MUTUAL FUND SELECT GROUP, 485BPOS, 1999-06-01

MUTUAL FUND SELECT GROUP
485BPOS, 1999-06-01

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As filed via EDGAR with the Securities and Exchange Commission on June 1, 1999.

File No. 811-7843
Registration No. 333-13317
- --------------------------------------------------------------------------------

SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

------------------

FORM N-1A

REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 |_|

Pre-Effective Amendment No. |_|

Post-Effective Amendment No. 5 |X|

and

REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940 |_|

Amendment No. 7 |X|
-------------------------------
MUTUAL FUND SELECT GROUP
(Exact Name of Registrant as Specified in Charter)

One Chase Manhattan Plaza, Third Floor
New York, New York 10081
--------------------------------------------------
(Address of Principal Executive Office)

Registrant's Telephone Number, including Area Code: (212) 492-1600

Copies to:

George Martinez, Esq. Peter Eldridge Gary S. Schpero, Esq.
BISYS Fund Services, Inc. Chase Manhattan Bank Simpson Thacher & Bartlett
3435 Stelzer Road 270 Park Avenue 425 Lexington Avenue
Columbus, Ohio 43219 New York, New York 10017 New York, New York 10017
- --------------------------------------------------------------------------------

(Name and Address of Agent for Service)

It is proposed that this filing will become effective:

<TABLE>
<S> <C> <C> <C>
[X] Immediately upon filing pursuant to [ ] on ( ) pursuant to
paragraph (b) paragraph (b)
[ ] 60 days after filing pursuant to [ ] on ( ) pursuant to
paragraph (a)(1) paragraph (a)(1)
[ ] 75 days after filing pursuant to [ ] on ( ) pursuant to
paragraph (a)(2) paragraph (a)(2) rule 485.
</TABLE>

If appropriate, check the following box:

[ ] this post-effective amendment designates a new effective date for
a previously filed post-effective amendment.

-------------

The Registrant has registered an indefinite number or amount of its shares of
common stock for each of its series of shares under the Securities Act of 1933
pursuant to Rule 24f-2 under the Investment Company Act of 1940 on December 23,
1996 and the Rule 24f-2 Notice for the Registrant's fiscal year ended October
31, 1998 was filed on January 27, 1999.
<PAGE>

MUTUAL FUND SELECT GROUP
Registration Statement on Form N-1A

CROSS-REFERENCE SHEET
Pursuant to Rule 495(a) Under the Securities Act of 1933

SELECT BALANCED FUND
SELECT EQUITY INCOME FUND
SELECT LARGE CAP EQUITY FUND
SELECT LARGE CAP GROWTH FUND
SELECT NEW GROWTH OPPORTUNITIES FUND
SELECT SMALL CAP VALUE FUND
SELECT INTERNATIONAL EQUITY FUND
SELECT SHORT-TERM BOND FUND
SELECT INTERMEDIATE BOND FUND
SELECT BOND FUND

<TABLE>
<CAPTION>
Item Number
Form N-1A, Statement of Additional
Part A Prospectus Caption Information Caption
- ----------- ------------------ -----------------------
<S> <C> <C>
Captions apply to all Prospectuses.

1 Front Cover Page *

2(a) Expense Summary *

(b) Not Applicable *

3(a) Not Applicable *

(b) Not Applicable *

4(a)(b) Other Information *
Concerning the Fund;
Fund Objective; Investment
Policies

(d) Not Applicable *

5(a) Management *

(b) Management *

(c)(d) Management; Other Information Concerning the Fund *
</TABLE>

-i-
<PAGE>

<TABLE>
<CAPTION>
Item Number
Form N-1A, Statement of Additional
Part A Prospectus Caption Information Caption
- ----------- ------------------ -----------------------
<S> <C> <C>

(e) Other Information Concerning *
the Fund; Back Cover Page

(f) Other Information Concerning *
the Fund

(g) Not Applicable *

5A Not Applicable *

6(a) Other Information Concerning *
the Fund

(b) Not Applicable *

(d) Not Applicable *

(e)(f) About Your Investment; How to Purchase and Redeem *
Shares; How Distributions Are Made; Tax Information;
Other Information Concerning the Fund

(f) How Distributions are Made; *
Tax Information

(g) How Distributions are Made; *
Tax Information

(h) About Your Investment; How to *
Purchase and Redeem Shares;
Other Information Concerning the Fund

7(a) How to Purchase and Redeem Shares *

(b) How the Fund Values its Shares; *
How to Purchase and Redeem Shares

(d) How to Purchase and Redeem Shares *
</TABLE>

-ii-
<PAGE>

<TABLE>
<CAPTION>
Item Number
Form N-1A, Statement of Additional
Part A Prospectus Caption Information Caption
- ----------- ------------------ -----------------------
<S> <C> <C>

(e) Management; Other Information *
Concerning the Fund

(f) Other Information Concerning the *
Fund

8(a) How to Purchase and Redeem Shares *

(b) How to Purchase and Redeem Shares *

(d) How to Purchase and Redeem Shares *

9 Not Applicable *
</TABLE>

-iii-

<PAGE>

PROSPECTUS JUNE 1, 1999

Chase Vista
Select Funds

SELECT SHORT-TERM
BOND FUND

SELECT
INTERMEDIATE
BOND FUND

SELECT BOND FUND

SELECT BALANCED
FUND

SELECT EQUITY
INCOME FUND

SELECT LARGE CAP
EQUITY FUND

SELECT LARGE CAP
GROWTH FUND

SELECT NEW
GROWTH
OPPORTUNITIES
FUND

SELECT SMALL CAP
VALUE FUND

SELECT
INTERNATIONAL
EQUITY FUND

Neither the Securities
and Exchange Commission
nor any state securities
commission has approved
of securities of this Fund
or determined if this
prospectus is accurate or
complete. It is a crime to
state otherwise.

[CHASE VISTA FUNDS LOGO]

PSCVS1-1-699x
<PAGE>

<TABLE>
<S> <C>
SELECT SHORT-TERM BOND FUND 1
SELECT INTERMEDIATE BOND FUND 8
SELECT BOND FUND 15
SELECT BALANCED FUND 22
SELECT EQUITY INCOME FUND 30
SELECT LARGE CAP EQUITY FUND 36
SELECT LARGE CAP GROWTH FUND 42
SELECT NEW GROWTH OPPORTUNITIES FUND 48
SELECT SMALL CAP VALUE FUND 54
SELECT INTERNATIONAL EQUITY FUND 60

THE FUNDS' INVESTMENT ADVISER 67

HOW YOUR ACCOUNT WORKS 70
BUYING FUND SHARES 71
SELLING FUND SHARES 71
OTHER INFORMATION CONCERNING THE FUNDS 72
DISTRIBUTIONS AND TAXES 72

WHAT THE TERMS MEAN 74

FINANCIAL HIGHLIGHTS OF THE FUNDS 76

HOW TO REACH US Back cover
</TABLE>

<PAGE>

CHASE VISTA SELECT SHORT-TERM BOND FUND

The Fund's objective

The Fund seeks a
high level of income
consistent with
preservation of
capital.

The Fund's main investment strategy

Under normal market conditions, the Fund will invest at least 65% of its total
assets in bonds which have a maturity of three years or less. The Fund's
dollar-weighted average matu- rity will not exceed three years.

Substantially all of the Fund's investments will be investment grade, which
means a rating of Baa or higher by Moody's Investors Service, Inc. BBB or
higher, by Standard & Poor's Corporation, or the equivalent by another national
rating organization. They may also include unrated securities of comparable
quality.

The Fund may make substantial investments in foreign debt securities, including
securities of issuers in developing countries, as long as they meet the Fund's
credit quality standards.

The Fund develops an appropriate portfolio strategy by selecting among various
sectors (for example, corporate bonds, U.S. government debt, mortgage-backed
securities or asset-backed securities) and securities. When making these
selections, the advisers use a relative value investment approach as well as
extensive analyses of the securities' creditworthiness and structures. The
advisers seek to spread the Fund's investments across a variety of sectors to
maximize diversification and liquidity. The advisers also actively manage the
duration of the Fund's portfolio.

1
<PAGE>

CHASE VISTA SELECT SHORT-TERM BOND FUND

In determining if a sector or security is relatively undervalued, the advisers
look to whether different sectors and securities are appropriately priced given
their risk characteristics and the fundamental (such as economic growth or
inflation outlook) and technical (such as supply and demand) factors in the
market at any point in time. The advisers may change the emphasis that they
place on each of these factors from time to time. In addition, research plays
an important role in the advisers' relative value investment process. The
research effort incorporates both fundamental and quantitative analysis.

In determining whether to sell a debt security, the advisers will use the same
type of analysis that they use in buying debt securities in order to determine
whether the debt security is still undervalued. This may include selling those
securities which have appreciated to meet their target valuations.

The frequency of yield curve shifts over the last few years has made yield
curve strategies an important dimension of the Fund's overall investment
strategy. Yield curves show the relationship between yields on similar debt
securities with different maturities. The Fund may seek gains by investing in
anticipation of yield curve movements.

The advisers consider several factors when choosing investments, including
current yield, preservation of original investment, maturity, credit quality,
ease of buying and selling and yield to maturity. The advisers will adjust the
portfolio as market conditions change.

The Fund may invest in floating rate securities, whose interest rates adjust
automatically whenever a specified interest rate changes, and in variable rate
securities, whose interest rates are changed periodically.

The Fund may invest in mortgage-related securities issued by governmental
entities and

2
<PAGE>

private issuers. These may include invest- ments in collateralized mortgage
obligations and principal-only and interest-only stripped mortgage-backed
securities. The Fund may enter into "dollar rolls," in

which the Fund sells mortgage-backed securities and at the same time contracts
to buy back very similar securities on a future date. It may also buy
asset-backed securities. These receive a stream of income from a particular
asset, such as credit card receivables.

The Fund may also invest in high-quality, short-term money market instruments,
repurchase agreements and derivatives, which are financial instruments whose
value is based on another security, index or exchange rate. The Fund may use
derivatives to hedge various market risks or to increase the Fund's income or
gain.

The Fund may change any of these investment policies (including its investment
objective) without shareholder approval.
<GRAPHIC OMITTED>

FREQUENCY OF TRADING

The Fund may trade securities actively, which could increase transaction costs
(and lower performance) and increase your taxable dividends.

3
<PAGE>

CHASE VISTA SELECT SHORT-TERM BOND FUND

The Fund's main investment risks

All mutual funds carry a certain amount of risk. You may lose money on your
investment in the Fund. Here are some specific risks of investing in the Select
Short-Term Bond Fund.

The Fund may not achieve its objective if the advisers' expectations regarding
particular securities or markets are not met.

The value of fixed income investments such as bonds tends to fall when
prevailing interest rates rise. Such a drop in value could be worse if the Fund
invests a larger portion of its assets in debt securities with longer
maturities. That's because long-term debt securities are more sensitive to
interest rate changes than other fixed-income securities. Note that conversely
the value of fixed income investments tends to increase when prevailing
interest rates fall.

When the Fund invests in mortgage-related securities, the value of the Fund
could change more often and to a greater degree than if it did not buy
mortgage-backed securities. That's because the prepayment features on some
mortgage-related securities make them more sensitive to interest rate changes.
Mortgage-related securities are subject to scheduled and unscheduled principal
payments as property owners pay down or prepay their mortgages. As these
payments are received, they must be reinvested when interest rates may be lower
than on the original mortgage security. When interest rates are rising, the
value of fixed-income securities with prepayment features are likely to decrease
as much or more than securities without prepayment features. In addition, while
the value of fixed-income securities will generally increase when interest rates
decline, the value of mortgage-related securities with prepayment features may
not increase as much as securities without prepayment features.

Investments in the Fund are not bank deposits or obligations of, or guaranteed
or endorsed by, The Chase Manhattan Bank or any of its affiliates and are not
insured or guaranteed by the Federal Deposit Insurance Corporation, the
Federal Reserve Board or any other government agency.

4
<PAGE>

Collateral mortgage obligations are issued in multiple classes, and each class
may have its own interest rate and/or final payment date. A class with an
earlier final payment date may have certain preferences in receiving principal
payments or earning interest. As a result, the value of some classes in which
the Fund invests may be more volatile and may be subject to higher risk of
nonpayment.

The value of interest-only and principal-only mortgage backed securities are
more volatile than other types of mortgage-related securities. That's because
they are very sensitive not only to changes in interest rates, but also to the
rate of prepayments. A rapid or unexpected increase in prepayments can
significantly depress the price of interest-only securities, while a rapid or
unexpected decrease could have the same effect on principal-only securities. In
addition, these instruments may be illiquid.

Certain securities which the Fund may hold, such as stripped obligations and
zero coupon securities, are more sensitive to changes in interest rates than
ordinary interest-paying securities. As a result, they may be more volatile
than other types of investments.

Investments in foreign issuers may be riskier than investments in the United
States. They may be affected by political, social and economic instability.
Some securities may be harder to trade without incurring a loss and may be
difficult to convert into cash. There may be less public information available,
differing settlement procedures, or regulations and standards that don't match
U.S. standards. Some countries may nationalize or expropriate assets or impose
exchange controls. If the Fund were to invest in a security which is not
denominated in U.S. dollars, it also would be subject to currency exchange
risk. These risks increase when investing in issuers located in developing
countries.

The Fund's performance will depend on the credit quality of its investments.
Securities which are rated Baa by Moody's or BBB by S&P may have fewer
protective provisions and are generally more risky than higher rated
securities. The issuer may have trouble making principal and interest payments
when difficult economic conditions exist.

Some asset-backed securities may have additional risk because they may receive
little or no collateral protection from the underlying assets.

Because the interest rate changes on floating and variable rate securities, the
Fund's yield may decline and it may lose the opportunity for capital
appreciation when interest rates decline.

Dollar rolls, forward commitments and repurchase agreements involve some risk
to the Fund if the other party does not live up to its obligations under the
agreement.

Derivatives may be more risky than other types of investments because they may
respond more to changes in economic conditions than other types of investments.
If they are used for non-hedging purposes, they could cause losses that exceed
the Fund's original investment.

The Fund, like any business, could be affected if the computer systems on which
it relies fail to properly process information beginning January 1, 2000. The
Fund's advisers are updating their own systems and encouraging service
providers to do the same, but there's no guarantee these systems will work
properly. Year 2000 problems could also hurt issuers whose securities the Fund
holds or securities markets generally.
<GRAPHIC OMITTED>

5
<PAGE>

CHASE VISTA SELECT SHORT-TERM BOND FUND

The Fund's past performance

This section shows the Fund's performance record. The bar chart shows how the
performance of the Fund's shares has varied from year to year. This provides
some indication of the risk of investing in the Fund. The table shows the
average annual return over the past year, five years and ten years. It compares
that performance to the Lehman 1-3 year Gov't Bond Index, a widely recognized
market benchmark, and the Lipper Short-Term Investment Grade Debt Funds
Average, representing the average performance of a universe of 97 actively
managed short-term investment debt funds.
On January 1, 1997, the Fund received the assets of a common trust fund which
had been maintained by Chase. The performance of the Fund before that date is
based on the historical performance of that common trust fund. The historical
performance of shares of the predecessor common trust fund has been adjusted to
reflect the Fund's expense levels (absent reimbursements) that were in place at
the time the Fund received the common trust fund assets. For more information,
see the Fund's Statement of Additional Information.

The calculations assume that all dividends and distributions are reinvested in
the Fund.
<GRAPHIC OMITTED>

YEAR-BY-YEAR RETURNS
Past performance does not predict how
this Fund will perform in the future.

<TABLE>
<S> <C>
- --------------------------------
BEST QUARTER 4.20%
- --------------------------------
2nd quarter, 1989

- --------------------------------
WORST QUARTER -0.67%
- --------------------------------
4th quarter, 1994
</TABLE>

AVERAGE ANNUAL TOTAL RETURNS
For the periods ending December 31, 1998

<TABLE>
<CAPTION>
PAST 1 YEAR PAST 5 YEARS PAST 10 YEARS
<S> <C> <C> <C>
SHARES 5.53% 4.68% 6.76%
LEHMAN 1-3 YEAR GOV'T BOND INDEX 6.96% 5.96% 7.35%
LIPPER SHORT-TERM INV. GRADE DEBT
FUNDS AVG. 5.78% 5.41% 7.02%
</TABLE>

6
<PAGE>

Fees and expenses

This table describes the fees and expenses that you may pay if you buy and hold
shares of the Fund.

SHAREHOLDER FEES (FEES PAID DIRECTLY FROM YOUR INVESTMENT)
None

ANNUAL FUND OPERATING EXPENSES (EXPENSES THAT ARE DEDUCTED FROM FUND ASSETS)*

<TABLE>
<CAPTION>
TOTAL ANNUAL
MANAGEMENT DISTRIBUTION OTHER FUND OPERATING
FEE (12B-1) FEES EXPENSES EXPENSES
<S> <C> <C> <C>
0.25% --% 0.63% 0.88%
</TABLE>

*The table is based on expenses incurred in the most recent fiscal year. The
actual management fee is currently expected to be 0.00%, other expenses are
expected to be 0.05% and the total annual fund operating expenses are expected
not to exceed 0.05%. That's because The Chase Manhattan Bank (Chase) and some
of the Fund's other service providers have volunteered not to collect a portion
of their fees and to reimburse others. Chase and these other service providers
may end this arrangement at any time.

The table does not reflect charges or credits which you might incur if you
invest through a financial institution.

EXAMPLE This example helps you compare the cost of investing in the Fund with
the cost of investing in other mutual funds. The example assumes:

o you invest $10,000
o you sell all your shares at the end of the period
o your investment has a 5% return each year, and
o the Fund's operating expenses are not waived and remain the same as shown
above.

Although your actual costs may be higher or lower, based on these assumptions:

IF YOU SELL YOUR SHARES YOUR COSTS WOULD BE:

<TABLE>
<CAPTION>
1 YEAR 3 YEARS 5 YEARS 10 YEARS
<S> <C> <C> <C>
$ 90 $281 $488 $1,084
</TABLE>

The costs above are based on pre-waiver Annual Fund Operating Expenses.

7
<PAGE>

CHASE VISTA SELECT INTERMEDIATE BOND FUND

The Fund's objective

The Fund seeks as high a high level of income as possible as is consistent with
reasonable risk.

The Fund's main investment strategy

Under normal market conditions, the Fund will invest at least 65% of its total
assets in a broad range of investment-- grade debt securities. These include
debt securities issued by the U.S. Government and its agencies and authorities,
investment-grade corporate bonds and other fixed income securities.

The Fund's dollar weighted average maturity is between three and 10 years.

The Fund may make substantial investments in foreign debt securities, including
securities of issuers in developing countries, as long as they meet the Fund's
credit quality standards.

In determining if a sector or security is relatively undervalued, the advisers
look to whether different sectors and securities are appropriately priced given

8
<PAGE>

their risk characteristics and the fundamental (such as economic growth or
inflation outlook) and technical (such as supply and demand) factors in the
market at any point in time. The advisers may change the emphasis that they
place on each of these factors from time to time. In addition, research plays
an important role in the advisers' relative value investment process. The
research effort incorporates both fundamental and quantitative analysis.

The Fund may invest in mortgage-related securities issued by governmental
entities and private issuers. These may include investments in collateralized
mortgage obligations

9
<PAGE>

CHASE VISTA SELECT INTERMEDIATE BOND FUND

and principal-only and interest-only stripped mortgage-backed securities.

The Fund may enter into "dollar rolls," in which the Fund sells mortgage-backed
securities and at the same time contracts to buy back very similar securities
on a future date. It may also buy asset-backed securities. These receive a
stream of income from a particular asset, such as credit card receivables.

To temporarily defend its assets, the Fund may put any amount of its assets in
high quality money market instruments and repurchase agreements.

The Fund may change any of these investment policies (including its investment
objective) without shareholder approval.
<GRAPHIC OMITTED>

FREQUENCY OF TRADING

The Fund may trade securities actively, which could increase transaction costs
(and lower performance) and increase your taxable dividends.

10
<PAGE>

The Fund's main investment risks

All mutual funds carry a certain amount of risk. You may lose money on your
investment in the Fund. Here are some specific risks of investing in the Select
Intermediate Bond Fund.

The Fund may not achieve its objective if the advisers' expectations regarding
particular securities or markets are not met.

When the Fund invests in mortgage-related securities, the value of the Fund
could change more often and to a greater degree than if it did not buy
mortgage-backed securities. That's because the prepayment features on some
mortgage-related securities make them more sensitive to interest rate changes.
Mortgage-related securities are subject to scheduled and unscheduled principal
payments as property owners pay down or prepay their mortgages. As these
payments are received, they must be reinvested when interest rates may be lower
than on the original mortgage security. When interest rates are rising, the
value of fixed-income securities with prepayment features are likely to
decrease as much or more than securities without prepayment features. In
addition, while the value of fixed-income securities will generally increase
when interest rates decline, the value of mortgage-related securi- ties with
prepayment features may not increase as much as securities without prepayment
features.

Collateral mortgage obligations are issued in multiple classes, and each class
may have its own interest rate and/or final payment date. A

- ---------------

Investments in the Fund are not bank deposits or obligations of, or guaranteed
or endorsed by, The Chase Manhattan Bank or any of its affiliates and are not
insured or guaranteed by the Federal Deposit Insurance Corpo- ration, the
Federal Reserve Board or any other government agency.

11
<PAGE>

CHASE VISTA SELECT INTERMEDIATE BOND FUND

class with an earlier final payment date may have certain preferences in
receiving principal payments or earning interest. As a result, the value of
some classes in which the Fund invests may be more volatile and may be subject
to higher risk of nonpayment.

The value of interest-only and principal- only mortgage backed securities are
more volatile than other types of mortgage-related securities. That's because
they are very sensitive not only to changes in interest rates, but also to the
rate of prepayments. A rapid or unexpected increase in prepayments can
significantly depress the price of interest-only securities, while a rapid or
unexpected decrease could have the same effect on principal-only securities. In
addition, these instruments may be illiquid.

Some asset-backed securities may have additional risk because they may receive
little or no collateral protection from the underlying assets.

Because the interest rate changes on floating and variable rate securities, the
Fund's yield may decline and it may lose the opportunity for capital
appreciation when interest rates decline.

Dollar rolls, forward commitments and repurchase agreements involve some risk
to the Fund if the other party does not live up to its obligations under the
agreement.

If the Fund departs from its investment policies during temporary defensive
periods, it may not achieve its investment objective.

12
<PAGE>

The Fund's past performance

On January 1, 1997, the Fund received the assets of a common trust fund which
had been maintained by Chase. The performance of the Fund before that date is
based on the historical performance of that common trust fund. The historical
performance of shares of the predecessor common trust fund has been adjusted to
reflect the Fund's expense levels (absent reimbursements) that were in place at
the time the Fund received the common trust fund assets. For more information,
see the Fund's Statement of Additional Information.

The calculations assume that all dividends and distributions are reinvested in
the Fund.
<GRAPHIC OMITTED>

YEAR-BY-YEAR RETURNS
Past performance does not predict how
this Fund will perform in the future.

<TABLE>
<S> <C>
- --------------------------------
BEST QUARTER 7.43%
- --------------------------------
2nd quarter, 1989

- --------------------------------
WORST QUARTER -3.78%
- --------------------------------
1st quarter, 1994
</TABLE>

13
<PAGE>

CHASE VISTA SELECT INTERMEDIATE BOND FUND

AVERAGE ANNUAL TOTAL RETURNS
For the periods ending December 31, 1998

<TABLE>
<CAPTION>
PAST 1 YEAR PAST 5 YEARS PAST 10 YEARS
<S> <C> <C> <C>
SHARES 7.22% 5.72% 8.14%
LEHMAN INTERMEDIATE GOV'T/CORP.
BOND INDEX 8.44% 6.60% 8.52%
LIPPER INTERMEDIATE INV. GRADE
DEBT FUNDS AVG. 7.25% 6.35% 8.28%
</TABLE>

Fees and expenses

This table describes the fees and expenses that you may pay if you buy and hold
shares of the Fund.

SHAREHOLDER FEES (FEES PAID DIRECTLY FROM YOUR INVESTMENT)
None

ANNUAL FUND OPERATING EXPENSES (EXPENSES THAT ARE DEDUCTED FROM FUND ASSETS)*

<TABLE>
<CAPTION>
TOTAL ANNUAL
MANAGEMENT DISTRIBUTION OTHER FUND OPERATING
FEE (12B-1) FEES EXPENSES EXPENSES
<S> <C> <C> <C>
0.30% --% 0.24% 0.54%
</TABLE>

*The table is based on expenses incurred in the most recent fiscal year. The
actual management fee is currently expected to be 0.00%, other expenses are
expected to be 0.05% and the total annual Fund operating expenses are expected
not to exceed 0.05%. That's because The Chase Manhattan Bank (Chase) and some
of the Fund's other service providers have volunteered not to collect a portion
of their fees and to reimburse others. Chase and these other service providers
may end this arrangement at any time.

The table does not reflect charges or credits which you might incur if you
invest through a financial institution.

EXAMPLE This example helps you compare the cost of investing in the Fund with
the cost of investing in other mutual funds. The example assumes:

Although your actual costs may be higher or lower, based on these assumptions:

IF YOU SELL SHARES YOUR COSTS WOULD BE:

<TABLE>
<CAPTION>
1 YEAR 3 YEARS 5 YEARS 10 YEARS
<S> <C> <C> <C>
$55 $173 $302 $677
</TABLE>

The costs above are based on pre-waiver Annual Fund Operating Expenses.

14
<PAGE>

CHASE VISTA SELECT BOND FUND

The Fund's objective

The Fund seeks to provide as high a level of income as is consistent with
reasonable risk.

The Fund's main investment strategy

The Fund invests mainly in investment grade corporate bonds as well as other
debt securities. Under normal market conditions, the Fund will invest at least
65% of its total assets in debt securities with at least an "A" rating or the
equivalent from Moody's Investors Service, Inc., Standard & Poor's Corporation,
or Fitch Investor's Service Inc. or in securities that are unrated but of
comparable quality.

The Fund may also invest in debt securities rated Baa or higher by Moody's
Investors Service, Inc., BBB or higher by Standard & Poor's Corporation or the
equivalent by another national rating organization or unrated securities of
comparable quality.

The Fund may make substantial investments in foreign debt securities, including
securities of issuers in developing countries, as long as they meet the Fund's
credit quality standards.

15
<PAGE>

CHASE VISTA SELECT BOND FUND

of sectors to maximize diversification and liquidity. The advisers also
actively manage the duration of the Fund's portfolio.

There is no restriction on the maturity of the Fund's portfolio or on any
individual security in the portfolio. The advisers will change the

16
<PAGE>

actual maturities according to changes in the market.

The Fund may invest in floating rate securi- ties, whose interest rates adjust
automatically whenever a specified interest rate changes, and in variable rate
securities, whose interest rates are changed periodically.

The Fund may invest in mortgage-related securities issued by governmental
entities and private issuers. These may include investments in collateralized
mortgage obligations and principal-only and interest-only stripped
mortgage-backed securities.

To temporarily defend its assets, the Fund may put any amount of its assets in
high-quality money market instruments and repurchase agreements.

The Fund may change any of these investment policies (including its investment
objective) without shareholder approval.
<GRAPHIC OMITTED>

FREQUENCY OF TRADING

The Fund may trade securities actively, which could increase transaction costs
(and lower performance) and increase your taxable dividends.

17
<PAGE>

CHASE VISTA SELECT BOND FUND

The Fund's main investment risks

All mutual funds carry a certain amount of risk. You may lose money on your
investment in the Fund. Here are some specific risks of investing in the Select
Bond Fund.

The Fund may not achieve its objective if the advisers' expectations regarding
particular securities or markets are not met.

When the Fund invests in mortgage-related securities, the value of the Fund
could change more often and to a greater degree than if it did not buy
mortgage-backed securities. That's because the prepayment features on some
mortgage-related securities make them more sensitive to interest rate changes.
Mortgage-related securities are subject to scheduled and unscheduled principal
payments as property owners pay down or prepay their mortgages. As these
payments are received, they must be reinvested when interest rates may be lower
than on the original mortgage security. When interest rates are rising, the
value of fixed-income securities with prepayment features are likely to
decrease as much or more than securities without prepayment features. In

addition, while the value of fixed-income securities will generally increase
when interest rates decline, the value of mortgage-related securities with
prepayment features may not increase as much as securities without prepayment
features.

Collateral mortgage obligations are issued in multiple classes, and each class
may have its own interest rate and/or final payment date. A class with an
earlier final payment date may

- ---------------

Investments in the Fund are not bank deposits or obligations of, or guaranteed
or endorsed by, The Chase Manhattan Bank or any of its affiliates and are not
insured or guaranteed by the Federal Deposit Insurance Corpo- ration, the
Federal Reserve Board or any other government agency.

18
<PAGE>

have certain preferences in receiving principal payments or earning interest.
As a result, the value of some classes in which the Fund invests may be more
volatile and may be subject to higher risk of nonpayment.

Investments in foreign issuers may be riskier than investments in the United
States. They may be affected by political, social and economic instability.
Some securities may be harder to trade without incurring a loss and may be
difficult to convert into cash. There may be less public information available,
differing settlement procedures, or regulations and standards that don't match
U.S. standards. Some countries may nationalize or expropriate assets or impose
exchange controls. These risks increase when investing in issuers located in
developing countries.

Some asset-backed securities may have additional risk because they may receive
little or no collateral protection from the underlying assets.

Because the interest rate changes on floating and variable rate securities, the
Fund's yield may decline and it may lose the opportunity for capital
appreciation when interest rates decline.

Dollar rolls, forward commitments and repurchase agreements involve some risk
to the Fund if the other party does not live up to its obligations under the
agreement.

If the Fund departs from its investment policies during temporary defensive
periods, it may not achieve its investment objective.

19
<PAGE>

CHASE VISTA SELECT BOND FUND

The Fund's past performance

On January 1, 1997, the Fund received the assets of three common trust funds
which had been maintained by Chase. The performance of the Fund before that
date is based on the historical performance of one of the common trust funds
whose assets were transferred to the Fund. The historical performance of shares
of the predecessor common trust fund has been adjusted to reflect the Fund's
expense levels (absent reimbursements) that were in place at the time the Fund
received the common trust fund assets. For more information, see the Fund's
Statement of Additional Information.

The calculations assume that all dividends and distributions are reinvested in
the Fund.
<GRAPHIC OMITTED>

YEAR-BY-YEAR RETURNS
Past performance does not predict how
this Fund will perform in the future.

<TABLE>
<S> <C>
- --------------------------------
BEST QUARTER 7.27%
- --------------------------------
2nd quarter, 1989

- --------------------------------
WORST QUARTER -2.76%
- --------------------------------
1st quarter, 1994
</TABLE>

AVERAGE ANNUAL TOTAL RETURNS
For the periods ending December 31, 1998

<TABLE>
<CAPTION>
PAST 1 YEAR PAST 5 YEARS PAST 10 YEARS
<S> <C> <C> <C>
SHARES 7.94% 6.67% 8.81%
LEHMAN AGGREGATE BOND INDEX 8.69% 7.27% 9.26%
LIPPER CORP. DEBT A-RATED FUNDS
AVG. 7.47% 6.54% 8.82%
</TABLE>

20
<PAGE>

Fees and expenses

This table describes the fees and expenses that you may pay if you buy and hold
shares of the Fund.

SHAREHOLDER FEES (FEES PAID DIRECTLY FROM YOUR INVESTMENT)
None

ANNUAL FUND OPERATING EXPENSES (EXPENSES THAT ARE DEDUCTED FROM FUND ASSETS)*

<TABLE>
<CAPTION>
TOTAL ANNUAL
MANAGEMENT DISTRIBUTION OTHER FUND OPERATING
FEE (12B-1) FEES EXPENSES EXPENSES
<S> <C> <C> <C>
0.30% --% 0.20% 0.50%
</TABLE>

*The table is based on expenses incurred in the most recent fiscal year. The
actual management fee is currently expected to be 0.00%, other expenses are
expected to be 0.05% and the total annual Fund operating expenses are expected
not to exceed 0.05%. That's because The Chase Manhattan Bank (Chase) and some
of the Fund's other service providers have volunteered not to collect a portion
of their fees and to reimburse others. Chase and these other service providers
may end this arrangement at any time.

The table does not reflect charges or credits which you might incur if you
invest through a financial institution.

EXAMPLE This example helps you compare the cost of investing in the Fund with
the cost of investing in other mutual funds. The example assumes:

Although your actual costs may be higher or lower, based on these assumptions:

IF YOU SELL YOUR SHARES YOUR COSTS WOULD BE:

<TABLE>
<CAPTION>
1 YEAR 3 YEARS 5 YEARS 10 YEARS
<S><C> <C> <C> <C>
$51 $160 $280 $628
</TABLE>

The costs above are based on pre-waiver Annual Fund Operating Expenses.

21
<PAGE>

CHASE VISTA SELECT BALANCED FUND

The Fund's objective

The Fund seeks to maximize total return through long-term capital growth and
earning current income.

The Fund's main investment strategy

The Fund invests in both equity and debt securities. Under normal market condi-
tions, the Fund invests 35% to 70% of its total assets in equity securities and
at least 25% of its total assets in investment grade debt securities. Most of
the Fund's equity securities are in well known, established companies with
market capitalizations of at least $200 million at the time of purchase and
which are traded on established securities markets or
over-the-counter. Market capitalization is the total market value of a
company's shares. Equity securities include common stocks, preferred stocks and
securities that are convertible into common stocks, and warrants to buy common
stocks.

These include non-convertible corporate debt and U.S. Government debt
securities. The Fund invests in corporate debt securities that are rated Baa or
higher by Moody's Investors Service, Inc., BBB or higher by Standard & Poor's
Corporation, or the equivalent rating by another national rating organization.
It may also invest in unrated securities of comparable quality. There is no
restriction on the maturity of the Fund's fixed income portfolio or of any
individual security in the portfolio. The average maturity, or time until debt
investments come due, will vary as market conditions change.

The Fund's advisers may change the balance between equity and fixed income
investments to suit market conditions.

The Fund's advisers do quantitative analysis and fundamental research to

22
<PAGE>

seek to identify undervalued stocks which have the potential to increase in
value. The advisers first seek to find companies with the best earnings
prospects and then select com- panies which appear to have the most attrac- tive
values. The advisers also seek to invest in sectors with good earnings prospects
as well.

The advisers may look for value-oriented factors, such as a low
price-to-earnings or price-to-cash flow ratio, in determining whether a stock
is undervalued. In addition, they may also attempt to identify those
undervalued companies which will experience earnings growth or improving
earnings characteristics.

In determining whether to sell a stock, the advisers will use the same type of
analysis that they use in buying stocks in order to determine whether the stock
is still undervalued. This may include those securities which have appreciated
to meet their target valuations.

For debt securities, the Fund develops an appropriate portfolio strategy by
selecting among various sectors (for example, corporate bonds, U.S. government
debt, mortgage-backed securities or asset-backed securities) and securities.
When making these selections, the advisers use a relative value investment
approach as well as extensive analyses of the securities' creditworthiness and
structures. The advisers seek to spread the Fund's investments across a variety
of sectors to maximize diversification and liquidity. The advisers also
actively manage the duration of the Fund's portfolio.

- ---------------

FREQUENCY OF TRADING

The Fund may trade securities actively, which could increase transaction costs
(and lower performance) and increase your taxable dividends.

23
<PAGE>

CHASE VISTA SELECT BALANCED FUND

each of these factors from time to time. In addition, research plays an
important role in the advisers' relative value investment process. The research
effort incorporates both fundamental and quantitative analysis.

The Fund may invest up to 20% of it total assets in foreign securities. These
investments may take the form of depositary receipts. The Fund may also invest
in convertible securities, which generally pay interest or dividends and which
can be converted into common or preferred stock.

The Fund's equity holdings may also include real estate investment trusts
(REITs), which are pools of investments primarily in income producing real
estate or loans related to real estate.

The Fund may invest in floating rate securities, whose interest rate adjusts
automatically whenever a specified interest rate changes, and in variable rate
securities, whose interest rates are changed periodically.

The Fund may enter into "dollar rolls", in which the Fund sells mortgage-backed
securities and at the same time contracts to buy back very similar securities
on a future date. It may also buy asset-backed securities. These receive a
stream of income from a particular asset, such as credit card receivables.

The Fund may invest any portion of its assets that aren't in stocks or fixed
income securities in high quality money market instruments and repurchase
agreements. To temporarily defend its assets, the Fund may put any amount of
its assets in these types of investments.

The Fund may invest in derivatives, which are financial instruments whose value
is based on another security, index or exchange rate. The Fund may use
derivatives to hedge various market risks or to increase the Fund's income or
gain.

The Fund may change any of these investment policies (including its investment
objective) without shareholder approval.
<GRAPHIC OMITTED>

24
<PAGE>

The Fund's main investment risks

All mutual funds carry a certain amount of risk. You may lose money on your
investment in the Fund. Here are some of the specific risks of investing in the
Select Balanced Fund.

The Fund may not achieve its objective if the advisers' expectations regarding
particular securities or markets are not met.

The value of shares of the Fund will be influenced by conditions in the stock
markets as well as the performance of the companies selected for the Fund's
portfolio.

The Fund may not achieve its objective if securities which the advisers believe
are undervalued do not appreciate as much as the advisers anticipate.

The securities of smaller companies may trade less frequently and in smaller
volumes than securities of larger, more established companies. As a result,
share price changes may be more sudden or more erratic. Smaller companies may
have limited product lines, markets or financial resources, and they may depend
on a small management group.

Investments in foreign issuers may be riskier than investments in the United
States. Since foreign securities are normally denominated and traded in foreign
currencies, the value of the Fund's foreign holdings can be affected by currency
exchange rates and exchange control regulations. Foreign securities may be
affected by political, social and economic instability. Some securities may be
harder to trade without incurring a loss and may be difficult to convert into
cash. There may be less public information available, differing settlement
procedures, or regulations and standards that don't match U.S. standards. Some
countries may nationalize or expropriate assets or impose exchange controls.
These risks increase when investing in issuers located in developing countries.

25
<PAGE>

CHASE VISTA SELECT BALANCED FUND

Unsponsored depositary receipts may not provide as much information about the
underlying issuer and may not carry the same voting privileges as sponsored
depositary receipts.

In early 1999, the European Monetary Union implemented a new currency called
the "euro". It is possible that the euro could increase volatility in financial
markets, which could have a negative effect on the value of shares of the Fund.

The value of the Fund's fixed income securities tends to fall when prevailing
interest rates rise. Such a drop could be worse if the Fund invests a larger
portion of its assets in debt securities with longer maturities. That's because
long-term debt securities are more sensitive to interest rate changes than
other fixed-income securities. Note that conversely the value of fixed income
investments tends to increase when prevailing interest rates fall.

When the Fund invests in mortgage-related securities, the value of the Fund
could change more often and to a greater degree than if it did not buy
mortgage-related securities. That's because the prepayment features on some
mortgage-related securities make them more sensitive to interest rate changes.
Mortgage-related securities are subject to scheduled and unscheduled principal
payments as property owners pay down or prepay their mortgages. As these
payments are received, they must be reinvested when interest rates may be lower
than on the original mortgage security. When interest rates are rising, the
value of fixed-income securities with prepayment features are likely to
decrease as much or more than securities without prepayment features. In
addition, while the value of fixed-income securities will generally increase
when interest rates decline, the value of mortgage-related securities with
prepayment features may not increase as much as securities without prepayment
features.

26
<PAGE>

making principal and interest payments when difficult economic conditions
exist.

Some asset-backed securities may have additional risk because they may receive
little or no collateral protection from the underlying assets.

Because the interest rate changes on floating and variable rate securities, the
Fund's yield may decline and it may lose the opportunity for capital
appreciation when interest rates decline.

Dollar rolls, forward commitments and repurchase agreements involve some risk
to the Fund if the other party does not live up to its obligations under the
agreement.

The market value of convertible securities tends to decline as interest rates
increase and increase as interest rates decline. Their value also tends to
change whenever the market value of the underlying common or preferred stock
fluctuates.

The value of REITs will depend upon the value of the underlying properties or
the underlying loans or interest. The value of REITs may decline when interest
rates rise. The value of a REIT will also be affected by the real estate market
and by the management of the REIT's underlying properties. REITs may be more
volatile or more illiquid than other types of securities.

If the Fund invests a substantial portion of its assets in money market
instruments, repurchase agreements and U.S. government obligations, including
where the Fund is investing for temporary defensive purposes, it could reduce
the Fund's potential return.

27
<PAGE>

CHASE VISTA SELECT BALANCED FUND

Fund's past performance

The calculations assume that all dividends and distributions are reinvested in
the Fund.
<GRAPHIC OMITTED>

YEAR-BY-YEAR RETURNS

Past performance does not predict how
this Fund will perform in the future.

<TABLE>
<S> <C>
- ---------------------------------
BEST QUARTER 11.90%
- ---------------------------------
4th quarter, 1998

- ---------------------------------
WORST QUARTER -5.32%
- ---------------------------------
3rd quarter, 1990
</TABLE>

AVERAGE ANNUAL TOTAL RETURNS
For the periods ending December 31, 1998

<TABLE>
<CAPTION>
PAST 1 YEAR PAST 5 YEARS PAST 10 YEARS
<S> <C> <C> <C>
SHARES 19.39% 13.94% 12.48%
LEHMAN AGGREGATE BOND INDEX 8.69% 7.27% 9.26%
S&P 500 INDEX 28.60% 24.05% 19.19%
LIPPER BALANCED FUNDS AVG. 13.48% 13.84% 12.93%
</TABLE>

28
<PAGE>

Fees and expenses

This table describes the fees and expenses that you may pay if you buy and hold
shares of the Fund.

SHAREHOLDER FEES (FEES PAID DIRECTLY FROM YOUR INVESTMENT)
None

ANNUAL FUND OPERATING EXPENSES (EXPENSES THAT ARE DEDUCTED FROM FUND ASSETS)*

<TABLE>
<CAPTION>
TOTAL ANNUAL
MANAGEMENT DISTRIBUTION OTHER FUND OPERATING
FEE (12B-1) FEES EXPENSES EXPENSES
<S> <C> <C> <C>
0.50% --% 0.24% 0.74%
</TABLE>

*The table is based on expenses incurred in the most recent fiscal year. The
actual management fee is currently expected to be 0.00%, other expenses are
expected to be 0.075% and the total annual Fund operating expenses are expected
not to exceed 0.075%. That's because The Chase Manhattan Bank (Chase) and some
of the Fund's other service providers have volunteered not to collect a portion
of their fees and to reimburse others. Chase and these other service providers
may end this arrangement at any time.

The table does not reflect charges or credits which you might incur if you
invest through a financial institution.

EXAMPLE This example helps you compare the cost of investing in the Fund with
the cost of investing in other mutual funds. The example assumes:

Although your actual costs may be higher or lower, based on these assumptions:

IF YOU SELL YOUR SHARES YOUR COSTS WOULD BE:

<TABLE>
<CAPTION>
1 YEAR 3 YEARS 5 YEARS 10 YEARS
<S><C> <C> <C> <C>
$76 $237 $411 $918
</TABLE>

The costs above are based on pre-waiver Annual Fund Operating Expenses.

29
<PAGE>

CHASE VISTA SELECT EQUITY INCOME FUND

The Fund's objective

The Fund seeks to obtain income primarily by investing in income-producing
equity securities.

The Fund's main investment strategy

Under normal market conditions, the Fund invests at least 65% of its total
assets in dividend-paying equity securi- ties. Equity securities include common
stocks, preferred stocks and securities that are convertible into common stocks.
The major portion of the Fund's assets will be invested in common stocks which
are traded on a national securities exchange or on NASDAQ. A significant portion
of the Fund's assets may be invested in convertible bonds or convertible
preferred stock, which generally pay interest or dividends and which can be
converted into common or preferred stock.

The Fund attempts to achieve a yield higher than the composite yield on the
securities in the Standard & Poor's 500 Stock Price Index.

The Fund's advisers may seek income through various methods, including
investing in convertible securities and seeking to identify companies with
characteristics such as above-average dividend yields. The advisers do
quantitative analysis and fundamental research to seek to identify undervalued
stocks which have the potential to increase in value. The advisers first seek
to find companies with the best earnings prospects and then select companies
which appear to have the most attractive values. The advisers also seek to
invest in sectors with good earnings prospects as well.

The advisers may look for value-oriented factors, such as a low price-to-

30
<PAGE>

earnings or price-to-cash flow ratio, in deter- mining whether a stock is
undervalued. In addition, they may also attempt to identify those undervalued
companies which will experience earnings growth or improving earnings
characteristics.

In determining whether to sell a stock, the advisers will use the same type of
analysis that they use it uses in buying stocks in order to determine whether
the stock is still undervalued. This may include those securities which have
appreciated to meet their target valuations.

The Fund's equity investments may also include real estate investment trusts
(REITs), which are pools of investments primarily in income-producing real
estate or loans related to real estate.

The Fund may invest up to 20% of it total assets in foreign securities.

The Fund may under normal market conditions invest up to 35% of its total
assets in investment grade debt securities, high quality money market
instruments and repurchase agreements. To temporarily defend its assets, the
Fund may put any amount of its assets in these types of investments. Investment
grade means a rating of Baa or higher by Moody's Investors Service, Inc., BBB
or higher by Standard & Poor's Corporation or the equivalent by another
national rating organization or unrated securities of comparable quality.

The Fund may change any of these investment policies (including its investment
objective) without shareholder approval.
<GRAPHIC OMITTED>

FREQUENCY OF TRADING

The Fund may trade securities actively, which could increase transaction costs
(and lower performance) and increase your taxable dividends.

31
<PAGE>

CHASE VISTA SELECT EQUITY INCOME FUND

The Fund's main investment risks

All mutual funds carry a certain amount of risk. You may lose money on your
investment in the Fund. Here are some of the specific risks of investing in the
Select Equity Income Fund.

The Fund may not achieve its objective if the advisers' expectations regarding
particular securities or markets are not met.

The value of shares of the Fund will be influenced by conditions in the stock
markets as well as the performance of the companies selected for the Fund's
portfolio.

The Fund may not achieve its objective if securities which the advisers believe
are undervalued do not appreciate as much as the advisers anticipate or if the
companies in which it invests do not pay dividends.

In early 1999, the European Monetary Union implemented a new currency called the
"euro." It is possible that the euro could increase volatility in financial
markets, which could have a negative effect on the value of shares of the Fund.

The market value of the Fund's convertible securities and fixed income
securities tends to

- ---------------

Investments in the Fund are not bank deposits or obligations of, or guaranteed
or endorsed by, The Chase Manhattan Bank or any of its affiliates and are not
insured or guaranteed by the Federal Deposit Insurance Corporation, the Federal
Reserve Board or any other government agency.

32
<PAGE>

fall when prevailing interest rates rise. Such a drop could be worse if the
Fund invests a larger portion of its assets in debt securities with longer
maturities. The value of convertible securities also tends to change whenever
the market value of the underlying common or preferred stock fluctuates.
Securities which are rated Baa by Moody's or BBB by S&P may have fewer
protective provisions than higher rated securities. The issuer may have trouble
making principal and interest payments when difficult economic conditions
exist.

If the Fund invests a substantial portion of its assets in money market
instruments, repurchase agreements and debt securities, including where the
Fund is investing for temporary defensive purposes, it could reduce the Fund's
potential return.

33
<PAGE>

CHASE VISTA SELECT EQUITY INCOME FUND

Fund's past performance

On January 1, 1997, the Fund received the assets of two common trust funds
which had been maintained by Chase. The performance of the Fund before that
date is based on the historical performance of one of the common trust funds
whose assets were transferred to the Fund. The historical performance of shares
of the predecessor common trust fund has been adjusted to reflect the Fund's
expense levels (absent reimbursements) that were in place at the time the Fund
received the common trust fund assets. For more information, see the Fund's
Statement of Additional Information.

The calculations assume that all dividends and distributions are reinvested in
the Fund.
<GRAPHIC OMITTED>

YEAR-BY-YEAR RETURNS

Past performance does not predict how
this Fund will perform in the future.

<TABLE>
<S> <C>
- ---------------------------------
BEST QUARTER 16.85%
- ---------------------------------
4th quarter, 1998

- ---------------------------------
WORST QUARTER -13.30%
- ---------------------------------
3rd quarter, 1990
</TABLE>

AVERAGE ANNUAL TOTAL RETURNS
For the periods ending December 31, 1998

<TABLE>
<CAPTION>
PAST 1 YEAR PAST 5 YEARS PAST 10 YEARS
<S> <C> <C> <C>
SHARES 11.88% 18.11% 15.83%
S&P 500 INDEX 28.60% 24.05% 19.19%
LIPPER EQUITY INCOME FUNDS AVG. 10.89% 16.62% 14.47%
</TABLE>

34
<PAGE>

Fees and expenses

This table describes the fees and expenses that you may pay if you buy and hold
shares of the Fund.

SHAREHOLDER FEES (FEES PAID DIRECTLY FROM YOUR INVESTMENT)
None

ANNUAL FUND OPERATING EXPENSES (EXPENSES THAT ARE DEDUCTED FROM FUND ASSETS)*

<TABLE>
<CAPTION>
TOTAL ANNUAL
MANAGEMENT DISTRIBUTION OTHER FUND OPERATING
FEE (12B-1) FEES EXPENSES EXPENSES
<S> <C> <C> <C>
0.40% --% 0.20% 0.60%
</TABLE>

The table does not reflect charges or credits which you might incur if you
invest through a financial institution.

EXAMPLE This example helps you compare the cost of investing in the Fund with
the cost of investing in other mutual funds. The example assumes:

Although your actual costs may be higher or lower, based on these assumptions:

IF YOU SELL YOUR SHARES YOUR COSTS WOULD BE:

<TABLE>
<CAPTION>
1 YEAR 3 YEARS 5 YEARS 10 YEARS
<S><C> <C> <C> <C>
$ 61 $ 192 $ 335 $ 750
</TABLE>

The costs above are based on pre-waiver Annual Fund Operating Expenses.
<GRAPHIC OMITTED>

35
<PAGE>

CHASE VISTA SELECT LARGE CAP EQUITY FUND

The Fund's objective

The Fund seeks capital growth over the long term.

The Fund's main investment strategy

Under normal conditions, the Fund invests at least 80% of its total assets in
equity securities and at least 65% of its total assets in equity securities of
companies with market capitalization over $4 billion at the time of purchase
(large cap companies). Market capitalization is the total market value of a
company's shares. The companies the Fund chooses typically have a large number
of publicly held shares and high trading volumes.

The Fund's advisers do quantitative analysis and fundamental research to seek
to identify undervalued stocks which have the potential to increase in value.
The advisers first seek to find companies with the best earnings prospects and
then select companies which appear to have the most attractive values. The
advisers also seek to invest in sectors with good earnings prospects as well.

The advisers may look for value-oriented factors, such as a low price-to-
earnings or price-to-cash flow ratio, in determining whether a stock is
undervalued. In addition, they may also attempt to identify those undervalued
companies which will experience earnings growth or improving earnings
characteristics.

In determining whether to sell a stock, the advisers will use the same type of
analysis that they use in buying stocks in

36
<PAGE>

order to determine whether the stock is still undervalued. This may include
those securities which have appreciated to meet their target valuations.

The advisers try to diversify their investments across a number of sectors.
However, they may change sector weightings in response to market developments.

The Fund may invest up to 20% of it total assets in foreign securities. These
investments may take the form of depositary receipts. The Fund may also invest
up to 20% of its total assets in convertible securities, which generally pay
interest or dividends and which can be converted into common or preferred
stock.

Although the Fund intends to invest primarily in equity securities, under
normal market conditions it may invest up to 20% of its total assets in high
quality money market instruments and repurchase agreements. To temporarily
defend its assets, the Fund may put any amount of its assets in these
investments. During unusual market conditions, the Fund may invest up to 20% of
its assets in U.S. Government debt securities.

The Fund may change any of these investment policies (including its investment
objective) without shareholder approval.
<GRAPHIC OMITTED>

FREQUENCY OF TRADING

The Fund may trade securities actively, which could increase transaction costs,
thus lowering performance, and increase your taxable dividends.

37
<PAGE>

CHASE VISTA SELECT LARGE CAP EQUITY FUND

The Fund's main investment risks

All mutual funds carry a certain amount of risk. You may lose money on your
investment in the Fund. Here are some of the specific risks of investing in the
Select Large Cap Equity Fund.

The Fund may not achieve its objective if the advisers' expectations regarding
particular securities or markets are not met.

The value of shares of the Fund will be influenced by conditions in the stock
markets as well as the performance of the companies selected for the Fund's
portfolio.

The Fund may not achieve its objective if securities which the advisers believe
are undervalued do not appreciate as much as the advisers anticipate.

Investments in foreign issuers may be riskier than investments in the United
States. Since foreign securities are normally denominated and traded in foreign
currencies, the value of the Fund's foreign holdings can be affected by
currency exchange rates and exchange control regulations. Foreign securities
may be affected by political, social and economic instability. Some securities
may be harder to trade without incurring a loss and may be difficult to convert
into cash. There may be less public information available, differing settlement
procedures, or regulations and standards that don't match U.S. standards. Some
countries may nationalize or expropriate assets or impose exchange controls.
These risks increase when investing in issuers located in developing countries.

Unsponsored depositary receipts may not provide as much information about the
underlying issuer and may not carry the same voting privileges as sponsored
depositary receipts.

In early 1999, the European Monetary Union implemented a new currency called
the

38
<PAGE>

"euro". It is possible that the euro could increase volatility in financial
markets, which could have a negative effect on the value of shares of the Fund.

If the Fund invests a substantial portion of its assets in money market
instruments, repurchase agreements or U.S. Government debt, including where the
Fund is investing for temporary defensive purposes, it could reduce the Fund's
potential returns.

Investments in the Fund are not bank deposits or obligations of, or guaranteed
or endorsed by, The Chase Manhattan Bank or any of its affiliates and are not
insured or guaranteed by the Federal Deposit Insurance Corporation, the Federal
Reserve Board or any other government agency.

39
<PAGE>

CHASE VISTA SELECT LARGE CAP EQUITY FUND

Fund's past performance

This section shows the Fund's performance record. The bar chart shows how the
performance of Fund's shares has varied from year to year. This provides some
indication of the risk of investing in the Fund. The table shows the average
annual return over the past year, five years and ten years. It compares that
performance to the S&P 500 Index, a widely recognized market benchmark, and the
Lipper Growth Funds Average, representing the average performance of a universe
of 943 actively managed growth funds.

The calculations assume that all dividends and distributions are reinvested in
the Fund.
<GRAPHIC OMITTED>

YEAR-BY-YEAR RETURNS
Past performance does not predict how
this Fund will perform in the future.

<TABLE>
<S> <C>
- ---------------------------------
BEST QUARTER 20.11%
- ---------------------------------
4th quarter, 1998

- ---------------------------------
WORST QUARTER -12.21%
- ---------------------------------
3rd quarter, 1990
</TABLE>

AVERAGE ANNUAL TOTAL RETURNS
For the periods ending December 31, 1998

<TABLE>
<CAPTION>
PAST 1 YEAR PAST 5 YEARS PAST 10 YEARS
<S> <C> <C> <C>
SHARES 23.16% 20.36% 16.99%
S&P 500 INDEX 28.60% 24.05% 19.19%
LIPPER GROWTH FUNDS AVG. 22.86% 18.63% 16.71%
</TABLE>

40
<PAGE>

Fees and expenses

This table describes the fees and expenses that you may pay if you buy and hold
shares of the Fund.

SHAREHOLDER FEES (FEES PAID DIRECTLY FROM YOUR INVESTMENT)

None

ANNUAL FUND OPERATING EXPENSES (EXPENSES THAT ARE DEDUCTED FROM FUND ASSETS)*

<TABLE>
<CAPTION>
TOTAL ANNUAL
MANAGEMENT DISTRIBUTION OTHER FUND OPERATING
FEE (12B-1) FEES EXPENSES EXPENSES
<S> <C> <C> <C>
0.40% --% 0.25% 0.65%
</TABLE>

The table does not reflect charges or credits which you might incur if you
invest through a financial institution.

EXAMPLE This example helps you compare the cost of investing in the Fund with
the cost of investing in other mutual funds. The example assumes:

Although your actual costs may be higher or lower, based on these assumptions:

IF YOU SELL YOUR SHARES YOUR COSTS WOULD BE:

<TABLE>
<CAPTION>
1 YEAR 3 YEARS 5 YEARS 10 YEARS
<S> <C> <C> <C>
$66 $208 $362 $810
</TABLE>

The costs above are based on pre-waiver Annual Fund Operating Expenses.
<GRAPHIC OMITTED>

41
<PAGE>

CHASE VISTA SELECT LARGE CAP GROWTH FUND

The Fund's objective

The Fund's objective is long-term capital growth.

The Fund's main investment strategy

Under normal market conditions, at least 80% of the Fund's total assets will be
invested in equity securities (shares) of companies and at least 65% will be
invested in established companies with a market capitalization over $1 billion
at the time of purchase (large cap companies). Market capitalization is the
total market value of a company's shares. The companies the Fund chooses
typically have a large number of publicly held shares and high trading volumes.

The Fund's advisers will try to identify high-quality large and medium-size
companies with strong balance sheets, above-average historical earnings growth,
favorable earnings prospects, seasoned management and leadership positions in
their industries. The advisers try to spread their investments across a number
of sectors. However, they may change sector weightings in response to market
developments. The Fund will sell a stock if the advisers feel that the issuer
no longer meets the growth criteria listed above or if they believe that more
attractive opportunities are available.

Up to 20% of the total assets may be invested in foreign securities. These
investments may take the form of depositary receipts. It may also invest up to
20% of its total assets in convertible securities, which generally pay interest
or dividends and which can be converted into common or preferred stock.

42
<PAGE>

Although the Fund intends to invest primarily in equity securities, under normal
market conditions it may invest up to 20% of its total assets in high-quality
money market instruments and repurchase agreements. To temporarily defend its
assets, the Fund may invest any amount of its assets in these instruments.
During unusual market conditions, the Fund may invest up to 20% of its assets in
U.S. Government debt securities.

The Fund may change any of these investment policies (including its investment
objective) without shareholder approval.
<GRAPHIC OMITTED>

FREQUENCY OF TRADING

The Fund may trade securities actively, which could increase transaction costs
(and lower performance) and increase your taxable dividends.

43
<PAGE>

CHASE VISTA SELECT LARGE CAP GROWTH FUND

The Fund's main investment risks

All mutual funds carry a certain amount of risk. You may lose money on your
investment in the Fund. Here are some of the specific risks of investing in the
Select Large Cap Growth Fund.

The Fund may not achieve its objective if the advisers' expectations regarding
particular securities or markets are not met.

The value of the shares will be influenced by conditions in the stock markets
as well as the performance of the companies selected for the Fund's portfolio.

The Fund may not achieve its objective if companies which the advisers believe
will experience earnings growth do not grow as expected.

Investments in foreign issuers may be riskier than investments in the United
States. Since foreign securities are usually denominated in foreign currencies,
the value of the Fund's foreign holdings can be affected by currency exchange
rates and exchange control regulations. Foreign securities may be affected by
political, social and economic instability. Some securities may be harder to
trade without incurring a loss and may be difficult to convert into cash. There
may be less public information available, differing settlement procedures, or
regulations and standards that don't match U.S. standards. Some countries may
nationalize or expropriate assets or impose exchange controls. These risks
increase when investing in issuers located in developing countries.

Unsponsored depositary receipts may not provide as much information about the
underlying issuer and may not carry the same voting privileges as sponsored
depositary receipts.

In early 1999, the European Monetary Union implemented a new currency called
the "euro". It is possible that the euro could increase volatility in financial
markets, which

44
<PAGE>

could have a negative effect on the value of shares of the Fund.

If the Fund invests a substantial portion of its assets in money market
instruments, repurchase agreements and U.S. Government debt, including where
the Fund is investing for temporary defensive purposes, it could reduce the
Fund's potential return.

Investments in the Fund are not bank deposits or obligations of, or guaranteed
or endorsed by, The Chase Manhattan Bank or any of its affiliates and are not
insured or guaranteed by the Federal Deposit Insurance Corporation, the Federal
Reserve Board or any other government agency.

45
<PAGE>

CHASE VISTA SELECT LARGE CAP GROWTH FUND

Fund's past performance

The calculations assume that all dividends and distributions are reinvested in
the Fund.
<GRAPHIC OMITTED>

YEAR-BY-YEAR RETURNS
Past performance does not predict how
this Fund will perform in the future.

<TABLE>
<S> <C>
- ---------------------------------
BEST QUARTER 25.96%
- ---------------------------------
4th quarter, 1998

- ---------------------------------
WORST QUARTER -13.19%
- ---------------------------------
3rd quarter, 1990
</TABLE>

AVERAGE ANNUAL TOTAL RETURNS
For the periods ending December 31, 1998

<TABLE>
<CAPTION>
PAST 1 YEAR PAST 5 YEARS PAST 10 YEARS
<S> <C> <C> <C>
SHARES 40.85% 23.91% 18.09%
S&P 500 INDEX 28.60% 24.05% 19.19%
LIPPER GROWTH FUNDS AVG. 22.86% 18.63% 16.71%
</TABLE>

46
<PAGE>

Fees and expenses

This table describes the fees and expenses that you may pay if you buy and hold
shares of the Fund.

SHAREHOLDER FEES (FEES PAID DIRECTLY FROM YOUR INVESTMENT)
None

ANNUAL FUND OPERATING EXPENSES (EXPENSES THAT ARE DEDUCTED FROM FUND ASSETS)*

<TABLE>
<CAPTION>
TOTAL ANNUAL
MANAGEMENT DISTRIBUTION OTHER FUND OPERATING
FEE (12B-1) FEES EXPENSES EXPENSES
<S> <C> <C> <C>
0.40% --% 0.20% 0.60%
</TABLE>

The table does not reflect charges or credits which you might incur if you
invest through a financial institution.

EXAMPLE This example helps you compare the cost of investing in the Fund with
the cost of investing in other mutual funds. The example assumes:

Although your actual costs may be higher or lower, based on these assumptions:

IF YOU SELL YOUR SHARES YOUR COSTS WOULD BE:

<TABLE>
<CAPTION>
1 YEAR 3 YEARS 5 YEARS 10 YEARS
<S> <C> <C> <C>
$61 $192 $335 $750
</TABLE>

The costs above are based on pre-waiver Annual Fund Operating Expenses.

47
<PAGE>

CHASE VISTA SELECT NEW GROWTH OPPORTUNITIES FUND

The Fund's objective

The Fund's objective is long-term capital growth.

The Fund's main investment strategy

Under normal market conditions, at least 80% of the Fund's total assets will be
invested in equity securities (shares) of companies and at least 65% will be
invested in shares of small and medium-size companies. This refers to companies
with a market capitalization of $300 million to $4 billion at the time of
purchase. Market capitalization is the total market value of a company's shares.

The Fund's advisers will seek to invest in companies that have consistent and
growing earnings and attractively priced stocks. The advisers will use a
variety of techniques, including quantitative analysis, fundamental research
and their own company earnings model, to identify which companies have good
earnings potential. The Fund will sell a stock if the advisers feel that the
issuer no longer meets the growth criteria listed above or if they believe that
more attractive opportunities are available.

Although the Fund intends to invest primarily in equity securities, under
normal market conditions it may invest

48
<PAGE>

up to 20% of its total assets in high-quality money market instruments and
repurchase agreements. To temporarily defend its assets, the Fund may invest any
amount of its assets in these instruments. During unusual market conditions, the
Fund may invest up to 20% of its assets in U.S. Government debt securities.

The Fund may change any of these investment policies (including its investment
objective) without shareholder approval.
<GRAPHIC OMITTED>

FREQUENCY OF TRADING

The Fund may trade securities actively, which could increase transaction costs
(and lower performance) and increase your taxable dividends.

49
<PAGE>

CHASE VISTA SELECT NEW GROWTH OPPORTUNITIES FUND

The Fund's main investment risks

All mutual funds carry a certain amount of risk. You may lose money on your
investment in the Fund. Here are some of the specific risks of investing in the
Select New Growth Opportunities Fund.

The Fund may not achieve its objective if the advisers' expectations regarding
particular securities or markets are not met.

The value of shares of the Fund will be influenced by conditions in the stock
markets as well as the performance of the companies selected for the Fund's
portfolio.

The Fund may not achieve its objective if companies which the advisers believe
will experience earnings growth do not grow as expected.

Because the assets in this Fund are invested mostly in small to mid-size
companies, the value of your investment is likely to fluctuate more
dramatically than an investment in a fund which invests mostly in larger
companies. That's because smaller companies trade less frequently and in
smaller volumes, which may lead to more volatility in the prices of their
securities. They may have limited product lines, markets or financial
resources, and they may depend on a small management group.

- ---------------

50
<PAGE>

settlement procedures, or regulations and standards that don't match U.S.
standards. Some countries may nationalize or expropriate assets or impose
exchange controls. These risks increase when investing in issuers located in
developing countries.

Unsponsored depositary receipts may not provide as much information about the
underlying issuer and may not carry the same voting privileges as sponsored
depositary receipts.

The Fund is not diversified. It may invest a greater percentage of its assets
in a particular issuer or group of issuers than a diversified fund would. That
makes the value of its shares more sensitive to economic problems among those
issuing the securities.

51
<PAGE>

CHASE VISTA SELECT NEW GROWTH OPPORTUNITIES FUND

Fund's past performance

The calculations assume that all dividends and distributions are reinvested in
the Fund.

YEAR-BY-YEAR RETURNS
Past performance does not predict how
this Fund will perform in the future.

<TABLE>
<S> <C>
- ---------------------------------
BEST QUARTER 22.51%
- ---------------------------------
4th quarter, 1998

- ---------------------------------
WORST QUARTER -19.48%
- ---------------------------------
3rd quarter, 1998
</TABLE>

AVERAGE ANNUAL TOTAL RETURNS
For the periods ending December 31, 1998

<TABLE>
<CAPTION>
SINCE
INCEPTION
PAST 1 YEAR PAST 5 YEARS (4/30/89)
<S> <C> <C> <C>
SHARES 16.23% 11.91% 13.15%
RUSSELL 2000 INDEX -2.55% 11.87% 10.94%
LIPPER MID-CAP GROWTH FUNDS AVG. 12.16% 14.87% 14.30%
</TABLE>

52
<PAGE>

Fees and expenses

This table describes the fees and expenses that you may pay if you buy and hold
shares of the Fund.

SHAREHOLDER FEES (FEES PAID DIRECTLY FROM YOUR INVESTMENT)
None

ANNUAL FUND OPERATING EXPENSES (EXPENSES THAT ARE DEDUCTED FROM FUND ASSETS)*

<TABLE>
<CAPTION>
TOTAL ANNUAL
MANAGEMENT DISTRIBUTION OTHER FUND OPERATING
FEE (12B-1) FEES EXPENSES EXPENSES
<S> <C> <C> <C>
0.65% --% 0.29% 0.94%
</TABLE>

The table does not reflect charges or credits which you might incur if you
invest through a financial institution.

EXAMPLE This example helps you compare the cost of investing in the Fund with
the cost of investing in other mutual funds. The example assumes:

Although your actual costs may be higher or lower, based on these assumptions:

IF YOU SELL YOUR SHARES YOUR COSTS WOULD BE:

<TABLE>
<CAPTION>
1 YEAR 3 YEARS 5 YEARS 10 YEARS
<S><C> <C> <C> <C>
$96 $300 $520 $1,155
</TABLE>

The costs above are based on pre-waiver Annual Fund Operating Expenses.

53
<PAGE>

CHASE VISTA SELECT SMALL CAP VALUE FUND

The Fund's main investment strategy

Under normal market conditions, at least 80% of the Fund's total assets will be
invested in equity securities (shares) of companies and at least 65% will be
invested in shares of smaller companies. That refers to companies with a market
capitalization of $750 million or less at the time of purchase. Market
capitalization is the total market value of a company's shares.

The Fund's advisers will use fundamental research to seek undervalued stocks of
financially sound companies with seasoned products and/or services, competitive
advantages and market leadership positions. The Fund's advisers will try to
choose companies in a variety of market sectors. However, they may change
sector weightings in response to market developments. In determining whether to
sell a stock, the advisers will use the same type of analysis that they use in
buying stocks in order to determine whether the stock is still undervalued.
This may include those securities which have appreciated to meet their target
valuations.

54
<PAGE>

marily in equity securities, under normal market conditions it may invest up to
20% of its total assets in high-quality money market instru- ments and
repurchase agreements. To tempo- rarily defend its assets, the Fund may invest
any amount of its assets in these instruments. During unusual market conditions,
the Fund may invest up to 20% of its assets in U.S. Government debt securities.

The Fund may change any of these investment policies (including its investment
objective) without shareholder approval.
<GRAPHIC OMITTED>

FREQUENCY OF TRADING

The Fund may trade securities actively, which could increase transaction costs
(and lower performance) and increase your taxable dividends.

55
<PAGE>

CHASE VISTA SELECT SMALL CAP VALUE FUND

The Fund's main investment risks

All mutual funds carry a certain amount of risk. You may lose money on your
investment in the Fund. Here are some of the specific risks of investing in the
Select Small Cap Value Fund.

The Fund may not achieve its objective if the advisers' expectations regarding
particular securities or markets are not met.

The value of shares of the Fund will be influenced by conditions in the stock
markets as well as the performance of the companies selected for the Fund's
portfolio.

Because the assets in this Fund are invested mostly in small companies, the
value of your investment is likely to fluctuate more dramatically than an
investment in a fund which invests mostly in larger companies. That's because
small companies trade less frequently and in smaller volumes, which may lead to
more volatility in the prices of their securities. They may have limited
product lines, markets or financial resources, and they may depend on a small
management group.

Investments in foreign issuers may be riskier than investments in the United
States. Since foreign securities are normally denominated and traded in foreign
currencies, the value of the Fund's foreign holdings can be affected by
currency exchange rates and exchange control regulations. Foreign securities
may be affected by political, social and economic instability. Some securities
may be harder to trade without incurring a loss and may be difficult to convert
into cash. There may be less public information available, differing settlement
procedures, or regulations and standards that don't match U.S. standards. Some
countries may nationalize or expropri-

56
<PAGE>

ate assets or impose exchange controls. These risks increase when investing in
issuers located in developing countries.

Unsponsored depositary receipts may not provide as much information about the
underlying issuer and may not carry the same voting privileges as sponsored
depositary receipts.

The Fund, like any business, could be affected if the computer systems on which
it relies fail to properly process information beginning January 1, 2000. The
Fund's advisers are updating their own systems and encouraging service providers
to do the same, but there's no guarantee these systems will work properly. Year
2000 problems could also hurt issuers whose securities the Fund holds or
securities markets generally.
<GRAPHIC OMITTED>

Investments in the Fund are not bank deposits or obligations of, or guaranteed
or endorsed by, The Chase Manhattan Bank or any of its affiliates and are not
insured or guaranteed by the Federal Deposit Insurance Corporation, the Federal
Reserve Board or any other government agency.

57
<PAGE>

CHASE VISTA SELECT SMALL CAP VALUE FUND

Fund's past performance

The calculations assume that all dividends and distributions are reinvested in
the Fund.
<GRAPHIC OMITTED>

YEAR-BY-YEAR RETURNS
Past performance does not predict how
this Fund will perform in the future.

<TABLE>
<S> <C>
- ---------------------------------
BEST QUARTER 21.78%
- ---------------------------------
1st quarter, 1991

- ---------------------------------
WORST QUARTER -19.26%
- ---------------------------------
3rd quarter, 1990
</TABLE>

AVERAGE ANNUAL TOTAL RETURNS
For the periods ending December 31, 1998

<TABLE>
<CAPTION>
PAST 1 YEAR PAST 5 YEARS PAST 10 YEARS
<S> <C> <C> <C>
SHARES 3.41% 10.61% 13.11%
RUSSELL 2000 INDEX -2.55% 11.87% 12.92%
LIPPER SMALL CAP GROWTH FUNDS
AVG. -0.31% 12.87% 14.98%
</TABLE>

58
<PAGE>

Fees and expenses

This table describes the fees and expenses that you may pay if you buy and hold
shares of the Fund

SHAREHOLDER FEES (FEES PAID DIRECTLY FROM YOUR INVESTMENT)
None

ANNUAL FUND OPERATING EXPENSES (EXPENSES THAT ARE DEDUCTED FROM FUND ASSETS)*

<TABLE>
<CAPTION>
TOTAL ANNUAL
MANAGEMENT DISTRIBUTION OTHER FUND OPERATING
FEE (12B-1) FEES EXPENSES EXPENSES
<S> <C> <C> <C>
0.65% --% 0.20% 0.85%
</TABLE>

The table does not reflect charges or credits which you might incur if you
invest through a financial institution.

EXAMPLE This example helps you compare the cost of investing in the Fund with
the cost of investing in other mutual funds. The example assumes:

Although your actual costs may be higher or lower, based on these assumptions:

IF YOU SELL YOUR SHARES YOUR COSTS WOULD BE:

<TABLE>
<CAPTION>
1 YEAR 3 YEARS 5 YEARS 10 YEARS
<S> <C> <C> <C>
$87 $271 $471 $1,049
</TABLE>

The costs above are based on pre-waiver Annual Fund Operating Expenses.

59
<PAGE>

CHASE VISTA SELECT INTERNATIONAL EQUITY FUND

The Fund's main investment strategy

Under normal conditions, the Fund will invest at least 65% of its total assets
in a broad portfolio of equity securities of established foreign companies of
various sizes, including foreign subsidiaries of U.S. companies. Equity
securities include common stocks, preferred stocks, securities that are
convertible into common stocks and warrants to purchase common stocks. These
investments may take the form of depositary receipts.

The Fund's advisers seek to identify those countries and industries where
political and economic factors, including currency changes, are likely to
produce above-average growth rates. Then the advisers try to identify companies
within those countries and industries that are poised to take advantage of
those political and economic conditions.

The Fund's advisers will seek to select issuers in several countries--at least
three other than the U.S. However, the Fund may invest a substantial part of
its assets in just one country.

The Fund intends to invest in companies (or governments) in the following
countries or regions: the Far East (including Japan, Hong Kong, Singapore and
Malaysia), Western Europe (including the United Kingdom, Germany, Netherlands,
France, Switzerland, Italy and Spain), Scandinavia, Australia, Canada and other
countries or areas that the advisers may

60
<PAGE>

select from time to time. A substantial part of the Fund's assets may be
invested in companies based in Japan, the United Kingdom, and other countries
that are heavily represented in an index called the Morgan Stanley Capital
International, Europe, Australia and Far East Index. However, the Fund may also
invest in companies or governments in developing countries.

The Fund may invest in securities denominated in U.S. dollars, major reserve
currencies and currencies of other countries in which it can invest. The
advisers may adjust the Fund's exposure to each currency based on their view of
the markets and issuers. They will decide how much to invest in the securities
of a particular country or currency by evaluating the yield and potential
growth of an investment, as well as the relationship between the currency and
the U.S. dollar. They may increase or decrease the emphasis on a type of
security, industry, country or currency, based on their analysis of a variety
of economic factors, including fundamental economic strength, earnings growth,
quality of management, industry growth, credit quality and interest rate
trends. The Fund may purchase securities where the issuer is located in one
country but the security is denominated in the currency of another.

While the Fund invests primarily in equities, it may also invest in
investment-grade debt securities. Investment grade means a rating of Baa or
higher by Moody's Investors Service, Inc., BBB or higher by Standard & Poor's
Corporation or the equivalent by another national rating organization or
unrated securities of comparable quality. No more than 25% of the Fund's net
assets will be invested in debt securities denominated in a currency other than
the U.S. dollar. No more than 25% of the Fund's net assets will be invested in
debt securities issued by a single foreign gov-

61
<PAGE>

CHASE VISTA SELECT INTERNATIONAL EQUITY FUND

ernment or international organization, such as the World Bank.

Although the Fund intends to invest primarily in equity securities and
investment grade debt securities, under normal market conditions it may invest
up to 35% of its total assets in high-quality money-market instruments and
repurchase agreements. To temporarily defend its assets, the Fund may invest any
amount of its assets in these instruments. During unusual market conditions, the
Fund may invest up to 20% of its assets in U.S. Government debt securities.

Where the capital markets in certain countries are either less developed or not
easy to access, the Fund may invest in these countries by investing in
closed-end investment companies which are authorized to invest in those
countries.

The Fund may change any of these investment policies (including its investment
objective) without shareholder approval.
<GRAPHIC OMITTED>

FREQUENCY OF TRADING

The Fund may trade securities actively, which could increase transaction costs
(and lower performance) and increase your taxable dividends.

62
<PAGE>

The Fund's main investment risks

All mutual funds carry a certain amount of risk. You may lose money on your
investment in the Fund. Here are some of the specific risks of investing in the
Select International Equity Fund.

The Fund may not achieve its objective if the advisers' expectations regarding
particular securities or markets are not met.

The value of shares of the Fund will be influenced by conditions in the stock
markets as well as the performance of the companies selected for the Fund's
portfolio.

Because the Fund invests mostly in securities of issuers outside the U.S., an
investment in the Fund is riskier than an investment in a U.S. equity fund.

Investments in foreign issuers may be riskier than investments in the United
States. Since foreign securities are normally denominated and traded in foreign
currencies, the value of the Fund's portfolio can be affected by currency
exchange rates and exchange control regulations. Foreign securities may be
affected by political, social and economic instability. Some securities may be
harder to trade without incurring a loss and may be difficult to convert into
cash. There may be less public information available, differing settlement
procedures, or regulations and standards that don't match U.S. standards. Some
countries may nationalize or expropriate assets or impose exchange controls.
These risks increase when investing in issuers located in developing countries.

Unsponsored depositary receipts may not provide as much information about the
underlying issuer and may not carry the same voting privileges as sponsored
depositary receipts.

The Fund's investments in developing coun- tries could lead to more volatility
in the value of the Fund's shares. As mentioned above, the normal risks of
investing in foreign coun

- ---------------

Investments in the Fund are not bank deposits or obligations of, or guaranteed
or endorsed by, The Chase Manhattan Bank or any of its affiliates and are not
insured or guaranteed by the Federal Deposit Insurance Corporation, the Federal
Reserve Board or any other government agency.

63
<PAGE>

CHASE VISTA SELECT INTERNATIONAL EQUITY FUND

tries increase when investing in developing countries. In addition, the small
size of securities markets and the low trading volume may lead to a lack of
liquidity, which leads to increased volatility. Also, developing countries may
not provide adequate legal protection for private or foreign investment or
private property.

Because the Fund may invest in small companies, the value of your investment
may fluctuate more dramatically than an investment in a fund which does not
invest in small companies. That's because small companies trade less frequently
and in smaller volumes, which may lead to more volatility in the prices of
their securities. They may have limited product lines, markets or financial
resources, and they may depend on a small management group.

The market value of the Fund's convertible securities and fixed income
securities tends to fall when prevailing interest rates rise. Such a drop could
be worse if the Fund invests a larger portion of its assets in debt securities
with longer maturities. The value of convertible securities also tends to
change whenever the market value of the underlying common or preferred stock
fluctuates. Securities which are rated Baa by Moody's or BBB by S&P may have
fewer protective provisions than higher rated securities. The issuer may have
trouble making principal and interest payments when difficult economic
conditions exist.

If the Fund invests in closed-end investment companies, it may incur added
expenses such as additional management fees and trading costs.

64
<PAGE>

The Fund's past performance

The calculations assume that all dividends and distributions are reinvested in
the Fund.
<GRAPHIC OMITTED>

YEAR-BY-YEAR RETURNS

Past performance does not predict how
this Fund will perform in the future.

<TABLE>
<S> <C>
- ---------------------------------
BEST QUARTER 18.38%
- ---------------------------------
1st quarter, 1998

- ---------------------------------
WORST QUARTER -17.21%
- ---------------------------------
3rd quarter, 1998
</TABLE>

AVERAGE ANNUAL TOTAL RETURNS
For the periods ending December 31, 1998

<TABLE>
<CAPTION>
SINCE
INCEPTION
PAST 1 YEAR PAST 5 YEARS (5/31/93)
<S> <C> <C> <C>
SHARES 12.61% 6.77% 7.24%
MSCI EAFE INDEX 20.33% 9.50% 8.12%
LIPPER INTERNATIONAL EQUITY FUNDS
AVG. 13.02% 7.69% 8.41%
</TABLE>

65
<PAGE>

CHASE VISTA SELECT INTERNATIONAL EQUITY FUND

Fees and expenses

This table describes the fees and expenses that you may pay if you buy and hold
shares of the Fund.

SHAREHOLDER FEES (FEES PAID DIRECTLY FROM YOUR INVESTMENT)
None

ANNUAL FUND OPERATING EXPENSES(EXPENSES DEDUCTED FROM FUND ASSETS)*

<TABLE>
<CAPTION>
TOTAL ANNUAL
MANAGEMENT DISTRIBUTION OTHER FUND OPERATING
FEE (12B-1) FEES EXPENSES EXPENSES
<S> <C> <C> <C>
1.00% --% 0.32% 1.32%
</TABLE>

*The table is based on expenses incurred in the most recent fiscal year. The
actual management fee is currently expected to be 0.00%, other expenses are
expected to be 0.10%, and the total annual Fund operating expenses are expected
not to exceed 0.10%. That's because The Chase Manhattan Bank (Chase) and some
of the Fund's other service providers have volunteered not to collect a portion
of their fees and to reimburse others. Chase and these other service providers
may end this arrangement at any time.

The table does not reflect charges or credits which you might incur if you
invest through a financial institution.

EXAMPLE This example helps you compare the cost of investing in the Fund with
the cost of investing in other mutual funds. The example assumes:

Although your actual costs may be higher or lower, based on these assumptions:

IF YOU SELL YOUR SHARES YOUR COSTS WOULD BE:

<TABLE>
<CAPTION>
1 YEAR 3 YEARS 5 YEARS 10 YEARS
<S> <C> <C> <C>
$134 $418 $723 $1,590
</TABLE>

The costs above are based on pre-waiver Annual Fund Operating Expenses.

66
<PAGE>

FUNDS' INVESTMENT ADVISER

The Chase Manhattan Bank (Chase) is the investment adviser to each Fund. Chase
is a wholly owned subsidiary of The Chase Manhattan Corporation (CMC), a bank
holding company. Chase provides the Funds with investment advice and
supervision. Chase and its predecessors have more than a century of money
management experience. Chase is located at 270 Park Avenue, New York, NY 10017

Chase is entitled to receive a management at the annual rate of 0.25% of the
average daily net assets of the Select Short-Term Bond Fund, 0.30% of the
average daily net assets of the Select Intermediate Bond Fund and Select Bond
Fund, 0.40% of the average daily net assets of the Select Equity Income Fund,
Select Large Cap Equity Fund and Select Large Cap Growth Fund, 0.50% of the
average daily net assets of the Select Balanced Fund, 0.65% of the average daily
net assets of the Select New Growth Opportunities Fund and Select Small Cap
Value Fund and 1.00% of the average daily net assets of the Select International
Equity Fund.

Chase Asset Management, Inc.(CAM) is the sub-adviser to each Fund except the
Select International Equity Fund. Chase Asset Management (London) Limited (CAM
London) is the sub-adviser to the Select International Equity Fund. Both
sub-advisers are wholly-owned subsidiaries of Chase and each makes the day-to-
day investment decisions for its respective Funds. CAM and CAM London both
provide discretionary investment services to institutional clients. CAM is
located at 1211 Avenue of the Americas, New York, NY 10036. CAM London is
located at Colvile House,32 Curzon Street, London W1Y8AL.

67
<PAGE>

FUNDS' INVESTMENT ADVISER

Portfolio Managers

SELECT SHORT-TERM BOND FUND

The portfolio managers are Andrew Russell, a Vice President and Portfolio
Manager at Chase, and Susan Huang, a Managing Director and Head of U.S. Fixed
Income Management at Chase. They've been responsible for the Fund since 1997.
Mr. Russell joined Chase in 1990 and has held several positions within the U.S.
fixed income area, including portfolio analyst, taxable fixed-income trader and
assistant trader. Mr. Russell is a member of the U.S. fixed income area's
quantitative research team.

Before joining Chase in 1995, Ms. Huang was Director of the Insurance Asset
Management Group at Hyperion Capital Management Inc. Previously, she was a
Senior Portfolio Manager with CS First Boston. Before joining CS First Boston
in 1992, she spent 14 years at the Equitable, where she was head of the U.S.
fixed income management group at Equitable Capital Management.

SELECT INTERMEDIATE BOND FUND

Leonard Lovito, Vice President and Senior Portfolio Manager at Chase, has been
responsible for the management of the Select Intermediate Bond Fund since July
1998. From 1984 to June 1998, Mr. Lovito was a Vice President and Portfolio
Manager at J.W. Seligman & Co., Inc, where he was responsible for managing a
number of institutional portfolios and mutual funds. Before that, Mr. Lovito
was in the Investment Department at Dime Savings Bank of New York.

SELECT BOND FUND

A team of investment managers with Chase, led by Ms. Huang, is responsible for
the management of the Select Bond Fund.

David Klassen, Director, U.S. Funds Management and Equity Research at Chase, is
responsible for asset allocation and investment strategy for Chase's domestic
equity portfolios. Before joining Chase in 1992, Mr. Klassen was a Vice
President and Portfolio Manager at Dean Witter Reynolds, responsible for
managing several mutual funds and other accounts.

SELECT BALANCED FUND

Greg Adams, Vice President and Senior Portfolio Manager at Chase, and Mr.
Lovito are responsible for the management of the Fund's portfolio. Mr. Adams
has managed the equity portion of the Fund since 1997. He joined Chase in 1987
and has been responsible for overseeing the proprietary computer model program
used in the U.S. equity selection process.
Mr. Lovito has been responsible for the debt portion of the Fund since July
1998.

SELECT EQUITY INCOME FUND

Tony Gleason, a Vice President of Chase, has been responsible for the
day-to-day management of the Fund's portfolio since September 1997. Mr. Gleason
joined Chase in 1995. Prior to joining Chase, Mr. Gleason spent nine years as a
Vice President and Portfolio Manager with Prudential Equity
Management.

Bill Ellsworth, Senior Research Analyst and Associate Portfolio Manager at

68
<PAGE>

Chase, participates in the management of the Fund. Mr. Ellsworth has been
employed by Chase since 1992.

SELECT LARGE CAP EQUITY FUND

Mr. Adams has been primarily responsible for the management of the Fund since
January, 1997.

SELECT LARGE CAP GROWTH FUND

Stephen Humphrey, a vice-president of Chase, manages the Fund's portfolio. Mr.
Humphrey has worked at Chase since 1976. He has managed private accounts since
1981 and pooled investment funds since 1985.

SELECT NEW GROWTH
OPPORTUNITIES FUND

Ronald Zibelli, a vice-president and Senior Portfolio Manager at Chase, manages
the portfolio. Mr. Zibelli joined Chase in 1996. Before that, he was a
Portfolio Manager at The Portfolio Group and at Princeton Bank & Trust Company.
Mr. Zibelli began his career with JP Morgan Investment Management.

SELECT SMALL CAP VALUE FUND

Richard Rolle and Judith Havard, both Vice-Presidents at Chase, are managing
the Fund. Mr. Rolle has worked for Chase since 1978. Since 1982, he has served
as trust Portfolio Manager, securities analyst and fund manager. Before joining
Chase in 1994, Ms. Havard was an associate director at Massachusetts Mutual
Life Insurance Company, where she managed the company's convertible stock and
bond portfolio.

SELECT INTERNATIONAL EQUITY FUND

Michael Browne and David Webb, both Vice Presidents of Chase, have been
responsible for the Fund's portfolio since August 1996. Mr. Browne is
responsible for investment management and equity research for European
equities. He joined Chase in 1994. Before that, he was assistant director of
European equity fund management at BZW Investment Management in London. Mr.
Webb is responsible for investment management and equity research in the Asia
region. He joined Chase in 1992. Before that he was with Hambros Bank Ltd.
where he was responsible for the Hambros Equus Pacific Trust and Hambros Japan
Trust.
<GRAPHIC OMITTED>

69
<PAGE>

HOW YOUR ACCOUNT WORKS

Who may buy these shares

Only qualified investors may buy shares. Qualified Fund investors are trusts,
fiduciary accounts and investment management clients of Chase, other financial
institution or their affiliates. The financial institution must have an
agreement with the Funds to buy and sell shares.

Financial institutions may set other eligibility requirements, including
minimum investments. They must maintain at least $5 million in an account with
one or more Chase Vista Select Funds on behalf of their clients. If you are no
longer a qualified investor, your financial institution may redeem your shares
or allow you to keep holding your shares through a separate account. If you
hold Fund shares through a separate account, you may incur additional fees. The
Funds may refuse to sell Fund shares to any institution.

70
<PAGE>

Buying Fund shares

Through your financial institution

Tell Chase or your financial institution which Funds you want to buy. Your
financial institution is responsible for forwarding orders in a timely manner.
Your financial institution may impose different minimum investments and earlier
deadlines to buy shares. The price of the shares is based on the net asset
value per share (NAV). NAV is the value of everything a Fund owns, minus
everything it owes, divided by the number of shares held by investors. If the
account administrator at your financial institution receives your order in
proper form before the New York Stock Exchange closes regular trading (or the
institution's earlier deadline, if any) and the order, along with payment in
federal funds, is received by the Funds before they close for business, your
order will be confirmed at that day's net asset value. Each Fund calculates its
NAV once each day at the close of regular trading on the New York Stock
Exchange (normally 4 p.m. Eastern time.) Each fund generally values its assets
at their market value but may use fair value if market prices are unavailable.

The Select International Equity Fund invests in securities which are primarily
listed on foreign exchanges and these exchanges may trade on Saturdays or other
United States holidays on which the Fund does not price. As a result, the
Fund's portfolio will trade and its NAV may fluctuate significantly on days
when the investor has no access to the Fund.

You can buy shares on any business day that the Federal Reserve Bank of New
York and the New York Stock Exchange are open.

You must provide a Social Security Number or Taxpayer Identification Number
when you open an account. The Fund has the right to refuse any purchase order
or to stop offering shares for sale at any time.

The Funds will not issue certificates for shares.

Selling Fund shares

Through your financial institution
Tell your financial institution which Funds you want to sell. You must supply
the names of the registered shareholders on your account and your account
number. Your financial institution is responsible for sending the Funds all
necessary documents and may charge you for this service.

You can sell some or all of your shares on any day the Chase Vista Select Funds
Service Center is accepting purchase orders. You'll receive the next NAV
calculated after the Chase Vista Funds Service Center receives your order in
proper form from your financial institution. If the Fund receives your order
before the New York Stock Exchange closes regular trading, you will receive
that day's net asset value.

71
<PAGE>

HOW YOUR ACCOUNT WORKS

The Funds generally send proceeds of the sale in federal funds to your
financial institution on the business day after the Fund receives your request
in proper form.

Under unusual circumstances, the Funds may stop accepting orders to sell shares
or postpone payment for more than seven days, as federal securities laws
permit.
<GRAPHIC OMITTED>

Other information concerning the Funds

You may authorize your financial institution to act on redemption and transfer
instructions received by phone. If someone trades on your account by phone,
your financial institution has a responsibility to take all reasonable
precautions to confirm that the instructions are genuine. If your financial
institution fails to use such reasonable precautions, it may be liable for any
losses due to unauthorized or fraudulent instructions. Investors agree,
however, that they will not hold the Funds or their financial institution or
any of their agents liable for any losses or expenses arising from any sales
request, if reasonable precautions are taken.

Your financial institution may offer other services. These could include
special procedures for buying and selling Fund shares, such as pre-authorized
or systematic buying and selling plans. Each financial institution may
establish its own terms and conditions for these services.

Chase and its affiliates and the Funds and their affiliates, agents and
subagents may share information about shareholders and their accounts with each
other and with others unless this sharing is prohibited by contract. This
information can be used for a variety of purposes, including offering
investment and insurance products to shareholders.

Vista Fund Distributors, Inc. (VFD), a subsidiary of The BISYS Group, Inc., is
the Funds' distributor. VFD is unaffiliated with Chase.
<GRAPHIC OMITTED>

Distributions and taxes

Each Fund can earn income and it can realize capital gain. The Funds deduct any
expenses then pay out these earnings to shareholders as distributions.

The Select Short-Term Bond Fund, Select Intermediate Bond Fund and Select Bond
Fund declare dividends daily and distribute any net investment income at least
monthly. The Select Balanced Fund, Select Equity Income Fund, Select Large Cap
Equity Fund and Select Large Cap Growth Fund distribute any net investment
income at least monthly. The Select New Growth Opportunities Fund, Select Small
Cap Value Fund and Select International Equity Fund distribute any net
investment income at least quarterly. Each Fund distributes net capital gain at
least annually. You have three options for your distributions. You may

o reinvest all of them in additional Fund shares without a sales charge;

72
<PAGE>

o take distributions of net investment income in cash or as a deposit in a
pre-assigned bank account and reinvest distributions of net capital gain
in additional shares; or

o take all distributions in cash or as a deposit in a pre-assigned bank
account.

If your financial institution does not offer distribution reinvestment or if
you don't select an option when you open your account, we'll pay all
distributions in cash. The taxation of dividends won't be affected by the form
in which you receive them.

Dividends of net investment income are usually taxable as ordinary income at
the federal, state and local levels. The state or municipality where you live
may not charge you state and local taxes on tax exempt interest earned on
certain bonds. Dividends earned on bonds issued by the U.S. government and its
agencies may also be exempt from some types of state and local taxes.

If you receive distributions of net capital gain, the tax rate will be based on
how long a Fund held a particular asset, not on how long you have owned your
shares. If you buy shares just before a distribution, you will pay tax on the
entire amount of the taxable distribution you receive, even though the NAV will
be higher on that date because it includes the distribution amount.

Investment income received by the Select International Equity Fund from sources
in foreign countries may be subject to foreign taxes withheld at the source.
Since it is anticipated that more than 50% of this Fund's assets at the close
of its taxable year will be in securities of foreign corporations, the Fund may
elect to "pass through" to its shareholder the foreign taxes that it paid.

The Select Short-Term Bond Fund, Select Intermediate Bond Fund, Select Bond
Fund, Select Balanced Fund and Select Equity Income Fund expect that their
distributions will consist primarily of ordinary income. The Select New Growth
Opportunities Fund, Select Small Cap Value Fund and Select International Equity
Fund expect that their distributions will consist primarily of capital gains.

Early in each calendar year, each Fund will send you a notice showing the
amount of distributions you received in the preceding year and the tax status
of those distributions.

The above is a general summary of tax implications of investing in the Funds.
Please consult your tax adviser to see how investing in the Funds will affect
your own tax situation.
<GRAPHIC OMITTED>

73
<PAGE>

What the terms mean

COLLATERALIZED MORTGAGE OBLIGATIONS: debt securities that are collateralized by
a portfolio of mortgages or mortgage-backed securities.

DEBT SECURITIES: securities used by issuers, such as governmental entities and
corporations, to borrow money. The issuer usually pays a fixed, variable or
floating rate of interest and repays the amount borrowed at the maturity date
of the security. However, if a borrower issues a zero coupon debt security, it
does not make regular interest payments.

DEPOSITARY RECEIPTS: instruments which are typically issued by financial
institutions and which represent ownership of securities of foreign
corporations. Depositary receipts are usually designed for use on U.S. and
European securities exchanges.

DISTRIBUTION FEE: a fee that covers the cost of the distribution system used to
sell shares to the public.

DOLLAR-WEIGHTED AVERAGE MATURITY: The average maturity of the Fund is the
average amount of time until the issuers of the debt securities in the Fund's
portfolio must pay off the principal amount of the debt. "Dollar weighted" means
the larger the dollar value of the debt security in the Fund's portfolio, the
more weight it gets in calculating this average.

DURATION: A mathematical calculation of the average life of a bond that serves
as a useful measure of its price risk. Each year of duration represents an
expected 1% change in interest rates. For example, if a bond has an average
duration of 4 years, its price will move 4% when interest rates move 1%.

FUNDAMENTAL RESEARCH: method which concentrates on "fundamental" information
about an issuer such as it's financial statements, history, management, etc.

GROWTH APPROACH: approach which focuses on identifying securities of companies
whose earnings growth potential appears to the manager to be greater than the
market in general and whose growth in revenue is expected to continue for an
extended period.

MANAGEMENT FEE: a fee paid to the investment adviser to manage the Fund and
make decisions about buying and selling the Fund's investments.

MORTGAGE-RELATED SECURITIES: securities that directly or indirectly represent
an interest in, or are secured by and paid from, mortgage loans secured by real
property.

OTHER EXPENSES: miscellaneous items, including transfer agency, administration,
shareholder servicing, custody and registration fees.

74
<PAGE>

REPURCHASE AGREEMENTS: a type of short-term investment in which a dealer sells
securities to the Fund and agrees to buy them back later at a set price. In
effect, the dealer is borrowing the Fund's money for a short time, using the
securities as collateral.

SHAREHOLDER SERVICE FEE: a fee to cover the cost of paying shareholder
servicing agents to provide certain support services for your account.

STRIPPED OBLIGATIONS: debt securities which are separately traded interest-only
or principal-only components of an underlying obligation.

TECHNICAL ANALYSIS: method which focuses on historical price trends in an
attempt to predict future price movements

VALUE APPROACH: approach which focuses on identifying securities that the
advisers believe are undervalued by the market as measured by certain financial
formulas.

YIELD CURVE: measure showing relationship among yields of similar bonds with
different maturities.
<GRAPHIC OMITTED>

75
<PAGE>

FINANCIAL HIGHLIGHTS

Chase Vista Select Short-Term Bond Fund

The Financial Highlights table is intended to help you understand the Fund's
financial performance for the periods since shares were first offered. The
total returns in the table represent the rate an investor would have earned or
lost on an investment in the Fund (assuming reinvestment of all dividends and
distributions).

The table set forth below provides selected per share data and ratios for one
Share.

This information is supplemented by financial statements including accompanying
notes appearing in the Fund's Annual Report to Shareholders for the year ended
October 31, 1998, which is incorporated by reference into the SAI. Shareholders
may obtain a copy of this annual report by contacting the Fund or their
Shareholder Servicing Agent.

The financial statements which include the financial information set forth
below, have been audited by PricewaterhouseCoopers LLP, independent
accountants, whose report thereon is included in the Annual Report to
Shareholders.

<TABLE>
<CAPTION>
Year 1/1/97*
ended through
10/31/98 10/31/97
<S> <C> <C>
PER SHARE OPERATING PERFORMANCE
- ------------------------------------------------------------------
Net Asset Value, Beginning of Period $ 10.65 $ 10.62
- ------------------------------------------------------------------
Income from Investment Operations:
Net Investment Income 0.611 0.568
Net Gains or Losses on Securities
(both realized and unrealized) 0.035 0.030
-------- --------
Total from Investment Operations 0.646 0.598

Less Distributions:
Dividends from net Investment Income 0.608 0.568
Distributions from Capital Gains -- --
-------- --------
Total Distributions 0.608 0.568
- ------------------------------------------------------------------
Net Asset Value, End of Period $ 10.69 $ 10.65
- ------------------------------------------------------------------
TOTAL RETURN 6.25% 5.82%
- ------------------------------------------------------------------
</TABLE>

76
<PAGE>

<TABLE>
<CAPTION>
Year 1/1/97*
ended through
10/31/98 10/31/97
<S> <C> <C>
RATIOS/SUPPLEMENTAL DATA
- -----------------------------------------------------------------
Net Assets, End of Period
(in millions) $ 25 $ 27
- -----------------------------------------------------------------
Ratio of Expenses to
Average Net Assets 0.11% 0.11%#
- -----------------------------------------------------------------
Ratio of Net Income
to Average Net Assets 6.01% 6.45%#
- -----------------------------------------------------------------
Ratio of Expenses without waivers
and assumption of expenses to
Average Net Assets 0.88% 0.63%#
- -----------------------------------------------------------------
Ratio of Net Investment Income
without waivers and assumption
of expenses to Average Net Assets 5.24% 5.93%#
- -----------------------------------------------------------------
Portfolio Turnover Rate 382% 406%
- -----------------------------------------------------------------
</TABLE>

*Commencement of operations.
#Short periods have been annualized.

77
<PAGE>

FINANCIAL HIGHLIGHTS

Chase Vista Select Intermediate Bond Fund

The table set forth below provides selected per share data and ratios for one
Share.

The financial statements, which include the financial information set forth
below, have been audited by PricewaterhouseCoopers LLP, independent
accountants, whose report thereon is included in the Annual Report to
Shareholders.

<TABLE>
<CAPTION>
Year 1/1/97*
ended through
10/31/98 10/31/97
<S> <C> <C>
PER SHARE OPERATING PERFORMANCE
- -----------------------------------------------------------------
Net Asset Value, Beginning of Period $ 10.19 $ 10.09
- -----------------------------------------------------------------
Income from Investment Operations:
Net Investment Income 0.620 0.554
Net Gains or Losses on Securities
(both realized and unrealized) 0.167 0.100
-------- --------
Total from Investment Operations 0.787 0.654

Less Distributions:
Dividends from net Investment Income 0.617 0.554
Distributions from Capital Gains -- --
-------- --------
Total Distributions 0.617 0.554
- -----------------------------------------------------------------
Net Asset Value, End of Period $ 10.36 $ 10.19
- -----------------------------------------------------------------
TOTAL RETURN 7.98% 6.71%
- -----------------------------------------------------------------
</TABLE>

78
<PAGE>

<TABLE>
<CAPTION>
Year 1/1/97*
ended through
10/31/98 10/31/97
<S> <C> <C>
RATIOS/SUPPLEMENTAL DATA
- ------------------------------------------------------------
Net Assets, End of Period
(in millions) $ 353 $ 319
- ------------------------------------------------------------
Ratio of Expenses to
Average Net Assets 0.04% 0.06%#
- ------------------------------------------------------------
Ratio of Net Income
to Average Net Assets 6.16% 6.67%#
- ------------------------------------------------------------
Ratio of Expenses without waivers
and assumption of expenses to
Average Net Assets 0.52% 0.54%#
- ------------------------------------------------------------
Ratio of Net Investment Income
without waivers and assumption
of expenses to Average Net Assets 5.68% 6.19%#
- ------------------------------------------------------------
Portfolio Turnover Rate 168% 193%
- ------------------------------------------------------------
</TABLE>

*Commencement of operations.
#Short periods have been annualized.

79
<PAGE>

FINANCIAL HIGHLIGHTS

Chase Vista Select Bond Fund

The table set forth below provides selected per share data and ratios for one
Share.

<TABLE>
<CAPTION>
Year 1/1/97*
ended through
10/31/98 10/31/97
<S> <C> <C>
PER SHARE OPERATING PERFORMANCE
- -------------------------------------------------------------------
Net Asset Value, Beginning of Period $ 41.01 $ 40.34
- -------------------------------------------------------------------
Income from Investment Operations:
Net Investment Income 2.561 2.308
Net Gains or Losses on Securities
(both realized and unrealized) 0.760 0.667
-------- --------
Total from Investment Operations 3.321 2.975

Less Distributions:
Dividends from net Investment Income 2.549 2.305
Distributions from Capital Gains 0.492 --
-------- --------
Total Distributions 3.041 2.305
- -------------------------------------------------------------------
Net Asset Value, End of Period $ 41.29 $ 41.01
- -------------------------------------------------------------------
TOTAL RETURN 8.44% 7.64%
- -------------------------------------------------------------------
</TABLE>

80
<PAGE>

<TABLE>
<CAPTION>
Year 1/1/97*
ended through
10/31/98 10/31/97
<S> <C> <C>
RATIOS/SUPPLEMENTAL DATA
- -------------------------------------------------------------------
Net Assets, End of Period
(in millions) $ 590 $ 520
- -------------------------------------------------------------------
Ratio of Expenses to
Average Net Assets 0.03% 0.02%#
- -------------------------------------------------------------------
Ratio of Net Income
to Average Net Assets 6.27% 6.89%#
- -------------------------------------------------------------------
Ratio of Expenses without waivers
and assumption of expenses to
Average Net Assets 0.51% 0.49%#
- -------------------------------------------------------------------
Ratio of Net Investment Income
without waivers and assumption
of expenses to Average Net Assets 5.79% 6.42%#
- -------------------------------------------------------------------
Portfolio Turnover Rate 306% 261%
- -------------------------------------------------------------------
</TABLE>

*Commencement of operations.
#Short periods have been annualized.

81
<PAGE>

FINANCIAL HIGHLIGHTS

Chase Vista Select Balanced Fund

The table set forth below provides selected per share data and ratios for one
Share.

<TABLE>
<CAPTION>
Year 1/1/97*
ended through
10/31/98 10/31/97
<S> <C> <C>
PER SHARE OPERATING PERFORMANCE
- -----------------------------------------------------------------
Net Asset Value, Beginning of Period $ 34.08 $ 30.62
- -----------------------------------------------------------------
Income from Investment Operations:
Net Investment Income 1.316 1.171
Net Gains or Losses in Securities
(both realized and unrealized) 3.054 3.460
-------- --------
Total from Investment Operations 4.370 4.631

Less Distributions:
Dividends from net Investment Income 1.314 1.171
Distributions from Capital Gains 3.606 --
-------- --------
Total Distributions 4.920 1.171
- -----------------------------------------------------------------
Net Asset Value, End of Period $ 33.53 $ 34.08
- -----------------------------------------------------------------
TOTAL RETURN 14.28% 15.36%
- -----------------------------------------------------------------
</TABLE>

82
<PAGE>

<TABLE>
<CAPTION>
Year 1/1/97*
ended through
10/31/98 10/31/97
<S> <C> <C>
RATIOS/SUPPLEMENTAL DATA
- -----------------------------------------------------------------
Net Assets, End of Period
(000 omitted) $ 152,102 $179,183
- -----------------------------------------------------------------
Ratio of Expenses to
Average Net Assets 0.03% 0.03%#
- -----------------------------------------------------------------
Ratio of Net Income
to Average Net Assets 3.98% 4.29%#
- -----------------------------------------------------------------
Ratio of Expenses without waivers
and assumption of expenses to
Average Net Assets 0.75% 0.72%#
- -----------------------------------------------------------------
Ratio of Net Investment Income
without waivers and assumption
of expenses to Average Net Assets 3.26% 3.60%#
- -----------------------------------------------------------------
Portfolio Turnover Rate 50% 131%
- -----------------------------------------------------------------
</TABLE>

*Commencement of operations.
#Short periods have been annualized.

83
<PAGE>

FINANCIAL HIGHLIGHTS

Chase Vista Select Equity Income Fund

The table set forth below provides selected per share data and ratios for one
Share.

<TABLE>
<CAPTION>
Year 1/1/97*
ended through
10/31/98 10/31/97
<S> <C> <C>
PER SHARE OPERATING PERFORMANCE
- -------------------------------------------------------------------
Net Asset Value, Beginning of Period $ 102.65 $ 84.97
- -------------------------------------------------------------------
Income from Investment Operations:
Net Investment Income 2.565 2.371
Net Gains or Losses in Securities
(both realized and unrealized) 4.512 17.680
--------- --------
Total from Investment Operations 7.077 20.051

Less Distributions:
Dividends from Net Investment Income 2.503 2.371
Distributions from Capital Gains 20.544 --
--------- --------
Total Distributions 23.047 2.371
- -------------------------------------------------------------------
Net Asset Value, End of Period $ 86.68 $ 102.65
- -------------------------------------------------------------------
TOTAL RETURN 7.62% 23.78%
- -------------------------------------------------------------------
</TABLE>

84
<PAGE>

<TABLE>
<CAPTION>
Year 1/1/97*
ended through
10/31/98 10/31/97
<S> <C> <C>
RATIOS/SUPPLEMENTAL DATA
- -----------------------------------------------------------------
Net Assets, End of Period
(000 omitted) $ 922,977 $955,137
- -----------------------------------------------------------------
Ratio of Expenses to
Average Net Assets 0.03% 0.03%#
- -----------------------------------------------------------------
Ratio of Net Income
to Average Net Assets 2.85% 2.97%#
- -----------------------------------------------------------------
Ratio of Expenses without waivers
and assumption of expenses to
Average Net Assets 0.59% 0.59%#
- -----------------------------------------------------------------
Ratio of Net Investment Income
without waivers and assumption
of expenses to Average Net Assets 2.29% 2.41%#
- -----------------------------------------------------------------
Portfolio Turnover Rate 148% 73%
- -----------------------------------------------------------------
</TABLE>

*Commencement of operations.
#Short periods have been annualized.

85
<PAGE>

FINANCIAL HIGHLIGHTS

Chase Vista Select Large Cap Equity Fund

The table set forth below provides selected per share data and ratios for one
Share.

<TABLE>
<CAPTION>
Year 1/1/97*
ended through
10/31/98 10/31/97
<S> <C> <C>
PER SHARE OPERATING PERFORMANCE
- --------------------------------------------------------------------
Net Asset Value, Beginning of Period $ 512.37 $ 409.39
- --------------------------------------------------------------------
Income from Investment Operations:
Net Investment Income 6.153 6.506
Net Gains or Losses in Securities
(both realized and unrealized) 57.892 102.979
--------- ---------
Total from Investment Operations 64.045 109.485

Less Distributions:
Dividends from net Investment Income 6.150 6.505
Distributions from Capital Gains 157.595 --
--------- ---------
Total Distributions 163.745 6.505
- --------------------------------------------------------------------
Net Asset Value, End of Period $ 412.67 $ 512.37
- --------------------------------------------------------------------
TOTAL RETURN 16.58% 26.89%
- --------------------------------------------------------------------
</TABLE>

86
<PAGE>

<TABLE>
<CAPTION>
Year 1/1/97*
ended through
10/31/98 10/31/97
<S> <C> <C>
RATIOS/SUPPLEMENTAL DATA
- ----------------------------------------------------------------
Net Assets, End of Period
(000 omitted) $ 176,762 $186,413
- ----------------------------------------------------------------
Ratio of Expenses to
Average Net Assets 0.03% 0.03%#
- ----------------------------------------------------------------
Ratio of Net Income
to Average Net Assets 1.46% 1.66%#
- ----------------------------------------------------------------
Ratio of Expenses without waivers
and assumption of expenses to
Average Net Assets 0.65% 0.58%#
- ----------------------------------------------------------------
Ratio of Net Investment Income
without waivers and assumption
of expenses to Average Net Assets 0.86% 1.11%#
- ----------------------------------------------------------------
Portfolio Turnover Rate 56% 54%
- ----------------------------------------------------------------
</TABLE>

*Commencement of operations.
#Short periods have been annualized.

87
<PAGE>

FINANCIAL HIGHLIGHTS

Chase Vista Select Large Cap Growth Fund

The table set forth below provides selected per share data and ratios for one
Share.

<TABLE>
<CAPTION>
Year 1/1/97*
ended through
10/31/98 10/31/97
<S> <C> <C>
PER SHARE OPERATING PERFORMANCE
- -------------------------------------------------------------------
Net Asset Value, Beginning of Period $ 96.89 $ 78.04
- -------------------------------------------------------------------
Income from Investment Operations:
Net Investment Income 1.008 0.827
Net Gains or Losses in Securities
(both realized and unrealized) 24.695 18.849
-------- --------
Total from Investment Operations 25.703 19.676

Less Distributions:
Dividends from net Investment Income 1.009 0.826
Distributions from Capital Gains 9.514 --
-------- --------
Total Distributions 10.523 0.826
- -------------------------------------------------------------------
Net Asset Value, End of Period $ 112.07 $ 96.89
- -------------------------------------------------------------------
TOTAL RETURN 29.12% 25.32%
- -------------------------------------------------------------------
</TABLE>

88
<PAGE>

<TABLE>
<CAPTION>
Year 1/1/97*
ended through
10/31/98 10/31/97
<S> <C> <C>
RATIOS/SUPPLEMENTAL DATA
- -----------------------------------------------------------------
Net Assets, End of Period
(000 omitted) $ 653,986 $548,162
- -----------------------------------------------------------------
Ratio of Expenses to
Average Net Assets 0.02% 0.02%#
- -----------------------------------------------------------------
Ratio of Net Income
to Average Net Assets 0.98% 1.12%#
- -----------------------------------------------------------------
Ratio of Expenses without waivers
and assumption of expenses to
Average Net Assets 0.60% 0.60%#
- -----------------------------------------------------------------
Ratio of Net Investment Income
without waivers and assumption
of expenses to Average Net Assets 0.40% 0.54%#
- -----------------------------------------------------------------
Portfolio Turnover Rate 22% 36%
- -----------------------------------------------------------------
</TABLE>

*Commencement of operations.
#Short periods have been annualized.

89
<PAGE>

FINANCIAL HIGHLIGHTS

Chase Vista Select New Growth Opportunities Fund

The table set forth below provides selected per share data and ratios for one
Share.

<TABLE>
<CAPTION>
Year 1/1/97*
ended through
10/31/98 10/31/97
<S> <C> <C>
PER SHARE OPERATING PERFORMANCE
- ---------------------------------------------------------------------
Net Asset Value,
Beginning of Period $ 647.83 $ 571.52
- ---------------------------------------------------------------------
Income from Investment Operations:
Net Investment Income 2.758 2.914
Net Gains or Losses in Securities
(both realized and unrealized) (8.319) 76.149
-------- --------
Total from Investment Operations (5.561) 79.063

Less Distributions:
Dividends from Net Investment Income 2.656 2.753
Distributions from Capital Gains 46.943 --
-------- --------
Total Distributions 49.599 2.753
- ---------------------------------------------------------------------
Net Asset Value, End of Period $ 592.67 $ 647.83
- ---------------------------------------------------------------------
TOTAL RETURN (0.70)% 13.90%
- ---------------------------------------------------------------------
</TABLE>

90
<PAGE>

<TABLE>
<CAPTION>
Year 1/1/97*
ended through
10/31/98 10/31/97
<S> <C> <C>
RATIOS/SUPPLEMENTAL DATA
- -----------------------------------------------------------------
Net assets, end of period
(000 omitted) $112,326 $ 116,375
- -----------------------------------------------------------------
Ratio of Expenses to
Average Net Assets 0.08% 0.08%#
- -----------------------------------------------------------------
Ratio of Net Income
to Average Net Assets 0.43% 0.57%#
- -----------------------------------------------------------------
Ratio of Expenses without waivers
and assumption of expenses to
Average Net Assets 0.94% 0.92%#
- -----------------------------------------------------------------
Ratio of Net Investment Income
without waivers and assumption
of expenses to Average Net Assets (0.43%) (0.27%)#
- -----------------------------------------------------------------
Portfolio Turnover Rate 67% 50%
- -----------------------------------------------------------------
</TABLE>

*Commencement of operations.
#Short periods have been annualized.

91
<PAGE>

FINANCIAL HIGHLIGHTS

Chase Vista Select Small Cap Value Fund

The table set forth below provides selected per share data and ratios for one
Share.

<TABLE>
<CAPTION>
Year 1/1/97*
ended through
10/31/98 10/31/97
<S> <C> <C>
PER SHARE OPERATING PERFORMANCE
- --------------------------------------------------------------------
Net Asset Value,
Beginning of Period $ 60.54 $ 51.87
- ----------------------------------------- ------- -------
Income from Investment Operations:
Net Investment Income 0.745 0.574
Net Gains or Losses in Securities
(both realized and unrealized) (5.723) 8.620
------- -------
Total from Investment Operations (4.978) 9.194

Less Distributions:
Dividends from Net Investment Income 0.752 0.524
Distributions from Capital Gains 2.080 --
------- -------
Total Distributions 2.832 0.524
- ----------------------------------------- ------- -------
Net Asset Value, End of Period $ 52.73 $ 60.54
- ----------------------------------------- ------- -------
TOTAL RETURN (8.53)% 17.80%
- ----------------------------------------- ------- -------
</TABLE>

92
<PAGE>

<TABLE>
<CAPTION>
Year 1/1/97*
ended through
10/31/98 10/31/97
<S> <C> <C>
RATIOS/SUPPLEMENTAL DATA
- -----------------------------------------------------------------
Net assets, end of period
(000 omitted) $ 418,357 $487,643
- -----------------------------------------------------------------
Ratio of Expenses to
Average Net Assets 0.02% 0.02%#
- -----------------------------------------------------------------
Ratio of Net Income
to Average Net Assets 1.28% 1.26%#
- -----------------------------------------------------------------
Ratio of Expenses without waivers
and assumption of expenses to
Average Net Assets 0.85% 0.85%#
- -----------------------------------------------------------------
Ratio of Net Investment Income
without waivers and assumption
of expenses to Average Net Assets 0.45% 0.43%#
- -----------------------------------------------------------------
Portfolio Turnover Rate 6% 8%
- -----------------------------------------------------------------
</TABLE>

*Commencement of operations.
#Short periods have been annualized.

93
<PAGE>

FINANCIAL HIGHLIGHTS

Chase Vista Select International Equity Fund

The table set forth below provides selected per share data and ratios for one
Share.

<TABLE>
<CAPTION>
Year 1/1/97*
ended through
10/31/98 10/31/97
<S> <C> <C>
PER SHARE OPERATING PERFORMANCE
- ----------------------------------------------------------------------
Net Asset Value,
Beginning of Period $ 176.71 $ 171.85
- ----------------------------------------------------------------------
Income from Investment Operations:
Net Investment Income 2.459 2.662
Net Gains or Losses in Securities
(both realized and unrealized) 5.409 4.614
---------- ----------
Total from Investment Operations 7.868 7.276

Less Distributions:
Dividends from Net Investment Income 7.475 2.416
Distributions from Capital Gains 10.363 --
---------- ----------
Total Distributions 17.838 2.416
- ----------------------------------------------------------------------
Net Asset Value, End of Period $ 166.74 $ 176.71
- ----------------------------------------------------------------------
TOTAL RETURN 4.80% 4.15%
- ----------------------------------------------------------------------
</TABLE>

94
<PAGE>

<TABLE>
<CAPTION>
Year 1/1/97*
ended through
10/31/98 10/31/97
<S> <C> <C>
RATIOS/SUPPLEMENTAL DATA
- -----------------------------------------------------------------
Net assets, end of period
(000 omitted) $ 220,945 $254,402
- -----------------------------------------------------------------
Ratio of Expenses to
Average Net Assets 0.05% 0.07%#
- -----------------------------------------------------------------
Ratio of Net Income
to Average Net Assets 1.71% 1.66%#
- -----------------------------------------------------------------
Ratio of Expenses without waivers
and assumption of expenses to
Average Net Assets 1.34% 1.27%#
- -----------------------------------------------------------------
Ratio of Net Investment Income
without waivers and assumption
of expenses to Average Net Assets 0.42% 0.46%#
- -----------------------------------------------------------------
Portfolio Turnover Rate 150% 141%
- -----------------------------------------------------------------
</TABLE>

*Commencement of operations.
#Short periods have been annualized.

95
<PAGE>

HOW TO REACH US

More information

You'll find more information about the Funds in the following documents:

ANNUAL AND SEMI-ANNUAL REPORTS

Our annual and semi-annual reports contain more information about each Fund's
investments and performance. The annual report also includes details about the
market conditions and investment strategies that had a significant effect on
each Fund's performance during the last fiscal year.

STATEMENT OF ADDITIONAL INFORMATION (SAI)

The SAI contains more detailed information about the Funds and their policies.
It's incorporated by reference into this prospectus. That means, by law, it's
considered to be part of this prospectus.

You can get a free copy of these documents and other information, or ask us any
questions, by calling us at 1-800-34-VISTA or writing to:

Chase Vista Fund Service Center
P.O. Box 419392
Kansas City, MO 64141-6392

If you buy your shares through The Chase Manhattan Bank or another institution,
you should contact that institution directly for more information. You can also
find information on-line at www.chasevista.com on the Internet.

You can write the SEC's Public Reference Room and ask them to mail you
information about the Funds, including the SAI. They'll charge you a copying
fee for this service. You can also visit the Public Reference Section and copy
the documents while you're there.

Public Reference Section of the SEC
Washington, DC 20549-6009
1-800-SEC-0330

Reports, a copy of the SAI and other information about the Funds is also
available on the SEC's website at http://www.sec.gov.

The Fund's Investment Company Act File No. is 811-7843

Chase Vista Funds
Fulfillment Center
393 Manley Street
West Bridgewater, MA 02379-1039
<PAGE>

PART C

MUTUAL FUND SELECT GROUP
PART C. OTHER INFORMATION

ITEM 23. Exhibits

Exhibit
Number
- -------
1 Declaration of Trust (1)
2 By-laws. (1)
3 None.
4(a) Form of Investment Advisory Agreement. (1)

4(b) Form of Sub-Advisory Agreement between The Chase Manhattan
Bank and Chase Asset Management, Inc.(1)
4(c) Form of Investment Subadvisory Agreement between The Chase
Manhattan Bank and Chase Asset Management (London) Limited (1)
5 Form of Proposed Distribution and Sub-Administration Agreement. (1)
6(a) Form of Retirement Plan for Eligible Trustees.(2)
6(b) Form of Deferred Compensation Plan for Eligible Trustees. (2)
7 Form of Custodian Agreement. (1)
8(a) Form of Transfer Agency Agreement. (1)
8(b) Form of Administration Agreement. (1)

C-1
<PAGE>

9 Opinion re: Legality of Securities being Registered. (4)
10 Consent of Price Waterhouse LLP (5)
11 Financial statements

In Part B: Financial Statements and the Reports thereon
for the Funds filed herein are incorporated by
reference into Part B as part of the 1998
Annual Reports to Shareholders for such Funds
as filed with the Securities and Exchange
Commission by Mutual Fund Select Group on Form
N-30D on December 30, 1998, accession number
0000950146-98-002166 and 0000950146-98-002167,
which are incorporated into Part B by
reference.

12 None.
13 Form of Share Purchase Agreement. (3)
14 Financial Data Schedules (5)
15 None.
24 Powers of Attorney (4)

- --------------------

(1) Filed as an exhibit to the Registration Statement on Form N-1A of the
Registrant (File No. 333-13317) as filed with the Securities and Exchange
Commission on October 2, 1996.
(2) Incorporated by reference to Amendment No. 6 to the Registration Statement
on Form N-1A of Mutual Fund Group (File No. 33-14196) as filed with the
Securities and Exchange Commission on March 23, 1990.
(3) Filed as an exhibit to Pre-effective Amendment No. 1 as filed with the
Securities and Exchange Commission on November 15, 1996.
(4) Filed as an exhibit to Pre-effective Amendment No. 2 as filed with the
Securities and Exchange Commission on December 19, 1996.
(5) Filed as an exhibit to Post-Effective Amendment No. 4 as filed with the
Securities and Exchange Commission on February 26, 1999.

ITEM 24. Persons Controlled by or Under Common
Control with Registrant

Not applicable

C-2
<PAGE>

ITEM 25. Indemnification

Reference is hereby made to Article V of the Registrant's Declaration
of Trust.

The Trustees and officers of the Registrant and the personnel of the
Registrant's investment adviser, administrator and distributor are insured under
an errors and omissions liability insurance policy. The Registrant and its
officers are also insured under the fidelity bond required by Rule 17g-1 under
the Investment Company Act of 1940.

Under the terms of the Registrant's Declaration of Trust, the
Registrant may indemnify any person who was or is a Trustee, officer or employee
of the Registrant to the maximum extent permitted by law; provided, however,
that any such indemnification (unless ordered by a court) shall be made by the
Registrant only as authorized in the specific case upon a determination that
indemnification of such persons is proper in the circumstances. Such
determination shall be made (i) by the Trustees, by a majority vote of a quorum
which consists of Trustees who are neither in Section 2(a)(19) of the Investment
Company Act of 1940, nor parties to the proceeding, or (ii) if the required
quorum is not obtainable or, if a quorum of such Trustees so directs, by
independent legal counsel in a written opinion. No indemnification will be
provided by the Registrant to any Trustee or officer of the Registrant for any
liability to the Registrant or shareholders to which he would otherwise be
subject by reason of willful misfeasance, bad faith, gross negligence or
reckless disregard of duty.

Insofar as the conditional advancing of indemnification monies for
actions based upon the Investment Company Act of 1940 may be concerned, such
payments will be made only on the following conditions: (i) the advances must be
limited to amounts used, or to be used, for the preparation or presentation of a
defense to the action, including costs connected with the preparation of a
settlement; (ii) advances may be made only upon receipt of a written promise by,
or on behalf of, the recipient to repay that amount of the advance which exceeds
that amount to which it is ultimately determined that he is entitled to receive
from the Registrant by reason of indemnification; and (iii) (a) such promise
must be secured by a surety bond, other suitable

C-3
<PAGE>

insurance or an equivalent form of security which assures that any repayments
may be obtained by the Registrant without delay or litigation, which bond,
insurance or other form of security must be provided by the recipient of the
advance, or (b) a majority of a quorum of the Registrant's disinterested,
non-party Trustees, or an independent legal counsel in a written opinion, shall
determine, based upon a review of readily available facts, that the recipient of
the advance ultimately will be found entitled to indemnification.

Insofar as indemnification for liability arising under the
Securities Act of 1933 may be permitted to trustees, officers and controlling
persons of the Registrant pursuant to the foregoing provisions, or otherwise,
the Registrant has been advised that in the opinion of the Securities and
Exchange Commission such indemnification is against public policy as expressed
in the Act and is, therefore, unenforceable. In the event that a claim for
indemnification against such liabilities (other than the payment by the
Registrant of expenses incurred or paid by a trustee, officer or controlling
person of the Registrant in the successful defense of any action, suit or
proceeding) is asserted by such trustee, officer or controlling person in
connection with the securities being registered, the Registrant will, unless in
the opinion of it counsel the matter has been settled by controlling precedent,
submit to a court of appropriate jurisdiction the question whether such
indemnification by it is against public policy as expressed in the Act and will
be governed by the final adjudication of such issue.

ITEM 26(a). Business and Other Connections of Investment Adviser

The Chase Manhattan Bank (the "Adviser") is a commercial bank
providing a wide range of banking and investment services.

To the knowledge of the Registrant, none of the Directors or
executive officers of the Adviser, except those described below, are or have
been, at any time during the past two years, engaged in any other business,
profession, vocation or employment of a substantial nature, except that certain
Directors and executive officers of the Adviser also hold or have held various
positions with bank and non-bank affiliates of the Adviser, including its
parent, The Chase Manhattan Corporation. Each Director listed below is also a
Director of The Chase Manhattan Corporation.

<TABLE>
<CAPTION>
Principal Occupation or Other
Position with Employment of a Substantial
Name the Adviser Nature During Past Two Years
- ---- ------------- -----------------------------
<S> <C> <C>

Thomas G. Labreque President and Chief Operating Officer Chairman, Chief Executive Officer
and Director and a Director of The Chase
Manhattan Corporation and a
Director of AMAX, Inc.

M. Anthony Burns Director Chairman of the Board, President
and Chief Executive Officer of
Ryder System, Inc.

</TABLE>

C-4
<PAGE>

H. Laurance Fuller Director Chairman, President, Chief
Executive Officer and Director of
Amoco Corporation and Director of
Abbott Laboratories

Henry B. Schacht Director Chairman and Chief Executive
Officer of Cummins Engine
Company, Inc. and a Director of
each of American Telephone and
Telegraph Company and CBS Inc.
</TABLE>

C-5
<PAGE>

<TABLE>
<CAPTION>
<S> <C> <C>
James L. Ferguson Director Retired Chairman and Chief
Executive Officer of General Foods
Corporation

William H. Gray III Director President and Chief Executive
Officer of the United Negro College
Fund, Inc.

Frank A. Bennack, Jr. Director President and Chief Executive Officer
The Hearst Corporation

Susan V. Berresford Director President, The Ford Foundation

Melvin R. Goodes Director Chairman of the Board and Chief Executive
Officer, The Warner-Lambert Company

George V. Grune Director Retired Chairman and Chief Executive
Officer, The Reader's Digest Association,
Inc.; Chairman, The DeWitt Wallace-
Reader's Digest Fund; The Lila-Wallace
Reader's Digest Fund

William B. Harrison, Jr. Vice Chairman of the Board

Harold S. Hook Director Chairman and Chief Executive Officer,
General Corporation

Helen L. Kaplan Director Of Counsel, Skadden, Arps, Slate, Meagher
& Flom

Walter V. Shipley Chairman of the Board and
Chief Executive Officer

Andrew C. Sigler Director Chairman of the Board and Chief
Executive Officer, Champion International
Corporation
.
John R. Stafford Director Chairman, President and Chief Executive
Officer, American Home Products
Corporation

Marina v. N. Whitman Director Professor of Business Administration and
Public Policy, University of Michigan
</TABLE>

<PAGE>

Item 26(b)

Chase Asset Management ("CAM") is an Investment Advisor providing investment
services to institutional clients.

To the knowledge of the Registrant, none of the Directors or executive
officers of the CAM, except those described below, are or have been, at any time
during the past two years, engaged in any other business, profession, vocation
or employment of a substantial nature, except that certain Directors and
executive officers of the CAM also hold or have held various positions with bank
and non-bank affiliates of the Advisor, including its parent, The Chase
Manhattan Corporation.

Principal Occupation or Other
Position with Employment of a Substantial
Name the Sub-Advisor Nature During Past Two Years
- ---- --------------- ----------------------------

James Zeigon Chairman and Director Director of Chase
Asset Management
(London) Limited

Steven Prostano Executive Vice President Chief Operating Officer
and Chief Operating Officer and Director of Chase
Asset Management
(London) Limited

Mark Richardson President and Chief Chief Investment Officer
Investment Officer and Director of Chase
Asset Management
(London) Limited

Item 26(c)

Chase Asset Management (London) Limited ("CAM London") is an Investment
Advisor providing investment services to institutional clients.

To the knowledge of the Registrant, none of the Directors or executive
officers of CAM London, except those described below, are or have been, at any
time during the past two years, engaged in any other business, profession,
vocation or employment of a substantial nature, except that certain Directors
and executive officers of CAM London also hold or have held various positions
with bank and non-bank affiliates of the Advisor, including its parent, The
Chase Manhattan Corporation.

Principal Occupation or Other
Position with Employment of a Substantial
Name the Sub-Advisor Nature During Past Two Years
- ---- --------------- ----------------------------

Michael Browne Director Fund Manager, The Chase Manhattan
Bank, N.A.; Fund Manager, BZW
Investment Management

David Gordon Ross Director Head of Global Fixed Income
Management, Chase Asset
Management, Inc.; Vice President,
The Chase Manhattan Bank, N.A.

Brian Harte Director Investment Manager, The Chase
Manhattan Bank, N.A.

Cornelia L. Kiley Director

James Zeigon Director Chairman and Director of Chase
Asset Management, Inc.

Mark Richardson Chief Investment Director, President and Chief
Officer and Director Operating Officer of Chase Asset
Management, Inc.

Steve Prostano Chief Operating Director, Executive Vice President
Officer and and Chief Operating Officer of Chase
Director Asset Management, Inc.
<PAGE>

ITEM 27. Principal Underwriters

(a) Vista Fund Distributors, Inc., a wholly-owned subsidiary of
The BISYS Group, Inc. is the underwriter for Mutual Fund Group, Mutual Fund
Trust and Mutual Fund Select Trust.

(b) The following are the Directors and officers of Vista Fund
Distributors, Inc. The principal business address of each of these persons, is
listed below.

<TABLE>
<CAPTION>
Position and Offices Position and Offices
Name and Address with Distributor with the Registrant
- ---------------- -------------------- --------------------
<S> <C> <C>

Lynn J. Mangum Chairman None
150 Clove Street
Little Falls, NJ 07424

Robert J. McMullan Director and Exec. Vice President None
150 Clove Street
Little Falls, NJ 07424

Lee W. Schultheis President None
101 Park Avenue, 16th Floor
New York, NY 10178

George O. Martinez Senior Vice President None
3435 Stelzer Road
Columbus, OH 43219

Irimga McKay Vice President None
1230 Columbia Street
5th Floor, Suite 500
San Diego, CA 92101

Michael Burns Vice President/Compliance None
3435 Stelzer Road
Columbus, OH 43219

William Blundin Vice President None
125 West 55th Avenue
11th Floor
New York, NY 10019

Dennis Sheehan Vice President None
150 Clove Street
Little Falls, NJ 07424

Annamaria Porcaro Assistant Secretary None
150 Clove Street
Little Falls, NJ 97424

Robert Tuch Assistant Secretary None
3435 Stelzer Road
Columbus, OH 43219

Stephen Mintos Executive Vice President/COO None
3435 Stelzer Road
Columbus, OH 43219

Dale Smith Vice President/CFO None
3435 Stelzer Road
Columbus, OH 43219

William J. Tomko Vice President None
3435 Stelzer Road
Columbus, OH 43219
</TABLE>

C-6
<PAGE>

ITEM 28. Location of Accounts and Records

The accounts and records of the Registrant are located, in whole or in
part, at the office of the Registrant and the following locations:

Name Address
---- -------
Vista Fund Distributors, Inc. 101 Park Avenue,
New York, NY 10178

DST Systems, Inc. 210 W. 10th Street,
Kansas City, MO 64105

The Chase Manhattan Bank 270 Park Avenue,
New York, NY 10017

Chase Asset Mangement, Inc. 1211 Avenue of the
Americas,
New York, NY 10036

Chase Asset Management, Ltd. (London) Colvile House
32 Curzon Street
London, England W1Y8AL

The Chase Manhattan Bank One Chase Square,
Rochester, NY 14363

ITEM 29. Management Services

Not applicable

ITEM 30. Undertakings

(1) Registrant undertakes that its trustees shall promptly
call a meeting of shareholders of the Trust for the purpose of voting upon the
question of removal of any such trustee or trustees when requested in writing so
to do by the record holders of not less than 10 per centum of the outstanding
shares of the Trust. In addition, the Registrant shall, in certain
circumstances, give such shareholders assistance in communicating with other
shareholders of a fund as required by Section 16(c) of the Investment Company
Act of 1940.

(2) The Registrant, on behalf of the Funds, undertakes,
provided the information required by Item 5A is contained in the latest annual
report to shareholders, to furnish to each person to whom a prospectus has been
delivered, upon their request and without charge, a copy of the Registrant's
latest annual report to shareholders.

C-7
<PAGE>
SIGNATURES

Pursuant to the requirements of the Securities Act of 1933 and the Investment
Company Act of 1940, the Registrant has certified that it meets all the
requirements for effectiveness pursuant to Rule 485(b) under the Securities Act
of 1933 and has duly caused this Post-Effective Amendment to its Registration
Statement on Form N-1A to be signed on its behalf by the undersigned, thereunto
duly authorized, in the city of New York and the State of New York on the 1st
day of June, 1999.

MUTUAL FUND SELECT GROUP

By /s/ H. Richard Vartabedian
--------------------------
H. Richard Vartabedian
President

Pursuant to the requirements of the Securities Act of 1933, this Post-Effective
Amendment to the Registration Statement has been signed below by the following
persons in the capacities and on the dates indicated.

* Chairman and Trustee June 1, 1999
- -------------------------------
Fergus Reid, III

/s/ H. Richard Vartabedian President June 1, 1999
- ------------------------------- and Trustee
H. Richard Vartabedian

* Trustee June 1, 1999
- -------------------------------
William J. Armstrong

* Trustee June 1, 1999
- -------------------------------
John R.H. Blum

* Trustee June 1, 1999
- -------------------------------
Stuart W. Cragin, Jr.

*
- ------------------------------- Trustee June 1, 1999
Roland R. Eppley, Jr.

* Trustee June 1, 1999
- -------------------------------
Joseph J. Harkins

* Trustee June 1, 1999
- -------------------------------
Sarah E. Jones

*
- ------------------------------- Trustee June 1, 1999
W.D. MacCallan

*
- ------------------------------- Trustee June 1, 1999
W. Perry Neff

* Trustee June 1, 1999
- -------------------------------
Leonard M. Spalding, Jr.

* Trustee June 1, 1999
- -------------------------------
Irv Thode

* Trustee June 1, 1999
- -------------------------------
Richard E. Ten Haken

/s/ Martin R. Dean Treasurer and June 1, 1999
- ------------------------------- Principal Financial
Martin R. Dean Officer

/s/ H. Richard Vartabedian Attorney in June 1, 1999
- ------------------------------- Fact
H. Richard Vartabedian