<PAGE> 1
[VISTA LOGO]
- --------------------------------------------------------------------
- - VISTA TAX FREE INCOME FUND
(Class A and Class B Shares)
- - VISTA NEW YORK TAX FREE INCOME FUND
(Class A and Class B Shares)
- - VISTA CALIFORNIA INTERMEDIATE TAX FREE INCOME FUND
(Class A Shares)
- --------------------------------------------------------------------
- --------------------------------------------------------------------------------
SEMIANNUAL REPORT
FEBRUARY 28, 1997
(UNAUDITED)
<PAGE> 2
CONTENTS
Chairman's Letter 1
Fund Commentaries 2
Portfolio of Investments 8
Notes to Financial Statements 20
Per Share Data 25
<PAGE> 3
As noted six months ago, we are 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. In order to launch this new design at your
Fund's year-end, we are planning to introduce the new format with your next
Annual Report.
April 10, 1997
Dear Shareholder:
We are pleased to present this semi-annual report for Vista Tax-Free Income
Fund, Vista New York Tax Free Income Fund and Vista California Intermediate Tax
Free Income Fund for the six months ended February 28, 1997. Inside, you'll find
information on the performance of each fund over the past six months along with
a market overview and portfolio commentary.
ECONOMIC GROWTH REPORTS CONTINUE TO DRIVE FIXED INCOME MARKETS
Over the six-month period, the yield on the 30-year U.S. Treasury bond declined
from 7.12% to 6.87% as fixed income markets continued to be driven by concerns
about the strength of the economy. In the fall, markets rallied strongly on
reports of a slowing economy. However, by mid-February, signs of a stronger
economy emerged and long-term rates began trending upward. As the reporting
period ended, most market participants expected the Federal Reserve Board to
raise the Federal Funds rate in a pre-emptive strike against potential
inflation.
MARKETS REACT TO IMPROVING STATE FINANCES & CONCERNS OVER WELFARE REFORM
Actions in Washington once again had a large impact on municipal bonds. Most
recently, the passage of Federal welfare reform has created concerns about the
ability of cities and counties with high welfare caseloads to meet their
obligations, especially in California and New York. When combined with improving
state finances, these concerns led many investors to favor state-appropriated
debt over that of cities and counties.
POSITIVE TOTAL RETURNS IN A VOLATILE ENVIRONMENT
Despite the volatile interest rate environment, each of the Vista Tax Free Funds
delivered a positive total return over the reporting period. This was due in
large part to the expertise and intensive work of our experienced team of
portfolio managers and analysts.
We appreciate the confidence you have placed in us and look forward to serving
your investment needs for many years to come. If you have any questions, please
call your investment professional or 1-800-34-VISTA.
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
Vista Tax Free Income Fund
Vista Tax Free Income Fund, which seeks to provide tax-exempt income through a
portfolio of higher-quality municipal bonds of varying maturities, finished the
six months ended February 28, 1997 with a total return of 5.53% (Class A,
without sales charge). This positive performance was achieved during a period of
rapidly-changing interest rate expectations.
INTEREST RATES FALL, THEN RISE
The six months began with interest rates falling in response to reports of an
economic slowdown. At that time, a slightly-long duration helped the Fund
participate in the market rally. As 1996 ended, however, the Fund's management
team began shortening duration with the expectation that economic growth would
accelerate. This stance proved to be correct.
While making slight adjustments to the portfolio in response to economic growth,
the management team's main emphasis remained on analyzing and finding value in
specific securities. In late 1996, for example, the management team sold off
holdings in the bonds of high-cost electric power providers based on credit
concerns. This move later proved beneficial for shareholders, as many of these
securities were downgraded by the ratings agencies.
FUND FAVORS STATE DEBT
Two main factors led the management team to generally shift assets from city and
county bonds to state-appropriated debt. The first was an ongoing concern over
the effect welfare reform would have on the finances of cities and counties,
particularly in areas with high welfare rolls such as California and New York.
Additionally, states continued to benefit from higher-than-expected tax revenues
thanks to the expanding national economy, leading several states to receive
upgrades from the ratings agencies.
As the reporting period ended, the Fund's portfolio continued to reflect the
management team's cautious stance with regard to interest rates and was slightly
underweight in New York on a tactical basis due to a tremendous amount of new
supply of state debt. Moving forward, the management team will continue to apply
in-depth research in search of high-quality securities that the team believes
may provide the most value for shareholders.
2
<PAGE> 5
AVERAGE ANNUAL TOTAL RETURNS AS OF 2/28/97
<TABLE>
<CAPTION>
WITHOUT WITH
CLASS A SHARES SALES CHARGE SALES CHARGE
------------ ------------
<S> <C> <C>
One Year.................... 5.22% 0.49%
Five Years.................. 7.93% 6.94%
Since Inception (9/8/87).... 9.03% 8.50%
</TABLE>
<TABLE>
<CAPTION>
WITHOUT WITH
CLASS B SHARES CDSC CDSC*
------------ ------------
<S> <C> <C>
One Year.................... 4.35% -0.65%
Five Years+................. 7.32% 5.32%
Since Inception (9/8/87)+... 8.70% 8.70%
</TABLE>
* Assumes a 5% CDSC for the one year period and a 2% CDSC for the period since
inception.
+ The Fund commenced operations on 9/8/97. Class B Shares were introduced on
11/4/93. Investors should note that the information presented for B Shares
prior to their introduction is based upon historical expenses of the
predecessor Class A Shares, which are lower than the actual expenses of the B
Shares. Additionally, annualized figures have been restated to reflect the
maximum 5% contingent deferred sales charge that applies to the Fund's B
Shares.
GROWTH OF HYPOTHETICAL $10,000 INVESTMENTS IN
VISTA TAX FREE INCOME FUND AND THE LEHMAN MUNI BOND INDEX
<TABLE>
<CAPTION>
MEASUREMENT PERIOD TAX FREE INCOME LEHMAN MUNI BOND
(FISCAL YEAR COVERED) -A INDEX
<S> <C> <C>
09/7/87 9550.00 10000.00
10/31/87 9626.40 10036.00
11/30/87 9807.85 10297.94
12/31/87 9917.67 10447.26
01/31/88 10302.12 10819.18
02/29/88 10388.13 10933.87
03/31/88 10106.60 10805.94
04/30/88 10139.17 10888.06
05/31/88 10150.08 10856.49
06/30/88 10318.58 11014.99
07/31/88 10365.76 11086.59
08/31/88 10429.40 11095.46
09/30/88 10671.57 11296.29
10/31/88 10957.31 11495.10
11/30/88 10830.52 11390.50
12/31/88 10952.93 11506.68
01/31/89 11124.99 11744.87
02/28/89 11020.50 11610.98
03/31/89 11034.30 11583.11
04/30/89 11279.98 11858.79
05/31/89 11524.92 12104.27
06/30/89 11701.14 12268.88
07/31/89 11832.72 12435.74
08/31/89 11639.16 12313.87
09/30/89 11573.15 12276.93
10/31/89 11776.73 12427.94
11/30/89 11991.56 12645.42
12/31/89 12055.38 12749.12
01/31/90 11907.10 12689.20
02/28/90 12056.22 12802.13
03/31/90 12056.22 12805.97
04/30/90 11838.59 12713.77
05/31/90 12197.68 12990.93
06/30/90 12322.34 13105.25
07/31/90 12558.95 13297.89
08/31/90 12226.71 13105.08
09/30/90 12298.98 13112.94
10/31/90 12503.97 13351.59
11/30/90 12863.62 13619.96
12/31/90 12926.31 13678.53
01/31/91 13083.95 13861.82
02/28/91 13179.06 13982.42
03/31/91 13187.64 13986.61
04/30/91 13397.16 14174.03
05/31/91 13555.80 14300.18
06/30/91 13467.34 14285.88
07/31/91 13705.36 14460.17
08/31/91 13922.03 14651.04
09/30/91 14090.51 14841.51
10/31/91 14252.31 14975.08
11/30/91 14336.90 15017.01
12/31/91 14741.74 15339.88
01/31/92 14768.04 15375.16
02/29/92 14794.48 15379.77
03/31/92 14769.23 15385.92
04/30/92 14932.29 15522.86
05/31/92 15198.41 15706.03
06/30/92 15591.54 15969.89
07/31/92 16329.02 16448.98
08/31/92 16023.19 16289.43
09/30/92 16148.03 16395.31
10/31/92 15961.86 16234.64
11/30/92 16398.32 16525.24
12/31/92 16633.58 16693.79
01/31/93 16859.17 16887.44
02/28/93 17722.93 17498.77
03/31/93 17547.14 17313.28
04/30/93 17771.55 17488.14
05/31/93 17896.62 17586.08
06/30/93 18207.80 17879.77
07/31/93 18212.20 17903.01
08/31/93 18720.55 18275.39
09/30/93 18932.17 18483.73
10/31/93 18950.01 18518.85
11/30/93 18739.62 18355.88
12/31/93 19132.09 18743.19
01/31/94 19374.09 18956.87
02/28/94 18686.52 18465.88
03/31/94 17882.60 17714.32
04/30/94 17936.51 17864.89
05/31/94 18054.03 18020.32
06/30/94 18002.80 17910.39
07/31/94 18325.45 18238.15
08/31/94 18383.35 18301.99
09/30/94 18037.68 18032.95
10/31/94 17580.03 17711.96
11/30/94 17261.40 17391.38
12/31/94 17670.65 17773.99
01/31/95 18235.15 18282.32
02/28/95 18749.27 18814.34
03/31/95 18968.71 19030.70
04/30/95 18950.89 19053.54
05/31/95 19564.15 19661.35
06/30/95 19216.31 19490.29
07/31/95 19375.35 19675.45
08/31/95 19584.41 19925.33
09/30/95 19695.14 20050.86
10/31/95 20020.35 20341.60
11/30/95 20415.10 20679.27
12/31/95 20632.46 20877.79
01/31/96 20766.76 21036.46
02/29/96 20599.95 20893.41
03/31/96 20261.79 20625.98
04/30/96 20175.95 20568.22
05/31/96 20159.25 20560.00
06/30/96 20377.64 20784.10
07/31/96 20529.19 20971.16
08/31/96 20540.42 20966.96
09/30/96 20850.78 21260.50
10/31/96 21139.73 21500.74
11/30/96 21523.01 21894.21
12/31/96 21454.80 21802.25
01/31/97 21484.99 21843.68
02/28/97 21675.41 22044.64
</TABLE>
SOURCE: Lipper Analytical Services, Inc. Past performance is not predictive of
future performance. Investment return and principal will fluctuate with market
conditions. When shares are redeemed, they may be worth more or less than their
original cost.
This chart illustrates comparative performance for $10,000 invested in Class A
shares of the Vista Tax Free Income Fund and the unmanaged Lehman Municipal Bond
Index from September 7, 1987 to February 28, 1997. The performance of the Fund
assumes reinvestment of all dividends and capital gains and includes a 4.50%
sales charge. The Index's performance does not include a sales charge and has
been adjusted to reflect reinvestment of all dividends and capital gains on
securities included in the benchmark.
The Lehman Municipal Bond Index is a total return performance benchmark for the
long-term, investment grade tax-exempt bond market. Bonds included in the Lehman
Municipal Bond Index are representative of the market.
A portion of the Fund's income may be subject to the Alternative Minimum Tax,
and some investors may be subject to certain state and local taxes.
The Fund is currently waiving fees. This voluntary waiver may be modified or
terminated at any time, which would reduce performance.
3
<PAGE> 6
Vista New York Tax Free Income Fund
Vista New York Tax Free Income Fund, which seeks to provide triple tax-exempt
income through a portfolio of higher-quality, longer-term municipal bonds,
finished the six months ended February 28, 1997 with a total return of 4.99%
(Class A, without sales charge). This positive performance was achieved during a
period of significant new supply in the market and rapidly-changing interest
rate expectations.
SCARCITY OF NEW ISSUES ENDS
Supply and demand factors, always important in the muni bond market, played a
major role in the investment management team's decision-making. Throughout the
reporting period, there was significant new supply of New York issues, causing
the state's bonds to underperform the general municipal market.
Several positive trends, however, offset the negative impact of this supply.
These included strong demand from property and casualty insurance companies,
increased retail investor interest and improving state finances. The management
team took advantage of the new supply to upgrade the overall credit quality of
the portfolio with emphasis on water and sewer bonds as well as
state-appropriated debt.
MANAGEMENT TEAM ANTICIPATES HIGHER INTEREST RATES
The six months began with interest rates falling in response to reports of an
economic slowdown. At this time, a slightly-long duration helped the Fund
participate in the market rally. As 1996 ended, however, the Fund's management
team began shortening duration with the expectation that economic growth would
accelerate.
Moving forward, there is a possibility that New York state general obligation
debt will be upgraded by the ratings agencies. Therefore, as the quarter ended,
the management team was actively searching for issues which would potentially
benefit from improving credit quality trends in a supply-rich market.
4
<PAGE> 7
AVERAGE ANNUAL TOTAL RETURNS AS OF 2/28/97
<TABLE>
<CAPTION>
WITHOUT WITH
CLASS A SHARES SALES CHARGE SALES CHARGE
------------ ------------
<S> <C> <C>
One Year..................... 5.01% 0.29%
Five Years................... 7.45% 6.47%
Since Inception (9/8/87)..... 8.44% 7.91%
</TABLE>
<TABLE>
<CAPTION>
WITHOUT WITH
CLASS B SHARES CDSC CDSC*
------------ ------------
<S> <C> <C>
One Year..................... 4.38% -0.62%
Five Years+.................. 6.93% 4.93%
Since Inception (9/8/87)+.... 8.16% 8.16%
</TABLE>
* Assumes a 5% CDSC for the one year period and a 2% CDSC for the period since
inception.
+ The Fund commenced operations on 9/8/97. Class B Shares were introduced on
11/4/93. Investors should note that the information presented for B Shares
prior to their introduction is based upon historical expenses of the
predecessor Class A Shares, which are lower than the actual expenses of the B
Shares. Additionally, annualized figures have been restated to reflect the
maximum 5% contingent deferred sales charge that applies to the Fund's B
Shares.
GROWTH OF HYPOTHETICAL $10,000 INVESTMENTS IN
VISTA NY TAX FREE INCOME FUND AND ITS BENCHMARKS
<TABLE>
<CAPTION>
MEASUREMENT PERIOD NY TAX FREE LEHMAN MUNI LIPPER NY
(FISCAL YEAR COVERED) INCOME - A BOND INDEX MUNI AVERAGE
<S> <C> <C> <C>
09/07/87 9550.00
09/30/87 9550.00 10000.00 10000.00
10/31/87 9626.40 10036.00 10045.00
11/30/87 9846.05 10297.94 10323.25
12/31/87 9947.28 10447.26 10540.03
01/31/88 10253.57 10819.18 10956.37
02/29/88 10442.22 10933.87 11060.45
03/31/88 10170.37 10805.94 10823.76
04/30/88 10190.08 10888.06 10874.63
05/31/88 10201.96 10856.49 10881.15
06/30/88 10357.07 11014.99 11051.99
07/31/88 10409.11 11086.59 11120.51
08/31/88 10448.37 11095.46 11159.43
09/30/88 10649.03 11296.29 11371.46
10/31/88 10900.97 11495.10 11625.05
11/30/88 10738.79 11390.50 11485.54
12/31/88 10889.55 11506.68 11660.13
01/31/89 11049.44 11744.87 11830.36
02/28/89 10956.93 11610.98 11725.07
03/31/89 10949.52 11583.11 11707.49
04/30/89 11279.39 11858.79 12006.03
05/31/89 11555.49 12104.27 12234.14
06/30/89 11720.26 12268.88 12394.41
07/31/89 11841.58 12435.74 12525.79
08/31/89 11703.23 12313.87 12401.78
09/30/89 11627.62 12276.93 12344.73
10/31/89 11738.93 12427.94 12450.90
11/30/89 11959.32 12645.42 12641.40
12/31/89 12047.28 12749.12 12740.00
01/31/90 11896.97 12689.20 12604.96
02/28/90 11984.93 12802.13 12712.10
03/31/90 11957.72 12805.97 12680.32
04/30/90 11736.58 12713.77 12520.55
05/31/90 12066.67 12990.93 12844.83
06/30/90 12219.95 13105.25 12996.40
07/31/90 12448.13 13297.89 13240.73
08/31/90 12219.90 13105.08 12965.32
09/30/90 12249.16 13112.94 12914.76
10/31/90 12391.54 13351.59 13045.20
11/30/90 12675.31 13619.96 13343.93
12/31/90 12747.78 13678.53 13385.30
01/31/91 12928.01 13861.82 13570.02
02/28/91 12989.17 13982.42 13643.29
03/31/91 12966.28 13986.61 13697.87
04/30/91 13197.52 14174.03 13922.51
05/31/91 13320.37 14300.18 14028.32
06/30/91 13261.71 14285.88 14017.10
07/31/91 13450.82 14460.17 14252.59
08/31/91 13676.64 14651.04 14464.95
09/30/91 13912.23 14841.51 14690.60
10/31/91 14086.76 14975.08 14831.63
11/30/91 14123.10 15017.01 14849.43
12/31/91 14427.99 15339.88 15158.30
01/31/92 14328.85 15375.16 15065.84
02/29/92 14369.49 15379.77 15124.59
03/31/92 14374.75 15385.92 15174.50
04/30/92 14525.65 15522.86 15339.91
05/31/92 14782.38 15706.03 15576.14
06/30/92 15200.72 15969.89 15900.12
07/31/92 15853.33 16448.98 16493.20
08/31/92 15533.57 16289.43 16237.55
09/30/92 15578.30 16395.31 16286.27
10/31/92 15293.69 16234.64 16014.29
11/30/92 15708.18 16525.24 16406.64
12/31/92 15907.45 16693.79 16613.36
01/31/93 16146.14 16887.44 16816.04
02/28/93 16880.82 17498.77 17487.00
03/31/93 16715.13 17313.28 17306.89
04/30/93 16915.71 17488.14 17500.72
05/31/93 17020.00 17586.08 17624.98
06/30/93 17328.29 17879.77 17924.60
07/31/93 17370.02 17903.01 17922.81
08/31/93 17770.31 18275.39 18315.32
09/30/93 17926.98 18483.73 18516.79
10/31/93 17941.55 18518.85 18551.97
11/30/93 17761.69 18355.88 18344.19
12/31/93 18102.25 18743.19 18725.75
01/31/94 18308.91 18956.87 18926.11
02/28/94 17775.85 18465.88 18449.17
03/31/94 17112.87 17714.32 17630.03
04/30/94 17210.57 17864.89 17642.37
05/31/94 17356.16 18020.32 17813.50
06/30/94 17233.07 17910.39 17690.59
07/31/94 17526.72 18238.15 17996.64
08/31/94 17616.76 18301.99 18063.23
09/30/94 17334.58 18032.95 17712.80
10/31/94 17002.61 17711.96 17331.97
11/30/94 16592.10 17391.38 16865.74
12/31/94 16999.79 17773.99 17317.75
01/31/95 17422.00 18282.32 17792.25
02/28/95 17882.66 18814.34 18354.49
03/31/95 18069.97 19030.70 18506.83
04/30/95 18097.30 19053.54 18523.49
05/31/95 18623.59 19661.35 19119.94
06/30/95 18456.64 19490.29 18865.65
07/31/95 18564.06 19675.45 18984.50
08/31/95 18817.36 19925.33 19199.02
09/30/95 18891.18 20050.86 19296.94
10/31/95 19199.17 20341.60 19611.48
11/30/95 19506.76 20679.27 19988.02
12/31/95 19651.19 20877.79 20195.90
01/31/96 19796.20 21036.46 20290.82
02/29/96 19600.77 20893.41 20120.37
03/31/96 19397.50 20625.98 19788.39
04/30/96 19374.22 20568.22 19705.28
05/31/96 19379.98 20560.00 19703.31
06/30/96 19580.58 20784.10 19912.16
07/31/96 19716.47 20971.16 20101.33
08/31/96 19604.94 20966.96 20053.08
09/30/96 19890.50 21260.50 20363.91
10/31/96 20157.19 21500.74 20624.56
11/30/96 20497.02 21894.21 20995.81
12/31/96 20404.76 21802.25 20888.73
01/31/97 20396.46 21843.68 20882.46
02/28/97 20583.19 22044.64 21070.40
</TABLE>
SOURCE: Lipper Analytical Services, Inc. Past performance is not predictive of
future performance. Investment return and principal will fluctuate with market
conditions. When shares are redeemed, they may be worth more or less than their
original cost.
This chart illustrates comparative performance for $10,000 invested in Class A
shares of the Vista New York Tax Free Income Fund and the unmanaged Lehman
Municipal Bond Index and the Lipper New York Municipal Average from September 7,
1987 to February 28, 1997. The performance of the Fund assumes reinvestment of
all dividends and capital gains and includes a 4.50% sales charge. The
performance of the average and the index does not include a sales charge and has
been adjusted to reflect reinvestment of all dividends and, for the Average,
capital gains.
A portion of the Fund's income may be subject to the Alternative Minimum Tax,
and some investors may be subject to certain state and local taxes.
The Fund is currently waiving fees. This voluntary waiver may be modified or
terminated at any time, which would reduce performance.
The Lehman Municipal Bond Index is a total return performance benchmark for the
long-term, investment grade tax-exempt bond market. Bonds included in the Lehman
Municipal Bond Index are representative of the market.
The Lipper New York Municipal Bond Funds Average represents the average
performance of a universe of 101 New York tax-exempt municipal bond mutual
funds. Lipper is an independent mutual fund performance monitor whose results
are based on total return and do not reflect a sales charge.
5
<PAGE> 8
Vista California Intermediate Tax Free Income Fund
As the California economy continued to improve, Vista California Intermediate
Tax Free Income Fund finished the six months ended February 28, 1997 with a
total return of 4.38% (Class A, without sales charge). The Fund seeks to provide
double tax-exempt income through a portfolio of higher-quality,
intermediate-term municipal bonds.
WELFARE REFORM CONCERNS LEAD TO FOCUS ON STATE DEBT
Throughout the reporting period, the management team favored state-issued bonds
as well as those of essential-service revenue sectors over the general
obligation debt of cities and counties. The main reason for this bias was
ongoing concern over the potential effects of welfare reform on municipalities
given California's high welfare demands and number of immigrants.
Supply of new issues during the reporting period was thin, and the major
activity in the portfolio involved repositioning among sectors. Specifically,
the management team sold the bonds of high-cost electric power providers due to
credit concerns. This move helped performance, as many of these securities were
later downgraded by the ratings agencies. Additionally, the Fund continued to
favor water and sewer bonds.
A FOCUS ON INDIVIDUAL SECURITIES IN AN UNCERTAIN INTEREST RATE ENVIRONMENT
Expecting that interest rates will be volatile in the months ahead, the
management team ended the reporting period in search of credits that tend to be
more stable, such as high-quality housing bonds. Moving forward, the management
team will continue to apply in-depth research in search of high-quality
securities it believes may provide the most value for shareholders.
6
<PAGE> 9
AVERAGE ANNUAL TOTAL RETURNS AS OF 2/28/97
<TABLE>
<CAPTION>
WITHOUT WITH
CLASS A SHARES SALES CHARGE SALES CHARGE
------------ ------------
<S> <C> <C>
One Year.................... 4.97% 0.25%
Three Years................. 5.47% 3.86%
Since Inception (7/16/93)... 5.08% 3.75%
</TABLE>
GROWTH OF HYPOTHETICAL $10,000 INVESTMENTS IN
VISTA CA INT. TAX FREE INCOME FUND AND ITS BENCHMARKS
<TABLE>
<CAPTION>
MEASUREMENT PERIOD CAL. INTERM. LEHMAN MUNI LIPPER CA
(FISCAL YEAR COVERED) TAX FREE BOND INDEX INT. AVERAGE
<S> <C> <C> <C>
07/15/93 9550.00
07/31/93 9485.52 10000.00 10000.00
08/31/93 9645.02 10208.00 10181.00
09/30/93 9750.52 10324.37 10299.10
10/31/93 9780.78 10343.99 10314.55
11/30/93 9706.71 10252.96 10242.35
12/31/93 9810.64 10469.30 10413.39
01/31/94 9936.54 10588.65 10516.49
02/28/94 9742.09 10314.40 10287.23
03/31/94 9457.05 9894.61 10005.36
04/30/94 9475.67 9978.71 10050.38
05/31/94 9554.39 10065.52 10114.70
06/30/94 9535.62 10004.12 10081.32
07/31/94 9655.68 10187.20 10223.47
08/31/94 9697.53 10222.86 10253.12
09/30/94 9619.47 10072.58 10156.74
10/31/94 9490.81 9893.29 10023.69
11/30/94 9391.86 9714.22 9872.33
12/31/94 9494.30 9927.93 9975.99
01/31/95 9700.08 10211.87 10175.51
02/28/95 9937.47 10509.04 10396.32
03/31/95 10032.01 10629.89 10497.16
04/30/95 10045.43 10642.65 10507.66
05/31/95 10306.67 10982.15 10764.05
06/30/95 10204.65 10886.60 10687.62
07/31/95 10300.84 10990.02 10794.50
08/31/95 10429.99 11129.60 10911.08
09/30/95 10482.72 11199.71 10972.18
10/31/95 10620.37 11362.11 11090.68
11/30/95 10790.47 11550.72 11219.33
12/31/95 10855.57 11661.61 11283.28
01/31/96 10943.15 11750.24 11383.70
02/29/96 10888.89 11670.33 11346.14
03/31/96 10768.99 11520.95 11215.66
04/30/96 10755.96 11488.70 11206.68
05/31/96 10754.25 11484.10 11203.32
06/30/96 10852.42 11609.28 11279.50
07/31/96 10930.26 11713.76 11379.89
08/31/96 10951.11 11711.42 11379.89
09/30/96 11061.63 11875.38 11473.21
10/31/96 11181.42 12009.57 11597.12
11/30/96 11348.02 12229.34 11781.51
12/31/96 11312.73 12177.98 11737.92
01/31/97 11343.57 12201.12 11760.22
02/28/97 11430.49 12313.37 11835.49
</TABLE>
SOURCE: Lipper Analytical Services, Inc. Past performance is not predictive of
future performance. Investment return and principal will fluctuate with market
conditions. When shares are redeemed, they may be worth more or less than their
original cost.
This chart illustrates comparative performance for $10,000 invested in Class A
shares of the Vista California Intermediate Tax Free Income Fund, the unmanaged
Lehman Municipal Bond Index and the Lipper California Intermediate Funds Average
from July 15, 1993 to February 28, 1997. The Fund's performance includes a 4.50%
sales charge and assumes the reinvestment of all dividends and capital gains.
The performance of the average and the index does not include a sales charge and
has been adjusted to reflect reinvestment of all dividends and, for the Average,
capital gains.
A portion of the Fund's income may be subject to the Alternative Minimum Tax,
and some investors may be subject to certain state and local taxes.
The Fund is currently waiving fees. This voluntary waiver may be modified or
terminated at any time, which would reduce performance.
The Lehman Municipal Bond Index is a total return performance benchmark for the
long-term, investment grade tax-exempt bond market. Bonds included in the Lehman
Municipal Bond Index are representative of the market.
The Lipper California Intermediate Municipal Debt Funds Average represents the
average performance of a universe of 32 actively managed California tax-exempt
municipal bond funds. Lipper is an independent mutual fund performance monitor
whose results are based on total return and do not reflect a sales charge.
7
<PAGE> 10
VISTA TAX FREE INCOME FUND
PORTFOLIO OF INVESTMENTS February 28, 1997 (unaudited)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
- ------------------------------------------------------------------------------------
LONG-TERM MUNICIPAL BONDS -- 96.3%
- ------------------------------------------------------------------------------------
<S> <C> <C>
ALASKA -- 0.2%
-----------------------------------------------------------
$ 150,000 Alaska North Slope, GO, 8.350%, 06/30/98 $ 158,250
------------
ARKANSAS -- 2.0%
-----------------------------------------------------------
Arkansas State, College Savings, Capital Appreciation,
Ser. A, zero coupon,
1,530,000 GO, 0.000%, 06/01/14 602,438
3,050,000 GO, 0.000%, 06/01/16 1,056,062
------------
1,658,500
------------
CALIFORNIA -- 25.2%
-----------------------------------------------------------
150,000 California Board of Regents, UCLA, Educational Facilities 166,313
Authority, Rev., 7.000%, 09/01/15
150,000 California Educational Facilities Authority, Pepperdine 168,000
University, Rev., 7.200%, 11/01/15
2,100,000 California State Department of Water Resources Central 2,026,500
Valley Project, Ser. Q, Rev., 5.250%, 12/01/17
Kern, California High School District, Ser. A,
1,500,000 GO, 6.100%, 02/01/06 1,638,750
1,720,000 GO, 6.100%, 02/01/07 1,879,100
1,960,000 GO, 6.200%, 02/01/08 2,153,550
2,200,000 GO, 6.200%, 02/01/09 2,411,750
150,000 Orange County Water District, COP, 5.750%, 08/15/14 149,437
2,000,000 Pasadena, California Electric, Rev., 5.375%, 08/01/12 1,990,000
2,800,000 South Orange County Public Financing Authority, Senior 2,926,000
Lien, Ser. A, Special Tax, 6.200%, 09/01/13
5,000,000 Southern California Public Water Authority Power Project, 5,018,750
San Juan Unit 3, Ser. A, Rev., 5.375%, 01/01/11
------------
20,528,150
------------
GEORGIA -- 7.7%
-----------------------------------------------------------
1,500,000 Fayette County School District, GO, 6.125%, 03/01/15 1,593,750
50,000 Fulton County Water & Sewer, Rev., 8.250%, 01/01/14 52,855
2,000,000 Georgia State, GO, 4.000%, 07/01/12 1,735,000
2,700,000 Municipal Electric Authority of Georgia, Project One, 2,868,750
Sub. Ser. A, Rev., 6.250%, 01/01/14
------------
6,250,355
------------
</TABLE>
See notes to financial statements.
8
<PAGE> 11
VISTA TAX FREE INCOME FUND
PORTFOLIO OF INVESTMENTS February 28, 1997 (unaudited) (continued)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
- -----------------------------------------------------------------------------------------
LONG-TERM MUNICIPAL BONDS -- (CONTINUED)
- -----------------------------------------------------------------------------------------
<C> <S> <C>
ILLINOIS -- 7.1%
----------------
Chicago, Illinois, O'Hare International Airport,
$ 150,000 Ser. A, Rev., 7.500%, 01/01/03 $ 161,813
5,000,000 Special Facilities, United Air Lines, Ser. A, Rev., 5,418,750
8.400%, 05/01/18
100,000 Chicago, Illinois, Public Building Commission, Ser. A, 108,250
(FGIC Insured), Rev., 7.750%, 01/01/06
65,000 Illinois Housing Development Authority, Ser. A, (FHA 67,600
Insured), Rev., 8.000%, 06/01/26
------------
5,756,413
------------
MARYLAND -- 0.2%
----------------
135,000 Maryland State, Community Development Administration, 141,919
Housing & Community Development, Single Family Program, ------------
2nd Series, Rev., 7.600%, 04/01/23
MASSACHUSETTS -- 1.5%
---------------------
110,000 Massachusetts State, Housing Finance Authority, Rev., 115,087
7.750%, 12/01/20
1,000,000 New England Education Loan Marketing Corp., Massachusetts 1,090,000
Student Loan, Sub-Issue H, Rev., 6.900%, 11/01/09
------------
1,205,087
------------
MICHIGAN -- 2.0%
----------------
1,000,000 Michigan State, Housing Authority, Rental Housing, Ser. 1,067,500
B, Rev., 7.550%, 04/01/23
500,000 Wayne County, Building Authority, Ser. A, GO, 8.000%, 584,375
03/01/17
------------
1,651,875
------------
MISSOURI -- 0.9%
----------------
720,000 Sikeston Missouri Electric, Rev., 6.000%, 06/01/16 768,600
------------
MONTANA -- 5.6%
---------------
Montana State, Long Range Building Program, Ser. D,
855,000 GO, 5.250%, 08/01/10 858,206
1,800,000 GO, 5.375%, 08/01/11 1,818,000
1,900,000 GO, 5.375%, 08/01/12 1,919,000
------------
4,595,206
------------
NEVADA -- 0.2%
--------------
150,000 Nevada Housing Division, Single Family (FHA Insured), 155,625
Rev., 8.200%, 10/01/19 ------------
</TABLE>
See notes to financial statements.
9
<PAGE> 12
VISTA TAX FREE INCOME FUND
PORTFOLIO OF INVESTMENTS February 28, 1997 (unaudited) (continued)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
- -----------------------------------------------------------------------------------------
LONG-TERM MUNICIPAL BONDS -- (CONTINUED)
- -----------------------------------------------------------------------------------------
<C> <S> <C>
NEW JERSEY -- 8.0%
------------------
$ 2,000,000 Essex County, New Jersey, Utilities Authority, Solid $ 2,160,000
Waste, Ser. A, Rev., 6.000%, 04/01/06
4,500,000 New Jersey State, Transportation Trust Fund Authority, 4,381,875
Transportation Systems, Ser. B, Rev., 5.250%, 06/15/14
------------
6,541,875
------------
NEW YORK -- 14.8%
-----------------
New York City, New York, Ser. A,
3,000,000 GO, 6.250%, 08/01/08 3,127,500
2,450,000 GO, 6.250%, 08/01/09 2,532,688
New York State Dormitory Authority,
500,000 Mt. St. Vincent College, Rev., 7.000%, 05/01/08 518,750
1,175,000 Rochester Strong Memorial Hospital, Rev., 5.500%, 1,152,969
07/01/21
5,000,000 New York State, Medical Care Facilities Financing Agency, 4,762,500
Mental Health, Ser. F, Rev., 5.250%, 02/15/19
------------
12,094,407
------------
OHIO -- 9.0%
------------
Cleveland, Ohio Public Power Systems, First Mortgage,
4,000,000 Ser. A, Rev., 7.000%, 11/15/24 4,670,000
3,000,000 Sub. Ser. 1, Rev., 5.000%, 11/15/24 2,730,000
------------
7,400,000
------------
PENNSYLVANIA -- 0.3%
--------------------
230,000 New Castle, Pennsylvania, Area Hospital Authority 236,325
Refunding, St. Francis Hospital, Ser. A, Rev., 6.500%, ------------
11/15/17
PUERTO RICO -- 0.4%
--------------------
Puerto Rico,
250,000 Infrastructure Funding Authority, Ser. A, Special 265,312
Tax, 7.900%, 07/01/07
75,000 Urban Renewal & Housing, Rev., 7.875%, 10/01/04 81,750
------------
347,062
------------
SOUTH CAROLINA -- 4.9%
----------------------
3,500,000 Piedmont Municipal Power Agency, South Carolina, 3,513,125
Electric, Ser. A, Rev., 6.600%, 01/01/21
South Carolina Housing Finance & Development Authority,
250,000 Fairway Apartments, Project, Rev., 7.625%, 04/01/33 263,125
250,000 Ser. B (FHA Insured), Rev., 7.800%, 07/01/09 260,312
------------
4,036,562
------------
</TABLE>
See notes to financial statements.
10
<PAGE> 13
VISTA TAX FREE INCOME FUND
PORTFOLIO OF INVESTMENTS February 28, 1997 (unaudited) (continued)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
- -----------------------------------------------------------------------------------------
LONG-TERM MUNICIPAL BONDS -- (CONTINUED)
- -----------------------------------------------------------------------------------------
<C> <S> <C>
SOUTH DAKOTA -- 0.1%
--------------------
$ 100,000 South Dakota Housing Development Authority, Ser. A, Rev., $ 101,375
5.875%, 05/01/12 ------------
TEXAS -- 4.7%
-------------
4,000,000 Houston, Texas Water & Sewer Systems, Jr. Lien, Ser. C, 3,800,000
Rev., 5.375%, 12/01/27 ------------
UTAH -- 0.3%
------------
250,000 Utah State Board of Regents, Student Loan, Ser. F, (AMBAC 264,688
Insured), Rev., 7.450%, 11/01/08 ------------
VIRGIN ISLANDS -- 0.7%
----------------------
500,000 Virgin Islands, GO, 7.000%, 10/01/02 543,125
------------
VIRGINIA -- 0.1%
----------------
100,000 Fairfax County Economic, Ogden Martin Systems Project, 107,500
Ser. A, Rev., 7.750%, 02/01/11 ------------
WASHINGTON -- 0.4%
------------------
250,000 Washington State Public Power Supply, Nuclear Project, 290,000
Ser. B, Rev., 7.250%, 07/01/09
- -----------------------------------------------------------------------------------------
TOTAL LONG-TERM MUNICIPAL BONDS 78,632,899
(COST $76,121,268)
- -----------------------------------------------------------------------------------------
SHORT-TERM INVESTMENTS -- 0.1%
------------------------------------------------------------------------------------
50,372 Provident Municipal Money Market Fund, 3.170%, 07/01/20 50,372
(Cost $50,372)
- -----------------------------------------------------------------------------------------
TOTAL INVESTMENTS -- 96.4% $ 78,683,271
(COST $76,171,640)
- -----------------------------------------------------------------------------------------
</TABLE>
See notes to financial statements.
11
<PAGE> 14
VISTA NEW YORK TAX FREE INCOME FUND
PORTFOLIO OF INVESTMENTS February 28, 1997 (unaudited)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
- -----------------------------------------------------------------------------------------
LONG-TERM MUNICIPAL BONDS -- 97.3%
- -----------------------------------------------------------------------------------------
<C> <S> <C>
$ 4,500,000 Battery Park City Authority, New York, Ser. A, Rev., $ 4,466,250
5.500%, 11/01/16
Monroe County, New York,
550,000 IDA, Public Improvement, Canal Ponds Park, Ser. A, Rev., 602,250
7.000%, 06/15/13
2,480,000 Public Improvement, Ser. A, GO, 6.000%, 03/01/08 2,678,400
Municipal Assistance Corp. for the City of New York, New
York,
1,000,000 Ser. 59, TAN, 7.750%, 07/01/06 1,031,400
3,500,000 Ser. G, Rev., 6.000%, 07/01/08 3,797,500
Nassau County, New York, Ser. P,
3,260,000 GO, 6.400%, 11/01/08 3,610,450
3,665,000 GO, 6.400%, 11/01/09 4,045,244
New York City, New York,
4,000,000 Ser. A, GO, 6.250%, 08/01/08 4,170,000
2,715,000 Ser. B, GO, 5.875%, 08/15/16 2,647,125
1,000,000 Ser. B, GO, 7.500%, 02/01/03 1,107,500
1,000,000 Ser. D, GO, 3.000%, 08/01/01 943,938
1,000,000 Ser. F, GO, 8.250%, 11/15/02 1,150,000
New York City, New York, City Municipal Water Financing
Authority Water & Sewer Systems,
765,000 Prerefunded, Ser. A, Rev., 7.000%, 06/15/09 850,106
735,000 Unrefunded Balance, Ser. A, Rev., 7.000%, 06/15/09 805,744
New York City, New York, IDA,
250,000 American Airlines, Rev., 8.000%, 07/01/20 265,625
1,430,000 Civil Facility, New York Blood Center, Inc., Rev., 1,640,925
7.200%, 05/01/12
1,500,000 IDA, Civil Facility, YMCA Greater New York Project, 1,466,250
Rev., 5.800%, 08/01/16
New York State, Dormitory Authority,
2,000,000 City University, Ser. F, Rev., 5.000%, 07/01/20 1,820,000
500,000 Mt. St. Vincent College, Rev., 7.000%, 05/01/08 518,750
2,000,000 State University Educational Facilities, Ser. C, Rev., 1,845,000
5.400%, 05/15/23
New York State, Environmental Facilities Corp.,
1,500,000 PCR, State Water, Revolving Fund, New York City 1,668,750
Municipality, Ser. A, Rev., 7.250%, 06/15/10
775,000 PCR, State Water, Revolving Fund, Ser. E, Rev., 6.875%, 858,313
06/15/14
</TABLE>
See notes to financial statements.
12
<PAGE> 15
VISTA NEW YORK TAX FREE INCOME FUND
PORTFOLIO OF INVESTMENTS February 28, 1997 (unaudited) (continued)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
- -----------------------------------------------------------------------------------------
LONG-TERM MUNICIPAL BONDS -- (CONTINUED)
- -----------------------------------------------------------------------------------------
<C> <S> <C>
New York State, Housing Finance Agency,
$ 300,000 Multi-Family Mortgage Housing, Ser. A, Rev., 6.950%, $ 318,375
08/15/12
2,460,000 Multi-Family Mortgage Housing, Ser. B, Rev., 7.550%, 2,573,775
11/01/29
860,000 Unrefunded Balance, Rev., 8.000%, 11/01/08 956,750
4,005,000 New York State, Local Assistance Corp., Ser. E, Rev., 3,879,844
5.250%, 04/01/16
4,350,000 New York State, Local Government Assistance Corp., Ser. A, 4,170,562
Rev., 5.375%, 04/01/19
New York State, Medical Care Facilities Financing Agency,
1,480,000 Insured Mortgage Rev., 7.875%, 08/15/20 1,631,700
375,000 Insured Mortgage Rev., 8.000%, 02/15/28 400,313
540,000 Prerefunded, Rev., 7.875%, 08/15/20 611,550
3,000,000 Unrefunded Balance, Ser. F, Rev., 5.250%, 02/15/19 2,816,250
New York State, Mortgage Agency (FHA insured),
230,000 Eighth, Ser. F, Rev., 8.000%, 10/01/17 240,063
205,000 Homeowner Mortgage, Ser. SS, Rev., 7.500%, 10/01/19 216,019
160,000 Ninth, Ser. E, Rev., 8.000%, 10/01/03 165,590
1,000,000 New York State, Municipal Bond, Buffalo Special Project, 1,075,000
Rev., 6.875%, 03/15/06
2,500,000 New York State Ser. C, GO, 6.000%, 10/01/03 2,687,500
New York State, Urban Development Corp.,
2,205,000 Center for Individual Innovation, Rev., 5.500%, 01/01/13 2,152,631
4,900,000 Correctional Capital Facilities, Ser. 4, Rev., 5.375%, 4,704,000
01/01/23
1,550,000 Correctional Capital Facilities, Ser. A, Rev., 6.300%, 1,648,813
01/01/03
5,000,000 Niagara, New York, Frontier Transportation Authority, 5,237,500
Greater Buffalo International Airport, Rev., 5.750%,
04/01/04
3,000,000 Port Authority of New York & New Jersey, Special 3,255,000
Obligation, 3rd Installment, Special Project, Rev.,
7.000%, 10/01/07
Puerto Rico,
3,250,000 Electrical Power Authority Power, Ser. Z, Rev., 5.500%, 3,245,937
07/01/11
2,000,000 Industrial Medical & Environmental Pollution Facilities 2,095,000
Financing Authority, Rev., 6.450%, 12/01/25
1,750,000 Infrastructure Funding Authority, Ser. A, Special Tax, 1,857,187
7.900%, 07/01/07
5,000,000 Rensselaer, New York, Municipal Leasing Corp., Rensselaer 5,156,250
County Nursing Home, Rev., 6.900%, 06/01/24
1,000,000 Triborough Bridge & Tunnel Authority of New York, Special 1,086,250
Obligation, Ser. A, Rev., 6.600%, 01/01/05
</TABLE>
See notes to financial statements.
13
<PAGE> 16
VISTA NEW YORK TAX FREE INCOME FUND
PORTFOLIO OF INVESTMENTS February 28, 1997 (unaudited) (continued)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
- -----------------------------------------------------------------------------------------
LONG-TERM MUNICIPAL BONDS -- (CONTINUED)
- -----------------------------------------------------------------------------------------
<C> <S> <C>
$ 1,150,000 Virgin Islands, Public Finance Authority, Ser. A, Rev., $ 1,236,250
7.250%, 10/01/18
Westchester County, New York,
1,150,000 GO, 6.700%, 11/01/06 1,326,812
1,560,000 IDA, AGR Realty Co., Rev., 5.750%, 01/01/02 1,593,150
2,000,000 IDA, Resource Recovery, Resco Co. Project, Ser. A, Rev., 2,090,000
5.700%, 07/01/08
Western Nassau County, New York, Water Authority Water
Systems,
1,000,000 Rev., 5.500%, 05/01/16 995,000
2,000,000 Rev., 5.650%, 05/01/26 2,007,500
- -----------------------------------------------------------------------------------------
TOTAL LONG-TERM MUNICIPAL BONDS 103,420,091
(COST $100,279,165)
- -----------------------------------------------------------------------------------------
SHORT-TERM INVESTMENTS -- 1.6%
- -----------------------------------------------------------------------------------------
1,681,001 Provident New York Money Market Fund, 3.200%, 12/31/25 1,681,000
(Cost $1,681,000)
- -----------------------------------------------------------------------------------------
TOTAL INVESTMENTS -- 98.9% $ 105,101,091
(COST $101,960,165)
- -----------------------------------------------------------------------------------------
</TABLE>
See notes to financial statements.
14
<PAGE> 17
VISTA CALIFORNIA INTERMEDIATE TAX FREE FUND
PORTFOLIO OF INVESTMENTS February 28, 1997 (unaudited)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
- -----------------------------------------------------------------------------------------
LONG-TERM MUNICIPAL BONDS -- 93.7%
- -----------------------------------------------------------------------------------------
<C> <S> <C>
California State,
$ 2,000,000 GO, 5.250%, 10/01/10 $ 1,990,000
1,400,000 GO, 6.200%, 09/01/05 1,548,750
1,000,000 GO, 6.500%, 02/01/07 1,127,500
750,000 Public Works Board, Lease Revenue, Ser. A, Rev., 6.000%, 794,063
09/01/01
Contra Costa, California,
1,000,000 Transition Authority, Ser. A, Rev., 6.000%, 03/01/08 1,087,500
1,850,000 Water District, Ser. G, Rev., 5.750%, 10/01/14 1,887,000
200,000 Irvine Ranch Water District, Issue #11, Rev., 7.600%, 209,000
08/15/99
Los Angeles County, California, Metropolitan Transportation
Authority,
1,000,000 Project A, 2nd Tier, Sales Tax Rev., Rev., 5.625%, 1,008,750
07/01/14
1,000,000 Proposal C, 2nd SNR, Ser. B, Rev., 8.000%, 07/01/97 1,013,520
800,000 Unified School District, Capital Facilities Project, Ser. 837,000
A, COP, 7.000%, 05/01/99
250,000 Port of Oakland, Ser. D, Rev., 7.000%, 11/01/99 268,437
1,000,000 Puerto Rico Commonwealth, Puerto Rico, GO, 6.500%, 07/01/13 1,120,000
1,000,000 Riverside County, California Transportation Commission 1,088,750
Sales Tax, Ser. A, Rev., 6.000%, 06/01/08
1,000,000 San Diego, California, Open Space Park Facilities District 1,027,500
No. 1, GO, 5.125%, 01/01/00
San Francisco, California,
1,000,000 City & County, Ser. E, GO, 6.250%, 06/15/03 1,068,750
2,000,000 State Building Authority, San Francisco Civic Center 1,987,500
Complex, Ser. A, Rev., 5.250%, 12/01/11
500,000 Santa Cruz, California, Public Financing Authority, Ser. C, 533,750
Rev., 7.000%, 08/01/99
1,200,000 South Orange County, Public Financing Authority, Senior 1,254,000
Lien, Ser. A, Special Tax, 6.200%, 09/01/13
2,000,000 Southern California Public Water Authority Power Project, 2,007,500
San Juan Unit 3, Rev., 5.375%, 01/01/11
1,000,000 University of California, UC Medical Center, Rev., 10.000%, 1,367,500
07/01/06
Valley Health Systems, California Hospital, Improvement
Project, Ser. A,
670,000 Rev., 5.125%, 05/15/98 670,000
705,000 Rev., 5.250%, 05/15/99 704,119
- -----------------------------------------------------------------------------------------
TOTAL LONG-TERM MUNICIPAL BONDS 24,600,889
(COST $24,009,209)
- -----------------------------------------------------------------------------------------
</TABLE>
See notes to financial statements.
15
<PAGE> 18
VISTA CALIFORNIA INTERMEDIATE TAX FREE FUND
PORTFOLIO OF INVESTMENTS February 28, 1997 (unaudited) (continued)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
- -----------------------------------------------------------------------------------------
SHORT-TERM INVESTMENTS -- 0.2%
- -----------------------------------------------------------------------------------------
<C> <S> <C>
$ 44,089 Provident California Money Market Fund, 3.125%, 03/03/97 $ 44,089
(Cost $44,089)
- -----------------------------------------------------------------------------------------
TOTAL INVESTMENTS -- 93.9% $ 24,644,978
(COST $24,053,298)
- -----------------------------------------------------------------------------------------
COP = Certificate of Participation
FHA = Federal Housing Authority
GO = General Obligation
IDA = Industrial Development Authority
PCR = Pollution Control Revenue
Rev. = Revenue Bond
Special Tax = Special Tax Assessment
TAN = Tax Anticipation Note
</TABLE>
See notes to financial statements.
16
<PAGE> 19
VISTA MUTUAL FUNDS
STATEMENT OF ASSETS AND LIABILITIES February 28, 1997 (unaudited)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Vista Vista
New York California
Vista Tax Free Intermediate
Tax Free Income Tax Free
Income Fund Fund Fund
------------ ------------- ------------
<S> <C> <C> <C>
ASSETS:
Investment securities, at value (Note 1)................ $ 78,683,271 $ 105,101,091 $ 24,644,978
Cash.................................................... 4,090,939 -- 1,299,332
Other assets............................................ 4,883 6,398 1,556
Receivables:
Investment securities sold............................ -- 15,000 --
Interest.............................................. 1,040,461 1,948,270 417,658
Fund shares sold...................................... 80,290 -- 10
------------ ------------- ------------
Total Assets...................................... 83,899,844 107,070,759 26,363,534
------------ ------------- ------------
LIABILITIES:
Payable for investment securities purchased............. -- 489,105 --
Payable for Fund shares redeemed........................ 2,067,917 14,957 130
Dividends payable....................................... 106,801 93,923 40,422
Accrued liabilities: (Note 2)
Administration fees................................... 9,634 12,276 1,011
Investment advisory fees.............................. 9,634 21,277 1,011
Distribution fees..................................... 21,642 25,436 2,022
Shareholder servicing fees............................ 3,323 3,208 --
Custody fees.......................................... 6,465 12,368 4,320
Other................................................. 85,656 101,510 58,423
------------ ------------- ------------
Total Liabilities................................. 2,311,072 774,060 107,339
------------ ------------- ------------
NET ASSETS:
Paid in capital......................................... 82,341,854 103,309,679 25,357,480
Accumulated undistributed net investment income......... (84,415) (35,726) (33,985)
Accumulated net realized gain (loss) on investment
transactions.......................................... (3,180,298) (118,180) 341,020
Net unrealized appreciation of investments and
futures............................................... 2,511,631 3,140,926 591,680
------------ ------------- ------------
Net Assets:........................................... $ 81,588,772 $ 106,296,699 $ 26,256,195
============= =============== =============
Class A Shares...................................... $ 67,184,805 $ 93,460,181 $ 26,256,195
Class B Shares...................................... $ 14,403,967 $ 12,836,518
Shares of beneficial interest outstanding ($.001 par
value; unlimited number of shares authorized)
Class A Shares...................................... 5,507,650 8,014,694 2,623,364
Class B Shares...................................... 1,189,318 1,105,627
Class A:
Net asset value and redemption price per share (net
assets/shares outstanding)............................ $12.20 $11.66 $10.01
Maximum offering price per share (net asset value per
share/95.5%).......................................... $12.77 $12.21 $10.48
Class B:
Net asset value and maximum offering price per share
(net assets/shares outstanding)....................... $12.11 $11.61
============= =============== =============
Cost of investments...................................... $ 76,171,640 $ 101,960,165 $ 24,053,298
============= =============== =============
</TABLE>
See notes to financial statements.
17
<PAGE> 20
VISTA MUTUAL FUNDS
STATEMENT OF OPERATIONS
For the six months ended February 28, 1997 (unaudited)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Vista
Vista California
Vista New York Intermediate
Tax Free Tax Free Tax Free
Income Fund Income Fund Fund
----------- ----------- ------------
<S> <C> <C> <C>
INTEREST INCOME: (Note 1C).................................. $ 2,440,729 $ 3,099,781 $ 713,438
---------- ---------- ----------
EXPENSES: (Note 2)
Shareholder servicing fees................................. 105,443 135,454 33,682
Distribution fees.......................................... 141,723 168,297 33,682
Investment advisory fees................................... 126,433 162,521 40,418
Administration fees........................................ 63,265 81,261 20,209
Custodian fees............................................. 23,197 24,378 5,389
Printing and postage....................................... 9,186 8,285 2,475
Professional fees.......................................... 10,452 11,295 14,541
Registration costs......................................... 11,680 1,009 6,721
Transfer agent fees........................................ 84,354 75,843 16,183
Trustees fees and expenses................................. 3,919 2,739 789
Other...................................................... 741 1,118 7,805
---------- ---------- ----------
Total expenses....................................... 580,393 672,200 181,894
Less amounts waived (Note 2E).............................. 147,076 135,964 101,062
---------- ---------- ----------
Net expenses............................................. 433,317 536,236 80,832
---------- ---------- ----------
Net investment income.................................... 2,007,412 2,563,545 632,606
---------- ---------- ----------
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS
Net realized gain on investment transactions............... 861,044 671,763 133,823
Net realized gain (loss) futures transactions.............. 49,460 67,641 (17,364)
Change in net unrealized appreciation on investments....... 1,597,355 1,967,526 419,378
---------- ---------- ----------
Net realized and unrealized gain on investments............ 2,507,859 2,706,930 535,837
---------- ---------- ----------
Net increase in net assets from operations................. $ 4,515,271 $ 5,270,475 $1,168,443
========== ========== ==========
</TABLE>
See notes to financial statements.
18
<PAGE> 21
VISTA MUTUAL FUNDS
STATEMENT OF CHANGES IN NET ASSETS (unaudited)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Vista
Vista New York
Tax Free Tax Free
Income Fund Income Fund
----------------------------- ------------------------------
9/1/96 Year 9/1/96 Year
Through Ended Through Ended
2/28/97 8/31/96 2/28/97 8/31/96
------------ ------------- ------------- -------------
<S> <C> <C> <C> <C>
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS:
Net investment income..................................... $ 2,007,412 $ 4,493,334 $ 2,563,545 $ 5,112,230
Net realized gain on investments and futures
transactions............................................ 910,504 1,402,838 739,404 904,448
Change in net unrealized appreciation (depreciation) on
investments and futures transactions.................... 1,597,355 (1,070,107) 1,967,526 (1,708,648)
----------- ----------- ------------ ------------
Increase in net assets from operations.................... 4,515,271 4,826,065 5,270,475 4,308,030
----------- ----------- ------------ ------------
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income:.................................... (1,981,407) (4,521,723) (2,498,996) (5,145,870)
Net realized gain on investment transactions:............. -- -- (216,570) --
----------- ----------- ------------ ------------
Total dividends and distributions................... (1,981,407) (4,521,723) (2,715,566) (5,145,870)
----------- ----------- ------------ ------------
Increase (decrease) from capital share transactions
(Note 4).................................................. (5,753,810) (18,543,690) (6,017,407) (4,204,046)
----------- ----------- ------------ ------------
Total increase (decrease)........................... (3,219,946) (18,239,348) (3,462,498) (5,041,886)
NET ASSETS:
Beginning of period....................................... 84,808,718 103,048,066 109,759,197 114,801,083
----------- ----------- ------------ ------------
End of period............................................. $ 81,588,772 $ 84,808,718 $ 106,296,699 $ 109,759,197
=========== =========== ============ ============
<CAPTION>
Vista
California
Intermediate
Tax Free Fund
----------------------------
9/1/96 Year
Through Ended
2/28/97 8/31/96
------------ ------------
<S> <C> <C>
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS:
Net investment income..................................... $ 632,606 $ 1,471,273
Net realized gain on investments and futures
transactions............................................ 116,459 930,680
Change in net unrealized appreciation (depreciation) on
investments and futures transactions.................... 419,378 (861,965)
----------- -----------
Increase in net assets from operations.................... 1,168,443 1,539,988
----------- -----------
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income:.................................... (618,587) (1,480,990)
Net realized gain on investment transactions:............. -- (288,579)
----------- -----------
Total dividends and distributions................... (618,587) (1,769,569)
----------- -----------
Increase (decrease) from capital share transactions
(Note 4).................................................. (2,591,361) (4,219,121)
----------- -----------
Total increase (decrease)........................... (2,041,505) (4,448,702)
NET ASSETS:
Beginning of period....................................... 28,297,700 32,746,402
----------- -----------
End of period............................................. $ 26,256,195 $ 28,297,700
=========== ===========
</TABLE>
See notes to financial statements.
19
<PAGE> 22
VISTA MUTUAL FUNDS
NOTES TO FINANCIAL STATEMENTS (unaudited)
- --------------------------------------------------------------------------------
1. ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES -- Mutual Fund Trust (the
"Trust") was organized as a Massachusetts business trust, and is registered
under the Investment Company Act of 1940, as amended, as an open-end,
non-diversified management investment company. Vista Tax Free Income Fund
("TFI"), Vista New York Tax Free Income Fund ("NYTFI"), and Vista California
Intermediate Tax Free Fund ("CITF")(collectively the "Funds"), are three
separate portfolios of the Trust.
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 TFI and NYTFI Funds offer two classes of shares, referred to as Class A
Shares and Class B Shares. Class B Shares were first available on November 4,
1993. Class A shares generally provide for a front-end sales charge while Class
B shares provide for a contingent deferred sales charge. All classes of shares
have equal rights as to earnings, assets and voting privileges, except that each
class may bear different distribution expenses and each class has exclusive
voting rights with respect to its distribution plan.
The following is a summary of significant accounting policies followed by
the Funds:
A. Valuation of investments -- Fixed income securities (other than
short-term obligations), including listed issues, are valued using matrix
pricing systems of a major dealer in bonds which take into account factors
such as institutional-size trading in similar groups of securities, yield,
quality, coupon rate, maturity, type of issue, trading characteristics and
other market data, without exclusive reliance upon quoted exchange or
over-the-counter prices. Short-term debt securities with 61 days or more to
maturity at time of purchase are valued, through the 61st day prior to
maturity, at market value based on quotations obtained from market makers or
other appropriate sources; thereafter, the value on the 61st day is
amortized on a straight-line basis over the remaining number of days to
maturity. Short-term investments with 60 days or less to maturity at time of
purchase are valued at amortized cost, which approximates market.
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 with which the custodian bank has entered into a
sub-custodian 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.
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. Interest income is determined on the basis of coupon interest
accrued, adjusted for amortization of premiums and accretion of discount.
D. Futures contracts -- When a Fund enters into a futures contract, it
makes an initial margin deposit in a segregated account, either in cash or
liquid securities. Thereafter, the futures contract is marked to market and
the fund makes (or receives) additional cash payments daily to the broker.
Changes in the value of the contract are recorded as unrealized
appreciation/depreciation until the contract is closed or settled.
The Funds may enter into futures contracts only on exchanges or boards of
trade. The exchange or board of trade acts as the counterparty to each
futures transaction, therefore, the Fund's credit risk is limited to failure
of the exchange or board of trade.
The Funds invest in U.S. Treasury futures contracts as a hedge against
market volatility while maintaining a tax exempt income stream.
As of February 28, 1997, the Funds had no outstanding futures contracts.
E. 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
20
<PAGE> 23
VISTA MUTUAL FUNDS
NOTES TO FINANCIAL STATEMENTS (unaudited) (continued)
- --------------------------------------------------------------------------------
Revenue Code applicable to regulated investment companies and to distribute
to shareholders all of its distributable net investment income, and net
realized gain on investments. In addition, the Trust intends to make
distributions as required to avoid excise taxes. Accordingly, no provision
for Federal income or excise tax is necessary.
F. Distributions to shareholders -- Dividends are distributed in the form
of additional shares of the Fund or, at the election of the shareholder, in
cash (subject to the policies of the Shareholder Servicing Agent) on the
last business day of the month. The net investment income of each Fund is
determined daily and (substantially all) is declared as a dividend to
shareholders of record at the time of such declaration. 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 will result from other than timing of recognition -- "temporary
differences") such amounts are reclassified within the capital accounts
based on their federal tax-basis treatment. Dividends and distributions
which exceed net investment income or net realized capital gains for
financial reporting purposes but not for tax purposes are reported as
distributions in excess of net investment income or net realized capital
gains.
G. Allocation of 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 each Fund 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 the Funds and for such services is paid a fee. The fee is
accrued daily and paid monthly at an annual rate equal to 0.30% of each
Fund's average daily net assets. The Adviser voluntarily waived all or a
portion of its fees as outlined in Note 2.E. below.
Chase Asset Management, Inc. ("CAM"), a registered investment adviser, is
the sub-investment adviser to each 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 0.15% of each Fund's average daily
net assets.
B. Shareholder servicing fees -- The Trust has adopted an Administrative
Services Plan which, among other things, provides that the Trust on behalf
of the Funds may obtain the services of one or more Shareholder Servicing
Agents. For its services, each Shareholder Servicing Agent receives a fee.
The fee is computed daily and paid monthly at an annual rate of 0.25% of the
average daily net assets of each Fund.
Except as described below, since inception of the Trust, Chase and certain
affiliates have been the only Shareholder Servicing Agents. In 1996, certain
Class A Shareholders of TFI entered into a Shareholder Servicing arrangement
with Charles Schwab & Co. Chase's Shareholder Servicing charges amounted to
$104,114 for TFI. The Shareholder Servicing Agents voluntarily waived all or
a portion of their fees as outlined in Note 2.E. below.
C. Distribution and Sub-administration fees -- Pursuant to a Distribution
and Sub-administration Agreement, Vista Fund Distributors, Inc. ("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.
21
<PAGE> 24
VISTA MUTUAL FUNDS
NOTES TO FINANCIAL STATEMENTS (unaudited) (continued)
- --------------------------------------------------------------------------------
The Trustees have adopted Distribution Plans (the "Distribution Plans") for
Class A for all Funds and Class B for TFI and NYTFI in accordance with Rule
12b-1 under the 1940 Act.
The Distribution Plans provide that each Fund shall pay distribution fees at
annual rates not to exceed 0.25% of each Fund's average daily net assets for
Class A shares and 0.75% for Class B shares.
The Distributor voluntarily waived all or a portion of distribution fees as
outlined in Note 2.E. below.
D. Administration fee -- Pursuant to an Administration Agreement, Chase
(the "Administrator") provides certain administration services to the Trust
at a fee computed at an annual rate equal to 0.10% 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.E. below.
E. Waivers of fees -- For the six month period ended February 28, 1997,
the Adviser, Shareholder Servicing Agents, Distributor and Administrator
voluntarily waived fees for each of the Funds as follows:
<TABLE>
<CAPTION>
TFI NYTFI CITF
--------- --------- ---------
<S> <C> <C> <C>
Administration............................. $ -- $ -- $ 13,461
Advisory................................... 63,220 21,821 33,759
Distribution............................... -- -- 20,191
Shareholder Servicing...................... 83,856 114,143 33,651
--------- --------- ---------
$ 147,076 $ 135,964 $ 101,062
========= ========= =========
</TABLE>
F. Other -- Certain officers of the Trust are officers of VFD or of its
parent corporation, BISYS.
Chase provides portfolio accounting and custody services for the Funds.
Compensation for such services are presented in the Statement of Operations
as custodian fees.
3. INVESTMENT TRANSACTIONS -- Purchases and sales of investments (excluding
short-term investments) were as follows:
<TABLE>
<CAPTION>
TFI NYTFI CITF
------------ ------------ -----------
<S> <C> <C> <C>
Purchases.................................. $ 45,061,003 $ 52,148,847 $ 5,850,492
Sales...................................... 47,885,860 56,569,617 7,613,913
</TABLE>
4. FEDERAL INCOME TAX MATTERS -- For Federal income tax purposes, the cost and
unrealized appreciation/(depreciation) in value of the investment securities at
February 28, 1997, are as follows:
<TABLE>
<CAPTION>
TFI NYTFI CITF
----------- ------------ -----------
<S> <C> <C> <C>
Aggregate cost.......................... $76,171,640 $101,960,165 $24,053,298
----------- ------------ -----------
Gross unrealized appreciation........... 2,641,480 3,233,844 612,449
Gross unrealized depreciation........... (129,849) (92,918) (20,769)
----------- ------------ -----------
Net unrealized appreciation............. $ 2,511,631 $ 3,140,926 $ 591,680
=========== ============= ===========
</TABLE>
At August 31, 1996, Tax Free Income Fund had a net capital loss carryover of
approximately $4,091,000 which will be available through August 31, 2003 to
offset future capital gains to the extent provided by regulations. At August 31,
1996, New York Tax Free Income Fund had a net capital loss carryover of
approximately $641,000 which will be available through
22
<PAGE> 25
VISTA MUTUAL FUNDS
NOTES TO FINANCIAL STATEMENTS (unaudited) (continued)
- --------------------------------------------------------------------------------
August 31, 2003. During the fiscal year ended August 31, 1996, TFI, NYTFI and
CITF utilized capital loss carryovers of approximately $820,000, $185,000 and
$289,000, respectively. To the extent that any net capital loss carryovers are
used to offset future capital gains, it is probable that the gains so offset
will not be distributed to shareholders.
5. TRANSACTIONS IN SHARES OF BENEFICIAL INTEREST -- Transactions in Shares of
Beneficial Interest were as follows:
<TABLE>
<CAPTION>
Vista Tax Free Income Fund
----------------------------------------------------------
9/1/96
Through Year Ended
2/28/97 August 31, 1996
--------------------------- ---------------------------
Amount Shares Amount Shares
------------ ------------ ------------ ------------
<S> <C> <C> <C> <C>
Class A
Shares sold.................. $ 15,177,399 1,258,412 $ 47,061,471 3,923,256
Shares issued in reinvestment
of distributions........... 1,085,359 89,428 2,672,938 222,637
Shares redeemed.............. (21,661,611) (1,790,998) (68,392,091) (5,689,713)
------------ ------------ ------------ ------------
Net increase (decrease) in
Trust shares outstanding... ($ 5,398,853) (443,158) ($18,657,682) (1,543,820)
============= ============= ============= =============
</TABLE>
<TABLE>
<CAPTION>
Vista Tax Free Income Fund
----------------------------------------------------------
9/1/96
Through Year Ended
2/28/97 August 31, 1996
--------------------------- ---------------------------
Amount Shares Amount Shares
------------ ------------ ------------ ------------
<S> <C> <C> <C> <C>
Class B
Shares sold.................. $ 1,742,326 145,373 $ 4,046,461 339,716
Shares issued in reinvestment
of distributions........... 207,326 17,208 424,202 35,612
Shares redeemed.............. (2,304,609) (192,186) (4,356,671) (366,602)
------------ ------------ ------------ ------------
Net increase (decrease) in
Trust shares outstanding... ($ 354,957) (29,605) $ 113,992 8,726
============= ============= ============= =============
</TABLE>
<TABLE>
<CAPTION>
Vista New York Tax Free Income Fund
----------------------------------------------------------
9/1/96
Through Year Ended
2/28/97 August 31, 1996
--------------------------- ---------------------------
Amount Shares Amount Shares
------------ ------------ ------------ ------------
<S> <C> <C> <C> <C>
Class A
Shares sold.................. $ 9,542,008 817,244 $ 42,163,283 3,631,644
Shares issued in reinvestment
of distributions........... 1,900,098 163,290 3,747,799 323,930
Shares redeemed.............. (16,310,532) (1,405,809) (53,291,302) (4,593,977)
------------ ------------ ------------ ------------
Net increase (decrease) in
Trust shares outstanding... ($ 4,868,426) (425,275) ($ 7,380,220) (638,403)
============= ============= ============= =============
</TABLE>
23
<PAGE> 26
VISTA MUTUAL FUNDS
NOTES TO FINANCIAL STATEMENTS (unaudited) (continued)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Vista New York Tax Free Income Fund
----------------------------------------------------------
9/1/96
Through Year Ended
2/28/97 August 31, 1996
--------------------------- ---------------------------
Amount Shares Amount Shares
------------ ------------ ------------ ------------
<S> <C> <C> <C> <C>
Class B
Shares sold.................. $ 1,062,123 91,612 $ 4,063,318 351,502
Shares issued in reinvestment
of distributions........... 217,381 18,769 400,096 34,785
Shares redeemed.............. (2,428,485) (210,015) (1,287,240) (112,550)
------------ ------------ ------------ ------------
Net increase (decrease) in
Trust shares outstanding... ($ 1,148,981) (99,634) $ 3,176,174 273,737
============= ============= ============= =============
</TABLE>
<TABLE>
<CAPTION>
Vista California Intermediate Tax Free Fund
----------------------------------------------------------
9/1/96
Through Year Ended
2/28/97 August 31, 1996
--------------------------- ---------------------------
Amount Shares Amount Shares
------------ ------------ ------------ ------------
<S> <C> <C> <C> <C>
Shares sold.................. $ 478,595 48,300 $ 1,153,501 116,473
Shares issued in reinvestment
of distributions........... 346,655 34,777 1,007,276 101,364
Shares redeemed.............. (3,416,611) (344,143) (6,379,898) (644,656)
------------ ------------ ------------ ------------
Net increase (decrease) in
Trust shares outstanding... ($ 2,591,361) (261,066) ($ 4,219,121) (426,819)
============= ============= ============= =============
</TABLE>
6. CONCENTRATION OF CREDIT RISK -- TFI, NYTFI and CITF 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,
NYTFI and CITF primarily investing in issuers in the States of New York and
California, respectively. The issuer's abilities to meet their obligations may
be affected by economic or political developments in a specific state or region.
7. 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 six months ended February 28, 1997, included
in Trustees Fees and Expenses in the Statement of Operations, and accrued
pension liability included in other accrued liabilities in the Statement of
Assets and Liabilities were as follows:
<TABLE>
<CAPTION>
Accrued
Pension Pension
Expenses Liability
-------- -------
<S> <C> <C>
TFI.......................................................... $1,211 $6,094
NYTFI........................................................ 1,477 7,875
CITF......................................................... 398 1,954
</TABLE>
24
<PAGE> 27
SELECTED PER SHARE DATA AND RATIOS FOR A SHARE OF BENEFICIAL INTEREST
OUTSTANDING
Throughout each period indicated (unaudited)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Vista Tax Free Income Fund
-------------------------------------------------------------------------
Class A
-------------------------------------------------------------------------
9/1/96 Year Ended 11/1/93 Year Ended
Through ------------------- Through -----------------------
2/28/97 8/31/96 8/31/95 8/31/94++ 10/31/93 10/31/92
------- ------- ------- --------- -------- ----------
<S> <C> <C> <C> <C> <C> <C>
Per Share Operating Performance
Net Asset Value, Beginning of Period................. $ 11.84 $ 11.85 $ 11.70 $ 12.70 $ 11.52 $ 11.12
------- ------- ------- ------- ------- -------
Income from Investment Operations
Net Investment Income............................. 0.293 0.580 0.585 0.475 0.662 0.731
Net Gains or Losses on Securities (both realized
and unrealized)................................. 0.356 (0.007) 0.147 (0.847) 1.412 0.556
------- ------- ------- ------- ------- -------
Total from Investment Operations.................. 0.649 0.573 0.732 (0.372) 2.074 1.287
------- ------- ------- ------- ------- -------
Less Distributions
Dividends from Net Investment Income.............. 0.289 0.583 0.582 0.475 0.662 0.731
Distributions from Capital Gains.................. -- -- -- 0.153 0.237 0.156
------- ------- ------- ------- ------- -------
Total Distributions............................... 0.289 0.583 0.582 0.628 0.899 0.887
------- ------- ------- ------- ------- -------
Net Asset Value, End of Period....................... $ 12.20 $ 11.84 $ 11.85 $ 11.70 $ 12.70 $ 11.52
======= ======= ======= ======= ======= =======
Total Return (1)..................................... 5.53% 4.88% 6.53% (2.99%) 18.72% 11.99%
Ratios/Supplemental Data
Net Assets, End of Period (000 omitted)............. $67,185 $70,480 $88,783 $98,054 $83,672 $ 17,548
Ratio of Expenses to Average Net Assets #........... 0.90% 0.90% 0.85% 0.58% 0.23% --
Ratio of Net Investment Income to Average Net
Assets #.......................................... 4.88% 4.83% 5.07% 4.75% 5.25% 6.26%
Ratio of Expenses Without Waivers and Assumption of
Expenses to Average Net Assets #.................. 1.29% 1.46% 1.47% 1.29% 1.20% 2.34%
Ratio of Net Investment Income Without Waivers and
Assumption of Expenses to Average Net Assets #.... 4.49% 4.27% 4.45% 4.04% 4.28% 3.92%
Portfolio Turnover Rate.............................. 55% 210% 233% 258% 149% 266%
<CAPTION>
Vista Tax Free Income Fund
---------------------------------------------
Class B
---------------------------------------------
9/1/96 Year Ended 11/4/93*
Through ------------------- Through
2/28/97 8/31/96 8/31/95 8/31/94++
------- ------- ------- ---------
<S> <C> <C> <C> <C>
Per Share Operating Performance
Net Asset Value, Beginning of Period................. $ 11.76 $ 11.77 $ 11.65 $ 12.51
------- ------- ------- -------
Income from Investment Operations
Net Investment Income............................. 0.245 0.486 0.498 0.423
Net Gains or Losses on Securities (both realized
and unrealized)................................. 0.345 (0.006) 0.140 (0.707)
------- ------- ------- -------
Total from Investment Operations.................. 0.590 0.480 0.638 (0.284)
------- ------- ------- -------
Less Distributions
Dividends from Net Investment Income.............. 0.239 0.490 0.518 0.423
Distributions from Capital Gains.................. -- -- -- 0.153
------- ------- ------- -------
Total Distributions............................... 0.239 0.490 0.518 0.576
------- ------- ------- -------
Net Asset Value, End of Period....................... $ 12.11 $ 11.76 $ 11.77 $ 11.65
======= ======= ======= =======
Total Return (1)..................................... 5.04% 4.10% 5.70% (2.35%)
Ratios/Supplemental Data
Net Assets, End of Period (000 omitted)............. $14,404 $14,329 $14,265 $11,652
Ratio of Expenses to Average Net Assets #........... 1.64% 1.65% 1.61% 1.47%
Ratio of Net Investment Income to Average Net
Assets #.......................................... 4.14% 4.08% 4.31% 3.95%
Ratio of Expenses Without Waivers and Assumption of
Expenses to Average Net Assets #.................. 1.79% 1.95% 1.97% 1.81%
Ratio of Net Investment Income Without Waivers and
Assumption of Expenses to Average Net Assets #.... 3.99% 3.78% 3.95% 3.61%
Portfolio Turnover Rate.............................. 55% 210% 233% 258%
</TABLE>
- ---------------
(1) Total return figures do not include the effect of any sales load.
# Short periods have been annualized.
* Commencement of offering of class of shares.
++ In 1994 TFI changed its fiscal year-end from October 31 to August 31.
See notes to financial statements.
25
<PAGE> 28
SELECTED PER SHARE DATA AND RATIOS FOR A SHARE OF BENEFICIAL INTEREST
OUTSTANDING
Throughout each period indicated (unaudited) (continued)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Vista New York Tax Free Income Fund
--------------------------------------------------------------------------
Class A
--------------------------------------------------------------------------
9/1/96 Year Ended 11/1/93 Year Ended
Through -------------------- Through -----------------------
2/28/97 8/31/96 8/31/95 8/31/94++ 10/31/93 10/31/92
------- ------- -------- --------- -------- ----------
<S> <C> <C> <C> <C> <C> <C>
Per Share Operating Performance
Net Asset Value, Beginning of Period................. $ 11.39 $ 11.47 $ 11.30 $ 12.27 $ 11.18 $ 11.24
------- ------- -------- -------- -------- -------
Income from Investment Operations
Net Investment Income............................. 0.278 0.555 0.570 0.473 0.592 0.473
Net Gains or Losses on Securities (both realized
and unrealized)................................. 0.287 (0.077) 0.167 (0.688) 1.281 0.274
------- ------- -------- -------- -------- -------
Total from Investment Operations.................. 0.565 0.478 0.737 (0.215) 1.873 0.747
------- ------- -------- -------- -------- -------
Less Distributions
Dividends from Net Investment Income.............. 0.272 0.558 0.567 0.472 0.591 0.473
Distributions from Capital Gains.................. 0.023 -- -- 0.283 0.194 0.334
------- ------- -------- -------- -------- -------
Total Distributions............................... 0.295 0.558 0.567 0.755 0.785 0.807
------- ------- -------- -------- -------- -------
Net Asset Value, End of Period....................... $ 11.66 $ 11.39 $ 11.47 $ 11.30 $ 12.27 $ 11.18
======= ======= ======== ======== ======== =======
Total Return (1)..................................... 4.99% 4.20% 6.82% (1.81%) 17.31% 8.57%
Ratios/Supplemental Data
Net Assets, End of Period (000 omitted)............. $93,460 $96,102 $104,168 $103,113 $120,809 $ 48,420
Ratio of Expenses to Average Net Assets #........... 0.90% 0.90% 0.85% 0.76% 0.75% 0.75%
Ratio of Net Investment Income to Average Net Assets
#................................................. 4.82% 4.76% 5.11% 4.89% 4.86% 5.74%
Ratio of Expenses Without Waivers and Assumption of
Expenses to Average Net Assets #.................. 1.18% 1.27% 1.37% 1.25% 1.11% 1.41%
Ratio of Net Investment Income Without Waivers and
Assumption of Expenses to Average Net Assets #.... 4.54% 4.39% 4.59% 4.40% 4.50% 5.08%
Portfolio Turnover Rate.............................. 49% 156% 122% 162% 150% 280%
<CAPTION>
Vista New York Tax Free Income Fund
---------------------------------------------
Class B
---------------------------------------------
9/1/96 Year Ended 11/4/93*
Through ------------------- Through
2/28/97 8/31/96 8/31/95 8/31/94++
------- ------- ------- ---------
<S> <C> <C> <C> <C>
Per Share Operating Performance
Net Asset Value, Beginning of Period................. $ 11.33 $ 11.41 $ 11.27 $ 12.11
------- ------- ------- -------
Income from Investment Operations
Net Investment Income............................. 0.232 0.469 0.485 0.419
Net Gains or Losses on Securities (both realized
and unrealized)................................. 0.294 (0.086) 0.162 (0.543)
------- ------- ------- -------
Total from Investment Operations.................. 0.526 0.383 0.647 (0.124)
------- ------- ------- -------
Less Distributions
Dividends from Net Investment Income.............. 0.222 0.463 0.507 0.433
Distributions from Capital Gains.................. 0.023 -- -- 0.283
------- ------- ------- -------
Total Distributions............................... 0.245 0.463 0.507 0.716
------- ------- ------- -------
Net Asset Value, End of Period....................... $ 11.61 $ 11.33 $ 11.41 $ 11.27
======= ======= ======= =======
Total Return (1)..................................... 4.66% 3.46% 5.99% (1.11%)
Ratios/Supplemental Data
Net Assets, End of Period (000 omitted)............. $12,837 $13,667 $10,633 $ 7,234
Ratio of Expenses to Average Net Assets #........... 1.64% 1.65% 1.61% 1.51%
Ratio of Net Investment Income to Average Net Assets
#................................................. 4.08% 4.01% 4.35% 4.28%
Ratio of Expenses Without Waivers and Assumption of
Expenses to Average Net Assets #.................. 1.68% 1.76% 1.87% 1.76%
Ratio of Net Investment Income Without Waivers and
Assumption of Expenses to Average Net Assets #.... 4.04% 3.90% 4.09% 4.03%
Portfolio Turnover Rate.............................. 49% 156% 122% 162%
</TABLE>
- ---------------
(1) Total return figures do not include the effect of any sales load.
# Short periods have been annualized.
* Commencement of offering of class of shares.
++ In 1994 NYTFI changed its fiscal year-end from October 31 to August 31.
See notes to financial statements.
26
<PAGE> 29
SELECTED PER SHARE DATA AND RATIOS FOR A SHARE OF BENEFICIAL INTEREST
OUTSTANDING
Throughout each period indicated (unaudited) (continued)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Vista California
Intermediate Tax Free Fund
----------------------------------------------------------
9/1/96 Year Ended 11/1/94 7/15/93*
Through ------------------- Through Through
2/28/97 8/31/96 8/31/95 8/31/94++ 10/31/93
------- ------- ------- --------- --------
<S> <C> <C> <C> <C> <C>
Per Share Operating Performance
Net Asset Value, Beginning of Period.................................. $ 9.81 $ 9.89 $ 9.69 $ 10.30 $ 10.22
------- ------- ------- -------
Income from Investment Operations
Net Investment Income.............................................. 0.231 0.473 0.505 0.320 0.166
Net Gains or Losses on Securities (both realized and unrealized)... 0.195 0.013 0.200 (0.408) 0.081
------- ------- ------- -------
Total from Investment Operations............................... 0.426 0.486 0.705 (0.088) 0.247
------- ------- ------- -------
Less Distributions
Dividends from Net Investment Income............................... 0.226 0.476 0.505 0.404 0.165
Distributions from Capital Gains................................... -- 0.090 -- 0.118 --
------- ------- ------- -------
Total Distributions................................................ 0.226 0.566 0.505 0.522 0.165
------- ------- ------- -------
Net Asset Value, End of Period........................................ $10.01 $ 9.81 $ 9.89 $ 9.69 $ 10.30
======= ======= ======= =======
Total Return (1)...................................................... 4.38% 5.00% 7.55% (0.86%) 2.42%
Ratios/Supplemental Data
Net Assets, End of Period (000 omitted).............................. $26,256 $28,298 $32,746 $36,264 $41,728
Ratio of Expenses to Average Net Assets #............................ 0.60% 0.60% 0.52% 0.52% 0.52%
Ratio of Net Investment Income to Average Net Assets #............... 4.69% 4.77% 5.24% 4.88% 4.83%
Ratio of Expenses Without Waivers and Assumption of Expenses to
Average Net Assets #............................................... 1.35% 1.47% 1.40% 1.37% 1.33%
Ratio of Net Investment Income Without Waivers and Assumption of
Expenses to Average Net Assets #................................... 3.94% 3.90% 4.36% 4.03% 4.02%
Portfolio Turnover Rate............................................... 23% 188% 94% 93% 40%
</TABLE>
- ---------------
(1) Total return figures do not include the effect of any sales load.
# Short periods have been annualized.
* Commencement of operations.
++ In 1994 CITF changed its fiscal year end from October 31 to August 31.
See notes to financial statements.
27
<PAGE> 30
This Page Intentionally Left Blank
<PAGE> 31
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 Mutual Funds are distributed by Vista Fund Distributors, Inc., which is
unaffiliated with The Chase Manhattan Bank. Chase and its respective affiliates
receive compensation from the Vista Funds for providing investment advisory and
other services.
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.
The financial information in this report has been taken from the books and
records of the Funds without examination by independent accountants, who express
no opinion thereto.
VIS-3-497
<PAGE> 32
[VISTA LOGO]
- ------------------------------------------------------------------
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)
- ------------------------------------------------------------------
- ------------------------------------------------------------------
SEMIANNUAL REPORT
FEBRUARY 28, 1997
(UNAUDITED)
<PAGE> 33
CONTENTS
Chairman's Letter 1
Fund Facts 2
Portfolio of Investments 3
Notes to Financial Statements 32
Per Share Data 37
<PAGE> 34
As noted six months ago, we are 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. In order to launch this new design at your
Fund's year-end, we are planning to introduce the new format with your next
Annual Report.
April 10, 1997
Dear Shareholder:
We are pleased to present this semi-annual report on each of the Vista tax-free
money market funds. Inside, you'll find current seven-day yields and taxable
equivalent yields for such fund as of February 28, 1997 as well as listings of
current holdings.
MANAGING YOUR MONEY IN A CHANGING INTEREST RATE ENVIRONMENT
Over the six-month period, the yield on the one-year U.S. Treasury bill declined
from 5.89% to 5.67%. However, this rather benign overview masks a
highly-volatile environment dominated by changing perceptions of the strength of
U.S. economic growth as well as the market's anticipation of Federal Reserve
Board policy changes.
At the beginning of the period, reports of a slowing economy led many market
participants to believe that the Fed would not raise interest rates and, as a
result, the yield on the one-year T-bill fell to a low of 5.35% at the end of
November, 1996. The turning point in yields came in early December in response
to weaker demand and fears that the Fed might raise interest rates. The market
became inconsistent as investors reacted to each new report on the economy's
strength and attempted to determine the Fed's stance. By the time Fed Chairman
Greenspan testified before Congress in February, it was clear that he was set to
raise the Federal Funds rate to preempt any wage inflation.
SUPPLY & DEMAND FACTORS DOMINATE TAX FREE MONEY MARKETS
As usual, the yields available on the securities in your funds were
highly-dependent on supply and demand factors. Since many investors use tax-free
money market funds as a parking place for dollars they'll eventually use for
longer-term investments or to pay taxes, each fund's invested assets fluctuate
substantially. Additionally, there are traditional times of the year when
short-term tax free instruments mature, requiring that your fund re-invest at
prevailing interest rates. Together, these factors create a challenging job for
Vista's tax-free money market management team -- one I'm pleased to note they
performed very well during the reporting period.
Moving forward, you can be confident that our team of investment professionals
will stay true to a certain course: to seek 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> 35
MONEY MARKET FUND FACTS(1) (unaudited)
As of February 28, 1997
<TABLE>
<CAPTION>
------------------------------------------------------------------------------------
VISTA VISTA
VISTA NEW YORK TAX CALIFORNIA
TAX FREE FREE TAX FREE
MONEY MONEY MONEY
MARKET(2,3) MARKET(3) MARKET(3)
- ------------------------------------------------------------------------------------
<S> <C> <C> <C>
7-Day SEC Yield(1)
Vista 2.92% 2.82% 2.81%
Premier 2.98% -- --
Institutional 3.24% -- --
Without Fee Waiver
Vista 2.78% 2.68% 2.49%
Premier 2.98% -- --
Institutional 3.24% -- --
Taxable Equivalent Yield(4)
Vista 4.56% 4.74% 4.88%
Premier 4.66% -- --
Institutional 5.06% -- --
</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 Tax Free 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.
(4) Taxable Equivalent Yields are calculated based on the SEC Yield divided by 1
minus the effective tax rate. Effective combined federal, state and/or local
tax rates for Tax Free Money Market, New York Tax Free Money Market and
California Tax Free Money Market are 36%, 40.56% and 42.40%, respectively.
2
<PAGE> 36
VISTA TAX FREE MONEY MARKET FUND
PORTFOLIO OF INVESTMENTS February 28, 1997 (unaudited)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
------------------------------------------------------------------------------------
STATE AND MUNICIPAL OBLIGATIONS -- 99.1%
------------------------------------------------------------------------------------
<S> <C> <C>
ALABAMA -- 2.2%
---------------------------------------------------------
$ 6,300,000 Birmingham, Alabama, Ser. 1992-A, FRDN, 3.300%, $ 6,300,000
03/05/97
3,700,000 Chatom, Alabama, IDB, PCR, Alabama Electric Coop, CP, 3,700,000
3.500%, 04/09/97
4,800,000 Enterprise, Alabama, IDB, IDR, Taxable, Coffee Gin Co., 4,800,000
FRDN, Rev., 3.450%, 03/06/97
1,000,000 Mcintosh, Alabama, IDB, Solid Waste Disposal, CIBA- 1,000,000
Geigy Corp., FRDN, 3.300%, 03/05/97
2,500,000 Phenix County, Alabama, IDB, Environmental Improvement, 2,500,000
Georgia Kraft Project, FRDN, Rev., 3.400%, 03/03/97
1,500,000 St. Clair County, Alabama, IDB, National Cement Co., 1,500,000
Inc., Project II, FRDN, Rev., 3.300%, 03/06/97
-------------
19,800,000
-------------
ALASKA -- 0.6%
---------------------------------------------------------
4,000,000 Anchorage, Alaska, TAN, 4.000%, 12/17/97 4,014,454
1,400,000 Valdez Alaska Marine Term, Arco Transition Project, 1,400,000
Ser. A, CP, 3.450%, 05/14/97
-------------
5,414,454
-------------
ARIZONA -- 5.6%
---------------------------------------------------------
14,100,000 Apache County, Arizona, IDA, Tucson Electric, 83C, 14,100,000
FRDN, Rev., 3.300%, 03/05/97
5,100,000 Casa Grand, Arizona, Industrial Development Authority, 5,100,000
Mayville Metal, FRDN, Rev., 3.550%, 03/05/97
Maricopa County, Arizona, PCR, Arizona Public Service
Co.,
2,600,000 Ser. B, FRDN, Rev., 3.450%, 03/03/97 2,600,000
1,600,000 Ser. E, FRDN, Rev., 3.450%, 03/03/97 1,600,000
1,000,000 Maricopa County, Arizona, Union School District No. 1,003,244
097, Deer VY, Ser. A, GO, 5.000%, 07/01/97
Phoenix Arizona IDA Multifamily Housing,
1,925,000 Paradise Shadows Apartments, FRDN, Rev., 3.350%, 1,925,000
03/05/97
2,900,000 Southwest Villages Project A, FRDN, Rev., 3.350%, 2,900,000
03/04/97
4,600,000 Phoenix, Arizona, Ser. 95-2, FRDN, 3.450%, 03/03/97 4,600,000
Pima County Arizona IDA, IDR, Tucson Electric Power
Co.,
1,200,000 Power Project, 1983 Ser. A, FRDN, 3.300%, 03/05/97 1,200,000
4,000,000 Project, FRDN, Rev., 3.400%, 03/05/97 4,000,000
1,300,000 Ser. A, FRDN, Rev., 3.300%, 03/05/97 1,300,000
9,700,000 Salt River Project Agricultural Improvement & Power 9,700,000
District, CP, 3.500%, 03/07/97
-------------
50,028,244
-------------
</TABLE>
See notes to financial statements.
3
<PAGE> 37
VISTA TAX FREE MONEY MARKET FUND
PORTFOLIO OF INVESTMENTS February 28, 1997 (unaudited) (continued)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
- ------------------------------------------------------------------------------------
STATE AND MUNICIPAL OBLIGATIONS -- (CONTINUED)
- ------------------------------------------------------------------------------------
<C> <S> <C>
ARKANSAS -- 1.8%
---------------------------------------------------------
$ 1,445,000 Arkansas State, Development Financing Authority, ADFA $ 1,445,386
Guarantee Program, Ser. A, Rev., 3.850%, 02/01/98
14,600,000 University of Arkansas, UAMS Campus, FRDN, Rev., 14,600,000
3.350%, 03/05/97
-------------
16,045,386
-------------
CALIFORNIA -- 3.1%
---------------------------------------------------------
California Higher Education Loan Authority Inc.,
Student Loan,
15,000,000 Ser. A, Rev., PUT, 3.750%, 06/01/97 15,000,000
12,500,000 Ser. C, Rev., PUT, 3.750%, 06/01/97 12,500,000
-------------
27,500,000
-------------
COLORADO -- 0.9%
---------------------------------------------------------
7,200,000 Colorado Health Facilities Authority, Frasier Meadows 7,200,000
Manor, FRDN, Rev., 3.400%, 03/06/97
1,000,000 Jefferson County, Colorado, COP, Jefferson County 1,042,726
Financing Corp., COP, 8.150%, 12/01/97
-------------
8,242,726
-------------
DELAWARE -- 0.8%
---------------------------------------------------------
7,400,000 Sussex County Delaware, Industrial Revenue, Perdue 7,400,000
Farms Inc. Project, FRDN, Rev., 3.550%, 03/06/97 -------------
FLORIDA -- 4.1%
---------------------------------------------------------
9,600,000 Jacksonville, Florida, Rev., 3.650%, 01/23/98 9,600,000
1,000,000 Jacksonville, Florida, IDR, Trailer Marine, Crowly, 1,000,000
FRDN, Rev., 3.400%, 03/03/97
2,100,000 Martin County, Florida, PCC, Florida Light & Power Co. 2,100,000
Project, FRDN, 3.400%, 03/03/97
2,500,000 Monroe County, Florida School District, GO, 3.600%, 2,500,000
06/04/97
1,700,000 Okaloosa County, Florida, Gulf Coast Treatment Center, 1,700,000
FRDN, Rev., 3.400%, 03/05/97
2,500,000 Pinellas County, Florida, Housing Finance Authority, 2,500,000
Single Family Mortgage, Multi-County Program, Ser. B,
Rev., PUT, 3.800%, 02/01/98
16,000,000 St. Lucie County, Florida, PCR, Florida Power & Light 16,000,000
Co., CP, 3.500%, 03/06/97
825,000 Volusia County, Florida, Housing Finance Authority, Sun 825,000
Pointe Apts., Ser. H, FRDN, 3.350%, 03/04/97
-------------
36,225,000
-------------
</TABLE>
See notes to financial statements.
4
<PAGE> 38
VISTA TAX FREE MONEY MARKET FUND
PORTFOLIO OF INVESTMENTS February 28, 1997 (unaudited) (continued)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
------------------------------------------------------------------------------------
STATE AND MUNICIPAL OBLIGATIONS -- (CONTINUED)
------------------------------------------------------------------------------------
<C> <S> <C>
GEORGIA -- 7.5%
---------------------------------------------------------
$ 1,555,000 Bartow County, Georgia, IDA, Princeton Carpets, Inc., $ 1,555,000
FRDN, Rev., 3.300%, 03/05/97
6,300,000 Burke County, Georgia, Development Authority, PCR, 6,300,000
Oglethorpe Power Corp. Project A, CP, 3.450%,
03/06/97
2,700,000 Clayton County, Georgia, Housing Authority, Multifamily 2,700,000
Rainwood Development, FRDN, 3.375%, 04/10/97
9,675,000 Cobb County, Georgia, Development Authority, ID, 9,675,000
Wyndham Gardens Project, FRDN, Rev., 3.400%, 03/06/97
2,500,000 Columbia County, Georgia, IDA, Dixie Bedding Co. 2,500,000
Project, Ser. P, FRDN, Rev., 3.450%, 03/06/97
20,000 Columbus, Georgia, Development Authority, R P Real 20,000
Estate, Inc., FRDN, 3.850%, 03/06/97
2,200,000 Elbert County & Elberton & Bowman, Georgia, Development 2,200,000
Authority, IDR, Seaboard Farms, FRDN, Rev., 3.450%,
03/06/97
5,600,000 Fulco, Georgia, Hospital Authority, Piedmont Hospital 5,600,000
Project, FRDN, Rev., 3.350%, 03/05/97
Fulton County, Georgia, Development Authority,
1,000,000 Arthritis Foundation Inc. Project, FRDN, Rev., 1,000,000
3.350%, 03/05/97
1,600,000 Industrial, American Graphics Project, FRDN, Rev., 1,600,000
3.450%, 03/07/97
Fulton County, Georgia, Housing Authority, Multifamily,
5,000,000 Holcomb Landing Apartments, FRDN, Rev., 3.350%, 5,000,000
03/05/97
10,000,000 Spring Creed Crossing, FRDN, Rev., 3.350%, 03/05/97 10,000,000
1,375,000 Gainesville, Georgia, Re-Development Authority, 1,375,000
Gainsville Development Project, FRDN, Rev., 3.400%,
03/05/97
Marietta Georgia, Housing Authority Multifamily,
4,425,000 Concepts 21 Apartments, FRDN, Rev., 3.350%, 03/05/97 4,425,000
7,000,000 Winterset Apartments P, FRDN, Rev., 3.350%, 03/05/97 7,000,000
4,030,000 Rockdale County, Georgia, IDR, Takahashi Works USA, 4,030,000
Inc. Project, FRDN, Rev., 3.650%, 03/05/97
1,445,000 Washington, Georgia, Wilkes Payroll Development 1,445,000
Authority, Pak Products, Inc., FRDN, 3.450%, 03/06/97
-------------
66,425,000
-------------
IDAHO -- 0.4%
---------------------------------------------------------
3,800,000 Port Lewiston, Idaho, Port Facilities, Fribourg 3,800,000
Investment Co., FRDN, Rev., 3.710%, 03/04/97 -------------
</TABLE>
See notes to financial statements.
5
<PAGE> 39
VISTA TAX FREE MONEY MARKET FUND
PORTFOLIO OF INVESTMENTS February 28, 1997 (unaudited) (continued)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
------------------------------------------------------------------------------------
STATE AND MUNICIPAL OBLIGATIONS -- (CONTINUED)
------------------------------------------------------------------------------------
<C> <S> <C>
ILLINOIS -- 6.5%
---------------------------------------------------------
Chicago, Illinois, Multi-Family Housing, Waveland
Associates Project,
$ 8,800,000 Ser. B, FRDN, Rev., 3.300%, 03/05/97 $ 8,800,000
1,900,000 Ser. E, FRDN, Rev., 3.300%, 03/05/97 1,900,000
5,000,000 Chicago, Illinois, Tender Notes, GO, 3.650%, 02/15/98 5,000,000
2,000,000 Du Page Water Commission of Illinois, Prerefunded, 2,049,836
Rev., 6.800%, 05/01/97
Illinois Development Financing Authority,
2,000,000 IDR, Balspar Corp. Project, FRDN, 3.450%, 03/06/97 2,000,000
1,420,000 IDR, Big Bolt Corp. Project, FRDN, Rev., 3.700%, 1,420,000
03/05/97
4,005,000 IDR, CFC International Inc. Project, FRDN, Rev., 4,005,000
3.500%, 03/05/97
3,590,000 IDR, Deerfield Executive Center Project, Rev., 3,590,000
4.100%, 09/01/97
2,000,000 IDR, Revcor Inc. Project, FRDN, Rev., 3.500%, 2,000,000
03/04/97
2,180,000 IDR, Toughy Ltd. Partnership Project, FRDN, 3.500%, 2,180,000
03/05/97
6,400,000 Presbyterian Home Lake, Ser. A, FRDN, 3.350%, 6,400,000
03/05/97
5,000,000 Illinois Health Facilities Authority, 5,000,000
Rush/Presbyterian, Ser. B, Rev., CP, 3.500%, 03/07/97
5,000,000 Illinois Housing Development Authority, Homeowner 5,000,000
Mortgage, Sub. Ser. F-1, Rev., PUT, 3.650%, 12/18/97
7,000,000 Illinois State, GO, 5.375%, 05/01/97 7,019,281
1,080,000 Springfield Illinois Electric, Jr. Lien, Rev., 4.000%, 1,083,135
03/01/98
-------------
57,447,252
-------------
INDIANA -- 1.3%
---------------------------------------------------------
3,460,000 Indiana Health Facilities Financing Authority, 3,460,000
Investment Inc. Project A, FRDN, Rev., 3.400%,
03/06/97
1,500,000 Indiana State, Development Financing Authority, IDR, 1,500,000
Goodwill Industries Center Industrial Project, FRDN,
Rev., 3.350%, 03/06/97
200,000 Indianapolis, Indiana, EDC, Children's Museum Project, 200,000
FRDN, Rev., 3.300%, 03/06/97
2,275,000 Lafayette, Indiana, EDC, Health Quest Realty XI, FRDN, 2,275,000
Rev., 3.400%, 03/06/97
955,000 Muncie, Indiana, EDC, Rev., Health Quest Realty 955,000
Project, FRDN, Rev., 3.400%, 03/06/97
3,100,000 Princeton, Indiana, PCR, PSI Energy Inc. Project, FRDN, 3,100,000
3.500%, 03/03/97
-------------
11,490,000
-------------
</TABLE>
See notes to financial statements.
6
<PAGE> 40
VISTA TAX FREE MONEY MARKET FUND
PORTFOLIO OF INVESTMENTS February 28, 1997 (unaudited) (continued)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
------------------------------------------------------------------------------------
STATE AND MUNICIPAL OBLIGATIONS -- (CONTINUED)
------------------------------------------------------------------------------------
<C> <S> <C>
IOWA -- 1.4%
---------------------------------------------------------
$ 12,250,000 Iowa State, School Cash Anticipation Program, Iowa $ 12,314,985
School Corps Warrant Certificates, Ser. B, 4.250%, -------------
01/30/98
KANSAS -- 1.9%
---------------------------------------------------------
Burlington, Kansas, PC,
2,000,000 K C Power & Light Project, Ser. A, CP, 3.400%, 2,000,000
04/03/97
2,000,000 K C Power & Light Project, Ser. A, CP, 3.400%, 2,000,000
05/08/97
5,000,000 National Rural Kansas Electric, Ser. C-1, CP, 3.350%, 5,000,000
04/10/97
5,335,000 National Rural Kansas Electric, Ser. C-1, CP, 3.400%, 5,335,000
04/10/97
1,000,000 Johnson County, Kansas, Unified School District, No. 1,017,697
512, Swanee Mission, Ser. B, GO, 6.750%, 10/01/97
1,150,000 Spring Hill, Kansas, Industrial Rev., Abrasive 1,150,000
Engineering Project, FRDN, Rev., 3.500%, 03/05/97
-------------
16,502,697
-------------
KENTUCKY -- 1.1%
---------------------------------------------------------
10,000,000 Clark County, Kentucky, PCR, East Kentucky Power, 10,000,000
National RER-J-2, GO, 3.650%, 04/15/97 -------------
LOUISIANA -- 0.7%
---------------------------------------------------------
Louisiana Public Facilities Authority, Ser. A,
2,000,000 Ser. A, GO, 4.500%, 09/24/97 2,006,546
4,000,000 Ser. B, GO, 4.500%, 09/24/97 4,013,092
-------------
6,019,638
-------------
MAINE -- 0.4%
---------------------------------------------------------
2,645,000 Lewiston Maine Rev., Geiger Brothers Project, FRDN, 2,645,000
Rev., 3.750%, 03/03/97
920,000 Portland, Maine, Oakhurst Dairy, FRDN, 3.650%, 03/03/97 920,000
-------------
3,565,000
-------------
MARYLAND -- 2.1%
---------------------------------------------------------
2,000,000 Anne Arundel County, Maryland, FRDN, 3.350%, 03/06/97 2,000,000
4,000,000 Howard County, Maryland, Multifamily Housing, Sherwood 4,000,000
Crossing Ltd, Rev., PUT, 3.750%, 06/01/97
</TABLE>
See notes to financial statements.
7
<PAGE> 41
VISTA TAX FREE MONEY MARKET FUND
PORTFOLIO OF INVESTMENTS February 28, 1997 (unaudited) (continued)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
------------------------------------------------------------------------------------
STATE AND MUNICIPAL OBLIGATIONS -- (CONTINUED)
------------------------------------------------------------------------------------
<C> <S> <C>
Maryland State,
$ 1,000,000 Board of Environmental Resource Recovery, Colstrip $ 1,000,000
Project, FRDN, 3.300%, 03/05/97
3,105,000 EDC, Unisite Design Inc., Facility, FRDN, Rev., 3,105,000
3.550%, 03/07/97
Montgomery County, Maryland,
5,010,000 Housing Opportunity Commission Single Family 5,010,000
Mortgage, Ser. C, Rev., PUT, 3.700%, 03/17/97
2,300,000 CP, 3.500%, 03/03/97 2,300,000
1,500,000 Prince George's County, Maryland, FRDN, 3.400%, 1,500,000
03/03/97
-------------
18,915,000
-------------
MASSACHUSETTS -- 2.1%
---------------------------------------------------------
7,200,000 Boston, Massachusetts, Ser. A, GO, 5.000%, 11/01/97 7,264,282
Massachusetts State,
5,000,000 Health & Educational Facilities Authority, Harvard 5,000,000
University, Ser. L, CP, 3.450%, 04/08/97
1,200,000 Industrial Financing Agency, Catamount Realty Trust, 1,200,000
FRDN, 3.650%, 03/03/97
2,900,000 Industrial Financing Agency, Showa Women's 2,900,000
Institution, Inc., FRDN, Rev., 3.400%, 03/03/97
2,295,000 Taunton Massachusetts IDA, Realty Trust IX Project, 2,295,000
FRDN, Rev., 3.650%, 03/03/97
-------------
18,659,282
-------------
MICHIGAN -- 2.5%
---------------------------------------------------------
2,000,000 Allegan County, Michigan, EDC, Dean Foods Co. Project, 2,000,000
FRDN, 3.350%, 03/06/97
2,000,000 Dearborn, Michigan, EDC, Rev., Oakbrook Common Proj., 2,000,000
FRDN, Rev., 3.350%, 03/05/97
3,300,000 Detroit, Michigan, Downtown Development Authority, 3,300,000
Millender Center Project, FRDN, Rev., 3.500%,
03/06/97
3,025,000 Farmington Hills, Michigan, EDC, Limited Obligation, 3,025,000
Carrefour, FRDN, Rev., 3.375%, 03/06/97
1,300,000 Grand Rapids, Michigan, EDC, Amway Hotel Corp., Project 1,300,000
B, FRDN, 3.350%, 03/05/97
250,000 Jackson County, Michigan, EDC, Melling Tool Project, 250,000
FRDN, 3.400%, 03/06/97
</TABLE>
See notes to financial statements.
8
<PAGE> 42
VISTA TAX FREE MONEY MARKET FUND
PORTFOLIO OF INVESTMENTS February 28, 1997 (unaudited) (continued)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
<C> <S> <C>
------------------------------------------------------------------------------------
<CAPTION>
<C> <S> <C>
OBLIGATIONS -- (CONTINUED)
------------------------------------------------------------------------------------
Michigan State,
$ 5,000,000 Hospital Financing Authority, St. Mary Hospital of $ 5,000,000
Livonia, Ser. A, FRDN, Rev., 3.350%, 03/05/97
2,000,000 Strategic Fund, IDR, Michigan Sugar Co., Croswell 2,000,000
Project, FRDN, Rev., 3.350%, 03/06/97
2,000,000 Strategic Fund, Lex Controls, Inc. Project, FRDN, 2,000,000
3.500%, 03/05/97
1,250,000 Strategic Fund, Limited Obligation Rev., Wayne 1,250,000
Disposal, Oakland Project, FRDN, Rev., 3.400%,
03/05/97
-------------
22,125,000
-------------
MINNESOTA -- 1.3%
---------------------------------------------------------
1,800,000 Bloomington, Minnesota, Port Authority, Mall of America 1,800,000
Project, FRDN, 3.350%, 03/07/97
Minnesota School Districts, Tax & Aid Antic Borrowing
Program Tax Antic Certificates of Indebtedness,
2,595,000 Ser. A, COP, 3.750%, 02/13/98 2,596,662
4,000,000 Ser. B, COP, 3.650%, 03/10/98 4,000,000
3,000,000 Minnesota State, Higher Educational Facilities 3,000,000
Authority, University of St. Thomas, Ser. 4-A2, FRDN,
Rev., 3.400%, 03/05/97
-------------
11,396,662
-------------
MISSISSIPPI -- 0.8%
---------------------------------------------------------
4,940,000 Mississippi, Business Financial Corp., IDR, Choctaw 4,940,000
Maid Farms, Inc. Project, FRDN, Rev., 3.450%,
03/05/97
1,800,000 Perry County, Mississippi, PCC, Leaf River Forest 1,800,000
Project, FRDN, Rev., 3.300%, 03/06/97
-------------
6,740,000
-------------
MISSOURI -- 3.1%
---------------------------------------------------------
1,000,000 Macon, Missouri IDA, Health Care Realty Macon, FRDN, 1,000,000
3.500%, 03/03/97
Missouri State Environmental Improvements & Energy
Research Authority,
10,000,000 PCR, Union Electric Co., Ser. A, Rev., PUT, 3.650%, 10,000,000
06/01/97
4,000,000 PCR, Union Electric Co., Ser. B, Rev., PUT, 3.650%, 4,000,000
06/01/97
Missouri State Health & Educational Facilities
Authority,
7,500,000 SSM Health Care, Ser. C, CP, 3.500%, 03/11/97 7,500,000
4,000,000 Washington University Project, Ser. A, FRDN, Rev., 4,000,000
3.300%, 03/05/97
1,000,000 Osage Beach, Missouri, IDA, Health Care Realty Osage, 1,000,000
FRDN, Rev., 3.500%, 03/03/97
-------------
27,500,000
-------------
</TABLE>
See notes to financial statements.
9
<PAGE> 43
VISTA TAX FREE MONEY MARKET FUND
PORTFOLIO OF INVESTMENTS February 28, 1997 (unaudited) (continued)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
------------------------------------------------------------------------------------
STATE AND MUNICIPAL OBLIGATIONS -- (CONTINUED)
------------------------------------------------------------------------------------
<C> <S> <C>
NEBRASKA -- 0.3%
---------------------------------------------------------
$ 2,700,000 Sidney, Nebraska, IDR, Pennington Seed, Inc. Project, $ 2,700,000
FRDN, Rev., 3.450%, 03/05/97 -------------
NEW HAMPSHIRE -- 0.2%
---------------------------------------------------------
1,955,000 New Hampshire State, Business Financing Authority, 1,955,000
Industrial Facilities, Nickerson Assembly Co., FRDN, -------------
Rev., 3.600%, 03/05/97
NEW MEXICO -- 3.8%
---------------------------------------------------------
3,000,000 Albuquerque, New Mexico, Gross Receipts Tax, FRDN, 3,000,000
Rev., 3.350%, 03/05/97
10,000,000 Farmington, New Mexico, PCR, Public Service Co., San 10,000,000
Juan, Ser. C, FRDN, Rev., 3.300%, 03/05/97
New Mexico State,
10,000,000 Highway Community, Sub Lien, FRDN, Rev., 3.350%, 10,000,000
03/05/97
10,300,000 Mortgage Financing Authority, Single-Family Mortgage 10,300,000
Program, Ser. H-1, Rev., 3.650%, 12/01/97
-------------
33,300,000
-------------
NEW YORK -- 0.9%
---------------------------------------------------------
New York State Energy Research & Development Authority,
3,000,000 PCR, New York State Electric & Gas, Ser. D, Rev., 3,000,000
3.600%, 12/01/97
5,000,000 LILCO Project, Ser. A, Rev., PUT, 3.250%, 03/03/97 5,000,000
-------------
8,000,000
-------------
NORTH CAROLINA -- 1.2%
---------------------------------------------------------
1,400,000 Lenoir County, North Carolina, Industrial Facilities & 1,400,000
PCFA, Texas Gulf Inc., Ser P, FRDN, Rev., 3.375%,
03/06/97
4,870,000 Mecklenburg County, North Carolina, GO, 3.500%, 4,870,290
04/01/97
North Carolina,
1,900,000 Educational Facilities Financing Agency, Guilford 1,900,000
College Project, FRDN, Rev., 3.450%, 03/03/97
1,100,000 Industrial Facilities & PCFA, Scotland Container 1,100,000
Corp., Rev., PUT, 4.050%, 03/03/97
1,050,000 Industrial Facilities & PCFA, Athol Mfg. Corp., Rev., 1,050,000
PUT, 4.000%, 03/03/97
-------------
10,320,290
-------------
</TABLE>
See notes to financial statements.
10
<PAGE> 44
VISTA TAX FREE MONEY MARKET FUND
PORTFOLIO OF INVESTMENTS February 28, 1997 (unaudited) (continued)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
------------------------------------------------------------------------------------
STATE AND MUNICIPAL OBLIGATIONS -- (CONTINUED)
------------------------------------------------------------------------------------
<C> <S> <C>
OHIO -- 1.8%
---------------------------------------------------------
$ 1,500,000 Cleveland, Ohio, TAN, 4.500%, 10/15/97 $ 1,504,498
1,500,000 Montgomery County, Ohio, Multifamily Housing, Pedcor 1,500,000
Investments, Lyons Gate, Ser. A, FRDN, Rev., 3.400%,
03/06/97
3,550,000 Ohio State, Housing Financing Agency, Single Family 3,550,000
Mortgage, Ser. FR-6, FRDN, Rev., 3.400%, 03/05/97
2,000,000 Ohio State, Public Facilities, Community Higher 2,009,821
Education Capital Facilities, Ser. II-A, Rev.,
4.250%, 12/01/97
Summit County, Ohio,
3,500,000 Ser. B, BAN, 4.000%, 06/05/97 3,503,102
4,000,000 Ser. C, BAN, 4.375%, 11/20/97 4,020,221
-------------
16,087,642
-------------
OKLAHOMA -- 0.8%
---------------------------------------------------------
7,000,000 Cushing Oklahoma, Municipal Authority Correctional 7,000,000
Facilities, FRDN, Rev., 3.350%, 03/06/97 -------------
OREGON -- 1.8%
---------------------------------------------------------
Oregon State, Housing & Community Services Department,
Single-Family Mortgage Program,
2,500,000 Ser. J, GO, 3.550%, 03/03/97 2,500,000
12,100,000 Ser. K, Rev., 3.650%, 12/11/97 12,095,074
1,000,000 Oregon State, Veteran Welfare, Ser. 74A, GO, 7.200%, 1,000,000
03/03/97
-------------
15,595,074
-------------
PENNSYLVANIA -- 2.6%
---------------------------------------------------------
4,000,000 Beaver County, Pennsylvania, IDA, PCR, Duquesne Light 4,000,000
Co. Project, CP, 3.400%, 04/08/97
1,550,000 Delaware County, Pennsylvania, IDA, PCR, BP Exploration 1,550,000
& Oil, FRDN, Rev., 3.450%, 03/03/97
Pennsylvania State,
5,860,000 First Ser., GO, 5.250%, 05/15/97 5,877,823
2,400,000 Higher Education Assistance Agency, Student Loan, 2,400,000
Ser. A, FRDN, Rev., 3.400%, 03/05/97
9,000,000 York, Pennsylvania, General Authority Pooled Financing, 9,000,000
FRDN, Rev., 3.350%, 03/06/97
-------------
22,827,823
-------------
</TABLE>
See notes to financial statements.
11
<PAGE> 45
VISTA TAX FREE MONEY MARKET FUND
PORTFOLIO OF INVESTMENTS February 28, 1997 (unaudited) (continued)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
- ------------------------------------------------------------------------------------
STATE AND MUNICIPAL OBLIGATIONS -- (CONTINUED)
- ------------------------------------------------------------------------------------
<C> <S> <C>
SOUTH CAROLINA -- 0.9%
---------------------------------------------------------
$ 1,400,000 Kershaw County, South Carolina, IDR, Deroyal Textiles $ 1,400,000
Inc. Project, FRDN, Rev., 3.500%, 03/05/97
South Carolina,
1,000,000 Educational Facilities Authority for Private 1,007,120
Non-Profit Institutions, Furman University Project,
Ser. A, Rev., 5.000%, 10/01/97
2,250,000 Jobs, Economic Development Authority, Florence 2,250,000
Housing Project, FRDN, 3.450%, 03/05/97
1,000,000 South Carolina State, Ports Authority, FRDN, 3.400%, 1,000,000
03/05/97
2,000,000 York County, South Carolina, PCR, North Carolina 2,000,000
Electric Project, FRDN, Rev., 3.800%, 03/17/97
-------------
7,657,120
-------------
SOUTH DAKOTA -- 0.3%
---------------------------------------------------------
2,800,000 South Dakota State, Health & Educational, Sioux Valley 2,800,000
Hospital, FRDN, 3.350%, 03/07/97 -------------
TENNESSEE -- 3.5%
---------------------------------------------------------
965,000 Franklin, Tennessee, Health & Education, Facilities 965,000
Board, Industrial Development Health Care Center,
FRDN, 3.600%, 03/03/97
2,400,000 McMinn County, Tennessee, IRB, Thomas & Betts Corp. 2,400,000
Project, FRDN, Rev., 3.450%, 03/06/97
1,700,000 Memphis, Tennessee, Ser. A, FRDN, GO, 3.300%, 03/05/97 1,700,000
2,300,000 Metropolitan Government of Nashville & Davidson County, 2,300,000
Tennessee, Health & Educational Facilities Board,
Vanderbilt University, Ser. B, Rev., PUT, 3.700%,
05/01/97
Shelby County Tennessee Health Educational & Housing
Facilities Board, Multifamily Housing,
6,155,000 Arbor Lake, FRDN, Rev., 3.500%, 03/05/97 6,155,000
7,635,000 Wyndridge, FRDN, Rev., 3.350%, 03/05/97 7,635,000
1,000,000 South Pittsburgh, Tennessee, Industrial Development, 1,000,000
Lodge Manufacturing Co. Project, FRDN, Rev., 3.450%,
03/05/97
5,120,000 Tennessee State, School Board Authority Higher 5,120,000
Education Facilities, Ser. A, FRDN, BAN, 3.300%,
03/05/97
4,000,000 Tullahoma, Tennessee, IDA Board, Rock Tennessee 4,000,000
Converting, FRDN, Rev., 3.450%, 03/05/97
-------------
31,275,000
-------------
</TABLE>
See notes to financial statements.
12
<PAGE> 46
VISTA TAX FREE MONEY MARKET FUND
PORTFOLIO OF INVESTMENTS February 28, 1997 (unaudited) (continued)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
------------------------------------------------------------------------------------
STATE AND MUNICIPAL OBLIGATIONS -- (CONTINUED)
------------------------------------------------------------------------------------
<C> <S> <C>
TEXAS -- 21.2%
---------------------------------------------------------
Austin, Texas,
$ 3,950,000 Utilities System, Ser. 1, CP, 3.450%, 05/13/97 $ 3,950,000
6,000,000 Water Sewer & Electric, Prerefunded, Rev., 14.250%, 6,126,456
05/17/97
Bell County Texas,
4,250,000 Health Facilities Development Corp., Southern 4,250,000
Healthcare Systems, Project C, FRDN, Rev., 3.300%,
03/06/97
2,200,000 IDA, Franklin Industries, FRDN, 3.300%, 03/06/97 2,200,000
18,925,000 Carroll, Texas, Independent School District, GO, 18,921,510
3.550%, 09/18/97
500,000 Corsicana, Texas IDA, Kent Paper Co., FRDN, 3.450%, 500,000
03/05/97
3,500,000 De Soto, Texas IDA, IDR, Solar Turbines Inc. Project, 3,500,000
FRDN, Rev., 3.350%, 03/05/97
1,210,000 Denton, Texas, Independent School District, Ser. A, GO, 1,226,393
7.000%, 08/15/97
3,500,000 Greater East, Texas Higher Education, Ser. A, Rev., 3,500,000
4.050%, 09/01/97
3,000,000 Greater Texas Student Loan Corp., Student Loan, Ser. A, 3,000,000
GO, 3.700%, 03/01/98
3,000,000 Guadalupe Blanco River Authority, Texas, IDC, IDR, The 3,000,000
BOC Group Inc. Project, FRDN, Rev., 3.350%, 03/06/97
2,291,000 Harris County, Texas, CP, 3.500%, 03/07/97 2,291,000
Houston, Texas,
4,050,000 GO, 5.800%, 03/01/98 4,130,963
5,000,000 Airport Facilities, CP, 3.500%, 04/21/97 5,000,000
6,100,000 Ser. A, CP, 3.600%, 03/11/97 6,100,000
10,000,000 Ser. A, CP, 3.600%, 03/06/97 10,000,000
5,000,000 Ser. A, CP, 3.600%, 05/14/97 5,000,000
Katy, Texas, Independent School District, Ser. A,
11,500,000 FRDN, GO, 3.350%, 03/05/97 11,500,000
15,000,000 GO, 3.550%, 06/26/97 15,002,268
2,000,000 Nueces River Authority, Texas, Pollution, Reynolds 2,000,000
Metals Co. Project, FRDN, Rev., 3.500%, 03/03/97
20,000,000 Pasadena, Texas, Independent School District, Ser. A, 20,000,000
FRDN, GO, 3.250%, 03/07/97
2,810,000 Port Corpus Christi, Texas, Industrial, Lantana Corp. 2,810,000
Project, FRDN, Rev., 3.400%, 03/06/97
3,500,000 Sabine River Authority, Texas, PCR, Texas Utilities 3,500,000
Electric Co., Ser. B, FRDN, Rev., 3.500%, 03/03/97
6,400,000 San Antonio, Texas, Water Systems, CPN, 3.550%, 6,400,000
05/02/97
</TABLE>
See notes to financial statements.
13
<PAGE> 47
VISTA TAX FREE MONEY MARKET FUND
PORTFOLIO OF INVESTMENTS February 28, 1997 (unaudited) (continued)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
------------------------------------------------------------------------------------
STATE AND MUNICIPAL OBLIGATIONS -- (CONTINUED)
------------------------------------------------------------------------------------
<C> <S> <C>
$ 4,100,000 Shenandoah, Texas, Health Facilities Development, $ 4,100,000
Southwood Ltd., I Project, FRDN, 3.630%, 03/06/97
5,000,000 Texas Association of School Boards, COP, TAN, 4.750%, 5,019,617
08/29/97
3,500,000 Texas Small Business IDC, Texas Public Facilities 3,500,000
Capital Access, FRDN, Rev., 3.350%, 03/05/97
10,000,000 Texas State, TRAN, 4.750%, 08/29/97 10,057,776
8,000,000 Texas State, Public Financing, CP, 3.500%, 05/28/97 8,000,000
University of Texas, Arlington Combined Fee Rev.,
4,000,000 CP, 3.350%, 04/10/97 4,000,000
9,400,000 CP, 3.450%, 04/10/97 9,400,000
-------------
187,985,983
-------------
UTAH -- 1.7%
---------------------------------------------------------
7,500,000 Salt Lake City, Utah, TRAN, 4.500%, 06/30/97 7,511,956
7,900,000 Utah State, Board of Regents, Student Loan, Ser. L, 7,900,000
FRDN, Rev., 3.400%, 03/05/97
-------------
15,411,956
-------------
WASHINGTON -- 2.2%
---------------------------------------------------------
14,700,000 King County, Washington, TENDER OPTION, 3.400%, 14,700,000
03/05/97
2,050,000 Redmond, Washington, Public Corp. Industrial, 2,050,000
Integrated Circuits Project, FRDN, Rev., 3.350%,
03/06/97
Washington State Public Power Supply Systems Nuclear
Project,
1,500,000 No. 1, Ser. C, Rev., 7.250%, 07/01/97 1,513,812
1,350,000 No. 3, Ser. B, Rev., 6.800%, 07/01/97 1,362,156
-------------
19,625,968
-------------
WEST VIRGINIA -- 0.1%
---------------------------------------------------------
1,300,000 Marion County, West Virginia, County Community Solid 1,300,000
Waste Disposal Facility, Granttown Project, Ser. A, -------------
FRDN, Rev., 3.450%, 03/05/97
WISCONSIN -- 2.9%
---------------------------------------------------------
5,600,000 Alma, Wisconsin, PC, FRDN, 3.700%, 03/03/97 5,600,000
1,000,000 Fairwater, Wisconsin, IDR, Dean Foods Co. Project, 1,000,000
FRDN, Rev., 3.350%, 03/06/97
3,800,000 Germantown, Wisconsin, Industrial Rev., Great Lakes 3,800,000
Packaging Corp., FRDN, Rev., 3.500%, 03/05/97
960,000 Grand Chute, Wisconsin, Industrial Rev., Kent Paper 960,000
Co., FRDN, 3.450%, 03/05/97
2,000,000 Menomonee Falls, Wisconsin, IDA, Butler Paper Co. 2,000,000
Project, FRDN, Rev., 3.300%, 03/06/97
</TABLE>
See notes to financial statements.
14
<PAGE> 48
VISTA TAX FREE MONEY MARKET FUND
PORTFOLIO OF INVESTMENTS February 28, 1997 (unaudited) (continued)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
------------------------------------------------------------------------------------
STATE AND MUNICIPAL OBLIGATIONS -- (CONTINUED)
------------------------------------------------------------------------------------
<C> <S> <C>
$ 2,175,000 Milwaukee, Wisconsin, Ser. F, GO, 5.000%, 11/15/97 $ 2,195,257
9,800,000 Wisconsin State, TENDER OPTION, 3.550%, 03/07/97 9,800,000
-------------
25,355,257
-------------
WYOMING -- 0.7%
---------------------------------------------------------
1,800,000 Green River, Wyoming, PCR, Texas Gulf Project, FRDN, 1,800,000
Rev., 3.500%, 03/06/97
4,750,000 Sweetwater County, Wyoming, School District No. 1, Rock 4,755,747
Springs, TAW, 4.250%, 06/30/97
-------------
6,555,747
------------------------------------------------------------------------------------
TOTAL INVESTMENTS -- 99.1% $ 879,309,186
(COST $879,309,186)**
------------------------------------------------------------------------------------
</TABLE>
See notes to financial statements.
15
<PAGE> 49
VISTA NEW YORK TAX FREE MONEY MARKET FUND
PORTFOLIO OF INVESTMENTS February 28, 1997 (unaudited)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
- ------------------------------------------------------------------------------------
BOND ANTICIPATION NOTES -- 7.4%
------------------------------------------------------------------------------------
<C> <S> <C>
$ 4,000,000 Albany, New York, School District, 4.000%, 05/02/97 $ 4,001,964
3,000,000 Ballston Spa, New York, CSD, 4.000%, 12/31/97 3,009,676
2,500,000 Brockport, New York, 4.250%, 05/28/97 2,503,396
4,700,000 Caledonia-Mumford, New York, CSD, 4.250%, 02/11/98 4,718,498
6,500,000 Commack, New York, Union Free School District, 4.250%, 6,506,066
06/27/97
3,000,000 Honeoye Falls, Lima, New York, CSD, 4.250%, 06/26/97 3,003,231
9,842,000 Ithaca, New York, 4.125%, 01/23/98 9,885,900
Nassau County, New York,
10,000,000 Ser. A, 4.250%, 08/15/97 10,030,547
4,000,000 Ser. C, 4.250%, 03/14/97 4,000,681
4,000,000 Ser. C, 4.375%, 03/14/97 4,000,869
5,000,000 Oyster Bay, New York, 4.000%, 02/27/98 5,019,197
4,000,000 Rochester, New York, Ser. III, 4.250%, 10/30/97 4,012,737
1,255,000 Royalton-Hartland, New York, CSD, Ser. A, 4.500%, 1,258,047
08/15/97
2,000,000 Solvay, New York, 4.500%, 10/16/97 2,007,948
3,092,000 Ulster, New York, 3.625%, 03/14/97 3,092,240
------------------------------------------------------------------------------------
TOTAL BOND ANTICIPATION NOTES 67,050,997
(COST $67,050,997)
------------------------------------------------------------------------------------
CERTIFICATES OF PARTICIPATION -- 1.4%
------------------------------------------------------------------------------------
Eagle Tax-Exempt Trust, Weekly Options Mode,
Certificate,
4,000,000 Ser. 96-3207, 3.550% 03/07/97 4,000,000
4,800,000 Ser. 97 C 3203, 3.350%, 03/07/97 4,800,000
4,000,000 Ser. 953202, 3.770%, 03/07/97 4,000,000
------------------------------------------------------------------------------------
TOTAL CERTIFICATES OF PARTICIPATION 12,800,000
(COST $12,800,000)
------------------------------------------------------------------------------------
COMMERCIAL PAPER -- 14.5%
------------------------------------------------------------------------------------
Government Development Bank of Puerto Rico,
13,500,000 3.300%, 04/09/97 13,500,000
2,000,000 3.300%, 04/17/97 2,000,000
1,700,000 3.500%, 03/07/97 1,700,000
New York City Municipal Water Financing Authority,
4,000,000 3.300%, 03/03/97 4,000,000
9,500,000 3.350%, 04/11/97 9,500,000
5,400,000 3.400%, 05/21/97 5,400,000
6,300,000 3.400%, 05/29/97 6,300,000
2,000,000 3.450%, 03/10/97 2,000,000
</TABLE>
See notes to financial statements.
16
<PAGE> 50
VISTA NEW YORK TAX FREE MONEY MARKET FUND
PORTFOLIO OF INVESTMENTS February 28, 1997 (unaudited) (continued)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
- ------------------------------------------------------------------------------------
COMMERCIAL PAPER -- (CONTINUED)
------------------------------------------------------------------------------------
<C> <S> <C>
New York City,
$ 1,500,000 3.350%, 03/24/97 $ 1,500,000
5,500,000 3.350%, 03/31/97 5,500,000
1,500,000 3.400%, 04/23/97 1,500,000
5,500,000 3.400%, 05/13/97 5,500,000
3,100,000 3.450%, 06/25/97 3,100,000
1,000,000 3.500%, 04/16/97 1,000,000
New York City, GO,
5,000,000 3.300%, 03/11/97 5,000,000
6,800,000 3.300%, 03/17/97 6,800,000
1,100,000 3.350%, 03/11/97 1,100,000
1,000,000 3.450%, 03/13/97 1,000,000
7,500,000 3.450%, 04/11/97 7,500,000
1,000,000 3.450%, 04/18/97 1,000,000
3,500,000 3.450%, 05/19/97 3,500,000
5,500,000 3.500%, 03/13/97 5,500,000
5,000,000 Ser. J, 3.350%, 03/11/97 5,000,000
8,300,000 Ser. J, 3.450%, 06/19/97 8,300,000
7,000,000 New York State GO, BAN, 3.350%, 03/03/97 7,000,000
New York State, Environmental Facilities Corp., Solid
Waste Disposal, General Electric Company Project A,
2,500,000 3.300%, 03/13/97 2,500,000
12,000,000 3.450%, 06/19/97 12,000,000
1,805,000 Port Authority of New York & New Jersey, 3.350%, 1,805,000
04/09/97
------------------------------------------------------------------------------------
TOTAL COMMERCIAL PAPER 130,505,000
(COST $130,505,000)
------------------------------------------------------------------------------------
GENERAL OBLIGATIONS -- 0.5%
------------------------------------------------------------------------------------
500,000 Albany County, New York, 7.000%, 10/01/97 509,915
3,500,000 Nassau County, New York, Ser. S, 5.000%, 03/01/97 3,500,000
650,000 Schenectady County, New York, 6.000%, 08/15/97 656,676
------------------------------------------------------------------------------------
TOTAL GENERAL OBLIGATIONS 4,666,591
(COST $4,666,591)
------------------------------------------------------------------------------------
REVENUE ANTICIPATION NOTES -- 6.6%
------------------------------------------------------------------------------------
6,300,000 Buffalo, New York, Ser. A, 4.250%, 07/15/97 6,315,796
Erie County, New York,
3,000,000 Ser. A, 4.250%, 04/17/97 3,002,421
5,000,000 Ser. B, 4.250%, 11/19/97 5,022,579
</TABLE>
See notes to financial statements.
17
<PAGE> 51
VISTA NEW YORK TAX FREE MONEY MARKET FUND
PORTFOLIO OF INVESTMENTS February 28, 1997 (unaudited) (continued)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
- ------------------------------------------------------------------------------------
REVENUE ANTICIPATION NOTES -- (CONTINUED)
------------------------------------------------------------------------------------
<C> <S> <C>
$ 3,000,000 Greece, New York, Central School District, 4.250%, $ 3,004,011
06/30/97
4,387,000 Ithaca City, New York, City School District, 4.250%, 4,392,258
06/20/97
Nassau County, New York,
3,980,000 Ser. A, 3.500%, 03/05/97 3,979,942
8,800,000 Ser. A, 4.000%, 03/05/97 8,800,456
10,250,000 Ser. B, 4.250%, 04/15/97 10,256,791
New York City, New York,
1,500,000 Ser. A, 4.500%, 04/15/97 1,501,935
11,000,000 Ser. B, 4.500%, 06/30/97 11,030,510
2,000,000 Oyster Bay, New York, 4.125%, 01/30/98 2,008,430
------------------------------------------------------------------------------------
TOTAL REVENUE ANTICIPATION NOTES 59,315,129
(COST $59,315,129)
------------------------------------------------------------------------------------
REVENUE BONDS -- 6.5%
------------------------------------------------------------------------------------
765,000 Hudson, New York IDA, Emsig Project, 4.250%, 12/15/97 765,000
1,000,000 Metropolitan Transportation Authority of New York, 1,036,214
Service Contract, Commuter Facilities, Ser. 1, 8.500%,
07/01/97
1,000,000 Municipal Assistance Corp., City of New York, NY, Ser. 1,001,702
D, 4.000%, 07/01/97
New York City, New York,
5,400,000 6.750%, 03/15/97 5,406,449
2,000,000 Ser. A, 8.750%, 11/01/97 2,096,900
New York City, New York Municipal Water Financing
Authority, Water & Sewer,
3,000,000 6.500%, 06/15/97 3,070,265
1,000,000 Ser. A, 7.625%, 06/15/97 1,025,831
500,000 Ser. B, 8.250%, 06/15/97 516,533
1,000,000 New York City, New York, Housing Development Corp., 1,001,937
Multi-Family, Ser. A-1, 3.850%, 11/01/97
New York State Dormitory Authority,
2,200,000 City University System Consolidation, Ser. A, 8.125%, 2,275,986
07/01/97
750,000 Special Obligation, State University Dorm Facilities, 752,120
Ser. A, 4.000%, 01/01/98
1,250,000 Special Obligation, State University Educational 1,255,752
Facilities, Ser. A, 6.500%, 05/01/97
500,000 New York State Environmental Facilities Corp., PCR, 499,523
State Water Revolving Fund, Ser. B, 3.550%, 02/15/98
</TABLE>
See notes to financial statements.
18
<PAGE> 52
VISTA NEW YORK TAX FREE MONEY MARKET FUND
PORTFOLIO OF INVESTMENTS February 28, 1997 (unaudited) (continued)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
- ------------------------------------------------------------------------------------
REVENUE BONDS -- (CONTINUED)
------------------------------------------------------------------------------------
<C> <S> <C>
New York State Medical Care Facilities Financing Agency,
$ 6,820,000 Health Insurance Plan for Greater New York, Ser. B, $ 7,067,566
8.500%, 12/01/97
16,500,000 Hospital & Nursing FHA Insured Mortgage, Ser. B, 17,502,682
8.100%, 02/15/98
1,000,000 Insured Mortgage Hospital, Ser. A, 8.000%, 08/15/97 1,039,830
465,000 Prerefunded, 7.700%, 02/15/98 491,598
400,000 New York State Mortgage Agency, Homeowner Mortgage, Ser. 401,248
50, 4.200%, 10/01/97
6,140,000 New York State Power Authority, Ser. V, 8.000%, 01/01/98 6,477,945
200,000 New York State Thruway Authority, General Purpose, Ser. 202,202
C, 5.000%, 01/01/98
Triborough Bridge & Tunnel Authority, New York,
3,000,000 Ser. N, 7.875%, 01/01/98 3,146,961
950,000 Special Obligation, Ser. A, 5.900%, 01/01/98 967,856
------------------------------------------------------------------------------------
TOTAL REVENUE BONDS 58,002,100
(COST $58,002,100)
------------------------------------------------------------------------------------
TAX ANTICIPATION NOTES -- 10.9%
------------------------------------------------------------------------------------
4,000,000 Central Islip, New York, UFSD, 4.500%, 06/30/97 4,005,730
4,750,000 Clarkstown, New York, CSD, 4.250%, 06/27/97 4,756,560
5,480,000 East Islip, New York, UFSD, 4.500%, 06/26/97 5,487,599
2,300,000 Elmont, New York, UFSD, 4.250%, 06/30/97 2,302,936
5,500,000 Garden City, New York, UFSD, 4.500%, 06/26/97 5,511,090
6,000,000 Levittown, New York, UFSD, 4.250%, 06/25/97 6,006,739
5,800,000 Manhasset, New York, UFSD, 4.250%, 06/26/97 5,808,960
4,650,000 Massapequa, New York UFSD, 4.250%, 06/30/97 4,656,676
2,536,000 Middletown, New York, Ser. A, 4.125%, 02/27/98 2,547,551
Nassau County, New York,
8,000,000 Ser. B, 4.250%, 08/29/97 8,027,157
7,600,000 Ser. C, 4.250%, 09/25/97 7,629,497
2,725,000 North Babylon, New York, UFSD, 4.400%, 06/26/97 2,730,140
915,000 Oceanside New York, UFSD, 4.250%, 06/27/97 916,665
Oyster Bay, New York,
1,000,000 3.800%, 01/30/98 1,001,325
4,000,000 4.125%, 01/30/98 4,016,860
1,750,000 Peekskill, New York, City School District, 4.000%, 1,752,798
06/27/97
7,000,000 Riverhead, New York, CSD, 4.250%, 06/26/97 7,006,462
4,500,000 Scarsdale, New York, UFSD, 4.250%, 06/26/97 4,504,853
4,000,000 Smithtown, New York, CSD, 4.500%, 06/26/97 4,008,017
</TABLE>
See notes to financial statements.
19
<PAGE> 53
VISTA NEW YORK TAX FREE MONEY MARKET FUND
PORTFOLIO OF INVESTMENTS February 28, 1997 (unaudited) (continued)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
- ------------------------------------------------------------------------------------
TAX ANTICIPATION NOTES -- (CONTINUED)
------------------------------------------------------------------------------------
<C> <S> <C>
West Babylon, New York, UFSD,
$ 3,195,000 4.250%, 06/26/97 $ 3,198,548
5,000,000 4.500%, 06/26/97 5,007,744
3,500,000 West Islip, New York, UFSD, 4.250%, 06/30/97 3,505,060
4,000,000 Westchester County, New York, 3.480%, 12/11/97 3,999,380
------------------------------------------------------------------------------------
TOTAL TAX ANTICIPATION NOTES 98,388,347
(COST $98,388,347)
------------------------------------------------------------------------------------
FLOATING RATE DEMAND NOTES -- 52.1%
------------------------------------------------------------------------------------
905,000 Albany, New York IDA, Newkirk Productions Inc. Project, 905,000
Ser. A, Rev., 3.400%, 03/07/97
Babylon, New York,
100,000 IDA, IDR J.D'Addario & Co. Inc. Project, Rev., 3.350%, 100,000
03/07/97
2,050,000 IDA, Edwin Verger/Lambro Industries Rev., 3.500%, 2,050,000
03/07/97
5,500,000 Ser. B, GO, 3.250%, 03/07/97 5,500,000
1,300,000 Broome County, New York IDA, Binghamton Realty Project, 1,300,000
Rev., 3.200%, 03/07/97
100,000 California PCFA, Solid Waste Disposal, CR&R Inc. 100,000
Project, Ser. A, Rev., 3.350%, 03/07/97
California Statewide Communities Development Authority,
3,300,000 Apartment Development, Sub. Ser. A-1, Rev., 3.150%, 3,300,000
03/07/97
440,000 IDR, Florestone, Rev., 3.300%, 03/07/97 440,000
1,900,000 IDR, Nichirin, Rev., 3.400%, 03/07/97 1,900,000
500,000 Industrial Peet's Coffee, Ser. E, Rev., 3.300%, 500,000
03/07/97
3,330,000 Clinton County, New York, IDA, Bombardier Corp. Project, 3,330,000
Ser. A, 3.300%, 03/07/97
2,600,000 Corona, California Multi-Family Housing, Country Hills 2,600,000
Project, Ser. B, Rev., 3.150%, 03/07/97
4,970,000 Dutchess County, New York, IDA, Laerdal Medical Corp., 4,970,000
Project, Rev., 3.450%, 03/07/97
2,170,000 Erie County IDA, Rosina Food Products, Inc., Rev., 2,170,000
3.300%, 03/07/97
3,500,000 Franklin County, Ohio, Holy Cross Health Systems, Rev., 3,500,000
3.400%, 03/07/97
Glens Falls New York IDA, Rev.,
1,595,000 Broad Street Center Project, Rev., 3.300%, 03/07/97 1,595,000
1,810,000 IDA, Rev., Namic Project, Rev., 3.200%, 03/07/97 1,810,000
1,800,000 Lewis County New York, IDA, Climax Manufacturing Co. 1,800,000
Project, Rev., 3.300%, 03/07/97
</TABLE>
See notes to financial statements.
20
<PAGE> 54
VISTA NEW YORK TAX FREE MONEY MARKET FUND
PORTFOLIO OF INVESTMENTS February 28, 1997 (unaudited) (continued)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
- ------------------------------------------------------------------------------------
FLOATING RATE DEMAND NOTES -- (CONTINUED)
------------------------------------------------------------------------------------
<C> <S> <C>
Los Angeles County, California, Pension Obligation,
$ 2,600,000 Ser. A, Rev., 3.200%, 03/07/97 $ 2,600,000
1,200,000 Ser. B, Rev., 3.200%, 03/07/97 1,200,000
15,900,000 Metropolitan Transportation Authority, Commuter 15,900,000
Facilities, Rev., 3.200%, 03/07/97
4,100,000 Monroe County IDA, Columbia Sussex Corp., Rev., 5.000%, 4,098,978
03/07/97
400,000 Montgomery New York IDA, Service Merchandise Co., Rev., 400,000
3.450%, 03/07/97
3,350,000 Mount Pleasant, New York, IDA, PCR, General Motors Corp. 3,350,000
Project, Rev., 3.350%, 03/07/97
New York City, New York, Housing Development Authority,
11,100,000 East 96th Street Project, Ser. A, Rev., 3.300%, 11,100,000
03/07/97
4,200,000 Mortgage, Multifamily, Columbus Apartments, Ser. A, 4,200,000
Rev., 3.100%, 03/07/97
2,100,000 Mortgage, Multifamily, Columbus Apartments, Ser. A, 2,100,000
Rev., 3.200%, 03/07/97
4,300,000 Mortgage, Multifamily, Tribeca Towers, Ser. A, Rev., 4,300,000
3.200%, 03/07/97
7,025,000 Mortgage Rev., Parkgate Tower, Ser. 1, Rev., 3.250%, 7,025,000
03/07/97
8,000,000 Mortgage, Multifamily, 400 West 59th, Ser. A-1, Rev., 8,000,000
3.300%, 03/07/97
8,200,000 Mortgage, Multifamily, James Tower, Rev., 3.250%, 8,200,000
03/07/97
500,000 Special Obligation, Upper 5th Ave. Project, Ser. A, 500,000
Rev., 3.150%, 03/07/97
New York City, New York, IDA,
500,000 Bears, Andin International, Inc., Rev., 3.250%, 500,000
03/07/97
2,800,000 Civil Facilities, Calhoun School Inc. Project, Rev., 2,800,000
3.150%, 03/07/97
1,450,000 Civil Facility, Childrens Oncology Society, Rev., 1,450,000
3.150%, 03/07/97
33,300,000 IDR, Brooklyn Navy Yard Cogen, Ser. B, Rev., 3.300%, 33,300,000
03/07/97
750,000 IDR, Ser. E, Rev., 3.250%, 03/07/97 750,000
350,000 Ser. B, Tomsed Realty Corp., Rev., 3.250%, 03/07/97 350,000
1,350,000 Ser. D, Rev., 3.250%, 03/07/97 1,350,000
500,000 Ser. F, Marion Glass and Window Shade Corp., Rev., 500,000
3.250%, 03/07/97
450,000 Ser. G, Monarch Construction Corp., Rev., 3.250%, 450,000
03/07/97
400,000 Ser. N, Spreading Machine Exchange, Inc., Rev., 400,000
3.250%, 03/07/97
</TABLE>
See notes to financial statements.
21
<PAGE> 55
VISTA NEW YORK TAX FREE MONEY MARKET FUND
PORTFOLIO OF INVESTMENTS February 28, 1997 (unaudited) (continued)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
- ------------------------------------------------------------------------------------
FLOATING RATE DEMAND NOTES -- (CONTINUED)
------------------------------------------------------------------------------------
<C> <S> <C>
$ 7,500,000 Special Facilities, Korean Air Lines, Co., Ser. A, $ 7,500,000
Rev., 3.300%, 03/07/97
5,000,000 Special Facilities, Korean Air Lines, Co., Ser. C, 5,000,000
Rev., 3.300%, 03/07/97
400,000 White Plains Auto Project, Rev., 3.200%, 03/07/97 400,000
7,255,000 New York City, New York, Municipal Water Financing 7,255,000
Authority, Water & Sewer Systems, Municipal Securities
Trust Receipts, Ser. SGA 13, R, 3.250%, 03/07/97
New York City, New York, Ser. A-9, GO,
11,475,000 Ser. A-9, GO, 3.250%, 03/07/97 11,475,000
9,500,000 Ser. B through Sub-Ser. B-10, Rev., 3.200%, 03/07/97 9,500,000
11,800,000 Ser. B through Sub-Ser. B-8, Rev., 3.200%, 03/07/97 11,800,000
1,600,000 Ser. B, Sub.-Ser. B-6, Rev., 3.450%, 03/07/97 1,600,000
6,000,000 Ser. D, Rev., 3.300%, 03/07/97 6,000,000
8,500,000 Ser. F-6, GO, 3.250%, 03/07/97 8,500,000
4,900,000 Sub. Ser. B8, GO, 3.200%, 03/07/97 4,900,000
3,950,000 New York City, New York, Trust for Cultural Resources, 3,950,000
American Museum of Natural History, Rev., 3.150%,
03/07/97
2,865,000 New York State Dormitory Authority, Municipal Securities 2,865,000
Trust Receipts, SAK 17, Rev., 4.100%, 03/07/97
New York State Energy Research & Development Authority,
6,400,000 Gas Facilities, Brooklyn Union Gas Project, Ser. A-1, 6,400,000
Rev., 3.300%, 03/07/97
4,800,000 PCR, Hudson Gas & Electric Co. Ser. B, Rev., 3.150%, 4,800,000
03/07/97
12,200,000 PCR, Hudson Gas & Electric Co., Rev., 3.250%, 03/07/97 12,200,000
20,800,000 PCR, Orange & Rockland Project, Ser. A, Rev., 3.150%, 20,800,000
03/07/97
1,500,000 New York State Environmental Facilities Corp., Resource 1,500,000
Recovery, OFS Equity Huntington Project, Rev., 3.500%,
03/03/97
New York State Housing Finance Agency, Multifamily,
1,100,000 Ser. E, Rev., 3.250%, 03/07/97 1,100,000
16,800,000 Normandte Court I Project, Rev., 3.200%, 03/07/97 16,800,000
13,400,000 Normandte Court II, Ser. A, Rev., 3.300%, 03/07/97 13,400,000
5,150,000 Residential Insured, Ser. A, Rev., 3.250%, 03/07/97 5,150,000
5,000,000 Union Square South Housing, Rev., 3.200%, 03/07/97 5,000,000
New York State Job Development Authority,
4,000,000 Ser. A-1 through A-21, Rev., 3.600%, 03/03/97 4,000,000
2,700,000 Ser. A-1 through A-42, Rev., 3.650%, 03/03/97 2,700,000
2,400,000 Ser. B-1 through B-21, Rev., 3.650%, 03/03/97 2,400,000
</TABLE>
See notes to financial statements.
22
<PAGE> 56
VISTA NEW YORK TAX FREE MONEY MARKET FUND
PORTFOLIO OF INVESTMENTS February 28, 1997 (unaudited) (continued)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
- ------------------------------------------------------------------------------------
FLOATING RATE DEMAND NOTES -- (CONTINUED)
------------------------------------------------------------------------------------
<C> <S> <C>
$ 4,265,000 Ser. B-1 through B-9, Rev., 3.600%, 03/03/97 $ 4,265,000
1,420,000 Special Purpose Ser. A-1 through A-25, Rev., 3.600%, 1,420,000
03/03/97
500,000 Special Purpose, Ser. A-1 through A-13, Rev., 3.650%, 500,000
03/07/97
600,000 State Guaranteed, Special Purpose, Ser. B-1 through 600,000
B-2, Rev., 3.600%, 03/03/97
1,685,000 Supplemental Purpose, Ser. B-1 thru B-9, Rev., 3.650%, 1,685,000
03/03/97
New York State Local Assistance Corp., Rev.,
32,400,000 3.150%, 03/07/97 32,400,000
12,200,000 Ser. B, Rev., 3.200%, 03/07/97 12,200,000
12,000,000 New York State Local Government Assistance Corp., Ser. 12,000,000
D, Rev., 3.200%, 03/07/97
4,900,000 New York State Local Government Assistance Corp., Ser. 4,900,000
E, Rev., 3.200%, 03/07/97
16,600,000 New York State Local Government Assistance Corp., Ser. 16,600,000
G, Rev., 3.150%, 03/07/97
1,900,000 Newburgh New York IDA, Civic Facility, Mt. St. Mary 1,900,000
College, Rev., 3.200%, 03/07/97
4,200,000 Niagara Falls New York Bridge Commission, Ser. A, Rev., 4,200,000
3.150%, 03/07/97
2,950,000 Port Authority of New York & New Jersey, Equipment 2,950,000
Notes, Ser. 3, Rev., 3.450%, 03/07/97
5,200,000 Puerto Rico Industrial, Medical, & Environmental, Higher 5,200,000
Education -- Ana G. Mendez Educational Found, Rev.,
3.300%, 03/07/97
1,000,000 Rockland County New York IDA, X Products Corp. Project, 1,000,000
Rev., 3.300%, 03/07/97
200,000 Santa Clara California Electric Revenue, Ser. B, Rev., 200,000
3.250%, 03/07/97
9,400,000 Seneca County, New York IDA, Civic Facility, New York 9,400,000
Chiropractic College, Rev., 3.150%, 03/07/97
5,600,000 Suffolk County New York IDA, Nissequogue Cogen Partners, 5,600,000
Rev., 3.350%, 03/07/97
3,400,000 Suffolk County, New York Water Authority, Rev., 3.250%, 3,400,000
03/07/97
</TABLE>
See notes to financial statements.
23
<PAGE> 57
VISTA NEW YORK TAX FREE MONEY MARKET FUND
PORTFOLIO OF INVESTMENTS February 28, 1997 (unaudited) (continued)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
- ------------------------------------------------------------------------------------
FLOATING RATE DEMAND NOTES -- (CONTINUED)
------------------------------------------------------------------------------------
<C> <S> <C>
$ 17,900,000 Triborough Bridge & Tunnel Authority of New York, $ 17,900,000
Special Obligation, Rev., 3.200%, 03/07/97
2,200,000 Yonkers, New York, IDA Civic Facilities, Consumers Union 2,200,000
Facility, Rev., 3.150%, 03/07/97
------------------------------------------------------------------------------------
TOTAL FLOATING RATE DEMAND NOTES 470,208,978
(COST $470,208,978)
====================================================================================
TOTAL INVESTMENTS -- 99.9% $ 900,937,142
(COST $900,937,142)**
------------------------------------------------------------------------------------
</TABLE>
See notes to financial statements.
24
<PAGE> 58
VISTA CALIFORNIA TAX FREE MONEY MARKET FUND
PORTFOLIO OF INVESTMENTS February 28, 1997 (unaudited)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
- ------------------------------------------------------------------------------------
STATE & MUNICIPAL OBLIGATIONS -- 22.4%
------------------------------------------------------------------------------------
<C> <S> <C>
$ 1,500,000 California Community College Financing Authority, Ser. A, $ 1,504,379
TRAN, 4.750%, 07/02/97
1,500,000 California School Cash Reserve Program Authority, Ser. B, 1,510,458
Rev., 4.500%, 12/19/97
500,000 California State, Ser. A, RAN, 4.500%, 06/30/97 501,535
Los Angeles County, California,
1,560,000 LOC Educational Agencies Participation Certificates, 1,564,365
Pooled TRAN Program, Ser. A, 4.750%, 06/30/97
1,500,000 Ser. A, TRAN, 4.500%, 06/30/97 1,502,756
Los Angeles, California,
1,000,000 Department of Airports, Ser. A, Rev., 7.100%, 05/01/97 1,025,342
1,000,000 Department of Airports, Ser. B, Rev., 7.200%, 05/01/97 1,025,506
1,000,000 Union School District, Ser. A, TRAN, 4.500%, 06/30/97 1,002,234
1,000,000 Port Oakland, California, Port, Ser. B, Rev., 7.250%, 1,026,138
05/01/97
2,200,000 West Contra Costa, California Unified School District, TAN, 2,206,815
4.250%, 12/11/97
------------------------------------------------------------------------------------
TOTAL STATE & MUNICIPAL OBLIGATIONS 12,869,528
(COST $12,869,528)
------------------------------------------------------------------------------------
FLOATING RATE DEMAND NOTES -- 70.0%
------------------------------------------------------------------------------------
1,500,000 Alameda-Contra Costa, California, Schools Financing 1,500,000
Authority, COP, Capital Improvements Financing Project,
Ser. B, 3.150%, 03/07/97
1,055,000 California Educational Facilities Authority, Stanford 1,055,000
University, Ser. L, Rev., 3.100%, 03/07/97
300,000 California Health Facilities Financing Authority, 300,000
Floating-Pooled Loan Program, Ser. B, 3.300%, 03/07/97
200,000 California PCFA, PCR, Shell Oil Co., Project A, Rev., 200,000
3.200%, 03/03/97
800,000 California PCFA, Resource Recovery, Burney Forest Products 800,000
Project, Ser. A, Rev., 3.250%, 03/03/97
California Statewide Communities Development Corp,
100,000 13th & I Association Project, 3.350%, 03/07/97 100,000
1,000,000 IDA, Howard Ser. B, Rev., 3.400%, 03/07/97 1,000,000
455,000 IDR, Evapco Inc. Project, Rev., 3.300%, 03/07/97 455,000
600,000 IDR, Nichirin, Rev., 3.400%, 03/07/97 600,000
1,000,000 ID, Setton Properties, Rev., 3.400%, 03/07/97 1,000,000
1,000,000 ID, Sunclipse, Rev., 3.300%, 03/07/97 1,000,000
800,000 Industrial Peet's Coffee, Ser. E, Rev., 3.300%, 03/07/97 800,000
2,000,000 California State, Ser. C-4, Rev., 3.250%, 03/07/97 2,000,000
</TABLE>
See notes to financial statements.
25
<PAGE> 59
VISTA CALIFORNIA TAX FREE MONEY MARKET FUND
PORTFOLIO OF INVESTMENTS February 28, 1997 (unaudited) (continued)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
- ------------------------------------------------------------------------------------
FLOATING RATE DEMAND NOTES -- (CONTINUED)
- ------------------------------------------------------------------------------------
<C> <S> <C>
Irvine Ranch, California Water District,
$ 1,100,000 Capital Improvement Project, 3.200%, 03/03/97 $ 1,100,000
700,000 Consolidation Bonds, Ser. B, GO, 3.250%, 03/03/97 700,000
300,000 Ser. B, 3.250%, 03/03/97 300,000
100,000 Improvement District No. 182, Ser. A, GO, 3.250%, 100,000
03/03/97
1,600,000 Irvine, California Public Facilities & Infrastructure 1,600,000
Authority, Capital Improvement Projects, Rev., 3.150%,
03/07/97
1,600,000 Kern County, California COP, Kern Public Facilities 1,600,000
Project, Ser. C, 3.150%, 03/07/97
Los Angeles, California, Community Redevelopment Agency,
600,000 COP, Baldwin Hills Public Park, 3.250%, 03/07/97 600,000
600,000 COP, Broadway Spring Center Project, 3.200%, 03/07/97 600,000
Los Angeles, California, Regional Airports Improvement
Corp., American Airlines, L.A. International,
100,000 Ser. B, Rev., 3.400%, 03/03/97 100,000
600,000 Ser. D, Rev., 3.400%, 03/03/97 600,000
300,000 Ser. E, Rev., 3.400%, 03/03/97 300,000
Los Angeles County, California,
300,000 IDA, IDR, Hon Industries Inc. Project, Rev., 3.200%, 300,000
03/07/97
1,000,000 Metropolitan Transportation Authority, Proposal C, Second 1,000,000
Sr. Ser. A, Rev., 3.200%, 03/07/97
300,000 Pension Obligation, Ser. A, Rev., 3.200%, 03/07/97 300,000
1,600,000 Pension Obligation, Ser. B, Rev., 3.200%, 03/07/97 1,600,000
500,000 Pension Obligation, Ser. C, Rev., 3.200%, 03/07/97 500,000
2,000,000 Monterey Peninsula, California Water Management District, 2,000,000
Wastewater Reclamation Project, COP, 3.300%, 03/07/97
4,500,000 New York City, New York, IDA, Civil Facility, Children's 4,500,000
Oncology Society, Rev., 3.150%, 03/07/97
3,400,000 Orange County, California Sanitation Districts 1, 2, & 3, 3,400,000
COP, 3.400%, 03/03/97
Palm Springs, California, Community Redevelopment Agency,
1,300,000 COP, Headquarters Hot, Ser. 5, 3.300%, 03/07/97 1,300,000
100,000 COP, Headquarters Hot, Ser. 7, 3.300%, 03/07/97 100,000
1,000,000 Rancho Mirage, California, Redevelopment Agency, COP, 1,000,000
Rancho Mirage, 3.300%, 03/07/97
</TABLE>
See notes to financial statements.
26
<PAGE> 60
VISTA CALIFORNIA TAX FREE MONEY MARKET FUND
PORTFOLIO OF INVESTMENTS February 28, 1997 (unaudited) (continued)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
- ------------------------------------------------------------------------------------
FLOATING RATE DEMAND NOTES -- (CONTINUED)
- ------------------------------------------------------------------------------------
<C> <S> <C>
San Bernardino County, California,
$ 1,000,000 COP, County Center Refinancing Project, 3.250%, 03/07/97 $ 1,000,000
100,000 IDA, Industrial Development, Aqua-Service, Rev., 3.300%, 100,000
03/07/97
800,000 IDA, Ser. II, Master Halco Inc., Rev., 3.350%, 03/07/97 800,000
1,000,000 Multi-Family Housing, Alta Park Apartments, Ser. P, Rev., 1,000,000
3.500%, 03/07/97
300,000 San Diego California IDA, Kaiser Aerospace & Electric, 300,000
3.450%, 03/07/97
Santa Ana California,
400,000 Health Facility, Multi Modal -- Town & Country, Rev., 400,000
3.100%, 03/03/97
1,000,000 Union School District, COP, 3.100%, 03/07/97 1,000,000
100,000 Santa Clara California Electric Revenue, Ser. B, 3.250%, 100,000
03/07/97
600,000 Three Valleys Municipal Water District, Miramar Water 600,000
Treatment, 3.400%, 03/07/97
380,000 Walnut, California Improvement Agency, IDA, IDR, Fairway 380,000
Molds Project, Rev., 3.300%, 03/07/97
------------------------------------------------------------------------------------
TOTAL FLOATING RATE DEMAND NOTES 40,090,000
(COST $40,090,000)
------------------------------------------------------------------------------------
COMMERCIAL PAPER -- 7.0%
------------------------------------------------------------------------------------
2,000,000 Long Beach California Habor, Commercial Paper Notes, Ser. 2,000,000
A, 3.400%, 05/06/97
2,000,000 Regents of the University of California, Oakland, 2,000,000
California, 3.300%, 03/11/97
------------------------------------------------------------------------------------
TOTAL COMMERCIAL PAPER 4,000,000
(COST $4,000,000)
====================================================================================
TOTAL INVESTMENTS -- 99.4% $ 56,959,528
(COST $56,959,528)**
------------------------------------------------------------------------------------
</TABLE>
See notes to financial statements.
27
<PAGE> 61
LEGEND
PORTFOLIO OF INVESTMENTS February 28, 1997 (unaudited)
- --------------------------------------------------------------------------------
<TABLE>
<S> <C> <C>
** = The cost of securities is substantially the same for federal income tax
purposes.
BAN = Bond Anticipation Note
COP = Certificate of Participation
CP = Commercial Paper
CSD = Central School District
EDC = Economic Development Corp.
FHA = Federal Housing Authority
FRDN = Floating Rate Demand Note: The maturity date shown is the next interest
reset date; the rate shown is the rate in effect at February 28, 1997.
GO = General Obligation
ID = Industrial Development
IDA = Industrial Development Authority
IDB = Industrial Development Board
IDC = Industrial Development Corp.
IDR = Industrial Development Revenue
IRB = Industrial Revenue Bond
PC = Pollution Control
PCC = Pollution Control Corp.
PCFA = Pollution Control Financing Authority
PCR = Pollution Control Revenue
RAN = Revenue Anticipation Note
Rev. = Revenue Bond
TAN = Tax Anticipation Note
TAW = Tax Anticipation Warrant
TRAN = Tax & Revenue Anticipation Note
UFSD = Union Free School District
</TABLE>
See notes to financial statements.
28
<PAGE> 62
VISTA MUTUAL FUNDS
STATEMENT OF ASSETS AND LIABILITIES February 28, 1997 (unaudited)
- --------------------------------------------------------------------------------
<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)........... $879,309,186 $900,937,142 $56,959,528
Cash............................................... 939,008 4,381 45,003
Other assets....................................... 49,768 57,892 2,422
Receivables:
Investment securities sold....................... 10,588,883 -- --
Interest......................................... 5,956,476 7,242,656 427,036
Fund shares sold................................. 44,782 777,373 --
------------ ------------ ------------
Total Assets................................. 896,888,103 909,019,444 57,433,989
------------ ------------ ------------
LIABILITIES:
Payable for investment securities purchased........ 7,200,057 5,105,350 --
Payable for Fund shares redeemed................... 93,547 92,132 --
Dividends payable.................................. 1,370,297 1,105,702 35,149
Other liabilities.................................. -- -- 41,641
Accrued liabilities: (Note 2)
Administration fees.............................. 83,027 78,468 3,914
Distribution fees................................ 43,739 78,467 3,914
Investment advisory fees......................... 69,931 78,467 1,174
Shareholder/Fund servicing fees.................. 118,480 164,781 3,914
Custody fees..................................... 47,547 42,206 6,051
Other............................................ 220,212 164,174 55,129
------------ ------------ ------------
Total Liabilities............................ 9,246,837 6,909,747 150,886
------------ ------------ ------------
NET ASSETS:
Paid in capital.................................... 887,636,946 902,013,655 57,282,751
Accumulated undistributed net investment
income........................................... 3,672 99,873 16,646
Accumulated net realized gain (loss) on
investment transactions.......................... 648 (3,831) (16,294)
------------ ------------ ------------
Net Assets....................................... $887,641,266 $902,109,697 $57,283,103
============ ============ ============
Shares of beneficial interest outstanding
($.001 par value; unlimited number of shares
authorized):
Vista Shares................................... 546,522,897 902,189,524 57,281,536
Premier Shares................................. 144,777,447
Institutional Shares........................... 196,702,177
Net asset value, offering and redemption price per
share, all classes (net assets/shares)............. $1.00 $1.00 $1.00
============ ============ ============
Cost of investments................................. $879,309,186 $900,937,142 $56,959,528
============ ============ ============
</TABLE>
See notes to financial statements.
29
<PAGE> 63
VISTA MUTUAL FUNDS
STATEMENT OF OPERATIONS
For the six months ended February 28, 1997 (unaudited)
- --------------------------------------------------------------------------------
<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).......................... $15,879,295 $16,256,672 $766,213
----------- ----------- -----------
EXPENSES: (Note 2)
Shareholder/Fund servicing fees.................... 1,188,412 1,636,747 76,851
Distribution fees.................................. 289,998 467,642 21,958
Administration fees................................ 441,835 467,642 21,958
Investment advisory fees........................... 441,836 467,642 21,958
Custodian fees..................................... 125,213 139,292 14,499
Printing and postage............................... 2,080 4,950 1,200
Professional fees.................................. 26,961 26,404 9,899
Registration costs................................. 50,742 13,973 1,336
Transfer agent fees................................ 80,146 129,406 11,703
Trustees fees and expenses......................... 25,803 23,625 1,267
Other.............................................. 34,452 33,862 1,443
----------- ----------- -----------
Total expenses............................... 2,707,478 3,411,185 184,072
Less amounts waived (Note 2E)...................... 406,095 654,699 61,094
----------- ----------- -----------
Net expenses..................................... 2,301,383 2,756,486 122,978
----------- ----------- -----------
Net investment income............................ 13,577,912 13,500,186 643,235
----------- ----------- -----------
REALIZED GAIN (LOSS) ON INVESTMENTS
Net realized gain (loss) on investment
transactions..................................... 71,853 (15,626) --
----------- ----------- -----------
Net increase in net assets from operations......... $13,649,765 $13,484,560 $643,235
=========== =========== =============
</TABLE>
See notes to financial statements.
30
<PAGE> 64
VISTA MUTUAL FUNDS
STATEMENT OF CHANGES IN NET ASSETS (unaudited)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Vista
Vista New York
Tax Free Tax Free
Money Market Money Market
Fund Fund
----------------------------- -----------------------------
9/1/96 Year 9/1/96 Year
Through Ended Through Ended
2/28/97 8/31/96 2/28/97 8/31/96
------------- ------------- ------------- -------------
<S> <C> <C> <C> <C>
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income............................................. $ 13,577,912 $ 18,372,456 $ 13,500,186 $ 15,764,958
Net realized gain (loss) on investment transactions............... 71,853 (29,426) (15,626) 11,794
------------ ------------ ------------ ------------
Increase (decrease) in net assets from operations............... 13,649,765 18,343,030 13,484,560 15,776,752
------------ ------------ ------------ ------------
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income............................................. (13,617,779) (18,336,414) (13,483,950) (15,770,908)
Net realized gain on investment transactions...................... -- -- -- (18,550)
------------ ------------ ------------ ------------
Total dividends and distributions........................... (13,617,779) (18,336,414) (13,483,950) (15,789,458)
------------ ------------ ------------ ------------
Increase (decrease) from capital share transactions................ 19,738,130 444,019,822 11,695,609 512,026,166
------------ ------------ ------------ ------------
Total increase (decrease)....................................... 19,770,116 444,026,438 11,696,219 512,013,460
NET ASSETS:
Beginning of period............................................... 867,871,150 423,844,712 890,413,478 378,400,018
------------ ------------ ------------ ------------
End of period..................................................... $ 887,641,266 $ 867,871,150 $ 902,109,697 $ 890,413,478
============ ============ ============ ============
<CAPTION>
Vista
California
Tax Free
Money Market
Fund
----------------------------
9/1/96 Year
Through Ended
2/28/97 8/31/96
------------ -------------
<S> <C> <C>
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income............................................. $ 643,235 $ 1,471,350
Net realized gain (loss) on investment transactions............... -- (652)
------------ ----------
Increase (decrease) in net assets from operations............... 643,235 1,470,698
------------ ----------
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income............................................. (636,497) (1,461,441)
Net realized gain on investment transactions...................... -- --
------------ ----------
Total dividends and distributions........................... (636,497) (1,461,441)
------------ ----------
Increase (decrease) from capital share transactions................ 14,457,812 (15,505,296)
------------ ----------
Total increase (decrease)....................................... 14,464,550 (15,496,039)
NET ASSETS:
Beginning of period............................................... 42,818,553 58,314,592
------------ ----------
End of period..................................................... $ 57,283,103 $ 42,818,553
============ ==========
</TABLE>
See notes to financial statements.
31
<PAGE> 65
VISTA MUTUAL FUNDS
NOTES TO FINANCIAL STATEMENTS (unaudited)
- --------------------------------------------------------------------------------
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 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 of these funds are referred to as "Money Market Funds"
or individually as the "Fund".
The funds offer various classes of shares as follows:
<TABLE>
<CAPTION>
Fund Classes Offered
- -------------------------------------------------------- ------------------------------
<S> <C>
TFMM.................................................... Vista, Premier, Institutional
NYTFMM.................................................. Vista
CATFMM.................................................. Vista
</TABLE>
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.
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. 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.
32
<PAGE> 66
VISTA MUTUAL FUNDS
NOTES TO FINANCIAL STATEMENTS (unaudited) (continued)
- --------------------------------------------------------------------------------
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.E. below.
Chase Asset Management, Inc. ("CAM"), a registered investment adviser, is
the sub-investment adviser to each Fund, other than 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 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 the Fund's average daily
net assets.
B. Shareholder and Fund servicing fees -- The Trust adopted an
Administrative Service Plan which, among other things, provides that the
Trust on behalf of the Funds may obtain the services of one or more
Shareholder Servicing Agents. For its services, each Shareholder Servicing
Agent receives a fee. The fee is computed daily and paid monthly at an
annual rate of 0.35% and 0.25% of the average daily net assets of the Vista
Class and Premier Class, respectively.
No Fund Servicing fee was paid for the Institutional Shares.
Since inception of the Trust, Chase and certain of its affiliates have been
the only Shareholder Servicing Agents. The Shareholder Servicing Agents have
voluntarily waived all or a portion of their fees as outlined in Note 2.E.
below.
C. Distribution and sub-administration fees -- Pursuant to 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.
The Trustees have adopted plans of distribution under the 1940 Act for the
Vista Shares (the "Vista Plan"). There are no distribution plans for the
Premier or Institutional Shares. Vista Plan pays the Distributor a
distribution fee. The fee is computed daily and paid monthly at an annual
rate of 0.10% of the average daily net assets of Vista Class of each Fund.
D. 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.
33
<PAGE> 67
VISTA MUTUAL FUNDS
NOTES TO FINANCIAL STATEMENTS (unaudited) (continued)
- --------------------------------------------------------------------------------
E. Waivers of fees -- For the six month period ended February 28, 1997,
the Adviser, Shareholder and Fund Servicing Agents voluntarily waived fees
for each of the Funds as follows:
<TABLE>
<CAPTION>
TFMM NYTFMM CTFMM
-------- -------- -------
<S> <C> <C> <C>
Advisory....................................... $ -- $ -- $15,273
Shareholder Servicing.......................... 406,095 654,699 45,821
-------- -------- -------
$406,095 $654,699 $61,094
======== ======== =======
</TABLE>
F. Other -- Certain officers of the Trust are officers of VFD or of its
parent corporation, BISYS.
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 and California Tax Free Money Market
Fund had net capital loss carryovers of approximately $386,000, $50,000 and
$16,000, 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 and TPMM utilized capital loss carryovers of
approximately $12,000 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 Tax Free Money Market Fund
----------------------------------------------------------------
Vista Class
----------------------------------------------------------------
9/1/96 Through 2/28/97 Year Ended August 31, 1996
----------------------------- -------------------------------
Amount Shares Amount Shares
------------- ------------- ------------- ---------------
<S> <C> <C> <C> <C>
Shares sold............ $ 811,387,052 811,387,052 $ 911,484,404 911,484,404
Shares issued in
reinvestment of
distributions........ 2,549,697 2,549,697 1,934,142 1,934,142
Shares redeemed........ (841,929,312) (841,929,312) (857,212,288) (857,212,288)
Hanover acquisition.... -- -- 350,999,688 351,365,964
------------- ------------- ------------- ---------------
Net increase
(decrease)
in Trust shares
outstanding.......... ($ 27,992,563) (27,992,563) $ 407,205,946 407,572,222
============== ============== ============== ===============
</TABLE>
34
<PAGE> 68
VISTA MUTUAL FUNDS
NOTES TO FINANCIAL STATEMENTS (unaudited) (continued)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Vista Tax Free Money Market Fund
----------------------------------------------------------------
Premier Class
----------------------------------------------------------------
9/1/96 Through 2/28/97 Year Ended August 31, 1996
----------------------------- -------------------------------
Amount Shares Amount Shares
------------- ------------- ------------- ---------------
<S> <C> <C> <C> <C>
Shares sold............ $ 300,390,069 300,390,069 $ 601,079,059 601,079,059
Shares issued in
reinvestment of
distributions........ 1,049,337 1,049,337 2,903,967 2,903,967
Shares redeemed........ (301,870,031) (301,870,031) (607,206,287) (607,206,287)
------------- ------------- ------------- ---------------
Net increase
(decrease) in
Trust shares
outstanding.......... ($ 430,625) (430,625) ($ 3,223,261) (3,223,261)
============== ============== ============== ===============
</TABLE>
<TABLE>
<CAPTION>
Institutional Class
------------------------------------------------------------------
9/1/96 Through 2/28/97 Year Ended August 31, 1996
----------------------------- ---------------------------------
Amount Shares Amount Shares
------------- ------------- --------------- ---------------
<S> <C> <C> <C> <C>
Shares sold.......... $ 944,919,196 944,919,196 $ 1,414,077,799 1,414,077,799
Shares issued in
reinvestment of
distributions...... 1,025,732 1,025,732 2,017,342 2,017,342
Shares redeemed...... (897,783,610) (897,783,610) (1,376,058,004) (1,376,058,005)
------------- ------------- --------------- ---------------
Net increase
(decrease) in
Trust shares
outstanding........ $ 48,161,318 48,161,318 $ 40,037,137 40,037,136
============== ============== =============== ===============
</TABLE>
<TABLE>
<CAPTION>
Vista New York Tax Free Money Market Fund
--------------------------------------------------------------------
Vista Class
--------------------------------------------------------------------
9/1/96 Through 2/28/97 Year Ended August 31, 1996
-------------------------------- --------------------------------
Amount Shares Amount Shares
--------------- -------------- --------------- --------------
<S> <C> <C> <C> <C>
Shares sold......... $ 1,171,015,939 1,171,015,939 $ 1,431,911,709 1,431,911,709
Shares issued in
reinvestment of
distributions..... 6,159,619 6,159,619 6,680,348 6,680,348
Hanover
Acquisition....... (1,165,479,949) (1,165,479,949) 321,245,415 321,245,415
Shares redeemed..... -- -- (1,247,811,306) (1,247,730,869)
--------------- -------------- --------------- --------------
Net increase
(decrease) in
Trust shares
outstanding....... $ 11,695,609 11,695,609 $ 512,026,166 512,106,603
=============== ============== =============== ==============
</TABLE>
35
<PAGE> 69
VISTA MUTUAL FUNDS
NOTES TO FINANCIAL STATEMENTS (unaudited) (continued)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Vista California Tax Free Money Market Fund
------------------------------------------------------------------
Vista Class
------------------------------------------------------------------
9/1/96 Through 2/28/97 Year Ended August 31, 1996
-------------------------------- ------------------------------
Amount Shares Amount Shares
--------------- -------------- ------------- --------------
<S> <C> <C> <C> <C>
Shares sold........... $ 146,131,108 146,131,108 $ 258,044,243 258,044,243
Shares issued in
reinvestment of
distributions....... 386,639 386,639 808,478 808,478
Shares redeemed....... (132,059,935) (132,059,935) (274,358,017) (274,358,017)
--------------- -------------- ------------- --------------
Net increase
(decrease) in
Trust shares
outstanding......... $ 14,457,812 14,457,812 ($ 15,505,296) (15,505,296)
=============== ============== ============== ==============
</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. As
of February 28, 1997, TFMM invested approximately 21% of its assets in issuers
in the state of Texas. The issuers' abilities to meet their obligations may be
affected by economic or political developments in a specific state or region.
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 six months ended February 28, 1997, included
in Trustees Fees and Expenses in the Statement of Operations, and accrued
pension liability included in other accrued liabilities, in the Statement of
Assets and Liabilities were as follows:
<TABLE>
<CAPTION>
Accrued
Pension Pension
Fund Expenses Liability
- ----------------------------------------------------------------- -------- -------
<S> <C> <C>
TFMM............................................................. $13,140 $62,004
NYTFMM........................................................... 12,893 69,960
CATFMM........................................................... 725 3,147
</TABLE>
7. ACQUISITION -- On May 6, 1996, 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 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.
<TABLE>
<CAPTION>
The The New York
Tax Free Tax Free
HANOVER MONEY MARKET FUNDS Fund Fund
------------ ------------
<S> <C> <C>
Hanover Shares Exchanged................................. 351,365,964 321,245,415
------------ ------------
</TABLE>
<TABLE>
<CAPTION>
The The New York
Tax Free Tax Free
VISTA MONEY MARKET FUNDS Fund Fund
------------ ------------
<S> <C> <C>
Vista Shares Issued...................................... 351,365,964 321,245,415
Aggregate Net Assets After Acquisition................... $857,136,490 $765,432,134
</TABLE>
36
<PAGE> 70
SELECTED PER SHARE DATA AND RATIOS FOR A SHARE OF BENEFICIAL INTEREST
OUTSTANDING
Throughout each period indicated (unaudited)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Vista Tax Free Money Market Fund
---------------------------------------------------------------------
Vista Shares
---------------------------------------------------------------------
9/1/96 Year Ended 11/1/93 Year Ended
Through -------------------- Through --------------------
2/28/97 8/31/96 8/31/95 8/31/94++ 10/31/93 10/31/92
-------- -------- -------- --------- -------- --------
<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................................... 0.015 0.029 0.029 0.015 0.019 0.028
-------- -------- -------- --------- -------- --------
Less Dividends from Net Investment Income............... 0.015 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 $ 1.00
======== ======== ======== ========= ======== ========
Total Return............................................. 1.50% 2.92% 2.99% 1.54% 1.90% 2.79%
===== ===== ===== ====== ===== =====
Ratios/Supplemental Data:
Net Assets, End of Period (000 omitted).................. $546,523 $574,115 $166,915 $121,710 $160,497 $145,241
Ratio of Expenses to Average Net Assets #............... 0.59% 0.69% 0.86% 0.85% 0.85% 0.85%
Ratio of Net Investment Income to Average Net Assets
#..................................................... 3.00% 2.89% 2.96% 1.82% 1.88% 2.70%
Ratio of Expenses Without Waivers and Assumption of
Expenses to Average Net Assets #...................... 0.73% 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 #........ 2.86% 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.
37
<PAGE> 71
SELECTED PER SHARE DATA AND RATIOS FOR A SHARE OF BENEFICIAL INTEREST
OUTSTANDING
Throughout each period indicated (unaudited) (continued)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Vista Tax Free Money Market Fund
---------------------------------------------------------------------------------------------
Institutional Shares
Premier Shares --------------------
--------------------------------------------------------------------- Year
9/1/96 Year Ended 11/1/93 Year Ended 9/1/96 Ended
Through -------------------- Through -------------------- Through --------
2/28/97 8/31/96 8/31/95 8/31/94++ 10/31/93 10/31/92 2/28/97 8/31/96
-------- -------- -------- --------- -------- -------- -------- --------
<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............. 0.015 0.031 0.032 0.018 0.022 0.031 0.017 0.034
-------- -------- -------- --------- -------- -------- -------- --------
Less Dividends from Net Investment
Income.......................... 0.015 0.031 0.032 0.018 0.022 0.031 0.017 0.034
-------- -------- -------- --------- -------- -------- -------- --------
Net Asset Value, End of Period..... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
======== ======== ======== ========= ======== ======== ======== ========
Total Return....................... 1.53% 3.12% 3.29% 1.79% 2.21% 3.09% 1.66% 3.40%
===== ===== ===== ====== ===== ====== ===== =====
Ratios/Supplemental Data:
Net Assets, End of Period
(000 omitted)..................... $144,777 $145,221 $148,436 $229,306 $225,791 $87,027 $196,702 $148,536
Ratio of Expenses to Average
Net Assets #.................... 0.53% 0.58% 0.56% 0.55% 0.55% 0.55% 0.27% 0.31%
Ratio of Net Investment Income to
Average Net Assets #............ 3.06% 3.08% 3.21% 2.11% 2.16% 2.92% 3.32% 3.33%
Ratio of Expenses Without Waivers
and Assumption of Expenses to
Average Net Assets #............ 0.53% 0.73% 0.84% 0.78% 0.79% 0.76% 0.27% 0.31%
Ratio of Net Investment Income
Without Waivers and Assumption
of Expenses to Average
Net Assets #.................... 3.06% 2.92% 2.93% 1.89% 1.92% 2.71% 3.32% 3.33%
<CAPTION>
11/4/93*
Through
8/31/95 8/31/94++
-------- ---------
<S> <C> <C>
Per Share Operating Performance
Net Asset Value, Beginning
of Period......................... $ 1.00 $ 1.00
-------- ---------
Income from Investment Operations
Net Investment Income............. 0.035 0.019
-------- ---------
Less Dividends from Net Investment
Income.......................... 0.035 0.019
-------- ---------
Net Asset Value, End of Period..... $ 1.00 $ 1.00
======== =========
Total Return....................... 3.53% 1.95%
===== ======
Ratios/Supplemental Data:
Net Assets, End of Period
(000 omitted)..................... $108,494 $110,332
Ratio of Expenses to Average
Net Assets #.................... 0.33% 0.34%
Ratio of Net Investment Income to
Average Net Assets #............ 3.46% 2.38%
Ratio of Expenses Without Waivers
and Assumption of Expenses to
Average Net Assets #............ 0.34% 0.34%
Ratio of Net Investment Income
Without Waivers and Assumption
of Expenses to Average
Net Assets #.................... 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.
38
<PAGE> 72
SELECTED PER SHARE DATA AND RATIOS FOR A SHARE OF BENEFICIAL INTEREST
OUTSTANDING
Throughout each period indicated (unaudited) (continued)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Vista New York Tax Free Money Market Fund
---------------------------------------------------------------------
Vista Shares
---------------------------------------------------------------------
<CAPTION>
9/1/96 Year Ended 11/1/93 Year Ended
Through -------------------- Through --------------------
2/28/97 8/31/96 8/31/95 8/31/94++ 10/31/93 10/31/92
-------- -------- -------- --------- -------- --------
<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.................................. 0.014 0.028 0.028 0.015 0.017 0.025
-------- -------- -------- --------- -------- --------
Less Dividends from Net Investment Income.............. 0.014 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 $ 1.00
========= ========= ========= ========= ========= =========
Total Return............................................. 1.44% 2.85% 2.88% 1.48% 1.75% 2.53%
===== ===== ===== ====== ===== =====
Ratios/Supplemental Data:
Net Assets, End of Period (000 omitted).................. $902,110 $890,413 $378,400 $365,669 $300,425 $285,889
Ratio of Expenses to Average Net Assets #.............. 0.59% 0.74% 0.86% 0.85% 0.85% 0.85%
Ratio of Net Investment Income to Average Net Assets
#.................................................... 2.88% 2.79% 2.84% 1.77% 1.72% 2.48%
Ratio of Expenses Without Waivers and Assumption of
Expenses to Average Net Assets #..................... 0.73% 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 #....... 2.74% 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.
39
<PAGE> 73
SELECTED PER SHARE DATA AND RATIOS FOR A SHARE OF BENEFICIAL INTEREST
OUTSTANDING
Throughout each period indicated (unaudited) (continued)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Vista California
Tax Free Money Market Fund
------------------------------------------------------------------
Vista Shares
------------------------------------------------------------------
9/1/96 Year Ended 11/1/93 Year 3/4/92**
Through ------------------ Through Ended Through
2/28/97 8/31/96 8/31/95 8/31/94++ 10/31/93 10/31/92
------- ------- ------- --------- -------- --------
<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..................................... 0.014 0.030 0.033 0.018 0.023 0.019
------- ------- ------- --------- -------- --------
Less Dividends from Net Investment Income................. 0.014 0.030 0.033 0.018 0.023 0.019
------- ------- ------- --------- -------- --------
Net Asset Value, End of Period.............................. $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
======== ======== ======== ========= ======== ========
Total Return................................................ 1.45% 3.06% 3.32% 1.82% 2.30% 2.89%
===== ===== ===== ====== ====== ======
Ratios/Supplemental Data:
Net Assets, End of Period (000 omitted)..................... $57,283 $42,819 $58,315 $64,423 $45,346 $44,643
Ratio of Expenses to Average Net Assets #................. 0.55% 0.56% 0.48% 0.46% 0.42% 0.06%
Ratio of Net Investment Income to Average Net Assets #.... 2.93% 3.03% 3.25% 2.17% 2.26% 2.86%
Ratio of Expenses Without Waivers and Assumption of
Expenses to Average Net Assets #........................ 0.83% 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 #.......... 2.65% 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.
40
<PAGE> 74
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 Mutual Funds are distributed by Vista Fund Distributors, Inc., which is
unaffiliated with The Chase Manhattan Bank, Chase and its respective affiliates
receive compensation from the Vista Funds for providing investment advisory and
other services.
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.
The financial information in this report has been taken from the books and
records of the Funds without examination by independent accountants, who express
no opinion thereto.
VTFMM-3-497
<PAGE> 75
[VISTA LOGO]
- ---------------------------------------------------------------------------
U.S. Government Money Market Funds:
- - VISTA 100% 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 FUND
(Vista, Premier and Institutional Shares)
- - VISTA PRIME MONEY MARKET FUND
(Premier, Institutional and B Shares)
- ---------------------------------------------------------------------------
- --------------------------------------------------------------------------------
SEMIANNUAL REPORT
FEBRUARY 28, 1997
(UNAUDITED)
<PAGE> 76
CONTENTS
Chairman's Letter 1
Money Market Fund Facts 2
Portfolio of Investments 3
Notes to Financial Statements 29
Per Share Data 39
<PAGE> 77
As noted six months ago, we are 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. In order to launch this new design at your
Fund's year-end, we are planning to introduce the new format with your next
Annual Report.
April 10, 1997
Dear Shareholder:
We are pleased to present this semi-annual report on each of the taxable Vista
money market funds. Inside, you'll find current seven-day yields for each fund
as of February 28, 1997 as well as current holdings.
MANAGING YOUR MONEY IN A CHANGING INTEREST RATE ENVIRONMENT
Over the six-month period, the yield on the one-year U.S. Treasury bill declined
from 5.89% to 5.67%. However, this rather benign overview masks a
highly-volatile environment dominated by changing perceptions of the strength of
U.S. economic growth as well as the market's anticipation of Federal Reserve
Board policy changes.
At the beginning of the period, reports of a slowing economy led many market
participants to believe that the Fed would not raise interest rates. As a
result, the yield on the one-year T-bill fell to a low of 5.35% at the end of
November, 1996. In early December, however, weaker demand and fears that the Fed
might raise interest rates created a turning point for yields. The market became
inconsistent as investors reacted to each new report on the economy's strength
and attempted to determine the Fed's stance. By the time Fed Chairman Greenspan
testified before Congress in February, it was clear that he was set to raise the
Federal Funds rate to pre-empt any wage inflation.
ANTICIPATING MORE VOLATILITY
The Fed did indeed raise the Federal Funds rate by .25% after the reporting
period ended. Given the strong economy and Mr. Greenspan's history of combining
several small rate increases over a period of months, our forecasts call for at
least one more Fed increase to slow economic growth later in 1997.
The Vista money market management team has stayed true to a certain course: to
seek 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 professional 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> 78
MONEY MARKET FUND FACTS(1) (unaudited)
As of February 28, 1997
<TABLE>
<CAPTION>
----------------------------------------------------------------------------------
VISTA
100% VISTA VISTA
TREASURY U.S. TREASURY
SECURITIES GOVERNMENT PLUS
MONEY MONEY MONEY
MARKET(2) MARKET(2) MARKET(2)
----------------------------------------------------------------------------------
<S> <C> <C> <C>
7-Day SEC Yield(1)
Vista 4.72% 4.83% 4.74%
Premier 4.76% 4.87% 4.82%
Institutional 5.04% 5.18% 5.07%
Without Fee Waiver
Vista 4.60% 4.71% 4.63%
Premier 4.51% 4.82% 4.82%
Institutional 5.04% 5.18% 5.07%
</TABLE>
<TABLE>
<CAPTION>
----------------------------------------------------------------------------------
VISTA VISTA
FEDERAL VISTA PRIME
MONEY CASH MONEY
MARKET(2) MANAGEMENT MARKET(2)
----------------------------------------------------------------------------------
<S> <C> <C> <C>
7-Day SEC Yield(1)
Vista 4.73% 4.90% 4.03%
(B Shares)
Premier 4.93% 4.99% 5.07%
Institutional 5.16% 5.25% 5.27%
Without Fee Waiver
Vista 4.63% 4.87% 3.78%
(B Shares)
Premier 4.91% 4.98% 5.00%
Institutional 5.16% 5.25% 5.27%
</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 and Vista Federal 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.
2
<PAGE> 79
VISTA 100% U.S. TREASURY SECURITIES MONEY MARKET FUND
PORTFOLIO OF INVESTMENTS February 28, 1997 (unaudited)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
<C> <S> <C>
------------------------------------------------------------------------------------
<CAPTION>
U.S. TREASURY OBLIGATIONS -- 113.8%
------------------------------------------------------------------------------------
<C> <S> <C>
U.S. Treasury Bills -- 53.0%
$ 900,000,000 5.160%, 04/17/97 $ 894,207,500
43,275,000 5.025%, 04/24/97 42,948,815
50,000,000 5.160%, 02/05/98 47,549,063
--------------
TOTAL U.S. TREASURY BILLS 984,705,378
U.S. Treasury Notes -- 60.8%
265,000,000 6.500%, 04/30/97 265,461,623
100,000,000 6.875%, 04/30/97 100,242,906
200,000,000 6.500%, 05/15/97 200,492,427
100,000,000 8.500%, 05/15/97 100,640,145
100,000,000 6.750%, 05/31/97 100,315,972
100,000,000 5.625%, 06/30/97 100,112,314
50,000,000 6.375%, 06/30/97 50,164,714
110,000,000 5.875%, 07/31/97 110,223,570
50,000,000 5.625%, 10/31/97 50,046,581
50,000,000 7.375%, 11/15/97 50,573,094
--------------
TOTAL U.S. TREASURY NOTES 1,128,273,346
- ------------------------------------------------------------------------------------
TOTAL INVESTMENTS -- 113.8% $2,112,978,724
(COST $2,112,978,724)**
- ------------------------------------------------------------------------------------
</TABLE>
See notes to financial statements.
3
<PAGE> 80
VISTA U.S. GOVERNMENT MONEY MARKET FUND
PORTFOLIO OF INVESTMENTS February 28, 1997 (unaudited)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
- ------------------------------------------------------------------------------------
<S> <C>
U.S. GOVERNMENT OBLIGATIONS -- 1.4%
- ------------------------------------------------------------------------------------
U.S. Treasury Notes,
$ 25,000,000 6.500%, 05/15/97 $ 25,040,358
50,000,000 6.500%, 08/15/97 50,146,087
- ------------------------------------------------------------------------------------
TOTAL U.S. GOVERNMENT OBLIGATIONS 75,186,445
(COST $75,186,445)
- ------------------------------------------------------------------------------------
U.S. GOVERNMENT AGENCY OBLIGATIONS -- 48.7%
- ------------------------------------------------------------------------------------
Federal Farm Credit Bank, Coupon Note,
5,000,000 5.250%, 04/01/97 4,999,592
50,000,000 5.400%, 04/01/97 49,993,477
50,000,000 5.510%, 01/02/98 49,963,412
50,000,000 5.850%, 08/01/97 50,054,110
--------------
155,010,591
--------------
Federal Farm Credit Bank, FRDN,
50,000,000 5.300%, 03/03/97 49,971,471
--------------
Federal Home Loan Bank, Coupon Note,
60,000,000 5.400%, 03/20/97 59,996,442
47,750,000 5.625%, 12/26/97 47,734,302
45,650,000 5.655%, 11/26/97 45,650,000
26,085,000 5.670%, 03/05/98 26,076,848
50,000,000 5.700%, 11/18/97 50,000,000
50,000,000 5.750%, 01/09/98 50,000,000
60,000,000 5.800%, 01/21/98 60,000,000
29,555,000 5.800%, 02/05/98 29,555,000
19,600,000 5.805%, 02/13/98 19,600,000
--------------
388,612,592
--------------
Federal Home Loan Bank, Discount Note,
450,000,000 5.240%, 05/29/97 444,170,500
--------------
Federal Home Loan Bank, FRDN,
75,000,000 5.195%, 03/24/97 74,962,995
25,000,000 5.205%, 03/26/97 24,988,734
--------------
99,951,729
--------------
Federal Home Loan Mortgage Corp., Discount Note,
97,875,000 5.230%, 05/28/97 96,623,723
37,500,000 5.230%, 05/30/97 37,009,687
--------------
133,633,410
--------------
</TABLE>
See notes to financial statements.
4
<PAGE> 81
VISTA U.S. GOVERNMENT MONEY MARKET FUND
PORTFOLIO OF INVESTMENTS February 28, 1997 (unaudited) (continued)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
- ----------------------------------------------------------------------------------------
<S> <C>
U.S. GOVERNMENT AGENCY OBLIGATIONS -- (CONTINUED)
------------------------------------------------------------------------------------
Federal National Mortgage Association, Coupon Note,
$ 25,000,000 5.350%, 08/14/97 $ 25,000,000
25,000,000 5.390%, 07/17/97 25,000,000
50,000,000 5.420%, 12/16/97 49,957,890
30,000,000 5.480%, 04/24/97 30,001,303
34,500,000 5.500%, 02/18/98 34,451,081
25,000,000 5.640%, 09/03/97 24,949,240
50,000,000 5.800%, 10/07/97 49,965,027
--------------
239,324,541
--------------
Federal National Mortgage Association, Discount Note,
110,000,000 5.230%, 05/29/97 108,577,731
52,640,000 5.500%, 03/17/97 52,511,324
50,000,000 5.500%, 03/19/97 49,862,500
--------------
210,951,555
--------------
Federal National Mortgage Association, FRDN,
50,000,000 5.130%, 03/20/97 49,986,054
100,000,000 5.195%, 03/24/97 99,949,810
25,000,000 5.230%, 03/04/97 25,000,000
20,000,000 5.290%, 03/03/97 19,998,210
25,000,000 5.330%, 03/04/97 24,994,588
50,000,000 5.340%, 03/03/97 49,974,114
145,000,000 5.340%, 03/04/97 144,966,137
--------------
414,868,913
--------------
Student Loan Marketing Association, Coupon Note,
50,000,000 5.440%, 12/19/97 49,956,170
25,000,000 5.670%, 12/19/97 25,000,000
50,000,000 5.710%, 11/18/97 50,000,000
59,500,000 5.750%, 01/08/98 59,500,000
--------------
184,456,170
--------------
</TABLE>
See notes to financial statements.
5
<PAGE> 82
VISTA U.S. GOVERNMENT MONEY MARKET FUND
PORTFOLIO OF INVESTMENTS February 28, 1997 (unaudited) (continued)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
- ----------------------------------------------------------------------------------------
<S> <C>
U.S. GOVERNMENT AGENCY OBLIGATIONS -- (CONTINUED)
------------------------------------------------------------------------------------
Student Loan Marketing Association, FRDN,
$ 25,000,000 5.230%, 03/04/97 $ 25,000,000
100,000,000 5.280%, 03/04/97 100,000,000
25,000,000 5.310%, 03/04/97 25,000,069
75,000,000 5.330%, 03/04/97 74,990,114
25,000,000 5.340%, 03/04/97 24,999,030
39,000,000 5.350%, 03/04/97 39,003,569
25,000,000 5.360%, 03/04/97 25,000,000
5,000,000 5.370%, 03/04/97 5,000,000
45,000,000 5.490%, 03/04/97 45,048,514
--------------
364,041,296
- ------------------------------------------------------------------------------------
TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS 2,684,992,768
(COST $2,684,992,768)
------------------------------------------------------------------------------------
REPURCHASE AGREEMENTS -- 50.0%
------------------------------------------------------------------------------------
400,000,000 Nikko Securities Co., International Inc., 5.32% due 400,000,000
03/13/97, (Dated 02/28/97, Proceeds $400,768,444,
Secured by; FHLMC REMICs, $56,108,461 at 5.84%
through 7.50%, due 12/15/01 through 12/15/23; FHLMC
Gold Pools, $107,693,875 at 6.00% through 8.00%, due
09/01/01 through 02/01/27; FNMA Pools, $29,523,288
at 6.50% through 8.20%, due 01/01/02 through
02/01/27; FNMA REMICs, $21,022,105 at 6.03% through
7.60%, due 7/25/05 through 10/25/23; GNMA Pools,
$183,693,178 at 6.50% through 8.00%, due 11/15/24
through 02/15/27; GNMA II Pools, $17,045,842 at
6.00% through 7.125%, due 09/24/24 through 09/20/26;
Market Value $408,768,187)
400,000,000 Nikko Securities Co., International Inc., 5.40% due 400,000,000
03/03/97,(Dated 02/28/97, Proceeds $400,180,000,
Secured by; FHLMC REMICs, $217,613,000 at 6.04%
through 8.75%, due 11/15/07 through 03/15/24; FNMA
REMICs, $187,265,000 at 0% through 8.50%, due
05/25/05 through 08/25/26; Market Value
$408,115,544)
56,804,000 Goldman Sachs & Co., 5.35%, due 03/03/97, (Dated 56,804,000
02/27/97, Proceeds $56,829,325, Secured by; U.S.
Treasury Bond, $59,254,000 at 6.625%, due 02/15/27;
Market Value $57,940,466)
500,000,000 Goldman Sachs & Co., 5.42%, due 03/03/97, (Dated 500,000,000
02/28/97, Proceeds $500,225,833, Secured by;
FMAC, $105,964,629 at 6.082% through 7.860%, due
10/01/24 through 12/01/25; FNMA, $577,377,905 at
5.804% through 7.99%, due 07/01/19 through 01/01/27;
Market Value $510,000,000)
</TABLE>
See notes to financial statements.
6
<PAGE> 83
VISTA U.S. GOVERNMENT MONEY MARKET FUND
PORTFOLIO OF INVESTMENTS February 28, 1997 (unaudited) (continued)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
- ----------------------------------------------------------------------------------------
<S> <C>
REPURCHASE AGREEMENTS -- (CONTINUED)
------------------------------------------------------------------------------------
$ 600,000,000 J.P. Morgan, 5.40%, due 03/03/97, (Dated 02/28/97, $ 600,000,000
Proceeds $600,270,000, Secured by; FHLMC,
$430,445,444, at 4.00% through 9.50%, due 02/01/00
through 12/15/27; FNMA, $324,389,689, at 0% through
9.50%, due 03/01/02 through 03/01/27; Market Value
$612,000,000)
400,000,000 Merrill Lynch & Co., Inc., 5.32%, due 03/04/97, (Dated 400,000,000
02/28/97, Proceeds $400,236,444, Secured by; FNMA,
$506,561,738 at 5.00% through 12.00%, due 05/01/09
through 10/01/24; Market Value $408,004,588)
400,000,000 Merrill Lynch & Co., Inc., 5.34%, due 03/07/97, (Dated 400,000,000
02/28/97, Proceeds $400,415,333, Secured by; FNMA,
$444,087,514 at 5.50% through 10.00%, due 05/01/06
through 01/01/27; Market Value $408,003,105)
- ------------------------------------------------------------------------------------
TOTAL REPURCHASE AGREEMENTS 2,756,804,000
(COST $2,756,804,000)
====================================================================================
TOTAL INVESTMENTS -- 100.1% $5,516,983,213
(COST $5,516,983,213)**
------------------------------------------------------------------------------------
</TABLE>
See notes to financial statements.
7
<PAGE> 84
VISTA TREASURY PLUS MONEY MARKET FUND
PORTFOLIO OF INVESTMENTS February 28, 1997 (unaudited)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
- ------------------------------------------------------------------------------------
<S> <C>
U.S. TREASURY OBLIGATIONS -- 48.0%
- ------------------------------------------------------------------------------------
U.S. Treasury Bills -- 25.5%
$ 400,000,000 5.160%, 04/17/97 $ 397,446,250
50,000,000 5.210%, 03/08/98 47,366,056
--------------
TOTAL U.S. TREASURY BILLS (COST $444,812,306) 444,812,306
--------------
U.S. Treasury Notes -- 22.5%
3,500,000 6.875%, 03/31/97 3,504,796
100,000,000 5.160%, 04/17/97 99,355,000
40,000,000 5.875%, 07/31/97 40,072,633
100,000,000 6.500%, 08/15/97 100,524,014
100,000,000 5.375%, 11/30/97 99,883,305
50,000,000 5.000%, 01/31/98 49,676,049
--------------
TOTAL U.S. TREASURY NOTES (COST $393,015,797) 393,015,797
- ------------------------------------------------------------------------------------
TOTAL U.S. TREASURY OBLIGATIONS 837,828,103
(COST $837,828,103)
- ------------------------------------------------------------------------------------
REPURCHASE AGREEMENTS -- 83.3%
- ------------------------------------------------------------------------------------
325,000,000 Aubry G. Lanston, 5.35%, due 03/03/97, (Dated 325,000,000
02/28/97, Proceeds $325,144,896, Secured by; U.S.
Treasury Notes, $312,561,000 at 5.625% through
7.00%, due 11/15/05 through 02/15/07; Market Value
$330,738,638)
384,647,000 Goldman Sachs & Co., 5.38%, due 03/03/97, (Dated 384,647,000
02/28/97, Proceeds $384,819,388, Secured by; U.S.
Treasury Bill, $342,881,101 at 5.16%, due 08/14/97;
U.S. Treasury Note, $41,766,087 at 6.125%, due
08/31/98; Market Value $392,340,132)
392,000,000 Merrill Lynch & Co., Inc., 5.35%, due 03/03/97, (Dated 392,000,000
02/28/97, Proceeds $392,174,767, Secured by; U.S.
Treasury Bills, $403,229,000 at 5.16% through 5.30%,
due 05/01/97 through 07/31/97; Market Value
$395,923,930)
</TABLE>
See notes to financial statements.
8
<PAGE> 85
VISTA TREASURY PLUS MONEY MARKET FUND
PORTFOLIO OF INVESTMENTS February 28, 1997 (unaudited) (continued)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
- ----------------------------------------------------------------------------------------
<S> <C>
REPURCHASE AGREEMENTS -- (CONTINUED)
------------------------------------------------------------------------------------
$ 350,000,000 Morgan Stanley & Co., Inc., 5.33%, due 03/03/97, $ 350,000,000
(Dated 02/28/97, Proceeds $350,155,458, Secured by;
U.S. Treasury Bonds, $73,027,000, at 7.625% through
14.00%, due 08/15/08 through 11/15/22; U.S. Treasury
Notes, $233,801,000, at 4.75% through 9.00%, due
03/03/97 through 02/15/06; U.S. CPI Treasury Note,
$31,633,855 at 3.375%, due 01/15/07; Market Value
$359,055,164)
- ------------------------------------------------------------------------------------
TOTAL REPURCHASE AGREEMENTS 1,451,647,000
(COST $1,451,647,000)
====================================================================================
TOTAL INVESTMENTS -- 131.3% $2,289,475,103
(COST $2,289,475,103)**
- ------------------------------------------------------------------------------------
</TABLE>
See notes to financial statements.
9
<PAGE> 86
VISTA FEDERAL MONEY MARKET FUND
PORTFOLIO OF INVESTMENTS February 28, 1997 (unaudited)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
- ---------------------------------------------------------------------------------------
<S> <C>
U.S. TREASURY OBLIGATIONS -- 7.5%
------------------------------------------------------------------------------------
U.S. Treasury Notes;
$10,000,000 7.375%, 11/15/97 $ 10,114,011
10,000,000 5.000%, 01/31/98 9,935,878
35,000,000 5.125%, 02/28/98 34,827,489
------------------------------------------------------------------------------------
TOTAL U.S. TREASURY OBLIGATIONS 54,877,378
(COST $54,877,378)
------------------------------------------------------------------------------------
U.S. GOVERNMENT AGENCY OBLIGATIONS -- 95.5%
------------------------------------------------------------------------------------
Federal Farm Credit Bank, Debentures,
25,000,000 5.250%, 04/01/97 25,000,000
25,000,000 5.450%, 03/03/98 24,940,650
15,000,000 5.850%, 08/01/97 15,006,272
-------------
64,946,922
-------------
Federal Farm Credit Bank, FRDN
50,000,000 5.195%, 03/26/97 49,979,545
10,000,000 5.222%, 03/17/97 9,999,530
25,000,000 5.260%, 03/03/97 24,997,733
80,000,000 5.280%, 03/03/97 79,973,599
45,000,000 5.300%, 03/03/97 44,979,322
-------------
209,929,729
-------------
Federal Home Loan Bank, Debentures,
5,000,000 4.250%, 06/30/97 4,971,361
10,000,000 5.350%, 03/14/97 9,998,477
10,000,000 5.405%, 03/28/97 9,997,256
15,000,000 5.460%, 12/12/97 14,993,230
42,000,000 5.680%, 05/09/97 42,005,694
10,000,000 5.805%, 02/13/98 10,000,000
3,000,000 5.990%, 02/09/98 3,010,369
-------------
94,976,387
-------------
Federal Home Loan Bank, Discount Notes,
3,010,000 5.260%, 03/12/97 3,005,162
11,000,000 5.300%, 03/03/97 10,996,761
9,175,000 5.450%, 04/22/97 9,102,772
-------------
23,104,695
-------------
</TABLE>
See notes to financial statements.
10
<PAGE> 87
VISTA FEDERAL MONEY MARKET FUND
PORTFOLIO OF INVESTMENTS February 28, 1997 (unaudited) (continued)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
- ---------------------------------------------------------------------------------------
<S> <C>
U.S. GOVERNMENT AGENCY OBLIGATIONS -- (CONTINUED)
------------------------------------------------------------------------------------
Federal Home Loan Bank, FRDN,
$25,000,000 5.246%, 03/19/97 $ 24,989,667
25,000,000 5.268%, 03/05/97 24,992,573
10,000,000 5.290%, 03/03/97 9,997,130
35,000,000 5.345%, 03/14/97 34,998,847
5,000,000 5.750%, 03/03/97 5,013,374
-------------
99,991,591
-------------
Student Loan Marketing Association, Debentures,
15,080,000 5.535%, 02/25/98 15,071,021
25,000,000 5.600%, 10/24/97 24,993,611
-------------
40,064,632
-------------
Student Loan Marketing Association, Discount Notes,
27,500,000 5.220%, 03/03/97 27,492,025
6,300,000 5.260%, 03/06/97 6,295,397
20,000,000 5.300%, 03/03/97 19,994,111
-------------
53,781,533
-------------
Student Loan Marketing Association, FRDN,
15,050,000 5.340%, 03/04/97 15,054,111
55,025,000 5.350%, 03/04/97 55,024,921
12,000,000 5.460%, 03/03/97 12,000,087
10,000,000 5.490%, 03/04/97 10,008,099
-------------
92,087,218
-------------
Tennessee Valley Authority, Discount Note,
20,655,000 5.150%, 03/05/97 20,643,181
------------------------------------------------------------------------------------
TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS 699,525,888
(COST $699,525,888)
====================================================================================
TOTAL INVESTMENTS -- 103.0% $ 754,403,266
(COST $754,403,266)**
------------------------------------------------------------------------------------
</TABLE>
See notes to financial statements.
11
<PAGE> 88
VISTA CASH MANAGEMENT FUND
PORTFOLIO OF INVESTMENTS February 28, 1997 (unaudited)
<TABLE>
<CAPTION>
Principal Value
Amount Issuer (USD)
- ------------------------------------------------------------------------------------
<S> <C>
NOTES & BONDS -- 8.9%
- ------------------------------------------------------------------------------------
STATE & MUNICIPAL OBLIGATIONS -- 1.8%
------------------------------------------------------
$ 50,000,000 Anaheim, California, COP, 5.560%, 05/01/97 $ 50,000,000
7,845,000 Essex County, New Jersey, Ser. A, GO, 10.125%, 8,103,561
08/15/97
--------------
58,103,561
--------------
CORPORATE OBLIGATIONS -- 6.9%
------------------------------------------------------
AUTOMOTIVE -- 0.1%
4,500,000 Ford Motor Co., 5.300%, 07/01/97 4,491,001
--------------
BANKING -- 0.7%
FCC National Bank,
10,000,000 5.725%, 01/07/98 9,993,785
11,500,000 6.000%, 07/18/97 11,497,312
--------------
21,491,097
--------------
FINANCIAL SERVICES -- 5.2%
Associates Corp. of North America,
4,000,000 5.875%, 08/15/97 3,995,588
5,000,000 6.750%, 07/15/97 5,016,980
15,000,000 6.800%, 06/02/97 15,032,783
3,500,000 8.625%, 06/15/97 3,528,897
25,000,000 Caterpillar Financial Services, Inc., 7.960%, 25,171,854
07/01/97
6,000,000 Ford Capital BV, 9.375%, 01/01/98 6,172,846
5,746,000 Ford Motor Credit Corp., 5.625%, 03/03/97 5,746,170
8,550,000 General Electric Capital Corp., 7.875%, 11/15/97 8,673,543
35,000,000 John Deere Capital Corp., 5.730%, 06/11/97 34,982,003
Merrill Lynch & Co., Inc.,
15,000,000 5.810%, 01/20/98 14,998,278
25,000,000 6.000%, 08/05/97 24,997,097
20,000,000 6.150%, 09/11/97 20,000,000
--------------
168,316,039
--------------
MACHINERY & EQUIPMENT -- 0.9%
30,000,000 Deere & Co., 7.610%, 05/01/97 30,103,487
--------------
TOTAL CORPORATE OBLIGATIONS 224,401,624
--------------
ASSET BACKED SECURITY -- 0.2%
------------------------------------------------------
6,880,544 Olympic Automobile Receivables Trust, Ser. 1996-D, 6,880,544
Class A1, 5.430%, 12/15/97
- ------------------------------------------------------------------------------------
TOTAL NOTES & BONDS 289,385,729
(COST $289,385,729)
- ------------------------------------------------------------------------------------
</TABLE>
See notes to financial statements.
12
<PAGE> 89
VISTA CASH MANAGEMENT FUND
PORTFOLIO OF INVESTMENTS February 28, 1997 (unaudited) (continued)
<TABLE>
<CAPTION>
Principal Value
Amount Issuer (USD)
- ------------------------------------------------------------------------------------
<S> <C>
COMMERCIAL PAPER -- 41.2%
- ------------------------------------------------------------------------------------
STATE & MUNICIPAL OBLIGATIONS -- 0.3%
------------------------------------------------------
$ 10,400,000 Richmond County, Georgia, IDA, 6.010%, 06/01/97 $ 10,400,000
--------------
CORPORATE OBLIGATIONS -- 40.9%
------------------------------------------------------
29,000,000 American Express Credit Corp., 5.250%, 04/22/97 28,780,083
25,000,000 Anz (Delaware) Inc., 5.280%, 05/06/97 24,758,000
23,000,000 Banco Bradesco SA (Cayman Island), 5.320%, 22,670,308
06/06/97
20,000,000 BankAmerica Corp., 5.290%, 04/10/97 19,882,444
Bankers Trust Security Corp.,
25,000,000 5.320%, 08/12/97 24,394,111
25,000,000 5.360%, 08/26/97 24,337,444
25,000,000 5.400%, 07/29/97 24,437,500
Bass Finance (CI) Ltd. (United Kingdom),
10,009,000 5.290%, 05/12/97 9,903,105
29,916,000 5.290%, 05/13/97 29,595,093
20,511,000 5.290%, 05/14/97 20,287,966
20,190,000 5.310%, 03/21/97 20,130,440
50,000,000 Bayerische Landesbank,Girozentrale (Germany), 49,417,778
5.240%, 05/20/97
20,000,000 BIL North America Inc., 5.350%, 03/11/97 19,970,278
10,145,000 Caterpillar Inc., 5.260%, 03/19/97 10,118,319
25,600,000 Cosco Co. Ltd. (Cayman Islands), 5.350%, 04/16/97 25,424,996
20,000,000 Credit Suisse (Switzerland), 5.320%, 04/18/97 19,858,133
Credito Italiano (Italy),
14,000,000 5.350%, 03/07/97 13,987,517
30,000,000 5.350%, 04/23/97 29,763,708
15,000,000 5.375%, 04/15/97 14,899,219
15,000,000 5.380%, 08/29/97 14,600,983
17,430,000 Dean Witter, Discover & Co., 5.320%, 04/30/97 17,275,454
10,000,000 First Boston Inc., 5.310%, 04/23/97 9,921,825
15,000,000 Ford Motor Credit Corp., 5.330%, 04/28/97 14,871,192
55,000,000 Ford Motor Credit Co., 5.260%, 04/07/97 54,702,664
General Electric Capital Corp.,
75,000,000 5.250%, 04/21/97 74,442,187
25,000,000 5.340%, 05/21/97 24,699,625
Goldman Sachs Group, L.P.,
20,000,000 5.280%, 04/30/97 19,824,000
25,000,000 5.300%, 05/09/97 24,746,042
50,000,000 5.310%, 04/02/97 49,764,000
39,000,000 5.320%, 05/05/97 38,625,383
</TABLE>
See notes to financial statements.
13
<PAGE> 90
VISTA CASH MANAGEMENT FUND
PORTFOLIO OF INVESTMENTS February 28, 1997 (unaudited) (continued)
<TABLE>
<CAPTION>
Principal Value
Amount Issuer (USD)
- ----------------------------------------------------------------------------------------
<S> <C>
COMMERCIAL PAPER -- (CONTINUED)
------------------------------------------------------------------------------------
International Lease Finance Corp.,
$ 20,000,000 5.280%, 05/05/97 $ 19,809,333
15,000,000 5.300%, 05/05/97 14,856,458
14,000,000 5.320%, 05/30/97 13,813,800
25,000,000 5.330%, 03/10/97 24,966,688
30,000,000 5.340%, 04/21/97 29,773,050
30,000,000 5.340%, 04/28/97 29,741,900
5,000,000 Merrill Lynch & Co., Inc., 5.320%, 08/04/97 4,884,733
15,000,000 National Rural Utilities Cooperative Finance 14,858,083
Corp., 5.240%, 05/05/97
6,665,000 Nationwide Building Society (United Kingdom), 6,514,304
5.320%, 08/01/97
Redwood Receivable Capital Corp.,
6,120,000 5.300%, 03/27/97 6,096,574
6,311,000 5.310%, 03/07/97 6,305,415
Rose Funding Corp., #
5,000,000 5.320%, 05/28/97 4,934,978
1,000 5.350%, 03/18/97 997
49,166,000 5.350%, 03/26/97 48,983,335
12,000,000 5.380%, 03/26/97 11,955,167
35,000,000 5.410%, 03/26/97 34,868,507
25,000,000 Royal Bank of Canada (Canada), 5.300%, 07/14/97 24,503,125
10,000,000 San Paolo US Financial Co. (Italy), 5.350%, 9,924,208
04/21/97
30,500,000 Schering-Plough Corp., 5.315%, 04/22/97 30,265,845
45,000,000 Sigma Finance Corp. (United Kingdom), #, 5.355%, 43,801,819
08/27/97
Svenska Handelsbanke (Sweden),
35,000,000 5.270%, 05/27/97 34,554,246
20,000,000 5.365%, 08/04/97 19,535,033
25,000,000 5.370%, 09/03/97 24,306,375
</TABLE>
See notes to financial statements.
14
<PAGE> 91
VISTA CASH MANAGEMENT FUND
PORTFOLIO OF INVESTMENTS February 28, 1997 (unaudited) (continued)
<TABLE>
<CAPTION>
Principal Value
Amount Issuer (USD)
- ----------------------------------------------------------------------------------------
<S> <C>
COMMERCIAL PAPER -- (CONTINUED)
------------------------------------------------------------------------------------
Transamerica Finance Corp.,
$ 14,000,000 5.330%, 04/17/97 $ 13,902,579
23,000,000 5.330%, 04/21/97 22,826,331
50,000,000 Westpac Capital Corp., 5.312%, 08/11/97 48,797,422
--------------
TOTAL CORPORATE OBLIGATIONS 1,320,870,102
- ------------------------------------------------------------------------------------
TOTAL COMMERCIAL PAPER 1,331,270,102
(COST $1,331,270,102)
- ------------------------------------------------------------------------------------
FLOATING RATE DEMAND NOTES -- 34.9%
- ------------------------------------------------------------------------------------
U.S. GOVERNMENT AGENCY OBLIGATIONS -- 5.2%
------------------------------------------------------
Student Loan Marketing Association,
10,525,000 5.330%, 03/04/97 10,525,000
4,675,000 5.350%, 03/04/97 4,675,000
40,700,000 5.350%, 03/04/97 40,706,558
18,500,000 5.350%, 03/04/97 18,502,258
49,000,000 5.360%, 03/04/97 49,000,000
46,000,000 5.410%, 03/04/97 46,000,000
--------------
169,408,816
--------------
STATE & MUNICIPAL OBLIGATIONS -- 0.1%
------------------------------------------------------
4,200,000 Fairview Hospital & Healthcare Services of 4,200,000
Minnesota, ACES, Ser. A 5.450%, 03/06/97 --------------
CORPORATE OBLIGATIONS -- 29.6%
------------------------------------------------------
BANKING -- 10.1%
American Express Centurion Bank,
14,000,000 5.345%, 03/24/97 14,000,000
50,000,000 5.345%, 03/27/97 50,000,000
30,000,000 5.345%, 03/31/97 30,000,000
25,000,000 5.392%, 03/31/97 25,000,000
50,000,000 AmSouth Bank of Alabama, 5.388%, 03/07/97 49,994,054
40,000,000 Bank One, Indianapolis, 5.290%, 03/04/97 39,977,172
20,000,000 FCC National Bank, 5.120%, 03/04/97 19,999,879
20,000,000 NationsBank, N.C., 5.470%, 03/04/97 20,006,258
PNC Bank, N.A.,
25,000,000 5.280%, 03/04/97 24,999,861
50,000,000 5.338%, 04/28/97 49,977,551
--------------
323,954,775
--------------
COMMERCIAL SERVICES -- 1.2%
40,000,000 PHH Corp., 5.390%, 03/06/97 39,999,682
--------------
</TABLE>
See notes to financial statements.
15
<PAGE> 92
VISTA CASH MANAGEMENT FUND
PORTFOLIO OF INVESTMENTS February 28, 1997 (unaudited) (continued)
<TABLE>
<CAPTION>
Principal Value
Amount Issuer (USD)
- ----------------------------------------------------------------------------------------
<S> <C>
FLOATING RATE DEMAND NOTES -- (CONTINUED)
------------------------------------------------------------------------------------
FINANCIAL SERVICES -- 17.5%
$ 50,000,000 Avco Financial Services, 5.460%, 03/18/97 $ 50,000,000
Bear Stearns Co., Inc.,
20,000,000 5.488%, 03/03/97 20,000,796
15,000,000 5.490%, 03/04/97 15,000,000
15,000,000 5.527%, 03/04/97 15,000,000
50,000,000 5.543%, 04/18/97 50,005,352
30,000,000 5.550%, 03/13/97 30,000,805
50,000,000 Beta Finance Corp., #, 5.430%, 11/03/97 50,000,000
Caterpillar Financial Services Corp.,
20,000,000 5.394%, 03/12/97 20,000,000
46,000,000 5.513%, 05/03/97 46,000,000
Centauri Corp., #,
30,000,000 5.376%, 03/18/97 30,000,000
20,000,000 5.415%, 03/20/97 20,000,000
35,000,000 5.458%, 03/10/97 35,000,000
25,000,000 Dean Witter, Discover & Co., 5.474%, 03/18/97 25,000,000
32,000,000 Ford Motor Credit Corp., 5.530%, 03/03/97 32,000,110
Merrill Lynch & Co., Inc.,
30,000,000 5.335%, 03/27/97 29,994,158
50,000,000 5.467%, 03/03/97 50,000,000
25,000,000 Morgan Stanley Group, 5.631%, 03/14/97 25,000,000
22,000,000 SMM Trust 1996-V, #, 5.644%, 03/26/97 22,000,000
--------------
565,001,221
--------------
HEALTH CARE -- 0.8%
25,000,000 Smithkline Beecham Corp., 5.530%, 03/04/97 25,000,106
--------------
TOTAL CORPORATE FLOATING RATE DEMAND NOTES 953,955,784
- ------------------------------------------------------------------------------------
TOTAL FLOATING RATE DEMAND NOTES 1,127,564,600
(COST $1,127,564,600)
- ------------------------------------------------------------------------------------
INTEREST BEARING DEPOSITS -- 6.6%
- ------------------------------------------------------------------------------------
TIME DEPOSIT -- 0.3%
------------------------------------------------------
11,107,000 First Union Bank (Cayman Islands), 5.375%, 11,107,000
03/03/97
CERTIFICATE OF DEPOSITS -- 6.3%
------------------------------------------------------
Banque Nationale de Paris, New York,
25,000,000 5.580%, 04/02/97 24,998,152
20,000,000 5.740%, 04/09/97 20,000,205
20,000,000 Deutsche Bank AG (Germany), 5.530%, 04/02/97 19,996,380
</TABLE>
See notes to financial statements.
16
<PAGE> 93
VISTA CASH MANAGEMENT FUND
PORTFOLIO OF INVESTMENTS February 28, 1997 (unaudited) (continued)
<TABLE>
<CAPTION>
Principal Value
Amount Issuer (USD)
- ----------------------------------------------------------------------------------------
<S> <C>
INTEREST BEARING DEPOSITS -- (CONTINUED)
------------------------------------------------------------------------------------
Societe Generale (France),
$ 50,000,000 5.490%, 08/11/97 $ 50,002,203
20,000,000 5.650%, 04/01/97 19,998,431
24,000,000 5.770%, 01/12/98 23,996,009
15,000,000 5.800%, 01/13/98 14,987,157
11,000,000 5.850%, 03/03/98 10,995,790
18,000,000 5.920%, 09/17/97 18,021,455
--------------
202,995,782
- ------------------------------------------------------------------------------------
TOTAL INTEREST BEARING DEPOSITS 214,102,782
(COST $214,102,782)
- ------------------------------------------------------------------------------------
REPURCHASE AGREEMENTS -- 8.2%
- ------------------------------------------------------------------------------------
144,000,000 Goldman Sachs & Co., 5.30%, due 03/03/97, (Dated 144,000,000
02/28/97, Proceeds $144,063,600, Secured by, U.S.
Treasury Note, $136,045,000 at 8.00%, due 05/15/01;
Market Value, $147,407,059)
120,000,000 Lehman Brothers, Inc., 5.30%, due 03/03/97, (Dated 120,000,000
02/28/97, Proceeds $120,053,000, Secured by, U.S.
Treasury Notes, $119,625,000, 6.125% through 6.375%,
due 08/31/98 through 03/31/01; Market Value,
$122,405,961)
- ------------------------------------------------------------------------------------
TOTAL REPURCHASE AGREEMENTS 264,000,000
(COST $264,000,000)
====================================================================================
TOTAL INVESTMENTS -- 99.8% $3,226,323,213
(COST $3,226,323,213)**
- ------------------------------------------------------------------------------------
</TABLE>
See notes to financial statements.
17
<PAGE> 94
VISTA PRIME MONEY MARKET FUND
PORTFOLIO OF INVESTMENTS February 28, 1997 (unaudited)
<TABLE>
<CAPTION>
Principal Value
Amount Issuer (USD)
- ----------------------------------------------------------------------------------------
<S> <C>
NOTES & BONDS -- 7.6%
------------------------------------------------------------------------------------
STATE & MUNICIPAL OBLIGATIONS -- 0.2%
------------------------------------------------------
$ 2,350,000 Scripps Health, California, Taxable Direct $ 2,344,861
Obligation, 5.600%, 10/01/97 --------------
CORPORATE OBLIGATIONS -- 7.0%
------------------------------------------------------
BANKING -- 0.9%
7,000,000 FCC National Bank, 6.000%, 07/18/97 6,997,297
5,000,000 Huntington National Bank, Columbus, 5.900%, 4,996,044
09/17/97
--------------
11,993,341
--------------
FINANCIAL SERVICES -- 6.1%
3,500,000 American General Finance Corp., 5.650%, 03/14/97 3,500,770
5,000,000 Associates Corp. of North America, 6.800%, 5,008,156
06/02/97
9,000,000 CC USA Inc. (Centauri Corp.) (Caymand Islands),# 9,000,000
5.700%, 12/18/97
7,045,000 Ford Motor Credit Corp., 5.625%, 03/03/97 7,045,234
3,000,000 Household Finance Corp., 6.700%, 08/08/97 3,008,045
5,000,000 KFW International Finance, 8.250%, 03/18/98 5,130,426
1,150,000 Merrill Lynch & Co., Inc., 7.250%, 05/15/97 1,153,076
Sigma Finance Corp. (United Kingdom),
18,000,000 5.800%, 03/03/98 18,000,000
20,000,000 5.870%, 01/20/98 20,000,000
8,000,000 Toyota Motor Credit Corp. (Japan), 5.450%, 7,999,441
03/14/97
--------------
79,845,148
--------------
OTHER GOVERNMENT OBLIGATIONS -- 0.4%
------------------------------------------------------
5,000,000 Province of Manitoba (Canada), 6.000%, 10/15/97 5,011,124
- ------------------------------------------------------------------------------------
TOTAL NOTES & BONDS 99,194,474
(COST $99,194,474)
- ------------------------------------------------------------------------------------
COMMERCIAL PAPER -- 39.5%
- ------------------------------------------------------------------------------------
U.S. GOVERNMENT AGENCY OBLIGATIONS -- 1.3%
------------------------------------------------------
17,000,000 Federal Home Loan Bank, 5.400%, 03/05/97 16,989,800
STATE & MUNICIPAL OBLIGATIONS -- 2.0%
------------------------------------------------------
25,811,000 Nebraska Higher Education, LOC, 5.350%, 03/27/97 25,711,269
</TABLE>
See notes to financial statements.
18
<PAGE> 95
VISTA PRIME MONEY MARKET FUND
PORTFOLIO OF INVESTMENTS February 28, 1997 (unaudited) (continued)
<TABLE>
<CAPTION>
Principal Value
Amount Issuer (USD)
- ----------------------------------------------------------------------------------------
<S> <C>
COMMERCIAL PAPER -- (CONTINUED)
------------------------------------------------------------------------------------
CORPORATE OBLIGATIONS -- 36.2%
------------------------------------------------------
$ 30,000,000 ABN-AMRO North America Finance Inc. (Netherlands), $ 30,000,000
5.380%, 03/13/97
15,000,000 Anchor Funding Corp.,# 5.370%, 04/22/97 14,883,650
Apex Funding Corp.# (Cayman Islands),
9,979,000 5.420%, 04/30/97 9,888,856
35,000,000 5.420%, 05/30/97 34,525,750
11,415,000 5.465%, 03/17/97 11,387,274
Bank of Tokyo-Mitsubishi, Ltd. (Japan),
4,000,000 5.430%, 03/20/97 3,988,537
30,000,000 5.440%, 04/09/97 29,823,200
Barclays Bank Plc (United Kingdom),
14,500,000 5.330%, 06/30/97 14,240,237
13,000,000 5.370%, 08/01/97 12,703,308
10,000,000 5.430%, 06/17/97 9,837,100
Bayerische Landesbank, Girozentrale (Germany),
10,000,000 5.330%, 06/06/97 9,856,386
10,000,000 5.350%, 03/14/97 9,980,681
5,000,000 5.390%, 04/09/97# 4,970,804
10,000,000 5.420%, 07/14/97 9,796,750
10,000,000 5.430%, 07/18/97 9,790,342
5,000,000 5.550%, 03/04/97 4,997,688
20,000,000 Beal Cayman Ltd., Brazil, 5.400%, 04/14/97 19,868,000
CC USA Inc.(Cenntauri Corp.) (Cayman Islands),#
20,000,000 5.400%, 07/21/97 19,574,000
20,000,000 5.450%, 03/20/97 19,942,472
10,000,000 Centauri Corp. (Cayman Islands),# 5.320%, 06/02/97 9,862,567
Credit Suisse (Switzerland),
9,272,000 5.470%, 03/17/97 9,249,459
2,000,000 5.650%, 03/13/97 1,996,233
20,000,000 Dresdner Bank AG# (Germany), 5.310%, 09/16/97 19,412,950
5,833,000 Enterprise Funding Corp.# (Germany), 5.340%, 5,823,482
03/12/97
27,824,000 FP Funding Corp.# (Japan), 5.390%, 03/07/97 27,799,005
14,397,000 Gotham Funding# (Japan), 5.370%, 05/15/97 14,235,934
25,000,000 IMI Funding (Italy), 5.400%, 04/11/97 24,846,250
10,000,000 Minmetals Capital Corp. (Credit Swisse, 9,909,347
Switzerland), 5.350%, 05/01/97
</TABLE>
See notes to financial statements.
19
<PAGE> 96
VISTA PRIME MONEY MARKET FUND
PORTFOLIO OF INVESTMENTS February 28, 1997 (unaudited) (continued)
<TABLE>
<CAPTION>
Principal Value
Amount Issuer (USD)
- ----------------------------------------------------------------------------------------
<S> <C>
COMMERCIAL PAPER -- (CONTINUED)
------------------------------------------------------------------------------------
Receivables Capital Corp.,#
$ 6,815,000 5.290%, 04/03/97 $ 6,781,953
18,540,000 5.310%, 03/21/97 18,485,307
10,000,000 Sigma Finance Corp.# (United Kingdom), 5.400%, 9,781,000
07/25/97
5,000,000 Societe Generale (France), 5.410%, 06/12/97 4,922,607
19,456,000 Twin Towers Inc.,# 5.380%, 03/07/97 19,438,554
10,000,000 Windmill Funding Corp., 5.650%, 03/05/97 9,993,722
--------------
TOTAL CORPORATE OBLIGATIONS 472,593,405
- ------------------------------------------------------------------------------------
TOTAL COMMERCIAL PAPER 515,294,474
(COST $515,294,474)
- ------------------------------------------------------------------------------------
FLOATING RATE DEMAND NOTES -- 30.9%
- ------------------------------------------------------------------------------------
U.S. GOVERNMENT AGENCY OBLIGATIONS -- 4.3%
------------------------------------------------------
Student Loan Marketing Association,
12,000,000 5.350%, 03/04/97 12,000,000
44,000,000 5.360%, 03/04/97 44,000,000
--------------
56,000,000
--------------
STATE & MUNICIPAL OBLIGATIONS -- 6.2%
------------------------------------------------------
44,100,000 Illinois Student Assistance, Common Student Loan, 44,100,000
Ser. B, 5.410%, 03/05/97
17,000,000 Kern County, California Pension Obligation, 17,000,000
Taxable, Medical Option Period, 5.538%, 03/03/97
12,635,000 New Orleans Louisiana, Aviation Board, 5.530%, 12,635,000
03/05/97
2,900,000 Stanislaus County, California, Pension Obligation, 2,900,000
Medical Option Period, 5.538%, 03/03/97
3,600,000 Texas State, Taxable, Medical Option Period, 3,600,000
5.538%, 03/03/97
--------------
80,235,000
--------------
CORPORATE OBLIGATIONS -- 20.4%
------------------------------------------------------
FINANCIAL SERVICES -- 19.7%
9,000,000 Bear Stearns Co., Inc., 5.472%, 03/16/97 9,000,000
16,000,000 Caterpillar Financial Services Corp., 5.480%, 16,000,000
03/03/97
25,000,000 Centauri Corp. (CC USA Inc.), (Cayman Islands), 25,000,000
5.410%, 03/03/97
3,000,000 General Electric Capital Corp., 5.570%, 03/03/97 3,000,519
25,000,000 Merrill Lynch & Co., Inc., 5.440%, 03/03/97 25,000,000
50,000,000 Morgan Stanley Group, 5.631%, 03/14/97 50,000,000
</TABLE>
See notes to financial statements.
20
<PAGE> 97
VISTA PRIME MONEY MARKET FUND
PORTFOLIO OF INVESTMENTS February 28, 1997 (unaudited) (continued)
<TABLE>
<CAPTION>
Principal Value
Amount Issuer (USD)
- ----------------------------------------------------------------------------------------
<S> <C>
FLOATING RATE DEMAND NOTES -- (CONTINUED)
------------------------------------------------------------------------------------
$ 9,265,000 Sault Ste Marie Tribe Building, 5.940%, 06/02/97 $ 9,265,000
31,000,000 Short-Term Card Account Trust 1996-1, 5.442%, 31,000,000
03/15/97
SMM Trust 1996-V,
25,000,000 5.422%, 03/16/97 24,995,763
13,000,000 5.425%, 03/20/97 13,000,000
50,000,000 5.644%, 03/26/97 50,000,000
--------------
256,261,282
--------------
UTILITY -- 0.7%
9,000,000 Hydro Quebec, Quebec (Yankee Sector), 5.538%, 9,000,000
03/03/97
- ------------------------------------------------------------------------------------
TOTAL FLOATING RATE DEMAND NOTES 401,496,282
(COST $401,496,282)
- ------------------------------------------------------------------------------------
CERTIFICATES OF DEPOSIT -- 7.9%
- ------------------------------------------------------------------------------------
7,000,000 Bank of Nova Scotia (Canada), 5.900%, 06/10/97 6,996,301
Bank of Tokyo-Mitsubishi, Ltd. (Japan),
5,000,000 5.540%, 06/11/97 5,000,451
30,000,000 5.590%, 08/18/97 30,002,067
4,000,000 Landesbank H. Thuringen (Germany), 5.640%, 3,999,731
03/20/97
5,000,000 Morgan Guaranty Trust of New York, 5.710%, 4,998,367
01/06/98
38,000,000 Sanwa Bank Ltd. (Japan), 5.440%, 03/07/97 38,000,189
Societe Generale (France),
2,000,000 5.620%, 03/28/97 1,999,791
5,000,000 5.770%, 05/15/97 4,999,631
7,000,000 Westpac Banking Corp., 5.970%, 06/06/97 6,999,467
- ------------------------------------------------------------------------------------
TOTAL CERTIFICATES OF DEPOSIT 102,995,995
(COST $102,995,995)
- ------------------------------------------------------------------------------------
</TABLE>
See notes to financial statements.
21
<PAGE> 98
VISTA PRIME MONEY MARKET FUND
PORTFOLIO OF INVESTMENTS February 28, 1997 (unaudited) (continued)
<TABLE>
<CAPTION>
Principal Value
Amount Issuer (USD)
- ------------------------------------------------------------------------------------
<S> <C>
REPURCHASE AGREEMENTS -- 15.1%
- ------------------------------------------------------------------------------------
$ 197,067,000 Goldman Sachs & Co., 5.42%, due 03/03/97, (Dated $ 197,067,000
02/28/97, Proceeds $197,156,009, Secured by;
FHLMC, $142,820,857, at 7.22% through 7.50%, due
04/01/26 through 03/01/33; FNMA, ARM, $63,908,000
at 6.09%, due 11/01/35; Market Value $201,008,340)
(Cost $197,067,000)
- ------------------------------------------------------------------------------------
TOTAL INVESTMENTS -- 101.0% $1,316,048,225
(COST $1,316,048,225)**
------------------------------------------------------------------------------------
# = Security may only be sold to qualified institutional buyers.
** = The cost of securities is substantially the same for federal income tax
purposes.
ARM = Adjustable Rate Mortgage
COP = Certificate of Participation
FHLMC = Federal Home Loan Mortgage Corp.
FNMA = Federal National Mortgage Association
FRDN = Floating Rate Demand Note: The maturity date shown is the next interest
reset date; the rate shown is the rate in effect at February 28, 1997.
GNMA = Government National Mortgage Association
GO = General Obligation
IDA = Industrial Development Authority
REMIC = Real Estate Mortgage Investment Conduit
ACES = Automatic CM Exchange Securities
</TABLE>
See notes to financial statements.
22
<PAGE> 99
VISTA MUTUAL FUNDS
STATEMENT OF ASSETS AND LIABILITIES
February 28,1997 (unaudited)
- --------------------------------------------------------------------------------
<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)....... $2,112,978,724 $5,516,983,213 $2,289,475,103
Cash........................................... 1,366 940,685,383 105,014
Receivables:
Investment securities sold................... 619,819,794 115,947,972 --
Interest..................................... 20,042,317 19,216,870 2,299,984
Fund shares sold............................. 671,336 7,551,625 777,089
Other........................................ 127,126 266,060 116,200
-------------- -------------- --------------
Total Assets............................. 2,753,640,663 6,600,651,123 2,292,773,390
-------------- -------------- --------------
LIABILITIES:
Payable for investment securities purchased.... 894,207,500 1,076,874,626 544,167,306
Payable for Fund shares redeemed............... 12,536 3,075,114 703,307
Payable to custodian........................... -- -- --
Dividends payable.............................. 1,267,829 8,011,397 2,726,314
Other liabilities.............................. 208,199 89,500 --
Accrued liabilities: (Note 2)
Administration fees.......................... 141,242 423,721 133,504
Distribution fees............................ 132,982 233,282 113,258
Investment advisory fees..................... 142,143 423,720 133,505
Shareholder/Fund servicing fees.............. 303,909 510,651 291,217
Custody fees................................. 53,467 101,862 78,702
Other........................................ 450,517 913,636 428,630
-------------- -------------- --------------
Total Liabilities........................ 896,920,324 1,090,657,509 548,775,743
-------------- -------------- --------------
NET ASSETS:
Paid in capital................................ 1,856,881,155 5,509,943,066 1,744,078,227
Accumulated undistributed net investment
income....................................... (6) -- (3,116)
Accumulated net realized gain (loss) on
investment transactions...................... (160,810) 50,548 (77,464)
-------------- -------------- --------------
Net Assets................................... $1,856,720,339 $5,509,993,614 $1,743,997,647
============== ============== ==============
Shares of beneficial interest outstanding ($.001
par value; unlimited number of shares
authorized):
Vista Shares................................. 1,730,075,625 2,074,316,810 1,460,514,189
Premier Shares............................... 3,700,121 977,415,091 123,036,881
Institutional Shares......................... 123,105,409 2,458,311,915 160,625,125
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............................. $2,112,978,724 $5,516,983,213 $2,289,475,103
============== ============== ==============
</TABLE>
See notes to financial statements.
23
<PAGE> 100
VISTA MUTUAL FUNDS
STATEMENT OF ASSETS AND LIABILITIES
February 28,1997 (unaudited) (continued)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Vista Vista
Federal Vista Prime
Money Market Cash Management Money Market
Fund Fund Fund
------------ --------------- --------------
<S> <C> <C> <C>
ASSETS:
Investment securities, at value (Note 1)....... $754,403,266 $3,226,323,213 $1,316,048,225
Cash........................................... -- 2,039,920 560,286
Receivables:
Investment securities sold................... -- 15,788,858 --
Interest..................................... 4,533,913 18,897,364 5,604,601
Fund shares sold............................. 874,158 2,296,480 3,114,086
Other........................................ 42,862 188,994 85,284
------------ -------------- --------------
Total Assets............................. 759,854,199 3,265,534,829 1,325,412,482
------------ -------------- --------------
LIABILITIES:
Payable for investment securities purchased.... 24,940,650 25,596,774 18,000,000
Payable for Fund shares redeemed............... 525,354 394,638 --
Payable to custodian........................... 978,040 -- --
Dividends payable.............................. 569,719 3,270,632 3,211,691
Other liabilities.............................. -- 326,330 --
Accrued liabilities: (Note 2)
Administration fees.......................... 58,424 246,882 59,046
Distribution fees............................ 28,300 -- 4,136
Investment advisory fees..................... 58,423 246,884 118,092
Shareholder/Fund servicing fees.............. 120,797 590,281 66,396
Custody fees................................. 34,418 76,415 55,240
Other........................................ 329,663 660,547 356,480
------------ -------------- --------------
Total Liabilities........................ 27,643,788 31,409,383 21,871,081
------------ -------------- --------------
NET ASSETS:
Paid in capital................................ 732,210,411 3,234,006,666 1,303,533,745
Accumulated undistributed net investment
income....................................... -- -- --
Accumulated net realized gain (loss) on
investment transactions...................... -- 118,780 7,656
------------ -------------- --------------
Net Assets................................... $732,210,411 $3,234,125,446 $1,303,541,401
============ ============== ==============
Shares of beneficial interest outstanding ($.001
par value; unlimited number of shares
authorized):
Vista Shares............................... 327,818,218 2,056,221,531
Premier Shares............................. 286,927,994 445,348,991 446,993,096
Institutional Shares....................... 117,464,199 732,546,720 848,845,844
B Shares................................... 7,694,804
Net asset value, offering and redemption price
per share, all classes (net assets/shares)..... $1.00 $1.00 $1.00
============ ============== ==============
Cost of investments............................. $754,403,266 $3,226,323,213 $1,316,048,225
============ ============== ==============
</TABLE>
See notes to financial statements.
24
<PAGE> 101
VISTA MUTUAL FUNDS
STATEMENT OF OPERATIONS
For the six months ended February 28, 1997 (unaudited)
- --------------------------------------------------------------------------------
<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)........................ $48,374,290 $ 126,472,821 $47,583,038
----------- ------------ -----------
EXPENSES: (Note 2)
Shareholder/Fund servicing fees.................. 3,029,723 4,594,278 2,676,372
Distribution fees................................ 865,439 1,439,960 725,146
Administration fees.............................. 915,268 2,325,422 899,750
Investment advisory fees......................... 915,720 2,325,422 899,750
Custodian fees................................... 123,830 195,853 192,961
Printing and postage............................. 12,375 31,463 14,849
Professional fees................................ 55,702 97,980 41,842
Registration costs............................... 87,851 183,207 86,752
Transfer agent fees.............................. 145,871 523,477 107,436
Trustees fees and expenses....................... 52,607 132,653 51,918
Other............................................ 48,027 108,756 31,116
----------- ------------ -----------
Total expenses............................. 6,252,413 11,958,471 5,727,892
Less amounts waived (Note 2B).................... 1,009,785 1,506,179 846,392
----------- ------------ -----------
Net expenses................................... 5,242,628 10,452,292 4,881,500
----------- ------------ -----------
Net investment income.......................... 43,131,662 116,020,529 42,701,538
----------- ------------ -----------
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS
Net realized gain (loss) on investment
transactions................................... 124,725 513,901 173,356
----------- ------------ -----------
Net increase in net assets from operations....... $43,256,387 $ 116,534,430 $42,874,894
=========== ============ ===========
</TABLE>
See notes to financial statements.
25
<PAGE> 102
VISTA MUTUAL FUNDS
STATEMENT OF OPERATIONS
For the six months ended February 28, 1997 (unaudited) (continued)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Vista Vista
Federal Vista Prime
Money Market Cash Management Money Market
Fund Fund Fund
------------ --------------- ------------
<S> <C> <C> <C>
INTEREST INCOME: (Note 1C)....................... $19,926,766 $80,956,765 $41,441,929
----------- ----------- -----------
EXPENSES: (Note 2)
Shareholder/Fund servicing fees................. 951,016 3,699,055 569,377
Distribution fees............................... 176,752 -- 36,902
Administration fees............................. 368,458 1,474,034 750,178
Investment advisory fees........................ 368,457 1,474,034 750,179
Custodian fees.................................. 95,231 187,017 119,254
Printing and postage............................ 7,424 11,488 12,243
Professional fees............................... 16,252 61,584 37,300
Registration costs.............................. 29,091 103,740 126,224
Transfer agent fees............................. 262,256 497,302 91,157
Trustees fees and expenses...................... 21,459 85,084 37,825
Other........................................... 27,129 47,407 51,275
----------- ----------- -----------
Total expenses............................ 2,323,525 7,640,745 2,581,914
Less amounts waived (Note 2B)................... 260,675 372,348 176,946
----------- ----------- -----------
Net expenses.................................. 2,062,850 7,268,397 2,404,968
----------- ----------- -----------
Net investment income......................... 17,863,916 73,688,368 39,036,961
----------- ----------- -----------
REALIZED AND UNREALIZED GAIN (LOSS) ON
INVESTMENTS
Net realized gain (loss) on investment
transactions.................................. 40,422 12,496 92,841
----------- ----------- -----------
Net increase in net assets from operations...... $17,904,338 $73,700,864 $39,129,802
=========== =========== ===========
</TABLE>
See notes to financial statements.
26
<PAGE> 103
VISTA MUTUAL FUNDS
STATEMENT OF CHANGES IN NET ASSETS (unaudited)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Vista 100% U.S. Vista U.S.
Treasury Securities Government
Money Market Fund Money Market Fund
------------------------------- -------------------------------
9/1/96 12/1/95 9/1/96 Year
Through Through Through Ended
2/28/97 8/31/96* 2/28/97 8/31/96
-------------- -------------- -------------- --------------
<S> <C> <C> <C> <C>
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income................................. $ 43,131,662 $ 54,450,347 $ 116,020,529 $ 149,636,341
Net realized gain (loss) on investment transactions... 124,725 317,081 513,901 3,546
-------------- -------------- -------------- --------------
Increase (decrease) in net assets from operations... 43,256,387 54,767,428 116,534,430 149,639,887
-------------- -------------- -------------- --------------
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income................................. (43,131,662) (54,450,354) (116,020,528) (149,636,341)
Net realized gain on investment transactions.......... (498,431) (90,037) (465,957) (2,396)
-------------- -------------- -------------- --------------
Total dividends and distributions............... (43,630,093) (54,540,391) (116,486,485) (149,638,737)
-------------- -------------- -------------- --------------
Increase (decrease) from capital share transactions.... 185,263,013 334,055,174 1,469,495,097 2,469,421,386
-------------- -------------- -------------- --------------
Total increase (decrease)........................... 184,889,307 334,282,211 1,469,543,042 2,469,422,536
NET ASSETS:
Beginning of period................................... 1,671,831,032 1,337,548,821 4,040,450,572 1,571,028,036
-------------- -------------- -------------- --------------
End of period......................................... $1,856,720,339 $1,671,831,032 $5,509,993,614 $4,040,450,572
============== ============== ============== ==============
<CAPTION>
Vista
Treasury Plus
Money Market Fund
-------------------------------
9/1/96 Year
Through Ended
2/28/97 8/31/96
-------------- --------------
<S> <C> <C>
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income................................. $ 42,701,538 $ 31,447,169
Net realized gain (loss) on investment transactions... 173,356 (84,507)
-------------- --------------
Increase (decrease) in net assets from operations... 42,874,894 31,362,662
-------------- --------------
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income................................. (42,718,407) (31,353,233)
Net realized gain on investment transactions.......... (166,314) (80,182)
-------------- --------------
Total dividends and distributions............... (42,884,721) (31,433,415)
-------------- --------------
Increase (decrease) from capital share transactions.... 67,300,169 1,640,570,579
-------------- --------------
Total increase (decrease)........................... 67,290,342 1,640,499,826
NET ASSETS:
Beginning of period................................... 1,676,707,305 36,207,479
-------------- --------------
End of period......................................... $1,743,997,647 $1,676,707,305
============== ==============
</TABLE>
- ------------------
* In 1996 the fund changed its fund year end from November 30 to August 31.
See notes to financial statements.
27
<PAGE> 104
VISTA MUTUAL FUNDS
STATEMENT OF CHANGES IN NET ASSETS (unaudited) (continued)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Vista Vista
Federal Cash Management
Money Market Fund Fund
----------------------------- -------------------------------
9/1/96 Year 9/1/96 12/1/95
Through Ended Through Through
2/28/97 8/31/96 2/28/97 8/31/96*
------------- ------------- -------------- --------------
<S> <C> <C> <C> <C>
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income..................................... $ 17,863,916 $ 29,210,103 $ 73,688,368 $ 71,975,331
Net realized gain (loss) on investment transactions....... 40,422 62,246 12,496 8,546
------------ ------------ -------------- --------------
Increase (decrease) in net assets from operations....... 17,904,338 29,272,349 73,700,864 71,983,877
------------ ------------ -------------- --------------
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income..................................... (17,863,916) (29,210,103) (73,688,368) (71,975,332)
Net realized gain on investment transactions.............. (84,289) (31,088) -- (25,113)
------------ ------------ -------------- --------------
Total dividends and distributions................... (17,948,205) (29,241,191) (73,688,368) (72,000,445)
------------ ------------ -------------- --------------
Increase (decrease) from capital share transactions........ (10,748,609) 277,469,712 522,596,775 1,077,039,651
------------ ------------ -------------- --------------
Total increase (decrease)............................... (10,792,476) 277,500,870 522,609,271 1,077,023,083
NET ASSETS:
Beginning of period....................................... 743,002,887 465,502,017 2,711,516,175 1,634,493,092
------------ ------------ -------------- --------------
End of period............................................. $ 732,210,411 $ 743,002,887 $3,234,125,446 $2,711,516,175
============ ============ ============== ==============
<CAPTION>
Vista
Prime
Money Market Fund
-------------------------------
9/1/96 Year
Through Ended
2/28/97 8/31/96
-------------- --------------
<S> <C> <C>
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income..................................... $ 39,036,961 $ 57,901,747
Net realized gain (loss) on investment transactions....... 92,841 7,807
-------------- --------------
Increase (decrease) in net assets from operations....... 39,129,802 57,909,554
-------------- --------------
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income..................................... (39,036,961) (57,902,939)
Net realized gain on investment transactions.............. (85,184) (7,683)
-------------- --------------
Total dividends and distributions................... (39,122,145) (57,910,622)
-------------- --------------
Increase (decrease) from capital share transactions........ 144,587,022 905,690,709
-------------- --------------
Total increase (decrease)............................... 144,594,679 905,689,641
NET ASSETS:
Beginning of period....................................... 1,158,946,722 253,257,081
-------------- --------------
End of period............................................. $1,303,541,401 $1,158,946,722
============== ==============
</TABLE>
- ------------------
* In 1996 the fund changed its fund year end from November 30 to August 31.
See notes to financial statements.
28
<PAGE> 105
VISTA MUTUAL FUNDS
NOTES TO FINANCIAL STATEMENTS (unaudited)
- --------------------------------------------------------------------------------
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 Fund ("CMMM"), and Vista Prime Money
Market Fund ("PMM") are separate portfolios of MFT. Collectively all of these
funds are referred to as "Money Market Funds" or individually as the "Fund".
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
</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 February 28, 1997, 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. Interest income consists of coupon interest accrued and amortization
of premium and discount earned.
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
29
<PAGE> 106
VISTA MUTUAL FUNDS
NOTES TO FINANCIAL STATEMENTS (unaudited) (continued)
- --------------------------------------------------------------------------------
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.
Chase Asset Management, Inc. ("CAM"), a registered investment adviser, is
the sub-investment adviser to each Fund, other than the Vista Cash
Management 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 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 the 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. The fee is computed daily and paid monthly at an
annual rate of 0.35%, 0.25% and 0.25% of the average daily net assets of the
Vista, Premier and B Shares Class of each Fund. The Shareholder Servicing
Agents voluntarily waived fees in the amount of $1,009,785, $1,506,179,
$846,392, $260,675, $372,348 and $176,946 for the USTSMM, USGMM, TPMM, FMM,
CMMM and PMM respectively.
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.
C. Distribution and sub-administration fees -- Pursuant to the
Distribution and Sub-administration Agreements, Vista Fund Distributors,
Inc. ("VFD" or the "Distributor"), a
30
<PAGE> 107
VISTA MUTUAL FUNDS
NOTES TO FINANCIAL STATEMENTS (unaudited) (continued)
- --------------------------------------------------------------------------------
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.
The Trustees have adopted 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.
The fee is computed daily and paid monthly at an annual rate of: 0.10% of
the average daily net assets of the Vista Class of each Fund (except CMMM),
0.10% of the average daily net assets of the USGMM Premier Class and 0.75%
of the average daily net assets of the B Shares of PMM.
D. 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.
E. Other -- Certain officers of the Trust are officers of VFD or of its
parent corporation, BISYS.
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, Prime Money Market Fund
had net capital loss carryovers of approximately $11,000. 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 utilized capital
loss carryovers of approximately $12,000. 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.
31
<PAGE> 108
VISTA MUTUAL FUNDS
NOTES TO FINANCIAL STATEMENTS (unaudited) (continued)
- --------------------------------------------------------------------------------
4. TRANSACTIONS IN SHARES OF BENEFICIAL INTEREST
<TABLE>
<CAPTION>
Vista 100% U.S. Treasury Securities Money Market Fund
--------------------------------------------------------------------
Vista Class
--------------------------------------------------------------------
9/1/96 Through 2/28/97 12/1/95 Through 8/31/96*
-------------------------------- --------------------------------
Amount Shares Amount Shares
--------------- -------------- --------------- --------------
<S> <C> <C> <C> <C>
Shares sold......... $ 4,488,392,337 4,488,392,337 $ 7,409,194,967 7,409,194,967
Shares issued in
reinvestment of
distributions..... 32,138,229 32,138,229 40,320,411 40,320,411
Shares redeemed..... (4,461,845,921) (4,461,845,921) (7,115,687,366) (7,115,687,366)
--------------- -------------- --------------- --------------
Net increase
(decrease) in
Trust shares
outstanding....... $ 58,684,645 58,684,645 $ 333,828,012 333,828,012
=============== ============== =============== ==============
<CAPTION>
Premier Class
--------------------------------------------------------------------
9/1/96 Through 2/28/97 6/3/96 Through 8/31/96**
-------------------------------- --------------------------------
Amount Shares Amount Shares
--------------- -------------- --------------- --------------
<S> <C> <C> <C> <C>
Shares sold......... $ 3,745,103 3,745,103 $ 491,675 491,675
Shares issued in
reinvestment of
distributions..... 13,098 13,098 2,269 2,269
Shares redeemed..... (285,030) (285,030) (266,994) (266,994)
--------------- -------------- --------------- --------------
Net increase
(decrease) in
Trust shares
outstanding....... $ 3,473,171 3,473,171 $ 226,950 226,950
=============== ============== =============== ==============
<CAPTION>
Institutional Class
--------------------------------------------------------------------
9/1/96 Through 2/28/97 6/3/96 Through 8/31/96**
-------------------------------- --------------------------------
Amount Shares Amount Shares
--------------- -------------- --------------- --------------
<S> <C> <C> <C> <C>
Shares sold......... $ 383,525,786 383,525,786 $ 22,275,210 22,275,210
Shares issued in
reinvestment of
distributions..... 2,247,098 2,247,098 2,557 2,557
Shares redeemed..... (262,667,687) (262,667,687) (22,277,555) (22,277,555)
--------------- -------------- --------------- --------------
Net increase
(decrease) in
Trust shares
outstanding....... $ 123,105,197 123,105,197 $ 212 212
=============== ============== =============== ==============
</TABLE>
- ---------------
* Commencement of operations.
** Commencement of offering of class of shares.
32
<PAGE> 109
VISTA MUTUAL FUNDS
NOTES TO FINANCIAL STATEMENTS (unaudited) (continued)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Vista U.S. Government Money Market Fund
--------------------------------------------------------------------
Vista Class
--------------------------------------------------------------------
9/1/96 Through 2/28/97 Year Ended August 31, 1996
-------------------------------- --------------------------------
Amount Shares Amount Shares
--------------- -------------- --------------- --------------
<S> <C> <C> <C> <C>
Shares sold......... $ 7,868,571,712 7,868,571,712 $ 6,258,795,986 6,258,795,986
Shares issued in
reinvestment of
distributions..... 27,412,590 27,412,590 18,755,086 18,755,086
Shares redeemed..... (7,878,789,687) (7,878,789,687) (6,113,103,556) (6,113,103,556)
Shares acquired from
Hanover........... -- -- 1,551,238,481 1,551,339,231
--------------- -------------- --------------- --------------
Net increase
(decrease) in
Trust shares
outstanding....... $ 17,194,615 17,194,615 $ 1,715,685,997 1,715,786,747
=============== ============== =============== ==============
<CAPTION>
Premier Class
--------------------------------------------------------------------
9/1/96 Through 2/28/97 Year Ended August 31, 1996
-------------------------------- --------------------------------
Amount Shares Amount Shares
--------------- -------------- --------------- --------------
<S> <C> <C> <C> <C>
Shares sold......... $ 2,690,767,679 2,690,767,679 $ 6,630,692,269 6,630,692,269
Shares issued in
reinvestment of
distributions..... 11,515,930 11,515,930 33,440,739 33,440,739
Shares redeemed..... (2,526,533,057) (2,526,533,057) (6,626,077,145) (6,626,077,145)
--------------- -------------- --------------- --------------
Net increase
(decrease) in
Trust shares
outstanding....... $ 175,750,552 175,750,552 $ 38,055,863 38,055,863
=============== ============== =============== ==============
<CAPTION>
Institutional Class
--------------------------------------------------------------------
9/1/96 Through 2/28/97 Year Ended August 31, 1996
-------------------------------- --------------------------------
Amount Shares Amount Shares
--------------- -------------- --------------- --------------
<S> <C> <C> <C> <C>
Shares sold......... $ 8,962,537,954 8,962,537,954 $ 8,395,036,076 8,395,036,076
Shares issued in
reinvestment of
distributions..... 25,327,670 25,327,670 21,171,054 21,171,054
Shares redeemed..... (7,711,315,694) (7,711,315,694) (7,700,527,604) (7,700,527,604)
--------------- -------------- --------------- --------------
Net increase
(decrease) in
Trust shares
outstanding....... $ 1,276,549,930 1,276,549,930 $ 715,679,526 715,679,526
=============== ============== =============== ==============
</TABLE>
33
<PAGE> 110
VISTA MUTUAL FUNDS
NOTES TO FINANCIAL STATEMENTS (unaudited) (continued)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Vista Treasury Plus Money Market Fund
--------------------------------------------------------------------
Vista Class
--------------------------------------------------------------------
9/1/96 Through 2/28/97 5/6/96 Through 8/31/96*
-------------------------------- --------------------------------
Amount Shares Amount Shares
--------------- -------------- --------------- --------------
<S> <C> <C> <C> <C>
Shares sold......... $ 8,014,640,039 8,014,640,039 $ 4,725,630,526 4,725,630,526
Shares issued in
reinvestment of
distributions..... 19,683,941 19,683,941 13,439,801 13,439,801
Shares redeemed..... (7,956,154,397) (7,956,154,397) (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....... $ 78,169,583 78,169,583 $ 1,382,246,638 1,382,344,606
=============== ============== =============== ==============
<CAPTION>
Premier Class
--------------------------------------------------------------------
9/1/96 Through 2/28/97 Year Ended August 31, 1996
-------------------------------- --------------------------------
Amount Shares Amount Shares
--------------- -------------- --------------- --------------
<S> <C> <C> <C> <C>
Shares sold......... $ 247,529,655 247,529,655 $ 529,748,921 529,748,921
Shares issued in
reinvestment of
distributions..... 581,332 581,332 745,012 745,012
Shares redeemed..... (231,099,356) (231,099,356) (443,040,963) (443,040,963)
--------------- -------------- --------------- --------------
Net increase
(decrease) in
Trust shares
outstanding....... $ 17,011,631 17,011,631 $ 87,452,970 87,452,970
=============== ============== =============== ==============
<CAPTION>
Institutional Class
--------------------------------------------------------------------
9/1/96 Through 2/28/97 Year Ended August 31, 1996
-------------------------------- --------------------------------
Amount Shares Amount Shares
--------------- -------------- --------------- --------------
<S> <C> <C> <C> <C>
Shares sold......... $ 4,366,179,320 4,366,179,320 $ 1,690,470,986 1,690,470,986
Shares issued in
reinvestment of
distributions..... 1,500,944 1,500,944 1,414,045 1,414,045
Shares redeemed..... (4,395,561,309) (4,395,561,309) (1,521,014,060) (1,521,014,060)
--------------- -------------- --------------- --------------
Net increase
(decrease) in
Trust shares
outstanding....... ($ 27,881,045) (27,881,045) $ 170,870,971 170,870,971
=============== ============== =============== ==============
</TABLE>
- ---------------
* Commencement of offering of class of shares.
34
<PAGE> 111
VISTA MUTUAL FUNDS
NOTES TO FINANCIAL STATEMENTS (unaudited) (continued)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Vista Federal Money Market Fund
----------------------------------------------------------------
Vista Class
----------------------------------------------------------------
9/1/96 Through 2/28/97 Year Ended August 31, 1996
---------------------------- --------------------------------
Amount Shares Amount Shares
------------- ------------ --------------- --------------
<S> <C> <C> <C> <C>
Shares sold............ $ 216,807,286 216,807,286 $ 543,789,208 543,789,208
Shares issued in
reinvestment of
distributions........ 6,665,445 6,665,445 8,492,776 8,492,776
Shares redeemed........ (248,576,174) (248,576,174) (402,761,910) (402,761,910)
------------- ------------ --------------- --------------
Net increase (decrease)
in Trust shares
outstanding.......... ($ 25,103,443) (25,103,443) $ 149,520,074 149,520,074
============== ============= =============== ==============
<CAPTION>
Premier Class
----------------------------------------------------------------
9/1/96 Through 2/28/97 Year Ended August 31, 1996
---------------------------- --------------------------------
Amount Shares Amount Shares
------------- ------------ --------------- --------------
<S> <C> <C> <C> <C>
Shares sold............ $ 363,625,616 363,625,616 $ 449,345,979 449,345,979
Shares issued in
reinvestment of
distributions........ 6,475,197 6,475,197 10,216,010 10,216,010
Shares redeemed........ (331,917,167) (331,917,167) (359,327,225) (359,327,225)
------------- ------------ --------------- --------------
Net increase (decrease)
in Trust shares
outstanding.......... $ 38,183,646 38,183,646 $ 100,234,764 100,234,764
============== ============= =============== ==============
<CAPTION>
Institutional Class
----------------------------------------------------------------
9/1/96 Through 2/28/97 Year Ended August 31, 1996
---------------------------- --------------------------------
Amount Shares Amount Shares
------------- ------------ --------------- --------------
<S> <C> <C> <C> <C>
Shares sold............ $ 381,543,016 381,543,016 $ 1,125,386,751 1,125,386,751
Shares issued in
reinvestment of
distributions........ 838,653 838,653 1,206,644 1,206,644
Shares redeemed........ (406,210,481) (406,210,481) (1,098,878,521) (1,098,878,521)
------------- ------------ --------------- --------------
Net increase (decrease)
in Trust shares
outstanding.......... ($ 23,828,812) (23,828,812) $ 27,714,874 27,714,874
============== ============= =============== ==============
</TABLE>
35
<PAGE> 112
VISTA MUTUAL FUNDS
NOTES TO FINANCIAL STATEMENTS (unaudited) (continued)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Vista Cash Management Fund
--------------------------------------------------------------------
Vista Class
--------------------------------------------------------------------
9/1/96 Through 2/28/97 12/1/95* Through 8/31/96
-------------------------------- --------------------------------
Amount Shares Amount Shares
--------------- -------------- --------------- --------------
<S> <C> <C> <C> <C>
Shares sold......... $ 6,394,240,423 6,394,240,423 $ 9,308,266,616 9,308,254,347
Shares issued in
reinvestment of
distributions..... 31,727,877 31,727,877 37,220,903 37,220,903
Shares redeemed..... (5,991,000,350) (5,991,000,350) (9,475,678,051) (9,475,678,057)
Global Money Market
Fund
Acquisition....... -- -- 116,963,297 116,963,297
--------------- -------------- --------------- --------------
Net increase
(decrease) in
Trust shares
outstanding....... $ 434,967,950 434,967,950 ($ 13,227,235) (13,239,510)
=============== ============== =============== ==============
<CAPTION>
Premier Class
--------------------------------------------------------------------
9/1/96 Through 2/28/97 5/6/96 Through 8/31/96**
-------------------------------- --------------------------------
Amount Shares Amount Shares
--------------- -------------- --------------- --------------
<S> <C> <C> <C> <C>
Shares sold......... $ 1,139,778,193 1,139,778,193 $ 686,911,897 686,911,897
Shares issued in
reinvestment of
distributions..... 7,872,781 7,872,781 6,444,891 6,444,891
Shares redeemed..... (1,135,549,377) (1,135,549,377) (714,261,726) (714,261,726)
Global Money Market
Fund
Acquisition....... -- -- 454,152,332 454,152,332
--------------- -------------- --------------- --------------
Net increase
(decrease) in
Trust shares
outstanding....... $ 12,101,597 12,101,597 $ 433,247,394 433,247,394
=============== ============== =============== ==============
<CAPTION>
Institutional Class
--------------------------------------------------------------------
9/1/96 Through 2/28/97 5/6/96 Through 8/31/96**
-------------------------------- --------------------------------
Amount Shares Amount Shares
--------------- -------------- --------------- --------------
<S> <C> <C> <C> <C>
Shares sold......... $ 2,519,596,254 2,519,596,254 $ 1,438,773,670 1,438,773,670
Shares issued in
reinvestment of
distributions..... 14,065,818 14,065,818 5,302,026 5,302,026
Shares redeemed..... (2,458,134,844) (2,458,134,844) (1,134,258,632) (1,134,258,632)
Global Money Market
Fund
Acquisition....... -- -- 347,202,428 347,202,428
--------------- -------------- --------------- --------------
Net increase
(decrease) in
Trust shares
outstanding....... $ 75,527,228 75,527,228 $ 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.
36
<PAGE> 113
VISTA MUTUAL FUNDS
NOTES TO FINANCIAL STATEMENTS (unaudited) (continued)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Vista Prime Money Market Fund
--------------------------------------------------------------------
B Shares
--------------------------------------------------------------------
9/1/96 Through 2/28/97 Year Ended August 31, 1996
-------------------------------- --------------------------------
Amount Shares Amount Shares
--------------- -------------- --------------- --------------
<S> <C> <C> <C> <C>
Shares sold......... $ 20,078,652 20,078,652 $ 35,409,443 35,409,443
Shares issued in
reinvestment of
distributions..... 169,395 169,395 320,115 320,115
Shares redeemed..... (28,221,866) (28,221,866) (24,942,312) (24,942,312)
--------------- -------------- --------------- --------------
Net increase
(decrease) in
Trust shares
outstanding....... ($ 7,973,819) (7,973,819) $ 10,787,246 10,787,246
=============== ============== =============== ==============
<CAPTION>
Premier Class
--------------------------------------------------------------------
9/1/96 Through 2/28/97 Year Ended August 31, 1996
-------------------------------- --------------------------------
Amount Shares Amount Shares
--------------- -------------- --------------- --------------
<S> <C> <C> <C> <C>
Shares sold......... $ 1,717,130,561 1,717,130,561 $ 3,175,395,904 3,175,395,904
Shares issued in
reinvestment of
distributions..... 3,449,554 3,449,554 5,091,960 5,091,960
Shares redeemed..... (1,692,262,444) (1,692,262,444) (2,824,488,570) (2,824,488,570)
--------------- -------------- --------------- --------------
Net increase
(decrease) in
Trust shares
outstanding....... $ 28,317,671 28,317,671 $ 355,999,294 355,999,294
=============== ============== =============== ==============
<CAPTION>
Institutional Class
--------------------------------------------------------------------
9/1/96 Through 2/28/97 Year Ended August 31, 1996
-------------------------------- --------------------------------
Amount Shares Amount Shares
--------------- -------------- --------------- --------------
<S> <C> <C> <C> <C>
Shares sold......... $ 7,789,162,141 7,789,162,141 $ 9,553,681,410 9,553,681,410
Shares issued in
reinvestment of
distributions..... 11,256,901 11,256,901 13,615,855 13,615,855
Shares redeemed..... (7,676,175,872) (7,676,175,872) (9,028,393,096) (9,028,393,096)
--------------- -------------- --------------- --------------
Net increase
(decrease) in
Trust shares
outstanding....... $ 124,243,170 124,243,170 $ 538,904,169 538,904,169
=============== ============== =============== ==============
</TABLE>
5. CONCENTRATION OF CREDIT RISK -- As of February 28, 1997 CMMM invested 80.8%
of its net assets in financial institutions, of which 14.7% was invested in
Broker Dealers, 28.5% in Banking and 37.6% in other financial service providers.
PMM invested 68.6% of its net assets in financial institutions, of which 6.5%
was invested in Broker Dealers, 20.8% in Banking and 41.3% 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.
37
<PAGE> 114
VISTA MUTUAL FUNDS
NOTES TO FINANCIAL STATEMENTS (unaudited) (continued)
- --------------------------------------------------------------------------------
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 year ended February 28, 1997, included in
Trustees Fees and Expenses in the Statement of Operations, and accrued pension
liability included in other accrued liabilities in the Statement of Assets and
Liabilities were as follows:
<TABLE>
<CAPTION>
Accrued
Pension Pension
Fund Expenses Liability
- ---------------------------------------------------------------- -------- --------
<S> <C> <C>
USTSMM.......................................................... $25,450 $143,934
USGMM........................................................... 56,980 307,465
TPMM............................................................ 24,740 132,924
FMM............................................................. 10,221 51,423
CMMM............................................................ 34,927 203,789
PMM............................................................. 16,064 97,768
</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 and Vista Cash Management Fund acquired all the net
assets of the following Hanover Money Market Funds: The U.S. Treasury Fund, The
Government Fund and The Cash Management 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
HANOVER MONEY U.S. Treasury Government Management
MARKET FUNDS Fund Fund Fund
-------------- --------------- --------------
<S> <C> <C> <C>
Hanover Shares Exchanged.......................... 1,658,435,519 1,551,339,231 1,521,305,012
------------ ------------ -----------
</TABLE>
<TABLE>
<CAPTION>
Cash
Treasury Plus U.S. Government Management
VISTA MONEY MARKET FUNDS Fund Fund Fund
-------------- --------------- --------------
<S> <C> <C> <C>
Vista Shares Issued............................... 1,658,435,519 1,551,339,231 1,521,305,012
Aggregate Net Assets After Acquisition............ $1,823,107,460 $4,130,007,607 $2,439,610,451
</TABLE>
38
<PAGE> 115
SELECTED PER SHARE DATA AND RATIOS FOR A SHARE OF BENEFICIAL INTEREST
OUTSTANDING
Throughout each period indicated (unaudited)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Vista 100% U.S. Treasury Securities Money Market Fund
---------------------------------------------------------------------------------
Premier
Vista Shares Shares
----------------------------------------------------------------------- -------
9/1/96 12/1/95* Year Ended November 30, 9/1/96
Through Through --------------------------------------------- Through
2/28/97 8/31/96 1995 1994 1993 1992 2/28/97
---------- ---------- ---------- ---------- -------- -------- -------
<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.................... 0.024 0.035 0.050 0.033 0.026 0.033 0.024
------- ------- ------- ------- ------- ------ -------
Less Dividends from Net Investment
Income................................. 0.024 0.035 0.050 0.033 0.026 0.033 0.024
------- ------- ------- ------- ------- ------ -------
Net Assets Value, End of Period........... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
======= ======= ======= ======= ======= ====== =======
Total Return.............................. 2.37% 3.50% 5.15% 3.32% 2.62% 3.33% 2.39%
==== ==== ==== ==== ==== ==== =====
Ratios/Supplemental Data
Net Assets, End of Period (000
omitted)............................... $1,729,930 $1,671,603 $1,337,549 $1,024,125 $873,631 $383,688 $3,700
Ratio of Expenses to Average Net
Assets#................................ 0.59% 0.60% 0.58% 0.59% 0.58% 0.55% 0.55%
Ratio of Net Investment Income to Average
Net Assets#............................ 4.69% 4.58% 4.99% 3.26% 2.58% 3.28% 4.74%
Ratio of Expenses Without Waivers and
Assumption of Expenses to Average Net
Assets#................................ 0.71% 0.68% 0.61% 0.62% 0.61% 0.67% 0.80%
Ratio of Net Investment Income Without
Waivers and Assumption of Expenses to
Average Net Assets#.................... 4.57% 4.50% 4.96% 3.23% 2.55% 3.16% 4.49%
<CAPTION>
Vista 100% U.S. Treasury Securities Money Market Fund
-----------------------------------------------------
Premier Institutional
Shares Shares
------- -------------------
6/3/96** 9/1/96 6/3/96**
Through Through Through
8/31/96 2/28/97 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.................... 0.011 0.025 0.012
-------
Less Dividends from Net Investment
Income................................. 0.011 0.025 0.012
-------
Net Assets Value, End of Period........... $ 1.00 $ 1.00 $ 1.00
=======
Total Return.............................. 1.11% 2.54% 1.23%
===== ==== =====
Ratios/Supplemental Data
Net Assets, End of Period (000
omitted)............................... $ 227 $123,090 $ 1
Ratio of Expenses to Average Net
Assets#................................ 0.42% 0.27% 0.21%
Ratio of Net Investment Income to Average
Net Assets#............................ 3.45% 5.01% 3.65%
Ratio of Expenses Without Waivers and
Assumption of Expenses to Average Net
Assets#................................ 0.42% 0.27% 0.21%
Ratio of Net Investment Income Without
Waivers and Assumption of Expenses to
Average Net Assets#.................... 3.45% 5.01% 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.
39
<PAGE> 116
SELECTED PER SHARE DATA AND RATIOS FOR A SHARE OF BENEFICIAL INTEREST
OUTSTANDING
Throughout each period indicated (unaudited) (continued)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Vista U.S. Government Money Market Fund
----------------------------------------------------
Vista Shares
----------------------------------------------------
9/1/96 9/1/95 9/1/94 11/1/93
Through Through Through Through
2/28/97 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................................................ 0.024 0.049 0.049 0.025
---------- ---------- -------- ---------
Less Dividends from Net Investment Income............................ 0.024 0.049 0.049 0.025
---------- ---------- -------- ---------
Net Asset Value, End of Period........................................ $ 1.00 $ 1.00 $ 1.00 $ 1.00
========== ========== ======== =========
Total Return.......................................................... 2.44% 4.97% 5.05% 2.48%
===== ===== ===== ======
Ratios/Supplemental Data:
Net Assets, End of Period (000 omitted)............................... $2,074,251 $2,057,023 $341,336 $335,365
Ratio of Expenses to Average Net Assets#............................. 0.59% 0.65% 0.80% 0.80%
Ratio of Net Investment Income to Average Net Assets#................ 4.85% 4.83% 4.93% 2.94%
Ratio of Expenses Without Waivers and Assumption of Expenses to
Average Net Assets#................................................ 0.72% 0.73% 0.80% 0.80%
Ratio of Net Investment Income Without Waivers and Assumption of
Expenses to Average Net Assets #................................... 4.72% 4.75% 4.93% 2.94%
<CAPTION>
Vista U.S. Government Money Market Fund
----------------------------------------------------
Vista Shares
------------
1/1/93*
Through
10/31/93
--------
<S> <C>
Per Share Operating Performance
Net Asset Value, Beginning of Period.................................. $ 1.00
--------
Income from Investment Operations:
Net Investment Income................................................ 0.019
--------
Less Dividends from Net Investment Income............................ 0.019
--------
Net Asset Value, End of Period........................................ $ 1.00
========
Total Return.......................................................... 2.02%
=====
Ratios/Supplemental Data:
Net Assets, End of Period (000 omitted)............................... $323,498
Ratio of Expenses to Average Net Assets#............................. 0.82%
Ratio of Net Investment Income to Average Net Assets#................ 2.39%
Ratio of Expenses Without Waivers and Assumption of Expenses to
Average Net Assets#................................................ 0.82%
Ratio of Net Investment Income Without Waivers and Assumption of
Expenses to Average Net Assets #................................... 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.
40
<PAGE> 117
SELECTED PER SHARE DATA AND RATIOS FOR A SHARE OF BENEFICIAL INTEREST
OUTSTANDING
Throughout each period indicated (unaudited) (continued)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Vista U.S. Government Money Market Fund
--------------------------------------------------------------------------------------------
Institutional
Premier Shares Shares
------------------------------------------------------------------------------- ----------
9/1/96 9/1/95 9/1/94 11/1/93 Year 7/1/92 Year 9/1/96
Through Through Through Through Ended Through Ended Through
2/28/97 8/31/96 8/31/95 8/31/94++ 10/31/93 10/31/92** 6/30/92 2/28/97
-------- -------- -------- --------- ---------- ---------- -------- ----------
<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.......... 0.024 0.050 0.052 0.027 0.027 0.010 0.041+ 0.026
-------- -------- -------- --------- ---------- ---------- -------- ----------
Less Dividends from Net
Investment Income............ 0.024 0.050 0.052 0.027 0.027 0.010 0.041+ 0.026
-------- -------- -------- --------- ---------- ---------- -------- ----------
Net Asset Value, End of
Period......................... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
========== ========== ========== =========== ============ ============ ========== ============
Total Return.................... 2.46% 5.15% 5.31% 2.70% 2.70% 0.98% 4.68% 2.61%
==== ==== ==== ===== ==== ===== ==== ====
Ratios/Supplemental Data:
Net Assets, End of Period (000
omitted)....................... $977,429 $801,665 $763,609 $545,999 $1,069,704 $108,505 $ 78,795 $2,458,314
Ratio of Expenses to Average
Net Assets#.................. 0.55% 0.55% 0.55% 0.55% 0.55% 0.58% 0.57% 0.24%
Ratio of Net Investment Income
to Average Net Assets#....... 4.89% 5.04% 5.22% 3.13% 2.66% 2.87% 4.10% 5.19%
Ratio of Expenses Without
Waivers and Assumption of
Expenses to Average Net
Assets#...................... 0.60% 0.59% 0.59% 0.61% 0.67% 0.70% 0.64% 0.24%
Ratio of Net Investment Income
Without Waivers and
Assumption of Expenses to
Average Net Assets#.......... 4.84% 5.00% 5.18% 3.07% 2.54% 2.75% 4.03% 5.19%
<CAPTION>
Vista U.S. Government Money Market Fund
---------------------------------------
Institutional Shares
---------------------------------------
9/1/95 9/1/94 12/10/93*
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.......... 0.053 0.055 0.026
---------- -------- ----------
Less Dividends from Net
Investment Income............ 0.053 0.055 0.026
---------- -------- ----------
Net Asset Value, End of
Period......................... $ 1.00 $ 1.00 $ 1.00
============ ========== ============
Total Return.................... 5.45% 5.60% 2.61%
==== ==== =====
Ratios/Supplemental Data:
Net Assets, End of Period (000
omitted)....................... $1,181,763 $466,083 $212,810
Ratio of Expenses to Average
Net Assets#.................. 0.27% 0.27% 0.27%
Ratio of Net Investment Income
to Average Net Assets#....... 5.30% 5.58% 3.81%
Ratio of Expenses Without
Waivers and Assumption of
Expenses to Average Net
Assets#...................... 0.27% 0.28% 0.27%
Ratio of Net Investment Income
Without Waivers and
Assumption of Expenses to
Average Net Assets#.......... 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.
41
<PAGE> 118
SELECTED PER SHARE DATA AND RATIOS FOR A SHARE OF BENEFICIAL INTEREST
OUTSTANDING
Throughout each period indicated (unaudited) (continued)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Vista Treasury Plus Money Market Fund
-----------------------------------------------------------------------------------
Institutional
Vista Shares Premier Shares Shares
------------------------ ------------------------------------------- --------
9/1/96 5/6/96* 9/1/96 9/1/95 9/1/94 4/22/94* 9/1/96
Through Through Through Through Through Through Through
2/28/97 8/31/96 2/28/97 8/31/96 8/31/95 8/31/94 2/28/97
---------- ---------- -------- -------- ------- -------- --------
<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............. 0.023 0.015 0.024 0.050 0.050 0.014 0.025
---------- -------- ------- ------ -------- ------- -------
Less Dividends from Net Investment
Income.......................... 0.023 0.015 0.024 0.050 0.050 0.014 0.025
---------- -------- ------- ------ -------- ------- -------
Net Asset Value, End of Period..... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
========== ======== ======= ====== ======== ======= =======
Total Return....................... 2.36% 1.50% 2.40% 5.07% 5.17% 1.37% 2.52%
===== ===== ===== ===== ====== ====== =====
Ratios/Supplemental Data
Net Assets, End of Period
(000 omitted)................... $1,460,364 $1,382,184 $123,023 $106,011 $18,572 $ 36 $160,611
Ratio of Expenses to Average Net
Assets#......................... 0.59% 0.59% 0.51% 0.52% 0.50% 0.49% 0.26%
Ratio of Net Investment Income to
Average Net Assets#............. 4.69% 4.63% 4.77% 4.85% 5.23% 3.85% 5.02%
Ratio of Expenses Without Waivers
and Assumption of Expenses to
Average Net Assets#............. 0.71% 0.73% 0.51% 0.63% 1.57% 0.89% 0.26%
Ratio of Net Investment Income
Without Waivers and Assumption
of Expenses to Average Net
Assets#......................... 4.57% 4.49% 4.77% 4.74% 4.16% 3.46% 5.02%
<CAPTION>
Vista Treasury Plus 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 0.053 0.014
------- ----- ------
Less Dividends from Net Investment
Income.......................... 0.052 0.053 0.014
------- ------ ------
Net Asset Value, End of Period..... $ 1.00 $ 1.00 $ 1.00
======== ====== =======
Total Return....................... 5.29% 5.36% 1.45%
===== ====== ======
Ratios/Supplemental Data
Net Assets, End of Period
(000 omitted)................... $188,513 $17,636 $14,976
Ratio of Expenses to Average Net
Assets#......................... 0.30% 0.32% 0.32%
Ratio of Net Investment Income to
Average Net Assets#............. 5.11% 5.21% 3.93%
Ratio of Expenses Without Waivers
and Assumption of Expenses to
Average Net Assets#............. 0.38% 0.89% 0.53%
Ratio of Net Investment Income
Without Waivers and Assumption
of Expenses to Average Net
Assets#......................... 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.
42
<PAGE> 119
SELECTED PER SHARE DATA AND RATIOS FOR A SHARE OF BENEFICIAL INTEREST
OUTSTANDING
Throughout each period indicated (unaudited) (continued)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Vista Federal Money Market Fund
----------------------------------------------------------------------------------------
Vista Shares Premier Shares
-------------------------------------------- -----------------------------------------
9/1/96 9/1/95 9/1/94 5/9/94* 9/1/96 9/1/95 9/1/94 4/22/94*
Through Through Through Through Through Through Through Through
2/28/97 8/31/96 8/31/95 8/31/94 2/28/97 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.......... 0.023 0.048 0.051 0.013 0.024 0.050 0.053 0.015
-------- -------- ------- -------- -------- ------- -------- --------
Less Dividends from Net
Investment Income............ 0.023 0.048 0.051 0.013 0.024 0.050 0.053 0.015
-------- -------- ------- -------- -------- ------- -------- --------
Net Asset Value, End of
Period......................... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
======== ======== ======= ======== ======== ======= ======== ========
Total Return.................... 2.37% 4.83% 5.20% 1.26% 2.47% 5.14% 5.40% 1.47%
==== ==== ==== ===== ==== ==== ==== =====
Ratios/Supplemental Data
Net Assets, End of Period
(000 omitted).................. $ 327,818 $ 352,934 $ 203,399 $19,955 $286,928 $248,757 $148,512 $55,768
Ratio of Expenses to Average
Net Assets#.................. 0.70% 0.70% 0.69% 0.40% 0.50% 0.50% 0.49% 0.35%
Ratio of Net Investment Income
to Average Net Assets#....... 4.70% 4.79% 5.16% 4.36% 4.90% 4.99% 5.32% 4.38%
Ratio of Expenses Without
Waivers and Assumption of
Expenses to Average Net
Assets#...................... 0.83% 0.93% 0.93% 1.02% 0.52% 0.52% 0.59% 0.74%
Ratio of Net Investment Income
Without Waivers and
Assumption of Expenses to
Average Net Assets#.......... 4.57% 4.56% 4.92% 3.74% 4.88% 4.97% 5.22% 4.00%
<CAPTION>
Vista Federal Money Market Fund
-------------------------------
Institutional Shares
------------------------------------------
9/1/96 9/1/95 9/1/94 4/20/94**
Through Through Through Through
2/28/97 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.......... 0.026 0.052 0.054 0.015
-------- -------- -------- --------
Less Dividends from Net
Investment Income............ 0.026 0.052 0.054 0.015
-------- -------- -------- --------
Net Asset Value, End of
Period......................... $ 1.00 $ 1.00 $ 1.00 $ 1.00
======== ======== ======== ========
Total Return.................... 2.58% 5.35% 5.57% 1.54%
==== ==== ==== =====
Ratios/Supplemental Data
Net Assets, End of Period
(000 omitted).................. $117,464 $141,312 $113,591 $117,364
Ratio of Expenses to Average
Net Assets#.................. 0.27% 0.30% 0.31% 0.30%
Ratio of Net Investment Income
to Average Net Assets#....... 5.13% 5.20% 5.45% 4.26%
Ratio of Expenses Without
Waivers and Assumption of
Expenses to Average Net
Assets#...................... 0.27% 0.30% 0.37% 0.49%
Ratio of Net Investment Income
Without Waivers and
Assumption of Expenses to
Average Net Assets#.......... 5.13% 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.
43
<PAGE> 120
SELECTED PER SHARE DATA AND RATIOS FOR A SHARE OF BENEFICIAL INTEREST
OUTSTANDING
Throughout each period indicated (unaudited) (continued)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Vista Cash Management Fund
---------------------------------------------------------------------------------
Premier
Vista Shares Shares
---------------------------------------------------------------------- --------
9/1/96 12/1/95* Year Ended November 30, 9/1/96
Through Through ------------------------------------------- Through
2/28/97 8/31/96 1995 1994 1993 1992 2/28/97
----------- ---------- ---------- -------- -------- -------- --------
<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.................... 0.024 0.037 0.054 0.036 0.027 0.035 0.025
---------- ---------- -------- -------- -------- -------- --------
Less Dividends from Net Investment
Income................................. 0.024 0.037 0.054 0.036 0.027 0.035 0.025
---------- ---------- -------- -------- -------- -------- --------
Net Assets Value, End of Period........... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
========== ========== ======== ======== ======== ======== ========
Total Return.............................. 2.45% 3.69% 5.49% 3.62% 2.74% 3.51% 2.50%
==== ==== ==== ==== ==== ==== ====
Ratios/Supplemental Data
Net Assets, End of Period
(000 omitted).......................... $ 2,056,188 $1,621,212 $1,634,493 $990,045 $861,025 $560,173 $445,405
Ratio of Expenses to Average Net
Assets#................................ 0.59% 0.60% 0.58% 0.58% 0.61% 0.67% 0.50%
Ratio of Net Investment Income to Average
Net Assets#............................ 4.90% 4.91% 5.35% 3.62% 2.70% 3.41% 4.98%
Ratio of Expenses Without Waivers and
Assumption of Expenses to Average Net
Assets#................................ 0.63% 0.63% 0.62% 0.62% 0.64% 0.72% 0.51%
Ratio of Net Investment Income Without
Waivers and Assumption of Expenses to
Average Net Assets#.................... 4.86% 4.88% 5.31% 3.58% 2.67% 3.36% 4.97%
<CAPTION>
Vista Cash Management Fund
------------------------------
Premier Institutional
Shares Shares
------- -------------------
5/6/96** 9/1/96 5/6/96**
Through Through Through
8/31/96 2/28/97 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.................... 0.016 0.026 0.017
-------- -------- --------
Less Dividends from Net Investment
Income................................. 0.016 0.026 0.017
-------- -------- --------
Net Assets Value, End of Period........... $ 1.00 $ 1.00 $ 1.00
======== ======== ========
Total Return.............................. 1.61% 2.63% 1.69%
==== ==== ====
Ratios/Supplemental Data
Net Assets, End of Period
(000 omitted).......................... $433,302 $732,532 $657,002
Ratio of Expenses to Average Net
Assets#................................ 0.50% 0.24% 0.25%
Ratio of Net Investment Income to Average
Net Assets#............................ 4.93% 5.24% 5.22%
Ratio of Expenses Without Waivers and
Assumption of Expenses to Average Net
Assets#................................ 0.52% 0.24% 0.25%
Ratio of Net Investment Income Without
Waivers and Assumption of Expenses to
Average Net Assets#.................... 4.91% 5.24% 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.
44
<PAGE> 121
SELECTED PER SHARE DATA AND RATIOS FOR A SHARE OF BENEFICIAL INTEREST
OUTSTANDING
Throughout each period indicated (unaudited) (continued)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Vista Prime Money Market Fund
--------------------------------------------------------------------------------
Premier Shares Institutional Shares
-------------------------------------------- --------------------------------
9/1/96 9/1/95 9/1/94 11/15/93** 9/1/96 9/1/95 9/1/94
Through Through Through Through Through Through Through
2/28/97 8/31/96 8/31/95 8/31/94 2/28/97 8/31/96 8/31/95
-------- -------- ------- --------- -------- -------- --------
<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............... 0.025 0.052 0.053 0.027 0.026 0.054 0.055
Net Realized Loss on Securities..... -- -- (0.003) -- -- -- (0.003)
-------- -------- ------- --------- -------- -------- --------
Total Income from Investment
Operations......................... 0.025 0.052 0.050 0.027 0.026 0.054 0.052
-------- -------- ------- --------- -------- -------- --------
Voluntary Capital Contribution...... -- -- 0.003 -- -- -- 0.003
Less Dividends from Net Investment
Income............................. 0.025 0.052 0.053 0.027 0.026 0.054 0.055
-------- -------- ------- --------- -------- -------- --------
Net Asset Value, End of Period......... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
========= ========= ======== ========== ========= ========= =========
Total Return........................... 2.55% 5.32% 5.44% 2.75% 2.65% 5.51% 5.62%
==== ==== ==== ===== ==== ==== ====
Ratios/Supplemental Data:
Net Assets, End of Period
(000 omitted)....................... $447,056 $418,736 $62,737 $73,253 $848,792 $724,544 $185,640
Ratio of Expenses to Average Net
Assets#............................. 0.45% 0.45% 0.45% 0.45% 0.25% 0.26% 0.27%
Ratio of Net Investment Income to
Average Net Assets#................. 5.07% 5.18% 5.24% 3.15% 5.27% 5.33% 5.57%
Ratio of Expenses Without Waivers and
Assumption of Expenses to Average
Net Assets #........................ 0.53% 0.51% 0.65% 0.56% 0.25% 0.26% 0.35%
Ratio of Net Investment Income Without
Waivers and Assumption of Expenses
to Average Net Assets#.............. 4.99% 5.12% 5.04% 3.04% 5.27% 5.33% 5.49%
<CAPTION>
Vista Prime Money Market Fund
--------------------------------------------------------
Institutional
Shares B Shares
--------- -------------------------------------------
4/26/94* 9/1/96 9/1/95 9/1/94 4/21/94*
Through Through Through Through Through
8/31/94 2/28/97 8/31/96 8/31/95 8/31/94
--------- -------- ------- -------- --------
<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............... 0.014 0.021 0.042 0.043 0.011
Net Realized Loss on Securities..... -- -- -- (0.003) --
--------- -------- ------- -------- --------
Total Income from Investment
Operations......................... 0.014 0.021 0.042 0.040 0.011
--------- -------- ------- -------- --------
Voluntary Capital Contribution...... -- -- -- 0.003 --
Less Dividends from Net Investment
Income............................. 0.014 0.021 0.042 0.043 0.011
--------- -------- ------- -------- --------
Net Asset Value, End of Period......... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
========== ========= ======== ========= =========
Total Return........................... 1.50% 2.03% 4.25% 4.37% 1.11%
===== ==== ==== ===== =====
Ratios/Supplemental Data:
Net Assets, End of Period
(000 omitted)....................... $57,961 $ 7,694 $15,667 $4,880 $1,452
Ratio of Expenses to Average Net
Assets#............................. 0.27% 1.47% 1.47% 1.47% 1.47%
Ratio of Net Investment Income to
Average Net Assets#................. 4.21% 4.05% 4.17% 4.33% 2.96%
Ratio of Expenses Without Waivers and
Assumption of Expenses to Average
Net Assets #........................ 0.37% 1.52% 1.71% 2.53% 1.67%
Ratio of Net Investment Income Without
Waivers and Assumption of Expenses
to Average Net Assets#.............. 4.11% 4.00% 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.
45
<PAGE> 122
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 Mutual funds are distributed by Vista fund Distributors, Inc., which is
unaffiliated with The Chase Manhattan Bank. Chase and its respective affiliates
receive compensation from the Vista Funds for providing investment advisory and
other services.
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.
The financial information in this report has been taken from the books and
records of the Funds without examination by independent accountants, who express
no opinion thereto.
VMM-3-497
