VISTA TAX FREE INCOME FUND
                       VISTA NEW YORK TAX FREE INCOME FUND

SUPPLEMENT DATED JULY 1, 1996 TO PROSPECTUSES FOR CLASS A AND B SHARES 
DATED MAY 6, 1996 

    In the section of the Prospectus entitled "Other Information Concerning the
Fund", the following paragraph is inserted in lieu of the third paragraph of the
sub-section entitled "Shareholder Servicing Agents":

    Chase and/or VFD may from time to time, at their own expense out of
compensation retained by them from the Fund or other sources available to them,
make additional payments to certain selected dealers or other shareholder
servicing agents for performing administrative services for their customers.
These services include maintaining account records, processing orders to
purchase, redeem and exchange Fund shares and responding to certain customer
inquiries. The amount of such compensation may be up to an additional 0.10%
annually of the average net assets of the Fund attributable to shares of the
Fund held by customers of such shareholder servicing agents. Such compensation
does not represent an additional expense to the Fund or its shareholders, since
it will be paid by Chase and/or VFD.



                                                                    VTF-36-796