PROSPECTUS FEBRUARY 28, 2000 (REVISED AUGUST 1, 2000)
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
Chase Vista
Select Funds
Niether 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 LOGO
THE RIGHT RELATIONSHIP IS EVERYTHING.[RegTM] LOGO]
PSCVS-1-800X
<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 ADVISOR 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
--------------------------------------------------------------------------------
[BEGIN SIDE BAR]
The Fund's
objective
The Fund seeks a
high level of income
consistent with
preservation of
capital.
[END SIDE BAR]
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 maturity 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 investments 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.[logo]
[BEGIN SIDE BAR]
FREQUENCY OF TRADING
The Fund may trade securities
actively, which could increase
transaction costs (and lower
performance) and increase your
taxable dividends.
[END SIDE BAR]
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.
[BEGIN SIDE BAR]
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.
[END SIDE BAR]
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.[logo]
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 Government 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 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. Some of the companies that provide services to the Fund have in the
past agreed not to collect some expenses and to reimburse others. Without these
agreements, the performance figures would be lower than those shown.[logo]
YEAR-BY-YEAR RETURNS
Past performance does not predict how
this Fund will perform in the future.
[BAR CHART PLOT POINTS]
<TABLE>
<S> <C> <C>
------------------------
1990 8.81%
1991 12.47%
1992 6.73%
1993 6.86%
1994 -0.66%
1995 9.39%
1996 2.88%
1997 6.58%
1998 5.99%
1999 3.30%
------------------------
</TABLE>
The total return for the fund from January 1,
2000 to June 30, 2000 was 1.89%
<TABLE>
<S> <C>
-----------------------------------
BEST QUARTER 3.92%
-----------------------------------
4th quarter, 1991
-----------------------------------
WORST QUARTER -0.67%
-----------------------------------
4th quarter, 1994
</TABLE>
6
<PAGE>
AVERAGE ANNUAL TOTAL RETURNS
For the periods ending December 31, 1999
<TABLE>
<CAPTION>
PAST 1 YEAR PAST 5 YEARS PAST 10 YEARS
<S> <C> <C> <C>
--------------------------------------------------------------------------------
SHARES 3.30% 5.60% 6.17%
--------------------------------------------------------------------------------
LEHMAN 1-3 YEAR GOV'T BOND INDEX 3.15% 6.55% 6.64%
--------------------------------------------------------------------------------
LIPPER SHORT-TERM INV. GRADE DEBT
FUNDS AVG. 2.81% 5.95% 6.36%
--------------------------------------------------------------------------------
</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>
-----------------------------------------------------------
0.25% NONE 0.88%# 1.13%#
-----------------------------------------------------------
</TABLE>
*The table is based on expenses incurred in the most recent fiscal year.
#Restated from the most recent fiscal year to reflect current expense
arrangements.
The actual management fee is currently expected to be 0.12%, other expenses are
expected to be 0.63% and the total annual fund operating expenses are expected
not to exceed 0.75%. 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>
----------------------------------------
$ 115 $ 359 $ 622 $1,375
----------------------------------------
</TABLE>
The costs above are based on pre-waiver Annual Fund Operating Expenses.
7
<PAGE>
--------------------------------------------------------------------------------
CHASE VISTA SELECT INTERMEDIATE BOND FUND
--------------------------------------------------------------------------------
[BEGIN SIDE BAR]
The Fund's
objective
The Fund seeks as
high a high level of
income as possible as
is consistent with
reasonable risk.
[END SIDE BAR]
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.
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.
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.
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 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
securi- ties 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.
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.[logo]
[BEGIN SIDE BAR]
FREQUENCY OF TRADING
The Fund may trade securities
actively, which could increase
transaction costs (and lower
performance) and increase your
taxable dividends.
[END SIDE BAR]
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.
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.
[BEGIN SIDE BAR]
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.
[END SIDE BAR]
11
<PAGE>
CHASE VISTA SELECT INTERMEDIATE BOND FUND
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.
If the Fund departs from its investment policies during temporary defensive
periods, it may not achieve its investment objective.[logo]
12
<PAGE>
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 Intermediate Government/Corporate Bond Index, a
widely recognized market benchmark, and the Lipper Intermediate Investment
Grade Debt Funds Average, representing the average performance of a universe of
actively managed intermediate investment grade 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. Some of the companies that provide services to the Fund have in the
past agreed not to collect some expenses and to reimburse others. Without these
agreements, the performance figures would be lower than those shown.[logo]
YEAR-BY-YEAR RETURNS
Past performance does not predict how
this Fund will perform in the future.
[BAR CHART PLOT POINTS]
<TABLE>
<S> <C> <C>
---------------------------
1990 7.56%
1991 16.06%
1992 6.38%
1993 10.41%
1994 -5.37%
1995 18.39%
1996 1.92%
1997 7.93%
1998 7.22%
1999 -0.32%
---------------------------
</TABLE>
[END PLOT POINTS]
The total return for the fund from January 1,
2000 to June 30, 2000 was 2.40%
<TABLE>
<S> <C>
---------------------------------------
BEST QUARTER 6.32%
---------------------------------------
2nd quarter, 1995
---------------------------------------
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, 1999
<TABLE>
<CAPTION>
PAST 1 YEAR PAST 5 YEARS PAST 10 YEARS
<S> <C> <C> <C>
--------------------------------------------------------------------------------
SHARES -0.32% 6.83% 6.80%
--------------------------------------------------------------------------------
LEHMAN INTERMEDIATE GOV'T/CORP.
BOND INDEX 0.39% 7.10% 7.26%
--------------------------------------------------------------------------------
LIPPER INTERMEDIATE INV. GRADE
DEBT FUNDS AVG. -1.31% 6.79% 7.09%
--------------------------------------------------------------------------------
</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% NONE 0.46%# 0.76%#
-----------------------------------------------------------
</TABLE>
*The table is based on expenses incurred in the most recent fiscal year.
#Restated from the most recent fiscal year to reflect current expense
arrangements.
The actual other expenses are expected to be 0.45% and the total annual Fund
operating expenses are expected not to exceed 0.75%. 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 SHARES YOUR COSTS WOULD BE:
<TABLE>
<CAPTION>
1 YEAR 3 YEARS 5 YEARS 10 YEARS
----------------------------------------
<S> <C> <C> <C>
$ 78 $ 243 $ 422 $ 942
----------------------------------------
</TABLE>
The costs above are based on pre-waiver Annual Fund Operating Expenses.
14
<PAGE>
--------------------------------------------------------------------------------
CHASE VISTA SELECT BOND FUND
--------------------------------------------------------------------------------
[BEGIN SIDE BAR]
The Fund's
objective
The Fund seeks to
provide as high a
level of income as is
consistent with
reasonable risk.
[END SIDE BAR]
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.
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
15
<PAGE>
CHASE VISTA SELECT BOND FUND
to maximize diversification and liquidity. The advisers also actively manage
the duration of the Fund's portfolio.
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.
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 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 private issuers. These may include investments 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.
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.[logo]
[BEGIN SIDE BAR]
FREQUENCY OF TRADING
The Fund may trade securities
actively, which could increase
transaction costs (and lower
performance) and increase your
taxable dividends.
[END SIDE BAR]
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.
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.
[BEGIN SIDE BAR]
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.
[END SIDE BAR]
18
<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. 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.
If the Fund departs from its investment policies during temporary defensive
periods, it may not achieve its investment objective.[logo]
19
<PAGE>
CHASE VISTA SELECT 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 Aggregate Bond Index, a widely recognized market
benchmark, and the Lipper Corporate Debt A-Rated Funds Average, representing
the average performance of a universe of actively managed corporate debt
A-rated or better funds.
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. Some of the companies that provide services to the Fund have in the
past agreed not to collect some expenses and to reimburse others. Without these
agreements, the performance figures would be lower than those shown.[logo]
YEAR-BY-YEAR RETURNS
Past performance does not predict how
this Fund will perform in the future.
[BAR CHART PLOT POINTS]
<TABLE>
<S> <C> <C>
----------------------------
1990 7.53%
1991 15.53%
1992 6.46%
1993 11.40%
1994 -3.83%
1995 18.51%
1996 3.20%
1997 8.81%
1998 7.94%
1999 -1.05%
----------------------------
</TABLE>
[END PLOT POINTS]
The total return for the fund from January 1,
2000 to June 30, 2000 was 2.46%
<TABLE>
<S> <C>
--------------------------------------
BEST QUARTER 6.07%
--------------------------------------
3rd quarter, 1991
--------------------------------------
WORST QUARTER -2.76%
--------------------------------------
1st quarter, 1994
</TABLE>
20
<PAGE>
AVERAGE ANNUAL TOTAL RETURNS
For the periods ending December 31, 1999
<TABLE>
<CAPTION>
PAST 1 YEAR PAST 5 YEARS PAST 10 YEARS
<S> <C> <C> <C>
----------------------------------------------------------------------------------
SHARES -1.05% 7.28% 7.25%
----------------------------------------------------------------------------------
LEHMAN AGGREGATE BOND INDEX -0.82% 7.73% 7.70%
----------------------------------------------------------------------------------
LIPPER CORP. DEBT A-RATED FUNDS AVG. -2.58% 6.90% 7.30%
----------------------------------------------------------------------------------
</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% NONE 0.45%# 0.75%#
-----------------------------------------------------------
</TABLE>
*The table is based on expenses incurred in the most recent fiscal year.
#Restated from the most recent fiscal year to reflect current expense
arrangements.
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>
----------------------------------------
$77 $240 $417 $930
----------------------------------------
</TABLE>
The costs above are based on pre-waiver Annual Fund Operating Expenses.
21
<PAGE>
--------------------------------------------------------------------------------
CHASE VISTA SELECT BALANCED FUND
--------------------------------------------------------------------------------
[BEGIN SIDE BAR]
The Fund's
objective
The Fund seeks to
maximize total
return through long-
term capital growth
and earning current
income.
[END SIDE BAR]
The Fund's main
investment strategy
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 Fund
invests in both equity and debt securities.
Under normal market conditions, 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 a diverse
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.
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.
The Fund's debt securities 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
22
<PAGE>
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 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 fixed income
securities only if they are rated investment grade or the adviser considers
them to be comparable to investment grade.
When making decisions with respect to the Fund's debt securities, the Fund's
advisers consider many factors in addition to current
[BEGIN SIDE BAR]
FREQUENCY OF TRADING
The Fund may trade securities
actively, which could increase
transaction costs (and lower
performance) and increase your
taxable dividends.
[END SIDE BAR]
23
<PAGE>
CHASE VISTA SELECT BALANCED FUND
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.
The Fund may invest up to 20% of its 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 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.
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.[logo]
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.
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.
[BEGIN SIDE BAR]
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.
[END SIDE BAR]
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.
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.
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
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.
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.[logo]
27
<PAGE>
CHASE VISTA SELECT BALANCED FUND
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 Aggregate Bond Index and the S&P 500 Index, two
widely recognized market benchmarks, and the Lipper Balanced Funds Average,
representing the average performance of a universe of actively managed balanced
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. Some of the companies that provide services to the Fund have in the
past agreed not to collect some expenses and to reimburse others. Without these
agreements, the performance figures would be lower than those shown.[logo]
YEAR-BY-YEAR RETURNS
Past performance does not predict how
this Fund will perform in the future.
[BAR CHART PLOT POINTS]
<TABLE>
<S> <C> <C>
--------------------------
1990 3.51%
1991 20.56%
1992 7.73%
1993 7.01%
1994 -3.40%
1995 27.97%
1996 9.21%
1997 19.18%
1998 19.39%
1999 9.22%
--------------------------
</TABLE>
[END PLOT POINTS]
The total return for the fund from January 1,
2000 to June 30, 2000 was 1.83%
<TABLE>
<S> <C>
---------------------------------------
BEST QUARTER 11.90%
---------------------------------------
4th quarter, 1998
---------------------------------------
WORST QUARTER -5.32%
---------------------------------------
3rd quarter, 1990
</TABLE>
28
<PAGE>
AVERAGE ANNUAL TOTAL RETURNS
For the periods ending December 31, 1999
<TABLE>
<CAPTION>
PAST 1 YEAR PAST 5 YEARS PAST 10 YEARS
<S> <C> <C> <C>
--------------------------------------------------------------------------
SHARES 9.22% 16.77% 11.67%
--------------------------------------------------------------------------
LEHMAN AGGREGATE BOND INDEX -0.82% 7.73% 9.26%
--------------------------------------------------------------------------
S&P 500 INDEX 21.03% 28.54% 18.19%
--------------------------------------------------------------------------
LIPPER BALANCED FUNDS AVG. 8.73% 16.24% 11.82%
--------------------------------------------------------------------------
</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>
------------------------------------------------------------
0.50% NONE 0.51%# 1.01%#
------------------------------------------------------------
</TABLE>
*The table is based on expenses incurred in the most recent fiscal year.
#Restated from the most recent fiscal year to reflect current expense
arrangements.
The actual other expenses are expected to be 0.50% and the total annual Fund
operating expenses are expected not to exceed 1.00%. 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>
----------------------------------------
$103 $322 $558 $1,236
----------------------------------------
</TABLE>
The costs above are based on pre-waiver Annual Fund Operating Expenses.
29
<PAGE>
--------------------------------------------------------------------------------
CHASE VISTA SELECT EQUITY INCOME FUND
--------------------------------------------------------------------------------
[BEGIN SIDE BAR]
The Fund's
objective
The Fund seeks to
obtain income
primarily by
investing in
income-producing
equity securities.
[END SIDE BAR]
The Fund's main
investment strategy
Under normal market conditions, the Fund invests at least 65% of its total
assets in dividend-paying equity securities. Equity securities include common
stocks, preferred stocks and securities that are convertible into common stocks.
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
still is an attractive investment opportunity.
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 its total assets in foreign securities.
30
<PAGE>
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 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.[logo]
[BEGIN SIDE BAR]
FREQUENCY OF TRADING
The Fund may trade securities
actively, which could increase
transaction costs (and lower
performance) and increase your
taxable dividends.
[END SIDE BAR]
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 or if the 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 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.
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.
[BEGIN SIDE BAR]
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.
[END SIDE BAR]
32
<PAGE>
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.
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 debt securities, including where the
Fund is investing for temporary defensive purposes, it could reduce the Fund's
potential return.
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.[logo]
33
<PAGE>
CHASE VISTA SELECT EQUITY INCOME FUND
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 S&P 500 Index, a widely recognized market benchmark,
and the Lipper Equity Income Funds Average, representing the average
performance of a universe of actively managed equity income funds.
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. Some of the companies that provide services to the Fund have in the
past agreed not to collect some expenses and to reimburse others. Without these
agreements, the performance figures would be lower than those shown.[logo]
YEAR-BY-YEAR RETURNS
Past performance does not predict how
this Fund will perform in the future.
[BAR CHART PLOT POINTS]
<TABLE>
<S> <C> <C>
-------------------------
1990 -4.06%
1991 27.49%
1992 14.10%
1993 13.31%
1994 -3.60%
1995 32.61%
1996 22.48%
1997 31.27%
1998 11.88%
1999 2.55%
-------------------------
</TABLE>
[END PLOT POINTS]
The total return for the fund from January 1,
2000 to June 30, 2000 was 2.64%
<TABLE>
<S> <C>
--------------------------------------
BEST QUARTER 16.85%
--------------------------------------
4th quarter, 1998
--------------------------------------
WORST QUARTER -13.30%
--------------------------------------
3rd quarter, 1990
</TABLE>
34
<PAGE>
AVERAGE ANNUAL TOTAL RETURNS
For the periods ending December 31, 1999
<TABLE>
<CAPTION>
PAST 1 YEAR PAST 5 YEARS PAST 10 YEARS
<S> <C> <C> <C>
------------------------------------------------------------------------------
SHARES 2.55% 19.58% 14.06%
------------------------------------------------------------------------------
S&P 500 INDEX 21.03% 28.54% 18.19%
------------------------------------------------------------------------------
LIPPER EQUITY INCOME FUNDS AVG. 3.34% 17.27% 12.30%
------------------------------------------------------------------------------
</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>
-----------------------------------------------------------
0.40% NONE 0.44%# 0.84%#
-----------------------------------------------------------
</TABLE>
*The table is based on expenses incurred in the most recent fiscal year.
#Restated from the most recent fiscal year to reflect current expense
arrangements.
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>
----------------------------------------
$86 $268 $466 $1,037
----------------------------------------
</TABLE>
The costs above are based on pre-waiver Annual Fund Operating Expenses.[logo]
35
<PAGE>
--------------------------------------------------------------------------------
CHASE VISTA SELECT LARGE CAP EQUITY FUND
--------------------------------------------------------------------------------
[BEGIN SIDE BAR]
The Fund's
objective
The Fund seeks
capital growth over
the long term.
[END SIDE BAR]
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 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.
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.
36
<PAGE>
The Fund may invest up to 20% of its 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 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.[logo]
[BEGIN SIDE BAR]
FREQUENCY OF TRADING
The Fund may trade securities
actively, which could increase
transaction costs, thus lowering
performance, and increase your
taxable dividends.
[END SIDE BAR]
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 or if
companies which the advisers believe will experience growth do not grow as
expected.
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.
38
<PAGE>
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 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.
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.
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.[logo]
[BEGIN SIDE BAR]
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.
[END SIDE BAR]
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 Large Cap Core Average, representing the average performance of a
universe of actively managed large cap core funds.
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. Some of the companies that provide services to the Fund have in the
past agreed not to collect some expenses and to reimburse others. Without these
agreements, the performance figures would be lower than those shown.[logo]
YEAR-BY-YEAR RETURNS
Past performance does not predict how
this Fund will perform in the future.
[BAR CHART PLOT POINTS]
<TABLE>
<S> <C> <C>
-------------------------
1990 -1.15%
1991 30.60%
1992 4.60%
1993 7.88%
1994 -1.44%
1995 29.09%
1996 19.87%
1997 34.53%
1998 23.16%
1999 17.29%
-------------------------
</TABLE>
[END PLOT POINTS]
The total return for the fund from January 1,
2000 to June 30, 2000 was 0.73%
<TABLE>
<S> <C>
--------------------------------------
BEST QUARTER 20.11%
--------------------------------------
4th quarter, 1998
--------------------------------------
WORST QUARTER -12.21%
--------------------------------------
3rd quarter, 1990
</TABLE>
40
<PAGE>
AVERAGE ANNUAL TOTAL RETURNS
For the periods ending December 31, 1999
<TABLE>
<CAPTION>
PAST 1 YEAR PAST 5 YEARS PAST 10 YEARS
<S> <C> <C> <C>
-------------------------------------------------------------------------
SHARES 17.29% 24.62% 15.74%
-------------------------------------------------------------------------
S&P 500 INDEX 21.03% 28.54% 18.19%
-------------------------------------------------------------------------
LIPPER LARGE CAP CORE AVG. 22.31% 25.53% 16.66%
-------------------------------------------------------------------------
</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>
-----------------------------------------------------------
0.40% NONE 0.51%# 0.91%#
-----------------------------------------------------------
</TABLE>
*The table is based on expenses incurred in the most recent fiscal year.
#Restated from the most recent fiscal year to reflect current expense
arrangements.
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>
----------------------------------------
$93 $290 $504 $1,120
----------------------------------------
</TABLE>
The costs above are based on pre-waiver Annual Fund Operating Expenses.[logo]
41
<PAGE>
--------------------------------------------------------------------------------
CHASE VISTA SELECT LARGE CAP GROWTH FUND
--------------------------------------------------------------------------------
[BEGIN SIDE BAR]
The Fund's
objective
The Fund's objective
is long-term capital
growth.
[END SIDE BAR]
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 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 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.[logo]
[BEGIN SIDE BAR]
FREQUENCY OF TRADING
The Fund may trade securities
actively, which could increase
transaction costs (and lower
performance) and increase your
taxable dividends.
[END SIDE BAR]
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
44
<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.
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.
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.
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.[logo]
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
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 in the past year, five years and ten years. It compares
that performance to the S&P 500 Index, a widely recognized market benchmark,
the S&P/Barra 500 Growth Index, which contains stocks of large U.S. companies
with high price-to-book ratios relative to the S&P 500, and the Lipper Large
Cap Growth Average, representing the average performance of a universe of
actively managed growth funds. In the past, the Fund has compared its
performance to the S&P 500 Index, but in the future, the Fund intends to
compare its performance to the S&P/Barra 500 Growth Index instead. It is
believed that the new benchmark is more appropriate since it more accurately
reflects the Fund's investment strategy.
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. Some of the companies that provide services to the Fund have in the
past agreed not to collect some expenses and to reimburse others. Without these
agreements, the performance figures would be lower than those shown.[logo]
YEAR-BY-YEAR RETURNS
Past performance does not predict how
this Fund will perform in the future.
[BAR CHART PLOT POINTS]
<TABLE>
<S> <C>
-----------------------
1990 0.50%
1991 26.17%
1992 8.15%
1993 6.93%
1994 2.47%
1995 33.18%
1996 14.45%
1997 32.87%
1998 40.85%
1999 37.33%
-----------------------
</TABLE>
[END PLOT POINTS]
The total return for the fund from January 1,
2000 to June 30, 2000 was 0.75%
<TABLE>
<S> <C>
--------------------------------------
BEST QUARTER 25.96%
--------------------------------------
4th quarter, 1998
--------------------------------------
WORST QUARTER -13.19%
--------------------------------------
3rd quarter, 1990
</TABLE>
46
<PAGE>
AVERAGE ANNUAL TOTAL RETURNS
For the periods ending December 31, 1999
<TABLE>
<CAPTION>
PAST 1 YEAR PAST 5 YEARS PAST 10 YEARS
<S> <C> <C> <C>
---------------------------------------------------------------------------
SHARES 37.33% 31.38% 19.38%
---------------------------------------------------------------------------
S&P 500 INDEX 21.03% 28.54% 18.19%
---------------------------------------------------------------------------
LIPPER LARGE CAP GROWTH AVG. 38.01% 30.14% 19.36%
---------------------------------------------------------------------------
S&P/BARRA 500 GROWTH INDEX 28.25% 33.61% 20.59%
---------------------------------------------------------------------------
</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>
-----------------------------------------------------------
0.40% NONE 0.45%# 0.85%#
-----------------------------------------------------------
</TABLE>
*The table is based on expenses incurred in the most recent fiscal year.
#Restated from the most recent fiscal year to reflect current expense
arrangements.
The actual other expenses are expected to be 0.25% and the total annual Fund
operating expenses are expected not to exceed 0.65%. 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>
----------------------------------------
$87 $271 $471 $1,049
----------------------------------------
</TABLE>
The costs above are based on pre-waiver Annual Fund Operating Expenses.
47
<PAGE>
--------------------------------------------------------------------------------
CHASE VISTA SELECT NEW GROWTH OPPORTUNITIES FUND
--------------------------------------------------------------------------------
[BEGIN SIDE BAR]
The Fund's
objective
The Fund's objective
is long-term capital
growth.
[END SIDE BAR]
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 $1 billion to $10 billion at the time of
purchase.
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 emphasized 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.
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.
The Fund's equity holdings may include real estate investment trusts
48
<PAGE>
[BEGIN SIDE BAR]
FREQUENCY OF TRADING
The Fund may trade securities
actively, which could increase
transaction costs (and lower
performance) and increase your
taxable dividends.
[END SIDE BAR]
(REITs), which are pools of investments primarily in income-producing real
estate or loans related to real estate.
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 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.[logo]
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 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.
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.
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
[BEGIN SIDE BAR]
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.
[END SIDE BAR]
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.
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 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 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.
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 returns.
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 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.[logo]
51
<PAGE>
CHASE VISTA SELECT NEW GROWTH OPPORTUNITIES FUND
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 in the past year, five years and ten years. It compares
that performance to the Russell 2000 Index, a widely recognized market
benchmark, the S&P Mid Cap Growth Funds Index which consists of 400 domestic
stocks chosen for marketing liquidity and industry group representation, the
Lipper Mid-Cap Growth Funds Average, representing the average performance of a
universe of actively managed mid-cap funds. In the past, the Fund has compared
its performance to the Russell 2000 Index, but in the future, the Fund intends
to compare its performance to the S&P Mid Cap 400 Index instead. It is believed
that the new benchmark is more appropriate since it more accurately reflects
the Fund's investment strategy.
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. Some of the companies that provide services to the Fund have in the
past agreed not to collect some expenses and to reimburse others. Without these
agreements, the performance figures would be lower than those shown.[logo]
YEAR-BY-YEAR RETURNS
Past performance does not predict how
this Fund will perform in the future.
[BAR CHART PLOT POINTS]
<TABLE>
<S> <C> <C>
--------------------------------
1990 -9.61%
1991 49.64%
1992 9.33%
1993 21.77%
1994 -1.89%
1995 24.68%
1996 7.41%
1997 15.01%
1998 16.23%
1999 25.06%
--------------------------------
</TABLE>
[END PLOT POINTS]
The total return for the fund from January 1,
2000 to June 30, 2000 was 6.68%
<TABLE>
<S> <C>
--------------------------------------
BEST QUARTER 22.51%
--------------------------------------
4th quarter, 1998
--------------------------------------
WORST QUARTER -19.48%
--------------------------------------
3rd quarter, 1998
</TABLE>
52
<PAGE>
AVERAGE ANNUAL TOTAL RETURNS
For the periods ending December 31, 1999
<TABLE>
<CAPTION>
PAST 1 YEAR PAST 5 YEARS PAST 10 YEARS
<S> <C> <C> <C>
-------------------------------------------------------------------------------
SHARES 25.06% 17.48% 14.73%
-------------------------------------------------------------------------------
RUSSELL 2000 INDEX 21.26% 16.69% 13.04%
-------------------------------------------------------------------------------
LIPPER MID-CAP GROWTH FUNDS AVG. 72.56% 27.19% 18.33%
-------------------------------------------------------------------------------
S&P MID CAP 400 INDEX 14.72% 23.05% 17.32%
-------------------------------------------------------------------------------
</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>
-----------------------------------------------------------
0.65% NONE 0.54%# 1.19%#
-----------------------------------------------------------
</TABLE>
*The table is based on expenses incurred in the most recent fiscal year.
#Restated from the most recent fiscal year to reflect current expense
arrangements.
The actual management fee is currently expected to be 0.15%, other expenses are
expected to be 0.25% and the total annual Fund operating expenses are expected
not to exceed 0.40%. 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>
----------------------------------------
$121 $378 $654 $1,443
----------------------------------------
</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, the Fund invests 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 disciplined 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
54
<PAGE>
in order to determine whether the stock is still an attractive investment
opportunity.
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.
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'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 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.[logo]
[BEGIN SIDE BAR]
FREQUENCY OF TRADING
The Fund may trade securities
actively, which could increase
transaction costs (and lower
performance) and increase your
taxable dividends.
[END SIDE BAR]
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.
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.
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.
56
<PAGE>
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 could have a negative effect on the value of shares of the Fund.
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 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.
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 returns.
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.[logo]
[BEGIN SIDE BAR]
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.
[END SIDE BAR]
57
<PAGE>
CHASE VISTA SELECT SMALL CAP VALUE FUND
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 in the past year, five years and ten years. It compares
that performance to the Russell 2000 Index, a widely recognized market
benchmark, S&P Small Cap 600 Index which includes 600 stocks of small U.S.
companies and the Lipper Small Cap Value Funds Average, representing the
average performance of a universe of actively managed small cap value funds. In
the past, the Fund has compared its performance to the Russell 2000 Index, but
in the future, the Fund intends to compare its performance to the S&P Small Cap
600 Index instead. It is believed that the new benchmark is more appropriate
since it more accurately reflects the Fund's investment strategy.
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. Some of the companies that provide services to the Fund have in the
past agreed not to collect some expenses and to reimburse others. Without these
agreements, the performance figures would be lower than those shown.[logo]
YEAR-BY-YEAR RETURNS
Past performance does not predict how
this Fund will perform in the future.
[BAR CHART PLOT POINTS]
<TABLE>
<S> <C> <C>
--------------------------------
1990 -9.71%
1991 35.93%
1992 34.08%
1993 22.38%
1994 -1.73%
1995 19.86%
1996 15.86%
1997 17.67%
1998 3.41%
1999 -3.55%
--------------------------------
</TABLE>
[END PLOT POINTS]
The total return for the fund from January 1,
2000 to June 30, 2000 was 10.73%
<TABLE>
<S> <C>
--------------------------------------
BEST QUARTER 21.78%
--------------------------------------
1st quarter, 1991
--------------------------------------
WORST QUARTER -19.26%
--------------------------------------
3rd quarter, 1990
</TABLE>
58
<PAGE>
AVERAGE ANNUAL TOTAL RETURNS
For the periods ending December 31, 1999
<TABLE>
<CAPTION>
PAST 1 YEAR PAST 5 YEARS PAST 10 YEARS
<S> <C> <C> <C>
--------------------------------------------------------------------------------
SHARES -3.55% 10.26% 12.42%
--------------------------------------------------------------------------------
RUSSELL 2000 INDEX 21.26% 16.69% 13.40%
--------------------------------------------------------------------------------
LIPPER SMALL CAP VALUE FUNDS AVG. 6.33% 13.68% 11.58%
--------------------------------------------------------------------------------
S&P SMALL CAP 600 INDEX 12.41% 17.05% 13.04%
--------------------------------------------------------------------------------
</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>
-----------------------------------------------------------
0.65% NONE 0.46%# 1.11%#
-----------------------------------------------------------
</TABLE>
*The table is based on expenses incurred in the most recent fiscal year.
#Restated from the most recent fiscal year to reflect current expense
arrangements.
The actual other expenses are expected to be 0.35% and the total annual Fund
operating expenses are expected not to exceed 1.00%. 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>
----------------------------------------
$113 $353 $612 $1,352
----------------------------------------
</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
60
<PAGE>
that the advisers may 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
61
<PAGE>
CHASE VISTA SELECT INTERNATIONAL EQUITY FUND
debt securities issued by a single foreign government 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 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.[logo]
[BEGIN SIDE BAR]
FREQUENCY OF TRADING
The Fund may trade securities
actively, which could increase
transaction costs (and lower
performance) and increase your
taxable dividends.
[END SIDE BAR]
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 expro- priate 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
underly- ing issuer and may not carry the same voting privileges as sponsored
depositary receipts.
The Fund's investments in developing countries could lead to more volatility
in the value
[BEGIN SIDE BAR]
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.
[END SIDE BAR]
63
<PAGE>
CHASE VISTA SELECT INTERNATIONAL EQUITY FUND
of the Fund's shares. As mentioned above, the normal risks of investing in
foreign countries 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.
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.
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.
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 returns.
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 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.[logo]
64
<PAGE>
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 in the past one and five years and since inception. It
compares that performance to the Morgan Stanley Capital International Europe,
Australia and Far East Index, a widely recognized market benchmark, and the
Lipper International Funds Average, representing the average performance of a
universe of actively international stock funds.
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. Some of the companies that provide services to the Fund have in the
past agreed not to collect some expenses and to reimburse others. Without these
agreements, the performance figures would be lower than those shown.[logo]
YEAR-BY-YEAR RETURNS
Past performance does not predict how
this Fund will perform in the future.
[BAR CHART PLOT POINTS]
<TABLE>
<S> <C> <C>
------------------------
1994 -4.15%
1995 9.83%
1996 10.45%
1997 5.11%
1998 13.54%
1999 39.16%
------------------------
</TABLE>
The total return for the fund from January 1, 2000 to June 30, 2000 was -4.79%
<TABLE>
<S> <C>
--------------------------------------
BEST QUARTER 27.13%
--------------------------------------
4th quarter, 1999
--------------------------------------
WORST QUARTER -17.21%
--------------------------------------
3rd quarter, 1998
</TABLE>
65
<PAGE>
CHASE VISTA SELECT INTERNATIONAL EQUITY FUND
AVERAGE ANNUAL TOTAL RETURNS
For the periods ending December 31, 1999
<TABLE>
<CAPTION>
SINCE
INCEPTION
PAST 1 YEAR PAST 5 YEARS (5/31/93)
<S> <C> <C> <C>
------------------------------------------------------------------------------
SHARES 39.16% 15.03% 11.56%
------------------------------------------------------------------------------
MSCI EAFE INDEX 27.30% 13.15% 9.86%
------------------------------------------------------------------------------
LIPPER INTERNATIONAL EQUITY FUNDS
AVG. 40.81% 15.05% 10.62%
------------------------------------------------------------------------------
</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 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% NONE 0.58%# 1.58%#
-----------------------------------------------------------
</TABLE>
*The table is based on expenses incurred in the most recent fiscal year.
#Restated from the most recent fiscal year to reflect current expense
arrangements.
The actual management fee is currently expected to be 0.21%, other expenses are
expected to be 0.29%, and the total annual Fund operating expenses are expected
not to exceed 1.00%. 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>
----------------------------------------
$161 $499 $860 $1,878
----------------------------------------
</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 fee 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 all of the Funds
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 manager is H. Mitchell Harper, Senior Vice President and
Portfolio Manager at Chase. Mr. Harper has been responsible for the Fund since
October 1999. Mr. Harper has been with Chase since 1987. Previously he worked
at John Alden Life Insurance Co. from 1985-1987, as Vice President, Portfolio
Management. Prior to that he was Vice President, Department Head-Investments at
Bank Life & Casualty.
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 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
The portfolio managers are Andrew Russell, a Vice President and Portfolio
Manager at Chase and Timothy Neumann, Head of the Taxable Core Investment Group
at Chase. They have been responsible for the Fund since May 1998 and October
1999 respectively. 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. Mr. Neumann has been
active in the asset management business since 1984 with experience in both
managing and trading fixed income portfolios. Before joining Chase in 1997, Mr.
Neumann was the portfolio manager for Lehman Brothers Global Asset Management
mortgage-backed securities accounts. Prior to Lehman, he managed fixed income
portfolios at Allstate Insurance.
-------------------------------------------------
Henry Lartigue, Executive Vice President and Chief Investment Officer at Chase,
is responsible for asset allocation and investment strategy for Chase's U.S.
domestic equity portfolios. He began his career as a securities analyst at
Chase in 1984. He then worked as an Equity Fund Manager until 1992. Mr.
Lartigue worked as an independent registered investment advisor from July 1992
to June 1994, when he returned to Chase.
SELECT BALANCED FUND
Mr. Lartigue and Jeff Phelps, Portfolio Manager at Chase, are responsible for
the equity portion of the portfolio. Mr. Harper is responsible for the fixed
income portion of the portfolio. Mr. Lartigue has managed the equity portion of
the portfolio since August of 1999. Mr. Phelps has managed the equity portion
of the portfolio since October 1999. Mr. Phelps joined Chase in 1997. Prior to
joining Chase, he was employed by Houston Industries. Mr. Harper has managed
the fixed income portion of the portfolio since October 1999.
68
<PAGE>
SELECT EQUITY INCOME FUND
Robert Heintz, Director of Equity Management, Research and Trading at Chase, is
responsible for management of the Fund's portfolio. He has worked at Chase
since 1983 in a variety of investment management positions. Before joining
Chase he worked at the Bank of New York as a Portfolio Manager. Mr. Heintz has
been managing the Fund since August 1999.
SELECT LARGE CAP EQUITY FUND
Mr. Lartigue and Mr. Phelps are responsible for management of the Fund's
portfolio. Both have been managing the Fund since August 1999.
SELECT LARGE CAP GROWTH FUND
Mr. Lartigue is responsible for management of the Fund's portfolio. He has been
managing the Fund since August 1999.
SELECT NEW GROWTH OPPORTUNITIES FUND
Mr. Heintz and Chris Matlock, Portfolio Manager at Chase, are responsible for
management of the Fund's portfolio. Mr. Matlock has worked at Chase since 1994
in numerous investment management roles. Prior to joining Chase he worked at
Hollywood Marine, Inc. and KPMG Peat Marwick in an investment management and
finance capacity. Both have been managing the Fund since August 1999.
SELECT SMALL CAP VALUE FUND
Mr. Heintz and Juliet Ellis, Senior Portfolio Manager at Chase, are responsible
for management of the Fund's portfolio. Ms. Ellis has worked for Chase since
1987 as an analyst and portfolio manager. Before joining Chase she worked for
Merrill Lynch, Pierce, Fenner & Smith as a financial consultant. Both have been
managing the Fund since August 1999.
SELECT INTERNATIONAL EQUITY FUND
Michael Browne and Chee Chow are both Vice Presidents of Chase. 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.
Chow has worked at Chase since September 1992 and over this period had roles in
global asset allocation, quantitative modeling and performance analytics. Mr.
Browne has managed the Fund since August 1996. Mr. Chow has managed the Fund
since May 2000.
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
institutions or their affiliates. The financial institutions 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.
The Funds generally send proceeds of the sale in federal funds to your
71
<PAGE>
HOW YOUR ACCOUNT WORKS
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.[logo]
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.
The Trust has agreements with certain shareholder servicing agents (including
Chase) under which the shareholder servicing agents have agreed to provide
certain support services to their customers. For performing these services,
each shareholder servicing agent receives an annual fee of up to 0.25% of the
average daily net assets of the Shares of each Fund held by investors serviced
by the shareholder servicing agent.
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.[logo]
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.
72
<PAGE>
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;
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.[logo]
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.[logo]
75
<PAGE>
--------------------------------------------------------------------------------
FINANCIAL HIGHLIGHTS
--------------------------------------------------------------------------------
The Financial Highlights tables are intended to help you understand the Funds'
financial performance for the periods since shares were first offered. The
total returns in the tables represent the rate an investor would have earned or
lost on an investment in the Funds (assuming reinvestment of all dividends and
distributions).
The tables 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 Funds' Annual Report to Shareholders for the year ended
October 31, 1999, which is incorporated by reference into the SAI. Shareholders
may obtain a copy of this annual report by contacting the Funds or their
Shareholder Servicing Agent.
The financial statements which include the financial highlights, have been
audited by PricewaterhouseCoopers LLP, independent accountants, whose report
thereon is included in the Annual Report to Shareholders.
76
<PAGE>
Chase Vista Select Short-Term Bond Fund
<TABLE>
<CAPTION>
Year Year 1/1/97*
ended ended through
10/31/99 10/31/98 10/31/97
PER SHARE OPERATING PERFORMANCE
--------------------------------------------------------------------------------
<S> <C> <C> <C>
Net asset value, beginning of period $ 10.69 $ 10.65 $ 10.62
--------------------------------------------------------------------------------
Income from investment operations:
Net investment income 0.56 0.61 0.57
Net gains or losses on securities
(both realized and unrealized) (0.22) 0.04 0.03
-------- ------- -------
Total from investment operations 0.34 0.65 0.60
Less distributions:
Dividends from net investment income 0.56 0.61 0.57
Distributions from capital gains 0.04 -- --
-------- -------- -------
Total distributions 0.60 0.61 0.57
--------------------------------------------------------------------------------
Net asset value, end of period $ 10.43 $ 10.69 $ 10.65
--------------------------------------------------------------------------------
TOTAL RETURN 3.31% 6.25% 5.82%
================================================================================
RATIOS/SUPPLEMENTAL DATA
--------------------------------------------------------------------------------
Net assets, end of period
(in millions) $ 22 $ 25 $ 27
--------------------------------------------------------------------------------
Ratio of expenses to
average net assets 0.07% 0.11% 0.11%#
--------------------------------------------------------------------------------
Ratio of net income
to average net assets 5.31% 6.01% 6.45%#
--------------------------------------------------------------------------------
Ratio of expenses without waivers
and assumption of expenses to
average net assets 0.73% 0.88% 0.63%#
--------------------------------------------------------------------------------
Ratio of net investment income
without waivers and assumption
of expenses to average net assets 4.65% 5.24% 5.93%#
--------------------------------------------------------------------------------
Portfolio turnover rate 316% 382% 406%
--------------------------------------------------------------------------------
</TABLE>
*Commencement of operations.
#Short periods have been annualized.
77
<PAGE>
FINANCIAL HIGHLIGHTS
Chase Vista Select Intermediate Bond Fund
<TABLE>
<CAPTION>
Year Year 1/1/97*
ended ended through
10/31/99 10/31/98 10/31/97
PER SHARE OPERATING PERFORMANCE
--------------------------------------------------------------------------------
<S> <C> <C> <C>
Net asset value, beginning of period $ 10.36 $ 10.19 $ 10.09
--------------------------------------------------------------------------------
Income from investment operations:
Net investment income 0.55 0.62 0.55
Net gains or losses in securities
(both realized and unrealized) (0.52) 0.17 0.10
-------- ------- -------
Total from investment operations 0.03 0.79 0.65
Less distributions:
Dividends from net investment income 0.55 0.62 0.55
Distributions from capital gains 0.15 -- --
-------- -------- -------
Total distributions 0.70 0.62 0.55
--------------------------------------------------------------------------------
Net asset value, end of period $ 9.69 $ 10.36 $ 10.19
--------------------------------------------------------------------------------
TOTAL RETURN 0.33% 7.98% 6.71%
================================================================================
RATIOS/SUPPLEMENTAL DATA
--------------------------------------------------------------------------------
Net assets, end of period
(in millions) $ 376 $ 353 $ 319
--------------------------------------------------------------------------------
Ratio of expenses to
average net assets 0.04% 0.04% 0.06%#
--------------------------------------------------------------------------------
Ratio of net income
to average net assets 5.55% 6.16% 6.67%#
--------------------------------------------------------------------------------
Ratio of expenses without waivers
and assumption of expenses to
average net assets 0.50% 0.52% 0.54%#
--------------------------------------------------------------------------------
Ratio of net investment income
without waivers and assumption
of expenses to average net assets 5.09% 5.68% 6.19%#
--------------------------------------------------------------------------------
Portfolio turnover rate 123% 168% 193%
--------------------------------------------------------------------------------
</TABLE>
*Commencement of operations.
#Short periods have been annualized.
78
<PAGE>
Chase Vista Select Bond Fund
<TABLE>
<CAPTION>
Year Year 1/1/97*
ended ended through
10/31/99 10/31/98 10/31/97
PER SHARE OPERATING PERFORMANCE
---------------------------------------------------------------------------------
<S> <C> <C> <C>
Net asset value, beginning of period $ 41.29 $ 41.01 $ 40.34
---------------------------------------------------------------------------------
Income from investment operations:
Net investment income 2.36 2.56 2.31
Net gains or losses on securities
(both realized and unrealized) (2.37) 0.76 0.67
------- ------- -------
Total from investment operations (0.01) 3.32 2.98
Less distributions:
Dividends from net investment income 2.36 2.55 2.31
Distributions from capital gains 0.54 0.49 --
------- ------- -------
Total distributions 2.90 3.04 2.31
---------------------------------------------------------------------------------
Net asset value, end of period $ 38.38 $ 41.29 $ 41.01
---------------------------------------------------------------------------------
TOTAL RETURN (0.01%) 8.44% 7.64%
=================================================================================
RATIOS/SUPPLEMENTAL DATA
---------------------------------------------------------------------------------
Net assets, end of period
(in millions) $ 620 $ 590 $ 520
---------------------------------------------------------------------------------
Ratio of expenses to
average net assets 0.03% 0.03% 0.02%#
---------------------------------------------------------------------------------
Ratio of net income
to average net assets 5.97% 6.27% 6.89%#
---------------------------------------------------------------------------------
Ratio of expenses without waivers
and assumption of expenses to
average net assets 0.49% 0.51% 0.49%#
---------------------------------------------------------------------------------
Ratio of net investment income
without waivers and assumption
of expenses to average net assets 5.51% 5.79% 6.42%#
---------------------------------------------------------------------------------
Portfolio turnover rate 300% 306% 261%
---------------------------------------------------------------------------------
</TABLE>
*Commencement of operations.
#Short periods have been annualized.
79
<PAGE>
FINANCIAL HIGHLIGHTS
Chase Vista Select Balanced Fund
<TABLE>
<CAPTION>
Year Year 1/1/97*
ended ended through
10/31/99 10/31/98 10/31/97
PER SHARE OPERATING PERFORMANCE
---------------------------------------------------------------------------------
<S> <C> <C> <C>
Net asset value, beginning of period $ 33.53 $ 34.08 $ 30.62
---------------------------------------------------------------------------------
Income from investment operations:
Net investment income 1.17 1.32 1.17
Net gains or losses in securities
(both realized and unrealized) 3.12 3.05 3.46
------- ------- -------
Total from investment operations 4.29 4.37 4.63
Less distributions:
Dividends from net investment income 1.17 1.31 1.17
Distributions from capital gains 2.01 3.61 --
------- ------- -------
Total distributions 3.18 4.92 1.17
---------------------------------------------------------------------------------
Net asset value, end of period $ 34.64 $ 33.53 $ 34.08
---------------------------------------------------------------------------------
TOTAL RETURN 13.30% 14.28% 15.36%
=================================================================================
RATIOS/SUPPLEMENTAL DATA
---------------------------------------------------------------------------------
Net assets, end of period
(in millions) $ 159 $ 152 $ 179
---------------------------------------------------------------------------------
Ratio of expenses to
average net assets 0.05% 0.03% 0.03%#
---------------------------------------------------------------------------------
Ratio of net income
to average net assets 3.37% 3.98% 4.29%#
---------------------------------------------------------------------------------
Ratio of expenses without waivers
and assumption of expenses to
average net assets 0.75% 0.75% 0.72%#
---------------------------------------------------------------------------------
Ratio of net investment income
without waivers and assumption
of expenses to average net assets 2.67% 3.26% 3.60%#
---------------------------------------------------------------------------------
Portfolio turnover rate 93% 50% 131%
---------------------------------------------------------------------------------
</TABLE>
*Commencement of operations.
#Short periods have been annualized.
80
<PAGE>
Chase Vista Select Equity Income Fund(1)
<TABLE>
<CAPTION>
Year Year 1/1/97*
ended ended through
10/31/99 10/31/98 10/31/97
PER SHARE OPERATING PERFORMANCE
---------------------------------------------------------------------------------
<S> <C> <C> <C>
Net asset value, beginning of period $ 28.89 $ 34.22 $ 28.32
---------------------------------------------------------------------------------
Income from investment operations:
Net investment income 0.65 0.85 0.79
Net gains or losses in securities
(both realized and unrealized) 1.69 1.50 5.90
------- ------- -------
Total from investment operations 2.34 2.35 6.69
Less distributions:
Dividends from net investment income 0.67 0.83 0.79
Distributions from capital gains 3.03 6.85 --
------- ------- -------
Total distributions 3.70 7.68 0.79
---------------------------------------------------------------------------------
Net asset value, end of period $ 27.53 $ 28.89 $ 34.22
---------------------------------------------------------------------------------
TOTAL RETURN 8.18% 7.62% 23.78%
=================================================================================
RATIOS/SUPPLEMENTAL DATA
---------------------------------------------------------------------------------
Net assets, end of period
(in millions) $ 787 $ 923 $ 955
---------------------------------------------------------------------------------
Ratio of expenses to
average net assets 0.03% 0.03% 0.03%#
---------------------------------------------------------------------------------
Ratio of net income
to average net assets 2.25% 2.85% 2.97%#
---------------------------------------------------------------------------------
Ratio of expenses without waivers
and assumption of expenses to
average net assets 0.58% 0.59% 0.59%#
---------------------------------------------------------------------------------
Ratio of net investment income
without waivers and assumption
of expenses to average net assets 1.70% 2.29% 2.41%#
---------------------------------------------------------------------------------
Portfolio turnover rate 146% 148% 73%
---------------------------------------------------------------------------------
</TABLE>
*Commencement of operations.
#Short periods have been annualized.
(1)On November 20, 1998, the Fund underwent a 3 for 1 split of shares.
Prior periods have been restated to reflect the split.
81
<PAGE>
FINANCIAL HIGHLIGHTS
Chase Vista Select Large Cap Equity Fund(1)
<TABLE>
<CAPTION>
Year Year 1/1/97*
ended ended through
10/31/99 10/31/98 10/31/97
PER SHARE OPERATING PERFORMANCE
-------------------------------------------------------------------------------
<S> <C> <C> <C>
Net asset value, beginning of period $ 37.52 $ 46.58 $ 37.22
-------------------------------------------------------------------------------
Income from investment operations:
Net investment income 0.52 0.56 0.59
Net gains or losses in securities
(both realized and unrealized) 6.56 5.27 9.36
------- ------- -------
Total from investment operations 7.08 5.83 9.95
Less distributions:
Dividends from net investment income 0.52 0.56 0.59
Distributions from capital gains 4.77 14.33 --
------- ------- -------
Total distributions 5.29 14.89 0.59
-------------------------------------------------------------------------------
Net asset value, end of period $ 39.31 $ 37.52 $ 46.58
-------------------------------------------------------------------------------
TOTAL RETURN 20.36% 16.58% 26.89%
===============================================================================
RATIOS/SUPPLEMENTAL DATA
-------------------------------------------------------------------------------
Net assets, end of period
(in millions) $ 222 $ 177 $ 186
-------------------------------------------------------------------------------
Ratio of expenses to
average net assets 0.05% 0.03% 0.03%#
-------------------------------------------------------------------------------
Ratio of net income
to average net assets 1.36% 1.46% 1.66%#
-------------------------------------------------------------------------------
Ratio of expenses without waivers
and assumption of expenses to
average net assets 0.65% 0.65% 0.58%#
-------------------------------------------------------------------------------
Ratio of net investment income
without waivers and assumption
of expenses to average net assets 0.76% 0.86% 1.11%#
-------------------------------------------------------------------------------
Portfolio turnover rate 106% 56% 54%
-------------------------------------------------------------------------------
</TABLE>
*Commencement of operations.
#Short periods have been annualized.
(1)On November 20, 1998, the Fund underwent an 11 for 1 split of shares.
Prior periods have been restated to reflect the split.
82
<PAGE>
Chase Vista Select Large Cap Growth Fund(1)
<TABLE>
<CAPTION>
Year Year 1/1/97*
ended ended through
10/31/99 10/31/98 10/31/97
PER SHARE OPERATING PERFORMANCE
-------------------------------------------------------------------------------
<S> <C> <C> <C>
Net asset value, beginning of period $ 37.36 $ 32.30 $ 26.01
-------------------------------------------------------------------------------
Income from investment operations:
Net investment income 0.30 0.34 0.28
Net gains or losses in securities
(both realized and unrealized) 13.66 8.23 6.29
------- ------- -------
Total from investment operations 13.96 8.57 6.57
Less distributions:
Dividends from net investment income 0.30 0.34 0.28
Distributions from capital gains 3.48 3.17 --
------- ------- -------
Total distributions 3.78 3.51 0.28
-------------------------------------------------------------------------------
Net asset value, end of period $ 47.54 $ 37.36 $ 32.30
-------------------------------------------------------------------------------
TOTAL RETURN 39.78% 29.12% 25.32%
===============================================================================
RATIOS/SUPPLEMENTAL DATA
-------------------------------------------------------------------------------
Net assets, end of period
(in millions) $ 901 $ 654 $ 548
-------------------------------------------------------------------------------
Ratio of expenses to
average net assets 0.03% 0.02% 0.02%#
-------------------------------------------------------------------------------
Ratio of net income
to average net assets 0.69% 0.98% 1.12%#
-------------------------------------------------------------------------------
Ratio of expenses without waivers
and assumption of expenses to
average net assets 0.59% 0.60% 0.60%#
-------------------------------------------------------------------------------
Ratio of net investment income
without waivers and assumption
of expenses to average net assets 0.13% 0.40% 0.54%#
-------------------------------------------------------------------------------
Portfolio turnover rate 26% 22% 36%
-------------------------------------------------------------------------------
</TABLE>
*Commencement of operations.
#Short periods have been annualized.
(1)On November 20, 1998, the Fund underwent a 3 for 1 split of shares.
Prior periods have been restated to reflect the split.
83
<PAGE>
FINANCIAL HIGHLIGHTS
Chase Vista Select New Growth Opportunities Fund(1)
<TABLE>
<CAPTION>
Year Year 1/1/97*
ended ended through
10/31/99 10/31/98 10/31/97
PER SHARE OPERATING PERFORMANCE
----------------------------------------------------------------------------------------
<S> <C> <C> <C>
Net asset value, beginning of period $29.63 $32.39 $28.58
----------------------------------------------------------------------------------------
Income from investment operations:
Net investment income 0.15 0.14 0.15
Net gains or losses in securities
(both realized and unrealized) 8.52 (0.42) 3.80
------ ------ ------
Total from investment operations 8.67 (0.28) 3.95
Less distributions:
Dividends from net investment income 0.14 0.13 0.14
Distributions from capital gains 0.61 2.35 --
------ ------ ------
Total distributions 0.75 2.48 0.14
----------------------------------------------------------------------------------------
Net asset value, end of period $ 37.55 $ 29.63 $ 32.39
----------------------------------------------------------------------------------------
TOTAL RETURN 29.65% (0.70%) 13.90%
========================================================================================
RATIOS/SUPPLEMENTAL DATA
----------------------------------------------------------------------------------------
Net assets, end of period
(in millions) $ 129 $ 112 $ 116
----------------------------------------------------------------------------------------
Ratio of expenses to
average net assets 0.07% 0.08% 0.08%#
----------------------------------------------------------------------------------------
Ratio of net income
to average net assets 0.44% 0.43% 0.57%#
----------------------------------------------------------------------------------------
Ratio of expenses without waivers
and assumption of expenses to
average net assets 0.93% 0.94% 0.92%#
----------------------------------------------------------------------------------------
Ratio of net investment income
without waivers and assumption
of expenses to average net assets (0.42%) (0.43%) (0.27%)#
----------------------------------------------------------------------------------------
Portfolio turnover rate 101% 67% 50%
----------------------------------------------------------------------------------------
</TABLE>
*Commencement of operations.
#Short periods have been annualized.
(1)On November 20, 1998, the Fund underwent a 20 for 1 split of shares.
Prior periods have been restated to reflect the split.
84
<PAGE>
Chase Vista Select Small Cap Value Fund
<TABLE>
<CAPTION>
Year Year 1/1/97*
ended ended through
10/31/99 10/31/98 10/31/97
PER SHARE OPERATING PERFORMANCE
--------------------------------------------------------------------------------------
<S> <C> <C> <C>
Net asset value, beginning of period $52.73 $60.54 $51.87
--------------------------------------------------------------------------------------
Income from investment operations:
Net investment income 0.64 0.74 0.57
Net gains or losses in securities
(both realized and unrealized) (2.50) (5.72) 8.62
------ ------ ------
Total from investment operations (1.86) (4.98) 9.19
Less distributions:
Dividends from net investment income 0.64 0.75 0.52
Distributions from capital gains 2.57 2.08 --
------ ------ ------
Total distributions 3.21 2.83 0.52
--------------------------------------------------------------------------------------
Net asset value, end of period $ 47.66 $ 52.73 $ 60.54
--------------------------------------------------------------------------------------
TOTAL RETURN (4.20%) (8.53%) 17.80%
======================================================================================
RATIOS/SUPPLEMENTAL DATA
--------------------------------------------------------------------------------------
Net assets, end of period
(in millions) $ 339 $ 418 $ 488
--------------------------------------------------------------------------------------
Ratio of expenses to
average net assets 0.04% 0.02% 0.02%#
--------------------------------------------------------------------------------------
Ratio of net income
to average net assets 1.16% 1.28% 1.26%#
--------------------------------------------------------------------------------------
Ratio of expenses without waivers
and assumption of expenses to
average net assets 0.86% 0.85% 0.85%#
--------------------------------------------------------------------------------------
Ratio of net investment income
without waivers and assumption
of expenses to average net assets 0.34% 0.45% 0.43%#
--------------------------------------------------------------------------------------
Portfolio turnover rate 55% 6% 8%
--------------------------------------------------------------------------------------
</TABLE>
*Commencement of operations.
#Short periods have been annualized.
85
<PAGE>
Chase Vista Select International Equity Fund(1)
<TABLE>
<CAPTION>
Year Year 1/1/97*
ended ended through
10/31/99 10/31/98 10/31/97
PER SHARE OPERATING PERFORMANCE
--------------------------------------------------------------------------------------
Net asset value, beginning of period $27.79 $29.45 $28.64
--------------------------------------------------------------------------------------
<S> <C> <C> <C>
Income from investment operations:
Net investment income 0.33 0.41 0.44
Net gains or losses in securities
(both realized and unrealized) 5.94 0.90 0.77
------ ------ ------
Total from investment operations 6.27 1.31 1.21
Less distributions:
Dividends from net investment income 0.73 1.24 0.40
Distributions from capital gains -- 1.73 --
------ ------ ------
Total distributions 0.73 2.97 0.40
--------------------------------------------------------------------------------------
Net asset value, end of period $ 33.33 $ 27.79 $ 29.45
--------------------------------------------------------------------------------------
TOTAL RETURN 22.83% 4.80% 4.15%
======================================================================================
RATIOS/SUPPLEMENTAL DATA
--------------------------------------------------------------------------------------
Net assets, end of period
(in millions) $ 223 $ 221 $ 254
--------------------------------------------------------------------------------------
Ratio of expenses to
average net assets 0.06% 0.05% 0.07%#
--------------------------------------------------------------------------------------
Ratio of net income
to average net assets 1.14% 1.71% 1.66%#
--------------------------------------------------------------------------------------
Ratio of expenses without waivers
and assumption of expenses to
average net assets 1.31% 1.34% 1.27%#
--------------------------------------------------------------------------------------
Ratio of net investment income
without waivers and assumption
of expenses to average net assets (0.11%) 0.42% 0.46%#
--------------------------------------------------------------------------------------
Portfolio turnover rate 141% 150% 141%
--------------------------------------------------------------------------------------
</TABLE>
*Commencement of operations.
#Short periods have been annualized.
(1)On November 20, 1998, the Fund underwent a 6 for 1 split of shares.
Prior periods have been restated to reflect the split.
86
<PAGE>
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<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 219392
Kansas City, MO 64121-9392
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 or e-mail 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 20549-0102
1-202-942-8090
E-mail: [email protected]
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
(C) 2000 The Chase Manhattan Corporation. All Rights Reserved. February 2000
[CHASE VISTA LOGO]
Chase Vista Funds Fulfillment Center
393 Manley Street
West Bridgewater, MA 02379-1039
