PROSPECTUS FEBRUARY 28, 2000
Chase Vista
Equity Funds
THIS PROSPECTUS OFFERS:
CLASS A, CLASS B AND CLASS C SHARES
BALANCED FUND
EQUITY INCOME FUND
LARGE CAP EQUITY FUND
GROWTH AND INCOME FUND
CORE EQUITY FUND
FOCUS FUND
EQUITY GROWTH FUND
CAPITAL GROWTH FUND
SMALL CAP EQUITY FUND
SMALL CAP OPPORTUNITIES FUND
INTERNATIONAL EQUITY FUND
EUROPEAN FUND
JAPAN 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 LOGO]
THE RIGHT RELATIONSHIP IS EVERYTHING(R)
PSEQ-1-200 X
<PAGE>
<TABLE>
<S> <C>
BALANCED FUND 1
EQUITY INCOME FUND 10
LARGE CAP EQUITY FUND 17
GROWTH AND INCOME FUND 25
CORE EQUITY FUND 32
FOCUS FUND 39
EQUITY GROWTH FUND 46
CAPITAL GROWTH FUND 54
SMALL CAP EQUITY FUND 61
SMALL CAP OPPORTUNITIES FUND 68
INTERNATIONAL EQUITY FUND 75
EUROPEAN FUND 83
JAPAN FUND 91
THE FUNDS' INVESTMENT ADVISER 99
HOW YOUR ACCOUNT WORKS 103
ABOUT SALES CHARGES 103
BUYING FUND SHARES 105
SELLING FUND SHARES 107
EXCHANGING FUND SHARES 108
OTHER INFORMATION CONCERNING THE FUNDS 108
DISTRIBUTIONS AND TAXES 109
SHAREHOLDER SERVICES 111
WHAT THE TERMS MEAN 112
FINANCIAL HIGHLIGHTS OF THE FUNDS 113
HOW TO REACH US Back cover
</TABLE>
<PAGE>
CHASE VISTA BALANCED FUND
The Fund's objective
The Fund seeks to maximize total return through long-term capital growth and
earning current income.
The Fund's main investment strategy
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 Funds' equity securities are in well known, established companies with
market capitalizations of at least $200 million at the time of purchase and
which are traded on established securities 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 Funds' 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 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.
1
<PAGE>
CHASE VISTA BALANCED FUND
In selecting equity securities, the Funds' advisers do quantitative analysis and
fundamental research to seek to identify undervalued stocks which have the
potential to increase in value. The advisers first seek to find companies with
the best earnings prospects and then select companies which appear to have the
most attractive values. The advisers also seek to invest in sectors with good
earnings prospects as well.
The advisers may look for value-oriented factors, such as a low price-to-
earnings or price-to-cash ratio, in determining whether a stock is undervalued.
In addition, they may also attempt to identify those undervalued companies which
will experience earnings growth or improved earnings characteristics.
In determining whether to sell a stock, the advisers will use the same type of
analysis that they use in buying stocks in order to determine whether the stock
is still undervalued. This may include selling those securities which have
appreciated to meet their target valuations.
For debt securities, 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 Funds' investments across a variety
of sectors to maximize diversification and liquidity. The advisers also actively
manage the duration of the Funds' 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 Funds' 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 up to 20% of it 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>
FREQUENCY OF TRADING
The Fund may trade securities actively, which could increase transaction costs
(and lower performance) and increase your taxable dividends.
The Fund may invest in mortgage-related securities issued by governmental
entities and private issuers. These may include invest- ments 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.
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 Corporation, Federal Reserve Board or any other
government agency.
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 Government/Corporate Bond Index, 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 actively managed balanced funds. In the past, the Fund has compared
its performance to the Lehman Aggregate Bond Index, but in the future, the Fund
intends to compare its performance to the Lehman Government/Corporate Index
instead. It is believed that the new benchmark is more appropriate since it more
accurately reflects the Fund's investment strategy.
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.
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.
[Bar chart data]
<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>
<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 (11/2/92)
- ----------------------------------------------------------------------
<S> <C> <C> <C>
CLASS A SHARES 0.95% 15.09% 12.94%
- ----------------------------------------------------------------------
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%
- ----------------------------------------------------------------------
LEHMAN AGGREGATE BOND INDEX -0.82% 7.73% 6.50%
- ----------------------------------------------------------------------
S&P 500 INDEX 21.03% 28.54% 21.72%
- ----------------------------------------------------------------------
LIPPER BALANCED FUNDS AVG. 8.73% 16.24% 12.77%
- ----------------------------------------------------------------------
</TABLE>
7
<PAGE>
CHASE VISTA BALANCED FUND
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.
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.
# Restated from the most recent fiscal year to reflect current expense
arrangements.
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>
CHASE VISTA EQUITY INCOME FUND
The Fund's objective
The Fund seeks to obtain income primarily by investing in income-producing
equity securities. Capital growth is a secondary consideration.
The Fund's main investment strategy
Under normal market conditions, the Fund invests at least 65% of its total
assets in dividend-paying equity securities. Equity securities include common
stocks, preferred stocks and securities that are convertible into common stocks.
The major portion of the Fund's assets will be invested in common stocks which
are traded on a national securities exchange or on NASDAQ. A significant portion
of the Fund's assets may be invested in convertible bonds or convertible
preferred stock, which generally pay interest or dividends and which can be
converted into common or preferred stock.
The Fund attempts to achieve a yield higher than the composite yield on the
securities in the Standard & Poor's 500 Stock Price Index.
The Funds' advisers may seek income through various methods, including investing
in convertible securities and seeking to identify companies with characteristics
such as above-average dividend yields. The advisers do quantitative analysis and
fundamental research to seek to identify undervalued stocks which have the
potential to increase in value. The advisers first seek to find companies with
the best earnings prospects and then select companies which appear to have the
most attractive values. The advisers also seek to invest in sec-tors with good
earnings prospects as well.
10
<PAGE>
FREQUENCY OF TRADING
The Fund may trade securities actively, which could increase transaction costs
(and lower performance) and increase your taxable dividends.
The advisers may look for value-oriented factors, such as a low
price-to-earnings or price-- to-cash ratio, in determining whether a stock is
undervalued. In addition, they may also attempt to identify those undervalued
companies which will experience earnings growth or improved earnings
characteristics.
In determining whether to sell a stock, the advisers will use the same type of
analysis that they use in buying stocks in order to determine whether the stock
is still undervalued. This may include those securities which have appreciated
to meet their target valuations.
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.
The Fund may invest up to 20% of it total assets in foreign securities. These
investments may take the form of depositary receipts.
The Fund may, under normal market conditions, invest up to 35% of its total
assets in investment grade debt securities, 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. Investment
grade 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 invest in derivatives, which are financial instruments whose value
is based on another security, index or exchange rate. The Fund may use
derivatives to hedge various market risks or to increase the Fund's income or
gain.
The Fund may change any of these investment policies (including its investment
objective) without shareholder approval. [Logo]
11
<PAGE>
CHASE VISTA EQUITY INCOME 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
Equity Income Fund.
The Fund may not achieve its objective if the advisers' expectations regarding
particular securities or markets are not met.
The value of shares of the Fund will be influenced by conditions in stock
markets as well as the performance of the companies selected for the Fund's
portfolio.
The Fund may not achieve its objective if securities which the advisers believe
are undervalued do not appreciate as much as the advisers anticipate or if the
companies in which it invests do not pay dividends.
Investments in foreign 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.
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
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 Corporation, Federal Reserve Board or any other
government agency.
12
<PAGE>
"euro." It is possible that the euro could increase volatility in financial
markets, which could have a negative effect on the value of shares of the Fund.
The market value of the Fund's convertible securities and fixed income
securities tends to fall when prevailing interest rates rise. The value of
convertible securities also tends to change whenever the market value of the
underlying common or preferred stock fluctuates. Securities which are rated Baa
by Moody's or BBB by S&P may have fewer protective provisions than higher rated
securities. The issuer may have trouble making principal and interest payments
when difficult economic conditions exist.
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 debt securities, 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]
13
<PAGE>
CHASE VISTA EQUITY 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 year, five years and since inception. It
compares that performance to the S&P 500 Index, a widely recognized market
benchmark, and the Lipper Equity Income Funds Average, representing the average
performance of a universe of actively managed equity 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.
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.
[Bar chart data]
<TABLE>
<S> <C>
1994 -3.82%
1995 32.33%
1996 27.31%
1997 33.47%
1998 11.48%
1999 6.85%
</TABLE>
<TABLE>
<S> <C>
- ------------------------------------
BEST QUARTER 17.10%
- ------------------------------------
4th quarter, 1998
- ------------------------------------
WORST QUARTER -10.62%
- ------------------------------------
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 (7/15/93)
- --------------------------------------------------------------------------
<S> <C> <C> <C>
CLASS A SHARES 0.70% 20.35% 15.55%
- --------------------------------------------------------------------------
CLASS B SHARES 1.60% 21.08% 16.24%
- --------------------------------------------------------------------------
CLASS C SHARES 5.40% 21.29% 16.25%
- --------------------------------------------------------------------------
S&P 500 INDEX 21.03% 28.54% 22.84%
- --------------------------------------------------------------------------
LIPPER EQUITY INCOME FUNDS AVG. 3.34% 17.27% 14.08%
- --------------------------------------------------------------------------
</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 May 7, 1996. Class C shares were first
offered on January 8, 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.
14
<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 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 0.40% 0.25% 0.80% 1.45%
- ---------------------------------------------------------------------------------
CLASS B 0.40% 0.75% 0.80%# 1.95%#
- ---------------------------------------------------------------------------------
CLASS C 0.40% 0.75% 0.80%# 1.95%#
- ---------------------------------------------------------------------------------
</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 table does not reflect charges or credits which you might incur if you
invest through a financial institution.
15
<PAGE>
CHASE VISTA EQUITY 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:
o you invest $10,000
o you sell all your shares at the end of the period
o your investment has a 5% return each year, and
o the Fund's operating expenses remain the same as shown above.
Although your actual costs may be higher or lower, based on these assumptions:
IF YOU SELL YOUR SHARES YOUR COSTS WOULD BE:
<TABLE>
<CAPTION>
1 YEAR 3 YEARS 5 YEARS 10 YEARS
- ---------------------------------------------------------
<S> <C> <C> <C> <C>
CLASS A SHARES* $714 $1007 $1322 $2210
- ---------------------------------------------------------
CLASS B SHARES** $698 $ 912 $1252 $2146***
- ---------------------------------------------------------
CLASS C SHARES** $298 $ 612 $1052 $2275
- ---------------------------------------------------------
</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 $198 $612 $1052 $2146***
- -------------------------------------------------------
CLASS C SHARES $198 $612 $1052 $2275
- -------------------------------------------------------
</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.
16
<PAGE>
CHASE VISTA LARGE CAP EQUITY FUND
The Fund's objective
The Fund seeks capital growth over the long term.
The Fund's main investment strategy
Under normal conditions, the Fund invests at least 80% of its total assets in
equity securities and at least 65% of its total assets in equity securities of
companies with market capitalization over $1 billion at the time of purchase
(large cap companies). Market capitalization is the total market value of a
company's shares. The companies the Fund chooses typically have a large number
of publicly held shares and high trading volumes.
The Funds' advisers do quantitative analysis and fundamental research to seek to
identify undervalued stocks which have the potential to increase in value. The
advisers first seek to find companies with the best earnings prospects and then
select companies which appear to have the most attractive values. The advisers
also seek to invest in sec-tors with good earnings prospects as well.
The advisers may look for value-oriented factors, such as a low price-to-
earnings or price-to-cash ratio, in determining whether a stock is undervalued.
In addition, they may also attempt to identify those undervalued companies which
will experience earnings growth or improved earnings characteristics.
In determining whether to sell a stock, the advisers will use the same type of
analysis that they use in buying stocks in order to determine whether the stock
is still undervalued. This may include
17
<PAGE>
CHASE VISTA LARGE CAP EQUITY FUND
FREQUENCY OF TRADING
The Fund may trade securities actively, which could increase transaction costs
(and lower performance) and increase your taxable dividends.
those securities which have appreciated to meet their target valuations.
The advisers try to spread their investments across a number of sectors.
However, they may change sector weightings in response to market developments.
The Fund may invest up to 20% of it total assets in foreign securities. These
investments may take the form of depositary receipts. It may also invest up to
20% of its total assets in convertible securities, which generally pay interest
or dividends and which can be converted into common or preferred stock.
Although the Fund intends to invest primarily in equity securities, under normal
market conditions it may invest up to 20% of its total assets in high quality
money market instruments and repurchase agreements. To temporarily defend its
assets, the Fund may put any amount of its assets in these investments. During
unusual market conditions, the Fund may invest up to 20% of its assets in U.S.
Government debt securities.
The Fund may invest in derivatives, which are financial instruments whose value
is based on another security, index or exchange rate. The Fund may use
derivatives to hedge various market risks or to increase the Fund's income or
gain.
The Fund may change any of these investment policies (including its investment
objective) without shareholder approval. [Logo]
18
<PAGE>
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
Large Cap Equity Fund.
The Fund may not achieve its objective if the advisers' expectations regarding
particular securities or markets are not met.
The value of shares of the Fund will be influenced by conditions in stock
markets as well as the performance of the companies selected for the Fund's
portfolio.
The Fund may not achieve its objective if securities which the advisers believe
are undervalued do not appreciate as much as the advisers anticipate.
Investments in foreign securities may be riskier than investments in the U.S.
Because foreign securities are usually denominated in foreign currencies, the
value of the Fund's portfolio may be influenced by currency exchange rates and
exchange control regulations. Foreign securities may be affected by political,
social and economic instability. Some securities may be harder to trade without
incurring a loss and may be difficult to convert into cash. There may be less
public information available, differing settlement procedures, or regulations
and standards that don't match U.S. standards. Some countries may nationalize or
expropriate assets or impose exchange controls. These risks increase when
investing in issuers located in developing countries.
Unsponsored depositary receipts may not pro vide 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
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 Corporation, Federal Reserve Board or any other
government agency.
19
<PAGE>
CHASE VISTA LARGE CAP EQUITY FUND
increase volatility in financial markets, which could have a negative effect on
the value of shares of the Fund.
The market value of convertible securities tends to decline as interest rates
increase, and increase as interest rates decline. Their value also tends to
change whenever the market value of the underlying common or preferred stock
fluctuates.
If the Fund invests a substantial portion of its assets in money market
instruments, repurchase agreements and U.S. Government debt, including where the
Fund is investing for temporary defensive purposes, it could reduce the Fund's
potential return.
Derivatives may be more risky than other types of investments because they may
respond more to changes in economic conditions than other types of investments.
If they are used for non-hedging purposes, they could cause losses that exceed
the Fund's original investment.
The Fund, 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]
20
<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 S&P 500 Index, a widely recognized market
benchmark, and the Lipper Large Cap Value Average, representing the average
performance of a universe of actively managed value funds.
The performance for the period before Class A and Class B shares were launched
in May 1996 is based on performance for Institutional Class shares of the Fund.
The actual returns of Class A and Class B would have been lower than shown
because Class A and Class B 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.
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.
[Bar chart data]
<TABLE>
<S> <C>
1991 31.24%
1992 5.20%
1993 8.63%
1994 0.22%
1995 31.03%
1996 22.54%
1997 32.63%
1998 21.69%
1999 10.42%
</TABLE>
<TABLE>
<S> <C>
- ------------------------------------
BEST QUARTER 18.90%
- ------------------------------------
4th quarter, 1998
- ------------------------------------
WORST QUARTER -9.73%
- ------------------------------------
3rd quarter, 1998
</TABLE>
21
<PAGE>
CHASE VISTA LARGE CAP EQUITY 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 4.07% 21.95% 17.04%
- -------------------------------------------------------------------------
CLASS B SHARES 4.87% 22.84% 17.60%
- -------------------------------------------------------------------------
CLASS C SHARES 8.51% 22.95% 17.57%
- -------------------------------------------------------------------------
S&P 500 INDEX 21.03% 28.54% 20.96%
- -------------------------------------------------------------------------
LIPPER LARGE CAP VALUE AVERAGE 11.26% 22.35% 17.61%
- -------------------------------------------------------------------------
</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 C shares were first offered on November 11, 1998. The performance for the
period before Class C shares were launched is based on the performance of
Institutional Class and Class B shares of the Fund. The actual returns of Class
C shares would have been lower than shown because Class C shares have higher
expenses than Institutional Class shares.
22
<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 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 0.40% 0.25% 0.68% 1.33%
- ---------------------------------------------------------------------------------
CLASS B 0.40% 0.75% 0.68%# 1.83%#
- ---------------------------------------------------------------------------------
CLASS C 0.40% 0.75% 0.68%# 1.83%#
- ---------------------------------------------------------------------------------
</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%, other expenses are
expected to be 0.58% and the total annual Fund operating expenses are expected
not to exceed 0.83% for Class A shares and 1.33% for Class B shares 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 which you might incur if you
invest through a financial institution.
23
<PAGE>
CHASE VISTA LARGE CAP EQUITY 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:
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* $700 $963 $1247 $2084
- ----------------------------------------------------------
CLASS B SHARES** $683 $866 $1175 $2017***
- ----------------------------------------------------------
CLASS C SHARES** $283 $566 $ 975 $2148
- ----------------------------------------------------------
</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 $183 $566 $975 $2017***
- -------------------------------------------------------
CLASS C SHARES $183 $566 $975 $2148
- -------------------------------------------------------
</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.
24
<PAGE>
CHASE VISTA GROWTH AND INCOME FUND
The Fund's objective
The Fund seeks to provide capital growth over the long term and earn income from
dividends.
The Fund's main investment strategy
The Fund seeks to achieve its objective by investing all of its investable
assets in Growth and Income Portfolio, an open-end investment company which has
identical investment objectives and policies as the Fund. As a result, the
strategies and risks outlined below apply to Growth and Income Portfolio as well
as to the Fund.
Under normal market conditions, the Fund invests at least 80% of its total
assets in common stocks of a broad range of market capitalizations. Market
capitalization is the total market value of a company's shares.
The Funds' advisers do quantitative analysis and fundamental research to seek to
identify undervalued stocks which have the potential to increase in value. The
advisers first seek to find companies with the best earnings prospects and then
select companies which appear to have the most attractive values. The advisers
also seek to invest in sec-tors with good earnings prospects as well.
The advisers may look for value-oriented factors, such as a low
price-to-earnings or price-to-cash ratio, in determining whether a stock is
undervalued. In addition, they may also attempt to identify those undervalued
companies which will experience earnings growth or improved earnings
characteristics. The advisers may seek current income through various methods,
including investing in convertible securities and seeking to identify
25
<PAGE>
CHASE VISTA GROWTH AND INCOME FUND
FREQUENCY OF TRADING
The Fund may trade securities actively, which could increase transaction costs
(and lower performance) and increase your taxable dividends.
companies with characteristics such as average or above-average dividend yields.
In determining whether to sell a stock, the advisers will use the same type of
analysis that they use in buying stocks in order to determine whether the stock
is still undervalued. This may include those securities which have appreciated
to meet their target valuations.
The Fund may invest up to 20% of it total assets in foreign securities. These
investments may take the form of depositary receipts. It may also invest up to
20% of its total assets in convertible securities, which generally pay interest
or dividends and which can be converted into common or preferred stock.
The Fund's equity holdings may also include real estate investment trusts
(REITs), which are pools of investments primarily in income-producing real
estate or loans related to real estate.
Although the Fund intends to invest primarily in equity securities, under normal
market conditions it may invest up to 20% of its total assets in high quality
money market instruments and repurchase agreements. To temporarily defend its
assets, the Fund may put any amount of its assets in these investments as well
as in U.S. Government debt securities and investment grade debt securities.
During unusual market conditions, the Fund may invest up to 20% of its assets in
U.S. Government debt securities.
The Fund may invest in derivatives, which are financial instruments whose value
is based on another security, index or exchange rate. The Fund may use
derivatives to hedge various market risks or to increase the Fund's income or
gain.
The Fund may change any of these investment policies (including its investment
objective) without shareholder approval. [Logo]
26
<PAGE>
The Funds' main investment risks
All mutual funds carry a certain amount of risk. You may lose on your investment
in the Fund. Here are some of the specific risks of investing in Growth and
Income Fund.
The Fund may not achieve its objective if the advisers' expectations regarding
particular securities or markets are not met.
The value of shares of the Fund will be influenced by conditions in stock
markets as well as the performance of the companies selected for the Fund's
portfolio.
The Fund may not achieve its objective if securities which the advisers believe
are undervalued do not appreciate as much as the advisers anticipate or if the
companies in which it invests do not pay dividends.
Investments in foreign 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.
Unsponsored depository receipts may not provide as much information about the
underlying issuer and may not carry the same voting privileges as sponsored
depository receipts.
In early 1999, the European Monetary Union implemented a new currency called the
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 Corporation, Federal Reserve Board or any other
government agency.
27
<PAGE>
CHASE VISTA GROWTH AND INCOME FUND
"euro." It is possible that the euro could increase volatility in financial
markets, which could have a negative effect on the value of shares of the Fund.
The market value of convertible securities tends to decline as interest rates
increase, and increase as interest rates decline. Their value also tends to
change whenever the market value of the underlying common or preferred stock
fluctuates.
The value of REITs will depend 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 debt securities, including where the Fund
is investing for temporary defensive purposes, it could reduce the Fund's
potential return.
Derivatives may be more risky than other types of investments because they may
respond more to changes in economic conditions than other types of investments.
If they are used for non-hedging purposes, they could cause losses that exceed
the Fund's original investment.
The Fund is not diversified. It may invest a greater percentage of its assets in
a particular issuer or group of issuers than a diversified fund would. That
makes the value of its shares more sensitive to economic problems among those
issuing the securities.
The Fund, like any business, could be affected if the computer systems on which
it relies fail to properly process information beginning January 1, 2000. The
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]
28
<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 10 years. It
compares that performance to the S&P 500 Index, a widely recognized market
benchmark, the S&P/Barra 500 Value Index, which contains large companies with
low price-to-book ratios relative to the S&P 500, and the Lipper Multi Cap Value
Average, representing the average performance of a universe of actively managed
value funds with a variety of market capitalizations. In the past, the Fund has
compared its performance to the S&P 500 Index, but in the future, the Fund
intends to compare its performance to the S&P/Barra 500 Value Index instead. It
is believed that the new benchmark is more appropriate since it more accurately
reflects the Fund's investment strategy.
The 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.
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.
[Bar chart data]
<TABLE>
<S> <C>
1990 0.16%
1991 59.13%
1992 15.06%
1993 12.99%
1994 -3.41%
1995 27.55%
1996 19.38%
1997 29.53%
1998 14.11%
1999 8.09%
</TABLE>
<TABLE>
<S> <C>
- ------------------------------------
BEST QUARTER 33.98%
- ------------------------------------
1st quarter, 1991
- ------------------------------------
WORST QUARTER -13.65%
- ------------------------------------
3rd quarter, 1990
</TABLE>
29
<PAGE>
CHASE VISTA GROWTH AND INCOME FUND
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 1.87% 18.05% 16.46%
- ----------------------------------------------------------------------------------
CLASS B SHARES 2.93% 18.66% 16.78%
- ----------------------------------------------------------------------------------
CLASS C SHARES 6.61% 18.46% 16.59%
- ----------------------------------------------------------------------------------
S&P 500 INDEX 21.03% 28.54% 18.19%
- ----------------------------------------------------------------------------------
S&P/BARRA 500 VALUE INDEX 12.72% 22.94% 16.86%
- ----------------------------------------------------------------------------------
LIPPER MULTI CAP VALUE AVERAGE 7.78% 18.48% 12.27%
- ----------------------------------------------------------------------------------
</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 January 2, 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.
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 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 0.40% 0.25% 0.65%# 1.30%#
- ----------------------------------------------------------------------------------
CLASS B 0.40% 0.75% 0.65%# 1.80%#
- ----------------------------------------------------------------------------------
CLASS C 0.40% 0.75% 0.65%# 1.80%#
- ----------------------------------------------------------------------------------
</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 table does not reflect charges or credits which you might incur if you
invest through a financial institution.
30
<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 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* $700 $963 $1,247 $2,053
- ----------------------------------------------------------
CLASS B SHARES** $683 $866 $1,175 $1,985***
- ----------------------------------------------------------
CLASS C SHARES** $283 $566 $ 975 $2,116
- ----------------------------------------------------------
</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 $183 $566 $975 $1,985***
- -------------------------------------------------------
CLASS C SHARES $183 $566 $975 $2,116
- -------------------------------------------------------
</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.
31
<PAGE>
CHASE VISTA CORE EQUITY FUND
The Fund's objective
The Fund aims to maximize total investment return with an emphasis on long-term
capital appreciation and current income while taking reasonable risk.
The Fund's main investment strategy
The Fund seeks to achieve its objective by investing all of its investable
assets in Core Equity Portfolio, an open-end investment company which has
identical investment objectives and policies as the Fund. As a result, the
strategies and risks outlined below apply to Core Equity Portfolio as well as to
the Fund.
The Fund uses an active equity management style which focuses on strong earnings
momentum and profitability within the universe of S&P stocks. The fund normally
invests at least 70% of its total assets in equity securities.
The Fund seeks capital appreciation by emphasizing companies with a superior
record of earnings growth relative to the equity markets in general or a
projected rate of earnings growth that's greater than or equal to the equity
markets.
The Fund seeks to earn current income and manage risk by focusing on larger
companies with a stable record of earnings growth. In addition, it diversifies
its portfolio across all sectors of the S&P 500. The Fund also emphasizes
companies with return on assets and return on equity equal to or greater than
the equity markets.
The Fund may invest up to 30% of its total assets in foreign securities,
including Depositary Receipts. Its equity investments may include convertible
securities, which generally pay interest
32
<PAGE>
FREQUENCY OF TRADING
The Fund may trade securities actively, which could increase transaction costs
(and lower performance) and increase your taxable dividends.
or dividends and which can be converted into common or preferred stock.
The Fund may also invest in investment grade debt securities. When the adviser
wishes to limit the Fund's equity investments because of adverse market
conditions, the Fund may temporarily invest any amount in investment grade debt
securities. There is no restriction on the maturity of the Fund's debt portfolio
or on any individual security in the portfolio.
The Fund may invest any portion of its assets that aren't in stocks or fixed
income securities in high quality money market instruments and repurchase
agreements. To temporarily defend its assets during adverse market conditions,
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 (including its investment
objective) without shareholder approval. [Logo]
33
<PAGE>
CHASE VISTA CORE EQUITY FUND
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 of the specific risks of investing in Core
Equity Fund.
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.
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.
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 strength and value of the
U.S. dollar and, as a result, the value of shares of the Fund.
34
<PAGE>
The market value of convertible securities and debt securities tends to decline
as interest rates increase. The value of convertible securities also tends to
change whenever the market value of the underlying common or preferred stock
fluctuates.
If the Fund invests a substantial portion of its assets in money market
instruments, repurchase agreements and U.S. Government 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
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]
An investment in the Fund isn't a deposit of The Chase Manhattan Bank and it
isn't insured or guaranteed by the Federal Deposit Insurance Corporation or any
other government agency.
35
<PAGE>
CHASE VISTA CORE EQUITY FUND
The Fund's past performance
The performance results for Class A, Class B and Class C shares of the Fund are
based upon the performance of the Core Equity Portfolio. The Core Equity
Portfolio was formed after the Chase Core Equity Fund series of Mutual Fund
Investment Trust was converted to a master/feeder structure in August 1999. The
performance of Core Equity Portfolio prior to the date of the conversion is
based upon the performance of Premier class shares of the Chase Core Equity
Fund. For each class, the Core Equity Portfolio's performance has been adjusted
to reflect the class's historical expenses (absent waivers and reimbursements)
at the Fund's inception. Under this method of calculating performance, 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 risks 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 S&P 500 Index, an
unmanaged, broad-based index of 500 companies that is generally considered to
represent the U.S. market, and the Lipper Large Cap Core Index, representing the
average performance of a universe of actively managed large cap funds that
invest in both growth and value stocks.
The calculations assume that all dividends and distributions are reinvested in
the Fund. Some of the companies that provide services to the Fund have agreed
not to collect some expenses and to reimburse others. Without these agreements,
the performance figures would be lower than 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.
[Bar chart data]
<TABLE>
<S> <C>
1994 -4.79%
1995 24.77%
1996 21.78%
1997 32.57%
1998 30.19%
1999 21.33%
</TABLE>
<TABLE>
<S> <C>
- ------------------------------------
BEST QUARTER 22.90%
- ------------------------------------
4th quarter, 1998
- ------------------------------------
WORST QUARTER -9.80%
- ------------------------------------
3rd quarter, 1998
</TABLE>
36
<PAGE>
AVERAGE ANNUAL TOTAL RETURNS
For the periods ending December 31, 1999:
<TABLE>
<CAPTION>
SINCE INCEPTION
PAST 1 YEAR PAST 5 YEARS (3/31/93)
- ---------------------------------------------------------------------------------
<S> <C> <C> <C>
CLASS A SHARES 14.35% 24.55% 18.04%
- ---------------------------------------------------------------------------------
CLASS B SHARES 15.79% 25.36% 18.57%
- ---------------------------------------------------------------------------------
CLASS C SHARES 19.79% 25.53% 18.57%
- ---------------------------------------------------------------------------------
S&P 500 INDEX 21.03% 28.54% 21.63%
- ---------------------------------------------------------------------------------
LIPPER LARGE CAP CORE INDEX 19.35% 25.32% 19.18%
- ---------------------------------------------------------------------------------
</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.
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 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 0.75% 0.25% 0.95%# 1.95%#
- ----------------------------------------------------------------------------------
CLASS B 0.75% 0.75% 0.95%# 2.45%#
- ----------------------------------------------------------------------------------
CLASS C 0.75% 0.75% 0.95%# 2.45%#
- ----------------------------------------------------------------------------------
</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 expected to be 0.65%, distribution fees for Class A
shares are expected to be 0.00%, other expenses are expected to be 0.60% and the
total annual Fund operating expenses are expected not to exceed 1.25% for Class
A shares and 2.00% for Class B and 2.00% for 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 which you might incur if you
invest through a financial institution.
37
<PAGE>
CHASE VISTA CORE EQUITY 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:
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 before waivers 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* $762 $1,152 $1,567 $2,719
- ---------------------------------------------------------
CLASS B SHARES** $748 $1,064 $1,506 $2,663***
- ---------------------------------------------------------
CLASS C SHARES** $348 $ 764 $1,306 $2,786
- ---------------------------------------------------------
</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 $248 $764 $1,306 $2,663***
- -------------------------------------------------------
CLASS C SHARES $248 $764 $1,306 $2,786
- -------------------------------------------------------
</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.
38
<PAGE>
CHASE VISTA FOCUS FUND
The Fund's objective
The Fund seeks capital growth
The Fund's main investment strategy
Under normal conditions, the Fund invests at least 80% of its total assets in
common stocks of established companies which have market capitalizations of more
than $1 billion at the time of purchase. Market capitalization is the total
market value of a company's shares. The Fund invests primarily in U.S.
companies, but may also invest in multinational companies that issue American
depositary receipts.
The Fund will seek to invest in the 25 companies identified by the advisers as
having the most favorable characteristics through a disciplined investment
approach. The Fund's advisers use a proprietary computer model developed in 1987
to select from among more than 900 companies with market capitalizations of more
than $1 billion. The computer model seeks to identify undervalued stocks which
have favorable characteristics to increase in value. The model uses both value
and growth/ momentum factors. The model considers value factors such as a low
price-to-earnings or price-to-cash flow ratio and/or improving earnings
characteristics and growth factors such as projected earnings growth and risk-
adjusted price momentum. After the model identifies the stocks which appear to
have the most favorable characteristics, the advisers use a research-intensive
fundamental analysis to select the 25 stocks which they think have the most
potential for capital growth.
39
<PAGE>
CHASE VISTA FOCUS FUND
FREQUENCY OF TRADING
The Fund may trade securities actively, which could increase transaction costs
(and lower performance) and increase your taxable dividends.
Fundamental research typically includes analysis of products and market niches,
evaluation of competitors, detailed financial analysis, meetings with company
management, and interviews with industry analysts. In doing their analysis, the
advisers will meet industry concentration limits by investing across a number of
sectors. However, they may change sector weightings in response to market
developments.
The advisers go through this process at least monthly to identify what they
believe are the best 25 companies and adjust their holdings as needed. The Fund
usually invests approximately equal amounts in each of the 25 companies.
However, it may change these weightings and hold assets of more or less than 25
companies. The advisers also use the process to frequently monitor the Fund's
investments.
Although the Fund intends to invest primarily in equity securities, under normal
market conditions it may invest up to 20% of its total assets in high quality
money market instruments and repurchase agreements. To temporarily defend its
assets, the Fund may put any amount of its assets in these types of investments.
During unusual market conditions, the Fund may invest up to 20% of its assets in
U.S. Government obligations.
The Fund may invest in derivatives, which are financial instruments whose value
is based on another security, index or exchange rate. The Fund may use
derivatives to hedge various market risks or to increase the Fund's income or
gain.
The Fund may change any of these investment policies (including its investment
objective) without shareholder approval. [Logo]
The Funds' main investment risks
All mutual funds carry a certain amount of risk. You may lose money on your
investment
40
<PAGE>
in Fund. Here are some of the specific risks of investing in Focus 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 or if
companies which the advisers believe will experience earnings growth do not grow
as expected.
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. These risks increase when investing in issuers located in
developing countries.
Unsponsored depositary receipts may not provide as much information about the
underlying issuer and may not carry the same voting privileges as sponsored
depositary receipts.
If the Fund invests a substantial portion of its assets in money market
instruments, repurchase agreements and U.S. Government debt, including where the
Fund is investing for temporary defensive purposes, it could reduce the Fund's
potential return.
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 Corporation, Federal Reserve Board or any other
government agency.
41
<PAGE>
CHASE VISTA FOCUS FUND
Derivatives may be more risky than other types of investments because they may
respond more to changes in economic conditions than other types of investments.
If they are used for non-hedging purposes, they could cause losses that exceed
the Fund's original investment.
The Fund is not diversified. It may invest a greater percentage of its assets in
a particular issuer or group of issuers than a diversified fund would. That
makes the value of its shares more sensitive to economic problems among those
issuing the securities. Since the Fund invests in a relatively small number of
companies, a decrease in the value of any one of its investments can have a
large impact on the value of the entire portfolio.
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]
42
<PAGE>
The Fund's past performance
This section shows the Fund's performance record. The bar chart shows the
performance of the Fund's Class A shares 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 the S&P
500 Index, a widely recognized market benchmark, and the Lipper Large Cap Core
Average, representing the average performance of a universe of actively managed
growth and value 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.
YEAR-BY-YEAR RETURNS
Past performances 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.
[Bar chart data]
<TABLE>
<S> <C>
1999 13.68%
</TABLE>
<TABLE>
<S> <C>
- ------------------------------------
BEST QUARTER 24.54%
- ------------------------------------
4th quarter, 1999
- ------------------------------------
WORST QUARTER -14.96%
- ------------------------------------
3rd quarter, 1999
</TABLE>
AVERAGE ANNUAL TOTAL RETURNS
For the periods ending December 31, 1999:
<TABLE>
<CAPTION>
SINCE
INCEPTION
PAST 1 YEAR (6/30/98)
- ------------------------------------------------------------
<S> <C> <C>
CLASS A SHARES 7.14% 5.38%
- ------------------------------------------------------------
CLASS B SHARES 8.01% 6.41%
- ------------------------------------------------------------
CLASS C SHARES 12.12% 8.97%
- ------------------------------------------------------------
S&P 500 INDEX 21.03% 20.39%
- ------------------------------------------------------------
LIPPER LARGE CAP CORE AVERAGE 22.31% 22.08%
- ------------------------------------------------------------
</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.
43
<PAGE>
CHASE VISTA FOCUS 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 0.40% 0.25% 1.10%# 1.75%#
- ----------------------------------------------------------------------------------
CLASS B 0.40% 0.75% 1.10%# 2.25%#
- ----------------------------------------------------------------------------------
CLASS C 0.40% 0.75% 1.10%# 2.25%#
- ----------------------------------------------------------------------------------
</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%, other expenses
for Class A shares are expected to be 1.00% and the total annual Fund
operating expenses are expected not to exceed 1.25% for Class A shares,
1.85% for Class B shares and 1.85% for 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 which you might incur if you
invest through a financial institution.
44
<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* $743 $1,094 $1,469 $2,519
- ---------------------------------------------------------
CLASS B SHARES** $728 $1,003 $1,405 $2,459***
- ---------------------------------------------------------
CLASS C SHARES** $328 $ 703 $1,205 $2,585
- ---------------------------------------------------------
</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 $228 $703 $1,205 $2,459***
- -------------------------------------------------------
CLASS C SHARES $228 $703 $1,205 $2,585
- -------------------------------------------------------
</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.
45
<PAGE>
CHASE VISTA EQUITY GROWTH FUND
The Fund's objective
The Fund aims to provide capital appreciation. Producing current income is a
secondary objective.
The Fund's main investment strategy
The Fund seeks to achieve its objective by investing all of its investable
assets in Equity Growth Portfolio, an open-end investment company which has
identical investment objectives and policies as the Fund. As a result, the
strategies and risks outlined below apply to Equity Growth Portfolio as well as
to the Fund.
The Fund uses an active equity management style which focuses on strong earnings
momentum and profitability within the universe of growth-oriented stocks. The
Fund normally invests at least 70% of its total assets in equity securities.
The Fund seeks capital appreciation by emphasizing the growth sectors of the
economy. It looks for companies with one or more of the following
characteristics:
o a projected earnings growth rate that's greater than or equal to the equity
markets in general
o a return on assets and return on equity equal to or greater than the equity
markets
o above market average price-earnings ratios
o below-average dividend yield
o above-average market volatility
o a market capitalization of more than $500 million.
46
<PAGE>
FREQUENCY OF TRADING
The Fund may trade securities actively, which could increase transaction costs
(and lower performance) and increase your taxable dividends.
The Fund focuses on companies with strong earnings and high levels of
profitability as well as positive industry or company characteristics.
The Fund may invest up to 30% of its total assets in foreign securities,
including Depositary Receipts. Its equity investments may include convertible
securities, which generally pay interest or dividends and which can be converted
into common or preferred stock.
The Fund may also invest in investment grade debt securities. When the adviser
wishes to limit the Fund's equity investments because of adverse market
conditions, the Fund may temporarily invest any amount in investment grade debt
securities. There is no restriction on the maturity of the Fund's debt portfolio
or on any individual security in the portfolio.
The Fund may invest any portion of its assets that aren't in stocks or fixed
income securities in high quality money market instruments and repurchase
agreements. To temporarily defend its assets during adverse market conditions,
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 (including its investment
objective) without shareholder approval. [Logo]
47
<PAGE>
CHASE VISTA EQUITY GROWTH FUND
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 of the specific risks of investing in
Equity Growth Fund.
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 securities of mid-capitalization 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. Mid-sized
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.
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
48
<PAGE>
"euro." It is possible that the euro could increase volatility in financial
markets, which could have a negative effect on the strength and value of the
U.S. dollar and, as a result, the value of shares of the Fund.
The market value of convertible securities and debt securities tends to decline
as interest rates increase. The value of convertible securities also tends to
change whenever the market value of the underlying common or preferred stock
fluctuates.
If the Fund invests a substantial portion of its assets in money market
instruments, repurchase agreements and U.S. Government 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
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]
An investment in the Fund isn't a deposit of The Chase Manhattan Bank and it
isn't insured or guaranteed by the Federal Deposit Insurance Corporation or any
other government agency.
49
<PAGE>
CHASE VISTA EQUITY GROWTH FUND
The Fund's past performance
The performance results for Class A, Class B and Class C shares of the Fund are
based upon the performance of the Equity Growth Portfolio. The Equity Growth
Portfolio was formed after the Chase Equity Growth Fund series of Mutual Fund
Investment Trust was converted to a master/feeder structure in August 1999. The
performance of Equity Portfolio Growth prior to the date of the conversion is
based upon the performance of Premier class shares of the Chase Equity Growth
Fund. For each class, the Equity Growth Portfolio's performance has been
adjusted to reflect the class's historical expenses (absent waivers and
reimbursements) at the Fund's inception. Under this method of calculating
performance, 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 risks
of investing in the Fund. The table shows the average annual return over the
past year, five years and ten years. It compares that performance to the
S&P/Barra 500 Growth Index and the Lipper Large Cap Growth Fund Index.
The S&P/Barra 500 Growth Index includes S&P 500 Index securities that have high
price-to-book ratios, low dividend yields and high price/earnings ratios. It's a
market-weighted index, which means each stock affects the index in proportion to
its market value. The Lipper Large Cap Growth Fund Index represents the average
performance of a universe of actively managed funds which invest in large cap
growth stocks.
The calculations assume that all dividends and distributions are reinvested in
the Fund. Some of the companies that provide services to the Fund have agreed
not to collect some expenses and to reimburse others. Without these agreements,
the performance figures would be lower than shown. [Logo]
50
<PAGE>
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>
1990 -2.14%
1991 31.00%
1992 5.74%
1993 1.79%
1994 -1.59%
1995 25.09%
1996 19.83%
1997 36.51%
1998 40.69%
1999 26.53%
</TABLE>
<TABLE>
<S> <C>
- ----------------------------------
BEST QUARTER 27.36%
- ----------------------------------
4th quarter, 1998
- ----------------------------------
WORST QUARTER -15.76%
- ----------------------------------
3rd quarter, 1990
</TABLE>
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 19.25% 27.96% 16.63%
- --------------------------------------------------------------------------------------
CLASS B SHARES 21.21% 29.28% 17.29%
- --------------------------------------------------------------------------------------
CLASS C SHARES 25.10% 29.40% 17.28%
- --------------------------------------------------------------------------------------
S&P/BARRA 500 GROWTH INDEX 28.25% 33.61% 20.59%
- --------------------------------------------------------------------------------------
LIPPER LARGE CAP GROWTH FUND INDEX 34.82% 30.73% 19.70%
- --------------------------------------------------------------------------------------
</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.
51
<PAGE>
CHASE VISTA EQUITY GROWTH 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)
<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 0.75% 0.25% 0.88%# 1.88%#
- ----------------------------------------------------------------------------------
CLASS B 0.75% 0.75% 0.88%# 2.38%#
- ----------------------------------------------------------------------------------
CLASS C 0.75% 0.75% 0.88%# 2.38%#
- ----------------------------------------------------------------------------------
</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 expected to be 0.72%, distribution fees for
Class A shares are expected to be 0.00%, other expenses are expected to be
0.53% and the total annual Fund operating expenses are expected not to
exceed 1.25% for Class A shares and 2.00% for Class B and 2.00% for 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 which you might incur if you
invest through a financial institution.
52
<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 before waivers 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* $755 $1,132 $1,533 $2,649
- ---------------------------------------------------------
CLASS B SHARES** $741 $1,042 $1,470 $2,592***
- ---------------------------------------------------------
CLASS C SHARES** $241 $ 742 $1,270 $2,716
- ---------------------------------------------------------
</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 $241 $742 $1,270 $2,592***
- -------------------------------------------------------
CLASS C SHARES $241 $742 $1,270 $2,716
- -------------------------------------------------------
</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.
53
<PAGE>
CHASE VISTA CAPITAL GROWTH FUND
The Fund's objective
The Fund seeks capital growth over the long term.
The Fund's main investment strategy
The Fund seeks to achieve its objective by investing all of its investable
assets in Capital Growth Portfolio, an open-end investment company which has
identical investment objectives and policies as the Fund. As a result, the
strategies and risks outlined below apply to Capital Growth Portfolio as well as
to the Fund.
Under normal market conditions, the Fund invests at least 80% of its total
assets in a broad portfolio of common stocks of companies with market
capitalizations of $1 billion to $10 billion at the time of purchase. Market
capitalization is the total market value of a company's shares.
The Funds' advisers do quantitative analysis and fundamental research to seek to
identify undervalued stocks which have the potential to increase in value. The
advisers first seek to find companies with the best earnings prospects and then
select companies which appear to have the most attractive values. The advisers
also seek to invest in sectors with good earnings prospects as well.
The advisers may look for value-oriented factors, such as a low price-to-
earnings or price-to-cash ratio, in determining whether a stock is undervalued.
In addition, they may also attempt to identify those undervalued companies which
will experience earnings growth or improved earnings characteristics.
54
<PAGE>
FREQUENCY OF TRADING
The Fund may trade securities actively, which could increase transaction costs
(and lower performance) and increase your taxable dividends.
In determining whether to sell a stock, the advisers will use the same type of
analysis that they use in buying stocks in order to determine whether the stock
is still under-valued. This may include those securities which have appreciated
to meet their target valuations.
The Fund may invest up to 20% of it total assets in foreign securities. It may
also invest up to 20% of its total assets in convertible securities, which
generally pay interest or dividends and which can be converted into common or
preferred stock.
Although the Fund intends to invest primarily in equity securities, under normal
market conditions it may invest up to 20% of its total assets in high quality
money market instruments and repurchase agreements. To temporarily defend its
assets, the Fund may put any amount of its assets in these types of investments.
During unusual market conditions, the Fund may invest up to 20% of its assets in
U.S. Government debt securities.
The Fund may invest in derivatives, which are financial instruments whose value
is based on another security, index or exchange rate. The Fund may use
derivatives to hedge various market risks or to increase the Fund's income or
gain.
The Fund may change any of these investment policies (including its investment
objective) without shareholder approval. [Logo]
55
<PAGE>
CHASE VISTA CAPITAL GROWTH 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
Capital Growth 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 securities of small or mid-sized 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. Small and
mid-sized companies may have limited product lines, markets or financial
resources, and they may depend on a small management group.
The Fund may not achieve its objective if securities which the advisers believe
are undervalued do not appreciate as much as the advisers anticipate.
Investments in foreign securities may be riskier than investments in the U.S.
Because foreign securities are usually denominated in foreign currencies, the
value of the Fund's portfolio may be influenced by currency exchange rates and
exchange control regulations. Foreign securities may be affected by political,
social and economic instability. Some securities may be harder to trade without
incurring a loss and may be difficult to convert into cash. There may be less
public information available, differing settlement procedures, or regulations
and standards that 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.
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 Corporation, Federal Reserve Board or any other
government agency.
56
<PAGE>
In early 1999, the European Monetary Union implemented a new currency called the
"euro." It is possible that the euro could increase volatility in financial
markets, which could have a negative effect on the value of shares of the Fund.
The market value of convertible securities tends to decline as interest rates
increase, and increase as interest rates decline. Their value also tends to
change whenever the market value of the underlying common or preferred stock
fluctuates.
If the Fund invests a substantial portion of its assets in money market
instruments, repurchase agreements and U.S. Government debt securities,
including where the Fund is investing for temporary defensive purposes, it could
reduce the Fund's potential return.
Derivatives may be more risky than other types of investments because they may
respond more to changes in economic conditions than other types of investments.
If they are used for non-hedging purposes, they could cause losses that exceed
the Fund's original investment.
The Fund is not diversified. It may invest a greater percentage of its assets in
a particular issuer or group of issuers than a diversified fund would. That
makes the value of its shares more sensitive to economic problems among those
issuing the securities.
The Fund, like any business, could be affected if the computer systems on which
it relies fail to properly process information beginning January 1, 2000. The
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]
57
<PAGE>
CHASE VISTA CAPITAL GROWTH 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 10 years. It
compares that performance to the Russell 2000 Index and S&P Mid Cap 400 Index,
two widely recognized market benchmarks, and the Lipper Mid-Cap Value Funds
Average, representing the average performance of a universe of actively managed
mid-cap value funds. In the past, the Fund has compared its performance to the
Russell 2000 Index, but in the future, the Fund intends to compare its
performance to the S&P Mid Cap 400 Index instead. It is believed that the new
benchmark is more appropriate since it more accurately reflects the Fund's
investment strategy.
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.
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>
1990 -5.98%
1991 70.74%
1992 12.95%
1993 20.17%
1994 -1.31%
1995 22.24%
1996 24.20%
1997 23.37%
1998 5.54%
1999 12.77%
</TABLE>
<TABLE>
<S> <C>
- ------------------------------------
BEST QUARTER 26.78%
- ------------------------------------
1st quarter, 1991
- ------------------------------------
WORST QUARTER -19.57%
- ------------------------------------
3rd quarter, 1998
</TABLE>
58
<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 6.28% 16.01% 16.28%
- -----------------------------------------------------------------------------
CLASS B SHARES 7.25% 16.60% 16.62%
- -----------------------------------------------------------------------------
CLASS C SHARES 11.26% 16.63% 16.52%
- -----------------------------------------------------------------------------
RUSSELL 2000 INDEX 21.26% 16.89% 13.40%
- -----------------------------------------------------------------------------
LIPPER MID-CAP VALUE FUNDS AVG. 9.68% 15.86% 12.00%
- -----------------------------------------------------------------------------
S&P MIDCAP 400 INDEX 14.72% 23.05% 17.32%
- -----------------------------------------------------------------------------
</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 January 2, 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.
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 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 0.40% 0.25% 0.70%# 1.35%#
- ----------------------------------------------------------------------------------
CLASS B 0.40% 0.75% 0.70%# 1.85%#
- ----------------------------------------------------------------------------------
CLASS C 0.40% 0.75% 0.70%# 1.85%#
- ----------------------------------------------------------------------------------
</TABLE>
59
<PAGE>
CHASE VISTA CAPITAL GROWTH FUND
(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 table does not reflect charges or credits which you might incur if you
invest through a financial institution.
EXAMPLE This example helps you compare the cost of investing in the Fund with
the cost of investing in other mutual funds. The example assumes:
o you invest $10,000
o you sell all your shares at the end of the period
o your investment has a 5% return each year, and
o the Fund's operating expenses remain the same as shown above.
Although your actual costs may be higher or lower, based on these assumptions:
IF YOU SELL YOUR SHARES:
<TABLE>
<CAPTION>
1 YEAR 3 YEARS 5 YEARS 10 YEARS
- ---------------------------------------------------------
<S> <C> <C> <C> <C>
CLASS A SHARES* $705 $978 $1,272 $2,105
- ---------------------------------------------------------
CLASS B SHARES** $688 $882 $1,201 $2,039***
- ---------------------------------------------------------
CLASS C SHARES** $288 $582 $1,001 $2169
- ---------------------------------------------------------
</TABLE>
IF YOU DON'T SELL YOUR SHARES:
<TABLE>
<CAPTION>
1 YEAR 3 YEARS 5 YEARS 10 YEARS
- -------------------------------------------------------
<S> <C> <C> <C> <C>
CLASS B SHARES $188 $582 $1,001 $2,039***
- -------------------------------------------------------
CLASS C SHARES $188 $582 $1,001 $2,169
- -------------------------------------------------------
</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.
60
<PAGE>
CHASE VISTA SMALL CAP EQUITY FUND
The Fund's objective
The Fund seeks capital growth over the long term.
The Fund's main investment strategy
Under normal market conditions, the Fund invests at least 80% of its total
assets in equity securities and at least 65% of its total assets in equity
securities of companies with market capitalization of $1.5 billion or less at
the time of purchase (small cap companies). Market capitalization is the total
market value of a company's shares.
The Funds' advisers do quantitative analysis and fundamental research to seek to
identify undervalued stocks which have the potential to increase in value. The
advisers first seek to find companies with the best earnings prospects and then
select companies which appear to have the most attractive values. The advisers
also seek to invest in sec-tors with good earnings prospects as well.
The advisers may look for value-oriented factors, such as a low price-to-
earnings or price-to-cash ratio, in determining whether a stock is undervalued.
In addition, they may also attempt to identify those undervalued companies which
will experience earnings growth or improved earnings characteristics.
In determining whether to sell a stock, the advisers will use the same type of
analysis that they use in buying stocks in order to determine whether the stock
is still undervalued. This may include those securities which have appreciated
to meet their target valuations.
61
<PAGE>
CHASE VISTA SMALL CAP EQUITY FUND
FREQUENCY OF TRADING
The Fund may trade securities actively, which could increase transaction costs
(and lower performance) and increase your taxable dividends.
The Fund is currently closed to new investors. You may only buy shares in this
Fund through an account established before November 30, 1998. The Fund may
modify or eliminate this policy at any time.
The Fund may invest up to 20% of it total assets in foreign securities. It may
also invest up to 20% of its total assets in convertible securities, which
generally pay interest or dividends and which can be converted into common or
preferred stock.
Although the Fund intends to invest primarily in equity securities, under normal
market conditions it may invest up to 20% of its total assets in high quality
money market instruments and repurchase agreements. To temporarily defend its
assets, the Fund may put any amount of its assets in these types of investments.
During unusual market conditions, the Fund may invest up to 20% of its assets in
U.S. Government obligations.
The Fund may invest in derivatives, which are financial instruments whose value
is based on another security, index or exchange rate. The Fund may use
derivatives to hedge various market risks or to increase the Fund's income or
gain.
The Fund may change any of these investment policies (but not its investment
objective) without shareholder approval. [Logo]
62
<PAGE>
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
Small Cap Equity Fund.
The Fund may not achieve its objective if the advisers' expectations regarding
particular securities or markets are not met.
The value of shares of the Fund will be influenced by conditions in stock
markets as well as the performance of the companies selected for the Fund's
portfolio.
Because the assets in this Fund are invested mostly in small companies, the
value of your investment is likely to fluctuate more dramatically than an
investment in a fund which invests mostly in larger companies. That's because
smaller companies trade less frequently and in smaller volumes, which may lead
to more volatility in the prices of the securities. They may have limited
product lines, markets or financial resources, and they may depend on a small
management group.
The Fund may not achieve its objective if securities which the advisers believe
are undervalued do not appreciate as much as the advisers anticipate.
Investments in foreign securities may be riskier than investments in the U.S.
Because foreign securities are usually denominated in foreign currencies, the
value of the Fund's portfolio may be influenced by currency exchange rates and
exchange control regulations. Foreign securities may be affected by political,
social and economic instability. Some securities may be harder to trade without
incurring a loss and may be difficult to convert into cash. There may be less
public information available, differing settlement procedures, or regulations
and standards that don't match U.S. standards. Some countries may nationalize or
expropriate assets or
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 Corporation, Federal Reserve Board or any other
government agency.
63
<PAGE>
CHASE VISTA SMALL CAP EQUITY FUND
impose exchange controls. These risks increase when investing in issuers located
in developing countries.
In early 1999, the European Monetary Union implemented a new currency called the
"euro." It is possible that the euro could increase volatility in financial
markets, which could have a negative effect on the value of shares of the Fund.
The market value of convertible securities tends to decline as interest rates
increase, and increase as interest rates decline. Their value also tends to
change whenever the market value of the underlying common or preferred stock
fluctuates.
If the Fund invests a substantial portion of its assets in money market
instruments, repurchase agreements and U.S. Government debt, including where the
Fund is investing for temporary defensive purposes, it could reduce the Fund's
potential return.
Derivatives may be more risky than other types of investments because they may
respond more to changes in economic conditions than other types of investments.
If they are used for non-hedging purposes, they could cause losses that exceed
the Fund's original investment.
The Fund is not diversified. It may invest a greater percentage of its assets in
a particular issuer or group of issuers than a diversified fund would. That
makes the value of its shares more sensitive to economic problems among those
issuing the securities.
The Fund, like any business, could be affected if the computer systems on which
it relies fail to properly process information beginning January 1, 2000. The
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]
64
<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 Russell 2000 Index and the S&P Small Cap 600
Index, two widely recognized market benchmarks and the Lipper Small Cap Growth
Funds Average, representing the average performance of a universe of actively
managed small cap funds. In the past, the Fund has compared its performance to
the Russell 2000 Index, but in the future, the Fund intends to compare its
performance to the S&P Small Cap 600 Index instead. It is believed that the new
benchmark is more appropriate since it more accurately reflects the Fund's
investment strategy.
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.
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>
1995 54.04%
1996 28.80%
1997 17.76%
1998 3.34%
1999 13.75%
</TABLE>
<TABLE>
<S> <C>
- ------------------------------------
BEST QUARTER 19.38%
- ------------------------------------
4th quarter, 1998
- ------------------------------------
WORST QUARTER -21.13%
- ------------------------------------
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 (12/20/94)
- -----------------------------------------------------------------------------
<S> <C> <C> <C>
CLASS A SHARES 7.21% 20.95% 21.72%
- -----------------------------------------------------------------------------
CLASS B SHARES 7.97% 21.38% 22.24%
- -----------------------------------------------------------------------------
RUSSELL 2000 INDEX 21.26% 16.69% 16.69%
- -----------------------------------------------------------------------------
LIPPER SMALL CAP GROWTH FUNDS AVG. 62.31% 23.28% 26.41%
- -----------------------------------------------------------------------------
S&P SMALL CAP 600 INDEX 12.41% 17.05% 17.03%
- -----------------------------------------------------------------------------
</TABLE>
65
<PAGE>
CHASE VISTA SMALL CAP EQUITY FUND
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 March 28, 1995. The performance for the period
before Class B shares were launched is based on 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 5.75% 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 0.65% 0.25% 0.55%# 1.45%#
- ----------------------------------------------------------------------------------
CLASS B 0.65% 0.75% 0.78%# 2.18%#
- ----------------------------------------------------------------------------------
</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 table does not reflect charges or credits which you might incur if you
invest through a financial institution.
66
<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 remain the same as shown above.
Although your actual costs may be higher or lower, based on these assumptions:
IF YOU SELL YOUR SHARES:
<TABLE>
<CAPTION>
1 YEAR 3 YEARS 5 YEARS 10 YEARS
- ---------------------------------------------------------
<S> <C> <C> <C> <C>
CLASS A SHARES* $714 $1,007 $1,322 $2,210
- ---------------------------------------------------------
CLASS B SHARES** $721 $ 982 $1,369 $2,329***
- ---------------------------------------------------------
</TABLE>
IF YOU DON'T SELL YOUR SHARES:
<TABLE>
<CAPTION>
1 YEAR 3 YEARS 5 YEARS 10 YEARS
- -------------------------------------------------------
<S> <C> <C> <C> <C>
CLASS B SHARES $221 $682 $1,169 $2,329***
- -------------------------------------------------------
</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.
67
<PAGE>
CHASE VISTA SMALL CAP OPPORTUNITIES FUND
The Fund's objective
The Fund seeks capital growth over the long term.
The Fund's main investment strategy
Under normal market conditions, the Fund invests at least 80% of its assets in
equity securities and at least 65% of its total assets in equity securities of
companies with market capitalization of $1.5 billion or less at the time of
purchase. Market capitalization is the total market value of a company's shares.
Companies with market capitalizations of less than $1.5 billion are considered
by the Fund to be small cap companies.
The Fund's advisers do quantitative analysis and fundamental research in an
attempt to identify equities with the best combination of value and growth among
small capitalization stocks. The advisers may look for value-oriented factors,
such as a low price-to-earnings or price-to-cash ratio, in determining whether a
stock is undervalued. They may also look at growth-oriented factors, such as
projected earnings growth, improved earnings characteristics or risk-adjusted
price momentum.
In determining whether to sell a stock, the advisers will use the same type of
analysis that they use in buying a stock in order to determine if the stock is
still an attractive investment opportunity.
To maintain investment flexibility, the Fund may stop accepting new investors
once the Fund's net assets reach approximately $1 billion. If that happens,
existing shareholders would still be able to buy additional Fund shares.
68
<PAGE>
FREQUENCY OF TRADING
The Fund may trade securities actively, which could increase transaction costs
(and lower performance) and increase your taxable dividends.
The Fund may invest up to 20% of its total assets in foreign securities. It may
also invest up to 20% of its total assets in convertible securities, which
generally pay interest or dividends and which can be converted into common or
preferred stock.
Although the Fund intends to invest primarily in equity securities, under normal
market conditions it may invest up to 20% of its total assets in high quality
money market instruments and repurchase agreements. To temporarily defend its
assets, the Fund may put any amount of its assets in these types of investments.
During unusual market conditions, the Fund may invest up to 20% of its assets in
U.S. Government debt securities.
The Fund may invest in derivatives, which are financial instruments whose value
is based on another security, index or exchange rate. The Fund may use
derivatives to hedge various market risks or to increase the Fund's income or
gain.
The Fund may change any of these investment policies (including its investment
objective) without shareholder approval. [Logo]
69
<PAGE>
CHASE VISTA SMALL CAP OPPORTUNITIES 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
Small Cap Opportunities Fund.
The Fund may not achieve its objective if the advisers' expectations regarding
particular securities or markets are not met.
The value of shares of the Fund will be influenced by conditions in stock
markets as well as the performance of the companies selected for the Fund's
portfolio.
Because the assets in this Fund are invested mostly in smaller companies, the
value of your investment is likely to fluctuate more dramatically than an
investment in a fund which invests mostly in larger companies. That's because
smaller companies trade less frequently and in smaller volumes, which may lead
to more volatility in the prices of the securities. They may have limited
product lines, markets or financial resources, and they may depend on a small
management group.
The Fund may not achieve its objective if securities which the advisers believe
are undervalued do not appreciate as much as the advisers anticipate or if
companies which the advisers believe will experience earnings growth do not grow
as expected.
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
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 Corporation, Federal Reserve Board or any other
government agency.
70
<PAGE>
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.
In early 1999, the European Monetary Union implemented a new currency called the
"euro." It is possible that the euro could increase volatility in financial
markets, which could have a negative effect on the value of shares of the Fund.
The market value of convertible securities tends to decline as interest rates
increase, and increase as interest rates decline. Their value also tends to
change whenever the market value of the underlying common or preferred stock
fluctuates.
If the Fund invests a substantial portion of its assets in money market
instruments, repurchase agreements and U.S. Government debt, including where the
Fund is investing for temporary defensive purposes, it could reduce the Fund's
potential return.
Derivatives may be more risky than other types of investments because they may
respond more to changes in economic conditions than other types of investments.
If they are used for non-hedging purposes, they could cause losses that exceed
the Fund's original investment.
The Fund is not diversified. It may invest a greater percentage of its assets in
a particular issuer or group of issuers than a diversified fund would. That
makes the value of its shares more sensitive to economic problems among those
issuing the securities.
The Fund, like any business, could be affected if the computer systems on which
it relies fail to properly process information beginning January 1, 2000. The
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]
71
<PAGE>
CHASE VISTA SMALL CAP OPPORTUNITIES FUND
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 and since inception. It compares
that performance to the Russell 2000 Index and S&P/Barra Small Cap 600 Growth
Index, two widely recognized market benchmarks, and the Lipper Small Cap Growth
Funds Average, representing the average performance of a universe of actively
managed small cap funds. In the past, the Fund has compared its performance to
the Russell 2000 Index, but in the future, the Fund intends to compare its
performance to the S&P/Barra Small Cap 600 Growth Index instead. It is believed
that the new benchmark is more appropriate since it more accurately reflects the
Fund's investment strategy.
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.
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>
1998 13.46%
1999 30.13%
</TABLE>
<TABLE>
<S> <C>
- ------------------------------------
BEST QUARTER 24.00%
- ------------------------------------
4th quarter, 1999
- ------------------------------------
WORST QUARTER -18.98%
- ------------------------------------
3rd quarter, 1998
</TABLE>
AVERAGE ANNUAL TOTAL RETURNS
For the periods ending December 31, 1999:
<TABLE>
<CAPTION>
SINCE
INCEPTION
PAST 1 YEAR (5/19/97)
- -------------------------------------------------------------------
<S> <C> <C>
CLASS A SHARES 22.64% 26.75%
- -------------------------------------------------------------------
CLASS B SHARES 24.20% 27.97%
- -------------------------------------------------------------------
CLASS C SHARES 28.15% 28.69%
- -------------------------------------------------------------------
RUSSELL 2000 INDEX 21.26% 12.87%
- -------------------------------------------------------------------
LIPPER SMALL CAP GROWTH FUNDS AVG. 62.31% 29.74%
- -------------------------------------------------------------------
S&P/BARRA SMALL CAP 600 GROWTH INDEX 19.57% 16.59%
- -------------------------------------------------------------------
</TABLE>
72
<PAGE>
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 C shares were first offered on January 7, 1998. The performance for the
period before Class C shares were launched is based on the performance for Class
B shares of the 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)
<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 0.65% 0.25% 1.04%# 1.94%#
- ----------------------------------------------------------------------------------
CLASS B 0.65% 0.75% 1.04%# 2.44%#
- ----------------------------------------------------------------------------------
CLASS C 0.65% 0.75% 1.04%# 2.44%#
- ----------------------------------------------------------------------------------
</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 0.45%, other expenses for
Class A shares are expected to be 0.80% and the total annual Fund operating
expenses are expected not to exceed 1.50% for Class A shares, 2.24% for Class B
shares and 2.24% for 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 which you might incur if you
invest through a financial institution.
73
<PAGE>
CHASE VISTA SMALL CAP OPPORTUNITIES 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:
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* $761 $1,149 $1,562 $2,709
- ---------------------------------------------------------
CLASS B SHARES** $747 $1,061 $1,501 $2,653***
- ---------------------------------------------------------
CLASS C SHARES** $347 $ 761 $1,301 $2,776
- ---------------------------------------------------------
</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 $247 $761 $1,301 $2,653***
- -------------------------------------------------------
CLASS C SHARES $247 $761 $1,301 $2,776
- -------------------------------------------------------
</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.
74
<PAGE>
CHASE VISTA INTERNATIONAL EQUITY FUND
The Fund's objective
The Fund seeks total return from long-term capital growth and income. Total
return consists of capital growth and current income.
The Fund's main investment strategy
The Fund seeks to achieve its objective by investing all of its investable
assets in International Equity Portfolio, an open-end investment company which
has identical investment objectives and policies as the Fund. As a result, the
strategies and risks outlined below apply to International Equity Portfolio as
well as to the Fund.
Under normal conditions, the Fund will invest at least 65% of its total assets
in a broad portfolio of equity securities of established foreign companies of
various sizes, including foreign subsidiaries of U.S. companies. Equity
securities include common stocks, preferred stocks, securities that are
convertible into common stocks and warrants to purchase common stocks. These
investments may take the form of depositary receipts.
The Fund's advisers seek to identify those countries and industries where
political and economic factors, including currency changes, are likely to
produce above-average growth rates. Then the advisers try to identify companies
within those countries and industries that are poised to take advantage of those
political and economic conditions.
The Fund's advisers will seek to select issuers in several countries--at least
three other than the U.S. However, the Fund may invest a substantial part of its
assets in just one country.
75
<PAGE>
CHASE VISTA INTERNATIONAL EQUITY FUND
FREQUENCY OF TRADING
The Fund may trade securities actively, which could increase transaction costs
(and lower performance) and increase your taxable dividends.
The Fund intends to invest in companies or governments in the following
countries or regions: the Far East (including Japan, Hong Kong, Singapore and
Malaysia), Western Europe (including the United Kingdom, Germany, Netherlands,
France, Switzerland, Italy and Spain), Scandinavia, Australia, Canada and other
countries or areas that the advisers may select from time to time. A substantial
part of the Fund's assets may be invested in companies based in Japan, the
United Kingdom, and other countries who are heavily represented in an index
called the Morgan Stanley Capital International, Europe, Australia and Far East
Index. However, the Fund may also invest in companies or governments in
developing countries.
The Fund may invest in securities denominated in U.S. dollars, major reserve
currencies and currencies of other countries in which it can invest. The
advisers may adjust the Fund's exposure to each currency based on their view of
the markets and issuers. They will decide how much to invest in the securities
of a particular currency or country by evaluating the yield and potential growth
of an investment, as well as the relationship between the currency and the U.S.
dollar. They may increase or decrease the emphasis on a type of security,
industry, country or currency, based on their analysis of a variety of economic
factors, including fundamental economic strength, earnings growth, quality of
management, industry growth, credit quality and interest rate trends. The Fund
may purchase securities where the issuer is located in one country but the
security is denominated in another.
While the Fund invests primarily in equities, it may also invest in
investment-grade debt securities. Investment grade means a rating of Baa or
higher by Moody's Investors Service, Inc., BBB or higher by Standard & Poor's
76
<PAGE>
Corporation or the equivalent by another national rating organization or unrated
securities of comparable quality. No more than 25% of the Fund's net assets will
be invested in debt securities denominated in a currency other than the U.S.
dollar. No more than 25% of the Fund's net assets will be invested in debt
securities issued by a single foreign government or international organization,
such as the World Bank.
While the Fund intends to invest primarily in stocks and investment-grade debt
securities, under normal market conditions it is permitted to invest up to 35%
of its total assets in high-quality money-market instruments and repurchase
agreements. To temporarily defend its assets, the Fund may invest any amount of
its assets in these instruments. During unusual market conditions, the Fund may
invest up to 20% of its assets in U.S. Government debt securities.
Where the capital markets in certain countries are either less developed or not
easy to access, the Fund may invest in these countries by investing in
closed-end investment companies which are authorized to invest in those
countries.
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]
77
<PAGE>
CHASE VISTA INTERNATIONAL EQUITY 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 of the specific risks of investing in the
International Equity Fund.
The Fund may not achieve its objective if the advisers' expectations regarding
particular securities or markets are not met.
The value of shares of the Fund will be influenced by conditions in stock
markets as well as the performance of the companies selected for the Fund's
portfolio.
Because the Fund invests mostly in securities of issuers outside the U.S., an
investment in the Fund is riskier than an investment in a U.S. equity fund.
Investments in foreign securities may be riskier than investments in the United
States. 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.
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.
The Fund's investments in developing countries could lead to more volatility in
the value of the
An investment in the Fund isn't a deposit of The Chase Manhattan Bank and it
isn't insured or guaranteed by the Federal Deposit Insurance Corporation or any
other government agency.
78
<PAGE>
Fund's shares. As mentioned above, the normal risks of investing in foreign
countries are heightened when investing in developing countries. In addition,
the small size of securities markets and the low trading volume may lead to a
lack of liquidity, which leads to increased volatility. Also, developing
countries may not provide adequate legal protection for private or foreign
investment or private property.
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 worldwide, which could have a negative effect on the value of shares of
the Fund.
Because the Fund may invest in small companies, the value of your investment may
fluctuate more dramatically than an investment in a fund which does not invest
in small companies. That's because small companies trade less frequently and in
smaller volumes, which may lead to more volatility in the prices of their
securities. They may have limited product lines, markets or financial resources,
and they may depend on a small management group.
The market value of convertible securities and other debt securities tends to
fall when prevailing interest rates rise. The value of convertible securities
also tends to change whenever the market value of the underlying common or
preferred stock fluctuates. Securities which are rated Baa by Moody's or BBB by
S&P may have fewer protective provisions than higher rated securities. The
issuer may have trouble making principal and interest payments when difficult
economic conditions exist.
If the Fund invests in closed-end investment companies, it may incur added
expenses such as additional management fees and trading costs.
If the Fund invests a substantial portion of its assets in money market
instruments, repurchase agreements and debt securities, including where the Fund
is investing for temporary defensive purposes, it could reduce the Fund's
potential return.
Derivatives may be more risky than other types of investments because they may
respond more to changes in economic conditions than other types of investments.
If they are used for non-hedging purposes, they could cause losses that exceed
the Fund's original investment.
The Fund is not diversified. It may invest a greater percentage of its assets in
a particular issuer or group of issuers than a diversified fund would. That
makes the value of its shares more sensitive to economic problems among those
issuing the securities.
The Fund, like any business, could be affected if the computer systems on which
it relies fail to properly process information beginning January 1, 2000. The
Fund's advisers are updating their own systems and encouraging service providers
to do the same, but there's no guarantee these systems will work properly. Year
2000 problems could also hurt issuers whose securities the Fund holds or
securities markets generally. [Logo]
79
<PAGE>
CHASE VISTA INTERNATIONAL EQUITY 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 in the past year, five years and since inception. It
compares that performance to the Morgan Stanley Capital International Europe,
Australia and Far East Index, a widely recognized market benchmark, and the
Lipper International Funds Average, representing the average performance of a
universe of actively managed international stock 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.
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>
1993 21.44%
1994 -4.33%
1995 5.89%
1996 6.03%
1997 -1.01%
1998 12.42%
1999 36.90%
</TABLE>
<TABLE>
<S> <C>
- ------------------------------------
BEST QUARTER 28.82%
- ------------------------------------
4th quarter, 1999
- ------------------------------------
WORST QUARTER -18.99%
- ------------------------------------
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 (12/31/92)
- -----------------------------------------------------------------------------
<S> <C> <C> <C>
CLASS A SHARES 29.03% 10.02% 9.38%
- -----------------------------------------------------------------------------
CLASS B SHARES 31.17% 10.52% 9.82%
- -----------------------------------------------------------------------------
MSCI EAFE INDEX 27.30% 13.15% 15.02%
- -----------------------------------------------------------------------------
LIPPER INT'L FUNDS AVG. 40.81% 15.05% 15.60%
- -----------------------------------------------------------------------------
</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 is based on the performance of 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.
80
<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 DEFERRED SALES
MAXIMUM SALES CHARGE (LOAD) CHARGE (LOAD) SHOWN AS
WHEN YOU BUY SHARES, SHOWN LOWER OF ORIGINAL PURCHASE
AS % OF THE OFFERING PRICE(1) PRICE OR REDEMPTION PROCEEDS
- ------------------------------------------------------------------------------
<S> <C> <C>
CLASS A SHARES 5.75% 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 1.00% 0.25% 1.75%# 3.00%#
- ----------------------------------------------------------------------------------
CLASS B 1.00% 0.75% 1.75%# 3.50%#
- ----------------------------------------------------------------------------------
</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% and the total
annual Fund operating expenses are expected not to exceed 2.00% for Class A
shares and 2.50% 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 which you might incur if you
invest through a financial institution.
81
<PAGE>
CHASE VISTA INTERNATIONAL EQUITY 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:
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* $861 $1,449 $2,061 $3,702
- ---------------------------------------------------------
CLASS B SHARES** $853 $1,374 $2,017 $3,663***
- ---------------------------------------------------------
</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 $353 $1,074 $1,817 $3,663***
- -------------------------------------------------------
</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.
82
<PAGE>
CHASE VISTA EUROPEAN FUND
The Fund's objective
The Fund seeks total return from long-term capital growth. Total return consists
of capital growth and current income.
The Fund's main investment strategy
The Fund will invest primarily in equity securities issued by companies with
principal business activities in Western Europe. Under normal market conditions,
the Fund invests at least 65% of its total assets in equity securities of
European issuers. Equity securities include common stocks, preferred stocks,
securities that are convertible into common stocks and warrants to buy common
stocks. These investments may take the form of depositary receipts.
The Fund's advisers seek to identify those Western European countries and
industries where political and economic factors, including currency changes, are
likely to produce above-average growth rates. Then the advisers try to identify
companies within those countries and industries that are poised to take
advantage of those political and economic conditions. The Fund will continually
review economic and political events in the countries in which it invests.
The Fund may invest in Austria, Belgium, Denmark, Germany, Finland, France,
Greece, Ireland, Italy, Luxembourg, Netherlands, Norway, Portugal, Spain,
Sweden, Switzerland, and the United Kingdom, as well as other Western European
countries which the advisers think are appropriate. In addition, the Fund may
invest up to 8% of its total assets in equity securities of emerging market
European issuers. These countries may include
83
<PAGE>
CHASE VISTA EUROPEAN FUND
FREQUENCY OF TRADING
The Fund may trade securities actively, which could increase transaction costs
(and lower performance) and increase your taxable dividends.
Poland, the Czech Republic, Hungary and other similar countries which the
advisers think are appropriate.
The Fund may invest in securities denominated in U.S. dollars, major reserve
currencies and currencies of other countries in which it can invest. The
advisers may adjust the Fund's exposure to each currency based on their view of
the markets and issuers. They will decide how much to invest in the securities
of a particular currency or country by evaluating the yield and potential growth
of an investment, as well as the relationship between the currency and the U.S.
dollar. They may increase or decrease the emphasis on a type of security,
industry, country or currency, based on their analysis of a variety of economic
factors, including fundamental economic strength, earnings growth, quality of
management, industry growth, credit quality and interest rate trends. The Fund
may purchase securities where the issuer is located in one country but the
security is denominated in another.
While the Fund's assets will usually be invested in a number of different
Western European countries, the Fund's advisers may at times invest most or all
of the assets in a limited number of these countries. The Fund will, however,
try to choose a wide range of industries and companies of varying sizes.
While the Fund invests primarily in equities, it may also invest in
investment-grade debt securities. No more than 25% of the Fund's net assets will
be invested in debt securities denominated in a currency other than the U.S.
dollar. No more than 25% of the Fund's net assets will be invested in debt
securities issued by a single foreign government or international organization,
such as the World Bank.
While the Fund intends to invest primarily in stocks and investment-grade debt
securities,
84
<PAGE>
under normal market conditions it is permitted to invest up to 35% of its total
assets in high-quality money market instruments and repurchase agreements. To
temporarily defend its assets, the Fund may invest any amount of its assets in
these instruments and in debt securities issued by supranational organizations
and companies and governments of countries in which the Fund can invest and
short-term debt instruments issued or guaranteed by the government of any member
of the Organization for Economic Cooperation and Development. These debt
securities may be in various currencies. During unusual market conditions, the
Fund may invest up to 20% of its assets in U.S. Government debt securities.
Where the capital markets in certain countries are either less developed or not
easy to access, the Fund may invest in these countries by investing in
closed-end investment companies which are authorized to invest in those
countries.
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]
85
<PAGE>
CHASE VISTA EUROPEAN 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 of the specific risks of investing in the
European Fund.
The Fund may not achieve its objective if the advisers' expectations regarding
particular securities or markets are not met.
The value of shares of the Fund will be influenced by conditions in stock
markets as well as the performance of the companies selected for the Fund's
portfolio.
Because the Fund invests mostly in securities of issuers outside the U.S., an
investment in the Fund is riskier than an investment in a U.S. equity fund.
Investments in foreign securities may be riskier than investments in the United
States. 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.
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.
The Fund's investments in developing countries could lead to more volatility in
the value of the Fund's shares. As mentioned above, the normal risks of
investing in foreign countries are heightened when investing in developing
countries. In addition,
An investment in the Fund isn't a deposit of The Chase Manhattan Bank and it
isn't insured or guaranteed by the Federal Deposit Insurance Corporation or any
other government agency.
86
<PAGE>
the small size of securities markets and the low trading volume may lead to a
lack of liquidity, which leads to increased volatility. Also, developing
countries may not provide adequate legal protection for private or foreign
investment or private property.
The Fund's performance will be affected by political, social and economic
conditions in Europe, such as growth of the economic output (the Gross National
Product), the rate of inflation, the rate at which capital is reinvested into
European economies, the resource self-sufficiency of European countries and
interest and monetary exchange rates between European countries.
In early 1999, the European Monetary Union implemented a new currency called the
"euro." It is possible that the euro could increase volatility in financial
markets, which could have a negative effect on the strength and value of the
U.S. dollar and, as a result, the value of shares of the Fund.
Because the Fund may invest in small companies, the value of your investment may
fluctuate more dramatically than an investment in a fund which does not invest
in small companies. That's because small companies trade less frequently and in
smaller volumes, which may lead to more volatility in the prices of their
securities. They may have limited product lines, markets or financial resources,
and they may depend on a small management group.
The market value of convertible securities and other debt securities tends to
fall when prevailing interest rates rise. The value of convertible securities
also tends to change whenever the market value of the underlying common or
preferred stock fluctuates. Securities which are rated Baa by Moody's or BBB by
S&P may have fewer protective provisions than higher rated securities. The
issuer may have trouble making principal and interest payments when difficult
economic conditions exist.
If the Fund invests in closed-end investment companies, it may incur added
expenses such as additional management fees and trading costs.
If the Fund invests a substantial portion of its assets in money market
instruments, repurchase agreements and debt securities, including where the Fund
is investing for temporary defensive purposes, it could reduce the Fund's
potential return.
Derivatives may be more risky than other types of investments because they may
respond more to changes in economic conditions than other types of investments.
If they are used for non-hedging purposes, they could cause losses that exceed
the Fund's original investment.
The Fund is not diversified. It may invest a greater percentage of its assets in
a particular issuer or group of issuers than a diversified fund would. That
makes the value of its shares more sensitive to economic problems among those
issuing the securities.
The Fund, like any business, could be affected if the computer systems on which
it relies fail to properly process information beginning January 1, 2000. The
Fund's advisers are updating their own systems and encouraging service providers
to do the same, but there's no guarantee these systems will work properly. Year
2000 problems could also hurt issuers whose securities the Fund holds or
securities markets generally. [Logo]
87
<PAGE>
CHASE VISTA EUROPEAN FUND
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 in the past year and since the launch of the Fund. It
compares that performance to Morgan Stanley Capital International Europe Index,
a widely recognized market benchmark, and the Lipper European Funds Average,
representing the average performance of a universe of actively managed funds
that invest in European stocks.
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.
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>
1996 28.10%
1997 21.38%
1998 28.17%
1999 36.06%
</TABLE>
<TABLE>
<S> <C>
- ------------------------------------
BEST QUARTER 33.36%
- ------------------------------------
4th quarter, 1999
- ------------------------------------
WORST QUARTER -16.97%
- ------------------------------------
3rd quarter, 1998
</TABLE>
AVERAGE ANNUAL TOTAL RETURNS
For the periods ending December 31, 1999:
<TABLE>
<CAPTION>
SINCE INCEPTION
PAST 1 YEAR (11/02/95)
- ------------------------------------------------------------------
<S> <C> <C>
CLASS A SHARES 28.24% 25.82%
- ------------------------------------------------------------------
CLASS B SHARES 30.16% 26.51%
- ------------------------------------------------------------------
CLASS C SHARES 34.16% 26.74%
- ------------------------------------------------------------------
MSCI EUROPE INDEX 16.23% 21.45%
- ------------------------------------------------------------------
LIPPER EUROPEAN FUNDS AVERAGE 24.39% 21.64%
</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 3, 1995. Class C shares were first
offered on November 1, 1998. The performance for the period before Class C
shares were launched is based on the performance of Class B shares of the Fund.
88
<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 DEFERRED SALES
MAXIMUM SALES CHARGE (LOAD) CHARGE (LOAD) SHOWN AS
WHEN YOU BUY SHARES, SHOWN LOWER OF ORIGINAL PURCHASE
AS % OF THE 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 1.00% 0.25% 0.85%# 2.10%#
- ----------------------------------------------------------------------------------
CLASS B 1.00% 0.75% 1.10%# 2.85%#
- ----------------------------------------------------------------------------------
CLASS C 1.00% 0.75% 1.10%# 2.85%#
- ----------------------------------------------------------------------------------
</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 0.65% and the total annual
Fund operating expenses are expected not to exceed 1.75% for Class A shares and
2.50% for Class B and 2.50% for 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 which you might incur if you
invest through a financial institution.
89
<PAGE>
CHASE VISTA EUROPEAN 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:
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* $776 $1,195 $1,639 $2,866
- ---------------------------------------------------------
CLASS B SHARES** $788 $1,183 $1,704 $2,998***
- ---------------------------------------------------------
CLASS C SHARES** $388 $ 883 $1,504 $3,176
- ---------------------------------------------------------
</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 $288 $883 $1,504 $2,998***
- -------------------------------------------------------
CLASS C SHARES $288 $883 $1,504 $3,176
- -------------------------------------------------------
</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.
90
<PAGE>
CHASE VISTA JAPAN FUND
The Fund's objective
The Fund seeks total return from long-term capital growth. Total return consists
of capital growth and current income.
The Fund's main investment strategy
The Fund will invest principally in equity securities of foreign companies
located throughout the Pacific and Far East. Under normal conditions, the Fund
will invest at least 65% of its total assets in equity securities of issuers in
Japan. The Fund may, from time to time, also invest in securities traded in
other markets of the Pacific and the Far East. Under current market conditions,
the Fund's advisers anticipate that most of the Fund's assets will be invested
in securities traded on Japanese markets. These investments may take the form of
depositary receipts.
Equity securities include common stocks, preferred stocks, securities that are
convertible into common stocks and warrants to buy common stocks.
The Fund's advisers seek to identify those industries where economic factors are
likely to produce above-average growth rates. Then the advisers try to identify
companies within those industries that are poised to take advantage of those
economic conditions.
The Fund may invest in securities denominated in U.S. dollars, major reserve
currencies and currencies of other countries in which it can invest. The
advisers may adjust the Fund's exposure to each currency based on their view of
the markets and issuers. They will decide how much to invest in the securities
of a particular currency or country by evaluating the yield and potential growth
of an investment, as well as the relationship between the currency and the U.S.
dollar. They may increase or decrease the emphasis on a type of security,
industry, country or currency, based on their analysis of a variety of economic
factors, including fundamental economic strength, earnings
91
<PAGE>
CHASE VISTA JAPAN FUND
FREQUENCY OF TRADING
The Fund may trade securities actively, which could increase transaction costs
(and lower performance) and increase your taxable dividends.
growth, quality of management, industry growth, credit quality and interest rate
trends. The Fund may purchase securities where the issuer is located in one
country but the security is denominated in another. While the Fund is not
limited in the amount it invests in any one country, it will try to choose a
wide range of industries and companies of varying sizes.
While the Fund invests primarily in equities, it may also invest in
investment-grade debt securities. Investment grade 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.
While the Fund intends to invest primarily in stocks and investment-grade debt
securities, under normal market conditions it is permitted to invest up to 35%
of its total assets in high-quality money-market instruments and repurchase
agreements. To temporarily defend its assets, the Fund may invest any amount of
its assets in these instruments and in debt securities issued by supranational
organizations and companies and governments of countries in which the Fund can
invest and short-term debt instruments issued or guaranteed by the government of
any member of the Organization for Economic Cooperation and Development. These
debt securities may be in various currencies. During unusual market conditions,
the Fund may invest up to 20% of its assets in U.S. Government debt securities.
Where the capital markets in certain countries are either less developed or not
easy to access, the Fund may invest in these countries by investing in
closed-end investment companies which are authorized to invest in those
countries.
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]
92
<PAGE>
The Fund's main investment risks
All mutual funds carry a certain amount of risk. You may lose money on your
investment in the Fund. Here are some of the specific risks of investing in the
Japan Fund.
The Fund may not achieve its objective if the advisers' expectations regarding
particular securities or markets are not met.
The value of shares of the Fund will be influenced by conditions in stock
markets as well as the performance of the companies selected for the Fund's
portfolio.
Because the Fund invests mostly in securities of issuers outside the U.S., an
investment in the Fund is riskier than an investment in a U.S. equity fund.
Investing in this Fund has added risk because of political and economic factors
in Japan.
Investments in foreign securities may be riskier than investments in the United
States. 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.
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.
An investment in the Fund isn't a deposit of The Chase Manhattan Bank and it
isn't insured or guaranteed by the Federal Deposit Insurance Corporation or any
other government agency.
93
<PAGE>
CHASE VISTA JAPAN FUND
The Fund's investments in developing countries could lead to more volatility in
the value of the Fund's shares. As mentioned above, the normal risks of
investing in foreign countries are heightened when investing in developing
countries. In addition, the small size of securities markets and the low trading
volume may lead to a lack of liquidity, which leads to increased volatility.
Also, developing countries may not provide adequate legal protection for private
or foreign investment or private property.
The Fund's performance will be affected by political, social and economic
conditions in Japan. In addition, while the Fund invests primarily in Japanese
securities, the Japanese economy may be affected by Southeast Asian consumer
demands and the state of Southeast Asian economies.
The Japanese economy and financial markets have experienced considerable
difficulty since 1990. The Japanese stock market, as measured by the Tokyo Stock
Price Index, has been volatile. After increasing by over 500% in the 1980s, it
has fallen more than half since then. This decline in the Tokyo stock market has
made the country's banks and financial institutions vulnerable because of their
large share portfolios. Japanese banks have been left with large numbers of
non-performing loans. In addition, the Japanese economy labors under a heavy
government budget deficit and historically low interest rates. As a result of
these factors, several high-profile bankruptcies of Japanese banks, brokerage
firms and insurance companies have occurred.
Although the Japanese yen has generally gone up against the U.S. dollar, in
recent years it has fluctuated, and has even declined. The Japanese yen might
also be hurt by the currency difficulties of other countries in Southeast Asia.
Devaluation of the yen, and any other currencies in which the Fund's securities
are denominated, will hurt the Fund's value.
Japan's relationship with its main trading partners, particularly the U.S., is
in a difficult phase. This is because Japan sells far more highly visible
products such as automobiles than it buys. The trade imbalance is the largest
with the U.S. Japan's economy is also affected by economic trouble in Southeast
Asian countries since the demand for Japanese exports fluctuates and since many
Japanese banks and companies have invested there.
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.
Because the Fund may invest in small companies, the value of your investment may
fluctuate more dramatically than an investment in a fund which does not invest
in small companies. That's because small companies trade less frequently and in
smaller volumes, which may lead to more volatility in the prices of their
securities. They may have limited product lines, markets or financial resources,
and they may depend on a small management group.
The market value of convertible securities and other debt securities tends to
fall
94
<PAGE>
when prevailing interest rates rise. The value of convertible securities also
tends to change whenever the market value of the underlying common or preferred
stock fluctuates. Securities which are rated Baa by Moody's or BBB by S&P may
have fewer protective provisions than higher rated securities. The issuer may
have trouble making principal and interest payments when difficult economic
conditions exist.
If the Fund invests in closed-end investment companies, it may incur added
expenses such as additional management fees and trading costs.
If the Fund invests a substantial portion of its assets in money market
instruments, repurchase agreements and debt securities, including where the Fund
is investing for temporary defensive purposes, it could reduce the Fund's
potential return.
Derivatives may be more risky than other types of investments because they may
respond more to changes in economic conditions than other types of investments.
If they are used for non-hedging purposes, they could cause losses that exceed
the Fund's original investment.
The Fund is not diversified. It may invest a greater percentage of its assets in
a particular issuer or group of issuers than a diversified fund would. That
makes the value of its shares more sensitive to economic problems among those
issuing the securities.
The Fund, like any business, could be affected if the computer systems on which
it relies fail to properly process information beginning January 1, 2000. The
Fund's advisers are updating their own systems and encouraging service providers
to do the same, but there's no guarantee these systems will work properly. Year
2000 problems could also hurt issuers whose securities the Fund holds or
securities markets generally. [Logo]
95
<PAGE>
CHASE VISTA JAPAN 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 in the past year and since the launch of the Fund. It
compares that performance to Tokyo SE (TOPIX) 1st Section Index and the MSCI
Japan Index, two widely recognized market benchmarks, and the Lipper Japan
Equity Funds Average, representing the average performance of a universe of
actively managed funds that invest primarily in Japanese stocks.
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.
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>
1996 -11.10%
1997 1.63%
1998 -19.67%
1999 60.29%
</TABLE>
<TABLE>
<S> <C>
- ------------------------------------
BEST QUARTER 18.84%
- ------------------------------------
2nd quarter, 1997
- ------------------------------------
WORST QUARTER -12.67%
- ------------------------------------
3rd quarter, 1998
</TABLE>
AVERAGE ANNUAL TOTAL RETURNS
For the periods ending December 31, 1999
<TABLE>
<CAPTION>
SINCE INCEPTION
PAST 1 YEAR (11/02/95)
- -----------------------------------------------------------------------
<S> <C> <C>
CLASS A SHARES 51.07% 2.89%
- -----------------------------------------------------------------------
CLASS B SHARES 54.41% 3.21%
- -----------------------------------------------------------------------
TOKYO SE (TOPIX) 1st SECTION INDEX 76.59% 4.89%
- -----------------------------------------------------------------------
LIPPER JAPAN EQUITY FUNDS AVG. 120.51% 15.43%
- -----------------------------------------------------------------------
MSCI JAPAN INDEX 61.77% 5.03%
- -----------------------------------------------------------------------
</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 3, 1995.
96
<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 DEFERRED SALES
MAXIMUM SALES CHARGE (LOAD) CHARGE (LOAD) SHOWN AS
WHEN YOU BUY SHARES, SHOWN LOWER OF ORIGINAL PURCHASE
AS % OF THE OFFERING PRICE(1) PRICE OR REDEMPTION PROCEEDS
- ------------------------------------------------------------------------------
<S> <C> <C>
CLASS A SHARES 5.75% 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 1.00% 0.25% 2.40%# 3.65%#
- ----------------------------------------------------------------------------------
CLASS B 1.00% 0.75% 2.65%# 4.40%#
- ----------------------------------------------------------------------------------
</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
are expected to be 0.00% for Class A shares, other expenses are expected to be
1.75% and the total annual Fund operating expenses are expected not to exceed
1.75% for Class A shares and 2.50% 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 which you might incur if you
invest through a financial institution.
97
<PAGE>
CHASE VISTA JAPAN 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:
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* $921 $1,628 $2,354 $4,257
- ---------------------------------------------------------
CLASS B SHARES** $941 $1,632 $2,433 $4,382***
- ---------------------------------------------------------
</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 $441 $1,332 $2,233 $4,382***
- -------------------------------------------------------
</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.
98
<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 10017
Chase is entitled to receive an annual management fee at the rate of:
o 0.75% of the average daily net assets of the Core Equity Fund and Equity
Growth Fund,
o 1.00% of the average daily net assets of the International Equity Fund, the
European Fund and Japan Fund,
o 0.40% of the average daily net assets of the Equity Income Fund, Large Cap
Equity Fund, Growth and Income Fund, Focus Fund and Capital Growth Fund,
o 0.50% of the average daily net assets of the Balanced Fund and
o 0.65% of the average daily net assets of the Small Cap Equity Fund and
Small Cap Opportunities Fund.
Chase Asset Management Inc. (CAM) is the sub-adviser to all the Funds except the
Core Equity Fund, Equity Growth Fund, International Equity Fund, European Fund
and Japan Fund. It makes the day-to-day investment
99
<PAGE>
FUNDS' INVESTMENT ADVISER
decisions for those Funds. Chase pays CAM a sub-advisory fee for its services.
CAM is a wholly-owned subsidiary of Chase. CAM provides discretionary investment
services to institutional clients and is located at 1211 Avenue of the Americas,
New York, NY 10036.
Chase Bank of Texas, National Association (Chase Texas) is the sub-advisor to
the Core Equity Fund and Equity Growth Fund. It makes the day-to-day investment
decisions for those Funds. Chase pays Chase Texas a sub-advisory fee for its
services. Chase Texas and its predecessor have been in the investment counseling
business since 1987 and is a wholly-owned subsidiary of the Chase Manhattan
Corporation. Chase Texas is located at 600 Travis, Houston, Texas 77002.
Chase Asset Management (London) Limited (CAM London) is the sub-adviser to the
International Equity Fund, European Fund and Japan Fund. It makes the day-to-day
investment decisions for those Funds. Chase pays CAM London a sub-advisory fee
for its services. CAM London is a wholly-owned subsidiary of Chase. It provides
discretionary investment services to institutional clients. CAM London is
located at Colvile House, 32 Curzon Street, London W1Y8AL.
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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.
EQUITY INCOME FUND
Robert Heintz, Director of Equity Management, Research and Trading at Chase, is
responsible for management of the Fund's portfolio. Mr. Heintz has worked at
Chase since 1983 in a variety of investment management positions. Before joining
Chase he worked at the Bank of New York as a Portfolio Manager. Mr. Heintz has
been managing the Fund since August 1999.
LARGE CAP EQUITY FUND
Mr. Heintz is responsible for management of the Fund's portfolio. Mr. Heintz has
been managing the Fund since August 1999.
GROWTH AND INCOME FUND
Mr. Heintz and Steve O'Keefe, Portfolio Manager at Chase, are responsible for
management of the Fund's portfolio. Mr. O'Keefe joined Chase in 1989. Prior to
joining Chase, he held a position as Quantitative Analyst for the investment
division of American General. Both have been managing the Fund since August
1999.
FOCUS FUND
Mr. Lartigue and Mr. Heintz are responsible for management of the Fund's
portfolio. Both have been managing the Fund since August 1999.
CAPITAL GROWTH FUND
Mr. Heintz and Chris Matlock, Portfolio Manager at Chase, are responsible for
management of the Fund's portfolio. Mr. Matlock has worked at Chase since 1994
in numerous investment management roles. Prior to joining Chase he worked at
Hollywood Marine, Inc. and KPMG Peat Marwick in an investment management and
finance capacity. Both have been managing the Fund since August 1999.
SMALL CAP EQUITY FUND
Mr. Lartigue and Juliet Ellis, Senior Portfolio Manager at Chase, are
responsible for management of the Fund's portfolio. Ms. Ellis has worked for
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<PAGE>
FUNDS' INVESTMENT ADVISER
Chase since 1987 as an analyst and portfolio manager. Before joining Chase she
worked for Merrill Lynch, Pierce, Fenner & Smith as a financial consultant. Both
have been managing the Fund since August 1999.
SMALL CAP OPPORTUNITIES FUND
Ms. Ellis and Mr. Lartigue are responsible for management of the Fund's
portfolio. Both have been managing the Fund since August 1999.
CHASE CORE EQUITY FUND
Mr. Lartigue, and Mr. Phelps have managed the portfolio since January of 1996.
CHASE EQUITY GROWTH FUND
Mr. Lartigue has managed the portfolio since July of 1994.
INTERNATIONAL EQUITY FUND
Michael Browne and David Webb, both Vice Presidents of Chase, have been
responsible for International Equity Portfolio's management since August 1996.
Mr. Browne is responsible for investment management and equity research for
European equities. He joined Chase in 1994. Before that, he was assistant
director of European equity fund management at BZW Investment Management in
London. Mr. Webb is responsible for investment management and equity research in
the Asia region. He joined Chase in 1992. Before that he was with Hambros Bank
Ltd. where he was responsible for the Hambros Equus Pacific Trust and Hambros
Japan Trust.
EUROPEAN FUND
Mr. Browne has been responsible for the management of the European Fund since
its inception.
JAPAN FUND
Mr. Webb and Chee Chow, Vice President, Portfolio Manager at Chase, are
responsible for the management of the Japan Fund. Mr. Chow has worked at Chase
since September 1992 and over this period had roles in global asset allocation,
quantitative modeling and performance analytics. Mr. Webb has managed the Fund
since its inception. Mr. Chow has managed the Fund since Febrary 2000.
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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.
You have a choice of three different kinds of charges. 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 the 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.
The Small Cap Equity Fund, International Equity Fund and Japan Fund are
available in either Class A or Class B shares in this prospectus. The other
Funds are available in Class A, Class B or Class C 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 three sales charges work.
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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.
<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.
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.
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 charges. 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.
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<PAGE>
GENERAL
Vista Fund Distributors Inc. (VFD) is the distributor for the Funds. It's a
subsidiary of BISYS Group, Inc. and is not affiliated with Chase. Each 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
and up to 0.75% of the average daily net assets attributed to Class B shares. In
addition, each Fund except the Small Cap Equity Fund, International Equity Fund
and Japan Fund has adopted a Rule 12b-1 distribution plan under which it pays
annual distribution fees of up to 0.75% of the average daily net assets
attributed to Class C 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 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 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 Fund operating
expenses (expenses that are deducted from Fund 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
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HOW YOUR ACCOUNT WORKS
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 219392
Kansas City, MO 64121-9392
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.
--------------------------
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 proper form only after payment is converted into federal
funds.
The International Equity Fund, European Fund and Japan Fund invest in securities
which are primarily listed on foreign exchanges and these exchanges may trade on
Saturdays or other United States holidays on which the Funds do not price. As a
result, these Funds' portfolios will trade and their NAVs may fluctuate
significantly on days when the investor has no access to the 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>
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
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<PAGE>
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
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 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 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 219392
Kansas City, MO 64121-9392
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,
each 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:
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<PAGE>
HOW YOUR ACCOUNT WORKS
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.
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 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.
--------------------------
If you exchange Class B shares of a Fund for Class B shares of another Chase
Vista Fund, or Class C for Class C, 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
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<PAGE>
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 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 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
Class A and Class B shares of the Funds and Class C shares of all Funds except
the Small Cap Equity Fund, International Equity Fund and Japan 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. The
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 Balanced Fund, Equity Income Fund, Large Cap Equity Fund, Core Equity Fund
and Growth and Income Fund and Equity Growth Fund distribute any net investment
income at
109
<PAGE>
HOW YOUR ACCOUNT WORKS
least quarterly. The Focus Fund, Capital Growth Fund, Small Cap Equity Fund and
Small Cap Opportunities Fund distribute any net investment income at least
semi-annually. The International Equity Fund, European Fund and Japan Fund
distribute any net investment income at least annually. Net capital gain is
distributed annually. You have three options for your distributions. You may:
o reinvest all of them in additional Fund shares without a sales charge;
o take distributions of net investment income in cash or as a deposit in a
pre-assigned bank account and reinvest distributions of net capital gain in
additional shares; or
o take all distributions in cash or as a deposit in a pre-assigned bank
account.
If you don't select an option when you open your account, we'll reinvest all
distributions. If your distributions are reinvested, they will be in the form of
shares of the same class. The taxation of dividends won't be affected by the
form in which you receive them.
Dividends of net investment income are usually taxable as ordinary income at the
federal, state and local levels. The state or municipality where you live may
not charge you state and local taxes on tax-exempt interest earned on certain
bonds. Dividends earned on bonds issued by the U.S. government and its agencies
may also be exempt from some types of state and local taxes.
If you receive distributions of net capital gain, the tax rate will be 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.
The Balanced Fund and Equity Income Fund expect that their distributions will
consist primarily of ordinary income. The Core Equity Fund, Growth and Income
Fund, Equity Growth Fund, Focus Fund, Capital Growth Fund, Small Cap Equity
Fund, Small Cap Opportunities Fund, International Equity Fund, European Fund and
Japan Fund expect that their distributions will consist primarily of capital
gains.
Investment income received by the International Equity Fund, European Equity
Fund and Japan Fund from sources in foreign countries may be subject to foreign
taxes withheld at the source. Since it is anticipated that more than 50% of each
such Fund's assets at the close of its taxable year will be in securities of
foreign corporations, each such Fund may elect to "pass through" to its
shareholder the foreign taxes that it paid.
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 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]
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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.
FREE EXCHANGE PRIVILEGE
You can 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
shares or Class C 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]
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SHAREHOLDER SERVICES
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 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, one Class B Share and, where applicable, 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 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.
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Chase Vista Balanced Fund
FINANCIAL HIGHLIGHTS
<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 $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%
- ------------------------------------------------------------------------------------------------
<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 or deferred
sales load.
114
<PAGE>
Chase Vista Equity 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 $19.07 $19.23 $15.98 $13.39 $12.12
- --------------------------------------------------------------------------------------------------
Income from investment operations:
Net investment income 0.15 0.22 0.26 0.35 0.35
Net gains or losses in securities
(both realized and unrealized) 2.12 1.07 4.71 3.43 1.70
------- ------- ------- ------- -------
Total from investment operations 2.27 1.29 4.97 3.78 2.05
Less distributions:
Dividends from net investment income 0.17 0.27 0.23 0.33 0.37
Distributions from capital gains 0.11 1.18 1.49 0.86 0.41
------- ------- ------- ------- -------
Total distributions 0.28 1.45 1.72 1.19 0.78
- --------------------------------------------------------------------------------------------------
Net asset value, end of period $21.06 $19.07 $19.23 $15.98 $13.39
- --------------------------------------------------------------------------------------------------
TOTAL RETURN(1) 11.92% 6.90% 33.66% 29.79% 17.97%
==================================================================================================
RATIOS/SUPPLEMENTAL DATA
- --------------------------------------------------------------------------------------------------
Net assets, end of period (in millions) $65 $80 $47 $17 $12
- --------------------------------------------------------------------------------------------------
Ratio of expenses to
average net assets 1.45% 1.46% 1.50% 1.50% 1.50%
- --------------------------------------------------------------------------------------------------
Ratio of net income
to average net assets 0.70% 1.20% 1.65% 2.41% 2.81%
- --------------------------------------------------------------------------------------------------
Ratio of expenses without waivers
and assumption of expenses to
average net assets 1.45% 1.46% 1.70% 2.32% 2.19%
- --------------------------------------------------------------------------------------------------
Ratio of net investment income
without waivers and assumption
of expenses to average net assets 0.70% 1.20% 1.45% 1.59% 2.12%
- --------------------------------------------------------------------------------------------------
Portfolio turnover rate 172% 160% 75% 114% 91%
- --------------------------------------------------------------------------------------------------
<CAPTION>
CLASS B CLASS C
--------------------------------------------- ----------------------
Year Year Year 5/7/96* Year 1/08/98*
ended ended ended through ended Through
10/31/99 10/31/98 10/31/97 10/31/96 10/31/99 10/31/98
<S> <C> <C> <C> <C> <C> <C>
PER SHARE OPERATING PERFORMANCE
- ------------------------------------------------------------------------------------- ---------------------
Net asset value, beginning of period $18.92 $19.09 $15.92 $14.56 $18.91 $18.62
- ------------------------------------------------------------------------------------- ---------------------
Income from investment operations:
Net investment income 0.04 0.14 0.22 0.13 0.05 0.09
Net gains or losses in securities
(both realized and unrealized) 2.10 1.05 4.62 1.38 2.09 0.31
------- ------- ------- -------- ------- --------
Total from investment operations 2.14 1.19 4.84 1.51 2.14 0.40
Less distributions:
Dividends from net investment income 0.07 0.18 0.18 0.15 0.07 0.11
Distributions from capital gains 0.11 1.18 1.49 -- 0.11 --
------- ------- ------- -------- ------- --------
Total distributions 0.18 1.36 1.67 0.15 0.18 0.11
- ------------------------------------------------------------------------------------- ---------------------
Net asset value, end of period $20.88 $18.92 $19.09 $15.92 $20.87 $18.91
- ------------------------------------------------------------------------------------- ---------------------
TOTAL RETURN(1) 11.31% 6.42% 32.87% 10.43% 11.35% 2.13%
===================================================================================== =====================
RATIOS/SUPPLEMENTAL DATA
- ------------------------------------------------------------------------------------- ---------------------
Net assets, end of period (in millions) $28 $26 $15 $1 $7 $4
- ------------------------------------------------------------------------------------- ---------------------
Ratio of expenses to
average net assets 1.94% 1.96% 2.11% 2.25%# 1.94% 1.95%#
- ------------------------------------------------------------------------------------- ---------------------
Ratio of net income
to average net assets 0.20% 0.70% 1.06% 1.75%# 0.20% 0.56%#
- ------------------------------------------------------------------------------------- ---------------------
Ratio of expenses without waivers
and assumption of expenses to
average net assets 1.94% 1.96% 2.13% 2.75%# 1.94% 1.95%#
- ------------------------------------------------------------------------------------- ---------------------
Ratio of net investment income
without waivers and assumption
of expenses to average net assets 0.20% 0.70% 1.04% 1.25%# 0.20% 0.56%#
- ------------------------------------------------------------------------------------- ---------------------
Portfolio turnover rate 172% 160% 75% 114% 172% 160%
- ------------------------------------------------------------------------------------- ---------------------
</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.
115
<PAGE>
Chase Vista Large Cap Equity Fund*
FINANCIAL HIGHLIGHTS
<TABLE>
<CAPTION>
CLASS A
---------------------------------------------
Year Year Year 5/8/96**
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 $15.09 $14.83 $13.25 $12.06
- ---------------------------------------------------------------------------------------
Income from investment operations:
Net investment income 0.13 0.12 0.11 0.05
Net gains or losses in securities
(both realized and unrealized) 2.06 1.92 3.45 1.21
------- ------- ------- --------
Total from investment operations 2.19 2.04 3.56 1.26
Less distributions:
Dividends from net investment income 0.13 0.12 0.09 0.07
Distributions from capital gains 0.95 1.66 1.89 --
------- ------- ------- --------
Total distributions 1.08 1.78 1.98 0.07
- ---------------------------------------------------------------------------------------
Net asset value, end of period $16.20 $15.09 $14.83 $13.25
- ---------------------------------------------------------------------------------------
TOTAL RETURN(1) 14.96% 15.15% 30.69% 10.84%
=======================================================================================
RATIOS/SUPPLEMENTAL DATA
- ---------------------------------------------------------------------------------------
Net assets, end of period (in millions) $69 $50 $44 $8
- ---------------------------------------------------------------------------------------
Ratio of expenses to
average net assets 0.80% 0.85% 1.13% 1.38%#
- ---------------------------------------------------------------------------------------
Ratio of net income
to average net assets 0.80% 0.81% 0.61% 0.84%#
- ---------------------------------------------------------------------------------------
Ratio of expenses without waivers
and assumption of expenses to
average net assets 1.30% 1.35% 1.63% 1.87%#
- ---------------------------------------------------------------------------------------
Ratio of net investment income
without waivers and assumptions
of expenses to average net assets 0.30% 0.31% 0.11% 0.35%#
- ---------------------------------------------------------------------------------------
Portfolio turnover rate 70% 72% 72% 89%
- ---------------------------------------------------------------------------------------
<CAPTION>
CLASS B CLASS C
-------------------------------------------------- ------------
Year Year Year 5/7/96** 11/11/98**
ended ended ended through through
10/31/99 10/31/98 10/31/97 10/31/96 10/31/99
<S> <C> <C> <C> <C> <C>
PER SHARE OPERATING PERFORMANCE
- -------------------------------------------------------------------------------------------- -----------
Net asset value, beginning of period $15.02 $14.76 $13.22 $12.06 $15.21
- -------------------------------------------------------------------------------------------- -----------
Income from investment operations:
Net investment income 0.07 0.05 0.07 0.05 0.07
Net gains or losses in securities
(both realized and unrealized) 2.03 1.92 3.42 1.19 1.79
-------- -------- -------- --------- ---------
Total from investment operations 2.10 1.97 3.49 1.24 1.86
Less distributions:
Dividends from net investment income 0.07 0.05 0.06 0.08 0.09
Distributions from capital gains 0.95 1.66 1.89 -- 0.95
-------- -------- -------- --------- ---------
Total distributions 1.02 1.71 1.95 0.08 1.04
- -------------------------------------------------------------------------------------------- -----------
Net asset value, end of period $16.10 $05.02 $14.76 $13.22 $16.03
- -------------------------------------------------------------------------------------------- -----------
TOTAL RETURN(1) 14.38% 14.71% 30.15% 6.66% 12.62%
============================================================================================ ===========
RATIOS/SUPPLEMENTAL DATA
- -------------------------------------------------------------------------------------------- -----------
Net assets, end of period (in millions) $35 $10 $5 $1 %1
- -------------------------------------------------------------------------------------------- -----------
Ratio of expenses to
average net assets 1.29% 1.35% 1.59% 1.88%# 1.29%#
- -------------------------------------------------------------------------------------------- -----------
Ratio of net income
to average net assets 0.28% 0.31% 0.15% 0.14%# 0.24%#
- -------------------------------------------------------------------------------------------- -----------
Ratio of expenses without waivers
and assumption of expenses to
average net assets 1.79% 1.85% 2.09% 2.38%# 1.79%#
- -------------------------------------------------------------------------------------------- -----------
Ratio of net investment income
without waivers and assumptions
of expenses to average net assets (0.22%) (0.19%) (0.35%) (0.36%)# (0.26%)#
- -------------------------------------------------------------------------------------------- -----------
Portfolio turnover rate 70% 72% 72% 89% 70%
- -------------------------------------------------------------------------------------------- -----------
</TABLE>
* Formerly Vista Equity Fund
** 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.
116
<PAGE>
Chase Vista Growth and 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 $43.24 $46.21 $39.21 $34.96 $30.26
- -----------------------------------------------------------------------------------------------
Income from investment operations:
Net investment income 0.18@ 0.19@ 0.35@ 0.60 0.61
Net gains or losses in securities
(both realized and unrealized) 5.07 3.59 10.18 5.96 4.71
------- ------- ------- ------- -------
Total from investment operations 5.25 3.78 10.53 6.56 5.32
------- ------- ------- ------- -------
Less distributions:
Dividends from net investment income 0.17 0.19 0.38 0.55 0.62
Distributions from capital gains 4.67 6.56 3.15 1.76 --
------- ------- ------- ------- --------
Total distributions 4.84 6.75 3.53 2.31 0.62
- -----------------------------------------------------------------------------------------------
Net asset value, end of period $43.65 $43.24 $46.21 $39.21 $34.96
- -----------------------------------------------------------------------------------------------
TOTAL RETURN(1) 12.82% 9.09% 28.84% 19.60% 17.79%
===============================================================================================
RATIOS/SUPPLEMENTAL DATA
- -----------------------------------------------------------------------------------------------
Net assets, end of period (in millions) $1,385 $1,499 $1,497 $1,591 $1,521
- -----------------------------------------------------------------------------------------------
Ratios of expenses to
average net assets 1.26% 1.25% 1.27% 1.32% 1.43%
- -----------------------------------------------------------------------------------------------
Ratio of net income
to average net assets 0.41% 0.44% 0.82% 1.46% 1.93%
- -----------------------------------------------------------------------------------------------
Ratio of expenses without waivers
and assumption of expenses to
average net assets 1.26% 1.25% 1.27% 1.32% 1.45%
- -----------------------------------------------------------------------------------------------
Ratio of net investment income
without waivers and assumption
of expenses to average net assets 0.41% 0.44% 0.82% 1.46% 1.91%
- -----------------------------------------------------------------------------------------------
</TABLE>
(1)Total return figures do not include the effect of any front-end or deferred
sales load.
@ Calculated based upon average shares outstanding.
117
<PAGE>
Chase Vista Growth and Income Fund (continued)
FINANCIAL HIGHLIGHTS
<TABLE>
<CAPTION>
CLASS B CLASS C
---------------------------------------------------------- ---------------------------
Year Year Year Year Year Year 01/02/98*
ended ended ended ended ended ended through
10/31/99 10/31/98 10/31/97 10/31/96 10/31/95 10/31/99 10/31/98
<S> <C> <C> <C> <C> <C> <C> <C>
PER SHARE OPERATING PERFORMANCE
- --------------------------------------------------------------------------------------------------- ------------------------
Net asset value, beginning of period $42.92 $45.96 $39.02 $34.81 $30.12 $42.13 $41.64
- --------------------------------------------------------------------------------------------------- ------------------------
Income from investment operations:
Net investment income (0.04)@ (0.02)@ 0.13 @ 0.37 0.46 (0.03)@ (0.02)@
Net gains or losses in securities
(both realized and unrealized) 5.04 3.54 10.13 5.98 4.70 4.94 0.68
------- ------- ------- ------- ------- ------- --------
Total from investment operations 5.00 3.52 10.26 6.35 5.16 4.91 0.66
------- ------- ------- ------- ------- ------- --------
Less distributions:
Dividends from net investment income -- -- 0.17 0.38 0.47 0.03 0.09
Distributions from capital gains 4.67 6.56 3.15 1.76 -- 4.67 0.08
------- ------- ------- ------- -------- ------- --------
Total Distributions 4.67 6.56 3.32 2.14 0.47 4.70 0.17
- --------------------------------------------------------------------------------------------------- ------------------------
Net asset value, end of period $43.25 $42.92 $45.96 $39.02 $34.81 $42.34 $42.13
- --------------------------------------------------------------------------------------------------- ------------------------
TOTAL RETURN(1) 12.29% 8.52% 28.20% 19.02% 17.21% 12.29% 1.55%
=================================================================================================== ========================
RATIOS/SUPPLEMENTAL DATA
- --------------------------------------------------------------------------------------------------- ------------------------
Net assets, end of period (in millions) $528 $542 $489 $370 $274 $10 $5
- --------------------------------------------------------------------------------------------------- ------------------------
Ratios of expenses to
average net assets 1.76% 1.75% 1.77% 1.81% 1.93% 1.76% 1.72%#
- --------------------------------------------------------------------------------------------------- ------------------------
Ratio of net income
to average net assets (0.09%) (0.06%) 0.31% 0.95% 1.38% (0.07%) (0.05%)#
- --------------------------------------------------------------------------------------------------- ------------------------
Ratio of expenses without waivers
and assumption of expenses to
average net assets 1.76% 1.75% 1.77% 1.81% 1.94% 1.76% 1.72%#
- --------------------------------------------------------------------------------------------------- ------------------------
Ratio of net investment income
without waivers and assumption
of expenses to average net assets (0.09%) (0.06%) 0.31% 0.95% 1.37% (0.07%) (0.05%)#
- --------------------------------------------------------------------------------------------------- ------------------------
</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.
@Calculated based upon average shares outstanding.
118
<PAGE>
Chase Vista Core Equity Fund
<TABLE>
<CAPTION>
CLASS A CLASS B CLASS C
------------- ------------- -------------
08/12/99* 08/12/99* 08/13/99**
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 $10.12
- --------------------------------------------------------------------------- ------------- -------------
Income from investment operations:
Net investment income -- (0.01) (0.01)
Net gains or losses on investments
(both realized and unrealized) 0.47 0.47 0.35
-------- -------- --------
Total from investment operations 0.47 0.46 0.34
-------- -------- --------
Net asset value, end of period $10.47 $10.46 $10.46
======== ======== ========
TOTAL RETURN(1) 4.70% 4.60% 3.36%
=========================================================================== ============= =============
RATIOS/SUPPLEMENTAL DATA
- --------------------------------------------------------------------------- ------------- -------------
Net assets, end of period (in millions) $7 $6 $2
- --------------------------------------------------------------------------- ------------- -------------
Ratio to average net assets:#
Expenses 1.21%# 1.94%# 1.94%#
- --------------------------------------------------------------------------- ------------- -------------
Net investment income (0.35%)# (1.08%)# (1.06%)#
- --------------------------------------------------------------------------- ------------- -------------
Expenses without waivers and reimbursements 7.20%# 7.68%# 7.68%#
- --------------------------------------------------------------------------- ------------- -------------
Net investment income without waivers and reimbursements (6.34%)# (6.82%)# (6.80%)#
- ------------------------------------------------------------------------ ------------- -------------
</TABLE>
*Commencement of operations.
**Commencement of offering class of shares.
(1)Total return figures do not include the effect of any front-end or deferred
sales load.
#Short periods have been annualized.
119
<PAGE>
Chase Vista Focus Fund
FINANCIAL HIGHLIGHTS
<TABLE>
<CAPTION>
CLASS A CLASS B CLASS C
--------------------------- --------------------------- --------------------------
Year 06/30/98* Year 06/30/98* Year 06/30/98*
ended through ended through ended through
10/31/99 10/31/98 10/31/99 10/31/98 10/31/99 10/31/98
<S> <C> <C> <C> <C> <C> <C>
PER SHARE OPERATING PERFORMANCE
- ----------------------------------------------------------------- --------------------- ---------------------
Net asset value, beginning of period $9.40 $10.00 $9.38 $10.00 $9.38 $10.00
- ----------------------------------------------------------------- --------------------- ---------------------
Income from investment operations:
Net investment income 0.01@ 0.01 (0.05)@ -- (0.05)@ --
Net gains or losses in securities
(both realized and unrealized) 0.43 (0.61) 0.44 (0.62) 0.43 (0.62)
------- -------- ------- -------- ------- --------
Total from investment operations 0.44 (0.60) 0.39 (0.62) 0.38 (0.62)
------- -------- ------- -------- ------- --------
Less distributions:
Dividends from net investment income 0.01 -- -- -- -- --
Distributions from capital gains -- -- -- -- -- --
------- -------- ------- -------- ------- --------
Total distributions 0.01 -- -- -- -- --
- ----------------------------------------------------------------- --------------------- ---------------------
Net asset value, end of period $9.83 $9.40 $9.77 $9.38 $9.76 $9.38
- ----------------------------------------------------------------- --------------------- ---------------------
TOTAL RETURN(1) 4.67% (6.00%) 4.16% (6.20%) 4.05% (6.20%)
===========================================================================================================================
RATIOS/SUPPLEMENTAL DATA
- ----------------------------------------------------------------- --------------------- ---------------------
Net assets, end of period (in millions) $17 $18 $22 $18 $7 $4
- ----------------------------------------------------------------- --------------------- ---------------------
Ratio of expenses to
average net assets 1.25% 1.25%# 1.84% 1.85%# 1.84% 1.85%#
- ----------------------------------------------------------------- --------------------- ---------------------
Ratio of net income
to average net assets 0.07% 0.48%# (0.51%) (0.15%)# (0.55%) (0.14%)#
- ----------------------------------------------------------------- --------------------- ---------------------
Ratio of expenses without waivers
and assumption of expenses to
average net assets 1.81% 2.05%# 2.30% 2.54%# 2.29% 2.55%#
- ----------------------------------------------------------------- --------------------- ---------------------
Ratio of net investment income
without waivers and assumption
of expenses to average net assets (0.49%) (0.32%)# (0.97%) (0.84%)# (1.00%) (0.84%)#
- ----------------------------------------------------------------- --------------------- ---------------------
Portfolio turnover rate 173% 33% 173% 33% 173% 33%
- ----------------------------------------------------------------- --------------------- ---------------------
</TABLE>
*Commencement of operations.
(1)Total return figures do not include the effect of any front-end or deferred
sales load.
#Short periods have been annualized.
@Calculated based upon average shares outstanding.
120
<PAGE>
Chase Vista Equity Growth Fund
<TABLE>
<CAPTION>
CLASS A CLASS B CLASS C
----------- ----------- ----------
08/12/99* 08/13/99** 08/20/99**
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 $9.96
- -------------------------------------------------------------------- ------- -------
Income from investment operations:
Net investment income -- (0.01) (0.01)
Net gains or losses on investments
(both realized and unrealized) 0.53 0.52 0.56
-------- -------- -------
Total from investment operations 0.53 0.51 0.55
-------- -------- -------
Net asset value, end of period $10.53 $10.51 $10.51
======== ======== =======
TOTAL RETURN(1) 5.30% 5.10% 5.52%
======================================================================================================
RATIOS/SUPPLEMENTAL DATA
- -------------------------------------------------------------------- ------- -------
Net assets, end of period (in millions) $8 $11 $1
- -------------------------------------------------------------------- ------- -------
Ratio to average net assets:#
Expenses 1.21%# 1.93%# 1.95%#
- -------------------------------------------------------------------- ------- -------
Net investment income (0.54%)# (1.19%)# (1.25%)#
- -------------------------------------------------------------------- ------- -------
Expenses without waivers and reimbursements 5.52%# 6.02%# 6.04%#
- -------------------------------------------------------------------- ------- -------
Net investment income without waivers and reimbursements (4.85%)# (5.28%)# (5.34%)#
- -------------------------------------------------------------------- ------- -------
</TABLE>
*Commencement of operations.
**Commencement of offering class of shares.
(1)Total return figures do not include the effect of any front-end or deferred
sales load.
#Short periods have been annualized.
121
<PAGE>
Chase Vista Capital Growth Fund
FINANCIAL HIGHLIGHTS
<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 $41.22 $46.76 $41.60 $35.65 $32.17
- ------------------------------------------------------------------------------------------------------
Income from investment operations:
Net investment income (0.20)@ (0.12) (0.02)@ 0.15 0.19
Net gains or losses in securities
(both realized and unrealized) 5.75 (0.52) 10.13 7.27 4.16
------- ------- ------- ------- -------
Total from investment operations 5.55 (0.64) 10.11 7.42 4.35
Less distributions:
Dividends from net investment income -- -- 0.15 0.12 0.19
Distributions from capital gains 3.92 4.90 4.80 1.35 0.68
------- ------- ------- ------- -------
Total distributions 3.92 4.90 4.95 1.47 0.87
- ------------------------------------------------------------------------------------------------------
Net asset value, end of period $42.85 $41.22 $46.76 $41.60 $35.65
- ------------------------------------------------------------------------------------------------------
TOTAL RETURN(1) 14.30% (1.60%) 26.47% 21.48% 13.89%
======================================================================================================
RATIOS/SUPPLEMENTAL DATA
- ------------------------------------------------------------------------------------------------------
Net assets, end of period (in millions) $577 $728 $839 $768 $748
- ------------------------------------------------------------------------------------------------------
Ratio of expenses to
average net assets 1.30% 1.27% 1.31% 1.37% 1.51%
- ------------------------------------------------------------------------------------------------------
Ratio of net income
to average net assets (0.48%) (0.24%) (0.05%) 0.39% 0.54%
- ------------------------------------------------------------------------------------------------------
Ratio of expenses without waivers
and assumption of expenses to
average net assets 1.30% 1.27% 1.31% 1.37% 1.53%
- ------------------------------------------------------------------------------------------------------
Ratio of net investment income
without waivers and assumption
of expenses to average net assets (0.48%) (0.24%) (0.05%) 0.39% 0.52%
- ------------------------------------------------------------------------------------------------------
</TABLE>
(1)Total return figures do not include the effect of any front-end or deferred
sales load.
@Calculated based upon average shares outstanding.
122
<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 $40.38 $46.11 $41.21 $35.39 $32.03
- ---------------------------------------------------------------------------------------------------------
Income from investment operations:
Net investment income (0.40)@ (0.29) (0.23)@ (0.08) 0.04
Net gains or losses in securities
(both realized and unrealized) 5.61 (0.54) 10.01 7.25 4.10
-------- -------- -------- -------- -------
Total from investment operations 5.21 (0.83) 9.78 7.17 4.14
-------- -------- -------- -------- -------
Less distributions:
Dividends from net investment income -- -- 0.08 -- 0.11
Distributions from capital gains 3.92 4.90 4.80 1.35 0.67
-------- -------- -------- -------- -------
Total distributions 3.92 4.90 4.88 1.35 0.78
- ---------------------------------------------------------------------------------------------------------
Net asset value, end of period $41.67 $40.38 $46.11 $41.21 $35.39
- ---------------------------------------------------------------------------------------------------------
TOTAL RETURN(1) 13.71% (2.08%) 25.85% 20.88% 13.34%
=========================================================================================================
RATIOS/SUPPLEMENTAL DATA
- ---------------------------------------------------------------------------------------------------------
Net assets, end of period (in millions) $338 $405 $422 $334 $260
- ---------------------------------------------------------------------------------------------------------
Ratio of expenses to
average net assets 1.80% 1.77% 1.81% 1.87% 2.01%
- ---------------------------------------------------------------------------------------------------------
Ratio of net income
to average net assets (0.98%) (0.74%) (0.56%) (0.21%) 0.02%
- ---------------------------------------------------------------------------------------------------------
Ratio of expenses without waivers
and assumption of expenses to
average net assets 1.80% 1.77% 1.81% 1.87% 2.02%
- ---------------------------------------------------------------------------------------------------------
Ratio of net investment income
without waivers and assumption
of expenses to average net assets (0.98%) (0.74%) (0.56%) (0.21%) 0.01%
- ---------------------------------------------------------------------------------------------------------
<CAPTION>
CLASS C
---------------------------
Year 01/02/98*
ended through
10/31/99 10/31/98
<S> <C> <C>
PER SHARE OPERATING PERFORMANCE
- ----------------------------------------------------------------------
Net asset value, beginning of period $40.03 $42.81
- ----------------------------------------------------------------------
Income from investment operations:
Net investment income (0.39)@ (0.09)
Net gains or losses in securities
(both realized and unrealized) 5.59 (2.69)
-------- ---------
Total from investment operations 5.20 (2.78)
-------- ---------
Less distributions:
Dividends from net investment income -- --
Distributions from capital gains 3.92 --
-------- ---------
Total distributions 3.92 --
- ----------------------------------------------------------------------
Net asset value, end of period $41.31 $40.03
- ----------------------------------------------------------------------
TOTAL RETURN(1) 13.81% (6.49%)
======================================================================
RATIOS/SUPPLEMENTAL DATA
- ----------------------------------------------------------------------
Net assets, end of period (in millions) $6 $4
- ----------------------------------------------------------------------
Ratio of expenses to
average net assets 1.80% 1.73%#
- ----------------------------------------------------------------------
Ratio of net income
to average net assets (0.97%) (0.59%)#
- ----------------------------------------------------------------------
Ratio of expenses without waivers
and assumption of expenses to
average net assets 1.80% 1.73%#
- ----------------------------------------------------------------------
Ratio of net investment income
without waivers and assumption
of expenses to average net assets (0.97%) (0.59%)#
- ----------------------------------------------------------------------
</TABLE>
*Commencement of offering of class of shares.
#Short periods have been annualized.
@Calculated based upon average shares outstanding.
(1)Total return figures do not include the effect of any front-end or deferred
sales load.
123
<PAGE>
Chase Vista Small Cap Equity Fund
FINANCIAL HIGHLIGHTS
<TABLE>
<CAPTION>
CLASS A
---------------------------------------------------------------
Year Year Year Year 12/20/94*
ended ended ended ended through
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 $20.40 $23.57 $19.19 $15.07 $10.00
- ---------------------------------------------------------------------------------------------------------
Income from investment operations:
Net investment income (0.13)@ (0.11) (0.05) 0.01 0.06
Net gain or losses in securities
(both realized and unrealized) 2.67 (2.42) 4.72 4.32 5.06
-------- --------- -------- ------- ---------
Total from investment operations 2.54 (2.53) 4.67 4.33 5.12
Less distributions:
Dividends from net investment income -- -- -- 0.03 0.04
Distributions from capital gains 0.17 0.64 0.29 0.18 0.01
-------- --------- -------- ------- ---------
Total distributions 0.17 0.64 0.29 0.21 0.05
- ---------------------------------------------------------------------------------------------------------
Net asset value, end of period $22.77 $20.40 $23.57 $19.19 $15.07
- ---------------------------------------------------------------------------------------------------------
TOTAL RETURN(1) 12.49% (10.93%) 24.61% 29.06% 51.25%
=========================================================================================================
RATIOS/SUPPLEMENTAL DATA
- ---------------------------------------------------------------------------------------------------------
Net assets, end of period (in millions) $98 $133 $174 $145 $44
- ---------------------------------------------------------------------------------------------------------
Ratio of expenses to
average net assets 1.40% 1.38% 1.45% 1.50% 1.51%#
- ---------------------------------------------------------------------------------------------------------
Ratio of net income
to average net assets (0.59%) (0.43%) (0.23%) 0.03% 0.52%#
- ---------------------------------------------------------------------------------------------------------
Ratio of expenses without waivers
and assumption of expenses to
average net assets 1.40% 1.38% 1.45% 1.52% 2.67%#
- ---------------------------------------------------------------------------------------------------------
Ratio of net investment income
without waivers and assumption
of expenses to average net assets (0.59%) (0.43%) (0.23%) 0.01% (0.64%)#
- ---------------------------------------------------------------------------------------------------------
Portfolio turnover rate 92% 74% 55% 78% 75%
- ---------------------------------------------------------------------------------------------------------
<CAPTION>
CLASS B
-----------------------------------------------------------------
Year Year Year Year 3/28/95**
ended ended ended ended through
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 $19.91 $23.19 $19.00 $15.01 $11.39
- -----------------------------------------------------------------------------------------------------------
Income from investment operations:
Net investment income (0.28)@ (0.31) (0.27) (0.08) (0.02)
Net gain or losses in securities
(both realized and unrealized) 2.60 (2.33) 4.75 4.25 3.67
-------- --------- -------- -------- ---------
Total from investment operations 2.32 (2.64) 4.48 4.17 3.65
Less distributions:
Dividends from net investment income -- -- -- -- 0.03
Distributions from capital gains 0.17 0.64 0.29 0.18 --
-------- --------- -------- -------- ---------
Total distributions 0.17 0.64 0.29 0.18 0.03
- -----------------------------------------------------------------------------------------------------------
Net asset value, end of period $22.06 $19.91 $23.19 $19.00 $15.01
- -----------------------------------------------------------------------------------------------------------
TOTAL RETURN(1) 11.69% (11.60%) 23.84% 28.04% 32.09%
===========================================================================================================
RATIOS/SUPPLEMENTAL DATA
- -----------------------------------------------------------------------------------------------------------
Net assets, end of period (in millions) $57 $80 $100 $73 $22
- -----------------------------------------------------------------------------------------------------------
Ratio of expenses to
average net assets 2.12% 2.10% 2.16% 2.22% 2.24%#
- -----------------------------------------------------------------------------------------------------------
Ratio of net income
to average net assets (1.31%) (1.15%) (0.94%) (0.68%) (0.25%)#
- -----------------------------------------------------------------------------------------------------------
Ratio of expenses without waivers
and assumption of expenses to
average net assets 2.12% 2.10% 2.16% 2.25% 3.23%#
- -----------------------------------------------------------------------------------------------------------
Ratio of net investment income
without waivers and assumption
of expenses to average net assets (1.31%) (1.15%) (0.94%) (0.71%) (1.24%)#
- -----------------------------------------------------------------------------------------------------------
Portfolio turnover rate 92% 74% 55% 78% 75%
- -----------------------------------------------------------------------------------------------------------
</TABLE>
*Commencement of operations.
**Commencement of offering of class of shares.
@Calculated based upon average shares outstanding.
#Short periods have been annualized.
(1)Total return figures do not include the effect of any front-end or deferred
sales load.
124
<PAGE>
Chase Vista Small Cap Opportunities Fund
<TABLE>
<CAPTION>
CLASS A CLASS B
---------------------------------------- --------------------------------------
Year Year 5/19/97* Year Year 05/19/97*
ended ended through ended ended through
10/31/99 10/31/98 10/31/97 10/31/99 10/31/98 10/31/97
<S> <C> <C> <C> <C> <C> <C>
PER SHARE OPERATING PERFORMANCE
- ------------------------------------------------------------------------------- ------------------------------------
Net asset value, beginning of period $12.79 $13.85 $10.00 $12.67 $13.81 $10.00
- ------------------------------------------------------------------------------- ------------------------------------
Income from investment operations:
Net investment income (0.15) (0.09) (0.04) (0.27) (0.17) (0.06)
Net gains or losses in securities
(both realized and unrealized) 3.34 (0.97) 3.89 3.31 (0.97) 3.87
-------- -------- --------- -------- -------- ---------
Total from investment operations 3.19 (1.06) 3.85 3.04 (1.14) 3.81
Less distributions:
Dividends from net investment income -- -- -- -- -- --
Distributions from capital gains -- -- -- -- -- --
-------- -------- -------- -------- -------- ---------
Total distributions -- -- -- -- -- --
- ------------------------------------------------------------------------------- ------------------------------------
Net asset value, end of period $15.98 $12.79 $13.85 $15.71 $12.67 $13.81
- ------------------------------------------------------------------------------- ------------------------------------
TOTAL RETURN(1) 24.94% (7.65%) 38.50% 23.99% (8.25%) 38.10%
=============================================================================== =====================================
RATIOS/SUPPLEMENTAL DATA
- ------------------------------------------------------------------------------- ------------------------------------
Net assets, end of period (in millions) $78 $62 $43 $66 $57 $38
- ------------------------------------------------------------------------------- ------------------------------------
Ratio of expenses to
average net assets 1.49% 1.50% 1.49%# 2.23% 2.24% 2.24%#
- ------------------------------------------------------------------------------- ------------------------------------
Ratio of net income
to average net assets (0.95%) (0.91%) (1.16%)# (1.69%) (1.65%) (1.93%)#
- ------------------------------------------------------------------------------- ------------------------------------
Ratio of expenses without waivers
and assumption of expenses to
average net assets 1.89% 1.83% 2.38%# 2.39% 2.33% 2.88%#
- ------------------------------------------------------------------------------- ------------------------------------
Ratio of net investment income
without waivers and assumption
of expenses to average net assets (1.35%) (1.24%) (2.05%)# (1.85%) (1.74%) (2.57%)#
- ------------------------------------------------------------------------------- ------------------------------------
Portfolio turnover rate 92% 68% 7% 92% 68% 7%
- ------------------------------------------------------------------------------- ------------------------------------
<CAPTION>
CLASS C
-------------------------
Year 01/07/98**
ended Through
10/31/99 10/31/98
<S> <C> <C>
PER SHARE OPERATING PERFORMANCE
- -------------------------------------------------------------------
Net asset value, beginning of period $12.66 $13.17
- -------------------------------------------------------------------
Income from investment operations:
Net investment income (0.26) (0.08)
Net gains or losses in securities
(both realized and unrealized) 3.29 (0.43)
-------- ---------
Total from investment operations 3.03 (0.51)
Less distributions:
Dividends from net investment income -- --
Distributions from capital gains -- --
-------- ---------
Total distributions -- --
- -------------------------------------------------------------------
Net asset value, end of period $15.69 $12.66
- -------------------------------------------------------------------
TOTAL RETURN(1) 23.93% (3.87%)
===================================================================
RATIOS/SUPPLEMENTAL DATA
- -------------------------------------------------------------------
Net assets, end of period (in millions) $6 $5
- -------------------------------------------------------------------
Ratio of expenses to
average net assets 2.23% 2.24%#
- -------------------------------------------------------------------
Ratio of net income
to average net assets (1.69%) (1.55%)#
- -------------------------------------------------------------------
Ratio of expenses without waivers
and assumption of expenses to
average net assets 2.39% 2.29%#
- -------------------------------------------------------------------
Ratio of net investment income
without waivers and assumption
of expenses to average net assets (1.85%) (1.60%)#
- -------------------------------------------------------------------
Portfolio turnover rate 92% 68%
- -------------------------------------------------------------------
</TABLE>
*Commencement of operations.
**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.
125
<PAGE>
Chase Vista International Equity Fund
FINANCIAL HIGHLIGHTS
<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 $12.08 $12.11 $12.38 $12.02 $12.31
- --------------------------------------------------------------------------------------------------------
Income from investment operations:
Net investment income (0.09) (0.09) (0.05)@ 0.05 0.04
Net gains or losses in securities
(both realized and unrealized) 2.34 0.43 0.33 0.37 (0.19)
------- ------- ------- ------- -------
Total from investment operations 2.25 0.34 0.28 0.42 (0.15)
Less distributions:
Dividends from net investment income -- 0.07 0.03 0.06 --
Distributions from capital gains 0.56 0.30 0.52 -- 0.14
------- ------- ------- ------- -------
Total distributions 0.56 0.37 0.55 0.06 0.14
- --------------------------------------------------------------------------------------------------------
Net asset value, end of period $13.77 $12.08 $12.11 $12.38 $2.02
- --------------------------------------------------------------------------------------------------------
TOTAL RETURN(1) 19.09% 2.96% 2.27% 3.53% (1.19%)
========================================================================================================
RATIOS/SUPPLEMENTAL DATA
- --------------------------------------------------------------------------------------------------------
Net assets, end of period
(000 omitted) $26,973 $17,969 $23,267 $24,904 $26,287
- --------------------------------------------------------------------------------------------------------
Ratio of expenses to
average net assets 1.99% 2.00% 2.01% 2.00% 2.01%
- --------------------------------------------------------------------------------------------------------
Ratio of net income to
average net assets (0.73%) (0.47%) (0.36%) (0.03%) (0.10%)
- --------------------------------------------------------------------------------------------------------
Ratio of expenses without waivers
and assumption of expenses
to average net assets 3.53% 3.39% 2.08% 2.86% 2.86%
- --------------------------------------------------------------------------------------------------------
Ratio of net investment income
without waivers and assumption
of expenses to average net assets (2.27%) (1.86%) (0.43%) (0.89%) (0.95%)
- --------------------------------------------------------------------------------------------------------
<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 $11.92 $11.94 $12.24 $11.89 $12.23
- -------------------------------------------------------------------------------------------------------
Income from investment operations:
Net investment income (0.18) (0.13) (0.11)@ 0.01 (0.02)
Net gains or losses in securities
(both realized and unrealized) 2.33 0.42 0.33 0.35 (0.18)
------ -------- -------- -------- --------
Total from investment operations 2.15 0.29 0.22 0.36 (0.20)
Less distributions:
Dividends from net investment income -- 0.01 -- -- --
Distributions from capital gains 0.56 0.30 0.52 0.01 0.14
------ -------- -------- -------- --------
Total distributions 0.56 0.31 0.52 0.01 0.14
- -------------------------------------------------------------------------------------------------------
Net asset value, end of period $13.51 $11.92 $11.94 $12.24 $11.89
- -------------------------------------------------------------------------------------------------------
TOTAL RETURN(1) 18.49% 2.56% 1.74% 3.03% (1.61%)
=======================================================================================================
RATIOS/SUPPLEMENTAL DATA
- -------------------------------------------------------------------------------------------------------
Net assets, end of period
(000 omitted) $6,858 $7,433 $7,989 $7,819 $6,759
- -------------------------------------------------------------------------------------------------------
Ratio of expenses to
average net assets 2.49% 2.50% 2.51% 2.50% 2.50%
- -------------------------------------------------------------------------------------------------------
Ratio of net income to
average net assets (1.21%) (0.94%) (0.88%) (0.43%) (0.53%)
- -------------------------------------------------------------------------------------------------------
Ratio of expenses without waivers
and assumption of expenses
to average net assets 4.03% 3.90% 2.61% 3.36% 3.36%
- -------------------------------------------------------------------------------------------------------
Ratio of net investment income
without waivers and assumption
of expenses to average net assets (2.75%) (2.34%) (0.98%) (1.29%) (1.39%)
- -------------------------------------------------------------------------------------------------------
</TABLE>
(1)Total return figures do not include the effect of any front-end or deferred
sales load.
@Calculated using average shares outstanding.
126
<PAGE>
Chase Vista European Fund
<TABLE>
<CAPTION>
CLASS A
--------------------------------------------------
Year Year Year 11/02/95*
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 $14.47 $14.10 $11.99 $10.00
- -------------------------------------------------------------------------------------------
Income from investment operations:
Net investment income (0.06)@ 0.15 0.05 0.15
Net gains or losses in securities
(both realized and unrealized) 2.31 2.16 3.01 1.93
------- ------- ------- ---------
Total from investment operations 2.25 2.31 3.06 2.08
Less distributions:
Dividends from net investment income 0.09 0.22 0.10 0.09
Distributions from capital gains 0.11 1.72 0.85 --
------- ------- ------- ---------
Total distributions 0.20 1.94 0.95 0.09
- -------------------------------------------------------------------------------------------
Net asset value, end of period $16.52 $14.47 $14.10 $11.99
- -------------------------------------------------------------------------------------------
TOTAL RETURN(1) 15.60% 18.71% 28.19% 20.78%
===========================================================================================
RATIOS/SUPPLEMENTAL DATA
- -------------------------------------------------------------------------------------------
Net assets, end of period
(000 omitted) $47,759 $33,743 $12,965 $6,358
- -------------------------------------------------------------------------------------------
Ratio of expenses to
average net assets 1.74% 1.74% 1.75% 1.75%#
- -------------------------------------------------------------------------------------------
Ratio of net income to
average net assets (0.40%) (0.07%) 0.32% 1.44%#
- -------------------------------------------------------------------------------------------
Ratio of expenses without waivers
and assumption of expenses
to average net assets 2.06% 2.38% 2.84% 3.49%#
- -------------------------------------------------------------------------------------------
Ratio of net investment income
without waivers and assumption
of expenses to Average net assets (0.72%) (0.71%) (0.77%) (0.30%)#
- -------------------------------------------------------------------------------------------
Portfolio turnover rate 149% 183% 170% 186%
- -------------------------------------------------------------------------------------------
<CAPTION>
CLASS B CLASS C
----------------------------------------------------- -----------
Year Year Year 11/03/95** 11/01/98**
ended ended ended through through
10/31/99 10/31/98 10/31/97 10/31/96 10/31/99
<S> <C> <C> <C> <C> <C>
PER SHARE OPERATING PERFORMANCE
- ----------------------------------------------------------------------------------------------------------
Net asset value, beginning of period $14.24 $13.93 $11.93 $9.97 $14.24
- ----------------------------------------------------------------------------------------------------------
Income from investment operations:
Net investment income (0.18)@ 0.08 0.04 0.07 (0.08)@
Net gains or losses in securities
(both realized and unrealized) 2.26 2.10 2.89 1.96 2.17
------- -------- -------- --------- ---------
Total from investment operations 2.08 2.18 2.93 2.03 2.09
Less distributions:
Dividends from net investment income 0.03 0.15 0.08 0.07 0.03
Distributions from capital gains 0.11 1.72 0.85 -- 0.11
------- -------- -------- --------- ---------
Total distributions 0.14 1.87 0.93 0.07 0.14
- ----------------------------------------------------------------------------------------------------------
Net asset value, end of period $16.18 $14.24 $13.93 $11.93 $16.19
- ----------------------------------------------------------------------------------------------------------
TOTAL RETURN(1) 14.66% 17.89% 27.25% 20.35% 14.73%
==========================================================================================================
RATIOS/SUPPLEMENTAL DATA
- ----------------------------------------------------------------------------------------------------------
Net assets, end of period
(000 omitted) $10,038 $9,457 $2,218 $190 $1,460
- ----------------------------------------------------------------------------------------------------------
Ratio of expenses to
average net assets 2.51% 2.50% 2.51% 2.47%# 2.51%#
- ----------------------------------------------------------------------------------------------------------
Ratio of net income to
average net assets (1.12%) (0.75%) (0.30%) 0.80%# (0.61%)#
- ----------------------------------------------------------------------------------------------------------
Ratio of expenses without waivers
and assumption of expenses
to average net assets 2.83% 2.91% 3.58% 3.83%# 2.83%#
- ----------------------------------------------------------------------------------------------------------
Ratio of net investment income
without waivers and assumption
of expenses to Average net assets (1.44%) (1.16%) (1.37%) (0.56%)# (0.93%)#
- ----------------------------------------------------------------------------------------------------------
Portfolio turnover rate 149% 183% 170% 186% 149%
- ----------------------------------------------------------------------------------------------------------
</TABLE>
*Commencement of operations.
**Commencement of offering of class of shares.
@Calculated based on average shares outstanding.
(1)Total return figures do not include the effect of any front-end or deferred
sales load.
#Short periods have been annualized.
127
<PAGE>
Chase Vista Japan Fund
<TABLE>
<CAPTION>
CLASS A
----------------------------------------------------
Year Year Year 11/02/95*
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 $6.41 $9.52 $9.42 $10.00
- ---------------------------------------------------------------------------------------------
Income from investment operations:
Net investment income (0.07)@ 0.27 0.08 (0.08)
Net gains or losses in securities
(both realized and unrealized) 3.50 (2.91) 0.24 (0.50)
------ --------- -------- ---------
Total from investment operations 3.43 (2.64) 0.32 (0.58)
Less distributions:
Dividends from net investment income -- 0.26 0.22 --
Distributions from capital gains -- -- -- --
Tax return of capital -- 0.21 -- --
------ --------- -------- ---------
Total distributions -- 0.47 0.22 --
- ---------------------------------------------------------------------------------------------
Net asset value, end of period $9.84 $6.41 $9.52 $9.42
- ---------------------------------------------------------------------------------------------
TOTAL RETURN(1) 53.51% (28.98%) 3.49% (5.80%)
=============================================================================================
RATIOS/SUPPLEMENTAL DATA
- ---------------------------------------------------------------------------------------------
Net assets, end of period
(000 omitted) $4,260 $1,770 $5,008 $4,781
- ---------------------------------------------------------------------------------------------
Ratios of expenses to
average net assets 1.74% 1.76% 1.75% 1.75%#
- ---------------------------------------------------------------------------------------------
Ratio of net income to
average net assets (0.88%) (0.56%) (0.30%) (0.91%)#
- ---------------------------------------------------------------------------------------------
Ratio of expenses without waivers
and assumption of expenses
to average net assets 5.44% 3.79% 2.89% 3.60%#
- ---------------------------------------------------------------------------------------------
Ratio of net investment income
without waivers and assumption
of expenses to average net assets (4.58%) (2.59%) (1.44%) (2.76%)#
- ---------------------------------------------------------------------------------------------
Portfolio turnover rate 133% 212% 217% 121%
- ---------------------------------------------------------------------------------------------
<CAPTION>
CLASS B
-----------------------------------------------------
Year Year Year 11/03/95**
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 $6.32 $9.42 $9.35 $10.00
- ----------------------------------------------------------------------------------------------
Income from investment operations:
Net investment income (0.13)@ 0.23 (0.05) (0.02)
Net gains or losses in securities
(both realized and unrealized) 3.46 (2.90) 0.30 (0.63)
------ --------- -------- ---------
Total from investment operations 3.33 (2.67) 0.25 (0.65)
Less distributions:
Dividends from net investment income -- 0.22 0.18 --
Distributions from capital gains -- -- -- --
Tax return of capital -- 0.21 -- --
------ --------- -------- ---------
Total distributions -- 0.43 0.18 --
- ----------------------------------------------------------------------------------------------
Net asset value, end of period $9.65 $6.32 $9.42 $9.35
- ----------------------------------------------------------------------------------------------
TOTAL RETURN(1) 52.69% (29.53%) 2.72% (6.50%)
==============================================================================================
RATIOS/SUPPLEMENTAL DATA
- ----------------------------------------------------------------------------------------------
Net assets, end of period
(000 omitted) $1,089 $391 $1,893 $162
- ----------------------------------------------------------------------------------------------
Ratios of expenses to
average net assets 2.49% 2.51% 2.51% 2.52%#
- ----------------------------------------------------------------------------------------------
Ratio of net income to
average net assets (1.67%) (0.97%) (5.73%) (0.40%)#
- ----------------------------------------------------------------------------------------------
Ratio of expenses without waivers
and assumption of expenses
to average net assets 6.19% 4.52% 3.66% 4.00%#
- ----------------------------------------------------------------------------------------------
Ratio of net investment income
without waivers and assumption
of expenses to average net assets (5.37%) (2.98%) (6.88%) (1.88%)#
- ----------------------------------------------------------------------------------------------
Portfolio turnover rate 133% 212% 217% 121%
- ----------------------------------------------------------------------------------------------
</TABLE>
*Commencement of operations.
**Commencement of offering of class of shares.
@Calculated based on average shares outstanding.
(1)Total return figures do not include the effect of any front-end or deferred
sales load.
#Short periods have been annualized.
128
<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 219392
Kansas City, MO 64121-9392
If you buy your shares through The Chase Manhattan Bank or another institution,
you should contact that institution directly for more information. You can also
find information on-line at www.chasevista.com on the internet.
You can write or e-mail the SEC's Public Reference Room and ask them to mail you
information about the 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
