MUTUAL FUND TRUST, 485APOS, 1998-10-30

MUTUAL FUND TRUST
485APOS, 1998-10-30

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As filed via EDGAR with the Securities and Exchange Commission
on October 30, 1998
File No. 811-8358
Registration No. 33-75250
- --------------------------------------------------------------------------------

SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

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

FORM N-1A

REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 |X|

Pre-Effective Amendment No. |_|

Post-Effective Amendment No. 14 |X|

and

REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940

Post-Effective Amendment No. 14 |X|
-------------------------------
MUTUAL FUND TRUST
(Exact Name of Registrant as Specified in Charter)

101 Park Avenue,
New York, New York 10178
--------------------------------------------------
(Address of Principal Executive Office)

Registrant's Telephone Number, including Area Code: (212) 492-1600

<TABLE>
<CAPTION>
<S> <C> <C>
Copies to:
George Martinez, Esq. Peter Eldridge, Esq Gary S. Schpero, Esq.
Mutual Fund Trust Chemical Bank Simpson Thacher & Bartlett
125 West 55th Street 270 Park Avenue 425 Lexington Avenue
New York, New York 10019 New York, New York 10017 New York, New York 10017
- --------------------------------------------------------------------------------------

</TABLE>
(Name and Address of Agent for Service)

It is proposed that this filing will become effective:

If appropriate, check the following box:

|_| this post-effective amendment designates a new effective date for a
previously filed post-effective amendment.

------------------
The Registrant has registered an indefinite number or amount of its shares of
common stock for each of its three series of shares under the Securities Act of
1933 pursuant to Rule 24f-2 under the Investment Company Act of 1940 on July 18,
1994 and the Rule 24f-2 Notice for the Registrant's fiscal year ended August 31,
1996 was filed on October 23, 1996.

<PAGE>

MUTUAL FUND TRUST
Registration Statement on Form N-1A

CROSS-REFERENCE SHEET
Pursuant to Rule 495(a) under the Securities Act of 1933

VISTA(SM) NEW YORK TAX FREE INCOME FUND
VISTA(SM) CALIFORNIA INTERMEDIATE TAX FREE INCOME FUND
VISTA(SM) TAX FREE INCOME FUND
VISTA(SM) PRIME MONEY MARKET FUND
VISTA (SM) (SM) U.S. GOVERNMENT MONEY MARKET FUND
VISTA (SM) (SM) 100% U.S. TREASURY SECURITIES MONEY MARKET FUND
VISTA (SM) (SM) CASH MANAGEMENT FUND
VISTA (SM) (SM) FEDERAL MONEY MARKET FUND
VISTA (SM) (SM) TREASURY PLUS MONEY MARKET FUND
VISTA (SM) (SM) TAX FREE MONEY MARKET FUND
VISTA (SM) (SM) NEW YORK TAX FREE MONEY MARKET FUND
VISTA (SM) (SM) CALIFORNIA TAX FREE MONEY MARKET FUND

<TABLE>
<CAPTION>
Item Number Statement of
Form N-1A, Additional
Part A Prospectus Caption Information Caption
----------- ------------------ -------------------
<S> <C> <C>

Captions in parenthesis indicate Income Fund
Prospectus captions which do not exist in
the Money Market Fund Prospectuses.

1 Front Cover Page *

2(a) Expense Summary *

(b) Not Applicable *

3(a) Financial Highlights *

(b) Not Applicable *

4(a)(b) Fund Objectives and Investment Approach; *
(Fund Objective; Investment Policies)
Other Information Concerning the Fund(s)

(c) Fund Objectives and Investment Approach; *
Common Investment Policies (Money Market
Funds Only); (Fund Objectives; Investment
Policies)

5(a) Management *

(b) Management *

(d) Other Information Concerning the Fund(s) *

(e) Back Covers *

(f) Financial Highlights; Other Information *
Concerning the Fund(s)

5A.(a-b) Not Applicable *

6(a) Other Information Concerning the Fund(s) *

(b) Not Applicable *

-i-

<PAGE>

<TABLE>
<CAPTION>
Item Number Statement of
Form N-1A, Additional
Part A Prospectus Caption Information Caption
----------- ------------------ -------------------
<S> <C> <C>

(d) Not Applicable *

(e) How to Buy, Sell and Exchange Shares; (About
Your Investment); Other Information Concerning
the Fund(s) *

(f) How Dividends and Distributions are Made; *
Tax Information; (How Distributions are Made;
Tax Information)

(g) How Dividends and Distributions are Made; Tax Matters
Tax Information; (How Distributions are Made;
Tax Information)

(h) How to Buy, Sell and Exchange Shares; (About Your
Investment); Other Information Concerning the Fund(s) *

7(a) How to Buy, Sell and Exchange Shares; Other *
Information Concerning the Fund(s)

(b) How the Fund(s) Value Their (its) Shares; *
How to Buy, Sell and Exchange Shares;
Other Information Concerning the Fund(s)

(d) How to Buy, Sell and Exchange Shares *

(e) Management; Other Information Concerning *
the Fund(s)

(f) Other Information Concerning the Fund(s) Management of the
Trust and Funds

8(a) How to Buy, Sell and Exchange Shares *

(b) How to Buy, Sell and Exchange Shares *

(d) How to Buy, Sell and Exchange Shares *

9 Not Applicable *
</TABLE>

-ii-

<PAGE>

<TABLE>
<CAPTION>
Item Number
Form N-1A, Statement of Additional
Part B Prospectus Caption Information Caption
- ----------- ------------------ -----------------------
<S> <C> <C>

10 * Front Cover Page

11 * Front Cover Page

12 * Not Applicable

13 Fund Objectives and Investment Approach Investment Policies and
(Fund Objectives; Investment Policies) Restrictions

14 * Management of the Trust and Funds

15(a) * Not Applicable

(b) * Principal Holders

16(a) Management Management of the Trust and Funds
</TABLE>

-iii-

<PAGE>

<TABLE>
<CAPTION>
Item Number
Form N-1A, Statement of Additional
Part B Prospectus Caption Information Caption
- ----------- ------------------ -----------------------
<S> <C> <C>

(b) Management Management of the Trust and Funds

(d) Management Management of the Trust and Funds

(e) * Not Applicable

(f) How to Buy, Sell and Exchange Shares; Management of the Trust and Funds
Other Information Concerning the Fund(s)

(g) * Not Applicable

(h) * Management of the Trust and Funds;
Independent Accountants

(i) * Not Applicable

17 Fund Objectives and Investment Approach; Investment Policies and
(Fund Objective; Investment Policies) Restrictions

18 Other Information Concerning the Fund(s) General Information

19(a) How to Buy, Sell and Exchange Shares *

(b) How the Fund(s) Value Their (its) Shares Determination of Net Asset
Value

</TABLE>

-iv-

<PAGE>

<TABLE>
<CAPTION>
Item Number
Form N-1A, Statement of Additional
Part B Prospectus Caption Information Caption
- ----------- ------------------ -----------------------
<S> <C> <C>

20 How Dividends and Distributions Are Made; Tax Matters
Tax Information; (How Distributions are
Made; Tax Information)

21(a) * Management of the Trust and Funds

(b) * Management of the Trust and Funds

22 * Performance Information

23 * Not Applicable
</TABLE>

Part C

Information required to be included in Part C is set forth under the
appropriate Item, so numbered, in Part C to this Registration Statement.

-v-
<PAGE>

EXPLANATORY NOTE

The Prospectus for Vista Class shares of the Vista 100% U.S. Treasury
Securities Money Market Fund, Vista Federal Money Market Fund, Vista Treasury
Plus Money Market Fund, Vista U.S. Government Money Market Fund, Vista Cash
Management Fund, Vista Tax Free Money Market Fund, Vista New York Tax Free Money
Market Fund and Vista California Tax Free Money Market Fund; the Prospectus for
Premier Class shares of the Vista 100% U.S. Treasury Securities Money Market
Fund, Vista Federal Money Market Fund, Vista Treasury Plus Money Market Fund,
Vista U.S. Government Money Market Fund, Vista Cash Management Fund, Vista Prime
Money Market Fund and Vista Tax Free Money Market Fund; the Prospectus for
Institutional Class shares of the Vista 100% U.S. Treasury Securities Money
Market Fund, Vista Federal Money Market Fund, Vista Treasury Plus Money Market
Fund, Vista U.S. Government Money Market Fund, Vista Cash Management Fund, Vista
Prime Money Market Fund and Vista Tax Free Money Market Fund; the Prospectuses
for Class A and Class B shares of the Vista Tax Free Income Fund and Vista New
York Tax Free Income Fund, the Prospectus for shares of the Vista California
Intermediate Tax Free Income Fund, the Prospectus for Vista Class shares of the
Vista U.S. Government Money Market Fund, the Prospectus for Vista Class shares
of the Vista Federal Money Market Fund and Vista Cash Management Fund and the
Prospectus for Class A shares of the Vista Tax Free Income Fund, each dated
December 27, 1996, are incorporated by reference to the Registrant's filing of
definitive copies under rule 497(j) of the Securities Act of 1933, as amended
(the "Securities Act") on December 31, 1996.

The Prospectus Supplement for Class A and Class B shares of the Vista
Tax Free Income Fund and Vista New York Tax Free Income Fund and shares of the
Vista California Intermediate Tax Free Income Fund is incorporated by reference
to the Registrant's filing of a definitive copy under Rule 497(e) of the
Securities Act on October 8, 1997.

The Statement of Additional Information for the Vista 100% U.S.
Treasury Securities Money Market Fund, Vista Federal Money Market Fund,
Vista Treasury Plus Money Market Fund, Vista U.S. Government Money Market Fund,
Vista Cash Management Fund, Vista Tax Free Money Market Fund, Vista New York Tax
Free Money Market Fund, Vista California Tax Free Money Market Fund, Vista Prime
Money Market Fund, Vista Tax Free Income Fund, Vista New York Tax Free Income
Fund and Vista California Intermediate Tax Free Income Fund, dated December 27,
1996 (the "SAI") is incorporated by reference to the Registrant's filing of a
definitive copy under Rule 497(j) of the Securities Act on December 31, 1996.

The Statement of Additional Supplement to the SAI, dated July 18, 1997,
is incorporated by reference to the Registrant's filing of a definitive copy
under Rule 497(e) of the Securities Act on July 18, 1997.

The Prospectus for Vista Shares of Vista Cash Management Fund is
incorporated by reference to the Registrant's filing of a definitive copy
under Rule 497(j) on October 27, 1997.

42
<PAGE>

Chase Vista Funds
Money Market prospectus

[Front cover page]

Chase Vista Funds

Prospectus
December 29, 1998

100% U.S. Treasury Securities Money Market Fund
Treasury Plus Money Market Fund
Federal Money Market Fund
U.S. Government Money Market Fund
Cash Management Fund
Prime Money Market Fund
Tax Free Money Market Fund
New York Tax Free Money Market Fund
California Tax Free Money Market Fund

Vista Class Shares

Class B and Class C Shares (Prime Money Market Fund only)

Neither the Securities and Exchange Commission nor any state securities
commission has approved or disapproved of shares of any of the Funds as an
investment or determined if this prospectus is accurate or complete. It is a
crime to indicate otherwise.

1
<PAGE>

Contents

Information about the Funds x
100% U.S. Treasury Securities
Money Market Fund x
Treasury Plus Money Market Fund x
Federal Money Market Fund x
U.S. Government Money Market Fund x
Cash Management Fund X
Prime Money Market Fund x
Tax Free Money Market Fund x
New York Tax Free Money Market Fund x
California Tax Free Money Market Fund x

How to invest in the Funds x
How sales charges work X
Buying and selling shares X
How to buy shares X
How to sell shares X
Dividends, distributions and taxes x

Shareholder services x

How to reach us x

Financial highlights of the Funds x

2
<PAGE>

Information about the Funds

100% U.S. Treasury Securities Money Market Fund

The Fund's objective

The Fund aims to provide the highest possible level of current income while
still maintaining liquidity and providing maximum safety.

The Fund's approach

The Fund invests in direct debt securities of the U.S. Treasury, including
Treasury bills, bonds and notes. These investments carry different interest
rates, maturities and issue dates.

The Fund does not buy securities issued or guaranteed by agencies of the U.S.
government and it does not enter into repurchase agreements. The dollar weighted
average maturity of the Fund will be 90 days or less and the Fund will buy only
those investments which have remaining maturities of 397 days or less.

The Fund invests only in securities issued and payable in U.S. dollars. Each
investment must have the highest possible short-term rating from at least two
national rating organizations, or one such rating if only one organization rates
that security. Alternatively, the security may have a guarantee that has such a
rating. If the security is not rated, it must be considered of comparable
quality as determined by the Fund's advisers.

The Fund seeks to develop an appropriate portfolio by considering the
differences in yields among securities of different maturities and market
sectors.

The Fund seeks to maintain a net asset value of $1.00 per share.

Instead of investing directly in underlying securities, the Fund may invest all
of its assets in another investment company having substantially the same
investment objectives and policies.

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

The main investment risks

The Fund attempts to keep its net asset value constant, but there's no guarantee
it will be able to do so.

The value of money market investments tends to fall when prevailing interest
rates rise, although they're generally less sensitive to interest rate changes
than longer-term securities.

3
<PAGE>

Although the Fund seeks to be fully invested, it may at times hold some of its
assets in cash. This would hurt the Fund's performance.

[Sidenote:] An investment in the Fund isn't a bank deposit and it isn't insured
or guaranteed by the Federal Deposit Insurance Corporation , The Chase Manhattan
Bank, or any other government agency. Although the 100% U.S. Treasury Securities
Money Market Fund seeks to preserve the value of your investment at $1.00 per
share, it is possible to lose money by investing in the Fund.

[Sidenote:] Securities in the Fund's portfolio may not earn as high a current
income as longer term or lower-quality securities.

The Fund's past performance

This section shows the Fund's performance record. The bar chart shows how the
performance of the Fund has varied from year to year since the predecessor of
the Fund was launched in 1991. This provides some indication of the risks of
investing in the Fund.

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 those shown.

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

Year-by-year returns

[bar chart goes here]

Footnote: On May 3, 1996, the Hanover 100% Treasury Securities Money Market Fund
merged into the 100% U.S. Treasury Securities Money Market Fund. The Fund's
performance figures for the period before that date are for the Hanover fund.

Best quarter: _____%, xth quarter, 19__
Worst quarter: _____%, xth quarter, 19__

Average annual total returns
For the periods ending December 31, 1997:

Past 1 year Past 5 years Since inception 7/1/91
Vista shares _____% _____% _____%

<PAGE>

Fees and expenses

You don't have to pay any sales charge when you buy or sell Vista shares of the
Fund.

The Fund has a number of operating expenses that it pays out of its assets. You
don't pay any of these directly, but they have the effect of reducing the Fund's
overall returns. The table is based on expenses for the most recent fiscal year.

<TABLE>
<CAPTION>
Total Fund
Class of shares Investment Distribution Shareholder Other fees and
advisory fee (12b-1) fees service fee expenses expenses
<S> <C> <C> <C> <C> <C>
Vista shares 0.10% 0.10% 0.35% 0.16% 0.71%
</TABLE>

[Sidenote]

The actual 12b-1 fee is expected to be 0.07%, shareholder service fee currently
is expected to be 0.30%, other expenses are expected to be 0.12% and the total
fees and expenses are expected not to exceed 0.59%. 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 terminate this arrangement at any
time.

The table does not reflect charges or credits which an investor might incur if
they 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. As with all other prospectuses, 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.

5
<PAGE>

Your costs would be:

<TABLE>
<CAPTION>
Number of years: 1 3 5 10
<S> <C> <C> <C> <C>
Costs: $73 $277 $395 $883
</TABLE>

This example is for comparison only. Your actual costs may be higher or lower,
depending on the amount you invest and the Fund's actual rate of return.

6
<PAGE>

Treasury Plus Money Market Fund

The Fund's objective

The Fund aims to provide the highest possible level of current income while
still maintaining liquidity and preserving capital.

The Fund's approach

The Fund invests in direct debt securities of the U.S. Treasury, including
Treasury bills, bonds and notes. These investments carry different interest
rates, maturities and issue dates.

The Fund also seeks to enhance its performance by investing in repurchase
agreements, using debt securities issued or guaranteed by the U.S. Treasury as
collateral.

The dollar weighted average maturity of the Fund will be 60 days or less and the
Fund will buy only those instruments which have remaining maturities of 397 days
or less.

The Fund seeks to maintain a net asset value of $1.00 per share.

The Fund may invest significantly in securities with floating or variable rates
of interest. Their yields will vary as interest rates change.

The Fund seeks to develop an appropriate portfolio by considering the
differences in yields among securities of different maturities, market sectors
and issuers.

Instead of investing directly in underlying securities, the Fund may invest all
of its assets in another investment company having substantially the same
investment objectives and policies.

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

The main investment risks

The Fund attempts to keep its net asset value constant, but there's no guarantee
it will be able to do so.

The value of money market investments tends to fall when prevailing interest
rates rise, although they're generally less sensitive to interest rate changes
than longer-term securities.

7
<PAGE>

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

Although the Fund seeks to be fully invested, it may at times hold some of its
assets in cash. This would hurt the Fund's performance.

[Sidenote:] An investment in the Fund isn't a bank deposit and it isn't insured
or guaranteed by the Federal Deposit Insurance Corporation , The Chase Manhattan
Bank, or any other government agency. Although the Treasury plus Money Market
Fund seeks to preserve the value of your investment at $1.00 per share, it is
possible to lose money by investing in the Fund.

[Sidenote:] Securities in the Fund's portfolio may not earn as high a current
income as longer term or lower-quality securities.

The Fund's past performance

This section shows the Fund's performance record. The bar chart shows how the
performance of the Fund has varied from year to year since the Fund was launched
in 1994. This provides some indication of the risks of investing in the Fund.

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

Year-by-year returns

[bar chart goes here]

Footnote: The performance for the period before Vista Class shares were launched
in 1996 is based upon performance for Premier Class shares of the Fund. The
actual returns of Vista shares would have been lower than shown because Vista
shares have higher expenses than Premier shares.

Best quarter: _____%, xth quarter, 19__
Worst quarter: _____%, xth quarter, 19__

8
<PAGE>

Average annual total returns
For the periods ending December 31, 1997:

<TABLE>
<CAPTION>
Past 1 year Since inception 4/20/94

<S> <C> <C>
Vista shares _____% _____%
</TABLE>

Fees and expenses

You don't have to pay any sales charge when you buy or sell Vista shares of the
Fund.

[Sidenote]

The actual shareholder service fee currently is expected to be 0.28%, other
expenses are expected to be 0.11% and the total fees and expenses are expected
not to exceed 0.59%. 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
terminate this arrangement at any time.

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

9
<PAGE>

Example

This example helps you compare the cost of investing in the Fund with the cost
of investing in other mutual funds. As with all other prospectuses, 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.

Your costs would be:

<TABLE>
<CAPTION>
Number of years: 1 3 5 10
<S> <C> <C> <C> <C>
Costs: $70 $221 $384 $859
</TABLE>

This example is for comparison only. Your actual costs may be higher or lower,
depending on the amount you invest and the Fund's actual rate of return.

10
<PAGE>

Federal Money Market Fund

The Fund's objective

The Fund aims to provide current income while still preserving capital and
maintaining liquidity.

The Fund's approach

The Fund invests primarily in:

o direct debt securities of the U.S. Treasury, including Treasury bills, bonds
and notes, and

o debt securities that certain U.S. government agencies or authorities have
either issued or guaranteed as to principal and interest.

The Fund does not enter into repurchase agreements. The dollar weighted average
maturity of the Fund will be 90 days or less and the Fund will buy only those
instruments which have remaining maturities of 397 days or less.

The Fund seeks to maintain a net asset value of $1.00 per share.

The Fund may invest significantly in securities with floating or variable rates
of interest. Their yields will vary as interest rates change.

The Fund seeks to develop an appropriate portfolio by considering the
differences in yields among securities of different maturities, market sectors
and issuers.

Instead of investing directly in underlying securities, the Fund may invest all
of its assets in another investment company having substantially the same
investment objectives and policies.

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

The main investment risks

The Fund attempts to keep its net asset value constant, but there's no guarantee
it will be able to do so.

The value of money market investments tends to fall when prevailing interest
rates rise, although they're generally less sensitive to interest rate changes
than longer-term securities.

11
<PAGE>

Although the Fund seeks to be fully invested, it may at times hold some of its
assets in cash. This would hurt the Fund's performance.

[Sidenote:] An investment in the Fund isn't a bank deposit and it isn't insured
or guaranteed by the Federal Deposit Insurance Corporation, The Chase Manhattan
Bank, or any other government agency. Although the Federal Money Market Fund
seeks to preserve the value of your investment at $1.00 per share, it is
possible to lose money by investing in the Fund.

[Sidenote:] Securities in the Fund's portfolio may not earn as high a current
income as longer term or lower-quality securities.

The Fund's past performance

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

Year-by-year returns

[bar chart goes here]

Best quarter: _____%, xth quarter, 19__
Worst quarter: _____%, xth quarter, 19__

12
<PAGE>

Average annual total returns
For the period ending December 31, 1997:

Past 1 year Since inception 5/9/94

Vista shares _____% _____%

Fees and expenses

You don't have to pay any sales charge when you buy or sell Vista shares of the
Fund.

[Sidenote]
The actual shareholder service fee is currently expected to be 0.26% and the
total fees and expenses are expected not to exceed 0.70%. 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 terminate this arrangement at any
time.

The table does not reflect charges or credits which an investor might incur if
they 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. As with all other prospectuses, 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.

13
<PAGE>

Your costs would be:

<TABLE>
<CAPTION>
Number of years: 1 3 5 10
<S> <C> <C> <C> <C>
Costs: $81 $252 $439 $978
</TABLE>

This example is for comparison only. Your actual costs may be higher or lower,
depending on the amount you invest and the Fund's actual rate of return.

14
<PAGE>

U.S. Government Money Market Fund

The Fund's objective

The Fund aims to provide the highest possible level of current income while
still maintaining liquidity and preserving capital.

The Fund's approach

The Fund invests substantially all its assets in:

o debt securities issued or guaranteed by the U.S. Treasury or agencies or
authorities of the U.S. Government, and

o repurchase agreements using these securities as collateral.

The dollar weighted average maturity of the Fund will be 60 days or less and the
Fund will buy only those instruments which have remaining maturities of 397 days
or less.

The Fund seeks to maintain a net asset value of $1.00 per share.

The Fund may invest significantly in securities with floating or variable rates
of interest. Their yields will vary as interest rates change.

The Fund invests only in securities issued and payable in U.S. dollars. Each
investment must have the highest possible short-term rating from at least two
national rating organizations, or one such rating if only one organization rates
that security. Alternatively, the security may have a guarantee that has such a
rating or ratings. If the security is not rated, it must be considered of
comparable quality as determined by the Fund's advisers.

The Fund seeks to develop an appropriate portfolio by considering the
differences in yields among securities of different maturities, market sectors
and issuers.

Instead of investing directly in underlying securities, the Fund may invest all
of its assets in another investment company having substantially the same
investment objectives and policies.

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

The main investment risks

The Fund attempts to keep its net asset value constant, but there's no guarantee
it will be able to do so.

The value of money market investments tends to fall when prevailing interest
rates rise, although they're generally less sensitive to interest rate changes
than longer-term securities.

15
<PAGE>

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

Although the Fund seeks to be fully invested, it may at times hold some of its
assets in cash. This would hurt the Fund's performance.

[Sidenote:] An investment in the Fund isn't a bank deposit and it isn't insured
or guaranteed by the Federal Deposit Insurance Corporation, The Chase Manhattan
Bank, or any other government agency. Although the U.S. Government Money Market
Fund seeks to preserve the value of your investment at $1.00 per share, it is
possible to lose money by investing in the Fund.

[Sidenote:] Securities in the Fund's portfolio may not earn as high a current
income as longer term or lower-quality securities.

The Fund's past performance

This section shows the Fund's performance record. The bar chart shows how the
performance of the Fund has varied from year to year since 1988. This provides
some indication of the risks of investing in the Fund.

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

Year-by-year returns

[bar chart goes here]

Footnote: The performance for the period before Vista Class shares were launched
in 1993 is based upon performance for Premier Class shares of the Fund. The
actual returns of Vista shares would have been lower than shown because Vista
shares have higher expenses than Premier shares.

Best quarter: _____%, xth quarter, 19__
Worst quarter: _____%, xth quarter, 19__

16
<PAGE>

Average annual total returns

For the periods ending December 31, 1997:

<TABLE>
<CAPTION>
Past 1 year Past 5 years Past 10 years
<S> <C> <C> <C>
Vista shares _____% _____% _____%
</TABLE>

Fees and expenses

You don't have to pay any sales charge when you buy or sell Vista shares of the
Fund.

[Sidenote]

The actual shareholder service fee currently is expected to be 0.25% and the
total fees and expenses are expected not to exceed 0.59%. 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 terminate this arrangement at any
time.

The table does not reflect charges or credits which an investor might incur if
they 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. As with all other prospectuses, 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.

17
<PAGE>

Your costs would be:

<TABLE>
<CAPTION>
Number of years: 1 3 5 10
<S> <C> <C> <C> <C>
Costs: $70 $221 $384 $859
</TABLE>

This example is for comparison only. Your actual costs may be higher or lower,
depending on the amount you invest and the Fund's actual rate of return.

18
<PAGE>

Cash Management Fund

The Fund's objective

The Fund aims to provide the highest possible level of current income while
still maintaining liquidity and preserving capital.

The Fund's approach

The Fund invests in high quality, short-term money market instruments which are
issued and payable in U.S. dollars.

The Fund principally invests in:

o high quality commercial paper and other short-term debt securities, including
floating and variable rate demand notes of U.S. and foreign corporations

o debt securities issued or guaranteed by qualified banks. These are:

o U.S. banks with more than $1 billion in total assets and foreign branches
of these banks

o foreign banks with the equivalent of more than $10 billion in total assets
and which have branches or agencies in the U.S.

o other U.S. or foreign commercial banks which the Fund's advisers judge to
have comparable credit standing

o securities issued or guaranteed by the U.S. Government, its agencies or
authorities

o securities backed by assets

o repurchase agreements

The dollar weighted average maturity of the Fund will be 90 days or less and the
Fund will buy only those instruments which have remaining maturities of 397 days
or less.

The Fund may invest any portion of its assets in debt securities issued or
guaranteed by U.S. banks and their foreign branches. These include certificates
of deposit, time deposits and bankers' acceptances.

The Fund seeks to maintain a net asset value of $1.00 per share.

19
<PAGE>

The Fund seeks to develop an appropriate portfolio by considering the
differences in yields among securities of different maturities, market sectors
and issuers.

Instead of investing directly in underlying securities, the Fund may invest all
of its assets in another investment company having substantially the same
investment objectives and policies.

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

The main investment risks

The Fund attempts to keep its net asset value constant, but there's no guarantee
it will be able to do so.

The value of money market investments tends to fall when prevailing interest
rates rise, although they're generally less sensitive to interest rate changes
than longer-term securities.

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

The Fund's ability to concentrate its investments in the banking industry could
increase risks. The profitability of banks depends largely on the availability
and cost of funds, which can change depending upon economic conditions. Banks
are also exposed to losses if borrowers get into financial trouble and can't
repay their loans.

Investments in foreign banks and other foreign issuers may be riskier than
investments in the United States. That could be, in part, because of difficulty
converting investments into cash, political and economic instability, the
imposition of government controls, or regulations that don't match US standards.

Although the Fund seeks to be fully invested, it may at times hold some of its
assets in cash. This would hurt the Fund's performance.

[Sidenote:] An investment in the Fund isn't a bank deposit and it isn't insured
or guaranteed by the Federal Deposit Insurance Corporation, The Chase Manhattan
Bank, or any other government agency. Although the Cash Management Money Market
Fund seeks to preserve the value of your investment at $1.00 per share, it is
possible to lose money by investing in the Fund.

[Sidenote:] Securities in the Fund's portfolio may not earn as high a current
income as longer term or lower-quality securities.

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 has varied from year to year since the predecessor of
the Fund was launched in 1989. This provides some indication of the risks of
investing in the Fund.

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

Year-by-year returns

[bar chart goes here]

Footnote: On May 3, 1996, the Hanover Cash Management Fund merged into Cash
Management Fund. The Fund's performance figures for the periods before that date
are for the Hanover fund.

Best quarter: _____%, xth quarter, 19__
Worst quarter: _____%, xth quarter, 19__

Average annual total returns
For the periods ending December 31, 1997:

<TABLE>
<CAPTION>
Past 1 year Past 5 years Since inception 1/17/89
<S> <C> <C> <C>
Vista shares _____% _____% _____%
</TABLE>

Fees and expenses

You don't have to pay any sales charge when you buy or sell Vista shares of the
Fund.

21
<PAGE>

[Sidenote]

The actual shareholder service fee currently is expected to be 0.33% and the
total fees and expenses are expected not to exceed 0.59%. 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 terminate this arrangement at any
time.

The table does not reflect charges or credits which an investor might incur if
they 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. As with all other prospectuses, 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.

Your costs would be:

<TABLE>
<CAPTION>
Number of years: 1 3 5 10
<S> <C> <C> <C> <C>
Costs: $62 $195 $340 $762
</TABLE>

This example is for comparison only. Your actual costs may be higher or lower,
depending on the amount you invest and the Fund's actual rate of return.

22
<PAGE>

Prime Money Market Fund

The Fund's objective

The Fund aims to provide the highest possible level of current income while
still maintaining liquidity and preserving capital.

The Fund's approach

The Fund invests in high quality, short-term money market instruments which are
issued and payable in U.S. dollars.

The Fund principally invests in:

o high quality commercial paper and other short-term debt securities, including
floating and variable rate demand notes of U.S. and foreign corporations

o debt securities issued or guaranteed by qualified banks. These are:

o U.S. banks with more than $1 billion in total assets, and foreign branches
of these banks

o foreign banks with the equivalent of more than $10 billion in total assets
and which have branches or agencies in the U.S.

o other U.S. or foreign commercial banks which the Fund's advisers judge to
have comparable credit standing

o securities issued or guaranteed by the U.S. Government, its agencies or
authorities

o securities backed by assets

o repurchase agreements

The dollar weighted average maturity of the Fund will be 60 days or less and the
Fund will buy only those instruments which have remaining maturities of 397 days
or less.

The Fund seeks to develop an appropriate portfolio by considering the
differences in yields among securities of different maturities, market sectors
and issuers.

23
<PAGE>

The Fund seeks to maintain a net asset value of $1.00 per share.

Instead of investing directly in underlying securities, the Fund may invest all
of its assets in another investment company having substantially the same
investment objectives and policies.

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

The main investment risks

The Fund attempts to keep its net asset value constant, but there's no guarantee
it will be able to do so.

The value of money market investments tends to fall when prevailing interest
rates rise, although they're generally less sensitive to interest rate changes
than longer-term securities.

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

Although the Fund seeks to be fully invested, it may at times hold some of its
assets in cash. This would hurt the Fund's performance.

[Sidenote:] An investment in the Fund isn't a bank deposit and it isn't insured
or guaranteed by the Federal Deposit Insurance Corporation, The Chase Manhattan
Bank, or any other government agency. Although the Prime Money Market Fund seeks
to preserve the value of your investment at $1.00 per share, it is possible to
lose money by investing in the Fund.

[Sidenote:] Securities in the Fund's portfolio may not earn as high a current
income as longer term or lower-quality securities.

The Fund's past performance

24
<PAGE>

This section shows the Fund's performance record. The bar chart shows how the
performance of the Fund has varied from year to year since the Fund's launch in
1993. This provides some indication of the risks of investing in the Fund.

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

Year-by-year returns

[bar chart goes here]

Footnote: The performance for the period before Class B shares were launched in
1994 is based upon performance for Premier Class 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 Premier shares.

Best quarter: _____%, xth quarter, 19__
Worst quarter: _____%, xth quarter, 19__

Average annual total returns
For the periods ending December 31, 1997:

<TABLE>
<CAPTION>
Past one year Since inception 11/15/93
<S> <C> <C>
Vista Shares _____% _____%
Class B shares _____% _____%
</TABLE>

Fees and expenses

Unlike the other Funds offered in this prospectus, the Prime Money Market Fund
offers three classes of shares: Vista shares, Class B shares and Class C shares.

You can buy Class B shares by exchanging Class B shares of another Chase Vista
Fund. You may buy Class B shares directly, but only if you establish a
Systematic Exchange

25
<PAGE>

Program to exchange into Class B shares of one or more Chase Vista Funds within
24 months.

You can buy Class C shares the same way you buy Vista shares. See the section
called Buying Fund shares.

You don't have to pay any sales charge when you buy or sell Vista shares of the
Fund. There is also no sales charge when you buy Class B or Class C shares, but
you may have to pay a deferred sales charge when you sell these shares,
depending on how long you hold the shares.

These shares have higher expenses each year, so you should only buy class B and
Class C shares in conjunction with a plan to invest in Chase Vista's stock and
bond Funds.

The following tables show the fees and expenses charged when you own shares of
the Fund.

Fees you pay directly

<TABLE>
<CAPTION>
Maximum sales charge (load) Maximum deferred sales
when you buy shares, shown charge (load) shown as
as % of the offering price(1) lower of % of the offering
price(1) or redemption
proceeds
<S> <C> <C>
Vista Shares None None
Class B Shares None 5.00%
Class C shares None 1.00%
</TABLE>

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

26
<PAGE>

[Sidenote]

The actual Shareholder Servicing Fee for Vista Shares currently is expected to
be 0.00%, and the total fees and expenses are not expected to exceed 0.59%. The
actual Shareholder Servicing Fee for Class B Shares is expected to be 0.00%, and
the total fees and expenses are not expected to exceed 1.25%. 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 terminate this arrangement at any
time.

The table does not reflect charges or credits which an investor might incur if
they 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. As with all other prospectuses, 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.

Your costs would be:

If you sell your shares

<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------
Number of years: 1 3 5 10
<S> <C> <C> <C> <C>
Vista shares $96 $300 $520 $1155
- ------------------------------------------------------------------------------------------------------------
Class B shares $670 $807 $1056 $1639
- ------------------------------------------------------------------------------------------------------------
Class C shares $256 $474 $818 $1791
- ------------------------------------------------------------------------------------------------------------
</TABLE>

If you don't sell your shares

<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------
Number of years: 1 3 5 10
<S> <C> <C> <C> <C>
Vista shares $96 $300 $520 $1155
- ------------------------------------------------------------------------------------------------------------
Class B shares $153 $474 $818 $1639
- ------------------------------------------------------------------------------------------------------------
Class C shares $153 $474 $818 $1791
- ------------------------------------------------------------------------------------------------------------
</TABLE>

This example is for comparison only. Your actual costs may be higher or lower,
depending on the amount you invest and the Fund's actual rate of return.

27
<PAGE>

Tax Free Money Market Fund

The Fund's objective

The Fund aims to provide the highest possible level of current income which is
excluded from gross income, while still preserving capital and maintaining
liquidity.

The Fund's approach

Under normal market conditions, the fund will try to invest 100% of its assets
in municipal obligations, the interest on which is excluded from gross income
and which is not subject to the alternative minimum tax on individuals. As a
fundamental policy, the Fund will invest at least 80% of its assets in municipal
obligations. The remaining 20% of assets may be invested in securities which are
subject to federal income tax or the federal alternative minimum tax for
individuals. To temporarily defend its assets, the Fund may exceed this limit.

The Fund may also invest in municipal lease obligations. These provide
participation in municipal lease agreements and installment purchase contracts.

The Fund invests only in securities issued and payable in U.S. dollars.

Each investment must have the highest possible short-term rating from at least
two national rating organizations, or one such rating if only one organization
rates that security. Alternatively, the security may have a guarantee that has
such a rating. If the security is not rated, it must be considered of comparable
quality as determined by the Fund's advisers.

The dollar-weighted average maturity of the Fund will be 90 days or less and the
Fund will buy only those investments which have remaining maturities of 397 days
or less.

The Fund seeks to develop an appropriate portfolio by considering the
differences in yields among securities of different maturities, market sectors
and issuers.

The Fund seeks to maintain a net asset value of $1.00 per share

Instead of investing directly in underlying securities, the Fund may invest all
of its assets in another investment company having substantially the same
investment objectives and policies.

The Fund may change any of its non-fundamental investment policies (except its
investment objective) without shareholder approval.

The main investment risks

The Fund attempts to keep its net asset value constant, but there's no guarantee
it will be able to do so.

28
<PAGE>

The value of money market investments tends to fall when prevailing interest
rates rise, although they're generally less sensitive to interest rate changes
than longer-term securities.

Changes in a municipality's financial health may make it difficult for the
municipality to make interest and principal payments when due. A number of
municipalities have had significant financial problems recently. This could
decrease the Fund's income or hurt the its ability to preserve capital and
liquidity.

Some municipal obligations, including municipal lease obligations, carry
additional risk. Under some circumstances, municipal obligations do not pay
interest unless the municipality's legislature authorizes money for that
purpose.. They may be difficult to trade and interest payments may be tied only
to a specific stream of revenue.

Since some municipal obligations may be secured or guaranteed by banks and other
institutions, the risk to the Fund could increase if the municipalities have
problems with the banking or financial sector.

Interest on certain municipal obligations is subject to the federal alternate
minimum tax. Normally, up to 20% of the Fund's assets may be invested in
securities that are subject to this tax. Consult your tax professional for more
information.

The Fund may invest in municipal obligations backed by foreign institutions.
This could carry more risk that securities backed by U.S. institutions, in part,
because of political and economic instability, the imposition of government
controls, or regulations that don't match U.S. standards. In addition, more than
25% of the Fund's assets may be invested in securities which rely on similar
projects for their income stream. As a result, the Fund could be more
susceptible to developments which affect those projects.

Although the Fund seeks to be fully invested, it may at times hold some of its
assets in cash. This would hurt the Fund's performance.

[Sidenote:] An investment in the Fund isn't a bank deposit and it isn't insured
or guaranteed by the Federal Deposit Insurance Corporation, The Chase Manhattan
Bank, or any other government agency. Although the Tax Free Money Market Fund
seeks to preserve the value of your investment at $1.00 per share, it is
possible to lose money by investing in the Fund.

29
<PAGE>

[Sidenote:] Securities in the Fund's portfolio may not earn as high a current
income as longer term or lower-quality securities.

The Fund's past performance

This section shows the Fund's performance record. The bar chart shows how the
performance of the Fund has varied since 1988. This provides some indication of
the risks of investing in the Fund.

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

Year-by-year returns

[bar chart goes here]

Best quarter: _____%, xth quarter, 19__
Worst quarter: _____%, xth quarter, 19__

Average annual total returns
For the periods ending December 31, 1997:

<TABLE>
<CAPTION>
Past 1 year Past 5 years Past 10 years
<S> <C> <C> <C>
Vista shares _____% _____% _____%
</TABLE>

Fees and expenses

You don't have to pay any sales charge when you buy or sell Vista shares of the
Fund.

30
<PAGE>

[Sidenote]

The actual shareholder service fee currently is expected to be 0.23% and the
total fees and expenses are expected not to exceed 0.59%. 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 terminate this arrangement at any
time.

The table does not reflect charges or credits which an investor might incur if
they 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. As with all other prospectuses, 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.

Your costs would be:

<TABLE>
<CAPTION>
Number of years: 1 3 5 10
<S> <C> <C> <C> <C>
Costs: $73 $227 $395 $883
</TABLE>

This example is for comparison only. Your actual costs may be higher or lower,
depending on the amount you invest and the Fund's actual rate of return.

31
<PAGE>

New York Tax Free Money Market Fund

The Fund's objective

The Fund aims to provide the highest possible level of current income which is
excluded from gross income and exempt from New York State and New York City
personal income taxes, while still preserving capital and maintaining liquidity.

The Fund's approach

The Fund will invest at least 65% of its assets in New York municipal
obligations, the interest of which is exempt from gross income and exempt from
New York State and New York City personal income taxes. The exact percentage
will vary from time to time. New York municipal obligations are municipal
obligations issued by New York State, its political subdivisions, Puerto Rico,
other U.S. territories and their political subdivisions.

When suitable New York municipal obligations are unavailable, the Fund may buy
municipal obligations issued by other states. These are generally subject to New
York State and New York City personal income taxes.

As a fundamental policy, under normal market conditions, the Fund will invest at
least 80% of its assets in municipal obligations, the interest on which is
excluded from gross income and which is not subject to the federal alternate
minimum tax on individuals. The remaining 20% may be invested in securities
paying interest which is subject to federal income tax or to the alternate
minimum tax on individuals. To temporarily defend its assets, the Fund may
exceed this limit.

The Fund may also invest in Municipal lease obligations. These provide
participation in municipal lease agreements and installment purchase contracts.

The Fund seeks to develop an appropriate portfolio by considering the
differences in yields among securities of different maturities, market sectors
and issuers.

The Fund seeks to maintain a net asset value of $1.00 per share.

Instead of investing directly in underlying securities, the Fund may invest all
of its assets in another investment company having substantially the same
investment objectives and policies.

The Fund may change any of its non-fundamental investment policies (except its
investment objective) without shareholder approval.

32
<PAGE>

The main investment risks

The Fund attempts to keep its net asset value constant, but there's no guarantee
it will be able to do so.

The value of money market investments tends to fall when prevailing interest
rates rise, although they're generally less sensitive to interest rate changes
than longer-term securities.

The Fund will be particularly susceptible to difficulties affecting New York
State and its municipalities. Changes in a municipality's financial health may
make it difficult for the municipality to make interest and principal payments
when due. A number of municipal issuers, including the State of New York and New
York City, have a recent history of financial problems. Such problems could
decrease the Fund's income or hurt the its ability to preserve capital and
liquidity.

Since some municipal obligations may be secured or guaranteed by U.S. banks, the
risk to the Fund could increase if the banking sector suffers an economic
turndown..

Although the Fund seeks to be fully invested, it may at times hold some of its
assets in cash. This would hurt the Fund's performance.

33
<PAGE>

[Sidenote:] An investment in the Fund isn't a bank deposit and it isn't insured
or guaranteed by the Federal Deposit Insurance Corporation, The Chase Manhattan
Bank, or any other government agency. Although the New York Tax Free Money
Market Fund seeks to preserve the value of your investment at $1.00 per share,
it is possible to lose money by investing in the Fund.

[Sidenote:] Securities in the Fund's portfolio may not earn as high a current
income as longer term or lower-quality securities.

The Fund's past performance

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

Year-by-year returns

[bar chart goes here]

Best quarter: _____%, xth quarter, 19__
Worst quarter: _____%, xth quarter, 19__

Average annual total returns
For the periods ending December 31, 1997:

<TABLE>
<CAPTION>
Past 1 year Past 5 years Past 10 years
<S> <C> <C> <C>
Vista shares _____% _____% _____%
</TABLE>

34
<PAGE>

Fees and expenses

You don't have to pay any sales charge when you buy or sell Vista shares of the
Fund.

Total Fund
Class of shares Investment Distribution Shareholder Other fees and
advisory fee (12b-1) fees service fee expenses expenses
<S> <C> <C> <C> <C> <C>
Vista shares 0.10% 0.10% 0.35% 0.16% 0.71%
</TABLE>

[Sidenote]

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

35
<PAGE>

Example

This example helps you compare the cost of investing in the Fund with the cost
of investing in other mutual funds. As with all other prospectuses, 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.

Your costs would be:

<TABLE>
<CAPTION>
Number of years: 1 3 5 10
<S> <C> <C> <C> <C>
Costs: $94 $259 $509 $1,131
</TABLE>

This example is for comparison only. Your actual costs may be higher or lower,
depending on the amount you invest and the Fund's actual rate of return.

36
<PAGE>

California Tax Free Money Market Fund

The Fund's objective

The Fund aims to provide the highest possible level of current income which is
exempt from federal and California personal income taxes, while still preserving
capital and maintaining liquidity.

The Fund's approach

As a fundamental policy, except when it is temporarily defending its assets, the
Fund will invest at least 65% of its assets in California municipal obligations,
the interest of which is excluded from gross income and exempt from California
personal income taxes. California municipal obligations are issued by the State
of California, its political subdivisions, authorities and corporations. When
suitable California municipal obligations are unavailable, the Fund may buy
municipal obligations from other states. These would generally be subject to
California personal income tax.

The Fund may also invest in municipal lease obligations. These provide
participation in municipal lease agreements and installment purchase contracts.

The Fund seeks to develop an appropriate portfolio by considering the
differences in yields among securities of different maturities, market sectors
and issuers.

The Fund seeks to maintain a net asset value of $1.00 per share.

Instead of investing directly in underlying securities, the Fund may invest all
of its assets in another investment company having substantially the same
investment objectives and policies.

The Fund may change any of its non-fundamental investment policies (except its
investment objective) without shareholder approval.

37
<PAGE>

The main investment risks

The Fund attempts to keep its net asset value constant, but there's no guarantee
it will be able to do so.

The value of money market investments tends to fall when prevailing interest
rates rise, although they're generally less sensitive to interest rate changes
than longer-term securities.

The Fund will be particularly susceptible to difficulties affecting California
and its municipalities. Changes in a municipality's financial health may make it
difficult for the municipality to make interest and principal payments when due.
A number of municipal issuers, including the State of California and certain
California counties, have a recent history of financial problems. California's
Orange County recently defaulted on its debt. Such problems could decrease the
Fund's income or hurt the its ability to preserve capital and liquidity.

Since some municipal obligations may be secured or guaranteed by U.S. banks, the
risk to the Fund could increase if the banking sector suffers an economic
turndown..

Although the Fund seeks to be fully invested, it may at times hold some of its
assets in cash. This would hurt the Fund's performance.

38
<PAGE>

[Sidenote:] An investment in the Fund isn't a bank deposit and it isn't insured
or guaranteed by the Federal Deposit Insurance Corporation, The Chase Manhattan
Bank, or any other government agency. Although the California Money Market Fund
seeks to preserve the value of your investment at $1.00 per share, it is
possible to lose money by investing in the Fund.

[Sidenote:] Securities in the Fund's portfolio may not earn as high a current
income as longer term or lower-quality securities.

The Fund's past performance

This section shows the Fund's performance record. The bar chart shows how the
performance of the Fund has varied from year to year since the Fund was launched
in 1992. This provides some indication of the risks of investing in the Fund.

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

Year-by-year returns

[bar chart goes here]

Best quarter: _____%, xth quarter, 19__
Worst quarter: _____%, xth quarter, 19__

Average annual total returns For the periods ending December 31, 1997:

<TABLE>
<CAPTION>
Past 1 year Past 5 years Since inception 10/31/92
<S> <C> <C> <C>
Vista shares _____% _____% _____%
</TABLE>

39
<PAGE>

Fees and expenses

You don't have to pay any sales charge when you buy or sell Vista shares of the
Fund.

[Sidenote]

The actual investment advisory fee is currently expected to be 0.00%, the 12b-1
distribution fee currently is expected to be 0.05%, the shareholder service fee
is expected to be 0.13% and the total fees and expenses are expected not to
exceed 0.55%. That's because The Chase Manhattan Bank (Chase) and some of the
Fund's other service providers have volunteered not to collect a portion of
their fees and to reimburse others. Chase and these other service providers may
terminate this arrangement at any time.

The table does not reflect charges or credits which an investor might incur if
they 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. As with all other prospectuses, 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.

Your costs would be:

<TABLE>
<CAPTION>
Number of years: 1 3 5 10
<S> <C> <C> <C> <C>
Costs: $73 $227 $395 $883
</TABLE>

This example is for comparison only. Your actual costs may be higher or lower,
depending on the amount you invest and the Fund's actual rate of return.

Financial highlights

40
<PAGE>

FINANCIAL HIGHLIGHTS

On May 3, 1996, the Hanover 100% U.S Treasury Securities Money Market Fund
("Hanover 100% Treasury Fund") merged into Vista 100% U.S. Treasury Securities
Money Market Fund, which was created to be the successor to the Hanover 100%
Treasury Fund. The table set forth below provides selected per share data and
ratios for one Hanover 100% Treasury Fund share outstanding through May 3, 1996
and one Vista Share of the Vista 100% U.S. Treasury Securities Money Market Fund
outstanding for periods thereafter. This information is supplemented by
financial statements and accompanying notes appearing in the Hanover 100%
Treasury Fund's Annual Report to Shareholders for the fiscal year ended November
30, 1995 and the Fund's Annual Report to Shareholders for the period ended
August 31, 1997, which both are incorporated by reference into the SAI.
Shareholders may obtain a copy of these annual reports by contacting the Fund or
their Shareholder Servicing Agent. The financial statements and notes, as well
as the financial information set forth in the table below, for the year ended
August 31, 1997 and the period ended August 31, 1996 have been audited by Price
Waterhouse LLP, independent accountants, whose report thereon is included in the
Fund's Annual Report to Shareholders. Periods ended prior to December 1, 1995
were audited by other independent accountants.

VISTA 100% U.S. TREASURY SECURITIES
MONEY MARKET FUND
- --------------------------------------------------------------------------------

<TABLE>
<CAPTION>
Year Year 12/01/95 Year Ended
Ended Ended through -----------
8/31/98 8/31/97 8/31/96** 11/30/95
----------- ----------- ----------- -----------
<S> <C> <C> <C> <C>
PER SHARE OPERATING PERFORMANCE
Net Asset Value, Beginning of Period ...... $ 1.00 $ 1.00 $ 1.000
----------- ----------- -----------
Income from Investment Operations:
Net Investment Income .................. 0.048 0.035 0.050
----------- ----------- -----------
Less Distributions:
Dividends from Net Investment
Income .................................... 0.048 0.035 0.050
----------- ----------- -----------
Net Asset Value, End of Period ............ $ 1.00 $ 1.00 $ 1.000
=========== =========== ===========
TOTAL RETURN 4.87% 3.50% 5.15%
Ratios/Supplemental Data
Net Assets, End of Period (000 omitted) $2,376,214 $1,671,603 $1,337,549
Ratio of Expenses to Average Net
Assets# ................................. 0.59% 0.60% 0.58%
Ratio of Net Investment Income to
Average Net Assets# ..................... 4.74% 4.58% 4.99%
Ratio of Expenses without waivers and
assumption of expenses to
Average Net Assets# ..................... 0.71% 0.68% 0.61%
Ratio of Net Investment Income
without waivers and assumption of
expenses to Average Net Assets # ......... 4.62% 4.50% 4.96%

<CAPTION>
Year Ended
------------------------
11/30/94 11/30/93
---------- ---------
<S> <C> <C>
PER SHARE OPERATING PERFORMANCE
Net Asset Value, Beginning of Period ...... $ 1.000 $ 1.000
---------- --------
Income from Investment Operations:
Net Investment Income .................. 0.033 0.026
---------- --------
Less Distributions:
Dividends from Net Investment
Income .................................... 0.033 0.026
---------- --------
Net Asset Value, End of Period ............ $ 1.000 $ 1.000
========== ========
TOTAL RETURN 3.32% 2.62%
Ratios/Supplemental Data
Net Assets, End of Period (000 omitted) $1,024,125 $873,631
Ratio of Expenses to Average Net
Assets# ................................. 0.59% 0.58%
Ratio of Net Investment Income to
Average Net Assets# ..................... 3.26% 2.58%
Ratio of Expenses without waivers and
assumption of expenses to
Average Net Assets# ..................... 0.62% 0.61%
</TABLE>

** In 1996, the Fund changed its fiscal year end from November 30 to
August 31.
# Short periods have been annualized.

<PAGE>

FINANCIAL HIGHLIGHTS

The table set forth below provides selected per share data and ratios for one
Vista Share outstanding throughout the period shown. This information is
supplemented by financial statements and accompanying notes appearing in the
Fund's Annual Report to Shareholders for the period ended August 31, 1997,
which is incorporated by reference into the SAI. Shareholders may obtain a copy
of this annual report by contacting the Fund or their Shareholder Servicing
Agent. The financial statements and notes, as well as the financial information
set forth in the table below, have been audited by Price Waterhouse LLP,
independent accountants, whose report thereon is included in the Annual Report
to Shareholders.

VISTA TREASURY PLUS MONEY MARKET FUND

<TABLE>
<CAPTION>
Year Year 5/6/96*
Ended Ended through
8/31/98 8/31/97 8/31/96
----------- ----------- -----------
<S> <C> <C> <C>
PER SHARE OPERATING PERFORMANCE
Net Asset Value, Beginning of Period ........................... $ 1.00 $ 1.00
----------- -----------
Income from Investment Operations:
Net Investment Income ....................................... 0.048 0.015
----------- -----------
Less Dividends from Net Investment Income ..................... 0.048 0.015
----------- -----------
Net Asset Value, End of Period ................................. $ 1.00 $ 1.00
=========== ===========
TOTAL RETURN 4.89% 1.50%
=========== ===========
Ratios/Supplemental Data
Net Assets, End of Period (000 omitted) ........................ $1,605,845 $1,382,184
Ratio of Expenses to Average Net Assets# ..................... 0.59% 0.59%
Ratio of Net Investment Income to Average Net Assets# ......... 4.79% 4.63%
Ratio of Expenses without waivers and assumption of expenses to
Average Net Assets# .......................................... 0.70% 0.73%
Ratio of Net Investment Income without waivers and assumption of
expenses to Average Net Assets# .............................. 4.68% 4.49%
</TABLE>

* Commencement of offering shares.
# Short periods have been annualized.

<PAGE>

FINANCIAL HIGHLIGHTS

The table set forth below provides selected per share data and ratios for one
Vista Share outstanding throughout each period shown. This information is
supplemented by financial statements and accompanying notes appearing in the
Fund's Annual Report to Shareholders for the fiscal year ended August 31, 1997,
which is incorporated by reference into the SAI. Shareholders may obtain a copy
of this annual report by contacting the Fund or their Shareholder Servicing
Agent. The financial statements and notes, as well as the financial information
set forth in the table below, have been audited by Price Waterhouse LLP,
independent accountants, whose report thereon is included in the Annual Report
to Shareholders.

VISTA FEDERAL MONEY MARKET FUND

<TABLE>
<CAPTION>
Year Year Year Year 5/9/94*
Ended ended ended ended through
8/31/98 8/31/97 8/31/96 8/31/95 8/31/94
----------- --------- --------- --------- ---------
<S> <C> <C> <C> <C> <C>
PER SHARE OPERATING PERFORMANCE
Net Asset Value, Beginning of Period ............ $ 1.00 $ 1.00 $ 1.00 $ 1.00
--------- --------- --------- ---------
Income from Investment Operations:
Net Investment Income ........................ 0.048 0.048 0.051 0.013
--------- --------- --------- ---------
Total from Investment Operations ............ 0.048 0.048 0.051 0.013
Less Distributions:
Dividends from Net Investment Income ......... 0.048 0.048 0.051 0.013
--------- --------- --------- ---------
Net Asset Value, End of Period .................. $ 1.00 $ 1.00 $ 1.00 $ 1.00
========= ========= ========= =========
TOTAL RETURN 4.91% 4.83% 5.20% 1.26%
Ratios/Supplemental Data
Net Assets, End of Period (000 omitted) ...... $301,031 $352,934 $203,399 $ 19,955
Ratio of Expenses to Average Net Assets# ...... 0.70% 0.70% 0.69% 0.40%
Ratio of Net Investment Income to Average Net
Assets# ....................................... 4.79% 4.79% 5.16% 4.36%
Ratio of Expenses without waivers and assumption
of expenses to Average Net Assets# ......... 0.82% 0.93% 0.93% 1.02%
Ratio of Net Investment Income without waivers
and assumptions of expenses to Average Net
Assets# .................................... 4.67% 4.56% 4.92% 3.74%
</TABLE>

* Commencement of offering shares.
# Short periods have been annualized.

<PAGE>

FINANCIAL HIGHLIGHTS

VISTA U.S. GOVERNMENT MONEY MARKET FUND

<TABLE>
<CAPTION>
Year Year Year Year 11/1/93
ended ended ended ended through
8/31/98 8/31/97 8/31/96 8/31/95 8/31/94**
--------- ----------- ----------- --------- -----------
<S> <C> <C> <C> <C> <C>
PER SHARE OPERATING PER-
FORMANCE
Net Asset Value, Beginning of Period ... $ 1.00 $ 1.00 $ 1.00 $ 1.00
----------- ----------- --------- -----------
Income from Investment Operations:
Net Investment Income ................ 0.049 0.049 0.049 0.025
----------- ----------- --------- -----------
Less Distributions:
Dividends from Net Investment
Income ............................... 0.049 0.049 0.049 0.025
----------- ----------- --------- -----------
Net Asset Value, End of Period ......... $ 1.00 $ 1.00 $ 1.00 $ 1.00
=========== =========== ========= ===========
TOTAL RETURN 5.04% 4.97% 5.05% 2.48%
Ratios/Supplemental Data
Net Assets, End of Period (000
omitted) ............................. $2,139,368 $2,057,023 $341,336 $ 335,365
Ratio of Expenses to Average Net
Assets# .............................. 0.59% 0.65% 0.80% 0.80%
Ratio of Net Investment Income to
Average Net Assets# .................. 4.93% 4.83% 4.93% 2.94%
Ratio of Expenses without waivers
and assumption of expenses to
Average Net Assets# ................. 0.72% 0.73% 0.80% 0.80%
Ratio of Net Investment Income
without waivers and assumption
of expenses to Average Net
Assets# ............................. 4.80% 4.75% 4.93% 2.94%
</TABLE>

** In 1994 the U.S. Government Money Market Fund changed its fiscal
year-end from October 31 to August 31.
# Short periods have been annualized.

<PAGE>
FINANCIAL HIGHLIGHTS

On May 3, 1996, the Hanover Cash Management Fund merged into Vista Cash
Management Fund. The table set forth below provides selected per share data and
ratios for one Hanover Cash Management Fund share (the accounting survivor of
the merger) outstanding through May 3, 1996 and one Vista Share of the Vista
Cash Management Fund outstanding for periods thereafter. This information is
supplemented by financial statements and accompanying notes appearing in the
Hanover Cash Management Fund's Annual Report to Shareholders for the fiscal
year ended November 30, 1995 and the Fund's Annual Report to Shareholders
for the period ended August 31, 1997, which both are incorporated by reference
into the SAI. Shareholders may obtain a copy of these annual reports by
contacting the Fund or their Shareholder Servicing Agent. The financial
statements and notes, as well as the financial information set forth in the
table below, for the year ended August 31, 1997 and the period ended August 31,
1996 have been audited by Price Waterhouse LLP, independent accountants, whose
report thereon is included in the Fund's Annual Report to Shareholders. Periods
ended prior to December 1, 1995 were audited by other independent accountants.

VISTA CASH MANAGEMENT FUND
- --------------------------------------------------------------------------------

Year Year 12/1/95 Year Ended
Ended Ended through --------------------------
8/31/98 8/31/97 8/31/96** 11/30/95 11/30/94
----------- ----------- ------------- ----------- --------
<S> <C> <C> <C> <C> <C>
PER SHARE OPERATING PERFORMANCE
Net Asset Value, Beginning of Period .................... $ 1.000 $ 1.000 $ 1.000 $ 1.000
---------- ---------- ---------- --------
Income from Investment Operations:
Net Investment Income ................................. 0.050 0.037 0.054 0.036
---------- ---------- ---------- --------
Less Distributions:
Dividends from Net Investment Income .................. 0.050 0.037 0.054 0.036
---------- ---------- ---------- --------
Net Asset Value, End of Period ........................... $ 1.000 $ 1.000 $ 1.000 $ 1.000
========== ========== ========== ========
TOTAL RETURN 5.09% 3.69% 5.49% 3.62%
Ratios/Supplemental Data
Net Assets, End of Period (000 omitted) ............... $2,576,142 $1,621,212 $1,634,493 $990,045
Ratio of Expenses to Average Net Assets# ............... 0.59% 0.60% 0.58% 0.58%
Ratio of Net Investment Income to Average Net Assets# . 4.99% 4.91% 5.35% 3.62%
Ratio of Expenses without waivers and assumption of
expenses to Average Net Assets# ........................ 0.62% 0.63% 0.62% 0.62%
Ratio of Net Investment Income without waivers and
assumption of expenses to Average Net Assets # ......... 4.96% 4.88% 5.31% 3.58%

<CAPTION>
Year Ended
-----------
11/30/93
--------
<S> <C>
PER SHARE OPERATING PERFORMANCE
Net Asset Value, Beginning of Period ..................... $ 1.000
----------
Income from Investment Operations:
Net Investment Income ................................. 0.027
----------
Less Distributions:
Dividends from Net Investment Income .................. 0.027
----------
Net Asset Value, End of Period ........................... $ 1.000
==========
TOTAL RETURN 2.74%
Ratios/Supplemental Data
Net Assets, End of Period (000 omitted) ............... $ 861,025
Ratio of Expenses to Average Net Assets# ............... 0.61%
Ratio of Net Investment Income to Average Net Assets# . 2.70%
Ratio of Expenses without waivers and assumption of
expenses to Average Net Assets# ........................ 0.64%
Ratio of Net Investment Income without waivers and
assumption of expenses to Average Net Assets # ......... 2.67%
</TABLE>

** In 1996, the Fund changed its fiscal year end from November 30 to
August 31.
# Short periods have been annualized.

<PAGE>

FINANCIAL HIGHLIGHTS

The table set forth below provides selected per share data and ratios for one
Class B Share outstanding throughout each period shown. This information is
supplemented by financial statements and accompanying notes appearing in the
Fund's Annual Report to Shareholders for the fiscal year ended August 31, 1997,
which is incorporated by reference into the SAI. Shareholders may obtain a copy
of this Annual Report by contacting the Fund or their Shareholder Servicing
Agent. The financial statements and notes, as well as the financial information
set forth in the table below, have been audited by Price Waterhouse LLP,
independent accountants, whose report thereon is also included in the Annual
Report to Shareholders.

VISTA PRIME MONEY MARKET FUND

<TABLE>
<CAPTION>
Class B Shares
----------------------------------------------
Year Year Year Year 4/21/94*
ended ended ended ended through
8/31/98 8/31/97 8/31/96 8/31/95 8/31/94**
--------- -------- -------- -------- ---------
<S> <C> <C> <C> <C> <C>
PER SHARE OPERATING PERFORMANCE:
Net Asset Value, Beginning of Period ..................... $ 1.00 $ 1.00 $ 1.00 $ 1.00
--------- --------- --------- -----------
Income from Investment Operations:
Net investment income ................................. 0.043 0.042 0.043 0.011
Net Realized Loss on Securities ........................ -- -- (0.003) --
--------- --------- --------- -----------
Total Income from Investment Operations ............... 0.043 0.042 0.040 0.011
--------- --------- --------- -----------
Voluntary Capital Contribution ........................ -- -- 0.003 --
--------- --------- --------- -----------
Less Distributions:
Dividends from Net Investment Income .................. 0.043 0.042 0.043 0.011
--------- --------- --------- -----------
Net Asset Value, End of Period ........................... $ 1.00 $ 1.00 $ 1.00 $ 1.00
========= ========= ========= ===========
Total Return ............................................. 4.33% 4.25% 4.37% 1.11%
Ratios/Supplemental Data:
Net Assets, End of Period (000 omitted) ............... $ 10,269 $ 15,667 $ 4,880 $ 1,452
Ratio of Expenses to Average Net Assets # ............... 1.35% 1.47% 1.47% 1.47%
Ratio of Net Investment Income to Average Net Assets # 4.27% 4.17% 4.33% 2.96%
Ratio of Expenses without waivers and assumption
of expenses to Average Net Assets # .................. 1.53% 1.71% 2.53% 1.67%
Ratio of Net Investment Income without waivers and
assumption of expenses to Average Net Assets # ...... 4.09% 3.93% 3.27% 2.76%
</TABLE>

* Commencement of offering shares.
** In 1994 the Prime Money Market Fund changed its fiscal year-end from
October 31 to August 31.
# Short periods have been annualized.

<PAGE>

FINANCIAL HIGHLIGHTS

The table set forth below provides selected per share data and ratios for one
Vista Share outstanding throughout each period shown. This information is
supplemented by financial statements and accompanying notes appearing in the
Fund's Annual Report to Shareholders for the fiscal year ended August 31, 1997,
which is incorporated by reference into the SAI. Shareholders can obtain a copy
of this annual report by contacting the Fund or their Shareholder Servicing
Agent. The financial statements and notes, as well as the financial information
set forth in the table below, have been audited by Price Waterhouse LLP,
independent accountants, whose report thereon is included in the Annual Report
to Shareholders.

VISTA TAX FREE MONEY MARKET FUND

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

<TABLE>
<CAPTION>
Year Year Year Year 11/1/93 Year Ended
ended ended ended ended through ----------
8/31/98 8/31/97 8/31/96 8/31/95 8/31/94** 10/31/9
--------- --------- --------- --------- -------- ----------
<S> <C> <C> <C> <C> <C> <C>
PER SHARE OPERATING PERFORMANCE
Net Asset Value, Beginning of Period .................. $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
--------- --------- --------- -------- --------
Income from Investment Operations:
Net Investment Income .............................. 0.031 0.029 0.029 0.015 0.019
--------- --------- --------- -------- --------
Less Distributions:
Dividends from Net Investment Income ............... 0.031 0.029 0.029 0.015 0.019
--------- --------- --------- -------- --------
Net Asset Value, End of Period ........................ $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
========= ========= ========= ======== ========
TOTAL RETURN 3.12% 2.92% 2.99% 1.54% 1.90%
Ratios/Supplemental Data:
Net Assets, End of Period (000 omitted) ............ $565,625 $574,115 $166,915 $121,710 $160,497
Ratio of Expenses to Average Net Assets# ............ 0.59% 0.69% 0.86% 0.85% 0.85%
Ratio of Net Investment Income to
Average Net Assets# ................................. 3.08% 2.89% 2.96% 1.82% 1.88%
Ratio of Expenses without waivers and assumption of
expenses to Average Net Assets# ..................... 0.73% 0.80% 0.94% 0.85% 0.91%
Ratio of Net Investment Income without waivers and
assumption of expenses to Average Net Assets# ...... 2.94% 2.78% 2.87% 1.82% 1.83%
</TABLE>

** In 1994 the Tax Free Money Market Fund changed its fiscal year-end
from October 31 to August 31.
# Short periods have been annualized.

<PAGE>
FINANCIAL HIGHLIGHTS

The table set forth below provides selected per share data and ratios for one
Vista Share outstanding throughout each period shown. This information is
supplemented by financial statements and accompanying notes appearing in the
Fund's Annual Report to Shareholders for the fiscal year ended August 31, 1997,
which is incorporated by reference into the SAI. Shareholders can obtain a copy
of this annual report by contacting the Fund or their Shareholder Servicing
Agent. The financial statements and notes, as well as the financial information
set forth in the table below, have been audited by Price Waterhouse LLP,
independent accountants, whose report thereon is included in the Annual Report
to Shareholders.

VISTA NEW YORK TAX FREE MONEY MARKET FUND

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

<TABLE>
<CAPTION>
Year Year Year Year 11/1/93 Year Ended
ended ended ended ended through ----------
8/31/98 8/31/97 8/31/96 8/31/95 8/31/94** 10/31/93
--------- --------- --------- --------- -------- ----------
<S> <C> <C> <C> <C> <C> <C>
PER SHARE OPERATING PERFORMANCE
Net Asset Value, Beginning of Period .................. $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
-------- -------- -------- -------- --------
Income from Investment Operations:
Net Investment Income ................................. 0.030 0.028 0.028 0.015 0.017
-------- -------- -------- -------- --------
Less Distributions:
Dividends from Net Investment Income ............... 0.030 0.028 0.028 0.015 0.017
-------- -------- -------- -------- --------
Net Asset Value, End of Period ........................ $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
======== ======== ======== ======== ========
TOTAL RETURN 3.02% 2.85% 2.88% 1.48% 1.75%
Ratios/Supplemental Data:
Net Assets, End of Period (000 omitted) ............ $956,766 $890,413 $378,400 $365,669 $300,425
Ratio of Expenses to Average Net Assets# ............ 0.59% 0.74% 0.86% 0.85% 0.85%
Ratio of Net Investment Income to
Average Net Assets# ................................. 2.97% 2.79% 2.84% 1.77% 1.72%
Ratio of Expenses without waivers and assumption
of expenses to Average Net Assets# .................. 0.73% 0.83% 0.95% 0.85% 0.89%
Ratio of Net Investment Income without waivers and
assumption of expenses to Average Net Assets# ...... 2.83% 2.70% 2.75% 1.77% 1.68%
</TABLE>

** In 1994 the New York Tax Free Money Market Fund changed its fiscal
year-end from October 31 to August 31.
# Short periods have been annualized.

<PAGE>

FINANCIAL HIGHLIGHTS

The table set forth below provides selected per share data and ratios for one
Vista Share outstanding throughout each period shown. This information is
supplemented by financial statements and accompanying notes appearing in the
Fund's Annual Report to Shareholders for the fiscal year ended August 31, 1997,
which is incorporated by reference into the SAI. Shareholders can obtain a copy
of this annual report by contacting the Fund or their Shareholder Servicing
Agent. The financial statements and notes, as well as the financial information
set forth in the table below, have been audited by Price Waterhouse LLP,
independent accountants, whose report thereon is also included in the Annual
Report to Shareholders.

VISTA CALIFORNIA TAX FREE MONEY MARKET FUND FUND

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

<TABLE>
<CAPTION>
Year Year Year Year 11/1/93 Year
ended ended ended ended through ended
8/31/98 8/31/97 8/31/96 8/31/95 8/31/94** 10/31/93
-------- -------- -------- -------- --------- --------
<S> <C> <C> <C> <C> <C> <C>
PER SHARE OPERATING PERFORMANCE
Net Asset Value, Beginning of Period ..................... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
------- ------- ------- ------- -------
Income from Investment Operations:
Net Investment Income ................................. 0.300 0.030 0.033 0.018 0.023
------- ------- ------- ------- -------
Less Distributions:
Dividends from Net Investment Income .................. 0.300 0.030 0.033 0.018 0.023
------- ------- ------- ------- -------
Net Asset Value, End of Period ........................... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
======= ======= ======= ======= =======
TOTAL RETURN 3.02% 3.06% 3.32% 1.82% 2.30%
Ratios/Supplemental Data:
Net Assets, End of Period (000 omitted) ............... $45,509 $42,819 $58,315 $64,423 $45,346
Ratio of Expenses to Average Net Assets# ............... 0.56% 0.56% 0.48% 0.46% 0.42%
Ratio of Net Investment Income to Average Net Assets# . 2.99% 3.03% 3.25% 2.17% 2.26%
Ratio of Expenses without waivers and assumption of
expenses to Average Net Assets# ........................ 0.86% 1.02% 1.07% 0.94% 1.02%
Ratio of Net Investment Income without waivers and
assumption of expenses to Average Net Assets# ......... 2.69% 2.57% 2.66% 1.69% 1.66%
</TABLE>

** In 1994 the California Tax Free Money Market Fund changed its fiscal
year-end from October 31 to August 31.
# Short periods have been annualized.

<PAGE>

The Fund's investment adviser

The Chase Manhattan Bank (Chase) is the investment adviser to the Fund. Chase is
a wholly owned subsidiary of The Chase Manhattan Corporation (CMC), a bank
holding company. Chase and its predecessors have more than a century of money
management experience.

For the fiscal year ended August 31, 1998, Chase was paid an advisory fee of
0.10% of the average daily net assets of each Fund other than the California Tax
Free Money Market Fund. Chase was not paid an advisory fee with respect to the
California Tax Free Money Market Fund.

Chase Asset Management Inc. is the sub-adviser to every Fund except the Cash
Management Fund and the Tax Free Money Market Fund. Chase Asset Management is a
wholly-owned subsidiary of Chase. It makes the day-to-day investment decisions
for the Funds.

Chase Bank of Texas, National Association (Chase Texas) is the sub-adviser to
the Cash Management Fund and the Tax-Free Money Market Fund. 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. It makes the
day-to-day investment decisions for the Funds.

[Sidenote:]

The Year 2000

The Fund, like any business, could be affected if the computer systems on which
it relies fail to properly process information beginning on 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.

<PAGE>

How your account works

Buying Fund shares

You don't pay any sales charge (sometimes called a load) when you buy shares in
these funds. Unlike the other money market funds in the prospectus, the Prime
Money Market Fund also offers two additional classes of shares: Class B and
Class C. You may have to pay a deferred sales charge when you sell Class B or
Class C shares of the Prime Money Market Fund, depending on how long you've held
them.

You may buy B shares of the Prime Money Market Fund by exchanging from Class B
shares of another Chase Vista Fund. You may buy them directly if you establish a
program to systematically exchange into Class B shares of one or more Chase
Vista Funds within 24 months.

The price you pay for your shares is the net asset value per share (NAV). NAV is
the value of everything the Fund owns, minus everything it owes, divided by the
number of shares held by investors. All of these Funds seek to maintain a stable
NAV of $1.00. Each fund uses the amortized cost to value its portfolio of
securities. This method provides more stability in valuations. However, it may
also result in periods during which the stated value of a security is different
than the price the Fund would receive if it sold the investment.

The NAV of each class of shares is generally calculated as of 4:00 p.m. Eastern
time, each day the Funds are accepting purchase orders. When certain automated
share purchase programs are introduced, we'll also calculate the NAV at 6:00
p.m. for Funds available through those programs. You'll pay the next NAV
calculated after the Chase Vista Funds Service Center receives your order in
proper form. An order is in proper form only after funds are converted into
federal funds.

The center accepts purchase orders on any business day that the Federal Reserve
Bank of New York and the New York Stock Exchange are open. If you send us and
order in proper form by the Fund's cut-off time, we'll process your order at
that day's price and you'll be entitled to all dividends declared on that day.
If we receive your order after the cut-off time, we'll generally process it at
the next day's price, but we may process it that day. If you pay by check before
the cut-off time, we'll generally process your order the next day the Fund is
open for business. Normally, the cut-off (in Eastern time) is:

<TABLE>
<S> <C>
100% U.S. Treasury Securities Money Market Fund Noon
Tax Free Money Market Fund Noon
Federal Money Market Fund 2:00 p.m.
U.S. Government Money Market Fund 4:00 p.m.
Cash Management Fund 4:00 p.m.
Prime Money Market Fund 4:00 p.m.
Treasury Plus Money Market Fund 4:00 p.m.
</TABLE>

42
<PAGE>

If you buy through an agent and not directly from the Chase Vista Funds Service
Center, the agent could set earlier cut-off times. The Funds may close earlier a
few days each year if the Public Securities Association recommends that the U.S.
Government securities market close trading early.

You must provide a Taxpayer Identification Number when you open an account.

The Funds have the right to reject any purchase order.

Box:

To open an account, buy or sell shares or get Fund information, call:

The Chase Vista Funds Service Center

1-800-34-VISTA End box

Minimum investments for each Fund

<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------
Type of account Initial investment Additional 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 shares you bought by
check for 15 calendar days. If you buy through an Automated Clearing House, you
can't sell your shares until the payment clears. This could take more than seven
business days. Your purchase will be canceled if your check doesn't clear and
you'll be responsible for any expenses and losses to the Funds. Orders by wire
will be canceled if the Chase Vista Funds Service Center doesn't receive payment
by 4:00 Eastern time on the day you buy.

43
<PAGE>

Opening your account and buying shares

<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------
<S> <C>
Through your investment Tell your representative which Funds you want to
representative 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, "sweep" programs, cash
advances and redemption checks. Your
representative may set different minimum
investments and earlier cut-off times.

- --------------------------------------------------------------------------------
Through the Chase Vista Complete the enclosed application form and mail it
Funds Service Center along with a check for the amount you want to
invest to:

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

- --------------------------------------------------------------------------------
Through a Systematic You can make regular automatic purchases of at
Investment Plan least $100. See Shareholder Services, page x for
details.

- --------------------------------------------------------------------------------
</TABLE>

Selling Fund shares

You can sell your shares on any day the Chase Vista Funds Service Center is open
for trading, either directly to the Fund or through your investment
representative. You'll receive the next NAV calculated after the Chase Vista
Funds Service Center accepts your order.

Under normal circumstances, if your request is received before the Fund's
cut-off time, the Fund will send you the proceeds the next business day. We
won't accept an order to sell shares if the Fund hasn't collected your payment
for the shares. The Fund may stop accepting orders to sell and may postpone
payments for more than seven days, as federal securities laws permit.

You'll need to have your signature guaranteed if 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.

44
<PAGE>

Selling shares

<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------
<S> <C>
Through your investment Tell your representative which Funds you want to
representative 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 Call 1-800-34-VISTA. We will mail you a check or
Funds Service Center send the proceeds via electronic transfer or wire.
If you have changed your address of record within
the previous 30 days or if you sell $25,000 or
more worth of Funds by phone, we'll send the
proceeds by electronic transfer or wire only to
the bank account on our records. We charge $10 for
each transaction by wire.

Send a signed letter with your instructions to :

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

- --------------------------------------------------------------------------------
Through a Systematic You can automatically sell as little as $50 worth
Withdrawal Plan of shares. See Shareholder Services, page x for
details.

- --------------------------------------------------------------------------------
</TABLE>

Distribution Arrangements

Class B Shares

There is no initial sales charge to buy Class B shares, but you may have to pay
a deferred sales charge. 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
- -------------------------------- -------------------------------
</TABLE>

45
<PAGE>

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.

Class C Shares

There is no initial sales charge to buy Class C shares, but you will have to pay
a deferred sales charge of 1% if you sell your shares within one year of buying
them. 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. Class C shares are not
converted into any other class of shares so you pay a higher distribution fee
indefinitely.

Vista Fund Distributors Inc. (VFD) is the distributor for the Funds. It is a
subsidiary of The BISYS Group, Inc. and is not affiliated with The Chase
Manhattan Bank. With the exception of the Cash Management Fund and the Prime
Money Market Fund, all of the Funds have adopted Rule 12b-1 distribution plans
under which they pay up to 0.10% of their Vista Class assets in distributor
fees. The Prime Money Market Fund has adopted Rule 12b-1 distribution plans
under which it pays annual distributor fees of up to 0.75% of the average daily
net assets attributed to Class B and Class C shares.

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

VFD may provide promotional incentives to broker-dealers that meet specified
sales targets for one or more Chase Vista Funds. These incentives may include
gifts of up to $100 per person annually; an occasional meal, ticket to a
sporting event or theater for entertainment for broker dealers and their guests;
and reimbursement for travel expenses, including hotel and meals, in connection
for attending training and educational meetings inside and outside the United
States.

VFD may, in accordance with objective criteria, pay more to some broker dealers
for certain services or activities promoting the sale of Fund shares. Sometimes
these payments are made only to those broker dealers whose employees have sold
or may sell significant amounts of shares of the Funds or other Chase Vista
Funds. VFD pays these amounts outs of compensation it receives from the Funds.

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.

46
<PAGE>

we are generally authorized to follow that person's instructions. We'll take all
reasonable precautions to confirm that the instructions are genuine. Investors
agree that they will not hold the Fund liable for any loss or expenses from any
sales request, if the Fund takes reasonable precautions. The Fund will be liable
for any losses to you from an unauthorized sale or fraud against you if we do
not follow reasonable procedures. Telephone redemption requests of more than
$25,000 will only be sent by electronic transfer or wire to the bank account you
have on record with the Fund. There is a $10 charge for each wire transaction.

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 Trust has agreements with certain shareholder servicing agents (including
Chase) under which the shareholder servicing agents have agreed to provide
certain support services to their customers. For performing these services, each
shareholder servicing agent receives an annual fee of up to 0.35% of the average
daily net assets of the Vista Shares of each Fund, and up to 0.25% of the
average daily net assets of the Class B and Class C shares of Prime Money Market
Fund, held by investors serviced by the shareholder servicing agent. The Board
of Trustees has determined that the amount payable for "service fees" (as
defined by the NASD) does not exceed 0.25% of the average annual net assets
attributable to the Vista Shares of each Fund.

Chase and/or VFD may, at their own expense, make additional payments to certain
selected dealers or other shareholder servicing agents for performing
administrative services for their customers. The amount may be up to an
additional 0.10% annually of the average net assets of the fund attributable to
shares of the Fund held by customers of those shareholder servicing agents.

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

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

47
<PAGE>

Distributions and taxes

The Funds can make money two ways. They can earn income and they can realize
capital gains by selling investments for more than they paid. The fund deducts
any expenses then pays out these earnings to shareholders as distributions.

The Funds declare dividends daily, so your shares can start earning dividends on
the day you buy them. We distribute the dividends monthly in the form of
additional shares, unless you tell us that you want payment in cash or deposited
in a pre-assigned bank account. The taxation of dividends won't be affected by
the form in which you receive them. We distribute any short-term capital gains
at least annually. The Funds do not expect to make long-term capital gains.

Dividends are usually taxable as ordinary income at the federal, state and local
levels. There are exceptions. Dividends of tax-exempt interest income by the Tax
Free Funds are not subject to federal income taxes but will generally be subject
to state and local taxes. The state or municipality where you live may not
charge you state and local taxes on dividends 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.

Distributions of capital gains are taxable as long term gains no matter how long
you held your shares. This is true whether you receive the payments in cash or
reinvest them in shares of the fund.

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

The above is only a general summary of tax implications of investing in these
Funds. Please consult your tax advisor to see how investing in the Funds will
affect your own tax situation.

48
<PAGE>

Shareholder services

Check Writing

Check writing privileges are available for the Vista shares. Each check you
write must be for at least $500. Checks written on joint accounts require only
one signature.

Systematic Investment Plan

This is an easy way to make regular investments. You decide which Funds you want
and how much to invest and the amount is automatically debited from your bank
account, either monthly or quarterly.

You can set up a plan when you open an account by completing Section 8 of the
application. Current shareholders can join by sending a signed letter and a
deposit slip or void check from their bank account to the Chase Vista Funds
Service Center. Call 1-800-34-VISTA for complete instructions.

Systematic Withdrawal Plan

This plan lets you make regular withdrawals from your Chase Vista account. You
must sell at least $50 worth of shares at a time. You can have automatic
withdrawals made monthly, quarterly or semiannually. Your account must contain
at least $5,000 of Class A shares or $20,000 of Class B shares to start the
plan. Call 1-800-34-VISTA for complete instructions.

You can sell up to 12% of the value of Class B shares each year through the
Systematic Withdrawal Plan without paying a deferred sales charge. Your Class B
account must have a minimum balance of $20,000 when the plan is set up to enjoy
this privilege.

Exchange privileges

You can exchange your Vista shares for shares in certain other Vista funds. You
can exchange Class B and C shares of the Prime Money Market Fund for shares of
the same class of another Chase Vista Fund, beginning 15 days after you acquire
the Prime Money Market Fund shares. We'll sell your funds at the current net
asset value and use the proceeds to buy your new shares. Carefully read the
prospectus of the fund you want to buy before making an exchange. You'll need to
meet any minimum investment requirements and may have to pay a sales charge.
Call 1-800-34-VISTA for details.

You can also set up a systematic exchange program to automatically exchange
shares on a regular basis. It's a free service.

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

49
<PAGE>

or three in a quarter. See the Statement of Additional Information to find out
more about the exchange privilege.

You cannot have simultaneous plans for the systematic investment or exchange and
the systematic withdrawal or exchange for the same fund.

Exchange by phone

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

50
<PAGE>

What the terms mean

Commercial paper: Short-term securities with maturities of 1 to 270 days which
are issued by banks, corporations and others.

Demand notes: A debt security with no set maturity date. The investor can
generally demand payment of the principal at any time.

Distribution fee: covers the cost of the distribution system used to sell shares
to the public.

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

Floating rate securities: Securities whose interest rates adjust automatically
whenever a particular interest rate changes.

Investment advisory fee: a fee paid to the investment advisor to manage the Fund
and make decisions about buying and selling the Fund's investments.

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

Municipal lease obligations: These provide participation in municipal lease
agreements and installment purchase contracts, but are not part of the general
obligations of the municipality.

Municipal obligations: Debt securities issued by or on behalf of states,
territories and possessions or by their agencies or other groups with authority
to act for them. For securities to qualify as municipal obligations, the
municipality's lawyers must give an opinion that the interest on them is not
considered gross income for federal income tax purposes.

Other expenses: miscellaneous items, including transfer agency, custody and
registration fees.

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

51
<PAGE>

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

Variable rate securities: Securities whose interest rates are periodically
adjusted.

<PAGE>

[Back Cover Page]

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.

Statement of Additional Information (SAI)

The SAI contains more detailed information about the Funds and their policies.
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 Funds Service Center
P.O. Box 419392
Kansas City, MO 64141-6392

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

You can write the SEC's Public Reference Room and ask them to mail you
information about the 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 20549-6009.
1-800-SEC-0330

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 811-8358

52
<PAGE>

Chase Vista Funds
Money Market prospectus

[Front cover page]

Chase Vista Funds

Prospectus
December 29, 1998

Premier Class Shares

1
<PAGE>

Contents

<TABLE>
<S> <C>
Information about the Funds x
100% U.S. Treasury Securities
Money Market Fund x
Treasury Plus Money Market Fund x
Federal Money Market Fund x
U.S. Government Money Market Fund x
Cash Management Fund X
Prime Money Market Fund x
Tax Free Money Market Fund x

How to invest in the Funds x
How sales charges work X
Buying and selling shares X
How to buy shares X
How to sell shares X
Dividends, distributions and taxes x

Shareholder services x

How to reach us x

Financial highlights of the Funds x
</TABLE>

2
<PAGE>

Information about the Funds

100% U.S. Treasury Securities Money Market Fund

The Fund's objective

The Fund aims to provide the highest possible level of current income while
still maintaining liquidity and providing maximum safety.

The Fund's approach

The Fund invests in direct debt securities of the U.S. Treasury, including
Treasury bills, bonds and notes. These investments carry different interest
rates, maturities and issue dates.

The Fund seeks to develop an appropriate portfolio by considering the
differences in yields among securities of different maturities and market
sectors.

The Fund seeks to maintain a net asset value of $1.00 per share.

Instead of investing directly in underlying securities, the Fund may invest all
of its assets in another investment company having substantially the same
investment objectives and policies.

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

The main investment risks

The Fund attempts to keep its net asset value constant, but there's no guarantee
it will be able to do so.

The value of money market investments tends to fall when prevailing interest
rates rise, although they're generally less sensitive to interest rate changes
than longer-term securities.

3
<PAGE>

Although the Fund seeks to be fully invested, it may at times hold some of its
assets in cash. This would hurt the Fund's performance.

[Sidenote:] An investment in the Fund isn't a bank deposit and it isn't insured
or guaranteed by the Federal Deposit Insurance Corporation, The Chase Manhattan
Bank, or any other government agency. Although the 100% U.S. Treasury Securities
Money Market Fund seeks to preserve the value of your investment at $1.00 per
share, it is possible to lose money by investing in the Fund.

[Sidenote:] Securities in the Fund's portfolio may not earn as high a current
income as longer term or lower-quality securities.

The Fund's past performance

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

Year-by-year returns

[bar chart goes here]

Best quarter: _____%, xth quarter, 19__
Worst quarter: _____%, xth quarter, 19__

Average annual total returns
For the periods ending December 31, 1997:

<TABLE>
<CAPTION>
Past 1 year Past 5 years Since inception 7/1/91
<S> <C> <C> <C>
Premier Shares _____% _____% _____%
</TABLE>

4
<PAGE>

Fees and expenses

You don't have to pay any sales charge when you buy or sell Premier shares of
the Fund.

<TABLE>
<CAPTION>
Total Fund
Class of shares Investment Distribution Shareholder Other fees and
advisory fee (12b-1) fees service fee expenses expenses
<S> <C> <C> <C> <C> <C>
Premier Shares 0.10% 0.00% 0.25% 0.29% 0.64%
</TABLE>

[Sidenote]

The actual shareholder service fee currently is expected to be 0.15%, other
expenses are expected to be 0.25% and the total fees and expenses are expected
not to exceed 0.50%. That's because The Chase Manhattan Bank (Chase) and some of
the Fund's other service providers have volunteered not to collect a portion of
their fees and to reimburse others. Chase and these other service providers may
terminate this arrangement at any time.

The table does not reflect charges or credits which an investor might incur if
they 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. As with all other prospectuses, 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.

5
<PAGE>

Your costs would be:

<TABLE>
<CAPTION>
Number of years: 1 3 5 10
<S> <C> <C> <C> <C>
Costs: $65 $205 $357 $798
</TABLE>