MUTUAL FUND TRUST, 485APOS, 1999-10-29

MUTUAL FUND TRUST
485APOS, 1999-10-29

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As filed via EDGAR with the Securities and Exchange Commission
on October 29, 1999

File No. 811-8358
Registration No. 33-75250
- --------------------------------------------------------------------------------

SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

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

FORM N-1A

REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 |X|

Pre-Effective Amendment No. |_|

Post-Effective Amendment No. 17 |X|

and

REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940

Post-Effective Amendment No. 17 |X|
------------------------------

MUTUAL FUND TRUST
(Exact Name of Registrant as Specified in Charter)

1211 Avenue of the Americas, 41st Floor
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, Esq Gary S. Schpero, Esq.
Mutual Fund Trust The Chase Manhattan Bank Simpson Thacher & Bartlett
125 West 55th Street 270 Park Avenue 425 Lexington Avenue
New York, New York 10019 New York, New York 10017 New York, New York 10017
- --------------------------------------------------------------------------------------

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

It is proposed that this filing will become effective:

If appropriate, check the following box:

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

------------------
The Registrant has registered an indefinite number or amount of its shares of
common stock for each of its three series of shares under the Securities Act of
1933 pursuant to Rule 24f-2 under the Investment Company Act of 1940 on July 18,
1994 and the Rule 24f-2 Notice for the Registrant's fiscal year ended August 31,
1998 was filed on November 20, 1998.

<PAGE>
EXPLANATORY NOTE

<PAGE>

[front cover]

PROSPECTUS DECEMBER 29, 1999

Chase Vista Tax Free
Income Funds

TAX FREE INCOME THIS PROSPECTUS OFFERS:
FUND
CLASS A SHARES OF ALL FUNDS
NEW YORK TAX FREE
INCOME FUND PLUS

CLASS B SHARES OF TAX FREE
CALIFORNIA
INTERMEDIATE TAX INCOME FUND AND NEW YORK TAX
FREE INCOME FUND
FREE INCOME FUND

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

[logo: CHASE VISTA FUNDS(SM)]

XXXX-1-1299

<PAGE>

<TABLE>
<S> <C>
TAX FREE INCOME FUND 1
NEW YORK TAX FREE INCOME FUND 9
CALIFORNIA INTERMEDIATE TAX FREE INCOME FUND 19
THE FUNDS' INVESTMENT ADVISER AND YEAR 2000 26

- -----------------------------------------------------
HOW YOUR ACCOUNT WORKS 27
- -----------------------------------------------------

ABOUT SALES CHARGES 27
BUYING FUND SHARES 29
SELLING FUND SHARES 31
EXCHANGING FUND SHARES 32
OTHER INFORMATION CONCERNING THE FUNDS 32
DISTRIBUTIONS AND TAXES 33

- -----------------------------------------------------
SHAREHOLDER SERVICES 35
- -----------------------------------------------------

- -----------------------------------------------------
WHAT THE TERMS MEAN 36
- -----------------------------------------------------

- -----------------------------------------------------
FINANCIAL HIGHLIGHTS 37
- -----------------------------------------------------

- -----------------------------------------------------
HOW TO REACH US Back cover
- -----------------------------------------------------

</TABLE>

<PAGE>

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

[start sidebar]

The Fund's
objective

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

[end sidebar]

The Fund's main
investment strategy

As a fundamental policy, the Fund normally invests at least 80% of its assets in
municipal obligations, the interest on which is excluded from gross income and
which is also excluded from the federal alternative minimum tax on individuals.

The Fund invests in securities that are rated Baa or higher by Moody's Investors
Service, Inc., BBB or higher by Standard & Poor's Corporation or the equivalent
rating by another national rating organization or unrated securities 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.

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.

<PAGE>

CHASE VISTA 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 to increase its ability to 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
participations in municipal lease agreements or installments purchase contracts.

The Fund may invest up to 25% of its total assets in municipal 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 municipal securities available to
meet the Fund's needs. On these occasions, the Fund may invest in repurchase
agreements or Treasury securities which may be subject to federal income tax.

The Fund may change any of its non-fundamental investment policies (but may not
change its investment objective) without
shareholder approval. [Chase logo]

[start sidebar]

FREQUENCY OF TRADING

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

[end sidebar]

2
<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 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 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.

[start sidebar]

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 by the FDIC, the Federal
Reserve Board or any other
government agency.

[end sidebar]

3
<PAGE>

CHASE VISTA TAX FREE INCOME FUND

The Fund may invest in municipal obligations backed by foreign institutions.
These 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 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 be more volatile 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 defaults on its obligation to
complete the transaction.

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

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

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 Class A shares has varied from year to year. This
provides some indication of the risk of investing in the Fund. The table shows
the average annual return over the past one, five and 10 years. It compares that
performance to Lehman Municipal Bond Index, a widely recognized benchmark for
income funds.

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

[GRAPHIC OMITTED]

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.

The total return for the Fund from January 1, 1998 to September 30, 1998 was
5.92%.

<TABLE>
<S> <C>
- -------------------------------------
BEST QUARTER 7.35%
- -------------------------------------
1st quarter, 1995

- -------------------------------------
WORST QUARTER -6.53%
- -------------------------------------
1st quarter, 1994
</TABLE>

5
<PAGE>

CHASE VISTA TAX FREE INCOME FUND

AVERAGE ANNUAL TOTAL RETURNS

For the periods ending December 31, 1998

<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
</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.

Class B shares were first offered on November 4, 1993. The performance for the
period before Class B shares were launched is based upon performance for Class A
shares of the Fund. The actual returns of Class B shares would have been lower
than shown because Class B shares have higher expenses than Class A shares.

6
<PAGE>

Fees and expenses

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

SHAREHOLDER FEES (FEES PAID DIRECTLY FROM YOUR INVESTMENT):

<TABLE>
<CAPTION>
MAXIMUM SALES CHARGE MAXIMUM DEFERRED SALES
(LOAD) WHEN YOU BUY CHARGE (LOAD) SHOWN AS
SHARES, SHOWN AS % OF THE LOWER OF ORIGINAL PURCHASE
OFFERING PRICE(1) PRICE OR REDEMPTION PROCEEDS
<S> <C> <C>
CLASS A SHARES 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
MANAGEMENT DISTRIBUTION OTHER FUND OPERATING
CLASS OF SHARES FEE (12B-1) FEES EXPENSES EXPENSES
<S> <C> <C> <C> <C>
CLASS A 0.30% 0.25% 0.79% 1.34%
CLASS B 0.30% 0.75% 0.79% 1.84%
</TABLE>

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

*The table is based on expenses incurred in the most recent fiscal year. The
actual Management Fee is currently expected to be 0.10%, the 12b-1 Fee is
expected to be 0.00% for Class A Shares, Other Expenses are expected to be 0.65%
for Class A shares and the Total Annual Fund Operating Expenses are expected not
to exceed 0.75% for Class A shares and 1.64% for Class B shares. That's because
The Chase Manhattan Bank (Chase) and some of the Fund's other service providers
have volunteered not to collect a portion of their fees and to reimburse others.
Chase and these other service providers may end this arrangement at any time.

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

7
<PAGE>

CHASE VISTA TAX FREE INCOME FUND

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

o you invest $10,000
o you sell all your shares at the end of the period
o your investment has a 5% return each year, and

o the Fund's operating expenses 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>
NUMBER OF YEARS: 1 3 5 10
<S> <C> <C> <C> <C>
CLASS A SHARES* $580 $855 $1,151 $1,990
CLASS B SHARES** $687 $879 $1,195 $2,028***
</TABLE>

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

<TABLE>
<CAPTION>
NUMBER OF YEARS: 1 3 5 10
<S> <C> <C> <C> <C>
CLASS B SHARES $187 $579 $995 $2,028***
</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 8 years.

The costs above are based on pre-waiver Annual Fund Operating Expenses.

8
<PAGE>

CHASE VISTA NEW YORK TAX FREE INCOME FUND

[start sidebar]

The Fund's
objective

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

[end sidebar]

The Fund's
main investment strategy

As a fundamental policy, the Fund normally invests at least 80% of its assets in
New York municipal obligations. These investments generate interest that is
excluded from gross income and is exempt from New York State and New York City
income taxes, and from the federal alternative minimum tax on individuals.

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

The Fund invests primarily in securities that are rated Baa or higher by Moody's
Investors Service, Inc., BBB or higher by Standard & Poor's Corporation or the
equivalent rating by another national rating organization or unrated securities
of comparable quality.

The Fund may invest up to 25% of its total assets in lower-rated high yield
securities (junk bonds). Lower-rated securities are those which are rated Ba or
lower by Moody's, BB or lower by S&P or the equivalent of another national
rating organization or unrated securities of comparable quality. High yield
securities in the Fund's portfolio may be rated as low as C by Moody's or D by
S&P, or the equivalent.

9
<PAGE>

CHASE VISTA NEW YORK TAX FREE INCOME FUND

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

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 to increase its ability to easily
convert investments into cash without losing a significant amount of money in
the process.

[start sidebar]

FREQUENCY OF TRADING

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

[end sidebar]

10
<PAGE>

The Fund may also invest in municipal lease obligations. These allow
participations in municipal lease agreements or installment purchase contracts.

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

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

11
<PAGE>

CHASE VISTA NEW YORK TAX FREE INCOME FUND

The Fund's main investment risks

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

High yield debt securities may carry greater risks than securities which have a
higher credit rating, including a high risk of default. The yields of
lower-rated securities will move up and down over time. The credit rating of a
high yield security evaluates the ability of the issuer to make principal and
interest or dividend payments; it does not necessarily address its market value
risk. Ratings and market value may change, positively or negatively, from time
to time to reflect new developments regarding the issuer. However, since ratings
may not always change quickly and frequently enough to reflect these new
developments, the advisers perform their own analysis of high yield issuers.
Because of this, the Fund's performance may depend more on subjective credit
analysis than other funds which invest in investment-grade securities.

[start sidebar]

[end sidebar]

12
<PAGE>

Companies which issue high yield securities are often young and growing and have
a lot of debt. High yield securities are considered speculative, meaning there
is a significant risk that the issuer may not be able to repay principal or pay
interest or dividends on time. In addition, the issuer's other creditors may
have the right to be paid before holders of the high yield security.

During an economic downturn, a period of rising interest rates or a recession,
issuers of high yield securities that have a lot of debt may experience
financial problems. They may not have enough cash to make their payments. An
economic downturn could also hurt the market for lower-rated securities and the
Fund.

The market for high yield securities is not as liquid as the markets for higher
rated securities. This means that it may be harder to sell high yield
securities, especially on short notice. The market could also be hurt by legal
or tax changes.

Securities which are rated C or D may not pay interest, may be in default or may
be considered to have an extremely poor chance of ever achieving any real
investment standing.

The cost of investing in high yield markets is usually higher than investing in
investment grade securities. That's because the Fund has to spend more money for
investing research and commissions.

Securities which are rated Baa by Moody's or BBB by S&P may have fewer
protective provisions and are generally more risky than higher rated securities.
The issuer may have trouble making principal and interest payments when
difficult economic conditions arise.

Under some circumstances, municipal obligations might not pay interest unless
the state or municipal legislature authorizes money for this purpose. Some
securities, such as 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 value of zero coupon securities and inverse floaters caps tends to fluctuate
according to changes in interest rates 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.

13
<PAGE>

CHASE VISTA NEW YORK TAX FREE INCOME FUND

A forward commitment could lose value if the value of the security declines
before the settlement date or if the other party defaults on its obligations to
complete the transaction.

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 it more susceptible to economic problems of the institutions issuing the
securities. In addition, more than 25% of the Fund's assets may be invested
in securities which rely on similar projects for their income stream. As a
result, the Fund could be more susceptible to developments which affect those
projects. [Chase logo]

14
<PAGE>

The Fund's past performance

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

YEAR-BY-YEAR RETURNS

[GRAPHIC OMITTED]

The total return for the Fund from January 1, 1998 to September 30, 1998 was
5.66%.

<TABLE>
<S> <C>
- ---------------------------------------
BEST QUARTER 7.04%
- ---------------------------------------
2nd Quarter, 1989

- ---------------------------------------
WORST QUARTER -5.47%
- ---------------------------------------
1st Quarter, 1994
</TABLE>

15
<PAGE>

CHASE VISTA NEW YORK TAX FREE INCOME FUND

AVERAGE ANNUAL TOTAL RETURNS

For the periods ending December 31, 1998

<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
</TABLE>

16
<PAGE>

Fees and expenses

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

SHAREHOLDER FEES (FEES PAID DIRECTLY FROM YOUR INVESTMENT):

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

<TABLE>
<CAPTION>
TOTAL ANNUAL
MANAGEMENT DISTRIBUTION OTHER FUND OPERATING
CLASS OF SHARES FEE (12B-1) FEES EXPENSES EXPENSES
<S> <C> <C> <C> <C>
CLASS A 0.30% 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 bought plus any
sales charge.

*The table is based on expenses incurred in the most recent fiscal year. Some of
the actual figures differ from the numbers in the chart above. The actual
Management Fee is currently expected to be 0.25% the 12b-1 Fee is expected to be
0.00% for Class A shares, Other Expenses are expected to be 0.50% for Class A
shares and the Total Annual Fund Operating Expenses are expected not to exceed
0.75% for Class A shares and 1.64% for Class B shares. That's because The Chase
Manhattan Bank (Chase) and some of the Fund's other service providers have
volunteered not to collect part of their fees and to reimburse others.
They can terminate this arrangement at any time.

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

17
<PAGE>

CHASE VISTA NEW YORK TAX FREE INCOME FUND

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

o you invest $10,000
o you sell all your shares at the end of the period o your investment has a
5% return each year, and

o the Fund's operating expenses 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>
NUMBER OF YEARS: 1 3 5 10
<S> <C> <C> <C> <C>
CLASS A SHARES* $566 $811 $1,075 $1,828
CLASS B SHARES** $672 $833 $1,118 $1,865***
</TABLE>

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

<TABLE>
<CAPTION>
NUMBER OF YEARS: 1 3 5 10
<S> <C> <C> <C> <C>
CLASS B SHARES $172 $533 $918 $1,865***
</TABLE>

The costs above are based on pre-waiver Annual Fund Operating Expenses.

18
<PAGE>

CHASE VISTA CALIFORNIA INTERMEDIATE TAX FREE INCOME FUND

[start sidebar]

The Fund's
objective

The Fund seeks to
provide current
income which is
exempt from
federal and
California personal
income taxes.

[start sidebar]

The Fund's
main investment strategy

As a fundamental policy, the Fund normally invests at least 80% of its assets in
California municipal obligations and other securities which generate interest
that is exempt from federal, California and local income taxes, and from federal
alternative minimum tax on individuals.

California obligations are those issued by the State of California, its
political subdivisions, authorities and corporations.

19
<PAGE>

CHASE VISTA CALIFORNIA INTERMEDIATE TAX FREE INCOME FUND

The Fund's portfolio has an average maturity of 10 years or less.

Under normal market conditions, the Fund reserves the right to invest up to 20%
of its total assets in securities that pay dividends subject to federal and
California personal 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 to increase its ability to 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
participation in municipal lease agreements or installment purchase contracts.

The Fund may invest up to 25% of its total assets in municipal 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. [Chase logo]

[start sidebar]

FREQUENCY OF TRADING

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

[end sidebar]

20
<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
California 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 the State of California and its municipalities and
public authorities. If the state or any of these local government bodies gets
into financial difficulties, it could have trouble making interest and principal
payments. This would diminish the Fund's returns and its ability to preserve
capital and liquidity. Some California municipalities, as well as the State of
California and certain counties, have recently encountered financial
difficulties. Orange County, for instance, recently defaulted on its debt. If
the Fund invests more than 5% of its assets in any one municipality, this risk
could increase.

Under some circumstances, municipal obligations might not pay interest unless
the municipal legislature authorizes money for this purpose. Some securities,
such as 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.

[start sidebar]

[end sidebar]

21
<PAGE>

CHASE VISTA CALIFORNIA INTERMEDIATE TAX FREE INCOME FUND

A forward commitment could lose value if the value of the security declines
before the settlement date or if the other party defaults on its obligations to
complete the transaction.

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 it more susceptible to economic problems of the institutions issuing the
securities. In addition, more than 25% of the Fund's assets may be invested
in securities which rely on similar projects for their income stream. As a
result, the Fund could be more susceptible to developments which affect those
projects. [Chase logo]

22
<PAGE>

The Fund's past performance

This section shows the Fund's performance record. The bar chart shows how the
performance of the Fund's Class A shares has varied from year to year. This
provides some indication of the risk of investing in the Fund. The table shows
the average annual return over the past year and since the Fund began. It
compares that performance to Lehman Municipal Bond Index, a widely recognized
benchmark for income funds.

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

[GRAPHIC OMITTED]

The total return for the Fund from January 1, 1998 to September 30, 1998 was
6.23%.

<TABLE>
<S> <C>
- ---------------------------------------
BEST QUARTER 5.66%
- ---------------------------------------
1st Quarter, 1995

- ---------------------------------------
WORST QUARTER -3.60%
- ---------------------------------------
1st Quarter, 1994
</TABLE>

AVERAGE ANNUAL TOTAL RETURNS

For the periods ending December 31, 1998

<TABLE>
<CAPTION>
SINCE
INCEPTION
PAST 1 YEAR 11/1/93
<S> <C> <C>
CLASS A SHARES
LEHMAN MUNICIPAL BOND INDEX
</TABLE>

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

23
<PAGE>

CHASE VISTA CALIFORNIA INTERMEDIATE TAX FREE INCOME FUND

Fees and expenses

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

SHAREHOLDER FEES (FEES PAID DIRECTLY FROM YOUR INVESTMENT):

<TABLE>
<CAPTION>
MAXIMUM SALES CHARGE
(LOAD) WHEN YOU BUY MAXIMUM DEFERRED SALES
SHARES, SHOWN AS % OF THE CHARGE (LOAD) WHEN YOU
OFFERING PRICE(1) SELL SHARES
<S> <C> <C>
CLASS A 4.5% NONE
</TABLE>

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

<TABLE>
<CAPTION>
TOTAL ANNUAL
MANAGEMENT DISTRIBUTION OTHER FUND OPERATING
FEE (12B-1) FEES EXPENSES EXPENSES
<S> <C> <C> <C> <C>
CLASS A 0.30% 0.25% 0.90% 1.45%
</TABLE>

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

*The table is based on expenses incurred in the most recent fiscal year. The
actual Management Fee is currently expected to be 0.00%, the 12b-1 Fee is
expected to be 0.00%, Other Expenses are expected to be 0.60% and the Total
Annual Fund Operating Expenses are expected not to exceed 0.60%. That's because
The Chase Manhattan Bank (Chase) and some of the Fund's other service providers
have volunteered not to collect part of their fees and to reimburse others.
They can terminate this arrangement at any time.

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

24
<PAGE>

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

o you invest $10,000
o you sell all your shares at the end of the period o your investment has a
5% return each year, and

o the Fund's operating expenses are not waived and remain the same as shown
above.

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

IF YOU SELL YOUR SHARES YOUR COSTS WOULD BE:

<TABLE>
<CAPTION>
NUMBER OF YEARS: 1 3 5 10
<S> <C> <C> <C> <C>
CLASS A SHARES* $591 $888 $1,207 $2,107
</TABLE>

*Assumes sales charge is deducted when shares are purchased.

The costs above are based on pre-waiver Annual Fund Operating Expenses.

25
<PAGE>

THE FUNDS' INVESTMENT ADVISER

The Funds' investment adviser

The Chase Manhattan Bank (Chase) is the investment adviser to the Funds. Chase
is a wholly owned subsidiary of The Chase Manhattan Corporation (CMC), a bank
holding company. Chase provides the Funds with investment advice and
supervision. Chase and its predecessors have more than a century of money
management experience. Chase is located at 270 Park Avenue, New York, New York
10017.

For the fiscal year ended August 31, 1999, Chase received management fees at the
annual rate of %, % and % of the average daily net assets of the Tax Free
Income Fund, New York Tax Free Income Fund and California Tax Free Income Fund.

Chase Asset Management, Inc. (CAM) is the sub-adviser to the Funds. CAM is a
wholly-owned subsidiary of Chase. It makes the day-to-day investment decisions
for the Funds. CAM provides discretionary investment advisory services to
institutional clients. CAM is located at 1211 Avenue of the Americas, New York,
New York 10036.

Pamela Hunter has been 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.

[start sidebar]

THE YEAR 2000

The Funds, like any business,
could be affected if the
computer systems on which it
relies fail to properly process
information beginning on
January 1, 2000. The Funds'
advisers are updating their
own systems and encouraging
service providers to do
the same, but there's no
guarantee these systems
will work properly. Year 2000
problems could also hurt
issuers whose securities the
Funds hold or securities
markets generally.

[end sidebar]
26
<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 and the New York Tax Free Income 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. Shares of the California Tax
Free Income Fund described in this prospectus are Class A shares.

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.

27
<PAGE>

HOW YOUR ACCOUNT WORKS

CLASS A SHARES

The initial sales charge is deducted directly from the money you invest. As the
table shows, the charge is lower the more you invest. The public offering price
of Class A shares is the net asset value plus the initial sales charge. Net
asset value is the value of everything 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 and New York Tax Free Income 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 California Tax
Free Income 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 will increase the cost
of your invest-

28
<PAGE>

ment 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. [Chase 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 order until it is in proper
form. An

29
<PAGE>

HOW YOUR ACCOUNT WORKS

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 SSN 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. [Chase
logo]

30
<PAGE>

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. [Chase logo]

31
<PAGE>

HOW YOUR ACCOUNT WORKS

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. [Chase 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

32
<PAGE>

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 and
New York Tax Free Income 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. [Chase 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

33
<PAGE>

HOW YOUR ACCOUNT WORKS

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. Similarly, for the
California Tax Free Income Fund, California residents will not have to pay
California personal income taxes on tax-exempt income from California 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. [Chase logo]

34
<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. [Chase logo]

35
<PAGE>

What the terms mean

DISTRIBUTION FEE: Covers the cost of the distribution system used to sell
shares to the public.

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.

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.

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.

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. [Chase logo]

36
<PAGE>

FINANCIAL HIGHLIGHTS

Chase Vista Tax Free Income Fund

The Financial Highlights table is intended to help you understand the Fund's
financial performance for the past five years. The total returns in the table
represent the rate that an investor would have earned or lost on an investment
in the Fund (assuming reinvestment of all dividends and distributions).

The table set forth below provides selected per share data and ratios for one
Class A Share and one Class B Share.

This information is supplemented by financial statements including accompanying
notes appearing in the Fund's Annual Report to Shareholders for the year ended
August 31, 1999, which is incorporated by reference into the SAI. Shareholders
may obtain a copy of this annual report by contacting the Fund or their
Shareholder Servicing Agent.

The financial statements which include the financial information in the table
below, have been audited by PricewaterhouseCoopers LLP, independent accountants,
whose report thereon is included in the Annual Report to Shareholders.

CLASS A
<TABLE>
<CAPTION>
Year Year Year Year Year
ended ended ended ended ended
8/31/99 8/31/98 8/31/97 8/31/96 8/31/95
PER SHARE OPERATING PERFORMANCE
- ------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Net Asset Value,
Beginning of Period $ 12.32 $ 11.84 $ 11.85 $ 11.70
- ------------------------------------------------------------------------------------------------------
Income from Investment Operations:
Net Investment Income 0.562 0.579 0.580 0.585
Net Gains or Losses in Securities
(both realized and unrealized) 0.572 0.484 (0.007) 0.147
------- ------- -------- -------
Total from Investment Operations 1.134 1.063 0.573 0.732
Less Distributions:
Dividends from
Net Investment Income 0.564 0.583 0.583 0.582
Distributions from capital gains -- -- -- --
------- ------- -------- -------
Total Distributions 0.564 0.583 0.583 0.582
- ------------------------------------------------------------------------------------------------------
Net Asset Value, End of Period $ 12.89 $ 12.32 $ 11.84 $ 11.85
- ------------------------------------------------------------------------------------------------------
TOTAL RETURN(1) 9.38% 9.14% 4.88% 6.53%
- ------------------------------------------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA
- ------------------------------------------------------------------------------------------------------
Net Assets, End of Period (000 omitted) $60,961 $62,729 $ 70,480 $88,783
- ------------------------------------------------------------------------------------------------------
Ratio of Expenses to
Average Net Assets 0.80% 0.90% 0.90% 0.85%
- ------------------------------------------------------------------------------------------------------
Ratio of Net Income to
Average Net Assets 4.44% 4.78% 4.83% 5.07%
- ------------------------------------------------------------------------------------------------------
Ratio of Expenses without waivers
and assumption of expenses to
Average Net Assets 1.31% 1.29% 1.46% 1.47%
- ------------------------------------------------------------------------------------------------------
Ratio of Net Investments Income
without waivers and assumption
of expenses to Average Net Assets 3.93% 4.39% 4.27% 4.45%
- ------------------------------------------------------------------------------------------------------
Portfolio Turnover Rate 172% 147% 210% 233%
- ------------------------------------------------------------------------------------------------------
</TABLE>

37
<PAGE>

FINANCIAL HIGHLIGHTS

CLASS B

<TABLE>
<CAPTION>
Year Year Year Year Year
ended ended ended ended ended
8/31/99 8/91/98 8/31/97 8/31/96 8/31/95
<S> <C> <C> <C> <C> <C>
PER SHARE OPERATING PERFORMANCE
- ----------------------------------------------------------------------------------------------------------
Net Asset Value, Beginning of Period $ 12.25 $ 11.76 $ 11.77 $ 11.65
- ----------------------------------------------------------------------------------------------------------
Income from Investment Operations:
Net Investment Income 0.446 0.484 0.486 0.498
Net Gains or Losses in Securities
(both realized and unrealized) 0.573 0.478 (0.006) 0.140
------- ------- -------- -------
Total from Investment Operations 1.019 0.962 0.480 0.638
Less Distributions:
Dividends from net investment income 0.450 0.472 0.490 0.518
Distributions from capital gains -- -- -- --
------- ------- -------- -------
Total Distributions 0.450 0.472 0.490 0.518
- ----------------------------------------------------------------------------------------------------------
Net Asset Value, End of Period $ 12.82 $ 12.25 $ 11.76 $ 11.77
- ----------------------------------------------------------------------------------------------------------
TOTAL RETURN(1) 8.45% 8.30% 4.10% 5.70%
- ----------------------------------------------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA
- ----------------------------------------------------------------------------------------------------------
Net Assets, End of Period
(000 omitted) $15,415 $13,610 $ 14,329 $14,265
- ----------------------------------------------------------------------------------------------------------
Ratio of Expenses to
Average Net Assets 1.64% 1.64% 1.65% 1.61%
- ----------------------------------------------------------------------------------------------------------
Ratio of Net Income
to Average Net Assets 3.60% 4.04% 4.08% 4.31%
- ----------------------------------------------------------------------------------------------------------
Ratio of Expenses without waivers
and assumption of expenses to
Average Net Assets 1.81% 1.79% 1.95% 1.97%
- ----------------------------------------------------------------------------------------------------------
Ratio of Net Investments Income
without waivers and assumption
of expenses to Average Net Assets 3.43% 3.89% 3.78% 3.95%
- ----------------------------------------------------------------------------------------------------------
Portfolio Turnover Rate 172% 147% 210% 233%
- ----------------------------------------------------------------------------------------------------------
</TABLE>

(1)Total returns are calculated before taking into account effect of front-end
or deferred sales charge.

#Short periods have been annualized.

38
<PAGE>

Chase Vista New York Tax Free Income Fund

The table set forth below provides selected per share data and ratios for one
Class A Share and one Class B Share.

<TABLE>
<CAPTION>
CLASS A
Year Year Year Year Year
ended ended ended ended ended
8/31/99 8/31/98 8/31/97 8/31/96 8/31/95
PER SHARE OPERATING PERFORMANCE
- ---------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Net Asset Value,
Beginning of Period $ 11.80 $ 11.39 $ 11.47 $ 11.30
- ---------------------------------------------------------------------------------------------------------
Income from Investment Operations:
Net Investment Income 0.544 0.555 0.555 0.570
Net Gains or (Losses) in Securities
(both realized and unrealized) 0.497 0.432 (0.077) 0.167
-------- ------- -------- --------
Total from Investment Operations 1.041 0.987 0.478 0.737
Less Distributions:
Dividends from
Net Investment Income 0.544 0.554 0.558 0.567
Distributions from Capital Gains 0.117 0.023 -- --
-------- ------- -------- --------
Total Distributions 0.661 0.577 0.558 0.567
- ---------------------------------------------------------------------------------------------------------
Net Asset Value, End of Period $ 12.18 $ 11.80 $ 11.39 $ 11.47
- ---------------------------------------------------------------------------------------------------------
TOTAL RETURN(1) 9.03% 8.85% 4.20% 6.82%
- ---------------------------------------------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA
- ---------------------------------------------------------------------------------------------------------
Net Assets, End of Period (000 omitted) $110,877 $83,208 $ 96,102 $104,168
- ---------------------------------------------------------------------------------------------------------
Ratio of Expenses to
Average Net Assets 0.79% 0.90% 0.90% 0.85%
- ---------------------------------------------------------------------------------------------------------
Ratio of Net Investment Income
to Average 4.52% 4.77% 4.76% 5.11%
- ---------------------------------------------------------------------------------------------------------
Net Assets Ratio of Expenses
without waivers and assumption
of expenses to Average Net Assets 1.21% 1.18% 1.27% 1.37%
- ---------------------------------------------------------------------------------------------------------
Ratio of Net Investment Income
without waivers and assumption
of expenses to Average Net Assets 4.10% 4.49% 4.39% 4.59%
- ---------------------------------------------------------------------------------------------------------
Portfolio Turnover Rate 91% 107% 156% 122%
- ---------------------------------------------------------------------------------------------------------
</TABLE>

39
<PAGE>

FINANCIAL HIGHLIGHTS

CLASS B

<TABLE>
<CAPTION>
Year Year Year Year Year
ended ended ended ended ended
8/31/99 8/31/98 8/31/97 8/31/96 8/31/95
PER SHARE OPERATING PERFORMANCE
- ----------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Net Asset Value,
Beginning of Period $ 11.76 $ 11.33 $ 11.41 $ 11.27
- ----------------------------------------------------------------------------------------------------------
Income from Investment Operations:
Net Investment Income 0.443 0.465 0.469 0.485
Net Gains or (Losses) in Securities
(both realized and unrealized) 0.510 0.430 (0.086) 0.162
------- ------- -------- -------
Total from Investment Operations 0.953 0.895 0.383 0.647
Less Distributions:
Dividends from net Investment Income 0.436 0.442 0.463 0.507
Distributions from capital gains 0.117 0.023 -- --
------- ------- -------- -------
Total Distributions 0.553 0.465 0.463 0.507
- ----------------------------------------------------------------------------------------------------------
Net Asset Value, End of Period $ 12.16 $ 11.76 $ 11.33 $ 11.41
- ----------------------------------------------------------------------------------------------------------
TOTAL RETURN(1) 8.27% 8.03% 3.46% 5.99%
- ----------------------------------------------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA
- ----------------------------------------------------------------------------------------------------------
Net Assets, End of Period
(000 omitted) $14,796 $13,501 $ 13,667 $10,633
- ----------------------------------------------------------------------------------------------------------
Ratio of Expenses to
Average Net Assets 1.64% 1.64% 1.65% 1.61%
- ----------------------------------------------------------------------------------------------------------
Ratio of Net Investment Income
to Average 3.68% 4.03% 4.01% 4.35%
- ----------------------------------------------------------------------------------------------------------
Net Assets Ratio of Expenses
without waivers and assumption
of expenses to Average Net Assets 1.71% 1.68% 1.76% 1.87%
- ----------------------------------------------------------------------------------------------------------
Ratio of Net Investment Income
without waivers and assumption
of expenses to Average Net Assets 3.61% 3.99% 3.90% 4.09%
- ----------------------------------------------------------------------------------------------------------
Portfolio Turnover Rate 91% 107% 156% 122%
- ----------------------------------------------------------------------------------------------------------
</TABLE>

(1)Total return figures are calculated before taking into account effect of
front-end or deferred sales charge.

#Short periods have been annualized.

40
<PAGE>

Chase Vista California Intermediate Tax Free Income Fund

The table set forth below provides selected per share data and ratios for one
Share outstanding throughout each period shown.

41
<PAGE>

FINANCIAL HIGHLIGHTS

<TABLE>
<CAPTION>
Year Year Year Year Year
ended ended ended ended ended
8/31/99 8/31/98 8/31/97 8/31/96 8/31/95
RATIOS/SUPPLEMENTAL DATA
- -----------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Net Assets, End of Period
(000 omitted) $ 23,996 $ 25,525 $ 28,298 $ 32,746
- -----------------------------------------------------------------------------------------------------------
Ratio of Expenses to
Average Net Assets 0.60% 0.60% 0.60% 0.52%
- -----------------------------------------------------------------------------------------------------------
Ratio of Net Investment Income
to Average Net Assets 4.38% 4.65% 4.77% 5.24%
- -----------------------------------------------------------------------------------------------------------
Ratio of Expenses without waivers
and assumption of expenses to
Average Net Assets 1.44% 1.33% 1.47% 1.40%
- -----------------------------------------------------------------------------------------------------------
Ratio of Net Investment Income
without waivers and assumption
of expenses to Average Net Assets 3.54% 3.92% 3.90% 4.36%
- -----------------------------------------------------------------------------------------------------------
Portfolio Turnover Rate 44% 66% 188% 94%
- -----------------------------------------------------------------------------------------------------------
</TABLE>

(1)Total returns are calculated before taking into account effect of front-end
sales charge.

#Short periods have been annualized.

42
<PAGE>

THIS PAGE INTENTIONALLY LEFT BLANK
<PAGE>

HOW TO REACH US

More information

You'll find more information about the Funds in the following documents:

ANNUAL AND SEMI-ANNUAL REPORTS

Our annual and semi-annual reports contain more information about each Fund's
investments and performance. The annual report also includes details about the
market conditions and investment strategies that had a significant effect on
each Fund's performance during the last fiscal year.

STATEMENT OF ADDITIONAL INFORMATION (SAI)

The SAI contains more detailed information about the Funds and their policies.
It is incorporated by reference into this prospectus. That means, by law, it's
considered to be part of this prospectus.

You can get a free copy of these documents and other information, or ask us any
questions, by calling us at 1-800-62-CHASE or writing to:

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

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

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

Public Reference Section of the SEC
Washington, DC 20549-6009.
1-800-SEC-0330

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

The Fund's Investment Company Act
File No. is 811-8358.

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

<PAGE>

MUTUAL FUND TRUST

PART C. OTHER INFORMATION

ITEM 23. Exhibits

Exhibit
Number
- -------
1 Declaration of Trust. (1)
2 By-laws. (1)
3 None.
4(a) Form of Investment Advisory Agreement.(6)
4(b) Form of Investment Subadvisory Agreement between The Chase
Manhattan Bank and Chase Asset Management, Inc.(6)
4(c) Form of Investment Sub-Advisory Agreement between The
Chase Manhattan Bank and Texas Commerce Bank, National
Association. (7)
5 Distribution and Sub-Administration Agreement dated August 21,
1995.(6)
6(a) Retirement Plan for Eligible Trustees.(6)
6(b) Deferred Compensation Plan for Eligible Trustees.(6)
7 Form of Custodian Agreement. (1)
8(a) Form of Transfer Agency Agreement. (1)
8(b) Form of Shareholder Servicing Agreement. (6)
8(c) Form of Administration Agreement.(6)
9 Opinion of Reid & Priest re: Legality of Securities being
Registered. (2)
10 Consent of Price Waterhouse LLP. (11)
11 Financial statements:

In Part B: Financial Statements and the Reports thereon for the
Funds filed herein for the fiscal year ended August 31,
1998 are incorporated by reference into Part B as part of
the 1998 Annual Reports to Shareholders for such Funds as
filed with the Securities and Exchange Commission by the
Registrant on Form N-30D on October 29, 1998, accession
number 0000950146-98-001764, on Form N-30D on October 29,
1998, accession number 0000950146-98-001772 and on
Form N-30D on October 29, 1998, accession number
0000950146-98-001773. Financial Statements and the
Reports thereon for The 100% U.S. Treasury Securities
Money Market Fund and The Cash Management Fund of The
Hanover Funds, Inc. for the fiscal year ended November
30, 1995 are incorporated by reference into Part B as
part of the 1995 Annual Reports to Shareholders for such
funds as filed with the Securities and Exchange
Commission by The Hanover Funds, Inc. on Form N-30D on
February 2, 1996, accession number 0000950123-96-000335.

12 None.
13(a) Forms of Rule 12b-1 Distribution Plans including Selected Dealer
Agreements and Shareholder Service Agreements. (1) and (3)
13(b) Form of Rule 12b-1 Distribution Plan (including forms of
Selected Dealer Agreement and Shareholder Servicing Agreement).(6)
13(c) Form of Rule 12b-1 Plan - Class C Shares (including forms of
Shareholder Servicing Agreements). (12)

C-1
<PAGE>

14. Financial Data Schedule. (8)

15. Form of Rule 18f-3 Multi-Class Plan. (12)

99(a) Power of Attorney for: Fergus Reid, III, H. Richard Vartabedian,
William J. Armstrong, John R. H. Blum, Stuart W. Cragin, Jr.,
Joseph J. Harkins, Irving L. Thode, W. Perry Neff, Roland R. Eppley,
Jr., W. D. MacCallan. (9)
99(b) Powers of Attorney for: Sarah E. Jones and Leonard M. Spalding,
Jr. (12)
- -------------------
(1) Filed as an Exhibit to the Registration Statement on Form N-1A of the
Registrant (File No. 33-75250) as filed with the Securities and Exchange
Commission on February 14, 1994.
(2) Filed as an Exhibit to Pre-Effective Amendment No. 1 to the Registration
Statement on Form N-1A of the Registrant (File No. 33-75250) as filed with
the Securities and Exchange Commission on April 18, 1994.
(3) Filed as an Exhibit to Post-Effective Amendment No. 1 to the Registration
Statement on Form N-1A of the Registrant (File No. 33-75250) as filed with
the Securities and Exchange Commission on August 29, 1994.
(4) Filed as an Exhibit to Post-Effective Amendment No. 2 to the Registration
Statement on Form N-1A of the Registrant (File No. 33-75250) as filed with
the Securities and Exchange Commission on October 28, 1994.
(5) Filed as an Exhibit to Post-Effective Amendment No. 3 to the Registration
Statement on Form N-1A of the Registrant (File No. 33- 75250) as filed
with the Securities and Exchange Commission on October 31, 1995.
(6) Filed as an Exhibit to Post-Effective Amendment No. 4 to the Registration
Statement on Form N-1A of the Registrant as filed with the Securities and
Exchange Commission on December 28, 1995.
(7) Filed as an Exhibit to Post-Effective Amendment No. 5 to the Registration
Statement on Form N-1A of the Registrant as filed with the Securities and
Exchange Commission on March 7, 1996.
(8) Filed as an Exhibit to Post-Effective Amendment No. 6 to the Registration
Statement on Form N-1A of the Registrant as filed with the Securities and
Exchange Commission on April 22, 1996.
(9) Filed as an exhibit to Post-Effective Amendment No. 7 to the Registration
Statement on Form N-1A of the Registrant as filed with the Securities and
Exchange Commission on September 6, 1996.
(10) Filed as an exhibit to Post-Effective Amendment No. 8 to the Registration
Statement on Form N-1A of the Registrant as filed with the Securities and
Exchange Commission on December 27, 1996.

(11) To be filed by amendment.

(12) Filed as an exhibit to Post-Effective Amendment No. 10 to the Registration
Statement on Form N-1A of the Registrant as filed with the Securities and
Exchange Commission on October 27, 1997.

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 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

C-3

<PAGE>

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 Chairman of the Board, Chairman, Chief Executive Officer
Chief Executive Officer and a Director of The Chase
and Director Manhattan Corporation and a
Director of AMAX, Inc.

Richard J. Boyle Vice Chairman of the Vice Chairman of the Board and a
Board and Director Director of The Chase Manhattan
Corporation and Trustee of
Prudential Realty Trust

Robert R. Douglass Vice Chairman of the Vice Chairman of the Board and a
Board and Director Director of The Chase Manhattan
Corporation and Trustee of HRE
Properties

Joan Ganz Cooney Director Chairman of the Executive
Committee of the Board of
Trustees, formerly Chief Executive
Officer of Children's Television
Workshop and a Director of each
of Johnson & Johnson,
Metropolitan Life Insurance
Company and Xerox Corporation

Edward S. Finkelstein Director Retired Chairman and Chief
Executive Officer and Director of
R.H. Macy & Co., Inc. and a
Director of Time Warner Inc.
</TABLE>

C-4

<PAGE>

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

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

Howard C. Kauffman Director Retired President of Exxon
Corporation and a Director of each
of Pfizer Inc. and Ryder System,
Inc.

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.

A. Alfred Taubman Director Chairman and Director, formerly
also Chief Executive Officer, of
The Taubman Company, Inc.,
majority shareholder and Chairman
of Sotheby's Holdings, Inc., owner
of Woodward & Lothrop, Inc. and
its subsidiary, John Wanamaker,
and Chairman of A&W
Restaurants, Inc. and a Director of
R.H. Macy & Co., Inc.
</TABLE>

C-5

<PAGE>

<TABLE>
<CAPTION>
Principal Occupation or Other
Position with Employment of a Substantial
Name the Adviser Nature During Past Two Years
- ---- ------------- -----------------------------
<S> <C> <C>
Kay R. Whitmore Director Chairman of the Board,
President and Chief Executive
Officer and Director of Eastman
Kodak Company
</TABLE>

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 held or have held various positions with bank
and non-bank affiliates of the Advisor, including its parent. The Chase
Manhattan Corporation.

Principal Occupation or Other
Position with Employment of a Substantial
Name the Adviser 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)

Texas Commerce Bank National Association ("TCB") is an Investment Adviser and
its business has been that of a national bank.

To the knowledge of the Registrant, none of the Directors or executive
officers of TCB, 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 or
executive officers of TCB also hold or have held various positions with bank and
non-bank affiliates of the Adviser, including its parent, The Chase Manhattan
Corporation.

Principal Occupation or Other
Position with Employment of a Substantial
Name Sub-Adviser Nature During Past Two Years
- ---- ------------- -----------------------------
<S> <C> <C>
John L. Adams Director, Vice Chairman None

Elaine B. Agather Chairman and CEO, TCB- None
Fort Worth, Vice Chairman,
TCB-Metroplex

C-6

<PAGE>

Principal Occupation or Other
Position with Employment of a Substantial
Name Sub-Adviser Nature During Past Two Years
- ---- ------------- -----------------------------

David W. Biegler Director Chairman, President and CEO,
ENSERCH Corporation, 300 South
St. Paul St., Dallas, TX 75201

Robert W. Bishop Executive Vice President None

Alan R. Buckwalter, III Director, Vice Chairman None

H. Worth Burke Executive Vice President None

Charles W. Duncan Director Investments, 600 Travis,
Houston, TX 77002-3007

Dan S. Hallmark Chairman and CEO None
TCB-Beaumont

Dennis R. Hendrix Director Chairman, PanEnergy Corp.,
P.O. Box 1642, Houston, TX
77251-1642

Harold S. Hook Director Chairman and CEO, American
General Corporation, P.O. Box
3247, Houston TX 77253

C-7

<PAGE>

Principal Occupation or Other
Position with Employment of a Substantial
Name Sub-Adviser Nature During Past Two Years
- ---- ------------- -----------------------------

Robert C. Hunter Director, Vice Chairman None

Ed Jones President and CEO, TCB- None
Midland

R. Bruce LaBoon Director Managing Partner, Liddell, Sapp,
Zivley, Hill & LaBoon, L.L.P.,
3400 Texas Commerce Tower,
Houston, TX 77002-3004

Shelaghmichael Executive Vice President None
C. Lents

S. Todd Maclin President, TCB-Dallas, None
Executive Vice President

Beverly H. McCaskill Executive Vice President None

Joe C. McKinney Chairman and CEO TCB-San None
Antonio

C-8

<PAGE>

Principal Occupation or Other
Position with Employment of a Substantial
Name Sub-Adviser Nature During Past Two Years
- ---- ------------- -----------------------------

Scott J. McLean Chairman and CEO TCB-El Paso None

Randal B. McLelland President and CEO, TCB- None
Rio Grande Valley

David L. Mendez Executive Vice President None

W. Merriman Morton Chairman and CEO TCB-Austin None

Paul Poullard Exective Vice President None

Jeffrey B. Reitman General Counsel None

Edward N. Robinson Executive Vice President None

Ann V. Rogers Executive Vice President None

C-9

<PAGE>

Principal Occupation or Other
Position with Employment of a Substantial
Name Sub-Adviser Nature During Past Two Years
- ---- ------------- -----------------------------

Marc J. Shapiro Director, Chairman, None
President and CEO

Larry L. Shryock Executive Vice President None

Kenneth L. Tilton Executive Vice President None
and Controller

Harriet S. Wasserstrum Executive Vice President None

Gary K. Wright Executive Vice President None

</TABLE>

ITEM 27. Principal Underwriters

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

(b) The following are the Directors and officers of Vista Fund
Distributors, Inc. The principal business address of each of these persons,
with the exception of Mr. Spicer, is 101 Park Avenue, New York, New York 10178.
The principal business address of Mr. Spicer is One Bush Street, San Francisco,
California 94104.

<TABLE>
<CAPTION>
Position and Offices Position and Offices
Name with Distributor with the Registrant
- ---- -------------------- --------------------
<S> <C> <C>
William B. Blundin Director Chief Executive Officer None

Richard E. Stierwalt Director Chief Operating Officer None

Timothy M. Spicer Director Chairman of the Board None

Joseph Kissel President None

George Martinez Chief Compliance Officer Secretary and
and Secretary Assistant Treasurer
</TABLE>

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:

C-10

<PAGE>

Name Address
---- -------
Vista Fund Distributors, Inc. 1211 Avenue of the Americas,
41st Floor
New York, NY 10036

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

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

The Chase Manhattan Bank One Chase Square,
Rochester, NY 14363

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

Chase Bank of Texas, National Association 600 Travis,
Houston, TX 77002

ITEM 29. Management Services

Not applicable

ITEM 30. Undertakings

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.

C-11

<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 28th day of October, 1999.

MUTUAL FUND TRUST

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.

* Chairman October 28, 1999
- ------------------------------- and Trustee
Fergus Reid, III

* Trustee October 28, 1999
- -------------------------------
William J. Armstrong

* Trustee October 28, 1999
- -------------------------------
John R.H. Blum

* Trustee October 28, 1999
- -------------------------------
Joseph J. Harkins

*
- ------------------------------- Trustee October 28, 1999
Richard E. Ten Haken

* Trustee October 28, 1999
- -------------------------------
Stuart W. Cragin, Jr.

* Trustee October 28, 1999
- -------------------------------
Irving L. Thode

/s/ H. Richard Vartabedian President October 28, 1999
- ------------------------------- and Trustee
H. Richard Vartabedian

* Trustee October 28, 1999
- -------------------------------
W. Perry Neff

* Trustee October 28, 1999
- -------------------------------
Roland R. Eppley, Jr.

* Trustee October 28, 1999
- -------------------------------
W.D. MacCallan

Trustee October 28, 1999
- -------------------------------
Sarah E. Jones

Trustee October 28, 1999
- -------------------------------
Leonard M. Spalding

/s/ Martin Dean Treasurer and October 28, 1999
- ------------------------------- Principal
Martin Dean Accounting
Officer

/s/ H. Richard Vartabedian Attorney in Fact October 28, 1999
- -------------------------------
H. Richard Vartabedian