-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, H6D5MeesNG3B+Acvh5GN9Fu+Iw8OB4XE+9R7DQmxyr0vPBL1Rdx3zi69S9Jqu4Tq 4l+tQYaipO729bR3uUwXIQ== 0000950123-96-001958.txt : 19960502 0000950123-96-001958.hdr.sgml : 19960502 ACCESSION NUMBER: 0000950123-96-001958 CONFORMED SUBMISSION TYPE: N-30D PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 19960229 FILED AS OF DATE: 19960501 SROS: NONE FILER: COMPANY DATA: COMPANY CONFORMED NAME: MUTUAL FUND TRUST CENTRAL INDEX KEY: 0000919034 STANDARD INDUSTRIAL CLASSIFICATION: [] STATE OF INCORPORATION: MA FISCAL YEAR END: 0831 FILING VALUES: FORM TYPE: N-30D SEC ACT: 1940 Act SEC FILE NUMBER: 811-08358 FILM NUMBER: 96554613 BUSINESS ADDRESS: STREET 1: 125 WEST 55TH ST CITY: NEW YORK STATE: NY ZIP: 10019 N-30D 1 SEMI-ANNUAL REPORT 1 --------------------------------------------------------------- VISTA(SM) TAX FREE FUNDS CHAIRMAN'S LETTER April 15, 1996 Dear Shareholder: We are pleased to present this Semi-Annual Report for the Vista Tax Free Income Fund, Vista New York Tax Free Income Fund and Vista California Intermediate Tax Free Fund for the six months ended February 29, 1996. POSITIVE RETURNS DURING CHANGING INTEREST RATE ENVIRONMENT Each of the three funds produced positive total returns during a sporadically changing interest rate environment. The six-month period under review began with interest rates remaining relatively stable until the Federal Reserve cut interest rates in December 1995. A follow-up rate cut in January caused bond interest rates, especially on long-term 30-year bonds, to decline. In anticipation of these cuts, each of the Vista tax-free funds was maintaining an average maturity of less than 20 years, which helped to stabilize the value of each Fund's portfolio in early 1996. Despite uncertainty about the U.S. government balancing the budget in the first two months of the year, by the end of February, market watchers expected interest rate stability for the rest of 1996 and possible short-term and long-term interest rate increases by early 1997. INCREASED DEMAND FOR BONDS SHOULD HELP MAINTAIN PORTFOLIO VALUE Although the supply of municipal bonds was much higher at the outset of 1996 than the previous year, total 1996 new issue volume should be approximately $145 billion, down $11 billion from last year. This expected decline in the new supply of municipal bonds compared to 1995 should create more demand for what's available. This increased demand should help to support municipal bond prices, and, therefore, the share value of each of the Vista tax-free funds. As always, we appreciate the confidence you have placed in Vista and look forward to helping you achieve your financial goals in the years ahead. If you have any questions, please call us at 1-800-34-VISTA. We look forward to hearing from you. Sincerely, /s/ FERGUS REID Fergus Reid Chairman INVESTMENTS IN THE FUNDS ARE NOT DEPOSITS, OR GUARANTEED OR ENDORSED BY, CHASE, 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 PRINCIPAL. - ------------------------------------- CONTENTS CHAIRMAN'S LETTER 1 FUND FACTS 2 FUND COMMENTARIES 3-5 PORTFOLIO OF INVESTMENTS 6-15 NOTES TO FINANCIAL STATEMENTS 19-23 PER SHARE DATA 24-26
2 ----------------- --------------------------------------------------------------- TAX FREE FUND FACTS(1) AS OF FEBRUARY 29, 1996 ---------------------------------------------------------------
TOTAL RETURN AVERAGE ANNUAL RETURN 6 MONTH 1 YEAR 5 YEAR SINCE INCEPTION(2) 1 YEAR 5 YEAR SINCE INCEPTION(2) Tax Free Income - A (w/o load) 5.19% 9.87% 56.31% 115.71% 9.87% 9.33% 9.48% Tax Free Income - A (with 4.50% load) 0.45% 4.91% 49.27% 106.00% 4.91% 8.33% 8.89% Tax Free Income - B (w/o CDSC)(3) 4.80% 8.99% N/A 8.16% 8.99% N/A 3.44% Tax Free Income - B (after CDSC)(3) (0.20%) 3.99% N/A 5.27% 3.99% N/A 3.24% New York Tax Free Income - A (w/o load) 4.16% 9.61% 50.90% 105.24% 9.61% 8.57% 8.84% New York Tax Free Income - A (with 4.50% load) (0.52%) 4.66% 44.11% 96.01% 4.66% 7.57% 8.25% New York Tax Free Income - B (w/o CDSC)(3) 3.73% 8.69% N/A 8.72% 8.69% N/A 3.67% New York Tax Free Income - B (after CDSC)(3) (1.27%) 3.69% N/A 5.85% 3.69% N/A 2.48% California Intermediate Tax Free (w/o load) 4.40% 9.57% N/A 14.02% 9.57% N/A 5.12% California Intermediate Tax Free (with 4.50% load) (0.30%) 4.63% N/A 8.89% 4.63% N/A 3.29%
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TOTAL NET 30-DAY(4) TAXABLE EQUIVALENT YIELD(5) WEIGHTED ASSETS SEC YIELD @31% @36% @39.6% AVERAGE MATURITY Tax Free Income - A 80.505 4.38% 6.35% 6.84% 7.25% 19.7 Tax Free Income - B 15.234 3.82% 5.54% 5.97% 6.32% 19.7 New York Tax Free Income - A 98.849 4.40% 6.38% 6.88% 7.28% 16.4 New York Tax Free Income - B 13.231 3.85% 5.58% 6.02% 6.37% 16.4 California Intermediate Tax Free 31.172 4.64% 6.72% 7.25% 7.68% 8.9
(1) Past performance is not a guarantee of future results. Investment return and principal value are historical and will vary with market conditions so that an investor's shares, when redeemed, may be worth more or less than their original cost. Total return figures reflect change in share price, reinvestment of all distributions and the effect of the maximum 4.50% sales charge for A shares and a maximum 5% contingent deferred sales charge for B shares. Service contractors are voluntarily waiving a portion of their fees and assuming certain expenses. If the service contractors had not waived a portion of their fees, the returns would have been lower. (2) Inception dates for the Vista Tax Free Income and Vista New York Tax Free Income funds were 9/8/87 for A shares and 11/4/93 for B shares. Vista California Intermediate Tax Free Fund's inception date was 7/16/93. (3) Total Return figures for Class B shares assume a 5% Contingent Deferred Sales Charge ("CDSC") for the one year period; and a 3% CDSC for the period since inception. (4) Without expense subsidies and fee waivers, the 30-Day SEC Yield would have been 3.78% and 3.47% for the Vista Tax Free Income Fund A shares and B shares, respectively; 4.03% and 3.73% for the Vista New York Tax Free Income Fund A shares and B shares, respectively; and 3.74% for the Vista California Intermediate Tax Free Fund. (5) A portion of the funds' income may be subject to the Alternative Minimum Tax (AMT), and some investors may be subject to certain state and local taxes. 2 3 - -------------------------------------------------------------------------------- FUND COMMENTARY VISTA TAX FREE INCOME FUND The Vista Tax Free Income Fund offers investors an opportunity for monthly dividends exempt from Federal taxes, consistent with preservation of capital by investing primarily in longer-term municipal obligations. The Vista Tax Free Income Fund performed positively during the period under review. The stable interest rate environment that existed in September continued through December 1995, but interest rate volatility started at the end of December as a result of a Federal Reserve rate cut around the December holidays. This volatility continued as a result of a follow-up cut in January and uncertainty over the Federal budget. Yet selective overweighting in key municipal bond sectors helped to increase portfolio value for the six-month period ended February 29, 1996.
AVERAGE ANNUAL TOTAL RETURN CLASS A SHARES Without Load With Load One Year 9.87% 4.91% Five Years 9.33% 8.33% Since Inception (9/8/87) 9.48% 8.89% CLASS B SHARES Without CDSC With CDSC* One Year 8.99% 3.99% Since Inception (11/4/93) 3.44% 3.24% - ------------------------------------------------------------
*Assumes a 5% CDSC for the one-year period and a 3% CDSC for the period since inception. At the beginning of September 1995, the yield curve for bonds steepened slightly, but with the small spreads between long-term and intermediate bonds, the Fund's management team decided to maintain an average maturity in the intermediate range, rather than in the longer range, in an effort to reduce portfolio volatility. With expectations of rate cuts starting in December 1995 and uncertainty with the Federal budget continuing, the Fund's management team also avoided general municipal obligation bonds, the price of which could be indirectly affected by Federal government cutbacks. Instead, the Fund's portfolio had overweight positions in revenue bonds, such as water and sewer, transportation and select health care securities, which all helped to increase portfolio value. Going into early 1996, the Fund maintained its earlier portfolio position of intermediate-term municipal bonds in the belief that long-term bonds would produce only slightly better results while greatly increasing the potential for volatility. The anticipation at the beginning of the year for fewer new municipal bonds to be issued compared to 1995 means there should be increasing demand for this decreasing supply. The potential for this increasing demand means the Fund's share price may have more stability as a result. - -------------------------------------------------------------------------- GROWTH OF $10,000
VISTA LEHMAN MEASUREMENT PERIOD TAX FREE MUNICIPAL (FISCAL YEAR COVERED) INCOME FUND BOND INDEX 09/07/87 9550.00 09/30/87 9550.00 10000 10/31/87 9626.40 10035.52 11/30/87 9807.85 10297.19 12/31/87 9917.67 10446.57 01/31/88 10302.12 10818.97 02/29/88 10388.13 10933.35 03/31/88 10106.60 10805.91 04/30/88 10139.17 10887.91 05/31/88 10150.08 10856.57 06/30/88 10318.58 11015.35 07/31/88 10365.76 11087.43 08/31/88 10429.40 11096.83 09/30/88 10671.57 11297.92 10/31/88 10957.31 11496.92 11/30/88 10830.52 11391.94 12/31/88 10952.93 11508.41 01/31/89 11124.99 11746.58 02/28/89 11020.50 11612.35 03/31/89 11034.30 11584.67 04/30/89 11279.98 11859.92 05/31/89 11524.92 12105.92 06/30/89 11701.14 12270.45 07/31/89 11832.72 12437.59 08/31/89 11639.16 12315.89 09/30/89 11573.15 12278.81 10/31/89 11776.73 12429.23 11/30/89 11991.56 12646.51 12/31/89 12055.38 12749.93 01/31/90 11907.10 12689.87 02/28/90 12056.22 12803.21 03/31/90 12056.22 12806.87 04/30/90 11838.59 12714.42 05/31/90 12197.68 12991.76 06/30/90 12322.34 13106.14 07/31/90 12558.95 13299.39 08/31/90 12226.71 13106.14 09/30/90 12298.98 13113.45 10/31/90 12503.97 13351.62 11/30/90 12863.62 13620.08 12/31/90 12926.31 13679.1 01/31/91 13083.95 13862.95 02/28/91 13179.06 13983.6 03/31/91 13187.64 13988.3 04/30/91 13397.16 14175.28 05/31/91 13555.80 14301.15 06/30/91 13467.34 14287.05 07/31/91 13705.36 14460.98 08/31/91 13922.03 14651.62 09/30/91 14090.51 14842.78 10/31/91 14252.31 14975.97 11/30/91 14336.90 15017.75 12/31/91 14741.74 15340.01 01/31/92 14768.04 15375 02/29/92 14794.48 15380.22 03/31/92 14769.23 15385.97 04/30/92 14932.29 15522.81 05/31/92 15198.41 15705.62 06/30/92 15591.54 15968.86 07/31/92 16329.02 16447.81 08/31/92 16023.19 16287.46 09/30/92 16148.03 16394.01 10/31/92 15961.86 16232.62 11/30/92 16398.32 16523.54 12/31/92 16633.58 16692.24 01/31/93 16859.17 16886.54 02/28/93 17722.93 17497.11 03/31/93 17547.14 17312.22 04/30/93 17771.55 17486.67 05/31/93 17896.62 17584.86 06/30/93 18207.80 17878.92 07/31/93 18212.20 17901.9 08/31/93 18720.55 18274.82 09/30/93 18932.17 18483.22 10/31/93 18950.01 18518.74 11/30/93 18739.62 18355.26 12/31/93 19132.09 18742.81 01/31/94 19374.09 18956.95 02/28/94 18686.52 18465.99 03/31/94 17882.60 17713.88 04/30/94 17936.51 17864.3 05/31/94 18054.03 18018.9 06/30/94 18002.80 17908.69 07/31/94 18325.45 18237.22 08/31/94 18383.35 18300.42 09/30/94 18037.68 18031.96 10/31/94 17580.03 17711.79 11/30/94 17261.40 17391.1 12/31/94 17670.65 17773.95 01/31/95 18235.15 18282.15 02/28/95 18749.27 18813.85 03/31/95 18968.71 19030.08 04/30/95 18950.89 19052.54 05/31/95 19564.15 19660.5 06/30/95 19216.31 19488.66 07/31/95 19375.35 19673.03 08/31/95 19584.41 19922.69 09/30/95 19695.14 20048.56 10/31/95 20020.35 20340 11/30/95 20415.10 20677.93 12/31/95 20632.46 20876.4 01/31/96 20766.76 21034.14 02/29/96 20600 20892
PAST PERFORMANCE IS NOT PREDICTIVE OF FUTURE PERFORMANCE. INVESTMENT RETURN AND PRINCIPAL WILL FLUCTUATE WITH MARKET CONDITIONS. WHEN SHARES ARE REDEEMED, THEY MAY BE WORTH MORE OR LESS THAN THEIR ORIGINAL COST. THIS CHART ILLUSTRATES COMPARATIVE PERFORMANCE FOR $10,000 INVESTED IN CLASS A SHARES OF THE VISTA TAX FREE INCOME FUND AND THE LEHMAN MUNICIPAL BOND INDEX FROM AUGUST 31, 1990 TO FEBRUARY 29, 1996. THE FUND'S PERFORMANCE INCLUDES A 4.50% SALES CHARGE AND ASSUMES THE REINVESTMENT OF ALL DIVIDENDS AND CAPITAL GAINS. THE INDEX'S PERFORMANCE DOES NOT INCLUDE A SALES CHARGE AND HAS BEEN ADJUSTED TO REFLECT REINVESTMENT OF ALL DIVIDENDS AND CAPITAL GAINS ON SECURITIES INCLUDED IN THE BENCHMARK. THE LEHMAN MUNICIPAL BOND INDEX IS A TOTAL RETURN PERFORMANCE BENCHMARK FOR THE LONG-TERM, INVESTMENT-GRADE TAX-EXEMPT BOND MARKET. BONDS INCLUDED IN THE MUNICIPAL BOND INDEX ARE REPRESENTATIVE OF THE MARKET. - -------------------------------------------------------------------------------- 3 4 - --------------------------------------------------------------- FUND COMMENTARY VISTA NEW YORK TAX FREE INCOME FUND The Vista New York Tax Free Income Fund offers investors an opportunity for monthly dividends exempt from Federal and New York State personal income taxes, consistent with preservation of capital by investing primarily in longer-term municipal obligations. An improved credit rating outlook on New York State's municipal bonds helped to support the strong performance of the Vista New York Tax Free Income Fund during a changing interest rate environment. The stable interest rate environment that existed in September continued through December 1995, but interest rate volatility started at the end of December as a result of a Federal Reserve rate cut around the December holidays. This volatility continued as a result of a follow-up cut in January and uncertainty over the Federal budget. Yet selective overweighting in key municipal bond sectors, as well as a stronger credit rating outlook, helped to increase portfolio value for the six-month period ended February 29, 1996.
AVERAGE ANNUAL TOTAL RETURN CLASS A SHARES Without Load With Load One Year 9.61% 4.66% Five Years 8.57% 7.57% Since Inception (9/8/87) 8.84% 8.25% CLASS B SHARES Without CDSC With CDSC* One Year 8.69% 3.69% Since Inception (11/4/93) 3.67% 2.48%
*Assumes a 5% CDSC for the one-year period and a 3% CDSC for the period since inception. -------------------------------------------- At the beginning of September 1995, as the yield curve for bonds steepened slightly, the Fund's management team decided to maintain an average maturity in the intermediate range in an effort to reduce portfolio volatility. With expectations of rate cuts starting in December 1995 and uncertainty with the Federal budget continuing, the Fund's management team also avoided general municipal obligation bonds, the price of which could be indirectly affected by Federal government cutbacks. Instead, the Fund's portfolio had overweight positions in revenue bonds, such as water and sewer, transportation and select health care securities, which all helped to increase portfolio value. The anticipation at the beginning of the year for fewer new municipal bonds to be issued compared to 1995 means there should be increasing demand for this decreasing supply. The potential for this increasing demand means the Fund's share price may have more stability as a result. At the end of February 1996, the Fund was expecting increased credit value in its portfolio, as a result of higher tax revenue, which would help improve the chance of a New York State credit rating upgrade by mid-1996. Toward the end of February, the Fund's management team was analyzing investment opportunities from continued consolidation of state agencies as a result of state government cutbacks, as well as new issues from refinancing activity.
- -------------------------------------------------------------------------- GROWTH OF $10,000 LIPPER NEW VISTA NEW YORK MEASUREMENT PERIOD YORK TAX FREE MUNICIPAL (FISCAL YEAR COVERED) INCOME AVERAGE 09/07/87 9550.00 09/30/87 9550.00 10000 10/31/87 9626.40 10044.68 11/30/87 9846.05 10322.4 12/31/87 9947.28 10540.02 01/31/88 10253.57 10956.68 02/29/88 10442.22 11062.29 03/31/88 10170.37 10825.29 04/30/88 10190.08 10877.13 05/31/88 10201.96 10885.94 06/30/88 10357.07 11061.37 07/31/88 10409.11 11131.22 08/31/88 10448.37 11172.7 09/30/88 10649.03 11386.88 10/31/88 10900.97 11642.28 11/30/88 10738.79 11508.44 12/31/88 10889.55 11680.21 01/31/89 11049.44 11849.82 02/28/89 10956.93 11745.42 03/31/89 10949.52 11729.48 04/30/89 11279.39 12030 05/31/89 11555.49 12261.01 06/30/89 11720.26 12423.89 07/31/89 11841.58 12554.07 08/31/89 11703.23 12433.09 09/30/89 11627.62 12377.89 10/31/89 11738.93 12477.85 11/30/89 11959.32 12668.69 12/31/89 12047.28 12767.43 01/31/90 11896.97 12632.78 02/28/90 11984.93 12739.85 03/31/90 11957.72 12710.76 04/30/90 11736.58 12560.55 05/31/90 12066.67 12875.38 06/30/90 12219.95 13029.35 07/31/90 12448.13 13270.78 08/31/90 12219.90 13005.93 09/30/90 12249.16 12957.39 10/31/90 12391.54 13075.99 11/30/90 12675.31 13369.38 12/31/90 12747.78 13404.47 01/31/91 12928.01 13588.86 02/28/91 12989.17 13666.25 03/31/91 12966.28 13723.19 04/30/91 13197.52 13943.92 05/31/91 13320.37 14050.18 06/30/91 13261.71 14040.25 07/31/91 13450.82 14277.03 08/31/91 13676.64 14491.54 09/30/91 13912.23 14722.53 10/31/91 14086.76 14868.8 11/30/91 14123.10 14891.2 12/31/91 14427.99 15192.77 01/31/92 14328.85 15096.27 02/29/92 14369.49 15156.92 03/31/92 14374.75 15207.71 04/30/92 14525.65 15379.24 05/31/92 14782.38 15617.28 06/30/92 15200.72 15947.07 07/31/92 15853.33 16541.78 08/31/92 15533.57 16285.15 09/30/92 15578.30 16333.85 10/31/92 15293.69 16070.7 11/30/92 15708.18 16458.51 12/31/92 15907.45 16669.92 01/31/93 16146.14 16875.74 02/28/93 16880.82 17549.48 03/31/93 16715.13 17369.73 04/30/93 16915.71 17563.81 05/31/93 17020.00 17690.55 06/30/93 17328.29 17993.32 07/31/93 17370.02 17995.02 08/31/93 17770.31 18398.01 09/30/93 17926.98 18606.79 10/31/93 17941.55 18649.14 11/30/93 17761.69 18436.51 12/31/93 18102.25 18821.33 01/31/94 18308.91 19029.26 02/28/94 17775.85 18558.47 03/31/94 17112.87 17732.3 04/30/94 17210.57 17731.55 05/31/94 17356.16 17903.54 06/30/94 17233.07 17782.25 07/31/94 17526.72 18086.78 08/31/94 17616.76 18154.8 09/30/94 17334.58 17803.74 10/31/94 17002.61 17427.45 11/30/94 16592.10 16953.38 12/31/94 16999.79 17407.38 01/31/95 17422.00 17889.59 02/28/95 17882.66 18465.66 03/31/95 18069.97 18632.47 04/30/95 18097.30 18654.9 05/31/95 18623.59 19284.6 06/30/95 18456.64 19010.28 07/31/95 18564.06 19129.89 08/31/95 18817.36 19349.89 09/30/95 18891.18 19450.88 10/31/95 19199.17 19786.22 11/30/95 19506.76 20178.18 12/31/95 19651.19 20388.57 01/31/96 19796.20 20481.96 02/29/96 19601 20300
PAST PERFORMANCE IS NOT PREDICTIVE OF FUTURE PERFORMANCE. INVESTMENT RETURN AND PRINCIPAL WILL FLUCTUATE WITH MARKET CONDITIONS. WHEN SHARES ARE REDEEMED, THEY MAY BE WORTH MORE OR LESS THAN THEIR ORIGINAL COST. THIS CHART ILLUSTRATES COMPARATIVE PERFORMANCE FOR $10,000 INVESTED IN CLASS A SHARES OF THE VISTA NEW YORK TAX FREE INCOME FUND AND THE LIPPER NEW YORK MUNICIPAL AVERAGE FROM AUGUST 31, 1990 TO FEBRUARY 29, 1996. THE FUND'S PERFORMANCE INCLUDES A 4.50% SALES CHARGE AND ASSUMES THE REINVESTMENT OF ALL DIVIDENDS AND CAPITAL GAINS. THE AVERAGE'S PERFORMANCE DOES NOT INCLUDE A SALES CHARGE AND HAS BEEN ADJUSTED TO REFLECT REINVESTMENT OF ALL DIVIDENDS AND CAPITAL GAINS ON MUTUAL FUNDS INCLUDED IN THE BENCHMARK. THE LIPPER NEW YORK MUNICIPAL AVERAGE IS A TOTAL RETURN PERFORMANCE BENCHMARK FOR NEW YORK'S LONG-TERM, INVESTMENT-GRADE TAX-EXEMPT BOND MARKET. FUNDS INCLUDED IN THE LIPPER NEW YORK MUNICIPAL AVERAGE ARE REPRESENTATIVE OF THE MARKET. - -------------------------------------------------------------------- - ------------------------------------------------------------------- 4 5 - -------------------------------------------------------------------------------- FUND COMMENTARY VISTA CALIFORNIA INTERMEDIATE TAX FREE FUND The Vista California Intermediate Tax Free Fund offers investors an opportunity for monthly dividends exempt from Federal and California State personal income taxes. The gradual resolvement of credit issues in Orange County helped support the Vista California Intermediate Tax Free Fund's strong performance during a changing interest rate environment. The stable interest rate environment that existed in September continued through December 1995, but interest rate volatility started at the end of December as a result of a Federal Reserve rate cut around the December holidays. This volatility continued as a result of a follow-up cut in January and uncertainty over the Federal budget. Yet selective overweighting in key municipal bond sectors, along with renewed investor interest in Orange County, helped to increase portfolio value for the six-month period ended February 29, 1996.
AVERAGE ANNUAL TOTAL RETURN Without Load With Load One Year 9.57% 4.63% Since Inception (7/16/93) 5.12% 3.29% - --------------------------------------------------------------
At the beginning of September 1995, as the yield curve for bonds steepened slightly, the Fund's management team decided to maintain an average maturity in the intermediate range in an effort to reduce portfolio volatility. With expectations of rate cuts starting in December 1995 and uncertainty with the Federal budget continuing, the Fund's management team also avoided general municipal obligation bonds, the price of which could be indirectly affected by Federal government cutbacks. Instead, the Fund's portfolio had overweight positions in revenue bonds, such as water and sewer, transportation and select health care securities, which all helped to increase portfolio value. The anticipation at the beginning of the year for fewer new municipal bonds to be issued compared to 1995 means there should be increasing demand for this decreasing supply. The potential for this increasing demand means the Fund's share price may have more stability as a result. At the end of February 1996, the Fund's management team was expecting continued credit strength in the California market, which came back strongly during the six-month period under review. A renewed interest in Orange County municipal bonds helped preserve portfolio value, as well as present the Fund with new investment opportunities for the future. - ------------------------------------------------------- GROWTH OF $10,000
VISTA LIPPER CALIFORNIA CALIFORNIA MEASUREMENT PERIOD INTERMEDIATE INTERMEDIATE (FISCAL YEAR COVERED) TAX FREE FUND AVERAGE 07/15/93 9550.00 07/31/93 9485.52 10000 08/31/93 9645.02 10180.58 09/30/93 9750.52 10298.98 10/31/93 9780.78 10314.99 11/30/93 9706.71 10243.93 12/31/93 9810.64 10412.24 01/31/94 9936.54 10516.33 02/28/94 9742.09 10287.69 03/31/94 9457.05 10012.04 04/30/94 9475.67 10052.53 05/31/94 9554.39 10113.31 06/30/94 9535.62 10081.86 07/31/94 9655.68 10217.56 08/31/94 9697.53 10249.2 09/30/94 9619.47 10153.78 10/31/94 9490.81 10032.84 11/30/94 9391.86 9898.76 12/31/94 9494.30 9997.34 01/31/95 9700.08 10182.91 02/28/95 9937.47 10399.52 03/31/95 10032.01 10500.94 04/30/95 10045.43 10520.25 05/31/95 10306.67 10764.44 06/30/95 10204.65 10699.94 07/31/95 10300.84 10806.24 08/31/95 10429.99 10916.72 09/30/95 10482.72 10975.73 10/31/95 10620.37 11093.51 11/30/95 10790.47 11216.85 12/31/95 10855.57 11283.35 01/31/96 10943.15 11392.19 02/29/96 10889 11350
PAST PERFORMANCE IS NOT PREDICTIVE OF FUTURE PERFORMANCE. INVESTMENT RETURN AND PRINCIPAL WILL FLUCTUATE WITH MARKET CONDITIONS. WHEN SHARES ARE REDEEMED, THEY MAY BE WORTH MORE OR LESS THAN THEIR ORIGINAL COST. THIS CHART ILLUSTRATES COMPARATIVE PERFORMANCE FOR $10,000 INVESTED IN CLASS A SHARES OF THE VISTA CALIFORNIA INTERMEDIATE TAX FREE FUND AND THE LIPPER CALIFORNIA INTERMEDIATE AVERAGE FROM JULY 31, 1993 TO FEBRUARY 29, 1996. THE FUND'S PERFORMANCE INCLUDES A 4.50% SALES CHARGE AND ASSUMES THE REINVESTMENT OF ALL DIVIDENDS AND CAPITAL GAINS. THE AVERAGE'S PERFORMANCE DOES NOT INCLUDE A SALES CHARGE AND HAS BEEN ADJUSTED TO REFLECT REINVESTMENT OF ALL DIVIDENDS AND CAPITAL GAINS ON SECURITIES INCLUDED IN THE BENCHMARK. THE LIPPER CALIFORNIA INTERMEDIATE AVERAGE IS A TOTAL RETURN PERFORMANCE BENCHMARK FOR CALIFORNIA'S LONG-TERM, INVESTMENT-GRADE TAX-EXEMPT BOND MARKET. FUNDS INCLUDED IN THE LIPPER CALIFORNIA INTERMEDIATE AVERAGE ARE REPRESENTATIVE OF THE MARKET. - -------------------------------------------------------------------------------- 5 6 VISTA TAX FREE INCOME FUND PORTFOLIO OF INVESTMENTS February 29, 1996 (unaudited) - --------------------------------------------------------------------------------
Principal Amount Rate Maturity Value ------------------------------------------------------------------------------------------------------------------ LONG-TERM MUNICIPAL BONDS -- 99.3% ------------------------------------------------------------------------------------------------------------------ ALASKA -- 0.2% $ 150,000 Alaska North Slope, GO,......................................... 8.350% 06/30/98 $ 163,688 ------------ ARIZONA -- 3.2% 3,295,000 Phoenix, Arizona, Ser. B, GO,................................... 5.000% 07/01/20 3,089,063 ------------ ARKANSAS -- 1.6% 1,530,000 Arkansas State, College Savings, Capital Appreciation, Ser. A, zero coupon, GO,.............................................. 0.00% 06/01/14 558,450 3,050,000 Arkansas State, College Savings, Capital Appreciation, Ser. A, zero coupon, GO,.............................................. 0.00% 06/01/16 987,438 ------------ 1,545,888 ------------ CALIFORNIA -- 20.8% 150,000 California Board of Regents, UCLA, Educational Facilities Authority, Rev.,.............................................. 7.000% 09/01/15 169,875 150,000 California Educational Facilities Authority, Pepperdine Univ., Rev.,......................................................... 7.200% 11/01/15 171,563 1,400,000 California State Public Works Board, Lease, Rev.,............... 6.200% 12/01/05 1,555,750 6,000,000 California State, GO,........................................... 6.500% 09/01/10 6,795,000 1,500,000 Kern, California High School District, Ser. A, GO,.............. 6.100% 02/01/06 1,657,500 1,720,000 Kern, California High School District, Ser. A, GO,.............. 6.100% 02/01/07 1,898,450 1,960,000 Kern, California High School District, Ser. A, GO,.............. 6.200% 02/01/08 2,175,600 2,200,000 Kern, California High School District, Ser. A, GO,.............. 6.200% 02/01/09 2,433,750 150,000 Orange County Water District, COP,.............................. 5.750% 08/15/14 148,875 2,800,000 South Orange County Public Financing Authority, Senior Lien, Ser. A, Special Tax........................................... 6.200% 09/01/13 2,929,500 ------------ 19,935,863 ------------ COLORADO -- 10.5% 1,500,000 Arapahoe County, Colorado Capital Improvement Transportation Federal Highway, Ser. E, Rev.,................................ 7.000% 08/31/26 1,653,750 5,500,000 Denver Colorado, City & County Airport, Ser. B, Rev.,........... 7.500% 11/15/25 5,912,500 2,475,000 University of Colorado, University Revenues, Ser. A, Rev.,...... 5.375% 06/01/12 2,481,188 ------------ 10,047,438 ------------ CONNECTICUT -- 2.0% 2,000,000 Connecticut State Health & Educational Facilities Authority, Bridgeport Hospital, Ser. C, Rev.,............................ 5.375% 07/01/19 1,935,000 ------------
See notes to financial statements. 6 7 VISTA TAX FREE INCOME FUND PORTFOLIO OF INVESTMENTS February 29, 1996 (unaudited) (continued) - --------------------------------------------------------------------------------
Principal Amount Rate Maturity Value ------------------------------------------------------------------------------------------------------------------ FLORIDA -- 2.4% $ 850,000 Correctional Privatization Community Florida Correctional Facilities Project, COP,...................................... 5.000% 08/01/17 $ 792,625 500,000 Dade County Florida Water & Sewer Systems, Rev.,................ 6.250% 10/01/10 553,750 1,000,000 Tampa, Florida Water & Sewer, Rev.,............................. 5.125% 10/01/17 953,750 ------------ 2,300,125 ------------ GEORGIA -- 3.5% 1,500,000 Fayette County School District, GO,............................. 6.125% 03/01/15 1,595,625 50,000 Fulton County Water & Sewer, Rev.,.............................. 8.250% 01/01/14 54,875 2,000,000 Georgia State, GO,.............................................. 4.000% 07/01/12 1,730,000 ------------ 3,380,500 ------------ ILLINOIS -- 3.2% 100,000 Chicago Illinois Public Building Commission, Ser. A, (FGIC Insured), Rev.,............................................... 7.750% 01/01/06 111,750 150,000 Chicago O'Hare Intl. Airport, Ser. A, Rev.,..................... 7.500% 01/01/03 164,625 3,000,000 Chicago, Illinois Water, Rev.,.................................. 5.000% 11/01/20 2,767,500 65,000 Illinois Housing Development Authority, Ser. A, (FHA Insured), Rev.,......................................................... 8.000% 06/01/26 66,625 ------------ 3,110,500 ------------ MARYLAND -- 0.2% 150,000 Maryland State Community Development Administration, Housing & Community Development, Single Family Program, 2nd Series, Rev.,......................................................... 7.600% 04/01/23 158,250 ------------ MASSACHUSETTS -- 1.8% 140,000 Massachusetts State Housing Finance Authority, Single Family, Ser. 11, Rev.,................................................ 7.750% 12/01/20 146,650 470,000 Massachusetts State Water Authority, Ser. A, Rev.,.............. 6.500% 07/15/19 529,925 1,000,000 New England Education Loan Marketing Corp., Mass. Student Loan, Sub-Issue H, Rev.,............................................ 6.900% 11/01/09 1,068,750 ------------ 1,745,325 ------------ MICHIGAN -- 12.1% 2,110,000 Greater Detroit Research Recovery, Ser. B, Rev.,................ 9.250% 12/13/08 2,178,575 5,500,000 Greater Detroit Research Recovery, Ser. H, Rev.,................ 9.250% 12/13/08 5,678,750 2,000,000 Michigan State Housing Development Authority, Rental Housing, Ser. A, Rev.,................................................. 7.550% 04/01/23 2,120,000 1,000,000 Michigan State Housing Development Authority, Rental Housing, Ser. B, Rev.,................................................. 7.550% 04/01/23 1,057,500 500,000 Wayne County Building Authority, Ser. A, GO,.................... 8.000% 03/01/17 598,750 ------------ 11,633,575 ------------ MISSOURI -- 0.8% 720,000 Sikeston Missouri Electric, Rev.,............................... 6.000% 06/01/16 773,100 ------------
See notes to financial statements. 7 8 VISTA TAX FREE INCOME FUND PORTFOLIO OF INVESTMENTS February 29, 1996 (unaudited) (continued) - --------------------------------------------------------------------------------
Principal Amount Rate Maturity Value ------------------------------------------------------------------------------------------------------------------ MONTANA -- 0.4% $ 400,000 University of Montana, University Revenues, Facilities Acquisition & Improvement, Ser. C, Rev.,...................... 5.000% 11/15/17 $ 370,500 ------------ NEVADA -- 0.2% 165,000 Nevada Housing Division, Single Family (FHA Insured), Rev.,..... 8.200% 10/01/19 170,156 ------------ NEW MEXICO -- 0.3% 250,000 Albuquerque Education Facilities, Albuquerque Academy Project, Rev.,......................................................... 5.750% 10/15/14 255,938 ------------ NEW YORK -- 9.4% 2,500,000 New York State Dormitory Authority, City University Systems Consolidations, Ser. A, Rev................................... 5.625% 07/01/16 2,443,750 2,000,000 New York State Dormitory Authority, City University Systems Consolidations, Ser. A, Rev.,................................. 5.750% 07/01/13 1,972,500 500,000 New York State Dormitory Authority, Mt. St. Vincent College, Rev.,......................................................... 7.000% 05/01/08 523,750 2,700,000 New York State Environmental Facilities Corp., Pollution Control, State Water, Revolving Fund, Ser. E, Rev.,........... 6.875% 06/15/14 3,030,750 1,025,000 Port Authority New York & New Jersey Consolidated, 63rd Ser., Rev.,......................................................... 7.875% 03/01/24 1,049,908 ------------ 9,020,658 ------------ OHIO -- 4.6% 4,000,000 Cleveland Ohio Public Power System First Mortgage -- Ser. A, Rev.,......................................................... 7.000% 11/15/24 4,460,000 ------------ OREGON -- 1.3% 1,250,000 Oregon State Department of Administrative Services, Ser. A, COP,.......................................................... 5.375% 11/01/16 1,220,313 ------------ PENNSYLVANIA -- 1.8% 1,500,000 Monroeville Pennsylvania, Hospital Authority, Forbes Health Systems, Rev.,................................................ 5.750% 10/01/05 1,492,500 230,000 New Castle Pennsylvania Area Hospital Authority Refunding, St. Francis Hospital, Ser. A, Rev.,............................... 6.500% 11/15/17 236,325 ------------ 1,728,825 ------------ PUERTO RICO -- 5.3% 5,000,000 Puerto Rico Commonwealth, GO,................................... 5.400% 07/01/25 4,725,000 250,000 Puerto Rico Infrastructure Funding Authority, Ser. A, Special Tax........................................................... 7.900% 07/01/07 270,937 75,000 Puerto Rico Urban Renewal & Housing, Rev.,...................... 7.875% 10/01/04 84,187 ------------ 5,080,124 ------------
See notes to financial statements. 8 9 VISTA TAX FREE INCOME FUND PORTFOLIO OF INVESTMENTS February 29, 1996 (unaudited) (continued) - --------------------------------------------------------------------------------
Principal Amount Rate Maturity Value ------------------------------------------------------------------------------------------------------------------ SOUTH CAROLINA -- 0.5% $ 250,000 South Carolina Housing Finance & Development Authority, Fairway Apts. Project, Rev.,.......................................... 7.625% 04/01/33 $ 264,375 250,000 South Carolina Housing Finance & Development Authority, Ser. B (FHA Insured), Rev.,.......................................... 7.800% 07/01/09 260,312 ------------ 524,687 ------------ SOUTH DAKOTA -- 0.1% 100,000 South Dakota Housing Development Authority, Ser. A, Rev.,....... 5.875% 05/01/12 100,500 ------------ TEXAS -- 7.7% 3,500,000 Dallas-Fort Worth, Texas International Airport Facility Improvement Corp., American Airlines Inc., Rev.,.............. 6.000% 11/01/14 3,425,625 1,500,000 Fort Worth Texas Water & Sewer, Refinancing & Improvement, Rev.,......................................................... 5.125% 02/15/15 1,441,875 2,650,000 Goose Creek Texas, Consolidated Independent School District, GO,............................................................. 5.000% 02/15/14 2,517,500 ------------ 7,385,000 ------------ UTAH -- 0.3% 250,000 Utah State Board of Regents, Student Loan, Ser. F, (AMBAC Insured), Rev.,............................................... 7.450% 11/01/08 268,437 ------------ VIRGINIA -- 1.3% 100,000 Fairfax County Economic, Ogden Martin Sys. Project, Ser. A, Rev.,......................................................... 7.750% 02/01/11 109,500 1,250,000 Richmond, Virginia, Ser. B, GO.................................. 5.000% 01/15/21 1,173,436 ------------ 1,282,936 ------------ VIRGIN ISLANDS -- 0.6% 500,000 Virgin Islands, GO,............................................. 7.000% 10/01/02 540,625 ------------ WASHINGTON -- 3.2% 250,000 Washington State Public Power Supply, Nuclear Project, Ser. B, Rev.,......................................................... 7.250% 07/01/09 287,500 3,000,000 Washington State, Ser. A, GO.................................... 4.750% 10/01/11 2,831,250 ------------ 3,118,750 ------------------------------------------------------------------------------------------------------------------ TOTAL LONG-TERM MUNICIPAL BONDS (COST $92,710,856).............. 95,345,764 ------------------------------------------------------------------------------------------------------------------
See notes to financial statements. 9 10 VISTA TAX FREE INCOME FUND PORTFOLIO OF INVESTMENTS February 29, 1996 (unaudited) (continued) - --------------------------------------------------------------------------------
Principal Amount Rate Maturity Value ------------------------------------------------------------------------------------------------------------------ SHORT-TERM INVESTMENTS -- 7.5% ------------------------------------------------------------------------------------------------------------------ FLOATING RATE DEMAND NOTES -- 7.5% CALIFORNIA -- 0.6% $ 400,000 Los Angeles, California Regional Airports Improvement Corp. Sublease, L.A. International, Lax 2, FRN, Rev.,............... 3.500% 03/01/96 $ 400,000 200,000 Los Angeles, California Regional Airports Improvement Corp., American Airlines, L.A. International, Ser. C, FRN, Rev.,..... 3.500% 03/01/96 200,000 ------------ 600,000 ------------ DELAWARE -- 0.1% 100,000 Wilmington Delaware Hospital, Franciscan Health Systems, Ser. A, FRN, Rev.,.................................................... 3.500% 03/01/96 100,000 ------------ MASSACHUSETTS -- 0.5% 500,000 Massachusetts State Updates, Ser. B, FRN, GO,................... 3.350% 12/01/97 500,000 ------------ MISSISSIPPI -- 0.5% 500,000 Jackson County, Mississippi, PCR, Chevron U.S.A. Inc., Project, Rev.,......................................................... 3.350% 03/07/96 500,000 ------------ NEW JERSEY -- 0.9% 800,000 New Jersey Economic Development Authority, National Gas Facilities, N.J. National Gas Co., Ser. A, FRN, Rev.,......... 3.300% 03/01/96 800,000 ------------ NEW YORK -- 0.5% 500,000 New York, New York, Sub. Ser. E-5, FRN, GO,..................... 3.500% 03/01/96 500,000 ------------ TENNESSEE -- 1.5% 1,400,000 Sullivan County, Tennessee, IDB, PCR, Mead Corp. Project, FRN, Rev.,.................................................... 3.500% 03/01/96 1,400,000 ------------
See notes to financial statements. 10 11 VISTA TAX FREE INCOME FUND PORTFOLIO OF INVESTMENTS February 29, 1996 (unaudited) (continued) - --------------------------------------------------------------------------------
Principal Amount Rate Maturity Value ------------------------------------------------------------------------------------------------------------------ TEXAS -- 2.9% $ 100,000 Grapevine, Texas, IDC, Multiple Mode, American Airlines, Ser. A2, Rev.,................................................... 3.500% 03/01/96 $ 100,000 1,600,000 Lone Star Texas Airport Improvement Authority, Multiple Mode, Ser. A-1, FRN, Rev.,........................................ 3.500% 03/01/96 1,600,000 1,100,000 Lone Star Texas Airport Improvement Authority, Multiple Mode, Ser. B-3, FRN, Rev.,........................................ 3.500% 03/01/96 1,100,000 ------------ 2,800,000 ------------------------------------------------------------------------------------------------------------------ TOTAL SHORT-TERM INVESTMENTS (COST $7,200,000).................. 7,200,000 ------------------------------------------------------------------------------------------------------------------ ------------------------------------------------------------------------------------------------------------------ TOTAL INVESTMENTS (COST $99,910,856) 106.8%..................... $102,545,764 ------------------------------------------------------------------------------------------------------------------
See notes to financial statements. 11 12 VISTA NEW YORK TAX FREE INCOME FUND PORTFOLIO OF INVESTMENTS February 29, 1996 (unaudited) - --------------------------------------------------------------------------------
Principal Amount Rate Maturity Value ------------------------------------------------------------------------------------------------------------------ LONG-TERM MUNICIPAL BONDS -- 95.0% ------------------------------------------------------------------------------------------------------------------ $2,000,000 34th Street Partnership, Inc., Capital Improvement, 34th Street Business Improvement, Special Tax.................... 5.500% 01/01/23 $ 1,910,000 1,000,000 Local Government Assistance Corp., TAN,....................... 7.250% 04/01/07 1,135,000 550,000 Monroe County IDA, Public Improvement, Canal Ponds Park, Ser. A, Rev.,.................................................... 7.000% 06/15/13 606,375 3,000,000 Municipal Assistance Corp., City of New York, TAN,............ 6.750% 07/01/06 3,153,750 1,800,000 Municipal Assistance Corp., City of New York, TAN,............ 7.375% 07/01/08 1,860,246 1,000,000 Municipal Assistance Corp., City of New York, TAN,............ 7.750% 07/01/06 1,065,000 250,000 New York City IDA, American Airlines, Rev.,................... 8.000% 07/01/20 270,313 1,430,000 New York City IDA, Civil Facility Rev., New York Blood Center, Inc., Rev.,................................................. 7.200% 05/01/12 1,680,250 1,500,000 New York City IDA, Lighthouse, Inc. Project, Rev.,............ 6.500% 07/01/22 1,593,750 1,000,000 New York City, GO,............................................ 3.000% 08/01/01 934,350 1,000,000 New York City, GO,............................................ 7.500% 02/01/03 1,110,000 1,000,000 New York City, GO,............................................ 8.250% 11/15/02 1,170,000 765,000 New York City, New York, City Municipal Water Financing Authority Water & Sewer Systems, Prerefunded, Ser. A, Rev.,....................................................... 7.000% 06/15/09 871,144 735,000 New York City, New York, City Municipal Water Financing Authority Water & Sewer Systems, Unrefunded Balance, Ser. A, Rev.,....................................................... 7.000% 06/15/09 815,850 3,470,000 New York City, New York, Municipal Water Financing Authority, Water & Sewer Systems, Ser. B, Rev.,........................ 5.500% 06/15/19 3,391,925 6,875,000 New York State Dormitory Authority, City University Systems, Ser. C, Rev.,............................................... 7.500% 07/01/10 8,060,938 500,000 New York State Dormitory Authority, Mt. St. Vincent College, Rev.,....................................................... 7.000% 05/01/08 523,750 5,000 New York State Energy Research & Development Authority, Gas Facilities, Brooklyn Union Gas Project, Rev.,............... 8.750% 07/01/15 5,100 775,000 New York State Environmental Facilities Corp., Pollution Control, State Water, Revolving Fund, Ser. E, Rev.,......... 6.875% 06/15/14 869,938 1,500,000 New York State Environmental Facilities, PCR, State Water Revolving Fund, NYC Municipal A, Rev.,...................... 7.250% 06/15/10 1,710,000 5,000,000 New York State Housing Finance Agency, Health Facilities, New York City, Ser. A, Rev.,.................................... 8.000% 11/01/08 5,700,000 300,000 New York State Housing Finance Authority, Multi-family, Ser. A, Rev.,.................................................... 6.950% 08/15/12 318,000 2,530,000 New York State Housing Finance Authority, Multi-family, Ser. B, Rev.,.................................................... 7.550% 11/01/29 2,662,825 2,035,000 New York State Medical Care Facilities Financing Authority, Insured Mortgage Rev., Rev.,................................ 7.875% 08/15/20 2,289,375 1,500,000 New York State Medical Care Facilities Financing Authority, Insured Mortgage Rev., Rev.,................................ 8.000% 02/15/08 1,650,000 375,000 New York State Medical Care Facilities Financing Authority, Insured Mortgage Rev., Rev.,................................ 8.000% 02/15/28 411,562 2,000,000 New York State Medical Care Facilities, Financing Agency, Mental Health Services, Ser. F, Rev.,....................... 5.250% 02/15/19 1,887,500 370,000 New York State Mortgage Agency (FHA insured), Rev.,........... 7.500% 10/01/19 390,350 160,000 New York State Mortgage Agency (FHA insured), Rev.,........... 8.000% 10/01/03 167,400
See notes to financial statements. 12 13 VISTA NEW YORK TAX FREE INCOME FUND PORTFOLIO OF INVESTMENTS February 29, 1996 (unaudited) (continued) - --------------------------------------------------------------------------------
Principal Amount Rate Maturity Value ------------------------------------------------------------------------------------------------------------------ $1,535,000 New York State Mortgage Agency (FHA insured), Rev.,........... 8.000% 10/01/17 $ 1,625,181 415,000 New York State Mortgage Agency (FHA insured), Rev.,........... 8.050% 04/01/16 445,606 1,000,000 New York State Municipal Bond, Buffalo Special Project, Rev.,....................................................... 6.875% 03/15/06 1,095,000 4,365,000 New York State Power Authority, General Purpose, MBIA Rev.,... 5.125% 01/01/11 4,304,981 1,000,000 New York State Thruway Authority, Rev.,....................... 6.250% 04/01/04 1,052,500 1,905,000 New York State Urban Development Corp., Center for Individual Innovation, Rev.,........................................... 5.500% 01/01/13 1,843,088 4,500,000 New York State Urban Development Corp., Refinancing, Correctional Facilities, Rev.,.............................. 5.250% 01/01/03 4,494,375 7,000,000 New York State, Local Assistance Corp., Ser. B, Rev.,......... 5.500% 04/01/21 6,650,000 2,500,000 New York State, Ser. C, GO,................................... 6.000% 10/01/03 2,712,500 5,000,000 Niagara New York Frontier Transportation Authority, Greater Buffalo International Airport, Rev.,........................ 5.750% 04/01/04 5,293,750 5,100,000 Puerto Rico Commonwealth Highway & Transportation Authority Highway, Ser. W, Rev.,...................................... 5.500% 07/01/13 5,087,250 7,550,000 Puerto Rico Commonwealth, GO,................................. 5.400% 07/01/25 7,134,750 3,250,000 Puerto Rico Electrical Power Authority Power, Ser. Z, Rev.,... 5.500% 07/01/11 3,172,813 1,750,000 Puerto Rico Infrastructure Funding Authority, Ser. A, Special Tax......................................................... 7.900% 07/01/07 1,896,563 5,000,000 Rensselaer New York Municipal Leasing Corp., Rensselaer County Nursing Home, Rev.,......................................... 6.900% 06/01/24 5,143,750 1,150,000 Virgin Islands, Public Finance Authority, Ser. A, Rev.,....... 7.250% 10/01/18 1,217,563 1,795,000 Westchester County IDA, AGR Realty Co., Rev.,................. 5.750% 01/01/02 1,833,144 2,000,000 Westchester County New York IDA, Resource Recovery, Resco Co. Project, Ser. A, Rev.,...................................... 5.700% 07/01/08 2,095,000 1,150,000 Westchester County, GO,....................................... 6.700% 11/01/06 1,336,872 ------------------------------------------------------------------------------------------------------------------ TOTAL LONG-TERM MUNICIPAL BONDS (COST $104,082,931)........... 106,649,377 ------------------------------------------------------------------------------------------------------------------ SHORT-TERM INVESTMENTS -- 3.8% ------------------------------------------------------------------------------------------------------------------ 700,000 Babylon, New York IDA, Resource Recovery, OFS Equity Babylon Project, FRN, Rev.,......................................... 3.450% 03/01/96 700,000 1,100,000 New York State Job Development Authority, Ser. A-1 through A-36 FRN, Rev.,............................................. 3.650% 03/01/96 1,100,000 500,000 New York State Job Development Authority, Ser. B-1 through B-21, FRN, Rev.,............................................ 3.650% 03/01/96 500,000 1,600,000 New York State Energy Research & Development Authority, PCR, New York State Electric & Gas, Ser. C, FRN, Rev.,........... 3.200% 03/01/96 1,600,000 400,000 Port Authority, New York & New Jersey, Special Obligation, Versatile Structure, Obligation 3, FRN, Rev.,............... 3.100% 03/01/96 400,000 ------------------------------------------------------------------------------------------------------------------ TOTAL SHORT-TERM INVESTMENTS (COST $4,300,000)................ 4,300,000 ------------------------------------------------------------------------------------------------------------------ ------------------------------------------------------------------------------------------------------------------ TOTAL INVESTMENTS (COST $108,382,931) 98.8%................... $110,949,377 ------------------------------------------------------------------------------------------------------------------
See notes to financial statements. 13 14 VISTA CALIFORNIA INTERMEDIATE TAX FREE FUND PORTFOLIO OF INVESTMENTS February 29, 1996 (unaudited) - --------------------------------------------------------------------------------
Principal Amount Rate Maturity Value ------------------------------------------------------------------------------------------------------------------ LONG-TERM MUNICIPAL BONDS -- 94.4% ------------------------------------------------------------------------------------------------------------------ $ 255,000 Alameda Newark, Rocklin Calif., School District, COP,........... 7.000% 09/01/98 $ 265,200 300,000 California Health Facilities Financing Authority, Pomona Hospital Medical Center, Rev.,................................ 7.000% 01/01/99 315,750 1,000,000 California Pollution Control Financing Authority, PCR, Atlantic Richfield, Ser. A, Rev.,...................................... 5.000% 04/01/08 980,000 1,000,000 California State Public Works Board, Department of Corrections, California State Prison, Ser. D, Rev.,........................ 5.375% 06/01/12 967,500 350,000 California State Public Works Board, Department of Corrections, State Prison, Ser. A. Rev.,................................... 7.100% 11/01/97 363,839 300,000 California State Public Works Board, Lease Revenue, Regents of the Univ. of California, Ser. A, Rev.,........................ 6.500% 09/01/97 311,625 750,000 California State Public Works Board, Lease Revenue, Ser. A, Rev.,......................................................... 6.000% 09/01/01 800,625 1,000,000 California State Public Works Board, State Pool Program, Ser. A, Rev.,................................................. 7.300% 03/01/01 1,020,000 1,000,000 California Statewide Communities IDA, Insured Health Facilities, Unihealth, Ser. A, COP,....................................... 5.500% 10/01/06 1,043,750 2,000,000 California State, GO,........................................... 5.250% 10/01/10 1,992,500 1,000,000 California State, MBIA-IBC, GO,................................. 6.500% 02/01/07 1,132,500 1,000,000 Contra Costa California Transition Authority, Ser. A, Rev.,..... 6.000% 03/01/08 1,087,500 200,000 El Dorado County Board Authority, Lease Revenue, Cap. Facilities Project, Rev.,................................................ 6.900% 11/01/99 215,750 200,000 Irvine Ranch Water District, Issue #11, Rev.,................... 7.600% 08/15/99 212,500 175,000 Los Angeles California Municipal Improvement Corp., Lease, Rev.,......................................................... 7.250% 09/01/97 183,312 800,000 Los Angeles California Unified School District, Capital Facilities Project, Ser. A, COP,.............................. 7.000% 05/01/99 855,000 1,000,000 Los Angeles County California Metropolitan Transportation Authority, Proposal C, 2nd SNR, Ser. B, Rev.,................. 8.000% 07/01/97 1,053,750 1,950,000 Los Angeles County California Public works Financing Authority, Multi Capital Facilities Project IV, Rev.,.................... 5.000% 12/01/08 1,937,813 800,000 Los Angeles County, Master Refunding Project, COP,.............. 6.500% 05/01/01 837,000 185,000 Mammoth County Water District, COP,............................. 7.100% 12/15/99 201,419 135,000 Oakland California Housing Financing, Rev.,..................... 6.600% 07/01/97 137,700 1,000,000 Oakland-Alameda County, California, Coliseum Authority, Ser. A, Rev.,......................................................... 5.000% 02/01/04 1,026,250 250,000 Port of Oakland, California Port Rev., Ser. D, Rev.,............ 7.000% 11/01/99 275,313 1,500,000 Puerto Rico Commonwealth Highway & Transportation Authority Highway, Ser. W, Rev.,........................................ 5.500% 07/01/13 1,496,250 400,000 Riverside County California, Capital Projects, Lease Financing, COP,.......................................................... 6.300% 11/01/99 423,000 350,000 Riverside County California, Capital Projects, Lease Financing, COP,.......................................................... 7.250% 12/01/96 359,125 1,000,000 Riverside County, California Common Sales Tax Rev., Ser. A, TRAN,......................................................... 6.000% 06/01/08 1,093,750 1,000,000 San Diego California Open Space Park Facilities District No. 1, GO,........................................................... 5.125% 01/01/00 1,037,500 1,500,000 San Diego, California Public Facilities Financing Authority Sewer, Rev.,.................................................. 4.875% 05/15/09 1,458,750 1,000,000 San Francisco California City & County, Ser. E, GO,............. 6.250% 06/15/03 1,081,250
See notes to financial statements. 14 15 VISTA CALIFORNIA INTERMEDIATE TAX FREE FUND PORTFOLIO OF INVESTMENTS February 29, 1996 (unaudited) (continued) - --------------------------------------------------------------------------------
Principal Amount Rate Maturity Value ------------------------------------------------------------------------------------------------------------------ $1,500,000 San Jose-Santa Clara California Water Financing Authority Sewer, Ser. A, Rev.,................................................. 5.375% 11/15/15 $ 1,466,250 150,000 San Lorenzo California School District, Capital Facilities, Rev.,......................................................... 6.400% 08/01/97 153,750 500,000 Santa Cruz California Public Financing Authority, Ser. C, Rev.,......................................................... 7.000% 08/01/99 546,250 1,200,000 South Orange County Public Financing Authority, Senior Lien, Ser. A, Special Tax,.......................................... 6.200% 09/01/13 1,255,500 500,000 University of California, Multiple Purpose Project, Ser. A, Rev.,......................................................... 5.750% 09/01/97 513,125 670,000 Valley Health Systems, California Hospital, Improvement Project, Ser. A, Rev.,................................................. 5.125% 05/15/98 664,136 705,000 Valley Health Systems, California Hospital, Improvement Project, Ser. A, Rev.,................................................. 5.250% 05/15/99 694,425 ------------------------------------------------------------------------------------------------------------------ TOTAL LONG-TERM MUNICIPAL BONDS (COST $28,760,475).............. 29,459,657 ------------------------------------------------------------------------------------------------------------------ SHORT-TERM INVESTMENTS -- 7.8% ------------------------------------------------------------------------------------------------------------------ Floating Rate Demand Notes -- 7.8% 950,000 Indio California Multifamily, Western Federal Savings Project, Rev.,......................................................... 3.200% 03/07/96 950,000 1,400,000 Irvine California Improvement Bond Act of 1915, Assessment District No., 89-10, Special Assessment, Put,................. 3.150% 03/01/96 1,400,000 100,000 Los Angeles, California Regional Airports Improvement Corp., American Airlines, L.A. International, Ser. C, Rev.,.......... 3.500% 03/01/96 100,000 ------------------------------------------------------------------------------------------------------------------ TOTAL SHORT-TERM INVESTMENTS (COST $2,450,000).................. 2,450,000 ------------------------------------------------------------------------------------------------------------------ ------------------------------------------------------------------------------------------------------------------ TOTAL INVESTMENTS (COST $31,210,475) 102.2%..................... $31,909,657 ------------------------------------------------------------------------------------------------------------------
- --------------- COP = Certificates of Participation FHA = Federal Housing Authority FRN = Floating Rate Note: The maturity date shown is the next interest reset date; the rate shown is the rate in effect at February 29, 1996 GO = General Obligation IDA = Industrial Development Authority IDC = Industrial Development Corporation PCR = Pollution Control Revenue Rev = Revenue Bond Special Tax = Special Tax Assessment TAN = Tax Anticipation Note TRAN = Tax & Revenue Anticipation Note
See notes to financial statements. 15 16 VISTA MUTUAL FUNDS STATEMENT OF ASSETS AND LIABILITIES February 29, 1996 (unaudited) - --------------------------------------------------------------------------------
Vista Vista Vista New York California Tax Free Tax Free Intermediate Income Income Tax Free Fund Fund Fund ------------- ------------- ------------ ASSETS: Investment securities, at value (Note 1)............. $ 102,545,764 $ 110,949,377 $ 31,909,657 Cash................................................. 107,609 105,177 77,042 Other assets......................................... 76,911 -- -- Interest receivable.................................. 1,547,428 1,563,244 467,887 Receivable for shares of beneficial interest sold.... 186,449 103,046 96 ------------- ------------- ------------ Total Assets..................................... 104,464,161 112,720,844 32,454,682 ------------- ------------- ------------ LIABILITIES: Payable for investment securities purchased.......... 8,207,494 -- 1,109,720 Payable for shares of beneficial interest redeemed... 31,256 194,963 27,068 Dividends payable.................................... 114,546 73,674 53,262 Other liabilities.................................... -- 6,993 -- Accrued liabilities: (Note 2) Administration fees................................ 1,582 7,421 -- Investment advisory fees........................... 2,373 18,554 -- Distribution fees.................................. 22,506 24,331 -- Shareholder servicing fees......................... 6,386 6,739 -- Sub-administration fees............................ 3,956 4,638 1,251 Custody fees....................................... 15,189 22,719 10,774 Other.............................................. 64,018 99,671 35,609 ------------- ------------- ------------ Total Liabilities................................ 8,469,306 459,703 1,237,684 ------------- ------------- ------------ NET ASSETS: Paid in capital...................................... 96,661,603 109,038,837 30,229,147 Accumulated undistributed net investment income...... (19,623) (15,246) (2,650) Accumulated net realized gain (loss) on investment transactions....................................... (3,282,033) 640,612 291,319 Net unrealized appreciation of investments........... 2,634,908 2,566,446 699,182 ------------- ------------- ------------ Net Assets:...................................... $ 95,994,855 $ 112,261,141 $ 31,216,998 =========== =========== ========== Class A Shares................................ $ 80,725,693 $ 99,019,463 ------------- ------------- Class B Shares................................ $ 15,269,162 $ 13,241,678 ------------- ------------- Shares of beneficial interest outstanding (no par value; unlimited number of shares authorized): Class A Shares................................... 6,633,451 8,486,607 3,123,295 ------------- ------------- ------------ Class B Shares................................... 1,263,707 1,142,062 ------------- ------------- Class A: Net asset value and redemption price per share (net assets/shares outstanding).................. $12.17 $11.67 $9.99 Maximum offering price per share (net asset value per share/95%)................................... $12.74 $12.22 $10.46 Class B: Net asset value and maximum offering price per share (net assets/shares outstanding)............ $12.08 $11.59 Cost of investments................................ $ 99,910,856 $ 108,382,931 $ 31,210,475 =========== =========== ==========
See notes to financial statements. 16 17 VISTA MUTUAL FUNDS STATEMENT OF OPERATIONS For the six months ended February 29, 1996 (unaudited) - --------------------------------------------------------------------------------
Vista Vista Vista New York California Tax Free Tax Free Intermediate Income Income Tax Free Fund Fund Fund ----------- ----------- ----------- INTEREST INCOME: (Note 1C).................................. $ 2,873,012 $ 3,149,762 $ 874,184 ----------- ----------- ----------- EXPENSES: (Note 2) Shareholder servicing fees: Class A Shares.......................................... 108,048 124,252 40,394 Class B Shares.......................................... 18,460 14,977 -- Distribution fees: Class A Shares.......................................... 86,438 124,252 40,394 Class B Shares.......................................... 55,382 44,930 -- Investment advisory fees.................................. 151,810 167,075 48,473 Administration fees....................................... 50,603 55,692 16,158 Sub-administration fees................................... 25,302 27,846 8,079 Custodian fees............................................ 35,422 38,894 17,911 Printing and postage...................................... 8,321 8,272 3,701 Professional fees......................................... 16,463 19,516 15,432 Registration costs........................................ 32,383 6,481 9,962 Transfer agent fees....................................... 121,448 102,021 34,467 Trustees fees............................................. 2,861 3,160 913 Other..................................................... 83,028 11,655 6,481 ----------- ----------- ----------- Total expenses.......................................... 795,969 749,023 242,365 Less amounts waived (Note 2E)............................... 285,159 202,870 145,418 ----------- ----------- ----------- Net expenses............................................ 510,810 546,153 96,947 ----------- ----------- ----------- Net investment income.............................. 2,362,202 2,603,609 777,237 ----------- ----------- ----------- REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS Net realized gain on investment transactions.............. 2,211,607 2,192,657 981,714 Change in net unrealized appreciation/depreciation on investments............................................. 650,523 (315,600) (335,086) ----------- ----------- ----------- Net realized and unrealized gain on investments........... 2,862,130 1,877,057 646,628 ----------- ----------- ----------- Net increase in net assets from operations................ $ 5,224,332 $ 4,480,666 $ 1,423,865 ========= ========= =========
See notes to financial statements. 17 18 VISTA MUTUAL FUNDS STATEMENT OF CHANGES IN NET ASSETS (unaudited) - --------------------------------------------------------------------------------
Vista Vista Vista California Tax Free New York Tax Free Intermediate Income Fund Income Fund Tax Free Fund ---------------------------- ----------------------------- --------------------------- 9/01/95 Year 9/01/95 Year 9/01/95 Year through Ended through Ended through Ended 2/29/96 8/31/95 2/29/96 8/31/95 2/29/96 8/31/95 ------------ ------------- ------------- ------------- ------------ ------------ INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS: Net investment income.............. $ 2,362,202 $ 5,092,217 $ 2,603,609 $ 5,622,439 $ 777,237 $ 1,782,183 Net realized gain (loss) on investment transactions.......... 2,211,607 (1,080,168) 2,192,657 (165,999) 981,714 (62,516) Change in net unrealized appreciation/depreciation........ 650,523 2,105,846 (315,600) 2,575,738 (335,086) 675,943 ------------ ------------- ------------- ------------- ------------ ------------ Increase in net assets from operations..................... 5,224,332 6,117,895 4,480,666 8,032,178 1,423,865 2,395,610 ------------ ------------- ------------- ------------- ------------ ------------ NET EQUALIZATION CREDITS (DEBITS)..... -- (18,277) -- 17,037 -- (9,235) ------------ ------------- ------------- ------------- ------------ ------------ DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS FROM: Net investment income: Class A.......................... (2,074,498) (4,499,790) (2,341,227) (5,232,229) (779,822) (1,773,535) Class B.......................... (309,391) (577,023) (254,770) (403,226) -- -- Net realized gain on investment transactions..................... -- -- -- -- (288,579) -- ------------ ------------- ------------- ------------- ------------ ------------ Total dividends and distributions................. (2,383,889) (5,076,813) (2,595,997) (5,635,455) (1,068,401) (1,773,535) ------------ ------------- ------------- ------------- ------------ ------------ TRUST SHARE TRANSACTIONS: Proceeds from shares sold: Class A.......................... 29,293,401 77,438,814 23,207,807 111,020,668 447,692 1,522,350 Class B.......................... 2,157,648 4,667,357 2,565,419 4,746,789 -- -- Reinvestment of distributions: Class A.......................... 1,449,793 3,168,136 1,918,040 4,309,823 611,776 972,993 Class B.......................... 217,827 425,745 198,442 304,133 -- -- Payment for shares redeemed: Class A.......................... (41,261,340) (90,750,870) (31,999,675) (116,498,122) (2,944,336) (6,625,302) Class B.......................... (1,750,983) (2,629,681) (314,643) (1,843,083) -- -- ------------ ------------- ------------- ------------- ------------ ------------ Net increase (decrease) in net assets from shares of beneficial interest transactions.................. (9,893,654) (7,680,499) (4,424,610) 2,040,208 (1,884,868) (4,129,959) ------------ ------------- ------------- ------------- ------------ ------------ Total increase (decrease)...... (7,053,211) (6,657,694) (2,539,941) 4,453,968 (1,529,404) (3,517,119) NET ASSETS: Beginning of period.................. 103,048,066 109,705,760 114,801,082 110,347,114 32,746,402 36,263,521 ------------ ------------- ------------- ------------- ------------ ------------ End of period........................ $ 95,994,855 $ 103,048,066 $ 112,261,141 $ 114,801,082 $ 31,216,998 $ 32,746,402 ============= =============== =============== =============== ============= =============
See notes to financial statements. 18 19 VISTA MUTUAL FUNDS NOTES TO FINANCIAL STATEMENTS (UNAUDITED) - -------------------------------------------------------------------------------- 1. ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES -- Mutual Fund Trust (the "Trust") was organized as a Massachusetts business trust, and is registered under the Investment Company Act of 1940, as amended, as an open-end, non-diversified management investment company. Vista Tax Free Income Fund ("TFI"), Vista New York Tax Free Income Fund ("NYTFI"), and Vista California Intermediate Tax Free Fund ("CITF")(collectively the "Funds"), are three separate portfolios of the Trust. The preparation of financial statements in accordance with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates. The TFI and NYTFI Funds offer two classes of shares, referred to as Class A Shares and Class B Shares, which were first available on November 4, 1993. Class A shares generally provide for a front-end sales charge while Class B shares provide for a contingent deferred sales charge. All classes of shares have equal rights as to earnings, assets and voting privileges, except that each class may bear different distribution expenses and each class has exclusive voting rights with respect to its distribution plan. The following is a summary of significant accounting policies followed by the Funds: A. Valuation of investments -- Fixed income securities (other than short-term obligations), including listed issues, are valued using matrix pricing systems of a major dealer in bonds which take into account factors such as institutional-size trading in similar groups of securities, yield, quality, coupon rate, maturity, type of issue, trading characteristics and other market data, without exclusive reliance upon quoted exchange or over-the-counter prices. Short-term debt securities with 61 days or more to maturity at time of purchase are valued, through the 61st day prior to maturity, at market value based on quotations obtained from market makers or other appropriate sources; thereafter, the value on the 61st day is amortized on a straight-line basis over the remaining number of days to maturity. Short-term investments with 60 days or less to maturity at time of purchase are valued at amortized cost, which approximates market. B. Repurchase agreements -- It is the Trust's policy that repurchase agreements are fully collateralized by U.S. Treasury and Government agency securities. All collateral is held by the Trust's custodian bank, sub-custodian or a bank with which the custodian bank has entered into a sub-custodian agreement or is segregated in the Federal Reserve Book Entry System. In connection with transactions in repurchase agreements, if the seller defaults and the value of the collateral declines, or if the seller enters into an insolvency proceeding, realization of the collateral by the Trust may be delayed or limited. C. Security transactions and investment income -- Investment transactions are accounted for on the trade date (the date the order to buy or sell is executed). Securities gains and losses are calculated on the identified cost basis. Interest income is determined on the basis of coupon interest accrued, adjusted for amortization of premiums and accretion of discount. D. 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 its distributable 19 20 VISTA MUTUAL FUNDS NOTES TO FINANCIAL STATEMENTS (UNAUDITED) (continued) - -------------------------------------------------------------------------------- net investment income, and net realized gain on investments. In addition, the Trust intends to make distributions as required to avoid excise taxes. Accordingly, no provision for Federal income or excise tax is necessary. E. Equalization -- In prior years, the Funds followed the practice of equalization by which a portion of proceeds from sales and cost of redemptions of Fund shares is credited or charged to undistributed net investment income. In the current fiscal year ending August 31, 1996, the Funds discontinued the practice of equalization, resulting in reclassifications from undistributed net investment income of $3,881, $18,670 and $2,367 to accumulated paid-in capital for TFI, NYFTI and CITF respectively. F. Distributions to shareholders -- Dividends are distributed in the form of additional shares of the Fund or, at the election of the shareholder, in cash (subject to the policies of the Shareholder Servicing Agent) on the last business day of the month. The net investment income of each fund is determined daily and (substantially all) is declared as a dividend to shareholders of record at the time of such declaration. The amount of dividends and distributions from net investment income and net realized capital gains is determined in accordance with federal income tax regulations, which may differ from generally accepted accounting principles. To the extent these "book/tax" differences are permanent in nature, (i.e., that they will result from other than timing of recognition -- "temporary differences") such amounts are reclassified within the capital accounts based on their federal tax-basis treatment. Dividends and distributions which exceed net investment income or net realized capital gains for financial reporting purposes but not for tax purposes are reported as distributions in excess of net investment income or net realized capital gains. G. Allocation of income and expenses -- Expenses directly attributable to a Fund are charged to that Fund; expenses directly attributable to a particular class are charged directly to such class, other expenses are allocated proportionately among each Fund within the Trust in relation to the net assets of each Fund or on another reasonable basis. In calculating net asset value per share of each class investment income, realized and unrealized gains and losses and expenses other than class specific expenses, are allocated daily to each class of shares based upon the proportion of net assets of each class at the beginning of each day. 2. FEES AND OTHER TRANSACTIONS WITH AFFILIATES A. Investment advisory fee -- Pursuant to separate Investment Advisory Agreements, The Chase Manhattan Bank, N.A. ("Chase") acts as the investment adviser to the Funds. Chase is a direct wholly-owned subsidiary of The Chase Manhattan Corporation (2.F.). As investment adviser, Chase supervises the investments of the Funds and for such services is paid a fee. The fee is accrued daily and paid monthly at an annual rate equal to 0.30% of each Fund's average daily net assets. The Adviser voluntarily waived all or a portion of its fees as outlined in Note 2.E. below. B. Shareholder servicing fees -- The Trust has adopted an Administrative Services Plan which, among other things, provides that the Trust on behalf of the Funds may obtain the services of one or more Shareholder Servicing Agents. For its services, each Shareholder Servicing Agent will receive fees determined by a formula based upon the number of accounts serviced and the number of transactions processed by such Shareholder Servicing Agent during the period for which payment is 20 21 VISTA MUTUAL FUNDS NOTES TO FINANCIAL STATEMENTS (UNAUDITED) (continued) - -------------------------------------------------------------------------------- being made, and any out-of-pocket expenses incurred, provided that such fees will not exceed, on an annualized basis, 0.25% of the average daily net assets of each Fund. Chase is the sole Shareholder Servicing Agent of the Funds. The Shareholder Servicing Agent has voluntarily waived all or a portion of its fees as outlined in Note 2.E. below. C. Distribution and Sub-administration fees -- Pursuant to a Distribution and Sub-administration Agreement, Vista Broker-Dealer Services, Inc. ("VBDS" 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 Distribution Plans (the "Distribution Plans") for Class A for all Funds and Class B for TFI and NYTFI in accordance with Rule 12b-1 under the 1940 Act. The Class Distribution Plans provide that each Fund shall pay distribution fees at annual rates not to exceed 0.20% of each Fund's average daily net assets for Class A shares and 0.75% for Class B shares. Under Class A Distribution Plans, the Class A shares are also permitted to pay an additional fee at an annual rate not to exceed 0.05% of its average daily net assets in anticipation of, or as reimbursement for, expenses incurred in connection with print or electronic media advertising in connection with the sale of Fund shares. When such expenses are incurred, the maximum compensation paid by the Class A shares under the Class A Distribution Plan would be at an annual rate of 0.25% of its average daily net assets. The Distributor voluntarily waived all or a portion of distribution fees as outlined in Note 2.E. below. D. Administration fee -- Pursuant to an Administration Agreement, Chase (the "Administrator") provides certain administration services to the Trust at a fee computed at an annual rate equal to 0.10% of the respective Fund's average daily net assets. The Administrator voluntarily waived all or a portion of its administration fees as outlined in Note 2.E. below. E. Waivers of fees -- For the period ended February 29, 1996, the Adviser, Shareholder Servicing Agents, Distributor and Administrator voluntarily waived fees for each of the Funds as follows:
TFI NYTFI CITF --------- --------- --------- Administration.................................... $ 40,482 $ 17,606 $ 16,157 Advisory.......................................... 136,628 60,348 48,473 Distribution...................................... 21,610 24,843 40,394 Shareholder Servicing............................. 86,439 100,073 40,394 --------- --------- --------- $ 285,159 $ 202,870 $ 145,418 ========= ========= =========
F. Other -- Certain officers of the Trust are officers of VBDS or of its parent corporation, BISYS. Effective March 29, 1996, The Chase Manhattan Corporation merged with Chemical Banking Corporation, pursuant to the Agreement and Plan of Merger signed in August 1995. In connection 21 22 VISTA MUTUAL FUNDS NOTES TO FINANCIAL STATEMENTS (UNAUDITED) (continued) - -------------------------------------------------------------------------------- with the merger, the shareholders of the series funds of The Hanover Investment Funds, Inc., an open-end management investment company advised by affiliates of Chemical Banking Corporation, approved on April 2, 1996 their merger into certain series of the Trust. Chase provides portfolio accounting and custody services for the Funds. Compensation for such services are presented in the Statement of Operations as custodian fees. During the year ended August 31, 1995, the Funds adopted an unfunded noncontributory defined benefit pension plan covering all independent directors of the Funds who have served as an independent director for at least five years at the time of retirement. Benefits under this plan are based on compensation and years of service. Management has determined that the accrual for prior service costs is not material. 3. INVESTMENT TRANSACTIONS -- Purchases and sales of investments (excluding short-term investments) were as follows:
TFI NYTFI CITF ------------- ------------ ------------ Purchases......................................... $ 106,375,040 $ 80,027,880 $ 35,888,871 Sales............................................. 113,031,883 86,658,820 31,159,416
4. FEDERAL INCOME TAX MATTERS -- For Federal income tax purposes, the cost and unrealized appreciation/(depreciation) in value of the investment securities are as follows:
TFI NYTFI CITF ----------- ------------ ----------- Aggregate cost................................... $99,910,856 $108,382,931 $31,210,475 ----------- ------------ ----------- Gross unrealized appreciation.................... 2,954,429 3,234,578 763,217 Gross unrealized depreciation.................... (319,521) (668,132) (64,035) ----------- ------------ ----------- Net unrealized appreciation/(depreciation)....... $ 2,634,908 $ 2,566,446 $ 699,182 ============ ============= ============
At February 29, 1996, Tax Free Income Fund had a net capital loss carryover of approximately $4,910,000 of which $258,000 will be available through August 31, 1997 and $4,652,000 through August 31, 2003 to offset future capital gains to the extent provided by regulations. At August 31, 1995, New York Tax Free Income Fund and California Intermediate Tax Free Fund had net capital loss carryovers of approximately $826,000 and $289,000, respectively, available through August 31, 2003. Any net capital losses incurred after October 31 ("post-October losses") within the fiscal year are deemed to arise on the first business day of the following fiscal year. Tax Free Income Fund, New York Tax Free Income Fund and California Intermediate Tax Free Fund incurred and will elect to defer post- October losses during the current fiscal year of approximately $583,000, $720,000, and $113,000, respectively. To the extent that any net capital loss carryover or post-October losses are used to offset future capital gains, it is probable that the gains so offset will not be distributed to shareholders. 22 23 VISTA MUTUAL FUNDS NOTES TO FINANCIAL STATEMENTS (UNAUDITED) (continued) - -------------------------------------------------------------------------------- 5. TRANSACTIONS IN SHARES OF BENEFICIAL INTEREST -- Transactions in Shares of Beneficial Interest were as follows:
TFI NYTFI Class A Class A CITF ------------------------- -------------------------- --------------------- 9/1/95 Year 9/1/95 Year 9/1/95 Year Through Ended Through Ended Through Ended 2/29/96 8/31/95 2/29/96 8/31/95 2/29/96 8/31/95 ----------- ----------- ----------- ------------ --------- --------- Shares sold.................................. 2,427,376 6,653,409 1,983,431 10,003,441 44,934 158,764 Shares issued in reinvestment of distributions.............................. 119,367 275,789 164,140 388,429 61,023 101,274 Shares redeemed.............................. (3,406,310) (7,817,258) (2,739,336) (10,440,003) (293,911) (690,473) ----------- ----------- ----------- ------------ --------- --------- Net increase (decrease) in Trust shares outstanding................................ (859,567) (888,060) (591,765) (48,133) (187,954) (430,435) Outstanding shares at: Beginning of period........................ 7,493,018 8,381,078 9,078,372 9,126,505 3,311,249 3,741,684 ----------- ----------- ----------- ------------ --------- --------- End of period.............................. 6,633,451 7,493,018 8,486,607 9,078,372 3,123,295 3,311,249 ========== ========== ========== =========== ========= =========
TFI NYTFI Class B Class B ------------------------- -------------------------- 9/1/95 Year 9/1/95 Year Through Ended Through Ended 2/29/96 8/31/95 2/29/96 8/31/95 ----------- ----------- ----------- ------------ Shares sold.................................. 179,357 407,478 220,418 428,827 Shares issued in reinvestment of distributions.............................. 18,061 37,193 17,078 27,471 Shares redeemed.............................. (145,516) (232,844) (26,958) (166,365) ----------- ----------- ----------- ------------ Net increase (decrease) in Trust shares outstanding................................ 51,902 211,827 210,538 289,933 Outstanding shares at: Beginning of period........................ 1,211,805 999,978 931,524 641,591 ----------- ----------- ----------- ------------ End of period.............................. 1,263,707 1,211,805 1,142,062 931,524 ========== ========== ========== ===========
6. CONCENTRATION OF CREDIT RISK -- TFI, NYTFI and CITF invest substantially all of their assets in a diversified portfolio of debt obligations issued by states, territories and possessions of the United States and by the District of Columbia, and by their political subdivisions and duly constituted authorities, NYTFI and CITF primarily investing in issuers in the States of New York and California, respectively. The issuer's abilities to meet their obligations may be affected by economic or political developments in a specific state or region. 23 24 SELECTED PER SHARE DATA AND RATIOS FOR A SHARE OF BENEFICIAL INTEREST OUTSTANDING Throughout Each Period Indicated (Unaudited) - --------------------------------------------------------------------------------
Vista Tax Free Income Fund ------------------------------------------------------------------------------------ Class A Class B ------------------------------------------------------------------------ ------- 9/1/95 9/1/94 11/1/93 Year ended 9/1/95 through through through ---------------------------------- through 2/29/96 8/31/95 8/31/94++ 10/31/93 10/31/92 10/31/91 2/29/96 ------- ------- --------- -------- -------- -------- ------- Per Share Operating Performance Net Asset Value, Beginning of Period.... $11.85 $11.70 $ 12.70 $ 11.52 $ 11.12 $10.43 $11.77 ------- ------- ------- ------- ------- ------ ------- Income from Investment Operations Net Investment Income................ 0.290 0.585 0.475 0.662 0.731 0.727 0.244 Net Gains or Losses on Securities (both realized and unrealized)...... 0.321 0.147 (0.847) 1.412 0.556 0.693 0.318 ------- ------- ------- ------- ------- ------ ------- Total from Investment Operations..... 0.611 0.732 (0.372) 2.074 1.287 1.420 0.562 ------- ------- ------- ------- ------- ------ ------- Less Distributions Dividends from Net Investment Income.............................. 0.291 0.582 0.475 0.662 0.731 0.726 0.252 Distributions from Capital Gains..... -- -- 0.153 0.237 0.156 -- -- ------- ------- ------- ------- ------- ------ ------- Total Distributions.................. 0.291 0.582 0.628 0.899 0.887 0.726 0.252 ------- ------- ------- ------- ------- ------ ------- Net Asset Value, End of Period.......... $12.17 $11.85 $ 11.70 $ 12.70 $ 11.52 $11.12 $12.08 ======= ======= ======= ======= ======= ====== ======= Total Return (1)........................ 5.19% 6.53% (2.99%) 18.72% 11.99% 13.98% 4.80% Ratios/Supplemental Data Net Assets, End of Period (000 omitted)............................. $80,726 $88,783 $98,054 $83,672 $17,548 $5,425 $15,269 Ratio of Expenses to Average Net Assets #............................. 0.90% 0.85% 0.58% 0.23% 0.00% 0.04% 1.65% Ratio of Net Investment Income to Average Net Assets #................. 4.79% 5.07% 4.75% 5.25% 6.26% 6.71% 4.04% Ratio of Expenses Without Waivers and Assumption of Expenses to Average Net Assets #............................. 1.50% 1.47% 1.29% 1.20% 2.34% 4.04% 2.00% Ratio of Net Investment Income Without Waivers and Assumption of Expenses to Average Net Assets #................. 4.19% 4.45% 4.04% 4.28% 3.92% 2.71% 3.69% Portfolio Turnover Rate................. 107% 233% 258% 149% 266% 211% 107% Vista Tax Free Income Fund -------------------------- Class B -------------------------- 9/1/94 11/4/93* through through 8/31/95 8/31/94++ ------- --------- Per Share Operating Performance Net Asset Value, Beginning of Period.... $11.65 $ 12.51 ------- ------- Income from Investment Operations Net Investment Income................ 0.498 0.423 Net Gains or Losses on Securities (both realized and unrealized)...... 0.140 (0.707) ------- ------- Total from Investment Operations..... 0.638 (0.284) ------- ------- Less Distributions Dividends from Net Investment Income.............................. 0.518 0.423 Distributions from Capital Gains..... -- 0.153 ------- ------- Total Distributions.................. 0.518 0.576 ------- ------- Net Asset Value, End of Period.......... $11.77 $ 11.65 ======= ======= Total Return (1)........................ 5.70% (2.35%) Ratios/Supplemental Data Net Assets, End of Period (000 omitted)............................. $14,265 $11,652 Ratio of Expenses to Average Net Assets #............................. 1.61% 1.47% Ratio of Net Investment Income to Average Net Assets #................. 4.31% 3.95% Ratio of Expenses Without Waivers and Assumption of Expenses to Average Net Assets #............................. 1.97% 1.81% Ratio of Net Investment Income Without Waivers and Assumption of Expenses to Average Net Assets #................. 3.95% 3.61% Portfolio Turnover Rate................. 233% 258%
- --------------- (1) Total return figures do not include the effect of any sales load. # Short periods have been annualized. * Commencement of offering of class of shares. ++ In 1994 TFI changed its fiscal year-end from October 31 to August 31. See notes to financial statements. 24 25 SELECTED PER SHARE DATA AND RATIOS FOR A SHARE OF BENEFICIAL INTEREST OUTSTANDING Throughout Each Period Indicated (Unaudited) (continued) - --------------------------------------------------------------------------------
Vista New York Tax Free Income Fund ------------------------------------------------------------------------------------- Class A Class B ------------------------------------------------------------------------- ------- 9/1/95 9/1/94 11/1/93 Year ended 9/1/95 through through through ---------------------------------- through 2/29/96 8/31/95 8/31/94++ 10/31/93 10/31/92 10/31/91 2/29/96 ------- -------- --------- -------- -------- -------- ------- Per Share Operating Performance Net Asset Value, Beginning of Period.... $11.47 $ 11.30 $ 12.27 $ 11.18 $ 11.24 $10.48 $11.41 ------- -------- -------- -------- ------- ------- ------- Income from Investment Operations Net Investment Income................ 0.280 0.570 0.473 0.592 0.473 0.635 0.238 Net Gains or Losses on Securities (both realized and unrealized)...... 0.197 0.167 (0.688 ) 1.281 0.274 0.762 0.186 ------- -------- -------- -------- ------- ------- ------- Total from Investment Operations..... 0.477 0.737 (0.215 ) 1.873 0.747 1.397 0.424 ------- -------- -------- -------- ------- ------- ------- Less Distributions Dividends from Net Investment Income.............................. 0.277 0.567 0.472 0.591 0.473 0.635 0.244 Distributions from Capital Gains..... -- -- 0.283 0.194 0.334 -- -- ------- -------- -------- -------- ------- ------- ------- Total Distributions.................. 0.277 0.567 0.755 0.785 0.807 0.635 0.244 ------- -------- -------- -------- ------- ------- ------- Net Asset Value, End of Period.......... $11.67 $ 11.47 $ 11.30 $ 12.27 $ 11.18 $11.24 $11.59 ======= ======== ======== ======== ======= ======= ======= Total Return (1)........................ 4.18% 6.82% (1.81% ) 17.31% 8.57% 13.68% 3.73% Ratios/Supplemental Data Net Assets, End of Period (000 omitted)............................. $99,019 $104,168 $103,113 $120,809 $48,420 $24,062 $13,242 Ratio of Expenses to Average Net Assets #.................................... 0.90% 0.85% 0.76% 0.75% 0.75% 0.76% 1.65% Ratio of Net Investment Income to Average Net Assets #................. 4.76% 5.11% 4.89% 4.86% 5.74% 5.85% 4.01% Ratio of Expenses Without Waivers and Assumption of Expenses to Average Net Assets #............................. 1.29% 1.37% 1.25% 1.11% 1.41% 1.71% 1.79% Ratio of Net Investment Income Without Waivers and Assumption of Expenses to Average Net Assets #................. 4.37% 4.59% 4.40% 4.50% 5.08% 4.90% 3.87% Portfolio Turnover Rate................. 74% 122% 162% 150% 280% 353% 74% Vista New York Tax Free Income Fund ----------------------------------- Class B ----------------------------------- 9/1/94 11/4/93* through through 8/31/95 8/31/94++ ------- --------- Per Share Operating Performance Net Asset Value, Beginning of Period.... $11.27 $ 12.11 ------- ------- Income from Investment Operations Net Investment Income................ 0.485 0.419 Net Gains or Losses on Securities (both realized and unrealized)...... 0.162 (0.543) ------- ------- Total from Investment Operations..... 0.647 (0.124) ------- ------- Less Distributions Dividends from Net Investment Income.............................. 0.507 0.433 Distributions from Capital Gains..... -- 0.283 ------- ------- Total Distributions.................. 0.507 0.716 ------- ------- Net Asset Value, End of Period.......... $11.41 $ 11.27 ======= ======= Total Return (1)........................ 5.99% (1.11%) Ratios/Supplemental Data Net Assets, End of Period (000 omitted)............................. $10,633 $ 7,234 Ratio of Expenses to Average Net Assets #.................................... 1.61% 1.51% Ratio of Net Investment Income to Average Net Assets #................. 4.35% 4.28% Ratio of Expenses Without Waivers and Assumption of Expenses to Average Net Assets #............................. 1.87% 1.76% Ratio of Net Investment Income Without Waivers and Assumption of Expenses to Average Net Assets #................. 4.09% 4.03% Portfolio Turnover Rate................. 122% 162%
- --------------- (1) Total return figures do not include the effect of any sales load. # Short periods have been annualized. * Commencement of offering of class of shares. ++ In 1994 NYTFI changed its fiscal year-end from October 31 to August 31. See notes to financial statements. 25 26 SELECTED PER SHARE DATA AND RATIOS FOR A SHARE OF BENEFICIAL INTEREST OUTSTANDING Throughout Each Period Indicated (Unaudited) (continued) - --------------------------------------------------------------------------------
Vista California Intermediate Tax Free Fund -------------------------------------------- 9/1/95 8/31/94 11/1/94 7/15/93* through through through through 2/29/96 8/31/95 8/31/94++ 10/31/93 ------- ------- --------- -------- Per Share Operating Performance Net Asset Value, Beginning of Period....................... $ 9.89 $ 9.69 $ 10.30 $ 10.22 ------- ------- ------- ------- Income from Investment Operations Net Investment Income.................................. 0.241 0.505 0.320 0.166 Net Gains or Losses on Securities (both realized and unrealized).......................................... 0.191 0.200 (0.408) 0.081 ------- ------- ------- ------- Total from Investment Operations.................. 0.432 0.705 (0.088) 0.247 ------- ------- ------- ------- Less Distributions Dividends from Net Investment Income................... 0.242 0.505 0.404 0.165 Distributions from Capital Gains....................... 0.090 -- 0.118 -- ------- ------- ------- ------- Total Distributions.................................... 0.332 0.505 0.522 0.165 ------- ------- ------- ------- Net Asset Value, End of Period............................. $ 9.99 $ 9.89 $ 9.69 $ 10.30 ======= ======= ======= ======= Total Return (1)........................................... 4.40% 7.55% (0.86%) 2.42% Ratios/Supplemental Data Net Assets, End of Period (000 omitted).................. $31,217 $32,746 $36,264 $41,728 Ratio of Expenses to Average Net Assets #................ 0.60% 0.52% 0.52% 0.52% Ratio of Net Investment Income to Average Net Assets #... 4.82% 5.24% 4.88% 4.83% Ratio of Expenses Without Waivers and Assumption of Expenses to Average Net Assets #....................... 1.50% 1.40% 1.37% 1.33% Ratio of Net Investment Income Without Waivers and Assumption of Expenses to Average Net Assets #......... 3.92% 4.36% 4.03% 4.02% Portfolio Turnover Rate.................................... 105% 94% 93% 40%
- --------------- (1) Total return figures do not include the effect of any sales load. # Short periods have been annualized. * Commencement of operations. ++ In 1994 CITF changed its fiscal year end from October 31 to August 31. See notes to financial statements. 26 27 VISTA FAMILY OF MUTUAL FUNDS MANAGED BY CHASE MANHATTAN - -------------------------------------------------------------------------------- VISTA FAMILY OF MUTUAL FUNDS Vista offers a wide variety of professionally managed mutual funds that can help you meet your financial goals. For a brochure and prospectus containing more complete information on sales charges or expenses, contact your investment representative or call 1-800-34-VISTA. Please read the prospectus carefully before you invest or send money: VISTA EQUITY FUNDS VISTA FIXED INCOME FUNDS Growth and Income Fund U.S. Government Income Fund(2) Capital Growth Fund Tax Free Income Fund Small Cap Equity Fund New York Tax Free Income Fund Equity Income Fund California Intermediate Tax Free Fund Growth Fund of Washington(1) MONEY MARKET FUNDS(2) Vista U.S. Government Money Market Fund VISTA BALANCED FUND Vista Treasury Plus Money Market Fund Balanced Fund Vista Tax Free Money Market Fund Vista New York Tax Free Money Market Fund VISTA INTERNATIONAL FUNDS Vista California Tax Free Money Market Fund Global Fixed Income Fund Vista Global Money Market Fund International Equity Fund Vista Federal Money Market Fund European Fund Vista Prime Money Market Fund Japan Fund Vista Select Shares of Connecticut Daily Tax Southeast Asian Fund Free Income Fund(3) Vista Select Shares of New Jersey Daily Municipal Income Fund(3)
Vista Broker-Dealer Services, Inc. is the funds' distributor and is unaffiliated with Chase. The Chase Manhattan Bank, N.A. is the funds' portfolio adviser and provides other services to the funds. (1) Washington Investment Advisors, Inc. is the investment adviser and The Chase Manhattan Bank, N.A. is the sub-investment adviser. (2) An investment in these funds is neither insured nor guaranteed by the U.S. government, and there can be no assurance that these funds will be able to maintain a stable Net Asset Value of $1.00 per share. (3) Vista Select Shares of Connecticut Daily Tax Free Income Fund, Inc., and Vista Select Shares of New Jersey Daily Municipal Income Fund, Inc., are not part of, or affiliated with, the Vista Family of Mutual Funds. Reich & Tang Distributors L.P. and New England Investment Companies L.P., which are unaffiliated with Chase, are the funds' distributor and investment adviser, respectively. National bank subsidiaries of The Chase Manhattan Corporation do, however, perform shareholder servicing agent services for the funds, although they perform no other services for the funds, such as serving as investment adviser, custodian or administrator. - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- INVESTMENTS IN MUTUAL FUNDS ARE SUBJECT TO RISK, INCLUDING THE POSSIBLE LOSS OF PRINCIPAL. IN ADDITION, THEY ARE NOT DEPOSITS, OBLIGATIONS OF, ENDORSED OR GUARANTEED BY CHASE AND ARE NOT INSURED BY THE FDIC, THE FEDERAL RESERVE BOARD OR ANY OTHER GOVERNMENT AGENCY. - -------------------------------------------------------------------------------- 28 VISTA FAMILY OF MUTUAL FUNDS MANAGED BY CHASE MANHATTAN
- -------------------------------------------------------------------------------- SEMI-ANNUAL ------------------------------------- REPORT - --------------------------------------- ------------ VISTA SERVICE CENTER VISTA P.O. BOX 419392 TAX FREE KANSAS CITY, MO 64179 INCOME FUND INVESTMENT ADVISER, ADMINISTRATOR, ------------ SHAREHOLDER AND FUND SERVICING AGENT AND CUSTODIAN ------------ The Chase Manhattan Bank, N.A. VISTA NEW YORK DISTRIBUTOR TAX FREE Vista Broker-Dealer Services, Inc. INCOME FUND TRANSFER AGENT ------------ DST Systems, Inc. ------------ LEGAL COUNSEL VISTA Kramer, Levin, Naftalis, Nessen, CALIFORNIA Kamin & Frankel INTERMEDIATE TAX FREE INDEPENDENT ACCOUNTANTS FUND Price Waterhouse LLP ------------ The financial information in this report has been taken from the books and records of the Funds without examination by independent accountants who express no opinion thereto. Vista Fund Distributors, Inc. is the funds' distributor and is unaffiliated with Chase. The Chase Manhattan Bank, N.A. is the funds' adviser. This report is submitted for the general information of the shareholders of the funds. It is not authorized for distribution to prospective investors in the funds unless preceded or 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 FOR THE SIX MONTHS ENDED send money. FEBRUARY 29, 1996 (UNAUDITED) 2/96 VIS-3 - ---------------------------------------
- -------------------------------------------------------------------------------- 29 --------------------------------------------------------------- VISTA(SM) MONEY MARKET FUNDS CHAIRMAN'S LETTER April 15, 1996 Dear Shareholder: On behalf of Vista, we are pleased to provide you with this Semi-Annual Report on the Vista money market funds. A summary of how these money market funds fared for the first six months of the funds' fiscal year, from September 1995 through February 1996, is provided in this report. Please keep this report, so six months from now you can compare and contrast the enclosed information with the information included in your Annual Report. SEPTEMBER 1995 THROUGH YEAR-END 1995 Yields on money market instruments remained relatively level from September through mid-December 1995, partly because the Federal Reserve did not cut rates during this time. On December 19, 1995, however, the Federal Reserve cut short-term rates to help stimulate an apparently weak economy with no inflationary pressures. THE NEW YEAR BRINGS TEMPORARY INSTABILITY The Federal Reserve followed up on the mid-December rate cut with another cut at the end of January 1996, causing steady declines in money market yields from the end of December through the end of February. Yet, despite initial interest rate uncertainty and an unbalanced Federal budget, market expectations by the end of February were for both short-term and long-term interest rates to increase by early 1997. OUTLOOK At the end of February, economists were not expecting the Federal Reserve to cut rates substantially for the rest of the year. A projected slow growth rate of 2% to 2.5% in the U.S. economy for the rest of the year means inflation should remain under control, and, therefore, any rate increases for 1997 should be minimal. Despite market ups and downs, we are proud that the Vista money market funds have continued to provide you with stability, liquidity and attractive yields for your short-term dollars. If you have any questions or comments about your Vista money market fund, we encourage you to call your investment representative or 1-800-34-VISTA. Sincerely, /s/ FERGUS REID Fergus Reid Chairman INVESTMENTS IN THE FUNDS ARE NOT DEPOSITS, OR GUARANTEED OR ENDORSED BY, CHASE, 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 PRINCIPAL. - ------------------------------------- CONTENTS CHAIRMAN'S LETTER 1 FUND FACTS 2-3 PORTFOLIO OF INVESTMENTS 4-34 NOTES TO FINANCIAL 39-46 STATEMENTS PER SHARE DATA 47-53 1 30 --------------------------------------------------------------- MONEY MARKET FUND FACTS(1) AS OF FEBRUARY 29, 1996 ---------------------------------------------------------------
7-DAY SEC YIELD(1) WITHOUT FEE WAIVER VISTA PREMIER INSTITUTIONAL VISTA PREMIER INSTITUTIONAL Vista U.S. Government Money Market Fund(2, 3) 4.56% 4.81% 5.09% 4.56% 4.80% 5.09% Vista Treasury Plus Money Market Fund -- 4.77% 4.95% -- 4.67% 4.85% Vista Federal Money Market Fund(3) 4.59% 4.79% 4.99% 4.36% 4.79% 4.99% Vista Global Money Market Fund 4.79% 4.94% 5.12% 4.59% 4.92% 5.12% Vista Prime 3.98% 3.07% Money Market Fund (B Shares) 5.00% 5.19% (B Shares) 5.00% 5.19% Vista Tax Free Money Market Fund(3) 2.54% 2.81% 3.09% 2.49% 2.58% 3.09% Vista New York Tax Free Money Market Fund(3) 2.58% -- -- 2.53% -- -- Vista California Tax Free Money Market Fund(3) 2.87% -- -- 2.32% -- --
2 31 - --------------------------------------------------------------- MONEY MARKET FUND FACTS(1) AS OF FEBRUARY 29, 1996 - ---------------------------------------------------------------
TOTAL NET ASSETS OF COMBINED SHARE CLASSES (MILLIONS) WEIGHTED AVERAGE MATURITY Vista U.S. Government $2,320.4 42 days Money Market Fund Vista Treasury Plus $133.2 51 days Money Market Fund Vista Federal $618.8 75 days Money Market Fund Vista Global $887.8 79 days Money Market Fund Vista Prime $1,402.4 46 days Money Market Fund Vista Tax Free $491.5 50 days Money Market Fund Vista New York Tax Free $472.9 45 days Money Market Fund Vista California Tax Free $56.6 39 days Money Market Fund
(1) Past performance is not a guarantee of future results. Yields will fluctuate. An investment is neither insured nor guaranteed by the U.S. government and there can be no assurance that the funds will maintain a stable Net Asset Value of $1.00 per share. (2) No fees are being waived for the U.S. Government Money Market Fund (Vista Shares); all other yields reflect the voluntary waiver of certain fees and the assumption of certain expenses otherwise payable by the Fund. This voluntary waiver may be modified or terminated at any time, which would reduce the funds' performance. (3) A portion of the funds' income may be subject to the Alternative Minimum Tax (AMT), and some investors may be subject to certain state and local taxes. 3 32 VISTA U.S. GOVERNMENT MONEY MARKET FUND PORTFOLIO OF INVESTMENTS February 29, 1996 (unaudited) - --------------------------------------------------------------------------------
Principal Amount Rate Maturity Value ------------------------------------------------------------------------------------------------------------------ U.S. GOVERNMENT OBLIGATIONS -- 3.2% ------------------------------------------------------------------------------------------------------------------ $ 25,000,000 U.S. Treasury Bill,....................................... 4.825% 02/06/97 $ 23,854,063 50,000,000 U.S. Treasury Note,....................................... 7.500% 01/31/97 51,048,645 ------------------------------------------------------------------------------------------------------------------ TOTAL U.S. GOVERNMENT OBLIGATIONS (COST $74,902,708)...... 74,902,708 ------------------------------------------------------------------------------------------------------------------ U.S. GOVERNMENT AGENCY AND AGENCY SPONSORED OBLIGATIONS -- 51.2% ------------------------------------------------------------------------------------------------------------------ 25,000,000 Federal Farm Credit Bank, Debenture,...................... 5.600% 11/01/96 25,007,742 40,000,000 Federal Farm Credit Bank, Debenture,...................... 5.750% 08/01/96 39,975,011 25,000,000 Federal Farm Credit Bank, Debenture,...................... 5.875% 09/03/96 24,988,437 -------------- 89,971,190 -------------- 15,000,000 Federal Home Loan Bank, Debenture,........................ 5.560% 12/27/96 15,000,000 19,675,000 Federal Home Loan Bank, Debenture,........................ 5.690% 08/14/96 19,675,797 50,000,000 Federal Home Loan Bank, Discount Note,.................... 4.990% 05/08/96 49,528,722 5,000,000 Federal Home Loan Bank, Discount Note,.................... 5.440% 07/12/96 4,899,511 20,000,000 Federal Home Loan Bank, Discount Note,.................... 5.480% 03/06/96 19,984,778 5,000,000 Federal Home Loan Bank, Floating Rate Note,............... 5.500% 03/01/96 5,000,000 -------------- 114,088,808 -------------- 50,000,000 Federal Home Loan Mortgage Corp., Discount Note,.......... 4.990% 05/13/96 49,494,069 50,000,000 Federal Home Loan Mortgage Corp., Discount Note,.......... 4.990% 05/20/96 49,445,556 39,000,000 Federal Home Loan Mortgage Corp., Discount Note,.......... 5.000% 05/09/96 38,626,250 200,000,000 Federal Home Loan Mortgage Corp., Discount Note,.......... 5.300% 03/01/96 200,000,000 250,000,000 Federal Home Loan Mortgage Corp., Discount Note,.......... 5.330% 03/01/96 250,000,000 -------------- 587,565,875 -------------- 10,000,000 Federal National Mortgage Association, Debenture,......... 6.270% 04/03/96 10,000,730 25,000,000 Federal National Mortgage Association, Floating Rate Note,................................................... 4.990% 03/07/96 25,000,000 25,000,000 Federal National Mortgage Association, Medium Term Note,................................................... 5.390% 12/04/96 24,971,613 10,000,000 Federal National Mortgage Association, Medium Term Note,................................................... 5.640% 10/02/96 9,992,657 25,000,000 Federal National Mortgage Association, Medium Term Note,................................................... 5.760% 09/03/96 24,997,008 25,000,000 Federal National Mortgage Association, Medium Term Note,................................................... 5.813% 10/04/96 25,000,000 15,000,000 Federal National Mortgage Association, Discount Note...... 5.480% 03/13/96 14,972,600 100,000,000 Federal National Mortgage Association, Discount Note...... 6.250% 03/19/96 99,726,000 -------------- 234,660,608 --------------
See notes to financial statements. 4 33 VISTA U.S. GOVERNMENT MONEY MARKET FUND PORTFOLIO OF INVESTMENTS February 29, 1996 (unaudited) (continued) - --------------------------------------------------------------------------------
Principal Amount Value ------------------------------------------------------------------------------------------------------------------ $ 22,500,000 Student Loan Marketing Association, Debenture............. 6.080% 07/01/96 $ 22,527,450 25,000,000 Student Loan Marketing Association, Floating Rate Note,... 5.090% 03/05/96 25,000,180 25,000,000 Student Loan Marketing Association, Floating Rate Note,... 5.110% 03/05/96 24,993,200 64,000,000 Student Loan Marketing Association, Floating Rate Note,... 5.130% 03/05/96 64,005,429 25,000,000 Student Loan Marketing Association, Floating Rate Note,... 5.140% 03/05/96 25,000,000 -------------- 161,526,259 ------------------------------------------------------------------------------------------------------------------ TOTAL U.S. GOVERNMENT AGENCY AND AGENCY SPONSORED OBLIGATIONS (COST $1,187,812,740)....................... 1,187,812,740 ------------------------------------------------------------------------------------------------------------------ REPURCHASE AGREEMENTS -- 45.4% ------------------------------------------------------------------------------------------------------------------ 200,000,000 Bear Stearns, 5.26%, due 3/13/96, (Dated 2/29/96; Proceeds $200,379,889, Secured by FNMA REMICS; $49,158,299 at 5.90%, due 11/25/23; $25,888,437 at 6.50%, due 10/15/23; $32,695,000 at 6.50%, due 3/25/24; $18,868,505 at 6.609%, due 10/25/08; $6,980,000 at 7.00%, due 7/15/21; FHLMC REMICS; $28,945,365 at 5.709%, due 10/15/08; $49,848,167 at 6.059%, due 5/15/23; Market Value $204,230,277)........................................... 200,000,000 100,000,000 J P Morgan, 5.22%, due 3/4/96, (Dated 2/26/96; Proceeds $100,101,500, Secured by GNMA Pools; $97,379,526 at 7.50%, due 2/15/24 through 2/15/26; $4,338,786 at 8.00%, due 7/15/25 through 2/15/26; Market Value $102,024,755)........................................... 100,000,000 125,000,000 J P Morgan, 5.28%, due 3/7/96, (Dated 2/29/96; Proceeds $125,128,333, Secured by FNMA Pools; $14,324,430 at 6.50%, due 2/1/26; $37,970,131 at 7.00%, due 2/1/26; $77,055,360 at 7.50%, due 5/1/25 through 3/1/26; Market Value $127,500,000)..................................... 125,000,000 100,000,000 Merrill Lynch, 5.26%, due 3/7/96, (Dated 2/29/96; Proceeds $100,102,278, Secured by FHLMC-GNMA REMIC; $33,742,498 at 6.725%, due 5/25/23; FHLMC REMICS; $28,068,901, at 6.00%, due 6/15/02; $17,021,052 at 6.013%, due 11/15/23; $16,497,054 at 6.413%, due 12/15/22; $6,198,952 at 5.00%, due 10/15/00; Market Value $102,040,565)......... 100,000,000 78,256,000 Merrill Lynch, 5.625%, due 3/1/96, (Dated 2/29/96; Proceeds $78,268,282, Secured by FNMA ARM Pool; $36,064,794 at 6.569%, due 11/1/24; FHLMC Pool; $44,057,147 at 5.999%, due 10/1/24; Market Value $79,853,113)............................................ 78,256,000
See notes to financial statements. 5 34 VISTA U.S. GOVERNMENT MONEY MARKET FUND PORTFOLIO OF INVESTMENTS February 29, 1996 (unaudited) (continued) - --------------------------------------------------------------------------------
Principal Amount Value ------------------------------------------------------------------------------------------------------------------ $150,000,000 Nikko Securities, 5.22%, due 3/4/96, (Dated 2/26/96; Proceeds $150,152,250, Secured by FHLMC REMICS; $23,000,000 at 7.00%, due 7/15/22; $24,196,000 at 6.00%, due 11/15/21; $28,215,839 at 6.8125%, due 12/15/23; FNMA REMICS; $25,220,000 at 5.9938%, due 10/25/17; $28,127,450 at 6.5938%, due 5/25/23; $24,000,000 at 5.25%, due 6/25/04; FNMA Pool; $6,515,783 at 7.00%, due 10/1/25; Market Value $153,479,497)..................... $ 150,000,000 75,000,000 Nikko Securities, 5.55%, due 3/1/96, (Dated 2/29/96; Proceeds $75,011,563, Secured by FHLMC REMIC; $28,689,274 at 5.783%, due 8/15/08; $39,239,342 at 7.00%, due 1/25/20; $8,303,173 at 7.75%, due 12/1/25; Market Value $76,888,952)............................... 75,000,000 150,000,000 Morgan Stanley and Co., Inc., 5.24%, due 3/5/96, (Dated 2/27/96; Proceeds $150,152,833, Secured by FNMA REMICS; $18,518,388 at 5.80%, due 9/25/06; $53,211,281 at 6.00% due 6/29/09; $40,223,354 at 6.15%, due 9/25/16; $40,294,289 at 6.65%, due 1/25/17; $4,056,954 at 7.50%, due 7/25/18; Market Value $157,081,086)................. 150,000,000 75,000,000 Sanwa Bank, 5.90%, due 3/1/96, (Dated 2/29/96; Proceeds $75,012,292, Secured by FHLB Discount Note; $62,000,000, due 4/1/96; FHLMC Discount Note; $14,840,000, due 3/25/96; Market Value $76,516,744)...................... 75,000,000 ------------------------------------------------------------------------------------------------------------------ TOTAL REPURCHASE AGREEMENTS (COST $1,053,256,000)......... 1,053,256,000 ------------------------------------------------------------------------------------------------------------------ ------------------------------------------------------------------------------------------------------------------ TOTAL INVESTMENTS (COST $2,315,971,448)** 99.8%........... $2,315,971,448 ------------------------------------------------------------------------------------------------------------------
See notes to financial statements. 6 35 VISTA TREASURY PLUS MONEY MARKET FUND PORTFOLIO OF INVESTMENTS February 29, 1996 (unaudited) - --------------------------------------------------------------------------------
Principal Amount Rate Maturity Value ------------------------------------------------------------------------------------------------------------------ U.S. GOVERNMENT OBLIGATIONS -- 16.8% ------------------------------------------------------------------------------------------------------------------ $ 2,000,000 U.S. Treasury Note,.......................................... 6.125% 07/31/96 $ 2,004,810 5,000,000 U.S. Treasury Note,.......................................... 6.875% 10/31/96 5,038,227 3,000,000 U.S. Treasury Note,.......................................... 6.875% 02/28/97 3,050,454 5,000,000 U.S. Treasury Note,.......................................... 7.500% 12/31/96 5,087,370 7,000,000 U.S. Treasury Note,.......................................... 7.500% 01/31/97 7,158,740 ------------------------------------------------------------------------------------------------------------------ TOTAL U.S. GOVERNMENT OBLIGATIONS (COST $22,339,601)......... 22,339,601 ------------------------------------------------------------------------------------------------------------------ REPURCHASE AGREEMENTS -- 80.1% ------------------------------------------------------------------------------------------------------------------ 1,756,000 Hong Kong-Shanghai Banking Corp., 5.30%, due 3/1/96, (Dated 2/29/96; Proceeds $1,756,259, Secured by U.S. Treasury Note; $1,790,000 at 6.25%, due 8/31/96; Market Value $1,799,114)................................................ 1,756,000 25,000,000 Hong Kong-Shanghai Banking Corp., 5.42%, due 3/1/96, (Dated 2/29/96; Proceeds $25,003,764, Secured by U.S. Treasury Bill; $25,000,000 at 6.25%, due 8/31/00; Market Value $25,500,339)............................................... 25,000,000 30,000,000 Goldman Sachs, 5.35%, due 3/1/96, (Dated 2/29/96; Proceeds $30,004,458, Secured by U.S. Treasury Note; $28,440,000 at 7.75%, due 1/31/00; Market Value $30,675,534).............. 30,000,000 18,000,000 Merrill Lynch, 5.35%, due 3/1/96, (Dated 2/29/96; Proceeds $18,002,675, Secured by U.S. Treasury Note; $18,000,000 at 6.00%, due 12/31/97; Market Value $18,368,235)............. 18,000,000 32,000,000 Aubry G. Langston, 5.40%, due 3/1/96, (Dated 2/29/96; Proceeds $32,004,800, Secured by U.S. Treasury Note; $29,980,000 at 7.50%, due 2/15/05; Market Value, $32,822,386)............................................... 32,000,000 ------------------------------------------------------------------------------------------------------------------ TOTAL REPURCHASE AGREEMENTS (COST $106,756,000).............. 106,756,000 ------------------------------------------------------------------------------------------------------------------ ------------------------------------------------------------------------------------------------------------------ TOTAL INVESTMENTS (COST $129,095,601)** 96.9%................ $129,095,601 ------------------------------------------------------------------------------------------------------------------
See notes to financial statements. 7 36 VISTA FEDERAL MONEY MARKET FUND PORTFOLIO OF INVESTMENTS February 29, 1996 (unaudited) - --------------------------------------------------------------------------------
Principal Amount Rate Maturity Value ------------------------------------------------------------------------------------------------------------------ U.S. GOVERNMENT OBLIGATIONS -- 7.9% ------------------------------------------------------------------------------------------------------------------ $10,000,000 U.S. Treasury Note,.......................................... 5.875% 05/31/96 $ 9,999,747 30,000,000 U.S. Treasury Note,.......................................... 6.875% 02/28/97 30,537,012 5,000,000 U.S. Treasury Note,.......................................... 7.500% 12/31/96 5,087,370 3,000,000 U.S. Treasury Note,.......................................... 7.500% 01/31/97 3,068,031 ------------------------------------------------------------------------------------------------------------------ TOTAL U.S. GOVERNMENT OBLIGATIONS (COST $48,692,160)......... 48,692,160 ------------------------------------------------------------------------------------------------------------------ U.S. AGENCY AND SPONSORED AGENCY OBLIGATIONS -- 91.8% ------------------------------------------------------------------------------------------------------------------ 15,000,000 Federal Farm Credit Bank, Debenture,......................... 5.530% 10/01/96 14,973,799 13,700,000 Federal Farm Credit Bank, Debenture,......................... 5.750% 08/01/96 13,701,706 5,000,000 Federal Farm Credit Bank, Debenture,......................... 6.070% 06/03/96 5,002,076 ------------ 33,677,581 ------------ 40,000,000 Federal Farm Credit Bank, Discount Note,..................... 5.130% 03/19/96 39,897,400 6,000,000 Federal Farm Credit Bank, Discount Note,..................... 5.180% 04/24/96 5,953,380 10,000,000 Federal Farm Credit Bank, Discount Note,..................... 5.330% 03/05/96 9,994,078 ------------ 55,844,858 ------------ 10,000,000 Federal Farm Credit Bank, Floating Rate Note,................ 5.370% 03/01/96 9,999,365 21,295,000 Federal Farm Credit Bank, Floating Rate Note,................ 5.400% 03/01/96 21,294,302 20,000,000 Federal Farm Credit Bank, Floating Rate Note,................ 5.425% 03/01/96 19,999,795 ------------ 51,293,462 ------------ 25,000,000 Federal Home Loan Bank, Debenture,........................... 4.860% 02/07/97 24,977,414 14,990,000 Federal Home Loan Bank, Debenture,........................... 5.310% 12/27/96 14,990,000 15,000,000 Federal Home Loan Bank, Debenture,........................... 5.560% 10/25/96 14,981,175 ------------ 54,948,589 ------------ 20,000,000 Federal Home Loan Bank, Discount Note,....................... 4.930% 05/07/96 19,816,494 10,000,000 Federal Home Loan Bank, Discount Note,....................... 4.980% 07/15/96 9,811,867 12,000,000 Federal Home Loan Bank, Discount Note,....................... 5.110% 03/05/96 11,993,187 20,000,000 Federal Home Loan Bank, Discount Note,....................... 5.120% 05/01/96 19,826,489 10,000,000 Federal Home Loan Bank, Discount Note,....................... 5.120% 05/10/96 9,900,444 3,500,000 Federal Home Loan Bank, Discount Note,....................... 5.120% 05/22/96 3,459,182 18,725,000 Federal Home Loan Bank, Discount Note,....................... 5.190% 04/03/96 18,635,182 30,000,000 Federal Home Loan Bank, Discount Note,....................... 5.300% 03/01/96 30,000,000 21,675,000 Federal Home Loan Bank, Discount Note,....................... 5.350% 03/01/96 21,675,000 9,490,000 Federal Home Loan Bank, Discount Note,....................... 5.450% 03/25/96 9,455,520 6,170,000 Federal Home Loan Bank, Discount Note,....................... 5.480% 03/06/96 6,165,304 ------------ 160,738,669 ------------ 2,000,000 Federal Home Loan Bank, Floating Rate Note,.................. 4.100% 03/05/96 2,000,000 10,650,000 Federal Home Loan Bank, Floating Rate Note,.................. 5.113% 03/16/96 10,642,204 10,000,000 Federal Home Loan Bank, Floating Rate Note,.................. 5.190% 03/06/96 9,992,984
See notes to financial statements. 8 37 VISTA FEDERAL MONEY MARKET FUND PORTFOLIO OF INVESTMENTS February 29, 1996 (unaudited) (continued) - --------------------------------------------------------------------------------
Principal Amount Rate Maturity Value ------------------------------------------------------------------------------------------------------------------ $ 1,000,000 Federal Home Loan Bank, Floating Rate Note,.................. 5.500% 03/07/96 $ 1,000,089 5,000,000 Federal Home Loan Bank, Floating Rate Note,.................. 5.680% 03/01/96 5,007,333 30,000,000 Federal Home Loan Bank, Floating Rate Note,.................. 6.180% 03/01/96 29,997,107 ------------ 58,639,717 ------------ 8,565,000 Student Loan Marketing Association, Floating Rate Note,...... 5.140% 03/05/96 8,565,000 15,050,000 Student Loan Marketing Association, Floating Rate Note,...... 5.190% 03/05/96 15,056,186 55,025,000 Student Loan Marketing Association, Floating Rate Note,...... 5.200% 03/05/96 55,024,883 12,700,000 Student Loan Marketing Association, Floating Rate Note,...... 5.210% 03/05/96 12,701,269 12,000,000 Student Loan Marketing Association, Floating Rate Note,...... 5.310% 03/05/96 12,015,896 10,000,000 Student Loan Marketing Association, Floating Rate Note,...... 5.340% 03/05/96 10,017,167 1,250,000 Student Loan Marketing Association, Floating Rate Note,...... 5.365% 03/05/96 1,251,724 7,775,000 Student Loan Marketing Association, Floating Rate Note,...... 5.390% 03/05/96 7,787,962 1,925,000 Student Loan Marketing Association, Floating Rate Note,...... 5.440% 03/05/96 1,927,193 ------------ 124,347,280 ------------ 17,030,000 Tennessee Valley Authority, Discount Note,................... 5.200% 04/02/96 16,951,284 12,000,000 Tennessee Valley Authority, Discount Note,................... 5.230% 04/11/96 11,928,523 ------------ 28,879,807 ------------------------------------------------------------------------------------------------------------------ TOTAL U.S. AGENCY AND SPONSORED AGENCY OBLIGATIONS (COST $568,369,963).............................................. 568,369,963 ------------------------------------------------------------------------------------------------------------------ ------------------------------------------------------------------------------------------------------------------ TOTAL INVESTMENTS (COST $617,062,123)** 99.7%................ $617,062,123 ------------------------------------------------------------------------------------------------------------------
See notes to financial statements. 9 38 VISTA GLOBAL MONEY MARKET FUND PORTFOLIO OF INVESTMENTS February 29, 1996 (unaudited) - --------------------------------------------------------------------------------
Principal Amount Rate Maturity Value ------------------------------------------------------------------------------------------------------------------ BONDS AND NOTES -- 26.6% ------------------------------------------------------------------------------------------------------------------ U.S. Government Obligations -- 5.8% $15,000,000 U.S. Treasury Note,.......................................... 6.875% 02/28/97 $ 15,252,268 35,000,000 U.S. Treasury Note,.......................................... 7.500% 01/31/97 35,794,149 ------------ TOTAL U.S. GOVERNMENT OBLIGATIONS............................ 51,046,417 ------------ State and Municipal -- 1.1% 9,422,000 Rochester, New York, Ser. II,................................ 6.000% 10/31/96 9,430,905 ------------ Corporate and Other -- 19.7% 1,000,000 Associates Corp. of North America,........................... 7.500% 10/15/96 1,009,805 2,500,000 Associates Corp. of North America,........................... 8.700% 01/01/97 2,565,596 2,000,000 Associates Corp. of North America,........................... 8.800% 03/01/96 2,000,000 1,100,000 Caterpillar Financial Services,.............................. 5.040% 06/19/96 1,097,268 1,400,000 Caterpillar Financial Services,.............................. 5.050% 01/15/97 1,394,545 2,500,000 Commercial Credit Corp.,..................................... 6.750% 01/15/97 2,526,090 1,750,000 Commercial Credit Corp.,..................................... 7.375% 11/15/96 1,774,097 925,000 Commercial Credit Corp.,..................................... 8.000% 09/01/96 934,097 3,000,000 First Chicago Corp., National Bank,.......................... 9.400% 05/15/96 3,021,520 1,000,000 Ford Motor Credit Corp.,..................................... 4.650% 09/03/96 993,884 5,746,000 Ford Motor Credit Corp.,..................................... 5.625% 03/03/97 5,777,154 1,000,000 Ford Motor Credit Corp.,..................................... 7.100% 05/14/96 1,002,465 3,610,000 Ford Motor Credit Corp.,..................................... 7.875% 10/15/96 3,651,301 1,650,000 Ford Motor Credit Corp.,..................................... 8.000% 10/01/96 1,670,957 1,000,000 Ford Motor Credit Corp.,..................................... 8.000% 12/01/96 1,017,381 408,000 Ford Motor Credit Corp.,..................................... 8.250% 05/15/96 409,926 10,250,000 Ford Motor Credit Corp.,..................................... 8.600% 08/14/96 10,375,155 155,000 Ford Motor Credit Corp.,..................................... 8.625% 04/15/96 155,480 3,325,000 Ford Motor Credit Corp.,..................................... 8.875% 03/15/96 3,328,535 2,900,000 Ford Motor Credit Corp.,..................................... 8.875% 08/01/96 2,936,584 3,800,000 Ford Motor Credit Corp.,..................................... 9.000% 07/26/96 3,847,223 1,000,000 Ford Motor Credit Corp.,..................................... 9.100% 07/05/96 1,011,644 9,000,000 Ford Motor Credit Corp.,..................................... 9.125% 04/08/96 9,027,222 18,500,000 General Electric Credit Corp.,............................... 7.980% 12/15/96 18,911,736 1,000,000 Goldman Sachs Group,#........................................ 7.440% 01/31/97 1,019,271 6,000,000 Household Finance Corp.,..................................... 7.860% 01/24/97 6,126,484 3,000,000 International Lease Financing,............................... 4.750% 01/15/97 2,990,413 1,000,000 International Lease Financing,............................... 4.750% 07/15/96 996,718 1,955,000 International Lease Financing,............................... 6.250% 08/15/96 1,958,023 11,000,000 International Lease Financing,............................... 6.375% 11/01/96 11,035,654 2,750,000 International Lease Financing,............................... 6.800% 09/30/96 2,765,805 3,500,000 International Lease Financing,............................... 7.600% 11/29/96 3,542,418 5,000,000 International Lease Financing,............................... 7.630% 02/13/97 5,110,483 2,000,000 International Lease Financing,............................... 7.900% 10/01/96 2,025,534 1,050,000 Merrill Lynch & Co., Inc.,................................... 4.750% 06/24/96 1,046,962
See notes to financial statements. 10 39 VISTA GLOBAL MONEY MARKET FUND PORTFOLIO OF INVESTMENTS February 29, 1996 (unaudited) (continued) - --------------------------------------------------------------------------------
Principal Amount Rate Maturity Value ------------------------------------------------------------------------------------------------------------------ $ 6,500,000 Merrill Lynch & Co., Inc.,................................... 5.000% 12/15/96 $ 6,466,183 12,500,000 Morgan Stanley Group,........................................ 7.320% 01/15/97 12,722,099 400,000 NationsBank Corp.,........................................... 4.750% 08/15/96 397,894 1,180,000 NationsBank Corp.,........................................... 7.500% 02/15/97 1,206,560 1,000,000 Norwest Corp.,............................................... 7.750% 12/31/96 1,019,711 300,000 PepsiCo, Inc.,............................................... 7.000% 11/15/96 302,522 500,000 PNC Bank N.A................................................. 6.625% 03/29/96 500,391 500,000 Security Pacific Corp.,...................................... 7.750% 12/01/96 507,046 12,000,000 Toyota Motor Credit Corp.,................................... 5.800% 08/16/96 11,994,946 3,785,000 Transamerica Financial Corp.,................................ 5.850% 07/15/96 3,787,152 1,110,000 Travelers, Inc.,............................................. 7.625% 01/15/97 1,128,634 10,965,000 U.S. Leasing International,.................................. 8.750% 05/01/96 11,012,087 2,000,000 World Savings & Loan Bank,................................... 4.875% 03/01/96 2,000,000 2,500,000 World Savings & Loan Bank,................................... 7.625% 02/18/97 2,556,059 ------------ TOTAL CORPORATE AND OTHER.................................... 174,658,714 ------------------------------------------------------------------------------------------------------------------ TOTAL BONDS AND NOTES (COST $235,136,036).................... 235,136,036 ------------------------------------------------------------------------------------------------------------------ COMMERCIAL PAPER -- 24.2% ------------------------------------------------------------------------------------------------------------------ 9,412,000 Accor,....................................................... 5.340% 04/11/96 9,354,759 2,000,000 AES Shady Point Energy Corp.,................................ 5.300% 03/25/96 1,992,933 2,000,000 AES Shady Point Energy Corp.,................................ 5.350% 04/04/96 1,989,894 15,000,000 Banco Bradesco,.............................................. 5.300% 06/05/96 14,788,000 15,000,000 Bancomext,................................................... 5.210% 07/10/96 14,715,621 20,000,000 Beal Cayman Islands,......................................... 5.590% 03/11/96 19,968,944 9,629,000 BOT Financial Corp.,......................................... 5.400% 04/23/96 9,552,449 5,000,000 Broadway Capital Corp.,#..................................... 5.450% 04/17/96 4,964,424 8,000,000 Cemex,....................................................... 5.120% 05/17/96 7,912,391 10,000,000 Cemex,....................................................... 5.330% 04/23/96 9,921,531 15,000,000 Cemex,....................................................... 5.400% 04/12/96 14,905,500 20,139,000 Comed Fuel Comp., Inc.,...................................... 5.180% 05/09/96 19,939,053 3,544,000 Diamond Asset Funding, Corp., Ser. A,........................ 5.450% 06/17/96 3,486,056 2,653,000 Diamond Asset Funding, Corp., Ser. A,........................ 5.950% 05/15/96 2,620,114 4,500,000 Enterprise Funding Corp.,#................................... 5.450% 03/07/96 4,495,913 10,000,000 International Securitization Corp.,.......................... 5.270% 03/14/96 9,980,969 8,000,000 Market Street Funding Corp.,#................................ 5.450% 03/11/96 7,987,889 3,500,000 PREFCO,...................................................... 5.450% 03/25/96 3,487,283 8,365,000 Receivables Capital Corp.,#.................................. 5.250% 03/14/96 8,349,141 8,500,000 Ruby Asset Funding Corp.,.................................... 5.380% 04/30/96 8,423,783 8,000,000 Stellar Capital Corp.,#...................................... 5.700% 05/07/96 7,915,133
See notes to financial statements. 11 40 VISTA GLOBAL MONEY MARKET FUND PORTFOLIO OF INVESTMENTS February 29, 1996 (unaudited) (continued) - --------------------------------------------------------------------------------
Principal Amount Rate Maturity Value ------------------------------------------------------------------------------------------------------------------ $10,000,000 Svenska Handelsbanken Inc.,.................................. 5.180% 05/30/96 $ 9,870,500 10,000,000 Svenska Handelsbanken Inc.,.................................. 5.200% 05/03/96 9,909,000 8,500,000 Thames Asset Global Sec.,#................................... 5.250% 03/15/96 8,482,646 ------------------------------------------------------------------------------------------------------------------ TOTAL COMMERCIAL PAPER (COST $215,013,926)................... 215,013,926 ------------------------------------------------------------------------------------------------------------------ FLOATING RATE NOTES -- 44.8% ------------------------------------------------------------------------------------------------------------------ U.S. Government Agencies and Agency Sponsored Obligations -- 19.2% 37,000,000 Federal Home Loan Bank, Debenture,........................... 4.100% 03/05/96 37,000,000 10,000,000 Student Loan Marketing Association,.......................... 5.140% 03/05/96 9,999,906 10,525,000 Student Loan Marketing Association,.......................... 5.180% 03/05/96 10,525,000 63,875,000 Student Loan Marketing Association,.......................... 5.200% 03/05/96 63,888,483 49,000,000 Student Loan Marketing Association,.......................... 5.210% 03/05/96 49,000,000 ------------ TOTAL U.S. GOVERNMENT AGENCIES AND AGENCY SPONSORED OBLIGATIONS................................................ 170,413,389 ------------ State and Municipal -- 4.2% 4,300,000 Illinois Student Assistance Commission, Taxable Ser. B,...... 5.610% 03/06/96 4,300,000 4,800,000 Illinois Student Assistance Commission, Taxable Ser. D.,..... 5.610% 03/06/96 4,800,000 17,000,000 Kern County, California Pension Obligation, Taxable, Medical Options Period,............................................ 5.588% 03/01/96 17,000,000 11,600,000 Texas State, Taxable, Medical Options Period, Cr-11,......... 5.463% 03/01/96 11,600,000 ------------ TOTAL STATE AND MUNICIPAL.................................... 37,700,000 ------------ Corporate and Other -- 21.4% 10,000,000 American Express Centurion Bank,............................. 6.300% 03/01/96 9,997,139 45,000,000 Avco Financial Services,..................................... 5.530% 03/01/96 44,999,210 45,000,000 CIT Group Holdings,.......................................... 5.300% 03/01/96 44,980,372 20,000,000 FCC National Bank,........................................... 5.000% 03/01/96 19,985,288 35,000,000 Merrill Lynch and Co., Inc.,................................. 5.610% 03/01/96 34,999,887 10,000,000 PNC Bank, N.A. ,............................................. 5.235% 03/05/96 9,995,121 25,000,000 PNC Bank, N.A.,.............................................. 5.000% 03/05/96 24,983,073 ------------ TOTAL CORPORATE AND OTHER.................................... 189,940,090 ------------------------------------------------------------------------------------------------------------------ TOTAL FLOATING RATE NOTES (COST $398,053,479)................ 398,053,479 ------------------------------------------------------------------------------------------------------------------ TIME DEPOSITS -- 7.7% ------------------------------------------------------------------------------------------------------------------ 20,000,000 Bank of Tokyo, New York,..................................... 5.375% 04/22/96 20,000,000 26,632,000 CIBC,........................................................ 6.125% 03/01/96 26,632,000 20,000,000 Mitsubishi Bank,............................................. 6.063% 04/09/96 20,000,000 2,000,000 Society National Bank,....................................... 6.000% 04/25/96 1,999,895 ------------------------------------------------------------------------------------------------------------------ TOTAL TIME DEPOSITS (COST $68,631,895)....................... 68,631,895 ------------------------------------------------------------------------------------------------------------------
See notes to financial statements. 12 41 VISTA GLOBAL MONEY MARKET FUND PORTFOLIO OF INVESTMENTS February 29, 1996 (unaudited) (continued) - --------------------------------------------------------------------------------
Principal Amount Rate Maturity Value ------------------------------------------------------------------------------------------------------------------ CERTIFICATES OF DEPOSITS -- 0.9% ------------------------------------------------------------------------------------------------------------------ $ 5,000,000 Mitsubishi Bank,............................................. 5.310% 05/02/96 $ 4,999,875 3,000,000 Mitsubishi Bank,............................................. 6.530% 05/07/96 3,002,352 ------------------------------------------------------------------------------------------------------------------ TOTAL CERTIFICATES OF DEPOSITS (COST $8,002,227)............. 8,002,227 ------------------------------------------------------------------------------------------------------------------ ------------------------------------------------------------------------------------------------------------------ TOTAL INVESTMENTS (COST $924,837,563)** 104.2%............... $924,837,563 ------------------------------------------------------------------------------------------------------------------
See notes to financial statements. 13 42 VISTA PRIME MONEY MARKET FUND PORTFOLIO OF INVESTMENTS February 29, 1996 (unaudited) - --------------------------------------------------------------------------------
Principal Amount Rate Maturity Value ------------------------------------------------------------------------------------------------------------------ BONDS AND NOTES -- 9.3% ------------------------------------------------------------------------------------------------------------------ U.S. Government Obligations -- 2.2% $ 10,000,000 U.S. Treasury Note,....................................... 6.625% 03/31/97 $ 10,154,686 15,000,000 U.S. Treasury Note,....................................... 7.500% 12/31/96 15,262,109 5,000,000 U.S. Treasury Note,....................................... 7.500% 01/31/97 5,114,067 -------------- TOTAL U.S. GOVERNMENT OBLIGATIONS......................... 30,530,862 -------------- Corporate and Other -- 7.1% 3,500,000 American General Finance,................................. 5.650% 03/14/97 3,522,397 5,795,000 American General Finance,................................. 7.375% 11/15/96 5,858,492 1,500,000 American General Finance,................................. 8.875% 03/15/96 1,501,682 1,000,000 Associates Corp. of North America,........................ 4.900% 12/02/96 993,929 2,750,000 Associates Corp. of North America,........................ 6.875% 01/15/97 2,791,442 6,000,000 Associates Corp. of North America,........................ 7.500% 10/15/96 6,070,118 1,000,000 Associates Corp. of North America,........................ 8.520% 06/10/96 1,006,990 4,000,000 Citi Corp.,............................................... 9.350% 05/07/96 4,025,207 3,000,000 Deutsche Bank Financial,.................................. 8.800% 01/15/97 3,094,517 500,000 duPont (El) deNemours,.................................... 8.450% 10/15/96 508,367 7,045,000 Ford Motor Credit Corp.,.................................. 5.625% 03/03/97 7,088,010 4,750,000 Ford Motor Credit Corp.,.................................. 8.600% 08/14/96 4,806,107 1,150,000 General Electric Credit Corp., PUT,....................... 7.850% 07/17/96 1,160,550 18,320,000 General Electric Credit Corp., PUT,....................... 7.980% 12/15/96 18,712,500 7,950,000 General Electric Credit Corp.,............................ 8.000% 01/17/97 8,129,904 500,000 General Electric Credit Corp., PUT,....................... 8.650% 05/01/96 502,500 2,000,000 Goldman Sachs & Co.,...................................... 5.000% 08/23/96 1,996,784 2,915,000 McDonald's Corp.,......................................... 8.000% 01/17/97 2,976,550 1,485,000 Merrill Lynch & Co., Inc.,................................ 4.750% 06/24/96 1,481,579 690,000 Merrill Lynch & Co., Inc.,................................ 5.000% 12/15/96 687,415 2,000,000 Merrill Lynch & Co., Inc.,................................ 6.876% 03/18/96 2,001,095 2,000,000 Morgan Stanley Group, Inc.,............................... 7.320% 01/15/97 2,033,546 10,000,000 Morgan Stanley Group, Inc.,............................... 7.790% 02/03/97 10,229,196 200,000 NCNB Corp.,............................................... 8.500% 11/01/96 203,508 5,900,000 Norwest Corp.,............................................ 7.875% 01/30/97 6,028,065 2,000,000 Toyota Motor Credit Corp.,................................ 6.500% 02/04/97 2,020,970 -------------- TOTAL CORPORATE AND OTHER................................. 99,431,420 ------------------------------------------------------------------------------------------------------------------ TOTAL BONDS AND NOTES (COST $129,962,282)................. 129,962,282 ------------------------------------------------------------------------------------------------------------------ COMMERCIAL PAPER -- 60.9% ------------------------------------------------------------------------------------------------------------------ 13,482,000 AAA Funding Corp.,#....................................... 5.250% 03/04/96 13,476,102 22,878,000 AAA Funding Corp.,#....................................... 5.250% 03/08/96 22,854,645 7,602,000 AAA Funding Corp.,#....................................... 5.250% 03/06/96 7,596,457 10,000,000 AAA Funding Corp.,#....................................... 5.350% 04/04/96 9,949,472 10,000,000 AES Shady Point Energy Corp.,............................. 5.500% 03/05/96 9,993,889
See notes to financial statements. 14 43 VISTA PRIME MONEY MARKET FUND PORTFOLIO OF INVESTMENTS February 29, 1996 (unaudited) (continued) - --------------------------------------------------------------------------------
Principal Amount Rate Maturity Value ------------------------------------------------------------------------------------------------------------------ $ 30,000,000 Asset Securitization Coop Corp.,.......................... 5.350% 04/04/96 $ 29,848,416 10,000,000 Banamex,.................................................. 5.230% 05/23/96 9,879,419 13,000,000 Banamex,.................................................. 5.250% 03/07/96 12,988,625 15,000,000 Banco Bradesco,........................................... 5.300% 06/05/96 14,788,000 10,000,000 Banco Bradesco,........................................... 5.660% 06/03/96 9,852,211 15,000,000 Banco Real,............................................... 5.320% 04/22/96 14,884,733 15,000,000 Bancomext,................................................ 5.210% 07/10/96 14,715,621 13,000,000 Barton Capital Corp.,..................................... 5.450% 03/04/96 12,994,096 20,000,000 Beal Brazil,.............................................. 5.170% 04/25/96 19,842,028 10,000,000 Beal Cayman Islands,...................................... 5.050% 05/24/96 9,882,167 10,000,000 Beal Cayman Islands,...................................... 5.470% 03/22/96 9,968,092 22,236,000 Blue Hawk Funding Corp.,.................................. 5.250% 03/01/96 22,236,000 6,795,000 BOT Financial Corp.,...................................... 5.380% 04/19/96 6,745,242 5,071,000 BOT Financial Corp.,...................................... 5.450% 04/18/96 5,034,151 10,000,000 BOT Financial Corp.,...................................... 5.450% 04/16/96 9,930,361 17,000,000 Cemex,.................................................... 5.120% 05/17/96 16,813,831 10,000,000 Cemex,.................................................... 5.330% 04/23/96 9,921,531 10,000,000 Cemex,.................................................... 5.400% 04/12/96 9,937,000 10,000,000 Cemex,.................................................... 5.620% 03/25/96 9,962,533 15,000,000 Ciesco L.P.,.............................................. 5.450% 03/25/96 14,945,500 25,000,000 Delaware Funding Corp.,................................... 5.250% 03/04/96 24,989,063 7,000,000 Diamond Asset Funding, Corp., Ser. A,..................... 5.370% 04/04/96 6,964,498 20,000,000 Diamond Asset Funding, Corp., Ser. A,..................... 5.480% 03/25/96 19,926,933 10,000,000 Enterprise Capital Corp.,................................. 5.220% 03/21/96 9,971,000 10,100,000 Enterprise Funding Corp.,#................................ 5.230% 03/21/96 10,070,654 12,700,000 Enterprise Funding Corp.,#................................ 5.250% 03/18/96 12,668,515 8,146,000 Enterprise Funding Corp.,#................................ 5.250% 03/15/96 8,129,369 3,034,000 Enterprise Funding Corp.,#................................ 5.400% 04/05/96 3,018,072 21,134,000 Enterprise Funding Corp.,#................................ 5.450% 03/12/96 21,098,806 20,000,000 ESC Securitization Inc.,.................................. 5.400% 03/19/96 19,946,000 15,000,000 Hahn Issuing Corp.,....................................... 5.230% 03/08/96 14,984,746 3,400,000 Hunt Resources,........................................... 5.240% 03/22/96 3,389,607 37,925,000 International Securitization Corp.,....................... 5.250% 03/08/96 37,886,285 3,000,000 International Securitization Corp.,....................... 5.250% 03/15/96 2,993,875 10,000,000 International Securitization Corp.,....................... 5.270% 03/14/96 9,980,969 20,000,000 Kingdom of Sweden,........................................ 5.200% 05/16/96 19,780,444 12,000,000 Market Street Funding,#................................... 5.450% 03/11/96 11,981,833 35,000,000 Merrill Lynch & Co., Inc.,................................ 5.230% 03/08/96 34,964,407 3,000,000 Michelin Tire,............................................ 5.250% 03/07/96 2,997,375 5,000,000 Mitsubishi Motors Credit Acceptance (MMCA),............... 5.470% 03/20/96 4,985,565 10,000,000 Morgan Stanley Group, Inc.,............................... 5.320% 04/22/96 9,923,156 19,325,000 Nebraska Higher Education, LOC,........................... 5.230% 03/15/96 19,285,695 12,064,000 Nicollet Funding Corp.,#.................................. 5.280% 04/29/96 11,959,606 24,000,000 Oakland -- Alameda County, California,.................... 5.290% 03/22/96 24,000,000 15,000,000 Oakland -- Alameda County, California,.................... 5.490% 03/04/96 15,000,000 2,000,000 Pacific Dunlop Holdings Inc.,............................. 5.500% 03/22/96 1,993,583
See notes to financial statements. 15 44 VISTA PRIME MONEY MARKET FUND PORTFOLIO OF INVESTMENTS February 29, 1996 (unaudited) (continued) - --------------------------------------------------------------------------------
Principal Amount Rate Maturity Value ------------------------------------------------------------------------------------------------------------------ $ 13,100,000 Pemex Capital Corp.,...................................... 5.170% 04/26/96 $ 12,994,647 22,409,000 Prime Asset Vehicle,#..................................... 5.200% 04/09/96 22,282,763 6,500,000 Prime Asset Vehicle,#..................................... 5.270% 04/30/96 6,442,908 10,144,000 Redwood Receivable Capital Corp.,......................... 5.230% 03/22/96 10,113,052 20,000,000 Redwood Receivable Capital Corp.,......................... 5.250% 04/12/96 19,877,500 9,922,000 Redwood Receivable Capital Corp.,......................... 5.250% 03/15/96 9,901,743 12,000,000 Ruby Asset Funding Corp.,................................. 5.500% 03/29/96 11,948,667 20,000,000 Sheffield Receivable Corp.,#.............................. 5.540% 03/01/96 20,000,000 5,210,000 Stellar Capital Corp.,#................................... 5.450% 04/18/96 5,172,141 7,000,000 Stellar Capital Corp.,#................................... 5.700% 05/01/96 6,932,392 15,000,000 Thames Asset Global Sec.,#................................ 5.250% 03/15/96 14,969,375 10,010,000 Three Mile Island,........................................ 5.520% 03/01/96 10,010,000 4,019,000 Windmill Funding Corp.,................................... 5.250% 03/01/96 4,019,000 7,011,000 Windmill Funding Corp.,................................... 5.450% 03/08/96 7,003,570 ------------------------------------------------------------------------------------------------------------------ TOTAL COMMERCIAL PAPER (COST $853,597,936)................ 853,597,936 ------------------------------------------------------------------------------------------------------------------ FLOATING RATE NOTES -- 18.4% ------------------------------------------------------------------------------------------------------------------ U.S. Government Agencies and Agency Sponsored Obligations -- 4.7% 2,000,000 Federal Home Loan Bank, Debenture,........................ 4.100% 03/05/96 2,000,000 3,315,000 Student Loan Marketing Association,....................... 5.340% 03/05/96 3,315,365 5,000,000 Student Loan Marketing Association,....................... 5.140% 03/05/96 5,000,000 12,000,000 Student Loan Marketing Association,....................... 5.200% 03/05/96 12,000,000 44,000,000 Student Loan Marketing Association,....................... 5.210% 03/05/96 44,000,000 -------------- TOTAL U.S. GOVERNMENT AGENCIES AND AGENCY SPONSORED OBLIGATIONS............................................. 66,315,365 -------------- State and Municipal -- 2.7% 12,600,000 Illinois Student Assistance Commission, Taxable Ser. B,... 5.610% 03/06/96 12,600,000 12,200,000 Illinois Student Assistance Commission, Taxable Ser. D.,..................................................... 5.610% 03/06/96 12,200,000 13,610,000 New Orleans Louisiana, Aviation Board,.................... 5.460% 03/06/96 13,610,000 -------------- TOTAL STATE AND MUNICIPAL................................. 38,410,000 -------------- Corporate and Other -- 11.0% 15,000,000 Amex Centurion Bank,...................................... 6.320% 03/01/96 15,000,000 2,750,000 Avco Financial Services,.................................. 5.530% 03/01/96 2,749,952 15,000,000 Comerica Bank,............................................ 5.350% 03/01/96 14,995,964 50,000,000 FCC National Bank,........................................ 5.000% 03/01/96 49,963,220 10,000,000 Huntington National Bank,................................. 6.255% 03/01/96 9,994,895 7,000,000 Merrill Lynch & Co., Inc.,................................ 5.610% 03/01/96 6,999,977
See notes to financial statements. 16 45 VISTA PRIME MONEY MARKET FUND PORTFOLIO OF INVESTMENTS February 29, 1996 (unaudited) (continued) - --------------------------------------------------------------------------------
Principal Amount Rate Maturity Value ------------------------------------------------------------------------------------------------------------------ $ 10,000,000 Merrill Lynch & Co., Inc.,................................ 6.320% 03/01/96 $ 9,998,289 10,000,000 Merrill Lynch & Co.,...................................... 6.330% 03/01/96 9,999,907 25,000,000 Morgan Stanly Group, Inc.,................................ 5.550% 03/01/96 25,008,821 10,000,000 PNC Bank Corp.,........................................... 5.235% 03/05/96 9,995,121 -------------- TOTAL CORPORATE AND OTHER................................. 154,706,146 ------------------------------------------------------------------------------------------------------------------ TOTAL FLOATING RATE NOTES (COST $259,431,511)............. 259,431,511 ------------------------------------------------------------------------------------------------------------------ TIME DEPOSITS -- 11.5% ------------------------------------------------------------------------------------------------------------------ 45,724,000 Canadian Imperial Bank, Co.,.............................. 6.125% 03/01/96 45,724,000 15,000,000 Mitsubishi Bank,.......................................... 6.063% 04/09/96 15,000,000 100,000,000 Natwest Bank,............................................. 6.125% 03/01/96 100,000,000 ------------------------------------------------------------------------------------------------------------------ TIME DEPOSITS (COST $160,724,000)......................... 160,724,000 ------------------------------------------------------------------------------------------------------------------ CERTIFICATES OF DEPOSITS -- 3.6% ------------------------------------------------------------------------------------------------------------------ 10,000,000 Mellon Bank,.............................................. 5.700% 03/07/96 10,000,652 15,000,000 Mitsubishi Bank,.......................................... 5.310% 05/02/96 14,999,625 25,000,000 Societe Generale, N.A., Inc.,............................. 5.250% 04/04/96 25,000,000 ------------------------------------------------------------------------------------------------------------------ TOTAL CERTIFICATES OF DEPOSITS (COST $50,000,277)......... 50,000,277 ------------------------------------------------------------------------------------------------------------------ ------------------------------------------------------------------------------------------------------------------ TOTAL INVESTMENTS (COST $1,453,716,006)** 103.7%.......... $1,453,716,006 ------------------------------------------------------------------------------------------------------------------
See notes to financial statements. 17 46 VISTA TAX FREE MONEY MARKET FUND PORTFOLIO OF INVESTMENTS February 29, 1996 (unaudited) - --------------------------------------------------------------------------------
Principal Amount Rate Maturity Value ------------------------------------------------------------------------------------------------------------------ STATE AND MUNICIPAL OBLIGATIONS -- 99.2% ------------------------------------------------------------------------------------------------------------------ ALABAMA -- 3.4% $ 6,300,000 Birmingham, Alabama, Ser. 1992-A, FRDN,........................ 3.375% 03/07/96 $ 6,300,000 3,000,000 Birmingham, Alabama, Warrants, Ser. A, FRDN,................... 3.350% 03/07/96 3,000,000 4,000,000 Columbia, Alabama, IDB PCR, Alabama Power Co. Project, Ser. C, FRDN, Rev.,.................................................. 3.500% 03/01/96 4,000,000 1,000,000 Columbia, Alabama, IDB PCR, Alabama Power Co. Project, Ser. D, FRDN, Rev.,.................................................. 3.450% 03/01/96 1,000,000 1,000,000 Mcintosh, Alabama Industrial Development Board Solid Waste Disposal, CIBA-Geigy Corp., FRDN,............................ 3.350% 03/07/96 1,000,000 1,500,000 St. Clair County, Alabama, IDB, National Cement Co., Inc., Project II, FRDN, Rev.,...................................... 3.200% 03/07/96 1,500,000 ------------ 16,800,000 ------------ ARIZONA -- 4.5% 4,500,000 City of Phoenix, Arizona, Ser. 95-2, FRDN,..................... 3.350% 03/01/96 4,500,000 3,000,000 City of Phoenix, Arizona, IDA, Multifamily Housing, Southwest Villages, Project A, FRDN,................................... 3.250% 03/07/96 3,000,000 5,000,000 Apache County, Arizona, IDA, Tucson Electric Power Co., 83-B, FRDN,........................................................ 3.200% 03/07/96 5,000,000 1,000,000 Arizona State Transportation Board Highway Rev.,............... 8.000% 07/01/96 1,033,070 1,950,000 Phoenix, Arizona IDA Multifamily Housing, Paradise Shadows Apartments, FRDN, Rev.,...................................... 3.250% 03/07/96 1,950,000 4,100,000 Phoenix, Arizona, Ser. 95-2, FRDN,............................. 3.500% 03/01/96 4,100,000 1,300,000 Pima County, Arizona IDA, Tucson Electric, Ser. A, FRDN, Rev.,........................................................ 3.350% 03/07/96 1,300,000 1,200,000 Pima County, Arizona IDA, Tucson Electric Power Project, 1983 Ser. A, FRDN,................................................ 3.400% 03/07/96 1,200,000 ------------ 22,083,070 ------------ CALIFORNIA -- 8.8% 1,500,000 California Higher Education Loan Authority, Ser. A, PUT, Rev.,........................................................ 4.350% 05/01/96 1,500,000 2,500,000 California Housing Financing Agency, Home Mortgage, Ser. E, PUT, Rev.,................................................... 3.500% 02/01/97 2,500,000 1,305,000 California Pollution Control Financing Authority, Resource Recovery, Wadham Energy, Ser. A, FRDN, Rev.,................. 3.400% 03/07/96 1,305,000 7,000,000 California School Cash Reserve Program Authority, Pool, Ser. A, Rev.,........................................................ 4.750% 07/03/96 7,026,918 3,000,000 California School Cash Reserve Program Authority, Ser. B, Rev.,........................................................ 4.500% 12/20/96 3,016,238 17,500,000 California State, Ser. C, RAN,................................. 5.750% 04/25/96 17,549,587 1,400,000 Colton California Redevelopment Agency, 1985, Issue A, FRDN,... 3.100% 03/07/96 1,400,000 1,480,000 Madera County California IDA, Regency Thermographers, FRDN, Rev.,........................................................ 3.350% 03/07/96 1,480,000 4,900,000 Three Valleys Municipal Water District, Miramar Water Treatment, FRDN,............................................. 3.250% 03/07/96 4,900,000 2,135,000 Turlock, California IRR District, Ser. A, Rev.,................ 4.000% 01/01/97 2,141,905 300,000 Union City California IDA, Ser. A-1, FRDN,..................... 3.550% 03/07/96 300,000 ------------ 43,119,648 ------------
See notes to financial statements. 18 47 VISTA TAX FREE MONEY MARKET FUND PORTFOLIO OF INVESTMENTS February 29, 1996 (unaudited) (continued) - --------------------------------------------------------------------------------
Principal Amount Rate Maturity Value ------------------------------------------------------------------------------------------------------------------ COLORADO -- 0.5% $ 1,000,000 Colorado Health Facilities Authority Health Care Systems, Sisters Charity, Sunny Acre, PUT, Rev.,...................... 3.750% 05/01/96 $ 1,000,000 1,500,000 Platte River Power Authority, Colorado Electric, Ser. I, Rev.,........................................................ 7.700% 06/01/96 1,544,285 ------------ 2,544,285 ------------ CONNECTICUT -- 0.2% 1,000,000 Mashantucket Western Pequot Tribe of Connecticut, CP,.......... 3.400% 07/30/96 1,000,000 ------------ FLORIDA -- 5.8% 1,000,000 Alachua County, Florida, Library District, Rev.,............... 8.000% 08/01/96 1,037,668 3,600,000 Broward County, Florida Housing Finance Authority, Palm Aire -- Oxford Ser. A, FRDN,................................. 3.600% 03/07/96 3,600,000 800,000 Florida State Board of Education Capital Outlay, Public Education, Ser. E, Rev.,..................................... 4.500% 06/01/96 801,943 6,400,000 Hillsborough County, Florida, IDA, PCR, Tampa Electric Co., Gannon, FRDN, Rev.,.......................................... 3.350% 03/01/96 6,400,000 2,300,000 Jacksonville Florida Health Facilities Authority Hospital Rev., Baptist Medical Center Project, FRDN, Rev.,.................. 3.350% 03/01/96 2,300,000 5,950,000 Orange County, Florida Housing Finance Authority, Westlake, Westlake, FRDN,.............................................. 3.600% 03/07/96 5,950,000 700,000 Orange County, Florida Housing Finance Authority, Westlake, Windscape, FRDN,............................................. 3.600% 03/07/96 700,000 1,500,000 St. Lucie, Florida Power & Light Corp., CP,.................... 3.250% 06/05/96 1,500,000 5,000,000 St. Lucie, Florida Power & Light Corp., CP,.................... 3.800% 03/14/96 5,000,000 1,225,000 Volusia County, Florida Housing Finance Authority, Sun Pointe Apts., Ser. H, FRDN,......................................... 3.250% 03/07/96 1,225,000 ------------ 28,514,611 ------------ GEORGIA -- 6.9% 500,000 Atlanta, Georgia, Downtown Development Authority IDR, Underground Atlanta Project, Rev.,........................... 7.750% 10/01/96 520,404 2,000,000 Bartow County, Georgia, IDA, Princeton Carpets, Inc., FRDN, Rev.,........................................................ 3.200% 03/07/96 2,000,000 4,100,000 Burke County, Georgia, PCR, Georgia Power Co., Plant Vogtle -- 5th Ser., FRDN, Rev.,.............................. 3.450% 03/01/96 4,100,000 3,200,000 Burke County, Georgia, PCR, Georgia Power Co., Vogtle, 2nd Ser., FRDN, Rev.,............................................ 3.400% 03/01/96 3,200,000 2,700,000 Clayton County, Georgia Housing Authority, Multifamily Rainwood Development, FRDN,........................................... 3.375% 03/07/96 2,700,000 2,500,000 Columbia County, Georgia, IDA, Dixie Bedding, Ser. P, FRDN, Rev.,........................................................ 3.450% 03/07/96 2,500,000 25,000 Columbus, Georgia Development Authority, R P Real Estate, Inc., FRDN,........................................................ 3.700% 03/07/96 25,000 2,200,000 Elbert County, Georgia, FRDN,.................................. 3.300% 03/07/96 2,200,000 2,500,000 Fulco, Georgia, Hospital Authority Certificates Updates, St. Joseph's Hospital Project, CP,............................... 3.350% 04/08/96 2,500,000
See notes to financial statements. 19 48 VISTA TAX FREE MONEY MARKET FUND PORTFOLIO OF INVESTMENTS February 29, 1996 (unaudited) (continued) - --------------------------------------------------------------------------------
Principal Amount Rate Maturity Value ------------------------------------------------------------------------------------------------------------------ GEORGIA, CONTINUED $ 6,000,000 Fulco, Georgia, Hospital Authority, Piedmont Hospital Project, FRDN, Rev.,.................................................. 3.300% 03/07/96 $ 6,000,000 2,800,000 Georgia State, School Improvement, Ser. C, GO,................. 4.400% 08/01/96 2,813,184 3,575,000 Rockdale County, Georgia, IDR, Takahashi Works USA, Inc. Project, FRDN, Rev.,......................................... 3.650% 03/07/96 3,575,000 1,970,000 Washington, Georgia, Wilkes Payroll Development Authority, Pak Products, Inc., FRDN,........................................ 3.650% 03/07/96 1,970,000 ------------ 34,103,588 ------------ HAWAII -- 0.2% 1,000,000 Hawaii County, Hawaii, Ser. A, Rev.,........................... 3.800% 05/01/96 1,000,954 ------------ IDAHO -- 1.6% 4,000,000 Idaho State, TAN,.............................................. 4.500% 06/27/96 4,008,700 3,800,000 Port Lewiston Port Facilities, Idaho, Fribourg Investment Co., FRDN, Rev.,.................................................. 3.720% 03/07/96 3,800,000 ------------ 7,808,700 ------------ ILLINOIS -- 1.7% 570,000 Berwyn Illinois, MacNeal Memorial Hospital Association Project, Rev.,........................................................ 4.100% 06/01/96 570,399 2,000,000 Illinois Development Financial Authority, IDR, Balspar Corp. Project, FRDN, Rev.,......................................... 3.450% 03/07/96 2,000,000 5,000,000 Illinois State, GO,............................................ 4.000% 06/01/96 5,004,908 700,000 Southwestern Illinois IDA, Robinson Steel Co. Inc. Project, FRDN, Rev.,.................................................. 3.550% 03/07/96 700,000 ------------ 8,275,307 ------------ INDIANA -- 0.1% 150,000 Indiana State Employment Development, Griner Engineering Co., FRDN,........................................................ 3.650% 03/07/96 150,000 150,000 Indiana State Employment Development, Metal Services & Supply, Inc., FRDN,.................................................. 3.650% 03/07/96 150,000 100,000 Indiana State Employment Development, Mobel Project, FRDN,..... 3.650% 03/07/96 100,000 50,000 Indiana State Employment Development, Southern Indiana Rehabilitation Services, Inc., FRDN,......................... 3.650% 03/07/96 50,000 160,000 Indiana State Employment Development, Triangle Ventures Project, FRDN,............................................... 3.650% 03/07/96 160,000 ------------ 610,000 ------------ IOWA -- 0.4% 2,200,000 Iowa School Corps, Iowa School Cash Anticipation Program, Ser. A, Rev.,..................................................... 4.750% 06/28/96 2,206,254 ------------
See notes to financial statements. 20 49 VISTA TAX FREE MONEY MARKET FUND PORTFOLIO OF INVESTMENTS February 29, 1996 (unaudited) (continued) - --------------------------------------------------------------------------------
Principal Amount Rate Maturity Value ------------------------------------------------------------------------------------------------------------------ MAINE -- 3.0% $ 3,125,000 Lewiston, Maine, Geiger Brothers Project, FRDN, Rev.,.......... 3.500% 03/30/96 $ 3,125,000 5,000,000 Maine State, TAN,.............................................. 4.500% 06/30/96 5,017,418 5,000,000 Maine State, TAN,.............................................. 4.500% 06/28/96 5,011,762 1,325,000 Portland, Maine, Oakhurst Dairy, FRDN,......................... 3.700% 03/30/96 1,325,000 ------------ 14,479,180 ------------ MARYLAND -- 4.2% 700,000 Annapolis, Maryland, Forest-Gemini Facility, FRDN,............. 3.450% 03/07/96 700,000 2,000,000 Anne Arundel County, Maryland, FRDN,........................... 3.300% 03/07/96 2,000,000 2,000,000 Baltimore County, Maryland Pollution Control, Baltimore Gas & Electric Co., CP,............................................ 3.200% 03/06/96 2,000,000 5,000,000 Baltimore County, Maryland Pollution Control, Baltimore Gas & Electric Co., CP,............................................ 3.300% 03/06/96 5,000,000 3,000,000 Baltimore County, Maryland, GO, CP,............................ 3.150% 03/06/96 3,000,000 5,000,000 Baltimore County, Maryland, GO, CP,............................ 3.200% 05/08/96 5,000,000 300,000 Howard County, Maryland, Owen Brown, FRDN,..................... 3.115% 03/07/96 300,000 1,000,000 Maryland State Board of Environmental Resource Recovery, Colstrip Project, FRDN,...................................... 3.350% 03/07/96 1,000,000 1,500,000 Prince George's County, Maryland, CP,.......................... 3.450% 03/07/96 1,500,000 ------------ 20,500,000 ------------ MASSACHUSETTS -- 3.1% 3,000,000 Massachusetts Bay Transportation Authority, Ser. A, GO,........ 5.500% 03/01/96 3,000,000 5,000,000 Massachusetts Bay Transportation Authority, Ser. B, GO,........ 4.750% 09/06/96 5,018,666 1,200,000 Massachusetts State Industrial Financing Agency, Catamount Realty Trust, FRDN,.......................................... 3.600% 03/30/96 1,200,000 2,100,000 Massachusetts State Updates, Ser. B, FRDN, GO,................. 3.350% 03/01/96 2,100,000 1,500,000 Regional Waste Systems, Inc., Ser. K, FRDN,.................... 3.450% 03/07/96 1,500,000 2,395,000 Taunton Massachusetts IDA, Realty Trust IX Project, FRDN, Rev.,........................................................ 3.700% 03/30/96 2,395,000 ------------ 15,213,666 ------------ MICHIGAN -- 7.7% 2,000,000 Allegan County, Michigan Economic Development Corp., Dean Foods Co. Project, FRDN,........................................... 3.300% 03/07/96 2,000,000 8,300,000 Dearborn, Michigan Economic Development Corp., Oakbrook Common, FRDN,........................................................ 3.300% 03/07/96 8,300,000 2,000,000 Delta County, Michigan, Economic Development Corp., Environmental Improvement, Escanaba Paper Co. Project, FRDN, Rev.,........................................................ 3.500% 03/01/96 2,000,000 3,025,000 Farmington Hills, Michigan Economic Development Corp., Carrefour, FRDN,............................................. 3.375% 03/07/96 3,025,000 1,300,000 Grand Rapids, Michigan Economic Development Corp., Amway Hotel, FRDN,........................................................ 3.500% 03/07/96 1,300,000 300,000 Jackson County, Michigan Economic Development Corp., Melling Tool Project, FRDN,.......................................... 3.400% 03/07/96 300,000
See notes to financial statements. 21 50 VISTA TAX FREE MONEY MARKET FUND PORTFOLIO OF INVESTMENTS February 29, 1996 (unaudited) (continued) - --------------------------------------------------------------------------------
Principal Amount Rate Maturity Value ------------------------------------------------------------------------------------------------------------------ MICHIGAN, CONTINUED $ 2,000,000 Michigan State Strategic Fund IDR, Michigan Sugar Co., Croswell Project, FRDN, Rev.,......................................... 3.300% 03/07/96 $ 2,000,000 2,000,000 Michigan State Strategic Fund, Lex Controls, Inc. Project, FRDN,........................................................ 3.850% 03/07/96 2,000,000 10,000,000 Michigan State, GO,............................................ 4.000% 09/30/96 10,055,829 7,000,000 Michigan State, Strategic Fund Limited Obligation, Reserve 1, FRDN, Rev.,.................................................. 3.350% 03/01/96 7,000,000 ------------ 37,980,829 ------------ MINNESOTA -- 1.0% 1,900,000 Bloomington, Minnesota Port Authority, Mall of America Project, FRDN,........................................................ 3.400% 03/07/96 1,900,000 350,000 Burnsville, Minnesota, IDA, Kinder Care Centers, Ser. C, FRDN, Rev.,........................................................ 3.600% 03/07/96 350,000 2,000,000 Minnesota School Districts Tax & Aid Anticipation Borrowing Progress Certificates, Ser. A, TAN,.......................... 5.100% 03/15/96 2,000,145 600,000 Saint Louis Park, Minnesota Industrial Development, Unicare Home, Inc., FRDN,............................................ 3.550% 03/30/96 600,000 ------------ 4,850,145 ------------ MISSISSIPPI -- 1.6% 300,000 Mississippi Business Financial Corp., Air Cruisers Project, Ser. C, FRDN,................................................ 3.400% 03/07/96 300,000 5,600,000 Mississippi Business Financial Corp., IDR, Choctaw Maid Farms, Inc. Project, FRDN, Rev.,.................................... 3.450% 03/07/96 5,600,000 1,800,000 Perry County, Mississippi, PCR, Leaf River Forest Project, FRDN, Rev.,.................................................. 3.200% 03/07/96 1,800,000 ------------ 7,700,000 ------------ MISSOURI -- 2.1% 1,000,000 Macon, Missouri IDA, Health Care Realty, FRDN,................. 3.450% 03/07/96 1,000,000 2,200,000 Missouri State Health & Educational Facilities Authority, St. Anthony's Medical Center, Ser. B, FRDN, Rev.,................ 3.650% 03/07/96 2,200,000 6,800,000 Missouri State Health & Educational Facilities Authority, St. Anthony's Medical Center, Ser. A, FRDN,...................... 3.650% 03/07/96 6,800,000 345,000 Sikeston, Missouri, Electrical Power, Rev.,.................... 3.600% 06/01/96 345,000 ------------ 10,345,000 ------------ MONTANA -- 0.2% 1,000,000 Osage Beach Montana, IDA, Health Care Realty Osage, FRDN, Rev.,........................................................ 3.450% 03/30/96 1,000,000 ------------ NEBRASKA -- 0.4% 2,000,000 Sidney, Nebraska, IDR, Pennington Seed, Inc. Project, FRDN, Rev.,........................................................ 3.450% 03/07/96 2,000,000 ------------
See notes to financial statements. 22 51 VISTA TAX FREE MONEY MARKET FUND PORTFOLIO OF INVESTMENTS February 29, 1996 (unaudited) (continued) - --------------------------------------------------------------------------------
Principal Amount Rate Maturity Value ------------------------------------------------------------------------------------------------------------------ NEVADA -- 1.0% $ 650,000 Nevada State Department of Community Industrial Development, Kinplex Project, Ser. A, FRDN,............................... 3.400% 03/07/96 $ 650,000 4,250,000 Washoe County, Nevada Hospital Facilities, Washoe Medical Center Inc. Project, Ser. A, Rev.,........................... 7.500% 06/01/96 4,351,362 ------------ 5,001,362 ------------ NEW HAMPSHIRE -- 0.5% 2,000,000 New Hampshire State Business Financing Authority Industrial Facilities, Nickerson Assembly Co., FRDN, Rev.,.............. 3.500% 03/07/96 2,000,000 500,000 New Hampshire State Housing Finance Authority, Multifamily, Manchester, Ser. 1, FRDN,.................................... 3.400% 03/07/96 500,000 ------------ 2,500,000 ------------ NEW YORK -- 5.0% 3,000,000 Hempstead Town, New York, Ser. A, BAN,......................... 5.250% 03/01/96 3,000,000 1,000,000 Jacksonville Florida IDR, Trailer Marine, Crowly, FRDN, Rev.,........................................................ 3.450% 03/30/96 1,000,000 6,400,000 New York City, New York, Ser. B, RAN,.......................... 4.750% 06/28/96 6,417,918 3,900,000 New York City, New York, Ser. B, Dai Ichi Kangyo, FRDN, GO..... 3.400% 03/01/96 3,900,000 3,000,000 New York City, New York, Sub. Ser. E-5, FRDN, GO............... 3.500% 03/01/96 3,000,000 2,000,000 New York State Job Development Authority, Ser. A-1 through A-42, FRDN, Rev.,............................................ 3.650% 03/01/96 2,000,000 5,000,000 Suffolk County, New York, Ser. I, TAN,......................... 4.000% 08/15/96 5,017,813 ------------ 24,335,731 ------------ NORTH CAROLINA -- 1.8% 1,000,000 Durham North Carolina Water & Sewer Utility Systems Rev., FRDN, Rev.,........................................................ 3.250% 03/07/96 1,000,000 1,050,000 North Carolina Industrial Facilities & PCFA, Athol Mfg. Corp., Rev.,........................................................ 4.000% 03/01/97 1,050,000 1,250,000 North Carolina Industrial Facilities & PCFA, Athol Mfg. Corp., Rev.,........................................................ 5.500% 03/01/96 1,250,000 1,100,000 North Carolina Industrial Facilities & PCFA, Scotland Container Corp., Rev.,................................................. 4.050% 03/01/97 1,100,000 1,200,000 North Carolina Industrial Facilities & PCFA, Scotland Container Corp., Rev.,................................................. 5.500% 03/01/96 1,200,000 3,300,000 University North Carolina University. Kenan Memorial Stadium, FRDN, Rev.,.................................................. 3.150% 03/07/96 3,300,000 ------------ 8,900,000 ------------ OHIO -- 1.7% 1,800,000 Clermont County Ohio Hospital Facilities Rev., Mercy Health Systems, Ser. B, FRDN, Rev.,................................. 3.350% 03/07/96 1,800,000 4,000,000 Dayton, Ohio, Special Facilities, Emery Air Freight, Ser. F, FRDN, Rev.,.................................................. 3.500% 03/07/96 4,000,000 1,600,000 Franklin County, Ohio, Holy Cross Health Systems, FRDN, Rev.,........................................................ 3.300% 03/07/96 1,600,000 935,000 Lucas County, Ohio, IDR, Kinder Care, Ser. D, FRDN, Rev.,...... 3.600% 03/07/96 935,000 ------------ 8,335,000 ------------
See notes to financial statements. 23 52 VISTA TAX FREE MONEY MARKET FUND PORTFOLIO OF INVESTMENTS February 29, 1996 (unaudited) (continued) - --------------------------------------------------------------------------------
Principal Amount Rate Maturity Value ------------------------------------------------------------------------------------------------------------------ PENNSYLVANIA -- 3.9% $ 600,000 Delaware County, Pennsylvania, IDA, Airport Facilities, United Parcel Service Project, FRDN, Rev.,.......................... 3.450% 03/01/96 $ 600,000 10,000,000 Pennsylvania State, TAN,....................................... 4.500% 06/28/96 10,024,425 2,700,000 Philadelphia, Pennsylvania Authority for Industrial Development, 30th Street Station Project, FRDN,.............. 3.600% 03/07/96 2,700,000 5,000,000 Philadelphia, Pennsylvania School District, TRAN,.............. 4.500% 06/28/96 5,008,621 755,000 Westmoreland County, Pennsylvania, IDA, Kinder Care, Ser. D, FRDN, Rev.,.................................................. 3.600% 03/07/96 755,000 ------------ 19,088,046 ------------ SOUTH CAROLINA -- 1.3% 1,000,000 Kershaw County, South Carolina, IDR, Deroyal Textiles Inc. Project, FRDN, Rev.,......................................... 3.450% 03/07/96 1,000,000 50,000 South Carolina Jobs -- Economic Development Authority, Brown Packing Co., FRDN,........................................... 3.550% 03/07/96 50,000 1,025,000 South Carolina Jobs -- Economic Development Authority, Consolidated Fabricators, PUT, Rev.,......................... 4.125% 12/01/96 1,025,000 50,000 South Carolina Jobs -- Economic Development Authority, Edens 321 Partnership., FRDN,...................................... 3.550% 03/07/96 50,000 2,300,000 South Carolina Jobs -- Economic Development Authority, Florence Housing Project, FRDN,....................................... 3.300% 03/07/96 2,300,000 850,000 South Carolina Jobs -- Economic Development Authority, Jewish Community Center, FRDN,...................................... 3.400% 03/07/96 850,000 85,000 South Carolina Jobs -- Economic Development Authority, Osmose Wood Preserving, FRDN,....................................... 3.400% 03/07/96 85,000 200,000 South Carolina Jobs -- Economic Development Authority, Phoenix Finishing Co., FRDN,......................................... 3.550% 03/07/96 200,000 1,000,000 South Carolina State Ports Authority, FRDN,.................... 3.400% 03/07/96 1,000,000 ------------ 6,560,000 ------------ SOUTH DAKOTA -- 0.7% 455,000 South Dakota State Building Authority, Ser. A, Rev.,........... 6.250% 09/01/96 459,989 2,900,000 South Dakota State Health & Educational, Sioux Valley Hospital, FRDN,........................................................ 3.400% 03/07/96 2,900,000 ------------ 3,359,989 ------------ TENNESSEE -- 3.0% 965,000 Franklin, Tennessee, Health & Education, Facilities Board Industrial Development Health Care Center, FRDN,............. 3.650% 03/07/96 965,000 2,400,000 McMinn County, Tennessee, IRB, Thomas & Betts Corp. Project, FRDN, Rev.,.................................................. 3.450% 03/07/96 2,400,000
See notes to financial statements. 24 53 VISTA TAX FREE MONEY MARKET FUND PORTFOLIO OF INVESTMENTS February 29, 1996 (unaudited) (continued) - --------------------------------------------------------------------------------
Principal Amount Rate Maturity Value ------------------------------------------------------------------------------------------------------------------ TENNESSEE, CONTINUED $ 1,400,000 Metropolitan Nashville Airport Authority, Special Facilities, American Airlines Project, Ser. B, FRDN, Rev.,............... 3.500% 03/01/96 $ 1,400,000 6,155,000 Shelby County, Tennessee, Health Educational & Housing Facilities Board, Multifamily Housing, Arbor Lake, FRDN, Rev.,........................................................ 3.400% 03/07/96 6,155,000 4,000,000 Tullahoma, Tennessee, IDA Board, Rock Tennessee Converting, FRDN, Rev.,.................................................. 3.450% 03/07/96 4,000,000 ------------ 14,920,000 ------------ TEXAS -- 12.5% 10,000,000 Angelina & Neches River Authority, Texas Solid Waste Disposal, Temple Eastex, Inc., CP,..................................... 3.350% 05/02/96 10,000,000 2,200,000 Bell County, Texas, IDA, Franklin Industries, CP,.............. 3.350% 03/07/96 2,200,000 4,000,000 Brazos, Texas, Higher Education Authority Inc., Ser. C-1, Rev.,........................................................ 4.500% 06/01/96 4,009,227 1,000,000 Corsicana, Texas IDA, Kent Paper Co., FRDN,.................... 3.500% 03/07/96 1,000,000 1,000,000 Grapevine, Texas, IDC, Multiple Mode, American Airlines, Ser. A2, FRDN, Rev.,.............................................. 3.500% 03/01/96 1,000,000 2,000,000 Gulf Coast, Texas, IDA, Marine Term, Amoco Oil Co. Project, PUT, Rev.,................................................... 3.550% 06/01/96 2,000,000 2,700,000 Harris County, Texas, Health Facilities Development Corp. Rev., Greater Houston Pooled Health, Ser. A, FRDN, Rev.,........... 3.250% 03/07/96 2,700,000 3,400,000 Harris County, Texas, IDC, PCR, FRDN, Rev.,.................... 3.400% 03/01/96 3,400,000 500,000 Houston, Texas, Hotel Occupancy, Houston Hotel, Senior Lien, Rev.,........................................................ 5.000% 07/01/96 501,779 3,000,000 Houston, Texas, Airport, CP,................................... 3.200% 04/10/96 3,000,000 1,000,000 Houston, Texas, Public Improvement, Ser. A, Rev.,.............. 6.100% 04/01/96 1,001,905 1,500,000 Plano, Texas, Health Facilities Development Corp., Children's & Presbyterian Hospital, CP,................................... 3.300% 04/01/96 1,500,000 1,000,000 Tarrant County, Texas, Refunding Bond, GO...................... 3.850% 07/15/96 1,001,630 5,000,000 Texas Public Financing Authority, CP,.......................... 3.500% 04/02/96 5,000,000 7,500,000 Texas Small Business Industrial Development Corp., Texas Public Facilities Capital Access, FRDN, Rev.,....................... 3.300% 03/07/96 7,500,000 10,685,000 Texas State, Ser. A, TRAN,..................................... 4.750% 08/30/96 10,724,398 5,000,000 Texas State, Veterans Housing Assistance, Fund II-D, Rev.,..... 3.850% 07/17/96 5,000,000 ------------ 61,538,939 ------------ UTAH -- 2.2% 3,600,000 Tooele County, Utah Hazardous Waste Treatment, Union Pacific, USPCI Project A, CP,......................................... 3.650% 03/01/96 3,600,000 5,800,000 Tooele County, Utah Hazardous Waste Treatment, Westinghouse Electric Project, Ser. A, CP,................................ 3.450% 04/01/96 5,800,000 1,600,000 University of Utah, University Hospital Project, Ser. A, Rev.,........................................................ 5.250% 05/15/96 1,605,154 ------------ 11,005,154 ------------ VERMONT -- 0.1% 700,000 Vermont State Student Assistance Corp., FRDN,.................. 3.450% 03/07/96 700,000 ------------
See notes to financial statements. 25 54 VISTA TAX FREE MONEY MARKET FUND PORTFOLIO OF INVESTMENTS February 29, 1996 (unaudited) (continued) - --------------------------------------------------------------------------------
Principal Amount Rate Maturity Value ------------------------------------------------------------------------------------------------------------------ VIRGINIA -- 1.1% $ 2,800,000 Loudoun County Virginia, IDA Residential Care Facility, Falcons Landing Project, Ser. B, FRDN, Rev.,......................... 3.400% 03/01/96 $ 2,800,000 866,000 Virginia Beach, Virginia Development Authority, Kinder Care, Ser. D, FRDN, Rev.,.......................................... 3.600% 03/07/96 866,000 600,000 Virginia State, GO,............................................ 4.750% 06/01/96 601,973 950,000 Virginia State, Northern Virginia Transportation District Program, Ser. A, Rev.,....................................... 5.800% 05/15/96 954,973 ------------ 5,222,946 ------------ WEST VIRGINIA -- 0.7% 1,300,000 Marion County, West Virginia, County Community Solid Waste Disposal Facility, Granttown Project, Ser. A, FRDN, Rev...... 3.450% 03/07/96 1,300,000 2,000,000 West Virginia Public Energy, Morgantown Association Project, CP,.......................................................... 3.550% 05/02/96 2,000,000 ------------ 3,300,000 ------------ WISCONSIN -- 5.8% 5,600,000 Alma Wisconsin Pollution Control, FRDN,........................ 3.550% 03/07/96 5,600,000 1,440,000 Grand Chute, Wisconsin Industrial Revenue, Kent Paper Co., FRDN,........................................................ 3.500% 03/07/96 1,440,000 1,900,000 Lacrosse, Industrial Development, Dairyland Power Coop Project, FRDN,........................................................ 3.550% 03/07/96 1,900,000 2,000,000 Menomonee Falls, Wisconsin IDA, Butler Paper Co. Project, FRDN, Rev.,........................................................ 3.200% 03/07/96 2,000,000 1,500,000 Milwaukee, Wisconsin, Housing Authority, Yankee Hill Apartments, FRDN, Rev.,...................................... 3.250% 03/07/96 1,500,000 2,000,000 Milwaukee, Wisconsin, School Order Notes, Ser. B, Rev.,........ 4.750% 08/22/96 2,013,920 10,000,000 Wisconsin State, GO,........................................... 3.520% 05/01/25 10,000,000 3,800,000 Wisconsin State, Operating Notes, Rev.,........................ 4.500% 06/17/96 3,807,717 ------------ 28,261,637 ------------ WYOMING -- 0.5% 2,475,000 Rock Springs Wyoming IDA, Safeway Inc. Project, PUT, Rev.,..... 3.850% 03/01/96 2,475,000 ------------------------------------------------------------------------------------------------------------------ TOTAL INVESTMENTS (COST $487,639,041)** 99.2%................ $487,639,041 ------------------------------------------------------------------------------------------------------------------
See notes to financial statements. 26 55 VISTA NEW YORK TAX FREE MONEY MARKET FUND PORTFOLIO OF INVESTMENTS February 29, 1996 (unaudited) - --------------------------------------------------------------------------------
Principal Amount Rate Maturity Value ------------------------------------------------------------------------------------------------------------------ BOND ANTICIPATION NOTES -- 7.5% ------------------------------------------------------------------------------------------------------------------ $ 5,000,000 Albany County, New York, Ser. A,............................. 3.400% 06/14/96 $ 5,003,546 5,000,000 Brighton, New York, Central School District,................. 3.875% 06/17/96 5,005,878 5,000,000 Broome County, New York,..................................... 4.750% 04/19/96 5,002,564 1,000,000 Broome County, New York,..................................... 5.000% 04/19/96 1,001,517 5,000,000 Nassau County, New York, Ser. F,............................. 4.500% 03/15/96 5,000,937 5,000,000 Nassau County, New York, Ser. H,............................. 4.000% 08/15/96 5,013,266 3,300,000 Nassau County, New York, Ser. H,............................. 4.250% 08/15/96 3,313,395 3,000,000 Rochester, New York, Ser. I,................................. 5.250% 03/12/96 3,000,667 3,000,000 Town of Hempstead, New York, Ser. A,......................... 5.250% 03/01/96 3,000,000 ------------------------------------------------------------------------------------------------------------------ TOTAL BOND ANTICIPATION NOTES (COST $35,341,770)............. 35,341,770 ------------------------------------------------------------------------------------------------------------------ REVENUE ANTICIPATION NOTES -- 12.0% ------------------------------------------------------------------------------------------------------------------ 5,000,000 Board of Cooperative Educational Services of New York, Sole Supervisory District,...................................... 4.000% 06/28/96 5,007,278 3,600,000 Buffalo, New York,........................................... 4.200% 07/16/96 3,610,575 10,100,000 Erie County, New York,....................................... 4.500% 09/20/96 10,157,941 5,000,000 Monroe County, New York,..................................... 4.500% 03/14/96 5,001,280 5,000,000 Nassau County, New York, Ser. A,............................. 4.000% 03/05/97 5,031,400 5,000,000 Nassau County, New York, Ser. B,............................. 4.250% 03/15/96 5,000,932 10,400,000 New York City,............................................... 4.750% 06/28/96 10,426,293 7,400,000 New York City, New York, Ser. A,............................. 4.500% 04/11/96 7,406,056 5,000,000 Ulster County New York,...................................... 5.500% 03/28/96 5,001,121 ------------------------------------------------------------------------------------------------------------------ TOTAL REVENUE ANTICIPATION NOTES (COST $56,642,876).......... 56,642,876 ------------------------------------------------------------------------------------------------------------------ REVENUE BONDS -- 4.4% ------------------------------------------------------------------------------------------------------------------ 1,750,000 Albany County, New York, South Mall Construction, Ser. B,.... 4.350% 10/01/96 1,762,046 955,000 Hudson, New York IDA, Emsig Project, PUT,.................... 4.250% 12/15/96 955,000 5,000,000 New York City, New York, City Municipal Water Financing Authority Water & Sewer Systems, Ser. B,................... 7.875% 06/15/96 5,159,481 5,500,000 New York City, New York, Ser. A,............................. 8.000% 08/15/96 5,703,597 800,000 New York State Dormitory Authority, New York University,..... 5.600% 07/01/96 804,197 1,400,000 New York State Dormitory Authority, Special Obligations, State University Dormitory Facilities, Ser. A,............. 3.700% 07/01/96 1,400,000 1,000,000 New York State Housing Finance Agency, State University Construction, Ser. A,...................................... 7.000% 05/01/96 1,005,683 4,000,000 New York State Medical Care Facilities Financing Agency, New York Hospital FHA Insured Mortgage, Ser. A, PUT,........... 3.370% 08/15/96 4,000,000 ------------------------------------------------------------------------------------------------------------------ TOTAL REVENUE BONDS (COST $20,790,004)....................... 20,790,004 ------------------------------------------------------------------------------------------------------------------
See notes to financial statements. 27 56 VISTA NEW YORK TAX FREE MONEY MARKET FUND PORTFOLIO OF INVESTMENTS February 29, 1996 (unaudited) (continued) - --------------------------------------------------------------------------------
Principal Amount Rate Maturity Value ------------------------------------------------------------------------------------------------------------------ TAX ANTICIPATION NOTES -- 8.7% ------------------------------------------------------------------------------------------------------------------ $ 5,000,000 Deer Park New York Unified Free School District,............. 4.250% 06/27/96 $ 5,007,104 3,000,000 East Islip New York Unified Free School District,............ 4.500% 06/28/96 3,005,634 2,100,000 Eastchester, New York,....................................... 3.500% 05/22/96 2,101,645 4,200,000 Great Neck, New York Union Free School District,............. 4.250% 06/28/96 4,205,299 1,550,000 Harborfields Central School District, New York,.............. 4.250% 06/27/96 1,550,652 3,000,000 Longwood Central School District at Middle Island, New York,...................................................... 4.500% 06/26/96 3,004,148 2,000,000 Nassau County, New York,..................................... 4.500% 04/15/96 2,001,444 4,400,000 Putnam County, New York,..................................... 4.250% 06/03/96 4,407,761 5,000,000 Suffolk County, New York, Ser. I,............................ 4.000% 08/15/96 5,017,251 6,000,000 Suffolk County, New York, Ser. II,........................... 4.500% 09/12/96 6,020,778 5,000,000 Westchester County, New York,................................ 3.750% 12/11/96 5,024,763 ------------------------------------------------------------------------------------------------------------------ TOTAL TAX ANTICIPATION NOTES (COST $41,346,479).............. 41,346,479 ------------------------------------------------------------------------------------------------------------------ COMMERCIAL PAPER -- 12.0% ------------------------------------------------------------------------------------------------------------------ 5,000,000 City of New York,............................................ 3.150% 03/01/96 5,000,000 10,500,000 City of New York,............................................ 3.650% 03/06/96 10,500,000 4,700,000 City of New York,............................................ 3.750% 03/14/96 4,700,000 1,800,000 New York City Municipal Water,............................... 3.250% 05/31/96 1,800,000 5,000,000 New York City Municipal Water Authority,..................... 3.450% 03/01/96 5,000,000 1,200,000 New York State Environmental Facilities Corp., Solid Waste Disposal, General Electric Co. Project, Ser. A,............ 3.650% 03/01/96 1,200,000 4,100,000 New York State Environmental Facilities Corp., Solid Waste Disposal, General Electric Co. Project, Ser. A,............ 3.150% 03/06/96 4,100,000 5,000,000 New York State Power,........................................ 3.800% 03/07/96 5,000,000 9,300,000 New York State, GO,.......................................... 3.400% 03/04/96 9,300,000 4,200,000 New York State, GO,.......................................... 3.050% 03/04/96 4,200,000 3,250,000 New York State, GO,.......................................... 3.250% 05/09/96 3,250,000 1,135,000 Port Authority of New York & New Jersey,..................... 3.200% 05/20/96 1,135,000 1,690,000 Port Authority of New York & New Jersey,..................... 3.250% 03/07/96 1,690,000 ------------------------------------------------------------------------------------------------------------------ TOTAL COMMERCIAL PAPER (COST $56,875,000).................... 56,875,000 ------------------------------------------------------------------------------------------------------------------ FLOATING RATE DEMAND NOTES -- 56.7% ------------------------------------------------------------------------------------------------------------------ 1,000,000 Albany, New York, IDA, Newkirk Productions Inc. Project, Ser. A,......................................................... 3.350% 03/07/96 1,000,000 1,000,000 Babylon, New York, IDA, J. D'Addario & Co. Project,.......... 3.300% 03/07/96 1,000,000 2,200,000 Babylon, New York, IDA, Edwin Verger/Lambro Industries,...... 3.550% 03/07/96 2,200,000 950,000 Broome County, New York, IDA, Binghamton Realty Project,..... 3.250% 03/07/96 950,000 3,500,000 Clinton County, New York, IDA, Bombardier Corp. Project, Ser. A,......................................................... 3.350% 03/07/96 3,500,000 1,115,000 Cortland County, New York, IDA, Saulsbury Fire Equipment Corp.,..................................................... 3.400% 03/07/96 1,115,000 4,100,000 Dutchess County, New York, IDA, Laerdal Medical Corp., Project,................................................... 3.300% 03/07/96 4,100,000 2,335,000 Erie County, IDA, Rosina Food Products, Inc.,................ 3.350% 03/07/96 2,335,000 1,325,000 Glens Falls, New York, IDA, Broad Street Plaza Project,...... 3.350% 03/07/96 1,325,000
See notes to financial statements. 28 57 VISTA NEW YORK TAX FREE MONEY MARKET FUND PORTFOLIO OF INVESTMENTS February 29, 1996 (unaudited) (continued) - --------------------------------------------------------------------------------
Principal Amount Rate Maturity Value ------------------------------------------------------------------------------------------------------------------ $ 1,910,000 Glens Falls, New York, IDA, Namic Project,................... 3.250% 03/07/96 $ 1,910,000 1,700,000 Lewis County, New York, IDA, Climax Manufacturing Co. Project,................................................... 3.350% 03/07/96 1,700,000 6,800,000 Metropolitan Transportation Authority, Commuter Facilities,................................................ 3.150% 03/07/96 6,800,000 4,395,000 Monroe County, New York, IDA, Columbia Sussex Corp.,......... 5.000% 03/07/96 4,393,965 400,000 Montgomery, New York, IDA, Service Merchandise Co.,.......... 3.250% 03/07/96 400,000 2,095,000 Mount Pleasant, New York, IDA, PCR, General Motors Corp. Project,................................................... 3.300% 03/07/96 2,095,000 1,600,000 Nassau County, New York, IDA, Civic Facilities, Cold Spring Harbor Lab Project,........................................ 3.450% 03/01/96 1,600,000 2,800,000 Nassau County, New York, IDA, Research Facilities, Cold Spring Harbor Lab Project,................................. 3.450% 03/01/96 2,800,000 1,000,000 New York City, Housing Development Authority, East 96th Street Project, Ser. A,.................................... 3.150% 03/07/96 1,000,000 8,000,000 New York City, Housing Development Corp., York Ave. Development Project,....................................... 3.250% 03/07/96 8,000,000 400,000 New York City, IDA, Ser. B, Tomsed Realty Corp.,............. 3.150% 03/07/96 400,000 700,000 New York City, IDA, Ser. D, Kenner Printing Co., Inc.,....... 3.150% 03/07/96 700,000 550,000 New York City, IDA, Ser. F, Marion Glass and Window Shade Corp.,..................................................... 3.150% 03/07/96 550,000 450,000 New York City, IDA, Ser. G, Monarch Construction Corp.,...... 3.150% 03/07/96 450,000 450,000 New York City, IDA, Ser. N, Spreading Machine Exchange, Inc.,...................................................... 3.150% 03/07/96 450,000 1,000,000 New York City, IDA, Special Facility Rev., Compagnie Nationale Air Project,..................................... 3.050% 03/07/96 1,000,000 1,080,000 New York City, IDA, Civil Facilities, 1990 Goodwill Industries, Rev.,.......................................... 3.100% 03/07/96 1,080,000 500,000 New York City, Andin International, Inc., Ser.1,............. 3.150% 03/07/96 500,000 4,300,000 New York City, New York Housing Development Corp. Mortgage, Multifamily, Tribeca Towers, Ser. A,....................... 3.050% 03/07/96 4,300,000 2,900,000 New York City, New York, City Municipal Water Financing Authority Water & Sewer Systems, Ser. C,................... 3.350% 03/01/96 2,900,000 4,300,000 New York City, New York, Housing Development Corp. Mortgage, Multifamily, Columbus Apartments, Ser. A,.................. 3.000% 03/07/96 4,300,000 2,910,000 New York City, New York, Housing Development Corp., Mortgage Rev., Parkgate Tower, Ser. 1,.............................. 3.100% 03/07/96 2,910,000 900,000 New York City, New York, IDA, Civil Facility, Children's Oncology Society,.......................................... 3.050% 03/07/96 900,000 1,000,000 New York City, New York, IDA, Field Hotel Association JFK Project,................................................... 3.150% 03/07/96 1,000,000 650,000 New York City, New York, IDA, Ser. E,........................ 3.150% 03/07/96 650,000 2,600,000 New York City, New York, IDA, Ser. I,........................ 3.150% 03/07/96 2,600,000 2,000,000 New York City, New York, Ser. B,............................. 3.350% 03/01/96 2,000,000 1,600,000 New York City, New York, Ser. B, Sub-Ser. B-6,............... 3.450% 03/07/96 1,600,000 1,300,000 New York City, New York, Ser. B, Sub-Ser. B-8,............... 3.500% 03/07/96 1,300,000 10,000,000 New York City, New York, Ser. B, Sub-Ser. B-10,.............. 3.150% 03/07/96 10,000,000 3,900,000 New York City, New York, Sub. Ser. B-2,...................... 3.400% 03/01/96 3,900,000 2,000,000 New York City, New York, Sub. Ser. B-4,...................... 3.350% 03/01/96 2,000,000 1,400,000 New York City, New York, Sub. Ser. E-3,...................... 3.350% 03/01/96 1,400,000 2,000,000 New York City, New York, Sub. Ser. E-4,...................... 3.350% 03/01/96 2,000,000 11,400,000 New York City, New York, Sub. Ser. E-5,...................... 3.500% 03/01/96 11,400,000 3,000,000 New York City, New York, Sub. Ser. E-6,...................... 3.350% 03/01/96 3,000,000
See notes to financial statements. 29 58 VISTA NEW YORK TAX FREE MONEY MARKET FUND PORTFOLIO OF INVESTMENTS February 29, 1996 (unaudited) (continued) - --------------------------------------------------------------------------------
Principal Amount Rate Maturity Value ------------------------------------------------------------------------------------------------------------------ $ 6,400,000 New York State Dormitory Authority, Miriam Osborn Memorial Home, Ser. A,.............................................. 3.050% 03/07/96 $ 6,400,000 900,000 New York State Dormitory Authority, Oxford University Press, Inc.,...................................................... 3.250% 03/01/96 900,000 1,250,000 New York State Energy Research & Development Authority, LILCO Project, Ser. A,........................................... 4.700% 03/01/96 1,250,000 3,000,000 New York State Energy Research & Development Authority, PCR, Hudson Gas & Electric Co.,................................. 3.000% 03/07/96 3,000,000 4,800,000 New York State Energy Research & Development Authority, PCR, Niagara Mohawk Power Corp.,................................ 3.250% 03/07/96 4,800,000 1,700,000 New York State Energy Research & Development Authority, PCR, Niagara Mohawk Power Corp., Ser. C,........................ 3.400% 03/01/96 1,700,000 1,100,000 New York State Housing Finance Agency, Multifamily, Ser. E,......................................................... 3.350% 03/07/96 1,100,000 2,900,000 New York State Housing Finance Agency, Normandte Court II, Ser. A,.................................................... 3.000% 03/07/96 2,900,000 5,200,000 New York State Housing Finance Agency, Residential Insured, Ser. A,.................................................... 3.350% 03/07/96 5,200,000 7,370,000 New York State Job Development Authority, Ser. A-1 through A-42,.............................................. 3.650% 03/01/96 7,370,000 1,310,000 New York State Job Development Authority, Ser. B-1 through B-9,............................................... 3.550% 03/01/96 1,310,000 3,280,000 New York State Job Development Authority, Ser. B-1 through B-21,.............................................. 3.650% 03/01/96 3,280,000 1,900,000 New York State Job Development Authority, Special Purpose, Ser. A-1 through A-13,..................................... 3.650% 03/01/96 1,900,000 600,000 New York State Job Development Authority, State Guaranteed, Special Purpose, Ser. B-1 through B-2,..................... 3.550% 03/01/96 600,000 2,100,000 New York State Job Development Authority, Supplemental Purpose, Ser. B-1 through B-9,............................. 3.650% 03/01/96 2,100,000 20,200,000 New York State Local Assistance Corp.,....................... 3.100% 03/07/96 20,200,000 1,000,000 New York State Local Assistance Corp., Ser. B,............... 3.050% 03/07/96 1,000,000 5,100,000 New York State Medical Care Facilities Financing Agency, Lenox Hill Hospital, Ser. A,............................... 3.100% 03/07/96 5,100,000 7,900,000 New York State Medical Care Facilities Financing Agency, Pooled Equipment Loan Program II -- A,..................... 3.050% 03/07/96 7,900,000 4,300,000 New York State Power Authority,.............................. 3.250% 03/01/96 4,300,000 4,300,000 New York State Power Authority,.............................. 3.850% 03/01/96 4,300,000 6,100,000 New York State Research & Development, PCR, Rochester Gas & Electric,.................................................. 3.250% 03/30/96 6,100,000 2,300,000 New York State Thruway Authority, General Rev.,.............. 3.350% 03/01/96 2,300,000 500,000 New York, New York IDA, White Plains Auto Project,........... 3.200% 03/07/96 500,000 4,600,000 New York, New York, City Housing Development Corp., Multifamily, James Tower,.................................. 3.100% 03/07/96 4,600,000 13,650,000 New York, New York, Ser. A-7,................................ 3.500% 03/01/96 13,650,000 1,100,000 New York, New York, Ser. B-2,................................ 3.350% 03/01/96 1,100,000 4,900,000 New York, New York, Sub. Ser. B-8,........................... 3.500% 03/07/96 4,900,000 4,200,000 New York, New York, Sub. Ser. E-5,........................... 3.500% 03/01/96 4,200,000
See notes to financial statements. 30 59 VISTA NEW YORK TAX FREE MONEY MARKET FUND PORTFOLIO OF INVESTMENTS February 29, 1996 (unaudited) (continued) - --------------------------------------------------------------------------------
Principal Amount Rate Maturity Value ------------------------------------------------------------------------------------------------------------------ $ 1,900,000 Newburgh New York IDA, Civic Facility, Mt. St. Mary College,................................................... 3.250% 03/07/96 $ 1,900,000 3,200,000 Niagara Falls New York Bridge Commission, Ser. A,............ 3.100% 03/07/96 3,200,000 1,200,000 Onondaga County, New York, IDA, First Republican Corp. of America,................................................... 3.100% 03/07/96 1,200,000 2,750,000 Onondaga County, New York, IDA, Southern Container Project, Ser. B,.................................................... 3.350% 03/07/96 2,750,000 2,950,000 Port Authority of New York & New Jersey, Equipment Notes, Ser. 3,.................................................... 3.300% 03/07/96 2,950,000 5,300,000 Puerto Rico Industrial, Medical, & Environmental, Higher Education -- Ana G. Mendez Educational Found............... 3.350% 03/07/96 5,300,000 1,075,000 Rockland County, New York, IDA, X Products Corp. Project,.... 3.200% 03/07/96 1,075,000 5,800,000 Suffolk County, New York, IDA, Nissequogue Cogen Partners,... 3.200% 03/07/96 5,800,000 900,000 Suffolk County, New York, IDA, YWHA Suffolk Inc., Civic,..... 3.250% 03/07/96 900,000 5,000,000 Suffolk County, New York, Water Authority,................... 3.100% 03/07/96 5,000,000 628,600 Warren & Washington Counties, New York, IDA, Stevens & Thompson, Ser. C,.......................................... 3.600% 03/30/96 628,600 325,000 Westchester County, New York, IDA, Elba Enterprises,......... 3.250% 03/07/96 325,000 1,500,000 Westchester County, New York, IDA, Hitachi America Ltd,...... 3.800% 03/30/96 1,500,000 ------------------------------------------------------------------------------------------------------------------ TOTAL FLOATING RATE DEMAND NOTES (COST $268,002,565)......... 268,002,565 ------------------------------------------------------------------------------------------------------------------ ------------------------------------------------------------------------------------------------------------------ TOTAL INVESTMENTS (COST $478,998,694)** 101.3%............... $478,998,694 ------------------------------------------------------------------------------------------------------------------
See notes to financial statements. 31 60 VISTA CALIFORNIA TAX FREE MONEY MARKET FUND PORTFOLIO OF INVESTMENTS February 29, 1996 (unaudited) - --------------------------------------------------------------------------------
Principal Amount Rate Maturity Value ------------------------------------------------------------------------------------------------------------------ MUNICIPAL BONDS -- 23.2% ------------------------------------------------------------------------------------------------------------------ $1,000,000.00 California School Cash Reserve Program Authority Pool, Ser. A, RAN,............................................... 4.750% 07/03/96 $ 1,003,265 4,000,000.00 California State, Ser. C, RAW,............................... 5.750% 04/25/96 4,008,557 1,000,000.00 Contra Costa County, California, TRAN,....................... 4.500% 07/03/96 1,001,756 350,000.00 East Bay, California, Municipal Utility District Water Systems, Rev.,............................................. 3.750% 06/01/96 350,460 1,200,000.00 Los Angeles County, California, TRAN,........................ 4.500% 07/01/96 1,204,474 1,500,000.00 Pittsburg, California Redevelopment Agency, Los MeDanos Community Development Project, Rev.,....................... 7.750% 08/01/96 1,553,600 2,000,000.00 San Francisco, California City & County, TRAN,............... 4.750% 09/19/96 2,009,021 1,000,000.00 Turlock, California IRR District, Ser. A, Rev.,.............. 4.000% 01/01/97 1,003,233 ------------------------------------------------------------------------------------------------------------------ TOTAL MUNICIPAL BONDS (COST $12,134,366)..................... 12,134,366 ------------------------------------------------------------------------------------------------------------------ COMMERCIAL PAPER -- 17.7% ------------------------------------------------------------------------------------------------------------------ 2,000,000.00 California PCFA, PCR, Pacific Gas & Electric, Ser. A,........ 3.100% 03/01/96 2,000,000 2,000,000.00 California PCFA, PCR, Pacific Gas & Electric, Ser. A,........ 3.400% 03/15/96 2,000,000 2,000,000.00 California PCFA, PCR, Pacific Gas & Electric, Ser. D,........ 3.350% 05/02/96 2,000,000 2,000,000.00 California PCFA, PCR, Pacific Gas & Electric, Ser. E,........ 3.150% 03/25/96 2,000,000 2,000,000.00 Long Beach California Harbor, Commercial Paper Notes, Ser. A,.................................................... 3.200% 05/09/96 2,000,000 ------------------------------------------------------------------------------------------------------------------ TOTAL COMMERCIAL PAPER (COST $10,000,000).................... 10,000,000 ------------------------------------------------------------------------------------------------------------------ FLOATING RATE DEMAND NOTES -- 54.5% ------------------------------------------------------------------------------------------------------------------ 300,000.00 California Health Facilities Financing Authority, Adventist Health Systems, Ser. A, Rev.,.............................. 2.850% 03/07/96 300,000 300,000.00 California Health Facilities Financing Authority, Floating-Pooled Loan Program, Ser. B,...................... 3.000% 03/07/96 300,000 100,000.00 California PCFA, PCR, Southern California Edison, Ser. B, Rev.,...................................................... 3.500% 03/01/96 100,000 3,800,000.00 California PCFA, Resource Recovery, Burney Forest Products Project, Ser. A, Rev.,..................................... 3.450% 03/01/96 3,800,000 1,500,000.00 California PCFA, Western Waste Industries, Ser. A, Rev.,..... 3.250% 03/07/96 1,500,000 100,000.00 California Statewide Communities Development Corp., 13th & I Associates Project,............................... 3.300% 03/07/96 100,000 1,000,000.00 California Statewide Communities Development Corp., IDA, Howard Ser. B, Rev.,....................................... 3.550% 03/07/96 1,000,000 1,000,000.00 California Statewide Communities Development Corp., IDA, Kennerly Project, Ser. A, Rev.,............................ 3.150% 03/07/96 1,000,000 1,000,000.00 California Statewide Communities Development Corp., IDA, Leegin Project, Ser. A, Rev.,.............................. 3.150% 03/07/96 1,000,000 1,000,000.00 California Statewide Communities Development Corp., IDA, Setton Properties, Rev.,................................... 3.400% 03/07/96 1,000,000
See notes to financial statements. 32 61 VISTA CALIFORNIA TAX FREE MONEY MARKET FUND PORTFOLIO OF INVESTMENTS February 29, 1996 (unaudited) (continued) - --------------------------------------------------------------------------------
Principal Amount Rate Maturity Value - -------------------------------------------------------------------------------------------------------------------- $1,950,000.00 Irvine, California, Improvement Bond Act of 1915, Assessment District No., 89-10, Put,.................................. 3.150% 03/01/96 $ 1,950,000 3,100,000.00 Irvine Ranch, California, Water District, Capital Improvement Project,................................................... 3.300% 03/01/96 3,100,000 1,100,000.00 Lancaster, California, Multifamily, Mercury S&L, Gangi Builders, Inc.,............................................ 4.200% 03/07/96 1,100,000 800,000.00 Long Beach, California, Housing Authority, Multifamily Housing, Meadow Wood Village,.............................. 3.600% 03/07/96 800,000 700,000.00 Los Angeles, California, Community Redevelopment Agency,..... 3.100% 03/07/96 700,000 1,000,000.00 Los Angeles County, California, Metropolitan Transportation Authority, Proposal C, Second Sr. Ser. A, Rev.,............ 2.950% 03/07/96 1,000,000 300,000.00 Los Angeles, IDA, Hon Industries, Inc., GO,.................. 2.900% 03/07/96 300,000 300,000.00 Los Angeles, Regional Airports Improvement Corp., American Airlines, L.A. International, Ser. E, Rev.,................ 3.500% 03/01/96 300,000 2,000,000.00 Monterey Peninsula, California, Water Management District, Wastewater Reclamation Project, COP,....................... 3.500% 03/07/96 2,000,000 2,000,000.00 Orange County, California, Sanitation Districts No. 1, 2 & 3, Nos. 1-3, 5-7, 11, 13 & 14, COP,........................... 3.200% 03/01/96 2,000,000 4,300,000.00 Orange County, California, Water District, Project B,........ 3.150% 03/01/96 4,300,000 1,500,000.00 Palm Springs, California, Community Redevelopment Agency,.... 3.050% 03/07/96 1,500,000 300,000.00 San Diego, California, IDA, Kaiser Aerospace & Electric,..... 3.500% 03/07/96 300,000 1,000,000.00 Santa Ana, California, Union School District, COP,........... 3.250% 03/07/96 1,000,000 300,000.00 Santa Clara, California, Electric Revenue, Ser. B,........... 2.900% 03/07/96 300,000 1,100,000.00 Three Valleys Municipal Water District, Miramar Water Treatment,................................................. 3.250% 03/07/96 1,100,000 ------------------------------------------------------------------------------------------------------------------ TOTAL FLOATING RATE DEMAND NOTES (COST $31,850,000).......... 31,850,000 ------------------------------------------------------------------------------------------------------------------ ------------------------------------------------------------------------------------------------------------------ TOTAL INVESTMENTS (COST $53,984,366)** 95.4%................. $53,984,366 ------------------------------------------------------------------------------------------------------------------
See notes to financial statements. 33 62 VISTA CALIFORNIA TAX FREE MONEY MARKET FUND PORTFOLIO OF INVESTMENTS February 29, 1996 (unaudited) (continued) - -------------------------------------------------------------------------------- - --------------- # Security may only be sold to 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 FHLB Federal Home Loan Bank FHLMC Federal Home Lone Mortgage Corp. FNMA Federal National Mortgage Association FRDN Floating Rate Demand Note: The maturity date shown is the next interest reset date; the rate shown is the rate in effect at February 29, 1996. GNMA Government National Mortgage Association GO General Obligation IDA Industrial Development Authority IDB Industrial Development Board IDC Industrial Development Corp. IDR Industrial Development Revenue LOC Letter of Credit PCFA Pollution Control Financing Authority PCR Pollution Control Revenue RAN Revenue Anticipation Note RAW Revenue Anticipation Warrant REMIC Real Estate Mortgage Investment Conduit Rev., Revenue Bond TAN Tax Anticipation Note TRAN Tax & Revenue Anticipation Note
See notes to financial statements. 34 63 VISTA MUTUAL FUNDS STATEMENT OF ASSETS AND LIABILITIES February 29, 1996 (unaudited) - --------------------------------------------------------------------------------
Vista Vista U.S. Treasury Vista Government Plus Federal Vista Global Vista Prime Money Market Money Market Money Market Money Market Money Market Fund Fund Fund Fund Fund -------------- ------------ ------------ ------------ -------------- ASSETS: Investment securities, at value (Note 1)....... $2,315,971,448 $129,095,601 $617,062,123 $924,837,563 $1,453,716,006 Cash........................................... 849 103,329 4,062 -- 441 Receivables: Investment securities sold................... -- 5,169,119 -- 10,005,278 35,857 Interest..................................... 5,736,460 247,938 2,661,437 7,730,431 4,163,491 Shares of beneficial interest sold........... 18,470,475 100,000 1,817,048 1,517,478 -- Unamortized organizational expense............. -- -- -- -- -- -------------- ------------ ------------ ------------ -------------- Total Assets............................... 2,340,179,232 134,715,987 621,544,670 944,090,750 1,457,915,795 -------------- ------------ ------------ ------------ -------------- LIABILITIES: Payable for investment securities purchased.... -- -- -- 44,968,361 49,963,220 Payable for shares of beneficial interest redeemed..................................... 13,717,089 916,067 1,532,164 337,925 177,553 Payable to custodian........................... -- -- -- 9,483,714 -- Dividends payable.............................. 4,797,365 426,835 783,983 974,976 4,722,797 Accrued liabilities: (Note 2) Administration fees.......................... 95,637 -- 24,070 35,511 60,458 Distribution fees............................ 120,075 -- 19,149 -- 2,094 Investment advisory fees..................... 191,274 6,534 48,143 71,023 120,913 Fund servicing fees.......................... 110,690 5,632 16,305 30,083 32,261 Shareholder servicing fees................... 165,788 5,668 39,284 50,154 32,261 Sub-administration fees...................... 95,638 6,534 24,070 35,511 60,454 Custody fees................................. 98,009 50,262 42,663 42,266 73,044 Other........................................ 350,823 72,452 229,511 301,229 320,277 -------------- ------------ ------------ ------------ -------------- Total Liabilities.......................... 19,742,388 1,489,984 2,759,342 56,330,753 55,565,332 -------------- ------------ ------------ ------------ -------------- NET ASSETS: Paid in capital................................ 2,320,435,902 133,216,489 618,783,551 887,755,595 1,402,358,161 Accumulated undistributed net investment income....................................... -- -- -- -- -- Accumulated net realized gain (loss) on investment transactions...................... 942 9,514 1,777 4,402 (7,698) -------------- ------------ ------------ ------------ -------------- Net Assets................................. $2,320,436,844 $133,226,003 $618,785,328 $887,759,997 $1,402,350,463 ============== ============ ============ ============ ============== Shares of beneficial interest outstanding (no par value; unlimited number of shares authorized): Vista Shares................................. 407,203,506 251,697,166 111,236,523 Premier Shares............................... 1,036,270,721 61,410,591 212,211,527 460,731,542 374,229,048 Institutional Shares......................... 876,961,675 71,805,898 154,874,858 315,787,530 1,023,631,708 B Shares..................................... 4,497,405 Net asset value, offering and redemption price per share, all classes (net assets/shares)... $1.00 $1.00 $1.00 $1.00 $1.00 ============== =========== ============ ============ ============== Cost of investments............................ $2,315,971,448 $129,095,601 $617,062,123 $924,837,563 $1,453,716,006 ============== ============ ============ ============ ============== Vista New York Vista California Vista Tax Free Tax Free Tax Free Money Market Money Market Money Market Fund Fund Fund -------------- -------------- ---------------- ASSETS: Investment securities, at value (Note 1)....... $ 487,639,041 $ 478,998,694 $ 53,984,366 Cash........................................... 32,572 61,446 41,660 Receivables: Investment securities sold................... -- -- -- Interest..................................... 4,557,843 4,069,283 390,645 Shares of beneficial interest sold........... 2,579,340 267,813 2,302,861 Unamortized organizational expense............. -- -- 4,221 -------------- -------------- ---------------- Total Assets............................... 494,808,796 483,397,236 56,723,753 -------------- -------------- ---------------- LIABILITIES: Payable for investment securities purchased.... 2,150,000 9,331,400 -- Payable for shares of beneficial interest redeemed..................................... 140,364 148,867 -- Payable to custodian........................... -- -- -- Dividends payable.............................. 682,595 581,043 41,958 Accrued liabilities: (Note 2) Administration fees.......................... 18,612 18,383 -- Distribution fees............................ 39,830 73,350 6,912 Investment advisory fees..................... 37,225 36,765 -- Fund servicing fees.......................... 13,135 36,675 -- Shareholder servicing fees................... 55,863 91,687 -- Sub-administration fees...................... 18,613 18,383 1,728 Custody fees................................. 44,138 36,010 9,953 Other........................................ 130,849 136,253 60,831 -------------- -------------- ---------------- Total Liabilities.......................... 3,331,224 10,508,816 121,382 -------------- -------------- ---------------- NET ASSETS: Paid in capital................................ 491,496,236 472,785,334 56,618,014 Accumulated undistributed net investment income....................................... 3,672 101,382 -- Accumulated net realized gain (loss) on investment transactions...................... (22,336) 1,704 (15,643) -------------- -------------- ---------------- Net Assets................................. $ 491,477,572 $ 472,888,420 $ 56,602,371 =============== =============== ============== Shares of beneficial interest outstanding (no par value; unlimited number of shares authorized): Vista Shares................................. 162,544,922 472,880,766 56,616,799 Premier Shares............................... 165,431,091 Institutional Shares......................... 163,519,520 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............................ $ 487,630,041 $ 478,998,694 $ 53,984,366 =============== =============== ==============
See notes to financial statements. 35 64 VISTA MUTUAL FUNDS STATEMENT OF OPERATIONS For the six months ended February 29, 1996 (unaudited) - --------------------------------------------------------------------------------
Vista Vista U.S. Treasury Vista Government Plus Federal Vista Global Vista Prime Money Market Money Market Money Market Money Market Money Market Fund Fund Fund Fund Fund ------------ ------------ ------------ ------------ ------------ INTEREST INCOME: (Note 1C).............................. $66,857,621 $4,115,907 $14,856,550 $24,997,984 $29,027,221 ------------ ------------ ------------ ------------ ------------ EXPENSES: (Note 2) Shareholder servicing fees: Vista Shares......................................... 447,047 -- 285,685 120,686 -- Premier Shares....................................... 560,840 33,199 88,849 238,194 193,253 B Shares............................................. -- -- -- -- 6,070 Distribution fees: Vista Shares......................................... 178,819 -- 114,274 -- -- Premier Shares....................................... 560,840 -- -- -- -- B Shares............................................. -- -- -- -- 18,210 Fund servicing fees: Vista Shares......................................... 178,819 -- 114,274 48,274 -- Premier Shares....................................... 560,840 33,199 88,849 238,194 193,253 B Shares............................................. -- -- -- -- 2,428 Administration fees.................................... 581,247 36,595 131,444 217,978 252,501 Investment advisory fees............................... 1,162,494 73,190 262,888 435,956 505,002 Sub-administration fees................................ 581,247 36,595 131,444 217,978 252,501 Custodian fees......................................... 292,470 46,721 87,220 101,909 128,014 Printing and postage................................... 12,454 1,484 9,508 8,266 3,570 Professional fees...................................... 54,802 9,242 7,887 28,817 30,888 Registration costs..................................... 196,169 21,629 47,334 85 111,808 Transfer agent fees Vista Shares......................................... 160,937 -- 226,755 89,459 -- Premier Shares....................................... 137,974 18,599 23,462 95,902 85,772 Institutional Shares................................. 69,820 16,795 11,953 32,621 40,542 B Shares............................................. -- -- -- -- 25,573 Trustees fees.......................................... 65,885 4,185 14,997 24,720 29,590 Amortization of organizational cost.................... -- -- -- -- -- Other.................................................. 75,715 91,377 55,820 54,181 42,634 ------------ ------------ ------------ ------------ ------------ Total expenses....................................... 5,878,419 422,810 1,702,643 1,953,220 1,921,609 ------------ ------------ ------------ ------------ ------------ Less amounts waived (Note 2E)........................... 194,058 129,018 276,111 188,085 182,344 Less expenses borne by distributor...................... -- -- -- -- 14,204 ------------ ------------ ------------ ------------ ------------ Net expenses......................................... 5,684,361 293,792 1,426,532 1,765,135 1,725,061 ------------ ------------ ------------ ------------ ------------ Net investment income............................ 61,173,260 3,822,115 13,430,018 23,232,849 27,302,160 ------------ ------------ ------------ ------------ ------------ REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS: Net realized gain (loss) on investment transactions.... 942 26,698 (8,776) 82,378 (7,575) ------------ ------------ ------------ ------------ ------------ Net increase in net assets from operations............. $61,174,202 $3,848,813 $13,421,242 $23,315,227 $27,294,585 ============ ============ ============ ============ ============ Vista New York Vista California Vista Tax Free Tax Free Tax Free Money Market Money Market Money Market Fund Fund Fund -------------- -------------- ---------------- INTEREST INCOME: (Note 1C).............................. $8,446,643 $7,638,970 $879,538 -------------- -------------- -------- EXPENSES: (Note 2) Shareholder servicing fees: Vista Shares......................................... 192,046 511,950 58,722 Premier Shares....................................... 159,943 -- -- B Shares............................................. -- -- -- Distribution fees: Vista Shares......................................... 192,046 511,950 58,722 Premier Shares....................................... 167,458 -- -- B Shares............................................. -- -- -- Fund servicing fees: Vista Shares......................................... 76,818 204,780 23,489 Premier Shares....................................... 79,972 -- -- B Shares............................................. -- -- -- Administration fees.................................... 111,259 102,390 11,744 Investment advisory fees............................... 222,517 204,780 23,489 Sub-administration fees................................ 111,259 102,390 11,744 Custodian fees......................................... 92,158 71,052 20,119 Printing and postage................................... 4,077 6,184 334 Professional fees...................................... 25,881 21,881 14,406 Registration costs..................................... 31,988 17 3,488 Transfer agent fees Vista Shares......................................... 31,035 150,709 19,371 Premier Shares....................................... 44,131 -- -- Institutional Shares................................. 25,613 -- -- B Shares............................................. -- -- -- Trustees fees.......................................... 12,669 11,692 1,310 Amortization of organizational cost.................... -- -- 2,224 Other.................................................. 6,620 4,679 584 -------------- -------------- -------- Total expenses....................................... 1,587,490 1,904,454 249,746 -------------- -------------- -------- Less amounts waived (Note 2E)........................... 227,737 102,390 118,335 Less expenses borne by distributor...................... -- -- -- -------------- -------------- -------- Net expenses......................................... 1,359,753 1,802,064 131,411 -------------- -------------- -------- Net investment income............................ 7,086,890 5,836,906 748,127 -------------- -------------- -------- REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS: Net realized gain (loss) on investment transactions.... 19,444 4,017 -- -------------- -------------- -------- Net increase in net assets from operations............. $7,106,334 $5,840,923 $748,127 ============== ============== ==============
See notes to financial statements. 36 65 VISTA MUTUAL FUNDS STATEMENT OF CHANGES IN NET ASSETS (unaudited) - --------------------------------------------------------------------------------
Vista Treasury Plus Vista U.S. Government Money Market Money Market Fund Fund ------------------------------------ -------------- 9/1/95 Year 9/1/95 through ended through 2/29/96 8/31/95 2/29/96 ---------------- ---------------- -------------- INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS: Net investment income.................................... $ 61,173,260 $ 75,786,171 $ 3,822,115 Net realized gain (loss) on investment transactions...... 942 1,453 26,698 ---------------- ---------------- -------------- Increase in net assets from operations.................. 61,174,202 75,787,624 3,848,813 ---------------- ---------------- -------------- DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS FROM: Net investment income: Vista Shares............................................ (8,847,975) (16,090,845) -- Premier Shares.......................................... (29,190,735) (35,766,824) (1,701,452) Institutional Shares.................................... (23,134,550) (23,928,502) (2,120,663) B Shares................................................ -- -- -- Net realized gain on investment transactions: Vista Shares............................................ (225) (18) -- Premier Shares.......................................... (694) (32) (7,555) Institutional Shares.................................... (534) (20) (9,629) B Shares................................................ -- -- -- ---------------- ---------------- -------------- Total dividends and distributions..................... (61,174,713) (75,786,241) (3,839,299) ---------------- ---------------- -------------- TRUST SHARE TRANSACTIONS: Proceeds from shares sold: Vista Shares............................................ 834,621,611 1,446,031,222 -- Premier Shares.......................................... 3,559,676,939 4,409,929,013 266,624,813 Institutional Shares.................................... 3,373,481,083 3,373,764,277 674,056,946 B Shares................................................ -- -- -- Reinvestment of distributions: Vista Shares............................................ 1,730,864 3,098,126 -- Premier Shares.......................................... 18,451,741 27,880,195 356,171 Institutional Shares.................................... 9,094,002 14,535,485 631,954 B Shares................................................ -- -- -- Payment for shares redeemed: Vista Shares............................................ (770,484,417) (1,443,158,892) -- Premier Shares.......................................... (3,305,466,635) (4,220,199,300) (224,142,673) Institutional Shares.................................... (2,971,695,869) (3,135,027,710) (620,518,201) B Shares................................................ -- -- -- Voluntary capital contribution........................... -- -- -- ---------------- ---------------- -------------- Net increase (decrease) in net assets from shares of beneficial interest transactions........................ 749,409,319 476,852,416 97,009,010 ---------------- ---------------- -------------- Total increase (decrease)............................. 749,408,808 476,853,799 97,018,524 NET ASSETS: Beginning of period........................................ 1,571,028,036 1,094,174,237 36,207,479 ---------------- ---------------- -------------- End of period.............................................. $ 2,320,436,844 $ 1,571,028,036 $ 133,226,003 =============== =============== ============== Vista Treasury Plus Vista Global Money Market Vista Federal Money Market Fund Money Market Fund Fund -------------- -------------------------------- ---------------- Year 9/1/95 Year 9/1/95 ended through ended through 8/31/95 2/29/96 8/31/95 2/29/96 -------------- -------------- -------------- ---------------- INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS: Net investment income.................................. $ 1,181,888 $ 13,430,018 $ 20,667,434 $ 23,232,849 Net realized gain (loss) on investment transactions.... 3,586 (8,776) 16,658 82,378 -------------- -------------- -------------- ---------------- Increase in net assets from operations................ 1,185,474 13,421,242 20,684,092 23,315,227 -------------- -------------- -------------- ---------------- DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS FROM: Net investment income: Vista Shares.......................................... (156,234) (5,668,034) (7,330,996) (2,475,829) Premier Shares........................................ (1,025,655) (4,574,539) (5,814,303) (12,590,017) Institutional Shares.................................. -- (3,187,444) (7,522,135) (8,167,004) B Shares.............................................. -- -- -- -- Net realized gain on investment transactions: Vista Shares.......................................... -- (875) (8,559) (9,464) Premier Shares........................................ (540) (746) (6,166) (51,345) Institutional Shares.................................. (665) (536) (9,992) (32,508) B Shares.............................................. -- -- -- -- -------------- -------------- -------------- ---------------- Total dividends and distributions................... (1,183,094) (13,432,174) (20,692,151) (23,326,167) -------------- -------------- -------------- ---------------- TRUST SHARE TRANSACTIONS: Proceeds from shares sold: Vista Shares.......................................... -- 262,818,330 543,870,213 162,868,383 Premier Shares........................................ 48,322,661 214,406,475 389,623,904 1,129,157,825 Institutional Shares.................................. 263,199,315 429,468,562 470,447,975 1,577,859,931 B Shares.............................................. -- -- -- -- Reinvestment of distributions: Vista Shares.......................................... -- 3,748,144 4,634,727 1,715,113 Premier Shares........................................ 126,708 4,499,258 5,612,061 10,280,349 Institutional Shares.................................. 803,526 446,512 555,818 5,071,431 B Shares.............................................. -- -- -- -- Payment for shares redeemed: Vista Shares.......................................... -- (218,270,895) (365,056,773) (145,000,547) Premier Shares........................................ (29,912,841) (155,203,790) (302,489,606) (1,152,099,842) Institutional Shares.................................. (261,345,663) (388,618,353) (474,775,013) (1,626,295,140) B Shares.............................................. -- -- -- -- Voluntary capital contribution......................... -- -- -- -- -------------- -------------- -------------- ---------------- Net increase (decrease) in net assets from shares of beneficial interest transactions...................... 21,193,706 153,294,243 272,423,306 (36,442,497) -------------- -------------- -------------- ---------------- Total increase (decrease)........................... 21,196,086 153,283,311 272,415,247 (36,453,437) NET ASSETS: Beginning of period...................................... 15,011,393 465,502,017 193,086,770 924,213,434 -------------- -------------- -------------- ---------------- End of period............................................ $ 36,207,479 $ 618,785,328 $ 465,502,017 $ 887,759,997 ============== ============== ============== =============== Vista Global Money Market Fund ---------------- Year ended 8/31/95 ---------------- INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS: Net investment income.................................... $ 57,328,140 Net realized gain (loss) on investment transactions...... 31,579 ---------------- Increase in net assets from operations.................. 57,359,719 ---------------- DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS FROM: Net investment income: Vista Shares............................................ (7,154,689) Premier Shares.......................................... (22,191,931) Institutional Shares.................................... (27,981,520) B Shares................................................ Net realized gain on investment transactions: Vista Shares............................................ (14,267) Premier Shares.......................................... (46,612) Institutional Shares.................................... (65,405) B Shares................................................ -- ---------------- Total dividends and distributions..................... (57,454,424) ---------------- TRUST SHARE TRANSACTIONS: Proceeds from shares sold: Vista Shares............................................ 543,325,661 Premier Shares.......................................... 2,153,600,950 Institutional Shares.................................... 5,702,208,478 B Shares................................................ -- Reinvestment of distributions: Vista Shares............................................ 2,904,233 Premier Shares.......................................... 20,168,358 Institutional Shares.................................... 15,618,995 B Shares................................................ -- Payment for shares redeemed: Vista Shares............................................ (611,243,123) Premier Shares.......................................... (2,183,409,957) Institutional Shares.................................... (5,845,101,556) B Shares................................................ -- Voluntary capital contribution........................... -- ---------------- Net increase (decrease) in net assets from shares of beneficial interest transactions........................ (201,927,961) ---------------- Total increase (decrease)............................. (202,022,666) NET ASSETS: Beginning of period........................................ 1,126,236,100 ---------------- End of period.............................................. $ 924,213,434 ===============
See notes to financial statements. 37 66 VISTA MUTUAL FUNDS STATEMENT OF CHANGES IN NET ASSETS (unaudited) (continued) - --------------------------------------------------------------------------------
Vista Tax Free Vista Prime Money Market Money Market Fund Fund ------------------------------------ -------------- 9/1/95 Year 9/1/95 through ended through 2/29/96 8/31/95 2/29/96 ---------------- ---------------- -------------- INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS: Net investment income........................................ $ 27,302,160 $ 19,330,126 $ 7,086,890 Net realized gain (loss) on investment transactions.......... (7,575) (738,887) 19,444 ---------------- ---------------- -------------- Increase in net assets from operations...................... 27,294,585 18,591,239 7,106,334 ---------------- ---------------- -------------- DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS FROM: Net investment income: Vista Shares................................................ -- -- (2,245,463) Premier Shares.............................................. (10,307,624) (4,332,645) (2,560,527) Institutional Shares........................................ (16,890,793) (14,821,689) (2,284,724) B Shares.................................................... (104,934) (174,601) -- Net realized gain on investment transactions: Vista Shares................................................ -- -- -- Premier Shares.............................................. -- (21,836) -- Institutional Shares........................................ -- (36,058) -- B Shares.................................................... -- (705) -- ---------------- ---------------- -------------- Total dividends and distributions......................... (27,303,351) (19,387,534) (7,090,714) ---------------- ---------------- -------------- TRUST SHARE TRANSACTIONS: Proceeds from shares sold: Vista Shares................................................ -- -- 224,946,562 Premier Shares.............................................. 1,540,286,695 1,352,833,421 308,528,056 Institutional Shares........................................ 4,737,887,609 4,480,271,140 571,492,812 B Shares.................................................... 10,194,156 18,163,377 -- Reinvestment of distributions: Vista Shares................................................ -- -- 153,875 Premier Shares.............................................. 2,263,295 4,132,568 1,498,413 Institutional Shares........................................ 6,523,264 13,086,549 955,114 B Shares.................................................... 89,914 160,412 -- Payment for shares redeemed: Vista Shares................................................ -- -- (229,498,753) Premier Shares.............................................. (1,230,997,073) (1,367,449,851) (293,026,711) Institutional Shares........................................ (3,906,477,670) (4,365,634,818) (517,432,128) B Shares.................................................... (10,668,042) (14,895,291) -- Voluntary capital contribution............................... -- 720,000 -- Net increase (decrease) in net assets from shares of beneficial interest transactions............................ 1,149,102,148 121,387,507 67,617,240 ---------------- ---------------- -------------- Total increase (decrease)................................. 1,149,093,382 120,591,212 67,632,860 NET ASSETS: Beginning of period............................................ 253,257,081 132,665,869 423,844,712 ---------------- ---------------- -------------- End of period.................................................. $ 1,402,350,463 $ 253,257,081 $ 491,477,572 =============== =============== ============== Vista Tax Free Money Market Vista New York Tax Free Fund Money Market Fund --------------- -------------------------------- Year 9/1/95 Year ended through ended 8/31/95 2/29/96 8/31/95 -------------- -------------- -------------- INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS: Net investment income........................................ $ 14,063,223 $ 5,836,906 $ 10,839,168 Net realized gain (loss) on investment transactions.......... (31,361) 4,017 6,756 -------------- -------------- -------------- Increase in net assets from operations...................... 14,031,862 5,840,923 10,845,924 -------------- -------------- -------------- DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS FROM: Net investment income: Vista Shares................................................ (4,345,140) (5,836,906) (10,839,168) Premier Shares.............................................. (5,530,814) -- -- Institutional Shares........................................ (4,183,445) -- -- B Shares.................................................... -- -- -- Net realized gain on investment transactions: Vista Shares................................................ -- (9,069) -- Premier Shares.............................................. -- -- -- Institutional Shares........................................ -- -- -- B Shares.................................................... -- -- -- -------------- -------------- -------------- Total dividends and distributions......................... (14,059,399) (5,845,975) (10,839,168) -------------- -------------- -------------- TRUST SHARE TRANSACTIONS: Proceeds from shares sold: Vista Shares................................................ 594,733,368 540,423,970 814,220,664 Premier Shares.............................................. 566,749,866 -- -- Institutional Shares........................................ 711,916,679 -- -- B Shares.................................................... -- -- -- Reinvestment of distributions: Vista Shares................................................ 314,721 2,322,615 3,909,825 Premier Shares.............................................. 2,649,029 -- -- Institutional Shares........................................ 1,756,634 -- -- B Shares.................................................... -- -- -- Payment for shares redeemed: Vista Shares................................................ (549,836,451) (448,253,131) (805,406,597) Premier Shares.............................................. (650,255,932) -- -- Institutional Shares........................................ (715,504,069) -- -- B Shares.................................................... -- -- -- Voluntary capital contribution............................... -- -- -- Net increase (decrease) in net assets from shares of beneficial interest transactions............................ (37,476,155) 94,493,454 12,723,892 -------------- -------------- -------------- Total increase (decrease)................................. (37,503,692) 94,488,402 12,730,648 NET ASSETS: Beginning of period............................................ 461,348,404 378,400,018 365,669,370 -------------- -------------- -------------- End of period.................................................. $ 423,844,712 $ 472,888,420 $ 378,400,018 ============== ============== ============== Vista California Tax Free Money Market Fund ------------------------------- 9/1/95 Year through ended 2/29/96 8/31/95 ------------- -------------- INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS: Net investment income........................................ $ 748,127 $ 1,817,271 Net realized gain (loss) on investment transactions.......... -- (8,932) ------------- -------------- Increase in net assets from operations...................... 748,127 1,808,339 ------------- -------------- DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS FROM: Net investment income: Vista Shares................................................ (748,127) (1,817,271) Premier Shares.............................................. -- -- Institutional Shares........................................ -- -- B Shares.................................................... -- -- Net realized gain on investment transactions: Vista Shares................................................ -- -- Premier Shares.............................................. -- -- Institutional Shares........................................ -- -- B Shares.................................................... -- -- ------------- -------------- Total dividends and distributions......................... (748,127) (1,817,271) ------------- -------------- TRUST SHARE TRANSACTIONS: Proceeds from shares sold: Vista Shares................................................ 124,440,851 281,632,333 Premier Shares.............................................. -- -- Institutional Shares........................................ -- -- B Shares.................................................... -- -- Reinvestment of distributions: Vista Shares................................................ 401,953 674,659 Premier Shares.............................................. -- -- Institutional Shares........................................ -- -- B Shares.................................................... -- -- Payment for shares redeemed: Vista Shares................................................ (126,555,025) (288,406,738) Premier Shares.............................................. -- -- Institutional Shares........................................ -- B Shares.................................................... -- -- Voluntary capital contribution............................... -- -- Net increase (decrease) in net assets from shares of beneficial interest transactions............................ (1,712,221) (6,099,746) ------------- -------------- Total increase (decrease)................................. (1,712,221) (6,108,678) NET ASSETS: Beginning of period............................................ 58,314,592 64,423,270 ------------- -------------- End of period.................................................. $ 56,602,371 $ 58,314,592 ============ ==============
See notes to financial statements. 38 67 VISTA MUTUAL FUNDS NOTES TO FINANCIAL STATEMENTS (unaudited) - -------------------------------------------------------------------------------- 1. ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES -- Mutual Fund Trust ("MFT") (the "Trust") is organized as a Massachusetts business trust, and registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end, management investment company. Vista U.S. Government Money Market Fund ("USGMM"), Vista Treasury Plus Money Market Fund ("TPMM"), Vista Federal Money Market Fund ("FMM"), Vista Global Money Market Fund ("GMM"), Vista Prime Money Market Fund ("PMM"), Vista Tax Free Money Market Fund ("TFMM"), Vista New York Tax Free Money Market Fund ("NYTFMM") and Vista California Tax Free Money Market Fund, ("CATFMM") are separate portfolios of MFT. Collectively all eight of these funds are referred to as "Money Market Funds" or individually as "Fund", while TFMM, NYTFMM and CATFMM are collectively referred to as the "Tax Free Funds". The funds offer various classes of shares as follows:
Fund Classes Offered - ------------------------------------------------------------- --------------------------------- USGMM........................................................ Vista, Premier, Institutional TPMM......................................................... Premier, Institutional FMM.......................................................... Vista, Premier, Institutional GMM.......................................................... Vista, Premier, Institutional PMM.......................................................... Premier, Institutional, B Shares TFMM......................................................... Vista, Premier, Institutional NYTFMM....................................................... Vista CATFMM....................................................... Vista
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. In the case of USGMM, TPMM, FMM, PMM and GMM, interest income consists of coupon interest accrued and amortization of premium and discount earned. In the 39 68 VISTA MUTUAL FUNDS NOTES TO FINANCIAL STATEMENTS (unaudited) (continued) - -------------------------------------------------------------------------------- case of TFMM, NYTFMM and CATFMM, interest income consists of coupon interest accrued less the amortization of any premiums on the investments of the Funds. D. Federal income taxes -- Each Fund is treated as a separate taxable entity for Federal income tax purposes. The Trust's policy is to comply with the provisions of the Internal Revenue Code applicable to regulated investment companies and to distribute to shareholders all of a Fund's distributable net income, including net realized gain on investments. In addition, the Trust intends to make distributions as required to avoid excise taxes. Accordingly, no provision for Federal income or excise tax is necessary. E. Distributions to shareholders -- The net income of each of the Money Market Funds is determined daily, as of 12:00 noon Eastern time, except for USGMM, TPMM, FMM, PMM and GMM which are determined as of 2:00 pm Eastern time, and substantially all of the net income of each Fund so determined is declared as a dividend to shareholders of record at the time of such determination. 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, N.A. ("Chase") acts as the investment adviser to the Funds. Chase is a direct wholly-owned subsidiary of The Chase Manhattan Corporation (see Note 2F.). 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 Adviser voluntarily waived all or a portion of its fees as outlined in Note 2.E. below. B. Shareholder and Fund servicing fees -- The Trust has adopted 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 and Fund Servicing Agents. For its services, each Shareholder Servicing Agent receives fees determined by a formula based upon the average number of accounts serviced and the number of transactions processed by such Shareholder Servicing Agent during the period for which payment is being made and any out-of-pocket expenses incurred, 40 69 VISTA MUTUAL FUNDS NOTES TO FINANCIAL STATEMENTS (unaudited) (continued) - -------------------------------------------------------------------------------- provided that such fees will not exceed, on an annual basis, 0.25% for each of the Vista and B Shares of the Funds, 0.20% for the Premier Shares of each of the Tax Free Funds and 0.10% for the Premier Shares of the USGMM, TPMM, FMM, GMM and PMM. There is no charge for the Institutional Shares. For its services, the Fund Servicing Agent is paid a fee which is accrued daily and paid monthly at an annual rate equal to 0.10% for each of the Vista Shares and Premier Shares. No Fund Servicing fee is paid for the Institutional shares. Since inception of the Trust, (except as described below) Chase and certain of its affiliates have been the only Shareholder Servicing and Fund Servicing Agents. In 1995, certain Premier Shareholders of the GMM and FMM entered into a Shareholder Servicing arrangement with Capital Network Services while certain Vista Shareholders of FMM entered into a Shareholder Servicing arrangement with Signet Financial Group. Chase's Shareholder Servicing charges amounted to $332,353 and $358,639 for FMM and GMM, respectively. 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 Distribution and Sub-administration Agreements, Vista Broker-Dealer Services, Inc. ("VBDS" 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 (the "Premier Plan"), for the Vista Shares (the "Vista Plan") and for the B Shares of the PMM (the "B Plan"). There are no distribution plans for the Institutional Shares. Pursuant to the Vista Plan, the Vista Shares pay the Distributor a distribution fee at the annual rate of 0.20% of each of the Tax Free Fund's average daily net assets and 0.10% of the average daily net assets of the USGMM and FMM for its services in connection with the distribution of each of the respective Fund's shares. Pursuant to the Premier Plan, the Funds may pay the Distributor a distribution fee at the annual rate of 0.15% for TFMM and 0.10% for USGMM for the Premier Shares' average daily net assets for its services in connection with the distribution of Fund shares. Pursuant to the B Shares' Plan, the PMM B Shares pay the Distributor a distribution fee at the annual rate of 0.75% of the PMM B Shares' average daily net assets for its services in connection with the distribution of Fund shares. There is currently no distribution plan for GMM and TPMM (all classes); and PMM and FMM (Premier class). The Trust is also permitted to pay the Distributor under each Plan an additional amount of 0.05% of the respective Tax Free Fund's average daily net assets in anticipation of, or as reimbursement for, advertising expenses incurred in connection with the sale of shares of the Tax Free Funds. 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. The Administrator voluntarily waived all or a portion of its administration fees as outlined in Note 2.E. below. 41 70 VISTA MUTUAL FUNDS NOTES TO FINANCIAL STATEMENTS (unaudited) (continued) - -------------------------------------------------------------------------------- E. Waivers of fees -- For the period ended February 29, 1996, the Adviser, Shareholder and Fund Servicing Agents, Administrator, Sub-Administrator and Distributor voluntarily waived fees for each of the Funds as follows:
USGMM TPMM FMM GMM PMM TFMM NYTFMM CATFMM --------- --------- --------- --------- --------- --------- -------- -------- Administration...... -- $ 36,595 -- -- $ 33,846 -- -- $ 7,844 Advisory............ -- 53,544 -- $ 7,564 51,181 -- -- 15,245 Distribution........ -- -- -- -- -- $ 117,877 $102,390 13,035 Fund Servicing.......... $ 194,058 10,999 $ 123,091 140,115 74,192 79,430 -- 23,489 Shareholder Servicing.......... -- 10,999 153,020 40,406 23,125 30,430 -- 58,722 Sub-Administration.. -- 16,881 -- -- -- -- -- -- -------- ------- -------- -------- -------- -------- -------- -------- $ 194,058 $ 129,018 $ 276,111 $ 188,085 $ 182,344 $ 227,737 $102,390 $118,335 ======== ======= ======== ======== ======== ======== ======== ========
In addition, the Distributor assumed $14,204 of expenses for PMM. F. Other -- Certain officers of the Trust are officers of VBDS 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. Effective March 31, 1996, The Chase Manhattan Corporation merged with Chemical Banking Corporation, pursuant to the Agreement and Plan of Merger signed in August 1995. In connection with the merger, the shareholders of the series funds of The Hanover Investment Funds, Inc., an open-end management investment company advised by affiliates of Chemical Banking Corporation, approved on April 2, 1996 their merger into certain series of the Trust. 3. FEDERAL INCOME TAX MATTERS -- At February 29, 1996, Tax Free Money Market Fund, California Tax Free Money Market Fund and Prime Money Market Fund had net capital loss carryovers of approximately $42,000, $16,000 and $19,000, respectively. Such losses will be available to offset future capital gains and will expire between August 31, 2001 and 2003. 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. 42 71 (This page intentionally left blank.) 43 72 VISTA MUTUAL FUNDS NOTES TO FINANCIAL STATEMENTS (unaudited) (continued) - -------------------------------------------------------------------------------- 4. TRANSACTIONS IN SHARES OF BENEFICIAL INTEREST
USGMM TPMM FMM ---------------------------------- ----------------------------- ------------------------------- Vista Vista ---------------------------------- ------------------------------- 9/1/95 Year 9/1/95 Year through ended through ended 2/29/96 8/31/95 2/29/96 8/31/95 ------------- -------------- ------------- ------------- Shares sold.......... 834,621,611 1,446,031,222 262,818,330 543,870,213 Shares issued in reinvestment of distributions....... 1,730,864 3,098,126 3,748,144 4,634,727 Shares redeemed...... (770,484,417) (1,443,158,892) (218,270,895) (365,056,773) ------------- -------------- ------------- ------------- Net increase (decrease) in shares of beneficial interest outstanding......... 65,868,058 5,970,456 48,295,579 183,448,167 Outstanding shares at: Beginning of period............ 341,335,448 335,364,992 203,401,587 19,953,420 ------------- -------------- ------------- ------------- End of period....... 407,203,506 341,335,448 251,697,166 203,401,587 =============== ================= =============== ===============
Premier Premier Premier --------------------------------- ------------------------------- ------------------------------- 9/1/95 Year 9/1/95 Year 9/1/95 Year through ended through ended through ended 2/29/96 8/31/95 2/29/96 8/31/95 2/29/96 8/31/95 -------------- -------------- ------------- ------------- ------------- ------------- Shares sold......... 3,559,676,939 4,409,929,013 266,624,813 48,322,661 214,406,475 389,623,904 Shares issued in reinvestment of distributions...... 18,451,741 27,880,195 356,171 126,708 4,499,258 5,612,061 Shares redeemed..... (3,305,466,635) (4,220,199,300) (224,142,673) (29,912,841) (155,203,790) (302,489,606) -------------- -------------- ------------- ------------- ------------- ------------- Net increase (decrease) in shares of beneficial interest outstanding........ 272,662,045 217,609,908 42,838,311 18,536,528 63,701,943 92,746,359 Outstanding shares at: Beginning of period........... 763,608,676 545,998,768 18,572,280 35,752 148,509,584 55,763,225 -------------- -------------- ------------- ------------- ------------- ------------- End of period...... 1,036,270,721 763,608,676 61,410,591 18,572,280 212,211,527 148,509,584 ================= ================= =============== =============== =============== ===============
Institutional Institutional Institutional --------------------------------- ------------------------------- ------------------------------- 9/1/95 Year 9/1/95 Year 9/1/95 Year through ended through ended through ended 2/29/96 8/31/95 2/29/96 8/31/95 2/29/96 9/31/95 -------------- -------------- ------------- ------------- ------------- ------------- Shares sold......... 3,373,481,083 3,373,764,277 674,056,946 263,199,315 429,468,562 470,447,975 Shares issued in reinvestment of distributions...... 9,094,002 14,535,485 631,954 803,526 446,512 555,818 Shares redeemed..... (2,971,695,869) (3,135,027,710) (620,518,201) (261,345,663) (388,618,353) (474,775,013) -------------- -------------- ------------- ------------- ------------- ------------- Net increase (decrease) in shares of beneficial interest outstanding........ 410,879,216 253,272,052 54,170,699 2,657,178 41,296,721 (3,771,220) Outstanding shares at: Beginning of period........... 466,082,459 212,810,407 17,635,199 14,978,021 113,578,137 117,349,357 -------------- -------------- ------------- ------------- ------------- ------------- End of period...... 876,961,675 466,082,459 71,805,898 17,635,199 154,874,858 113,578,137 ================= ================= =============== =============== =============== ===============
44 73 VISTA MUTUAL FUNDS NOTES TO FINANCIAL STATEMENTS (unaudited) (continued) - --------------------------------------------------------------------------------
GMM PMM TFMM ------------------------------- ----------------------------- ------------------------------- Vista B Shares Vista ------------------------------- ----------------------------- ------------------------------- 9/1/95 Year 9/1/95 Year 9/1/95 Year through ended through ended through ended 2/29/96 8/31/95 2/29/96 8/31/95 2/29/96 8/31/95 ------------- ------------- ------------ ------------ ------------- ------------- 162,868,383 543,325,661 10,194,156 18,163,377 224,946,562 594,733,368 1,715,113 2,904,233 89,914 160,412 153,875 314,721 (145,000,547) (611,243,123) (10,668,042) (14,895,291) (229,498,753) (549,836,451) ------------- ------------- ------------ ------------ ------------- ------------- 19,582,949 (65,013,229) (383,972) 3,428,498 (4,398,316) 45,211,638 91,653,574 156,666,803 4,881,377 1,452,879 166,943,238 121,731,600 ------------- ------------- ------------ ------------ ------------- ------------- 111,236,523 91,653,574 4,497,405 4,881,377 162,544,922 166,943,238 =============== =============== ============= ============= =============== ===============
Premier Premier Premier --------------------------------- --------------------------------- ------------------------------- 9/1/95 Year 9/1/95 Year 9/1/95 Year through ended through ended through ended 2/29/96 8/31/95 2/29/96 8/31/95 2/29/96 8/31/95 -------------- -------------- -------------- -------------- ------------- ------------- 1,129,157,825 2,153,600,950 1,540,286,695 1,352,833,421 308,528,056 566,749,866 10,280,349 20,168,358 2,263,295 4,132,568 1,498,413 2,649,029 (1,152,099,842) (2,183,409,957) (1,230,997,073) (1,367,449,851) (293,026,711) (650,255,932) -------------- -------------- -------------- -------------- ------------- ------------- (12,661,668) (9,640,649) 311,552,917 (10,483,862) 16,999,758 (80,857,037) 473,393,210 483,033,859 62,676,131 73,159,993 148,431,333 229,288,370 -------------- -------------- -------------- -------------- ------------- ------------- 460,731,542 473,393,210 374,229,048 62,676,131 165,431,091 148,431,333 ================= ================= ================= ================= =============== ===============
Institutional Institutional Institutional --------------------------------- --------------------------------- ------------------------------- 9/1/95 Year 9/1/95 Year 9/1/95 Year through ended through ended through ended 2/29/96 8/31/95 2/29/96 8/31/95 2/29/96 8/31/95 -------------- -------------- -------------- -------------- ------------- ------------- 1,577,859,931 5,702,208,478 4,737,887,609 4,480,271,140 571,492,812 711,916,679 5,071,431 15,618,995 6,523,264 13,086,549 955,114 1,756,634 (1,626,295,140) (5,845,101,556) (3,906,477,670) (4,365,634,818) (517,432,128) (715,504,069) -------------- -------------- -------------- -------------- ------------- ------------- (43,363,778) (127,274,083) 837,933,203 127,722,871 55,015,798 (1,830,756) 359,151,308 486,425,391 185,698,505 57,975,634 108,503,722 110,334,478 -------------- -------------- -------------- -------------- ------------- ------------- 315,787,530 359,151,308 1,023,631,708 185,698,505 163,519,520 108,503,722 ================= ================= ================= ================= =============== ===============
45 74 VISTA MUTUAL FUNDS NOTES TO FINANCIAL STATEMENTS (unaudited) (continued) - --------------------------------------------------------------------------------
NYTFMM CATFMM ----------------------------- ----------------------------- Vista Vista ----------------------------- ----------------------------- 9/1/95 Year 9/1/95 Year through ended through ended 2/29/96 8/31/95 2/29/96 8/31/95 ------------- ------------- ------------- ------------- Shares sold....................................................... 540,423,970 814,220,664 124,440,851 281,632,333 Shares issued in reinvestment of distributions.................... 2,322,615 3,909,825 401,953 674,659 Shares redeemed................................................... (448,253,131) (805,406,597) (126,555,025) (288,406,738) ------------- ------------- ------------- ------------- Net increase (decrease) in shares of beneficial interest outstanding...................................................... 94,493,454 12,723,892 (1,712,221) (6,099,746) Outstanding shares at: Beginning of period.............................................. 378,387,312 365,663,420 58,329,020 64,428,766 ------------- ------------- ------------- ------------- End of period.................................................... 472,880,766 378,387,312 56,616,799 58,329,020 =============== =============== =============== ===============
5. CONCENTRATION OF CREDIT RISK -- TFMM, NYTFMM and CATFMM, invest substantially all of their assets in a diversified portfolio of debt obligations issued by states, territories and possessions of the United States and by the District of Columbia, and by their political subdivisions and duly constituted authorities, with NYTFMM primarily investing in issuers in the State of New York, and CATFMM primarily investing in issuers in the State of California. The issuers' abilities to meet their obligations may be affected by economic or political developments in a specific state or region. As of February 29, 1996 GMM invested 53.10% of its net assets in financial institutions, of which 6.34% was invested in Broker Dealers, 19.44% in Banking and 27.32% in other financial service providers. PMM invested 57.23% of its net assets in financial institutions, of which 8.44% was invested in Broker Dealers, 23.11% in Banking and 25.68% 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. CAPITAL CONTRIBUTIONS -- On February 27, 1995, The Chase Manhattan Corporation purchased a security from PMM for $720,000 in excess of the security's fair market value. PMM recorded a realized loss on the sale and a capital contribution of an equal amount from Chase. Chase received no shares of PMM or other consideration in exchange for such contribution. For tax purposes, these capital contributions reduced the realized losses for the year ended August 31, 1995. 7. OTHER -- During the year ended August 31, 1995, the Funds adopted an unfunded noncontributory defined benefit pension plan covering all independent directors of the Funds who have served as an independent director for at least five years at the time of retirement. Benefits under this plan are based on compensation and years of service. Management has determined that the accrual for prior service costs is not material. 46 75 VISTA MUTUAL FUNDS SELECTED PER SHARE DATA AND RATIOS FOR A SHARE OF BENEFICIAL INTEREST OUTSTANDING Throughout Each Period Indicated (unaudited) - --------------------------------------------------------------------------------
Vista U.S. Government Money Market Fund ----------------------------------------------------------------------------------------- Vista Shares Premier Shares ------------------------------------------------ ------------------------------------- 9/1/95 9/1/94 11/1/93 1/1/93* 9/1/95 9/1/94 11/1/93 through through through through through through through 2/29/96 8/31/95 8/31/94++ 10/31/93 2/29/96 8/31/95 8/31/94++ --------- --------- --------- --------- ----------- --------- --------- Per Share Operating Performance Net Asset Value, Beginning of Period.................. $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 --------- --------- --------- --------- ----------- --------- --------- Income from Investment Operations: Net Investment Income...... 0.025 0.049 0.025 0.019 0.026 0.052 0.027 --------- --------- --------- --------- ----------- --------- --------- Less Dividends from Net Investment Income........ 0.025 0.049 0.025 0.019 0.026 0.052 0.027 --------- --------- --------- --------- ----------- --------- --------- Net Asset Value, End of Period..................... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 ========= ========= ========= ========= ========== ========= ========= Total Return................ 2.49% 5.05% 2.48% 2.02% 2.62% 5.31% 2.70% ===== ===== ===== ===== ===== ===== ===== Ratios/Supplemental Data: Net Assets, End of Period (000 omitted).............. $ 407,204 $ 341,336 $ 335,365 $ 323,498 $ 1,036,271 $ 763,609 $ 545,999 Ratio of Expenses to Average Net Assets#...... 0.80% 0.80% 0.80% 0.82% 0.55% 0.55% 0.55% Ratio of Net Investment Income to Average Net Assets#.................. 4.96% 4.93% 2.94% 2.39% 5.21% 5.22% 3.13% Ratio of Expenses Without Waivers and Assumption of Expenses to Average Net Assets#...... 0.80% 0.80% 0.80% 0.82% 0.58% 0.59% 0.61% Ratio of Net Investment Income Without Waivers and Assumption of Expenses to Average Net Assets #................. 4.96% 4.93% 2.94% 2.39% 5.18% 5.18% 3.07% Vista U.S. Government Money Market Fund ------------------------------------------------------------------------------ Premier Shares Institutional Shares ------------------------------------- ------------------------------------- Year 7/1/92 Year 9/1/95 9/1/94 12/10/93* ended through ended through through through 10/31/93 10/31/92** 6/30/92 2/29/96 8/31/95 8/31/94++ ----------- --------- --------- ----------- --------- --------- 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...... 0.027 0.010 0.041+ 0.027 0.055 0.026 ----------- --------- --------- ----------- --------- --------- Less Dividends from Net Investment Income........ 0.027 0.010 0.041+ 0.027 0.055 0.026 ----------- --------- --------- ----------- --------- --------- Net Asset Value, End of Period..................... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 ========== ========= ========= ========== ========= ========= Total Return................ 2.70% 0.98% 4.68% 2.76% 5.60% 2.61% ===== ===== ===== ===== ===== ===== Ratios/Supplemental Data: Net Assets, End of Period (000 omitted).............. $ 1,069,704 $ 108,505 $ 78,795 $ 876,962 $ 466,083 $ 212,810 Ratio of Expenses to Average Net Assets#...... 0.55% 0.58% 0.57% 0.28% 0.27% 0.27% Ratio of Net Investment Income to Average Net Assets#.................. 2.66% 2.87% 4.10% 5.48% 5.58% 3.81% Ratio of Expenses Without Waivers and Assumption of Expenses to Average Net Assets#...... 0.67% 0.70% 0.64% 0.28% 0.28% 0.27% Ratio of Net Investment Income Without Waivers and Assumption of Expenses to Average Net Assets #................. 2.54% 2.75% 4.03% 5.48% 5.57% 3.81%
- --------------- * Commencement of sale of shares. # Short Periods have been annualized. + Includes .001 realized gain from investments, and distribution of gains. ** In 1992 the Trinity Government Fund, the predecessor to the Vista U.S. Government Money Market Fund, changed its fiscal year-end from June 30 to October 31. ++ In 1994 USGMM changed its fiscal year-end from October 31 to August 31. See notes to financial statements. 47 76 VISTA MUTUAL FUNDS SELECTED PER SHARE DATA AND RATIOS FOR A SHARE OF BENEFICIAL INTEREST OUTSTANDING Throughout Each Period Indicated (unaudited) (continued) - --------------------------------------------------------------------------------
Vista Treasury Plus Money Market Fund ------------------------------------------------------------ Premier Shares Institutional Shares ---------------------------- ----------------------------- 9/1/95 9/1/94 4/22/94* 9/1/95 9/1/94 4/20/94** through through through through through through 2/29/96 8/31/95 8/31/94 2/29/96 8/31/95 8/31/94 ------- ------- -------- ------- ------- --------- 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............................................ 0.026 0.050 0.014 0.027 0.053 0.014 ------- ------- -------- ------- ------- --------- Less Dividends from Net Investment Income........................ 0.026 0.050 0.014 0.027 0.053 0.014 ------- ------- -------- ------- ------- --------- Net Asset Value, End of Period..................................... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 ======== ======== ======== ======== ======== ========= Total Return....................................................... 2.60% 5.17% 1.37% 2.69% 5.36% 1.45% ===== ===== ===== ===== ===== ===== Ratios/Supplemental Data: Net Assets, End of Period (000 omitted).......................... $61,411 $18,572 $ 36 $71,806 $17,636 $14,976 Ratio of Expenses to Average Net Assets #........................ 0.50% 0.50% 0.49% 0.32% 0.32% 0.32% Ratio of Net Investment Income to Average Net Assets#............ 5.13% 5.23% 3.85% 5.31% 5.21% 3.93% Ratio of Expenses Without Waivers and Assumption of Expenses to Average Net Assets#............................................ 0.71% 1.57% 0.89% 0.46% 0.89% 0.53% Ratio of Net Investment Income Without Waivers and Assumption of Expenses to Average Net Assets#................................ 4.92% 4.16% 3.46% 5.17% 4.64% 3.72%
- --------------- # Short periods have been annualized. * Commencement of offering of classes of shares. ** Commencement of operations. See notes to financial statements. 48 77 VISTA MUTUAL FUNDS SELECTED PER SHARE DATA AND RATIOS FOR A SHARE OF BENEFICIAL INTEREST OUTSTANDING Throughout Each Period Indicated (unaudited) (continued) - --------------------------------------------------------------------------------
Vista Federal Money Market Fund ---------------------------------------------------------- Vista Shares Premier Shares ---------------------------------- -------------------- 9/1/95 9/1/94 5/9/94* 9/1/95 9/1/94 through through through through through 2/29/96 8/31/95 8/31/94 2/29/96 8/31/95 --------- --------- -------- -------- -------- 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...................................... 0.025 0.051 0.013 0.026 0.053 --------- --------- -------- -------- -------- Less Dividends from Net Investment Income.................. 0.025 0.051 0.013 0.026 0.053 --------- --------- -------- -------- -------- Net Asset Value, End of Period.............................. $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 ======== ======== ======== ======== ======== Total Return................................................ 2.50% 5.20% 1.26% 2.60% 5.40% ===== ===== ===== ===== ===== Ratios/Supplemental Data: Net Assets, End of Period (000 omitted).................... $ 251,698 $ 203,399 $19,955 $212,212 $148,512 Ratio of Expenses to Average Net Assets #.................. 0.70% 0.69% 0.40% 0.50% 0.49% Ratio of Net Investment Income to Average Net Assets#...... 4.97% 5.16% 4.36% 5.16% 5.32% Ratio of Expenses Without Waivers and Assumption of Expenses to Average Net Assets#.......................... 0.93% 0.93% 1.02% 0.51% 0.59% Ratio of Net Investment Income Without Waivers and Assumption of Expenses to Average Net Assets#.............................................. 4.74% 4.92% 3.74% 5.15% 5.22% Vista Federal Money Market Fund ----------------------------------------------- Premier Shares Institutional Shares -------- --------------------------------- 4/22/94* 9/1/95 9/1/94 4/20/94** through through through through 8/31/94 2/29/96 8/31/95 8/31/94 -------- -------- -------- --------- 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...................................... 0.015 0.027 0.054 0.015 -------- -------- -------- --------- Less Dividends from Net Investment Income.................. 0.015 0.027 0.054 0.015 -------- -------- -------- --------- Net Asset Value, End of Period.............................. $ 1.00 $ 1.00 $ 1.00 $ 1.00 ======== ======== ======== ========= Total Return................................................ 1.47% 2.70% 5.57% 1.54% ===== ===== ===== ===== Ratios/Supplemental Data: Net Assets, End of Period (000 omitted).................... $55,768 $154,875 $113,591 $117,364 Ratio of Expenses to Average Net Assets #.................. 0.35% 0.31% 0.31% 0.30% Ratio of Net Investment Income to Average Net Assets#...... 4.38% 5.34% 5.45% 4.26% Ratio of Expenses Without Waivers and Assumption of Expenses to Average Net Assets#.......................... 0.74% 0.31% 0.37% 0.49% Ratio of Net Investment Income Without Waivers and Assumption of Expenses to Average Net Assets#.............................................. 4.00% 5.34% 5.39% 4.06%
- --------------- # Short periods have been annualized. * Commencement of offering of classes of shares. ** Commencement of operations. See notes to financial statements. 49 78 VISTA MUTUAL FUNDS SELECTED PER SHARE DATA AND RATIOS FOR A SHARE OF BENEFICIAL INTEREST OUTSTANDING Throughout Each Period Indicated (unaudited) (continued) - --------------------------------------------------------------------------------
Vista Global Money Market Fund -------------------------------------------------------------------------------------- Premier Vista Shares Shares ------------------------------------------------------------------------- --------- 9/1/95 9/1/94 11/1/93 Year 7/1/92 Year 9/1/95 through through through ended through ended through 2/29/96 8/31/95 8/31/94++ 10/31/93 10/31/92** 6/30/92 2/29/96 --------- -------- --------- --------- --------- --------- --------- Per Share Operating Performance Net Asset Value, Beginning of Period........................... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 --------- -------- --------- --------- --------- --------- --------- Income from Investment Operations: Net Investment Income............ 0.026 0.051 0.028 0.029 0.010 0.045 0.026 --------- -------- --------- --------- --------- --------- --------- Less Dividends from Net Investment Income.............. 0.026 0.051 0.028 0.029 0.010 0.045 0.026 --------- -------- --------- --------- --------- --------- --------- Net Asset Value, End of Period.... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 ========= ======= ========= ========= ========= ========= ========= Total Return...................... 2.60% 5.27% 2.84% 2.99% 1.02% 4.59% 2.67% ===== ===== ===== ===== ===== ===== ===== Ratios/Supplemental Data: Net Assets, End of Period (000 omitted)......................... $ 111,237 $ 91,621 $ 156,645 $ 258,630 $ 443,102 $ 464,810 $ 460,732 Ratio of Expenses to Average Net Assets#........................ 0.60% 0.57% 0.60% 0.60% 0.59% 0.59% 0.45% Ratio of Net Investment Income to Average Net Assets#............ 5.14% 5.13% 3.29% 2.93% 3.03% 4.50% 5.30% Ratio of Expenses Without Waivers and Assumption of Expenses to Average Net Assets#............ 0.79% 0.79% 0.74% 0.70% 0.59% 0.59% 0.49% Ratio of Net Investment Income Without Waivers and Assumption of Expenses to Average Net Assets#........................ 4.95% 4.91% 3.15% 2.82% 3.03% 4.50% 5.26% Vista Global Money Market Fund -------------------------------------------------------------------------- Premier Shares Institutional Shares ----------------------------------- ----------------------------------- 9/1/94 11/1/93 1/1/93* 9/1/95 9/1/94 11/4/93* through through through through through through 8/31/95 8/31/94++ 10/31/93 2/29/96 8/31/95 8/31/94++ --------- --------- --------- --------- --------- --------- 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............ 0.053 0.029 0.026 0.027 0.055 0.031 --------- --------- --------- --------- --------- --------- Less Dividends from Net Investment Income.............. 0.053 0.029 0.026 0.027 0.055 0.031 --------- --------- --------- --------- --------- --------- Net Asset Value, End of Period.... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 ========= ========= ========= ========= ========= ========= Total Return...................... 5.43% 2.97% 2.61% 2.76% 5.62% 3.10% ===== ===== ===== ===== ===== ===== Ratios/Supplemental Data: Net Assets, End of Period (000 omitted)......................... $ 473,456 $ 483,130 $ 606,939 $ 315,787 $ 359,136 $ 486,461 Ratio of Expenses to Average Net Assets#........................ 0.42% 0.45% 0.45% 0.27% 0.23% 0.26% Ratio of Net Investment Income to Average Net Assets#............ 5.26% 3.52% 3.03% 5.47% 5.42% 3.72% Ratio of Expenses Without Waivers and Assumption of Expenses to Average Net Assets#............ 0.51% 0.53% 0.47% 0.27% 0.28% 0.29% Ratio of Net Investment Income Without Waivers and Assumption of Expenses to Average Net Assets#........................ 5.17% 3.44% 3.01% 5.47% 5.37% 3.69%
- --------------- # Short periods have been annualized. * Commencement of sale of shares. ** In 1992 the Trinity Money Market Fund, the predecessor to the Vista Global Money Market Fund, changed its fiscal year-end from June 30 to October 31. ++ In 1994 GMM changed its fiscal year-end from October 31 to August 31. See notes to financial statements. 50 79 VISTA MUTUAL FUNDS SELECTED PER SHARE DATA AND RATIOS FOR A SHARE OF BENEFICIAL INTEREST OUTSTANDING Throughout Each Period Indicated (unaudited) (continued) - --------------------------------------------------------------------------------
Vista Prime Money Market Fund ----------------------------------------------------------------------- Premier Shares Institutional Shares -------------------------------- ----------------------------------- 9/1/95 9/1/94 11/15/93** 9/1/95 9/1/94 4/26/94* through through through through through through 2/29/96 8/31/95 8/31/94++ 2/29/96 8/31/95 8/31/94++ -------- ------- --------- ---------- -------- --------- 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.................................. 0.027 0.053 0.027 0.028 0.055 0.014 Net Realized Loss on Securities........................ -- (0.003 ) -- -- (0.003) -- -------- ------- --------- ---------- -------- --------- Total Income from Investment Operations................ 0.027 0.050 0.027 0.028 0.052 0.014 -------- ------- --------- ---------- -------- --------- Voluntary Capital Contribution......................... -- 0.003 -- -- 0.003 -- -------- ------- --------- ---------- -------- --------- Less Dividends from Net Investment Income.............. 0.027 0.053 0.027 0.028 0.055 0.014 -------- ------- --------- ---------- -------- --------- Net Asset Value, End of Period.......................... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 ======== ======= ========= ========== ======== ========= Total Return............................................ 2.69% 5.44% 2.75% 2.78% 5.62% 1.50% ===== ===== ===== ===== ===== ===== Ratios/Supplemental Data: Net Assets, End of Period (000 omitted)................ $374,229 $62,737 $73,253 $1,023,632 $185,640 $57,961 Ratio of Expenses to Average Net Assets#............... 0.45% 0.45% 0.45% 0.26% 0.27% 0.27% Ratio of Net Investment Income to Average Net Assets#.............................................. 5.34% 5.24% 3.15% 5.47% 5.57% 4.21% Ratio of Expenses Without Waivers and Assumption of Expenses to Average Net Assets #..................... 0.52% 0.65% 0.56% 0.28% 0.35% 0.37% Ratio of Net Investment Income Without Waivers and Assumption of Expenses to Average Net Assets#........ 5.27% 5.04% 3.04% 5.45% 5.49% 4.11% Vista Prime Money Market Fund -------------------------------- B Shares -------------------------------- 9/1/95 9/1/94 4/21/94* through through through 2/29/96 8/31/95 8/31/94++ ------- -------- --------- Per Share Operating Performance Net Asset Value, Beginning of Period.................... $ 1.00 $ 1.00 $ 1.00 ------- -------- --------- Income from Investment Operations: Net Investment Income.................................. 0.022 0.043 0.011 Net Realized Loss on Securities........................ -- (0.003) -- ------- -------- --------- Total Income from Investment Operations................ 0.022 0.040 0.011 ------- -------- --------- Voluntary Capital Contribution......................... -- 0.003 -- ------- -------- --------- Less Dividends from Net Investment Income.............. 0.022 0.043 0.011 ------- -------- --------- Net Asset Value, End of Period.......................... $ 1.00 $ 1.00 $ 1.00 ======= ======== ========== Total Return............................................ 2.17% 4.37% 1.11% ===== ===== ===== Ratios/Supplemental Data: Net Assets, End of Period (000 omitted)................ $4,497 $4,880 $ 1,452 Ratio of Expenses to Average Net Assets#............... 1.47% 1.47% 1.47% Ratio of Net Investment Income to Average Net Assets#.............................................. 4.34% 4.33% 2.96% Ratio of Expenses Without Waivers and Assumption of Expenses to Average Net Assets #..................... 2.43% 2.53% 1.67% Ratio of Net Investment Income Without Waivers and Assumption of Expenses to Average Net Assets#........ 3.38% 3.27% 2.76%
- --------------- # Short periods have been annualized. * Commencement of offering of classes of shares. ** Commencement of operations. ++ In 1994 PMM changed its fiscal year-end from October 31 to August 31. See notes to financial statements. 51 80 VISTA MUTUAL FUNDS SELECTED PER SHARE DATA AND RATIOS FOR A SHARE OF BENEFICIAL INTEREST OUTSTANDING Throughout Each Period Indicated (unaudited) (continued) - --------------------------------------------------------------------------------
Vista Tax Free Money Market Fund ---------------------------------------------------------------- Vista Shares ---------------------------------------------------------------- 9/1/95 9/1/94 11/1/93 Year ended through through through ------------------------------- 2/29/96 8/31/95 8/31/94++ 10/31/93 10/31/92 10/31/91 --------- --------- --------- --------- --------- --------- Per Share Operating Performance Net Asset Value, Beginning of Period............................ $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 --------- --------- --------- --------- --------- --------- Income from Investment Operations: Net Investment Income.......................................... 0.015 0.029 0.015 0.019 0.028 0.043 --------- --------- --------- --------- --------- --------- Less Dividends from Net Investment Income...................... 0.015 0.029 0.015 0.019 0.028 0.043 --------- --------- --------- --------- --------- --------- Net Asset Value, End of Period.................................. $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 ========== ========== ========== ========== ========== ========== Total Return.................................................... 1.47% 2.99% 1.54% 1.90% 2.79% 4.37% ===== ===== ===== ===== ===== ===== Ratios/Supplemental Data: Net Assets, End of Period (000 omitted)......................... $ 162,545 $ 166,915 $ 121,710 $ 160,497 $ 145,241 $ 115,770 Ratio of Expenses to Average Net Assets#....................... 0.87% 0.86% 0.85% 0.85% 0.85% 0.85% Ratio of Net Investment Income to Average Net Assets#.......... 2.93% 2.96% 1.82% 1.88% 2.70% 4.27% Ratio of Expenses Without Waivers and Assumption of Expenses to Average Net Assets#.......................................... 0.92% 0.94% 0.85% 0.91% 0.98% 0.99% Ratio of Net Investment Income Without Waivers and Assumption of Expenses to Average Net Assets#.............................. 2.88% 2.87% 1.82% 1.83% 2.57% 4.13%
Vista Tax Free Money Market Fund ----------------------------------------------------------------------------------------------- Premier Shares Institutional Shares -------------------------------------------------------------- ------------------------------- 9/1/95 9/1/94 11/1/93 Year ended 9/1/95 9/1/94 11/4/93 through through through ----------------------------- through through through 2/29/96 8/31/95 8/31/94++ 10/31/93 10/31/92 10/31/91 2/29/96 8/31/95 8/31/94++ --------- --------- --------- --------- -------- -------- --------- --------- --------- Per Share Operating Performance Net Asset Value, Beginning of Period.......................... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 --------- --------- --------- --------- -------- -------- --------- --------- --------- Income from Investment Operations Net Investment Income........... 0.016 0.032 0.018 0.022 0.031 0.046 0.017 0.035 0.019 --------- --------- --------- --------- -------- -------- --------- --------- --------- Less Dividends from Net Investment Income............. 0.016 0.032 0.018 0.022 0.031 0.046 0.017 0.035 0.019 --------- --------- --------- --------- -------- -------- --------- --------- --------- Net Asset Value, End of Period... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 ========== ========== ========== ========== ========= ========= ========== ========== ========== Total Return..................... 1.61% 3.29% 1.79% 2.21% 3.09% 4.68% 1.75% 3.53% 1.95% ===== ===== ===== ===== ===== ===== ===== ===== ===== Ratios/Supplemental Data: Net Assets, End of Period (000 omitted)........................ $ 165,431 $ 148,436 $ 229,306 $ 225,791 $ 87,027 $ 19,174 $ 163,520 $ 108,494 $ 110,332 Ratio of Expenses to Average Net Assets#....................... 0.60% 0.56% 0.55% 0.55% 0.55% 0.55% 0.32% 0.33% 0.34% Ratio of Net Investment Income to Average Net Assets#........ 3.21% 3.21% 2.11% 2.16% 2.92% 4.39% 3.48% 3.46% 2.38% Ratio of Expenses Without Waivers and Assumption of Expenses to Average Net Assets#....................... 0.84% 0.84% 0.78% 0.79% 0.76% 0.82% 0.32% 0.34% 0.34% Ratio of Net Investment Income Without Waivers and Assumption of Expenses to Average Net Assets#....................... 2.97% 2.93% 1.89% 1.92% 2.71% 4.12% 3.48% 3.45% 2.38%
- --------------- # Short periods have been annualized. * Commencement of offering of classes of shares. ** Commencement of operations. ++ In 1994 TFMM changed its fiscal year end from October 31 to August 31. See notes to financial statements. 52 81 VISTA MUTUAL FUNDS SELECTED PER SHARE DATA AND RATIOS FOR A SHARE OF BENEFICIAL INTEREST OUTSTANDING Throughout Each Period Indicated (unaudited) (continued) - --------------------------------------------------------------------------------
Vista New York Tax Free Money Market Fund ---------------------------------------------------------------- Vista Shares ---------------------------------------------------------------- 9/1/95 9/1/94 11/1/93 Year ended through through through ------------------------------- 2/29/96 8/31/95 8/31/94++ 10/31/93 10/31/92 10/31/91 --------- --------- --------- --------- --------- --------- Per Share Operating Performance Net Asset Value, Beginning of Period...................... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 --------- --------- --------- --------- --------- --------- Income from Investment Operations Net Investment Income................................... 0.014 0.028 0.015 0.017 0.025 0.038 --------- --------- --------- --------- --------- --------- Less Dividends from Net Investment Income............... 0.014 0.028 0.015 0.017 0.025 0.038 --------- --------- --------- --------- --------- --------- Net Asset Value, End of Period............................ $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 ========= ========= ========= ========= ========= ========= Total Return.............................................. 1.44% 2.88% 1.48% 1.75% 2.53% 3.87% ===== ===== ===== ===== ===== ===== Ratios/Supplemental Data: Net Assets, End of Period (000 omitted)................... $ 472,888 $ 378,400 $ 365,669 $ 300,425 $ 285,889 $ 230,855 Ratio of Expenses to Average Net Assets#................ 0.88% 0.86% 0.85% 0.85% 0.85% 0.85% Ratio of Net Investment Income to Average Net Assets#... 2.86% 2.84% 1.77% 1.72% 2.48% 3.83% Ratio of Expenses Without Waivers and Assumption of Expenses to Average Net Assets#....................... 0.93% 0.95% 0.85% 0.89% 0.92% 0.92% Ratio of Net Investment Income Without Waivers and Assumption of Expenses to Average Net Assets#......... 2.81% 2.75% 1.77% 1.68% 2.41% 3.76%
Vista California Tax Free Money Market Fund ----------------------------------------------- Vista Shares ----------------------------------------------- 9/1/95 9/1/94 11/1/93 Year through through through ended 2/29/96 8/31/95 8/31/94++ 10/31/93 ------- ------- ------- ------- 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.......................................... 0.016 0.033 0.018 0.023 ------- ------- ------- ------- Less Dividends from Net Investment Income...................... 0.016 0.033 0.018 0.023 ------- ------- ------- ------- Ratios/Supplemental Data: Net Assets, End of Period (000 omitted).......................... $ 1.00 $ 1.00 $ 1.00 $ 1.00 ======== ======== ======== ======== Total Return..................................................... 1.60% 3.32% 1.82% 2.30% ===== ===== ===== ===== Ratios/Supplemental Data: Net Assets, End of Period (000 omitted).......................... $56,602 $58,315 $64,423 $45,346 Ratio of Expenses to Average Net Assets#....................... 0.56% 0.48% 0.46% 0.42% Ratio of Net Investment Income to Average Net Assets#.......... 3.19% 3.25% 2.17% 2.26% Ratio of Expenses Without Waivers and Assumption of Expenses to Average Net Assets#....................................... 1.06% 1.07% 0.94% 1.02% Ratio of Net Investment Income Without Waivers and Assumption of Expenses to Average Net Assets#........................... 2.69% 2.66% 1.69% 1.66%
- --------------- # Short periods have been annualized. * Commencement of offering of classes of shares. ** Commencement of operations. ++ In 1994 NYTFMM and CTFMM changed their fiscal year ends from October 31 to August 31. See notes to financial statements. 53 82 (This page intentionally left blank.) 83 VISTA FAMILY OF MUTUAL FUNDS MANAGED BY CHASE MANHATTAN Vista offers a wide variety of professionally managed mutual funds that can help you meet your financial goals. For a brochure and prospectus containing more complete information on sales charges or expenses, contact your investment representative or call 1-800-34-VISTA. Please read the prospectus carefully before you invest or send money: VISTA EQUITY FUNDS VISTA FIXED INCOME FUNDS Growth and Income Fund U.S. Government Income Fund(2) Capital Growth Fund Tax Free Income Fund Small Cap Equity Fund New York Tax Free Income Fund Equity Income Fund California Intermediate Tax Free Fund Growth Fund of Washington(1) MONEY MARKET FUNDS(2) VISTA BALANCED FUND Vista U.S. Government Money Market Fund Balanced Fund Vista Treasury Plus Money Market Fund Vista Tax Free Money Market Fund VISTA INTERNATIONAL FUNDS Vista New York Tax Free Money Market Fund Global Fixed Income Fund Vista California Tax Free Money Market Fund International Equity Fund Vista Global Money Market Fund European Fund Vista Federal Money Market Fund Japan Fund Vista Prime Money Market Fund Southeast Asian Fund Vista Select Shares of Connecticut Daily Tax Free Income Fund(3) Vista Select Shares of New Jersey Daily Municipal Income Fund(3)
Vista Broker-Dealer Services, Inc. is the funds' distributor and is unaffiliated with Chase. The Chase Manhattan Bank, N.A. is the funds' portfolio adviser and provides other services to the funds. (1) Washington Investment Advisors, Inc. is the investment adviser and The Chase Manhattan Bank, N.A. is the sub-investment adviser. (2) An investment in these funds is neither insured nor guaranteed by the U.S. government, and there can be no assurance that these funds will be able to maintain a stable Net Asset Value of $1.00 per share. (3) Vista Select Shares of Connecticut Daily Tax Free Income Fund, Inc., and Vista Select Shares of New Jersey Daily Municipal Income Fund, Inc., are not part of, or affiliated with, the Vista Family of Mutual Funds. Reich & Tang Distributors L.P. and New England Investment Companies L.P., which are unaffiliated with Chase, are the funds' distributor and investment adviser, respectively. National bank subsidiaries of The Chase Manhattan Corporation do, however, perform shareholder servicing agent services for the funds, although they perform no other services for the funds, such as serving as investment adviser, custodian or administrator. INVESTMENTS IN MUTUAL FUNDS ARE SUBJECT TO RISK, INCLUDING THE POSSIBLE LOSS OF PRINCIPAL. IN ADDITION, THEY ARE NOT DEPOSITS, OBLIGATIONS OF, ENDORSED OR GUARANTEED BY CHASE AND ARE NOT INSURED BY THE FDIC, THE FEDERAL RESERVE BOARD OR ANY OTHER GOVERNMENT AGENCY. 84 VISTA FAMILY OF MUTUAL FUNDS MANAGED BY CHASE MANHATTAN
- -------------------------------------------------------------------------------- SEMI-ANNUAL ------------------------------------------ REPORT VISTA SERVICE CENTER P.O. BOX 419392 DIVERSIFIED MONEY MARKET FUNDS: KANSAS CITY, MO 64179 - VISTA GLOBAL MONEY MARKET FUND INVESTMENT ADVISER, (Vista, Premier and Institutional Shares) ADMINISTRATOR, SHAREHOLDER AND FUND SERVICING - VISTA PRIME MONEY MARKET FUND AGENT (Premier, Institutional and B Shares) AND CUSTODIAN The Chase Manhattan Bank, N.A. U.S. GOVERNMENT MONEY MARKET FUNDS: DISTRIBUTOR - VISTA U.S. GOVERNMENT MONEY MARKET FUND Vista Broker-Dealer Services, (Vista, Premier and Institutional Shares) Inc. - VISTA TREASURY PLUS MONEY MARKET FUND TRANSFER AGENT (Premier and Institutional Shares) DST Systems, Inc. - VISTA FEDERAL MONEY MARKET FUND LEGAL COUNSEL (Vista, Premier and Institutional Shares) Kramer, Levin, Naftalis, Nessen, TAX FREE MONEY MARKET FUNDS: Kamin & Frankel - VISTA TAX FREE MONEY MARKET FUND INDEPENDENT ACCOUNTANTS (Vista, Premier and Institutional Shares) Price Waterhouse LLP - VISTA NEW YORK TAX FREE MONEY MARKET FUND The financial information in (Vista Shares) this report has been taken from books and records of the Funds - VISTA CALIFORNIA TAX FREE MONEY MARKET FUND without examination by (Vista Shares) independent accountants who express no opinion thereto. Vista Broker-Dealer Services, Inc. is the funds' distributor and is unaffiliated with Chase. The Chase Manhattan Bank, N.A. is the funds' adviser. This report is submitted for the general information of the shareholders of the funds. It is not authorized for distribution to prospective investors in the funds unless preceded or 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.
FOR THE SIX MONTHS ENDED FEBRUARY 29, 1996 2/96 VMM-3 (UNAUDITED) -----END PRIVACY-ENHANCED MESSAGE-----