Mutual Fund Investment Trust (formerly AVESTA Trust)
One Chase Manhattan Plaza, Third Floor
New York, NY 10081
File Nos. 33-9421
811-5526
Chase Funds
Fund Profile
July 31, 1998
Chase Money Market Fund
Investor Class Shares
This profile is a summary of key information about the Fund. Before you invest,
you may also want to read the Fund prospectus. It contains more complete
information, including a detailed description of the risks you should consider
before investing in the Fund. You can
<PAGE>
get the prospectus, annual and semi-annual reports and other information free of
charge by calling the Chase Funds Service Center at 1-888-524-2730.
The prospectus and other information are also available on our Internet web
site, at www.chasefunds.com
AN INVESTMENT IN THE FUND IS NOT A BANK DEPOSIT OF THE CHASE MANHATTAN BANK OR
ANY OF ITS AFFILIATES. IT IS NOT INSURED OR GUARANTEED BY THE FEDERAL DEPOSIT
INSURANCE CORPORATION OR ANY OTHER GOVERNMENT AGENCY.
What the Fund aims to do
The Fund aims to provide maximum interest income while preserving capital and
maintaining liquidity.
The Fund's main investment strategies
The Fund invests mostly in high quality, short-term money market investments
that are denominated in US dollars. These investments include commercial paper,
demand notes, bank obligations, repurchase agreements, municipal obligations,
asset-backed securities, US government securities and other short-term
investments of US and foreign issuers.
2
<PAGE>
Annual and semi-annual reports
You can find out more about the Fund's investments in the annual and semi-annual
reports the Fund prepares for its shareholders. Both reports examine the market
conditions and investment strategies that have had a significant effect on the
Fund's performance during the period covered.
The main risks of investing in the Money Market Fund
The Fund is managed to maintain a constant price of $1.00 per share, but this
price isn't guaranteed.
The price of any of the Fund's investments could fall when interest rates rise.
Companies in the banking industry could go into default or be downgraded as
higher credit risks if adverse economic conditions develop in the banking
industry.
Foreign securities may be riskier than those issued in the United States. That
could be, in part, because of currency fluctuations, more limited trading,
political or economic instability, or regulations that don't match US standards.
Who might want to invest in the Fund
The Money Market Fund may be appropriate for investors who:
want income for current use
are investing for short-term goals
own or plan to own other types of investments to diversify their holdings
3
<PAGE>
The Fund may not be appropriate for investors who:
want high growth potential
are more comfortable with bank guaranteed investments.
AN INVESTMENT IN THE FUND IS NOT INSURED OR GUARANTEED BY THE US GOVERNMENT.
THERE IS NO GUARANTEE THAT THE FUND WILL BE ABLE TO MAINTAIN A CONSTANT NET
ASSET VALUE OF $1.00 PER SHARE.
A look at the Fund's performance
The following bar chart and table show how the performance of the Money Market
Fund has varied since its launch on March 29, 1988. We introduced Investor Class
shares of the Fund on July 31, 1998. Performance figures for Investor Class
shares before that date are based on Premier Class shares of the Fund. Since
Investor Class shares have higher expenses, their performance figures would have
been lower.
These performance figures assume all distributions are reinvested in the Fund.
Certain of the companies that provide services to the Fund have agreed not to
collect some expenses and to reimburse others. Without these agreements, the
performance figures would be lower than shown.
THE FUND'S PAST PERFORMANCE DOES NOT NECESSARILY INDICATE HOW IT WILL PERFORM IN
THE FUTURE.
4
<PAGE>
Year-by-year performance
The following bar chart shows the Fund's returns year by year since its launch
in 1988.
[Bar chart omitted]
Year Return (%)
1988 6.65
1989 8.91
1990 7.80
1991 6.01
1992 3.51
1993 2.60
1994 3.77
1995 5.57
1996 5.06
1997 5.18
5
<PAGE>
During the period shown in the bar chart, the highest quarterly return was 2.28%
(for the quarter ending June 30, 1989). The lowest quarterly return was 0.44%
(for the quarter ending March 31, 1998).
Average annual total returns
The following table shows the Fund's average annual returns for the year ending
March 31, 1998 and for the life of the Fund. It also compares these returns to
the [benchmark index]. This is a widely recognized benchmark that tracks the
prices of [treasury bills].
One year, ending Mar 31/98
Chase Money Market Fund: 4.37%; [Benchmark index] 00.00%
Five years, ending Mar 31/98
Chase Money Market Fund: 4.08%; [Benchmark index] 00.00%
Since inception Mar 29/88
Chase Money Market Fund: 5.42%; [Benchmark index] 00.00%
Fees and expenses of the Fund
The following table shows the estimated fees and expenses you might pay for the
current fiscal year if you buy shares of the Money Market Fund.
6
<PAGE>
Fees investors pay directly
Maximum sales charge (load) when buying your shares None
Maximum deferred sales charge (load) when selling your shares None
Fee for selling your shares None Fee to switch between Funds None
Annual fees and expenses deducted from the Fund's assets
Management fees 0.30%
Distribution (12b-1) and service fees 0.10%
Other expenses* 0.40%
Total annual Fund operating expenses* 0.80%
* The Fund's investment adviser, The Chase Manhattan Bank (Chase), and certain
of the Fund's other service providers have agreed not to collect some expenses
and to reimburse others. As a result of this agreement, Other expenses for this
fiscal year will not exceed 0.20% and Total annual Fund operating expenses for
this fiscal year will not exceed 0.60%. Chase and such other service providers
have agreed to keep expenses at this lower level until at least December 31,
1998.
7
<PAGE>
Example
This example is intended to help you compare the cost of investing in the Money
Market Fund with the cost of investing in other mutual Funds.
This example assumes:
you invest $10,000
you sell all your shares at the end of the period your investment has a 5%
return each year, and the Fund's operating expenses remain the same as shown
above.
Under these assumptions your costs would be:
<TABLE>
<CAPTION>
Number of years: Costs:
---------------- ------
<S> <C>
1 $ 61
3 $192
5 $335
10 $939
</TABLE>
THIS IS AN EXAMPLE ONLY. YOUR ACTUAL COSTS MAY BE HIGHER OR LOWER, DEPENDING ON
THE AMOUNT YOU INVEST AND THE FUND'S ACTUAL RATE OF RETURN.
The Fund's investment adviser and portfolio manager
Chase is the investment adviser to the Money Market Fund. Chase is a wholly
owned subsidiary of The Chase Manhattan Corporation (CMC), a bank holding
company. Chase and its predecessors have more than a century of money management
experience. Chase Bank of Texas (Chase Texas), a wholly owned subsidiary of CMC,
is sub-investment adviser to the Fund.
The portfolio manager is Guy Barba, a Senior Investment Officer at Chase Texas.
He has managed the portfolio since April 1993. Mr. Barba has worked for Chase
Texas since 1988.
8
<PAGE>
How to buy shares
You can buy shares in the Fund three ways:
directly through the Fund's distributor by calling the Chase Funds Service
Center
through the Systematic Investment Plan
through your financial adviser.
There is no sales charge to buy shares. The minimum initial investment is:
$2,500 for regular accounts
$1,000 for traditional Individual Retirement Accounts (IRAs), Roth IRAs, SEP
IRAs and for Systematic Investment Plans
$500 for Education IRAs
$25 for Simple IRAs.
You can make additional investments at any time for as little as $100, or $25
for Simple IRAs.
9
<PAGE>
How to sell shares
You can sell your shares any day the New York Stock Exchange is open for
business. You can sell them:
directly to the Fund, or
through your financial adviser.
If you want to sell your shares directly to the Fund, call the Chase Funds
Service Center.
Distributions and taxes
The Fund pays distributions of net investment income to shareholders at least
monthly.
The Fund distributes any net investment income among shareholders at least
monthly. It distributes any net capital gain at least annually. The Fund's
distributions will primarily consist of net investment income.
You have two options for your distributions. You may:
reinvest them in additional shares of the Fund, or
take all distributions in cash.
You can change your distribution option by calling the Chase Funds Service
Center. If you don't select any option, we'll reinvest all your distributions.
Distributions may be taxed as ordinary income or capital gain. You may have to
pay capital gain tax at different rates, depending on how long the Fund held the
assets before selling them.
Consult your tax adviser for details about how your investment could affect the
taxes you pay.
10
<PAGE>
Other services available
The Systematic Investment Plan
You can make regular investments of $100 or more through automatic deductions
from your bank account. You must make an initial deposit of at least $1,000 to
get the plan started. If you're a new investor in the Fund, simply complete the
Systematic Investment Plan section of the account application. If you're already
investing in the Fund, you can start the plan by sending a signed letter and a
deposit slip or a check marked "void" to the Chase Funds Service Center.
The Systematic Withdrawal Plan
You can make regular withdrawals of $50 or more from your investment account
every month, every quarter or twice a year. You need a minimum account balance
of $5,000. Call the Chase Funds Service Center for complete instructions.
Selling your shares by phone
You can sell your shares by phone. Just call the Chase Funds Service Center for
step-by-step instructions.
Exchanging your shares by phone
You can exchange shares of the Money Market Fund for shares of other Chase Funds
by calling the Chase Funds Service Center. Federal income tax rules treat an
exchange the same as a sale of shares. This usually results in a capital gain or
a capital loss. You should carefully read a Profile of the other Chase Funds
before investing.
11
<PAGE>
How to contact us
If you have any questions or want copies of any publications related to this
Fund:
call the Chase Funds Service Center at 1-888-524-2730
or
check our web site at www.chasefunds.com
12
<PAGE>
Mutual Fund Investment Trust (formerly AVESTA Trust)
One Chase Manhattan Plaza, Third Floor
New York, NY 10081
File Nos. 33-9421
811-5526
Chase Funds
Fund Profile
July 31, 1998
Chase Short-Intermediate Term US Government Securities Fund
Investor Class Shares
This profile is a summary of key information about the Fund. Before you invest,
you may also want to read the Fund prospectus. It contains more complete
information, including a
13
<PAGE>
detailed description of the risks you should consider before investing in the
Fund. You can get the prospectus, annual and semi-annual reports and other
information free of charge by calling the Chase Funds Service Center at
1-888-524-2730.
The prospectus and other information are also available on our Internet web
site, at www.chasefunds.com
AN INVESTMENT IN THE FUND IS NOT A BANK DEPOSIT OF THE CHASE MANHATTAN BANK OR
ANY OF ITS AFFILIATES. IT IS NOT INSURED OR GUARANTEED BY THE FEDERAL DEPOSIT
INSURANCE CORPORATION OR ANY OTHER GOVERNMENT AGENCY.
What the Fund aims to do
The Fund aims to provide a high level of current income while considering
preservation of capital.
The Fund's main investment strategies
The Fund invests primarily in shorter-term fixed income securities issued by the
US government or its agencies. Normally, the Fund invests at least 70% of its
total assets in these fixed income securities. The Fund's dollar weighted
average maturity, calculated at the time of new purchases, will normally be
between two and five years. The Fund may invest in mortgage-backed securities
issued or guaranteed by agencies of the US Government.
14
<PAGE>
Annual and semi-annual reports
You can find out more about the Fund's investments in the annual and semi-annual
reports the Fund prepares for its shareholders. Both reports examine the market
conditions and investment strategies that have had a significant effect on the
Fund's performance during the period covered.
The main risks of investing in the Short-Intermediate Term US Government
Securities Fund
The price of any of the Fund's investments could fall when interest rates rise.
This effect will be more pronounced for the Fund's mortgage-related securities
and securities with longer maturities, since these are more sensitive to
interest rate changes.
While some of the investments in the Fund may guarantee their principal and
interest, these guarantees don't apply to the market value of those investments
or to the value of the Fund's shares.
Who might want to invest in the Fund
The Short-Intermediate Term US Government Securities Fund may be appropriate for
investors who:
want income for current use
are investing for shorter-term goals
own or plan to own other types of investments to diversify their holdings
are able to handle some interest rate risk.
15
<PAGE>
The Fund may not be appropriate for investors who:
are not able to tolerate up and down changes in the price of the Fund
want high growth potential.
A look at the Fund's performance
The following bar chart and table show how the performance of the
Short-Intermediate Term US Government Securities Fund has varied since its
launch on April 1, 1993. We introduced Investor Class shares of the Fund on July
31, 1998. Performance figures for Investor Class shares before that date are
based on Premier Class shares of the Fund. Since Investor Class shares have
higher expenses, their performance figures would have been lower.
These performance figures assume all distributions are reinvested in the Fund.
Certain of the companies that provide services to the Fund have agreed not to
collect some expenses and to reimburse others. Without these agreements, the
performance figures would be lower than shown.
THE FUND'S PAST PERFORMANCE DOES NOT NECESSARILY INDICATE HOW IT WILL PERFORM IN
THE FUTURE.
16
<PAGE>
Year-by-year performance
The following bar chart shows the Fund's returns year by year since its launch
in 1993.
[Bar chart omitted]
Year Return (%)
1993 2.43
1994 -1.95
1995 12.01
1996 2.68
1997 6.30
17
<PAGE>
During the period shown in the bar chart, the highest quarterly return was 4.07%
(for the quarter ending June 30, 1995). The lowest quarterly return was -1.35%
(for the quarter ending March 31, 1994).
Average annual total returns
The following table shows the Fund's average annual returns for the year ending
March 31, 1998 and for the life of the Fund. It also compares these returns to
the [benchmark index]. This is a widely recognized benchmark that tracks the
prices of [bonds].
<TABLE>
<CAPTION>
One year,
ending Mar 31/98
<S> <C>
Chase Short-Intermediate Term
US Government Securities Fund: 7.47%
Benchmark Index: 00.00%
Since inception,
Apr 1/93
Chase Short-Intermediate Term
US Government Securities Fund: 4.65%
Benchmark Index: 00.00%
</TABLE>
18
<PAGE>
Fees and expenses of the Fund
The following table shows the estimated fees and expenses you might pay for the
current fiscal year if you buy shares of the Short-Intermediate Term US
Government Securities Fund.
19
<PAGE>
Fees investors pay directly
Maximum sales charge (load) when buying your shares None
Maximum deferred sales charge (load) when selling your shares None
Fee for selling your shares None
Fee to switch between Funds None
Annual fees and expenses deducted from the Fund's assets
Management fees 0.50%
Distribution (12b-1) and service fees 0.25%
Other expenses* 1.03%
Total annual Fund operating expenses* 1.78%
* The Fund's investment adviser, The Chase Manhattan Bank (Chase), and certain
of the Fund's other service providers have agreed not to collect some expenses
and to reimburse others. As a result of this agreement, Other expenses for this
fiscal year will not exceed 0.25% and Total annual Fund operating expenses for
this fiscal year will not exceed 1.00%. Chase and such other service providers
have agreed to keep expenses at this lower level until at least December 31,
1998.
20
<PAGE>
Example
This example is intended to help you compare the cost of investing in the
Short-Intermediate Term US Government Securities Fund with the cost of investing
in other mutual Funds.
This example assumes:
you invest $10,000
you sell all your shares at the end of the period
your investment has a 5% return each year, and
the Fund's operating expenses remain the same as shown above.
Under these assumptions your costs would be:
<TABLE>
<CAPTION>
Number of years: Costs:
<S> <C>
1 $102
3 $318
5 $552
10 $1,295
</TABLE>
THIS IS AN EXAMPLE ONLY. YOUR ACTUAL COSTS MAY BE HIGHER OR LOWER, DEPENDING ON
THE AMOUNT YOU INVEST AND THE FUND'S ACTUAL RATE OF RETURN.
The Fund's investment adviser and portfolio manager
Chase is the investment adviser to the Short-Intermediate Term US Government
Securities Fund. Chase is a wholly owned subsidiary of The Chase Manhattan
Corporation (CMC), a bank holding company. Chase and its predecessors have more
than a century of
money management experience. Chase Bank of Texas (Chase Texas), a wholly owned
subsidiary of CMC, is sub-investment adviser to the Fund.
The portfolio manager is Guy Barba, a Senior Investment Officer at Chase Texas.
He has managed the portfolio since its inception on April 1, 1993. Mr. Barba has
worked for Chase Texas since 1988.
21
<PAGE>
How to buy shares
You can buy shares in the Fund three ways:
directly through the Fund's distributor by calling the Chase Funds Service
Center
through the Systematic Investment Plan
through your financial adviser.
There is no sales charge to buy shares. The minimum initial investment is:
$2,500 for regular accounts
$1,000 for traditional Individual Retirement Accounts (IRAs), Roth IRAs, SEP
IRAs and for Systematic Investment Plans
$500 for Education IRAs
$25 for Simple IRAs.
You can make additional investments at any time for as little as $100, or $25
for Simple IRAs.
22
<PAGE>
How to sell shares
You can sell your shares any day the New York Stock Exchange is open for
business. You can sell them:
directly to the Fund, or
through your financial adviser.
If you want to sell your shares directly to the Fund, call the Chase Funds
Service Center.
Distributions and taxes
The Fund pays two types of distributions: net investment income and net capital
gain.
The Fund distributes any net investment income among shareholders at least
monthly. It distributes any net capital gain at least annually. The Fund's
distributions will primarily consist of net investment income.
You have three options for your distributions. You may:
reinvest them in additional shares of the Fund, or
take your distributions from investment income in cash and reinvest
distributions from capital gain in additional shares, or
take all distributions in cash.
You can change your distribution option by calling the Chase Funds Service
Center. If you don't select any option, we'll reinvest all your distributions.
Distributions may be taxed as ordinary income or capital gain. You may have to
pay capital gain tax at different rates, depending on how long the Fund held the
assets before selling them.
Consult your tax adviser for details about how your investment could affect the
taxes you pay.
23
<PAGE>
Other services available
The Systematic Investment Plan
You can make regular investments of $100 or more through automatic deductions
from your bank account. You must make an initial deposit of at least $1,000 to
get the plan started. If you're a new investor in the Fund, simply complete the
Systematic Investment Plan section of the account application. If you're already
investing in the Fund, you can start the plan by sending a signed letter and a
deposit slip or a check marked "void" to the Chase Funds Service Center.
The Systematic Withdrawal Plan
You can make regular withdrawals of $50 or more from your investment account
every month, every quarter or twice a year. You need a minimum account balance
of $5,000. Call the Chase Funds Service Center for complete instructions.
Selling your shares by phone
You can sell your shares by phone. Just call the Chase Funds Service Center for
step-by-step instructions.
Exchanging your shares by phone
You can exchange shares of the Short-Intermediate Term US Government Securities
Fund for shares of other Chase Funds by calling the Chase Funds Service Center.
Federal income tax rules treat an exchange the same as a sale of shares. This
usually results in a capital gain or a capital loss. You should carefully read a
Profile of the other Chase Funds before exchanging.
24
<PAGE>
How to contact us
If you have any questions or want copies of any publications related to this
Fund:
call the Chase Funds Service Center at 1-888-524-2730
or
check our web site at www.chasefunds.com
25
<PAGE>
Mutual Fund Investment Trust (formerly AVESTA Trust)
One Chase Manhattan Plaza, Third Floor
New York, NY 10081
File Nos. 33-9421
811-5526
Chase Funds
Fund Profile
July 31, 1998
Chase Intermediate Term Bond Fund
Investor Class Shares
This profile is a summary of key information about the Fund. Before you invest,
you may also want to read the Fund prospectus. It contains more complete
information, including a detailed description of the risks you should consider
before investing in the Fund. You can
26
<PAGE>
get the prospectus, annual and semi-annual reports and other information free of
charge by calling the Chase Funds Service Center at 1-888-524-2730.
The prospectus and other information are also available on our Internet web
site, at www.chasefunds.com
AN INVESTMENT IN THE FUND IS NOT A BANK DEPOSIT OF THE CHASE MANHATTAN BANK OR
ANY OF ITS AFFILIATES. IT IS NOT INSURED OR GUARANTEED BY THE FEDERAL DEPOSIT
INSURANCE CORPORATION OR ANY OTHER GOVERNMENT AGENCY.
What the Fund aims to do
The Fund aims to invest in securities that earn income for current use while
considering stability of principal.
The Fund's main investment strategies
The Fund invests primarily in intermediate term fixed income securities. These
include bonds, notes and debentures of US and foreign issuers, US Government
securities, mortgages and preferred stocks. Normally, the Fund invests at least
70% of its total assets in these fixed income securities. The Fund will maintain
a dollar weighted average portfolio maturity ranging from three to 10 years. The
Fund will invest in debt securities only if they are rated investment grade or
if they are unrated securities which the Fund adviser considers comparable to
investment grade. The Fund may also invest in derivatives and in fixed income
securities of foreign issuers.
27
<PAGE>
Annual and semi-annual reports
You can find out more about the Fund's investments in the annual and semi-annual
reports the Fund prepares for its shareholders. Both reports examine the market
conditions and investment strategies that have had a significant effect on the
Fund's performance during the period covered.
The main risks of investing in the Intermediate Term Bond Fund
The price of any of the Fund's investments could fall when interest rates rise.
This effect will be more pronounced for the Fund's mortgage-related securities
and securities with longer maturities, since these are more sensitive to
interest rate changes.
Foreign securities may be riskier than those issued in the United States. That
could be, in part, because of currency fluctuations, more limited trading,
political or economic instability, or regulations that don't match US standards.
Derivatives could reduce returns, result in losses, or increase the size and
frequency of price changes.
Who might want to invest in the Fund
The Intermediate Term Bond Fund may be appropriate for investors who:
want income for current use
are investing for goals three to five years away
own or plan to own other types of investments to diversify their holdings
are able to handle interest rate risk.
28
<PAGE>
The Fund may not be appropriate for investors who:
are not able to tolerate up and down changes in the price of the Fund
are investing for short-term goals
want high growth potential.
A look at the Fund's performance
The following bar chart and table show how the performance of the Intermediate
Term Bond Fund has varied since its launch on October 3, 1994. We introduced
Investor Class shares of the Fund on July 31, 1998. Performance figures for
Investor Class shares before that date are based on Premier Class shares of the
Fund. Since Investor Class shares have higher expenses, their performance
figures would have been lower.
These performance figures assume all distributions are reinvested in the Fund.
Certain of the companies that provide services to the Fund have agreed not to
collect some expenses and to reimburse others. Without these agreements, the
performance figures would be lower than shown.
THE FUND'S PAST PERFORMANCE DOES NOT NECESSARILY INDICATE HOW IT WILL PERFORM IN
THE FUTURE.
29
<PAGE>
Year-by-year performance
The following bar chart shows the Fund's returns year by year since its launch
in 1994.
[Bar chart omitted]
Year Return (%)
---- ----------
1994 0.08
1995 16.79
1996 1.86
1997 7.26
30
<PAGE>
During the period shown in the bar chart, the highest quarterly return was 5.99%
(for the quarter ending June 30, 1995). The lowest quarterly return was -2.15%
(for the quarter ending March 31, 1996).
Average annual total returns
The following table shows the Fund's average annual returns for the year ending
March 31, 1998 and for the life of the Fund. It also compares these returns to
the [benchmark index]. This is a widely recognized benchmark that tracks the
prices of [bonds].
One year, ending Mar 31/98
Chase Intermediate Term Bond Fund: 9.56%; [Benchmark index] 00.00%
Since inception, Apr 1/93
Chase Intermediate Term Bond Fund: 7.64%; [Benchmark index] 00.00%
31
<PAGE>
Fees and expenses of the Fund
The following table shows the estimated fees and expenses you might pay for the
current fiscal year if you buy shares of the Intermediate Term Bond Fund.
Fees investors pay directly
Maximum sales charge (load) when buying your shares None
Maximum deferred sales charge (load) when selling your shares None
Fee for selling your shares None
Fee to switch between Funds None
Annual fees and expenses deducted from the Fund's assets
Management fees 0.50%
Distribution (12b-1) and service fees 0.25%
Other expenses* 1.14%
Total annual Fund operating expenses* 1.89%
* The Fund's investment adviser, The Chase Manhattan Bank (Chase), and certain
of the Fund's other service providers have agreed not to collect some expenses
and to reimburse
others. As a result of this agreement, Other expenses for this fiscal year will
not exceed 0.25% and Total annual Fund operating expenses for this fiscal year
will not exceed 1.00%. Chase and such other service providers have agreed to
keep expenses at this lower level until at least December 31, 1998.
32
<PAGE>
Example
This example is intended to help you compare the cost of investing in the
Intermediate Term Bond Fund with the cost of investing in other mutual Funds.
This example assumes:
you invest $10,000
you sell all your shares at the end of the period
your investment has a 5% return each year, and
the Fund's operating expenses remain the same as shown above.
Under these assumptions your costs would be:
<TABLE>
<CAPTION>
Number of years: Costs:
---------------- ------
<S> <C>
1 $ 102
3 $ 318
5 $ 552
10 $1,295
</TABLE>
0
THIS IS AN EXAMPLE ONLY. YOUR ACTUAL COSTS MAY BE HIGHER OR LOWER, DEPENDING ON
THE AMOUNT YOU INVEST AND THE FUND'S ACTUAL RATE OF RETURN.
The Fund's investment adviser and portfolio manager
Chase is the investment adviser to the Intermediate Term Bond Fund. Chase is a
wholly owned subsidiary of The Chase Manhattan Corporation (CMC), a bank holding
company. Chase and its predecessors have more than a century of money management
experience. Chase Bank of Texas (Chase Texas), a wholly owned subsidiary of CMC,
is sub-investment adviser to the Fund.
The portfolio manager is H. Mitchell Harper, a Senior Investment Officer at
Chase Texas. He has managed the portfolio since its inception on April 1, 1993.
Mr. Harper has worked for Chase Texas since 1987.
33
<PAGE>
How to buy shares
You can buy shares in the Fund three ways:
directly through the Fund's distributor by calling the Chase Funds Service
Center
through the Systematic Investment Plan
through your financial adviser.
There is no sales charge to buy shares. The minimum initial investment is:
$2,500 for regular accounts
$1,000 for traditional Individual Retirement Accounts (IRAs), Roth IRAs, SEP
IRAs and for Systematic Investment Plans
$500 for Education IRAs
$25 for Simple IRAs.
You can make additional investments at any time for as little as $100, or $25
for Simple IRAs.
34
<PAGE>
How to sell shares
You can sell your shares any day the New York Stock Exchange is open for
business. You can sell them:
directly to the Fund, or
through your financial adviser.
If you want to sell your shares directly to the Fund, call the Chase Funds
Service Center.
Distributions and taxes
The Fund pays two types of distributions: net investment income and net capital
gain.
The Fund distributes any net investment income among shareholders at least
monthly. It distributes any net capital gain at least annually. The Fund's
distributions will primarily consist of net investment income.
You have three options for your distributions. You may:
reinvest them in additional shares of the Fund, or
take your distributions from investment income in cash and reinvest
distributions from capital gain in additional shares, or
take all distributions in cash.
You can change your distribution option by calling the Chase Funds Service
Center. If you don't select any option, we'll reinvest all your distributions.
Distributions may be taxed as ordinary income or capital gain. You may have to
pay capital gain tax at different rates, depending on how long the Fund held the
assets before selling them.
Consult your tax adviser for details about how your investment could affect the
taxes you pay.
35
<PAGE>
Other services available
The Systematic Investment Plan
You can make regular investments of $100 or more through automatic deductions
from your bank account. You must make an initial deposit of at least $1,000 to
get the plan started. If you're a new investor in the Fund, simply complete the
Systematic Investment Plan section of the account application. If you're already
investing in the Fund, you can start the plan by sending a signed letter and a
deposit slip or a check marked "void" to the Chase Funds Service Center.
The Systematic Withdrawal Plan
You can make regular withdrawals of $50 or more from your investment account
every month, every quarter or twice a year. You need a minimum account balance
of $5,000. Call the Chase Funds Service Center for complete instructions.
Selling your shares by phone
You can sell your shares by phone. Just call the Chase Funds Service Center for
step-by-step instructions.
Exchanging your shares by phone
You can exchange shares of the Intermediate Term Bond Fund for shares of other
Chase Funds by calling the Chase Funds Service Center. Federal income tax rules
treat an exchange the same as a sale of shares. This usually results in a
capital gain or a capital loss. You should carefully read a Profile of the other
Chase Funds before exchanging.
36
<PAGE>
How to contact us
If you have any questions or want copies of any publications related to this
Fund:
call the Chase Funds Service Center at 1-888-524-2730
or
check our web site at www.chasefunds.com
37
<PAGE>
Mutual Fund Investment Trust (formerly AVESTA Trust)
One Chase Manhattan Plaza, Third Floor
New York, NY 10081
File Nos. 33-9421
811-5526
Chase Funds
Fund Profile
July 31, 1998
Chase US Government Securities Fund
Investor Class Shares
This profile is a summary of key information about the Fund. Before you invest,
you may also want to read the Fund prospectus. It contains more complete
information, including a detailed description of the risks you should consider
before investing in the Fund. You can
38
<PAGE>
get the prospectus, annual and semi-annual reports and other information free of
charge by calling the Chase Funds Service Center at 1-888-524-2730.
The prospectus and other information are also available on our Internet web
site, at www.chasefunds.com
AN INVESTMENT IN THE FUND IS NOT A BANK DEPOSIT OF THE CHASE MANHATTAN BANK OR
ANY OF ITS AFFILIATES. IT IS NOT INSURED OR GUARANTEED BY THE FEDERAL DEPOSIT
INSURANCE CORPORATION OR ANY OTHER GOVERNMENT AGENCY.
What the Fund aims to do
The Fund aims to provide income for current use while emphasizing preservation
of capital.
The Fund's main investment strategies
The Fund invests primarily in fixed income securities issued or guaranteed by
the US government or its agencies. Normally, the Fund invests at least 70% of
its total assets in these fixed income securities. The Fund may invest in
mortgage-backed securities issued or guaranteed by agencies of the US
Government. Normally, the Fund's portfolio will have a dollar weighted average
maturity of between five and fifteen years.
39
<PAGE>
Annual and semi-annual reports
You can find out more about the Fund's investments in the annual and semi-annual
reports the Fund prepares for its shareholders. Both reports examine the market
conditions and investment strategies that have had a significant effect on the
Fund's performance during the period covered.
The main risks of investing in the US Government Securities Fund
The price of any of the Fund's investments could fall when interest rates rise.
This effect will be more pronounced for the Fund's mortgage-related securities
and securities with longer maturities, since these are more sensitive to
interest rate changes.
While some of the investments in the Fund may guarantee their principal and
interest, these guarantees don't apply to the market value of those investments
or to the value of the Fund's shares.
Who might want to invest in the Fund
The US Government Securities Fund may be appropriate for investors who:
want income for current use
are investing for goals several years away
own or plan to own other types of investments to diversify their holdings
are able to handle interest rate risk.
40
<PAGE>
The Fund may not be appropriate for investors who:
are not able to tolerate up and down changes in the price of the Fund
are investing for short-term goals
want high growth potential.
A look at the Fund's performance
The following bar chart and table show how the performance of the US Government
Securities Fund has varied since its launch on April 1, 1993. We introduced
Investor Class shares of the Fund on July 31, 1998. Performance figures for
Investor Class shares before that date are based on Premier Class shares of the
Fund. Since Investor Class shares have higher expenses, their performance
figures would have been lower.
These performance figures assume all distributions are reinvested in the Fund.
Certain of the companies that provide services to the Fund have agreed not to
collect some expenses and to reimburse others. Without these agreements, the
performance figures would be lower than shown.
THE FUND'S PAST PERFORMANCE DOES NOT NECESSARILY INDICATE HOW IT WILL PERFORM IN
THE FUTURE.
41
<PAGE>
Year-by-year performance
The following bar chart shows the Fund's returns year by year since its launch
in 1993.
[Bar chart omitted]
<TABLE>
<CAPTION>
Year Return (%)
---- ----------
<S> <C>
1993 9.12
1994 -8.39
1995 30.11
1996 -1.89
1997 9.55
</TABLE>
42
<PAGE>
During the period shown in the bar chart, the highest quarterly return was
10.36% (for the quarter ending June 30, 1995). The lowest quarterly return was
- -6.79% (for the quarter ending March 31, 1996).
Average annual total returns
The following table shows the Fund's average annual returns for the year ending
March 31, 1998 and for the life of the Fund. It also compares these returns to
the [benchmark index]. This is a widely recognized benchmark that tracks the
prices of [bonds].
One year, ending Mar 31/98
Chase US Government Securities Fund: 15.33%; [Benchmark index]: 00.00%
Since inception, Apr 1/93
Chase US Government Securities Fund: 7.25%; [Benchmark index]: 00.00%
Fees and expenses of the Fund
The following table shows the estimated fees and expenses you might pay for the
current fiscal year if you buy shares of the US Government Securities Fund.
43
<PAGE>
Fees investors pay directly
Maximum sales charge (load) when buying your shares None
Maximum deferred sales charge (load) when selling your shares None
Fee for selling your shares None
Fee to switch between Funds None
Annual fees and expenses deducted from the Fund's assets
Management fees 0.50%
Distribution (12b-1) and service fees 0.25%
Other expenses* 2.81%
Total annual Fund operating expenses* 3.56%
* The Fund's investment adviser, The Chase Manhattan Bank (Chase), and certain
of the Fund's other service providers have agreed not to collect some expenses
and to reimburse others. As a result of this agreement, Other expenses for this
fiscal year will not exceed 0.25% and Total annual Fund operating expenses for
this fiscal year will not exceed 1.00%. Chase and such other service providers
have agreed to keep expenses at this lower level until at least December 31,
1998.
44
<PAGE>
Example
This example is intended to help you compare the cost of investing in the US
Government Securities Fund with the cost of investing in other mutual Funds.
This example assumes:
you invest $10,000
you sell all your shares at the end of the period
your investment has a 5% return each year, and
the Fund's operating expenses remain the same as shown above.
Under these assumptions your costs would be:
<TABLE>
<CAPTION>
Number of years: Costs:
---------------- ------
<S> <C>
1 $ 102
3 $ 318
5 $ 552
10 $1,295
</TABLE>
THIS IS AN EXAMPLE ONLY. YOUR ACTUAL COSTS MAY BE HIGHER OR LOWER, DEPENDING ON
THE AMOUNT YOU INVEST AND THE FUND'S ACTUAL RATE OF RETURN.
The Fund's investment adviser and portfolio manager
Chase is the investment adviser to the US Government Securities Fund. Chase is a
wholly owned subsidiary of The Chase Manhattan Corporation (CMC), a bank holding
company. Chase and its predecessors have more than a century of money management
experience. Chase Bank of Texas (Chase Texas), a wholly owned subsidiary of CMC,
is sub-investment adviser to the Fund.
The portfolio manager is John Miller, a Senior Investment Officer at Chase
Texas. He has managed the portfolio since June 1995. Mr. Miller has worked for
Chase Texas since 1986.
45
<PAGE>
How to buy shares
You can buy shares in the Fund three ways:
directly through the Fund's distributor by calling the Chase Funds Service
Center
through the Systematic Investment Plan
through your financial adviser.
There is no sales charge to buy shares. The minimum initial investment is:
$2,500 for regular accounts
$1,000 for traditional Individual Retirement Accounts (IRAs), Roth IRAs, SEP
IRAs and for Systematic Investment Plans
$500 for Education IRAs
$25 for Simple IRAs.
You can make additional investments at any time for as little as $100, or $25
for Simple IRAs.
46
<PAGE>
How to sell shares
You can sell your shares any day the New York Stock Exchange is open for
business. You can sell them:
directly to the Fund, or
through your financial adviser.
If you want to sell your shares directly to the Fund, call the Chase Funds
Service Center.
Distributions and taxes
The Fund pays two types of distributions: net investment income and net capital
gain.
The Fund distributes any net investment income among shareholders at least
monthly. It distributes any net capital gain at least annually. The Fund's
distributions will primarily consist of net investment income.
You have three options for your distributions. You may:
reinvest them in additional shares of the Fund, or
take your distributions from investment income in cash and reinvest
distributions from capital gain in additional shares, or
take all distributions in cash.
You can change your distribution option by calling the Chase Funds Service
Center. If you don't select any option, we'll reinvest all your distributions.
Distributions may be taxed as ordinary income or capital gain. You may have to
pay capital gain tax at different rates, depending on how long the Fund held the
assets before selling them.
Consult your tax adviser for details about how your investment could affect the
taxes you pay.
47
<PAGE>
Other services available
The Systematic Investment Plan
You can make regular investments of $100 or more through automatic deductions
from your bank account. You must make an initial deposit of at least $1,000 to
get the plan started. If you're a new investor in the Fund, simply complete the
Systematic Investment Plan section of the account application. If you're already
investing in the Fund, you can start the plan by sending a signed letter and a
deposit slip or a check marked "void" to the Chase Funds Service Center.
The Systematic Withdrawal Plan
You can make regular withdrawals of $50 or more from your investment account
every month, every quarter or twice a year. You need a minimum account balance
of $5,000. Call the Chase Funds Service Center for complete instructions.
Selling your shares by phone
You can sell your shares by phone. Just call the Chase Funds Service Center for
step-by-step instructions.
Exchanging your shares by phone
You can exchange shares of the US Government Securities Fund for shares of other
Chase Funds by calling the Chase Funds Service Center. Federal income tax rules
treat an exchange the same as a sale of shares. This usually results in a
capital gain or a capital loss. You should carefully read a Profile of the other
Chase Funds before exchanging.
48
<PAGE>
How to contact us
If you have any questions or want copies of any publications related to this
Fund:
call the Chase Funds Service Center at 1-888-524-2730
or
check our web site at www.chasefunds.com
49
<PAGE>
Mutual Fund Investment Trust (formerly AVESTA Trust)
One Chase Manhattan Plaza, Third Floor
New York, NY 10081
File Nos. 33-9421
811-5526
Chase Funds
Fund Profile
July 31, 1998
Chase Balanced Fund
Investor Class Shares
This profile is a summary of key information about the Fund. Before you invest,
you may also want to read the Fund prospectus. It contains more complete
information, including a detailed description of the risks you should consider
before investing in the Fund. You can
50
<PAGE>
get the prospectus, annual and semi-annual reports and other information free of
charge by calling the Chase Funds Service Center at 1-888-524-2730.
The prospectus and other information are also available on our Internet web
site, at www.chasefunds.com
AN INVESTMENT IN THE FUND IS NOT A BANK DEPOSIT OF THE CHASE MANHATTAN BANK OR
ANY OF ITS AFFILIATES. IT IS NOT INSURED OR GUARANTEED BY THE FEDERAL DEPOSIT
INSURANCE CORPORATION OR ANY OTHER GOVERNMENT AGENCY.
What the Fund aims to do
The Fund aims to provide a balance of current income and growth of capital.
The Fund's main investment strategies
Normally, the Fund invests 30% to 70% of its total assets in equity-based
securities. These include common stocks and securities that can be converted
into common stocks. The Fund invests primarily in companies with a market
capitalization of more than $500 million. The Fund normally invests at least 25%
of its total assets in US Government securities and fixed income securities,
including mortgage-related securities. The Fund invests in fixed income
securities only if they are investment grade or the adviser considers them to be
investment grade. The Fund's adviser may change the mix of equity and fixed
income securities as market conditions change. The Fund may invest up to 30% of
its total assets in foreign securities.
51
<PAGE>
Annual and semi-annual reports
You can find out more about the Fund's investments in the annual and semi-annual
reports the Fund prepares for its shareholders. Both reports examine the market
conditions and investment strategies that have had a significant effect on the
Fund's performance during the period covered.
The main risks of investing in the Balanced Fund
The price of any of the Fund's investments could fall.
The price of securities issued by mid capitalization companies could fall
farther and faster than securities issued by larger companies. This is because
the securities of mid-sized companies often trade less frequently and in lower
volume than the securities of larger companies.
The value of the Fund's fixed income securities will be affected by changes in
interest rates. The effect will be more pronounced for the Fund's
mortgage-related securities and securities with longer maturities because these
are more sensitive to interest rate changes.
Foreign securities may be riskier than those issued in the United States. That
could be, in part, because of currency fluctuations, more limited trading,
political or economic instability, or regulations that don't match US standards.
Who might want to invest in the Fund
The Balanced Fund may be appropriate for investors who:
want both income and the potential for growth
are investing for goals at least three to five years away
own or plan to own other types of investments to diversify their holdings
are able to handle stock and bond market risks.
52
<PAGE>
The Fund may not be appropriate for investors who:
are not able to tolerate some up and down changes in the price of the Fund
are investing for short-term goals
want high growth potential.
A look at the Fund's performance
The following bar chart and table show how the performance of the Balanced Fund
has varied since its launch on March 29, 1988. We introduced Investor Class
shares of the Fund on July 31, 1998. Performance figures for Investor Class
shares before that date are based on Premier Class shares of the Fund. Since
Investor Class shares have higher expenses, their performance figures would have
been lower.
These performance figures assume all distributions are reinvested in the Fund.
Certain of the companies that provide services to the Fund have agreed not to
collect some expenses and to reimburse others. Without these agreements, the
performance figures would be lower than shown.
THE FUND'S PAST PERFORMANCE DOES NOT NECESSARILY INDICATE HOW IT WILL PERFORM IN
THE FUTURE.
53
<PAGE>
Year-by-year performance
The following bar chart shows the Fund's returns year by year since its launch
in 1988.
[Bar chart omitted]
<TABLE>
<CAPTION>
Year Return (%)
---- ----------
<S> <C>
1988 5.75
1989 18.26
1990 1.34
1991 24.16
1992 5.32
1993 6.01
1994 -2.27
1995 23.83
1996 9.66
1997 23.67
</TABLE>
54
<PAGE>
During the period shown in the bar chart, the highest quarterly return was
12.12% (for the quarter ending June 30, 1997). The lowest quarterly return was
- -5.37% (for the quarter ending September 30, 1990).
Average annual total returns
The following table shows the Fund's average annual returns for the year ending
March 31, 1998 and for the life of the Fund. It also compares these returns to
the Standard & Poor's Composite Index of 500 Stocks (S&P 500). This is a widely
recognized benchmark that tracks the prices of 500 common stocks.
One year, ending Mar 31/98
Chase Balanced Fund: 30.49%; S&P 500: 47.96%
Five years, ending Mar 31/98
Chase Balanced Fund: 12.96; S&P 500: 22.38%
Since inception, Mar 29/88
Chase Balanced Fund: 12.09; S&P 500: 00/00%
Fees and expenses of the Fund
The following table shows the estimated fees and expenses you might pay for the
current fiscal year if you buy shares of the Balanced Fund.
55
<PAGE>
Fees investors pay directly
Maximum sales charge (load) when buying your shares None
Maximum deferred sales charge (load) when selling your shares None
Fee for selling your shares None
Fee to switch between Funds None
Annual fees and expenses deducted from the Fund's assets
<TABLE>
<S> <C>
Management fees 0.75%
Distribution (12b-1) and service fees 0.25%
Other expenses* 0.47%
Total annual Fund operating expenses* 1.47%
</TABLE>
* The Fund's investment adviser, The Chase Manhattan Bank (Chase), and certain
of the Fund's other service providers have agreed not to collect some expenses
and to reimburse others. As a result of this agreement, Other expenses for this
fiscal year will not exceed 0.25% and Total annual Fund operating expenses for
this fiscal year will not exceed 1.25%. Chase and such other service providers
have agreed to keep expenses at this lower level until at least December 31,
1998.
56
<PAGE>
Example
This example is intended to help you compare the cost of investing in the
Balanced Fund with the cost of investing in other mutual Funds.
This example assumes:
you invest $10,000
you sell all your shares at the end of the period
your investment has a 5% return each year, and
the Fund's operating expenses remain the same as shown above.
Under these assumptions your costs would be:
<TABLE>
<CAPTION>
Number of years: Costs:
---------------- ------
<S> <C>
1 $ 127
3 $ 397
5 $ 686
10 $1,511
</TABLE>
THIS IS AN EXAMPLE ONLY. YOUR ACTUAL COSTS MAY BE HIGHER OR LOWER, DEPENDING ON
THE AMOUNT YOU INVEST AND THE FUND'S ACTUAL RATE OF RETURN.
The Fund's investment adviser and portfolio manager
Chase is the investment adviser to the Balanced Fund. Chase is a wholly owned
subsidiary of The Chase Manhattan Corporation (CMC), a bank holding company.
Chase and its predecessors have more than a century of money management
experience. Chase Bank of Texas (Chase Texas), a wholly owned subsidiary of CMC,
is sub-investment adviser to the Fund.
The portfolio managers are Harry Lartigue, the Chief Investment Officer at Chase
Texas, and John Miller, a Senior Investment Officer at Chase Texas. Mr. Lartigue
has managed the equity portion of the portfolio since July 1994. In the two
years before coming to Chase Texas, he was an independent registered investment
adviser. Mr. Miller has managed the fixed income portion of the portfolio since
July 1994. He has worked for Chase Texas since 1986.
57
<PAGE>
How to buy shares
You can buy shares in the Fund three ways:
directly through the Fund's distributor by calling the Chase Funds Service
Center
through the Systematic Investment Plan
through your financial adviser.
There is no sales charge to buy shares. The minimum initial investment is:
$2,500 for regular accounts
$1,000 for traditional Individual Retirement Accounts (IRAs), Roth IRAs, SEP
IRAs and for Systematic Investment Plans
$500 for Education IRAs
$25 for Simple IRAs.
You can make additional investments at any time for as little as $100, or $25
for Simple IRAs.
58
<PAGE>
How to sell shares
You can sell your shares any day the New York Stock Exchange is open for
business. You can sell them:
directly to the Fund, or
through your financial adviser.
If you want to sell your shares directly to the Fund, call the Chase Funds
Service Center.
Distributions and taxes
The Fund pays two types of distributions: net investment income and net capital
gain.
The Fund distributes any net investment income among shareholders at least
quarterly. It distributes any net capital gain at least annually. The Fund's
distributions will primarily consist of net capital gain.
You have three options for your distributions. You may:
reinvest them in additional shares of the Fund, or
take your distributions from investment income in cash and reinvest
distributions from capital gain in additional shares, or
take all distributions in cash.
You can change your distribution option by calling the Chase Funds Service
Center. If you don't select any option, we'll reinvest all your distributions.
Distributions may be taxed as ordinary income or capital gain. You may have to
pay capital gain tax at different rates, depending on how long the Fund held the
assets before selling them.
Consult your tax adviser for details about how your investment could affect the
taxes you pay.
59
<PAGE>
Other services available
The Systematic Investment Plan
You can make regular investments of $100 or more through automatic deductions
from your bank account. You must make an initial deposit of at least $1,000 to
get the plan started. If you're a new investor in the Fund, simply complete the
Systematic Investment Plan section of the account application. If you're already
investing in the Fund, you can start the plan by sending a signed letter and a
deposit slip or a check marked "void" to the Chase Funds Service Center.
The Systematic Withdrawal Plan
You can make regular withdrawals of $50 or more from your investment account
every month, every quarter or twice a year. You need a minimum account balance
of $5,000. Call the Chase Funds Service Center for complete instructions.
Selling your shares by phone
You can sell your shares by phone. Just call the Chase Funds Service Center for
step-by-step instructions.
Exchanging your shares by phone
You can exchange shares of the Balanced Fund for shares of other Chase Funds by
calling the Chase Funds Service Center. Federal income tax rules treat an
exchange the same as a sale of shares. This usually results in a capital gain or
a capital loss. You should carefully read a Profile of the other Chase Funds
before exchanging.
60
<PAGE>
How to contact us
If you have any questions or want copies of any publications related to this
Fund:
call the Chase Funds Service Center at 1-888-524-2730
or
check our web site at www.chasefunds.com
61
<PAGE>
Mutual Fund Investment Trust (formerly AVESTA Trust)
One Chase Manhattan Plaza, Third Floor
New York, NY 10081
File Nos. 33-9421
811-5526
Chase Funds
Fund Profile
July 31, 1998
Chase Income Fund
Investor Class Shares
This profile is a summary of key information about the Fund. Before you invest,
you may also want to read the Fund prospectus. It contains more complete
information, including a detailed description of the risks you should consider
before investing in the Fund. You can
62
<PAGE>
get the prospectus, annual and semi-annual reports and other information free of
charge by calling the Chase Funds Service Center at 1-888-524-2730.
The prospectus and other information are also available on our Internet web
site, at www.chasefunds.com
AN INVESTMENT IN THE FUND IS NOT A BANK DEPOSIT OF THE CHASE MANHATTAN BANK OR
ANY OF ITS AFFILIATES. IT IS NOT INSURED OR GUARANTEED BY THE FEDERAL DEPOSIT
INSURANCE CORPORATION OR ANY OTHER GOVERNMENT AGENCY.
What the Fund aims to do
The Fund aims to invest in securities that earn a high level of income for
current use while considering safety of principal.
The Fund's main investment strategies
The Fund invests primarily in US fixed income securities. These include bonds,
notes and debentures, US Government securities, mortgage-backed securities and
preferred stocks. Normally, the Fund invests at least 70% of its total assets in
these fixed income securities. Under normal market conditions, the dollar
weighted average maturity of the Fund is expected to range between five and 15
years. The Fund invests in fixed income securities only if they are investment
grade or the adviser considers them to be investment grade. The Fund may also
invest in derivatives and in fixed income securities of foreign issuers.
63
<PAGE>
Annual and semi-annual reports
You can find out more about the Fund's investments in the annual and semi-annual
reports the Fund prepares for its shareholders. Both reports examine the market
conditions and investment strategies that have had a significant effect on the
Fund's performance during the period covered.
The main risks of investing in the Income Fund
The price of any of the Fund's investments could fall when interest rates rise.
This effect will be more pronounced for the Fund's mortgage-related securities
and securities with longer maturities, since these are more sensitive to
interest rate changes.
Foreign securities may be riskier than those issued in the United States. That
could be, in part, because of currency fluctuations, more limited trading,
political or economic instability, or regulations that don't match US standards.
Derivatives could reduce returns, result in losses, or increase the size and
frequency of price changes.
Who might want to invest in the Fund
The Income Fund may be appropriate for investors who:
want income for current use
are investing for goals three to five years away
own or plan to own other types of investments to diversify their holdings
are able to handle interest rate risk.
64
<PAGE>
The Fund may not be appropriate for investors who:
are not able to tolerate up and down changes in the price of the Fund
are investing for very short-term goals
want high growth potential.
A look at the Fund's performance
The following bar chart and table show how the performance of the Income Fund
has varied since its launch on March 29, 1988. We introduced Investor Class
shares of the Fund on July 31, 1998. Performance figures for Investor Class
shares before that date are based on Premier Class shares of the Fund. Since
Investor Class shares have higher expenses, their performance figures would have
been lower.
These performance figures assume all distributions are reinvested in the Fund.
Certain of the companies that provide services to the Fund have agreed not to
collect some expenses and to reimburse others. Without these agreements, the
performance figures would be lower than shown.
THE FUND'S PAST PERFORMANCE DOES NOT NECESSARILY INDICATE HOW IT WILL PERFORM IN
THE FUTURE.
65
<PAGE>
Year-by-year performance
The following bar chart shows the Fund's returns year by year since its launch
in 1988.
[Bar chart omitted]
<TABLE>
<CAPTION>
Year Return (%)
---- ----------
<S> <C>
1988 3.96
1989 10.37
1990 6.60
1991 13.73
1992 5.13
1993 10.18
1994 -4.47
1995 18.38
1996 1.53
1997 8.73
</TABLE>
66
<PAGE>
During the period shown in the bar chart, the highest quarterly return was 6.34%
(for the quarter ending June 30, 1989). The lowest quarterly return was -3.38%
(for the quarter ending March 31, 1994).
Average annual total returns
The following table shows the Fund's average annual returns for the year ending
March 31, 1998 and for the life of the Fund. It also compares these returns to
the [benchmark index]. This is a widely recognized benchmark that tracks the
prices of [bonds].
One year, ending Mar 31/98
Chase Income Fund: 11.62%; [Benchmark index] 00.00%
Five years, ending Mar 31/98
Chase Income Fund: 5.95%; [Benchmark index] 00.00%
Since inception, Mar 29/88
Chase Income Fund: 7.43%; [Benchmark index] 00.00%
Fees and expenses of the Fund
The following table shows the estimated fees and expenses you might pay for the
current fiscal year if you buy shares of the Income Fund.
67
<PAGE>
Fees investors pay directly
Maximum sales charge (load) when buying your shares None
Maximum deferred sales charge (load) when selling your shares None
Fee for selling your shares None
Fee to switch between Funds None
Annual fees and expenses deducted from the Fund's assets
<TABLE>
<S> <C>
Management fees 0.50%
Distribution (12b-1) and service fees 0.25%
Other expenses* 0.88%
Total annual Fund operating expenses* 1.63%
</TABLE>
* The Fund's investment adviser, The Chase Manhattan Bank (Chase), and certain
of the Fund's other service providers have agreed not to collect some expenses
and to reimburse others. As a result of this agreement, Other expenses for this
fiscal year will not exceed 0.25% and Total annual Fund operating expenses for
this fiscal year will not exceed 1.00%. Chase and such other service providers
have agreed to keep expenses at this lower level until at least December 31,
1998.
68
<PAGE>
Example
This example is intended to help you compare the cost of investing in the Income
Fund with the cost of investing in other mutual Funds.
This example assumes:
you invest $10,000
you sell all your shares at the end of the period
your investment has a 5% return each year, and
the Fund's operating expenses remain the same as shown above.
Under these assumptions your costs would be:
<TABLE>
<CAPTION>
Number of years: Costs:
---------------- ------
<S> <C>
1 $ 102
3 $ 318
5 $ 552
10 $1,295
</TABLE>
THIS IS AN EXAMPLE ONLY. YOUR ACTUAL COSTS MAY BE HIGHER OR LOWER, DEPENDING ON
THE AMOUNT YOU INVEST AND THE FUND'S ACTUAL RATE OF RETURN.
The Fund's investment adviser and portfolio manager
Chase is the investment adviser to the Income Fund. Chase is a wholly owned
subsidiary of The Chase Manhattan Corporation (CMC), a bank holding company.
Chase and its predecessors have more than a century of money management
experience. Chase Bank of Texas (Chase Texas), a wholly owned subsidiary of CMC,
is sub-investment adviser to the Fund.
The portfolio manager is John Miller, a Senior Investment Officer at Chase
Texas. He has managed the portfolio since July 1994. Mr. Miller has worked for
Chase Texas since 1986.
69
<PAGE>
How to buy shares
You can buy shares in the Fund three ways:
directly through the Fund's distributor by calling the Chase Funds Service
Center
through the Systematic Investment Plan
through your financial adviser.
There is no sales charge to buy shares. The minimum initial investment is:
$2,500 for regular accounts
$1,000 for traditional Individual Retirement Accounts (IRAs), Roth IRAs, SEP
IRAs and for Systematic Investment Plans
$500 for Education IRAs
$25 for Simple IRAs.
You can make additional investments at any time for as little as $100, or $25
for Simple IRAs.
70
<PAGE>
How to sell shares
You can sell your shares any day the New York Stock Exchange is open for
business. You can sell them:
directly to the Fund, or
through your financial adviser.
If you want to sell your shares directly to the Fund, call the Chase Funds
Service Center.
Distributions and taxes
The Fund pays two types of distributions: net investment income and net capital
gain.
The Fund distributes any net investment income among shareholders at least
monthly. It distributes any net capital gain at least annually. The Fund's
distributions will primarily consist of net investment income.
You have three options for your distributions. You may:
reinvest them in additional shares of the Fund, or
take your distributions from investment income in cash and reinvest
distributions from capital gain in additional shares, or
take all distributions in cash.
You can change your distribution option by calling the Chase Funds Service
Center. If you don't select any option, we'll reinvest all your distributions.
Distributions may be taxed as ordinary income or capital gain. You may have to
pay capital gain tax at different rates, depending on how long the Fund held the
assets before selling them.
Consult your tax adviser for details about how your investment could affect the
taxes you pay.
71
<PAGE>
Other services available
The Systematic Investment Plan
You can make regular investments of $100 or more through automatic deductions
from your bank account. You must make an initial deposit of at least $1,000 to
get the plan started. If you're a new investor in the Fund, simply complete the
Systematic Investment Plan section of the account application. If you're already
investing in the Fund, you can start the plan by sending a signed letter and a
deposit slip or a check marked "void" to the Chase Funds Service Center.
The Systematic Withdrawal Plan
You can make regular withdrawals of $50 or more from your investment account
every month, every quarter or twice a year. You need a minimum account balance
of $5,000. Call the Chase Funds Service Center for complete instructions.
Selling your shares by phone
You can sell your shares by phone. Just call the Chase Funds Service Center for
step-by-step instructions.
Exchanging your shares by phone
You can exchange shares of the Income Fund for shares of other Chase Funds by
calling the Chase Funds Service Center. Federal income tax rules treat an
exchange the same as a sale of shares. This usually results in a capital gain or
a capital loss. You should carefully read a Profile of the other Chase Funds
before exchanging.
72
<PAGE>
How to contact us
If you have any questions or want copies of any publications related to this
Fund:
call the Chase Funds Service Center at 1-888-524-2730
or
check our web site at www.chasefunds.com
73
<PAGE>
Mutual Fund Investment Trust (formerly AVESTA Trust)
One Chase Manhattan Plaza, Third Floor
New York, NY 10081
File Nos. 33-9421
811-5526
Chase Funds
Fund Profile
July 31, 1998
Chase Equity Income Fund
Investor Class Shares
This profile is a summary of key information about the Fund. Before you invest,
you may also want to read the Fund prospectus. It contains more complete
information, including a detailed description of the risks you should consider
before investing in the Fund. You can
74
<PAGE>
get the prospectus, annual and semi-annual reports and other information free of
charge by calling the Chase Funds Service Center at 1-888-524-2730.
The prospectus and other information are also available on our Internet web
site, at www.chasefunds.com
AN INVESTMENT IN THE FUND IS NOT A BANK DEPOSIT OF THE CHASE MANHATTAN BANK OR
ANY OF ITS AFFILIATES. IT IS NOT INSURED OR GUARANTEED BY THE FEDERAL DEPOSIT
INSURANCE CORPORATION OR ANY OTHER GOVERNMENT AGENCY.
What the Fund aims to do
The Fund aims to invest in securities that provide both capital appreciation and
income for current use.
The Fund's main investment strategies
The Fund invests primarily in a diversified portfolio of equity-based securities
that produce income. These include common stocks and securities that can be
converted into common stocks. Normally, the Fund invests at least 70% of its
total assets in these equity-based securities. The Fund may invest the remainder
of its assets in other types of securities, including fixed income securities,
money market investments and equity securities that don't produce income. It
emphasizes securities of companies with a market capitalization of more than
$500 million. The Fund may invest up to 30% of its total assets in foreign
securities.
75
<PAGE>
Annual and semi-annual reports
You can find out more about the Fund's investments in the annual and semi-annual
reports the Fund prepares for its shareholders. Both reports examine the market
conditions and investment strategies that have had a significant effect on the
Fund's performance during the period covered.
The main risks of investing in the Equity Income Fund
The price of any of the Fund's investments could fall.
Foreign securities may be riskier than those issued in the United States. That
could be, in part, because of currency fluctuations, more limited trading,
political or economic instability, or regulations that don't match US standards.
Who might want to invest in the Fund
The Equity Income Fund may be appropriate for investors who:
want income for current use and the opportunity to benefit from growth in the
equity market
are investing for goals at least three to five years away
own or plan to own other types of investments to diversify their holdings
are able to handle stock market risks.
76
<PAGE>
The Fund may not be appropriate for investors who:
are not able to tolerate some up and down changes in the price of the Fund
are investing for short-term goals
want high growth potential.
A look at the Fund's performance
The following bar chart and table show how the performance of the Equity Income
Fund has varied since its launch on March 29, 1988. We introduced Investor Class
shares of the Fund on July 31, 1998. Performance figures for Investor Class
shares before that date are based on Premier Class shares of the Fund. Since
Investor Class shares have higher expenses, their performance figures would have
been lower.
These performance figures assume all distributions are reinvested in the Fund.
Certain of the companies that provide services to the Fund have agreed not to
collect some expenses and to reimburse others. Without these agreements, the
performance figures would be lower than shown.
THE FUND'S PAST PERFORMANCE DOES NOT NECESSARILY INDICATE HOW IT WILL PERFORM IN
THE FUTURE.
77
<PAGE>
Year-by-year performance
The following bar chart shows the Fund's returns year by year since its launch
in 1988.
[Bar chart omitted]
<TABLE>
<CAPTION>
Year Return (%)
---- ----------
<S> <C>
1988 14.51
1989 9.73
1990 4.17
1991 15.31
1992 10.35
1993 11.26
1994 -3.37
1995 33.72
1996 15.23
1997 31.05
</TABLE>
78
<PAGE>
During the period shown in the bar chart, the highest quarterly return was
17.04% (for the quarter ending June 30, 1997). The lowest quarterly return was
- -9.88% (for the quarter ending September 30, 1990).
Average annual total returns
The following table shows the Fund's average annual returns for the year ending
March 31, 1998 and for the life of the Fund. It also compares these returns to
the Standard &
Poor's Composite Index of 500 Stocks (S&P 500). This is a widely recognized
benchmark that tracks the prices of 500 common stocks.
One year, ending Mar 31/98
Chase Equity Income Fund: 42.70%; S&P 500: 47.96
Five years, ending Mar 31/98
Chase Equity Income Fund: 19.21%; S&P 500: 22.38%
Since inception, Mar 29/88
Chase Equity Income Fund: 15.24%; S&P 500: 00.00%
Fees and expenses of the Fund
The following table shows the estimated fees and expenses you might pay for the
current fiscal year if you buy shares of the Equity Income Fund.
79
<PAGE>
Fees investors pay directly
Maximum sales charge (load) when buying your shares None
Maximum deferred sales charge (load) when selling your shares None
Fee for selling your shares None
Fee to switch between Funds None
Annual fees and expenses deducted from the Fund's assets
<TABLE>
<S> <C>
Management fees 0.75%
Distribution (12b-1) and service fees 0.25%
Other expenses* 0.36%
Total annual Fund operating expenses* 1.36%
</TABLE>
* The Fund's investment adviser, The Chase Manhattan Bank (Chase), and certain
of the Fund's other service providers have agreed not to collect some expenses
and to reimburse others. As a result of this agreement, Other expenses for this
fiscal year will not exceed 0.25% and Total annual Fund operating expenses for
this fiscal year will not exceed 1.25%. Chase and such other service providers
have agreed to keep expenses at this lower level until at least December 31,
1998.
80
<PAGE>
Example
This example is intended to help you compare the cost of investing in the Equity
Income Fund with the cost of investing in other mutual Funds.
This example assumes:
you invest $10,000
you sell all your shares at the end of the period
your investment has a 5% return each year, and
the Fund's operating expenses remain the same as shown above.
Under these assumptions your costs would be:
<TABLE>
<CAPTION>
Number of years: Costs:
---------------- ------
<S> <C>
1 $ 127
3 $ 397
5 $ 686
10 $1,511
</TABLE>
THIS IS AN EXAMPLE ONLY. YOUR ACTUAL COSTS MAY BE HIGHER OR LOWER, DEPENDING ON
THE AMOUNT YOU INVEST AND THE FUND'S ACTUAL RATE OF RETURN.
The Fund's investment adviser and portfolio manager
Chase is the investment adviser to the Equity Income Fund. Chase is a wholly
owned subsidiary of The Chase Manhattan Corporation (CMC), a bank holding
company. Chase and its predecessors have more than a century of money management
experience. Chase Bank of Texas (Chase Texas), a wholly owned subsidiary of CMC,
is sub-investment adviser to the Fund.
The portfolio manager is Robert Heintz, a Senior Investment Officer at Chase
Texas. He has managed the portfolio since its inception on March 29, 1988. Mr.
Heintz has worked for Chase Texas since 1983.
81
<PAGE>
How to buy shares
You can buy shares in the Fund three ways:
directly through the Fund's distributor by calling the Chase Funds Service
Center
through the Systematic Investment Plan
through your financial adviser.
There is no sales charge to buy shares. The minimum initial investment is:
$2,500 for regular accounts
$1,000 for traditional Individual Retirement Accounts (IRAs), Roth IRAs, SEP
IRAs and for Systematic Investment Plans
$500 for Education IRAs
$25 for Simple IRAs.
You can make additional investments at any time for as little as $100, or $25
for Simple IRAs.
82
<PAGE>
How to sell shares
You can sell your shares any day the New York Stock Exchange is open for
business. You can sell them:
directly to the Fund, or
through your financial adviser.
If you want to sell your shares directly to the Fund, call the Chase Funds
Service Center.
Distributions and taxes
The Fund pays two types of distributions: net investment income and net capital
gain.
The Fund distributes any net investment income among shareholders at least
quarterly. It distributes any net capital gain at least annually. The Fund's
distributions will primarily consist of net capital gain.
You have three options for your distributions. You may:
reinvest them in additional shares of the Fund, or
take your distributions from investment income in cash and reinvest
distributions from capital gain in additional shares, or
take all distributions in cash.
You can change your distribution option by calling the Chase Funds Service
Center. If you don't select any option, we'll reinvest all your distributions.
Distributions may be taxed as ordinary income or capital gain. You may have to
pay capital gain tax at different rates, depending on how long the Fund held the
assets before selling them.
Consult your tax adviser for details about how your investment could affect the
taxes you pay.
83
<PAGE>
Other services available
The Systematic Investment Plan
You can make regular investments of $100 or more through automatic deductions
from your bank account. You must make an initial deposit of at least $1,000 to
get the plan started. If you're a new investor in the Fund, simply complete the
Systematic Investment
Plan section of the account application. If you're already investing in the
Fund, you can start the plan by sending a signed letter and a deposit slip or a
check marked "void" to the Chase Funds Service Center.
The Systematic Withdrawal Plan
You can make regular withdrawals of $50 or more from your investment account
every month, every quarter or twice a year. You need a minimum account balance
of $5,000. Call the Chase Funds Service Center for complete instructions.
Selling your shares by phone
You can sell your shares by phone. Just call the Chase Funds Service Center for
step-by-step instructions.
Exchanging your shares by phone
You can exchange shares of the Equity Income Fund for shares of other Chase
Funds by calling the Chase Funds Service Center. Federal income tax rules treat
an exchange the same as a sale of shares. This usually results in a capital gain
or a capital loss. You should carefully read a Profile of the other Chase Funds
before exchanging.
84
<PAGE>
How to contact us
If you have any questions or want copies of any publications related to this
Fund:
call the Chase Funds Service Center at 1-888-524-2730
or
check our web site at www.chasefunds.com
85
<PAGE>
Mutual Fund Investment Trust (formerly AVESTA Trust)
One Chase Manhattan Plaza, Third Floor
New York, NY 10081
File Nos. 33-9421
811-5526
Chase Funds
Fund Profile
July 31, 1998
Chase Equity Growth Fund
Investor Class Shares
This profile is a summary of key information about the Fund. Before you invest,
you may also want to read the Fund prospectus. It contains more complete
information, including a detailed description of the risks you should consider
before investing in the Fund. You can
86
<PAGE>
get the prospectus, annual and semi-annual reports and other information free of
charge by calling the Chase Funds Service Center at 1-888-524-2730.
The prospectus and other information are also available on our Internet web
site, at www.chasefunds.com
AN INVESTMENT IN THE FUND IS NOT A BANK DEPOSIT OF THE CHASE MANHATTAN BANK OR
ANY OF ITS AFFILIATES. IT IS NOT INSURED OR GUARANTEED BY THE FEDERAL DEPOSIT
INSURANCE CORPORATION OR ANY OTHER GOVERNMENT AGENCY.
What the Fund aims to do
The Fund aims to provide capital appreciation over the long term. Producing
income for current use is a secondary objective.
The Fund's main investment strategies
Normally, the Fund invests at least 70% of its total assets in equity-based
securities. These include common stocks and securities that can be converted
into common stocks. The Fund invests primarily in equity securities of companies
with a market capitalization of more than $500 million. The Fund may invest the
remainder of its assets in other types of securities, including fixed income
securities and money market investments. The Fund may invest up to 30% of its
total assets in foreign securities.
87
<PAGE>
Annual and semi-annual reports
You can find out more about the Fund's investments in the annual and semi-annual
reports the Fund prepares for its shareholders. Both reports examine the market
conditions and investment strategies that have had a significant effect on the
Fund's performance during the period which they cover.
The main risks of investing in the Equity Growth Fund
The price of any of the Fund's investments could fall.
The price of securities issued by mid capitalization companies could fall
farther and faster than securities issued by larger companies. This is because
the securities of mid-sized companies often trade less frequently and in lower
volume than the securities of larger companies.
Foreign securities may be riskier than those issued in the United States. That
could be, in part, because of currency fluctuations, more limited trading,
political or economic instability, or regulations that don't match US standards.
Who might want to invest in the Fund
The Equity Growth Fund may be appropriate for investors who:
want their capital to grow over the long term
are investing for goals several years away own
or plan to own other types of investments to diversify their holdings
are able to handle stock market risks.
88
<PAGE>
The Fund may not be appropriate for investors who:
are not able to tolerate frequent up and down changes in the price of the Fund
are investing for short-term goals
need to generate income for current use.
A look at the Fund's performance
The following bar chart and table show how the performance of the Equity Growth
Fund has varied since its launch on March 29, 1988. We introduced Investor Class
shares of the Fund on July 31, 1998. Performance figures for Investor Class
shares before that date are based on Premier Class shares of the Fund. Since
Investor Class shares have higher expenses, their performance figures would have
been lower.
These performance figures assume all distributions are reinvested in the Fund.
Certain of the companies that provide services to the Fund have agreed not to
collect some expenses and to reimburse others. Without these agreements, the
performance figures would be lower than shown.
THE FUND'S PAST PERFORMANCE DOES NOT NECESSARILY INDICATE HOW IT WILL PERFORM IN
THE FUTURE.
89
<PAGE>
Year-by-year performance
The following bar chart shows the Fund's returns year by year since its launch
in 1988.
[Bar chart omitted]
<TABLE>
<CAPTION>
Year Return (%)
---- ----------
<S> <C>
1988 4.58
1989 25.73
1990 -1.45
1991 31.69
1992 6.43
1993 2.48
1994 -0.90
1995 25.78
1996 17.24
1997 37.20
</TABLE>
90
<PAGE>
During the period shown in the bar chart, the highest quarterly return was
20.13% (for the quarter ending June 30, 1997). The lowest quarterly return was
- -5.37% (for the quarter ending September 30, 1990).
Average annual total returns
The following table shows the Fund's average annual returns for the years ended
March 31, 1998 and since the Fund was launched. It also compares these returns
to the Standard & Poor's Composite Index of 500 Stocks (S&P 500). This is a
widely recognized benchmark that tracks the prices of 500 common stocks.
One year ending, Mar 31/98
Chase Equity Growth Fund: 49.94%; S&P 500 47.96%
Five years, ending Mar 31/98
Chase Equity Growth Fund: 18.80%; S&P 500: 00.00%
Since inception, Mar 29/88
Chase Equity Growth Fund: 15.77%; S&P 500: 00.00%
91
<PAGE>
Fees and expenses of the Fund
The following table shows the fees and expenses you might pay for the current
fiscal year if you buy shares of the Equity Growth Fund.
Fees investors pay directly
Maximum sales charge (load) when buying your shares None
Maximum deferred sales charge (load) when selling your shares None
Fee for selling your shares None
Fee to switch between Funds None
Annual fees and expenses deducted from the Fund's assets
<TABLE>
<S> <C>
Management fees 0.75%
Distribution (12b-1) and service fees 0.25%
Other expenses* 0.36%
Total annual Fund operating expenses* 1.36%
</TABLE>
* The Fund's investment adviser, The Chase Manhattan Bank (Chase), and certain
of the Fund's other service providers have agreed not to collect some expenses
and to reimburse others. As a result of this agreement, Other expenses for this
fiscal year will not exceed 0.25% and Total annual Fund operating expenses for
this fiscal year will not exceed 1.25%. Chase and such other service providers
have agreed to keep expenses at this lower level until at least December 31,
1998.
92
<PAGE>
Example
This example is intended to help you compare the cost of investing in the Equity
Growth Fund with the cost of investing in other mutual Funds.
This example assumes:
you invest $10,000
you sell all your shares at the end of the period
your investment has a 5% return each year, and
the Fund's operating expenses remain the same as shown above.
Under these assumptions your costs would be:
<TABLE>
<CAPTION>
Number of years: Costs:
---------------- ------
<S> <C>
1 $ 127
3 $ 397
5 $ 686
10 $1,511
</TABLE>
THIS IS AN EXAMPLE ONLY. YOUR ACTUAL COSTS MAY BE HIGHER OR LOWER, DEPENDING ON
THE AMOUNT YOU INVEST AND THE FUND'S ACTUAL RATE OF RETURN.
The Fund's investment adviser and portfolio manager
Chase is the investment adviser to the Equity Growth Fund. Chase is a wholly
owned subsidiary of The Chase Manhattan Corporation (CMC), a bank holding
company. Chase and its predecessors have more than a century of money management
experience. Chase Bank of Texas (Chase Texas), a wholly owned subsidiary of CMC,
is sub-investment adviser to the Fund.
The portfolio manager is Henry Lartigue, the Chief Investment Officer at Chase
Texas. He has managed the portfolio since July 1994. Mr. Lartigue has worked for
Chase Texas since 1994. In the two years before coming to Chase Texas, he was an
independent registered investment adviser.
93
<PAGE>
How to buy shares
You can buy shares in the Fund three ways:
directly through the Fund's distributor by calling the Chase Funds Service
Center
through the Systematic Investment Plan
through your financial adviser.
There is no sales charge to buy shares. The minimum initial investment is:
$2,500 for regular accounts
$1,000 for traditional Individual Retirement Accounts (IRAs), Roth IRAs, SEP
IRAs and for Systematic Investment Plans
$500 for Education IRAs
$25 for Simple IRAs.
You can make additional investments at any time for as little as $100, or $25
for Simple IRAs.
94
<PAGE>
How to sell shares
You can sell your shares any day the New York Stock Exchange is open for
business. You can sell them:
directly to the Fund, or
through your financial adviser.
If you want to sell your shares directly to the Fund, call the Chase Funds
Service Center.
Distributions and taxes
The Fund pays two types of distributions: net investment income and net capital
gain.
The Fund distributes any net investment income among shareholders at least
quarterly. It distributes any net capital gain at least annually. The Fund's
distributions will primarily consist of net capital gain.
You have three options for your distributions. You may:
reinvest them in additional shares of the Fund, or
take your distributions from investment income in cash and reinvest
distributions from capital gain in additional shares, or
take all distributions in cash.
You can change your distribution option by calling the Chase Funds Service
Center. If you don't select any option, we'll reinvest all your distributions.
Distributions may be taxed as ordinary income or capital gain. You may have to
pay capital gain tax at different rates, depending on how long the Fund held the
assets before selling them.
Consult your tax adviser for details about how your investment could affect the
taxes you pay.
95
<PAGE>
Other services available
The Systematic Investment Plan
You can make regular investments of $100 or more through automatic deductions
from your bank account. You must make an initial deposit of at least $1,000 to
get the plan started. If you're a new investor in the Fund, simply complete the
Systematic Investment Plan section of the account application. If you're already
investing in the Fund, you can start the plan by sending a signed letter and a
deposit slip or a check marked "void" to the Chase Funds Service Center.
The Systematic Withdrawal Plan
You can make regular withdrawals of $50 or more from your investment account
every month, every quarter or twice a year. You need a minimum account balance
of $5,000. Call the Chase Funds Service Center at 1-888-524-2730 for complete
instructions.
Selling your shares by phone
You can sell your shares by phone. Just call the Chase Funds Service Center for
step-by-step instructions.
Exchanging your shares by phone
You can exchange shares of the Equity Growth Fund for shares of other Chase
Funds by calling the Chase Funds Service Center. Federal income tax rules treat
an exchange the same as a sale of shares. This usually results in a capital gain
or a capital loss. You should carefully read a Profile of the other Chase Funds
before exchanging.
96
<PAGE>
How to contact us
If you have any questions or want copies of any publications related to this
Fund:
call the Chase Funds Service Center at 1-888-524-2730
or
check our web site at www.chasefunds.com
97
<PAGE>
Mutual Fund Investment Trust (formerly AVESTA Trust)
One Chase Manhattan Plaza, Third Floor
New York, NY 10081
File Nos. 33-9421
811-5526
Chase Funds
Fund Profile
July 31, 1998
Chase Core Equity Fund
Investor Class Shares
This profile is a summary of key information about the Fund. Before you invest,
you may also want to read the Fund prospectus. It contains more complete
information, including a detailed description of the risks you should consider
before investing in the Fund. You can
98
<PAGE>
get the prospectus, annual and semi-annual reports and other information free of
charge by calling the Chase Funds Service Center at 1-888-524-2730.
The prospectus and other information are also available on our Internet web
site, at www.chasefunds.com
AN INVESTMENT IN THE FUND IS NOT A BANK DEPOSIT OF THE CHASE MANHATTAN BANK OR
ANY OF ITS AFFILIATES. IT IS NOT INSURED OR GUARANTEED BY THE FEDERAL DEPOSIT
INSURANCE CORPORATION OR ANY OTHER GOVERNMENT AGENCY.
What the Fund aims to do
The Fund aims to maximize total investment return with an emphasis on long-term
capital appreciation and income for current use while taking reasonable risk.
The Fund's main investment strategies
The Fund focuses on equity securities of companies in the Standard & Poor's
Composite Index of 500 Stocks (S&P 500). Normally, the Fund invests at least 70%
of its total assets in equity-based securities. These include common stocks, and
securities that can be converted into common stocks. The Fund may invest the
remainder of its assets in other types of securities, including equity
securities of other domestic and foreign companies, fixed income securities and
money market investments. The Fund may invest up to 30% of its total assets in
foreign securities.
99
<PAGE>
Annual and semi-annual reports
You can find out more about the Fund's investments in the annual and semi-annual
reports the Fund prepares for its shareholders. Both reports examine the market
conditions and investment strategies that have had a significant effect on the
Fund's performance during the period covered.
The main risks of investing in the Core Equity Fund
The price of any of the Fund's investments could fall.
Foreign securities may be riskier than those issued in the United States. That
could be, in part, because of currency fluctuations, more limited trading,
political or economic instability, or regulations that don't match US standards.
Who might want to invest in the Fund
The Core Equity Fund may be appropriate for investors who:
want their capital to grow over the long term
are investing for goals several years away
own or plan to own other types of investments to diversify their holdings
are able to handle stock market risks.
100
<PAGE>
The Fund may not be appropriate for investors who:
are not able to tolerate frequent up and down changes in the price of the Fund
are investing for short-term goals.
A look at the Fund's performance
The following bar chart and table show how the performance of the Core Equity
Fund has varied since its launch on April 1, 1993. We introduced Investor Class
shares of the Fund on July 31, 1998. Performance figures for Investor Class
shares before that date are based on Premier Class shares of the Fund. Since
Investor Class shares have higher expenses, their performance figures would have
been lower.
These performance figures assume all distributions are reinvested in the Fund.
Certain of the companies that provide services to the Fund have agreed not to
collect some expenses and to reimburse others. Without these agreements, the
performance figures would be lower than shown.
THE FUND'S PAST PERFORMANCE DOES NOT NECESSARILY INDICATE HOW IT WILL PERFORM IN
THE FUTURE.
101
<PAGE>
Year-by-year performance
The following bar chart shows the Fund's returns year by year since its launch
in 1993.
[Bar chart omitted]
<TABLE>
<CAPTION>
Year Return (%)
---- ----------
<S> <C>
1993 7.95
1994 -4.03
1995 25.53
1996 22.54
1997 33.33
</TABLE>
102
<PAGE>
During the period shown in the bar chart, the highest quarterly return was
17.17% (for the quarter ending June 30, 1997). The lowest quarterly return was
- -5.54% (for the quarter ending March 31, 1994).
Average annual total returns
The following table shows the Fund's average annual returns for the year ending
March 31, 1998 and for the life of the Fund. It also compares these returns to
the Standard & Poor's Composite Index of 500 Stocks (S&P 500). This is a widely
recognized benchmark that tracks the prices of 500 common stocks.
One year, ending Mar 31/98
Chase Core Equity Fund: 45.71; S&P 500: 47.96%
Since inception, Apr 1/93
Chase Core Equity Fund: 18.91%, S&P 500: 00.00%
Fees and expenses of the Fund
The following table shows the estimated fees and expenses you might pay for the
current fiscal year if you buy shares of the Core Equity Fund.
103
<PAGE>
Fees investors pay directly
Maximum sales charge (load) when buying your shares None
Maximum deferred sales charge (load) when selling your shares None
Fee for selling your shares None
Fee to switch between Funds None
Annual fees and expenses deducted from the Fund's assets
<TABLE>
<S> <C>
Management fees 0.75%
Distribution (12b-1) and service fees 0.25%
Other expenses* 0.42%
Total annual Fund operating expenses* 1.42%
</TABLE>
* The Fund's investment adviser, The Chase Manhattan Bank (Chase), and certain
of the Fund's other service providers have agreed not to collect some expenses
and to reimburse others. As a result of this agreement, Other expenses for this
fiscal year will not exceed 0.25% and Total annual Fund operating expenses for
this fiscal year will not exceed 1.25%. Chase and such other service providers
have agreed to keep expenses at this lower level until at least December 31,
1998.
104
<PAGE>
Example
This example is intended to help you compare the cost of investing in the Core
Equity Fund with the cost of investing in other mutual Funds.
This example assumes:
you invest $10,000
you sell all your shares at the end of the period
your investment has a 5% return each year, and
the Fund's operating expenses remain the same as shown above.
Under these assumptions your costs would be:
<TABLE>
<CAPTION>
Number of years: Costs:
---------------- ------
<S> <C>
1 $ 127
3 $ 397
5 $ 686
10 $1,511
</TABLE>
THIS IS AN EXAMPLE ONLY. YOUR ACTUAL COSTS MAY BE HIGHER OR LOWER, DEPENDING ON
THE AMOUNT YOU INVEST AND THE FUND'S ACTUAL RATE OF RETURN.
The Fund's investment adviser and portfolio manager
Chase is the investment adviser to the Core Equity Fund. Chase is a wholly owned
subsidiary of The Chase Manhattan Corporation (CMC), a bank holding company.
Chase and its predecessors have more than a century of money management
experience. Chase Bank of Texas (Chase Texas), a wholly owned subsidiary of CMC,
is sub-investment adviser to the Fund.
The portfolio manager is Henry Lartigue, the Chief Investment Officer at Chase
Texas. He has managed the portfolio since January 1996. Mr. Lartigue has worked
for Chase Texas since 1994. In the two years before coming to Chase Texas, he
was an independent registered investment adviser.
105
<PAGE>
How to buy shares
You can buy shares in the Fund three ways:
directly through the Fund's distributor by calling the Chase Funds Service
Center
through the Systematic Investment Plan
through your financial adviser.
There is no sales charge to buy shares. The minimum initial investment is:
$2,500 for regular accounts
$1,000 for traditional Individual Retirement Accounts (IRAs), Roth IRAs, SEP
IRAs and for Systematic Investment Plans
$500 for Education IRAs
$25 for Simple IRAs.
You can make additional investments at any time for as little as $100, or $25
for Simple IRAs.
106
<PAGE>
How to sell shares
You can sell your shares any day the New York Stock Exchange is open for
business. You can sell them:
directly to the Fund, or
through your financial adviser.
If you want to sell your shares directly to the Fund, call the Chase Funds
Service Center.
Distributions and taxes
The Fund pays two types of distributions: net investment income and net capital
gain.
The Fund distributes any net investment income among shareholders at least
quarterly. It distributes any net capital gain at least annually. The Fund's
distributions will primarily consist of net capital gain.
You have three options for your distributions. You may:
reinvest them in additional shares of the Fund, or
take your distributions from investment income in cash and reinvest
distributions from capital gain in additional shares, or
take all distributions in cash.
You can change your distribution option by calling the Chase Funds Service
Center. If you don't select any option, we'll reinvest all your distributions.
Distributions may be taxed as ordinary income or capital gain. You may have to
pay capital gain tax at different rates, depending on how long the Fund held the
assets before selling them.
Consult your tax adviser for details about how your investment could affect the
taxes you pay.
107
<PAGE>
Other services available
The Systematic Investment Plan
You can make regular investments of $100 or more through automatic deductions
from your bank account. You must make an initial deposit of at least $1,000 to
get the plan started. If you're a new investor in the Fund, simply complete the
Systematic Investment Plan section of the account application. If you're already
investing in the Fund, you can start the plan by sending a signed letter and a
deposit slip or a check marked "void" to the Chase Funds Service Center.
The Systematic Withdrawal Plan
You can make regular withdrawals of $50 or more from your investment account
every month, every quarter or twice a year. You need a minimum account balance
of $5,000. Call the Chase Funds Service Center for complete instructions.
Selling your shares by phone
You can sell your shares by phone. Just call the Chase Funds Service Center for
step-by-step instructions.
Exchanging your shares by phone
You can exchange shares of the Core Equity Fund for shares of other Chase Funds
by calling the Chase Funds Service Center. Federal income tax rules treat an
exchange the same as a sale of shares. This usually results in a capital gain or
a capital loss. You should carefully read a Profile of the other Chase Funds
before exchanging.
108
<PAGE>
How to contact us
If you have any questions or want copies of any publications related to this
Fund:
call the Chase Funds Service Center at 1-888-524-2730
or
check our web site at www.chasefunds.com
109
<PAGE>
Mutual Fund Investment Trust (formerly AVESTA Trust) One Chase Manhattan Plaza,
Third Floor New York, NY 10081
File Nos. 33-9421
811-5526
Chase Funds
Fund Profile
July 31, 1998
Chase Small Capitalization Fund
Investor Class Shares
This profile is a summary of key information about the Fund. Before you invest,
you may also want to read the Fund prospectus. It contains more complete
information, including a detailed description of the risks you should consider
before investing in the Fund. You can
110
<PAGE>
get the prospectus, annual and semi-annual reports, and other information free
of charge by calling the Chase Funds Service Center at 1-888-524-2730.
The prospectus and other information are also available on our Internet web
site, at www.chasefunds.com
AN INVESTMENT IN THE FUND IS NOT A BANK DEPOSIT OF THE CHASE MANHATTAN BANK OR
ANY OF ITS AFFILIATES. IT IS NOT INSURED OR GUARANTEED BY THE FEDERAL DEPOSIT
INSURANCE CORPORATION OR ANY OTHER GOVERNMENT AGENCY.
What the Fund aims to do
The Fund aims to provide capital appreciation.
The Fund's main investment strategies
The Fund invests primarily in a diversified portfolio of US companies that have
a market capitalization of between $100 million and $1 billion. Normally, the
Fund invests at least 70% of its total assets in equity-based securities of
small capitalization companies. These include common stocks and securities that
can be converted into common stocks. The Fund may invest the remainder of its
assets in other types of securities, including equity securities of larger
companies, fixed income securities and money market investments. The Fund may
invest up to 30% of its total assets in foreign securities.
111
<PAGE>
Annual and semi-annual reports
You can find out more about the Fund's investments in the annual and semi-annual
reports the Fund prepares for its shareholders. Both reports examine the market
conditions and
investment strategies that have had a significant effect on the Fund's
performance during the period which they cover.
The main risks of investing in the Small Capitalization Fund
The price of any of the Fund's investments could fall.
The price of securities issued by small capitalization companies could fall
farther and faster than securities issued by larger companies. Also, the
securities of smaller companies often trade less frequently and in lower volume
than the securities of larger companies.
Foreign securities may be riskier than those issued in the United States. That
could be, in part, because of currency fluctuations, more limited trading,
political or economic instability, or regulations that don't match US standards.
Who might want to invest in the Fund
The Small Capitalization Fund may be appropriate for investors who:
want their capital to grow over the long term
are investing for goals several years away
own or plan to own other types of investments to diversify their holdings
are able to handle higher than average stock market risks.
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<PAGE>
The Fund may not be appropriate for investors who:
are not able to tolerate frequent up and down changes in the price of the Fund
are investing for short-term goals
need to generate income for current use.
A look at the Fund's performance
The following bar chart and table show how the performance of the Small
Capitalization Fund has varied since its launch on April 1, 1993. We introduced
Investor Class shares of the Fund on July 31, 1998. Performance figures for
Investor Class shares before that date are based on Premier Class shares of the
Fund. Since Investor Class shares have higher expenses, their performance
figures would have been lower.
These performance figures assume all distributions are reinvested in the Fund.
Certain of the companies that provide services to the Fund have agreed not to
collect some expenses and to reimburse others. Without these agreements, the
performance figures would be lower than shown.
THE FUND'S PAST PERFORMANCE DOES NOT NECESSARILY INDICATE HOW IT WILL PERFORM IN
THE FUTURE.
113
<PAGE>
Year-by-year performance
The following bar chart shows the Fund's returns year by year since its launch
in 1993.
[Bar chart omitted]
<TABLE>
<CAPTION>
Year Return (%)
---- ----------
<S> <C>
1993 8.94
1994 -6.12
1995 31.14
1996 30.88
1997 24.08
</TABLE>
114
<PAGE>
During the period shown in the bar chart, the highest quarterly return was
17.04% (for the quarter ending June 30, 1997). The lowest quarterly return was
- -6.57% (for the quarter ending March 31, 1994).
Average annual total returns
The following table shows the Fund's average annual returns for the year ending
March 31, 1998 and for the life of the Fund. It also compares these returns to
the Standard & Poor's Composite Index of 500 Stocks (S&P 500). This is a widely
recognized benchmark that tracks the prices of 500 common stocks.
One year, ending Mar 31/98
Chase Small Capitalization Fund: 42.74%; S&P 500: 47.96%
Since inception, Apr 1/93
Chase Small Capitalization Fund: 18.96%; S&P 500: 00.00%
115
<PAGE>
Fees and expenses of the Fund
The following table shows the estimated fees and expenses you might pay for the
current fiscal year if you buy shares of the Small Capitalization Fund.
Fees investors pay directly Maximum sales charge (load)
when buying your shares None
Maximum deferred sales charge (load) when selling your shares None
Fee for selling your shares None
Fee to switch between Funds None
Annual fees and expenses deducted from the Fund's assets
<TABLE>
<S> <C>
Management fees 0.75%
Distribution (12b-1) and service fees 0.25%
Other expenses* 0.47%
Total annual Fund operating expenses* 1.47%
</TABLE>
* The Fund's investment adviser, The Chase Manhattan Bank (Chase), and certain
of the Fund's other service providers have agreed not to collect some expenses
and to reimburse others. As a result of this agreement, Other expenses for this
fiscal year will not exceed 0.25% and Total annual fund operating expenses for
this fiscal year will not exceed 1.25%. Chase and these other service providers
have agreed to keep expenses at this lower level until at least December 31,
1998.
116
<PAGE>
Example
This example is intended to help you compare the cost of investing in the Small
Capitalization Fund with the cost of investing in other mutual funds.
This example assumes:
you invest $10,000
you sell all your shares at the end of the period
your investment has a 5% return each year, and
the Fund's operating expenses remain the same as shown above.
Under these assumptions your costs would be:
<TABLE>
<CAPTION>
Number of years: Costs:
---------------- ------
<S> <C>
1 $ 127
3 $ 397
5 $ 686
10 $1,511
</TABLE>
THIS IS AN EXAMPLE ONLY. YOUR ACTUAL COSTS MAY BE HIGHER OR LOWER, DEPENDING ON
THE AMOUNT YOU INVEST AND THE FUND'S ACTUAL RATE OF RETURN.
The Fund's investment adviser and portfolio manager
Chase is the investment adviser to the Small Capitalization Fund. Chase is a
wholly owned subsidiary of The Chase Manhattan Corporation (CMC), a bank holding
company. Chase and its predecessors have more than a century of money management
experience. Chase Bank of Texas (Chase Texas), a wholly owned subsidiary of CMC,
is sub-investment adviser to the Fund.
The portfolio manager is Juliet Ellis, a Senior Investment Officer at Chase
Texas. She has managed the portfolio since September 1993. Ms. Ellis has worked
for Chase Texas since 1987. Before becoming portfolio manager for the Small
Capitalization Fund, she was Director of Research and an equity analyst at Chase
Texas.
117
<PAGE>
How to buy shares
You can buy shares in the Fund three ways:
directly through the Fund's distributor by calling the Chase Funds Service
Center
through the Systematic Investment Plan
through your financial adviser.
There is no sales charge to buy shares. The minimum initial investment is:
$2,500 for regular accounts
$1,000 for traditional Individual Retirement Accounts (IRAs), Roth IRAs, SEP
IRAs and for Systematic Investment Plans
$500 for Education IRAs
$25 for Simple IRAs.
You can make additional investments at any time for as little as $100, or $25
for Simple IRAs.
118
<PAGE>
How to sell shares
You can sell your shares any day the New York Stock Exchange is open for
business. You can sell them:
directly to the Fund, or
through your financial adviser.
If you want to sell your shares directly to the Fund, call the Chase Funds
Service Center.
Distributions and taxes
The Fund pays two types of distributions: net investment income and net capital
gain.
The Fund distributes any net investment income among shareholders at least
quarterly. It distributes any net capital gain at least annually.
You have three options for your distributions. You may:
reinvest them in additional shares of the Fund, or
take your distributions from investment income in cash and reinvest
distributions from capital gain in additional shares, or
take all distributions in cash.
You can change your distribution option by calling the Chase Funds Service
Center. If you don't select any option, we'll reinvest all your distributions.
Distributions may be taxed as ordinary income or capital gain. You may have to
pay capital gain tax at different rates, depending on how long the Fund held the
assets before selling them. The Fund's distributions tend to consist primarily
of net capital gain.
Consult your tax adviser for details about how your investment could affect the
taxes you pay.
119
<PAGE>
Other services available
The Systematic Investment Plan
You can make regular investments of $100 or more through automatic deductions
from your bank account. You must make an initial deposit of at least $1,000 to
get the plan started. If you're a new investor in the Fund, simply complete the
Systematic Investment Plan section of the account application. If you're already
investing in the Fund, you can start the plan by sending a signed letter and a
deposit slip or a check marked "void" to the Chase Funds Service Center.
The Systematic Withdrawal Plan
You can make regular withdrawals of $50 or more from your investment account
every month, every quarter or twice a year. You need a minimum account balance
of $5,000. Call the Chase Funds Service Center for complete instructions.
Selling your shares by phone
You can sell your shares by phone. Just call the Chase Funds Service Center for
step-by-step instructions.
Exchanging your shares by phone
You can exchange shares of the Small Capitalization Fund for shares of other
Chase Funds by calling the Chase Funds Service Center. Federal income tax rules
treat an exchange the same as a sale of shares. This usually results in a
capital gain or a capital loss. You should carefully read a Profile of the other
Chase Funds before making the exchange.
120
<PAGE>
How to contact us
If you have any questions or want copies of any publications related to this
Fund:
call the Chase Funds Service Center at 1-888-524-2730
or
check our web site at www.chasefunds.com
121
