MUTUAL FUND SELECT GROUP, 485APOS, 2000-12-05

MUTUAL FUND SELECT GROUP
485APOS, 2000-12-05

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As filed via EDGAR with the Securities and Exchange Commission on December 5,
2000.

File No. 811-7843
Registration No. 333-13317
--------------------------------------------------------------------------------

SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

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

FORM N-1A

REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 |_|

Pre-Effective Amendment No. |_|

Post-Effective Amendment No. 7 |X|

and

REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940 |_|

Amendment No. 9 |X|
-------------------------------
MUTUAL FUND SELECT GROUP
(Exact Name of Registrant as Specified in Charter)

1211 Avenue of the Americas
New York, New York 10036
--------------------------------------------------
(Address of Principal Executive Office)

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

Copies to:

George Martinez, Esq. Peter Eldridge Sarah Cogan, Esq.
BISYS Fund Services, Inc. Chase Manhattan Bank Simpson Thacher & Bartlett
3435 Stelzer Road 270 Park Avenue 425 Lexington Avenue
Columbus, Ohio 43219 New York, New York 10017 New York, New York 10017
--------------------------------------------------------------------------------

(Name and Address of Agent for Service)

It is proposed that this filing will become effective:

<TABLE>
<S> <C> <C> <C>
[ ] Immediately upon filing pursuant to [ ] on ( ) pursuant to
paragraph (b) paragraph (b)
[x] 60 days after filing pursuant to [ ] on ( ) pursuant to
paragraph (a)(1) paragraph (a)(1)
[ ] 75 days after filing pursuant to [ ] on ( ) pursuant to
paragraph (a)(2) paragraph (a)(2) rule 485.
</TABLE>

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 series of shares under the Securities Act of 1933
pursuant to Rule 24f-2 under the Investment Company Act of 1940 on December 23,
1996 and the Rule 24f-2 Notice for the Registrant's fiscal year ended October
31, 1999 was filed on January 19, 2000.

<PAGE>

--------------------------------------------------------------------------------
SUBJECT TO COMPLETION -- DECEMBER 1, 2000
--------------------------------------------------------------------------------

SELECT TAX FREE
INCOME FUND

SELECT NEW YORK
INTERMEDIATE TAX
FREE INCOME FUND

SELECT
INTERMEDIATE
BOND FUND

SELECT BOND FUND

Chase Vista
Select Funds

THIS PROSPECTUS OFFERS:

CLASS A AND CLASS B SHARES

The Securities and
Exchange Commission
has not approved or
disapproved these
securities or determined
if ths prospectus
is truthful or complete.
Any representation to the
contrary is a criminal
offense.

PROSPECTUS , 2000

[CHASE VISTA FUNDS(SM) LOGO]

xxxx-1-xxxx

The information in this prospectus is not complete and may be changed. We may
not sell these securities until the registration statement filed with the
Securities and Exchange Commission is effective. The prospectus is not an offer
to sell these securities and is not soliciting an offer to buy these securities
in any state where the offer or sale is not permitted.
<PAGE>

<TABLE>

<S> <C>
-------------------------------------------------------------
INFORMATION ABOUT THE FUNDS
-------------------------------------------------------------
SELECT TAX FREE INCOME FUND 1
SELECT NEW YORK INTERMEDIATE TAX FREE INCOME
FUND 8
SELECT INTERMEDIATE BOND FUND 16
SELECT BOND FUND 24

-------------------------------------------------------------
FUND MANAGEMENT
-------------------------------------------------------------
THE INVESTMENT ADVISER 32
PORTFOLIO MANAGERS 33

-------------------------------------------------------------
HOW YOUR ACCOUNT WORKS 34
-------------------------------------------------------------
ABOUT SALES CHARGES 34
BUYING FUND SHARES 36
SELLING FUND SHARES 38
EXCHANGING FUND SHARES 39
OTHER INFORMATION CONCERNING THE FUNDS 39
DISTRIBUTIONS AND TAXES 40

-------------------------------------------------------------
SHAREHOLDER SERVICES 42
-------------------------------------------------------------

-------------------------------------------------------------
WHAT THE TERMS MEAN 43
-------------------------------------------------------------

-------------------------------------------------------------
MORE INFORMATION Back cover
-------------------------------------------------------------
</TABLE>

<PAGE>

-------------------------------------------------------------
CHASE VISTA SELECT TAX FREE INCOME FUND
-------------------------------------------------------------

[BEGIN SIDE BAR]

The Fund's
objective

The Fund seeks to
provide monthly
dividends that are
excluded from gross
income and to
protect the value of
your investment by
investing primarily
in municipal
obligations.

[END SIDE BAR]

The Fund's approach

As a fundamental policy, the Fund normally invests at least 80% of its net
assets in municipal obligations whose interest payments are:

o excluded from gross income

o excluded from the federal alternative
minimum tax on individuals

The Fund invests in securities that are rated as investment grade by Moody's
Investors Service, Inc., Standard & Poor's Corporation or Fitch Investors
Service Inc. It may also invest in unrated securities which the advisers believe
are of comparable quality.

The Fund may also invest in derivatives, inverse floaters and interest rate
caps, zero coupon securities and forward commitments. These instruments may be
used to increase the Fund's income or gain. Derivatives, which are financial
instruments whose value is based on another security, index or exchange rate,
might also be used to hedge various market risks.

The Fund seeks to develop an appropriate portfolio by comparing, among other
factors, credit quality, yields and call provisions of different municipal
issuers, and examining structural changes along the yield curve in an attempt
to maximize investment returns while minimizing risk.

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

1
<PAGE>

CHASE VISTA SELECT TAX FREE INCOME FUND

Under normal market conditions, the Fund reserves the right to invest up to 20%
of its total assets in securities that pay interest subject to federal income
tax or the federal alternative minimum tax on individuals. To temporarily
defend the value of its assets during unusual market conditions, the Fund may
exceed this limit.

No more than 25% of total assets may be invested in any one industry, other
than governments and public authorities.

The Fund may invest in money market funds so that it can easily convert
investments into cash without losing a significant amount of money in the
process.

The Fund may also invest in municipal lease obligations. These allow the Fund
to participate in municipal lease agreements and installment purchase
contracts.

The Fund may invest up to 25% of its total assets in municipal lease
obligations backed by letters of credit or guarantees from U.S. and foreign
banks and other foreign institutions.

There may be times when there are not enough securities available to meet the
Fund's needs. On these occasions, the Fund may invest in repurchase agreements
or Treasury securities that may be subject to federal income tax.

The Fund may change any of its non-fundamental investment policies--including
its investment objective--without shareholder approval.[logo]

[BEGIN SIDE BAR]

FREQUENCY OF TRADING
How frequently the Fund buys
and sells securities will vary
from year to year, depending
on market conditions.

[END SIDE BAR]

2
<PAGE>

The main investment risks

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

The principal value of fixed income investments tends to fall when prevailing
interest rates rise.

A municipality that gets into financial trouble could find it difficult to make
interest and principal payments, which would hurt the Fund's returns and its
ability to preserve capital and liquidity. A number of issuers have a recent
history of significant financial difficulties. More than 5% of the Fund's
assets may be invested in any one municipality, which could increase this risk.

Under some circumstances, municipal lease obligations might not pay interest
unless the state or municipal legislature authorizes money for that purpose.
Some securities, including municipal lease obligations, carry additional risks.
For example, they may be difficult to trade or interest payments may be tied
only to a specific stream of revenue.

Normally, the Fund may invest up to 20% of its total assets in securities whose
interest is subject to the federal alternative minimum tax. Consult your tax
professional for more information.

Since some municipal obligations may be secured or guaranteed by banks and
other institutions, the risk to the Fund could increase if the banking or
financial sector suffers an economic downturn.

The Fund may invest in municipal obligations backed by foreign institutions.
This could carry more risk than securities backed by U.S. institutions, because
of political or

3
<PAGE>

CHASE VISTA SELECT TAX FREE INCOME FUND

economic instability, the imposition of government controls, or regulations
that don't match U.S. standards.

The value of zero coupon securities and inverse floaters tends to fluctuate
according to interest rate changes significantly more than the value of
ordinary interest-paying debt securities. The price of a security with an
interest rate cap will change more often and to a greater degree than a
municipal security without it.

A forward commitment could lose value if the underlying security falls in value
before the settlement date or if the other party fails to meet its obligation
to complete the transaction.

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

The Fund is not diversified. It may invest a greater percentage of its assets in
a particular issuer or group of issuers than a diversified fund would. That
makes the value of its shares more sensitive to economic problems among those
issuing the securities. In addition, more than 25% of the Fund's assets may be
invested in securities that rely on similar projects for their income stream. As
a result, the Fund could be more susceptible to developments that affect those
projects.[logo]

[BEGIN SIDE BAR]

Investments in the Fund are not
bank deposits or obligations of,
or guaranteed or endorsed by,
The Chase Manhattan Bank or
any of its affiliates and are not
insured or guaranteed by the
Federal Deposit Insurance Corporation,
the Federal Reserve Board or any other
government agency.

[END SIDE BAR]

4
<PAGE>

The Fund's past performance

This section shows the Fund's performance record. The bar chart shows how the
performance of the Fund's shares has varied from year to year. This provides
some indication of the risk of investing in the Fund. The table shows the
average annual return over the past one, five and ten years. It compares that
performance to the Lehman Municipal Bond Index, a widely recognized market
benchmark, and the Lipper General Municipal Debt Funds Index, representing the
performance of the 30 largest municipal income funds.

On January 1, 1997, the Fund received the assets of a common trust fund which
had been maintained by Chase in a tax-free reorganization. The performance of
the Fund before that date is based on the historical performance of that common
trust fund. The historical performance of shares of the predecessor common
trust fund has been adjusted to reflect the Fund's expense levels (absent
reimbursements) that were in place at the time the Fund received the common
trust fund assets. For more information, see the Fund's Statement of Additional
Information.

The calculations assume that all dividends and distributions are reinvested in
the Fund.[logo]

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

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

[BEGIN BAR CHART PLOT POINTS]

[END PLOT POINTS]

<TABLE>
<S> <C>
---------------------------------------
BEST QUARTER 5.72%
---------------------------------------
1st quarter, 1995

---------------------------------------
WORST QUARTER -3.29%
---------------------------------------
1st quarter, 1994
</TABLE>

<PAGE>

CHASE VISTA SELECT TAX FREE INCOME FUND

AVERAGE ANNUAL TOTAL RETURNS
For the periods ending December 31, 2000:

<TABLE>
<CAPTION>
PAST 1 YEAR PAST 5 YEARS PAST 10 YEARS
<S> <C> <C> <C>
--------------------------------------------------------------------------
CLASS A SHARES
--------------------------------------------------------------------------
CLASS B SHARES
--------------------------------------------------------------------------
LEHMAN MUNICIPAL BOND INDEX
--------------------------------------------------------------------------
LIPPER GENERAL MUNICIPAL DEBT
FUNDS INDEX
--------------------------------------------------------------------------
</TABLE>

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

Fees and expenses

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

SHAREHOLDER FEES (FEES PAID DIRECTLY FROM YOUR INVESTMENT):

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

ANNUAL FUND OPERATING EXPENSES (EXPENSES THAT ARE DEDUCTED FROM FUND ASSETS)*

<TABLE>
<CAPTION>
TOTAL ANNUAL
MANAGEMENT DISTRIBUTION OTHER FUND OPERATING
CLASS OF SHARES FEES (12b-1) FEES EXPENSES EXPENSES
<S> <C> <C> <C> <C>
--------------------------------------------------------------------------
CLASS A 0.30% 0.25% 0.64% 1.19%
--------------------------------------------------------------------------
CLASS B 0.30% 0.75% 0.64% 1.69%
--------------------------------------------------------------------------
</TABLE>

(1) The offering price is the net asset value of the shares purchased plus any
sales charge.
* The table is based on estimated expenses for the current fiscal year.

The actual Distribution Fees for Class A shares are expected to be 0.00%, the
actual Other Expenses for Class A and B shares are expected to be 0.45% and
0.59%, respectively, and Total Annual Fund Operating Expenses for Class A and B
shares are not expected to exceed 0.75% and 1.64%, respectively. That is
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 you might incur if you
invest through a financial institution.

6
<PAGE>

EXAMPLE This example helps you compare the cost of investing in the Fund with
the cost of investing in other mutual funds. The example assumes:
o you invest $10,000
o you sell all your shares at the end of the period
o your investment has a 5% return each year
o you reinvest all your dividends, and
o the Fund's operating expenses are not waived and remain the same as shown
above.

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

IF YOU SELL YOUR SHARES YOUR COSTS WOULD BE:

<TABLE>
<CAPTION>
1 YEAR 3 YEARS 5 YEARS 10 YEARS
<S> <C> <C> <C> <C>
----------------------------------------------------------
CLASS A* $566 $811 $1,075 $1,828
----------------------------------------------------------
CLASS B** $672 $833 $1,118 1,865***
----------------------------------------------------------
</TABLE>

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

<TABLE>
<CAPTION>
1 YEAR 3 YEARS 5 YEARS 10 YEARS
<S> <C> <C> <C> <C>
----------------------------------------------------
CLASS B $172 $533 $918 $1,865***
----------------------------------------------------
</TABLE>

*Assumes sales charge is deducted when shares are purchased.
**Assumes applicable deferred sales charge is deducted when shares are sold.
***Reflects conversion of Class B shares to Class A shares after they have been
owned for eight years.

7
<PAGE>

--------------------------------------------------------------------------------
CHASE VISTA SELECT NEW YORK INTERMEDIATE TAX FREE INCOME FUND
--------------------------------------------------------------------------------

[BEGIN SIDE BAR]

The Fund's
objective

The Fund seeks to
provide monthly
dividends that are
excluded from gross
income and are
exempt from New
York State and New
York City personal
income taxes. It also
seeks to protect the
value of your
investment.

[END SIDE BAR]

The Fund's approach

As a fundamental policy, the Fund normally invests at least 80% of its net
assets in New York municipal obligations whose interest payments are:

o excluded from gross income and exempt from New York State and New York City
income taxes
o excluded from the federal alternative minimum tax on individuals

New York municipal obligations are those issued by New York State, its political
subsidiaries, as well as Puerto Rico, other U.S. territories and their political
subdivisions.

The Fund seeks to develop an appropriate portfolio by comparing, among other
factors, credit quality, yields and call provisions of different municipal
issuers, and examining structural

8
<PAGE>

changes along the yield curve in an attempt to maximize investment returns while
minimizing risk.

The average dollar-weighted maturity of the Fund's portfolio will be between
three and 10 years.

Under normal market conditions, the Fund reserves the right to invest up to 20%
of its total assets in securities that pay interest subject to federal income
tax, the federal alternative minimum tax on individuals or New York State and
New York City personal income taxes. To temporarily defend the value of its
assets during unusual market conditions, the Fund may exceed this limit.

No more than 25% of total assets may be invested in any one industry, other
than governments and public authorities.

The Fund may invest in money market funds so that it can easily convert
investments into cash without losing a significant amount of money in the
process.

The Fund may also invest in municipal lease obligations. These allow the Fund
to participate in municipal lease agreements and installment purchase
contracts.

The Fund may invest up to 25% of its total assets in municipal lease
obligations backed by letters of credit or guarantees from U.S. and foreign
banks and other foreign institutions.

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

[BEGIN SIDE BAR]

FREQUENCY OF TRADING

How frequently the Fund buys
and sells securities will vary
from year to year, depending
on market conditions.

[END SIDE BAR]

9
<PAGE>

CHASE VISTA SELECT NEW YORK INTERMEDIATE TAX FREE INCOME FUND

The main investment risks

All mutual funds carry a certain amount of risk. You may lose money on your
investment in the Fund. Here are some specific risks of investing in the Select
New York Intermediate Tax Free Income Fund.

The principal value of fixed income investments tends to fall when prevailing
interest rates rise.

The Fund invests primarily in New York State and its municipalities and public
authorities. A number of municipal issuers, including the State of New York and
New York City, have a history of financial problems. If the state, or any of
the local government bodies, gets into financial trouble, it could have trouble
paying interest and principal. This would hurt the Fund's returns and its
ability to preserve capital and liquidity. If more than 5% of the Fund's assets
are invested in any one municipality, this risk could increase.

Normally, the Fund may invest up to 20% of its total assets in securities whose
interest is subject to the federal alternative minimum tax. Consult your tax
professional for more information.

Since some municipal obligations may be secured or guaranteed by banks and
other institutions, the risk to the Fund could increase if the banking or
financial sector suffers an economic downturn.

10
<PAGE>

The Fund may invest in municipal obligations backed by foreign institutions.
This could carry more risk than securities backed by U.S. institutions, because
of political or economic instability, the imposition of government controls, or
regulations that don't match U.S. standards.

The value of zero coupon securities, inverse floaters and interest rate caps
tends to fluctuate according to interest rate changes significantly more than
the value of ordinary interest-paying debt securities. The price of a security
with an interest rate cap will be more volatile than a municipal security
without one.

A forward commitment could lose value if the underlying security falls in value
before the settlement date or if the other party fails to meet its obligation
to complete the transaction.

[BEGIN SIDE BAR]
Investments in the Fund are not
bank deposits or obligations of,
or guaranteed or endorsed by,
The Chase Manhattan Bank or
any of its affiliates and are not
insured or guaranteed by the
Federal Deposit Insurance Corporation,
the Federal Reserve Board or any
other government agency.

[END SIDE BAR]

11
<PAGE>

CHASE VISTA SELECT NEW YORK INTERMEDIATE TAX FREE INCOME FUND

The Fund's past performance
This section shows the Fund's performance record. The bar chart shows how the
performance of the Fund's shares has varied from year to year. This provides
some indication of the risk of investing in the Fund. The table shows the
average annual return over the past one, five and ten years. It compares that
performance to the Lehman New York Municipal Bond Index and the Lehman
Municipal Bond Index, widely recognized market benchmarks, and the Lipper New
York Municipal Debt Funds Index, representing the performance of the 30 largest
New York municipal income funds.

Because Class A and B shares were not launched until , the performance
shown is based on performance for Institutional Class shares of the Fund. The
actual returns of Class A and B shares would have been lower than shown because
Class A and B shares have higher expenses than Institutional Class shares.
On January 1, 1997, the Fund received the assets of a common trust fund which
had been maintained by Chase in a tax-free reorganization. The performance of
the Fund before that date is based on the historical performance of that common
trust fund. The historical performance of shares of the predecessor common
trust fund has been adjusted to reflect the Fund's expense levels (absent
reimbursements) that were in place at the time the Fund received the common
trust fund assets. For more information, see the Fund's Statement of Additional
Information.
The calculations assume that all dividends and distributions are reinvested in
the Fund. Some of the companies that provide services to the Fund have in the
past agreed not to collect some expenses and to reimburse others. Without these
agreements, the performance figures would be lower than those shown.[logo]

12
<PAGE>

YEAR-BY-YEAR RETURNS
Past performance does not predict how
this Fund will perform in the future.
The performance figures in the bar chart do
not reflect any deduction for the front-end
sales load which is assessed on Class A shares.
If the load were reflected, the performance
figures would have been lower.

[BEGIN BAR CHART PLOT POINTS]

<TABLE>
<S> <C>
-------------------------------------
BEST QUARTER 5.79%
-------------------------------------
1st quarter, 1995

-------------------------------------
WORST QUARTER -4.27%
-------------------------------------
1st quarter, 1994
</TABLE>

13
<PAGE>

CHASE VISTA SELECT NEW YORK INTERMEDIATE TAX FREE INCOME FUND
AVERAGE ANNUAL TOTAL RETURNS
For the periods ending December 31, 2000:

<TABLE>
<CAPTION>
PAST 1 YEAR PAST 5 YEARS PAST 10 YEARS
<S> <C> <C> <C>
--------------------------------------------------------------------------------
CLASS A SHARES
--------------------------------------------------------------------------------
CLASS B SHARES
--------------------------------------------------------------------------------
LEHMAN NEW YORK MUNICIPAL
BOND INDEX
--------------------------------------------------------------------------------
LEHMAN MUNICIPAL BOND INDEX @
--------------------------------------------------------------------------------
LIPPER NEW YORK MUNICIPAL
DEBT FUNDS INDEX
--------------------------------------------------------------------------------
</TABLE>

(@) Reflects the average annual return since inception (June, 1993).
The benchmark lacks ten years of history.
Fees and expenses

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

SHAREHOLDER FEES (FEES PAID DIRECTLY FROM YOUR INVESTMENT):

<TABLE>
<CAPTION>
MAXIMUM DEFERRED
MAXIMUM SALES CHARGE SALES CHARGE (LOAD)
(LOAD) WHEN YOU BUY SHOWN AS LOWER OF
SHARES, SHOWN AS % OF ORIGINAL PURCHASE PRICE
THE OFFERING PRICE(1) OR REDEMPTION PROCEEDS
<S> <C> <C>
--------------------------------------------------------------------------------
CLASS A SHARES 4.5% NONE
--------------------------------------------------------------------------------
CLASS B SHARES NONE 5.00%
--------------------------------------------------------------------------------
</TABLE>

ANNUAL FUND OPERATING EXPENSES (EXPENSES THAT ARE DEDUCTED FROM FUND ASSETS)*

<TABLE>
<CAPTION>
TOTAL
ANNUAL FUND
MANAGEMENT DISTRIBUTION OTHER OPERATING
CLASS OF SHARES FEES (12b-1) FEES EXPENSES EXPENSES
<S> <C> <C> <C> <C>
--------------------------------------------------------------------------------
CLASS A 0.30% 0.25% 0.63% 1.18%
--------------------------------------------------------------------------------
CLASS B 0.30% 0.75% 0.63% 1.68%
--------------------------------------------------------------------------------
</TABLE>

(1) The offering price is the net asset value of the shares purchased plus any
sales charge.
* The table is based on estimated expenses for the current fiscal year.
14
<PAGE>

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

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

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

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

IF YOU SELL YOUR SHARES YOUR COSTS WOULD BE:

<TABLE>
<CAPTION>
1 YEAR 3 YEARS 5 YEARS 10 YEARS
<S> <C> <C> <C> <C>
--------------------------------------------------------------------------------
CLASS A* $565 $808 $1,070 $1,817
--------------------------------------------------------------------------------
CLASS B** $671 $830 $1,113 $1,854***
--------------------------------------------------------------------------------
</TABLE>

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

<TABLE>
<CAPTION>
1 YEAR 3 YEARS 5 YEARS 10 YEARS
<S> <C> <C> <C> <C>
--------------------------------------------------------------------------------
CLASS B $171 $530 $913 $1,854***
--------------------------------------------------------------------------------
</TABLE>

15
<PAGE>

--------------------------------------------------------------------------------
CHASE VISTA SELECT INTERMEDIATE BOND FUND
--------------------------------------------------------------------------------

[BEGIN SIDE BAR]

The Fund's
objective

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

[END SIDE BAR]

The Fund's main
investment strategy

Under normal market conditions, the Fund will invest at least 65% of its total
assets in a broad range of investment-grade debt securities. These include
debt securities issued by the U.S. Government and its agencies and authorities,
investment-grade corporate bonds and other fixed income securities.
The Fund may also invest in debt securities rated Baa3 or higher by Moody's
Investors Service, Inc., BBB- or higher by Standard & Poor's Corporation or the
equivalent by another national rating organization or unrated securities of
comparable quality.
The Fund's dollar weighted average maturity is between three and 10 years.

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

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

16
<PAGE>

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

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

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

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

The advisers consider several factors when choosing investments, including
current yield, preservation of original investment, maturity, credit quality,
ease of buying and selling and yield to maturity. The advisers will adjust the
portfolio as market conditions change.

The Fund may invest in floating rate securities, whose interest rates adjust
automatically whenever a specified interest rate changes,

17
<PAGE>

CHASE VISTA SELECT INTERMEDIATE BOND FUND

and in variable rate securities, whose interest rates are changed periodically.

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

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

The Fund may also invest in high-quality, short-term money market instruments,
repurchase agreements and derivatives, which are financial instruments whose
value is based on another security, index or exchange rate. The Fund may use
derivatives to hedge various market risks or to increase the Fund's income or
gain.

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

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

[BEGIN SIDE BAR]

FREQUENCY OF TRADING
The Fund may trade securities
actively, which could increase
transaction costs (and lower
performance) and increase your
taxable dividends.

[END SIDE BAR]

18
<PAGE>

The Fund's main investment risks

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

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

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

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

[BEGIN SIDE BAR]

Investments in the Fund are not
bank deposits or obligations of,
or guaranteed or endorsed by,
The Chase Manhattan Bank or
any of its affiliates and are not
insured or guaranteed by the
Federal Deposit Insurance
Corporation, the Federal Reserve
Board or any other government agency.

[END SIDE BAR]

19
<PAGE>

CHASE VISTA SELECT INTERMEDIATE BOND FUND

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

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

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

Investments in foreign issuers may be riskier than investments in the United
States. They may be affected by political, social and economic instability.
Some securities may be harder to trade without incurring a loss and may be
difficult to convert into cash. There may be less public information available,
differing settlement procedures, or regulations and standards that don't match
U.S. standards. Some countries may nationalize or expropriate assets or impose
exchange controls. If the Fund were to invest in a security which is not
denominated in U.S. dollars, it also would be subject to currency exchange
risk. These risks increase when investing in issuers located in developing
countries.
The Fund's performance will depend on the credit quality of its investments.
Securities which are rated Baa3 by Moody's or BBB- by S&P may have fewer
protective provisions and are generally more risky than higher rated
securities. The issuer may have trouble making principal and interest payments
when difficult economic conditions exist.
Some asset-backed securities may have additional risk because they may receive
little or no collateral protection from the underlying assets.

Because the interest rate changes on floating and variable rate securities, the
Fund's yield may decline and it may lose the opportunity for capital
appreciation when interest rates decline.

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

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

20
<PAGE>

The Fund's past performance
This section shows the Fund's performance record. The bar chart shows how the
performance of the Fund's shares has varied from year to year. This provides
some indication of the risk of investing in the Fund. The table shows the
average annual return over the past year, five years and ten years. It compares
that performance to the Lehman Intermediate Government/Credit Index (formerly
the Lehman Intermediate Government/Corporate Index), a widely recognized market
benchmark, and the Lipper Intermediate Investment Grade Debt Funds Index,
representing the performance of the 30 largest intermediate investment grade
debt funds.

Because Class A shares were not launched until , the performance shown is
based on performance for Institutional Class shares of the Fund. The actual
returns of Class A shares would have been lower than shown because Class A
shares have higher expenses than Institutional Class shares.

On January 1, 1997, the Fund received the assets of a common trust fund which
had been maintained by Chase. The performance of the Fund before that date is
based on the historical performance of that common trust fund. The historical
performance of shares of the predecessor common trust fund has been adjusted to
reflect the Fund's expense levels (absent reimbursements) that were in place at
the time the Fund received the common trust fund assets. For more information,
see the Fund's Statement of Additional Information.

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

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

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

[END PLOT POINTS]

<TABLE>
<S> <C>
----------------------------------------
BEST QUARTER 6.32%
----------------------------------------
2nd quarter, 1995

----------------------------------------
WORST QUARTER -3.78%
----------------------------------------
1st quarter, 1994
</TABLE>

21
<PAGE>

CHASE VISTA SELECT INTERMEDIATE BOND FUND
AVERAGE ANNUAL TOTAL RETURNS
For the periods ending December 31, 2000

<TABLE>
<CAPTION>
PAST 1 YEAR PAST 5 YEARS PAST 10 YEARS
<S> <C> <C> <C>
--------------------------------------------------------------------------------
CLASS A SHARES
--------------------------------------------------------------------------------
LEHMAN INTERMEDIATE
GOVERNMENT/CREDIT INDEX
--------------------------------------------------------------------------------
LIPPER INTERMEDIATE INVESTMENT
GRADE DEBT FUNDS INDEX
--------------------------------------------------------------------------------
</TABLE>

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

This table describes the fees and expenses that you may pay if you buy and hold
shares of the Fund.
SHAREHOLDER FEES (FEES PAID DIRECTLY FROM YOUR INVESTMENT)

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

ANNUAL FUND OPERATING EXPENSES (EXPENSES THAT ARE DEDUCTED FROM FUND ASSETS)*

<TABLE>
<CAPTION>
TOTAL ANNUAL
MANAGEMENT DISTRIBUTION OTHER FUND OPERATING
CLASS OF SHARES FEES (12b-1) FEES EXPENSES EXPENSES
<S> <C> <C> <C> <C>
--------------------------------------------------------------------------------
CLASS A 0.30% 0.25% 0.85% 1.40%
--------------------------------------------------------------------------------
</TABLE>

(1) The offering price is the net asset value of the shares purchased plus any
sales charge.
* The table is based on estimated expenses for the current fiscal year.

The actual Distribution Fees for Class A shares are expected to be 0.00%, the
actual Other Expenses for Class A shares are expected to be 0.60% and Total
Annual Fund Operating Expenses for Class A shares are not expected to exceed
0.90%. That is 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 you might incur if you
invest through a financial institution.

22
<PAGE>

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

<TABLE>
<CAPTION>
1 YEAR 3 YEARS 5 YEARS 10 YEARS
<S> <C> <C> <C> <C>
--------------------------------------------------------------------------------
CLASS A* $586 $873 $1,181 $2,054
--------------------------------------------------------------------------------
</TABLE>
*Assumes sales charge is deducted when shares are purchased.

23
<PAGE>

--------------------------------------------------------------------------------
CHASE VISTA SELECT BOND FUND
--------------------------------------------------------------------------------

[BEGIN SIDE BAR]

The Fund's
objective

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

[END SIDE BAR]

The Fund's main
investment strategy

The Fund invests mainly in investment grade corporate bonds as well as other
debt securities. Under normal market conditions, the Fund will invest at least
65% of its total assets in debt securities with at least an "A" rating or the
equivalent from Moody's Investors Service, Inc., Standard & Poor's Corpora-
tion, or Fitch Investor's Service Inc. or in securities that are unrated but of
comparable quality.
The Fund may also invest in debt securities rated Baa3 or higher by Moody's
Investors Service, Inc., BBB- or higher by Standard & Poor's Corporation or the
equivalent by another national rating organization or unrated securities of
comparable quality.
The Fund may make substantial investments in foreign debt securities, including
securities of issuers in developing countries, as long as they meet the Fund's
credit quality standards.

24
<PAGE>

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

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

25
<PAGE>

CHASE VISTA SELECT BOND FUND

actual maturities according to changes in the market.

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

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

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

[BEGIN SIDE BAR]

FREQUENCY OF TRADING

The Fund may trade securities
actively, which could increase
transaction costs (and lower
performance) and increase your
taxable dividends.

[END SIDE BAR]

26
<PAGE>

The Fund's main investment risks

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

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

[BEGIN SIDE BAR]
Investments in the Fund are not
bank deposits or obligations of,
or guaranteed or endorsed by,
The Chase Manhattan Bank or
any of its affiliates and are not
insured or guaranteed by the
Federal Deposit Insurance Corpo-
ration, the Federal Reserve Board
or any other government agency.
[END SIDE BAR]

27
<PAGE>

CHASE VISTA SELECT BOND FUND

Investments in foreign issuers may be riskier than investments in the United
States. They may be affected by political, social and economic instability.
Some securities may be harder to trade without incurring a loss and may be
difficult to convert into cash. There may be less public information available,
differing settlement procedures, or regulations and standards that don't match
U.S. standards. Some countries may nationalize or expropriate assets or impose
exchange controls. These risks increase when investing in issuers located in
developing countries.
The Fund's performance will depend on the credit quality of its investments.
Securities which are rated Baa3 by Moody's or BBB- by S&P may have fewer
protective provisions and are generally more risky than higher rated
securities. The issuer may have trouble making principal and interest payments
when difficult economic conditions exist.
Some asset-backed securities may have additional risk because they may receive
little or no collateral protection from the underlying assets.

Because the interest rate changes on floating and variable rate securities, the
Fund's yield may decline and it may lose the opportunity for capital
appreciation when interest rates decline.

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

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

28
<PAGE>

The Fund's past performance
This section shows the Fund's performance record. The bar chart shows how the
performance of the Fund's shares has varied from year to year. This provides
some indication of the risk of investing in the Fund. The table shows the
average annual return over the past year, five years and ten years. It compares
that performance to the Lehman Aggregate Bond Index, a widely recognized market
benchmark, and the Lipper Corporate Debt A-Rated Funds Index, representing the
performance of the 30 largest corporate debt A-rated or better funds.

Because Class A and B shares were not launched until , the performance
shown is based on performance for Institutional Class shares of the Fund. The
actual returns of Class A and B shares would have been lower than shown because
Class A and B shares have higher expenses than Institutional Class shares.
On January 1, 1997, the Fund received the assets of three common trust funds
which had been maintained by Chase. The performance of the Fund before that
date is based on the historical performance of one of the common trust funds
whose assets were transferred to the Fund. The historical performance of shares
of the predecessor common trust fund has been adjusted to reflect the Fund's
expense levels (absent reimbursements) that were in place at the time the Fund
received the common trust fund assets. For more information, see the Fund's
Statement of Additional Information.

[BEGIN BAR CHART PLOT POINTS]

[END PLOT POINTS]

<TABLE>
<S> <C>
---------------------------------------
BEST QUARTER 6.07%
---------------------------------------
3rd quarter, 1991

---------------------------------------
WORST QUARTER -2.76%
---------------------------------------
1st quarter, 1994
</TABLE>

<PAGE>

CHASE VISTA SELECT BOND FUND
AVERAGE ANNUAL TOTAL RETURNS
For the periods ending December 31, 2000:

<TABLE>
<CAPTION>
PAST 1 YEAR PAST 5 YEARS PAST 10 YEARS
<S> <C> <C> <C>
--------------------------------------------------------------------------------
A SHARES
--------------------------------------------------------------------------------
B SHARES
--------------------------------------------------------------------------------
LEHMAN AGGREGATE BOND INDEX
--------------------------------------------------------------------------------
LIPPER CORP. DEBT A-RATED FUNDS
INDEX
--------------------------------------------------------------------------------
</TABLE>

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

SHAREHOLDER FEES (FEES PAID DIRECTLY FROM YOUR INVESTMENT):

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

ANNUAL FUND OPERATING EXPENSES (EXPENSES THAT ARE DEDUCTED FROM FUND ASSETS)*

<TABLE>
<CAPTION>
TOTAL ANNUAL
MANAGEMENT DISTRIBUTION OTHER FUND OPERATING
CLASS OF SHARES FEES (12b-1) FEES EXPENSES EXPENSES
<S> <C> <C> <C> <C>
--------------------------------------------------------------------------------
CLASS A 0.30% 0.25% 0.63% 1.18%
--------------------------------------------------------------------------------
CLASS B 0.30% 0.75% 0.63% 1.68%
--------------------------------------------------------------------------------
</TABLE>

(1) The offering price is the net asset value of the shares purchased plus any
sales charge.
* The table is based on estimated expenses for the current fiscal year.

The actual Distribution Fees for Class A shares are expected to be 0.00%, the
actual Other Expenses for Class A and B shares are expected to be 0.45% and
0.45%, respectively, and Total Annual Fund Operating Expenses for Class A and B
shares are not expected to exceed 0.75% and 1.50%, respectively. That is
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 you might incur if you
invest through a financial institution.
30
<PAGE>

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

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

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

IF YOU SELL YOUR SHARES YOUR COSTS WOULD BE:

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

--------------------------------------------------------------------------------
FUNDS' INVESTMENT ADVISER
--------------------------------------------------------------------------------
The Chase Manhattan Bank (Chase) is the investment adviser to each Fund. Chase
is a wholly-owned subsidiary of The Chase Manhattan Corporation (CMC), a bank
holding company. Chase provides the Funds with investment advice and
supervision. Chase and its predecessors have more than a century of money
management experience. Chase is located at 270 Park Avenue, New York, NY 10017.
Chase is entitled to receive a management fee at the annual rate of 0.30% of
the average daily net assets of the Funds.
Chase Fleming Asset Management Inc. (USA) (CFAM) is the sub-adviser to all of
the Funds. The sub-adviser is a wholly-owned subsidiary of Chase and makes the
day-to-day investment decisions for its respective Funds. Chase pays CFAM (USA)
a sub-advisory fee for its services. CFAM (USA) provides discretionary
investment services to institutional clients. CFAM (USA) is located at 1211
Avenue of the Americas, New York, NY 10036.
32
<PAGE>

Portfolio Managers

SELECT TAX FREE INCOME FUND
SELECT NEW YORK INTERMEDIATE TAX FREE INCOME FUND
Pamela Hunter and Richard Taormina are responsible for the day-to-day
management of each of the Funds since they began. Ms. Hunter is a Managing
Director of Chase and heads the team providing fixed income strategy and
product development. She has held these positions for over five years and has
worked for Chase and its predecessors since 1980. Mr. Taormina is a Municipal
Portfolio Manager and Analyst at Chase. He joined the company in October 1997.
Before joining Chase, he was a Senior Municipal Bond Trader at The Vanguard
Group of Investment Companies, beginning in 1990.
SELECT INTERMEDIATE BOND FUND

Leonard Lovito, Vice President and Senior Portfolio Manager at Chase, has been
responsible for the management of the Select Intermediate Bond Fund since July
1998. From 1984 to June 1998, Mr. Lovito was Vice President and Portfolio
Manager at J.W. Seligman & Co., Inc., where he was responsible for managing a
number of institutional portfolios and mutual funds. Before that, Mr. Lovito
was in the Investment Department at Dime Savings Bank of New York.

SELECT BOND FUND
The portfolio managers are Andrew Russell, a Vice President and Portfolio
Manager at Chase and Timothy Neumann, Head of the Taxable Core Investment Group
at Chase. They have been responsible for the Fund since May 1998 and October
1999 respectively. Mr. Russell joined Chase in 1990 and has held several
positions within the U.S. fixed income area, including portfolio analyst,
taxable fixed-income trader and assistant trader. Mr. Neumann has been active
in the asset management business since 1984 with experience in both managing
and trading fixed income portfolios. Before joining Chase in 1997, Mr. Neumann
was the portfolio manager for Lehman Brothers Global Asset Management
mortgage-backed securities accounts. Prior to Lehman, he managed fixed income
portfolios at Allstate Insurance.

33
<PAGE>

--------------------------------------------------------------------------------
HOW YOUR ACCOUNT WORKS
--------------------------------------------------------------------------------

About sales charges

There is a sales charge to buy shares in the Funds. There are also ongoing
charges that all investors pay as long as they own their shares, as explained
later. There is no sales charge on the reinvestment of distributions.
For the Tax Free Income Fund, New York Tax Free Income Fund and Bond Fund, you
have a choice of two different kinds of charges. Class A shares have a charge
you pay when you invest. Class B shares have a deferred sales charge. You don't
pay any charge when you buy the Class B shares, but you may have to pay a charge
when you sell them, depending on how long you hold them.
There are a number of plans and special discounts which can decrease or even
eliminate these charges.

This section explains how the two sales charges work.

34
<PAGE>

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

The Fund receives the net asset value.

<TABLE>
<CAPTION>
--------------------------------------------------
TOTAL SALES CHARGE
AS % OF THE AS %
AMOUNT OF OFFERING OF NET
INVESTMENT PRICE AMOUNT
IN A FUND PER SHARE INVESTED
--------------------------------------------------
<S> <C> <C>
LESS THAN
$ 100,000 4.5% 4.71%
--------------------------------------------------
$100,000 BUT
UNDER $250,000 3.75% 3.90%
--------------------------------------------------
$250,000 BUT
UNDER $500,000 2.50% 2.56%
--------------------------------------------------
$500,000 BUT
UNDER $1 MILLION 2.00% 2.04%
--------------------------------------------------
</TABLE>

There is no initial sales charge for investments of $1 million or more in a
Fund.

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

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

We calculate the deferred sales charge from the month you buy your shares. We
always sell the shares with the lowest deferred sales charge first. Shares
acquired by reinvestment of distribution can be sold without a deferred sales
charge.
Vista Fund Distributors Inc. (VFD) is the distributor for the Funds. It's a
subsidiary of The BISYS Group, Inc. and is not affiliated with Chase. The Tax
Free Income Fund, New York Tax Free Income Fund and Bond Fund have each adopted
Rule 12b-1 distribution plans under which they pay annual distribution fees of
up to 0.25% of the average daily net assets attributed to Class A shares and up
to 0.75% of the average daily net assets attributed to Class B shares. The
Intermediate Bond Fund has adopted a Rule 12b-1 distribution plan under which it
pays annual distribution fees of up to 0.25% of the Fund's average daily net
assets.
This payment covers such things as compensation for services provided by
broker-dealers and expenses connected to the sale of shares. Payments are not
tied to actual expenses incurred. Because 12b-1 expenses are paid out of a
fund's assets on an ongoing basis, over time these fees

35
<PAGE>

HOW YOUR ACCOUNT WORKS

will increase the cost of your investment and may cost you more than other
types of sales charges.

CLASS A OR CLASS B:
WHICH IS BETTER?

Your decision about which class of shares to buy depends on a number of
factors, including the amount you're buying and how long you intend to hold
your shares. If you have no plans to sell your shares for at least six years
and you don't want to pay an up-front sales charge, you may consider buying
Class B shares.

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

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

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

Buying Fund shares

You can buy shares three ways:

Through your investment
representative
Tell your representative which Funds you want to buy and he or she will contact
us. Your representative may charge you a fee and may offer additional services,
such as special purchase and redemption programs, "sweep" programs, cash
advances and redemption checks.

Your representative may set different minimum investments and earlier deadlines
to buy and sell shares.

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

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

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

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

36
<PAGE>

order until it is in proper form. An order is in proper form only after payment
is 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. Normally, if the
Chase Vista Funds Service Center receives your order in proper form by the
close of regular trading on the New York Stock Exchange, we'll process your
order at that day's price.
You must provide a Social Security Number or Taxpayer Identification Number
when you open an account.
Each Fund has the right to refuse any purchase order or to stop offering shares
for sale at any time.
TO OPEN AN ACCOUNT, BUY OR SELL SHARES OR GET FUND INFORMATION, CALL:

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

MINIMUM INVESTMENTS

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

Make your check out to Chase Vista Funds in U.S. dollars. We won't accept
credit cards, cash, or checks from a third party. You cannot sell 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 pm Eastern time on the day you buy.

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

37
<PAGE>

HOW YOUR ACCOUNT WORKS

Selling Fund shares

You can sell your shares three ways:

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

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

Send a signed letter with your instructions to:

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

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

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

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

You'll need to have signatures guaranteed for all registered owners or their
legal representative if:

o you want to sell shares with a net asset value of $100,000 or more
o you want your payment sent to an address other than the one we have in our
records.

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

38
<PAGE>

Exchanging Fund shares

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

You can exchange your shares three ways:

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

Through the Chase Vista Funds
Service Center
Call 1-800-34-VISTA to ask for details.

Through a Systematic Exchange
Plan
You can automatically exchange money from one Chase Vista account to another of
the same class. Call the Chase Vista Service Center for details.

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

You should not exchange shares as means of short-term trading as this could
increase management cost and affect all shareholders. We reserve the right to
limit the number of exchanges or to refuse an exchange. We may also terminate
this privilege. We charge an administration fee of $5 for each exchange if you
make more than 10 exchanges in a year or three in a quarter. See the section on
Statement of Additional Information to find out more about the exchange
privilege.[logo]

Other information
concerning the Funds

We may close your Fund account if the balance falls below $500 because you've
sold shares. We may also close the account if you are in the Systematic
Investment Plan and fail to meet investment minimums over a 12-month period.
We'll give you 60 days notice before closing your account.

Unless you indicate otherwise on your account application, we are authorized to
act on redemption and transfer instructions received by phone. If someone
trades on your account by phone, we'll ask that person to confirm your account
registration and address to make sure they match those you provided us. If they
give us the correct information, we are generally authorized

39
<PAGE>

HOW YOUR ACCOUNT WORKS

to follow that person's instructions. We'll take all reasonable precautions to
confirm that the instructions are genuine. Investors agree that they will not
hold a Fund liable for any loss or expenses from any sales request, if the Fund
takes reasonable precautions. A Fund will be liable for any losses to you from
an unauthorized sale or fraud against you if we do not follow reasonable
procedures.

You may not always reach the Chase Vista Funds Service Center by telephone.
This may be true at times of unusual market changes and shareholder activity.
You can mail us your instructions or contact your investment representative or
agent. We may modify or cancel the sale of shares by phone without notice.

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

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

Each Fund may issue multiple classes of shares. This prospectus relates only to
Class A shares of the Funds and Class B Shares of the Tax Free Income Fund, New
York Tax Free Income Fund and Bond Fund. Each class may have different
requirements for who may invest, and may have different sales charges and
expense levels. A person who gets compensated for selling Fund shares may
receive a different amount for each class.

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

Distributions and taxes

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

The Funds declare dividends daily and distribute the net investment income and
tax-exempt interest income monthly. Net capital gain

40
<PAGE>

is distributed annually. You have three options for your distributions.
o Reinvest all of them in additional Fund shares without a sales charge;
o Take distributions of net investment income and tax-exempt interest income in
cash or as a deposit in a pre-assigned bank account and reinvest
distributions of net capital gain in additional shares; or
o Take all distributions in cash or as a deposit in a pre-assigned bank
account.

If you don't select an option when you open your account, we'll reinvest all
distributions. If your distributions are reinvested, they will be in the form
of shares of the same class. The taxation of dividends won't be affected by the
form in which you receive them.

Dividends of net investment income are usually taxable as ordinary income at
the federal, state and local levels. Dividends of tax-exempt interest income
are not subject to federal income taxes but will generally be subject to state
and local taxes. However, for the New York Tax Free Income Fund, New York
residents will not have to pay New York State or New York City personal income
taxes on tax-exempt income from New York municipal obligations. The state or
municipality where you live may not charge you state and local taxes on
tax-exempt interest earned on certain bonds. Dividends earned on bonds issued
by the U.S. government and its agencies may also be exempt from some types of
state and local taxes.

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

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

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

41
<PAGE>

--------------------------------------------------------------------------------
SHAREHOLDER SERVICES
--------------------------------------------------------------------------------

Shareholder services

SYSTEMATIC INVESTMENT PLAN
Regularly invest $100 or more in the first or third week of any month. The
money is automatically deducted from your checking or savings account.

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

SYSTEMATIC WITHDRAWAL PLAN
Make regular withdrawals of $50 or more ($100 or more for Class B accounts).
You can have automatic withdrawals made monthly, quarterly or semiannually.
Your account must contain at least $5,000 of Class A shares or $20,000 of Class
B shares to start the plan. Call 1-800-34-VISTA for complete instructions.

SYSTEMATIC EXCHANGE
Transfer assets automatically from one Vista account to another on a regular
basis. It's a free service.[logo]

42
<PAGE>

What the terms mean

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

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

DISTRIBUTION FEE: Covers the cost of the distribution system used to sell
shares to the public.
DOLLAR-WEIGHTED AVERAGE MATURITY: The average maturity of the Fund is the
average amount of time until the issuers of the debt securities in the Fund's
portfolio must pay off the principal amount of the debt. "Dollar weighted"
means the larger the dollar value of the debt security in the Fund's portfolio,
the more weight it gets in calculating this average.
FORWARD COMMITMENTS: A type of investment where the Fund buys securities to be
delivered in the future.

INTEREST RATE CAPS: Financial instruments where payment occurs if an interest
rate index exceeds the cap rate. The cap rate is set ahead of time and is tied
to a specific index.

INVERSE FLOATERS: Instruments whose interest rates move in the opposite
direction from the interest rate on another security or the value of an index.

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

MANAGEMENT FEE: A fee paid to the investment adviser to manage the Fund and
make decisions about buying and selling the Fund's investments.

MATURITY: Maturity is the length of time until the issuer who sold a debt
security must pay back the principal amount of the debt.
MORTGAGE-RELATED SECURITIES: Securities that directly or indirectly represent
an interest in, or are secured by and paid from, mortgage loans secured by real
property.
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 these securities to qualify as municipal obligations, the
municipality's lawyers must give an opinion that the interest on them is not
subject to federal income taxes.

43
<PAGE>

SHAREHOLDER SERVICES

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

REPURCHASE AGREEMENTS: A type of short-term investment in which a dealer sells
securities to the Fund and agrees to buy them back later for a set price. This
set price includes interest. In effect, the dealer is borrowing the Fund's
money for a short time, using the securities as collateral.

SHAREHOLDER SERVICE FEE: A fee to cover the cost of paying shareholder
servicing agents to provide certain support services for your account.
STRIPPED OBLIGATIONS: debt securities which are separately traded.
YIELD CURVE: A measure showing the relationship among yields of similar bonds
with different maturities.

ZERO COUPON SECURITIES: Debt securities which do not pay regular interest
payments. Instead, they are sold at substantial discounts from their value at
maturity.[logo]

44
<PAGE>

--------------------------------------------------------------------------------
HOW TO REACH US
--------------------------------------------------------------------------------

More information

You'll find more information about the Funds in the following documents:
ANNUAL AND SEMI-ANNUAL REPORTS
Our annual and semi-annual reports contain more information about each Fund's
investments and performance. The annual report also includes details about the
market conditions and investment strategies that had a significant effect on
each Fund's performance during the last fiscal year.
STATEMENT OF ADDITIONAL
INFORMATION (SAI)

The SAI contains more detailed information about the Funds and their policies.
By law, it's considered to be part of this prospectus.

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

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

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

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

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

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

The Fund's Investment Company Act File No. is 811-7843

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

<PAGE>

PART C

MUTUAL FUND SELECT GROUP
PART C. OTHER INFORMATION

ITEM 23. Exhibits

<TABLE>
<CAPTION>
Exhibit
Number
-------
<S> <C>
1 Declaration of Trust (1)
2 By-laws. (1)
3 None.
4(a) Form of Investment Advisory Agreement. (1)

4(b) Form of Sub-Advisory Agreement between The Chase Manhattan
Bank and Chase Asset Management, Inc.(1)
4(c) Form of Investment Subadvisory Agreement between The Chase
Manhattan Bank and Chase Asset Management (London) Limited (1)
5 Form of Proposed Distribution and Sub-Administration Agreement. (1)
6(a) Form of Retirement Plan for Eligible Trustees.(2)
6(b) Form of Deferred Compensation Plan for Eligible Trustees. (2)
7 Form of Custodian Agreement. (1)
8(a) Form of Transfer Agency Agreement. (1)
8(b) Form of Administration Agreement. (1)
</TABLE>

C-1
<PAGE>

<TABLE>
<S> <C>
9 Opinion re: Legality of Securities being Registered. (4)
10 Consent of Price Waterhouse LLP (5)
11 Financial statements

In Part B: Financial Statements and the Reports thereon
for the Funds filed herein are incorporated by
reference into Part B as part of the 1999
Annual Reports to Shareholders for such Funds
as filed with the Securities and Exchange
Commission by Mutual Fund Select Group on Form
N-30D on January 5, 2000, accession number
0000950146 and 0000950146-00-000022,
which are incorporated into Part B by
reference.

12 None.
13 Form of Share Purchase Agreement. (3)
14 Financial Data Schedules (5)
15 None.
24 Powers of Attorney (4)
</TABLE>

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

(1) Filed as an exhibit to the Registration Statement on Form N-1A of the
Registrant (File No. 333-13317) as filed with the Securities and Exchange
Commission on October 2, 1996.
(2) Incorporated by reference to Amendment No. 6 to the Registration Statement
on Form N-1A of Mutual Fund Group (File No. 33-14196) as filed with the
Securities and Exchange Commission on March 23, 1990.
(3) Filed as an exhibit to Pre-effective Amendment No. 1 as filed with the
Securities and Exchange Commission on November 15, 1996.
(4) Filed as an exhibit to Pre-effective Amendment No. 2 as filed with the
Securities and Exchange Commission on December 19, 1996.
(5) Filed herewith.

ITEM 24. Persons Controlled by or Under Common
Control with Registrant

Not applicable

C-2
<PAGE>

ITEM 25. Indemnification

Reference is hereby made to Article V of the Registrant's Declaration
of Trust.

The Trustees and officers of the Registrant and the personnel of the
Registrant's investment adviser, administrator and distributor are insured under
an errors and omissions liability insurance policy. The Registrant and its
officers are also insured under the fidelity bond required by Rule 17g-1 under
the Investment Company Act of 1940.

Under the terms of the Registrant's Declaration of Trust, the
Registrant may indemnify any person who was or is a Trustee, officer or employee
of the Registrant to the maximum extent permitted by law; provided, however,
that any such indemnification (unless ordered by a court) shall be made by the
Registrant only as authorized in the specific case upon a determination that
indemnification of such persons is proper in the circumstances. Such
determination shall be made (i) by the Trustees, by a majority vote of a quorum
which consists of Trustees who are neither in Section 2(a)(19) of the Investment
Company Act of 1940, nor parties to the proceeding, or (ii) if the required
quorum is not obtainable or, if a quorum of such Trustees so directs, by
independent legal counsel in a written opinion. No indemnification will be
provided by the Registrant to any Trustee or officer of the Registrant for any
liability to the Registrant or shareholders to which he would otherwise be
subject by reason of willful misfeasance, bad faith, gross negligence or
reckless disregard of duty.

Insofar as the conditional advancing of indemnification monies for
actions based upon the Investment Company Act of 1940 may be concerned, such
payments will be made only on the following conditions: (i) the advances must be
limited to amounts used, or to be used, for the preparation or presentation of a
defense to the action, including costs connected with the preparation of a
settlement; (ii) advances may be made only upon receipt of a written promise by,
or on behalf of, the recipient to repay that amount of the advance which exceeds
that amount to which it is ultimately determined that he is entitled to receive
from the Registrant by reason of indemnification; and (iii) (a) such promise
must be secured by a surety bond, other suitable

C-3
<PAGE>

insurance or an equivalent form of security which assures that any repayments
may be obtained by the Registrant without delay or litigation, which bond,
insurance or other form of security must be provided by the recipient of the
advance, or (b) a majority of a quorum of the Registrant's disinterested,
non-party Trustees, or an independent legal counsel in a written opinion, shall
determine, based upon a review of readily available facts, that the recipient of
the advance ultimately will be found entitled to indemnification.

Insofar as indemnification for liability arising under the
Securities Act of 1933 may be permitted to trustees, officers and controlling
persons of the Registrant pursuant to the foregoing provisions, or otherwise,
the Registrant has been advised that in the opinion of the Securities and
Exchange Commission such indemnification is against public policy as expressed
in the Act and is, therefore, unenforceable. In the event that a claim for
indemnification against such liabilities (other than the payment by the
Registrant of expenses incurred or paid by a trustee, officer or controlling
person of the Registrant in the successful defense of any action, suit or
proceeding) is asserted by such trustee, officer or controlling person in
connection with the securities being registered, the Registrant will, unless in
the opinion of it counsel the matter has been settled by controlling precedent,
submit to a court of appropriate jurisdiction the question whether such
indemnification by it is against public policy as expressed in the Act and will
be governed by the final adjudication of such issue.

ITEM 26(a). Business and Other Connections of Investment Adviser

The Chase Manhattan Bank (the "Adviser") is a commercial bank
providing a wide range of banking and investment services.

To the knowledge of the Registrant, none of the Directors or
executive officers of the Adviser, except those described below, are or have
been, at any time during the past two years, engaged in any other business,
profession, vocation or employment of a substantial nature, except that certain
Directors and executive officers of the Adviser also hold or have held various
positions with bank and non-bank affiliates of the Adviser, including its
parent, The Chase Manhattan Corporation. Each Director listed below is also a
Director of The Chase Manhattan Corporation.

<TABLE>
<CAPTION>
Principal Occupation or Other
Position with Employment of a Substantial
Name the Adviser Nature During Past Two Years
---- ------------- -----------------------------
<S> <C> <C>

Thomas G. Labreque President and Chief Operating Officer Chairman, Chief Executive Officer
and Director and a Director of The Chase
Manhattan Corporation and a
Director of AMAX, Inc.

M. Anthony Burns Director Chairman of the Board, President
and Chief Executive Officer of
Ryder System, Inc.

</TABLE>

C-4
<PAGE>

H. Laurance Fuller Director Chairman, President, Chief
Executive Officer and Director of
Amoco Corporation and Director of
Abbott Laboratories

Henry B. Schacht Director Chairman and Chief Executive
Officer of Cummins Engine
Company, Inc. and a Director of
each of American Telephone and
Telegraph Company and CBS Inc.
</TABLE>

C-5
<PAGE>

<TABLE>
<CAPTION>
<S> <C> <C>
James L. Ferguson Director Retired Chairman and Chief
Executive Officer of General Foods
Corporation

William H. Gray III Director President and Chief Executive
Officer of the United Negro College
Fund, Inc.

Frank A. Bennack, Jr. Director President and Chief Executive Officer
The Hearst Corporation

Susan V. Berresford Director President, The Ford Foundation

Melvin R. Goodes Director Chairman of the Board and Chief Executive
Officer, The Warner-Lambert Company

George V. Grune Director Retired Chairman and Chief Executive
Officer, The Reader's Digest Association,
Inc.; Chairman, The DeWitt Wallace-
Reader's Digest Fund; The Lila-Wallace
Reader's Digest Fund

William B. Harrison, Jr. Vice Chairman of the Board

Harold S. Hook Director Chairman and Chief Executive Officer,
General Corporation

Helen L. Kaplan Director Of Counsel, Skadden, Arps, Slate, Meagher
& Flom

Walter V. Shipley Chairman of the Board and
Chief Executive Officer

Andrew C. Sigler Director Chairman of the Board and Chief
Executive Officer, Champion International
Corporation
.
John R. Stafford Director Chairman, President and Chief Executive
Officer, American Home Products
Corporation

Marina v. N. Whitman Director Professor of Business Administration and
Public Policy, University of Michigan
</TABLE>

<PAGE>

Item 26(b)

Chase Asset Management ("CAM") is an Investment Advisor providing investment
services to institutional clients.

To the knowledge of the Registrant, none of the Directors or executive
officers of the CAM, except those described below, are or have been, at any time
during the past two years, engaged in any other business, profession, vocation
or employment of a substantial nature, except that certain Directors and
executive officers of the CAM also hold or have held various positions with bank
and non-bank affiliates of the Advisor, including its parent, The Chase
Manhattan Corporation.

<TABLE>
<CAPTION>
Principal Occupation or Other
Position with Employment of a Substantial
Name the Sub-Advisor Nature During Past Two Years
---- --------------- ----------------------------
<S> <C> <C>
James Zeigon Chairman and Director Director of Chase
Asset Management
(London) Limited

Steven Prostano Executive Vice President Chief Operating Officer
and Chief Operating Officer and Director of Chase
Asset Management
(London) Limited

Mark Richardson President and Chief Chief Investment Officer
Investment Officer and Director of Chase
Asset Management
(London) Limited
</TABLE>

Item 26(c)

Chase Asset Management (London) Limited ("CAM London") is an Investment
Advisor providing investment services to institutional clients.

To the knowledge of the Registrant, none of the Directors or executive
officers of CAM London, except those described below, are or have been, at any
time during the past two years, engaged in any other business, profession,
vocation or employment of a substantial nature, except that certain Directors
and executive officers of CAM London also hold or have held various positions
with bank and non-bank affiliates of the Advisor, including its parent, The
Chase Manhattan Corporation.

<TABLE>
<CAPTION>
Principal Occupation or Other
Position with Employment of a Substantial
Name the Sub-Advisor Nature During Past Two Years
---- --------------- ----------------------------
<S> <C> <C>
Michael Browne Director Fund Manager, The Chase Manhattan
Bank, N.A.; Fund Manager, BZW
Investment Management

David Gordon Ross Director Head of Global Fixed Income
Management, Chase Asset
Management, Inc.; Vice President,
The Chase Manhattan Bank, N.A.

Brian Harte Director Investment Manager, The Chase
Manhattan Bank, N.A.

Cornelia L. Kiley Director

James Zeigon Director Chairman and Director of Chase
Asset Management, Inc.

Mark Richardson Chief Investment Director, President and Chief
Officer and Director Operating Officer of Chase Asset
Management, Inc.

Steve Prostano Chief Operating Director, Executive Vice President
Officer and and Chief Operating Officer of Chase
Director Asset Management, Inc.
</TABLE>
<PAGE>

ITEM 27. Principal Underwriters

(a) Vista Fund Distributors, Inc., a wholly-owned subsidiary of
The BISYS Group, Inc. is the underwriter for Mutual Fund Group, Mutual Fund
Trust and Mutual Fund Select Trust.

(b) The following are the Directors and officers of Vista Fund
Distributors, Inc. The principal business address of each of these persons, is
listed below.

<TABLE>
<CAPTION>
Position and Offices Position and Offices
Name and Address with Distributor with the Registrant
---------------- -------------------- --------------------
<S> <C> <C>

Lynn J. Mangum Chairman None
150 Clove Street
Little Falls, NJ 07424

Robert J. McMullan Director and Exec. Vice President None
150 Clove Street
Little Falls, NJ 07424

Lee W. Schultheis President None
101 Park Avenue, 16th Floor
New York, NY 10178

George O. Martinez Senior Vice President None
3435 Stelzer Road
Columbus, OH 43219

Irimga McKay Vice President None
1230 Columbia Street
5th Floor, Suite 500
San Diego, CA 92101

Michael Burns Vice President/Compliance None
3435 Stelzer Road
Columbus, OH 43219

William Blundin Vice President None
125 West 55th Avenue
11th Floor
New York, NY 10019

Dennis Sheehan Vice President None
150 Clove Street
Little Falls, NJ 07424

Annamaria Porcaro Assistant Secretary None
150 Clove Street
Little Falls, NJ 97424

Robert Tuch Assistant Secretary None
3435 Stelzer Road
Columbus, OH 43219

Stephen Mintos Executive Vice President/COO None
3435 Stelzer Road
Columbus, OH 43219

Dale Smith Vice President/CFO None
3435 Stelzer Road
Columbus, OH 43219

William J. Tomko Vice President None
3435 Stelzer Road
Columbus, OH 43219
</TABLE>

C-6
<PAGE>

ITEM 28. Location of Accounts and Records

The accounts and records of the Registrant are located, in whole or in
part, at the office of the Registrant and the following locations:

<TABLE>
<CAPTION>
Name Address
---- -------
<S> <C>
Vista Fund Distributors, Inc. 101 Park Avenue,
New York, NY 10178

DST Systems, Inc. 210 W. 10th Street,
Kansas City, MO 64105

The Chase Manhattan Bank 270 Park Avenue,
New York, NY 10017

Chase Asset Mangement, Inc. 1211 Avenue of the
Americas,
New York, NY 10036

Chase Asset Management, Ltd. (London) Colvile House
32 Curzon Street
London, England W1Y8AL

The Chase Manhattan Bank One Chase Square,
Rochester, NY 14363
</TABLE>

ITEM 29. Management Services

Not applicable

ITEM 30. Undertakings

(1) Registrant undertakes that its trustees shall promptly
call a meeting of shareholders of the Trust for the purpose of voting upon the
question of removal of any such trustee or trustees when requested in writing so
to do by the record holders of not less than 10 per centum of the outstanding
shares of the Trust. In addition, the Registrant shall, in certain
circumstances, give such shareholders assistance in communicating with other
shareholders of a fund as required by Section 16(c) of the Investment Company
Act of 1940.

(2) The Registrant, on behalf of the Funds, undertakes,
provided the information required by Item 5A is contained in the latest annual
report to shareholders, to furnish to each person to whom a prospectus has been
delivered, upon their request and without charge, a copy of the Registrant's
latest annual report to shareholders.

C-7
<PAGE>

SIGNATURES

Pursuant to the requirements of the Securities Act of 1933 and the Investment
Company Act of 1940, the Registrant has duly caused this Post-Effective
Amendment to its Registration Statement on Form N-1A to be signed on its behalf
by the undersigned, thereunto duly authorized, in the city of New York and the
State of New York on the 5th day of December, 2000.

MUTUAL FUND SELECT GROUP

By /s/ H. Richard Vartabedian
--------------------------
H. Richard Vartabedian
President

Pursuant to the requirements of the Securities Act of 1933, this Post-Effective
Amendment to the Registration Statement has been signed below by the following
persons in the capacities and on the dates indicated.

<TABLE>
<S> <C> <C>
* Chairman and Trustee December 5, 2000
-------------------------------
Fergus Reid, III

/s/ H. Richard Vartabedian President December 5, 2000
------------------------------- and Trustee
H. Richard Vartabedian

* Trustee December 5, 2000
-------------------------------
William J. Armstrong

* Trustee December 5, 2000
-------------------------------
John R.H. Blum

* Trustee December 5, 2000
-------------------------------
Stuart W. Cragin, Jr.

*
------------------------------- Trustee December 5, 2000
Roland R. Eppley, Jr.

* Trustee December 5, 2000
-------------------------------
Joseph J. Harkins

* Trustee December 5, 2000
-------------------------------
Sarah E. Jones

*
------------------------------- Trustee December 5, 2000
W.D. MacCallan

*
------------------------------- Trustee December 5, 2000
W. Perry Neff

* Trustee December 5, 2000
-------------------------------
Leonard M. Spalding, Jr.

* Trustee December 5, 2000
-------------------------------
Irv Thode

* Trustee December 5, 2000
-------------------------------
Richard E. Ten Haken

/s/ Martin R. Dean Treasurer and December 5, 2000
------------------------------- Principal Financial
Martin R. Dean Officer

/s/ H. Richard Vartabedian Attorney in December 5, 2000
------------------------------- Fact
H. Richard Vartabedian
</TABLE>