-----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, CDrv/4CxU8pLWGufStrBJFiQQ56Ao2xZ7bxwOEymdiqqlpYBBIBkHNBXz4MD5RBf OFSA1qpDwsDGDrcVLjP7dQ== 0000950123-98-008750.txt : 19981006 0000950123-98-008750.hdr.sgml : 19981006 ACCESSION NUMBER: 0000950123-98-008750 CONFORMED SUBMISSION TYPE: N-30D/A PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 19970831 FILED AS OF DATE: 19981005 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/A SEC ACT: SEC FILE NUMBER: 811-08358 FILM NUMBER: 98720740 BUSINESS ADDRESS: STREET 1: 1 CHASE MANHATTAN PLAZA STREET 2: 3RD FLOOR CITY: NEW YORK STATE: NY ZIP: 10081 MAIL ADDRESS: STREET 1: ONE CHASE SQUARE 7TH FLOOR CITY: ROCHESTER STATE: NY ZIP: 14643 N-30D/A 1 MUTUAL FUND TRUST 1 [PHOTO] VISTA TAX FREE MONEY MARKET FUNDS ANNUAL REPORT ------------------------------- Vista. Setting the Global Standard. VISTA TAX FREE MONEY MARKET FUND VISTA NEW YORK TAX FREE MONEY MARKET FUND VISTA CALIFORNIA TAX FREE MONEY MARKET FUND [VISTA LOGO] AUGUST 31, 1997 2 [PHOTO] HIGHLIGHTS U.S. economic growth and supply and demand issues were the primary drivers of the short-term tax-free market during the reporting year. - - The Federal Reserve Board adjusted the Federal Funds rate only once, a 0.25% increase in March, 1997. - - Over the course of the year, the yield on the one-year Treasury bill declined from 5.90% to 5.56%.
- -------------------------------------------------------------- CONTENTS - -------------------------------------------------------------- Chairman's Letter 1 Vista Tax Free Money Market Fund 2-21 Fund Commentary - Portfolio of Investments Vista New York Tax Free Money Market Fund 22-35 Fund Commentary - Portfolio of Investments Vista California Tax Free Money Market Fund 36-42 Fund Commentary - Portfolio of Investments Financial Statements 43-45 Notes to Financial Statements 46-51 Per Share Data 52-55 Report of Independent Accountants 56 - --------------------------------------------------------------
- ------------------------------------------------------------------------------- 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. - ------------------------------------------------------------------------------- 3 VISTA FAMILY OF MUTUAL FUNDS CHAIRMAN'S LETTER October 10, 1997 Dear Shareholder: We are pleased to present this annual report on each of the Vista Tax-Free Money Market Funds. Inside, you'll find current seven-day yields and taxable equivalent yields for each fund as of August 29, 1997, as well as listings of current holdings. EXCEPTIONAL U.S. ECONOMY CHALLENGES TRADITIONAL THINKING During the reporting year, the U.S. economy painted a near-perfect picture, one characterized by substantial economic growth, excellent corporate performance, strong job creation and the absence of inflationary pressures. This combination of factors challenged the traditional economic view that a growing economy and low unemployment inevitably lead to inflation and higher interest rates. While bond markets remained highly sensitive to any signs of inflation throughout the year-and the Federal Reserve Board raised the Federal Funds rate in March as a preemptive strike-both inflation and interest rates were trending downward as the reporting year ended. For tax-free money market funds, supply and demand issues also proved challenging throughout the year as investors continued to use the funds as a short-term home for assets ultimately intended for taxes or long-term investments. In this environment of fluctuating assets and changing perceptions of economic growth, Vista's portfolio management team kept a strong focus on maintaining your fund's stability, liquidity and attractive yield. On behalf of the management team and everyone at Vista, I thank you for the confidence you've placed in us. We look forward to serving your investment needs for many years to come. Sincerely, /s/ FERGUS REID Fergus Reid Chairman 1 4 ABOUT YOUR FUND VISTA TAX FREE MONEY MARKET FUND
- ------------------------------------------------------------------- FUND FACTS - ------------------------------------------------------------------- OBJECTIVE: High current tax free income consistent with capital preservation* PRIMARY INVESTMENTS: Short-term municipal obligations SUGGESTED INVESTMENT TIME FRAME: Short-term SHARE CLASSES OFFERED: Vista, Premier and Institutional Shares AS OF AUGUST 31, 1997 NET ASSETS: $957 Million AVERAGE MATURITY: 72 days S&P RATING: Not rated MOODY'S RATING: Not rated NAIC RATING: Not rated - -------------------------------------------------------------------
* A portion of the Fund's income may be subject to the Alternative Minimum Tax (AMT), and some investors may be subject to certain state and local taxes.
- -------------------------------------------------------------- MATURITY SCHEDULE AS OF 8/31/97 - -------------------------------------------------------------- 1-7 days: . . . . . . . . . . . . . . . . . . . . . . 58.25% 8-14 days: . . . . . . . . . . . . . . . . . . . . . 0.50% 15-21 days: . . . . . . . . . . . . . . . . . . . . . 1.91% 22-30 days: . . . . . . . . . . . . . . . . . . . . . 1.75% 31-60 days: . . . . . . . . . . . . . . . . . . . . . 7.42% 61-90 days: . . . . . . . . . . . . . . . . . . . . . 7.15% 91+ days: . . . . . . . . . . . . . . . . . . . . . . 23.02% - --------------------------------------------------------------
The financial information presented on this page has been taken from the books and records of the Funds without examination by independent accountants, who express no opinion thereto. 2 5 VISTA TAX FREE MONEY MARKET FUND PORTFOLIO COMPOSITION AS OF 8/31/97 FLOATING RATE DEMAND NOTES 51.8% COMMERCIAL PAPER 14.8% OTHER FIXED RATES/REVENUE BONDS 8.3% TAX & REVENUE ANTICIPATION NOTES 8.1% GENERAL OBLIGATIONS 6.9% TENDER OPTION 4.4% PUTS 1.8% OTHER 3.9%
- --------------------------------------------------------------------- VISTA TAX FREE MONEY MARKET FUND AS OF 8/31/97(1) - --------------------------------------------------------------------- 7-DAY TAXABLE SEC YIELD(2) EQUIVALENT YIELD(3) Vista Shares 2.98% 4.93% Premier Shares 3.06% 5.07% Institutional Shares 3.31% 5.48% - ---------------------------------------------------------------------
(1) Past performance is not a guarantee of future results. Yields will fluctuate. An investment is neither insured nor guaranteed by the U.S. government and there can be no assurance that the funds will maintain a stable Net Asset Value of $1.00 per share. (2) The yield for Vista Shares reflects the voluntary waiver of certain expenses and the assumption of certain expenses otherwise payable by the Fund. Without waivers, the yield would have been 2.85%. This voluntary waiver may be modified or terminated at any time, which would reduce performance. (3) Taxable equivalent yields are calculated based on the SEC yield divided by 1 minus the effective tax rate. The effective federal tax rate used for this illustration is 39.6%. A portion of the Fund's income may be subject to the Alternative Minimum Tax (AMT), and some investors may be subject to certain state and local taxes. The financial information presented on this page has been taken from the books and records of the Funds without examination by independent accountants, who express no opinion thereto. 3 6 ........................... VISTA TAX FREE MONEY MARKET FUND PORTFOLIO OF INVESTMENTS August 31, 1997
Principal Amount Issuer Value - ----------------------------------------------------------- STATE & MUNICIPAL OBLIGATIONS--102.1% - ----------------------------------------------------------- ALABAMA--1.0% ------------------------------- $ 4,320,000 Enterprise, Alabama, IDB, IDR, Taxable, Coffee Gin Co., FRDN, 3.50%, 09/04/97 $ 4,320,000 1,500,000 St. Clair County, Alabama, IDB, National Cement Co., Inc., Project II, FRDN, 3.45%, 09/04/97 1,500,000 3,500,000 Tuscaloosa County, Alabama, Board of Education, Capital Outlay Warrants, Ser. B, FRDN, 3.38%, 09/04/97 3,500,000 ------------ 9,320,000 ------------ ARIZONA--3.2% ------------------------------- 12,300,000 Apache County, Arizona, IDA, Tucson Electric, 83C, FRDN, 3.45%, 09/03/97 12,300,000 7,200,000 Maricopa County, Arizona, School District No. 006, Washington Elementary Projects of 1996, Ser. B, GO, 5.63%, 07/01/98 7,306,891 1,500,000 Pima County, Arizona, IDA, Loans to Lenders, Multi-Family Housing, 8.50%, 09/03/97 1,500,000 6,100,000 Pima County, Arizona, IDA, Tucson Electric, FRDN, 3.45%, 09/03/97 6,100,000 5,000,000 Salt River Project, Arizona, CP, 3.75%, 09/12/97 5,000,000 ------------ 32,206,891 ------------ ARKANSAS--3.5% ------------------------------- 1,445,000 Arkansas State, Development Financing Authority, ADFA Guarantee Program, Ser. A, Rev., 3.85%, 02/01/98 1,445,174 13,450,000 Little Rock, Arkansas, Health Facilities Board, Southwest Hospital, FRDN, 3.40%, 09/04/97 13,450,000
4 See notes to financial statements. 7 ........................... VISTA TAX FREE MONEY MARKET FUND PORTFOLIO OF INVESTMENTS August 31, 1997 (continued)
Principal Amount Issuer Value - ----------------------------------------------------------- STATE & MUNICIPAL OBLIGATIONS--(CONTINUED) - ----------------------------------------------------------- $ 4,400,000 Fayetteville, Arkansas, Public Facilities Board, Butterfield Trail Village, FRDN, 3.75%, 09/02/97 $ 4,400,000 14,600,000 University of Arkansas, UAMS Campus, FRDN, 3.35%, 09/03/97 14,600,000 ------------ 33,895,174 ------------ CALIFORNIA--2.5% ------------------------------- 8,250,000 Butte County, California, Office of Education, TRAN, 4.50%, 07/31/98 8,296,225 10,550,000 California Higher Education Loan Authority Inc., Student Loan, Ser. A, Rev., 3.95%, 06/01/98 10,550,000 5,000,000 California School Cash Reserve Program Authority Pool, Ser. A, Rev., 4.75%, 07/02/98 5,035,945 ------------ 23,882,170 ------------ COLORADO--6.4% ------------------------------- 10,000,000 Arapahoe County, Colorado, School District No. 005, Cherry Creek, TAN, 4.50%, 06/30/98 10,051,800 7,200,000 Colorado Health Facilities Authority, Frasier Meadows Manor, FRDN, 3.40%, 09/04/97 7,200,000 Denver, Colorado, City & County Airport, 25,000,000 Sub-Ser. B, FRDN, 3.40%, 09/04/97 25,000,000 2,500,000 Sub-Ser. C, FRDN, 3.40%, 09/04/97 2,500,000 2,500,000 Sub-Ser. C, Remarked 4/1/97, FRDN, 3.40%, 09/04/97 2,500,000 1,000,000 Jefferson County, Colorado, COP, Jefferson County Financing Corp., COP, 8.15%, 12/01/97 1,020,710 12,900,000 Smith Creek Metropolitan District, Colorado, FRDN, 3.40%, 09/04/97 12,900,000 ------------ 61,172,510 ------------
5 See notes to financial statements. 8 ........................... VISTA TAX FREE MONEY MARKET FUND PORTFOLIO OF INVESTMENTS August 31, 1997 (continued)
Principal Amount Issuer Value - ----------------------------------------------------------- STATE & MUNICIPAL OBLIGATIONS--(CONTINUED) - ----------------------------------------------------------- DELAWARE--3.9% ------------------------------- Delaware State, EDA, IDR, Delaware Clean Power Project, $25,000,000 Ser. A, FRDN, 3.80%, 09/03/97 $ 25,000,000 5,000,000 Ser. C, FRDN, 3.80%, 09/03/97 5,000,000 7,000,000 Sussex County Delaware, Industrial Revenue, Perdue Farms Inc. Project, FRDN, 3.55%, 09/04/97 7,000,000 ------------ 37,000,000 ------------ FLORIDA--3.7% ------------------------------- Florida Housing Finance Agency, Multi-Family Housing, 4,000,000 Lakeside, Ser. B, FRDN, 3.51%, 09/04/97 4,000,000 4,700,000 Sarasota, Ser. C, FRDN, 3.40%, 09/04/97 4,700,000 3,400,000 Gulf Breeze, Florida, Municipal Bond Fund, Ser. A, FRDN, 3.35%, 09/04/97 3,400,000 1,000,000 Jacksonville Florida IDR, Trailer Marine, Crowly, FRDN, 3.75%, 09/02/97 1,000,000 1,700,000 Okaloosa County, Florida, Gulf Coast Treatment Center, FRDN, 3.40%, 09/03/97 1,700,000 13,000,000 Orange County, Florida, Health Facilities Authority, Ser. 1985 Pooled Hospital Loan Program, CP, 3.80%, 10/14/97 13,000,000 2,500,000 Pinellas County, Florida Housing Finance Authority, Single Family Mortgage, Multi-County Program, Ser. B, Rev., 3.80%, 02/01/98 2,500,000 St. Lucie County, Florida, PCR, Florida Power & Light Co. Project, 3,500,000 CP, 3.65%, 10/07/97 3,500,000 1,400,000 FRDN, 3.70%, 09/02/97 1,400,000 ------------ 35,200,000 ------------
6 See notes to financial statements. 9 ........................... VISTA TAX FREE MONEY MARKET FUND PORTFOLIO OF INVESTMENTS August 31, 1997 (continued)
Principal Amount Issuer Value - ----------------------------------------------------------- STATE & MUNICIPAL OBLIGATIONS--(CONTINUED) - ----------------------------------------------------------- GEORGIA--9.3% ------------------------------- $ 4,000,000 Burke County, Georgia, Development Authority, PCR, Oglethorpe Power Corp., Vogtle, Ser. A, Rev., 3.60%, 12/01/97 $ 4,000,000 9,675,000 Cobb County, Georgia, Development Authority, ID, Wyndham Gardens Project, FRDN, 3.40%, 09/04/97 9,675,000 2,500,000 Columbia County, Georgia, IDA, Dixie Bedding Co. Project, Ser. P, FRDN, 3.50%, 09/04/97 2,500,000 15,000 Columbus, Georgia Development Authority, R P Real Estate, Inc., FRDN, 3.90%, 09/04/97 15,000 2,200,000 Elbert County & Elberton & Bowman Georgia Development Authority, IDR, Seaboard Farms, FRDN, 3.45%, 09/04/97 2,200,000 3,000,000 Fulco, Georgia, Hospital Authority, Piedmont Hospital Project, FRDN, 3.40%, 09/03/97 3,000,000 Fulton County, Georgia, Development Authority, 1,000,000 Arthritis Foundation Inc. Project, FRDN, 3.40%, 09/03/97 1,000,000 1,600,000 Industrial, American Graphics Project, FRDN, 3.50%, 09/04/97 1,600,000 Fulton County, Georgia, Housing Authority, MultiFamily Housing, 5,000,000 Holcomb Landing Apartments, FRDN, 3.30%, 09/03/97 5,000,000 10,000,000 Spring Creed Crossing, FRDN, 3.30%, 09/03/97 10,000,000 1,375,000 Gainesville Georgia, Re- Development Authority, Gainsville Development Project, FRDN, 3.50%, 09/03/97 1,375,000
7 See notes to financial statements. 10 ........................... VISTA TAX FREE MONEY MARKET FUND PORTFOLIO OF INVESTMENTS August 31, 1997 (continued)
Principal Amount Issuer Value - ----------------------------------------------------------- STATE & MUNICIPAL OBLIGATIONS--(CONTINUED) - ----------------------------------------------------------- $20,000,000 Georgia Municipal Gas Authority, Gas Portfolio II Project, Ser. B, FRDN, 3.50%, 09/03/97 $ 20,000,000 5,275,000 Georgia State, GO, 6.75%, 03/01/98 5,416,485 6,360,000 Georgia State, GO, 6.25%, 08/01/98 6,499,103 11,225,000 Marietta Georgia Housing Authority Multifamily, Winterset Apartments, FRDN, 3.30%, 09/03/97 11,225,000 4,030,000 Rockdale County, Georgia, IDR, Takahashi Works USA, Inc. Project, FRDN, 3.70%, 09/03/97 4,030,000 1,285,000 Washington Georgia, Wilkes Payroll Development Authority, Pak Products, Inc., FRDN, 3.55%, 09/04/97 1,285,000 ------------ 88,820,588 ------------ IDAHO--0.4% ------------------------------- 3,800,000 Port Lewiston Port Facilities Idaho Rev., FRDN, 3.83%, 09/02/97 3,800,000 ------------ ILLINOIS--5.0% ------------------------------- 6,000,000 Chicago, Illinois, GO, 4.40%, 06/01/98 6,025,872 1,900,000 Chicago, Illinois, Multi-Family Housing, Waveland Associates Project, Ser. E, FRDN, 3.35%, 09/03/97 1,900,000 1,000,000 Chicago, Illinois, O'Hare International Airport, Special Facilities, Northwest Airlines Inc., Ser. A, FRDN, 3.60%, 09/04/97 1,000,000 2,000,000 Cook County, Illinois, Catholic Charities, Ser. A-1, FRDN, Rev., 3.35%, 09/03/97 2,000,000 Illinois Development Financing Authority, 2,000,000 IDR, Balspar Corp. Project, Rev., FRDN, 3.50%, 09/04/97 2,000,000
8 See notes to financial statements. 11 ........................... VISTA TAX FREE MONEY MARKET FUND PORTFOLIO OF INVESTMENTS August 31, 1997 (continued)
Principal Amount Issuer Value - ----------------------------------------------------------- STATE & MUNICIPAL OBLIGATIONS--(CONTINUED) - ----------------------------------------------------------- $ 1,300,000 IDR, Big Bolt Corp. Project, FRDN, 3.85%, 09/03/97 $ 1,300,000 3,805,000 IDR, CFC International Inc. Project, FRDN, 3.65%, 09/03/97 3,805,000 3,590,000 IDR, Deerfield Executive Center Project, Rev., 4.10%, 09/01/97 3,590,000 1,866,000 IDR, Revcor Inc. Project, FRDN, 3.65%, 09/03/97 1,866,000 2,115,000 IDR, Toughy Ltd. Partnership Project, FRDN, 3.65%, 09/03/97 2,115,000 6,400,000 Presbyterian Home Lake, Ser. A, Rev., FRDN, 3.35%, 09/03/97 6,400,000 5,000,000 Illinois Housing Development Authority, Homeowner Mortgage, Sub. Ser. F-1, Rev., 3.65%, 12/18/97 5,000,000 1,500,000 Illinois State, Sales Tax, Ser. H, Rev., 7.63%, 06/15/98 1,572,422 8,500,000 Lisle, Illinois, Multi-Family, Ashley of Lisle Project, Rev., FRDN, 3.40%, 09/03/97 8,500,000 1,080,000 Springfield Illinois Electric, Jr. Lien, Rev., FRDN, 4.00%, 03/01/98 1,081,546 ------------ 48,155,840 ------------ INDIANA--2.8% ------------------------------- 3,460,000 Indiana Health Facilities Financing Authority, Investment Inc. Project A, FRDN, 3.40%, 09/04/97 3,460,000 1,400,000 Indiana State Development Financing Authority, IDR, Goodwill Industries Center Industrial Project, FRDN, 3.45%, 09/04/97 1,400,000 625,000 Indianapolis, Indiana Economic Development, Children's Museum Project, FRDN, 3.40%, 09/04/97 625,000
9 See notes to financial statements. 12 ........................... VISTA TAX FREE MONEY MARKET FUND PORTFOLIO OF INVESTMENTS August 31, 1997 (continued)
Principal Amount Issuer Value - ----------------------------------------------------------- STATE & MUNICIPAL OBLIGATIONS--(CONTINUED) - ----------------------------------------------------------- $ 2,155,000 Lafayette Indiana Economic Development, Health Quest Realty XI, FRDN, 3.40%, 09/04/97 $ 2,155,000 910,000 Muncie Indiana Economic Development Rev., Health Quest Realty Project, FRDN, 3.40%, 09/04/97 910,000 2,100,000 Princeton Indiana, PCR, PSI Energy Inc. Project, FRDN, 3.75%, 09/02/97 2,100,000 Sullivan, Indiana PCR, National Rural, Hoosier, 4,810,000 CP, 3.70%, 11/19/97 4,810,000 5,500,000 CP, 3.80%, 10/16/97 5,500,000 5,790,000 CP, 3.80%, 10/20/97 5,790,000 ------------ 26,750,000 ------------ KANSAS--1.3% ------------------------------- Burlington, Kansas, 4,000,000 PC, K C Power & Light Project, Ser. A, CP, 3.55%, 09/03/97 4,000,000 3,900,000 PC, K C Power & Light Project, Ser. A, CP, 3.70%, 11/20/97 3,900,000 1,000,000 Johnson County, Kansas, Unified School District, No. 512, Shawnee Mission, Ser. B, GO 6.75%, 10/01/97 1,002,398 2,150,000 Spring Hill, Kansas Industrial Rev., Abrasive Engineering Project, FRDN, 3.65%, 09/04/97 2,150,000 1,250,000 Wichita, Kansas, Airport Facilities, Cessna Citation Center Project, Ser III, FRDN, 3.65%, 09/04/97 1,250,000 ------------ 12,302,398 ------------
10 See notes to financial statements. 13 ........................... VISTA TAX FREE MONEY MARKET FUND PORTFOLIO OF INVESTMENTS August 31, 1997 (continued)
Principal Amount Issuer Value - ----------------------------------------------------------- STATE & MUNICIPAL OBLIGATIONS--(CONTINUED) - ----------------------------------------------------------- KENTUCKY--1.7% ------------------------------- $13,800,000 Kentucky Asset/Liability Community General Fund, Ser. A, TRAN, 4.50%, 06/25/98 $ 13,870,025 2,100,000 Lexington-Fayette Urban County Government, Kentucky, Rev., 3.90%, 04/01/98 2,100,000 ------------ 15,970,025 ------------ LOUISIANA--3.3% ------------------------------- 5,300,000 Louisiana State, Offshore Term Authority Deepwater Port, FRDN, 3.40%, 09/03/97 5,300,000 20,095,000 Louisiana Housing Financing Agency, Single Family, Ser. A-3, Rev., 3.75%, 03/01/98 20,095,000 Louisiana Public Facilities Authority, 2,000,000 Ser. A, Rev., 4.50%, 09/24/97 2,000,696 4,000,000 Ser. B, Rev., 4.50%, 09/24/97 4,001,391 ------------ 31,397,087 ------------ MAINE--0.4% ------------------------------- 2,645,000 Lewiston Maine Rev., Geiger Brothers Project, Rev., 4.10%, 09/02/97 2,645,000 920,000 Portland, Maine, Oakhurst Dairy, FRDN, 4.10%, 09/02/97 920,000 ------------ 3,565,000 ------------ MARYLAND--4.1% ------------------------------- Anne Arundel County, Maryland, 2,000,000 FRDN, 3.40%, 09/04/97 2,000,000 5,000,000 Economic West Capital, Ser. B, CP, 3.70%, 11/10/97 5,000,000 Baltimore County, Maryland, 9,000,000 CP, 3.70%, 11/06/97 9,000,000 725,000 Golf Systems, FRDN, 3.45%, 09/03/97 725,000 5,000,000 PC, Baltimore Gas & Electric Co., CP, 3.70%, 10/06/97 5,000,000
11 See notes to financial statements. 14 ........................... VISTA TAX FREE MONEY MARKET FUND PORTFOLIO OF INVESTMENTS August 31, 1997 (continued)
Principal Amount Issuer Value - ----------------------------------------------------------- STATE & MUNICIPAL OBLIGATIONS--(CONTINUED) - ----------------------------------------------------------- $ 3,000,000 Howard County, Maryland Multifamily Housing, Sherwood Crossing Ltd, Rev., 3.95%, 06/01/98 $ 3,000,000 1,000,000 Maryland State, Board of Environmental Resource Recovery, Colstrip Project, FRDN, 3.40%, 09/03/97 1,000,000 3,105,000 Maryland State, EDC, Unisite Design Inc. Facility, FRDN, 3.70%, 09/04/97 3,105,000 Maryland State, Health & Higher Educational Facilities Authority, 5,000,000 Helix Health Hospital Issue, Ser. A, FRDN, 3.40%, 09/04/97 5,000,000 4,100,000 Loyola College Issue B, FRDN, 3.40%, 09/04/97 4,100,000 1,500,000 Prince George's County, Maryland, CP, 3.75%, 09/02/97 1,500,000 ------------ 39,430,000 ------------ MASSACHUSETTS--0.8% ------------------------------- 5,000,000 Massachusetts State, Water Reserve Authority, CP, 3.75%, 10/14/97 5,000,000 2,295,000 Taunton Massachusetts IDA, Realty Trust IX Project, FRDN, 4.10%, 09/02/97 2,295,000 ------------ 7,295,000 ------------ MICHIGAN--1.6% ------------------------------- 2,000,000 Allegan County, Michigan EDC, Dean Foods Co. Project, FRDN, 3.40%, 09/04/97 2,000,000 3,300,000 Detroit, Michigan, Downtown Development Authority, Millender Center Project, FRDN, 3.55%, 09/04/97 3,300,000 3,025,000 Farmington Hills, Michigan, EDC, Limited Obligation, Carrefour, FRDN, 3.48%, 09/04/97 3,025,000 1,300,000 Grand Rapids, Michigan EDC, Amway Hotel Corp., Project B, FRDN, 3.35%, 09/03/97 1,300,000
12 See notes to financial statements. 15 ........................... VISTA TAX FREE MONEY MARKET FUND PORTFOLIO OF INVESTMENTS August 31, 1997 (continued)
Principal Amount Issuer Value - ----------------------------------------------------------- STATE & MUNICIPAL OBLIGATIONS--(CONTINUED) - ----------------------------------------------------------- $ 250,000 Jackson County, Michigan EDC, Melling Tool Project, FRDN, 3.50%, 09/04/97 $ 250,000 Michigan State Strategic Fund Ltd., 2,000,000 IDR, Michigan Sugar Co., Croswell Project, FRDN, 3.40%, 09/04/97 2,000,000 2,000,000 Lex Controls, Inc. Project, FRDN, 3.50%, 09/03/97 2,000,000 1,175,000 Obligation Rev., Wayne Disposal, Oakland Project, FRDN, 3.55%, 09/03/97 1,175,000 ------------ 15,050,000 ------------ MINNESOTA--0.3% ------------------------------- 2,595,000 Minnesota School Districts, Tax & Aid Antic Borrowing Program Tax Antic Certificates of Indebtedness, Ser. A, TAN, 3.75%, 02/13/98 2,595,781 ------------ MISSISSIPPI--1.6% ------------------------------- 8,855,000 Jackson County, Mississippi, PCR, Chevron U.S.A. Inc., Project, Rev., FRDN, 3.80%, 09/02/97 8,855,000 4,610,000 Mississippi Business Financial Corp., IDR, Choctaw Maid Farms, Inc. Project, FRDN, 3.50%, 09/03/97 4,610,000 1,800,000 Perry County, Mississippi, PC, Leaf River Forest Project, FRDN, 3.45%, 09/04/97 1,800,000 ------------ 15,265,000 ------------ MISSOURI--0.5% ------------------------------- 1,000,000 Macon, Missouri IDA, Health Care Realty Macon, FRDN, 3.75%, 09/02/97 1,000,000 3,300,000 Missouri State Environmental Improvement & Energy Resources Authority, Union Electric Co. Project, Ser. A, CP, 3.60%, 10/20/97 3,300,000 ------------ 4,300,000 ------------
13 See notes to financial statements. 16 ........................... VISTA TAX FREE MONEY MARKET FUND PORTFOLIO OF INVESTMENTS August 31, 1997 (continued)
Principal Amount Issuer Value - ----------------------------------------------------------- STATE & MUNICIPAL OBLIGATIONS--(CONTINUED) - ----------------------------------------------------------- MONTANA--0.3% ------------------------------- $ 2,000,000 Montana State, Board Investment, Municipal Financing Consolidation, Intercap Program, FRDN, 3.65%, 03/01/98 $ 1,995,979 1,000,000 Osage Beach Montana, IDA, Health Care Realty Osage, FRDN, 3.75%, 09/02/97 1,000,000 ------------ 2,995,979 ------------ NEBRASKA--0.3% ------------------------------- 2,700,000 Sidney, Nebraska, IDR, Pennington Seed, Inc. Project, FRDN, 3.50%, 09/03/97 2,700,000 ------------ NEVADA--0.2% ------------------------------- 2,040,000 Las Vegas, Prerefunded, GO, 7.63%, 11/01/97 2,093,162 ------------ NEW HAMPSHIRE--0.2% ------------------------------- 1,860,000 New Hampshire State Business Financing Authority Industrial Facilities, Nickerson Assembly Co., FRDN, 3.60%, 09/03/97 1,860,000 ------------ NEW MEXICO--3.4% ------------------------------- 3,650,000 Albuquerque, New Mexico, Municipal School District, No. 012, GO, 4.50%, 08/01/98 3,670,316 28,500,000 New Mexico State, TRAN, 4.50%, 06/30/98 28,651,077 ------------ 32,321,393 ------------ NEW YORK--6.6% ------------------------------- 9,600,000 Eagle Tax Exempt Trust, Long Option Mode, Certificate, Ser. 96-0902, Class A,# FRDN, 3.65%, 01/23/98 9,600,000 Eagle Tax-Exempt Trust, Weekly Options Mode, Certificate,
14 See notes to financial statements. 17 ........................... VISTA TAX FREE MONEY MARKET FUND PORTFOLIO OF INVESTMENTS August 31, 1997 (continued)
Principal Amount Issuer Value - ----------------------------------------------------------- STATE & MUNICIPAL OBLIGATIONS--(CONTINUED) - ----------------------------------------------------------- $ 9,800,000 Ser. 94-4904, COP,# FRDN, 3.56%, 09/04/97 $ 9,800,000 4,000,000 Ser. 95-3202, Class A,# FRDN, 3.41%, 09/04/97 4,000,000 15,100,000 Ser. 97C1002, Class A,# FRDN, 3.41%, 09/04/97 15,100,000 14,700,000 Ser. 97C4701, Class A,# FRDN, 3.41%, 09/04/97 14,700,000 10,000,000 New York City Municipal Water Financing Authority, FRDN, 3.41%, 09/04/97 10,000,000 ------------ 63,200,000 ------------ NORTH CAROLINA--0.9% ------------------------------- 1,400,000 Lenoir County, North Carolina Industrial Facilities & Pollution Control Financing Authority, Texas Gulf Inc., FRDN, 3.48%, 09/04/97 1,400,000 1,000,000 North Carolina State, Ser. A, CP, 3.55%, 09/03/97 1,000,000 6,500,000 North Carolina, Educational Facilities Financing Agency, Greensboro College, FRDN, 3.40%, 09/02/97 6,500,000 ------------ 8,900,000 ------------ NORTH DAKOTA--0.5% ------------------------------- 5,000,000 North Dakota State, Housing Finance Agency, Housing Financing Project, Home Mortgage, Ser. E, Rev., 4.45%, 02/01/98 5,012,600 ------------
15 See notes to financial statements. 18 ........................... VISTA TAX FREE MONEY MARKET FUND PORTFOLIO OF INVESTMENTS August 31, 1997 (continued)
Principal Amount Issuer Value - ----------------------------------------------------------- STATE & MUNICIPAL OBLIGATIONS--(CONTINUED) - ----------------------------------------------------------- OHIO--1.0% ------------------------------- $ 1,500,000 Cleveland, Ohio, TAN, 4.50%, 10/15/97 $ 1,500,848 3,000,000 Lake County, Ohio, Economic Development, Lake County YMCA Project, FRDN, 3.40%, 09/04/97 3,000,000 1,500,000 Montgomery County, Ohio, Multifamily Housing, Pedcor Investments, Lyons Gate, Ser. A, FRDN, 3.55%, 09/04/97 1,500,000 3,900,000 Ohio State, Air Quality Development Authority, JMG FDG Ltd. Partnership, Ser. A, FRDN, 3.35%, 09/03/97 3,900,000 ------------ 9,900,848 ------------ OKLAHOMA--1.8% ------------------------------- 13,570,000 Cushing Oklahoma, Municipal Authority Correctional Facilities, FRDN, 3.40%, 09/04/97 13,570,000 3,440,000 Tulsa County, Oklahoma, Criminal Justice Authority, First Mortgage, Sales Tax Rev., CP, 4.50%, 03/01/98 3,453,171 ------------ 17,023,171 ------------ OREGON-- 1.8% ------------------------------- 3,000,000 Klamath Falls, Oregon, Electric, Salt Caves HydroElectric, Ser. A, Rev., 4.50%, 05/01/98 3,009,559 Oregon State Housing & Community Services Department, Single Family Mortgage Program, 2,500,000 Ser. J, CP, 3.55%, 12/11/97 2,500,000 12,100,000 Ser. K, Rev., 3.65%, 12/11/97 12,098,271 ------------ 17,607,830 ------------
16 See notes to financial statements. 19 ........................... VISTA TAX FREE MONEY MARKET FUND PORTFOLIO OF INVESTMENTS August 31, 1997 (continued)
Principal Amount Issuer Value - ----------------------------------------------------------- STATE & MUNICIPAL OBLIGATIONS--(CONTINUED) - ----------------------------------------------------------- PENNSYLVANIA--1.5% ------------------------------- $ 2,400,000 Pennsylvania State Higher Education Assistance Agency, Student Loan, Ser. A, FRDN, 3.40%, 09/03/97 $ 2,400,000 York, Pennsylvania, General Authority Pooled Financing, 5,000,000 FRDN, 3.35%, 09/04/97 5,000,000 6,500,000 FRDN, 3.35%, 09/04/97 6,500,000 ------------ 13,900,000 ------------ SOUTH CAROLINA--0.5% ------------------------------- 1,525,000 Kershaw County, South Carolina, IDR, Deroyal Textiles Inc. Project, FRDN, 3.50%, 09/03/97 1,525,000 1,000,000 South Carolina Educational Facilities Authority for Private Non-Profit Institutions, Furman University Project, Ser. A, Rev., 5.00%, 10/01/97 1,000,965 2,400,000 Walhalla, South Carolina, Avondale Mills Inc. Project, FRDN, 3.40%, 09/03/97 2,400,000 ------------ 4,925,965 ------------ SOUTH DAKOTA--0.3% ------------------------------- 2,800,000 South Dakota State Health & Educational, Sioux Valley Hospital, FRDN, 3.40%, 09/05/97 2,800,000 ------------ TENNESSEE--3.5% ------------------------------- 4,000,000 Bradley County, Tennessee, IDB, IDR, Olin Corp. Project, Ser. C, FRDN, 3.75%, 09/02/97 4,000,000 965,000 Franklin, Tennessee Health & Education, Facilities Board Industrial Development Health Care Center, FRDN, 3.90%, 09/02/97 965,000 2,400,000 McMinn County Tennessee IRB, Thomas & Betts Corp. Project, FRDN, 3.50%, 09/04/97 2,400,000
17 See notes to financial statements. 20 ........................... VISTA TAX FREE MONEY MARKET FUND PORTFOLIO OF INVESTMENTS August 31, 1997 (continued)
Principal Amount Issuer Value - ----------------------------------------------------------- STATE & MUNICIPAL OBLIGATIONS--(CONTINUED) - ----------------------------------------------------------- $ 3,200,000 Metropolitan Nashville Airport, Improvement, FRDN, 3.35%, 09/03/97 $ 3,200,000 Shelby County, Tennessee Health Educational & Housing Facilities Board, Multi-Family Housing, 6,155,000 Arbor Lake, Rev., FRDN, 3.60%, 09/03/97 6,155,000 7,635,000 Wyndridge, FRDN, 3.35%, 09/03/97 7,635,000 1,000,000 South Pittsburgh Tennessee Industrial Development, Lodge Manufacturing Co. Project, FRDN, 3.50%, 09/03/97 1,000,000 4,150,000 Tennessee State, School Board Authority, Higher Education, Ser. A, FRDN, 3.35%, 09/03/97 4,150,000 4,000,000 Tullahoma Tennessee IDA Board, Rock Tennessee Converting, FRDN, 3.50%, 09/03/97 4,000,000 ------------ 33,505,000 ------------ TEXAS--17.6% ------------------------------- 10,000,000 Austin, Texas, CP, 3.85%, 10/14/97 10,000,000 Bell County, Texas, 2,100,000 IDA, Franklin Industries, FRDN, 3.45%, 09/04/97 2,100,000 4,250,000 Health Facilities Development Corp., Southern Healthcare Systems, Project C, FRDN, 3.40%, 09/04/97 4,250,000 5,210,000 Bexar County, Texas, Health Facilities Development Corp., Retirement Community, Air Force, Ser. B, FRDN, 3.35%, 09/04/97 5,210,000 18,925,000 Carroll, Texas, Independent School District, GO 3.55%, 09/18/97 18,924,722 500,000 Corsicana, Texas IDA, Kent Paper Co., FRDN, 3.55%, 09/03/97 500,000
18 See notes to financial statements. 21 ........................... VISTA TAX FREE MONEY MARKET FUND PORTFOLIO OF INVESTMENTS August 31, 1997 (continued)
Principal Amount Issuer Value - ----------------------------------------------------------- STATE & MUNICIPAL OBLIGATIONS--(CONTINUED) - ----------------------------------------------------------- $ 3,500,000 De Soto, Texas IDA, IDR, Solar Turbines Inc. Project, FRDN, 3.45%, 09/04/97 $ 3,500,000 3,500,000 Greater East, Texas Higher Education, Ser. A, FRDN, 4.05%, 09/01/97 3,500,000 3,000,000 Greater Texas Student Loan Corp., Student Loan, Ser. A, FRDN, 3.70%, 03/01/98 3,000,000 3,000,000 Guadalupe Blanco River Authority Texas, IDC, IDR, The BOC Group Inc. Project, FRDN, 3.40%, 09/04/97 3,000,000 2,100,000 Harris County, Texas, Health Facilities Development Corp., St. Lukes Episcopal Hospital, Ser. C, FRDN, 3.70%, 09/02/97 2,100,000 Houston, Texas, 5,500,000 Commercial Paper Notes, Ser. A, CP, 3.70%, 11/20/97 5,500,000 5,000,000 Commercial Paper Notes, Ser. A, CP, 3.75%, 11/18/97 5,000,000 10,000,000 Commercial Paper Notes, Ser. A, CP, 3.75%, 11/19/97 10,000,000 5,000,000 Commercial Paper Notes, Ser. A, CP, 3.80%, 10/14/97 5,000,000 4,050,000 Commercial Paper Notes, Ser. A, CP, 5.80%, 03/01/98 4,089,927 5,000,000 GO, CP, 3.70%, 11/10/97 5,000,000 5,000,000 Water & Sewer Systems, CP, 3.75%, 11/06/97 5,000,000 Port Corpus Christi, Texas, 3,500,000 IDC, Valero Refinancing, Ser. B, FRDN, 3.35%, 09/04/97 3,500,000 2,485,000 Industrial, Lantana Corp. Project, FRDN, 3.40%, 09/04/97 2,485,000 5,100,000 Mueces County Marine Terminal, Reynolds Metals Co., FRDN, 3.40%, 09/03/97 5,100,000 4,100,000 Shenandoah Texas Health Facilities Development, Southwood Ltd., I Project, FRDN, 3.69%, 09/04/97 4,100,000
19 See notes to financial statements. 22 ........................... VISTA TAX FREE MONEY MARKET FUND PORTFOLIO OF INVESTMENTS August 31, 1997 (continued)
Principal Amount Issuer Value - ----------------------------------------------------------- STATE & MUNICIPAL OBLIGATIONS--(CONTINUED) - ----------------------------------------------------------- $11,100,000 Texas Public Financing Authority, GO, CP, 3.70%, 11/10/97 $ 11,100,000 4,000,000 Texas State, Public Financing Authority, CP, 3.70%, 10/15/97 4,000,000 30,000,000 Texas State, Ser. A, TRAN, 4.75%, 08/31/98 30,261,400 University of Texas, 10,000,000 Arlington Combined Fee Rev., CP, 3.80%, 10/15/97 10,000,000 2,400,000 Arlington Combined Fee Rev., CP, 3.70%, 11/19/97 2,400,000 ------------ 168,621,049 ------------ UTAH--0.8% ------------------------------- 7,900,000 Utah State Board of Regents, Student Loan, Ser. L, FRDN, 3.40%, 09/03/97 7,900,000 ------------ WASHINGTON--1.3% ------------------------------- 1,825,000 Redmond Washington Public Corp. Industrial, Integrated Circuits Project, FRDN, 3.40%, 09/04/97 1,825,000 5,800,000 Student Loan Financing Association, Washington, Guaranteed, Ser. B, FRDN, 3.45%, 09/04/97 5,800,000 Washington State, 2,645,000 Health Care Facilities Authority, Virginia Mason Medical Center, Ser. A, Rev., 4.25%, 08/15/98 2,653,515 2,500,000 Ser. R-92C, GO 4.90%, 09/01/97 2,500,000 ------------ 12,778,515 ------------ WEST VIRGINIA--0.1% ------------------------------- 1,300,000 Marion County, West Virginia, County Community Solid Waste Disposal Facility, Granttown Project, Ser. A, FRDN, 3.45%, 09/03/97 1,300,000 ------------
20 See notes to financial statements. 23 ........................... VISTA TAX FREE MONEY MARKET FUND PORTFOLIO OF INVESTMENTS August 31, 1997 (continued)
Principal Amount Issuer Value - ----------------------------------------------------------- STATE & MUNICIPAL OBLIGATIONS--(CONTINUED) - ----------------------------------------------------------- WISCONSIN--1.5% ------------------------------- $ 2,000,000 Elkhorn, Wisconsin, Area School District, BAN, 4.25%, 04/01/98 $ 2,002,990 1,000,000 Fairwater Wisconsin, IDR, Dean Foods Co. Project, FRDN, 3.40%, 09/04/97 1,000,000 3,800,000 Germantown, Wisconsin, Industrial Rev., Great Lakes Packaging Corp., FRDN, 3.65%, 09/04/97 3,800,000 480,000 Grand Chute, Wisconsin Industrial Revenue, Kent Paper Co., FRDN, 3.55%, 09/03/97 480,000 2,000,000 Menomonee Falls Wisconsin IDA, Butler Paper Co. Project, Rev., 3.45%, 09/04/97 2,000,000 2,175,000 Milwaukee, Wisconsin, Ser. F, GO, 5.00%, 11/15/97 2,180,788 2,400,000 Wisconsin State, Health & Educational Facilities Authority, 16th Street Community Center Project, FRDN, 3.40%, 09/04/97 2,400,000 ------------ 13,863,778 ------------ WYOMING--0.7% ------------------------------- 1,800,000 Green River Wyoming PCR, Texas Gulf Project, FRDN, 3.60%, 09/04/97 1,800,000 5,100,000 Unita County, Wyoming, PCR, Chevron U.S.A. Inc. Project, FRDN, 3.80%, 09/02/97 5,100,000 ------------ 6,900,000 - ----------------------------------------------------------- TOTAL STATE AND MUNICIPAL OBLIGATIONS (COST $977,482,754) 977,482,754 - ----------------------------------------------------------- CERTIFICATE OF DEPOSIT--1.7% - ----------------------------------------------------------- 16,700,000 First Union National Bank of North Carolina, Charlotte, 5.44%, 09/02/97 (Cost $16,700,000) 16,700,000 - ----------------------------------------------------------- TOTAL INVESTMENTS -- 103.8% (COST $994,182,754)** $994,182,754 - -----------------------------------------------------------
21 See notes to financial statements. 24 ABOUT YOUR FUND VISTA NEW YORK TAX FREE MONEY MARKET FUND
- ------------------------------------------------------------------- FUND FACTS - ------------------------------------------------------------------- OBJECTIVE: High current tax free income consistent with capital preservation* PRIMARY INVESTMENTS: New York short-term municipal obligations SUGGESTED INVESTMENT TIME FRAME: Short-term SHARE CLASSES OFFERED: Vista Shares AS OF AUGUST 31, 1997 NET ASSETS: $957 Million AVERAGE MATURITY: 61 days S&P RATING: Not rated MOODY'S RATING: Not rated NAIC RATING: Not rated - -------------------------------------------------------------------
* A portion of the Fund's income may be subject to the Alternative Minimum Tax (AMT), and some investors may be subject to certain state and local taxes.
- ------------------------------------------------------------- MATURITY SCHEDULE AS OF 8/31/97 - ------------------------------------------------------------- 1-7 days: . . . . . . . . . . . . . . . . . . . . . . 60.95% 8-14 days: . . . . . . . . . . . . . . . . . . . . . 2.40% 15-21 days: . . . . . . . . . . . . . . . . . . . . . 0.55% 22-30 days: . . . . . . . . . . . . . . . . . . . . . 2.67% 31-60 days: . . . . . . . . . . . . . . . . . . . . . 7.50% 61-90 days: . . . . . . . . . . . . . . . . . . . . . 3.86% 91+ days: . . . . . . . . . . . . . . . . . . . . . . 22.07% - -------------------------------------------------------------
The financial information presented on this page has been taken from the books and records of the Funds without examination by independent accountants, who express no opinion thereto. 22 25 VISTA NEW YORK TAX FREE MONEY MARKET FUND PORTFOLIO COMPOSITION AS OF 8/31/97 FLOATING RATE DEMAND NOTES 49.3% COMMERCIAL PAPER 13.3% TAX ANTICIPATION NOTES 10.6% BOND ANTICIPATION NOTES 8.0% TENDER OPTION BONDS 6.1% CERTIFICATE OF PARTICIPATION 4.1% PRE-REFUNDED BONDS 4.0% REVENUE ANTICIPATION NOTES 3.2% OTHER 1.4%
- ------------------------------------------------------------------------- VISTA NEW YORK TAX FREE MONEY MARKET FUND AS OF 8/31/97(1) 7-DAY TAXABLE SEC YIELD(2) EQUIVALENT YIELD(3) - ------------------------------------------------------------------------- Vista Shares 2.91% 5.45% - -------------------------------------------------------------------------
(1) Past performance is not a guarantee of future results. Yields will fluctuate. An investment is neither insured nor guaranteed by the U.S. government and there can be no assurance that the funds will maintain a stable Net Asset Value of $1.00 per share. (2) The yield for Vista Shares reflects the voluntary waiver of certain expenses and the assumption of certain expenses otherwise payable by the Fund. Without waivers, the yield would have been 2.77%. This voluntary waiver may be modified or terminated at any time, which would reduce performance. (3) Taxable Equivalent Yields are calculated based on the SEC yield divided by 1 minus the effective tax rate. The effective combined federal, state and local tax rate used for this illustration is 46.6%. A portion of the Fund's income may be subject to the Alternative Minimum Tax (AMT), and some investors may be subject to certain state and local taxes. The financial information presented on this page has been taken from the books and records of the Funds without examination by independent accountants, who express no opinion thereto. 23 26 ........................... VISTA NEW YORK TAX FREE MONEY MARKET FUND PORTFOLIO OF INVESTMENTS August 31, 1997
Principal Amount Issuer Value - ----------------------------------------------------------- BOND ANTICIPATION NOTES--8.2% - ----------------------------------------------------------- $ 3,000,000 Ballston Spa, New York Central School District, 4.00%, 12/31/97 $ 3,003,807 Board Cooperative Educational Services, New York, Sole Supervisory District, 3,000,000 4.38%, 06/30/98 3,006,518 8,000,000 4.50%, 06/26/98 8,031,289 4,700,000 Caledonia-Mumford, New York, CSD, 4.25%, 02/11/98 4,708,636 9,728,000 Commack, New York, UFSD, 4.50%, 06/26/98 9,779,038 1,325,000 Irvington, New York, 4.25%, 06/18/98 1,329,543 9,842,000 Ithaca, New York, 4.13%, 01/23/98 9,861,139 Nassau County, New York, 5,000,000 Ser. B, 4.50%, 11/14/97 5,006,325 8,000,000 Ser. C, 4.25%, 03/17/98 8,020,320 1,256,000 Ossining Village, New York, 4.50%, 05/08/98 1,260,096 5,000,000 Oyster Bay, New York, 4.00%, 02/27/98 5,009,413 1,067,000 Palmyra-Macedon, New York, CSD, 4.38%, 06/12/98 1,070,781 Rochester, New York, 12,700,000 Ser. I, 4.00%, 03/10/98 12,717,278 4,000,000 Ser. III, 4.25%, 10/30/97 4,003,040 2,000,000 Solvay, New York, 4.50%, 10/16/97 2,001,527 - ----------------------------------------------------------- TOTAL BOND ANTICIPATION NOTES (COST $78,808,750) 78,808,750 - ----------------------------------------------------------- CERTIFICATES OF PARTICIPATION--4.1% - ----------------------------------------------------------- Eagle Tax Exempt Trust, Weekly Options Mode, Certificate, 4,800,000 Ser. 97C3203, Class A,# 3.36%, 09/04/97 4,800,000 8,000,000 Ser. 94-3205, Class A, #, 3.36%, 09/04/97 8,000,000 4,000,000 Ser. 96-3207, Class A,# 3.36%, 09/04/97 4,000,000
24 See notes to financial statements. 27 ........................... VISTA NEW YORK TAX FREE MONEY MARKET FUND PORTFOLIO OF INVESTMENTS August 31, 1997 (continued)
Principal Amount Issuer Value - ----------------------------------------------------------- CERTIFICATES OF PARTICIPATION--(CONTINUED) - ----------------------------------------------------------- $11,000,000 Ser. 95-3202, Class A,# 3.41%, 09/04/97 $ 11,000,000 11,000,000 Ser. 96C3203, Class A,# 3.41%, 09/04/97 11,000,000 - ----------------------------------------------------------- TOTAL CERTIFICATES OF PARTICIPATION (COST $38,800,000) 38,800,000 - ----------------------------------------------------------- COMMERCIAL PAPER--13.4% - ----------------------------------------------------------- Government Development Bank, Puerto Rico, 15,200,000 3.60%, 09/03/97 15,200,000 4,800,000 3.45%, 10/23/97 4,800,000 8,000,000 3.65%, 10/09/97 8,000,000 1,000,000 Metropolitan Transportation Authority, New York, Dedicated Tax Fund, Ser. A, 4.50%, 04/01/98 1,004,188 New York City, Municipal Assistance Corp., 2,500,000 3.60%, 11/05/97 2,500,000 4,000,000 3.55%, 10/01/97 4,000,000 5,000,000 3.60%, 11/04/97 5,000,000 New York City Municipal Water Financing Authority, 3,200,000 3.65%, 09/24/97 3,200,000 4,000,000 3.70%, 09/02/97 4,000,000 5,000,000 3.65%, 09/23/97 5,000,000 5,200,000 3.65%, 09/23/97 5,200,000 6,900,000 3.70%, 10/21/97 6,900,000 1,000,000 3.75%, 09/18/97 1,000,000 1,000,000 3.75%, 09/18/97 1,000,000 6,000,000 3.75%, 11/06/97 6,000,000 6,300,000 3.75%, 10/16/97 6,300,000 New York City, GO, 2,000,000 3.75%, 10/09/97 2,000,000 5,700,000 3.75%, 10/09/97 5,700,000 2,300,000 3.75%, 09/15/97 2,300,000 8,300,000 3.70%, 09/12/97 8,300,000 10,000,000 3.70%, 10/22/97 10,000,000 1,000,000 3.75%, 09/15/97 1,000,000 2,900,000 BAN, 3.65%, 10/07/97 2,900,000 New York State, Environmental Facilities Corp., 1,650,000 3.60%, 11/21/97 1,650,000 1,000,000 3.55%, 10/23/97 1,000,000
25 See notes to financial statements. 28 ........................... VISTA NEW YORK TAX FREE MONEY MARKET FUND PORTFOLIO OF INVESTMENTS August 31, 1997 (continued)
Principal Amount Issuer Value - ----------------------------------------------------------- COMMERCIAL PAPER--(CONTINUED) - ----------------------------------------------------------- $12,000,000 Solid Waste Disposal, General Electric Company Project A, 3.70%, 09/12/97 $ 12,000,000 1,100,000 New York State, Ser. 97-A, 3.55%, 11/19/97 1,100,000 1,305,000 Port Authority, New York & New Jersey, Ser. B, 3.60%, 09/30/97 1,305,000 - ----------------------------------------------------------- TOTAL COMMERCIAL PAPER (COST $128,359,188) 128,359,188 - ----------------------------------------------------------- GENERAL OBLIGATIONS--0.2% - ----------------------------------------------------------- 500,000 Albany County, New York, 7.00%, 10/01/97 501,344 1,100,000 Nassau County, New York, General Improvement, Ser. S, 5.00%, 03/01/98 1,106,606 - ----------------------------------------------------------- TOTAL GENERAL OBLIGATIONS (COST $1,607,950) 1,607,950 - ----------------------------------------------------------- REVENUE ANTICIPATION NOTES--2.8% - ----------------------------------------------------------- 2,586,000 Averill Park, New York, CSD, 4.50%, 10/22/97 2,588,079 5,000,000 Erie County, New York, Ser. B, 4.25%, 11/19/97 5,006,696 1,985,000 Greece, New York, CSD, 4.25%, 06/26/98 1,990,968 4,580,000 Ithaca City, New York, City School District, 4.50%, 06/22/98 4,604,070 5,000,000 Nassau County, New York, Ser. B, 4.50%, 04/10/98 5,019,012 2,000,000 Oyster Bay, New York, 4.13%, 01/30/98 2,003,775 2,500,000 Pulaski, New York, CSD, 4.25%, 06/30/98 2,504,952 3,639,000 South Jefferson, New York, CSD, 4.00%, 06/23/98 3,640,964 - ----------------------------------------------------------- TOTAL REVENUE ANTICIPATION NOTES (COST $27,358,516) 27,358,516 - -----------------------------------------------------------
26 See notes to financial statements. 29 ........................... VISTA NEW YORK TAX FREE MONEY MARKET FUND PORTFOLIO OF INVESTMENTS August 31, 1997 (continued)
Principal Amount Issuer Value - ----------------------------------------------------------- REVENUE BONDS--5.4% - ----------------------------------------------------------- $ 3,000,000 Babylon, New York, ID, Research Recovery, Odgen Martin Systems Babylon Inc., Ser. B, 8.50%, 07/01/98 $ 3,199,541 1,175,000 Geneva, New York, IDA, Civic Facility, Colleges Seneca Civic Facility, 4.00%, 03/01/98 1,176,681 6,230,000 Nassau County, New York, General Improvement, Ser. V, 5.13%, 03/01/98 6,274,981 New York City, New York, 1,000,000 Housing Development Corp., Multi-Family, Ser. A-1, 3.85%, 11/01/97 1,000,474 2,000,000 Ser. A, 8.75%, 11/01/97 2,046,384 750,000 New York State Dorm Authority, Special Obligation, State University Dorm Facilities, Ser. A, 4.00%, 01/01/98 750,838 500,000 New York State Environmental Facilities Corp., PCR, State Water Revolving Fund, Ser. B, 3.55%, 02/15/98 499,775 New York State Medical Care Facilities Financing Agency, 6,820,000 Health Insurance Plan for Greater New York, Ser. B, 8.50%, 12/01/97 6,901,022 600,000 Hospital & Nursing Home, Insured Mortgage, Ser C, 5.00%, 02/15/98 602,616 16,500,000 Hospital & Nursing FHA Insured Mortgage, Ser. B, 8.10%, 02/15/98 17,148,135 465,000 Prerefunded, 7.70%, 02/15/98 482,481 400,000 New York State Mortgage Agency, Homeowner Mortgage, Ser. 50, 4.20%, 10/01/97 400,169 6,490,000 New York State Power Authority, Ser. V, 8.00%, 01/01/98 6,709,211
27 See notes to financial statements. 30 ........................... VISTA NEW YORK TAX FREE MONEY MARKET FUND PORTFOLIO OF INVESTMENTS August 31, 1997 (continued)
Principal Amount Issuer Value - ----------------------------------------------------------- REVENUE BONDS--(CONTINUED) - ----------------------------------------------------------- $ 200,000 New York State Thruway Authority, General Purpose, Ser. C, 5.00%, 01/01/98 $ 200,871 Triborough Bridge & Tunnel Authority, New York, 3,000,000 Ser. N, 7.88%, 01/01/98 3,085,318 950,000 Special Obligation, Ser. A, 5.90%, 01/01/98 957,061 - ----------------------------------------------------------- TOTAL REVENUE BONDS (COST $51,435,558) 51,435,558 - ----------------------------------------------------------- TAX ANTICIPATION NOTES--10.7% - ----------------------------------------------------------- 2,500,000 Bethlehem, New York, CSD, 4.25%, 10/10/97 2,501,152 10,000,000 Brentwood, New York, UFSD, 4.25%, 06/30/98 10,027,726 805,000 Connetquot CSD, New York, Islip, 4.25%, 06/25/98 807,200 3,390,000 Guilderland, New York, CSD, 4.00%, 10/10/97 3,391,377 500,000 Half Hollow Hills, CSD, New York, Huntington & Babylon, 4.25%, 06/26/98 501,531 7,500,000 Katanah-Lewisboro, New York, UFSD, 4.00%, 10/17/97 7,503,627 Levittown, New York, UFSD, 5,100,000 4.10%, 06/24/98 5,108,435 5,000,000 4.50%, 06/24/98 5,024,502 4,050,000 Massapequa, New York, UFSD, 4.25%, 06/30/98 4,063,839 2,536,000 Middletown, New York, Ser. A, 4.13%, 02/27/98 2,541,664 3,500,000 Mount Sinai, New York, UFSD, 4.00%, 06/25/98 3,504,639 7,600,000 Nassau County, New York, Ser. C, 4.25%, 09/25/97 7,603,262 5,000,000 Oceanside, New York, UFSD, 4.25%, 06/26/98 5,017,634 5,100,000 Oswego, New York, City School District, 3.75%, 12/22/97 5,101,038 Oyster Bay, New York, 1,000,000 3.80%, 01/30/98 1,000,593 4,000,000 4.13%, 01/30/98 4,007,549
28 See notes to financial statements. 31 ........................... VISTA NEW YORK TAX FREE MONEY MARKET FUND PORTFOLIO OF INVESTMENTS August 31, 1997 (continued)
Principal Amount Issuer Value - ----------------------------------------------------------- TAX ANTICIPATION NOTES--(CONTINUED) - ----------------------------------------------------------- $11,750,000 Port Washington, New York, UFSD, 4.25%, 06/25/98 $ 11,791,289 4,000,000 Sayville, New York, UFSD, 4.50%, 06/29/98 4,020,586 Smithtown, New York, CSD, 5,000,000 4.25%, 06/29/98 5,011,856 3,000,000 4.50%, 06/29/98 3,014,254 3,700,000 South Orangetown, New York, CSD, 4.00%, 11/05/97 3,702,218 2,700,000 Suffolk County, New York, Ser. II, 4.50%, 09/11/97 2,700,464 4,000,000 Westchester County, New York, 3.48%, 12/11/97 3,999,782 - ----------------------------------------------------------- TOTAL TAX ANTICIPATION NOTES (COST $101,946,217) 101,946,217 - ----------------------------------------------------------- FLOATING RATE DEMAND NOTES--55.0% - ----------------------------------------------------------- 905,000 Albany, New York, IDA, Newkirk Productions Inc. Project, Ser. A, 3.35%, 09/04/97 905,000 2,050,000 Babylon, New York, IDA, Edwin Verger/Lambro Industries, 3.55%, 09/04/97 2,050,000 1,300,000 Broome County, New York, IDA, Binghamton Realty Project, 3.35%, 09/04/97 1,300,000 55,000 California Educational Facilities Authority, Stanford University, Ser. L, 2.95%, 09/04/97 55,000 1,000,000 California Statewide Communities Development Corp., IDA, Howard Ser. B, 3.50%, 09/04/97 1,000,000 3,330,000 Clinton County, New York, IDA, IDR, Bombardier Corp. Project, Ser. A, 3.30%, 09/04/97 3,330,000 Dutchess County, New York, IDA, 1,820,000 IDR, MR Association Facility, 3.25%, 09/04/97 1,820,000 2,970,000 Laerdal Medical Corp., Project, 3.60%, 09/04/97 2,970,000
29 See notes to financial statements. 32 ........................... VISTA NEW YORK TAX FREE MONEY MARKET FUND PORTFOLIO OF INVESTMENTS August 31, 1997 (continued)
Principal Amount Issuer Value - ----------------------------------------------------------- FLOATING RATE DEMAND NOTES--(CONTINUED) - ----------------------------------------------------------- Glens Falls New York, IDA, $ 400,000 Broad Street Center Project, 3.20%, 09/04/97 $ 400,000 1,145,000 Broad Street Plaza Project, 3.45%, 09/04/97 1,145,000 670,000 Hudson, New York IDA, Emsig Project, 4.25%, 12/15/97 670,000 2,000,000 Islip, New York, IDA, Brentwood Distributor Co. Facility, 3.35%, 09/04/97 2,000,000 1,800,000 Lewis County Climax Manufacturing Co. Project, 3.40%, 09/04/97 1,800,000 Los Angeles County, California, 1,000,000 Metropolitan Transportation Authority, Proposal C, Second Sr. Ser. A, 3.00%, 09/04/97 1,000,000 200,000 Pension Obligation, Ser. C, 2.95%, 09/04/97 200,000 19,600,000 Metropolitan Transportation Authority, New York, Commuter Facilities, 3.35%, 09/04/97 19,600,000 3,000,000 Municipal Securities Trust Receipt, Ser. SAK 4, 3.45%, 09/04/97 3,000,000 Monroe County, New York, IDA, 4,100,000 Columbia Sussex Corp., 5.00%, 09/04/97 4,098,978 3,900,000 Public Improvement, Canal Ponds Park, Ser. D, 3.25%, 09/04/97 3,900,000 1,000,000 Monterey Peninsula, California Water Management District, Wastewater Reclamation Project, COP, 3.20%, 09/04/97 1,000,000 400,000 Montgomery New York IDA, Service Merchandise Co., 3.60%, 09/04/97 400,000 10,000,000 Municipal Securities Trust Certificates, 1997-7, Class A, 3.75%, 09/04/97 10,000,000 New York City, New York Municipal Water Financing Authority, 15,900,000 3.45%, 09/04/97 15,900,000 5,000,000 Water & Sewer Systems, Ser. C, 3.70%, 09/04/97 5,000,000
30 See notes to financial statements. 33 ........................... VISTA NEW YORK TAX FREE MONEY MARKET FUND PORTFOLIO OF INVESTMENTS August 31, 1997 (continued)
Principal Amount Issuer Value - ----------------------------------------------------------- FLOATING RATE DEMAND NOTES--(CONTINUED) - ----------------------------------------------------------- $17,300,000 New York City, New York Housing Development Authority, East 96th Street Project, Ser. A, 3.45%, 09/04/97 $ 17,300,000 New York City, New York Housing Development Corp., 9,600,000 Multifamily, James Tower, 3.20%, 09/04/97 9,600,000 2,100,000 Multifamily Columbus, Ser. A, 3.30%, 09/04/97 2,100,000 4,200,000 Multifamily, Columbus Apartments, Ser. A, 3.15%, 09/04/97 4,200,000 4,300,000 Multifamily, Tribeca Towers, Ser. A, 3.25%, 09/04/97 4,300,000 7,025,000 Mortgage Rev., Parkgate Tower, Ser. 1, 3.20%, 09/04/97 7,025,000 3,450,000 Special Obligation, Upper 5th Ave. Project, Ser. A, 3.10%, 09/04/97 3,450,000 New York City, New York IDA, 500,000 Bears, Andin International, Inc., 3.35%, 09/04/97 500,000 2,800,000 Civil Facility, Calhoun School Inc. Project, 3.10%, 09/04/97 2,800,000 700,000 Civil Facility, Children's Oncology Society, 3.15%, 09/04/97 700,000 750,000 IDR Ser. D, 3.35%, 09/04/97 750,000 30,900,000 IDR, Brooklyn Navy Yard Cogen, Ser. B, 3.35%, 09/04/97 30,900,000 750,000 IDR, Ser. E, 3.35%, 09/04/97 750,000 350,000 Ser. B, Tomsed Realty Corp., 3.35%, 09/04/97 350,000 600,000 Ser. D, 3.35%, 09/04/97 600,000 500,000 Ser. F, Marion Glass and Window Shade Corp., 3.35%, 09/04/97 500,000 450,000 Ser. G, Monarch Construction Corp., 3.35%, 09/04/97 450,000 400,000 Ser. N, Spreading Machine Exchange, Inc., 3.35%, 09/04/97 400,000 7,500,000 Special Facilities, Korean Air Lines, Co., Ser. A, 3.15%, 09/04/97 7,500,000 400,000 White Plains Auto Project, 3.30%, 12/01/99 400,000
31 See notes to financial statements. 34 ........................... VISTA NEW YORK TAX FREE MONEY MARKET FUND PORTFOLIO OF INVESTMENTS August 31, 1997 (continued)
Principal Amount Issuer Value - ----------------------------------------------------------- FLOATING RATE DEMAND NOTES--(CONTINUED) - ----------------------------------------------------------- New York City, New York Municipal Assistance Corp., $10,900,000 Sub. Ser. K-2, 3.15%, 09/04/97 $ 10,900,000 5,000,000 Sub. Ser. L, 3.15%, 09/04/97 5,000,000 New York City, New York Municipal Securities Trust, 800,000 SGB 33, 3.45%, 09/04/97 800,000 5,000,000 Ser. SAK 1, 3.45%, 09/04/97 5,000,000 New York City, New York Municipal Water Financing Authority, 900,000 Ser. C, 3.70%, 09/02/97 900,000 10,000,000 Water & Sewer Systems, Municipal Securities Trust Receipts, 3.65%, 09/04/97 10,000,000 7,255,000 Water & Sewer Systems, Municipal Securities Trust Receipts, Ser. SGA 13, 3.40%, 09/04/97 7,255,000 New York City, New York, 2,395,000 Prerefunded Balance, Short, Ser. 12I, 3.50%, 09/04/97 2,395,000 2,500,000 Ser. A, 3.45%, 09/04/97 2,500,000 11,475,000 Ser. A-9, 3.15%, 09/04/97 11,475,000 11,800,000 Ser. B through Sub. Ser. B-8, 3.30%, 09/04/97 11,800,000 11,500,000 Ser. B through Sub. Ser. B-10, 3.25%, 09/04/97 11,500,000 4,300,000 Ser. B, Sub. Ser. B-4, 3.70%, 09/02/97 4,300,000 200,000 Ser. B, Sub. Ser. B-7, 3.70%, 09/02/97 200,000 6,000,000 Ser. D, 3.35%, 09/04/97 6,000,000 8,500,000 Ser. F-6, 3.25%, 09/04/97 8,500,000 6,400,000 Sub. Ser. A-6, 3.15%, 09/04/97 6,400,000 2,700,000 Sub. Ser. A-7, 3.70%, 09/02/97 2,700,000 3,000,000 Sub. Ser. A-10, 3.70%, 09/02/97 3,000,000 3,400,000 Sub. Ser. B-2, 3.70%, 09/02/97 3,400,000 600,000 Sub. Ser. E-4, 3.70%, 09/02/97 600,000 4,200,000 Sub. Ser. E-5, 3.70%, 09/02/97 4,200,000 4,900,000 Sub. Ser. B-8, 3.30%, 09/04/97 4,900,000 1,200,000 Trust for Cultural Resources, Soloman R Guggenheim, Ser. B, 3.65%, 09/02/97 1,200,000 1,705,000 Unrefunded Balance, Short, Ser. 12I, 3.50%, 09/04/97 1,705,000
32 See notes to financial statements. 35 ........................... VISTA NEW YORK TAX FREE MONEY MARKET FUND PORTFOLIO OF INVESTMENTS August 31, 1997 (continued)
Principal Amount Issuer Value - ----------------------------------------------------------- FLOATING RATE DEMAND NOTES--(CONTINUED) - ----------------------------------------------------------- New York State Dormitory Authority, $10,700,000 Cornell University, Ser. B, 3.65%, 09/02/97 $ 10,700,000 2,865,000 Municipal Securities Trust Receipts, SAK 17, 3.45%, 09/04/97 2,865,000 New York State Energy Research & Development Authority, 4,100,000 Gas Facilities, Brooklyn Union Gas Project, Ser. A-1, 3.15%, 09/04/97 4,100,000 6,300,000 Gas Facilities, Brooklyn Union Gas Project, Ser. A-2, 3.15%, 09/04/97 6,300,000 14,500,000 Gas Facilities, Brooklyn Union Gas Project, Ser. A-3, 3.20%, 09/04/97 14,500,000 2,000,000 PCR, Central Hudson Gas & Electric, Co., Ser. B, 3.15%, 09/04/97 2,000,000 7,900,000 PCR, Central Hudson Gas & Electric, Co., Ser. B, 3.20%, 09/04/97 7,900,000 11,700,000 PCR, Orange & Rockland Project, Ser. A, 3.15%, 09/04/97 11,700,000 800,000 PCR, Rev. New York Electric & Gas, Ser. D, 3.65%, 09/02/97 800,000 2,000,000 PCR, Rochester Gas & Electric Corp., Ser. C, 3.35%, 09/04/97 2,000,000 New York State Housing Finance Agency, 1,100,000 Multifamily, Ser. E, 3.35%, 09/04/97 1,100,000 13,400,000 Normandte Court II, Ser. A, 3.30%, 09/04/97 13,400,000 5,150,000 Residential Insured, Ser. A, 3.35%, 09/04/97 5,150,000 5,000,000 Union Square South Housing, 3.25%, 09/04/97 5,000,000 New York State Job Development Authority, 40,000 Ser. A-1 through A-21, 3.85%, 09/04/97 40,000 2,600,000 Ser. A-1 through A-42, 3.90%, 09/02/97 2,600,000
33 See notes to financial statements. 36 ........................... VISTA NEW YORK TAX FREE MONEY MARKET FUND PORTFOLIO OF INVESTMENTS August 31, 1997 (continued)
Principal Amount Issuer Value - ----------------------------------------------------------- FLOATING RATE DEMAND NOTES--(CONTINUED) - ----------------------------------------------------------- $ 4,540,000 State Guaranteed, Ser. C-1 through C-34, 3.80%, 09/30/97 $ 4,540,000 3,000,000 State Guaranteed, Ser. D-1 through D-16, 3.80%, 09/04/97 3,000,000 New York State Local Government Assistance Corp., 11,900,000 Ser. D, 3.20%, 09/04/97 11,900,000 4,800,000 Ser. E, 3.20%, 09/04/97 4,800,000 18,000,000 Ser. G, 3.15%, 09/04/97 18,000,000 New York State Local Assistance Corp., 13,100,000 Ser. A, 3.20%, 09/04/97 13,100,000 12,000,000 Ser. B, 3.20%, 09/04/97 12,000,000 1,900,000 Newburgh New York IDA Civic Facility, Mt. St. Mary College, 3.35%, 09/04/97 1,900,000 4,200,000 Niagara Falls New York Bridge Commission, Ser. A, 3.15%, 09/04/97 4,200,000 2,950,000 Port Authority of New York & New Jersey, Equipment Notes, Ser. 3, 3.55%, 09/04/97 2,950,000 Puerto Rico, 10,900,000 Electric Power Authority, Municipal Securities Trust Receipts, Ser. SGA 43, 3.30%, 09/04/97 10,900,000 5,200,000 Industrial, Medical, & Environmental, Higher Education--Ana G. Mendez Educational Foundation, 3.30%, 09/04/97 5,200,000 1,000,000 Rockland County New York IDA, X Products Corp. Project, 3.45%, 09/04/97 1,000,000 1,500,000 San Jose, California, Multifamily Housing, Almaden Lake Village Apartments, Ser, A, 3.20%, 09/04/97 1,500,000 300,000 Santa Ana, California Health Facility, Multi-Modal--Town & Country, 3.50%, 09/02/97 300,000
34 See notes to financial statements. 37 ........................... VISTA NEW YORK TAX FREE MONEY MARKET FUND PORTFOLIO OF INVESTMENTS August 31, 1997 (continued)
Principal Amount Issuer Value - ----------------------------------------------------------- FLOATING RATE DEMAND NOTES--(CONTINUED) - ----------------------------------------------------------- Suffolk County New York, $ 5,600,000 IDA, Nissequogue Cogen Partners, 3.30%, 09/04/97 $ 5,600,000 4,500,000 Water Authority, 3.25%, 09/04/97 4,500,000 800,000 Syracuse New York IDA Civic Facility, Multi-Modal Syracuse University Project, 3.65%, 09/02/97 800,000 12,900,000 Triborough Bridge & Tunnel Authority of New York, Special Obligation, 3.15%, 09/04/97 12,900,000 Yonkers, New York, IDA, Civic Facilities, 4,300,000 Consumers Union Facility, 3.15%, 09/04/97 4,300,000 8,100,000 Sarah Laurence College Project, 3.05%, 09/04/97 8,100,000 - ----------------------------------------------------------- TOTAL FLOATING RATE DEMAND NOTES (COST $526,393,978) 526,393,978 - ----------------------------------------------------------- Shares Issuer Value - ----------------------------------------------------------- MONEY MARKET FUND--0.4% - ----------------------------------------------------------- 4,300,000 Provident New York Money Fund, (Cost $4,300,000) $ 4,300,000 - ----------------------------------------------------------- TOTAL INVESTMENTS--100.2% (COST $959,010,157)** $959,010,157 - -----------------------------------------------------------
35 See notes to financial statements. 38 ABOUT YOUR FUND VISTA CALIFORNIA TAX FREE MONEY MARKET FUND
- ------------------------------------------------------------------------- FUND FACTS - ------------------------------------------------------------------------- OBJECTIVE: High current tax free income consistent with capital preservation* PRIMARY INVESTMENTS: California short-term municipal obligations SUGGESTED INVESTMENT TIME FRAME: Short-term SHARE CLASSES OFFERED: Vista Shares AS OF AUGUST 31, 1997 NET ASSETS: $45.5 Million AVERAGE DAYS TO MATURITY: 53 days S&P RATING: Not rated MOODY'S RATING: Not rated NAIC RATING: Not rated - -------------------------------------------------------------------------
* 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.
- ------------------------------------------------------------- MATURITY SCHEDULE AS OF 8/31/97 - ------------------------------------------------------------- 1-7 days: . . . . . . . . . . . . . . . . . . . . . . 73.06% 8-14 days: . . . . . . . . . . . . . . . . . . . . . 0.00% 15-21 days: . . . . . . . . . . . . . . . . . . . . . 0.00% 22-30 days: . . . . . . . . . . . . . . . . . . . . . 0.00% 31-60 days: . . . . . . . . . . . . . . . . . . . . . 4.24% 61-90 days: . . . . . . . . . . . . . . . . . . . . . 2.12% 91+ days: . . . . . . . . . . . . . . . . . . . . . . 20.58% - -------------------------------------------------------------
The financial information presented on this page has been taken from the books and records of the Funds without examination by independent accountants, who express no opinion thereto. 36 39 VISTA CALIFORNIA TAX FREE MONEY MARKET FUND PORTFOLIO COMPOSITION AS OF 8/31/97 FLOATING RATE DEMAND NOTES 68.8% TAX & REVENUE ANTICIPATION NOTES 15.3% COMMERCIAL PAPER 6.4% REVENUE BONDS 5.3% GENERAL OBLIGATIONS/DISC. NOTES 4.2%
- ----------------------------------------------------------------------- VISTA CALIFORNIA TAX FREE MONEY MARKET FUND AS OF 8/31/97(1) 7-DAY TAXABLE SEC YIELD(2) EQUIVALENT YIELD(3) - ----------------------------------------------------------------------- Vista Shares 2.88% 5.36% - -----------------------------------------------------------------------
(1) Past performance is not a guarantee of future results. Yields will fluctuate. An investment is neither insured nor guaranteed by the U.S. government and there can be no assurance that the funds will maintain a stable Net Asset Value of $1.00 per share. (2) The yield for Vista Shares reflects the voluntary waiver of certain expenses and the assumption of certain expenses otherwise payable by the Fund. Without waivers, the yield would have been 2.56%. This voluntary waiver may be modified or terminated at any time, which would reduce performance. (3) Taxable equivalent yields are calculated based on the SEC Yield divided by 1 minus the effective tax rate. The effective combined federal, and state tax rate used in this illustration is 46.24%. A portion of the Fund's income may be subject to the Alternative Minimum Tax (AMT), and some investors may be subject to certain state and local taxes. The financial information presented on this page has been taken from the books and records of the Funds without examination by independent accountants, who express no opinion thereto. 37 40 ........................... VISTA CALIFORNIA TAX FREE MONEY MARKET FUND PORTFOLIO OF INVESTMENTS August 31, 1997
Principal Amount Issuer Value - ----------------------------------------------------------- STATE & MUNICIPAL OBLIGATIONS--25.8% - ----------------------------------------------------------- $1,000,000 California PCFA, PCR, Chevron USA, Inc. Project, Rev., 4.00%, 05/15/98 $ 1,001,013 California School Cash Reserve Program Authority, 2,000,000 Pool, Ser. A, GO, 4.75%, 07/02/98 2,014,378 1,500,000 Ser. B, Rev., 4.50%, 12/19/97 1,503,855 2,000,000 Fontana, California Union School District, TRAN, 4.50%, 07/10/98 2,011,483 2,000,000 Sacramento County, California, TRAN, 4.50%, 09/30/97 2,001,114 1,000,000 San Bernardino County, California, Ser. A, TRAN, 4.50%, 06/30/98 1,005,160 2,200,000 West Contra Costa, California Unified School District, TRAN, 4.25%, 12/11/97 2,202,391 - ----------------------------------------------------------- TOTAL STATE & MUNICIPAL OBLIGATIONS (COST $11,739,394) 11,739,394 - ----------------------------------------------------------- FLOATING RATE DEMAND NOTES--67.8% - ----------------------------------------------------------- $1,000,000 Alameda-Contra Costa, California, Schools Financing Authority, COP, Capital Improvements Financing Project, Ser. B, 3.10%, 09/05/97 1,000,000 900,000 Anaheim, California, Certificates of Participation, 1993 Referendum Projects, 2.95%, 09/05/97 900,000 1,000,000 California Educational Facilities Authority, Stanford University, Ser. L, 2.95%, 09/05/97 1,000,000 300,000 California Health Facilities Financing Authority, Floating-Pooled Loan Program, Ser. B, 3.05%, 09/05/97 300,000 2,100,000 California PCFA, PCR, Pacific Gas & Electric, Ser. A, 3.50%, 09/02/97 2,100,000 600,000 California Statewide Communities Development Authority, Apartment Development, Sub. Ser. A-1, 3.05%, 09/05/97 600,000
38 See notes to financial statements. 41 ........................... VISTA CALIFORNIA TAX FREE MONEY MARKET FUND PORTFOLIO OF INVESTMENTS August 31, 1997 (continued)
Principal Amount Issuer Value - ----------------------------------------------------------- FLOATING RATE DEMAND NOTES--(CONTINUED) - ----------------------------------------------------------- $ 100,000 California Statewide Communities Development Corp, 3.35%, 09/05/97 $ 100,000 455,000 IDR, Evapco Inc. Project, 3.25%, 09/05/97 455,000 600,000 IDR, Nichirin, 3.50%, 09/05/97 600,000 900,000 Industrial Peet's Coffee, Ser. E, 3.25%, 09/05/97 900,000 2,300,000 California State, Municipal Securities Trust Receipts, Ser. 7, 3.35%, 09/05/97 2,300,000 1,500,000 Kern County, California, COP, Kern Public Facilities Project, Ser. C, 3.00%, 09/05/97 1,500,000 600,000 Los Angeles California Community Redevelopment Agency, 3.05%, 09/05/97 600,000 Los Angeles County, California, 300,000 IDA, IDR, Hon Industries Inc. Project, 3.00%, 09/05/97 300,000 700,000 Pension Obligation, Ser. B, 2.95%, 09/05/97 700,000 Los Angeles, California Community Redevelopment Agency, 600,000 COP, Baldwin Hills Public Park, 3.25%, 09/05/97 600,000 500,000 COP, CMC Medical Plaza Partner, 3.05%, 09/05/97 500,000 Los Angeles, California Regional Airports Improvement Corp., 100,000 Amern Airlines, L.A. International, Ser. B, 3.75%, 09/02/97 100,000 700,000 Lease, Sublease, L.A. International, LAX 2, 3.75%, 09/02/97 700,000 2,000,000 M-S-R Public Power Agency, California, San Juan Project, Ser. G, 3.00%, 09/05/97 2,000,000 100,000 New York State Job Development Authority, Special Purpose, Ser. A-1 through A-13, 3.90%, 09/02/97 100,000 2,100,000 Orange County, California Sanitation Districts 1, 2, & 3, COP, 3.40%, 09/02/97 2,100,000
39 See notes to financial statements. 42 ........................... VISTA CALIFORNIA TAX FREE MONEY MARKET FUND PORTFOLIO OF INVESTMENTS August 31, 1997 (continued)
Principal Amount Issuer Value - ----------------------------------------------------------- FLOATING RATE DEMAND NOTES--(CONTINUED) - ----------------------------------------------------------- Palm Springs California Community Redevelopment Agency, $ 400,000 3.05%, 09/05/97 $ 400,000 200,000 3.05%, 09/05/97 200,000 700,000 3.05%, 09/05/97 700,000 100,000 COP, Headquarters Hot, Ser. 7, 3.05%, 09/05/97 100,000 3,000,000 Puerto Rico Electric Power Authority, Municipal Securities Trust Receipts, Ser. SGA 43, 3.30%, 09/05/97 3,000,000 400,000 Rancho Mirage, California, Redevelopment Agency, COP, Rancho Mirage, 3.25%, 09/05/97 400,000 700,000 Regional Apartments Improvement Corp., Los Angeles, California Term Facilities, Los Angeles International Airport, 3.85%, 09/02/97 700,000 700,000 Riverside County, California, IDA, IDR, Design Time Inc. Project, Ser. I, 3.20%, 09/05/97 700,000 San Bernardino County, California, 700,000 COP, County Center Refinancing Project, 3.00%, 09/05/97 700,000 100,000 IDA, ID, Aqua-Service, 3.25%, 09/05/97 100,000 300,000 IDA, Ser. II, Master Halco Inc., 3.50%, 09/05/97 300,000 300,000 San Diego California IDA, Kaiser Aerospace & Electric, 3.55%, 09/05/97 300,000 1,000,000 San Jose, California, Multifamily Housing, Almaden Lake Village Apartments, Ser. A, 3.20%, 09/05/97 1,000,000 1,000,000 Santa Ana, California Health Facility, Multi Modal--Town & Country, 3.35%, 09/02/97 1,000,000 100,000 Santa Clara California Electric Revenue, Ser. B, 3.00%, 09/05/97 100,000 700,000 South San Francisco, California, Multifamily, Magnolia Plaza Apartments, Ser. A, 3.25%, 09/02/97 700,000
40 See notes to financial statements. 43 ........................... VISTA CALIFORNIA TAX FREE MONEY MARKET FUND PORTFOLIO OF INVESTMENTS August 31, 1997 (continued)
PRINCIPAL AMOUNT ISSUER VALUE - ----------------------------------------------------------- FLOATING RATE DEMAND NOTES--(CONTINUED) - ----------------------------------------------------------- $ 600,000 Three Valleys Municipal Water District, Miramar Water Treatment, 3.25%, 09/05/97 $ 600,000 380,000 Walnut, California Improvement Agency, IDA, IDR, Fairway Molds Project, 3.25%, 09/05/97 380,000 - ----------------------------------------------------------- TOTAL FLOATING RATE DEMAND NOTES (COST $30,835,000) 30,835,000 - ----------------------------------------------------------- COMMERCIAL PAPER--6.6% - ----------------------------------------------------------- 2,000,000 California State, Municipal Securities Trust Receipts, SGA 40, 4.25%, 09/05/97 2,000,000 1,000,000 Metropolitan Water District of Southern California, 3.55%, 11/10/97 1,000,000 - ----------------------------------------------------------- TOTAL COMMERCIAL PAPER (COST $3,000,000) 3,000,000 - ----------------------------------------------------------- Shares - ----------------------------------------------------------- MONEY MARKET FUNDS--3.5% - ----------------------------------------------------------- 1,600,000 Provident California Money Fund, (Cost $1,600,000) 1,600,000 =========================================================== TOTAL INVESTMENTS--103.7% (COST $47,174,394)** $47,174,394 - -----------------------------------------------------------
41 See notes to financial statements. 44 ........................... LEGEND PORTFOLIO OF INVESTMENTS August 31, 1997 # = SECURITY MAY ONLY BE SOLD TO QUALIFIED INSTITUTIONAL BUYERS. ** = THE COST OF SECURITIES IS SUBSTANTIALLY THE SAME FOR FEDERAL INCOME TAX PURPOSES. BAN = BOND ANTICIPATION NOTE COP = CERTIFICATE OF PARTICIPATION CP = COMMERCIAL PAPER CSD = CENTRAL SCHOOL DISTRICT EDC = ECONOMIC DEVELOPMENT CORP. FHA = FEDERAL HOUSING AUTHORITY FRDN = FLOATING RATE DEMAND NOTE: THE MATURITY DATE SHOWN IS THE NEXT INTEREST RESET DATE; THE RATE SHOWN IS THE RATE IN EFFECT AT AUGUST 31, 1997. GO = GENERAL OBLIGATION ID = INDUSTRIAL DEVELOPMENT IDA = INDUSTRIAL DEVELOPMENT AUTHORITY IDB = INDUSTRIAL DEVELOPMENT BOARD IDR = INDUSTRIAL DEVELOPMENT REVENUE IRB = INDUSTRIAL REVENUE BOND PCFA = POLLUTION CONTROL FINANCING AUTHORITY PCR = POLLUTION CONTROL REVENUE REV. = REVENUE BOND SPECIAL TAX = SPECIAL TAX ASSESSMENT TAN = TAX ANTICIPATION NOTE TRAN = TAX & REVENUE ANTICIPATION NOTE UFSD = UNION FREE SCHOOL DISTRICT
42 See notes to financial statements. 45 ........................... VISTA MUTUAL FUNDS STATEMENT OF ASSETS AND LIABILITIES August 31, 1997 - -------------------------------------------------------------------------------
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)................................... $ 994,182,754 $959,010,157 $47,174,394 Cash................................... -- 901,242 71,983 Other assets........................... 17,108 16,300 853 Receivables: Investment securities sold........... 12,140,314 -- -- Interest............................. 6,119,972 6,628,355 360,853 Fund shares sold..................... 751,800 671,131 -- Other................................ 44,515 826 -- -------------- ------------ ----------- Total Assets..................... 1,013,256,463 967,228,011 47,608,083 -------------- ------------ ----------- LIABILITIES: Payable for investment securities purchased............................ 49,364,889 8,827,835 -- Payable for Fund shares redeemed....... 330,795 80,416 1,964,442 Payable to custodian................... 4,961,888 -- -- Dividends payable...................... 1,423,136 940,342 43,726 Other liabilities...................... 1,962 -- 276 Accrued liabilities: (Note 2) Administration fees.................. 79,810 77,250 3,808 Distribution fees.................... 47,135 77,251 3,808 Investment advisory fees............. 79,810 77,251 1,142 Shareholder servicing fees........... 126,184 162,227 3,808 Custody fees......................... 63,050 49,346 8,417 Other................................ 190,089 169,739 69,647 -------------- ------------ ----------- Total Liabilities................ 56,668,748 10,461,657 2,099,074 -------------- ------------ ----------- NET ASSETS: Paid in capital........................ 957,002,853 956,761,114 45,508,085 Accumulated undistributed net investment income.................... 3,672 99,873 16,646 Accumulated net realized gain (loss) on investment transactions.............. (418,810) (94,633) (15,722) -------------- ------------ ----------- Net Assets....................... $ 956,587,715 $956,766,354 $45,509,009 ============== ============ =========== Shares of beneficial interest outstanding ($.001 par value; unlimited number of shares authorized): Vista Shares......................... 566,048,042 956,875,002 45,508,085 Premier Shares....................... 104,724,262 Institutional Shares................. 286,252,246 Net asset value, offering and redemption price per share, all classes (net assets/shares)......................... $1.00 $1.00 $1.00 ============== ============ =========== Cost of investments..................... $ 994,182,754 $959,010,157 $47,174,394 ============== ============ ===========
43 See notes to financial statements. 46 ........................... VISTA MUTUAL FUNDS STATEMENT OF OPERATIONS For the year ended August 31, 1997 - --------------------------------------------------------------------------------
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)................ $32,875,399 $31,832,897 $1,583,348 ----------- ----------- ---------- EXPENSES: (Note 2) Shareholder servicing fees............... 2,313,363 3,133,258 156,716 Distribution fees........................ 568,572 895,216 44,776 Administration fees...................... 898,975 895,216 44,776 Investment advisory fees................. 898,976 895,216 44,776 Custodian fees........................... 239,483 246,186 33,477 Printing and postage..................... 4,614 10,019 -- Professional fees........................ 56,218 51,902 17,620 Registration costs....................... 85,428 19,042 1,336 Transfer agent fees...................... 171,148 265,308 32,828 Trustees fees and expenses............... 48,659 45,004 2,408 Other.................................... 47,988 76,112 3,917 ----------- ----------- ---------- Total expenses..................... 5,333,424 6,532,479 382,630 Less amounts waived (Note 2E)............ 768,241 1,253,304 134,113 ----------- ----------- ---------- Net expenses........................... 4,565,183 5,279,175 248,517 ----------- ----------- ---------- Net investment income.................. 28,310,216 26,553,722 1,334,831 ----------- ----------- ---------- REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS Net realized gain (loss) on investment transactions........................... (3,727) (44,446) (643) ----------- ----------- ---------- Net increase in net assets from operations............................. $28,306,489 $26,509,276 $1,334,188 =========== =========== ==========
44 See notes to financial statements. 47 VISTA MUTUAL FUNDS STATEMENT OF CHANGES IN NET ASSETS
Vista Vista New York Tax Free Tax Free Money Market Fund Money Market Fund --------------------------- --------------------------- For the Year Ended August 31, --------------------------------------------------------- 1997 1996 1997 1996 ------------ ------------ ------------ ------------ INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS: Net investment income................................................. $ 28,310,216 $ 18,372,456 $ 26,553,722 $ 15,764,958 Net realized gain (loss) on investment transactions................... (3,727) (29,426) (44,446) 11,794 ------------ ------------ ------------ ------------ Increase (decrease) in net assets from operations................... 28,306,489 18,343,030 26,509,276 15,776,752 ------------ ------------ ------------ ------------ DISTRIBUTIONS TO SHAREHOLDERS FROM: Net investment income................................................. (28,350,083) (18,336,414) (26,537,487) (15,770,908) Net realized gain on investment transactions.......................... -- -- -- (18,550) ------------ ------------ ------------ ------------ Total dividends and distributions............................... (28,350,083) (18,336,414) (26,537,487) (15,789,458) ------------ ------------ ------------ ------------ Increase (decrease) from capital share transactions.................... 88,760,159 444,019,822 66,381,087 512,026,166 ------------ ------------ ------------ ------------ Total increase (decrease)....................................... 88,716,565 444,026,438 66,352,876 512,013,460 NET ASSETS: Beginning of period................................................... 867,871,150 423,844,712 890,413,478 378,400,018 ------------ ------------ ------------ ------------ End of period......................................................... $956,587,715 $867,871,150 $956,766,354 $890,413,478 ============ ============ ============ ============ Vista California Tax Free Money Market Fund -------------------------- 1997 1996 ----------- ------------ INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS: Net investment income................................................. $ 1,334,831 $ 1,471,350 Net realized gain (loss) on investment transactions................... (643) (652) ----------- ----------- Increase (decrease) in net assets from operations................... 1,334,188 1,470,698 ----------- ----------- DISTRIBUTIONS TO SHAREHOLDERS FROM: Net investment income................................................. (1,328,093) (1,461,441) Net realized gain on investment transactions.......................... -- -- ----------- ----------- Total dividends and distributions............................... (1,328,093) (1,461,441) ----------- ----------- Increase (decrease) from capital share transactions.................... 2,684,361 (15,505,296) ----------- ----------- Total increase (decrease)....................................... 2,690,456 (15,496,039) NET ASSETS: Beginning of period................................................... 42,818,553 58,314,592 ----------- ----------- End of period......................................................... $45,509,009 $ 42,818,553 =========== ===========
See notes to financial statements. 45 ........................... 48 VISTA MUTUAL FUNDS NOTES TO FINANCIAL STATEMENTS 1. ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES--Mutual Fund Trust ("MFT") (the "Trust") is organized as a Massachusetts business trust, and registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end, management investment company. Vista Tax Free Money Market Fund ("TFMM"), Vista New York Tax Free Money Market Fund ("NYTFMM") and Vista California Tax Free Money Market Fund ("CATFMM") are separate portfolios of MFT. Collectively all of these funds are referred to as "Money Market Funds" or individually as the "Fund". The funds offer various classes of shares as follows:
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 46 ........................... 49 VISTA MUTUAL FUNDS NOTES TO FINANCIAL STATEMENTS (continued) the capital accounts based on their federal income tax-basis treatment. Dividends and distributions which exceed net investment income or net realized capital gains for financial reporting purposes but not for tax purposes are reported as distributions in excess of net investment income or net realized capital gains. F. Income and expenses--Expenses directly attributable to a Fund are charged to that Fund; expenses directly attributable to a particular class are charged directly to such class. Other expenses are allocated proportionately among the Funds within the Trust in relation to the net assets of each Fund or on another reasonable basis. In calculating net asset value per share of each class, investment income, realized and unrealized gains and losses and expenses other than class specific expenses, are allocated daily to each class of shares based upon the proportion of net assets of each class at the beginning of each day. 2. FEES AND OTHER TRANSACTIONS WITH AFFILIATES A. Investment advisory fee--Pursuant to separate Investment Advisory Agreements, The Chase Manhattan Bank, ("Chase" or "Advisor") acts as the investment adviser to the Funds. Chase is a direct wholly-owned subsidiary of The Chase Manhattan Corporation. As investment adviser, Chase supervises the investments of each Fund and for such services is paid a fee. The fee is accrued daily and paid monthly at an annual rate equal to 0.10% of the average daily net assets for each respective Fund. The Advisor voluntarily waived all or a portion of its fees as outlined in Note 2.E. below. Chase Asset Management, Inc. ("CAM"), a registered investment adviser, is the sub-investment adviser to each Fund, other than the Vista Tax Fee Money Market Fund, pursuant to a Sub-Investment Advisory Agreement between CAM and Chase. CAM is a wholly owned subsidiary of Chase and is entitled to receive a fee, payable by Chase from its advisory fee, at an annual rate equal to 0.03% of each Fund's average daily net assets. Texas Commerce Bank, National Association ("TCB") is the sub-investment adviser to the Vista Tax Free Money Market Fund pursuant to a Sub-Investment Advisory Agreement between Chase and TCB. TCB is a wholly owned subsidiary of Chase and is entitled to receive a fee, payable by Chase from its advisory fee, at an annual rate equal to 0.03% of the Fund's average daily net assets. B. Shareholder and Fund servicing fees--The Trust adopted an Administrative Service Plan which, among other things, provides that the Trust on behalf of the Funds may obtain the services of one or more Shareholder Servicing Agents. For its services, each Shareholder Servicing Agent receives a fee. The fee is computed daily and paid monthly at an annual rate of 0.35% and 0.25% of the average daily net assets of the Vista Class and Premier Class, respectively. No Fund Servicing fee was paid for the Institutional Shares. Since inception of the Trust, Chase and certain of its affiliates have been the only Shareholder Servicing Agents. The Shareholder Servicing Agents have voluntarily waived all or a portion of their fees as outlined in Note 2.E. below. C. Distribution and sub-administration fees--Pursuant to the Distribution and Sub-administration Agreements, Vista Fund Distributors, Inc. ("VFD" or the "Distributor"), a wholly-owned subsidiary of the BISYS Group, Inc. ("BISYS"), acts as the Trust's exclusive underwriter and promotes and arranges for the sale of each Fund's shares. In addition, the Distributor provides certain sub-administration services to the Trust, including providing officers, clerical staff and office space for an annual fee of 0.05% of the average daily net assets of each Fund. The Trustees have adopted plans of distribution under the 1940 Act for the Vista Shares (the "Vista Plan"). There are no distribution plans for the Premier or Institutional Shares. Vista Plan pays the Distributor a distribution fee. The fee is 47 ........................... 50 VISTA MUTUAL FUNDS NOTES TO FINANCIAL STATEMENTS (continued) computed daily and paid monthly at an annual rate of 0.10% of the average daily net assets of Vista Class of each Fund. D. Administration fee--Pursuant to the Administration Agreements, Chase (the "Administrator") provides certain administration services and facilities to each Fund at a fee computed at the annual rate equal to 0.05% of the respective Fund's average daily net assets. E. Waivers of fees--For the year ended August 31, 1997, the Advisor, Shareholder and Fund Servicing Agents voluntarily waived fees for each of the Funds as follows:
TFMM NYTFMM CTFMM -------- ---------- -------- Advisory........................ $ -- $ -- $ 31,249 Shareholder Servicing........... 768,241 1,253,304 102,864 -------- ---------- -------- $768,241 $1,253,304 $134,113 ======== ========== ========
F. Other--Certain officers of the Trust are officers of VFD or of its parent corporation, BISYS. In addition, Chase provides portfolio accounting and custody services for the Funds. Such amounts are presented in the Statement of Operations as custodian fees. 3. FEDERAL INCOME TAX MATTERS--At August 31, 1997, Tax Free Money Market Fund, New York Tax Free Money Market Fund and California Tax Free Money Market Fund had net capital loss carryovers of approximately $386,000, $35,000 and $15,000, respectively. Such losses will be available to offset future capital gains and will expire between August 31, 2001 and 2005. During the fiscal year ended August 31, 1997, NYTFMM utilized capital loss carryovers of approximately $15,000. To the extent that any net capital losses are used to offset future capital gains, it is probable that the gains so offset will not be distributed to shareholders. 4. TRANSACTIONS IN SHARES OF BENEFICIAL INTEREST
Vista Tax Free Money Market Fund ------------------------------------------------------------------- Vista Class ------------------------------------------------------------------- Year Ended August 31, 1997 Year Ended August 31, 1996 -------------------------------- -------------------------------- Amount Shares Amount Shares --------------- -------------- --------------- -------------- Shares sold........... $ 1,655,124,829 1,655,124,829 $ 911,484,404 911,484,404 Shares issued in reinvestment of distributions........ 5,624,366 5,624,366 1,934,142 1,934,142 Shares redeemed....... (1,669,216,613) (1,669,216,613) (857,212,288) (857,212,288) Hanover acquisition... -- -- 350,999,688 351,365,964 --------------- -------------- --------------- -------------- Net increase (decrease) in Trust shares outstanding.......... $ (8,467,418) (8,467,418) $ 407,205,946 407,572,222 ================ =============== ================ ===============
48 ........................... 51 VISTA MUTUAL FUNDS NOTES TO FINANCIAL STATEMENTS (continued)
Premier Class ------------------------------------------------------------------- Year Ended August 31, 1997 Year Ended August 31, 1996 -------------------------------- -------------------------------- Amount Shares Amount Shares --------------- -------------- --------------- -------------- Shares sold........... $ 531,017,184 531,017,184 $ 601,079,059 601,079,059 Shares issued in reinvestment of distributions........ 2,032,501 2,032,501 2,903,967 2,903,967 Shares redeemed....... (573,533,495) (573,533,495) (607,206,287) (607,206,287) --------------- -------------- --------------- -------------- Net increase (decrease) in Trust shares outstanding.......... $ (40,483,810) (40,483,810) $ (3,223,261) (3,223,261) ================ =============== ================ =============== Institutional Class ------------------------------------------------------------------- Year Ended August 31, 1997 Year Ended August 31, 1996 -------------------------------- -------------------------------- Amount Shares Amount Shares --------------- -------------- --------------- -------------- Shares sold........... $ 2,181,302,254 2,181,302,254 $ 1,414,077,799 1,414,077,799 Shares issued in reinvestment of distributions........ 2,961,145 2,961,145 2,017,342 2,017,342 Shares redeemed....... (2,046,552,012) (2,046,552,012) (1,376,058,004) (1,376,058,005) --------------- -------------- --------------- -------------- Net increase (decrease) in Trust shares outstanding.......... $ 137,711,387 137,711,387 $ 40,037,137 40,037,136 ================ =============== ================ =============== Vista New York Tax Free Money Market Fund ------------------------------------------------------------------- Vista Class ------------------------------------------------------------------- Year Ended August 31, 1997 Year Ended August 31, 1996 -------------------------------- -------------------------------- Amount Shares Amount Shares --------------- -------------- --------------- -------------- Shares sold........... $ 2,483,570,728 2,483,570,728 $ 1,431,911,709 1,431,911,709 Shares issued in reinvestment of distributions........ 13,960,319 13,960,319 6,680,348 6,680,348 Hanover acquisition... -- -- 321,164,978 321,245,415 Shares redeemed....... (2,431,149,960) (2,431,149,960) (1,247,730,869) (1,247,730,869) --------------- -------------- --------------- -------------- Net increase (decrease) in Trust shares outstanding.......... $ 66,381,087 66,381,087 $ 512,026,166 512,106,603 ================ =============== ================ ===============
49 ........................... 52 VISTA MUTUAL FUNDS NOTES TO FINANCIAL STATEMENTS (continued)
Vista California Tax Free Money Market Fund ------------------------------------------------------------------- Vista Class ------------------------------------------------------------------- Year Ended August 31, 1997 Year Ended August 31, 1996 -------------------------------- -------------------------------- Amount Shares Amount Shares --------------- -------------- --------------- -------------- Shares sold........... $ 301,855,774 301,855,774 $ 258,044,243 258,044,243 Shares issued in reinvestment of distributions........ 798,792 798,792 808,478 808,478 Shares redeemed....... (299,970,205) (299,970,205) (274,358,017) (274,358,017) --------------- -------------- --------------- -------------- Net increase (decrease) in Trust shares outstanding.......... $ 2,684,361 2,684,361 $ (15,505,296) (15,505,296) ================ =============== ================ ===============
5. CONCENTRATION OF CREDIT RISK--TFMM, NYTFMM and CATFMM, invest substantially all of their assets in a diversified portfolio of debt obligations issued by states, territories and possessions of the United States and by the District of Columbia, and by their political subdivisions and duly constituted authorities, with NYTFMM primarily investing in issuers in the State of New York, and CATFMM primarily investing in issuers in the State of California. As of August 31, 1997, TFMM invested approximately 17.6% of its assets in issuers in the state of Texas. The issuers' abilities to meet their obligations may be affected by economic or political developments in a specific state or region. 6. TRUSTEE COMPENSATION--The Funds have adopted an unfunded noncontributory defined benefit pension plan covering all independent trustees of the Funds who will have served as an independent trustee for at least five years at the time of retirement. Benefits under this plan are based on compensation and years of service. Pension expenses for the year ended August 31, 1997, included in Trustees Fees and Expenses in the Statement of Operations, and accrued pension liability included in other accrued liabilities, in the Statement of Assets and Liabilities were as follows:
Accrued Pension Pension Fund Expenses Liability - ---------------------------------------------------- -------- ------- TFMM................................................ $ 22,827 $44,538 NYTFMM.............................................. 24,206 42,436 CATFMM.............................................. 1,205 2,220
50 ........................... 53 VISTA MUTUAL FUNDS NOTES TO FINANCIAL STATEMENTS (continued) 7. ACQUISITION--On May 6, 1996, Vista Tax Free Money Market Fund and Vista New York Tax Free Money Market Fund acquired all the net assets of the following Hanover Money Market Funds: The Tax Free Fund and The New York Tax Free Fund, respectively, pursuant to a plan of reorganization approved by Hanover Fund shareholders in April of 1996. The acquisition was accomplished by a tax-free exchange of shares, at $1 per share, as shown in the table below.
The The New York HANOVER MONEY Tax Free Tax Free MARKET FUNDS Fund Fund ------------ ------------ Hanover Shares Exchanged..................... 351,365,964 321,245,415 ------------ ------------
The The New York VISTA MONEY Tax Free Tax Free MARKET FUNDS Fund Fund ------------ ------------ Vista Shares Issued.......................... 351,365,964 321,245,415 Aggregate Net Assets After Acquisition....... $857,136,490 $765,432,134
51 ........................... 54 SELECTED PER SHARE DATA AND RATIOS FOR A SHARE OF BENEFICIAL INTEREST OUTSTANDING Throughout each period indicated
Vista Tax Free Money Market Fund ----------------------------------------------------- Vista Shares ----------------------------------------------------- Year Ended August 31, 11/1/93 Year ------------------------------ Through Ended 1997 1996 1995 8/31/94++ 10/31/93 -------- -------- -------- --------- -------- Per Share Operating Performance Net Asset Value, Beginning of Period...................................... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 -------- -------- -------- --------- -------- Income from Investment Operations Net Investment Income................................................... 0.031 0.029 0.029 0.015 0.019 -------- -------- -------- --------- -------- Less Dividends from Net Investment Income............................... 0.031 0.029 0.029 0.015 0.019 -------- -------- -------- --------- -------- Net Asset Value, End of Period............................................ $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 ======== ======== ======== ======== ======== Total Return.............................................................. 3.12% 2.92% 2.99% 1.54% 1.90% ===== ===== ===== ====== ===== Ratios/Supplemental Data: Net Assets, End of Period (000 omitted)................................... $565,625 $574,115 $166,915 $121,710 $160,497 Ratio of Expenses to Average Net Assets#................................ 0.59% 0.69% 0.86% 0.85% 0.85% Ratio of Net Investment Income to Average Net Assets#................... 3.08% 2.89% 2.96% 1.82% 1.88% Ratio of Expenses Without Waivers and Assumption of Expenses to Average Net Assets#........................................................... 0.73% 0.80% 0.94% 0.85% 0.91% Ratio of Net Investment Income Without Waivers and Assumption of Expenses to Average Net Assets#....................................... 2.94% 2.78% 2.87% 1.82% 1.83%
- --------------- # Short periods have been annualized. ++ In 1994 TFMM changed its fiscal year end from October 31 to August 31. See notes to financial statements. 52 ........................... 55 SELECTED PER SHARE DATA AND RATIOS FOR A SHARE OF BENEFICIAL INTEREST OUTSTANDING Throughout each period indicated (continued)
Vista Tax Free Money Market Fund --------------------------------------------------------------------- Institutional Shares -------- Premier Shares Year --------------------------------------------------------- Ended August Year Ended August 31, 11/1/93 Year 31, -------------------------------- Through Ended -------- 1997 1996 1995 8/31/94++ 10/31/93 1997 -------- -------- -------- --------- -------- -------- Per Share Operating Performance Net Asset Value, Beginning of Period............... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 -------- -------- -------- -------- -------- -------- Income from Investment Operations Net Investment Income............................. 0.032 0.031 0.032 0.018 0.022 0.036 -------- -------- -------- -------- -------- -------- Less Dividends from Net Investment Income......... 0.032 0.031 0.032 0.018 0.022 0.036 -------- -------- -------- -------- -------- -------- Net Asset Value, End of Period..................... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 ======== ======== ======== ======== ======== ======== Total Return....................................... 3.19% 3.12% 3.29% 1.79% 2.21% 3.45% ===== ===== ===== ===== ===== ===== Ratios/Supplemental Data: Net Assets, End of Period (000 omitted)............ $104,759 $145,221 $148,436 $229,306 $225,791 $286,204 Ratio of Expenses to Average Net Assets#.......... 0.53% 0.58% 0.56% 0.55% 0.55% 0.26% Ratio of Net Investment Income to Average Net Assets#......................................... 3.13% 3.08% 3.21% 2.11% 2.16% 3.41% Ratio of Expenses Without Waivers and Assumption of Expenses to Average Net Assets#.............. 0.53% 0.73% 0.84% 0.78% 0.79% 0.26% Ratio of Net Investment Income Without Waivers and Assumption of Expenses to Average Net Assets#... 3.13% 2.92% 2.93% 1.89% 1.92% 3.41% 11/4/93* Through 1996 1995 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............................. 0.034 0.035 0.019 -------- -------- -------- Less Dividends from Net Investment Income......... 0.034 0.035 0.019 -------- -------- -------- Net Asset Value, End of Period..................... $ 1.00 $ 1.00 $ 1.00 ======== ======== ======== Total Return....................................... 3.40% 3.53% 1.95% ===== ===== ===== Ratios/Supplemental Data: Net Assets, End of Period (000 omitted)............ $148,536 $108,494 $110,332 Ratio of Expenses to Average Net Assets#.......... 0.31% 0.33% 0.34% Ratio of Net Investment Income to Average Net Assets#......................................... 3.33% 3.46% 2.38% Ratio of Expenses Without Waivers and Assumption of Expenses to Average Net Assets#.............. 0.31% 0.34% 0.34% Ratio of Net Investment Income Without Waivers and Assumption of Expenses to Average Net Assets#... 3.33% 3.45% 2.38%
- --------------- # Short periods have been annualized. ++ In 1994 TFMM changed its fiscal year end from October 31 to August 31. * Commencement of offering class of shares. See notes to financial statements. 53 ........................... 56 SELECTED PER SHARE DATA AND RATIOS FOR A SHARE OF BENEFICIAL INTEREST OUTSTANDING Throughout each period indicated (continued)
Vista New York Tax Free Money Market Fund --------------------------------------------------------- Vista Shares --------------------------------------------------------- Year Ended August 31, 11/1/93 Year -------------------------------- Through Ended 1997 1996 1995 8/31/94++ 10/31/93 -------- -------- -------- --------- -------- Per Share Operating Performance Net Asset Value, Beginning of Period................................. $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 -------- -------- -------- --------- -------- Income from Investment Operations Net Investment Income.............................................. 0.030 0.028 0.028 0.015 0.017 -------- -------- -------- --------- -------- Less Dividends from Net Investment Income.......................... 0.030 0.028 0.028 0.015 0.017 -------- -------- -------- --------- -------- Net Asset Value, End of Period....................................... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 ======== ======== ======== ======== ======== Total Return......................................................... 3.02% 2.85% 2.88% 1.48% 1.75% ===== ===== ===== ===== ===== Ratios/Supplemental Data: Net Assets, End of Period (000 omitted).............................. $956,766 $890,413 $378,400 $365,669 $300,425 Ratio of Expenses to Average Net Assets#........................... 0.59% 0.74% 0.86% 0.85% 0.85% Ratio of Net Investment Income to Average Net Assets#.............. 2.97% 2.79% 2.84% 1.77% 1.72% Ratio of Expenses Without Waivers and Assumption of Expenses to Average Net Assets#.............................................. 0.73% 0.83% 0.95% 0.85% 0.89% Ratio of Net Investment Income Without Waivers and Assumption of Expenses to Average Net Assets#.................................. 2.83% 2.70% 2.75% 1.77% 1.68%
- --------------- # Short periods have been annualized. ++ In 1994 NYTFMM changed its fiscal year ends from October 31 to August 31. See notes to financial statements. 54 ........................... 57 SELECTED PER SHARE DATA AND RATIOS FOR A SHARE OF BENEFICIAL INTEREST OUTSTANDING Throughout each period indicated (continued) - --------------------------------------------------------------------------------
Vista California Tax Free Money Market Fund ------------------------------------------------------ Vista Shares ------------------------------------------------------ Year Ended August 31, 11/1/93 Year ----------------------------- Through Ended 1997 1996 1995 8/31/94++ 10/31/93 ------- ------- ------- --------- -------- Per Share Operating Performance Net Asset Value, Beginning of Period.................................... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 ------- ------- ------- --------- -------- Income from Investment Operations Net Investment Income................................................. 0.300 0.030 0.033 0.018 0.023 ------- ------- ------- --------- -------- Less Dividends from Net Investment Income............................. 0.300 0.030 0.033 0.018 0.023 ------- ------- ------- --------- -------- Net Asset Value, End of Period.......................................... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 ======= ======= ======= ======== ======= Total Return............................................................ 3.02% 3.06% 3.32% 1.82% 2.30% ===== ===== ===== ====== ====== Ratios/Supplemental Data: Net Assets, End of Period (000 omitted)................................. $45,509 $42,819 $58,315 $64,423 $45,346 Ratio of Expenses to Average Net Assets #............................. 0.56% 0.56% 0.48% 0.46% 0.42% Ratio of Net Investment Income to Average Net Assets #................ 2.99% 3.03% 3.25% 2.17% 2.26% Ratio of Expenses Without Waivers and Assumption of Expenses to Average Net Assets #................................................ 0.86% 1.02% 1.07% 0.94% 1.02% Ratio of Net Investment Income Without Waivers and Assumption of Expenses to Average Net Assets #.................................... 2.69% 2.57% 2.66% 1.69% 1.66%
- --------------- # Short periods have been annualized. ++ In 1994 CTFMM changed its fiscal year end from October 31 to August 31. ** Commencement of operations. See notes to financial statements. 55 ........................... 58 REPORT OF INDEPENDENT ACCOUNTANTS To the Trustees and Shareholders of Mutual Fund Trust In our opinion, the accompanying statement of assets and liabilities, including the portfolios of investments, and the related statements of operations and of changes in net assets and the selected per share data and ratios for a share of beneficial interest outstanding present fairly, in all material respects, the financial position of Vista Tax Free Money Market Fund, Vista New York Tax Free Money Market Fund and Vista California Tax Free Money Market Fund (separate portfolios of Mutual Fund Trust, hereafter referred to as the "Trust") at August 31, 1997, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period then ended, and the selected per share data and ratios for a share of beneficial interest outstanding for each of the periods presented, in conformity with generally accepted accounting principles. These financial statements and selected per share data and ratios for a share of beneficial interest outstanding (hereafter referred to as "financial statements") are the responsibility of the Trust's management; our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with generally accepted auditing standards which require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities at August 31, 1997 by correspondence with the custodian and the application of alternative auditing procedures where securities purchased had not been received, provide a reasonable basis for the opinion expressed above. PRICE WATERHOUSE LLP 1177 Avenue of the Americas New York, New York 10036 October 14, 1997 56 ........................... 59 (unaudited) VISTA TAX FREE MONEY MARKET FUND (TFMM) VISTA NEW YORK TAX FREE MONEY MARKET FUND (NYTFMM) VISTA CALIFORNIA TAX FREE MONEY MARKET FUND (CTFMM) - --------------------------------------------------------------------- Certain tax information regarding the Vista Mutual Funds is required to be provided to shareholders based upon the Funds income and distributions for the taxable year ended August 31, 1997. The information and distributions reported in this letter may differ from the information and distributions taxable to the shareholders for the calendar year ending December 31, 1997. The information necessary to complete your income tax returns for the calendar year ending December 31, 1997 will be received under separate cover. FOR THE FISCAL YEAR ENDED AUGUST 31, 1997. - The dividends paid from net investment income are 98.73%, 99.73% and 99.39% exempt from Federal income tax for TFMM, NYTFMM and CTFMM, respectively. - For shareholders who are subject to the Alternative Minimum Tax, the income from private activity bonds issued after August 7, 1986, which may be considered a tax preference item, was 18.42%, 10.22% and 11.35% for TFMM, NYTFMM, and CALTFMM, respectively. 57 ........................... 60 VISTA SERVICE CENTER P.O. BOX 419392 KANSAS CITY, MO 64179 INVESTMENT ADVISER, ADMINISTRATOR, SHAREHOLDER AND FUND SERVICING AGENT AND CUSTODIAN The Chase Manhattan Bank DISTRIBUTOR Vista Fund Distributors, Inc. TRANSFER AGENT DST Systems, Inc. LEGAL COUNSEL Simpson Thacher & Bartlett INDEPENDENT ACCOUNTANTS Price Waterhouse LLP Vista Mutual Funds are distributed by Vista Fund Distributors, Inc., which is unaffiliated with The Chase Manhattan Bank. Chase and its respective affiliates receive compensation from the Vista Funds for providing investment advisory and other services. This report is submitted for the general information of the shareholders of the funds. It is not authorized for distribution to prospective investors in the funds unless preceded or accompanied by a prospectus. To obtain a prospectus for any of the Vista Funds, call 1-800-34-VISTA. The prospectus contains more complete information, including charges and expenses. Please read it carefully before you invest or send money. VTFMM-2-1097 61 [PHOTO] VISTA MONEY MARKET FUNDS ANNUAL REPORT ------------------------------------ Vista. Setting The Global Standard. U.S. GOVERNMENT MONEY MARKET FUNDS: VISTA 100% U.S. TREASURY SECURITIES MONEY MARKET FUND VISTA U.S. GOVERNMENT MONEY MARKET FUND VISTA TREASURY PLUS MONEY MARKET FUND VISTA FEDERAL MONEY MARKET FUND DIVERSIFIED MONEY MARKET FUNDS: VISTA CASH MANAGEMENT FUND VISTA PRIME MONEY MARKET FUND [VISTA LOGO] AUGUST 31, 1997 62 [PHOTO] HIGHLIGHTS Changing perceptions of the strength of U.S. economic growth were the primary drivers of short-term interest rates during the reporting year. - - The Federal Reserve Board adjusted the Federal Funds rate only once, a 0.25% increase in March, 1997. - - Over the course of the year, the yield on the one-year Treasury bill declined from 5.90% to 5.56%.
- ------------------------------------------------------------------ CONTENTS - ------------------------------------------------------------------ Chairman's Letter 1 Vista 100% U.S. Treasury Securities Money Market Fund 2-4 Fund Commentary - Portfolio of Investments Vista U.S. Government Money Market Fund 5-10 Fund Commentary - Portfolio of Investments Vista Treasury Plus Money Market Fund 11-14 Fund Commentary - Portfolio of Investments Vista Federal Money Market Fund 15-18 Fund Commentary - Portfolio of Investments Vista Cash Management Fund 19-29 Fund Commentary - Portfolio of Investments Vista Prime Money Market Fund 30-38 Fund Commentary - Portfolio of Investments Financial Statements 39-44 Notes To Financial Statements 45-54 Per Share Data 55-61 Report Of Independent Accountants 62 - ------------------------------------------------------------------
- -------------------------------------------------------------------------------- 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. - -------------------------------------------------------------------------------- 63 VISTA FAMILY OF MUTUAL FUNDS CHAIRMAN'S LETTER October 10, 1997 Dear Shareholder: We are pleased to present this annual report on each of the taxable Vista money market funds. Inside, you'll find current seven-day yields for each fund as of August 29, 1997 as well as listings of current holdings. EXCEPTIONAL U.S. ECONOMY CHALLENGES TRADITIONAL THINKING During the reporting year, the U.S. economy painted a near-perfect picture, one characterized by substantial economic growth, excellent corporate performance, strong job creation and the absence of inflationary pressures. This combination of factors challenged the traditional economic view that a growing economy and low unemployment inevitably lead to inflation and higher interest rates. Against this backdrop, bond investors were highly sensitive to each report on the economy's performance. This created occasional periods of volatility as they anticipated whether the Federal Reserve Board would make a preemptive strike against inflation. Ultimately, the Fed acted only once, raising the Federal Funds rate slightly in March and effectively driving the yield on the one-year Treasury bill to its highest point of the year. Rates subsequently fell, however, and continued on a generally-downward trend as it became clear that the Fed would not act again without clear and sustainable signs of inflation. This environment proved challenging for Vista's portfolio management team, but I'm pleased to report that they fulfilled their mission of providing you with competitive yields and a high degree of safety and stability. On behalf of the management team and everyone at Vista, I thank you for the confidence you've placed in us. We look forward to serving your investment needs for many years to come. Sincerely, /s/ FERGUS REID Fergus Reid Chairman 1 64 ABOUT YOUR FUND VISTA 100% U.S. TREASURY SECURITIES MONEY MARKET FUND
- -------------------------------------------------------------------------------- FUND FACTS - -------------------------------------------------------------------------------- OBJECTIVE: High current income consistent with capital preservation PRIMARY INVESTMENTS: Direct obligations of the U.S. Treasury including Treasury bills, bonds and notes SUGGESTED INVESTMENT TIME FRAME: Short-term SHARES CLASSES OFFERED: Vista, Premier and Institutional Shares AS OF AUGUST 31, 1997 NET ASSETS: $2.5 Billion AVERAGE DAYS TO MATURITY: 75 days S&P RATING: Not Rated MOODY'S RATING: Not Rated NAIC RATING: Not Rated - --------------------------------------------------------------------------------
- -------------------------------------------------------------- MATURITY SCHEDULE AS OF 8/31/97 - -------------------------------------------------------------- 1-14 days: . . . . . . . . . . . . . . . . . . . . . 22.62% 15-30 days: . . . . . . . . . . . . . . . . . . . . . 3.73% 31-60 days: . . . . . . . . . . . . . . . . . . . . . 39.72% 61-90 days: . . . . . . . . . . . . . . . . . . . . . 6.18% 91+ days: . . . . . . . . . . . . . . . . . . . . . . 27.74% - --------------------------------------------------------------
The financial information presented on this page has been taken from the books and records of the Funds without examination by independent accountants, who express no opinion thereto. 2 65 VISTA 100% U.S. TREASURY SECURITIES MONEY MARKET FUND PORTFOLIO COMPOSITION AS OF 8/31/97 U.S. Treasury Bills 32.7% U.S. Treasury Notes 67.3%
- ---------------------------------------------------------------------- VISTA 100% U.S. TREASURY SECURITIES MONEY MARKET FUND AS OF 8/31/97(1) - ---------------------------------------------------------------------- 7-DAY SEC YIELD(2) Vista Shares 4.90% Premier Shares 4.94% Institutional Shares 5.22% - ----------------------------------------------------------------------
1 Past performance is not a guarantee of future results. Yields will fluctuate. An investment is neither insured nor guaranteed by the U.S. government and there can be no assurance that the funds will maintain a stable Net Asset Value of $1.00 per share. 2 The yields for Vista Shares and Premier Shares reflect the voluntary waiver of certain expenses and the assumption of certain expenses otherwise payable by the Fund. Without waivers, the yields for Vista Shares would have been 4.78% and for Premier Shares 4.69%. This voluntary waiver may be modified or terminated at any time, which would reduce the funds' performance. The financial information presented on this page has been taken from the books and records of the Funds without examination by independent accountants, who express no opinion thereto. 3 66 ........................... VISTA 100% U.S. TREASURY SECURITIES MONEY MARKET FUND PORTFOLIO OF INVESTMENTS August 31, 1997
Principal Amount Issuer Value - ----------------------------------------------------------- U.S. TREASURY OBLIGATIONS--98.8% - ----------------------------------------------------------- U.S. Treasury Bills--32.3% $ 14,000,000 4.87%, 09/04/97 $ 13,996,212 450,000,000 5.42%, 09/15/97 449,121,417 100,000,000 5.47%, 09/15/97 99,802,653 44,600,000 5.33%, 09/18/97 44,494,447 188,880,000 5.35%, 09/18/97 188,430,784 -------------- 795,845,513 -------------- U.S. Treasury Notes--66.5% 399,420,000 8.75%, 10/15/97 400,913,493 460,000,000 5.63%, 10/31/97 460,047,940 50,000,000 5.75%, 10/31/97 50,023,047 50,000,000 7.38%, 11/15/97 50,171,755 100,000,000 5.38%, 11/30/97 99,950,444 100,000,000 5.25%, 12/31/97 99,907,526 100,000,000 5.00%, 01/31/98 99,755,431 75,000,000 7.25%, 02/15/98 75,543,803 100,000,000 6.13%, 03/31/98 100,304,893 150,000,000 5.88%, 04/30/98 150,276,384 50,000,000 6.13%, 05/15/98 50,133,534 -------------- 1,637,028,250 - ----------------------------------------------------------- U.S. TREASURY OBLIGATIONS--98.8% (COST $2,432,873,763)** $2,432,873,763 - -----------------------------------------------------------
4 See notes to financial statements. 67 ABOUT YOUR FUND VISTA U.S. GOVERNMENT MONEY MARKET FUND
- -------------------------------------------------------------------------------- FUND FACTS - -------------------------------------------------------------------------------- OBJECTIVE: High current income consistent with capital preservation PRIMARY INVESTMENTS: Direct obligations of the U.S. Treasury and its Agencies including Treasury Bills, bonds, notes and repurchase agreements SUGGESTED INVESTMENT TIME FRAME: Short-term SHARES CLASSES OFFERED: Vista, Premier and Institutional Shares AS OF AUGUST 31, 1997 NET ASSETS: $5.9 Billion AVERAGE DAYS TO MATURITY: 48 days S&P RATING*: AAA MOODY'S RATING*: Aaa NAIC RATING*: Class 1 - --------------------------------------------------------------------------------
* This rating is historical and is based upon the Fund's credit quality, market price exposure and management. It signifies that the Fund's safety is excellent and that it has superior capacity to maintain a $1 Net Asset Value per share. The National Association of Insurance Commissioners' (NAIC's) Class 1 status indicates that the Fund meets certain pricing and quality guidelines.
- -------------------------------------------------------------- MATURITY SCHEDULE AS OF 8/31/97 - -------------------------------------------------------------- 1-14 days: . . . . . . . . . . . . . . . . . . . . . 64.41% 15-30 days: . . . . . . . . . . . . . . . . . . . . . 4.75% 31-60 days: . . . . . . . . . . . . . . . . . . . . . 5.31% 61-90 days: . . . . . . . . . . . . . . . . . . . . . 10.06% 91+ days: . . . . . . . . . . . . . . . . . . . . . . 15.48% - --------------------------------------------------------------
The financial information presented on this page has been taken from the books and records of the Funds without examination by independent accountants, who express no opinion thereto. 4 68 VISTA U.S. GOVERNMENT MONEY MARKET FUND PORTFOLIO COMPOSITION AS OF 8/31/97 U.S. Government Agent 93.3% REPOs 6.7%
- ---------------------------------------------------------------------- VISTA U.S. GOVERNMENT MONEY MARKET FUND AS OF 8/31/97(1) - ---------------------------------------------------------------------- 7-Day SEC YIELD(2) Vista Shares 5.05% Premier Shares 5.09% Institutional Shares 5.40% - ----------------------------------------------------------------------
1 Past performance is not a guarantee of future results. Yields will fluctuate. An investment is neither insured nor guaranteed by the U.S. government and there can be no assurance that the funds will maintain a stable Net Asset Value of $1.00 per share. 2 The yields for Vista and Premier Shares reflect the voluntary waiver of certain expenses and the assumption of certain expenses otherwise payable by the Fund. Without waivers, the yield would have been 4.93% for Vista Shares and 5.04% for Premier Shares. This voluntary waiver may be modified or terminated at any time, which would reduce the funds' performance. The financial information presented on this page has been taken from the books and records of the Funds without examination by independent accountants, who express no opinion thereto. 5 69 ........................... VISTA U.S. GOVERNMENT MONEY MARKET FUND PORTFOLIO OF INVESTMENTS August 31, 1997
Principal Amount Issuer Value - ----------------------------------------------------------- U.S. GOVERNMENT AGENCY OBLIGATIONS--92.8% - ----------------------------------------------------------- Federal Farm Credit Bank, DN--5.3% $313,000,000 5.48%, 09/02/97 $ 313,000,000 -------------- Federal Farm Credit Bank, FRN--6.8% 40,000,000 5.52%, 05/01/98 40,000,000 125,000,000 5.53%, 10/29/97 124,950,368 95,000,000 5.54%, 05/27/98 94,959,659 95,000,000 5.55%, 05/21/98 94,960,634 50,000,000 5.55%, 02/20/98 49,986,297 -------------- 404,856,958 -------------- Federal Farm Credit Bank, Debentures--2.7% 50,000,000 5.40%, 12/02/97 49,968,513 50,000,000 5.51%, 01/02/98 49,985,460 57,000,000 5.80%, 08/21/98 57,000,000 -------------- 156,953,973 -------------- Federal Home Loan Bank, Debentures--5.8% 118,000,000 5.50%, 11/20/97 116,575,806 19,600,000 5.81%, 02/13/98 19,600,000 26,750,000 5.81%, 08/20/98 26,693,246 74,000,000 5.83%, 07/15/98 73,996,753 50,000,000 5.85%, 03/17/98 50,000,000 25,000,000 5.88%, 08/12/98 25,000,000 33,000,000 5.93%, 04/02/98 33,000,000 -------------- 344,865,805 -------------- Federal Home Loan Bank, DN--17.6% 50,000,000 5.40%, 02/11/98 48,785,000 800,000,000 5.48%, 09/02/97 800,000,000 200,000,000 5.50%, 11/28/97 197,341,667 -------------- 1,046,126,667 -------------- Federal Home Loan Bank, FRN--2.5% 50,000,000 5.39%, 07/07/98 49,958,395 75,000,000 5.45%, 09/24/97 74,996,067 25,000,000 5.46%, 09/26/97 24,998,706 -------------- 149,953,168 --------------
7 See notes to financial statements. 70 ........................... VISTA U.S. GOVERNMENT MONEY MARKET FUND PORTFOLIO OF INVESTMENTS August 31, 1997 (continued)
Principal Amount Issuer Value - ----------------------------------------------------------- U.S. GOVERNMENT AGENCY OBLIGATIONS--(CONTINUED) - ----------------------------------------------------------- Federal Home Loan Bank, Debentures--5.2% $ 47,750,000 5.63%, 12/26/97 $ 47,743,982 45,650,000 5.66%, 11/26/97 45,650,000 26,085,000 5.67%, 03/05/98 26,080,891 50,000,000 5.70%, 11/18/97 50,000,000 50,000,000 5.75%, 01/09/98 50,000,000 60,000,000 5.80%, 01/21/98 60,000,000 29,555,000 5.80%, 02/05/98 29,555,000 -------------- 309,029,873 -------------- Federal Home Loan Mortgage Corp., DN--8.4% 500,000,000 5.42%, 09/02/97 500,000,000 -------------- Federal National Mortgage Association, Debenture--0.4% 25,000,000 5.69%, 11/13/97 25,000,000 -------------- Federal National Mortgage Association, DN--16.3% 21,140,000 5.41%, 02/05/98 20,644,408 148,000,000 5.44%, 09/03/97 147,977,622 750,000,000 5.50%, 09/02/97 750,000,000 50,000,000 5.50%, 11/24/97 49,365,972 -------------- 967,988,002 -------------- Federal National Mortgage Association, FRN--5.4% 25,000,000 5.33%, 09/03/97 25,000,000 25,500,000 5.35%, 09/03/97 25,445,158 37,000,000 5.35%, 09/03/97 36,912,407 40,000,000 5.40%, 09/03/97 39,999,984 100,000,000 5.44%, 09/24/97 99,994,666 45,000,000 5.46%, 09/03/97 44,995,635 50,000,000 5.46%, 09/03/97 49,991,402 -------------- 322,339,252 --------------
8 See notes to financial statements. 71 ........................... VISTA U.S. GOVERNMENT MONEY MARKET FUND PORTFOLIO OF INVESTMENTS August 31, 1997 (continued)
Principal Amount Issuer Value - ----------------------------------------------------------- U.S. GOVERNMENT AGENCY OBLIGATIONS--(CONTINUED) - ----------------------------------------------------------- Federal National Mortgage Association, MTN--4.8% $ 50,000,000 5.42%, 12/16/97 $ 49,984,753 34,500,000 5.50%, 02/18/98 34,476,646 25,000,000 5.64%, 09/03/97 24,999,727 50,000,000 5.68%, 10/07/97 49,994,436 75,000,000 5.89%, 05/21/98 74,972,112 50,000,000 13.00%, 11/19/97 50,751,520 -------------- 285,179,194 -------------- Student Loan Mortgage Association, Debenture--4.5% 267,655,000 5.50%, 09/02/97 267,655,000 -------------- Student Loan Marketing Association, Coupon Notes--1.9% 50,000,000 5.71%, 11/18/97 50,000,000 59,500,000 5.75%, 01/08/98 59,500,000 -------------- 109,500,000 -------------- Student Loan Marketing Association, FRN--2.8% 25,000,000 5.41%, 09/03/97 24,997,001 25,000,000 5.43%, 09/03/97 24,999,952 24,000,000 5.43%, 09/03/97 24,001,722 15,000,000 5.43%, 09/03/97 15,000,903 5,000,000 5.43%, 09/03/97 5,000,000 25,000,000 5.44%, 09/03/97 25,000,000 45,000,000 5.57%, 09/03/97 45,020,983 -------------- 164,020,561 -------------- Student Loan Marketing Association, MTN--2.4% 25,000,000 5.67%, 12/19/97 25,000,000 50,000,000 5.75%, 06/30/98 49,940,712 65,000,000 5.90%, 03/19/98 65,000,000 -------------- 139,940,712 - ----------------------------------------------------------- U.S. GOVERNMENT AGENCY OBLIGATIONS (COST $5,506,409,165) 5,506,409,165 - -----------------------------------------------------------
9 See notes to financial statements. 72 ........................... VISTA U.S. GOVERNMENT MONEY MARKET FUND PORTFOLIO OF INVESTMENTS August 31, 1997 (continued)
Principal Amount Issuer Value - ----------------------------------------------------------- REPURCHASE AGREEMENTS--6.8% - ----------------------------------------------------------- $400,000,000 Goldman Sachs & Co., 5.55%, due 09/15/97, (Dated 08/15/97, Proceeds $401,911,667, Secured by FHLMCs, $418,375,340, 6.03% through 7.00%, due 07/01/27 through 02/01/37; Market Value $408,000,000) (Cost $400,000,000) 400,000,000 - ----------------------------------------------------------- TOTAL INVESTMENTS--99.6% (COST $5,906,409,165)** $5,906,409,165 - -----------------------------------------------------------
10 See notes to financial statements. 73 ABOUT YOUR FUND VISTA TREASURY PLUS MONEY MARKET FUND
- -------------------------------------------------------------------------------- FUND FACTS - -------------------------------------------------------------------------------- OBJECTIVE: High current income consistent with capital preservation PRIMARY INVESTMENTS: Direct obligations of the U.S. Treasury including Treasury bills, bonds and notes as well as repurchase agreements which are fully collateralized by obligations issued or guaranteed by the U.S. Treasury SUGGESTED INVESTMENT TIME FRAME: Short-term SHARES CLASSES OFFERED: Vista, Premier and Institutional Shares AS OF AUGUST 31, 1997 NET ASSETS: $2.0 Billion AVERAGE DAYS TO MATURITY: 40 days S&P RATING*: AAA MOODY'S RATING*: Aaa NAIC RATING*: NAIC-exempt - --------------------------------------------------------------------------------
* This rating is historical and is based upon the Fund's credit quality, market price exposure and management. It signifies that the Fund's safety is excellent and that it has superior capacity to maintain a $1 Net Asset Value per share.
- -------------------------------------------------------------- MATURITY SCHEDULE AS OF 8/31/97 - -------------------------------------------------------------- 1-14 days: . . . . . . . . . . . . . . . . . . . . . 60.65% 15-30 days: . . . . . . . . . . . . . . . . . . . . . 9.80% 31-60 days: . . . . . . . . . . . . . . . . . . . . . 15.83% 61-90 days: . . . . . . . . . . . . . . . . . . . . . 0.00% 91+ days: . . . . . . . . . . . . . . . . . . . . . . 13.72% - --------------------------------------------------------------
The financial information presented on this page has been taken from the books and records of the Funds without examination by independent accountants, who express no opinion thereto. 11 74 VISTA TREASURY PLUS MONEY MARKET FUND PORTFOLIO COMPOSITION AS OF 8/31/97 U.S. Treasury Notes 16.6% U.S. Treasury Bills 49.6% REPOs 33.8%
- ---------------------------------------------------------------------- VISTA TREASURY PLUS MONEY MARKET FUND AS OF 8/31/97(1) - ---------------------------------------------------------------------- 7-DAY SEC YIELD(2) Vista Shares 4.87% Premier Shares 4.97% Institutional Shares 5.21% - ----------------------------------------------------------------------
1 Past performance is not a guarantee of future results. Yields will fluctuate. An investment is neither insured nor guaranteed by the U.S. government and there can be no assurance that the funds will maintain a stable Net Asset Value of $1.00 per share. 2 The yield for Vista Shares reflects the voluntary waiver of certain expenses and the assumption of certain expenses otherwise payable by the Fund. Without waivers, the yield would have been 4.76%. This voluntary waiver may be modified or terminated at any time, which would reduce the fund's performance. The financial information presented on this page has been taken from the books and records of the Funds without examination by independent accountants, who express no opinion thereto. 12 75 ........................... VISTA TREASURY PLUS MONEY MARKET FUND PORTFOLIO OF INVESTMENTS August 31, 1997
Principal Amount Issuer Value - ----------------------------------------------------------- U.S. TREASURY OBLIGATIONS--70.3% - ----------------------------------------------------------- U.S. Treasury Bills--52.6% $100,000,000 5.45%, 09/02/97 $ 99,803,195 398,000,000 5.09%, 09/04/97 397,889,207 100,000,000 5.45%, 09/15/97 99,803,195 206,550,000 5.19%, 09/18/97 206,072,793 200,000,000 5.06%, 10/09/97 198,959,889 65,000,000 5.07%, 01/08/98 63,829,422 -------------- 1,066,357,701 -------------- U. S. Treasury Note--17.7% 134,000,000 5.63%, 10/31/97 134,042,480 100,000,000 5.13%, 04/30/98 99,684,343 125,000,000 5.88%, 04/30/98 125,246,141 -------------- 358,972,964 - ----------------------------------------------------------- TOTAL U.S. TREASURY OBLIGATIONS (COST $1,425,330,665) 1,425,330,665 - ----------------------------------------------------------- REPURCHASE AGREEMENTS--35.8% - ----------------------------------------------------------- 300,000,000 Aubry G. Lanston, 5.50%, due 09/02/97, (Dated 08/29/97, Proceeds $300,183,333, Secured by; U.S. Treasury Bills, $316,072,000, due 09/18/97 through 07/23/98; U.S. Treasury Note, $250,000 at 5.625%, due 02/28/01; Market Value $302,995,791) 300,000,000 176,349,000 Goldman Sachs & Co., 5.55%, due 09/02/97, (Dated 08/29/97, Proceeds $176,457,749, Secured by; U.S. Treasury Bonds, $167,892,000, 6.50% through 7.25%, due 08/15/22 through 11/15/26; Market Value $179,876,655) 176,349,000
13 See notes to financial statements. 76 ........................... VISTA TREASURY PLUS MONEY MARKET FUND PORTFOLIO OF INVESTMENTS August 31, 1997 (continued)
Principal Amount Issuer Value - ----------------------------------------------------------- REPURCHASE AGREEMENTS--(CONTINUED) - ----------------------------------------------------------- $250,000,000 First Boston Corp., 5.50%, 250,000,000 due 09/02/97, (Dated 08/29/97, Proceeds $250,152,778, Secured by; U.S. Treasury Bond, $247,722,000 at 6.875%, due 08/15/25; Market $255,627,396) - ----------------------------------------------------------- TOTAL REPURCHASE AGREEMENTS (COST $726,349,000) $ 726,349,000 =========================================================== TOTAL INVESTMENTS--106.1% (COST $2,151,679,665)** $2,151,679,665 - -----------------------------------------------------------
14 See notes to financial statements. 77 ABOUT YOUR FUND VISTA FEDERAL MONEY MARKET FUND
- -------------------------------------------------------------------------------- FUND FACTS - -------------------------------------------------------------------------------- OBJECTIVE: High current income consistent with capital preservation PRIMARY INVESTMENTS: Direct obligations of the U.S. Treasury including Treasury bills, bonds and notes as well as repurchase agreements which are fully collateralized by obligations issued or guaranteed by the U.S. Treasury and its Agencies SUGGESTED INVESTMENT TIME FRAME: Short-term SHARES CLASSES OFFERED: Vista, Premier and Institutional Shares AS OF AUGUST 31, 1997 NET ASSETS: $831 Million AVERAGE DAYS TO MATURITY: 75 days S&P RATING: Not Rated MOODY'S RATING: Not Rated NAIC RATING: Not Rated - --------------------------------------------------------------------------------
- -------------------------------------------------------------- MATURITY SCHEDULE AS OF 8/31/97 - -------------------------------------------------------------- 1-14 days: . . . . . . . . . . . . . . . . . . . . . 39.18% 15-30 days: . . . . . . . . . . . . . . . . . . . . . 14.63% 31-60 days: . . . . . . . . . . . . . . . . . . . . . 5.24% 61-90 days: . . . . . . . . . . . . . . . . . . . . . 2.32% 91+ days: . . . . . . . . . . . . . . . . . . . . . . 38.63% - --------------------------------------------------------------
The financial information presented on this page has been taken from the books and records of the Funds without examination by independent accountants, who express no opinion thereto. 15 78 VISTA FEDERAL MONEY MARKET FUND PORTFOLIO COMPOSITION AS OF 8/31/97 U.S. Government Agency 100%
- ---------------------------------------------------------------------- VISTA FEDERAL MONEY MARKET FUND AS OF 8/31/97(1) - ---------------------------------------------------------------------- 7-DAY SEC YIELD(2) Vista Shares 4.93% Premier Shares 5.13% Institutional Shares 5.36% - ----------------------------------------------------------------------
1 Past performance is not a guarantee of future results. Yields will fluctuate. An investment is neither insured nor guaranteed by the U.S. government and there can be no assurance that the funds will maintain a stable Net Asset Value of $1.00 per share. 2 The yields for Vista Shares and Premier Shares reflect the voluntary waiver of certain expenses and the assumption of certain expenses otherwise payable by the Fund. Without waivers, the yields for Vista Shares would have been 4.82% and 5.12% for Premier Shares. This voluntary waiver may be modified or terminated at any time, which would reduce the funds' performance. The financial information presented on this page has been taken from the books and records of the Funds without examination by independent accountants, who express no opinion thereto. 16 79 ........................... VISTA FEDERAL MONEY MARKET FUND PORTFOLIO OF INVESTMENTS August 31, 1997
Principal Amount Issuer Value - ----------------------------------------------------------- U.S. GOVERNMENT AGENCY OBLIGATIONS--105.5% - ----------------------------------------------------------- Federal Farm Credit Bank, FRN--11.4% $ 50,000,000 5.53%, 09/02/97 $ 49,994,752 45,000,000 5.55%, 09/02/97 44,991,637 ------------ 94,986,389 ------------ Federal Farm Credit Bank, Debentures--15.0% 15,100,000 5.42%, 09/19/97 15,061,352 10,000,000 5.43%, 09/19/97 9,974,358 20,275,000 5.44%, 09/25/97 20,204,533 19,835,000 5.45%, 09/15/97 19,795,964 25,000,000 5.45%, 03/03/98 24,970,406 10,000,000 5.62%, 09/03/97 9,999,980 25,000,000 5.70%, 09/02/98 24,965,820 ------------ 124,972,413 ------------ Federal Home Loan Bank, Debentures--7.2% 15,000,000 5.46%, 12/12/97 14,997,609 10,000,000 5.81%, 02/13/98 10,000,000 12,265,000 5.86%, 07/30/98 12,264,131 3,000,000 5.99%, 02/09/98 3,004,809 20,000,000 6.03%, 04/15/98 19,984,199 ------------ 60,250,748 ------------ Federal Home Loan Bank, Discount Notes--29.7% 30,795,000 5.33%, 09/02/97 30,795,000 20,000,000 5.36%, 10/31/97 19,824,475 56,000,000 5.40%, 01/30/98 54,738,688 25,000,000 5.40%, 02/04/98 24,418,750 33,000,000 5.42%, 05/29/98 31,663,518 5,045,000 5.43%, 11/26/97 4,980,319 30,000,000 5.43%, 01/30/98 29,321,250 15,000,000 5.45%, 09/19/97 14,961,396 21,000,000 5.46%, 02/27/98 20,433,070 15,000,000 5.57%, 11/10/97 14,839,863 ------------ 245,976,329 ------------
17 See notes to financial statements. 80 ........................... VISTA FEDERAL MONEY MARKET FUND PORTFOLIO OF INVESTMENTS August 31, 1997 (continued)
Principal Amount Issuer Value - ----------------------------------------------------------- U.S. GOVERNMENT AGENCY OBLIGATIONS--(CONTINUED) - ----------------------------------------------------------- Federal Home Loan Bank, FRN--27.0% $ 25,000,000 5.00%, 09/04/97 $ 25,000,000 50,000,000 5.40%, 09/02/97 49,963,196 25,000,000 5.45%, 09/06/97 24,991,245 20,000,000 5.44%, 09/24/97 19,990,283 100,000,000 5.57%, 09/02/97 99,925,810 5,000,000 6.00%, 09/18/97 5,003,931 ------------ 224,874,465 ------------ Student Loan Marketing Association, Debentures--1.8% 15,000,000 5.60%, 10/24/97 14,998,019 ------------ Student Loan Marketing Association, Coupon Note--4.2% 15,080,000 5.54%, 02/25/98 15,075,623 10,000,000 5.60%, 10/24/97 10,000,579 10,000,000 5.90%, 03/19/98 10,000,000 ------------ 35,076,202 ------------ Student Loan Marketing Association, FRN--9.2% 35,000,000 5.39%, 09/02/97 35,000,000 27,050,000 5.46%, 09/02/97 27,053,059 4,025,000 5.47%, 09/02/97 4,024,941 10,000,000 5.61%, 09/02/97 10,003,503 ------------ 76,081,503 - ----------------------------------------------------------- TOTAL INVESTMENTS--105.5% (COST $877,216,068)** $877,216,068 - -----------------------------------------------------------
18 See notes to financial statements. 81 ABOUT YOUR FUND VISTA CASH MANAGEMENT FUND
- -------------------------------------------------------------------------------- FUND FACTS - -------------------------------------------------------------------------------- OBJECTIVE: High current income consistent with capital preservation PRIMARY INVESTMENTS: High quality, short-term U.S. dollar- denominated money market instruments SUGGESTED INVESTMENT TIME FRAME: Short-term SHARES CLASSES OFFERED: Vista, Premier and Institutional Shares AS OF AUGUST 31, 1997 NET ASSETS: $3.9 Billion AVERAGE DAYS TO MATURITY: 62 days S&P RATING: Not Rated MOODY'S RATING: Not Rated NAIC RATING: Not Rated - --------------------------------------------------------------------------------
- -------------------------------------------------------------- MATURITY SCHEDULE AS OF 8/31/97 - -------------------------------------------------------------- 1-14 days: . . . . . . . . . . . . . . . . . . . . . 35.01% 15-30 days: . . . . . . . . . . . . . . . . . . . . . 11.96% 31-60 days: . . . . . . . . . . . . . . . . . . . . . 6.30% 61-90 days: . . . . . . . . . . . . . . . . . . . . . 23.27% 91+ days: . . . . . . . . . . . . . . . . . . . . . . 23.46% - --------------------------------------------------------------
The financial information presented on this page has been taken from the books and records of the Funds without examination by independent accountants, who express no opinion thereto. 19 82 VISTA CASH MANAGEMENT FUND PORTFOLIO COMPOSITION AS OF 8/31/97 Commercial Paper 49.8% Floating Rate Notes 29.3% Deposits 8.6% Notes and Bonds 6.8% REPOs 5.5%
- ---------------------------------------------------------------------- VISTA CASH MANAGEMENT FUND AS OF 8/31/97(1) - ---------------------------------------------------------------------- 7-DAY SEC YIELD(2) Vista Shares 5.09% Premier Shares 5.19% Institutional Shares 5.44% - ----------------------------------------------------------------------
1 Past performance is not a guarantee of future results. Yields will fluctuate. An investment is neither insured nor guaranteed by the U.S. government and there can be no assurance that the funds will maintain a stable Net Asset Value of $1.00 per share. 2 The yields for Vista and Premier Shares reflect the voluntary waiver of certain expenses and the assumption of certain expenses otherwise payable by the Fund. Without waivers, the yields would have been 5.05% for Vista Shares and 5.18% for Premier Shares. This voluntary waiver may be modified or terminated at any time, which would reduce the funds' performance. The financial information presented on this page has been taken from the books and records of the Funds without examination by independent accountants, who express no opinion thereto. 20 83 ........................... VISTA CASH MANAGEMENT FUND PORTFOLIO OF INVESTMENTS August 31, 1997
Principal Amount Value (USD) Issuer (USD) - ----------------------------------------------------------- NOTES & BONDS--7.0% - ----------------------------------------------------------- STATE & MUNICIPAL OBLIGATIONS--0.3% ----------------------------------- $ 10,400,000 Richmond County, Georgia, IDA, Rev., 6.20%, 06/01/98 $ 10,400,000 -------------- CORPORATE NOTES & BONDS--6.7% ----------------------------- BANKING--0.3% 10,000,000 FCC National Bank, 5.73%, 01/07/98 9,997,470 -------------- COMPUTERS/COMPUTER HARDWARE--0.4% International Business Machines Corp., 7,000,000 5.65%, 01/22/98 6,996,280 9,950,000 6.38%, 11/01/97 9,953,941 -------------- 16,950,221 -------------- FINANCIAL SERVICES--5.9% 15,000,000 Avco Financial Services, 8.13%, 01/20/98 15,128,601 15,000,000 Beta Finance Corp., Inc.,# 5.90%, 07/24/98 15,000,000 15,000,000 Centauri Corp.,# 6.36%, 05/01/98 15,013,719 10,000,000 Ford Capital BV, 9.38%, 01/01/98 10,106,830 11,000,000 Ford Motor Credit Corp., 9.25%, 06/15/98 11,251,203 11,450,000 Ford Motor Credit Corp., Global Bond, 6.25%, 02/26/98 11,456,048 15,000,000 General Electric Capital Corp., Ser. A, 7.13%, 04/06/98 15,102,878 8,550,000 General Electric Capital Corp., 7.88%, 11/15/97 8,585,298 International Business Machines Credit Corp., 23,000,000 6.12%, 05/11/98 23,000,472 4,000,000 6.38%, 05/11/98 4,005,006 International Lease Financing Corp., 8,200,000 5.83%, 03/12/98 8,200,262 9,000,000 6.04%, 05/06/98 8,992,418 5,275,000 6.25%, 06/15/98 5,278,628 7,000,000 6.92%, 11/03/97 7,010,870 2,605,000 7.00%, 06/01/98 2,619,472 1,900,000 7.15%, 04/20/98 1,911,101
21 See notes to financial statements. 84 ........................... VISTA CASH MANAGEMENT FUND PORTFOLIO OF INVESTMENTS August 31, 1997 (continued)
Principal Amount Value (USD) Issuer (USD) - ----------------------------------------------------------- NOTES & BONDS--(CONTINUED) - ----------------------------------------------------------- Merrill Lynch & Co., Inc., $ 15,000,000 5.81%, 01/20/98 $ 14,999,258 25,000,000 5.88%, 07/22/98 25,000,000 20,000,000 6.15%, 09/11/97 20,000,000 2,500,000 National Rural Utilities Cooperative Finance Corp., 5.98%, 07/10/98 2,500,000 2,715,000 Travelers Group, Inc., 5.75%, 04/15/98 2,711,904 -------------- 227,873,968 -------------- FOOD/BEVERAGE PRODUCTS--0.1% 5,000,000 Guinness PLC, 5.36%, 03/13/98 4,977,794 - ----------------------------------------------------------- TOTAL CORPORATE NOTES & BONDS 259,799,453 - ----------------------------------------------------------- TOTAL NOTES & BONDS (COST $270,199,453) 270,199,453 - ----------------------------------------------------------- COMMERCIAL PAPER--50.6% - ----------------------------------------------------------- STATE & MUNICIPAL OBLIGATIONS--2.2% ----------------------------------- 56,900,000 Anaheim City, California, COP, 5.60%, 09/02/97 56,900,000 Oakland-Alameda County, California, 7,000,000 5.64%, 11/17/97 7,000,000 15,400,000 5.64%, 11/18/97 15,400,000 5,000,000 5.64%, 11/24/97 5,000,000 - ----------------------------------------------------------- TOTAL STATE & MUNICIPAL OBLIGATIONS 84,300,000 - ----------------------------------------------------------- CORPORATE OBLIGATIONS--48.4% ---------------------------- 50,000,000 ABN-AMRO North America Finance Inc. (Netherlands), 5.42%, 09/05/97 49,977,417 35,000,000 American Express Credit Corp., 5.54%, 09/30/97 34,849,189 25,000,000 Anheuser Busch Companies, Inc.,# 5.65%, 11/21/97 24,686,111 20,000,000 Anz (Delaware) Inc., 5.66%, 11/17/97 19,761,022 50,000,000 Apreco, Inc., 5.50%, 09/11/97 49,931,250
22 See notes to financial statements. 85 ........................... VISTA CASH MANAGEMENT FUND PORTFOLIO OF INVESTMENTS August 31, 1997 (continued)
Principal Amount Value (USD) Issuer (USD) - ----------------------------------------------------------- COMMERCIAL PAPER--(CONTINUED) - ----------------------------------------------------------- $ 26,800,000 Ascot Capital Corp.,# 5.57%, 11/07/97 $ 26,526,327 Banco Bradesco SA (Cayman Island), 25,000,000 5.60%, 09/02/97 25,000,000 15,000,000 5.63%, 10/01/97 14,931,971 10,000,000 Bank of Nova Scotia, 5.50%, 10/27/97 9,915,972 11,000,000 BankAmerica Corp., 5.70%, 11/04/97 10,890,275 27,900,000 Banque National de Paris, New York, 5.45%, 09/05/97 27,887,329 25,000,000 BIL North America Inc., 5.53%, 11/13/97 24,723,500 Cargill Inc., 25,000,000 5.50%, 12/18/97 24,591,319 31,000,000 5.53%, 09/19/97 30,919,047 Caterpillar Financial Services, Corp., 8,000,000 5.50%, 01/13/98 7,837,444 10,000,000 5.52%, 01/22/98 9,782,267 20,000,000 5.52%, 01/22/98 19,564,533 10,000,000 5.54%, 01/13/98 9,795,328 10,000,000 5.54%, 01/15/98 9,792,250 15,000,000 5.57%, 04/02/98 14,507,983 10,000,000 5.70%, 11/12/97 9,887,583 17,550,000 Caterpillar Inc., 5.54%, 01/09/98 17,201,603 30,000,000 Cemex SA (Mexico), 5.50%, 09/09/97 29,967,917 50,000,000 Corporate Receivables Corp., 5.52%, 11/18/97 49,409,667 40,000,000 Cosco (Cayman) Co. Ltd. (Cayman Islands), 5.50%, 09/18/97 39,902,222 20,000,000 Credito Ilaliano (Italy), 5.55%, 11/14/97 19,774,917 Daimler-Benz North America Corp. (Germany), 60,000,000 5.50%, 01/16/98 58,754,467 50,000,000 5.50%, 11/06/97 49,503,472 19,000,000 5.52%, 11/04/97 18,816,460 25,000,000 5.51%, 09/24/97 24,915,819
23 See notes to financial statements. 86 ........................... VISTA CASH MANAGEMENT FUND PORTFOLIO OF INVESTMENTS August 31, 1997 (continued)
Principal Amount Value (USD) Issuer (USD) - ----------------------------------------------------------- COMMERCIAL PAPER--(CONTINUED) - ----------------------------------------------------------- Eksportfinans AS (Norway), $ 11,077,000 5.52%, 09/17/97 $ 11,051,523 4,770,000 5.53%, 10/16/97 4,737,760 6,000,000 5.53%, 10/17/97 5,958,525 6,379,000 Fleet Funding Corp., 5.52%, 10/10/97 6,341,832 General Electric Capital Corp., 25,000,000 5.41%, 09/02/97 25,000,000 35,000,000 5.49%, 12/04/97 34,503,613 50,000,000 5.56%, 09/16/97 49,891,889 35,000,000 5.57%, 02/24/98 34,052,326 Goldman Sachs & Co., 6,500,000 5.48%, 11/04/97 6,437,665 24,500,000 5.53%, 10/02/97 24,387,096 37,000,000 5.54%, 10/06/97 36,806,408 25,000,000 5.55%, 09/12/97 24,961,458 50,000,000 5.55%, 09/30/97 49,784,167 7,000,000 Greenwich Asset Funding Corp., 5.53%, 10/16/97 6,952,688 32,547,000 GTE Funding Inc., 5.51%, 09/03/97 32,542,019 International Lease Financing Corp., 47,000,000 5.53%, 01/16/98 46,018,118 15,000,000 5.58%, 09/02/97 15,000,000 Merrill Lynch & Co., Inc., 13,000,000 5.50%, 04/17/98 12,549,153 9,000,000 5.57%, 09/30/97 8,961,010 3,600,000 Monsanto Co., 5.49%, 11/26/97 3,553,335 National Rural Utilities Cooperative Finance Corp., 46,000,000 5.47%, 11/07/97 45,538,697 10,000,000 5.49%, 11/06/97 9,900,875 10,000,000 5.51%, 09/26/97 9,963,267 Pitney Bowes Credit Corp., 10,000,000 5.52%, 01/06/98 9,806,800 28,000,000 5.52%, 01/07/98 27,454,747 Pooled Accounts Receivable Capital Corp., 13,783,000 5.53%, 09/19/97 13,747,007 7,148,000 5.53%, 09/25/97# 7,122,746 25,000,000 Redwood Receivable Capital Corp., 5.50%, 09/12/97 24,961,806
24 See notes to financial statements. 87 ........................... VISTA CASH MANAGEMENT FUND PORTFOLIO OF INVESTMENTS August 31, 1997 (continued)
Principal Amount Value (USD) Issuer (USD) - ----------------------------------------------------------- COMMERCIAL PAPER--(CONTINUED) - ----------------------------------------------------------- $ 28,000,000 RTZ-CRA Corp. (United Kingdom), 5.68%, 11/10/97 $ 27,695,173 San Paolo US Financial Co. (Italy), 30,000,000 5.54%, 11/13/97 29,667,600 35,000,000 5.55%, 11/13/97 34,611,500 25,000,000 5.56%, 09/25/97 24,911,194 Sheffield Receivables Corp., 35,700,000 5.52%, 09/04/97 35,689,052 25,800,000 5.52%, 09/16/97 25,744,616 Sigma Finance Corp. (United Kingdom), 6,000,000 5.52%, 01/05/98 5,885,000 45,000,000 5.55%, 01/15/98# 44,063,438 Svenska Handelsbanken Inc. (Sweden), 25,000,000 5.37%, 09/03/97 24,996,271 20,000,000 5.68%, 11/14/97 19,769,644 8,000,000 Thames Asset Global Sec., 5.55%, 10/14/97 7,948,200 Thames Asset Global Sec.,# 17,000,000 5.58%, 11/13/97 16,810,280 11,385,000 5.60%, 09/15/97 11,361,977 Unifunding, Inc., 50,000,000 5.51%, 10/29/97 49,563,792 30,000,000 5.54%, 11/10/97 29,681,450 USAA Capital Corp., 25,000,000 5.50%, 10/30/97 24,778,472 15,000,000 5.50%, 10/16/97 14,899,167 Variable Funding Capital Corp.,# 10,000,000 5.55%, 09/16/97 9,978,417 45,355,000 5.59%, 09/15/97 45,263,446 25,000,000 WCP Funding, Inc.,# 5.52%, 11/21/97 24,693,333 15,000,000 Windmill Funding Corp., 5.54%, 11/07/97 14,847,650 - ----------------------------------------------------------- TOTAL CORPORATE OBLIGATIONS 1,874,850,863 - ----------------------------------------------------------- TOTAL COMMERCIAL PAPER (COST $1,959,150,863) 1,959,150,863 - -----------------------------------------------------------
25 See notes to financial statements. 88 ........................... VISTA CASH MANAGEMENT FUND PORTFOLIO OF INVESTMENTS August 31, 1997 (continued)
Principal Amount Value (USD) Issuer (USD) - ----------------------------------------------------------- FLOATING RATE NOTES--29.8% - ----------------------------------------------------------- U.S. GOVERNMENT AGENCY OBLIGATIONS--3.2% ---------------------------- Student Loan Marketing Association, $ 10,525,000 5.41%, 09/03/97 $ 10,525,000 63,875,000 5.43%, 09/03/97 63,881,451 49,000,000 5.44%, 09/03/97 49,000,000 -------------- 123,406,451 -------------- STATE & MUNICIPAL OBLIGATION DEMAND NOTES--0.2% ---------------------------- 7,000,000 Illinois Health Facilities Authority, Taxable, Loyola University Health, Ser. C, Rev., 5.65%, 09/03/97 7,000,000 -------------- CORPORATE NOTES & BONDS--26.4% ------------------------------ BANKING--7.1% American Express Centurion Bank, 80,000,000 5.35%, 09/03/97 80,000,000 25,000,000 5.39%, 09/03/97 25,000,000 14,000,000 5.68%, 09/24/97 14,000,000 50,000,000 AmSouth Bank of Alabama, 5.58%, 09/08/97 49,999,054 40,000,000 Bank One, Indianapolis, 5.66%, 09/03/97 39,989,557 20,000,000 NationsBank, North Carolina, 5.76%, 09/03/97 20,000,797 50,000,000 PNC Bank, N.A., 5.53%, 09/29/97 49,994,784 -------------- 278,984,192 -------------- BUSINESS SERVICES--1.3% 50,000,000 PHH Corp., 5.62%, 09/03/97 49,982,838 -------------- COMPUTERS--1.1% 42,000,000 International Business Machines, Corp., 5.62%, 11/17/97 41,979,754 -------------- FINANCIAL SERVICES--15.6% 50,000,000 Avco Financial Services, 5.71%, 11/17/97 50,000,000 Bear Stearns Co., Inc., 37,000,000 5.62%, 09/11/97 37,000,000 25,000,000 5.63%, 09/16/97 25,000,000
26 See notes to financial statements. 89 ........................... VISTA CASH MANAGEMENT FUND PORTFOLIO OF INVESTMENTS August 31, 1997 (continued)
Principal Amount Value (USD) Issuer (USD) - ----------------------------------------------------------- FLOATING RATE NOTES--(CONTINUED) - ----------------------------------------------------------- $ 35,000,000 5.66, 12/03/97 $ 35,000,000 50,000,000 5.73%, 10/20/97 50,001,102 12,000,000 5.83%, 09/15/97 12,012,375 50,000,000 Beta Finance Corp.,# 5.43%, 09/03/97 50,000,000 Caterpillar Financial Services, Corp., 20,000,000 5.61%, 09/12/97 20,000,000 46,000,000 5.66%, 11/03/97 46,000,000 Centauri Corp.,# 20,000,000 5.42%, 09/03/97 20,000,000 35,000,000 5.46%, 09/03/97 35,000,000 30,000,000 5.62%, 09/15/97 30,000,000 78,000,000 Merrill Lynch & Co., 5.64%, 11/21/97 78,000,000 25,000,000 Morgan Stanley Group, Inc., 5.91%, 09/15/97 25,000,000 45,000,000 Paccar Financial Corp., MTN, 5.53%, 09/26/97 44,987,363 45,000,000 Sigma Finance, Inc.,# 5.58%, 11/19/97 45,000,000 -------------- 603,000,840 -------------- UTILITIES--1.3% 50,000,000 Baltimore Gas & Electric Co., 5.65%, 12/01/97 50,000,000 - ----------------------------------------------------------- TOTAL FLOATING RATE NOTES (COST $1,154,354,075) 1,154,354,075 - ----------------------------------------------------------- DEPOSITS--8.8% - ----------------------------------------------------------- TIME DEPOSIT--1.3% ---------------------------- 50,000,000 First Union Corp., 5.43%, 09/02/97 50,000,000 -------------- CERTIFICATE OF DEPOSITS--1.7% ---------------------------- 15,000,000 Bank of America State Bank, 6.15%, 05/06/98 15,000,000 Bankers Trust Security Corp., 25,000,000 5.83%, 07/24/98 24,991,479 21,000,000 5.97%, 08/28/98 20,996,023 1,000,000 6.16%, 05/21/98 1,000,259 6,000,000 6.24%, 04/02/98 5,999,003 -------------- 67,986,764 --------------
27 See notes to financial statements. 90 ........................... VISTA CASH MANAGEMENT FUND PORTFOLIO OF INVESTMENTS August 31, 1997 (continued)
Principal Amount Value (USD) Issuer (USD) - ----------------------------------------------------------- DEPOSITS--(CONTINUED) - ----------------------------------------------------------- CERTIFICATE OF DEPOSITS (EURO)--5.8% ----------------------- $ 25,000,000 Bankers Trust Security Corp., 5.89%, 03/04/98 $ 25,000,000 Banque National de Paris, New York, 10,000,000 5.75%, 09/24/97 10,000,059 15,000,000 6.07%, 03/24/98 14,997,528 15,000,000 Canadian Imperial Bank (Canada), 5.94%, 03/17/98 14,997,689 50,000,000 Deutsche Bank AG (Germany), 5.57%, 09/08/97 50,000,081 10,000,000 Landesbank H. Thuringen (Germany), 6.13%, 04/01/98 9,997,184 Societe Generale (France), 5,000,000 5.58%, 09/03/97 5,000,001 25,000,000 5.60%, 12/04/97 24,999,255 24,000,000 5.77%, 01/12/98 23,998,338 15,000,000 5.80%, 01/13/98 14,994,628 11,000,000 5.85%, 03/03/98 10,997,901 18,000,000 5.92%, 09/17/97 18,001,609 -------------- 222,984,273 - ----------------------------------------------------------- TOTAL DEPOSITS (COST $340,971,037) 340,971,037 - ----------------------------------------------------------- REPURCHASE AGREEMENTS--5.6% - ----------------------------------------------------------- 100,000,000 Goldman Sachs & Co., 5.60%, due 09/02/97, (Dated 08/29/97, Proceeds, $100,062,222, Secured by; FNMA ARM, $125,484,000 at 6.073%, due 12/01/33; Market Value $102,976,001) 100,000,000
28 See notes to financial statements. 91 ........................... VISTA CASH MANAGEMENT FUND PORTFOLIO OF INVESTMENTS August 31, 1997 (continued)
Principal Amount Value (USD) Issuer (USD) - ----------------------------------------------------------- REPURCHASE AGREEMENTS--(CONTINUED) - ----------------------------------------------------------- $120,519,000 Lehman Brothers, Inc., 5.35%, due 09/02/97, (Dated 08/29/97, Proceeds $120,590,642, Secured by U.S. Treasury Notes, $120,135,000, 6.25% through 6.375%, due 07/15/99 through 08/31/00; Market Value $122,938,027) $ 120,519,000 - ----------------------------------------------------------- TOTAL REPURCHASE AGREEMENTS (COST $220,519,000) 220,519,000 - ----------------------------------------------------------- - ----------------------------------------------------------- TOTAL INVESTMENTS--101.8% (COST $3,945,194,428)** $3,945,194,428 - -----------------------------------------------------------
29 See notes to financial statements. 92 ABOUT YOUR FUND VISTA PRIME MONEY MARKET FUND
- -------------------------------------------------------------------------------- FUND FACTS - -------------------------------------------------------------------------------- OBJECTIVE: High current income consistent with capital preservation PRIMARY INVESTMENTS: High quality, short-term U.S. dollar- denominated money market instruments SUGGESTED INVESTMENT TIME FRAME: Short-term SHARES CLASSES OFFERED: Premier, Institutional and B Shares AS OF AUGUST 31, 1997 NET ASSETS: $1.9 Billion AVERAGE DAYS TO MATURITY: 41 days S&P RATING*: AAA MOODY'S RATING*: Aaa NAIC RATING*: Class 1 - --------------------------------------------------------------------------------
* This rating is historical and is based upon the Fund's credit quality, market price exposure and management. It signifies that the Fund's safety is excellent and that it has superior capacity to maintain a $1 Net Asset Value per share. The National Association of Insurance Commissioners' (NAIC's) Class 1 status indicates that the Fund meets certain pricing and quality guidelines.
- -------------------------------------------------------------- MATURITY SCHEDULE AS OF 8/31/97 - -------------------------------------------------------------- 1-14 days: . . . . . . . . . . . . . . . . . . . . . 45.35% 15-30 days: . . . . . . . . . . . . . . . . . . . . . 33.41% 31-60 days: . . . . . . . . . . . . . . . . . . . . . 4.67% 61-90 days: . . . . . . . . . . . . . . . . . . . . . 2.67% 91+ days: . . . . . . . . . . . . . . . . . . . . . . 13.90% - --------------------------------------------------------------
The financial information presented on this page has been taken from the books and records of the Funds without examination by independent accountants, who express no opinion thereto. 30 93 VISTA PRIME MONEY MARKET FUND PORTFOLIO COMPOSITION AS OF 8/31/97 Commercial Paper 55.7% Floating Rate Notes 31.5% Notes and Bonds 4.7% Deposits 2.6% REPOs 5.5%
- ---------------------------------------------------------------------- VISTA PRIME MONEY MARKET FUND AS OF 8/31/97(1) - ---------------------------------------------------------------------- 7-DAY SEC YIELD(2) B Shares 4.49% Premier Shares 5.29% Institutional Shares 5.49% - ----------------------------------------------------------------------
1 Past performance is not a guarantee of future results. Yields will fluctuate. An investment is neither insured nor guaranteed by the U.S. government and there can be no assurance that the funds will maintain a stable Net Asset Value of $1.00 per share. 2 The yields for B Shares and Premier Shares reflect the voluntary waiver of certain expenses and the assumption of certain expenses otherwise payable by the Fund. Without waivers, the yields would have been 4.24% for B Shares and 5.22% for Premier Shares. This voluntary waiver may be modified or terminated at any time, which would reduce the funds' performance. The financial information presented on this page has been taken from the books and records of the Funds without examination by independent accountants, who express no opinion thereto. 31 94 ........................... VISTA PRIME MONEY MARKET FUND PORTFOLIO OF INVESTMENTS August 31, 1997
Principal Amount Value (USD) Issuer (USD) - ----------------------------------------------------------- NOTES & BONDS--4.7% - ----------------------------------------------------------- CORPORATE NOTES & BONDS--4.4% ----------------------------- FINANCIAL SERVICES--4.3% $ 9,000,000 CC USA Inc. (Centauri Corp.) (Cayman Islands),# 5.70%, 12/18/97 $ 9,000,000 13,000,000 Centauri Corp. (Cayman Islands),# 6.35%, 04/30/98 13,000,000 5,000,000 KFW International Finance, 8.25%, 03/18/98 5,067,261 Sigma Finance Corp. (United Kingdom),# 18,000,000 5.80%, 03/03/98 18,000,000 20,000,000 5.94%, 08/07/98 20,000,000 15,000,000 6.20%, 06/03/98 15,000,000 -------------- 80,067,261 -------------- INSURANCE--0.1% 2,350,000 MBIA Insurance Co., 5.60%, 10/01/97 2,349,304 - ----------------------------------------------------------- TOTAL CORPORATE NOTES & BONDS 82,416,565 - ----------------------------------------------------------- OTHER GOVERNMENT OBLIGATIONS--0.3% ---------------------------------- 5,000,000 Province of Manitoba (Canada), 6.00%, 10/15/97 5,002,098 - ----------------------------------------------------------- TOTAL NOTES & BONDS (COST $87,418,663) 87,418,663 - ----------------------------------------------------------- COMMERCIAL PAPER--55.6% - ----------------------------------------------------------- CORPORATE OBLIGATIONS-- ----------------------------- ABN-AMRO North America Finance Inc. (Netherlands), 6,973,000 5.64%, 09/15/97 6,958,798 11,000,000 5.66%, 09/22/97 11,000,000 41,000,000 Alpargatas Funding Corp.,# 5.55%, 10/24/97 40,671,317 50,000,000 Ascot Capital Corp.,# 5.53%, 09/22/97 49,846,389 Banco BCN Barclays Bahamas Ltd., 15,000,000 5.57%, 01/23/98 14,668,121 15,000,000 5.58%, 12/03/97 14,786,100
32 See notes to financial statements. 95 ........................... VISTA PRIME MONEY MARKET FUND PORTFOLIO OF INVESTMENTS August 31, 1997 (continued)
Principal Amount Value (USD) Issuer (USD) - ----------------------------------------------------------- COMMERCIAL PAPER--(CONTINUED) - ----------------------------------------------------------- $18,000,000 Banco Bradesco SA Grand Cayman Brh., 5.63%, 12/19/97 $ 17,696,250 25,000,000 Banco Bradesco SA Grand Cayman Brh, Ser A, 5.67%, 11/03/97 24,755,875 10,000,000 Banco De Credit Grand Cayman, 5.60%, 01/20/98 9,782,222 12,000,000 Banco Itau SA (Cayman Islands), 5.64%, 10/24/97 11,902,240 20,000,000 Bank of America State Bank, 5.54%, 09/22/97 19,938,444 38,558,000 Banner Receiveables Corp.,# 5.59%, 09/15/97 38,480,166 19,090,000 Bavaria TRR Corp.,# 5.53%, 09/19/97 19,040,149 45,000,000 Broadway Capital Corp., 5.58%, 09/12/97 44,930,250 31,500,000 Centauri Corp. (Cayman Islands),# 5.59%, 02/27/98 30,630,136 20,000,000 Centric Funding Corp., 5.53%, 09/19/97 19,947,772 5,080,000 Ciesco L.P., 5.60%, 09/02/97 5,080,000 14,800,000 Deerfield Capital, 5.58%, 09/17/97 14,765,590 41,250,000 Embarcadero Center Associates, Ser A & B, 5.62%, 09/26/97 41,095,450 24,843,000 FP Funding Corp., 5.58%, 09/22/97 24,765,987 60,251,000 Fundex Corp., 5.58%, 09/24/97 60,045,544 20,000,000 Galicia Buenos Aires Funding Corp.,# 5.31%, 09/16/97 19,958,700 9,350,000 Garanti Funding Corp., 5.58%, 03/31/98 9,045,658 20,000,000 Garanti Funding Corp., I, Ser. A, 5.60%, 04/24/98 19,272,000 35,000,000 Glencore Finance, Ser A, (Bermuda), 5.59%, 02/04/98 34,157,618 18,000,000 Kitty Hawk Funding Corp.,# 5.53%, 09/22/97 17,944,700 25,000,000 Landesbank H. Thuringen, 5.56%, 09/30/97 24,891,889
33 See notes to financial statements. 96 ........................... VISTA PRIME MONEY MARKET FUND PORTFOLIO OF INVESTMENTS August 31, 1997 (continued)
Principal Amount Value (USD) Issuer (USD) - ----------------------------------------------------------- COMMERCIAL PAPER--(CONTINUED) - ----------------------------------------------------------- $13,992,000 Mont Blanc Capital Corp.,# 5.55%, 09/16/97 $ 13,961,801 35,000,000 Monte Rosa Capital Corp., 5.52%, 09/22/97 34,892,667 19,857,000 Nebhelp Capital Services Inc., 5.55%, 09/29/97 19,774,345 18,000,000 Pooled Accounts Receivable Capital Corp.,# 5.53%, 09/25/97 17,936,405 50,000,000 Receivables Capital Corp.,# 5.53%, 10/03/97 49,761,903 13,375,000 Redwood Receivable Capital Corp., 5.53%, 09/19/97 13,340,073 19,940,000 Ridge Capital II, 5.58%, 09/17/97 19,893,640 38,354,000 Rose Funding Corp.,# 5.55%, 09/18/97 38,259,393 13,000,000 Towson Town Funding, Inc., 5.58%, 09/05/97 12,993,955 7,000,000 Transportadora de Gas Del Sur SA (Argentina), 5.64%, 09/26/97 6,973,680 35,000,000 Twin Towers Inc.,# 5.53%, 09/16/97 34,924,799 Windmill Funding Corp., 46,000,000 5.55%, 09/26/97 45,829,800 6,386,000 5.65%, 09/22/97 6,365,955 Working Capital Management Corp., 20,985,000 5.58%, 09/17/97 20,936,210 50,000,000 5.60%, 09/15/97 49,898,889 - ----------------------------------------------------------- TOTAL COMMERCIAL PAPER (COST $1,031,800,880) 1,031,800,880 - ----------------------------------------------------------- FLOATING RATE NOTES--31.3% - ----------------------------------------------------------- U.S. GOVERNMENT AGENCY OBLIGATIONS--2.4% ---------------------- 44,000,000 Student Loan Marketing Association, 5.44%, 09/02/97 44,000,000 --------------
34 See notes to financial statements. 97 ........................... VISTA PRIME MONEY MARKET FUND PORTFOLIO OF INVESTMENTS August 31, 1997 (continued)
Principal Amount Value (USD) Issuer (USD) - ----------------------------------------------------------- FLOATING RATE NOTES--(CONTINUED) - ----------------------------------------------------------- STATE & MUNICIPAL OBLIGATIONS DEMAND NOTES--2.2% ----------------------------- $16,900,000 Illinois Student Assistance Commission, Taxable Ser. B, 5.59%, 09/03/97 $ 16,900,000 17,000,000 Kern County, California Pension Obligation, Taxable, Medical Options Period, 5.73%, 09/02/97 17,000,000 935,000 New Orleans Louisiana, Aviation Board, 5.71%, 09/03/97 935,000 2,900,000 Stanislaus County, California Pension Obligation, Taxable, Medical Options Period, 5.73%, 09/02/97 2,900,000 3,600,000 Texas State, 5.73%, 09/02/97 3,600,000 - ----------------------------------------------------------- TOTAL STATE & MUNICIPAL OBLIGATIONS DEMAND NOTES 41,335,000 - ----------------------------------------------------------- CORPORATE NOTES & BONDS--24.6% ------------------------------ BANKING--3.3% 27,200,000 Bank of America State Bank, 5.59%, 09/03/97 27,200,000 20,000,000 Bankers Trust, New York,# 5.80%, 09/02/97 19,999,776 5,000,000 Huntington National Bank, Columbus, 5.90%, 09/17/97 4,999,703 10,000,000 Mellon Bank, 5.64%, 09/03/97 10,000,000 -------------- 62,199,479 -------------- FINANCIAL SERVICES--21.3% 25,000,000 Centauri Corp. (CC USA Inc.), (Cayman Islands), 5.66%, 09/02/97 25,000,000 95,000,000 Credit Suisse (Switzerland), 5.89%, 09/02/97 95,000,000 10,000,000 General Electric Capital Corp., 5.79%, 09/02/97 10,000,115 16,500,000 Goldman Sachs Group, L.P., 6.03%, 11/29/97 16,530,503 50,000,000 Morgan Stanley Group, Inc., 5.91%, 09/15/97 50,000,000
35 See notes to financial statements. 98 ........................... VISTA PRIME MONEY MARKET FUND PORTFOLIO OF INVESTMENTS August 31, 1997 (continued)
Principal Amount Value (USD) Issuer (USD) - ----------------------------------------------------------- FLOATING RATE NOTES--(CONTINUED) - ----------------------------------------------------------- $ 8,606,000 Sault St. Marie Tribe Building, 6.40%, 09/16/97 $ 8,606,000 71,000,000 Short-Term Card Account Trust 1996-1, 5.67%, 09/15/97 71,000,000 50,000,000 SMM Trust 1997-V,# 5.63%, 09/26/97 50,000,000 28,000,000 Societe Generale (France), 5.74%, 09/02/97 27,988,543 25,000,000 Strat Trust 1996-A,# 5.67%, 12/15/97 24,998,475 17,000,000 Tiers Trust 1997-A,# 5.67%, 09/15/97 17,000,000 -------------- 396,123,636 - ----------------------------------------------------------- TOTAL CORPORATE NOTES & BONDS 458,323,115 - ----------------------------------------------------------- OTHER GOVERNMENT OBLIGATIONS--2.1% ---------------------------------- 30,000,000 Abbey National Treasury Services, MTN, (Yankee Sector) (United Kingdom), 5.53%, 09/15/97 29,981,463 9,000,000 Hydro Quebec, Quebec (Yankee Sector)(Canada), 5.73%, 09/02/97 9,000,000 -------------- 38,981,463 - ----------------------------------------------------------- TOTAL FLOATING RATE DEMAND NOTES (COST $582,639,578) 582,639,578 - ----------------------------------------------------------- DEPOSITS--2.6% - ----------------------------------------------------------- TIME DEPOSIT--1.0% ----------------------------- 18,448,000 Norwest Corp., 5.63%, 09/02/97 18,448,000 -------------- CERTIFICATES OF DEPOSIT--1.6% ----------------------------- 5,000,000 Landesbank H. Thuringen (Germany), 6.13%, 04/01/98 4,996,693 5,000,000 Morgan Guaranty Trust of New York, 5.71%, 01/06/98 4,999,338
36 See notes to financial statements. 99 ........................... VISTA PRIME MONEY MARKET FUND PORTFOLIO OF INVESTMENTS August 31, 1997 (continued)
Principal Amount Value (USD) Issuer (USD) - ----------------------------------------------------------- DEPOSITS--(CONTINUED) - ----------------------------------------------------------- $10,000,000 Rabobank Nederland-- Cooperative Centrale Raiffeisen- Boerenleenbank B.A. (Netherlands), 6.07%, 03/26/98 $ 9,997,855 10,000,000 Wachovia Bank of North Carolina, N.A., 6.15%, 05/06/98 9,992,478 - ----------------------------------------------------------- TOTAL CERTIFICATES OF DEPOSIT 29,986,364 - ----------------------------------------------------------- TOTAL DEPOSITS (COST $48,434,364) 48,434,364 - ----------------------------------------------------------- REPURCHASE AGREEMENTS--5.6% - ----------------------------------------------------------- 53,087,000 Goldman Sachs & Co., 5.55%, due 09/02/97, (Dated 08/28/97, Proceeds $53,119,737, Secured by; U.S. Treasury Note, $54,397,000 at 6.25%, due 02/15/07; Market Value $54,149,098) 53,087,000 50,000,000 Merrill Lynch & Co., 5.35%, due 09/02/97, (Dated 08/29/97, Proceeds $50,029,733, Secured by; FNMA, $13,535,000, 4.7% through 7.55%, due 09/10/98 through 07/01/04; FHLB, $150,000 at 7.125%, due 02/02/16; FHLB $131,795,000 at 0.0%, due 07/02/12 through 06/26/17; Market Value $51,000,573) 50,000,000 - ----------------------------------------------------------- TOTAL REPURCHASE AGREEMENTS (COST $103,087,000) 103,087,000 =========================================================== TOTAL INVESTMENTS--99.8% (COST $1,853,380,485)** $1,853,380,485 - -----------------------------------------------------------
37 See notes to financial statements. 100 ........................... VISTA PRIME MONEY MARKET FUND NOTES TO PORTFOLIO OF INVESTMENTS August 31, 1997 # = SECURITY MAY ONLY BE SOLD TO QUALIFIED INSTITUTIONAL BUYERS. ** = THE COST OF SECURITIES IS SUBSTANTIALLY THE SAME FOR FEDERAL INCOME TAX PURPOSES. ARM = ADJUSTABLE RATE MORTGAGE COP = CERTIFICATE OF PARTICIPATION DN = DISCOUNT NOTE FHLMC = FEDERAL HOME LOAN MORTGAGE CORPORATION FNMA = FEDERAL NATIONAL MORTGAGE ASSOCIATION FRDN = FLOATING RATE DEMAND NOTE: THE MATURITY DATE SHOWN IS THE NEXT INTEREST RESET DATE; THE RATE SHOWN IS THE RATE IN EFFECT AT AUGUST 31, 1997. FRN = FLOATING RATE NOTE: THE MATURITY DATE SHOWN IS THE NEXT INTEREST RESET DATE; THE RATE SHOWN IS THE RATE IN EFFECT AT AUGUST 31, 1997. IDA = INDUSTRIAL DEVELOPMENT AUTHORITY MTN = MEDIUM TERM NOTE
38 See notes to financial statements. 101 ........................... VISTA MUTUAL FUNDS STATEMENT OF ASSETS AND LIABILITIES August 31, 1997 - -------------------------------------------------------------------------------
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).......................... $2,432,873,763 $ 5,906,409,165 $2,151,679,665 Cash................................ 610,103 289,859 105,404 Other assets........................ 49,230 115,843 39,096 Receivables: Investment securities sold........ 548,703,111 159,994,141 69,738,556 Interest.......................... 33,746,993 36,517,806 7,240,461 Fund shares sold.................. 116,667 3,287,279 4,058,450 Other............................. 2,784 9,952 5,999 Expense reimbursement from Distributor..................... -- -- 2,018 -------------- -------------- -------------- Total Assets.................. 3,016,102,651 6,106,624,045 2,232,869,649 -------------- -------------- -------------- LIABILITIES: Payable for investment securities purchased......................... 548,924,070 160,000,000 199,606,390 Payable for Fund shares redeemed.... 4,584 390,826 -- Payable to custodian................ -- -- -- Dividends payable................... 2,441,262 11,971,053 3,250,841 Other liabilities................... 27,611 198,378 -- Accrued liabilities: (Note 2) Administration fees............... 208,332 489,144 177,108 Distribution fees................. 200,435 251,413 136,154 Investment advisory fees.......... 208,331 489,143 177,108 Shareholder servicing fees........ 461,001 556,025 355,315 Custody fees...................... 72,254 131,039 85,227 Other............................. 424,870 1,052,714 356,345 -------------- -------------- -------------- Total Liabilities............. 552,972,750 175,529,735 204,144,488 -------------- -------------- -------------- NET ASSETS: Paid in capital..................... 2,463,116,044 5,931,064,027 2,028,733,883 Accumulated undistributed net investment income................. -- -- (8,722) Accumulated net realized gain (loss) on investment transactions........ 13,857 30,283 -- -------------- -------------- -------------- Net Assets.................... $2,463,129,901 $ 5,931,094,310 $2,028,725,161 ============== ============== ============== Shares of beneficial interest outstanding ($.001 par value; unlimited number of shares authorized): Vista Shares...................... 2,376,274,217 2,139,449,554 1,605,946,486 Premier Shares.................... 5,643,009 836,514,800 131,340,727 Institutional Shares.............. 81,287,592 2,955,200,422 291,544,637 B Shares.......................... Net asset value, offering and redemption price per share, all classes (net assets/shares)......... $1.00 $1.00 $1.00 ============== ============== ============== Cost of investments.................. $2,432,873,763 $ 5,906,409,165 $2,151,679,665 ============== ============== ==============
39 See notes to financial statements. 102 ........................... VISTA MUTUAL FUNDS STATEMENT OF ASSETS AND LIABILITIES August 31, 1997 (continued) - ---------------------------------------------------------------
Vista Vista Federal Vista Prime Money Market Cash Management Money Market Fund Fund Fund - ------------------------------------------------------------------------------------- ASSETS: Investment securities, at value (Note 1).......................... $877,216,068 $3,945,194,428 $1,853,380,485 Cash................................ -- -- 1,002,030 Other assets........................ 15,842 68,715 29,058 Receivables: Investment securities sold........ 18,700,875 -- 78,894,025 Interest.......................... 5,542,524 18,490,125 6,838,940 Fund shares sold.................. 730,708 3,998,608 1,673,891 Other............................. 13,889 5,500 -- Expense reimbursement from Distributor..................... -- -- 2,681 -------------- -------------- -------------- Total Assets.................. 902,219,906 3,967,757,376 1,941,821,110 -------------- -------------- -------------- LIABILITIES: Payable for investment securities purchased......................... 68,665,820 85,000,000 78,886,163 Payable for Fund shares redeemed.... 325,523 518,124 -- Payable to custodian................ 8,470 238,024 -- Dividends payable................... 1,209,953 4,063,633 4,858,920 Other liabilities................... -- -- 8,836 Accrued liabilities: (Note 2) Administration fees............... 70,238 321,176 155,716 Distribution fees................. 25,553 -- 5,627 Investment advisory fees.......... 70,238 321,176 155,715 Shareholder servicing fees........ 142,347 766,244 72,432 Custody fees...................... 56,339 108,716 63,565 Other............................. 311,048 694,229 385,788 -------------- -------------- -------------- Total Liabilities............. 70,885,529 92,031,322 84,592,762 -------------- -------------- -------------- NET ASSETS: Paid in capital..................... 831,342,972 3,875,705,229 1,857,227,907 Accumulated undistributed net investment income................. (10,839) 8,014 11,081 Accumulated net realized gain (loss) on investment transactions........ 2,244 12,811 (10,640) -------------- -------------- -------------- Net Assets.................... $831,334,377 $3,875,726,054 $1,857,228,348 ============== ============== ============== Shares of beneficial interest outstanding ($.001 par value; unlimited number of shares authorized): Vista Shares...................... 301,042,435 2,576,175,246 Premier Shares.................... 399,651,698 375,428,410 499,307,795 Institutional Shares.............. 130,648,839 924,113,880 1,347,650,971 B Shares.......................... 10,269,141 Net asset value, offering and redemption price per share, all classes (net assets/shares)......... $1.00 $1.00 $1.00 ============== ============== ============== Cost of investments.................. $877,216,068 $3,945,194,428 $1,853,380,485 ============== ============== ==============
40 See notes to financial statements. 103 ........................... VISTA MUTUAL FUNDS STATEMENT OF OPERATIONS For the year ended August 31, 1997 - ---------------------------------------------------------------------
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).............. $106,907,650 $ 285,232,818 $106,510,965 ----------- ------------ ----------- EXPENSES: (Note 2) Shareholder fees....................... 6,675,949 9,453,267 5,569,708 Distribution fees...................... 1,905,353 2,959,548 1,503,214 Administration fees.................... 1,005,316 2,586,987 991,858 Investment advisory fees............... 2,010,632 5,173,975 1,983,716 Sub-administration fees................ 1,005,316 2,586,987 991,858 Custodian fees......................... 244,270 376,933 301,357 Printing and postage................... 25,045 81,244 30,054 Professional fees...................... 107,084 232,196 89,566 Registration costs..................... 249,576 564,960 171,999 Transfer agent fees.................... 387,093 923,865 310,344 Trustees fees and expenses............. 107,353 275,080 106,116 Other.................................. 84,579 216,494 55,891 ----------- ------------ ----------- Total expenses................... 13,807,566 25,431,536 12,105,681 Less amounts waived (Note 2B).......... 2,264,209 3,007,989 1,664,171 Less expenses borne by Distributor (Note 2E)............................ 9,429 -- 34,563 ----------- ------------ ----------- Net expenses......................... 11,533,928 22,423,547 10,406,947 ----------- ------------ ----------- Net investment income................ 95,373,722 262,809,271 96,104,018 ----------- ------------ ----------- REALIZED AND UNREALIZED GAIN ON INVESTMENTS Net realized gain on investment transactions......................... 608,194 493,637 245,215 ----------- ------------ ----------- Net increase in net assets from operations........................... $ 95,981,916 $ 263,302,908 $ 96,349,233 =========== ============ ===========
41 See notes to financial statements. 104 ........................... VISTA MUTUAL FUNDS STATEMENT OF OPERATIONS For the year ended August 31, 1997 (continued) - ---------------------------------------------------------------------
Vista Vista Federal Vista Prime Money Market Cash Management Money Market Fund Fund Fund - ------------------------------------------------------------------------------------ INTEREST INCOME: (Note 1C)............. $42,947,983 $ 176,259,028 $89,461,864 ----------- ----------- ----------- EXPENSES: (Note 2) Shareholder fees...................... 1,986,305 7,988,805 1,175,859 Distribution fees..................... 337,875 -- 80,931 Administration fees................... 391,147 1,582,924 797,701 Investment advisory fees.............. 782,294 3,165,847 1,595,402 Sub-administration fees............... 391,147 1,582,924 797,701 Custodian fees........................ 194,455 369,799 220,680 Printing and postage.................. 15,028 40,200 24,914 Professional fees..................... 41,338 127,543 74,464 Registration costs.................... 51,885 208,097 234,388 Transfer agent fees................... 479,501 1,018,834 234,006 Trustees fees and expenses............ 42,150 169,675 80,086 Other................................. 51,531 43,674 94,053 ----------- ----------- ----------- Total expenses.................. 4,764,656 16,298,322 5,410,185 Less amounts waived (Note 2B)......... 457,964 660,012 357,329 Less expenses borne by Distributor (Note 2E)........................... -- -- 2,681 ----------- ----------- ----------- Net expenses........................ 4,306,692 15,638,310 5,050,175 ----------- ----------- ----------- Net investment income............... 38,641,291 160,620,718 84,411,689 ----------- ----------- ----------- REALIZED AND UNREALIZED GAIN ON INVESTMENTS Net realized gain on investment transactions........................ 54,317 12,811 179,950 ----------- ----------- ----------- Net increase in net assets from operations.......................... $38,695,608 $ 160,633,529 $84,591,639 =========== =========== ===========
42 See notes to financial statements. 105 VISTA MUTUAL FUNDS STATEMENT OF CHANGES IN NET ASSETS - --------------------------------------------------------------------------------
Vista Vista 100% U.S. Government U.S. Treasury Securities Money Market Fund Money Market Fund ------------------------------- ------------------------------- Year 12/1/95 Year Ended August 31, Ended Through ------------------------------- 08/31/97 08/31/96* 1997 1996 -------------- -------------- -------------- -------------- INCREASE IN NET ASSETS FROM OPERATIONS: Net investment income....................................... $ 95,373,722 $ 54,450,347 $ 262,809,271 $ 149,636,341 Net realized gain (loss) on investment transactions......... 608,194 317,081 493,637 3,546 -------------- -------------- -------------- -------------- Increase (decrease) in net assets from operations......... 95,981,916 54,767,428 263,302,908 149,639,887 -------------- -------------- -------------- -------------- DISTRIBUTIONS TO SHAREHOLDERS FROM: Net investment income....................................... (95,373,722) (54,450,354) (262,809,271) (149,636,341) Net realized gain on investment transactions................ (896,002) (90,037) (465,957) (2,396) -------------- -------------- -------------- -------------- Total dividends and distributions..................... (96,269,724) (54,540,391) (263,275,228) (149,638,737) -------------- -------------- -------------- -------------- Increase from capital share transactions..................... 791,586,677 334,055,174 1,890,616,058 2,469,421,386 -------------- -------------- -------------- -------------- Total increase............................................ 791,298,869 334,282,211 1,890,643,738 2,469,422,536 NET ASSETS: Beginning of period......................................... 1,671,831,032 1,337,548,821 4,040,450,572 1,571,028,036 -------------- -------------- -------------- -------------- End of period............................................... $2,463,129,901 $1,671,831,032 $5,931,094,310 $4,040,450,572 ============== ============== ============== ============== Vista Treasury Plus Money Market Fund ------------------------------- Year Ended August 31, ------------------------------- 1997 1996 -------------- -------------- INCREASE IN NET ASSETS FROM OPERATIONS: Net investment income....................................... $ 96,104,018 $ 31,447,169 Net realized gain (loss) on investment transactions......... 245,215 (84,507) -------------- -------------- Increase (decrease) in net assets from operations......... 96,349,233 31,362,662 -------------- -------------- DISTRIBUTIONS TO SHAREHOLDERS FROM: Net investment income....................................... (96,120,887) (31,353,233) Net realized gain on investment transactions................ (166,314) (80,182) -------------- -------------- Total dividends and distributions..................... (96,287,201) (31,433,415) -------------- -------------- Increase from capital share transactions..................... 351,955,824 1,640,570,579 -------------- -------------- Total increase............................................ 352,017,856 1,640,499,826 NET ASSETS: Beginning of period......................................... 1,676,707,305 36,207,479 -------------- -------------- End of period............................................... $2,028,725,161 $1,676,707,305 ============== ==============
- --------------- * In 1996 the fund changed its fund year end from November 30 to August 31. See notes to financial statements. 43 ........................... 106 VISTA MUTUAL FUNDS STATEMENT OF CHANGES IN NET ASSETS (continued) - --------------------------------------------------------------------------------
Vista Federal Money Market Fund Vista --------------------------- Cash Management ------------------------------- Year Ended August 31, Year 12/1/95 --------------------------- Ended Through 1997 1996 08/31/97 08/31/96* ------------ ------------ -------------- -------------- INCREASE IN NET ASSETS FROM OPERATIONS: Net investment income.......................................... $ 38,641,291 $ 29,210,103 $ 160,620,718 $ 71,975,331 Net realized gain (loss) on investment transactions............ 54,317 62,246 12,811 8,546 -------------- -------------- -------------- -------------- Increase (decrease) in net assets from operations............ 38,695,608 29,272,349 160,633,529 71,983,877 -------------- -------------- -------------- -------------- DISTRIBUTIONS TO SHAREHOLDERS FROM: Net investment income.......................................... (38,641,291) (29,210,103) (160,620,718) (71,975,332) Net realized gain on investment transactions................... (106,779) (31,088) -- (25,113) -------------- -------------- -------------- -------------- Total dividends and distributions........................ (38,748,070) (29,241,191) (160,620,718) (72,000,445) -------------- -------------- -------------- -------------- Increase from capital share transactions........................ 88,383,952 277,469,712 1,164,197,068 1,077,039,651 -------------- -------------- -------------- -------------- Total increase............................................... 88,331,490 277,500,870 1,164,209,879 1,077,023,083 NET ASSETS: Beginning of period............................................ 743,002,887 465,502,017 2,711,516,175 1,634,493,092 -------------- -------------- -------------- -------------- End of period.................................................. $831,334,377 $743,002,887 $3,875,726,054 $2,711,516,175 ============== ============== ============== ============== Vista Prime Money Market Fund ------------------------------- Year Ended August 31, ------------------------------- 1997 1996 -------------- -------------- INCREASE IN NET ASSETS FROM OPERATIONS: Net investment income.......................................... $ 84,411,689 $ 57,901,747 Net realized gain (loss) on investment transactions............ 179,950 7,807 -------------- -------------- Increase (decrease) in net assets from operations............ 84,591,639 57,909,554 -------------- -------------- DISTRIBUTIONS TO SHAREHOLDERS FROM: Net investment income.......................................... (84,411,688) (57,902,939) Net realized gain on investment transactions................... (179,510) (7,683) -------------- -------------- Total dividends and distributions........................ (84,591,198) (57,910,622) -------------- -------------- Increase from capital share transactions........................ 698,281,185 905,690,709 -------------- -------------- Total increase............................................... 698,281,626 905,689,641 NET ASSETS: Beginning of period............................................ 1,158,946,722 253,257,081 -------------- -------------- End of period.................................................. $1,857,228,348 $1,158,946,722 ============== ==============
- --------------- * In 1996 the fund changed its fund year end from November 30 to August 31. See notes to financial statements. 44 ........................... 107 VISTA MUTUAL FUNDS NOTES TO FINANCIAL STATEMENTS - --------------------------------------------------------------------- 1. ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES--Mutual Fund Trust ("MFT") (the "Trust") is organized as a Massachusetts business trust, and registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end, management investment company. Vista 100% U.S. Treasury Securities Money Market Fund ("USTSMM"), Vista U.S. Government Money Market Fund ("USGMM"), Vista Treasury Plus Money Market Fund ("TPMM"), Vista Federal Money Market Fund ("FMM"), Vista Cash Management Fund ("CMMM"), and Vista Prime Money Market Fund ("PMM") are separate portfolios of MFT. Collectively all of these funds are referred to as "Money Market Funds" or individually as the "Fund". The funds offer various classes of shares as follows:
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 August 31, 1997, there were no open reverse repurchase agreements. C. Security transactions and investment income--Investment transactions are accounted for on the trade date (the date the order to buy or sell is executed). Securities gains and losses are calculated on the identified cost basis. Interest income consists of coupon interest accrued and amortization of premium and discount earned. 45 ........................... 108 VISTA MUTUAL FUNDS NOTES TO FINANCIAL STATEMENTS (continued) - --------------------------------------------------------------------- D. Federal income taxes--Each Fund is treated as a separate taxable entity for Federal income tax purposes. The Trust's policy is to comply with the provisions of the Internal Revenue Code applicable to regulated investment companies and to distribute to shareholders all of a Fund's distributable net income, including net realized gain on investments. In addition, the Trust intends to make distributions as required to avoid excise taxes. Accordingly, no provision for Federal income or excise tax is necessary. E. Distributions to shareholders--Each Fund declares and records a dividend of substantially all of its net investment income on each business day. Such dividends are paid or re-invested monthly in each respective Fund's shares on the payable dates. The amount of dividends and distributions from net investment income and net realized capital gains is determined in accordance with federal income tax regulations, which may differ from generally accepted accounting principles. To the extent these "book/tax" differences are permanent in nature (i.e., that they result from other than timing of recognition "temporary differences"), such amounts are reclassified within the capital accounts based on their federal income tax-basis treatment. Dividends and distributions which exceed net investment income or net realized capital gains for financial reporting purposes but not for tax purposes are reported as distributions in excess of net investment income or net realized capital gains. F. Income and expenses--Expenses directly attributable to a Fund are charged to that Fund; expenses directly attributable to a particular class are charged directly to such class. Other expenses are allocated proportionately among the Funds within the Trust in relation to the net assets of each Fund or on another reasonable basis. In calculating net asset value per share of each class, investment income, realized and unrealized gains and losses and expenses other than class specific expenses, are allocated daily to each class of shares based upon the proportion of net assets of each class at the beginning of each day. 2. FEES AND OTHER TRANSACTIONS WITH AFFILIATES A. Investment advisory fee--Pursuant to separate Investment Advisory Agreements, The Chase Manhattan Bank, ("Chase" or "Advisor") acts as the investment adviser to the Funds. Chase is a direct wholly-owned subsidiary of The Chase Manhattan Corporation. As investment adviser, Chase supervises the investments of each Fund and for such services is paid a fee. The fee is accrued daily and paid monthly at an annual rate equal to 0.10% of the average daily net assets for each respective Fund. Chase Asset Management, Inc. ("CAM"), a registered investment adviser, is the sub-investment adviser to each Fund, other than the Vista Cash Management Fund, pursuant to a Sub-Investment Advisory Agreement between CAM and Chase. CAM is a wholly owned subsidiary of Chase and is entitled to receive a fee, payable by Chase from its advisory fee, at an annual rate equal to 0.03% of each Fund's average daily net assets. Texas Commerce Bank, National Association ("TCB") is the sub-investment adviser to the Vista Cash Management Fund pursuant to a Sub-Investment Advisory Agreement between Chase and TCB. TCB is a wholly owned subsidiary of Chase and is entitled to receive a fee, payable by Chase from its advisory fee, at an annual rate equal to 0.03% of the Fund's average daily net assets. B. Shareholder and Fund servicing fees--The Trust, on May 6, 1996, adopted new Administrative Service Plans which, among other things, provide that the Trust on behalf of the Funds may obtain the services of one or more Shareholder Servicing Agents. For its services, each Shareholder Servicing Agent receives a fee. The fee is computed daily and paid monthly at an annual rate of 0.35%, 0.25% and 0.25% of the average daily net assets of the Vista, Premier and B Shares Class of each Fund. The Shareholder Servicing Agents voluntarily waived fees in the amount of $2,264,209, $3,007,989, $1,664,171, $457,964, $660,012 and $357,329 for the USTSMM, USGMM, TPMM, FMM, CMMM and PMM respectively. No Fund Servicing fee was paid for the Institutional Shares. 46 ........................... 109 VISTA MUTUAL FUNDS NOTES TO FINANCIAL STATEMENTS (continued) - --------------------------------------------------------------------- Since inception of the Trust, (except as described below) Chase and certain of its affiliates have been the only Shareholder Servicing Agents. Certain Premier Shareholders of the CMMM and FMM entered into a Shareholder Servicing arrangement with Capital Network Services and Charles Schwab & Co. C. Distribution and sub-administration fees--Pursuant to the Distribution and Sub-administration Agreements, Vista Fund Distributors, Inc. ("VFD" or the "Distributor"), a wholly-owned subsidiary of the BISYS Group, Inc. ("BISYS"), acts as the Trust's exclusive underwriter and promotes and arranges for the sale of each Fund's shares. In addition, the Distributor provides certain sub-administration services to the Trust, including providing officers, clerical staff and office space for an annual fee of 0.05% of the average daily net assets of each Fund. The Trustees have adopted plans of distribution under the 1940 Act for the Premier Shares of USGMM (the "Premier Plan"), for the Vista Shares (the "Vista Plan") except for CMMM, and for the B Shares of the PMM (the "B Plan"). There are no distribution plans for the Institutional Shares. The Premier, Vista and B Shares Plans pay the Distributor a distribution fee. The fee is computed daily and paid monthly at an annual rate of: 0.10% of the average daily net assets of the Vista Class of each Fund (except CMMM), 0.10% of the average daily net assets of the USGMM Premier Class and 0.75% of the average daily net assets of the B Shares of PMM. D. Administration fee--Pursuant to the Administration Agreements, Chase (the "Administrator") provides certain administration services and facilities to each Fund at a fee computed at the annual rate equal to 0.05% of the respective Fund's average daily net assets. E. Other--The Distributor voluntarily reimbursed the Funds for certain expenses in the amount of $9,429, $34,563, $2,681 for the USTSMM, TPMM and PMM, respectively. Certain officers of the Trust are officers of VFD or of its parent corporation, BISYS. In addition, Chase provides portfolio accounting and custody services for the Funds. Such amounts are presented in the Statement of Operations as custodian fees. 3. FEDERAL INCOME TAX MATTERS--During the fiscal year ended August 31, 1997, PMM utilized capital loss carryovers of approximately $11,000. 47 ........................... 110 VISTA MUTUAL FUNDS NOTES TO FINANCIAL STATEMENTS (continued) - --------------------------------------------------------------------- 4. TRANSACTIONS IN SHARES OF BENEFICIAL INTEREST
Vista 100% U.S. Treasury Securities Money Market Fund ----------------------------------------------------------------------- Vista Class ----------------------------------------------------------------------- Year Ended August 31, 1997 12/1/95 Through 8/31/96* ---------------------------------- ---------------------------------- Amount Shares Amount Shares ---------------- --------------- ---------------- --------------- Shares sold....... $ 10,261,243,364 10,261,243,364 $ 7,409,194,967 7,409,194,967 Shares issued in reinvestment of distributions.... 70,133,085 70,133,085 40,320,411 40,320,411 Shares redeemed... (9,626,493,212) (9,626,493,212) (7,115,687,366) (7,115,687,366) ---------------- --------------- ---------------- --------------- Net increase (decrease) in Trust shares outstanding...... $ 704,883,237 704,883,237 $ 333,828,012 333,828,012 ================= ================ ================= ================ Premier Class ----------------------------------------------------------------------- Year Ended August 31, 1997 6/3/96 Through 8/31/96** ---------------------------------- ---------------------------------- Amount Shares Amount Shares ---------------- --------------- ---------------- --------------- Shares sold....... $ 17,838,413 17,838,413 $ 491,675 491,675 Shares issued in reinvestment of distributions.... 141,705 141,705 2,269 2,269 Shares redeemed... (12,564,059) (12,564,059) (266,994) (266,994) ---------------- --------------- ---------------- --------------- Net increase (decrease) in Trust shares outstanding...... $ 5,416,059 5,416,059 $ 226,950 226,950 ================= ================ ================= ================ Institutional Class ----------------------------------------------------------------------- Year Ended August 31, 1997 6/3/96 Through 8/31/96** ---------------------------------- ---------------------------------- Amount Shares Amount Shares ---------------- --------------- ---------------- --------------- Shares sold....... $ 891,053,171 891,053,171 $ 22,275,210 22,275,210 Shares issued in reinvestment of distributions.... 4,278,994 4,278,994 2,557 2,557 Shares redeemed... (814,044,784) (814,044,784) (22,277,555) (22,277,555) ---------------- --------------- ---------------- --------------- Net increase (decrease) in Trust shares outstanding...... $ 81,287,381 81,287,381 $ 212 212 ================= ================ ================= ================
- --------------- * Commencement of operations. ** Commencement of offering of class of shares. 48 ........................... 111 VISTA MUTUAL FUNDS NOTES TO FINANCIAL STATEMENTS (continued) - ---------------------------------------------------------------------
Vista U.S. Government Money Market Fund ----------------------------------------------------------------------- Vista Class ----------------------------------------------------------------------- Year Ended August 31, 1997 Year Ended August 31, 1996 ---------------------------------- ---------------------------------- Amount Shares Amount Shares ---------------- --------------- ---------------- --------------- Shares sold....... $ 14,989,063,773 14,989,063,773 $ 6,258,795,986 6,258,795,986 Shares issued in reinvestment of distributions.... 56,051,339 56,051,339 18,755,086 18,755,086 Shares redeemed... (14,962,787,753) (14,962,787,753) (6,113,103,556) (6,113,103,556) Hanover acquisition...... -- -- 1,551,238,481 1,551,339,231 ---------------- --------------- ---------------- --------------- Net increase (decrease) in Trust shares outstanding...... $ 82,327,359 82,327,359 $ 1,715,685,997 1,715,786,747 ================= ================ ================= ================ Premier Class ----------------------------------------------------------------------- Year Ended August 31, 1997 Year Ended August 31, 1996 ---------------------------------- ---------------------------------- Amount Shares Amount Shares ---------------- --------------- ---------------- --------------- Shares sold....... $ 5,613,865,551 5,613,865,551 $ 6,630,692,269 6,630,692,269 Shares issued in reinvestment of distributions.... 24,031,128 24,031,128 33,440,739 33,440,739 Shares redeemed... (5,603,046,417) (5,603,046,417) (6,626,077,145) (6,626,077,145) ---------------- --------------- ---------------- --------------- Net increase (decrease) in Trust shares outstanding...... $ 34,850,262 34,850,262 $ 38,055,863 38,055,863 ================= ================ ================= ================ Institutional Class ----------------------------------------------------------------------- Year Ended August 31, 1997 Year Ended August 31, 1996 ---------------------------------- ---------------------------------- Amount Shares Amount Shares ---------------- --------------- ---------------- --------------- Shares sold....... $ 19,688,867,100 19,688,867,100 $ 8,395,036,076 8,395,036,076 Shares issued in reinvestment of distributions.... 68,490,796 68,490,796 21,171,054 21,171,054 Shares redeemed... (17,983,919,459) (17,983,919,459) (7,700,527,604) (7,700,527,604) ---------------- --------------- ---------------- --------------- Net increase (decrease) in Trust shares outstanding...... $ 1,773,438,437 1,773,438,437 $ 715,679,526 715,679,526 ================= ================ ================= ================
49 ........................... 112 VISTA MUTUAL FUNDS NOTES TO FINANCIAL STATEMENTS (continued) - ---------------------------------------------------------------------
Vista Treasury Plus Money Market Fund ----------------------------------------------------------------------- Vista Class ----------------------------------------------------------------------- Year Ended August 31, 1997 5/6/96 Through 8/31/96* ---------------------------------- ---------------------------------- Amount Shares Amount Shares ---------------- --------------- ---------------- --------------- Shares sold....... $ 16,488,613,526 16,488,613,526 $ 4,725,630,526 4,725,630,526 Shares issued in reinvestment of distributions.... 42,612,199 42,612,199 13,439,801 13,439,801 Shares redeemed... (16,307,623,845) (16,307,623,845) (5,015,161,240) (5,015,161,240) Hanover acquisition...... -- -- 1,658,337,551 1,658,435,519 ---------------- --------------- ---------------- --------------- Net increase (decrease) in Trust shares outstanding...... $ 223,601,880 223,601,880 $ 1,382,246,638 1,382,344,606 ================= ================ ================= ================ Premier Class ----------------------------------------------------------------------- Year Ended August 31, 1997 Year Ended August 31, 1996 ---------------------------------- ---------------------------------- Amount Shares Amount Shares ---------------- --------------- ---------------- --------------- Shares sold....... $ 630,055,851 630,055,851 $ 529,748,921 529,748,921 Shares issued in reinvestment of distributions.... 1,403,706 1,403,706 745,012 745,012 Shares redeemed... (606,144,080) (606,144,080) (443,040,963) (443,040,963) ---------------- --------------- ---------------- --------------- Net increase (decrease) in Trust shares outstanding...... $ 25,315,477 25,315,477 $ 87,452,970 87,452,970 ================= ================ ================= ================ Institutional Class ----------------------------------------------------------------------- Year Ended August 31, 1997 Year Ended August 31, 1996 ---------------------------------- ---------------------------------- Amount Shares Amount Shares ---------------- --------------- ---------------- --------------- Shares sold....... $ 7,439,790,648 7,439,790,648 $ 1,690,470,986 1,690,470,986 Shares issued in reinvestment of distributions.... 10,198,531 10,198,531 1,414,045 1,414,045 Shares redeemed... (7,346,950,712) (7,346,950,712) (1,521,014,060) (1,521,014,060) ---------------- --------------- ---------------- --------------- Net increase (decrease) in Trust shares outstanding...... $ 103,038,467 103,038,467 $ 170,870,971 170,870,971 ================= ================ ================= ================
- --------------- * Commencement of offering of class of shares. 50 ........................... 113 VISTA MUTUAL FUNDS NOTES TO FINANCIAL STATEMENTS (continued) - ---------------------------------------------------------------------
Vista Federal Money Market Fund ----------------------------------------------------------------------- Vista Class ----------------------------------------------------------------------- Year Ended August 31, 1997 Year Ended August 31, 1996 ---------------------------------- ---------------------------------- Amount Shares Amount Shares ---------------- --------------- ---------------- --------------- Shares sold....... $ 487,721,133 487,721,133 $ 543,789,208 543,789,208 Shares issued in reinvestment of distributions.... 13,600,878 13,600,878 8,492,776 8,492,776 Shares redeemed... (553,201,237) (553,201,237) (402,761,910) (402,761,910) ---------------- --------------- ---------------- --------------- Net increase (decrease) in Trust shares outstanding...... ($ 51,879,226) (51,879,226) $ 149,520,074 149,520,074 ================= ================ ================= ================ Premier Class ----------------------------------------------------------------------- Year Ended August 31, 1997 Year Ended August 31, 1996 ---------------------------------- ---------------------------------- Amount Shares Amount Shares ---------------- --------------- ---------------- --------------- Shares sold....... $ 884,820,051 884,820,051 $ 449,345,979 449,345,979 Shares issued in reinvestment of distributions.... 13,139,597 13,139,597 10,216,010 10,216,010 Shares redeemed... (747,052,298) (747,052,298) (359,327,225) (359,327,225) ---------------- --------------- ---------------- --------------- Net increase (decrease) in Trust shares outstanding...... $ 150,907,350 150,907,350 $ 100,234,764 100,234,764 ================= ================ ================= ================ Institutional Class ----------------------------------------------------------------------- Year Ended August 31, 1997 Year Ended August 31, 1996 ---------------------------------- ---------------------------------- Amount Shares Amount Shares ---------------- --------------- ---------------- --------------- Shares sold....... $ 809,559,898 809,559,898 $ 1,125,386,751 1,125,386,751 Shares issued in reinvestment of distributions.... 1,781,683 1,781,683 1,206,644 1,206,644 Shares redeemed... (821,985,753) (821,985,753) (1,098,878,521) (1,098,878,521) ---------------- --------------- ---------------- --------------- Net increase (decrease) in Trust shares outstanding...... ($ 10,644,172) (10,644,172) $ 27,714,874 27,714,874 ================= ================ ================= ================
51 ........................... 114 VISTA MUTUAL FUNDS NOTES TO FINANCIAL STATEMENTS (continued) - ---------------------------------------------------------------------
VISTA CASH MANAGEMENT FUND ----------------------------------------------------------------------- Vista Class ----------------------------------------------------------------------- Year Ended August 31, 1997 12/1/95* Through 8/31/96 ---------------------------------- ---------------------------------- Amount Shares Amount Shares ---------------- --------------- ---------------- --------------- Shares sold....... $ 14,045,422,722 14,045,422,722 $ 9,308,266,616 9,308,254,347 Shares issued in reinvestment of distributions.... 71,043,177 71,043,177 37,220,903 37,220,903 Shares redeemed... (13,161,544,235) (13,161,544,235) (9,475,678,051) (9,475,678,057) Global Money Market Fund Acquisition...... -- -- 116,963,297 116,963,297 ---------------- --------------- ---------------- --------------- Net increase (decrease) in Trust shares outstanding...... $ 954,921,664 954,921,664 ($ 13,227,235) (13,239,510) ================= ================ ================= ================ Premier Class ----------------------------------------------------------------------- Year Ended August 31, 1997 5/6/96 Through 8/31/96** ---------------------------------- ---------------------------------- Amount Shares Amount Shares ---------------- --------------- ---------------- --------------- Shares sold....... $ 2,333,244,771 2,333,244,771 $ 686,911,897 686,911,897 Shares issued in reinvestment of distributions.... 16,341,167 16,341,167 6,444,891 6,444,891 Shares redeemed... (2,407,404,922) (2,407,404,922) (714,261,726) (714,261,726) Global Money Market Fund Acquisition...... -- -- 454,152,332 454,152,332 ---------------- --------------- ---------------- --------------- Net increase (decrease) in Trust shares outstanding...... ($ 57,818,984) (57,818,984) $ 433,247,394 433,247,394 ================= ================ ================= ================ Institutional Class ----------------------------------------------------------------------- Year Ended August 31, 1997 5/6/96 Through 8/31/96** ---------------------------------- ---------------------------------- Amount Shares Amount Shares ---------------- --------------- ---------------- --------------- Shares sold....... $ 4,596,074,525 4,596,074,525 $ 1,438,773,670 1,438,773,670 Shares issued in reinvestment of distributions.... 32,378,220 32,378,220 5,302,026 5,302,026 Shares redeemed... (4,361,358,357) (4,361,358,357) (1,134,258,632) (1,134,258,632) Global Money Market Fund Acquisition...... -- -- 347,202,428 347,202,428 ---------------- --------------- ---------------- --------------- Net increase (decrease) in Trust shares outstanding...... $ 267,094,388 267,094,388 $ 657,019,492 657,019,492 ================= ================ ================= ================
- --------------- * In 1996, the CMMM changed its fiscal year end from November 30 to August 31. ** Commenced offering class of shares. 52 ........................... 115 VISTA MUTUAL FUNDS NOTES TO FINANCIAL STATEMENTS (continued) - ---------------------------------------------------------------------
Vista Prime Money Market Fund ----------------------------------------------------------------------- B Shares ----------------------------------------------------------------------- Year Ended August 31, 1997 Year Ended August 31, 1996 ---------------------------------- ---------------------------------- Amount Shares Amount Shares ---------------- --------------- ---------------- --------------- Shares sold....... $ 49,461,663 49,461,663 $ 35,409,443 35,409,443 Shares issued in reinvestment of distributions.... 381,174 381,174 320,115 320,115 Shares redeemed... (55,242,319) (55,242,319) (24,942,312) (24,942,312) ---------------- --------------- ---------------- --------------- Net increase (decrease) in Trust shares outstanding...... ($ 5,399,482) (5,399,482) $ 10,787,246 10,787,246 ================= ================ ================= ================ Premier Class ----------------------------------------------------------------------- Year Ended August 31, 1997 Year Ended August 31, 1996 ---------------------------------- ---------------------------------- Amount Shares Amount Shares ---------------- --------------- ---------------- --------------- Shares sold....... $ 4,080,531,934 4,080,531,934 $ 3,175,395,904 3,175,395,904 Shares issued in reinvestment of distributions.... 7,415,483 7,415,483 5,091,960 5,091,960 Shares redeemed... (4,007,315,047) (4,007,315,047) (2,824,488,570) (2,824,488,570) ---------------- --------------- ---------------- --------------- Net increase (decrease) in Trust shares outstanding...... $ 80,632,370 80,632,370 $ 355,999,294 355,999,294 ================= ================ ================= ================ Institutional Class ----------------------------------------------------------------------- Year Ended August 31, 1997 Year Ended August 31, 1996 ---------------------------------- ---------------------------------- Amount Shares Amount Shares ---------------- --------------- ---------------- --------------- Shares sold....... $ 16,454,322,258 16,454,322,258 $ 9,553,681,410 9,553,681,410 Shares issued in reinvestment of distributions.... 26,707,134 26,707,134 13,615,855 13,615,855 Shares redeemed... (15,857,981,095) (15,857,981,095) (9,028,393,096) (9,028,393,096) ---------------- --------------- ---------------- --------------- Net increase (decrease) in Trust shares outstanding...... $ 623,048,297 623,048,297 $ 538,904,169 538,904,169 ================= ================ ================= ================
5. CONCENTRATION OF CREDIT RISK--As of August 31, 1997 CMMM invested 81.8% of its net assets in financial institutions, of which 17.3% was invested in Broker Dealers, 20.2% in Banking and 44.3% in other financial service providers. PMM invested 91.4% of its net assets in financial institutions, of which 9.1% was invested in Broker Dealers, 22.2% in Banking and 60.1% in other financial service providers. General economic conditions, as well as exposure to credit losses arising from possible financial difficulties of borrowers, play an important role in the operation of the financial services industry. 6. TRUSTEE COMPENSATION--The Funds have adopted an unfunded noncontributory defined benefit pension plan covering all independent trustees of the Funds who will have 53 ........................... 116 VISTA MUTUAL FUNDS NOTES TO FINANCIAL STATEMENTS (continued) - --------------------------------------------------------------------- served as an independent trustee for at least five years at the time of retirement. Benefits under this plan are based on compensation and years of service. Pension expenses for the year ended August 31, 1997, included in Trustees Fees and Expenses in the Statement of Operations, and accrued pension liability included in other accrued liabilities in the Statement of Assets and Liabilities were as follows:
Accrued Pension Pension Fund Expenses Liability - -------------------------------------------------- -------- -------- USTSMM............................................ $ 48,939 $114,680 USGMM............................................. 106,611 283,450 TPMM.............................................. 46,189 101,781 FMM............................................... 18,388 41,242 CMMM.............................................. 68,403 178,890 PMM............................................... 32,260 75,649
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 VISTA MONEY Treasury Plus U.S. Government Management 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
54 ........................... 117 SELECTED PER SHARE DATA AND RATIOS FOR A SHARE OF BENEFICIAL INTEREST OUTSTANDING Throughout each period indicated - --------------------------------------------------------------------------------
Vista 100% U.S. Treasury Securities Money Market Fund -------------------------------------------------------------------- Vista Shares -------------------------------------------------------------------- Year 12/1/95* Year Ended November 30, Ended Through -------------------------------------- 8/31/97 8/31/96 1995 1994 1993 ---------- ---------- ---------- ---------- -------- Per Share Operating Performance Net Asset Value, Beginning of Period............. $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 ---------- ---------- ---------- ---------- -------- Income from Investment Operations Net Investment Income........................... 0.048 0.035 0.050 0.033 0.026 ---------- ---------- ---------- ---------- -------- Less Dividends from Net Investment Income....... 0.048 0.035 0.050 0.033 0.026 ---------- ---------- ---------- ---------- -------- Net Assets Value, End of Period.................. $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 ========== ========== ========== ========== ======== Total Return..................................... 4.87% 3.50% 5.15% 3.32% 2.62% ===== ===== ===== ===== ===== Ratios/Supplemental Data Net Assets, End of Period (000 omitted)......... $2,376,214 $1,671,603 $1,337,549 $1,024,125 $873,631 Ratio of Expenses to Average Net Assets#........ 0.59% 0.60% 0.58% 0.59% 0.58% Ratio of Net Investment Income to Average Net Assets#....................................... 4.74% 4.58% 4.99% 3.26% 2.58% Ratio of Expenses Without Waivers and Assumption of Expenses to Average Net Assets#............ 0.71% 0.68% 0.61% 0.62% 0.61% Ratio of Net Investment Income Without Waivers and Assumption of Expenses to Average Net Assets#....................................... 4.62% 4.50% 4.96% 3.23% 2.55% Premier Shares Institutional Shares -------------------- -------------------- Year 6/3/96** Year 6/3/96** Ended Through Ended Through 8/31/97 8/31/96 8/31/97 8/31/96 ------- -------- ------- -------- Per Share Operating Performance Net Asset Value, Beginning of Period............. $ 1.00 $ 1.00 $ 1.00 $ 1.00 ------ ------- ------- Income from Investment Operations Net Investment Income........................... 0.048 0.011 0.051 0.012 ------ ------- ------- Less Dividends from Net Investment Income....... 0.048 0.011 0.051 0.012 ------ ------- ------- Net Assets Value, End of Period.................. $ 1.00 $ 1.00 $ 1.00 $ 1.00 ====== ======= ======= Total Return..................................... 4.91% 1.11% 5.20% 1.23% ===== ===== ===== ===== Ratios/Supplemental Data Net Assets, End of Period (000 omitted)......... $5,643 $ 227 $81,273 $ 1 Ratio of Expenses to Average Net Assets#........ 0.55% 0.42% 0.27% 0.21% Ratio of Net Investment Income to Average Net Assets#....................................... 4.80% 3.45% 5.06% 3.65% Ratio of Expenses Without Waivers and Assumption of Expenses to Average Net Assets#............ 0.80% 0.42% 0.27% 0.21% Ratio of Net Investment Income Without Waivers and Assumption of Expenses to Average Net Assets#....................................... 4.55% 3.45% 5.06% 3.65%
- --------------- * In 1996, the Fund changed its fiscal year from November 30 to August 31, see Note 7. ** Commencement of offering class of shares. # Short periods have been annualized. See notes to financial statements. 55 ........................... 118 SELECTED PER SHARE DATA AND RATIOS FOR A SHARE OF BENEFICIAL INTEREST OUTSTANDING Throughout each period indicated (continued) - --------------------------------------------------------------------------------
Vista U.S. Government Money Market Fund ---------------------------------------------------- Vista Shares ---------------------------------------------------- Year Ended August 31, 11/1/93 -------------------------------------- Through 1997 1996 1995 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................................................ 0.049 0.049 0.049 0.025 ---------- ---------- -------- -------- Less Dividends from Net Investment Income............................ 0.049 0.049 0.049 0.025 ---------- ---------- -------- -------- Net Asset Value, End of Period........................................ $ 1.00 $ 1.00 $ 1.00 $ 1.00 ========== ========== ======== ======== Total Return.......................................................... 5.04% 4.97% 5.05% 2.48% ===== ===== ===== ===== Ratios/Supplemental Data: Net Assets, End of Period (000 omitted).............................. $2,139,368 $2,057,023 $341,336 $335,365 Ratio of Expenses to Average Net Assets#............................. 0.59% 0.65% 0.80% 0.80% Ratio of Net Investment Income to Average Net Assets#................ 4.93% 4.83% 4.93% 2.94% Ratio of Expenses Without Waivers and Assumption of Expenses to Average Net Assets#................................................ 0.72% 0.73% 0.80% 0.80% Ratio of Net Investment Income Without Waivers and Assumption of Expenses to Average Net Assets#.................................... 4.80% 4.75% 4.93% 2.94% 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. 56 ........................... 119 SELECTED PER SHARE DATA AND RATIOS FOR A SHARE OF BENEFICIAL INTEREST OUTSTANDING Throughout each period indicated (continued) - --------------------------------------------------------------------------------
Vista U.S. Government Money Market Fund ------------------------------------------------------------------------------ Institutional Shares Premier Shares ---------- --------------------------------------------------------------- Year Ended Year Ended August 31, 11/1/93 Year August 31, ---------------------------------- Through Ended ---------- 1997 1996 1995 8/31/94++ 10/31/93 1997 -------- -------- -------- --------- ---------- ---------- Per Share Operating Performance Net Asset Value, Beginning of Period............. $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 -------- -------- -------- --------- ---------- ---------- Income from Investment Operations Net Investment Income........................... 0.050 0.050 0.052 0.027 0.027 0.053 -------- -------- -------- --------- ---------- ---------- Less Dividends from Net Investment Income....... 0.050 0.050 0.052 0.027 0.027 0.053 -------- -------- -------- --------- ---------- ---------- Net Asset Value, End of Period................... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 ======== ======== ======== ======== ========== ========== Total Return..................................... 5.08% 5.15% 5.31% 2.70% 2.70% 5.40% ===== ===== ===== ===== ===== ===== Ratios/Supplemental Data: Net Assets, End of Period (000 omitted)......... $836,520 $801,665 $763,609 $545,999 $1,069,704 $2,955,206 Ratio of Expenses to Average Net Assets#........ 0.55% 0.55% 0.55% 0.55% 0.55% 0.24% Ratio of Net Investment Income to Average Net Assets#....................................... 4.97% 5.04% 5.22% 3.13% 2.66% 5.29% Ratio of Expenses Without Waivers and Assumption of Expenses to Average Net Assets#............ 0.60% 0.59% 0.59% 0.61% 0.67% 0.24% Ratio of Net Investment Income Without Waivers and Assumption of Expenses to Average Net Assets#....................................... 4.92% 5.00% 5.18% 3.07% 2.54% 5.29% 12/10/93* Through 1996 1995 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. ++ In 1994 USGMM changed its fiscal year-end from October 31 to August 31. See notes to financial statements. 57 ........................... 120 SELECTED PER SHARE DATA AND RATIOS FOR A SHARE OF BENEFICIAL INTEREST OUTSTANDING Throughout each period indicated (continued) - --------------------------------------------------------------------------------
Vista Treasury Plus Money Market Fund ------------------------------------------------------------------ Premier Shares Vista Shares ---------------------------------------- ----------------------- Year 5/6/96* Year Ended August 31, 4/22/94* Ended Through ----------------------------- Through 8/31/97 8/31/96 1997 1996 1995 8/31/94 ---------- ---------- -------- -------- ------- -------- Per Share Operating Performance Net Asset Value, Beginning of Period.................... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 ---------- -------- ------- ------ -------- ------- Income from Investment Operations Net Investment Income.................................. 0.048 0.015 0.049 0.050 0.050 0.014 ---------- -------- ------- ------ -------- ------- Less Dividends from Net Investment Income.............. 0.048 0.015 0.049 0.050 0.050 0.014 ---------- -------- ------- ------ -------- ------- Net Asset Value, End of Period.......................... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 ========== ======== ======= ====== ======= ======= Total Return............................................ 4.89% 1.50% 4.98% 5.07% 5.17% 1.37% ===== ===== ===== ===== ===== ===== Ratios/Supplemental Data Net Assets, End of Period (000 omitted)................ $1,605,845 $1,382,184 $131,334 $106,011 $18,572 $ 36 Ratio of Expenses to Average Net Assets#............... 0.59% 0.59% 0.51% 0.52% 0.50% 0.49% Ratio of Net Investment Income to Average Net Assets#.............................................. 4.79% 4.63% 4.88% 4.85% 5.23% 3.85% Ratio of Expenses Without Waivers and Assumption of Expenses to Average Net Assets#...................... 0.70% 0.73% 0.53% 0.63% 1.57% 0.89% Ratio of Net Investment Income Without Waivers and Assumption of Expenses to Average Net Assets#........ 4.68% 4.49% 4.86% 4.74% 4.16% 3.46% Institutional Shares ----------------------------------------- Year Ended August 31, 4/20/94** ----------------------------- Through 1997 1996 1995 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.................................. 0.051 0.052 0.053 0.014 ------- -------- ------- ------- Less Dividends from Net Investment Income.............. 0.051 0.052 0.053 0.014 ------- -------- ------- ------- Net Asset Value, End of Period.......................... $ 1.00 $ 1.00 $ 1.00 $ 1.00 ======== ======== ======= ======= Total Return............................................ 5.24% 5.29% 5.36% 1.45% ===== ===== ===== ===== Ratios/Supplemental Data Net Assets, End of Period (000 omitted)................ $291,546 $188,513 $17,636 $14,976 Ratio of Expenses to Average Net Assets#............... 0.26% 0.30% 0.32% 0.32% Ratio of Net Investment Income to Average Net Assets#.............................................. 5.16% 5.11% 5.21% 3.93% Ratio of Expenses Without Waivers and Assumption of Expenses to Average Net Assets#...................... 0.26% 0.38% 0.89% 0.53% Ratio of Net Investment Income Without Waivers and Assumption of Expenses to Average Net Assets#........ 5.16% 5.03% 4.64% 3.72%
- --------------- # Short periods have been annualized. * Commencement of offering of classes of shares. ** Commencement of operations. See notes to financial statements. 58 ........................... 121 SELECTED PER SHARE DATA AND RATIOS FOR A SHARE OF BENEFICIAL INTEREST OUTSTANDING Throughout each period indicated (continued) - --------------------------------------------------------------------------------
Vista Federal Money Market Fund ------------------------------------------------------------------------------------ Vista Shares Premier Shares ---------------------------------------- ----------------------------------------- Year Ended August 31, 5/9/94* Year Ended August 31, 4/22/94* ------------------------------ Through ------------------------------ Through 1997 1996 1995 8/31/94 1997 1996 1995 8/31/94 -------- -------- -------- ------- -------- -------- -------- -------- Per Share Operating Performance Net Asset Value, Beginning of Period........ $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 -------- -------- ------- -------- -------- ------- -------- ------- Income from Investment Operations Net Investment Income...................... 0.048 0.048 0.051 0.013 0.050 0.050 0.053 0.015 -------- -------- ------- -------- -------- ------- -------- ------- Less Dividends from Net Investment Income................................... 0.048 0.048 0.051 0.013 0.050 0.050 0.053 0.015 -------- -------- ------- ------- -------- ------- -------- ------- Net Asset Value, End of Period.............. $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 ======== ======== ======= ======= ======== ======= ======== ======= Total Return................................ 4.91% 4.83% 5.20% 1.26% 5.12% 5.14% 5.40% 1.47% ===== ===== ===== ===== ===== ===== ===== ===== Ratios/Supplemental Data Net Assets, End of Period (000 omitted)..... $301,031 $352,934 $203,399 $19,955 $399,644 $248,757 $148,512 $55,768 Ratio of Expenses to Average Net Assets#... 0.70% 0.70% 0.69% 0.40% 0.50% 0.50% 0.49% 0.35% Ratio of Net Investment Income to Average Net Assets#.............................. 4.79% 4.79% 5.16% 4.36% 5.01% 4.99% 5.32% 4.38% Ratio of Expenses Without Waivers and Assumption of Expenses to Average Net Assets#.................................. 0.82% 0.93% 0.93% 1.02% 0.52% 0.52% 0.59% 0.74% Ratio of Net Investment Income Without Waivers and Assumption of Expenses to Average Net Assets#...................... 4.67% 4.56% 4.92% 3.74% 4.99% 4.97% 5.22% 4.00% Institutional Shares ------------------------------------------ Year Ended August 31, 4/20/94** ------------------------------ Through 1997 1996 1995 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...................... 0.052 0.052 0.054 0.015 -------- -------- -------- -------- Less Dividends from Net Investment Income................................... 0.052 0.052 0.054 0.015 -------- -------- -------- -------- Net Asset Value, End of Period.............. $ 1.00 $ 1.00 $ 1.00 $ 1.00 ======== ======== ======== ======== Total Return................................ 5.35% 5.35% 5.57% 1.54% ====== ===== ===== ===== Ratios/Supplemental Data Net Assets, End of Period (000 omitted)..... $130,659 $141,312 $113,591 $117,364 Ratio of Expenses to Average Net Assets#... 0.27% 0.30% 0.31% 0.30% Ratio of Net Investment Income to Average Net Assets#.............................. 5.23% 5.20% 5.45% 4.26% Ratio of Expenses Without Waivers and Assumption of Expenses to Average Net Assets#.................................. 0.27% 0.30% 0.37% 0.49% Ratio of Net Investment Income Without Waivers and Assumption of Expenses to Average Net Assets#...................... 5.23% 5.20% 5.39% 4.06%
- --------------- # Short periods have been annualized. * Commencement of offering of classes of shares. ** Commencement of operations. See notes to financial statements. 59 ........................... 122 SELECTED PER SHARE DATA AND RATIOS FOR A SHARE OF BENEFICIAL INTEREST OUTSTANDING Throughout each period indicated (continued) - --------------------------------------------------------------------------------
Vista Cash Management Fund --------------------------------------------------------------------- Premier Vista Shares Shares ---------------------------------------------------------- -------- Year 12/1/95* Year Ended November 30, Year Ended Through -------------------------------- Ended 8/31/97 8/31/96 1995 1994 1993 8/31/97 ---------- ---------- ---------- -------- -------- -------- Per Share Operating Performance Net Asset Value, Beginning of Period...................... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 ---------- ---------- ---------- -------- -------- -------- Income from Investment Operations: Net Investment Income.................................... 0.050 0.037 0.054 0.036 0.027 0.051 ---------- ---------- ---------- -------- -------- -------- Less Dividends from Net Investment Income................ 0.050 0.037 0.054 0.036 0.027 0.051 ---------- ---------- ---------- -------- -------- -------- Net Assets Value, End of Period........................... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 ========== ========== ========== ======== ======== ======== Total Return.............................................. 5.09% 3.69% 5.49% 3.62% 2.74% 5.18% ===== ===== ===== ===== ===== ===== Ratios/Supplemental Data Net Assets, End of Period (000 omitted).................. $2,576,142 $1,621,212 $1,634,493 $990,045 $861,025 $375,485 Ratio of Expenses to Average Net Assets#................. 0.59% 0.60% 0.58% 0.58% 0.61% 0.50% Ratio of Net Investment Income to Average Net Assets#.... 4.99% 4.91% 5.35% 3.62% 2.70% 5.07% Ratio of Expenses Without Waivers and Assumption of Expenses to Average Net Assets#........................ 0.62% 0.63% 0.62% 0.62% 0.64% 0.51% Ratio of Net Investment Income Without Waivers and Assumption of Expenses to Average Net Assets#.......... 4.96% 4.88% 5.31% 3.58% 2.67% 5.06% Institutional Shares ------------------- 5/6/96** Year 5/6/96** Through Ended Through 8/31/96 8/31/97 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 0.053 0.017 -------- -------- -------- Less Dividends from Net Investment Income................ 0.016 0.053 0.017 -------- -------- -------- Net Assets Value, End of Period........................... $ 1.00 $ 1.00 $ 1.00 ======== ======== ======== Total Return.............................................. 1.61% 5.45% 1.69% ===== ===== ===== Ratios/Supplemental Data Net Assets, End of Period (000 omitted).................. $433,302 $924,099 $657,002 Ratio of Expenses to Average Net Assets#................. 0.50% 0.24% 0.25% Ratio of Net Investment Income to Average Net Assets#.... 4.93% 5.34% 5.22% Ratio of Expenses Without Waivers and Assumption of Expenses to Average Net Assets#........................ 0.52% 0.24% 0.25% Ratio of Net Investment Income Without Waivers and Assumption of Expenses to Average Net Assets#.......... 4.91% 5.34% 5.22%
- --------------- * In 1996, the Fund changed its fiscal year from November 30 to August 31, see Note 7. ** Commencement of offering class of shares. # Short periods have been annualized. See notes to financial statements. 60 ........................... 123 SELECTED PER SHARE DATA AND RATIOS FOR A SHARE OF BENEFICIAL INTEREST OUTSTANDING Throughout each period indicated (continued) - --------------------------------------------------------------------------------
Vista Prime Money Market Fund ---------------------------------------------------------------------- Premier Shares Institutional Shares -------------------------------------------- ---------------------- Year Ended August 31, 11/15/93** Year Ended August 31, ------------------------------- Through ---------------------- 1997 1996 1995 8/31/94 1997 1996 -------- -------- ------- --------- ---------- -------- Per Share Operating Performance Net Asset Value, Beginning of Period............ $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 -------- -------- ------- --------- ---------- -------- Income from Investment Operations Net Investment Income.......................... 0.052 0.052 0.053 0.027 0.054 0.054 Net Realized Loss on Securities................ -- -- (0.003) -- -- -- -------- -------- ------- --------- ---------- -------- Total Income from Investment Operations........ 0.052 0.052 0.050 0.027 0.054 0.054 -------- -------- ------- --------- ---------- -------- Voluntary Capital Contribution................. -- -- 0.003 -- -- -- Less Dividends from Net Investment Income...... 0.052 0.052 0.053 0.027 0.054 0.054 -------- -------- ------- --------- ---------- -------- Net Asset Value, End of Period.................. $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 ======== ======== ======= ======== ========== ======== Total Return.................................... 5.34% 5.32% 5.44% 2.75% 5.49% 5.51% ===== ===== ===== ===== ===== ===== Ratios/Supplemental Data: Net Assets, End of Period (000 omitted)........ $499,308 $418,736 $62,737 $73,253 $1,347,651 $724,544 Ratio of Expenses to Average Net Assets#....... 0.45% 0.45% 0.45% 0.45% 0.25% 0.26% Ratio of Net Investment Income to Average Net Assets#...................................... 5.17% 5.18% 5.24% 3.15% 5.37% 5.33% Ratio of Expenses Without Waivers and Assumption of Expenses to Average Net Assets #............................................ 0.53% 0.51% 0.65% 0.56% 0.25% 0.26% Ratio of Net Investment Income Without Waivers and Assumption of Expenses to Average Net Assets#...................................... 5.09% 5.12% 5.04% 3.04% 5.37% 5.33% B Shares ---------------------------------------- 4/26/94* Year Ended August 31, 4/21/94* Through ---------------------------- Through 1995 8/31/94 1997 1996 1995 8/31/94 -------- -------- ------- ------- ------ -------- Per Share Operating Performance Net Asset Value, Beginning of Period............ $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 -------- -------- ------- ------- ------ ------- Income from Investment Operations Net Investment Income.......................... 0.055 0.014 0.043 0.042 0.043 0.011 Net Realized Loss on Securities................ (0.003) -- -- -- (0.003) -- -------- -------- ------- ------- ------ ------- Total Income from Investment Operations........ 0.052 0.014 0.043 0.042 0.040 0.011 -------- -------- ------- ------- ------ ------- Voluntary Capital Contribution................. 0.003 -- -- -- 0.003 -- Less Dividends from Net Investment Income...... 0.055 0.014 0.043 0.042 0.043 0.011 -------- -------- ------- ------- ------ ------- Net Asset Value, End of Period.................. $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 ======== ======== ======= ======= ====== ======= Total Return.................................... 5.62% 1.50% 4.33% 4.25% 4.37% 1.11% ===== ====== ===== ===== ===== ===== Ratios/Supplemental Data: Net Assets, End of Period (000 omitted)........ $185,640 $57,961 $10,269 $15,667 $4,880 $1,452 Ratio of Expenses to Average Net Assets#....... 0.27% 0.27% 1.35% 1.47% 1.47% 1.47% Ratio of Net Investment Income to Average Net Assets#...................................... 5.57% 4.21% 4.27% 4.17% 4.33% 2.96% Ratio of Expenses Without Waivers and Assumption of Expenses to Average Net Assets #............................................ 0.35% 0.37% 1.53% 1.71% 2.53% 1.67% Ratio of Net Investment Income Without Waivers and Assumption of Expenses to Average Net Assets#...................................... 5.49% 4.11% 4.09% 3.93% 3.27% 2.76%
- --------------- # Short periods have been annualized. * Commencement of offering of classes of shares. ** Commencement of operations. See notes to financial statements. 61 ........................... 124 REPORT OF INDEPENDENT ACCOUNTANTS - --------------------------------------------------------------------- To the Trustees and Shareholders of Mutual Fund Trust In our opinion, the accompanying statement of assets and liabilities, including the portfolios of investments, and the related statements of operations and of changes in net assets and the selected per share data and ratios for a share of beneficial interest outstanding present fairly, in all material respects, the financial position of Vista 100% U.S. Treasury Securities Money Market Fund, Vista U.S. Government Money Market Fund, Vista Treasury Plus Money Market Fund, Vista Federal Money Market Fund, Vista Cash Management Fund and Vista Prime Money Market Fund (separate portfolios of Mutual Fund Trust, hereafter referred to as the "Trust") at August 31, 1997, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period then ended (for the year ended August 31, 1997 and for the period December 1, 1995 through August 31, 1996 for Vista Cash Management Fund and Vista 100% U.S. Treasury Securities Money Market Fund), and the selected per share data and ratios for a share of beneficial interest outstanding for each of the periods presented (for the year ended August 31, 1997 and for the period December 1, 1995 through August 31, 1996 for Vista Cash Management Fund and Vista 100% U.S. Treasury Securities Money Market Fund), in conformity with generally accepted accounting principles. These financial statements and selected per share data and ratios for a share of beneficial interest outstanding (hereafter referred to as "financial statements") are the responsibility of the Trust's management; our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with generally accepted auditing standards which require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities at August 31, 1997 by correspondence with the custodian and the application of alternative auditing procedures where securities purchased had not been received, provide a reasonable basis for the opinion expressed above. The selected per share data and ratios for a share of beneficial interest outstanding of Vista Cash Management Fund and Vista 100% U.S. Treasury Securities Money Market Fund for each of the three years in the period ended November 30, 1995 were audited by other independent accountants whose report dated January 19, 1996 expressed an unqualified opinion on the selected per share data and ratios for a share of beneficial interest outstanding. PRICE WATERHOUSE LLP 1177 Avenue of the Americas New York, New York 10036 October 14, 1997 62 ........................... 125 (unaudited) VISTA 100% U.S. TREASURY SECURITIES MONEY MARKET FUND (USTSMM) VISTA U.S. GOVERNMENT MONEY MARKET FUND (USGMM) VISTA TREASURY PLUS MONEY MARKET FUND (TPMM) VISTA FEDERAL MONEY MARKET FUND (FMM) VISTA CASH MANAGEMENT FUND (CMMM) VISTA PRIME MONEY MARKET FUND (PMM) - --------------------------------------------------------------------- Certain tax information regarding the Vista Mutual Funds is required to be provided to shareholders based upon the Funds income and distributions for the taxable year ended August 31, 1997. The information and distributions reported in this letter may differ from the information and distributions taxable to the shareholders for the calendar year ending December 31, 1997. The information necessary to complete your income tax returns for the calendar year ending December 31, 1997 will be received under separate cover. The following schedules present the source and percentage of income from government obligations for the fiscal year ended August 31, 1997.
USTSMM USGMM TPMM FMM PMM CMMM ------ ----- ----- ----- ----- ---- U.S. Treasury Bills...... 29.87% 0.58% 10.57% 1.06% -- -- U.S. Treasury Notes...... 70.13% 1.15% 19.65% 5.79% 0.32% 0.62% Federal Farm Credit Bank.................... -- 4.49% -- 27.93% -- -- Federal Home Loan Bank... -- 13.46% -- 44.32% 0.35% 0.37% Federal Home Loan Mortgage Corp........... -- 5.85% -- -- 0.04% -- Federal National Mortgage Assoc................... -- 17.16% -- -- 0.35% -- Student Loan Marketing Assoc................... -- 9.00% -- 18.90% 3.75% 4.50% Tennessee Valley Authority............... -- -- -- 2.00% -- --
63 ........................... 126 This page left blank intentionally. 127 This page left blank intentionally. 128 VISTA SERVICE CENTER P.O. BOX 419392 KANSAS CITY, MO 64179 INVESTMENT ADVISER, ADMINISTRATOR, SHAREHOLDER AND FUND SERVICING AGENT AND CUSTODIAN The Chase Manhattan Bank DISTRIBUTOR Vista Fund Distributors, Inc. TRANSFER AGENT DST Systems, Inc. LEGAL COUNSEL Simpson Thacher & Bartlett INDEPENDENT ACCOUNTANTS Price Waterhouse LLP Vista Mutual Funds are distributed by Vista Fund Distributors, Inc., which is unaffiliated with The Chase Manhattan Bank, Chase and its respective affiliates receive compensation from the Vista Funds for providing investment advisory and other services. This report is submitted for the general information of the shareholders of the funds. It is not authorized for distribution to prospective investors in the funds unless preceded or accompanied by a prospectus. To obtain a prospectus for any of the Vista Funds, call 1-800-34-VISTA. The prospectus contains more complete information, including charges and expenses. Please read it carefully before you invest or send money. VMM-2-1097 -----END PRIVACY-ENHANCED MESSAGE-----