<PAGE> PAGE 1
000 B000000 08/31/98
000 C000000 0001023772
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 3.0
000 J000000 U
001 A000000 MUTUAL FUND SELECT TRUST
001 B000000 811-07841
001 C000000 8006224273
002 A000000 ONE CHASE MANHATTAN PLAZA - 3RD FL
002 B000000 NEW YORK
002 C000000 NY
002 D010000 10081
003 000000 Y
004 000000 N
005 000000 N
006 000000 N
007 A000000 Y
007 B000000 4
007 C010100 1
007 C020100 VISTA SELECT INTERMEDIATE TAX FREE INCOME FND
007 C030100 N
007 C010200 2
007 C020200 VISTA SELECT TAX FREE INCOME FUND
007 C030200 N
007 C010300 3
007 C020300 VISTA SELECT NEW YORK TAX FREE INCOME FUND
007 C030300 N
007 C010400 4
007 C020400 VISTA SELECT NEW JERSEY TAX FREE INCOME FUND
007 C030400 N
007 C010500 5
007 C010600 6
007 C010700 7
007 C010800 8
007 C010900 9
007 C011000 10
008 A00AA01 THE CHASE MANHATTAN BANK
008 B00AA01 A
008 C00AA01 801-000000
008 D01AA01 NEW YORK
008 D02AA01 NY
008 D03AA01 10017
008 A00AA02 CHASE ASSET MANAGEMENT, INC.
008 B00AA02 S
008 C00AA02 801-000000
008 D01AA02 NEW YORK
008 D02AA02 NY
<PAGE> PAGE 2
008 D03AA02 10036
010 A00AA01 THE CHASE MANAHATTAN BANK
010 C01AA01 ROCHESTER
010 C02AA01 NY
010 C03AA01 14643
011 A00AA01 VISTA FUND DISTRIBUTORS, INC.
011 B00AA01 8-00000000
011 C01AA01 NEW YORK
011 C02AA01 NY
011 C03AA01 10178
013 A00AA01 PRICE WATERHOUSE LLP
013 B01AA01 NEW YORK
013 B02AA01 NY
013 B03AA01 10036
015 A00AA01 THE CHASE MANHATTAN BANK
015 B00AA01 C
015 C01AA01 BROOKLYN
015 C02AA01 NY
015 C03AA01 11245
015 E01AA01 X
018 00AA00 Y
019 A00AA00 Y
019 B00AA00 62
019 C00AA00 VISTAFAMIL
020 C000001 0
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022 A000003 SMITH BARNEY HARRIS UPHAM
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022 D000003 119738
022 A000004 JP MORGAN SECURITIES
022 C000004 140823
022 D000004 123065
022 A000005 GREENWICH PTRS.
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022 A000006 LEHMAN BROTHERS, INC.
<PAGE> PAGE 3
022 C000006 69651
022 D000006 67374
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<PAGE> PAGE 4
048 E02AA00 0.000
048 F01AA00 0
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<PAGE> PAGE 5
080 A00AA00 GULF INSURANCE CO.
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<PAGE> PAGE 6
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<PAGE> PAGE 7
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<PAGE> PAGE 8
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<PAGE> PAGE 9
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<PAGE> PAGE 10
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<PAGE> PAGE 11
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<PAGE> PAGE 12
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<PAGE> PAGE 13
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<PAGE> PAGE 14
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<PAGE> PAGE 15
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<PAGE> PAGE 16
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<PAGE> PAGE 17
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<PAGE> PAGE 18
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SIGNATURE DEAN B. HARRIS
TITLE 2VP
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0001023772
<NAME> MUTUAL FUND SELECT TRUST
<SERIES>
<NUMBER> 010
<NAME> CHASE VISTA SELECT INTERMEDIATE TAX FREE INCOME FUND
<MULTIPLIER> 1
<S> <C>
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<APPREC-INCREASE-CURRENT> 10,692,161
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<DISTRIBUTIONS-OF-INCOME> (33,786,346)
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<NUMBER-OF-SHARES-REDEEMED> (2,932,319)
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<TABLE> <S> <C>
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<CIK> 0001023772
<NAME> MUTUAL FUND SELECT TRUST
<SERIES>
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<NAME> CHASE VISTA SELECT NEW JERSEY TAX FREE INCOME FUND
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<FISCAL-YEAR-END> AUG-31-1998
<PERIOD-END> AUG-31-1998
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<DISTRIBUTIONS-OF-GAINS> (262,873)
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<CIK> 0001023772
<NAME> MUTUAL FUND SELECT TRUST
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<NAME> CHASE VISTA SELECT NEW YOUR INTERMEDIATE TAX FREE INCOME FUN
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<CIK> 0001023772
<NAME> MUTUAL FUND SELECT TRUST
<SERIES>
<NUMBER> 020
<NAME> CHASE VISTA SELECT TAX FREE INCOME FUND
<MULTIPLIER> 1
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<INVESTMENTS-AT-VALUE> 757,708,223
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<DISTRIBUTIONS-OF-GAINS> (6,435,208)
<DISTRIBUTIONS-OTHER> 0
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<SHARES-REINVESTED> 941,347
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<PER-SHARE-DISTRIBUTIONS> (.353)
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</TABLE>
Report of Independent Accountants
October 9, 1998
To the Trustees of
Mutual Fund Select Trust
In planning and performing our audit of the financial statements of Mutual
Fund Select Trust (the "Fund") for the year ended August 31, 1998, we
considered its internal control, including control activities for
safeguarding securities, in order to determine our auditing procedures for
the purpose of expressing our opinion on the financial statements and to
comply with the requirements of Form N-SAR, not to provide assurance on
internal control.
The management of the Fund is responsible for establishing and maintaining
internal control. In fulfilling this responsibility, estimates and judgments
by management are required to assess the expected benefits and related costs
of controls. Generally, controls that are relevant to an audit pertain to
the entity's objective of preparing financial statements for external
purposes that are fairly presented in conformity with generally accepted
accounting principles. Those controls include the safeguarding of assets
against unauthorized acquisition, use or disposition.
Because of inherent limitations in internal control, errors or fraud may
occur and not be detected. Also, projection of any evaluation of internal
control to future periods is subject to the risk that it may become
inadequate because of changes in conditions or that the effectiveness of the
design and operation may deteriorate.
Our consideration of internal control would not necessarily disclose all
matters in internal control that might be material weaknesses under standards
established by the American Institute of Certified Public Accountants. A
material weakness is a condition in which the design or operation of one or
more of the internal control components does not reduce to a relatively low
level the risk that misstatements caused by error or fraud in amounts that
would be material in relation to the financial statements being audited
may occur and not be detected within a timely period by employees in the
normal course of performing their assigned functions. However, we noted no
matters involving internal control and its operation, including controls for
safeguarding securities, that we consider to be material weaknesses as
defined above as of August 31, 1998.
This report is intended solely for the information and use of management and
the Trustees of the Fund and the Securities and Exchange Commission.
/s/ Price Waterhouse Coopers LLP
