MUTUAL FUND GROUP/MA, N-14AE, EX-99.(17)(C), 2000-10-25

MUTUAL FUND GROUP/MA
N-14AE, EX-99.(17)(C), 2000-10-25

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<PAGE>

PROSPECTUS FEBRUARY 28, 2000

Chase Vista
Bond Funds

THIS PROSPECTUS OFFERS:

CLASS A, CLASS B AND CLASS C SHARES

SHORT-TERM BOND FUND

U.S. TREASURY INCOME FUND

U.S. GOVERNMENT SECURITIES FUND

BOND FUND

STRATEGIC INCOME FUND

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.

[CHASE VISTA LOGO]
CHASE VISTA FUNDS(SM)

PSBD-1-200X

<PAGE>

<TABLE>
<S> <C>
SHORT-TERM BOND FUND 1

U.S. TREASURY INCOME FUND 8

U.S. GOVERNMENT SECURITIES FUND 15

BOND FUND 22

STRATEGIC INCOME FUND 30

THE FUNDS' INVESTMENT ADVISER 41

HOW YOUR ACCOUNT WORKS 43

ABOUT SALES CHARGES 43

BUYING FUND SHARES 46

SELLING FUND SHARES 47

EXCHANGING FUND SHARES 48

OTHER INFORMATION CONCERNING THE FUNDS 49

DISTRIBUTIONS AND TAXES 50

SHAREHOLDER SERVICES 52

WHAT THE TERMS MEAN 53

FINANCIAL HIGHLIGHTS 54

HOW TO REACH US Back cover
</TABLE>

<PAGE>

CHASE VISTA SHORT-TERM BOND FUND

The Fund's objective

The Fund seeks a high level of income consistent with preservation of capital.

The Fund's main investment strategy

The Fund normally invests substantially all of its assets in investment-grade
debt securities of all types. Under normal market conditions, the Fund will
invest at least 65% of its total assets in bonds which have an average maturity
of three years or less and the dollar-weighted average maturity of the Fund's
portfolio will not exceed three years.

Substantially all of the Fund's investments will be investment grade, which
means a rating of Baa or higher by Moody's Investors Service, Inc., BBB or
higher by Standard & Poor's Corporation, or the equivalent by another national
rating organization or unrated securities of comparable quality.

The Fund may make substantial investments in foreign debt securities, including
securities of issuers in developing countries, as long as they meet the Fund's
credit quality standards.

The Fund develops an appropriate portfolio strategy by selecting among various
sectors (for example, corporate bonds, U.S. government debt, mortgage-backed
securities or asset-backed securities) and securities. When making these
selections, the advisers use a relative value investment approach as well as
extensive analyses of the securities' creditworthiness and structures. The
advisers seek to spread the Fund's investments across a variety of sectors to
maximize diversification

1
<PAGE>

CHASE VISTA SHORT-TERM BOND FUND

FREQUENCY OF TRADING

The Fund may trade securities actively, which could increase transaction costs,
thus lowering performance, and increase your taxable dividends.

and liquidity. The advisers also actively manage the duration of the Fund's
portfolio.

In determining if a sector or security is relatively undervalued, the advisers
look to whether different sectors and securities are appropriately priced given
their risk characteristics and the fundamental (such as economic growth or
inflation outlook) and technical (such as supply and demand) factors in the
market at any point in time. The advisers may change the emphasis that they
place on each of these factors from time to time. In addition, research plays an
important role in the advisers' relative value investment process. The research
effort incorporates both fundamental and quantitative analysis.

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

The frequency of yield curve shifts over the last few years has made yield curve
strategies an important dimension of the Fund's overall investment strategy.
Yield curves show the relationship between yields on similar debt securities
with different maturities. The Fund may seek gains by investing in anticipation
of yield curve movements.

The Fund may invest in mortgage-related securities issued by governmental
entities and private issuers. These may include investments in collateralized
mortgage obligations

2
<PAGE>

and principal-only and interest-only stripped mortgage-backed securities.

The Fund may invest in floating rate securities, whose interest rate adjusts
automatically whenever a specified interest rate changes, and in variable rate
securities, whose interest rates are changed periodically.

The Fund may enter into "dollar rolls," in which the Fund sells mortgage-backed
securities and at the same time contracts to buy back very similar securities
on a future date. It may also buy asset-backed securities. These receive a
stream of income from a particular asset, such as credit card receivables.

The Fund may also invest in high-quality, short-term money market instruments,
repurchase agreements and derivatives, which are investments that have a value
based on another investment, exchange rate or index. 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. [Logo}

3
<PAGE>

CHASE VISTA SHORT-TERM BOND FUND

The Fund's main investment risks

All mutual funds carry a certain amount of risk. You may lose money on your
investment in the Fund. Here are some specific risks of investing in the
Short-Term Bond Fund.

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

The value of fixed income investments such as bonds tends to fall when
prevailing interest rates rise. Such a drop in value could be worse if the Fund
invests a larger portion of its assets in debt securities with longer
maturities. That's because long-term debt securities are more sensitive to
interest rate changes than other fixed-income securities. Note that conversely
the value of fixed income investments tends to increase when prevailing
interest rates fall.

When the Fund invests in mortgage-related securities, the value of the Fund
could change more often and to a greater degree than if it did not buy
mortgage-backed securities. That's because the prepayment features on some
mortgage-related securities make them more sensitive to interest rate changes.
Mortgage-related securities are subject to scheduled and unscheduled principal
payments as property owners pay down or prepay their mortgages. As these
payments are received, they must be reinvested when interest rates may be lower
than on the original mortgage security. When interest rates are rising, the
value of fixed-income securities with prepayment features are likely to decrease
as much or more than securities without prepayment features. In addition, the
value of mortgage-related securities with prepayment features may not increase
as much as other fixed-income securities when interest rates fall.

Investments in the Fund are not deposits or obligations of, or guar- anteed or
endorsed by, The Chase Manhattan Bank or any of its affili- ates and are not
insured or guar- anteed by the Federal Deposit Insurance Corporation, the
Federal Reserve Board or any other government agency.

4
<PAGE>

Collateral mortgage obligations are issued in multiple classes, and each class
may have its own interest rate and/or final payment date. A class with an
earlier final payment date may have certain preferences in receiving principal
payments or earning interest. As a result, the value of some classes in which
the Fund invests may be more volatile and may be subject to higher risk of
nonpayment.

The value of interest-only and principal-only mortgage backed securities is
more volatile than other types of mortgage-related securities. That's because
they are very sensitive not only to changes in interest rates, but also to the
rate of prepayments. A rapid or unexpected increase in prepayments can
significantly depress the price of interest-only securities, while a rapid or
unexpected decrease could have the same effect on principal-only securities. In
addition, these instruments may be illiquid.

Certain securities which the Fund may hold, such as stripped obligations and
zero coupon securities, are more sensitive to changes in interest rates than
ordinary interest-paying securities. As a result, they may be more volatile
than other types of investments.

Investments in foreign securities may be riskier than investments in the U.S.
They may be affected by political, social and economic instability. Some
securities may be harder to trade without incurring a loss and may be difficult
to convert into cash. There may be less public information available, differing
settlement procedures, or regulations and standards that don't match U.S.
standards. Some countries may nationalize or expropriate assets or impose
exchange controls. If the Fund were to invest in a security which is not
denominated in U.S. dollars, it also would be subject to currency exchange
risk. These risks increase when investing in issuers located in developing
countries.

The Fund's performance will depend on the credit quality of its investments.
Securities which are rated Baa by Moody's or BBB by S&P may have fewer
protective provisions and are generally more risky than higher rated
securities. The issuer may have trouble making principal and interest payments
when difficult economic conditions exist.

Some asset-backed securities may have additional risk because they may receive
little or no collateral protection from the underlying assets.

If the interest rate on floating and variable rate securities falls, the Fund's
yield may decline and it may lose the opportunity for capital appreciation.

Dollar rolls, forward commitments and repurchase agreements involve some risk
to the Fund if the other party does not live up to its part of the agreement.

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

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]

5
<PAGE>

CHASE VISTA SHORT-TERM BOND FUND

The Fund's past performance

This section shows the Fund's performance record. The bar chart shows how the
performance of the Fund's Class A 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 since inception.
It compares that performance to Lehman 1-3 Year Government Index, a widely
recognized market benchmark, and the Lipper Short-Term Investment Grade Debt
Funds Average, representing the average performance of a universe of actively
managed short-term investment debt funds.

The performance for the period before Class A shares were launched in May 1996
is based on the performance of Institutional Class shares of the Fund. The
actual returns of Class A shares would have been lower than those shown because
Class A shares have higher expenses than Institutional Class shares.

The calculations assume that all dividends and distributions are reinvested in
the Fund. Some of the companies that provide ser vices to the Fund have in the
past agreed not to collect some expenses and to reimburse others. Without these
agreements, the performance figures would be lower than those shown.[logo]

YEAR-BY-YEAR RETURNS

Past performance does not predict how this Fund will perform in the future.

The performance figures in the bar chart do not reflect any deduction for the
front-end sales load which is assessed on Class A shares. If the load were
reflected, the performance figures would have been lower.

<TABLE>
<S> <C>
1991 9.13%

1992 5.04%

1993 4.54%

1994 2.38%

1995 8.22%

1996 5.29%

1997 5.82%

1998 5.21%

1999 2.68%
</TABLE>

<TABLE>
<S> <C>
-----------------------------------
BEST QUARTER 2.76%
-----------------------------------
4th quarter, 1991

-----------------------------------
WORST QUARTER 0.10%
-----------------------------------
1st quarter, 1994
</TABLE>

AVERAGE ANNUAL TOTAL RETURNS
For the periods ending December 31, 1999

<TABLE>
<CAPTION>
SINCE
INCEPTION
PAST 1 YEAR PAST 5 YEARS 11/30/90
----------------------------------------------------------------------------
<S> <C> <C> <C>
CLASS A SHARES 1.14% 5.10% 5.20%
----------------------------------------------------------------------------
LEHMAN 1-3 YEAR GOVERNMENT
INDEX 2.97% 6.47% 6.35%
----------------------------------------------------------------------------
LIPPER SHORT-TERM INV. GRADE DEBT
FUNDS AVERAGE 2.81% 5.95% 5.69%
----------------------------------------------------------------------------
</TABLE>

The performance for the Class A shares reflects the deduction of the maximum
front end sales load.

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)

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>
CLASS A 0.25% 0.25% 0.87% 1.37%
---------------------------------------------------------------------------
</TABLE>

(1) The offering price is the net asset value of the shares purchased plus any
sales charge.

*The table is based on expenses incurred in the most recent fiscal year. The
actual management fee is currently expected to be 0.00%, distribution fees are
expected to be 0.23%, other expenses are expected to be 0.52% and the total
annual Fund operating expenses are expected not to exceed 0.75%. That's because
The Chase Manhattan Bank (Chase) and some of the Fund's other service providers
have volunteered not to collect a portion of their fees and to reimburse
others. Chase and these other service providers may end this arrangement at any
time.

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

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

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

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

IF YOU SELL YOUR SHARES YOUR COSTS WOULD BE:

<TABLE>
<CAPTION>
1 YEAR 3 YEARS 5 YEARS 10 YEARS
--------------------------------------------------------
<S> <C> <C> <C> <C>
CLASS A SHARES* $ 287 $ 577 $ 889 $ 1,772
--------------------------------------------------------
</TABLE>

*Assumes sales charge is deducted when shares are purchased.

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

7
<PAGE>

CHASE VISTA U.S. TREASURY INCOME FUND

The Fund's objective

The Fund seeks to provide investors with monthly dividends while still
protecting the value of their investment.

The Fund's main investment strategy

Under normal circumstances, the Fund will invest at least 65% of its total
assets in:

o debt securities issued by the U.S. Treasury, and

o repurchase agreements in which the Fund receives these securities as
collateral.

The Fund may also invest in debt securities issued or guaranteed by U.S.
government agencies or authorities. These securities may include investments in
collateralized mortgage obligations and other mortgage-related securities.

There is no restriction on the maturity of the Fund's portfolio or on any
individual security in the portfolio. The advisers will change the actual
maturities according to changes in the market.

The Fund develops an appropriate portfolio strategy based on a forecast for the
level and direction of interest rates. When making this forecast, the advisers
also determine an outlook for the interest rate horizon, an expectation of
market volatility levels and the outlook for yield curve shifts.

In determining whether to sell a debt security, the advisers will use the same
type of analysis that they use in buying debt securities in order to determine
whether the debt security is still under-

8
<PAGE>

valued. This may include selling those securities which have appreciated to meet
their target valuations.

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

FREQUENCY OF TRADING

The Fund may trade securities actively, which could increase transaction costs
thus lowering performance and increase your taxable dividends.

9
<PAGE>

CHASE VISTA U.S. TREASURY INCOME FUND

The Fund's main investment risks

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

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

When the Fund invests in mortgage-related securities, the value of the Fund
could change more often and to a greater degree than if it did not buy
mortgage-backed securities. That's because the prepayment features on some
mortgage-related securities make them more sensitive to interest rate changes.
Mortgage-related securities are subject to scheduled and unscheduled principal
payments as property owners pay down or prepay their mortgages. As these
payments are received, they must be reinvested when interest rates may be lower
than on the original mortgage security. When interest rates are rising, the
value of fixed-income securities with prepayment features are likely to decrease
as much or more than securities without prepayment features. In addition, the
value of mortgage-related securities with pre- payment features may not increase
as much as other fixed-income securities when interest rates fall.

Investments in the Fund are not 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.

10
<PAGE>

While the principal and payments on certain of the Fund's portfolio securities
may be guaranteed, this does not mean that the market value of the security, or
the value of Fund shares, is guaranteed.

Repurchase agreements involve some risk to the Fund if the other party does not
live up to its part of the agreement.

Derivatives may be more risky than other types of investments because they may
respond more to changes in economic conditions than other types of investments.
If they are used for non-hedging purposes, derivatives 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.

11
<PAGE>

CHASE VISTA U.S. TREASURY 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 Class A 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 one, five and 10 years. It compares
that performance to Lehman Treasury Bond Index, a widely recognized market
benchmark, and the Lipper General U.S. Government Funds Average, representing
the average performance of a universe of actively managed U.S. government
income funds.

The calculations assume that all dividends and distributions are reinvested in
the Fund. Some of the companies that provide services to the Fund have in the
past agreed not to collect some expenses and to reimburse others. Without these
agreements, the performance figures would be lower than those shown. [Logo]

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

<TABLE>
<S> <C>
1990 8.55%

1991 14.79%

1992 5.87%

1993 10.32%

1994 -4.46%

1995 17.53%

1996 1.26%

1997 8.34%

1998 8.78%

1999 -2.96%
</TABLE>

<TABLE>
<S> <C>
-----------------------------------
BEST QUARTER 5.87%
-----------------------------------
2nd quarter, 1995
-----------------------------------
WORST QUARTER -2.98%
-----------------------------------
1st quarter, 1994
</TABLE>

12
<PAGE>

AVERAGE ANNUAL TOTAL RETURNS

For the periods ending December 31, 1999

<TABLE>
<CAPTION>
PAST 1 YEAR PAST 5 YEARS PAST 10 YEARS
-------------------------------------------------------------------------------
<S> <C> <C> <C>
CLASS A SHARES -7.32% 5.39% 6.10%
-------------------------------------------------------------------------------
CLASS B SHARES -8.53% 5.17% 6.08%
-------------------------------------------------------------------------------
LEHMAN TREASURY BOND INDEX -2.56% 7.38% 7.43%
-------------------------------------------------------------------------------
LIPPER GEN. U.S. GOV'T FUNDS AVG. -3.01% 6.51% 6.63%
-------------------------------------------------------------------------------
</TABLE>

The performance for the Class A shares reflects the deduction of the maximum
front end sales load and the performance for Class B shares reflects the
deduction of the applicable contingent deferred sales load.

Class B shares were first offered on November 4, 1993. The performance for the
period before Class B shares were launched in 1993 is based on the performance
for Class A shares of the Fund. The actual returns of Class B shares would have
been lower than shown because Class B shares have higher expenses than Class A
shares.

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)

<TABLE>
<CAPTION>
MAXIMUM SALES CHARGE MAXIMUM DEFERRED SALES
(LOAD) WHEN YOU BUY CHARGE (LOAD) SHOWN AS
SHARES, SHOWN AS % OF THE LOWER OF ORIGINAL PURCHASE
OFFERING PRICE(1) PRICE OR REDEMPTION PROCEEDS
<S> <C> <C>
------------------------------------------------------------------------------
CLASS A SHARES 4.50% NONE
------------------------------------------------------------------------------
CLASS B SHARES NONE 5.00%
------------------------------------------------------------------------------
</TABLE>

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>
-------------------------------------------------------------------------------
CLASS A 0.30% 0.25% 0.74%# 1.29%#
-------------------------------------------------------------------------------
CLASS B 0.30% 0.75% 0.74%# 1.79%#
-------------------------------------------------------------------------------
</TABLE>

(1) The offering price is the net asset value of the shares purchased plus any
sales charge.

*The table is based on expenses incurred in the most recent fiscal year.

#Restated from the most recent fiscal year to reflect current expense
arrangements.

The actual management fee is currently expected to be 0.15%. distribution fees
for Class A shares are expected to be 0.00%, other expenses for Class A shares
are expected to be 0.60% and the total annual Fund operating expenses are
expected not to exceed 0.75% for Class A shares and 1.64% for Class B shares.
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 you might incur if you invest
through a financial institution.

13
<PAGE>

CHASE VISTA U.S. TREASURY INCOME FUND

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:

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>
CLASS A SHARES* $ 575 $ 841 $ 1,126 $ 1,936
---------------------------------------------------------------
CLASS B SHARES** $ 682 $ 863 $ 1,170 $ 1,974***
---------------------------------------------------------------
</TABLE>

IF YOU DON'T SELL YOUR SHARES YOUR COSTS WOULD BE:

<TABLE>
<CAPTION>
1 YEAR 3 YEARS 5 YEARS 10 YEARS
---------------------------------------------------------------
<S> <C> <C> <C> <C>
CLASS B SHARES $ 182 $ 563 $ 970 $ 1,974***
---------------------------------------------------------------
</TABLE>

*Assumes sales charge is deducted when shares are purchased.
**Assumes applicable deferred sales charge is deducted shares are sold.
***Reflects conversion of Class B shares to Class A shares after they have been
owned for 8 years.
The costs above are based on pre-waiver Annual Fund Operating Expenses.

14
<PAGE>

CHASE VISTA U.S. GOVERNMENT SECURITIES FUND

The Fund's objective

The Fund seeks to provide investors with as high a level of total return as
possible while still protecting the value of its investment. Total return
consists of current income and capital growth.

The Fund's main investment strategy

Under normal market conditions, the Fund will invest at least 65% of its total
assets in debt securities issued or guaranteed by the U.S. Government and its
agencies or authorities, and in repurchase agreements involving these
securities.

The Fund may invest extensively in mortgage-related securities issued or
guaranteed by certain agencies of the U.S. Government. These may include
investments in collateralized mortgage obligations and principal-only and
interest-only stripped mortgage-backed securities.

In determining if a sector or security is relatively undervalued, the advisers
look to whether different sectors and securities are appropriately priced given

15
<PAGE>

CHASE VISTA U.S. GOVERNMENT SECURITIES FUND

their risk characteristics and the fundamental (such as economic growth or
inflation outlook) and technical (such as supply and demand) factors in the
market at any point in time. The advisers may change the emphasis that they
place on each of these factors from time to time. In addition, research plays
an important role in the advisers' relative value investment process. The
research effort incorporates both fundamental and quantitative analysis.

The frequency of yield curve shifts over the last few years has made yield
curve strategies an important dimension of the Fund's overall investment
strategy. Yield curves show the relationship between yields on similar debt
securities with different maturities. The Fund may seek gains by investing in
anticipation of yield curve movements.

There is no restriction on the maturity of the Fund's portfolio or on any
individual security in the portfolio. The advisers will change the actual
maturities according to changes in the market.

Any assets not invested in U.S. Government securities and related repurchase
agreements may be invested in debt securities of U.S. and foreign corporations.
These securities must have an "A" rating or the equivalent from Moody's
Investors Service, Inc., Standard & Poor's Corporation, Fitch Investor's
Service Inc., or another national rating organization or unrated securities of
comparable quality.

16
<PAGE>

FREQUENCY OF TRADING

The Fund may trade securities actively, which could increase transaction costs,
thus lowering performance, and increase your taxable dividends.

The Fund may also invest in non-corporate foreign debt securities. These
investments may include debt securities issued or guaran teed by foreign
governments and international organizations such as The World Bank.

To temporarily defend its assets during unusual market conditions, the Fund may
invest any portion of its assets in high quality money market instruments and
repurchase agreements.

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

17
<PAGE>

CHASE VISTA U.S. GOVERNMENT SECURITIES FUND

The Fund's main investment risks

All mutual funds carry a certain amount of risk. You may lose money on your
investment in the Fund. Here are some specific risks of investing in U.S.
Government Securities Fund.

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

When the Fund invests in mortgage-related securities, the value of the Fund
could change more often and to a greater degree than if it did not buy
mortgage-backed securities. That's because the prepayment features on some
mortgage-related securities make them more sensitive to interest rate changes.
Mortgage-related securities are subject to scheduled and unscheduled principal
payments as property owners pay down or prepay their mortgages. As these
payments are received, they must be reinvested when interest rates may be lower
than on the original mortgage security. When interest rates are rising, the
value of fixed-income securities with prepayment features are likely to decrease
as much or more than securities with out prepayment features. In addition, the
value of mortgage-related securities with prepayment features may not increase
as much as other fixed-income securities when interest rates fall.

Collateral mortgage obligations are issued in multiple classes, and each class
may have its own interest rate and/or final payment date. A class with an
earlier final payment date may

18
<PAGE>

have certain preferences in receiving principal payments or earning interest.
As a result, the value of some classes in which the Fund invests may be more
volatile and may be subject to higher risk of nonpayment.

While the principal and payments on certain of the Fund's portfolio securities
may be guaranteed, this does not mean that the market value of the security, or
the value of Fund shares, is guaranteed.

The Fund's performance will depend on the credit quality of its investments.
While U.S. Government securities are generally of high quality, a government
security that is not backed by the full faith and credit of the U.S. Treasury
may be affected by the creditworthiness of the agency or authority that issued
it.

Some asset-backed securities may have additional risk because they may receive
little or no collateral protection from the underlying assets.

If the interest rate on floating and variable rate securities falls, the Fund's
yield may decline and it may lose the opportunity for capital appreciation.

Dollar rolls, forward commitments and repurchase agreements involve some risk
to the Fund if the other party does not live up to its part of the agreement.

If the Fund temporarily departs from its investment policies to defend its
assets, it may not achieve its investment objectives.

19
<PAGE>

CHASE VISTA U.S. GOVERNMENT SECURITIES 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 Class A 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 since inception.
It compares that performance to Lehman Government Bond Index, a widely
recognized market benchmark, and the Lipper General U.S. Government Funds
Average, representing the average performance of a universe of actively managed
U.S. government income funds.

On May 3, 1996, the Hanover U.S. Government Securities Fund merged into the
U.S. Government Securities Fund. The Fund's performance figures for the period
before that date are based on the Hanover Fund. The performance for the period
before Class A shares were launched in May 1996 is based on the performance of
Institutional Class shares of the Fund. The actual returns of Class A shares
would have been lower than shown because Class A shares have higher expenses
than Institutional Class 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. [Logo]

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

<TABLE>
<S> <C>
1994 -4.10%

1995 17.86%

1996 1.00%

1997 8.05%

1998 8.72%

1999 -2.82%
</TABLE>

<TABLE>
<S> <C>
-----------------------------------
BEST QUARTER 6.16%
-----------------------------------
2nd quarter, 1995
-----------------------------------
WORST QUARTER -3.30%
-----------------------------------
1st quarter, 1996
</TABLE>

AVERAGE ANNUAL TOTAL RETURNS

For the periods ending December 31, 1999

<TABLE>
<CAPTION>
SINCE
INCEPTION
PAST 1 YEAR PAST 5 YEARS 2/19/93
--------------------------------------------------------------------------------------
<S> <C> <C> <C>
CLASS A SHARES -7.20% 5.35% 4.19%
--------------------------------------------------------------------------------------
LEHMAN GOVERNMENT BOND INDEX -2.23% 7.44% 6.00%
--------------------------------------------------------------------------------------
LIPPER GEN. U.S. GOVERNMENT FUNDS AVG. -3.01% 6.51% 4.74%
--------------------------------------------------------------------------------------
</TABLE>

The performance for the Class A shares reflects the deduction of the maximum
front end sales load.

20
<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)

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>
CLASS A SHARES 0.30% 0.25% 1.15% 1.70%
------------------------------------------------------------------------------
</TABLE>

(1) The offering price is the net asset value of the shares purchased plus any
sales charge.

*The table is based on expenses incurred in the most recent fiscal year. The
actual management fee is currently expected to be 0.00%, distribution fees are
expected to be 0.00%, other expenses are expected to be 0.75% and the total
annual Fund operating expenses are expected not to exceed 0.75%. That's because
The Chase Manhattan Bank (Chase) and some of the Fund's other service providers
have volunteered not to collect a portion of their fees and to reimburse
others. Chase and these other service providers may end this arrangement at any
time.

The table does not reflect charges or credits 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:

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>
CLASS A SHARES* $ 615 $ 962 $ 1,331 $ 2,368
----------------------------------------------------------
</TABLE>

*Assumes sales charge is deducted when shares are purchased.
The costs above are based on pre-waiver Annual Fund Operating Expenses.

21
<PAGE>

CHASE VISTA BOND FUND

The Fund's objective

The Fund seeks to provide as high a level of income as is consistent with
reasonable risk.

The Fund's main
investment strategy

The Fund invests mainly in investment grade corporate bonds as well as other
debt securities. Under normal market conditions, the Fund will invest at least
65% of its total assets in debt securities with at least an "A" rating or the
equivalent from Moody's Investors Service, Inc., Standard & Poor's Corporation,
or Fitch Investor's Service Inc. These include unrated securities of comparable
quality.

The Fund may also invest in debt securities rated Baa or higher by Moody's
Investors Service, Inc., BBB or higher by Standard & Poor's Corporation or the
equivalent by another national rating organization or unrated securities of
comparable quality.

The Fund may make substantial investments in foreign debt securities, including
securities of issuers in developing countries, as long as they meet the Fund's
credit quality standards.

22
<PAGE>

FREQUENCY OF TRADING

The Fund may trade securities actively, which could increase transaction costs,
thus lowering performance, and increase your taxable dividends.

of sectors to maximize diversification and liquidity. The advisers also actively
manage the duration of the Fund's portfolio.

The frequency of yield curve shifts over the last few years has made yield
curve strategies an important dimension of the Fund's overall investment
strategy. Yield curves show the relationship between yields on similar debt
securities with different maturities. The Fund may seek gains by investing in
anticipation of yield curve movements.

There is no restriction on the maturity of the Fund's portfolio or on any
individual security in the portfolio. The advisers will change the

23
<PAGE>

CHASE VISTA BOND FUND

actual maturities according to changes in the market.

The Fund may invest in mortgage-related securities issued by governmental
entities and private issuers. These may include investments in collateralized
mortgage obligations and principal-only and interest-only stripped
mortgage-backed securities.

To temporarily defend its assets, the Fund may put any amount of its assets in
high quality money market instruments and repurchase agreements.

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

24
<PAGE>

The main investment risks

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

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

25
<PAGE>

CHASE VISTA BOND FUND

payments or earning interest. As a result, the value of some classes in which
the Fund invests are more volatile and may be subject to higher risk of
nonpayment.

Some asset-backed securities may have additional risk because they may receive
little or no collateral protection from the underlying assets.

If the interest rate on floating and variable rate securities falls, the Fund's
yield may decline and it may lose the opportunity for capital appreciation.

Dollar rolls, forward commitments and repurchase agreements involve some risk
to the Fund if the other party does not live up to its part of the agreement.

If the Fund departs from its investment policies during temporary defensive
periods, it may not achieve its investment objective.

26
<PAGE>

The Fund's past performance

This section shows the Fund's performance record. The bar chart shows how the
performance of the Fund's Class A shares has varied from year to year since
inception in 1990. 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 since inception. It compares that performance to Lehman Aggregate
Bond Index, a widely recognized market benchmark, and the Lipper Corporate Debt
A-Rated Funds Average, representing the average performance of a universe of
actively managed corporate debt A-rated or better funds.

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.

The performance for the period before Class A and Class B shares were launched
in May 1996 is based on the performance of Institutional Class shares of the
Fund. The actual returns of Class A and Class B shares would have been lower
than shown because Class A and Class B shares have higher expenses than
Institutional Class shares. [Logo]

YEAR-BY-YEAR RETURNS

Past performance does not predict how this Fund will perform in the future.

<TABLE>
<S> <C>
1991 15.34%

1992 7.13%

1993 10.38%

1994 -3.17%

1995 18.88%

1996 2.03%

1997 9.93%

1998 7.45%

1999 -1.56%
</TABLE>

<TABLE>
<S> <C>
-----------------------------------
BEST QUARTER 6.38%
-----------------------------------
2nd quarter, 1995
-----------------------------------
WORST QUARTER -2.81%
-----------------------------------
1st quarter, 1994
</TABLE>

27
<PAGE>

CHASE VISTA BOND FUND

AVERAGE ANNUAL TOTAL RETURNS

For the periods ending December 31, 1999

<TABLE>
<CAPTION>
SINCE
INCEPTION
PAST 1 YEAR PAST 5 YEARS 11/30/90
------------------------------------------------------------------------
<S> <C> <C> <C>
CLASS A SHARES -5.99% 6.14% 6.67%
------------------------------------------------------------------------
CLASS B SHARES -6.93% 6.35% 6.95%
------------------------------------------------------------------------
LEHMAN AGGREGATE BOND INDEX -0.82% 7.73% 7.70%
------------------------------------------------------------------------
LIPPER CORPORATE DEBT A- RATED
FUNDS AVG. -2.58% 6.90% 7.15%
------------------------------------------------------------------------
</TABLE>

Fees and expenses

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

SHAREHOLDER FEES (FEES PAID DIRECTLY FROM YOUR INVESTMENT)

<TABLE>
<CAPTION>
MAXIMUM SALES CHARGE MAXIMUM DEFERRED SALES
(LOAD) WHEN YOU BUY CHARGE (LOAD) SHOWN AS
SHARES, SHOWN AS % OF THE LOWER OF ORIGINAL PURCHASE
OFFERING PRICE(1) PRICE OR REDEMPTION PROCEEDS
------------------------------------------------------------------------------
<S> <C> <C>
CLASS A SHARES 4.50% NONE
------------------------------------------------------------------------------
CLASS B SHARES NONE 5.00%
------------------------------------------------------------------------------
</TABLE>

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>
CLASS A 0.30% 0.25% 0.85%# 1.40%#
--------------------------------------------------------------------------
CLASS B 0.30% 0.75% 0.85%# 1.90%#
--------------------------------------------------------------------------
</TABLE>

(1) The offering price is the net asset value of the shares purchased plus any
sales charge.

*The table is based on expenses incurred in the most recent fiscal year.

#Restated from the most recent fiscal year to reflect current expense
arrangements.

The actual management fee is currently expected to be 0.00%, distribution fees
for Class A Shares are expected to be 0.15%, other expenses are expected to be
0.60% for Class A shares and 0.75% for Class B shares and the total annual Fund
operating expenses are expected not to exceed 0.75% for Class A shares and
1.50% for Class B shares. 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 you might incur if you invest
through a financial institution.

28
<PAGE>

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:

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>
CLASS A SHARES* $ 586 $ 873 $ 1,181 $ 2,054
--------------------------------------------------------------
CLASS B SHARES** $ 693 $ 897 $ 1,226 $ 2,092***
--------------------------------------------------------------
</TABLE>

IF YOU DON'T SELL YOUR SHARES YOUR COSTS WOULD BE:

<TABLE>
<CAPTION>
1 YEAR 3 YEARS 5 YEARS 10 YEARS
--------------------------------------------------------------
<S> <C> <C> <C> <C>
CLASS B SHARES** $ 193 $ 597 $ 1,026 $ 2,092***
--------------------------------------------------------------
</TABLE>

*Assumes sales charge is deducted when shares are purchased.
**Assumes applicable deferred sales charge is deducted shares are sold.
***Reflects conversion of Class B shares to Class A shares after they have been
owned for eight years.
The costs above are based on pre-waiver Annual Fund Operating Expenses.

29
<PAGE>

CHASE VISTA STRATEGIC INCOME FUND

The Fund's objective

The Fund seeks a high level of income.

The Fund's main investment strategy

The Fund invests principally in a diversified portfolio of securities
denominated in U.S. dollars. The investments are principally in the following
market sectors:

o Investment grade debt securities issued by U.S. issuers, including the U.S.
Government, its agencies and authorities and U.S. companies.

o Debt securities of foreign issuers, including foreign governments and
companies. The Fund may invest up to 30% of its total assets in issuers
located in emerging market countries.

o Lower-rated high yield securities (junk bonds) of U.S. issuers. These include
lower-rated convertible securities, which generally pay interest or dividends
and which can be converted into common or preferred stock, and preferred
stock.

Under normal market conditions, the Fund will invest between 25% and 40% of its
total assets in each of the three sectors. However, there is no limit on
securities issued by the U.S. Government or its agencies or authorities.

Investment grade securities are those rated Baa or higher by Moody's Investors
Service, Inc. (Moody's), BBB or higher by Standard & Poor's Corporation (S&P),
or the equivalent rating by another national rating organization. These include
unrated securities of comparable quality. The Fund may invest in a variety of
U.S. Government debt

30
<PAGE>

FREQUENCY OF TRADING

The Fund may trade securities actively, which could increase transaction costs,
thus lowering performance and increase your taxable dividends.

securities, including securities which are not supported by the full faith and
credit of the U.S. Treasury. All or a substantial portion of the Fund's
investments in U.S. Government debt securities may be in mortgage-related
securities.

The Fund's investments in foreign debt securities may include obligations
issued by international organizations like the World Bank. They may also
include Brady Bonds, which are bonds issued under a program which enables
debtor nations to restructure the debt that they owe foreign commercial banks,
and other debt issued by emerging market governments as part of restructuring
plans. The Fund's advisers expect that the majority of emerging market
obligations that the Fund buys will primarily be traded in international
over-the-counter markets instead of local markets. Although the Fund intends to
buy principally U.S. dollar-denominated securities, some of the Fund's foreign
securities may be denominated and traded in other currencies. The Fund will not
invest more than 25% of its total assets in debt securities of issuers in any
one country other than the U.S.

The Fund may purchase lower-rated high yield securities issued by U.S.
companies as well as foreign companies and governments. Lower-rated securities
are those which are rated Ba or lower by Moody's, BB or lower by S&P or the
equivalent by another national rating organization. They also include unrated
securities which are found to be of comparable quality. High yield securities
in the Fund's portfolio may be rated as low as C by Moody's, or D by S&P, or
the equivalent.

CHASE VISTA STRATEGIC INCOME FUND

to spread the Fund's investments across a variety of sectors to maximize
diversification and liquidity. The advisers also actively manage the duration
of the Fund's portfolio.

In determining if a sector or security is relatively undervalued, the advisers
look to whether different sectors and securities are appropriately priced given
their risk characteristics and the fundamental (such as economic growth or
inflation outlook) and technical (such as supply and demand) factors in the
market at any point in time. The advisers may change the emphasis that they
place on each of these factors from time to time. In addition, research plays
an important role in the advisers' relative value investment process. The
research effort incorporates both fundamental and quantitative analysis.

The frequency of yield curve shifts over the last few years has made yield
curve strategies an important dimension of the Fund's overall investment
strategy. Yield curves show the relationship between yields on similar debt
securities with different maturities. The Fund may seek gains by investing in
anticipation of yield curve movements.

The advisers consider several factors when choosing investments, including
current yield, preservation of original investment, maturity, credit quality,
ease of buying and selling and yield to maturity. The advisers will adjust the
portfolio as market conditions change. In deciding how to allocate the Fund's
investments among various securities, industry sectors, countries or
currencies, the advisers will consider fundamental economic strength, earnings
growth, quality of management, industry growth, credit quality and interest
rates. When selecting high yield securities, the advisers will look at the
creditworthiness of the issuer, the rating and performance of the security, the
security's collateral protection and the Fund's diversity.

There is no restriction on the maturity of the Fund's portfolio or on any
individual security in the portfolio. The advisers will change the actual
maturities according to changes in the market.

The Fund may borrow up to 10% of its total assets (including the amount
borrowed) to buy additional securities. This is called "leveraging." The Fund
can borrow money from banks and through reverse repurchase agreements or dollar
rolls. Reverse repurchase agreements and dollar rolls will not be considered
borrowings if the Fund earmarks liquid assets to cover its obligations on the
reverse repurchase agreement or dollar rolls. The Fund will use leveraging only
when the advisers believe that the returns available through leveraging will
provide a potentially higher return.

The Fund may enter into "dollar rolls," in which the Fund sells mortgage--

32
<PAGE>

backed securities and at the same time contracts to buy back very similar
securities on a future date. It may also buy asset-backed securities. These
receive a stream of income from a particular asset, such as credit card
receivables.

The Fund may purchase participations in loans arranged through private
negotiations between a borrower and one or more banks or other financial
institutions. These loans can have fixed, floating or variable interest rates.
The Fund may also invest in collateralized bond obligations.

To temporarily defend its assets, the Fund may invest any amount of its assets
in high-quality, U.S. dollar-denominated money market instruments and
repurchase agreements.

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

33
<PAGE>

CHASE VISTA STRATEGIC INCOME FUND

The Fund's main investment risks

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

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

The value of debt securities tends to fall when prevailing interest rates rise.
Such a drop in value could be worse if the Fund invests a larger portion of its
assets in debt securities with longer maturities. That's because long-term debt
securities are more sensitive to interest rate changes than other fixed-income
securities. Note that conversely the value of fixed income investments tends to
increase when prevailing interest rates fall.

High yield debt securities may carry greater risks than securities which have
higher credit ratings, including a high risk of default. The yields of
lower-rated securities will move up and down over time. The credit rating of a
high yield security evaluates the ability of the issuer to make principal and
interest or dividend payments; it does not necessarily address its market value
risk. Ratings and market value may change, positively or negatively, from time
to time to reflect new developments regarding the issuer. However, since ratings
may not always change quickly and frequently enough to reflect these new
developments, the advisers perform their own analysis of high yield issuers.
Because of this, the Fund's performance may depend more on subjective credit
analysis than other funds which invest in investment-grade securities.

Companies which issue high yield securities are often young and growing and have
a lot of debt. High yield securities are considered speculative, meaning there
is a significant risk that the issuer may not be able to repay principal or pay
interest or dividends on time. In addition, the issuer's other creditors may

34
<PAGE>

have the right to be paid before holders of the high yield security.

During an economic downturn, a period of rising interest rates or a recession,
issuers of high yield securities that have a lot of debt may experience
financial problems. They may not have enough cash to make their payments. An
economic downturn could also hurt the market for lower-rated securities and the
Fund.

The market for high yield securities is not as liquid as the markets for higher
rated securities. This means that it may be harder to sell high yield
securities, especially on short notice. The market could also be hurt by legal
or tax changes.

Securities which are rated "C" or "D" may not pay interest, may be in default
or may be considered to have an extremely poor chance of ever achieving any
real investment standing.

The costs of investing in the high yield market are usually higher than
investing in investment grade securities. That's because the Fund has to spend
more money for investment research and commissions.

Since the Fund invests a significant portion of its assets in securities issued
outside the U.S., it is riskier than a fund that invests only in the U.S. 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. Investments in 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.
Brady Bonds do not have as long a payment history as other types of government
debt securities. Because of that, they, and many emerging market debt
instruments, may trade at a substantial discount which might lead to greater
volatility.

Leveraging is a speculative technique which may expose the Fund to greater risk
and increase its costs. Increases and decreases in the value of the Fund's
portfolio will be more dramatic when the Fund is leveraging. The Fund will also
have to pay interest on its borrowings, reducing the Fund's return. In
addition, the Fund might be forced to sell portfolio securities when it would
normally keep them in order to make interest payments.

When the Fund invests in mortgage-related securities, the value of the Fund
could change more often and to a greater degree than if it did not buy
mortgage-backed securities. That's because the prepayment features on some
mortgage-related securities make them more sensitive to interest rate changes.
Mortgage-related securities are subject to scheduled and unscheduled principal
payments as property owners pay down or prepay their mortgages. As these
payments are received, they must be reinvested when interest rates may be lower
than on the original mortgage security. When interest rates are rising, the
value of fixed-income securities with prepayment features are likely to
decrease as much or more than securities without prepayment

35
<PAGE>

CHASE VISTA STRATEGIC INCOME FUND

features. In addition, the value of mortgage-related securities with prepayment
features may not increase as much as other fixed-income securities when
interest rates fall.

The market for loan participation may not be highly liquid and the Fund may
have difficulty selling them. When it buys them, the Fund typically is entitled
to receive payment from the lender only, and not the underlying borrower.
Because of that, these investments expose the Fund to the risk of investing in
both the financial institution and the underlying borrower.

Collateralized bond obligations typically are separated into different classes.
Each class represents a different degree of credit quality, with lower classes
having greater risk but higher interest rates. The bottom class usually does
not have a stated interest rate. Instead, it receives whatever is left after
all the higher classes have been paid. As a result, the value of some classes
in which the Fund invests may be more volatile.

Securities which are rated Baa by Moody's or BBB by S&P may have fewer
protective provisions and are generally more risky than higher rated securities.
The issuer may have trouble making principal and interest payments when
difficult economic conditions exist.

Some asset-backed securities may have additional risk because they may receive
little or no collateral protection from the underlying assets.

If the interest rate on floating and variable rate securities falls, the Fund's
yield may decline and it may lose the opportunity for capital appreciation.

Dollar rolls, forward commitments, repurchase agreements and reverse repurchase
agreements involve some risk to the Fund if the other party does not live up to
its part of the agreement.

If the Fund departs from its investment policies during temporary defensive
periods, it may not achieve its investment objective.

36
<PAGE>

37
<PAGE>

CHASE VISTA STRATEGIC INCOME FUND

The Fund's past performance

This section shows the Fund's performance record. The bar chart shows how the
Fund's Class A shares performed in 1999. 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 Lipper
Multi-Sector Income Funds Average, which represents the average performance of
a universe of actively managed multi-sector income funds, and the Lehman
Aggregate Bond Index, which is a replica of the U.S. government mortgage-backed
securities and bond market.

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.

<TABLE>
<S> <C>
-----------------------------------
BEST QUARTER 2.89%
-----------------------------------
4th quarter, 1999
-----------------------------------
WORST QUARTER 0.94%
-----------------------------------
3rd quarter, 1999
</TABLE>

AVERAGE ANNUAL TOTAL RETURNS
For the periods ending December 31, 1999

<TABLE>
<CAPTION>
SINCE
INCEPTION
PAST 1 YEAR 11/30/98
<S> <C> <C>
-----------------------------------------------------------------------------
CLASS A SHARES 1.60% 0.70%
-----------------------------------------------------------------------------
CLASS B SHARES 1.40% 1.39%
-----------------------------------------------------------------------------
CLASS C SHARES 5.31% 4.93%
-----------------------------------------------------------------------------
LIPPER MULTI-SECTOR INCOME FUNDS AVERAGE 2.58% 2.19%
-----------------------------------------------------------------------------
LEHMAN AGGREGATE BOND INDEX -0.82% -0.49%
-----------------------------------------------------------------------------
</TABLE>

38
<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)

<TABLE>
<CAPTION>
MAXIMUM SALES CHARGE MAXIMUM DEFERRED SALES
(LOAD) WHEN YOU BUY CHARGE (LOAD) SHOWN AS
SHARES, SHOWN AS % OF THE LOWER OF ORIGINAL PURCHASE
OFFERING PRICE(1) PRICE OR REDEMPTION PROCEEDS
-----------------------------------------------------------------------------
<S> <C> <C>
CLASS A SHARES 4.50% NONE
-----------------------------------------------------------------------------
CLASS B SHARES NONE 5.00%
-----------------------------------------------------------------------------
CLASS C SHARES NONE 1.00%
-----------------------------------------------------------------------------
</TABLE>

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>
CLASS A 0.50% 0.25% 1.55%# 2.30%#
CLASS B 0.50% 0.75% 1.55%# 2.80%#
CLASS C 0.50% 0.75% 1.55%# 2.80%#
</TABLE>

(1) The offering price is the net asset value of the shares purchased plus any
sales charge.

*The table is based on estimated expenses for the current fiscal year.

#Restated from the most recent fiscal year to reflect current expense
arrangements.

The actual management fee is currently expected to be 0.00%, distribution fees
are expected to be 0.10% for Class A shares and 0.60% for Class B and Class C
shares, other expenses are expected to be 1.15% and the total annual Fund
operating expenses are expected not to exceed 1.25% for Class A shares, 1.75%
for Class B and Class C shares. 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 you might incur if you invest through a financial
institution.

39
<PAGE>

CHASE VISTA STRATEGIC INCOME FUND

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:

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>
CLASS A SHARES* $ 673 $ 1,136 $ 1,625 $ 2,967
-------------------------------------------------------------------
CLASS B SHARES** $ 783 $ 1,168 $ 1,679 $ 3,009***
-------------------------------------------------------------------
CLASS C SHARES** $ 383 $ 868 $ 1,479 $ 3,128
-------------------------------------------------------------------
</TABLE>

IF YOU DON'T SELL YOUR SHARES YOUR COSTS WOULD BE:

<TABLE>
<CAPTION>
1 YEAR 3 YEARS 5 YEARS 10 YEARS
-------------------------------------------------------------------
<S> <C> <C> <C> <C>
CLASS B SHARES $ 283 $ 868 $ 1,479 $ 3,009***
-------------------------------------------------------------------
CLASS C SHARES $ 283 $ 868 $ 1,479 $ 3,128
-------------------------------------------------------------------
</TABLE>

*Assumes sales charge is deducted when shares are purchased.
**Assumes applicable deferred sales charge is deducted shares are sold.
***Reflects conversion of Class B Shares to Class A shares after they have been
owned for eight years.
The costs above are based on pre-waiver Annual Fund Operating Expenses.

40
<PAGE>

FUNDS' INVESTMENT ADVISER

The Chase Manhattan Bank (Chase) is the investment adviser to the Funds. Chase
is a wholly owned subsidiary of The Chase Manhattan Corporation (CMC), a bank
holding company. Chase provides the Funds with investment advice and
supervision. Chase and its predecessors have more than a century of money
management experience. Chase is located at 270 Park Avenue New York, NY 10076.

For its advisory service, Chase may receive a management fee paid monthly at the
annual rate of:

o 0.25% of the average daily net assets of the Short-Term Bond Fund
o 0.30% of the average daily net assets of the U.S. Treasury Income Fund, U.S.
Government Securities Fund and Bond Fund.
o 0.50% of the average daily net assets of the Strategic Income Fund.

Chase Asset Management, Inc. (CAM) is the sole sub-adviser to each Fund except
the Strategic Income Fund. CAM is a wholly-owned subsidiary of Chase. CAM and
State Street Research & Management Company (SSR) are the two sub-advisers to the
Strategic Income Fund. SSR is a wholly-owned subsidiary of the Metropolitan Life
Insurance Company. CAM makes the day-to-day investment decisions for each Fund,
except that SSR makes the day-to-day investment decisions for the portion of the
Strategic Income Fund that is allocated to lower-rated high yield securities of
U.S. issuers (including convertible securities and preferred stock). Chase pays
CAM and SSR a sub-advisory fee for their services. CAM provides discretionary
investment advisory services to institutional clients. CAM is located at 1211
Avenue of the Americas New York, NY 10036. SSR also provides discretionary
investment services to institutional and other clients. SSR is located at One
Financial Center Boston, Massachusetts 02111.

41
<PAGE>

FUNDS' INVESTMENT ADVISER

Portfolio Managers

SHORT-TERM BOND FUND

The portfolio manager is H. Mitchell Harper, Senior Vice President and
Portfolio Manager at Chase. Mr. Harper has been responsible for the Fund since
October 1999. Mr. Harper has been with Chase since 1987. Previously he worked
at John Alden Life Insurance Co. from 1985-1987, as Vice President, Portfolio
Management. Prior to that he was Vice President, Department Head-Investments at
Bank Life & Casualty.

U.S. TREASURY INCOME FUND

A team of investment managers with Chase, led by Timothy Neumann, Head of
Taxable Core Investment Group at Chase, is responsible for the management of
the U.S. Treasury Income Fund. Mr. Neumann has been responsible for the Fund
since January 1997. Mr. Neumann has been active in the asset management
business since 1984 with experience in both managing and trading fixed income
portfolios. Before joining Chase in 1997, Mr. Neumann was the portfolio manager
for Lehman Brothers Global Asset Management mortgage-backed securities
accounts. Prior to Lehman, he managed fixed income portfolios at Allstate
Insurance.

U.S. GOVERNMENT SECURITIES FUND

The portfolio managers are Michael Bennis, a Vice President and Senior
Portfolio Manager at Chase, and Mr. Neumann. They have been responsible for the
Fund since December 1996 and October 1999 respectively. Before joining Chase in
1996, Mr. Bennis was a senior analyst and trader at Union Bank of Switzerland
Asset Management. Prior to joining Union Bank of Switzerland, he was a fixed
income analyst at Donaldson, Lufkin & Jenrette.

BOND FUND

The portfolio managers are Andrew Russell, a Vice President and Portfolio
Manager, at Chase and Mr. Neumann. Mr. Russell has been responsible for the
Fund since May 1998. Mr. Neumann has been responsible for the Fund since
October of 1999. Mr. Russell joined Chase in 1990 and has held several
positions within the U.S. fixed income area including portfolio analyst,
taxable fixed-income trader and assistant trader. Mr. Russell is a member of
the U.S. fixed income area's quantitative research team.

STRATEGIC INCOME FUND

Craig Blessing, a Vice President and the Head of Emerging Market Fund Income
Group at Chase, and Leonard Lovito, a Vice President and Senior Portfolio
Manager at Chase, have been responsible for the management of the Fund since
its inception. Mr. Blessing joined Chase in 1996. Between 1992 and 1996, he was
Director of the Fund Management Group and Portfolio Manager for emerging market
funds at Serfin Securities, Inc. From 1985 to 1992, Mr. Blessing was a Vice
President at Bank of America, where he was a founding member and co-head of the
Emerging Market Debt Sales & Trading Group. Mr. Lovito joined Chase in 1998.
Prior to joining Chase, from 1984 to 1998, Mr. Lovito was Vice President at J &
W Seligman & Co., Inc. where he managed a number of fixed income portfolios and
mutual funds. Prior to joining Seligman, Mr. Lovito was a senior Securities
Administrator in the investment department of the Dime Savings Bank of New
York.

Bartlett R. Greer, a Senior Vice President of SSR, has been responsible for
management of the Fund's lower rated, high yield securities of U.S. issuers
since the Fund's inception. Mr. Greer joined SSR in 1981 and manages other
institutional accounts, including mutual funds, that invest in high yield and
other securities. [Logo]

42
<PAGE>

HOW YOUR ACCOUNT WORKS

About sales charges

There's a sales charge to buy shares in the Funds. There are also ongoing
charges that all investors pay as long as they own their shares, as explained
later.

There are three classes of shares, each with its own charges: Class A shares,
Class B shares and Class C shares. Class A shares have a charge you pay when
you invest. Class B shares have a deferred sales charge. You don't pay any
charge when you buy Class B shares, but you may have to pay a charge when you
sell them, depending on how long you hold them. Class C shares also have a
deferred sales charge you may have to pay if you sell your shares within one
year of buying them.

U.S. Government Securities and Short-Term Bond Fund offer Class A shares only.
U.S. Treasury and Bond Fund offer Class A and Class B shares. Strategic Income
Fund offers classes A, B and C.

There are a number of plans and special discounts which can decrease or even
eliminate these charges.

This section explains how the three sales charges work.

43
<PAGE>

HOW YOUR ACCOUNT WORKS

CLASS A SHARES

The initial sales charge is deducted directly from the money you invest. As the
table shows, the charge is lower the more you invest. The public offering price
of Class A shares is the net asset value plus the initial sales charge. Net
asset value is the value of everything a Fund owns, minus everything it owes,
divided by the number of shares held by investors. The Funds receive the net
asset value.

The following chart shows the sales charge for all the Funds except Short-Term
Bond Fund.

<TABLE>
<CAPTION>
TOTAL SALES CHARGE
AS % OF THE AS %
OFFERING OF NET
AMOUNT OF PRICE AMOUNT
INVESTMENT PER SHARE INVESTED
-----------------------------------------------------
<S> <C> <C>
LESS THAN
$100,000 4.50% 4.71%
-----------------------------------------------------
$100,000 BUT
UNDER $250,000 3.75% 3.90%
-----------------------------------------------------
$250,000 BUT
UNDER $500,000 2.50% 2.56%
-----------------------------------------------------
$500,000 BUT
UNDER $1 MILLION 2.00% 2.04%
-----------------------------------------------------
</TABLE>

There is no sales charge for investments of $1 million or more.

The following chart shows the sales charge for the Short-Term Bond Fund.

<TABLE>
<CAPTION>
TOTAL SALES CHARGE
AS % OF THE AS %
OFFERING OF NET
AMOUNT OF PRICE AMOUNT
INVESTMENT PER SHARE INVESTED
-----------------------------------------------------
<S> <C> <C>
LESS THAN
$100,000 1.50% 1.52%
-----------------------------------------------------
$100,000 BUT
UNDER $250,000 1.00% 1.00%
-----------------------------------------------------
$250,000 BUT
UNDER $500,000 0.50% 0.50%
-----------------------------------------------------
$500,000 BUT
UNDER $1 MILLION 0.25% 0.25%
-----------------------------------------------------
</TABLE>

CLASS B SHARES

The deferred sales charge is deducted directly from your assets when you sell
your shares. It's a percentage of the original purchase price or the current
value of the shares, whichever is lower. As the table shows, the deferred sales
charge gets lower the longer you hold the shares and disappears altogether
after six years. Class B shares automatically convert into Class A shares at
the beginning of the ninth year after you bought them.

<TABLE>
<CAPTION>
YEAR DEFERRED SALES CHARGE
---------------------------------
<S> <C>
1 5%
---------------------------------
2 4%
---------------------------------
3 3%
---------------------------------
4 3%
---------------------------------
5 2%
---------------------------------
6 1%
---------------------------------
7 NONE
---------------------------------
8 NONE
---------------------------------
</TABLE>

We calculate the deferred sales charge from the month you buy your shares. We
always sell the shares with the lowest deferred sales charge first. Shares
acquired by reinvestment distribution can be sold without a deferred sales
charge.

44
<PAGE>

HOW YOUR ACCOUNT WORKS

CLASS C SHARES

The deferred sales charge is deducted directly from your assets when you sell
your shares. It's equal to 1% of the original purchase price or the current
value of the shares, whichever is lower. The deferred sales charge on Class C
shares disappears altogether after one year. We calculate the deferred sales
charge from the month you buy your shares. We always sell the shares with the
lowest deferred sales charge first.

Like Class B shares, Class C shares have higher combined distribution and
service fees. Unlike Class B shares, Class C shares are never converted to
Class A shares. That means you keep paying the higher service and distribution
fees as long as you hold them. Over the long term, this can add up to higher
total fees than either Class A or Class B shares.

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

The Strategic Income Fund has adopted Rule 12b-1 distributions plans under
which it pays annual distribution fees at the following rates:

o up to 0.25% of the average daily net assets attributed to class A shares

o up to 0.75% of the average daily net assets attributed to Class B shares

o up to 0.75% of the average daily net assets attributed to Class C shares.

The U.S. Treasury Income Fund and Bond Fund have each adopted Rule 12b-1
distribution plans under which they pay annual distribution fees at the
following rates:

o up to 0.25% of the average daily net assets attributed to Class A shares

o up to 0.75% of the average daily net assets attributed to Class B shares.

The Short-Term Bond Fund and U.S. Government Securities Fund have each adopted
a Rule 12b-1 distribution plan under which they pay annual distribution fees of
up to 0.25% of the average daily net assets attributed to Class A shares.

These payments cover such things as compensation for services provided by
broker-dealers and expenses connected to the sale of shares. Payments are not
tied to actual expenses incurred.

Because 12b-1 expenses are paid out of a Fund's assets on an ongoing basis,
over time these fees will increase the cost of your investment and may cost you
more than other types of sales charges.

WHICH CLASS OF SHARES IS BEST?

Your decision about which class of shares to buy depends on a number of
factors, including the amount you're buying and how long you intend to hold
your shares. If you have no plans to sell your shares for

45
<PAGE>

HOW YOUR ACCOUNT WORKS

at least six years and you don't want to pay an up-front sales charge, you may
consider buying Class B shares.

Class A shares may be a good choice if you qualify to have the sales charge
reduced or eliminated. In almost all cases, if you plan to buy $250,000 of
shares or more, Class A is the most economical choice.

Class C shares may be best if you prefer not to pay an initial sales charge and
you're not sure how long you intend to hold your investment.

You should also consider the distribution and service fees, which are lower for
Class A shares. These fees appear in the table called Annual operating expenses
deducted from the Fund's assets for each fund.

Your investment representative may be able to advise you about the best class
of shares for you. [Logo]

Buying Fund shares

You can buy shares three ways:

Through your investment representative

Tell your representative which Funds you want to buy and he or she will contact
us. Your representative may charge you a fee and may offer additional services,
such as special purchase and redemption programs. Some representatives charge a
single fee that covers all services. Your representative may impose different
minimum investments and earlier deadlines to buy and sell shares.

Through the Chase Vista Funds Service Center

Call 1-800-34-VISTA

Complete the application form and mail it along with a check for the amount you
want to invest to:

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

Through a Systematic
Investment Plan

You can make regular automatic purchases of at least $100. See There's more on
the Systematic Investment Plan later.

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

Whether you choose Class A, Class B or Class C shares, the price of the shares
is based on the net asset value per share (NAV). NAV is the value of everything
a Fund owns, minus everything it owes, divided by the number of shares held by
investors. You'll pay the public offering price which is based on the next NAV
calculated after the Chase Vista Funds Service Center accepts your
instructions. Each Fund calculates its NAV once each day at the close of
regular trading on the New York Stock Exchange. Each Fund generally values its
assets at their market value but may use fair value if market prices are
unavailable. The Chase Vista Funds Service Center will not accept your order
until it is in proper form. An order is in

46
<PAGE>

proper form only after payment is converted into federal funds.

The Chase Vista Funds Service Center accepts purchase orders on any business
day that the New York Stock Exchange is open. Normally, if the Chase Vista
Funds Service Center receives your order in proper form by the close of regular
trading on the New York Stock Exchange, we'll process your order at that day's
price.

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

TO OPEN AN ACCOUNT, BUY OR SELL SHARES OR GET FUND INFORMATION, CALL:

------------------------------------
THE CHASE VISTA FUNDS SERVICE CENTER
------------------------------------
1-800-34-VISTA
------------------------------------

MINIMUM INVESTMENTS

<TABLE>
<CAPTION>
TYPE OF INITIAL ADDITIONAL
ACCOUNT INVESTMENT INVESTMENTS
-----------------------------------------
<S> <C> <C>
REGULAR
ACCOUNT $2,500 $100
-----------------------------------------
SYSTEMATIC
INVESTMENT
PLAN $1,000 $100
-----------------------------------------
IRAs $1,000 $100
-----------------------------------------
SEP-IRAs $1,000 $100
-----------------------------------------
EDUCATION
IRAs $ 500 $100
-----------------------------------------
</TABLE>

Make your check out to Chase Vista Funds in U.S. dollars. We won't accept
credit cards, cash, or checks from a third party. You cannot sell your shares
until your check has cleared, which could take more than 15 calendar days. If
you buy through an Automated Clearing House, you can't sell your shares until
the payment clears. That could take more than seven business days.

Your purchase will be canceled if your check doesn't clear and you'll be
responsible for any expenses and losses to the Funds. Orders by wire will be
canceled if the Chase Vista Funds Service Center doesn't receive payment by
4:00 p.m. Eastern time on the day you buy.

If you're planning to exchange, sell or transfer shares to another person
shortly after buying the shares, you should pay by certified check to avoid
delays. The Funds will not issue certificates for Class A or Class C shares
unless you request them and they will not issue certificates for Class B
shares.

Selling Fund shares

You can sell your shares three ways:

Through your investment representative

Tell your representative which Funds you want to sell. He or she will send the
necessary documents to the Chase Vista Funds Service Center. Your
representative might charge you for this service.

Through the Chase Vista Funds Service Center

Call 1-800-34-VISTA. We will mail you a check or send the proceeds via
electronic transfer or wire. You cannot sell by phone if you have changed your
address of record within the previous 30 days. If you sell $25,000 or more
worth of Funds

47
<PAGE>

HOW YOUR ACCOUNT WORKS

by phone, we'll send it by wire only to a bank account on our records. We charge
$10 for each transaction by wire.

Send a signed letter with your instructions to:

Chase Vista Funds Service Center,
P.O. Box 219392
Kansas City, MO 64121-9392

Through a Systematic Withdrawal

You can automatically sell as little as $50 worth of Plan shares. See
Shareholder Services.

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

You can sell your shares on any day the Chase Vista Funds Service Center is
accepting purchase orders. You'll receive the next NAV calculated after the
Chase Vista Funds Service Center accepts your order, less any applicable sales
charges.

Under normal circumstances, if the Chase Vista Funds Service Center receives
your order before the close of regular trading on the New York Stock Exchange,
a Fund will send you the proceeds the next business day. We won't accept an
order to sell shares if the Fund hasn't collected your payment for the shares.
Each Fund may stop accepting orders to sell and may postpone payments for more
than seven days, as federal securities laws permit.

You'll need to have signatures guaranteed for all registered owners or their
legal representative if: "you want to sell shares with a net asset value of
$100,000 or more" you want your payment sent to an address other than the one
we have in our records.

We may also need additional documents or a letter from a surviving joint owner
before selling the shares. Contact the Chase Vista Funds Service Center for
more details.

Exchanging Fund shares

You can exchange your shares for shares of the same class of certain other
Chase Vista Funds at net asset value, beginning 15 days after you buy your
shares. For tax purposes, an exchange is treated as a sale of Fund shares. This
will generally result in a capital gain or loss to you.

You can exchange your shares three ways:

Through your investment representative

Tell your representative which Funds you want to exchange from and to. He or
she will send the necessary documents to the Chase Vista Funds Service Center.
Your representative might charge you for this service.

Through the Chase Vista Funds Service Center

Call 1-800-34-VISTA to ask for details.

Through a Systematic Exchange Plan

You can automatically exchange money from one Chase Vista account to another of
the same class. Call the Chase Vista Funds Service Center for details.

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

48
<PAGE>

If you exchange Class B or Class C shares of a Fund for Class B or Class C
shares of another Chase Vista Fund you will not pay a deferred sales charge
until you sell the shares of the other Fund. The amount of deferred sales
charge will be based on when you bought the original shares, not when you made
the exchange. Carefully read the prospectus of the Fund you want to buy before
making an exchange. You'll need to meet any minimum investment requirements.

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. [Logo]

Other information
concerning the Funds

We may close your account if the balance falls below $500 because you've sold
shares. We may also close the account if you are in the Systematic Investment
Plan and fail to meet investment minimums over a 12-month period. 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 a Fund
liable for any loss or expenses from any sales request, if the Fund takes
reasonable precautions. The Funds 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 times 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.

The Funds have agreements with certain shareholder servicing agents (including
Chase) under which the shareholder servicing agents have agreed to provide
certain support services to their customers. For performing these services,
each shareholder servicing agent receives an annual fee of up to 0.25% of the
average daily net assets of the Class A, Class B and Class C shares of

49
<PAGE>

HOW YOUR ACCOUNT WORKS

the Funds held by investors 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 each Fund attributable
to shares of the Funds held by customers of those shareholder servicing agents.

Each Fund may issue multiple classes of shares. This prospectus relates only to
Class A shares of the Short-Term Bond Fund and U.S. Government Securities Fund.
Class A and Class B shares of the U.S. Treasury Income Fund and Bond Fund and
Class A , Class B and Class C shares of the Strategic Income 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 a different amount for each class.

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

Distributions and taxes

The Funds can earn income and they can realize capital gain. The Funds deduct
any expenses then pay out these earnings to shareholders as distributions.

The U.S. Treasury Income Fund, and U.S. Government Fund declare dividends on a
daily basis. The Bond Fund, Strategic Income Fund and Short-Term Bond Fund
declare dividends on a monthly basis. All funds distribute the net investment
income monthly. 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

50
<PAGE>

where you live may not charge you state and local taxes on tax-exempt interest
earned on certain bonds. Dividends earned on bonds issued by the U.S.
government and its agencies may also be exempt from some types of state and
local taxes.

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

Each Fund expects that its distributions will consist primarily of ordinary
income. Early in each calendar year, each Fund will send you a notice showing
the amount of distributions you received in the preceding year and the tax
status of those distributions.

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

51
<PAGE>

SHAREHOLDER SERVICES

SYSTEMATIC INVESTMENT PLAN

Regularly invest $100 or more in the first or third week of any month. The
money is automatically deducted from your checking or savings account.
You can set up a plan when you open an account by completing the appropriate
section of the application. Current shareholders can join by sending a signed
letter and a deposit slip or void check to the Chase Vista Funds Service
Center. Call 1-800-34-VISTA for complete instructions.

SYSTEMATIC WITHDRAWAL PLAN

Make regular withdrawals of $50 or more ($100 or more for Class B accounts).
You can have automatic withdrawals made monthly, quarterly or semiannually.
Your account must contain at least $5,000 to start the plan. Call 1-800-34-VISTA
for complete instructions.

SYSTEMATIC EXCHANGE

Transfer assets automatically from one Chase Vista account to another on a
regular basis. It's a free service.

FREE EXCHANGE PRIVILEGE

Exchange money between Chase Vista Funds in the same class without charge. This
allows you to adjust your investments as your objectives change.

REINSTATEMENT PRIVILEGE

You can buy back Class A shares you sell, without paying a sales charge, as
long as you make a request in writing within 90 days of the sale. If you sell
Class B or Class C shares on which you've paid a deferred sales charge, you can
use the proceeds to buy Class A shares without a sales charge. You must buy the
class A shares within 90 days of selling the Class B or Class C shares. [Logo]

52
<PAGE>

SHAREHOLDER SERVICES

What the terms mean

COLLATERAL BOND OBLIGATIONS: products that are collateralized by a pool of
higher yield, public or private fixed income securities.

COLLATERALIZED MORTGAGE OBLIGATIONS: debt securities that are collateralized by
a portfolio of mortgages or mortgage-backed securities.

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

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

DOLLAR-WEIGHTED AVERAGE MATURITY: The average maturity of the Fund is the
average amount of time until the issuers of the debt securities in the Fund's
portfolio must pay off the principal amount of the debt. "Dollar weighted" means
the larger the dollar value of the debt security in the Fund's portfolio, the
more weight it gets in calculating this average.

DURATION: A mathematical calculation of the average life of a bond that serves
as a useful measure of its price risk. Each year of duration represents an
expected 1% change in interest rates. For example, if a bond has an average
duration of 4 years, its price will move 4% when interest rates move 1%.

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

LIQUIDITY: Liquidity is 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.

MATURITY: Maturity is the length of time until the issuer who sold a debt
security must pay back the principal amount of the debt.

MORTGAGE-RELATED SECURITIES: securities that directly or indirectly represent an
interest in, or are secured by and paid from, mortgage loans secured by real
property.

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

REPURCHASE AGREEMENTS: A type of short-term investment in which a dealer sells
securities to the Fund and agrees to buy them back later for 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.

REVERSE REPURCHASE AGREEMENTS: A type of short-term transaction where the Fund
sells securities to a dealer and agrees to buy them back later at a set price.
In effect, the Fund is borrowing the dealer'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 pricing trends in an
attempt to predict future price movements

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

YIELD CURVE: measure showing relationship among yields of similar bonds with
different maturities. [Logo]

53
<PAGE>

FINANCIAL HIGHLIGHTS

The Financial Highlights tables are intended to help you understand the Funds'
financial performance for each of the past five years (or for the periods since
shares were first offered). The total returns in the tables represent the rate
an investor would have earned or lost on an investment in the Funds (assuming
reinvestment of all dividends and distributions).

The tables set forth below provide selected per share data and ratios for one
Class A share and, where applicable, one Class B share and one Class C share
outstanding throughout each period shown.

This information is supplemented by financial statements including accompanying
notes appearing in the Funds' Annual Report to Shareholders for the year ended
October 31, 1999, which is incorporated by reference into the SAI. Shareholders
may obtain a copy of this annual report by contacting the Funds or their
Shareholder Servicing Agent.

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

54
<PAGE>

Chase Vista Short-Term Bond Fund

<TABLE>
<CAPTION>
CLASS A
Year Year Year 5/6/96**
ended ended ended through
10/31/99 10/31/98 10/31/97 10/31/96
<S> <C> <C> <C> <C>
PER SHARE OPERATING PERFORMANCE
---------------------------------------------------------------------------------------------
Net asset value,
beginning of period $10.14 $10.10 $10.10 $10.03
---------------------------------------------------------------------------------------------
Income from investment operations:
Net investment income 0.46 0.53 0.58 0.26
Net gains or losses in securities
(both realized and unrealized) (0.20) 0.02 -- 0.07
------ ------ ------ ------
Total from investment operations 0.26 0.55 0.58 0.33
Less distributions:
Dividends from net investment income 0.46 0.51 0.58 0.26
Distributions from capital gains -- -- -- --
------ ------ ------ ------
Total distributions 0.46 0.51 0.58 0.26
---------------------------------------------------------------------------------------------
Net asset value, end of period $9.94 $10.14 $10.10 $10.10
---------------------------------------------------------------------------------------------
TOTAL RETURN(1) 2.64% 5.58% 5.91% 3.41%
=============================================================================================
RATIOS/SUPPLEMENTAL DATA
---------------------------------------------------------------------------------------------
Net assets, end of period
(in millions) $22 $19 $10 $10
---------------------------------------------------------------------------------------------
Ratio of expenses to
average net assets 0.75% 0.76% 0.75% 0.75%#
---------------------------------------------------------------------------------------------
Ratio of net income to
average net assets 4.58% 5.28% 5.76% 5.28%#
---------------------------------------------------------------------------------------------
Ratio of expenses without waivers
and assumption of expenses to
average net assets 1.37% 1.44% 1.31% 1.45%#
---------------------------------------------------------------------------------------------
Ratio of net investment income
without waivers and assumption
of expenses to average net assets 3.96% 4.60% 5.20% 4.58%#
---------------------------------------------------------------------------------------------
Portfolio turnover rate 302% 439% 471% 158%
---------------------------------------------------------------------------------------------
</TABLE>

**Commencement of offering of class of shares.

#Short periods have been annualized.
(1)Total return figures do not include effect of any front-end sales load.

55
<PAGE>

FINANCIAL HIGHLIGHTS

Chase Vista U.S. Treasury Income Fund*

<TABLE>
<CAPTION>
CLASS A
Year Year Year Year Year
ended ended ended ended ended
10/31/99 10/31/98 10/31/97 10/31/96 10/31/95
<S> <C> <C> <C> <C> <C>
PER SHARE OPERATING PERFORMANCE
-------------------------------------------------------------------------------------------------------------
Net asset value,
beginning of period $11.66 $11.26 $11.13 $11.40 $10.60
-------------------------------------------------------------------------------------------------------------
Income from investment operations:
Net investment income 0.71 0.75 0.66 0.66 0.70
Net gains or losses in securities
(both realized and unrealized) (0.99) 0.40 0.13 (0.27) 0.80
------ ------ ------ ------ ------
Total from investment operations (0.28) 1.15 0.79 0.39 1.50
Less distributions:
Dividends from net investment income 0.71 0.75 0.66 0.66 0.70
Distributions from capital gains -- -- -- -- --
------ ------ ------ ------ ------
Total distributions 0.71 0.75 0.66 0.66 0.70
-------------------------------------------------------------------------------------------------------------
Net asset value, end of period $10.67 $11.66 $11.26 $11.13 $11.40
-------------------------------------------------------------------------------------------------------------
TOTAL RETURN(1) (2.41%) 10.59% 7.35% 3.56% 14.59%
=============================================================================================================
RATIOS/SUPPLEMENTAL DATA
-------------------------------------------------------------------------------------------------------------
Net assets, end of period (in millions) $69 $63 $85 $111 $99
-------------------------------------------------------------------------------------------------------------
Ratio of expenses to
average net assets 0.75% 0.79% 0.90% 0.90% 0.87%
-------------------------------------------------------------------------------------------------------------
Ratio of net income to
average net assets 6.40% 6.53% 5.97% 5.89% 6.37%
-------------------------------------------------------------------------------------------------------------
Ratio of expenses without waivers
and assumption of expenses to
average net assets 1.32% 1.30% 1.21% 1.29% 1.40%
-------------------------------------------------------------------------------------------------------------
Ratio of net investment income
without waivers and assumption
of expenses to average net assets 5.83% 6.02% 5.66% 5.50% 5.84%
-------------------------------------------------------------------------------------------------------------
Portfolio turnover rate 59% 75% 179% 103% 164%
-------------------------------------------------------------------------------------------------------------
</TABLE>

56
<PAGE>

<TABLE>
<CAPTION>
CLASS B
Year Year Year Year Year
ended ended ended ended ended
10/31/99 10/31/98 10/31/97 10/31/96 10/31/95
<S> <C> <C> <C> <C> <C>
PER SHARE OPERATING PERFORMANCE
--------------------------------------------------------------------------------------------------------------
Net asset value,
beginning of period $11.66 $11.25 $11.11 $11.37 $10.59
--------------------------------------------------------------------------------------------------------------
Income from investment operations:
Net investment income 0.61 0.65 0.58 0.57 0.62
Net gains or losses in securities
(both realized and unrealized) (0.99) 0.41 0.13 (0.26) 0.80
------ ------ ------ ------ ------
Total from investment operations (0.38) 1.06 0.71 0.31 1.42
Less distributions:
Dividends from net investment income 0.61 0.65 0.57 0.57 0.64
Distributions from capital gains -- -- -- -- --
------ ------ ------ ------ ------
Total distributions 0.61 0.65 0.57 0.57 0.64
--------------------------------------------------------------------------------------------------------------
Net asset value, end of period $10.67 $11.66 $11.25 $11.11 $11.37
--------------------------------------------------------------------------------------------------------------
TOTAL RETURN(1) (3.27%) 9.68% 6.56% 2.82% 13.80%
==============================================================================================================
RATIOS/SUPPLEMENTAL DATA
--------------------------------------------------------------------------------------------------------------
Net assets, end of period (in millions) $16 $14 $11 $11 $11
--------------------------------------------------------------------------------------------------------------
Ratio of expenses to
average net assets 1.64% 1.64% 1.64% 1.64% 1.62%
--------------------------------------------------------------------------------------------------------------
Ratio of net income to
average net assets 5.51% 5.69% 5.24% 5.12% 5.53%
--------------------------------------------------------------------------------------------------------------
Ratio of expenses without waivers
and assumption of expenses to
average net assets 1.82% 1.79% 1.71% 1.79% 1.89%
--------------------------------------------------------------------------------------------------------------
Ratio of net investment income
without waivers and assumption
of expenses to average net assets 5.33% 5.54% 5.17% 4.97% 5.26%
--------------------------------------------------------------------------------------------------------------
Portfolio turnover rate 59% 75% 179% 103% 164%
--------------------------------------------------------------------------------------------------------------
</TABLE>

(1) Total return figures do not include the effect of any front-end or deferred
sales load.

*Formerly known as the Vista U.S. Government Income Fund.

57
<PAGE>

FINANCIAL HIGHLIGHTS

Chase Vista U.S. Government Securities Fund

<TABLE>
<CAPTION>
CLASS A
Year Year Year 5/6/96*
ended ended ended through
10/31/99 10/31/98 10/31/97 10/31/96
PER SHARE OPERATING PERFORMANCE
------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Net asset value,
beginning of period $10.51 $10.06 $9.90 $9.62
------------------------------------------------------------------------------------------------
Income from investment operations:
Net investment income 0.50 0.50 0.58 0.26
Net gains or losses in securities
(both realized and unrealized) (0.71) 0.45 0.15 0.25
------ ------ ------ -----
Total from investment operations (0.21) 0.95 0.73 0.51
Less distributions:
Dividends from net investment income 0.50 0.50 0.57 0.23
Distributions from capital gains 0.13 -- -- --
------ ------ ------ -----
Total distributions 0.63 0.50 0.57 0.23
------------------------------------------------------------------------------------------------
Net asset value, end of period $9.67 $10.51 $10.06 $9.90
------------------------------------------------------------------------------------------------
TOTAL RETURN(1) (2.11%) 9.75% 7.61% 5.41%
================================================================================================
RATIOS/SUPPLEMENTAL DATA
------------------------------------------------------------------------------------------------
Net assets, end of period (in millions) $3 $3 $2 $3
------------------------------------------------------------------------------------------------
Ratio of expenses to
average net assets 0.75% 0.80% 1.05% 1.05%#
------------------------------------------------------------------------------------------------
Ratio of net income to
average net assets 4.91% 4.95% 5.61% 5.30%#
------------------------------------------------------------------------------------------------
Ratio of expenses without waivers
and assumption of expenses to
average net assets 1.70% 1.70% 1.57% 1.55%#
------------------------------------------------------------------------------------------------
Ratio of net investment income
without waivers and assumption
of expenses to average net assets 3.96% 4.05% 5.09% 5.00%#
------------------------------------------------------------------------------------------------
Portfolio turnover rate 258% 590% 569% 101%
------------------------------------------------------------------------------------------------
</TABLE>

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

58
<PAGE>

Chase Vista Bond Fund

<TABLE>
<CAPTION>
CLASS A
Year Year Year 5/6/96*
ended ended ended through
10/31/99 10/31/98 10/31/97 10/31/96
PER SHARE OPERATING PERFORMANCE
-----------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Net asset value,
beginning of period $10.96 $10.82 $10.71 $10.39
-----------------------------------------------------------------------------------------------
Income from investment operations:
Net investment income 0.55 0.59 0.63 0.29
Net gains or losses in securities
(both realized and unrealized) (0.62) 0.27 0.33 0.31
------ ------ ------ ------
Total from investment operations (0.07) 0.86 0.96 0.60
Less distributions:
Dividends from net investment income 0.55 0.58 0.64 0.28
Distributions from capital gains 0.16 0.14 0.21 --
------ ------ ------ ------
Total distributions 0.71 0.72 0.85 0.28
-----------------------------------------------------------------------------------------------
Net asset value, end of period $10.18 $10.96 $10.82 $10.71
-----------------------------------------------------------------------------------------------
TOTAL RETURN(1) (0.66%) 8.22% 9.45% 5.95%
===============================================================================================
RATIOS/SUPPLEMENTAL DATA
-----------------------------------------------------------------------------------------------
Net assets end of period (in millions) $35 $33 $26 $1
-----------------------------------------------------------------------------------------------
Ratio of expenses to
average net assets 0.75% 0.77% 0.92% 0.90%#
-----------------------------------------------------------------------------------------------
Ratio of net income to
average net assets 5.25% 5.44% 6.11% 5.75%#
-----------------------------------------------------------------------------------------------
Ratio of expenses without waivers
and assumption of expenses to
average net assets 1.42% 1.52% 1.61% 2.39%#
-----------------------------------------------------------------------------------------------
Ratio of net investment income
without waivers and assumption
of expenses to average net assets 4.58% 4.69% 5.42% 4.26%#
-----------------------------------------------------------------------------------------------
Portfolio turnover rate 283% 329% 823% 122%
-----------------------------------------------------------------------------------------------
</TABLE>

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

<PAGE>

FINANCIAL HIGHLIGHTS

Chase Vista Bond Fund

<TABLE>
<CAPTION>
CLASS B
Year Year Year 5/6/96*
ended ended ended through
10/31/99 10/31/98 10/31/97 10/31/96
PER SHARE OPERATING PERFORMANCE
-----------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Net asset value,
beginning of period $11.00 $10.87 $10.76 $10.39
-----------------------------------------------------------------------------------------------
Income from investment operations:
Net investment income 0.48 0.50 0.58 0.23
Net gains or losses in securities
(both realized and unrealized) (0.63) 0.27 0.32 0.37
------ ------ ------ ------
Total from investment operations (0.15) 0.77 0.90 0.60
Less distributions:
Dividends from net investment income 0.48 0.50 0.58 0.23
Distributions from capital gains 0.16 0.14 0.21 --
------ ------ ------ ------
Total distributions 0.64 0.64 0.79 0.23
-----------------------------------------------------------------------------------------------
Net asset value, end of period $10.21 $11.00 $10.87 $ 10.76
-----------------------------------------------------------------------------------------------
TOTAL RETURN(1) (1.46%) 7.33% 8.32% 6.12%
===============================================================================================
RATIOS/SUPPLEMENTAL DATA
-----------------------------------------------------------------------------------------------
Net assets end of period (in millions) $4 $4 $1 $1
-----------------------------------------------------------------------------------------------
Ratio of expenses to
average net assets 1.50% 1.55% 1.64% 1.65%#
-----------------------------------------------------------------------------------------------
Ratio of net income to
average net assets 4.50% 4.63% 5.26% 4.97%#
-----------------------------------------------------------------------------------------------
Ratio of expenses without waivers
and assumption of expenses to
average net assets 1.92% 2.00% 2.07% 2.93%#
-----------------------------------------------------------------------------------------------
Ratio of net investment income
without waivers and assumption
of expenses to average net assets 4.08% 4.18% 4.83% 3.69%#
-----------------------------------------------------------------------------------------------
Portfolio turnover rate 283% 329% 823% 122%
-----------------------------------------------------------------------------------------------
</TABLE>

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

60
<PAGE>

Chase Vista Strategic Income Fund

<TABLE>
<CAPTION>
Class A Class B Class C
------------- ------------- -------------
11/30/98* 11/30/98* 11/30/98*
Through Through Through
10/31/99 10/31/99 10/31/99
<S> <C> <C> <C>
PER SHARE OPERATING PERFORMANCE
-----------------------------------------------------------------------------------------
Net asset value,
beginning of period $10.00 $10.00 $10.00
-----------------------------------------------------------------------------------------
Income from investment operations:
Net investment income 0.72 0.71 0.71
Net gains or losses in securities
(both realized and unrealized) (0.41) (0.41) (0.41)
------ ------ ------
Total from investment operations 0.31 0.30 0.30
Less distributions:
Dividends from net investment income 0.72 0.71 0.71
Distributions from capital gains -- -- --
------ ------ ------
Total dividends and distributions 0.72 0.71 0.71
-----------------------------------------------------------------------------------------
Net asset value, end of period $9.59 $9.59 $9.59
-----------------------------------------------------------------------------------------
TOTAL RETURN(1) 3.23% 3.13% 3.12%
=========================================================================================
RATIOS/SUPPLEMENTAL DATA
-----------------------------------------------------------------------------------------
Net assets, end of period (in millions) $3 $5 $4
-----------------------------------------------------------------------------------------
Ratios of expense to
average net assets 0.15%# 0.17%# 0.17%#
-----------------------------------------------------------------------------------------
Ratio of net income to
average net assets 8.38%# 8.40%# 8.40%#
-----------------------------------------------------------------------------------------
Ratio of expenses without waivers
and assumption of expenses to
average net assets 3.59%# 3.98%# 3.98%#
-----------------------------------------------------------------------------------------
Ratio of net investment income
without waivers and assumption
of expenses to average net assets 4.94%# 4.59%# 4.59%#
-----------------------------------------------------------------------------------------
Portfolio turnover rate 136% 136% 136%
-----------------------------------------------------------------------------------------
</TABLE>

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

61
<PAGE>

HOW TO REACH US

More information

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

ANNUAL AND SEMI-ANNUAL REPORTS

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

STATEMENT OF ADDITIONAL
INFORMATION (SAI)

The SAI contains more detailed information about the Funds and their policies.
It's incorporated by reference into this prospectus. That means, by law, it's
considered to be part of this prospectus.

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

Chase Vista Fund Service Center
P.O. Box 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 or e-mail the SEC's Public Reference Room and ask them to mail you
information about the Funds, including the SAI. They'll charge you a copying fee
for this service. You can also visit the Public Reference Section and copy the
documents while you're there.

Public Reference Section of the SEC
Washington, DC 20549-0102
1-202-942-8090
E-mail: [email protected]

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

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

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

<PAGE>

PROSPECTUS FEBRUARY 28, 2000

Chase Vista
Bond Funds

THIS PROSPECTUS OFFERS:

INSTITUTIONAL CLASS SHARES

SHORT-TERM BOND FUND

U.S. GOVERNMENT SECURITIES FUND

BOND FUND

STRATEGIC INCOME FUND

[CHASE VISTA LOGO]
CHASE VISTA FUNDS(SM)

PSBD1-1-200X
<PAGE>

<TABLE>
<S> <C>
SHORT-TERM BOND FUND 1

U.S. GOVERNMENT SECURITIES FUND 8

BOND FUND 15

STRATEGIC INCOME FUND 22

THE FUNDS' INVESTMENT ADVISER 32

HOW YOUR ACCOUNT WORKS 35

BUYING FUND SHARES 35

SELLING FUND SHARES 36

OTHER INFORMATION CONCERNING THE FUNDS 37

DISTRIBUTIONS AND TAXES 38

WHAT THE TERMS MEAN 40

FINANCIAL HIGHLIGHTS 42

HOW TO REACH US Back cover
</TABLE>

<PAGE>

CHASE VISTA SHORT-TERM BOND FUND

The Fund's objective

The Fund seeks a high level of income consistent with preservation of capital.

The Fund's main investment strategy

The Fund may make substantial investments in foreign debt securities, including
securities of issuers in developing countries, as long as they meet the Fund's
credit quality standards.

The Fund develops an appropriate portfolio strategy by selecting among various
sectors (for example, corporate bonds, U.S. government debt, mortgage- backed
securities or asset-backed securities) and securities. When making these
selections, the advisers use a relative value investment approach as well as
extensive analyses of the securities' creditworthiness and structures. The
advisers seek to spread the Fund's investments across a variety of sectors to
maximize diversification and

1
<PAGE>

CHASE VISTA SHORT-TERM BOND FUND

liquidity. The advisers also actively manage the duration of the Fund's
portfolio.

In determining if a sector or security is relatively undervalued, the advisers
look to whether different sectors and securities are appropriately priced given
their risk characteristics and the fundamental (such as economic growth or
inflation outlook) and technical (such as supply and demand) factors in the
market at any point in time. The advisers may change the emphasis that they
place on each of these factors from time to time. In addition, research plays
an important role in the advisers' relative value investment process. The
research effort incorporates both fundamental and quantitative analysis.

The frequency of yield curve shifts over the last few years has made yield
curve strategies an important dimension of the Fund's overall investment
strategy. Yield curves show the relationship between yields on similar debt
securities with different maturities. The Fund may seek gains by investing in
anticipation of yield curve movements.

The Fund may invest in mortgage-related securities issued by governmental
entities and private issuers. These may include investments in collateralized
mortgage obligations

2
<PAGE>

FREQUENCY OF TRADING

The Fund may trade securities actively, which could increase transaction costs,
thus lowering performance, and increase your taxable dividends.

and principal-only and interest-only stripped mortgage-backed securities.

The Fund may enter into "dollar rolls," in which the Fund sells mortgage-backed
securities and at the same time contracts to buy back very similar securities on
a future date. It may also buy asset-backed securities. These receive a stream
of income from a particular asset, such as credit card receivables.

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

3
<PAGE>

CHASE VISTA SHORT-TERM BOND FUND

The Fund's main investment risks

All mutual funds carry a certain amount of risk. You may lose money on your
investment in the Fund. Here are some specific risks of investing in the
Short-Term Bond Fund.

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

Collateral mortgage obligations are issued in multiple classes, and each class
may have its own interest rate and/or final payment date. A

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.

4
<PAGE>

class with an earlier final payment date may have certain preferences in
receiving principal payments or earning interest. As a result, the value of
some classes in which the Fund invests may be more volatile and may be subject
to higher risk of nonpayment.

Some asset-backed securities may have additional risk because they may receive
little or no collateral protection from the underlying assets.

If the interest rate on floating and variable rate securities falls, the Fund's
yield may decline and it may lose the opportunity for capital appreciation.

Dollar rolls, forward commitments and repurchase agreements involve some risk
to the Fund if the other party does not live up to its part of the agreement.

5
<PAGE>

CHASE VISTA SHORT-TERM BOND FUND

The Fund's past performance

This section shows the Fund's performance record. The bar chart shows how the
performance of the Fund 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 since inception. It compares
that performance to Lehman 1-3 Year Government Bond Index, a widely recognized
market benchmark, and the Lipper Short-Term Investment Grade Debt Funds
Average, representing the average performance of a universe of actively managed
short-term investment debt funds.

The calculations assume that all dividends and distributions are reinvested in
the Fund. Some of the companies that provide services to the Fund have in the
past agreed not to collect some expenses and to reimburse others. Without these
agreements, the performance figures would be lower than those shown. [Logo]

YEAR-BY-YEAR RETURNS

Past performance does not predict how this Fund will perform in the future.

<TABLE>
<S> <C>
1991 9.13%

1992 5.04%

1993 4.54%

1994 2.38%

1995 8.22%

1996 5.62%

1997 6.13%

1998 5.59%

1999 3.11%
</TABLE>

<TABLE>
<S> <C>
--------------------------------
BEST QUARTER 2.76%
--------------------------------
4th quarter, 1991
--------------------------------
WORST QUARTER 0.09%
--------------------------------
4th quarter, 1998
</TABLE>

AVERAGE ANNUAL TOTAL RETURNS
For the periods ending December 31, 1999

<TABLE>
<CAPTION>
SINCE
INCEPTION
PAST 1 YEAR PAST 5 YEARS 11/30/90
---------------------------------------------------------------------------
<S> <C> <C> <C>
INSTITUTIONAL CLASS
SHARES 3.11% 5.72% 5.54%
---------------------------------------------------------------------------
LEHMAN 1-3 YEAR GOV'T
BOND INDEX 2.97% 6.47% 6.35%
---------------------------------------------------------------------------
LIPPER SHORT INV. GRADE
DEBT FUNDS AVG. 2.81% 5.95% 5.69%
---------------------------------------------------------------------------
</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
CLASS OF SHARES FEE (12B-1) FEES EXPENSES EXPENSES
-------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
INSTITUTIONAL
CLASS 0.25% NONE 0.77% 1.02%
-------------------------------------------------------------------------------
</TABLE>

*The table is based on expense incurred in the most recent fiscal year. The
actual management fee is currently expected to be 0.00%, other expenses are
expected to be 0.42% and the total annual Fund operating expenses are expected
not to exceed 0.42%. 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 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:

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 $104 $325 $563 $1,248
---------------------------------------------------------------
</TABLE>

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

7
<PAGE>

CHASE VISTA U.S. GOVERNMENT SECURITIES FUND

The Fund's objective

The Fund seeks to provide investors with as high a level of total return as
possible while still protecting the value of its investment. Total return
consists of current income and capital growth.

The Fund's main investment strategy

8
<PAGE>

mental (such as economic growth or inflation outlook) and technical (such as
supply and demand) factors in the market at any point in time. The advisers may
change the emphasis that they place on each of these factors from time to time.
In addition, research plays an important role in the advisers' relative value
investment process. The research effort incorporates both fundamental and
quantitative analysis.

There is no restriction on the maturity of the Fund's portfolio or on any
individual security in the portfolio. The advisers will change the actual
maturities according to changes in the market.

Any assets not invested in U.S. Government securities and related repurchase
agreements may be invested in debt securities of U.S. and foreign corporations.
These securities must have an "A" rating or the equivalent from Moody's
Investors Service, Inc., Standard & Poor's Corporation, Fitch Investor's Service
Inc., or another national rating organization or unrated securities of
comparable quality.

The Fund may also invest in non-corporate foreign debt securities. These
investments

9
<PAGE>

CHASE VISTA U.S. GOVERNMENT SECURITIES FUND

FREQUENCY OF TRADING

The Fund may trade securities actively, which could increase transaction costs,
thus lowering performance, and increase your taxable dividends.

may include debt securities issued or guaranteed by foreign governments and
international organizations such as The World Bank.

The Fund may enter into "dollar rolls," in which the Fund sells mortgage-backed
securities and at the same time contracts to buy back very similar securities on
a future date. It may also buy asset-backed securities. These receive a stream
of income from a particular asset, such as credit card receivables.

To temporarily defend its assets during unusual market conditions, the Fund may
invest any portion of its assets in high quality money market instruments and
repurchase agreements.

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

10
<PAGE>

The Fund's main investment risks

All mutual funds carry a certain amount of risk. You may lose money on your
investment in the Fund. Here are some specific risks of investing in U.S.
Government Securities Fund.

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

Collateral mortgage obligations are issued in multiple classes, and each class
may have its own interest rate and/or final payment date. A class with an
earlier final payment date may

11
<PAGE>

CHASE VISTA U.S. GOVERNMENT SECURITIES FUND

have certain preferences in receiving principal payments or earning interest. As
a result, the value of some classes in which the Fund invests may be more
volatile and may be subject to higher risk of nonpayment.

The value of interest-only and principal-only mortgage backed securities is more
volatile than other types of mortgage-related securities. That's because they
are very sensitive not only to changes in interest rates, but also to the rate
of prepayments. A rapid or unexpected increase in prepayments can significantly
depress the price of interest-only securities, while a rapid or unexpected
decrease could have the same effect on principal-only securities. In addition,
these instruments may be illiquid.

While the principal and payments on certain of the Fund's portfolio securities
may be guaranteed, this does not mean that the market value of the security, or
the value of Fund shares, is guaranteed.

Investments in foreign securities may be riskier than investments in the U.S.
They may be affected by political, social and economic instability. Some
securities may be harder to trade without incurring a loss and may be difficult
to convert into cash. There may be less public information available, differing
settlement procedures, or regulations and standards that don't match U.S.
standards. Some countries may nationalize or expropriate assets or impose
exchange controls. If the Fund were to invest in a security which is not
denominated in U.S. dollars, it also would be subject to currency exchange risk.
These risks increase when investing in issuers located in developing countries.

Some asset-backed securities may have additional risk because they may receive
little or no collateral protection from the underlying assets.

If the interest rate on floating and variable rate securities falls, the Fund's
yield may decline and it may lose the opportunity for capital appreciation.

Dollar rolls, forward commitments and repurchase agreements involve some risk to
the Fund if the other party does not live up to its part of the agreement.

If the Fund temporarily departs from its investment policies to defend its
assets, it may not achieve its investment objectives.

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]

12
<PAGE>

The Fund's past performance

This section shows the Fund's performance record. The bar chart shows how the
performance of the Fund 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 since inception. It compares
that performance to Lehman Government Bond Index, a widely recognized market
benchmark, and the Lipper General U.S. Government Funds Average, representing
the average performance of a universe of actively managed U.S. government income
funds.

The calculations assume that all dividends and distributions are reinvested in
the Fund. Some of the companies that provide services to the Fund have in the
past agreed not to collect some expenses and to reimburse others. Without these
agreements, the performance figures would be lower than those shown. [Logo]

YEAR-BY-YEAR RETURNS

Past performance does not predict how this Fund will perform in the future.

<TABLE>
<S> <C>
1994 -4.10%

1995 17.86%

1996 1.21%

1997 8.29%

1998 8.90%

1999 -2.62%
</TABLE>

<TABLE>
<S> <C>
---------------------------------
BEST QUARTER 6.16%
---------------------------------
2nd quarter, 1995
---------------------------------
WORST QUARTER -3.30%
---------------------------------
1st quarter, 1996
</TABLE>

AVERAGE ANNUAL TOTAL RETURNS

For the periods ending December 31, 1999

<TABLE>
<CAPTION>
SINCE
INCEPTION
PAST 1 YEAR PAST 5 YEARS 2/19/93
-----------------------------------------------------------------------
<S> <C> <C> <C>
INSTITUTIONAL CLASS
SHARES -2.62% 6.50% 5.01%
-----------------------------------------------------------------------
LEHMAN GOV'T BOND INDEX -2.23% 7.44% 6.00%
-----------------------------------------------------------------------
LIPPER GEN. U.S. GOV'T
FUNDS AVG. -3.01% 6.51% 4.74%
-----------------------------------------------------------------------
</TABLE>

13
<PAGE>

CHASE VISTA U.S. GOVERNMENT SECURITIES 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
SHARES 0.30% NONE 0.75%# 1.05%#
---------------------------------------------------------------------------------
</TABLE>

*The table is based on expenses incurred in the most recent fiscal year.
#Restated from the most recent fiscal year to reflect current expense
arrangements.

The actual management fee is currently expected to be 0.00%, other expenses are
expected to be 0.55% and the total annual Fund operating expenses are expected
not to exceed 0.55%. 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 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:

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 $107 $334 $579 $1,283
--------------------------------------------------------------
</TABLE>

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

14
<PAGE>

CHASE VISTA BOND FUND

The Fund's objective

The Fund seeks to provide as high a level of income as is consistent with
reasonable risk.

The Fund's main
investment strategy

The Fund may make substantial investments in foreign debt securities, including
securities of issuers in developing countries, as long as they meet the Fund's
credit quality standards.

The Fund develops an appropriate portfolio strategy by selecting among various
sectors (for example, corporate bonds, U.S. government debt, mortgage- backed
securities or asset-backed securities) and securities. When making these
selections, the advisers use a relative value investment approach as well as
extensive analyses of the securities' creditworthiness and structures. The
advisers seek to spread the Fund's investments across a variety of

15
<PAGE>

CHASE VISTA BOND FUND

sectors to maximize diversification and liquidity. The advisers also actively
manage the duration of the Fund's portfolio.

In determining if a sector or security is relatively undervalued, the advisers
look to whether different sectors and securities are appropriately priced given
their risk characteristics or the fundamental (such as economic growth or
inflation outlook) and technical (such as supply and demand) factors in the
market at any point in time. The advisers may change the emphasis that they
place on each of these factors from time to time. In addition, research plays an
important role in the advisers' relative value investment process. The research
effort incorporates both fundamental and quantitative analysis.

There is no restriction on the maturity of the Fund's portfolio or on any
individual security

16
<PAGE>

FREQUENCY OF TRADING

The Fund may trade securities actively, which could increase transaction costs,
thus lowering performance, and increase your taxable dividends.

in the portfolio. The advisers will change the actual maturities according to
changes in the market.

The Fund may enter into "dollar rolls," in which the Fund sells mortgage-backed
securities and at the same time contracts to buy back very similar securities on
a future date. It may also buy asset-backed securities. These receive a stream
of income from a particular asset, such as credit card receivables.

To temporarily defend its assets, the Fund may put any amount of its assets in
high quality money market instruments and repurchase agreements.

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

17
<PAGE>

CHASE VISTA BOND FUND

The Fund's main investment risks

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

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

Collateral mortgage obligations are issued in multiple classes, and each class
may have its own interest rate and/or final payment date. A class with an
earlier final payment date may

18
<PAGE>

have certain preferences in receiving principal payments or earning interest. As
a result, the value of some classes in which the Fund invests are more volatile
and may be subject to higher risk of nonpayment.

The value of interest-only and principal-only mortgage backed securities is more
volatile than other types of mortgage-related securities. That's because they
are very sensitive not only to changes in interest rates, but also to the rate
of prepayments. A rapid or unexpected increase in prepayments can significantly
depress the price of interest-only securities, while a rapid or unexpected
decrease could have the same effect on principal-only securities. In addition,
these instruments may be illiquid.

Investments in foreign securities may be riskier than investments in the U.S.
They may be affected by political, social and economic instability. Some
securities may be harder to trade without incurring a loss and may be difficult
to convert into cash. There may be less public information available, differing
settlement procedures, or regulations and standards that don't match U.S.
standards. Some countries may nationalize or expropriate assets or impose
exchange controls. If the Fund were to invest in a security which is not
denominated in U.S. dollars, it also would be subject to currency exchange risk.
These risks increase when investing in issuers located in developing countries.

The Fund's performance will depend on the credit quality of its investments.
Securities which are rated Baa by Moody's or BBB by S&P may have fewer
protective provisions and are generally more risky than higher rated securities.
The issuer may have trouble making principal and interest payments when
difficult economic conditions exist.

Some asset-backed securities may have additional risk because they may receive
little or no collateral protection from the underlying assets.

If the interest rate on floating and variable rate securities falls, the Fund's
yield may decline and it may lose the opportunity for capital appreciation.

Dollar rolls, forward commitments and repurchase agreements involve some risk to
the Fund if the other party does not live up to its part of the agreement.

If the Fund departs from its investment policies during temporary defensive
periods, it may not achieve its investment objective.

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]

19
<PAGE>

CHASE VISTA BOND FUND

The Fund's past performance

This section shows the Fund's performance record. The bar chart shows how the
performance of the Fund 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 since inception. It compares
that performance to Lehman Aggregate Bond Index, a widely recognized market
benchmark, and the Lipper Corporate Debt A-Rated Funds Average, representing
the average performance of a universe of actively managed corporate debt
A-rated or better funds.

The calculations assume that all dividends and distributions are reinvested in
the Fund. Some of the companies that provide services to the Fund have in the
past agreed not to collect some expenses and to reimburse others. Without these
agreements, the performance figures would be lower than those shown. [Logo]

YEAR-BY-YEAR RETURNS

Past performance does not predict how this Fund will perform in the future.

<TABLE>
<S> <C>
1991 15.34%

1992 7.13%

1993 10.38%

1994 -3.17%

1995 18.88%

1996 2.56%

1997 10.38%

1998 7.64%

1999 -1.23%
</TABLE>

<TABLE>
<S> <C>
--------------------------------
BEST QUARTER 6.38%
--------------------------------
2nd quarter, 1995
--------------------------------
WORST QUARTER -2.81%
--------------------------------
1st quarter, 1994
</TABLE>

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

<TABLE>
<CAPTION>
SINCE
INCEPTION
PAST 1 YEAR PAST 5 YEARS 11/30/90
------------------------------------------------------------------------------
<S> <C> <C> <C>
INSTITUTIONAL CLASS
SHARES -1.23% 7.43% 7.37%
------------------------------------------------------------------------------
LEHMAN AGGREGATE BOND
INDEX -0.82% 7.73% 7.70%
------------------------------------------------------------------------------
LIPPER CORP. DEBT A-RATED
FUNDS AVG. -2.58% 6.90% 7.15%
------------------------------------------------------------------------------
</TABLE>

20
<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
DISTRIBUTION FUND OPERATING
CLASS OF SHARES MANAGEMENT FEE (12B-1) FEES OTHER EXPENSES EXPENSES
-----------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
INSTITUTIONAL
CLASS 0.30% NONE 0.78%# 1.08%#
-----------------------------------------------------------------------------------------
</TABLE>

*The table is based on expenses incurred in the most recent fiscal year.
#Restated from the most recent fiscal year to reflect current expense
arrangements.

The actual management fee is currently expected to be 0.00%, other expenses are
expected to be 0.50% and the total annual Fund operating expenses are expected
not to exceed 0.50%. 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 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:

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 $110 $343 $595 $1,317
-----------------------------------------------------------
</TABLE>

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

21
<PAGE>

CHASE VISTA STRATEGIC INCOME FUND

The Fund's objective

The Fund seeks a high level of income.

The Fund's main
investment strategy

The Fund invests principally in a diversified portfolio of securities
denominated in U.S. dollars. The investments are principally in the following
market sectors:

o Investment grade debt securities issued by U.S. issuers, including the U.S.
Government, its agencies and authorities and U.S. companies.

o Debt securities of foreign issuers, including foreign governments and
companies. The Fund may invest up to 30% of its total assets in issuers
located in emerging market countries.

22
<PAGE>

FREQUENCY OF TRADING

The Fund may trade securities actively, which could increase transaction costs,
thus lowering performance and increase your taxable dividends.

debt securities, including securities which are not supported by the full faith
and credit of the U.S. Treasury. All or a substantial portion of the Fund's
investments in U.S. Government debt securities may be in mortgage-- related
securities.

The Fund's investments in foreign debt securities may include obligations issued
by international organizations like the World Bank. They may also include Brady
Bonds, which are bonds issued under a program which enables debtor nations to
restructure the debt that they owe foreign commercial banks, and other debt
issued by emerging market governments as part of restructuring plans. The Fund's
advisers expect that the majority of emerging market obligations that the Fund
buys will primarily be traded in international over-the-counter markets instead
of local markets. Although the Fund intends to buy principally U.S.
dollar-denominated securities, some of the Fund's foreign securities may be
denominated and traded in other currencies. The Fund will not invest more than
25% of its total assets in debt securities of issuers in any one country other
than the U.S.

The Fund may purchase lower-rated high yield securities issued by U.S. companies
as well as foreign companies and governments. Lower-rated securities are those
which are rated Ba or lower by Moody's, BB or lower by S&P or the equivalent by
another national rating organization. They also include unrated securities which
are found to be of comparable quality. High yield securities in the Fund's
portfolio may be rated as low as C by Moody's, or D by S&P, or the equivalent.

23
<PAGE>

CHASE VISTA STRATEGIC INCOME FUND

value investment approach as well as extensive analyses of the securities'
creditworthiness and structures. The advisers seek to spread the Fund's
investments across a variety of sectors to maximize diversification and
liquidity. The advisers also actively manage the duration of the Fund's
portfolio.

The advisers consider several factors when choosing investments, including
current yield, preservation of original investment, maturity, credit quality,
ease of buying and selling and yield to maturity. The advisers will adjust the
portfolio as market conditions change. In deciding how to allocate the Fund's
investments among various securities, industry sectors, countries or currencies,
the advisers will consider fundamental economic strength, earnings growth,
quality of management, industry growth, credit quality and interest rates. When
selecting high yield securities, the advisers will look at the creditworthiness
of the issuer, the rating and performance of the security, the security's
collateral protection and the Fund's diversity.

There is no restriction on the maturity of the Fund's portfolio or on any
individual security in the portfolio. The advisers will change the actual
maturities according to changes in the market.

The Fund may invest in mortgage-related securities issued by governmental
entities and private issuers. These may include investments in collateralized
mortgage obligations and

24
<PAGE>

principal-only and interest-only stripped mortgage-backed securities.

The Fund may enter into "dollar rolls," in which the Fund sells mortgage-backed
securities and at the same time contracts to buy back very similar securities on
a future date. It may also buy asset-backed securities. These receive a stream
of income from a particular asset, such as credit card receivables.

To temporarily defend its assets, the Fund may invest any amount of its assets
in high-quality, U.S. dollar-denominated money market instruments and repurchase
agreements.

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

25
<PAGE>

CHASE VISTA STRATEGIC INCOME FUND

The Fund's main investment risks

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

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

Companies which issue high yield securities are often young and growing and have
a lot of debt. High yield securities are considered speculative, meaning there
is a significant

26
<PAGE>

risk that the issuer may not be able to repay principal or pay interest or
dividends on time. In addition, the issuer's other creditors may have the right
to be paid before holders of the high yield security.

Securities which are rated "C" or "D" may not pay interest, may be in default or
may be considered to have an extremely poor chance of ever achieving any real
investment standing.

Since the Fund invests a significant portion of its assets in securities issued
outside the U.S., it is riskier than a fund that invests only in the U.S. 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. Investments in 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.
Brady Bonds do not have as long a payment history as other types of government
debt securities. Because of that, they, and many emerging market debt
instruments, may trade at a substantial discount which might lead to greater
volatility.

Leveraging is a speculative technique which may expose the Fund to greater risk
and increase its costs. Increases and decreases in the value of the Fund's
portfolio will be more dramatic when the Fund is leveraging. The Fund will also
have to pay interest on its borrowings, reducing the Fund's return. In addition,
the Fund might be forced to sell portfolio securities when it would normally
keep them in order to make interest payments.

27
<PAGE>

CHASE VISTA STRATEGIC INCOME FUND

principal payments as property owners pay down or prepay their mortgages. As
these payments are received, they must be reinvested when interest rates may be
lower than on the original mortgage security. When interest rates are rising,
the value of fixed-income securities with prepayment features are likely to
decrease as much or more than securities without prepayment features. In
addition, the value of mortgage-related securities with prepayment features may
not increase as much as other fixed-income securities when interest rates fall.

The value of interest-only and principal-only mortgage backed securities is more
volatile than other types of mortgage-related securities. That's because they
are very sensitive not only to changes in interest rates, but also to the rate
of prepayments. A rapid or unexpected increase in prepayments can significantly
depress the price of interest-only securities, while a rapid or unexpected
decrease could have the same effect on principal-only securities. In addition,
these instruments may be illiquid.

The market for loan participation may not be highly liquid and the Fund may have
difficulty selling them. When it buys them, the Fund typically is entitled to
receive payment from the lender only, and not the underlying borrower. Because
of that, these investments expose the Fund to the risk of investing in both the
financial institution and the underlying borrower.

Collateralized bond obligations typically are separated into different classes.
Each class represents a different degree of credit quality, with lower classes
having greater risk but higher interest rates. The bottom class usually does not
have a stated interest rate. Instead, it receives whatever is left after all the
higher classes have been paid. As a result, the value of some classes in which
the Fund invests may be more volatile.

Some asset-backed securities may have additional risk because they may receive
little or no collateral protection from the underlying assets.

If the interest rate on floating and variable rate securities falls, the Fund's
yield may decline and it may lose the opportunity for capital appreciation.

28
<PAGE>

Dollar rolls, forward commitments, repurchase agreements and reverse repurchase
agreements involve some risk to the Fund if the other party does not live up to
its part of the agreement.

If the Fund departs from its investment policies during temporary defensive
periods, it may not achieve its investment objective.

29
<PAGE>

CHASE VISTA STRATEGIC INCOME FUND

Fund's past performances

This section shows the Fund's performance record. The bar chart shows how the
Fund performed in 1999. 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 Lehman Aggregate Bond Index, a
widely recognized market benchmark, and the Lipper Multi-Sector Income Funds
Average, which represents the average performance of a universe of actively
managed multi-sector income funds.

The calculations assume that all dividends and distributions are reinvested in
the Fund. Some of the companies that provide services to the Fund have in the
past agreed not to collect some expenses and to reimburse others. Without these
agreements, the performance figures would be lower than those shown. [Logo]

YEAR-BY-YEAR RETURNS

Past performance does not predict how this Fund will perform in the future.

<TABLE>
<S> <C>
--------------------------------
BEST QUARTER 2.90%
--------------------------------
4th quarter, 1999
--------------------------------
WORST QUARTER 0.94%
--------------------------------
3rd quarter, 1999
</TABLE>

AVERAGE ANNUAL TOTAL RETURNS
For the period ending December 31, 1999

<TABLE>
<CAPTION>
SINCE
INCEPTION
PAST 1 YEAR 11/30/98
----------------------------------------------------------
<S> <C> <C>
INSTITUTIONAL CLASS SHARES 6.43% 5.12%
----------------------------------------------------------
LIPPER MULTI-SECTOR INCOME
FUNDS AVERAGE 2.58% 2.19%
----------------------------------------------------------
LEHMAN AGGREGATE BOND INDEX -0.82% -0.49%
----------------------------------------------------------
</TABLE>

30
<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
CLASS OF SHARES FEE (12B-1) FEES EXPENSES EXPENSES
----------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
INSTITUTIONAL
CLASS 0.50% NONE 1.50%# 2.00%#
----------------------------------------------------------------------------------
</TABLE>

*The table is based on estimated expenses for the current fiscal year.
#Restated from the most recent fiscal year to reflect current expense
arrangements.

The actual management fee is currently expected to be 0.00%, other expenses are
expected to be 1.00% and the total annual Fund operating expenses are expected
not to exceed 1.00%. That's because The Chase Manhattan Bank (Chase) and some
of the Fund's other service providers have volunteered not to collect a portion
of their fees and to reimburse others. Chase and these other service providers
may end this arrangement at any time.

The table does not reflect charges or credits 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:

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 $203 $627 $1,078 $2,327
-------------------------------------------------------------
</TABLE>

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

31
<PAGE>

FUNDS' INVESTMENT ADVISER

For its advisory service, Chase may receive a management fee paid monthly at the
annual rate of:

o 0.25% of the average daily net assets of the Short-Term Bond Fund.

o 0.30% of the average daily net assets of the U.S. Government Securities Fund
and Bond Fund.

o 0.50% of the average daily net assets of the Strategic Income Fund.

32
<PAGE>

Portfolio managers

SHORT-TERM BOND FUND

The Portfolio Manager is H. Mitchell Harper, a Senior Vice President and
Portfolio Manager at Chase. Mr. Harper has been responsible for the Fund since
October 1999. Mr. Harper has been with Chase since 1987. Previously he worked at
John Alden Life Insurance Co. from 1985-1987, as Vice President, Portfolio
Management. Prior to that he was Vice President, Department Head-Investments at
Bank Life & Casualty.

U.S. GOVERNMENT SECURITIES FUND

The portfolio managers are Michael Bennis, a Vice President and Senior Portfolio
Manager at Chase and Timothy Neumann, Head of Taxable Core Investment Group at
Chase. They have been responsible for the Fund since December 1996 and October
1999 respectively. Before joining Chase in 1996, Mr. Bennis was a senior analyst
and trader at Union Bank of Switzerland Asset Management. Prior to joining Union
Bank of Switzerland, he was a fixed income analyst at Donaldson, Lufkin &
Jenrette. Mr. Neumann has been active in the asset management business since
1984 with experience in both managing and trading fixed income portfolios.
Before joining Chase in 1997, Mr. Neumann was the portfolio manager for Lehman
Brothers Global Asset Management mortgage-backed securities accounts. Prior to
Lehman, he managed fixed income portfolios at Allstate Insurance.

BOND FUND

The portfolio managers are Andrew Russell, a Vice President and Portfolio
Manager at Chase, and Mr. Neumann. Mr. Russell has been responsible for the Fund
since May 1998. Mr. Neumann has been responsible for the Fund since October of
1999. Mr. Russell joined Chase in 1990 and has held several positions within the
U.S. fixed income area including portfolio analyst, taxable fixed-income trader
and assistant trader. Mr. Russell is a member of the U.S. fixed income area's
quantitative research team.

STRATEGIC INCOME FUND

Craig Blessing, a Vice President and the Head of Emerging Market Fixed Income
Group at Chase, and Leonard Lovito, a Vice President and Senior Portfolio
Manager at Chase, have been responsible for the management of the Fund since its
inception. Mr. Blessing joined Chase in 1996. Between 1992 and 1996, he was
Director of the Fund Management Group and Portfolio Manager for emerging market
funds at Serfin Securities, Inc. From 1985 to 1992, Mr. Blessing was a Vice
President at Bank of America, where he was a founding member and co-head of the
Emerging Market Debt Sales & Trading Group. Mr. Lovito joined Chase in 1998.
Prior to joining Chase, from 1984 to 1998, Mr. Lovito was Vice President at J &
W Seligman & Co., Inc. where he managed a number of fixed income portfolios and
mutual funds. Prior to joining Seligman, Mr. Lovito was a senior

33
<PAGE>

HOW YOUR ACCOUNT WORKS

Securities Administrator in the investment department of the Dime Savings Bank
of New York.

34
<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 these Funds. The price you pay for your shares is the
net asset value per share (NAV). NAV is the value of everything the particular
Fund owns, minus everything it owes, divided by the number of shares held by
investors. Each 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 Funds are 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 Funds. Shares are available on any
business day the New York Stock Exchange is open. If we receive your order by
the close of regular trading on

35
<PAGE>

HOW YOUR ACCOUNT WORKS

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 Funds have 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 a 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. Each Fund
may waive this minimum at its discretion. [Logo]

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 Funds 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 Funds 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, 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.

36
<PAGE>

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. [Logo]

Other information concerning the funds

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 Funds
liable for any loss or expenses from any sales request, if the Funds take
reasonable precautions. The Funds 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 Funds. 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 0.25% of the average
daily net assets of the Institutional Shares of the Funds 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

37
<PAGE>

HOW YOUR ACCOUNT WORKS

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 Funds held by customers of those shareholder
servicing agents.

Each Fund may issue multiple classes of shares. This prospectus relates only to
Institutional shares of the Funds. 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 Funds and their affiliates, agents and
subagents may share information about shareholders and their accounts with each
other and with others unless this sharing is prohibited by contract. This
information can be used for a variety of purposes, including offering investment
and insurance products to shareholders. [Logo]

Distributions and taxes

The Funds can earn income and they can realize capital gain. The Funds deduct
any expenses then pay out these earnings to shareholders as distributions.

The U.S. Government Securities Fund declares dividends on a daily basis. The
Bond Fund, Strategic Income Fund and Short-Term Bond Fund declare dividends
monthly. All Funds distribute the net investment income monthly. 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 based on
how long a Fund held a particular asset, not on how long you have owned your
shares. If you

38
<PAGE>

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

39
<PAGE>

What the terms mean

COLLATERAL BOND OBLIGATIONS: products that are collateralized by a pool of
higher yield, public or private fixed income securities.

COLLATERALIZED MORTGAGE OBLIGATIONS: debt securities that are collateralized by
a portfolio of mortgages or mortgage-backed securities.

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

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

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

LIQUIDITY: Liquidity is 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.

MATURITY: Maturity is the length of time until the issuer who sold a debt
security must pay back the principal amount of the debt.

MORTGAGE-RELATED SECURITIES: securities that directly or indirectly represent an
interest in, or are secured by and paid from, mortgage loans secured by real
property.

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

REPURCHASE AGREEMENTS: A type of short-term investment in which a dealer sells
securities to the Fund and agrees to buy them back later for 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.

REVERSE REPURCHASE AGREEMENTS: A type of short-term transaction where

40
<PAGE>

the Fund sells securities to a dealer and agrees to buy them back later at a set
price. In effect, the Fund is borrowing the dealer'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 pricing trends in an
attempt to predict future price movements.

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

YIELD CURVE: measure showing relationship among yields of similar bonds with
different maturities. [Logo]

41
<PAGE>

FINANCIAL HIGHLIGHTS

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

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

The financial statements, which include the financial highlights have been
audited by PricewaterhouseCoopers LLP, independent accountants, whose report
thereon is included in the Annual Report to Shareholders. With regards to the
Chase Vista U.S. Government Securities Fund, periods ending prior to December 1,
1995 were audited by other independent accountants.

42
<PAGE>

Chase Vista Short-Term Bond Fund

INSTITUTIONAL CLASS
<TABLE>
<CAPTION>
Year Year Year Year Year
ended ended ended ended ended
10/31/99 10/31/98 10/31/97 10/31/96 10/31/95
PER SHARE OPERATING PERFORMANCE
----------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Net asset value, beginning of period $10.15 $10.11 $10.12 $10.08 $9.91
----------------------------------------------------------------------------------------------------------
Income from investment operations:
Net investment income 0.49 0.57 0.62 0.56 0.54
Net gains or losses in securities
(both realized and unrealized) (0.20) 0.02 (0.01) 0.04 0.17
------ ------ ------ ------ ------
Total from investment operations 0.29 0.59 0.61 0.60 0.71
------ ------ ------ ------ ------
Less distributions:
Dividends from net investment income 0.49 0.55 0.62 0.56 0.54
Distributions from capital gains -- -- -- -- --
------ ------ ------ ------ ------
Total distributions 0.49 0.55 0.62 0.56 0.54
----------------------------------------------------------------------------------------------------------
Net asset value, end of period $9.95 $10.15 $10.11 $10.12 $10.08
----------------------------------------------------------------------------------------------------------
TOTAL RETURN 2.97% 6.03% 6.23% 6.10% 7.37%
==========================================================================================================
RATIOS/SUPPLEMENTAL DATA
----------------------------------------------------------------------------------------------------------
Net assets, end of period
(in millions) $28 $31 $38 $43 $36
----------------------------------------------------------------------------------------------------------
Ratios of expenses to
average net assets 0.42% 0.42% 0.42% 0.35% 0.32%
----------------------------------------------------------------------------------------------------------
Ratio of net income
to average net assets 4.89% 5.68% 6.08% 5.59% 5.41%
----------------------------------------------------------------------------------------------------------
Ratio of expenses without waivers
and assumption of expenses to
average net assets 1.02% 1.04% 0.93% 0.89% 0.90%
----------------------------------------------------------------------------------------------------------
Ratio of net investment income
without waivers and assumption
of expenses to average net assets 4.29% 5.06% 5.57% 5.05% 4.83%
----------------------------------------------------------------------------------------------------------
Portfolio turnover rate 302% 439% 471% 158% 62%
----------------------------------------------------------------------------------------------------------
</TABLE>

43
<PAGE>

FINANCIAL HIGHLIGHTS

Chase Vista U.S. Government Securities Fund

On May 3, 1996, the Hanover U.S. Government Securities Fund ("Hanover Fund")
merged into Vista U.S. Government Securities Fund, which was created to be the
successor to the Hanover Fund.

The table set forth below provides selected per share data and ratios for one
Hanover Fund share outstanding through May 3, 1996 and one Institutional Class
Share of the Vista U.S. Government Securities Fund outstanding for the periods
thereafter.

The financial statements, which include the financial information set forth in
the table below, for each of the years in the three year period ended October
31, 1999 and the period from December 1, 1995 through October 31, 1996 have
been audited by PricewaterhouseCoopers LLP, independent accountants, whose
report thereon is included in the Fund's Annual Report to Shareholders. Periods
ended prior to December 1, 1995 were audited by other independent accountants.

<TABLE>
<CAPTION>
INSTITUTIONAL CLASS
Year Year Year 12/1/951 Year Year
ended ended ended through ended ended
10/31/99 10/31/98 10/31/97 10/31/96 11/30/95 11/30/94
PER SHARE OPERATING PERFORMANCE
----------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Net asset value, beginning of period $10.49 $10.04 $9.89 $10.18 $9.23 $10.27
----------------------------------------------------------------------------------------------------------------------------
Income from investment operations:
Net investment income 0.52 0.53 0.59 0.50 0.56 0.50
Net gains or losses in securities
(both realized and unrealized) (0.71) 0.44 0.15 (0.30) 0.95 (0.94)
------ ------ ------ ------ ------ ------
Total from investment operations (0.19) 0.97 0.74 0.20 1.51 (0.44)
------ ------ ------ ------ ------ ------
Less distributions:
Dividends from net investment income 0.52 0.52 0.59 0.49 0.56 0.50
Distributions from capital gains 0.13 -- -- -- -- 0.10
------ ------ ------ ------ ------ ------
Total distributions 0.65 0.52 0.59 0.49 0.56 0.60
----------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $9.65 $10.49 $10.04 $9.89 $10.18 $9.23
----------------------------------------------------------------------------------------------------------------------------
TOTAL RETURN (1.93%) 9.94% 7.78% 2.09% 16.82% (4.41%)
============================================================================================================================
RATIOS/SUPPLEMENTAL DATA
----------------------------------------------------------------------------------------------------------------------------
Net assets, end of period
(in millions) $49 $53 $53 $68 $83 $83
----------------------------------------------------------------------------------------------------------------------------
Ratios of expenses to
average net assets 0.55% 0.60% 0.85% 0.85%# 0.85% 0.85%
----------------------------------------------------------------------------------------------------------------------------
Ratio of net income
to average net assets 5.15% 5.17% 5.78% 5.55%# 5.78% 5.15%
----------------------------------------------------------------------------------------------------------------------------
Ratio of expenses without waivers
and assumption of expenses to
average net assets 1.00% 0.85% 0.91% 1.04%# 1.11% 1.04%
----------------------------------------------------------------------------------------------------------------------------
Ratio of net investment income
without waivers and assumption
of expenses to average net assets 4.70% 4.92% 5.72% 5.36%# 5.52% 4.96%
----------------------------------------------------------------------------------------------------------------------------
Portfolio turnover rate 258% 590% 569% 101% 220% 134%
----------------------------------------------------------------------------------------------------------------------------
</TABLE>

#Short periods have been annualized.
(1)In 1996, the Fund changed its fiscal year end from November 30 to October 31.

44
<PAGE>

Chase Vista Bond Fund

INSTITUTIONAL CLASS

<TABLE>
<CAPTION>
Year Year Year Year Year
ended ended ended ended ended
10/31/99 10/31/98 10/31/97 10/31/96 10/31/95
PER SHARE OPERATING PERFORMANCE
------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Net asset value, beginning of period $10.94 $10.82 $10.71 $10.91 $10.08
------------------------------------------------------------------------------------------------------------
Income from investment operations:
Net investment income 0.58 0.62 0.68 0.67 0.69
Net gains or losses in securities
(both realized and unrealized) (0.62) 0.26 0.32 (0.15) 0.85
------ ------ ------ ------ ------
Total from investment operations (0.04) 0.88 1.00 0.52 1.54
------ ------ ------ ------ ------
Less distributions:
Dividends from net investment income 0.58 0.62 0.68 0.66 0.69
Distributions from capital gains 0.16 0.14 0.21 0.06 0.02
------ ------ ------ ------ ------
Total Distributions 0.74 0.76 0.89 0.72 0.71
------------------------------------------------------------------------------------------------------------
Net asset value, end of period $10.16 $10.94 $10.82 $10.71 $10.91
------------------------------------------------------------------------------------------------------------
TOTAL RETURN (0.42%) 8.42% 9.93% 4.90% 15.83%
============================================================================================================
RATIOS/SUPPLEMENTAL DATA
------------------------------------------------------------------------------------------------------------
Net assets, end of period
(in millions) $23 $21 $18 $18 $57
------------------------------------------------------------------------------------------------------------
Ratios of expenses to
average net assets 0.50% 0.50% 0.50% 0.36% 0.31%
------------------------------------------------------------------------------------------------------------
Ratio of net income
to average net assets 5.50% 5.72% 6.42% 6.23% 6.56%
------------------------------------------------------------------------------------------------------------
Ratio of expenses without waivers
and assumption of expenses to
average net assets 1.14% 1.20% 1.17% 0.87% 0.87%
------------------------------------------------------------------------------------------------------------
Ratio of net investment income
without waivers and assumption
of expenses to average net assets 4.86% 5.02% 5.75% 5.72% 6.00%
------------------------------------------------------------------------------------------------------------
Portfolio turnover rate 283% 329% 823% 122% 30%
------------------------------------------------------------------------------------------------------------
</TABLE>

45
<PAGE>

FINANCIAL HIGHLIGHTS

Chase Vista Strategic Income Fund
INSTITUTIONAL CLASS

<TABLE>
<CAPTION>
11/30/98*
through
10/31/99
PER SHARE OPERATING PERFORMANCE
--------------------------------------------------------
<S> <C>
Net asset value, beginning of period $10.00
--------------------------------------------------------
Income from investment operations:
Net investment income 0.72
Net gains or losses in securities
(both realized and unrealized) (0.41)
------
Total from investment operations 0.31
------
Distributions to shareholders from:
Dividends from net investment income 0.72
Distributions from capital gains --
------
Total dividends and distributions 0.72
--------------------------------------------------------
Net asset value, end of period $9.59
--------------------------------------------------------
TOTAL RETURN 3.29%
========================================================
RATIO/SUPPLEMENTAL DATA
--------------------------------------------------------
Net assets, end of period
(in millions) $1
--------------------------------------------------------
Ratios of expenses to
average net assets 0.24%#
--------------------------------------------------------
Ratio of net income
to average net assets 8.07%#
--------------------------------------------------------
Ratio of expenses without waivers
and and assumption of expenses to
average net assets 3.87%#
--------------------------------------------------------
Ratio of net investment income
without waivers and assumption
of expenses to average net assets 4.44%#
--------------------------------------------------------
Portfolio turnover rate 136%
--------------------------------------------------------
</TABLE>

*Commencement of operations.
#Short periods have been annualized.

46
<PAGE>

HOW TO REACH US

More information

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

ANNUAL AND SEMI-ANNUAL REPORTS

STATEMENT OF ADDITIONAL
INFORMATION (SAI)

The SAI contains more detailed information about the Funds and their policies.
It's incorporated by reference into this prospectus. That means, by law, it's
considered to be part of this prospectus.

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

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

Public Reference Section of the SEC
Washington, DC 20549-0102.
1-202-942-8090
E-mail: [email protected]

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

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

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