RULE 497(e)
                                                        Registration No. 2-96546
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                                [GRAPHIC OMITTED]
                                   PROSPECTUS
          CHASE VISTA SELECT SHARES OF CONNECTICUT DAILY TAX FREE INCOME FUND
================================================================================
June 2, 1997, as revised April 24, 1998 
    


Connecticut Daily Tax Free Income Fund, Inc. (the "Fund") is a  non-diversified,
open-end  management  investment company that is a short-term,  tax-exempt money
market fund whose  investment  objectives are to seek as high a level of current
income,  exempt  from  Federal  income  taxes and to the  extent  possible  from
Connecticut  personal  income  taxes,  as  is  believed  to be  consistent  with
preservation  of capital,  maintenance  of liquidity and stability of principal.
The Fund offers two classes of shares to the general public,  however only Class
A shares  are  offered  by this  Prospectus.  The Class A shares of the Fund are
subject to a service  fee  pursuant to the Fund's  Rule 12b-1  Distribution  and
Service Plan and are sold through financial intermediaries who provide servicing
to Class A shareholders for which they receive compensation from the Manager and
the Distributor. The Class B shares of the Fund are not subject to a service fee
and  either  are sold  directly  to the  public  or are sold  through  financial
intermediaries that do not receive compensation from the Manager or Distributor.
In all  other  respects,  the  Class A and  Class B  shares  represent  the same
interests in the income and assets of the Fund.  No assurance  can be given that
these objectives will be achieved.  This Prospectus  relates  exclusively to the
Chase Vista Select  shares class of the Fund.  The Fund is  concentrated  in the
securities  issued by Connecticut or entities within  Connecticut.  The Fund may
invest a significant  percentage of its assets in a single issuer,  therefore an
investment in the Fund may be riskier than an investment in other types of money
market funds.

This  Prospectus  sets  forth  concisely  the  information  about  the Fund that
prospective  investors will find helpful in making their  investment  decisions.
Additional  information  about the Fund has been filed with the  Securities  and
Exchange  Commission and is available upon request and without charge by calling
1-800-34-VISTA. The "Statement of Additional Information" bears the same date as
this  Prospectus and is  incorporated  by reference into this  Prospectus in its
entirety.

Reich & Tang Asset Management  L.P., a registered  investment  advisor,  acts as
Manager  of  the  Fund,  and  Reich  &  Tang  Distributors, Inc.,  a  registered
broker-dealer and member of the National Association of Securities Dealers, Inc.
acts as Distributor of the Fund's shares.

Investors  should  be aware  that  the  Chase  Vista  Select  shares  may not be
purchased  other than through  certain  securities  dealers with whom Vista Fund
Distributors,  Inc.  ("VFD")  has  entered  into  agreements  for this  purpose,
directly  from  VFD  or  through  certain  "Participating   Organizations"  (see
"Investments Through Participating Organizations") with whom they have accounts.
Vista  Select  shares have been  created for the primary  purpose of providing a
Connecticut tax-free money market fund product for shareholders of certain funds
distributed by VFD.  Shares of the Fund other than the Chase Vista Select shares
are offered pursuant to a separate prospectus.

AN INVESTMENT IN THE FUND IS NEITHER INSURED NOR GUARANTEED BY THE UNITED STATES
GOVERNMENT.  THE FUND  INTENDS TO MAINTAIN A STABLE NET ASSET VALUE OF $1.00 PER
SHARE  ALTHOUGH  THERE CAN BE NO ASSURANCE  THAT THIS VALUE WILL BE  MAINTAINED.
SHARES IN THE FUND ARE NOT DEPOSITS OR OBLIGATIONS OF, OR GUARANTEED OR ENDORSED
BY, ANY BANK,  AND THE SHARES ARE NOT FEDERALLY  INSURED BY THE FEDERAL  DEPOSIT
INSURANCE CORPORATION, THE FEDERAL RESERVE BOARD, OR ANY OTHER AGENCY.


THIS PROSPECTUS SHOULD BE READ AND RETAINED BY INVESTORS FOR FUTURE REFERENCE.

THESE  SECURITIES  HAVE NOT BEEN APPROVED OR  DISAPPROVED  BY THE SECURITIES AND
EXCHANGE  COMMISSION OR ANY STATE  SECURITIES  COMMISSION NOR HAS THE SECURITIES
AND  EXCHANGE  COMMISSION  OR ANY STATE  SECURITIES  COMMISSION  PASSED UPON THE
ACCURACY OR ADEQUACY OF THIS PROSPECTUS. ANY REPRESENTATION TO THE CONTRARY IS A
CRIMINAL OFFENSE.


<PAGE>
               --------------------------------------------------------
                                   TABLE OF CONTENTS
               --------------------------------------------------------


Table of Contents ........................................................2


Table of Fees and Expenses ...............................................3


Financial Highlights .....................................................4


Introduction .............................................................6



Investment Objectives, Policies and Risks ................................7



Connecticut Risk Factors ..................................................12


Management of The Fund ....................................................13


Description of Common Stock ...............................................15


Dividends and Distributions ...............................................17

How to Purchase and Redeem Shares .........................................17
Initial Purchase of Chase Vista Select Shares .........................19
Subsequent Purchases of Shares ........................................20
Redemption of Shares ..................................................20
Exchange Privilege ....................................................23
Specified Amount Automatic Withdrawal Plan ............................24
Investments Through Participating Organizations .......................24

Distribution and Service Plan .............................................25
Federal Income Taxes ......................................................27
Connecticut Income Taxes ..................................................29
General Information .......................................................29
Net Asset Value ...........................................................30
Custodian, Transfer Agent and Dividend Agent ..............................31
-----------------------------------------------------------------------------


                                       2
<PAGE>
<TABLE>
<CAPTION>
--------------------------------------------------------------------------------
                           TABLE OF FEES AND EXPENSES
--------------------------------------------------------------------------------

Annual Fund Operating Expenses
(as a percentage of average net assets)
<S>                                <C>                    <C>


                                  Class A               Class B
Management Fees                     0.30%                   0.30%
12b-1 Fees                          0.20%                   0.00%
Other Expenses                      0.41%                   0.40%
Administration Fees            0.21%                  0.21%
Total Fund Operating Expenses       0.91%                   0.70%


</TABLE>
<TABLE>
<CAPTION>
<S>                         <C>             <C>          <C>           <C>

Example                    1 year         3 years       5 years        10 years
-------                    ------         -------       -------        --------
You would pay the following expenses on a $1,000 investment, assuming 5%
annual return (cumulative through the end of each year)

Class A                      $9            $29            $50            $112
Class B                      $7            $22            $39             $87
</TABLE>


The purpose of the above fee table is to assist an investor in understanding the
various  costs and expenses  that an investor in the Fund will bear  directly or
indirectly.  For a further discussion of these fees see "Management of the Fund"
and "Distribution and Service Plan" herein.  The outstanding  shares of the Fund
were  reclassified  into Class A shares and Class B shares on October 10,  1996.

THE  FIGURES   REFLECTED  IN  THIS  EXAMPLE   SHOULD  NOT  BE  CONSIDERED  AS  A
REPRESENTATION  OF PAST OR FUTURE  EXPENSES.  ACTUAL  EXPENSES MAY BE GREATER OR
LESS THAN THOSE SHOWN ABOVE.
 

                                       3
<PAGE>

--------------------------------------------------------------------------------
                              FINANCIAL HIGHLIGHTS
--------------------------------------------------------------------------------

The following  financial  highlights of Connecticut  Daily Tax Free Income Fund,
Inc. have been audited by McGladrey & Pullen, LLP, Independent  Certified Public
Accountants,  whose  report  thereon  appears  in the  Statement  of  Additional
Information, which may be provided to shareholders upon request.
 

<TABLE>
<S>                                      <C>       <C>     <C>     <C>     <C>      <C>       <C>     <C>       <C>      <C>


CLASS A                                                       Year Ended January 31,
                                         1997     1996    1995    1994     1993     1992     1991     1990     1989     1988
                                         ----     ----    ----    ----     ----     ----     ----     ----     ----     ----
Per Share Operating Performance:
(for a share outstanding throughout
the period)
Net asset value, beginning of period    $ 1.00   $ 1.00  $1.00    $1.00    $1.00    $1.00   $1.00      $1.00    $1.00$   $1.00
                                        ------   ------  ------   -----    ------   -----   -------    ------   ------   -----
Income from investment operations:
  Net investment income.......           0.026     0.030  0.023    0.017    0.021    0.035   0.049      0.054    0.044    0.038
Less distributions:
  Dividends from net investment income  (0.026)   (0.030)(0.023)  (0.017)  (0.021)  (0.035) (0.049)    (0.054) (0.044)   (0.038)
Net asset value, end of period          $1.00     $1.00  $1.00    $1.00    $1.00    $1.00   $1.00      $1.00    $1.00    $1.00
Total Return..................           2.59%     3.02%  2.29%    1.70%    2.12%    3.56%   5.01%      5.58%    4.53%    3.90%
Ratios/Supplemental Data
Net assets, end of period 
(000's omitted)                        $136,606  $105,826 $81,801 $120,551 $129,297 $185,339 $178,335 $228,167 $245,529 $241,638
Ratios to average net assets:
  Expenses....................           .91%++    .91%+   0.88%   0.87%    0.86%+   0.79%   0.80%      0.78%    0.79%    0.76%+
  Net investment income.......          2.56%++   2.96%+   2.25%   1.68%    2.14%+   3.51%   4.92%      5.44%    4.44%    3.83%+
</TABLE>


                                       4
<PAGE>
<TABLE>
<CAPTION>
<S>                                                                          <C> 

                                                                     October 10, 1996
CLASS B                                                        (Commencement of Offering) to
                                                                     January 31, 1997
Per Share Operating Performance:
(for a share outstanding throughout the period)
Net asset value, beginning of period.............                      $   1.00
                                                                       --------
Income from investment operations:
  Net investment income..........................                          0.009
Less distributions:
 Dividends from net investment income............                      (   0.009)
                                                                        ---------
Net asset value, end of period...................                      $   1.00
                                                                       ========
Total Return.....................................                          2.83%
Ratios/Supplemental Data
Net assets, end of period (000's omitted)........                      $7
Ratios to average net assets:
  Expenses.......................................                          0.70%*++
  Net investment income..........................                          2.80%*++


</TABLE>


*   Annualized
+   Net of  management,  shareholder  servicing  and  administration  fees
    waived equivalent to .03%, .06%, and .03% of average net assets, 
    respectively.
++  Includes expenses offsets equivalent to .02% of average net assets.


                                       5
<PAGE>

INTRODUCTION
-----------------------

Connecticut Daily Tax Free Income Fund, Inc. (the "Fund") is a  non-diversified,
open-end  management  investment company that is a short-term,  tax-exempt money
market fund whose  investment  objectives are to seek as high a level of current
income,  exempt under  current law from  Federal  income taxes and to the extent
possible from Connecticut personal income taxes, as is believed to be consistent
with  preservation  of  capital,  maintenance  of  liquidity  and  stability  of
principal by investing principally in short-term,  high quality debt obligations
of the State of Connecticut, its political subdivisions, and certain possessions
and  territories  of the United  States,  the  interest  on which is exempt from
Federal income tax under section 103 of the Internal  Revenue Code (the "Code"),
as described under "Investment Objectives,  Policies and Risks" herein. The Fund
also may invest in  municipal  securities  of issuers  located in  jurisdictions
other than Connecticut, the interest income on which will be exempt from Federal
income  tax,  but will be  subject  to  Connecticut  personal  income  taxes for
Connecticut residents. The Fund seeks to maintain an investment portfolio with a
dollar-weighted average maturity of 90 days or less, and to value its investment
portfolio at  amortized  cost and maintain a net asset value of $1.00 per share.
The Fund intends to invest all of its assets in tax-exempt obligations; however,
it  reserves  the right to  invest  up to 20% of the value of its net  assets in
taxable  obligations.  This is a summary  of the Fund's  fundamental  investment
policies which are set forth in full under "Investment Objectives,  Policies and
Risks"  herein and in the  Statement of  Additional  Information  and may not be
changed  without  approval of a majority of the Fund's  outstanding  shares.  No
assurance can be given that these objectives will be achieved.

The  Fund's  investment  advisor  is Reich & Tang  Asset  Management  L.P.  (the
"Manager"), which is a registered investment advisor and which currently acts as
manager  or  administrator  to  fifteen  other  open-end  management  investment
companies.  The Fund's shares are distributed through Reich & Tang Distributors,
Inc.  (the  "Distributor"),  with whom the Fund has entered into a  Distribution
Agreement and a Shareholder  Servicing Agreement (with respect to Class A shares
of the Fund only) pursuant to the Fund's plan adopted under Rule 12b-1 under the
Investment Company Act of 1940, as amended, (the "1940 Act"). (See "Distribution
and Service Plan" herein.)

On any day on which the New York Stock Exchange, Inc. is open for trading ("Fund
Business Day"),  investors may, without charge by the Fund,  purchase and redeem
shares of the Fund's common stock at their net asset value next determined after
receipt of the order.  An investor's  purchase  order will be accepted after the
payment is  converted  into Federal  funds,  and shares will be issued as of the
Fund's next net asset value  determination which is made as of 12 noon, New York
City time, on each Fund  Business Day. (See "How to Purchase and Redeem  Shares"
and "Net  Asset  Value"  herein.)  Dividends  from  accumulated  net  income are


                                       6
<PAGE>
declared by the Fund on each Fund Business Day. The Fund generally pays interest
dividends  monthly.  Net capital  gains,  if any, will be  distributed  at least
annually  and in no event  later than within 60 days after the end of the Fund's
fiscal year. All dividends and  distributions of capital gains are automatically
invested  in  additional  shares  of the  Class A shares  of the  Fund  unless a
shareholder  has elected by written notice to the Fund to receive either of such
distributions in cash. (See "Dividends and Distributions" herein.)

The  Fund  intends  that  its  investment  portfolio  will  be  concentrated  in
Connecticut Municipal Obligations and bank participation certificates therein. A
summary of special risk factors  affecting the State of Connecticut is set forth
under  "Connecticut  Risk  Factors"  herein and in the  Statement of  Additional
Information.  Investment in the Fund should be made with an understanding of the
risks which an  investment  in  Connecticut  Municipal  Obligations  may entail.
Payment  of  interest  and  preservation  of  capital  are  dependent  upon  the
continuing  ability of Connecticut  issuers and/or obligors of state,  municipal
and public  authority  debt  obligations to meet their  obligations  thereunder.
Investors  should consider the greater risk of the Fund's  concentration  versus
the safety  that comes with a less  concentrated  portfolio  and should  compare
yields  available  on  portfolios  of  Connecticut  issues  with  those  of more
diversified portfolios including out-of-state issues before making an investment
decision.  The Fund's Board of Directors  is  authorized  to divide the unissued
shares  into  separate  series of  stock,  one for each of the  Fund's  separate
investment portfolios that may be created in the future.

Chase Vista Select shares have been created for the primary purpose of providing
a  Connecticut  tax-free  money market fund product for  investors  who purchase
shares  directly  from  VFD,  through  dealers  with whom VFD has  entered  into
agreements for this purpose,  or through certain  "Participating  Organizations"
(see "Investments Through  Participating  Organizations"  herein) with whom they
have accounts or who acquire  Chase Vista Select shares  through the exchange of
shares of certain other  investment  companies as hereinafter  described.  Chase
Vista Select shares are identical to other shares of the Fund, which are offered
pursuant to a separate  prospectus,  with respect to investment  objectives  and
yield,  but  differ  with  respect  to  certain  other  matters.   For  example,
shareholders  who hold  other  shares  of the Fund  may not  participate  in the
exchange  privilege  described  herein  and  have  different   arrangements  for
redemptions by check.

INVESTMENT OBJECTIVES, POLICIES
AND RISKS
--------------------------------

The Fund is a non-diversified,  open-end management investment company that is a
short-term, tax-exempt money market fund whose investment objectives are to seek
as high a level of current income,  exempt from Federal income taxes and, to the
extent possible from the


                                       7
<PAGE>
Connecticut tax on the Connecticut  taxable income of individuals,  trusts,  and
estates (the "Connecticut Personal Income Tax"), as is believed to be consistent
with  preservation  of  capital,  maintenance  of  liquidity  and  stability  of
principal.  There can be no assurance  that the Fund will achieve its investment
objectives.

The Fund's  assets will be invested  primarily in high quality debt  obligations
issued by or on behalf of the State of  Connecticut,  other states,  territories
and  possessions  of  the  United  States,  and  their  authorities,   agencies,
instrumentalities and political  subdivisions,  the interest on which is, in the
opinion of bond counsel at the date of issuance,  currently  exempt from Federal
income taxation ("Municipal  Obligations") and in participation  certificates in
Municipal  Obligations  purchased  from  banks,  insurance  companies  or  other
financial  institutions.  Dividends paid by the Fund which are  "exempt-interest
dividends"  by virtue of being  properly  designated  as derived from  Municipal
Obligations  and  participation  certificates in Municipal  Obligations  will be
exempt from Federal income tax provided the Fund complies with Section 852(b)(5)
of Subchapter M of the Code.

Although the Supreme  Court has  determined  that  Congress has the authority to
subject  the  interest  on bonds such as the  Municipal  Obligations  to regular
Federal  income  taxation,  existing law  excludes  such  interest  from regular
Federal income tax. However,  "exempt-interest  dividends" may be subject to the
Federal   alternative   minimum  tax.  (See  "Federal   Income  Taxes"  herein.)
Exempt-interest  dividends paid by the Fund correctly identified as derived from
obligations  issued by or on behalf of the State of Connecticut or any political
subdivision  thereof,  or  public  instrumentality,  state or  local  authority,
district,  or  similar  public  entity  created  under  the laws of the State of
Connecticut or from  obligations  (such as certain  obligations  issued by or on
behalf of possessions or territories of the United States) the interest on which
Federal  law   prohibits   the  states  from  taxing   ("Connecticut   Municipal
Obligations")  will be exempt from the  Connecticut  Personal  Income Tax.  (See
"Connecticut Income Taxes" herein.) To the extent suitable Connecticut Municipal
Obligations  are not available for investment by the Fund, the Fund may purchase
Municipal   Obligations   issued   by   other   states,   their   agencies   and
instrumentalities or other obligations, the dividends designated as derived from
interest  income on which  will be exempt  from  Federal  income tax but will be
subject to the Connecticut  Personal Income Tax. However,  except as a temporary
defensive  measure during periods of adverse market  conditions as determined by
the  Manager,  the Fund will  invest at least 65% of its  assets in  Connecticut
Municipal  Obligations,  the  exempt-interest  dividends  derived from which are
exempt from the Connecticut  Personal  Income Tax,  although the exact amount of
the Fund's assets  invested in such  securities will vary from time to time. The
Fund's


                                       8
<PAGE>
investments   may  include   "when-issued"   Municipal   Obligations,   stand-by
commitments and taxable repurchase agreements. Although the Fund will attempt to
invest 100% of its assets in Municipal Obligations,  the Fund reserves the right
to invest up to 20% of the value of its total assets in securities, the interest
income on which is subject to  Federal,  state and local  income  tax.  The Fund
expects  to invest  more than 25% of its  assets in  participation  certificates
purchased from banks in industrial revenue bonds and other Connecticut Municipal
Obligations.

In  view  of  this   "concentration"  in  bank  participation   certificates  in
Connecticut Municipal Obligations, an investment in the Fund should be made with
an  understanding of the  characteristics  of the banking industry and the risks
which such an  investment  may  entail,  which  include  extensive  governmental
regulation,  changes in the  availability and cost of capital funds, and general
economic  conditions.  (See "Variable Rate Demand  Instruments and Participation
Certificates"  in the  Statement  of  Additional  Information.)  The  investment
objectives of the Fund  described in this  paragraph  may not be changed  unless
approved by the holders of a majority of the outstanding shares of the Fund that
would  be  affected  by such a  change.  As used in this  Prospectus,  the  term
"majority of the outstanding shares" of the Fund means,  respectively,  the vote
of the lesser of (i) 67% or more of the shares of the Fund present at a meeting,
if the  holders  of more  than  50% of the  outstanding  shares  of the Fund are
present or represented by proxy, or (ii) more than 50% of the outstanding shares
of the Fund.

The Fund may only purchase  Municipal  Obligations  that have been determined by
the Fund's  Board of  Directors  to present  minimal  credit  risks and that are
Eligible  Securities at the time of  acquisition.  The term Eligible  Securities
means: (i) Municipal  Obligations with remaining  maturities of 397 days or less
and rated in the two highest  short-term rating categories by any two nationally
recognized statistical rating organizations  ("NRSROs") or in such categories by
the only  NRSRO  that has rated the  Municipal  Obligations  (collectively,  the
"Requisite  NRSROs")  (acquisition in the latter situation must also be ratified
by the Board of Directors); (ii) Municipal Obligations with remaining maturities
of 397 days or less but that at the time of issuance were  long-term  securities
(i.e., with maturities greater than 366 days) and whose issuer has received from
the Requisite NRSROs a rating with respect to comparable  short-term debt in the
two  highest   short-term  rating   categories;   and  (iii)  unrated  Municipal
Obligations  determined  by the Fund's Board of  Directors  to be of  comparable
quality.  Where the issuer of a long-term  security  with a  remaining  maturity
which would otherwise  qualify it as an Eligible  Security,  does not have rated
short-term debt  outstanding,  the long-term  security is treated as unrated but
may not be purchased  if it has a long-term  rating from any NRSRO that is below
the two highest long-term categories. A determination


                                       9
<PAGE>
of  comparability  by the Board of  Directors is made on the basis of its credit
evaluation of the issuer, which may include an evaluation of a letter of credit,
guarantee, insurance or other credit facility issued in support of the Municipal
Obligations   or   participation   certificates.   (See  "Variable  Rate  Demand
Instruments  and  Participation  Certificates"  in the  Statement of  Additional
Information.)  While there are several  organizations  that currently qualify as
NRSROs, two examples of NRSROs are Standard & Poor's Rating Services, a division
of the  McGraw-Hill  Companies  ("S&P")  and  Moody's  Investors  Service,  Inc.
("Moody's").  The two  highest  ratings by S&P and Moody's are "AAA" and "AA" by
S&P in the case of long-term bonds and notes or "Aaa" and "Aa" by Moody's in the
case of bonds; "SP-1" and "SP-2" by S&P or "MIG-1" and "MIG-2" by Moody's in the
case of notes;  "A-1" and "A-2" by S&P or "Prime-1"  and "Prime-2" by Moody's in
the case of  tax-exempt  commercial  paper.  The  highest  rating in the case of
variable and floating  demand notes is "VMIG-1" by Moody's and "SP-1/AA" by S&P.
Such  instruments  may produce a lower yield than would be  available  from less
highly rated  instruments.  The Fund's Board of Directors  has  determined  that
obligations  which are  backed  by the  credit of the  Federal  government  (the
interest on which is not exempt from Federal income taxation) will be considered
to have a rating equivalent to Moody's "Aaa".


Subsequent to its purchase by the Fund,  the quality of an investment  may cease
to be rated or its rating may be reduced below the minimum required for purchase
by the Fund. If this occurs,  the Board of Directors of the Fund shall  reassess
promptly whether the security  presents minimal credit risks and shall cause the
Fund to take such  action as the Board of  Directors  determines  is in the best
interest  of the  Fund  and  its  shareholders.  Reassessment,  however,  is not
required if the security is disposed of or matures  within five business days of
the Manager becoming aware of the new rating and provided further that the Board
of Directors is subsequently notified of the Manager's actions.


In addition, in the event that a security (1) is in default, (2) ceases to be an
eligible  investment  under Rule 2a-7, or (3) is determined to no longer present
minimal  credit  risks,   the  Fund  will  dispose  of  the  security  absent  a
determination  by the Fund's  Board of Directors  that  disposal of the security
would not be in the best  interests of the Fund.  In the event that the security
is disposed of it shall be disposed of as soon as  practicable  consistent  with
achieving  an orderly  disposition  by sale,  exercise of any demand  feature or
otherwise.  In  the  event  of  a  default  with  respect  to a  security  which
immediately  before default  accounted for 1/2 of 1% or more of the Fund's total
assets, the Fund shall promptly notify the Securities and Exchange Commission of
such fact and of the  actions  that the Fund  intends to take in response to the
situation.

In view of the "concentration" of the Fund in bank participation


                                       10
<PAGE>
certificates in Connecticut Municipal Obligations,  which may be secured by bank
letters of credit or  guarantees,  an investment in the Fund should be made with
an  understanding of the  characteristics  of the banking industry and the risks
which  such an  investment  may  entail  which  include  extensive  governmental
regulation,  changes in the  availability  and cost of capital funds and general
economic  condition.  (See "Variable Rate Demand  Instruments and  Participation
Certificates" in the Statement of Additional  Information.) Banks are subject to
extensive governmental regulations which may limit both the amounts and types of
loans and other financial  commitments  which may be made and interest rates and
fees  which may be  charged.  The  profitability  of this  industry  is  largely
dependent  upon the  availability  and cost of capital  funds for the purpose of
financing  lending  operations under prevailing money market  conditions.  Also,
general  economic  conditions  play an important  part in the operations of this
industry  and  exposure  to  credit  losses  arising  from  possible   financial
difficulties  of borrowers might affect a bank's ability to meet its obligations
under a letter of  credit.  The Fund may invest 25% or more of the net assets of
any  portfolio  in  securities  that are related in such a way that an economic,
business or political  development  or change  affecting  one of the  securities
would also affect the other securities  including,  for example,  securities the
interest  upon  which  is paid  from  revenues  of  similar  type  projects,  or
securities the issuers of which are located in the same state.

All  investments  by the Fund will mature or will be deemed to mature within 397
days or less from the date of acquisition and the average maturity of the Fund's
portfolio (on a  dollar-weighted  basis) will be 90 days or less. The maturities
of variable rate demand  instruments held in the Fund's portfolio will be deemed
to be the longer of the period  required  before the Fund is entitled to receive
payment of the principal amount of the instrument  through demand, or the period
remaining  until  the  next  interest  rate  adjustment,   although  the  stated
maturities may be in excess of 397 days.

As a  non-diversified  investment  company,  the  Fund  is  not  subject  to any
statutory restriction under the 1940 Act with respect to investing its assets in
one or relatively  few issuers.  This  non-diversification  may present  greater
risks than in the case of a diversified company.  The Fund intends,  however, to
qualify as a "regulated  investment company" under Subchapter M of the Code. The
Fund will be  restricted  in that,  at the close of each  quarter of the taxable
year, at least 50% of the value of its total assets must be represented by cash,
Government  securities,  investment  company  securities  and  other  securities
limited  in  respect of any one issuer to not more than 5% in value of the total
assets of the Fund and to not more than 10% of the outstanding voting securities
of such issuers. In addition,  at the close of each quarter of its taxable year,
not more than 25% in value of the Fund's total assets may be


                                       11
<PAGE>
invested in  securities  of one issuer  other than  government  securities.  The
limitations  described in this paragraph are not fundamental policies and may be
revised to the extent  applicable  Federal income tax  requirements are revised.
(See "Federal Income Taxes" herein.)

The  primary  purpose of  investing  in a  portfolio  of  Connecticut  Municipal
Obligations  is  the  special  tax  treatment  accorded   Connecticut   resident
individual investors. However, payment of interest and preservation of principal
is  dependent  upon the  continuing  ability of the issuers  and/or  obligors of
state, municipal and public authority debt obligations to meet their obligations
thereunder.   Investors   should   consider  the  greater  risk  of  the  Fund's
concentration  versus the safety that comes with a less concentrated  investment
portfolio and should  compare  yields  available on  portfolios  of  Connecticut
issues with those of more diversified  portfolios including  out-of-state issues
before making an investment  decision.  The Fund's  management  believes that by
maintaining the Fund's investment portfolio in liquid, short-term,  high quality
investments, including participation certificates and other variable rate demand
instruments  that  have  high  quality  credit  support  from  banks,  insurance
companies or other financial  institutions,  the Fund is largely  insulated from
the credit risks that may exist on long-term Connecticut Municipal  Obligations.
For  additional  information,  please  refer  to  the  Statement  of  Additional
Information.

CONNECTICUT
RISK FACTORS
-------------------------------

Because of the Fund's  concentration  in investments  in  Connecticut  Municipal
Obligations,  the safety of an investment in the Fund will depend importantly on
the  financial  strength of  Connecticut  and its  political  subdivisions.  The
Connecticut  economy  relies in part on  activities  that have been  subject  to
cyclical  change,  and the State is now in a recession the depth and duration of
which are  uncertain.  The State's  General Fund ran operating  deficits for the
four fiscal years ended June 30, 1991, and accumulated an unappropriated deficit
of $965,712,000.  While the State's General Fund ran operating surpluses for the
five fiscal years ended June 30, 1996,  largely  because of the enactment of the
Connecticut  Personal Income Tax,  contractions in defense and other  industries
are adversely  affecting  Connecticut's  economy,  and  unemployment and poverty
plague  some of its cities and towns.  There can be no  assurance  that  general
economic difficulties or the financial circumstances of Connecticut or its towns
and cities will not adversely  affect the market value of their  obligations  or
the ability of the obligors to pay debt service on such obligations.

 MANAGEMENT OF THE FUND

The Fund's Board of Directors  which is responsible  for the overall  management
and  supervision of the Fund, has employed  Reich & Tang Asset  Management  L.P.
("the Manager") to serve as investment manager of the Fund. The


                                       12
<PAGE>
Manager provides persons  satisfactory to the Fund's Board of Directors to serve
as officers of the Fund.  Such officers,  as well as certain other employees and
directors  of the Fund,  may be  directors  or  officers  of Reich & Tang  Asset
Management,  Inc., the sole general partner of the Manager,  or employees of the
Manager or its  affiliates.  Due to the services  performed by the Manager,  the
Fund  currently  has no  employees  and its  officers are not required to devote
full-time to the affairs of the Fund.  The Statement of  Additional  Information
contains general  background  information  regarding each director and principal
officer of the Fund.

The Manager is a Delaware  limited  partnership with its principal office at 600
Fifth  Avenue,  New York,  New York  10020.  The  Manager  was at April 30, 1997
investment manager,  adviser or supervisor with respect to assets aggregating in
excess of $9.2 billion.  The Manager acts as investment manager or administrator
of fifteen  other  registered  investment  companies  and also  advises  pension
trusts, profit-sharing trusts and endowments.

New England  Investment  Companies,  L.P.  ("NEICLP") is the limited partner and
owner of a 99.5% interest in the Manager.  Reich & Tang Asset  Management,  Inc.
(a  wholly-owned  subsidiary of NEICLP) is the general  partner and owner of the
remaining .5% interest of the Manager.  New England Investment  Companies,  Inc.
("NEIC"),  a  Massachusetts  corporation,  serves as the sole general partner of
NEICLP.  Reich & Tang Asset  Management  L.P.  succeeded  NEICLP as the  Manager
of the Fund.

On August 30, 1996,  The New England  Mutual Life  Insurance  Company  ("The New
England") and  Metropolitan  Life  Insurance  Company  (MetLife")  merged,  with
MetLife  being  the  continuing   company.   The  Manager  remains  an  indirect
wholly-owned subsidiary of NEICLP, but Reich & Tang Asset Management,  Inc., its
sole general partner,  is now an indirect  subsidiary of MetLife.  Also, MetLife
New England Holdings,  Inc., a wholly-owned  subsidiary of MetLife,  owns 51% of
the  outstanding  limited  partnership  interest  of NEICLP  and may be deemed a
"controlling  person" of the Manager.  Reich & Tang, Inc. owns approximately 16%
of the outstanding partnership units of NEICLP.


MetLife is a mutual life  insurance  company  with  assets of $297.6  billion at
December 31, 1996. It is the second largest life insurance company in the United
States in terms of total assets.  MetLife provides a wide range of insurance and
investment  products  and services to  individuals  and groups and is the leader
among United States life insurance companies in terms of total life insurance in
force,  which  exceeded  $1.6  trillion at December 31, 1996 for MetLife and its
insurance  affiliates.  MetLife and its  affiliates  provide  insurance or other
financial services to approximately 36 million people worldwide.


NEIC is a holding company  offering a broad array of


                                       13
<PAGE>
investment  styles  across  a wide  range  of asset  categories  through  twelve
subsidiaries,  divisions  and  affiliates  offering a wide  array of  investment
styles and products to  institutional  clients.  Its business  units include AEW
Capital Management,  L.P., Back Bay Advisors,  L.P.,  Graystone Partners,  L.P.,
Harris Associates,  L.P., Jurika & Voyles, L.P., Loomis,  Sayles & Co., L.P., MC
Management,  L.P., New England Fund, L.P., New England Funds  Management,  L.P.,
Reich & Tang Asset Management L.P., Vaughan-Nelson, Scarborough & McConnell L.P.
and Westpeak  Investment  Advisors,  L.P. These  affiliates in the aggregate are
investment advisors or managers to 43 other registered investment companies.

The merger between The New England and MetLife  resulted in an  "assignment"  of
the Investment  Management  Contract  relating to the Fund.  Under the 1940 Act,
such an  assignment  caused the  automatic  termination  of this  agreement.  On
November 28, 1995, the Board of Directors, including a majority of the directors
who are not  interested  persons (as defined in the 1940 Act) of the Fund or the
Manager,  approved a Investment  Management  Contract effective August 30, 1996,
which has a term which extends to January 31, 1998 and may be continued in force
thereafter  for  successive  twelve-month  periods  beginning  each  February 1,
provided that such  continuance is  specifically  approved  annually by majority
vote of the Fund's  outstanding  voting securities or by its Board of Directors,
and in either  case by a majority  of the  directors  who are not parties to the
Investment Management Contract or interested persons of any such party, by votes
cast in person at a meeting called for the purpose of voting on such matter.

The  Investment   Management   Contract  was  approved  by  a  majority  of  the
shareholders  of the  Fund on July 22,  1996 and  contains  the same  terms  and
conditions governing the Manager's investment management responsibilities as the
Fund's previous Investment  Management  Contract with the Manager,  except as to
the date of execution and termination.

The merger and the change in control of the Manager is not  expected to have any
impact upon the Manager's  performance of its  responsibilities  and obligations
under the Investment Management Contract.
 

Pursuant to the Investment  Management Contract,  the Manager manages the Fund's
portfolio of  securities  and makes  decisions  with respect to the purchase and
sale of investments, subject to the general control of the Board of Directors of
the Fund.

For its services under the Investment Management Contract,  the Manager receives
from the Fund a fee  equal to .30% per  annum of the  Fund's  average  daily net
assets for managing  the Fund's  investment  portfolio  and  performing  related
services. In addition, the Distributor receives a fee equal to .20% per annum of
the Fund's average daily net assets under the Shareholder Servicing


                                       14
<PAGE>
Agreement. The fees are accrued daily and paid monthly. Any portion of the total
fees  received  by the  Manager  and the  Distributor  may be  used  to  provide
shareholder  and  administrative  services and for  distribution of Fund shares.
(See "Distribution and Service Plan" herein.)

Pursuant  to the  Administrative  Services  Contract  for the Fund,  the Manager
performs clerical,  accounting  supervision and office service functions for the
Fund and provides the Fund the personnel to: (i)  supervise the  performance  of
accounting and related services by Investors Fiduciary Trust Company, the Fund's
bookkeeping   agent;  (ii)  prepare  reports  to  and  filings  with  regulatory
authorities;  and (iii) perform such other services as the Fund may from time to
time  request of the  Manager.  The  personnel  rendering  such  services may be
employees of the Manager or its affiliates.  The Manager, at its discretion, may
voluntarily waive all or a portion of the  administrative  services fee. For its
services under the Administrative  Services Contract, the Manager receives a fee
equal to .21% per annum of the Fund's  average daily net assets.  Any portion of
the total  fees  received  by the  Manager  may be used to  provide  shareholder
services  and for  distribution  of Fund shares (see  "Distribution  and Service
Plan" herein).

DESCRIPTION OF
COMMON STOCK
--------------------

The Fund was  incorporated in Maryland on March 8, 1985. The authorized  capital
stock of the Fund consists of twenty  billion shares of stock having a par value
of  one-tenth  of one cent  ($.001) per share.  The Fund's Board of Directors is
authorized  to divide the unissued  shares into separate  series of stock,  each
series representing a separate,  additional investment portfolio.  Shares of all
series will have identical voting rights,  except where, by law, certain matters
must be approved by a majority of the shares of the affected series.  Each share
of  any  series  of  shares  when  issued  has  equal  dividend,   distribution,
liquidation  and voting  rights  within the series for which it was issued,  and
each fractional  share has those rights in proportion to the percentage that the
fractional share represents of a whole share. Generally all shares will be voted
in the  aggregate  except if voting by class is  required  by law or the  matter
involved  affects only one class, in which case shares will be voted  separately
by class.  There are no conversion or preemptive  rights in connection  with any
shares of the Fund. All shares,  when issued in accordance with the terms of the
offering,  will be fully paid and  nonassessable.  Shares are  redeemable at net
asset value, at the option of the shareholder.

Chase Vista Select shares have been created for the primary purpose of providing
a  Connecticut  tax-free  money market fund


                                       15
<PAGE>
product for investors who purchase  shares  directly from VFD,  through  dealers
with whom VFD has entered into  agreements  for this  purpose (see  "Investments
Through Participating Organizations" herein) with whom they have accounts or who
acquire  Chase Vista  Select  shares  through the  exchange of shares of certain
other investment companies as hereinafter  described.  Chase Vista Select shares
are  identical  to other  shares of the Fund,  which are  offered  pursuant to a
separate prospectus, with respect to investment objectives and yield, but differ
with respect to certain other matters. For example,  shareholders who hold other
shares  of the Fund may not  participate  in the  exchange  privilege  described
herein and have different arrangements for redemptions by check.

Under its  Articles of  Incorporation  the Fund has the right to redeem for cash
shares of stock owned by any  shareholder to the extent and at such times as the
Fund's Board of Directors  determines to be necessary or  appropriate to prevent
an undue concentration of stock ownership which would cause the Fund to become a
"personal holding company" for Federal income tax purposes.  In this regard, the
Fund may also  exercise  its right to reject  purchase  orders.  As of April 30,
1997, the amount of shares owned by all officers and directors of the Fund, as a
group, was less than 1% of the outstanding shares of the Fund.


The Fund is  subdivided  into two  classes  of stock,  Class A and Class B. Each
share,  regardless of class, will represent an interest in the same portfolio of
investments  and will have identical  voting,  dividend,  liquidation  and other
rights,  preferences,   powers,   restrictions,   limitations,   qualifications,
designations and terms and conditions,  except that: (i) the Class A and Class B
shares will have different class designations; (ii) only the Class A shares will
be assessed a service fee  pursuant to the Rule 12b-1  Distribution  and Service
Plan of the Fund of .20% of the Fund's average daily net assets;  (iii) only the
holders of the Class A shares will be entitled to vote on matters  pertaining to
the Plan and any related agreements in accordance with provisions of Rule 12b-1;
and (iv) the  exchange  privilege  will permit  shareholders  to exchange  their
shares only for shares of the same class of an Exchange Fund.  Payments that are
made under the Plan will be  calculated  and  charged  daily to the  appropriate
class   prior  to   determining   daily   net   asset   value   per   share  and
dividends/distributions.


The shares of the Fund have non-cumulative  voting rights,  which means that the
holders of more than 50% of the shares  outstanding  voting for the  election of
directors can elect 100% of the  directors if the holders  choose to do so, and,
in that event, the holders of the remaining shares will not be able to elect any
person or persons to the Board of Directors. Unless specifically requested by an
investor who is a shareholder  of record,  the Fund does not issue  certificates
evidencing Fund shares.

DIVIDENDS AND
DISTRIBUTIONS

The Fund declares  dividends equal to all its net investment  income  (excluding
capital gains and losses,  if any, and  amortization of market discount) on each
Fund  Business  Day and  generally  pays  dividends  monthly.  There is no fixed
dividend rate. In computing  these 


                                       16
<PAGE>
dividends, interest earned and expenses are accrued daily.

Net realized  capital gains, if any, are distributed at least annually and in no
event later than 60 days after the end of the Fund's fiscal year.

All dividends and distributions of capital gains are  automatically  invested in
additional  Fund  shares of the same Class of shares  immediately  upon  payment
thereof  unless a  shareholder  has  elected  by  written  notice to the Fund to
receive  either of such  distributions  in cash.  The Class A shares will bear a
service  fee under the Plan.  As a result,  the net income of and the  dividends
payable to the Class A shares will be lower than the net income of and dividends
payable  to the  Class B shares  of the Fund.  Dividends  paid to each  Class of
shares of the Fund will,  however,  be declared and paid on the same days at the
same times and,  except as noted with respect to the service fees payable  under
the Plan, will be determined in the same manner and paid in the same amounts.

HOW TO PURCHASE AND
REDEEM SHARES
---------------------

Investors may invest in Chase Vista Select shares through VFD or through dealers
with whom VFD has entered into  agreements for this purpose as described  herein
and those who have accounts with  Participating  Organizations may invest in the
Chase  Vista  Select  shares  through  their   Participating   Organizations  in
accordance with the procedures  established by the Participating  Organizations.
(See "Investments  Through  Participating  Organizations"  herein.) Only Class A
shares are offered through this Prospectus.  Certain Participating Organizations
are compensated by the Distributor from its shareholder servicing fee and by the
Manager  from its  management  fee for the  performance  of these  services.  An
investor who purchases shares through a Participating Organization that receives
payment from the Manager or the  Distributor  will become a Class A shareholder.
All  other  investors,  and  investors  who  have  accounts  with  Participating
Organizations  but  who  do  not  wish  to  invest  in the  Fund  through  their
Participating  Organizations,  may  invest  in the  Fund  directly  as  Class  B
shareholders and not receive the benefit of the servicing functions performed by
a  Participating  Organization.  Class B shares may also be offered to investors
who purchase their shares through Participating Organizations who do not receive
compensation from the Distributor or the Manager because they may not be legally
permitted to receive such as fiduciaries. The Manager pays the expenses incurred
in the distribution of Class B shares. Participating Organizations whose clients
become Class B shareholders  will not receive  compensation  from the 

                                       17
<PAGE>
Manager or Distributor for the servicing they may provide to their clients.  The
minimum initial  investment in the Chase Vista Select shares is $2,500.  Initial
investments may be made in any amount in excess of the applicable minimums.  The
minimum amount for subsequent investments is $100.

The Fund sells and redeems its shares on a  continuing  basis at their net asset
value  and  does not  impose  a charge  for  either  sales or  redemptions.  All
transactions in Fund shares are effected through the Fund's transfer agent which
accepts orders for purchases and redemptions from  Participating  Organizations,
VFD,  and from  dealers  with  whom VFD has  entered  into  agreements  for this
purpose.

In order to maximize earnings on its portfolio, the Fund normally has its assets
as fully invested as is  practicable.  Many securities in which the Fund invests
require immediate settlement in funds of Federal Reserve member banks on deposit
at a Federal Reserve Bank (commonly known as "Federal Funds").  Accordingly, the
Fund does not accept a subscription or invest an investor's payment in portfolio
securities until the payment has been converted into Federal Funds.

Shares  will be issued as of the first  determination  of the  Fund's  net asset
value per share for each Class made after acceptance of the investor's  purchase
order at the net asset  value per share  next  determined  after  receipt of the
purchase  order.  Shares  begin  accruing  income  dividends on the day they are
purchased.  The Fund  reserves  the right to  reject  any  subscription  for its
shares. Certificates for Fund shares will not be issued to an investor.

Shares are issued as of 12 noon, New York City time, on any Fund Business Day as
defined herein on which an order for the shares and  accompanying  Federal Funds
are received by the Fund's transfer agent before 12 noon. Orders  accompanied by
Federal Funds and received after 12 noon, New York City time, on a Fund Business
Day will not result in share  issuance  until the  following  Fund Business Day.
Fund  shares  begin  accruing  income  on the day the  shares  are  issued to an
investor.

There is no  redemption  charge,  no minimum  period of  investment,  no minimum
amount for a redemption, and no restriction on frequency of withdrawals.  Unless
other  instructions  are given in proper form to the Fund's  transfer  agent,  a
check for the proceeds of a redemption will be sent to the shareholders' address
of record. If a shareholder elects to redeem all the shares of the Fund he owns,
all  dividends  accrued  to the  date  of  such  redemption  will be paid to the
shareholder along with the proceeds of the redemption.

The  right  of  redemption  may not be  suspended  or the date of  payment  upon
redemption  postponed for more than seven days after the shares are tendered for
redemption, except for any period during which the New York Stock Exchange, Inc.
is closed (other than  customary  weekend and holiday  closings) or during which
the  Securities  and Exchange  Commission  determines  that  trading  thereon is
restricted,  or for any period during which an emergency  (as  determined by the
Securities and Exchange  Commission) exists as a result of which disposal by the
Fund of its portfolio securities is not reasonably practicable or as a result of
which it is not  reasonably  practicable  for the Fund fairly to  determine  the
value of its net assets, or for such other period as the Securities and Exchange



                                       18
<PAGE>
Commission  may by order permit for the  protection of the  shareholders  of the
Fund.

Redemption  requests  received by the Fund's  transfer agent before 12 noon, New
York City time,  on any Fund  Business  Day become  effective at 12 noon on that
day.  Shares  redeemed are not entitled to participate in dividends  declared on
the day a redemption becomes  effective.  A redemption request received after 12
noon, New York City time, on any Fund Business Day becomes effective on the next
Fund Business Day.

The Fund has reserved the right to redeem the shares of any  shareholder  if the
net  asset  value  of all  the  remaining  shares  in the  shareholder's  or his
Participating  Organization's  account  after a  withdrawal  is less than  $500.
Written notice of a proposed mandatory redemption will be given at least 30 days
in advance to any shareholder  whose account is to be redeemed.  For Participant
Investor accounts,  notice of a proposed mandatory redemption will be given only
to  the   appropriate   Participating   Organization,   and  the   Participating
Organization  will be responsible for notifying the Participant  Investor of the
proposed  mandatory  redemption.  During  the  notice  period a  shareholder  or
Participating  Organization  who  receives  such a notice  may  avoid  mandatory
redemption by purchasing  sufficient additional shares to increase the total net
asset value to at least the  minimum  amount and  thereby  avoid such  mandatory
redemption.

The  redemption of shares may result in the  investor's  receipt of more or less
than  he  paid  for his  shares  and,  thus,  in a  taxable  gain or loss to the
investor.


INITIAL PURCHASES OF
CHASE VISTA SELECT SHARES

Investors may obtain a current  prospectus  and the order form necessary to open
an account by telephoning the Chase Vista Service Center at 1-800-34-VISTA.

Mail. To purchase shares of the Chase Vista Select Shares,  investors may send a
check made payable to "Chase Vista Select Shares of  Connecticut  Daily Tax Free
Income Fund, Inc." along with a completed subscription order form to:

   
Chase Vista Select
Connecticut Daily Tax Free Income Fund, Inc.
P. O. Box 419392
Kansas City, Missouri 64141-6392
    

Checks are accepted  subject to  collection  at full face value in United States
currency.  Payment by a check drawn on any member of the Federal  Reserve System
can normally be  converted  into  Federal  Funds within two business  days after
receipt of the check.  Checks drawn on a non-member bank may take  substantially
longer to convert into Federal  Funds.  An investor's  subscription  will not be
accepted until the Fund receives Federal Funds.

Bank Wire.  To purchase  shares using the wire system for  transmittal  of money
among banks,  investors  should first obtain a new account number by telephoning
the Fund at 1-800-34-VISTA to obtain a new account number.  The


                                       19
<PAGE>
investors  should  then  instruct a member  commercial  bank to wire their money
immediately to:

DST Systems, Inc.
ABA #1010-0362-1
CHASE VISTA FUNDS
DDA # 751-1-629
For Connecticut Daily Tax Free
     Income Fund, Inc.
Account of
Fund Account #
SS #/Tax ID #

The investor should then promptly complete and mail the subscription order form.

Investors  planning to wire funds should instruct their bank early in the day so
the wire transfer can be accomplished before 12 noon on that same day. There may
be a charge by the investor's bank for  transmitting the money by bank wire, and
there also may be a charge for use of  Federal  Funds.  The Fund does not charge
investors in the Fund for its receipt of wire transfers.  Payment in the form of
a "bank wire"  received prior to 12 noon, New York City time, on a Fund Business
Day will be treated as a Federal Funds payment received on that day.

Subsequent  Purchases of Shares.  Subsequent  purchases can be made by bank wire
or by mailing a check to:

Chase Vista Funds
P.O. Box 419392
Kansas City, Missouri 64141-6392

There is a $100 minimum for subsequent  purchases of shares. All payments should
clearly indicate the shareholder's account number. Provided that the information
on the  subscription  order  form on file with the Fund is still  applicable,  a
shareholder may re-open an account without filing a new subscription  order form
at any time  during the year the  shareholder's  account is closed or during the
following calendar year.

REDEMPTION OF SHARES

A redemption is effected  immediately  following,  and at a price  determined in
accordance  with,  the next  determination  of net asset value per share of each
Class following  receipt by the Fund's  transfer agent of the redemption  order.
Normally,  payment for  redeemed  shares is made on the same Fund  Business  Day
after the redemption is effected,  provided the  redemption  request is received
prior to 12 noon,  New York City time and on the next Fund  Business  Day if the
redemption  request is  received  after 12 noon,  New York City  time.  However,
redemption requests will not be effected unless the check (including a certified
or cashier's  check) used to purchase the shares has been cleared for payment by
the investor's  bank,  currently  considered by the Fund to occur within 15 days
after investment.


A  shareholder's  original  subscription  order form permits the  shareholder to
redeem by written request and to elect one or more of the additional  redemption
procedures  described  below.  A  shareholder  may only change the  instructions
indicated on their original  subscription  order form by  transmitting a written
direction to the Fund's transfer  agent.  Requests


                                       20
<PAGE>
to institute or change any of the additional  redemption procedures will require
a signature guarantee. When a signature guarantee is called for, the shareholder
should have "Signature  Guaranteed"  stamped under their  signature,  signed and
guaranteed by an eligible guarantor  institution which includes a domestic bank,
a domestic savings and loan institution,  a domestic credit union, a member bank
of the  Federal  Reserve  System  or a  member  firm  of a  national  securities
exchange,  pursuant  to the fund's  transfer  agent's  standard  and  procedures
(signature guarantees by notaries public are not acceptable).


Written Requests.  Shareholders may make a redemption in any amount by sending
a written request to the Fund addressed to:

Chase Vista Funds
P.O. Box 419392
Kansas City, Missouri 64141-6392

Normally the redemption  proceeds are paid by check mailed to the shareholder of
record.

Checks.  By  making  the  appropriate   election  on  their  subscription  form,
shareholders  may  request  a  supply  of  checks  which  may be used to  effect
redemptions  from the  Class of  shares in the Fund in which  they  invest.  The
checks,  which will be issued in the shareholder's  name, are drawn on a special
account  maintained by the Fund with the Fund's agent bank.  Checks may be drawn
in any amount of $500 or more.  When a check is  presented  to the Fund's  agent
bank, it instructs the Fund's  transfer  agent to redeem a sufficient  number of
full and fractional shares in the  shareholder's  account to cover the amount of
the check. The use of a check to make a withdrawal  enables a shareholder in the
Fund to receive  dividends on the shares to be redeemed up to the Fund  Business
Day on which the check clears. Checks provided by the Fund may not be certified.
Vista  Select  Shares  purchased by check may not be redeemed by check until the
check  has  cleared,  which  could  take up to 15  days  following  the  date of
purchase.

There is no charge to the  shareholder for checks provided by the Fund. The Fund
reserves the right to impose a charge or impose a different minimum check amount
in the future, if the Board of Directors determines that doing so is in the best
interests of the Fund and its shareholders.

Shareholders  electing the checking option are subject to the procedures,  rules
and  regulations of the Fund's agent bank governing  checking  accounts.  Checks
drawn on a jointly owned  account may, at the  shareholder's  election,  require
only one  signature.  The Fund's  agent bank will not honor  checks which are in
amounts exceeding the value of the  shareholder's  account at the time the check
is presented for payment.  Since the dollar value of the account  changes daily,
the total value of the account may not be  determined in advance and the account
may not be entirely redeemed by check. In addition,  the Fund reserves the right
to charge the shareholder's  account a fee up to $20 for checks not honored as a
result of an insufficient  account value, a check deemed not 


                                       21
<PAGE>
negotiable  because it has been held longer than six months,  an unsigned  check
and a post-dated  check.  The Fund reserves the right to terminate or modify the
check  redemption  procedure  at any time or impose  additional  fees  following
notification to the Fund's shareholders.

Investors  wishing to avail themselves of this method of redemption should elect
it on their  subscription  order  form.  Individuals  and joint  tenants are not
required  to  furnish  any  supporting  documentation.  Corporations  and  other
entities  making this  election,  however,  are  required to furnish a certified
resolution or other  evidence of  authorization  in  accordance  with the Fund's
normal practices.  Appropriate  authorization  forms will be sent by the Fund or
its agents to corporations  and other  shareholders  who select this option.  As
soon as the  authorization  forms are filed in good order with the Fund's  agent
bank,  it will provide the  shareholder  with a supply of checks.  This checking
service may be terminated or modified at any time or to impose  additional  fees
following notification to the Funds shareholders.

Telephone.  The Fund accepts telephone requests for redemption from shareholders
who elect this option. The proceeds of a telephone redemption may be sent to the
shareholders at their addresses or, to their bank accounts, both as set forth in
the subscription order form or in a subsequent written  authorization.  However,
all telephone redemption requests in excess of $25,000 will be wired directly to
such previously designated bank account, for the protection of shareholders. The
Fund may accept telephone  redemption  instructions from any person with respect
to accounts of  shareholders  who elect this service and thus such  shareholders
risk  possible  loss of  principal  and  interest  in the  event of a  telephone
redemption   not   authorized  by  them.   To  provide   evidence  of  telephone
instructions,  the  transfer  agent will  record  telephone  conversations  with
shareholders.  The Fund  will  employ  reasonable  procedures  to  confirm  that
instructions  communicated by telephone are genuine.  The failure by the Fund to
employ such  procedures may cause the Fund to be liable for any losses  incurred
by investors due to telephone  redemptions based upon unauthorized or fraudulent
instructions.

A  shareholder   making  a  telephone   withdrawal   should  call  the  Fund  at
1-800-34-VISTA and state (i) the name of the shareholder appearing on the Fund's
records,  (ii) the shareholder's  account number with the Fund, (iii) the amount
to  be  withdrawn,   (iv)  whether  such  amount  is  to  be  forwarded  to  the
shareholder's designated bank account or address, and (v) the name of the person
requesting the redemption.  Usually the proceeds are sent to the designated bank
account or address on the same Fund  Business  Day the  redemption  is effected,
provided the redemption  request is received  before 12 noon, New York City time
and on the next Fund Business Day if the redemption request is received after 12
noon, New York City time. The Fund reserves the 


                                       22
<PAGE>
right to terminate  or modify the  telephone  redemption  service in whole or in
part at any time and will notify shareholders accordingly.

EXCHANGE PRIVILEGE

Shareholders  of the  Chase  Vista  Select  shares of the Fund may  exchange  at
relative  net asset value for Vista  Shares of any Chase Vista Money Market Fund
and the Chase Vista Select  shares of any Reich & Tang  sponsored  funds and may
exchange at relative net asset value plus any applicable sales charges,  for the
shares of the non-money  market Chase Vista Funds,  in accordance with the terms
of the then-current prospectus of the fund being acquired. The prospectus of the
Vista Mutual Fund into which shares are being exchanged should be read carefully
prior to any  exchange  and  retained  for  future  reference.  With  respect to
exchanges into a fund which charges a front-end sales charge,  such sales charge
will not be applicable if the  shareholder  previously  acquired his Chase Vista
Select shares by exchange from such fund.  Under the Exchange  Privilege,  Chase
Vista  Select  shares may be  exchanged  for shares of other funds only if those
funds are  registered  in the states where the exchange may legally be made.  In
addition,  the account  registration  for the Chase Vista Funds into which Chase
Vista Select shares are being exchanged must be identical to that of the account
registration  for the Fund  from  which  shares  are  being  redeemed.  Any such
exchange  may  create a gain or loss to be  recognized  for  Federal  income tax
purposes.  Normally,  shares of the fund to be  acquired  are  purchased  on the
redemption  date,  but such  purchase  may be delayed by either  Fund up to five
business  days if the Fund  determines  that it would be  disadvantageous  by an
immediate transfer of the proceeds. (This privilege may be amended or terminated
at any time  following 60 days' prior notice.)  Arrangements  have been made for
the  acceptance  of  instructions  by  telephone  to exchange  shares if certain
preauthorizations   or  indemnifications  are  accepted  and  on  file.  Further
information is available from the Transfer Agent.

SPECIFIED AMOUNT AUTOMATIC WITHDRAWAL PLAN

Shareholders  who own  $10,000  or more of the  shares  of the Fund may elect to
withdraw shares and receive payment from the Fund of a specified  amount of $100
or more  automatically on a monthly or quarterly basis in an amount approved and
confirmed by the Manager.  In order to make a payment,  a number of shares equal
in  aggregate  net asset value to the payment  amount are  redeemed at their net
asset value so that the designated  payment is received on approximately the 1st
or 15th day


                                       23
<PAGE>
of the month  following the end of the selected  payment  period.  To the extent
that the redemptions to make plan payments exceed the number of shares purchased
through reinvestment of dividends and distributions,  the redemptions reduce the
number of shares purchased on original investment,  and may ultimately liquidate
a shareholder's investment.

The election to receive automatic withdrawal payments may be made at the time of
the original  subscription by so indicating on the subscription  order form. The
election  may also be made,  changed  or  terminated  at any  later  time by the
participant. Because the withdrawal plan involves the redemption of Fund shares,
such  withdrawals may constitute  taxable events to the shareholder but the Fund
does not expect that there will be any realizable capital gains.

INVESTMENTS THROUGH
PARTICIPATING ORGANIZATIONS

Participant  Investors  may,  if they  wish,  invest  in the  Fund  through  the
Participating  Organizations  with  which  they  have  accounts.  "Participating
Organizations" are securities brokers, banks and financial institutions or other
industry  professionals  or  organizations  which have entered into  shareholder
servicing  agreements with the Fund. When instructed by its customer to purchase
or  redeem  Fund  shares,  the  Participating  Organization,  on  behalf  of the
customer, transmits to the transfer agent a purchase or redemption order, and in
the case of a  purchase  order,  payment  for the  shares  being  purchased.  No
certificates are issued with respect to investments in the Fund.

Participating  Organizations may confirm to their customers who are shareholders
in the Fund each  purchase and  redemption  of Chase Vista Select Shares for the
customers' accounts. Also, Participating  Organizations may send their customers
periodic  account  statements  showing the total  number of Chase  Vista  Select
shares owned by each  customer as of the statement  closing date,  purchases and
redemptions  of Chase Vista  Select  shares by each  customer  during the period
covered by the  statement  and the income earned by Chase Vista Select shares of
each customer during the statement period  (including  dividends paid in cash or
reinvested in additional Chase Vista Select shares).

Participating Organizations may charge Participant Investors a fee in connection
with their use of  specialized  purchase and  redemption  procedures  offered to
Participant   Investors  by  the  Participating   Organizations.   In  addition,
Participating  Organizations offering purchase and redemption procedures similar
to those  offered to  shareholders  who invest in the Fund  directly  may impose
charges, limitations, minimums and restrictions in addition to or different from
those applicable to shareholders  who invest in the Fund directly.  Accordingly,
the net yield to investors who invest through Participating Organizations may be
less than by investing in the Fund directly.  A Participant Investor should read
this Prospectus in 


                                       24
<PAGE>
conjunction  with  the  materials  provided  by the  Participating  Organization
describing the procedures under which Chase Vista Select shares may be purchased
and redeemed through the Participating Organization.

The Glass-Steagall Act limits the ability of a depository  institution to become
an underwriter or distributor of securities. Its the Fund management's position,
however,  that banks are not  prohibited  from  acting in other  capacities  for
investment companies,  such as providing  administrative and shareholder account
maintenance  services and receiving  compensation from the Manager for providing
such  services.  This  is an  unsettled  area  of  the  law,  however,  and if a
determination  contrary  to the  Fund  management's  position  is made by a bank
regulatory agency or court concerning  shareholder  servicing and administration
payments to banks from the Manager, any such payments will be terminated and any
shares registered in the banks' names, for their underlying  customers,  will be
re-registered  in the  name  of the  customers  at no  cost  to the  Fund or its
shareholders.  In addition,  state securities laws may differ on this issue from
the  interpretations  of Federal law  expressed  herein and banks and  financial
institutions  may be  required  to register  as  underwriters,  distributors  or
dealers pursuant to state law.

In the case of qualified  Participating  Organizations,  orders  received by the
transfer  agent  before 12 noon,  New York City time,  on a Fund  Business  Day,
without accompanying Federal Funds will result in the issuance of shares on that
day provided that the Federal Funds  required in connection  with the orders are
received by the Fund's  transfer  agent before 4:00 p.m., New York City time, on
that day.  Orders for which Federal Funds are received after 4:00 p.m., New York
City time,  will not result in share  issuance until the following Fund Business
Day.

DISTRIBUTION AND
SERVICE PLAN
-----------------------

Pursuant  to Rule  12b-1  under  the  1940  Act,  the  Securities  and  Exchange
Commission  has required  that an  investment  company which bears any direct or
indirect expense of distributing its shares must do so only in accordance with a
plan  permitted  by Rule  12b-1.  The Fund's  Board of  Directors  has adopted a
distribution  and service plan (the "Plan") and,  pursuant to the Plan, the Fund
and Reich & Tang  Distributors, Inc.  (the  "Distributor")  have  entered into a
Distribution  Agreement and a Shareholder  Servicing  Agreement (with respect to
Class A shares of the Fund only).

Reich & Tang Asset  Management,  Inc.  serves as the sole  general  partner  for
both Reich & Tang  Asset  Management  L.P.  and Reich & Tang  Distributors, Inc.
Reich & Tang Asset  Management  L.P.  serves as the sole limited  partner of the
Distributor.

Under the Distribution Agreement, the Distributor, for nominal consideration and
as agent for the Fund,  will  solicit  orders  for the


                                       25
<PAGE>
purchase of the Fund's shares,  provided that any  subscriptions and orders will
not be binding on the Fund until accepted by the Fund as principal.

Under the Shareholder  Servicing  Agreement,  the Distributor  receives from the
Fund with  respect to Class A shares only, a service fee equal to .20% per annum
of the Class A shares'  average  daily net assets  (the  "Shareholder  Servicing
Fee") for  providing  personal  shareholders  services  and for  maintenance  of
shareholder accounts.  The fee is accrued daily and paid monthly and any portion
of the  fee  may be  deemed  to be  used  by the  Distributor  for  purposes  of
distribution of Fund shares and for payments to Participating Organizations with
respect to their  provision of such  services to their  clients or customers who
are  shareholders  of the Class A shares of the Fund.  The Class B  shareholders
will not receive the benefit of such services from  Participating  Organizations
and, therefore, will not be assessed a Shareholder Servicing Fee.

The Plan and the Shareholder  Servicing  Agreement  provide that, in addition to
the  Shareholder  Servicing  Fee,  the Fund will pay for (i)  telecommunications
expenses  including the cost of dedicated  lines and CRT terminals,  incurred by
the  Manager  and  Distributor  in  carrying  out  their  obligations  under the
Shareholder  Servicing Agreement (with respect to Class A shares only), and (ii)
preparing,   printing  and   delivering   the  Fund's   prospectus  to  existing
shareholders  of the Fund and  preparing and printing  subscription  application
forms for shareholder accounts.

The Plan  provides that the Manager may make payments from time to time from its
own  resources,  which may include the  Management  Fee and past profits for the
following purposes: (i) defray the costs of, and to compensate others, including
Participating  Organizations  with whom the Distributor has entered into written
agreements,  for  performing  shareholder  servicing and related  administrative
functions  on  behalf of the  Class A shares  of the  Fund;  (ii) to  compensate
certain Participating Organizations for providing assistance in distributing the
Class A  shares  of the  Fund;  and  (iii)  to pay the  costs  of  printing  and
distributing the Fund's prospectus to prospective  investors,  and to defray the
cost  of the  preparation  and  printing  of  brochures  and  other  promotional
materials,   mailings  to  prospective  shareholders,   advertising,  and  other
promotional  activities,  including  the salaries  and/or  commissions  of sales
personnel in connection with the distribution of the Class A shares of the Fund.
The Distributor may also make payments from time to time from its own resources,
which may  include  the  Shareholder  Servicing  Fee and past  profits,  for the
purposes  enumerated in (i) above. The Distributor in its sole discretion,  will
determine the amount of such  payments made pursuant to the Plan,  provided that
such  payments will not increase the amount which the Fund is required to pay to
the  Manager  and the  Distributor  for any  fiscal  year  under the  Investment
Management Contract or the Shareholder


                                       26
<PAGE>
Servicing  Agreement or the Administrative  Services Contract in effect for that
year.

For the fiscal year ended January 31, 1997,  the total amount spent  pursuant to
the Plan for Class A shares  was .41% of the  average  daily  net  assets of the
Fund,  of which .20% of the average daily net assets was paid by the Fund to the
Manager,   pursuant  to  the  Shareholder  Servicing  Agreement  and  an  amount
representing .21% of the average daily net assets was paid by the Manager (which
may be deemed an indirect  payment by the Fund). Of the total amount paid by the
Manager,  $430,874  was  utilized  for broker  assistance  payments,  $6,281 for
compensation  to sales  personnel,  $1,515 for travel and expenses,  $46,455 for
Prospectus printing, and $122 on miscellaneous expenses.

FEDERAL INCOME TAXES
------------------------------

The Fund has elected to qualify under the Code as a regulated investment company
that intends to distribute  "exempt-interest  dividends" as defined in the Code.
The Fund's policy is to distribute as dividends  each year 100% (and in no event
less than 90%) of its tax-exempt interest income, net of certain deductions, and
its investment  company  taxable income (if any). If  distributions  are made in
this  manner,  dividends  designated  as  derived  from the  interest  earned on
Municipal  Obligations  are  "exempt-interest  dividends" and are not subject to
regular  Federal  income tax although such  "exempt-interest  dividends"  may be
subject to Federal  alternative minimum tax. Dividends paid from taxable income,
if any, and distributions of any realized short-term capital gains (whether from
tax-exempt  or taxable  obligations)  are  taxable to  shareholders  as ordinary
income for Federal income tax purposes,  whether  received in cash or reinvested
in additional  shares of the Fund. The Fund does not expect to realize long-term
capital  gains,  and  thus  does  not  contemplate  distributing  "capital  gain
dividends" or having undistributed capital gain income within the meaning of the
Code. The Fund will inform  shareholders  of the amount and nature of its income
and gains in a written  notice  mailed to  shareholders  not later  than 60 days
after the close of the Fund's  taxable  year.  For Social  Security  recipients,
interest on tax-exempt bonds,  including  tax-exempt  interest dividends paid by
the Fund, is to be added to adjusted  gross income for purposes of computing the
amount of Social  Security  benefits  includible  in gross  income.  Interest on
certain "private activity bonds" (generally, a bond issue in which more than 10%
of the  proceeds  are used for a  non-governmental  trade or business  and which
meets the private  securities  or payment  test, or a bond issue which meets the
private loan financing test) issued after August 7, 1986 will constitute an item
of tax  preference  subject  to  the  individual  alternative  minimum  tax  and
increases the individual  alternative minimum tax. Corporations will be required
to include as an item of tax preference for purposes of the alternative  minimum
tax, 75% of the amount by which their adjusted current


                                       27
<PAGE>
earnings (including  generally,  tax-exempt  interest) exceeds their alternative
minimum  taxable  income  (determined  without  this tax  preference  item).  In
addition,  in certain cases Subchapter S corporations with accumulated  earnings
and  profits  from  Subchapter  C years  will be  subject  to a tax on  "passive
investment income," including tax-exempt interest.  Although the Fund intends to
maintain a $1.00 per share net asset value, a shareholder  may realize a taxable
gain or loss upon the disposition of shares.

With  respect to  variable  rate  demand  instruments,  including  participation
certificates  therein,  the Fund is relying on the opinion of Battle Fowler LLP,
counsel to the Fund,  that it will be treated for Federal income tax purposes as
the owner thereof and that the interest on the underlying Municipal  Obligations
will be tax-exempt  from Federal  income taxes to the Fund.  Counsel has pointed
out that the Internal  Revenue Service has announced that it will not ordinarily
issue  advance  rulings  on the  question  of the  ownership  of  securities  or
participation  interests  therein  subject to a put and could reach a conclusion
different  from that  reached by counsel.  (See  "Federal  Income  Taxes" in the
Statement of Additional Information.)

In South  Carolina  v.  Baker,  the U.S.  Supreme  Court  held that the  Federal
government  may  constitutionally  require  states to register  bonds which they
issue  and  may  subject  the  interest  on such  bonds  to  Federal  tax if not
registered,  and  the  Court  further  held  that  there  is  no  constitutional
prohibition  against the Federal  government taxing the interest earned on state
or other municipal  bonds.  The Supreme Court decision  affirms the authority of
the Federal  government  to regulate  and  control  bonds such as the  Municipal
Obligations and to tax such bonds in the future. The decision does not, however,
affect  the  current  exemption  from  taxation  of the  interest  earned on the
Municipal Obligations in accordance with Section 103 of the Code.

CONNECTICUT
INCOME TAXES
---------------------------------

The  designation  of all or a  portion  of a  dividend  paid  by the  Fund as an
"exempt-interest  dividend"  under the Code does not  necessarily  result in the
exemption  of such amount  from tax under the laws of any state or local  taxing
authority.  However, in the opinion of Day, Berry & Howard,  special Connecticut
tax  counsel to the Fund,  exempt-interest  dividends  correctly  designated  as
derived  from  Connecticut  Municipal  Obligations  received by the Fund are not
subject to the Connecticut Personal Income Tax.

Exempt-interest  dividends  that  are not  derived  from  Connecticut  Municipal
Obligations  and any other  dividends  of the Fund that are  treated as ordinary
income for Federal  income tax purposes are  includible in a taxpayer's tax base
for purposes of the Connecticut Personal Income Tax.

While  capital gain  dividends  are not  anticipated  by the Fund,  capital


                                       28
<PAGE>
gain  dividends  and  amounts,  if any,  in respect of  undistributed  long-term
capital  gains of the Fund  would be  includible  in a  taxpayer's  tax base for
purposes  of the  Connecticut  Personal  Income  Tax,  as would  gains,  if any,
recognized upon the redemption,  sale, or exchange of shares of the Fund, except
that capital gain dividends  derived from obligations  issued by or on behalf of
the  State  of   Connecticut,   its  political   subdivisions,   or  any  public
instrumentality,  state or local  authority,  district or similar  public entity
created under Connecticut law are not subject to the tax.

Exempt-interest  dividends,  other than those derived from Connecticut Municipal
Obligations, are subject to the net Connecticut minimum tax.

All  dividends  paid  by  the  Fund,  including  exempt-interest  dividends  are
includible in gross income for purposes of the Connecticut  Corporation Business
Tax payable by  corporations.  However,  the  Corporation  Business Tax allows a
deduction for a portion of amounts includible in gross taxable income thereunder
to the extent they are treated as dividends other than exempt-interest dividends
or capital  gain  dividends  for  Federal  income tax  purposes,  but  disallows
deductions for expenses related to such amounts.

Shareholders  are  urged to  consult  their tax  advisors  with  respect  to the
treatment of distributions from the Fund in their own states and localities.

GENERAL INFORMATION
-----------------------------

The Fund was  incorporated  under the laws of the State of  Maryland on March 8,
1985 and it is  registered  with the  Securities  and Exchange  Commission  as a
non-diversified, open-end management investment company.

The Fund prepares semi-annual unaudited and annual audited reports which include
a list  of  investment  securities  held  by the  Fund  and  which  are  sent to
shareholders.

As a general  matter,  the Fund will not hold  annual or other  meetings  of the
Fund's shareholders.  This is because the By-Laws of the Fund provide for annual
meetings only (a) for the election of directors, (b) for approval of the revised
investment  advisory  contracts with respect to a particular  class or series of
stock, (c) for approval of revisions to the Fund's  distribution  agreement with
respect  to a  particular  class or series of  stock,  and (d) upon the  written
request of holders or shares entitled to cast not less than 25% of all the votes
entitled to be cast at such meeting.  Annual and other  meetings may be required
with respect to such additional  matters relating to the Fund as may be required
by the 1940 Act  including  the removal of Fund  director(s)  and  communication
among  shareholders,  any  registration  of the  Fund  with the  Securities  and
Exchange  Commission or any state, or as the Directors may consider necessary or
desirable.  Each  Director  serves  until the next  meeting of the  shareholders
called  for the  purpose of  considering  the


                                       29
<PAGE>
election or reelection of such Director or of a successor to such Director,  and
until the election and qualification of his or her successor,  elected at such a
meeting, or until such Director sooner dies,  resigns,  retires or is removed by
the vote of the shareholders.

For further  information with respect to the Fund and the shares offered hereby,
reference is made to the Fund's registration statement filed with the Securities
and Exchange  Commission,  including  the  exhibits  thereto.  The  Registration
Statement  and the  exhibits  thereto  may be  examined  at the  Securities  and
Exchange  Commission  and copies thereof may be obtained upon payment of certain
duplicating fees.

NET ASSET VALUE
----------------------

The net asset value of each Class of the Fund's  shares is  determined  as of 12
noon,  New York City time,  on each Fund  Business  Day. Fund Business Day means
weekdays  (Monday through Friday) except  customary  business  holidays and Good
Friday.  The net asset value of a Class is computed by dividing the value of the
Fund's net assets for each Class (i.e.,  the value of its  securities  and other
assets less its liabilities, including expenses payable or accrued but excluding
capital  stock and surplus) by the total number of shares  outstanding  for such
Class.

The Fund's portfolio securities are valued at their amortized cost in compliance
with the  provisions of Rule 2a-7 under the 1940 Act.  Amortized  cost valuation
involves  valuing an instrument at its cost and  thereafter  assuming a constant
amortization to maturity of any discount or premium,  except that if fluctuating
interest  rates cause the market  value of the Fund's  portfolio to deviate more
than 1/2 of 1% from the value  determined  on the basis of amortized  cost,  the
Board of  Directors  will  consider  whether  any  action  should be  initiated.
Although the  amortized  cost method  provides  certainty in  valuation,  it may
result in periods  during  which the value of an  instrument  is higher or lower
than the price an investment  company would receive if the instrument were sold.
The Fund  intends  to  maintain  a stable  net  asset  value at $1.00  per share
although there can be no assurance that this will be achieved.

CUSTODIAN TRANSFER AGENT
AND DIVIDEND AGENT
---------------------------

Investors  Fiduciary  Trust  Company,  801  Pennsylvania  Street,  Kansas  City,
Missouri  64105 is custodian  for the Fund's cash and  securities.  DST Systems,
Inc., 127 West 10th Street,  Kansas City,  Missouri 64105, is the transfer agent
and  dividend  agent for the Chase Vista Select  shares of the Fund.  The Fund's
custodian  and transfer  agents do not assist in, and are not  responsible  for,
investment decisions involving assets of the Fund.


                                       30
<PAGE>

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<PAGE>
[GRAPHIC OMITTED]

            Chase Vista Service Center
            P.O. Box 419392
            Kansas City, Missouri 64141-6392
   
CVSCT-1-4-98
<PAGE>
    
NEW ACCOUNT APPLICATION (FOR INITIAL INVESTMENT ONLY.)
CHASE VISTA MONEY MARKET FUNDS (VISTA SHARES)

1. Account Registration

For Individual: Use line 1

Note:  To establish an account  beneficiary,  check TOD box below and  designate
beneficiaries in the space provided, or include on a separate page:

 TOD
For Joint Account: Use lines 1 & 2

In the case of joint registration, this account will be registered joint tenants
with rights of survivorship  and not tenants in common,  unless otherwise stated
by the investor.

For a Minor: Use line 3

For Trust, Corporation, Partnership or other legal entity: Use line 4

The Registered owner is a:
 Corporation     Trust
 Partnership     Non-Profit or Charitable Org.
 Other 

Please Print name clearly and exactly as account is to be registered

1.      [ ] [ ] [ ][ ] [ ] [ ][ ] [ ] [ ][ ] [ ] [ ] [ ] [ ] [ ][ ] [ ] [ ][ ] 
        First Name      M.I.    Last Name
        [ ] [ ] [ ]-[ ] [ ]-[ ] [ ] [ ][ ]
        Social Security Number
2.      [ ] [ ] [ ][ ] [ ] [ ][ ] [ ] [ ][ ] [ ] [ ][ ] [ ] [ ][ ] [ ] [ ][ ]
        First Name      M.I.    Last Name
        [ ] [ ] [ ]-[ ] [ ]-[ ] [ ] [ ][ ]
        Social Security Number

3.      [ ] [ ] [ ][ ] [ ] [ ][ ] [ ] [ ][ ] [ ] [ ] [ ] [ ] [ ][ ] [ ] [ ][ ]
        Custodian First Name    M.I.    Last Name
Custodian for
        [ ] [ ] [ ][ ] [ ] [ ][ ] [ ] [ ][ ] [ ] [ ] [ ] [ ] [ ][ ] [ ] [ ][ ]
        Minor's First Name      M.I.    Last Name
        [ ] [ ] [ ][ ] [ ] [ ][ ] [ ] [ ]
        Minor's Social Security Number
Under the  [ ] [ ] [ ][ ] [ ] [ ] [ ][ ] Uniform Gifts/Transfers to Minors Act.
        Name of State

4.      [ ] [ ] [ ][ ] [ ] [ ][ ] [ ] [ ][ ] [ ] [ ][ ] [ ] [ ][ ] [ ] [ ][ ]
        Name of Entity (If a Trust, include date of agreement and type)
        [ ] [ ] [ ][ ] [ ] [ ][ ] [ ] [ ][ ] [ ] [ ][ ] [ ] [ ][ ] [ ] [ ][ ]
        Authorized Individual
        [ ] [ ]-[ ] [ ] [ ][ ] [ ] [ ][ ]       [ ] [ ] [ ][ ] [ ] [ ][ ] [ ]
        Tax I.D. Number Title

2. Mailing Address

[ ] [ ] [ ][ ] [ ] [ ][ ] [ ] [ ][ ] [ ] [ ][ ] [ ] [ ][ ] [ ] [ ][ ] [ ] [ ]
Street  Apt. No.
[ ] [ ] [ ][ ] [ ] [ ][ ] [ ] [ ][ ] [ ] [ ][ ] [ ] [ ][ ] [ ] [ ]      [ ] [ ]
City    State   Zip
[ ] [ ] [ ] [ ] [ ] [ ]-[ ] [ ] [ ][ ]  [ ] [ ] [ ] [ ] [ ] [ ]-[ ] [ ] [ ][ ]
Daytime Phone Number    Evening Phone Number    Country

3. Initial Investment $2,500 minimum initial investment per fund/account or $250
initial investment with a $200 systematic monthly purchase

A.  Please  indicate  the name of the Fund you wish to  invest  in and make your
check payable to the Fund(s).
        Chase Vista Fund Name (Fund Number)            Amount
        U.S. Government Money Market Fund (220)        $________________
        100% Treasury Money Market Fund (677)          $________________
        Treasury Plus Money Market Fund (678)          $________________
        Federal Money Market Fund (353)                $________________
        Cash Management Fund (223)                     $________________
        Tax Free Money Market Fund (2)                 $________________
        California Tax Free Money Market Fund (99)     $________________
        New York Tax Free Money Market Fund (3)        $________________
        Select Shares of Connecticut Daily 
        Tax Free Income Fund (140)                     $________________
        Select Shares of New Jersey Daily 
        Municipal Income Fund (141)                    $________________

B. Please have your  representative  fill in this  information  if he/she opened
your account. This will avoid a duplicate order.

Trade Date _________ Confirm Number __________ Account Number ________________

<PAGE>
4. For Dealer Use Only

When opening your account through a representative, have him/her complete this
section


We guarantee the signature and legal capacity of the applicant.
________________________________________________________________________________
Dealer/Company Name     Dealer Number   Branch and Region Number (if applicable)
________________________________________________________________________________
Address
________________________________________________________________________________
Representative Name     Rep. #  Daytime Phone Number

Authorized Signature ____________________________________________


5. Distributions
Please indicate how you would like to receive distributions (check only one)

1. [ ]  Dividends reinvested in additional shares
2. [ ]  Dividends automatically deposited to your checking account (Please
        complete Section 7)
3. [ ]  Dividends mailed to your address in Section 2

6. Telephone  Privileges

You will be able to execute  telephone  transactions  by calling  1-800-34-VISTA
(800-348-4782)  24 hours a day for automated  service,  9 am - 6 pm EST to speak
with a service representative

Telephone  privileges will be provided to you automatically unless you elect not
to by checking the box associated with each privilege.

[] Telephone  Purchases ($100  minimum)-Your  purchase will be deducted from the
account you designate by completing Section 7.

[] Telephone  Exchanges-Permits  exchanges into  established  Chase Vista Funds
($100 minimum) or to new Chase Vista  Funds ($2,500 minimum).

[]  Telephone   Redemptions-Permits   redemptions  by  telephone  with  proceeds
deposited  in the bank  account  you  designate  in  Section 7 or mailed to your
address (maximum check amount $25,000).

7. Bank Account Designation
This section must be completed to permit  certain  options chosen in Sections 5,
6, 8 and 9

Account name must match the name in Section 1. A blank/voided  check is required
for account and bank routing information.

_______________________________________________________________________________
Name of Bank            Branch
_______________________________________________________________________________
Bank Address    City    State   Zip

___________________________             [ ] [ ][ ] [ ] [ ][ ] [ ] [ ][ ] [ ] [ ]
Type of Account (Checking/Savings)      Account Number

[ ] Please check this Box to confirm voided check is attached.

8. Systematic Investment Plan

Amounts  (minimum  $100) will be  automatically  drawn on your bank  account and
invested in your Chase Vista Fund account

Authorization Form

Invest  automatically the amount of  $_______________  on or about the _________
day.  Purchases  will be made  monthly  unless  you wish to elect  quarterly  by
checking this box n. If the day you selected for your  automatic  purchase falls
on a holiday or a weekend,  the purchase  could be delayed.  Funds will be drawn
from (check one):

1. [ ] my/our bank account indicated in Section 7.

2. [ ] my/our  Chase Vista money market  account and  invested in another Chase
    Vista Fund, subject to applicable sales charges.

Fund Name: ______________________________________  Class of Shares:  [] A  [] B

Your first  automatic  monthly  investment  will occur no sooner  than two weeks
after the receipt of your application.

9. Systematic Redemption Plan

This is a convenient way to receive  payments from your fund account.  This Plan
is  subject  to  minimum   account   balances,   minimum  monthly  or  quarterly
redemptions, and any applicable sales charges dependent upon the class of shares
you own.

Please make  payments  of  $_______________  prior to the first day of every:  n
month or n quarter beginning with the month of __________________________.  Your
Application  must be  received  in good order at least two weeks  prior to first
actual redemption date.

Check One: [ ] Redemption  proceeds  automatically  deposited to the account you
               designate in Section 7, or
           [ ] Mail check payable to:

________________________________________________________________________________
Individual or Company Name
________________________________________________________________________________
Street Address  City    State   Zip

<PAGE>
10. Checkwriting Authorization & Signature (For A Shares Only)

[ ] Check here if you would like  checkwriting  privileges.  ($500  minimum  per
check.) Only one signature will be required on joint accounts.

CHECKWRITING  DRAFTS WILL BE ISSUED 15 DAYS AFTER ACCOUNT IS FUNDED BY CHECK,  7
DAYS IF FUNDED BY AUTOMATED CLEARING HOUSE PURCHASE.

11. Acknowledgment, Certification & Signatures

This section must be signed in order to open a Chasse Vista account

UNDER THE PENALTIES OF PERJURY,  THE UNDERSIGNED  CERTIFIES THAT (1) HE/SHE IS A
CITIZEN OR RESIDENT OF N THE UNITED STATES OR N (STATE COUNTRY) __________,  (2)
THE SOCIAL SECURITY NUMBER OR TAXPAYER  IDENTIFICATION NUMBER SHOWN IN SECTION 1
IS CORRECT,  AND (3) HE/SHE IS NOT SUBJECT TO BACKUP  WITHHOLDING EITHER BECAUSE
HE/SHE HAS NOT BEEN NOTIFIED THAT HE/SHE IS SUBJECT TO BACKUP  WITHHOLDING  AS A
RESULT OF A FAILURE  TO REPORT  ALL  INTEREST  AND  DIVIDENDS,  OR THE  INTERNAL
REVENUE SERVICE HAS NOTIFIED  HIM/HER THAT HE/SHE IS NO LONGER SUBJECT TO BACKUP
WITHHOLDING. (IF THE UNDERSIGNED IS SUBJECT TO BACKUP WITHHOLDING, CROSS OUT THE
WORDS AFTER (3) ABOVE.)

By signing this Application,  the undersigned (1) appoints his/her broker-dealer
or shareholder  servicing agent, and/or authorized  sub-agent,  as his/her agent
for all  transactions on his/her behalf with any Chase Vista Fund; (2) certifies
that he/she has received,  reviewed and accepts this Application  (including the
services  described  herein) and the current  prospectus(es)  of the Chase Vista
Fund(s) in which he/she is  investing  and accepts the related  statement(s)  of
additional  information;  and (3) agrees that all statements in this Application
apply to shares of any Chase  Vista Fund or Chase Vista  Select  Shares of other
funds into which his/her shares are transferred.

Subject  to the  terms  and  conditions  herein  and in  the  applicable  Fund's
prospectus and statement of additional information, the undersigned releases and
agrees to hold harmless the Chase Vista Funds and its agents  and/or  sub-agents
against any claim,  liability,  loss, damage, and expense for any act or failure
to  act  in  connection  with  Fund  shares,  any  related  investment  account,
privileges  or services,  and oral and written  instructions  relating  thereto.
Shareholders  should be aware that Chase and its  affiliates  may exchange among
themselves certain information about the shareholder and his account.

THE  UNDERSIGNED  CERTIFIES  THAT  HE/SHE  (1) WAS NOT  OFFERED  ANY  ADVICE  OR
RECOMMENDATION  ON  INVESTING  IN ANY  FUND  BY ANY  COMMERCIAL  BANK;  AND  (2)
UNDERSTANDS THAT (I) NO INVESTMENT ACCOUNT ESTABLISHED WITH RESPECT TO THE CHASE
VISTA FUNDS IS A DEPOSIT  ACCOUNT AND NEITHER  SUCH  ACCOUNT NOR FUND SHARES ARE
FDIC INSURED OR INSURED BY THE FEDERAL  RESERVE BOARD OR ANY OTHER AGENCY;  (II)
FUND SHARES ARE NOT OBLIGATIONS OF, ENDORSED BY, NOR GUARANTEED BY, CHASE OR ANY
COMMERCIAL  BANK;  AND (III) THE  UNDERSIGNED  MUST MAKE HIS/HER OWN  INVESTMENT
DECISIONS  AND ASSUME ALL RISK OF LOSS - INCLUDING  POSSIBLE LOSS OF PRINCIPAL -
RESULTING FROM DECISIONS TO PURCHASE, EXCHANGE OR SELL SHARES OF ANY FUND(S).

Check One:      [] U.S. Citizen  [] Resident Alien 
                [] Non-Resident Alien; Country of Tax Residency

The Internal  Revenue  Service does not require your consent to any provision of
this  document   other  than  the   certifications   required  to  avoid  backup
withholding.

Individual or Custodial Accounts
____________________________________________
Signature of Individual or Custodian    Date
____________________________________________
Signature of Joint Tenant (if any)      Date

Corporations, Partnerships, Trusts, etc.
____________________________________________
Signature of Corporate Officer, General Partner, Trustee, etc. Date
____________________________________________
Signature of Corporate Officer, General Partner, Trustee, etc. Date

PLEASE COMPLETE THE FOLLOWING SECTIONS IF YOU ARE AN INSTITUTIONAL INVESTOR ONLY

12. PERSON(S) AUTHORIZED TO CONDUCT TRANSACTIONS

The following persons ("Authorized Person(s)") are currently officers, trustees,
general partners,  or other authorized agents of the Shareholder.  Any _____* of
the  Authorized   Person(s)  is,  by  lawful  and  appropriate   action  of  the
Shareholder,  a person  entitled to give  instructions  regarding  purchases and
redemptions or to make inquiries, regarding your Account.

____________________________________________
Name/Title      Signature       Date
____________________________________________
Name/Title      Signature       Date
____________________________________________
Name/Title      Signature       Date
____________________________________________ 
Name/Title      Signature       Date

DST  Systems,  Inc.  ("DST") may,  without  inquiry,  act upon the  instructions
(whether verbal, written, or provided by wire,  telecommunication,  or any other
process) of any person claiming to be an Authorized Person.  Neither DST nor any
entity  on behalf of which  DST is  acting  shall be  liable  for any  claims or
expenses (including legal fees) or for any losses,  resulting from actions taken
upon any  instructions  believed to be genuine.  DST may continue to rely on the
instructions  made by any person claiming to be an Authorized Person until it is
informed  through  an  amended  Application  that the  person  is no  longer  an
Authorized  Person and it has a  reasonable  period  (not to exceed one week) to
process the amended Application. Provisions of this Application shall be equally
applicable to any successor of DST.

*If this space is left blank,  any one  Authorized  Person is authorized to give
instructions and make inquiries.  Verbal  instructions will be accepted from any
one  Authorized  Person.  Written  instructions  will require  signatures of the
number of Authorized Persons indicated in this space.

<PAGE>
13.  Certificate of Authority  Institutional  investors must complete one of the
following two Certificates of Authority.

A. FOR CORPORATIONS AND  UNINCORPORATED  ASSOCIATIONS (With a Board of Directors
or Board of Trustees).

I,   ____________________________________,    Secretary   of   the   above-named
Shareholder,  do hereby  certify that a meeting on  _______________,  at which a
quorum was present throughout, the Board of Directors (Board of Trustees) of the
shareholder  duly adopted a resolution  which is in full force and effect and in
accordance with the Shareholder's charter and by-laws,  which resolution did the
following:  (1) empowered the  officer/trustee  executing this Application to do
so, on behalf of the  Shareholder;  (2)  empowered  the  above-named  Authorized
Person(s) to effect  securities  transactions  for the  Shareholder on the terms
described above; (3) authorized the Secretary to certify, from time to time, the
names and  titles of the  officers  of the  Shareholder  and to notify  DST when
changes in officers occur; and (4) authorized the Secretary to certify that such
a  resolution  has been duly  adopted  and will  remain in full force and effect
until DST receives a duly enacted amendment to the Certification form.

Witness  my  hand  and  seal on  behalf  of the  Shareholder  this  ____  day of
___________________, 19___ Secretary_________________________________________

The  undersigned  officer (other than the Secretary)  hereby  certifies that the
foregoing instrument has been signed by the Secretary of the Shareholder.

_______________________________________________________
Certifying Officer of the Corporation or Unincorporated Association

B. PARTNERSHIPS AND TRUSTS (Even if you are the sole trustee)

The undersigned certify that they are all the general  partners/trustees  of the
Shareholder  and that they have done the  following  under the  authority of the
Shareholder's partnership  agreement/trust instrument: (1) empowered the general
partner/trustee   executing  this   Application  to  do  so  on  behalf  of  the
shareholder;  (2)  empowered  the  above-named  Authorized  Person(s)  to effect
securities  transactions  for the Shareholder on the terms described  above; and
(3)  authorized  the Secretary to certify,  from time to time,  the names of the
general  partners/trustees  of the shareholder and to notify DST when changes in
general  partners/trustees  occur. This  authorization will remain in full force
and effect until DST receives a further duly  executed  certification.  If there
are not enough spaces here for all the necessary signatures, complete a separate
certificate  containing  the  language  of  Certificate  B and  attach it to the
Application.
________________________________________________________________________________
________________________________________________________________________________
________________________________________________________________________________
________________________________________________________________________________

   
[GRAPHIC OMITTED]
    

   
            Chase Vista Service Center
            P.O. Box 419392
            Kansas City, Missouri 64179
            1-800-34-VISTA
    

VSCT-1-6-97