------------------------------------------------------
12/01/95* Year Ended November 30,
Through -----------------------------------------------------
8/31/96 1995 1994 1993 1992
---------- ---------- ---------- --------- ---------
<S> <C> <C> <C> <C> <C>
Per Share Operating Performance
Net Asset Value, Beginning of Period.......... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
---------- ---------- ---------- --------- ---------
Income from Investment Operations
Net Investment Income........................ 0.035 0.050 0.033 0.026 0.033
---------- ---------- ---------- --------- ---------
Less Dividends from Net Investment Income.... 0.035 (0.050) (0.033) (0.026) (0.033)
---------- ---------- ---------- --------- ---------
Net Assets Value, End of Period............... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
========== ========== ========== ========= =========
Total Return.................................. 3.50% 5.15% 3.32% 2.62% 3.33%
===== ===== ===== ===== =====
Ratios/Supplemental Data
Net Assets, End of Period (000 omitted)...... $1,671,603 $1,337,549 $1,024,125 $ 873,631 $ 383,688
Ratio of Expenses to Average Net Assets#..... 0.60% 0.58% 0.59% 0.58% 0.55%
Ratio of Net Investment Income to Average Net
Assets#.................................... 4.58% 4.99% 3.26% 2.58% 3.28%
Ratio of Expenses Without Waivers and
Assumption of Expenses to Average Net
Assets#.................................... 0.68% 0.61% 0.62% 0.61% 0.67%
Ratio of Net Investment Income Without
Waivers and Assumption of Expenses to
Average Net Assets#........................ 4.50% 4.96% 3.23% 2.55% 3.16%
<CAPTION>
Vista 100% U.S. Treasury Securities
Money Market Fund
--------------------------------------
Premier Shares Institutional Shares
-------------- --------------------
6/3/96** 6/3/96**
Through Through
8/31/96 8/31/96
-------------- --------------------
<S> <C> <C>
Per Share Operating Performance
Net Asset Value, Beginning of Period.......... $ 1.00 $ 1.00
-------- --------
Income from Investment Operations
Net Investment Income........................ 0.011 0.012
-------- --------
Less Dividends from Net Investment Income.... 0.011 0.012
-------- --------
Net Assets Value, End of Period............... $ 1.00 $ 1.00
======== ========
Total Return.................................. 1.11% 1.23%
===== =====
Ratios/Supplemental Data
Net Assets, End of Period (000 omitted)...... $ 227 $ 1
Ratio of Expenses to Average Net Assets#..... 0.42% 0.21%
Ratio of Net Investment Income to Average Net
Assets#.................................... 3.45% 3.65%
Ratio of Expenses Without Waivers and
Assumption of Expenses to Average Net
Assets#.................................... 0.42% 0.21%
Ratio of Net Investment Income Without
Waivers and Assumption of Expenses to
Average Net Assets#........................ 3.45% 3.65%
</TABLE>
- ---------------
* In 1996, the Fund changed its fiscal year from November 30 to August 31, see
Note 7.
** Commencement of offering class of shares.
# Short periods have been annualized.
See notes to financial statements.
71
<PAGE> 74
SELECTED PER SHARE DATA AND RATIOS FOR A SHARE OF BENEFICIAL INTEREST
OUTSTANDING
Throughout each period indicated (continued)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Vista U.S. Government Money Market Fund
--------------------------------------------------
Vista Shares
--------------------------------------------------
9/1/95 9/1/94 11/1/93 1/1/93*
Through Through Through Through
8/31/96 8/31/95 8/31/94++ 10/31/93
---------- -------- --------- --------
<S> <C> <C> <C> <C>
Per Share Operating Performance
Net Asset Value, Beginning of Period.................................. $ 1.00 $ 1.00 $ 1.00 $ 1.00
---------- -------- --------- --------
Income from Investment Operations:
Net Investment Income................................................ 0.049 0.049 0.025 0.019
---------- -------- --------- --------
Less Dividends from Net Investment Income............................ 0.049 0.049 0.025 0.019
---------- -------- --------- --------
Net Asset Value, End of Period........................................ $ 1.00 $ 1.00 $ 1.00 $ 1.00
========== ======== ========= ========
Total Return.......................................................... 4.97% 5.05% 2.48% 2.02%
===== ===== ===== =====
Ratios/Supplemental Data:
Net Assets, End of Period (000 omitted)............................... $2,057,023 $341,336 $335,365 $323,498
Ratio of Expenses to Average Net Assets#............................. 0.65% 0.80% 0.80% 0.82%
Ratio of Net Investment Income to Average Net Assets#................ 4.83% 4.93% 2.94% 2.39%
Ratio of Expenses Without Waivers and Assumption of Expenses to
Average Net Assets#................................................ 0.73% 0.80% 0.80% 0.82%
Ratio of Net Investment Income Without Waivers and Assumption of
Expenses to Average Net Assets #................................... 4.75% 4.93% 2.94% 2.39%
</TABLE>
- ---------------
* Commencement of sale of shares.
# Short Periods have been annualized.
++ In 1994 USGMM changed its fiscal year-end from October 31 to August 31.
See notes to financial statements.
72
<PAGE> 75
SELECTED PER SHARE DATA AND RATIOS FOR A SHARE OF BENEFICIAL INTEREST
OUTSTANDING
Throughout each period indicated (continued)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Vista U.S. Government Money Market Fund
-----------------------------------------------------------------------------------------------------------------
Premier Shares Institutional Shares
------------------------------------------------------------------------- ------------------------------------
9/1/95 9/1/94 11/1/93 Year 7/1/92 Year 9/1/95 9/1/94 12/10/93*
Through Through Through Ended Through Ended Through Through Through
8/31/96 8/31/95 8/31/94++ 10/31/93 10/31/92** 6/30/92 8/31/96 8/31/95 8/31/94++
-------- -------- --------- ---------- ---------- -------- ---------- -------- ----------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Per Share
Operating
Performance
Net Asset
Value,
Beginning of
Period...... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
-------- -------- --------- ---------- ---------- -------- ---------- -------- ----------
Income from
Investment
Operations
Net
Investment
Income.... 0.050 0.052 0.027 0.027 0.010 0.041+ 0.053 0.055 0.026
-------- -------- --------- ---------- ---------- -------- ---------- -------- ----------
Less
Dividends
from Net
Investment
Income.... 0.050 0.052 0.027 0.027 0.010 0.041+ 0.053 0.055 0.026
-------- -------- --------- ---------- ---------- -------- ---------- -------- ----------
Net Asset
Value, End
of Period... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
======== ======== ========= ========== ========== ======== ========== ======== ==========
Total
Return...... 5.15% 5.31% 2.70% 2.70% 0.98% 4.68% 5.45% 5.60% 2.61%
===== ===== ====== ===== ====== ===== ===== ===== ======
Ratios/Supplemental
Data:
Net Assets,
End of
Period (000
omitted).... $801,665 $763,609 $545,999 $1,069,704 $108,505 $ 78,795 $1,181,763 $466,083 $212,810
Ratio of
Expenses
to Average
Net
Assets#... 0.55% 0.55% 0.55% 0.55% 0.58% 0.57% 0.27% 0.27% 0.27%
Ratio of Net
Investment
Income to
Average
Net
Assets#... 5.04% 5.22% 3.13% 2.66% 2.87% 4.10% 5.30% 5.58% 3.81%
Ratio of
Expenses
Without
Waivers
and
Assumption
of
Expenses
to
Average
Net
Assets#... 0.59% 0.59% 0.61% 0.67% 0.70% 0.64% 0.27% 0.28% 0.27%
Ratio of Net
Investment
Income
Without
Waivers
and
Assumption
of
Expenses
to Average
Net
Assets#... 5.00% 5.18% 3.07% 2.54% 2.75% 4.03% 5.30% 5.57% 3.81%
</TABLE>
- ---------------
* Commencement of sale of shares.
# Short Periods have been annualized.
+ Includes .001 realized gain from investments, and distribution of gains.
** In 1992 the Trinity Government Fund, the predecessor to the Vista U.S.
Government Money Market Fund, changed its fiscal year-end from June 30 to
October 31.
++ In 1994 USGMM changed its fiscal year-end from October 31 to August 31.
See notes to financial statements.
73
<PAGE> 76
SELECTED PER SHARE DATA AND RATIOS FOR A SHARE OF BENEFICIAL INTEREST
OUTSTANDING
Throughout each period indicated (continued)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Vista Treasury Plus Money Market Fund
---------------------------------------------------------------------------------
Vista
Shares Premier Shares Institutional Shares
---------- ------------------------------- --------------------------------
5/6/96* 9/1/95 9/1/94 4/22/94* 9/1/95 9/1/94 4/20/94**
Through Through Through Through Through Through Through
8/31/96 8/31/96 8/31/95 8/31/94 8/31/96 8/31/95 8/31/94
---------- -------- ------- -------- -------- ------- ---------
<S> <C> <C> <C> <C> <C> <C> <C>
Per Share Operating Performance
Net Asset Value, Beginning of Period......... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
---------- -------- ------- ------ -------- ------- -------
Income from Investment Operations
Net Investment Income...................... 0.015 0.050 0.050 0.014 0.052 0.053 0.014
---------- -------- ------- ------ -------- ------- -------
Less Dividends from Net Investment
Income................................... 0.015 0.050 0.050 0.014 0.052 0.053 0.014
---------- -------- ------- ------ -------- ------- -------
Net Asset Value, End of Period............... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
========== ======== ======= ====== ======== ======= =======
Total Return................................. 1.50% 5.07% 5.17% 1.37% 5.29% 5.36% 1.45%
===== ===== ===== ====== ===== ===== ======
Ratios/Supplemental Data
Net Assets, End of Period (000 omitted).... $1,382,184 $106,011 $18,572 $ 36 $188,513 $17,636 $14,976
Ratio of Expenses to Average Net Assets#... 0.59% 0.52% 0.50% 0.49% 0.30% 0.32% 0.32%
Ratio of Net Investment Income to Average
Net Assets#.............................. 4.63% 4.85% 5.23% 3.85% 5.11% 5.21% 3.93%
Ratio of Expenses Without Waivers and
Assumption of Expenses to Average Net
Assets#.................................. 0.73% 0.63% 1.57% 0.89% 0.38% 0.89% 0.53%
Ratio of Net Investment Income Without
Waivers and Assumption of Expenses to
Average Net Assets#...................... 4.49% 4.74% 4.16% 3.46% 5.03% 4.64% 3.72%
</TABLE>
- ---------------
# Short periods have been annualized.
* Commencement of offering of classes of shares.
** Commencement of operations.
See notes to financial statements.
74
<PAGE> 77
SELECTED PER SHARE DATA AND RATIOS FOR A SHARE OF BENEFICIAL INTEREST
OUTSTANDING
Throughout each period indicated (continued)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Vista Federal Money Market Fund
----------------------------------------------------------------------
Vista Shares Premier Shares
---------------------------------- --------------------------------
9/1/95 9/1/94 5/9/94* 9/1/95 9/1/94 4/22/94*
Through Through Through Through Through Through
8/31/96 8/31/95 8/31/94 8/31/96 8/31/95 8/31/94
--------- --------- -------- -------- -------- --------
<S> <C> <C> <C> <C> <C> <C>
Per Share Operating Performance
Net Asset Value, Beginning of Period........... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
-------- -------- ------- -------- -------- -------
Income from Investment Operations
Net Investment Income......................... 0.048 0.051 0.013 0.050 0.053 0.015
-------- -------- ------- -------- -------- -------
Less Dividends from Net Investment Income..... 0.048 0.051 0.013 0.050 0.053 0.015
-------- -------- ------- -------- -------- -------
Net Asset Value, End of Period................. $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
======== ======== ======= ======== ======== =======
Total Return................................... 4.83% 5.20% 1.26% 5.14% 5.40% 1.47%
===== ===== ====== ===== ===== ======
Ratios/Supplemental Data
Net Assets, End of Period (000 omitted)........ $ 352,934 $ 203,399 $19,955 $248,757 $148,512 $55,768
Ratio of Expenses to Average Net Assets#...... 0.70% 0.69% 0.40% 0.50% 0.49% 0.35%
Ratio of Net Investment Income to Average Net
Assets#..................................... 4.79% 5.16% 4.36% 4.99% 5.32% 4.38%
Ratio of Expenses Without Waivers and
Assumption of Expenses to Average Net
Assets#..................................... 0.93% 0.93% 1.02% 0.52% 0.59% 0.74%
Ratio of Net Investment Income Without Waivers
and Assumption of Expenses to Average
Net Assets#................................. 4.56% 4.92% 3.74% 4.97% 5.22% 4.00%
<CAPTION>
Vista Federal Money Market Fund
-------------------------------------
Institutional
Shares
--------
9/1/95 9/1/94 4/20/94**
Through Through Through
8/31/96 8/31/95 8/31/94
-------- -------- ---------
<S> <C> <C> <C>
Per Share Operating Performance
Net Asset Value, Beginning of Period........... $ 1.00 $ 1.00 $ 1.00
-------- -------- --------
Income from Investment Operations
Net Investment Income......................... 0.052 0.054 0.015
-------- -------- --------
Less Dividends from Net Investment Income..... 0.052 0.054 0.015
-------- -------- --------
Net Asset Value, End of Period................. $ 1.00 $ 1.00 $ 1.00
======== ======== ========
Total Return................................... 5.35% 5.57% 1.54%
===== ===== ======
Ratios/Supplemental Data
Net Assets, End of Period (000 omitted)........ $141,312 $113,591 $117,364
Ratio of Expenses to Average Net Assets#...... 0.30% 0.31% 0.30%
Ratio of Net Investment Income to Average Net
Assets#..................................... 5.20% 5.45% 4.26%
Ratio of Expenses Without Waivers and
Assumption of Expenses to Average Net
Assets#..................................... 0.30% 0.37% 0.49%
Ratio of Net Investment Income Without Waivers
and Assumption of Expenses to Average
Net Assets#................................. 5.20% 5.39% 4.06%
</TABLE>
- ---------------
# Short periods have been annualized.
* Commencement of offering of classes of shares.
** Commencement of operations.
See notes to financial statements.
75
<PAGE> 78
SELECTED PER SHARE DATA AND RATIOS FOR A SHARE OF BENEFICIAL INTEREST
OUTSTANDING
Throughout each period indicated (continued)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Vista Cash Management Money Market Fund
------------------------------------------------------
Vista Shares
------------------------------------------------------
12/1/95* Year Ended November 30,
Through --------------------------------------
8/31/96 1995 1994 1993
---------- ---------- -------- --------
<S> <C> <C> <C> <C>
Per Share Operating Performance
Net Asset Value, Beginning of Period.................................. $ 1.00 $ 1.00 $ 1.00 $ 1.00
---------- ---------- -------- --------
Income from Investment Operations:
Net Investment Income................................................ 0.037 0.054 0.036 0.027
---------- ---------- -------- --------
Less Dividends from Net Investment Income............................ 0.037 0.054 0.036 0.027
---------- ---------- -------- --------
Net Assets Value, End of Period....................................... $ 1.00 $ 1.00 $ 1.00 $ 1.00
========== ========== ======== ========
Total Return.......................................................... 3.69% 5.49% 3.62% 2.74%
===== ===== ===== =====
Ratios/Supplemental Data
Net Assets, End of Period
(000 omitted)...................................................... $1,621,212 $1,634,493 $990,045 $861,025
Ratio of Expenses to Average Net Assets#............................. 0.60% 0.58% 0.58% 0.61%
Ratio of Net Investment Income to Average Net Assets#................ 4.91% 5.35% 3.62% 2.70%
Ratio of Expenses Without Waivers and Assumption of Expenses to
Average Net Assets#................................................ 0.63% 0.62% 0.62% 0.64%
Ratio of Net Investment Income Without Waivers and Assumption of
Expenses to Average Net Assets#.................................... 4.88% 5.31% 3.58% 2.67%
<CAPTION>
Vista Cash Management Money Market Fund
-------------------------------------------------------
Vista Shares Premier Shares Institutional Shares
------------ -------------- --------------------
5/6/96** 5/6/96**
Through Through
1992 8/31/96 8/31/96
-------- -------------- --------------------
<S> <C> <C> <C>
Per Share Operating Performance
Net Asset Value, Beginning of Period.................................. $ 1.00 $ 1.00 $ 1.00
-------- -------- --------
Income from Investment Operations:
Net Investment Income................................................ 0.035 0.016 0.017
-------- -------- --------
Less Dividends from Net Investment Income............................ 0.035 0.016 0.017
-------- -------- --------
Net Assets Value, End of Period....................................... $ 1.00 $ 1.00 $ 1.00
======== ======== ========
Total Return.......................................................... 3.51% 1.61% 1.69%
===== ===== =====
Ratios/Supplemental Data
Net Assets, End of Period
(000 omitted)...................................................... $560,173 $433,302 $657,002
Ratio of Expenses to Average Net Assets#............................. 0.67% 0.50% 0.25%
Ratio of Net Investment Income to Average Net Assets#................ 3.41% 4.93% 5.22%
Ratio of Expenses Without Waivers and Assumption of Expenses to
Average Net Assets#................................................ 0.72% 0.52% 0.25%
Ratio of Net Investment Income Without Waivers and Assumption of
Expenses to Average Net Assets#.................................... 3.36% 4.91% 5.22%
</TABLE>
- ---------------
* In 1996, the Fund changed its fiscal year from November 30 to August 31, see
Note 7.
** Commencement of offering class of shares.
# Short periods have been annualized.
See notes to financial statements.
76
<PAGE> 79
SELECTED PER SHARE DATA AND RATIOS FOR A SHARE OF BENEFICIAL INTEREST
OUTSTANDING
Throughout each period indicated (continued)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Vista Prime Money Market Fund
------------------------------------------------------------
Premier Shares Institutional Shares
---------------------------------- ---------------------
9/1/95 9/1/94 11/15/93** 9/1/95 9/1/94
Through Through Through Through Through
8/31/96 8/31/95 8/31/94 8/31/96 8/31/95
-------- ------- --------- -------- --------
<S> <C> <C> <C> <C> <C>
Per Share Operating Performance
Net Asset Value, Beginning of Period....................... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
-------- ------- --------- -------- --------
Income from Investment Operations
Net Investment Income................................... 0.052 0.053 0.027 0.054 0.055
Net Realized Loss on Securities......................... -- (0.003) -- -- (0.003)
-------- ------- -------- -------- --------
Total Income from Investment Operations................. 0.052 0.050 0.027 0.054 0.052
-------- ------- -------- -------- --------
Voluntary Capital Contribution.......................... -- 0.003 -- -- 0.003
Less Dividends from Net Investment Income............... 0.052 0.053 0.027 0.054 0.055
-------- ------- -------- -------- --------
Net Asset Value, End of Period............................. $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
======== ======= ======== ======== ========
Total Return............................................... 5.32% 5.44% 2.75% 5.51% 5.62%
===== ===== ===== ===== =====
Ratios/Supplemental Data:
Net Assets, End of Period (000 omitted)................... $418,736 $62,737 $73,253 $724,544 $185,640
Ratio of Expenses to Average Net Assets#.................. 0.45% 0.45% 0.45% 0.26% 0.27%
Ratio of Net Investment Income to Average Net Assets#..... 5.18% 5.24% 3.15% 5.33% 5.57%
Ratio of Expenses Without Waivers and Assumption of
Expenses to Average Net Assets #........................ 0.51% 0.65% 0.56% 0.26% 0.35%
Ratio of Net Investment Income Without Waivers and
Assumption of Expenses to Average Net Assets#........... 5.12% 5.04% 3.04% 5.33% 5.49%
<CAPTION>
Vista Prime Money Market Fund
--------------------------------------------------
Institutional
Shares B Shares
------------- ----------------------------------
4/26/94* 9/1/95 9/1/94 4/21/94*
Through Through Through Through
8/31/94 8/31/96 8/31/95 8/31/94
--------- ------- -------- ---------
<S> <C> <C> <C> <C>
Per Share Operating Performance
Net Asset Value, Beginning of Period....................... $ 1.00 $ 1.00 $ 1.00 $ 1.00
-------- ------- ------- --------
Income from Investment Operations
Net Investment Income................................... 0.014 0.042 0.043 0.011
Net Realized Loss on Securities......................... -- -- (0.003) --
-------- ------- ------- --------
Total Income from Investment Operations................. 0.014 0.042 0.040 0.011
-------- ------- ------- --------
Voluntary Capital Contribution.......................... -- -- 0.003 --
Less Dividends from Net Investment Income............... 0.014 0.042 0.043 0.011
-------- ------- ------- --------
Net Asset Value, End of Period............................. $ 1.00 $ 1.00 $ 1.00 $ 1.00
======== ======= ======= ========
Total Return............................................... 1.50% 4.25% 4.37% 1.11%
===== ===== ===== =====
Ratios/Supplemental Data:
Net Assets, End of Period (000 omitted)................... $57,961 $15,667 $4,880 $ 1,452
Ratio of Expenses to Average Net Assets#.................. 0.27% 1.47% 1.47% 1.47%
Ratio of Net Investment Income to Average Net Assets#..... 4.21% 4.17% 4.33% 2.96%
Ratio of Expenses Without Waivers and Assumption of
Expenses to Average Net Assets #........................ 0.37% 1.71% 2.53% 1.67%
Ratio of Net Investment Income Without Waivers and
Assumption of Expenses to Average Net Assets#........... 4.11% 3.93% 3.27% 2.76%
</TABLE>
- ---------------
# Short periods have been annualized.
* Commencement of offering of classes of shares.
** Commencement of operations.
See notes to financial statements.
77
<PAGE> 80
SELECTED PER SHARE DATA AND RATIOS FOR A SHARE OF BENEFICIAL INTEREST
OUTSTANDING
Throughout each period indicated (continued)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Vista Tax Free Money Market Fund
---------------------------------------------------------
Vista Shares
---------------------------------------------------------
9/1/95 9/1/94 11/1/93 Year Ended
Through Through Through --------------------
8/31/96 8/31/95 8/31/94++ 10/31/93 10/31/92
-------- -------- --------- -------- --------
<S> <C> <C> <C> <C> <C>
Per Share Operating Performance
Net Asset Value, Beginning of Period................................. $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
-------- -------- --------- -------- --------
Income from Investment Operations
Net Investment Income............................................... 0.029 0.029 0.015 0.019 0.028
-------- -------- --------- -------- --------
Less Dividends from Net Investment Income........................... 0.029 0.029 0.015 0.019 0.028
-------- -------- --------- -------- --------
Net Asset Value, End of Period....................................... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
======== ======== ========= ======== ========
Total Return......................................................... 2.92% 2.99% 1.54% 1.90% 2.79%
===== ===== ===== ===== =====
Ratios/Supplemental Data:
Net Assets, End of Period (000 omitted).............................. $574,115 $166,915 $121,710 $160,497 $145,241
Ratio of Expenses to Average Net Assets#............................ 0.69% 0.86% 0.85% 0.85% 0.85%
Ratio of Net Investment Income to Average Net Assets#............... 2.89% 2.96% 1.82% 1.88% 2.70%
Ratio of Expenses Without Waivers and Assumption of Expenses to
Average Net Assets#............................................... 0.80% 0.94% 0.85% 0.91% 0.98%
Ratio of Net Investment Income Without Waivers and Assumption of
Expenses to Average Net Assets#................................... 2.78% 2.87% 1.82% 1.83% 2.57%
</TABLE>
- ---------------
# Short periods have been annualized.
++ In 1994 TFMM changed its fiscal year end from October 31 to August 31.
See notes to financial statements.
78
<PAGE> 81
SELECTED PER SHARE DATA AND RATIOS FOR A SHARE OF BENEFICIAL INTEREST
OUTSTANDING
Throughout each period indicated (continued)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Vista Tax Free Money Market Fund
----------------------------------------------------------------------------------------------
Premier Shares Institutional Shares
--------------------------------------------------------- ---------------------------------
9/1/95 9/1/94 11/1/93 Year ended 9/1/95 9/1/94 11/4/93*
Through Through Through -------------------- Through Through Through
8/31/96 8/31/95 8/31/94++ 10/31/93 10/31/92 8/31/96 8/31/95 8/31/94++
-------- -------- --------- -------- -------- -------- -------- ---------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Per Share Operating Performance
Net Asset Value, Beginning of
Period........................ $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
-------- -------- --------- -------- ------- -------- -------- --------
Income from Investment
Operations
Net Investment Income......... 0.031 0.032 0.018 0.022 0.031 0.034 0.035 0.019
-------- -------- --------- -------- ------- -------- -------- --------
Less Dividends from Net
Investment Income........... 0.031 0.032 0.018 0.022 0.031 0.034 0.035 0.019
-------- -------- --------- -------- ------- -------- -------- --------
Net Asset Value, End of
Period........................ $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
======== ======== ========= ======== ======= ======== ======== ========
Total Return................... 3.12% 3.29% 1.79% 2.21% 3.09% 3.40% 3.53% 1.95%
===== ===== ===== ===== ===== ===== ===== =====
Ratios/Supplemental Data:
Net Assets, End of Period (000
omitted)...................... $145,221 $148,436 $229,306 $225,791 $87,027 $148,536 $108,494 $110,332
Ratio of Expenses to Average
Net Assets#................. 0.58% 0.56% 0.55% 0.55% 0.55% 0.31% 0.33% 0.34%
Ratio of Net Investment Income
to Average Net Assets#...... 3.08% 3.21% 2.11% 2.16% 2.92% 3.33% 3.46% 2.38%
Ratio of Expenses Without
Waivers and Assumption of
Expenses to Average Net
Assets#..................... 0.73% 0.84% 0.78% 0.79% 0.76% 0.31% 0.34% 0.34%
Ratio of Net Investment Income
Without Waivers and
Assumption of Expenses to
Average Net Assets#......... 2.92% 2.93% 1.89% 1.92% 2.71% 3.33% 3.45% 2.38%
</TABLE>
- ---------------
# Short periods have been annualized.
++ In 1994 TFMM changed its fiscal year end from October 31 to August 31.
* Commencement of offering class of shares.
See notes to financial statements.
79
<PAGE> 82
SELECTED PER SHARE DATA AND RATIOS FOR A SHARE OF BENEFICIAL INTEREST
OUTSTANDING
Throughout each period indicated (continued)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Vista New York Tax Free Money Market Fund
---------------------------------------------------------
Vista Shares
---------------------------------------------------------
9/1/95 9/1/94 11/1/93 Year Ended
Through Through Through --------------------
8/31/96 8/31/95 8/31/94++ 10/31/93 10/31/92
-------- -------- --------- -------- --------
<S> <C> <C> <C> <C> <C>
Per Share Operating Performance
Net Asset Value, Beginning of Period................................. $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
-------- -------- --------- -------- --------
Income from Investment Operations
Net Investment Income.............................................. 0.028 0.028 0.015 0.017 0.025
-------- -------- --------- -------- --------
Less Dividends from Net Investment Income.......................... 0.028 0.028 0.015 0.017 0.025
-------- -------- --------- -------- --------
Net Asset Value, End of Period....................................... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
======== ======== ======== ======== ========
Total Return......................................................... 2.85% 2.88% 1.48% 1.75% 2.53%
===== ===== ===== ===== =====
Ratios/Supplemental Data:
Net Assets, End of Period (000 omitted).............................. $890,413 $378,400 $365,669 $300,425 $285,889
Ratio of Expenses to Average Net Assets#........................... 0.74% 0.86% 0.85% 0.85% 0.85%
Ratio of Net Investment Income to Average Net Assets#.............. 2.79% 2.84% 1.77% 1.72% 2.48%
Ratio of Expenses Without Waivers and Assumption of Expenses to
Average Net Assets#.............................................. 0.83% 0.95% 0.85% 0.89% 0.92%
Ratio of Net Investment Income Without Waivers and Assumption of
Expenses to Average Net Assets#.................................. 2.70% 2.75% 1.77% 1.68% 2.41%
</TABLE>
- ---------------
# Short periods have been annualized.
++ In 1994 NYTFMM changed its fiscal year ends from October 31 to August 31.
See notes to financial statements.
80
<PAGE> 83
SELECTED PER SHARE DATA AND RATIOS FOR A SHARE OF BENEFICIAL INTEREST
OUTSTANDING
Throughout each period indicated (continued)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Vista California
Tax Free Money Market Fund
-------------------------------------------
Vista Shares
-------------------------------------------------------
9/1/95 9/1/94 11/1/93 Year 3/4/92**
Through Through Through Ended Through
8/31/96 8/31/95 8/31/94++ 10/31/93 10/31/92
------- ------- --------- -------- --------
<S> <C> <C> <C> <C> <C>
Per Share Operating Performance
Net Asset Value, Beginning of Period................................... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
------- ------- -------- -------- -------
Income from Investment Operations
Net Investment Income................................................ 0.030 0.033 0.018 0.023 0.019
------- ------- ------- ------- -------
Less Dividends from Net Investment Income............................ 0.030 0.033 0.018 0.023 0.019
------- ------- ------- ------- -------
Ratios/Supplemental Data:
Net Assets, End of Period (000 omitted)................................ $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
======= ======= ======= ======= =======
Total Return........................................................... 3.06% 3.32% 1.82% 2.30% 2.89%
===== ===== ===== ===== =====
Ratios/Supplemental Data:
Net Assets, End of Period (000 omitted)................................ $42,819 $58,315 $64,423 $45,346 $44,643
Ratio of Expenses to Average Net Assets#............................. 0.56% 0.48% 0.46% 0.42% 0.06%
Ratio of Net Investment Income to Average Net Assets#................ 3.03% 3.25% 2.17% 2.26% 2.86%
Ratio of Expenses Without Waivers and Assumption of Expenses to
Average
Net Assets#........................................................ 1.02% 1.07% 0.94% 1.02% 1.23%
Ratio of Net Investment Income Without Waivers and Assumption of
Expenses to Average Net Assets#.................................... 2.57% 2.66% 1.69% 1.66% 1.69%
</TABLE>
- ---------------
# Short periods have been annualized.
++ In 1994 CTFMM changed its fiscal year end from October 31 to August 31.
** Commencement of operations.
See notes to financial statements.
81
<PAGE> 84
REPORT OF INDEPENDENT ACCOUNTANTS
- --------------------------------------------------------------------------------
To the Trustees and Shareholders of
Mutual Fund Trust
In our opinion, the accompanying statements of assets and liabilities, including
the portfolios of investments, and the related statements of operations and of
changes in net assets and the selected per share data and ratios for a share of
beneficial interest outstanding present fairly, all material respects, the
financial position of Vista 100% U.S. Treasury Securities Money Market Fund,
Vista U.S. Government Money Market Fund, Vista Treasury Plus Money Market Fund,
Vista Federal Money Market Fund, Vista Cash Management Money Market Fund, Vista
Prime Money Market Fund, Vista Tax Free Money Market Fund, Vista New York Tax
Free Money Market Fund, and Vista California Tax Free Money Market Fund
(separate portfolios of Mutual Fund Trust, hereafter referred to as the "Trust")
at August 31, 1996, the results of each of their operations for the year then
ended (for the period December 1, 1995 through August 31. 1996 for Vista Cash
Management Money Market Fund and Vista 100% U.S. Treasury Securities Money
Market Fund), the changes in each of their net assets for each of the two years
in the period then ended (for the period December 1, 1995 through August 31,
1996 for Vista Cash Management Money Market Fund and Vista 100% U.S. Treasury
Securities Money Market Fund), and the selected per share data and ratios for a
share of beneficial interest outstanding for each of the periods presented (for
the period December 1, 1995 through August 31, 1996 for Vista Cash Management
Money Market Fund and Vista 100% U.S. Treasury Securities Money Market Fund), in
conformity with generally accepted accounting principles. These financial
statements and selected per share data and ratios for a share of beneficial
interest outstanding (hereafter referred to as "financial statements") are the
responsibility of the Trust's management; our responsibility is to express an
opinion on these financial statements based on our audits. We conducted our
audits of these financial statements in accordance with generally accepted
auditing standards which require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free of material
misstatement. An audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements, assessing the
accounting principles used and significant estimates made by management, and
evaluating the overall financial statement presentation. We believe that our
audits, which included confirmation of securities at August 31, 1996 by
correspondence with the custodian and brokers and the application of alternative
auditing procedures where confirmations from brokers were not received, provide
a reasonable basis for the opinion expressed above. The statement of changes in
net assets of Vista Cash Management Money Market Fund (formerly Hanover Cash
Management Money Market Fund) and Vista 100% U.S. Treasury Securities Money
Market Fund (formerly Hanover 100% U.S. Treasury Securities Money Market Fund)
for the year ended November 30, 1995 and the selected per share data and ratios
for a share of beneficial interest outstanding for each of the four years in the
period ended November 30, 1995 were audited by other independent accountants
whose report dated January 19, 1996 expressed an unqualified opinion on those
financial statements and the selected per share data and ratios for a share of
beneficial interest outstanding.
PRICE WATERHOUSE LLP
1177 Avenue of the Americas
New York, New York 10036
October 18, 1996
82
<PAGE> 85
SHAREHOLDER MEETING RESULTS (unaudited)
- --------------------------------------------------------------------------------
Vista U.S. Government Money Market Fund, Vista Treasury Plus Money Market
Fund, Vista Federal Money Market Fund, Vista Global Money Market Fund, Vista
Prime Money Market Fund, Vista Tax Free Money Market Fund, Vista New York Tax
Free Money Market Fund and Vista California Tax Free Money Market Fund are
separate series of Mutual Fund Trust, 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 and April 25, 1996.
At the Meeting, the shareholders of the Trust elected all of the Trustees
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 Vartebedian, 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:
<TABLE>
<CAPTION>
Fund For Against Abstained
-------------------------------------------------- -------------- ----------- -----------
<S> <C> <C> <C>
Vista U.S. Government Money Market Fund 1,473,395,361 4,835,216 44,799,554
Vista Treasury Plus Money Market Fund 72,676,149 -- --
Vista Federal Money Market Fund 320,350,587 2,768,469 15,844,649
Vista Global Money Market Fund 564,667,415 43,454,000 2,511,415
Vista Prime Money Market Fund 1,009,890,497 33,287,669 3,246,733
Vista Tax Free Money Market Fund 269,180,335 1,747,989 6,717,308
Vista New York Tax Free Money Market Fund 275,936,204 3,411,461 6,135,435
Vista California Tax Free Money Market Fund 25,475,365 129,000 1,422,917
</TABLE>
Election of Trustees (results for shareholders of all series of the Trust voting
together):
<TABLE>
<CAPTION>
For Withhold
-------------- -----------
<S> <C> <C>
Fergus Reid, III 4,106,927,676 87,636,502
Richard E. Ten Haken 4,107,275,222 87,285,956
William J. Armstrong 4,041,177,525 153,383,653
John R.H. Blum 4,106,989,252 87,571,671
Joseph J. Harkins 4,106,848,024 87,713,154
H. Richard Vartebedian 4,106,654,874 87,906,304
Stuart W. Cragin, Jr. 4,106,995,988 87,565,190
Irving L. Thode 4,040,626,095 153,945,083
W. Perry Neff 4,106,668,847 87,892,331
Roland R. Epply, Jr. 4,107,386,860 87,174,318
W.D. MacCallan 4,040,194,182 154,366,996
</TABLE>
Ratification of Price Waterhouse LLP as independent public accountants for each
Fund:
<TABLE>
<CAPTION>
For Against Abstain
-------------- ----------- -----------
<S> <C> <C> <C>
Vista U.S. Government Money Market Fund 1,478,865,970 9,041,199 35,022,961
Vista Treasury Plus Money Market Fund 72,676,149 -- --
Vista Federal Money Market Fund 321,496,470 3,599,623 13,867,613
Vista Global Money Market Fund 566,945,391 40,819,382 2,878,058
Vista Prime Money Market Fund 1,009,900,855 33,294,672 3,229,373
Vista Tax Free Money Market Fund 269,167,156 2,273,193 6,205,284
Vista New York Tax Free Money Market Fund 275,083,235 3,800,144 6,599,722
Vista California Tax Free Money Market Fund 25,506,994 129,119 1,391,168
</TABLE>
83
<PAGE> 86
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>
<CAPTION>
For Against Abstain
-------------- ----------- -----------
<S> <C> <C> <C>
3,694,238,094 309,837,044 190,486,040
</TABLE>
Approve or disapprove an amendment to each Fund's fundamental investment
restriction concerning borrowing:
<TABLE>
<CAPTION>
For Against Abstain
-------------- ----------- -----------
<S> <C> <C> <C>
Vista U.S. Government Money Market Fund 1,269,230,408 182,642,026 70,364,216
Vista Treasury Plus Money Market Fund 72,269,448 406,701 0
Vista Federal Money Market Fund 248,429,608 9,313,068 21,334,643
Vista Global Money Market Fund 540,431,965 53,244,228 16,465,285
Vista Prime Money Market Fund 1,006,565,740 34,493,802 4,829,989
Vista Tax Free Money Market Fund 216,539,158 13,190,659 47,854,929
Vista New York Tax Free Money Market Fund 242,365,120 16,024,544 27,093,437
Vista California Tax Free Money Market Fund 25,053,983 147,919 1,825,379
</TABLE>
Approve or disapprove an amendment to each Fund's fundamental investment
restriction concerning investment for the purpose of exercising control:
<TABLE>
<CAPTION>
For Against Abstain
-------------- ----------- -----------
<S> <C> <C> <C>
Vista U.S. Government Money Market Fund 1,029,037,803 189,501,203 235,686,941
Vista Treasury Plus Money Market Fund 72,269,448 406,701 0
Vista Federal Money Market Fund 248,397,366 8,788,288 21,891,664
Vista Global Money Market Fund 468,866,784 46,095,368 15,043,122
Vista Prime Money Market Fund 1,006,578,059 34,481,483 4,829,989
Vista Tax Free Money Market Fund 201,862,396 9,995,755 48,147,038
Vista New York Tax Free Money Market Fund 226,724,491 14,416,703 26,134,458
Vista California Tax Free Money Market Fund 17,342,065 329,827 1,825,379
</TABLE>
Approve or disapprove an amendment to each Fund's fundamental investment
restriction concerning the making of loans:
<TABLE>
<CAPTION>
For Against Abstain
-------------- ----------- -----------
<S> <C> <C> <C>
Vista U.S. Government Money Market Fund 1,032,393,462 183,263,654 238,568,831
Vista Treasury Plus Money Market Fund 72,269,448 0 406,701
Vista Federal Money Market Fund 247,484,458 9,437,354 22,155,506
Vista Global Money Market Fund 464,734,551 50,382,795 14,887,929
Vista Prime Money Market Fund 1,006,544,820 34,514,722 4,829,989
Vista Tax Free Money Market Fund 202,017,646 9,006,674 48,980,869
Vista New York Tax Free Money Market Fund 225,180,522 14,630,330 27,464,800
Vista California Tax Free Money Market Fund 17,523,965 147,927 1,825,379
</TABLE>
Approve or disapprove an amendment to each Fund's fundamental investment
restriction concerning purchases of securities on margin:
<TABLE>
<CAPTION>
For Against Abstain
-------------- ----------- -----------
<S> <C> <C> <C>
Vista U.S. Government Money Market Fund 1,161,663,943 220,570,915 71,991,089
Vista Treasury Plus Money Market Fund 72,269,448 406,701 0
Vista Federal Money Market Fund 244,496,488 13,803,355 20,777,476
Vista Global Money Market Fund 459,895,801 54,881,977 15,227,497
Vista Prime Money Market Fund 1,006,574,054 34,481,483 4,833,994
Vista Tax Free Money Market Fund 201,873,584 9,284,953 48,846,652
Vista New York Tax Free Money Market Fund 225,799,211 16,275,115 25,201,325
Vista California Tax Free Money Market Fund 17,444,872 205,280 1,847,119
</TABLE>
84
<PAGE> 87
Approve or disapprove an amendment to each Fund's fundamental investment
restriction concerning concentration of investment:
<TABLE>
<CAPTION>
For Against Abstain
-------------- ----------- -----------
<S> <C> <C> <C>
Vista U.S. Government Money Market Fund 1,183,750,891 200,094,896 70,380,160
Vista Treasury Plus Money Market Fund 72,269,448 406,701 0
Vista Federal Money Market Fund 251,584,454 6,543,252 20,949,613
Vista Global Money Market Fund 465,203,473 45,628,452 19,173,350
Vista Prime Money Market Fund 1,006,538,813 34,520,729 4,829,989
Vista Tax Free Money Market Fund 201,138,118 9,087,886 49,779,185
Vista New York Tax Free Money Market Fund 227,323,758 11,782,611 28,169,283
Vista California Tax Free Money Market Fund 17,547,573 129,000 1,820,699
</TABLE>
Approve or disapprove an amendment to each Fund's fundamental investment
restriction concerning commodities and real estate:
<TABLE>
<CAPTION>
For Against Abstain
-------------- ----------- -----------
<S> <C> <C> <C>
Vista U.S. Government Money Market Fund 1,002,576,748 352,209,590 99,439,609
Vista Treasury Plus Money Market Fund 72,269,448 406,701 0
Vista Federal Money Market Fund 245,196,747 12,640,780 21,239,792
Vista Global Money Market Fund 460,091,390 55,005,911 14,907,973
Vista Prime Money Market Fund 1,006,625,247 34,434,295 4,829,989
Vista Tax Free Money Market Fund 197,956,390 10,642,387 51,406,412
Vista New York Tax Free Money Market Fund 228,756,266 12,812,433 25,706,953
Vista California Tax Free Money Market Fund 17,502,233 147,919 1,847,119
</TABLE>
Approve or disapprove an amendment to each Fund's fundamental investment
restriction regarding investments in restricted and illiquid securities:
<TABLE>
<CAPTION>
For Against Abstain
-------------- ----------- -----------
<S> <C> <C> <C>
Vista U.S. Government Money Market Fund 1,004,871,034 368,950,926 80,403,986
Vista Treasury Plus Money Market Fund 72,269,448 406,701 0
Vista Federal Money Market Fund 235,687,468 22,381,415 21,008,436
Vista Global Money Market Fund 462,087,443 52,786,994 15,130,838
Vista Prime Money Market Fund 1,006,555,158 34,510,717 4,823,656
Vista Tax Free Money Market Fund 199,335,053 9,455,683 51,214,454
Vista New York Tax Free Money Market Fund 225,099,444 16,354,382 25,821,826
Vista California Tax Free Money Market Fund 17,466,620 205,272 1,825,379
</TABLE>
Approve or disapprove of a reclassification, as nonfundamental, of each Fund's
fundamental restriction concerning the use of options:
<TABLE>
<CAPTION>
For Against Abstain
-------------- ----------- -----------
<S> <C> <C> <C>
Vista U.S. Government Money Market Fund 1,037,062,264 343,349,164 73,814,519
Vista Treasury Plus Money Market Fund 72,269,448 0 406,701
Vista Federal Money Market Fund 242,699,049 15,017,848 21,360,421
Vista Global Money Market Fund 465,877,452 49,204,343 14,923,480
Vista Prime Money Market Fund 1,006,502,671 34,515,032 4,871,827
Vista Tax Free Money Market Fund 198,479,775 9,061,428 52,463,986
Vista New York Tax Free Money Market Fund 227,268,028 13,874,301 26,133,323
Vista California Tax Free Money Market Fund 17,485,420 186,472 1,825,379
</TABLE>
85
<PAGE> 88
Approve or disapprove an amendment to each Fund's fundamental investment
restriction concerning senior securities:
<TABLE>
<CAPTION>
For Against Abstain
-------------- ----------- -----------
<S> <C> <C> <C>
Vista U.S. Government Money Market Fund 1,031,696,508 183,508,396 239,021,044
Vista Treasury Plus Money Market Fund 72,269,448 406,701 0
Vista Federal Money Market Fund 241,041,191 15,699,380 22,336,747
Vista Global Money Market Fund 468,254,303 43,845,973 18,904,999
Vista Prime Money Market Fund 1,006,629,252 34,457,213 4,803,066
Vista Tax Free Money Market Fund 198,080,535 10,404,958 51,519,696
Vista New York Tax Free Money Market Fund 224,070,669 14,518,893 28,686,090
Vista California Tax Free Money Market Fund 17,485,420 167,553 1,844,299
</TABLE>
Approve or disapprove an amendment to each Fund's fundamental investment
restriction regarding short sales of securities:
<TABLE>
<CAPTION>
For Against Abstain
-------------- ----------- -----------
<S> <C> <C> <C>
Vista U.S. Government Money Market Fund 1,023,769,924 24,585,658 405,870,365
Vista Treasury Plus Money Market Fund 72,269,448 0 406,701
Vista Federal Money Market Fund 246,135,105 10,890,169 22,052,045
Vista Global Money Market Fund 462,442,194 51,034,051 16,529,029
Vista Prime Money Market Fund 1,006,604,982 34,481,483 4,803,066
Vista Tax Free Money Market Fund 200,230,396 10,999,507 48,775,286
Vista New York Tax Free Money Market Fund 223,053,455 16,993,274 27,228,923
Vista California Tax Free Money Market Fund 17,305,380 368,380 1,823,511
</TABLE>
Approve or disapprove a proposal to adopt new investment policy that authorizes
each Fund to invest all of investable assets in another open-end investment
company having substantially the same investment objective and policies as the
Fund:
<TABLE>
<CAPTION>
For Against Abstain
-------------- ----------- -----------
<S> <C> <C> <C>
Vista U.S. Government Money Market Fund 984,819,629 233,299,647 236,106,672
Vista Treasury Plus Money Market Fund 72,676,149 0 0
Vista Federal Money Market Fund 247,070,854 10,804,247 21,202,217
Vista Global Money Market Fund 461,932,838 51,053,846 17,018,590
Vista Prime Money Market Fund 1,006,491,283 34,595,182 4,803,066
Vista Tax Free Money Market Fund 200,798,108 10,618,246 48,588,835
Vista New York Tax Free Money Market Fund 223,205,843 17,591,982 26,477,827
Vista California Tax Free Money Market Fund 17,476,216 195,676 1,825,379
</TABLE>
Approve or disapprove a restatement of the investment objective of the Funds:
<TABLE>
<CAPTION>
For Against Abstain
-------------- ----------- -----------
<S> <C> <C> <C>
Vista U.S. Government Money Market Fund 1,030,141,220 16,685,595 336,808,792
Vista Treasury Plus Money Market Fund 72,269,428 0 406,701
Vista Federal Money Market Fund 249,576,974 8,846,639 18,892,441
Vista Global Money Market Fund 470,934,999 39,074,108 14,247,369
Vista Prime Money Market Fund 1,008,611,342 37,191,755 86,434
Vista Tax Free Money Market Fund 228,155,315 6,454,064 23,302,102
Vista New York Tax Free Money Market Fund 230,185,894 13,609,637 23,480,921
Vista California Tax Free Money Market Fund 17,652,131 129,119 1,716,021
</TABLE>
Approve or disapprove a new investment advisory agreement between each of the
Funds other than the Vista Tax Free Money Market Fund and Vista Global Money
Market Fund and the Adviser and a sub-advisory agreement between the Adviser and
Chase Asset Manage-
86
<PAGE> 89
ment, Inc. to take effect as soon as practicable after the approval by
shareholders (to be voted on separately by shareholders of each such Fund):
<TABLE>
<CAPTION>
For Against Abstain
-------------- ----------- -----------
<S> <C> <C> <C>
Vista U.S. Government Money Market Fund 1,379,974,135 14,165,703 58,213,345
Vista Treasury Plus Money Market Fund 72,269,428 0 406,701
Vista Federal Money Market Fund 311,895,303 6,809,663 18,497,476
Vista Prime Money Market Fund 1,013,088,942 33,291,674 44,283
Vista New York Tax Free Money Market Fund 252,114,228 10,976,068 22,393,605
Vista California Tax Free Money Market Fund 25,253,269 110,200 1,663,813
</TABLE>
With respect to the Vista Tax Free Money Market Fund and the Vista Global Money
Market Fund only:
Approve or disapprove a new investment advisory agreement between each of
the Funds and the Adviser (to take effect as soon as practicable after the
approval by the shareholders), and a sub-advisory agreement between the Adviser
and Texas Commerce Bank, National Association (to take effect upon the merger of
certain series of Hanover Funds, Inc. into the Funds) with respect to each of
the above referenced Funds (voted on separately by shareholders of each Fund).
<TABLE>
<CAPTION>
For Against Abstain
-------------- ----------- -----------
<S> <C> <C> <C>
Vista Global Money Market Fund 552,600,153 35,316,826 17,079,788
Vista Tax Free Money Market Fund 245,853,631 6,847,078 22,631,216
</TABLE>
87
<PAGE> 90
(unaudited)
VISTA 100% U.S. TREASURY SECURITIES MONEY MARKET FUND (USTSMM)
VISTA U.S. GOVERNMENT MONEY MARKET FUND (USGMM)
VISTA TREASURY PLUS MONEY MARKET FUND (TPMM)
VISTA FEDERAL MONEY MARKET FUND (FMM)
VISTA CASH MANAGEMENT MONEY MARKET FUND (CMMM)
VISTA PRIME MONEY MARKET FUND (PMM)
VISTA TAX FREE MONEY MARKET FUND (TFMM)
VISTA NEW YORK TAX FREE MONEY MARKET FUND (NYTFMM)
VISTA CALIFORNIA TAX FREE MONEY MARKET FUND (CTFMM)
- --------------------------------------------------------------------------------
Certain tax information regarding the Vista Mutual Funds is required to be
provided to shareholders based upon the Funds income and distributions for the
taxable year ended August 31, 1996. The information and distributions reported
in this letter may differ from the information and distributions taxable to the
shareholders for the calendar year ending December 31, 1996. The information
necessary to complete your income tax returns for the calendar year ending
December 31, 1996 will be received under separate cover.
FOR THE FISCAL YEAR ENDED AUGUST 31, 1996,
- All of the dividends paid from net investment income are 100% exempt
from Federal income tax for TFMM, NYTFMM and CTFMM, respectively.
- For shareholders who are subject to the Alternative Minimum Tax, the
income from private activity bonds issued after August 7, 1986, which
may be considered a tax preference item, was 18.61%, 10.13% and 14.54%
on TFMM, NYTFMM, and CALTFMM, respectively.
The following schedules present the source and percentage of income from
government obligations for the fiscal year ended August 31, 1996.
<TABLE>
<CAPTION>
USTSMM USGMM TPMM FMM PMM CMMM
------ ----- ----- ----- ----- ----
<S> <C> <C> <C> <C> <C> <C>
U.S. Treasury Bills........... 57.11% 0.40% 30.18% 0.29% 0.07% --
U.S. Treasury Notes........... 42.89% 2.03% 20.58% 5.28% 1.97% 1.04%
Federal Farm Credit Bank...... -- 4.40% -- 25.47% 0.01% --
Federal Home Loan Bank........ -- 8.75% -- 46.29% 0.14% 0.46%
Federal Home Loan Mortgage
Corp........................ -- 4.22% -- -- 0.04% 0.21%
Federal National Mortgage
Assoc....................... -- 8.59% -- -- -- --
Student Loan Marketing
Assoc....................... -- 13.47% -- 21.13% 5.59% 2.97%
Tennessee Valley Authority.... -- -- -- 1.54% -- --
</TABLE>
88
<PAGE> 91
VISTA SERVICE CENTER
P.O. BOX 419392
KANSAS CITY, MO 64179
Investment Adviser, Administrator,
Shareholder and Fund Servicing Agent and Custodian
The Chase Manhattan Bank
Distributor
Vista Fund Distributors, Inc.
Transfer Agent
DST Systems, Inc.
Legal Counsel
Simpson Thacher & Bartlett
Independent Accountants
Price Waterhouse LLP
Vista Fund Distributors, Inc. is the funds' distributor and is unaffiliated with
Chase. The Chase Manhattan Bank 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 accompanies 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.
8/96 VMM-2
