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<PAGE> PAGE 3
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<PAGE> PAGE 4
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<PAGE> PAGE 5
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<PAGE> PAGE 6
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<PAGE> PAGE 8
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<PAGE> PAGE 10
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<PAGE> PAGE 11
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<PAGE> PAGE 12
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<PAGE> PAGE 13
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<PAGE> PAGE 14
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<PAGE> PAGE 15
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<PAGE> PAGE 16
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<PAGE> PAGE 17
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<PAGE> PAGE 18
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<PAGE> PAGE 19
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<PAGE> PAGE 20
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<PAGE> PAGE 21
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<PAGE> PAGE 22
028 B040600 873
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<PAGE> PAGE 23
066 C000600 N
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070 I020600 N
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070 J020600 N
070 K010600 Y
070 K020600 Y
070 L010600 Y
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070 M010600 Y
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070 N010600 N
070 N020600 N
070 O010600 N
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070 Q020600 N
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<PAGE> PAGE 24
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<PAGE> PAGE 25
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<PAGE> PAGE 26
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<PAGE> PAGE 27
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<PAGE> PAGE 28
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<PAGE> PAGE 29
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<PAGE> PAGE 30
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<PAGE> PAGE 31
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<PAGE> PAGE 32
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<PAGE> PAGE 33
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<PAGE> PAGE 34
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<PAGE> PAGE 35
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<PAGE> PAGE 36
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<PAGE> PAGE 37
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<PAGE> PAGE 38
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<PAGE> PAGE 39
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SIGNATURE DEAN B. HARRIS
TITLE 2VP
Report of Independent Accountants
To the Shareholders and Trustees of
Mutual Fund Investment Trust
In planning and performing our audit of the financial
statements of Mutual Fund Investment Trust (the "Fund")
for the year ended December 31, 1998, we considered its
internal control, including control activities for safeguard-
ing securities, in order to determine our auditing
procedures for the purpose of expressing our opinion on
the financial statements and to comply with the require-
ments of Form N-SAR, not to provide assurance on internal
control.
The management of the Fund is responsible for establishing
and maintaining internal control. In fulfilling this responsibility,
estimates and judgments by management are required to assess
the expected benefits and related costs of controls. Generally,
controls that are relevant to an audit pertain to the entity's
objective of preparing financial statements for external purposes
that are fairly presented in conformity with generally accepted
accounting principles. Those controls include the safeguarding
of assets against unauthorized acquisition, use or disposition.
Because of inherent limitations in internal control, errors
or fraud may occur and not be detected. Also, projection
of any evaluation of internal control to future periods is
subject to the risk that it may become inadequate because
of changes in conditions or that the effectiveness of the
design and operation may deteriorate.
Our consideration of internal control would not necessarily
disclose all matters in internal control that might be
material weaknesses under standards established by the
American Institute of Certified Public Accountants. A
material weakness is a condition in which the design or
operation of one or more of the internal control components
does not reduce to a relatively low level the risk that
misstatements caused by error or fraud in amounts that
would be material in relation to the financial statements
being audited may occur and not be detected within a
timely period by employees in the normal course of
performing their assigned functions. However, we noted
no matters involving internal control and its operation,
including control activities for safeguarding securities,
that we consider to be material weaknesses as defined above
as of December 31, 1998.
This report is intended solely for the information and use
of management and the Trustees of the Fund and the
Securities and Exchange Commission.
/s/PricewaterhouseCoopers
February 8, 1999
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000803747
<NAME> MUTUTAL FUND INVESTMENT TRUST
<SERIES>
<NUMBER> 070
<NAME> CHASE SMALL CAPITALIZATION FUND - PREMIER SHARES
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-END> DEC-31-1998
<INVESTMENTS-AT-COST> 60,314,873
<INVESTMENTS-AT-VALUE> 66,265,391
<RECEIVABLES> 110,877
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 66,376,268
<PAYABLE-FOR-SECURITIES> 1,444,236
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 139,791
<TOTAL-LIABILITIES> 1,584,027
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 60,898,256
<SHARES-COMMON-STOCK> 3,243,034
<SHARES-COMMON-PRIOR> 1,837,939
<ACCUMULATED-NII-CURRENT> 1,176
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> (2,057,709)
<ACCUM-APPREC-OR-DEPREC> 5,950,518
<NET-ASSETS> 64,792,241
<DIVIDEND-INCOME> 302,687
<INTEREST-INCOME> 198,590
<OTHER-INCOME> 0
<EXPENSES-NET> 517,730
<NET-INVESTMENT-INCOME> (16,453)
<REALIZED-GAINS-CURRENT> 2,043,643
<APPREC-INCREASE-CURRENT> (3,092,240)
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
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<NAME> MUTUTAL FUND INVESTMENT TRUST
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<NAME> CHASE SMALL CAPITALIZATION FUND - INVESTOR SHARES
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