PROSPECTUS FEBRUARY 26, 2000
(Revised June 29, 2000)
BALANCED FUND
Chase Vista
Balanced Funds
CLASS A SHARES
Neither the Securities
and Exchange Commission
nor any state securities
commission has approved
securities of this Fund or
determined if this
prospectus is accurate or
complete. It is a crime to
state otherwise.
[CHASE VISTA FUNDS(SM) LOGO]
PSBYS-1-600
<PAGE>
<TABLE>
<S> <C>
BALANCED FUND 1
THE FUND'S INVESTMENT ADVISER 10
HOW YOUR ACCOUNT WORKS 12
ABOUT SALES CHARGES 12
BUYING FUND SHARES 13
SELLING FUND SHARES 15
OTHER INFORMATION CONCERNING THE FUND 16
DISTRIBUTIONS AND TAXES 16
SHAREHOLDER SERVICES 18
WHAT THE TERMS MEAN 19
FINANCIAL HIGHLIGHTS OF THE FUND 20
HOW TO REACH US Back cover
</TABLE>
<PAGE>
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CHASE VISTA BALANCED FUND
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[BEGIN SIDEBAR]
The Fund's
objective
The Fund seeks to
maximize total
return through
long-term capital
growth and earning
current income.
[END SIDEBAR]
The Fund's main
investment strategy
The Fund seeks a balance of current income and growth by using an active equity
management style that focuses on strong earnings momentum and profitability
within a universe of growth oriented stocks and an active fixed income
management style focused primarily on domestic fixed income securities.
The Fund invests in both equity and debt securities. Under normal market
conditions, the Fund invests 35% to 70% of its total assets in equity
securities and at least 25% of its total assets in investment grade debt
securities. Most of the Fund's equity securities are in well known established
companies with market capitalization equal to those within the universe of S&P
500 index stocks at the time of purchase and which are traded on established
security markets or over the counter. Market capitalization is the total market
value of a company's shares. Equity securities include common stocks, preferred
stocks and securities that are convertible into common stocks, and warrants to
buy common stocks.
The Fund's debt securities include non-convertible corporate debt, and U.S.
Government debt securities. The Fund invests in corporate debt securities that
are rated Baa or higher by Moody's Investors Service, Inc., BBB or higher by
Standard & Poor's Corporation, or the equivalent rating by another
1
<PAGE>
CHASE VISTA BALANCED FUND
national rating organization. It may also invest in unrated securities of
comparable quality. There is no restriction on the maturity of the Fund's debt
portfolio or on any individual security in the portfolio. The average maturity,
or time until debt investments come due, will vary as market conditions change.
The Fund's advisers may change the balance between equity and fixed income
investments to suit market conditions.
The Fund will focus on companies with strong earnings growth and high
profitability levels. The Fund will also examine industry and company specific
characteristics. The Fund's equity portion will emphasize growth sectors of the
economy.
In selecting equity securities the Fund will invest primarily in companies with
one or more of the following characteristics:
o A projected rate of earnings growth that's equal to or greater than the
equity markets
o A return on assets and equity that is equal to or greater than the equity
markets
o Above-average price/earnings ratios
o Below average dividend yield
o Above average market volatility
In determining whether to sell a stock, the adviser will use the same type of
analysis that they use in buying stocks in order to determine whether the stock
is still an attractive investment opportunity.
The Fund seeks current income by normally investing at least 25% of its total
assets in U.S. Government Securities and other fixed income securities
including mortgaged backed securities. The Fund invests in fixed income
securities only if they are rated investment grade or the adviser considers
them to be comparable to investment grade.
When making investment decisions with respect to the Fund's debt securities,
the Fund's advisers consider many factors in addition to current yield,
including preservation of capital, maturity and yield to maturity. The Fund's
advisers will adjust the Fund's investment in certain types of securities based
on their analysis of changing economic conditions and trends. The Fund's
advisers may sell one security and buy another security of comparable quality
and maturity in order to take advantage of what they believe to be short term
differences in market rates or yields.
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 an attractive investment opportunity.
The Fund may invest up to 20% of its total assets in foreign securities. These
investments may take the form of depositary receipts. It may also invest in
convertible securities, which generally pay interest or dividends and which can
be converted into common or preferred stock.
The Fund's equity holdings may also include real estate investment trusts
(REITs), which are pools of investments primarily in income-producing real
estate or loans related to real estate.
2
<PAGE>
[BEGIN SIDEBAR]
FREQUENCY OF TRADING
The Fund may trade securities
actively, which could increase
transaction costs (and lower
performance) and increase your
taxable dividends.
[END SIDEBAR]
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.
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 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 also invest in high quality money market instruments and
repurchase agreements. To temporarily defend its assets, the Fund may put any
amount of its assets in these types of investments.
The Fund may invest in derivatives, which are financial instruments whose value
is based on another security, index or exchange rate. The Fund may use
derivatives to hedge various market risks or to increase the Fund's income or
gain.
The Fund may change any of these investment policies (but not its investment
objective) without shareholder approval.[logo]
3
<PAGE>
CHASE VISTA BALANCED FUND
The Funds' main investment risks
All mutual funds carry a certain amount of risk. You may lose money on your
investment in the Fund. Here are some of the specific risks of investing in
Balanced Fund.
The Fund may not achieve its objective if the advisers' expectations regarding
particular securities or markets are not met.
The value of shares of the Fund will be influenced by conditions in stock
markets as well as the performance of the companies selected for the Fund's
portfolio.
The Fund may not achieve its objective if securities which the advisers believe
are undervalued do not appreciate as much as the advisers anticipate.
The securities of smaller cap companies may trade less frequently and in
smaller volumes than securities of larger, more established companies. As a
result, share price changes may be more sudden or more erratic. Smaller cap
companies may have limited product lines, markets or financial resources, and
they may depend on a small management group.
Investments in foreign securities may be riskier than investments in the U.S.
Because foreign securities are usually denominated in foreign currencies, the
value of the Fund's portfolio may be influenced by currency exchange rates and
exchange control regulations. Foreign securities may be affected by political,
social and economic instability. Some securities may be harder to trade without
incurring a loss and may be difficult to convert into cash. There may be less
public information available, differing settlement procedures, or regulations
and standards that 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.
[BEGIN SIDEBAR]
Investments in the Fund are not
bank deposits or obligations of,
or guaranteed or endorsed by,
The Chase Manhattan Bank are
not insured or guaranteed by the
Federal Deposit Insurance Corpo-
ration, Federal Reserve Board or
any other government agency.-
[END SIDEBAR]
4
<PAGE>
Unsponsored depositary receipts may not provide as much information about the
underlying issuer and may not carry the same voting privileges as sponsored
depositary receipts.
In early 1999, the European Monetary Union implemented a new currency called
the "euro." It is possible that the euro could increase volatility in financial
markets, which could have a negative effect on the value of shares of the Fund.
The value of the Fund's fixed income securities tends to fall when prevailing
interest rates rise. Such a drop 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-related 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
higher or 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, while the value of fixed-income securities will generally increase
when interest rates decline, the value of mortgage-related securities with
prepayment features may not increase as much as securities without prepayment
features.
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 are
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.
The Fund's performance will also depend on the credit quality of its
investments.
5
<PAGE>
CHASE VISTA BALANCED FUND
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.
Because the interest rate changes on floating and variable rate securities, the
Fund's yield may decline and it may lose the opportunity for capital
appreciation when interest rates decline.
Dollar rolls, forward commitments and repurchase agreements involve some risk
to the Fund if the other party does not live up to its obligations under the
agreement.
The market value of convertible securities tends to decline as interest rates
increase, and increase as interest rates decline. Their value also tends to
change whenever the market value of the underlying common or preferred stock
fluctuates.
The value of REITs will depend on the value of the underlying properties or the
underlying loans or interest. The value of REITs may decline when interest
rates rise. The value of a REIT will also be affected by the real estate market
and by the management of the REIT's underlying properties. REITs may be more
volatile or more illiquid than other types of securities.
If the Fund invests a substantial portion of its assets in money market
instruments, repurchase agreements and U.S. Government obligations, including
where the Fund is investing for temporary defensive purposes, it could reduce
the Fund's potential return.
Derivatives may be more risky than other types of investments because they may
respond more to changes in economic conditions than other types of investments.
If they are used for non-hedging purposes, they could cause losses that exceed
the Fund's original investment.
The Fund, like any business, could be affected if the computer systems on which
it relies fail to properly process information beginning January 1, 2000. The
Funds' 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]
6
<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. 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 the Lehman Aggregate Bond Index and the S&P 500
Index, widely recognized market benchmarks, and the Lipper Balanced Funds
Average, representing the average performance of a universe of 392 actively
managed balanced funds.
The calculations assume that all dividends and distributions are reinvested in
the Fund.[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.
[BEGIN BAR CHART PLOT POINTS]
----------------------------------------------
<TABLE>
<S> <C>
1993 12.68%
1994 0.21%
1995 24.98%
1996 14.56%
1997 22.03%
1998 14.47%
1999 7.11%
</TABLE>
[END PLOT POINTS]
---------------------------------------------
The total return for the fund from January 1,
2000 to March 31, 2000 was 3.62%.
<TABLE>
<S> <C>
----------------------------------------
BEST QUARTER 11.35%
----------------------------------------
4th quarter, 1998
----------------------------------------
WORST QUARTER -4.96%
----------------------------------------
3rd quarter, 1998
</TABLE>
AVERAGE ANNUAL TOTAL RETURNS
For the periods ending December 31, 1999:
<TABLE>
<CAPTION>
SINCE
INCEPTION
PAST 1 YEAR PAST 5 YEARS (11/4/92)
<S> <C> <C> <C>
----------------------------------------------------------------------
CLASS A SHARES 0.95% 15.09% 12.49%
----------------------------------------------------------------------
CLASS B SHARES 1.58% 15.43% 13.16%
----------------------------------------------------------------------
CLASS C SHARES 5.26% 15.63% 13.15%
----------------------------------------------------------------------
LEHMAN GOV'T/CORP BOND INDEX 2.15% 7.61% 6.50%
----------------------------------------------------------------------
S&P 500 INDEX 21.03% 28.54% 21.72%
----------------------------------------------------------------------
LIPPER BALANCED FUNDS AVG. 8.73% 16.24% 12.77%
----------------------------------------------------------------------
</TABLE>
The performance for the Class A shares reflects the deduction of the maximum
front end sales load and the performance for Class B and Class C shares
reflects the deduction of the applicable contingent deferred sales load.
Class B shares were first offered on November 4, 1993. Class C shares were
first offered on November 20, 1998. The performance for the period before Class
B shares were launched is based on the performance of Class A shares of the
Fund and the performance for the period before Class C shares were launched is
based on the performance of Class A and Class B shares. The actual returns of
Class B and Class C shares would have been lower than shown because Class B and
Class C shares have higher expenses than Class A shares.
7
<PAGE>
CHASE VISTA BALANCED FUND
Fees and expenses
This table describes the fees and expenses that you may pay if you buy and hold
shares of the Fund.
SHAREHOLDERS 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 5.75% 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
CLASS OF SHARES FEE (12B-1) FEES EXPENSES EXPENSES
<S> <C> <C> <C> <C>
--------------------------------------------------------------------------------
CLASS A 0.50% 0.25% 0.72% 1.47%
--------------------------------------------------------------------------------
CLASS B 0.50% 0.75% 0.72% 1.97%
--------------------------------------------------------------------------------
CLASS C 0.50% 0.75% 0.72% 1.97%
--------------------------------------------------------------------------------
</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 Other expenses for Class A shares are expected to be 0.50% and the total
annual Fund operating expenses are expected not to exceed 1.25% for Class A
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 which you might incur if you
invest through a financial institution.
8
<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:
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* $716 $1,013 $1,332 $2,231
----------------------------------------------------------
CLASS B SHARES** $700 $ 918 $1,262 $2,167***
----------------------------------------------------------
CLASS C SHARES** $300 $ 618 $1,062 $2,296
----------------------------------------------------------
</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 $200 $618 $1,062 $2,167***
--------------------------------------------------------
CLASS C SHARES $200 $618 $1,062 $2,296
--------------------------------------------------------
</TABLE>
*Assumes sales charge is deducted when shares are purchased.
**Assumes applicable deferred sales charge is deducted when 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.
9
<PAGE>
--------------------------------------------------------------------------------
FUND'S INVESTMENT ADVISER
--------------------------------------------------------------------------------
The Chase Manhattan Bank (Chase) is the investment adviser to the Fund. Chase
is a wholly owned subsidiary of The Chase Manhattan Corporation (CMC), a bank
holding company. Chase provides the Fund with investment advice and
supervision. Chase and its predecessors have more than a century of money
management experience. Chase is located at 270 Park Avenue, New York, NY 10017
Chase is entitled to receive an annual management fee at the rate of 0.50% of
the average daily net assets of the Balanced Fund.
Chase Asset Management Inc. (CAM) is the sub-adviser to the Fund. CAM is a
wholly-owned subsidiary of Chase. It makes the day-to-day investment decisions
for the Fund. CAM provides discretionary investment services to institutional
clients and is located at 1211 Avenue of the Americas, New York, NY 10036.
10
<PAGE>
The portfolio managers
Henry Lartigue, Chief Investment Officer at Chase, is responsible for asset
allocation and investment strategy for Chase's U.S. domestic equity portfolios.
Mr. Lartigue began his career as a securities analyst at Chase in 1984. He then
worked as an Equity Fund Manager until 1992. Mr. Lartigue then worked as an
independent registered investment advisor, from July 1992 to June 1994, when he
returned to Chase.
BALANCED FUND
Mr. Lartigue and Jeff Phelps, Portfolio Manager at Chase, are responsible for
the equity portion of the portfolio. H. Mitchell Harper, Senior Vice President
and Portfolio Manager at Chase, is responsible for the fixed income portion of
the portfolio. Mr. Lartigue has managed the equity portion of the portfolio
since August of 1999. Mr. Phelps has managed the equity portion of the
portfolio since October 1999. Mr. Phelps joined Chase in 1997. Prior to joining
Chase, he was employed by Houston Industries. Mr. Harper has managed the fixed
income portion of the portfolio 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.
11
<PAGE>
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HOW YOUR ACCOUNT WORKS
--------------------------------------------------------------------------------
About sales charges
There's a sales charge to buy shares in the Fund. There are also ongoing
charges that all investors pay as long as they own their shares, as explained
later.
Class A shares have a charge you pay when you invest.
The Balanced Fund is available in Class A shares in this prospectus.
There are a number of plans and special discounts which can decrease or even
eliminate these charges.
This section explains how the sales charges work.
12
<PAGE>
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 Fund receives the net
asset value.
<TABLE>
<CAPTION>
TOTAL SALES CHARGE
AS % OF THE
OFFERING AS % OF
AMOUNT OF PRICE NET AMOUNT
INVESTMENT PER SHARE INVESTED
<S> <C> <C>
-----------------------------------------
LESS THAN
$100,000 5.75% 6.10%
-----------------------------------------
$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.
GENERAL
Vista Fund Distributors Inc. (VFD) is the distributor for the Balanced Fund.
It's a subsidiary of BISYS Group, Inc. and is not affiliated with Chase. The
Fund has adopted Rule 12b-1 distribution plans under which it pays annual
distribution fees of up to 0.25% of the average daily net assets attributed to
Class A shares.
This payment covers 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 the 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.[logo]
Buying Fund shares
You can buy shares three ways:
Through your investment representative
Tell your representative that you would like to purchase shares of the Balanced
Fund 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
Or
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
13
<PAGE>
HOW YOUR ACCOUNT WORKS
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 in this document.
The price of the shares is based on the net asset value per share (NAV). NAV is
the value of everything the Fund owns, minus everything it owes, divided by the
number of shares held by investors. 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. The Fund calculates its NAV once each day at the
close of regular trading on the New York Stock Exchange. The Fund generally
values its assets at the 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 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. The 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>
INITIAL ADDITIONAL
TYPE OF 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 Fund. Orders by wire will be
cancelled 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 Fund will not issue certificates for Class A shares unless you
request them.
14
<PAGE>
Selling Fund shares
You can sell your shares three ways:
Through your investment representative
Tell your representative that you would like to sell your shares of the
Balanced Fund. 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 by phone, we'll send it by wire only to a bank account on our
records.
We charge $10 for each transaction by wire.
Or
Send a signed letter with your instructions to:
Chase Vista Funds Service Center,
P.O. Box 419392
Kansas City, MO 64141-6392
Through a Systematic Withdrawal Plan
You can automatically sell as little as $50 worth of shares. See Shareholder
Services for details.
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,
the 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.
The 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:
o you want to sell shares with a net asset value of $100,000 or more
o 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.
15
<PAGE>
HOW YOUR ACCOUNT WORKS
Other information
concerning the Fund
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 Fund will be liable for any losses to you from an
unauthorized sale or fraud against you if we do not follow reasonable
procedures.
You may not always reach the Chase Vista Funds Service Center by telephone.
This may be true at 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 Fund 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 Class A shares of the Fund 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 the Fund attributable to
shares of the Fund held by customers of those shareholder servicing agents.
Chase and its affiliates and the Fund and its affiliates, agents and subagents
may share information about shareholders and their accounts with each other and
with others unless this sharing is prohibited by contract. The information can
be used for a variety of purposes, including offering investment and insurance
products to shareholders.[logo]
Distributions and taxes
The Fund can earn income and they can realize capital gain. The Fund deducts
any expenses then pay out
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these earnings to shareholders as distributions.
The Balanced Fund distributes any net investment income at least quarterly. 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 the Fund held a particular asset, not on how long you have owned your
shares. If you buy shares just before a distribution, you will pay tax on the
entire amount of the taxable distribution you receive, even though the NAV will
be higher on that date because it includes the distribution amount.
The Balanced Fund expects that its distributions will consist primarily of
ordinary income.
Early in each calendar year, the Fund will send you a notice showing the amount
of distributions you received in the preceding year and the tax status of those
distributions.
The above is a general summary of tax implications of investing in the Fund.
Please consult your tax adviser to see how investing in the Fund will affect
your own tax situation.[logo]
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SHAREHOLDER SERVICES
--------------------------------------------------------------------------------
SYSTEMATIC INVESTMENT PLAN
You can 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
You can 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
You can transfer assets automatically from one Vista account to another on a
regular basis. It's a free service.
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.[logo]
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What the terms mean
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.
DEPOSITARY RECEIPTS: instruments which are typically issued by financial
institutions and which represent ownership of securities of foreign
corporations. Depositary receipts are usually designed for use on U.S. and
European securities exchanges.
DISTRIBUTION FEE: covers the cost of the distribution system used to sell
shares to the public.
FUNDAMENTAL RESEARCH: method which concentrates on "fundamental" information
about an issuer such as its financial statements, history, management, etc.
GROWTH APPROACH: approach which focuses on identifying securities of companies
whose earnings growth potential appears to the manager to be greater than the
market in general and whose growth in revenue is expected to continue for an
extended period.
LIQUIDITY: the ability to easily convert investments into cash without losing a
significant amount of money in the process.
MANAGEMENT FEE: a fee paid to the investment adviser to manage the Fund and
make decisions about buying and selling the Fund's investments.
MATURITY: 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 at a set price. The
price includes interest. In effect, the dealer is borrowing the Fund's money
for a short time, using the securities as collateral.
SHAREHOLDER SERVICE FEE: a fee to cover the cost of paying shareholder
servicing agents to provide certain support services for your account.
STRIPPED OBLIGATIONS: debt securities which are separately traded interest-only
or principal-only components of an underlying obligation.
VALUE APPROACH: approach which focuses on identifying securities that the
advisers believe are undervalued by the market as measured by certain financial
formulas.[logo]
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FINANCIAL HIGHLIGHTS
--------------------------------------------------------------------------------
The Financial Highlights table is intended to help you understand the Funds'
financial performance for each of the past five years. The total returns in the
table represent the rate an investor would have earned or lost on an investment
in the Fund (assuming reinvestment of all dividends and distributions).
The table set forth below provides selected per share data and ratios for one
Class A Share, one Class B Share and one Class C Share.
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 Fund or their
Shareholder Servicing Agent.
The financial statements which include the financial information set forth
below, have been audited by PricewaterhouseCoopers LLP, independent
accountants, whose report thereon is included in the Annual Report to
Shareholders.
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Chase Vista Balanced 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
PER SHARE OPERATING PERFORMANCE
-----------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Net asset value, beginning of period $15.44 $15.41 $13.83 $12.45 $11.09
-----------------------------------------------------------------------------------------------------------
Income from investment operations:
Net investment income 0.35 0.38 0.39 0.35 0.38
Net gains or losses in securities
(both realized and unrealized) 1.42 1.02 2.39 1.69 1.52
------- ------- ------- ------- -------
Total from investment operations 1.77 1.40 2.78 2.04 1.90
Less distributions:
Dividends from net investment income 0.35 0.39 0.39 0.34 0.41
Distributions from capital gains 0.62 0.98 0.81 0.32 0.13
------- ------- ------- ------- -------
Total distributions 0.97 1.37 1.20 0.66 0.54
-----------------------------------------------------------------------------------------------------------
Net asset value, end of period $16.24 $15.44 $15.41 $13.83 $12.45
-----------------------------------------------------------------------------------------------------------
TOTAL RETURN(1) 11.71% 9.60% 21.48% 16.89% 17.70%
===========================================================================================================
RATIOS/SUPPLEMENTAL DATA
-----------------------------------------------------------------------------------------------------------
Net assets, end of period (in millions) $112 $95 $93 $55 $34
-----------------------------------------------------------------------------------------------------------
Ratio of expenses to
average net assets 1.25% 1.25% 1.25% 1.25% 1.06%
-----------------------------------------------------------------------------------------------------------
Ratio of net income
to average net assets 2.27% 2.51% 2.91% 2.97% 3.48%
-----------------------------------------------------------------------------------------------------------
Ratio of expenses without waivers
and assumption of expenses to
average net assets 1.44% 1.44% 1.52% 1.78% 2.20%
-----------------------------------------------------------------------------------------------------------
Ratio of net investment income
without waivers and assumption
of expenses to average net assets 2.08% 2.32% 2.64% 2.44% 2.34%
-----------------------------------------------------------------------------------------------------------
Portfolio turnover rate 86% 94% 136% 149% 68%
-----------------------------------------------------------------------------------------------------------
</TABLE>
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FINANCIAL HIGHLIGHTS
<TABLE>
<CAPTION>
CLASS B CLASS C
--------------------------------------------------------- -------------
Year Year Year Year Year 11/20/98**
ended ended ended ended ended Through
10/31/99 10/31/98 10/31/97 10/31/96 10/31/95 10/31/99
<S> <C> <C> <C> <C> <C> <C>
PER SHARE OPERATING PERFORMANCE
-----------------------------------------------------------------------------------------------------------------
Net asset value, beginning of period $15.19 $15.21 $13.70 $12.36 $11.03 $15.59
-----------------------------------------------------------------------------------------------------------------
Income from investment operations:
Net investment income 0.25 0.28 0.32 0.28 0.31 0.24
Net gains or losses in securities
(both realized and unrealized) 1.37 1.00 2.33 1.66 1.50 0.97
------- ------- ------- ------- ------- -------
Total from investment operations 1.62 1.28 2.65 1.94 1.81 1.21
Less distributions:
Dividends from net investment income 0.25 0.32 0.32 0.28 0.13 0.29
Distributions from capital gains 0.62 0.98 0.81 0.32 0.35 0.62
------- ------- ------- ------- ------- -------
Total Distributions 0.87 1.30 1.14 0.60 0.48 0.91
-----------------------------------------------------------------------------------------------------------------
Net asset value, end of period $15.94 $15.19 $15.21 $13.70 $12.36 $15.89
-----------------------------------------------------------------------------------------------------------------
TOTAL RETURN(1) 10.88% 8.89% 20.55% 16.10% 16.93% 7.95%
=================================================================================================================
RATIOS/SUPPLEMENTAL DATA
-----------------------------------------------------------------------------------------------------------------
Net assets, end of period (in millions) $31 $23 $15 $10 $6 $1
-----------------------------------------------------------------------------------------------------------------
Ratio of expenses to
average net assets 1.93% 1.93% 2.04% 2.00% 1.82% 2.06%#
-----------------------------------------------------------------------------------------------------------------
Ratio of net income to
average net assets 1.56% 1.81% 2.26% 2.21% 2.68% 1.67%#
-----------------------------------------------------------------------------------------------------------------
Ratio of expenses without waivers
and assumption of expenses to
average net assets 1.93% 1.93% 2.06% 2.29% 2.72% 2.06%#
-----------------------------------------------------------------------------------------------------------------
Ratio of net investment income
without waivers and assumption
of expenses to average net assets 1.56% 1.81% 2.24% 1.92% 1.78% 1.67%#
-----------------------------------------------------------------------------------------------------------------
Portfolio turnover rate 86% 94% 136% 149% 68% 86%
-----------------------------------------------------------------------------------------------------------------
</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 sales load.
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HOW TO REACH US
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More information
You'll find more information about the Balanced Fund in the following documents:
ANNUAL AND SEMI-ANNUAL REPORTS
Our annual and semi-annual reports contain more information about the Fund's
investments and performance. The annual report also includes details about the
market conditions and investment strategies that had a significant effect on
the Fund's performance during the last fiscal year.
STATEMENT OF ADDITIONAL INFORMATION (SAI)
The SAI contains more detailed information about the Fund and its policies. It
is 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 the SEC's Public Reference Room and ask them to mail you
information about the Fund, including the SAI. They'll charge you a copying fee
for this service. You can also visit the Public Reference Section and copy the
documents while you're there.
Public Reference Section of the SEC
Washington, DC 20549-6009.
1-800-SEC-0330
Reports, a copy of the SAI and other information about the Fund is also
available on the SEC's website at http://www.sec.gov.
The Fund's Investment Company Act File No. is 811-5151
[RegTM] The Chase Manhattan Corporation, 1999, 2000. All Rights Reserved.
February 2000
[CHASE VISTA FUNDS(SM) LOGO]
Chase Vista Funds Fulfillment Center
393 Manley Street
West Bridgewater, MA 02379-1039
