VISTA FUNDS, 485BPOS, 1999-06-01

VISTA FUNDS
485BPOS, 1999-06-01

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As filed via EDGAR with the Securities and Exchange Commission on

June 1, 1999

File No. 811-5151
Registration No. 33-14196
- --------------------------------------------------------------------------------

SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

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

FORM N-1A

REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 | |

Pre-Effective Amendment No. |_|

Post-Effective Amendment No. 60 |X|

and

REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940 | |

Post-Effective Amendment No. 99 |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
- --------------------------------------------------------------------------------

(Name and Address of Agent for Service)

It is proposed that this filing will become effective:

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, 1998 was
filed on January 27, 1999.

<PAGE>
EXPLANATORY NOTE

<PAGE>
PROSPECTUS JUNE 1, 1999

CHASE VISTA EQUITY FUNDS

INSTITUTIONAL CLASS SHARES

SMALL CAP EQUITY FUND

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

[CHASE VISTA FUNDS LOGO]

PSSSC-1-699X
<PAGE>

SMALL CAP EQUITY FUND 1
THE FUND'S INVESTMENT ADVISER 7

HOW YOUR ACCOUNT WORKS 9
BUYING FUND SHARES 9
SELLING FUND SHARES 10
EXCHANGING FUND SHARES 10
OTHER INFORMATION CONCERNING THE FUND 11
DISTRIBUTIONS AND TAXES 12

WHAT THE TERMS MEAN 14

FINANCIAL HIGHLIGHTS OF THE FUND 15

HOW TO REACH US Back cover
</TABLE>

<PAGE>

CHASE VISTA SMALL CAP EQUITY FUND

The Fund's objective

The Fund seeks
capital growth over
the long term.

The Fund's main investment strategy

Under normal conditions, the Fund invests at least 80% of its total assets in
equity securities and at least 65% of its total assets in equity securities of
companies with market capitalization of $1 billion or less at the time of
purchase (small cap companies). Market capitalization is the total market value
of a company's shares.

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

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

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

1
<PAGE>

CHASE VISTA SMALL CAP EQUITY FUND

The Fund is currently closed to new investors. You may only buy shares in this
Fund through an account established before November 30, 1998. The Fund may
modify or eliminate this policy at any time.

The Fund may invest up to 20% of its total assets in foreign securities. It may
also invest up to 20% of its total assets in convertible securities, which
generally pay interest or dividends and which can be converted into common or
preferred stock.

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

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

The Fund may change any of these investment policies (but not its investment
objective) without shareholder approval.

[CHASE VISTA LOGO]

FREQUENCY OF TRADING

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

2
<PAGE>

The Fund's main investment risks

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

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

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

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

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

Investments in foreign securities may be riskier than investments in the U.S.
Because foreign securities are usually denominated in foreign currencies, the
value of the Fund's portfolio may be influenced by currency exchange rates and
exchange control regulations. Foreign securities may be affected by political,
social and economic instability. Some securities may be harder to trade without
incurring a loss and may be difficult to convert into cash. There may be less
public information available, differing settlement procedures, or regulations
and standards that

3
<PAGE>

CHASE VISTA SMALL CAP EQUITY FUND

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

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

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

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

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

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

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

[CHASE VISTA LOGO]

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

4
<PAGE>

Fund's past performance

This section shows the Fund's performance record. The bar chart shows how the
performance of the Fund has varied from year to year. This provides some
indication of the risk of investing in the Fund. The table shows the average
annual return over the past year and since inception. It compares that
performance to the Russell 2000 Index, a widely recognized market benchmark and
the Lipper Small Company Growth Funds Average, representing the average
performance of a universe of 583 actively managed small company funds.

The performance for the period before Institutional Class shares were launched
in May 1996 is based on the performance of Class A shares of the Fund.

The calculations assume that all dividends and distributions are reinvested in
the Fund.
[CHASE VISTA LOGO]

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

1995 54.04%
1996 29.18%
1997 18.15%
1998 3.71%

<TABLE>
<S> <C>
- --------------------- ----------
BEST QUARTER 19.51%
- --------------------- ----------
4th quarter, 1998

- --------------------- ----------
WORST QUARTER -21.04%
- --------------------- ----------
3rd quarter, 1998
</TABLE>

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

<TABLE>
<CAPTION>
SINCE
INCEPTION
PAST 1 YEAR (12/20/94)
<S> <C> <C>
INSTITUTIONAL CLASS SHARES 3.71% 25.90%
RUSSELL 2000 INDEX -2.55% 15.58%
LIPPER SMALL COMPANY GROWTH FUNDS AVG. -0.31% 16.97%
</TABLE>

5
<PAGE>

CHASE VISTA SMALL CAP EQUITY FUND

Fees and expenses

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

SHAREHOLDER FEES (FEES PAID DIRECTLY FROM YOUR INVESTMENT)
None

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

<TABLE>
<CAPTION>
TOTAL ANNUAL
MANAGEMENT DISTRIBUTION OTHER FUND OPERATING
CLASS OF SHARES FEE (12B-1) FEES EXPENSES EXPENSES
<S> <C> <C> <C> <C>
INSTITUTIONAL
CLASS 0.65% -- 0.48% 1.13%
</TABLE>

*The table is based on expenses incurred in the most recent fiscal year. The
other expenses are expected to be 0.23% and the total annual Fund operating
expenses are expected not to exceed 0.88%. That's because The Chase Manhattan
Bank (Chase) and some of the Fund's other service providers have volunteered
not to collect a portion of their fees and to reimburse others. Chase and these
other service providers may end this arrangement at any time.

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

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

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

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

<TABLE>
<CAPTION>
1 YEAR 3 YEARS 5 YEARS 10 YEARS
<S> <C> <C> <C> <C>
INSTITUTIONAL CLASS
SHARES $115 $359 $622 $1375
</TABLE>

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

[CHASE VISTA LOGO]

6
<PAGE>

FUND'S INVESTMENT ADVISER

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

Chase is entitled to receive an annual management fee at the rate of:

o 0.65% of the average daily net assets of the Small Cap Equity Fund

Chase Asset Management Inc. (CAM) is the sub-adviser to the Fund. CAM is a
wholly-owned subsidiary of Chase. It makes the day-to-day investment decisions
for the Fund. CAM provides discretionary investment services to institutional
clients and is located at 1211 Avenue of the Americas New York, NY 10036.

7
<PAGE>

FUND'S INVESTMENT ADVISER

The Portfolio Managers

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

SMALL CAP EQUITY FUND
Jill Greenwald, a Vice President of Chase, and Mr. Klassen have managed the
Fund since its inception.

Ms. Greenwald joined Chase in 1993, specializing in small capitalization
issues. Before that, she was a Director for Prudential Equity Investors and a
Senior Analyst for Fred Alger Management, Inc.

[CHASE VISTA LOGO]

8
<PAGE>

HOW YOUR ACCOUNT WORKS

Buying Fund shares

You don't pay any sales charge (sometimes called a load) when you buy
Institutional shares in the Fund. The price you pay for your shares is the net
asset value per share (NAV). NAV is the value of everything the Fund owns,
minus everything it owes, divided by the number of shares held by investors.
The Fund generally values its assets at their market value but may use fair
value if market prices are unavailable.

The NAV of each class of shares is calculated once each day at the close of
regular trading on the New York Stock Exchange, each day the Fund is accepting
purchase orders. You'll pay the next NAV calculated after the Chase Vista Fund
Service Center receives your order in proper form. An order is in proper form
only after funds are converted into federal funds.

Only qualified investors can buy these shares. The list of qualified investors
includes institutions, trusts, partnerships, corporations, retirement plans and
fiduciary accounts opened by banks, trust companies or thrift institutions
which exercise investment authority over such accounts.

You can buy shares only through financial service firms, such as broker-dealers
and banks that have an agreement with the Fund. Shares are available on any
business day the New York Stock Exchange is open. If we

9
<PAGE>

HOW YOUR ACCOUNT WORKS

receive your order by the close of regular trading on the New York Stock
Exchange, we'll process your order at that day's price. If you buy through an
agent and not directly from the Chase Vista Funds Service Center, the agent
could set an earlier deadline.

All purchases of Institutional shares must be paid for by federal funds wire.
If the Chase Vista Funds Service Center does not receive federal funds by 4:00
p.m. Eastern time on the day of the order, the order will be canceled. Any
funds received in connection with late orders will be invested on the following
business day. You must provide a Taxpayer Identification Number when you open
an account. The Fund has the right to reject any purchase order or to cease
offering shares at any time.

To open an account, buy or sell shares or get fund information,
call the Chase Vista Funds Service Center at 1-800-62-CHASE.

Minimum Investments

Investors must buy a minimum $1,000,000 worth of Institutional Shares in the
Fund to open an account. There are no minimum levels for subsequent purchases.
An investor can combine purchases of Institutional Shares of other Chase Vista
Funds (except for money market funds) in order to meet the minimum. The Fund
may waive this minimum at its discretion.

Selling Fund shares

When you sell your shares you'll receive the next NAV calculated after the
Chase Vista Funds Service Center accepts your order in proper form. In order
for you to receive that day's NAV, the Chase Vista Funds Service Center must
receive your request before the close of regular trading on the New York Stock
Exchange.

We will need the names of the registered shareholders and your account number
before we can sell your shares. We generally will wire the proceeds from the
sale to your bank account on the day after we receive your request in proper
form. Federal law allows the Fund to suspend a sale or postpone payment for
more than seven business days under unusual circumstances.

Selling Shares

Through your financial service firms
Tell your firm which Fund you want to sell. They'll send all necessary
documents to the Chase Vista Funds Service Center.

Through the Chase Vista Funds Service Center
Call 1-800-62-CHASE. We'll send the proceeds by wire only to the bank account
on our records. We charge $10 for each transaction by wire.

Exchanging Shares

You can exchange your Institutional shares for shares in certain other Chase
Vista Funds. For tax purposes,

10
<PAGE>

an exchange is treated as a sale of Fund shares. Carefully read the prospectus
of the Fund you want to buy before making an exchange. Call 1-800-62-CHASE for
details.

You should not exchange shares as means of short-term trading as this could
increase management cost and affect all shareholders. We reserve the right to
limit the number of exchanges or to refuse an exchange. We may also terminate
this privilege. We charge an administration fee of $5 for each exchange if you
make more than 10 exchanges in a year or three in a quarter. See the Statement
of Additional Information to find out more about the exchange privilege.

Exchanging by Phone

You may also use our Telephone Exchange Privilege. You can get information by
contacting the Chase Vista Funds Service Center or your investment
representative.

Other information concerning the fund

We may close your account if the balance in all Chase Vista Funds (except money
market funds) falls below $1,000,000. We'll give you 60 days notice before
closing your account.

Unless you indicate otherwise on your account application, we are authorized to
act on redemption and transfer instructions received by phone. If someone
trades on your account by phone, we'll ask that person to confirm your account
registration and address to make sure they match those you provided us. If they
give us the correct information, we are generally authorized to follow that
person's instructions. We'll take all reasonable precautions to confirm that
the instructions are genuine. Investors agree that they will not hold the Fund
liable for any loss or expenses from any sales request, if the Fund takes
reasonable precautions. The Fund will be liable for any losses to you from an
unauthorized sale or fraud against you if we do not follow reasonable
procedures.

You may not always reach the Chase Vista Funds Service Center by telephone.
This may be true at time of unusual market changes and shareholder activity.
You can mail us your instructions or contact your investment representative or
agent. We may modify or cancel the sale of shares by phone without notice.

Vista Fund Distributors Inc. (VFD) is the distributor for the Fund. It is a
subsidiary of The BISYS Group, Inc. and is not affiliated with Chase.

The Trust has agreements with certain shareholder servicing agents (including
Chase) under which the shareholder servicing agents have agreed to provide
certain support services to their customers. For performing these services,
each shareholder servicing agent receives an annual fee of up to 0.10% of the
average daily net assets of the

11
<PAGE>

HOW YOUR ACCOUNT WORKS

Institutional Shares of the Fund held by investors serviced by the shareholder
servicing agent.

Chase and/or VFD may, at their own expense, make additional payments to certain
selected dealers or other shareholder servicing agents for performing
administrative services for their customers. The amount 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 those shareholder servicing agents.

The Fund may issue multiple classes of shares. This prospectus relates only to
Institutional shares of the Fund. Each class may have different requirements
for who may invest, and may have different sales charges and expense levels. A
person who gets compensated for selling Fund shares may receive different
amount for each class.

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

Distributions and taxes

The Fund can earn income and it can realize capital gain. The Fund deducts any
expenses then pays out these earnings to shareholders as distributions.

The Small Cap Equity Fund distributes any net investment income at least
semi-annually. Net capital gain is distributed annually. You have three options
for your distributions. You may:

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

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

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

If you don't select an option when you open your account, we'll reinvest all
distributions. If your distributions are reinvested, they will be in the form
of shares of the same class. The taxation of dividends won't be affected by the
form in which you receive them.

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

If you receive distributions of net capital gain, the tax rate will be

12
<PAGE>

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

The Small Cap Equity Fund expects that its distributions will consist primarily
of capital gains.

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

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

[CHASE VISTA LOGO]

13
<PAGE>

What the terms mean

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

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

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

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

LIQUIDITY: the ability to easily convert investments into cash without losing a
significant amount of money in the process.

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

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

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

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

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

[CHASE VISTA LOGO]

14
<PAGE>

Chase Vista Small Cap Equity Fund

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

The table set forth below provides selected per share data and ratios for one
Institutional Class Share outstanding throughout each period shown.

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

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

<TABLE>
<CAPTION>
Year Year 5/7/96*
ended ended through
10/31/98 10/31/97 10/31/96
<S> <C> <C> <C>
PER SHARE OPERATING PERFORMANCE
- ----------------------------------------
Net Asset Value,
Beginning of Period $ 23.71 $ 19.22 $ 18.44
- ---------------------------------------- -------- ------- -------
Income from Investment Operations:
Net Investment Income (0.021) 0.027 0.023
Net Gain or Losses in Securities
(both realized and unrealized) (2.459) 4.753 0.757
-------- -------- --------
Total from Investment Operations (2.480) 4.780 0.780

Less Distributions:
Dividends from Net Investment Income -- -- --
Distributions from Capital Gains 0.640 0.290 --
--------- -------- --------
Total Distributions 0.640 0.290 --
- ---------------------------------------- --------- -------- --------
Net Asset Value, End of Period $ 20.59 $ 23.71 $ 19.22
- ---------------------------------------- --------- -------- --------
TOTAL RETURN(1) (10.64%) 25.15% 4.23%
- ---------------------------------------- --------- -------- --------
</TABLE>

15
<PAGE>

HOW YOUR ACCOUNT WORKS

<TABLE>
<CAPTION>
Year Year 5/7/96*
ended ended through
10/31/98 10/31/97 10/31/96
<S> <C> <C> <C>
RATIOS/SUPPLEMENTAL DATA
- -----------------------------------
Net Assets, End of Period
(in millions) $ 254 $ 307 $ 52
- ----------------------------------- ------- ------- -------
Ratios of Expenses to
Average Net Assets 1.04% 1.10% 1.10%#
- ----------------------------------- ------- ------- -------
Ratio of Net Income
to Average Net Assets (0.09%) 0.13% 0.27%#
- ----------------------------------- ------- ------- -------
Ratio of Expenses without waivers
and assumption of expenses to
Average Net Assets 1.13% 1.14% 1.27%#
- ----------------------------------- ------- ------- -------
Ratio of Net Investment Income
without waivers and assumption
of expenses to Average Net Assets (0.18%) 0.09% 0.10%#
- ----------------------------------- ------- ------- -------
Portfolio Turnover Rate 74% 55% 78%
- ----------------------------------- ------- ------- -------
</TABLE>

* Commencement of offering of class of shares.
# Short periods have been annualized.
(1) Total return figures do not include the effect of any sales load.

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<PAGE>

THIS PAGE INTENTIONALLY LEFT BLANK
<PAGE>

HOW TO REACH US

More information

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

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

STATEMENT OF ADDITIONAL INFORMATION (SAI)
The SAI contains more detailed information about the Fund and its policies.
It's incorporated by reference into this prospectus. That means, by law, it's
considered to be part of this prospectus.

You can get a free copy of these documents and other information, or ask us any
questions, by calling us at 1-800-62-CHASE or writing to:

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

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

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

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

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

The Fund's Investment Company Act File No. is 811-5151

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

<PAGE>

PROSPECTUS JUNE 1, 1999

CHASE VISTA SELECT FUNDS

SELECT GROWTH AND INCOME FUND

[CHASE VISTA FUNDS LOGO]

PSCVS2-1-499x
<PAGE>

<TABLE>
<S> <C>
SELECT GROWTH AND INCOME FUND 1
THE FUND'S INVESTMENT ADVISOR 8

HOW YOUR ACCOUNT WORKS 10
BUYING FUND SHARES 11
SELLING FUND SHARES 11
OTHER INFORMATION CONCERNING THE FUNDS 12
DISTRIBUTIONS AND TAXES 12

WHAT THE TERMS MEAN 14

FINANCIAL HIGHLIGHTS OF THE FUND 15

HOW TO REACH US Back cover
</TABLE>

<PAGE>

CHASE VISTA SELECT GROWTH AND INCOME FUND

The Fund's objective

The Fund seeks to provide capital growth over the long term and earn income from
dividends.

The Fund's main investment strategy

The Fund seeks to achieve its objective by investing all of its investible
assets in Growth and Income Portfolio, an open-end investment company which has
identical investment objectives and policies as the Fund. As a result, the
strategies and risks outlined below apply to Growth and Income Portfolio as well
as to the Fund.

Under normal market conditions, the Fund invests at least 80% of its total
assets in a broad range of market capitalizations. Market capitalization is the
total market value of a company's shares.

1
<PAGE>

CHASE VISTA SELECT GROWTH AND INCOME FUND

investing in convertible securities and seeking to identify companies with
characteristics such as average or above-average dividend yields.

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

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

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

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

[CHASE VISTA LOGO]

FREQUENCY OF TRADING

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

2
<PAGE>

The Fund's main investment risks

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

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

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

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

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

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

3
<PAGE>

CHASE VISTA SELECT GROWTH AND INCOME FUND

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

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

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

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

4
<PAGE>

[CHASE VISTA LOGO]

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

5
<PAGE>

CHASE VISTA SELECT GROWTH AND INCOME FUND

Fund's past performance

This section shows the Fund's performance record. The bar chart shows how the
performance of the Fund's shares has varied from year to year. This provides
some indication of the risk of investing in the Fund. The table shows the
average annual return over the past year, five years and ten years. It compares
that performance to the S&P 500 Index, a widely recognized market benchmark,
and the Lipper Growth and Income Funds Average, representing the average
performance of a universe of 718 actively managed growth and income funds.

The performance data for the Fund before January 2, 1998 is based on the
historical performance of Class A shares of the Growth and Income Fund, an
investment company which invests all its investible assets in Growth and Income
Portfolio, adjusted to eliminate the effects of any sales charges charged on
such Class A shares.

The calculations assume that all dividends and distributions are reinvested in
the Fund.
[CHASE VISTA LOGO]

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

1989 56.85%
1990 0.16%
1991 59.13%
1992 15.06%
1993 12.99%
1994 -3.41%
1995 27.55%
1996 19.86%
1997 30.07%
1998 14.84%

<TABLE>
<S> <C>
- ------------------- ---------
BEST QUARTER 33.98%
- ------------------- ---------
1st quarter, 1991

- ------------------- ---------
WORST QUARTER -13.65%
- ------------------- ---------
3rd quarter, 1990
</TABLE>

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

<TABLE>
<CAPTION>
PAST 1 YEAR PAST 5 YEARS PAST 10 YEARS
<S> <C> <C> <C>
SHARES 14.84% 17.13% 21.76%
S&P 500 INDEX 28.60% 24.05% 19.19%
LIPPER GROWTH & INCOME FUNDS
AVG. 15.61% 18.35% 15.52%
</TABLE>

6
<PAGE>

Fees and expenses

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

SHAREHOLDER FEES (FEES PAID DIRECTLY FROM YOUR INVESTMENT)
None

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

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

*The table is based on expenses incurred in the most recent fiscal year. The
table does not reflect charges or credits which you might incur if you invest
through a financial institution.

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

o you invest $10,000
o you sell all your shares at the end of the period
o your investment has a 5% return each year, and
o the Fund's operating expenses remain the same as shown above.

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

IF YOU SELL YOUR SHARES YOUR COSTS WOULD BE:

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

7
<PAGE>

FUND'S INVESTMENT ADVISER

Chase is entitled to receive a management fee at the annual rate of 0.40% of
the average daily net assets of the Fund.

Chase Asset Management, Inc.(CAM) is the sub-adviser to the Fund. The sub-
adviser is a wholly-owned subsidiary of Chase and makes the day-to-day
investment decisions for the Fund. CAM provides discretionary investment
services to institutional clients. CAM is located at 1211 Avenue of the
Americas, New York, NY 10036.

8
<PAGE>

Portfolio Managers

Mr. Adams and Diane Sobin, a Senior Portfolio Manager at Chase, are responsible
for the day-to-day management of the Growth and Income portfolio. Mr. Adams has
been a manager of the Portfolio since March 1995.

Ms. Sobin joined Chase in 1997 and has been a manager of the Portfolio since
July 1997. Prior to joining Chase, Ms. Sobin was a Senior Portfolio Manager at
Oppenheimer Funds Inc., where she managed mutual funds. Prior to 1995, Ms.
Sobin was a Senior Portfolio Manager at Dean Witter Discover, where she managed
several mutual funds and other accounts.
[CHASE VISTA LOGO]

9
<PAGE>

HOW YOUR ACCOUNT WORKS

Who may buy these shares

Only qualified investors may buy shares. Qualified Fund investors are
institutions, trusts, partnerships, corporations, qualified and other
retirement plans and fiduciary accounts. The financial institution must have an
agreement with the Fund to buy and sell shares.

Financial institutions may set other eligibility requirements, including
minimum investments. They must maintain at least $5 million in an account with
the Fund on behalf of their clients. The Fund may refuse to sell Fund shares to
any institution.

10
<PAGE>

Buying Fund shares

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

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

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

The Fund will not issue certificates for shares.

Selling Fund shares

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

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

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

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

[CHASE VISTA LOGO]

11
<PAGE>

HOW YOUR ACCOUNT WORKS

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

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

Vista Fund Distributors, Inc. (VFD), a subsidiary of The BISYS Group, Inc., is
the Fund's distributor. VFD is unaffiliated with Chase.

[CHASE VISTA LOGO]

Distributions and taxes

The Fund can earn income and it can realize capital gain. The Fund deducts any
expenses then pays out these earnings to shareholders as distributions.

The Fund distributes net capital gain at least annually. You have three options
for your distributions. You may

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

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

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

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

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

12
<PAGE>

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

The Fund expects that its distributions will consist primarily of capital
gains.

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

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

[CHASE VISTA LOGO]

13
<PAGE>

What the terms mean

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

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

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

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

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

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

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

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

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

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

[CHASE VISTA LOGO]

14
<PAGE>

Chase Vista Select Growth and Income Fund

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

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

<TABLE>
<CAPTION>
1/6/98*
through
10/31/98
<S> <C>
PER SHARE OPERATING PERFORMANCE
- -----------------------------------------
Net Asset Value,
Beginning of Period $ 42.00
- ----------------------------------------- --------
Income from Investment Operations:
Net Investment Income 0.379
Net Gains or Losses in Securities
(both realized and unrealized) 1.470
--------
Total from Investment Operations 1.849
Less Distributions:
Dividends from Net Investment Income 0.339
- ----------------------------------------- --------
Net Asset Value, End of Period $ 43.51
- ----------------------------------------- --------
TOTAL RETURN(1) 4.38%
- ----------------------------------------- --------
RATIOS/SUPPLEMENTAL DATA
- -----------------------------------------
Net Assets, End of Period
(000 omitted) $518,297
- ----------------------------------------- ---------
Ratio of Expenses to Average Net Assets 0.50%#
- ----------------------------------------- ---------
Ratio of Net Income
to Average Net Assets 0.85%#
- ----------------------------------------- ---------
</TABLE>

* Commencement of operations.
# Annualized.

15
<PAGE>

HOW TO REACH US

More information

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

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

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

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

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

The Fund's Investment Company Act File No. is 811-5151

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

PART C

MUTUAL FUND GROUP
PART C. OTHER INFORMATION

ITEM 23. 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(a) Form of Investment Advisory Agreement.(6)
4(b) Form of Sub-Advisory Agreement between The Chase Manhattan
Bank and Chase Asset Management, Inc.(6)
5 Distribution and Sub-Administration Agreement dated August 21,
1995.(6)
6(a) Retirement Plan for Eligible Trustees.(6)
6(b) Deferred Compensation Plan for Eligible Trustees.(6)
7 Custodian Agreement. (1)
8(a) Transfer Agency Agreement. (1)
8(b) Form of Shareholder Servicing Agreement. (6)

C-1
<PAGE>

8(c) Form of Administration Agreement.(6)

9 Opinion re: Legality of Securities being Registered.(1)

10 Consent of Price Waterhouse LLP.(13)

11 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 December 30, 1998,
accession number 0000950146-98-002170,
0000950146-98-002168, 0000950146-98-002171,
0000950146-98-002172, and 0000950146-98-002174
which are incorporated into Part B by reference.

12 None.

13(a) Rule 12b-1 Distribution Plan of Mutual Funds including
Selected Dealer Agreement and Shareholder Service Agreement. (1)
13(b) Rule 12b-1 Distribution Plan - Class B Shares (including forms of
Selected Dealer Agreement and Shareholder Servicing Agreement).(6)
13(c) Form of Rule 12b-1 Distribution Plan - Class C Shares (including
forms of Shareholder Servicing Agreements).(9)

14 Financial Data Schedule.(11)

15 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.

(13) Filed as an exhibit to Amendment No. 59 to the Registration Statement on
Form N-1A on May 21, 1999.

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

Not applicable

C-2
<PAGE>

ITEM 25. Indemnification

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

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

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

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

C-3

<PAGE>

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

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

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

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

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

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

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

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

</TABLE>

C-4

<PAGE>

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

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

C-5

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

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

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

Susan V. Berresford Director President, The Ford Foundation

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

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

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

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

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

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

Andrew C. Sigler Director Chairman of the Board and Chief
Executive Officer, Champion International
Corporation

John R. Stafford Director Chairman, President and Chief Executive
Officer, American Home Products
Corporation

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

</TABLE>

C-6
<PAGE>

Item 26(b)

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

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

<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 26(c)

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

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

<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 27. Principal Underwriters

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

C-8

<PAGE>

ITEM 28. Location of Accounts and Records

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

<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 29. Management Services

Not applicable

ITEM 30. Undertakings

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.

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 1st day of
June, 1999.

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.

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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