-----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, PlAopvpIRcumf5cCMHpIGC2Tbw5X7gWMuWLIeJ7w/EimbE77R2I/unrbFSQ6bFnj SkiglDUvFyeZUkOYn8RCJg== 0000950123-97-003723.txt : 19970502 0000950123-97-003723.hdr.sgml : 19970502 ACCESSION NUMBER: 0000950123-97-003723 CONFORMED SUBMISSION TYPE: N-30D PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 19970228 FILED AS OF DATE: 19970501 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: 97592738 BUSINESS ADDRESS: STREET 1: 125 WEST 55TH ST CITY: NEW YORK STATE: NY ZIP: 10019 N-30D 1 SEMIANNUAL REPORT 1 [VISTA LOGO] - -------------------------------------------------------------------- - - VISTA TAX FREE INCOME FUND (Class A and Class B Shares) - - VISTA NEW YORK TAX FREE INCOME FUND (Class A and Class B Shares) - - VISTA CALIFORNIA INTERMEDIATE TAX FREE INCOME FUND (Class A Shares) - -------------------------------------------------------------------- - -------------------------------------------------------------------------------- SEMIANNUAL REPORT FEBRUARY 28, 1997 (UNAUDITED) 2 CONTENTS Chairman's Letter 1 Fund Commentaries 2 Portfolio of Investments 8 Notes to Financial Statements 20 Per Share Data 25 3 As noted six months ago, we are in the process of redesigning your Shareholder Reports to include even more information about your Fund, its current investment strategy and how it is performing. In order to launch this new design at your Fund's year-end, we are planning to introduce the new format with your next Annual Report. April 10, 1997 Dear Shareholder: We are pleased to present this semi-annual report for Vista Tax-Free Income Fund, Vista New York Tax Free Income Fund and Vista California Intermediate Tax Free Income Fund for the six months ended February 28, 1997. Inside, you'll find information on the performance of each fund over the past six months along with a market overview and portfolio commentary. ECONOMIC GROWTH REPORTS CONTINUE TO DRIVE FIXED INCOME MARKETS Over the six-month period, the yield on the 30-year U.S. Treasury bond declined from 7.12% to 6.87% as fixed income markets continued to be driven by concerns about the strength of the economy. In the fall, markets rallied strongly on reports of a slowing economy. However, by mid-February, signs of a stronger economy emerged and long-term rates began trending upward. As the reporting period ended, most market participants expected the Federal Reserve Board to raise the Federal Funds rate in a pre-emptive strike against potential inflation. MARKETS REACT TO IMPROVING STATE FINANCES & CONCERNS OVER WELFARE REFORM Actions in Washington once again had a large impact on municipal bonds. Most recently, the passage of Federal welfare reform has created concerns about the ability of cities and counties with high welfare caseloads to meet their obligations, especially in California and New York. When combined with improving state finances, these concerns led many investors to favor state-appropriated debt over that of cities and counties. POSITIVE TOTAL RETURNS IN A VOLATILE ENVIRONMENT Despite the volatile interest rate environment, each of the Vista Tax Free Funds delivered a positive total return over the reporting period. This was due in large part to the expertise and intensive work of our experienced team of portfolio managers and analysts. We appreciate the confidence you have placed in us and look forward to serving your investment needs for many years to come. If you have any questions, please call your investment professional or 1-800-34-VISTA. Sincerely, /s/ Fergus Reid Fergus Reid Chairman INVESTMENTS IN THE FUNDS ARE NOT DEPOSITS OF, OR GUARANTEED OR ENDORSED BY, THE CHASE MANHATTAN BANK, AND THE SHARES ARE NOT INSURED BY THE FDIC, FEDERAL RESERVE BOARD OR ANY OTHER GOVERNMENT AGENCY. INVESTMENTS IN MUTUAL FUNDS INVOLVE RISK, INCLUDING POSSIBLE LOSS OF THE PRINCIPAL AMOUNT INVESTED. 4 Vista Tax Free Income Fund Vista Tax Free Income Fund, which seeks to provide tax-exempt income through a portfolio of higher-quality municipal bonds of varying maturities, finished the six months ended February 28, 1997 with a total return of 5.53% (Class A, without sales charge). This positive performance was achieved during a period of rapidly-changing interest rate expectations. INTEREST RATES FALL, THEN RISE The six months began with interest rates falling in response to reports of an economic slowdown. At that time, a slightly-long duration helped the Fund participate in the market rally. As 1996 ended, however, the Fund's management team began shortening duration with the expectation that economic growth would accelerate. This stance proved to be correct. While making slight adjustments to the portfolio in response to economic growth, the management team's main emphasis remained on analyzing and finding value in specific securities. In late 1996, for example, the management team sold off holdings in the bonds of high-cost electric power providers based on credit concerns. This move later proved beneficial for shareholders, as many of these securities were downgraded by the ratings agencies. FUND FAVORS STATE DEBT Two main factors led the management team to generally shift assets from city and county bonds to state-appropriated debt. The first was an ongoing concern over the effect welfare reform would have on the finances of cities and counties, particularly in areas with high welfare rolls such as California and New York. Additionally, states continued to benefit from higher-than-expected tax revenues thanks to the expanding national economy, leading several states to receive upgrades from the ratings agencies. As the reporting period ended, the Fund's portfolio continued to reflect the management team's cautious stance with regard to interest rates and was slightly underweight in New York on a tactical basis due to a tremendous amount of new supply of state debt. Moving forward, the management team will continue to apply in-depth research in search of high-quality securities that the team believes may provide the most value for shareholders. 2 5 AVERAGE ANNUAL TOTAL RETURNS AS OF 2/28/97
WITHOUT WITH CLASS A SHARES SALES CHARGE SALES CHARGE ------------ ------------ One Year.................... 5.22% 0.49% Five Years.................. 7.93% 6.94% Since Inception (9/8/87).... 9.03% 8.50%
WITHOUT WITH CLASS B SHARES CDSC CDSC* ------------ ------------ One Year.................... 4.35% -0.65% Five Years+................. 7.32% 5.32% Since Inception (9/8/87)+... 8.70% 8.70%
* Assumes a 5% CDSC for the one year period and a 2% CDSC for the period since inception. + The Fund commenced operations on 9/8/97. Class B Shares were introduced on 11/4/93. Investors should note that the information presented for B Shares prior to their introduction is based upon historical expenses of the predecessor Class A Shares, which are lower than the actual expenses of the B Shares. Additionally, annualized figures have been restated to reflect the maximum 5% contingent deferred sales charge that applies to the Fund's B Shares. GROWTH OF HYPOTHETICAL $10,000 INVESTMENTS IN VISTA TAX FREE INCOME FUND AND THE LEHMAN MUNI BOND INDEX
MEASUREMENT PERIOD TAX FREE INCOME LEHMAN MUNI BOND (FISCAL YEAR COVERED) -A INDEX 09/7/87 9550.00 10000.00 10/31/87 9626.40 10036.00 11/30/87 9807.85 10297.94 12/31/87 9917.67 10447.26 01/31/88 10302.12 10819.18 02/29/88 10388.13 10933.87 03/31/88 10106.60 10805.94 04/30/88 10139.17 10888.06 05/31/88 10150.08 10856.49 06/30/88 10318.58 11014.99 07/31/88 10365.76 11086.59 08/31/88 10429.40 11095.46 09/30/88 10671.57 11296.29 10/31/88 10957.31 11495.10 11/30/88 10830.52 11390.50 12/31/88 10952.93 11506.68 01/31/89 11124.99 11744.87 02/28/89 11020.50 11610.98 03/31/89 11034.30 11583.11 04/30/89 11279.98 11858.79 05/31/89 11524.92 12104.27 06/30/89 11701.14 12268.88 07/31/89 11832.72 12435.74 08/31/89 11639.16 12313.87 09/30/89 11573.15 12276.93 10/31/89 11776.73 12427.94 11/30/89 11991.56 12645.42 12/31/89 12055.38 12749.12 01/31/90 11907.10 12689.20 02/28/90 12056.22 12802.13 03/31/90 12056.22 12805.97 04/30/90 11838.59 12713.77 05/31/90 12197.68 12990.93 06/30/90 12322.34 13105.25 07/31/90 12558.95 13297.89 08/31/90 12226.71 13105.08 09/30/90 12298.98 13112.94 10/31/90 12503.97 13351.59 11/30/90 12863.62 13619.96 12/31/90 12926.31 13678.53 01/31/91 13083.95 13861.82 02/28/91 13179.06 13982.42 03/31/91 13187.64 13986.61 04/30/91 13397.16 14174.03 05/31/91 13555.80 14300.18 06/30/91 13467.34 14285.88 07/31/91 13705.36 14460.17 08/31/91 13922.03 14651.04 09/30/91 14090.51 14841.51 10/31/91 14252.31 14975.08 11/30/91 14336.90 15017.01 12/31/91 14741.74 15339.88 01/31/92 14768.04 15375.16 02/29/92 14794.48 15379.77 03/31/92 14769.23 15385.92 04/30/92 14932.29 15522.86 05/31/92 15198.41 15706.03 06/30/92 15591.54 15969.89 07/31/92 16329.02 16448.98 08/31/92 16023.19 16289.43 09/30/92 16148.03 16395.31 10/31/92 15961.86 16234.64 11/30/92 16398.32 16525.24 12/31/92 16633.58 16693.79 01/31/93 16859.17 16887.44 02/28/93 17722.93 17498.77 03/31/93 17547.14 17313.28 04/30/93 17771.55 17488.14 05/31/93 17896.62 17586.08 06/30/93 18207.80 17879.77 07/31/93 18212.20 17903.01 08/31/93 18720.55 18275.39 09/30/93 18932.17 18483.73 10/31/93 18950.01 18518.85 11/30/93 18739.62 18355.88 12/31/93 19132.09 18743.19 01/31/94 19374.09 18956.87 02/28/94 18686.52 18465.88 03/31/94 17882.60 17714.32 04/30/94 17936.51 17864.89 05/31/94 18054.03 18020.32 06/30/94 18002.80 17910.39 07/31/94 18325.45 18238.15 08/31/94 18383.35 18301.99 09/30/94 18037.68 18032.95 10/31/94 17580.03 17711.96 11/30/94 17261.40 17391.38 12/31/94 17670.65 17773.99 01/31/95 18235.15 18282.32 02/28/95 18749.27 18814.34 03/31/95 18968.71 19030.70 04/30/95 18950.89 19053.54 05/31/95 19564.15 19661.35 06/30/95 19216.31 19490.29 07/31/95 19375.35 19675.45 08/31/95 19584.41 19925.33 09/30/95 19695.14 20050.86 10/31/95 20020.35 20341.60 11/30/95 20415.10 20679.27 12/31/95 20632.46 20877.79 01/31/96 20766.76 21036.46 02/29/96 20599.95 20893.41 03/31/96 20261.79 20625.98 04/30/96 20175.95 20568.22 05/31/96 20159.25 20560.00 06/30/96 20377.64 20784.10 07/31/96 20529.19 20971.16 08/31/96 20540.42 20966.96 09/30/96 20850.78 21260.50 10/31/96 21139.73 21500.74 11/30/96 21523.01 21894.21 12/31/96 21454.80 21802.25 01/31/97 21484.99 21843.68 02/28/97 21675.41 22044.64
SOURCE: Lipper Analytical Services, Inc. Past performance is not predictive of future performance. Investment return and principal will fluctuate with market conditions. When shares are redeemed, they may be worth more or less than their original cost. This chart illustrates comparative performance for $10,000 invested in Class A shares of the Vista Tax Free Income Fund and the unmanaged Lehman Municipal Bond Index from September 7, 1987 to February 28, 1997. The performance of the Fund assumes reinvestment of all dividends and capital gains and includes a 4.50% sales charge. The Index's performance does not include a sales charge and has been adjusted to reflect reinvestment of all dividends and capital gains on securities included in the benchmark. The Lehman Municipal Bond Index is a total return performance benchmark for the long-term, investment grade tax-exempt bond market. Bonds included in the Lehman Municipal Bond Index are representative of the market. A portion of the Fund's income may be subject to the Alternative Minimum Tax, and some investors may be subject to certain state and local taxes. The Fund is currently waiving fees. This voluntary waiver may be modified or terminated at any time, which would reduce performance. 3 6 Vista New York Tax Free Income Fund Vista New York Tax Free Income Fund, which seeks to provide triple tax-exempt income through a portfolio of higher-quality, longer-term municipal bonds, finished the six months ended February 28, 1997 with a total return of 4.99% (Class A, without sales charge). This positive performance was achieved during a period of significant new supply in the market and rapidly-changing interest rate expectations. SCARCITY OF NEW ISSUES ENDS Supply and demand factors, always important in the muni bond market, played a major role in the investment management team's decision-making. Throughout the reporting period, there was significant new supply of New York issues, causing the state's bonds to underperform the general municipal market. Several positive trends, however, offset the negative impact of this supply. These included strong demand from property and casualty insurance companies, increased retail investor interest and improving state finances. The management team took advantage of the new supply to upgrade the overall credit quality of the portfolio with emphasis on water and sewer bonds as well as state-appropriated debt. MANAGEMENT TEAM ANTICIPATES HIGHER INTEREST RATES The six months began with interest rates falling in response to reports of an economic slowdown. At this time, a slightly-long duration helped the Fund participate in the market rally. As 1996 ended, however, the Fund's management team began shortening duration with the expectation that economic growth would accelerate. Moving forward, there is a possibility that New York state general obligation debt will be upgraded by the ratings agencies. Therefore, as the quarter ended, the management team was actively searching for issues which would potentially benefit from improving credit quality trends in a supply-rich market. 4 7 AVERAGE ANNUAL TOTAL RETURNS AS OF 2/28/97
WITHOUT WITH CLASS A SHARES SALES CHARGE SALES CHARGE ------------ ------------ One Year..................... 5.01% 0.29% Five Years................... 7.45% 6.47% Since Inception (9/8/87)..... 8.44% 7.91%
WITHOUT WITH CLASS B SHARES CDSC CDSC* ------------ ------------ One Year..................... 4.38% -0.62% Five Years+.................. 6.93% 4.93% Since Inception (9/8/87)+.... 8.16% 8.16%
* Assumes a 5% CDSC for the one year period and a 2% CDSC for the period since inception. + The Fund commenced operations on 9/8/97. Class B Shares were introduced on 11/4/93. Investors should note that the information presented for B Shares prior to their introduction is based upon historical expenses of the predecessor Class A Shares, which are lower than the actual expenses of the B Shares. Additionally, annualized figures have been restated to reflect the maximum 5% contingent deferred sales charge that applies to the Fund's B Shares. GROWTH OF HYPOTHETICAL $10,000 INVESTMENTS IN VISTA NY TAX FREE INCOME FUND AND ITS BENCHMARKS
MEASUREMENT PERIOD NY TAX FREE LEHMAN MUNI LIPPER NY (FISCAL YEAR COVERED) INCOME - A BOND INDEX MUNI AVERAGE 09/07/87 9550.00 09/30/87 9550.00 10000.00 10000.00 10/31/87 9626.40 10036.00 10045.00 11/30/87 9846.05 10297.94 10323.25 12/31/87 9947.28 10447.26 10540.03 01/31/88 10253.57 10819.18 10956.37 02/29/88 10442.22 10933.87 11060.45 03/31/88 10170.37 10805.94 10823.76 04/30/88 10190.08 10888.06 10874.63 05/31/88 10201.96 10856.49 10881.15 06/30/88 10357.07 11014.99 11051.99 07/31/88 10409.11 11086.59 11120.51 08/31/88 10448.37 11095.46 11159.43 09/30/88 10649.03 11296.29 11371.46 10/31/88 10900.97 11495.10 11625.05 11/30/88 10738.79 11390.50 11485.54 12/31/88 10889.55 11506.68 11660.13 01/31/89 11049.44 11744.87 11830.36 02/28/89 10956.93 11610.98 11725.07 03/31/89 10949.52 11583.11 11707.49 04/30/89 11279.39 11858.79 12006.03 05/31/89 11555.49 12104.27 12234.14 06/30/89 11720.26 12268.88 12394.41 07/31/89 11841.58 12435.74 12525.79 08/31/89 11703.23 12313.87 12401.78 09/30/89 11627.62 12276.93 12344.73 10/31/89 11738.93 12427.94 12450.90 11/30/89 11959.32 12645.42 12641.40 12/31/89 12047.28 12749.12 12740.00 01/31/90 11896.97 12689.20 12604.96 02/28/90 11984.93 12802.13 12712.10 03/31/90 11957.72 12805.97 12680.32 04/30/90 11736.58 12713.77 12520.55 05/31/90 12066.67 12990.93 12844.83 06/30/90 12219.95 13105.25 12996.40 07/31/90 12448.13 13297.89 13240.73 08/31/90 12219.90 13105.08 12965.32 09/30/90 12249.16 13112.94 12914.76 10/31/90 12391.54 13351.59 13045.20 11/30/90 12675.31 13619.96 13343.93 12/31/90 12747.78 13678.53 13385.30 01/31/91 12928.01 13861.82 13570.02 02/28/91 12989.17 13982.42 13643.29 03/31/91 12966.28 13986.61 13697.87 04/30/91 13197.52 14174.03 13922.51 05/31/91 13320.37 14300.18 14028.32 06/30/91 13261.71 14285.88 14017.10 07/31/91 13450.82 14460.17 14252.59 08/31/91 13676.64 14651.04 14464.95 09/30/91 13912.23 14841.51 14690.60 10/31/91 14086.76 14975.08 14831.63 11/30/91 14123.10 15017.01 14849.43 12/31/91 14427.99 15339.88 15158.30 01/31/92 14328.85 15375.16 15065.84 02/29/92 14369.49 15379.77 15124.59 03/31/92 14374.75 15385.92 15174.50 04/30/92 14525.65 15522.86 15339.91 05/31/92 14782.38 15706.03 15576.14 06/30/92 15200.72 15969.89 15900.12 07/31/92 15853.33 16448.98 16493.20 08/31/92 15533.57 16289.43 16237.55 09/30/92 15578.30 16395.31 16286.27 10/31/92 15293.69 16234.64 16014.29 11/30/92 15708.18 16525.24 16406.64 12/31/92 15907.45 16693.79 16613.36 01/31/93 16146.14 16887.44 16816.04 02/28/93 16880.82 17498.77 17487.00 03/31/93 16715.13 17313.28 17306.89 04/30/93 16915.71 17488.14 17500.72 05/31/93 17020.00 17586.08 17624.98 06/30/93 17328.29 17879.77 17924.60 07/31/93 17370.02 17903.01 17922.81 08/31/93 17770.31 18275.39 18315.32 09/30/93 17926.98 18483.73 18516.79 10/31/93 17941.55 18518.85 18551.97 11/30/93 17761.69 18355.88 18344.19 12/31/93 18102.25 18743.19 18725.75 01/31/94 18308.91 18956.87 18926.11 02/28/94 17775.85 18465.88 18449.17 03/31/94 17112.87 17714.32 17630.03 04/30/94 17210.57 17864.89 17642.37 05/31/94 17356.16 18020.32 17813.50 06/30/94 17233.07 17910.39 17690.59 07/31/94 17526.72 18238.15 17996.64 08/31/94 17616.76 18301.99 18063.23 09/30/94 17334.58 18032.95 17712.80 10/31/94 17002.61 17711.96 17331.97 11/30/94 16592.10 17391.38 16865.74 12/31/94 16999.79 17773.99 17317.75 01/31/95 17422.00 18282.32 17792.25 02/28/95 17882.66 18814.34 18354.49 03/31/95 18069.97 19030.70 18506.83 04/30/95 18097.30 19053.54 18523.49 05/31/95 18623.59 19661.35 19119.94 06/30/95 18456.64 19490.29 18865.65 07/31/95 18564.06 19675.45 18984.50 08/31/95 18817.36 19925.33 19199.02 09/30/95 18891.18 20050.86 19296.94 10/31/95 19199.17 20341.60 19611.48 11/30/95 19506.76 20679.27 19988.02 12/31/95 19651.19 20877.79 20195.90 01/31/96 19796.20 21036.46 20290.82 02/29/96 19600.77 20893.41 20120.37 03/31/96 19397.50 20625.98 19788.39 04/30/96 19374.22 20568.22 19705.28 05/31/96 19379.98 20560.00 19703.31 06/30/96 19580.58 20784.10 19912.16 07/31/96 19716.47 20971.16 20101.33 08/31/96 19604.94 20966.96 20053.08 09/30/96 19890.50 21260.50 20363.91 10/31/96 20157.19 21500.74 20624.56 11/30/96 20497.02 21894.21 20995.81 12/31/96 20404.76 21802.25 20888.73 01/31/97 20396.46 21843.68 20882.46 02/28/97 20583.19 22044.64 21070.40
SOURCE: Lipper Analytical Services, Inc. Past performance is not predictive of future performance. Investment return and principal will fluctuate with market conditions. When shares are redeemed, they may be worth more or less than their original cost. This chart illustrates comparative performance for $10,000 invested in Class A shares of the Vista New York Tax Free Income Fund and the unmanaged Lehman Municipal Bond Index and the Lipper New York Municipal Average from September 7, 1987 to February 28, 1997. The performance of the Fund assumes reinvestment of all dividends and capital gains and includes a 4.50% sales charge. The performance of the average and the index does not include a sales charge and has been adjusted to reflect reinvestment of all dividends and, for the Average, capital gains. A portion of the Fund's income may be subject to the Alternative Minimum Tax, and some investors may be subject to certain state and local taxes. The Fund is currently waiving fees. This voluntary waiver may be modified or terminated at any time, which would reduce performance. The Lehman Municipal Bond Index is a total return performance benchmark for the long-term, investment grade tax-exempt bond market. Bonds included in the Lehman Municipal Bond Index are representative of the market. The Lipper New York Municipal Bond Funds Average represents the average performance of a universe of 101 New York tax-exempt municipal bond mutual funds. Lipper is an independent mutual fund performance monitor whose results are based on total return and do not reflect a sales charge. 5 8 Vista California Intermediate Tax Free Income Fund As the California economy continued to improve, Vista California Intermediate Tax Free Income Fund finished the six months ended February 28, 1997 with a total return of 4.38% (Class A, without sales charge). The Fund seeks to provide double tax-exempt income through a portfolio of higher-quality, intermediate-term municipal bonds. WELFARE REFORM CONCERNS LEAD TO FOCUS ON STATE DEBT Throughout the reporting period, the management team favored state-issued bonds as well as those of essential-service revenue sectors over the general obligation debt of cities and counties. The main reason for this bias was ongoing concern over the potential effects of welfare reform on municipalities given California's high welfare demands and number of immigrants. Supply of new issues during the reporting period was thin, and the major activity in the portfolio involved repositioning among sectors. Specifically, the management team sold the bonds of high-cost electric power providers due to credit concerns. This move helped performance, as many of these securities were later downgraded by the ratings agencies. Additionally, the Fund continued to favor water and sewer bonds. A FOCUS ON INDIVIDUAL SECURITIES IN AN UNCERTAIN INTEREST RATE ENVIRONMENT Expecting that interest rates will be volatile in the months ahead, the management team ended the reporting period in search of credits that tend to be more stable, such as high-quality housing bonds. Moving forward, the management team will continue to apply in-depth research in search of high-quality securities it believes may provide the most value for shareholders. 6 9 AVERAGE ANNUAL TOTAL RETURNS AS OF 2/28/97
WITHOUT WITH CLASS A SHARES SALES CHARGE SALES CHARGE ------------ ------------ One Year.................... 4.97% 0.25% Three Years................. 5.47% 3.86% Since Inception (7/16/93)... 5.08% 3.75%
GROWTH OF HYPOTHETICAL $10,000 INVESTMENTS IN VISTA CA INT. TAX FREE INCOME FUND AND ITS BENCHMARKS
MEASUREMENT PERIOD CAL. INTERM. LEHMAN MUNI LIPPER CA (FISCAL YEAR COVERED) TAX FREE BOND INDEX INT. AVERAGE 07/15/93 9550.00 07/31/93 9485.52 10000.00 10000.00 08/31/93 9645.02 10208.00 10181.00 09/30/93 9750.52 10324.37 10299.10 10/31/93 9780.78 10343.99 10314.55 11/30/93 9706.71 10252.96 10242.35 12/31/93 9810.64 10469.30 10413.39 01/31/94 9936.54 10588.65 10516.49 02/28/94 9742.09 10314.40 10287.23 03/31/94 9457.05 9894.61 10005.36 04/30/94 9475.67 9978.71 10050.38 05/31/94 9554.39 10065.52 10114.70 06/30/94 9535.62 10004.12 10081.32 07/31/94 9655.68 10187.20 10223.47 08/31/94 9697.53 10222.86 10253.12 09/30/94 9619.47 10072.58 10156.74 10/31/94 9490.81 9893.29 10023.69 11/30/94 9391.86 9714.22 9872.33 12/31/94 9494.30 9927.93 9975.99 01/31/95 9700.08 10211.87 10175.51 02/28/95 9937.47 10509.04 10396.32 03/31/95 10032.01 10629.89 10497.16 04/30/95 10045.43 10642.65 10507.66 05/31/95 10306.67 10982.15 10764.05 06/30/95 10204.65 10886.60 10687.62 07/31/95 10300.84 10990.02 10794.50 08/31/95 10429.99 11129.60 10911.08 09/30/95 10482.72 11199.71 10972.18 10/31/95 10620.37 11362.11 11090.68 11/30/95 10790.47 11550.72 11219.33 12/31/95 10855.57 11661.61 11283.28 01/31/96 10943.15 11750.24 11383.70 02/29/96 10888.89 11670.33 11346.14 03/31/96 10768.99 11520.95 11215.66 04/30/96 10755.96 11488.70 11206.68 05/31/96 10754.25 11484.10 11203.32 06/30/96 10852.42 11609.28 11279.50 07/31/96 10930.26 11713.76 11379.89 08/31/96 10951.11 11711.42 11379.89 09/30/96 11061.63 11875.38 11473.21 10/31/96 11181.42 12009.57 11597.12 11/30/96 11348.02 12229.34 11781.51 12/31/96 11312.73 12177.98 11737.92 01/31/97 11343.57 12201.12 11760.22 02/28/97 11430.49 12313.37 11835.49
SOURCE: Lipper Analytical Services, Inc. Past performance is not predictive of future performance. Investment return and principal will fluctuate with market conditions. When shares are redeemed, they may be worth more or less than their original cost. This chart illustrates comparative performance for $10,000 invested in Class A shares of the Vista California Intermediate Tax Free Income Fund, the unmanaged Lehman Municipal Bond Index and the Lipper California Intermediate Funds Average from July 15, 1993 to February 28, 1997. The Fund's performance includes a 4.50% sales charge and assumes the reinvestment of all dividends and capital gains. The performance of the average and the index does not include a sales charge and has been adjusted to reflect reinvestment of all dividends and, for the Average, capital gains. A portion of the Fund's income may be subject to the Alternative Minimum Tax, and some investors may be subject to certain state and local taxes. The Fund is currently waiving fees. This voluntary waiver may be modified or terminated at any time, which would reduce performance. The Lehman Municipal Bond Index is a total return performance benchmark for the long-term, investment grade tax-exempt bond market. Bonds included in the Lehman Municipal Bond Index are representative of the market. The Lipper California Intermediate Municipal Debt Funds Average represents the average performance of a universe of 32 actively managed California tax-exempt municipal bond funds. Lipper is an independent mutual fund performance monitor whose results are based on total return and do not reflect a sales charge. 7 10 VISTA TAX FREE INCOME FUND PORTFOLIO OF INVESTMENTS February 28, 1997 (unaudited)
Principal Amount Issuer Value - ------------------------------------------------------------------------------------ LONG-TERM MUNICIPAL BONDS -- 96.3% - ------------------------------------------------------------------------------------ ALASKA -- 0.2% ----------------------------------------------------------- $ 150,000 Alaska North Slope, GO, 8.350%, 06/30/98 $ 158,250 ------------ ARKANSAS -- 2.0% ----------------------------------------------------------- Arkansas State, College Savings, Capital Appreciation, Ser. A, zero coupon, 1,530,000 GO, 0.000%, 06/01/14 602,438 3,050,000 GO, 0.000%, 06/01/16 1,056,062 ------------ 1,658,500 ------------ CALIFORNIA -- 25.2% ----------------------------------------------------------- 150,000 California Board of Regents, UCLA, Educational Facilities 166,313 Authority, Rev., 7.000%, 09/01/15 150,000 California Educational Facilities Authority, Pepperdine 168,000 University, Rev., 7.200%, 11/01/15 2,100,000 California State Department of Water Resources Central 2,026,500 Valley Project, Ser. Q, Rev., 5.250%, 12/01/17 Kern, California High School District, Ser. A, 1,500,000 GO, 6.100%, 02/01/06 1,638,750 1,720,000 GO, 6.100%, 02/01/07 1,879,100 1,960,000 GO, 6.200%, 02/01/08 2,153,550 2,200,000 GO, 6.200%, 02/01/09 2,411,750 150,000 Orange County Water District, COP, 5.750%, 08/15/14 149,437 2,000,000 Pasadena, California Electric, Rev., 5.375%, 08/01/12 1,990,000 2,800,000 South Orange County Public Financing Authority, Senior 2,926,000 Lien, Ser. A, Special Tax, 6.200%, 09/01/13 5,000,000 Southern California Public Water Authority Power Project, 5,018,750 San Juan Unit 3, Ser. A, Rev., 5.375%, 01/01/11 ------------ 20,528,150 ------------ GEORGIA -- 7.7% ----------------------------------------------------------- 1,500,000 Fayette County School District, GO, 6.125%, 03/01/15 1,593,750 50,000 Fulton County Water & Sewer, Rev., 8.250%, 01/01/14 52,855 2,000,000 Georgia State, GO, 4.000%, 07/01/12 1,735,000 2,700,000 Municipal Electric Authority of Georgia, Project One, 2,868,750 Sub. Ser. A, Rev., 6.250%, 01/01/14 ------------ 6,250,355 ------------
See notes to financial statements. 8 11 VISTA TAX FREE INCOME FUND PORTFOLIO OF INVESTMENTS February 28, 1997 (unaudited) (continued)
Principal Amount Issuer Value - ----------------------------------------------------------------------------------------- LONG-TERM MUNICIPAL BONDS -- (CONTINUED) - ----------------------------------------------------------------------------------------- ILLINOIS -- 7.1% ---------------- Chicago, Illinois, O'Hare International Airport, $ 150,000 Ser. A, Rev., 7.500%, 01/01/03 $ 161,813 5,000,000 Special Facilities, United Air Lines, Ser. A, Rev., 5,418,750 8.400%, 05/01/18 100,000 Chicago, Illinois, Public Building Commission, Ser. A, 108,250 (FGIC Insured), Rev., 7.750%, 01/01/06 65,000 Illinois Housing Development Authority, Ser. A, (FHA 67,600 Insured), Rev., 8.000%, 06/01/26 ------------ 5,756,413 ------------ MARYLAND -- 0.2% ---------------- 135,000 Maryland State, Community Development Administration, 141,919 Housing & Community Development, Single Family Program, ------------ 2nd Series, Rev., 7.600%, 04/01/23 MASSACHUSETTS -- 1.5% --------------------- 110,000 Massachusetts State, Housing Finance Authority, Rev., 115,087 7.750%, 12/01/20 1,000,000 New England Education Loan Marketing Corp., Massachusetts 1,090,000 Student Loan, Sub-Issue H, Rev., 6.900%, 11/01/09 ------------ 1,205,087 ------------ MICHIGAN -- 2.0% ---------------- 1,000,000 Michigan State, Housing Authority, Rental Housing, Ser. 1,067,500 B, Rev., 7.550%, 04/01/23 500,000 Wayne County, Building Authority, Ser. A, GO, 8.000%, 584,375 03/01/17 ------------ 1,651,875 ------------ MISSOURI -- 0.9% ---------------- 720,000 Sikeston Missouri Electric, Rev., 6.000%, 06/01/16 768,600 ------------ MONTANA -- 5.6% --------------- Montana State, Long Range Building Program, Ser. D, 855,000 GO, 5.250%, 08/01/10 858,206 1,800,000 GO, 5.375%, 08/01/11 1,818,000 1,900,000 GO, 5.375%, 08/01/12 1,919,000 ------------ 4,595,206 ------------ NEVADA -- 0.2% -------------- 150,000 Nevada Housing Division, Single Family (FHA Insured), 155,625 Rev., 8.200%, 10/01/19 ------------
See notes to financial statements. 9 12 VISTA TAX FREE INCOME FUND PORTFOLIO OF INVESTMENTS February 28, 1997 (unaudited) (continued)
Principal Amount Issuer Value - ----------------------------------------------------------------------------------------- LONG-TERM MUNICIPAL BONDS -- (CONTINUED) - ----------------------------------------------------------------------------------------- NEW JERSEY -- 8.0% ------------------ $ 2,000,000 Essex County, New Jersey, Utilities Authority, Solid $ 2,160,000 Waste, Ser. A, Rev., 6.000%, 04/01/06 4,500,000 New Jersey State, Transportation Trust Fund Authority, 4,381,875 Transportation Systems, Ser. B, Rev., 5.250%, 06/15/14 ------------ 6,541,875 ------------ NEW YORK -- 14.8% ----------------- New York City, New York, Ser. A, 3,000,000 GO, 6.250%, 08/01/08 3,127,500 2,450,000 GO, 6.250%, 08/01/09 2,532,688 New York State Dormitory Authority, 500,000 Mt. St. Vincent College, Rev., 7.000%, 05/01/08 518,750 1,175,000 Rochester Strong Memorial Hospital, Rev., 5.500%, 1,152,969 07/01/21 5,000,000 New York State, Medical Care Facilities Financing Agency, 4,762,500 Mental Health, Ser. F, Rev., 5.250%, 02/15/19 ------------ 12,094,407 ------------ OHIO -- 9.0% ------------ Cleveland, Ohio Public Power Systems, First Mortgage, 4,000,000 Ser. A, Rev., 7.000%, 11/15/24 4,670,000 3,000,000 Sub. Ser. 1, Rev., 5.000%, 11/15/24 2,730,000 ------------ 7,400,000 ------------ PENNSYLVANIA -- 0.3% -------------------- 230,000 New Castle, Pennsylvania, Area Hospital Authority 236,325 Refunding, St. Francis Hospital, Ser. A, Rev., 6.500%, ------------ 11/15/17 PUERTO RICO -- 0.4% -------------------- Puerto Rico, 250,000 Infrastructure Funding Authority, Ser. A, Special 265,312 Tax, 7.900%, 07/01/07 75,000 Urban Renewal & Housing, Rev., 7.875%, 10/01/04 81,750 ------------ 347,062 ------------ SOUTH CAROLINA -- 4.9% ---------------------- 3,500,000 Piedmont Municipal Power Agency, South Carolina, 3,513,125 Electric, Ser. A, Rev., 6.600%, 01/01/21 South Carolina Housing Finance & Development Authority, 250,000 Fairway Apartments, Project, Rev., 7.625%, 04/01/33 263,125 250,000 Ser. B (FHA Insured), Rev., 7.800%, 07/01/09 260,312 ------------ 4,036,562 ------------
See notes to financial statements. 10 13 VISTA TAX FREE INCOME FUND PORTFOLIO OF INVESTMENTS February 28, 1997 (unaudited) (continued)
Principal Amount Issuer Value - ----------------------------------------------------------------------------------------- LONG-TERM MUNICIPAL BONDS -- (CONTINUED) - ----------------------------------------------------------------------------------------- SOUTH DAKOTA -- 0.1% -------------------- $ 100,000 South Dakota Housing Development Authority, Ser. A, Rev., $ 101,375 5.875%, 05/01/12 ------------ TEXAS -- 4.7% ------------- 4,000,000 Houston, Texas Water & Sewer Systems, Jr. Lien, Ser. C, 3,800,000 Rev., 5.375%, 12/01/27 ------------ UTAH -- 0.3% ------------ 250,000 Utah State Board of Regents, Student Loan, Ser. F, (AMBAC 264,688 Insured), Rev., 7.450%, 11/01/08 ------------ VIRGIN ISLANDS -- 0.7% ---------------------- 500,000 Virgin Islands, GO, 7.000%, 10/01/02 543,125 ------------ VIRGINIA -- 0.1% ---------------- 100,000 Fairfax County Economic, Ogden Martin Systems Project, 107,500 Ser. A, Rev., 7.750%, 02/01/11 ------------ WASHINGTON -- 0.4% ------------------ 250,000 Washington State Public Power Supply, Nuclear Project, 290,000 Ser. B, Rev., 7.250%, 07/01/09 - ----------------------------------------------------------------------------------------- TOTAL LONG-TERM MUNICIPAL BONDS 78,632,899 (COST $76,121,268) - ----------------------------------------------------------------------------------------- SHORT-TERM INVESTMENTS -- 0.1% ------------------------------------------------------------------------------------ 50,372 Provident Municipal Money Market Fund, 3.170%, 07/01/20 50,372 (Cost $50,372) - ----------------------------------------------------------------------------------------- TOTAL INVESTMENTS -- 96.4% $ 78,683,271 (COST $76,171,640) - -----------------------------------------------------------------------------------------
See notes to financial statements. 11 14 VISTA NEW YORK TAX FREE INCOME FUND PORTFOLIO OF INVESTMENTS February 28, 1997 (unaudited)
Principal Amount Issuer Value - ----------------------------------------------------------------------------------------- LONG-TERM MUNICIPAL BONDS -- 97.3% - ----------------------------------------------------------------------------------------- $ 4,500,000 Battery Park City Authority, New York, Ser. A, Rev., $ 4,466,250 5.500%, 11/01/16 Monroe County, New York, 550,000 IDA, Public Improvement, Canal Ponds Park, Ser. A, Rev., 602,250 7.000%, 06/15/13 2,480,000 Public Improvement, Ser. A, GO, 6.000%, 03/01/08 2,678,400 Municipal Assistance Corp. for the City of New York, New York, 1,000,000 Ser. 59, TAN, 7.750%, 07/01/06 1,031,400 3,500,000 Ser. G, Rev., 6.000%, 07/01/08 3,797,500 Nassau County, New York, Ser. P, 3,260,000 GO, 6.400%, 11/01/08 3,610,450 3,665,000 GO, 6.400%, 11/01/09 4,045,244 New York City, New York, 4,000,000 Ser. A, GO, 6.250%, 08/01/08 4,170,000 2,715,000 Ser. B, GO, 5.875%, 08/15/16 2,647,125 1,000,000 Ser. B, GO, 7.500%, 02/01/03 1,107,500 1,000,000 Ser. D, GO, 3.000%, 08/01/01 943,938 1,000,000 Ser. F, GO, 8.250%, 11/15/02 1,150,000 New York City, New York, City Municipal Water Financing Authority Water & Sewer Systems, 765,000 Prerefunded, Ser. A, Rev., 7.000%, 06/15/09 850,106 735,000 Unrefunded Balance, Ser. A, Rev., 7.000%, 06/15/09 805,744 New York City, New York, IDA, 250,000 American Airlines, Rev., 8.000%, 07/01/20 265,625 1,430,000 Civil Facility, New York Blood Center, Inc., Rev., 1,640,925 7.200%, 05/01/12 1,500,000 IDA, Civil Facility, YMCA Greater New York Project, 1,466,250 Rev., 5.800%, 08/01/16 New York State, Dormitory Authority, 2,000,000 City University, Ser. F, Rev., 5.000%, 07/01/20 1,820,000 500,000 Mt. St. Vincent College, Rev., 7.000%, 05/01/08 518,750 2,000,000 State University Educational Facilities, Ser. C, Rev., 1,845,000 5.400%, 05/15/23 New York State, Environmental Facilities Corp., 1,500,000 PCR, State Water, Revolving Fund, New York City 1,668,750 Municipality, Ser. A, Rev., 7.250%, 06/15/10 775,000 PCR, State Water, Revolving Fund, Ser. E, Rev., 6.875%, 858,313 06/15/14
See notes to financial statements. 12 15 VISTA NEW YORK TAX FREE INCOME FUND PORTFOLIO OF INVESTMENTS February 28, 1997 (unaudited) (continued)
Principal Amount Issuer Value - ----------------------------------------------------------------------------------------- LONG-TERM MUNICIPAL BONDS -- (CONTINUED) - ----------------------------------------------------------------------------------------- New York State, Housing Finance Agency, $ 300,000 Multi-Family Mortgage Housing, Ser. A, Rev., 6.950%, $ 318,375 08/15/12 2,460,000 Multi-Family Mortgage Housing, Ser. B, Rev., 7.550%, 2,573,775 11/01/29 860,000 Unrefunded Balance, Rev., 8.000%, 11/01/08 956,750 4,005,000 New York State, Local Assistance Corp., Ser. E, Rev., 3,879,844 5.250%, 04/01/16 4,350,000 New York State, Local Government Assistance Corp., Ser. A, 4,170,562 Rev., 5.375%, 04/01/19 New York State, Medical Care Facilities Financing Agency, 1,480,000 Insured Mortgage Rev., 7.875%, 08/15/20 1,631,700 375,000 Insured Mortgage Rev., 8.000%, 02/15/28 400,313 540,000 Prerefunded, Rev., 7.875%, 08/15/20 611,550 3,000,000 Unrefunded Balance, Ser. F, Rev., 5.250%, 02/15/19 2,816,250 New York State, Mortgage Agency (FHA insured), 230,000 Eighth, Ser. F, Rev., 8.000%, 10/01/17 240,063 205,000 Homeowner Mortgage, Ser. SS, Rev., 7.500%, 10/01/19 216,019 160,000 Ninth, Ser. E, Rev., 8.000%, 10/01/03 165,590 1,000,000 New York State, Municipal Bond, Buffalo Special Project, 1,075,000 Rev., 6.875%, 03/15/06 2,500,000 New York State Ser. C, GO, 6.000%, 10/01/03 2,687,500 New York State, Urban Development Corp., 2,205,000 Center for Individual Innovation, Rev., 5.500%, 01/01/13 2,152,631 4,900,000 Correctional Capital Facilities, Ser. 4, Rev., 5.375%, 4,704,000 01/01/23 1,550,000 Correctional Capital Facilities, Ser. A, Rev., 6.300%, 1,648,813 01/01/03 5,000,000 Niagara, New York, Frontier Transportation Authority, 5,237,500 Greater Buffalo International Airport, Rev., 5.750%, 04/01/04 3,000,000 Port Authority of New York & New Jersey, Special 3,255,000 Obligation, 3rd Installment, Special Project, Rev., 7.000%, 10/01/07 Puerto Rico, 3,250,000 Electrical Power Authority Power, Ser. Z, Rev., 5.500%, 3,245,937 07/01/11 2,000,000 Industrial Medical & Environmental Pollution Facilities 2,095,000 Financing Authority, Rev., 6.450%, 12/01/25 1,750,000 Infrastructure Funding Authority, Ser. A, Special Tax, 1,857,187 7.900%, 07/01/07 5,000,000 Rensselaer, New York, Municipal Leasing Corp., Rensselaer 5,156,250 County Nursing Home, Rev., 6.900%, 06/01/24 1,000,000 Triborough Bridge & Tunnel Authority of New York, Special 1,086,250 Obligation, Ser. A, Rev., 6.600%, 01/01/05
See notes to financial statements. 13 16 VISTA NEW YORK TAX FREE INCOME FUND PORTFOLIO OF INVESTMENTS February 28, 1997 (unaudited) (continued)
Principal Amount Issuer Value - ----------------------------------------------------------------------------------------- LONG-TERM MUNICIPAL BONDS -- (CONTINUED) - ----------------------------------------------------------------------------------------- $ 1,150,000 Virgin Islands, Public Finance Authority, Ser. A, Rev., $ 1,236,250 7.250%, 10/01/18 Westchester County, New York, 1,150,000 GO, 6.700%, 11/01/06 1,326,812 1,560,000 IDA, AGR Realty Co., Rev., 5.750%, 01/01/02 1,593,150 2,000,000 IDA, Resource Recovery, Resco Co. Project, Ser. A, Rev., 2,090,000 5.700%, 07/01/08 Western Nassau County, New York, Water Authority Water Systems, 1,000,000 Rev., 5.500%, 05/01/16 995,000 2,000,000 Rev., 5.650%, 05/01/26 2,007,500 - ----------------------------------------------------------------------------------------- TOTAL LONG-TERM MUNICIPAL BONDS 103,420,091 (COST $100,279,165) - ----------------------------------------------------------------------------------------- SHORT-TERM INVESTMENTS -- 1.6% - ----------------------------------------------------------------------------------------- 1,681,001 Provident New York Money Market Fund, 3.200%, 12/31/25 1,681,000 (Cost $1,681,000) - ----------------------------------------------------------------------------------------- TOTAL INVESTMENTS -- 98.9% $ 105,101,091 (COST $101,960,165) - -----------------------------------------------------------------------------------------
See notes to financial statements. 14 17 VISTA CALIFORNIA INTERMEDIATE TAX FREE FUND PORTFOLIO OF INVESTMENTS February 28, 1997 (unaudited)
Principal Amount Issuer Value - ----------------------------------------------------------------------------------------- LONG-TERM MUNICIPAL BONDS -- 93.7% - ----------------------------------------------------------------------------------------- California State, $ 2,000,000 GO, 5.250%, 10/01/10 $ 1,990,000 1,400,000 GO, 6.200%, 09/01/05 1,548,750 1,000,000 GO, 6.500%, 02/01/07 1,127,500 750,000 Public Works Board, Lease Revenue, Ser. A, Rev., 6.000%, 794,063 09/01/01 Contra Costa, California, 1,000,000 Transition Authority, Ser. A, Rev., 6.000%, 03/01/08 1,087,500 1,850,000 Water District, Ser. G, Rev., 5.750%, 10/01/14 1,887,000 200,000 Irvine Ranch Water District, Issue #11, Rev., 7.600%, 209,000 08/15/99 Los Angeles County, California, Metropolitan Transportation Authority, 1,000,000 Project A, 2nd Tier, Sales Tax Rev., Rev., 5.625%, 1,008,750 07/01/14 1,000,000 Proposal C, 2nd SNR, Ser. B, Rev., 8.000%, 07/01/97 1,013,520 800,000 Unified School District, Capital Facilities Project, Ser. 837,000 A, COP, 7.000%, 05/01/99 250,000 Port of Oakland, Ser. D, Rev., 7.000%, 11/01/99 268,437 1,000,000 Puerto Rico Commonwealth, Puerto Rico, GO, 6.500%, 07/01/13 1,120,000 1,000,000 Riverside County, California Transportation Commission 1,088,750 Sales Tax, Ser. A, Rev., 6.000%, 06/01/08 1,000,000 San Diego, California, Open Space Park Facilities District 1,027,500 No. 1, GO, 5.125%, 01/01/00 San Francisco, California, 1,000,000 City & County, Ser. E, GO, 6.250%, 06/15/03 1,068,750 2,000,000 State Building Authority, San Francisco Civic Center 1,987,500 Complex, Ser. A, Rev., 5.250%, 12/01/11 500,000 Santa Cruz, California, Public Financing Authority, Ser. C, 533,750 Rev., 7.000%, 08/01/99 1,200,000 South Orange County, Public Financing Authority, Senior 1,254,000 Lien, Ser. A, Special Tax, 6.200%, 09/01/13 2,000,000 Southern California Public Water Authority Power Project, 2,007,500 San Juan Unit 3, Rev., 5.375%, 01/01/11 1,000,000 University of California, UC Medical Center, Rev., 10.000%, 1,367,500 07/01/06 Valley Health Systems, California Hospital, Improvement Project, Ser. A, 670,000 Rev., 5.125%, 05/15/98 670,000 705,000 Rev., 5.250%, 05/15/99 704,119 - ----------------------------------------------------------------------------------------- TOTAL LONG-TERM MUNICIPAL BONDS 24,600,889 (COST $24,009,209) - -----------------------------------------------------------------------------------------
See notes to financial statements. 15 18 VISTA CALIFORNIA INTERMEDIATE TAX FREE FUND PORTFOLIO OF INVESTMENTS February 28, 1997 (unaudited) (continued)
Principal Amount Issuer Value - ----------------------------------------------------------------------------------------- SHORT-TERM INVESTMENTS -- 0.2% - ----------------------------------------------------------------------------------------- $ 44,089 Provident California Money Market Fund, 3.125%, 03/03/97 $ 44,089 (Cost $44,089) - ----------------------------------------------------------------------------------------- TOTAL INVESTMENTS -- 93.9% $ 24,644,978 (COST $24,053,298) - ----------------------------------------------------------------------------------------- COP = Certificate of Participation FHA = Federal Housing Authority GO = General Obligation IDA = Industrial Development Authority PCR = Pollution Control Revenue Rev. = Revenue Bond Special Tax = Special Tax Assessment TAN = Tax Anticipation Note
See notes to financial statements. 16 19 VISTA MUTUAL FUNDS STATEMENT OF ASSETS AND LIABILITIES February 28, 1997 (unaudited) - --------------------------------------------------------------------------------
Vista Vista New York California Vista Tax Free Intermediate Tax Free Income Tax Free Income Fund Fund Fund ------------ ------------- ------------ ASSETS: Investment securities, at value (Note 1)................ $ 78,683,271 $ 105,101,091 $ 24,644,978 Cash.................................................... 4,090,939 -- 1,299,332 Other assets............................................ 4,883 6,398 1,556 Receivables: Investment securities sold............................ -- 15,000 -- Interest.............................................. 1,040,461 1,948,270 417,658 Fund shares sold...................................... 80,290 -- 10 ------------ ------------- ------------ Total Assets...................................... 83,899,844 107,070,759 26,363,534 ------------ ------------- ------------ LIABILITIES: Payable for investment securities purchased............. -- 489,105 -- Payable for Fund shares redeemed........................ 2,067,917 14,957 130 Dividends payable....................................... 106,801 93,923 40,422 Accrued liabilities: (Note 2) Administration fees................................... 9,634 12,276 1,011 Investment advisory fees.............................. 9,634 21,277 1,011 Distribution fees..................................... 21,642 25,436 2,022 Shareholder servicing fees............................ 3,323 3,208 -- Custody fees.......................................... 6,465 12,368 4,320 Other................................................. 85,656 101,510 58,423 ------------ ------------- ------------ Total Liabilities................................. 2,311,072 774,060 107,339 ------------ ------------- ------------ NET ASSETS: Paid in capital......................................... 82,341,854 103,309,679 25,357,480 Accumulated undistributed net investment income......... (84,415) (35,726) (33,985) Accumulated net realized gain (loss) on investment transactions.......................................... (3,180,298) (118,180) 341,020 Net unrealized appreciation of investments and futures............................................... 2,511,631 3,140,926 591,680 ------------ ------------- ------------ Net Assets:........................................... $ 81,588,772 $ 106,296,699 $ 26,256,195 ============= =============== ============= Class A Shares...................................... $ 67,184,805 $ 93,460,181 $ 26,256,195 Class B Shares...................................... $ 14,403,967 $ 12,836,518 Shares of beneficial interest outstanding ($.001 par value; unlimited number of shares authorized) Class A Shares...................................... 5,507,650 8,014,694 2,623,364 Class B Shares...................................... 1,189,318 1,105,627 Class A: Net asset value and redemption price per share (net assets/shares outstanding)............................ $12.20 $11.66 $10.01 Maximum offering price per share (net asset value per share/95.5%).......................................... $12.77 $12.21 $10.48 Class B: Net asset value and maximum offering price per share (net assets/shares outstanding)....................... $12.11 $11.61 ============= =============== ============= Cost of investments...................................... $ 76,171,640 $ 101,960,165 $ 24,053,298 ============= =============== =============
See notes to financial statements. 17 20 VISTA MUTUAL FUNDS STATEMENT OF OPERATIONS For the six months ended February 28, 1997 (unaudited) - --------------------------------------------------------------------------------
Vista Vista California Vista New York Intermediate Tax Free Tax Free Tax Free Income Fund Income Fund Fund ----------- ----------- ------------ INTEREST INCOME: (Note 1C).................................. $ 2,440,729 $ 3,099,781 $ 713,438 ---------- ---------- ---------- EXPENSES: (Note 2) Shareholder servicing fees................................. 105,443 135,454 33,682 Distribution fees.......................................... 141,723 168,297 33,682 Investment advisory fees................................... 126,433 162,521 40,418 Administration fees........................................ 63,265 81,261 20,209 Custodian fees............................................. 23,197 24,378 5,389 Printing and postage....................................... 9,186 8,285 2,475 Professional fees.......................................... 10,452 11,295 14,541 Registration costs......................................... 11,680 1,009 6,721 Transfer agent fees........................................ 84,354 75,843 16,183 Trustees fees and expenses................................. 3,919 2,739 789 Other...................................................... 741 1,118 7,805 ---------- ---------- ---------- Total expenses....................................... 580,393 672,200 181,894 Less amounts waived (Note 2E).............................. 147,076 135,964 101,062 ---------- ---------- ---------- Net expenses............................................. 433,317 536,236 80,832 ---------- ---------- ---------- Net investment income.................................... 2,007,412 2,563,545 632,606 ---------- ---------- ---------- REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS Net realized gain on investment transactions............... 861,044 671,763 133,823 Net realized gain (loss) futures transactions.............. 49,460 67,641 (17,364) Change in net unrealized appreciation on investments....... 1,597,355 1,967,526 419,378 ---------- ---------- ---------- Net realized and unrealized gain on investments............ 2,507,859 2,706,930 535,837 ---------- ---------- ---------- Net increase in net assets from operations................. $ 4,515,271 $ 5,270,475 $1,168,443 ========== ========== ==========
See notes to financial statements. 18 21 VISTA MUTUAL FUNDS STATEMENT OF CHANGES IN NET ASSETS (unaudited) - --------------------------------------------------------------------------------
Vista Vista New York Tax Free Tax Free Income Fund Income Fund ----------------------------- ------------------------------ 9/1/96 Year 9/1/96 Year Through Ended Through Ended 2/28/97 8/31/96 2/28/97 8/31/96 ------------ ------------- ------------- ------------- INCREASE (DECREASE) IN NET ASSETS OPERATIONS: Net investment income..................................... $ 2,007,412 $ 4,493,334 $ 2,563,545 $ 5,112,230 Net realized gain on investments and futures transactions............................................ 910,504 1,402,838 739,404 904,448 Change in net unrealized appreciation (depreciation) on investments and futures transactions.................... 1,597,355 (1,070,107) 1,967,526 (1,708,648) ----------- ----------- ------------ ------------ Increase in net assets from operations.................... 4,515,271 4,826,065 5,270,475 4,308,030 ----------- ----------- ------------ ------------ DISTRIBUTIONS TO SHAREHOLDERS FROM: Net investment income:.................................... (1,981,407) (4,521,723) (2,498,996) (5,145,870) Net realized gain on investment transactions:............. -- -- (216,570) -- ----------- ----------- ------------ ------------ Total dividends and distributions................... (1,981,407) (4,521,723) (2,715,566) (5,145,870) ----------- ----------- ------------ ------------ Increase (decrease) from capital share transactions (Note 4).................................................. (5,753,810) (18,543,690) (6,017,407) (4,204,046) ----------- ----------- ------------ ------------ Total increase (decrease)........................... (3,219,946) (18,239,348) (3,462,498) (5,041,886) NET ASSETS: Beginning of period....................................... 84,808,718 103,048,066 109,759,197 114,801,083 ----------- ----------- ------------ ------------ End of period............................................. $ 81,588,772 $ 84,808,718 $ 106,296,699 $ 109,759,197 =========== =========== ============ ============ Vista California Intermediate Tax Free Fund ---------------------------- 9/1/96 Year Through Ended 2/28/97 8/31/96 ------------ ------------ INCREASE (DECREASE) IN NET ASSETS OPERATIONS: Net investment income..................................... $ 632,606 $ 1,471,273 Net realized gain on investments and futures transactions............................................ 116,459 930,680 Change in net unrealized appreciation (depreciation) on investments and futures transactions.................... 419,378 (861,965) ----------- ----------- Increase in net assets from operations.................... 1,168,443 1,539,988 ----------- ----------- DISTRIBUTIONS TO SHAREHOLDERS FROM: Net investment income:.................................... (618,587) (1,480,990) Net realized gain on investment transactions:............. -- (288,579) ----------- ----------- Total dividends and distributions................... (618,587) (1,769,569) ----------- ----------- Increase (decrease) from capital share transactions (Note 4).................................................. (2,591,361) (4,219,121) ----------- ----------- Total increase (decrease)........................... (2,041,505) (4,448,702) NET ASSETS: Beginning of period....................................... 28,297,700 32,746,402 ----------- ----------- End of period............................................. $ 26,256,195 $ 28,297,700 =========== ===========
See notes to financial statements. 19 22 VISTA MUTUAL FUNDS NOTES TO FINANCIAL STATEMENTS (unaudited) - -------------------------------------------------------------------------------- 1. ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES -- Mutual Fund Trust (the "Trust") was organized as a Massachusetts business trust, and is registered under the Investment Company Act of 1940, as amended, as an open-end, non-diversified management investment company. Vista Tax Free Income Fund ("TFI"), Vista New York Tax Free Income Fund ("NYTFI"), and Vista California Intermediate Tax Free Fund ("CITF")(collectively the "Funds"), are three separate portfolios of the Trust. The preparation of financial statements in accordance with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates. The TFI and NYTFI Funds offer two classes of shares, referred to as Class A Shares and Class B Shares. Class B Shares were first available on November 4, 1993. Class A shares generally provide for a front-end sales charge while Class B shares provide for a contingent deferred sales charge. All classes of shares have equal rights as to earnings, assets and voting privileges, except that each class may bear different distribution expenses and each class has exclusive voting rights with respect to its distribution plan. The following is a summary of significant accounting policies followed by the Funds: A. Valuation of investments -- Fixed income securities (other than short-term obligations), including listed issues, are valued using matrix pricing systems of a major dealer in bonds which take into account factors such as institutional-size trading in similar groups of securities, yield, quality, coupon rate, maturity, type of issue, trading characteristics and other market data, without exclusive reliance upon quoted exchange or over-the-counter prices. Short-term debt securities with 61 days or more to maturity at time of purchase are valued, through the 61st day prior to maturity, at market value based on quotations obtained from market makers or other appropriate sources; thereafter, the value on the 61st day is amortized on a straight-line basis over the remaining number of days to maturity. Short-term investments with 60 days or less to maturity at time of purchase are valued at amortized cost, which approximates market. B. Repurchase agreements -- It is the Trust's policy that repurchase agreements are fully collateralized by U.S. Treasury and Government agency securities. All collateral is held by the Trust's custodian bank, sub-custodian or a bank with which the custodian bank has entered into a sub-custodian agreement or is segregated in the Federal Reserve Book Entry System. In connection with transactions in repurchase agreements, if the seller defaults and the value of the collateral declines, or if the seller enters into an insolvency proceeding, realization of the collateral by the Trust may be delayed or limited. C. Security transactions and investment income -- Investment transactions are accounted for on the trade date (the date the order to buy or sell is executed). Securities gains and losses are calculated on the identified cost basis. Interest income is determined on the basis of coupon interest accrued, adjusted for amortization of premiums and accretion of discount. D. Futures contracts -- When a Fund enters into a futures contract, it makes an initial margin deposit in a segregated account, either in cash or liquid securities. Thereafter, the futures contract is marked to market and the fund makes (or receives) additional cash payments daily to the broker. Changes in the value of the contract are recorded as unrealized appreciation/depreciation until the contract is closed or settled. The Funds may enter into futures contracts only on exchanges or boards of trade. The exchange or board of trade acts as the counterparty to each futures transaction, therefore, the Fund's credit risk is limited to failure of the exchange or board of trade. The Funds invest in U.S. Treasury futures contracts as a hedge against market volatility while maintaining a tax exempt income stream. As of February 28, 1997, the Funds had no outstanding futures contracts. E. Federal income taxes -- Each Fund is treated as a separate taxable entity for Federal income tax purposes. The Trust's policy is to comply with the provisions of the Internal 20 23 VISTA MUTUAL FUNDS NOTES TO FINANCIAL STATEMENTS (unaudited) (continued) - -------------------------------------------------------------------------------- Revenue Code applicable to regulated investment companies and to distribute to shareholders all of its distributable net investment income, and net realized gain on investments. In addition, the Trust intends to make distributions as required to avoid excise taxes. Accordingly, no provision for Federal income or excise tax is necessary. F. Distributions to shareholders -- Dividends are distributed in the form of additional shares of the Fund or, at the election of the shareholder, in cash (subject to the policies of the Shareholder Servicing Agent) on the last business day of the month. The net investment income of each Fund is determined daily and (substantially all) is declared as a dividend to shareholders of record at the time of such declaration. The amount of dividends and distributions from net investment income and net realized capital gains is determined in accordance with federal income tax regulations, which may differ from generally accepted accounting principles. To the extent these "book/tax" differences are permanent in nature, (i.e., that they will result from other than timing of recognition -- "temporary differences") such amounts are reclassified within the capital accounts based on their federal tax-basis treatment. Dividends and distributions which exceed net investment income or net realized capital gains for financial reporting purposes but not for tax purposes are reported as distributions in excess of net investment income or net realized capital gains. G. Allocation of income and expenses -- Expenses directly attributable to a Fund are charged to that Fund; expenses directly attributable to a particular class are charged directly to such class, other expenses are allocated proportionately among each Fund within the Trust in relation to the net assets of each Fund or on another reasonable basis. In calculating net asset value per share of each class investment income, realized and unrealized gains and losses and expenses other than class specific expenses, are allocated daily to each class of shares based upon the proportion of net assets of each class at the beginning of each day. 2. FEES AND OTHER TRANSACTIONS WITH AFFILIATES A. Investment advisory fee -- Pursuant to separate Investment Advisory Agreements, The Chase Manhattan Bank, ("Chase" or "Advisor") acts as the investment adviser to the Funds. Chase is a direct wholly-owned subsidiary of The Chase Manhattan Corporation. As investment adviser, Chase supervises the investments of the Funds and for such services is paid a fee. The fee is accrued daily and paid monthly at an annual rate equal to 0.30% of each Fund's average daily net assets. The Adviser voluntarily waived all or a portion of its fees as outlined in Note 2.E. below. Chase Asset Management, Inc. ("CAM"), a registered investment adviser, is the sub-investment adviser to each Fund, pursuant to a Sub-Investment Advisory Agreement between CAM and Chase. CAM is a wholly owned subsidiary of Chase and is entitled to receive a fee, payable by Chase from its advisory fee, at an annual rate equal to 0.15% of each Fund's average daily net assets. B. Shareholder servicing fees -- The Trust has adopted an Administrative Services Plan which, among other things, provides that the Trust on behalf of the Funds may obtain the services of one or more Shareholder Servicing Agents. For its services, each Shareholder Servicing Agent receives a fee. The fee is computed daily and paid monthly at an annual rate of 0.25% of the average daily net assets of each Fund. Except as described below, since inception of the Trust, Chase and certain affiliates have been the only Shareholder Servicing Agents. In 1996, certain Class A Shareholders of TFI entered into a Shareholder Servicing arrangement with Charles Schwab & Co. Chase's Shareholder Servicing charges amounted to $104,114 for TFI. The Shareholder Servicing Agents voluntarily waived all or a portion of their fees as outlined in Note 2.E. below. C. Distribution and Sub-administration fees -- Pursuant to a Distribution and Sub-administration Agreement, Vista Fund Distributors, Inc. ("VFD" or the "Distributor"), a wholly-owned subsidiary of the BISYS Group Inc. (BISYS), acts as the Trust's exclusive underwriter and promotes and arranges for the sale of each Fund's shares. In addition, the Distributor provides certain sub-administration services to the Trust, including providing officers, clerical staff and office space for an annual fee of 0.05% of the average daily net assets of each Fund. 21 24 VISTA MUTUAL FUNDS NOTES TO FINANCIAL STATEMENTS (unaudited) (continued) - -------------------------------------------------------------------------------- The Trustees have adopted Distribution Plans (the "Distribution Plans") for Class A for all Funds and Class B for TFI and NYTFI in accordance with Rule 12b-1 under the 1940 Act. The Distribution Plans provide that each Fund shall pay distribution fees at annual rates not to exceed 0.25% of each Fund's average daily net assets for Class A shares and 0.75% for Class B shares. The Distributor voluntarily waived all or a portion of distribution fees as outlined in Note 2.E. below. D. Administration fee -- Pursuant to an Administration Agreement, Chase (the "Administrator") provides certain administration services to the Trust at a fee computed at an annual rate equal to 0.10% of the respective Fund's average daily net assets. The Administrator voluntarily waived all or a portion of its administration fees as outlined in Note 2.E. below. E. Waivers of fees -- For the six month period ended February 28, 1997, the Adviser, Shareholder Servicing Agents, Distributor and Administrator voluntarily waived fees for each of the Funds as follows:
TFI NYTFI CITF --------- --------- --------- Administration............................. $ -- $ -- $ 13,461 Advisory................................... 63,220 21,821 33,759 Distribution............................... -- -- 20,191 Shareholder Servicing...................... 83,856 114,143 33,651 --------- --------- --------- $ 147,076 $ 135,964 $ 101,062 ========= ========= =========
F. Other -- Certain officers of the Trust are officers of VFD or of its parent corporation, BISYS. Chase provides portfolio accounting and custody services for the Funds. Compensation for such services are presented in the Statement of Operations as custodian fees. 3. INVESTMENT TRANSACTIONS -- Purchases and sales of investments (excluding short-term investments) were as follows:
TFI NYTFI CITF ------------ ------------ ----------- Purchases.................................. $ 45,061,003 $ 52,148,847 $ 5,850,492 Sales...................................... 47,885,860 56,569,617 7,613,913
4. FEDERAL INCOME TAX MATTERS -- For Federal income tax purposes, the cost and unrealized appreciation/(depreciation) in value of the investment securities at February 28, 1997, are as follows:
TFI NYTFI CITF ----------- ------------ ----------- Aggregate cost.......................... $76,171,640 $101,960,165 $24,053,298 ----------- ------------ ----------- Gross unrealized appreciation........... 2,641,480 3,233,844 612,449 Gross unrealized depreciation........... (129,849) (92,918) (20,769) ----------- ------------ ----------- Net unrealized appreciation............. $ 2,511,631 $ 3,140,926 $ 591,680 =========== ============= ===========
At August 31, 1996, Tax Free Income Fund had a net capital loss carryover of approximately $4,091,000 which will be available through August 31, 2003 to offset future capital gains to the extent provided by regulations. At August 31, 1996, New York Tax Free Income Fund had a net capital loss carryover of approximately $641,000 which will be available through 22 25 VISTA MUTUAL FUNDS NOTES TO FINANCIAL STATEMENTS (unaudited) (continued) - -------------------------------------------------------------------------------- August 31, 2003. During the fiscal year ended August 31, 1996, TFI, NYTFI and CITF utilized capital loss carryovers of approximately $820,000, $185,000 and $289,000, respectively. To the extent that any net capital loss carryovers are used to offset future capital gains, it is probable that the gains so offset will not be distributed to shareholders. 5. TRANSACTIONS IN SHARES OF BENEFICIAL INTEREST -- Transactions in Shares of Beneficial Interest were as follows:
Vista Tax Free Income Fund ---------------------------------------------------------- 9/1/96 Through Year Ended 2/28/97 August 31, 1996 --------------------------- --------------------------- Amount Shares Amount Shares ------------ ------------ ------------ ------------ Class A Shares sold.................. $ 15,177,399 1,258,412 $ 47,061,471 3,923,256 Shares issued in reinvestment of distributions........... 1,085,359 89,428 2,672,938 222,637 Shares redeemed.............. (21,661,611) (1,790,998) (68,392,091) (5,689,713) ------------ ------------ ------------ ------------ Net increase (decrease) in Trust shares outstanding... ($ 5,398,853) (443,158) ($18,657,682) (1,543,820) ============= ============= ============= =============
Vista Tax Free Income Fund ---------------------------------------------------------- 9/1/96 Through Year Ended 2/28/97 August 31, 1996 --------------------------- --------------------------- Amount Shares Amount Shares ------------ ------------ ------------ ------------ Class B Shares sold.................. $ 1,742,326 145,373 $ 4,046,461 339,716 Shares issued in reinvestment of distributions........... 207,326 17,208 424,202 35,612 Shares redeemed.............. (2,304,609) (192,186) (4,356,671) (366,602) ------------ ------------ ------------ ------------ Net increase (decrease) in Trust shares outstanding... ($ 354,957) (29,605) $ 113,992 8,726 ============= ============= ============= =============
Vista New York Tax Free Income Fund ---------------------------------------------------------- 9/1/96 Through Year Ended 2/28/97 August 31, 1996 --------------------------- --------------------------- Amount Shares Amount Shares ------------ ------------ ------------ ------------ Class A Shares sold.................. $ 9,542,008 817,244 $ 42,163,283 3,631,644 Shares issued in reinvestment of distributions........... 1,900,098 163,290 3,747,799 323,930 Shares redeemed.............. (16,310,532) (1,405,809) (53,291,302) (4,593,977) ------------ ------------ ------------ ------------ Net increase (decrease) in Trust shares outstanding... ($ 4,868,426) (425,275) ($ 7,380,220) (638,403) ============= ============= ============= =============
23 26 VISTA MUTUAL FUNDS NOTES TO FINANCIAL STATEMENTS (unaudited) (continued) - --------------------------------------------------------------------------------
Vista New York Tax Free Income Fund ---------------------------------------------------------- 9/1/96 Through Year Ended 2/28/97 August 31, 1996 --------------------------- --------------------------- Amount Shares Amount Shares ------------ ------------ ------------ ------------ Class B Shares sold.................. $ 1,062,123 91,612 $ 4,063,318 351,502 Shares issued in reinvestment of distributions........... 217,381 18,769 400,096 34,785 Shares redeemed.............. (2,428,485) (210,015) (1,287,240) (112,550) ------------ ------------ ------------ ------------ Net increase (decrease) in Trust shares outstanding... ($ 1,148,981) (99,634) $ 3,176,174 273,737 ============= ============= ============= =============
Vista California Intermediate Tax Free Fund ---------------------------------------------------------- 9/1/96 Through Year Ended 2/28/97 August 31, 1996 --------------------------- --------------------------- Amount Shares Amount Shares ------------ ------------ ------------ ------------ Shares sold.................. $ 478,595 48,300 $ 1,153,501 116,473 Shares issued in reinvestment of distributions........... 346,655 34,777 1,007,276 101,364 Shares redeemed.............. (3,416,611) (344,143) (6,379,898) (644,656) ------------ ------------ ------------ ------------ Net increase (decrease) in Trust shares outstanding... ($ 2,591,361) (261,066) ($ 4,219,121) (426,819) ============= ============= ============= =============
6. CONCENTRATION OF CREDIT RISK -- TFI, NYTFI and CITF invest substantially all of their assets in a diversified portfolio of debt obligations issued by states, territories and possessions of the United States and by the District of Columbia, and by their political subdivisions and duly constituted authorities, NYTFI and CITF primarily investing in issuers in the States of New York and California, respectively. The issuer's abilities to meet their obligations may be affected by economic or political developments in a specific state or region. 7. TRUSTEE COMPENSATION -- The Funds have adopted an unfunded noncontributory defined benefit pension plan covering all independent trustees of the Funds who will have served as an independent trustee for at least five years at the time of retirement. Benefits under this plan are based on compensation and years of service. Pension expenses for the six months ended February 28, 1997, included in Trustees Fees and Expenses in the Statement of Operations, and accrued pension liability included in other accrued liabilities in the Statement of Assets and Liabilities were as follows:
Accrued Pension Pension Expenses Liability -------- ------- TFI.......................................................... $1,211 $6,094 NYTFI........................................................ 1,477 7,875 CITF......................................................... 398 1,954
24 27 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 ------------------------------------------------------------------------- 9/1/96 Year Ended 11/1/93 Year Ended Through ------------------- Through ----------------------- 2/28/97 8/31/96 8/31/95 8/31/94++ 10/31/93 10/31/92 ------- ------- ------- --------- -------- ---------- Per Share Operating Performance Net Asset Value, Beginning of Period................. $ 11.84 $ 11.85 $ 11.70 $ 12.70 $ 11.52 $ 11.12 ------- ------- ------- ------- ------- ------- Income from Investment Operations Net Investment Income............................. 0.293 0.580 0.585 0.475 0.662 0.731 Net Gains or Losses on Securities (both realized and unrealized)................................. 0.356 (0.007) 0.147 (0.847) 1.412 0.556 ------- ------- ------- ------- ------- ------- Total from Investment Operations.................. 0.649 0.573 0.732 (0.372) 2.074 1.287 ------- ------- ------- ------- ------- ------- Less Distributions Dividends from Net Investment Income.............. 0.289 0.583 0.582 0.475 0.662 0.731 Distributions from Capital Gains.................. -- -- -- 0.153 0.237 0.156 ------- ------- ------- ------- ------- ------- Total Distributions............................... 0.289 0.583 0.582 0.628 0.899 0.887 ------- ------- ------- ------- ------- ------- Net Asset Value, End of Period....................... $ 12.20 $ 11.84 $ 11.85 $ 11.70 $ 12.70 $ 11.52 ======= ======= ======= ======= ======= ======= Total Return (1)..................................... 5.53% 4.88% 6.53% (2.99%) 18.72% 11.99% Ratios/Supplemental Data Net Assets, End of Period (000 omitted)............. $67,185 $70,480 $88,783 $98,054 $83,672 $ 17,548 Ratio of Expenses to Average Net Assets #........... 0.90% 0.90% 0.85% 0.58% 0.23% -- Ratio of Net Investment Income to Average Net Assets #.......................................... 4.88% 4.83% 5.07% 4.75% 5.25% 6.26% Ratio of Expenses Without Waivers and Assumption of Expenses to Average Net Assets #.................. 1.29% 1.46% 1.47% 1.29% 1.20% 2.34% Ratio of Net Investment Income Without Waivers and Assumption of Expenses to Average Net Assets #.... 4.49% 4.27% 4.45% 4.04% 4.28% 3.92% Portfolio Turnover Rate.............................. 55% 210% 233% 258% 149% 266% Vista Tax Free Income Fund --------------------------------------------- Class B --------------------------------------------- 9/1/96 Year Ended 11/4/93* Through ------------------- Through 2/28/97 8/31/96 8/31/95 8/31/94++ ------- ------- ------- --------- Per Share Operating Performance Net Asset Value, Beginning of Period................. $ 11.76 $ 11.77 $ 11.65 $ 12.51 ------- ------- ------- ------- Income from Investment Operations Net Investment Income............................. 0.245 0.486 0.498 0.423 Net Gains or Losses on Securities (both realized and unrealized)................................. 0.345 (0.006) 0.140 (0.707) ------- ------- ------- ------- Total from Investment Operations.................. 0.590 0.480 0.638 (0.284) ------- ------- ------- ------- Less Distributions Dividends from Net Investment Income.............. 0.239 0.490 0.518 0.423 Distributions from Capital Gains.................. -- -- -- 0.153 ------- ------- ------- ------- Total Distributions............................... 0.239 0.490 0.518 0.576 ------- ------- ------- ------- Net Asset Value, End of Period....................... $ 12.11 $ 11.76 $ 11.77 $ 11.65 ======= ======= ======= ======= Total Return (1)..................................... 5.04% 4.10% 5.70% (2.35%) Ratios/Supplemental Data Net Assets, End of Period (000 omitted)............. $14,404 $14,329 $14,265 $11,652 Ratio of Expenses to Average Net Assets #........... 1.64% 1.65% 1.61% 1.47% Ratio of Net Investment Income to Average Net Assets #.......................................... 4.14% 4.08% 4.31% 3.95% Ratio of Expenses Without Waivers and Assumption of Expenses to Average Net Assets #.................. 1.79% 1.95% 1.97% 1.81% Ratio of Net Investment Income Without Waivers and Assumption of Expenses to Average Net Assets #.... 3.99% 3.78% 3.95% 3.61% Portfolio Turnover Rate.............................. 55% 210% 233% 258%
- --------------- (1) Total return figures do not include the effect of any sales load. # Short periods have been annualized. * Commencement of offering of class of shares. ++ In 1994 TFI changed its fiscal year-end from October 31 to August 31. See notes to financial statements. 25 28 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 -------------------------------------------------------------------------- 9/1/96 Year Ended 11/1/93 Year Ended Through -------------------- Through ----------------------- 2/28/97 8/31/96 8/31/95 8/31/94++ 10/31/93 10/31/92 ------- ------- -------- --------- -------- ---------- Per Share Operating Performance Net Asset Value, Beginning of Period................. $ 11.39 $ 11.47 $ 11.30 $ 12.27 $ 11.18 $ 11.24 ------- ------- -------- -------- -------- ------- Income from Investment Operations Net Investment Income............................. 0.278 0.555 0.570 0.473 0.592 0.473 Net Gains or Losses on Securities (both realized and unrealized)................................. 0.287 (0.077) 0.167 (0.688) 1.281 0.274 ------- ------- -------- -------- -------- ------- Total from Investment Operations.................. 0.565 0.478 0.737 (0.215) 1.873 0.747 ------- ------- -------- -------- -------- ------- Less Distributions Dividends from Net Investment Income.............. 0.272 0.558 0.567 0.472 0.591 0.473 Distributions from Capital Gains.................. 0.023 -- -- 0.283 0.194 0.334 ------- ------- -------- -------- -------- ------- Total Distributions............................... 0.295 0.558 0.567 0.755 0.785 0.807 ------- ------- -------- -------- -------- ------- Net Asset Value, End of Period....................... $ 11.66 $ 11.39 $ 11.47 $ 11.30 $ 12.27 $ 11.18 ======= ======= ======== ======== ======== ======= Total Return (1)..................................... 4.99% 4.20% 6.82% (1.81%) 17.31% 8.57% Ratios/Supplemental Data Net Assets, End of Period (000 omitted)............. $93,460 $96,102 $104,168 $103,113 $120,809 $ 48,420 Ratio of Expenses to Average Net Assets #........... 0.90% 0.90% 0.85% 0.76% 0.75% 0.75% Ratio of Net Investment Income to Average Net Assets #................................................. 4.82% 4.76% 5.11% 4.89% 4.86% 5.74% Ratio of Expenses Without Waivers and Assumption of Expenses to Average Net Assets #.................. 1.18% 1.27% 1.37% 1.25% 1.11% 1.41% Ratio of Net Investment Income Without Waivers and Assumption of Expenses to Average Net Assets #.... 4.54% 4.39% 4.59% 4.40% 4.50% 5.08% Portfolio Turnover Rate.............................. 49% 156% 122% 162% 150% 280% Vista New York Tax Free Income Fund --------------------------------------------- Class B --------------------------------------------- 9/1/96 Year Ended 11/4/93* Through ------------------- Through 2/28/97 8/31/96 8/31/95 8/31/94++ ------- ------- ------- --------- Per Share Operating Performance Net Asset Value, Beginning of Period................. $ 11.33 $ 11.41 $ 11.27 $ 12.11 ------- ------- ------- ------- Income from Investment Operations Net Investment Income............................. 0.232 0.469 0.485 0.419 Net Gains or Losses on Securities (both realized and unrealized)................................. 0.294 (0.086) 0.162 (0.543) ------- ------- ------- ------- Total from Investment Operations.................. 0.526 0.383 0.647 (0.124) ------- ------- ------- ------- Less Distributions Dividends from Net Investment Income.............. 0.222 0.463 0.507 0.433 Distributions from Capital Gains.................. 0.023 -- -- 0.283 ------- ------- ------- ------- Total Distributions............................... 0.245 0.463 0.507 0.716 ------- ------- ------- ------- Net Asset Value, End of Period....................... $ 11.61 $ 11.33 $ 11.41 $ 11.27 ======= ======= ======= ======= Total Return (1)..................................... 4.66% 3.46% 5.99% (1.11%) Ratios/Supplemental Data Net Assets, End of Period (000 omitted)............. $12,837 $13,667 $10,633 $ 7,234 Ratio of Expenses to Average Net Assets #........... 1.64% 1.65% 1.61% 1.51% Ratio of Net Investment Income to Average Net Assets #................................................. 4.08% 4.01% 4.35% 4.28% Ratio of Expenses Without Waivers and Assumption of Expenses to Average Net Assets #.................. 1.68% 1.76% 1.87% 1.76% Ratio of Net Investment Income Without Waivers and Assumption of Expenses to Average Net Assets #.... 4.04% 3.90% 4.09% 4.03% Portfolio Turnover Rate.............................. 49% 156% 122% 162%
- --------------- (1) Total return figures do not include the effect of any sales load. # Short periods have been annualized. * Commencement of offering of class of shares. ++ In 1994 NYTFI changed its fiscal year-end from October 31 to August 31. See notes to financial statements. 26 29 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 ---------------------------------------------------------- 9/1/96 Year Ended 11/1/94 7/15/93* Through ------------------- Through Through 2/28/97 8/31/96 8/31/95 8/31/94++ 10/31/93 ------- ------- ------- --------- -------- Per Share Operating Performance Net Asset Value, Beginning of Period.................................. $ 9.81 $ 9.89 $ 9.69 $ 10.30 $ 10.22 ------- ------- ------- ------- Income from Investment Operations Net Investment Income.............................................. 0.231 0.473 0.505 0.320 0.166 Net Gains or Losses on Securities (both realized and unrealized)... 0.195 0.013 0.200 (0.408) 0.081 ------- ------- ------- ------- Total from Investment Operations............................... 0.426 0.486 0.705 (0.088) 0.247 ------- ------- ------- ------- Less Distributions Dividends from Net Investment Income............................... 0.226 0.476 0.505 0.404 0.165 Distributions from Capital Gains................................... -- 0.090 -- 0.118 -- ------- ------- ------- ------- Total Distributions................................................ 0.226 0.566 0.505 0.522 0.165 ------- ------- ------- ------- Net Asset Value, End of Period........................................ $10.01 $ 9.81 $ 9.89 $ 9.69 $ 10.30 ======= ======= ======= ======= Total Return (1)...................................................... 4.38% 5.00% 7.55% (0.86%) 2.42% Ratios/Supplemental Data Net Assets, End of Period (000 omitted).............................. $26,256 $28,298 $32,746 $36,264 $41,728 Ratio of Expenses to Average Net Assets #............................ 0.60% 0.60% 0.52% 0.52% 0.52% Ratio of Net Investment Income to Average Net Assets #............... 4.69% 4.77% 5.24% 4.88% 4.83% Ratio of Expenses Without Waivers and Assumption of Expenses to Average Net Assets #............................................... 1.35% 1.47% 1.40% 1.37% 1.33% Ratio of Net Investment Income Without Waivers and Assumption of Expenses to Average Net Assets #................................... 3.94% 3.90% 4.36% 4.03% 4.02% Portfolio Turnover Rate............................................... 23% 188% 94% 93% 40%
- --------------- (1) Total return figures do not include the effect of any sales load. # Short periods have been annualized. * Commencement of operations. ++ In 1994 CITF changed its fiscal year end from October 31 to August 31. See notes to financial statements. 27 30 This Page Intentionally Left Blank 31 VISTA SERVICE CENTER P.O. BOX 419392 KANSAS CITY, MO 64179 Investment Adviser, Administrator, Shareholder and Fund Servicing Agent and Custodian The Chase Manhattan Bank Distributor Vista Fund Distributors, Inc. Transfer Agent DST Systems, Inc. Legal Counsel Simpson Thacher & Bartlett Independent Accountants Price Waterhouse LLP Vista Mutual Funds are distributed by Vista Fund Distributors, Inc., which is unaffiliated with The Chase Manhattan Bank. Chase and its respective affiliates receive compensation from the Vista Funds for providing investment advisory and other services. This report is submitted for the general information of the shareholders of the funds. It is not authorized for distribution to prospective investors in the funds unless preceded or accompanies by a prospectus. To obtain a prospectus for any of the Vista Funds, call 1-800-34-VISTA. The prospectus contains more complete information, including charges and expenses. Please read it carefully before you invest or send money. The financial information in this report has been taken from the books and records of the Funds without examination by independent accountants, who express no opinion thereto. VIS-3-497 32 [VISTA LOGO] - ------------------------------------------------------------------ Tax Free Money Market Funds: - - VISTA TAX FREE MONEY MARKET FUND (Vista, Premier and Institutional Shares) - - VISTA NEW YORK TAX FREE MONEY MARKET FUND (Vista Shares) - - VISTA CALIFORNIA TAX FREE MONEY MARKET FUND (Vista Shares) - ------------------------------------------------------------------ - ------------------------------------------------------------------ SEMIANNUAL REPORT FEBRUARY 28, 1997 (UNAUDITED) 33 CONTENTS Chairman's Letter 1 Fund Facts 2 Portfolio of Investments 3 Notes to Financial Statements 32 Per Share Data 37 34 As noted six months ago, we are in the process of redesigning your Shareholder Reports to include even more information about your Fund, its current investment strategy and how it is performing. In order to launch this new design at your Fund's year-end, we are planning to introduce the new format with your next Annual Report. April 10, 1997 Dear Shareholder: We are pleased to present this semi-annual report on each of the Vista tax-free money market funds. Inside, you'll find current seven-day yields and taxable equivalent yields for such fund as of February 28, 1997 as well as listings of current holdings. MANAGING YOUR MONEY IN A CHANGING INTEREST RATE ENVIRONMENT Over the six-month period, the yield on the one-year U.S. Treasury bill declined from 5.89% to 5.67%. However, this rather benign overview masks a highly-volatile environment dominated by changing perceptions of the strength of U.S. economic growth as well as the market's anticipation of Federal Reserve Board policy changes. At the beginning of the period, reports of a slowing economy led many market participants to believe that the Fed would not raise interest rates and, as a result, the yield on the one-year T-bill fell to a low of 5.35% at the end of November, 1996. The turning point in yields came in early December in response to weaker demand and fears that the Fed might raise interest rates. The market became inconsistent as investors reacted to each new report on the economy's strength and attempted to determine the Fed's stance. By the time Fed Chairman Greenspan testified before Congress in February, it was clear that he was set to raise the Federal Funds rate to preempt any wage inflation. SUPPLY & DEMAND FACTORS DOMINATE TAX FREE MONEY MARKETS As usual, the yields available on the securities in your funds were highly-dependent on supply and demand factors. Since many investors use tax-free money market funds as a parking place for dollars they'll eventually use for longer-term investments or to pay taxes, each fund's invested assets fluctuate substantially. Additionally, there are traditional times of the year when short-term tax free instruments mature, requiring that your fund re-invest at prevailing interest rates. Together, these factors create a challenging job for Vista's tax-free money market management team -- one I'm pleased to note they performed very well during the reporting period. Moving forward, you can be confident that our team of investment professionals will stay true to a certain course: to seek to provide you with stability, liquidity and attractive yields, prudently taking advantage of opportunities while seeking to protect the principal value of your short-term funds. We appreciate the confidence you have placed in us and encourage you to call your investment representative or 1-800-34-VISTA if you have any questions. Sincerely, /s/ Fergus Reid Fergus Reid Chairman INVESTMENTS IN THE FUNDS ARE NOT DEPOSITS OF, OR GUARANTEED OR ENDORSED BY, THE CHASE MANHATTAN BANK, AND THE SHARES ARE NOT INSURED BY THE FDIC, FEDERAL RESERVE BOARD OR ANY OTHER GOVERNMENT AGENCY. INVESTMENTS IN MUTUAL FUNDS INVOLVE RISK, INCLUDING POSSIBLE LOSS OF THE PRINCIPAL AMOUNT INVESTED. 35 MONEY MARKET FUND FACTS(1) (unaudited) As of February 28, 1997
------------------------------------------------------------------------------------ VISTA VISTA VISTA NEW YORK TAX CALIFORNIA TAX FREE FREE TAX FREE MONEY MONEY MONEY MARKET(2,3) MARKET(3) MARKET(3) - ------------------------------------------------------------------------------------ 7-Day SEC Yield(1) Vista 2.92% 2.82% 2.81% Premier 2.98% -- -- Institutional 3.24% -- -- Without Fee Waiver Vista 2.78% 2.68% 2.49% Premier 2.98% -- -- Institutional 3.24% -- -- Taxable Equivalent Yield(4) Vista 4.56% 4.74% 4.88% Premier 4.66% -- -- Institutional 5.06% -- --
- --------------- (1) Past performance is not a guarantee of future results. Yields will fluctuate. An investment is neither insured nor guaranteed by the U.S. government and there can be no assurance that the funds will maintain a stable Net Asset Value of $1.00 per share. (2) No fees are being waived for the Premier Shares and Institutional Shares of Vista Tax Free Money Market Fund. All other yields reflect the voluntary waiver of certain expenses and the assumption of certain expenses otherwise payable by the Fund. This voluntary waiver may be modified or terminated at any time, which would reduce the funds' performance. (3) A portion of the funds' income may be subject to the Alternative Minimum Tax (AMT), and some investors may be subject to certain state and local taxes. (4) Taxable Equivalent Yields are calculated based on the SEC Yield divided by 1 minus the effective tax rate. Effective combined federal, state and/or local tax rates for Tax Free Money Market, New York Tax Free Money Market and California Tax Free Money Market are 36%, 40.56% and 42.40%, respectively. 2 36 VISTA TAX FREE MONEY MARKET FUND PORTFOLIO OF INVESTMENTS February 28, 1997 (unaudited)
Principal Amount Issuer Value ------------------------------------------------------------------------------------ STATE AND MUNICIPAL OBLIGATIONS -- 99.1% ------------------------------------------------------------------------------------ ALABAMA -- 2.2% --------------------------------------------------------- $ 6,300,000 Birmingham, Alabama, Ser. 1992-A, FRDN, 3.300%, $ 6,300,000 03/05/97 3,700,000 Chatom, Alabama, IDB, PCR, Alabama Electric Coop, CP, 3,700,000 3.500%, 04/09/97 4,800,000 Enterprise, Alabama, IDB, IDR, Taxable, Coffee Gin Co., 4,800,000 FRDN, Rev., 3.450%, 03/06/97 1,000,000 Mcintosh, Alabama, IDB, Solid Waste Disposal, CIBA- 1,000,000 Geigy Corp., FRDN, 3.300%, 03/05/97 2,500,000 Phenix County, Alabama, IDB, Environmental Improvement, 2,500,000 Georgia Kraft Project, FRDN, Rev., 3.400%, 03/03/97 1,500,000 St. Clair County, Alabama, IDB, National Cement Co., 1,500,000 Inc., Project II, FRDN, Rev., 3.300%, 03/06/97 ------------- 19,800,000 ------------- ALASKA -- 0.6% --------------------------------------------------------- 4,000,000 Anchorage, Alaska, TAN, 4.000%, 12/17/97 4,014,454 1,400,000 Valdez Alaska Marine Term, Arco Transition Project, 1,400,000 Ser. A, CP, 3.450%, 05/14/97 ------------- 5,414,454 ------------- ARIZONA -- 5.6% --------------------------------------------------------- 14,100,000 Apache County, Arizona, IDA, Tucson Electric, 83C, 14,100,000 FRDN, Rev., 3.300%, 03/05/97 5,100,000 Casa Grand, Arizona, Industrial Development Authority, 5,100,000 Mayville Metal, FRDN, Rev., 3.550%, 03/05/97 Maricopa County, Arizona, PCR, Arizona Public Service Co., 2,600,000 Ser. B, FRDN, Rev., 3.450%, 03/03/97 2,600,000 1,600,000 Ser. E, FRDN, Rev., 3.450%, 03/03/97 1,600,000 1,000,000 Maricopa County, Arizona, Union School District No. 1,003,244 097, Deer VY, Ser. A, GO, 5.000%, 07/01/97 Phoenix Arizona IDA Multifamily Housing, 1,925,000 Paradise Shadows Apartments, FRDN, Rev., 3.350%, 1,925,000 03/05/97 2,900,000 Southwest Villages Project A, FRDN, Rev., 3.350%, 2,900,000 03/04/97 4,600,000 Phoenix, Arizona, Ser. 95-2, FRDN, 3.450%, 03/03/97 4,600,000 Pima County Arizona IDA, IDR, Tucson Electric Power Co., 1,200,000 Power Project, 1983 Ser. A, FRDN, 3.300%, 03/05/97 1,200,000 4,000,000 Project, FRDN, Rev., 3.400%, 03/05/97 4,000,000 1,300,000 Ser. A, FRDN, Rev., 3.300%, 03/05/97 1,300,000 9,700,000 Salt River Project Agricultural Improvement & Power 9,700,000 District, CP, 3.500%, 03/07/97 ------------- 50,028,244 -------------
See notes to financial statements. 3 37 VISTA TAX FREE MONEY MARKET FUND PORTFOLIO OF INVESTMENTS February 28, 1997 (unaudited) (continued)
Principal Amount Issuer Value - ------------------------------------------------------------------------------------ STATE AND MUNICIPAL OBLIGATIONS -- (CONTINUED) - ------------------------------------------------------------------------------------ ARKANSAS -- 1.8% --------------------------------------------------------- $ 1,445,000 Arkansas State, Development Financing Authority, ADFA $ 1,445,386 Guarantee Program, Ser. A, Rev., 3.850%, 02/01/98 14,600,000 University of Arkansas, UAMS Campus, FRDN, Rev., 14,600,000 3.350%, 03/05/97 ------------- 16,045,386 ------------- CALIFORNIA -- 3.1% --------------------------------------------------------- California Higher Education Loan Authority Inc., Student Loan, 15,000,000 Ser. A, Rev., PUT, 3.750%, 06/01/97 15,000,000 12,500,000 Ser. C, Rev., PUT, 3.750%, 06/01/97 12,500,000 ------------- 27,500,000 ------------- COLORADO -- 0.9% --------------------------------------------------------- 7,200,000 Colorado Health Facilities Authority, Frasier Meadows 7,200,000 Manor, FRDN, Rev., 3.400%, 03/06/97 1,000,000 Jefferson County, Colorado, COP, Jefferson County 1,042,726 Financing Corp., COP, 8.150%, 12/01/97 ------------- 8,242,726 ------------- DELAWARE -- 0.8% --------------------------------------------------------- 7,400,000 Sussex County Delaware, Industrial Revenue, Perdue 7,400,000 Farms Inc. Project, FRDN, Rev., 3.550%, 03/06/97 ------------- FLORIDA -- 4.1% --------------------------------------------------------- 9,600,000 Jacksonville, Florida, Rev., 3.650%, 01/23/98 9,600,000 1,000,000 Jacksonville, Florida, IDR, Trailer Marine, Crowly, 1,000,000 FRDN, Rev., 3.400%, 03/03/97 2,100,000 Martin County, Florida, PCC, Florida Light & Power Co. 2,100,000 Project, FRDN, 3.400%, 03/03/97 2,500,000 Monroe County, Florida School District, GO, 3.600%, 2,500,000 06/04/97 1,700,000 Okaloosa County, Florida, Gulf Coast Treatment Center, 1,700,000 FRDN, Rev., 3.400%, 03/05/97 2,500,000 Pinellas County, Florida, Housing Finance Authority, 2,500,000 Single Family Mortgage, Multi-County Program, Ser. B, Rev., PUT, 3.800%, 02/01/98 16,000,000 St. Lucie County, Florida, PCR, Florida Power & Light 16,000,000 Co., CP, 3.500%, 03/06/97 825,000 Volusia County, Florida, Housing Finance Authority, Sun 825,000 Pointe Apts., Ser. H, FRDN, 3.350%, 03/04/97 ------------- 36,225,000 -------------
See notes to financial statements. 4 38 VISTA TAX FREE MONEY MARKET FUND PORTFOLIO OF INVESTMENTS February 28, 1997 (unaudited) (continued)
Principal Amount Issuer Value ------------------------------------------------------------------------------------ STATE AND MUNICIPAL OBLIGATIONS -- (CONTINUED) ------------------------------------------------------------------------------------ GEORGIA -- 7.5% --------------------------------------------------------- $ 1,555,000 Bartow County, Georgia, IDA, Princeton Carpets, Inc., $ 1,555,000 FRDN, Rev., 3.300%, 03/05/97 6,300,000 Burke County, Georgia, Development Authority, PCR, 6,300,000 Oglethorpe Power Corp. Project A, CP, 3.450%, 03/06/97 2,700,000 Clayton County, Georgia, Housing Authority, Multifamily 2,700,000 Rainwood Development, FRDN, 3.375%, 04/10/97 9,675,000 Cobb County, Georgia, Development Authority, ID, 9,675,000 Wyndham Gardens Project, FRDN, Rev., 3.400%, 03/06/97 2,500,000 Columbia County, Georgia, IDA, Dixie Bedding Co. 2,500,000 Project, Ser. P, FRDN, Rev., 3.450%, 03/06/97 20,000 Columbus, Georgia, Development Authority, R P Real 20,000 Estate, Inc., FRDN, 3.850%, 03/06/97 2,200,000 Elbert County & Elberton & Bowman, Georgia, Development 2,200,000 Authority, IDR, Seaboard Farms, FRDN, Rev., 3.450%, 03/06/97 5,600,000 Fulco, Georgia, Hospital Authority, Piedmont Hospital 5,600,000 Project, FRDN, Rev., 3.350%, 03/05/97 Fulton County, Georgia, Development Authority, 1,000,000 Arthritis Foundation Inc. Project, FRDN, Rev., 1,000,000 3.350%, 03/05/97 1,600,000 Industrial, American Graphics Project, FRDN, Rev., 1,600,000 3.450%, 03/07/97 Fulton County, Georgia, Housing Authority, Multifamily, 5,000,000 Holcomb Landing Apartments, FRDN, Rev., 3.350%, 5,000,000 03/05/97 10,000,000 Spring Creed Crossing, FRDN, Rev., 3.350%, 03/05/97 10,000,000 1,375,000 Gainesville, Georgia, Re-Development Authority, 1,375,000 Gainsville Development Project, FRDN, Rev., 3.400%, 03/05/97 Marietta Georgia, Housing Authority Multifamily, 4,425,000 Concepts 21 Apartments, FRDN, Rev., 3.350%, 03/05/97 4,425,000 7,000,000 Winterset Apartments P, FRDN, Rev., 3.350%, 03/05/97 7,000,000 4,030,000 Rockdale County, Georgia, IDR, Takahashi Works USA, 4,030,000 Inc. Project, FRDN, Rev., 3.650%, 03/05/97 1,445,000 Washington, Georgia, Wilkes Payroll Development 1,445,000 Authority, Pak Products, Inc., FRDN, 3.450%, 03/06/97 ------------- 66,425,000 ------------- IDAHO -- 0.4% --------------------------------------------------------- 3,800,000 Port Lewiston, Idaho, Port Facilities, Fribourg 3,800,000 Investment Co., FRDN, Rev., 3.710%, 03/04/97 -------------
See notes to financial statements. 5 39 VISTA TAX FREE MONEY MARKET FUND PORTFOLIO OF INVESTMENTS February 28, 1997 (unaudited) (continued)
Principal Amount Issuer Value ------------------------------------------------------------------------------------ STATE AND MUNICIPAL OBLIGATIONS -- (CONTINUED) ------------------------------------------------------------------------------------ ILLINOIS -- 6.5% --------------------------------------------------------- Chicago, Illinois, Multi-Family Housing, Waveland Associates Project, $ 8,800,000 Ser. B, FRDN, Rev., 3.300%, 03/05/97 $ 8,800,000 1,900,000 Ser. E, FRDN, Rev., 3.300%, 03/05/97 1,900,000 5,000,000 Chicago, Illinois, Tender Notes, GO, 3.650%, 02/15/98 5,000,000 2,000,000 Du Page Water Commission of Illinois, Prerefunded, 2,049,836 Rev., 6.800%, 05/01/97 Illinois Development Financing Authority, 2,000,000 IDR, Balspar Corp. Project, FRDN, 3.450%, 03/06/97 2,000,000 1,420,000 IDR, Big Bolt Corp. Project, FRDN, Rev., 3.700%, 1,420,000 03/05/97 4,005,000 IDR, CFC International Inc. Project, FRDN, Rev., 4,005,000 3.500%, 03/05/97 3,590,000 IDR, Deerfield Executive Center Project, Rev., 3,590,000 4.100%, 09/01/97 2,000,000 IDR, Revcor Inc. Project, FRDN, Rev., 3.500%, 2,000,000 03/04/97 2,180,000 IDR, Toughy Ltd. Partnership Project, FRDN, 3.500%, 2,180,000 03/05/97 6,400,000 Presbyterian Home Lake, Ser. A, FRDN, 3.350%, 6,400,000 03/05/97 5,000,000 Illinois Health Facilities Authority, 5,000,000 Rush/Presbyterian, Ser. B, Rev., CP, 3.500%, 03/07/97 5,000,000 Illinois Housing Development Authority, Homeowner 5,000,000 Mortgage, Sub. Ser. F-1, Rev., PUT, 3.650%, 12/18/97 7,000,000 Illinois State, GO, 5.375%, 05/01/97 7,019,281 1,080,000 Springfield Illinois Electric, Jr. Lien, Rev., 4.000%, 1,083,135 03/01/98 ------------- 57,447,252 ------------- INDIANA -- 1.3% --------------------------------------------------------- 3,460,000 Indiana Health Facilities Financing Authority, 3,460,000 Investment Inc. Project A, FRDN, Rev., 3.400%, 03/06/97 1,500,000 Indiana State, Development Financing Authority, IDR, 1,500,000 Goodwill Industries Center Industrial Project, FRDN, Rev., 3.350%, 03/06/97 200,000 Indianapolis, Indiana, EDC, Children's Museum Project, 200,000 FRDN, Rev., 3.300%, 03/06/97 2,275,000 Lafayette, Indiana, EDC, Health Quest Realty XI, FRDN, 2,275,000 Rev., 3.400%, 03/06/97 955,000 Muncie, Indiana, EDC, Rev., Health Quest Realty 955,000 Project, FRDN, Rev., 3.400%, 03/06/97 3,100,000 Princeton, Indiana, PCR, PSI Energy Inc. Project, FRDN, 3,100,000 3.500%, 03/03/97 ------------- 11,490,000 -------------
See notes to financial statements. 6 40 VISTA TAX FREE MONEY MARKET FUND PORTFOLIO OF INVESTMENTS February 28, 1997 (unaudited) (continued)
Principal Amount Issuer Value ------------------------------------------------------------------------------------ STATE AND MUNICIPAL OBLIGATIONS -- (CONTINUED) ------------------------------------------------------------------------------------ IOWA -- 1.4% --------------------------------------------------------- $ 12,250,000 Iowa State, School Cash Anticipation Program, Iowa $ 12,314,985 School Corps Warrant Certificates, Ser. B, 4.250%, ------------- 01/30/98 KANSAS -- 1.9% --------------------------------------------------------- Burlington, Kansas, PC, 2,000,000 K C Power & Light Project, Ser. A, CP, 3.400%, 2,000,000 04/03/97 2,000,000 K C Power & Light Project, Ser. A, CP, 3.400%, 2,000,000 05/08/97 5,000,000 National Rural Kansas Electric, Ser. C-1, CP, 3.350%, 5,000,000 04/10/97 5,335,000 National Rural Kansas Electric, Ser. C-1, CP, 3.400%, 5,335,000 04/10/97 1,000,000 Johnson County, Kansas, Unified School District, No. 1,017,697 512, Swanee Mission, Ser. B, GO, 6.750%, 10/01/97 1,150,000 Spring Hill, Kansas, Industrial Rev., Abrasive 1,150,000 Engineering Project, FRDN, Rev., 3.500%, 03/05/97 ------------- 16,502,697 ------------- KENTUCKY -- 1.1% --------------------------------------------------------- 10,000,000 Clark County, Kentucky, PCR, East Kentucky Power, 10,000,000 National RER-J-2, GO, 3.650%, 04/15/97 ------------- LOUISIANA -- 0.7% --------------------------------------------------------- Louisiana Public Facilities Authority, Ser. A, 2,000,000 Ser. A, GO, 4.500%, 09/24/97 2,006,546 4,000,000 Ser. B, GO, 4.500%, 09/24/97 4,013,092 ------------- 6,019,638 ------------- MAINE -- 0.4% --------------------------------------------------------- 2,645,000 Lewiston Maine Rev., Geiger Brothers Project, FRDN, 2,645,000 Rev., 3.750%, 03/03/97 920,000 Portland, Maine, Oakhurst Dairy, FRDN, 3.650%, 03/03/97 920,000 ------------- 3,565,000 ------------- MARYLAND -- 2.1% --------------------------------------------------------- 2,000,000 Anne Arundel County, Maryland, FRDN, 3.350%, 03/06/97 2,000,000 4,000,000 Howard County, Maryland, Multifamily Housing, Sherwood 4,000,000 Crossing Ltd, Rev., PUT, 3.750%, 06/01/97
See notes to financial statements. 7 41 VISTA TAX FREE MONEY MARKET FUND PORTFOLIO OF INVESTMENTS February 28, 1997 (unaudited) (continued)
Principal Amount Issuer Value ------------------------------------------------------------------------------------ STATE AND MUNICIPAL OBLIGATIONS -- (CONTINUED) ------------------------------------------------------------------------------------ Maryland State, $ 1,000,000 Board of Environmental Resource Recovery, Colstrip $ 1,000,000 Project, FRDN, 3.300%, 03/05/97 3,105,000 EDC, Unisite Design Inc., Facility, FRDN, Rev., 3,105,000 3.550%, 03/07/97 Montgomery County, Maryland, 5,010,000 Housing Opportunity Commission Single Family 5,010,000 Mortgage, Ser. C, Rev., PUT, 3.700%, 03/17/97 2,300,000 CP, 3.500%, 03/03/97 2,300,000 1,500,000 Prince George's County, Maryland, FRDN, 3.400%, 1,500,000 03/03/97 ------------- 18,915,000 ------------- MASSACHUSETTS -- 2.1% --------------------------------------------------------- 7,200,000 Boston, Massachusetts, Ser. A, GO, 5.000%, 11/01/97 7,264,282 Massachusetts State, 5,000,000 Health & Educational Facilities Authority, Harvard 5,000,000 University, Ser. L, CP, 3.450%, 04/08/97 1,200,000 Industrial Financing Agency, Catamount Realty Trust, 1,200,000 FRDN, 3.650%, 03/03/97 2,900,000 Industrial Financing Agency, Showa Women's 2,900,000 Institution, Inc., FRDN, Rev., 3.400%, 03/03/97 2,295,000 Taunton Massachusetts IDA, Realty Trust IX Project, 2,295,000 FRDN, Rev., 3.650%, 03/03/97 ------------- 18,659,282 ------------- MICHIGAN -- 2.5% --------------------------------------------------------- 2,000,000 Allegan County, Michigan, EDC, Dean Foods Co. Project, 2,000,000 FRDN, 3.350%, 03/06/97 2,000,000 Dearborn, Michigan, EDC, Rev., Oakbrook Common Proj., 2,000,000 FRDN, Rev., 3.350%, 03/05/97 3,300,000 Detroit, Michigan, Downtown Development Authority, 3,300,000 Millender Center Project, FRDN, Rev., 3.500%, 03/06/97 3,025,000 Farmington Hills, Michigan, EDC, Limited Obligation, 3,025,000 Carrefour, FRDN, Rev., 3.375%, 03/06/97 1,300,000 Grand Rapids, Michigan, EDC, Amway Hotel Corp., Project 1,300,000 B, FRDN, 3.350%, 03/05/97 250,000 Jackson County, Michigan, EDC, Melling Tool Project, 250,000 FRDN, 3.400%, 03/06/97
See notes to financial statements. 8 42 VISTA TAX FREE MONEY MARKET FUND PORTFOLIO OF INVESTMENTS February 28, 1997 (unaudited) (continued)
Principal Amount Issuer Value ------------------------------------------------------------------------------------ OBLIGATIONS -- (CONTINUED) ------------------------------------------------------------------------------------ Michigan State, $ 5,000,000 Hospital Financing Authority, St. Mary Hospital of $ 5,000,000 Livonia, Ser. A, FRDN, Rev., 3.350%, 03/05/97 2,000,000 Strategic Fund, IDR, Michigan Sugar Co., Croswell 2,000,000 Project, FRDN, Rev., 3.350%, 03/06/97 2,000,000 Strategic Fund, Lex Controls, Inc. Project, FRDN, 2,000,000 3.500%, 03/05/97 1,250,000 Strategic Fund, Limited Obligation Rev., Wayne 1,250,000 Disposal, Oakland Project, FRDN, Rev., 3.400%, 03/05/97 ------------- 22,125,000 ------------- MINNESOTA -- 1.3% --------------------------------------------------------- 1,800,000 Bloomington, Minnesota, Port Authority, Mall of America 1,800,000 Project, FRDN, 3.350%, 03/07/97 Minnesota School Districts, Tax & Aid Antic Borrowing Program Tax Antic Certificates of Indebtedness, 2,595,000 Ser. A, COP, 3.750%, 02/13/98 2,596,662 4,000,000 Ser. B, COP, 3.650%, 03/10/98 4,000,000 3,000,000 Minnesota State, Higher Educational Facilities 3,000,000 Authority, University of St. Thomas, Ser. 4-A2, FRDN, Rev., 3.400%, 03/05/97 ------------- 11,396,662 ------------- MISSISSIPPI -- 0.8% --------------------------------------------------------- 4,940,000 Mississippi, Business Financial Corp., IDR, Choctaw 4,940,000 Maid Farms, Inc. Project, FRDN, Rev., 3.450%, 03/05/97 1,800,000 Perry County, Mississippi, PCC, Leaf River Forest 1,800,000 Project, FRDN, Rev., 3.300%, 03/06/97 ------------- 6,740,000 ------------- MISSOURI -- 3.1% --------------------------------------------------------- 1,000,000 Macon, Missouri IDA, Health Care Realty Macon, FRDN, 1,000,000 3.500%, 03/03/97 Missouri State Environmental Improvements & Energy Research Authority, 10,000,000 PCR, Union Electric Co., Ser. A, Rev., PUT, 3.650%, 10,000,000 06/01/97 4,000,000 PCR, Union Electric Co., Ser. B, Rev., PUT, 3.650%, 4,000,000 06/01/97 Missouri State Health & Educational Facilities Authority, 7,500,000 SSM Health Care, Ser. C, CP, 3.500%, 03/11/97 7,500,000 4,000,000 Washington University Project, Ser. A, FRDN, Rev., 4,000,000 3.300%, 03/05/97 1,000,000 Osage Beach, Missouri, IDA, Health Care Realty Osage, 1,000,000 FRDN, Rev., 3.500%, 03/03/97 ------------- 27,500,000 -------------
See notes to financial statements. 9 43 VISTA TAX FREE MONEY MARKET FUND PORTFOLIO OF INVESTMENTS February 28, 1997 (unaudited) (continued)
Principal Amount Issuer Value ------------------------------------------------------------------------------------ STATE AND MUNICIPAL OBLIGATIONS -- (CONTINUED) ------------------------------------------------------------------------------------ NEBRASKA -- 0.3% --------------------------------------------------------- $ 2,700,000 Sidney, Nebraska, IDR, Pennington Seed, Inc. Project, $ 2,700,000 FRDN, Rev., 3.450%, 03/05/97 ------------- NEW HAMPSHIRE -- 0.2% --------------------------------------------------------- 1,955,000 New Hampshire State, Business Financing Authority, 1,955,000 Industrial Facilities, Nickerson Assembly Co., FRDN, ------------- Rev., 3.600%, 03/05/97 NEW MEXICO -- 3.8% --------------------------------------------------------- 3,000,000 Albuquerque, New Mexico, Gross Receipts Tax, FRDN, 3,000,000 Rev., 3.350%, 03/05/97 10,000,000 Farmington, New Mexico, PCR, Public Service Co., San 10,000,000 Juan, Ser. C, FRDN, Rev., 3.300%, 03/05/97 New Mexico State, 10,000,000 Highway Community, Sub Lien, FRDN, Rev., 3.350%, 10,000,000 03/05/97 10,300,000 Mortgage Financing Authority, Single-Family Mortgage 10,300,000 Program, Ser. H-1, Rev., 3.650%, 12/01/97 ------------- 33,300,000 ------------- NEW YORK -- 0.9% --------------------------------------------------------- New York State Energy Research & Development Authority, 3,000,000 PCR, New York State Electric & Gas, Ser. D, Rev., 3,000,000 3.600%, 12/01/97 5,000,000 LILCO Project, Ser. A, Rev., PUT, 3.250%, 03/03/97 5,000,000 ------------- 8,000,000 ------------- NORTH CAROLINA -- 1.2% --------------------------------------------------------- 1,400,000 Lenoir County, North Carolina, Industrial Facilities & 1,400,000 PCFA, Texas Gulf Inc., Ser P, FRDN, Rev., 3.375%, 03/06/97 4,870,000 Mecklenburg County, North Carolina, GO, 3.500%, 4,870,290 04/01/97 North Carolina, 1,900,000 Educational Facilities Financing Agency, Guilford 1,900,000 College Project, FRDN, Rev., 3.450%, 03/03/97 1,100,000 Industrial Facilities & PCFA, Scotland Container 1,100,000 Corp., Rev., PUT, 4.050%, 03/03/97 1,050,000 Industrial Facilities & PCFA, Athol Mfg. Corp., Rev., 1,050,000 PUT, 4.000%, 03/03/97 ------------- 10,320,290 -------------
See notes to financial statements. 10 44 VISTA TAX FREE MONEY MARKET FUND PORTFOLIO OF INVESTMENTS February 28, 1997 (unaudited) (continued)
Principal Amount Issuer Value ------------------------------------------------------------------------------------ STATE AND MUNICIPAL OBLIGATIONS -- (CONTINUED) ------------------------------------------------------------------------------------ OHIO -- 1.8% --------------------------------------------------------- $ 1,500,000 Cleveland, Ohio, TAN, 4.500%, 10/15/97 $ 1,504,498 1,500,000 Montgomery County, Ohio, Multifamily Housing, Pedcor 1,500,000 Investments, Lyons Gate, Ser. A, FRDN, Rev., 3.400%, 03/06/97 3,550,000 Ohio State, Housing Financing Agency, Single Family 3,550,000 Mortgage, Ser. FR-6, FRDN, Rev., 3.400%, 03/05/97 2,000,000 Ohio State, Public Facilities, Community Higher 2,009,821 Education Capital Facilities, Ser. II-A, Rev., 4.250%, 12/01/97 Summit County, Ohio, 3,500,000 Ser. B, BAN, 4.000%, 06/05/97 3,503,102 4,000,000 Ser. C, BAN, 4.375%, 11/20/97 4,020,221 ------------- 16,087,642 ------------- OKLAHOMA -- 0.8% --------------------------------------------------------- 7,000,000 Cushing Oklahoma, Municipal Authority Correctional 7,000,000 Facilities, FRDN, Rev., 3.350%, 03/06/97 ------------- OREGON -- 1.8% --------------------------------------------------------- Oregon State, Housing & Community Services Department, Single-Family Mortgage Program, 2,500,000 Ser. J, GO, 3.550%, 03/03/97 2,500,000 12,100,000 Ser. K, Rev., 3.650%, 12/11/97 12,095,074 1,000,000 Oregon State, Veteran Welfare, Ser. 74A, GO, 7.200%, 1,000,000 03/03/97 ------------- 15,595,074 ------------- PENNSYLVANIA -- 2.6% --------------------------------------------------------- 4,000,000 Beaver County, Pennsylvania, IDA, PCR, Duquesne Light 4,000,000 Co. Project, CP, 3.400%, 04/08/97 1,550,000 Delaware County, Pennsylvania, IDA, PCR, BP Exploration 1,550,000 & Oil, FRDN, Rev., 3.450%, 03/03/97 Pennsylvania State, 5,860,000 First Ser., GO, 5.250%, 05/15/97 5,877,823 2,400,000 Higher Education Assistance Agency, Student Loan, 2,400,000 Ser. A, FRDN, Rev., 3.400%, 03/05/97 9,000,000 York, Pennsylvania, General Authority Pooled Financing, 9,000,000 FRDN, Rev., 3.350%, 03/06/97 ------------- 22,827,823 -------------
See notes to financial statements. 11 45 VISTA TAX FREE MONEY MARKET FUND PORTFOLIO OF INVESTMENTS February 28, 1997 (unaudited) (continued)
Principal Amount Issuer Value - ------------------------------------------------------------------------------------ STATE AND MUNICIPAL OBLIGATIONS -- (CONTINUED) - ------------------------------------------------------------------------------------ SOUTH CAROLINA -- 0.9% --------------------------------------------------------- $ 1,400,000 Kershaw County, South Carolina, IDR, Deroyal Textiles $ 1,400,000 Inc. Project, FRDN, Rev., 3.500%, 03/05/97 South Carolina, 1,000,000 Educational Facilities Authority for Private 1,007,120 Non-Profit Institutions, Furman University Project, Ser. A, Rev., 5.000%, 10/01/97 2,250,000 Jobs, Economic Development Authority, Florence 2,250,000 Housing Project, FRDN, 3.450%, 03/05/97 1,000,000 South Carolina State, Ports Authority, FRDN, 3.400%, 1,000,000 03/05/97 2,000,000 York County, South Carolina, PCR, North Carolina 2,000,000 Electric Project, FRDN, Rev., 3.800%, 03/17/97 ------------- 7,657,120 ------------- SOUTH DAKOTA -- 0.3% --------------------------------------------------------- 2,800,000 South Dakota State, Health & Educational, Sioux Valley 2,800,000 Hospital, FRDN, 3.350%, 03/07/97 ------------- TENNESSEE -- 3.5% --------------------------------------------------------- 965,000 Franklin, Tennessee, Health & Education, Facilities 965,000 Board, Industrial Development Health Care Center, FRDN, 3.600%, 03/03/97 2,400,000 McMinn County, Tennessee, IRB, Thomas & Betts Corp. 2,400,000 Project, FRDN, Rev., 3.450%, 03/06/97 1,700,000 Memphis, Tennessee, Ser. A, FRDN, GO, 3.300%, 03/05/97 1,700,000 2,300,000 Metropolitan Government of Nashville & Davidson County, 2,300,000 Tennessee, Health & Educational Facilities Board, Vanderbilt University, Ser. B, Rev., PUT, 3.700%, 05/01/97 Shelby County Tennessee Health Educational & Housing Facilities Board, Multifamily Housing, 6,155,000 Arbor Lake, FRDN, Rev., 3.500%, 03/05/97 6,155,000 7,635,000 Wyndridge, FRDN, Rev., 3.350%, 03/05/97 7,635,000 1,000,000 South Pittsburgh, Tennessee, Industrial Development, 1,000,000 Lodge Manufacturing Co. Project, FRDN, Rev., 3.450%, 03/05/97 5,120,000 Tennessee State, School Board Authority Higher 5,120,000 Education Facilities, Ser. A, FRDN, BAN, 3.300%, 03/05/97 4,000,000 Tullahoma, Tennessee, IDA Board, Rock Tennessee 4,000,000 Converting, FRDN, Rev., 3.450%, 03/05/97 ------------- 31,275,000 -------------
See notes to financial statements. 12 46 VISTA TAX FREE MONEY MARKET FUND PORTFOLIO OF INVESTMENTS February 28, 1997 (unaudited) (continued)
Principal Amount Issuer Value ------------------------------------------------------------------------------------ STATE AND MUNICIPAL OBLIGATIONS -- (CONTINUED) ------------------------------------------------------------------------------------ TEXAS -- 21.2% --------------------------------------------------------- Austin, Texas, $ 3,950,000 Utilities System, Ser. 1, CP, 3.450%, 05/13/97 $ 3,950,000 6,000,000 Water Sewer & Electric, Prerefunded, Rev., 14.250%, 6,126,456 05/17/97 Bell County Texas, 4,250,000 Health Facilities Development Corp., Southern 4,250,000 Healthcare Systems, Project C, FRDN, Rev., 3.300%, 03/06/97 2,200,000 IDA, Franklin Industries, FRDN, 3.300%, 03/06/97 2,200,000 18,925,000 Carroll, Texas, Independent School District, GO, 18,921,510 3.550%, 09/18/97 500,000 Corsicana, Texas IDA, Kent Paper Co., FRDN, 3.450%, 500,000 03/05/97 3,500,000 De Soto, Texas IDA, IDR, Solar Turbines Inc. Project, 3,500,000 FRDN, Rev., 3.350%, 03/05/97 1,210,000 Denton, Texas, Independent School District, Ser. A, GO, 1,226,393 7.000%, 08/15/97 3,500,000 Greater East, Texas Higher Education, Ser. A, Rev., 3,500,000 4.050%, 09/01/97 3,000,000 Greater Texas Student Loan Corp., Student Loan, Ser. A, 3,000,000 GO, 3.700%, 03/01/98 3,000,000 Guadalupe Blanco River Authority, Texas, IDC, IDR, The 3,000,000 BOC Group Inc. Project, FRDN, Rev., 3.350%, 03/06/97 2,291,000 Harris County, Texas, CP, 3.500%, 03/07/97 2,291,000 Houston, Texas, 4,050,000 GO, 5.800%, 03/01/98 4,130,963 5,000,000 Airport Facilities, CP, 3.500%, 04/21/97 5,000,000 6,100,000 Ser. A, CP, 3.600%, 03/11/97 6,100,000 10,000,000 Ser. A, CP, 3.600%, 03/06/97 10,000,000 5,000,000 Ser. A, CP, 3.600%, 05/14/97 5,000,000 Katy, Texas, Independent School District, Ser. A, 11,500,000 FRDN, GO, 3.350%, 03/05/97 11,500,000 15,000,000 GO, 3.550%, 06/26/97 15,002,268 2,000,000 Nueces River Authority, Texas, Pollution, Reynolds 2,000,000 Metals Co. Project, FRDN, Rev., 3.500%, 03/03/97 20,000,000 Pasadena, Texas, Independent School District, Ser. A, 20,000,000 FRDN, GO, 3.250%, 03/07/97 2,810,000 Port Corpus Christi, Texas, Industrial, Lantana Corp. 2,810,000 Project, FRDN, Rev., 3.400%, 03/06/97 3,500,000 Sabine River Authority, Texas, PCR, Texas Utilities 3,500,000 Electric Co., Ser. B, FRDN, Rev., 3.500%, 03/03/97 6,400,000 San Antonio, Texas, Water Systems, CPN, 3.550%, 6,400,000 05/02/97
See notes to financial statements. 13 47 VISTA TAX FREE MONEY MARKET FUND PORTFOLIO OF INVESTMENTS February 28, 1997 (unaudited) (continued)
Principal Amount Issuer Value ------------------------------------------------------------------------------------ STATE AND MUNICIPAL OBLIGATIONS -- (CONTINUED) ------------------------------------------------------------------------------------ $ 4,100,000 Shenandoah, Texas, Health Facilities Development, $ 4,100,000 Southwood Ltd., I Project, FRDN, 3.630%, 03/06/97 5,000,000 Texas Association of School Boards, COP, TAN, 4.750%, 5,019,617 08/29/97 3,500,000 Texas Small Business IDC, Texas Public Facilities 3,500,000 Capital Access, FRDN, Rev., 3.350%, 03/05/97 10,000,000 Texas State, TRAN, 4.750%, 08/29/97 10,057,776 8,000,000 Texas State, Public Financing, CP, 3.500%, 05/28/97 8,000,000 University of Texas, Arlington Combined Fee Rev., 4,000,000 CP, 3.350%, 04/10/97 4,000,000 9,400,000 CP, 3.450%, 04/10/97 9,400,000 ------------- 187,985,983 ------------- UTAH -- 1.7% --------------------------------------------------------- 7,500,000 Salt Lake City, Utah, TRAN, 4.500%, 06/30/97 7,511,956 7,900,000 Utah State, Board of Regents, Student Loan, Ser. L, 7,900,000 FRDN, Rev., 3.400%, 03/05/97 ------------- 15,411,956 ------------- WASHINGTON -- 2.2% --------------------------------------------------------- 14,700,000 King County, Washington, TENDER OPTION, 3.400%, 14,700,000 03/05/97 2,050,000 Redmond, Washington, Public Corp. Industrial, 2,050,000 Integrated Circuits Project, FRDN, Rev., 3.350%, 03/06/97 Washington State Public Power Supply Systems Nuclear Project, 1,500,000 No. 1, Ser. C, Rev., 7.250%, 07/01/97 1,513,812 1,350,000 No. 3, Ser. B, Rev., 6.800%, 07/01/97 1,362,156 ------------- 19,625,968 ------------- WEST VIRGINIA -- 0.1% --------------------------------------------------------- 1,300,000 Marion County, West Virginia, County Community Solid 1,300,000 Waste Disposal Facility, Granttown Project, Ser. A, ------------- FRDN, Rev., 3.450%, 03/05/97 WISCONSIN -- 2.9% --------------------------------------------------------- 5,600,000 Alma, Wisconsin, PC, FRDN, 3.700%, 03/03/97 5,600,000 1,000,000 Fairwater, Wisconsin, IDR, Dean Foods Co. Project, 1,000,000 FRDN, Rev., 3.350%, 03/06/97 3,800,000 Germantown, Wisconsin, Industrial Rev., Great Lakes 3,800,000 Packaging Corp., FRDN, Rev., 3.500%, 03/05/97 960,000 Grand Chute, Wisconsin, Industrial Rev., Kent Paper 960,000 Co., FRDN, 3.450%, 03/05/97 2,000,000 Menomonee Falls, Wisconsin, IDA, Butler Paper Co. 2,000,000 Project, FRDN, Rev., 3.300%, 03/06/97
See notes to financial statements. 14 48 VISTA TAX FREE MONEY MARKET FUND PORTFOLIO OF INVESTMENTS February 28, 1997 (unaudited) (continued)
Principal Amount Issuer Value ------------------------------------------------------------------------------------ STATE AND MUNICIPAL OBLIGATIONS -- (CONTINUED) ------------------------------------------------------------------------------------ $ 2,175,000 Milwaukee, Wisconsin, Ser. F, GO, 5.000%, 11/15/97 $ 2,195,257 9,800,000 Wisconsin State, TENDER OPTION, 3.550%, 03/07/97 9,800,000 ------------- 25,355,257 ------------- WYOMING -- 0.7% --------------------------------------------------------- 1,800,000 Green River, Wyoming, PCR, Texas Gulf Project, FRDN, 1,800,000 Rev., 3.500%, 03/06/97 4,750,000 Sweetwater County, Wyoming, School District No. 1, Rock 4,755,747 Springs, TAW, 4.250%, 06/30/97 ------------- 6,555,747 ------------------------------------------------------------------------------------ TOTAL INVESTMENTS -- 99.1% $ 879,309,186 (COST $879,309,186)** ------------------------------------------------------------------------------------
See notes to financial statements. 15 49 VISTA NEW YORK TAX FREE MONEY MARKET FUND PORTFOLIO OF INVESTMENTS February 28, 1997 (unaudited)
Principal Amount Issuer Value - ------------------------------------------------------------------------------------ BOND ANTICIPATION NOTES -- 7.4% ------------------------------------------------------------------------------------ $ 4,000,000 Albany, New York, School District, 4.000%, 05/02/97 $ 4,001,964 3,000,000 Ballston Spa, New York, CSD, 4.000%, 12/31/97 3,009,676 2,500,000 Brockport, New York, 4.250%, 05/28/97 2,503,396 4,700,000 Caledonia-Mumford, New York, CSD, 4.250%, 02/11/98 4,718,498 6,500,000 Commack, New York, Union Free School District, 4.250%, 6,506,066 06/27/97 3,000,000 Honeoye Falls, Lima, New York, CSD, 4.250%, 06/26/97 3,003,231 9,842,000 Ithaca, New York, 4.125%, 01/23/98 9,885,900 Nassau County, New York, 10,000,000 Ser. A, 4.250%, 08/15/97 10,030,547 4,000,000 Ser. C, 4.250%, 03/14/97 4,000,681 4,000,000 Ser. C, 4.375%, 03/14/97 4,000,869 5,000,000 Oyster Bay, New York, 4.000%, 02/27/98 5,019,197 4,000,000 Rochester, New York, Ser. III, 4.250%, 10/30/97 4,012,737 1,255,000 Royalton-Hartland, New York, CSD, Ser. A, 4.500%, 1,258,047 08/15/97 2,000,000 Solvay, New York, 4.500%, 10/16/97 2,007,948 3,092,000 Ulster, New York, 3.625%, 03/14/97 3,092,240 ------------------------------------------------------------------------------------ TOTAL BOND ANTICIPATION NOTES 67,050,997 (COST $67,050,997) ------------------------------------------------------------------------------------ CERTIFICATES OF PARTICIPATION -- 1.4% ------------------------------------------------------------------------------------ Eagle Tax-Exempt Trust, Weekly Options Mode, Certificate, 4,000,000 Ser. 96-3207, 3.550% 03/07/97 4,000,000 4,800,000 Ser. 97 C 3203, 3.350%, 03/07/97 4,800,000 4,000,000 Ser. 953202, 3.770%, 03/07/97 4,000,000 ------------------------------------------------------------------------------------ TOTAL CERTIFICATES OF PARTICIPATION 12,800,000 (COST $12,800,000) ------------------------------------------------------------------------------------ COMMERCIAL PAPER -- 14.5% ------------------------------------------------------------------------------------ Government Development Bank of Puerto Rico, 13,500,000 3.300%, 04/09/97 13,500,000 2,000,000 3.300%, 04/17/97 2,000,000 1,700,000 3.500%, 03/07/97 1,700,000 New York City Municipal Water Financing Authority, 4,000,000 3.300%, 03/03/97 4,000,000 9,500,000 3.350%, 04/11/97 9,500,000 5,400,000 3.400%, 05/21/97 5,400,000 6,300,000 3.400%, 05/29/97 6,300,000 2,000,000 3.450%, 03/10/97 2,000,000
See notes to financial statements. 16 50 VISTA NEW YORK TAX FREE MONEY MARKET FUND PORTFOLIO OF INVESTMENTS February 28, 1997 (unaudited) (continued)
Principal Amount Issuer Value - ------------------------------------------------------------------------------------ COMMERCIAL PAPER -- (CONTINUED) ------------------------------------------------------------------------------------ New York City, $ 1,500,000 3.350%, 03/24/97 $ 1,500,000 5,500,000 3.350%, 03/31/97 5,500,000 1,500,000 3.400%, 04/23/97 1,500,000 5,500,000 3.400%, 05/13/97 5,500,000 3,100,000 3.450%, 06/25/97 3,100,000 1,000,000 3.500%, 04/16/97 1,000,000 New York City, GO, 5,000,000 3.300%, 03/11/97 5,000,000 6,800,000 3.300%, 03/17/97 6,800,000 1,100,000 3.350%, 03/11/97 1,100,000 1,000,000 3.450%, 03/13/97 1,000,000 7,500,000 3.450%, 04/11/97 7,500,000 1,000,000 3.450%, 04/18/97 1,000,000 3,500,000 3.450%, 05/19/97 3,500,000 5,500,000 3.500%, 03/13/97 5,500,000 5,000,000 Ser. J, 3.350%, 03/11/97 5,000,000 8,300,000 Ser. J, 3.450%, 06/19/97 8,300,000 7,000,000 New York State GO, BAN, 3.350%, 03/03/97 7,000,000 New York State, Environmental Facilities Corp., Solid Waste Disposal, General Electric Company Project A, 2,500,000 3.300%, 03/13/97 2,500,000 12,000,000 3.450%, 06/19/97 12,000,000 1,805,000 Port Authority of New York & New Jersey, 3.350%, 1,805,000 04/09/97 ------------------------------------------------------------------------------------ TOTAL COMMERCIAL PAPER 130,505,000 (COST $130,505,000) ------------------------------------------------------------------------------------ GENERAL OBLIGATIONS -- 0.5% ------------------------------------------------------------------------------------ 500,000 Albany County, New York, 7.000%, 10/01/97 509,915 3,500,000 Nassau County, New York, Ser. S, 5.000%, 03/01/97 3,500,000 650,000 Schenectady County, New York, 6.000%, 08/15/97 656,676 ------------------------------------------------------------------------------------ TOTAL GENERAL OBLIGATIONS 4,666,591 (COST $4,666,591) ------------------------------------------------------------------------------------ REVENUE ANTICIPATION NOTES -- 6.6% ------------------------------------------------------------------------------------ 6,300,000 Buffalo, New York, Ser. A, 4.250%, 07/15/97 6,315,796 Erie County, New York, 3,000,000 Ser. A, 4.250%, 04/17/97 3,002,421 5,000,000 Ser. B, 4.250%, 11/19/97 5,022,579
See notes to financial statements. 17 51 VISTA NEW YORK TAX FREE MONEY MARKET FUND PORTFOLIO OF INVESTMENTS February 28, 1997 (unaudited) (continued)
Principal Amount Issuer Value - ------------------------------------------------------------------------------------ REVENUE ANTICIPATION NOTES -- (CONTINUED) ------------------------------------------------------------------------------------ $ 3,000,000 Greece, New York, Central School District, 4.250%, $ 3,004,011 06/30/97 4,387,000 Ithaca City, New York, City School District, 4.250%, 4,392,258 06/20/97 Nassau County, New York, 3,980,000 Ser. A, 3.500%, 03/05/97 3,979,942 8,800,000 Ser. A, 4.000%, 03/05/97 8,800,456 10,250,000 Ser. B, 4.250%, 04/15/97 10,256,791 New York City, New York, 1,500,000 Ser. A, 4.500%, 04/15/97 1,501,935 11,000,000 Ser. B, 4.500%, 06/30/97 11,030,510 2,000,000 Oyster Bay, New York, 4.125%, 01/30/98 2,008,430 ------------------------------------------------------------------------------------ TOTAL REVENUE ANTICIPATION NOTES 59,315,129 (COST $59,315,129) ------------------------------------------------------------------------------------ REVENUE BONDS -- 6.5% ------------------------------------------------------------------------------------ 765,000 Hudson, New York IDA, Emsig Project, 4.250%, 12/15/97 765,000 1,000,000 Metropolitan Transportation Authority of New York, 1,036,214 Service Contract, Commuter Facilities, Ser. 1, 8.500%, 07/01/97 1,000,000 Municipal Assistance Corp., City of New York, NY, Ser. 1,001,702 D, 4.000%, 07/01/97 New York City, New York, 5,400,000 6.750%, 03/15/97 5,406,449 2,000,000 Ser. A, 8.750%, 11/01/97 2,096,900 New York City, New York Municipal Water Financing Authority, Water & Sewer, 3,000,000 6.500%, 06/15/97 3,070,265 1,000,000 Ser. A, 7.625%, 06/15/97 1,025,831 500,000 Ser. B, 8.250%, 06/15/97 516,533 1,000,000 New York City, New York, Housing Development Corp., 1,001,937 Multi-Family, Ser. A-1, 3.850%, 11/01/97 New York State Dormitory Authority, 2,200,000 City University System Consolidation, Ser. A, 8.125%, 2,275,986 07/01/97 750,000 Special Obligation, State University Dorm Facilities, 752,120 Ser. A, 4.000%, 01/01/98 1,250,000 Special Obligation, State University Educational 1,255,752 Facilities, Ser. A, 6.500%, 05/01/97 500,000 New York State Environmental Facilities Corp., PCR, 499,523 State Water Revolving Fund, Ser. B, 3.550%, 02/15/98
See notes to financial statements. 18 52 VISTA NEW YORK TAX FREE MONEY MARKET FUND PORTFOLIO OF INVESTMENTS February 28, 1997 (unaudited) (continued)
Principal Amount Issuer Value - ------------------------------------------------------------------------------------ REVENUE BONDS -- (CONTINUED) ------------------------------------------------------------------------------------ New York State Medical Care Facilities Financing Agency, $ 6,820,000 Health Insurance Plan for Greater New York, Ser. B, $ 7,067,566 8.500%, 12/01/97 16,500,000 Hospital & Nursing FHA Insured Mortgage, Ser. B, 17,502,682 8.100%, 02/15/98 1,000,000 Insured Mortgage Hospital, Ser. A, 8.000%, 08/15/97 1,039,830 465,000 Prerefunded, 7.700%, 02/15/98 491,598 400,000 New York State Mortgage Agency, Homeowner Mortgage, Ser. 401,248 50, 4.200%, 10/01/97 6,140,000 New York State Power Authority, Ser. V, 8.000%, 01/01/98 6,477,945 200,000 New York State Thruway Authority, General Purpose, Ser. 202,202 C, 5.000%, 01/01/98 Triborough Bridge & Tunnel Authority, New York, 3,000,000 Ser. N, 7.875%, 01/01/98 3,146,961 950,000 Special Obligation, Ser. A, 5.900%, 01/01/98 967,856 ------------------------------------------------------------------------------------ TOTAL REVENUE BONDS 58,002,100 (COST $58,002,100) ------------------------------------------------------------------------------------ TAX ANTICIPATION NOTES -- 10.9% ------------------------------------------------------------------------------------ 4,000,000 Central Islip, New York, UFSD, 4.500%, 06/30/97 4,005,730 4,750,000 Clarkstown, New York, CSD, 4.250%, 06/27/97 4,756,560 5,480,000 East Islip, New York, UFSD, 4.500%, 06/26/97 5,487,599 2,300,000 Elmont, New York, UFSD, 4.250%, 06/30/97 2,302,936 5,500,000 Garden City, New York, UFSD, 4.500%, 06/26/97 5,511,090 6,000,000 Levittown, New York, UFSD, 4.250%, 06/25/97 6,006,739 5,800,000 Manhasset, New York, UFSD, 4.250%, 06/26/97 5,808,960 4,650,000 Massapequa, New York UFSD, 4.250%, 06/30/97 4,656,676 2,536,000 Middletown, New York, Ser. A, 4.125%, 02/27/98 2,547,551 Nassau County, New York, 8,000,000 Ser. B, 4.250%, 08/29/97 8,027,157 7,600,000 Ser. C, 4.250%, 09/25/97 7,629,497 2,725,000 North Babylon, New York, UFSD, 4.400%, 06/26/97 2,730,140 915,000 Oceanside New York, UFSD, 4.250%, 06/27/97 916,665 Oyster Bay, New York, 1,000,000 3.800%, 01/30/98 1,001,325 4,000,000 4.125%, 01/30/98 4,016,860 1,750,000 Peekskill, New York, City School District, 4.000%, 1,752,798 06/27/97 7,000,000 Riverhead, New York, CSD, 4.250%, 06/26/97 7,006,462 4,500,000 Scarsdale, New York, UFSD, 4.250%, 06/26/97 4,504,853 4,000,000 Smithtown, New York, CSD, 4.500%, 06/26/97 4,008,017
See notes to financial statements. 19 53 VISTA NEW YORK TAX FREE MONEY MARKET FUND PORTFOLIO OF INVESTMENTS February 28, 1997 (unaudited) (continued)
Principal Amount Issuer Value - ------------------------------------------------------------------------------------ TAX ANTICIPATION NOTES -- (CONTINUED) ------------------------------------------------------------------------------------ West Babylon, New York, UFSD, $ 3,195,000 4.250%, 06/26/97 $ 3,198,548 5,000,000 4.500%, 06/26/97 5,007,744 3,500,000 West Islip, New York, UFSD, 4.250%, 06/30/97 3,505,060 4,000,000 Westchester County, New York, 3.480%, 12/11/97 3,999,380 ------------------------------------------------------------------------------------ TOTAL TAX ANTICIPATION NOTES 98,388,347 (COST $98,388,347) ------------------------------------------------------------------------------------ FLOATING RATE DEMAND NOTES -- 52.1% ------------------------------------------------------------------------------------ 905,000 Albany, New York IDA, Newkirk Productions Inc. Project, 905,000 Ser. A, Rev., 3.400%, 03/07/97 Babylon, New York, 100,000 IDA, IDR J.D'Addario & Co. Inc. Project, Rev., 3.350%, 100,000 03/07/97 2,050,000 IDA, Edwin Verger/Lambro Industries Rev., 3.500%, 2,050,000 03/07/97 5,500,000 Ser. B, GO, 3.250%, 03/07/97 5,500,000 1,300,000 Broome County, New York IDA, Binghamton Realty Project, 1,300,000 Rev., 3.200%, 03/07/97 100,000 California PCFA, Solid Waste Disposal, CR&R Inc. 100,000 Project, Ser. A, Rev., 3.350%, 03/07/97 California Statewide Communities Development Authority, 3,300,000 Apartment Development, Sub. Ser. A-1, Rev., 3.150%, 3,300,000 03/07/97 440,000 IDR, Florestone, Rev., 3.300%, 03/07/97 440,000 1,900,000 IDR, Nichirin, Rev., 3.400%, 03/07/97 1,900,000 500,000 Industrial Peet's Coffee, Ser. E, Rev., 3.300%, 500,000 03/07/97 3,330,000 Clinton County, New York, IDA, Bombardier Corp. Project, 3,330,000 Ser. A, 3.300%, 03/07/97 2,600,000 Corona, California Multi-Family Housing, Country Hills 2,600,000 Project, Ser. B, Rev., 3.150%, 03/07/97 4,970,000 Dutchess County, New York, IDA, Laerdal Medical Corp., 4,970,000 Project, Rev., 3.450%, 03/07/97 2,170,000 Erie County IDA, Rosina Food Products, Inc., Rev., 2,170,000 3.300%, 03/07/97 3,500,000 Franklin County, Ohio, Holy Cross Health Systems, Rev., 3,500,000 3.400%, 03/07/97 Glens Falls New York IDA, Rev., 1,595,000 Broad Street Center Project, Rev., 3.300%, 03/07/97 1,595,000 1,810,000 IDA, Rev., Namic Project, Rev., 3.200%, 03/07/97 1,810,000 1,800,000 Lewis County New York, IDA, Climax Manufacturing Co. 1,800,000 Project, Rev., 3.300%, 03/07/97
See notes to financial statements. 20 54 VISTA NEW YORK TAX FREE MONEY MARKET FUND PORTFOLIO OF INVESTMENTS February 28, 1997 (unaudited) (continued)
Principal Amount Issuer Value - ------------------------------------------------------------------------------------ FLOATING RATE DEMAND NOTES -- (CONTINUED) ------------------------------------------------------------------------------------ Los Angeles County, California, Pension Obligation, $ 2,600,000 Ser. A, Rev., 3.200%, 03/07/97 $ 2,600,000 1,200,000 Ser. B, Rev., 3.200%, 03/07/97 1,200,000 15,900,000 Metropolitan Transportation Authority, Commuter 15,900,000 Facilities, Rev., 3.200%, 03/07/97 4,100,000 Monroe County IDA, Columbia Sussex Corp., Rev., 5.000%, 4,098,978 03/07/97 400,000 Montgomery New York IDA, Service Merchandise Co., Rev., 400,000 3.450%, 03/07/97 3,350,000 Mount Pleasant, New York, IDA, PCR, General Motors Corp. 3,350,000 Project, Rev., 3.350%, 03/07/97 New York City, New York, Housing Development Authority, 11,100,000 East 96th Street Project, Ser. A, Rev., 3.300%, 11,100,000 03/07/97 4,200,000 Mortgage, Multifamily, Columbus Apartments, Ser. A, 4,200,000 Rev., 3.100%, 03/07/97 2,100,000 Mortgage, Multifamily, Columbus Apartments, Ser. A, 2,100,000 Rev., 3.200%, 03/07/97 4,300,000 Mortgage, Multifamily, Tribeca Towers, Ser. A, Rev., 4,300,000 3.200%, 03/07/97 7,025,000 Mortgage Rev., Parkgate Tower, Ser. 1, Rev., 3.250%, 7,025,000 03/07/97 8,000,000 Mortgage, Multifamily, 400 West 59th, Ser. A-1, Rev., 8,000,000 3.300%, 03/07/97 8,200,000 Mortgage, Multifamily, James Tower, Rev., 3.250%, 8,200,000 03/07/97 500,000 Special Obligation, Upper 5th Ave. Project, Ser. A, 500,000 Rev., 3.150%, 03/07/97 New York City, New York, IDA, 500,000 Bears, Andin International, Inc., Rev., 3.250%, 500,000 03/07/97 2,800,000 Civil Facilities, Calhoun School Inc. Project, Rev., 2,800,000 3.150%, 03/07/97 1,450,000 Civil Facility, Childrens Oncology Society, Rev., 1,450,000 3.150%, 03/07/97 33,300,000 IDR, Brooklyn Navy Yard Cogen, Ser. B, Rev., 3.300%, 33,300,000 03/07/97 750,000 IDR, Ser. E, Rev., 3.250%, 03/07/97 750,000 350,000 Ser. B, Tomsed Realty Corp., Rev., 3.250%, 03/07/97 350,000 1,350,000 Ser. D, Rev., 3.250%, 03/07/97 1,350,000 500,000 Ser. F, Marion Glass and Window Shade Corp., Rev., 500,000 3.250%, 03/07/97 450,000 Ser. G, Monarch Construction Corp., Rev., 3.250%, 450,000 03/07/97 400,000 Ser. N, Spreading Machine Exchange, Inc., Rev., 400,000 3.250%, 03/07/97
See notes to financial statements. 21 55 VISTA NEW YORK TAX FREE MONEY MARKET FUND PORTFOLIO OF INVESTMENTS February 28, 1997 (unaudited) (continued)
Principal Amount Issuer Value - ------------------------------------------------------------------------------------ FLOATING RATE DEMAND NOTES -- (CONTINUED) ------------------------------------------------------------------------------------ $ 7,500,000 Special Facilities, Korean Air Lines, Co., Ser. A, $ 7,500,000 Rev., 3.300%, 03/07/97 5,000,000 Special Facilities, Korean Air Lines, Co., Ser. C, 5,000,000 Rev., 3.300%, 03/07/97 400,000 White Plains Auto Project, Rev., 3.200%, 03/07/97 400,000 7,255,000 New York City, New York, Municipal Water Financing 7,255,000 Authority, Water & Sewer Systems, Municipal Securities Trust Receipts, Ser. SGA 13, R, 3.250%, 03/07/97 New York City, New York, Ser. A-9, GO, 11,475,000 Ser. A-9, GO, 3.250%, 03/07/97 11,475,000 9,500,000 Ser. B through Sub-Ser. B-10, Rev., 3.200%, 03/07/97 9,500,000 11,800,000 Ser. B through Sub-Ser. B-8, Rev., 3.200%, 03/07/97 11,800,000 1,600,000 Ser. B, Sub.-Ser. B-6, Rev., 3.450%, 03/07/97 1,600,000 6,000,000 Ser. D, Rev., 3.300%, 03/07/97 6,000,000 8,500,000 Ser. F-6, GO, 3.250%, 03/07/97 8,500,000 4,900,000 Sub. Ser. B8, GO, 3.200%, 03/07/97 4,900,000 3,950,000 New York City, New York, Trust for Cultural Resources, 3,950,000 American Museum of Natural History, Rev., 3.150%, 03/07/97 2,865,000 New York State Dormitory Authority, Municipal Securities 2,865,000 Trust Receipts, SAK 17, Rev., 4.100%, 03/07/97 New York State Energy Research & Development Authority, 6,400,000 Gas Facilities, Brooklyn Union Gas Project, Ser. A-1, 6,400,000 Rev., 3.300%, 03/07/97 4,800,000 PCR, Hudson Gas & Electric Co. Ser. B, Rev., 3.150%, 4,800,000 03/07/97 12,200,000 PCR, Hudson Gas & Electric Co., Rev., 3.250%, 03/07/97 12,200,000 20,800,000 PCR, Orange & Rockland Project, Ser. A, Rev., 3.150%, 20,800,000 03/07/97 1,500,000 New York State Environmental Facilities Corp., Resource 1,500,000 Recovery, OFS Equity Huntington Project, Rev., 3.500%, 03/03/97 New York State Housing Finance Agency, Multifamily, 1,100,000 Ser. E, Rev., 3.250%, 03/07/97 1,100,000 16,800,000 Normandte Court I Project, Rev., 3.200%, 03/07/97 16,800,000 13,400,000 Normandte Court II, Ser. A, Rev., 3.300%, 03/07/97 13,400,000 5,150,000 Residential Insured, Ser. A, Rev., 3.250%, 03/07/97 5,150,000 5,000,000 Union Square South Housing, Rev., 3.200%, 03/07/97 5,000,000 New York State Job Development Authority, 4,000,000 Ser. A-1 through A-21, Rev., 3.600%, 03/03/97 4,000,000 2,700,000 Ser. A-1 through A-42, Rev., 3.650%, 03/03/97 2,700,000 2,400,000 Ser. B-1 through B-21, Rev., 3.650%, 03/03/97 2,400,000
See notes to financial statements. 22 56 VISTA NEW YORK TAX FREE MONEY MARKET FUND PORTFOLIO OF INVESTMENTS February 28, 1997 (unaudited) (continued)
Principal Amount Issuer Value - ------------------------------------------------------------------------------------ FLOATING RATE DEMAND NOTES -- (CONTINUED) ------------------------------------------------------------------------------------ $ 4,265,000 Ser. B-1 through B-9, Rev., 3.600%, 03/03/97 $ 4,265,000 1,420,000 Special Purpose Ser. A-1 through A-25, Rev., 3.600%, 1,420,000 03/03/97 500,000 Special Purpose, Ser. A-1 through A-13, Rev., 3.650%, 500,000 03/07/97 600,000 State Guaranteed, Special Purpose, Ser. B-1 through 600,000 B-2, Rev., 3.600%, 03/03/97 1,685,000 Supplemental Purpose, Ser. B-1 thru B-9, Rev., 3.650%, 1,685,000 03/03/97 New York State Local Assistance Corp., Rev., 32,400,000 3.150%, 03/07/97 32,400,000 12,200,000 Ser. B, Rev., 3.200%, 03/07/97 12,200,000 12,000,000 New York State Local Government Assistance Corp., Ser. 12,000,000 D, Rev., 3.200%, 03/07/97 4,900,000 New York State Local Government Assistance Corp., Ser. 4,900,000 E, Rev., 3.200%, 03/07/97 16,600,000 New York State Local Government Assistance Corp., Ser. 16,600,000 G, Rev., 3.150%, 03/07/97 1,900,000 Newburgh New York IDA, Civic Facility, Mt. St. Mary 1,900,000 College, Rev., 3.200%, 03/07/97 4,200,000 Niagara Falls New York Bridge Commission, Ser. A, Rev., 4,200,000 3.150%, 03/07/97 2,950,000 Port Authority of New York & New Jersey, Equipment 2,950,000 Notes, Ser. 3, Rev., 3.450%, 03/07/97 5,200,000 Puerto Rico Industrial, Medical, & Environmental, Higher 5,200,000 Education -- Ana G. Mendez Educational Found, Rev., 3.300%, 03/07/97 1,000,000 Rockland County New York IDA, X Products Corp. Project, 1,000,000 Rev., 3.300%, 03/07/97 200,000 Santa Clara California Electric Revenue, Ser. B, Rev., 200,000 3.250%, 03/07/97 9,400,000 Seneca County, New York IDA, Civic Facility, New York 9,400,000 Chiropractic College, Rev., 3.150%, 03/07/97 5,600,000 Suffolk County New York IDA, Nissequogue Cogen Partners, 5,600,000 Rev., 3.350%, 03/07/97 3,400,000 Suffolk County, New York Water Authority, Rev., 3.250%, 3,400,000 03/07/97
See notes to financial statements. 23 57 VISTA NEW YORK TAX FREE MONEY MARKET FUND PORTFOLIO OF INVESTMENTS February 28, 1997 (unaudited) (continued)
Principal Amount Issuer Value - ------------------------------------------------------------------------------------ FLOATING RATE DEMAND NOTES -- (CONTINUED) ------------------------------------------------------------------------------------ $ 17,900,000 Triborough Bridge & Tunnel Authority of New York, $ 17,900,000 Special Obligation, Rev., 3.200%, 03/07/97 2,200,000 Yonkers, New York, IDA Civic Facilities, Consumers Union 2,200,000 Facility, Rev., 3.150%, 03/07/97 ------------------------------------------------------------------------------------ TOTAL FLOATING RATE DEMAND NOTES 470,208,978 (COST $470,208,978) ==================================================================================== TOTAL INVESTMENTS -- 99.9% $ 900,937,142 (COST $900,937,142)** ------------------------------------------------------------------------------------
See notes to financial statements. 24 58 VISTA CALIFORNIA TAX FREE MONEY MARKET FUND PORTFOLIO OF INVESTMENTS February 28, 1997 (unaudited)
Principal Amount Issuer Value - ------------------------------------------------------------------------------------ STATE & MUNICIPAL OBLIGATIONS -- 22.4% ------------------------------------------------------------------------------------ $ 1,500,000 California Community College Financing Authority, Ser. A, $ 1,504,379 TRAN, 4.750%, 07/02/97 1,500,000 California School Cash Reserve Program Authority, Ser. B, 1,510,458 Rev., 4.500%, 12/19/97 500,000 California State, Ser. A, RAN, 4.500%, 06/30/97 501,535 Los Angeles County, California, 1,560,000 LOC Educational Agencies Participation Certificates, 1,564,365 Pooled TRAN Program, Ser. A, 4.750%, 06/30/97 1,500,000 Ser. A, TRAN, 4.500%, 06/30/97 1,502,756 Los Angeles, California, 1,000,000 Department of Airports, Ser. A, Rev., 7.100%, 05/01/97 1,025,342 1,000,000 Department of Airports, Ser. B, Rev., 7.200%, 05/01/97 1,025,506 1,000,000 Union School District, Ser. A, TRAN, 4.500%, 06/30/97 1,002,234 1,000,000 Port Oakland, California, Port, Ser. B, Rev., 7.250%, 1,026,138 05/01/97 2,200,000 West Contra Costa, California Unified School District, TAN, 2,206,815 4.250%, 12/11/97 ------------------------------------------------------------------------------------ TOTAL STATE & MUNICIPAL OBLIGATIONS 12,869,528 (COST $12,869,528) ------------------------------------------------------------------------------------ FLOATING RATE DEMAND NOTES -- 70.0% ------------------------------------------------------------------------------------ 1,500,000 Alameda-Contra Costa, California, Schools Financing 1,500,000 Authority, COP, Capital Improvements Financing Project, Ser. B, 3.150%, 03/07/97 1,055,000 California Educational Facilities Authority, Stanford 1,055,000 University, Ser. L, Rev., 3.100%, 03/07/97 300,000 California Health Facilities Financing Authority, 300,000 Floating-Pooled Loan Program, Ser. B, 3.300%, 03/07/97 200,000 California PCFA, PCR, Shell Oil Co., Project A, Rev., 200,000 3.200%, 03/03/97 800,000 California PCFA, Resource Recovery, Burney Forest Products 800,000 Project, Ser. A, Rev., 3.250%, 03/03/97 California Statewide Communities Development Corp, 100,000 13th & I Association Project, 3.350%, 03/07/97 100,000 1,000,000 IDA, Howard Ser. B, Rev., 3.400%, 03/07/97 1,000,000 455,000 IDR, Evapco Inc. Project, Rev., 3.300%, 03/07/97 455,000 600,000 IDR, Nichirin, Rev., 3.400%, 03/07/97 600,000 1,000,000 ID, Setton Properties, Rev., 3.400%, 03/07/97 1,000,000 1,000,000 ID, Sunclipse, Rev., 3.300%, 03/07/97 1,000,000 800,000 Industrial Peet's Coffee, Ser. E, Rev., 3.300%, 03/07/97 800,000 2,000,000 California State, Ser. C-4, Rev., 3.250%, 03/07/97 2,000,000
See notes to financial statements. 25 59 VISTA CALIFORNIA TAX FREE MONEY MARKET FUND PORTFOLIO OF INVESTMENTS February 28, 1997 (unaudited) (continued)
Principal Amount Issuer Value - ------------------------------------------------------------------------------------ FLOATING RATE DEMAND NOTES -- (CONTINUED) - ------------------------------------------------------------------------------------ Irvine Ranch, California Water District, $ 1,100,000 Capital Improvement Project, 3.200%, 03/03/97 $ 1,100,000 700,000 Consolidation Bonds, Ser. B, GO, 3.250%, 03/03/97 700,000 300,000 Ser. B, 3.250%, 03/03/97 300,000 100,000 Improvement District No. 182, Ser. A, GO, 3.250%, 100,000 03/03/97 1,600,000 Irvine, California Public Facilities & Infrastructure 1,600,000 Authority, Capital Improvement Projects, Rev., 3.150%, 03/07/97 1,600,000 Kern County, California COP, Kern Public Facilities 1,600,000 Project, Ser. C, 3.150%, 03/07/97 Los Angeles, California, Community Redevelopment Agency, 600,000 COP, Baldwin Hills Public Park, 3.250%, 03/07/97 600,000 600,000 COP, Broadway Spring Center Project, 3.200%, 03/07/97 600,000 Los Angeles, California, Regional Airports Improvement Corp., American Airlines, L.A. International, 100,000 Ser. B, Rev., 3.400%, 03/03/97 100,000 600,000 Ser. D, Rev., 3.400%, 03/03/97 600,000 300,000 Ser. E, Rev., 3.400%, 03/03/97 300,000 Los Angeles County, California, 300,000 IDA, IDR, Hon Industries Inc. Project, Rev., 3.200%, 300,000 03/07/97 1,000,000 Metropolitan Transportation Authority, Proposal C, Second 1,000,000 Sr. Ser. A, Rev., 3.200%, 03/07/97 300,000 Pension Obligation, Ser. A, Rev., 3.200%, 03/07/97 300,000 1,600,000 Pension Obligation, Ser. B, Rev., 3.200%, 03/07/97 1,600,000 500,000 Pension Obligation, Ser. C, Rev., 3.200%, 03/07/97 500,000 2,000,000 Monterey Peninsula, California Water Management District, 2,000,000 Wastewater Reclamation Project, COP, 3.300%, 03/07/97 4,500,000 New York City, New York, IDA, Civil Facility, Children's 4,500,000 Oncology Society, Rev., 3.150%, 03/07/97 3,400,000 Orange County, California Sanitation Districts 1, 2, & 3, 3,400,000 COP, 3.400%, 03/03/97 Palm Springs, California, Community Redevelopment Agency, 1,300,000 COP, Headquarters Hot, Ser. 5, 3.300%, 03/07/97 1,300,000 100,000 COP, Headquarters Hot, Ser. 7, 3.300%, 03/07/97 100,000 1,000,000 Rancho Mirage, California, Redevelopment Agency, COP, 1,000,000 Rancho Mirage, 3.300%, 03/07/97
See notes to financial statements. 26 60 VISTA CALIFORNIA TAX FREE MONEY MARKET FUND PORTFOLIO OF INVESTMENTS February 28, 1997 (unaudited) (continued)
Principal Amount Issuer Value - ------------------------------------------------------------------------------------ FLOATING RATE DEMAND NOTES -- (CONTINUED) - ------------------------------------------------------------------------------------ San Bernardino County, California, $ 1,000,000 COP, County Center Refinancing Project, 3.250%, 03/07/97 $ 1,000,000 100,000 IDA, Industrial Development, Aqua-Service, Rev., 3.300%, 100,000 03/07/97 800,000 IDA, Ser. II, Master Halco Inc., Rev., 3.350%, 03/07/97 800,000 1,000,000 Multi-Family Housing, Alta Park Apartments, Ser. P, Rev., 1,000,000 3.500%, 03/07/97 300,000 San Diego California IDA, Kaiser Aerospace & Electric, 300,000 3.450%, 03/07/97 Santa Ana California, 400,000 Health Facility, Multi Modal -- Town & Country, Rev., 400,000 3.100%, 03/03/97 1,000,000 Union School District, COP, 3.100%, 03/07/97 1,000,000 100,000 Santa Clara California Electric Revenue, Ser. B, 3.250%, 100,000 03/07/97 600,000 Three Valleys Municipal Water District, Miramar Water 600,000 Treatment, 3.400%, 03/07/97 380,000 Walnut, California Improvement Agency, IDA, IDR, Fairway 380,000 Molds Project, Rev., 3.300%, 03/07/97 ------------------------------------------------------------------------------------ TOTAL FLOATING RATE DEMAND NOTES 40,090,000 (COST $40,090,000) ------------------------------------------------------------------------------------ COMMERCIAL PAPER -- 7.0% ------------------------------------------------------------------------------------ 2,000,000 Long Beach California Habor, Commercial Paper Notes, Ser. 2,000,000 A, 3.400%, 05/06/97 2,000,000 Regents of the University of California, Oakland, 2,000,000 California, 3.300%, 03/11/97 ------------------------------------------------------------------------------------ TOTAL COMMERCIAL PAPER 4,000,000 (COST $4,000,000) ==================================================================================== TOTAL INVESTMENTS -- 99.4% $ 56,959,528 (COST $56,959,528)** ------------------------------------------------------------------------------------
See notes to financial statements. 27 61 LEGEND PORTFOLIO OF INVESTMENTS February 28, 1997 (unaudited) - -------------------------------------------------------------------------------- ** = The cost of securities is substantially the same for federal income tax purposes. BAN = Bond Anticipation Note COP = Certificate of Participation CP = Commercial Paper CSD = Central School District EDC = Economic Development Corp. FHA = Federal Housing Authority FRDN = Floating Rate Demand Note: The maturity date shown is the next interest reset date; the rate shown is the rate in effect at February 28, 1997. GO = General Obligation ID = Industrial Development IDA = Industrial Development Authority IDB = Industrial Development Board IDC = Industrial Development Corp. IDR = Industrial Development Revenue IRB = Industrial Revenue Bond PC = Pollution Control PCC = Pollution Control Corp. PCFA = Pollution Control Financing Authority PCR = Pollution Control Revenue RAN = Revenue Anticipation Note Rev. = Revenue Bond TAN = Tax Anticipation Note TAW = Tax Anticipation Warrant TRAN = Tax & Revenue Anticipation Note UFSD = Union Free School District
See notes to financial statements. 28 62 VISTA MUTUAL FUNDS STATEMENT OF ASSETS AND LIABILITIES February 28, 1997 (unaudited) - --------------------------------------------------------------------------------
Vista Vista Vista New York California Tax Free Tax Free Tax Free Money Market Money Market Money Market Fund Fund Fund ------------ ------------ ------------ ASSETS: Investment securities, at value (Note 1)........... $879,309,186 $900,937,142 $56,959,528 Cash............................................... 939,008 4,381 45,003 Other assets....................................... 49,768 57,892 2,422 Receivables: Investment securities sold....................... 10,588,883 -- -- Interest......................................... 5,956,476 7,242,656 427,036 Fund shares sold................................. 44,782 777,373 -- ------------ ------------ ------------ Total Assets................................. 896,888,103 909,019,444 57,433,989 ------------ ------------ ------------ LIABILITIES: Payable for investment securities purchased........ 7,200,057 5,105,350 -- Payable for Fund shares redeemed................... 93,547 92,132 -- Dividends payable.................................. 1,370,297 1,105,702 35,149 Other liabilities.................................. -- -- 41,641 Accrued liabilities: (Note 2) Administration fees.............................. 83,027 78,468 3,914 Distribution fees................................ 43,739 78,467 3,914 Investment advisory fees......................... 69,931 78,467 1,174 Shareholder/Fund servicing fees.................. 118,480 164,781 3,914 Custody fees..................................... 47,547 42,206 6,051 Other............................................ 220,212 164,174 55,129 ------------ ------------ ------------ Total Liabilities............................ 9,246,837 6,909,747 150,886 ------------ ------------ ------------ NET ASSETS: Paid in capital.................................... 887,636,946 902,013,655 57,282,751 Accumulated undistributed net investment income........................................... 3,672 99,873 16,646 Accumulated net realized gain (loss) on investment transactions.......................... 648 (3,831) (16,294) ------------ ------------ ------------ Net Assets....................................... $887,641,266 $902,109,697 $57,283,103 ============ ============ ============ Shares of beneficial interest outstanding ($.001 par value; unlimited number of shares authorized): Vista Shares................................... 546,522,897 902,189,524 57,281,536 Premier Shares................................. 144,777,447 Institutional Shares........................... 196,702,177 Net asset value, offering and redemption price per share, all classes (net assets/shares)............. $1.00 $1.00 $1.00 ============ ============ ============ Cost of investments................................. $879,309,186 $900,937,142 $56,959,528 ============ ============ ============
See notes to financial statements. 29 63 VISTA MUTUAL FUNDS STATEMENT OF OPERATIONS For the six months ended February 28, 1997 (unaudited) - --------------------------------------------------------------------------------
Vista Vista Vista New York California Tax Free Tax Free Tax Free Money Market Money Market Money Market Fund Fund Fund ------------ ------------ ------------ INTEREST INCOME: (Note 1C).......................... $15,879,295 $16,256,672 $766,213 ----------- ----------- ----------- EXPENSES: (Note 2) Shareholder/Fund servicing fees.................... 1,188,412 1,636,747 76,851 Distribution fees.................................. 289,998 467,642 21,958 Administration fees................................ 441,835 467,642 21,958 Investment advisory fees........................... 441,836 467,642 21,958 Custodian fees..................................... 125,213 139,292 14,499 Printing and postage............................... 2,080 4,950 1,200 Professional fees.................................. 26,961 26,404 9,899 Registration costs................................. 50,742 13,973 1,336 Transfer agent fees................................ 80,146 129,406 11,703 Trustees fees and expenses......................... 25,803 23,625 1,267 Other.............................................. 34,452 33,862 1,443 ----------- ----------- ----------- Total expenses............................... 2,707,478 3,411,185 184,072 Less amounts waived (Note 2E)...................... 406,095 654,699 61,094 ----------- ----------- ----------- Net expenses..................................... 2,301,383 2,756,486 122,978 ----------- ----------- ----------- Net investment income............................ 13,577,912 13,500,186 643,235 ----------- ----------- ----------- REALIZED GAIN (LOSS) ON INVESTMENTS Net realized gain (loss) on investment transactions..................................... 71,853 (15,626) -- ----------- ----------- ----------- Net increase in net assets from operations......... $13,649,765 $13,484,560 $643,235 =========== =========== =============
See notes to financial statements. 30 64 VISTA MUTUAL FUNDS STATEMENT OF CHANGES IN NET ASSETS (unaudited) - --------------------------------------------------------------------------------
Vista Vista New York Tax Free Tax Free Money Market Money Market Fund Fund ----------------------------- ----------------------------- 9/1/96 Year 9/1/96 Year Through Ended Through Ended 2/28/97 8/31/96 2/28/97 8/31/96 ------------- ------------- ------------- ------------- INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS: Net investment income............................................. $ 13,577,912 $ 18,372,456 $ 13,500,186 $ 15,764,958 Net realized gain (loss) on investment transactions............... 71,853 (29,426) (15,626) 11,794 ------------ ------------ ------------ ------------ Increase (decrease) in net assets from operations............... 13,649,765 18,343,030 13,484,560 15,776,752 ------------ ------------ ------------ ------------ DISTRIBUTIONS TO SHAREHOLDERS FROM: Net investment income............................................. (13,617,779) (18,336,414) (13,483,950) (15,770,908) Net realized gain on investment transactions...................... -- -- -- (18,550) ------------ ------------ ------------ ------------ Total dividends and distributions........................... (13,617,779) (18,336,414) (13,483,950) (15,789,458) ------------ ------------ ------------ ------------ Increase (decrease) from capital share transactions................ 19,738,130 444,019,822 11,695,609 512,026,166 ------------ ------------ ------------ ------------ Total increase (decrease)....................................... 19,770,116 444,026,438 11,696,219 512,013,460 NET ASSETS: Beginning of period............................................... 867,871,150 423,844,712 890,413,478 378,400,018 ------------ ------------ ------------ ------------ End of period..................................................... $ 887,641,266 $ 867,871,150 $ 902,109,697 $ 890,413,478 ============ ============ ============ ============ Vista California Tax Free Money Market Fund ---------------------------- 9/1/96 Year Through Ended 2/28/97 8/31/96 ------------ ------------- INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS: Net investment income............................................. $ 643,235 $ 1,471,350 Net realized gain (loss) on investment transactions............... -- (652) ------------ ---------- Increase (decrease) in net assets from operations............... 643,235 1,470,698 ------------ ---------- DISTRIBUTIONS TO SHAREHOLDERS FROM: Net investment income............................................. (636,497) (1,461,441) Net realized gain on investment transactions...................... -- -- ------------ ---------- Total dividends and distributions........................... (636,497) (1,461,441) ------------ ---------- Increase (decrease) from capital share transactions................ 14,457,812 (15,505,296) ------------ ---------- Total increase (decrease)....................................... 14,464,550 (15,496,039) NET ASSETS: Beginning of period............................................... 42,818,553 58,314,592 ------------ ---------- End of period..................................................... $ 57,283,103 $ 42,818,553 ============ ==========
See notes to financial statements. 31 65 VISTA MUTUAL FUNDS NOTES TO FINANCIAL STATEMENTS (unaudited) - -------------------------------------------------------------------------------- 1. ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES -- Mutual Fund Trust ("MFT") (the "Trust") is organized as a Massachusetts business trust, and registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end, management investment company. Vista Tax Free Money Market Fund ("TFMM"), Vista New York Tax Free Money Market Fund ("NYTFMM") and Vista California Tax Free Money Market Fund ("CATFMM") are separate portfolios of MFT. Collectively all of these funds are referred to as "Money Market Funds" or individually as the "Fund". The funds offer various classes of shares as follows:
Fund Classes Offered - -------------------------------------------------------- ------------------------------ 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. Interest income consists of coupon interest accrued less the amortization of any premiums on the investments of the Funds. D. Federal income taxes -- Each Fund is treated as a separate taxable entity for Federal income tax purposes. The Trust's policy is to comply with the provisions of the Internal Revenue Code applicable to regulated investment companies and to distribute to shareholders all of a Fund's distributable net income, including net realized gain on investments. In addition, the Trust intends to make distributions as required to avoid excise taxes. Accordingly, no provision for Federal income or excise tax is necessary. E. Distributions to shareholders -- Each Fund declares and records a dividend of substantially all of its net investment income on each business day. Such dividends are paid or re-invested monthly in each respective Fund's shares on the payable dates. The amount of dividends and distributions from net investment income and net realized capital gains is determined in accordance with federal income tax regulations, which may differ from generally accepted accounting principles. To the extent these "book/tax" differences are permanent in nature (i.e., that they result from other than timing of recognition "temporary differences"), such amounts are reclassified within the capital accounts based on their federal income tax-basis treatment. Dividends and distributions which exceed net investment income or net realized capital gains for financial reporting purposes but not for tax purposes are reported as distributions in excess of net investment income or net realized capital gains. 32 66 VISTA MUTUAL FUNDS NOTES TO FINANCIAL STATEMENTS (unaudited) (continued) - -------------------------------------------------------------------------------- F. Income and expenses -- Expenses directly attributable to a Fund are charged to that Fund; expenses directly attributable to a particular class are charged directly to such class. Other expenses are allocated proportionately among the Funds within the Trust in relation to the net assets of each Fund or on another reasonable basis. In calculating net asset value per share of each class, investment income, realized and unrealized gains and losses and expenses other than class specific expenses, are allocated daily to each class of shares based upon the proportion of net assets of each class at the beginning of each day. 2. FEES AND OTHER TRANSACTIONS WITH AFFILIATES A. Investment advisory fee -- Pursuant to separate Investment Advisory Agreements, The Chase Manhattan Bank, ("Chase" or "Advisor") acts as the investment adviser to the Funds. Chase is a direct wholly-owned subsidiary of The Chase Manhattan Corporation. As investment adviser, Chase supervises the investments of each Fund and for such services is paid a fee. The fee is accrued daily and paid monthly at an annual rate equal to 0.10% of the average daily net assets for each respective Fund. The Advisor voluntarily waived all or a portion of its fees as outlined in Note 2.E. below. Chase Asset Management, Inc. ("CAM"), a registered investment adviser, is the sub-investment adviser to each Fund, other than the Vista Tax Fee Money Market Fund, pursuant to a Sub-Investment Advisory Agreement between CAM and Chase. CAM is a wholly owned subsidiary of Chase and is entitled to receive a fee, payable by Chase from its advisory fee, at an annual rate equal to 0.03% of each Fund's average daily net assets. Texas Commerce Bank, National Association ("TCB") is the sub-investment adviser to the Vista Tax Free Money Market Fund pursuant to a Sub-Investment Advisory Agreement between Chase and TCB. TCB is a wholly owned subsidiary of Chase and is entitled to receive a fee, payable by Chase from its advisory fee, at an annual rate equal to 0.03% of the Fund's average daily net assets. B. Shareholder and Fund servicing fees -- The Trust adopted an Administrative Service Plan which, among other things, provides that the Trust on behalf of the Funds may obtain the services of one or more Shareholder Servicing Agents. For its services, each Shareholder Servicing Agent receives a fee. The fee is computed daily and paid monthly at an annual rate of 0.35% and 0.25% of the average daily net assets of the Vista Class and Premier Class, respectively. No Fund Servicing fee was paid for the Institutional Shares. Since inception of the Trust, Chase and certain of its affiliates have been the only Shareholder Servicing Agents. The Shareholder Servicing Agents have voluntarily waived all or a portion of their fees as outlined in Note 2.E. below. C. Distribution and sub-administration fees -- Pursuant to the Distribution and Sub-administration Agreements, Vista Fund Distributors, Inc. ("VFD" or the "Distributor"), a wholly-owned subsidiary of the BISYS Group, Inc. ("BISYS"), acts as the Trust's exclusive underwriter and promotes and arranges for the sale of each Fund's shares. In addition, the Distributor provides certain sub-administration services to the Trust, including providing officers, clerical staff and office space for an annual fee of 0.05% of the average daily net assets of each Fund. The Trustees have adopted plans of distribution under the 1940 Act for the Vista Shares (the "Vista Plan"). There are no distribution plans for the Premier or Institutional Shares. Vista Plan pays the Distributor a distribution fee. The fee is computed daily and paid monthly at an annual rate of 0.10% of the average daily net assets of Vista Class of each Fund. D. Administration fee -- Pursuant to the Administration Agreements, Chase (the "Administrator") provides certain administration services and facilities to each Fund at a fee computed at the annual rate equal to 0.05% of the respective Fund's average daily net assets. 33 67 VISTA MUTUAL FUNDS NOTES TO FINANCIAL STATEMENTS (unaudited) (continued) - -------------------------------------------------------------------------------- E. Waivers of fees -- For the six month period ended February 28, 1997, the Adviser, Shareholder and Fund Servicing Agents voluntarily waived fees for each of the Funds as follows:
TFMM NYTFMM CTFMM -------- -------- ------- Advisory....................................... $ -- $ -- $15,273 Shareholder Servicing.......................... 406,095 654,699 45,821 -------- -------- ------- $406,095 $654,699 $61,094 ======== ======== =======
F. Other -- Certain officers of the Trust are officers of VFD or of its parent corporation, BISYS. In addition, Chase provides portfolio accounting and custody services for the Funds. Such amounts are presented in the Statement of Operations as custodian fees. 3. FEDERAL INCOME TAX MATTERS -- At August 31, 1996, Tax Free Money Market Fund, New York Tax Free Money Market Fund and California Tax Free Money Market Fund had net capital loss carryovers of approximately $386,000, $50,000 and $16,000, respectively. Such losses will be available to offset future capital gains and will expire between August 31, 2001 and 2004. During the fiscal year ended August 31, 1996, NYTFMM and TPMM utilized capital loss carryovers of approximately $12,000 and $85,000, respectively. To the extent that any net capital losses are used to offset future capital gains, it is probable that the gains so offset will not be distributed to shareholders. 4. TRANSACTIONS IN SHARES OF BENEFICIAL INTEREST
Vista Tax Free Money Market Fund ---------------------------------------------------------------- Vista Class ---------------------------------------------------------------- 9/1/96 Through 2/28/97 Year Ended August 31, 1996 ----------------------------- ------------------------------- Amount Shares Amount Shares ------------- ------------- ------------- --------------- Shares sold............ $ 811,387,052 811,387,052 $ 911,484,404 911,484,404 Shares issued in reinvestment of distributions........ 2,549,697 2,549,697 1,934,142 1,934,142 Shares redeemed........ (841,929,312) (841,929,312) (857,212,288) (857,212,288) Hanover acquisition.... -- -- 350,999,688 351,365,964 ------------- ------------- ------------- --------------- Net increase (decrease) in Trust shares outstanding.......... ($ 27,992,563) (27,992,563) $ 407,205,946 407,572,222 ============== ============== ============== ===============
34 68 VISTA MUTUAL FUNDS NOTES TO FINANCIAL STATEMENTS (unaudited) (continued) - --------------------------------------------------------------------------------
Vista Tax Free Money Market Fund ---------------------------------------------------------------- Premier Class ---------------------------------------------------------------- 9/1/96 Through 2/28/97 Year Ended August 31, 1996 ----------------------------- ------------------------------- Amount Shares Amount Shares ------------- ------------- ------------- --------------- Shares sold............ $ 300,390,069 300,390,069 $ 601,079,059 601,079,059 Shares issued in reinvestment of distributions........ 1,049,337 1,049,337 2,903,967 2,903,967 Shares redeemed........ (301,870,031) (301,870,031) (607,206,287) (607,206,287) ------------- ------------- ------------- --------------- Net increase (decrease) in Trust shares outstanding.......... ($ 430,625) (430,625) ($ 3,223,261) (3,223,261) ============== ============== ============== ===============
Institutional Class ------------------------------------------------------------------ 9/1/96 Through 2/28/97 Year Ended August 31, 1996 ----------------------------- --------------------------------- Amount Shares Amount Shares ------------- ------------- --------------- --------------- Shares sold.......... $ 944,919,196 944,919,196 $ 1,414,077,799 1,414,077,799 Shares issued in reinvestment of distributions...... 1,025,732 1,025,732 2,017,342 2,017,342 Shares redeemed...... (897,783,610) (897,783,610) (1,376,058,004) (1,376,058,005) ------------- ------------- --------------- --------------- Net increase (decrease) in Trust shares outstanding........ $ 48,161,318 48,161,318 $ 40,037,137 40,037,136 ============== ============== =============== ===============
Vista New York Tax Free Money Market Fund -------------------------------------------------------------------- Vista Class -------------------------------------------------------------------- 9/1/96 Through 2/28/97 Year Ended August 31, 1996 -------------------------------- -------------------------------- Amount Shares Amount Shares --------------- -------------- --------------- -------------- Shares sold......... $ 1,171,015,939 1,171,015,939 $ 1,431,911,709 1,431,911,709 Shares issued in reinvestment of distributions..... 6,159,619 6,159,619 6,680,348 6,680,348 Hanover Acquisition....... (1,165,479,949) (1,165,479,949) 321,245,415 321,245,415 Shares redeemed..... -- -- (1,247,811,306) (1,247,730,869) --------------- -------------- --------------- -------------- Net increase (decrease) in Trust shares outstanding....... $ 11,695,609 11,695,609 $ 512,026,166 512,106,603 =============== ============== =============== ==============
35 69 VISTA MUTUAL FUNDS NOTES TO FINANCIAL STATEMENTS (unaudited) (continued) - --------------------------------------------------------------------------------
Vista California Tax Free Money Market Fund ------------------------------------------------------------------ Vista Class ------------------------------------------------------------------ 9/1/96 Through 2/28/97 Year Ended August 31, 1996 -------------------------------- ------------------------------ Amount Shares Amount Shares --------------- -------------- ------------- -------------- Shares sold........... $ 146,131,108 146,131,108 $ 258,044,243 258,044,243 Shares issued in reinvestment of distributions....... 386,639 386,639 808,478 808,478 Shares redeemed....... (132,059,935) (132,059,935) (274,358,017) (274,358,017) --------------- -------------- ------------- -------------- Net increase (decrease) in Trust shares outstanding......... $ 14,457,812 14,457,812 ($ 15,505,296) (15,505,296) =============== ============== ============== ==============
5. CONCENTRATION OF CREDIT RISK -- TFMM, NYTFMM and CATFMM, invest substantially all of their assets in a diversified portfolio of debt obligations issued by states, territories and possessions of the United States and by the District of Columbia, and by their political subdivisions and duly constituted authorities, with NYTFMM primarily investing in issuers in the State of New York, and CATFMM primarily investing in issuers in the State of California. As of February 28, 1997, TFMM invested approximately 21% of its assets in issuers in the state of Texas. The issuers' abilities to meet their obligations may be affected by economic or political developments in a specific state or region. 6. TRUSTEE COMPENSATION -- The Funds have adopted an unfunded noncontributory defined benefit pension plan covering all independent trustees of the Funds who will have served as an independent trustee for at least five years at the time of retirement. Benefits under this plan are based on compensation and years of service. Pension expenses for the six months ended February 28, 1997, included in Trustees Fees and Expenses in the Statement of Operations, and accrued pension liability included in other accrued liabilities, in the Statement of Assets and Liabilities were as follows:
Accrued Pension Pension Fund Expenses Liability - ----------------------------------------------------------------- -------- ------- TFMM............................................................. $13,140 $62,004 NYTFMM........................................................... 12,893 69,960 CATFMM........................................................... 725 3,147
7. ACQUISITION -- On May 6, 1996, Vista Tax Free Money Market Fund and Vista New York Tax Free Money Market Fund acquired all the net assets of the following Hanover Money Market Funds: The Tax Free Fund and The New York Tax Free Fund, respectively, pursuant to a plan of reorganization approved by Hanover Fund shareholders in April of 1996. The acquisition was accomplished by a tax-free exchange of shares, at $1 per share, as shown in the table below.
The The New York Tax Free Tax Free HANOVER MONEY MARKET FUNDS Fund Fund ------------ ------------ Hanover Shares Exchanged................................. 351,365,964 321,245,415 ------------ ------------
The The New York Tax Free Tax Free VISTA MONEY MARKET FUNDS Fund Fund ------------ ------------ Vista Shares Issued...................................... 351,365,964 321,245,415 Aggregate Net Assets After Acquisition................... $857,136,490 $765,432,134
36 70 SELECTED PER SHARE DATA AND RATIOS FOR A SHARE OF BENEFICIAL INTEREST OUTSTANDING Throughout each period indicated (unaudited) - --------------------------------------------------------------------------------
Vista Tax Free Money Market Fund --------------------------------------------------------------------- Vista Shares --------------------------------------------------------------------- 9/1/96 Year Ended 11/1/93 Year Ended Through -------------------- Through -------------------- 2/28/97 8/31/96 8/31/95 8/31/94++ 10/31/93 10/31/92 -------- -------- -------- --------- -------- -------- Per Share Operating Performance Net Asset Value, Beginning of Period..................... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 -------- -------- -------- --------- -------- -------- Income from Investment Operations Net Investment Income................................... 0.015 0.029 0.029 0.015 0.019 0.028 -------- -------- -------- --------- -------- -------- Less Dividends from Net Investment Income............... 0.015 0.029 0.029 0.015 0.019 0.028 -------- -------- -------- --------- -------- -------- Net Asset Value, End of Period........................... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 ======== ======== ======== ========= ======== ======== Total Return............................................. 1.50% 2.92% 2.99% 1.54% 1.90% 2.79% ===== ===== ===== ====== ===== ===== Ratios/Supplemental Data: Net Assets, End of Period (000 omitted).................. $546,523 $574,115 $166,915 $121,710 $160,497 $145,241 Ratio of Expenses to Average Net Assets #............... 0.59% 0.69% 0.86% 0.85% 0.85% 0.85% Ratio of Net Investment Income to Average Net Assets #..................................................... 3.00% 2.89% 2.96% 1.82% 1.88% 2.70% Ratio of Expenses Without Waivers and Assumption of Expenses to Average Net Assets #...................... 0.73% 0.80% 0.94% 0.85% 0.91% 0.98% Ratio of Net Investment Income Without Waivers and Assumption of Expenses to Average Net Assets #........ 2.86% 2.78% 2.87% 1.82% 1.83% 2.57%
- --------------- # Short periods have been annualized. ++ In 1994 TFMM changed its fiscal year end from October 31 to August 31. See notes to financial statements. 37 71 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 --------------------------------------------------------------------------------------------- Institutional Shares Premier Shares -------------------- --------------------------------------------------------------------- Year 9/1/96 Year Ended 11/1/93 Year Ended 9/1/96 Ended Through -------------------- Through -------------------- Through -------- 2/28/97 8/31/96 8/31/95 8/31/94++ 10/31/93 10/31/92 2/28/97 8/31/96 -------- -------- -------- --------- -------- -------- -------- -------- Per Share Operating Performance Net Asset Value, Beginning of Period......................... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 -------- -------- -------- --------- -------- -------- -------- -------- Income from Investment Operations Net Investment Income............. 0.015 0.031 0.032 0.018 0.022 0.031 0.017 0.034 -------- -------- -------- --------- -------- -------- -------- -------- Less Dividends from Net Investment Income.......................... 0.015 0.031 0.032 0.018 0.022 0.031 0.017 0.034 -------- -------- -------- --------- -------- -------- -------- -------- Net Asset Value, End of Period..... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 ======== ======== ======== ========= ======== ======== ======== ======== Total Return....................... 1.53% 3.12% 3.29% 1.79% 2.21% 3.09% 1.66% 3.40% ===== ===== ===== ====== ===== ====== ===== ===== Ratios/Supplemental Data: Net Assets, End of Period (000 omitted)..................... $144,777 $145,221 $148,436 $229,306 $225,791 $87,027 $196,702 $148,536 Ratio of Expenses to Average Net Assets #.................... 0.53% 0.58% 0.56% 0.55% 0.55% 0.55% 0.27% 0.31% Ratio of Net Investment Income to Average Net Assets #............ 3.06% 3.08% 3.21% 2.11% 2.16% 2.92% 3.32% 3.33% Ratio of Expenses Without Waivers and Assumption of Expenses to Average Net Assets #............ 0.53% 0.73% 0.84% 0.78% 0.79% 0.76% 0.27% 0.31% Ratio of Net Investment Income Without Waivers and Assumption of Expenses to Average Net Assets #.................... 3.06% 2.92% 2.93% 1.89% 1.92% 2.71% 3.32% 3.33% 11/4/93* Through 8/31/95 8/31/94++ -------- --------- Per Share Operating Performance Net Asset Value, Beginning of Period......................... $ 1.00 $ 1.00 -------- --------- Income from Investment Operations Net Investment Income............. 0.035 0.019 -------- --------- Less Dividends from Net Investment Income.......................... 0.035 0.019 -------- --------- Net Asset Value, End of Period..... $ 1.00 $ 1.00 ======== ========= Total Return....................... 3.53% 1.95% ===== ====== Ratios/Supplemental Data: Net Assets, End of Period (000 omitted)..................... $108,494 $110,332 Ratio of Expenses to Average Net Assets #.................... 0.33% 0.34% Ratio of Net Investment Income to Average Net Assets #............ 3.46% 2.38% Ratio of Expenses Without Waivers and Assumption of Expenses to Average Net Assets #............ 0.34% 0.34% Ratio of Net Investment Income Without Waivers and Assumption of Expenses to Average Net Assets #.................... 3.45% 2.38%
- --------------- # Short periods have been annualized. ++ In 1994 TFMM changed its fiscal year end from October 31 to August 31. * Commencement of offering class of shares. See notes to financial statements. 38 72 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 --------------------------------------------------------------------- 9/1/96 Year Ended 11/1/93 Year Ended Through -------------------- Through -------------------- 2/28/97 8/31/96 8/31/95 8/31/94++ 10/31/93 10/31/92 -------- -------- -------- --------- -------- -------- Per Share Operating Performance Net Asset Value, Beginning of Period..................... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 -------- -------- -------- --------- -------- -------- Income from Investment Operations Net Investment Income.................................. 0.014 0.028 0.028 0.015 0.017 0.025 -------- -------- -------- --------- -------- -------- Less Dividends from Net Investment Income.............. 0.014 0.028 0.028 0.015 0.017 0.025 -------- -------- -------- --------- -------- -------- Net Asset Value, End of Period........................... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 ========= ========= ========= ========= ========= ========= Total Return............................................. 1.44% 2.85% 2.88% 1.48% 1.75% 2.53% ===== ===== ===== ====== ===== ===== Ratios/Supplemental Data: Net Assets, End of Period (000 omitted).................. $902,110 $890,413 $378,400 $365,669 $300,425 $285,889 Ratio of Expenses to Average Net Assets #.............. 0.59% 0.74% 0.86% 0.85% 0.85% 0.85% Ratio of Net Investment Income to Average Net Assets #.................................................... 2.88% 2.79% 2.84% 1.77% 1.72% 2.48% Ratio of Expenses Without Waivers and Assumption of Expenses to Average Net Assets #..................... 0.73% 0.83% 0.95% 0.85% 0.89% 0.92% Ratio of Net Investment Income Without Waivers and Assumption of Expenses to Average Net Assets #....... 2.74% 2.70% 2.75% 1.77% 1.68% 2.41%
- --------------- # Short periods have been annualized. ++ In 1994 NYTFMM changed its fiscal year ends from October 31 to August 31. See notes to financial statements. 39 73 SELECTED PER SHARE DATA AND RATIOS FOR A SHARE OF BENEFICIAL INTEREST OUTSTANDING Throughout each period indicated (unaudited) (continued) - --------------------------------------------------------------------------------
Vista California Tax Free Money Market Fund ------------------------------------------------------------------ Vista Shares ------------------------------------------------------------------ 9/1/96 Year Ended 11/1/93 Year 3/4/92** Through ------------------ Through Ended Through 2/28/97 8/31/96 8/31/95 8/31/94++ 10/31/93 10/31/92 ------- ------- ------- --------- -------- -------- Per Share Operating Performance Net Asset Value, Beginning of Period........................ $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 ------- ------- ------- --------- -------- -------- Income from Investment Operations Net Investment Income..................................... 0.014 0.030 0.033 0.018 0.023 0.019 ------- ------- ------- --------- -------- -------- Less Dividends from Net Investment Income................. 0.014 0.030 0.033 0.018 0.023 0.019 ------- ------- ------- --------- -------- -------- Net Asset Value, End of Period.............................. $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 ======== ======== ======== ========= ======== ======== Total Return................................................ 1.45% 3.06% 3.32% 1.82% 2.30% 2.89% ===== ===== ===== ====== ====== ====== Ratios/Supplemental Data: Net Assets, End of Period (000 omitted)..................... $57,283 $42,819 $58,315 $64,423 $45,346 $44,643 Ratio of Expenses to Average Net Assets #................. 0.55% 0.56% 0.48% 0.46% 0.42% 0.06% Ratio of Net Investment Income to Average Net Assets #.... 2.93% 3.03% 3.25% 2.17% 2.26% 2.86% Ratio of Expenses Without Waivers and Assumption of Expenses to Average Net Assets #........................ 0.83% 1.02% 1.07% 0.94% 1.02% 1.23% Ratio of Net Investment Income Without Waivers and Assumption of Expenses to Average Net Assets #.......... 2.65% 2.57% 2.66% 1.69% 1.66% 1.69%
- --------------- # Short periods have been annualized. ++ In 1994 CTFMM changed its fiscal year end from October 31 to August 31. ** Commencement of operations. See notes to financial statements. 40 74 VISTA SERVICE CENTER P.O. BOX 419392 KANSAS CITY, MO 64179 Investment Adviser, Administrator, Shareholder and Fund Servicing Agent and Custodian The Chase Manhattan Bank Distributor Vista Fund Distributors, Inc. Transfer Agent DST Systems, Inc. Legal Counsel Simpson Thacher & Bartlett Independent Accountants Price Waterhouse LLP Vista Mutual Funds are distributed by Vista Fund Distributors, Inc., which is unaffiliated with The Chase Manhattan Bank, Chase and its respective affiliates receive compensation from the Vista Funds for providing investment advisory and other services. This report is submitted for the general information of the shareholders of the funds. It is not authorized for distribution to prospective investors in the funds unless preceded or accompanies by a prospectus. To obtain a prospectus for any of the Vista Funds, call 1-800-34-VISTA. The prospectus contains more complete information, including charges and expenses. Please read it carefully before you invest or send money. The financial information in this report has been taken from the books and records of the Funds without examination by independent accountants, who express no opinion thereto. VTFMM-3-497 75 [VISTA LOGO] - --------------------------------------------------------------------------- U.S. Government Money Market Funds: - - VISTA 100% U.S. TREASURY SECURITIES MONEY MARKET FUND (Vista, Premier and Institutional Shares) - - VISTA U.S. GOVERNMENT MONEY MARKET FUND (Vista, Premier and Institutional Shares) - - VISTA TREASURY PLUS MONEY MARKET FUND (Vista, Premier and Institutional Shares) - - VISTA FEDERAL MONEY MARKET FUND (Vista, Premier and Institutional Shares) - --------------------------------------------------------------------------- Diversified Money Market Funds: - - VISTA CASH MANAGEMENT FUND (Vista, Premier and Institutional Shares) - - VISTA PRIME MONEY MARKET FUND (Premier, Institutional and B Shares) - --------------------------------------------------------------------------- - -------------------------------------------------------------------------------- SEMIANNUAL REPORT FEBRUARY 28, 1997 (UNAUDITED) 76 CONTENTS Chairman's Letter 1 Money Market Fund Facts 2 Portfolio of Investments 3 Notes to Financial Statements 29 Per Share Data 39 77 As noted six months ago, we are in the process of redesigning your Shareholder Reports to include even more information about your Fund, its current investment strategy and how it is performing. In order to launch this new design at your Fund's year-end, we are planning to introduce the new format with your next Annual Report. April 10, 1997 Dear Shareholder: We are pleased to present this semi-annual report on each of the taxable Vista money market funds. Inside, you'll find current seven-day yields for each fund as of February 28, 1997 as well as current holdings. MANAGING YOUR MONEY IN A CHANGING INTEREST RATE ENVIRONMENT Over the six-month period, the yield on the one-year U.S. Treasury bill declined from 5.89% to 5.67%. However, this rather benign overview masks a highly-volatile environment dominated by changing perceptions of the strength of U.S. economic growth as well as the market's anticipation of Federal Reserve Board policy changes. At the beginning of the period, reports of a slowing economy led many market participants to believe that the Fed would not raise interest rates. As a result, the yield on the one-year T-bill fell to a low of 5.35% at the end of November, 1996. In early December, however, weaker demand and fears that the Fed might raise interest rates created a turning point for yields. The market became inconsistent as investors reacted to each new report on the economy's strength and attempted to determine the Fed's stance. By the time Fed Chairman Greenspan testified before Congress in February, it was clear that he was set to raise the Federal Funds rate to pre-empt any wage inflation. ANTICIPATING MORE VOLATILITY The Fed did indeed raise the Federal Funds rate by .25% after the reporting period ended. Given the strong economy and Mr. Greenspan's history of combining several small rate increases over a period of months, our forecasts call for at least one more Fed increase to slow economic growth later in 1997. The Vista money market management team has stayed true to a certain course: to seek stability, liquidity and attractive yields, prudently taking advantage of opportunities while seeking to protect the principal value of your short-term funds. We appreciate the confidence you have placed in us and encourage you to call your investment professional or 1-800-34-VISTA if you have any questions. Sincerely, /s/ Fergus Reid Fergus Reid Chairman INVESTMENTS IN THE FUNDS ARE NOT DEPOSITS OF, OR GUARANTEED OR ENDORSED BY, THE CHASE MANHATTAN BANK, AND THE SHARES ARE NOT INSURED BY THE FDIC, FEDERAL RESERVE BOARD OR ANY OTHER GOVERNMENT AGENCY. INVESTMENTS IN MUTUAL FUNDS INVOLVE RISK, INCLUDING POSSIBLE LOSS OF THE PRINCIPAL AMOUNT INVESTED. 78 MONEY MARKET FUND FACTS(1) (unaudited) As of February 28, 1997
---------------------------------------------------------------------------------- VISTA 100% VISTA VISTA TREASURY U.S. TREASURY SECURITIES GOVERNMENT PLUS MONEY MONEY MONEY MARKET(2) MARKET(2) MARKET(2) ---------------------------------------------------------------------------------- 7-Day SEC Yield(1) Vista 4.72% 4.83% 4.74% Premier 4.76% 4.87% 4.82% Institutional 5.04% 5.18% 5.07% Without Fee Waiver Vista 4.60% 4.71% 4.63% Premier 4.51% 4.82% 4.82% Institutional 5.04% 5.18% 5.07%
---------------------------------------------------------------------------------- VISTA VISTA FEDERAL VISTA PRIME MONEY CASH MONEY MARKET(2) MANAGEMENT MARKET(2) ---------------------------------------------------------------------------------- 7-Day SEC Yield(1) Vista 4.73% 4.90% 4.03% (B Shares) Premier 4.93% 4.99% 5.07% Institutional 5.16% 5.25% 5.27% Without Fee Waiver Vista 4.63% 4.87% 3.78% (B Shares) Premier 4.91% 4.98% 5.00% Institutional 5.16% 5.25% 5.27%
- --------------- (1) Past performance is not a guarantee of future results. Yields will fluctuate. An investment is neither insured nor guaranteed by the U.S. government and there can be no assurance that the funds will maintain a stable Net Asset Value of $1.00 per share. (2) No fees are being waived for the Premier Shares and Institutional Shares of Vista 100% U.S. Treasury Securities Money Market Fund, Vista Treasury Plus Money Market Fund and Vista Federal Money Market Fund. No fees are being waived for the Institutional Shares of Vista U.S. Government Money Market Fund, Vista Federal Money Market Fund, Vista Cash Management Fund and Vista Prime Money Market Fund; all other yields reflect the voluntary waiver of certain expenses and the assumption of certain expenses otherwise payable by the Fund. This voluntary waiver may be modified or terminated at any time, which would reduce the funds' performance. 2 79 VISTA 100% U.S. TREASURY SECURITIES MONEY MARKET FUND PORTFOLIO OF INVESTMENTS February 28, 1997 (unaudited)
Principal Amount Issuer Value ------------------------------------------------------------------------------------ U.S. TREASURY OBLIGATIONS -- 113.8% ------------------------------------------------------------------------------------ U.S. Treasury Bills -- 53.0% $ 900,000,000 5.160%, 04/17/97 $ 894,207,500 43,275,000 5.025%, 04/24/97 42,948,815 50,000,000 5.160%, 02/05/98 47,549,063 -------------- TOTAL U.S. TREASURY BILLS 984,705,378 U.S. Treasury Notes -- 60.8% 265,000,000 6.500%, 04/30/97 265,461,623 100,000,000 6.875%, 04/30/97 100,242,906 200,000,000 6.500%, 05/15/97 200,492,427 100,000,000 8.500%, 05/15/97 100,640,145 100,000,000 6.750%, 05/31/97 100,315,972 100,000,000 5.625%, 06/30/97 100,112,314 50,000,000 6.375%, 06/30/97 50,164,714 110,000,000 5.875%, 07/31/97 110,223,570 50,000,000 5.625%, 10/31/97 50,046,581 50,000,000 7.375%, 11/15/97 50,573,094 -------------- TOTAL U.S. TREASURY NOTES 1,128,273,346 - ------------------------------------------------------------------------------------ TOTAL INVESTMENTS -- 113.8% $2,112,978,724 (COST $2,112,978,724)** - ------------------------------------------------------------------------------------
See notes to financial statements. 3 80 VISTA U.S. GOVERNMENT MONEY MARKET FUND PORTFOLIO OF INVESTMENTS February 28, 1997 (unaudited)
Principal Amount Issuer Value - ------------------------------------------------------------------------------------ U.S. GOVERNMENT OBLIGATIONS -- 1.4% - ------------------------------------------------------------------------------------ U.S. Treasury Notes, $ 25,000,000 6.500%, 05/15/97 $ 25,040,358 50,000,000 6.500%, 08/15/97 50,146,087 - ------------------------------------------------------------------------------------ TOTAL U.S. GOVERNMENT OBLIGATIONS 75,186,445 (COST $75,186,445) - ------------------------------------------------------------------------------------ U.S. GOVERNMENT AGENCY OBLIGATIONS -- 48.7% - ------------------------------------------------------------------------------------ Federal Farm Credit Bank, Coupon Note, 5,000,000 5.250%, 04/01/97 4,999,592 50,000,000 5.400%, 04/01/97 49,993,477 50,000,000 5.510%, 01/02/98 49,963,412 50,000,000 5.850%, 08/01/97 50,054,110 -------------- 155,010,591 -------------- Federal Farm Credit Bank, FRDN, 50,000,000 5.300%, 03/03/97 49,971,471 -------------- Federal Home Loan Bank, Coupon Note, 60,000,000 5.400%, 03/20/97 59,996,442 47,750,000 5.625%, 12/26/97 47,734,302 45,650,000 5.655%, 11/26/97 45,650,000 26,085,000 5.670%, 03/05/98 26,076,848 50,000,000 5.700%, 11/18/97 50,000,000 50,000,000 5.750%, 01/09/98 50,000,000 60,000,000 5.800%, 01/21/98 60,000,000 29,555,000 5.800%, 02/05/98 29,555,000 19,600,000 5.805%, 02/13/98 19,600,000 -------------- 388,612,592 -------------- Federal Home Loan Bank, Discount Note, 450,000,000 5.240%, 05/29/97 444,170,500 -------------- Federal Home Loan Bank, FRDN, 75,000,000 5.195%, 03/24/97 74,962,995 25,000,000 5.205%, 03/26/97 24,988,734 -------------- 99,951,729 -------------- Federal Home Loan Mortgage Corp., Discount Note, 97,875,000 5.230%, 05/28/97 96,623,723 37,500,000 5.230%, 05/30/97 37,009,687 -------------- 133,633,410 --------------
See notes to financial statements. 4 81 VISTA U.S. GOVERNMENT MONEY MARKET FUND PORTFOLIO OF INVESTMENTS February 28, 1997 (unaudited) (continued)
Principal Amount Issuer Value - ---------------------------------------------------------------------------------------- U.S. GOVERNMENT AGENCY OBLIGATIONS -- (CONTINUED) ------------------------------------------------------------------------------------ Federal National Mortgage Association, Coupon Note, $ 25,000,000 5.350%, 08/14/97 $ 25,000,000 25,000,000 5.390%, 07/17/97 25,000,000 50,000,000 5.420%, 12/16/97 49,957,890 30,000,000 5.480%, 04/24/97 30,001,303 34,500,000 5.500%, 02/18/98 34,451,081 25,000,000 5.640%, 09/03/97 24,949,240 50,000,000 5.800%, 10/07/97 49,965,027 -------------- 239,324,541 -------------- Federal National Mortgage Association, Discount Note, 110,000,000 5.230%, 05/29/97 108,577,731 52,640,000 5.500%, 03/17/97 52,511,324 50,000,000 5.500%, 03/19/97 49,862,500 -------------- 210,951,555 -------------- Federal National Mortgage Association, FRDN, 50,000,000 5.130%, 03/20/97 49,986,054 100,000,000 5.195%, 03/24/97 99,949,810 25,000,000 5.230%, 03/04/97 25,000,000 20,000,000 5.290%, 03/03/97 19,998,210 25,000,000 5.330%, 03/04/97 24,994,588 50,000,000 5.340%, 03/03/97 49,974,114 145,000,000 5.340%, 03/04/97 144,966,137 -------------- 414,868,913 -------------- Student Loan Marketing Association, Coupon Note, 50,000,000 5.440%, 12/19/97 49,956,170 25,000,000 5.670%, 12/19/97 25,000,000 50,000,000 5.710%, 11/18/97 50,000,000 59,500,000 5.750%, 01/08/98 59,500,000 -------------- 184,456,170 --------------
See notes to financial statements. 5 82 VISTA U.S. GOVERNMENT MONEY MARKET FUND PORTFOLIO OF INVESTMENTS February 28, 1997 (unaudited) (continued)
Principal Amount Issuer Value - ---------------------------------------------------------------------------------------- U.S. GOVERNMENT AGENCY OBLIGATIONS -- (CONTINUED) ------------------------------------------------------------------------------------ Student Loan Marketing Association, FRDN, $ 25,000,000 5.230%, 03/04/97 $ 25,000,000 100,000,000 5.280%, 03/04/97 100,000,000 25,000,000 5.310%, 03/04/97 25,000,069 75,000,000 5.330%, 03/04/97 74,990,114 25,000,000 5.340%, 03/04/97 24,999,030 39,000,000 5.350%, 03/04/97 39,003,569 25,000,000 5.360%, 03/04/97 25,000,000 5,000,000 5.370%, 03/04/97 5,000,000 45,000,000 5.490%, 03/04/97 45,048,514 -------------- 364,041,296 - ------------------------------------------------------------------------------------ TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS 2,684,992,768 (COST $2,684,992,768) ------------------------------------------------------------------------------------ REPURCHASE AGREEMENTS -- 50.0% ------------------------------------------------------------------------------------ 400,000,000 Nikko Securities Co., International Inc., 5.32% due 400,000,000 03/13/97, (Dated 02/28/97, Proceeds $400,768,444, Secured by; FHLMC REMICs, $56,108,461 at 5.84% through 7.50%, due 12/15/01 through 12/15/23; FHLMC Gold Pools, $107,693,875 at 6.00% through 8.00%, due 09/01/01 through 02/01/27; FNMA Pools, $29,523,288 at 6.50% through 8.20%, due 01/01/02 through 02/01/27; FNMA REMICs, $21,022,105 at 6.03% through 7.60%, due 7/25/05 through 10/25/23; GNMA Pools, $183,693,178 at 6.50% through 8.00%, due 11/15/24 through 02/15/27; GNMA II Pools, $17,045,842 at 6.00% through 7.125%, due 09/24/24 through 09/20/26; Market Value $408,768,187) 400,000,000 Nikko Securities Co., International Inc., 5.40% due 400,000,000 03/03/97,(Dated 02/28/97, Proceeds $400,180,000, Secured by; FHLMC REMICs, $217,613,000 at 6.04% through 8.75%, due 11/15/07 through 03/15/24; FNMA REMICs, $187,265,000 at 0% through 8.50%, due 05/25/05 through 08/25/26; Market Value $408,115,544) 56,804,000 Goldman Sachs & Co., 5.35%, due 03/03/97, (Dated 56,804,000 02/27/97, Proceeds $56,829,325, Secured by; U.S. Treasury Bond, $59,254,000 at 6.625%, due 02/15/27; Market Value $57,940,466) 500,000,000 Goldman Sachs & Co., 5.42%, due 03/03/97, (Dated 500,000,000 02/28/97, Proceeds $500,225,833, Secured by; FMAC, $105,964,629 at 6.082% through 7.860%, due 10/01/24 through 12/01/25; FNMA, $577,377,905 at 5.804% through 7.99%, due 07/01/19 through 01/01/27; Market Value $510,000,000)
See notes to financial statements. 6 83 VISTA U.S. GOVERNMENT MONEY MARKET FUND PORTFOLIO OF INVESTMENTS February 28, 1997 (unaudited) (continued)
Principal Amount Issuer Value - ---------------------------------------------------------------------------------------- REPURCHASE AGREEMENTS -- (CONTINUED) ------------------------------------------------------------------------------------ $ 600,000,000 J.P. Morgan, 5.40%, due 03/03/97, (Dated 02/28/97, $ 600,000,000 Proceeds $600,270,000, Secured by; FHLMC, $430,445,444, at 4.00% through 9.50%, due 02/01/00 through 12/15/27; FNMA, $324,389,689, at 0% through 9.50%, due 03/01/02 through 03/01/27; Market Value $612,000,000) 400,000,000 Merrill Lynch & Co., Inc., 5.32%, due 03/04/97, (Dated 400,000,000 02/28/97, Proceeds $400,236,444, Secured by; FNMA, $506,561,738 at 5.00% through 12.00%, due 05/01/09 through 10/01/24; Market Value $408,004,588) 400,000,000 Merrill Lynch & Co., Inc., 5.34%, due 03/07/97, (Dated 400,000,000 02/28/97, Proceeds $400,415,333, Secured by; FNMA, $444,087,514 at 5.50% through 10.00%, due 05/01/06 through 01/01/27; Market Value $408,003,105) - ------------------------------------------------------------------------------------ TOTAL REPURCHASE AGREEMENTS 2,756,804,000 (COST $2,756,804,000) ==================================================================================== TOTAL INVESTMENTS -- 100.1% $5,516,983,213 (COST $5,516,983,213)** ------------------------------------------------------------------------------------
See notes to financial statements. 7 84 VISTA TREASURY PLUS MONEY MARKET FUND PORTFOLIO OF INVESTMENTS February 28, 1997 (unaudited)
Principal Amount Issuer Value - ------------------------------------------------------------------------------------ U.S. TREASURY OBLIGATIONS -- 48.0% - ------------------------------------------------------------------------------------ U.S. Treasury Bills -- 25.5% $ 400,000,000 5.160%, 04/17/97 $ 397,446,250 50,000,000 5.210%, 03/08/98 47,366,056 -------------- TOTAL U.S. TREASURY BILLS (COST $444,812,306) 444,812,306 -------------- U.S. Treasury Notes -- 22.5% 3,500,000 6.875%, 03/31/97 3,504,796 100,000,000 5.160%, 04/17/97 99,355,000 40,000,000 5.875%, 07/31/97 40,072,633 100,000,000 6.500%, 08/15/97 100,524,014 100,000,000 5.375%, 11/30/97 99,883,305 50,000,000 5.000%, 01/31/98 49,676,049 -------------- TOTAL U.S. TREASURY NOTES (COST $393,015,797) 393,015,797 - ------------------------------------------------------------------------------------ TOTAL U.S. TREASURY OBLIGATIONS 837,828,103 (COST $837,828,103) - ------------------------------------------------------------------------------------ REPURCHASE AGREEMENTS -- 83.3% - ------------------------------------------------------------------------------------ 325,000,000 Aubry G. Lanston, 5.35%, due 03/03/97, (Dated 325,000,000 02/28/97, Proceeds $325,144,896, Secured by; U.S. Treasury Notes, $312,561,000 at 5.625% through 7.00%, due 11/15/05 through 02/15/07; Market Value $330,738,638) 384,647,000 Goldman Sachs & Co., 5.38%, due 03/03/97, (Dated 384,647,000 02/28/97, Proceeds $384,819,388, Secured by; U.S. Treasury Bill, $342,881,101 at 5.16%, due 08/14/97; U.S. Treasury Note, $41,766,087 at 6.125%, due 08/31/98; Market Value $392,340,132) 392,000,000 Merrill Lynch & Co., Inc., 5.35%, due 03/03/97, (Dated 392,000,000 02/28/97, Proceeds $392,174,767, Secured by; U.S. Treasury Bills, $403,229,000 at 5.16% through 5.30%, due 05/01/97 through 07/31/97; Market Value $395,923,930)
See notes to financial statements. 8 85 VISTA TREASURY PLUS MONEY MARKET FUND PORTFOLIO OF INVESTMENTS February 28, 1997 (unaudited) (continued)
Principal Amount Issuer Value - ---------------------------------------------------------------------------------------- REPURCHASE AGREEMENTS -- (CONTINUED) ------------------------------------------------------------------------------------ $ 350,000,000 Morgan Stanley & Co., Inc., 5.33%, due 03/03/97, $ 350,000,000 (Dated 02/28/97, Proceeds $350,155,458, Secured by; U.S. Treasury Bonds, $73,027,000, at 7.625% through 14.00%, due 08/15/08 through 11/15/22; U.S. Treasury Notes, $233,801,000, at 4.75% through 9.00%, due 03/03/97 through 02/15/06; U.S. CPI Treasury Note, $31,633,855 at 3.375%, due 01/15/07; Market Value $359,055,164) - ------------------------------------------------------------------------------------ TOTAL REPURCHASE AGREEMENTS 1,451,647,000 (COST $1,451,647,000) ==================================================================================== TOTAL INVESTMENTS -- 131.3% $2,289,475,103 (COST $2,289,475,103)** - ------------------------------------------------------------------------------------
See notes to financial statements. 9 86 VISTA FEDERAL MONEY MARKET FUND PORTFOLIO OF INVESTMENTS February 28, 1997 (unaudited)
Principal Amount Issuer Value - --------------------------------------------------------------------------------------- U.S. TREASURY OBLIGATIONS -- 7.5% ------------------------------------------------------------------------------------ U.S. Treasury Notes; $10,000,000 7.375%, 11/15/97 $ 10,114,011 10,000,000 5.000%, 01/31/98 9,935,878 35,000,000 5.125%, 02/28/98 34,827,489 ------------------------------------------------------------------------------------ TOTAL U.S. TREASURY OBLIGATIONS 54,877,378 (COST $54,877,378) ------------------------------------------------------------------------------------ U.S. GOVERNMENT AGENCY OBLIGATIONS -- 95.5% ------------------------------------------------------------------------------------ Federal Farm Credit Bank, Debentures, 25,000,000 5.250%, 04/01/97 25,000,000 25,000,000 5.450%, 03/03/98 24,940,650 15,000,000 5.850%, 08/01/97 15,006,272 ------------- 64,946,922 ------------- Federal Farm Credit Bank, FRDN 50,000,000 5.195%, 03/26/97 49,979,545 10,000,000 5.222%, 03/17/97 9,999,530 25,000,000 5.260%, 03/03/97 24,997,733 80,000,000 5.280%, 03/03/97 79,973,599 45,000,000 5.300%, 03/03/97 44,979,322 ------------- 209,929,729 ------------- Federal Home Loan Bank, Debentures, 5,000,000 4.250%, 06/30/97 4,971,361 10,000,000 5.350%, 03/14/97 9,998,477 10,000,000 5.405%, 03/28/97 9,997,256 15,000,000 5.460%, 12/12/97 14,993,230 42,000,000 5.680%, 05/09/97 42,005,694 10,000,000 5.805%, 02/13/98 10,000,000 3,000,000 5.990%, 02/09/98 3,010,369 ------------- 94,976,387 ------------- Federal Home Loan Bank, Discount Notes, 3,010,000 5.260%, 03/12/97 3,005,162 11,000,000 5.300%, 03/03/97 10,996,761 9,175,000 5.450%, 04/22/97 9,102,772 ------------- 23,104,695 -------------
See notes to financial statements. 10 87 VISTA FEDERAL MONEY MARKET FUND PORTFOLIO OF INVESTMENTS February 28, 1997 (unaudited) (continued)
Principal Amount Issuer Value - --------------------------------------------------------------------------------------- U.S. GOVERNMENT AGENCY OBLIGATIONS -- (CONTINUED) ------------------------------------------------------------------------------------ Federal Home Loan Bank, FRDN, $25,000,000 5.246%, 03/19/97 $ 24,989,667 25,000,000 5.268%, 03/05/97 24,992,573 10,000,000 5.290%, 03/03/97 9,997,130 35,000,000 5.345%, 03/14/97 34,998,847 5,000,000 5.750%, 03/03/97 5,013,374 ------------- 99,991,591 ------------- Student Loan Marketing Association, Debentures, 15,080,000 5.535%, 02/25/98 15,071,021 25,000,000 5.600%, 10/24/97 24,993,611 ------------- 40,064,632 ------------- Student Loan Marketing Association, Discount Notes, 27,500,000 5.220%, 03/03/97 27,492,025 6,300,000 5.260%, 03/06/97 6,295,397 20,000,000 5.300%, 03/03/97 19,994,111 ------------- 53,781,533 ------------- Student Loan Marketing Association, FRDN, 15,050,000 5.340%, 03/04/97 15,054,111 55,025,000 5.350%, 03/04/97 55,024,921 12,000,000 5.460%, 03/03/97 12,000,087 10,000,000 5.490%, 03/04/97 10,008,099 ------------- 92,087,218 ------------- Tennessee Valley Authority, Discount Note, 20,655,000 5.150%, 03/05/97 20,643,181 ------------------------------------------------------------------------------------ TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS 699,525,888 (COST $699,525,888) ==================================================================================== TOTAL INVESTMENTS -- 103.0% $ 754,403,266 (COST $754,403,266)** ------------------------------------------------------------------------------------
See notes to financial statements. 11 88 VISTA CASH MANAGEMENT FUND PORTFOLIO OF INVESTMENTS February 28, 1997 (unaudited)
Principal Value Amount Issuer (USD) - ------------------------------------------------------------------------------------ NOTES & BONDS -- 8.9% - ------------------------------------------------------------------------------------ STATE & MUNICIPAL OBLIGATIONS -- 1.8% ------------------------------------------------------ $ 50,000,000 Anaheim, California, COP, 5.560%, 05/01/97 $ 50,000,000 7,845,000 Essex County, New Jersey, Ser. A, GO, 10.125%, 8,103,561 08/15/97 -------------- 58,103,561 -------------- CORPORATE OBLIGATIONS -- 6.9% ------------------------------------------------------ AUTOMOTIVE -- 0.1% 4,500,000 Ford Motor Co., 5.300%, 07/01/97 4,491,001 -------------- BANKING -- 0.7% FCC National Bank, 10,000,000 5.725%, 01/07/98 9,993,785 11,500,000 6.000%, 07/18/97 11,497,312 -------------- 21,491,097 -------------- FINANCIAL SERVICES -- 5.2% Associates Corp. of North America, 4,000,000 5.875%, 08/15/97 3,995,588 5,000,000 6.750%, 07/15/97 5,016,980 15,000,000 6.800%, 06/02/97 15,032,783 3,500,000 8.625%, 06/15/97 3,528,897 25,000,000 Caterpillar Financial Services, Inc., 7.960%, 25,171,854 07/01/97 6,000,000 Ford Capital BV, 9.375%, 01/01/98 6,172,846 5,746,000 Ford Motor Credit Corp., 5.625%, 03/03/97 5,746,170 8,550,000 General Electric Capital Corp., 7.875%, 11/15/97 8,673,543 35,000,000 John Deere Capital Corp., 5.730%, 06/11/97 34,982,003 Merrill Lynch & Co., Inc., 15,000,000 5.810%, 01/20/98 14,998,278 25,000,000 6.000%, 08/05/97 24,997,097 20,000,000 6.150%, 09/11/97 20,000,000 -------------- 168,316,039 -------------- MACHINERY & EQUIPMENT -- 0.9% 30,000,000 Deere & Co., 7.610%, 05/01/97 30,103,487 -------------- TOTAL CORPORATE OBLIGATIONS 224,401,624 -------------- ASSET BACKED SECURITY -- 0.2% ------------------------------------------------------ 6,880,544 Olympic Automobile Receivables Trust, Ser. 1996-D, 6,880,544 Class A1, 5.430%, 12/15/97 - ------------------------------------------------------------------------------------ TOTAL NOTES & BONDS 289,385,729 (COST $289,385,729) - ------------------------------------------------------------------------------------
See notes to financial statements. 12 89 VISTA CASH MANAGEMENT FUND PORTFOLIO OF INVESTMENTS February 28, 1997 (unaudited) (continued)
Principal Value Amount Issuer (USD) - ------------------------------------------------------------------------------------ COMMERCIAL PAPER -- 41.2% - ------------------------------------------------------------------------------------ STATE & MUNICIPAL OBLIGATIONS -- 0.3% ------------------------------------------------------ $ 10,400,000 Richmond County, Georgia, IDA, 6.010%, 06/01/97 $ 10,400,000 -------------- CORPORATE OBLIGATIONS -- 40.9% ------------------------------------------------------ 29,000,000 American Express Credit Corp., 5.250%, 04/22/97 28,780,083 25,000,000 Anz (Delaware) Inc., 5.280%, 05/06/97 24,758,000 23,000,000 Banco Bradesco SA (Cayman Island), 5.320%, 22,670,308 06/06/97 20,000,000 BankAmerica Corp., 5.290%, 04/10/97 19,882,444 Bankers Trust Security Corp., 25,000,000 5.320%, 08/12/97 24,394,111 25,000,000 5.360%, 08/26/97 24,337,444 25,000,000 5.400%, 07/29/97 24,437,500 Bass Finance (CI) Ltd. (United Kingdom), 10,009,000 5.290%, 05/12/97 9,903,105 29,916,000 5.290%, 05/13/97 29,595,093 20,511,000 5.290%, 05/14/97 20,287,966 20,190,000 5.310%, 03/21/97 20,130,440 50,000,000 Bayerische Landesbank,Girozentrale (Germany), 49,417,778 5.240%, 05/20/97 20,000,000 BIL North America Inc., 5.350%, 03/11/97 19,970,278 10,145,000 Caterpillar Inc., 5.260%, 03/19/97 10,118,319 25,600,000 Cosco Co. Ltd. (Cayman Islands), 5.350%, 04/16/97 25,424,996 20,000,000 Credit Suisse (Switzerland), 5.320%, 04/18/97 19,858,133 Credito Italiano (Italy), 14,000,000 5.350%, 03/07/97 13,987,517 30,000,000 5.350%, 04/23/97 29,763,708 15,000,000 5.375%, 04/15/97 14,899,219 15,000,000 5.380%, 08/29/97 14,600,983 17,430,000 Dean Witter, Discover & Co., 5.320%, 04/30/97 17,275,454 10,000,000 First Boston Inc., 5.310%, 04/23/97 9,921,825 15,000,000 Ford Motor Credit Corp., 5.330%, 04/28/97 14,871,192 55,000,000 Ford Motor Credit Co., 5.260%, 04/07/97 54,702,664 General Electric Capital Corp., 75,000,000 5.250%, 04/21/97 74,442,187 25,000,000 5.340%, 05/21/97 24,699,625 Goldman Sachs Group, L.P., 20,000,000 5.280%, 04/30/97 19,824,000 25,000,000 5.300%, 05/09/97 24,746,042 50,000,000 5.310%, 04/02/97 49,764,000 39,000,000 5.320%, 05/05/97 38,625,383
See notes to financial statements. 13 90 VISTA CASH MANAGEMENT FUND PORTFOLIO OF INVESTMENTS February 28, 1997 (unaudited) (continued)
Principal Value Amount Issuer (USD) - ---------------------------------------------------------------------------------------- COMMERCIAL PAPER -- (CONTINUED) ------------------------------------------------------------------------------------ International Lease Finance Corp., $ 20,000,000 5.280%, 05/05/97 $ 19,809,333 15,000,000 5.300%, 05/05/97 14,856,458 14,000,000 5.320%, 05/30/97 13,813,800 25,000,000 5.330%, 03/10/97 24,966,688 30,000,000 5.340%, 04/21/97 29,773,050 30,000,000 5.340%, 04/28/97 29,741,900 5,000,000 Merrill Lynch & Co., Inc., 5.320%, 08/04/97 4,884,733 15,000,000 National Rural Utilities Cooperative Finance 14,858,083 Corp., 5.240%, 05/05/97 6,665,000 Nationwide Building Society (United Kingdom), 6,514,304 5.320%, 08/01/97 Redwood Receivable Capital Corp., 6,120,000 5.300%, 03/27/97 6,096,574 6,311,000 5.310%, 03/07/97 6,305,415 Rose Funding Corp., # 5,000,000 5.320%, 05/28/97 4,934,978 1,000 5.350%, 03/18/97 997 49,166,000 5.350%, 03/26/97 48,983,335 12,000,000 5.380%, 03/26/97 11,955,167 35,000,000 5.410%, 03/26/97 34,868,507 25,000,000 Royal Bank of Canada (Canada), 5.300%, 07/14/97 24,503,125 10,000,000 San Paolo US Financial Co. (Italy), 5.350%, 9,924,208 04/21/97 30,500,000 Schering-Plough Corp., 5.315%, 04/22/97 30,265,845 45,000,000 Sigma Finance Corp. (United Kingdom), #, 5.355%, 43,801,819 08/27/97 Svenska Handelsbanke (Sweden), 35,000,000 5.270%, 05/27/97 34,554,246 20,000,000 5.365%, 08/04/97 19,535,033 25,000,000 5.370%, 09/03/97 24,306,375
See notes to financial statements. 14 91 VISTA CASH MANAGEMENT FUND PORTFOLIO OF INVESTMENTS February 28, 1997 (unaudited) (continued)
Principal Value Amount Issuer (USD) - ---------------------------------------------------------------------------------------- COMMERCIAL PAPER -- (CONTINUED) ------------------------------------------------------------------------------------ Transamerica Finance Corp., $ 14,000,000 5.330%, 04/17/97 $ 13,902,579 23,000,000 5.330%, 04/21/97 22,826,331 50,000,000 Westpac Capital Corp., 5.312%, 08/11/97 48,797,422 -------------- TOTAL CORPORATE OBLIGATIONS 1,320,870,102 - ------------------------------------------------------------------------------------ TOTAL COMMERCIAL PAPER 1,331,270,102 (COST $1,331,270,102) - ------------------------------------------------------------------------------------ FLOATING RATE DEMAND NOTES -- 34.9% - ------------------------------------------------------------------------------------ U.S. GOVERNMENT AGENCY OBLIGATIONS -- 5.2% ------------------------------------------------------ Student Loan Marketing Association, 10,525,000 5.330%, 03/04/97 10,525,000 4,675,000 5.350%, 03/04/97 4,675,000 40,700,000 5.350%, 03/04/97 40,706,558 18,500,000 5.350%, 03/04/97 18,502,258 49,000,000 5.360%, 03/04/97 49,000,000 46,000,000 5.410%, 03/04/97 46,000,000 -------------- 169,408,816 -------------- STATE & MUNICIPAL OBLIGATIONS -- 0.1% ------------------------------------------------------ 4,200,000 Fairview Hospital & Healthcare Services of 4,200,000 Minnesota, ACES, Ser. A 5.450%, 03/06/97 -------------- CORPORATE OBLIGATIONS -- 29.6% ------------------------------------------------------ BANKING -- 10.1% American Express Centurion Bank, 14,000,000 5.345%, 03/24/97 14,000,000 50,000,000 5.345%, 03/27/97 50,000,000 30,000,000 5.345%, 03/31/97 30,000,000 25,000,000 5.392%, 03/31/97 25,000,000 50,000,000 AmSouth Bank of Alabama, 5.388%, 03/07/97 49,994,054 40,000,000 Bank One, Indianapolis, 5.290%, 03/04/97 39,977,172 20,000,000 FCC National Bank, 5.120%, 03/04/97 19,999,879 20,000,000 NationsBank, N.C., 5.470%, 03/04/97 20,006,258 PNC Bank, N.A., 25,000,000 5.280%, 03/04/97 24,999,861 50,000,000 5.338%, 04/28/97 49,977,551 -------------- 323,954,775 -------------- COMMERCIAL SERVICES -- 1.2% 40,000,000 PHH Corp., 5.390%, 03/06/97 39,999,682 --------------
See notes to financial statements. 15 92 VISTA CASH MANAGEMENT FUND PORTFOLIO OF INVESTMENTS February 28, 1997 (unaudited) (continued)
Principal Value Amount Issuer (USD) - ---------------------------------------------------------------------------------------- FLOATING RATE DEMAND NOTES -- (CONTINUED) ------------------------------------------------------------------------------------ FINANCIAL SERVICES -- 17.5% $ 50,000,000 Avco Financial Services, 5.460%, 03/18/97 $ 50,000,000 Bear Stearns Co., Inc., 20,000,000 5.488%, 03/03/97 20,000,796 15,000,000 5.490%, 03/04/97 15,000,000 15,000,000 5.527%, 03/04/97 15,000,000 50,000,000 5.543%, 04/18/97 50,005,352 30,000,000 5.550%, 03/13/97 30,000,805 50,000,000 Beta Finance Corp., #, 5.430%, 11/03/97 50,000,000 Caterpillar Financial Services Corp., 20,000,000 5.394%, 03/12/97 20,000,000 46,000,000 5.513%, 05/03/97 46,000,000 Centauri Corp., #, 30,000,000 5.376%, 03/18/97 30,000,000 20,000,000 5.415%, 03/20/97 20,000,000 35,000,000 5.458%, 03/10/97 35,000,000 25,000,000 Dean Witter, Discover & Co., 5.474%, 03/18/97 25,000,000 32,000,000 Ford Motor Credit Corp., 5.530%, 03/03/97 32,000,110 Merrill Lynch & Co., Inc., 30,000,000 5.335%, 03/27/97 29,994,158 50,000,000 5.467%, 03/03/97 50,000,000 25,000,000 Morgan Stanley Group, 5.631%, 03/14/97 25,000,000 22,000,000 SMM Trust 1996-V, #, 5.644%, 03/26/97 22,000,000 -------------- 565,001,221 -------------- HEALTH CARE -- 0.8% 25,000,000 Smithkline Beecham Corp., 5.530%, 03/04/97 25,000,106 -------------- TOTAL CORPORATE FLOATING RATE DEMAND NOTES 953,955,784 - ------------------------------------------------------------------------------------ TOTAL FLOATING RATE DEMAND NOTES 1,127,564,600 (COST $1,127,564,600) - ------------------------------------------------------------------------------------ INTEREST BEARING DEPOSITS -- 6.6% - ------------------------------------------------------------------------------------ TIME DEPOSIT -- 0.3% ------------------------------------------------------ 11,107,000 First Union Bank (Cayman Islands), 5.375%, 11,107,000 03/03/97 CERTIFICATE OF DEPOSITS -- 6.3% ------------------------------------------------------ Banque Nationale de Paris, New York, 25,000,000 5.580%, 04/02/97 24,998,152 20,000,000 5.740%, 04/09/97 20,000,205 20,000,000 Deutsche Bank AG (Germany), 5.530%, 04/02/97 19,996,380
See notes to financial statements. 16 93 VISTA CASH MANAGEMENT FUND PORTFOLIO OF INVESTMENTS February 28, 1997 (unaudited) (continued)
Principal Value Amount Issuer (USD) - ---------------------------------------------------------------------------------------- INTEREST BEARING DEPOSITS -- (CONTINUED) ------------------------------------------------------------------------------------ Societe Generale (France), $ 50,000,000 5.490%, 08/11/97 $ 50,002,203 20,000,000 5.650%, 04/01/97 19,998,431 24,000,000 5.770%, 01/12/98 23,996,009 15,000,000 5.800%, 01/13/98 14,987,157 11,000,000 5.850%, 03/03/98 10,995,790 18,000,000 5.920%, 09/17/97 18,021,455 -------------- 202,995,782 - ------------------------------------------------------------------------------------ TOTAL INTEREST BEARING DEPOSITS 214,102,782 (COST $214,102,782) - ------------------------------------------------------------------------------------ REPURCHASE AGREEMENTS -- 8.2% - ------------------------------------------------------------------------------------ 144,000,000 Goldman Sachs & Co., 5.30%, due 03/03/97, (Dated 144,000,000 02/28/97, Proceeds $144,063,600, Secured by, U.S. Treasury Note, $136,045,000 at 8.00%, due 05/15/01; Market Value, $147,407,059) 120,000,000 Lehman Brothers, Inc., 5.30%, due 03/03/97, (Dated 120,000,000 02/28/97, Proceeds $120,053,000, Secured by, U.S. Treasury Notes, $119,625,000, 6.125% through 6.375%, due 08/31/98 through 03/31/01; Market Value, $122,405,961) - ------------------------------------------------------------------------------------ TOTAL REPURCHASE AGREEMENTS 264,000,000 (COST $264,000,000) ==================================================================================== TOTAL INVESTMENTS -- 99.8% $3,226,323,213 (COST $3,226,323,213)** - ------------------------------------------------------------------------------------
See notes to financial statements. 17 94 VISTA PRIME MONEY MARKET FUND PORTFOLIO OF INVESTMENTS February 28, 1997 (unaudited)
Principal Value Amount Issuer (USD) - ---------------------------------------------------------------------------------------- NOTES & BONDS -- 7.6% ------------------------------------------------------------------------------------ STATE & MUNICIPAL OBLIGATIONS -- 0.2% ------------------------------------------------------ $ 2,350,000 Scripps Health, California, Taxable Direct $ 2,344,861 Obligation, 5.600%, 10/01/97 -------------- CORPORATE OBLIGATIONS -- 7.0% ------------------------------------------------------ BANKING -- 0.9% 7,000,000 FCC National Bank, 6.000%, 07/18/97 6,997,297 5,000,000 Huntington National Bank, Columbus, 5.900%, 4,996,044 09/17/97 -------------- 11,993,341 -------------- FINANCIAL SERVICES -- 6.1% 3,500,000 American General Finance Corp., 5.650%, 03/14/97 3,500,770 5,000,000 Associates Corp. of North America, 6.800%, 5,008,156 06/02/97 9,000,000 CC USA Inc. (Centauri Corp.) (Caymand Islands),# 9,000,000 5.700%, 12/18/97 7,045,000 Ford Motor Credit Corp., 5.625%, 03/03/97 7,045,234 3,000,000 Household Finance Corp., 6.700%, 08/08/97 3,008,045 5,000,000 KFW International Finance, 8.250%, 03/18/98 5,130,426 1,150,000 Merrill Lynch & Co., Inc., 7.250%, 05/15/97 1,153,076 Sigma Finance Corp. (United Kingdom), 18,000,000 5.800%, 03/03/98 18,000,000 20,000,000 5.870%, 01/20/98 20,000,000 8,000,000 Toyota Motor Credit Corp. (Japan), 5.450%, 7,999,441 03/14/97 -------------- 79,845,148 -------------- OTHER GOVERNMENT OBLIGATIONS -- 0.4% ------------------------------------------------------ 5,000,000 Province of Manitoba (Canada), 6.000%, 10/15/97 5,011,124 - ------------------------------------------------------------------------------------ TOTAL NOTES & BONDS 99,194,474 (COST $99,194,474) - ------------------------------------------------------------------------------------ COMMERCIAL PAPER -- 39.5% - ------------------------------------------------------------------------------------ U.S. GOVERNMENT AGENCY OBLIGATIONS -- 1.3% ------------------------------------------------------ 17,000,000 Federal Home Loan Bank, 5.400%, 03/05/97 16,989,800 STATE & MUNICIPAL OBLIGATIONS -- 2.0% ------------------------------------------------------ 25,811,000 Nebraska Higher Education, LOC, 5.350%, 03/27/97 25,711,269
See notes to financial statements. 18 95 VISTA PRIME MONEY MARKET FUND PORTFOLIO OF INVESTMENTS February 28, 1997 (unaudited) (continued)
Principal Value Amount Issuer (USD) - ---------------------------------------------------------------------------------------- COMMERCIAL PAPER -- (CONTINUED) ------------------------------------------------------------------------------------ CORPORATE OBLIGATIONS -- 36.2% ------------------------------------------------------ $ 30,000,000 ABN-AMRO North America Finance Inc. (Netherlands), $ 30,000,000 5.380%, 03/13/97 15,000,000 Anchor Funding Corp.,# 5.370%, 04/22/97 14,883,650 Apex Funding Corp.# (Cayman Islands), 9,979,000 5.420%, 04/30/97 9,888,856 35,000,000 5.420%, 05/30/97 34,525,750 11,415,000 5.465%, 03/17/97 11,387,274 Bank of Tokyo-Mitsubishi, Ltd. (Japan), 4,000,000 5.430%, 03/20/97 3,988,537 30,000,000 5.440%, 04/09/97 29,823,200 Barclays Bank Plc (United Kingdom), 14,500,000 5.330%, 06/30/97 14,240,237 13,000,000 5.370%, 08/01/97 12,703,308 10,000,000 5.430%, 06/17/97 9,837,100 Bayerische Landesbank, Girozentrale (Germany), 10,000,000 5.330%, 06/06/97 9,856,386 10,000,000 5.350%, 03/14/97 9,980,681 5,000,000 5.390%, 04/09/97# 4,970,804 10,000,000 5.420%, 07/14/97 9,796,750 10,000,000 5.430%, 07/18/97 9,790,342 5,000,000 5.550%, 03/04/97 4,997,688 20,000,000 Beal Cayman Ltd., Brazil, 5.400%, 04/14/97 19,868,000 CC USA Inc.(Cenntauri Corp.) (Cayman Islands),# 20,000,000 5.400%, 07/21/97 19,574,000 20,000,000 5.450%, 03/20/97 19,942,472 10,000,000 Centauri Corp. (Cayman Islands),# 5.320%, 06/02/97 9,862,567 Credit Suisse (Switzerland), 9,272,000 5.470%, 03/17/97 9,249,459 2,000,000 5.650%, 03/13/97 1,996,233 20,000,000 Dresdner Bank AG# (Germany), 5.310%, 09/16/97 19,412,950 5,833,000 Enterprise Funding Corp.# (Germany), 5.340%, 5,823,482 03/12/97 27,824,000 FP Funding Corp.# (Japan), 5.390%, 03/07/97 27,799,005 14,397,000 Gotham Funding# (Japan), 5.370%, 05/15/97 14,235,934 25,000,000 IMI Funding (Italy), 5.400%, 04/11/97 24,846,250 10,000,000 Minmetals Capital Corp. (Credit Swisse, 9,909,347 Switzerland), 5.350%, 05/01/97
See notes to financial statements. 19 96 VISTA PRIME MONEY MARKET FUND PORTFOLIO OF INVESTMENTS February 28, 1997 (unaudited) (continued)
Principal Value Amount Issuer (USD) - ---------------------------------------------------------------------------------------- COMMERCIAL PAPER -- (CONTINUED) ------------------------------------------------------------------------------------ Receivables Capital Corp.,# $ 6,815,000 5.290%, 04/03/97 $ 6,781,953 18,540,000 5.310%, 03/21/97 18,485,307 10,000,000 Sigma Finance Corp.# (United Kingdom), 5.400%, 9,781,000 07/25/97 5,000,000 Societe Generale (France), 5.410%, 06/12/97 4,922,607 19,456,000 Twin Towers Inc.,# 5.380%, 03/07/97 19,438,554 10,000,000 Windmill Funding Corp., 5.650%, 03/05/97 9,993,722 -------------- TOTAL CORPORATE OBLIGATIONS 472,593,405 - ------------------------------------------------------------------------------------ TOTAL COMMERCIAL PAPER 515,294,474 (COST $515,294,474) - ------------------------------------------------------------------------------------ FLOATING RATE DEMAND NOTES -- 30.9% - ------------------------------------------------------------------------------------ U.S. GOVERNMENT AGENCY OBLIGATIONS -- 4.3% ------------------------------------------------------ Student Loan Marketing Association, 12,000,000 5.350%, 03/04/97 12,000,000 44,000,000 5.360%, 03/04/97 44,000,000 -------------- 56,000,000 -------------- STATE & MUNICIPAL OBLIGATIONS -- 6.2% ------------------------------------------------------ 44,100,000 Illinois Student Assistance, Common Student Loan, 44,100,000 Ser. B, 5.410%, 03/05/97 17,000,000 Kern County, California Pension Obligation, 17,000,000 Taxable, Medical Option Period, 5.538%, 03/03/97 12,635,000 New Orleans Louisiana, Aviation Board, 5.530%, 12,635,000 03/05/97 2,900,000 Stanislaus County, California, Pension Obligation, 2,900,000 Medical Option Period, 5.538%, 03/03/97 3,600,000 Texas State, Taxable, Medical Option Period, 3,600,000 5.538%, 03/03/97 -------------- 80,235,000 -------------- CORPORATE OBLIGATIONS -- 20.4% ------------------------------------------------------ FINANCIAL SERVICES -- 19.7% 9,000,000 Bear Stearns Co., Inc., 5.472%, 03/16/97 9,000,000 16,000,000 Caterpillar Financial Services Corp., 5.480%, 16,000,000 03/03/97 25,000,000 Centauri Corp. (CC USA Inc.), (Cayman Islands), 25,000,000 5.410%, 03/03/97 3,000,000 General Electric Capital Corp., 5.570%, 03/03/97 3,000,519 25,000,000 Merrill Lynch & Co., Inc., 5.440%, 03/03/97 25,000,000 50,000,000 Morgan Stanley Group, 5.631%, 03/14/97 50,000,000
See notes to financial statements. 20 97 VISTA PRIME MONEY MARKET FUND PORTFOLIO OF INVESTMENTS February 28, 1997 (unaudited) (continued)
Principal Value Amount Issuer (USD) - ---------------------------------------------------------------------------------------- FLOATING RATE DEMAND NOTES -- (CONTINUED) ------------------------------------------------------------------------------------ $ 9,265,000 Sault Ste Marie Tribe Building, 5.940%, 06/02/97 $ 9,265,000 31,000,000 Short-Term Card Account Trust 1996-1, 5.442%, 31,000,000 03/15/97 SMM Trust 1996-V, 25,000,000 5.422%, 03/16/97 24,995,763 13,000,000 5.425%, 03/20/97 13,000,000 50,000,000 5.644%, 03/26/97 50,000,000 -------------- 256,261,282 -------------- UTILITY -- 0.7% 9,000,000 Hydro Quebec, Quebec (Yankee Sector), 5.538%, 9,000,000 03/03/97 - ------------------------------------------------------------------------------------ TOTAL FLOATING RATE DEMAND NOTES 401,496,282 (COST $401,496,282) - ------------------------------------------------------------------------------------ CERTIFICATES OF DEPOSIT -- 7.9% - ------------------------------------------------------------------------------------ 7,000,000 Bank of Nova Scotia (Canada), 5.900%, 06/10/97 6,996,301 Bank of Tokyo-Mitsubishi, Ltd. (Japan), 5,000,000 5.540%, 06/11/97 5,000,451 30,000,000 5.590%, 08/18/97 30,002,067 4,000,000 Landesbank H. Thuringen (Germany), 5.640%, 3,999,731 03/20/97 5,000,000 Morgan Guaranty Trust of New York, 5.710%, 4,998,367 01/06/98 38,000,000 Sanwa Bank Ltd. (Japan), 5.440%, 03/07/97 38,000,189 Societe Generale (France), 2,000,000 5.620%, 03/28/97 1,999,791 5,000,000 5.770%, 05/15/97 4,999,631 7,000,000 Westpac Banking Corp., 5.970%, 06/06/97 6,999,467 - ------------------------------------------------------------------------------------ TOTAL CERTIFICATES OF DEPOSIT 102,995,995 (COST $102,995,995) - ------------------------------------------------------------------------------------
See notes to financial statements. 21 98 VISTA PRIME MONEY MARKET FUND PORTFOLIO OF INVESTMENTS February 28, 1997 (unaudited) (continued)
Principal Value Amount Issuer (USD) - ------------------------------------------------------------------------------------ REPURCHASE AGREEMENTS -- 15.1% - ------------------------------------------------------------------------------------ $ 197,067,000 Goldman Sachs & Co., 5.42%, due 03/03/97, (Dated $ 197,067,000 02/28/97, Proceeds $197,156,009, Secured by; FHLMC, $142,820,857, at 7.22% through 7.50%, due 04/01/26 through 03/01/33; FNMA, ARM, $63,908,000 at 6.09%, due 11/01/35; Market Value $201,008,340) (Cost $197,067,000) - ------------------------------------------------------------------------------------ TOTAL INVESTMENTS -- 101.0% $1,316,048,225 (COST $1,316,048,225)** ------------------------------------------------------------------------------------ # = Security may only be sold to qualified institutional buyers. ** = The cost of securities is substantially the same for federal income tax purposes. ARM = Adjustable Rate Mortgage COP = Certificate of Participation FHLMC = Federal Home Loan Mortgage Corp. FNMA = Federal National Mortgage Association FRDN = Floating Rate Demand Note: The maturity date shown is the next interest reset date; the rate shown is the rate in effect at February 28, 1997. GNMA = Government National Mortgage Association GO = General Obligation IDA = Industrial Development Authority REMIC = Real Estate Mortgage Investment Conduit ACES = Automatic CM Exchange Securities
See notes to financial statements. 22 99 VISTA MUTUAL FUNDS STATEMENT OF ASSETS AND LIABILITIES February 28,1997 (unaudited) - --------------------------------------------------------------------------------
Vista 100% U.S. Treasury Vista Vista Securities U.S. Government Treasury Plus Money Market Money Market Money Market Fund Fund Fund -------------- --------------- -------------- ASSETS: Investment securities, at value (Note 1)....... $2,112,978,724 $5,516,983,213 $2,289,475,103 Cash........................................... 1,366 940,685,383 105,014 Receivables: Investment securities sold................... 619,819,794 115,947,972 -- Interest..................................... 20,042,317 19,216,870 2,299,984 Fund shares sold............................. 671,336 7,551,625 777,089 Other........................................ 127,126 266,060 116,200 -------------- -------------- -------------- Total Assets............................. 2,753,640,663 6,600,651,123 2,292,773,390 -------------- -------------- -------------- LIABILITIES: Payable for investment securities purchased.... 894,207,500 1,076,874,626 544,167,306 Payable for Fund shares redeemed............... 12,536 3,075,114 703,307 Payable to custodian........................... -- -- -- Dividends payable.............................. 1,267,829 8,011,397 2,726,314 Other liabilities.............................. 208,199 89,500 -- Accrued liabilities: (Note 2) Administration fees.......................... 141,242 423,721 133,504 Distribution fees............................ 132,982 233,282 113,258 Investment advisory fees..................... 142,143 423,720 133,505 Shareholder/Fund servicing fees.............. 303,909 510,651 291,217 Custody fees................................. 53,467 101,862 78,702 Other........................................ 450,517 913,636 428,630 -------------- -------------- -------------- Total Liabilities........................ 896,920,324 1,090,657,509 548,775,743 -------------- -------------- -------------- NET ASSETS: Paid in capital................................ 1,856,881,155 5,509,943,066 1,744,078,227 Accumulated undistributed net investment income....................................... (6) -- (3,116) Accumulated net realized gain (loss) on investment transactions...................... (160,810) 50,548 (77,464) -------------- -------------- -------------- Net Assets................................... $1,856,720,339 $5,509,993,614 $1,743,997,647 ============== ============== ============== Shares of beneficial interest outstanding ($.001 par value; unlimited number of shares authorized): Vista Shares................................. 1,730,075,625 2,074,316,810 1,460,514,189 Premier Shares............................... 3,700,121 977,415,091 123,036,881 Institutional Shares......................... 123,105,409 2,458,311,915 160,625,125 B Shares..................................... Net asset value, offering and redemption price per share, all classes (net assets/shares)..... $1.00 $1.00 $1.00 ============== ============== ============== Cost of investments............................. $2,112,978,724 $5,516,983,213 $2,289,475,103 ============== ============== ==============
See notes to financial statements. 23 100 VISTA MUTUAL FUNDS STATEMENT OF ASSETS AND LIABILITIES February 28,1997 (unaudited) (continued) - --------------------------------------------------------------------------------
Vista Vista Federal Vista Prime Money Market Cash Management Money Market Fund Fund Fund ------------ --------------- -------------- ASSETS: Investment securities, at value (Note 1)....... $754,403,266 $3,226,323,213 $1,316,048,225 Cash........................................... -- 2,039,920 560,286 Receivables: Investment securities sold................... -- 15,788,858 -- Interest..................................... 4,533,913 18,897,364 5,604,601 Fund shares sold............................. 874,158 2,296,480 3,114,086 Other........................................ 42,862 188,994 85,284 ------------ -------------- -------------- Total Assets............................. 759,854,199 3,265,534,829 1,325,412,482 ------------ -------------- -------------- LIABILITIES: Payable for investment securities purchased.... 24,940,650 25,596,774 18,000,000 Payable for Fund shares redeemed............... 525,354 394,638 -- Payable to custodian........................... 978,040 -- -- Dividends payable.............................. 569,719 3,270,632 3,211,691 Other liabilities.............................. -- 326,330 -- Accrued liabilities: (Note 2) Administration fees.......................... 58,424 246,882 59,046 Distribution fees............................ 28,300 -- 4,136 Investment advisory fees..................... 58,423 246,884 118,092 Shareholder/Fund servicing fees.............. 120,797 590,281 66,396 Custody fees................................. 34,418 76,415 55,240 Other........................................ 329,663 660,547 356,480 ------------ -------------- -------------- Total Liabilities........................ 27,643,788 31,409,383 21,871,081 ------------ -------------- -------------- NET ASSETS: Paid in capital................................ 732,210,411 3,234,006,666 1,303,533,745 Accumulated undistributed net investment income....................................... -- -- -- Accumulated net realized gain (loss) on investment transactions...................... -- 118,780 7,656 ------------ -------------- -------------- Net Assets................................... $732,210,411 $3,234,125,446 $1,303,541,401 ============ ============== ============== Shares of beneficial interest outstanding ($.001 par value; unlimited number of shares authorized): Vista Shares............................... 327,818,218 2,056,221,531 Premier Shares............................. 286,927,994 445,348,991 446,993,096 Institutional Shares....................... 117,464,199 732,546,720 848,845,844 B Shares................................... 7,694,804 Net asset value, offering and redemption price per share, all classes (net assets/shares)..... $1.00 $1.00 $1.00 ============ ============== ============== Cost of investments............................. $754,403,266 $3,226,323,213 $1,316,048,225 ============ ============== ==============
See notes to financial statements. 24 101 VISTA MUTUAL FUNDS STATEMENT OF OPERATIONS For the six months ended February 28, 1997 (unaudited) - --------------------------------------------------------------------------------
Vista 100% U.S. Vista Treasury Vista Treasury Securities U.S. Government Plus Money Market Money Market Money Market Fund Fund Fund ------------ --------------- ------------ INTEREST INCOME: (Note 1C)........................ $48,374,290 $ 126,472,821 $47,583,038 ----------- ------------ ----------- EXPENSES: (Note 2) Shareholder/Fund servicing fees.................. 3,029,723 4,594,278 2,676,372 Distribution fees................................ 865,439 1,439,960 725,146 Administration fees.............................. 915,268 2,325,422 899,750 Investment advisory fees......................... 915,720 2,325,422 899,750 Custodian fees................................... 123,830 195,853 192,961 Printing and postage............................. 12,375 31,463 14,849 Professional fees................................ 55,702 97,980 41,842 Registration costs............................... 87,851 183,207 86,752 Transfer agent fees.............................. 145,871 523,477 107,436 Trustees fees and expenses....................... 52,607 132,653 51,918 Other............................................ 48,027 108,756 31,116 ----------- ------------ ----------- Total expenses............................. 6,252,413 11,958,471 5,727,892 Less amounts waived (Note 2B).................... 1,009,785 1,506,179 846,392 ----------- ------------ ----------- Net expenses................................... 5,242,628 10,452,292 4,881,500 ----------- ------------ ----------- Net investment income.......................... 43,131,662 116,020,529 42,701,538 ----------- ------------ ----------- REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS Net realized gain (loss) on investment transactions................................... 124,725 513,901 173,356 ----------- ------------ ----------- Net increase in net assets from operations....... $43,256,387 $ 116,534,430 $42,874,894 =========== ============ ===========
See notes to financial statements. 25 102 VISTA MUTUAL FUNDS STATEMENT OF OPERATIONS For the six months ended February 28, 1997 (unaudited) (continued) - --------------------------------------------------------------------------------
Vista Vista Federal Vista Prime Money Market Cash Management Money Market Fund Fund Fund ------------ --------------- ------------ INTEREST INCOME: (Note 1C)....................... $19,926,766 $80,956,765 $41,441,929 ----------- ----------- ----------- EXPENSES: (Note 2) Shareholder/Fund servicing fees................. 951,016 3,699,055 569,377 Distribution fees............................... 176,752 -- 36,902 Administration fees............................. 368,458 1,474,034 750,178 Investment advisory fees........................ 368,457 1,474,034 750,179 Custodian fees.................................. 95,231 187,017 119,254 Printing and postage............................ 7,424 11,488 12,243 Professional fees............................... 16,252 61,584 37,300 Registration costs.............................. 29,091 103,740 126,224 Transfer agent fees............................. 262,256 497,302 91,157 Trustees fees and expenses...................... 21,459 85,084 37,825 Other........................................... 27,129 47,407 51,275 ----------- ----------- ----------- Total expenses............................ 2,323,525 7,640,745 2,581,914 Less amounts waived (Note 2B)................... 260,675 372,348 176,946 ----------- ----------- ----------- Net expenses.................................. 2,062,850 7,268,397 2,404,968 ----------- ----------- ----------- Net investment income......................... 17,863,916 73,688,368 39,036,961 ----------- ----------- ----------- REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS Net realized gain (loss) on investment transactions.................................. 40,422 12,496 92,841 ----------- ----------- ----------- Net increase in net assets from operations...... $17,904,338 $73,700,864 $39,129,802 =========== =========== ===========
See notes to financial statements. 26 103 VISTA MUTUAL FUNDS STATEMENT OF CHANGES IN NET ASSETS (unaudited) - --------------------------------------------------------------------------------
Vista 100% U.S. Vista U.S. Treasury Securities Government Money Market Fund Money Market Fund ------------------------------- ------------------------------- 9/1/96 12/1/95 9/1/96 Year Through Through Through Ended 2/28/97 8/31/96* 2/28/97 8/31/96 -------------- -------------- -------------- -------------- INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS: Net investment income................................. $ 43,131,662 $ 54,450,347 $ 116,020,529 $ 149,636,341 Net realized gain (loss) on investment transactions... 124,725 317,081 513,901 3,546 -------------- -------------- -------------- -------------- Increase (decrease) in net assets from operations... 43,256,387 54,767,428 116,534,430 149,639,887 -------------- -------------- -------------- -------------- DISTRIBUTIONS TO SHAREHOLDERS FROM: Net investment income................................. (43,131,662) (54,450,354) (116,020,528) (149,636,341) Net realized gain on investment transactions.......... (498,431) (90,037) (465,957) (2,396) -------------- -------------- -------------- -------------- Total dividends and distributions............... (43,630,093) (54,540,391) (116,486,485) (149,638,737) -------------- -------------- -------------- -------------- Increase (decrease) from capital share transactions.... 185,263,013 334,055,174 1,469,495,097 2,469,421,386 -------------- -------------- -------------- -------------- Total increase (decrease)........................... 184,889,307 334,282,211 1,469,543,042 2,469,422,536 NET ASSETS: Beginning of period................................... 1,671,831,032 1,337,548,821 4,040,450,572 1,571,028,036 -------------- -------------- -------------- -------------- End of period......................................... $1,856,720,339 $1,671,831,032 $5,509,993,614 $4,040,450,572 ============== ============== ============== ============== Vista Treasury Plus Money Market Fund ------------------------------- 9/1/96 Year Through Ended 2/28/97 8/31/96 -------------- -------------- INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS: Net investment income................................. $ 42,701,538 $ 31,447,169 Net realized gain (loss) on investment transactions... 173,356 (84,507) -------------- -------------- Increase (decrease) in net assets from operations... 42,874,894 31,362,662 -------------- -------------- DISTRIBUTIONS TO SHAREHOLDERS FROM: Net investment income................................. (42,718,407) (31,353,233) Net realized gain on investment transactions.......... (166,314) (80,182) -------------- -------------- Total dividends and distributions............... (42,884,721) (31,433,415) -------------- -------------- Increase (decrease) from capital share transactions.... 67,300,169 1,640,570,579 -------------- -------------- Total increase (decrease)........................... 67,290,342 1,640,499,826 NET ASSETS: Beginning of period................................... 1,676,707,305 36,207,479 -------------- -------------- End of period......................................... $1,743,997,647 $1,676,707,305 ============== ==============
- ------------------ * In 1996 the fund changed its fund year end from November 30 to August 31. See notes to financial statements. 27 104 VISTA MUTUAL FUNDS STATEMENT OF CHANGES IN NET ASSETS (unaudited) (continued) - --------------------------------------------------------------------------------
Vista Vista Federal Cash Management Money Market Fund Fund ----------------------------- ------------------------------- 9/1/96 Year 9/1/96 12/1/95 Through Ended Through Through 2/28/97 8/31/96 2/28/97 8/31/96* ------------- ------------- -------------- -------------- INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS: Net investment income..................................... $ 17,863,916 $ 29,210,103 $ 73,688,368 $ 71,975,331 Net realized gain (loss) on investment transactions....... 40,422 62,246 12,496 8,546 ------------ ------------ -------------- -------------- Increase (decrease) in net assets from operations....... 17,904,338 29,272,349 73,700,864 71,983,877 ------------ ------------ -------------- -------------- DISTRIBUTIONS TO SHAREHOLDERS FROM: Net investment income..................................... (17,863,916) (29,210,103) (73,688,368) (71,975,332) Net realized gain on investment transactions.............. (84,289) (31,088) -- (25,113) ------------ ------------ -------------- -------------- Total dividends and distributions................... (17,948,205) (29,241,191) (73,688,368) (72,000,445) ------------ ------------ -------------- -------------- Increase (decrease) from capital share transactions........ (10,748,609) 277,469,712 522,596,775 1,077,039,651 ------------ ------------ -------------- -------------- Total increase (decrease)............................... (10,792,476) 277,500,870 522,609,271 1,077,023,083 NET ASSETS: Beginning of period....................................... 743,002,887 465,502,017 2,711,516,175 1,634,493,092 ------------ ------------ -------------- -------------- End of period............................................. $ 732,210,411 $ 743,002,887 $3,234,125,446 $2,711,516,175 ============ ============ ============== ============== Vista Prime Money Market Fund ------------------------------- 9/1/96 Year Through Ended 2/28/97 8/31/96 -------------- -------------- INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS: Net investment income..................................... $ 39,036,961 $ 57,901,747 Net realized gain (loss) on investment transactions....... 92,841 7,807 -------------- -------------- Increase (decrease) in net assets from operations....... 39,129,802 57,909,554 -------------- -------------- DISTRIBUTIONS TO SHAREHOLDERS FROM: Net investment income..................................... (39,036,961) (57,902,939) Net realized gain on investment transactions.............. (85,184) (7,683) -------------- -------------- Total dividends and distributions................... (39,122,145) (57,910,622) -------------- -------------- Increase (decrease) from capital share transactions........ 144,587,022 905,690,709 -------------- -------------- Total increase (decrease)............................... 144,594,679 905,689,641 NET ASSETS: Beginning of period....................................... 1,158,946,722 253,257,081 -------------- -------------- End of period............................................. $1,303,541,401 $1,158,946,722 ============== ==============
- ------------------ * In 1996 the fund changed its fund year end from November 30 to August 31. See notes to financial statements. 28 105 VISTA MUTUAL FUNDS NOTES TO FINANCIAL STATEMENTS (unaudited) - -------------------------------------------------------------------------------- 1. ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES -- Mutual Fund Trust ("MFT") (the "Trust") is organized as a Massachusetts business trust, and registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end, management investment company. Vista 100% U.S. Treasury Securities Money Market Fund ("USTSMM"), Vista U.S. Government Money Market Fund ("USGMM"), Vista Treasury Plus Money Market Fund ("TPMM"), Vista Federal Money Market Fund ("FMM"), Vista Cash Management Fund ("CMMM"), and Vista Prime Money Market Fund ("PMM") are separate portfolios of MFT. Collectively all of these funds are referred to as "Money Market Funds" or individually as the "Fund". The funds offer various classes of shares as follows:
Fund Classes Offered - -------------------------------------------------- ----------------------------------- USTSMM............................................ Vista, Premier**, Institutional** USGMM............................................. Vista, Premier, Institutional TPMM.............................................. Vista*, Premier, Institutional FMM............................................... Vista, Premier, Institutional CMMM.............................................. Vista, Premier*, Institutional* PMM............................................... Premier, Institutional, B Shares
- --------------- * Commenced May 6, 1996. ** Commenced June 3, 1996. All classes of shares have equal rights as to earnings, assets and voting privileges except that each class may bear different transfer agent, distribution, shareholder servicing and fund servicing expenses, and each class has exclusive voting rights with respect to its distribution plan and shareholder servicing agreement. The preparation of financial statements in accordance with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates. The following is a summary of significant accounting policies followed by the Funds: A. Valuation of investments -- Money market instruments are valued at amortized cost which approximates market value. The Trust's use of amortized cost is subject to the Trust's compliance with certain conditions as specified under Rule 2a-7 of the 1940 Act. B. Repurchase agreements -- It is the Trust's policy that repurchase agreements are fully collateralized by U.S. Treasury and Government agency securities. All collateral is held by the Trust's custodian bank, sub-custodian or a bank in which the custodian bank has entered into a subcustodian agreement or is segregated in the Federal Reserve Book Entry System. In connection with transactions in repurchase agreements, if the seller defaults and the value of the collateral declines, or if the seller enters into an insolvency proceeding, realization of the collateral by the Trust may be delayed or limited. In the event the buyer of securities under a reverse repurchase agreement files for bankruptcy or becomes insolvent, the Trust's use of proceeds of the agreement may be restricted pending a determination by the other party, or its trustee or receiver, whether to enforce the Trust's obligation to repurchase the securities. The Trust's use of the proceeds of the reverse repurchase agreement may also effectively be restricted pending such decision. At February 28, 1997, there were no open reverse repurchase agreements. C. Security transactions and investment income -- Investment transactions are accounted for on the trade date (the date the order to buy or sell is executed). Securities gains and losses are calculated on the identified cost basis. Interest income consists of coupon interest accrued and amortization of premium and discount earned. D. Federal income taxes -- Each Fund is treated as a separate taxable entity for Federal income tax purposes. The Trust's policy is to comply with the provisions of the Internal Revenue Code applicable to regulated investment companies and to distribute to shareholders all of a Fund's distributable net income, including net realized gain on 29 106 VISTA MUTUAL FUNDS NOTES TO FINANCIAL STATEMENTS (unaudited) (continued) - -------------------------------------------------------------------------------- investments. In addition, the Trust intends to make distributions as required to avoid excise taxes. Accordingly, no provision for Federal income or excise tax is necessary. E. Distributions to shareholders -- Each Fund declares and records a dividend of substantially all of its net investment income on each business day. Such dividends are paid or re-invested monthly in each respective Fund's shares on the payable dates. The amount of dividends and distributions from net investment income and net realized capital gains is determined in accordance with federal income tax regulations, which may differ from generally accepted accounting principles. To the extent these "book/tax" differences are permanent in nature (i.e., that they result from other than timing of recognition "temporary differences"), such amounts are reclassified within the capital accounts based on their federal income tax-basis treatment. Dividends and distributions which exceed net investment income or net realized capital gains for financial reporting purposes but not for tax purposes are reported as distributions in excess of net investment income or net realized capital gains. F. Income and expenses -- Expenses directly attributable to a Fund are charged to that Fund; expenses directly attributable to a particular class are charged directly to such class. Other expenses are allocated proportionately among the Funds within the Trust in relation to the net assets of each Fund or on another reasonable basis. In calculating net asset value per share of each class, investment income, realized and unrealized gains and losses and expenses other than class specific expenses, are allocated daily to each class of shares based upon the proportion of net assets of each class at the beginning of each day. 2. FEES AND OTHER TRANSACTIONS WITH AFFILIATES A. Investment advisory fee -- Pursuant to separate Investment Advisory Agreements, The Chase Manhattan Bank, ("Chase" or "Advisor") acts as the investment adviser to the Funds. Chase is a direct wholly-owned subsidiary of The Chase Manhattan Corporation. As investment adviser, Chase supervises the investments of each Fund and for such services is paid a fee. The fee is accrued daily and paid monthly at an annual rate equal to 0.10% of the average daily net assets for each respective Fund. Chase Asset Management, Inc. ("CAM"), a registered investment adviser, is the sub-investment adviser to each Fund, other than the Vista Cash Management Fund, pursuant to a Sub-Investment Advisory Agreement between CAM and Chase. CAM is a wholly owned subsidiary of Chase and is entitled to receive a fee, payable by Chase from its advisory fee, at an annual rate equal to 0.03% of each Fund's average daily net assets. Texas Commerce Bank, National Association ("TCB") is the sub-investment adviser to the Vista Cash Management Fund pursuant to a Sub-Investment Advisory Agreement between Chase and TCB. TCB is a wholly owned subsidiary of Chase and is entitled to receive a fee, payable by Chase from its advisory fee, at an annual rate equal to 0.03% of the Fund's average daily net assets. B. Shareholder and Fund servicing fees -- The Trust, on May 6, 1996, adopted new Administrative Service Plans which, among other things, provide that the Trust on behalf of the Funds may obtain the services of one or more Shareholder Servicing Agents. For its services, each Shareholder Servicing Agent receives a fee. The fee is computed daily and paid monthly at an annual rate of 0.35%, 0.25% and 0.25% of the average daily net assets of the Vista, Premier and B Shares Class of each Fund. The Shareholder Servicing Agents voluntarily waived fees in the amount of $1,009,785, $1,506,179, $846,392, $260,675, $372,348 and $176,946 for the USTSMM, USGMM, TPMM, FMM, CMMM and PMM respectively. No Fund Servicing fee was paid for the Institutional Shares. Since inception of the Trust, (except as described below) Chase and certain of its affiliates have been the only Shareholder Servicing Agents. Certain Premier Shareholders of the CMMM and FMM entered into a Shareholder Servicing arrangement with Capital Network Services. C. Distribution and sub-administration fees -- Pursuant to the Distribution and Sub-administration Agreements, Vista Fund Distributors, Inc. ("VFD" or the "Distributor"), a 30 107 VISTA MUTUAL FUNDS NOTES TO FINANCIAL STATEMENTS (unaudited) (continued) - -------------------------------------------------------------------------------- wholly-owned subsidiary of the BISYS Group, Inc. ("BISYS"), acts as the Trust's exclusive underwriter and promotes and arranges for the sale of each Fund's shares. In addition, the Distributor provides certain sub-administration services to the Trust, including providing officers, clerical staff and office space for an annual fee of 0.05% of the average daily net assets of each Fund. The Trustees have adopted plans of distribution under the 1940 Act for the Premier Shares of USGMM (the "Premier Plan"), for the Vista Shares (the "Vista Plan") except for CMMM, and for the B Shares of the PMM (the "B Plan"). There are no distribution plans for the Institutional Shares. The Premier, Vista and B Shares Plans pay the Distributor a distribution fee. The fee is computed daily and paid monthly at an annual rate of: 0.10% of the average daily net assets of the Vista Class of each Fund (except CMMM), 0.10% of the average daily net assets of the USGMM Premier Class and 0.75% of the average daily net assets of the B Shares of PMM. D. Administration fee -- Pursuant to the Administration Agreements, Chase (the "Administrator") provides certain administration services and facilities to each Fund at a fee computed at the annual rate equal to 0.05% of the respective Fund's average daily net assets. E. Other -- Certain officers of the Trust are officers of VFD or of its parent corporation, BISYS. In addition, Chase provides portfolio accounting and custody services for the Funds. Such amounts are presented in the Statement of Operations as custodian fees. 3. FEDERAL INCOME TAX MATTERS -- At August 31, 1996, Prime Money Market Fund had net capital loss carryovers of approximately $11,000. Such losses will be available to offset future capital gains and will expire between August 31, 2001 and 2004. During the fiscal year ended August 31, 1996, NYTFMM utilized capital loss carryovers of approximately $12,000. To the extent that any net capital losses are used to offset future capital gains, it is probable that the gains so offset will not be distributed to shareholders. 31 108 VISTA MUTUAL FUNDS NOTES TO FINANCIAL STATEMENTS (unaudited) (continued) - -------------------------------------------------------------------------------- 4. TRANSACTIONS IN SHARES OF BENEFICIAL INTEREST
Vista 100% U.S. Treasury Securities Money Market Fund -------------------------------------------------------------------- Vista Class -------------------------------------------------------------------- 9/1/96 Through 2/28/97 12/1/95 Through 8/31/96* -------------------------------- -------------------------------- Amount Shares Amount Shares --------------- -------------- --------------- -------------- Shares sold......... $ 4,488,392,337 4,488,392,337 $ 7,409,194,967 7,409,194,967 Shares issued in reinvestment of distributions..... 32,138,229 32,138,229 40,320,411 40,320,411 Shares redeemed..... (4,461,845,921) (4,461,845,921) (7,115,687,366) (7,115,687,366) --------------- -------------- --------------- -------------- Net increase (decrease) in Trust shares outstanding....... $ 58,684,645 58,684,645 $ 333,828,012 333,828,012 =============== ============== =============== ============== Premier Class -------------------------------------------------------------------- 9/1/96 Through 2/28/97 6/3/96 Through 8/31/96** -------------------------------- -------------------------------- Amount Shares Amount Shares --------------- -------------- --------------- -------------- Shares sold......... $ 3,745,103 3,745,103 $ 491,675 491,675 Shares issued in reinvestment of distributions..... 13,098 13,098 2,269 2,269 Shares redeemed..... (285,030) (285,030) (266,994) (266,994) --------------- -------------- --------------- -------------- Net increase (decrease) in Trust shares outstanding....... $ 3,473,171 3,473,171 $ 226,950 226,950 =============== ============== =============== ============== Institutional Class -------------------------------------------------------------------- 9/1/96 Through 2/28/97 6/3/96 Through 8/31/96** -------------------------------- -------------------------------- Amount Shares Amount Shares --------------- -------------- --------------- -------------- Shares sold......... $ 383,525,786 383,525,786 $ 22,275,210 22,275,210 Shares issued in reinvestment of distributions..... 2,247,098 2,247,098 2,557 2,557 Shares redeemed..... (262,667,687) (262,667,687) (22,277,555) (22,277,555) --------------- -------------- --------------- -------------- Net increase (decrease) in Trust shares outstanding....... $ 123,105,197 123,105,197 $ 212 212 =============== ============== =============== ==============
- --------------- * Commencement of operations. ** Commencement of offering of class of shares. 32 109 VISTA MUTUAL FUNDS NOTES TO FINANCIAL STATEMENTS (unaudited) (continued) - --------------------------------------------------------------------------------
Vista U.S. Government Money Market Fund -------------------------------------------------------------------- Vista Class -------------------------------------------------------------------- 9/1/96 Through 2/28/97 Year Ended August 31, 1996 -------------------------------- -------------------------------- Amount Shares Amount Shares --------------- -------------- --------------- -------------- Shares sold......... $ 7,868,571,712 7,868,571,712 $ 6,258,795,986 6,258,795,986 Shares issued in reinvestment of distributions..... 27,412,590 27,412,590 18,755,086 18,755,086 Shares redeemed..... (7,878,789,687) (7,878,789,687) (6,113,103,556) (6,113,103,556) Shares acquired from Hanover........... -- -- 1,551,238,481 1,551,339,231 --------------- -------------- --------------- -------------- Net increase (decrease) in Trust shares outstanding....... $ 17,194,615 17,194,615 $ 1,715,685,997 1,715,786,747 =============== ============== =============== ============== Premier Class -------------------------------------------------------------------- 9/1/96 Through 2/28/97 Year Ended August 31, 1996 -------------------------------- -------------------------------- Amount Shares Amount Shares --------------- -------------- --------------- -------------- Shares sold......... $ 2,690,767,679 2,690,767,679 $ 6,630,692,269 6,630,692,269 Shares issued in reinvestment of distributions..... 11,515,930 11,515,930 33,440,739 33,440,739 Shares redeemed..... (2,526,533,057) (2,526,533,057) (6,626,077,145) (6,626,077,145) --------------- -------------- --------------- -------------- Net increase (decrease) in Trust shares outstanding....... $ 175,750,552 175,750,552 $ 38,055,863 38,055,863 =============== ============== =============== ============== Institutional Class -------------------------------------------------------------------- 9/1/96 Through 2/28/97 Year Ended August 31, 1996 -------------------------------- -------------------------------- Amount Shares Amount Shares --------------- -------------- --------------- -------------- Shares sold......... $ 8,962,537,954 8,962,537,954 $ 8,395,036,076 8,395,036,076 Shares issued in reinvestment of distributions..... 25,327,670 25,327,670 21,171,054 21,171,054 Shares redeemed..... (7,711,315,694) (7,711,315,694) (7,700,527,604) (7,700,527,604) --------------- -------------- --------------- -------------- Net increase (decrease) in Trust shares outstanding....... $ 1,276,549,930 1,276,549,930 $ 715,679,526 715,679,526 =============== ============== =============== ==============
33 110 VISTA MUTUAL FUNDS NOTES TO FINANCIAL STATEMENTS (unaudited) (continued) - --------------------------------------------------------------------------------
Vista Treasury Plus Money Market Fund -------------------------------------------------------------------- Vista Class -------------------------------------------------------------------- 9/1/96 Through 2/28/97 5/6/96 Through 8/31/96* -------------------------------- -------------------------------- Amount Shares Amount Shares --------------- -------------- --------------- -------------- Shares sold......... $ 8,014,640,039 8,014,640,039 $ 4,725,630,526 4,725,630,526 Shares issued in reinvestment of distributions..... 19,683,941 19,683,941 13,439,801 13,439,801 Shares redeemed..... (7,956,154,397) (7,956,154,397) (5,015,161,240) (5,015,161,240) Hanover acquisition....... -- -- 1,658,337,551 1,658,435,519 --------------- -------------- --------------- -------------- Net increase (decrease) in Trust shares outstanding....... $ 78,169,583 78,169,583 $ 1,382,246,638 1,382,344,606 =============== ============== =============== ============== Premier Class -------------------------------------------------------------------- 9/1/96 Through 2/28/97 Year Ended August 31, 1996 -------------------------------- -------------------------------- Amount Shares Amount Shares --------------- -------------- --------------- -------------- Shares sold......... $ 247,529,655 247,529,655 $ 529,748,921 529,748,921 Shares issued in reinvestment of distributions..... 581,332 581,332 745,012 745,012 Shares redeemed..... (231,099,356) (231,099,356) (443,040,963) (443,040,963) --------------- -------------- --------------- -------------- Net increase (decrease) in Trust shares outstanding....... $ 17,011,631 17,011,631 $ 87,452,970 87,452,970 =============== ============== =============== ============== Institutional Class -------------------------------------------------------------------- 9/1/96 Through 2/28/97 Year Ended August 31, 1996 -------------------------------- -------------------------------- Amount Shares Amount Shares --------------- -------------- --------------- -------------- Shares sold......... $ 4,366,179,320 4,366,179,320 $ 1,690,470,986 1,690,470,986 Shares issued in reinvestment of distributions..... 1,500,944 1,500,944 1,414,045 1,414,045 Shares redeemed..... (4,395,561,309) (4,395,561,309) (1,521,014,060) (1,521,014,060) --------------- -------------- --------------- -------------- Net increase (decrease) in Trust shares outstanding....... ($ 27,881,045) (27,881,045) $ 170,870,971 170,870,971 =============== ============== =============== ==============
- --------------- * Commencement of offering of class of shares. 34 111 VISTA MUTUAL FUNDS NOTES TO FINANCIAL STATEMENTS (unaudited) (continued) - --------------------------------------------------------------------------------
Vista Federal Money Market Fund ---------------------------------------------------------------- Vista Class ---------------------------------------------------------------- 9/1/96 Through 2/28/97 Year Ended August 31, 1996 ---------------------------- -------------------------------- Amount Shares Amount Shares ------------- ------------ --------------- -------------- Shares sold............ $ 216,807,286 216,807,286 $ 543,789,208 543,789,208 Shares issued in reinvestment of distributions........ 6,665,445 6,665,445 8,492,776 8,492,776 Shares redeemed........ (248,576,174) (248,576,174) (402,761,910) (402,761,910) ------------- ------------ --------------- -------------- Net increase (decrease) in Trust shares outstanding.......... ($ 25,103,443) (25,103,443) $ 149,520,074 149,520,074 ============== ============= =============== ============== Premier Class ---------------------------------------------------------------- 9/1/96 Through 2/28/97 Year Ended August 31, 1996 ---------------------------- -------------------------------- Amount Shares Amount Shares ------------- ------------ --------------- -------------- Shares sold............ $ 363,625,616 363,625,616 $ 449,345,979 449,345,979 Shares issued in reinvestment of distributions........ 6,475,197 6,475,197 10,216,010 10,216,010 Shares redeemed........ (331,917,167) (331,917,167) (359,327,225) (359,327,225) ------------- ------------ --------------- -------------- Net increase (decrease) in Trust shares outstanding.......... $ 38,183,646 38,183,646 $ 100,234,764 100,234,764 ============== ============= =============== ============== Institutional Class ---------------------------------------------------------------- 9/1/96 Through 2/28/97 Year Ended August 31, 1996 ---------------------------- -------------------------------- Amount Shares Amount Shares ------------- ------------ --------------- -------------- Shares sold............ $ 381,543,016 381,543,016 $ 1,125,386,751 1,125,386,751 Shares issued in reinvestment of distributions........ 838,653 838,653 1,206,644 1,206,644 Shares redeemed........ (406,210,481) (406,210,481) (1,098,878,521) (1,098,878,521) ------------- ------------ --------------- -------------- Net increase (decrease) in Trust shares outstanding.......... ($ 23,828,812) (23,828,812) $ 27,714,874 27,714,874 ============== ============= =============== ==============
35 112 VISTA MUTUAL FUNDS NOTES TO FINANCIAL STATEMENTS (unaudited) (continued) - --------------------------------------------------------------------------------
Vista Cash Management Fund -------------------------------------------------------------------- Vista Class -------------------------------------------------------------------- 9/1/96 Through 2/28/97 12/1/95* Through 8/31/96 -------------------------------- -------------------------------- Amount Shares Amount Shares --------------- -------------- --------------- -------------- Shares sold......... $ 6,394,240,423 6,394,240,423 $ 9,308,266,616 9,308,254,347 Shares issued in reinvestment of distributions..... 31,727,877 31,727,877 37,220,903 37,220,903 Shares redeemed..... (5,991,000,350) (5,991,000,350) (9,475,678,051) (9,475,678,057) Global Money Market Fund Acquisition....... -- -- 116,963,297 116,963,297 --------------- -------------- --------------- -------------- Net increase (decrease) in Trust shares outstanding....... $ 434,967,950 434,967,950 ($ 13,227,235) (13,239,510) =============== ============== =============== ============== Premier Class -------------------------------------------------------------------- 9/1/96 Through 2/28/97 5/6/96 Through 8/31/96** -------------------------------- -------------------------------- Amount Shares Amount Shares --------------- -------------- --------------- -------------- Shares sold......... $ 1,139,778,193 1,139,778,193 $ 686,911,897 686,911,897 Shares issued in reinvestment of distributions..... 7,872,781 7,872,781 6,444,891 6,444,891 Shares redeemed..... (1,135,549,377) (1,135,549,377) (714,261,726) (714,261,726) Global Money Market Fund Acquisition....... -- -- 454,152,332 454,152,332 --------------- -------------- --------------- -------------- Net increase (decrease) in Trust shares outstanding....... $ 12,101,597 12,101,597 $ 433,247,394 433,247,394 =============== ============== =============== ============== Institutional Class -------------------------------------------------------------------- 9/1/96 Through 2/28/97 5/6/96 Through 8/31/96** -------------------------------- -------------------------------- Amount Shares Amount Shares --------------- -------------- --------------- -------------- Shares sold......... $ 2,519,596,254 2,519,596,254 $ 1,438,773,670 1,438,773,670 Shares issued in reinvestment of distributions..... 14,065,818 14,065,818 5,302,026 5,302,026 Shares redeemed..... (2,458,134,844) (2,458,134,844) (1,134,258,632) (1,134,258,632) Global Money Market Fund Acquisition....... -- -- 347,202,428 347,202,428 --------------- -------------- --------------- -------------- Net increase (decrease) in Trust shares outstanding....... $ 75,527,228 75,527,228 $ 657,019,492 657,019,492 =============== ============== =============== ==============
- --------------- * In 1996, the CMMM changed its fiscal year end from November 30 to August 31. ** Commenced offering class of shares. 36 113 VISTA MUTUAL FUNDS NOTES TO FINANCIAL STATEMENTS (unaudited) (continued) - --------------------------------------------------------------------------------
Vista Prime Money Market Fund -------------------------------------------------------------------- B Shares -------------------------------------------------------------------- 9/1/96 Through 2/28/97 Year Ended August 31, 1996 -------------------------------- -------------------------------- Amount Shares Amount Shares --------------- -------------- --------------- -------------- Shares sold......... $ 20,078,652 20,078,652 $ 35,409,443 35,409,443 Shares issued in reinvestment of distributions..... 169,395 169,395 320,115 320,115 Shares redeemed..... (28,221,866) (28,221,866) (24,942,312) (24,942,312) --------------- -------------- --------------- -------------- Net increase (decrease) in Trust shares outstanding....... ($ 7,973,819) (7,973,819) $ 10,787,246 10,787,246 =============== ============== =============== ============== Premier Class -------------------------------------------------------------------- 9/1/96 Through 2/28/97 Year Ended August 31, 1996 -------------------------------- -------------------------------- Amount Shares Amount Shares --------------- -------------- --------------- -------------- Shares sold......... $ 1,717,130,561 1,717,130,561 $ 3,175,395,904 3,175,395,904 Shares issued in reinvestment of distributions..... 3,449,554 3,449,554 5,091,960 5,091,960 Shares redeemed..... (1,692,262,444) (1,692,262,444) (2,824,488,570) (2,824,488,570) --------------- -------------- --------------- -------------- Net increase (decrease) in Trust shares outstanding....... $ 28,317,671 28,317,671 $ 355,999,294 355,999,294 =============== ============== =============== ============== Institutional Class -------------------------------------------------------------------- 9/1/96 Through 2/28/97 Year Ended August 31, 1996 -------------------------------- -------------------------------- Amount Shares Amount Shares --------------- -------------- --------------- -------------- Shares sold......... $ 7,789,162,141 7,789,162,141 $ 9,553,681,410 9,553,681,410 Shares issued in reinvestment of distributions..... 11,256,901 11,256,901 13,615,855 13,615,855 Shares redeemed..... (7,676,175,872) (7,676,175,872) (9,028,393,096) (9,028,393,096) --------------- -------------- --------------- -------------- Net increase (decrease) in Trust shares outstanding....... $ 124,243,170 124,243,170 $ 538,904,169 538,904,169 =============== ============== =============== ==============
5. CONCENTRATION OF CREDIT RISK -- As of February 28, 1997 CMMM invested 80.8% of its net assets in financial institutions, of which 14.7% was invested in Broker Dealers, 28.5% in Banking and 37.6% in other financial service providers. PMM invested 68.6% of its net assets in financial institutions, of which 6.5% was invested in Broker Dealers, 20.8% in Banking and 41.3% in other financial service providers. General economic conditions, as well as exposure to credit losses arising from possible financial difficulties of borrowers, play an important role in the operation of the financial services industry. 37 114 VISTA MUTUAL FUNDS NOTES TO FINANCIAL STATEMENTS (unaudited) (continued) - -------------------------------------------------------------------------------- 6. TRUSTEE COMPENSATION -- The Funds have adopted an unfunded noncontributory defined benefit pension plan covering all independent trustees of the Funds who will have served as an independent trustee for at least five years at the time of retirement. Benefits under this plan are based on compensation and years of service. Pension expenses for the year ended February 28, 1997, included in Trustees Fees and Expenses in the Statement of Operations, and accrued pension liability included in other accrued liabilities in the Statement of Assets and Liabilities were as follows:
Accrued Pension Pension Fund Expenses Liability - ---------------------------------------------------------------- -------- -------- USTSMM.......................................................... $25,450 $143,934 USGMM........................................................... 56,980 307,465 TPMM............................................................ 24,740 132,924 FMM............................................................. 10,221 51,423 CMMM............................................................ 34,927 203,789 PMM............................................................. 16,064 97,768
7. ACQUISITION -- On May 6, 1996, The Vista 100% U.S. Treasury Securities Money Market Fund acquired the net assets of the Hanover 100% U.S. Treasury Securities Fund in a tax-free reorganization. At the time of the reorganization, the acquired Fund had approximately $321 million in net assets. The Vista Fund had no assets prior to the acquisition. Also on May 6, 1996, the Vista Treasury Plus Money Market Fund, the Vista U.S. Government Money Market Fund and Vista Cash Management Fund acquired all the net assets of the following Hanover Money Market Funds: The U.S. Treasury Fund, The Government Fund and The Cash Management Fund, respectively, pursuant to a plan of reorganization approved by Hanover Fund shareholders in April of 1996. The acquisition was accomplished by a tax-free exchange of shares, at $1 per share, as shown in the table below. With respect to the mergers of USTSMM and CMMM, the accounting survivor was determined to be the respective Hanover Fund. The information included in the financial statements for USTSMM and CMMM for the period prior to May 6, 1996 relates to the predecessor Hanover Fund.
The The The Cash HANOVER MONEY U.S. Treasury Government Management MARKET FUNDS Fund Fund Fund -------------- --------------- -------------- Hanover Shares Exchanged.......................... 1,658,435,519 1,551,339,231 1,521,305,012 ------------ ------------ -----------
Cash Treasury Plus U.S. Government Management VISTA MONEY MARKET FUNDS Fund Fund Fund -------------- --------------- -------------- Vista Shares Issued............................... 1,658,435,519 1,551,339,231 1,521,305,012 Aggregate Net Assets After Acquisition............ $1,823,107,460 $4,130,007,607 $2,439,610,451
38 115 SELECTED PER SHARE DATA AND RATIOS FOR A SHARE OF BENEFICIAL INTEREST OUTSTANDING Throughout each period indicated (unaudited) - --------------------------------------------------------------------------------
Vista 100% U.S. Treasury Securities Money Market Fund --------------------------------------------------------------------------------- Premier Vista Shares Shares ----------------------------------------------------------------------- ------- 9/1/96 12/1/95* Year Ended November 30, 9/1/96 Through Through --------------------------------------------- Through 2/28/97 8/31/96 1995 1994 1993 1992 2/28/97 ---------- ---------- ---------- ---------- -------- -------- ------- Per Share Operating Performance Net Asset Value, Beginning of Period...... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 ------- ------- ------- ------- ------- ------ ------- Income from Investment Operations Net Investment Income.................... 0.024 0.035 0.050 0.033 0.026 0.033 0.024 ------- ------- ------- ------- ------- ------ ------- Less Dividends from Net Investment Income................................. 0.024 0.035 0.050 0.033 0.026 0.033 0.024 ------- ------- ------- ------- ------- ------ ------- Net Assets Value, End of Period........... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 ======= ======= ======= ======= ======= ====== ======= Total Return.............................. 2.37% 3.50% 5.15% 3.32% 2.62% 3.33% 2.39% ==== ==== ==== ==== ==== ==== ===== Ratios/Supplemental Data Net Assets, End of Period (000 omitted)............................... $1,729,930 $1,671,603 $1,337,549 $1,024,125 $873,631 $383,688 $3,700 Ratio of Expenses to Average Net Assets#................................ 0.59% 0.60% 0.58% 0.59% 0.58% 0.55% 0.55% Ratio of Net Investment Income to Average Net Assets#............................ 4.69% 4.58% 4.99% 3.26% 2.58% 3.28% 4.74% Ratio of Expenses Without Waivers and Assumption of Expenses to Average Net Assets#................................ 0.71% 0.68% 0.61% 0.62% 0.61% 0.67% 0.80% Ratio of Net Investment Income Without Waivers and Assumption of Expenses to Average Net Assets#.................... 4.57% 4.50% 4.96% 3.23% 2.55% 3.16% 4.49% Vista 100% U.S. Treasury Securities Money Market Fund ----------------------------------------------------- Premier Institutional Shares Shares ------- ------------------- 6/3/96** 9/1/96 6/3/96** Through Through Through 8/31/96 2/28/97 8/31/96 -------- -------- -------- Per Share Operating Performance Net Asset Value, Beginning of Period...... $ 1.00 $ 1.00 $ 1.00 ------- Income from Investment Operations Net Investment Income.................... 0.011 0.025 0.012 ------- Less Dividends from Net Investment Income................................. 0.011 0.025 0.012 ------- Net Assets Value, End of Period........... $ 1.00 $ 1.00 $ 1.00 ======= Total Return.............................. 1.11% 2.54% 1.23% ===== ==== ===== Ratios/Supplemental Data Net Assets, End of Period (000 omitted)............................... $ 227 $123,090 $ 1 Ratio of Expenses to Average Net Assets#................................ 0.42% 0.27% 0.21% Ratio of Net Investment Income to Average Net Assets#............................ 3.45% 5.01% 3.65% Ratio of Expenses Without Waivers and Assumption of Expenses to Average Net Assets#................................ 0.42% 0.27% 0.21% Ratio of Net Investment Income Without Waivers and Assumption of Expenses to Average Net Assets#.................... 3.45% 5.01% 3.65%
- --------------- * In 1996, the Fund changed its fiscal year from November 30 to August 31, see Note 7. ** Commencement of offering class of shares. # Short periods have been annualized. See notes to financial statements. 39 116 SELECTED PER SHARE DATA AND RATIOS FOR A SHARE OF BENEFICIAL INTEREST OUTSTANDING Throughout each period indicated (unaudited) (continued) - --------------------------------------------------------------------------------
Vista U.S. Government Money Market Fund ---------------------------------------------------- Vista Shares ---------------------------------------------------- 9/1/96 9/1/95 9/1/94 11/1/93 Through Through Through Through 2/28/97 8/31/96 8/31/95 8/31/94++ ---------- ---------- -------- --------- Per Share Operating Performance Net Asset Value, Beginning of Period.................................. $ 1.00 $ 1.00 $ 1.00 $ 1.00 ---------- ---------- -------- --------- Income from Investment Operations: Net Investment Income................................................ 0.024 0.049 0.049 0.025 ---------- ---------- -------- --------- Less Dividends from Net Investment Income............................ 0.024 0.049 0.049 0.025 ---------- ---------- -------- --------- Net Asset Value, End of Period........................................ $ 1.00 $ 1.00 $ 1.00 $ 1.00 ========== ========== ======== ========= Total Return.......................................................... 2.44% 4.97% 5.05% 2.48% ===== ===== ===== ====== Ratios/Supplemental Data: Net Assets, End of Period (000 omitted)............................... $2,074,251 $2,057,023 $341,336 $335,365 Ratio of Expenses to Average Net Assets#............................. 0.59% 0.65% 0.80% 0.80% Ratio of Net Investment Income to Average Net Assets#................ 4.85% 4.83% 4.93% 2.94% Ratio of Expenses Without Waivers and Assumption of Expenses to Average Net Assets#................................................ 0.72% 0.73% 0.80% 0.80% Ratio of Net Investment Income Without Waivers and Assumption of Expenses to Average Net Assets #................................... 4.72% 4.75% 4.93% 2.94% Vista U.S. Government Money Market Fund ---------------------------------------------------- Vista Shares ------------ 1/1/93* Through 10/31/93 -------- Per Share Operating Performance Net Asset Value, Beginning of Period.................................. $ 1.00 -------- Income from Investment Operations: Net Investment Income................................................ 0.019 -------- Less Dividends from Net Investment Income............................ 0.019 -------- Net Asset Value, End of Period........................................ $ 1.00 ======== Total Return.......................................................... 2.02% ===== Ratios/Supplemental Data: Net Assets, End of Period (000 omitted)............................... $323,498 Ratio of Expenses to Average Net Assets#............................. 0.82% Ratio of Net Investment Income to Average Net Assets#................ 2.39% Ratio of Expenses Without Waivers and Assumption of Expenses to Average Net Assets#................................................ 0.82% Ratio of Net Investment Income Without Waivers and Assumption of Expenses to Average Net Assets #................................... 2.39%
- --------------- * Commencement of sale of shares. # Short Periods have been annualized. ++ In 1994 USGMM changed its fiscal year-end from October 31 to August 31. See notes to financial statements. 40 117 SELECTED PER SHARE DATA AND RATIOS FOR A SHARE OF BENEFICIAL INTEREST OUTSTANDING Throughout each period indicated (unaudited) (continued) - --------------------------------------------------------------------------------
Vista U.S. Government Money Market Fund -------------------------------------------------------------------------------------------- Institutional Premier Shares Shares ------------------------------------------------------------------------------- ---------- 9/1/96 9/1/95 9/1/94 11/1/93 Year 7/1/92 Year 9/1/96 Through Through Through Through Ended Through Ended Through 2/28/97 8/31/96 8/31/95 8/31/94++ 10/31/93 10/31/92** 6/30/92 2/28/97 -------- -------- -------- --------- ---------- ---------- -------- ---------- Per Share Operating Performance Net Asset Value, Beginning of Period......................... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 -------- -------- -------- --------- ---------- ---------- -------- ---------- Income from Investment Operations Net Investment Income.......... 0.024 0.050 0.052 0.027 0.027 0.010 0.041+ 0.026 -------- -------- -------- --------- ---------- ---------- -------- ---------- Less Dividends from Net Investment Income............ 0.024 0.050 0.052 0.027 0.027 0.010 0.041+ 0.026 -------- -------- -------- --------- ---------- ---------- -------- ---------- Net Asset Value, End of Period......................... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 ========== ========== ========== =========== ============ ============ ========== ============ Total Return.................... 2.46% 5.15% 5.31% 2.70% 2.70% 0.98% 4.68% 2.61% ==== ==== ==== ===== ==== ===== ==== ==== Ratios/Supplemental Data: Net Assets, End of Period (000 omitted)....................... $977,429 $801,665 $763,609 $545,999 $1,069,704 $108,505 $ 78,795 $2,458,314 Ratio of Expenses to Average Net Assets#.................. 0.55% 0.55% 0.55% 0.55% 0.55% 0.58% 0.57% 0.24% Ratio of Net Investment Income to Average Net Assets#....... 4.89% 5.04% 5.22% 3.13% 2.66% 2.87% 4.10% 5.19% Ratio of Expenses Without Waivers and Assumption of Expenses to Average Net Assets#...................... 0.60% 0.59% 0.59% 0.61% 0.67% 0.70% 0.64% 0.24% Ratio of Net Investment Income Without Waivers and Assumption of Expenses to Average Net Assets#.......... 4.84% 5.00% 5.18% 3.07% 2.54% 2.75% 4.03% 5.19% Vista U.S. Government Money Market Fund --------------------------------------- Institutional Shares --------------------------------------- 9/1/95 9/1/94 12/10/93* Through Through Through 8/31/96 8/31/95 8/31/94++ ---------- -------- ---------- Per Share Operating Performance Net Asset Value, Beginning of Period......................... $ 1.00 $ 1.00 $ 1.00 ---------- -------- ---------- Income from Investment Operations Net Investment Income.......... 0.053 0.055 0.026 ---------- -------- ---------- Less Dividends from Net Investment Income............ 0.053 0.055 0.026 ---------- -------- ---------- Net Asset Value, End of Period......................... $ 1.00 $ 1.00 $ 1.00 ============ ========== ============ Total Return.................... 5.45% 5.60% 2.61% ==== ==== ===== Ratios/Supplemental Data: Net Assets, End of Period (000 omitted)....................... $1,181,763 $466,083 $212,810 Ratio of Expenses to Average Net Assets#.................. 0.27% 0.27% 0.27% Ratio of Net Investment Income to Average Net Assets#....... 5.30% 5.58% 3.81% Ratio of Expenses Without Waivers and Assumption of Expenses to Average Net Assets#...................... 0.27% 0.28% 0.27% Ratio of Net Investment Income Without Waivers and Assumption of Expenses to Average Net Assets#.......... 5.30% 5.57% 3.81%
- --------------- * Commencement of sale of shares. # Short Periods have been annualized. + Includes .001 realized gain from investments, and distribution of gains. ** In 1992 the Trinity Government Fund, the predecessor to the Vista U.S. Government Money Market Fund, changed its fiscal year-end from June 30 to October 31. ++ In 1994 USGMM changed its fiscal year-end from October 31 to August 31. See notes to financial statements. 41 118 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 ----------------------------------------------------------------------------------- Institutional Vista Shares Premier Shares Shares ------------------------ ------------------------------------------- -------- 9/1/96 5/6/96* 9/1/96 9/1/95 9/1/94 4/22/94* 9/1/96 Through Through Through Through Through Through Through 2/28/97 8/31/96 2/28/97 8/31/96 8/31/95 8/31/94 2/28/97 ---------- ---------- -------- -------- ------- -------- -------- Per Share Operating Performance Net Asset Value, Beginning of Period............................ $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 ---------- -------- ------- ------ -------- ------- ------- Income from Investment Operations Net Investment Income............. 0.023 0.015 0.024 0.050 0.050 0.014 0.025 ---------- -------- ------- ------ -------- ------- ------- Less Dividends from Net Investment Income.......................... 0.023 0.015 0.024 0.050 0.050 0.014 0.025 ---------- -------- ------- ------ -------- ------- ------- Net Asset Value, End of Period..... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 ========== ======== ======= ====== ======== ======= ======= Total Return....................... 2.36% 1.50% 2.40% 5.07% 5.17% 1.37% 2.52% ===== ===== ===== ===== ====== ====== ===== Ratios/Supplemental Data Net Assets, End of Period (000 omitted)................... $1,460,364 $1,382,184 $123,023 $106,011 $18,572 $ 36 $160,611 Ratio of Expenses to Average Net Assets#......................... 0.59% 0.59% 0.51% 0.52% 0.50% 0.49% 0.26% Ratio of Net Investment Income to Average Net Assets#............. 4.69% 4.63% 4.77% 4.85% 5.23% 3.85% 5.02% Ratio of Expenses Without Waivers and Assumption of Expenses to Average Net Assets#............. 0.71% 0.73% 0.51% 0.63% 1.57% 0.89% 0.26% Ratio of Net Investment Income Without Waivers and Assumption of Expenses to Average Net Assets#......................... 4.57% 4.49% 4.77% 4.74% 4.16% 3.46% 5.02% Vista Treasury Plus Money Market Fund ------------------------------------- Institutional Shares ------------- 9/1/95 9/1/94 4/20/94** Through Through Through 8/31/96 8/31/95 8/31/94 -------- ------- --------- Per Share Operating Performance Net Asset Value, Beginning of Period............................ $ 1.00 $ 1.00 $ 1.00 -------- ------ ------- Income from Investment Operations Net Investment Income............. 0.052 0.053 0.014 ------- ----- ------ Less Dividends from Net Investment Income.......................... 0.052 0.053 0.014 ------- ------ ------ Net Asset Value, End of Period..... $ 1.00 $ 1.00 $ 1.00 ======== ====== ======= Total Return....................... 5.29% 5.36% 1.45% ===== ====== ====== Ratios/Supplemental Data Net Assets, End of Period (000 omitted)................... $188,513 $17,636 $14,976 Ratio of Expenses to Average Net Assets#......................... 0.30% 0.32% 0.32% Ratio of Net Investment Income to Average Net Assets#............. 5.11% 5.21% 3.93% Ratio of Expenses Without Waivers and Assumption of Expenses to Average Net Assets#............. 0.38% 0.89% 0.53% Ratio of Net Investment Income Without Waivers and Assumption of Expenses to Average Net Assets#......................... 5.03% 4.64% 3.72%
- --------------- # Short periods have been annualized. * Commencement of offering of classes of shares. ** Commencement of operations. See notes to financial statements. 42 119 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 -------------------------------------------- ----------------------------------------- 9/1/96 9/1/95 9/1/94 5/9/94* 9/1/96 9/1/95 9/1/94 4/22/94* Through Through Through Through Through Through Through Through 2/28/97 8/31/96 8/31/95 8/31/94 2/28/97 8/31/96 8/31/95 8/31/94 --------- --------- --------- -------- -------- -------- -------- -------- Per Share Operating Performance Net Asset Value, Beginning of Period......................... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 -------- -------- ------- -------- -------- ------- -------- -------- Income from Investment Operations Net Investment Income.......... 0.023 0.048 0.051 0.013 0.024 0.050 0.053 0.015 -------- -------- ------- -------- -------- ------- -------- -------- Less Dividends from Net Investment Income............ 0.023 0.048 0.051 0.013 0.024 0.050 0.053 0.015 -------- -------- ------- -------- -------- ------- -------- -------- Net Asset Value, End of Period......................... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 ======== ======== ======= ======== ======== ======= ======== ======== Total Return.................... 2.37% 4.83% 5.20% 1.26% 2.47% 5.14% 5.40% 1.47% ==== ==== ==== ===== ==== ==== ==== ===== Ratios/Supplemental Data Net Assets, End of Period (000 omitted).................. $ 327,818 $ 352,934 $ 203,399 $19,955 $286,928 $248,757 $148,512 $55,768 Ratio of Expenses to Average Net Assets#.................. 0.70% 0.70% 0.69% 0.40% 0.50% 0.50% 0.49% 0.35% Ratio of Net Investment Income to Average Net Assets#....... 4.70% 4.79% 5.16% 4.36% 4.90% 4.99% 5.32% 4.38% Ratio of Expenses Without Waivers and Assumption of Expenses to Average Net Assets#...................... 0.83% 0.93% 0.93% 1.02% 0.52% 0.52% 0.59% 0.74% Ratio of Net Investment Income Without Waivers and Assumption of Expenses to Average Net Assets#.......... 4.57% 4.56% 4.92% 3.74% 4.88% 4.97% 5.22% 4.00% Vista Federal Money Market Fund ------------------------------- Institutional Shares ------------------------------------------ 9/1/96 9/1/95 9/1/94 4/20/94** Through Through Through Through 2/28/97 8/31/96 8/31/95 8/31/94 -------- -------- -------- --------- Per Share Operating Performance Net Asset Value, Beginning of Period......................... $ 1.00 $ 1.00 $ 1.00 $ 1.00 -------- -------- -------- -------- Income from Investment Operations Net Investment Income.......... 0.026 0.052 0.054 0.015 -------- -------- -------- -------- Less Dividends from Net Investment Income............ 0.026 0.052 0.054 0.015 -------- -------- -------- -------- Net Asset Value, End of Period......................... $ 1.00 $ 1.00 $ 1.00 $ 1.00 ======== ======== ======== ======== Total Return.................... 2.58% 5.35% 5.57% 1.54% ==== ==== ==== ===== Ratios/Supplemental Data Net Assets, End of Period (000 omitted).................. $117,464 $141,312 $113,591 $117,364 Ratio of Expenses to Average Net Assets#.................. 0.27% 0.30% 0.31% 0.30% Ratio of Net Investment Income to Average Net Assets#....... 5.13% 5.20% 5.45% 4.26% Ratio of Expenses Without Waivers and Assumption of Expenses to Average Net Assets#...................... 0.27% 0.30% 0.37% 0.49% Ratio of Net Investment Income Without Waivers and Assumption of Expenses to Average Net Assets#.......... 5.13% 5.20% 5.39% 4.06%
- --------------- # Short periods have been annualized. * Commencement of offering of classes of shares. ** Commencement of operations. See notes to financial statements. 43 120 SELECTED PER SHARE DATA AND RATIOS FOR A SHARE OF BENEFICIAL INTEREST OUTSTANDING Throughout each period indicated (unaudited) (continued) - --------------------------------------------------------------------------------
Vista Cash Management Fund --------------------------------------------------------------------------------- Premier Vista Shares Shares ---------------------------------------------------------------------- -------- 9/1/96 12/1/95* Year Ended November 30, 9/1/96 Through Through ------------------------------------------- Through 2/28/97 8/31/96 1995 1994 1993 1992 2/28/97 ----------- ---------- ---------- -------- -------- -------- -------- Per Share Operating Performance Net Asset Value, Beginning of Period...... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 ---------- ---------- -------- -------- -------- -------- -------- Income from Investment Operations: Net Investment Income.................... 0.024 0.037 0.054 0.036 0.027 0.035 0.025 ---------- ---------- -------- -------- -------- -------- -------- Less Dividends from Net Investment Income................................. 0.024 0.037 0.054 0.036 0.027 0.035 0.025 ---------- ---------- -------- -------- -------- -------- -------- Net Assets Value, End of Period........... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 ========== ========== ======== ======== ======== ======== ======== Total Return.............................. 2.45% 3.69% 5.49% 3.62% 2.74% 3.51% 2.50% ==== ==== ==== ==== ==== ==== ==== Ratios/Supplemental Data Net Assets, End of Period (000 omitted).......................... $ 2,056,188 $1,621,212 $1,634,493 $990,045 $861,025 $560,173 $445,405 Ratio of Expenses to Average Net Assets#................................ 0.59% 0.60% 0.58% 0.58% 0.61% 0.67% 0.50% Ratio of Net Investment Income to Average Net Assets#............................ 4.90% 4.91% 5.35% 3.62% 2.70% 3.41% 4.98% Ratio of Expenses Without Waivers and Assumption of Expenses to Average Net Assets#................................ 0.63% 0.63% 0.62% 0.62% 0.64% 0.72% 0.51% Ratio of Net Investment Income Without Waivers and Assumption of Expenses to Average Net Assets#.................... 4.86% 4.88% 5.31% 3.58% 2.67% 3.36% 4.97% Vista Cash Management Fund ------------------------------ Premier Institutional Shares Shares ------- ------------------- 5/6/96** 9/1/96 5/6/96** Through Through Through 8/31/96 2/28/97 8/31/96 -------- -------- -------- Per Share Operating Performance Net Asset Value, Beginning of Period...... $ 1.00 $ 1.00 $ 1.00 -------- -------- -------- Income from Investment Operations: Net Investment Income.................... 0.016 0.026 0.017 -------- -------- -------- Less Dividends from Net Investment Income................................. 0.016 0.026 0.017 -------- -------- -------- Net Assets Value, End of Period........... $ 1.00 $ 1.00 $ 1.00 ======== ======== ======== Total Return.............................. 1.61% 2.63% 1.69% ==== ==== ==== Ratios/Supplemental Data Net Assets, End of Period (000 omitted).......................... $433,302 $732,532 $657,002 Ratio of Expenses to Average Net Assets#................................ 0.50% 0.24% 0.25% Ratio of Net Investment Income to Average Net Assets#............................ 4.93% 5.24% 5.22% Ratio of Expenses Without Waivers and Assumption of Expenses to Average Net Assets#................................ 0.52% 0.24% 0.25% Ratio of Net Investment Income Without Waivers and Assumption of Expenses to Average Net Assets#.................... 4.91% 5.24% 5.22%
- --------------- * In 1996, the Fund changed its fiscal year from November 30 to August 31, see Note 7. ** Commencement of offering class of shares. # Short periods have been annualized. See notes to financial statements. 44 121 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 -------------------------------------------- -------------------------------- 9/1/96 9/1/95 9/1/94 11/15/93** 9/1/96 9/1/95 9/1/94 Through Through Through Through Through Through Through 2/28/97 8/31/96 8/31/95 8/31/94 2/28/97 8/31/96 8/31/95 -------- -------- ------- --------- -------- -------- -------- Per Share Operating Performance Net Asset Value, Beginning of Period... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 -------- -------- ------- --------- -------- -------- -------- Income from Investment Operations Net Investment Income............... 0.025 0.052 0.053 0.027 0.026 0.054 0.055 Net Realized Loss on Securities..... -- -- (0.003) -- -- -- (0.003) -------- -------- ------- --------- -------- -------- -------- Total Income from Investment Operations......................... 0.025 0.052 0.050 0.027 0.026 0.054 0.052 -------- -------- ------- --------- -------- -------- -------- Voluntary Capital Contribution...... -- -- 0.003 -- -- -- 0.003 Less Dividends from Net Investment Income............................. 0.025 0.052 0.053 0.027 0.026 0.054 0.055 -------- -------- ------- --------- -------- -------- -------- Net Asset Value, End of Period......... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 ========= ========= ======== ========== ========= ========= ========= Total Return........................... 2.55% 5.32% 5.44% 2.75% 2.65% 5.51% 5.62% ==== ==== ==== ===== ==== ==== ==== Ratios/Supplemental Data: Net Assets, End of Period (000 omitted)....................... $447,056 $418,736 $62,737 $73,253 $848,792 $724,544 $185,640 Ratio of Expenses to Average Net Assets#............................. 0.45% 0.45% 0.45% 0.45% 0.25% 0.26% 0.27% Ratio of Net Investment Income to Average Net Assets#................. 5.07% 5.18% 5.24% 3.15% 5.27% 5.33% 5.57% Ratio of Expenses Without Waivers and Assumption of Expenses to Average Net Assets #........................ 0.53% 0.51% 0.65% 0.56% 0.25% 0.26% 0.35% Ratio of Net Investment Income Without Waivers and Assumption of Expenses to Average Net Assets#.............. 4.99% 5.12% 5.04% 3.04% 5.27% 5.33% 5.49% Vista Prime Money Market Fund -------------------------------------------------------- Institutional Shares B Shares --------- ------------------------------------------- 4/26/94* 9/1/96 9/1/95 9/1/94 4/21/94* Through Through Through Through Through 8/31/94 2/28/97 8/31/96 8/31/95 8/31/94 --------- -------- ------- -------- -------- Per Share Operating Performance Net Asset Value, Beginning of Period... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 --------- -------- ------- -------- -------- Income from Investment Operations Net Investment Income............... 0.014 0.021 0.042 0.043 0.011 Net Realized Loss on Securities..... -- -- -- (0.003) -- --------- -------- ------- -------- -------- Total Income from Investment Operations......................... 0.014 0.021 0.042 0.040 0.011 --------- -------- ------- -------- -------- Voluntary Capital Contribution...... -- -- -- 0.003 -- Less Dividends from Net Investment Income............................. 0.014 0.021 0.042 0.043 0.011 --------- -------- ------- -------- -------- Net Asset Value, End of Period......... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 ========== ========= ======== ========= ========= Total Return........................... 1.50% 2.03% 4.25% 4.37% 1.11% ===== ==== ==== ===== ===== Ratios/Supplemental Data: Net Assets, End of Period (000 omitted)....................... $57,961 $ 7,694 $15,667 $4,880 $1,452 Ratio of Expenses to Average Net Assets#............................. 0.27% 1.47% 1.47% 1.47% 1.47% Ratio of Net Investment Income to Average Net Assets#................. 4.21% 4.05% 4.17% 4.33% 2.96% Ratio of Expenses Without Waivers and Assumption of Expenses to Average Net Assets #........................ 0.37% 1.52% 1.71% 2.53% 1.67% Ratio of Net Investment Income Without Waivers and Assumption of Expenses to Average Net Assets#.............. 4.11% 4.00% 3.93% 3.27% 2.76%
- --------------- # Short periods have been annualized. * Commencement of offering of classes of shares. ** Commencement of operations. See notes to financial statements. 45 122 VISTA SERVICE CENTER P.O. BOX 419392 KANSAS CITY, MO 64179 Investment Adviser, Administrator, Shareholder and Fund Servicing Agent and Custodian The Chase Manhattan Bank Distributor Vista Fund Distributors, Inc. Transfer Agent DST Systems, Inc. Legal Counsel Simpson Thacher & Bartlett Independent Accountants Price Waterhouse LLP Vista Mutual funds are distributed by Vista fund Distributors, Inc., which is unaffiliated with The Chase Manhattan Bank. Chase and its respective affiliates receive compensation from the Vista Funds for providing investment advisory and other services. This report is submitted for the general information of the shareholders of the funds. It is not authorized for distribution to prospective investors in the funds unless preceded or accompanies by a prospectus. To obtain a prospectus for any of the Vista funds, call 1-800-34-VISTA. The prospectus contains more complete information, including charges and expenses. Please read it carefully before you invest or send money. The financial information in this report has been taken from the books and records of the Funds without examination by independent accountants, who express no opinion thereto. VMM-3-497 -----END PRIVACY-ENHANCED MESSAGE-----