[FRONT COVER]
[BEGIN SIDEBAR]
SELECT GROWTH AND INCOME FUND
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PROSPECTUS FEBRUARY 28, 2000
(Revised June 29, 2000)
Chase Vista
Select Funds
The Securities and Exchange Commission has not approved or disapproved these
securities or determined if this prospectus is truthful or complete. Any
representation to the contrary is a criminal offense.
[LOGO]
CHASE VISTA FUNDS [SM]
PSSGI-1-600X
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<TABLE>
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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
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CHASE VISTA SELECT GROWTH AND INCOME FUND
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[BEGIN SIDEBAR]
The Fund's objective
The Fund seeks to provide capital growth over the long term and earn income from
dividends.
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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 condition, the Fund invest at least 80% of its total assets
in common stocks. The Fund's advisers apply an active equity management style
focused on identifying attractively valued stocks given their growth potential
over a long-term horizon. The securities held by the Fund will be of companies
with market capitalizations equal to those within the universe of the S&P 500
Index stocks. The advisers will emphasize companies which are leaders within
leading industries. The Fund will also focus on companies with strong revenue
gains and positive earning trends. The Fund will also emphasize companies with
low price-to-book and price-to-cash flow ratios. The Fund will seek to earn
income by investing in companies displaying level or rising dividends.
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
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CHASE VISTA SELECT GROWTH AND INCOME FUND
[BEGIN SIDEBAR]
FREQUENCY OF TRADING
The Fund may trade securities actively, which could increase transaction costs
(and lower performance) and increase your taxable dividends.
[END SIDEBAR]
those securities which have appreciated to meet their target valuations.
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 invest in derivatives, which are financial instruments whose value
is based on another security, index or exchange rate. The Fund may use
derivatives to hedge various market risks or to increase the Fund's income or
gain.
The Fund may change any of these investment policies (including its investment
objective) without shareholder approval. [LOGO]
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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.
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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.
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.
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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. [LOGO]
[BEGIN SIDEBAR]
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.
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CHASE VISTA SELECT GROWTH AND INCOME FUND
The Fund's past performance
This section shows the Fund's performance record. The bar chart shows how the
performance of the Fund's shares has varied from year to year. This provides
some indication of the risk of investing in the Fund. The table shows the
average annual return over the past year, five years and ten years. It compares
that performance to the S&P 500 Index, a widely recognized market benchmark, the
S&P/Barra 500 Value Index, which contains large U.S. companies with low price to
book ratios relative to the S&P 500, and the Lipper Multi-Cap Value Average,
representing the average performance of actively managed value funds with a
variety of market capitalizations. In the past, the Fund has compared its
performance to the S&P 500 Index, but in the future, the Fund intends to compare
its performance to the S&P/Barra 500 Value Index instead. It is believed that
the new benchmark is more appropriate since it more accurately reflects the
Fund's investment strategy.
The performance data for the Fund before January 1998 is based on the historical
performance of Class I 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. Some of the companies that provide services to the Fund have in the
past agreed not to collect some expenses and to reimburse others. Without these
agreements, the performance figures would be lower than those shown.
YEAR-BY-YEAR RETURNS
Past performance does not predict how this Fund will perform in the future.
[BEGIN BAR CHART]
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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%
1999 8.79%
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The total return for the Fund from January 1, 2000 to March 31, 2000 was 3.51%.
<TABLE>
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BEST QUARTER 33.98%
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1st quarter, 1991
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WORST QUARTER -13.65%
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3rd quarter, 1990
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AVERAGE ANNUAL TOTAL RETURNS
For the periods ending December 31, 1999
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<CAPTION>
PAST 1 YEAR PAST 5 YEARS PAST 10 YEARS
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<S> <C> <C> <C>
SHARES 8.79% 19.96% 17.40%
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S&P/BARRA 500 VALUE 12.72% 22.94% 15.37%
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LIPPER MULTI CAP VALUE AVG. 7.78% 18.48% 13.26%
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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)*
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<CAPTION>
TOTAL ANNUAL
MANAGEMENT DISTRIBUTION OTHER FUND OPERATING
FEE (12B-1) FEES EXPENSES EXPENSES
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<S> <C> <C> <C> <C>
0.40% NONE 0.19% 0.59%
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*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:
[bullet] you invest $10,000
[bullet] you sell all your shares at the end of the period
[bullet] your investment has a 5% return each year, and
[bullet] 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:
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<CAPTION>
1 YEAR 3 YEARS 5 YEARS 10 YEARS
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<S> <C> <C> <C> <C>
$60 $189 $329 $738
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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 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. It makes the
day-to-day investment decisions for the Fund. Chase pays CAM a sub-advisory fee
for its services. CAM is a wholly-owned subsidiary of Chase. CAM provides
discretionary investment services to institutional clients and is located at
1211 Avenue of the Americas, New York, New York 10036.
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Portfolio Managers
Henry Lartigue, Chief Investment Officer at Chase, is responsible for asset
allocation and investment strategy for Chase's U.S. domestic equity portfolios.
He began his career as a securities analyst at Chase in 1984. Mr. Lartigue then
worked as an independent registered investment advisor, from July 1992 to June
1994, when he returned to Chase.
GROWTH AND INCOME FUND
Robert Heintz, Director of Equity Management, Research and Trading at Chase, and
Steve O'Keefe, Portfolio Manager at Chase, are responsible for management of the
Fund's portfolio. Mr. Heintz has worked at Chase since 1983 in a variety of
management positions. Before joining Chase he worked at the Bank of New York as
a Portfolio Manager. Mr. O'Keefe joined Chase in 1989. Prior to joining Chase,
he held a position as Quantitative Analyst for the investment division of
American General. Both have been managing the Fund since August 1999. [LOGO]
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HOW YOUR ACCOUNT WORKS
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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.
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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.
[LOGO]
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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.
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.
Vista Fund Distributors, Inc. (VFD), a subsidiary of The BISYS Group, Inc., is
the Fund's distributor. VFD is unaffiliated with Chase. [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
[bullet] reinvest all of them in additional Fund shares without a sales charge;
[bullet] 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
[bullet] 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
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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. [LOGO]
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HOW YOUR ACCOUNT WORKS
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.
DEPOSITARY RECEIPTS: instruments which are typically issued by financial
institutions and which represent ownership of securities of foreign
corporations. Depositary receipts are usually designed for use on U.S. and
European securities exchanges.
DISTRIBUTION FEE: a fee that covers the cost of the distribution system used to
sell shares to the public.
FUNDAMENTAL RESEARCH: method which concentrates on "fundamental" information
about an issuer such as it's financial statements, history, management, etc.
GROWTH APPROACH: approach which focuses on identifying securities of companies
whose earnings growth potential appears to the manager to be greater than the
market in general and whose growth in revenue is expected to continue for an
extended period.
MANAGEMENT FEE: a fee paid to the investment adviser to manage the Fund and
make decisions about buying and selling the Fund's investments.
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. [LOGO]
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FINANCIAL HIGHLIGHTS
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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.
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, 1999, 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 highlights, have been
audited by Pricewaterhouse- Coopers LLP, independent accountants, whose report
thereon is included in the Annual Report to Shareholders.
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FINANCIAL HIGHLIGHTS
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Chase Vista Select Growth and Income Fund
<TABLE>
<CAPTION>
Year 1/6/98*
ended through
10/31/99 10/31/98
<S> <C> <C>
PER SHARE OPERATING PERFORMANCE
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Net asset value, beginning of period $43.51 $42.00
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Income from investment operations:
Net investment income 0.53 0.38
Net gains or losses in securities
(both realized and unrealized) 5.37 1.47
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Total from investment operations 5.90 1.85
Less distributions:
Dividends from net investment income 0.53 0.34
Distributions from capital gains -- --
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Total distributions 0.53 0.34
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Net asset value, end of period $48.88 $43.51
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TOTAL RETURN 13.57% 4.38%
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RATIOS/SUPPLEMENTAL DATA
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Net assets, end of period
in millions $553 $518
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Ratio of expenses to average net assets 0.59% 0.61%#
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Ratio of net investment income
to average net assets 1.08% 1.04%#
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</TABLE>
* Commencement of operations.
# Short periods have been annualized.
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HOW TO REACH US
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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 1-800-34-VISTA or writing to:
Chase Vista Fund Service Center
P.O. Box 219392
Kansas City, MO 64121-9392
If you buy your shares through The Chase Manhattan Bank or another institution,
you should contact that institution directly for more information. You can also
find information on-line at www.chasevista.com on the Internet.
You can write or e-mail the SEC's Public Reference Room and ask them to mail you
information about the 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 20549-0102
1-202-942-8090
E-mail: [email protected]
Reports, a copy of the SAI and other information about the Fund are also
available on the SEC's website at http://www.sec.gov.
The Fund's Investment Company Act File No. is 811-5151
(C) 2000 The Chase Manhattan Corporation. All Rights Reserved. February 2000
[LOGO]
CHASE VISTA FUNDS (SM)
Chase Vista Funds Fulfillment Center
393 Manley Street
West Bridgewater, MA 02379-1039
