MUTUAL FUND SELECT TRUST
N-18F1, 1996-12-30
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                                  FORM N-18F-1

                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549


- --------------------------------------------------------------------------------
                NOTIFICATION OF ELECTION PURSUANT TO RULE 18f-1
                    UNDER THE INVESTMENT COMPANY ACT OF 1940
- --------------------------------------------------------------------------------



                            Mutual Fund Select Trust
                            ---------------------------------
                            Exact Name of Registrant







<PAGE>

                            NOTIFICATION OF ELECTION

     The undersigned registered open-end investment company hereby notifies the
Securities and Exchange Commission that it elects to commit itself to pay in
cash all redemptions by a shareholder of record as provided by Rule 18f-1 under
the Investment Company Act of 1940, as amended. It is understood that this
election is irrevocable while such Rule is in effect unless the Commission by
order upon application permits the withdrawal of this Notification of Election.


<PAGE>

     Pursuant to the requirements of Rule 18f-1 under the Investment Company Act
of 1940, as amended, the registrant has caused this notification of election to
be duly executed on its behalf in the city of New York and the state of New York
on the 30th day of December, 1996.


                                       MUTUAL FUND SELECT TRUST


                                       By /s/ H. Richard Vartabedian
                                         ----------------------------
                                         Name:   H. Richard Vartabedian
                                         Title:  President


Attest: /s/ Martin R. Dean
       --------------------------
       Name:   Martin R. Dean
       Title:  Assistant Secretary



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