As filed via EDGAR with the Securities and Exchange Commission on
November 2, 1998
File No. 811-5151
Registration No. 33-14196
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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
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FORM N-1A
REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 | |
Pre-Effective Amendment No. |_|
Post-Effective Amendment No. 56 |X|
and
REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940 | |
Post-Effective Amendment No. 95 |X|
-------------------------------
MUTUAL FUND GROUP
(Exact Name of Registrant as Specified in Charter)
One Chase Manhattan Plaza
New York, New York 10081
--------------------------------------------------
(Address of Principal Executive Office)
Registrant's Telephone Number, including Area Code: (212) 492-1600
George Martinez, Esq. Peter Eldridge, Esq. Gary S. Schpero, Esq.
BISYS Fund Services, Inc. Chase Manhattan Bank Simpson Thacher & Bartlett
3435 Stelzer Road 270 Park Avenue 425 Lexington Avenue
Columbus, Ohio 43219 New York, New York 10017 New York, New York 10017
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(Name and Address of Agent for Service)
It is proposed that this filing will become effective:
|X| immediately upon filing pursuant to |_| on ( ) pursuant to
paragraph (b) paragraph (b)
| | 60 days after filing pursuant to |_| on ( ) pursuant to
paragraph (a)(1) paragraph (a)(1)
| | 75 days after filing pursuant to |_| on ( ) pursuant to
paragraph (a)(2) paragraph (a)(2) rule 485.
If appropriate, check the following box:
|_| this post-effective amendment designates a new effective date for a
previously filed post-effective amendment.
------------------
The Registrant has registered an indefinite number or amount of its shares of
common stock for each of its series under the Securities Act of 1933 pursuant to
Rule 24f-2 under the Investment Company Act of 1940 on July 18, 1994 and
Registrant's Rule 24f-2 Notice for the fiscal year ended October 31, 1997 was
filed on January 22, 1998.
<PAGE>
MUTUAL FUND GROUP
Registration Statement on Form N-1A
CROSS-REFERENCE SHEET
Pursuant to Rule 495(a) Under the Securities Act of 1933
U.S. TREASURY INCOME FUND
BALANCED FUND
EQUITY INCOME FUND
GROWTH AND INCOME FUND
CAPITAL GROWTH FUND
LARGE CAP EQUITY FUND
BOND FUND
SHORT-TERM BOND FUND
INTERNATIONAL EQUITY FUND
SMALL CAP EQUITY FUND
U.S. GOVERNMENT SECURITIES FUND
SOUTHEAST ASIAN FUND
JAPAN FUND
EUROPEAN FUND
SMALL CAP OPPORTUNITIES FUND
SELECT GROWTH AND INCOME FUND
LATIN AMERICAN EQUITY FUND
FOCUS FUND
STRATEGIC INCOME FUND
<TABLE>
<CAPTION>
Item Number
Form N-1A, Statement of Additional
Part A Prospectus Caption Information Caption
- ----------- ------------------ -----------------------
<S> <C> <C>
Captions apply to all Prospectuses except where
indicated in parenthesis. Parenthesis indicate
captions for Institutional Shares Prospectuses
1 Front Cover Page *
2(a) Expense Summary *
(b) Not Applicable *
3(a) Financial Highlights *
(b) Not Applicable *
(c) Performance Information *
4(a)(b) Other Information *
Concerning the Fund;
Fund Objective; Investment
Policies
(c) Fund Objective; Investment *
Policies
(d) Not Applicable *
5(a) Management *
(b) Management *
(c)(d) Management; Other Information Concerning the Fund *
</TABLE>
-i-
<PAGE>
<TABLE>
<CAPTION>
Item Number
Form N-1A, Statement of Additional
Part A Prospectus Caption Information Caption
- ----------- ------------------ -----------------------
<S> <C> <C>
(e) Other Information Concerning *
the Fund; Back Cover Page
(f) Other Information Concerning *
the Fund
(g) Not Applicable *
5A Not Applicable *
6(a) Other Information Concerning *
the Fund
(b) Not Applicable *
(c) Not Applicable *
(d) Not Applicable *
(e)(f) About Your Investment; How to Buy, Sell *
and Exchange Shares (How to Purchase, Redeem
and Exchange Shares); How Distributions Are
Made; Tax Information; Other Information
Concerning the Fund; Make the Most of Your
Vista Privileges.
(f) How Distributions are Made; *
Tax Information
(g) How Distributions are Made; Tax Matters
Tax Information
(h) About Your Investment; How to Buy, *
Sell and Exchange Shares (How to
Purchase, Redeem and Exchange Shares);
Other Information Concerning the Fund
7(a) How to Buy, Sell and Exchange *
Shares (How to Purchase, Redeem
and Exchange Shares)
(b) How the Fund Values its Shares; *
How to Buy, Sell and Exchange
Shares (How to Purchase, Redeem
and Exchange Shares)
(c) Not Applicable *
(d) How to Buy, Sell and Exchange *
Shares (How to Purchase, Redeem and
Exchange Shares)
</TABLE>
-ii-
<PAGE>
<TABLE>
<CAPTION>
Item Number
Form N-1A, Statement of Additional
Part A Prospectus Caption Information Caption
- ----------- ------------------ -----------------------
<S> <C> <C>
(e) Management; Other Information *
Concerning the Fund
(f) Other Information Concerning the *
Fund
8(a) How to Buy, Sell and Exchange *
Shares (How to Purchase, Redeem
and Exchange Shares)
(b) How to Buy, Sell and Exchange *
Shares (How to Purchase, Redeem
and Exchange Shares)
(c) How to Buy, Sell and Exchange *
Shares (How to Purchase, Redeem
and Exchange Shares)
(d) How to Buy, Sell and Exchange *
Shares (How to Purchase, Redeem
and Exchange Shares)
9 Not Applicable *
</TABLE>
-iii-
<PAGE>
<TABLE>
<CAPTION>
Item Number
Form N-1A, Statement of Additional
Part B Prospectus Caption Information Caption
- ----------- ------------------ -----------------------
<S> <C> <C>
10 * Front Cover Page
11 * Front Cover Page
12 * Not Applicable
13(a)(b) Fund Objective; Investment Investment Policies
Policies and Restrictions
14(c) * Management of the Trust and
Funds or Portfolios
(b) * Not Applicable
(c) * Management of the Trust and
Funds or Portfolios
15(a) * Not Applicable
(b) * General Information
(c) * General Information
16(a) Management Management of the Trust and
Funds or Portfolios
(b) Management Management of the Trust and
Funds or Portfolios
(c) Other Information Concerning Management of the Trust and
the Fund Funds or Portfolios
(d) Management Management of the Trust and
Funds or Portfolios
(e) * Not Applicable
</TABLE>
-iv-
<PAGE>
<TABLE>
<CAPTION>
Item Number
Form N-1A, Statement of Additional
Part B Prospectus Caption Information Caption
- ----------- ------------------ -----------------------
<S> <C> <C>
(f) How to Buy, Sell and Exchange Shares Management of the Trust and
(How to Purchase, Redeem and Exchange Shares); Funds or Portfolios
Other Information Concerning the Fund
(g) * Not Applicable
(h) * Management of the Trust and
Funds or Portfolios;
Independent Accountants
(i) * Not Applicable
17 Investment Policies Investment Policies and Restrictions
18(a) Other Information Concerning the Fund; General Information
How to Buy, Sell and Exchange Shares
(How to Purchase, Redeem and Exchange
Shares)
(b) * Not Applicable
19(a) How to Buy, Sell and Exchange Shares Purchases, Redemptions and Exchanges
(How to Purchase, Redeem and Exchange
Shares)
(b) How the Fund Values its Shares; How to Determination of Net Asset Value
Buy, Sell and Exchange Shares (How to
Purchase, Redeem and Exchange Shares)
(c) * Purchases, Redemptions and Exchanges
20 How Distributions are Made; Tax Information Tax Matters
21(a) * Management of the Trust and Funds
or Portfolios
(b) * Management of the Trust and Funds
or Portfolios
(c) * Not Applicable
22 * Performance Information
23 * Not Applicable
</TABLE>
-v-
<PAGE>
EXPLANATORY NOTE
Prospectuses for the Class A, Class B and Class C Shares of Capital Growth
Fund, Equity Income Fund, Growth and Income Fund and Small Cap Opportunities
Fund, Prospectuses for the Class A and Class B Shares of Balanced Fund, Bond
Fund, European Fund, International Equity Fund, Japan Fund, Large Cap Equity
Fund, Small Cap Equity Fund, Southeast Asian Fund, Prospectuses for the Class A
Shares of Short-Term Bond Fund, U.S. Government Securities Fund and U.S.
Treasury Income Fund, the Prospectus for Shares of American Value Fund and the
Prospectuses for the Institutional Shares of Bond Fund, Capital Growth Fund,
Growth and Income Fund, Large Cap Equity Fund, Small Cap Equity Fund,
Short-Term Bond Fund and U.S. Government Securities Fund are incorporated by
reference to Amendment No. 50 to the Registration Statement on Form N-1A of the
Registrant filed on February 27, 1998.
The Prospectus for Class A and Class B shares of Latin American Equity Fund
is incorporated by reference to the Registrant's filing of a definitive copy
under Rule 497(c) of the Securities Act of 1933, as amended, on March 13, 1998.
The Prospectus for Class A, Class B and Class C Shares and the Prospectus
for Institutional Shares of Focus Fund is incorporated by reference to
Amendment No. 53 to the Registration Statement on Form N-1A of the Registrant
filed on June 29, 1998.
The Statement of Additional Information for the Class A, Class B and Class
C Shares of Capital Growth Fund, Equity Income Fund, Growth and Income Fund,
Small Cap Opportunities Fund and Focus Fund, the Statement of Additional
Information for the Class A and Class B Shares of Balanced Fund, Bond Fund,
European Fund, International Equity Fund, Japan Fund, Large Cap Equity Fund,
Small Cap Equity Fund, Southeast Asian Fund, the Statement of Additional
Information for the Class A Shares of Short-Term Bond Fund, U.S. Government
Securities Fund and U.S. Treasury Income Fund, the Statement of Additional
Information for Shares of American Value Fund and the Statement of Additional
Information for the Institutional Shares of Bond Fund, Capital Growth Fund,
Growth and Income Fund, Large Cap Equity Fund, Small Cap Equity Fund,
Short-Term Bond Fund, U.S. Government Securities Fund and Focus Fund are
incorporated by reference to Amendment No. 53 to the Registration Statement on
Form N-1A of the Registrant filed on June 29, 1998.
The Statement of Additional Information for European Fund, International
Equity Fund, Japan Fund, Latin American Equity Fund and Southeast Asian Fund are
incorporated by reference to Amendment No. 50 to the Registration Statement on
Form N-1A of the Registrant filed on February 27, 1998.
The Prospectus and Statement of Additional Information for Select Growth
and Income Fund is incorporated by reference to Amendment No. 47 to the
Registration Statement on Form N-1A of the Registrant filed on December 15,
1997.
The Prospectus Supplement for the Class A and Class B Shares of Bond Fund
and for the Institutional Shares of Bond Fund are incorporated by inference to
the Registrant's filing of a definitive copy under Rule 497(e) of the Securities
Act of 1933 (the "Securities Act") on May 28, 1998.
The Prospectus Supplement for the Class A and Class B Shares of U.S.
Treasury Income Fund is hereby incorporated by reference to the Registrant's
filing of a definitive copy under Rule 497(e) of the Securities Act on May 28,
1998.
The Prospectus Supplement for the Class A and Class B Shares of Balanced
Fund is hereby incorporated by reference to the Registrant's filing of a
definitive copy under Rule 497(e) of the Securities Act on May 28, 1998.
The Prospectus Supplement for the Class A and Class B Shares of Large Cap
Equity Fund and Institutional Shares of Large Cap Equity Fund are hereby
incorporated by reference to the Registrant's filing of a definitive copy under
Rule 497(e) of the Securities Act on May 28, 1998.
The Prospectus Supplement for the Class A and Class B Shares of Latin
American Equity Fund is hereby incorporated by reference to the Registrant's
filing of a definitive copy under Rule 497(e) of the Securities Act on June 8,
1998.
The Prospectus Supplement for the Class A and Class B Shares of Balanced
Fund, for the Class A and Class B Shares of Bond Fund, for the Class A, Class B
and Class C Shares of Capital Growth Fund, for the Class A, Class B and Class C
Shares of Growth and Income Fund, for the Class A and Class B Shares of
International Equity Fund, for the Class A and Class B Shares of Large Cap
Equity Fund, for the Class A and Class B Shares of Small Cap Equity Fund, and
for the Class A and Class B Shares of U.S. Treasury Income Fund are hereby
incorporated by reference to the Registrant's filing of a definitive copy under
Rule 497(e) of the Securities Act on June 12, 1998.
The Prospectus Supplement for the Class A and Class B Shares of European
Fund, Japan Fund and Southeast Asian Fund is hereby incorporated by reference to
Registrant's filing of a definitive copy under rule 497(e) of the Securities Act
on July 1, 1998.
The Prospectus Supplement for the Class A and Class B Shares of Balanced
Fund is hereby incorporated by reference to Registrant's filing of a definitive
copy under rule 497(e) of the Securities Act on August 10, 1998.
<PAGE>
[LOGO OF CHASE VISTA FUNDS]
PROSPECTUS
SMALL CAP OPPORTUNITIES FUND
INSTITUTIONAL SHARES
INVESTMENT STRATEGY: CAPITAL GROWTH
November 2, 1998
This Prospectus explains concisely what you should know before investing.
Please read it carefully and keep it for future reference. You can find more
detailed information about the Fund in its February 27, 1998 Statement of
Additional Information, as amended periodically (the "SAI"). For a free copy of
the SAI, call the Chase Vista Service Center at 1-800-622-4273. The SAI has
been filed with the Securities and Exchange Commission (the "Commission") and
is incorporated into this Prospectus by reference. In addition, the Commission
maintains a Web site (http://www.sec.gov) that contains the SAI, the Fund's
Annual Report to Shareholders and other information regarding the Fund which
has been electronically filed with the Commission.
THESE SECURITIES HAVE NOT BEEN APPROVED OR DISAPPROVED BY THE SECURITIES AND
EXCHANGE COMMISSION OR ANY STATE SECURITIES COMMISSION, NOR HAS THE SECURITIES
AND EXCHANGE COMMISSION OR ANY STATE SECURITIES COMMISSION PASSED UPON THE
ACCURACY OR ADEQUACY OF THIS PROSPECTUS. ANY REPRESENTATION TO THE CONTRARY IS
A CRIMINAL OFFENSE.
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 by the FDIC, the Federal Reserve Board or any other government agency.
Investments in mutual funds involve risk, including the possible loss of the
principal amount invested.
<PAGE>
TABLE OF CONTENTS
<TABLE>
<S> <C>
Expense Summary ....................................................... 4
The expenses you might pay on your Fund investment, including examples
Fund Objective ........................................................ 5
Investment Policies ................................................... 5
Management ............................................................ 10
How to Buy, Sell and Exchange Shares .................................. 10
How the Fund Values its Shares ........................................ 13
How Distributions are Made; Tax Information ........................... 13
Other Information Concerning the Fund ................................. 14
Performance Information ............................................... 17
</TABLE>
3
<PAGE>
EXPENSE SUMMARY
Expenses are one of several factors to consider when investing. The following
table summarizes your costs from investing in the Fund based on expenses
incurred in the most recent fiscal year. The example shows the cumulative
expenses attributable to a hypothetical $1,000 investment over specified
periods.
<TABLE>
<CAPTION>
ANNUAL FUND OPERATING EXPENSES
(as a percentage of average net assets)
<S> <C>
Investment Advisory Fee (after waiver of fee)* .............. 0.60%
12b-1 Fee ................................................... None
Shareholder Servicing Fee (after estimated waiver)* ......... 0.00%
Other Expenses .............................................. 0.50%
--------
Total Fund Operating Expenses (after waiver of fee)* ........ 1.10%
========
</TABLE>
<TABLE>
<CAPTION>
EXAMPLE
Your investment of $1,000 would
incur the following expenses,
assuming 5% annual return: 1 Year 3 Years 5 Years 10 Years
-------- --------- --------- ---------
<S> <C> <C> <C> <C>
Institutional Shares .......... $11 $35 $61 $134
</TABLE>
* Reflects current waiver arrangement to maintain Total Fund Operating
Expenses at the level indicated in the table above. Absent such
waivers, the Investment Advisory Fee would be 0.65%, the Shareholder
Servicing Fee would be 0.25% and Total Fund Operating Expenses would be
1.40%.
The table is provided to help you understand the expenses of investing in the
Fund and your share of the operating expenses that the Fund incurs. The example
should not be considered a representation of past or future expenses or
returns; actual expenses and returns may be greater or less than shown.
Charges or credits, not reflected in the expense table above, may be incurred
directly by customers of financial institutions in connection with an
investment in the Fund. The Fund understands that Shareholder Servicing Agents
may credit to the accounts of their customers from whom they are already
receiving other fees amounts not exceeding such other fees or the fees received
by the Shareholder Servicing Agent from the Fund with respect to those
accounts. See "Other Information Concerning the Fund."
4
<PAGE>
FUND OBJECTIVE
Small Cap Opportunities Fund seeks long-term capital growth. The Fund is not
intended to be a complete investment program, and there is no assurance it will
achieve its objective.
INVESTMENT POLICIES
INVESTMENT APPROACH
Under normal market conditions, the Fund will invest at least 80% of its total
assets in equity securities and at least 65% of its total assets in equity
securities of small cap companies. The Fund's advisers define small cap
companies as those with market capitalizations of up to $1 billion at the time
of purchase by the Fund. To pursue the Fund's objective the advisers will seek
to invest in companies with consistent, accelerating earnings and attractive
stock valuations. The Fund's advisers intend to utilize both quantitative and
fundamental research to identify those equities offering the best combination
of value and growth among small cap stocks. Current income is an incidental
consideration to the Fund's objective. You should be aware that an investment
in small cap companies may be more volatile than investments in companies with
greater capitalization, as described under "Risk Factors" below.
To retain investment flexibility, the Fund may determine to discontinue selling
new shares when the Fund's net assets reach approximately $1 billion. Were the
Fund to do so, existing shareholders of the Fund would be permitted to continue
making additional purchases of Fund shares.
The Fund is classified as a "non-diversified" fund under federal securities
law. The Fund's assets may be more concentrated in the securities of any single
issuer or group of issuers than if the Fund were diversified.
The Fund may invest any portion of its assets not invested in equity securities
in high quality money market instruments and repurchase agreements. In
addition, at times when the Fund's advisers deem it advisable to limit the
Fund's exposure to the equity markets, the Fund may invest up to 20% of its
total assets in U.S. Government obligations other than money market
instruments. For temporary defensive purposes, the Fund may invest without
limitation in money market instruments and repurchase agreements. To the extent
that the Fund departs from its investment policies during temporary defensive
periods, the Fund's investment objective may not be achieved.
Instead of investing directly in underlying securities the Fund is authorized
to seek to achieve its objective by investing all of its investable assets in
another investment company having substantially the same investment objectives
and policies.
WHO MAY WANT TO INVEST
This Fund may be most appropriate for investors who. . .
o Are seeking long-term growth of capital
o Are investing for goals several years away
o Own or plan to own other types of investments for diversification purposes
5
<PAGE>
o Can assume above-average market risk
This Fund may NOT be appropriate for investors who are unable to tolerate
frequent up and down price changes, are investing for short-term goals or who
are in need of current income.
OTHER INVESTMENT PRACTICES
The Fund may also engage in the following investment practices, when consistent
with the Fund's overall objective and policies. These practices, and certain
associated risks, are more fully described in the SAI. Except as otherwise
indicated below, the Fund is not subject to any percentage limits with respect
to the practices described below.
FOREIGN SECURITIES. The Fund may invest up to 20% of its total assets in
foreign securities, including Depositary Receipts, which are described below.
Since foreign securities are normally denominated and traded in foreign
currencies, the values of the Fund's foreign investments may be influenced by
currency exchange rates and exchange control regulations. There may be less
information publicly available about foreign issuers than U.S. issuers, and
they are not generally subject to accounting, auditing and financial reporting
standards and practices comparable to those in the U.S. Foreign securities may
be less liquid and more volatile than comparable U.S. securities. Foreign
settlement procedures and trade regulations may involve certain expenses and
risks. One risk would be the delay in payment or delivery of securities or in
the recovery of the Fund's assets held abroad. It is possible that
nationalization or expropriation of assets, imposition of currency exchange
controls, taxation by withholding Fund assets, political or financial
instability and diplomatic developments could affect the value of the
portfolio's investments in certain foreign countries. Foreign laws may restrict
the ability to invest in certain countries or issuers and special tax
considerations will apply to foreign securities. The risks can increase if the
Fund invests in emerging market securities.
The Fund may invest its assets in securities of foreign issuers in the form of
American Depositary Receipts, European Depositary Receipts or other similar
securities representing securities of foreign issuers (collectively,
"Depositary Receipts"). The Fund treats Depositary Receipts as interests in the
underlying securities for purposes of its investment policies. Unsponsored
Depositary Receipts may not carry comparable voting rights to sponsored
Depositary Receipts, and a purchaser of unsponsored Depositary Receipts may not
receive as much information about the issuer of the underlying securities as
with a sponsored Depositary Receipt.
U.S. GOVERNMENT OBLIGATIONS. The Fund may invest in obligations issued or
guaranteed by the U.S. Government, its agencies or instrumentalities.
MONEY MARKET INSTRUMENTS.
The Fund may invest in cash or high-quality, short-term money market
instruments. These may include U.S. Government
6
<PAGE>
securities, commercial paper of domestic and foreign issuers and obligations of
domestic and foreign banks. Investments in foreign money market instruments may
involve certain risks associated with foreign investment.
REPURCHASE AGREEMENTS, SECURITIES LOANS AND FORWARD COMMITMENTS. The Fund may
enter into agreements to purchase and resell securities at an agreed-upon price
and time. The Fund also has the ability to lend portfolio securities in an
amount equal to not more than 30% of its total assets to generate additional
income. These transactions must be fully collateralized at all times. The Fund
may purchase securities for delivery at a future date, which may increase its
overall investment exposure and involves a risk of loss if the value of the
securities declines prior to the settlement date. The Fund may enter into put
transactions, including those sometimes referred to as stand-by commitments,
with respect to securities in its portfolio. In these transactions, the Fund
would acquire the right to sell a security at an agreed upon price within a
specified period prior to its maturity date. A put transaction will increase
the cost of the underlying security and consequently reduce the available
yield. Each of these transactions involves some risk to the Fund if the other
party should default on its obligation and the Fund is delayed or prevented
from recovering the collateral or completing the transaction.
BORROWINGS AND REVERSE REPURCHASE AGREEMENTS.
The Fund may borrow money from banks for temporary or short-term purposes, but
will not borrow money to buy additional securities, known as "leveraging." The
Fund may also sell and simultaneously commit to repurchase a portfolio security
at an agreed-upon price and time. The Fund may use this practice to generate
cash for shareholder redemptions without selling securities in a down market.
Whenever the Fund enters into a reverse repurchase agreement, it will establish
a segregated account in which it will maintain liquid assets on a daily basis
in an amount at least equal to the repurchase price (including accrued
interest). The Fund would be required to pay interest on amounts obtained
through reverse repurchase agreements, which are considered borrowing under
federal securities laws.
CONVERTIBLE SECURITIES. The Fund may invest up to 20% of its net assets in
convertible securities, which are securities generally offering fixed interest
or dividend yields which may be converted either at a stated price or stated
rate for common or preferred stock. Although to a lesser extent than with
fixed-income securities generally, the market value of convertible securities
tends to decline as interest rates increase, and increase as interest rates
decline. Because of the conversion feature, the market value of convertible
securities also tends to vary with fluctuations in the market value of the
underlying common or preferred stock.
7
<PAGE>
OTHER INVESTMENT COMPANIES. The Fund may invest up to 10% of its total assets
in shares of other investment companies when consistent with its investment
objective and policies, subject to applicable regulatory limitations.
Additional fees may be charged by other investment companies.
STRIPS. The Fund may invest up to 20% of its total assets in stripped
obligations (i.e., separately traded principal and interest components of
securities) where the underlying obligations are backed by the full faith and
credit of the U.S. Government, including instruments known as "STRIPS". The
value of these instruments tends to fluctuate more in response to changes in
interest rates than the value of ordinary interest-paying debt securities with
similar maturities. The risk is greater when the period to maturity is longer.
DERIVATIVES AND RELATED INSTRUMENTS. The Fund may invest its assets in
derivative and related instruments to hedge various market risks or to increase
the Fund's income or gain. Some of these instruments will be subject to asset
segregation requirements to cover the Fund's obligations. The Fund may (i)
purchase, write and exercise call and put options on securities and securities
indexes (including using options in combination with securities, other options
or derivative instruments); (ii) enter into swaps, futures contracts and
options on futures contracts; (iii) employ forward currency contracts; and (iv)
purchase and sell structured products, which are instruments designed to
restructure or reflect the characteristics of certain other investments.
There are a number of risks associated with the use of derivatives and related
instruments and no assurance can be given that any strategy will succeed. The
value of certain derivatives or related instruments in which the Fund invests
may be particularly sensitive to changes in prevailing economic conditions and
market value. The ability of the Fund to successfully utilize these instruments
may depend in part upon the ability of its advisers to forecast these factors
correctly. Inaccurate forecasts could expose the Fund to a risk of loss. There
can be no guarantee that there will be a correlation between price movements in
a hedging instrument and in the portfolio assets being hedged. The Fund is not
required to use any hedging strategies. Hedging strategies, while reducing risk
of loss, can also reduce the opportunity for gain. Derivatives transactions not
involving hedging may have speculative characteristics, involve leverage and
result in losses that may exceed the original investment of the Fund. There can
be no assurance that a liquid market will exist at a time when the Fund seeks
to close out a derivatives position. Activities of large traders in the futures
and securities markets involving arbitrage, "program trading," and other
investment strategies may cause price distortions in derivatives markets. In
certain instances, particularly those involving over-the-counter transactions
or forward contracts, there is a greater potential that a counterparty or
broker may default. In the event of a default, the
8
<PAGE>
Fund may experience a loss. For additional information concerning derivatives,
related instruments and the associated risks, see the SAI.
PORTFOLIO TURNOVER. The frequency of the Fund's buy and sell transactions will
vary from year to year. The Fund's investment policies may lead to frequent
changes in investments, particularly in periods of rapidly changing market
conditions. High portfolio turnover rates would generally result in higher
transaction costs, including brokerage commissions or dealer mark-ups, and
would make it more difficult for the Fund to qualify as a registered investment
company under federal tax law. See "How Distributions are Made; Tax
Information."
LIMITING INVESTMENT RISKS
Specific investment restrictions help the Fund limit investment risks for the
Fund's shareholders. These restrictions prohibit the Fund from: (a) investing
more than 15% of its net assets in illiquid securities (which include
securities restricted as to resale unless they are determined to be readily
marketable in accordance with procedures established by the Board of Trustees
of the Fund); or (b) investing more than 25% of its total assets in any one
industry. A complete description of these and other investment policies is
included in the SAI. Except for restriction (b) above and investment policies
designated as fundamental in the SAI, the investment policies of the Fund
(including the investment objective) are not fundamental. Shareholder approval
is not required to change any non-fundamental policy. However, in the event of
a change in the Fund's investment objective, shareholders will be given at
least 30 days' prior written notice.
RISK FACTORS
The net asset value of the Fund's shares will fluctuate based on the value of
the securities held by the Fund's portfolio. The Fund is aggresively managed
and, therefore, the value of the shares of the Fund is subject to greater
fluctuation and an investment in the Fund's shares involves a higher degree of
risk than an investment in a conservative equity fund or a growth fund
investing entirely in proven growth equities. An investment in the Fund should
not be considered a complete investment program and may not be appropriate for
all investors.
The securities of small cap companies often trade less frequently and in more
limited volume, and may be subject to more abrupt or erratic price movements,
than securities of larger, more established companies. Such companies may have
limited product lines, markets or financial resources, or may depend on a
limited management group.
Because the Fund is "non-diversified," the value of the Fund's shares is more
susceptible to developments affecting issuers in which the Fund invests.
To the extent the Fund invests in longer-term U.S. Government obligations, the
performance of the Fund may also be affected by interest rate changes. As
interest rates increase, the value of any fixed income securities held by the
Fund will tend to decrease.
9
<PAGE>
For a discussion of certain other risks associated with the Fund'sadditional
investment activities, see "Other Investment Practices" above.
MANAGEMENT
THE FUND'S ADVISERS
The Chase Manhattan Bank ("Chase")is the Fund's investment adviser under an
Investment Advisory Agreement and has overall responsibility for investment
decisions of the Fund, subject to the oversight of the Board of Trustees. Chase
is a wholly-owned subsidiary of The Chase Manhattan Corporation, a bank holding
company. Chase and its predecessors have over 100 years of money management
experience.
For its investment advisory services to the Fund, Chase is entitled to receive
an annual fee computed daily and paid monthly based at an annual rate equal to
0.65% of the Fund's average daily net assets. Chase is located at 270 Park
Avenue, New York, New York 10017.
Chase Asset Management, Inc. ("CAM"), a registered investment adviser, is the
Fund's sub-investment adviser under a Sub-Investment Advisory Agreement between
CAM and Chase. CAM is a wholly-owned operating subsidiary of Chase. CAM makes
investment decisions for the Fund on a day-to-day basis. For these services,
CAM is entitled to receive a fee, payable by Chase from its advisory fee, at an
annual rate equal to 0.30% of the Fund's average daily net assets. CAM provides
discretionary investment advisory services to institutional clients. The same
individuals who serve as portfolio managers for Chase also serve as portfolio
managers for CAM. CAM is located at 1211 Avenue of the Americas, New York, New
York 10036.
PORTFOLIO MANAGERS. Jill Greenwald and Ronald Zibelli, Vice Presidents and
Senior Portfolio Managers at Chase, are responsible for the management of the
Fund. Ms. Greenwald joined Chase in 1993, specializing in small cap issues.
Prior to joining Chase, Ms. Greenwald was a Director for Prudential Equity
Investors and a Senior Analyst for Fred Alger Management, Inc.
Mr. Zibelli joined Chase in June 1996. Most recently, he held a similar
position at The Portfolio Group, Inc. for one year. Prior to that, he was
Director of Equity Research and Portfolio Manager at Princeton Bank & Trust
Company for seven years, and began his career at J.P. Morgan Investment
Management.
HOW TO PURCHASE, REDEEM
AND EXCHANGE SHARES
HOW TO PURCHASE SHARES
Institutional Shares may be purchased through selected financial service firms,
such as broker-dealer firms and banks ("Dealers") who have entered into a
selected dealer agreement with the Fund's distributor on each business day
during which the New York Stock Exchange is open for trading ("Fund Business
Day"). Qualified investors are defined as institutions, trusts, partnerships,
corporations,
10
<PAGE>
qualified and other retirement plans and fiduciary accounts opened by a bank,
trust company or thrift institution which exercises investment authority over
such accounts. The Fund reserves the right to reject any purchase order or
cease offering shares for purchase at any time.
Institutional Shares are purchased at their public offering price, which is
their next determined net asset value. Orders received by Dealers in proper
form prior to the New York Stock Exchange closing time are confirmed at that
day's net asset value, provided the order is received by the Chase Vista
Service Center prior to its close of business. Dealers are responsible for
forwarding orders for the purchase of shares on a timely basis. Institutional
Shares will be maintained in book entry form and share certificates will not be
issued. Management reserves the right to refuse to sell shares of the Fund to
any institution.
Purchases of Institutional Shares of the Fund may also be made through an
investment adviser or financial planner that charges a fee for its services.
In addition, purchases of Institutional Shares of the Fund Class may be made
(i) by an investment adviser, broker or financial planner, provided arrangements
are preapproved and purchases are placed through an omnibus account with the
Fund or (ii) by clients of such investment adviser or financial planner who
place trades for their own accounts, if such accounts are linked to a master
account of such investment adviser or financial planner on the books and records
of the broker or agent. Such purchases may also be made for retirement and
deferred compensation plans and trusts used to fund those plans.
Investors may incur a fee if they effect transactions through a broker or agent.
Federal regulations require that each investor provide a certified Taxpayer
Identification Number upon opening an account.
MINIMUM INVESTMENTS
The Fund has established a minimum initial investment amount of $1,000,000 for
the purchase of Institutional Shares. There is no minimum for subsequent
investments. Purchases of Institutional Shares offered by other non-money
market Chase Vista funds may be aggregated with purchases of Institutional
Shares of the Fund to meet the $1,000,000 minimum initial investment amount
requirement.
HOW TO REDEEM SHARES
You may redeem all or any portion of the shares in your account at any time at
the net asset value next determined after a redemption request in proper form
is furnished by you to your Dealer and transmitted to and received by the Chase
Vista Service Center. A wire redemption may be requested by telephone to the
Chase Vista Service Center. For telephone redemptions, call the Chase Vista
Service Center at 1-800-622-4273.
In making redemption requests, the names of the registered shareholders on your
account and your account number must be supplied, along with any certificates
that represent shares you want to sell. The price you will receive is the next
net asset value calculated after the Fund receives your request in proper form.
In order to receive that day's net asset value, the Chase Vista Service Center
must receive your request before the close of regular trading on the New York
Stock Exchange.
DELIVERY OF PROCEEDS. The Fund generally sends you payment for your shares by
wire in federal funds on the business day after your request is received in
proper form. Under unusual circumstances, the Fund may suspend redemptions, or
postpone payment for more than seven days, as permitted by federal securities
law.
TELEPHONE REDEMPTIONS.
You may use Vista's Telephone Redemption Privilege to redeem shares from your
account unless you have notified the Chase Vista Service Center of an address
change within the preceding 30 days. Telephone redemption requests in
11
<PAGE>
excess of $25,000 will only be made by wire to a bank account on record with
the Fund. There is a $10.00 charge for each wire transaction. Unless an
investor indicates otherwise on the account application, the Fund will be
authorized to act upon redemption and transfer instructions received by
telephone from a shareholder, or any person claiming to act as his or her
representative, who can provide the Fund with his or her account registration
and address as it appears on the Fund's records.
The Chase Vista Service Center will employ these and other reasonable
procedures to confirm that instructions communicated by telephone are genuine;
if it fails to employ reasonable procedures, the Fund may be liable for any
losses due to unauthorized or fraudulent instructions. An investor agrees,
however, that to the extent permitted by applicable law, neither the Fund nor
its agents will be liable for any loss, liability, cost or expense arising out
of any redemption request, including any fraudulent or unauthorized request.
For information, consult the Chase Vista Service Center.
During periods of unusual market changes and shareholder activity, you may
experience delays in contacting the Chase Vista Service Center by telephone. In
this event, you may wish to submit a written redemption request or contact your
Dealer. The Telephone Redemption Privilege may be modified or terminated
without notice.
SELLING SHARES THROUGH YOUR DEALER. Your Dealer must receive your request
before the close of regular trading on the New York Stock Exchange to receive
that day's net asset value. Your Dealer will be responsible for furnishing all
necessary documentation to the Chase Vista Service Center, and may charge you
for its services.
INVOLUNTARY REDEMPTION OF ACCOUNTS. The Fund may involuntarily redeem your
shares if at such time the aggregate net asset value of the shares in your
account is less than $1,000,000. In the event of any such redemption, you will
receive at least 60 days notice prior to the redemption.
HOW TO EXCHANGE YOUR SHARES
You can exchange your shares for Institutional Shares of certain other Chase
Vista funds at net asset value beginning 15 days after purchase. Not all Chase
Vista funds offer Institutional Shares. The prospectus of the other Chase Vista
fund into which shares are being exchanged should be read carefully prior to
any exchange and retained for future reference.
For federal income tax purposes, an exchange is treated as a sale of shares and
generally results in a capital gain or loss.
EXCHANGING BY PHONE. A Telephone Exchange Privilege is currently available.
Call the Chase Vista Service Center for procedures for telephone transactions.
Ask your investment representative or the Chase Vista Service Center for
prospectuses of other Chase Vista funds. Shares of certain Chase Vista funds
are not available to residents of all states.
EXCHANGE PARAMETERS. The exchange privilege is not intended as a vehicle for
short-term trading.
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<PAGE>
Excessive exchange activity may interfere with portfolio management and have an
adverse effect on all shareholders. In order to limit excessive exchange
activity and in other circumstances where Vista management or the Trustees
believe doing so would be in the best interests of the Fund, the Fund reserves
the right to revise or terminate the exchange privilege, limit the amount or
number of exchanges or reject any exchange. In addition, any shareholder who
makes more than ten exchanges of shares involving the Fund in a year or three
in a calendar quarter will be charged a $5.00 administration fee for each such
exchange. Shareholders would be notified of any such action to the extent
required by law. Consult the Chase Vista Service Center before requesting an
exchange. The exchange privilege is subject to change or termination. See the
SAI to find out more about the exchange privilege.
HOW THE FUND VALUES ITS SHARES
The net asset value of each class of the Fund's shares is determined once daily
based upon prices determined as of the close of regular trading on the New York
Stock Exchange (normally 4:00 p.m., Eastern time, however, options are priced
at 4:15 p.m., Eastern time), on each business day of the Fund, by dividing the
net assets of the Fund attributable to that class by the total number of
outstanding shares of that class. Values of assets held by the Fund are
determined on the basis of their market or other fair value, as described in
the SAI.
HOW DISTRIBUTIONS ARE MADE; TAX INFORMATION
The Fund distributes any net investment income at least semi-annually and any
net capital gain at least annually. Capital gains are distributed after
deducting any available capital loss carryovers.
DISTRIBUTION PAYMENT OPTION. You can choose from three distribution options:
(1) reinvest all distributions in additional Fund shares without a sales
charge; (2) receive distributions from net investment income in cash or by ACH
to a pre-established bank account while reinvesting capital gains distributions
in additional shares without a sales charge; or (3) receive all distributions
in cash or by ACH. You can change your distribution option by notifying the
Chase Vista Service Center in writing. If you do not select an option when you
open your account, all distributions will be reinvested. All distributions not
paid in cash or by ACH will be reinvested in shares of the same share class.
You will receive a statement confirming reinvestment of distributions in
additional Fund shares promptly following the quarter in which the reinvestment
occurs.
If a check representing a Fund distribution is not cashed within a specified
period, the Chase Vista Service Center will notify you that you have the option
of requesting another check or reinvesting the distribution in the Fund or in
another Chase Vista fund without a sales charge. If the Chase Vista Service
Center does not receive your election, the distribution will be reinvested in
the Fund. Similarly, if
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<PAGE>
the Fund or the Chase Vista Service Center sends you correspondence returned as
"undeliverable," distributions will automatically be reinvested in the Fund.
The Fund intends to qualify as a "regulated investment company" for federal
income tax purposes and to meet all other requirements that are necessary for
it to be relieved of federal taxes on income and gains it distributes to
shareholders. The Fund intends to distribute substantially all of its ordinary
income and capital gain net income on a current basis. If the Fund does not
qualify as a regulated investment company for any taxable year or does not make
such distributions, the Fund will be subject to tax on all of its income and
gains.
TAXATION OF DISTRIBUTIONS. All Fund distributions of net investment income
(which term includes net short-term capital gain) will be taxable as ordinary
income. Any distributions of net capital gain which are designated as "capital
gain dividends" will be taxable as long-term capital gain, at the currently
applicable 28% or 20% rate, regardless of how long you have held the shares.
The taxation of your distribution is the same whether received in cash or in
shares through the reinvestment of distributions.
You should carefully consider the tax implications of purchasing shares just
prior to a distribution. This is because you will be taxed on the entire amount
of the distribution received, even though the net asset value per share will be
higher on the date of such purchase as it will include the distribution amount.
Early in each calendar year the Fund will notify you of the amount and tax
status of distributions paid to you by the Fund for the preceding year.
The above is only a summary of certain federal income tax consequences of
investing in the Fund. You should consult your tax adviser to determine the
precise effect of an investment in the Fund on your particular tax situation
(including possible liability for state and local taxes and, for foreign
shareholders, U.S. withholding taxes).
OTHER INFORMATION
CONCERNING THE FUND
SHAREHOLDER SERVICING AGENTS
The Trust has entered into shareholder servicing agreements with certain
shareholder servicing agents (including Chase) under which the shareholder
servicing agents have agreed to provide certain support services to their
customers who beneficially own Institutional shares of the Fund. These services
include one or more of the following: 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 Institutional shares of the Fund held by investors
for whom the
14
<PAGE>
shareholder servicing agent maintains a servicing relationship. Shareholder
servicing agents may subcontract with other parties for the provision of
shareholder support services.
Shareholder servicing agents may offer additional services to their customers,
such as pre-authorized or systematic purchase and redemption plans. Each
shareholder servicing agent may establish its own terms and conditions,
including limitations on the amounts of subsequent transactions, with respect
to such services. Certain shareholder servicing agents may (although they are
not required by the Trust to do so) credit to the accounts of their customers
from whom they are already receiving other fees an amount not exceeding such
other fees or the fees for their services as shareholder servicing agents.
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.
Chase and its affiliates and the Chase Vista Funds, affiliates, agents, and
subagents may exchange among themselves and others certain information about
shareholders and their accounts, including information used to offer investment
products and insurance products to them, unless otherwise contractually
prohibited.
ADMINISTRATOR AND SUB-ADMINISTRATOR
Chase acts as the administrator of the Fund and is entitled to receive a fee
computed daily and paid monthly at an annual rate equal to 0.10% of their
average daily net assets.
VFD provides certain sub-administrative services to the Fund pursuant to a
distribution and sub-administration agreement and is entitled to receive a fee
for these services from the Fund at an annual rate equal to 0.05% of the Fund's
average daily net assets. VFD has agreed to use a portion of this fee to pay
for certain expenses incurred in connection with organizing new series of the
Trust and certain other ongoing expenses of the Trust. VFD is located at One
Chase Manhattan Plaza, 3rd Floor, New York, New York 10081.
CUSTODIAN
Chase acts as the Fund's custodian and fund accountant and receives
compensation under an agreement with the Trust. Fund securities and cash may be
held by sub-custodian banks if such arrangements are
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<PAGE>
reviewed and approved by the Trustees.
EXPENSES
The Fund pays the expenses incurred in its operations, including its pro rata
share of expenses of the Trust. These expenses include investment advisory and
administrative fees; the compensation of the Trustees; registration fees;
interest charges; taxes; expenses connected with the execution, recording and
settlement of security transactions; fees and expenses of the Fund's custodian
for all services to the Fund, including safekeeping of funds and securities and
maintaining required books and accounts; expenses of preparing and mailing
reports to investors and to government offices and commissions; expenses of
meetings of investors; fees and expenses of independent accountants, of legal
counsel and of any transfer agent, registrar or dividend disbursing agent of
the Trust; insurance premiums; and expenses of calculating the net asset value
of, and the net income on, shares of the Fund. Shareholder servicing and
distribution fees are allocated to specific classes of the Fund. In addition,
the Fund may allocate transfer agency and certain other expenses by class.
Service providers to the Fund may, from time to time, voluntarily waive all or
a portion of any fees to which they are entitled.
ORGANIZATION AND DESCRIPTION OF SHARES
The Fund is a portfolio of Mutual Fund Group, an open-end management investment
company organized as a Massachusetts business trust in 1987 (the "Trust"). The
Trust has reserved the right to create and issue additional series and classes.
Each share of a series or class represents an equal proportionate interest in
that series or class with each other share of that series or class. The shares
of each series or class participate equally in the earnings, dividends and
assets of the particular series or class. Shares have no preemptive or
conversion rights. Shares when issued are fully paid and non-assessable, except
as set forth below. Shareholders are entitled to one vote for each whole share
held, and each fractional share shall be entitled to a proportionate fractional
vote, except that Trust shares held in the treasury of the Trust shall not be
voted. Shares of each class of the Fund generally vote together except when
required under federal securities laws to vote separately on matters that only
affect a particular class, such as the approval of distribution plans for a
particular class.
The Fund issues multiple classes of shares. This Prospectus relates only to
Institutional Shares of the Fund, one class of shares offered by the Fund.
Institutional Shares may be purchased only by qualified investors that make an
initial investment of $1,000,000 or more. "Qualified investors" are defined as
institutions, trusts, partnerships, corporations, qualified and other
retirement plans and fiduciary accounts opened by a bank, trust company or
thrift institution which exercises investment authority over such accounts. The
Fund offers other classes of shares in addition to these classes and may
determine not to offer certain classes of shares. The categories of investors
that are eligible to purchase shares may
16
<PAGE>
differ for each class of Fund shares. In addition, other classes of Fund shares
may be subject to differences in sales charge arrangements, ongoing
distribution and service fee levels, and levels of certain other expenses,
which will affect the relative performance of the different classes. Investors
may call 1-800-622-4273 to obtain additional information about other classes of
shares of the Fund that are offered. Any person entitled to receive
compensation for selling or servicing shares of the Fund may receive different
levels of compensation with respect to one class of shares over another.
The business and affairs of the Trust are managed under the general direction
and supervision of its Board of Trustees. The Trust is not required to hold
annual meetings of shareholders but will hold special meetings of shareholders
of all series or classes when in the judgment of the Trustees it is necessary
or desirable to submit matters for a shareholder vote. The Trustees will
promptly call a meeting of shareholders to remove a trustee(s) when requested
to do so in writing by record holders of not less than 10% of all outstanding
shares of the Trust.
Under Massachusetts law, shareholders of such a business trust may, under
certain circumstances, be held personally liable as partners for its
obligations. However, the risk of a shareholder incurring financial loss on
account of shareholder liability is limited to circumstances in which both
inadequate insurance existed and the Trust itself was unable to meet its
obligations.
PERFORMANCE INFORMATION
The Fund's investment performance may from time to time be included in
advertisements about the Fund. Performance is calculated separately for each
class of shares, in the manner described in the SAI. "Yield" for each class of
shares is calculated by dividing the annualized net investment income per share
during a recent 30-day period by the maximum public offering price per share of
such class on the last day of that period.
"Total return" for the one-, five- and ten-year periods (or since inception, if
shorter) through the most recent calendar quarter represents the average annual
compounded rate of return on an investment of $1,000 in the Fund invested at
the maximum public offering price (in the case of Class A shares) or reflecting
the deduction of any applicable contingent deferred sales charge (in the case
of Class B and Class C shares). Total return may also be presented for other
periods or without reflecting sales charges. Any quotation of investment
performance not reflecting the maximum initial sales charge or contingent
deferred sales charge would be reduced if such sales charges were used.
All performance data is based on the Fund's past investment results and does
not predict future performance. Investment performance, which will vary, is
based on many factors, including market conditions, the composition of the
Fund's portfolio, the Fund's operating expenses and which class of shares you
purchase. Investment performance also often reflects the risks associated with
the
17
<PAGE>
Fund's investment objectives and policies. These factors should be considered
when comparing the Fund's investment results to those of other mutual funds and
other investment vehicles. Quotation of investment performance for any period
when a fee waiver or expense limitation was in effect will be greater than if
the waiver or limitation had not been in effect. The Fund's performance may be
compared to other mutual funds, relevant indices and rankings prepared by
independent services. See the SAI.
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<PAGE>
Chase Vista Mutual Funds & Retirement Products
CHASE VISTA INTERNATIONAL EQUITY FUNDS
Latin American Equity Fund
Southeast Asian Fund
Japan Fund
European Fund
International Equity Fund
CHASE VISTA U.S. EQUITY FUNDS
Small Cap Opportunities Fund
Small Cap Equity Fund (closed to new investors)
The Growth Fund of Washington
Capital Growth Fund
Growth and Income Fund
Large Cap Equity Fund
Balanced Fund
Equity Income Fund
CHASE VISTA FIXED INCOME FUNDS
Bond Fund
U.S. Government Securities Fund
U.S. Treasury Income Fund
Short-Term Bond Fund
CHASE VISTA TAX-FREE FUNDS1
New York Tax Free Income Fund
California Intermediate Tax Free Income Fund
Tax Free Income Fund
CHASE VISTA TAX-FREE MONEY MARKET FUNDS1,2
New York Tax Free Money Market Fund
Connecticut Daily Tax Free Income Fund Select Shares3
New Jersey Daily Municipal Income Fund Select Shares3
Tax Free Money Market Fund
California Tax Free Money Market Fund
CHASE VISTA TAXABLE MONEY MARKET FUNDS2
Cash Management Fund
Federal Money Market Fund
100% U.S. Treasury Securities Money Market Fund
U.S. Government Money Market Fund
Treasury Plus Money Market Fund
CHASE VISTA RETIREMENT PRODUCTS
Vista Capital Advantage Variable Annuity4
Vista 401(k) Advantage
For complete information on the Chase Vista Mutual Funds or Retirement
Products, including information about fees and expenses, call your investment
professional or 1-800-34-VISTA for a prospectus. Please read it carefully
before you invest or send money.
/1/Some income may be subject to certain state and local taxes. A portion of the
income may be subject to the federal alternative minimum tax for some
investors.
/2/An investment in a Money Market Fund is neither insured nor guaranteed by the
U.S. Government. Yields will fluctuate, and there can be no assurance that the
Fund will be able to maintain a stable net asset value of $1.00 per share.
/3/Vista Select Shares of these funds are not a part of, or affiliated with, the
Chase Vista Mutual Funds. Reich & Tang Distributors L.P. and New England
Investment Companies L.P., which are unaffiliated with Chase, are the funds'
distributor and investment adviser, respectively.
/4/The variable annuity contract is issued by First SunAmerica Life Insurance
Company in New York; in other states, but not necessarily all states, it is
issued by Anchor National Life Insurance Company.
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<PAGE>
CHASE VISTA SERVICE CENTER
P.O. Box 419392
Kansas City, MO 64141-6392
TRANSFER AGENT AND DIVIDEND PAYING AGENT
DST Systems, Inc.
210 West 10th Street
Kansas City, MO 64105
LEGAL COUNSEL
Simpson Thacher & Bartlett
425 Lexington Avenue
New York, NY 10017
INDEPENDENT ACCOUNTANTS
Price Waterhouse LLP
1177 Avenue of the Americas
New York, NY 10036
[LOGO OF CHASE VISTA FUNDS]
P.O. Box 419392
Kansas City, MO 64141-6392
VSCO-1-1198X
<PAGE>
[VISTA LOGO]
CHASE VISTA BALANCED FUND
AMENDMENT DATED NOVEMBER 2, 1998
TO THE PROSPECTUS FOR CLASS A AND B SHARES
DATED FEBRUARY 27, 1998
By this amendment, the accompanying Prospectus is redated November 2, 1998.
The purpose of this Amendment is to reflect that the Fund now offers Class C
shares, in addition to Class A and B shares through the Prospectus. In that
connection, the changes identified below are made to the accompanying
Prospectus.
In the section of the Prospectus entitled "Expense Summary," the following
tables are inserted in lieu of the existing tables:
EXPENSE SUMMARY
---------------
Expenses are one of several factors to consider when investing. The following
table summarizes your costs from investing in the Fund based on expenses
incurred in the most recent fiscal year. The examples show the cumulative
expenses attributable to a hypothetical $1,000 investment over specified
periods.
<TABLE>
<CAPTION>
Class A Class B Class C
Shares Shares Shares
------ ------ ------
<S> <C> <C> <C>
SHAREHOLDER TRANSACTION EXPENSES
Maximum Sales Charge Imposed on Purchases
(as a percentage of offering price) ...................... 5.75% None None
Maximum Deferred Sales Charge
(as a percentage of the lower of original purchase
price or redemption proceeds)* ........................... None 5.00% 1.00%
ANNUAL FUND OPERATING EXPENSES
(as a percentage of average net assets)
Investment Advisory Fee (after estimated waiver)** ......... 0.50% 0.50% 0.50%
12b-1 Fee*** ............................................... 0.25% 0.75% 0.75%#
Shareholder Servicing Fee
(after estimated waiver, where indicated) ................ 0.05%** 0.25% 0.25%#
Other Expenses ............................................. 0.45% 0.45% 0.45%
---- ---- ----
Total Fund Operating Expenses (after waivers of fees)** .... 1.25% 1.95% 1.95%
==== ==== ====
</TABLE>
<PAGE>
EXAMPLES
Your investment of $1,000 would incur the following expenses, assuming 5%
annual return:
<TABLE>
<CAPTION>
1 Year 3 Years 5 Years 10 Years
------ ------- ------- --------
<S> <C> <C> <C> <C>
Class A Shares+ ..................... $70 $ 95 $122 $200
Class B Shares:
Assuming complete redemption at the
end of the period++, +++ ......... $71 $ 94 $128 $209
Assuming no redemptions+++ ......... $20 $ 61 $105 $209
Class C Shares:
Assuming complete redemption at the
end of the period++ .............. $30 $ 61 $105 $227
Assuming no redemptions ............ $20 $ 61 $105 $227
</TABLE>
* The maximum deferred sales 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. The maximum deferred sales charge on Class C shares applies to
redemptions during the first year after purchase; the charge is 1% during
the first year and zero thereafter. See "How to Buy, Sell and Exchange
Shares."
** Reflects current waiver arrangements to maintain Total Fund Operating
Expenses at the levels indicated in the table above. Absent such waivers,
the Shareholder Servicing Fee would be 0.25% for Class A shares, and Total
Fund Operating Expenses would be 1.45% for Class A shares.
*** Long-term shareholders in mutual funds with 12b-1 fees, such as Class A,
Class B and Class C 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.
# Beginning with the 13th month following the purchase of Class C shares by
their customers, broker-dealers receive payments at an annual rate of
1.00% of the average daily net asset value of the Class C shares invested
in the Fund by their customers, consisting of a 12b-1 distribution fee at
an annual rate of 0.75% of such assets and a service fee at an annual rate
of 0.25% of such assets.
+ 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."
2
<PAGE>
The table is provided to help you understand the expenses of investing in the
Fund and your share of the operating expenses that the Fund incurs. The
examples should not be considered representations of past or future expenses or
returns; actual expenses and returns may be greater or less than shown.
Charges or credits, not reflected in the expense table above, may be incurred
directly by customers of financial institutions in connection with an investment
in the Fund. The Fund understands that Shareholder Servicing Agents may credit
to the accounts of their customers from whom they are already receiving other
fees amounts not exceeding such other fees or the fees received by the
Shareholder Servicing Agent from the Fund with respect to those accounts. See
"Other Information Concerning the Fund."
In the section of the Prospectus entitled "Financial Highlights," the following
text and table is inserted in lieu of the existing text and table:
3
<PAGE>
FINANCIAL HIGHLIGHTS
--------------------
The table set forth below provides financial highlights for both Class A and
Class B shares outstanding for each period shown. This information is
supplemented by and should be read in conjunction with financial statements and
accompanying notes appearing in the Fund's Annual Report to Shareholders for the
fiscal year ended October 31, 1997, which is incorporated by reference into the
SAI. Shareholders can obtain a copy of this Annual Report by contacting the Fund
or their Shareholder Servicing Agent. The financial statements and notes, as
well as the financial information set forth in the table below for periods prior
to November 1, 1997, have been audited by Price Waterhouse LLP, independent
accountants, whose report thereon is also included in the Annual Report to
Shareholders.
BALANCED FUND
<TABLE>
<CAPTION>
Class A
---------------------------------------------------------------------------
11/01/97 Year Ended 11/4/92*
through --------------------- through
04/30/98 10/31/97 10/31/96 10/31/95 10/31/94 10/31/93
-------- -------- -------- -------- -------- --------
<S> <C> <C> <C> <C> <C> <C>
PER SHARE OPERATING PERFORMANCE
Net Asset Value, Beginning
of Period ..................................... $ 15.41 $ 13.83 $ 12.45 $ 11.09 $ 11.38 $ 10.00
------- ------- ------- ------- ------- -------
Income from Investment Operations:
Net Investment Income ........................ 0.196 0.392 0.353
Net Gains or (Losses) in
Securities (both realized 0.382 0.356 0.410
and unrealized) ............................. 1.468 2.393 1.692 1.517 (0.187) 1.344
------- ------- ------- ------- ------- -------
Total from Investment Operations .............. 1.664 2.785 2.045 1.899 0.169 1.754
------- ------- ------- ------- ------- -------
Less Distributions: ...........................
Dividends from Net Investment Income ......... 0.204 0.395 0.345 0.408 0.359 0.375
Distributions from Capital Gains ............. 0.980 0.810 0.320 0.131 0.100 --
------- ------- ------- ------- ------- -------
Total Distributions .......................... 1.184 1.205 0.665 0.539 0.459 0.375
------- ------- ------- ------- ------- -------
Net Asset Value, End of Period ................. $ 15.89 $ 15.41 $ 13.83 $ 12.45 $ 11.09 $ 11.38
======= ======= ======= ======= ======= =======
Total Return(1) ................................ 11.45% 21.48% 16.89% 17.70% 1.56% 17.74%
Ratios/Supplemental Data:
Net Assets, End of Period
(000 omitted) ................................ $92,732 $92,941 $55,233 $33,733 $21,705 $13,920
Ratio of Expenses to Average
Net Assets# .................................. 1.25% 1.25% 1.25% 1.06% 0.58% --
Ratio of Net Investment Income to
Average Net Assets# .......................... 2.59% 2.91% 2.97% 3.48% 3.21% 3.87%
Ratio of Expenses without waivers
and assumption of expenses to
Average Net Assets# .......................... 1.45% 1.52% 1.78% 2.20% 2.20% 3.07%
Ratio of Net Investment Income
without waivers and assumption of
expenses to Average Net Assets# .............. 2.39% 2.64% 2.44% 2.34% 1.59% 0.80%
Portfolio Turnover Rate ........................ 33% 136% 149% 68% 77% 65%
Average Commission Rate Paid
per share ..................................... $0.0591 $0.0551 $0.0598 -- -- --
<CAPTION>
Class B
-------------------------------------------------------------------------
11/01/97 Year Ended 11/4/93**
Through ------------------------------------------- through
04/30/98 10/31/97 10/31/96 10/31/95 10/31/94
-------- -------- -------- -------- ---------
PER SHARE OPERATING PERFORMANCE <C>
Net Asset Value, Beginning of Period ................ $ 15.21 $ 13.70 $ 12.36 $ 11.03 $ 11.22
------- ------- ------- ------- -------
Income from Investment Operations:
Net Investment Income ............................. 0.138 0.319 0.283 0.309 0.345
Net Gains or (Losses) in Securities 1.443
(both realized and unrealized) ................... ------- 2.326 1.656 1.502 (0.117)
1.581 ------- ------- ------- -------
Total from Investment Operations ................... ------- 2.645 1.939 1.811 0.228
------- ------- ------- -------
Less Distributions: 0.171
Dividends from Net Investment Income .............. 0.980 0.325 0.279 0.131 0.318
Distributions from Capital Gains .................. ------- 0.810 0.320 0.350 0.100
1.151 ------- ------- ------- -------
Total Distributions ............................... ------- 1.135 0.599 0.481 0.418
------- ------- ------- -------
Net Asset Value, End of Period ...................... $ 15.64 $ 15.21 $ 13.70 $ 12.36 $ 11.03
======= ======= ======= ======= =======
Total Return(1) ..................................... 11.03% 20.55% 16.10% 16.93% 2.17%
Ratios/Supplemental Data:
Net Assets, End of Period (000 omitted) ............ $21,137 $15,471 $ 9,737 $ 6,336 $ 3,543
Ratio of Expenses to Average Net Assets# ........... 1.94% 2.04% 2.00% 1.82% 1.50%
Ratio of Net Investment Income to
Average Net Assets# ............................... 1.87% 2.26% 2.21% 2.68% 2.46%
Ratio of Expenses without waivers and
assumption of expenses to Average
Net Assets# ....................................... 1.94% 2.06% 2.29% 2.72% 2.69%
Ratio of Net Investment Income without
waivers and assumption of expenses to
Average Net Assets# ............................... 1.87% 2.24% 1.92% 1.78% 1.24%
Portfolio Turnover Rate ............................. 33% 136% 149% 68% 77%
Average Commission Rate Paid per share .............. $0.0591 $0.0551 $0.0598 -- --
</TABLE>
* Commencement of operations.
** Commencement of offering of class of shares.
(1) Total return figures do not take into account the effect of any sales
load.
# Short periods have been annualized.
4 & 5
<PAGE>
In the section of the Prospectus entitled "About Your Investment--
Choosing a Share Class," the following paragraph is added following the last
paragraph:
CLASS C SHARES. Class C shares are sold without an initial sales charge,
which provides the investor the benefit of putting all of the investor's
dollars to work from the time the investment is made. If redeemed within
one year after purchase, Class C shares are subject to a CDSC equal to 1%
of the lesser of their original cost or the net asset value at the time of
the redemption. If you hold your shares for one year or more, you will
receive the entire net asset value of your shares upon redemption at the
then-current share price. Class C shares, like Class B shares, have higher
combined 12b-1 and service fees than Class A shares and, as a consequence,
pay correspondingly lower dividends and may have a lower net asset value
than Class A shares. Unlike Class B shares, Class C shares do not convert
into any other class of shares of the Fund. See "How to Buy, Sell and
Exchange Shares" and "Other Information Concerning the Fund."
In the section of the Prospectus entitled "About Your Investment--
Which Arrangement is Best for You?," the following sentence is added following
the third sentence in the first paragraph:
If you prefer not to pay an initial sales charge and you are uncertain as
to the intended length of your investment, you might consider Class C
Shares.
In the section of the Prospectus entitled "How to Buy, Sell and Exchange
Shares--Buying Shares Through Systematic Investing," the following sentence is
inserted in lieu of the third sentence in the third paragraph:
To eliminate the need for safekeeping, the Fund will not issue
certificates for your Class A or Class C shares unless you request them.
In the section of the Prospectus entitled "How to Buy, Sell and Exchange
Shares," the following paragraph is added following the paragraph entitled
"Class B Shares":
6
<PAGE>
CLASS C SHARES
--------------
Class C shares are sold without an initial sales charge, although a CDSC
will be imposed if you redeem shares within one year after purchase. The
following types of shares may be redeemed without charge at any time: (i)
shares acquired by reinvestment of distributions and (ii) shares otherwise
exempt from the CDSC, as described below. For other shares, the amount of
the charge is determined as a percentage of the lesser of the current
market value or the purchase price of shares being redeemed.
In determining whether a CDSC is payable on any redemption, the Fund will
first redeem shares not subject to any charge, and then shares held
longest during the CDSC period. When a share that has appreciated in value
is redeemed during the CDSC period, a CDSC is assessed only on its initial
purchase price. For information on how sales charges are calculated if you
exchange your shares, see "How to Exchange Your Shares." The Fund's
distributor pays broker-dealers a commission of 1.00% of the offering
price on sales of Class C shares, and the distributor receives the entire
amount of any CDSC you pay.
In the section of the Prospectus entitled "How to Buy, Sell and Exchange
Shares--General," the following paragraph supersedes the fifth complete
paragraph on page 20:
The Fund may sell Class A shares at net asset value without an initial
sales charge in connection with the acquisition by the Fund of assets of
an investment company or personal holding company. The CDSC will be waived
on redemption of Class B or Class C shares arising out of death or
disability or in connection with certain withdrawals from IRA or other
retirement plans. Up to 12% of the value of Class B or Class C shares
subject to a systematic withdrawal plan may also be redeemed each year
without a CDSC, provided that the Class B or Class C account had a minimum
balance of $20,000 at the time the systematic withdrawal plan was
established. The SAI contains additional information about purchasing the
Fund's shares at reduced sales charges.
In the section of the Prospectus entitled "How to Buy, Sell and Exchange
Shares--Systematic Withdrawal," the following sentence is inserted in lieu of
the first sentence:
7
<PAGE>
You can make regular withdrawals of $50 or more ($100 or more for Class B
and Class C accounts) monthly, quarterly or semiannually.
In the section of the Prospectus entitled "How to Buy, Sell and Exchange
Shares--Involuntary Redemption of Accounts," the following sentence is inserted
in lieu of the last sentence:
In the event the Fund redeems Class B or Class C shares pursuant to this
provision, no CDSC will be imposed.
In the section of the Prospectus entitled "How to Buy, Sell and Exchange
Shares--Exchanging to Money Market Funds," the following paragraph is inserted
in lieu of the first paragraph:
An exchange of Class B or Class C shares into any of the Chase Vista money
market funds (other than Chase Vista Prime Money Market Fund's Class B and
Class C shares, respectively) will be treated as a redemption--and
therefore subject to the conditions of the CDSC--and a subsequent
purchase. Class B or Class C shares of any Chase Vista non-money market
fund may be exchanged into the Class B or Class C shares of the Chase
Vista Prime Money Market Fund, respectively, in order to continue the
aging of the initial purchase of such shares.
In the section of the Prospectus entitled "How to Buy, Sell and Exchange
Shares--Reinstatement Privilege," the following sentence is inserted in lieu of
the last sentence:
Class B and Class C shareholders who have redeemed their shares and paid a
CDSC with such redemption may purchase Class A shares with no initial
sales charge (in an amount not in excess of their redemption proceeds) if
the purchase occurs within 90 days of the redemption of the Class B or
Class C shares.
In the section of the Prospectus entitled "Other Information concerning the
Fund--Distribution Plans," the following paragraph is inserted in lieu of the
first paragraph:
The Fund's distributor is Vista Fund Distributors, Inc. ("VFD"). VFD is a
subsidiary of The BISYS Group, Inc. and is unaffiliated with Chase. The
Trust has adopted Rule 12b-1 distribution plans for Class A, Class B and
Class C shares, which provide for the
8
<PAGE>
payment of distribution fees at annual rates of up to 0.25%, 0.75% and
0.75% of the average daily net assets attributable to Class A, Class B and
Class C shares of the Fund, respectively. Payments under the distribution
plans shall be used to compensate or reimburse the Fund's distributor and
broker-dealers for services provided and expenses incurred in connection
with the sale of Class A, Class B and Class C shares, and are not tied to
the amount of actual expenses incurred. Payments may be used to compensate
broker-dealers with trail or maintenance commissions at an annual rate of
up to 0.25% of the average daily net asset value of Class A shares or
Class B shares, or up to 0.75% of the average daily net asset value of the
Class C shares invested in the Fund by customers of these broker-dealers.
Trail or maintenance commissions are paid to broker-dealers beginning the
13th month following the purchase of shares by their customers.
Promotional activities for the sale of Class A, Class B and Class C shares
will be conducted generally by the Chase Vista Funds, and activities
intended to promote the Fund's Class A, Class B or Class C shares may also
benefit the Fund's other shares and other Chase Vista funds.
In the section of the Prospectus entitled "Other Information Concerning the
Fund--Shareholder Servicing Agents," the following three sentences are inserted
in lieu of the first three sentences of the first paragraph:
The Trust has entered into shareholder servicing agreements with certain
shareholder servicing agents (including Chase) under which the shareholder
servicing agents have agreed to provide certain support services to their
customers who beneficially own Class A, Class B or Class C shares of the
Fund. These services include one or more of the following: 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, Class B and Class C shares of the Fund held by investors for whom
the shareholder servicing agent maintains a servicing relationship.
9
<PAGE>
In the section of the Prospectus entitled "Other Information Concerning the
Fund--Organization and Description of Shares," the following sentence is
inserted in lieu of the second sentence of the second paragraph:
This Prospectus relates only to Class A, Class B and Class C shares of the
Fund.
In the section of the Prospectus entitled "Performance Information," the
following sentence is inserted in lieu of the first sentence of the second
paragraph:
"Total return" for the one-, five- and ten-year periods (or since
inception, if shorter) through the most recent calendar quarter represents
the average annual compounded rate of return on an investment of $1,000 in
the Fund invested at the maximum public offering price (in the case of
Class A shares) or reflecting the deduction of any applicable contingent
deferred sales charge (in the case of Class B and Class C shares).
In the section of the Prospectus entitled "Make the Most of Your Chase Vista
Privileges," the following sentence is inserted in lieu of the first sentence
in the second bulleted paragraph:
Make regular withdrawals of $50 or more ($100 or more for Class B and
Class C accounts) monthly, quarterly or semiannually.
and the following paragraph inserted in lieu of in the penultimate paragraph:
Class B and Class C shareholders who have redeemed their shares and paid a
CDSC with such redemptions may purchase Class A shares with no initial
sales charge (in an amount not in excess of their redemption proceeds) if
the purchase occurs within 90 days of the redemption of the Class B or
Class C shares.
10
<PAGE>
[VISTA LOGO]
CHASE VISTA LARGE CAP EQUITY FUND
AMENDMENT DATED NOVEMBER 2, 1998
TO THE PROSPECTUS FOR CLASS A AND B SHARES
DATED FEBRUARY 27, 1998
By this amendment, the accompanying Prospectus is redated November 2, 1998.
The purpose of this Amendment is to reflect that the Fund now offers Class C
shares, in addition to Class A and B shares through the Prospectus. In that
connection, the changes identified below are made to the accompanying
Prospectus.
In the section of the Prospectus entitled "Expense Summary," the following
tables are inserted in lieu of the existing tables:
EXPENSE SUMMARY
---------------
Expenses are one of several factors to consider when investing. The following
table summarizes your costs from investing in the Fund based on expenses
incurred in the most recent fiscal year. The examples show the cumulative
expenses attributable to a hypothetical $1,000 investment over specified
periods.
<TABLE>
<CAPTION>
Class A Class B Class C
Shares Shares Shares
------ ------ ------
<S> <C> <C> <C>
SHAREHOLDER TRANSACTION EXPENSES
Maximum Sales Charge Imposed on Purchases
(as a percentage of offering price) ...................... 5.75% None None
Maximum Deferred Sales Charge
(as a percentage of the lower of original purchase
price or redemption proceeds)* ........................... None 5.00% 1.00%
ANNUAL FUND OPERATING EXPENSES
(as a percentage of average net assets)
Investment Advisory Fee (after estimated waiver)** ......... 0.00% 0.00% 0.00%
12b-1 Fee*** ............................................... 0.25% 0.75% 0.75%#
Shareholder Servicing Fee
(after estimated waiver, where indicated) ................ 0.25% 0.25% 0.25%#
Other Expenses ............................................. 0.40% 0.40% 0.40%
---- ---- ----
Total Fund Operating Expenses (after waivers of fees)** .... 0.90% 1.40% 1.40%
==== ==== ====
</TABLE>
<PAGE>
EXAMPLES
Your investment of $1,000 would incur the following expenses, assuming 5%
annual return:
<TABLE>
<CAPTION>
1 Year 3 Years 5 Years 10 Years
------ ------- ------- --------
<S> <C> <C> <C> <C>
Class A Shares+ ..................... $66 $ 85 $104 $162
Class B Shares:
Assuming complete redemption at the
end of the period++, +++ ......... $66 $ 78 $100 $154
Assuming no redemptions+++ ......... $14 $ 44 $ 77 $154
Class C Shares:
Assuming complete redemption at the
end of the period++ .............. $25 $ 44 $ 77 $168
Assuming no redemptions ............ $14 $ 44 $ 77 $168
</TABLE>
* The maximum deferred sales 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. The maximum deferred sales charge on Class C shares applies to
redemptions during the first year after purchase; the charge is 1% during
the first year and zero thereafter. See "How to Buy, Sell and Exchange
Shares."
** Reflects current waiver arrangements to maintain Total Fund Operating
Expenses at the levels indicated in the table above. Absent such waivers,
the Investment Advisory Fee and Other Expenses would be 0.40% and 0.50%,
respectively, and Total Fund Operating Expenses would be 1.40%, 1.90% and
1.90% for Class A, Class B and Class C shares, respectively.
*** Long-term shareholders in mutual funds with 12b-1 fees, such as Class A,
Class B and Class C 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.
# Beginning with the 13th month following the purchase of Class C shares by
their customers, broker-dealers receive payments at an annual rate of
1.00% of the average daily net asset value of the Class C shares invested
in the Fund by their customers, consisting of a 12b-1 distribution fee at
an annual rate of 0.75% of such assets and a service fee at an annual rate
of 0.25% of such assets.
+ 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."
2
<PAGE>
The table is provided to help you understand the expenses of investing in the
Fund and your share of the operating expenses that the Fund incurs. The
examples should not be considered representations of past or future expenses or
returns; actual expenses and returns may be greater or less than shown.
Charges or credits, not reflected in the expense table above, may be incurred
directly by customers of financial institutions in connection with an investment
in the Fund. The Fund understands that Shareholder Servicing Agents may credit
to the accounts of their customers from whom they are already receiving other
fees amounts not exceeding such other fees or the fees received by the
Shareholder Servicing Agent from the Fund with respect to those accounts. See
"Other Information Concerning the Fund."
In the section of the Prospectus entitled "Financial Highlights," the following
text and table is inserted in lieu of the existing text and table:
3
<PAGE>
FINANCIAL HIGHLIGHTS
The table set forth below provides financial highlights for both Class A and
Class B Shares outstanding throughout the period shown. This information is
supplemented by financial statements and accompanying notes appearing in the
Fund's Annual Report to Shareholders for the fiscal year ended October 31, 1997,
which is incorporated by reference into the SAI. Shareholders may obtain a copy
of this annual report by contacting the Fund or their Shareholder Servicing
Agent. The financial statements and notes, as well as the financial information
set forth in the table below for periods prior to November 1, 1997, has been
audited by Price Waterhouse LLP, independent accountants, whose report thereon
is also included in the Annual Report to Shareholders.
LARGE CAP EQUITY FUND
<TABLE>
<CAPTION>
Class A Class B
-------------------------------- -----------------------------------
11/1/97 Year 5/8/96* 11/1/97 Year 5/7/96*
through Ended through through Ended through
4/30/98 10/31/97 10/31/96 4/30/98 10/31/97 10/31/96
-------- ------- -------- ------- ------- ---------
<S> <C> <C> <C> <C> <C> <C>
PER SHARE OPERATING PERFORMANCE
Net Asset Value, Beginning of Period ............... $14.83 $ 13.25 $ 12.06 $ 14.85 $ 13.22 $ 12.06
------ ------- ------- -------- ------- -------
Income from Investment Operations
Net Investment Income ........................... 0.054 0.108 0.050 0.084 0.067 0.050
Net Gains or (Losses) in Securities (both
realized and unrealized) ....................... 2.429 3.456 1.209 2.458 3.423 1.187
------ ------- ------- -------- ------- -------
Total from Investment Operations ................ 2.483 3.564 1.259 2.542 3.490 1.237
------ ------- ------- -------- ------- -------
Less Distributions:
Dividends from Net Investment Income .............. 0.055 0.094 0.069 0.084 0.061 0.077
Distributions from Capital Gains .................. 1.658 1.890 -- 1.658 1.890 --
------ ------- ------- -------- ------- -------
Total Distributions ............................... 1.713 1.984 0.069 1.742 1.951 0.077
------ ------- ------- -------- ------- -------
Net Asset Value, End of Period ..................... $15.60 $ 14.83 $ 13.25 $ 15.65 $ 14.76 $ 13.22
====== ======= ======= ======== ======= =======
Total Return(1) .................................... 18.54% 30.69% 10.84% 18.93% 30.15% 6.66%
Ratios/Supplemental Data
Net Assets, End of Perod (000 omitted) ............ $51,896 $43,491 $ 8,349 $121,681 $ 5,334 $ 305
Ratio of Expenses to Average Net Assets # ......... 0.90% 1.13% 1.38% 0.49% 1.59% 1.88%
Ratio of Net Investment Income to Average
Net Assets # .................................... 0.75% 0.61% 0.84% 1.17% 0.15% 0.14%
Ratio of Expenses without waivers and
assumption of expenses to Average Net
Assets # ........................................ 1.40% 1.63% 1.87% 1.00% 2.09% 2.38%
Ratio of Net Investment Income without
waivers and assumption of expenses to
Average Net Assets # ............................ 0.25% 0.11% 0.35% 0.66% (0.35%) (0.36%)
Portfolio Turnover Rate ............................ 37% 72% 89% 37% 72% 89%
Average Commission Rate Paid per share ............. $0.0597 $0.0599 $0.0598 $ 0.0597 $0.0599 $0.0598
</TABLE>
* Commencement of offering class of shares.
(1) Total return figures do not take into account effect of any sales
charge.
# Short periods have been annualized.
4 & 5
<PAGE>
In the section of the Prospectus entitled "About Your Investment--
Choosing a Share Class," the following paragraph is added following the last
paragraph:
CLASS C SHARES. Class C shares are sold without an initial sales charge,
which provides the investor the benefit of putting all of the investor's
dollars to work from the time the investment is made. If redeemed within
one year after purchase, Class C shares are subject to a CDSC equal to 1%
of the lesser of their original cost or the net asset value at the time of
the redemption. If you hold your shares for one year or more, you will
receive the entire net asset value of your shares upon redemption at the
then-current share price. Class C shares, like Class B shares, have higher
combined 12b-1 and service fees than Class A shares and, as a consequence,
pay correspondingly lower dividends and may have a lower net asset value
than Class A shares. Unlike Class B shares, Class C shares do not convert
into any other class of shares of the Fund. See "How to Buy, Sell and
Exchange Shares" and "Other Information Concerning the Fund."
In the section of the Prospectus entitled "About Your Investment--Which
Arrangement is Best for You?," the following sentence is added following the
third sentence in the first paragraph:
If you prefer not to pay an initial sales charge and you are uncertain as
to the intended length of your investment, you might consider Class C
Shares.
In the section of the Prospectus entitled "How to Buy, Sell and Exchange
Shares--Buying Shares Through Systematic Investing," the following sentence is
inserted in lieu of the third sentence in the third paragraph:
To eliminate the need for safekeeping, the Fund will not issue
certificates for your Class A or Class C shares unless you request them.
In the section of the Prospectus entitled "How to Buy, Sell and Exchange
Shares," the following paragraph is added following the paragraph entitled
"Class B Shares":
CLASS C SHARES
--------------
Class C shares are sold without an initial sales charge, although a CDSC
will be imposed if you redeem shares within one year after
6
<PAGE>
purchase. The following types of shares may be redeemed without charge at
any time: (i) shares acquired by reinvestment of distributions and (ii)
shares otherwise exempt from the CDSC, as described below. For other
shares, the amount of the charge is determined as a percentage of the
lesser of the current market value or the purchase price of shares being
redeemed.
In determining whether a CDSC is payable on any redemption, the Fund will
first redeem shares not subject to any charge, and then shares held
longest during the CDSC period. When a share that has appreciated in value
is redeemed during the CDSC period, a CDSC is assessed only on its initial
purchase price. For information on how sales charges are calculated if you
exchange your shares, see "How to Exchange Your Shares." The Fund's
distributor pays broker-dealers a commission of 1.00% of the offering
price on sales of Class C shares, and the distributor receives the entire
amount of any CDSC you pay.
In the section of the Prospectus entitled "How to Buy, Sell and Exchange
Shares--General," the following paragraph supersedes the last paragraph starting
on page 16:
The Fund may sell Class A shares at net asset value without an initial
sales charge in connection with the acquisition by the Fund of assets of
an investment company or personal holding company. The CDSC will be waived
on redemption of Class B or Class C shares arising out of death or
disability or in connection with certain withdrawals from IRA or other
retirement plans. Up to 12% of the value of Class B or Class C shares
subject to a systematic withdrawal plan may also be redeemed each year
without a CDSC, provided that the Class B or Class C account had a minimum
balance of $20,000 at the time the systematic withdrawal plan was
established. The SAI contains additional information about purchasing the
Fund's shares at reduced sales charges.
In the section of the Prospectus entitled "How to Buy, Sell and Exchange
Shares--Systematic Withdrawal," the following sentence is inserted in lieu of
the first sentence:
You can make regular withdrawals of $50 or more ($100 or more for Class B
and Class C accounts) monthly, quarterly or semiannually.
7
<PAGE>
In the section of the Prospectus entitled "How to Buy, Sell and Exchange
Shares--Involuntary Redemption of Accounts," the following sentence is inserted
in lieu of the last sentence:
In the event the Fund redeems Class B or Class C shares pursuant to this
provision, no CDSC will be imposed.
In the section of the Prospectus entitled "How to Buy, Sell and Exchange
Shares--Exchanging to Money Market Funds," the following paragraph is inserted
in lieu of the first paragraph:
An exchange of Class B or Class C shares into any of the Chase Vista money
market funds (other than Chase Vista Prime Money Market Fund's Class B and
Class C shares, respectively) will be treated as a redemption--and
therefore subject to the conditions of the CDSC--and a subsequent
purchase. Class B or Class C shares of any Chase Vista non-money market
fund may be exchanged into the Class B or Class C shares of the Chase
Vista Prime Money Market Fund, respectively, in order to continue the
aging of the initial purchase of such shares.
In the section of the Prospectus entitled "How to Buy, Sell and Exchange
Shares--Reinstatement Privilege," the following sentence is inserted in lieu of
the last sentence:
Class B and Class C shareholders who have redeemed their shares and paid a
CDSC with such redemption may purchase Class A shares with no initial
sales charge (in an amount not in excess of their redemption proceeds) if
the purchase occurs within 90 days of the redemption of the Class B or
Class C shares.
In the section of the Prospectus entitled "Other Information concerning the
Fund--Distribution Plans," the following paragraph is inserted in lieu of the
first paragraph:
The Fund's distributor is Vista Fund Distributors, Inc. ("VFD"). VFD is a
subsidiary of The BISYS Group, Inc. and is unaffiliated with Chase. The
Trust has adopted Rule 12b-1 distribution plans for Class A, Class B and
Class C shares, which provide for the payment of distribution fees at
annual rates of up to 0.25%, 0.75% and 0.75% of the average daily net
assets attributable to Class A, Class B and Class C shares of each Fund,
respectively. Payments under the distribution plans shall be used to
compensate or
8
<PAGE>
reimburse the Fund's distributor and broker-dealers for services provided
and expenses incurred in connection with the sale of Class A, Class B and
Class C shares, and are not tied to the amount of actual expenses
incurred. Payments may be used to compensate broker-dealers with trail or
maintenance commissions at an annual rate of up to 0.25% of the average
daily net asset value of Class A shares or Class B shares, or up to 0.75%
of the average daily net asset value of the Class C shares invested in a
Fund by customers of these broker-dealers. Trail or maintenance
commissions are paid to broker-dealers beginning the 13th month following
the purchase of shares by their customers. Promotional activities for the
sale of Class A, Class B and Class C shares will be conducted generally by
the Chase Vista Funds, and activities intended to promote a Fund's Class
A, Class B or Class C shares may also benefit the Fund's other shares and
other Chase Vista funds.
In the section of the Prospectus entitled "Other Information Concerning the
Fund--Shareholder Servicing Agents," the following three sentences are inserted
in lieu of the first three sentences of the first paragraph:
The Trust has entered into shareholder servicing agreements with certain
shareholder servicing agents (including Chase) under which the shareholder
servicing agents have agreed to provide certain support services to their
customers who beneficially own Class A, Class B or Class C shares of the
Funds. These services include one or more of the following: 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, Class B and Class C shares of each Fund held by investors for
whom the shareholder servicing agent maintains a servicing relationship.
In the section of the Prospectus entitled "Other Information Concerning the
Fund--Organization and Description of Shares," the following sentence is
inserted in lieu of the second sentence of the second paragraph:
9
<PAGE>
This Prospectus relates only to Class A, Class B and Class C shares of the
Fund.
In the section of the Prospectus entitled "Performance Information," the
following sentence is inserted in lieu of the first sentence of the second
paragraph:
"Total return" for the one-, five- and ten-year periods (or since
inception, if shorter) through the most recent calendar quarter represents
the average annual compounded rate of return on an investment of $1,000 in
a Fund invested at the maximum public offering price (in the case of
Class A shares) or reflecting the deduction of any applicable contingent
deferred sales charge (in the case of Class B and Class C shares).
In the section of the Prospectus entitled "Make the Most of Your Chase Vista
Privileges," the following sentence is inserted in lieu of the first sentence
in the second bulleted paragraph:
Make regular withdrawals of $50 or more ($100 or more for Class B and
Class C accounts) monthly, quarterly or semiannually.
and the following paragraph inserted in lieu of in the penultimate paragraph:
Class B and Class C shareholders who have redeemed their shares and paid a
CDSC with such redemptions may purchase Class A shares with no initial
sales charge (in an amount not in excess of their redemption proceeds) if
the purchase occurs within 90 days of the redemption of the Class B or
Class C shares.
10
<PAGE>
[VISTA LOGO]
SOUTHEAST ASIAN FUND
JAPAN FUND
EUROPEAN FUND
AMENDMENT DATED NOVEMBER 2, 1998
TO THE PROSPECTUS FOR CLASS A AND B SHARES
DATED FEBRUARY 27, 1998
By this amendment, the accompanying Prospectus is redated November 2, 1998.
The purpose of this Amendment is to reflect that the European Fund now offers
Class C shares, in addition to Class A and B shares through the Prospectus.
Class C shares are not available for the Southeast Asian Fund or the Japan Fund.
In that connection, the changes identified below are made to the accompanying
Prospectus.
In the section of the Prospectus entitled "Expense Summary," the following
tables are inserted in lieu of the existing tables:
EXPENSE SUMMARY
---------------
Expenses are one of several factors to consider when investing. The following
table summarizes your costs from investing in each of the Funds based on
expenses incurred in the most recent fiscal year. The examples show the
cumulative expenses attributable to a hypothetical $1,000 investment over
specified periods.
<TABLE>
<CAPTION>
Class A Class B Class C
Shares Shares Shares
------ ------ ------
<S> <C> <C> <C>
SHAREHOLDER TRANSACTION EXPENSES
Maximum Sales Charge Imposed on Purchases
(as a percentage of offering price) ...................... 5.75% None None
Maximum Deferred Sales Charge
(as a percentage of the lower of original purchase
price or redemption proceeds)* ........................... None 5.00% 1.00%
ANNUAL FUND OPERATING EXPENSES
(as a percentage of average net assets)
Investment Advisory Fee (after estimated waiver)** ......... 0.00% 0.00% 0.00%
12b-1 Fee*** ............................................... 0.25% 0.75% 0.75%#
Shareholder Servicing Fee
(after estimated waiver, where indicated) ................ None 0.25% 0.25%#
Other Expenses ............................................. 1.50% 1.50% 1.50%
---- ---- ----
Total Fund Operating Expenses (after waivers of fees)** .... 1.75% 2.50% 2.50%
==== ==== ====
</TABLE>
<PAGE>
EXAMPLES
Your investment of $1,000 would incur the following expenses, assuming 5%
annual return:
<TABLE>
<CAPTION>
1 Year 3 Years 5 Years 10 Years
------ ------- ------- --------
<S> <C> <C> <C> <C>
Class A Shares+ ..................... $74 $109 $147 $252
Class B Shares:
Assuming complete redemption at the
end of the period++, +++ ......... $77 $110 $156 $265
Assuming no redemptions+++ ......... $25 $ 78 $133 $265
Class C Shares:
Assuming complete redemption at the
end of the period++ .............. $36 $ 78 $133 $284
Assuming no redemptions ............ $25 $ 78 $133 $284
</TABLE>
* The maximum deferred sales 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. The maximum deferred sales charge on Class C shares applies to
redemptions during the first year after purchase; the charge is 1% during
the first year and zero thereafter. See "How to Buy, Sell and Exchange
Shares."
** Reflects current waiver arrangements to maintain Total Fund Operating
Expenses at the levels indicated in the table above. Absent such waivers,
the Investment Advisory Fee and Other Expenses would be 1.00% and 1.65%,
respectively, and Total Fund Operating Expenses would be 2.90%, 3.65% and
3.65% for Class A, Class B and Class C shares, respectively.
*** Long-term shareholders in mutual funds with 12b-1 fees, such as Class A,
Class B and Class C 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.
# Beginning with the 13th month following the purchase of Class C shares by
their customers, broker-dealers receive payments at an annual rate of
1.00% of the average daily net asset value of the Class C shares invested
in the European Fund by their customers, consisting of a 12b-1
distribution fee at an annual rate of 0.75% of such assets and a service
fee at an annual rate of 0.25% of such assets.
+ 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."
The table is provided to help you understand the expenses of investing in the
Fund and your share of the operating expenses that the Fund incurs. The
examples should not be considered representations of past or future expenses or
returns; actual expenses and returns may be greater or less than shown.
2
<PAGE>
Charges or credits, not reflected in the expense table above, may be incurred
directly by customers of financial institutions in connection with an investment
in the Fund. The Fund understands that Shareholder Servicing Agents may credit
to the accounts of their customers from whom they are already receiving other
fees amounts not exceeding such other fees or the fees received by the
Shareholder Servicing Agent from the Fund with respect to those accounts. See
"Other Information Concerning the Fund."
In the section of the Prospectus entitled "Financial Highlights," the following
text and table is inserted in lieu of the existing text and table:
3
<PAGE>
FINANCIAL HIGHLIGHTS
The table set forth below provides financial highlights for both Class A and
Class B shares outstanding for the Fund throughout the periods shown. This
information is supplemented by financial statements and accompanying notes
appearing in the Funds' Annual Report to Shareholders for the fiscal year ended
October 31, 1997, which is incorporated by reference into the SAI. Shareholders
may receive a copy of this Annual Report by contacting the Fund or their
Shareholder Servicing Agent. The financial statements and notes, as well as the
financial information set forth in the table below for periods prior to
November 1, 1997, have been audited by Price Waterhouse LLP, independent
accountants, whose report thereon is also included in the Annual Report to
Shareholders.
EUROPEAN FUND
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Class A Class B
-------------------------------------- ------------------------------------
11/01/97 Year 11/02/95* 11/01/97 Year 11/03/95**
through Ended through through Ended through
04/30/98 10/31/97 10/31/96 04/30/98 10/31/97 10/31/96
-------- -------- -------- -------- -------- --------
<S> <C> <C> <C> <C> <C> <C>
PER SHARE OPERATING PERFORMANCE
Net Asset Value, Beginning of Period ........ $ 14.10 $ 11.99 $ 10.00 $ 13.93 $ 11.93 $ 9.97
------- ------- ------- ------- ------- -------
Income From Investment Operations:
Net Investment Income ..................... 0.053 0.048 0.146 0.079 0.047 0.066
Net Gains or (Losses) in Securities
(both realized and unrealized) .......... 3.773 3.014 1.929 3.645 2.888 1.961
------- ------- ------- ------- ------- -------
Total from Investment Operations .......... 3.826 3.062 2.075 3.724 2.935 2.027
------- ------- ------- ------- ------- -------
Less Distributions:
Dividends from Net Investment Income ...... 0.188 0.102 0.085 0.146 0.084 0.067
------- ------- ------- ------- ------- -------
Distributions from Capital Gains .......... 1.718 0.850 -- 1.718 0.850 --
------- ------- ------- ------- ------- -------
Tax return of Capital ..................... -- -- -- -- -- --
------- ------- ------- ------- ------- -------
Total Distributions ....................... 1.906 0.952 0.085 1.864 0.934 0.067
------- ------- ------- ------- ------- -------
Net Asset Value, End of Period .............. $ 16.02 $ 14.10 $ 11.99 $ 15.79 $ 13.93 $ 11.93
======= ======= ======= ======= ======= =======
Total Return (1) ............................ 31.18% 28.19% 20.78% 30.70% 27.25% 20.35%
Ratios/Supplemental Data:
Net Assets, End of Period (000 omitted) .... $20,729 $12,965 $ 6,358 $ 6,278 $ 2,218 $ 190
Ratios to Average Net Assets:#
Ratio of Expenses to Average Net Assets# .. 1.76% 1.75% 1.75% 2.52% 2.51% 2.47%
Ratio of Net Investment Income
to Average Net Assets# .................. (0.10%) 0.32% 1.44% (0.79%) (0.30%) 0.80%
Ratio of Expenses without waivers
and assumption of expenses
to Average Net Assets# .................. 2.83% 2.84% 3.49% 3.56% 3.58% 3.83%
Ratio of Net Investment Income without
waivers and assumptions of expenses
to Average Net Assets# .................. (1.18%) (0.77%) (0.30%) (1.82%) (1.37%) (0.56%)
Portfolio Turnover Rate .................... 84% 170% 186% 84% 170% 186%
Average Commission Rate Paid per share ..... $0.0433 $0.0364 $0.0242 $0.0433 $0.0364 $0.0242
</TABLE>
4 & 5
<PAGE>
SOUTHEAST ASIAN FUND
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Southeast Asian Fund
---------------------------------------------------------------------------------
Class A Class B
---------------------------------------- ---------------------------------------
11/01/97 Year 11/02/95* 11/01/97 Year 11/03/95**
Through Ended through Through Ended through
04/30/98 10/31/97 10/31/96 04/30/98 10/31/97 10/31/96
------------ ------------- ------------- ------------ ------------- ------------
<S> <C> <C> <C> <C> <C> <C>
PER SHARE OPERATING PERFORMANCE
Net Asset Value, Beginning of Period ........... $ 8.07 $ 11.97 $ 10.00 $ 7.95 $ 11.89 $ 10.01
-------- -------- ------- -------- ------- -------
Income From Investment Operations:
Net Investment Income ........................ 0.069 0.066 (0.013) -- 0.025 (0.055)
Net Gains or (Losses) in Securities
(both realized and unrealized) .............. (0.903) (3.305) 1.983 (0.850) (3.315) 1.935
-------- -------- ------- -------- ------- -------
Total from Investment Operations ............. (0.834) (3.239) 1.970 (0.850) (3.290) 1.880
-------- -------- ------- -------- ------- -------
Less Distributions:
Dividends from Net Investment Income ......... 0.006 -- -- -- -- --
Distributions from Capital Gains ............. -- 0.640 -- -- 0.640 --
-------- -------- ------- -------- ------- -------
Tax return of Capital ........................ -- 0.021 -- -- 0.010 --
-------- -------- ------- -------- ------- -------
Total Distributions .......................... 0.006 0.661 -- -- 0.650 --
-------- -------- ------- -------- ------- -------
Net Asset Value, End of Period ................. $ 7.23 $ 8.07 $ 11.97 $ 7.10 $ 7.95 $ 11.89
======== ======== ======= ======== ======= =======
Total Return (1) ............................... (10.34%) (28.86%) 19.70% (10.69%) (29.48) 18.78%
Ratios/Supplemental Data:
Net Assets, End of Period (000 omitted) ....... $ 4,320 $ 6,566 $ 8,451 $ 1,018 $ 1,051 $ 1,222
Ratios to Average Net Assets:#
Ratio of Expenses to Average Net Assets# ..... 1.75% 1.75% 1.74% 2.53% 2.50% 2.52%
Ratio of Net Investment Income to Average
Net Assets# ................................. 1.10% 0.42% (0.12%) (0.42%) (0.23%) (0.90%)
Ratio of Expenses without waivers and
assumption of expenses to Average Net Assets# 3.60% 2.84% 3.26% 4.38% 3.60% 3.70%
Ratio of Net Investment Income without waivers
and assumptions of expenses to Average Net
Assets# ..................................... (0.75%) (0.67%) (1.64%) (2.26%) (1.33%) (2.08%)
Portfolio Turnover Rate ....................... 166% 234% 149% 166% 234% 149%
Average Commission Rate Paid per share ........ $ 0.0083 $ 0.0100 $ 0.0129 $ 0.0083 $0.0100 $ 0.0129
6 & 7
<PAGE>
<CAPTION>
Japan Fund
--------------------------------------------------------------------------------
Class A Class B
----------------------------------------- --------------------------------------
11/01/97 Year 11/02/95* 11/01/97 Year 11/03/95**
Through Ended through Through Ended through
04/30/98 10/31/97 10/31/96 04/30/98 10/31/97 10/31/96
------------- ------------ ------------- ------------- ------------ ------------
<S> <C> <C> <C> <C> <C> <C>
PER SHARE OPERATING PERFORMANCE
Net Asset Value, Beginning of Period ........... $ 9.52 $ 9.42 $ 10.00 $ 9.42 $ 9.35 $ 10.00
------- ------- ------- ------- ------- --------
Income From Investment Operations:
Net Investment Income ........................ 0.486@ 0.078 (0.083) 0.311@ (0.048) (0.022)
Net Gains or (Losses) in Securities
(both realized and unrealized) .............. (1.585) 0.242 (0.497) (1.432) 0.298 (0.628)
------- ------- ------- ------- ------- --------
Total from Investment Operations ............. (1.099) 0.320 (0.580) (1.121) 0.250 (0.650)
------- ------- ------- ------- ------- --------
Less Distributions:
Dividends from Net Investment Income ......... 0.471 0.220 -- 0.429 0.180 --
Distributions from Capital Gains ............. -- -- -- -- -- --
------- ------- ------- ------- ------- --------
Tax return of Capital ........................ -- -- -- -- -- --
------- ------- ------- ------- ------- --------
Total Distributions .......................... 0.471 0.220 -- 0.429 0.180 --
------- ------- ------- ------- ------- --------
Net Asset Value, End of Period ................. $ 7.95 $ 9.52 $ 9.42 $ 7.87 $ 9.42 $ 9.35
======= ======= ======= ======= ======= ========
Total Return (1) ............................... (11.91%) 3.49% (5.80%) (12.25%) 2.72% (6.50%)
Ratios/Supplemental Data:
Net Assets, End of Period (000 omitted) ....... $ 3,412 $ 5,008 $ 4,781 $ 628 $ 1,893 $ 162
Ratios to Average Net Assets:#
Ratio of Expenses to Average Net Assets# ..... 1.76% 1.75% 1.75% 2.50% 2.51% 2.52%
Ratio of Net Investment Income to Average
Net Assets# ................................. (0.98%) (0.30%) (0.91%) 2.03% (5.73%) (0.40%)
Ratio of Expenses without waivers and
assumption of expenses to Average Net Assets# 3.57% 2.89% 3.60% 4.30% 3.66% 4.00%
Ratio of Net Investment Income without waivers
and assumptions of expenses to Average Net
Assets# ..................................... (2.79%) (1.44%) (2.76%) 0.23% (6.88%) (1.88%)
Portfolio Turnover Rate ....................... 102% 217% 121% 102% 217% 121%
Average Commission Rate Paid per share ........ $0.0248 $0.0582 $0.0499 $0.0248 $0.0582 $0.0499
</TABLE>
* Commencement of operations.
** Commencement of offering of class of shares.
(1) Total return figures do not include the effect of any sales load.
# Short periods have been annualized.
@ Calculated using average shares outstanding.
8 & 9
<PAGE>
In the section of the Prospectus entitled "About Your Investment--
Choosing a Share Class," the following paragraph is added following the last
paragraph:
CLASS C SHARES. Class C shares are available only for the European Fund.
Class C shares are sold without an initial sales charge, which provides
the investor the benefit of putting all of the investor's dollars to work
from the time the investment is made. If redeemed within one year after
purchase, Class C shares are subject to a CDSC equal to 1% of the lesser
of their original cost or the net asset value at the time of the
redemption. If you hold your shares for one year or more, you will receive
the entire net asset value of your shares upon redemption at the
then-current share price. Class C shares, like Class B shares, have higher
combined 12b-1 and service fees than Class A shares and, as a consequence,
pay correspondingly lower dividends and may have a lower net asset value
than Class A shares. Unlike Class B shares, Class C shares do not convert
into any other class of shares of the Fund. See "How to Buy, Sell and
Exchange Shares" and "Other Information Concerning the Fund."
In the section of the Prospectus entitled "About Your Investment--
Which Arrangement is Best for You?," the following sentence is added following
the third sentence in the first paragraph:
If you prefer not to pay an initial sales charge and you are uncertain as
to the intended length of your investment, you might consider Class C
Shares.
In the section of the Prospectus entitled "How to Buy, Sell and Exchange
Shares--Buying Shares Through Systematic Investing," the following sentence is
inserted in lieu of the third sentence in the third paragraph:
To eliminate the need for safekeeping, a Fund will not issue
certificates for your Class A or Class C shares unless you request them.
In the section of the Prospectus entitled "How to Buy, Sell and Exchange
Shares," the following paragraph is added following the paragraph entitled
"Class B Shares":
CLASS C SHARES
--------------
Class C shares are sold without an initial sales charge, although a CDSC
will be imposed if you redeem shares within one year after
10
<PAGE>
purchase. The following types of shares may be redeemed without charge at
any time: (i) shares acquired by reinvestment of distributions and (ii)
shares otherwise exempt from the CDSC, as described below. For other
shares, the amount of the charge is determined as a percentage of the
lesser of the current market value or the purchase price of shares being
redeemed.
In determining whether a CDSC is payable on any redemption, the European
Fund will first redeem shares not subject to any charge, and then shares
held longest during the CDSC period. When a share that has appreciated in
value is redeemed during the CDSC period, a CDSC is assessed only on its
initial purchase price. For information on how sales charges are
calculated if you exchange your shares, see "How to Exchange Your Shares."
The Fund's distributor pays broker-dealers a commission of 1.00% of the
offering price on sales of Class C shares, and the distributor receives
the entire amount of any CDSC you pay.
In the section of the Prospectus entitled "How to Buy, Sell and Exchange
Shares--General," the following paragraph supersedes the sixth paragraph
on page 23:
The Funds may sell Class A shares at net asset value without an initial
sales charge in connection with the acquisition by the Funds of assets of
an investment company or personal holding company. The CDSC will be waived
on redemption of Class B or Class C shares arising out of death or
disability or in connection with certain withdrawals from IRA or other
retirement plans. Up to 12% of the value of Class B or Class C shares
subject to a systematic withdrawal plan may also be redeemed each year
without a CDSC, provided that the Class B or Class C account had a minimum
balance of $20,000 at the time the systematic withdrawal plan was
established. The SAI contains additional information about purchasing the
Funds' shares at reduced sales charges.
In the section of the Prospectus entitled "How to Buy, Sell and Exchange
Shares--Systematic Withdrawal," the following sentence is inserted in lieu of
the first sentence:
You can make regular withdrawals of $50 or more ($100 or more for Class B
and Class C accounts) monthly, quarterly or semiannually.
11
<PAGE>
In the section of the Prospectus entitled "How to Buy, Sell and Exchange
Shares--Involuntary Redemption of Accounts," the following sentence is inserted
in lieu of the last sentence:
In the event a Fund redeems Class B or Class C shares pursuant to this
provision, no CDSC will be imposed.
In the section of the Prospectus entitled "How to Buy, Sell and Exchange
Shares--Exchanging to Money Market Funds," the following paragraph is inserted
in lieu of the first paragraph:
An exchange of Class B or Class C shares into any of the Chase Vista money
market funds (other than Chase Vista Prime Money Market Fund's Class B and
Class C shares, respectively) will be treated as a redemption--and
therefore subject to the conditions of the CDSC--and a subsequent
purchase. Class B or Class C shares of any Chase Vista non-money market
fund may be exchanged into the Class B or Class C shares of the Chase
Vista Prime Money Market Fund, respectively, in order to continue the
aging of the initial purchase of such shares.
In the section of the Prospectus entitled "How to Buy, Sell and Exchange
Shares--Reinstatement Privilege," the following sentence is inserted in lieu of
the last sentence:
Class B and Class C shareholders who have redeemed their shares and paid a
CDSC with such redemption may purchase Class A shares with no initial
sales charge (in an amount not in excess of their redemption proceeds) if
the purchase occurs within 90 days of the redemption of the Class B or
Class C shares.
In the section of the Prospectus entitled "Other Information concerning the
Funds--Distribution Plans," the following paragraph is inserted in lieu of the
first paragraph:
The Funds' distributor is Vista Fund Distributors, Inc. ("VFD"). VFD is a
subsidiary of The BISYS Group, Inc. and is unaffiliated with Chase. The
Trust has adopted Rule 12b-1 distribution plans for Class A, Class B and
Class C shares, which provide for the payment of distribution fees at
annual rates of up to 0.25%, 0.75% and 0.75% of the average daily net
assets attributable to Class A, Class B and Class C shares of each Fund,
respectively. Payments under the distribution plans shall be used to
compensate or
12
<PAGE>
reimburse the Funds' distributor and broker-dealers for services provided
and expenses incurred in connection with the sale of Class A, Class B and
Class C shares, and are not tied to the amount of actual expenses
incurred. Payments may be used to compensate broker-dealers with trail or
maintenance commissions at an annual rate of up to 0.25% of the average
daily net asset value of Class A shares or Class B shares, or up to 0.75%
of the average daily net asset value of the Class C shares invested in a
Fund by customers of these broker-dealers. Trail or maintenance
commissions are paid to broker-dealers beginning the 13th month following
the purchase of shares by their customers. Promotional activities for the
sale of Class A, Class B and Class C shares will be conducted generally by
the Chase Vista Funds, and activities intended to promote a Fund's Class
A, Class B or Class C shares may also benefit the Fund's other shares and
other Chase Vista funds.
In the section of the Prospectus entitled "Other Information Concerning the
Funds--Shareholder Servicing Agents," the following three sentences are inserted
in lieu of the first three sentences of the first paragraph:
The Trust has entered into shareholder servicing agreements with certain
shareholder servicing agents (including Chase) under which the shareholder
servicing agents have agreed to provide certain support services to their
customers who beneficially own Class A, Class B or Class C shares of the
Funds. These services include one or more of the following: 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, Class B and Class C shares of each Fund held by investors for
whom the shareholder servicing agent maintains a servicing relationship.
In the section of the Prospectus entitled "Other Information Concerning the
Funds--Organization and Description of Shares," the following sentence is
inserted in lieu of the second sentence of the second paragraph:
13
<PAGE>
This Prospectus relates only to Class A, Class B and Class C shares of the
Funds.
In the section of the Prospectus entitled "Performance Information," the
following sentence is inserted in lieu of the first sentence of the second
paragraph:
"Total return" for the one-, five- and ten-year periods (or since
inception, if shorter) through the most recent calendar quarter represents
the average annual compounded rate of return on an investment of $1,000 in
a Fund invested at the maximum public offering price (in the case of
Class A shares) or reflecting the deduction of any applicable contingent
deferred sales charge (in the case of Class B and Class C shares).
In the section of the Prospectus entitled "Make the Most of Your Chase Vista
Privileges," the following sentence is inserted in lieu of the first sentence
in the second bulleted paragraph:
Make regular withdrawals of $50 or more ($100 or more for Class B and
Class C accounts) monthly, quarterly or semiannually.
and the following paragraph inserted in lieu of in the penultimate paragraph:
Class B and Class C shareholders who have redeemed their shares and paid a
CDSC with such redemptions may purchase Class A shares with no initial
sales charge (in an amount not in excess of their redemption proceeds) if
the purchase occurs within 90 days of the redemption of the Class B or
Class C shares.
14
<PAGE>
PART C
MUTUAL FUND GROUP
PART C. OTHER INFORMATION
ITEM 24. Financial Statements and Exhibits
(a) Financial statements
In Part A: Financial Highlights
In Part B: Financial Statements and the Reports
thereon for the Funds filed herein are
incorporated by reference into Part B
as part of the 1997 Annual Reports to
Shareholders for such Funds as filed with the
Securities and Exchange Commission by Mutual
Fund Group on Form N-30D on January 7, 1998,
accession number 0000950146-98-000027, which
are incorporated into Part B by reference.
In Part C: None.
(b) Exhibits:
Exhibit
Number
- -------
1(a) Declaration of Trust, as amended. (1)
1(b) Certificate of Amendment to Declaration of Trust dated December 14,
1995.(6)
1(c) Certificate of Amendment to Declaration of Trust dated October 19,
1995.(6)
1(d) Certificate of Amendment to Declaration of Trust dated July 25,
1993.(6)
1(e) Certificate of Amendment to Declaration of Trust dated
November 1997.(10)
1(f) Certificate of Amendment to Declaration of Trust dated June 5,
1998.(12)
2 By-laws, as amended. (1)
3 None.
4 Specimen share certificate. (1)
5(a) Form of Proposed Investment Advisory Agreement.(6)
5(b) Form of Proposed Sub-Advisory Agreement between The Chase Manhattan
Bank and Chase Asset Management, Inc.(6)
6(a) Distribution and Sub-Administration Agreement dated August 21,
1995.(6)
7(a) Retirement Plan for Eligible Trustees.(6)
7(b) Deferred Compensation Plan for Eligible Trustees.(6)
8(a) Custodian Agreement. (1)
8(b) Sub-Custodian Agreement. (1)
9(a) Transfer Agency Agreement. (1)
9(b) Administrative Services Plan. (1)
9(c) Shareholder Servicing Agreement of Vista Mutual Funds. (1)
9(d) Form of Shareholder Servicing Agreement of Vista Premier Funds.(1)
9(e) Form of Shareholder Servicing Agreement. (6)
C-1
<PAGE>
9(f) Agreement and Plan of Reorganization and Liquidation.(6)
9(g) Form of Administration Agreement.(6)
10 Opinion re: Legality of Securities being Registered.(1)
11 Consent of Price Waterhouse LLP.(11)
12 None.
13 Not Applicable
14 None.
15(a) Rule 12b-1 Distribution Plan of Mutual Funds including
Selected Dealer Agreement and Shareholder Service Agreement. (1)
15(b) Rule 12b-1 Distribution Plan of Premier Funds including
Selected Dealer Agreement and Shareholder Service Agreement. (1)
15(c) Rule 12b-1 Distribution Plan for each of Bond Fund,
Short-Term Bond Fund, Equity Fund and U.S. Government
Money Market Fund including Selected Dealer Agreement and
Shareholder Service Agreement.(2)
15(d) Form of Rule 12b-1 Distribution Plan for Class B shares of the
Prime Money Market Fund.(3)
15(e) Form of Rule 12b-1 Distribution Plan for Small Cap Equity
Fund.(4)
15(g) Rule 12b-1 Distribution Plan - Class B Shares (including forms of
Selected Dealer Agreement and Shareholder Servicing Agreement).(6)
15(h) Form of Rule 12b-1 Distribution Plan - Class C Shares (including
forms of Shareholder Servicing Agreements).(9)
16 Schedule for Computation for Each Performance Quotation.(5)
17 Financial Data Schedule.(11)
18 Form of Rule 18f-3 Multi-Class Plan.(6)
99(a) Powers of Attorney for: Fergus Reid, III, H. Richard Vartabedian,
William J. Armstrong, John R.H. Blum, Stuart W. Cragin, Jr., Roland
R. Eppley, Jr., Joseph J. Harkins, W.D. MacCallan, W. Perry Neff,
Richard E. Ten Haken, Irving L. Thode.(8)
99(b) Powers of Attorney for: Sarah E. Jones and Leonard M. Spalding,
Jr.(9)
- --------------------
(1) Filed as an exhibit to Amendment No. 6 to the Registration Statement on
Form N-1A of the Registrant (File No. 33-14196) as filed with the
Securities and Exchange Commission on March 23, 1990.
(2) Filed as an exhibit to Amendment No. 15 to the Registration Statement on
Form N-1A of the Registrant (File No. 33-14196) as filed with the
Securities and Exchange Commission on October 30, 1992.
(3) Filed as an Exhibit to Amendment No. 26 to the Registration Statement on
Form N-1A of the Registrant (File No. 33-14196) on June 30, 1994.
(4) Filed as an Exhibit to Amendment No. 27 to the Registration Statement on
Form N-1A of the Registrant (File No. 33-14196) on October 3, 1994.
(5) Filed as an Exhibit to Amendment No. 31 to the Registration Statement on
Form N-1A of the Registrant (File No. 33-14196) on November 13, 1995.
(6) Filed as an Exhibit to Amendment No. 32 to the Registration Statement on
Form N-1A of the Registrant (File No. 33-14196) on December 28, 1995.
(7) Filed as an Exhibit to Amendment No. 42 to the Registration Statement on
Form N-1A of the Registrant (File No. 33-14196) on February 28, 1997.
(8) Incorporated by reference to Post-Effective Amendment No. 7 to the
Registration Statement on Form N-1A of Mutual Fund Trust (File No.
33-75250) as filed with the Securities and Exchange Commission on September
6, 1996.
(9) Filed as an Exhibit to Amendment No. 45 to the Registration Statement on
Form N-1A of the Registrant (File No. 33-14196) filed on October 28, 1997.
(10) Filed as an Exhibit to Amendment No. 46 to the Registration Statement on
Form N-1A of the Registrant (File No. 33-14196) filed on December 1, 1997.
(11) Filed as an Exhibit to Amendment No. 50 to the Registration Statement on
Form N-1A on February 27, 1998.
(12) Filed as an Exhibit to Amendment No. 53 to the Registration Statement on
Form N-1A on June 29, 1998.
ITEM 25. Persons Controlled by or Under Common
Control with Registrant
Not applicable
C-2
<PAGE>
ITEM 26. Number of Holders of Securities
<TABLE>
<CAPTION>
Number of Record Holders
Mutual Fund Group as of May 31, 1998
- ----------------- -------------------------------------
A B C Institutional
Shares Shares Shares Shares
------ ------ ------ -------------
<S> <C> <C> <C> <C>
U.S. Treasury Income Fund 2,104 669 n/a n/a
U.S. Government Securities Fund 92 n/a n/a 74
Balanced Fund 2,528 1,084 n/a n/a
Short-Term Bond Fund 313 n/a n/a 57
Bond Fund 372 156 n/a 59
Large Cap Equity Fund 1,054 403 n/a 204
Equity Income Fund 3,313 1,477 160 n/a
Small Cap Equity Fund 8,224 7,077 n/a 10
Growth and Income Fund 70,841 28,271 167 8
Capital Growth Fund 34,528 25,534 97 14
International Equity Fund 1,936 1,097 n/a n/a
Southeast Asian Fund 401 228 n/a n/a
European Fund 542 535 n/a n/a
Japan Fund 115 56 n/a n/a
Select Growth and Income Fund n/a n/a n/a 11
Latin American Equity Fund 39 8 n/a n/a
Small Cap Opportunities Fund 5,757 5,134 166 n/a
</TABLE>
ITEM 27. Indemnification
Reference is hereby made to Article V of the Registrant's Declaration
of Trust.
The Trustees and officers of the Registrant and the personnel of the
Registrant's investment adviser, administrator and distributor are insured under
an errors and omissions liability insurance policy. The Registrant and its
officers are also insured under the fidelity bond required by Rule 17g-1 under
the Investment Company Act of 1940.
Under the terms of the Registrant's Declaration of Trust, the
Registrant may indemnify any person who was or is a Trustee, officer or employee
of the Registrant to the maximum extent permitted by law; provided, however,
that any such indemnification (unless ordered by a court) shall be made by the
Registrant only as authorized in the specific case upon a determination that
indemnification of such persons is proper in the circumstances. Such
determination shall be made (i) by the Trustees, by a majority vote of a quorum
which consists of Trustees who are neither in Section 2(a)(19) of the Investment
Company Act of 1940, nor parties to the proceeding, or (ii) if the required
quorum is not obtainable or, if a quorum of such Trustees so directs, by
independent legal counsel in a written opinion. No indemnification will be
provided by the Registrant to any Trustee or officer of the Registrant for any
liability to the Registrant or shareholders to which he would otherwise be
subject by reason of willful misfeasance, bad faith, gross negligence or
reckless disregard of duty.
Insofar as the conditional advancing of indemnification monies for
actions based upon the Investment Company Act of 1940 may be concerned, such
payments will be made only on the following conditions: (i) the advances must be
limited to amounts used, or to be used, for the preparation or presentation of a
defense to the action, including costs connected with the preparation of a
settlement; (ii) advances may be made only upon receipt of a written promise by,
or on behalf of, the recipient to repay that amount of the advance which exceeds
that amount to which it is ultimately determined that he is entitled to receive
from the Registrant by reason of indemnification; and (iii) (a) such promise
must be secured by a surety bond, other suitable
C-3
<PAGE>
insurance or an equivalent form of security which assures that any repayments
may be obtained by the Registrant without delay or litigation, which bond,
insurance or other form of security must be provided by the recipient of the
advance, or (b) a majority of a quorum of the Registrant's disinterested,
non-party Trustees, or an independent legal counsel in a written opinion, shall
determine, based upon a review of readily available facts, that the recipient of
the advance ultimately will be found entitled to indemnification.
Insofar as indemnification for liability arising under the
Securities Act of 1933 may be permitted to trustees, officers and controlling
persons of the Registrant pursuant to the foregoing provisions, or otherwise,
the Registrant has been advised that in the opinion of the Securities and
Exchange Commission such indemnification is against public policy as expressed
in the Act and is, therefore, unenforceable. In the event that a claim for
indemnification against such liabilities (other than the payment by the
Registrant of expenses incurred or paid by a trustee, officer or controlling
person of the Registrant in the successful defense of any action, suit or
proceeding) is asserted by such trustee, officer or controlling person in
connection with the securities being registered, the Registrant will, unless in
the opinion of it counsel the matter has been settled by controlling precedent,
submit to a court of appropriate jurisdiction the question whether such
indemnification by it is against public policy as expressed in the Act and will
be governed by the final adjudication of such issue.
ITEM 28(a). Business and Other Connections of Investment Adviser
The Chase Manhattan Bank (the "Adviser") is a commercial bank
providing a wide range of banking and investment services.
To the knowledge of the Registrant, none of the Directors or
executive officers of the Adviser, except those described below, are or have
been, at any time during the past two years, engaged in any other business,
profession, vocation or employment of a substantial nature, except that certain
Directors and executive officers of the Adviser also hold or have held various
positions with bank and non-bank affiliates of the Adviser, including its
parent, The Chase Manhattan Corporation. Each Director listed below is also a
Director of The Chase Manhattan Corporation.
<TABLE>
<CAPTION>
Principal Occupation or Other
Position with Employment of a Substantial
Name the Adviser Nature During Past Two Years
- ---- ------------- -----------------------------
<S> <C> <C>
Thomas G. Labreque President and Chief Operating Officer Chairman, Chief Executive Officer
and Director and a Director of The Chase
Manhattan Corporation and a Director
of AMAX, Inc.
M. Anthony Burns Director Chairman of the Board, President
and Chief Executive Officer of
Ryder System, Inc.
</TABLE>
C-4
<PAGE>
<TABLE>
<CAPTION>
<S> <C> <C>
H. Laurance Fuller Director Chairman, President, Chief
Executive Officer and Director of
Amoco Corporation and Director of
Abbott Laboratories
Henry B. Schacht Director Chairman and Chief Executive
Officer of Cummins Engine
Company, Inc. and a Director of
each of American Telephone and
Telegraph Company and CBS Inc.
</TABLE>
C-5
<PAGE>
<TABLE>
<CAPTION>
<S> <C> <C>
James L. Ferguson Director Retired Chairman and Chief
Executive Officer of General Foods
Corporation
William H. Gray III Director President and Chief Executive
Officer of the United Negro College
Fund, Inc.
Frank A. Bennack, Jr. Director President and Chief Executive Officer
The Hearst Corporation
Susan V. Berresford Director President, The Ford Foundation
Melvin R. Goodes Director Chairman of the Board and Chief Executive
Officer, The Warner-Lambert Company
George V. Grune Director Retired Chairman and Chief Executive
Officer, The Reader's Digest Association,
Inc.; Chairman, The DeWitt Wallace-
Reader's Digest Fund; The Lila-Wallace
Reader's Digest Fund
William B. Harrison, Jr. Vice Chairman of the Board
Harold S. Hook Director Chairman and Chief Executive Officer,
General Corporation
Helen L. Kaplan Director Of Counsel, Skadden, Arps, Slate, Meagher
& Flom
Walter V. Shipley Chairman of the Board and
Chief Executive Officer
Andrew C. Sigler Director Chairman of the Board and Chief
Executive Officer, Champion International
Corporation
John R. Stafford Director Chairman, President and Chief Executive
Officer, American Home Products
Corporation
Marina v. N. Whitman Director Professor of Business Administration and
Public Policy, University of Michigan
</TABLE>
C-6
<PAGE>
Item 28(b)
Chase Asset Management ("CAM") is an Investment Advisor providing investment
services to institutional clients.
To the knowledge of the Registrant, none of the Directors or executive
officers of the CAM, except those described below, are or have been, at any time
during the past two years, engaged in any other business, profession, vocation
or employment of a substantial nature, except that certain Directors and
executive officers of the CAM also hold or have held various positions with bank
and non-bank affiliates of the Advisor, including its parent, The Chase
Manhattan Corporation.
<TABLE>
<CAPTION>
Principal Occupation or Other
Position with Employment of a Substantial
Name the Sub-Advisor Nature During Past Two Years
- ---- --------------- ----------------------------
<S> <C> <C>
James Zeigon Chairman and Director Director of Chase
Asset Management
(London) Limited
Steven Prostano Executive Vice President Chief Operating Officer
and Chief Operating Officer and Director of Chase
Asset Management
(London) Limited
Mark Richardson President and Chief Chief Investment Officer
Investment Officer and Director of Chase
Asset Management
(London) Limited
</TABLE>
Item 28(c)
Chase Asset Management (London) Limited ("CAM London") is an Investment
Advisor providing investment services to institutional clients.
To the knowledge of the Registrant, none of the Directors or executive
officers of CAM London, except those described below, are or have been, at any
time during the past two years, engaged in any other business, profession,
vocation or employment of a substantial nature, except that certain Directors
and executive officers of CAM London also hold or have held various positions
with bank and non-bank affiliates of the Advisor, including its parent, The
Chase Manhattan Corporation.
<TABLE>
<CAPTION>
Principal Occupation or Other
Position with Employment of a Substantial
Name the Sub-Advisor Nature During Past Two Years
- ---- --------------- ----------------------------
<S> <C> <C>
Michael Browne Director Fund Manager, The Chase Manhattan
Bank, N.A.; Fund Manager, BZW
Investment Management
David Gordon Ross Director Head of Global Fixed Income
Management, Chase Asset Management,
Inc.; Vice President, The Chase
Manhattan Bank, N.A.
Brian Harte Director Investment Manager, The Chase
Manhattan Bank, N.A.
Cornelia L. Kiley Director
James Zeigon Director Chairman and Director of Chase
Asset Management, Inc.
Mark Richardson Chief Investment Director, President and Chief
Officer and Director Operating Officer of Chase Asset
Management, Inc.
Steve Prostano Chief Operating Director, Executive Vice President
Officer and and Chief Operating Officer of Chase
Director Asset Management, Inc.
</TABLE>
C-7
<PAGE>
ITEM 29. Principal Underwriters
(a) Vista Fund Distributors, Inc., a wholly-owned subsidiary of
The BISYS Group, Inc. is the underwriter for Mutual Fund Group, Mutual Fund
Trust and Mutual Fund Select Trust.
(b) The following are the Directors and officers of Vista Fund
Distributors, Inc. The principal business address of each of these persons, is
listed below.
<TABLE>
<CAPTION>
Position and Offices Position and Offices
Name and Address with Distributor with the Registrant
- ---------------- -------------------- --------------------
<S> <C> <C>
Lynn J. Mangum Chairman None
150 Clove Street
Little Falls, NJ 07424
Robert J. McMullan Director and Exec. Vice President None
150 Clove Street
Little Falls, NJ 07424
Lee W. Schultheis President None
101 Park Avenue, 16th Floor
New York, NY 10178
George O. Martinez Senior Vice President None
3435 Stelzer Road
Columbus, OH 43219
Irimga McKay Vice President None
1230 Columbia Street
5th Floor, Suite 500
San Diego, CA 92101
Michael Burns Vice President/Compliance None
3435 Stelzer Road
Columbus, OH 43219
William Blundin Vice President None
125 West 55th Avenue
11th Floor
New York, NY 10019
Dennis Sheehan Vice President None
150 Clove Street
Little Falls, NJ 07424
Annamaria Porcaro Assistant Secretary None
150 Clove Street
Little Falls, NJ 97424
Robert Tuch Assistant Secretary None
3435 Stelzer Road
Columbus, OH 43219
Stephen Mintos Executive Vice President/COO None
3435 Stelzer Road
Columbus, OH 43219
Dale Smith Vice President/CFO None
3435 Stelzer Road
Columbus, OH 43219
William J. Tomko Vice President None
3435 Stelzer Road
Columbus, OH 43219
</TABLE>
(c) Not applicable
C-8
<PAGE>
ITEM 30. Location of Accounts and Records
The accounts and records of the Registrant are located, in whole or in
part, at the office of the Registrant and the following locations:
<TABLE>
<CAPTION>
Name Address
---- -------
<S> <C>
Vista Fund Distributors, Inc. One Chase Manhattan Plaza, 3rd Floor
New York, NY 10081
DST Systems, Inc. 210 W. 10th Street,
Kansas City, MO 64105
The Chase Manhattan Bank 270 Park Avenue,
New York, NY 10017
Chase Asset Mangement, Inc. 1211 Avenue of the
Americas,
New York, NY 10036
Chase Asset Management, Ltd. (London) Colvile House
32 Curzon Street
London, England W1Y8AL
The Chase Manhattan Bank One Chase Square,
Rochester, NY 14363
</TABLE>
ITEM 31. Management Services
Not applicable
ITEM 32. Undertakings
(1) Registrant undertakes that its trustees shall promptly
call a meeting of shareholders of the Trust for the purpose of voting upon the
question of removal of any such trustee or trustees when requested in writing so
to do by the record holders of not less than 10 per centum of the outstanding
shares of the Trust. In addition, the Registrant shall, in certain
circumstances, give such shareholders assistance in communicating with other
shareholders of a fund as required by Section 16(c) of the Investment Company
Act of 1940.
(2) The Registrant, on behalf of the Funds, undertakes,
provided the information required by Item 5A is contained in the latest annual
report to shareholders, to furnish to each person to whom a prospectus has been
delivered, upon their request and without charge, a copy of the Registrant's
latest annual report to shareholders.
(4) Registrant undertakes to file a post-effective amendment,
using reasonably current financial statements which need not be certified,
within four to six months from the effective date of the post-effective
amendment to the registration statement relating to Focus Fund and Strategic
Income Fund except as is otherwise permitted by the Staff of the Securities and
Exchange Commission.
C-9
<PAGE>
SIGNATURES
Pursuant to the requirements of the Securities Act of 1933 and the Investment
Company Act of 1940, the Registrant has certified that it meets all requirements
for effectiveness pursuant to Rule 485(b) under the Securities Act of 1933 and
has duly caused this Post-Effective Amendment to its Registration Statement on
Form N-1A to be signed on its behalf by the undersigned, thereunto duly
authorized, in the city of New York and the State of New York on the 2nd day of
November, 1998.
MUTUAL FUND GROUP
By /s/ H. Richard Vartabedian
--------------------------
H. Richard Vartabedian
President
Pursuant to the requirements of the Securities Act of 1933, this Post-Effective
Amendment to the Registration Statement has been signed below by the following
persons in the capacities and on the dates indicated.
<TABLE>
<S> <C> <C>
* Chairman and Trustee November 2, 1998
- -------------------------------
Fergus Reid, III
/s/ H. Richard Vartabedian President November 2, 1998
- ------------------------------- and Trustee
H. Richard Vartabedian
* Trustee November 2, 1998
- -------------------------------
William J. Armstrong
* Trustee November 2, 1998
- -------------------------------
John R.H. Blum
* Trustee November 2, 1998
- -------------------------------
Stuart W. Cragin, Jr.
*
- ------------------------------- Trustee November 2, 1998
Roland R. Eppley, Jr.
* Trustee November 2, 1998
- -------------------------------
Joseph J. Harkins
* Trustee November 2, 1998
- -------------------------------
Sarah E. Jones
*
- ------------------------------- Trustee November 2, 1998
W.D. MacCallan
*
- ------------------------------- Trustee November 2, 1998
W. Perry Neff
* Trustee November 2, 1998
- -------------------------------
Leonard M. Spalding, Jr.
* Trustee November 2, 1998
- -------------------------------
Irv Thode
* Trustee November 2, 1998
- -------------------------------
Richard E. Ten Haken
/s/ Martin R. Dean Treasurer and November 2, 1998
- ------------------------------- Principal Financial
Martin R. Dean Officer
/s/ H. Richard Vartabedian Attorney in November 2, 1998
- ------------------------------- Fact
H. Richard Vartabedian
</TABLE>
