Chase Vista Select Funds
Supplement Dated July 27, 2000
Prospectus Dated February 28, 2000
BALANCED FUND
(The following will be inserted before the first paragraph in the "Fund's main
investment strategy" section on page 22)
The Fund seeks a balance of current income and growth by using an active equity
management style that focuses on strong earnings momentum and profitability
within a universe of growth oriented stocks and an active fixed income
management style focused primarily on domestic fixed income securities.
(The following will replace third sentence in the first paragraph in the
"Fund's main investment strategy" section on page 22)
Most of the Fund's equity securities are in a diversified portfolio of well
known established companies with market capitalization equal to those within
the universe of S&P 500 index stocks at the time of purchase and which are
traded on established security markets or over the counter.
(The following will replace the fourth through tenth paragraphs in the "Fund's
main investment strategy" section starting at the bottom of page 22)
The Fund will focus on companies with strong earnings growth and high
profitability levels. The Fund will also examine industry and company specific
characteristics. The Fund's equity portion will emphasize growth sectors of the
economy.
In selecting equity securities the Fund will invest primarily in companies with
one or more of the following characteristics:
o A projected rate of earnings growth that's equal to or greater than the
equity markets
o A return on assets and equity that is equal to or greater than the equity
markets
o Above-average price/earnings ratios
o Below average dividend yield
o Above average market volatility
In determining whether to sell a stock, the adviser will use the same type of
analysis that they use in buying stocks in order to determine whether the stock
is still an attractive investment opportunity.
The Fund seeks current income by normally investing at least 25% of its total
assets in U.S. Government Securities and other fixed income securities
including mortgaged backed securities. The Fund invests in
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fixed income securities only if they are rated investment grade or the adviser
considers them to be comparable to investment grade.
When making investment decisions with respect to the Fund's debt securities,
the Fund's advisers consider many factors in addition to current yield,
including preservation of capital, maturity and yield to maturity. The Fund's
advisers will adjust the Fund's investment in certain types of securities based
on their analysis of changing economic conditions and trends. The Fund's
advisers may sell one security and buy another security of comparable quality
and maturity in order to take advantage of what they believe to be short term
differences in market rates or yields.
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 an attractive investment opportunity.
EQUITY INCOME FUND
(The last two sentences of the first paragraph in "Fund's main investment
strategy" section on page 30 have been deleted)
(The following will replaces second, third, fourth and fifth paragraphs in
"Fund's main investment strategy" section on pages 30 & 31)
The Fund seeks capital appreciation by targeting companies with attractive
earnings momentum. It seeks current income by emphasizing companies with above
average dividend yield and consistent dividend record. The Fund also emphasizes
securities of companies with below average market volatility and price/earnings
ratios or market capitalization of more than $500 million. The fund combines
growth and value style investing.
In determining whether to sell a stock, the adviser will use the same type of
analysis that they use in buying stocks in order to determine whether the stock
is still an attractive investment opportunity.
LARGE CAP EQUITY
(The following will replace the second, third, fourth and fifth paragraphs in
the "Fund's main investment strategy" section on pages 36 and 37)
The Fund uses an active equity management style, which focuses on strong
earnings momentum and profitability within the universe of S&P 500 stocks. The
Fund normally invests at least 70% of its total assets in equity securities.
The Fund seeks capital appreciation by emphasizing companies with a superior
record of earnings growth relative to the equity markets in general or a
projected rate of earnings growth that's greater than or equal to the equity
markets.
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The Fund seeks to earn current income and manage risk by focusing on larger
companies with a stable record of earnings growth. In addition, it diversifies
its portfolio across all sectors of the S&P 500. The Fund also emphasizes
companies with return on assets and return on equity equal to or greater than
the equity markets.
LARGE CAP GROWTH
(The second and third sentence of the second paragraph in the "Fund's main
investment strategy" section on page 42 will be deleted)
NEW GROWTH OPPORTUNITIES
(The following paragraphs will replace the second paragraph in the "Fund's main
investment strategy" section on pages 48)
The Fund's advisers use an active equity management style focused on investing
in mid-sized companies with strong earnings prospects that are increasing their
market share. The Fund emphasizes companies with strong revenue gains, positive
earnings trends, value added or niche products, dependable product or services
and/or superior earnings per share compared to other mid-sized companies.
In determining whether to sell a stock, the adviser will use the same type of
analysis that they use in buying stocks in order to determine whether the stock
is still an attractive investment opportunity.
(The following paragraph will be inserted after the third paragraph in the
"Fund's main investment strategy" section on page 48)
The Fund's equity holdings may include real estate investment trusts (REITs),
which are pools of investments primarily in income-producing real estate or
loans related to real estate.
(The following paragraph will replace the fourth paragraph in the "Fund's main
investment risk" section on page 50)
The Fund may not achieve its objective if the securities which the advisers
believe are undervalued do not appreciate as much as the advisers anticipate or
if companies which the advisers believe will experience earnings growth do not
grow as expected.
(The following paragraph will be inserted after the ninth paragraph in the
"Fund's main investment risk" section on page 51)
The value of REITs will depend on the value of the underlying properties or
underlying loans. 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
management of the REIT's underlying properties. REITs may be more volatile or
more illiquid than other types of securities.
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SMALL CAP VALUE
(The following paragraphs will replace the first and second paragraphs in the
"Fund's main investment strategy" section on page 54)
Under normal market conditions, the Fund invest at least 80% of its total
assets in securities and at least 65% of its total assets in equity securities
of small cap companies. Small cap companies are companies with market
capitalization equal to those within a universe of S&P Small Cap 600 Index
stocks. Market capitalization is the total market value of a company's shares.
The Fund's investment adviser uses an active equity management style focused on
companies with above market average price/earnings ratios and price/book
ratios, below average dividend yield and above average market volatility. The
Fund will focus on companies with high quality management, a leading or
dominant position in a major product line, new or innovative products, services
or processes, a strong financial position and a relatively high rate of return
of invested capital so that they can finance future growth without having to
borrow extensively from outside sources. The advisers use a discipline stock
selection process, which focuses on identifying attractively valued companies
with positive business fundamentals. The Fund combines growth and value
investing.
In determining whether to sell a stock, the adviser will use the same type of
analysis that they use in buying stocks in order to determine whether the stock
is still an attractive investment opportunity.
(The following paragraph will be inserted after the third paragraph in the
"Fund's main investment strategy" section on page 55)
The Fund's equity holdings may include real estate investment trusts (REITs),
which are pools of investments primarily in income-producing real estate or
loans related to real estate.
(The following paragraph will replace the fourth paragraph in the "Fund's main
investment risk" section on page 56)
The Fund may not achieve its objective if the securities, which the advisers
believe are undervalued do not appreciate as much as the advisers anticipate or
if companies which the advisers believe will experience earnings growth do not
grow as expected.
(The following paragraph will be inserted after the ninth paragraph in the
"Fund's main investment risk" section on page 57)
The value of REITs will depend on the value of the underlying properties or
underlying loans. 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
management of the REIT's underlying properties. REITs may be more volatile or
more illiquid than other types of securities.
