VISTA SMALL CAP EQUITY FUND
SUPPLEMENT DATED JULY 1, 1996 TO PROSPECTUS FOR CLASS A AND B SHARES DATED MAY
6, 1996
On Page 3 of the Prospectus, the table is deleted in its entirety and is
replaced by the following table:
<TABLE>
<CAPTION>
Class A Class B
Shares Shares
--------- ----------
<S> <C> <C>
Shareholder Transaction Expenses
- --------------------------------
Maximum Sales Charge Imposed on Purchases
(as a percentage of offering price) ................................................. 4.75% None
Maximum Deferred Sales Charge
(as a percentage of the lower of original purchase price or redemption proceeds)* ... None 5.00%
Annual Fund Operating Expenses
(as a percentage of average net assets)
- ----------------------------------------
Investment Advisory Fee ............................................................... 0.65% 0.65%
12b-1 Fee** ........................................................................... 0.25% 0.75%
Shareholder Servicing Fee ............................................................. 0.02%*** 0.25%
Other Expenses ........................................................................ 0.58% 0.58%
---- ----
Total Fund Operating Expense**** ...................................................... 1.50% 2.23%
==== ====
</TABLE>
Examples
- --------
Your investment of $1,000 would incur the following expenses, assuming 5%
annual return:
1 3 5 10
Year Years Years Years
--- ---- ---- ------
Class A Shares+ $62 $ 93 $125 $218
Class B shares:
Assuming complete redemption at
the end of the period++ +++ $74 $102 $142 $238
Assuming no redemptions+++ $23 $ 70 $119 $238
- ----------
* The maximum deferred sale charge on Class B shares applies to
redemptions during the first year after purchase; the charge
generally declines by 1% annually thereafter (except in the fourth
year), reaching zero after six years. See "How to Buy, Sell and
Exchange Shares."
** Long-term shareholders in mutual funds with 12b-1 fees, such as Class A
and Class B shareholders of the Fund, may pay more than the economic
equivalent of the maximum front-end sales charge permitted by rules of
the National Association of Securities Dealers, Inc.
*** A shareholder servicing fee of up to 0.25% of the average daily net
assets of Class A shares is payable to certain shareholder servicing
agents who are not affiliated with Chase. See "Other Information
Concerning the Fund--Shareholder Servicing Agents."
**** Chase has agreed voluntarily to waive fees payable to it and/or
reimburse expenses for a period of at least one year to the extent
necessary to prevent Total Fund Operating Expenses of Class A shares of
the Fund for such period from exceeding the amount indicated in the
table.
+ Assumes deduction at the time of purchase of the maximum sales charge.
++ Assumes deduction at the time of redemption of the maximum applicable
deferred sales charge.
+++ Ten-year figures assume conversion of Class B shares to Class A
shares at the beginning of the ninth year after purchase. See "How to
Buy, Sell and Exchange Shares."
1
SCAP-36-796
<PAGE>
In the section of the Prospectus entitled "Other Information Concerning the
Fund", the following paragraph is inserted in lieu of the first paragraph of the
sub-section entitled "Shareholder Servicing Agents":
The Trust has entered into shareholder servicing agreements with certain
shareholder servicing agents under which the shareholder servicing agents have
agreed to provide certain support services to their customers who beneficially
own Class A and Class B shares of the Fund. These services include assisting
with purchase and redemption transactions, maintaining shareholder accounts and
records, furnishing customer statements, transmitting shareholder reports and
communications to customers and other similar shareholder liaison services. For
performing these services, each shareholder servicing agent receives an annual
fee of up to 0.25% of the average daily net assets of Class A or Class B shares,
as the case may be, of the Fund held by investors for whom the shareholder
servicing agent maintains a servicing relationship. Shareholder servicing fees
with respect to Class A shares of the Fund are payable only to shareholder
servicing agents other than Chase or its affiliates. Shareholder servicing
agents may subcontract with other parties for the provision of shareholder
support services.
The following paragraph is inserted in lieu of the third paragraph of the
same sub-section:
Chase and/or VFD may from time to time, at their own expense out of
compensation retained by them from the Fund or other sources available to them,
make additional payments to certain selected dealers or other shareholder
servicing agents for performing administrative services for their customers.
These services include maintaining account records, processing orders to
purchase, redeem and exchange Fund shares and responding to certain customer
inquiries. The amount of such compensation may be up to an additional 0.10%
annually of the average net assets of the Fund attributable to shares of the
Fund held by customers of such shareholder servicing agents. Such compensation
does not represent an additional expense to the Fund or its shareholders, since
it will be paid by Chase and/or VFD.
2
