<PAGE> 1
[PHOTO]
VISTA TAX FREE MONEY MARKET FUNDS
ANNUAL
REPORT
-------------------------------
Vista. Setting the Global Standard.
VISTA TAX FREE MONEY MARKET FUND
VISTA NEW YORK TAX FREE
MONEY MARKET FUND
VISTA CALIFORNIA TAX FREE
MONEY MARKET FUND
[VISTA LOGO]
AUGUST 31, 1997
<PAGE> 2
[PHOTO]
HIGHLIGHTS
U.S. economic growth and supply and demand issues were the primary drivers of
the short-term tax-free market during the reporting year.
- - The Federal Reserve Board adjusted the Federal Funds rate only once, a 0.25%
increase in March, 1997.
- - Over the course of the year, the yield on the one-year Treasury bill declined
from 5.90% to 5.56%.
<TABLE>
<CAPTION>
- --------------------------------------------------------------
CONTENTS
- --------------------------------------------------------------
<S> <C>
Chairman's Letter 1
Vista Tax Free Money Market Fund 2-21
Fund Commentary - Portfolio of Investments
Vista New York Tax Free Money Market Fund 22-35
Fund Commentary - Portfolio of Investments
Vista California Tax Free Money Market Fund 36-42
Fund Commentary - Portfolio of Investments
Financial Statements 43-45
Notes to Financial Statements 46-51
Per Share Data 52-55
Report of Independent Accountants 56
- --------------------------------------------------------------
</TABLE>
- -------------------------------------------------------------------------------
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> 3
VISTA FAMILY OF MUTUAL FUNDS
CHAIRMAN'S LETTER
October 10, 1997
Dear Shareholder:
We are pleased to present this 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 each fund as of August 29, 1997, as well as listings of
current holdings.
EXCEPTIONAL U.S. ECONOMY CHALLENGES TRADITIONAL THINKING
During the reporting year, the U.S. economy painted a near-perfect picture, one
characterized by substantial economic growth, excellent corporate performance,
strong job creation and the absence of inflationary pressures. This combination
of factors challenged the traditional economic view that a growing economy and
low unemployment inevitably lead to inflation and higher interest rates.
While bond markets remained highly sensitive to any signs of inflation
throughout the year-and the Federal Reserve Board raised the Federal Funds rate
in March as a preemptive strike-both inflation and interest rates were trending
downward as the reporting year ended. For tax-free money market funds, supply
and demand issues also proved challenging throughout the year as investors
continued to use the funds as a short-term home for assets ultimately intended
for taxes or long-term investments.
In this environment of fluctuating assets and changing perceptions of economic
growth, Vista's portfolio management team kept a strong focus on maintaining
your fund's stability, liquidity and attractive yield. On behalf of the
management team and everyone at Vista, I thank you for the confidence you've
placed in us. We look forward to serving your investment needs for many years
to come.
Sincerely,
/s/ FERGUS REID
Fergus Reid
Chairman
1
<PAGE> 4
ABOUT YOUR FUND
VISTA TAX FREE
MONEY MARKET FUND
<TABLE>
<CAPTION>
- -------------------------------------------------------------------
FUND FACTS
- -------------------------------------------------------------------
<S> <C>
OBJECTIVE: High current tax free income consistent
with capital preservation*
PRIMARY INVESTMENTS: Short-term municipal obligations
SUGGESTED INVESTMENT
TIME FRAME: Short-term
SHARE CLASSES OFFERED: Vista, Premier and Institutional Shares
AS OF AUGUST 31, 1997
NET ASSETS: $957 Million
AVERAGE MATURITY: 72 days
S&P RATING: Not rated
MOODY'S RATING: Not rated
NAIC RATING: Not rated
- -------------------------------------------------------------------
</TABLE>
* A portion of the Fund's income may be subject to the Alternative Minimum Tax
(AMT), and some investors may be subject to certain state and local taxes.
<TABLE>
<CAPTION>
- --------------------------------------------------------------
MATURITY SCHEDULE AS OF 8/31/97
- --------------------------------------------------------------
<S> <C>
1-7 days: . . . . . . . . . . . . . . . . . . . . . . 58.25%
8-14 days: . . . . . . . . . . . . . . . . . . . . . 0.50%
15-21 days: . . . . . . . . . . . . . . . . . . . . . 1.91%
22-30 days: . . . . . . . . . . . . . . . . . . . . . 1.75%
31-60 days: . . . . . . . . . . . . . . . . . . . . . 7.42%
61-90 days: . . . . . . . . . . . . . . . . . . . . . 7.15%
91+ days: . . . . . . . . . . . . . . . . . . . . . . 23.02%
- --------------------------------------------------------------
</TABLE>
The financial information presented on this page has been taken from the books
and records of the Funds without examination by independent accountants, who
express no opinion thereto.
2
<PAGE> 5
VISTA TAX FREE MONEY MARKET FUND
PORTFOLIO COMPOSITION AS OF 8/31/97
<TABLE>
<S> <C>
FLOATING RATE DEMAND NOTES 51.8%
COMMERCIAL PAPER 14.8%
OTHER FIXED RATES/REVENUE BONDS 8.3%
TAX & REVENUE ANTICIPATION NOTES 8.1%
GENERAL OBLIGATIONS 6.9%
TENDER OPTION 4.4%
PUTS 1.8%
OTHER 3.9%
</TABLE>
<TABLE>
<CAPTION>
- ---------------------------------------------------------------------
VISTA TAX FREE MONEY MARKET FUND AS OF 8/31/97(1)
- ---------------------------------------------------------------------
7-DAY TAXABLE
SEC YIELD(2) EQUIVALENT YIELD(3)
<S> <C> <C>
Vista Shares 2.98% 4.93%
Premier Shares 3.06% 5.07%
Institutional Shares 3.31% 5.48%
- ---------------------------------------------------------------------
</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) The yield for Vista Shares reflects the voluntary waiver of certain
expenses and the assumption of certain expenses otherwise payable by the
Fund. Without waivers, the yield would have been 2.85%. This voluntary
waiver may be modified or terminated at any time, which would reduce
performance.
(3) Taxable equivalent yields are calculated based on the SEC yield divided by
1 minus the effective tax rate. The effective federal tax rate used for
this illustration is 39.6%.
A portion of the Fund's income may be subject to the Alternative Minimum
Tax (AMT), and some investors may be subject to certain state and local
taxes.
The financial information presented on this page has been taken from the books
and records of the Funds without examination by independent accountants, who
express no opinion thereto.
3
<PAGE> 6
...........................
VISTA TAX FREE MONEY MARKET FUND
PORTFOLIO OF INVESTMENTS August 31, 1997
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
- -----------------------------------------------------------
STATE & MUNICIPAL OBLIGATIONS--102.1%
- -----------------------------------------------------------
<C> <S> <C>
ALABAMA--1.0%
-------------------------------
$ 4,320,000 Enterprise, Alabama, IDB,
IDR, Taxable, Coffee Gin
Co., FRDN, 3.50%, 09/04/97 $ 4,320,000
1,500,000 St. Clair County, Alabama,
IDB, National Cement Co.,
Inc., Project II, FRDN,
3.45%, 09/04/97 1,500,000
3,500,000 Tuscaloosa County, Alabama,
Board of Education,
Capital Outlay Warrants,
Ser. B, FRDN, 3.38%,
09/04/97 3,500,000
------------
9,320,000
------------
ARIZONA--3.2%
-------------------------------
12,300,000 Apache County, Arizona, IDA,
Tucson Electric, 83C,
FRDN, 3.45%, 09/03/97 12,300,000
7,200,000 Maricopa County, Arizona,
School District No. 006,
Washington Elementary
Projects of 1996, Ser. B,
GO, 5.63%, 07/01/98 7,306,891
1,500,000 Pima County, Arizona, IDA,
Loans to Lenders,
Multi-Family Housing,
8.50%, 09/03/97 1,500,000
6,100,000 Pima County, Arizona, IDA,
Tucson Electric, FRDN,
3.45%, 09/03/97 6,100,000
5,000,000 Salt River Project, Arizona,
CP, 3.75%, 09/12/97 5,000,000
------------
32,206,891
------------
ARKANSAS--3.5%
-------------------------------
1,445,000 Arkansas State, Development
Financing Authority, ADFA
Guarantee Program, Ser. A,
Rev., 3.85%, 02/01/98 1,445,174
13,450,000 Little Rock, Arkansas, Health
Facilities Board,
Southwest Hospital, FRDN,
3.40%, 09/04/97 13,450,000
</TABLE>
4
See notes to financial statements.
<PAGE> 7
...........................
VISTA TAX FREE MONEY MARKET FUND
PORTFOLIO OF INVESTMENTS August 31, 1997 (continued)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
- -----------------------------------------------------------
STATE & MUNICIPAL OBLIGATIONS--(CONTINUED)
- -----------------------------------------------------------
<C> <S> <C>
$ 4,400,000 Fayetteville, Arkansas,
Public Facilities Board,
Butterfield Trail Village,
FRDN, 3.75%, 09/02/97 $ 4,400,000
14,600,000 University of Arkansas, UAMS
Campus, FRDN, 3.35%,
09/03/97 14,600,000
------------
33,895,174
------------
CALIFORNIA--2.5%
-------------------------------
8,250,000 Butte County, California,
Office of Education, TRAN,
4.50%, 07/31/98 8,296,225
10,550,000 California Higher Education
Loan Authority Inc.,
Student Loan, Ser. A,
Rev., 3.95%, 06/01/98 10,550,000
5,000,000 California School Cash
Reserve Program Authority
Pool, Ser. A, Rev., 4.75%,
07/02/98 5,035,945
------------
23,882,170
------------
COLORADO--6.4%
-------------------------------
10,000,000 Arapahoe County, Colorado,
School District No. 005,
Cherry Creek, TAN, 4.50%,
06/30/98 10,051,800
7,200,000 Colorado Health Facilities
Authority, Frasier Meadows
Manor, FRDN, 3.40%,
09/04/97 7,200,000
Denver, Colorado, City &
County Airport,
25,000,000 Sub-Ser. B, FRDN, 3.40%,
09/04/97 25,000,000
2,500,000 Sub-Ser. C, FRDN, 3.40%,
09/04/97 2,500,000
2,500,000 Sub-Ser. C, Remarked
4/1/97, FRDN, 3.40%,
09/04/97 2,500,000
1,000,000 Jefferson County, Colorado,
COP, Jefferson County
Financing Corp., COP,
8.15%, 12/01/97 1,020,710
12,900,000 Smith Creek Metropolitan
District, Colorado, FRDN,
3.40%, 09/04/97 12,900,000
------------
61,172,510
------------
</TABLE>
5
See notes to financial statements.
<PAGE> 8
...........................
VISTA TAX FREE MONEY MARKET FUND
PORTFOLIO OF INVESTMENTS August 31, 1997 (continued)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
- -----------------------------------------------------------
STATE & MUNICIPAL OBLIGATIONS--(CONTINUED)
- -----------------------------------------------------------
<C> <S> <C>
DELAWARE--3.9%
-------------------------------
Delaware State, EDA, IDR,
Delaware Clean Power
Project,
$25,000,000 Ser. A, FRDN, 3.80%,
09/03/97 $ 25,000,000
5,000,000 Ser. C, FRDN, 3.80%,
09/03/97 5,000,000
7,000,000 Sussex County Delaware,
Industrial Revenue,
Perdue Farms Inc.
Project, FRDN, 3.55%,
09/04/97 7,000,000
------------
37,000,000
------------
FLORIDA--3.7%
-------------------------------
Florida Housing Finance
Agency, Multi-Family
Housing,
4,000,000 Lakeside, Ser. B, FRDN,
3.51%, 09/04/97 4,000,000
4,700,000 Sarasota, Ser. C, FRDN,
3.40%, 09/04/97 4,700,000
3,400,000 Gulf Breeze, Florida,
Municipal Bond Fund, Ser.
A, FRDN, 3.35%, 09/04/97 3,400,000
1,000,000 Jacksonville Florida IDR,
Trailer Marine, Crowly,
FRDN, 3.75%, 09/02/97 1,000,000
1,700,000 Okaloosa County, Florida,
Gulf Coast Treatment
Center, FRDN, 3.40%,
09/03/97 1,700,000
13,000,000 Orange County, Florida,
Health Facilities
Authority, Ser. 1985
Pooled Hospital Loan
Program, CP, 3.80%,
10/14/97 13,000,000
2,500,000 Pinellas County, Florida
Housing Finance Authority,
Single Family Mortgage,
Multi-County Program, Ser.
B, Rev., 3.80%, 02/01/98 2,500,000
St. Lucie County, Florida,
PCR, Florida Power & Light
Co. Project,
3,500,000 CP, 3.65%, 10/07/97 3,500,000
1,400,000 FRDN, 3.70%, 09/02/97 1,400,000
------------
35,200,000
------------
</TABLE>
6
See notes to financial statements.
<PAGE> 9
...........................
VISTA TAX FREE MONEY MARKET FUND
PORTFOLIO OF INVESTMENTS August 31, 1997 (continued)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
- -----------------------------------------------------------
STATE & MUNICIPAL OBLIGATIONS--(CONTINUED)
- -----------------------------------------------------------
<C> <S> <C>
GEORGIA--9.3%
-------------------------------
$ 4,000,000 Burke County, Georgia,
Development Authority,
PCR, Oglethorpe Power
Corp., Vogtle, Ser. A,
Rev., 3.60%, 12/01/97 $ 4,000,000
9,675,000 Cobb County, Georgia,
Development Authority, ID,
Wyndham Gardens Project,
FRDN, 3.40%, 09/04/97 9,675,000
2,500,000 Columbia County, Georgia,
IDA, Dixie Bedding Co.
Project, Ser. P, FRDN,
3.50%, 09/04/97 2,500,000
15,000 Columbus, Georgia Development
Authority, R P Real
Estate, Inc., FRDN, 3.90%,
09/04/97 15,000
2,200,000 Elbert County & Elberton &
Bowman Georgia Development
Authority, IDR, Seaboard
Farms, FRDN, 3.45%,
09/04/97 2,200,000
3,000,000 Fulco, Georgia, Hospital
Authority, Piedmont
Hospital Project, FRDN,
3.40%, 09/03/97 3,000,000
Fulton County, Georgia,
Development Authority,
1,000,000 Arthritis Foundation Inc.
Project, FRDN, 3.40%,
09/03/97 1,000,000
1,600,000 Industrial, American
Graphics Project, FRDN,
3.50%, 09/04/97 1,600,000
Fulton County, Georgia,
Housing Authority,
MultiFamily Housing,
5,000,000 Holcomb Landing
Apartments, FRDN, 3.30%,
09/03/97 5,000,000
10,000,000 Spring Creed Crossing,
FRDN, 3.30%, 09/03/97 10,000,000
1,375,000 Gainesville Georgia, Re-
Development Authority,
Gainsville Development
Project, FRDN, 3.50%,
09/03/97 1,375,000
</TABLE>
7
See notes to financial statements.
<PAGE> 10
...........................
VISTA TAX FREE MONEY MARKET FUND
PORTFOLIO OF INVESTMENTS August 31, 1997 (continued)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
- -----------------------------------------------------------
STATE & MUNICIPAL OBLIGATIONS--(CONTINUED)
- -----------------------------------------------------------
<C> <S> <C>
$20,000,000 Georgia Municipal Gas
Authority, Gas Portfolio
II Project, Ser. B, FRDN,
3.50%, 09/03/97 $ 20,000,000
5,275,000 Georgia State, GO, 6.75%,
03/01/98 5,416,485
6,360,000 Georgia State, GO, 6.25%,
08/01/98 6,499,103
11,225,000 Marietta Georgia Housing
Authority Multifamily,
Winterset Apartments,
FRDN, 3.30%, 09/03/97 11,225,000
4,030,000 Rockdale County, Georgia,
IDR, Takahashi Works USA,
Inc. Project, FRDN, 3.70%,
09/03/97 4,030,000
1,285,000 Washington Georgia, Wilkes
Payroll Development
Authority, Pak Products,
Inc., FRDN, 3.55%,
09/04/97 1,285,000
------------
88,820,588
------------
IDAHO--0.4%
-------------------------------
3,800,000 Port Lewiston Port Facilities
Idaho Rev., FRDN, 3.83%,
09/02/97 3,800,000
------------
ILLINOIS--5.0%
-------------------------------
6,000,000 Chicago, Illinois, GO, 4.40%,
06/01/98 6,025,872
1,900,000 Chicago, Illinois,
Multi-Family Housing,
Waveland Associates
Project, Ser. E, FRDN,
3.35%, 09/03/97 1,900,000
1,000,000 Chicago, Illinois, O'Hare
International Airport,
Special Facilities,
Northwest Airlines Inc.,
Ser. A, FRDN, 3.60%,
09/04/97 1,000,000
2,000,000 Cook County, Illinois,
Catholic Charities, Ser.
A-1, FRDN, Rev., 3.35%,
09/03/97 2,000,000
Illinois Development
Financing Authority,
2,000,000 IDR, Balspar Corp.
Project, Rev., FRDN,
3.50%, 09/04/97 2,000,000
</TABLE>
8
See notes to financial statements.
<PAGE> 11
...........................
VISTA TAX FREE MONEY MARKET FUND
PORTFOLIO OF INVESTMENTS August 31, 1997 (continued)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
- -----------------------------------------------------------
STATE & MUNICIPAL OBLIGATIONS--(CONTINUED)
- -----------------------------------------------------------
<C> <S> <C>
$ 1,300,000 IDR, Big Bolt Corp.
Project, FRDN, 3.85%,
09/03/97 $ 1,300,000
3,805,000 IDR, CFC International
Inc. Project, FRDN,
3.65%, 09/03/97 3,805,000
3,590,000 IDR, Deerfield Executive
Center Project, Rev.,
4.10%, 09/01/97 3,590,000
1,866,000 IDR, Revcor Inc. Project,
FRDN, 3.65%, 09/03/97 1,866,000
2,115,000 IDR, Toughy Ltd.
Partnership Project,
FRDN, 3.65%, 09/03/97 2,115,000
6,400,000 Presbyterian Home Lake,
Ser. A, Rev., FRDN,
3.35%, 09/03/97 6,400,000
5,000,000 Illinois Housing Development
Authority, Homeowner
Mortgage, Sub. Ser. F-1,
Rev., 3.65%, 12/18/97 5,000,000
1,500,000 Illinois State, Sales Tax,
Ser. H, Rev., 7.63%,
06/15/98 1,572,422
8,500,000 Lisle, Illinois,
Multi-Family, Ashley of
Lisle Project, Rev., FRDN,
3.40%, 09/03/97 8,500,000
1,080,000 Springfield Illinois
Electric, Jr. Lien, Rev.,
FRDN, 4.00%, 03/01/98 1,081,546
------------
48,155,840
------------
INDIANA--2.8%
-------------------------------
3,460,000 Indiana Health Facilities
Financing Authority,
Investment Inc. Project A,
FRDN, 3.40%, 09/04/97 3,460,000
1,400,000 Indiana State Development
Financing Authority, IDR,
Goodwill Industries Center
Industrial Project, FRDN,
3.45%, 09/04/97 1,400,000
625,000 Indianapolis, Indiana
Economic Development,
Children's Museum Project,
FRDN, 3.40%, 09/04/97 625,000
</TABLE>
9
See notes to financial statements.
<PAGE> 12
...........................
VISTA TAX FREE MONEY MARKET FUND
PORTFOLIO OF INVESTMENTS August 31, 1997 (continued)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
- -----------------------------------------------------------
STATE & MUNICIPAL OBLIGATIONS--(CONTINUED)
- -----------------------------------------------------------
<C> <S> <C>
$ 2,155,000 Lafayette Indiana Economic
Development, Health Quest
Realty XI, FRDN, 3.40%,
09/04/97 $ 2,155,000
910,000 Muncie Indiana Economic
Development Rev., Health
Quest Realty Project,
FRDN, 3.40%, 09/04/97 910,000
2,100,000 Princeton Indiana, PCR, PSI
Energy Inc. Project, FRDN,
3.75%, 09/02/97 2,100,000
Sullivan, Indiana PCR,
National Rural, Hoosier,
4,810,000 CP, 3.70%, 11/19/97 4,810,000
5,500,000 CP, 3.80%, 10/16/97 5,500,000
5,790,000 CP, 3.80%, 10/20/97 5,790,000
------------
26,750,000
------------
KANSAS--1.3%
-------------------------------
Burlington, Kansas,
4,000,000 PC, K C Power & Light
Project, Ser. A, CP,
3.55%, 09/03/97 4,000,000
3,900,000 PC, K C Power & Light
Project, Ser. A, CP,
3.70%, 11/20/97 3,900,000
1,000,000 Johnson County, Kansas,
Unified School District,
No. 512, Shawnee Mission,
Ser. B, GO 6.75%, 10/01/97 1,002,398
2,150,000 Spring Hill, Kansas
Industrial Rev., Abrasive
Engineering Project, FRDN,
3.65%, 09/04/97 2,150,000
1,250,000 Wichita, Kansas, Airport
Facilities, Cessna
Citation Center Project,
Ser III, FRDN, 3.65%,
09/04/97 1,250,000
------------
12,302,398
------------
</TABLE>
10
See notes to financial statements.
<PAGE> 13
...........................
VISTA TAX FREE MONEY MARKET FUND
PORTFOLIO OF INVESTMENTS August 31, 1997 (continued)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
- -----------------------------------------------------------
STATE & MUNICIPAL OBLIGATIONS--(CONTINUED)
- -----------------------------------------------------------
<C> <S> <C>
KENTUCKY--1.7%
-------------------------------
$13,800,000 Kentucky Asset/Liability
Community General Fund,
Ser. A, TRAN, 4.50%,
06/25/98 $ 13,870,025
2,100,000 Lexington-Fayette Urban
County Government,
Kentucky, Rev., 3.90%,
04/01/98 2,100,000
------------
15,970,025
------------
LOUISIANA--3.3%
-------------------------------
5,300,000 Louisiana State, Offshore
Term Authority Deepwater
Port, FRDN, 3.40%,
09/03/97 5,300,000
20,095,000 Louisiana Housing Financing
Agency, Single Family,
Ser. A-3, Rev., 3.75%,
03/01/98 20,095,000
Louisiana Public Facilities
Authority,
2,000,000 Ser. A, Rev., 4.50%,
09/24/97 2,000,696
4,000,000 Ser. B, Rev., 4.50%,
09/24/97 4,001,391
------------
31,397,087
------------
MAINE--0.4%
-------------------------------
2,645,000 Lewiston Maine Rev., Geiger
Brothers Project, Rev.,
4.10%, 09/02/97 2,645,000
920,000 Portland, Maine, Oakhurst
Dairy, FRDN, 4.10%,
09/02/97 920,000
------------
3,565,000
------------
MARYLAND--4.1%
-------------------------------
Anne Arundel County,
Maryland,
2,000,000 FRDN, 3.40%, 09/04/97 2,000,000
5,000,000 Economic West Capital,
Ser. B, CP, 3.70%,
11/10/97 5,000,000
Baltimore County, Maryland,
9,000,000 CP, 3.70%, 11/06/97 9,000,000
725,000 Golf Systems, FRDN, 3.45%,
09/03/97 725,000
5,000,000 PC, Baltimore Gas &
Electric Co., CP, 3.70%,
10/06/97 5,000,000
</TABLE>
11
See notes to financial statements.
<PAGE> 14
...........................
VISTA TAX FREE MONEY MARKET FUND
PORTFOLIO OF INVESTMENTS August 31, 1997 (continued)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
- -----------------------------------------------------------
STATE & MUNICIPAL OBLIGATIONS--(CONTINUED)
- -----------------------------------------------------------
<C> <S> <C>
$ 3,000,000 Howard County, Maryland
Multifamily Housing,
Sherwood Crossing Ltd,
Rev., 3.95%, 06/01/98 $ 3,000,000
1,000,000 Maryland State, Board of
Environmental Resource
Recovery, Colstrip
Project, FRDN, 3.40%,
09/03/97 1,000,000
3,105,000 Maryland State, EDC, Unisite
Design Inc. Facility,
FRDN, 3.70%, 09/04/97 3,105,000
Maryland State, Health &
Higher Educational
Facilities Authority,
5,000,000 Helix Health Hospital
Issue, Ser. A, FRDN,
3.40%, 09/04/97 5,000,000
4,100,000 Loyola College Issue B,
FRDN, 3.40%, 09/04/97 4,100,000
1,500,000 Prince George's County,
Maryland, CP, 3.75%,
09/02/97 1,500,000
------------
39,430,000
------------
MASSACHUSETTS--0.8%
-------------------------------
5,000,000 Massachusetts State, Water
Reserve Authority, CP,
3.75%, 10/14/97 5,000,000
2,295,000 Taunton Massachusetts IDA,
Realty Trust IX Project,
FRDN, 4.10%, 09/02/97 2,295,000
------------
7,295,000
------------
MICHIGAN--1.6%
-------------------------------
2,000,000 Allegan County, Michigan EDC,
Dean Foods Co. Project,
FRDN, 3.40%, 09/04/97 2,000,000
3,300,000 Detroit, Michigan, Downtown
Development Authority,
Millender Center Project,
FRDN, 3.55%, 09/04/97 3,300,000
3,025,000 Farmington Hills, Michigan,
EDC, Limited Obligation,
Carrefour, FRDN, 3.48%,
09/04/97 3,025,000
1,300,000 Grand Rapids, Michigan EDC,
Amway Hotel Corp., Project
B, FRDN, 3.35%, 09/03/97 1,300,000
</TABLE>
12
See notes to financial statements.
<PAGE> 15
...........................
VISTA TAX FREE MONEY MARKET FUND
PORTFOLIO OF INVESTMENTS August 31, 1997 (continued)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
- -----------------------------------------------------------
STATE & MUNICIPAL OBLIGATIONS--(CONTINUED)
- -----------------------------------------------------------
<C> <S> <C>
$ 250,000 Jackson County, Michigan EDC,
Melling Tool Project,
FRDN, 3.50%, 09/04/97 $ 250,000
Michigan State Strategic Fund Ltd.,
2,000,000 IDR, Michigan Sugar Co.,
Croswell Project, FRDN,
3.40%, 09/04/97 2,000,000
2,000,000 Lex Controls, Inc.
Project, FRDN, 3.50%,
09/03/97 2,000,000
1,175,000 Obligation Rev., Wayne
Disposal, Oakland
Project, FRDN, 3.55%,
09/03/97 1,175,000
------------
15,050,000
------------
MINNESOTA--0.3%
-------------------------------
2,595,000 Minnesota School Districts,
Tax & Aid Antic Borrowing
Program Tax Antic
Certificates of
Indebtedness, Ser. A, TAN,
3.75%, 02/13/98 2,595,781
------------
MISSISSIPPI--1.6%
-------------------------------
8,855,000 Jackson County, Mississippi,
PCR, Chevron U.S.A. Inc.,
Project, Rev., FRDN,
3.80%, 09/02/97 8,855,000
4,610,000 Mississippi Business
Financial Corp., IDR,
Choctaw Maid Farms, Inc.
Project, FRDN, 3.50%,
09/03/97 4,610,000
1,800,000 Perry County, Mississippi,
PC, Leaf River Forest
Project, FRDN, 3.45%,
09/04/97 1,800,000
------------
15,265,000
------------
MISSOURI--0.5%
-------------------------------
1,000,000 Macon, Missouri IDA, Health
Care Realty Macon, FRDN,
3.75%, 09/02/97 1,000,000
3,300,000 Missouri State Environmental
Improvement & Energy
Resources Authority, Union
Electric Co. Project, Ser.
A, CP, 3.60%, 10/20/97 3,300,000
------------
4,300,000
------------
</TABLE>
13
See notes to financial statements.
<PAGE> 16
...........................
VISTA TAX FREE MONEY MARKET FUND
PORTFOLIO OF INVESTMENTS August 31, 1997 (continued)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
- -----------------------------------------------------------
STATE & MUNICIPAL OBLIGATIONS--(CONTINUED)
- -----------------------------------------------------------
<C> <S> <C>
MONTANA--0.3%
-------------------------------
$ 2,000,000 Montana State, Board
Investment, Municipal
Financing Consolidation,
Intercap Program, FRDN,
3.65%, 03/01/98 $ 1,995,979
1,000,000 Osage Beach Montana, IDA,
Health Care Realty Osage,
FRDN, 3.75%, 09/02/97 1,000,000
------------
2,995,979
------------
NEBRASKA--0.3%
-------------------------------
2,700,000 Sidney, Nebraska, IDR,
Pennington Seed, Inc.
Project, FRDN, 3.50%,
09/03/97 2,700,000
------------
NEVADA--0.2%
-------------------------------
2,040,000 Las Vegas, Prerefunded, GO,
7.63%, 11/01/97 2,093,162
------------
NEW HAMPSHIRE--0.2%
-------------------------------
1,860,000 New Hampshire State Business
Financing Authority
Industrial Facilities,
Nickerson Assembly Co.,
FRDN, 3.60%, 09/03/97 1,860,000
------------
NEW MEXICO--3.4%
-------------------------------
3,650,000 Albuquerque, New Mexico,
Municipal School District,
No. 012, GO, 4.50%,
08/01/98 3,670,316
28,500,000 New Mexico State, TRAN,
4.50%, 06/30/98 28,651,077
------------
32,321,393
------------
NEW YORK--6.6%
-------------------------------
9,600,000 Eagle Tax Exempt Trust, Long
Option Mode, Certificate,
Ser. 96-0902, Class A,#
FRDN, 3.65%, 01/23/98 9,600,000
Eagle Tax-Exempt Trust,
Weekly Options Mode,
Certificate,
</TABLE>
14
See notes to financial statements.
<PAGE> 17
...........................
VISTA TAX FREE MONEY MARKET FUND
PORTFOLIO OF INVESTMENTS August 31, 1997 (continued)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
- -----------------------------------------------------------
STATE & MUNICIPAL OBLIGATIONS--(CONTINUED)
- -----------------------------------------------------------
<C> <S> <C>
$ 9,800,000 Ser. 94-4904, COP,# FRDN,
3.56%, 09/04/97 $ 9,800,000
4,000,000 Ser. 95-3202, Class A,#
FRDN, 3.41%, 09/04/97 4,000,000
15,100,000 Ser. 97C1002, Class A,#
FRDN, 3.41%, 09/04/97 15,100,000
14,700,000 Ser. 97C4701, Class A,#
FRDN, 3.41%, 09/04/97 14,700,000
10,000,000 New York City Municipal Water
Financing Authority, FRDN,
3.41%, 09/04/97 10,000,000
------------
63,200,000
------------
NORTH CAROLINA--0.9%
-------------------------------
1,400,000 Lenoir County, North Carolina
Industrial Facilities &
Pollution Control
Financing Authority, Texas
Gulf Inc., FRDN, 3.48%,
09/04/97 1,400,000
1,000,000 North Carolina State, Ser. A,
CP, 3.55%, 09/03/97 1,000,000
6,500,000 North Carolina, Educational
Facilities Financing
Agency, Greensboro
College, FRDN, 3.40%,
09/02/97 6,500,000
------------
8,900,000
------------
NORTH DAKOTA--0.5%
-------------------------------
5,000,000 North Dakota State, Housing
Finance Agency, Housing
Financing Project, Home
Mortgage, Ser. E, Rev.,
4.45%, 02/01/98 5,012,600
------------
</TABLE>
15
See notes to financial statements.
<PAGE> 18
...........................
VISTA TAX FREE MONEY MARKET FUND
PORTFOLIO OF INVESTMENTS August 31, 1997 (continued)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
- -----------------------------------------------------------
STATE & MUNICIPAL OBLIGATIONS--(CONTINUED)
- -----------------------------------------------------------
<C> <S> <C>
OHIO--1.0%
-------------------------------
$ 1,500,000 Cleveland, Ohio, TAN, 4.50%,
10/15/97 $ 1,500,848
3,000,000 Lake County, Ohio, Economic
Development, Lake County
YMCA Project, FRDN, 3.40%,
09/04/97 3,000,000
1,500,000 Montgomery County, Ohio,
Multifamily Housing,
Pedcor Investments, Lyons
Gate, Ser. A, FRDN, 3.55%,
09/04/97 1,500,000
3,900,000 Ohio State, Air Quality
Development Authority, JMG
FDG Ltd. Partnership, Ser.
A, FRDN, 3.35%, 09/03/97 3,900,000
------------
9,900,848
------------
OKLAHOMA--1.8%
-------------------------------
13,570,000 Cushing Oklahoma, Municipal
Authority Correctional
Facilities, FRDN, 3.40%,
09/04/97 13,570,000
3,440,000 Tulsa County, Oklahoma,
Criminal Justice
Authority, First Mortgage,
Sales Tax Rev., CP, 4.50%,
03/01/98 3,453,171
------------
17,023,171
------------
OREGON-- 1.8%
-------------------------------
3,000,000 Klamath Falls, Oregon,
Electric, Salt Caves
HydroElectric, Ser. A,
Rev., 4.50%, 05/01/98 3,009,559
Oregon State Housing &
Community Services
Department, Single Family
Mortgage Program,
2,500,000 Ser. J, CP, 3.55%,
12/11/97 2,500,000
12,100,000 Ser. K, Rev., 3.65%,
12/11/97 12,098,271
------------
17,607,830
------------
</TABLE>
16
See notes to financial statements.
<PAGE> 19
...........................
VISTA TAX FREE MONEY MARKET FUND
PORTFOLIO OF INVESTMENTS August 31, 1997 (continued)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
- -----------------------------------------------------------
STATE & MUNICIPAL OBLIGATIONS--(CONTINUED)
- -----------------------------------------------------------
<C> <S> <C>
PENNSYLVANIA--1.5%
-------------------------------
$ 2,400,000 Pennsylvania State Higher
Education Assistance
Agency, Student Loan, Ser.
A, FRDN, 3.40%, 09/03/97 $ 2,400,000
York, Pennsylvania, General
Authority Pooled
Financing,
5,000,000 FRDN, 3.35%, 09/04/97 5,000,000
6,500,000 FRDN, 3.35%, 09/04/97 6,500,000
------------
13,900,000
------------
SOUTH CAROLINA--0.5%
-------------------------------
1,525,000 Kershaw County, South
Carolina, IDR, Deroyal
Textiles Inc. Project,
FRDN, 3.50%, 09/03/97 1,525,000
1,000,000 South Carolina Educational
Facilities Authority for
Private Non-Profit
Institutions, Furman
University Project, Ser.
A, Rev., 5.00%, 10/01/97 1,000,965
2,400,000 Walhalla, South Carolina,
Avondale Mills Inc.
Project, FRDN, 3.40%,
09/03/97 2,400,000
------------
4,925,965
------------
SOUTH DAKOTA--0.3%
-------------------------------
2,800,000 South Dakota State Health &
Educational, Sioux Valley
Hospital, FRDN, 3.40%,
09/05/97 2,800,000
------------
TENNESSEE--3.5%
-------------------------------
4,000,000 Bradley County, Tennessee,
IDB, IDR, Olin Corp.
Project, Ser. C, FRDN,
3.75%, 09/02/97 4,000,000
965,000 Franklin, Tennessee Health &
Education, Facilities
Board Industrial
Development Health Care
Center, FRDN, 3.90%,
09/02/97 965,000
2,400,000 McMinn County Tennessee IRB,
Thomas & Betts Corp.
Project, FRDN, 3.50%,
09/04/97 2,400,000
</TABLE>
17
See notes to financial statements.
<PAGE> 20
...........................
VISTA TAX FREE MONEY MARKET FUND
PORTFOLIO OF INVESTMENTS August 31, 1997 (continued)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
- -----------------------------------------------------------
STATE & MUNICIPAL OBLIGATIONS--(CONTINUED)
- -----------------------------------------------------------
<C> <S> <C>
$ 3,200,000 Metropolitan Nashville
Airport, Improvement,
FRDN, 3.35%, 09/03/97 $ 3,200,000
Shelby County, Tennessee
Health Educational &
Housing Facilities Board,
Multi-Family Housing,
6,155,000 Arbor Lake, Rev., FRDN,
3.60%, 09/03/97 6,155,000
7,635,000 Wyndridge, FRDN, 3.35%,
09/03/97 7,635,000
1,000,000 South Pittsburgh Tennessee
Industrial Development,
Lodge Manufacturing Co.
Project, FRDN, 3.50%,
09/03/97 1,000,000
4,150,000 Tennessee State, School Board
Authority, Higher
Education, Ser. A, FRDN,
3.35%, 09/03/97 4,150,000
4,000,000 Tullahoma Tennessee IDA
Board, Rock Tennessee
Converting, FRDN, 3.50%,
09/03/97 4,000,000
------------
33,505,000
------------
TEXAS--17.6%
-------------------------------
10,000,000 Austin, Texas, CP, 3.85%,
10/14/97 10,000,000
Bell County, Texas,
2,100,000 IDA, Franklin Industries,
FRDN, 3.45%, 09/04/97 2,100,000
4,250,000 Health Facilities
Development Corp.,
Southern Healthcare
Systems, Project C,
FRDN, 3.40%, 09/04/97 4,250,000
5,210,000 Bexar County, Texas, Health
Facilities Development
Corp., Retirement
Community, Air Force, Ser.
B, FRDN, 3.35%, 09/04/97 5,210,000
18,925,000 Carroll, Texas, Independent
School District, GO 3.55%,
09/18/97 18,924,722
500,000 Corsicana, Texas IDA, Kent
Paper Co., FRDN, 3.55%,
09/03/97 500,000
</TABLE>
18
See notes to financial statements.
<PAGE> 21
...........................
VISTA TAX FREE MONEY MARKET FUND
PORTFOLIO OF INVESTMENTS August 31, 1997 (continued)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
- -----------------------------------------------------------
STATE & MUNICIPAL OBLIGATIONS--(CONTINUED)
- -----------------------------------------------------------
<C> <S> <C>
$ 3,500,000 De Soto, Texas IDA, IDR,
Solar Turbines Inc.
Project, FRDN, 3.45%,
09/04/97 $ 3,500,000
3,500,000 Greater East, Texas Higher
Education, Ser. A, FRDN,
4.05%, 09/01/97 3,500,000
3,000,000 Greater Texas Student Loan
Corp., Student Loan, Ser.
A, FRDN, 3.70%, 03/01/98 3,000,000
3,000,000 Guadalupe Blanco River
Authority Texas, IDC, IDR,
The BOC Group Inc.
Project, FRDN, 3.40%,
09/04/97 3,000,000
2,100,000 Harris County, Texas, Health
Facilities Development
Corp., St. Lukes Episcopal
Hospital, Ser. C, FRDN,
3.70%, 09/02/97 2,100,000
Houston, Texas,
5,500,000 Commercial Paper Notes,
Ser. A, CP, 3.70%,
11/20/97 5,500,000
5,000,000 Commercial Paper Notes,
Ser. A, CP, 3.75%,
11/18/97 5,000,000
10,000,000 Commercial Paper Notes,
Ser. A, CP, 3.75%,
11/19/97 10,000,000
5,000,000 Commercial Paper Notes,
Ser. A, CP, 3.80%,
10/14/97 5,000,000
4,050,000 Commercial Paper Notes,
Ser. A, CP, 5.80%,
03/01/98 4,089,927
5,000,000 GO, CP, 3.70%, 11/10/97 5,000,000
5,000,000 Water & Sewer Systems, CP,
3.75%, 11/06/97 5,000,000
Port Corpus Christi, Texas,
3,500,000 IDC, Valero Refinancing,
Ser. B, FRDN, 3.35%,
09/04/97 3,500,000
2,485,000 Industrial, Lantana Corp.
Project, FRDN, 3.40%,
09/04/97 2,485,000
5,100,000 Mueces County Marine
Terminal, Reynolds
Metals Co., FRDN, 3.40%,
09/03/97 5,100,000
4,100,000 Shenandoah Texas Health
Facilities Development,
Southwood Ltd., I Project,
FRDN, 3.69%, 09/04/97 4,100,000
</TABLE>
19
See notes to financial statements.
<PAGE> 22
...........................
VISTA TAX FREE MONEY MARKET FUND
PORTFOLIO OF INVESTMENTS August 31, 1997 (continued)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
- -----------------------------------------------------------
STATE & MUNICIPAL OBLIGATIONS--(CONTINUED)
- -----------------------------------------------------------
<C> <S> <C>
$11,100,000 Texas Public Financing
Authority, GO, CP, 3.70%,
11/10/97 $ 11,100,000
4,000,000 Texas State, Public Financing
Authority, CP, 3.70%,
10/15/97 4,000,000
30,000,000 Texas State, Ser. A, TRAN,
4.75%, 08/31/98 30,261,400
University of Texas,
10,000,000 Arlington Combined Fee
Rev., CP, 3.80%,
10/15/97 10,000,000
2,400,000 Arlington Combined Fee
Rev., CP, 3.70%,
11/19/97 2,400,000
------------
168,621,049
------------
UTAH--0.8%
-------------------------------
7,900,000 Utah State Board of Regents,
Student Loan, Ser. L,
FRDN, 3.40%, 09/03/97 7,900,000
------------
WASHINGTON--1.3%
-------------------------------
1,825,000 Redmond Washington Public
Corp. Industrial,
Integrated Circuits
Project, FRDN, 3.40%,
09/04/97 1,825,000
5,800,000 Student Loan Financing
Association, Washington,
Guaranteed, Ser. B, FRDN,
3.45%, 09/04/97 5,800,000
Washington State,
2,645,000 Health Care Facilities
Authority, Virginia
Mason Medical Center,
Ser. A, Rev., 4.25%,
08/15/98 2,653,515
2,500,000 Ser. R-92C, GO 4.90%,
09/01/97 2,500,000
------------
12,778,515
------------
WEST VIRGINIA--0.1%
-------------------------------
1,300,000 Marion County, West Virginia,
County Community Solid
Waste Disposal Facility,
Granttown Project, Ser. A,
FRDN, 3.45%, 09/03/97 1,300,000
------------
</TABLE>
20
See notes to financial statements.
<PAGE> 23
...........................
VISTA TAX FREE MONEY MARKET FUND
PORTFOLIO OF INVESTMENTS August 31, 1997 (continued)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
- -----------------------------------------------------------
STATE & MUNICIPAL OBLIGATIONS--(CONTINUED)
- -----------------------------------------------------------
<C> <S> <C>
WISCONSIN--1.5%
-------------------------------
$ 2,000,000 Elkhorn, Wisconsin, Area
School District, BAN,
4.25%, 04/01/98 $ 2,002,990
1,000,000 Fairwater Wisconsin, IDR,
Dean Foods Co. Project,
FRDN, 3.40%, 09/04/97 1,000,000
3,800,000 Germantown, Wisconsin,
Industrial Rev., Great
Lakes Packaging Corp.,
FRDN, 3.65%, 09/04/97 3,800,000
480,000 Grand Chute, Wisconsin
Industrial Revenue, Kent
Paper Co., FRDN, 3.55%,
09/03/97 480,000
2,000,000 Menomonee Falls Wisconsin
IDA, Butler Paper Co.
Project, Rev., 3.45%,
09/04/97 2,000,000
2,175,000 Milwaukee, Wisconsin, Ser. F,
GO, 5.00%, 11/15/97 2,180,788
2,400,000 Wisconsin State, Health &
Educational Facilities
Authority, 16th Street
Community Center Project,
FRDN, 3.40%, 09/04/97 2,400,000
------------
13,863,778
------------
WYOMING--0.7%
-------------------------------
1,800,000 Green River Wyoming PCR,
Texas Gulf Project, FRDN,
3.60%, 09/04/97 1,800,000
5,100,000 Unita County, Wyoming, PCR,
Chevron U.S.A. Inc.
Project, FRDN, 3.80%,
09/02/97 5,100,000
------------
6,900,000
- -----------------------------------------------------------
TOTAL STATE AND MUNICIPAL
OBLIGATIONS (COST $977,482,754) 977,482,754
<CAPTION>
- -----------------------------------------------------------
CERTIFICATE OF DEPOSIT--1.7%
- -----------------------------------------------------------
<C> <S> <C>
16,700,000 First Union National Bank of
North Carolina, Charlotte,
5.44%, 09/02/97 (Cost
$16,700,000) 16,700,000
- -----------------------------------------------------------
TOTAL INVESTMENTS -- 103.8%
(COST $994,182,754)** $994,182,754
- -----------------------------------------------------------
</TABLE>
21
See notes to financial statements.
<PAGE> 24
ABOUT YOUR FUND
VISTA NEW YORK TAX FREE
MONEY MARKET FUND
<TABLE>
<CAPTION>
- -------------------------------------------------------------------
FUND FACTS
- -------------------------------------------------------------------
<S> <C>
OBJECTIVE: High current tax free income consistent
with capital preservation*
PRIMARY INVESTMENTS: New York short-term municipal obligations
SUGGESTED INVESTMENT
TIME FRAME: Short-term
SHARE CLASSES OFFERED: Vista Shares
AS OF AUGUST 31, 1997
NET ASSETS: $957 Million
AVERAGE MATURITY: 61 days
S&P RATING: Not rated
MOODY'S RATING: Not rated
NAIC RATING: Not rated
- -------------------------------------------------------------------
</TABLE>
* A portion of the Fund's income may be subject to the Alternative Minimum Tax
(AMT), and some investors may be subject to certain state and local taxes.
<TABLE>
<CAPTION>
- -------------------------------------------------------------
MATURITY SCHEDULE AS OF 8/31/97
- -------------------------------------------------------------
<S> <C>
1-7 days: . . . . . . . . . . . . . . . . . . . . . . 60.95%
8-14 days: . . . . . . . . . . . . . . . . . . . . . 2.40%
15-21 days: . . . . . . . . . . . . . . . . . . . . . 0.55%
22-30 days: . . . . . . . . . . . . . . . . . . . . . 2.67%
31-60 days: . . . . . . . . . . . . . . . . . . . . . 7.50%
61-90 days: . . . . . . . . . . . . . . . . . . . . . 3.86%
91+ days: . . . . . . . . . . . . . . . . . . . . . . 22.07%
- -------------------------------------------------------------
</TABLE>
The financial information presented on this page has been taken from the books
and records of the Funds without examination by independent accountants, who
express no opinion thereto.
22
<PAGE> 25
VISTA NEW YORK TAX FREE MONEY MARKET FUND
PORTFOLIO COMPOSITION AS OF 8/31/97
<TABLE>
<S> <C>
FLOATING RATE DEMAND NOTES 49.3%
COMMERCIAL PAPER 13.3%
TAX ANTICIPATION NOTES 10.6%
BOND ANTICIPATION NOTES 8.0%
TENDER OPTION BONDS 6.1%
CERTIFICATE OF PARTICIPATION 4.1%
PRE-REFUNDED BONDS 4.0%
REVENUE ANTICIPATION NOTES 3.2%
OTHER 1.4%
</TABLE>
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------
VISTA NEW YORK TAX FREE MONEY MARKET FUND AS OF 8/31/97(1)
7-DAY TAXABLE
SEC YIELD(2) EQUIVALENT YIELD(3)
- -------------------------------------------------------------------------
<S> <C> <C>
Vista Shares 2.91% 5.45%
- -------------------------------------------------------------------------
</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) The yield for Vista Shares reflects the voluntary waiver of certain
expenses and the assumption of certain expenses otherwise payable by the
Fund. Without waivers, the yield would have been 2.77%. This voluntary
waiver may be modified or terminated at any time, which would reduce
performance.
(3) Taxable Equivalent Yields are calculated based on the SEC yield divided by
1 minus the effective tax rate. The effective combined federal, state and
local tax rate used for this illustration is 46.6%.
A portion of the Fund's income may be subject to the Alternative Minimum
Tax (AMT), and some investors may be subject to certain state and local
taxes.
The financial information presented on this page has been taken from the books
and records of the Funds without examination by independent accountants, who
express no opinion thereto.
23
<PAGE> 26
...........................
VISTA NEW YORK TAX FREE MONEY MARKET FUND
PORTFOLIO OF INVESTMENTS August 31, 1997
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
- -----------------------------------------------------------
BOND ANTICIPATION NOTES--8.2%
- -----------------------------------------------------------
<C> <S> <C>
$ 3,000,000 Ballston Spa, New York Central
School District, 4.00%,
12/31/97 $ 3,003,807
Board Cooperative Educational
Services, New York, Sole
Supervisory District,
3,000,000 4.38%, 06/30/98 3,006,518
8,000,000 4.50%, 06/26/98 8,031,289
4,700,000 Caledonia-Mumford, New York,
CSD, 4.25%, 02/11/98 4,708,636
9,728,000 Commack, New York, UFSD, 4.50%,
06/26/98 9,779,038
1,325,000 Irvington, New York, 4.25%,
06/18/98 1,329,543
9,842,000 Ithaca, New York, 4.13%,
01/23/98 9,861,139
Nassau County, New York,
5,000,000 Ser. B, 4.50%, 11/14/97 5,006,325
8,000,000 Ser. C, 4.25%, 03/17/98 8,020,320
1,256,000 Ossining Village, New York,
4.50%, 05/08/98 1,260,096
5,000,000 Oyster Bay, New York, 4.00%,
02/27/98 5,009,413
1,067,000 Palmyra-Macedon, New York, CSD,
4.38%, 06/12/98 1,070,781
Rochester, New York,
12,700,000 Ser. I, 4.00%, 03/10/98 12,717,278
4,000,000 Ser. III, 4.25%, 10/30/97 4,003,040
2,000,000 Solvay, New York, 4.50%,
10/16/97 2,001,527
- -----------------------------------------------------------
TOTAL BOND ANTICIPATION NOTES
(COST $78,808,750) 78,808,750
<CAPTION>
- -----------------------------------------------------------
CERTIFICATES OF PARTICIPATION--4.1%
- -----------------------------------------------------------
<C> <S> <C>
Eagle Tax Exempt Trust,
Weekly Options Mode,
Certificate,
4,800,000 Ser. 97C3203, Class A,#
3.36%, 09/04/97 4,800,000
8,000,000 Ser. 94-3205, Class A, #,
3.36%, 09/04/97 8,000,000
4,000,000 Ser. 96-3207, Class A,#
3.36%, 09/04/97 4,000,000
</TABLE>
24
See notes to financial statements.
<PAGE> 27
...........................
VISTA NEW YORK TAX FREE MONEY MARKET FUND
PORTFOLIO OF INVESTMENTS August 31, 1997 (continued)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
- -----------------------------------------------------------
CERTIFICATES OF PARTICIPATION--(CONTINUED)
- -----------------------------------------------------------
<C> <S> <C>
$11,000,000 Ser. 95-3202, Class A,#
3.41%, 09/04/97 $ 11,000,000
11,000,000 Ser. 96C3203, Class A,#
3.41%, 09/04/97 11,000,000
- -----------------------------------------------------------
TOTAL CERTIFICATES OF
PARTICIPATION
(COST $38,800,000) 38,800,000
<CAPTION>
- -----------------------------------------------------------
COMMERCIAL PAPER--13.4%
- -----------------------------------------------------------
<C> <S> <C>
Government Development Bank,
Puerto Rico,
15,200,000 3.60%, 09/03/97 15,200,000
4,800,000 3.45%, 10/23/97 4,800,000
8,000,000 3.65%, 10/09/97 8,000,000
1,000,000 Metropolitan Transportation
Authority, New York,
Dedicated Tax Fund, Ser. A,
4.50%, 04/01/98 1,004,188
New York City, Municipal
Assistance Corp.,
2,500,000 3.60%, 11/05/97 2,500,000
4,000,000 3.55%, 10/01/97 4,000,000
5,000,000 3.60%, 11/04/97 5,000,000
New York City Municipal Water
Financing Authority,
3,200,000 3.65%, 09/24/97 3,200,000
4,000,000 3.70%, 09/02/97 4,000,000
5,000,000 3.65%, 09/23/97 5,000,000
5,200,000 3.65%, 09/23/97 5,200,000
6,900,000 3.70%, 10/21/97 6,900,000
1,000,000 3.75%, 09/18/97 1,000,000
1,000,000 3.75%, 09/18/97 1,000,000
6,000,000 3.75%, 11/06/97 6,000,000
6,300,000 3.75%, 10/16/97 6,300,000
New York City, GO,
2,000,000 3.75%, 10/09/97 2,000,000
5,700,000 3.75%, 10/09/97 5,700,000
2,300,000 3.75%, 09/15/97 2,300,000
8,300,000 3.70%, 09/12/97 8,300,000
10,000,000 3.70%, 10/22/97 10,000,000
1,000,000 3.75%, 09/15/97 1,000,000
2,900,000 BAN, 3.65%, 10/07/97 2,900,000
New York State, Environmental
Facilities Corp.,
1,650,000 3.60%, 11/21/97 1,650,000
1,000,000 3.55%, 10/23/97 1,000,000
</TABLE>
25
See notes to financial statements.
<PAGE> 28
...........................
VISTA NEW YORK TAX FREE MONEY MARKET FUND
PORTFOLIO OF INVESTMENTS August 31, 1997 (continued)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
- -----------------------------------------------------------
COMMERCIAL PAPER--(CONTINUED)
- -----------------------------------------------------------
<C> <S> <C>
$12,000,000 Solid Waste Disposal, General
Electric Company Project
A, 3.70%, 09/12/97 $ 12,000,000
1,100,000 New York State, Ser. 97-A,
3.55%, 11/19/97 1,100,000
1,305,000 Port Authority, New York & New
Jersey, Ser. B, 3.60%,
09/30/97 1,305,000
- -----------------------------------------------------------
TOTAL COMMERCIAL PAPER
(COST $128,359,188) 128,359,188
<CAPTION>
- -----------------------------------------------------------
GENERAL OBLIGATIONS--0.2%
- -----------------------------------------------------------
<C> <S> <C>
500,000 Albany County, New York, 7.00%,
10/01/97 501,344
1,100,000 Nassau County, New York,
General Improvement, Ser. S,
5.00%, 03/01/98 1,106,606
- -----------------------------------------------------------
TOTAL GENERAL OBLIGATIONS
(COST $1,607,950) 1,607,950
<CAPTION>
- -----------------------------------------------------------
REVENUE ANTICIPATION NOTES--2.8%
- -----------------------------------------------------------
<C> <S> <C>
2,586,000 Averill Park, New York, CSD,
4.50%, 10/22/97 2,588,079
5,000,000 Erie County, New York, Ser. B,
4.25%, 11/19/97 5,006,696
1,985,000 Greece, New York, CSD, 4.25%,
06/26/98 1,990,968
4,580,000 Ithaca City, New York, City
School District, 4.50%,
06/22/98 4,604,070
5,000,000 Nassau County, New York, Ser.
B, 4.50%, 04/10/98 5,019,012
2,000,000 Oyster Bay, New York, 4.13%,
01/30/98 2,003,775
2,500,000 Pulaski, New York, CSD, 4.25%,
06/30/98 2,504,952
3,639,000 South Jefferson, New York, CSD,
4.00%, 06/23/98 3,640,964
- -----------------------------------------------------------
TOTAL REVENUE ANTICIPATION
NOTES
(COST $27,358,516) 27,358,516
- -----------------------------------------------------------
</TABLE>
26
See notes to financial statements.
<PAGE> 29
...........................
VISTA NEW YORK TAX FREE MONEY MARKET FUND
PORTFOLIO OF INVESTMENTS August 31, 1997 (continued)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
- -----------------------------------------------------------
REVENUE BONDS--5.4%
- -----------------------------------------------------------
<C> <S> <C>
$ 3,000,000 Babylon, New York, ID, Research
Recovery, Odgen Martin
Systems Babylon Inc., Ser. B,
8.50%, 07/01/98 $ 3,199,541
1,175,000 Geneva, New York, IDA, Civic
Facility, Colleges Seneca
Civic Facility, 4.00%,
03/01/98 1,176,681
6,230,000 Nassau County, New York,
General Improvement, Ser. V,
5.13%, 03/01/98 6,274,981
New York City, New York,
1,000,000 Housing Development Corp.,
Multi-Family, Ser. A-1,
3.85%, 11/01/97 1,000,474
2,000,000 Ser. A, 8.75%, 11/01/97 2,046,384
750,000 New York State Dorm Authority,
Special Obligation, State
University Dorm Facilities,
Ser. A, 4.00%, 01/01/98 750,838
500,000 New York State Environmental
Facilities Corp., PCR, State
Water Revolving Fund, Ser. B,
3.55%, 02/15/98 499,775
New York State Medical Care
Facilities Financing Agency,
6,820,000 Health Insurance Plan for
Greater New York, Ser. B,
8.50%, 12/01/97 6,901,022
600,000 Hospital & Nursing Home,
Insured Mortgage, Ser C,
5.00%, 02/15/98 602,616
16,500,000 Hospital & Nursing FHA
Insured Mortgage, Ser. B,
8.10%, 02/15/98 17,148,135
465,000 Prerefunded, 7.70%, 02/15/98 482,481
400,000 New York State Mortgage Agency,
Homeowner Mortgage, Ser. 50,
4.20%, 10/01/97 400,169
6,490,000 New York State Power Authority,
Ser. V, 8.00%, 01/01/98 6,709,211
</TABLE>
27
See notes to financial statements.
<PAGE> 30
...........................
VISTA NEW YORK TAX FREE MONEY MARKET FUND
PORTFOLIO OF INVESTMENTS August 31, 1997 (continued)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
- -----------------------------------------------------------
REVENUE BONDS--(CONTINUED)
- -----------------------------------------------------------
<C> <S> <C>
$ 200,000 New York State Thruway
Authority, General Purpose,
Ser. C, 5.00%, 01/01/98 $ 200,871
Triborough Bridge & Tunnel
Authority, New York,
3,000,000 Ser. N, 7.88%, 01/01/98 3,085,318
950,000 Special Obligation, Ser. A,
5.90%, 01/01/98 957,061
- -----------------------------------------------------------
TOTAL REVENUE BONDS
(COST $51,435,558) 51,435,558
<CAPTION>
- -----------------------------------------------------------
TAX ANTICIPATION NOTES--10.7%
- -----------------------------------------------------------
<C> <S> <C>
2,500,000 Bethlehem, New York, CSD,
4.25%, 10/10/97 2,501,152
10,000,000 Brentwood, New York, UFSD,
4.25%, 06/30/98 10,027,726
805,000 Connetquot CSD, New York,
Islip, 4.25%, 06/25/98 807,200
3,390,000 Guilderland, New York, CSD,
4.00%, 10/10/97 3,391,377
500,000 Half Hollow Hills, CSD, New
York, Huntington & Babylon,
4.25%, 06/26/98 501,531
7,500,000 Katanah-Lewisboro, New York,
UFSD, 4.00%, 10/17/97 7,503,627
Levittown, New York, UFSD,
5,100,000 4.10%, 06/24/98 5,108,435
5,000,000 4.50%, 06/24/98 5,024,502
4,050,000 Massapequa, New York, UFSD,
4.25%, 06/30/98 4,063,839
2,536,000 Middletown, New York, Ser. A,
4.13%, 02/27/98 2,541,664
3,500,000 Mount Sinai, New York, UFSD,
4.00%, 06/25/98 3,504,639
7,600,000 Nassau County, New York, Ser.
C, 4.25%, 09/25/97 7,603,262
5,000,000 Oceanside, New York, UFSD,
4.25%, 06/26/98 5,017,634
5,100,000 Oswego, New York, City School
District, 3.75%, 12/22/97 5,101,038
Oyster Bay, New York,
1,000,000 3.80%, 01/30/98 1,000,593
4,000,000 4.13%, 01/30/98 4,007,549
</TABLE>
28
See notes to financial statements.
<PAGE> 31
...........................
VISTA NEW YORK TAX FREE MONEY MARKET FUND
PORTFOLIO OF INVESTMENTS August 31, 1997 (continued)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
- -----------------------------------------------------------
TAX ANTICIPATION NOTES--(CONTINUED)
- -----------------------------------------------------------
<C> <S> <C>
$11,750,000 Port Washington, New York,
UFSD, 4.25%, 06/25/98 $ 11,791,289
4,000,000 Sayville, New York, UFSD,
4.50%, 06/29/98 4,020,586
Smithtown, New York, CSD,
5,000,000 4.25%, 06/29/98 5,011,856
3,000,000 4.50%, 06/29/98 3,014,254
3,700,000 South Orangetown, New York,
CSD, 4.00%, 11/05/97 3,702,218
2,700,000 Suffolk County, New York, Ser.
II, 4.50%, 09/11/97 2,700,464
4,000,000 Westchester County, New York,
3.48%, 12/11/97 3,999,782
- -----------------------------------------------------------
TOTAL TAX ANTICIPATION NOTES
(COST $101,946,217) 101,946,217
<CAPTION>
- -----------------------------------------------------------
FLOATING RATE DEMAND NOTES--55.0%
- -----------------------------------------------------------
<C> <S> <C>
905,000 Albany, New York, IDA, Newkirk
Productions Inc. Project,
Ser. A, 3.35%, 09/04/97 905,000
2,050,000 Babylon, New York, IDA, Edwin
Verger/Lambro Industries,
3.55%, 09/04/97 2,050,000
1,300,000 Broome County, New York, IDA,
Binghamton Realty Project,
3.35%, 09/04/97 1,300,000
55,000 California Educational
Facilities Authority,
Stanford University, Ser. L,
2.95%, 09/04/97 55,000
1,000,000 California Statewide
Communities Development
Corp., IDA, Howard Ser. B,
3.50%, 09/04/97 1,000,000
3,330,000 Clinton County, New York, IDA,
IDR, Bombardier Corp.
Project, Ser. A, 3.30%,
09/04/97 3,330,000
Dutchess County, New York, IDA,
1,820,000 IDR, MR Association Facility,
3.25%, 09/04/97 1,820,000
2,970,000 Laerdal Medical Corp.,
Project, 3.60%, 09/04/97 2,970,000
</TABLE>
29
See notes to financial statements.
<PAGE> 32
...........................
VISTA NEW YORK TAX FREE MONEY MARKET FUND
PORTFOLIO OF INVESTMENTS August 31, 1997 (continued)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
- -----------------------------------------------------------
FLOATING RATE DEMAND NOTES--(CONTINUED)
- -----------------------------------------------------------
<C> <S> <C>
Glens Falls New York, IDA,
$ 400,000 Broad Street Center Project,
3.20%, 09/04/97 $ 400,000
1,145,000 Broad Street Plaza Project,
3.45%, 09/04/97 1,145,000
670,000 Hudson, New York IDA, Emsig
Project, 4.25%, 12/15/97 670,000
2,000,000 Islip, New York, IDA, Brentwood
Distributor Co. Facility,
3.35%, 09/04/97 2,000,000
1,800,000 Lewis County Climax
Manufacturing Co. Project,
3.40%, 09/04/97 1,800,000
Los Angeles County, California,
1,000,000 Metropolitan Transportation
Authority, Proposal C,
Second Sr. Ser. A, 3.00%,
09/04/97 1,000,000
200,000 Pension Obligation, Ser. C,
2.95%, 09/04/97 200,000
19,600,000 Metropolitan Transportation
Authority, New York, Commuter
Facilities,
3.35%, 09/04/97 19,600,000
3,000,000 Municipal Securities Trust
Receipt, Ser. SAK 4,
3.45%, 09/04/97 3,000,000
Monroe County, New York, IDA,
4,100,000 Columbia Sussex Corp., 5.00%,
09/04/97 4,098,978
3,900,000 Public Improvement, Canal
Ponds Park, Ser. D, 3.25%,
09/04/97 3,900,000
1,000,000 Monterey Peninsula, California
Water Management District,
Wastewater Reclamation
Project, COP, 3.20%, 09/04/97 1,000,000
400,000 Montgomery New York IDA,
Service Merchandise Co.,
3.60%, 09/04/97 400,000
10,000,000 Municipal Securities Trust
Certificates, 1997-7, Class
A, 3.75%, 09/04/97 10,000,000
New York City, New York
Municipal Water Financing
Authority,
15,900,000 3.45%, 09/04/97 15,900,000
5,000,000 Water & Sewer Systems, Ser.
C, 3.70%, 09/04/97 5,000,000
</TABLE>
30
See notes to financial statements.
<PAGE> 33
...........................
VISTA NEW YORK TAX FREE MONEY MARKET FUND
PORTFOLIO OF INVESTMENTS August 31, 1997 (continued)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
- -----------------------------------------------------------
FLOATING RATE DEMAND NOTES--(CONTINUED)
- -----------------------------------------------------------
<C> <S> <C>
$17,300,000 New York City, New York Housing
Development Authority, East
96th Street Project, Ser. A,
3.45%, 09/04/97 $ 17,300,000
New York City, New York Housing
Development Corp.,
9,600,000 Multifamily, James Tower,
3.20%, 09/04/97 9,600,000
2,100,000 Multifamily Columbus, Ser. A,
3.30%, 09/04/97 2,100,000
4,200,000 Multifamily, Columbus
Apartments, Ser. A, 3.15%,
09/04/97 4,200,000
4,300,000 Multifamily, Tribeca Towers,
Ser. A, 3.25%, 09/04/97 4,300,000
7,025,000 Mortgage Rev., Parkgate
Tower, Ser. 1, 3.20%,
09/04/97 7,025,000
3,450,000 Special Obligation, Upper 5th
Ave. Project, Ser. A,
3.10%, 09/04/97 3,450,000
New York City, New York IDA,
500,000 Bears, Andin International,
Inc., 3.35%, 09/04/97 500,000
2,800,000 Civil Facility, Calhoun
School Inc. Project,
3.10%, 09/04/97 2,800,000
700,000 Civil Facility, Children's
Oncology Society, 3.15%,
09/04/97 700,000
750,000 IDR Ser. D, 3.35%, 09/04/97 750,000
30,900,000 IDR, Brooklyn Navy Yard
Cogen, Ser. B, 3.35%,
09/04/97 30,900,000
750,000 IDR, Ser. E, 3.35%, 09/04/97 750,000
350,000 Ser. B, Tomsed Realty Corp.,
3.35%, 09/04/97 350,000
600,000 Ser. D, 3.35%, 09/04/97 600,000
500,000 Ser. F, Marion Glass and
Window Shade Corp., 3.35%,
09/04/97 500,000
450,000 Ser. G, Monarch Construction
Corp., 3.35%, 09/04/97 450,000
400,000 Ser. N, Spreading Machine
Exchange, Inc., 3.35%,
09/04/97 400,000
7,500,000 Special Facilities, Korean
Air Lines, Co., Ser. A,
3.15%, 09/04/97 7,500,000
400,000 White Plains Auto Project,
3.30%, 12/01/99 400,000
</TABLE>
31
See notes to financial statements.
<PAGE> 34
...........................
VISTA NEW YORK TAX FREE MONEY MARKET FUND
PORTFOLIO OF INVESTMENTS August 31, 1997 (continued)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
- -----------------------------------------------------------
FLOATING RATE DEMAND NOTES--(CONTINUED)
- -----------------------------------------------------------
<C> <S> <C>
New York City, New York
Municipal Assistance Corp.,
$10,900,000 Sub. Ser. K-2, 3.15%,
09/04/97 $ 10,900,000
5,000,000 Sub. Ser. L, 3.15%, 09/04/97 5,000,000
New York City, New York
Municipal Securities Trust,
800,000 SGB 33, 3.45%, 09/04/97 800,000
5,000,000 Ser. SAK 1, 3.45%, 09/04/97 5,000,000
New York City, New York
Municipal Water Financing
Authority,
900,000 Ser. C, 3.70%, 09/02/97 900,000
10,000,000 Water & Sewer Systems,
Municipal Securities Trust
Receipts, 3.65%, 09/04/97 10,000,000
7,255,000 Water & Sewer Systems,
Municipal Securities Trust
Receipts, Ser. SGA 13,
3.40%, 09/04/97 7,255,000
New York City, New York,
2,395,000 Prerefunded Balance, Short,
Ser. 12I, 3.50%, 09/04/97 2,395,000
2,500,000 Ser. A, 3.45%, 09/04/97 2,500,000
11,475,000 Ser. A-9, 3.15%, 09/04/97 11,475,000
11,800,000 Ser. B through Sub. Ser. B-8,
3.30%, 09/04/97 11,800,000
11,500,000 Ser. B through Sub. Ser.
B-10, 3.25%, 09/04/97 11,500,000
4,300,000 Ser. B, Sub. Ser. B-4, 3.70%,
09/02/97 4,300,000
200,000 Ser. B, Sub. Ser. B-7, 3.70%,
09/02/97 200,000
6,000,000 Ser. D, 3.35%, 09/04/97 6,000,000
8,500,000 Ser. F-6, 3.25%, 09/04/97 8,500,000
6,400,000 Sub. Ser. A-6, 3.15%,
09/04/97 6,400,000
2,700,000 Sub. Ser. A-7, 3.70%,
09/02/97 2,700,000
3,000,000 Sub. Ser. A-10, 3.70%,
09/02/97 3,000,000
3,400,000 Sub. Ser. B-2, 3.70%,
09/02/97 3,400,000
600,000 Sub. Ser. E-4, 3.70%,
09/02/97 600,000
4,200,000 Sub. Ser. E-5, 3.70%,
09/02/97 4,200,000
4,900,000 Sub. Ser. B-8, 3.30%,
09/04/97 4,900,000
1,200,000 Trust for Cultural Resources,
Soloman R Guggenheim, Ser.
B, 3.65%, 09/02/97 1,200,000
1,705,000 Unrefunded Balance, Short,
Ser. 12I, 3.50%, 09/04/97 1,705,000
</TABLE>
32
See notes to financial statements.
<PAGE> 35
...........................
VISTA NEW YORK TAX FREE MONEY MARKET FUND
PORTFOLIO OF INVESTMENTS August 31, 1997 (continued)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
- -----------------------------------------------------------
FLOATING RATE DEMAND NOTES--(CONTINUED)
- -----------------------------------------------------------
<C> <S> <C>
New York State Dormitory
Authority,
$10,700,000 Cornell University, Ser. B,
3.65%, 09/02/97 $ 10,700,000
2,865,000 Municipal Securities Trust
Receipts, SAK 17, 3.45%,
09/04/97 2,865,000
New York State Energy Research
& Development Authority,
4,100,000 Gas Facilities, Brooklyn
Union Gas Project, Ser.
A-1, 3.15%, 09/04/97 4,100,000
6,300,000 Gas Facilities, Brooklyn
Union Gas Project, Ser.
A-2, 3.15%, 09/04/97 6,300,000
14,500,000 Gas Facilities, Brooklyn
Union Gas Project, Ser.
A-3, 3.20%, 09/04/97 14,500,000
2,000,000 PCR, Central Hudson Gas &
Electric, Co., Ser. B,
3.15%, 09/04/97 2,000,000
7,900,000 PCR, Central Hudson Gas &
Electric, Co., Ser. B,
3.20%, 09/04/97 7,900,000
11,700,000 PCR, Orange & Rockland
Project, Ser. A, 3.15%,
09/04/97 11,700,000
800,000 PCR, Rev. New York Electric &
Gas, Ser. D, 3.65%,
09/02/97 800,000
2,000,000 PCR, Rochester Gas & Electric
Corp., Ser. C, 3.35%,
09/04/97 2,000,000
New York State Housing Finance
Agency,
1,100,000 Multifamily, Ser. E, 3.35%,
09/04/97 1,100,000
13,400,000 Normandte Court II, Ser. A,
3.30%, 09/04/97 13,400,000
5,150,000 Residential Insured, Ser. A,
3.35%, 09/04/97 5,150,000
5,000,000 Union Square South Housing,
3.25%, 09/04/97 5,000,000
New York State Job Development
Authority,
40,000 Ser. A-1 through A-21, 3.85%,
09/04/97 40,000
2,600,000 Ser. A-1 through A-42, 3.90%,
09/02/97 2,600,000
</TABLE>
33
See notes to financial statements.
<PAGE> 36
...........................
VISTA NEW YORK TAX FREE MONEY MARKET FUND
PORTFOLIO OF INVESTMENTS August 31, 1997 (continued)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
- -----------------------------------------------------------
FLOATING RATE DEMAND NOTES--(CONTINUED)
- -----------------------------------------------------------
<C> <S> <C>
$ 4,540,000 State Guaranteed, Ser. C-1
through C-34, 3.80%,
09/30/97 $ 4,540,000
3,000,000 State Guaranteed, Ser. D-1
through D-16, 3.80%,
09/04/97 3,000,000
New York State Local Government
Assistance Corp.,
11,900,000 Ser. D, 3.20%, 09/04/97 11,900,000
4,800,000 Ser. E, 3.20%, 09/04/97 4,800,000
18,000,000 Ser. G, 3.15%, 09/04/97 18,000,000
New York State Local Assistance
Corp.,
13,100,000 Ser. A, 3.20%, 09/04/97 13,100,000
12,000,000 Ser. B, 3.20%, 09/04/97 12,000,000
1,900,000 Newburgh New York IDA Civic
Facility, Mt. St. Mary
College, 3.35%, 09/04/97 1,900,000
4,200,000 Niagara Falls New York Bridge
Commission, Ser. A, 3.15%,
09/04/97 4,200,000
2,950,000 Port Authority of New York &
New Jersey, Equipment Notes,
Ser. 3, 3.55%, 09/04/97 2,950,000
Puerto Rico,
10,900,000 Electric Power Authority,
Municipal Securities Trust
Receipts, Ser. SGA 43,
3.30%, 09/04/97 10,900,000
5,200,000 Industrial, Medical, &
Environmental, Higher
Education--Ana G. Mendez
Educational Foundation,
3.30%, 09/04/97 5,200,000
1,000,000 Rockland County New York IDA, X
Products Corp. Project,
3.45%, 09/04/97 1,000,000
1,500,000 San Jose, California,
Multifamily Housing, Almaden
Lake Village Apartments, Ser,
A, 3.20%, 09/04/97 1,500,000
300,000 Santa Ana, California Health
Facility, Multi-Modal--Town &
Country, 3.50%, 09/02/97 300,000
</TABLE>
34
See notes to financial statements.
<PAGE> 37
...........................
VISTA NEW YORK TAX FREE MONEY MARKET FUND
PORTFOLIO OF INVESTMENTS August 31, 1997 (continued)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
- -----------------------------------------------------------
FLOATING RATE DEMAND NOTES--(CONTINUED)
- -----------------------------------------------------------
<C> <S> <C>
Suffolk County New York,
$ 5,600,000 IDA, Nissequogue Cogen
Partners, 3.30%, 09/04/97 $ 5,600,000
4,500,000 Water Authority, 3.25%,
09/04/97 4,500,000
800,000 Syracuse New York IDA Civic
Facility, Multi-Modal
Syracuse University Project,
3.65%, 09/02/97 800,000
12,900,000 Triborough Bridge & Tunnel
Authority of New York,
Special Obligation, 3.15%,
09/04/97 12,900,000
Yonkers, New York, IDA, Civic
Facilities,
4,300,000 Consumers Union Facility,
3.15%, 09/04/97 4,300,000
8,100,000 Sarah Laurence College
Project, 3.05%, 09/04/97 8,100,000
- -----------------------------------------------------------
TOTAL FLOATING RATE DEMAND
NOTES
(COST $526,393,978) 526,393,978
<CAPTION>
- -----------------------------------------------------------
Shares Issuer Value
- -----------------------------------------------------------
MONEY MARKET FUND--0.4%
- -----------------------------------------------------------
<C> <S> <C>
4,300,000 Provident New York Money Fund,
(Cost $4,300,000) $ 4,300,000
- -----------------------------------------------------------
TOTAL INVESTMENTS--100.2%
(COST $959,010,157)** $959,010,157
- -----------------------------------------------------------
</TABLE>
35
See notes to financial statements.
<PAGE> 38
ABOUT YOUR FUND
VISTA CALIFORNIA TAX FREE
MONEY MARKET FUND
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------
FUND FACTS
- -------------------------------------------------------------------------
<S> <C>
OBJECTIVE: High current tax free income consistent
with capital preservation*
PRIMARY INVESTMENTS: California short-term municipal obligations
SUGGESTED INVESTMENT
TIME FRAME: Short-term
SHARE CLASSES OFFERED: Vista Shares
AS OF AUGUST 31, 1997
NET ASSETS: $45.5 Million
AVERAGE DAYS TO MATURITY: 53 days
S&P RATING: Not rated
MOODY'S RATING: Not rated
NAIC RATING: Not rated
- -------------------------------------------------------------------------
</TABLE>
* 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.
<TABLE>
<CAPTION>
- -------------------------------------------------------------
MATURITY SCHEDULE AS OF 8/31/97
- -------------------------------------------------------------
<S> <C>
1-7 days: . . . . . . . . . . . . . . . . . . . . . . 73.06%
8-14 days: . . . . . . . . . . . . . . . . . . . . . 0.00%
15-21 days: . . . . . . . . . . . . . . . . . . . . . 0.00%
22-30 days: . . . . . . . . . . . . . . . . . . . . . 0.00%
31-60 days: . . . . . . . . . . . . . . . . . . . . . 4.24%
61-90 days: . . . . . . . . . . . . . . . . . . . . . 2.12%
91+ days: . . . . . . . . . . . . . . . . . . . . . . 20.58%
- -------------------------------------------------------------
</TABLE>
The financial information presented on this page has been taken from the books
and records of the Funds without examination by independent accountants, who
express no opinion thereto.
36
<PAGE> 39
VISTA CALIFORNIA TAX FREE MONEY MARKET FUND
PORTFOLIO COMPOSITION AS OF 8/31/97
<TABLE>
<S> <C>
FLOATING RATE DEMAND NOTES 68.8%
TAX & REVENUE ANTICIPATION NOTES 15.3%
COMMERCIAL PAPER 6.4%
REVENUE BONDS 5.3%
GENERAL OBLIGATIONS/DISC. NOTES 4.2%
</TABLE>
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------
VISTA CALIFORNIA TAX FREE MONEY MARKET FUND AS OF 8/31/97(1)
7-DAY TAXABLE
SEC YIELD(2) EQUIVALENT YIELD(3)
- -----------------------------------------------------------------------
<S> <C> <C>
Vista Shares 2.88% 5.36%
- -----------------------------------------------------------------------
</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) The yield for Vista Shares reflects the voluntary waiver of certain
expenses and the assumption of certain expenses otherwise payable by the
Fund. Without waivers, the yield would have been 2.56%. This voluntary
waiver may be modified or terminated at any time, which would reduce
performance.
(3) Taxable equivalent yields are calculated based on the SEC Yield divided by
1 minus the effective tax rate. The effective combined federal, and state
tax rate used in this illustration is 46.24%.
A portion of the Fund's income may be subject to the Alternative Minimum
Tax (AMT), and some investors may be subject to certain state and local
taxes.
The financial information presented on this page has been taken from the books
and records of the Funds without examination by independent accountants, who
express no opinion thereto.
37
<PAGE> 40
...........................
VISTA CALIFORNIA TAX FREE MONEY MARKET FUND
PORTFOLIO OF INVESTMENTS August 31, 1997
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
- -----------------------------------------------------------
STATE & MUNICIPAL OBLIGATIONS--25.8%
- -----------------------------------------------------------
<C> <S> <C>
$1,000,000 California PCFA, PCR, Chevron
USA, Inc. Project, Rev., 4.00%,
05/15/98 $ 1,001,013
California School Cash Reserve
Program Authority,
2,000,000 Pool, Ser. A, GO, 4.75%,
07/02/98 2,014,378
1,500,000 Ser. B, Rev., 4.50%, 12/19/97 1,503,855
2,000,000 Fontana, California Union School
District, TRAN, 4.50%, 07/10/98 2,011,483
2,000,000 Sacramento County, California,
TRAN, 4.50%, 09/30/97 2,001,114
1,000,000 San Bernardino County,
California, Ser. A, TRAN,
4.50%, 06/30/98 1,005,160
2,200,000 West Contra Costa, California
Unified School District, TRAN,
4.25%, 12/11/97 2,202,391
- -----------------------------------------------------------
TOTAL STATE & MUNICIPAL
OBLIGATIONS
(COST $11,739,394) 11,739,394
<CAPTION>
- -----------------------------------------------------------
FLOATING RATE DEMAND NOTES--67.8%
- -----------------------------------------------------------
<C> <S> <C>
$1,000,000 Alameda-Contra Costa, California,
Schools Financing Authority,
COP, Capital Improvements
Financing Project, Ser. B,
3.10%, 09/05/97 1,000,000
900,000 Anaheim, California, Certificates
of Participation, 1993
Referendum Projects, 2.95%,
09/05/97 900,000
1,000,000 California Educational Facilities
Authority, Stanford University,
Ser. L, 2.95%, 09/05/97 1,000,000
300,000 California Health Facilities
Financing Authority,
Floating-Pooled Loan Program,
Ser. B, 3.05%, 09/05/97 300,000
2,100,000 California PCFA, PCR, Pacific Gas
& Electric, Ser. A, 3.50%,
09/02/97 2,100,000
600,000 California Statewide Communities
Development Authority,
Apartment Development, Sub.
Ser. A-1, 3.05%, 09/05/97 600,000
</TABLE>
38
See notes to financial statements.
<PAGE> 41
...........................
VISTA CALIFORNIA TAX FREE MONEY MARKET FUND
PORTFOLIO OF INVESTMENTS August 31, 1997 (continued)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
- -----------------------------------------------------------
FLOATING RATE DEMAND NOTES--(CONTINUED)
- -----------------------------------------------------------
<C> <S> <C>
$ 100,000 California Statewide Communities
Development Corp,
3.35%, 09/05/97 $ 100,000
455,000 IDR, Evapco Inc. Project,
3.25%, 09/05/97 455,000
600,000 IDR, Nichirin, 3.50%, 09/05/97 600,000
900,000 Industrial Peet's Coffee, Ser.
E, 3.25%, 09/05/97 900,000
2,300,000 California State, Municipal
Securities Trust Receipts, Ser.
7, 3.35%, 09/05/97 2,300,000
1,500,000 Kern County, California, COP,
Kern Public Facilities Project,
Ser. C, 3.00%, 09/05/97 1,500,000
600,000 Los Angeles California Community
Redevelopment Agency, 3.05%,
09/05/97 600,000
Los Angeles County, California,
300,000 IDA, IDR, Hon Industries Inc.
Project, 3.00%, 09/05/97 300,000
700,000 Pension Obligation, Ser. B,
2.95%, 09/05/97 700,000
Los Angeles, California Community
Redevelopment Agency,
600,000 COP, Baldwin Hills Public Park,
3.25%, 09/05/97 600,000
500,000 COP, CMC Medical Plaza Partner,
3.05%, 09/05/97 500,000
Los Angeles, California Regional
Airports Improvement Corp.,
100,000 Amern Airlines, L.A.
International, Ser. B,
3.75%, 09/02/97 100,000
700,000 Lease, Sublease, L.A.
International, LAX 2, 3.75%,
09/02/97 700,000
2,000,000 M-S-R Public Power Agency,
California, San Juan Project,
Ser. G, 3.00%, 09/05/97 2,000,000
100,000 New York State Job Development
Authority, Special Purpose,
Ser. A-1 through A-13, 3.90%,
09/02/97 100,000
2,100,000 Orange County, California
Sanitation Districts 1, 2, & 3,
COP, 3.40%, 09/02/97 2,100,000
</TABLE>
39
See notes to financial statements.
<PAGE> 42
...........................
VISTA CALIFORNIA TAX FREE MONEY MARKET FUND
PORTFOLIO OF INVESTMENTS August 31, 1997 (continued)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
- -----------------------------------------------------------
FLOATING RATE DEMAND NOTES--(CONTINUED)
- -----------------------------------------------------------
<C> <S> <C>
Palm Springs California Community
Redevelopment Agency,
$ 400,000 3.05%, 09/05/97 $ 400,000
200,000 3.05%, 09/05/97 200,000
700,000 3.05%, 09/05/97 700,000
100,000 COP, Headquarters Hot, Ser. 7,
3.05%, 09/05/97 100,000
3,000,000 Puerto Rico Electric Power
Authority, Municipal Securities
Trust Receipts, Ser. SGA 43,
3.30%, 09/05/97 3,000,000
400,000 Rancho Mirage, California,
Redevelopment Agency, COP,
Rancho Mirage, 3.25%, 09/05/97 400,000
700,000 Regional Apartments Improvement
Corp., Los Angeles, California
Term Facilities, Los Angeles
International Airport, 3.85%,
09/02/97 700,000
700,000 Riverside County, California,
IDA, IDR, Design Time Inc.
Project, Ser. I, 3.20%,
09/05/97 700,000
San Bernardino County,
California,
700,000 COP, County Center Refinancing
Project, 3.00%, 09/05/97 700,000
100,000 IDA, ID, Aqua-Service, 3.25%,
09/05/97 100,000
300,000 IDA, Ser. II, Master Halco
Inc., 3.50%, 09/05/97 300,000
300,000 San Diego California IDA, Kaiser
Aerospace & Electric, 3.55%,
09/05/97 300,000
1,000,000 San Jose, California, Multifamily
Housing, Almaden Lake Village
Apartments, Ser. A, 3.20%,
09/05/97 1,000,000
1,000,000 Santa Ana, California Health
Facility, Multi Modal--Town &
Country, 3.35%, 09/02/97 1,000,000
100,000 Santa Clara California Electric
Revenue, Ser. B, 3.00%,
09/05/97 100,000
700,000 South San Francisco, California,
Multifamily, Magnolia Plaza
Apartments, Ser. A, 3.25%,
09/02/97 700,000
</TABLE>
40
See notes to financial statements.
<PAGE> 43
...........................
VISTA CALIFORNIA TAX FREE MONEY MARKET FUND
PORTFOLIO OF INVESTMENTS August 31, 1997 (continued)
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT ISSUER VALUE
- -----------------------------------------------------------
FLOATING RATE DEMAND NOTES--(CONTINUED)
- -----------------------------------------------------------
<C> <S> <C>
$ 600,000 Three Valleys Municipal Water
District, Miramar Water
Treatment, 3.25%, 09/05/97 $ 600,000
380,000 Walnut, California Improvement
Agency, IDA, IDR, Fairway Molds
Project, 3.25%, 09/05/97 380,000
- -----------------------------------------------------------
TOTAL FLOATING RATE DEMAND NOTES
(COST $30,835,000) 30,835,000
<CAPTION>
- -----------------------------------------------------------
COMMERCIAL PAPER--6.6%
- -----------------------------------------------------------
<C> <S> <C>
2,000,000 California State, Municipal
Securities Trust Receipts, SGA
40, 4.25%, 09/05/97 2,000,000
1,000,000 Metropolitan Water District of
Southern California, 3.55%,
11/10/97 1,000,000
- -----------------------------------------------------------
TOTAL COMMERCIAL PAPER
(COST $3,000,000) 3,000,000
- -----------------------------------------------------------
<CAPTION>
Shares
- -----------------------------------------------------------
MONEY MARKET FUNDS--3.5%
- -----------------------------------------------------------
<C> <S> <C>
1,600,000 Provident California Money Fund,
(Cost $1,600,000) 1,600,000
===========================================================
TOTAL INVESTMENTS--103.7%
(COST $47,174,394)** $47,174,394
- -----------------------------------------------------------
</TABLE>
41
See notes to financial statements.
<PAGE> 44
...........................
LEGEND
PORTFOLIO OF INVESTMENTS August 31, 1997
<TABLE>
<S> <C> <C>
# = SECURITY MAY ONLY BE SOLD TO QUALIFIED INSTITUTIONAL BUYERS.
** = THE COST OF SECURITIES IS SUBSTANTIALLY THE SAME FOR FEDERAL INCOME
TAX PURPOSES.
BAN = BOND ANTICIPATION NOTE
COP = 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 AUGUST
31, 1997.
GO = GENERAL OBLIGATION
ID = INDUSTRIAL DEVELOPMENT
IDA = INDUSTRIAL DEVELOPMENT AUTHORITY
IDB = INDUSTRIAL DEVELOPMENT BOARD
IDR = INDUSTRIAL DEVELOPMENT REVENUE
IRB = INDUSTRIAL REVENUE BOND
PCFA = POLLUTION CONTROL FINANCING AUTHORITY
PCR = POLLUTION CONTROL REVENUE
REV. = REVENUE BOND
SPECIAL TAX = SPECIAL TAX ASSESSMENT
TAN = TAX ANTICIPATION NOTE
TRAN = TAX & REVENUE ANTICIPATION NOTE
UFSD = UNION FREE SCHOOL DISTRICT
</TABLE>
42
See notes to financial statements.
<PAGE> 45
...........................
VISTA MUTUAL FUNDS
STATEMENT OF ASSETS AND LIABILITIES August 31, 1997
- -------------------------------------------------------------------------------
<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)................................... $ 994,182,754 $959,010,157 $47,174,394
Cash................................... -- 901,242 71,983
Other assets........................... 17,108 16,300 853
Receivables:
Investment securities sold........... 12,140,314 -- --
Interest............................. 6,119,972 6,628,355 360,853
Fund shares sold..................... 751,800 671,131 --
Other................................ 44,515 826 --
-------------- ------------ -----------
Total Assets..................... 1,013,256,463 967,228,011 47,608,083
-------------- ------------ -----------
LIABILITIES:
Payable for investment securities
purchased............................ 49,364,889 8,827,835 --
Payable for Fund shares redeemed....... 330,795 80,416 1,964,442
Payable to custodian................... 4,961,888 -- --
Dividends payable...................... 1,423,136 940,342 43,726
Other liabilities...................... 1,962 -- 276
Accrued liabilities: (Note 2)
Administration fees.................. 79,810 77,250 3,808
Distribution fees.................... 47,135 77,251 3,808
Investment advisory fees............. 79,810 77,251 1,142
Shareholder servicing fees........... 126,184 162,227 3,808
Custody fees......................... 63,050 49,346 8,417
Other................................ 190,089 169,739 69,647
-------------- ------------ -----------
Total Liabilities................ 56,668,748 10,461,657 2,099,074
-------------- ------------ -----------
NET ASSETS:
Paid in capital........................ 957,002,853 956,761,114 45,508,085
Accumulated undistributed net
investment income.................... 3,672 99,873 16,646
Accumulated net realized gain (loss) on
investment transactions.............. (418,810) (94,633) (15,722)
-------------- ------------ -----------
Net Assets....................... $ 956,587,715 $956,766,354 $45,509,009
============== ============ ===========
Shares of beneficial interest
outstanding ($.001 par value; unlimited
number of shares authorized):
Vista Shares......................... 566,048,042 956,875,002 45,508,085
Premier Shares....................... 104,724,262
Institutional Shares................. 286,252,246
Net asset value, offering and redemption
price per share, all classes (net
assets/shares)......................... $1.00 $1.00 $1.00
============== ============ ===========
Cost of investments..................... $ 994,182,754 $959,010,157 $47,174,394
============== ============ ===========
</TABLE>
43
See notes to financial statements.
<PAGE> 46
...........................
VISTA MUTUAL FUNDS
STATEMENT OF OPERATIONS For the year ended August 31, 1997
- --------------------------------------------------------------------------------
<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)................ $32,875,399 $31,832,897 $1,583,348
----------- ----------- ----------
EXPENSES: (Note 2)
Shareholder servicing fees............... 2,313,363 3,133,258 156,716
Distribution fees........................ 568,572 895,216 44,776
Administration fees...................... 898,975 895,216 44,776
Investment advisory fees................. 898,976 895,216 44,776
Custodian fees........................... 239,483 246,186 33,477
Printing and postage..................... 4,614 10,019 --
Professional fees........................ 56,218 51,902 17,620
Registration costs....................... 85,428 19,042 1,336
Transfer agent fees...................... 171,148 265,308 32,828
Trustees fees and expenses............... 48,659 45,004 2,408
Other.................................... 47,988 76,112 3,917
----------- ----------- ----------
Total expenses..................... 5,333,424 6,532,479 382,630
Less amounts waived (Note 2E)............ 768,241 1,253,304 134,113
----------- ----------- ----------
Net expenses........................... 4,565,183 5,279,175 248,517
----------- ----------- ----------
Net investment income.................. 28,310,216 26,553,722 1,334,831
----------- ----------- ----------
REALIZED AND UNREALIZED GAIN (LOSS) ON
INVESTMENTS
Net realized gain (loss) on investment
transactions........................... (3,727) (44,446) (643)
----------- ----------- ----------
Net increase in net assets from
operations............................. $28,306,489 $26,509,276 $1,334,188
=========== =========== ==========
</TABLE>
44
See notes to financial statements.
<PAGE> 47
VISTA MUTUAL FUNDS
STATEMENT OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
Vista
Vista New York
Tax Free Tax Free
Money Market Fund Money Market Fund
--------------------------- ---------------------------
For the Year Ended August 31,
---------------------------------------------------------
1997 1996 1997 1996
------------ ------------ ------------ ------------
<S> <C> <C> <C> <C>
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income................................................. $ 28,310,216 $ 18,372,456 $ 26,553,722 $ 15,764,958
Net realized gain (loss) on investment transactions................... (3,727) (29,426) (44,446) 11,794
------------ ------------ ------------ ------------
Increase (decrease) in net assets from operations................... 28,306,489 18,343,030 26,509,276 15,776,752
------------ ------------ ------------ ------------
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income................................................. (28,350,083) (18,336,414) (26,537,487) (15,770,908)
Net realized gain on investment transactions.......................... -- -- -- (18,550)
------------ ------------ ------------ ------------
Total dividends and distributions............................... (28,350,083) (18,336,414) (26,537,487) (15,789,458)
------------ ------------ ------------ ------------
Increase (decrease) from capital share transactions.................... 88,760,159 444,019,822 66,381,087 512,026,166
------------ ------------ ------------ ------------
Total increase (decrease)....................................... 88,716,565 444,026,438 66,352,876 512,013,460
NET ASSETS:
Beginning of period................................................... 867,871,150 423,844,712 890,413,478 378,400,018
------------ ------------ ------------ ------------
End of period......................................................... $956,587,715 $867,871,150 $956,766,354 $890,413,478
============ ============ ============ ============
<CAPTION>
Vista
California
Tax Free
Money Market Fund
--------------------------
1997 1996
----------- ------------
<S> <C> <C>
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income................................................. $ 1,334,831 $ 1,471,350
Net realized gain (loss) on investment transactions................... (643) (652)
----------- -----------
Increase (decrease) in net assets from operations................... 1,334,188 1,470,698
----------- -----------
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income................................................. (1,328,093) (1,461,441)
Net realized gain on investment transactions.......................... -- --
----------- -----------
Total dividends and distributions............................... (1,328,093) (1,461,441)
----------- -----------
Increase (decrease) from capital share transactions.................... 2,684,361 (15,505,296)
----------- -----------
Total increase (decrease)....................................... 2,690,456 (15,496,039)
NET ASSETS:
Beginning of period................................................... 42,818,553 58,314,592
----------- -----------
End of period......................................................... $45,509,009 $ 42,818,553
=========== ===========
</TABLE>
See notes to financial statements.
45
...........................
<PAGE> 48
VISTA MUTUAL FUNDS
NOTES TO FINANCIAL STATEMENTS
1. ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES--Mutual Fund Trust ("MFT")
(the "Trust") is organized as a Massachusetts business trust, and registered
under the Investment Company Act of 1940, as amended (the "1940 Act"), as an
open-end, management investment company. Vista 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
46
...........................
<PAGE> 49
VISTA MUTUAL FUNDS
NOTES TO FINANCIAL STATEMENTS (continued)
the capital accounts based on their federal income tax-basis treatment.
Dividends and distributions which exceed net investment income or net
realized capital gains for financial reporting purposes but not for tax
purposes are reported as distributions in excess of net investment income or
net realized capital gains.
F. Income and expenses--Expenses directly attributable to a Fund are
charged to that Fund; expenses directly attributable to a particular class
are charged directly to such class. Other expenses are allocated
proportionately among the Funds within the Trust in relation to the net
assets of each Fund or on another reasonable basis. In calculating net asset
value per share of each class, investment income, realized and unrealized
gains and losses and expenses other than class specific expenses, are
allocated daily to each class of shares based upon the proportion of net
assets of each class at the beginning of each day.
2. FEES AND OTHER TRANSACTIONS WITH AFFILIATES
A. Investment advisory fee--Pursuant to separate Investment Advisory
Agreements, The Chase Manhattan Bank, ("Chase" or "Advisor") acts as the
investment adviser to the Funds. Chase is a direct wholly-owned subsidiary
of The Chase Manhattan Corporation. As investment adviser, Chase supervises
the investments of each Fund and for such services is paid a fee. The fee is
accrued daily and paid monthly at an annual rate equal to 0.10% of the
average daily net assets for each respective Fund. The Advisor voluntarily
waived all or a portion of its fees as outlined in Note 2.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
47
...........................
<PAGE> 50
VISTA MUTUAL FUNDS
NOTES TO FINANCIAL STATEMENTS (continued)
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.
E. Waivers of fees--For the year ended August 31, 1997, the Advisor,
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........................ $ -- $ -- $ 31,249
Shareholder Servicing........... 768,241 1,253,304 102,864
-------- ---------- --------
$768,241 $1,253,304 $134,113
======== ========== ========
</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, 1997, 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, $35,000 and $15,000,
respectively. Such losses will be available to offset future capital gains and
will expire between August 31, 2001 and 2005. During the fiscal year ended
August 31, 1997, NYTFMM utilized capital loss carryovers of approximately
$15,000. 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.
4. TRANSACTIONS IN SHARES OF BENEFICIAL INTEREST
<TABLE>
<CAPTION>
Vista Tax Free Money Market Fund
-------------------------------------------------------------------
Vista Class
-------------------------------------------------------------------
Year Ended August 31, 1997 Year Ended August 31, 1996
-------------------------------- --------------------------------
Amount Shares Amount Shares
--------------- -------------- --------------- --------------
<S> <C> <C> <C> <C>
Shares sold........... $ 1,655,124,829 1,655,124,829 $ 911,484,404 911,484,404
Shares issued in
reinvestment of
distributions........ 5,624,366 5,624,366 1,934,142 1,934,142
Shares redeemed....... (1,669,216,613) (1,669,216,613) (857,212,288) (857,212,288)
Hanover acquisition... -- -- 350,999,688 351,365,964
--------------- -------------- --------------- --------------
Net increase
(decrease) in
Trust shares
outstanding.......... $ (8,467,418) (8,467,418) $ 407,205,946 407,572,222
================ =============== ================ ===============
</TABLE>
48
...........................
<PAGE> 51
VISTA MUTUAL FUNDS
NOTES TO FINANCIAL STATEMENTS (continued)
<TABLE>
<CAPTION>
Premier Class
-------------------------------------------------------------------
Year Ended August 31, 1997 Year Ended August 31, 1996
-------------------------------- --------------------------------
Amount Shares Amount Shares
--------------- -------------- --------------- --------------
<S> <C> <C> <C> <C>
Shares sold........... $ 531,017,184 531,017,184 $ 601,079,059 601,079,059
Shares issued in
reinvestment of
distributions........ 2,032,501 2,032,501 2,903,967 2,903,967
Shares redeemed....... (573,533,495) (573,533,495) (607,206,287) (607,206,287)
--------------- -------------- --------------- --------------
Net increase
(decrease) in
Trust shares
outstanding.......... $ (40,483,810) (40,483,810) $ (3,223,261) (3,223,261)
================ =============== ================ ===============
<CAPTION>
Institutional Class
-------------------------------------------------------------------
Year Ended August 31, 1997 Year Ended August 31, 1996
-------------------------------- --------------------------------
Amount Shares Amount Shares
--------------- -------------- --------------- --------------
<S> <C> <C> <C> <C>
Shares sold........... $ 2,181,302,254 2,181,302,254 $ 1,414,077,799 1,414,077,799
Shares issued in
reinvestment of
distributions........ 2,961,145 2,961,145 2,017,342 2,017,342
Shares redeemed....... (2,046,552,012) (2,046,552,012) (1,376,058,004) (1,376,058,005)
--------------- -------------- --------------- --------------
Net increase
(decrease) in
Trust shares
outstanding.......... $ 137,711,387 137,711,387 $ 40,037,137 40,037,136
================ =============== ================ ===============
<CAPTION>
Vista New York Tax Free Money Market Fund
-------------------------------------------------------------------
Vista Class
-------------------------------------------------------------------
Year Ended August 31, 1997 Year Ended August 31, 1996
-------------------------------- --------------------------------
Amount Shares Amount Shares
--------------- -------------- --------------- --------------
<S> <C> <C> <C> <C>
Shares sold........... $ 2,483,570,728 2,483,570,728 $ 1,431,911,709 1,431,911,709
Shares issued in
reinvestment of
distributions........ 13,960,319 13,960,319 6,680,348 6,680,348
Hanover acquisition... -- -- 321,164,978 321,245,415
Shares redeemed....... (2,431,149,960) (2,431,149,960) (1,247,730,869) (1,247,730,869)
--------------- -------------- --------------- --------------
Net increase
(decrease) in
Trust shares
outstanding.......... $ 66,381,087 66,381,087 $ 512,026,166 512,106,603
================ =============== ================ ===============
<CAPTION>
</TABLE>
49
...........................
<PAGE> 52
VISTA MUTUAL FUNDS
NOTES TO FINANCIAL STATEMENTS (continued)
<TABLE>
<CAPTION>
Vista California Tax Free Money Market Fund
-------------------------------------------------------------------
Vista Class
-------------------------------------------------------------------
Year Ended August 31, 1997 Year Ended August 31, 1996
-------------------------------- --------------------------------
Amount Shares Amount Shares
--------------- -------------- --------------- --------------
<S> <C> <C> <C> <C>
Shares sold........... $ 301,855,774 301,855,774 $ 258,044,243 258,044,243
Shares issued in
reinvestment of
distributions........ 798,792 798,792 808,478 808,478
Shares redeemed....... (299,970,205) (299,970,205) (274,358,017) (274,358,017)
--------------- -------------- --------------- --------------
Net increase
(decrease) in
Trust shares
outstanding.......... $ 2,684,361 2,684,361 $ (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 August 31,
1997, TFMM invested approximately 17.6% 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 year ended August 31, 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................................................ $ 22,827 $44,538
NYTFMM.............................................. 24,206 42,436
CATFMM.............................................. 1,205 2,220
</TABLE>
50
...........................
<PAGE> 53
VISTA MUTUAL FUNDS
NOTES TO FINANCIAL STATEMENTS (continued)
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
HANOVER MONEY Tax Free Tax Free
MARKET FUNDS Fund Fund
------------ ------------
<S> <C> <C>
Hanover Shares Exchanged..................... 351,365,964 321,245,415
------------ ------------
</TABLE>
<TABLE>
<CAPTION>
The The New York
VISTA MONEY Tax Free Tax Free
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>
51
...........................
<PAGE> 54
SELECTED PER SHARE DATA AND RATIOS FOR A SHARE OF BENEFICIAL INTEREST
OUTSTANDING Throughout each period indicated
<TABLE>
<CAPTION>
Vista Tax Free Money Market Fund
-----------------------------------------------------
Vista Shares
-----------------------------------------------------
Year Ended August 31, 11/1/93 Year
------------------------------ Through Ended
1997 1996 1995 8/31/94++ 10/31/93
-------- -------- -------- --------- --------
<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................................................... 0.031 0.029 0.029 0.015 0.019
-------- -------- -------- --------- --------
Less Dividends from Net Investment Income............................... 0.031 0.029 0.029 0.015 0.019
-------- -------- -------- --------- --------
Net Asset Value, End of Period............................................ $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
======== ======== ======== ======== ========
Total Return.............................................................. 3.12% 2.92% 2.99% 1.54% 1.90%
===== ===== ===== ====== =====
Ratios/Supplemental Data:
Net Assets, End of Period (000 omitted)................................... $565,625 $574,115 $166,915 $121,710 $160,497
Ratio of Expenses to Average Net Assets#................................ 0.59% 0.69% 0.86% 0.85% 0.85%
Ratio of Net Investment Income to Average Net Assets#................... 3.08% 2.89% 2.96% 1.82% 1.88%
Ratio of Expenses Without Waivers and Assumption of Expenses to Average
Net Assets#........................................................... 0.73% 0.80% 0.94% 0.85% 0.91%
Ratio of Net Investment Income Without Waivers and Assumption of
Expenses to Average Net Assets#....................................... 2.94% 2.78% 2.87% 1.82% 1.83%
</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.
52
...........................
<PAGE> 55
SELECTED PER SHARE DATA AND RATIOS FOR A SHARE OF BENEFICIAL INTEREST
OUTSTANDING Throughout each period indicated (continued)
<TABLE>
<CAPTION>
Vista Tax Free Money Market Fund
---------------------------------------------------------------------
Institutional
Shares
--------
Premier Shares Year
--------------------------------------------------------- Ended
August
Year Ended August 31, 11/1/93 Year 31,
-------------------------------- Through Ended --------
1997 1996 1995 8/31/94++ 10/31/93 1997
-------- -------- -------- --------- -------- --------
<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............................. 0.032 0.031 0.032 0.018 0.022 0.036
-------- -------- -------- -------- -------- --------
Less Dividends from Net Investment Income......... 0.032 0.031 0.032 0.018 0.022 0.036
-------- -------- -------- -------- -------- --------
Net Asset Value, End of Period..................... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
======== ======== ======== ======== ======== ========
Total Return....................................... 3.19% 3.12% 3.29% 1.79% 2.21% 3.45%
===== ===== ===== ===== ===== =====
Ratios/Supplemental Data:
Net Assets, End of Period (000 omitted)............ $104,759 $145,221 $148,436 $229,306 $225,791 $286,204
Ratio of Expenses to Average Net Assets#.......... 0.53% 0.58% 0.56% 0.55% 0.55% 0.26%
Ratio of Net Investment Income to Average Net
Assets#......................................... 3.13% 3.08% 3.21% 2.11% 2.16% 3.41%
Ratio of Expenses Without Waivers and Assumption
of Expenses to Average Net Assets#.............. 0.53% 0.73% 0.84% 0.78% 0.79% 0.26%
Ratio of Net Investment Income Without Waivers and
Assumption of Expenses to Average Net Assets#... 3.13% 2.92% 2.93% 1.89% 1.92% 3.41%
<CAPTION>
11/4/93*
Through
1996 1995 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............................. 0.034 0.035 0.019
-------- -------- --------
Less Dividends from Net Investment Income......... 0.034 0.035 0.019
-------- -------- --------
Net Asset Value, End of Period..................... $ 1.00 $ 1.00 $ 1.00
======== ======== ========
Total Return....................................... 3.40% 3.53% 1.95%
===== ===== =====
Ratios/Supplemental Data:
Net Assets, End of Period (000 omitted)............ $148,536 $108,494 $110,332
Ratio of Expenses to Average Net Assets#.......... 0.31% 0.33% 0.34%
Ratio of Net Investment Income to Average Net
Assets#......................................... 3.33% 3.46% 2.38%
Ratio of Expenses Without Waivers and Assumption
of Expenses to Average Net Assets#.............. 0.31% 0.34% 0.34%
Ratio of Net Investment Income Without Waivers and
Assumption of Expenses to Average Net Assets#... 3.33% 3.45% 2.38%
</TABLE>
- ---------------
# Short periods have been annualized.
++ In 1994 TFMM changed its fiscal year end from October 31 to August 31.
* Commencement of offering class of shares.
See notes to financial statements.
53
...........................
<PAGE> 56
SELECTED PER SHARE DATA AND RATIOS FOR A SHARE OF BENEFICIAL INTEREST
OUTSTANDING Throughout each period indicated (continued)
<TABLE>
<CAPTION>
Vista New York Tax Free Money Market Fund
---------------------------------------------------------
Vista Shares
---------------------------------------------------------
Year Ended August 31, 11/1/93 Year
-------------------------------- Through Ended
1997 1996 1995 8/31/94++ 10/31/93
-------- -------- -------- --------- --------
<S> <C> <C> <C> <C> <C>
Per Share Operating Performance
Net Asset Value, Beginning of Period................................. $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
-------- -------- -------- --------- --------
Income from Investment Operations
Net Investment Income.............................................. 0.030 0.028 0.028 0.015 0.017
-------- -------- -------- --------- --------
Less Dividends from Net Investment Income.......................... 0.030 0.028 0.028 0.015 0.017
-------- -------- -------- --------- --------
Net Asset Value, End of Period....................................... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
======== ======== ======== ======== ========
Total Return......................................................... 3.02% 2.85% 2.88% 1.48% 1.75%
===== ===== ===== ===== =====
Ratios/Supplemental Data:
Net Assets, End of Period (000 omitted).............................. $956,766 $890,413 $378,400 $365,669 $300,425
Ratio of Expenses to Average Net Assets#........................... 0.59% 0.74% 0.86% 0.85% 0.85%
Ratio of Net Investment Income to Average Net Assets#.............. 2.97% 2.79% 2.84% 1.77% 1.72%
Ratio of Expenses Without Waivers and Assumption of Expenses to
Average Net Assets#.............................................. 0.73% 0.83% 0.95% 0.85% 0.89%
Ratio of Net Investment Income Without Waivers and Assumption of
Expenses to Average Net Assets#.................................. 2.83% 2.70% 2.75% 1.77% 1.68%
</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.
54
...........................
<PAGE> 57
SELECTED PER SHARE DATA AND RATIOS FOR A SHARE OF BENEFICIAL INTEREST
OUTSTANDING Throughout each period indicated (continued)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Vista California Tax Free Money Market Fund
------------------------------------------------------
Vista Shares
------------------------------------------------------
Year Ended August 31, 11/1/93 Year
----------------------------- Through Ended
1997 1996 1995 8/31/94++ 10/31/93
------- ------- ------- --------- --------
<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................................................. 0.300 0.030 0.033 0.018 0.023
------- ------- ------- --------- --------
Less Dividends from Net Investment Income............................. 0.300 0.030 0.033 0.018 0.023
------- ------- ------- --------- --------
Net Asset Value, End of Period.......................................... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
======= ======= ======= ======== =======
Total Return............................................................ 3.02% 3.06% 3.32% 1.82% 2.30%
===== ===== ===== ====== ======
Ratios/Supplemental Data:
Net Assets, End of Period (000 omitted)................................. $45,509 $42,819 $58,315 $64,423 $45,346
Ratio of Expenses to Average Net Assets #............................. 0.56% 0.56% 0.48% 0.46% 0.42%
Ratio of Net Investment Income to Average Net Assets #................ 2.99% 3.03% 3.25% 2.17% 2.26%
Ratio of Expenses Without Waivers and Assumption of Expenses to
Average Net Assets #................................................ 0.86% 1.02% 1.07% 0.94% 1.02%
Ratio of Net Investment Income Without Waivers and Assumption of
Expenses to Average Net Assets #.................................... 2.69% 2.57% 2.66% 1.69% 1.66%
</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.
55
...........................
<PAGE> 58
REPORT OF INDEPENDENT ACCOUNTANTS
To the Trustees and Shareholders of
Mutual Fund Trust
In our opinion, the accompanying statement of assets and liabilities, including
the portfolios of investments, and the related statements of operations and of
changes in net assets and the selected per share data and ratios for a share of
beneficial interest outstanding present fairly, in all material respects, the
financial position of Vista Tax Free Money Market Fund, Vista New York Tax Free
Money Market Fund and Vista California Tax Free Money Market Fund (separate
portfolios of Mutual Fund Trust, hereafter referred to as the "Trust") at August
31, 1997, the results of each of their operations for the year then ended, the
changes in each of their net assets for each of the two years in the period then
ended, and the selected per share data and ratios for a share of beneficial
interest outstanding for each of the periods presented, in conformity with
generally accepted accounting principles. These financial statements and
selected per share data and ratios for a share of beneficial interest
outstanding (hereafter referred to as "financial statements") are the
responsibility of the Trust's management; our responsibility is to express an
opinion on these financial statements based on our audits. We conducted our
audits of these financial statements in accordance with generally accepted
auditing standards which require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free of material
misstatement. An audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements, assessing the
accounting principles used and significant estimates made by management, and
evaluating the overall financial statement presentation. We believe that our
audits, which included confirmation of securities at August 31, 1997 by
correspondence with the custodian and the application of alternative auditing
procedures where securities purchased had not been received, provide a
reasonable basis for the opinion expressed above.
PRICE WATERHOUSE LLP
1177 Avenue of the Americas
New York, New York 10036
October 14, 1997
56
...........................
<PAGE> 59
(unaudited)
VISTA TAX FREE MONEY MARKET FUND (TFMM)
VISTA NEW YORK TAX FREE MONEY MARKET FUND (NYTFMM)
VISTA CALIFORNIA TAX FREE MONEY MARKET FUND (CTFMM)
- ---------------------------------------------------------------------
Certain tax information regarding the Vista Mutual Funds is required to be
provided to shareholders based upon the Funds income and distributions for the
taxable year ended August 31, 1997. The information and distributions reported
in this letter may differ from the information and distributions taxable to the
shareholders for the calendar year ending December 31, 1997. The information
necessary to complete your income tax returns for the calendar year ending
December 31, 1997 will be received under separate cover.
FOR THE FISCAL YEAR ENDED AUGUST 31, 1997.
- The dividends paid from net investment income are 98.73%, 99.73% and
99.39% exempt from Federal income tax for TFMM, NYTFMM and CTFMM,
respectively.
- For shareholders who are subject to the Alternative Minimum Tax, the
income from private activity bonds issued after August 7, 1986, which
may be considered a tax preference item, was 18.42%, 10.22% and 11.35%
for TFMM, NYTFMM, and CALTFMM, respectively.
57
...........................
<PAGE> 60
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 accompanied by a prospectus.
To obtain a prospectus for any of the Vista Funds, call 1-800-34-VISTA. The
prospectus contains more complete information, including charges and expenses.
Please read it carefully before you invest or send money.
VTFMM-2-1097
<PAGE> 61
[PHOTO]
VISTA MONEY MARKET FUNDS
ANNUAL
REPORT
------------------------------------
Vista. Setting The Global Standard.
U.S. GOVERNMENT MONEY MARKET FUNDS:
VISTA 100% U.S. TREASURY SECURITIES
MONEY MARKET FUND
VISTA U.S. GOVERNMENT MONEY MARKET FUND
VISTA TREASURY PLUS MONEY MARKET FUND
VISTA FEDERAL MONEY MARKET FUND
DIVERSIFIED MONEY MARKET FUNDS:
VISTA CASH MANAGEMENT FUND
VISTA PRIME MONEY MARKET FUND
[VISTA LOGO]
AUGUST 31, 1997
<PAGE> 62
[PHOTO]
HIGHLIGHTS
Changing perceptions of the strength of U.S. economic growth were the primary
drivers of short-term interest rates during the reporting year.
- - The Federal Reserve Board adjusted the Federal Funds rate only once, a 0.25%
increase in March, 1997.
- - Over the course of the year, the yield on the one-year Treasury bill declined
from 5.90% to 5.56%.
<TABLE>
<CAPTION>
- ------------------------------------------------------------------
CONTENTS
- ------------------------------------------------------------------
<S> <C>
Chairman's Letter 1
Vista 100% U.S. Treasury Securities Money
Market Fund 2-4
Fund Commentary - Portfolio of Investments
Vista U.S. Government Money Market Fund 5-10
Fund Commentary - Portfolio of Investments
Vista Treasury Plus Money Market Fund 11-14
Fund Commentary - Portfolio of Investments
Vista Federal Money Market Fund 15-18
Fund Commentary - Portfolio of Investments
Vista Cash Management Fund 19-29
Fund Commentary - Portfolio of Investments
Vista Prime Money Market Fund 30-38
Fund Commentary - Portfolio of Investments
Financial Statements 39-44
Notes To Financial Statements 45-54
Per Share Data 55-61
Report Of Independent Accountants 62
- ------------------------------------------------------------------
</TABLE>
- --------------------------------------------------------------------------------
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> 63
VISTA FAMILY OF MUTUAL FUNDS
CHAIRMAN'S LETTER
October 10, 1997
Dear Shareholder:
We are pleased to present this annual report on each of the taxable Vista money
market funds. Inside, you'll find current seven-day yields for each fund as of
August 29, 1997 as well as listings of current holdings.
EXCEPTIONAL U.S. ECONOMY CHALLENGES TRADITIONAL THINKING
During the reporting year, the U.S. economy painted a near-perfect picture, one
characterized by substantial economic growth, excellent corporate performance,
strong job creation and the absence of inflationary pressures. This combination
of factors challenged the traditional economic view that a growing economy and
low unemployment inevitably lead to inflation and higher interest rates.
Against this backdrop, bond investors were highly sensitive to each report on
the economy's performance. This created occasional periods of volatility as
they anticipated whether the Federal Reserve Board would make a preemptive
strike against inflation. Ultimately, the Fed acted only once, raising the
Federal Funds rate slightly in March and effectively driving the yield on the
one-year Treasury bill to its highest point of the year. Rates subsequently
fell, however, and continued on a generally-downward trend as it became clear
that the Fed would not act again without clear and sustainable signs of
inflation.
This environment proved challenging for Vista's portfolio management team, but
I'm pleased to report that they fulfilled their mission of providing you with
competitive yields and a high degree of safety and stability. On behalf of the
management team and everyone at Vista, I thank you for the confidence you've
placed in us. We look forward to serving your investment needs for many years
to come.
Sincerely,
/s/ FERGUS REID
Fergus Reid
Chairman
1
<PAGE> 64
ABOUT YOUR FUND
VISTA 100% U.S. TREASURY SECURITIES
MONEY MARKET FUND
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------
FUND FACTS
- --------------------------------------------------------------------------------
<S> <C>
OBJECTIVE: High current income consistent with
capital preservation
PRIMARY INVESTMENTS: Direct obligations of the U.S. Treasury
including Treasury bills, bonds and notes
SUGGESTED INVESTMENT
TIME FRAME: Short-term
SHARES CLASSES OFFERED: Vista, Premier and Institutional Shares
AS OF AUGUST 31, 1997
NET ASSETS: $2.5 Billion
AVERAGE DAYS TO MATURITY: 75 days
S&P RATING: Not Rated
MOODY'S RATING: Not Rated
NAIC RATING: Not Rated
- --------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
- --------------------------------------------------------------
MATURITY SCHEDULE AS OF 8/31/97
- --------------------------------------------------------------
<S> <C>
1-14 days: . . . . . . . . . . . . . . . . . . . . . 22.62%
15-30 days: . . . . . . . . . . . . . . . . . . . . . 3.73%
31-60 days: . . . . . . . . . . . . . . . . . . . . . 39.72%
61-90 days: . . . . . . . . . . . . . . . . . . . . . 6.18%
91+ days: . . . . . . . . . . . . . . . . . . . . . . 27.74%
- --------------------------------------------------------------
</TABLE>
The financial information presented on this page has been taken from the books
and records of the Funds without examination by independent accountants, who
express no opinion thereto.
2
<PAGE> 65
VISTA 100% U.S. TREASURY SECURITIES MONEY MARKET FUND
PORTFOLIO COMPOSITION AS OF 8/31/97
<TABLE>
<S> <C>
U.S. Treasury Bills 32.7%
U.S. Treasury Notes 67.3%
</TABLE>
<TABLE>
<CAPTION>
- ----------------------------------------------------------------------
VISTA 100% U.S. TREASURY SECURITIES MONEY MARKET FUND AS OF 8/31/97(1)
- ----------------------------------------------------------------------
7-DAY
SEC YIELD(2)
<S> <C>
Vista Shares 4.90%
Premier Shares 4.94%
Institutional Shares 5.22%
- ----------------------------------------------------------------------
</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 The yields for Vista Shares and Premier Shares reflect the voluntary waiver
of certain expenses and the assumption of certain expenses otherwise payable
by the Fund. Without waivers, the yields for Vista Shares would have been
4.78% and for Premier Shares 4.69%. This voluntary waiver may be modified or
terminated at any time, which would reduce the funds' performance.
The financial information presented on this page has been taken from the books
and records of the Funds without examination by independent accountants, who
express no opinion thereto.
3
<PAGE> 66
...........................
VISTA 100% U.S. TREASURY SECURITIES MONEY MARKET FUND
PORTFOLIO OF INVESTMENTS August 31, 1997
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
- -----------------------------------------------------------
U.S. TREASURY OBLIGATIONS--98.8%
- -----------------------------------------------------------
<C> <S> <C>
U.S. Treasury Bills--32.3%
$ 14,000,000 4.87%, 09/04/97 $ 13,996,212
450,000,000 5.42%, 09/15/97 449,121,417
100,000,000 5.47%, 09/15/97 99,802,653
44,600,000 5.33%, 09/18/97 44,494,447
188,880,000 5.35%, 09/18/97 188,430,784
--------------
795,845,513
--------------
U.S. Treasury Notes--66.5%
399,420,000 8.75%, 10/15/97 400,913,493
460,000,000 5.63%, 10/31/97 460,047,940
50,000,000 5.75%, 10/31/97 50,023,047
50,000,000 7.38%, 11/15/97 50,171,755
100,000,000 5.38%, 11/30/97 99,950,444
100,000,000 5.25%, 12/31/97 99,907,526
100,000,000 5.00%, 01/31/98 99,755,431
75,000,000 7.25%, 02/15/98 75,543,803
100,000,000 6.13%, 03/31/98 100,304,893
150,000,000 5.88%, 04/30/98 150,276,384
50,000,000 6.13%, 05/15/98 50,133,534
--------------
1,637,028,250
- -----------------------------------------------------------
U.S. TREASURY OBLIGATIONS--98.8%
(COST $2,432,873,763)** $2,432,873,763
- -----------------------------------------------------------
</TABLE>
4
See notes to financial statements.
<PAGE> 67
ABOUT YOUR FUND
VISTA U.S. GOVERNMENT
MONEY MARKET FUND
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------
FUND FACTS
- --------------------------------------------------------------------------------
<S> <C>
OBJECTIVE: High current income consistent with
capital preservation
PRIMARY INVESTMENTS: Direct obligations of the U.S. Treasury and
its Agencies including Treasury Bills,
bonds, notes and repurchase agreements
SUGGESTED INVESTMENT
TIME FRAME: Short-term
SHARES CLASSES OFFERED: Vista, Premier and Institutional Shares
AS OF AUGUST 31, 1997
NET ASSETS: $5.9 Billion
AVERAGE DAYS TO MATURITY: 48 days
S&P RATING*: AAA
MOODY'S RATING*: Aaa
NAIC RATING*: Class 1
- --------------------------------------------------------------------------------
</TABLE>
* This rating is historical and is based upon the Fund's credit quality,
market price exposure and management. It signifies that the Fund's
safety is excellent and that it has superior capacity to maintain a $1
Net Asset Value per share. The National Association of Insurance
Commissioners' (NAIC's) Class 1 status indicates that the Fund meets
certain pricing and quality guidelines.
<TABLE>
<CAPTION>
- --------------------------------------------------------------
MATURITY SCHEDULE AS OF 8/31/97
- --------------------------------------------------------------
<S> <C>
1-14 days: . . . . . . . . . . . . . . . . . . . . . 64.41%
15-30 days: . . . . . . . . . . . . . . . . . . . . . 4.75%
31-60 days: . . . . . . . . . . . . . . . . . . . . . 5.31%
61-90 days: . . . . . . . . . . . . . . . . . . . . . 10.06%
91+ days: . . . . . . . . . . . . . . . . . . . . . . 15.48%
- --------------------------------------------------------------
</TABLE>
The financial information presented on this page has been taken from the books
and records of the Funds without examination by independent accountants, who
express no opinion thereto.
4
<PAGE> 68
VISTA U.S. GOVERNMENT MONEY MARKET FUND
PORTFOLIO COMPOSITION AS OF 8/31/97
<TABLE>
<S> <C>
U.S. Government Agent 93.3%
REPOs 6.7%
</TABLE>
<TABLE>
<CAPTION>
- ----------------------------------------------------------------------
VISTA U.S. GOVERNMENT MONEY MARKET FUND AS OF 8/31/97(1)
- ----------------------------------------------------------------------
7-Day
SEC YIELD(2)
<S> <C>
Vista Shares 5.05%
Premier Shares 5.09%
Institutional Shares 5.40%
- ----------------------------------------------------------------------
</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 The yields for Vista and Premier Shares reflect the voluntary waiver of
certain expenses and the assumption of certain expenses otherwise payable by
the Fund. Without waivers, the yield would have been 4.93% for Vista Shares
and 5.04% for Premier Shares. This voluntary waiver may be modified or
terminated at any time, which would reduce the funds' performance.
The financial information presented on this page has been taken from the books
and records of the Funds without examination by independent accountants, who
express no opinion thereto.
5
<PAGE> 69
...........................
VISTA U.S. GOVERNMENT MONEY MARKET FUND
PORTFOLIO OF INVESTMENTS August 31, 1997
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
- -----------------------------------------------------------
U.S. GOVERNMENT AGENCY OBLIGATIONS--92.8%
- -----------------------------------------------------------
<C> <S> <C>
Federal Farm Credit Bank,
DN--5.3%
$313,000,000 5.48%, 09/02/97 $ 313,000,000
--------------
Federal Farm Credit Bank,
FRN--6.8%
40,000,000 5.52%, 05/01/98 40,000,000
125,000,000 5.53%, 10/29/97 124,950,368
95,000,000 5.54%, 05/27/98 94,959,659
95,000,000 5.55%, 05/21/98 94,960,634
50,000,000 5.55%, 02/20/98 49,986,297
--------------
404,856,958
--------------
Federal Farm Credit Bank,
Debentures--2.7%
50,000,000 5.40%, 12/02/97 49,968,513
50,000,000 5.51%, 01/02/98 49,985,460
57,000,000 5.80%, 08/21/98 57,000,000
--------------
156,953,973
--------------
Federal Home Loan Bank,
Debentures--5.8%
118,000,000 5.50%, 11/20/97 116,575,806
19,600,000 5.81%, 02/13/98 19,600,000
26,750,000 5.81%, 08/20/98 26,693,246
74,000,000 5.83%, 07/15/98 73,996,753
50,000,000 5.85%, 03/17/98 50,000,000
25,000,000 5.88%, 08/12/98 25,000,000
33,000,000 5.93%, 04/02/98 33,000,000
--------------
344,865,805
--------------
Federal Home Loan Bank,
DN--17.6%
50,000,000 5.40%, 02/11/98 48,785,000
800,000,000 5.48%, 09/02/97 800,000,000
200,000,000 5.50%, 11/28/97 197,341,667
--------------
1,046,126,667
--------------
Federal Home Loan Bank,
FRN--2.5%
50,000,000 5.39%, 07/07/98 49,958,395
75,000,000 5.45%, 09/24/97 74,996,067
25,000,000 5.46%, 09/26/97 24,998,706
--------------
149,953,168
--------------
</TABLE>
7
See notes to financial statements.
<PAGE> 70
...........................
VISTA U.S. GOVERNMENT MONEY MARKET FUND
PORTFOLIO OF INVESTMENTS August 31, 1997 (continued)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
- -----------------------------------------------------------
U.S. GOVERNMENT AGENCY OBLIGATIONS--(CONTINUED)
- -----------------------------------------------------------
<C> <S> <C>
Federal Home Loan Bank,
Debentures--5.2%
$ 47,750,000 5.63%, 12/26/97 $ 47,743,982
45,650,000 5.66%, 11/26/97 45,650,000
26,085,000 5.67%, 03/05/98 26,080,891
50,000,000 5.70%, 11/18/97 50,000,000
50,000,000 5.75%, 01/09/98 50,000,000
60,000,000 5.80%, 01/21/98 60,000,000
29,555,000 5.80%, 02/05/98 29,555,000
--------------
309,029,873
--------------
Federal Home Loan Mortgage Corp.,
DN--8.4%
500,000,000 5.42%, 09/02/97 500,000,000
--------------
Federal National Mortgage Association,
Debenture--0.4%
25,000,000 5.69%, 11/13/97 25,000,000
--------------
Federal National Mortgage Association,
DN--16.3%
21,140,000 5.41%, 02/05/98 20,644,408
148,000,000 5.44%, 09/03/97 147,977,622
750,000,000 5.50%, 09/02/97 750,000,000
50,000,000 5.50%, 11/24/97 49,365,972
--------------
967,988,002
--------------
Federal National Mortgage Association,
FRN--5.4%
25,000,000 5.33%, 09/03/97 25,000,000
25,500,000 5.35%, 09/03/97 25,445,158
37,000,000 5.35%, 09/03/97 36,912,407
40,000,000 5.40%, 09/03/97 39,999,984
100,000,000 5.44%, 09/24/97 99,994,666
45,000,000 5.46%, 09/03/97 44,995,635
50,000,000 5.46%, 09/03/97 49,991,402
--------------
322,339,252
--------------
</TABLE>
8
See notes to financial statements.
<PAGE> 71
...........................
VISTA U.S. GOVERNMENT MONEY MARKET FUND
PORTFOLIO OF INVESTMENTS August 31, 1997 (continued)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
- -----------------------------------------------------------
U.S. GOVERNMENT AGENCY OBLIGATIONS--(CONTINUED)
- -----------------------------------------------------------
<C> <S> <C>
Federal National Mortgage Association,
MTN--4.8%
$ 50,000,000 5.42%, 12/16/97 $ 49,984,753
34,500,000 5.50%, 02/18/98 34,476,646
25,000,000 5.64%, 09/03/97 24,999,727
50,000,000 5.68%, 10/07/97 49,994,436
75,000,000 5.89%, 05/21/98 74,972,112
50,000,000 13.00%, 11/19/97 50,751,520
--------------
285,179,194
--------------
Student Loan Mortgage Association,
Debenture--4.5%
267,655,000 5.50%, 09/02/97 267,655,000
--------------
Student Loan Marketing Association,
Coupon Notes--1.9%
50,000,000 5.71%, 11/18/97 50,000,000
59,500,000 5.75%, 01/08/98 59,500,000
--------------
109,500,000
--------------
Student Loan Marketing Association,
FRN--2.8%
25,000,000 5.41%, 09/03/97 24,997,001
25,000,000 5.43%, 09/03/97 24,999,952
24,000,000 5.43%, 09/03/97 24,001,722
15,000,000 5.43%, 09/03/97 15,000,903
5,000,000 5.43%, 09/03/97 5,000,000
25,000,000 5.44%, 09/03/97 25,000,000
45,000,000 5.57%, 09/03/97 45,020,983
--------------
164,020,561
--------------
Student Loan Marketing Association,
MTN--2.4%
25,000,000 5.67%, 12/19/97 25,000,000
50,000,000 5.75%, 06/30/98 49,940,712
65,000,000 5.90%, 03/19/98 65,000,000
--------------
139,940,712
- -----------------------------------------------------------
U.S. GOVERNMENT AGENCY
OBLIGATIONS
(COST $5,506,409,165) 5,506,409,165
- -----------------------------------------------------------
</TABLE>
9
See notes to financial statements.
<PAGE> 72
...........................
VISTA U.S. GOVERNMENT MONEY MARKET FUND
PORTFOLIO OF INVESTMENTS August 31, 1997 (continued)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
- -----------------------------------------------------------
REPURCHASE AGREEMENTS--6.8%
- -----------------------------------------------------------
<C> <S> <C>
$400,000,000 Goldman Sachs & Co., 5.55%,
due 09/15/97, (Dated
08/15/97, Proceeds
$401,911,667, Secured by
FHLMCs, $418,375,340,
6.03% through 7.00%, due
07/01/27 through 02/01/37;
Market Value $408,000,000)
(Cost $400,000,000) 400,000,000
- -----------------------------------------------------------
TOTAL INVESTMENTS--99.6%
(COST $5,906,409,165)** $5,906,409,165
- -----------------------------------------------------------
</TABLE>
10
See notes to financial statements.
<PAGE> 73
ABOUT YOUR FUND
VISTA TREASURY PLUS
MONEY MARKET FUND
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------
FUND FACTS
- --------------------------------------------------------------------------------
<S> <C>
OBJECTIVE: High current income consistent with
capital preservation
PRIMARY INVESTMENTS: Direct obligations of the U.S. Treasury
including Treasury bills, bonds and notes
as well as repurchase agreements which
are fully collateralized by obligations
issued or guaranteed by the U.S. Treasury
SUGGESTED INVESTMENT
TIME FRAME: Short-term
SHARES CLASSES OFFERED: Vista, Premier and Institutional Shares
AS OF AUGUST 31, 1997
NET ASSETS: $2.0 Billion
AVERAGE DAYS TO MATURITY: 40 days
S&P RATING*: AAA
MOODY'S RATING*: Aaa
NAIC RATING*: NAIC-exempt
- --------------------------------------------------------------------------------
</TABLE>
* This rating is historical and is based upon the Fund's credit quality,
market price exposure and management. It signifies that the Fund's safety is
excellent and that it has superior capacity to maintain a $1 Net Asset Value
per share.
<TABLE>
<CAPTION>
- --------------------------------------------------------------
MATURITY SCHEDULE AS OF 8/31/97
- --------------------------------------------------------------
<S> <C>
1-14 days: . . . . . . . . . . . . . . . . . . . . . 60.65%
15-30 days: . . . . . . . . . . . . . . . . . . . . . 9.80%
31-60 days: . . . . . . . . . . . . . . . . . . . . . 15.83%
61-90 days: . . . . . . . . . . . . . . . . . . . . . 0.00%
91+ days: . . . . . . . . . . . . . . . . . . . . . . 13.72%
- --------------------------------------------------------------
</TABLE>
The financial information presented on this page has been taken from the books
and records of the Funds without examination by independent accountants, who
express no opinion thereto.
11
<PAGE> 74
VISTA TREASURY PLUS MONEY MARKET FUND
PORTFOLIO COMPOSITION AS OF 8/31/97
<TABLE>
<S> <C>
U.S. Treasury Notes 16.6%
U.S. Treasury Bills 49.6%
REPOs 33.8%
</TABLE>
<TABLE>
<CAPTION>
- ----------------------------------------------------------------------
VISTA TREASURY PLUS MONEY MARKET FUND AS OF 8/31/97(1)
- ----------------------------------------------------------------------
7-DAY
SEC YIELD(2)
<S> <C>
Vista Shares 4.87%
Premier Shares 4.97%
Institutional Shares 5.21%
- ----------------------------------------------------------------------
</TABLE>
1 Past performance is not a guarantee of future results. Yields will
fluctuate. An investment is neither insured nor guaranteed by the U.S.
government and there can be no assurance that the funds will maintain a
stable Net Asset Value of $1.00 per share.
2 The yield for Vista Shares reflects the voluntary waiver of certain expenses
and the assumption of certain expenses otherwise payable by the Fund.
Without waivers, the yield would have been 4.76%. This voluntary waiver may
be modified or terminated at any time, which would reduce the fund's
performance.
The financial information presented on this page has been taken from the books
and records of the Funds without examination by independent accountants, who
express no opinion thereto.
12
<PAGE> 75
...........................
VISTA TREASURY PLUS MONEY MARKET FUND
PORTFOLIO OF INVESTMENTS August 31, 1997
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
- -----------------------------------------------------------
U.S. TREASURY OBLIGATIONS--70.3%
- -----------------------------------------------------------
<C> <S> <C>
U.S. Treasury Bills--52.6%
$100,000,000 5.45%, 09/02/97 $ 99,803,195
398,000,000 5.09%, 09/04/97 397,889,207
100,000,000 5.45%, 09/15/97 99,803,195
206,550,000 5.19%, 09/18/97 206,072,793
200,000,000 5.06%, 10/09/97 198,959,889
65,000,000 5.07%, 01/08/98 63,829,422
--------------
1,066,357,701
--------------
U. S. Treasury Note--17.7%
134,000,000 5.63%, 10/31/97 134,042,480
100,000,000 5.13%, 04/30/98 99,684,343
125,000,000 5.88%, 04/30/98 125,246,141
--------------
358,972,964
- -----------------------------------------------------------
TOTAL U.S. TREASURY
OBLIGATIONS
(COST $1,425,330,665) 1,425,330,665
- -----------------------------------------------------------
<CAPTION>
REPURCHASE AGREEMENTS--35.8%
- -----------------------------------------------------------
<C> <S> <C>
300,000,000 Aubry G. Lanston, 5.50%, due
09/02/97, (Dated 08/29/97,
Proceeds $300,183,333,
Secured by; U.S. Treasury
Bills, $316,072,000, due
09/18/97 through 07/23/98;
U.S. Treasury Note,
$250,000 at 5.625%, due
02/28/01; Market Value
$302,995,791) 300,000,000
176,349,000 Goldman Sachs & Co., 5.55%,
due 09/02/97, (Dated
08/29/97, Proceeds
$176,457,749, Secured by;
U.S. Treasury Bonds,
$167,892,000, 6.50%
through 7.25%, due
08/15/22 through 11/15/26;
Market Value $179,876,655) 176,349,000
</TABLE>
13
See notes to financial statements.
<PAGE> 76
...........................
VISTA TREASURY PLUS MONEY MARKET FUND
PORTFOLIO OF INVESTMENTS August 31, 1997 (continued)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
- -----------------------------------------------------------
REPURCHASE AGREEMENTS--(CONTINUED)
- -----------------------------------------------------------
<C> <S> <C>
$250,000,000 First Boston Corp., 5.50%, 250,000,000
due 09/02/97, (Dated
08/29/97, Proceeds
$250,152,778, Secured by;
U.S. Treasury Bond,
$247,722,000 at 6.875%,
due 08/15/25; Market
$255,627,396)
- -----------------------------------------------------------
TOTAL REPURCHASE AGREEMENTS
(COST $726,349,000) $ 726,349,000
===========================================================
TOTAL INVESTMENTS--106.1%
(COST $2,151,679,665)** $2,151,679,665
- -----------------------------------------------------------
</TABLE>
14
See notes to financial statements.
<PAGE> 77
ABOUT YOUR FUND
VISTA FEDERAL MONEY MARKET FUND
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------
FUND FACTS
- --------------------------------------------------------------------------------
<S> <C>
OBJECTIVE: High current income consistent with
capital preservation
PRIMARY INVESTMENTS: Direct obligations of the U.S. Treasury
including Treasury bills, bonds and notes
as well as repurchase agreements which
are fully collateralized by obligations
issued or guaranteed by the U.S. Treasury and
its Agencies
SUGGESTED INVESTMENT
TIME FRAME: Short-term
SHARES CLASSES OFFERED: Vista, Premier and Institutional Shares
AS OF AUGUST 31, 1997
NET ASSETS: $831 Million
AVERAGE DAYS TO MATURITY: 75 days
S&P RATING: Not Rated
MOODY'S RATING: Not Rated
NAIC RATING: Not Rated
- --------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
- --------------------------------------------------------------
MATURITY SCHEDULE AS OF 8/31/97
- --------------------------------------------------------------
<S> <C>
1-14 days: . . . . . . . . . . . . . . . . . . . . . 39.18%
15-30 days: . . . . . . . . . . . . . . . . . . . . . 14.63%
31-60 days: . . . . . . . . . . . . . . . . . . . . . 5.24%
61-90 days: . . . . . . . . . . . . . . . . . . . . . 2.32%
91+ days: . . . . . . . . . . . . . . . . . . . . . . 38.63%
- --------------------------------------------------------------
</TABLE>
The financial information presented on this page has been taken from the books
and records of the Funds without examination by independent accountants, who
express no opinion thereto.
15
<PAGE> 78
VISTA FEDERAL MONEY MARKET FUND
PORTFOLIO COMPOSITION AS OF 8/31/97
U.S. Government Agency
100%
<TABLE>
<CAPTION>
- ----------------------------------------------------------------------
VISTA FEDERAL MONEY MARKET FUND AS OF 8/31/97(1)
- ----------------------------------------------------------------------
7-DAY
SEC YIELD(2)
<S> <C>
Vista Shares 4.93%
Premier Shares 5.13%
Institutional Shares 5.36%
- ----------------------------------------------------------------------
</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 The yields for Vista Shares and Premier Shares reflect the voluntary waiver
of certain expenses and the assumption of certain expenses otherwise payable
by the Fund. Without waivers, the yields for Vista Shares would have been
4.82% and 5.12% for Premier Shares. This voluntary waiver may be modified or
terminated at any time, which would reduce the funds' performance.
The financial information presented on this page has been taken from the books
and records of the Funds without examination by independent accountants, who
express no opinion thereto.
16
<PAGE> 79
...........................
VISTA FEDERAL MONEY MARKET FUND
PORTFOLIO OF INVESTMENTS August 31, 1997
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
- -----------------------------------------------------------
U.S. GOVERNMENT AGENCY OBLIGATIONS--105.5%
- -----------------------------------------------------------
<C> <S> <C>
Federal Farm Credit Bank,
FRN--11.4%
$ 50,000,000 5.53%, 09/02/97 $ 49,994,752
45,000,000 5.55%, 09/02/97 44,991,637
------------
94,986,389
------------
Federal Farm Credit Bank,
Debentures--15.0%
15,100,000 5.42%, 09/19/97 15,061,352
10,000,000 5.43%, 09/19/97 9,974,358
20,275,000 5.44%, 09/25/97 20,204,533
19,835,000 5.45%, 09/15/97 19,795,964
25,000,000 5.45%, 03/03/98 24,970,406
10,000,000 5.62%, 09/03/97 9,999,980
25,000,000 5.70%, 09/02/98 24,965,820
------------
124,972,413
------------
Federal Home Loan Bank,
Debentures--7.2%
15,000,000 5.46%, 12/12/97 14,997,609
10,000,000 5.81%, 02/13/98 10,000,000
12,265,000 5.86%, 07/30/98 12,264,131
3,000,000 5.99%, 02/09/98 3,004,809
20,000,000 6.03%, 04/15/98 19,984,199
------------
60,250,748
------------
Federal Home Loan Bank,
Discount Notes--29.7%
30,795,000 5.33%, 09/02/97 30,795,000
20,000,000 5.36%, 10/31/97 19,824,475
56,000,000 5.40%, 01/30/98 54,738,688
25,000,000 5.40%, 02/04/98 24,418,750
33,000,000 5.42%, 05/29/98 31,663,518
5,045,000 5.43%, 11/26/97 4,980,319
30,000,000 5.43%, 01/30/98 29,321,250
15,000,000 5.45%, 09/19/97 14,961,396
21,000,000 5.46%, 02/27/98 20,433,070
15,000,000 5.57%, 11/10/97 14,839,863
------------
245,976,329
------------
</TABLE>
17
See notes to financial statements.
<PAGE> 80
...........................
VISTA FEDERAL MONEY MARKET FUND
PORTFOLIO OF INVESTMENTS August 31, 1997 (continued)
<TABLE>
<CAPTION>
Principal
Amount Issuer Value
- -----------------------------------------------------------
U.S. GOVERNMENT AGENCY OBLIGATIONS--(CONTINUED)
- -----------------------------------------------------------
<C> <S> <C>
Federal Home Loan Bank, FRN--27.0%
$ 25,000,000 5.00%, 09/04/97 $ 25,000,000
50,000,000 5.40%, 09/02/97 49,963,196
25,000,000 5.45%, 09/06/97 24,991,245
20,000,000 5.44%, 09/24/97 19,990,283
100,000,000 5.57%, 09/02/97 99,925,810
5,000,000 6.00%, 09/18/97 5,003,931
------------
224,874,465
------------
Student Loan Marketing Association,
Debentures--1.8%
15,000,000 5.60%, 10/24/97 14,998,019
------------
Student Loan Marketing Association,
Coupon Note--4.2%
15,080,000 5.54%, 02/25/98 15,075,623
10,000,000 5.60%, 10/24/97 10,000,579
10,000,000 5.90%, 03/19/98 10,000,000
------------
35,076,202
------------
Student Loan Marketing Association,
FRN--9.2%
35,000,000 5.39%, 09/02/97 35,000,000
27,050,000 5.46%, 09/02/97 27,053,059
4,025,000 5.47%, 09/02/97 4,024,941
10,000,000 5.61%, 09/02/97 10,003,503
------------
76,081,503
- -----------------------------------------------------------
TOTAL INVESTMENTS--105.5%
(COST $877,216,068)** $877,216,068
- -----------------------------------------------------------
</TABLE>
18
See notes to financial statements.
<PAGE> 81
ABOUT YOUR FUND
VISTA CASH MANAGEMENT FUND
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------
FUND FACTS
- --------------------------------------------------------------------------------
<S> <C>
OBJECTIVE: High current income consistent with
capital preservation
PRIMARY INVESTMENTS: High quality, short-term U.S. dollar-
denominated money market instruments
SUGGESTED INVESTMENT
TIME FRAME: Short-term
SHARES CLASSES OFFERED: Vista, Premier and Institutional Shares
AS OF AUGUST 31, 1997
NET ASSETS: $3.9 Billion
AVERAGE DAYS TO MATURITY: 62 days
S&P RATING: Not Rated
MOODY'S RATING: Not Rated
NAIC RATING: Not Rated
- --------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
- --------------------------------------------------------------
MATURITY SCHEDULE AS OF 8/31/97
- --------------------------------------------------------------
<S> <C>
1-14 days: . . . . . . . . . . . . . . . . . . . . . 35.01%
15-30 days: . . . . . . . . . . . . . . . . . . . . . 11.96%
31-60 days: . . . . . . . . . . . . . . . . . . . . . 6.30%
61-90 days: . . . . . . . . . . . . . . . . . . . . . 23.27%
91+ days: . . . . . . . . . . . . . . . . . . . . . . 23.46%
- --------------------------------------------------------------
</TABLE>
The financial information presented on this page has been taken from the books
and records of the Funds without examination by independent accountants, who
express no opinion thereto.
19
<PAGE> 82
VISTA CASH MANAGEMENT FUND
PORTFOLIO COMPOSITION AS OF 8/31/97
<TABLE>
<S> <C>
Commercial Paper 49.8%
Floating Rate Notes 29.3%
Deposits 8.6%
Notes and Bonds 6.8%
REPOs 5.5%
</TABLE>
<TABLE>
<CAPTION>
- ----------------------------------------------------------------------
VISTA CASH MANAGEMENT FUND AS OF 8/31/97(1)
- ----------------------------------------------------------------------
<S> <C>
7-DAY
SEC YIELD(2)
Vista Shares 5.09%
Premier Shares 5.19%
Institutional Shares 5.44%
- ----------------------------------------------------------------------
</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 The yields for Vista and Premier Shares reflect the voluntary waiver of
certain expenses and the assumption of certain expenses otherwise payable by
the Fund. Without waivers, the yields would have been 5.05% for Vista Shares
and 5.18% for Premier Shares. This voluntary waiver may be modified or
terminated at any time, which would reduce the funds' performance.
The financial information presented on this page has been taken from the books
and records of the Funds without examination by independent accountants, who
express no opinion thereto.
20
<PAGE> 83
...........................
VISTA CASH MANAGEMENT FUND
PORTFOLIO OF INVESTMENTS August 31, 1997
<TABLE>
<CAPTION>
Principal
Amount Value
(USD) Issuer (USD)
- -----------------------------------------------------------
NOTES & BONDS--7.0%
- -----------------------------------------------------------
<C> <S> <C>
STATE & MUNICIPAL OBLIGATIONS--0.3%
-----------------------------------
$ 10,400,000 Richmond County, Georgia,
IDA, Rev., 6.20%,
06/01/98 $ 10,400,000
--------------
CORPORATE NOTES & BONDS--6.7%
-----------------------------
BANKING--0.3%
10,000,000 FCC National Bank, 5.73%,
01/07/98 9,997,470
--------------
COMPUTERS/COMPUTER HARDWARE--0.4%
International Business Machines Corp.,
7,000,000 5.65%, 01/22/98 6,996,280
9,950,000 6.38%, 11/01/97 9,953,941
--------------
16,950,221
--------------
FINANCIAL SERVICES--5.9%
15,000,000 Avco Financial Services,
8.13%, 01/20/98 15,128,601
15,000,000 Beta Finance Corp., Inc.,#
5.90%, 07/24/98 15,000,000
15,000,000 Centauri Corp.,# 6.36%,
05/01/98 15,013,719
10,000,000 Ford Capital BV, 9.38%,
01/01/98 10,106,830
11,000,000 Ford Motor Credit Corp.,
9.25%, 06/15/98 11,251,203
11,450,000 Ford Motor Credit Corp.,
Global Bond, 6.25%,
02/26/98 11,456,048
15,000,000 General Electric Capital
Corp., Ser. A, 7.13%,
04/06/98 15,102,878
8,550,000 General Electric Capital
Corp., 7.88%, 11/15/97 8,585,298
International Business
Machines Credit Corp.,
23,000,000 6.12%, 05/11/98 23,000,472
4,000,000 6.38%, 05/11/98 4,005,006
International Lease Financing Corp.,
8,200,000 5.83%, 03/12/98 8,200,262
9,000,000 6.04%, 05/06/98 8,992,418
5,275,000 6.25%, 06/15/98 5,278,628
7,000,000 6.92%, 11/03/97 7,010,870
2,605,000 7.00%, 06/01/98 2,619,472
1,900,000 7.15%, 04/20/98 1,911,101
</TABLE>
21
See notes to financial statements.
<PAGE> 84
...........................
VISTA CASH MANAGEMENT FUND
PORTFOLIO OF INVESTMENTS August 31, 1997 (continued)
<TABLE>
<CAPTION>
Principal
Amount Value
(USD) Issuer (USD)
- -----------------------------------------------------------
NOTES & BONDS--(CONTINUED)
- -----------------------------------------------------------
<C> <S> <C>
Merrill Lynch & Co., Inc.,
$ 15,000,000 5.81%, 01/20/98 $ 14,999,258
25,000,000 5.88%, 07/22/98 25,000,000
20,000,000 6.15%, 09/11/97 20,000,000
2,500,000 National Rural Utilities
Cooperative Finance
Corp., 5.98%, 07/10/98 2,500,000
2,715,000 Travelers Group, Inc.,
5.75%, 04/15/98 2,711,904
--------------
227,873,968
--------------
FOOD/BEVERAGE PRODUCTS--0.1%
5,000,000 Guinness PLC, 5.36%,
03/13/98 4,977,794
- -----------------------------------------------------------
TOTAL CORPORATE NOTES &
BONDS 259,799,453
- -----------------------------------------------------------
TOTAL NOTES & BONDS
(COST $270,199,453) 270,199,453
- -----------------------------------------------------------
<CAPTION>
COMMERCIAL PAPER--50.6%
- -----------------------------------------------------------
<C> <S> <C>
STATE & MUNICIPAL OBLIGATIONS--2.2%
-----------------------------------
56,900,000 Anaheim City, California,
COP, 5.60%, 09/02/97 56,900,000
Oakland-Alameda County, California,
7,000,000 5.64%, 11/17/97 7,000,000
15,400,000 5.64%, 11/18/97 15,400,000
5,000,000 5.64%, 11/24/97 5,000,000
- -----------------------------------------------------------
TOTAL STATE & MUNICIPAL
OBLIGATIONS 84,300,000
- -----------------------------------------------------------
CORPORATE OBLIGATIONS--48.4%
----------------------------
50,000,000 ABN-AMRO North America
Finance Inc.
(Netherlands), 5.42%,
09/05/97 49,977,417
35,000,000 American Express Credit
Corp., 5.54%, 09/30/97 34,849,189
25,000,000 Anheuser Busch Companies,
Inc.,# 5.65%, 11/21/97 24,686,111
20,000,000 Anz (Delaware) Inc.,
5.66%, 11/17/97 19,761,022
50,000,000 Apreco, Inc.,
5.50%, 09/11/97 49,931,250
</TABLE>
22
See notes to financial statements.
<PAGE> 85
...........................
VISTA CASH MANAGEMENT FUND
PORTFOLIO OF INVESTMENTS August 31, 1997 (continued)
<TABLE>
<CAPTION>
Principal
Amount Value
(USD) Issuer (USD)
- -----------------------------------------------------------
COMMERCIAL PAPER--(CONTINUED)
- -----------------------------------------------------------
<C> <S> <C>
$ 26,800,000 Ascot Capital Corp.,#
5.57%, 11/07/97 $ 26,526,327
Banco Bradesco SA (Cayman Island),
25,000,000 5.60%, 09/02/97 25,000,000
15,000,000 5.63%, 10/01/97 14,931,971
10,000,000 Bank of Nova Scotia,
5.50%, 10/27/97 9,915,972
11,000,000 BankAmerica Corp., 5.70%,
11/04/97 10,890,275
27,900,000 Banque National de Paris,
New York, 5.45%,
09/05/97 27,887,329
25,000,000 BIL North America Inc.,
5.53%, 11/13/97 24,723,500
Cargill Inc.,
25,000,000 5.50%, 12/18/97 24,591,319
31,000,000 5.53%, 09/19/97 30,919,047
Caterpillar Financial Services, Corp.,
8,000,000 5.50%, 01/13/98 7,837,444
10,000,000 5.52%, 01/22/98 9,782,267
20,000,000 5.52%, 01/22/98 19,564,533
10,000,000 5.54%, 01/13/98 9,795,328
10,000,000 5.54%, 01/15/98 9,792,250
15,000,000 5.57%, 04/02/98 14,507,983
10,000,000 5.70%, 11/12/97 9,887,583
17,550,000 Caterpillar Inc., 5.54%,
01/09/98 17,201,603
30,000,000 Cemex SA (Mexico), 5.50%,
09/09/97 29,967,917
50,000,000 Corporate Receivables
Corp., 5.52%, 11/18/97 49,409,667
40,000,000 Cosco (Cayman) Co. Ltd.
(Cayman Islands),
5.50%, 09/18/97 39,902,222
20,000,000 Credito Ilaliano (Italy),
5.55%, 11/14/97 19,774,917
Daimler-Benz North America
Corp. (Germany),
60,000,000 5.50%, 01/16/98 58,754,467
50,000,000 5.50%, 11/06/97 49,503,472
19,000,000 5.52%, 11/04/97 18,816,460
25,000,000 5.51%, 09/24/97 24,915,819
</TABLE>
23
See notes to financial statements.
<PAGE> 86
...........................
VISTA CASH MANAGEMENT FUND
PORTFOLIO OF INVESTMENTS August 31, 1997 (continued)
<TABLE>
<CAPTION>
Principal
Amount Value
(USD) Issuer (USD)
- -----------------------------------------------------------
COMMERCIAL PAPER--(CONTINUED)
- -----------------------------------------------------------
<C> <S> <C>
Eksportfinans AS (Norway),
$ 11,077,000 5.52%, 09/17/97 $ 11,051,523
4,770,000 5.53%, 10/16/97 4,737,760
6,000,000 5.53%, 10/17/97 5,958,525
6,379,000 Fleet Funding Corp.,
5.52%, 10/10/97 6,341,832
General Electric Capital
Corp.,
25,000,000 5.41%, 09/02/97 25,000,000
35,000,000 5.49%, 12/04/97 34,503,613
50,000,000 5.56%, 09/16/97 49,891,889
35,000,000 5.57%, 02/24/98 34,052,326
Goldman Sachs & Co.,
6,500,000 5.48%, 11/04/97 6,437,665
24,500,000 5.53%, 10/02/97 24,387,096
37,000,000 5.54%, 10/06/97 36,806,408
25,000,000 5.55%, 09/12/97 24,961,458
50,000,000 5.55%, 09/30/97 49,784,167
7,000,000 Greenwich Asset Funding
Corp., 5.53%, 10/16/97 6,952,688
32,547,000 GTE Funding Inc., 5.51%,
09/03/97 32,542,019
International Lease Financing Corp.,
47,000,000 5.53%, 01/16/98 46,018,118
15,000,000 5.58%, 09/02/97 15,000,000
Merrill Lynch & Co., Inc.,
13,000,000 5.50%, 04/17/98 12,549,153
9,000,000 5.57%, 09/30/97 8,961,010
3,600,000 Monsanto Co., 5.49%,
11/26/97 3,553,335
National Rural Utilities
Cooperative Finance
Corp.,
46,000,000 5.47%, 11/07/97 45,538,697
10,000,000 5.49%, 11/06/97 9,900,875
10,000,000 5.51%, 09/26/97 9,963,267
Pitney Bowes Credit Corp.,
10,000,000 5.52%, 01/06/98 9,806,800
28,000,000 5.52%, 01/07/98 27,454,747
Pooled Accounts Receivable
Capital Corp.,
13,783,000 5.53%, 09/19/97 13,747,007
7,148,000 5.53%, 09/25/97# 7,122,746
25,000,000 Redwood Receivable Capital
Corp., 5.50%, 09/12/97 24,961,806
</TABLE>
24
See notes to financial statements.
<PAGE> 87
...........................
VISTA CASH MANAGEMENT FUND
PORTFOLIO OF INVESTMENTS August 31, 1997 (continued)
<TABLE>
<CAPTION>
Principal
Amount Value
(USD) Issuer (USD)
- -----------------------------------------------------------
COMMERCIAL PAPER--(CONTINUED)
- -----------------------------------------------------------
<C> <S> <C>
$ 28,000,000 RTZ-CRA Corp. (United
Kingdom), 5.68%,
11/10/97 $ 27,695,173
San Paolo US Financial Co. (Italy),
30,000,000 5.54%, 11/13/97 29,667,600
35,000,000 5.55%, 11/13/97 34,611,500
25,000,000 5.56%, 09/25/97 24,911,194
Sheffield Receivables
Corp.,
35,700,000 5.52%, 09/04/97 35,689,052
25,800,000 5.52%, 09/16/97 25,744,616
Sigma Finance Corp. (United Kingdom),
6,000,000 5.52%, 01/05/98 5,885,000
45,000,000 5.55%, 01/15/98# 44,063,438
Svenska Handelsbanken Inc. (Sweden),
25,000,000 5.37%, 09/03/97 24,996,271
20,000,000 5.68%, 11/14/97 19,769,644
8,000,000 Thames Asset Global Sec.,
5.55%, 10/14/97 7,948,200
Thames Asset Global Sec.,#
17,000,000 5.58%, 11/13/97 16,810,280
11,385,000 5.60%, 09/15/97 11,361,977
Unifunding, Inc.,
50,000,000 5.51%, 10/29/97 49,563,792
30,000,000 5.54%, 11/10/97 29,681,450
USAA Capital Corp.,
25,000,000 5.50%, 10/30/97 24,778,472
15,000,000 5.50%, 10/16/97 14,899,167
Variable Funding Capital Corp.,#
10,000,000 5.55%, 09/16/97 9,978,417
45,355,000 5.59%, 09/15/97 45,263,446
25,000,000 WCP Funding, Inc.,# 5.52%,
11/21/97 24,693,333
15,000,000 Windmill Funding Corp.,
5.54%, 11/07/97 14,847,650
- -----------------------------------------------------------
TOTAL CORPORATE OBLIGATIONS 1,874,850,863
- -----------------------------------------------------------
TOTAL COMMERCIAL PAPER
(COST $1,959,150,863) 1,959,150,863
- -----------------------------------------------------------
</TABLE>
25
See notes to financial statements.
<PAGE> 88
...........................
VISTA CASH MANAGEMENT FUND
PORTFOLIO OF INVESTMENTS August 31, 1997 (continued)
<TABLE>
<CAPTION>
Principal
Amount Value
(USD) Issuer (USD)
- -----------------------------------------------------------
FLOATING RATE NOTES--29.8%
- -----------------------------------------------------------
<C> <S> <C>
U.S. GOVERNMENT AGENCY
OBLIGATIONS--3.2%
----------------------------
Student Loan Marketing Association,
$ 10,525,000 5.41%, 09/03/97 $ 10,525,000
63,875,000 5.43%, 09/03/97 63,881,451
49,000,000 5.44%, 09/03/97 49,000,000
--------------
123,406,451
--------------
STATE & MUNICIPAL OBLIGATION
DEMAND NOTES--0.2%
----------------------------
7,000,000 Illinois Health Facilities
Authority, Taxable,
Loyola University
Health, Ser. C, Rev.,
5.65%, 09/03/97 7,000,000
--------------
CORPORATE NOTES & BONDS--26.4%
------------------------------
BANKING--7.1%
American Express Centurion Bank,
80,000,000 5.35%, 09/03/97 80,000,000
25,000,000 5.39%, 09/03/97 25,000,000
14,000,000 5.68%, 09/24/97 14,000,000
50,000,000 AmSouth Bank of Alabama,
5.58%, 09/08/97 49,999,054
40,000,000 Bank One, Indianapolis,
5.66%, 09/03/97 39,989,557
20,000,000 NationsBank, North
Carolina, 5.76%,
09/03/97 20,000,797
50,000,000 PNC Bank, N.A., 5.53%,
09/29/97 49,994,784
--------------
278,984,192
--------------
BUSINESS SERVICES--1.3%
50,000,000 PHH Corp., 5.62%, 09/03/97 49,982,838
--------------
COMPUTERS--1.1%
42,000,000 International Business
Machines, Corp., 5.62%,
11/17/97 41,979,754
--------------
FINANCIAL SERVICES--15.6%
50,000,000 Avco Financial Services,
5.71%, 11/17/97 50,000,000
Bear Stearns Co., Inc.,
37,000,000 5.62%, 09/11/97 37,000,000
25,000,000 5.63%, 09/16/97 25,000,000
</TABLE>
26
See notes to financial statements.
<PAGE> 89
...........................
VISTA CASH MANAGEMENT FUND
PORTFOLIO OF INVESTMENTS August 31, 1997 (continued)
<TABLE>
<CAPTION>
Principal
Amount Value
(USD) Issuer (USD)
- -----------------------------------------------------------
FLOATING RATE NOTES--(CONTINUED)
- -----------------------------------------------------------
<C> <S> <C>
$ 35,000,000 5.66, 12/03/97 $ 35,000,000
50,000,000 5.73%, 10/20/97 50,001,102
12,000,000 5.83%, 09/15/97 12,012,375
50,000,000 Beta Finance Corp.,#
5.43%, 09/03/97 50,000,000
Caterpillar Financial Services, Corp.,
20,000,000 5.61%, 09/12/97 20,000,000
46,000,000 5.66%, 11/03/97 46,000,000
Centauri Corp.,#
20,000,000 5.42%, 09/03/97 20,000,000
35,000,000 5.46%, 09/03/97 35,000,000
30,000,000 5.62%, 09/15/97 30,000,000
78,000,000 Merrill Lynch & Co.,
5.64%, 11/21/97 78,000,000
25,000,000 Morgan Stanley Group,
Inc., 5.91%, 09/15/97 25,000,000
45,000,000 Paccar Financial Corp.,
MTN, 5.53%, 09/26/97 44,987,363
45,000,000 Sigma Finance, Inc.,#
5.58%, 11/19/97 45,000,000
--------------
603,000,840
--------------
UTILITIES--1.3%
50,000,000 Baltimore Gas & Electric
Co., 5.65%, 12/01/97 50,000,000
- -----------------------------------------------------------
TOTAL FLOATING RATE NOTES
(COST $1,154,354,075) 1,154,354,075
- -----------------------------------------------------------
<CAPTION>
DEPOSITS--8.8%
- -----------------------------------------------------------
<C> <S> <C>
TIME DEPOSIT--1.3%
----------------------------
50,000,000 First Union Corp., 5.43%,
09/02/97 50,000,000
--------------
CERTIFICATE OF
DEPOSITS--1.7%
----------------------------
15,000,000 Bank of America State
Bank, 6.15%, 05/06/98 15,000,000
Bankers Trust Security
Corp.,
25,000,000 5.83%, 07/24/98 24,991,479
21,000,000 5.97%, 08/28/98 20,996,023
1,000,000 6.16%, 05/21/98 1,000,259
6,000,000 6.24%, 04/02/98 5,999,003
--------------
67,986,764
--------------
</TABLE>
27
See notes to financial statements.
<PAGE> 90
...........................
VISTA CASH MANAGEMENT FUND
PORTFOLIO OF INVESTMENTS August 31, 1997 (continued)
<TABLE>
<CAPTION>
Principal
Amount Value
(USD) Issuer (USD)
- -----------------------------------------------------------
DEPOSITS--(CONTINUED)
- -----------------------------------------------------------
<C> <S> <C>
CERTIFICATE OF DEPOSITS
(EURO)--5.8%
-----------------------
$ 25,000,000 Bankers Trust Security
Corp., 5.89%, 03/04/98 $ 25,000,000
Banque National de Paris, New York,
10,000,000 5.75%, 09/24/97 10,000,059
15,000,000 6.07%, 03/24/98 14,997,528
15,000,000 Canadian Imperial Bank
(Canada), 5.94%,
03/17/98 14,997,689
50,000,000 Deutsche Bank AG
(Germany), 5.57%,
09/08/97 50,000,081
10,000,000 Landesbank H. Thuringen
(Germany), 6.13%,
04/01/98 9,997,184
Societe Generale (France),
5,000,000 5.58%, 09/03/97 5,000,001
25,000,000 5.60%, 12/04/97 24,999,255
24,000,000 5.77%, 01/12/98 23,998,338
15,000,000 5.80%, 01/13/98 14,994,628
11,000,000 5.85%, 03/03/98 10,997,901
18,000,000 5.92%, 09/17/97 18,001,609
--------------
222,984,273
- -----------------------------------------------------------
TOTAL DEPOSITS
(COST $340,971,037) 340,971,037
- -----------------------------------------------------------
<CAPTION>
REPURCHASE AGREEMENTS--5.6%
- -----------------------------------------------------------
<C> <S> <C>
100,000,000 Goldman Sachs & Co., 5.60%,
due 09/02/97, (Dated
08/29/97, Proceeds,
$100,062,222, Secured by;
FNMA ARM, $125,484,000 at
6.073%, due 12/01/33;
Market Value $102,976,001) 100,000,000
</TABLE>
28
See notes to financial statements.
<PAGE> 91
...........................
VISTA CASH MANAGEMENT FUND
PORTFOLIO OF INVESTMENTS August 31, 1997 (continued)
<TABLE>
<CAPTION>
Principal
Amount Value
(USD) Issuer (USD)
- -----------------------------------------------------------
REPURCHASE AGREEMENTS--(CONTINUED)
- -----------------------------------------------------------
<C> <S> <C>
$120,519,000 Lehman Brothers, Inc.,
5.35%, due 09/02/97,
(Dated 08/29/97, Proceeds
$120,590,642, Secured by
U.S. Treasury Notes,
$120,135,000, 6.25%
through 6.375%, due
07/15/99 through 08/31/00;
Market Value $122,938,027) $ 120,519,000
- -----------------------------------------------------------
TOTAL REPURCHASE AGREEMENTS
(COST $220,519,000) 220,519,000
- -----------------------------------------------------------
- -----------------------------------------------------------
TOTAL INVESTMENTS--101.8%
(COST $3,945,194,428)** $3,945,194,428
- -----------------------------------------------------------
</TABLE>
29
See notes to financial statements.
<PAGE> 92
ABOUT YOUR FUND
VISTA PRIME MONEY MARKET FUND
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------
FUND FACTS
- --------------------------------------------------------------------------------
<S> <C>
OBJECTIVE: High current income consistent with
capital preservation
PRIMARY INVESTMENTS: High quality, short-term U.S. dollar-
denominated money market instruments
SUGGESTED INVESTMENT
TIME FRAME: Short-term
SHARES CLASSES OFFERED: Premier, Institutional and B Shares
AS OF AUGUST 31, 1997
NET ASSETS: $1.9 Billion
AVERAGE DAYS TO MATURITY: 41 days
S&P RATING*: AAA
MOODY'S RATING*: Aaa
NAIC RATING*: Class 1
- --------------------------------------------------------------------------------
</TABLE>
* This rating is historical and is based upon the Fund's credit quality,
market price exposure and management. It signifies that the Fund's
safety is excellent and that it has superior capacity to maintain a $1
Net Asset Value per share. The National Association of Insurance
Commissioners' (NAIC's) Class 1 status indicates that the Fund meets
certain pricing and quality guidelines.
<TABLE>
<CAPTION>
- --------------------------------------------------------------
MATURITY SCHEDULE AS OF 8/31/97
- --------------------------------------------------------------
<S> <C>
1-14 days: . . . . . . . . . . . . . . . . . . . . . 45.35%
15-30 days: . . . . . . . . . . . . . . . . . . . . . 33.41%
31-60 days: . . . . . . . . . . . . . . . . . . . . . 4.67%
61-90 days: . . . . . . . . . . . . . . . . . . . . . 2.67%
91+ days: . . . . . . . . . . . . . . . . . . . . . . 13.90%
- --------------------------------------------------------------
</TABLE>
The financial information presented on this page has been taken from the books
and records of the Funds without examination by independent accountants, who
express no opinion thereto.
30
<PAGE> 93
VISTA PRIME MONEY MARKET FUND
PORTFOLIO COMPOSITION AS OF 8/31/97
<TABLE>
<S> <C>
Commercial Paper 55.7%
Floating Rate Notes 31.5%
Notes and Bonds 4.7%
Deposits 2.6%
REPOs 5.5%
</TABLE>
<TABLE>
<CAPTION>
- ----------------------------------------------------------------------
VISTA PRIME MONEY MARKET FUND AS OF 8/31/97(1)
- ----------------------------------------------------------------------
7-DAY
SEC YIELD(2)
<S> <C>
B Shares 4.49%
Premier Shares 5.29%
Institutional Shares 5.49%
- ----------------------------------------------------------------------
</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 The yields for B Shares and Premier Shares reflect the voluntary waiver of
certain expenses and the assumption of certain expenses otherwise payable by
the Fund. Without waivers, the yields would have been 4.24% for B Shares and
5.22% for Premier Shares. This voluntary waiver may be modified or terminated
at any time, which would reduce the funds' performance.
The financial information presented on this page has been taken from the books
and records of the Funds without examination by independent accountants, who
express no opinion thereto.
31
<PAGE> 94
...........................
VISTA PRIME MONEY MARKET FUND
PORTFOLIO OF INVESTMENTS August 31, 1997
<TABLE>
<CAPTION>
Principal
Amount Value
(USD) Issuer (USD)
- -----------------------------------------------------------
NOTES & BONDS--4.7%
- -----------------------------------------------------------
<C> <S> <C>
CORPORATE NOTES & BONDS--4.4%
-----------------------------
FINANCIAL SERVICES--4.3%
$ 9,000,000 CC USA Inc. (Centauri
Corp.) (Cayman
Islands),# 5.70%,
12/18/97 $ 9,000,000
13,000,000 Centauri Corp. (Cayman
Islands),# 6.35%,
04/30/98 13,000,000
5,000,000 KFW International Finance,
8.25%, 03/18/98 5,067,261
Sigma Finance Corp. (United Kingdom),#
18,000,000 5.80%, 03/03/98 18,000,000
20,000,000 5.94%, 08/07/98 20,000,000
15,000,000 6.20%, 06/03/98 15,000,000
--------------
80,067,261
--------------
INSURANCE--0.1%
2,350,000 MBIA Insurance Co., 5.60%,
10/01/97 2,349,304
- -----------------------------------------------------------
TOTAL CORPORATE NOTES & BONDS 82,416,565
- -----------------------------------------------------------
OTHER GOVERNMENT OBLIGATIONS--0.3%
----------------------------------
5,000,000 Province of Manitoba
(Canada), 6.00%,
10/15/97 5,002,098
- -----------------------------------------------------------
TOTAL NOTES & BONDS
(COST $87,418,663) 87,418,663
- -----------------------------------------------------------
<CAPTION>
COMMERCIAL PAPER--55.6%
- -----------------------------------------------------------
<C> <S> <C>
CORPORATE OBLIGATIONS--
-----------------------------
ABN-AMRO North America
Finance Inc.
(Netherlands),
6,973,000 5.64%, 09/15/97 6,958,798
11,000,000 5.66%, 09/22/97 11,000,000
41,000,000 Alpargatas Funding Corp.,#
5.55%, 10/24/97 40,671,317
50,000,000 Ascot Capital Corp.,#
5.53%, 09/22/97 49,846,389
Banco BCN Barclays Bahamas
Ltd.,
15,000,000 5.57%, 01/23/98 14,668,121
15,000,000 5.58%, 12/03/97 14,786,100
</TABLE>
32
See notes to financial statements.
<PAGE> 95
...........................
VISTA PRIME MONEY MARKET FUND
PORTFOLIO OF INVESTMENTS August 31, 1997 (continued)
<TABLE>
<CAPTION>
Principal
Amount Value
(USD) Issuer (USD)
- -----------------------------------------------------------
COMMERCIAL PAPER--(CONTINUED)
- -----------------------------------------------------------
<C> <S> <C>
$18,000,000 Banco Bradesco SA Grand
Cayman Brh., 5.63%,
12/19/97 $ 17,696,250
25,000,000 Banco Bradesco SA Grand
Cayman Brh, Ser A,
5.67%, 11/03/97 24,755,875
10,000,000 Banco De Credit Grand
Cayman, 5.60%, 01/20/98 9,782,222
12,000,000 Banco Itau SA (Cayman
Islands), 5.64%,
10/24/97 11,902,240
20,000,000 Bank of America State Bank,
5.54%, 09/22/97 19,938,444
38,558,000 Banner Receiveables Corp.,#
5.59%, 09/15/97 38,480,166
19,090,000 Bavaria TRR Corp.,# 5.53%,
09/19/97 19,040,149
45,000,000 Broadway Capital Corp.,
5.58%, 09/12/97 44,930,250
31,500,000 Centauri Corp. (Cayman
Islands),# 5.59%,
02/27/98 30,630,136
20,000,000 Centric Funding Corp.,
5.53%, 09/19/97 19,947,772
5,080,000 Ciesco L.P., 5.60%,
09/02/97 5,080,000
14,800,000 Deerfield Capital, 5.58%,
09/17/97 14,765,590
41,250,000 Embarcadero Center
Associates, Ser A & B,
5.62%, 09/26/97 41,095,450
24,843,000 FP Funding Corp., 5.58%,
09/22/97 24,765,987
60,251,000 Fundex Corp., 5.58%,
09/24/97 60,045,544
20,000,000 Galicia Buenos Aires
Funding Corp.,# 5.31%,
09/16/97 19,958,700
9,350,000 Garanti Funding Corp.,
5.58%, 03/31/98 9,045,658
20,000,000 Garanti Funding Corp., I,
Ser. A, 5.60%, 04/24/98 19,272,000
35,000,000 Glencore Finance, Ser A,
(Bermuda), 5.59%,
02/04/98 34,157,618
18,000,000 Kitty Hawk Funding Corp.,#
5.53%, 09/22/97 17,944,700
25,000,000 Landesbank H. Thuringen,
5.56%, 09/30/97 24,891,889
</TABLE>
33
See notes to financial statements.
<PAGE> 96
...........................
VISTA PRIME MONEY MARKET FUND
PORTFOLIO OF INVESTMENTS August 31, 1997 (continued)
<TABLE>
<CAPTION>
Principal
Amount Value
(USD) Issuer (USD)
- -----------------------------------------------------------
COMMERCIAL PAPER--(CONTINUED)
- -----------------------------------------------------------
<C> <S> <C>
$13,992,000 Mont Blanc Capital Corp.,#
5.55%, 09/16/97 $ 13,961,801
35,000,000 Monte Rosa Capital Corp.,
5.52%, 09/22/97 34,892,667
19,857,000 Nebhelp Capital Services
Inc., 5.55%, 09/29/97 19,774,345
18,000,000 Pooled Accounts Receivable
Capital Corp.,# 5.53%,
09/25/97 17,936,405
50,000,000 Receivables Capital Corp.,#
5.53%, 10/03/97 49,761,903
13,375,000 Redwood Receivable Capital
Corp., 5.53%, 09/19/97 13,340,073
19,940,000 Ridge Capital II, 5.58%,
09/17/97 19,893,640
38,354,000 Rose Funding Corp.,# 5.55%,
09/18/97 38,259,393
13,000,000 Towson Town Funding, Inc.,
5.58%, 09/05/97 12,993,955
7,000,000 Transportadora de Gas Del
Sur SA (Argentina),
5.64%, 09/26/97 6,973,680
35,000,000 Twin Towers Inc.,# 5.53%,
09/16/97 34,924,799
Windmill Funding Corp.,
46,000,000 5.55%, 09/26/97 45,829,800
6,386,000 5.65%, 09/22/97 6,365,955
Working Capital Management
Corp.,
20,985,000 5.58%, 09/17/97 20,936,210
50,000,000 5.60%, 09/15/97 49,898,889
- -----------------------------------------------------------
TOTAL COMMERCIAL PAPER
(COST $1,031,800,880) 1,031,800,880
- -----------------------------------------------------------
<CAPTION>
FLOATING RATE NOTES--31.3%
- -----------------------------------------------------------
<C> <S> <C>
U.S. GOVERNMENT AGENCY
OBLIGATIONS--2.4%
----------------------
44,000,000 Student Loan Marketing
Association, 5.44%,
09/02/97 44,000,000
--------------
</TABLE>
34
See notes to financial statements.
<PAGE> 97
...........................
VISTA PRIME MONEY MARKET FUND
PORTFOLIO OF INVESTMENTS August 31, 1997 (continued)
<TABLE>
<CAPTION>
Principal
Amount Value
(USD) Issuer (USD)
- -----------------------------------------------------------
FLOATING RATE NOTES--(CONTINUED)
- -----------------------------------------------------------
<C> <S> <C>
STATE & MUNICIPAL OBLIGATIONS
DEMAND NOTES--2.2%
-----------------------------
$16,900,000 Illinois Student Assistance
Commission, Taxable Ser.
B, 5.59%, 09/03/97 $ 16,900,000
17,000,000 Kern County, California
Pension Obligation,
Taxable, Medical Options
Period, 5.73%, 09/02/97 17,000,000
935,000 New Orleans Louisiana,
Aviation Board, 5.71%,
09/03/97 935,000
2,900,000 Stanislaus County,
California Pension
Obligation, Taxable,
Medical Options Period,
5.73%, 09/02/97 2,900,000
3,600,000 Texas State, 5.73%,
09/02/97 3,600,000
- -----------------------------------------------------------
TOTAL STATE & MUNICIPAL
OBLIGATIONS DEMAND NOTES 41,335,000
- -----------------------------------------------------------
CORPORATE NOTES & BONDS--24.6%
------------------------------
BANKING--3.3%
27,200,000 Bank of America State Bank,
5.59%, 09/03/97 27,200,000
20,000,000 Bankers Trust, New York,#
5.80%, 09/02/97 19,999,776
5,000,000 Huntington National Bank,
Columbus, 5.90%,
09/17/97 4,999,703
10,000,000 Mellon Bank, 5.64%,
09/03/97 10,000,000
--------------
62,199,479
--------------
FINANCIAL SERVICES--21.3%
25,000,000 Centauri Corp. (CC USA
Inc.), (Cayman Islands),
5.66%, 09/02/97 25,000,000
95,000,000 Credit Suisse
(Switzerland), 5.89%,
09/02/97 95,000,000
10,000,000 General Electric Capital
Corp., 5.79%, 09/02/97 10,000,115
16,500,000 Goldman Sachs Group, L.P.,
6.03%, 11/29/97 16,530,503
50,000,000 Morgan Stanley Group, Inc.,
5.91%, 09/15/97 50,000,000
</TABLE>
35
See notes to financial statements.
<PAGE> 98
...........................
VISTA PRIME MONEY MARKET FUND
PORTFOLIO OF INVESTMENTS August 31, 1997 (continued)
<TABLE>
<CAPTION>
Principal
Amount Value
(USD) Issuer (USD)
- -----------------------------------------------------------
FLOATING RATE NOTES--(CONTINUED)
- -----------------------------------------------------------
<C> <S> <C>
$ 8,606,000 Sault St. Marie Tribe
Building, 6.40%,
09/16/97 $ 8,606,000
71,000,000 Short-Term Card Account
Trust 1996-1, 5.67%,
09/15/97 71,000,000
50,000,000 SMM Trust 1997-V,# 5.63%,
09/26/97 50,000,000
28,000,000 Societe Generale (France),
5.74%, 09/02/97 27,988,543
25,000,000 Strat Trust 1996-A,# 5.67%,
12/15/97 24,998,475
17,000,000 Tiers Trust 1997-A,# 5.67%,
09/15/97 17,000,000
--------------
396,123,636
- -----------------------------------------------------------
TOTAL CORPORATE NOTES & BONDS 458,323,115
- -----------------------------------------------------------
OTHER GOVERNMENT OBLIGATIONS--2.1%
----------------------------------
30,000,000 Abbey National Treasury
Services, MTN, (Yankee
Sector) (United
Kingdom), 5.53%,
09/15/97 29,981,463
9,000,000 Hydro Quebec, Quebec
(Yankee Sector)(Canada),
5.73%, 09/02/97 9,000,000
--------------
38,981,463
- -----------------------------------------------------------
TOTAL FLOATING RATE DEMAND
NOTES (COST $582,639,578) 582,639,578
- -----------------------------------------------------------
<CAPTION>
DEPOSITS--2.6%
- -----------------------------------------------------------
<C> <S> <C>
TIME DEPOSIT--1.0%
-----------------------------
18,448,000 Norwest Corp., 5.63%,
09/02/97 18,448,000
--------------
CERTIFICATES OF DEPOSIT--1.6%
-----------------------------
5,000,000 Landesbank H. Thuringen
(Germany), 6.13%,
04/01/98 4,996,693
5,000,000 Morgan Guaranty Trust of
New York, 5.71%,
01/06/98 4,999,338
</TABLE>
36
See notes to financial statements.
<PAGE> 99
...........................
VISTA PRIME MONEY MARKET FUND
PORTFOLIO OF INVESTMENTS August 31, 1997 (continued)
<TABLE>
<CAPTION>
Principal
Amount Value
(USD) Issuer (USD)
- -----------------------------------------------------------
DEPOSITS--(CONTINUED)
- -----------------------------------------------------------
<C> <S> <C>
$10,000,000 Rabobank Nederland--
Cooperative Centrale
Raiffeisen-
Boerenleenbank B.A.
(Netherlands), 6.07%,
03/26/98 $ 9,997,855
10,000,000 Wachovia Bank of North
Carolina, N.A., 6.15%,
05/06/98 9,992,478
- -----------------------------------------------------------
TOTAL CERTIFICATES OF DEPOSIT 29,986,364
- -----------------------------------------------------------
TOTAL DEPOSITS
(COST $48,434,364) 48,434,364
- -----------------------------------------------------------
<CAPTION>
REPURCHASE AGREEMENTS--5.6%
- -----------------------------------------------------------
<C> <S> <C>
53,087,000 Goldman Sachs & Co., 5.55%,
due 09/02/97, (Dated
08/28/97, Proceeds
$53,119,737, Secured by;
U.S. Treasury Note,
$54,397,000 at 6.25%, due
02/15/07; Market Value
$54,149,098) 53,087,000
50,000,000 Merrill Lynch & Co., 5.35%,
due 09/02/97, (Dated
08/29/97, Proceeds
$50,029,733, Secured by;
FNMA, $13,535,000, 4.7%
through 7.55%, due 09/10/98
through 07/01/04; FHLB,
$150,000 at 7.125%, due
02/02/16; FHLB $131,795,000
at 0.0%, due 07/02/12
through 06/26/17; Market
Value $51,000,573) 50,000,000
- -----------------------------------------------------------
TOTAL REPURCHASE AGREEMENTS
(COST $103,087,000) 103,087,000
===========================================================
TOTAL INVESTMENTS--99.8%
(COST $1,853,380,485)** $1,853,380,485
- -----------------------------------------------------------
</TABLE>
37
See notes to financial statements.
<PAGE> 100
...........................
VISTA PRIME MONEY MARKET FUND
NOTES TO PORTFOLIO OF INVESTMENTS August 31, 1997
<TABLE>
<S> <C> <C>
# = SECURITY MAY ONLY BE SOLD TO QUALIFIED INSTITUTIONAL BUYERS.
** = THE COST OF SECURITIES IS SUBSTANTIALLY THE SAME FOR FEDERAL INCOME
TAX PURPOSES.
ARM = ADJUSTABLE RATE MORTGAGE
COP = CERTIFICATE OF PARTICIPATION
DN = DISCOUNT NOTE
FHLMC = FEDERAL HOME LOAN MORTGAGE CORPORATION
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 AUGUST
31, 1997.
FRN = FLOATING RATE NOTE: THE MATURITY DATE SHOWN IS THE NEXT INTEREST RESET
DATE; THE RATE SHOWN IS THE RATE IN EFFECT AT AUGUST 31, 1997.
IDA = INDUSTRIAL DEVELOPMENT AUTHORITY
MTN = MEDIUM TERM NOTE
</TABLE>
38
See notes to financial statements.
<PAGE> 101
...........................
VISTA MUTUAL FUNDS
STATEMENT OF ASSETS AND LIABILITIES August 31, 1997
- -------------------------------------------------------------------------------
<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).......................... $2,432,873,763 $ 5,906,409,165 $2,151,679,665
Cash................................ 610,103 289,859 105,404
Other assets........................ 49,230 115,843 39,096
Receivables:
Investment securities sold........ 548,703,111 159,994,141 69,738,556
Interest.......................... 33,746,993 36,517,806 7,240,461
Fund shares sold.................. 116,667 3,287,279 4,058,450
Other............................. 2,784 9,952 5,999
Expense reimbursement from
Distributor..................... -- -- 2,018
-------------- -------------- --------------
Total Assets.................. 3,016,102,651 6,106,624,045 2,232,869,649
-------------- -------------- --------------
LIABILITIES:
Payable for investment securities
purchased......................... 548,924,070 160,000,000 199,606,390
Payable for Fund shares redeemed.... 4,584 390,826 --
Payable to custodian................ -- -- --
Dividends payable................... 2,441,262 11,971,053 3,250,841
Other liabilities................... 27,611 198,378 --
Accrued liabilities: (Note 2)
Administration fees............... 208,332 489,144 177,108
Distribution fees................. 200,435 251,413 136,154
Investment advisory fees.......... 208,331 489,143 177,108
Shareholder servicing fees........ 461,001 556,025 355,315
Custody fees...................... 72,254 131,039 85,227
Other............................. 424,870 1,052,714 356,345
-------------- -------------- --------------
Total Liabilities............. 552,972,750 175,529,735 204,144,488
-------------- -------------- --------------
NET ASSETS:
Paid in capital..................... 2,463,116,044 5,931,064,027 2,028,733,883
Accumulated undistributed net
investment income................. -- -- (8,722)
Accumulated net realized gain (loss)
on investment transactions........ 13,857 30,283 --
-------------- -------------- --------------
Net Assets.................... $2,463,129,901 $ 5,931,094,310 $2,028,725,161
============== ============== ==============
Shares of beneficial interest
outstanding ($.001 par value;
unlimited number of shares
authorized):
Vista Shares...................... 2,376,274,217 2,139,449,554 1,605,946,486
Premier Shares.................... 5,643,009 836,514,800 131,340,727
Institutional Shares.............. 81,287,592 2,955,200,422 291,544,637
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.................. $2,432,873,763 $ 5,906,409,165 $2,151,679,665
============== ============== ==============
</TABLE>
39
See notes to financial statements.
<PAGE> 102
...........................
VISTA MUTUAL FUNDS
STATEMENT OF ASSETS AND LIABILITIES August 31, 1997 (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).......................... $877,216,068 $3,945,194,428 $1,853,380,485
Cash................................ -- -- 1,002,030
Other assets........................ 15,842 68,715 29,058
Receivables:
Investment securities sold........ 18,700,875 -- 78,894,025
Interest.......................... 5,542,524 18,490,125 6,838,940
Fund shares sold.................. 730,708 3,998,608 1,673,891
Other............................. 13,889 5,500 --
Expense reimbursement from
Distributor..................... -- -- 2,681
-------------- -------------- --------------
Total Assets.................. 902,219,906 3,967,757,376 1,941,821,110
-------------- -------------- --------------
LIABILITIES:
Payable for investment securities
purchased......................... 68,665,820 85,000,000 78,886,163
Payable for Fund shares redeemed.... 325,523 518,124 --
Payable to custodian................ 8,470 238,024 --
Dividends payable................... 1,209,953 4,063,633 4,858,920
Other liabilities................... -- -- 8,836
Accrued liabilities: (Note 2)
Administration fees............... 70,238 321,176 155,716
Distribution fees................. 25,553 -- 5,627
Investment advisory fees.......... 70,238 321,176 155,715
Shareholder servicing fees........ 142,347 766,244 72,432
Custody fees...................... 56,339 108,716 63,565
Other............................. 311,048 694,229 385,788
-------------- -------------- --------------
Total Liabilities............. 70,885,529 92,031,322 84,592,762
-------------- -------------- --------------
NET ASSETS:
Paid in capital..................... 831,342,972 3,875,705,229 1,857,227,907
Accumulated undistributed net
investment income................. (10,839) 8,014 11,081
Accumulated net realized gain (loss)
on investment transactions........ 2,244 12,811 (10,640)
-------------- -------------- --------------
Net Assets.................... $831,334,377 $3,875,726,054 $1,857,228,348
============== ============== ==============
Shares of beneficial interest
outstanding ($.001 par value;
unlimited number of shares
authorized):
Vista Shares...................... 301,042,435 2,576,175,246
Premier Shares.................... 399,651,698 375,428,410 499,307,795
Institutional Shares.............. 130,648,839 924,113,880 1,347,650,971
B Shares.......................... 10,269,141
Net asset value, offering and
redemption price per share, all
classes (net assets/shares)......... $1.00 $1.00 $1.00
============== ============== ==============
Cost of investments.................. $877,216,068 $3,945,194,428 $1,853,380,485
============== ============== ==============
</TABLE>
40
See notes to financial statements.
<PAGE> 103
...........................
VISTA MUTUAL FUNDS
STATEMENT OF OPERATIONS For the year ended August 31, 1997
- ---------------------------------------------------------------------
<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).............. $106,907,650 $ 285,232,818 $106,510,965
----------- ------------ -----------
EXPENSES: (Note 2)
Shareholder fees....................... 6,675,949 9,453,267 5,569,708
Distribution fees...................... 1,905,353 2,959,548 1,503,214
Administration fees.................... 1,005,316 2,586,987 991,858
Investment advisory fees............... 2,010,632 5,173,975 1,983,716
Sub-administration fees................ 1,005,316 2,586,987 991,858
Custodian fees......................... 244,270 376,933 301,357
Printing and postage................... 25,045 81,244 30,054
Professional fees...................... 107,084 232,196 89,566
Registration costs..................... 249,576 564,960 171,999
Transfer agent fees.................... 387,093 923,865 310,344
Trustees fees and expenses............. 107,353 275,080 106,116
Other.................................. 84,579 216,494 55,891
----------- ------------ -----------
Total expenses................... 13,807,566 25,431,536 12,105,681
Less amounts waived (Note 2B).......... 2,264,209 3,007,989 1,664,171
Less expenses borne by Distributor
(Note 2E)............................ 9,429 -- 34,563
----------- ------------ -----------
Net expenses......................... 11,533,928 22,423,547 10,406,947
----------- ------------ -----------
Net investment income................ 95,373,722 262,809,271 96,104,018
----------- ------------ -----------
REALIZED AND UNREALIZED GAIN ON
INVESTMENTS
Net realized gain on investment
transactions......................... 608,194 493,637 245,215
----------- ------------ -----------
Net increase in net assets from
operations........................... $ 95,981,916 $ 263,302,908 $ 96,349,233
=========== ============ ===========
</TABLE>
41
See notes to financial statements.
<PAGE> 104
...........................
VISTA MUTUAL FUNDS
STATEMENT OF OPERATIONS For the year ended August 31, 1997 (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)............. $42,947,983 $ 176,259,028 $89,461,864
----------- ----------- -----------
EXPENSES: (Note 2)
Shareholder fees...................... 1,986,305 7,988,805 1,175,859
Distribution fees..................... 337,875 -- 80,931
Administration fees................... 391,147 1,582,924 797,701
Investment advisory fees.............. 782,294 3,165,847 1,595,402
Sub-administration fees............... 391,147 1,582,924 797,701
Custodian fees........................ 194,455 369,799 220,680
Printing and postage.................. 15,028 40,200 24,914
Professional fees..................... 41,338 127,543 74,464
Registration costs.................... 51,885 208,097 234,388
Transfer agent fees................... 479,501 1,018,834 234,006
Trustees fees and expenses............ 42,150 169,675 80,086
Other................................. 51,531 43,674 94,053
----------- ----------- -----------
Total expenses.................. 4,764,656 16,298,322 5,410,185
Less amounts waived (Note 2B)......... 457,964 660,012 357,329
Less expenses borne by Distributor
(Note 2E)........................... -- -- 2,681
----------- ----------- -----------
Net expenses........................ 4,306,692 15,638,310 5,050,175
----------- ----------- -----------
Net investment income............... 38,641,291 160,620,718 84,411,689
----------- ----------- -----------
REALIZED AND UNREALIZED GAIN ON
INVESTMENTS
Net realized gain on investment
transactions........................ 54,317 12,811 179,950
----------- ----------- -----------
Net increase in net assets from
operations.......................... $38,695,608 $ 160,633,529 $84,591,639
=========== =========== ===========
</TABLE>
42
See notes to financial statements.
<PAGE> 105
VISTA MUTUAL FUNDS
STATEMENT OF CHANGES IN NET ASSETS
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Vista
Vista 100% U.S. Government
U.S. Treasury Securities Money Market Fund
Money Market Fund -------------------------------
-------------------------------
Year 12/1/95 Year Ended August 31,
Ended Through -------------------------------
08/31/97 08/31/96* 1997 1996
-------------- -------------- -------------- --------------
<S> <C> <C> <C> <C>
INCREASE IN NET ASSETS FROM OPERATIONS:
Net investment income....................................... $ 95,373,722 $ 54,450,347 $ 262,809,271 $ 149,636,341
Net realized gain (loss) on investment transactions......... 608,194 317,081 493,637 3,546
-------------- -------------- -------------- --------------
Increase (decrease) in net assets from operations......... 95,981,916 54,767,428 263,302,908 149,639,887
-------------- -------------- -------------- --------------
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income....................................... (95,373,722) (54,450,354) (262,809,271) (149,636,341)
Net realized gain on investment transactions................ (896,002) (90,037) (465,957) (2,396)
-------------- -------------- -------------- --------------
Total dividends and distributions..................... (96,269,724) (54,540,391) (263,275,228) (149,638,737)
-------------- -------------- -------------- --------------
Increase from capital share transactions..................... 791,586,677 334,055,174 1,890,616,058 2,469,421,386
-------------- -------------- -------------- --------------
Total increase............................................ 791,298,869 334,282,211 1,890,643,738 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............................................... $2,463,129,901 $1,671,831,032 $5,931,094,310 $4,040,450,572
============== ============== ============== ==============
<CAPTION>
Vista
Treasury Plus
Money Market Fund
-------------------------------
Year Ended August 31,
-------------------------------
1997 1996
-------------- --------------
<S> <C> <C>
INCREASE IN NET ASSETS FROM OPERATIONS:
Net investment income....................................... $ 96,104,018 $ 31,447,169
Net realized gain (loss) on investment transactions......... 245,215 (84,507)
-------------- --------------
Increase (decrease) in net assets from operations......... 96,349,233 31,362,662
-------------- --------------
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income....................................... (96,120,887) (31,353,233)
Net realized gain on investment transactions................ (166,314) (80,182)
-------------- --------------
Total dividends and distributions..................... (96,287,201) (31,433,415)
-------------- --------------
Increase from capital share transactions..................... 351,955,824 1,640,570,579
-------------- --------------
Total increase............................................ 352,017,856 1,640,499,826
NET ASSETS:
Beginning of period......................................... 1,676,707,305 36,207,479
-------------- --------------
End of period............................................... $2,028,725,161 $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.
43
...........................
<PAGE> 106
VISTA MUTUAL FUNDS
STATEMENT OF CHANGES IN NET ASSETS (continued)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Vista
Federal
Money Market Fund Vista
--------------------------- Cash Management
-------------------------------
Year Ended August 31, Year 12/1/95
--------------------------- Ended Through
1997 1996 08/31/97 08/31/96*
------------ ------------ -------------- --------------
<S> <C> <C> <C> <C>
INCREASE IN NET ASSETS FROM OPERATIONS:
Net investment income.......................................... $ 38,641,291 $ 29,210,103 $ 160,620,718 $ 71,975,331
Net realized gain (loss) on investment transactions............ 54,317 62,246 12,811 8,546
-------------- -------------- -------------- --------------
Increase (decrease) in net assets from operations............ 38,695,608 29,272,349 160,633,529 71,983,877
-------------- -------------- -------------- --------------
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income.......................................... (38,641,291) (29,210,103) (160,620,718) (71,975,332)
Net realized gain on investment transactions................... (106,779) (31,088) -- (25,113)
-------------- -------------- -------------- --------------
Total dividends and distributions........................ (38,748,070) (29,241,191) (160,620,718) (72,000,445)
-------------- -------------- -------------- --------------
Increase from capital share transactions........................ 88,383,952 277,469,712 1,164,197,068 1,077,039,651
-------------- -------------- -------------- --------------
Total increase............................................... 88,331,490 277,500,870 1,164,209,879 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.................................................. $831,334,377 $743,002,887 $3,875,726,054 $2,711,516,175
============== ============== ============== ==============
<CAPTION>
Vista
Prime
Money Market Fund
-------------------------------
Year Ended August 31,
-------------------------------
1997 1996
-------------- --------------
<S> <C> <C>
INCREASE IN NET ASSETS FROM OPERATIONS:
Net investment income.......................................... $ 84,411,689 $ 57,901,747
Net realized gain (loss) on investment transactions............ 179,950 7,807
-------------- --------------
Increase (decrease) in net assets from operations............ 84,591,639 57,909,554
-------------- --------------
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income.......................................... (84,411,688) (57,902,939)
Net realized gain on investment transactions................... (179,510) (7,683)
-------------- --------------
Total dividends and distributions........................ (84,591,198) (57,910,622)
-------------- --------------
Increase from capital share transactions........................ 698,281,185 905,690,709
-------------- --------------
Total increase............................................... 698,281,626 905,689,641
NET ASSETS:
Beginning of period............................................ 1,158,946,722 253,257,081
-------------- --------------
End of period.................................................. $1,857,228,348 $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.
44
...........................
<PAGE> 107
VISTA MUTUAL FUNDS
NOTES TO FINANCIAL STATEMENTS
- ---------------------------------------------------------------------
1. ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES--Mutual Fund Trust ("MFT")
(the "Trust") is organized as a Massachusetts business trust, and registered
under the Investment Company Act of 1940, as amended (the "1940 Act"), as an
open-end, management investment company. Vista 100% U.S. Treasury Securities
Money Market Fund ("USTSMM"), Vista U.S. Government Money Market Fund ("USGMM"),
Vista Treasury Plus Money Market Fund ("TPMM"), Vista Federal Money Market Fund
("FMM"), Vista Cash Management 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 August 31, 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.
45
...........................
<PAGE> 108
VISTA MUTUAL FUNDS
NOTES TO FINANCIAL STATEMENTS (continued)
- ---------------------------------------------------------------------
D. Federal income taxes--Each Fund is treated as a separate taxable entity
for Federal income tax purposes. The Trust's policy is to comply with the
provisions of the Internal Revenue Code applicable to regulated investment
companies and to distribute to shareholders all of a Fund's distributable
net income, including net realized gain on investments. In addition, the
Trust intends to make distributions as required to avoid excise taxes.
Accordingly, no provision for Federal income or excise tax is necessary.
E. Distributions to shareholders--Each Fund declares and records a
dividend of substantially all of its net investment income on each business
day. Such dividends are paid or re-invested monthly in each respective
Fund's shares on the payable dates. The amount of dividends and
distributions from net investment income and net realized capital gains is
determined in accordance with federal income tax regulations, which may
differ from generally accepted accounting principles. To the extent these
"book/tax" differences are permanent in nature (i.e., that they result from
other than timing of recognition "temporary differences"), such amounts are
reclassified within the capital accounts based on their federal income
tax-basis treatment. Dividends and distributions which exceed net investment
income or net realized capital gains for financial reporting purposes but
not for tax purposes are reported as distributions in excess of net
investment income or net realized capital gains.
F. Income and expenses--Expenses directly attributable to a Fund are
charged to that Fund; expenses directly attributable to a particular class
are charged directly to such class. Other expenses are allocated
proportionately among the Funds within the Trust in relation to the net
assets of each Fund or on another reasonable basis. In calculating net asset
value per share of each class, investment income, realized and unrealized
gains and losses and expenses other than class specific expenses, are
allocated daily to each class of shares based upon the proportion of net
assets of each class at the beginning of each day.
2. FEES AND OTHER TRANSACTIONS WITH AFFILIATES
A. Investment advisory fee--Pursuant to separate Investment Advisory
Agreements, The Chase Manhattan Bank, ("Chase" or "Advisor") acts as the
investment adviser to the Funds. Chase is a direct wholly-owned subsidiary
of The Chase Manhattan Corporation. As investment adviser, Chase supervises
the investments of each Fund and for such services is paid a fee. The fee is
accrued daily and paid monthly at an annual rate equal to 0.10% of the
average daily net assets for each respective Fund.
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 $2,264,209, $3,007,989,
$1,664,171, $457,964, $660,012 and $357,329 for the USTSMM, USGMM, TPMM,
FMM, CMMM and PMM respectively.
No Fund Servicing fee was paid for the Institutional Shares.
46
...........................
<PAGE> 109
VISTA MUTUAL FUNDS
NOTES TO FINANCIAL STATEMENTS (continued)
- ---------------------------------------------------------------------
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 and Charles Schwab & Co.
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
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--The Distributor voluntarily reimbursed the Funds for certain
expenses in the amount of $9,429, $34,563, $2,681 for the USTSMM, TPMM and
PMM, respectively.
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--During the fiscal year ended August 31, 1997,
PMM utilized capital loss carryovers of approximately $11,000.
47
...........................
<PAGE> 110
VISTA MUTUAL FUNDS
NOTES TO FINANCIAL STATEMENTS (continued)
- ---------------------------------------------------------------------
4. TRANSACTIONS IN SHARES OF BENEFICIAL INTEREST
<TABLE>
<CAPTION>
Vista 100% U.S. Treasury Securities Money Market Fund
-----------------------------------------------------------------------
Vista Class
-----------------------------------------------------------------------
Year Ended August 31, 1997 12/1/95 Through 8/31/96*
---------------------------------- ----------------------------------
Amount Shares Amount Shares
---------------- --------------- ---------------- ---------------
<S> <C> <C> <C> <C>
Shares sold....... $ 10,261,243,364 10,261,243,364 $ 7,409,194,967 7,409,194,967
Shares issued in
reinvestment of
distributions.... 70,133,085 70,133,085 40,320,411 40,320,411
Shares redeemed... (9,626,493,212) (9,626,493,212) (7,115,687,366) (7,115,687,366)
---------------- --------------- ---------------- ---------------
Net increase
(decrease) in
Trust shares
outstanding...... $ 704,883,237 704,883,237 $ 333,828,012 333,828,012
================= ================ ================= ================
<CAPTION>
Premier Class
-----------------------------------------------------------------------
Year Ended August 31, 1997 6/3/96 Through 8/31/96**
---------------------------------- ----------------------------------
Amount Shares Amount Shares
---------------- --------------- ---------------- ---------------
<S> <C> <C> <C> <C>
Shares sold....... $ 17,838,413 17,838,413 $ 491,675 491,675
Shares issued in
reinvestment of
distributions.... 141,705 141,705 2,269 2,269
Shares redeemed... (12,564,059) (12,564,059) (266,994) (266,994)
---------------- --------------- ---------------- ---------------
Net increase
(decrease) in
Trust shares
outstanding...... $ 5,416,059 5,416,059 $ 226,950 226,950
================= ================ ================= ================
<CAPTION>
Institutional Class
-----------------------------------------------------------------------
Year Ended August 31, 1997 6/3/96 Through 8/31/96**
---------------------------------- ----------------------------------
Amount Shares Amount Shares
---------------- --------------- ---------------- ---------------
<S> <C> <C> <C> <C>
Shares sold....... $ 891,053,171 891,053,171 $ 22,275,210 22,275,210
Shares issued in
reinvestment of
distributions.... 4,278,994 4,278,994 2,557 2,557
Shares redeemed... (814,044,784) (814,044,784) (22,277,555) (22,277,555)
---------------- --------------- ---------------- ---------------
Net increase
(decrease) in
Trust shares
outstanding...... $ 81,287,381 81,287,381 $ 212 212
================= ================ ================= ================
</TABLE>
- ---------------
* Commencement of operations.
** Commencement of offering of class of shares.
48
...........................
<PAGE> 111
VISTA MUTUAL FUNDS
NOTES TO FINANCIAL STATEMENTS (continued)
- ---------------------------------------------------------------------
<TABLE>
<CAPTION>
Vista U.S. Government Money Market Fund
-----------------------------------------------------------------------
Vista Class
-----------------------------------------------------------------------
Year Ended August 31, 1997 Year Ended August 31, 1996
---------------------------------- ----------------------------------
Amount Shares Amount Shares
---------------- --------------- ---------------- ---------------
<S> <C> <C> <C> <C>
Shares sold....... $ 14,989,063,773 14,989,063,773 $ 6,258,795,986 6,258,795,986
Shares issued in
reinvestment of
distributions.... 56,051,339 56,051,339 18,755,086 18,755,086
Shares redeemed... (14,962,787,753) (14,962,787,753) (6,113,103,556) (6,113,103,556)
Hanover
acquisition...... -- -- 1,551,238,481 1,551,339,231
---------------- --------------- ---------------- ---------------
Net increase
(decrease) in
Trust shares
outstanding...... $ 82,327,359 82,327,359 $ 1,715,685,997 1,715,786,747
================= ================ ================= ================
<CAPTION>
Premier Class
-----------------------------------------------------------------------
Year Ended August 31, 1997 Year Ended August 31, 1996
---------------------------------- ----------------------------------
Amount Shares Amount Shares
---------------- --------------- ---------------- ---------------
<S> <C> <C> <C> <C>
Shares sold....... $ 5,613,865,551 5,613,865,551 $ 6,630,692,269 6,630,692,269
Shares issued in
reinvestment of
distributions.... 24,031,128 24,031,128 33,440,739 33,440,739
Shares redeemed... (5,603,046,417) (5,603,046,417) (6,626,077,145) (6,626,077,145)
---------------- --------------- ---------------- ---------------
Net increase
(decrease) in
Trust shares
outstanding...... $ 34,850,262 34,850,262 $ 38,055,863 38,055,863
================= ================ ================= ================
<CAPTION>
Institutional Class
-----------------------------------------------------------------------
Year Ended August 31, 1997 Year Ended August 31, 1996
---------------------------------- ----------------------------------
Amount Shares Amount Shares
---------------- --------------- ---------------- ---------------
<S> <C> <C> <C> <C>
Shares sold....... $ 19,688,867,100 19,688,867,100 $ 8,395,036,076 8,395,036,076
Shares issued in
reinvestment of
distributions.... 68,490,796 68,490,796 21,171,054 21,171,054
Shares redeemed... (17,983,919,459) (17,983,919,459) (7,700,527,604) (7,700,527,604)
---------------- --------------- ---------------- ---------------
Net increase
(decrease) in
Trust shares
outstanding...... $ 1,773,438,437 1,773,438,437 $ 715,679,526 715,679,526
================= ================ ================= ================
</TABLE>
49
...........................
<PAGE> 112
VISTA MUTUAL FUNDS
NOTES TO FINANCIAL STATEMENTS (continued)
- ---------------------------------------------------------------------
<TABLE>
<CAPTION>
Vista Treasury Plus Money Market Fund
-----------------------------------------------------------------------
Vista Class
-----------------------------------------------------------------------
Year Ended August 31, 1997 5/6/96 Through 8/31/96*
---------------------------------- ----------------------------------
Amount Shares Amount Shares
---------------- --------------- ---------------- ---------------
<S> <C> <C> <C> <C>
Shares sold....... $ 16,488,613,526 16,488,613,526 $ 4,725,630,526 4,725,630,526
Shares issued in
reinvestment of
distributions.... 42,612,199 42,612,199 13,439,801 13,439,801
Shares redeemed... (16,307,623,845) (16,307,623,845) (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...... $ 223,601,880 223,601,880 $ 1,382,246,638 1,382,344,606
================= ================ ================= ================
<CAPTION>
Premier Class
-----------------------------------------------------------------------
Year Ended August 31, 1997 Year Ended August 31, 1996
---------------------------------- ----------------------------------
Amount Shares Amount Shares
---------------- --------------- ---------------- ---------------
<S> <C> <C> <C> <C>
Shares sold....... $ 630,055,851 630,055,851 $ 529,748,921 529,748,921
Shares issued in
reinvestment of
distributions.... 1,403,706 1,403,706 745,012 745,012
Shares redeemed... (606,144,080) (606,144,080) (443,040,963) (443,040,963)
---------------- --------------- ---------------- ---------------
Net increase
(decrease) in
Trust shares
outstanding...... $ 25,315,477 25,315,477 $ 87,452,970 87,452,970
================= ================ ================= ================
<CAPTION>
Institutional Class
-----------------------------------------------------------------------
Year Ended August 31, 1997 Year Ended August 31, 1996
---------------------------------- ----------------------------------
Amount Shares Amount Shares
---------------- --------------- ---------------- ---------------
<S> <C> <C> <C> <C>
Shares sold....... $ 7,439,790,648 7,439,790,648 $ 1,690,470,986 1,690,470,986
Shares issued in
reinvestment of
distributions.... 10,198,531 10,198,531 1,414,045 1,414,045
Shares redeemed... (7,346,950,712) (7,346,950,712) (1,521,014,060) (1,521,014,060)
---------------- --------------- ---------------- ---------------
Net increase
(decrease) in
Trust shares
outstanding...... $ 103,038,467 103,038,467 $ 170,870,971 170,870,971
================= ================ ================= ================
</TABLE>
- ---------------
* Commencement of offering of class of shares.
50
...........................
<PAGE> 113
VISTA MUTUAL FUNDS
NOTES TO FINANCIAL STATEMENTS (continued)
- ---------------------------------------------------------------------
<TABLE>
<CAPTION>
Vista Federal Money Market Fund
-----------------------------------------------------------------------
Vista Class
-----------------------------------------------------------------------
Year Ended August 31, 1997 Year Ended August 31, 1996
---------------------------------- ----------------------------------
Amount Shares Amount Shares
---------------- --------------- ---------------- ---------------
<S> <C> <C> <C> <C>
Shares sold....... $ 487,721,133 487,721,133 $ 543,789,208 543,789,208
Shares issued in
reinvestment of
distributions.... 13,600,878 13,600,878 8,492,776 8,492,776
Shares redeemed... (553,201,237) (553,201,237) (402,761,910) (402,761,910)
---------------- --------------- ---------------- ---------------
Net increase
(decrease) in
Trust shares
outstanding...... ($ 51,879,226) (51,879,226) $ 149,520,074 149,520,074
================= ================ ================= ================
<CAPTION>
Premier Class
-----------------------------------------------------------------------
Year Ended August 31, 1997 Year Ended August 31, 1996
---------------------------------- ----------------------------------
Amount Shares Amount Shares
---------------- --------------- ---------------- ---------------
<S> <C> <C> <C> <C>
Shares sold....... $ 884,820,051 884,820,051 $ 449,345,979 449,345,979
Shares issued in
reinvestment of
distributions.... 13,139,597 13,139,597 10,216,010 10,216,010
Shares redeemed... (747,052,298) (747,052,298) (359,327,225) (359,327,225)
---------------- --------------- ---------------- ---------------
Net increase
(decrease) in
Trust shares
outstanding...... $ 150,907,350 150,907,350 $ 100,234,764 100,234,764
================= ================ ================= ================
<CAPTION>
Institutional Class
-----------------------------------------------------------------------
Year Ended August 31, 1997 Year Ended August 31, 1996
---------------------------------- ----------------------------------
Amount Shares Amount Shares
---------------- --------------- ---------------- ---------------
<S> <C> <C> <C> <C>
Shares sold....... $ 809,559,898 809,559,898 $ 1,125,386,751 1,125,386,751
Shares issued in
reinvestment of
distributions.... 1,781,683 1,781,683 1,206,644 1,206,644
Shares redeemed... (821,985,753) (821,985,753) (1,098,878,521) (1,098,878,521)
---------------- --------------- ---------------- ---------------
Net increase
(decrease) in
Trust shares
outstanding...... ($ 10,644,172) (10,644,172) $ 27,714,874 27,714,874
================= ================ ================= ================
</TABLE>
51
...........................
<PAGE> 114
VISTA MUTUAL FUNDS
NOTES TO FINANCIAL STATEMENTS (continued)
- ---------------------------------------------------------------------
<TABLE>
<CAPTION>
VISTA CASH MANAGEMENT FUND
-----------------------------------------------------------------------
Vista Class
-----------------------------------------------------------------------
Year Ended August 31, 1997 12/1/95* Through 8/31/96
---------------------------------- ----------------------------------
Amount Shares Amount Shares
---------------- --------------- ---------------- ---------------
<S> <C> <C> <C> <C>
Shares sold....... $ 14,045,422,722 14,045,422,722 $ 9,308,266,616 9,308,254,347
Shares issued in
reinvestment of
distributions.... 71,043,177 71,043,177 37,220,903 37,220,903
Shares redeemed... (13,161,544,235) (13,161,544,235) (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...... $ 954,921,664 954,921,664 ($ 13,227,235) (13,239,510)
================= ================ ================= ================
<CAPTION>
Premier Class
-----------------------------------------------------------------------
Year Ended August 31, 1997 5/6/96 Through 8/31/96**
---------------------------------- ----------------------------------
Amount Shares Amount Shares
---------------- --------------- ---------------- ---------------
<S> <C> <C> <C> <C>
Shares sold....... $ 2,333,244,771 2,333,244,771 $ 686,911,897 686,911,897
Shares issued in
reinvestment of
distributions.... 16,341,167 16,341,167 6,444,891 6,444,891
Shares redeemed... (2,407,404,922) (2,407,404,922) (714,261,726) (714,261,726)
Global Money
Market Fund
Acquisition...... -- -- 454,152,332 454,152,332
---------------- --------------- ---------------- ---------------
Net increase
(decrease) in
Trust shares
outstanding...... ($ 57,818,984) (57,818,984) $ 433,247,394 433,247,394
================= ================ ================= ================
<CAPTION>
Institutional Class
-----------------------------------------------------------------------
Year Ended August 31, 1997 5/6/96 Through 8/31/96**
---------------------------------- ----------------------------------
Amount Shares Amount Shares
---------------- --------------- ---------------- ---------------
<S> <C> <C> <C> <C>
Shares sold....... $ 4,596,074,525 4,596,074,525 $ 1,438,773,670 1,438,773,670
Shares issued in
reinvestment of
distributions.... 32,378,220 32,378,220 5,302,026 5,302,026
Shares redeemed... (4,361,358,357) (4,361,358,357) (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...... $ 267,094,388 267,094,388 $ 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.
52
...........................
<PAGE> 115
VISTA MUTUAL FUNDS
NOTES TO FINANCIAL STATEMENTS (continued)
- ---------------------------------------------------------------------
<TABLE>
<CAPTION>
Vista Prime Money Market Fund
-----------------------------------------------------------------------
B Shares
-----------------------------------------------------------------------
Year Ended August 31, 1997 Year Ended August 31, 1996
---------------------------------- ----------------------------------
Amount Shares Amount Shares
---------------- --------------- ---------------- ---------------
<S> <C> <C> <C> <C>
Shares sold....... $ 49,461,663 49,461,663 $ 35,409,443 35,409,443
Shares issued in
reinvestment of
distributions.... 381,174 381,174 320,115 320,115
Shares redeemed... (55,242,319) (55,242,319) (24,942,312) (24,942,312)
---------------- --------------- ---------------- ---------------
Net increase
(decrease) in
Trust shares
outstanding...... ($ 5,399,482) (5,399,482) $ 10,787,246 10,787,246
================= ================ ================= ================
<CAPTION>
Premier Class
-----------------------------------------------------------------------
Year Ended August 31, 1997 Year Ended August 31, 1996
---------------------------------- ----------------------------------
Amount Shares Amount Shares
---------------- --------------- ---------------- ---------------
<S> <C> <C> <C> <C>
Shares sold....... $ 4,080,531,934 4,080,531,934 $ 3,175,395,904 3,175,395,904
Shares issued in
reinvestment of
distributions.... 7,415,483 7,415,483 5,091,960 5,091,960
Shares redeemed... (4,007,315,047) (4,007,315,047) (2,824,488,570) (2,824,488,570)
---------------- --------------- ---------------- ---------------
Net increase
(decrease) in
Trust shares
outstanding...... $ 80,632,370 80,632,370 $ 355,999,294 355,999,294
================= ================ ================= ================
<CAPTION>
Institutional Class
-----------------------------------------------------------------------
Year Ended August 31, 1997 Year Ended August 31, 1996
---------------------------------- ----------------------------------
Amount Shares Amount Shares
---------------- --------------- ---------------- ---------------
<S> <C> <C> <C> <C>
Shares sold....... $ 16,454,322,258 16,454,322,258 $ 9,553,681,410 9,553,681,410
Shares issued in
reinvestment of
distributions.... 26,707,134 26,707,134 13,615,855 13,615,855
Shares redeemed... (15,857,981,095) (15,857,981,095) (9,028,393,096) (9,028,393,096)
---------------- --------------- ---------------- ---------------
Net increase
(decrease) in
Trust shares
outstanding...... $ 623,048,297 623,048,297 $ 538,904,169 538,904,169
================= ================ ================= ================
</TABLE>
5. CONCENTRATION OF CREDIT RISK--As of August 31, 1997 CMMM invested 81.8% of
its net assets in financial institutions, of which 17.3% was invested in Broker
Dealers, 20.2% in Banking and 44.3% in other financial service providers. PMM
invested 91.4% of its net assets in financial institutions, of which 9.1% was
invested in Broker Dealers, 22.2% in Banking and 60.1% in other financial
service providers. General economic conditions, as well as exposure to credit
losses arising from possible financial difficulties of borrowers, play an
important role in the operation of the financial services industry.
6. TRUSTEE COMPENSATION--The Funds have adopted an unfunded noncontributory
defined benefit pension plan covering all independent trustees of the Funds who
will have
53
...........................
<PAGE> 116
VISTA MUTUAL FUNDS
NOTES TO FINANCIAL STATEMENTS (continued)
- ---------------------------------------------------------------------
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 August 31, 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............................................ $ 48,939 $114,680
USGMM............................................. 106,611 283,450
TPMM.............................................. 46,189 101,781
FMM............................................... 18,388 41,242
CMMM.............................................. 68,403 178,890
PMM............................................... 32,260 75,649
</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
VISTA MONEY Treasury Plus U.S. Government Management
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>
54
...........................
<PAGE> 117
SELECTED PER SHARE DATA AND RATIOS FOR A SHARE OF BENEFICIAL INTEREST
OUTSTANDING Throughout each period indicated
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Vista 100% U.S. Treasury Securities Money Market Fund
--------------------------------------------------------------------
Vista Shares
--------------------------------------------------------------------
Year 12/1/95* Year Ended November 30,
Ended Through --------------------------------------
8/31/97 8/31/96 1995 1994 1993
---------- ---------- ---------- ---------- --------
<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........................... 0.048 0.035 0.050 0.033 0.026
---------- ---------- ---------- ---------- --------
Less Dividends from Net Investment Income....... 0.048 0.035 0.050 0.033 0.026
---------- ---------- ---------- ---------- --------
Net Assets Value, End of Period.................. $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
========== ========== ========== ========== ========
Total Return..................................... 4.87% 3.50% 5.15% 3.32% 2.62%
===== ===== ===== ===== =====
Ratios/Supplemental Data
Net Assets, End of Period (000 omitted)......... $2,376,214 $1,671,603 $1,337,549 $1,024,125 $873,631
Ratio of Expenses to Average Net Assets#........ 0.59% 0.60% 0.58% 0.59% 0.58%
Ratio of Net Investment Income to Average Net
Assets#....................................... 4.74% 4.58% 4.99% 3.26% 2.58%
Ratio of Expenses Without Waivers and Assumption
of Expenses to Average Net Assets#............ 0.71% 0.68% 0.61% 0.62% 0.61%
Ratio of Net Investment Income Without Waivers
and Assumption of Expenses to Average Net
Assets#....................................... 4.62% 4.50% 4.96% 3.23% 2.55%
<CAPTION>
Premier Shares Institutional Shares
-------------------- --------------------
Year 6/3/96** Year 6/3/96**
Ended Through Ended Through
8/31/97 8/31/96 8/31/97 8/31/96
------- -------- ------- --------
<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........................... 0.048 0.011 0.051 0.012
------ ------- -------
Less Dividends from Net Investment Income....... 0.048 0.011 0.051 0.012
------ ------- -------
Net Assets Value, End of Period.................. $ 1.00 $ 1.00 $ 1.00 $ 1.00
====== ======= =======
Total Return..................................... 4.91% 1.11% 5.20% 1.23%
===== ===== ===== =====
Ratios/Supplemental Data
Net Assets, End of Period (000 omitted)......... $5,643 $ 227 $81,273 $ 1
Ratio of Expenses to Average Net Assets#........ 0.55% 0.42% 0.27% 0.21%
Ratio of Net Investment Income to Average Net
Assets#....................................... 4.80% 3.45% 5.06% 3.65%
Ratio of Expenses Without Waivers and Assumption
of Expenses to Average Net Assets#............ 0.80% 0.42% 0.27% 0.21%
Ratio of Net Investment Income Without Waivers
and Assumption of Expenses to Average Net
Assets#....................................... 4.55% 3.45% 5.06% 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.
55
...........................
<PAGE> 118
SELECTED PER SHARE DATA AND RATIOS FOR A SHARE OF BENEFICIAL INTEREST
OUTSTANDING Throughout each period indicated (continued)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Vista U.S. Government Money Market Fund
----------------------------------------------------
Vista Shares
----------------------------------------------------
Year Ended August 31, 11/1/93
-------------------------------------- Through
1997 1996 1995 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................................................ 0.049 0.049 0.049 0.025
---------- ---------- -------- --------
Less Dividends from Net Investment Income............................ 0.049 0.049 0.049 0.025
---------- ---------- -------- --------
Net Asset Value, End of Period........................................ $ 1.00 $ 1.00 $ 1.00 $ 1.00
========== ========== ======== ========
Total Return.......................................................... 5.04% 4.97% 5.05% 2.48%
===== ===== ===== =====
Ratios/Supplemental Data:
Net Assets, End of Period (000 omitted).............................. $2,139,368 $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#................ 4.93% 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#.................................... 4.80% 4.75% 4.93% 2.94%
<CAPTION>
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.
56
...........................
<PAGE> 119
SELECTED PER SHARE DATA AND RATIOS FOR A SHARE OF BENEFICIAL INTEREST
OUTSTANDING Throughout each period indicated (continued)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Vista U.S. Government Money Market Fund
------------------------------------------------------------------------------
Institutional
Shares
Premier Shares ----------
---------------------------------------------------------------
Year Ended
Year Ended August 31, 11/1/93 Year August 31,
---------------------------------- Through Ended ----------
1997 1996 1995 8/31/94++ 10/31/93 1997
-------- -------- -------- --------- ---------- ----------
<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........................... 0.050 0.050 0.052 0.027 0.027 0.053
-------- -------- -------- --------- ---------- ----------
Less Dividends from Net Investment Income....... 0.050 0.050 0.052 0.027 0.027 0.053
-------- -------- -------- --------- ---------- ----------
Net Asset Value, End of Period................... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
======== ======== ======== ======== ========== ==========
Total Return..................................... 5.08% 5.15% 5.31% 2.70% 2.70% 5.40%
===== ===== ===== ===== ===== =====
Ratios/Supplemental Data:
Net Assets, End of Period (000 omitted)......... $836,520 $801,665 $763,609 $545,999 $1,069,704 $2,955,206
Ratio of Expenses to Average Net Assets#........ 0.55% 0.55% 0.55% 0.55% 0.55% 0.24%
Ratio of Net Investment Income to Average Net
Assets#....................................... 4.97% 5.04% 5.22% 3.13% 2.66% 5.29%
Ratio of Expenses Without Waivers and Assumption
of Expenses to Average Net Assets#............ 0.60% 0.59% 0.59% 0.61% 0.67% 0.24%
Ratio of Net Investment Income Without Waivers
and Assumption of Expenses to Average Net
Assets#....................................... 4.92% 5.00% 5.18% 3.07% 2.54% 5.29%
<CAPTION>
12/10/93*
Through
1996 1995 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.
++ In 1994 USGMM changed its fiscal year-end from October 31 to August 31.
See notes to financial statements.
57
...........................
<PAGE> 120
SELECTED PER SHARE DATA AND RATIOS FOR A SHARE OF BENEFICIAL INTEREST
OUTSTANDING Throughout each period indicated (continued)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Vista Treasury Plus Money Market Fund
------------------------------------------------------------------
Premier Shares
Vista Shares ----------------------------------------
-----------------------
Year 5/6/96* Year Ended August 31, 4/22/94*
Ended Through ----------------------------- Through
8/31/97 8/31/96 1997 1996 1995 8/31/94
---------- ---------- -------- -------- ------- --------
<S> <C> <C> <C> <C> <C> <C>
Per Share Operating Performance
Net Asset Value, Beginning of Period.................... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
---------- -------- ------- ------ -------- -------
Income from Investment Operations
Net Investment Income.................................. 0.048 0.015 0.049 0.050 0.050 0.014
---------- -------- ------- ------ -------- -------
Less Dividends from Net Investment Income.............. 0.048 0.015 0.049 0.050 0.050 0.014
---------- -------- ------- ------ -------- -------
Net Asset Value, End of Period.......................... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
========== ======== ======= ====== ======= =======
Total Return............................................ 4.89% 1.50% 4.98% 5.07% 5.17% 1.37%
===== ===== ===== ===== ===== =====
Ratios/Supplemental Data
Net Assets, End of Period (000 omitted)................ $1,605,845 $1,382,184 $131,334 $106,011 $18,572 $ 36
Ratio of Expenses to Average Net Assets#............... 0.59% 0.59% 0.51% 0.52% 0.50% 0.49%
Ratio of Net Investment Income to Average Net
Assets#.............................................. 4.79% 4.63% 4.88% 4.85% 5.23% 3.85%
Ratio of Expenses Without Waivers and Assumption of
Expenses to Average Net Assets#...................... 0.70% 0.73% 0.53% 0.63% 1.57% 0.89%
Ratio of Net Investment Income Without Waivers and
Assumption of Expenses to Average Net Assets#........ 4.68% 4.49% 4.86% 4.74% 4.16% 3.46%
<CAPTION>
Institutional Shares
-----------------------------------------
Year Ended August 31, 4/20/94**
----------------------------- Through
1997 1996 1995 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.................................. 0.051 0.052 0.053 0.014
------- -------- ------- -------
Less Dividends from Net Investment Income.............. 0.051 0.052 0.053 0.014
------- -------- ------- -------
Net Asset Value, End of Period.......................... $ 1.00 $ 1.00 $ 1.00 $ 1.00
======== ======== ======= =======
Total Return............................................ 5.24% 5.29% 5.36% 1.45%
===== ===== ===== =====
Ratios/Supplemental Data
Net Assets, End of Period (000 omitted)................ $291,546 $188,513 $17,636 $14,976
Ratio of Expenses to Average Net Assets#............... 0.26% 0.30% 0.32% 0.32%
Ratio of Net Investment Income to Average Net
Assets#.............................................. 5.16% 5.11% 5.21% 3.93%
Ratio of Expenses Without Waivers and Assumption of
Expenses to Average Net Assets#...................... 0.26% 0.38% 0.89% 0.53%
Ratio of Net Investment Income Without Waivers and
Assumption of Expenses to Average Net Assets#........ 5.16% 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.
58
...........................
<PAGE> 121
SELECTED PER SHARE DATA AND RATIOS FOR A SHARE OF BENEFICIAL INTEREST
OUTSTANDING Throughout each period indicated (continued)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Vista Federal Money Market Fund
------------------------------------------------------------------------------------
Vista Shares Premier Shares
---------------------------------------- -----------------------------------------
Year Ended August 31, 5/9/94* Year Ended August 31, 4/22/94*
------------------------------ Through ------------------------------ Through
1997 1996 1995 8/31/94 1997 1996 1995 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...................... 0.048 0.048 0.051 0.013 0.050 0.050 0.053 0.015
-------- -------- ------- -------- -------- ------- -------- -------
Less Dividends from Net Investment
Income................................... 0.048 0.048 0.051 0.013 0.050 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................................ 4.91% 4.83% 5.20% 1.26% 5.12% 5.14% 5.40% 1.47%
===== ===== ===== ===== ===== ===== ===== =====
Ratios/Supplemental Data
Net Assets, End of Period (000 omitted)..... $301,031 $352,934 $203,399 $19,955 $399,644 $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#.............................. 4.79% 4.79% 5.16% 4.36% 5.01% 4.99% 5.32% 4.38%
Ratio of Expenses Without Waivers and
Assumption of Expenses to Average Net
Assets#.................................. 0.82% 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#...................... 4.67% 4.56% 4.92% 3.74% 4.99% 4.97% 5.22% 4.00%
<CAPTION>
Institutional Shares
------------------------------------------
Year Ended August 31, 4/20/94**
------------------------------ Through
1997 1996 1995 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...................... 0.052 0.052 0.054 0.015
-------- -------- -------- --------
Less Dividends from Net Investment
Income................................... 0.052 0.052 0.054 0.015
-------- -------- -------- --------
Net Asset Value, End of Period.............. $ 1.00 $ 1.00 $ 1.00 $ 1.00
======== ======== ======== ========
Total Return................................ 5.35% 5.35% 5.57% 1.54%
====== ===== ===== =====
Ratios/Supplemental Data
Net Assets, End of Period (000 omitted)..... $130,659 $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#.............................. 5.23% 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#...................... 5.23% 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.
59
...........................
<PAGE> 122
SELECTED PER SHARE DATA AND RATIOS FOR A SHARE OF BENEFICIAL INTEREST
OUTSTANDING Throughout each period indicated (continued)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Vista Cash Management Fund
---------------------------------------------------------------------
Premier
Vista Shares Shares
---------------------------------------------------------- --------
Year 12/1/95* Year Ended November 30, Year
Ended Through -------------------------------- Ended
8/31/97 8/31/96 1995 1994 1993 8/31/97
---------- ---------- ---------- -------- -------- --------
<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.................................... 0.050 0.037 0.054 0.036 0.027 0.051
---------- ---------- ---------- -------- -------- --------
Less Dividends from Net Investment Income................ 0.050 0.037 0.054 0.036 0.027 0.051
---------- ---------- ---------- -------- -------- --------
Net Assets Value, End of Period........................... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
========== ========== ========== ======== ======== ========
Total Return.............................................. 5.09% 3.69% 5.49% 3.62% 2.74% 5.18%
===== ===== ===== ===== ===== =====
Ratios/Supplemental Data
Net Assets, End of Period (000 omitted).................. $2,576,142 $1,621,212 $1,634,493 $990,045 $861,025 $375,485
Ratio of Expenses to Average Net Assets#................. 0.59% 0.60% 0.58% 0.58% 0.61% 0.50%
Ratio of Net Investment Income to Average Net Assets#.... 4.99% 4.91% 5.35% 3.62% 2.70% 5.07%
Ratio of Expenses Without Waivers and Assumption of
Expenses to Average Net Assets#........................ 0.62% 0.63% 0.62% 0.62% 0.64% 0.51%
Ratio of Net Investment Income Without Waivers and
Assumption of Expenses to Average Net Assets#.......... 4.96% 4.88% 5.31% 3.58% 2.67% 5.06%
<CAPTION>
Institutional
Shares
-------------------
5/6/96** Year 5/6/96**
Through Ended Through
8/31/96 8/31/97 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 0.053 0.017
-------- -------- --------
Less Dividends from Net Investment Income................ 0.016 0.053 0.017
-------- -------- --------
Net Assets Value, End of Period........................... $ 1.00 $ 1.00 $ 1.00
======== ======== ========
Total Return.............................................. 1.61% 5.45% 1.69%
===== ===== =====
Ratios/Supplemental Data
Net Assets, End of Period (000 omitted).................. $433,302 $924,099 $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% 5.34% 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% 5.34% 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.
60
...........................
<PAGE> 123
SELECTED PER SHARE DATA AND RATIOS FOR A SHARE OF BENEFICIAL INTEREST
OUTSTANDING Throughout each period indicated (continued)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Vista Prime Money Market Fund
----------------------------------------------------------------------
Premier Shares Institutional Shares
-------------------------------------------- ----------------------
Year Ended August 31, 11/15/93** Year Ended August 31,
------------------------------- Through ----------------------
1997 1996 1995 8/31/94 1997 1996
-------- -------- ------- --------- ---------- --------
<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.......................... 0.052 0.052 0.053 0.027 0.054 0.054
Net Realized Loss on Securities................ -- -- (0.003) -- -- --
-------- -------- ------- --------- ---------- --------
Total Income from Investment Operations........ 0.052 0.052 0.050 0.027 0.054 0.054
-------- -------- ------- --------- ---------- --------
Voluntary Capital Contribution................. -- -- 0.003 -- -- --
Less Dividends from Net Investment Income...... 0.052 0.052 0.053 0.027 0.054 0.054
-------- -------- ------- --------- ---------- --------
Net Asset Value, End of Period.................. $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
======== ======== ======= ======== ========== ========
Total Return.................................... 5.34% 5.32% 5.44% 2.75% 5.49% 5.51%
===== ===== ===== ===== ===== =====
Ratios/Supplemental Data:
Net Assets, End of Period (000 omitted)........ $499,308 $418,736 $62,737 $73,253 $1,347,651 $724,544
Ratio of Expenses to Average Net Assets#....... 0.45% 0.45% 0.45% 0.45% 0.25% 0.26%
Ratio of Net Investment Income to Average Net
Assets#...................................... 5.17% 5.18% 5.24% 3.15% 5.37% 5.33%
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%
Ratio of Net Investment Income Without Waivers
and Assumption of Expenses to Average Net
Assets#...................................... 5.09% 5.12% 5.04% 3.04% 5.37% 5.33%
<CAPTION>
B Shares
----------------------------------------
4/26/94* Year Ended August 31, 4/21/94*
Through ---------------------------- Through
1995 8/31/94 1997 1996 1995 8/31/94
-------- -------- ------- ------- ------ --------
<S> <C> <C> <C> <C> <C> <C>
Per Share Operating Performance
Net Asset Value, Beginning of Period............ $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
-------- -------- ------- ------- ------ -------
Income from Investment Operations
Net Investment Income.......................... 0.055 0.014 0.043 0.042 0.043 0.011
Net Realized Loss on Securities................ (0.003) -- -- -- (0.003) --
-------- -------- ------- ------- ------ -------
Total Income from Investment Operations........ 0.052 0.014 0.043 0.042 0.040 0.011
-------- -------- ------- ------- ------ -------
Voluntary Capital Contribution................. 0.003 -- -- -- 0.003 --
Less Dividends from Net Investment Income...... 0.055 0.014 0.043 0.042 0.043 0.011
-------- -------- ------- ------- ------ -------
Net Asset Value, End of Period.................. $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
======== ======== ======= ======= ====== =======
Total Return.................................... 5.62% 1.50% 4.33% 4.25% 4.37% 1.11%
===== ====== ===== ===== ===== =====
Ratios/Supplemental Data:
Net Assets, End of Period (000 omitted)........ $185,640 $57,961 $10,269 $15,667 $4,880 $1,452
Ratio of Expenses to Average Net Assets#....... 0.27% 0.27% 1.35% 1.47% 1.47% 1.47%
Ratio of Net Investment Income to Average Net
Assets#...................................... 5.57% 4.21% 4.27% 4.17% 4.33% 2.96%
Ratio of Expenses Without Waivers and
Assumption of Expenses to Average Net Assets
#............................................ 0.35% 0.37% 1.53% 1.71% 2.53% 1.67%
Ratio of Net Investment Income Without Waivers
and Assumption of Expenses to Average Net
Assets#...................................... 5.49% 4.11% 4.09% 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.
61
...........................
<PAGE> 124
REPORT OF INDEPENDENT ACCOUNTANTS
- ---------------------------------------------------------------------
To the Trustees and Shareholders of
Mutual Fund Trust
In our opinion, the accompanying statement of assets and liabilities, including
the portfolios of investments, and the related statements of operations and of
changes in net assets and the selected per share data and ratios for a share of
beneficial interest outstanding present fairly, in all material respects, the
financial position of Vista 100% U.S. Treasury Securities Money Market Fund,
Vista U.S. Government Money Market Fund, Vista Treasury Plus Money Market Fund,
Vista Federal Money Market Fund, Vista Cash Management Fund and Vista Prime
Money Market Fund (separate portfolios of Mutual Fund Trust, hereafter referred
to as the "Trust") at August 31, 1997, the results of each of their operations
for the year then ended, the changes in each of their net assets for each of the
two years in the period then ended (for the year ended August 31, 1997 and for
the period December 1, 1995 through August 31, 1996 for Vista Cash Management
Fund and Vista 100% U.S. Treasury Securities Money Market Fund), and the
selected per share data and ratios for a share of beneficial interest
outstanding for each of the periods presented (for the year ended August 31,
1997 and for the period December 1, 1995 through August 31, 1996 for Vista Cash
Management Fund and Vista 100% U.S. Treasury Securities Money Market Fund), in
conformity with generally accepted accounting principles. These financial
statements and selected per share data and ratios for a share of beneficial
interest outstanding (hereafter referred to as "financial statements") are the
responsibility of the Trust's management; our responsibility is to express an
opinion on these financial statements based on our audits. We conducted our
audits of these financial statements in accordance with generally accepted
auditing standards which require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free of
material misstatement. An audit includes examining, on a test basis, evidence
supporting the amounts and disclosures in the financial statements, assessing
the accounting principles used and significant estimates made by management,
and evaluating the overall financial statement presentation. We believe that
our audits, which included confirmation of securities at August 31, 1997 by
correspondence with the custodian and the application of alternative auditing
procedures where securities purchased had not been received, provide a
reasonable basis for the opinion expressed above. The selected per share data
and ratios for a share of beneficial interest outstanding of Vista Cash
Management Fund and Vista 100% U.S. Treasury Securities Money Market Fund for
each of the three years in the period ended November 30, 1995 were audited by
other independent accountants whose report dated January 19, 1996 expressed an
unqualified opinion on the selected per share data and ratios for a share of
beneficial interest outstanding.
PRICE WATERHOUSE LLP
1177 Avenue of the Americas
New York, New York 10036
October 14, 1997
62
...........................
<PAGE> 125
(unaudited)
VISTA 100% U.S. TREASURY SECURITIES MONEY MARKET FUND (USTSMM)
VISTA U.S. GOVERNMENT MONEY MARKET FUND (USGMM)
VISTA TREASURY PLUS MONEY MARKET FUND (TPMM)
VISTA FEDERAL MONEY MARKET FUND (FMM)
VISTA CASH MANAGEMENT FUND (CMMM)
VISTA PRIME MONEY MARKET FUND (PMM)
- ---------------------------------------------------------------------
Certain tax information regarding the Vista Mutual Funds is required to be
provided to shareholders based upon the Funds income and distributions for the
taxable year ended August 31, 1997. The information and distributions reported
in this letter may differ from the information and distributions taxable to the
shareholders for the calendar year ending December 31, 1997. The information
necessary to complete your income tax returns for the calendar year ending
December 31, 1997 will be received under separate cover.
The following schedules present the source and percentage of income from
government obligations for the fiscal year ended August 31, 1997.
<TABLE>
<CAPTION>
USTSMM USGMM TPMM FMM PMM CMMM
------ ----- ----- ----- ----- ----
<S> <C> <C> <C> <C> <C> <C>
U.S. Treasury Bills...... 29.87% 0.58% 10.57% 1.06% -- --
U.S. Treasury Notes...... 70.13% 1.15% 19.65% 5.79% 0.32% 0.62%
Federal Farm Credit
Bank.................... -- 4.49% -- 27.93% -- --
Federal Home Loan Bank... -- 13.46% -- 44.32% 0.35% 0.37%
Federal Home Loan
Mortgage Corp........... -- 5.85% -- -- 0.04% --
Federal National Mortgage
Assoc................... -- 17.16% -- -- 0.35% --
Student Loan Marketing
Assoc................... -- 9.00% -- 18.90% 3.75% 4.50%
Tennessee Valley
Authority............... -- -- -- 2.00% -- --
</TABLE>
63
...........................
<PAGE> 126
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<PAGE> 127
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<PAGE> 128
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 accompanied by a prospectus.
To obtain a prospectus for any of the Vista Funds, call 1-800-34-VISTA. The
prospectus contains more complete information, including charges and expenses.
Please read it carefully before you invest or send money.
VMM-2-1097
